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事业等板块涨幅居后。长城久鑫基金在本报告期内跑输比较基准。　　随着月底政治局会议定调，宏观政策在三季度末出现转向，一揽子刺激经济的增量政策陆续推出，货币政策开始发力，资本市场出现大幅度反弹，资本市场的表现一定程度上反映了市场预期和信心的修复。　　截至2024年三季度末，长城久鑫基金的重点配置板块为电子、医药生物、通信、传媒等行业。展望2024年四季度，我们认为国内宏观经济有望出现向上的拐点，本基金希望选择符合当前产业发展趋势的行业及相关个股，赚企业成长和估值修复的钱。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:41.441Z","fund":{"_id":3000000000649,"stockCode":"000649","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-06-25T16:00:00.000Z","setUpScale":2799910000,"market":"a","tickerId":649,"custody":"中国银行股份有限公司","name":"长城久鑫灵活配置混合型证券投资基金","shortName":"长城久鑫混合A","fundSecondLevel":"hybrid","__csrcFundId":3664,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:36.729Z","masterFundFlag":1,"inceptionDate":"2014-07-29T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城久鑫混合","pinyin":"ccjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20779534","stockType":"fund_manager","exchange":"fm","tickerId":2508205120,"name":"余欢"}]},"announcement":{"linkText":"长城久鑫灵活配置混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1171207","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec221d4369c9c836d9f19","date":"2024-06-29T16:00:00.000Z","stockId":3000000000649,"sao":"2024年上半年A股市场整体行情偏弱，其中上证指数跌0.25%，深证成指跌7.10%，创业板跌10.99%。从行业板块来看，银行、煤炭、石油石化等板块涨幅居前，消费者服务、计算机、商贸零售等板块跌幅居前。长城久鑫基金在本报告期内跑输比较基准。　　截至2024年二季度末，长城久鑫基金的重点配置板块为医药生物、家用电器、食品饮料等行业，并增配了相对景气度较高的制造业。本基金希望寻找符合当前经济发展趋势的子行业及相关个股，赚企业成长的钱。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:41.436Z","mo":"展望下半年，预计国内稳内需相关政策会逐步发力，经济呈现出稳中向好态势；以美国为代表的海外主要经济体预计将进入降息周期，补库存仍将持续。在此背景下，A股预计仍然存在结构性行情，本基金将结合宏观情况，综合评估行业景气度、公司基本面和估值水平，选择有合适预期回报的优质个股。","fund":{"_id":3000000000649,"stockCode":"000649","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-06-25T16:00:00.000Z","setUpScale":2799910000,"market":"a","tickerId":649,"custody":"中国银行股份有限公司","name":"长城久鑫灵活配置混合型证券投资基金","shortName":"长城久鑫混合A","fundSecondLevel":"hybrid","__csrcFundId":3664,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:36.729Z","masterFundFlag":1,"inceptionDate":"2014-07-29T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城久鑫混合","pinyin":"ccjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20779534","stockType":"fund_manager","exchange":"fm","tickerId":2508205120,"name":"余欢"}]},"announcement":{"linkText":"长城久鑫灵活配置混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1154302","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec221d4369c9c836d9f18","date":"2024-03-30T16:00:00.000Z","stockId":3000000000649,"sao":"2024年一季度A股主要指数涨跌互现，其中上证指数涨2.23%，沪深300涨3.10%，创业板指跌3.87%。从行业来看，石油石化、家电、银行、煤炭等板块涨幅居前，医药、电子、房地产、计算机等板块跌幅居前。长城久鑫基金在本报告期内跑输比较基准。　　截至2024年一季度末，长城久鑫基金的重点配置板块为医药生物、食品饮料、家用电器等行业。展望2024年二季度，我们认为国内宏观经济会处于稳中向好态势，欧美等海外主要经济体逐步进入补库存周期，A股市场存在结构性行情。本基金希望寻找符合当前消费趋势的子行业及相关个股，赚企业成长的钱。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:41.431Z","fund":{"_id":3000000000649,"stockCode":"000649","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-06-25T16:00:00.000Z","setUpScale":2799910000,"market":"a","tickerId":649,"custody":"中国银行股份有限公司","name":"长城久鑫灵活配置混合型证券投资基金","shortName":"长城久鑫混合A","fundSecondLevel":"hybrid","__csrcFundId":3664,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:36.729Z","masterFundFlag":1,"inceptionDate":"2014-07-29T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城久鑫混合","pinyin":"ccjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20779534","stockType":"fund_manager","exchange":"fm","tickerId":2508205120,"name":"余欢"}]},"announcement":{"linkText":"长城久鑫灵活配置混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1074933","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec221d4369c9c836d9f17","date":"2023-12-30T16:00:00.000Z","stockId":3000000000649,"sao":"2023年A股市场主要指数均出现不同程度下跌。全年来看，上证指数跌3.70%，深证成指跌13.54%，创业板跌19.41%。从行业板块来看，通信、传媒、煤炭、家电等板块涨幅居前，消费者服务、房地产、电力设备及新能源、建材等板块跌幅居前。长城久鑫基金在本报告期内跑输比较基准。　　截至2023年底，长城久鑫基金的重点配置板块为食品饮料、家电、医药、轻工等消费行业。回顾2023年，我国经济呈现出弱复苏态势，消费行业整体呈现出“K型”复苏态势，即结构性消费升级及高性价比产品占优的趋势并行，行业挤压式增长的特征较为明显，在这样的大背景下，资本市场对于消费行业未来的增速中枢是否会大幅下移、升级态势是否能够持续下去等问题都有一定的担忧。虽然从最终的报表来看，很多消费龙头企业的业绩都呈现出较强的韧性，但市场对这些公司未来的发展担忧仍未消除，因此全年来看消费板块的走势呈现出震荡下行态势。　　当前来看，经过23年的调整，消费板块的整体估值为历史较低水平，很多优秀的消费品企业在产品升级、渠道拓展甚至国际化方面都有不错进展，已经具备较优的投资价值。本基金希望立足当前态势，选择符合当前经济环境的优秀消费品个股进行配置，立足长远，赚企业成长的钱。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:41.426Z","mo":"展望24年，机遇与风险并存，一方面，我国经济预计依然处于逐步回升状态，且美国即将进入降息周期，海外去库存基本完毕，这对我国出口产业也能够形成一定支撑；另一方面，国内有效需求不足的问题依然凸显，地产风险仍待出清，国际地缘政治也存在一定风险。　　综合来看，我国发展面临的有利条件强于不利因素，经济长期向好的基本趋势没有改变，人民对美好生活的向往也会不断实现，消费行业的结构性投资机会也一定会存在。","fund":{"_id":3000000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“模式好、空间大、壁垒高、文化正”的优秀企业，重仓优质个股，主要赚企业成长的钱。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:41.377Z","mo":"展望下半年，我们认为内外部环境仍然会相对复杂，预计国内宏观政策在扩大需求方面会继续发力，经济将逐步修复，市场流动性仍将维持较为宽松的水平，A股市场预计依然会存在结构性行情。本基金会在预期收益率的指引下，结合更加严格的风险控制措施，在更加“合适”的时点持有具有投资价值的好公司。","fund":{"_id":3000000000649,"stockCode":"000649","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-06-25T16:00:00.000Z","setUpScale":2799910000,"market":"a","tickerId":649,"custody":"中国银行股份有限公司","name":"长城久鑫灵活配置混合型证券投资基金","shortName":"长城久鑫混合A","fundSecondLevel":"hybrid","__csrcFundId":3664,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:36.729Z","masterFundFlag":1,"inceptionDate":"2014-07-29T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城久鑫混合","pinyin":"ccjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20779534","stockType":"fund_manager","exchange":"fm","tickerId":2508205120,"name":"余欢"}]},"announcement":{"linkText":"长城久鑫灵活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=787412","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec221d4369c9c836d9f10","date":"2022-03-30T16:00:00.000Z","stockId":3000000000649,"sao":"2022年一季度A股市场出现较大幅度调整，其中上证指数跌10.65%，深证成指跌18.44%，创业板跌19.96%。从行业板块来看，仅有煤炭、房地产和银行上涨，消费、制造及科技等主流赛道板块跌幅较大。长城久鑫基金在本年度跑输比较基准。  截至2022年一季度末，长城久鑫基金的重点配置板块为食品饮料、农林牧渔、医药生物、家用电器、房地产等行业，相对于2021年末，本基金较大幅度地增配了农林牧渔、房地产等预期困境反转的行业。2022年一季度由于疫情影响，消费场景受到较大抑制，相关板块也出现不同程度的调整，预计后续随着全国疫情出现好转，稳增长政策逐步发力，终端动销会恢复好转，中长期来看消费板块已经存在不错的投资机会。本基金希望沿着消费升级和困境反转这两条主线，选择 “模式好、空间大、壁垒高、文化正”的优秀企业，重仓优质个股，主要赚企业成长的钱。  如在21年年报所述，我们认为2022年内外部环境都相对复杂，A股可能会处于相对震荡的态势，但结构性行情仍在。在当前时点，市场经过大幅度调整之后，已经存在一些机会，本基金依然会在预期收益率的指引下，更加注重风险管理，在更加“合适”的时点持有具有投资价值的好公司。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:41.368Z","fund":{"_id":3000000000649,"stockCode":"000649","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-06-25T16:00:00.000Z","setUpScale":2799910000,"market":"a","tickerId":649,"custody":"中国银行股份有限公司","name":"长城久鑫灵活配置混合型证券投资基金","shortName":"长城久鑫混合A","fundSecondLevel":"hybrid","__csrcFundId":3664,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:36.729Z","masterFundFlag":1,"inceptionDate":"2014-07-29T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城久鑫混合","pinyin":"ccjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20779534","stockType":"fund_manager","exchange":"fm","tickerId":2508205120,"name":"余欢"}]},"announcement":{"linkText":"长城久鑫灵活配置混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=730251","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec221d4369c9c836d9f0f","date":"2021-12-30T16:00:00.000Z","stockId":3000000000649,"sao":"2021年A股市场整体运行平稳。全年来看，上证指数涨4.80%，深证成指涨2.67%，创业板涨12.02%。从行业板块来看，结构性行情显著，新能源及周期板块涨幅居前，消费及医药板块全年收跌。长城久鑫基金在本年度跑输比较基准。  长城久鑫基金在2021年6月5日变更基金经理后，持仓结构有一定变化，重点配置行业集中在食品饮料、家用电器、轻工等消费行业。由于受到疫情扰动、终端需求偏弱、上游原材料大幅上涨等负面因素影响，消费板块在2021年整体表现相对较弱，全年处于消化估值和等待基本面拾级而上的过程。展望2022年，消费板块存在两方面的机会，第一，消费升级带来的行业扩容增长机会；第二，基本面困境反转带来的投资机会，本基金希望沿着这两条投资主线，选择“模式好、空间大、壁垒高、文化正”的企业，重仓优质个股，主要赚企业成长的钱。  需要指出的是，在2022年，由于内外部环境相对复杂，我们认为A股可能会处于相对震荡的态势，但结构性行情仍在，因此本基金会在预期收益率的指引下，更加注重风险管理，在更加“合适”的时点持有具有投资价值的好公司。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:41.359Z","mo":"2022年我国经济面临需求收缩、供给冲击、预期转弱三重压力，短期有经济下行的压力，在此背景下预计国内货币政策会相对宽松，稳增长政策会逐步发力；而海外则处于美国通货膨胀预期上行，美联储加快退出货币宽松的加息周期之中。在此背景下，预计A股会处于相对震荡的态势，但会存在一定的结构性行情，因此长城久鑫基金将更加注重风险管理，综合行业景气度、个股基本面及估值水平，紧密跟踪市场情况，精选优质个股。","fund":{"_id":3000000000649,"stockCode":"000649","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-06-25T16:00:00.000Z","setUpScale":2799910000,"market":"a","tickerId":649,"custody":"中国银行股份有限公司","name":"长城久鑫灵活配置混合型证券投资基金","shortName":"长城久鑫混合A","fundSecondLevel":"hybrid","__csrcFundId":3664,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:36.729Z","masterFundFlag":1,"inceptionDate":"2014-07-29T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城久鑫混合","pinyin":"ccjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20779534","stockType":"fund_manager","exchange":"fm","tickerId":2508205120,"name":"余欢"}]},"announcement":{"linkText":"长城久鑫灵活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=716154","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec221d4369c9c836d9f0e","date":"2021-09-29T16:00:00.000Z","stockId":3000000000649,"sao":"2021年三季度，A股出现较为明显的结构性行情，市场交易量持续维持高位。从整个三季度来看，主要指数都有不同程度的下跌，其中科创板、创业板及深成指下跌较多；从行业来看，煤炭、有色、钢铁、化工等周期板块涨幅居前，而消费者服务、医药、食品饮料、家电、纺织服装等消费板块跌幅居前。长城久鑫基金在本季度跑输比较基准。三季度市场流动性维持宽松态势，市场交易火热。在上游相关资源品供需错配的背景下，相关原材料价格持续上涨，周期股迎来较大幅度涨幅，而消费板块由于需求偏弱及成本端承压，在本季度内都有不同程度的调整。展望四季度，在经济下行的背景之下，市场对稳增长预期提升，流动性环境大概率维持在较宽松区间，市场风格预计会呈现出相对均衡的态势。淡化市场风格，综合景气度及估值，寻找并持有高景气好赛道中的优秀企业依然是本基金下阶段的主要目标。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:41.350Z","fund":{"_id":3000000000649,"stockCode":"000649","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-06-25T16:00:00.000Z","setUpScale":2799910000,"market":"a","tickerId":649,"custody":"中国银行股份有限公司","name":"长城久鑫灵活配置混合型证券投资基金","shortName":"长城久鑫混合A","fundSecondLevel":"hybrid","__csrcFundId":3664,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:36.729Z","masterFundFlag":1,"inceptionDate":"2014-07-29T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城久鑫混合","pinyin":"ccjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20779534","stockType":"fund_manager","exchange":"fm","tickerId":2508205120,"name":"余欢"}]},"announcement":{"linkText":"长城久鑫灵活配置混合型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=658188","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec221d4369c9c836d9f0d","date":"2021-06-29T16:00:00.000Z","stockId":3000000000649,"sao":"2021年上半年，A股市场呈现出较大波动，市场风格也发生较大变化，科创板及创业板表现较好。从行业来看，化工、钢铁、煤炭、石油石化等周期行业以及电力设备及新能源、医药、电子等科技行业表现较好。长城久鑫基金在报告期内跑赢比较基准。在21年6月5日变更基金经理后，长城久鑫基金的持仓结构有一定变化，重点配置行业集中在食品饮料、医药、家用电器等消费行业，持仓的集中度有一定提升。本基金秉持自上而下与自下而上相结合的投资策略，自上而下选择景气度相对较好的子行业，自下而上选择高景气子行业中“模式好、空间大、壁垒高、文化正”的企业，重仓优质个股，坚守价值投资。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:41.341Z","mo":"展望下半年，从宏观层面来看，内外部环境均存在一定的不确定性，市场对未来的经济增长和市场流动性预期存在分歧，预计市场会呈现出相对震荡的态势，但结构性机会仍然存在，我们预计符合国家中长期发展战略的行业机会相对较大，其中高成长的优质企业有望通过快速的成长维持或消化估值，分析寻找并持有在好赛道中高速成长的好公司成为本基金下阶段的主要目标。主要方向上除了消费、医药等板块外，预计会增配部分优秀的科技、制造类企业。","fund":{"_id":3000000000649,"stockCode":"000649","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-06-25T16:00:00.000Z","setUpScale":2799910000,"market":"a","tickerId":649,"custody":"中国银行股份有限公司","name":"长城久鑫灵活配置混合型证券投资基金","shortName":"长城久鑫混合A","fundSecondLevel":"hybrid","__csrcFundId":3664,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:36.729Z","masterFundFlag":1,"inceptionDate":"2014-07-29T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城久鑫混合","pinyin":"ccjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20779534","stockType":"fund_manager","exchange":"fm","tickerId":2508205120,"name":"余欢"}]},"announcement":{"linkText":"长城久鑫灵活配置混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=636712","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec221d4369c9c836d9f0c","stockId":3000000000649,"sao":"今年一季度市场波动较大，春节前优质龙头股集体大涨，但是节后受美债利率影响开始大幅的回调。 从基本面的角度上并没有发生明显的变化，主要还是资金层面担心疫情后经济很可能从复苏转向过热，而疫情过程中的量化宽松政策面临的收缩压力。这种预期的变化对高估值影响较大。经过这一轮调整，很多公司的估值回到了一个历史合理估值区间内。 本基金的操作在市场大幅回调的过程中，对高估值的公司做了减仓的处理，另外也增加了一些PEG小于1 的公司，这类公司可能属于顺周期品种，公司的长期增长还需要不断验证，因此市场并不会给与较高的估值，性价比较高。也能做到在市场调整中起到防守的作用。 对二季度展望，优质的龙头股经过这波回调有的已经具备了投资价值，可以择机买入。持仓结构相比去年更加均衡。整体持仓的PE下降。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:41.334Z","fund":{"_id":3000000000649,"stockCode":"000649","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-06-25T16:00:00.000Z","setUpScale":2799910000,"market":"a","tickerId":649,"custody":"中国银行股份有限公司","name":"长城久鑫灵活配置混合型证券投资基金","shortName":"长城久鑫混合A","fundSecondLevel":"hybrid","__csrcFundId":3664,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:36.729Z","masterFundFlag":1,"inceptionDate":"2014-07-29T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城久鑫混合","pinyin":"ccjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20779534","stockType":"fund_manager","exchange":"fm","tickerId":2508205120,"name":"余欢"}]},"announcement":{"linkText":"长城久鑫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=575182","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec221d4369c9c836d9f0b","stockId":3000000000649,"sao":"2020年注定是不平凡的一年，全球经历了新冠肺炎的洗礼。经济遭受到了新冠带来的打击。反观中国，由于最先爆发且通过严格的隔离措施，使之率先走出新冠影响，继续成为全球经济增长的发动机。我作为中国人第一次对中国的产生了如此强烈的制度自信，并开始辩证的去看过去百年欧美体系的民主制度。新冠疫情和经济危机不同，后者属于经济内部出现的问题，解决起来会非常复杂且漫长，但是新冠属于外在危机，可以通过一系列的财政和货币政策去缓解度过，过去一年我们看到，美国和欧洲都在通过释放流动性，给失业民众补贴救济。充足的流动性给股市带来一片繁荣，资产价格上涨，尤其一线城市房价上涨飞快。所以从结构上来看，有产阶级的资产在新冠疫情下财富不降反升。最差的可能就是工薪阶层，但通过政府的转移支付其实消费能力也没有太多的下降，况且国内二季度也复工复产，很快失业也得到了解决，政府的财政压力并没有像国外那么大。    回到2020年中国股市，基本反应了宏观经济的变化，总的特点是上半年炒海外需求，下半年炒国内需求的恢复。从盘面上看，除了二月份春节后市场快速下跌然后V型反转，以医疗设备，海外出口相关的公司率先走出独立上涨行情。 下半年国内需求恢复很快，尤其在资产价格上涨的背景下，茅台为代表的白酒股开始反弹，其他可提价的调味品等消费品公司也迎来了反弹上涨行情。 新能源汽车光伏板块受海内外的需求拉动也涨幅惊人。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:41.328Z","mo":"综上分析，2021年我认为仍然会是一个牛市，起码上半年不用太多担心，可是预期收益率一定是比去年低，钱更难赚。主要3点原因，其一优质的公司估值都在历史的高位，虽然业绩增长消化了一部分估值，但是今年继续拔高估值的难度非常大。 其二，随着港股通的基金越来越多，加之很多优秀的互联网公司都在港股陆续上市，互联网公司成长赛道好，投资者更能容忍高估值，况且港股普遍比A股便宜，资金会有一大部分分流去港股。最后当然是优质细分龙头公司越来越来越稀缺，但这只是空难并不代表没有。所以今年的操作依然还是会在龙头公司中寻找机会，仍然有估值合理的细分龙头公司会逐渐获得市场的认可，这类公司是今年年挖掘的主要目标。 同时抓住优质龙头的波段机会，很多优质龙头公司，比如白酒，淡旺季比较明显，总会有做波段的机会。 这也是创造阿尔法的机会。","fund":{"_id":3000000000649,"stockCode":"000649","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-06-25T16:00:00.000Z","setUpScale":2799910000,"market":"a","tickerId":649,"custody":"中国银行股份有限公司","name":"长城久鑫灵活配置混合型证券投资基金","shortName":"长城久鑫混合A","fundSecondLevel":"hybrid","__csrcFundId":3664,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:36.729Z","masterFundFlag":1,"inceptionDate":"2014-07-29T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城久鑫混合","pinyin":"ccjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20779534","stockType":"fund_manager","exchange":"fm","tickerId":2508205120,"name":"余欢"}]},"announcement":{"linkText":"长城久鑫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=559694","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec221d4369c9c836d9f0a","stockId":3000000000649,"sao":"四季度对大盘的预期仍然较为悲观，久鑫基金在三季度股票仓位保持低于10-15%，股票得选择还是偏向于医药和地产等抗周期的个股。 剩余仓位主要是做回购和银行存单为主。三季度，本基金表现较为平均，顺周期等低估值股票开始补涨，绩优股等高市盈率的股票开始回调，尤其医药股，但短期的调整不影响公司长期的价值，在回调后反而很多明年仍然能保持较高质量增长的公司具有了配置的价值。本基金仍然遵循自下而上选择增长稳健，护城河高且现金流健康的股票，从板块上看，医药、消费，军工仍然是最好的赛道，更容易发觉优质的成长公司。 从大盘分析，四季度存在的不确定因素较多，美国大选的不确定性可能影响外盘的波动，但是整体资金宽松的格局并不会改变，大概率市场仍然会高位震荡，个股仍然存在机会，顺周期，军工，光伏仍然会有较好的表现。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:41.322Z","fund":{"_id":3000000000649,"stockCode":"000649","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-06-25T16:00:00.000Z","setUpScale":2799910000,"market":"a","tickerId":649,"custody":"中国银行股份有限公司","name":"长城久鑫灵活配置混合型证券投资基金","shortName":"长城久鑫混合A","fundSecondLevel":"hybrid","__csrcFundId":3664,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:36.729Z","masterFundFlag":1,"inceptionDate":"2014-07-29T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城久鑫混合","pinyin":"ccjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20779534","stockType":"fund_manager","exchange":"fm","tickerId":2508205120,"name":"余欢"}]},"announcement":{"linkText":"长城久鑫灵活配置混合型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492444","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec221d4369c9c836d9f09","stockId":3000000000649,"sao":"2020年上半年，市场在经过了疫情的大跌后迅速的反弹，其主要原因一方面在于流动性在全球疫情爆发下极度的宽松来缓解经济下滑的风险。 另一方面，国内由于采取了较强硬的隔离措施，使得疫情早于其他国家而率先进入复苏，为企业的恢复生产和需求的恢复起到了积极的左右。投资者为优质的上市公司在疫情后的复苏的信心也体现在了股价中。 本基金的操作策略贯彻一致，始终坚持自下而上的选股策略，优质的公司才能够穿越牛熊，且能在经济危机中更早的复苏。从这次疫情中也证明了这一点。从投资的行业分类来看，在疫情中受益的医药股基本面最优也表现最好， 而食品饮料类偏消费的公司也是最快在疫情中复苏的，从而在疫情稳定也有了较好的表现。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:41.314Z","mo":"下半年的不确定因素要多于上半年。 首先是美国的大选将在3季度末展开，。中美之间的议题仍然是两党候选人针对的对象，这为中美在疫情期间暂时缓和的关系重新紧张，如果特朗普连任失败也会影响到之前的贸易谈判结果，可能会推倒重来，不确定因素增加。 另一方面，疫情在疫苗正是推出之前的反复，这对于海外的复工复产和对于经济的恢复是一个非常重要的决定性因素。所以针对以上问题， 下半年的投资组合更加谨慎，更注意高估值的风险，针对性的去选择估值更合理的公司进行换仓。 主要方向除了医药消费外，增加了军工和光伏板块。","fund":{"_id":3000000000649,"stockCode":"000649","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-06-25T16:00:00.000Z","setUpScale":2799910000,"market":"a","tickerId":649,"custody":"中国银行股份有限公司","name":"长城久鑫灵活配置混合型证券投资基金","shortName":"长城久鑫混合A","fundSecondLevel":"hybrid","__csrcFundId":3664,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:36.729Z","masterFundFlag":1,"inceptionDate":"2014-07-29T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城久鑫混合","pinyin":"ccjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20779534","stockType":"fund_manager","exchange":"fm","tickerId":2508205120,"name":"余欢"}]},"announcement":{"linkText":"长城久鑫灵活配置混合型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=463269","linkType":"PDF","source":"csrc_pdf"}}]}