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内将会出台相应政策对冲，平抑经济运行的波动。　　随着大模型持续进步，推理成本下降，AI应用有望迎来爆发式增长。AI赋能将深刻改变现有的生活场景和工作场景。眼镜、PC、手机等消费电子产品，由于AI赋能可以实现新的功能。人型机器人进入量产元年，核心的必要条件是通用人工智能的不断成熟。AI有可能成为人类历史上的新一轮技术革命，AI赋能各行各业，将不断创造新的可能性，这也是新的需求增长点。　　未来我们将改变过去均衡成长的投资策略，主动聚焦在需求增长的领域。我们认为AI是贯穿全年的投资机会，AI不仅会改变科技行业，同时也会改变传统行业。我们会以AI为投资线索，持续深挖，力争获得更好的投资回报。","fund":{"_id":3000000000977,"stockCode":"000977","stockType":"fund","areaCode":"cn","followedNum":92,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-22T16:00:00.000Z","setUpScale":4771640000,"market":"a","tickerId":977,"custody":"中国银行股份有限公司","name":"长城环保主题灵活配置混合型证券投资基金","shortName":"长城环保主题混合(000977)","fundSecondLevel":"hybrid","__csrcFundId":3809,"fundStatus":"normal","lastUpdated":"2026-04-30T17:43:48.594Z","masterFundFlag":1,"inceptionDate":"2015-04-07T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城环保主题混合","memoNum":2,"pinyin":"cchbztlhpzhhxzqtzjj","managers":[{"stockCode":"db20179696","stockType":"fund_manager","exchange":"fm","tickerId":120802189770,"name":"廖瀚博"}]},"announcement":{"linkText":"长城环保主题灵活配置混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1256902","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2c1d4369c9c836deb22","date":"2024-09-29T16:00:00.000Z","stockId":3000000000977,"sao":"回顾2024年3季度，A股市场走势先抑后扬，绝大部分时间是震荡下行，在最后5个交易日出现暴力上涨，核心原因在于9月26日政治局会议传递出明确的政策转向信号，强调货币政策和财政政策发力，促进地产止跌回稳，提振资本市场信心。本次会议核心在于扭转投资者对于中国面临通缩风险的担忧，由此推动A股市场出现了超跌反弹的估值快速修复行情。值得注意的是，政策具体落地和实施仍需要一定时间，中国经济当前依然承压，未来要观察政策实施的实际效果。A股市场暴力反弹如疾风骤雨，在快速上涨之后将进入新的震荡阶段，等待政策发力带来基本面的实质性改善。　　　　2024年3季度，本产品保持相对偏低的仓位运行，同时通过合理的结构配置，在绝大部分的时间中保持较好的相对表现。在政策转向信号出现后，本产品仓位提升偏慢，在系统性行情出现的时候错过部分收益，在相对比较中表现有所落后。展望未来，耐心和信心同等重要，在鸡犬升天的暴涨之后，A股将出现再次分化的震荡行情，我们将立足于基本面，积极布局受益于政策，基本面得到改善，且估值具备修复空间的个股。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:21.585Z","fund":{"_id":3000000000977,"stockCode":"000977","stockType":"fund","areaCode":"cn","followedNum":92,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-22T16:00:00.000Z","setUpScale":4771640000,"market":"a","tickerId":977,"custody":"中国银行股份有限公司","name":"长城环保主题灵活配置混合型证券投资基金","shortName":"长城环保主题混合(000977)","fundSecondLevel":"hybrid","__csrcFundId":3809,"fundStatus":"normal","lastUpdated":"2026-04-30T17:43:48.594Z","masterFundFlag":1,"inceptionDate":"2015-04-07T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城环保主题混合","memoNum":2,"pinyin":"cchbztlhpzhhxzqtzjj","managers":[{"stockCode":"db20179696","stockType":"fund_manager","exchange":"fm","tickerId":120802189770,"name":"廖瀚博"}]},"announcement":{"linkText":"长城环保主题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=1171261","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2c1d4369c9c836deb21","date":"2024-06-29T16:00:00.000Z","stockId":3000000000977,"sao":"2024年上半年国内宏观经济整体承压，各行各业缺乏明显亮点。在通缩预期强烈的背景下，企业支出和居民消费的意愿趋于保守，社会需求相对低迷，成长机遇较以往更加稀缺。与此对应的是，A股市场表现低迷，整体震荡下行，投资者风险偏好下降，投资机会不断收缩聚焦于细分领域，自由现金流稳定的高分红资产和业绩高增长的AI相关资产显著跑赢。　　在这个过程中，我们延续均衡成长的投资定位，但是投资业绩表现不佳。核心原因在于极致的市场风格下，均衡布局的组合结构只能降低波动，却无法取得较好的投资回报。结合宏观背景和产业数据，我们及时调整组合结构，增加了红利、有色、机械、新能源的布局，同时减少消费相关的布局。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:21.575Z","mo":"展望24年下半年，美国大选是最重要的宏观影响变量。新一任美国总统及其相关政策导向，将深刻影响全球政治格局和产业格局。目前看，共和党候选人特朗普胜选的概率偏高，其主张对大陆进口商品关税提升至60%，将深刻影响全球制造业格局，中国制造在出口受损的同时，也会加快出海布局。特朗普上台也将加速俄乌战争、巴以冲突的结束，对于全球政治格局，大宗商品走势将产生深远的影响。中美博弈是未来很长一段时间的国际主题，特朗普上台后，中国面临的外部压力可能会更大，预计内外部政策可能也会出现相应的变化。　　对于A股市场，当前已处于极其低迷的阶段，企业盈利和估值水平均处于周期底部，投资者信心缺失，对于风险极度厌恶。在内外部环境不出现明显变化的背景下，预计市场风格短期难有明显变化。我们将密切跟踪最新的国际形势和国内政策，以此进行相应的投资决策和组合调整，期望为投资者创造更好的回报。","fund":{"_id":3000000000977,"stockCode":"000977","stockType":"fund","areaCode":"cn","followedNum":92,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-22T16:00:00.000Z","setUpScale":4771640000,"market":"a","tickerId":977,"custody":"中国银行股份有限公司","name":"长城环保主题灵活配置混合型证券投资基金","shortName":"长城环保主题混合(000977)","fundSecondLevel":"hybrid","__csrcFundId":3809,"fundStatus":"normal","lastUpdated":"2026-04-30T17:43:48.594Z","masterFundFlag":1,"inceptionDate":"2015-04-07T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城环保主题混合","memoNum":2,"pinyin":"cchbztlhpzhhxzqtzjj","managers":[{"stockCode":"db20179696","stockType":"fund_manager","exchange":"fm","tickerId":120802189770,"name":"廖瀚博"}]},"announcement":{"linkText":"长城环保主题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=1154294","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2c1d4369c9c836deb20","date":"2024-03-30T16:00:00.000Z","stockId":3000000000977,"sao":"回顾2024年1季度，A股市场经历了一轮“过山车”行情，节前大幅下跌，节后超跌反弹，在季度末收回大部分跌幅。市场大幅波动，反映了投资者信心依然脆弱，一方面对企业盈利是否触底存在疑虑，另一方面是国内经济疲软和中美对抗频繁压制了风险偏好。面临更多的不确定性，是未来资本市场运行的常态，我们的投资策略相应进行调整，在均衡成长的基础上，增加高股息资产配置，以此更好地应对市场波动。　　展望2024年2季度，国内经济结构调整初见成效，房地产依然是下行态势，但对经济总量的负面拖累明显降低，叠加出口平稳增长，国内经济有望触底企稳，企业盈利大幅下行的风险解除。今年是美国大选年，预计两国摩擦将频繁发生，继续压制风险偏好，美国经济表现超预期，不断延后降息日期，对国内货币政策宽松构成制约。基于此，我们认为A股市场保持平稳，大幅暴涨和暴跌的概率偏低。目前没有看到非常清晰且持续的产业趋势，预计未来行情将以行业主题轮动和个股估值修复为主，我们在均衡布局的基础上，持续不断挖掘投资机会。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:21.568Z","fund":{"_id":3000000000977,"stockCode":"000977","stockType":"fund","areaCode":"cn","followedNum":92,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-22T16:00:00.000Z","setUpScale":4771640000,"market":"a","tickerId":977,"custody":"中国银行股份有限公司","name":"长城环保主题灵活配置混合型证券投资基金","shortName":"长城环保主题混合(000977)","fundSecondLevel":"hybrid","__csrcFundId":3809,"fundStatus":"normal","lastUpdated":"2026-04-30T17:43:48.594Z","masterFundFlag":1,"inceptionDate":"2015-04-07T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城环保主题混合","memoNum":2,"pinyin":"cchbztlhpzhhxzqtzjj","managers":[{"stockCode":"db20179696","stockType":"fund_manager","exchange":"fm","tickerId":120802189770,"name":"廖瀚博"}]},"announcement":{"linkText":"长城环保主题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=1074999","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2c1d4369c9c836deb1f","date":"2023-12-30T16:00:00.000Z","stockId":3000000000977,"sao":"2023年A股市场是震荡回落的一年。资本市场在春节前憧憬疫后经济复苏，春节后预期逐步修正，反应了国内经济发展阶段的变迁，由高速增长转向高质量发展。股价下跌反映了业绩增速下修以及相应的估值中枢下移，目前已处于业绩和预期双低的底部区域，但是尚未看到见底回升的明确拐点。　　投资是认知的变现，投资策略应顺应时代变迁而相应改变。2023年投资业绩不佳，原因在于宏观经济承压背景下，成长股业绩下修，股价遭遇双杀，我们比较擅长的经典成长投资策略失效。这是我们需要深刻反思和改变的地方。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:21.561Z","mo":"随着国内经济潜在增速下行，多数行业成长增速降低，甚至趋于平稳，与之对应的资本开支相关的投资需求减少，企业进入资本过剩阶段后分红和回购的比例也将提升。这将对主流的投资范式产生深刻影响，一方面是高景气成长赛道和公司越来越少，另一方面是提升分红比例的成熟期公司越来越多。　　考虑到利率下行是长期趋势，我们对投资收益率的预期也会降低。在利率下行过程中，高确定性的高股息资产会保持较好的投资吸引力。　　2024年是全球大选年，也是容易产生黑天鹅事件的年份。我们选择杠铃策略，一边是布局高确定性的高股息资产，另一边是布局高成长性的弹性资产，以此更好应对可能发生的潜在不确定性风险。","fund":{"_id":3000000000977,"stockCode":"000977","stockType":"fund","areaCode":"cn","followedNum":92,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-22T16:00:00.000Z","setUpScale":4771640000,"market":"a","tickerId":977,"custody":"中国银行股份有限公司","name":"长城环保主题灵活配置混合型证券投资基金","shortName":"长城环保主题混合(000977)","fundSecondLevel":"hybrid","__csrcFundId":3809,"fundStatus":"normal","lastUpdated":"2026-04-30T17:43:48.594Z","masterFundFlag":1,"inceptionDate":"2015-04-07T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城环保主题混合","memoNum":2,"pinyin":"cchbztlhpzhhxzqtzjj","managers":[{"stockCode":"db20179696","stockType":"fund_manager","exchange":"fm","tickerId":120802189770,"name":"廖瀚博"}]},"announcement":{"linkText":"长城环保主题灵活配置混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1056817","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2c1d4369c9c836deb1e","date":"2023-09-29T16:00:00.000Z","stockId":3000000000977,"sao":"回顾2023年3季度，A股市场震荡回落，投资机会相对稀缺。7月份中央政治局会议对于房地产和资本市场的表述明确转向，且会后配套政策迅速落地，但是实际效果低于预期。宏观经济表现低迷，与之相关的偏内需行业增长乏力，上市公司业绩承压。  展望2023年4季度，国内经济延续筑底。在人口老龄化的特定宏观背景下，产业转型升级是中国发展的唯一道路，这个过程中将伴随经济增速下行，同时也将面临以美国为代表的西方发达国家的挑战。可以预见在未来一段时间，成长机遇主要体现在两个层面：一是国产化率低，国产替代持续进行的行业，以半导体为代表；二是国产竞争优势明显，未来有望走向海外的行业，以汽车为代表。我们看好这两个行业的长期投资机遇。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:21.551Z","fund":{"_id":3000000000977,"stockCode":"000977","stockType":"fund","areaCode":"cn","followedNum":92,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-22T16:00:00.000Z","setUpScale":4771640000,"market":"a","tickerId":977,"custody":"中国银行股份有限公司","name":"长城环保主题灵活配置混合型证券投资基金","shortName":"长城环保主题混合(000977)","fundSecondLevel":"hybrid","__csrcFundId":3809,"fundStatus":"normal","lastUpdated":"2026-04-30T17:43:48.594Z","masterFundFlag":1,"inceptionDate":"2015-04-07T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城环保主题混合","memoNum":2,"pinyin":"cchbztlhpzhhxzqtzjj","managers":[{"stockCode":"db20179696","stockType":"fund_manager","exchange":"fm","tickerId":120802189770,"name":"廖瀚博"}]},"announcement":{"linkText":"长城环保主题灵活配置混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=992440","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2c1d4369c9c836deb1d","date":"2023-06-29T16:00:00.000Z","stockId":3000000000977,"sao":"国内宏观经济预期是2023年上半年资本市场运行最大的影响变量，其中春节是一个明显分水岭。节前市场对于疫后经济复苏抱有非常乐观的期待，带动了A股市场全面上涨。节后随着经济数据落地，市场对于经济复苏预期逐步下调，A股市场由普涨转为结构性上涨，同期海外AI产业蓬勃发展，带动了国内通信、传媒、计算机等TMT行业的估值修复机会。  在这个过程中，我们延续均衡成长的投资定位，但是在细分结构有所调整，整体与市场风格保持匹配。考虑到宏观经济运行压力，我们减少总量经济相关行业的持仓，与此同时，我们看好海外AI产业发展的需求增长，增配国内相关配套产业的优质公司。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:21.544Z","mo":"最新的中央政治局会议，提出与过往有所差异的观点，主要体现在两个方面。一是对于地产行业的表述，不再提房住不炒，改为市场供求关系发生重大变化，这是对于当前行业低迷的真实表述，意味着未来地产政策有望转暖。二是对于资本市场的描述，提出活跃资本市场，提升投资者信心，表明资本市场不仅仅是融资场所，提升投资回报也很重要。  目前国内宏观经济仍面临一定的下行压力，尽管国家政策已经明显转向，但是市场参与主体的信心重建仍需要一定时间，经济触底回升可能是一个长期而曲折的过程。  信心比黄金更重要。最新的中央政治局会议，可能是市场牛熊的分水岭，也会带来投资风格的巨大变化。当前市场对经济悲观预期比较充分，未来进一步低预期的空间相对有限，顺周期相关的板块和个股处于一个赔率和胜率都比较好的阶段，对此我们充满信心。","fund":{"_id":3000000000977,"stockCode":"000977","stockType":"fund","areaCode":"cn","followedNum":92,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-22T16:00:00.000Z","setUpScale":4771640000,"market":"a","tickerId":977,"custody":"中国银行股份有限公司","name":"长城环保主题灵活配置混合型证券投资基金","shortName":"长城环保主题混合(000977)","fundSecondLevel":"hybrid","__csrcFundId":3809,"fundStatus":"normal","lastUpdated":"2026-04-30T17:43:48.594Z","masterFundFlag":1,"inceptionDate":"2015-04-07T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城环保主题混合","memoNum":2,"pinyin":"cchbztlhpzhhxzqtzjj","managers":[{"stockCode":"db20179696","stockType":"fund_manager","exchange":"fm","tickerId":120802189770,"name":"廖瀚博"}]},"announcement":{"linkText":"长城环保主题灵活配置混合型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=966543","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2c1d4369c9c836deb1c","date":"2023-03-30T16:00:00.000Z","stockId":3000000000977,"sao":"回顾2023年1季度，A股市场稳步上行，投资机会分化明显，春节是明显的分水岭。春节前，疫后复苏和经济上行的乐观预期推动市场普涨。春节后，预期由强劲复苏修正为温和复苏，市场由普涨转向结构分化。ChatGPT出现引爆了通用人工智能应用的热潮，驱动泛科技板块快速上涨，完成估值修复。  展望2023年2季度，宏观经济温和复苏。地产数据已开始回暖，成为支撑经济的重要因素。出口数据表现疲软，预计难以明显起色。A股市场的投资机会将更加多元，一是海外人工智能的信息催化持续，泛科技板块的投资会进一步扩散；二是预期偏低，基本面见底回升的板块也会有投资机会，具体包括地产、手机、军工等。  未来我们会延续均衡成长的投资布局，根据宏观背景去判断市场风格，结合中观比较去判断行业强弱，在此基础上精选细分领域优质公司。对于人工智能，我们持开放态度，积极跟踪产业变化，寻找新的投资机会。对于底部板块，我们主动左侧进行布局，把握超跌的价值机会。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:21.537Z","fund":{"_id":3000000000977,"stockCode":"000977","stockType":"fund","areaCode":"cn","followedNum":92,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-22T16:00:00.000Z","setUpScale":4771640000,"market":"a","tickerId":977,"custody":"中国银行股份有限公司","name":"长城环保主题灵活配置混合型证券投资基金","shortName":"长城环保主题混合(000977)","fundSecondLevel":"hybrid","__csrcFundId":3809,"fundStatus":"normal","lastUpdated":"2026-04-30T17:43:48.594Z","masterFundFlag":1,"inceptionDate":"2015-04-07T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城环保主题混合","memoNum":2,"pinyin":"cchbztlhpzhhxzqtzjj","managers":[{"stockCode":"db20179696","stockType":"fund_manager","exchange":"fm","tickerId":120802189770,"name":"廖瀚博"}]},"announcement":{"linkText":"长城环保主题灵活配置混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=885402","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2c1d4369c9c836deb1b","date":"2022-12-30T16:00:00.000Z","stockId":3000000000977,"sao":"2022年A股市场是跌宕起伏的一年。疫情是影响市场最重要的变量，2季度上海疫情爆发，4季度防疫政策转向，每一次重要事件均是市场牛熊和风格切换的重要拐点。受到俄乌战争影响，国际能源价格高企，煤炭行业大幅跑赢，其他行业以轮动为主。  2022年是投资框架进化和提升的一年。过去我们坚持自下而上、精选个股的投资策略，重视上市公司质地，坚信优秀管理层将带领公司穿越行业周期波动，实现长期成长。但是公司的实际运营远比预期复杂多变，特别是在宏观预期大幅波动的背景下，股价波动可能更为剧烈。在这样的背景下，我们初步了建立宏观和中观的研究体系，力求把握关键变量，以简单框架为投资决策提供高效支撑，一方面提升投资效率，另一方面回避潜在风险。过去我们聚焦制造业投资，随着能力圈扩大，初步覆盖消费和科技领域的关键行业（食品饮料、电子、医药），使得行业轮动具备一定的基础，未来自身定位将向均衡成长转型。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:21.528Z","mo":"展望2023年，持续3年的疫情已经基本走向尾声，国内经济有望迎来明确复苏，但是复苏的速度和强度仍需持续跟踪，其中出口和地产是未来关键的宏观变量。考虑到高质量发展已经成为未来中国经济最重要的特征，预计2023年国内宏观经济温和复苏。  A股市场有望震荡向上。短期看，市场对经济复苏抱有较强期待，顺周期相关的消费板块和周期板块更为受益，若经济复苏进程顺利且回到良好运行区间，以新半军为代表的的科技板块将更为受益。整体看，A股市场仍将保持轮动格局，板块切换是今年投资成败的关键。","fund":{"_id":3000000000977,"stockCode":"000977","stockType":"fund","areaCode":"cn","followedNum":92,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-22T16:00:00.000Z","setUpScale":4771640000,"market":"a","tickerId":977,"custody":"中国银行股份有限公司","name":"长城环保主题灵活配置混合型证券投资基金","shortName":"长城环保主题混合(000977)","fundSecondLevel":"hybrid","__csrcFundId":3809,"fundStatus":"normal","lastUpdated":"2026-04-30T17:43:48.594Z","masterFundFlag":1,"inceptionDate":"2015-04-07T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城环保主题混合","memoNum":2,"pinyin":"cchbztlhpzhhxzqtzjj","managers":[{"stockCode":"db20179696","stockType":"fund_manager","exchange":"fm","tickerId":120802189770,"name":"廖瀚博"}]},"announcement":{"linkText":"长城环保主题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=872742","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2c1d4369c9c836deb1a","date":"2022-09-29T16:00:00.000Z","stockId":3000000000977,"sao":"回顾2022年3季度，A股整体震荡回落。在经历2季度大幅反弹之后，3季度主流板块估值趋于合理，投资机会进一步扩散和下沉，小市值个股演绎补涨行情。随着经济企稳见底，流动性不再边际宽松，A股市场整体有所回落，并呈现出高低切换、快速轮动的特征。在这个过程中，市场不存在明确且持续的投资主线，我们以边际改善作为选股切入点，保持投资结构均衡，维持攻守兼备的状态。  展望2022年4季度，尽管疫情有所反复，对经济带来扰动，但是重症率和死亡率下降至较低水平，防疫措施有望逐步放松，经济复苏的大方向长期确定。随着限购限贷政策逐步放宽，地产销售有望逐步企稳回升，减少对宏观经济的负面拖累。  基于以上分析，我们看好两个方向的投资机会。一是复苏方向，主要包括白酒和建材。二是自主可控方向，包括军工和半导体。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:21.519Z","fund":{"_id":3000000000977,"stockCode":"000977","stockType":"fund","ar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，且竞争力突出，市占率具备提升空间的优秀公司，在收入保持稳定增长的同时，叠加盈利能力回升。","fund":{"_id":3000000000977,"stockCode":"000977","stockType":"fund","areaCode":"cn","followedNum":92,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-22T16:00:00.000Z","setUpScale":4771640000,"market":"a","tickerId":977,"custody":"中国银行股份有限公司","name":"长城环保主题灵活配置混合型证券投资基金","shortName":"长城环保主题混合(000977)","fundSecondLevel":"hybrid","__csrcFundId":3809,"fundStatus":"normal","lastUpdated":"2026-04-30T17:43:48.594Z","masterFundFlag":1,"inceptionDate":"2015-04-07T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城环保主题混合","memoNum":2,"pinyin":"cchbztlhpzhhxzqtzjj","managers":[{"stockCode":"db20179696","stockType":"fund_manager","exchange":"fm","tickerId":120802189770,"name":"廖瀚博"}]},"announcement":{"linkText":"长城环保主题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=716238","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2c1d4369c9c836deb16","date":"2021-09-29T16:00:00.000Z","stockId":3000000000977,"sao":"2021年3季度，A股市场延续震荡，以煤炭、钢铁、有色、化工等上游资源为代表的周期股表现较好，以此同时，中游制造和下游消费表现承压，直观反映了不同板块之间的景气度差异。展望4季度，中国经济面临一定的下行压力。核心原因在于煤炭短缺导致电力供应出现了硬缺口，短期难以通过市场手段解决问题，只能以限电形式，牺牲经济增长来缓和矛盾。未来一个季度，我们预计能源价格将维持高位，实体经济的经营压力较大。受原材料涨价、能源涨价、运费涨价，目前国内制造业经营处于最艰难的阶段。展望未来，各种压力因素有望逐步缓解，带动企业盈利能力回升。从绝对收益和逆向投资的角度出发，企业盈利最差且预期偏低的阶段是较好的买点。虽然公司的基本面处于偏左侧或底部，随着时间推移，有望逐步筑底进入右侧，带动股价回升，贡献较好的绝对收益。我们以绝对收益为核心目标，精选个股，逆向投资，保持投资风格的稳定性。我们将以商业模式研究为切入点，优选成长空间大、竞争优势强、业绩持续兑现的成长股。考虑到多数优质的成长板块预期和估值偏高，我们会更加耐心等待合适的机会，同时主动挖掘新股和次新股的投资机遇，力求在预期回报率合适的基础上，回避风险，提升胜率，为持有人创造更好的回报。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:21.491Z","fund":{"_id":3000000000977,"stockCode":"000977","stockType":"fund","areaCode":"cn","followedNum":92,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-22T16:00:00.000Z","setUpScale":4771640000,"market":"a","tickerId":977,"custody":"中国银行股份有限公司","name":"长城环保主题灵活配置混合型证券投资基金","shortName":"长城环保主题混合(000977)","fundSecondLevel":"hybrid","__csrcFundId":3809,"fundStatus":"normal","lastUpdated":"2026-04-30T17:43:48.594Z","masterFundFlag":1,"inceptionDate":"2015-04-07T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城环保主题混合","memoNum":2,"pinyin":"cchbztlhpzhhxzqtzjj","managers":[{"stockCode":"db20179696","stockType":"fund_manager","exchange":"fm","tickerId":120802189770,"name":"廖瀚博"}]},"announcement":{"linkText":"长城环保主题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=658190","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2c1d4369c9c836deb15","date":"2021-06-29T16:00:00.000Z","stockId":3000000000977,"sao":"新冠疫情有所反复，在全球多地出现新一轮爆发。受此影响，经济复苏进程有所放缓。在流动性相对宽松的环境中，2021年上半年A股市场延续震荡，投资机会分化明显。在碳中和的时代背景下，新能源汽车/光伏、半导体受益于终端需求驱动，煤炭、钢铁受益于供给收缩带来的涨价弹性，业绩表现亮眼。而消费复苏进程缓慢，金融地产表现低迷。2021年上半年，A股市场投资风格出现明显转变。春节前，以食品饮料、医药以及各行各业龙头为代表的核心资产受到极度追捧，估值出现明显泡沫化，与长期成长性难以匹配。春节后，市场风格逆转，核心资产见顶回落，前期超跌的优质中小市值公司重新受到关注，估值持续修复并成为春节后的主流风格。作为一名选股型选手，我们保持投资策略稳定，坚持自下而上、精选个股、逆向投资，积极布局各行各业的优质企业，陪伴其从小到大的成长历程。在市场风格趋于均衡的过程，我们可以更好的发挥选股优势，挖掘中小成长股的成长红利。同时，我们融合中观维度的行业考量，主动布局新能源汽车/光伏、军工行业的优质个股。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:21.484Z","mo":"三季度A股市场重新进入极端行情的状态。在多数行业景气度承压的背景下，资金涌入少数的高景气行业，如半导体、新能源汽车等，继续推高相关个股的估值，长期投资回报率有所下降。在出现一定边际变化之前，这个趋势仍将延续，并有可能贯穿于整个三季度。在这个过程中，偏均衡型的选股策略面临一定的挑战，组合中个股的上涨与下跌相互对冲，净值上涨相对平稳，排名并不突出。与赛道型产品相比，我们希望能够为投资者创造相对稳定，且波动较小的投资回报。在能够把握投资节奏的基础上，我们努力优选各行各业中成长性更好的优质公司，同时通过行业之间的比较和优化，使投资组合保持较强的进攻性和竞争力。展望下半年，A股市场依然存在一定不确定性。从外部环境看，竞争是中美关系的长期基调，其对抗程度存在阶段性的起伏。从内部环境看，产业政策不确定性是较大的潜在风险，面向教育、互联网、地产、医疗等行业的政策对行业长期发展产生了巨大的影响。基于此，我们认为，A股市场整体将延续震荡，投资机会在三四季度可能出现明显差异。","fund":{"_id":3000000000977,"stockCode":"000977","stockType":"fund","areaCode":"cn","followedNum":92,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-22T16:00:00.000Z","setUpScale":4771640000,"market":"a","tickerId":977,"custody":"中国银行股份有限公司","name":"长城环保主题灵活配置混合型证券投资基金","shortName":"长城环保主题混合(000977)","fundSecondLevel":"hybrid","__csrcFundId":3809,"fundStatus":"normal","lastUpdated":"2026-04-30T17:43:48.594Z","masterFundFlag":1,"inceptionDate":"2015-04-07T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城环保主题混合","memoNum":2,"pinyin":"cchbztlhpzhhxzqtzjj","managers":[{"stockCode":"db20179696","stockType":"fund_manager","exchange":"fm","tickerId":120802189770,"name":"廖瀚博"}]},"announcement":{"linkText":"长城环保主题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=636723","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2c1d4369c9c836deb14","stockId":3000000000977,"sao":"2021年1季度，A股市场经历了较大的波动，本质上是不同资产之间的估值再平衡的过程。背后原因在于，随着疫苗注射，经济复苏，长端利率回升，过去以低折现率（DCF估值体系）所驱动的核心资产泡沫受到挤压，而非核心资产迎来估值修复。目前估值再平衡的过程已告一段落，各类资产的定价相对合理，在估值扩张受限的背景下，未来股价涨跌取决于公司基本面。在后疫情时代，中国经济逐步回归到正常轨道，由过去的高速增长，转向未来的高质增长。在这个过程中，我们的投资应立足于不变的趋势，在变化中去寻找机会。我们认为，未来三年最重要的趋势包括两个方面。一是龙头公司增长快于行业，优秀公司市场份额持续提升，竞争优势不断强化。二是A股港股化，机构投资者市场占比提升，机构投资者内部头部化加速。基于以上判断，我们持续看好优质公司业绩增长所带来的长期超额回报。我们一直坚持自下而上、精选个股、长期投资的策略，优选成长空间大、竞争优势强、业绩持续兑现的成长股。在此基础上，我们进一步深入思考，重点研究商业模式、公司战略、管理层理念等更长期的问题，力求在预期回报率合适的基础上，进一步提升胜率，为持有人创造更好的回报。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:21.477Z","fund":{"_id":3000000000977,"stockCode":"000977","stockType":"fund","areaCode":"cn","followedNum":92,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-22T16:00:00.000Z","setUpScale":4771640000,"market":"a","tickerId":977,"custody":"中国银行股份有限公司","name":"长城环保主题灵活配置混合型证券投资基金","shortName":"长城环保主题混合(000977)","fundSecondLevel":"hybrid","__csrcFundId":3809,"fundStatus":"normal","lastUpdated":"2026-04-30T17:43:48.594Z","masterFundFlag":1,"inceptionDate":"2015-04-07T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城环保主题混合","memoNum":2,"pinyin":"cchbztlhpzhhxzqtzjj","managers":[{"stockCode":"db20179696","stockType":"fund_manager","exchange":"fm","tickerId":120802189770,"name":"廖瀚博"}]},"announcement":{"linkText":"长城环保主题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=575184","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2c1d4369c9c836deb13","stockId":3000000000977,"sao":"2020年A股是跌宕起伏的一年，年初受疫情影响，市场急速下跌，随后迎来了一轮波澜壮阔的结构性牛市。在疫情的极端考验下，各行各业的龙头公司展现出更强的抗风险能力，表现显著优于行业。与之相应的是，各行各业的优质核心资产，股价表现突出，估值逐渐由折价走向平价，局部出现溢价。2020年是值得总结的一年，产品表现和排名经历了闪光的阶段和黯淡的阶段。3季度产品的表现和排名居前，主要得益于建材、机械、轻工等行业优质个股的强劲表现。4季度产品的表现不佳，一方面是部分个股经营表现低于预期，没有及时卖出，导致净值出现回撤，另一方面是对估值的容忍度偏低，导致错过新能源汽车板块的投资机会。我们坚持自下而上，精选个股的投资策略，通过紧密跟踪，收获企业成长的果实，赚到业绩增长的钱。与此同时，优秀公司从黑马变成白马，在被市场认识过程中，估值中枢逐步上移，也增厚了我们的收益。另外，基本面低预期是一个值得警惕的信号，我们需要深刻反思，判断产生问题的原因，并做出相应的决策。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:21.470Z","mo":"展望2021年，A股市场面临一定的不确定因素，一方面是宏观经济复苏，带动企业盈利显著改善，另一方面是宏观流动性边际收紧，对公司估值带来挤压。由于流动性宽松，公司估值扩张是2020年股价上涨的核心驱动因素，在流动性趋紧的背景下，公司盈利增长将是未来考验股价最关键的试金石。我们力求在不确定的环境中，寻找最确定线索，为投资人创造优于市场的回报。从长周期的维度看，盈利增长是公司市值增长、穿越周期的核心。我们希望寻找伟大的公司，买入并持有，分享长周期的企业盈利增长，主要包括了两类公司，一是目前已经伟大的公司，行业地位稳固，盈利增长的持续性和确定性强；二是目前优秀，未来有希望变得伟大的公司，在某一个细分领域竞争优势明显，盈利增长的爆发力强，但持续性仍需要时间不断验证。经历了两年的结构式慢牛，A股市场存在较大的估值落差，一方面体现在不同行业之间，另一方面体现在行业内部地位不同的公司。未来我们倾向于均衡化配置，优选各个细分领域的优质龙头。目前通信、建材、建筑等行业关注度较低，看好细分领域优质公司的投资价值。","fund":{"_id":3000000000977,"stockCode":"000977","stockType":"fund","areaCode":"cn","followedNum":92,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-22T16:00:00.000Z","setUpScale":4771640000,"market":"a","tickerId":977,"custody":"中国银行股份有限公司","name":"长城环保主题灵活配置混合型证券投资基金","shortName":"长城环保主题混合(000977)","fundSecondLevel":"hybrid","__csrcFundId":3809,"fundStatus":"normal","lastUpdated":"2026-04-30T17:43:48.594Z","masterFundFlag":1,"inceptionDate":"2015-04-07T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城环保主题混合","memoNum":2,"pinyin":"cchbztlhpzhhxzqtzjj","managers":[{"stockCode":"db20179696","stockType":"fund_manager","exchange":"fm","tickerId":120802189770,"name":"廖瀚博"}]},"announcement":{"linkText":"长城环保主题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=559696","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2c1d4369c9c836deb12","stockId":3000000000977,"sao":"随着新冠疫情常态化，全球经济由低迷逐步走向复苏。尽管疫情在局部区域仍存在二次爆发的可能性，但是科学防控以及后续疫苗推出，为经济复苏创造有利的条件。与此同时，全球极度宽松的流动性，催生了各国权益市场的牛市，并体现出明显的结构性特征。回顾3季度，初期市场的投资风格出现短暂而剧烈的变化，强势成长股出现回调，低位周期股出现大涨。在这个过程中，我们保持投资风格稳定，不为市场影响，坚持自下而上，精选个股，逆向投资的策略，在优质成长股调整的过程中逆势加仓，取得较好的回报。我们坚信，成长创造价值，优质公司的成长是我们投资收益的核心来源。在疫情期间，优质公司展现出强大的抗风险能力，不仅快于行业和对手实现复苏，而且把握住机会逆势扩张。这是我们坚守优质公司，获得良好回报的核心原因。展望4季度，美国大选是最大的不确定因素。尽管中美对抗是长期趋势，但大选前后，大选结果依然会对资本市场带来较大的影响，不仅是整体涨跌，还有板块偏好，而这些因素已经超出我们能力的预判范围。在这个过程中，我们倾向于保持合理仓位，密切跟踪，及时应对，更好的把握投资机会。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:21.461Z","fund":{"_id":3000000000977,"stockCode":"000977","stockType":"fund","areaCode":"cn","followedNum":92,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-22T16:00:00.000Z","setUpScale":4771640000,"market":"a","tickerId":977,"custody":"中国银行股份有限公司","name":"长城环保主题灵活配置混合型证券投资基金","shortName":"长城环保主题混合(000977)","fundSecondLevel":"hybrid","__csrcFundId":3809,"fundStatus":"normal","lastUpdated":"2026-04-30T17:43:48.594Z","masterFundFlag":1,"inceptionDate":"2015-04-07T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城环保主题混合","memoNum":2,"pinyin":"cchbztlhpzhhxzqtzjj","managers":[{"stockCode":"db20179696","stockType":"fund_manager","exchange":"fm","tickerId":120802189770,"name":"廖瀚博"}]},"announcement":{"linkText":"长城环保主题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=492457","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2c1d4369c9c836deb11","stockId":3000000000977,"sao":"受新冠疫情影响，2020年上半年A股市场先抑后扬，内部结构呈现出巨大分化，投资机会在不同板块之间的快速切换，反映了宽松的流动性进入股票市场后的分配和轮动，且这种趋势目前尚未改变。2020年注定是不平静的一年，新冠疫情、中美对抗等宏观事件相互交织，对于A股市场产生的全局性影响，已经超出我们预判能力的范围。面对市场整体性的β，我们保持投资策略的稳定，不做主动的仓位和结构调整，更多是自下而上，根据个股自身的基本面进行自动调整。我们追求的是个股的α，反映的是公司的竞争优势，也是我们选股的首要标准。从长周期的维度看，如果过滤掉市场的波动和行业的波动，留下来的就是公司的α，是公司盈利持续增长，这是我们追求的核心目标。2020年上半年，我们延续过往的投资策略，坚持自下而上、精选个股，逆向投资。在光伏、白酒、军工、建材、建筑、机械等细分领域，我们布局了诸多优质成长股，在疫情阶段展现出了很强的抗风险能力，在疫情过后展现出了很好的成长性。我们立足于长期持股，在今年上半年也取得了较好的回报。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:21.452Z","mo":"展望下半年，宏观环境依然面临较大的不确定性。从内部看，输入性和复发性病例时有出现，秋季或冬季有可能发生新一轮爆发，新冠疫情防治时刻不能放松。从外部看，中美对抗持续升级，特别是美国总统大选即将到来，施压中国是有效的拉票策略，外部压力将持续存在。在全球流动性宽松的大背景下，海外资金和国内银行理财资金持续流入A股，推动市场上涨，同时加大不同板块之间的估值落差，部分行业可能存在较大的泡沫，甚至透支未来数年的成长。目前舞曲没有停止，趋势没有结束，我们对A股市场保持谨慎乐观，密切关注经济复苏进程以及宏观流动性的边际变化。我们将延续现有的精选个股策略，保持风格稳定，深入研究个股基本面，着眼于长期，继续布局优质成长股。","fund":{"_id":3000000000977,"stockCode":"000977","stockType":"fund","areaCode":"cn","followedNum":92,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-22T16:00:00.000Z","setUpScale":4771640000,"market":"a","tickerId":977,"custody":"中国银行股份有限公司","name":"长城环保主题灵活配置混合型证券投资基金","shortName":"长城环保主题混合(000977)","fundSecondLevel":"hybrid","__csrcFundId":3809,"fundStatus":"normal","lastUpdated":"2026-04-30T17:43:48.594Z","masterFundFlag":1,"inceptionDate":"2015-04-07T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城环保主题混合","memoNum":2,"pinyin":"cchbztlhpzhhxzqtzjj","managers":[{"stockCode":"db20179696","stockType":"fund_manager","exchange":"fm","tickerId":120802189770,"name":"廖瀚博"}]},"announcement":{"linkText":"长城环保主题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=463276","linkType":"PDF","source":"csrc_pdf"}}]}