收益归因 — Millennium Management
← 组合分析
克隆回测（市值加权、信号滞后一季）：每个持仓的贡献 = 组合权重 × 下一季收益。各贡献之和等于该段克隆收益。
千禧管理（以季末 13F 持仓按市值加权构建的克隆组合）在 2026-Q2 → latest 期间获得 +0.92% 收益。克隆组合收益等于每只持仓的贡献之和——组合权重乘以下一季度收益率。
2026-Q2 → latest 期间主要驱动：MSFT（贡献 +0.78%）、NVDA（贡献 +0.66%）、META（贡献 +0.39%）。最大拖累：AMAT（贡献 -0.14%）、SNDK（贡献 -0.13%）、INTC（贡献 -0.12%）。在全部 20 个分段中，34 只股票累计贡献为正，30 只股票累计贡献为负。
本归因页是诊断工具而非交易信号。克隆组合使用季末持仓（申报后 45+ 天，天然滞后），仅用季末收盘价，不考虑季度内交易、空头和衍生品——这些 13F 看不见的东西都不会出现在这里。
2026-Q2 → latest 分段收益
+0.92%
最大贡献
| 代码 | 权重 | 收益 | 贡献 |
|---|
| MSFT |
1.9% |
+41.0% |
+0.78% |
| NVDA |
3.5% |
+19.0% |
+0.66% |
| META |
1.4% |
+28.3% |
+0.39% |
| AAPL |
1.6% |
+16.5% |
+0.27% |
| PLTR |
0.4% |
+65.2% |
+0.24% |
最大拖累
| 代码 | 权重 | 收益 | 贡献 |
|---|
| AMAT |
0.5% |
-28.1% |
-0.14% |
| SNDK |
0.5% |
-25.6% |
-0.13% |
| INTC |
0.7% |
-18.4% |
-0.12% |
| CRWD |
0.2% |
-65.2% |
-0.11% |
| LRCX |
0.4% |
-23.9% |
-0.11% |
2026-Q1 → 2026-Q2 分段收益
+16.35%
最大贡献
| 代码 | 权重 | 收益 | 贡献 |
|---|
| MU |
0.7% |
+236.3% |
+1.64% |
| AMD |
0.7% |
+182.0% |
+1.32% |
| IWM |
5.7% |
+21.1% |
+1.2% |
| SNDK |
0.4% |
+257.9% |
+0.99% |
| MRVL |
0.4% |
+193.6% |
+0.8% |
最大拖累
| 代码 | 权重 | 收益 | 贡献 |
|---|
| NFLX |
0.5% |
-25.3% |
-0.13% |
| XOM |
0.7% |
-18.7% |
-0.12% |
| XLE |
0.8% |
-13.3% |
-0.11% |
| PLTR |
0.4% |
-20.3% |
-0.09% |
| CVX |
0.4% |
-19.1% |
-0.07% |
2025-Q4 → 2026-Q1 分段收益
-2.32%
最大贡献
| 代码 | 权重 | 收益 | 贡献 |
|---|
| SNDK |
0.2% |
+167.6% |
+0.26% |
| WMT |
2.1% |
+11.5% |
+0.24% |
| XLE |
0.5% |
+37.0% |
+0.19% |
| XOM |
0.4% |
+39.7% |
+0.15% |
| AMAT |
0.3% |
+33.9% |
+0.09% |
最大拖累
| 代码 | 权重 | 收益 | 贡献 |
|---|
| MSFT |
1.7% |
-22.8% |
-0.39% |
| NVDA |
3.7% |
-6.2% |
-0.23% |
| QQQ |
3.5% |
-6.0% |
-0.21% |
| META |
1.6% |
-12.4% |
-0.2% |
| IVV |
4.3% |
-4.6% |
-0.2% |
2025-Q3 → 2025-Q4 分段收益
+1.9%
最大贡献
| 代码 | 权重 | 收益 | 贡献 |
|---|
| GOOG |
0.7% |
+29.2% |
+0.21% |
| AMD |
0.5% |
+32.9% |
+0.18% |
| AAPL |
2.4% |
+7.3% |
+0.18% |
| MU |
0.2% |
+71.4% |
+0.14% |
| LLY |
0.3% |
+42.0% |
+0.13% |
最大拖累
| 代码 | 权重 | 收益 | 贡献 |
|---|
| MSFT |
2.9% |
-6.1% |
-0.18% |
| META |
1.7% |
-10.2% |
-0.17% |
| IBIT |
0.6% |
-23.6% |
-0.15% |
| ETHA |
0.5% |
-28.8% |
-0.14% |
| NFLX |
0.6% |
-21.5% |
-0.12% |
2025-Q2 → 2025-Q3 分段收益
+8.36%
最大贡献
| 代码 | 权重 | 收益 | 贡献 |
|---|
| NVDA |
3.7% |
+17.9% |
+0.66% |
| APP |
0.5% |
+105.2% |
+0.57% |
| IWM |
3.6% |
+12.1% |
+0.44% |
| TSLA |
1.0% |
+42.1% |
+0.42% |
| QQQ |
4.0% |
+8.8% |
+0.35% |
最大拖累
| 代码 | 权重 | 收益 | 贡献 |
|---|
| NFLX |
0.8% |
-11.0% |
-0.09% |
| MSTR |
0.3% |
-20.3% |
-0.07% |
| ISRG |
0.4% |
-17.7% |
-0.06% |
| TRI |
0.3% |
-22.8% |
-0.06% |
| CRM |
0.3% |
-12.9% |
-0.04% |
2025-Q1 → 2025-Q2 分段收益
+11.21%
最大贡献
| 代码 | 权重 | 收益 | 贡献 |
|---|
| NVDA |
2.8% |
+46.5% |
+1.28% |
| MSFT |
2.0% |
+33.0% |
+0.66% |
| AVGO |
1.0% |
+65.7% |
+0.65% |
| QQQ |
3.4% |
+17.6% |
+0.6% |
| META |
1.8% |
+28.8% |
+0.5% |
最大拖累
| 代码 | 权重 | 收益 | 贡献 |
|---|
| UNH |
0.5% |
-40.5% |
-0.21% |
| AAPL |
1.9% |
-7.1% |
-0.14% |
| BABA |
0.4% |
-14.3% |
-0.06% |
| XLE |
0.6% |
-9.2% |
-0.05% |
| CVX |
0.3% |
-14.7% |
-0.04% |
2024-Q4 → 2025-Q1 分段收益
-5.51%
最大贡献
| 代码 | 权重 | 收益 | 贡献 |
|---|
| BABA |
0.3% |
+55.4% |
+0.16% |
| CVS |
0.1% |
+52.8% |
+0.07% |
| BSX |
0.4% |
+12.9% |
+0.06% |
| XPEV |
0.1% |
+75.3% |
+0.05% |
| XLE |
0.5% |
+9.1% |
+0.05% |
最大拖累
| 代码 | 权重 | 收益 | 贡献 |
|---|
| TSLA |
2.0% |
-36.3% |
-0.73% |
| NVDA |
3.2% |
-19.9% |
-0.64% |
| AVGO |
1.8% |
-28.2% |
-0.52% |
| IWM |
4.5% |
-9.7% |
-0.44% |
| AAPL |
2.4% |
-11.7% |
-0.28% |
2024-Q3 → 2024-Q4 分段收益
+2.57%
最大贡献
| 代码 | 权重 | 收益 | 贡献 |
|---|
| TSLA |
1.2% |
+53.4% |
+0.66% |
| NVDA |
3.2% |
+10.7% |
+0.34% |
| AVGO |
0.7% |
+34.6% |
+0.26% |
| AMZN |
1.1% |
+18.3% |
+0.21% |
| AAPL |
2.8% |
+7.4% |
+0.21% |
最大拖累
| 代码 | 权重 | 收益 | 贡献 |
|---|
| AMD |
0.7% |
-26.5% |
-0.2% |
| BABA |
0.6% |
-19.3% |
-0.12% |
| LLY |
0.7% |
-12.7% |
-0.09% |
| REGN |
0.2% |
-32.2% |
-0.06% |
| ADBE |
0.4% |
-13.7% |
-0.06% |
2024-Q2 → 2024-Q3 分段收益
+3.7%
最大贡献
| 代码 | 权重 | 收益 | 贡献 |
|---|
| TSLA |
1.3% |
+32.4% |
+0.42% |
| IWM |
4.6% |
+8.7% |
+0.4% |
| AAPL |
3.6% |
+10.2% |
+0.37% |
| META |
1.5% |
+13.3% |
+0.19% |
| SPY |
3.5% |
+5.3% |
+0.19% |
最大拖累
| 代码 | 权重 | 收益 | 贡献 |
|---|
| MSFT |
2.3% |
-4.1% |
-0.1% |
| AMZN |
2.3% |
-3.9% |
-0.09% |
| NVDA |
4.0% |
-2.0% |
-0.08% |
| MU |
0.3% |
-21.5% |
-0.06% |
| GOOG |
0.6% |
-9.2% |
-0.06% |
2024-Q1 → 2024-Q2 分段收益
+2.83%
最大贡献
| 代码 | 权重 | 收益 | 贡献 |
|---|
| NVDA |
2.9% |
+37.3% |
+1.09% |
| AAPL |
2.6% |
+23.6% |
+0.62% |
| QQQ |
3.4% |
+7.9% |
+0.27% |
| AMZN |
2.5% |
+7.5% |
+0.19% |
| MSFT |
2.6% |
+6.5% |
+0.17% |
最大拖累
| 代码 | 权重 | 收益 | 贡献 |
|---|
| IWM |
5.6% |
-3.5% |
-0.2% |
| AMD |
0.9% |
-9.9% |
-0.09% |
| CRM |
0.6% |
-14.6% |
-0.08% |
| INTC |
0.3% |
-29.8% |
-0.08% |
| DIS |
0.4% |
-19.2% |
-0.08% |
2023-Q4 → 2024-Q1 分段收益
+7.72%
最大贡献
| 代码 | 权重 | 收益 | 贡献 |
|---|
| NVDA |
2.1% |
+82.7% |
+1.78% |
| META |
2.4% |
+37.6% |
+0.89% |
| SPY |
7.2% |
+10.0% |
+0.72% |
| AMZN |
2.4% |
+18.5% |
+0.45% |
| MSFT |
3.3% |
+11.8% |
+0.39% |
最大拖累
| 代码 | 权重 | 收益 | 贡献 |
|---|
| TSLA |
1.9% |
-29.6% |
-0.55% |
| AAPL |
2.6% |
-10.9% |
-0.29% |
| BA |
0.5% |
-26.0% |
-0.13% |
| HUM |
0.2% |
-24.1% |
-0.05% |
| ADBE |
0.3% |
-15.4% |
-0.05% |
2023-Q3 → 2023-Q4 分段收益
+8.54%
最大贡献
| 代码 | 权重 | 收益 | 贡献 |
|---|
| QQQ |
6.4% |
+14.3% |
+0.91% |
| SPY |
7.7% |
+11.2% |
+0.86% |
| IWM |
4.4% |
+13.5% |
+0.6% |
| MSFT |
2.6% |
+18.9% |
+0.5% |
| AMZN |
1.9% |
+19.5% |
+0.37% |
最大拖累
| 代码 | 权重 | 收益 | 贡献 |
|---|
| XOM |
0.6% |
-14.6% |
-0.09% |
| CVX |
0.6% |
-11.6% |
-0.06% |
| BABA |
0.4% |
-10.8% |
-0.04% |
| XLE |
0.5% |
-7.1% |
-0.03% |
| BMY |
0.2% |
-10.7% |
-0.02% |
2023-Q2 → 2023-Q3 分段收益
-2.08%
最大贡献
| 代码 | 权重 | 收益 | 贡献 |
|---|
| META |
1.6% |
+4.7% |
+0.08% |
| LLY |
0.4% |
+14.1% |
+0.06% |
| XOM |
0.6% |
+9.2% |
+0.05% |
| GOOG |
0.6% |
+9.1% |
+0.05% |
| AMGN |
0.2% |
+21.1% |
+0.05% |
最大拖累
| 代码 | 权重 | 收益 | 贡献 |
|---|
| SPY |
10.4% |
-3.5% |
-0.36% |
| IWM |
5.4% |
-5.5% |
-0.3% |
| AAPL |
2.4% |
-11.9% |
-0.29% |
| MSFT |
2.7% |
-7.3% |
-0.2% |
| QQQ |
6.5% |
-3.0% |
-0.2% |
2023-Q1 → 2023-Q2 分段收益
+6.38%
最大贡献
| 代码 | 权重 | 收益 | 贡献 |
|---|
| QQQ |
6.8% |
+15.1% |
+1.02% |
| TSLA |
2.7% |
+26.1% |
+0.7% |
| SPY |
6.8% |
+8.1% |
+0.55% |
| MSFT |
2.5% |
+18.0% |
+0.44% |
| META |
1.2% |
+35.3% |
+0.42% |
最大拖累
| 代码 | 权重 | 收益 | 贡献 |
|---|
| BABA |
0.4% |
-18.5% |
-0.07% |
| AAP |
0.1% |
-41.5% |
-0.05% |
| ABBV |
0.3% |
-14.7% |
-0.05% |
| REGN |
0.2% |
-12.6% |
-0.03% |
| PYPL |
0.2% |
-12.3% |
-0.02% |
2022-Q4 → 2023-Q1 分段收益
+6.35%
最大贡献
| 代码 | 权重 | 收益 | 贡献 |
|---|
| QQQ |
8.0% |
+20.5% |
+1.65% |
| TSLA |
1.5% |
+68.1% |
+1.05% |
| AAPL |
1.7% |
+26.9% |
+0.46% |
| META |
0.6% |
+75.4% |
+0.43% |
| SPY |
5.7% |
+7.1% |
+0.41% |
最大拖累
| 代码 | 权重 | 收益 | 贡献 |
|---|
| SCHW |
0.2% |
-36.9% |
-0.09% |
| CI |
0.3% |
-22.5% |
-0.08% |
| CVS |
0.3% |
-19.7% |
-0.05% |
| HON |
0.3% |
-15.0% |
-0.05% |
| MET |
0.2% |
-19.4% |
-0.04% |
2022-Q3 → 2022-Q4 分段收益
+5.19%
最大贡献
| 代码 | 权重 | 收益 | 贡献 |
|---|
| SPY |
5.5% |
+7.1% |
+0.39% |
| IWM |
4.9% |
+5.7% |
+0.28% |
| BHVN |
0.1% |
+125.4% |
+0.18% |
| CVX |
0.7% |
+24.8% |
+0.18% |
| JPM |
0.5% |
+28.3% |
+0.14% |
最大拖累
| 代码 | 权重 | 收益 | 贡献 |
|---|
| TSLA |
3.3% |
-53.6% |
-1.76% |
| AMZN |
1.7% |
-25.7% |
-0.44% |
| AAPL |
2.6% |
-5.5% |
-0.14% |
| META |
0.6% |
-11.2% |
-0.07% |
| ZS |
0.1% |
-31.9% |
-0.03% |
2022-Q2 → 2022-Q3 分段收益
-3.2%
最大贡献
| 代码 | 权重 | 收益 | 贡献 |
|---|
| TSLA |
3.0% |
+18.6% |
+0.56% |
| AMZN |
2.2% |
+5.9% |
+0.13% |
| NFLX |
0.2% |
+34.7% |
+0.08% |
| FSLR |
0.0% |
+94.1% |
+0.04% |
| DKS |
0.1% |
+39.4% |
+0.04% |
最大拖累
| 代码 | 权重 | 收益 | 贡献 |
|---|
| QQQ |
7.3% |
-4.6% |
-0.34% |
| SPY |
5.4% |
-5.3% |
-0.29% |
| BABA |
0.7% |
-30.4% |
-0.23% |
| MSFT |
1.7% |
-9.3% |
-0.16% |
| META |
1.0% |
-15.5% |
-0.15% |
2022-Q1 → 2022-Q2 分段收益
-11.94%
最大贡献
| 代码 | 权重 | 收益 | 贡献 |
|---|
| VZ |
0.2% |
+33.4% |
+0.07% |
| IBM |
0.2% |
+27.3% |
+0.06% |
| BABA |
0.8% |
+6.0% |
+0.05% |
| PDD |
0.1% |
+56.2% |
+0.04% |
| MRK |
0.2% |
+12.0% |
+0.03% |
最大拖累
| 代码 | 权重 | 收益 | 贡献 |
|---|
| QQQ |
6.5% |
-22.7% |
-1.48% |
| TSLA |
3.9% |
-37.4% |
-1.45% |
| AMZN |
3.1% |
-34.8% |
-1.08% |
| AAPL |
4.2% |
-21.8% |
-0.91% |
| SPY |
4.8% |
-16.8% |
-0.8% |
2021-Q4 → 2022-Q1 分段收益
-3.69%
最大贡献
| 代码 | 权重 | 收益 | 贡献 |
|---|
| XLE |
0.5% |
+37.9% |
+0.2% |
| CVX |
0.3% |
+38.7% |
+0.11% |
| XOM |
0.3% |
+35.5% |
+0.09% |
| XOP |
0.2% |
+40.5% |
+0.08% |
| ABBV |
0.3% |
+21.0% |
+0.07% |
最大拖累
| 代码 | 权重 | 收益 | 贡献 |
|---|
| QQQ |
5.7% |
-8.9% |
-0.51% |
| META |
1.4% |
-33.8% |
-0.48% |
| IWM |
3.5% |
-7.7% |
-0.27% |
| NFLX |
0.6% |
-37.8% |
-0.22% |
| PYPL |
0.5% |
-38.5% |
-0.2% |
2021-Q3 → 2021-Q4 分段收益
+4.04%
最大贡献
| 代码 | 权重 | 收益 | 贡献 |
|---|
| TSLA |
2.6% |
+37.1% |
+0.98% |
| AAPL |
3.3% |
+25.4% |
+0.84% |
| NVDA |
0.9% |
+41.5% |
+0.39% |
| MSFT |
1.8% |
+19.3% |
+0.34% |
| AMD |
0.7% |
+39.6% |
+0.26% |
最大拖累
| 代码 | 权重 | 收益 | 贡献 |
|---|
| BABA |
1.9% |
-19.8% |
-0.37% |
| PYPL |
0.3% |
-27.7% |
-0.09% |
| PDD |
0.2% |
-35.8% |
-0.07% |
| C |
0.4% |
-13.3% |
-0.06% |
| CRM |
0.7% |
-6.3% |
-0.04% |