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大的行业配置；十大重仓股较2023年底有一定变化。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:04.172Z","mo":"展望下半年宏观经济，预计出口保持稳定，内需能否得到改善需要进一步观察政策动向，经济有望逐步企稳；货币政策进一步宽松的概率较大。证券市场方面，预计下半年将逐步探明底部，风险偏好当前处于低位，继续大幅恶化可能性较小。若有明确拉动经济增长的政策推出，则市场可能进入上行区间。行业方面，新质生产力方向如科技、医药等板块值得重视，若内需出现拐点，消费、周期等板块也值得配置。","fund":{"_id":3000000001869,"stockCode":"001869","stockType":"fund","areaCode":"cn","followedNum":57,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-27T16:00:00.000Z","setUpScale":897331000,"market":"a","tickerId":1869,"custody":"中国银行股份有限公司","name":"招商制造业转型灵活配置混合型证券投资基金","shortName":"招商制造业混合(001869)","fundSecondLevel":"hybrid","__csrcFundId":2541,"fundStatus":"normal","lastUpdated":"2026-04-30T18:14:21.533Z","masterFundFlag":1,"inceptionDate":"2015-12-01T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商制造业混合","pinyin":"zszzyzxlhpzhhxzqtzjj","managers":[{"stockCode":"j101018260","stockType":"fund_manager","exchange":"fm","tickerId":2624258690,"name":"周欣"},{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商制造业转型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=1147627","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5f87fea5b3eb044fe63","date":"2024-03-30T16:00:00.000Z","stockId":3000000001869,"sao":"报告期内，宏观经济缓慢修复，但投资者情绪出现大幅波动，市场非理性大跌后又快速修复。经济基本面上，地产销售依然偏弱，但二手房交易保持一定热度；制造业春节后逐步转好；国内消费缓慢复苏；海外需求拉动出口改善明显。流动性方面，国内货币政策保持宽松，但信用扩张依然偏弱；海外经济表现较好，利率拐点可能延后。风险偏好方面，投资者避险情绪浓厚，资金流向红利类资产。政策方面，资金入市稳定市场，化债范围扩大，稳增长项目逐步落地。在此期间，本基金主要采取自上而下与自下而上相结合的选股策略，做出了一些调整。减少了互联网和计算机方面的配置，增加了部分新能源行业配置。固定收益类资产主要以现金管理工具为主。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:04.170Z","fund":{"_id":3000000001869,"stockCode":"001869","stockType":"fund","areaCode":"cn","followedNum":57,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-27T16:00:00.000Z","setUpScale":897331000,"market":"a","tickerId":1869,"custody":"中国银行股份有限公司","name":"招商制造业转型灵活配置混合型证券投资基金","shortName":"招商制造业混合(001869)","fundSecondLevel":"hybrid","__csrcFundId":2541,"fundStatus":"normal","lastUpdated":"2026-04-30T18:14:21.533Z","masterFundFlag":1,"inceptionDate":"2015-12-01T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商制造业混合","pinyin":"zszzyzxlhpzhhxzqtzjj","managers":[{"stockCode":"j101018260","stockType":"fund_manager","exchange":"fm","tickerId":2624258690,"name":"周欣"},{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商制造业转型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=1066746","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5f87fea5b3eb044fe62","date":"2023-12-30T16:00:00.000Z","stockId":3000000001869,"sao":"2023年是疫后复苏的第一年，但由于地产需求低迷、内需不振以及海外利率持续走高等因素，使得股票市场持续走低。年初市场对复苏预期较高，但春节后各项宏观指标持续低于预期，全年经济增长偏弱。地产需求与居民消费面临较大压力，中游行业普遍开工率偏低，进而出现了通缩趋势。流动性方面宽松不及预期，美债利率持续上升，导致汇率承压，国内货币政策有较大掣肘。风险偏好上，全年出现了较大波动，国央企和科技股二季度阶段性受到资金追捧，下半年又出现较大回落。综合来看，全年防御类板块和小市值股票涨幅居前，机构配置较多的优质成长企业表现较弱。在报告期内，组合根据市场变化在仓位上进行了小幅调整，7月政治局会议指示活跃资本市场后，组合小幅加仓。行业配置方面，聚焦生物医药、科技和消费板块，新能源板块配置有所减少。个股方面，重点选择估值合理、业绩成长路径清晰、行业壁垒坚实的个股。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:04.167Z","mo":"宏观经济方面，稳增长政策预计将逐步发挥作用，居民就业和消费有望企稳，企业开工率和产品售价两方面也有望得到改善。地产仍然存在下行压力，为经济增长带来不确定性。一季度面临高基数和春节开工影响，经济增速可能偏低，财政政策发力效果预计将在二季度开始体现。流动性方面，已经出现宽松迹象，待海外货币政策开始转向宽松后，国内将有更大宽松空间，有利于经济企稳和证券市场修复估值。市场估值方面，当前股票市场估值与投资者情绪均处于历史最底部区域。大类资产比较而言，沪深300指数股息率已高于长期国债收益率，中长期股市潜在回报高于债券。行业走势方面，我们重点关注生物医药、消费复苏和产业转型升级等行业的投资机会，挖掘估值合理偏低、景气度改善，并且具备成长空间的个股。值得关注的风险包括：房地产下行风险、国际局势变化和流动性变化。","fund":{"_id":3000000001869,"stockCode":"001869","stockType":"fund","areaCode":"cn","followedNum":57,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-27T16:00:00.000Z","setUpScale":897331000,"market":"a","tickerId":1869,"custody":"中国银行股份有限公司","name":"招商制造业转型灵活配置混合型证券投资基金","shortName":"招商制造业混合(001869)","fundSecondLevel":"hybrid","__csrcFundId":2541,"fundStatus":"normal","lastUpdated":"2026-04-30T18:14:21.533Z","masterFundFlag":1,"inceptionDate":"2015-12-01T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商制造业混合","pinyin":"zszzyzxlhpzhhxzqtzjj","managers":[{"stockCode":"j101018260","stockType":"fund_manager","exchange":"fm","tickerId":2624258690,"name":"周欣"},{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商制造业转型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=1057144","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5f87fea5b3eb044fe61","date":"2023-09-29T16:00:00.000Z","stockId":3000000001869,"sao":"报告期内，经济数据持续偏弱，投资者情绪低落，市场震荡下行。基本面上，地产销售持续疲弱，消费与制造业逐步企稳，经济基本面逐步见底。流动性方面，国内货币政策保持宽松，但信用扩张依然偏弱；海外通胀初步得到控制，美元加息放缓。风险偏好方面，投资者信心受经济增长较弱等影响而表现出一定不足，外资因人民币汇率等原因流出明显，市场风险偏好持续降低。政策方面，7月24日政治局会议针对经济工作做出多项指示，后续多部委出台了相应政策，构筑了政策底。在此期间，本基金主要采取自上而下与自下而上相结合的选股策略，在判断政策底后，根据市场表现，逢低进行了一定幅度加仓。增加了医药、科技方面的配置，减少了部分新能源行业配置。固定收益类资产主要以现金管理工具为主。展望四季度，地产和化解地方债务等政策将逐步发挥作用，消费与就业将有所改善，应乐观展望后续经济增长，企业盈利也有望迎来拐点。政策对影响市场的减持、再融资等行为做出相应规则调整，也将改善市场资金结构。当前股票市场估值与投资者情绪均处于历史底部区间，且流动性持续宽松，若未来企业盈利改善，市场或将获得较好表现。基金将聚焦充分利用国内要素优势、具备全球竞争力的行业，选择成长路径清晰、行业壁垒坚实、业绩确定性较高的个股。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:04.164Z","fund":{"_id":3000000001869,"stockCode":"001869","stockType":"fund","areaCode":"cn","followedNum":57,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-27T16:00:00.000Z","setUpScale":897331000,"market":"a","tickerId":1869,"custody":"中国银行股份有限公司","name":"招商制造业转型灵活配置混合型证券投资基金","shortName":"招商制造业混合(001869)","fundSecondLevel":"hybrid","__csrcFundId":2541,"fundStatus":"normal","lastUpdated":"2026-04-30T18:14:21.533Z","masterFundFlag":1,"inceptionDate":"2015-12-01T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商制造业混合","pinyin":"zszzyzxlhpzhhxzqtzjj","managers":[{"stockCode":"j101018260","stockType":"fund_manager","exchange":"fm","tickerId":2624258690,"name":"周欣"},{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商制造业转型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=985175","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5f87fea5b3eb044fe60","date":"2023-06-29T16:00:00.000Z","stockId":3000000001869,"sao":"2023年上半年，市场在震荡中小幅上行，板块之间出现较大幅度分化，主题类投资此起彼伏。年初疫情管控放开后，市场对经济复苏预期乐观，带来一段不错的修复行情；进入3月份，由于经济恢复缓慢，居民消费、地产销售和就业数据低于预期，经济复苏相关板块回调较为明显；与此同时，人工智能板块和低估值国企两类资产受到市场追捧，新能源、军工和医药等板块承压。报告期内，本基金坚持用相对均衡的配置和精选个股来构建组合；仓位维持在85%左右，2季度小幅降低仓位；行业配置变化较小，增加了电子和传媒，减少了食品饮料和有色金属的配置；十大重仓股较2022年底有一定变化。回顾上半年，我们在运作过程中存在几方面的失误：1、年初对今年宏观经济复苏强度预期偏乐观，因此增加了复苏方向配置，总体仓位也偏高，表现低于预期； 2、板块配置上，在新能源与军工方面小幅超配，与上半年市场情绪方向有所偏差； 3、个股选择上，在通信行业取得超额收益，但计算机和食品饮料行业选股表现低于预期。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:04.162Z","mo":"展望下半年，稳定经济措施逐步推出，地产与基建将有所改善，出口可能保持稳定，消费与就业缓慢修复。国内面临通缩压力，货币政策可能进一步宽松。随着经济缓慢修复，企业盈利也将逐步改善，流动性宽裕的情况下，风险偏好有望提升，预计沪深300本轮调整基本结束，下半年市场或将呈现震荡上行态势，仍以结构性机会为主。因为本轮调整以来，外资持续流出但内资仓位维持高位，而目前无论是货币政策还是财政政策，难以启动一轮新周期，所以市场或会继续在较为狭小的空间中腾挪，以时间换取空间。此外，TMT行业在4月和6月两次出现了当日交易占比超过45%的情形，且部分公司已积累巨大涨幅，应该注意该类行业交易拥挤和估值过高的风险。政治局会议中明确定调目前的困难是“需求不足”，提振国内需求或将会成为下一阶段政策的主要侧重方向。下半年对内需驱动的行业应提高重视，包括房地产产业链，可选和必选消费品、新能源、医药等。","fund":{"_id":3000000001869,"stockCode":"001869","stockType":"fund","areaCode":"cn","followedNum":57,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-27T16:00:00.000Z","setUpScale":897331000,"market":"a","tickerId":1869,"custody":"中国银行股份有限公司","name":"招商制造业转型灵活配置混合型证券投资基金","shortName":"招商制造业混合(001869)","fundSecondLevel":"hybrid","__csrcFundId":2541,"fundStatus":"normal","lastUpdated":"2026-04-30T18:14:21.533Z","masterFundFlag":1,"inceptionDate":"2015-12-01T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商制造业混合","pinyin":"zszzyzxlhpzhhxzqtzjj","managers":[{"stockCode":"j101018260","stockType":"fund_manager","exchange":"fm","tickerId":2624258690,"name":"周欣"},{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商制造业转型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=958411","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5f87fea5b3eb044fe5f","date":"2023-03-30T16:00:00.000Z","stockId":3000000001869,"sao":"报告期内，国内疫情结束后，经济与市场情绪均有所恢复，市场表现较好。基本面上，地产销售弱复苏，消费与制造业有所恢复，预计随着就业改善，经济基本面将持续向好。流动性方面，国内货币政策依然保持宽松；海外通胀较高，但由于出现银行体系风险事件，美元加息有所减缓。风险偏好方面，经济弱复苏导致市场增量资金不足，同时人工智能产业兴起，使得风险偏好改变，资金从传统行业流向信息科技行业。在此期间，组合继续秉持自下而上的选股策略，进行了适度调整，增加了能源、科技方面的配置，减少了部分周期行业配置。固定收益类资产主要以现金管理工具为主。展望二季度，国内经济持续复苏，消费、制造业和科技均向好发展，流动性保持宽松，股票市场估值依然处于低位。基金将聚焦充分利用国内要素优势、具备全球竞争力的行业，选择成长路径清晰、行业壁垒坚实、业绩确定性较高的个股。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:04.159Z","fund":{"_id":3000000001869,"stockCode":"001869","stockType":"fund","areaCode":"cn","followedNum":57,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-27T16:00:00.000Z","setUpScale":897331000,"market":"a","tickerId":1869,"custody":"中国银行股份有限公司","name":"招商制造业转型灵活配置混合型证券投资基金","shortName":"招商制造业混合(001869)","fundSecondLevel":"hybrid","__csrcFundId":2541,"fundStatus":"normal","lastUpdated":"2026-04-30T18:14:21.533Z","masterFundFlag":1,"inceptionDate":"2015-12-01T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商制造业混合","pinyin":"zszzyzxlhpzhhxzqtzjj","managers":[{"stockCode":"j101018260","stockType":"fund_manager","exchange":"fm","tickerId":2624258690,"name":"周欣"},{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商制造业转型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=884446","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5f87fea5b3eb044fe5e","date":"2022-12-30T16:00:00.000Z","stockId":3000000001869,"sao":"2022年是跌宕起伏的一年，疫情、国际局势和美联储货币紧缩等超预期事件频繁发生，对A股和港股市场都产生了较大影响。国内经济受疫情冲击、地产问题等影响，全年增长乏力。下游消费、中游生产制造业盈利受损。全年看，国内货币政策保持了宽松的状态，市场流动性尚可，但外资受经济增长、联储加息等影响，阶段性大幅流出，对市场造成拖累。受俄乌冲突、疫情爆发等事件冲击，投资者信心严重不足，股票指数全年下跌。在报告期内，组合根据市场变化在仓位上进行了适度调整，4月和10月市场大幅下跌后均有小幅加仓。行业配置方面，聚焦高景气的新能源、医药和部分上游资源板块。个股方面，重点选择估值合理、业绩成长路径清晰、行业壁垒坚实的个股。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:04.156Z","mo":"展望2023年：影响经济增长的疫情和地产政策均发生了大幅转向，全年经济工作将把达到合理增长水平放在比较重要的位置。待疫情度过高峰后，消费场景将显著增加；就业情况改善后，各类消费还将持续恢复。全年财政政策将加力提效，基建投资还将继续发挥稳定经济的作用。地产政策调整后，对经济负向影响将大幅收窄。出口方面，需求较去年有所减弱，但不至于拖累经济增长。预计今年经济将迎来温和复苏。在经济温和复苏情况下，预计通胀不会快速上行，货币政策将保持宽松。投资者悲观情绪将得以修复，预计股票市场将迎来小幅上涨。投资者将增加权益类资产配置，股票市场流动性会有所改善。行业方面：我们将继续坚持高质量发展和科技转型的研究思路，着重关注新能源、国家安全、消费修复升级、产业转型升级和医药健康等行业板块的投资机会，重点挖掘景气度相对2022年有所提高，且具备较大成长空间的个股。同时，也会关注相关的风险，例如：经济复苏的力度、国际局势变化和市场资金流向。","fund":{"_id":3000000001869,"stockCode":"001869","stockType":"fund","areaCode":"cn","followedNum":57,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-27T16:00:00.000Z","setUpScale":897331000,"market":"a","tickerId":1869,"custody":"中国银行股份有限公司","name":"招商制造业转型灵活配置混合型证券投资基金","shortName":"招商制造业混合(001869)","fundSecondLevel":"hybrid","__csrcFundId":2541,"fundStatus":"normal","lastUpdated":"2026-04-30T18:14:21.533Z","masterFundFlag":1,"inceptionDate":"2015-12-01T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商制造业混合","pinyin":"zszzyzxlhpzhhxzqtzjj","managers":[{"stockCode":"j101018260","stockType":"fund_manager","exchange":"fm","tickerId":2624258690,"name":"周欣"},{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商制造业转型灵活配置混合型证券投资基金2022年年度报告","linkUrl":"http://eid.cs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半年：1、我们将继续看好新能源（车）、半导体、高端制造、信息技术等硬科技行业，但对于相关上市公司的估值容忍度会进一步下降。2、我们将进一步挖掘传统行业中的优质中型市值公司，继续坚持自下而上选股的思路，不再在纠结于行业增长的快慢。3、对于传统消费行业、金融行业当中那些有变化的板块和公司加大配置比例。4、我们会进一步关注可能存在的风险点：投资增速、短端利率过快上行、通胀预期、信用事件等等。","fund":{"_id":3000000001869,"stockCode":"001869","stockType":"fund","areaCode":"cn","followedNum":57,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-27T16:00:00.000Z","setUpScale":897331000,"market":"a","tickerId":1869,"custody":"中国银行股份有限公司","name":"招商制造业转型灵活配置混合型证券投资基金","shortName":"招商制造业混合(001869)","fundSecondLevel":"hybrid","__csrcFundId":2541,"fundStatus":"normal","lastUpdated":"2026-04-30T18:14:21.533Z","masterFundFlag":1,"inceptionDate":"2015-12-01T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商制造业混合","pinyin":"zszzyzxlhpzhhxzqtzjj","managers":[{"stockCode":"j101018260","stockType":"fund_manager","exchange":"fm","tickerId":2624258690,"name":"周欣"},{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商制造业转型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=631279","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5f87fea5b3eb044fe57","stockId":3000000001869,"sao":"一季度，国内需求仍较为旺盛，企业盈利恢复。全球生产生活恢复加快，通胀预期抬升，美元实际利率上行，造成部分境外企业股价出现震荡，A股受风险偏好传导影响，部分企业估值有所调整，期间组合净值也出现一定波动。但货币政策重点强调“不急转弯”，市场流动性仍然较为充裕，因此组合依旧保持原先仓位，结构上维持相对均衡，持续关注估值较为合理且具备长期绝对价值的优质个标的。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:04.137Z","fund":{"_id":3000000001869,"stockCode":"001869","stockType":"fund","areaCode":"cn","followedNum":57,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-27T16:00:00.000Z","setUpScale":897331000,"market":"a","tickerId":1869,"custody":"中国银行股份有限公司","name":"招商制造业转型灵活配置混合型证券投资基金","shortName":"招商制造业混合(001869)","fundSecondLevel":"hybrid","__csrcFundId":2541,"fundStatus":"normal","lastUpdated":"2026-04-30T18:14:21.533Z","masterFundFlag":1,"inceptionDate":"2015-12-01T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商制造业混合","pinyin":"zszzyzxlhpzhhxzqtzjj","managers":[{"stockCode":"j101018260","stockType":"fund_manager","exchange":"fm","tickerId":2624258690,"name":"周欣"},{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商制造业转型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=569949","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5f87fea5b3eb044fe56","stockId":3000000001869,"sao":"国内经济在2020年的疫情冲击体现出足够韧性。政策应对力度明显，信用和货币出现双扩张，中国经济在全球率先触底反弹，并受益于出口增长。权益市场逐步迎来估值修复和盈利回升，全年震荡向上，经济没有完全走老路，而是体现出新动能，成长与周期均有不错表现。在此期间，组合坚持稳健的投资思路，注意平衡波动率与绝对收益目标，同时在机会较为确定时注意顺势而为。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:04.135Z","mo":"预计2021年国内信用扩张基本到位，流动性坚持不缺不溢的政策取向，全球生产生活向常态迈进，市场驱动力逐步由估值扩张向盈利改善转变。在此期间，盈利良好且估值合理的品种有望取得超额表现。操作过程中仍将秉持自下而上的投资框架，在结构分化的行情中，寻找具备穿越周期能力和长期价值的标的。","fund":{"_id":3000000001869,"stockCode":"001869","stockType":"fund","areaCode":"cn","followedNum":57,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-27T16:00:00.000Z","setUpScale":897331000,"market":"a","tickerId":1869,"custody":"中国银行股份有限公司","name":"招商制造业转型灵活配置混合型证券投资基金","shortName":"招商制造业混合(001869)","fundSecondLevel":"hybrid","__csrcFundId":2541,"fundStatus":"normal","lastUpdated":"2026-04-30T18:14:21.533Z","masterFundFlag":1,"inceptionDate":"2015-12-01T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商制造业混合","pinyin":"zszzyzxlhpzhhxzqtzjj","managers":[{"stockCode":"j101018260","stockType":"fund_manager","exchange":"fm","tickerId":2624258690,"name":"周欣"},{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商制造业转型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=554411","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5f87fea5b3eb044fe55","stockId":3000000001869,"sao":"三季度经济基本面逐步修复，特别是需求端开始稳健修复，与此同时货币端逐步从宽松模式回归中性，权益市场整体震荡上行，结构上军工、免税以及新能源板块表现较好。报告期内，组合整体配置较为均衡，适度减持了消费板块，加仓新能源板块个股。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:04.132Z","fund":{"_id":3000000001869,"stockCode":"001869","stockType":"fund","areaCode":"cn","followedNum":57,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-27T16:00:00.000Z","setUpScale":897331000,"market":"a","tickerId":1869,"custody":"中国银行股份有限公司","name":"招商制造业转型灵活配置混合型证券投资基金","shortName":"招商制造业混合(001869)","fundSecondLevel":"hybrid","__csrcFundId":2541,"fundStatus":"normal","lastUpdated":"2026-04-30T18:14:21.533Z","masterFundFlag":1,"inceptionDate":"2015-12-01T16:00:00.000Z","f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