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预期其有望提供相对稳健的投资回报。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:39.530Z","mo":"我们预期国内宏观经济整体将保持平稳运行态势。考虑到国内财政政策仍具备较大加杠杆空间，经济增长的下行风险预计在较大程度上具备政策应对的缓冲空间。 海外方面，市场普遍预期美联储可能在年内启动降息周期，若此情形发生，从流动性角度看，可能对包括A股在内的全球权益类资产形成一定支撑。主要的不确定性可能仍来自于潜在的贸易摩擦风险。但考虑到上半年市场已经经历过压力测试，投资者情绪对此类风险的敏感度可能有所降低；同时，预计后续关税措施的范围或力度相对上半年缓和，该风险因素对市场产生的实质影响整体预计相对可控。高股息红利类资产方面，当前其股息率相对于全社会无风险收益率仍然存在具有吸引力的利差，其配置价值持续存在。此外，随着经济增长模式转向高质量发展阶段，预计未来将有更多上市公司会启动或加大现金分红力度。从整体市场结构观察，A股市场已经进入现金分红规模超过股权融资规模的发展阶段。","fund":{"_id":3000000001577,"stockCode":"001577","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-30T16:00:00.000Z","setUpScale":746125000,"market":"a","tickerId":1577,"custody":"中国建设银行股份有限公司","name":"嘉实低价策略股票型证券投资基金","shortName":"嘉实低价策略股票","fundSecondLevel":"company","__csrcFundId":4213,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:50.138Z","masterFundFlag":1,"inceptionDate":"2015-07-26T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实低价策略股票","pinyin":"jsdjclgpxzqtzjj","managers":[{"stockCode":"db20761418","stockType":"fund_manager","exchange":"fm","tickerId":1206200030,"name":"栾峰"}]},"announcement":{"linkText":"嘉实低价策略股票型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1346624","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a37fea5b3eb044a07d","date":"2025-03-30T16:00:00.000Z","stockId":3000000001577,"sao":"一季度国内权益市场整体表现平稳，其中沪深300指数下跌1.21个百分点，创业板指数下跌1.77个百分点。受人工智能和机器人产业相关事件的催化，A股泛科技板块交易活跃，但由于这些产业发展尚处于早期，盈利模式和空间并不清晰，且多数公司安全边际不足，所以对我们而言主要以观察和学习为主。另一方面，美国关税政策也给全球贸易市场以及其国内经济增长和通胀前景带来不确定性，一定程度上也抑制了投资者对经济相关度高的蓝筹股的风险偏好。　　组合管理方面，我们的持仓依然集中在相对成熟的行业领域，就我们自己观察来看，经济自然复苏的过程可能已经启动，虽然复苏节奏和力度有不确定性，但是微观层面看，传统行业中一些优质公司的盈利能力似乎有见底的迹象，这一方面得益于经济增长需要有底线的支撑，另一方面得益于这些公司积极调整产品结构、经营节奏以及高效的成本管理能力，同时这些公司的估值即便基于保守的盈利预测也是非常有吸引力，是市场中非常有性价比的资产。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:39.527Z","fund":{"_id":3000000001577,"stockCode":"001577","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-30T16:00:00.000Z","setUpScale":746125000,"market":"a","tickerId":1577,"custody":"中国建设银行股份有限公司","name":"嘉实低价策略股票型证券投资基金","shortName":"嘉实低价策略股票","fundSecondLevel":"company","__csrcFundId":4213,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:50.138Z","masterFundFlag":1,"inceptionDate":"2015-07-26T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实低价策略股票","pinyin":"jsdjclgpxzqtzjj","managers":[{"stockCode":"db20761418","stockType":"fund_manager","exchange":"fm","tickerId":1206200030,"name":"栾峰"}]},"announcement":{"linkText":"嘉实低价策略股票型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1278141","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a37fea5b3eb044a07c","date":"2024-12-30T16:00:00.000Z","stockId":3000000001577,"sao":"2024年a股市场虽然有一定波动，但全年所有宽基指数均实现了正收益，其中沪深300、创业板指以及科创50年度收益率分为别14.68%、13.23%和16.07%。风格方面，价值和成长风格均有不错表现，其中高股息资产在3季度之前表现相对较好，以人工智能、半导体为代表的成长类资产在4季度风险偏好修复的背景下表现突出。宏观经济方面，4季度随着一系列稳增长政策出台，经济实现5%的增长目标，展现出国内经济增长的韧性。组合运作方面，全年时间维度上看组合主要配置在以银行、家电和公用事业为代表的高股息资产上，组合波动率处于相对较低水平的基础上全年实现了较为理想的回报率。4季度基于市场风险偏好提升的背景以及部分持仓估值吸引力下降，我们对组合结构进行了再平衡，适度增加了制造业的配置。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:39.525Z","mo":"展望2025年，我们认为国内经济基本面向好的趋势不变，一方面消费领域的补贴政策延续了去年的强度，而房地产行业经历了近几年的调整也有望企稳，另一方面，人工智能、自动驾驶、机器人等新技术展现出全球竞争优势，有望对传统行业的转型升级实现赋能，并形成新的经济增长极。在这样的背景下，我们认为权益市场会有较为丰富的投资机会，一方面市场上依然存在一批长期股息回报率相当有吸引力的资产，吸引中低风险偏好资金持续流入；另一方面，以人工智能为代表的科技创新也给自身以及相关领域带来非线性变化，这种变化也会在资本市场上映射出多样化的投资机会。另外，一些周期行业短期虽然看不到业绩弹性，但供需格局也会在内因外力的作用下迎来潜移默化的改变，其中的优质公司的股价也一定会对这种变化有响应。","fund":{"_id":3000000001577,"stockCode":"001577","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-30T16:00:00.000Z","setUpScale":746125000,"market":"a","tickerId":1577,"custody":"中国建设银行股份有限公司","name":"嘉实低价策略股票型证券投资基金","shortName":"嘉实低价策略股票","fundSecondLevel":"company","__csrcFundId":4213,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:50.138Z","masterFundFlag":1,"inceptionDate":"2015-07-26T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实低价策略股票","pinyin":"jsdjclgpxzqtzjj","managers":[{"stockCode":"db20761418","stockType":"fund_manager","exchange":"fm","tickerId":1206200030,"name":"栾峰"}]},"announcement":{"linkText":"嘉实低价策略股票型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1250645","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a37fea5b3eb044a07b","date":"2024-09-29T16:00:00.000Z","stockId":3000000001577,"sao":"3季度以来，由于国内宏观经济下行压力有所加大，以及投资者悲观情绪的蔓延，市场持续下跌，但是9月底随着一系列稳定资本市场和房地产市场的政策出台，以及政府稳定经济的决心增强，市场短期出现快速上涨，主要宽基指数均在3季度实现正收益，同时美联储开启降息以及人民币汇率的企稳，也为国内出积极货币政策提供了有利的外部环境。　　组合管理层面，由于市场在7、8月份持续下跌，更多优质公司进入长期回报率有吸引力的区间，我们也对持仓基于进行了适度优化，增加了消费相关的资产的配置，虽然部分公司短期业绩由于去库存的因素有一定压力，但长期竞争力并未受到损伤，终端需求也相对稳定，且资产负债表健康，未来也具备进一步提升分红的潜力，此外，基于行业和公司的比较，并综合考虑宏观背景的变化，我们也在金融板块内部的配置进行了调整，适当降低了银行和建筑的配置，增加了非银的配置。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:39.521Z","fund":{"_id":3000000001577,"stockCode":"001577","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-30T16:00:00.000Z","setUpScale":746125000,"market":"a","tickerId":1577,"custody":"中国建设银行股份有限公司","name":"嘉实低价策略股票型证券投资基金","shortName":"嘉实低价策略股票","fundSecondLevel":"company","__csrcFundId":4213,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:50.138Z","masterFundFlag":1,"inceptionDate":"2015-07-26T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实低价策略股票","pinyin":"jsdjclgpxzqtzjj","managers":[{"stockCode":"db20761418","stockType":"fund_manager","exchange":"fm","tickerId":1206200030,"name":"栾峰"}]},"announcement":{"linkText":"嘉实低价策略股票型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1178640","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a37fea5b3eb044a07a","date":"2024-06-29T16:00:00.000Z","stockId":3000000001577,"sao":"上半年国内权益市场的投资逻辑依然围绕追求确定回报率和经济结构调整展开，但涉及的股票范围有所扩大，其中也不乏一些跟风投机标的，我们的持仓主要还是集中在低估值的公司上，并基于公司质地、估值便宜程度以及性价比对个别持仓进行了调整，但总体变化不大，并未跟随市场扩散到一些次优公司上。另外，组合中也持有部分周期类资产，虽然现阶段这些公司由于景气度不高或是行业过于传统可能不被市场青睐，但历史上这些公司已经屡次穿越周期实现跨台阶增长，这种增长不只是量的扩张，还有质的提升，这种能力在目前阶段看依然存在且持续加强，我们认为中长期这些公司依然能够实现合意的回报率。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:39.518Z","mo":"宏观现阶段面临一定压力，但经济增长的底限有保证，这意味着优质公司业绩是有底的，考虑估值调整的时间和幅度，目前挑选公司的余地更大，同时投资者也要克服挣快钱的心态，做“耐心”资本。另外，股息率在未来投资决策中的权重会提升，这和市场风格无关，仅是回归投资的本源，背后逻辑在于权益资产的中枢回报（ROE）高于固定收益资产，这个和经济增速关系不大，但体现的方式不同，在经济的快速增长期体现为大量的净融资，在低速增长期则体现为高分红，对公司个体而言亦是如此，所以现阶段依然有不少公司有较大分红潜力，只是需要一些主客观因素的催化，而且这些公司也不是都集中在一些估值极低的行业中，也包括一些稳定增长的行业，也是后续重点研究的方向。","fund":{"_id":3000000001577,"stockCode":"001577","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-30T16:00:00.000Z","setUpScale":746125000,"market":"a","tickerId":1577,"custody":"中国建设银行股份有限公司","name":"嘉实低价策略股票型证券投资基金","shortName":"嘉实低价策略股票","fundSecondLevel":"company","__csrcFundId":4213,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:50.138Z","masterFundFlag":1,"inceptionDate":"2015-07-26T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实低价策略股票","pinyin":"jsdjclgpxzqtzjj","managers":[{"stockCode":"db20761418","stockType":"fund_manager","exchange":"fm","tickerId":1206200030,"name":"栾峰"}]},"announcement":{"linkText":"嘉实低价策略股票型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1151085","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a37fea5b3eb044a079","date":"2024-03-30T16:00:00.000Z","stockId":3000000001577,"sao":"2024年一季度A股市场虽然经历较大波动，单季度依然实现正收益。我们认为经过两年的调整之后，不少优质公司的股价相对于其内在价值已经有较大幅度折让，这是支撑一季度市场实现正回报的其中一个重要因素。另一方面，从工业增加值、发电量、制造业固定资产投资增速以及pmi指数来看，中国经济的韧性较强，和投资者的谨慎预期形成背离，2月份之后市场上涨也是对这种背离的纠偏。  　　组合管理层面，虽然从去年2季度开始我们就关注到了高股息资产这个方向并持续增加配置，相关的资产也有一定涨幅，但是考虑到宏观环境和产业发展阶段，投资者给予上市公司分红行为的积极反馈以及股息率的实际水平，我们认为这一类资产从隐含回报率来看依然具备吸引力，所以我们一季度在这个方向继续增加了配置。需要说明的是，投资高股息资产并非简单按照静态股息率的高低进行排序筛选，研究的重点还是公司的基本面是否具备稳定或提升派息率的客观条件，这依然是一个研究驱动的主动投资模式。此外，我们认为顺周期资产在投资者预期的低位和经济周期的早期也值得重视。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:39.516Z","fund":{"_id":3000000001577,"stockCode":"001577","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-30T16:00:00.000Z","setUpScale":746125000,"market":"a","tickerId":1577,"custody":"中国建设银行股份有限公司","name":"嘉实低价策略股票型证券投资基金","shortName":"嘉实低价策略股票","fundSecondLevel":"company","__csrcFundId":4213,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:50.138Z","masterFundFlag":1,"inceptionDate":"2015-07-26T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实低价策略股票","pinyin":"jsdjclgpxzqtzjj","managers":[{"stockCode":"db20761418","stockType":"fund_manager","exchange":"fm","tickerId":1206200030,"name":"栾峰"}]},"announcement":{"linkText":"嘉实低价策略股票2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1065568","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a37fea5b3eb044a078","date":"2023-12-30T16:00:00.000Z","stockId":3000000001577,"sao":"2023年对权益投资而言是极具挑战的一个年份，所处宏观环境复杂，海外方面，美国超预期的通胀压力使得美元的无风险利率持续走高，推动美元对人民币升值，对国内权益市场流动性产生压力；国内方面，稳定经济的宏观政策陆续出台，经济进入温和复苏的通道，但路径上有一些波折。科技创新方面，生成式人工智能的惊艳表现在震撼用户之余，也点燃了投资者对于其未来经济价值的畅想，并在上半年的权益市场上掀起一轮以人工智能为主题的热潮，只是退潮速度略快，这也说明单凭一腔热忱和天马行空的想象力无法获得回报，投资还是要脚踏实地的去积攒收益，全年看下来，高股息类资产还是给投资者带来了实实在在的回报，这一类资产也是我们在过去一年的一个重点配置方向，我们的组合也因此有所受益，但遗憾的是全年未能实现正收益，说明我们自己在一些投资决策上出现误判或是对负面情形估计不足。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:39.513Z","mo":"展望2024年，我们认为经济复苏的趋势不变，随着宏观政策的持续优化，经济的复苏力度也有望增强，而国内权益市场中诸多优质公司极低的估值已经和实际的基本面出现较大偏离，修复的时间窗口随时有可能开启，这个时候其实做出正确的判断只需要耐心和常识即可。在投资的方向上，我们认为高股息类的资产依然具备配置价值，但要从公司和行业入手，研究现金流的趋势和扩大分红的潜力和意愿，而非按照静态股息率高低做简单筛选。此外，我们认为供给端有瓶颈或需求端偏刚性的领域无需对宏观经济做过强假设也会有不错的盈利前景，也是需要重点关注的方向。","fund":{"_id":3000000001577,"stockCode":"001577","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-30T16:00:00.000Z","setUpScale":746125000,"market":"a","tickerId":1577,"custody":"中国建设银行股份有限公司","name":"嘉实低价策略股票型证券投资基金","shortName":"嘉实低价策略股票","fundSecondLevel":"company","__csrcFundId":4213,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:50.138Z","masterFundFlag":1,"inceptionDate":"2015-07-26T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实低价策略股票","pinyin":"jsdjclgpxzqtzjj","managers":[{"stockCode":"db20761418","stockType":"fund_manager","exchange":"fm","tickerId":1206200030,"name":"栾峰"}]},"announcement":{"linkText":"嘉实低价策略股票型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1049650","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a37fea5b3eb044a077","date":"2023-09-29T16:00:00.000Z","stockId":3000000001577,"sao":"3季度国内权益市场表现不佳，主要宽基指数均出现一定程度下跌，我们认为关键原因是10年期美债利率走高和美元走强带来的金融紧缩效应外溢，新兴市场普遍受到资金外流的负面影响。国内方面，9月份以来一系列稳定经济的宏观政策陆续出台，经济基本面呈现出触底回升的苗头，包括ppi降幅收窄、pmi指数持续改善以及上游资源品价格的企稳，节假日出行数据较强也表明消费端依然有一定的韧性。资源品和高股息资产在3季度表现较好，前者受益于中长期供给端收缩预期和短期汇率走弱，后者则是弱市下市场追求确定性回报的必然结果，高股息资产也是我们组合配置的一个重要方向。　　我们认为，随着近期一系列稳定信心和经济的政策举措陆续出台，以及库存周期对经济带来的内生修复的驱动，经济复苏的方向是明确的，而前期因为对经济的悲观预期导致估值收缩的行业和公司会进入较为有利的布局窗口期。同时在较低的估值水平和经济复苏的态势下，海外市场金融紧缩对国内权益市场的冲击程度也会减弱。在前述的宏观判断下，组合总体还是维持低估值资产的配置比例，并根据对宏观环境的判断适度降低了部分逆周期资产的持仓。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:39.510Z","fund":{"_id":3000000001577,"stockCode":"001577","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-30T16:00:00.000Z","setUpScale":746125000,"market":"a","tickerId":1577,"custody":"中国建设银行股份有限公司","name":"嘉实低价策略股票型证券投资基金","shortName":"嘉实低价策略股票","fundSecondLevel":"company","__csrcFundId":4213,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:50.138Z","masterFundFlag":1,"inceptionDate":"2015-07-26T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实低价策略股票","pinyin":"jsdjclgpxzqtzjj","managers":[{"stockCode":"db20761418","stockType":"fund_manager","exchange":"fm","tickerId":1206200030,"name":"栾峰"}]},"announcement":{"linkText":"嘉实低价策略股票型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=983136","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a37fea5b3eb044a076","date":"2023-06-29T16:00:00.000Z","stockId":3000000001577,"sao":"上半年国内权益市场较为活跃，由于经济尚处于恢复初期，多数经济相关度较高的公司业绩趋势并不明朗，在宏观流动性较为充裕的背景下，权益市场呈现出较为明显的主题投资的特点：例如人工智能概念相关的不少股票在没有清晰盈利空间的情形下股价出现大幅上涨，以及小市值股票表现系统性优于大市值股票。除了主题投资之外，以\"中特估\"为代表的高股息类资产在上半年也有相对不错的表现，背后的原因一方面是国债收益率下降凸显了这一类资产的吸引力，另一方面部分传统行业龙头经过了资本开支的高峰期之后，良好的竞争格局和稳定的盈利能力带来巨大的自由现金流创造能力，也具备了高分红的客观条件。基于对经济周期位置和增长中枢的判断，我们在上半年主要增加了高股息类和逆周期类资产的配置。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:39.507Z","mo":"展望下半年，随着7月下旬一系列稳定信心和经济的政策举措陆续出台，以及库存周期对经济带来的内生修复的驱动，我们认为可以对经济走势乐观一些，那些因为之前对经济的悲观预期导致估值收缩的行业和公司可能会进入较为有利的投资窗口期。同时我们也认为在经济复苏的背景下，前期主题投资占优的风格也会有所调整，市场的关注点可能重新聚焦在公司业绩上。","fund":{"_id":3000000001577,"stockCode":"001577","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-30T16:00:00.000Z","setUpScale":746125000,"market":"a","tickerId":1577,"custody":"中国建设银行股份有限公司","name":"嘉实低价策略股票型证券投资基金","shortName":"嘉实低价策略股票","fundSecondLevel":"company","__csrcFundId":4213,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:50.138Z","masterFundFlag":1,"inceptionDate":"2015-07-26T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实低价策略股票","pinyin":"jsdjclgpxzqtzjj","managers":[{"stockCode":"db20761418","stockType":"fund_manager","exchange":"fm","tickerId":1206200030,"name":"栾峰"}]},"announcement":{"linkText":"嘉实低价策略股票2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=955407","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a37fea5b3eb044a075","date":"2023-03-30T16:00:00.000Z","stockId":3000000001577,"sao":"一季度国内权益市场较为活跃，但由于经济尚处于恢复初期，很多经济相关度高的公司业绩趋势并不明朗，而宏观流动性又较为充裕，所以权益市场呈现出较为明显的主题投资特点，我们组合中的一些持仓也有所受益，但这不代表我们的方法论出现了漂移，买入这些股票的依据还是基于对公司竞争优势的理解、股价对应的估值水位、以及长期价值的判断。另外，对于新的技术变革，特别是那些具备在众多领域大幅提升效率的技术创新，我们也是以一个谦虚开放的心态积极学习，并从中寻找中长期能够真正兑现业绩的投资机会，尽管这并不是一件容易的事情。    一季度我们对组合进行了部分调整，这种调整是基于基本面信息跟踪基础上对公司、行业之间比较之后选择出来的结果，同时也合并了部分同类型的持仓，使组合保持高性价比和较为精简的状态。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:39.504Z","fund":{"_id":3000000001577,"stockCode":"001577","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal"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到历史极值附近，这意味着任何预期之外的货币政策的调整都可能引发市场波动，对此我们会持续保持关注。","fund":{"_id":3000000001577,"stockCode":"001577","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-30T16:00:00.000Z","setUpScale":746125000,"market":"a","tickerId":1577,"custody":"中国建设银行股份有限公司","name":"嘉实低价策略股票型证券投资基金","shortName":"嘉实低价策略股票","fundSecondLevel":"company","__csrcFundId":4213,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:50.138Z","masterFundFlag":1,"inceptionDate":"2015-07-26T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实低价策略股票","pinyin":"jsdjclgpxzqtzjj","managers":[{"stockCode":"db20761418","stockType":"fund_manager","exchange":"fm","tickerId":1206200030,"name":"栾峰"}]},"announcement":{"linkText":"嘉实低价策略股票型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=555176","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a37fea5b3eb044a06b","stockId":3000000001577,"sao":"三季度市场先是经历了7月上旬的大幅快速上涨，之后两个半月的时间整体比较平淡，创业板跑输上证50。基金经理在三季度知行合一的执行了二季度的判断和决策，取得了较好的收益。在二季度末，我们判断“基于当时市场选出的消费医药科技三大核心赛道估值与被市场抛弃的金融周期传统版块的估值差异达到历史极值，在这个时点上，基金经理的选择是不追随趋势，越在极值的时候，越要知行合一的客观分析股价与长期价值的性价比，我们坚持选择好的盈利模式、具备核心竞争力的优秀公司以及优秀的企业家，但我们的投资框架不会忽略估值，因此，在二季度末期，基金经理把组合做的更为平衡，减持了部分严重透支未来三到五年估值的个股，增持了以化工和地产产业链为代表的传统板块的极低估值的优质公司”。  回顾三季度，我们做的比较好的地方是，在高位大幅减持了不到一年已经提前兑现了三年预期收益的装配式建筑个股等公司，以及在想对不错的位置进一步增持了一直坚定持有的并且长期看好的光伏和电动车优质龙头；做的不足的地方是，在军工板块高点是只减持了一半的仓位，原因是基金经理研究认为未来军工板块中几个细分行业的高成长较为确定，因此在短期透支一年估值的情况下，考虑到年底估值切换留了一半的底仓，会在性价比较高的时候再择机加仓；目前暂时没有体现出来效果的操作是，在三季度大幅增持了地产龙头，我们很认同房住不炒的政策，但我们同时判断，地产龙头的估值已经难以被继续压缩，这个位置的性价比非常好，在横向和纵向对比各方面都极低甚至是最低的估值下，行业龙头未来三年中高两位数的成长确定，高股息率、高ROE、良好的现金流，且无论是市场化资金成本、拿地能力、还是政策三道红线，都更加有利于行业向龙头确定性的集中。最后，补充说明的是，基金经理的核心策略是买入并长期持有优质公司通过分享优质企业成长来获取收益，并不是交易板块或者个股，三季度交易相对较多，主要是由于部分板块和个股在6月和7月两月出现了短时间的过快过急的大幅上涨，部分透支了未来两三年的预期收益，因此基金经理选择了交易来保护好收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:39.476Z","fund":{"_id":3000000001577,"stockCode":"001577","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-30T16:00:00.000Z","setUpScale":746125000,"market":"a","tickerId":1577,"custody":"中国建设银行股份有限公司","name":"嘉实低价策略股票型证券投资基金","shortName":"嘉实低价策略股票","fundSecondLevel":"company","__csrcFundId":4213,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:50.138Z","masterFundFlag":1,"inceptionDate":"2015-07-26T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实低价策略股票","pinyin":"jsdjclgpxzqtzjj","managers":[{"stockCode":"db20761418","stockType":"fund_manager","exchange":"fm","tickerId":1206200030,"name":"栾峰"}]},"announcement":{"linkText":"嘉实低价策略股票型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=487165","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a37fea5b3eb044a06a","stockId":3000000001577,"sao":"从总量上看，今年上半年市场波动较大，先是一季度市场在国内外疫情和海外股市流动性的影响下大幅震荡向下，之后二季度在国内疫情得到有效控制，并且逐步复工复产的背景下，A股市场呈现整体上单边上涨的行情。具体来看，一月份延续去年四季度的上涨，特别是受当时海外市场风险偏好上升以及国内流动性较好的情况下，以半导体为代表的创业板指数十分强劲，市场成交量也快速方大，资金入场，包括各类ETF，形成正反馈；二月份虽然由于国内疫情在月初大跌，但由于国内风险偏好在资金下的推动，二月份市场快速反弹，且创业板创出了反弹新高；三月份由于海外疫情影响，特别是海外流动性的抽回，国内市场开始下跌；三月底在国内疫情有效控制同时叠加流动性充裕的情况下，四五六月基本单边上涨。  从结构上看，今年上半年科技、医药、消费三大优质赛道表现极为突出。这三个赛道代表了经济转型的方向，基本面上诸多好的方面市场已经形成共识，我们不再赘述。但我们想说的是，上半年这些板块超市场预期的表现更多的是流动性带来的估值提升，这点是需要客观承认和不能回避的。与此同时，金融和周期板块的估值被打到历史最低水位，但这里面大部分公司有极强的竞争力和盈利能力，还有很好的现金流。我们在敬畏市场的同时，也愿意不断的反思和进化，不断的学习和积累好的赛道优质的公司。当然，在估值对比极致的位置，我们更想克服贪婪和恐惧。  回顾上半年的组合操作，我们做的好的地方是，在底部大力布局了电动车、光伏、装配式建筑、券商和军工板块，为组合取得了较好的收益；做的不好的地方是，由于对消费复苏的谨慎，对消费板块参与较少，泛消费板块的强势超出了基金经理预期。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:39.474Z","mo":"展望三季度，我们认为市场的主要矛盾已经从上半年的分母端（低利率）转向为下半年的分子端（经济复苏下的盈利回升）。我们判断估值收敛已经在路上，至少三季度、甚至下半年，金融和周期板块将会跑赢大部分估值已经阶段性泡沫化的板块。不过，我们特别想强调的是，这仅仅是一次风格收敛，甚至不能简单说是风格切换，只是在估值差距极大的情形下，需要低估值板块修复，把各行业估值这个木桶的最短板先补上来，这样才会有更好的潜在上涨基础。  从中长期看，我们最为看好科技（除了TMT,我们所指的科技也包含电动车、军工和创新药）和券商板块，前者是全球提升社会效率以推动经济增长的必然或者说是唯一选择，后者是中国做强做大资本市场、让直接融资服务实体的正确选择。  目前，我们的核心持仓依然是结合行业景气程度和估值自下而上选出的优质公司，所分布的主要行业是汽车零部件、地产、券商、装配式建筑、电动车、光伏、军工。维持月初二季报的观点，基于目前市场选出的消费医药科技三大核心赛道估值与被市场抛弃的金融周期传统版块的估值差异达到历史极值，在这个时点上，基金经理的选择是不追随趋势，越在极值的时候，越要知行合一的客观分析股价与长期价值的性价比，我们坚持选择好的盈利模式、具备核心竞争力的优秀公司以及优秀的企业家，但我们的投资框架不会忽略估值，因此，在二季度末期，基金经理把组合做的更为平衡，减持了部分严重透支未来三到五年估值的个股，增持了以化工和地产产业链为代表的传统板块的极低估值的优质公司。","fund":{"_id":3000000001577,"stockCode":"001577","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-30T16:00:00.000Z","setUpScale":746125000,"market":"a","tickerId":1577,"custody":"中国建设银行股份有限公司","name":"嘉实低价策略股票型证券投资基金","shortName":"嘉实低价策略股票","fundSecondLevel":"company","__csrcFundId":4213,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:50.138Z","masterFundFlag":1,"inceptionDate":"2015-07-26T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFu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