中(zhong)(zhong)金公(gong)(gong)司研報(bao)認為，三季(ji)度(du)市場(chang)受內(nei)外因(yin)素影響(xiang)調(diao)(diao)整(zheng)幅(fu)度(du)較(jiao)大(da)，公(gong)(gong)募基(ji)金持(chi)(chi)股規模下(xia)降(jiang)(jiang)，股票資產從(cong)二季(ji)度(du)6.6萬億元降(jiang)(jiang)至5.8萬億元，但(dan)整(zheng)體(ti)倉(cang)(cang)位(wei)(wei)(wei)降(jiang)(jiang)幅(fu)相對較(jiao)小，主(zhu)動偏(pian)股型基(ji)金倉(cang)(cang)位(wei)(wei)(wei)由(you)二季(ji)度(du)的(de)87.5%降(jiang)(jiang)至86.4%，同(tong)時港(gang)股配(pei)置比例(li)也有所下(xia)降(jiang)(jiang)。結構層面(mian)(mian)主(zhu)要(yao)有以下(xia)配(pei)置特(te)征：1）龍頭公(gong)(gong)司持(chi)(chi)股集(ji)中(zhong)(zhong)度(du)下(xia)降(jiang)(jiang)；2）主(zhu)板(ban)倉(cang)(cang)位(wei)(wei)(wei)回落，科創(chuang)板(ban)倉(cang)(cang)位(wei)(wei)(wei)獲得明顯(xian)加倉(cang)(cang)，創(chuang)業(ye)板(ban)倉(cang)(cang)位(wei)(wei)(wei)也小幅(fu)提升。3) 倉(cang)(cang)位(wei)(wei)(wei)分化改善(shan)，加倉(cang)(cang)機械、計算機和(he)房地產等受益政策潛(qian)在支(zhi)持(chi)(chi)領域，減(jian)倉(cang)(cang)基(ji)礎化工和(he)醫藥。4）熱門賽道方(fang)面(mian)(mian)，新能源車產業(ye)鏈倉(cang)(cang)位(wei)(wei)(wei)大(da)幅(fu)下(xia)降(jiang)(jiang)，軍工、光(guang)伏風電(dian)有所加倉(cang)(cang)。5）專(zhuan)精特(te)新主(zhu)題(ti)倉(cang)(cang)位(wei)(wei)(wei)繼續(xu)上(shang)升。綜(zong)合來看(kan)，公(gong)(gong)募持(chi)(chi)倉(cang)(cang)擁擠(ji)度(du)相比二季(ji)度(du)有所改善(shan)，近(jin)期(qi)調(diao)(diao)整(zheng)后(hou)的(de)A股市場(chang)情(qing)緒和(he)估(gu)值指標已經接(jie)近(jin)歷史較(jiao)低位(wei)(wei)(wei)，市場(chang)轉機需要(yao)關注后(hou)續(xu)主(zhu)要(yao)矛盾緩解(jie)及更多潛(qian)在的(de)催化劑，中(zhong)(zhong)期(qi)市場(chang)機會(hui)逐(zhu)步大(da)于風險。