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季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1176657","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7db7fea5b3eb0472e16","date":"2024-06-29T16:00:00.000Z","stockId":3000000004390,"sao":"上半年本基金主要持仓分布在TMT科技、资源、机械、轮胎等方向，相比去年四季报，主要减持了汽车及零部件等持仓，加仓了资源、TMT科技等持仓。内部经济发展范式变化、外部地缘政治复杂化，投资面临一些不稳定预期，在不确定的环境中，追求低估值（安全）和确定性成为重要的选股标准。当前统一的全球贸易体系有所瓦解，全球统一的制造中心和美元信用体系受到挑战，下游面临贸易保护而需求不足，中游制造多中心化而供应增加，上游供给约束而相对供需紧张。我们认为成长、价值、周期都是外在标签，实质要看企业盈利增长的变化，行业属性随着环境的变化而产生改变。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:07.503Z","mo":"本基金仍保持从需求增长和供给收缩优化两条线索寻找盈利增长机会，当前主要关注以下方向：　　1、AI产业创新趋势：AI产业发展类似移动互联网，主要经历三个发展阶段。第一个阶段是基础设施建设，比如3G、4G网络建设；第二个阶段就是终端及应用普及，比如智能手机及APP应用；第三个阶段是在终端及应用普及基础上，衍生出商业模式创新，比如直播、外卖等商业模式创新。AI的发展如出一辙，第一阶段对应的基础设施建设是AI算力中心的建设；第二个阶段对应的是硬件终端及应用的创新，比如可能出现的AI手机、AIPC、AI机器人；如果前两个阶段顺利的话，第三个阶段会出现AI+、商业模式的创新。目前投资机会主要集中在第一阶段的算力相关标的，如光模块、PCB、服务器、铜连接等，根据产业跟踪，算力投入趋势仍在加强。下半年重点观察，能否向第二阶段过渡，目前看苹果的AI系统与AI手机有希望能够在产品层面做出实质性创新，从而获得消费者认同，如果比较乐观，投资机会可能逐渐由算力向终端产业链延伸，终端产业链重点关注苹果产业链。　　2、资源：当下重点关注黄金，美国债务问题严重，债务率（美国国债余额/GDP比率）逼近历史新高，削弱美元信用；而当前逆全球化带来“去美元化”，多国央行增加黄金等美元之外的资产储备；美国降息时点越来越接近，但其通胀问题难以实质解决，降息后或再次通胀抬升，持续面临通胀困扰。后续紧密关注铜等工业金属，短期面临经济扰动，但中长期看，供给受限难以改变（资源平均品位快速下行、新矿山的开发难度和开发成本的提升、资本开支不足等因素），而需求有韧性，全球制造业产业链的重构带动边际新增需求，新兴产业（新能源、电网改造）的结构性拉动。　　3、高壁垒资产的估值修复：整体社会回报率下降，一定程度上存在“资产荒”现象。一些具有高壁垒的核心资产，经营质量稳定，相对社会资产回报具有高性价比，有望估值向上修复。","fund":{"_id":3000000004390,"stockCode":"004390","stockType":"fund","areaCode":"cn","followedNum":30,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-20T16:00:00.000Z","setUpScale":231639000,"market":"a","tickerId":4390,"custody":"平安银行股份有限公司","name":"平安转型创新灵活配置混合型证券投资基金","shortName":"平安转型创新混合A","fundSecondLevel":"hybrid","__csrcFundId":1649,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.680Z","masterFundFlag":1,"inceptionDate":"2017-04-13T16:00:00.000Z","fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安转型创新混合","memoNum":2,"pinyin":"pazxcxlhpzhhxzqtzjj","managers":[{"stockCode":"db20074821","stockType":"fund_manager","exchange":"fm","tickerId":190117160030,"name":"神爱前"}]},"announcement":{"linkText":"平安转型创新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=1152582","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7db7fea5b3eb0472e15","date":"2024-03-30T16:00:00.000Z","stockId":3000000004390,"sao":"如本基金23年年报所述，本基金经理从需求增长和供给优化收缩两条线索寻找业绩扩张的机会，围绕企业业绩把握盈利周期和估值周期的变化，一季度持仓主要分布在科技成长、周期资源、消费等白马龙头等方面。本基金经理认为，目前内外环境发生一些变化。内部环境，经济发展范式变化，由过去债务驱动投资的模式，转向高质量发展模式；外部环境，地缘政治复杂化，全球制造业供应链在部分重塑。内外环境的这种变化，深刻影响了社会风险偏好和市场风格偏好，本基金经理在选股时将更多的考量估值和确定性。市场追求确定收益，过去一年股息红利涨幅较好，但确定性成长更是稀缺的，这种稀缺性一旦市场风险偏好稳定就会给予溢价，本基金仍坚定看好业绩趋势驱动的成长机会。同时，大多数行业需求弹性不足，供给的考量和要求更高，供给侧机会更多被市场接受和定价。本基金经理仍将坚持从需求增长和供给优化收缩两条线索寻找业绩机会，力争投资方法更加兼容和具有韧性，以适应新时期的市场环境。　　本基金经理后续主要关注几方面机会：1）产业创新落地引发的产业链机会。AI产业发展类似（移动）互联网，主要经历基础设施建设、终端的普及、应用和商业模式创新三个发展阶段。目前处于第一阶段的算力投入，算力硬件投入已经进入业绩释放期，其他阶段的投资暂时缺乏支持，需要观察产业发展能否向第二个阶段进行过渡。但也需要看到，产业创新的发展不是一蹴而就，其时间存在不确定性和曲折，本基金会特别注意把握确定性增强的时刻，控制不确定风险。2）供给控制较好的上游资源行业。这些行业一方面由于供给受限制，盈利具有一定稳定性；另一方面由于当前经济和内需预期较低导致其估值较低，但国内预期具有修正可能。同时，具备全球需求、全球定价属性，受益海外制造业投资及美国未来降息预期。3）消费等白马龙头。受筹码结构影响很多白马龙头公司连续下跌三年以上，估值已经处于极低水平，并且有部分个股估值比同行业其他公司更低，导致估值并未体现行业内的竞争力差异，看好一些估值低、基本面具有韧性的白马龙头的估值修复，尤其部分消费龙头公司基本面可能已经出现改善迹象。在核心资产中，消费龙头可能是基本面率先好转的，有希望回归稳健资产的配置价值。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:07.499Z","fund":{"_id":3000000004390,"stockCode":"004390","stockType":"fund","areaCode":"cn","followedNum":30,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-20T16:00:00.000Z","setUpScale":231639000,"market":"a","tickerId":4390,"custody":"平安银行股份有限公司","name":"平安转型创新灵活配置混合型证券投资基金","shortName":"平安转型创新混合A","fundSecondLevel":"hybrid","__csrcFundId":1649,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.680Z","masterFundFlag":1,"inceptionDate":"2017-04-13T16:00:00.000Z","fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安转型创新混合","memoNum":2,"pinyin":"pazxcxlhpzhhxzqtzjj","managers":[{"stockCode":"db20074821","stockType":"fund_manager","exchange":"fm","tickerId":190117160030,"name":"神爱前"}]},"announcement":{"linkText":"平安转型创新灵活配置混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1073429","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7db7fea5b3eb0472e14","date":"2023-12-30T16:00:00.000Z","stockId":3000000004390,"sao":"2023年一季度疫后经济复苏，但二季度经济修复见顶回落，因为内生需求不足（消费+地产），2023年经济复苏低于年初预期。相应的，A股市场自春节之后一路震荡下行，沪深300罕见的连续三年下跌。一季度后市场陷入存量博弈状态，增量资金匮乏，市场转向防御（低估值高股息）和短期博弈（主题概念）。在2023年基本面“弱现实、弱预期”基础上，市场更加侧重交易层面，更加侧重筹码结构，小微盘股票和低估值红利走强，质量和盈利风格持续走弱。　　本基金在年初对于经济复苏和市场修复过于乐观（认为2023年一方面是疫后经济复苏带来基本面改善，另一方面是2021-2022年整体下跌了两年之后，系统风险较小），对于系统风险认知不足，虽然2-3月份及早减仓了基本面走弱的消费、新能源等行业，持仓向TMT、汽车及零部件、医药、机械等成长方向做了倾斜，但选股依然偏好机构审美，多为行业白马龙头，沿用以往的盈利与估值分析框架，和侧重筹码结构的市场环境契合度较低，2023年业绩表现不佳。自2022年开始的这一轮调整，本基金回撤较大，本基金经理非常抱歉和愧疚，深度反思和进化自己的投资方法体系。本基金经理认为，未来很多行业需求增长可能会放缓，在寻求需求端快速增长的成长行业的同时，也需要从供给端出发，寻找一些供给端收缩优化较好的传统行业。本基金经理仍坚持和围绕企业业绩为投资本源的思想和框架，把握盈利周期和估值周期的变化，但从需求增长和供给优化收缩两条线索寻找业绩机会，力争投资方法更加兼容和具有韧性，以适应新时期的市场环境。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:07.497Z","mo":"展望2024年，本基金主要关注几方面机会，一是产业创新落地引发的产业链机会，主要关注一些时点，如AIGC的进化，引起更大范围的应用；人形机器人走向量产；AIPC、MR等创新终端获得消费者认同、销量趋势起来；但也需要看到，产业创新的发展不是一蹴而就，时间存在不确定性和曲折，本基金会特别注意把握确定性增强的奇点时刻，控制不确定风险。二是，供给控制的较好的上游传统行业，一方面供给受限制，盈利具有一定稳定性，另一方面，当前经济和内需预期特别低，这些板块估值较低，但如果政策发力经济，经济边际企稳，这些低估值品种反而具有业绩扩张和进攻性。三是，超跌的白马龙头，受筹码结构影响，很多白马龙头已经超跌，连续下跌了三年，估值已经很低，并且有一些估值已经比同行业其他公司更低，估值并未体现行业内的竞争力差异。2024年主要关注的因素在于，经济政策与数据，创新产业化时点，外围地缘政治，主要机会和风险可能都来自以上因素，本基金将特别重视以上因素的变化，及早做出应对，吸取2023年的教训与经验，努力控制风险，竭尽全力早日为持有人挽回过去一年的损失，进而有所盈利。","fund":{"_id":3000000004390,"stockCode":"004390","stockType":"fund","areaCode":"cn","followedNum":30,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-20T16:00:00.000Z","setUpScale":231639000,"market":"a","tickerId":4390,"custody":"平安银行股份有限公司","name":"平安转型创新灵活配置混合型证券投资基金","shortName":"平安转型创新混合A","fundSecondLevel":"hybrid","__csrcFundId":1649,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.680Z","masterFundFlag":1,"inceptionDate":"2017-04-13T16:00:00.000Z","fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安转型创新混合","memoNum":2,"pinyin":"pazxcxlhpzhhxzqtzjj","managers":[{"stockCode":"db20074821","stockType":"fund_manager","exchange":"fm","tickerId":190117160030,"name":"神爱前"}]},"announcement":{"linkText":"平安转型创新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=1059249","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7db7fea5b3eb0472e13","date":"2023-09-29T16:00:00.000Z","stockId":3000000004390,"sao":"本基金三季度主要维持了成长方向配置，在成长内部做了一定结构调整，减持了通信、传媒、电力等板块，加仓了汽车零部件、电子与半导体、医药等板块。目前持仓结构主要分布在汽车零部件、电子与半导体、机械设备、传媒、医药、轮胎等方向。未来几年经济处于转型期，过于依赖经济贝塔选股可能难以取得较好超额收益，预计超额收益更多来自产业创新与产业趋势。未来两年从产业比较看，汽车零部件的国产化和智能化在加速；人形机器人处于产业化前夕；AIGC有望率先在办公作业、自动驾驶、教育等场景应用，但其他领域可能短时间缺乏落地场景与盈利模式；MR终端有望演化为革命性创新终端，拉动电子硬件与传媒应用的向上周期；医疗医药行业经过长时间下跌，泡沫已基本出清，人口老龄化支持行业的中长期需求；一些重点领域的国产化推进带来的产业链机会。权益市场整体在三季度震荡下跌，本基金业绩在三季度表现不佳，本基金管理人对投资人特别报歉和愧疚。但我们回头去看，历史上所有的市场调整都有结束之时，经过大级别调整之后，权益市场蕴含的中长期回报预期在提高。建议投资者坚持用闲钱投资，市场波动总是预料不及，屡屡超出意外，只有闲钱才能抗住短期波动，不使投资焦虑。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:07.494Z","fund":{"_id":3000000004390,"stockCode":"004390","stockType":"fund","areaCode":"cn","followedNum":30,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-20T16:00:00.000Z","setUpScale":231639000,"market":"a","tickerId":4390,"custody":"平安银行股份有限公司","name":"平安转型创新灵活配置混合型证券投资基金","shortName":"平安转型创新混合A","fundSecondLevel":"hybrid","__csrcFundId":1649,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.680Z","masterFundFlag":1,"inceptionDate":"2017-04-13T16:00:00.000Z","fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安转型创新混合","memoNum":2,"pinyin":"pazxcxlhpzhhxzqtzjj","managers":[{"stockCode":"db20074821","stockType":"fund_manager","exchange":"fm","tickerId":190117160030,"name":"神爱前"}]},"announcement":{"linkText":"平安转型创新灵活配置混合型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=991831","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7db7fea5b3eb0472e12","date":"2023-06-29T16:00:00.000Z","stockId":3000000004390,"sao":"权益市场整体在上半年有所震荡下跌。本基金在上半年减持了消费等顺周期品种，加仓并维持了对成长方向的配置，持仓结构主要分布在汽车零部件、电子与半导体、游戏传媒、机械设备、通信、电力、新能源等方向。目前市场对于经济与政策等预期已经较低，高频数据也有所企稳，宏观风险释放已经接近尾声，本基金预计市场将维持底部震荡特征，积极寻找结构性机会。未来几年经济处于转型期，高质量发展更为重要，政策导向的科技、高端制造、创新性行业等成长方向的对比优势有望逐渐扩大，本基金相对更加看好产业创新引起的中长期投资机会。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:07.491Z","mo":"当前本基金重点关注：　　1、TMT：AIGC带动算力硬件需求最为确定，但需要注意短期估值的反映情况。在应用方面，娱乐与教育等领域的创新与探索更加容易、容错率更高，重点关注能否有成功的应用出现。同时游戏版号恢复正常发放带来相关公司未来两年的业绩增长周期。此外，MR等电子创新终端有望逐渐拉动电子半导体向上周期。 　　2、汽车零部件：汽车的利空扰动有望接近尾声，6月动销数据环比改善，同时国产车崛起趋势非常清晰和迅猛，有望带动汽车供应链本土化，汽车零部件国产化空间巨大，另外伴随大宗商品、电池成本等下降，国产车成本压力下降，之前受压制的智能化支出或迎来加速。同时部分汽车零部件公司正在切入机器人产业链，有望打开中长期成长空间。　　3、新能源：虽然未来行业整体仍保持良好增速，但供给端的隐忧更加关键，很多方向、环节担忧未来供大于需、带来单位盈利下降。重点选择一些供给格局好、具有差异化竞争力的环节，如N型电池片产业链、复合集流体产业链等细分产业链。 　　4、医药：人口老龄化支持行业的中长期需求，带量采购政策边际影响缓和，创新药、中药等政策导向明显，细分行业较多，重点选择个股。 　　5、其他一些细分方向，比如国产化的高端设备、电力、细分消费品等。","fund":{"_id":3000000004390,"stockCode":"004390","stockType":"fund","areaCode":"cn","followedNum":30,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-20T16:00:00.000Z","setUpScale":231639000,"market":"a","tickerId":4390,"custody":"平安银行股份有限公司","name":"平安转型创新灵活配置混合型证券投资基金","shortName":"平安转型创新混合A","fundSecondLevel":"hybrid","__csrcFundId":1649,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.680Z","masterFundFlag":1,"inceptionDate":"2017-04-13T16:00:00.000Z","fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安转型创新混合","memoNum":2,"pinyin":"pazxcxlhpzhhxzqtzjj","managers":[{"stockCode":"db20074821","stockType":"fund_manager","exchange":"fm","tickerId":190117160030,"name":"神爱前"}]},"announcement":{"linkText":"平安转型创新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=964813","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7db7fea5b3eb0472e11","date":"2023-03-30T16:00:00.000Z","stockId":3000000004390,"sao":"一季度A股市场先扬后抑，随着国内经济复苏预期带来的估值修复逐渐到位，经济政策预期偏温和；以及美国经济韧性导致货币收紧预期升温，国外个别银行在美国连续加息下出现一些风险事件，春节后市场有所调整。但目前这些扰动因素可能已被基本反映，构不成系统风险。今年经济复苏确定性较高，流动性整体稳健，不确定的只是经济复苏的强度以及估值反映情况，因此今年系统风险较小，积极去寻找结构性及个股机会。随着二季度上市公司报表数据披露、经济数据披露、产业数据披露、经济政策落地等，基本面信息将更加清晰，市场有望摆脱一季度轮动博弈的状态。本基金目前持仓主要分布在汽车零部件、半导体、传媒、计算机、化工、医药等行业方向。二季度重点关注科技与安全产业链的落地情况，科技创新与安全政策频出，数字经济、国产替代与人工智能、MR等科技创新迎来共振，二季度有望从政策主题转向产业趋势，重点关注二季度下游逐渐需求复苏、景气改善的半导体、游戏、算力硬件、数字经济落地情况等；以及汽车零部件，短期受一季度销售数据影响有所调整，但预计二季度将环比改善，同时其中长期逻辑正得到加强，国产车崛起趋势非常清晰和迅猛，有望带动汽车供应链本土化，汽车零部件国产化空间巨大，另外伴随电池成本、大宗商品价格等下降，汽车成本压力下降，之前受压制的智能化支出或迎来加速；以及今年经济复苏带来顺周期行业业绩改善，其中存在一些个股具有中长期的成长逻辑，一些顺周期低估值品种有望得到估值提升；医药消费也存在广泛个股挖掘机会。总体本基金认为今年经济搭台，个股唱戏，将积极在科技、高端制造、消费医药等成长方向挖掘个股，努力争取获得一定超额收益。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:07.489Z","fund":{"_id":3000000004390,"stockCode":"004390","stockType":"fund","areaCode":"cn","followedNum":30,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-20T16:00:00.000Z","setUpScale":231639000,"market":"a","tickerId":4390,"custody":"平安银行股份有限公司","name":"平安转型创新灵活配置混合型证券投资基金","shortName":"平安转型创新混合A","fundSecondLevel":"hybrid","__csrcFundId":1649,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.680Z","masterFundFlag":1,"inceptionDate":"2017-04-13T16:00:00.000Z","fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安转型创新混合","memoNum":2,"pinyin":"pazxcxlhpzhhxzqtzjj","managers":[{"stockCode":"db20074821","stockType":"fund_manager","exchange":"fm","tickerId":190117160030,"name":"神爱前"}]},"announcement":{"linkText":"平安转型创新灵活配置混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=889253","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7db7fea5b3eb0472e10","date":"2022-12-30T16:00:00.000Z","stockId":3000000004390,"sao":"2022年经历了疫情反复、地产下行、俄乌冲突、美国加息等不利因素冲击，A股市场出现较大回撤与波动。本基金在2022年重点回避了经济风险，重点关注与持有了具有独立产业趋势、与经济相关性弱的板块与个股，如汽车智能化与零部件、海风与海缆、光伏与储能、消费等板块，并且在下半年，随着疫情政策发生明显变化，增加了部分和经济复苏相关的消费、医药等板块的配置。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:07.486Z","mo":"展望2023年，内部经济改善，外部扰动减弱，市场或迎来全面修复行情，可能风格共存与轮动，一方面，围绕经济复苏带来的消费、核心资产等价值修复机会；另一方面，具有独立产业趋势的成长机会。但中长期角度，我们认为成长是稀缺的，随着经济复苏带来的价值修复被逐渐反应到位，成长的相对优势会逐渐加大。因此在23年我们仍会偏向在成长板块去寻找机会，成长行业的机会相较过去两年多集中在泛新能源领域，23年的成长的机会可能会更加广泛化和分散化。当前本基金主要关注以下几方面机会：1、科技与安全产业链：科技产业链补短板，同时配合下游需求复苏、景气改善，存在一定机会。同时人工智能、机器人等科技创新正处于产业化前夜，相关产业链值得关注与研究。2、汽车零部件：国产车崛起趋势非常清晰和迅猛，有望带动汽车供应链本土化，汽车零部件本土化空间巨大，另外伴随大宗商品、电池成本等下降，国产车成本压力下降，之前受压制的智能化支出或迎来加速。3、泛新能源行业：新能源整体增速在下移，但估值也已经大幅下来了，估值匹配度进入更好的区间。相应的即使增速下移后，横向对比其他行业，仍然比大部分行业具有业绩领先优势， 行业整体性趋势行情可能不再，需要挖掘一些结构性创新、供应链变化带来的个体机会。4、消费与医药：经济复苏带来相关板块业绩改善，消费、医药领域也存在一些具有良好成长预期的个股，尤其医药板块选股范围更加广泛，值得重点关注。","fund":{"_id":3000000004390,"stockCode":"004390","stockType":"fund","areaCode":"cn","followedNum":30,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-20T16:00:00.000Z","setUpScale":231639000,"market":"a","tickerId":4390,"custody":"平安银行股份有限公司","name":"平安转型创新灵活配置混合型证券投资基金","shortName":"平安转型创新混合A","fundSecondLevel":"hybrid","__csrcFundId":1649,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.680Z","masterFundFlag":1,"inceptionDate":"2017-04-13T16:00:00.000Z","fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安转型创新混合","memoNum":2,"pinyin":"pazxcxlhpzhhxzqtzjj","managers":[{"stockCode":"db20074821","stockType":"fund_manager","exchange":"fm","tickerId":190117160030,"name":"神爱前"}]},"announcement":{"linkText":"平安转型创新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=871934","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7db7fea5b3eb0472e0f","date":"2022-09-29T16:00:00.000Z","stockId":3000000004390,"sao":"三季度市场对经济、疫情、外围地缘政治担忧有所上升，整体市场风险偏好较低，三季度市场调整较多。本基金持仓相较二季度减持了部分新能源汽车相关标的，加仓了军工、电力等板块，持仓结构主要在海风与海缆、汽车智能化与零部件、光伏与储能、军工与半导体、电力、免税、啤酒、以及其它等细分方向。在当前市场困难时刻，我们对市场并不悲观，四季度可能会迎来拐点。目前房地产销售高频数据有所回暖，各地因城施策、“保交楼、稳民生”，地产对经济的拖累可能已经见到拐点。今年消费动能不足，居民储蓄率上升，存在较大的释放空间，随着经济企稳和疫情有效控制，居民收入预期信心上升，四季度消费有望出现企稳回升。而中美经济周期错位，美国加息可能在年底放缓，海外加息对我国的压力也有望在四季度逐渐过去，人民币贬值压力也有望见到拐点。在成长领域，各个方向的景气度与业绩也在逐渐分化，风格贝塔在减弱，经过这一轮调整之后，有部分明年业绩增长比较确定的方向，可能会率先企稳并走出独立趋势，当前我们重点关注海风与海缆、汽车零部件、光伏与储能、军工与半导体、国产替代、电力等，并关注消费、地产、医药等其它方向的变化。  我们认为，市场波动是一种外在的市场环境，很大程度上我们无法准确预判、无法选择、无法回避，它巡而往复地发生变幻，就像一年四季巡而往复，就像阴晴雪雨无法选择。我们能做的是在不同的市场环境中去保持超额收益，致力于行业与公司的研究，只要选对了行业与 公司，市场环境总是会变的，市场下跌时期过去了，对的行业与公司总能不断创新高。市场环境造成的是波动风险与扰动，而公司与行业的研究才决定投资的成败。所以本基金追求，在市场风险不大的阶段，尽量积极多赚取一些收益，争取位于市场前列；在市场风险较大的阶段，尽量使得回撤在可控范围内，争取位于市场中等水平。因此，本基金经理致力于业绩本源的研究，主要围绕产业周期、业绩周期的研判，再结合估值体系的买卖，在消费、医药、新能源、TMT、高端制造等中长期成长领域不断进行业绩周期与估值体系的比较与判断。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:07.483Z","fund":{"_id":3000000004390,"stockCode":"004390","stockType":"fund","areaCode":"cn","followedNum":30,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-20T16:00:00.000Z","setUpScale":231639000,"market":"a","tickerId":4390,"custody":"平安银行股份有限公司","name":"平安转型创新灵活配置混合型证券投资基金","shortName":"平安转型创新混合A","fundSecondLevel":"hybrid","__csrcFundId":1649,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.680Z","masterFundFlag":1,"inceptionDate":"2017-04-13T16:00:00.000Z","fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安转型创新混合","memoNum":2,"pinyin":"pazxcxlhpzhhxzqtzjj","managers":[{"stockCode":"db20074821","stockType":"fund_manager","exchange":"fm","tickerId":190117160030,"name":"神爱前"}]},"announcement":{"linkText":"平安转型创新灵活配置混合型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=808051","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7db7fea5b3eb0472e0e","date":"2022-06-29T16:00:00.000Z","stockId":3000000004390,"sao":"二季度随着疫情逐步得到控制，经济活动有序恢复，市场见底反弹。我们认为系统风险已经缓解，市场可能已经进入震荡阶段，适合于做一些结构性机会，成长板块仍可能是震荡行情中最优的结构性机会。二季度持仓在一季度季持仓基础上进一步加仓了成长方向，持仓结构主要在海风与海缆、汽车智能化与零部件、光伏与储能、电子与半导体、锂电产业链、免税、啤酒等细分方向。市场经过两个月的反弹，一些成长板块涨幅不小，市场有部分声音担心调整。我们认为，短期来讲，不排除市场出现一些小波动、小切换，但整体良性可控，系统风险较小，适当休整行情会更加健康。美国加息缩表的压力阶段在6、7月份可能逐步过去，而市场一致预期的中报风险在七八月份披露完毕，不确定风险进一步减少，随后二十大的召开可能为一些中长期问题树立信心，下半年市场系统风险较小，而市场情绪与风险偏好可能逐步提升，仍是可以积极做多结构性机会的市场阶段。以车的智能化、能源的非石化为核心的产业创新仍在蓬勃发展，渗透率还有很大空间，涉及产业链不断延伸，供应链仍在快速变化中，产业链利润分配仍在博弈当中，良好的实业发展与创新为投资提供了源源不断的机会。因此在这个时点，我们更看好相关的成长方向，请投资者相信中长期回报，淡化短期市场波动。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:07.480Z","mo":"上半年A股市场面临国内疫情扰动、美国加息、俄乌战争地缘政治紧张、大宗商品价格上升、地产下行压力等多重因素的影响，A股市场出现较大的波动与调整。本基金也在上半年面临了较大的挑战，所幸本基金坚持业绩成长为投资本源，忽略市场噪音，在市场下跌中，坚持以业绩、估值基本面因素选股，淡化市场偏好、风格博弈、流动性等外在环境因素，在上半年仍取得了相对市场明显的超额收益。 持仓结构逐步向成长方向集中，目前持仓结构主要在海风与海缆、汽车智能化与零部件、光伏与储能、电子与半导体、锂电产业链、免税、啤酒等细分成长方向。  本基金管理人认为，市场波动是一种外在的市场环境，很大程度上我们无法准确预判、无法选择、无法回避，它巡而往复地发生变幻，就像一年四季巡而往复，就像阴晴雪雨无法选择。我们能做的是在不同的市场环境中去保持超额收益，致力于行业与公司的研究，只要选对了行业与公司，市场环境总是会变的，市场下跌时期过去了，对的行业与公司总能不断创新高。市场环境造成的是波动风险与扰动，而公司与行业的研究才决定投资的成败。所以本基金追求，在市场风险不大的阶段，尽量积极多赚取一些收益，争取位于市场前列；在市场风险较大的阶段，尽量使得回撤在可控范围内，争取位于市场中等水平。因此，本基金经理致力于业绩本源的研究，主要围绕产业周期、业绩周期的研判，再结合估值体系的买卖，在消费、医药、新能源、TMT、高端制造等中长期成长领域不断进行业绩周期与估值体系的比较与判断。  上半年使得市场大幅回调的一些风险因素，如疫情、国际局势、大宗商品价格上涨、美国加息缩表等，目前都已经明显缓解或可控，对市场的影响在弱化，目前系统风险因素较小。而经济、流动性也不太支持系统性上涨，指数层面可能将温和震荡，一些结构性机会预计将表现较好。从节奏变化来讲， 美国加息缩表的压力阶段7月份可能逐步过去，而市场一致预期的中报风险在七八月份披露完毕，不确定风险进一步减少，随后二十大的召开可能为一些中长期问题树立信心，下半年仍是可以积极做多结构性机会的市场阶段。我们认为真正决定中长期风格的是产业趋势、业绩周期、估值体系这些基本面的比较结果。从这个角度来看，地产下行压力依旧存在，疫情影响还持续存在，目前经济还处于弱复苏阶段，一些产业创新成为经济中最大的结构亮点、成为经济的驱动力，从估值来看，对应未来一年的估值大部分还处于合理状态。  以汽车智能化、能源非石化为核心的产业创新仍在蓬勃发展，渗透率提升还有很大空间，技术升级仍在不断迭代、产业链不断延伸，供应链快速演变，即使有一天产业增速终将放缓，但整个产业蛋糕却日益壮大，内部的竞争力变化与利润分配变化，仍能提供个股阿尔法机会，更何况，在未来几年这些产业创新相关方向仍能维持可观的增速。良好的实业发展与创新为投资提供了广泛的机会，不太必要执着于短期的交易博弈。一些成长板块涨幅不小，有一定短期调整的压力，不排除市场可能会出现一些小波动、小切换。但由于市场交易因素导致的调整，通常良性可控，形不成中长期趋势，反而是可以利用市场的波动积极去买入一些看好的方向。当前位置，本基金相对更看好汽车智能化、汽车轻量化、海缆、海风、光伏与储能、电子与半导体、锂电产业链、机械装备、免税、啤酒等细分成长方向的机会。","fund":{"_id":3000000004390,"stockCode":"004390","stockType":"fund","areaCode":"cn","followedNum":30,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-20T16:00:00.000Z","setUpScale":231639000,"market":"a","tickerId":4390,"custody":"平安银行股份有限公司","name":"平安转型创新灵活配置混合型证券投资基金","shortName":"平安转型创新混合A","fundSecondLevel":"hybrid","__csrcFundId":1649,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.680Z","masterFundFlag":1,"inceptionDate":"2017-04-13T16:00:00.000Z","fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安转型创新混合","memoNum":2,"pinyin":"pazxcxlhpzhhxzqtzjj","managers":[{"stockCode":"db20074821","stockType":"fund_manager","exchange":"fm","tickerId":190117160030,"name":"神爱前"}]},"announcement":{"linkText":"平安转型创新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=786024","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7db7fea5b3eb0472e0d","date":"2022-03-30T16:00:00.000Z","stockId":3000000004390,"sao":"A股一季度市场跌幅较大，本基金净值也出现较大回撤，前两月表现尚可，但在3月份，市场风格转向价值，在存量市场中，价值和成长形成跷跷板，成长方向普遍大跌。本基金在成长方向布局较多，净值受此影响表现不佳。但本基金认为，业绩成长是永恒的市场主线，脱离了业绩，只是估值波动带来的估值修复机会，往往是阶段性机会。本基金对成长的中长期回报依然比较乐观。目前调整幅度已经比较大，很多方向的估值也已经到了底部位置。而一些扰动因素，如内部疫情、外部俄乌战争等对市场的影响有望逐渐弱化，大宗商品价格也有望在今年出现向下的拐点。很多成长方向目前是底部区域，蕴含的未来回报较高，虽然短期确实是成长的至暗时刻，但我们拉长时间看，和公司股价涨跌相关性最大的依然是公司业绩的成长性和持续性。现阶段，我们重点关注海缆、海风、光伏、汽车智能化、医药、化工、免税等方向机会。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:07.478Z","fund":{"_id":3000000004390,"stockCode":"004390","stockType":"fund","areaCode":"cn","followedNum":30,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-20T16:00:00.000Z","setUpScale":231639000,"market":"a","tickerId":4390,"custody":"平安银行股份有限公司","name":"平安转型创新灵活配置混合型证券投资基金","shortName":"平安转型创新混合A","fundSecondLevel":"hybrid","__csrcFundId":1649,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.680Z","masterFundFlag":1,"inceptionDate":"2017-04-13T16:00:00.000Z","fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安转型创新混合","memoNum":2,"pinyin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