window.pageData = {"stock":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合A","fundSecondLevel":"hybrid","fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50090000","tickerId":50090000,"name":"大成基金管理有限公司"},"managers":[{"name":"郭玮羚","stockType":"fund_manager","stockCode":"db20786569","exchange":"fm","tickerId":72312219880}],"hotMetrics":{"fss":{"stockId":3000000001144,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.7170000000000001,"f_ins_h_s_r_c_hy":-0.15239999999999987,"f_ins_h_s_r_c_1y":-0.07869999999999988,"f_ind_h_s_r":0.28300000000000003,"f_ind_h_s_r_c_hy":0.15240000000000004,"f_ind_h_s_r_c_1y":0.07870000000000002,"f_h_a":15447,"f_h_s_a":51725,"last_data_date":"2025-06-29T16:00:00.000Z"},"fpr":{"stockId":3000000001144,"type":"fpr","f_p_r_fys_ssc":8989,"f_p_r_fys_ssrp":0.014018691588785047,"f_p_r_m1_ssc":9248,"f_p_r_m1_ssrp":0.011787606791391804,"f_p_r_m3_ssc":9134,"f_p_r_m3_ssrp":0.0060221175955326835,"f_p_r_m6_ssc":8837,"f_p_r_m6_ssrp":0.02931190583974649,"f_p_r_y1_ssc":8356,"f_p_r_y1_ssrp":0.06594853381208857,"f_p_r_y2_ssc":7748,"f_p_r_y2_ssrp":0.08816315993287724,"f_p_r_y3_ssc":6959,"f_p_r_y3_ssrp":0.05288876113825812,"f_p_r_y5_ssc":4388,"f_p_r_y5_ssrp":0.05060405744244358,"f_cagr_p_r_fs_ssc":9187,"f_cagr_p_r_fs_ssrp":0.2465708687132593,"f_p_r_y10_ssc":1397,"f_p_r_y10_ssrp":0.044412607449856735},"fp":{"stockId":3000000001144,"type":"fp","f_p_r_fys":0.6765198258956333,"f_p_r_m1":0.25338816377614837,"f_p_r_m3":0.5400263620386638,"f_p_r_m6":0.7429636996519138,"f_p_r_y1":1.2758911758976654,"f_p_r_y3":1.2156131479140302,"f_p_r_y5":1.0545720984759623,"f_cagr_p_r_fs":0.11962989567018334,"f_p_r_d1":-0.012430297397769685,"f_p_r_y2":1.3180345215263478,"last_data_date":"2026-05-26T16:00:00.000Z","f_p_r_y10":4.169764011799362},"ff":{"stockId":3000000001144,"type":"ff","f_m_f":14708372,"f_m_f_r":0.012,"f_c_f":2451395,"f_c_f_r":0.002,"f_m_a_c_f":17159767,"f_m_a_c_f_r":0.014,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2026-01-20T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000001144,"type":"f_nlacan","f_nv_d":"2026-05-26T16:00:00.000Z","f_nv":3.5051,"f_nv_cr":-0.009718886848424924},"f_as":{"stockId":3000000001144,"type":"f_as","f_tas":376455310.78090006,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000018454,"name":"大成互联网思维混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"018454","tickerId":18454,"shortName":"大成互联网思维混合C","currency":"CNY","__csrcFundId":3853,"exchange":"jj","lastUpdated":"2025-01-04T00:32:24.484Z","fundCollectionId":4000050090000,"inceptionDate":"2023-05-17T16:00:00.000Z","followedNum":5,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"dchlwswhhxzqtzjj"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001144,"stockId":300502,"holdings":86500,"marketCap":38305660,"netValueRatio":0.0964,"quarterlyChange":0.027757148161901002,"stock":{"stockCode":"300502","exchange":"sz","stockType":"company","tickerId":300502,"name":"新易盛"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001144,"stockId":300308,"holdings":66800,"marketCap":38036588,"netValueRatio":0.0957,"quarterlyChange":-0.06654098360655702,"stock":{"stockCode":"300308","exchange":"sz","stockType":"company","tickerId":300308,"name":"中际旭创"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001144,"stockId":2463,"holdings":467500,"marketCap":35515975,"netValueRatio":0.0894,"quarterlyChange":0.03968797043930472,"stock":{"stockCode":"002463","exchange":"sz","stockType":"company","tickerId":2463,"name":"沪电股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001144,"stockId":601869,"holdings":104900,"marketCap":32465501,"netValueRatio":0.0817,"quarterlyChange":1.6597628050876572,"stock":{"stockCode":"601869","exchange":"sh","stockType":"company","tickerId":601869,"name":"长飞光纤"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001144,"stockId":2028,"holdings":137200,"marketCap":27714400,"netValueRatio":0.0698,"quarterlyChange":0.30668219160359755,"stock":{"stockCode":"002028","exchange":"sz","stockType":"company","tickerId":2028,"name":"思源电气"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001144,"stockId":300394,"holdings":82700,"marketCap":24942320,"netValueRatio":0.0628,"quarterlyChange":0.4854947544697832,"stock":{"stockCode":"300394","exchange":"sz","stockType":"company","tickerId":300394,"name":"天孚通信"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001144,"stockId":600176,"holdings":876500,"marketCap":21307715,"netValueRatio":0.0536,"quarterlyChange":0.4216374269005847,"stock":{"stockCode":"600176","exchange":"sh","stockType":"company","tickerId":600176,"name":"中国巨石"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001144,"stockId":2916,"holdings":74738,"marketCap":16405738,"netValueRatio":0.0413,"quarterlyChange":-0.05501743510267354,"stock":{"stockCode":"002916","exchange":"sz","stockType":"company","tickerId":2916,"name":"深南电路"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001144,"stockId":600522,"holdings":479800,"marketCap":14437182,"netValueRatio":0.0363,"quarterlyChange":0.660596026490065,"stock":{"stockCode":"600522","exchange":"sh","stockType":"company","tickerId":600522,"name":"中天科技"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001144,"stockId":300757,"holdings":37400,"marketCap":14234814,"netValueRatio":0.0358,"quarterlyChange":0.6314187741105886,"stock":{"stockCode":"300757","exchange":"sz","stockType":"company","tickerId":300757,"name":"罗博特科"}}],"lastFsMetrics":{"latestTurnoverRate":6.86351991271735,"latestTurnoverRateDate":"2025-06-29T16:00:00.000Z"}},"list":[{"_id":"69e8ea311398d79843fe8493","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000001144,"sao":"26年1季度组合主要持有AI算力建设相关的公司，聚焦“紧缺环节”与“技术变革”，重点持有以下方向： 　　1.通胀涨价产业链：重存储产业链（HBM及其关键材料）、特种光纤以及供应紧张的PCB上游，缺电环节； 　　2.前沿技术迭代：光模块向CPO（共封装光学）与NPO（近封装光学）演进；新的PCB架构；以及支撑芯片性能突破的先进封装链条； 　　3.国产算力方向：本土算力芯片及配套企业，算力租赁方向。 　　26年1季度，AI发展持续超预期，但需要重点关注市场预期过高和供应链交付压力带来的业绩下修风险，另外随着科技巨头维持极高的资本开支（CAPEX）并普遍开始通过加杠杆来维持投入，整体产业链的财务韧性有所下降。一旦宏观经济波动或需求出现阶段性真空期，高杠杆叠加高投入将显著放大系统性的波动风险，增加市场的脆弱性。","lastUpdated":"2026-04-22T15:33:05.739Z","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维混合型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1478037","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb04404ae","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000001144,"sao":"2025年四季度的市场经历了震荡行情。2025年四季度，基金经理维持了对先进制程FAB厂和国产算力的高仓位，基金经理认为市场牛市方向不改，看好高成交量市场下方向性资产的定价扩张。","lastUpdated":"2026-03-09T13:03:21.761Z","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1458059","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb04404ad","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000001144,"sao":"2025年三季度的市场继续延续着趋势性上涨行情。2025年三季度，基金经理维持了对先进制程FAB厂等的高仓位，主要增加配置的方向是国产算力方向，看好高成交量市场下方向性资产的定价扩张。","lastUpdated":"2026-03-09T13:03:21.758Z","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1376132","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb04404ac","date":"2025-06-29T16:00:00.000Z","stockId":3000000001144,"sao":"2025上半年的市场经历了大幅波动，一方面，中国科技随着Deepseek的成功为中国资产的定价重估提供了动力，春节前后我们见证了市场信心的回升，另一方面，随着特朗普的上任世界秩序的不确定性也在增加，4月初由于特朗普团队加关税等动作引发了全球资本市场的连锁反应，但市场触底后又逐步走出了趋势性上涨行情。　　基金经理认为，我们正在经历一个“低机会成本”的时代。举个例子，过去我们对于上市公司某新业务兑现度的判断，不但要考虑其兑现的确定性，还要预测兑现的节奏，因为5年兑现还是10年兑现，投资者面对的机会成本是有巨大差异的。如今，投资权益市场的机会成本在快速下行，这也使得股票价格的演绎特征倾向于向更远期的自由现金流去定价，这种定价特征叠加放量不充分的2025年上半年市场，转化为”“脉冲+轮动”的双重特点。　　基金经理认为符合时代特征的细分行业和个股都会在不同时间段实现符合当前时代特征的定价，在这其中基金经理选择的方向是以先进制程FAB厂为代表的自主可控、国防军工板块和智能汽车等。同时，基金经理也看好AI产业的长期发展空间，看好海内外模型能力的提高，进而推动应用的爆发，随着AI逐步进入到推理时代，相信投资机会也会逐步显现和丰富。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.756Z","mo":"展望未来，基金经理乐观看待A股和港股的后市。一方面，投资股票市场的低机会成本使得股票市场的增量资金正在有序进入，另一方面，包括AI、创新药、自主可控等在内的成长型、符合时代发展需求的产业也在经历实质的快速成长。基金经理认为，在目前市场环境下，很多细分产业的对应股票在定价上仍有空间，伴随成交量的逐步成长和维持，此类资产有望得到更有效的定价。","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维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=1345985","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb04404ab","date":"2025-03-30T16:00:00.000Z","stockId":3000000001144,"sao":"2025年1季度的市场呈现出震荡特征，一方面，中国科技随着Deepseek的成功为中国资产的定价重估提供了动力；另一方面，随着特朗普的上任世界秩序的不确定性也在增加。 　　　　Deepseek一石激起千层浪，其对中国科技资产定价的影响不仅仅是一次全球资金的配置修正，也将推动AI步入推理时代，2025年1季度市场围绕着AI有关的多个细分领域进行了主题投资，未来随着产业趋势的逐步展开会有扎实的基本面变化推动更多投资机会的诞生。从计算资源、存储资源在社会各个节点的再分布，到AI应用的潜在爆发，再到先进制程的需求成长，相比于AI训练时代，AI推理时代的投资机会将会范围更广。 　　　　近期，由于特朗普团队加关税等动作引发了全球资本市场的连锁反应。回归到A股、H股也很难独善其身，全球商品流通总成本有提高风险，特别是科技产业。以先进制程为代表的自主可控能力自特朗普第一个任期内的贸易战开始已经得到长足进步。在半导体生产能力层面，从Fab厂，到设备、到材料、再到零部件，芯片生产能力国产化逐渐提升并进入深水区。基金经理看好科技自主可控未来对中国科技产业进步的基石型支撑作用。 　　　　2025年上半年，全球仍然在经历秩序的震荡，中国科技产业也在震荡中稳步成长。2025年1季度基金经理立足AI推理时代的判断进行了调仓，并看好中国科技在AI推理时代实现“登堂入室”，成为世界科技创新的重要力量。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.753Z","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维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=1275844","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb04404aa","date":"2024-12-30T16:00:00.000Z","stockId":3000000001144,"sao":"2024年A股市场高波动特征明显。上半年市场经历年初的大调整后快速反弹，此后于5月下旬开始又经历了连续调整直至9月中旬，随后在十一前后又经历了快速的反弹、并伴随成交量的放大，2024Q4则又呈现出震荡行情。　　　　造成指数层面高波动的原因是多方面的，但我认为更主要的原因是：在2024年外部世界的不确定性始终难以消除。这使得资产定价的基本假设处于高频修正中，我们也少见到宏观层面的研究工作在2024年的投资中起到如此举足轻重的地位。即便如此，2024年的市场中仍旧不乏投资机会，“哑铃型”策略尤为有效，科技板块在AI产业持续成长的过程中表现不俗。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.751Z","mo":"展望2025年，AI产业的变革持续在向纵深推进，特别是Deepseek的成功也向世界展示了中国科技产业的深厚底蕴。基金经理认为Deepseek发布之后对中国科技资产定价的影响是很大的，而其对科技板块投资的影响则有可能贯穿2025年的多数时间：　　　　首先，我认为“外资对中国科技资产的重估”会在未来一段时间持续的发生。过去几年，美元资产强势的基础立足于全球资金迷信于“美国例外”的叙事，通过垄断了AI这一新型生产力创新、美国将实现相对于其他经济体的综合竞争力的提升。而在重重封锁下中国Deepseek的横空出世打破了这一资产定价的基础，破除了叙事迷信。过去几年，对中国人才红利仍充沛这一事实定价很不充分，未来将看到外资以“先港股、再A股”的顺序逐步重新定价中国科技资产。　　　　此外，Deepseek不仅推动了成本下行，而且验证了模型竞争的后发优势，推动行业向AGI的出现加速迭代，并推动推理需求在未来的爆发。从基本面层次，我们会看到以下几个变化：　　（1）算力部署结构的调整，从训练为主，向训练、推理、本地化部署调整，投资机会从纵向变为横向，我们将看到计算资源和存储资源在推理时代的分布结构变革；　　（2）支持算力建设的基础条件的需求扩张，包括先进制程Fab为代表的半导体生产能力国产化，也包括IDC、公有云等支持型产业；　　（3）应用侧，包括自动驾驶、消费电子、爆款应用都有望实现需求扩张。　　　　综合来看，一石激起千层浪，Deepseek对中国科技资产定价的影响不仅仅是一次全球资金的配置修正，也将会有扎实的基本面变化推动更多机会的诞生。“后Deepseek时代”的中国科技产业的行情有望成为2025年投资的重要注脚，基金经理乐观看待2025年后续行情。","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维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=1256710","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb04404a9","date":"2024-09-29T16:00:00.000Z","stockId":3000000001144,"sao":"2024年3季度市场波动比较大，先经历了指数的持续下行和成交量的萎缩，又在季末展开了快速上升的行情。　　季度内，基金经理维持对显示产业链的看好，对供给格局理想的大尺寸面板持续维持了仓位，也继续看好AI为科技产业带来的积极变化，基金经理观察到包括自动驾驶和国产算力等细分领域在产业层面的积极变化，因而都不同程度提高了对应的仓位。　　市场在季度末有了很明显的变化，这推动基金经理将会改变思维，未来更多的仓位将会向国产算力、半导体、AI应用等方面进行倾斜。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.748Z","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维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=1180349","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb04404a8","date":"2024-06-29T16:00:00.000Z","stockId":3000000001144,"sao":"上半年市场经历年初的调整后快速反弹，此后于5月下旬开始又经历了一段时间的连续调整。一方面，外部世界不确定性在持续增加，另一方面，国内经济的内生力量的充分显现需要时间，因此年内资产价格受到了一定程度冲击。即便如此，市场中仍旧不乏投资机会，尤其在市值风格上，大市值股票显著跑赢市场，红利类型资产也相对于成长型资产有明显超额。　　对于市场的判断上，我维持认为在春节后市场已经进入了趋势性的时间区间，而在趋势区间内则往往也会形成趋势性的资产。我对趋势性资产的判断标准包含以下四点：第一，供给不显著扩张，竞争环境理想；第二，具有“资源”属性；第三，业务具有长久期经营能力；第四，能够为国家科技安全添砖加瓦。　　与趋势性时代相适应的是权益市场有效方法论的又一次大迭代，尽管我认为这种表达一定程度上仅停留在表象层面，但仍然可以观察到这种变迁痕迹。过去，我们相继经历了讲好空间故事、布局需求时代核心资产、围绕泛科技产业进行景气投资等立足需求分析的方法论时代。未来，在投资当中，我认为我们将会看到以供给分析作为立足点的方法论有效性的凸显。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.746Z","mo":"展望2024年下半年，我认为符合时代特点、响应时代发展需求的细分行业仍旧会显现出超额的回报。以供给分析作为资产价格定价的着眼点，从长久期经营能力出发，兼顾产业近期的需求特征，是我认可的下半年市场的主要投资方向。具体到科技产业方向，先进制程半导体设备等国产化深水区、围绕AI展开的竞争性投资（尤其是国内外的算力部署）、供给环境持续优化的大尺寸LCD面板、竞争格局理想的电信运营商等，我认为在中长期视角上都具备投资价值。　　最后感谢持有人们的信任，感谢过去半年时间里市场宽幅波动中的不弃不离。我本人视持有人利益为承担这份信用托付责任之根本，未来时间里，我仍会坚持提升认知能力，不忘初心、全力以赴，致力于成为一名优秀的基金经理，努力为持有人创造超额收益。","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维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=1149825","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb04404a7","date":"2024-03-30T16:00:00.000Z","stockId":3000000001144,"sao":"2024年1季度市场先跌后涨，经历波动后，市场不同行业的表现分化较大，科技板块内部亦是如此，电子、计算机等板块调整幅度较大，受益于AI算力的持续投入，通信板块则表现不俗。　　我认为市场经历波动后已经不再位于“拐点”区间，而是进入了趋势内。这不是一个轻松的判断，这意味着过去一两年间社会层面的很多讨论正在清晰并逐步融入社会的共识中，也意味着行情将不可避免的出现分化，更意味着符合时代特征的资产将会迎来趋势性的行情。因此，我对市场并不悲观，反而我自身的认知水平是否能够适应时代和市场才是真正的挑战。回归到细节，在投资的选择上，一方面，我认为要更加重视供给格局，无论是中国具备定价权的产业环节，还是AI浪潮中的弄潮儿；另一方面，提升国内科技产业在全球产业分工环节中的话语权是发展的必然需求，应当更加关注国产化的深水区、新质生产力。　　回归到细节，基金经理维持对显示产业链的看好，无论是大尺寸LCD还是小尺寸OLED；基金经理也看好AI为科技产业带来的积极变化，包括自动驾驶，我们将见证整车市场格局的巨大变化；基金经理2024年1季度期间也增加了半导体设备板块的配置，特别是产品力强、具有产品线持续延伸能力、供给格局理想的龙头企业。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.743Z","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维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=1068396","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb04404a6","date":"2023-12-30T16:00:00.000Z","stockId":3000000001144,"sao":"2023年的A股市场经历了不少风雨，主要的指数伴随较大的波动。　　　　当我们采用有限的时序数据作为观察样本、并应用归纳法以“PE”等耳熟能详的估值指标去评价很多个股时，难免会因为有违经验而陷入困惑。但同时，专业投资者也明白，诸如“PE”等相对估值指标是我们相互交流时主观使用的最大公约数式的话语体系，而不是资本市场客观上所必然遵循的金科玉律。经验往往是在趋势中产生的，当违背经验的事情持续发生的时候，那我们有理由做出一个推断：我们并非身处于趋势内，而是在拐点区间中。因此，对于基金经理而言，将范式化、程序化的思维体系向更深一层推进去探求事物的原貌、判断未知的前景，是堂有挑战的必修课。　　　　基金经理认为，理解资本市场在2023年内发生的深刻变化，还要从理解“拐点”出发，而不是在惯性思维下机械式地度量。我认为科技产业正在同时经历两个主要的产业背景：一方面，全球范围来看，以ChatGPT为代表的人工智能“奇点”时刻已经到来，在高昂的资本支出、密集的工程化工作以及数十年里算力成本下降的推动下，我们见证了新时代的临门一脚；另一方面，国内产业层面正面临重重挑战，在全球科技产业链的分工中，我们仍有较大的提升空间，以精密制造业为代表的产业环节面临需求增速不足、供给结构不佳的困境，而在以先进制程芯片生产能力为代表的高端领域，我们又面临着国家科技安全方面的担忧。　　　　在此背景之下，2023年全年，基金经理一直以“奇点”和“钟摆”两个词来描述投资策略，投资品种最典型的选择是重仓了AI和面板。AI方面，上半年以AI算力作为主要的持仓方向，下半年则显著减配了算力环节并增加了AI目前的最主要落地应用方向——智能驾驶；面板方面，从2022Q4开始，基金经理就重仓了大尺寸面板，理想的供给格局在不确定增加的时代背景下展示出了经营韧性，在2023Q4又增加了OLED相关配置。从相对收益的角度，基金经理的投资策略取得了较理想的相对回报。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.740Z","mo":"展望2024年，我认为我们已经不再位于“拐点”区间，而是进入了趋势内。这不是一个轻松的判断，这意味着一两年前我们将信将疑的结论正在逐渐清晰并融入社会的共识中，也意味着行情将不可避免的出现分化，更意味着符合时代特征的资产将会迎来趋势性的行情。因此，我对市场并不悲观，反而我自身的认知水平是否能够适应时代和市场才是真正的挑战。回归到细节，在投资的选择上，一方面，我认为要更加重视供给格局，无论是中国具备定价权的产业环节，还是AI浪潮中的弄潮儿；另一方面，提升国内科技产业在全球产业分工环节中的话语权是发展的必然需求，应当更加关注国产化的深水区、新质生产力。　　　　最后感谢所有持有人的信任，2023年从相对收益的角度看，业绩表现差强人意，管理规模则有显著的增长。未来，我仍会时常提醒自己，皓首穷经、孜孜以求，不负每一份托付。","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维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=1057202","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb04404a5","date":"2023-09-29T16:00:00.000Z","stockId":3000000001144,"sao":"回顾三季度，基金经理认为市场呈现出来了显著的结构性行情特征。二季度末，基金经理认为市场对于强预期与弱现实之间的定价仍不充分，因此本季度初基金经理为了应对市场潜在的调整风险针对组合做出了仓位和结构两方面的应对。一方面，尽可能的对仓位进行了收缩；另一方面，在标的的选择上，我非常重视其业务自身的供给格局，提高了运营商、面板厂等相关标的的持仓。从回撤的控制上来看，取得了相对理想的成效。　　　　9月，伴随政策的不断落地，基金经理逐步面向进攻进行了结构调整。基金经理对于中长期的存量市场底色判断不变，因而对仓位的使用仍保持谨慎的态度，但持仓的结构上增加了自动驾驶、AI算力和消费电子相关标的持仓，并看好历经调整后的泛科技股Q4行情。　　　　展望Q4，基金经理认为泛科技股将会有更多积极的表现。自动驾驶行业在产业层面的积极变化将会比较多且较显著，全球科技的周期性复苏也更加临近。基金经理将会更积极寻找理想的投资机会，积极创造超额收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.738Z","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维混合型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=990847","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb04404a4","date":"2023-06-29T16:00:00.000Z","stockId":3000000001144,"sao":"2023年上半年，基金经理在充分尊重科技产业发生的事实的基础上，构建了组合。从相对收益的角度，本基金取得了相对理想的名次，但从具体的投资过程来看，仍有较大的优化空间，特别是二季度。 　　对于当前科技产业现实情况的描述，我年内始终坚持选择“奇点”与“钟摆”两个关键词。 关于“钟摆”：临近22年底，我们注意到了历经了黑暗时光后的全球科技产业各个细分不同程度地显示出了走向复苏的迹象。关于“奇点”：ChatGPT横空出世，人类社会又一次面对AI带来的潜在生产力跃升，本基金乐观看待AI对未来人类社会的改造，并重点配置了算力和应用两个环节。 　　二季度末端，基金经理显著收缩了仓位。一方面，我注意到对于AI的投资，很多环节的市值演绎呈现出了非理性特征，譬如，我们能够感受到不同声音以忽视产业发展规律的方式在对龙头个股的业绩进行不同程度的积极表达；另一方面，立足不确定增加的短期外部环境，在科技类资产略宽泛的定价范围中，本基金倾向于做出偏谨慎的选择。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.735Z","mo":"对于下半年市场的判断，我认为结构性行情显著的存量市场环境仍难以实质性改观，这实际上是市场在适应时代变化的缩影。我们国家经历了一个非常长期的高速增长阶段。这样大体量的经济体实现如此长时间的、程度深刻的、范围广泛的高速发展，这在全球范围内都是非常罕见的，以至于我们的市场习惯了一个这样环境，仿佛这种高速成长是一种常态、是一个无需多思考一秒的底层常识，如果现实与之不符，必然有力量修正现况使之回到熟悉的轨道中。我想，我们是时候挥别过去并学会接受，能够有针对性的调整投资思路，我虽然是个自信的人，但对于仓位的使用，面对不确定增加的环境，我仍会很谨慎，我希望仓位会使用在经过审慎推敲并确认有显著投资价值的领域。 　　对于下半年本基金投资方向的选择，我仍旧看好全球科技产业的成长前景。但不同于上半年的科技行业整体性估值修复行情，行情的展开会更分化，这更考研基金经理的选股能力。对于价格合理、业务有积极变化的环节，我仍会不吝于重仓布局，AI应用的渐行渐近、复苏环境的日渐清晰，都让我相信在下半年我仍能找到合适的投资品种去提高目前的基金仓位。 　　感谢持有人的信任，基金经理在今年上半年管理规模有显著的成长。未来，我仍会时常提醒自己，对待研究力求深刻和前瞻，对待工作务必勤勉、常自省，希望能够不负每一份托付。","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维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=959930","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb04404a3","date":"2023-03-30T16:00:00.000Z","stockId":3000000001144,"sao":"用两个关键词来总结2023Q1的A股科技股行情，我倾向于选择“奇点”与“钟摆”。　　关于“钟摆”，我们审时度势。　　2022年我们又一次周期性的经历了全球科技产业的黑暗时光。这样的光景既不是第一次、更将不会是最后一次。幸运的是，临近2022年底，我们注意到了钟摆或将再一次调整方向，科技产业的各个细分不同程度地显示出了即将走向复苏的迹象。　　基于对产业周期的理解，基金经理的判断是，现阶段重资产的、或费用相对刚性的科技产业细分环节将会相对受益，这类资产长期看已经站在时间有利的一边，同时价格也具有吸引力，因此，本基金在元旦前后相继配置了该类型的个股。其中，面板是2022年底我们看到的高确定性的、走出底部的细分行业，所以在2022年底，本基金重仓配置了面板行业。　　在强复苏预期的支撑下，这类资产今年1月经历了显著的股价上行。伴随疫情的消散，春节前后调研工作得以逐步展开，我们注意到：部分稼动率过低、重资产的、制造业成长型科技链条企业，尽管复苏的方向确认，但是修复的斜率较差，股价所表达的复苏节奏已经过于乐观，因此对显示出这类特征的资产进行了减仓。但本基金仍高仓位持有价格复苏有力的面板行业，以及费用前置且相对刚性的计算机公司。本基金仍看好科技产业复苏前景，包括半导体制造、封测等的相关细分行业仍将是本基金未来关注的主要方向。　　　　关于“奇点”，我们当仁不让。　　ChatGPT横空出世，用户规模进入亿级别，人类社会又一次面对AI带来的潜在生产力跃升。OpenAI以其领先全球的通用大模型技术启动了科技产业新一轮创新热潮。本基金乐观看待AI对未来人类社会的改造，因此在一季度对AI进行了重点配置。　　“AI+”不同于“新能源+”、“半导体+”等第二成长曲线逻辑，“AI+”行情的展开的现实基本面基础是生产力进步，千行百业都将面临生产力迭代的冲击。生产力进步必然推动生产关系的调整，基于我们对产业的观察和AI技术的理解，本基金在一季度重点配置了算力和应用两个环节。　　算力是大模型得以训练产生和用于推理应用的现实物理基础，也是当下以及未来相当一段时间产业发展的主要约束，本基金在一季度对算力各环节进行了重点配置。　　对于应用，本基金重点配置了文本工具入口、游戏和行业小模型（或私域模型）三个细分行业：文本工具的入口长期看仍能避免插件化，AI的赋能有望推动用户付费意愿的成长，国内企业也有望获得弯道超车的良机；游戏行业在AI的助力下正在经历降本提效，长期看工具的进步也将推动产品力提高进而扩张行业需求；我们认为通用大模型是科技巨头的战场，通用大模型对待数据的平权特征，决定了私域数据质量成为垂直领域企业未来成败关键，数据本身的质量、语料清洗等工程化工作的先发优势都是其中的重要要素，掌握优质数据资产的、能扩张需求的行业小模型或私域模型企业是本基金看好且配置的重要细分。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.733Z","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维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=886194","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb04404a2","date":"2022-12-30T16:00:00.000Z","stockId":3000000001144,"sao":"2022年，中国经济遇到了较多的挑战，国际社会环境也相对复杂，映射到全年权益市场的表现则呈现出高波动的特征。基于多变的市场环境和企业价值的理解，本基金通过优选个股为投资人持续地创造回报，并立足未来，基于价值投资理念，在能力圈范围内进行了积极的仓位调整。本基金立足全球科技产业链的动态跟踪，致力于挖掘高质量的成长股，并重视企业家精神和产业趋势的共振结合。超越市场的深度研究是本基金创造超额收益的来源。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.730Z","mo":"展望2023年，市场情绪对权益市场较为乐观。2023年的权益市场有机会受益于产业的复苏和修复，同时，大多数上市公司市值经历了2022年的回调后已初步显现出投资价值。当然，我们也不应当盲目乐观，修复的过程并不会是V形反转的酣畅淋漓，企业凭借韧性的求存本能才是真实面貌。尽管产业复苏的方向确定，但斜率恐不会陡峭。同时，投资者对于加入权益市场更趋谨慎。基于对2023年市场特征的判断，立足基本面守正出奇是2023年投资的重要法宝。在投资层面有2条线索可循：其一，全球的硬科技产业链将有节奏的跨过最差的时间点走向复苏，沿着产业复苏的节奏寻找韧性强的优质企业是年内的合适选择。其二，新技术的渗透如AI、MR和新材料等将给产业带来很多新变化。按图索骥、守正出奇，本基金将勤勉尽责的在2023年为投资者努力创造超额收益。","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维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=868128","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb04404a1","date":"2022-09-29T16:00:00.000Z","stockId":3000000001144,"sao":"回顾2022年三季度，地产销售数据呈现较为低迷的态势，居民端在收入预期下滑的情况下购房意愿下降，同时高杠杆的地产链条融资压力加大，货币政策虽保持宽松但效果仍需观察。另一方面，海外通胀居高不下，美联储加息预期强度进一步加强，在能源价格和劳动力紧缺的双重压力下通胀呈现较为韧性的特征。  在这种宏观形势下，我们在投资操作上提升了稳增长、以及抗风险能力较高的个股的持仓比例。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.728Z","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维混合型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=809175","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb04404a0","date":"2022-06-29T16:00:00.000Z","stockId":3000000001144,"sao":"回顾2022年上半年，尽管全球范围内疫情的控制与防范有所好转，但与之对应美联储宽松货币政策的退出与加息摆上日程，而俄乌冲突又加剧了全球供应链中断造成新增的通胀压力。对于国内经济而言，伴随地产数据的持续下滑，如何稳增长与稳预期成为市场的关注点，在下游的持续低迷和上游原材料价格高企的情况下中游行业受到较大的盈利压力。总体来看国内货币政策保持宽松，而地产的因城施策宽松也均在发力。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.725Z","mo":"展望下半年，虽然资本市场自2021年以来估值的极致分化目前仍在持续。但理性来看，在这样分化的行情中存在被低估和错杀的品种，等待宏观基本面的变化，让这些行业中的优秀企业能够重归价值。这是由于对于中国的优秀企业而言，他们已经在多次的景气度变换与宏观环境变化中多次证明了自己适应环境发展壮大的能力，即使短期来看他们并不是被资本市场最为追捧的品种，但是我们依然坚定地认为企业的价值终将回归。","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维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=781345","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb044049f","date":"2022-03-30T16:00:00.000Z","stockId":3000000001144,"sao":"回顾2022年一季度，经济呈现比较明显的滞胀特征。一方面全球定价的大宗品价格出现较为明显上涨，俄乌战争又加剧了这种通胀形势；叠加美联储加息缩表态度明确，对部分成长类型股票情绪有一定打击。从国内情况来看，地产链条销售数据仍较为低迷，同时疫情的控制和如何放开也成为难点。总体来看，经济呈现上游成本上升和需求下滑的滞胀特征。  在企业盈利存在一定下滑预期的时刻，我们依然较为坚定地相信中国经济的韧性和活力。周期的低迷往往造就一定的投资时点机会。我们依然看好中国的成长，并愿意在市场比较低迷的时刻坚守价值，相信中国创新活力，在经济转型阵痛后依然会有较好的经济发展前景。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.723Z","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维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=728939","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb044049e","date":"2021-12-30T16:00:00.000Z","stockId":3000000001144,"sao":"回顾2021年，伴随着出口产业链的持续景气，我国经济进入调整结构的整固期，同时行业监管也成为本年的主基调之一。另一方面，双碳目标的确立，也催生了新能源车汽车、光伏等产业景气度的抬升，进而阶段性的在资本市场形成了一定的局部过热。因此总体来看，2021年是资本市场估值分化较为极致的一年，这一点显著的超出了我们年初的预期。但理性来看，毫无疑问在这样分化的行情中，必然存在被低估和错杀的品种，等待宏观基本面的变化，让这些行业中的优秀企业能够重归价值。这是由于对于中国的优秀企业而言，它们已经在多次的景气度变换与宏观环境变化中多次证明了自己适应环境发展壮大的能力，即使短期来看它们并不是被资本市场最为追捧的品种，但是我们依然坚定地认为企业的价值终将回归。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.720Z","mo":"展望2022年，如果说在百年一遇的疫情中中国经济能够率先康复，那么我们更加有理由相信在这样的市场成长起来的优质企业不会持续跑输市场。我们对于中国经济的韧性具备充足的信心，同时对于房住不炒等思路指引下的居民财富转移，更认为是时代的趋势和红利。从中长期视角来看，一方面居民资产配置仅仅处于向权益市场转移的初期，另一个角度我们依然可以挖掘出若干自下而上来看估值十分合理的优质公司，那么我们对于未来产品的回报，是有着充分的信心的。","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维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=708081","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb044049d","date":"2021-09-29T16:00:00.000Z","stockId":3000000001144,"sao":"回顾2021年三季度，经济呈现一定程度的滞胀特征，同时伴随疫情的反复与新增病例数据的好转，美联储Taper预期也在发生变化。从企业盈利来看，工业企业利润更多集中到上游，并且开始对于下游需求呈现出一定抑制，体现出工业品通胀带来的成本压力；同时伴随美国等发达国家财政补贴的逐步退出居民消费意愿有所下降，出口动能边际减弱。此外，地产销售数据开始有较为明显的边际弱化，而基建发力有限，终端需求较为疲弱，需要一定程度的政策逆周期调节。总体来看，流动性有望保持基本宽松，同时中下游企业盈利存在一定压力。从持仓角度来看，组合内中游、以及下游消费个股在三季度也出现了一定程度的回调。操作上，我们继续持有了能够穿越短期的周期波动、并具有长期成长确定性的中下游个股，并适当的提升了逆周期信息基建个股的持仓比例。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.718Z","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维混合型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=657856","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb044049c","date":"2021-06-29T16:00:00.000Z","stockId":3000000001144,"sao":"回顾2021年上半年，全球产业链在疫情冲击下的供应受损和需求端伴随疫苗注射的逐步恢复两种力量同时存在，在不同行业出现了价格猛烈上涨与需求恢复较为温和的共存格局。在这种情况下，美国和中国央行基本保持了流动性的宽松，等待就业数据的进一步恢复。因此，总体来看上半年由于这种供需错配的因素影响，周期行业业绩表现良好；同时由于流动性较为宽松，成长型企业亦维持了较高的估值水平。总体来看，市场风格趋于一致，短中期因素的共振以及流动性的配合可能也放大了投资者对部分板块的乐观情绪。在投资操作上，我们还是始终坚持自下而上的精选个股，寻找拥有自身成长确定性的公司，而没有把过多的精力放在估值扩张的研究和市场情绪把握上，这阶段性的影响了我们收益率，但我们坚信这样的选股方式是能够更大概率的穿越流动性的周期，获取更加稳健的投资收益。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.715Z","mo":"展望下半年，无论是宏观经济环境、行业监管政策、还是流动性的边际变化，都可能给整体市场带来一定的不确定性，存在较为明显的波动和震荡的可能性，而我们也将会积极主动的去把握市场波动带来的投资机会。","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维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=636492","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb044049b","stockId":3000000001144,"sao":"回顾一季度，我们适当降低了医疗、消费行业的个股仓位，加仓性价比更为合理的中游制造业个股的配置。在我们看来，在拥有合理性价比的基础上，寻找既有空间又具备成长确定性的个股是应对市场短期波动并获取长期超额收益的最重要手段。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.712Z","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维混合型证券投资基金 2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=573983","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb044049a","stockId":3000000001144,"sao":"2020年，新冠疫情的发展以及演化成为主导全球市场的主要因素，并且对于未来几年的经济演变有深远的影响。这一年中国经济在最先较好控制疫情的制度红利下率先复苏，并且出口增长持续超预期，也率先受益于海外需求的恢复。从目前的PMI数据来看，这种复苏进程仍在进行中，并没有中断的迹象。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.710Z","mo":"2021年，伴随着疫苗的落地和大规模运用，海外经济的恢复可能成为与2020年相较最大的差异点。与这种海外经济的恢复相对应，海外供应链也将逐步恢复，因此预计对于2021年货物贸易逆差的回落以及服务贸易逆差的加大将拖累净出口。而内需方面，房地产投资“房住不炒”的政策导向相对明确，同时融资政策“三条红线”的调整某种意义上近似于进行房地产企业的供给侧改革，带来房地产投资增速的平稳回落。制造业投资和消费可能在2021年得到渐次恢复，有望成为2021年需求的着力点。总体来看，伴随着货币政策平稳退出的需求，2021年的经济可能呈现结构调整同时某个时点后平稳回落的特征。而货币政策不急转弯的政策态势，也将保障2021年的经济本身是较为平稳的。在通胀方面，尽管近期工业品价格出现了较大幅度的上涨，但是这种上涨与供需错配有较大的关系，从市场普遍认知来看持续性有限。同时由于生猪存栏数据的逐步回升，通胀压力得以消退，对于2021年通胀应该并不构成压力，也不会形成货币政策的阻碍。在这种态势下，对于2021年的市场可能“调结构，防风险”依然会成为年度的主题词。调结构方面科技创新等依然会是政策诉求之一，同时也是需求侧改革的发力点之一。而防风险伴随着融资结构的调整与资管新规实施前最后一年的融资结构变化，有可能在2021年仍然会间断性地影响市场的风险偏好，导致企业自身现金流健康程度的考量提高到更加关键的位置。总体而言在经济本身较为平稳的同时，结构的调整可能显得更为关键。","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维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=553218","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb0440499","stockId":3000000001144,"sao":"回顾三季度，疫情在国内得到较为充分的控制，整体经济复苏确定性持续提升，但由于市场此前的大幅上涨，整体市场估值处于一个并不低的水平，并在一定程度上反映了经济复苏的乐观预期。因此，三季度市场整体呈现震荡的态势。在操作上，我们仍然坚持自下而上的选股思路，持续选择并持有具有长期成长空间并具备核心竞争力的企业。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.707Z","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维混合型证券投资基金第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=490433","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5197fea5b3eb0440498","stockId":3000000001144,"sao":"回顾2020年上半年，经济面临的核心变量无疑是疫情的演变。由于疫情的广度和深度超出预期，因此对于国内经济、对于美欧等发达国家经济体的需求冲击，以及对于第三世界国家等外向型经济的出口冲击发展出多重影响因子和链条，导致世界范围内出现经济博弈和政治博弈加剧的复杂格局。从某种意义上来看，疫情的影响可能在长周期中尚且为短变量，但是疫情所暴露出的全球经济蛋糕分配不均，新的生产要素缺乏，宏观杠杆居高不下，公共卫生建设的缺口等等问题，实际上深远地影响了资本市场，并有可能在未来相当长时间之内影响着权益投资的主题与基调。  而从A股市场的表现来看，上半年行业分化在持续的加剧。一方面，面对疫情带来的冲击，不同行业的恢复能力呈现出了较大的差别。稳定类、必选类的医疗、食品以及新经济的代表电子无论是从公司财务报表还是从订单、产能的边际变化来看都呈现出了较为快速的恢复能力。而面对疫情对于整体宏观经济冲击的超预期，整体宏观周期相关度更高的行业恢复难度要大很多。因此，市场始终对其在中短期内的恢复持相对谨慎的态度。另一方面，在历经2019、2020H1的持续上涨后，资本市场流动性也得到了充分的改善，机构、居民资金流入显著增强。而疫情之后的实体经济实际需求不足和流动性宽松也加剧了这种资金流入的趋势。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:21.705Z","mo":"展望下半年，随着市场的持续上涨，我们认为市场在一定阶段内将从行业、个股的基本面驱动逐步转向短期的情绪驱动。因此，市场存在阶段性波动加剧的可能性。但是从一个更长维度来看，无论是制造业的转型升级、居民消费习惯的变迁、新兴产业的创新跃变都将给市场带来较多具有吸引力的投资机会，我们也会始终坚持自下而上的选股思路，去寻找这些更具性价比的投资机会。","fund":{"_id":3000000001144,"stockCode":"001144","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-06T16:00:00.000Z","setUpScale":3472090000,"market":"a","tickerId":1144,"custody":"中国银行股份有限公司","name":"大成互联网思维混合型证券投资基金","shortName":"大成互联网思维混合(001144)","fundSecondLevel":"hybrid","__csrcFundId":3853,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:34.985Z","masterFundFlag":1,"inceptionDate":"2015-04-20T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成互联网思维混合","pinyin":"dchlwswhhxzqtzjj","managers":[{"stockCode":"db20786569","stockType":"fund_manager","exchange":"fm","tickerId":72312219880,"name":"郭玮羚"}]},"announcement":{"linkText":"大成互联网思维混合型证券投资基金中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=453881","linkType":"PDF","source":"csrc_pdf"}}]}