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2024 年，市场依旧跌宕起伏，行业轮动速度明显加快，全年维度上证指数、沪深300分别上涨12.67%、14.68%，行业层面，银行、非银和通信超额收益显著，归因上看大市值和指数成分股显著占优。　　组合在历经前三个季度的低迷后，在四季度迎来触底回升，组合的投资理念依旧是致力寻找优质的科技领军企业，所处赛道的空间感和其产业中的竞争优势是我们选股的核心考量，之后再跟踪其竞争力变化进入投资决策，我们也一直在坚定践行这一投资理念，感谢持有人的信任。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:28.744Z","mo":"展望2025年，国内经济在有力的财政政策和宽松的货币政策共同作用下持续温和复苏，外部环境整体可控。产业趋势层面，AI重塑整个社会业态已成共识，总结有以下三个方面：　　1、LLM进入到“模型平权”时代，OPEN AI模型的领先优势正在逐步缩小，模型在训练侧依靠计算卡和训练数据堆叠带来能力跃升进入瓶颈，高质量小参数量模型在使用场景上可以平替大参数量模型；以此同时，同参数模型的调用成本呈现显著下降，应用场景的硬件基础已经具备，特别是DeepSeek横空出世，标志着国内在AI产业趋势上进入黄金发展期；　　2、在高速计算领域，“算力”之外，“存力”和“传力”重要性在显著提升；　　3、在模型应用领域，作为生产力赋能工具，AI应用在各个领域已进入商业化阶段，如数据服务、AI融入企业数据流CRM/ERP，以及诸多的行业垂类应用；在硬件创新上，“云、边、端”将成为AI在硬件落地的有机整体，端侧接入AI成为趋势，如AI手机、AI PC、AI耳机和AI眼镜等。　　目前组合重点配置在电子、计算机和国防军工领域，具体配置在Soc芯片、高速传输芯片、软件应用和军工半导体四个方向。","fund":{"_id":3000000001970,"stockCode":"001970","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-07T16:00:00.000Z","setUpScale":337550000,"market":"a","tickerId":1970,"custody":"中国工商银行股份有限公司","name":"泰信鑫选灵活配置混合型证券投资基金","shortName":"泰信鑫选混合(001970)","fundSecondLevel":"hybrid","__csrcFundId":4471,"fundStatus":"normal","lastUpdated":"2026-04-30T18:17:04.925Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050270000,"currency":"CNY","masterFundShortName":"泰信鑫选混合","pinyin":"txxxlhpzhhxzqtzjj","managers":[{"stockCode":"8801616926","stockType":"fund_manager","exchange":"fm","tickerId":41026190110,"name":"董季周"}]},"announcement":{"linkText":"泰信鑫选灵活配置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=1250336","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6107fea5b3eb04518cb","date":"2024-09-29T16:00:00.000Z","stockId":3000000001970,"sao":"2024年三季度市场依旧跌宕起伏，板块而言，非银和地产领涨。展望第四季度，国内货币政策预计维持宽松，财政政策有望显著发力，伴随海外发达经济体进入降息周期，市场环境整体友好。　　三季度组合延续了二季度配置思路，我们认为随着市场整体回暖，科技成长方向个股将迎来估值修复，业绩的证真和对应市值的空间感至为重要。　　组合配置有所调整，持股集中度进一步提升，重点配置在数字Soc芯片、模拟芯片和应用软件等领域龙头标的。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:28.740Z","fund":{"_id":3000000001970,"stockCode":"001970","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-07T16:00:00.000Z","setUpScale":337550000,"market":"a","tickerId":1970,"custody":"中国工商银行股份有限公司","name":"泰信鑫选灵活配置混合型证券投资基金","shortName":"泰信鑫选混合(001970)","fundSecondLevel":"hybrid","__csrcFundId":4471,"fundStatus":"normal","lastUpdated":"2026-04-30T18:17:04.925Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050270000,"currency":"CNY","masterFundShortName":"泰信鑫选混合","pinyin":"txxxlhpzhhxzqtzjj","managers":[{"stockCode":"8801616926","stockType":"fund_manager","exchange":"fm","tickerId":41026190110,"name":"董季周"}]},"announcement":{"linkText":"泰信鑫选灵活配置混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1171482","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6107fea5b3eb04518ca","date":"2024-06-29T16:00:00.000Z","stockId":3000000001970,"sao":"上半年市场依旧呈现极端结构行情，行业快速轮动，行业层面，银行和煤炭领涨，计算机和消费者服务领跌。　　市场整体呈现减量博弈特征，风格上大盘价值占优，小盘成长承压，市值因子成为主导变量，固然一些小市值公司的退市压力在一定程度上加剧了市场恐慌是一个触发诱因，但本质原因是：1、过去三年，权益市场的赚钱效应主要集中在低波红利方向，趋势资金和主动管理的方法论都在向这一方向倾斜，但对于成长股，特别是科技股，当期利润和现金流并不稳定，带来了表观估值过高，公司发展阶段不一，业务模式不一，自然按照整齐划一的PE或股息率去评估有失偏颇；2、市场对于产业升级方向过于悲观，锚定垄断和特许经营和出海方向成为一致预期；3、同行业公司，同样业务模式公司，因所处板块不同，如上证50、科创50、沪深300成分股和非成分股走势出现截然相反，因市值而定方向自然映射出市场所处的极端状态。基于此，我们认为，风格影响只是短期扰动，还是回归本源，分析企业的长期市值空间和竞争力变化。　　组合聚焦科技成长，我们优选了细分行业的领军企业，聚焦在数字Soc芯片领域、数模混合芯片领域、传感器领域和AIGC软件领域，组合保持了高集中度。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:28.737Z","mo":"展望下半年，我们认为以美国为代表的西方经济体经济平稳，有望进入降息周期，对全球流动性都有所帮助，国内经济需求具有一定韧性，整体来看对权益市场友好。　　组合标的大多在今年创了历史新低，在此种艰难情境下，感恩基金持有人的信任，我们唯有坚守投资理念，保持研究深度，惟精惟一，允执厥中，希望能够尽快穿越黎明前的至暗时刻。","fund":{"_id":3000000001970,"stockCode":"001970","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-07T16:00:00.000Z","setUpScale":337550000,"market":"a","tickerId":1970,"custody":"中国工商银行股份有限公司","name":"泰信鑫选灵活配置混合型证券投资基金","shortName":"泰信鑫选混合(001970)","fundSecondLevel":"hybrid","__csrcFundId":4471,"fundStatus":"normal","lastUpdated":"2026-04-30T18:17:04.925Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050270000,"currency":"CNY","masterFundShortName":"泰信鑫选混合","pinyin":"txxxlhpzhhxzqtzjj","managers":[{"stockCode":"8801616926","stockType":"fund_manager","exchange":"fm","tickerId":41026190110,"name":"董季周"}]},"announcement":{"linkText":"泰信鑫选灵活配置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=1143758","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6107fea5b3eb04518c9","date":"2024-03-30T16:00:00.000Z","stockId":3000000001970,"sao":"一季度市场震荡，结构分化显著，低波红利、顺周期和AI方向超额收益显著。展望二季度，海外利率走向有望发生拐点性变化，国内经济有望延续复苏的态势，对权益市场整体友好。　　一季度的操作方面，组合基本延续上季度的配置思路，变动不大，全季保持高仓位运作，一季度组合表现不佳，我们基于长期视角进行行业比较和基本面分析，对持仓标的依然充满信心。组合重点配置在电子、计算机和国防军工三个板块，板块和个股集中度很高。在电子方向上，重点配置了半导体设计，我们看好AI在端侧的硬件迭代，也预期会有新的全新的生态出现，我们重点布局了数字Soc芯片，首先，这些优质的公司在竞争力上具备了和国际巨头抗衡的实力，技术水准在一个梯队上，其次看好消费复苏带来的收入和业绩的弹性；此外，还重点布局了基于数据传输的接口类芯片设计企业，它们在数模混合领域在国内已经处在领先的身位，下一步就要进入和海外巨头的市场竞争，这也是国产替代的深水区，从竞争格局上规避了低端内卷，市场空间上也非常广阔；在计算机方向上，我们重点布局了软件类企业，既看好在海外市场深耕，依托海外大语言模型的优势，实现产品力的升级，也看好在国内市场专业场景的落地应用；在国防军工上，依然重配了特种半导体领域，我们认为不断推进的装备升级以及关键器件的进口替代带来的行业空间依然广阔。　　组合正在经历管理产品以来的最大回撤，我们也在不断的反思、修正和迭代我们的方法论，我们的组合构建依然是寻找优质的竞争力强的科技公司，紧密跟踪这些优质公司的竞争力变化，动态评估潜在的市值空间，在赔率和胜率间做均衡，直至此刻，我们做投资的初心未改，此心光明。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:28.734Z","fund":{"_id":3000000001970,"stockCode":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A指数跌幅5.2%，但个股表现和指数表现差异显著，体感差异来自于市值大小与机构重仓与否，从因子归因上看小市值、低波动、低价与高股息这两类方向风格占优，落实到板块上，受益于AI产业趋势映射的传媒和通信和高股息的煤炭超额收益显著。　　组合聚焦科技成长，年初至今表现不佳，主要是重点年初配置的模拟芯片设计和国防军工领域负向收益显著，源于对其下游需求的误判。痛定思痛，对科技方向有了些许新的思考：（1）自2018/2019年开启的科技领域的进口替代带来的行业估值扩张停滞，主要症结在于国内供给侧的竞争性内卷，之前各个细分行业的龙头公司出现了收入和毛利低于预期的情况，在立足国内市场竞争的同时，能够积极融入全球市场方能开拓更为广阔的市场空间，在细分方向的选择上，未来会更加谨慎，优选竞争态势较好的方向；（2）科技股的估值锚定，在静态PE估值难以度量安全边际时，结合产业估值和远期预期市值贴现可能更为客观。　　我们对于组合投资的底层逻辑，是自下而上优选个股的基本面投资，采用的高仓位和买入并持有策略，我们认为基本面投资，特许经营权与高股息策略也只是其中一部分，在中国产业升级和结构转型的背景中，科技产业蕴含足够大的投资机会，组合聚焦科技方向，优选赔率和胜率均较大的标的，赔率在于选择公司在赛道卡位和潜在市场空间的评估上，胜率的把握主要来源于企业竞争力的跟踪分析，此时面对这个市场，我们始终坚信，科技方向的优质的企业终究会成长，也终究会映射到二级市场。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:28.731Z","mo":"展望2024年，国内经济温和复苏，GDP名义观感类似于2023年，海外利率压力小于2023年，但目前共识度较高，市场行情判断仍将以结构性机会为主。产业方向来看大模型竞争格局趋于收敛，云端训练侧算力储备将在2024年迎来高峰，最为看好AI在边缘侧的硬件落地机会，集中在AIOT以及AIPC相关产业链，还看好在应用端落地的机会，集中在软件侧，目前组合重点配置在电子、计算机和国防军工领域。","fund":{"_id":3000000001970,"stockCode":"001970","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-07T16:00:00.000Z","setUpScale":337550000,"market":"a","tickerId":1970,"custody":"中国工商银行股份有限公司","name":"泰信鑫选灵活配置混合型证券投资基金","shortName":"泰信鑫选混合(001970)","fundSecondLevel":"hybrid","__csrcFundId":4471,"fundStatus":"normal","lastUpdated":"2026-04-30T18:17:04.925Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050270000,"currency":"CNY","masterFundShortName":"泰信鑫选混合","pinyin":"txxxlhpzhhxzqtzjj","managers":[{"stockCode":"8801616926","stockType":"fund_manager","exchange":"fm","tickerId":41026190110,"name":"董季周"}]},"announcement":{"linkText":"泰信鑫选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=1051616","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6107fea5b3eb04518c7","date":"2023-09-29T16:00:00.000Z","stockId":3000000001970,"sao":"2023年三季度市场依然跌宕起伏、板块分化显著，以煤炭为代表的周期板块持续强势，科技和新能源领域出现较大幅度调整。展望第四季度，国内经济在复苏进程，货币政策将继续维持宽松基调，市场有望企稳回升。　　三季度组合延续了二季度配置思路，继续对半导体板块超配，三季度组合业绩产生较大回撤同时，对竞争格局对长期市值空间的影响有了新的思考，继续坚守自身的价值判断。　　组合配置有所调整，持股集中度进一步提升，重点配置在数字Soc芯片、模拟芯片和应用软件等领域龙头标的。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:28.729Z","fund":{"_id":3000000001970,"stockCode":"001970","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-07T16:00:00.000Z","setUpScale":337550000,"market":"a","tickerId":1970,"custody":"中国工商银行股份有限公司","name":"泰信鑫选灵活配置混合型证券投资基金","shortName":"泰信鑫选混合(001970)","fundSecondLevel":"hybrid","__csrcFundId":4471,"fundStatus":"normal","lastUpdated":"2026-04-30T18:17:04.925Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050270000,"currency":"CNY","masterFundShortName":"泰信鑫选混合","pinyin":"txxxlhpzhhxzqtzjj","managers":[{"stockCode":"8801616926","stockType":"fund_manager","exchange":"fm","tickerId":41026190110,"name":"董季周"}]},"announcement":{"linkText":"泰信鑫选灵活配置混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=986156","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6107fea5b3eb04518c6","date":"2023-06-29T16:00:00.000Z","stockId":3000000001970,"sao":"上半年市场一直呈现极端结构行情，市场从交易经济复苏直至AIGC，行业和主题间呈现此消彼长特征。行业层面，上半年通信、传媒和计算机领涨，房地产和消费者服务领跌。　　组合在上半年度在电子、计算机和国防军工三个板块配置：　　1、电子板领域，重点配置在半导体芯片设计方向，重点是算力/AIOT/车载芯片三个方向；行业周期性方面，我们认为现在行业已经周期性触底，设计公司的库存在今年二季度或三季度预计回归到健康状态，现在变量就是需求端的边际变化；生成式Al的创造力正在不断扩展，可以生成文本、图像、视频、音频、代码、产品设计甚至多模态数据等数字资产，可预期的未来正在成为生产力提升的重要工具，有望拉动云端和边缘端的算力需求，对算力芯片和AIOT领域的Soc都将会有持续需求；车载半导体是目前显著收益于汽车电动化和智能化，而芯片国产化率较低，行业壁垒较高，远期竞争格局较好的领域，我们认为机会可类比于之前消费电子驱动的芯片国产化进程。　　2、计算机领域，重点配置在办公软件和AIGC绘图软件，参照海外，在AIGC领域最先落地，以及客户意愿付费习惯基本集中在办公、教育和绘图领域，典型的如Microsoft 365 Copilot、Midjourney和Notion，我们认为在这些领域产品力强的公司将在未来显著收益。　　3、国产军工领域，重点配置在特种半导体领域，我们认为该领域国产化率依然较低，未来将显著受益于武器装备信息化率提升。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:28.726Z","mo":"组合自年初以来表现不佳，回撤幅度较大，换手率也有所提升，当务之急，要平和心态，坚持投资的初衷和理念。","fund":{"_id":3000000001970,"stockCode":"001970","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-07T16:00:00.000Z","setUpScale":337550000,"market":"a","tickerId":1970,"custody":"中国工商银行股份有限公司","name":"泰信鑫选灵活配置混合型证券投资基金","shortName":"泰信鑫选混合(001970)","fundSecondLevel":"hybrid","__csrcFundId":4471,"fundStatus":"normal","lastUpdated":"2026-04-30T18:17:04.925Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050270000,"currency":"CNY","masterFundShortName":"泰信鑫选混合","pinyin":"txxxlhpzhhxzqtzjj","managers":[{"stockCode":"8801616926","stockType":"fund_manager","exchange":"fm","tickerId":41026190110,"name":"董季周"}]},"announcement":{"linkText":"泰信鑫选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=961833","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6107fea5b3eb04518c5","date":"2023-03-30T16:00:00.000Z","stockId":3000000001970,"sao":"一季度市场普涨，但结构分化，“困境反转”和AI方向超额收益显著。展望二季度，海外利率走向有望发生拐点性变化，国内经济有望继续修复提振市场信心。　　一季度的操作方面，组合基本延续上季度的配置思路，减持了部分半导体，增持了软件，全季保持高仓位运作，一季度组合表现不佳，在AI方向配置力度不足，究其原因是对市场热情估计不足，在远期兑现度上对标的的选取标准过于苛刻，这是值得反思的。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:28.723Z","fund":{"_id":3000000001970,"stockCode":"001970","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-07T16:00:00.000Z","setUpScale":337550000,"market":"a","tickerId":1970,"custody":"中国工商银行股份有限公司","name":"泰信鑫选灵活配置混合型证券投资基金","shortName":"泰信鑫选混合(001970)","fundSecondLevel":"hybrid","__csrcFundId":4471,"fundStatus":"normal","lastUpdated":"2026-04-30T18:17:04.925Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050270000,"currency":"CNY","masterFundShortName":"泰信鑫选混合","pinyin":"txxxlhpzhhxzqtzjj","managers":[{"stockCode":"8801616926","stockType":"fund_manager","exchange":"fm","tickerId":41026190110,"name":"董季周"}]},"announcement":{"linkText":"泰信鑫选灵活配置混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=885271","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6107fea5b3eb04518c4","date":"2022-12-30T16:00:00.000Z","stockId":3000000001970,"sao":"回顾 2022 年， A 股行情整体低迷，过程跌宕起伏，内外部影响因子众多，从板块收益来看，“顺周期”和“疫后复苏”相对收益显著。组合在 2022 年的配置思路上，着重配置了半导体和国防军工板块，收益表现不佳，且回撤较大，痛定思痛，回首过去一年的组合管理，需要继续坚持的是，坚持自己的投资理念，坚信基本面的深入研究创造价值以及保持敢于与市场差异化配置的勇气，同时需要改进的是，要时刻明晰市场运行脉络和主要驱动力，在组合配置上要做到适度调整。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:28.720Z","mo":"展望 2023 年，在国内经济复苏的背景下，我们认为市场的主要矛盾不在于流动性的松紧，而在于业绩兑现度的情况。我们认为在2023年市场会存在结构性机会，组合在2022年计划重点配置硬科技方向上，我们认为此类方向面临长期的政策红利和产业内在格局变化的趋势，虽然在市场风格方面可能阶段性受挫，但我们坚信，基本面的持续上升带来的竞争力的变化，将逐步打开市值空间的天花板：　　1、半导体领域，我们判断 2023 年行业将迎来全球景气度的触底回升和国产替代加速双重催化，尤其看好车规半导体；　　2、国防信息化领域，我们判断行业依然维持高增速发展，尤其看好卫星互联网产业链。　　本基金将一如既往根据基金合同，选取适合产品风格的优质企业作为主要持仓品种。","fund":{"_id":3000000001970,"stockCode":"001970","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-07T16:00:00.000Z","setUpScale":337550000,"market":"a","tickerId":1970,"custody":"中国工商银行股份有限公司","name":"泰信鑫选灵活配置混合型证券投资基金","shortName":"泰信鑫选混合(001970)","fundSecondLevel":"hybrid","__csrcFundId":4471,"fundStatus":"normal","lastUpdated":"2026-04-30T18:17:04.925Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050270000,"currency":"CNY","masterFundShortName":"泰信鑫选混合","pinyin":"txxxlhpzhhxzqtzjj","managers":[{"stockCode":"8801616926","stockType":"fund_manager","exchange":"fm","tickerId":41026190110,"name":"董季周"}]},"announcement":{"linkText":"泰信鑫选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=868354","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6107fea5b3eb04518c3","date":"2022-09-29T16:00:00.000Z","stockId":3000000001970,"sao":"2022年三季度市场依然跌宕起伏、板块分化显著，以煤炭为代表的周期板块持续强势，医药和科技领域出现较大幅度调整。展望第四季度，货币政策将继续维持宽松基调，利率水平和政策对市场影响较小，市场有望继续呈现结构性行情。  三季度组合延续了第二季度配置，继续对半导体板块超配，三季度组合业绩产生较大回撤同时，基于长期市值空间判断，继续选择坚守。  组合配置有所调整，持股集中度进一步提升，重点配置在模拟芯片设计、功率半导体、平台型芯片设计和国防信息化上游等领域龙头标的。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:28.717Z","fund":{"_id":3000000001970,"stockCode":"001970","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-07T16:00:00.000Z","setUpScale":337550000,"market":"a","tickerId":1970,"custody":"中国工商银行股份有限公司","name":"泰信鑫选灵活配置混合型证券投资基金","shortName":"泰信鑫选混合(001970)","fundSecondLevel":"hybrid","__csrcFundId":4471,"fundStatus":"normal","lastUpdated":"2026-04-30T18:17:04.925Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050270000,"currency":"CNY","masterFundShortName":"泰信鑫选混合","pinyin":"txxxlhpzhhxzqtzjj","managers":[{"stockCode":"8801616926","stockType":"fund_manager","exchange":"fm","tickerId":41026190110,"name":"董季周"}]},"announcement":{"linkText":"泰信鑫选灵活配置混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=804400","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6107fea5b3eb04518c2","date":"2022-06-29T16:00:00.000Z","stockId":3000000001970,"sao":"一季度市场普跌，“稳增长”和“抗疫”这两个方向超额收益显著，成长类、高贝塔行业跌幅居前；二季度市场先抑后扬，在经历海外高通胀引致的海外利率曲线跃升，以及上海疫情影响之后，在国内政策回暖与经济复苏预期背景下市场底部反弹。行业层面，上半年煤炭、消费者服务、交通运输领涨，电子、传媒和计算机领跌。  组合在上半年度在电子、国防军工和计算机三个板块配置，其中电子板块配置权重最高，主要集中在半导体领域。个人认为，半导体的核心推动力依然是国产替代，全球行业的周期性变化是次要因素，我们以长期视角审视国内各领域龙头公司，目前投资性价比非常之高。  组合自年初以来表现不佳，回撤幅度也较大，换手率也有所提升，个人的反思是，在整体上坚持投资的初衷和信念，在局部上需要持续修正和改进。构建组合初始思路，是按照长期投资维度，优选行业领军企业，在合意的位置进行配置，对于短期公司边际变化权重较低，但近两年以来，行业短期景气度变化对市场风格和个股估值影响巨大，后续再进行组合配置时，在满足公司长期竞争力和风险收益比的维度上，会兼顾短期行业景气度变化。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:28.714Z","mo":"展望下半年，我们的关注点在于国内实体经济复苏的强度以及流动性水平的变化，前者会影响到不同行业间的景气度变化比较，后者影响市场整体的估值水平。行业层面，我们依然看好产业升级的硬科技领域，重点看好半导体、国防信息化和汽车智能化这三个细分方向。","fund":{"_id":3000000001970,"stockCode":"001970","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-07T16:00:00.000Z","setUpScale":337550000,"market":"a","tickerId":1970,"custody":"中国工商银行股份有限公司","name":"泰信鑫选灵活配置混合型证券投资基金","shortName":"泰信鑫选混合(001970)","fundSecondLevel":"hybrid","__csrcFundId":4471,"fundStatus":"normal","lastUpdated":"2026-04-30T18:17:04.925Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050270000,"currency":"CNY","masterFundShortName":"泰信鑫选混合","pinyin":"txxxlhpzhhxzqtzjj","managers":[{"stockCode":"8801616926","stockType":"fund_manager","exchange":"fm","tickerId":41026190110,"name":"董季周"}]},"announcement":{"linkText":"泰信鑫选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=778238","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6107fea5b3eb04518c1","date":"2022-03-30T16:00:00.000Z","stockId":3000000001970,"sao":"一季度市场普跌，“稳增长”和“抗疫”这两个方向超额收益显著，成长类、高贝塔行业跌幅居前；因子角度考虑，红利因子占优。大势研判上，海外发达经济体在经济复苏与通胀高位的背景下，利率进入上行期，而国内仍处于货币政策宽松阶段，稳增长成为阶段性政策主线，成长赛道估值扩张承压，在疫情冲击下，市场预期稳增长政策继续加码，该领域对资金的吸引力度最大，而以半导体为代表的硬科技领域，在Q1传统淡季以及一些消费高频数据不佳的背景下，在风格上不占优势。22年全年判断，半导体景气度会分化，而在晶圆制造环节，产能的边际纾解和制造成本远期下降预期，有利于芯片设计环节里面优质公司的产能获取和毛利率改善。  一季度的操作方面，组合基本延续上季度的配置思路，减持了部分半导体，增持了软件，全季保持高仓位运作。方向上着重配置了算力相关（FPGA/MCU/内存接口芯片）、AIOT、模拟芯片设计和车载领域软硬件行业领军企业。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:28.711Z","fund":{"_id":3000000001970,"stockCode":"001970","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-07T16:00:00.000Z","setUpScale":337550000,"market":"a","tickerId":1970,"custody":"中国工商银行股份有限公司","name":"泰信鑫选灵活配置混合型证券投资基金","shortName":"泰信鑫选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2022 年 A 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