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指数、中小板指数和创业板综合指数分别上涨17.7%、29.5%和40.4%，呈现普涨格局。分行业来看，涨幅居前的行业是有色金属、通信和电子，分别上涨94.7%、84.8%和47.9%；而市场仅有食品饮料和煤炭两个行业下跌，分别下跌9.7%和5.3%。全年维度来看，科技成长和周期涨价是最强的两条主线。　　　　实际操作过程中，基于对市场的判断，本基金始终将仓位保持在较高的水平上。持仓结构上，基本维持了之前的配置结构，仍然是以业绩增长与估值匹配的成长股为主，并根据产业趋势、行业景气度和估值水平的变化，优化组合配置。","lastUpdated":"2026-03-28T06:06:29.037Z","mo":"展望2026年全年，本基金管理人认为，从企业盈利角度来看，上市公司2025年三季度营收同比回正，净利润同比回暖，上市公司盈利拐点初现。而2026年是中国十五五规划开局之年，政策基调有望保持积极，经济有望复苏。从流动性角度来看，国内货币政策仍有望维持宽松，而全球主要经济体财政发力，货币宽松仍是趋势。从估值角度看，虽然市场2025年表现较好，但市场整体估值水平仍然相对合理。　　　　基于以上判断，我们对2026年的市场谨慎乐观。在配置上，我们主要看好以下几个方向：　　（1）盈利增长与估值相匹配的高景气行业：电子、AI+等　　（2）行业已处在底部，有望反转的行业：电力设备、医药等。　　（2）自下而上积极寻找年报和一季报业绩有望超预期的行业与个股。","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧主题灵活配置混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1449379","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e31f","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-24T16:00:00.000Z","stockId":3000000005211,"sao":"2025年三季度，整体市场持续上涨，呈现普涨行情。具体来看，单三季度，万得全A上涨19.5%，其中，沪深300指数、中小板指数和创业板综合指数分别上涨17.9%、28.4%和30.0%。分行业来看，涨幅居前的是通信、电子和电力设备，分别上涨48.6%、47.6%和44.7%；全市场仅有银行板块下跌。　　　　实际操作过程中，基于对市场的判断，本基金的仓位维持较高的水平。持仓结构上，仍然是以景气度向好的业绩增长与估值匹配的成长股为主，并根据行业景气度和估值水平的变化，动态调整组合。三季度，增加了电子和传媒的配置比例，降低了汽车的配置比例。","lastUpdated":"2026-03-09T13:17:33.258Z","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧主题灵活配置混合型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1369639","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e31e","date":"2025-06-29T16:00:00.000Z","stockId":3000000005211,"sao":"上半年的市场，整体宽幅震荡，结构性行情特征十分明显，市场活跃，各类主题轮番表现。一月，市场延续了去年底的下跌势头。步入二月份，受益于春节后流动性宽松以及两会政策预期，市场出现反弹，其中，科技股表现最为强势，AI+、人形机器人等相关标的表现抢眼。三月，市场整体横盘震荡，结构分化依旧明显，家电等偏防御性的板块表现较好，而前期强势的AI+、半导体等持续调整。四月，受美国宣布对全球185个国家征收“对等关税”影响，市场出现明显回调，前期强势的科技股表现较弱；而随着对部分国家关税暂缓，市场出现触底反弹，结构上分化明显，其中，创新药、新消费和光模块表现最强。　　　　具体来看，上半年，万得全A上涨5.83%，其中，沪深300指数、中小板指数和创业板综合指数分别上涨0.03%、2.29%和8.78%。分行业来看，涨幅居前的是有色金属、银行和国防军工，分别上涨18.1%、13.1%和13.0%；而跌幅居前的是煤炭、食品饮料和房地产，分别下跌12.3%、7.3%和6.9%。总体来看，行业间和板块内分化都十分明显，创新药、新消费、光模块、人形机器人等轮番表现。　　　　实际操作过程中，基于对市场的判断，本基金的仓位维持较高的水平。持仓结构上，仍然是以景气度向好的业绩增长与估值匹配的成长股为主，并根据行业景气度和估值水平的变化，动态调整组合。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.255Z","mo":"从高频数据来看，6月经济景气度保持平稳，工业需求边际回落，但消费和出口展现出较强韧性。总体来看，2025年上半年，中国经济在复杂国内外环境下仍然展现出较强的韧性。展望未来，预计在政策的持续发力下，中国经济有望保持稳健增长，但也需要关注外部不确定性因素对经济的潜在制约。而从流动性角度来看，国内货币政策仍有望维持宽松，整体市场估值水平仍处在相对低位，性价比高。　　　　基于以上判断，我们对市场谨慎乐观。在配置上，我们主要看好以下几个方向：　　（1）  盈利增长与估值相匹配的景气度向上的行业或景气度有望边际改善的行业，如电子、汽车、AI+、电力设备、医药等。　　（2）  自下而上积极寻找中报业绩有望超预期的行业与个股。","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧主题灵活配置混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1337586","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e31d","date":"2025-03-30T16:00:00.000Z","stockId":3000000005211,"sao":"今年一季度，市场整体窄幅震荡，呈现结构性分化特征。一月，市场延续了去年底的下跌势头。步入二月份，受益于春节后流动性宽松以及两会政策预期，市场出现反弹，其中，科技股表现最为强势，AI+、人形机器人等相关标的表现抢眼。三月，市场整体横盘震荡，结构分化依旧明显，家电等偏防御性的板块表现较好，而前期强势的AI+、半导体等持续调整。　　总体来看，万得全A指数上涨1.9%，其中，沪深300指数、中小板指数和创业板综合指数分别下跌1.2%、上涨3.0%和上涨2.8%，中小板和创业板表现相对较好。分行业来看，涨幅靠前的行业是有色金属、汽车和机械设备，分别上涨12.0%、11.4%和10.6%；而跌幅较大的行业是煤炭、商业贸易和石油石化，分别下跌10.6%、8.2%和5.9%。行业结构分化明显。　　实际操作过程中，基于对市场的判断，本基金的仓位维持在较高的水平。持仓结构上，仍然是以景气度向好的业绩增长与估值匹配的成长股为主，并根据行业景气度和估值水平的变化，动态调整组合。一季度，增加了汽车的配置，降低了电力设备的配置比例。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.253Z","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧主题灵活配置混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1265123","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e31c","date":"2024-12-30T16:00:00.000Z","stockId":3000000005211,"sao":"2024年的市场，整体宽幅震荡，但结构性行情的特点十分明显。2024年一月，受年初降息预期落空以及宏观经济数据低于预期等因素的影响，市场出现明显调整。结构上大盘股、高股息资产相对抗跌，成长风格则大幅跑输；而二月至五月中旬，在一系列资本市场支持政策和稳增长政策的影响下，市场迎来上涨。结构上，以有色、化工为代表的涨价链以及以汽车、电子、军工、机械为代表的高端制造表现领先，风格上仍以大盘为主；五月下旬开始，受地产政策落地效果不及预期等因素影响，市场再度回调，此时红利资产重新领涨。三季度末开始，受利好政策的推动，市场迎来强劲反弹，结构上以AI为代表的科技成长方向表现突出。　　　　全年来看，万得全A指数上涨10.0%，其中，沪深 300 指数、中小板指数和创业板综合指数分别上涨14.7%、6.0%和9.6%，呈现普涨格局。分行业来看，涨幅居前的行业是银行、非银金融和通信，分别上涨34.4%、30.2%和28.8%；而跌幅居前的是医药生物、农林牧渔和美容护理，分别下跌14.3%、11.6%和10.3%。全年维度来看，红利价值表现最强，行业分化非常明显。　　　　实际操作过程中，基于对市场的判断，本基金始终将仓位保持在较高的水平上。持仓结构上，基本维持了之前的配置结构，仍然是以业绩增长与估值匹配的成长股为主，并根据产业趋势、行业景气度和估值水平的变化，优化组合配置。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.250Z","mo":"一月金融数据呈现积极态势，社融增量创新高，同比增长近6000亿，连续第二个月实现同比多增。同时，信贷增速转为同比正增长。从高频数据来看，节后人员复工节奏滞后于去年，地产成交回暖，工业生产大多回暖。整体来看，经济呈现缓慢的复苏。展望2025年全年，本基金管理人认为，虽然需求相对偏弱，经济内生增长动力仍有待加强，但经济最悲观的时候或已过去。而从流动性角度来看，国内货币政策仍有望维持宽松。目前，市场估值水平仍处于相对低位。　　　　基于以上判断，我们对2025年的市场谨慎乐观。在配置上，我们主要看好以下几个方向：　　（1）盈利增长与估值相匹配的高景气行业：电子、汽车、AI+等　　（2）行业已处在底部，有望反转的行业：电力设备、医药等。　　（2）自下而上积极寻找年报和一季报业绩有望超预期的行业与个股。","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧主题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=1245362","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e31b","date":"2024-09-29T16:00:00.000Z","stockId":3000000005211,"sao":"2024年三季度初，整体市场呈现震荡下行的态势。但在九月下旬后，受政治局会议以及国新会等重要政策信号的催化下，市场出现了暴力反弹。具体来看，单三季度，万得全A上涨17.7%，其中，沪深300指数、中小板指数和创业板综合指数分别上涨16.1%、14.9%和26.1%。市场整体呈现普涨的格局。分行业来看，涨幅居前的是非银金融、房地产和综合，分别上涨41.7%、33.0%和31.2%；而涨幅偏弱的是煤炭、石油石化和公用事业，分别上涨1.2%、2.0%和3.0%。　　　　实际操作过程中，基于对市场的判断，本基金的仓位维持在较高的水平。持仓结构上，仍然是以景气度向好的业绩增长与估值匹配的成长股为主，行业配置上基本维持了此前的配置结构，并根据行业景气度和估值水平的变化，动态调整组合。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.247Z","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧主题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=1169045","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e31a","date":"2024-06-29T16:00:00.000Z","stockId":3000000005211,"sao":"上半年的市场，整体下行，但结构性行情的特点十分明显。2024年一月，受年初降息预期落空以及宏观经济数据低于预期等因素的影响，市场出现明显调整。结构上大盘股、高股息资产相对抗跌，成长风格则大幅跑输；而二月至五月中旬，在一系列资本市场支持政策和稳增长政策的影响下，市场迎来上涨。结构上，以有色、化工为代表的涨价链以及以汽车、电子、军工、机械为代表的高端制造表现领先，风格上仍以大盘为主；五月下旬开始，受地产政策落地效果不及预期等因素影响，市场再度回调。结构上，红利资产重新领涨。　　　　具体来看，上半年，万得全A下跌8.01%，其中，沪深300指数、中小板指数和创业板综合指数分别上涨0.89%、下跌5.86%和下跌15.63%。分行业来看，涨幅居前的是银行、煤炭和公用事业，分别上涨17.0%、12.0%和11.8%；而跌幅居前的是综合、计算机和商业贸易，分别下跌33.3%、24.9%和24.6%。总体来看，红利资产表现较好，而成长板块则普遍表现较弱。　　　　实际操作过程中，基于对市场的判断，本基金的仓位维持较高的水平。持仓结构上，仍然是以景气度向好的业绩增长与估值匹配的成长股为主，并根据行业景气度和估值水平的变化，动态调整组合。上半年，增加了电子和汽车的配置，降低了非银金融的配置比例。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.244Z","mo":"二季度GDP同比增长4.7%，环比有所走弱。而6月工业增加值同比增长5.3%，好于预期，也显示工业生产相对稳定。随着稳地产政策效果的逐步显现，房地产的系统性风险或已下降，宏观经济有望企稳。此外，全球制造业PMI连续高于荣枯线，海外需求有望支撑外需持续超预期。而从流动性角度来看，全球已逐步开启降息周期，国内货币政策也有望保持宽松，流动性相对宽裕对估值有一定的支撑。此外，经过前期的回调，市场估值水平重新回到相对低位。　　　　基于以上判断，我们对市场谨慎乐观。在配置上，我们主要看好以下几个方向：　　（1）  盈利增长与估值相匹配的景气度向上的行业或景气度有望边际改善的行业，如电子、电力设备、汽车、医药等。　　（2）  自下而上积极寻找中报业绩有望超预期的个股。","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧主题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=1140975","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e319","date":"2024-03-30T16:00:00.000Z","stockId":3000000005211,"sao":"今年一季度，市场波动明显加大。一月，市场呈现加速下跌的势头，呈现普跌格局，微盘股跌幅更甚，而高分红、价值股表现相对较好。步入二月份，在国内政策支持、经济预期修复等因素共同带动下，市场出现了较为明显的反弹。　　总体来看，万得全A指数下跌2.8%，其中，沪深300指数、中小板指数和创业板综合指数分别上涨3.1%、下跌3.8%和下跌7.8%，主板表现相对较好。分行业来看，涨幅靠前的行业是银行、石油石化和煤炭，分别上涨10.6%、10.6%和10.5%；而跌幅较大的行业是医药生物、计算机和电子，分别下跌12.1%、10.5%和10.5%。行业结构分化明显。　　实际操作过程中，基于对市场的判断，本基金的仓位维持在较高的水平。持仓结构上，仍然是以景气度向好的业绩增长与估值匹配的成长股为主，并根据行业景气度和估值水平的变化，动态调整组合。一季度，增加了汽车和电力设备的配置，降低了医药的配置比例。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.242Z","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧主题灵活配置混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1071381","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e318","date":"2023-12-30T16:00:00.000Z","stockId":3000000005211,"sao":"2023年的市场，宏观预期波动较大，指数表现先上后下。年初防控政策放松后，生产、消费迅速恢复，复苏预期有所升温。在经济复苏的逻辑下，消费以及顺周期板块相对占优，AI和中字头也有所表现；但自Q2开始，疫情“疤痕效应”影响重新显现，经济上行动能不足，市场对于基本面预期重回悲观，宽基指数转为震荡下行，主题投资表现相对较好，AI产业受益ChatGPT发展、中特估行情受益重磅政策推动，二者轮动上行；但随着5月信贷、PMI等经济数据出现进一步回落，7-8月地产销售失速下行，叠加人民币明显贬值、外资流出压力加大，指数继续震荡下行，中特估、TMT两大主线分别于5月、6月走弱，低波红利（高股息）和题材微盘股（自动驾驶、机器人、华为链等）开始有所表现。步入四季度，受国内经济复苏慢于预期的影响，市场继续呈现回落的态势，结构分化依旧较为明显，微盘股继续表现亮眼。　　　全年来看，万得全A指数下跌5.2%，其中，沪深 300 指数、中小板指数和创业板综合指数分别下跌11.4%、18.0%和5.4%，呈现普跌格局。分行业来看，涨幅居前的行业是通信、传媒和计算机，分别上涨25.8%、16.8%和9.0%；而跌幅居前的是美容护理、商业贸易和房地产，分别下跌32.0%、31.3%和26.4%。全年维度来看，行业轮动较快，结构分化明显。　　　实际操作过程中，基于对市场的判断，本基金始终将仓位保持在较高的水平上。持仓结构上，基本维持了之前的配置结构，仍然是以业绩增长与估值匹配的成长股为主，并根据产业趋势、行业景气度和估值水平的变化，优化组合配置。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.239Z","mo":"1月社融存量同比增长9.5%，增速超预期，同时信贷也好于预期，结构也有所改善；而1月CPI同比-0.8%，低于预期，环比0.3%，但仍低于季节性，显示内生需求仍然较弱。整体来看，经济仍呈现缓慢的修复。展望2024年全年，本基金管理人认为，虽然需求相对偏弱，经济内生增长动力有待加强，但经济最悲观的时候或将过去。而从流动性角度来看，美联储货币政策收紧预期边际拐点已经到来，有效地缓解了对国内货币政策的掣肘。而且，经过过去几年的调整，市场估值水平重新回到低位，风险溢价、股债收益比等指标均处于较低区域。　　　基于以上判断，我们对2024年的市场谨慎乐观。在配置上，我们主要看好以下几个方向：　　（1）盈利增长与估值相匹配的景气度向上的行业：电子、电力设备、医药、汽车等。　　（2）自下而上积极寻找年报和一季报业绩有望超预期的行业与个股。","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧主题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=1048734","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e317","date":"2023-09-29T16:00:00.000Z","stockId":3000000005211,"sao":"2023年三季度，受国内经济复苏慢于预期的影响，市场出现明显回落，只有顺周期和消费表现相对较好。具体来看，单三季度，万得全A下跌4.3%，其中，沪深300指数、中小板指数和创业板综合指数分别下跌4.0%、10.9%和8.2%。分行业来看，行业分化非常明显，涨幅居前的是非银金融、煤炭和石油石化，分别上涨5.6%、5.3%和4.4%；而跌幅居前的是电力设备、传媒和计算机，分别下跌15.7%、15.6%和11.7%。　　实际操作过程中，基于对市场的判断，本基金的仓位维持在较高的水平。持仓结构上，仍然是以景气度向好的业绩增长与估值匹配的成长股为主，行业配置上基本维持了此前的配置结构，并根据行业景气度和估值水平的变化，增加了电子和汽车的配置比例，降低了电力设备的配置比例。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.236Z","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧主题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=982901","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e316","date":"2023-06-29T16:00:00.000Z","stockId":3000000005211,"sao":"上半年的市场，市场波动较大，结构性行情的特点十分明显。2023年一开年，受益于防疫政策优化，春节前市场表现较强，但春节后，受国内经济复苏慢于预期，叠加美国银行业风险影响，市场出现明显回落，只有AI板块和“中特估”主题相关板块表现较为突出，其他部分主流赛道，如新能源、医药、消费等行业均出现了不同程度的回调。　　具体来看，上半年，万得全A上涨3.06%，其中，沪深300指数、中小板指数和创业板综合指数分别下跌0.75%、下跌1.84%和上涨5.68%。分行业来看，涨幅居前的是通信、传媒和计算机，分别上涨50.7%、42.8%和27.6%；而跌幅居前的是商业贸易、房地产和美容护理，分别下跌23.4%、14.3%和13.6%。行业间分化十分明显。　　实际操作过程中，基于对市场的判断，本基金的仓位维持较高的水平。持仓结构上，仍然是以景气度向好的业绩增长与估值匹配的成长股为主，并根据行业景气度和估值水平的变化，动态调整组合。上半年，增加了电子的配置，降低了非银金融和化工的配置比例。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.234Z","mo":"6月制造业PMI49%，较上月小幅回升0.2%，结束了连续3个月的回落。生产和新订单有所回升，产成品库存大幅回落。存货去化的进程或将进入尾声，经济最悲观的时候或将过去。而从流动性角度来看，美国下半年仍有可能继续加息，其他海外央行也释放鹰派信号，但由于国内经济的压力，预计国内货币政策仍将保持宽松，对估值有一定的支撑。此外，经过前期的回调，市场估值水平重新回到相对低位，风险溢价、股债收益比等指标均处于较低区域。　　基于以上判断，我们对市场谨慎乐观。在配置上，我们主要看好以下几个方向：　　（1） 盈利增长与估值相匹配的景气度向上的行业或景气度有望边际改善的行业，如光伏、半导体，汽车电动化智能化、财富管理等。　　（2） 自下而上积极寻找中报业绩有望超预期的个股。","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧主题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=951484","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e315","date":"2023-03-30T16:00:00.000Z","stockId":3000000005211,"sao":"2023年一开年，受益于防疫政策优化，春节前市场表现较强，但春节后，受经济复苏慢于预期，叠加美国银行业风险影响，市场总体表现窄幅震荡，仅AI和“中特估”表现突出。具体来看，单一季度，万得全A上涨6.5%，其中，沪深300指数、中小板指数和创业板综合指数分别上涨4.6%、5.9%和8.9%。分行业来看，行业分化非常明显，涨幅居前的是计算机、传媒和通信，分别上涨36.8%、34.2%和29.5%；而跌幅居前的是房地产、商业贸易和银行，分别下跌6.1%、5.1%和2.7%。　　　　实际操作过程中，基于对市场的判断，本基金的仓位维持在较高的水平。持仓结构上，仍然是以景气度向好的业绩增长与估值匹配的成长股为主，并根据行业景气度和估值水平的变化，动态调整组合。一季度，增加了电子和医药的配置，降低了化工和公用事业的配置比例。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.231Z","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧主题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=881778","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e314","date":"2022-12-30T16:00:00.000Z","stockId":3000000005211,"sao":"2022年的市场，总体表现较差，行业轮动较快。受海内外疫情、美联储货币政策收紧超预期，以及俄乌冲突等多重因素共同冲击影响，市场自开年以来一直处于下跌的格局，尤其是市场主流的几条赛道，新能源、电子、食品饮料、医药均出现不同程度的下跌，表现很弱。而以稳增长为代表的顺周期板块，表现相对抗跌。步入四月下旬，随着上海疫情逐步进入尾声，复工复产得到有序推进，整个市场触底回升，调整之后的高成长行业反弹迅猛，而前期抗跌的顺周期板块相对较弱。但进入到三季度，随着国内地产政策的边际放松以及防疫政策的边际改善，稳增长和疫后复苏相关行业表现突出，而前期表现较强的新能源普遍出现了明显的回调。　　全年来看，万得全A指数下跌18.7%，其中，沪深 300 指数、中小板指数和创业板综合指数分别下跌21.6%、26.5%和26.8%，呈现普跌格局。分行业来看，仅煤炭和综合两个行业实现正收益，分别上涨10.9%和10.6%；而跌幅居前的是电子、建筑建材和传媒，分别下跌36.5%、26.1%和26.1%。行业轮动明显加快。　　实际操作过程中，基于对市场的判断，本基金始终将仓位保持在较高的水平上。持仓结构上，基本维持了之前的配置结构，仍然是以业绩增长与估值匹配的成长股为主。行业配置上，根据产业趋势、行业景气度和估值水平的变化，维持了电力设备的配置，增加了医药的配置比例，降低了有色的配置比例。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.228Z","mo":"随着去年下半年地产政策的边际放松以及疫情防控政策的优化，社会经济活动有所恢复。1月PMI50.1%，无论是总量还是结构数据，都是比较亮眼的。制造业供需两旺，非制造业也出现了明显的环比改善。展望2023年全年，本基金管理人认为，在财政政策落地及货币政策保持宽松的背景下，国内经济有望延续弱复苏。此外，美联储货币政策收紧预期边际拐点已经到来，有效地缓解了对国内货币政策的掣肘。国内维持稳定的货币政策，对估值形成一定的支撑。而且经过去年三季度以来市场的大幅调整，市场估值水平重新回到低位，风险溢价、股债收益比等指标均处于较低区域。　　基于以上判断，我们对2023年的市场谨慎乐观。在配置上，我们主要看好以下几个方向：　　（1）盈利增长与估值相匹配的景气度向上的行业：光伏，汽车电动化、智能化，财富管理，TMT。　　（2）自下而上积极寻找中报业绩有望超预期的个股。","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧主题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=863253","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e313","date":"2022-09-29T16:00:00.000Z","stockId":3000000005211,"sao":"2022年三季度，受疫情反复以及高温天气等多重因素影响，国内经济修复不及预期，宽货币至宽信用传导不畅，地产风险阴影笼罩，叠加海外风险加剧，美国通胀持续超预期，美联储鹰派加息，同时欧洲能源危机发酵，极大压低全球风险偏好，市场避险情绪浓厚，市场大幅调整，热门赛道估值杀跌，交易情绪回至低位，价值风格表现优于成长风格。具体来看，单三季度，万得全A下跌12.6%，其中，沪深300指数、中小板指数和创业板综合指数分别下跌15.2%、16.7%和15.8%。分行业来看，行业分化非常明显，仅煤炭一个行业微涨0.97%；而跌幅居前的是建筑建材、电力设备和电子，分别下跌24.0%、18.0%和17.6%。    实际操作过程中，基于对市场的判断，本基金的仓位维持在较高的水平。持仓结构上，仍然是以景气度向好的业绩增长与估值匹配的成长股为主，行业配置上基本维持了此前的配置结构，并根据行业景气度和估值水平的变化，略微增加了有色金属的配置比例，略微降低了医药板块的配置比例。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.226Z","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧主题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=801392","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e312","date":"2022-06-29T16:00:00.000Z","stockId":3000000005211,"sao":"上半年的市场，市场波动较大。受海内外疫情、美联储货币政策收紧超预期，以及俄乌冲突等多重因素共同冲击影响，市场自开年以来一直处于下跌的格局，尤其是市场主流的几条赛道，新能源、电子、食品饮料、医药均出现不同程度的下跌，表现很弱。而以稳增长为代表的顺周期板块，表现相对抗跌。步入四月下旬，随着上海疫情逐步进入尾声，复工复产得到有序推进，整个市场触底回升，调整之后的高成长行业反弹迅猛，而前期抗跌的顺周期板块相对较弱。    具体来看，上半年，万得全A下跌9.5%，其中，沪深300指数、中小板指数和创业板综合指数分别下跌9.2%、11.6%和15.9%。分行业来看，仅煤炭一个行业取得了正收益，上涨31.4%；而跌幅居前的是电子、计算机和传媒，分别下跌24.5%、23.6%和22.3%。    实际操作过程中，基于对市场震荡向上的判断，本基金的仓位维持较高的水平。持仓结构上，仍然是以景气度向好的业绩增长与估值匹配的成长股为主，行业配置上基本维持了此前的配置结构，并根据行业景气度和估值水平的变化，略微降低了非银金融和电子行业的配置，略微增加了医药板块的配置。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.223Z","mo":"5月出口增速和服务业PMI回升相对更为明显，工业增加值当月同比略微转正。随着上海疫情接近尾声，北京封控告一段落，国内经济进入复工复产的新阶段，国内经济基本面有望环比改善。而从流动性角度来看，部分发达国家受制于国内的高通胀，纷纷步入加息周期，美联储的加息节奏也明显快于预期。但与此同时，由于国内经济的压力，在海外收紧的同时，国内仍然维持了稳健的货币政策，市场流动性仍较为宽裕，对估值形成一定的支撑。    虽然经过四月底以来的反弹，市场整体估值水平已有所提升，但总体仍处在历史估值的中枢水平。总体来看，市场仍然处于经济环比改善和流动性相对宽松的阶段。后续需要关注常态化疫情防控下经济的复苏情况以及货币政策的变化。    基于以上判断，我们认为市场将维持震荡向上的格局。在配置上，我们主要看好以下几个方向：  （1）景气度维持高位或是景气度有望边际改善的方向：光伏、新能源汽车、汽车智能化、财富管理。  （2） 关注疫后修复带来的投资机会。","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧主题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=777546","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e311","date":"2022-03-30T16:00:00.000Z","stockId":3000000005211,"sao":"今年一季度，市场总体呈现下行的格局。受海内外疫情、美联储货币政策收紧超预期，以及俄乌冲突等多重因素共同冲击影响，市场自开年以来一直处于下跌的格局，尤其是市场主流的几条赛道，新能源、电子、食品饮料、医药均出现不同程度的下跌，表现很弱。而以稳增长为代表的顺周期板块，表现相对抗跌。    总体来看，万得全A指数下跌13.9%，其中，沪深300指数、中小板指数和创业板综合指数分别下跌14.5%、18.6%和18.3%，主板表现相对抗跌。分行业来看，全市场仅有四个行业在一季度获得正收益，涨幅靠前的行业是煤炭、房地产和综合，分别上涨22.6%、7.3%和3.5%；而跌幅较大的行业是电子、国防军工和汽车，分别下跌25.5%、23.3%和21.4%。    实际操作中，基于对市场的判断，本基金在一季度基本上维持了较高的仓位。结构上，基本维持此前配置的大方向，降低了非银金融的配置比例，优化了新能源车和光伏的持仓结构。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.221Z","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧主题灵活配置混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=721308","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e310","date":"2021-12-30T16:00:00.000Z","stockId":3000000005211,"sao":"2021年的市场，总体表现跌宕起伏，结构演绎得较为极致。春节前的市场继续延续了2020年四季度以来的趋势，以核心资产为代表的品种表现突出。春节后，由于美国国债收益率上行以及以铜、有色为代表的大宗商品大幅上涨，相对处于高位的核心资产率先步入调整。步入三月下旬，受美国国债收益率转为下行以及对经济见顶担忧的影响，调整之后的核心资产，尤其是高增长高估值的品种，以及主流赛道中的二三线品种，表现突出，而前期相对表现较好的顺周期品种总体表现较弱。六月份之后，受碳中和以及限产限电政策的影响，相关受益品种表现突出，而以消费医药为代表的核心资产表现较差。四季度，经济继续走弱，地产监管松动和信用见底推动大盘股回暖，元宇宙相关标的表现突出，而前期表现较强的新能源普遍出现了明显的回调。全年来看，万得全A指数上涨9.17%，其中，沪深 300 指数、中小板指数和创业板综合指数分别下跌5.20%、上涨4.62%和上涨17.93%，主板表现最弱。分行业来看，涨幅居前的是电力设备、有色金属和煤炭，分别上涨47.9%、40.5%和39.6%；而跌幅居前的是家用电器、非银金融和房地产，分别下跌19.5%、17.5%和11.9%。以全年的维度来看，碳中和主线表现最为突出。实际操作过程中，基于对市场震荡上行的判断，本基金始终将仓位保持在较高的水平上。持仓结构上，维持了对光伏行业的配置，增加了新能源车的投资，降低了金融行业的配置比例。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.218Z","mo":"展望2022年，本基金管理人认为，国内经济考虑到基数效应，预计GDP增速前低后高，经济下行压力仍存，政策上“维稳”的诉求强烈。此外，无论是此前的降息降准，还是经济工作会议和政治局会议的表态，都显示政策已经出现边际放松，稳增长重要性提升。虽然海外货币政策加速收紧，但国内货币政策仍有进一步宽松的空间。国内流动性偏宽松的环境对估值形成一定的支撑。基于以上判断，我们对2022年的市场谨慎乐观。在配置上，我们主要看好以下几个方向：（1）景气度维持高位或是景气度有望边际改善的方向：光伏、新能源汽车、半导体、财富管理（2） 鉴于宏观经济增长存在一定压力，关注稳增长方向","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧主题灵活配置混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=707240","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e30f","date":"2021-09-29T16:00:00.000Z","stockId":3000000005211,"sao":"2021年三季度，市场总体呈现震荡整理的格局，但结构分化十分明显，而且季度中市场风格也出现了明显的变化，7-8月份周期和新能源表现突出，而步入9月份，调整后的消费和医药出现了明显的反弹，而7-8月强势的新能源和周期则表现较弱。具体来看，单三季度，万得全A下跌1%，其中，沪深300指数、中小板指数和创业板综合指数分别下跌6.8%、5.0%和2.9%。分行业来看，行业分化非常明显，涨幅居前的是采掘、公用事业和有色金属，分别上涨36.6%、25.2%和23.1%；而跌幅居前的是医药生物、休闲服务和食品饮料，分别下跌13.7%、13.1%和13.0%。本基金在三季度仍然维持此前的高仓位。持仓结构上，增加了化工和有色金属的配置比例，降低了金融的配置比例。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.215Z","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧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=650362","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e30e","date":"2021-06-29T16:00:00.000Z","stockId":3000000005211,"sao":"上半年的市场，市场波动较大，结构性行业的特征尤其明显。春节前的市场继续延续了去年四季度以来的趋势，以核心资产为代表的品种表现突出，而春节后，由于美国国债收益率上行以及以铜、有色为代表的大宗商品大幅上涨，相对处于高位的核心资产率先步入调整。此后，顺周期的板块虽然阶段性表现较强，但最终也没抵抗住市场的调整。步入3月下旬，受美国国债收益率转为下行以及对经济见顶担忧的影响，调整之后的核心资产，尤其是高增长高估值的品种，以及主流赛道中的二三线品种，表现突出，而前期相对表现较好的顺周期品种总体表现较弱。具体来看，上半年，万得全A上涨8.99%，其中，沪深300指数、中小板指数和创业板综合指数分别上涨3.48%、11.29%和24.50%，中小创表现相对较好。分行业来看，涨幅居前的是电气设备、电子和汽车，分别上涨30.7%、21.2%和19.0%；而跌幅居前的是家用电器、农林牧渔和房地产，分别下跌8.5%、8.2%和7.9%。实际操作过程中，基于对市场震荡向上的判断，本基金的仓位维持较高的水平。持仓结构上，仍然是以金融为代表的低估值顺周期行业和业绩增长与估值匹配的成长股为主。行业配置上根据产业趋势、行业景气度和估值的变化，增加了电气设备的配置，降低了非银金融、电子和家电的配置比例。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.212Z","mo":"6月份，生产、消费、投资、出口以及社融数据，总体均表现较好，显示目前的经济总体仍处在稳步恢复之中。虽然展望下半年，经济增长动能环比有所下降，但考虑到上半年地方债发行速度和规模均低于预期，下半年财政政策可释放的空间较大，下半年国内经济仍有望保持平稳。此外，在国内经济数据还不错的背景下，全面降准，也预示下半年流动性有望边际放松，对估值形成一定的支撑。后续需要密切关注的风险因素：中美货币政策的变化。基于以上判断，我们认为市场将维持震荡向上的格局。在配置上，我们主要看好以下几个方向：（1）基于经济的复苏仍有持续性，看好以金融为代表的低估值顺周期品种（2）盈利增长与估值相匹配的景气度向上的行业：光伏、新能源汽车、电子（3）自下而上积极寻找中报业绩有望超预期的个股","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧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=628336","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e30d","stockId":3000000005211,"sao":"今年一季度，市场波动明显加大。春节前的市场继续延续了去年四季度以来的趋势，以核心资产为代表的品种表现突出，而春节后，由于美国国债收益率上行以及以铜、有色为代表的大宗商品大幅上涨，相对处于高位的核心资产率先步入调整。此后，顺周期的板块虽然阶段性表现较强，但最终也没抵抗住市场的调整。总体来看，万得全A指数下跌3.3%，其中，沪深300指数、中小板指数和创业板综合指数分别3.1%、6.9%和8.3%，主板表现相对抗跌。分行业来看，涨幅靠前的行业是黑色金属、公用事业和银行，分别上涨15.7%、11.5%和10.5%；而跌幅较大的行业是国防军工、非银金融和通信，分别下跌19.3%、12.5%和11.4%。实际操作中，基于对市场的判断，本基金在一季度基本维持较高的仓位。结构上，基本上维持了此前的配置结构，仍然是以金融为代表的顺周期行业和业绩增长与估值匹配的成长股为主。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.210Z","fund":{"_id":3000000005211,"stockCod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而以内需为主的医药、食品饮料等偏防御性的板块表现突出。步入三季度后，市场经历了长达半年的横盘震荡，其中，以汽车、化工为代表的顺周期阶段性表现突出，但食品饮料中的白酒以及新能源表现更为突出，且持续性更强。全年来看，万得全A指数上涨25.62%，其中，沪深 300 指数、中小板指数和创业板综合指数分别上涨27.21%、43.91%和47.85%，市场分化非常严重。分行业来看，涨幅居前的是休闲服务、电气设备和食品饮料，分别上涨99.4%、94.7%和85.0%；而跌幅居前的是房地产、通信和建筑装饰，分别下跌10.9%、8.3%和7.9%。实际操作过程中，基于对市场震荡上行的判断，本基金始终将仓位保持在较高的水平上。结构上，在继续维持金融+科技为主的配置方向上，还增加了顺周期以及光伏的配置比例。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.207Z","mo":"展望2021年，本基金管理人认为，虽然1月份的经济数据环比略弱一些，但我们认为，这一方面是由于国内疫情反复的影响，另一方面也是受到传统春节淡季的影响。而综合目前中微观的数据，我们认为，经济的恢复仍然具有持续性。此外，我们也看到，近期全球新冠新增确诊人数也出现了下降的趋势。这些都是积极的信号。但流动性方面，虽然全面大幅收紧的概率不大，但已经较之前有所收紧。因此，盈利恢复的持续性将显得更为重要。基于以上判断，我们认为市场将维持震荡向上的格局。在配置上，我们主要看好以下几个方向：（1）基于经济的复苏仍有持续性，看好顺周期的行业（2）景气度向上的行业：电子、光伏、计算机","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧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=553061","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e30b","stockId":3000000005211,"sao":"2020年三季度，市场在月初受地产数据较好的刺激大幅上扬之后，随着中芯国际的上市以及中美贸易战再起的影响，市场在回调之后进入了震荡整理的格局。单三季度万得全A上涨8.4%，其中，沪深300指数、中小板指数和创业板综合指数分别上涨10.2%、8.2%和9.7%，行业分化依旧非常明显。分行业来看，涨幅居前的是休闲服务、国防军工和电气设备，分别上涨33.0%、30.1%和26.0%；而跌幅居前的是通信、商业贸易和计算机，分别下跌8.1%、3.4%和3.2%。本基金在三季度仍然维持此前的高仓位。持仓结构上，增加了电气设备和有色金属的配置比例，降低了计算机的配置比例。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.204Z","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧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=490459","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86d7fea5b3eb047e30a","stockId":3000000005211,"sao":"上半年的市场，市场波动较大，结构性行情的特征尤其明显。一月开年，市场继续延续了去年四季度以来的科技股牛市；三月份开始，受海外疫情加剧以及中美贸易战的影响，市场出现了明显的风格切换，以医药、食品饮料为首的偏防御性的板块表现突出，而周期股总体表现较弱。具体来看，上半年，万得全A上涨6.95%，其中，沪深300指数、中小板指数和创业板综合指数分别上涨1.64%、20.85%和27.93%，中小创表现相对较好。分行业来看，涨幅居前的是食品饮料、休闲服务和电子，分别上涨40.3%、30.1%和24.5%；而跌幅居前的是采掘、银行和非银金融，分别下跌18.6%、14.0%和11.7%。实际操作过程中，基于对市场震荡向上的判断，本基金仓位始终保持在偏高的仓位上。持仓结构上，继续维持科技+金融为主的配置方向，此外，还小幅增加了食品饮料、汽车、光伏的行业配置。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:33.201Z","mo":"从国内数据情况来看，随着国内逐步的复工复产，经济总体处于温和复苏中：5月基建投资同比增速回到两位数区间，房地产投资1-5月累计同比降幅也进一步收窄至-0.3%；5月消费品零售总额也已经恢复到了正增长；出口的表现也好于预期。此外，海外疫情方面，虽然美国疫情出现了阶段性的反复，但大部分国家数据均已处于下降通道之中，各国也陆续恢复生产，经营活动也在有序恢复。总体来看，展望下半年，内外需均有望有所改善。而同时，外部压制因素阶段性落地，政策层面总体仍偏宽松，有利于风险偏好的提升。后续需要密切关注的风险因素：中美贸易战以及疫情的演变。基于以上判断，我们认为市场将维持震荡向上的格局。在配置上，我们主要看好以下几个方向：（1）\t低估值高分红的蓝筹股和稳定增长的行业：金融、医药（2）\t景气度趋势向上的行业：电子、计算机、传媒、光伏新能源（3）\t受益于经济企稳复苏的行业","fund":{"_id":3000000005211,"stockCode":"005211","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-29T16:00:00.000Z","setUpScale":457113000,"market":"a","tickerId":5211,"custody":"中国建设银行股份有限公司","name":"银河智慧主题灵活配置混合型证券投资基金","shortName":"银河智慧混合(005211)","fundSecondLevel":"hybrid","__csrcFundId":4882,"fundStatus":"normal","lastUpdated":"2026-04-30T19:29:24.524Z","masterFundFlag":1,"inceptionDate":"2017-11-30T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智慧混合","pinyin":"yhzhztlhpzhhxzqtzjj","managers":[{"stockCode":"db20411286","stockType":"fund_manager","exchange":"fm","tickerId":2524156720,"name":"袁曦"}]},"announcement":{"linkText":"银河智慧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=452596","linkType":"PDF","source":"csrc_pdf"}}]}