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   前三季度，国内工业增加值在2021年处于逐季下滑态势，因此管理人采取自下而上调研的方式寻找细分领域的龙头公司配置；同时，站在年底的时间展望2022年，增长相对确定的细分行业和领域就处在新能源基建和电动车的放量上，这些领域的物联网需求明显好于其他行业，所以管理人将继续根据这些具有相对优势的行业寻找细分龙头逐步配置。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:15.325Z","fund":{"_id":3000000003670,"stockCode":"003670","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-21T16:00:00.000Z","setUpScale":225796000,"market":"a","tickerId":3670,"custody":"交通银行股份有限公司","name":"国联物联网主题灵活配置混合型证券投资基金","shortName":"国联物联网主题(003670)","fundSecondLevel":"hybrid","__csrcFundId":1448,"fundStatus":"normal","lastUpdated":"2026-04-30T18:58:11.413Z","masterFundFlag":1,"inceptionDate":"2017-02-26T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联物联网主题","pinyin":"glwlwztlhpzhhxzqtzjj","managers":[{"stockCode":"8801397218","stockType":"fund_manager","exchange":"fm","tickerId":2606152650,"name":"赵菲"},{"stockCode":"db20918939","stockType":"fund_manager","exchange":"fm","tickerId":403237430,"name":"杜超"}]},"announcement":{"linkText":"中融物联网主题灵活配置混合型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=653000","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76b7fea5b3eb046a6d4","date":"2021-06-29T16:00:00.000Z","stockId":3000000003670,"sao":"宏观层面，2021年前两个季度经济指标稳中有忧，其中消费数据持续低于市场预期，从而带来消费品的动销走弱；经济从疫情的恢复到现在的各项指标参差不齐，带来对于宏观走势和判断难度的加大；我们转向中观层面则可以看得相对清晰，制造业尤其是先进制造业的投资增速从2020年中期就开始持续抬升，在我们访谈产业专家的过程也发现了国内制造业的景气周期的延续和向上，下游需求相对稳定的对于中游制造环节都有补库存的要求。因此管理人主要精力在中游制造环节和上游原材料环节的细分行业，尤其对于碳达峰、碳中和战略的推进而带来的新能源之于化石能源的替代，电动车之于燃油车的替代，仍然处在行业景气加速环节，渗透率仍然不高，而相关的细分行业的需求拉动带来上游企业的扩产动力强劲，如果仅仅是价格稳定这些企业就能获得量的提升，若是价格处在上行周期，则对于这些细分企业带来收入规模的加速增长。管理人会持续通过多调研，勤比对的传统研究范式，继续寻找并配置细分赛道的龙头企业。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:15.323Z","mo":"展望下半年，宏观经济尤其是消费数据的担忧可能短期无法改变，而外部流动性和政策的扰动也存在不确定性，包括疫情的反复。但确定的是中国企业家的企业家精神，中国制造业的景气周期尤其是碳达峰、碳中和背景下的行业确定性在增加，举例而言，我国的火力发电仍然占一次发电比重的70%左右，而目前仅光伏发电占比仍然处在个位数，未来替代空间具有较大潜力；对于电动车而言，2020年150万部对于一个保有2亿部燃油车的国家而言替代空间仍然很大，如果上述的上游材料和中游制造处在景气行业的细分赛道，则仍具备景气周期，管理人将继续寻找优秀的细分龙头进行配置。","fund":{"_id":3000000003670,"stockCode":"003670","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-21T16:00:00.000Z","setUpScale":225796000,"market":"a","tickerId":3670,"custody":"交通银行股份有限公司","name":"国联物联网主题灵活配置混合型证券投资基金","shortName":"国联物联网主题(003670)","fundSecondLevel":"hybrid","__csrcFundId":1448,"fundStatus":"normal","lastUpdated":"2026-04-30T18:58:11.413Z","masterFundFlag":1,"inceptionDate":"2017-02-26T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联物联网主题","pinyin":"glwlwztlhpzhhxzqtzjj","managers":[{"stockCode":"8801397218","stockType":"fund_manager","exchange":"fm","tickerId":2606152650,"name":"赵菲"},{"stockCode":"db20918939","stockType":"fund_manager","exchange":"fm","tickerId":403237430,"name":"杜超"}]},"announcement":{"linkText":"中融物联网主题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=632918","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76b7fea5b3eb046a6d3","stockId":3000000003670,"sao":"报告期内，市场关注点从疫情复苏转向了货币政策、财政政策以及市场利率走势，对于公司的估值可能带来变化。我们认为，在严格基于业绩增长的配置条件下，利用企业盈利的增长对冲市场估值的再均衡应该是本阶段的组合配置思路。与此同时，市场在注册制的大背景下，优秀的企业不断涌现，管理人将继续秉承勤调研、多比对的朴素研究方法，寻找出优质的上市公司以及管理团队进行配置。从目前管理人的调研来看，经济仍然处在复苏的过程中，顺周期的资源品、大宗商品需求仍然比较旺盛，央企和地方国企的改革进度仍在推进，消费多元和消费升级的趋势仍在加深，因此，管理人将持续通过寻找高景气度的子行业、配置估值合理、管理优秀的公司。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:15.320Z","fund":{"_id":3000000003670,"stockCode":"003670","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-21T16:00:00.000Z","setUpScale":225796000,"market":"a","tickerId":3670,"custody":"交通银行股份有限公司","name":"国联物联网主题灵活配置混合型证券投资基金","shortName":"国联物联网主题(003670)","fundSecondLevel":"hybrid","__csrcFundId":1448,"fundStatus":"normal","lastUpdated":"2026-04-30T18:58:11.413Z","masterFundFlag":1,"inceptionDate":"2017-02-26T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联物联网主题","pinyin":"glwlwztlhpzhhxzqtzjj","managers":[{"stockCode":"8801397218","stockType":"fund_manager","exchange":"fm","tickerId":2606152650,"name":"赵菲"},{"stockCode":"db20918939","stockType":"fund_manager","exchange":"fm","tickerId":403237430,"name":"杜超"}]},"announcement":{"linkText":"中融物联网主题灵活配置混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=569426","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76b7fea5b3eb046a6d2","stockId":3000000003670,"sao":"报告期内，国内宏观政策受到了疫情的影响呈现宽幅震荡，得益于货币政策和财政政策的及时发力，国内经济相对平稳地度过了这一波动。管理人根据对宏观政策的认知，以及中微观数据、调研的情况，在上半年以财政支持、基础设施建设为主要方向来配置；随着年中疫情的恢复，海外政策的学习曲线也达到一定程度，国内经济呈现出加速恢复的状态。随着房地产政策的坚持，制造业投资增速开始回升，一些制造业龙头公司的中报、三季报体现了这一拐点，因此从三季度开始管理人加大了对于顺周期制造业的研究和配置力度。而随着经济数据的企稳，疫情期间过于宽松的宏观环境可能带来的通胀预期，在四季度开始管理人重点研究了上游资源品等收益于全球经济复苏的品种，以及订单稳定向好国防军工行业。当然，免税、消费、医药等龙头公司体现了穿越周期的业绩趋势，也是管理人进行访谈和研究的方向。而随着海外疫苗的加速接种，全球经济呈现出迅速恢复的迹象，相应的资产价格、贫富差距、国际分工等问题都需要解决或者消化，也为接下来的投资带来不确定性。但我们相信，优秀的上市公司团队既然能够经历剧烈的疫情与激烈的行业竞争，继续配置和寻找此类公司将是我们持之以恒需要做的。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:15.317Z","mo":"2021应该是稳中有收的一年：随着海外疫苗的大规模接种，国内经济的持续稳定，在上半年应该可以见到难得的主要经济体几乎共同恢复的景色，因此顺周期的行业方向应是重点研究和配置的；但我们也应该看到对于疫情各国采取的超预期的流动性释放带来的K型复苏为经济复苏带来一定的不确定性，这也是管理人后续需要持续关注的，比如新的气候环境谈判与政策，新的国际分工与责任等。超预期的流动性释放对于资源品属性的上市公司带来重估的机会，但也通过牛鞭效应传导到制造业和消费领域，管理人需要时刻关注流动性，PPI和CPI的传导关系，而带来对于中观行业的配置比重变化。但优秀的公司随着注册制的推进仍然稀缺，我们将继续秉承积极调研，深度研究的思路继续寻找并配置优秀的上市公司。","fund":{"_id":3000000003670,"stockCode":"003670","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-21T16:00:00.000Z","setUpScale":225796000,"market":"a","tickerId":3670,"custody":"交通银行股份有限公司","name":"国联物联网主题灵活配置混合型证券投资基金","shortName":"国联物联网主题(003670)","fundSecondLevel":"hybrid","__csrcFundId":1448,"fundStatus":"normal","lastUpdated":"2026-04-30T18:58:11.413Z","masterFundFlag":1,"inceptionDate":"2017-02-26T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联物联网主题","pinyin":"glwlwztlhpzhhxzqtzjj","managers":[{"stockCode":"8801397218","stockType":"fund_manager","exchange":"fm","tickerId":2606152650,"name":"赵菲"},{"stockCode":"db20918939","stockType":"fund_manager","exchange":"fm","tickerId":403237430,"name":"杜超"}]},"announcement":{"linkText":"中融物联网主题灵活配置混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=550834","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76b7fea5b3eb046a6d1","stockId":3000000003670,"sao":"转眼间时间来到三四季度秋收季节，在新冠疫情，全球恐慌式流动性救援的过程中，国内在动态清零的背景下宏观政策逐渐回归正常操作范围。国际形势除了美国大选和新冠的发病曲线应该不会对国内的政策再产生大的影响。因此，管理人更多将研究精力转到十四五规划、五中全会等承上启下的展望中来。可以预见的是，国际国内宏观情况应该处在振幅缩小并逐渐稳定的过程之中，那么对于启动国内经济循环的我们来说，关注产业政策尤其是相对长期的产业规划，将是比较重要的课题。    从已知公开信息来看，科技领域的发力已经从集成电路延展到新能源、生物制药、装备制造升级中，产业政策对于新兴产业的重视程度和融资便利性可能带来市场对于研发技术类企业的估值重构，例如通过我们的产业比较，发现制造业尤其是高端制造业的产能、订单达到了历史比较好的水平，制造业投资增速也持续恢复，这个例证也可能是启动国内经济循环的一个比较重要的基础。至于其他战略新兴行业应该具有类似的特点：因此管理人将继续深入拜访、调研产业专家，通过产业的比较和公司的深入分析，寻找并集中配置优质赛道和具有独特壁垒的好公司。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:15.314Z","fund":{"_id":3000000003670,"stockCode":"003670","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-21T16:00:00.000Z","setUpScale":225796000,"market":"a","tickerId":3670,"custody":"交通银行股份有限公司","name":"国联物联网主题灵活配置混合型证券投资基金","shortName":"国联物联网主题(003670)","fundSecondLevel":"hybrid","__csrcFundId":1448,"fundStatus":"normal","lastUpdated":"2026-04-30T18:58:11.413Z","masterFundFlag":1,"inceptionDate":"2017-02-26T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联物联网主题","pinyin":"glwlwztlhpzhhxzqtzjj","managers":[{"stockCode":"8801397218","stockType":"fund_manager","exchange":"fm","tickerId":2606152650,"name":"赵菲"},{"stockCode":"db20918939","stockType":"fund_manager","exchange":"fm","tickerId":403237430,"name":"杜超"}]},"announcement":{"linkText":"中融物联网主题灵活配置混合型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=488063","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76b7fea5b3eb046a6d0","stockId":3000000003670,"sao":"报告期内，海外的疫情和国内的复工成为主要矛盾，因此宏观层面流动性处在合理充裕的状态，在这样的背景框架内，企业的盈利和估值带来重估的机会，也由于无风险利率的相对走低，带来折现后价值的相对提升。同时，国内叠加5G、基建、内需的拉动，相应的细分领域优质企业辈出。例如在5G中就带来消费电子、半导体各细分领域的景气周期，而在新型基建的带动下，数据中心、云服务以及装配式钢结构带来了需求的提升，与此同时，在消费多元化的背景下，不同场景的消费细分领域带来诸多企业抓住相应的机会。因此，管理人通过调研、产业访谈与数据比对，类似程序员的“冒泡法”逐一选择出优质赛道的细分龙头公司，集中配置。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:15.312Z","mo":"宏观角度，疫情和内需成为主要矛盾，因此宏观经济主要跟踪疫情数据和社会融资总量的变化，同时寻找直接融资总量的边际变化；这一逻辑框架内，带来权益类资本市场的相对景气，也带来的细分领域上市企业的高速成长，5G周期，军工的“十四五”规划，抗击疫情产业链以及消费升级等领域带来了诸多企业体现出其成长性。例如在5G周期中对于换机的预期，对于TWS耳机的销量预期，对于5G后应用的预期，以及对于云化互联网企业的预期；在军工“十三五”与“十四五”衔接的过程中，带来对于航空发动机的需求拉动；在抗击疫情产业链中，带来对于疫苗及其配套，抗疫物资如口罩、手套等需求提升，消费升级带来对于不同消费场景的变化而带来的需求等。总体而言，管理人将优选赛道相对长期，勤奋的、具有企业家精神的团队，集中配置。","fund":{"_id":3000000003670,"stockCode":"003670","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-21T16:00:00.000Z","setUpScale":225796000,"market":"a","tickerId":3670,"custody":"交通银行股份有限公司","name":"国联物联网主题灵活配置混合型证券投资基金","shortName":"国联物联网主题(003670)","fundSecondLevel":"hybrid","__csrcFundId":1448,"fundStatus":"normal","lastUpdated":"2026-04-30T18:58:11.413Z","masterFundFlag":1,"inceptionDate":"2017-02-26T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联物联网主题","pinyin":"glwlwztlhpzhhxzqtzjj","managers":[{"stockCode":"8801397218","stockType":"fund_manager","exchange":"fm","tickerId":2606152650,"name":"赵菲"},{"stockCode":"db20918939","stockType":"fund_manager","exchange":"fm","tickerId":403237430,"name":"杜超"}]},"announcement":{"linkText":"中融物联网主题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=455408","linkType":"PDF","source":"csrc_pdf"}}]}