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在提升，且绝对估值也较低，同样具有较高的投资价值。三是成长方向，阶段性参与了TMT、机械、电子等方向的核心标的。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:51.219Z","mo":"展望下半年，首先国内经济预期已处于偏底部，A股市场对地产、出口等基本面压力的定价已相对充分。我们也观察到上游原材料和制造业库存整体处于低水平，政府也在储备经济鼓励政策，因此我们认为下半年随着去库逐步结束，政策鼓励等因素下，经济预期进一步下修的可能性较低，回摆的概率较高。对于A股市场，从过去一年多来看，A股表现出较明显的存量市场特征，市场波动性大，跷跷板效应较强。考虑到经济的短期回摆可能性和长期约束。因此我们预期下半年A股市场震荡回升，但结构分化仍然较大且波动较大。在此背景下，我们将从估值和基本面弹性两方面出发进行和个股选择。在顺周期方向，从供需基本面和估值角度，部分低估值央企和上游资源品等仍有较大配置价值和估值弹性。在成长方向，具有产业突破和带动效应的细分方向仍有泡沫化潜力，但很多产业处于偏前期，波动也会较大。考虑A股存量市场特征，一些股价低位，基本面有韧性的板块如军工、医药等也可以考虑增加配置。","fund":{"_id":3000000001236,"stockCode":"001236","stockType":"fund","areaCode":"cn","followedNum":28,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-06T16:00:00.000Z","setUpScale":2311110000,"market":"a","tickerId":1236,"custody":"中国银行股份有限公司","name":"博时丝路主题股票型证券投资基金","shortName":"博时丝路主题股票(001236)","fundSecondLevel":"company","__csrcFundId":3965,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:17.566Z","masterFundFlag":1,"inceptionDate":"2015-05-21T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时丝路主题股票","pinyin":"bsslztgpxzqtzjj","managers":[{"stockCode":"db20894364","stockType":"fund_manager","exchange":"fm","tickerId":2308233400,"name":"王晗"}]},"announcement":{"linkText":"博时丝路主题股票型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=962821","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5377fea5b3eb0442a24","date":"2023-03-30T16:00:00.000Z","stockId":3000000001236,"sao":"一季度，国内经济逐步复苏但仍不稳固，经济数据呈现震荡回归趋势。22年四季度以来的一些经济政策还在落地实施过程中。我们认为全年经济将继续向潜在增速回归，但受地产投资端和出口的约束，同时考虑到政府全年制定5%的经济增长目标，目前看全年经济超预期复苏的难度也较大。海外欧美经济总体较强还处于加息过程中，但高通胀和高利率导致的经济问题也愈发明显，同时全球政治继续处于“大变局”之中，都可能对国内经济和市场产生一些影响。一季度科技领域最大的变化是生成式AI的突破性进展，引发了全球巨头的AI算力投资竞赛和对未来各种AI应用可能性的想象与尝试。未来AI可能接棒新能源成为新的主力成长方向。基于以上观察，在投资上，我们重点关注三条主线，一是经济复苏背景下，受投资不足而供给受限的上游资源品，包括铜、油等大宗商品，有望随着国内经济修复而出现价格回升，此类企业估值也都处于历史低位。二是低估值的国央企，在“百年未有之大变局”背景下，国央企一方面将承担更多的国家责任，可能获得更多的社会资源，同时一些行业本身也处于复苏或反转趋势中，且国央企的内部改革也在加快推进，结合较低的估值，也有很高的投资性价比。三是AI的产业趋势，这可能是未来几年最划时代的技术变革，可能在方方面面影响我们的生活，考虑行业目前还处于非常前期，本组合重点买入受益确定性高的算力硬件，重点投资在通信、电子和计算机等硬件企业。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:51.216Z","fund":{"_id":3000000001236,"stockCode":"001236","stockType":"fund","areaCode":"cn","followedNum":28,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-06T16:00:00.000Z","setUpScale":2311110000,"market":"a","tickerId":1236,"custody":"中国银行股份有限公司","name":"博时丝路主题股票型证券投资基金","shortName":"博时丝路主题股票(001236)","fundSecondLevel":"company","__csrcFundId":3965,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:17.566Z","masterFundFlag":1,"inceptionDate":"2015-05-21T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时丝路主题股票","pinyin":"bsslztgpxzqtzjj","managers":[{"stockCode":"db20894364","stockType":"fund_manager","exchange":"fm","tickerId":2308233400,"name":"王晗"}]},"announcement":{"linkText":"博时丝路主题股票型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=887797","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5377fea5b3eb0442a23","date":"2022-12-30T16:00:00.000Z","stockId":3000000001236,"sao":"22年国内资本市场随经济预期波动剧烈，年初稳增长预期被疫情和地产暴雷打破，经济预期持续下修，1季度A股跌幅明显；二季度上海疫后复苏带动经济预期上修和成长股的显著反弹；三季度随着楼市断供和疫情在此点状扩散，经济预期又重新下修，A股震荡下行；四季度地产和疫情政策大幅转向，市场对23年经济预期显著上修，以金融消费为代表的权重股快速反弹。报告期内，面对复杂的经济和市场环境，本基金在坚持自下而上选股的同时，根据市场预期和各方向基本面趋势，适度提高换手。一季度降低组合仓位和估值水平，增配煤炭交运等低估值板块；二季度增加新能源半导体机械化工等成长板块以及部分消费品；三季度保持成长风格，组合适度均衡化；四季度坚持成长风格，增配了军工和半导体。从效果来看，前三季度本基金净值总体表现较好，取得不错超额收益。但在四季度市场风格快速变化过程中，调仓节奏偏慢，当季跑输基准较多，拖累了全年业绩。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:51.213Z","mo":"展望2023年，我们对市场整体偏乐观。随着防疫和地产政策的优化，经济回升是确定性事件，A股重心上移确定性高。但另一方面，经济回升的高度还有待观察，目前看消费场景的恢复是经济正常化的最大动力，出行和消费活动首先回升；考虑到2022年政府财政力度已经很大，23年政策刺激力度同比可能相对温和，地产投资端的修复可能会慢于销售端。从估值来看，经过近3个月的反弹，一些消费和金融的权重股估值基本回到合理水平，可以说，A股对经济复苏也已经有了一定预期，要赚取超额收益难度有所加大。在此背景下，我们努力寻找市场预期和估值水平较低，且对经济复苏潜在弹性较大的方向。23年我们预计将总体保持中高仓位，重点配置预期差较大的顺周期板块如化工、有色金属、机械等。在高景气成长方向，回避过去两年热度较高的新半军主线，重点配置低渗透率有定价权的细分方向。","fund":{"_id":3000000001236,"stockCode":"001236","stockType":"fund","areaCode":"cn","followedNum":28,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-06T16:00:00.000Z","setUpScale":2311110000,"market":"a","tickerId":1236,"custody":"中国银行股份有限公司","name":"博时丝路主题股票型证券投资基金","shortName":"博时丝路主题股票(001236)","fundSecondLevel":"company","__csrcFundId":3965,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:17.566Z","masterFundFlag":1,"inceptionDate":"2015-05-21T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时丝路主题股票","pinyin":"bsslztgpxzqtzjj","managers":[{"stockCode":"db20894364","stockType":"fund_manager","exchange":"fm","tickerId":2308233400,"name":"王晗"}]},"announcement":{"linkText":"博时丝路主题股票型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?inst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从结构看，5/6月经济预期虽然环比修复，但市场对地产面临的复杂困境理解加深，对经济复苏的高度抱有迟疑，因此与宏观经济关联度较高的地产基建以及消费估值被压制，而与经济关联度较低且最先受益于疫情恢复的先进制造业成为市场的主力突破口，以新能源为代表的成长股反弹显著。  回顾上半年组合管理，我们始终对地产链保持谨慎，一季度考虑到国内经济预期有较大下修风险，我们保持中低仓位，在稳增长方向主要参与了政策落地性更好的钢铁上游和光伏上游等环节，并积极参与了海外供需矛盾主导的通胀方向，包括能源、化工、有色等。二季度考虑到经济预期处于底部待上修，我们于4月份开始重点加仓了新兴成长方向，包括电力设备、电子、化工、汽车、机械等，同时也适度增仓了高端白酒和快递等消费品以防止经济预期的进一步上修。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:51.205Z","mo":"展望下半年，国内经济最大的压力仍来自于房地产，巨额债务化解难度较大，地产传统的融资和投资链条已经失效，旧有的地产开发模式面临重构。另一方面，随着利率的下降，政策逐步宽松，购房需求仍然存在。政府需要在短期经济、民生、中长期目标等等方面进行复杂的政策平衡。虽然地产压力持续存在，但我们对下半年经济也并不悲观。首先国内的财政与货币政策将确定性保持宽松。随着专项债发行加快，基建有望继续提速，出口也有望保持韧性。同时疫情虽有反复，但国内应对措施明显更加成熟，对经济的影响也将明显小于上半年。我们预期下半年经济将呈现低位逐步复苏的态势。在经济低位企稳回升但复苏高度受明确约束的背景下，预计国内资本市场仍将保持活跃且以成长为主。虽然5/6月已经有较多反弹，但与经济总量相关度较小的高景气成长方向可能仍是市场主要方向，一些新的产业趋势将受到追捧，这会是我们下半年配置的主力方向。同时我们会继续在通胀方向保持仓位，海外冲突的长期化可能重塑一些行业的长期供需格局。最后是布局一些基本面最强的消费细分方向。","fund":{"_id":3000000001236,"stockCode":"001236","stockType":"fund","areaCode":"cn","followedNum":28,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-06T16:00:00.000Z","setUpScale":2311110000,"market":"a","tickerId":1236,"custody":"中国银行股份有限公司","name":"博时丝路主题股票型证券投资基金","shortName":"博时丝路主题股票(001236)","fundSecondLevel":"company","__csrcFundId":3965,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:17.566Z","masterFundFlag":1,"inceptionDate":"2015-05-21T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时丝路主题股票","pinyin":"bsslztgpxzqtzjj","managers":[{"stockCode":"db20894364","stockType":"fund_manager","exchange":"fm","tickerId":2308233400,"name":"王晗"}]},"announcement":{"linkText":"博时丝路主题股票型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=786242","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5377fea5b3eb0442a20","date":"2022-03-30T16:00:00.000Z","stockId":3000000001236,"sao":"一季度国内外市场变化很大。国内地产数据持续低迷，叠加疫情反复，使得宏观经济预期不上反下，直接影响国内市场信心。海外通胀高企利率抬升，叠加欧洲政治军事冲突使得大宗商品供应风险加大，也加大了市场整体估值的压力。另一方面，以新能源为代表的新兴产业总体保持了较高的需求景气度，短期看虽存在缺锂缺硅补贴等负面制约，但从1年维度来看都不是问题。从政策面看，宽松方向明确，经济压力之下，后续一定还会有相关稳增长政策出台，宏观经济预期的逐步企稳和上修会是未来几个月市场的主要支撑。A股会阶段性地会根据经济复苏的进度而有所侧重。基于以上判断，一季度本组合重点投资两个方向，一是从国内稳增长和全球供应链角度，配置上游原材料行业。二是从全年维度来看，后期经济预期修复，高景气新兴产业也将有较大的估值修复甚至扩张的机会。即组合重点配置两头：上游周期如化工有色煤炭等，和新能源如电动车光伏半导体等，还有少部分自下而上在消费医药行业选成长个股配置。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:51.202Z","fund":{"_id":3000000001236,"stockCode":"001236","stockType":"fund","areaCode":"cn","followedNum":28,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-06T16:00:00.000Z","setUpScale":2311110000,"market":"a","tickerId":1236,"custody":"中国银行股份有限公司","name":"博时丝路主题股票型证券投资基金","shortName":"博时丝路主题股票(001236)","fundSecondLevel":"company","__csrcFundId":3965,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:17.566Z","masterFundFlag":1,"inceptionDate":"2015-05-21T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时丝路主题股票","pinyin":"bsslztgpxzqtzjj","managers":[{"stockCode":"db20894364","stockType":"fund_manager","exchange":"fm","tickerId":2308233400,"name":"王晗"}]},"announcement":{"linkText":"博时丝路主题股票型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=725533","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5377fea5b3eb0442a1f","date":"2021-12-30T16:00:00.000Z","stockId":3000000001236,"sao":"2021年贯穿全年最大的主线无疑是碳中和，不仅推动了新能源产业的发展，将能耗双控推到了极致，也创造了历史新高的PPI-CPI剪刀差。另一条隐蔽的主线是地产调控对地产及整体经济的负面影响在下半年显现。 站在2021年尾声回顾全年经济形势，大体是前高后低的形态，基本符合我们去年在投资展望中提出的“上半年海外供需错配和出口韧性仍在，制造业整体在外需和国内政策支持下有望保持较高景气”，而“下半年经济基本面存在较多不确定性”的预判。上半年较好的经济表现得益于出口强劲和地产韧性，国内经济延续了2020年下半年以来的复苏势头。而从下半年开始后，碳中和和地产调控政策对经济增长的负面影响开始凸显：严格的能耗双控政策和电力紧张导致煤炭、电解铝等上游原材料大宗商品价格暴涨，不断侵蚀中下游的利润；另一方面，地产企业资金链在政策压力下不断恶化并导致了一系列的债务危机，地产行业的销售、购地、新开工均出现大幅下行，并对经济整体产生了非常大的负面影响，并最终导致21年四季度GDP增速降至4%的低位。 资本市场全年表现与政策和经济基本面基本一致。年初市场还是延续2020年风格，聚焦在以周期复苏与核心资产上，随之在两会后“双碳”主线浮出水面，伴随着能耗双控、缺煤限电、电动车自主品牌等并不断向相关领域扩散，电力设备、汽车、煤炭、钢铁、化工等行情不断演绎，一直到延续至四季度。而地产、保险、家电、食品饮料和医药等行业在内需下行压力下表现持续落后，一直到Q4市场预期政策逐步转向纠偏而出现企稳反弹。除碳中和与新能源外，2021年也出现了一些新的产业趋势，包括半导体、VR、汽车自主品牌和零部件等。总体而言，2021年的A股市场精彩纷呈，本基金总体在周期和新能源板块的配置为组合带来较好收益，但在一些长久期的核心资产上出现了较多损失。总体较好地跑赢了基准。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:51.200Z","mo":"展望新的一年，我们仍然有较多期待。首先，政府显然已意识到经济下行压力之大， 2021年底召开的中央经济工作会议明确将经济增长定为22年的主导目标，政策明确进入宽松周期，财政和货币政策将同时发力以推动经济增长，地产行业的压力有望逐步释放，考虑到国内的政策空间和经济潜力，我们相信经济预期将逐步上调，并带来市场整体性行情，顺周期的金融、周期、消费等都有表现机会。 对于成长方向，首先碳中和政策重新调整为“不毕其功于一役”，22年新能源相关板块可能会有较大分化，投资难度有所加大，但一些高壁垒环节和瓶颈环节仍有较明确的产业趋势。此外，半导体、新材料、智能汽车、先进制造等新兴产业也在快速发展，随着经济企稳，这些长期成长方向也有非常多的投资机会。 总体而言，22年我们会结合政策重点、中观行业景气、长期行业空间和格局等，适度均衡，按照长期成长的逻辑去进行行业和个股的投资。","fund":{"_id":3000000001236,"stockCode":"001236","stockType":"fund","areaCode":"cn","followedNum":28,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-06T16:00:00.000Z","setUpScale":2311110000,"market":"a","tickerId":1236,"custody":"中国银行股份有限公司","name":"博时丝路主题股票型证券投资基金","shortName":"博时丝路主题股票(001236)","fundSecondLevel":"company","__csrcFundId":3965,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:17.566Z","masterFundFlag":1,"inceptionDate":"2015-05-21T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时丝路主题股票","pinyin":"bsslztgpxzqtzjj","managers":[{"stockCode":"db20894364","stockType":"fund_manager","exchange":"fm","tickerId":2308233400,"name":"王晗"}]},"announcement":{"linkText":"博时丝路主题股票型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=709813","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5377fea5b3eb0442a1e","date":"2021-09-29T16:00:00.000Z","stockId":3000000001236,"sao":"三季度A股市场分化进一步加大，上游周期板块和新能源板块大幅上涨，而消费医药家电等继续下跌。市场表现与各行业景气度基本相符。三季度PPI进一步走高，供给侧改革和碳中和政策限制下，上游能源行业投资不足，高耗能行业被严格限制，而今年以来制造业和整体居民和工业用电需求都保持较好增长，整个上游能源和工业品价格涨幅较大，也超出我们之前的预期。相应的股票表现也非常突出。 同时，新能源产业发展持续超预期，8月中国和欧洲电动车渗透率均超过20%，速度之快大超年初预期；风电随着成本的大幅下降，招标数据也显著改善；光伏在分布式和整县推进带动下也持续较快增长，而产业链似乎并未对高增长做好准备，需求高增导致一些原材料缺口显著放大，产业链价格大幅上涨，三季度电动车和光伏板块上游的表现要显著好于中下游。 而消费医药等行业景气度处于低位，其中消费受制于疫情的持续影响、部分行业就业人数下降，以及社区团购对原有渠道的冲击等，整体数据不佳，导致消费等行业三季度表现不佳。我们预期数据的整体改善仍需一段时间。 在此背景下，本基金三季度在新能源和周期板块保持较高仓位，主要增加了性价比更高且预期上修的风电，和长期成长逻辑更强的化工。 此外，我们观察到7月后国内经济数据下行压力加大，地产基建及消费数据都在走弱，相应的政策重心也边际略偏向稳增长，会对后续行业基本面和市场整体风格产生直接影响。我们也增加了部分估值低位长期确定的核心资产个股以应对市场的不确定性。 我们理解今年以来市场不同行业的分化表现，与政策导向和各行业景气度直接相关。后续我们会继续在长期具有较强产业成长空间的方向中，参考政策导向和行业景气趋势，挖掘板块性和个股性机会。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:51.197Z","fund":{"_id":3000000001236,"stockCode":"001236","stockType":"fund","areaCode":"cn","followedNum":28,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-06T16:00:00.000Z","setUpScale":2311110000,"market":"a","tickerId":1236,"custody":"中国银行股份有限公司","name":"博时丝路主题股票型证券投资基金","shortName":"博时丝路主题股票(001236)","fundSecondLevel":"company","__csrcFundId":3965,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:17.566Z","masterFundFlag":1,"inceptionDate":"2015-05-21T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时丝路主题股票","pinyin":"bsslztgpxzqtzjj","managers":[{"stockCode":"db20894364","stockType":"fund_manager","exchange":"fm","tickerId":2308233400,"name":"王晗"}]},"announcement":{"linkText":"博时丝路主题股票型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=654536","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5377fea5b3eb0442a1d","date":"2021-06-29T16:00:00.000Z","stockId":3000000001236,"sao":"上半年A股市场市场和风格几经起伏，背后都是对国内外经济情况和政策变化的反应。一季度国内外经济复苏是逻辑主线，大宗商品和通胀预期向上，传统周期性行业表现较好。到二季度市场开始关注海外疫情后的政策退出和我国经济回落的可能性，一些数据如国内地产和海外零售出现走弱，国内监管层也开始关注大宗商品价格对制造业的挤压，使得5月后经济预期和通胀预期边际走弱，中美长端利率也都在顶部趋于回落。另一方面，上半年整体流动性总体保持宽松。在此背景下，二季度市场在经历底部盘整后出现反弹。从结构上看，上半年行业间分化非常显著。消费数据和权重股业绩不及预期使得消费板块二季度后表现落后，非银地产受经济整体和政策压制表现垫底。而电动车渗透率提升明显加速，半导体也在供给不足同时需求持续上行影响下景气持续超预期，表现积极。各行业涨跌表现与自身基本面基本相符。上半年本基金继续聚焦中国优势制造业，持仓重点在盈利表现突出的周期成长，和高景气的科技新能源，并适度增持了具有全球强比较优势的医药细分行业龙头。上半年本基金实现收益10.82%，跑赢基准约10个百分点。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:51.195Z","mo":"我们对2021年下半年市场整体谨慎乐观。首先经济基本面或缓慢下行，但在出口和地产韧性下不会有系统性风险。政策面和流动性大概率保持积极友好，以应对国内外经济和政治环境的各种不确定性，市场利率也将趋于下行。政策重点会继续集中在内循环、碳中和、制造业和小微企业等。在此环境假设下，市场整体应保持活跃。我们会结合政策重点、中观行业景气、长期行业空间和格局等，积极参与新能源、半导体、高端装备、新材料、医药等方向的投资机会。在选股上，继续坚持买长期成长空间明确、有深护城河的好公司。","fund":{"_id":3000000001236,"stockCode":"001236","stockType":"fund","areaCode":"cn","followedNum":28,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-06T16:00:00.000Z","setUpScale":2311110000,"market":"a","tickerId":1236,"custody":"中国银行股份有限公司","name":"博时丝路主题股票型证券投资基金","shortName":"博时丝路主题股票(001236)","fundSecondLevel":"company","__csrcFundId":3965,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:17.566Z","masterFundFlag":1,"inceptionDate":"2015-05-21T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时丝路主题股票","pinyin":"bsslztgpxzqtzjj","managers":[{"stockCode":"db20894364","stockType":"fund_manager","exchange":"fm","tickerId":2308233400,"name":"王晗"}]},"announcement":{"linkText":"博时丝路主题股票型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=633710","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5377fea5b3eb0442a1c","stockId":3000000001236,"sao":"我们预计21年上半年国内经济走势将基本延续20年下半年的逻辑，即海外供需错配带来的出口旺盛拉动经济上行，国内地产销售开工一直保持韧性是经济的稳定器，消费逐步恢复。政策方面有序退出，保持对实体经济一定的扶持力度。因此国内经济和企业盈利上半年将表现良好，我们在一季度继续重点配置了外需相关的化工有色，以及新能源半导体等优势制造业。我们对21年下半年经济情况有所担忧，出口这一最大上行动力可能在海外复工后放缓，国内财政退出和地产收紧也可能在下半年产生一些负面影响，资本市场也将在二季度重新评估下半年经济情况和企业盈利趋势。另一方面，我们对下半年政策面并不悲观，19年以来国内政策无论宽松还是收紧，总体保持理性灵活，相信能够应对未来经济情况的变化。A股市场短期预计震荡为主。我们会继续重点配置基本面较强且政策扶持力度较大的优势制造业，以及内循环、碳中和等政策重点发力的方向。在选股上，继续坚持买长期成长空间明确、有深护城河的好公司。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:51.192Z","fund":{"_id":3000000001236,"stockCode":"001236","stockType":"fund","areaCode":"cn","followedNum":28,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-06T16:00:00.000Z","setUpScale":2311110000,"market":"a","tickerId":1236,"custody":"中国银行股份有限公司","name":"博时丝路主题股票型证券投资基金","shortName":"博时丝路主题股票(001236)","fundSecondLevel":"company","__csrcFundId":3965,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:17.566Z","masterFundFlag":1,"inceptionDate":"2015-05-21T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时丝路主题股票","pinyin":"bsslztgpxzqtzjj","managers":[{"stockCode":"db20894364","stockType":"fund_manager","exchange":"fm","tickerId":2308233400,"name":"王晗"}]},"announcement":{"linkText":"博时丝路主题股票型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=572953","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5377fea5b3eb0442a1b","stockId":3000000001236,"sao":"2020年，全球新冠疫情爆发和逆周期政策主导了经济和权益市场。国内面对疫情应对得力，快速实现复工复产，经济下半年显著回升。而海外疫情对生产端和服务业的冲击一直延续到年底。2020年最让我们惊叹的是中国制造业的韧性和全球竞争力。海外财政救助政策导致经济供需错配，我国生产端迅速恢复，依托强大的产业链优势，三四季度国内出口大幅增长，并带动制造业的产值、利润、投资等数据大幅好转，以及整体工业的快速反弹。国内各领域优势制造企业都获得了显著的发展机遇，从医疗器械、电子电器、自动化设备、半导体，到居家用品、办公文化用品、通用设备等等，都实现了全球份额的快速扩张。特别是高端制造产品，在海外供应链中断的情况下，迅速填补需求，获得了以往需要多年才能实现的份额扩张和品牌力提升。相比而言，其他经济部门整体表现一般，其中基建持续低于预期，地产销售开工韧性高但在政策严压之下已看到房贷额度紧张利率上调，消费整体复苏也偏慢。制造业一枝独秀，带动国内4季度GDP升至6.5。2020年我们也看到国内政策向制造业大力倾斜，5月后货币政策边际收紧，但仍强化对制造业和小微企业的信贷扶持。十四五双循环政策也着力推动科技自立和产业链供应链安全等。在经济受冲击后复苏和全球流动性宽松背景下，2020年A股市场波动上行，全年涨幅27.2%，本基金全年聚焦优势制造业，重点在周期成长和科技新能源等，全年收益76.58%，跑赢基准约52.1个百分点。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:51.189Z","mo":"展望2021年，从政策面来看，政府明确21年政策基调为“不急转弯”，政策重心是科技消费和碳中和，并一再强调对小微和制造业的扶持、减少经济对传统投资端的依赖，我们能明显感受到政府呵护经济的努力和推进改革的决心。整体上预计国内政策有序退出，财政和信用偏紧，而货币政策应为中性略宽松，以应对国内外经济的不确定性。从经济面来看，上半年海外供需错配和出口韧性仍在，制造业整体在外需和国内政策支持下有望保持较高景气，而紧信用背景下基建地产主导的内需趋势向下。下半年经济基本面存在较多不确定性，包括海外疫苗接种和复工进度、国内紧缩政策后经济基本面等。对于权益市场来说，经过两年大涨后，国内宏观政策有序退出，需要降低收益预期，但结构性机会仍存。我们看好优势制造业的收益空间。包括先进制造业中的新能源、半导体、高端装备、医药等，以及传统制造业中具备长期确定性成长空间的化工、有色、建材、钢铁等。","fund":{"_id":3000000001236,"stockCode":"001236","stockType":"fund","areaCode":"cn","followedNum":28,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-06T16:00:00.000Z","setUpScale":2311110000,"market":"a","tickerId":1236,"custody":"中国银行股份有限公司","name":"博时丝路主题股票型证券投资基金","shortName":"博时丝路主题股票(001236)","fundSecondLevel":"company","__csrcFundId":3965,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:17.566Z","masterFundFlag":1,"inceptionDate":"2015-05-21T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时丝路主题股票","pinyin":"bsslztgpxzqtzjj","managers":[{"stockCode":"db20894364","stockType":"fund_manager","exchange":"fm","tickerId":2308233400,"name":"王晗"}]},"announcement":{"linkText":"博时丝路主题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=557684","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5377fea5b3eb0442a1a","stockId":3000000001236,"sao":"三季度，国内权益市场出现震荡。国内经济继续稳步回升，各项经济指标特别是生产和进口恢复到了较好水平。而政策从上半年的稳增长调整为稳增长与防风险相均衡，基建回升力度放缓，地产三条红线也将抑制地产投资，这些政策等显示了政府现阶段推进改革的决心。海外市场也随着联储政策和美国大选出现较大波动。参考经济走势和政策方向，三季度本基金维持中性仓位，配置上略偏均衡，总体保持低估值成长的个股方向。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:51.187Z","fund":{"_id":3000000001236,"stockCode":"001236","stockType":"fund","areaCode":"cn","followedNum":28,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-06T16:00:00.000Z","setUpScale":2311110000,"market":"a","tickerId":1236,"custody":"中国银行股份有限公司","name":"博时丝路主题股票型证券投资基金","shortName":"博时丝路主题股票(001236)","fundSecondLevel":"company","__csrcFundId":3965,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:17.566Z","masterFundFlag":1,"inceptionDate":"2015-05-21T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时丝路主题股票","pinyin":"bsslztgpxzqtzjj","managers":[{"stockCode":"db20894364","stockType":"fund_manager","exchange":"fm","tickerId":2308233400,"name":"王晗"}]},"announcement":{"linkText":"博时丝路主题股票型证券投资基金2020年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=490665","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5377fea5b3eb0442a19","stockId":3000000001236,"sao":"上半年，新冠疫情和全球逆周期政策成为资本市场主导因素。在疫情冲击下，一季度国内GDP显著下滑，权益市场和商品市场受到巨大冲击。而国内有力的货币和财政政策有效抵御了经济下行压力，宏观经济特别是投资需求在二季度超预期快速恢复，同时海外美联储提供无限量流动性，全球股市商品市在二季度都出现显著上涨。在流动性充裕而短期经济不确定下，上半年A股市场聚焦在长期确定性更高的科技医药食品饮料等板块。而传统的金融地产周期等板块虽然盈利预期在二季度修复显著，但市场表现仍然落后。上半年，本基金坚持以成长为方向，结合行业景气和估值优选个股，重点增配方向在新能源、科技、化工、贵金属等。上半年本基金累计收益跑赢基准。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:51.184Z","mo":"展望下半年，预计国内经济将在年内基本恢复到正常状态，海外也在缓慢恢复。在出口和就业压力下，国内财政政策仍会保持较强力度，货币政策总基调仍是宽松，海外流动性将保持极度充裕。在此背景下，三季度股票市场的盈利和估值方向均向好，市场总体仍有上行空间。从结构来看，上半年跑输严重的传统板块将直接受益于经济预期的修复，而在流动性保持充裕和基本面修复背景下，长期成长逻辑更强的高估值板块也有支撑。综合考虑，下半年本基金将重点增配各板块中低估值的成长股，包括新能源、化工、有色、建材等方向，努力在降低波动的同时获得超额收益。","fund":{"_id":3000000001236,"stockCode":"001236","stockType":"fund","areaCode":"cn","followedNum":28,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-06T16:00:00.000Z","setUpScale":2311110000,"market":"a","tickerId":1236,"custody":"中国银行股份有限公司","name":"博时丝路主题股票型证券投资基金","shortName":"博时丝路主题股票(001236)","fundSecondLevel":"company","__csrcFundId":3965,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:17.566Z","masterFundFlag":1,"inceptionDate":"2015-05-21T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时丝路主题股票","pinyin":"bsslztgpxzqtzjj","managers":[{"stockCode":"db20894364","stockType":"fund_manager","exchange":"fm","tickerId":2308233400,"name":"王晗"}]},"announcement":{"linkText":"博时丝路主题股票型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=458512","linkType":"PDF","source":"csrc_pdf"}}]}