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行业但是对个股的跟踪还不够深度和及时，未能作出更精准的判断。　　四季度把握住了消费和AI应用的一些机会，但也要清楚认识到AI应用相关公司当下的估值是建立在远期较为乐观的业绩预期下的演绎，在经历前期较为迅速的上涨后续能否持续受到催化和得到业绩的验证和支撑需要我们持续跟踪。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:49.115Z","mo":"展望2025年，宏观环境依然复杂，一边是海外美国在各方压力之下产业趋势能否支撑美股高高在上的估值，以至于对全球市场造成情绪映射上的影响；一边是国内我们需要观察后续政策以及经济复苏的节奏。在选择行业和公司时，我们最关注能穿越经济周期的资产，整体组合倾向于留足安全边际，多策略并行以在争取更高收益的同时最大程度降低风险。　　行业方面，中国过去几年在新质生产力的各个方向都有了很大的进步，在AI方向突破式的进展更是让世界重新认识到中国的科技实力，创新药行业在一二级倒挂的背景下外资持续加码投资并购；在消费行业中也出现了一些新业态和新变化，企业积极调整自身战略；绿电运营商的底部不断地被夯实，蓄势待发。2025年我们期待这些行业中的优质企业结出硕果！","fund":{"_id":3000000005493,"stockCode":"005493","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-12-24T16:00:00.000Z","setUpScale":256819000,"market":"a","tickerId":5493,"custody":"交通银行股份有限公司","name":"鑫元价值精选灵活配置混合型证券投资基金","shortName":"鑫元价值精选A","fundSecondLevel":"hybrid","__csrcFundId":5005,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:43.158Z","masterFundFlag":1,"inceptionDate":"2018-01-22T16:00:00.000Z","fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元价值精选","pinyin":"xyjzjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20885884","stockType":"fund_manager","exchange":"fm","tickerId":121023224930,"name":"刘俊文"}]},"announcement":{"linkText":"鑫元价值精选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=1255488","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8b97fea5b3eb0483fee","date":"2024-09-29T16:00:00.000Z","stockId":3000000005493,"sao":"报告期内，本基金重点持仓在维持绿电底仓的基础上，将相当一部分仓位转入TMT和消费板块。　　在前期的研究和投资中我们遇到了很多的困难，譬如政策预期不够清晰，现实的经济数据较差，以至于相关行业和公司面临后续盈利预测的下调，在中报里我们也讨论了这些悲观预期是否真的成立，一批符合困境反转投资方向的行业和公司正步入可投资范围。时至9月市场对于国内宏观的极度悲观甚至蔓延到了对于电改政策延续性的怀疑，引发电力行业持续调整。然而9月末的一揽子政策及政治局会议精神强化了后续会打破市场的悲观预期，估值底叠加政策底使得市场在9月底大放异彩，情绪与估值迅速修复，管理人迅速将较多的仓位切入前期储备的有望困境反转的行业及公司。　　展望后市，中长期行情的展开仍然需要看到更多落地的政策以及更多宏观和微观数据的支撑，在此期间我们会不断地跟踪和推演可能的路径。攻守，已然易形。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:49.112Z","fund":{"_id":3000000005493,"stockCode":"005493","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-12-24T16:00:00.000Z","setUpScale":256819000,"market":"a","tickerId":5493,"custody":"交通银行股份有限公司","name":"鑫元价值精选灵活配置混合型证券投资基金","shortName":"鑫元价值精选A","fundSecondLevel":"hybrid","__csrcFundId":5005,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:43.158Z","masterFundFlag":1,"inceptionDate":"2018-01-22T16:00:00.000Z","fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元价值精选","pinyin":"xyjzjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20885884","stockType":"fund_manager","exchange":"fm","tickerId":121023224930,"name":"刘俊文"}]},"announcement":{"linkText":"鑫元价值精选灵活配置混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1176935","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8b97fea5b3eb0483fed","date":"2024-06-29T16:00:00.000Z","stockId":3000000005493,"sao":"回顾上半年，市场环境较为复杂，市场赚钱效应高的板块主要集中在低估值红利类和AI，本基金较为积极地进行了一些行业轮动，抓住了其中一些机会，并延续维持了较高比例的港股。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:49.109Z","mo":"市场通常会过度关注边际变化放大短期，而忽视其长期价值，同时这也为我们寻找超额收益创造了机会。　　面对现实世界宏观的诸多不确定性，我们很难给出明确解答，过去5年从赛道投资到景气度投资再到目前的高股息红利投资，每一次身处其中时逻辑都看似无懈可击，而回头看我们也发现市场上过去的明星板块从几年前的极度乐观摆向了悲观，这些对于未来的悲观预期真的成立吗？很多时候这是难以去预判的，而是需要去现实的感受，跟踪数据和趋势，推导逻辑。困境反转投资需要具备估值低，预期低，远期确定性强，一批符合条件的行业和公司正在步入这个投资策略的可投资范围。在成长风格中，我们尝试去描绘未来世界寻找具备增长爆发性的行业和公司，以智能化为代表，大幕已经展开并将开启一轮接一轮对于我们生活的渗透，从中将诞生众多的机会，未来已至，我们已做好准备。","fund":{"_id":3000000005493,"stockCode":"005493","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-12-24T16:00:00.000Z","setUpScale":256819000,"market":"a","tickerId":5493,"custody":"交通银行股份有限公司","name":"鑫元价值精选灵活配置混合型证券投资基金","shortName":"鑫元价值精选A","fundSecondLevel":"hybrid","__csrcFundId":5005,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:43.158Z","masterFundFlag":1,"inceptionDate":"2018-01-22T16:00:00.000Z","fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元价值精选","pinyin":"xyjzjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20885884","stockType":"fund_manager","exchange":"fm","tickerId":121023224930,"name":"刘俊文"}]},"announcement":{"linkText":"鑫元价值精选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=1147330","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8b97fea5b3eb0483fec","date":"2024-03-30T16:00:00.000Z","stockId":3000000005493,"sao":"回顾一季度，行情呈“V”形较为极端，在前期配置的顺周期下跌与设想的不一致后，对组合有一些新的思考与重新构建，造成了净值短期落后，当前重点配置方向为：有色金属、电力，整体组合的港股持仓比例较高。　　在当前各国央行资产负债表扩张的背景下，纸币信用持续弱化，造成了黄金、比特币、美股核心资产的上涨，海外通胀的趋势可能会延续，对全球定价的资源品而言会受益；国内的情况是资本对于一些股东回报时间较远期的项目容忍度在降低，越来越倾向于追求业务的稳定性以及持续增加的股东回报，这其中一些ROE能持续提升的稀缺垄断行业比如核电开始被市场重新定价。一季度最值得反思的是前期对于A股顺周期板块的乐观是建立在盈利增速与估值不匹配的基础上认为估值有修复的空间，但追求赔率是非常难的，后期我们会继续努力将追求确定性放在第一位。","declarationDate":"2024-04-21T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观周期，国内流动性宽裕，疫情是短期的冲击，对于上市公司业绩影响可控，在4月底仍保持仓位，并加大复苏产业链配置。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:49.088Z","mo":"展望下半年，疫情对消费复苏仍有压制，但我们认为复苏的方向是不变的，虽然节奏所有趋缓。国内流动性虽然在上半年疫情时最为宽松，但下半年仍保持合理充裕。地区局势发展有所不确定干扰的市场偏好，我们无法预测这些因素的发生发展，但我们会对组合做充分的风险评估，继续持有能够保持长期竞争力的企业。我们认为当前包括医药在内的消费，受到疫情影响或者政策干扰，估值处在较低水平，已具有性价比；新能源车和光伏景气度仍较好，虽然短期涨幅较大，会继续持有。","fund":{"_id":3000000005493,"stockCode":"005493","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-12-24T16:00:00.000Z","setUpScale":256819000,"market":"a","tickerId":5493,"custody":"交通银行股份有限公司","name":"鑫元价值精选灵活配置混合型证券投资基金","shortName":"鑫元价值精选A","fundSecondLevel":"hybrid","__csrcFundId":5005,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:43.158Z","masterFundFlag":1,"inceptionDate":"2018-01-22T16:00:00.000Z","fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元价值精选","pinyin":"xyjzjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20885884","stockType":"fund_manager","exchange":"fm","tickerId":121023224930,"name":"刘俊文"}]},"announcement":{"linkText":"鑫元价值精选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=786919","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8b97fea5b3eb0483fe4","date":"2022-03-30T16:00:00.000Z","stockId":3000000005493,"sao":"去年底认为经济工作会议定调了国内偏宽松的货币环境，美联储加息的隐忧暂未到来，管理人在整体仓位上仍较为积极。实际情况是2022年以来有多重因素造成了今年市场的大幅下跌。一月份大宗商品暴涨，对通胀的担忧导致市场对于美联储加快加息节奏和缩表的预期大大提前。二月俄乌冲突爆发，战争引爆市场避险情绪，严厉的制裁与金融脱钩又进一步映射到中概股、港股和国内市场，外资出现明显流出。三月一线城市深圳、上海疫情连续爆发，令本就低迷的经济增长雪上加霜。需要反思的是，去年年底对市场潜在的不利因素认知不足，从节奏上误判了美联储加息在一季度的影响。尽管俄乌冲突和上海疫情无法提前预期，应对仍不够果断。  去年底管理人对持仓进行了修正。新能源行业的长期景气不变，但短期因为触及资源瓶颈速度会略有放缓，相应的仓位也较前期收缩。切换仓位参与了龙头地产、大金融、基建等“稳增长”交易。本季度中也加仓了受益于通胀的养殖相关标的。但整体仓位较高，且持仓的港股遭受重创，使净值出现了明显的回撤，为投资人造成阶段性损失，深感愧疚。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:49.085Z","fund":{"_id":3000000005493,"stockCode":"005493","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-12-24T16:00:00.000Z","setUpScale":256819000,"market":"a","tickerId":5493,"custody":"交通银行股份有限公司","name":"鑫元价值精选灵活配置混合型证券投资基金","shortName":"鑫元价值精选A","fundSecondLevel":"hybrid","__csrcFundId":5005,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:43.158Z","masterFundFlag":1,"inceptionDate":"2018-01-22T16:00:00.000Z","fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元价值精选","pinyin":"xyjzjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20885884","stockType":"fund_manager","exchange":"fm","tickerId":121023224930,"name":"刘俊文"}]},"announcement":{"linkText":"鑫元价值精选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=728016","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8b97fea5b3eb0483fe3","date":"2021-12-30T16:00:00.000Z","stockId":3000000005493,"sao":"回顾2021年的A股市场，各大指数整体表现为区间震荡的走势，全年上证指数、深证成指、沪深300指数的涨幅分别为4.80%、2.67%、-5.20%；振幅分别为12.06%、21.01%、24.31%。仅创业板指数的表现稍显突出，全年上涨12.02%，当然振幅也达到32.77%。各行业板块之间的轮动颇为明显：年初以各行业龙头为代表的核心资产大幅上涨，经历春节之后的快速下跌；二季度至三季度，在行业景气度和市场流动性双重支持下，新能源行业获得了业绩与估值的双击，无论个股还是行业整体都有了相当的涨幅。三季度末开始的电力供应局部性紧张，又推升了煤炭、有色等传统周期性行业。最后在稳增长政策放松的预期下，房地产行业在四季度出现了一定幅度的反弹。组合在年初对持仓进行了调整，减少了核心资产的持仓，增加通胀受益的顺周期行业以及港股的配置；二季度通胀兑现后逐步卖出顺周期行业，切换到高景气的半导体、新能源板块上。但新能源尤其是光伏行情的启动，比我们预期的更早，切换的节奏上略有犹疑，是组合收益从相对收益角度看表现得不够突出的原因之一。另外港股的持仓，尤其是港股互联网龙头的持仓，对组合收益产生了明显拖累。在政策的严厉打击下，过于坚持长期价值而忽略了短期市场情绪对组合收益造成的回撤影响，在七月对这些持仓进行了调整，切换至绿电运营和新型电力系统改造等相关领域。也适当参与了龙头地产、大金融、基建等“稳经济”交易。考虑到国内偏宽松的货币环境，美联储加息的隐忧暂未到来，管理人在整体仓位上仍较为积极。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:49.083Z","mo":"展望全年，美国及海外方主要经济体货币转向收紧是为全球资产价格定调的宏观背景。疫情后的经济复苏趋于尾声，能源价格和劳动工资的上涨会螺旋式提升通胀预期，从而导致美联储可能会因此超预期地连续加息，引发全球金融市场的调整。国内政策已经在去年底的经济工作会议上明确了稳增长的基调。货币政策跨周期调节，保持相对宽松，但是宽货币之后宽信用的效果，还有待市场验证。全球通胀水平、严控“房住不炒”和地方融资平台收紧等结构性改革的长期措施可能成为宽信用的束缚。因此，在国内经济增速压力较大，稳增长政策的力度和效果有待验证，叠加海外存在超预期紧缩等情况下，上半年市场可能承压。下半年，在经济缓步走出压力区，稳增长的政策效果逐渐显现，海外货币紧缩不确定性下降的背景下，代表稳增长的低估值品种和受益于景气度回升的成长股，将带动市场逐步回升。我们组合的配置策略将坚持攻守兼备，一方面配置一部分低估值且受益于稳增长的传统行业龙头，以平抑组合的波动性；另一方面会继续在景气成长行业中积极布局，精选细分行业景气度持续向上，且具备核心竞争力的上市公司。尽管这一宗旨与往年相同，但在估值容忍度上要比去年更严苛，这是在全球货币紧缩的大背景下做出的相应调整。我们认为能源革命带动的高景气赛道是长周期的，短期面临约束进行修正只是阶段性的，待经济见底、上游产能投放等约束打开仍将继续维持景气。而且在新能源基础设施、新型电力系统、绿电运营等领域还有很多可以延伸和拓展的机会。在电动化前半场完成后，智能化后半场的机会也有很多值得挖掘。在过去两年受损的行业中，也存在不少困境反转的机会值得布局。当然，这需要管理人团队对行业格局有深入的理解，对行业发展趋势有深刻的洞见，对行业的商业模式有充分的预判。这些很难，但管理人团队会尽一百二十分的努力，去研究，去挖掘，去遴选。2022年的A股开局不利，在市场的波动中，我们需要多一份耐心，等待市场从“复杂博弈”走向“增长证明”。对于宏观的不确定性保持敬畏，扎实研究中微观基本面，不断校准增长的幅度和确定性，从而优化组合。长期投资不是一路坦途，会经历各种意料不到的沟沟坎坎，希望我们能够经受颠簸带来的压力，最终带给投资者满意的回报。","fund":{"_id":3000000005493,"stockCode":"005493","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-12-24T16:00:00.000Z","setUpScale":256819000,"market":"a","tickerId":5493,"custody":"交通银行股份有限公司","name":"鑫元价值精选灵活配置混合型证券投资基金","shortName":"鑫元价值精选A","fundSecondLevel":"hybrid","__csrcFundId":5005,"fundStatus":"normal","lastUpdat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定持有的方向。","fund":{"_id":3000000005493,"stockCode":"005493","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-12-24T16:00:00.000Z","setUpScale":256819000,"market":"a","tickerId":5493,"custody":"交通银行股份有限公司","name":"鑫元价值精选灵活配置混合型证券投资基金","shortName":"鑫元价值精选A","fundSecondLevel":"hybrid","__csrcFundId":5005,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:43.158Z","masterFundFlag":1,"inceptionDate":"2018-01-22T16:00:00.000Z","fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元价值精选","pinyin":"xyjzjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20885884","stockType":"fund_manager","exchange":"fm","tickerId":121023224930,"name":"刘俊文"}]},"announcement":{"linkText":"鑫元价值精选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=459473","linkType":"PDF","source":"csrc_pdf"}}]}