易方达旗下蓝筹精选和优质精选两只基金在2025年二季度进行了大规模调仓，大幅减持消费板块，同时大幅提升现金配置。[1]蓝筹精选的股票仓位从93%降至75%，现金配置比例提升至25%；优质精选股票仓位降至80%，现金与其他资产配置比例合计约20%。[1]
白酒龙头股遭到重点减持。蓝筹精选对茅台的持仓数量为96.9万股，同比与环比分别减少59%和47%；优质精选茅台持仓数量为52.8万股，同比与环比分别减少39%和19%。[1]蓝筹精选白酒龙头持仓占比从40%以上大幅下滑至20%。[1]
这一调整反映了公募基金整体的风格切换。蓝筹精选大消费行业配置占比约72%，相比2024年末历史峰值降低约8个百分点；优质精选大消费板块配置占比约64%，相比82%的历史峰值降低约18个百分点。[1]截至二季度末，食品饮料板块在主动权益基金的持仓占比仅为1.5%，环比减少2.4个百分点，而同期电子板块持仓占比环比上升23个百分点至43%。[1]两只基金的规模与份额也随之下滑，蓝筹精选二季度末份额与规模分别为134亿份和204亿元，环比分别减少18亿份和64亿元；优质精选二季度末份额与规模分别为17亿份和68亿元，环比分别减少2.4亿份和28亿元。[1]
EasyFunds' flagship funds significantly reduced exposure to consumer stocks in the second quarter of 2025, particularly divesting from liquor sector leaders such as Moutai and Wuliangye, while simultaneously raising cash allocations.[1] The Blue Chip Select fund saw its equity position decline from 93% to 75%, with cash configuration increasing to 25%, while the Quality Select fund reduced its stock allocation to 80%, bringing combined cash and other asset allocations to approximately 20%.[1]
The asset reductions reflected broader repositioning across both funds. Blue Chip Select's shares and assets fell by 1.8 billion units and 6.4 billion yuan respectively in the quarter to reach 13.4 billion units and 20.4 billion yuan, while Quality Select's shares and assets each contracted by 2.4 billion units and 2.8 billion yuan to reach 1.7 billion units and 6.8 billion yuan.[1] Consumer sector weightings declined notably: Blue Chip Select reduced large-cap consumer holdings from a historical peak of approximately 72% at year-end 2024 to approximately 64%, while Quality Select cut consumer exposure from an 82% historical high to approximately 64% of total holdings.[1]
Liquor positions saw particularly sharp cuts. Blue Chip Select's Moutai holding fell by 59% year-over-year and 47% quarter-over-quarter to 969,000 shares, with major white liquor leaders' combined weighting collapsing from over 40% to 20% of the fund.[1] Quality Select trimmed its Moutai position by 39% annually and 19% quarterly to 528,000 shares.[1] Across the active equity fund sector, food and beverage holdings plummeted to just 1.5% of total positions by quarter-end, down 2.4 percentage points, while electronics allocations surged 23 percentage points to 43%.[1]
