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领域，具体包括AI端侧硬件、智能驾驶、国产算力等方向，也配置了部分军工标的。本基金持仓风格整体相对偏于保守。复盘本报告期，本基金在节点和风格的把握上，还有继续提升的空间，我们将争取可以做的更好。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:55.660Z","mo":"下半年国内经济数据仍需进一步观察，市场对新增量政策的出台抱有期待。美联储在下半年有望重启预防性降息。中美关税摩擦已从升级转向对话协商，关税政策对市场形成再次冲击的可能性较低。综合来看，我们认为三季度A股向上的概率更大，市场中枢将逐步上移。从长期视角看，政策推动资本市场高质量发展，低利率环境持续，在政策引导下中长期资金逐步入市，A股市场整体有望积蓄势能、稳步向上。我们认为，智能化时代的到来将为TMT行业带来良好的成长机遇，具体体现在：国内外云厂商加大资本开支投入，人工智能推动数据向线上二次加速迁移，tokens增速向上形成投入增长的正反馈，算力技术路线持续演进，人工智能应用加速渗透等方面。本基金将重点聚焦科技成长行业，力图把握产业周期，并将持续关注投资组合的抗风险能力，力争减少净值波动，争取为基金持有人创造长期可持续的投资收益。","fund":{"_id":3000000003586,"stockCode":"003586","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":40522900,"market":"a","tickerId":3586,"custody":"中国农业银行股份有限公司","name":"先锋精一灵活配置混合型发起式证券投资基金","shortName":"先锋精一(003586)","fundSecondLevel":"hybrid","__csrcFundId":1019,"fundStatus":"normal","lastUpdated":"2026-04-30T18:56:20.442Z","masterFundFlag":1,"inceptionDate":"2016-11-17T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋精一","pinyin":"xfjylhpzhhxfqszqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"},{"stockCode":"j101020791","stockType":"fund_manager","exchange":"fm","tickerId":192516265860,"name":"孙跃鹏"}]},"announcement":{"linkText":"先锋精一灵活配置混合型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1343868","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7577fea5b3eb046943e","date":"2025-03-30T16:00:00.000Z","stockId":3000000003586,"sao":"年初deepseek的横空出世，加速了国内科技资产的重估。在1月初市场的调整后，我们增加了TMT领域的仓位配置。方向上，我们重视智驾平权、端侧AI创新、大模型落地部署、军工部分上游复苏等领域，布局了相关具备技术、客户资源和产能优势的公司。出于对4月风险偏好回落的预期，我们在本报告期末降低了部分标的持仓。把握产业趋势和产业周期，是我们做成长投资的主要思路。此外，我们会持续关注投资组合的抗风险能力，力争减少净值波动，争取为基金持有人创造长期可持续的较高投资收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:55.657Z","fund":{"_id":3000000003586,"stockCode":"003586","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":40522900,"market":"a","tickerId":3586,"custody":"中国农业银行股份有限公司","name":"先锋精一灵活配置混合型发起式证券投资基金","shortName":"先锋精一(003586)","fundSecondLevel":"hybrid","__csrcFundId":1019,"fundStatus":"normal","lastUpdated":"2026-04-30T18:56:20.442Z","masterFundFlag":1,"inceptionDate":"2016-11-17T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋精一","pinyin":"xfjylhpzhhxfqszqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"},{"stockCode":"j101020791","stockType":"fund_manager","exchange":"fm","tickerId":192516265860,"name":"孙跃鹏"}]},"announcement":{"linkText":"先锋精一灵活配置混合型发起式证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1273418","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7577fea5b3eb046943d","date":"2024-12-30T16:00:00.000Z","stockId":3000000003586,"sao":"24年权益市场走出W底，权重股优势明显，结构分化加剧。报告期内，本基金主要持仓集中于TMT领域，一季度，本基金增加了半导体设计和封测公司的持仓。二季度，增加了消费电子持仓，三季度和四季度加大对AI端侧领域的持仓。复盘本报告期，本基金在节点和风格的把握上，还有继续提升的空间，我们将争取可以做的更好。","declarationDate":"2025-01-15T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:55.655Z","mo":"2024年11 月来，经济数据已显示部分领域的政策效果。我们预计2025年出口面临的挑战有所提升，经济“供强于需”的格局将延续，经济基本面还相对偏淡。政策端，国内有超常规逆周期调节，财政货币政策双宽松，以扩大内需对冲潜在外需减少，产业政策上更重视科技创新。盈利端，企业盈利有望向上，但显著大幅提升概率不大。外部端，美国政策、经济、美股存在不确定性。当前估值已经快速修复到长期平稳中枢以上，市场已经反映了对政策转向的定价。综上，我们认为25年权益市场的下行空间有限，上行空间取决于基本面修复情况，更容易出现结构性行情。具体到行业：智能化时代正在到来，2025年DeepSeek等大模型正在急剧加速提升AI的渗透率，国产算力投资加速，端侧不断创新，“智驾平权”带动智驾大拐点来临，都将支撑中国科技资产重估与向上。另外，2025年军工需求反转也有望带来行业基本面的上行。本基金将以科技、先进制造为主要投资方向，重点把握AI产业趋势的投资机会，并将持续关注投资组合的抗风险能力，力争减少净值波动，争取为基金持有人创造长期可持续的较高投资收益。","fund":{"_id":3000000003586,"stockCode":"003586","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":40522900,"market":"a","tickerId":3586,"custody":"中国农业银行股份有限公司","name":"先锋精一灵活配置混合型发起式证券投资基金","shortName":"先锋精一(003586)","fundSecondLevel":"hybrid","__csrcFundId":1019,"fundStatus":"normal","lastUpdated":"2026-04-30T18:56:20.442Z","masterFundFlag":1,"inceptionDate":"2016-11-17T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋精一","pinyin":"xfjylhpzhhxfqszqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"},{"stockCode":"j101020791","stockType":"fund_manager","exchange":"fm","tickerId":192516265860,"name":"孙跃鹏"}]},"announcement":{"linkText":"先锋精一灵活配置混合型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1254310","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7577fea5b3eb046943c","date":"2024-09-29T16:00:00.000Z","stockId":3000000003586,"sao":"三季度经济数据尚未显著改善，前大三个月，市场连续下跌，市场风格快速轮动。9月24日政策开始转向，市场情绪持续火热，量能创新高。本季度本基金仍主要配置于TMT领域，净值也在本轮资金推动的估值修复中得到回升。本轮政策底明确，短期上涨过快，叠加季报季及美国大选等因素，预计接下来面临高波动行情，我们倾向于灵活操作。结合自身研究领域优势，我们主要在TMT领域着重配置。把握产业趋势和产业周期，是我们做成长投资的主要思路。此外，我们会持续关注投资组合的抗风险能力，力争减少净值波动，争取为基金持有人创造长期可持续的较高投资收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:55.652Z","fund":{"_id":3000000003586,"stockCode":"003586","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":40522900,"market":"a","tickerId":3586,"custody":"中国农业银行股份有限公司","name":"先锋精一灵活配置混合型发起式证券投资基金","shortName":"先锋精一(003586)","fundSecondLevel":"hybrid","__csrcFundId":1019,"fundStatus":"normal","lastUpdated":"2026-04-30T18:56:20.442Z","masterFundFlag":1,"inceptionDate":"2016-11-17T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋精一","pinyin":"xfjylhpzhhxfqszqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"},{"stockCode":"j101020791","stockType":"fund_manager","exchange":"fm","tickerId":192516265860,"name":"孙跃鹏"}]},"announcement":{"linkText":"先锋精一灵活配置混合型发起式证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1174706","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7577fea5b3eb046943b","date":"2024-06-29T16:00:00.000Z","stockId":3000000003586,"sao":"上半年权益市场V型反转后震荡，市场有结构性表现，高股息领涨，大盘跑赢小票，银行、煤炭、家电占优；大消费、TMT疲软。一季度，本基金继续增加了半导体设计和封测公司的持仓。二季度，本基金增加了消费电子持仓。复盘本报告期，本基金在节点和风格上的把握上，还有继续提升的空间，将争取可以做的更好。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:55.649Z","mo":"经济周期处于底部，稳增长和经济转型同步进行，量价、内外需分化，延续“量强价弱\"，消费走弱，生产强。私营部门“资产负债表”疲弱，从政策预期看，货币进一步宽松，财政也盼进一步发力。我们认为哑铃策略今年依旧有效，杠铃两头中的成长一头在缩圈，必须有业绩为支撑。下半年，本基金将重点聚焦AI产业趋势，把握产业周期，并持续关注投资组合的抗风险能力，力争减少净值波动，争取为基金持有人创造长期可持续的较高投资收益。","fund":{"_id":3000000003586,"stockCode":"003586","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":40522900,"market":"a","tickerId":3586,"custody":"中国农业银行股份有限公司","name":"先锋精一灵活配置混合型发起式证券投资基金","shortName":"先锋精一(003586)","fundSecondLevel":"hybrid","__csrcFundId":1019,"fundStatus":"normal","lastUpdated":"2026-04-30T18:56:20.442Z","masterFundFlag":1,"inceptionDate":"2016-11-17T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋精一","pinyin":"xfjylhpzhhxfqszqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"},{"stockCode":"j101020791","stockType":"fund_manager","exchange":"fm","tickerId":192516265860,"name":"孙跃鹏"}]},"announcement":{"linkText":"先锋精一灵活配置混合型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1148038","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7577fea5b3eb046943a","date":"2024-03-30T16:00:00.000Z","stockId":3000000003586,"sao":"一季度A股市场波动较大，明显分化。指数上，大盘指数显著跑赢中小盘指数。行业上，低估值价值类板块显著跑赢成长。我们的净值在一季度也出现了较大回撤。市场流动性保持宽松，但节后超强反弹后，时间逐渐进入业绩披露期，前期涨幅较大的高位板块和业绩不佳板块或都逐渐面临较大调整压力。我们判断今年哑铃策略可能依旧有效，且更倾向于结合自身研究领域优势，在TMT领域着重配置。把握产业趋势和产业周期，是我们做成长投资的主要思路。此外，我们会持续关注投资组合的抗风险能力，力争减少净值波动，争取为基金持有人创造长期可持续的较高投资收益。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:55.646Z","fu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股表现较弱，行业上券商、地产、石化、建材等与保增长和活跃资本市场政策相关的周期性行业领涨，但TMT、电新、医药等成长性行业领跌。三季度的特点是政策的拐点，7月24日政治局会议中提出“要活跃资本市场，提振投资者信心”，8月15日央行意外降息，市场形成了政策底。基于当前市场估值整体处于较低历史分位值，8月部分经济数据转好，库存周期反转在即，中报盈利可能是年内低点，我们认为四季度大概率见到底部。四季度处于辞旧迎新的分界点，四季度的投资要综合长短结合的眼光去考虑，“周期搭台、成长唱戏”是我们认为概率较高的可能。同时，我们会持续关注投资组合的抗风险能力，力争减少净值波动，争取为基金持有人创造长期可持续的较高投资收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:55.640Z","fund":{"_id":3000000003586,"stockCode":"003586","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":40522900,"market":"a","tickerId":3586,"custody":"中国农业银行股份有限公司","name":"先锋精一灵活配置混合型发起式证券投资基金","shortName":"先锋精一(003586)","fundSecondLevel":"hybrid","__csrcFundId":1019,"fundStatus":"normal","lastUpdated":"2026-04-30T18:56:20.442Z","masterFundFlag":1,"inceptionDate":"2016-11-17T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋精一","pinyin":"xfjylhpzhhxfqszqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"},{"stockCode":"j101020791","stockType":"fund_manager","exchange":"fm","tickerId":192516265860,"name":"孙跃鹏"}]},"announcement":{"linkText":"先锋精一灵活配置混合型发起式证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=988992","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7577fea5b3eb0469437","date":"2023-06-29T16:00:00.000Z","stockId":3000000003586,"sao":"上半年经济复苏数据弱，市场从强预期下向现实回摆，AI与中特估独领市场。一季度，本基金增加了优质半导体设计公司的持仓。二季度，本季度继续在TMT配置的基础上，大量增加了优质国企的投资。复盘本报告期，本基金在节点和风格上的把握上，还有继续提升的空间，将争取可以做的更好。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:55.637Z","mo":"7月，国内复苏较弱已定价充分，从风险溢价来看，权益市场已处于一个性价比较高的位置，虽然当时市场表现不佳，风格轮动极快，交易量逐渐下降，但我们并不太过担忧，认为是市场的磨底。7月末政治局会议以来，围绕着房地产、发展资本市场、民营经济、居民消费的一系列政策吹风落地，利好信号密集释放。政策加码提振市场信心，达成了政策底。市场近期的风格以顺周期风格为主，权重股带动指数强势反弹。在中央定调的基础上，后续的执行政策预计将陆续落地，在这样的预期下，预计顺周期将还将维持表现。但房地产大金融等蓝筹的快速上涨，导致其估值已经到了前期高点，或将进入分歧加大的阶段。后期，成长可能将逐渐接棒蓝筹。下半年，本基金重点关注TMT和国企改革，重点关注国企改革中盈利能力提升、分红潜力高、行业龙头专业化整合等投资机会，并持续关注投资组合的抗风险能力，力争减少净值波动，争取为基金持有人创造长期可持续的较高投资收益。","fund":{"_id":3000000003586,"stockCode":"003586","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":40522900,"market":"a","tickerId":3586,"custody":"中国农业银行股份有限公司","name":"先锋精一灵活配置混合型发起式证券投资基金","shortName":"先锋精一(003586)","fundSecondLevel":"hybrid","__csrcFundId":1019,"fundStatus":"normal","lastUpdated":"2026-04-30T18:56:20.442Z","masterFundFlag":1,"inceptionDate":"2016-11-17T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋精一","pinyin":"xfjylhpzhhxfqszqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"},{"stockCode":"j101020791","stockType":"fund_manager","exchange":"fm","tickerId":192516265860,"name":"孙跃鹏"}]},"announcement":{"linkText":"先锋精一灵活配置混合型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=964664","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7577fea5b3eb0469436","date":"2023-03-30T16:00:00.000Z","stockId":3000000003586,"sao":"一季度，考虑到弱复苏的背景，AI引领的科技产业浪潮，半导体的周期运行周期节奏，国产替代的大趋势，本基金主要投资于科技成长领域，尤其增加了优质半导体设计公司的持仓。我们对2023年的科技行业表现持乐观态度，将重点关注产业发展趋势下的机会，投资受益于新一轮科技创新的标的，并持续关注投资组合的抗风险能力，力争减少净值波动，争取为基金持有人创造长期可持续的较高投资收益。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:55.632Z","fund":{"_id":3000000003586,"stockCode":"003586","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":40522900,"market":"a","tickerId":3586,"custody":"中国农业银行股份有限公司","name":"先锋精一灵活配置混合型发起式证券投资基金","shortName":"先锋精一(003586)","fundSecondLevel":"hybrid","__csrcFundId":1019,"fundStatus":"normal","lastUpdated":"2026-04-30T18:56:20.442Z","masterFundFlag":1,"inceptionDate":"2016-11-17T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋精一","pinyin":"xfjylhpzhhxfqszqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"},{"stockCode":"j101020791","stockType":"fund_manager","exchange":"fm","tickerId":192516265860,"name":"孙跃鹏"}]},"announcement":{"linkText":"先锋精一灵活配置混合型发起式证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=883822","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7577fea5b3eb0469435","date":"2022-12-30T16:00:00.000Z","stockId":3000000003586,"sao":"2022年报告期内，本基金对于景气度向上的行业进行了重点配置，以成长股为主，聚焦于高成长的行业和优秀公司，如新能源、TMT、军工、业绩优秀的医药股等，在运作过程中保持风格稳定。疫情冲击、美国加息、俄乌战争等多方面的冲击，导致多数企业盈利水平是比预期要差的，2022年股市整体表现不好，市场全年波动较大。一季度，需求收缩、供给冲击、预期转弱三重压力，A股指数出现较大幅度调整，本基金的净值也受到影响。二季度，政策驱动、预期改善，市场信心快速修复，有利于成长股表现，本基金净值回升。三季度，复苏动能不足，市场对未来经济状况发生担忧，A股风险偏好降低，本基金净值出现一定回撤。四季度，防疫政策动态优化，地产出台相关政策，但放开后出现大范围感染，A股出现先扬后抑的行情，本基金净值也发生一定波动。复盘本报告期，本基金在节点和风格上的把握上，还有继续提升的空间，将争取可以做的更好。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:55.630Z","mo":"随着2023年诸多冲击的边际减弱，市场对经济复苏有着较强期待，虽可能分歧在复苏力度的强弱，但整体盈利增长是比较确定的。2023年，本基金将重点关注：1）在复苏主线下，盈利出现明显改善、景气度逐步回升的细分板块；2）在周期框架下，寻找国家意志叠加产业趋势的机会，如半导体和高端制造，抓住估值及盈利的双重改善弹性。面对热门的AI新技术是否会带来新一轮产业革命，我们是比较持积极态度的，并在积极关注和配置相关机会。同时，本基金将持续关注投资组合的抗风险能力，力争减少净值波动，争取为基金持有人创造长期可持续的较高投资收益。","fund":{"_id":3000000003586,"stockCode":"003586","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":40522900,"market":"a","tickerId":3586,"custody":"中国农业银行股份有限公司","name":"先锋精一灵活配置混合型发起式证券投资基金","shortName":"先锋精一(003586)","fundSecondLevel":"hybrid","__csrcFundId":1019,"fundStatus":"normal","lastUpdated":"2026-04-30T18:56:20.442Z","masterFundFlag":1,"inceptionDate":"2016-11-17T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋精一","pinyin":"xfjylhpzhhxfqszqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"},{"stockCode":"j101020791","stockType":"fund_manager","exchange":"fm","tickerId":192516265860,"name":"孙跃鹏"}]},"announcement":{"linkText":"先锋精一灵活配置混合型发起式证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=872910","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7577fea5b3eb0469434","date":"2022-09-29T16:00:00.000Z","stockId":3000000003586,"sao":"三季度，疫情反复下生产端的工业在保产业链供应链等政策支撑下表现尚可。需求端没有合力，出口在外需支撑下仍保持较高增速。稳增长一揽子政策逐步落地，基建和制造业投资体现出韧性。而房地产行业景气度仍较弱，尤其三线城市更甚，保交楼压力增加下房地产企业新增投资增速加快回落。居民消费总体疲软。工业品价格涨幅持续回落，消费者物价水平呈上行趋势，央行对通胀的关注度也有提升，但当前通胀水平仍温和可控，处于年度目标之内，短期仍未对宏观决策带来制约，央行核心目标仍是稳增长。金融数据在市场主体信心不强的拖累下，长期和短期贷款、企业和居民贷款表现分化。展望四季度，中国经济总体复苏的态势不变，复苏过程可能较为温和。报告期内，本基金维持了较为均衡的投资策略，对于景气度向上的行业和具备稳健投资价值的行业进行了配置，以取得性价比较高的收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:55.626Z","fund":{"_id":3000000003586,"stockCode":"003586","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":40522900,"market":"a","tickerId":3586,"custody":"中国农业银行股份有限公司","name":"先锋精一灵活配置混合型发起式证券投资基金","shortName":"先锋精一(003586)","fundSecondLevel":"hybrid","__csrcFundId":1019,"fundStatus":"normal","lastUpdated":"2026-04-30T18:56:20.442Z","masterFundFlag":1,"inceptionDate":"2016-11-17T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋精一","pinyin":"xfjylhpzhhxfqszqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"},{"stockCode":"j101020791","stockType":"fund_manager","exchange":"fm","tickerId":192516265860,"name":"孙跃鹏"}]},"announcement":{"linkText":"先锋精一灵活配置混合型发起式证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=808132","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7577fea5b3eb0469433","date":"2022-06-29T16:00:00.000Z","stockId":3000000003586,"sao":"上半年，全球经济增速预期下修，各国经济周期分化、普遍面临滞胀甚至衰退的风险挑战。外部环境叠加3月以来我国部分重点城市疫情规模性反弹的不利情况，中国经济表现出了较大压力，导致上半年经济增速与年初既定的目标差距显著。但是，中国经济也显示出越是困难越向前的坚韧，政府出台了一揽子稳住经济大盘的政策措施，我们认为，这些政策措施针对性强、力度大、持续性好，政策效果已初步显现。报告期内，本基金维持了较为稳健的投资策略，对于景气度向上的行业进行了重点配置，以取得性价比较高的收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:55.623Z","mo":"下半年，随着各项政策逐步落实，常态化核酸检测的铺开，疫情防控与经济增长之间的统筹将会做得更好，一揽子稳增长政策将充分释放出效果。随着积极有利因素逐渐增多，中国经济下半年将会急起直追，努力把上半年的经济损失尽可能地补回来，我们预计，二季度是年内经济低点，下半年经济将拾级而上，三、四季度单季经济增速水平将重回强势，全年仍有望实现一个在全球范围看相对合理较高的增速水平。从中长期视角来看，证券市场目前估值处于合适区间，对未来保持积极乐观。继续关注景气度向上的科技类、高端制造等行业，同时也关注受益于经济复苏的大消费行业。","fund":{"_id":3000000003586,"stockCode":"003586","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":40522900,"market":"a","tickerId":3586,"custody":"中国农业银行股份有限公司","name":"先锋精一灵活配置混合型发起式证券投资基金","shortName":"先锋精一(003586)","fundSecondLevel":"hybrid","__csrcFundId":1019,"fundStatus":"normal","lastUpdated":"2026-04-30T18:56:20.442Z","masterFundFlag":1,"inceptionDate":"2016-11-17T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋精一","pinyin":"xfjylhpzhhxfqszqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"},{"stockCode":"j101020791","stockType":"fund_manager","exchange":"fm","tickerId":192516265860,"name":"孙跃鹏"}]},"announcement":{"linkText":"先锋精一灵活配置混合型发起式证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=784049","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7577fea5b3eb0469432","date":"2022-03-30T16:00:00.000Z","stockId":3000000003586,"sao":"一季度，受海外地缘局势动荡、中概股调整和外资大幅流出、国内区域疫情扩散等内外部综合因素影响，市场情绪较弱。当前引发调整的部分因素已迎来政策层面的积极应对，包括房地产领域相关的支持政策更加积极，金融委会议和国常会均表明避免收缩性政策或者不利于市场预期的政策出台。“稳增长”政策更有针对性地发力可能也将逐渐带来基本面预期的改善。初步预计经济上半年慢慢寻底，下半年有望触底复苏。国内的通胀压力相对可控，“稳增长”政策空间相对充足，结合当下估值水平处于底部区间，对未来可以保持积极的态度。报告期内，本基金继续维持了较为稳健的投资策略，对于景气度向上的行业和防御性低估值行业，进行了均衡配置，以取得稳健的收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:55.621Z","fund":{"_id":3000000003586,"stockCode":"003586","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":40522900,"market":"a","tickerId":3586,"custody":"中国农业银行股份有限公司","name":"先锋精一灵活配置混合型发起式证券投资基金","shortName":"先锋精一(003586)","fundSecondLevel":"hybrid","__csrcFundId":1019,"fundStatus":"normal","lastUpdated":"2026-04-30T18:56:20.442Z","masterFundFlag":1,"inceptionDate":"2016-11-17T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋精一","pinyin":"xfjylhpzhhxfqszqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"},{"stockCode":"j101020791","stockType":"fund_manager","exchange":"fm","tickerId":192516265860,"name":"孙跃鹏"}]},"announcement":{"linkText":"先锋精一灵活配置混合型发起式证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=725887","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7577fea5b3eb0469431","date":"2021-12-30T16:00:00.000Z","stockId":3000000003586,"sao":"2021年全年来看，中国持续巩固疫情防控和经济复苏成果。分阶段来看，上半年经济修复动力较强，财政收入大增的同时，财政支出增速明显偏低，明显慢于之前两年。下半年预算内投资和新增地方政府专项债发行进度明显加快，推动岁末年初基建投资形成实物工作量。前三季度，GDP实现9.8%的增长，两年平均增长5.2%，从10月、11月经济表现看，预计将延续景气复苏，全年GDP有望实现8%以上增长。四季度经济周期缓慢下行，名义GDP和实际GDP增速向常态化回归。中央经济工作会议提出当前\"经济发展面临需求收缩、供给冲击、预期转弱三重压力\"，但宏观经济仍然\"需要坚持稳字当头、稳中求进的基调\"，新一轮稳增长启动。报告期内，本基金继续维持了较为稳健的投资策略，上半年对于景气度向上的行业进行了重点配置，下半年开始对于景气度向上的行业和防御性低估值行业进行了均衡配置，以取得稳健的收益。","declarationDate":"2022-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:55.618Z","mo":"从宏观来看，中央经济工作会议定调稳增长，预计2022年经济政策将适当发力稳定宏观经济大盘，也将见到各部门政策落地，积极支持宏观经济稳定发展，因此2022年宏观经济将延续向好复苏态势。从节奏上看，初步预计2022年经济上半年慢慢寻底，下半年有望触底复苏。从证券市场来看，美国紧缩预期背景下，国内宽松政策延续，A股营收增速回落预期下，取得趋势性行情难度较大。另一方面，居民资产配置向权益迁移趋势已成，A股市场仍有望获得增量资金青睐，结构性行情大概率有望延续，可在回调中积极寻找机会。从行业来看，A股总体盈利能力回落的阶段，消费和科技类资产是跑赢市场概率最大的资产。在美元收紧的预期下，大宗商品价格预计承压，参与周期类难度较大。所以，我们将大类板块内部行业比较的重点，聚焦在消费、科技两大方向上。特别是科技、战略新兴产业近年来一直是政策鼓励的方向，未来将会是中国制造业升级、竞争优势全面提升的阶段。关注新能源、消费电子、通信、计算机设备、军工等科技制造领域。","fund":{"_id":3000000003586,"stockCode":"003586","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":40522900,"market":"a","tickerId":3586,"custody":"中国农业银行股份有限公司","name":"先锋精一灵活配置混合型发起式证券投资基金","shortName":"先锋精一(003586)","fundSecondLevel":"hybrid","__csrcFundId":1019,"fundStatus":"normal","lastUpdated":"2026-04-30T18:56:20.442Z","masterFundFlag":1,"inceptionDate":"2016-11-17T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋精一","pinyin":"xfjylhpzhhxfqszqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"},{"stockCode":"j101020791","stockType":"fund_manager","exchange":"fm","tickerId":192516265860,"name":"孙跃鹏"}]},"announcement":{"linkText":"先锋精一灵活配置混合型发起式证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=716200","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7577fea5b3eb0469430","date":"2021-09-29T16:00:00.000Z","stockId":3000000003586,"sao":"上半年经济修复动力较强，在财政收入大增的同时，支出增速明显偏低，而 1-7 月新增地方政府专项债发行进度仅为 36.1%，明显慢于之前两年。我们判断，接下来预算内投资和新增地方政府专项债发行进度会明显加快，推动今年底明年初基建投资形成实物工作量。这意味着下半年基建投资有可能小幅提速，年末两年平均增速有可能升至疫情前 2019 年 3.8%的增长水平（上半年该指标为 2.4%）。结合下半年国际油价及国内煤、钢等工业品价格走势来看，年底前 PPI 同比仍将保持在 6.0%左右的高位，而 CPI 同比则将控制在2.5%左右。这样来看，未来一段时间 PPI 和 CPI 之间的\"剪刀差\"仍将较为明显。报告期内，本基金全年维持了较为稳健的投资策略，对于景气度向上的行业进行了集中配置，以取得性价比较高的超额收益。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:55.615Z","fund":{"_id":3000000003586,"stockCode":"003586","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":40522900,"market":"a","tickerId":3586,"custody":"中国农业银行股份有限公司","name":"先锋精一灵活配置混合型发起式证券投资基金","shortName":"先锋精一(003586)","fundSecondLevel":"hybrid","__csrcFundId":1019,"fundStatus":"normal","lastUpdated":"2026-04-30T18:56:20.442Z","masterFundFlag":1,"inceptionDate":"2016-11-17T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋精一","pinyin":"xfjylhpzhhxfqszqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"},{"stockCode":"j101020791","stockType":"fund_manager","exchange":"fm","tickerId":192516265860,"name":"孙跃鹏"}]},"announcement":{"linkText":"先锋精一灵活配置混合型发起式证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=657349","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7577fea5b3eb046942f","date":"2021-06-29T16:00:00.000Z","stockId":3000000003586,"sao":"2021年上半年权益市场整体经历了较大的波动与反复，但上半年整体来看呈震荡上行态势，但指数分化严重，其中上证指数涨3.40%、沪深300上涨0.24%、万得全A上涨5.45%、创业板指上涨17.22%。分行业来看，分化亦相当明显，基础化工、钢铁、电力设备与新能源、煤炭等高景气板块表现居前，非银、家电、军工、房地产、农业等板块表现落后。上半年市场虽然由于通胀以及流动性紧缩担忧致了比较大的波动，但实际上市场盈利和流动性仍处于较好的组合区间，市场中长期向好的逻辑目前仍未发生变化。报告期内，本基金出于稳健考虑适当降低了股票仓位，同时在行业配置上，将消费和成长板块作均衡配置，具体标的选择上兼顾安全边际与弹性，选择未来景气度有改善空间而目前估值仍处合理区间的板块进行布局。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:55.612Z","mo":"展望未来，国内外宏观经济将逐步进入后疫情时代，随着消费和生产活动陆续恢复正常，宏观经济和企业盈利水平虽然将继续改善但增速会回落，同时全球宽松的货币政策和扩张的财政政策会面临退出问题，通胀水平和无风险利率将面临上升压力。权益市场方面，企业盈利水平虽然大幅改善，但流动性收紧预期将对估值形成压制，市场波动会加大，但放长眼光，我们仍然坚定看好居民财富重新配置趋势下权益市场的中长期表现。整体的投资策略方面，基于我们对市场整体的判断，我们会适当控制整体的仓位水平，维持在中等水平之下，同时在行业和个股配置上，更加强调标的稳健性，力争在市场波动中控制好风险。","fund":{"_id":3000000003586,"stockCode":"003586","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":40522900,"market":"a","tickerId":3586,"custody":"中国农业银行股份有限公司","name":"先锋精一灵活配置混合型发起式证券投资基金","shortName":"先锋精一(003586)","fundSecondLevel":"hybrid","__csrcFundId":1019,"fundStatus":"normal","lastUpdated":"2026-04-30T18:56:20.442Z","masterFundFlag":1,"inceptionDate":"2016-11-17T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋精一","pinyin":"xfjylhpzhhxfqszqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"},{"stockCode":"j101020791","stockType":"fund_manager","exchange":"fm","tickerId":192516265860,"name":"孙跃鹏"}]},"announcement":{"linkText":"先锋精一灵活配置混合型发起式证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=633098","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7577fea5b3eb046942e","stockId":3000000003586,"sao":"2021年一季度国内宏观经济由于去年同期低基数呈现高增长态势。2021年1-2月份规模以上工业增加值同比增长35.10%，1-2月份规模以上工业企业利润总额增速达178.90%。2021年2月底社会融资规模存量规模同比增长13.3%，增速较去年下半年有所回落但仍处高位。2021年1-2月份全国固定资产投资同比增长35%，其中制造业投资同比增长37.30%、基础设施建设投资总额同比增长34.95%、全国房地产开发投资完成额同比增长38.30%，制造业投资改善明显。2021年1-2月份社会消费品零售总额同比增长33.80%，居民消费继续回暖。展望全年，货币政策正常化下流动性边际会有所收紧但仍会保持合理水平，不会过度收紧，地产融资政策收紧和地方政府债务压力对房地产投资和基建投资形成抑制，但出口、制造业投资和消费将继续回暖，推动宏观经济延续复苏，但不必担心经济过热风险。报告期内，本基金将股票仓位保持在相对比较高的水平，同时在行业配置上，以消费板块配置为主、成长和金融板块配置为辅。展望未来，国内外宏观经济将逐步进入后疫情时代，随着消费和生产活动陆续恢复正常，宏观经济和企业盈利水平将迎来大幅改善，但同时全球宽松的货币政策和扩张的财政政策会面临退出问题，通胀水平和无风险利率将面临上升压力。权益市场方面，企业盈利水平虽然大幅改善，但无风险利率上行对估值形成压制，市场波动会加大，但放长眼光，我们仍然坚定看好居民财富重新配置趋势下权益市场的中长期表现。整体的投资策略方面，基于我们对市场整体的判断，我们会适当控制整体的仓位水平，但仍将维持在中等水平之上，同时在行业和个股配置上，更加注重投资标的估值性价比，力求在市场波动中实现稳健收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:55.610Z","fund":{"_id":3000000003586,"stockCode":"003586","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":40522900,"market":"a","tickerId":3586,"custody":"中国农业银行股份有限公司","name":"先锋精一灵活配置混合型发起式证券投资基金","shortName":"先锋精一(003586)","fundSecondLevel":"hybrid","__csrcFundId":1019,"fundStatus":"normal","lastUpdated":"2026-04-30T18:56:20.442Z","masterFundFlag":1,"inceptionDate":"2016-11-17T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋精一","pinyin":"xfjylhpzhhxfqszqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"},{"stockCode":"j101020791","stockType":"fund_manager","exchange":"fm","tickerId":192516265860,"name":"孙跃鹏"}]},"announcement":{"linkText":"先锋精一灵活配置混合型发起式证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=573349","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7577fea5b3eb0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