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前端带看、认购以及核心城市房价相较于政策之前也有不同程度的改善；社会零售总额四季度也在前期逐季回落的基础上有所回升。虽然相对反应滞后的CPI、PPI数据端的改善还需要更长的时间，但是随着政策层面的延续，经济数据的进一步改善也终将到来。　　市场层面看，三季度之前整体市场对未来发展信心的极其悲观，市场也极其脆弱，持续下探，成交量持续萎缩；九月份组合政策推出后市场走出V型反转趋势，全年上证指数涨 12.7%，深证成指涨 9.3% ，两市场成交额同比增加 20.1% 。行业表现看相对分化，以银行为代表的高股息板块因业绩稳健性和此前市场的避险情绪全年领涨，但是从三季度开始随着流动性改善，以硬科技成长为代表的通信、电子、汽车等也有不错的表现，成长板块也借此迎来反转，结束了为期三年价值持续跑赢的局面。而受到集采压制的医药生物表现垫底，其他消费和地产链相关的美护、食品饮料、纺服、轻工、建材等行业全年表现也相对落后，仍在调整。　　投资运作上，报告期内本基金主要对科技和消费板块做了较多调整，科技增持了以芯片、消费电子为代表的硬科技，减持软件；鉴于疲弱的消费环境减少了消费股持仓，同时增持了银行股。截至报告期末，本基金的行业配置依次为医药、制造、科技、消费和金融。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:51:19.097Z","mo":"展望2025年，我们对经济和市场还是保持积极乐观态度。中国经济本身庞大的绝对规模与广阔的市场纵深以及均衡的产业结构分布，还是孕育着较多的长期增长潜力。在经历了后疫情时代的几年的低迷期，中国经济本身也逐步从原有的地产和投资驱动的模式中逐步转型，而从数据层面直观反应到经济层面的改善也终究会到来。　　在科技方面，我们欣喜得看到以Deepseek为代表的科技型企业正在以让世界惊叹的速度在快速追赶全球顶尖水平，在硬件、软件、算法等领域都已经逐步形成科技闭环；而在智能汽车、新能源等新兴制造领域更是具备了全球竞争优势，我们对中国能从这场科技“战役”中胜出充满信心。　　市场维度看，2025年或是充满结构性机会的一年。以AI持续迭代和演进背景下衍生出来的国产先进制程、AI应用、AI终端等产业趋势会不断加强，其中以智能驾驶为代表的端侧会迎来军备竞赛，整车格局亦或迎来进一步集中并进行全球扩张。而以顺周期为代表的其他板块或在下半年经济逐步改善之后也会迎来结构性机会。　　在新环境下，基金经理将继续以高质量成长做为核心投资策略，同时不断学习和迭代，持续找出能代表中国经济转型升级同时符合产业趋势发展阶段的优质标的，力争为投资者实现长期可持续回报。","fund":{"_id":3000000000751,"stockCode":"000751","stockType":"fund","areaCode":"cn","followedNum":740,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-08-17T16:00:00.000Z","setUpScale":617552000,"market":"a","tickerId":751,"custody":"中国农业银行股份有限公司","name":"嘉实新兴产业股票型证券投资基金","shortName":"嘉实新兴产业股票","fundSecondLevel":"company","memoNum":2,"__csrcFundId":2338,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.662Z","masterFundFlag":1,"inceptionDate":"2014-09-16T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实新兴产业股票","pinyin":"jsxxcygpxzqtzjj","managers":[{"stockCode":"8801405027","stockType":"fund_manager","exchange":"fm","tickerId":711165950,"name":"归凯"},{"stockCode":"db20760133","stockType":"fund_manager","exchange":"fm","tickerId":320207590,"name":"陈涛"}]},"announcement":{"linkText":"嘉实新兴产业股票型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1250472","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec247d4369c9c836db322","date":"2024-09-29T16:00:00.000Z","stockId":3000000000751,"sao":"三季度国内经济延续了上半年疲弱态势，整体消费需求疲软、产能层面过剩、房地产持续低迷以及投资意愿不足仍在持续，出口仍是仅存动力但也受制于国际关系难以长期扛起大旗；在此背景下，九月份美联储的降息使得我们有了更多的调节空间，央行也随即宣布了降息降准，而随后在九月底中央政治局会议上，中央分析了当前的经济形势，明确了短期“稳增长、防风险，稳股市”的目标，市场悲观情绪得到明显改观，也更加期待后续更积极的财政和货币政策从而彻底恢复长期发展信心。　　三季度市场走出反转趋势，万得全A上涨18%，在连续下跌5个季度后又一度下跌近10%，在一系列政策预期下，最后5个交易日上涨26%收复过去1年的失地。风格方面，持续3年多的价值优于成长告一段落。行业层面，非银、房地产、社服、计算机、传媒、电力设备等前期预期悲观的行业表现突出，上半年明显跑赢的资源类和高股息类行业，包括煤炭、石油石化、银行、有色等则相对跑输。　　此前我们看到在市场风格的极致演绎下，出现了一批优质成长股的显著低估，而在三季度这个趋势得到部分修复，我们预计在长期信心得以真正扭转后，优质成长的中长期修复仍会持续。当下市场也快速进入牛市氛围，但中长期市场的健康上涨还需要观察后续经济修复情况并看到一批优秀的企业带头走出新一轮的成长。单就本基金而言，我们仍将致力于投资符合中国长期转型升级方向受益的行业和个股，持续迭代“高质量成长”投资方法论，聚焦优质公司，力争为持有人创造长期回报。　　三季度本基金持仓结构变化不大，主要增持了景气好转且具备长期成长空间的芯片板块个股，减持了部分此前表现强势的白电板块个股。截止到报告期末，本基金的行业配置依次为医药、制造、消费和科技。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:51:19.091Z","fund":{"_id":3000000000751,"stockCode":"000751","stockType":"fund","areaCode":"cn","followedNum":740,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-08-17T16:00:00.000Z","setUpScale":617552000,"market":"a","tickerId":751,"custody":"中国农业银行股份有限公司","name":"嘉实新兴产业股票型证券投资基金","shortName":"嘉实新兴产业股票","fundSecondLevel":"company","memoNum":2,"__csrcFundId":2338,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.662Z","masterFundFlag":1,"inceptionDate":"2014-09-16T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实新兴产业股票","pinyin":"jsxxcygpxzqtzjj","managers":[{"stockCode":"8801405027","stockType":"fund_manager","exchange":"fm","tickerId":711165950,"name":"归凯"},{"stockCode":"db20760133","stockType":"fund_manager","exchange":"fm","tickerId":320207590,"name":"陈涛"}]},"announcement":{"linkText":"嘉实新兴产业股票型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1178903","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec247d4369c9c836db321","date":"2024-06-29T16:00:00.000Z","stockId":3000000000751,"sao":"上半年国内经济从宏观数据层面表现尚可，出口增速同比有所改善，固定资产投资增速低位数企稳，消费疲软，增速低于去年同期。但中观行业和微观实体整体面临较大压力，内需不足、产能过剩，房地产持续低迷、投资意愿不足仍是较为普遍现象，企业盈利承压。虽然国内信贷利率已降到多年低位，但企业和居民端加杠杆意愿很弱，信贷数据偏弱、CPI/PPI低迷，最新的6月PMI也再次降到荣枯线之下。政策端实施积极的财政政策、相对宽松的货币政策，房地产调控政策也持续松绑，效果尚需观察。　　上半年国内市场在波动中下行，全A指数一二季度分别下跌2.85%和5.32%，整个上半年跌幅超过8%。市场风格呈现价值明显优于成长，大盘明显优于小盘的分化局面；行业层面看同样有巨大的分化，银行、煤炭、公用事业、石油石化、白色家电等红利类资产，以及部分受益于出口景气的行业表现突出，AI、低空经济等主题投资活跃，内需类资产如医药生物、计算机、商贸零售、房地产等行业表现较差。　　报告期内本基金主要增持了受政策影响小的中药和国产化率较低的医疗器械类个股，以及低估值、稳增长且具有持续分红潜力的白电和银行板块个股。减持的板块主要包括估值偏高且下游需求承压的软件股。截至到报告期末，本基金的行业配置依次为医药、制造、消费、科技和金融。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T12:51:19.085Z","mo":"展望下半年，国内财政、货币政策对经济的托底力度预计有所加大，但外贸在地缘政治的影响下也面临更大的挑战，内需疲软等压制经济的负面因素短期尚难得到根本扭转，预计宏观经济总体仍是偏弱态势。中长期看，中国经济的增长潜力巨大，但也面临结构性问题的挑战，因此有赖于进一步释放改革红利、稳定市场预期，激发全社会活力。　　国内股票市场经历几年下跌后，当前市场风险偏好已至冰点，市场似乎已经不愿给予未来任何权重，少数的机会也表现为趋势风格的极致演绎，有从一个极端走向另一个极端的趋势。在市场处于异常困难的时刻，人性往往面临巨大的考验，但潮起潮落、物极必反乃自然界之普遍规律，站在当前时点，我们认为一批优质的公司已经被显著低估。在新形势下，基金经理会更加审慎的识别潜在风险，同时我们也会继续以高质量成长做为核心投资策略，与时俱进，不断挖掘能代表中国经济转型升级，具备持续价值创造能力的优秀企业，力争实现长期可持续回报。","fund":{"_id":3000000000751,"stockCode":"000751","stockType":"fund","areaCode":"cn","followedNum":740,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-08-17T16:00:00.000Z","setUpScale":617552000,"market":"a","tickerId":751,"custody":"中国农业银行股份有限公司","name":"嘉实新兴产业股票型证券投资基金","shortName":"嘉实新兴产业股票","fundSecondLevel":"company","memoNum":2,"__csrcFundId":2338,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.662Z","masterFundFlag":1,"inceptionDate":"2014-09-16T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实新兴产业股票","pinyin":"jsxxcygpxzqtzjj","managers":[{"stockCode":"8801405027","stockType":"fund_manager","exchange":"fm","tickerId":711165950,"name":"归凯"},{"stockCode":"db20760133","stockType":"fund_manager","exchange":"fm","tickerId":320207590,"name":"陈涛"}]},"announcement":{"linkText":"嘉实新兴产业股票型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1151006","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec247d4369c9c836db320","date":"2024-03-30T16:00:00.000Z","stockId":3000000000751,"sao":"一季度宏观数据延续弱复苏态势，前两月社会零售总额和出口增速较去年同期都有所改善，但固定资产投资增速仍较疲弱，民间投资占固定资产投资的比重较上年同期继续下降，反应企业投资意愿不强，这点在企业信贷和社融数据上也有所体现。当前国内房地产行业仍面临较大下行压力，部分行业的产能过剩问题也较为突出，短期看在政策未有明显强有力的措施从而扭转局面之前，上述态势仍将持续。　　一季度市场层面也经历了极大的波动，1月经历了恐慌性的下跌之后迎来政策层面的托底，并在2月和3月迎来反弹，截止到一季度末，全A录得-2.85%的跌幅，同时呈现出价值明显优于成长，以及大盘明显优于小盘的分化局面；行业层面看同样有巨大的分化，以银行、石油石化、煤炭、有色、白色家电等为代表的高股息或抗通缩行业有明显绝对收益，AI、低空经济等主题投资活跃，而医药生物、计算机、电子、房地产等行业受到极端的外围政策环境或自身业绩压力影响表现较差。　　基于当前的宏观环境，本基金将持续围绕产业自身发展趋势和企业经营周期的角度去发掘机会，而并不寄希望于宏观经济的显著改善。一季度本基金继续减持中期维度业绩压力持续加大的科技行业个股，增加中长期需求更加确定的医药，以及稳增长确定性更高且具有持续分红能力的消费和金融板块个股，截至到报告期末，本基金的行业配置依次为医药、制造、消费、科技和金融。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T12:51:19.079Z","fund":{"_id":3000000000751,"stockCode":"000751","stockType":"fund","areaCode":"cn","followedNum":740,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-08-17T16:00:00.000Z","setUpScale":617552000,"market":"a","tickerId":751,"custody":"中国农业银行股份有限公司","name":"嘉实新兴产业股票型证券投资基金","shortName":"嘉实新兴产业股票","fundSecondLevel":"company","memoNum":2,"__csrcFundId":2338,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.662Z","masterFundFlag":1,"inceptionDate":"2014-09-16T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实新兴产业股票","pinyin":"jsxxcygpxzqtzjj","managers":[{"stockCode":"8801405027","stockType":"fund_manager","exchange":"fm","tickerId":711165950,"name":"归凯"},{"stockCode":"db20760133","stockType":"fund_manager","exchange":"fm","tickerId":320207590,"name":"陈涛"}]},"announcement":{"linkText":"嘉实新兴产业股票2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1065697","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec247d4369c9c836db31f","date":"2023-12-30T16:00:00.000Z","stockId":3000000000751,"sao":"2023年国内经济的实际运行情况是显著低于年初人们的乐观预期的。疫后伤痕效应带来的有效需求不足、房地产下行的压力、一些战略新兴行业产能过剩、地方债务问题等，与影响中国经济的一些中长期结构性问题交织在一起，成为影响市场运行的主基调。从市场表现看，国内股票市场年初经历短暂走强后即开始持续走弱，市场总体处于信心脆弱，资金存量博弈的局面，全年主要指数均有不同程度下跌。分板块看，通信、传媒、石油石化、电子、计算机、煤炭等行业表现较好，和地产消费相关的房地产链、美容护理、商贸零售、社会服务等行业跌幅居前。　　从宏观环境来看，2023年中国经济的两大引擎房地产和出口继续面临下行压力，固定资产投资增速放缓，其中民间固定资产投资持续负增长，社会零售总额在个位数增长水平上企稳，但经济增长动能总体偏弱。今年以来政策端对稳增长持续加码，年初以来央行先后降准、降息，保持相对宽松的流动性，特别是三季度开始大幅松绑房地产限购限贷政策对市场信心有所提振，但房企资金链和居民的房价预期改善尚不明显，反映到房地产投资和销售的数据也暂未好转。中国制造业PMI自9月一度回到荣枯线以上，四季度再度下行，工业品库存增速继续低位徘徊，新的库存周期何时启动有待观察。从海外来看，美国通胀数据改善，市场普遍认为美联储在新的一年开启降息周期。　　基于宏观基本面和国际环境的不确定性，报告期内本基金持仓的调整主要是增持医药，减持科技，同时在个股选择上对安全边际赋予了更大的权重。增持医药主要是基于偏弱经济环境下医疗卫生下游需求相对稳定，部分医药股连续下跌三年后估值性价比显著提升，且人口老龄化背景下长期需求前景明确，未来有望迎来政策端利空出尽后的估值修复机会。减持科技主要是部分行业受疲软经济影响仍存在业绩下修的可能，且科技股高企的估值在当前宏观环境下面临收缩的压力。总体上看本基金仍然聚焦于符合长期中国经济转型升级方向上的优质成长企业，截止报告期末，本基金的行业配置依次为医药、制造、科技和消费。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T12:51:19.072Z","mo":"展望2024年，我们认为中国经济无论是绝对规模还是市场纵深都远非其他国家可比，增长潜力无需质疑。当务之急是尽快从通缩螺旋中走出来，政府应有效改善居民消费预期，提升消费意愿和消费能力，这需要政策端的发力更有针对性。　　历经三年泥沙俱下的调整，当前A股上市公司估值水平和市场情绪已近乎冰点，各种“信仰”崩塌，多数行业的估值重新回到同一起跑线。这恰恰为未来资本市场的表现奠定了坚实的基础，也有利于投资者更加从容的寻找潜在投资标的。　　在新环境下，基金经理将继续以高质量成长做为核心投资策略，与时俱进，不断挖掘能代表中国经济转型升级，具备持续价值创造能力的优秀企业，力争为投资者实现长期可持续回报。","fund":{"_id":3000000000751,"stockCode":"000751","stockType":"fund","areaCode":"cn","followedNum":740,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-08-17T16:00:00.000Z","setUpScale":617552000,"market":"a","tickerId":751,"custody":"中国农业银行股份有限公司","name":"嘉实新兴产业股票型证券投资基金","shortName":"嘉实新兴产业股票","fundSecondLevel":"company","memoNum":2,"__csrcFundId":2338,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.662Z","masterFundFlag":1,"inceptionDate":"2014-09-16T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实新兴产业股票","pinyin":"jsxxcygpxzqtzjj"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但整体看无论是居民消费信心还是企业信心的恢复都需要一个过程，所以整体经济呈现弱复苏态势。海外情况看，经济仍处于下行通道中，但通胀见顶；随着欧美银行体系风险暴露，美联储加息已经进入尾声，边际影响在逐步减弱，外部市场也呈现底部震荡反弹趋势。    在此背景下一季度A股指数迎来上涨，其中上证综指上涨5.94%，沪深300上涨4.63%，创业板指上涨2.25%；具体板块上看，表现出了较为明显的分化，一季度海外ChatGPT产品火速出圈引发市场对于新一轮AI浪潮下的科技革命的预期，科技板块表现突出，计算机、通信、传媒和电子占据一季度排名前列，而前几年有明显超额收益的电力设备和新能源以及对经济复苏预期依赖度高的消费者服务、房地产、零售等表现相对落后。    本基金一季度进一步加大了以软件计算机为代表的科技板块的配置，我们认为这一轮AI浪潮将拉开新一轮科技创新周期的序幕，带来以十年为维度的产业变革机会，同时配合23年疫情后的复苏和业绩修复，板块内会持续有个股投资机会。本基金也在持续优化其他包括消费、医药、制造等板块的持仓结构，市场热度较低的背景下，这些板块的优质公司也会出现很好的长期买入机会。总体上看本基金仍然聚焦符合长期中国经济转型升级方向上的优质成长企业，截止到一季度末，本基金的行业配置依次为科技、制造、医药和消费。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:51:19.054Z","fund":{"_id":3000000000751,"stockCode":"000751","stockType":"fund","areaCode":"cn","followedNum":740,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-08-17T16:00:00.000Z","setUpScale":617552000,"market":"a","tickerId":751,"custody":"中国农业银行股份有限公司","name":"嘉实新兴产业股票型证券投资基金","shortName":"嘉实新兴产业股票","fundSecondLevel":"company","memoNum":2,"__csrcFundId":2338,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.662Z","masterFundFlag":1,"inceptionDate":"2014-09-16T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实新兴产业股票","pinyin":"jsxxcygpxzqtzjj","managers":[{"stockCode":"8801405027","stockType":"fund_manager","exchange":"fm","tickerId":711165950,"name":"归凯"},{"stockCode":"db20760133","stockType":"fund_manager","exchange":"fm","tickerId":320207590,"name":"陈涛"}]},"announcement":{"linkText":"嘉实新兴产业股票型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=881377","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec247d4369c9c836db31b","date":"2022-12-30T16:00:00.000Z","stockId":3000000000751,"sao":"2022年，在疫后经济恢复常态化、俄乌战争、地缘政治带来的贸易壁垒等多重因素影响下，欧美经济体面临巨大的通货膨胀压力。美联储通过持续大幅加息以应对通胀，全年累计加息425个基点，联邦利率达到近15年新高并导致资本市场重新定价，年内全球主要股市普遍经历了两位数的下跌。当前美联储加息进程尚难言结束，但欧美经济衰退的压力已日渐显现，预计明年其经济增速将进一步放缓。今年中国经济的主要矛盾更多来自国内经济增长的压力，虽然政府为稳经济采取积极的财政和货币政策，但疫情不断反复叠加房地产行业下行，国内经济增速仍达到多年新低。积极的因素在年底逐步出现，我们看到前期严格的疫情管控政策和房地产政策都有重要转向，虽不排除疫情管控放开初期可能发生一些尾部风险，但制约国内经济不利因素的解除将为后续经济的恢复性增长奠定重要基础。　　在国内外多重不利因素影响下，2022年国内股票市场主要指数均有较大幅度的下跌。表现相对较好的板块包括受益于能源涨价的煤炭、低估值且政策边际改善的金融地产、疫后复苏预期的消费者服务等板块，表现落后的包括行业景气下行的TMT、军工、建材等行业。此外，前两年表现亮眼的新能源、半导体、CXO等热门赛道因预期透支等原因也出现较大幅度的下跌。　　投资操作上，本基金在四季度增加了计算机和医药健康板块的持仓，基金经理认为上述行业未来基本面有望边际改善，存在困境反转的机会；同时减持了对疫后经济复苏乐观预期反映较充分的部分消费板块的个股。全年来看，本基金持仓结构和去年类似，总体相对均衡，权重依次为科技、先进制造、医药健康和大消费。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:51:19.047Z","mo":"经历了过去一年的艰难困苦，展望2023年，中国经济将逐步走出至暗时刻。新的一年我们将看到美联储加息见顶，经济中强美弱，国内资本市场将迎来柳暗花明。复苏和常态化会是中国经济今年的主基调，预计过去几年受疫情或行业监管影响的一些行业将迎来困境反转的机会。而大国博弈下，“安全”已成为中国高质量发展的前提，其涉及的领域也更加宽泛，紧迫感更加突出，对国内相关产业而言既是挑战也是机会。总体上，我们预计今年国内资本市场的投资机会将更加丰富，我们也会更积极把握相关机会。后续投资中，基金经理将继续以高质量成长做为核心投资策略，不断挖掘能代表中国经济转型升级，具备持续价值创造能力的优秀企业，力争为投资者实现长期可持续回报。","fund":{"_id":3000000000751,"stockCode":"000751","stockType":"fund","areaCode":"cn","followedNum":740,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-08-17T16:00:00.000Z","setUpScale":617552000,"market":"a","tickerId":751,"custody":"中国农业银行股份有限公司","name":"嘉实新兴产业股票型证券投资基金","shortName":"嘉实新兴产业股票","fundSecondLevel":"company","memoNum":2,"__csrcFundId":2338,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.662Z","masterFundFlag":1,"inceptionDate":"2014-09-16T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实新兴产业股票","pinyin":"jsxxcygpxzqtzjj","managers":[{"stockCode":"8801405027","stockType":"fund_manager","exchange":"fm","tickerId":711165950,"name":"归凯"},{"stockCode":"db20760133","stockType":"fund_manager","exchange":"fm","tickerId":320207590,"name":"陈涛"}]},"announcement":{"linkText":"嘉实新兴产业股票2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=863618","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec247d4369c9c836db31a","date":"2022-09-29T16:00:00.000Z","stockId":3000000000751,"sao":"年初以来，持续胶着的俄乌战争所引发的能源危机加大了欧美滞胀压力。美联储在高通胀下持续大幅加息，回收在疫情期间释放的巨额流动性，全球主要资本市场都深陷熊市。当前美联储加息进程仍未结束，但欧美经济衰退的压力却日渐显现。中国经济则有所不同，由于在上轮疫情期间货币政策较为克制，目前国内通胀压力并不大，但中国经济在疫情反复、房地产行业信用危机影响下仍面临下行压力。虽然政府为稳经济采取了相对宽松的货币和财政政策，但经济的真正企稳回升还有待上述不利因素的影响逐步消除。  在国内经济下行、海外地缘政治危机、能源危机多重因素影响下，今年国内股票市场风险偏好下行，估值水平进一步收缩。前三季度A股主要指数跌幅均超过20%，整个市场呈倒N型走势。结构上看，今年以来表现最好的板块包括受益于能源涨价的煤炭、石油石化，景气稳定的军工，低估值的银行、建筑，以及存在政策反转预期地产、交通运输等；而行业景气较差的电子、计算机、传媒以及受消费不振、医疗集采悲观预期影响的消费者服务和医药健康板块跌幅较大。  三季度本基金持仓变化不大，微调部分主要是增持了处于行业景气底部的计算机、半导体，以及景气稳定的高端科研仪器、军工板块的个股，减持了新能源、医疗服务和白酒的部分持仓。截止三季报，本基金大类资产持仓比重依次为科技、消费、先进制造、医药健康和交运服务。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:51:19.041Z","fund":{"_id":3000000000751,"stockCode":"000751","stockType":"fund","areaCode":"cn","followedNum":740,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-08-17T16:00:00.000Z","setUpScale":617552000,"market":"a","tickerId":751,"custody":"中国农业银行股份有限公司","name":"嘉实新兴产业股票型证券投资基金","shortName":"嘉实新兴产业股票","fundSecondLevel":"company","memoNum":2,"__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价的钢铁、有色、煤炭、化工等上游周期品，以及高景气的新能源、半导体、医药CXO等成长性行业的股票表现突出。  投资操作上，出于行业景气和长期成长前景，报告期本基金主要增持了半导体、新兴科技消费品板块、快递服务，我们也减持了部分基本面不达预期的制造业、医疗服务、传统消费个股。截止年底，本基金大类资产持仓比重依次为科技、先进制造、医药和消费。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:51:19.021Z","mo":"展望2022年，国内经济增速仍有下行压力，上市企业盈利增速将显著放缓；政策稳增长诉求增强，预计今年国内财政、货币政策都会相对宽松。欧美通胀加剧进入加息周期，08年次债危机、新冠疫情以来美联储持续放水，宏观杠杆率处于历史高位，退出QE进入加息通道，美股会有重新定价的过程，有可能波及全球资本市场。  A股指数自2019年以来已连涨三年，站在2021年底，可以看到市场对部分热门板块已给了相当高的预期，估值处于历史高位；原本我们对2022年市场持偏谨慎态度，但年初以来的大跌还是相当程度上释放了估值压力，特别是很多优质价值成长类公司股价已经调整超过一年半的时间，已经到了再次布局的时点，因此站在当前时间不宜再过分悲观。  经济下行压力下，22年基于行业景气的投资机会将相对稀少，CPI/PPI裂口收敛会减轻中下游企业的成本压力，预计少数景气向上的细分领域和估值调整充分，基本面见底向上的中下游公司是超额收益的主要来源。我们会重点在上述领域挖掘新的投资机会。  基金经理一直重点投资具备长期价值成长特征的优质企业，看重公司业绩增长的内生性、持续性和确定性，以更长的持股周期获取超额收益。我们的投资理念在历史上有过收获，也遇到过挑战，去年就是极具挑战的一年。复盘来看，市场风格极致，市场追逐景气驱动，看重边际变化，而我们主要持仓为稳定增长类的公司是原因之一；原因之二则是价值成长类公司前面几年涨幅较大，估值缺乏比较优势。好的地方在于我们重仓公司的经营情况总体还是符合我们预期的，估值调整后的性价比显著增加。站在当前时点，我们希望投资者更有耐心，我们也有信心为投资者实现长期满意的回报。","fund":{"_id":3000000000751,"stockCode":"000751","stockType":"fund","areaCode":"cn","followedNum":740,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-08-17T16:00:00.000Z","setUpScale":617552000,"market":"a","tickerId":751,"custody":"中国农业银行股份有限公司","name":"嘉实新兴产业股票型证券投资基金","shortName":"嘉实新兴产业股票","fundSecondLevel":"company","memoNum":2,"__csrcFundId":2338,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.662Z","masterFundFlag":1,"inceptionDate":"2014-09-16T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实新兴产业股票","pinyin":"jsxxcygpxzqtzjj","managers":[{"stockCode":"8801405027","stockType":"fund_manager","exchange":"fm","tickerId":711165950,"name":"归凯"},{"stockCode":"db20760133","stockType":"fund_manager","exchange":"fm","tickerId":320207590,"name":"陈涛"}]},"announcement":{"linkText":"嘉实新兴产业股票2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=707952","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec247d4369c9c836db316","date":"2021-09-29T16:00:00.000Z","stockId":3000000000751,"sao":"三季度全球上游大宗品加速上涨，新冠疫情影响基本见顶，海外部分国家逐步恢复常态，美联储开始逐步回收流动性。国内三季度包括投资、消费和出口在内的经济数据都开始边际走弱。前期由于供需错配，再叠加国内缺煤导致大范围的限电，众多上游周期品出现供给紧张并加速了价格的进一步上涨。PPI处于高位运行，由于终端需求持续不振，向CPI传导不畅。在此背景下，国内货币政策易松难紧，流动性将保持合理充裕。  A股市场在经历了上半年的宽幅震荡的走势之后，三季度沪深300指数下跌6.85%、创业板指数下跌6.69%。但板块之间分化极大，和PPI相关的板块，如有色金属、煤炭、钢铁、化工、电力等板块均有较大涨幅，而食品、医药、农业、家电、通信等板块下跌较多。  本基金配置重点聚焦在符合长期国内经济结构调整、产业转型升级方向上的优质成长企业。报告期内本基金持仓结构总体稳定，科技板块略有增持，消费板块略有减持。截止到三季度末，本基金大类资产持仓比重依次为科技、医药、先进制造和消费。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T12:51:19.014Z","fund":{"_id":3000000000751,"stockCode":"000751","stockType":"fund","areaCode":"cn","followedNum":740,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-08-17T16:00:00.000Z","setUpScale":617552000,"market":"a","tickerId":751,"custody":"中国农业银行股份有限公司","name":"嘉实新兴产业股票型证券投资基金","shortName":"嘉实新兴产业股票","fundSecondLevel":"company","memoNum":2,"__csrcFundId":2338,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.662Z","masterFundFlag":1,"inceptionDate":"2014-09-16T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实新兴产业股票","pinyin":"jsxxcygpxzqtzjj","managers":[{"stockCode":"8801405027","stockType":"fund_manager","exchange":"fm","tickerId":711165950,"name":"归凯"},{"stockCode":"db20760133","stockType":"fund_manager","exchange":"fm","tickerId":320207590,"name":"陈涛"}]},"announcement":{"linkText":"嘉实新兴产业股票型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=651651","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec247d4369c9c836db315","date":"2021-06-29T16:00:00.000Z","stockId":3000000000751,"sao":"今年以来，随着疫苗接种率提高，发达国家的疫情开始缓解，主要经济体经济进入复苏通道。于此同时，疫情爆对全球供应链的负面影响开始显现，在美元放水、上游供给端不畅和下游补库存多重因素作用下，大宗商品价格显著上涨推动全球主要经济体PPI大幅走高，而美国由于高关税和对居民补贴过度，更是PPI、CPI双高，市场开始担心通胀压力和美国提前收紧流动性的可能。中国经济由于疫情得到很好控制，在去年二季度后就率先复苏，年初以来国内流动性趋于正常化。  在上述因素影响下，上半年中国证券市场跌宕起伏，主要指数在年初创下近几年新高后旋即在春节后暴跌，之后二季度开始市场迎来显著反弹。其间市场风格也经历了剧烈的切换，去年底就开始表现的周期股今年以来先涨后跌，而“核心资产”则显著分化，部分行业持续景气的优质公司股价创了新高，其他则处于消化估值状态。风格的变化反映了市场对经济强复苏的乐观预期开始转向理性，市场更加聚焦行业景气的边际变化和持续性。我们看到上半年表现突出钢铁、有色、化工、采掘、新能源、医药CXO、半导体都有此特征。  基于行业和公司基本面的变化，报告期内本基金提高了半导体以及医药健康的持仓比重，减持了消费股。截止上半年，本基金大类资产持仓比重依次为科技、医药、先进制造和消费。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:51:19.007Z","mo":"展望下半年，中国经济复苏增速高点已过，GDP增速将逐季下行，中国乃至全球的复苏动能整体偏弱，如果再往明年看，保增长压力又会有所提升。由于国内通胀压力不大，预计流动性改善的预期会有所增强。在中观行业维度上，我们看到中国经济的转型升级正在加速推进，自动化、信息化、智能化、低碳化、国产自主化的趋势不可阻挡；在消费领域，消费科技化也将成为消费升级的主要推动力。  基于上述判断，基金经理认为年内市场仍以震荡为主，但结构性机会仍多，结构重于仓位。后续投资上，基金经理会继续以具备核心竞争力和业绩增长持续性的优质公司作为基本盘，同时积极布局新景气、新业态、新成长。积极而审慎，力争为投资者实现长期卓越回报。","fund":{"_id":3000000000751,"stockCode":"000751","stockType":"fund","areaCode":"cn","followedNum":740,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-08-17T16:00:00.000Z","setUpScale":617552000,"market":"a","tickerId":751,"custody":"中国农业银行股份有限公司","name":"嘉实新兴产业股票型证券投资基金","shortName":"嘉实新兴产业股票","fundSecondL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际收紧，中美关系进一步恶化等因素。  本基金三季度在持仓结构上做了优化，增持了大制造板块，对科技、消费、医药健康板块略有减持。增持的细分行业包括军工和机械等。截止本季度末，本基金大类板块占比依次为科技、制造、医药健康、消费。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T12:51:18.986Z","fund":{"_id":3000000000751,"stockCode":"000751","stockType":"fund","areaCode":"cn","followedNum":740,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-08-17T16:00:00.000Z","setUpScale":617552000,"market":"a","tickerId":751,"custody":"中国农业银行股份有限公司","name":"嘉实新兴产业股票型证券投资基金","shortName":"嘉实新兴产业股票","fundSecondLevel":"company","memoNum":2,"__csrcFundId":2338,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.662Z","masterFundFlag":1,"inceptionDate":"2014-09-16T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实新兴产业股票","pinyin":"jsxxcygpxzqtzjj","managers":[{"stockCode":"8801405027","stockType":"fund_manager","exchange":"fm","tickerId":711165950,"name":"归凯"},{"stockCode":"db20760133","stockType":"fund_manager","exchange":"fm","tickerId":320207590,"name":"陈涛"}]},"announcement":{"linkText":"嘉实新兴产业股票型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=487291","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec246d4369c9c836db311","stockId":3000000000751,"sao":"4月份以来国内疫情得到有效控制，随着复工复产展开，中国经济进入复苏通道。而海外疫情仍在发酵，新增病例除欧洲外，美洲和其他亚非拉地区仍在持续增加。疫情影响下，全球股市三月经历了大幅下挫，但随着欧美央行向市场注入流动性后，主要股指在二季度大幅回升。  在经济复苏预期和相对宽松的流动性环境下， 上半年国内股票市场表现较好，其中创业板和中小板代表的成长股表现突出。其中涨幅领先的行业包括医药、食品饮料、TMT、新能源等行业；表现落后的板块包括金融、地产、交运、建筑装饰、采掘等。  考虑到疫情影响，上半年本基金增持了以内需为主的计算机、医药健康、消费；减持了部分可能受到海外需求负面影响的制造业公司。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T12:51:18.979Z","mo":"由于海外疫情仍未得到有效控制，全球经济仍面临巨大压力，受此影响，基金经理认为虽然中国经济复苏趋势明确，但仍处于弱复苏态势，国内流动性暂难显著收紧。而从中长期维度看，随着国内金融市场打破刚兑、房地产大周期见顶、居民资产再配置需求将有利于股票市场。虽然市场涨幅较大后不排除阶段性震荡盘整，但中期看市场仍处于积极可为阶段。  后续本基金将继续以科技、先进制造、消费、大健康四大领域为投资重点，立足长期、更加关注公司的质量和潜在回报，力争为投资者实现长期卓越回报。","fund":{"_id":3000000000751,"stockCode":"000751","stockType":"fund","areaCode":"cn","followedNum":740,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-08-17T16:00:00.000Z","setUpScale":617552000,"market":"a","tickerId":751,"custody":"中国农业银行股份有限公司","name":"嘉实新兴产业股票型证券投资基金","shortName":"嘉实新兴产业股票","fundSecondLevel":"company","memoNum":2,"__csrcFundId":2338,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.662Z","masterFundFlag":1,"inceptionDate":"2014-09-16T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实新兴产业股票","pinyin":"jsxxcygpxzqtzjj","managers":[{"stockCode":"8801405027","stockType":"fund_manager","exchange":"fm","tickerId":711165950,"name":"归凯"},{"stockCode":"db20760133","stockType":"fund_manager","exchange":"fm","tickerId":320207590,"name":"陈涛"}]},"announcement":{"linkText":"嘉实新兴产业股票型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=464457","linkType":"PDF","source":"csrc_pdf"}}]}