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景气度的快速下滑。事实上，许多优秀的医药龙头公司仍展现出了良好的业绩成长性和经营韧性。新冠疫情的冲击给许多优秀的中国医药企业提供了在全球范围内展示自己能力的机会。部分研发外包公司凭借快速响应能力和出色的研发及生产能力快速获得了海外顶级客户的大订单，而部分器械公司则借机建立或壮大了海外的销售渠道，这些都是中国在生物科技领域的先进制造业走出国门做大做强的良好契机。而对于医药集采扩面的影响，其实更加速了优秀国产企业进口替代的速度，相关企业的收入可能反而稳中有升，以量补价的逻辑十分顺畅。新能源板块自四季度末开始快速调整，短期来看股价波动更多来自于估值的波动，长期来看一定与企业持续的价值创造直接相关。形势比人强，新能源行业的需求正逐步脱离对政策补贴的依赖而转向纯市场化的需求驱动。光伏已进入平价时代，风电即将进入平价时代，绿电的持续降本使得行业的经济性凸显，部分区域相比于传统能源已经有明显的成本优势，未来装机持续增长确定性越来越高。而新能源车渗透率的快速提升更多是来自于消费者对于汽车电动化和智能化的消费升级需求，而非对政策补贴的依赖。行业的高成长性和高景气度在2022年依然值得期待。我们的组合未来也将继续重点配置于食品饮料、养殖、新能源、电子和医药板块，并积极寻找稳增长产业链可能的投资机会。","fund":{"_id":3000000002293,"stockCode":"002293","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-06T16:00:00.000Z","setUpScale":2985910000,"market":"a","tickerId":2293,"name":"南方益和灵活配置混合型证券投资基金","shortName":"南方益和灵活配置混合(002293)","fundSecondLevel":"hybrid","__csrcFundId":4395,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:29.479Z","masterFundFlag":1,"inceptionDate":"2016-01-10T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","pinyin":"nfyhlhpzhhxzqtzjj","masterFundShortName":"南方益和灵活配置混合","managers":[{"stockCode":"j101021070","stockType":"fund_manager","exchange":"fm","tickerId":2625262930,"name":"郑勇"}]},"announcement":{"linkText":"南方益和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=716685","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6557fea5b3eb04566dd","date":"2021-09-29T16:00:00.000Z","stockId":3000000002293,"sao":"三季度国内宏观经济景气度有边际趋弱的迹象。地产销售增速快速回落，社零数据增长放缓。尽管总量需求并不强劲，但部分上游原材料的供给收缩速度更快，导致部分工业原材料价格及上游资源品价格在三季度出现快速上行。与此同时，国内生猪价格在三季度继续回落，CPI整体维持在较低水平。海外市场从三季度开始逐步反映美国缩减QE规模的预期，新兴市场波动开始加大。在这种复杂的宏观环境下，A股市场在三季度的风格出现了进一步的分化。煤炭、有色、钢铁等传统周期板块在期货价格的短期刺激下出现了快速的上涨，而医药、食品饮料等板块在政策预期的压制下再次出现快速且大幅的估值回落，建材、家具等地产链的相关行业也随着地产销售的走弱出现了快速下跌。高景气的半导体和新能源行业则维持了较强的景气度和较好的相对收益。我们在三季度保持了权益仓位的相对稳定，在行业上保持了对高景气新能源和半导体行业的超配力度，同时也继续重点布局景气度不差但估值已快速回落的消费和医药的龙头公司。展望四季度，国内宏观经济边际趋弱叠加较低的通胀水平，预计流动性环境将维持温和偏松的局面，而中美经贸关系的缓和也有利于提升市场的风险偏好，对冲美国缩减QE的负面冲击。整体上四季度A股市场仍然具备结构性的机会。我们看好消费和医药板块在政策预期逐步被市场消化后的估值修复机会，同时也继续看好电动车、光伏等新能源行业高景气度的延续，以及半导体行业进口替代的趋势性机会。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:37.364Z","fund":{"_id":3000000002293,"stockCode":"002293","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-06T16:00:00.000Z","setUpScale":2985910000,"market":"a","tickerId":2293,"name":"南方益和灵活配置混合型证券投资基金","shortName":"南方益和灵活配置混合(002293)","fundSecondLevel":"hybrid","__csrcFundId":4395,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:29.479Z","masterFundFlag":1,"inceptionDate":"2016-01-10T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","pinyin":"nfyhlhpzhhxzqtzjj","masterFundShortName":"南方益和灵活配置混合","managers":[{"stockCode":"j101021070","stockType":"fund_manager","exchange":"fm","tickerId":2625262930,"name":"郑勇"}]},"announcement":{"linkText":"南方益和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=658673","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6557fea5b3eb04566dc","date":"2021-06-29T16:00:00.000Z","stockId":3000000002293,"sao":"2021年上半年，全球宏观经济仍处于新冠疫情冲击之后的复苏进程中。国内PMI维持于荣枯线之上，但在复苏的幅度和节奏上均呈现前高后低的态势。同时，部分行业上游原材料价格的快速上涨也对产业链其他环节的盈利产生挤压，经济复苏的行业结构也呈现出一定的不平衡性。物价方面，猪肉价格维持低位，CPI仅有温和反弹，PPI在二季度也有加速冲顶趋势，向CPI的传导影响也相对有限。流动性方面，货币政策维持了紧信用+稳货币的组合，社融增速持续回落，但整体流动性环境相对平稳。上半年权益市场呈现出宽幅震荡格局，一季度核心资产出现了系统性的估值回调，后续随着年报和一季报的陆续披露，成长持续性较好的部分优质公司也在二季度出现显著的估值修复。在组合操作上，我们保持了权益仓位的相对稳定，在行业结构上维持了对食品饮料、医药、新能源、电子等板块的超配比例，部分兑现了顺周期板块的投资收益。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:37.361Z","mo":"展望下半年，由于去年同期高基数的影响，预计三季度起国内宏观经济复苏动能将边际趋弱，无论工业增加值增速还是GDP增速都或将呈现出环比回落的态势。我们预计下半年市场流动性环境有望出现边际改善，经济增速回落叠加通胀压力较小均为宽货币创造出了有利条件。在经济边际回落与流动性边际改善的宏观环境下，我们预计大盘或呈现区间震荡格局，指数大幅上行或下行的概率都不大，市场依然存在较好的结构性机会，以快速的企业盈利增长消化估值仍是市场的主旋律。我们将维持权益仓位的相对稳定，同时我们继续看好食品饮料、医药、新能源、电子等行业优质公司的投资机会。","fund":{"_id":3000000002293,"stockCode":"002293","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-06T16:00:00.000Z","setUpScale":2985910000,"market":"a","tickerId":2293,"name":"南方益和灵活配置混合型证券投资基金","shortName":"南方益和灵活配置混合(002293)","fundSecondLevel":"hybrid","__csrcFundId":4395,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:29.479Z","masterFundFlag":1,"inceptionDate":"2016-01-10T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","pinyin":"nfyhlhpzhhxzqtzjj","masterFundShortName":"南方益和灵活配置混合","managers":[{"stockCode":"j101021070","stockType":"fund_manager","exchange":"fm","tickerId":2625262930,"name":"郑勇"}]},"announcement":{"linkText":"南方益和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=636764","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6557fea5b3eb04566db","stockId":3000000002293,"sao":"2021年一季度国内宏观经济进一步向好，工业品价格持续回升，PPI同比增速由负转正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情得到有效控制，国内的宏观经济也逐步企稳，财新PMI已连续三个月回升至6月的51.2%，工业增加值同比增速也由负转正。与此同时，猪肉、蔬菜等食品价格的企稳也助力通胀水平稳步回落，CPI从年初的5.4%的高位回落至2.4%。基于当下的宏观环境，我们认为流动性进一步大幅宽松的概率已经较低，但距离政策收紧依然较远。毕竟，通胀压力已显著减小，且从外部环境来看，海外部分国家的疫情控制效果并不理想，外部需求依然存在较大的不确定性。我们在一季度疫情发生后适度调降了组合的权益仓位，部分兑现了前期涨幅较大板块的投资收益，二季度保持了权益仓位的相对稳定。在结构上，我们对组合的行业配置进行了再平衡，适度增加了受益于宏观经济企稳复苏的部分低估值板块的权重。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:37.350Z","mo":"展望下半年，我们认为松紧适度的货币政策仍将维持，市场流动性对于权益资产依然是友好的，而资本市场改革的不断推进也有望将市场的风险偏好维持在较高的水平。从市场风格来看，我们认为下半年市场风格将更加趋于均衡。随着国内大循环开启对经济的引领，资本市场对于国内经济的预期差有望带来低估值顺周期行业的估值修复。而从中期的维度来看，以医药和食品饮料为代表的消费升级和以信息技术为代表的科技创新仍将是价值创造的两大源泉，我们也将努力通过精选个股，发掘新的投资机会。","fund":{"_id":3000000002293,"stockCode":"002293","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-06T16:00:00.000Z","setUpScale":2985910000,"market":"a","tickerId":2293,"name":"南方益和灵活配置混合型证券投资基金","shortName":"南方益和灵活配置混合(002293)","fundSecondLevel":"hybrid","__csrcFundId":4395,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:29.479Z","masterFundFlag":1,"inceptionDate":"2016-01-10T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","pinyin":"nfyhlhpzhhxzqtzjj","masterFundShortName":"南方益和灵活配置混合","managers":[{"stockCode":"j101021070","stockType":"fund_manager","exchange":"fm","tickerId":2625262930,"name":"郑勇"}]},"announcement":{"linkText":"南方益和灵活配置混合型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=465928","linkType":"PDF","source":"csrc_pdf"}}]}