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未来我们将持续聚焦军工板块中受益于国防武器升级放量、治理结构优异的公司，力争为持有人创造收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:10.078Z","fund":{"_id":3000000001475,"stockCode":"001475","stockType":"fund","areaCode":"cn","followedNum":370,"blackenedNum":1,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-16T16:00:00.000Z","setUpScale":9770340000,"market":"a","tickerId":1475,"custody":"中国建设银行股份有限公司","name":"易方达国防军工混合型证券投资基金","shortName":"易方达国防军工混合(001475)","fundSecondLevel":"hybrid","__csrcFundId":4093,"fundStatus":"normal","lastUpdated":"2026-04-30T18:01:44.296Z","masterFundFlag":1,"inceptionDate":"2015-06-18T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达国防军工混合","pinyin":"yfdgfjghhxzqtzjj","managers":[{"stockCode":"8801622899","stockType":"fund_manager","exchange":"fm","tickerId":80311194750,"name":"何崇恺"}]},"announcement":{"linkText":"易方达国防军工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=1275668","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5867fea5b3eb0447e6d","date":"2024-12-30T16:00:00.000Z","stockId":3000000001475,"sao":"2024年全年A股市场行情波动较大，上半年整体市场行情较差，9月底市场在政策预期大幅好转的背景下迎来快速上涨。 2024年上证指数上涨12.67%，沪深300指数上涨14.68%，创业板指数上涨13.23%，科创50指数上涨16.07%。而中证军工指数上涨8.20%，表现弱于主要宽基指数。回顾2024年整体市场，板块之间分化较大，以人工智能或高分红为主要特征的银行、通信、家电等板块表现较好，而表现较差的主要是医药、农林牧渔等板块。2024年上半年军工指数表现一般，但是9月底以来伴随大盘有明显反弹。受到整体市场风格以及盈利趋势的影响，2024年军工板块中表现较好的主要是卫星互联网、低空经济、人工智能等带有一定前沿科技属性的资产。订单释放节奏扰动及价格下降等因素导致多数上市公司盈利压力较大。但是我们判断2024年大概率是板块盈利触底的一年。本基金2024年采取了比较积极的投资策略，保持了较高股票仓位。在军工板块内部，我们看好：（1）受益于核心先进装备列装的主机厂；（2）受益于军用飞机、C919以及全球民用飞机产能转移的飞机、发动机产业链；（3）受益于信息化、自主可控要求的军用电子板块；（4）以钛合金、碳纤维、高温合金、隐身材料为代表的先进军用材料板块；（5）格局好、景气度高涨以及受益于碳减排带来技术升级的船用发动机环节。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:10.075Z","mo":"军工板块长期看受益于国防军费持续稳健的增长。2024年军费预算增速达到7.2%，在财政收入压力相对较大的阶段依旧维持了相对可观的增速。2024年我国周边形势依旧面临较大挑战，有必要继续增加防备力量，这将给军事装备采购带来较大的增量空间。从国防新研装备的角度来说，我们有望迎来新一批更先进装备的放量。2024年珠海航展展示的大量新型装备等信息证明军用装备依旧具有较大的发展空间。2023、2024年整体军工板块经历了降价、需求不振、格局出清等逻辑，股价整体表现不尽如人意。当前整体军工板块处于历史估值底部，一旦订单修复将迎来较大的股价弹性。2025年也是十四五最后一年，我们对整体装备建设保持乐观。","fund":{"_id":3000000001475,"stockCode":"001475","stockType":"fund","areaCode":"cn","followedNum":370,"blackenedNum":1,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-16T16:00:00.000Z","setUpScale":9770340000,"market":"a","tickerId":1475,"custody":"中国建设银行股份有限公司","name":"易方达国防军工混合型证券投资基金","shortName":"易方达国防军工混合(001475)","fundSecondLevel":"hybrid","__csrcFundId":4093,"fundStatus":"normal","lastUpdated":"2026-04-30T18:01:44.296Z","masterFundFlag":1,"inceptionDate":"2015-06-18T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达国防军工混合","pinyin":"yfdgfjghhxzqtzjj","managers":[{"stockCode":"8801622899","stockType":"fund_manager","exchange":"fm","tickerId":80311194750,"name":"何崇恺"}]},"announcement":{"linkText":"易方达国防军工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=1249367","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5867fea5b3eb0447e6c","date":"2024-09-29T16:00:00.000Z","stockId":3000000001475,"sao":"2024年三季度整体市场前期呈现缓慢持续下跌，而后期急速上涨趋势。其中上证指数上涨12.44%，创业板指数上涨29.21%，沪深300指数上涨16.07%。同期中证军工指数上涨13.16%，整个季度军工板块表现与除创业板外的主要指数差异不大。三季度市场表现较好的主要是非银金融、计算机、电力设备与新能源等板块，而前期表现突出的石油石化、煤炭、电力及公用事业等高分红特征的板块表现落后。2024年三季度后半段军工板块股价虽然大幅反弹，但是并未走出显著不同于大盘的独立行情。根据我们的分析，当前军工行业订单释放依旧受到各种相关因素的影响。另外由于订单未能批量释放，军工部分环节竞争压力增大，导致毛利润率下行，也使得2024年军工板块业绩承压。但是我们研究也发现了许多积极的因素，例如不少产业反馈信息表示在手研发项目两倍甚至数倍于2020年，并且多数产业链公司给出今年降价后未来行业降价空间有限等判断。基于2024年国防军费增速依旧稳健持续增长，我们相信订单的释放大概率会落在2025年。本基金三季度采取了比较积极的投资策略，保持了较高股票仓位。当前世界格局处于动荡以及割裂的时期，俄乌以及中东问题持续演绎也是全球大国利益博弈的一部分，因此在未来相当长一段时间军事实力都是一国安全的重要保障。当前我们看好2025年军工行业的超额收益表现。在军工板块内部，我们看好（1）受益于信息化提速、自主可控要求的军用电子板块；（2）受益于军用飞机、C919以及全球民用飞机产能转移的飞机、发动机产业链；（3）激励机制较好的国有主机厂以及配套国有企业；（4）高精度、低成本、智能化导弹、远程火箭弹产业链；（5）以钛合金、碳纤维、高温合金、隐身材料为代表的先进军用材料板块；（6）格局好、景气度高涨以及受益于碳减排带来技术升级的船用发动机环节。 未来我们将持续聚焦军工板块中受益于国防武器升级放量、治理结构优异的公司，力争为持有人创造收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:10.072Z","fund":{"_id":3000000001475,"stockCode":"001475","stockType":"fund","areaCode":"cn","followedNum":370,"blackenedNum":1,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-16T16:00:00.000Z","setUpScale":9770340000,"market":"a","tickerId":1475,"custody":"中国建设银行股份有限公司","name":"易方达国防军工混合型证券投资基金","shortName":"易方达国防军工混合(001475)","fundSecondLevel":"hybrid","__csrcFundId":4093,"fundStatus":"normal","lastUpdated":"2026-04-30T18:01:44.296Z","masterFundFlag":1,"inceptionDate":"2015-06-18T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达国防军工混合","pinyin":"yfdgfjghhxzqtzjj","managers":[{"stockCode":"8801622899","stockType":"fund_manager","exchange":"fm","tickerId":80311194750,"name":"何崇恺"}]},"announcement":{"linkText":"易方达国防军工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=1178980","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5867fea5b3eb0447e6b","date":"2024-06-29T16:00:00.000Z","stockId":3000000001475,"sao":"2024年上半年A股市场行情整体呈现震荡走势，市场在1月份以及2月初大幅下跌后迎来回升，但在5月底后又有所回落。其中，板块与不同风格股票表现分化较大。上证指数下跌0.25%，沪深300指数上涨0.89%，而创业板指数下跌10.99%，科创50指数下跌16.42%。此外，中证军工指数下跌8.64%，表现弱于整体市场。回顾2024年上半年整体市场，表现较好的主要集中在银行、煤炭、石油石化、家电、电力及公用事业、人工智能算力等板块。低估值、高分红相关的股票在当前整体经济增长放缓的大背景下比较优势显著，吸引资金不断流入。人工智能算力受益于美国人工智能高速发展的推动，整体板块表现亮眼。而计算机、传媒以及地产产业链等板块在上半年表现较差。2024年上半年军工指数表现一般，其中受益于全球民用船舶更新周期以及新船产能紧缺的船舶板块表现良好。另外受到整体市场风格以及盈利稳定性的影响，板块内大市值标的相较于中小市值标的股价表现整体更好。2024年上半年军工相关行业变化在一定程度上影响了军工板块订单的释放进展，这也导致不少上市公司业绩增长的持续性受到一定程度的影响。同时，部分受益于上一轮军工行业高度景气的公司在下行周期中竞争格局变差，降价压力增加，从而股价表现不佳。本次行业下行周期也是对各个公司真实竞争力的一次检验，未来我们的持仓将更加聚焦于竞争优势突出、经营管理稳健的优质公司。本基金上半年采取了比较积极的投资策略，保持了较高股票仓位。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:10.070Z","mo":"在军工板块内部，我们看好（1）受益于信息化提速、自主可控要求的军用电子板块；（2）受益于军用飞机、C919以及全球民用飞机产能转移的飞机、发动机产业链；（3）激励机制较好的国有主机厂以及配套国有企业；（4）高精度、低成本、智能化导弹和远程火箭弹产业链；（5）以钛合金、碳纤维、高温合金、隐身材料为代表的先进军用材料板块。军工板块长期看受益于国防军费持续稳健的增长。2024年军费预算增速达到7.2%，依旧维持了相对可观的增速。我们相信国家在国防装备建设上的投入在未来几年依旧会持续增长。当前国际形势依旧不容乐观，这也要求中国不断增强国防装备力量的建设。军工由于其较强的计划属性，我们认为2025年大概率将迎来“十四五”最后一年订单集中释放带来的行业景气。长期看，我们认为中国军事力量的建设水平当前仍旧和综合国力不匹配，军工行业仍然有比较大的成长空间。","fund":{"_id":3000000001475,"stockCode":"001475","stockType":"fund","areaCode":"cn","followedNum":370,"blackenedNum":1,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-16T16:00:00.000Z","setUpScale":9770340000,"market":"a","tickerId":1475,"custody":"中国建设银行股份有限公司","name":"易方达国防军工混合型证券投资基金","shortName":"易方达国防军工混合(001475)","fundSecondLevel":"hybrid","__csrcFundId":4093,"fundStatus":"normal","lastUpdated":"2026-04-30T18:01:44.296Z","masterFundFlag":1,"inceptionDate":"2015-06-18T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达国防军工混合","pinyin":"yfdgfjghhxzqtzjj","managers":[{"stockCode":"8801622899","stockType":"fund_manager","exchange":"fm","tickerId":80311194750,"name":"何崇恺"}]},"announcement":{"linkText":"易方达国防军工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=1149723","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5867fea5b3eb0447e6a","date":"2024-03-30T16:00:00.000Z","stockId":3000000001475,"sao":"2024年一季度整体市场呈现先跌后涨趋势，其中上证指数上涨2.23%，创业板指数下跌3.87%，沪深300指数上涨3.10%。同期中证军工指数下跌6.16%，军工板块表现差于主要指数。一季度表现较好的主要是有色、石油、家电、煤炭等估值较低的板块，而表现较差的主要是医药、计算机、地产、电子、军工等板块。一季度军工板块股价表现亮点较少，主要是“低空经济”相关标的以及船舶板块表现相对较好，而受到景气度影响最大的上游元器件、芯片、零部件、原材料等公司表现较差。十四五“中期调整”落地缓慢、军队人事变动以及军工集团人事调整对军工订单的正常释放有一定影响，今年一季度军工板块主流公司的业绩依旧受到去年三季度订单“真空期”的部分影响。但是最近公布的国防军费预算增速保持在7.2%，这一稳健增长预示着国家对于装备的投入依旧在持续增长。十四五规划实现的紧迫性使得2024年下半年、2025年军品需求将持续景气。另外，本轮行业低谷也可以出清一部分低效产能，中长期看优质企业将利用自身成本、管理优势拉开与同行的距离，它们依旧可以维持可观的利润率。经过2022、2023年的调整，多数优质军工白马股的估值已经处在非常底部的位置，因此我们对未来充满信心。展望2024年，我们认为军工板块还是存在较多的结构性投资机会。本基金一季度采取了比较积极的投资策略，保持了较高股票仓位。军事实力是大国综合实力较量的重要组成部分，中美两国军事实力的较量也将影响未来5-10年全球经济政治格局的变迁。基于此，我们看好未来5年军工板块的超额收益表现。在军工板块内部，我们看好（1）受益于信息化提速、自主可控要求的军用电子板块；（2）受益于军用飞机放量的飞机、发动机产业链；（3）激励机制较好的主机厂以及配套国有企业；（4）高精度、低成本、智能化导弹、远程火箭弹产业链；（5）以钛合金、碳纤维、高温合金、隐身材料为代表的先进军用材料板块。 从近期美国对我国施展的“科技制裁”来看，未来中国实现现代化之路所面临的外部环境充满了不确定性。因此，增强国防装备力量的建设是国家长治久安、和平发展的基础保障。未来我们将持续聚焦受益于国防武器升级放量、治理结构优异的公司，为持有人创造收益。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:10.067Z","fund":{"_id":3000000001475,"stockCode":"001475","stockType":"fund","areaCode":"cn","followedNum":370,"blackenedNum":1,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-16T16:00:00.000Z","setUpScale":9770340000,"market":"a","tickerId":1475,"custody":"中国建设银行股份有限公司","name":"易方达国防军工混合型证券投资基金","shortName":"易方达国防军工混合(001475)","fundSecondLevel":"hybrid","__csrcFundId":4093,"fundStatus":"normal","lastUpdated":"2026-04-30T18:01:44.296Z","masterFundFlag":1,"inceptionDate":"2015-06-18T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达国防军工混合","pinyin":"yfdgfjghhxzqtzjj","managers":[{"stockCode":"8801622899","stockType":"fund_manager","exchange":"fm","tickerId":80311194750,"name":"何崇恺"}]},"announcement":{"linkText":"易方达国防军工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=1074791","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5867fea5b3eb0447e69","date":"2023-12-30T16:00:00.000Z","stockId":3000000001475,"sao":"2023年A股市场行情整体呈现震荡下行走势，细分行业与个股表现分化较大。2023年上证指数下跌3.70%，沪深300指数下跌11.38%，创业板指数下跌19.41%，科创50指数下跌11.24%，中证军工指数下跌11.02%，表现几乎与沪深300指数持平。回顾2023年A股市场，随着PPI（工业生产者出厂价格指数）、CPI（居民消费价格指数）整体下行，整体上市公司盈利与年初预期有所下调，成长股股价全年走势疲软。整个市场表现最好的资产主要集中在煤炭、石油石化、大金融、电信运营商等“高股息类”稳定资产；成长股中主要是“人工智能”、“人形机器人”等长期远景较好的主题性资产有阶段性超额收益；而在2019年至2022年积累了较大超额收益的新能源、半导体、军工、CXO（医药研发生产外包）、医疗服务等资产在2023年表现则一般。2023年军工指数表现平平，其中民用船舶类、卫星互联网等主题类资产表现相对突出，部分公司在2023年表现不佳。其核心原因是2023年“十四五”中期调整推迟落地在一定程度上影响了订单的释放节奏，同时部分中上游环节竞争格局开始松动导致单位盈利开始下行。展望未来我们依然相信军工需求将持续稳健增长，高端化、信息化、智能化、低成本等新的装备发展方向仍将持续演绎。另外一方面，装备低成本化在2023年成为影响军工板块盈利长期增长的主要矛盾，因此未来经营效率拥有相对优势的企业将会在下一轮需求起来的时候占据优势。本基金整体采取了比较积极的投资策略，保持了较高股票仓位。在军工板块内部，我们看好（1）在产业链定价能力逐步强化、激励机制逐步健全的主机厂；（2）受益于自主可控、信息化提速的军用电子板块；（3）发动机产业链；（4）以钛合金、碳纤维、高温合金、隐身材料为代表的先进军用材料板块；（5）受益于股权激励加速落地的国企改革板块。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:10.064Z","mo":"从近期美国对我国施展的“科技制裁”来看，未来中国实现现代化之路所面临的外部环境充满了不确定性。因此，增强国防装备力量的建设是国家长治久安、和平发展的基础保障。军工由于其较强的计划经济属性，受到疫情影响的订单将在“十四五”后期得到充分执行，基于此我们相信未来军工板块业绩仍然将保持稳健与中高速的增长。我们认为中国军事力量的建设水平当前仍旧和综合国力不匹配，这也就意味着军工产业未来5年依旧具备巨大的成长空间。","fund":{"_id":3000000001475,"stockCode":"001475","stockType":"fund","areaCode":"cn","followedNum":370,"blackenedNum":1,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-16T16:00:00.000Z","setUpScale":9770340000,"market":"a","tickerId":1475,"custody":"中国建设银行股份有限公司","name":"易方达国防军工混合型证券投资基金","shortName":"易方达国防军工混合(001475)","fundSecondLevel":"hybrid","__csrcFundId":4093,"fundStatus":"normal","lastUpdated":"2026-04-30T18:01:44.296Z","masterFundFlag":1,"inceptionDate":"2015-06-18T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达国防军工混合","pinyin":"yfdgfjghhxzqtzjj","managers":[{"stockCode":"8801622899","stockType":"fund_manager","exchange":"fm","tickerId":80311194750,"name":"何崇恺"}]},"announcement":{"linkText":"易方达国防军工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=1050734","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5867fea5b3eb0447e68","date":"2023-09-29T16:00:00.000Z","stockId":3000000001475,"sao":"2023年三季度整体市场呈现震荡下行走势，其中上证指数下跌2.86%，创业板指数下跌9.53%，沪深300指数下跌3.98%。同期中证军工指数下跌10.78%，板块表现差于大盘。三季度市场表现相对较好的主要煤炭、金融、石油石化等低估值高分红类的资产，而电力设备、传媒、计算机等成长板块表现不佳。2023年三季度军工板块股价表现亮点较少，主要是部分板块前期订单、业绩基数较高导致的短期增速下降。另外，军工需求端的“中期调整”未能在三季度落地，造成市场对于军工板块在2023年下半年及以后业绩稳健与中高速成长的确定性产生一定质疑。根据我们的研究分析，军工行业需求端依旧十分景气，短期需求端的波动并不会影响长期趋势的展望。未来5年军工板块依旧处于持续中高速增长的态势中，同时经过2022、2023年上半年的调整，多数优质军工白马股的估值已经处在非常低的位置，因此我们对未来充满信心。本基金三季度采取了比较积极的投资策略，保持了较高股票仓位。军事实力是大国综合实力较量的重要组成部分，也将影响未来5-10年全球经济政治格局的变迁。基于此，我们看好未来5年军工板块的超额收益表现。在军工板块内部，我们看好（1）受益于自主可控、信息化提速的军用电子板块；（2）受益于军用飞机放量的飞机、发动机产业链；（3）激励机制较好的主机厂以及配套国有企业；（4）高精度、低成本、智能化导弹、远程火箭弹产业链；（5）以钛合金、碳纤维、高温合金、隐身材料为代表的先进军用材料板块。增强国防装备力量的建设是国家长治久安、和平发展的基础保障，我们认为军工板块还是存在较多的结构性投资机会。未来我们将持续聚焦受益于国防武器升级放量、治理结构优异的公司，为持有人创造收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:10.061Z","fund":{"_id":3000000001475,"stockCode":"001475","stockType":"fund","areaCode":"cn","followedNum":370,"blackenedNum":1,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-16T16:00:00.000Z","setUpScale":9770340000,"market":"a","tickerId":1475,"custody":"中国建设银行股份有限公司","name":"易方达国防军工混合型证券投资基金","shortName":"易方达国防军工混合(001475)","fundSecondLevel":"hybrid","__csrcFundId":4093,"fundStatus":"normal","lastUpdated":"2026-04-30T18:01:44.296Z","masterFundFlag":1,"inceptionDate":"2015-06-18T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达国防军工混合","pinyin":"yfdgfjghhxzqtzjj","managers":[{"stockCode":"8801622899","stockType":"fund_manager","exchange":"fm","tickerId":80311194750,"name":"何崇恺"}]},"announcement":{"linkText":"易方达国防军工混合型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/di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