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是希望把投资范围圈定在技术进步明显的细分领域当中，持续耕耘，最终为持有人带来收益。  目前我们最看好的方向是创新药板块，在创新层次的不断提升之下，近年来MNC越来越多的Licensein中国的创新药资产，景气度高。而中国药企也能够触达到海外创新药市场，可及市场从原来的5000亿人民币左右拓展到1.5万亿美金，这是几十倍的扩容，意味着在这轮产业周期中，我们将诞生一大批赚美金的大药企，市值空间也将被打开。虽然不少创新药标的在上半年涨幅较为惊人，但相比他们的合理估值仍有不错的上涨空间。  最后，希望持有人和我们一起，保持耐心，相信技术进步和中国制造的力量，静待花开。祝愿所有持有人生活美满，投资顺利。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:30.501Z","mo":"展望未来，维持中国科技资产牛市的判断，重点投资范围将保持在“AI+一切”、机器人、智能驾驶、创新药等泛科技板块，这里面也包括很多先进制造业标的。从整体宏观经济层面，我们认为国内经济韧性较强，目前看总体运行平稳，结构性的产业机会开始涌现。证券市场层面，在指数站上3500点以后，我们对后续权益市场的表现较为乐观，主动权益投资的春天已经开始。","fund":{"_id":3000000000431,"stockCode":"000431","stockType":"fund","areaCode":"cn","followedNum":19,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-12-22T16:00:00.000Z","setUpScale":599455000,"market":"a","tickerId":431,"custody":"中国农业银行股份有限公司","name":"鹏华品牌传承灵活配置混合型证券投资基金","shortName":"鹏华品牌传承混合","fundSecondLevel":"hybrid","__csrcFundId":2221,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:36.494Z","masterFundFlag":1,"inceptionDate":"2014-01-27T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华品牌传承混合","pinyin":"phppcclhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101019525","stockType":"fund_manager","exchange":"fm","tickerId":170325244310,"name":"邱成岳"}]},"announcement":{"linkText":"鹏华品牌传承灵活配置混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1339685","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1dad4369c9c836d6c5e","date":"2025-03-30T16:00:00.000Z","stockId":3000000000431,"sao":"美国的关税政策反复无常给世界经济带来巨大不确定性，我们认为特朗普奉行的单边主义和贸易保护政策并不能完全逆转全球产业分工的大局，更无法实现其所谓“制造业回流美国”的战略企图。我们认为中美贸易仍将反复出现摩擦拉扯，但非美贸易，如中国-欧盟、中国-东盟、中国-拉美等贸易关系会进一步繁荣。  基于此判断，1年多前接管组合时，我们秉承的理念便是围绕非美出海和技术进步找寻确定性成长机会，美国关税政策的反复并未颠覆这一点。我们已经看到一批优秀的中国企业，凭借自身在技术上、成本控制上、规模制造上的优势，开始进军全球市场，即使以美国为代表的的发达市场正在不断的加高贸易壁垒，他们依然在广袤的新兴市场找到了增长沃土。我们看好具备中国比较优势的创新药、医疗器械、工程机械、汽车、电子元器件和动力电池等高端制造产业的出海机会。  风高浪急，百年未有之大变局当前，我们要坚持常识，相信最优质的产品将冲破一切人为构筑的关贸壁垒。如同20年前我们喜欢买当时品质更好的进口商品一样，海外消费者也会认同中国制造的品质和超高性价比。  最后，希望持有人和我们一起，保持耐心，相信技术进步和中国制造的力量，静待花开。祝愿所有持有人生活美满，投资顺利。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:30.496Z","fund":{"_id":3000000000431,"stockCode":"000431","stockType":"fund","areaCode":"cn","followedNum":19,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-12-22T16:00:00.000Z","setUpScale":599455000,"market":"a","tickerId":431,"custody":"中国农业银行股份有限公司","name":"鹏华品牌传承灵活配置混合型证券投资基金","shortName":"鹏华品牌传承混合","fundSecondLevel":"hybrid","__csrcFundId":2221,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:36.494Z","masterFundFlag":1,"inceptionDate":"2014-01-27T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华品牌传承混合","pinyin":"phppcclhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101019525","stockType":"fund_manager","exchange":"fm","tickerId":170325244310,"name":"邱成岳"}]},"announcement":{"linkText":"鹏华品牌传承灵活配置混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269390","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1dad4369c9c836d6c5d","date":"2024-12-30T16:00:00.000Z","stockId":3000000000431,"sao":"2024年是跌宕起伏的一年，资本市场经历了年初的小盘股股灾，三季度的二次下跌，924政策转向后的强烈反弹，全年红利和科技的表现均十分亮眼。而贯穿始终的则是国内经济环境的疲软，虽然政策已然转向，但传导到实体经济仍需要时间，国内的通缩螺旋破解和地方债务去化仍需要观察相关政策实际落地后的效果。  未来，短期矛盾在于化债的实际推进。化债的推行是激活经济循环的重要因素，尤其是对民营企业的债务清偿，有助于改善企业的投资意愿和居民的收入预期，提振私营部门的信心。  中期矛盾在于通缩螺旋的打破。经过过去3-4年的调整，房地产市场已经实质实现硬着陆，风险得到极大程度的释放，制造业的内卷和价格战在2024年也初步见到了止息干戈的迹象，但中期维度的居民收入预期转正和PPI、CPI的转正任务仍然艰巨，文化中的“勤劳内卷”和重复投资烙印需要更长时间去改变。  最后，长期矛盾在于尖端技术的实质突破。企业的超额利润要长期维持只能依赖于此，社会的生产力上大台阶根本来源也在于此，抗衡美国制裁的最终答案亦莫如是。对于新质生产力的长期投资再苦再难也要继续。  展望2025年，我们预计能够看到政府在托底经济方面更多强有力的作为，能否实现预期效果重拾升势尚不可知，但企稳的假设并不难实现，基于此，我们认为未来1年市场是积极可为的。在策略上，我们仍将坚持技术进步为核心，作为投资人也应该投资到祖国最需要的方向上去，以出海、创新和多产品组合为三大选股维度，力求构建出一个能够代表产业发展趋势，解决当下经济社会亟需问题的成长组合，最终为投资人谋取丰厚的回报。  方向上，我们重点关注连跌4年的医药板块中的稀缺成长机会。另外AI算力军备竞赛、国内端侧应用落地带来的产业变化；新能源领域中的技术革新、先进制造业的出海放量均是我们积极寻找机会的方向。  最后，祝各位持有人新的一年继续学习成长，蒸蒸日上，投资顺利！","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:30.491Z","mo":"我们认为2025年国内宏观经济主旋律仍然在于政策托底以扼制经济下滑和通缩螺旋当中，尤其是价格能否企稳回升将是今年的重要观察点，而海外问题主要是美国的关税政策以及降息预期如何演绎，我们认为大概率贸易摩擦仍将持续，出口的压力仍然较大，而降息有可能会低于市场的普遍预期，这主要是因为贸易摩擦可能会带来美国通胀居高不下进而影响降息空间。行业方面，看好硬科技、医药和新消费以及先进制造出海。","fund":{"_id":3000000000431,"stockCode":"000431","stockType":"fund","areaCode":"cn","followedNum":19,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-12-22T16:00:00.000Z","setUpScale":599455000,"market":"a","tickerId":431,"custody":"中国农业银行股份有限公司","name":"鹏华品牌传承灵活配置混合型证券投资基金","shortName":"鹏华品牌传承混合","fundSecondLevel":"hybrid","__csrcFundId":2221,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:36.494Z","masterFundFlag":1,"inceptionDate":"2014-01-27T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华品牌传承混合","pinyin":"phppcclhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101019525","stockType":"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幅的调整对组合净值并没有带来比较明显的保护。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:30.453Z","fund":{"_id":3000000000431,"stockCode":"000431","stockType":"fund","areaCode":"cn","followedNum":19,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-12-22T16:00:00.000Z","setUpScale":599455000,"market":"a","tickerId":431,"custody":"中国农业银行股份有限公司","name":"鹏华品牌传承灵活配置混合型证券投资基金","shortName":"鹏华品牌传承混合","fundSecondLevel":"hybrid","__csrcFundId":2221,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:36.494Z","masterFundFlag":1,"inceptionDate":"2014-01-27T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华品牌传承混合","pinyin":"phppcclhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101019525","stockType":"fund_manager","exchange":"fm","tickerId":170325244310,"name":"邱成岳"}]},"announcement":{"linkText":"鹏华品牌传承灵活配置混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=886536","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1dad4369c9c836d6c55","date":"2022-12-30T16:00:00.000Z","stockId":3000000000431,"sao":"在国内资本市场发展历史中，2022年是极不平常的一年。在海外加息、俄乌冲突和国内政策年内变化较多的复杂环境下，全球市场都出现了剧烈的调整。  从全年来看，我们坚持从产业趋势出发，寻找长期能长大的公司。2022年，我们减仓了锂电产业链，加仓了白酒、可选消费和医疗服务。国内新能源汽车渗透率已经接近30%，未来渗透率提升的速度会逐步放缓，而产业链供给端的产能在加速释放，锂电材料的很多环节未来都将面临供给过剩的风险。而随着国内防疫政策的调整，一些场景式消费会有明显回升，长期来看，消费升级的逻辑仍然存在。光伏产业我们选择坚守，我们认为，随着硅料价格趋势性下跌，潜在需求的释放是巨大的，重点需要寻找供需格局比较好的环节。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:30.448Z","mo":"展望2023年，我们对市场是比较乐观的。经历一年的下跌，很多优质个股估值已经回到了比较低的位置。在产业趋势和企业自身发展的共同推动下，我们相信很多公司能越做越大。","fund":{"_id":3000000000431,"stockCode":"000431","stockType":"fund","areaCode":"cn","followedNum":19,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-12-22T16:00:00.000Z","setUpScale":599455000,"market":"a","tickerId":431,"custody":"中国农业银行股份有限公司","name":"鹏华品牌传承灵活配置混合型证券投资基金","shortName":"鹏华品牌传承混合","fundSecondLevel":"hybrid","__csrcFundId":2221,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:36.494Z","masterFundFlag":1,"inceptionDate":"2014-01-27T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华品牌传承混合","pinyin":"phppcclhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101019525","stockType":"fund_manager","exchange":"fm","tickerId":170325244310,"name":"邱成岳"}]},"announcement":{"linkText":"鹏华品牌传承灵活配置混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=868920","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1dad4369c9c836d6c54","date":"2022-09-29T16:00:00.000Z","stockId":3000000000431,"sao":"三季度，电动车需求有所放缓，锂电中游材料存在供给过剩，单位盈利下降的风险，我们减仓了负极、结构件。增持了白酒和光伏设备。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:30.443Z","fund":{"_id":3000000000431,"stockCode":"000431","stockType":"fund","areaCode":"cn","followedNum":19,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-12-22T16:00:00.000Z","setUpScale":599455000,"market":"a","tickerId":431,"custody":"中国农业银行股份有限公司","name":"鹏华品牌传承灵活配置混合型证券投资基金","shortName":"鹏华品牌传承混合","fundSecondLevel":"hybrid","__csrcFundId":2221,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:36.494Z","masterFundFlag":1,"inceptionDate":"2014-01-27T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华品牌传承混合","pinyin":"phppcclhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101019525","stockType":"fund_manager","exchange":"fm","tickerId":170325244310,"name":"邱成岳"}]},"announcement":{"linkText":"鹏华品牌传承灵活配置混合型证券投资基金 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长性随着规模的扩大反而越来越强，我们在广泛的调研中看到了越来越多的“越大越强”的生意，这对于我们投资而言是何等幸运。但对应到资本市场，尤其是A股市场发生的却是向“龙一”集中，对大量“龙二”公司的竞争力和成长性的不断兑现，A股市场仿佛视而不见，在“龙二”公司更高的增速下反而给与了极不合理的很大的估值折价。我们认为在大量的标准品市场，尤其是toB的生意，不太可能形成寡头垄断的市场结构，竞争到最后大概率是532或者433这样的格局，因此我们认为目前A股有一批竞争力较强的龙二公司存在显著的价值低估，我们加大了这一思路相关标的的持仓。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:30.414Z","fund":{"_id":3000000000431,"stockCode":"000431","stockType":"fund","areaCode":"cn","followedNum":19,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-12-22T16:00:00.000Z","setUpScale":599455000,"market":"a","tickerId":431,"custody":"中国农业银行股份有限公司","name":"鹏华品牌传承灵活配置混合型证券投资基金","shortName":"鹏华品牌传承混合","fundSecondLevel":"hybrid","__csrcFundId":2221,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:36.494Z","masterFundFlag":1,"inceptionDate":"2014-01-27T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华品牌传承混合","pinyin":"phppcclhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101019525","stockType":"fund_manager","exchange":"fm","tickerId":170325244310,"name":"邱成岳"}]},"announcement":{"linkText":"鹏华品牌传承灵活配置混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=571245","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1dad4369c9c836d6c4d","stockId":3000000000431,"sao":"新冠疫情全球肆虐下的2020，无疑是令人难忘的一年，A股资本市场更是波澜壮阔。2020年开局即迎来一波快速的上涨，但势头被疫情打断，春节开市之后A股重挫，随着监管一系列的托市举措和国内疫情的的有效控制，A股市场重拾升势。但随即又被欧美疫情的大规模爆发所拖累再次大幅回调，我们的基金也在此时遭遇了自管理以来的最大回撤。之后随着国内经济的率先重启和复工复产，A股市场于一季度末开始重回正轨，开启全年的单边上涨行情。下半年的市场，上证指数总体处于震荡调整，创业板指数一路上行。行业层面，电新、消费和医药取到极大地涨幅，偏周期的板块总体跌幅较大。  市场虽变幻莫测，但我们的组合依然坚持了高仓位选股，行业均衡配置的思路，在消费医药、TMT和先进制造三个大方向上的配置仓位基本接近，我们依然坚持用高质量的选股来对抗市场的波动，同时我们也不愿意在单一方向上暴露过多的风险，我们相信用均衡同样可以达到令持有人满意的行稳致远的长期复合回报。当然在板块之间，我们也会根据市场走势做适当的增加，今年主要的板块性操作包括：3月份的调整中减仓了低估值周期板块，加大了消费医药和建材行业的权重，三季度末加大了新能源行业，包括新能源车和光伏的板块权重，四季度主要加了制造业投资和出口相关产业链的配置。  回归组合在过去一年的表现，总体净值增长状况差强人意，主要的大板块没有系统性的错过，全A股涨幅前10大的个股（剔除次新股），我们幸运的捕捉到了4个。主要的缺憾是下半年在一些消费建材股上做了一次错误的逆向投资。  自2018年下半年管理组合以来，随着研究范围的扩大和投资实践的进一步丰富，我们对权益组合投资这项活动理解也在不断深入，在研究视角和思维方式上有些许进化，比如从比较关注当期损益表到更多关注资产负债表和现金流量表，去思考公司是用怎样的资产投入和负债结构创造了当期的盈利，这一盈利的质量和持续性如何；从关注行业短期景气度、表观业绩增长慢慢过渡到思考企业长期核心竞争力；从关注企业当前产品竞争态势逐渐升维到更多思考企业经营管理过程、企业文化迭代和企业家能力的进化。我们逐渐形成了从产业趋势、生意模式、企业家、组织能力、竞争环境、经营节奏六个维度去综合的评估一个公司的投资潜力。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:30.409Z","mo":"站在岁末年初展望2021年，尽管近期疫情又有一些反复，但2021年全球进入疫情之后的灾后重建应是大概率的主基调。  中国经济经受住了疫情的考验，率先复工复产复苏，货币政策正回归正常化，流动性边际收紧已是共识。中国制造业企业在疫情之下展现了超强的韧性和竞争力，外贸进出口顺差创历史新高。固定资产投资端，外贸订单进一步加速制造业投资开始回暖，自动化更新改造如火如荼。地产投资依然有韧性，基建投资力度预计将边际减弱。制造业投资强、地产投资平、基建投资弱这一组合将是和过去几年托底经济增速时期完全不同的组合，这为未竞的去杠杆和经济结构调整腾出了空间。消费尤其是疫情受损严重的线下消费将逐步恢复。产业层面，十四五规划细则逐步落地，其中关键“卡脖子”领域和关键环节的自主创新，以及“3060”碳达峰碳中和应当是重中之重。  美国在换届之后开始更大规模的财政刺激计划，美国的房地产市场出现久违的新屋开工上升和加库存周期，同时美国政府在疫情之下给中低收入人群直接发放了大量补贴，这三者均可能导致通胀的抬升，某些农产品和上游原材料已经开始反应这一预期，需要密切关注这是否会进一步影响联储的行为。  回到资本市场层面，我们无意去讨论抱团何时瓦解和风格是否会切换这样不可知的命题，但我们认为2016年之后的A股市场运行的底层逻辑和之前已经发生了质的变化。我们认可机构化的长期趋势，但非理性的狂热依然会周期性的出现。我们坚信通过长期深度基本面研究可以为我们的持有人创造可观的长期复合收益，但不意味着每一年我们都能如过去的两年这样大幅战胜市场。回到公募权益类产品的本源，我们认为是持有人将信任托付给我们购买我们的基金，我们再来将这些资金配置到这个时代里最具价值创造的企业里，让我们的持有人分享到这个时代和企业的红利。因此我们首先应当去捕获这个时代向上的贝塔，在此之上再去寻求管理人个人的阿尔法。  具体板块而言，我们坚持三季报以来的判断，出口链、制造业投资尤其是自动化改造以及海内外新能源将是2021年最景气的三大板块，在中长期坚持科技医药TMT为基本盘的大方向上，我们将适当增加在该三大景气领域的仓位。此外，疫情丝毫没有拖慢中国企业全球化的步伐，中国的一批头部企业不仅没有迟缓臃肿，还自我革新迭代，开始在国际市场上崭露头角。中国头部企业的全球化，将是未来十年二十年中国股票市场发展的最大时代红利，我们将有幸深度参与其中。","fund":{"_id":3000000000431,"stockCode":"000431","stockType":"fund","areaCode":"cn","followedNum":19,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-12-22T16:00:00.000Z","setUpScale":599455000,"market":"a","tickerId":431,"custody":"中国农业银行股份有限公司","name":"鹏华品牌传承灵活配置混合型证券投资基金","shortName":"鹏华品牌传承混合","fundSecondLevel":"hybrid","__csrcFundId":2221,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:36.494Z","masterFundFlag":1,"inceptionDate":"2014-01-27T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华品牌传承混合","pinyin":"phppcclhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101019525","stockType":"fund_manager","exchange":"fm","tickerId":170325244310,"name":"邱成岳"}]},"announcement":{"linkText":"鹏华品牌传承灵活配置混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=555883","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1dad4369c9c836d6c4c","stockId":3000000000431,"sao":"三季度A股市场整体处于震荡调整状态，前期涨幅较大的消费医药明显回调，军工、汽车等前期滞涨的制造业板块涨幅居前。高低估值的风格切换始终没有出现，就市场风格而言，成长依然占优。  我们认可医药消费是长期为社会创造价值增量的“长坡厚雪“，但当前的价格已经透支了未来的成长预期，估值性价比大幅下降，因此我们减少了相应版块的持仓权重。在中国完整的制造业图谱中，我们发现越来越多的细分领域开始出现隐形冠军，综合实力已经显著超越同行企业，而第一名的市占率当前还非常低，未来几年将进入市占率快速提升的关键阶段。在全球疫情继续肆虐的背景下，中国9月进出口外贸数据创历史新高，中国制造业产业链完整的优势再一次显现，在国际市场上的市占率也将进一步提升。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:30.404Z","fund":{"_id":3000000000431,"stockCode":"000431","stockType":"fund","areaCode":"cn","followedNum":19,"blacken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