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是一个长坡厚雪的赛道。我们依旧坚信新能源是一场为期多年的能源革命，也是电动车和户用光储等为代表的清洁能源系统渗透到全社会各个角落的过程。当前影响新能源的几大因素有望逐渐转好。1）基本面：市场正等待盈利改善。2）地缘政治：市场仍担心新能源全球化脚步受阻；3）资金：新能源板块体量较大，在缩量博弈下很难被市场青睐；等。从本基金披露的持仓来看，产品仓位较为集中，且主要集中在新能源汽车、大储和新技术（锰铁锂、HJT等）。市场对新技术和储能的认可度相对较高，同时持续关注锂电材料的竞争格局，对于此担忧我们的观点如下：1、远期看，锂电材料成长空间仍较大。由于价格战力度超预期，此前规划的部分产能落地速度出现放缓。2、新技术代表从0到1，短期或不存在竞争加剧。拥有大应用场景、落地性强的优质公司值得关注。整体而言，虽然短期行业正在经历出清，但估值修复仍有待观察。未来关注优质公司的拐点机会。","fund":{"_id":3000000001156,"stockCode":"001156","stockType":"fund","areaCode":"cn","followedNum":242,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-12T16:00:00.000Z","setUpScale":1725160000,"market":"a","tickerId":1156,"custody":"中国农业银行股份有限公司","name":"申万菱信新能源汽车主题灵活配置混合型证券投资基金","shortName":"申万菱信新能源汽车主题灵活配置混合(001156)","fundSecondLevel":"hybrid","__csrcFundId":3905,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:58.923Z","masterFundFlag":1,"inceptionDate":"2015-05-06T16:00:00.000Z","memoNum":2,"fundCollectionId":4000050340000,"currency":"CNY","masterFundShortName":"申万菱信新能源汽车主题灵活配置混合","pinyin":"swlxxnyqcztlhpzhhxzqtzjj","managers":[{"stockCode":"db20889934","stockType":"fund_manager","exchange":"fm","tickerId":122624221560,"name":"娄周鑫"}]},"announcement":{"linkText":"申万菱信新能源汽车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=963950","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec51c7fea5b3eb0440869","date":"2023-03-30T16:00:00.000Z","stockId":3000000001156,"sao":"一季度板块表现较差，中证新能下跌3.6%。春节前，受北上资金持续流入等因素影响，各环节质优标的股价表现较好。春节后，随着AI、中特估等相关板块热度不断走高，电新板块内资金持续外流，基金净值出现较大回撤。除部分板块强势外，一季度也是新能源传统淡季。风、光、储在一季度均以招标为主，装机规模远低于后几个季度。新能源汽车方面，2022年底补贴到期带来的冲量透支、降价潮带来的消费者观望情绪加剧、以及产业链龙头去库存等均发生在一季度，使得行业景气度短期下行，加剧了资金外流。展望二季度，我们认为行业景气度或将逐步回暖，资金有望回流。一季度基金结构进行了较大幅度的调整，较之前更加重视2023年盈利能力和竞争格局，持股更为集中。虽然短期行业正在经历出清，但我们依然看好新能源产业链的长期方向。我们将坚持以深度研究为出发点，贯彻行业比较+自下而上的选股思路，力求不断优化持仓个股质量，争取为持有人持续创造价值。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:24.573Z","fund":{"_id":3000000001156,"stockCode":"001156","stockType":"fund","areaCode":"cn","followedNum":242,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-12T16:00:00.000Z","setUpScale":1725160000,"market":"a","tickerId":1156,"custody":"中国农业银行股份有限公司","name":"申万菱信新能源汽车主题灵活配置混合型证券投资基金","shortName":"申万菱信新能源汽车主题灵活配置混合(001156)","fundSecondLevel":"hybrid","__csrcFundId":3905,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:58.923Z","masterFundFlag":1,"inceptionDate":"2015-05-06T16:00:00.000Z","memoNum":2,"fundCollectionId":4000050340000,"currency":"CNY","masterFundShortName":"申万菱信新能源汽车主题灵活配置混合","pinyin":"swlxxnyqcztlhpzhhxzqtzjj","managers":[{"stockCode":"db20889934","stockType":"fund_manager","exchange":"fm","tickerId":122624221560,"name":"娄周鑫"}]},"announcement":{"linkText":"申万菱信新能源汽车主题灵活配置混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=881716","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec51c7fea5b3eb0440868","date":"2022-12-30T16:00:00.000Z","stockId":3000000001156,"sao":"2022年5月前，受区域地缘政治冲突、海外通胀、疫情等因素影响，市场风险偏好大幅下降，成长板块出现较大回调。5月随着疫情好转，以及汽车消费刺激政策推出，在新能源优势明显等因素持续推动下，行业迎来了反弹。三季度中旬开始，新能源板块出现分化，在海外电价高企的刺激下，储能、光伏表现好于新能源汽车产业链。在此背景下，我们坚持以深度研究为核心，优选个股、适当调节仓位，并加大光储领域的配置。从结果来看，本基金2022年在超额收益和回撤控制方面均表现较好。不足的是本基金2022年在储能领域的配置较少，导致超额收益有所收窄。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:24.570Z","mo":"随着2022年末防疫政策重大调整，中国经济步入复苏期。作为全国第二大支柱产业的汽车和代表新基建的风光储或将是经济复苏的重要推动力。全球层面，新能源仍是一个长坡厚雪的赛道。当前动力储能电池渗透率约10%，风光装机也仍有较大的空间，储能装机的潜在空间更是大于前两者。我们依旧坚信新能源是较长时间的能源革命，也是电动车和户用光储等为代表的清洁能源系统渗透到全社会各个角落的过程。当前随着新能源汽车新一轮降价，年内新能源汽车的渗透或将提速。中长期来看，车企、高校以及机构在新能源领域的投入远超以往，新能源汽车驾乘体验的优化和降本有望将持续，而燃油车的研发和制造成本可能反将提升，或进一步促使替换的提速。当前市场对新能源发电和新能源汽车的担忧源于行业增速二阶导的下降和产业产能瓶颈被解决后盈利能力的持续性。所以我们今年对选股的要求会更高，更为看重公司的核心竞争力。目前电池产业链正面临新一轮的洗牌，我们坚信 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需平衡将在22年中期得到缓解。新能源车市场当前更多为车型周期驱动，各大车企提升了新能源车供给比例，新能源汽车将成为全球较大的储能网，随着新能源发电和锂电池技术的持续进步，成本实现跨越式的下降，全球能源结构将加速转型。同时科技入局汽车行业则是给行业加buff，电动智能汽车迎来多重维度的聚变：品牌洗牌*供应链重构*商业模式颠覆，聚变之后中国企业将立于本轮创新周期的浪尖。本基金会坚守这条快车道，争取一同享受中国电动智能汽车产业化升级的成长果实。","fund":{"_id":3000000001156,"stockCode":"001156","stockType":"fund","areaCode":"cn","followedNum":242,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-12T16:00:00.000Z","setUpScale":1725160000,"market":"a","tickerId":1156,"custody":"中国农业银行股份有限公司","name":"申万菱信新能源汽车主题灵活配置混合型证券投资基金","shortName":"申万菱信新能源汽车主题灵活配置混合(001156)","fundSecondLevel":"hybrid","__csrcFundId":3905,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:58.923Z","masterFundFlag":1,"inceptionDate":"2015-05-06T16:00:00.000Z","memoNum":2,"fundCollectionId":4000050340000,"currency":"CNY","masterFundShortName":"申万菱信新能源汽车主题灵活配置混合","pinyin":"swlxxnyqcztlhpzhhxzqtzjj","managers":[{"stockCode":"db20889934","stockType":"fund_manager","exchange":"fm","tickerId":122624221560,"name":"娄周鑫"}]},"announcement":{"linkText":"申万菱信新能源汽车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=634748","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec51c7fea5b3eb0440861","stockId":3000000001156,"sao":"新能源汽车行业此前的估值溢价反映了行业的长期空间巨大，今年Q1行业指数出现了较大幅度的回撤，已经释放了大部分系统性风险。新能源汽车2020年渗透率达到4%，随着新车型供给大量投入市场，行业逐渐进入供给驱动模式，随着更多跨行业参与者入局，电动化、智能化的进程正在加速。因此我们依然坚定看好新能源汽车行业的中长期成长空间。本基金将持续聚焦新能源汽车产业链，继续坚持优选个股的投资思路，和投资者共同分享新能源汽车行业的成长。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:24.552Z","fund":{"_id":3000000001156,"stockCode":"001156","stockType":"fund","areaCode":"cn","followedNum":242,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-12T16:00:00.000Z","setUpScale":1725160000,"market":"a","tickerId":1156,"custody":"中国农业银行股份有限公司","name":"申万菱信新能源汽车主题灵活配置混合型证券投资基金","shortName":"申万菱信新能源汽车主题灵活配置混合(001156)","fundSecondLevel":"hybrid","__csrcFundId":3905,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:58.923Z","masterFundFlag":1,"inceptionDate":"2015-05-06T16:00:00.000Z","memoNum":2,"fundCollectionId":4000050340000,"currency":"CNY","masterFundShortName":"申万菱信新能源汽车主题灵活配置混合","pinyin":"swlxxnyqcztlhpzhhxzqtzjj","managers":[{"stockCode":"db20889934","stockType":"fund_manager","exchange":"fm","tickerId":122624221560,"name":"娄周鑫"}]},"announcement":{"linkText":"申万菱信新能源汽车主题灵活配置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=572200","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec51c7fea5b3eb0440860","stockId":3000000001156,"sao":"2020年中证新能源汽车指数上涨101.83%，表现显著好于主要宽基指数。基金管理人在2020年全年坚持对新能源汽车行业的乐观态度，始终保持基金的高仓位运行，并通过精选个股获得了超越业绩基准和行业指数的业绩表现。2020年第一季度受到新冠肺炎疫情的影响，新能源汽车行业表现先扬后抑；在二季度我们观察到国内外政策面的向好；而在下半年，我们观察到了行业产销数据的持续超预期，观察到了企业排产的快速恢复，这些改善都将反应在企业的经营业绩上。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:24.549Z","mo":"我们仍坚定看好新能源汽车行业的中长期成长空间，预计行业多维度的好转是可持续的。长期来看，全球新能源汽车渗透率不足5%，未来目标是在较大幅度上替代传统燃油车，潜在市场空间巨大，是未来3到5年甚至更长时间内都值得重点关注的方向。在过去的一年里，管理人根据新能源汽车行业各环节、各企业竞争力的变化对持仓结构进行调整，投资于具备技术、市场领先优势的企业。管理人将持续聚焦新能源汽车产业链，继续坚持优选个股的投资思路，和投资者共同分享新能源汽车行业的成长。","fund":{"_id":3000000001156,"stockCode":"001156","stockType":"fund","areaCode":"cn","followedNum":242,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-12T16:00:00.000Z","setUpScale":1725160000,"market":"a","tickerId":1156,"custody":"中国农业银行股份有限公司","name":"申万菱信新能源汽车主题灵活配置混合型证券投资基金","shortName":"申万菱信新能源汽车主题灵活配置混合(001156)","fundSecondLevel":"hybrid","__csrcFundId":3905,"fundStatus":"normal","lastUpdated":"2026-04-30T17:49:58.923Z","masterFundFlag":1,"inceptionDate":"2015-05-06T16:00:00.000Z","memoNum":2,"fundCollectionId":4000050340000,"currency":"CNY","masterFundShortName":"申万菱信新能源汽车主题灵活配置混合","pinyin":"swlxxnyqcztlhpzhhxzqtzjj","managers":[{"stockCode":"db20889934","stockType":"fund_manager","exchange":"fm","tickerId":122624221560,"name":"娄周鑫"}]},"announcement":{"linkText":"申万菱信新能源汽车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=558324","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec51c7fea5b3eb044085f","stockId":3000000001156,"sao":"2020年第三季度新能源汽车行业的表现略好于主要宽基指数，以中证新能源汽车指数为例，第三季度涨幅10.59%，沪深300指数涨幅10.17%，万德全A指数涨幅8.41%。尽管与宽基指数相比第三季度新能源汽车行业指数表现并未十分显眼，但行业内部结构分化显著，多只个股获得了超过20%的涨幅，而上游的有色金属环节个股三季度整体下跌。本基金第三季度涨幅19.67%，通过精选个股获得了超越业绩基准和行业指数的业绩表现。在8月份披露的基金中报中，我们和投资者分享了对新能源汽车行业下半年的观点：彼时我们的核心判断是：“展望下半年，行业进入多个维度的向上拐点”，无论是供需结构、还是企业经营、还是产销情况都将迎来持续好转。站在四季度初回顾三季度，密切跟踪的行业、企业数据均显示我们在基金中报中对行业的判断是准确的：我们观察到了行业产销数据的超预期，观察到了企业排产的快速恢复，这些改善都将反应在企业的经营业绩上。展望四季度，我们维持在中报中对行业的判断，继续持积极乐观的态度，预计行业的多维度改善仍将持续。在三季度末四季度初我们甚至观察到了较之前更为积极的信号。汽车行业的电动化趋势不可挡。长期来看，全球新能源汽车渗透率不足5%，未来目标是在较大幅度上替代传统燃油车，潜在市场空间巨大。新能源汽车行业将是未来3到5年甚至更长时间内都值得重点关注的方向。管理人将持续聚焦新能源汽车产业链，继续坚持优选个股的投资思路，和投资者共同分享新能源汽车行业的成长。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09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