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机会的二三线公司进行了一定操作。当前许多优质公司的估值已相对较低。尽管股价上涨的催化需要一定的偶然因素，但从赔率角度而言已足够划算，拉长来看，上涨的概率也很大。一些优质公司面临的风险因素虽然当前仍未完全消除，但是股价对局部利空已不太敏感，而对利好反应较为正面，这是这类公司股价处于底部区域的重要信号之一。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:45.294Z","mo":"企业的经营能力是本组合筛选个股时最为看重的要素，政策扰动和景气度变化等外部因素也是影响企业发展和股价波动的关键变量。然而，我们往往只能把握企业自身的经营能力，而对政策等外部因素的节奏难以做出精准判断。因此，在构建投资组合的过程中，我们仍然会更多着眼于企业本身，长期投资优质企业，以期获取长期回报。","fund":{"_id":3000000000117,"stockCode":"000117","stockType":"fund","areaCode":"cn","followedNum":11,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2013-04-25T16:00:00.000Z","setUpScale":4034250000,"market":"a","tickerId":117,"custody":"中国工商银行股份有限公司","name":"广发轮动配置混合型证券投资基金","shortName":"广发轮动配置混合(000117)","fundSecondLevel":"hybrid","__csrcFundId":3411,"fundStatus":"normal","lastUpdated":"2026-04-30T17:21:01.987Z","masterFundFlag":1,"inceptionDate":"2013-05-27T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发轮动配置混合","pinyin":"gfldpzhhxzqtzjj","managers":[{"stockCode":"db20818536","stockType":"fund_manager","exchange":"fm","tickerId":232508215340,"name":"王远鸿"}]},"announcement":{"linkText":"广发轮动配置混合型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=779708","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec171d4369c9c836d20bc","date":"2022-03-30T16:00:00.000Z","stockId":3000000000117,"sao":"一季度，市场走势较弱，科技、医药和消费类板块均出现了较大跌幅。本基金重仓医药、消费等行业，净值回撤较大。市场调整至当前阶段，一些优质公司的估值回到了近三年以来相对较低的位置，许多长期发展逻辑受政策影响的企业目前走势也已较为平稳，我们认为许多资产的性价比已经处于较为合适的水平。企业自身的能力是我们最为看重的要素，但是政策扰动、景气度变化也是影响企业发展的重要外部因素，我们会综合考量，努力寻找创造收益的平衡点。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:45.291Z","fund":{"_id":3000000000117,"stockCode":"000117","stockType":"fund","areaCode":"cn","followedNum":11,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2013-04-25T16:00:00.000Z","setUpScale":4034250000,"market":"a","tickerId":117,"custody":"中国工商银行股份有限公司","name":"广发轮动配置混合型证券投资基金","shortName":"广发轮动配置混合(000117)","fundSecondLevel":"hybrid","__csrcFundId":3411,"fundStatus":"normal","lastUpdated":"2026-04-30T17:21:01.987Z","masterFundFlag":1,"inceptionDate":"2013-05-27T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发轮动配置混合","pinyin":"gfldpzhhxzqtzjj","managers":[{"stockCode":"db20818536","stockType":"fund_manager","exchange":"fm","tickerId":232508215340,"name":"王远鸿"}]},"announcement":{"linkText":"广发轮动配置混合型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=721172","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec171d4369c9c836d20bb","date":"2021-12-30T16:00:00.000Z","stockId":3000000000117,"sao":"2021年全年，本基金重仓的医药和白酒板块呈现宽幅震荡的走势。伴随着相关板块的波动，本基金的净值也发生了较大幅度的波动，全年净值呈现负收益。一方面，在这一年内，医药和消费板块的多个子行业均出现了不同程度的利空，在本年度的不同时间窗口分别触发了相应板块的调整。例如，三季度对教育行业的整顿，引发了市场对医疗行业也会面临类似政策的担忧，医疗服务和消费医疗板块股价开始调整；共同富裕的导向和消费税的预期，导致了白酒行业走弱；四季度美国对中国创新药产业链相关企业的政策收紧，导致创新药和CXO板块股价下跌。另一方面，医药和消费板块的头部公司在经历了2019年和2020年的强势上涨后，股票估值处在相对高位，交易结构拥挤，这也构成了板块大幅波动的前提条件。然而，这种估值偏高和交易拥挤的状态会在什么时间、以怎样的事件被触发回归，以及回归的幅度有多大，我们都很难在事前预测到确切答案，这也是本基金在操作中没有选择降低持仓或更换持股结构的主要原因。从企业基本面来看，我们认为本基金持仓的绝大部分企业并没有丧失其长期核心竞争力。在一个可持续发展的经济体当中，具备竞争优势的企业在长期内理应发展得更好。基于以上因素的考量，我们在方法论上认为长期持有优质企业并获取远期收益依然是一种可行的投资方式。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:45.287Z","mo":"在当前时点展望2022年，我们认为内外部经济环境尚不明朗。国内方面，因过去两年的防疫开支而导致的财政压力将逐步显现，同时，教育、互联网等行业所经受的冲击会影响部分中产阶级的消费能力，以上因素均对国内的消费环境造成了一定程度的影响。海外方面，政治因素对中国制造类企业的影响亦存在一定的不确定性。然而，这些因素或多或少已在股价走势和企业估值中有所体现，接下来我们将持续关注持仓企业的竞争力在外部因素的扰动下是否会受到较为明显的影响。如果这种影响并不大，那么在当前时点这些企业的估值已具备较大的吸引力。","fund":{"_id":3000000000117,"stockCode":"000117","stockType":"fund","areaCode":"cn","followedNum":11,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2013-04-25T16:00:00.000Z","setUpScale":4034250000,"market":"a","tickerId":117,"custody":"中国工商银行股份有限公司","name":"广发轮动配置混合型证券投资基金","shortName":"广发轮动配置混合(000117)","fundSecondLevel":"hybrid","__csrcFundId":3411,"fundStatus":"normal","lastUpdated":"2026-04-30T17:21:01.987Z","masterFundFlag":1,"inceptionDate":"2013-05-27T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发轮动配置混合","pinyin":"gfldpzhhxzqtzjj","managers":[{"stockCode":"db20818536","stockType":"fund_manager","exchange":"fm","tickerId":232508215340,"name":"王远鸿"}]},"announcement":{"linkText":"广发轮动配置混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=707660","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec171d4369c9c836d20ba","date":"2021-09-29T16:00:00.000Z","stockId":3000000000117,"sao":"报告期内，本基金持仓结构较为稳定，主要持仓集中于白酒、医药等大消费领域，部分持仓分布于计算机、高端制造、金融等行业。报告期内，市场分化显著，以煤炭、钢铁、化工为代表的周期股上涨明显，以电动车为代表的高端制造业稳步上涨，以白酒、医药为代表的大消费类资产跌幅较大。本基金由于重仓持有消费类资产，净值下跌较多。我们认可周期股因为周期品价格上涨等因素的带动所造成的股价阶段性暴涨，也认可电动车行业因景气度较高而出现较好的股价表现。但是落实到持仓，本基金仍然坚持在认知范围内优选中长期具备核心竞争力的企业作为核心持仓，以期长期取得优秀回报。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:4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