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，本基金仍将秉持坚守“硬资产”的思路，在成本有优势的制造业和产品有差异化的消费品中继续选择合适标的。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:16.169Z","fund":{"_id":3000000001300,"stockCode":"001300","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":4234530000,"market":"a","tickerId":1300,"custody":"广发证券股份有限公司","name":"大成睿景灵活配置混合型证券投资基金","shortName":"大成睿景灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3979,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.619Z","masterFundFlag":1,"inceptionDate":"2015-05-25T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成睿景灵活配置混合","memoNum":1,"pinyin":"dcrjlhpzhhxzqtzjj","managers":[{"stockCode":"db20661331","stockType":"fund_manager","exchange":"fm","tickerId":803190160,"name":"韩创"}]},"announcement":{"linkText":"大成睿景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=1068378","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5507fea5b3eb0444364","date":"2023-12-30T16:00:00.000Z","stockId":3000000001300,"sao":"近两年我一直坚持配置自己所谓的“硬资产”，即供给有约束的资源品，成本有优势的制造业，以及产品有差异化的可选消费品。往后面去看，我依然会坚持这个方向，主要还是基于在不确定的大环境下，需要握紧相对确定性强的资产。　　1、首先是供给有约束的资源品。这几年国内经济处于转型升级阶段，海外经济看起来也充满动荡。因此很多投资者从需求的角度不看好资源品，特别是有色等跟宏观经济关联度高的品种。但是从这几年的实际情况来说，供给有约束的资源品是具备很强的相对收益的。这里面的原因就在于，国内经济的转型升级其实提升了单位GDP的资源品需求，因此很大程度上抵消了地产等领域对需求的不利影响。而海外经济也有一定韧性，没有出现需求的大幅下滑。在需求相对稳定的大背景下，供给端的影响力是大大增强的。如果再叠加上各种不确定因素的影响，其实这些资源品的供给是非常脆弱的。供给有约束的资源品其实基本面一直很强，但是市场预期总是充满怀疑，所以相关上市公司的股票定价并不充分，这会给我们持续带来机会。当然，对于这些品种我们不应该过于关注短期的商品价格波动，因为股票毕竟是长久期资产，只要相关商品价格中枢能不断抬升，就已经足够。　　2、其次是成本有优势的制造业。我国是一个制造业大国和强国，制造业各门类供应链完备，技术工人勤奋且充足，企业家精神也非常充沛，再加上政策的大力扶持，因此制造业要在同行业竞争中建立长期的技术壁垒非常困难。但成本优势除了依赖于相关技术外，还跟管理能力关联度很高，这里面包括了价值导向、激励机制、监督考核等一系列因素，其实要完全复制的难度更高。所以一般来说成本有优势的制造业，除了部分是资源禀赋的差异外，大部分都是管理能力的差异，其护城河很高。　　3、最后是产品有差异化的可选消费品。我一直认为消费品的研究应该将绝大部分精力投入在产品上（科技类企业也一样），只有与众不同的产品才能让消费者愿意支付溢价。在信息极度发达的当今时代，只有建立在产品力之上的品牌和渠道才具备可持续性。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:16.166Z","mo":"当然，在大的框架经受住考验的同时，我仍然有很多地方做得不足。例如，红利性质的资源品在配置中偏少，行业景气度不利时如何权衡，对于上市公司自身的观察，以及对于流动性的关注度等。我希望在后续的投资研究中，能够尽量弥补自身的不足，能够给持有人带来更好的回报。","fund":{"_id":3000000001300,"stockCode":"001300","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":4234530000,"market":"a","tickerId":1300,"custody":"广发证券股份有限公司","name":"大成睿景灵活配置混合型证券投资基金","shortName":"大成睿景灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3979,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.619Z","masterFundFlag":1,"inceptionDate":"2015-05-25T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成睿景灵活配置混合","memoNum":1,"pinyin":"dcrjlhpzhhxzqtzjj","managers":[{"stockCode":"db20661331","stockType":"fund_manager","exchange":"fm","tickerId":803190160,"name":"韩创"}]},"announcement":{"linkText":"大成睿景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=1057208","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5507fea5b3eb0444363","date":"2023-09-29T16:00:00.000Z","stockId":3000000001300,"sao":"三季度国内政策进一步发力，应当说市场的政策底已经确立，后续随着经济逐步企稳回升，市场底也会出现。本基金在三季度做了小幅调整，进一步增持了部分供给约束明显的品种。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:16.163Z","fund":{"_id":3000000001300,"stockCode":"001300","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":4234530000,"market":"a","tickerId":1300,"custody":"广发证券股份有限公司","name":"大成睿景灵活配置混合型证券投资基金","shortName":"大成睿景灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3979,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.619Z","masterFundFlag":1,"inceptionDate":"2015-05-25T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成睿景灵活配置混合","memoNum":1,"pinyin":"dcrjlhpzhhxzqtzjj","managers":[{"stockCode":"db20661331","stockType":"fund_manager","exchange":"fm","tickerId":803190160,"name":"韩创"}]},"announcement":{"linkText":"大成睿景灵活配置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=990901","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5507fea5b3eb0444362","date":"2023-06-29T16:00:00.000Z","stockId":3000000001300,"sao":"回顾2023年上半年，我们经历了年初的经济复苏冲动，以及二季度的预期回落。在这个过程中，市场的风格也经历了不少轮动。本基金一直坚持在“硬资产”中寻找投资机会，即供给有约束的资源品、成本有优势的制造业，以及产品力突出的可选消费品。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:16.160Z","mo":"目前时点来看，随着经济周期本身的变化和国内政策的明确，经济已经步入实质性复苏的通道，而经济基本面的向好将更有利于本基金的个股选择。这里重点提一下供给有约束的资源品，实际上这两年来我们已经看到了它们的价格韧性，随着供给约束条件的不断显性化，未来其价值还会被重新认知。 　　当然，股价是由行业、公司、估值等多个因素决定的，而目前市场环境下容错率相对较低，因此我也将尽力弥补各个维度上的短板，希望组合更能抵御各种外部冲击，在此基础上争取更好的投资业绩。","fund":{"_id":3000000001300,"stockCode":"001300","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":4234530000,"market":"a","tickerId":1300,"custody":"广发证券股份有限公司","name":"大成睿景灵活配置混合型证券投资基金","shortName":"大成睿景灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3979,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.619Z","masterFundFlag":1,"inceptionDate":"2015-05-25T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成睿景灵活配置混合","memoNum":1,"pinyin":"dcrjlhpzhhxzqtzjj","managers":[{"stockCode":"db20661331","stockType":"fund_manager","exchange":"fm","tickerId":803190160,"name":"韩创"}]},"announcement":{"linkText":"大成睿景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=959976","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5507fea5b3eb0444361","date":"2023-03-30T16:00:00.000Z","stockId":3000000001300,"sao":"一季度市场出现了比较大的分化，本基金将坚持有所为有所不为，努力为持有人创造更好的回报。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:16.158Z","fund":{"_id":3000000001300,"stockCode":"001300","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":4234530000,"market":"a","tickerId":1300,"custody":"广发证券股份有限公司","name":"大成睿景灵活配置混合型证券投资基金","shortName":"大成睿景灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3979,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.619Z","masterFundFlag":1,"inceptionDate":"2015-05-25T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成睿景灵活配置混合","memoNum":1,"pinyin":"dcrjlhpzhhxzqtzjj","managers":[{"stockCode":"db20661331","stockType":"fund_manager","exchange":"fm","tickerId":803190160,"name":"韩创"}]},"announcement":{"linkText":"大成睿景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=886209","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5507fea5b3eb0444360","date":"2022-12-30T16:00:00.000Z","stockId":3000000001300,"sao":"2022年市场走势一波三折，坦率讲本基金的表现也没有达到我自己去年初的预期。感谢各位持有人对我的信任，愿意一直陪伴和支持。这是我管理大规模基金的第一个完整年度，确实也有不少反思和思考，我将在年报中为大家做详细汇报。这篇年报一共分为三部分，第一部分是对投资框架的再思考， 第二部分是我偏好的投资方向，第三部分不能免俗也讲讲对今年市场的展望。 　　一、投资框架的再思考 　　自从2020年初我的投资框架成型以来，就一直是建立在均值回归思想基础之上的，它主要包括三个维度，行业景气度、公司竞争优势以及合理的估值。前两个维度分别对应DCF估值模型里面的中短期和中长期业绩创造能力，最后一个维度则表征公司基本面与股价之间的映射关系。这三个维度在我的投资框架中是都需要的，但行业景气度的权重最高。而我喜欢的行业景气度是一个动态的概念，即最好是在一个行业从不好到好的转变过程中去介入，而不是在景气度很高的时候去介入并认为其将一直持续。行业景气度从不好到好的这个过程体现的就是均值回归，当然反之也是。 　　在2020年初我建立这样的框架时，市场上用均值回归思路去选股的投资者还相对较少，因为当时是核心资产的大牛市，大部分投资者信奉的是强者恒强。但经过这几年市场的教育，越来越多的投资者会从均值回归的角度去考虑行业和公司，并且在一定程度上，我认为均值回归的思路被过度使用了。例如几年疫情期间，不少受疫情冲击严重的行业，其公司股价还能创新高，本质上就是市场预期疫情结束后会均值回归，因此提前介入。再比如目前不少行业越差，市场越会预期其已经利空出尽等等。 　　其实均值回归和强者恒强这两种思路都没问题，但前者更多度量的是相对中短期的行业景气度，后者则体现了公司中长期的竞争优势。因此我认为对于任何一种思路的过度使用都是偏离公司基本面的客观判断的，而且从某种意义上说，公司中长期的竞争优势才是更可持续的股东回报来源。即使从均值回归思路本身来讲，也会面临低景气度持续的时间、幅度大幅超出预期等不可控因素。 　　对于大规模基金的管理来说，公司竞争优势这一因子的权重也必须提升。大规模基金在管理上存在买入卖出成交时间长，成本冲击大等问题，因此我们必须对公司中长期竞争优势判断得更为准确，才不至于频繁在不同景气度的行业中做切换。因此我的投资大框架并没有变化，但公司竞争优势这一因子的权重有所提升，至少不低于行业景气度这一因子。 　　二、我偏好的投资方向 　　简单概括的话，我的偏好就是“硬资产”。这个硬资产好像跟前几年提出来的核心资产有一点类似，但实际上是不太一样的。我稍微把它拆开一下，比如说上游行业，主要是指供给有约束的资源品，中游行业是指有成本或性能优势的公司，下游行业则是指产品力突出的消费品。总的来说，所谓的硬资产是指相对比较稀缺、不可替代的资产，它更关注供给端，而不是需求端。 　　1、首先是供给有约束的资源品。　　自2020年下半年以来，很多周期股的表现是大幅跑赢科技、消费股的，核心原因就在于它们供给端的约束程度明显增强。从国内角度来看，以前很多年的供给是没有限制的。最明显的就是2008年底年四万亿出台之后，上游重资产行业产能持续释放，一直到2015年才基本结束。2016年后叠加了供给侧改革、双碳等政策，不少资源品行业的资本支出大幅减少。国外也是一样，绿色低碳、ESG等思潮大大限制了很多资源品行业的资本支出。还有一个国内外普遍存在的内在原因，那就是资源品行业的不少公司经历了长期低盈利或亏损之后，都在想着如何提高股东、员工的回报，因此资本支出冲动明显减弱。 　　供给有约束之后，需求端的重要程度就在减弱。A股市场在投资周期品的时候，总是过于关注需求端的因素，这一方面是因为需求端给人的想象空间比较大，另一方面也是因为以前的周期品由于供给端没有约束，所以需求端就成了盈利能力的核心影响因素。这几年供给端的约束增强之后，我们能够发现需求端对于盈利的影响力在减小。更何况目前其实存在很多需求端的有利因素，中短期是国内经济的复苏，中长期是绿色能源转型、国际产业链重构等，这些都决定了不少资源品的需求端还能维持稳健增长，不会成为盈利的拖累因素。 　　2、其次是具备成本或性能优势的中游制造业。　　中游制造业里面我认为最重要的优势就是成本和性能。有些公司确实能够做到成本比同行其他公司都低，其来源有可能是因为规模效应，也有可能是因为资源禀赋，还有可能是由于管理优势等。对于我国的中游制造业来说，大部分产品都是没有差异化的，因此成本优势是最可靠的竞争优势之一，而且更可持续。然后性能优势，就是产品本身比同行更好，这样的公司在我国制造业里面相对比较少一些，有很多都体现在阶段性的领先，比如说产品能领先同行一两年。但如果能持续迭代，持续领先同行一两年，也是非常突出的竞争优势。 　　3、最后是产品力突出的可选消费品。　　消费行业里面，我自己只偏好产品力突出的公司。一般大家在研究消费行业的时候，普遍都是从品牌、渠道、产品三个角度来分析公司的。但是我自己只关注产品，不太关注品牌跟渠道，主要是我觉得这两个因素不重要。首先品牌方面，我觉得消费品里面大部分的公司是没办法讲品牌的，品牌不是说打几个广告、搞一些活动就有了，它需要几十上百年的积累，里面是要附着情感诉求、历史文化等很多东西，还需要长期的品质的保证，所以打造一个品牌很难。为什么我们看到国内很多消费品公司起来的快，下去的也快，因为它们以为自己有品牌，其实是没有的，所以很容易被喜新厌旧的消费者抛弃掉。真正有品牌的就是那些最高端的东西，所谓的奢侈品才能有品牌。然后现在消费者认知能力也在在提升，他知道自己更想要什么东西，所以也不会那么容易像以前一样被品牌牵引。 　　渠道之前在中国的影响力很大，对不少消费品公司的发展确实起到很大的作用，但是到目前这个节点，我觉得渠道的作用没那么大了。以前国内的地域发展不均衡，然后我们国土面积又大，所以导致不同层级城市之间的分销、流通等需要强大的渠道。现在不同层级城市的发展比较均衡，加上互联网普及之后信息的透明化，这些都导致渠道的壁垒不是很可靠了。 　　产品力则是长期可靠的壁垒，而这只会出现在可选消费品里面。因为只有可选消费品才能做出差异化，才能体现出产品力的差异。从国外消费品公司来看，容易出大牛股的公司主要出现在运动服饰、创新药、消费电子、汽车等，本质上还是这些行业里面的优秀公司通过强大的产品力，获得了消费者的衷心支持。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:16.155Z","mo":"我对今年的市场相对乐观，主要是看好国内的经济复苏。我国经济在经历过去几年疫情冲击后，今年迎来了良好的复苏契机。首先过去两年对经济拖累最大的地产行业，已经实现了政策调整，目前正处于复苏通道。尽管从长期来看我们面临人口总量和结构问题、城镇化率问题、居民杠杆率等诸多问题，但去年地产行业大幅下滑是多种因素叠加的，今年在疫情逐渐平复和政策出现转机之后，地产行业有望实现软着陆。另外消费也是政策着力重点，今年将会有一定表现。最后制造业方面，我国的产业升级在不断推进，这有助于中国制造占领更大的市场。总的来说，在国内经济复苏和流动性相对宽松之下，今年的市场应该会有较好表现。当然也有一些潜在的风险因素，我会密切关注并审慎评估。 　　最后，衷心感谢各位持有人对我的信任，我将始终保持饱满的工作状态，争取为大家持续创造良好的业绩。","fund":{"_id":3000000001300,"stockCode":"001300","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":4234530000,"market":"a","tickerId":1300,"custody":"广发证券股份有限公司","name":"大成睿景灵活配置混合型证券投资基金","shortName":"大成睿景灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3979,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.619Z","masterFundFlag":1,"inceptionDate":"2015-05-25T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成睿景灵活配置混合","memoNum":1,"pinyin":"dcrjlhpzhhxzqtzjj","managers":[{"stockCode":"db20661331","stockType":"fund_manager","exchange":"fm","tickerId":803190160,"name":"韩创"}]},"announcement":{"linkText":"大成睿景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=868043","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5507fea5b3eb044435f","date":"2022-09-29T16:00:00.000Z","stockId":3000000001300,"sao":"三季度市场整体偏弱运行，海外美联储加息成为大类资产主要压制因素，国内经济复苏进程成为市场关注的焦点。我们看到国内政策在稳增长上持续发力，地产政策也在持续调整，因此对于国内经济复苏我们应该要充满信心。在此基础上，本基金在三季度整体配置思路变化不大。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:16.152Z","fund":{"_id":3000000001300,"stockCode":"001300","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":4234530000,"market":"a","tickerId":1300,"custody":"广发证券股份有限公司","name":"大成睿景灵活配置混合型证券投资基金","shortName":"大成睿景灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3979,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.619Z","masterFundFlag":1,"inceptionDate":"2015-05-25T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成睿景灵活配置混合","memoNum":1,"pinyin":"dcrjlhpzhhxzqtzjj","managers":[{"stockCode":"db20661331","stockType":"fund_manager","exchange":"fm","tickerId":803190160,"name":"韩创"}]},"announcement":{"linkText":"大成睿景灵活配置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=809107","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5507fea5b3eb044435e","date":"2022-06-29T16:00:00.000Z","stockId":3000000001300,"sao":"自从2020年初投资框架初步定型以来，我就一直试图构建一个攻守兼备的组合，即如何在控制好风险的前提下，获取尽可能高的收益。坦率地说，这是一个既要又要的思路，注定是需要在多种约束条件中不断权衡。但作为一个受人所托的基金经理，我还会坚定地走这条路。因为我认为在净值曲线的背后，是一个个对未来美好生活充满希望，同时又对我满怀信任的持有人，我有义务给大家提供更好的投资体验，而不是跟着市场热点去随波逐流，又或是简单地躺平。    从一个攻守兼备的组合框架来说，重点是在两个方面，即规避风险和抓住机会。    首先是尽力规避风险，对于投资来说我认为这是最重要的事。因为复利的威力是巨大的，年化收益率几个点的差异，拉长时间来看会造成巨大的投资回报区别，所以一定要尽力避免亏损。市场总是会阶段性地陷入这样或者那样的狂热，并且总是有无数乐观的声音在论述这些狂热的合理性。作为一个理性的投资者，我们不能被市场的情绪所裹挟，也不能认为自己总是可以在泡沫破灭前抽身而退。只有怀着这样如履薄冰的心态，我们才能做好风险的识别和规避，发挥好复利的威力。很明显，目前一些火热的赛道完全不考虑供给大幅增加和竞争格局明显恶化的问题，而只是不断在需求上去进行宏大叙事（其实需求也存在很大不确定性），因此其风险是显而易见的。    其次是尽可能抓住机会。今年上半年，应该说结构性机会还是不缺的，一方面是煤炭等能源类板块的系统性重估，另一方面不少估值合理的成长股也表现不错。本基金上半年表现一般，我认为在一些关键节点的把握上可以做得更好，这里还有继续提升的空间。展望下半年，国内地产行业超预期下行的态势有望得到遏制。如果这个判断被证实，则很多板块的投资逻辑会发生变化，本基金将密切跟踪形势的变化。除了与宏观高度相关的一些行业之外，本基金仍然看好业绩与估值相匹配的优质成长股，它们散落在不同的行业，需要仔细挖掘。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:16.149Z","mo":"本基金持续对国内经济保持相对乐观的态度，并相信宏观政策上相机决断的调控能力。在此基础上，本基金经理将持续努力提升投资及研究能力，争取为广大持有人在控制好风险的前提下创造尽可能多的收益。","fund":{"_id":3000000001300,"stockCode":"001300","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":4234530000,"market":"a","tickerId":1300,"custody":"广发证券股份有限公司","name":"大成睿景灵活配置混合型证券投资基金","shortName":"大成睿景灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3979,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.619Z","masterFundFlag":1,"inceptionDate":"2015-05-25T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成睿景灵活配置混合","memoNum":1,"pinyin":"dcrjlhpzhhxzqtzjj","managers":[{"stockCode":"db20661331","stockType":"fund_manager","exchange":"fm","tickerId":803190160,"name":"韩创"}]},"announcement":{"linkText":"大成睿景灵活配置混合型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=781334","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5507fea5b3eb044435d","date":"2022-03-30T16:00:00.000Z","stockId":3000000001300,"sao":"一季度国内外形势多变，市场整体承压，本基金一直秉承行业、公司、估值三个维度的选股思路，相对较好地控制了回撤风险，未来本基金将继续争取为持有人创造更好的持有体验。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:16.147Z","fund":{"_id":3000000001300,"stockCode":"001300","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":4234530000,"market":"a","tickerId":1300,"custody":"广发证券股份有限公司","name":"大成睿景灵活配置混合型证券投资基金","shortName":"大成睿景灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3979,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.619Z","masterFundFlag":1,"inceptionDate":"2015-05-25T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成睿景灵活配置混合","memoNum":1,"pinyin":"dcrjlhpzhhxzqtzjj","managers":[{"stockCode":"db20661331","stockType":"fund_manager","exchange":"fm","tickerId":803190160,"name":"韩创"}]},"announcement":{"linkText":"大成睿景灵活配置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=728976","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5507fea5b3eb044435c","date":"2021-12-30T16:00:00.000Z","stockId":3000000001300,"sao":"1、买什么：选择时代的企业。  我于19年初开始正式管理基金，而19-21年整个市场的运行几乎是前所未有的。我们见证了中美贸易摩擦及其初步缓解，见证了新冠病毒突然爆发及随后的全球大流行，见证了全球高企且持续性超预期的通胀，见证了国内共同富裕等政策的提出及其巨大影响。可以说，这几年密集的大事件深刻地让人认识到，什么叫做只有时代的企业，没有企业的时代（凤毛麟角的卓越企业除外，他们或许可以创造属于自己的时代）。所以我一直认为，投资不能只是低头走路，还必须要抬头看天，即必须选择符合时代发展潮流的企业。  然而选择时代的企业，并不代表就是要盯着几条看起来代表产业趋势的赛道，因为它的内涵远不止如此。何况看起来前景越远大的地方，竞争的激烈程度也远非投资者们可以想象。我认为符合时代特征的企业，都可以算是时代的企业，而如何去定义时代特征，则有赖于投资者的大历史观和对宏观、政策等因素的把握。  2、什么时候买：权衡风险收益比。  我认为，投资不能只考虑眼前的三两个铜板，拒绝承担一切风险；同时我更认为，投资也不能陷入宏大叙事，口号式的投资只会带来无法承担的风险。选择时代的企业只能给我们指引大概率正确的方向，但是如何去选择具体标的以及何时去买入，都有赖于更细致的自下而上研究。我认为权衡风险收益比是投资中首先要解决的问题，只有在考虑了股价向下的风险之后，向上的潜在收益才有意义。  3、不迷信盲从，持续进化  资本市场是一个过于喧嚣的存在，无数的投资人、中介机构、自媒体等都在持续发表各种各样的观点。这几年投资经历带给我最大的感受是，资本市场没有神，即使是我们常常放在嘴边的巴菲特等，也没有必要去神化他们，而是应该放在历史的视野下去理解。因此如何向内去挖掘自己的相对优势，向外去批判性学习不断进化，是一个基金经理能否持续为投资人带来回报的关键。我认为这也是我还需要投入巨大精力的地方，我希望能够不断努力，争取不负持有人重托。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:16.144Z","mo":"对2022年市场的看法，总的观点是充满机会。  目前市场对2022年国内的经济充满疑虑，同时对于海外的流动性环境充满恐慌，因此我们看到了市场在元旦后春节前的大幅下跌。但是我一直认为，我们对于中央稳增长的政策目标要充满信心。一方面今年国内可动用的政策工具其实还很多，地产、基建等都是可以有所作为的领域，而且这些与长期政策目标也并不相悖。另一方面，国内迥异于海外的低通胀水平等，也给刺激政策预留了较大的空间。外部环境方面，我们不应对美联储的货币政策过于担心，因为随着我国综合国力的大幅提升，美联储流动性对我国的影响是不断被削弱的。    总而言之，在目前这个阶段我对市场充满了信心。除了少部分高估值的行业和赛道之外，我认为大部分行业都有机会，其中符合时代特征的一些行业，机会则更大。","fund":{"_id":3000000001300,"stockCode":"001300","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":4234530000,"market":"a","tickerId":1300,"custody":"广发证券股份有限公司","name":"大成睿景灵活配置混合型证券投资基金","shortName":"大成睿景灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3979,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.619Z","masterFundFlag":1,"inceptionDate":"2015-05-25T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成睿景灵活配置混合","memoNum":1,"pinyin":"dcrjlhpzhhxzqtzjj","managers":[{"stockCode":"db20661331","stockType":"fund_manager","exchange":"fm","tickerId":803190160,"name":"韩创"}]},"announcement":{"linkText":"大成睿景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=707888","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5507fea5b3eb044435b","date":"2021-09-29T16:00:00.000Z","stockId":3000000001300,"sao":"2021三季度市场整体波澜不惊，上证指数基本持平。然而指数内部分化剧烈，受益于碳达峰碳中和政策的不断推进，与之相关的传统能源及高耗能行业、新能源行业、电力行业等领域出现了大幅上涨，部分消费、科技行业表现较弱。三季度中，市场逐步认识到了能源问题的复杂性和严峻性。不仅仅是中国，全球都面临着能源转型过程中的阵痛。一方面我们需要更稳定更低廉的新型能源和网络，这里面还有很多技术进步的空间需要挖掘；另一方面我们可能需要为传统能源支付更高的价格，以应对双碳目标紧迫性的实施。总的来说，我们认为双碳行动将对全社会带来重大变革，它包括了能源、交通、生产、生活等各个重要方面。在这个大的社会变革中，投资机会将会层出不穷，我们将努力在其中挖掘出有显著价值的投资标的。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:16.141Z","fund":{"_id":3000000001300,"stockCode":"001300","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":4234530000,"market":"a","tickerId":1300,"custody":"广发证券股份有限公司","name":"大成睿景灵活配置混合型证券投资基金","shortName":"大成睿景灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3979,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.619Z","masterFundFlag":1,"inceptionDate":"2015-05-25T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成睿景灵活配置混合","memoNum":1,"pinyin":"dcrjlhpzhhxzqtzjj","managers":[{"stockCode":"db20661331","stockType":"fund_manager","exchange":"fm","tickerId":803190160,"name":"韩创"}]},"announcement":{"linkText":"大成睿景灵活配置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=657846","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5507fea5b3eb044435a","date":"2021-06-29T16:00:00.000Z","stockId":3000000001300,"sao":"回顾2021年上半年，我们亲身经历了近几年一个最强趋势的终结。自2016年以来，伴随外资的不断进入，价值投资的理念变得从来没有过的流行。然而，大部分投资者与其说是皈依于价值投资，倒不如说是皈依于茅指数永远涨的趋势。到了后期，为了解释茅指数的超高估值，投资者们发明了终局思维、赛道思维等诸多理论，在茅指数们看起来强大的护城河面前，它们远期的终局似乎是不言自明的。因此从现金流折现的角度来看，只要远期的确定性足够高，则当前无论多高的估值都是合理的。而现在，大部分投资者又恍然大悟似地意识到，看起来确定性很高的终局，其实潜藏着太多的不确定性。  我们也想找到一个能够预言未来的水晶球，去洞穿历史发展的重重迷雾。然而，我们从来就不认为，这种水晶球是轻易可得的，或者是人人可得的。历史早就无数次证明，具备高度洞察力的头脑是极度稀缺的。我们坦然承认自己目前也尚不具备这样的洞察能力，但正是因为我们能够坦诚地面对自己和客户，所以我们至少不会让自己陷入到相应的风险之中。  春节之后，伴随着茅指数的逐步暗淡，新能源板块快速崛起。市场和部分投资者迅速地从过度强调护城河，强调终局思维，转换为对当期利润增速的高度关注。至此，赛道投资更臻于极致。在产业变革的大时代，如何在合适的风险水平下，捕捉到真正能给投资者带来明显收益的机会，也是我们一直在研究的课题。但毫无疑问的是，我们不会去做市场的跟风者，不会在市场捉摸不定的情绪中沉浮。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:16.138Z","mo":"展望2021年下半年，我们仍然认为通胀是一条值得重视的主线。需求的逐步复苏，叠加上供给的诸多限制，通胀其实已经在很多行业中显现，只是大家对于它们的持续性存在很大分歧。我们认为，在目前这样前所未遇的大历史阶段，可能我们需要对以往的一些思维定势保持一定的警惕，并在独立思考和观察中去接近真相。  每一份申购都是真金白银的信任投票，我们非常感谢基金持有人的信任。我们将始终保持如履薄冰、独立审慎的工作态度，在控制好风险的前提下，为投资人争取更高的投资回报。","fund":{"_id":3000000001300,"stockCode":"001300","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":4234530000,"market":"a","tickerId":1300,"custody":"广发证券股份有限公司","name":"大成睿景灵活配置混合型证券投资基金","shortName":"大成睿景灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3979,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.619Z","masterFundFlag":1,"inceptionDate":"2015-05-25T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成睿景灵活配置混合","memoNum":1,"pinyin":"dcrjlhpzhhxzqtzjj","managers":[{"stockCode":"db20661331","stockType":"fund_manager","exchange":"fm","tickerId":803190160,"name":"韩创"}]},"announcement":{"linkText":"大成睿景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=636538","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5507fea5b3eb0444359","stockId":3000000001300,"sao":"2021年一季度市场在往更加均衡的方向发展，沪深300与中证500指数的估值有了一定的收敛。整体市场受到经济复苏和流动性收紧的双重影响，投资难度在加大。绝大部分投资者开始意识到，依靠估值不断扩张来实现投资收益是存在很大不确定性的。本基金在一季度取得了较好的收益率，主要基于基金管理人对于行业和个股的选择能力。总的来看，我们认为2021年的市场还是可以有所作为的，还有很多资产的价值等待被投资者去挖掘和重估。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:16.136Z","fund":{"_id":3000000001300,"stockCode":"001300","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":4234530000,"market":"a","tickerId":1300,"custody":"广发证券股份有限公司","name":"大成睿景灵活配置混合型证券投资基金","shortName":"大成睿景灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3979,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.619Z","masterFundFlag":1,"inceptionDate":"2015-05-25T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成睿景灵活配置混合","memoNum":1,"pinyin":"dcrjlhpzhhxzqtzjj","managers":[{"stockCode":"db20661331","stockType":"fund_manager","exchange":"fm","tickerId":803190160,"name":"韩创"}]},"announcement":{"linkText":"大成睿景灵活配置混合型证券投资基金 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