window.pageData = {"stock":{"_id":3000000005663,"stockCode":"005663","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5663,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票C","fundSecondLevel":"company","fundStatus":"normal","inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"jsjrjxgpxfqszqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50080000","tickerId":50080000,"name":"嘉实基金管理有限公司"},"managers":[{"name":"张露","stockType":"fund_manager","stockCode":"8801472277","exchange":"fm","tickerId":2612170820}],"hotMetrics":{"fss":{"stockId":3000000005663,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.48960000000000004,"f_ind_h_s_r":0.5104,"f_h_a":4529,"f_h_s_a":5426,"f_ind_h_s_r_c_1y":-0.27880000000000005,"f_ind_h_s_r_c_hy":-0.44640000000000013,"f_ins_h_s_r_c_1y":0.27880000000000005,"f_ins_h_s_r_c_hy":0.4464,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000005663,"type":"fpr","f_p_r_fys_ssc":5552,"f_p_r_fys_ssrp":0.8039992794091154,"f_p_r_m1_ssc":5985,"f_p_r_m1_ssrp":0.37850935828877,"f_p_r_m3_ssc":5781,"f_p_r_m3_ssrp":0.6346020761245674,"f_p_r_m6_ssc":5555,"f_p_r_m6_ssrp":0.8120273676629456,"f_p_r_y1_ssc":4826,"f_p_r_y1_ssrp":0.8781347150259068,"f_p_r_y2_ssc":3638,"f_p_r_y2_ssrp":0.7638163321418752,"f_p_r_y3_ssc":2938,"f_p_r_y3_ssrp":0.6714334354783793,"f_p_r_y5_ssc":1872,"f_p_r_y5_ssrp":0.7979690005344735,"f_cagr_p_r_fs_ssc":6088,"f_cagr_p_r_fs_ssrp":0.7054378183012978},"fp":{"stockId":3000000005663,"type":"fp","f_p_r_fys":-0.0812969553183076,"f_p_r_m1":0.010789176020186142,"f_p_r_m3":-0.0035168982672842963,"f_p_r_m6":-0.11408525890337828,"f_p_r_y1":-0.08136960303653329,"f_p_r_y3":0.19087647360328108,"f_cagr_p_r_fs":0.01819168872979171,"f_p_r_y5":-0.1974438687392056,"f_p_r_d1":-0.007843490804183118,"f_p_r_y2":0.23218073822655927,"last_data_date":"2026-07-06T16:00:00.000Z","f_i_d":"2018-03-13T16:00:00.000Z"},"ff":{"stockId":3000000005663,"type":"ff","f_m_f":1939320,"f_m_f_r":0.012,"f_c_f":323220,"f_c_f_r":0.002,"f_m_a_c_f":2262540,"f_m_a_c_f_r":0.014,"f_m_c_f_d":"2024-12-23T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2026-06-24T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000005663,"type":"f_nlacan","f_nv_d":"2026-07-06T16:00:00.000Z","f_nv":1.1617,"f_nv_cr":-0.011823749574685238},"f_as":{"stockId":3000000005663,"type":"f_as","f_tas":64690884.8784,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000005662,"stockId":601318,"holdings":279200,"marketCap":15852976,"netValueRatio":0.0726,"quarterlyChange":-0.1698830409356732,"stock":{"stockCode":"601318","exchange":"sh","stockType":"company","tickerId":601318,"name":"中国平安"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000005662,"stockId":2142,"holdings":426600,"marketCap":12989970,"netValueRatio":0.0595,"quarterlyChange":0.08401566393734461,"stock":{"stockCode":"002142","exchange":"sz","stockType":"company","tickerId":2142,"name":"宁波银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000005662,"stockId":600036,"holdings":317400,"marketCap":12480168,"netValueRatio":0.0571,"quarterlyChange":-0.042075079592597375,"stock":{"stockCode":"600036","exchange":"sh","stockType":"company","tickerId":600036,"name":"招商银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000005662,"stockId":600926,"holdings":648000,"marketCap":10854000,"netValueRatio":0.0497,"quarterlyChange":0.09620418848167533,"stock":{"stockCode":"600926","exchange":"sh","stockType":"company","tickerId":600926,"name":"杭州银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000005662,"stockId":601601,"holdings":286988,"marketCap":10644384,"netValueRatio":0.0487,"quarterlyChange":-0.11500835122882291,"stock":{"stockCode":"601601","exchange":"sh","stockType":"company","tickerId":601601,"name":"中国太保"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000005662,"stockId":601211,"holdings":607200,"marketCap":10073448,"netValueRatio":0.0461,"quarterlyChange":-0.19270072992700726,"stock":{"stockCode":"601211","exchange":"sh","stockType":"company","tickerId":601211,"name":"国泰海通"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000005662,"stockId":601077,"holdings":1380200,"marketCap":9730410,"netValueRatio":0.0445,"quarterlyChange":0.1278334283852034,"stock":{"stockCode":"601077","exchange":"sh","stockType":"company","tickerId":601077,"name":"渝农商行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000005662,"stockId":601377,"holdings":1441400,"marketCap":8461018,"netValueRatio":0.0387,"quarterlyChange":-0.20889487870619938,"stock":{"stockCode":"601377","exchange":"sh","stockType":"company","tickerId":601377,"name":"兴业证券"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000005662,"stockId":415,"holdings":1925500,"marketCap":8298905,"netValueRatio":0.038,"quarterlyChange":0.0641975308641971,"stock":{"stockCode":"000415","exchange":"sz","stockType":"company","tickerId":415,"name":"渤海租赁"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000005662,"stockId":601628,"holdings":167700,"marketCap":6094218,"netValueRatio":0.0279,"quarterlyChange":-0.20131868131868114,"stock":{"stockCode":"601628","exchange":"sh","stockType":"company","tickerId":601628,"name":"中国人寿"}}],"bondHoldings":[{"_id":"69e8f9521398d798430006ea","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000005662,"stockCode":"019827","stockName":"26国债01","holdings":35000,"marketCap":3509240,"netValueRatio":0.0161,"lastUpdated":"2026-04-22T16:37:38.370Z"}]},"list":[{"_id":"69e8eaa91398d79843fe89d0","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000005662,"sao":"1季度整体金融地产指数表现较差，大幅跑输市场。从行业来看，主要是保险和券商下跌幅度较大，1季度分别下跌16%和15%，拖累整体金融地产的表现。银行和地产指数小幅下跌3%，略跑输一点。保险行业，负债端中期短期逻辑仍然很好，但资产端与市场共振明显，交易特征更加券商化，季报业绩不好但应该基本交易结束，中长期投资仍在；券商的内生回报仍弱，加上大量再融资，行情难有根本改善。银行伴随净息差降幅收窄，预计净利息收入和营收会有所好转，但会加强减值准备，利润改善幅度弱于营收。　　本组合基于对基本面的判断，在行业选择上偏好银行和保险，同时基于对行业内个股的基本面研究，优选个股。","lastUpdated":"2026-04-22T15:35:05.379Z","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1482308","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ca7abe7ecbd37c10afbc47","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000005662,"sao":"25年，整体金融表现较差，沪深300金融上涨12.8%，显著跑输各类宽基指数，上证指数上涨18%，深成指上涨30%。分行业来看，保险表现明显优异，全年上涨31%，跟住了全市场，银行指数上涨12%，券商上涨4%，券商表现最差。保险行业质和量都有望提升，监管有力推动了负债成本下行，预定利率下行、报行合一打击恶意竞价、推动分红险转型。资产端资本市场慢牛预期、利率曲线上移陡峭化，是最有利于寿险经营的宏观环境。保险有望成为居民资金入市的重要通道，银保会带动新业务中高速增长。在基本面的向上趋势下，也成为了三个行业中国表现最好的行业，4季度演绎的最为彻底，单4季度上涨23%。银行业上半年表现靓丽，明显跑赢市场，但三季度伴随成长的快速上涨，回调幅度较大，使得全年表现平平。券商整体表现较差，只有三季度在市场快速拉升期跑赢了保险和银行，其他季度都显著跑输。保持对最看好的保险超配，银行和券商略低配。","lastUpdated":"2026-03-30T13:29:34.623Z","mo":"展望26年，保险长端利率启稳前提下，保险公司净资产与EV仍然有明显底部支撑，负债迈入高质量中高速成长阶段；银行基本面稳中有升，息差有望企稳，预计营收利润会有小幅改善；券商业绩跟随市场上升，但主要是波动，没有成长，内卷没有停止，资金压制是对高估值券商的逻辑破坏，更看好低估值券商。","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1451966","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb0487610","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000005662,"sao":"三季度市场整体表现优异，上证指数上涨了12.7%，创业板上涨了50%。其中通信、电子和电气设备表现优异，三季度涨幅超过40%。而金融地产在这种结构性行情下表现较差，金融地产子板块中，银行表现最差，回调了10个点，保险回调1个点，券商和地产上涨了4%左右，各个行业表现均大幅落后于市场。　　本组合在行业选择上，三季度加大了对券商和保险的配置，但由于各个子行业表现一般，整体收益有所回调。","lastUpdated":"2026-03-09T13:19:30.227Z","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1382362","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb048760f","date":"2025-06-29T16:00:00.000Z","stockId":3000000005662,"sao":"2025年上半年市场风险偏好震荡上行，A股主要宽基指数温和上涨、港股及恒生科技指数整体涨幅较大，风格上以微盘股为代表的中小市值群体和以银行为代表的红利类群体相对跑赢。从节奏上看，一季度市场在DeepSeek国产人工智能大模型所引发的科技追赶及“东升西落”叙事中风险偏好出现较大程度上升，二季度市场则受到中美关税战反复扰动指数在出现大幅杀跌之后逐渐收复失地并在年中创出新高。金融地产内部来看，受益红利风格及绝对收益资金增配的银行板块相对绝对均居于前列，保险1季度基本面承压，2季度利空出尽后低位开始上涨，2季度在子板块中表现居前。券商上半年表现落后于指数，人民币期货相关主题表现优异。地产依然是底部徘徊，表现较差。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.224Z","mo":"展望25年下半年，银行预计基本面稳中略升，息差降幅收窄，营收稳定，资产质量相对平稳下，利润小幅抬升。保险的银保渠道依然强势，个险偏弱，长期结构有所优化，预定利率下行叠加长端利率并未创新低，预计能跟住市场。券商目前跟市场基本匹配，但需要防上行风险。地产总体还是偏负面，更多是交易性机会。","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1346698","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb048760e","date":"2025-03-30T16:00:00.000Z","stockId":3000000005662,"sao":"今年1季度整体金融地产指数略跑输市场，1季度下跌1.02%，其中非银和地产表现均较差，下跌了5-6%，保险略好于非银整体，下跌3%，子行业中银行表现最为优异，上涨了2%，节奏上主要是3月份表现较好。　　本组合基于对基本面和政策相对影响的判断，在行业选择上相比较上个季度，依然保持银行相对超配，同时基于对行业内个股的基本面研究，优选个股，实现了较好收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.222Z","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1278064","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb048760d","date":"2024-12-30T16:00:00.000Z","stockId":3000000005662,"sao":"2024年，市场呈现先抑后扬的走势，受到宏观经济政策和外部环境变化的影响。年初，市场在内外部多重压力下持续调整，A股整体估值水平降至历史低位。随后，随着国内政策的逐步加码，尤其是9月下旬央行、金融监管总局、证监会推出一系列政策“大礼包”，市场信心显著提振。全年来看，尽管经济增速有所放缓，但在政策支持下，A股市场整体表现较为稳定。其中银行、保险、券商和地产行业各有特点。银行板块居于前列，受益于存量市场防御逻辑及银行业绩稳定性，特别是国有大行和优质城商行，凭借稳定的股息和资产质量受到投资者青睐。保险行业因盈利超预期，政策推动走出独立行情。券商板块在市场情绪和政策预期驱动下股价有所表现。地产行业则面临经济复苏不及预期带来的风险，整体表现受到房地产市场存量债务和居民偿债行为的影响。总体来看，银行和保险板块在基本面和资金面双重作用下相对收益较高，而券商和地产行业的表现则更受市场情绪、政策环境及经济预期的综合影响。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.219Z","mo":"展望25年，在不降息的情况下，银行营收端有望上升，利润端依然维持稳定的业绩增速，平稳性较高，股息率也相对高位；保险业预计1季度利润压力还是较大，在目前低利率环境下，资产端压力还是大，负债端也需要像银行一样调降预定利率才能有效保持利润增速的相对稳定。券商受益于市场的好转，业绩有明显好转，但内部分化较大。地产行业基本面仍然承压。","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1250597","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb048760c","date":"2024-09-29T16:00:00.000Z","stockId":3000000005662,"sao":"今年3季度整体金融地产指数表现非常优异，上涨24.22%；跑赢中证800八个点。涨幅主要是在9月份实现的，9月下旬央行、证监会、金融监管总局为代表的金融部委召开新闻发布会，以及后续的政治局会议的召开， 开启了市场的大幅反弹。其中保险和多元金融大幅领涨，本季度实现了40%+的收益，地产上涨了20%+，银行上涨了10%+。　　本组合基于对基本面和政策相对影响的判断，在行业选择上相比较上个季度，重心从银行向非银有适度的转移，同时基于对行业内个股的基本面研究，优选个股，实现了较好收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.217Z","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1178655","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb048760b","date":"2024-06-29T16:00:00.000Z","stockId":3000000005662,"sao":"年初以来市场出现宽幅震荡，一月先是由于流动性危机大幅下跌，2月份出现超跌反弹。从风格上看大市值个股明显占优，中小市值尤其是过去一年跑赢市场的微盘股大幅下跌；从行业表现来看，市场维持了去年以来的哑铃型配置思路，低风险偏好的高股息高分红类资产和不依赖当期基本面的科技主题类行业表现较为突出。对应到金融地产子行业内部，银行由于具有高分红低估值的特征，盈利也相对稳定，表现明显领先于其他子行业。地产由于销售，房价等压力，风险频发，下跌幅度最大。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.214Z","mo":"展望下半年，预计中国经济整体呈现温和改善、上市公司盈利有望延续一季报的趋势，盈利增速有望小幅改善。但是宏观上企业盈利的修复动能和前景很难向上的弹性不大。银行由于盈利稳定性较强，依然是组合的基本盘。　　本组合基于对基本面的判断，在行业选择上优选了银行业，同时基于对行业内个股的基本面研究，优选个股，实现了较好收益。","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1150940","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb048760a","date":"2024-03-30T16:00:00.000Z","stockId":3000000005662,"sao":"今年1季度整体金融地产指数表现不错，上涨2.6%；跑赢中证800一个点。但内部分化非常明显。四个子行业中，银行大幅领涨，1季度上涨10.6%，同期保险上涨0.4%，券商下跌5个点，地产下跌10个点。银行受益于高股息低估值策略领跑市场，而保险和券商则受基本面影响表现相对较差，地产则负面舆论频发，行业风险还在暴露中，表现较差。　　本组合基于对基本面的判断，在行业选择上优选了银行业，同时基于对行业内个股的基本面研究，优选个股，实现了较好收益。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.211Z","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1065712","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb0487609","date":"2023-12-30T16:00:00.000Z","stockId":3000000005662,"sao":"2023年经济增速在低基数的基础上有所恢复、但房地产行业还是继续承压、对应到金融地产的子行业方面，地产表现最差，银行和非银表现明显优于地产。银行业内部高股息低估值，盈利稳定，中特估的大行表现相对好，非银内部有主题或业绩的表现相对活跃。本基金在后期对行业配置做了较大更大，降低行业偏离，更多的谋求个股选择的超额收益。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.209Z","mo":"展望未来，预计政策端还是会相对友好，同期美联储进入降息周期和广义财政赤字进一步的扩张，也为利率地进一步下行创造条件。市场结构上，低点起步，轻装上阵的股票市场在2024年预计会涌现出更为显著和稳定的结构性机会。在子行业的选择上，优选业绩相对平稳的银行业，预计今年板块内个股表现会更加均匀，小银行也进入低估值和高股息序列。非银行业目前整体估值也是处于历史低位，进行了适度配置；地产政策效果仍需要观望，配置相对较低。","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1049555","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb0487608","date":"2023-09-29T16:00:00.000Z","stockId":3000000005662,"sao":"国内基本面方面，8月以来经济企稳态势依然延续，有助于美强中弱交易逻辑的继续收敛。9月补库需求带动下9月制造业PMI超预期续升，服务业PMI延续扩张，建筑业PMI施工或加快，中秋国庆假期出行与消费虽仍弱但维持恢复。　　尽管国内基本面已出现企稳迹象，但九月以来A股市场仍维持低估值与低预期，成交较为低迷。股票市场的低迷表现与提前回升的商品期货和国债利率间出现了背离，我们认为这些都为A股节后创造了更容易对边际利好，而不是边际利空敏感的客观条件。　　三季度金融精选基本延续了上半年的投资策略：1）继续重点配置低估值、业绩稳健增长的商业地产板块，三季度商业地产无论从销售还是租管费收入来看都继续维持高速增长，但估值处于相对历史低位。2）在银行存款和理财产品收益率持续下滑的背景下，理财型保险年金的吸引力凸显，本基金继续维持对于保险板块的超配。3）三季度政治局会议提升了资本市场的重要性，本基金加大了券商版块的配置比例。4）银行板块配置略有下降，个股选择上依然是以业绩增速领先的银行为主。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.206Z","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=983031","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb0487607","date":"2023-06-29T16:00:00.000Z","stockId":3000000005662,"sao":"整体上看：2023年上半年各类宽基指数普遍正收益；风格上呈现小盘显著跑赢大盘、低估值跑赢高估值的特点。分行业看：TMT一枝独秀，通信、传媒、计算机涨幅超过30%；经济预期下修背景下消费、医药、周期全面回撤。　　风格上看：主题投资盛行，泛AI线索大获全胜，以国企改革（中特估）为代表的其他主题阶段性亦有不俗表现。开年以来公募基金再度跑输市场（偏股混-1.50% vs 中证800+0.02%）。自2021年年初茅指数开始调整以来，机构重仓相对全市场的超额收益即开始显著收窄，整个周期已经持续两年半。　　上半年嘉实金融精选的投资策略：1）继续重点配置低估值、业绩稳健增长的商业地产板块，二季度商业地产无论从销售还是租管费收入来看都继续维持高速增长，但估值处于相对历史低位。2）银行存款收益率下滑的背景下，理财型保险年金的吸引力凸显，二季度保费增速大幅提升，本基金二季度继续加大了保险板块的配置。3）银行板块配置变化不大，依然是以业绩增速领先的银行为主，略加大低估值、高股息的银行配置比例。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.203Z","mo":"近期最大的变化，来自于政治局会议7月24日，市场关注度较高的政治局会议顺利召开，总体而言会议内容务实积极，多方面表述综合来看好于投资者此前的极度悲观预期。与金融地产相关部分如下：1）在对于经济形势的总体判断上，本次政治局会正视了经济下行压力大的问题，突出强调面临新的困难挑战，相较4月份而言稳增长诉求有提升。2）本次会议在强调风险化解方面，聚焦于房地产和地方债务两大领域，切中市场关注焦点。对房地产的表述提出“适应我国房地产市场供求关系发生重大变化的新形势，适时调整优化房地产政策”，我们认为这可能是一次比较重要的框架性变化的表述，中周期视角下过去多年调控政策有可能逐步走向正常化（在房价不出现大幅上涨的前提下）。3）关于此前一度岌岌可危的地方债务风险，本次会议也特别指出“有效防范化解地方债务风险，制定实施一揽子化债方案”。4）本次会议专门提及资本市场，强调“活跃资本市场，提振投资者信心”，这在以往的政治局会议上鲜有看到，很大程度上表现出中央最高层对于资本市场的关注。　　此次会议对于顺周期的金融地产板块很关键：1）上半年地产板块表现在A股和港股中均排名在最后几位，核心是市场担忧房产销售不断下行，甚至可能会引起新增暴雷风险。此次会议的陈述表明政府已经认识到目前房地产基本面形势严峻，消除了市场对高层存在“信息茧房”的担忧，也为后续政策进一步放松铺垫了前提条件，非常有利于降低房地产市场螺旋式下滑的风险。2）上半年保费快速提升，但二季度资产端股债双杀导致市场担忧保险公司的利差损，此次会议带来或将带来经济增速预期回升，带动利率回升，而强调资本市场重要性相对利好股市，这些都利好保险公司的资产端。3）券商估值上半年也被压到了相对低位，此次对资本市场的表述对券商相对利好。4）银行估值上半年受城投债拖累较大，此次化债的提法也利好银行估值回升。","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=955350","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb0487606","date":"2023-03-30T16:00:00.000Z","stockId":3000000005662,"sao":"23年一季度，本基金继续延续22年的操作思路，重点配置商业地产、保险、财富管理、以及部分城农商行，具体逻辑如下：　　商业地产：根据草根调研的情况，疫情过后，必选消费恢复的势头很明显，地产公司中商业购物中心的销售和租金也出现了明显修复。此外，消费基础设施类reits或将出台，一方面地产公司中商业地产部分或将迎来价值重估；更重要的是打通了募投管退环节，未来将迎来新的发展阶段。　　保险：连续三年的疫情影响了保险产品的销售，上市寿险公司的销售团队和新单保费规模几乎都回到了6、7年前的水平，而保险股的估值也达到了最近十年较低的水平，23年一季度已经看到了保费触底反弹的转机。　　财富管理：22年股市低迷，这导致一级和二级市场基金的销售也同样受到了影响，随着股市逐步回暖，财富管理类企业的业绩也将恢复往日的增长。　　城农商行：今年一季度，银行板块整体或将面临业绩增速下滑的压力，但细分来看，去年以来监管持续支持小微业务，农商行相对来讲更为受益。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.200Z","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=881114","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb0487605","date":"2022-12-30T16:00:00.000Z","stockId":3000000005662,"sao":"2022年，是一个宏观风险频发的年份；国内外三大核心矛盾：1）内滞； 2）外胀； 3）中外货币政策背离； 这三大因素又因为俄乌战争、国内疫情、换届年的特殊性等因素而复杂化。　　　　2022年，本基金重点配置银行和地产板块，主要是优质区域的城商行、以及商业物业等永续经营业务为主的地产标的。去年下半年以来，一方面三季度断贷事件对市场信心影响较大，另一方面对地产补救政策出台时间比我们预期的要晚了几个月，导致下半年基金业绩表现受影响较大。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.197Z","mo":"本基金对于金融地产四个子行业2023年的展望具体如下：　　　　地产：地目前政策逻辑最顺的，去年10月的大会以后，地产政策发生了几乎是180度的大反转，11月供给侧“二支箭”和“三支箭”政策的出台，标志着政府从保项目到保主体的强力纠偏，未违约的优秀龙头民企未来违约的风险已经很小了，生死风险基本解除。但此后落实的政策其实不多，我们看到真正落实的只有几笔中票，发债的量还是不够，而定增则完全没有落实的。需求端我们也看到各地陆续在降低首付贷款利率，逐步从4.1%降到3.7~3.9%，但一方面放松的时间还不够，另一方面地方出政策对于购房者信心得提振也只是事倍功半的效果，这都导致地产销售仍然处在底部，1月同比继续下滑。往后看，我们预计：1）供给端政策需要进一步落地，需要看到更多中票发行、银行帮助房企做内保外贷、以及房企A股融资等逐步出台；2）后续需求端政策还要发力，比如二线城市甚至是一线城市的限购政策的放松。总之，在销售好转之前，有关地产的利好政策我们预计会持续出台。此外，目前地产板块估值仍然较低，因此在金融地产板块中依然把地产列为首选。板块中我们更看好商业购物中心等永续业务占比高的标的，从开年的数据上看，万达广场的人流量和销售额都已经有较为明显的触底回升　　　　保险：负债端看，保费从21年下半年开始，已经下跌了一年半，22年下滑幅度很大，目前新业务价值和代理人数量已经跌回到15年的水平。资产端看，22年的利率和股市对保险公司都不利，业绩砸个深坑。股价上看，21年5月开始，保险股股价大幅回调了1年半，最近3个月才有点触底反弹，但目前估值也依然在历史底部徘徊，基本面和股价在历史底部呆的时间也比较长。看23年，我们预计：1）从近期草根调研的情况看，保险公司代理人队伍中不能出单的菜鸟代理人已经大量脱退，目前一年以上的老代理人占比已经超过一半，代理人数量基本见底，可以说保费已开始有触底反弹的迹象，但考虑到保险尤其是保障类保险类似于轻奢消费品，目前疫情仍然影响销售场景和消费能力，反弹的幅度预计不会很大。2）利率和股市去年表现在历史上看属于很差的一年，利润的低基数效应比保费还要更明显。　　　　券商：与银行保险不同，券商并不太受益于地产的企稳回升，机会主要来自于：1）alpha看政策，等待全面注册制的具体实施，这个首先利好创投企业，本身创投企业就是看投资标的的胜率和赔率，注册制提升了胜率。此外还利好投行业务占比高的标的，但整体看投行业务对业绩提振幅度不大，且持续时间可能不长，这方面不如财富管理业务可持续；2）Beta就是大盘了，需要等待市场情绪提升。　　　　银行：估值上看，目前银行股的核心逻辑还是资产质量（估值绝大多数低于1倍PB），因此地产风险解除对银行估值回升是个较为明显的利好。业绩上看，我们预计23年优质区域的城农商行依然能保持较高的利润增长，但考虑到去年LPR利率不断下调、四季度以来债市走弱、以及各种让利都使得银行最近两个季度的业绩增速面临环比下滑压力，预计23年中报后业绩增速或将会逐步回升，因此今年上半年我们把银行列在保险券商之后，作为主要低配的板块。虽然我们对行业排序不高，但是比较看好部分优质区域城农商银行的表现。","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=863597","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb0487604","date":"2022-09-29T16:00:00.000Z","stockId":3000000005662,"sao":"三季度全市场回顾：在经历了二季度较为迅疾的反弹之后，三季度主要宽基指数进入震荡整理期。七月初爆发的地产断贷事件对顺周期价值板块形成较大冲击，上证50和沪深300迫近前低位置；而以风光储为代表的高景气小盘成长股在季度初期显著占优，中证1000大幅跑赢市场整体，但此后随着内外宏观格局再度转向负面、中美地缘冲突加剧，新能源板块和小盘成长股在季度末出现了比较快速的补跌。  三季度全行业回顾：三季度在全球能源危机影响下，煤炭、电力、石油石化、交运等能源类板块继续领跑全市场；同时在台海危机不断加深背景下，军工军工也取得了相对较好的超额收益。而建材、医药、美容护理、食品饮料等顺周期价值品种则跌幅居前，成长中的电动车板块大幅下杀估值。  我们坚定看好地产行业：年初至今地产板块表现一般，尤其是民企地产走势还要弱于行业整体，反映了1~7月中，大量地产公司暴雷下，市场对于民企地产的存活问题都出现了担忧。但地产作为国内经济的支柱行业，我们认为政府绝不会任其自由落地而出现金融危机。我们预计：1）中央政府级别的纾困基金会迅速帮助问题楼盘复工，提振居民信心；2）监管对于目前仍在正常经营的大型房企会坚决给予支持政策，确保现有优质房企不会再出现新的爆雷现象；3）因城施策的方针下，预计地方政府会支持居民的刚需或改善型住房需求，逐步放松限制政策，预计后续几个月新房销售数据会逐步改变上半年的颓势。目前地产行业的基本面和估值都处于底部，我们看到政策层面已经开始触底反弹，随着销售的逐步恢复，我们预计地产行业将迎来估值和基本面的双击。  金融子板块中，目前最看好优质区域的城农商行：上半年很多优质区域的城农商行都获得了20%甚至30%以上的业绩增长，同时资产质量依然优异，拨备覆盖率还在大幅提升，反映了在整体经济面临压力的情况下，优质区域的经济增长仍然较为强劲，我们预计下半年将继续保持这一趋势。此外，目前很多城农商行的股价都已经接近可转债强制转股的价位，预计这些银行下半年依然是既有能力又有动力持续放出大幅增长且显著领先同业的业绩。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.195Z","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=801332","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb0487603","date":"2022-06-29T16:00:00.000Z","stockId":3000000005662,"sao":"年初至今市场总体下跌，创业板与科创板下跌幅度居前，均超过20%；但二季度内，市场呈现强劲的V性反转走势，各大宽基指数普遍收回前期一半的跌幅，其中成长风格反弹力度较强。行业方面，煤炭成为年内唯一的正收益一级行业且超额收益遥遥领先，而过去2个月时间汽车、新能源车、智能驾驶、光伏、军工等前期超跌板块大幅反弹。  上半年嘉实金融精选核心配置三个子方向：优质区域城农商行、商业为主的地产永续业务、以及财富管理；与去年四季度相差不大，个股配置也基本上以这三个方向的龙头为主","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.192Z","mo":"下半年，在金融地产板块中，嘉实金融精选继续看好这三个子板块  上半年地产板块表现一般，尤其是民企地产走势还要弱于行业整体，反映了批量暴雷下市场对于民企地产的存活问题都出现了担忧，但地产作为国内经济的支柱行业，我们认为既不会出现大幅刺激，也不会任其自由落地而出现金融危机。因城施策的方针下，我们预计下半年地方政府仍然会支持居民的刚需或改善型住房需求，同时低基数下预计月度的新房销售数据也会改变上半年的颓势，同比环比很可能都会逐步提升。此外，尽管上半年疫情肆虐，我们看到房企已经公告的上半年租管费收入依然获得了较高增长。如果下半年新房销售和商管收入都出现好转，我们预计市场对于地产板块极低的预期有望得到修复。  从已经公布的业绩快报上看，优质区域城农商行上半年的收入和利润增速很多都获得了20%甚至30%以上的增长，业绩表现大幅领先行业，反映了优质区域经济增长仍然较为强劲。目前很多城农商行股价已经接近可转债强制转股的价位，预计这些银行下半年依然是既有能力又有动力持续放出领先同业的业绩  上半年股市总体下跌，导致财富管理子板块估值承压，但是我们看到在上半年券商行业整体业绩压力加大，已公告的几家券商业绩都出现了明显下滑的情况下，已经公告的财富管理的相关标的上半年业绩依然获得了两位数增长，韧性十足","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=778526","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb0487602","date":"2022-03-30T16:00:00.000Z","stockId":3000000005662,"sao":" 2022年开年以来，宏观背景异常复杂、四条宏观线索成为主导市场的核心变量：1）国内稳增长预期强化、2）美联储加速加息、3）俄乌战争、4）疫情进一步升级；从风格切换到泥沙俱下、以上四大主线交织、伴随中概股港股做空等次生风险、促成了市场深陷资金流出、风险偏好低迷的现象。结构上看，在以上四大因素影响下，2022年一季度市场结构特征和行业排序大部分取决于不同行业的业绩预期和估值弹性受宏观因素影响的方向和敏感性决定——受更多宏观因素负面压制影响、且估值弹性更大的行业表现更差、反之亦然。   金融精选本季度依然主要投资于优质地产、区域型银行和财富管理三个主题：  1. 优质地产的机会——开发业务迎来政策拐点，优质购物中心获得发展良机，物业公司持续高速增长：   稳增长背景下，地产政策迎来宽松拐点：疫情下地产销售的负增长对经济带来压力，如果销售不明显改善（如从-30%以上收窄到负个位数增长），预计政策将继续属于宽松周期，宽松周期会更长。   受益于中国城镇化进程，以及互联网电商渗透率逐渐放缓，叠加线下体验型消费增加，我国购物中心类仍有较大发展空间：根据第三方数据，2020年我国购物中心数量5300个，面积4.4亿平，预计到2025年将增长到8000个和6.6亿平，2030年有望增长到10000个和9.9亿平，增长空间仍然较大。尽管商业地产的逻辑在过去两年受到疫情巨大冲击，但从客流和需求来看，核心城市和地段的线下商业仍然保持强劲。一二线2021年第四季度北上广深及部分二线城市中大型购物中心的客流量恢复情况，可以看到客流量复苏率基本在80%以上，平均客流量复苏率达到95%，基本与前半年持平。疫情终将过去，商业仍处于底部。无论是消除还是共存，最终人类生活恢复正常，长周期看，商业地产可能处于历史基本面的底部，部分上市公司也在估值底部。中短期值得关注的是未来商业地产Reits是否能够放开。   物业龙头业绩持续高速增长：近几年来，龙头物业公司通过承接母公司项目、外拓第三方项目、及兼并收购等方式始终保持20~50%的高速增长，且大量物业公司给出了未来5年继续保持高增长的指引，赛道优势明显。除传统物业服务之外，家政/广告/房产销售/社区零售等增值服务未来有可能为物业行业带来新的增长点。  2. 区域型银行业绩突出，有望迎来估值业绩双升：宏观经济面临压力，但部分省份依然获得高速发展，一季度我们主要投资于这些省份的城农商行，大概率下可以获得显著高于行业平均的收入利润增速。  3. “存款搬家”背景下，财富管理空间较大：一方面，在规范现金管理类理财产品的要求下银行理财收益率预计还会下降；另一方面“房住不炒”的背景下房产投资以及与房地产高度相关的信托类产品收益率也在不断下滑，预计权益相关的产品将会获得资金的青睐，未来财富管理空间较大。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.189Z","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=721412","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb0487601","date":"2021-12-30T16:00:00.000Z","stockId":3000000005662,"sao":" 回顾2021年，A股市场整体宽幅震荡，结构分化，政策预期剧烈摆动导致季度间行业轮转频繁。年初市场交易经济复苏下信用收紧预期，核心资产泡沫演绎到极致后终于在春节后趋于瓦解。二季度以来地产、消费双双下行，市场交易衰退背景下的流动性宽松预期，随着全面降准落地、市场风格全面切换至成长股和中小市值风格，碳中和战略下，高端制造持续高景气，新能源主线贯穿全年。三季度以来运动式减碳带来大宗品价格上涨，市场开始交易滞涨预期，强周期品种一度大幅占优。年底政策开始出现纠偏，前期强势板块出现大幅度调整，前期表现较差的低估值品种有所表现。政策预期的摆动驱动市场风格的摆动，市场每个季度的占优主线都不尽相同。从重要指数维度看，2021年涨幅居前三位的指数分别为中证1000、中证500和创业板指，涨幅分别达到20.5%、15.6%和12.0%；跌幅居前三位的指数分别中证100、上证50和沪深300，跌幅分别达到-10.6%、-10.0%和-5.2%。   回顾2021年，本基金年初重仓业绩稳增长的银行、保险和商业地产板块，二季度开始逐步将保险仓位转向财富管理方向。本基金在2021年看好的方向整体来看变化不大，年初看好并重仓以下几个板块：1）疫情后资产质量夯实的龙头股份制银行和城商行；2）疫情后保费回升的寿险行业；3）受益于线下流量集中及内循环的商业地产板块。二季度以后，逐步发现疫情对于寿险行业的影响还未消除，且寿险行业遇到了过往的销售人员能力有些跟不上客户发展的难题，寿险销售面临压力，因此二季度开始大幅降低对于保险行业的配置，仓位都转向了受益于“存款搬家”和“非标转标”的财富管理板块，并一直重仓至年底。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.187Z","mo":" 展望2022年，本基金继续看好财富管理、优质银行和商业物业三个主题，逻辑如下：  1.  “存款搬家”和“非标转标”的背景下，财富管理行业未来发展空间较大：一方面，在规范现金管理类理财产品的要求下银行理财收益率预计明年还会下降；另一方面“房住不炒”的背景下房产投资以及与房地产高度相关的信托类产品收益率也在不断下滑，预计权益相关的标准化产品将会获得保险公司等机构资金的青睐，未来财富管理空间较大。对于国内市场，目前财富管理行业主要还是以基金管理行业为主。尽管二级公募基金目前尚未在A股主板上市，但依然可以投资于以下三个相关方向：1）龙头优势明显、发展空间大的私募股权基金行业；2）为公募基金做销售服务的第三方基金销售平台；3）资产管理利润贡献占比较高的证券公司。  2. 让利后资产质量夯实的优质银行既有能力又有动力放业绩：20年银行让利，夯实资产质量，同时低基数为此后的业绩提升做好铺垫。此外，为服务实体经济而持续保持高增长的贷款规模使得银行有补充资本的需求，由于大量银行估值都已跌破1倍PB，因此可转债成为了大量银行补充核心资本的主要手段。由于转债转股需要股价支持，因此银行在最近两年中既有能力又有动力释放业绩。  3. 龙头商业物业公司保持业绩高速增长：商业地产受益于线上流量红利放缓、线下零售渠道mall化渗透率提升，三四线城市消费升级以及内循环下消费的回流，是一个beta中期向上的过程。购物中心的消费属性+体验属性+社交属性等集多功能为一体的特点，使其线下实体商业最好的渠道和载体，是消费升级和渠道下沉最佳结合点，在其中能抢先布点、产品力优秀、管理优秀的公司会逐渐形成护城河。近几年来，龙头物业公司通过承接母公司项目、外拓第三方项目、及兼并收购等方式始终保持20~50%的高速增长，且大量物业公司给出了未来5年继续保持高增长的指引，赛道优势明显。除传统物业服务之外，家政/广告/房产销售/社区零售等增值服务未来有可能为物业行业带来新的增长点。   个股选择层面：继续重点配置财富管理、优质银行和商业物业三个主题下的龙头企业。","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=707971","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb0487600","date":"2021-09-29T16:00:00.000Z","stockId":3000000005662,"sao":" 今年前三季度，全球疫苗接种率持续提升，新冠疫情仍有一定反复，总体而言对经济的影响可控，但需要关注的是全球经济复苏已逐步迈入中后段，其中部分结构性矛盾凸显，如通胀压力的持续增加、海运的持续拥挤等、芯片持续紧缺等，上述结构性问题构成了市场交易的核心逻辑。国内方面，过去一个季度宏观经济出现明显下行，地产投资、消费等领域下滑幅度较大，制造业PMI正式跌破50；同时，煤炭短缺叠加能耗双控政策带来了一系列连锁反应，各地出现不同程度的电荒，大量工业企业被迫停产，随之带来的是大宗商品价格出现了一轮猛烈上涨。   政策面上，海外央行货币政策基调总体维持稳定，但美联储政策拐点将至，鲍威尔持续释放缩减购债规模预期。国内方面，流动性总体维持合理充裕，恒大事件的冲击对行业造成较为明显的冲击，相关主体债务风险凸显。从经济运行阶段来看，滞胀期权益市场面临一定程度波动加大风险，三季度以来市场分化显著加大，周期类板块超额收益显著，科技制造板块总体高位震荡，而消费类资产下跌较多。今年以来市场表现出跟过往有所不同的一些特征，市场在更加积极地沿着市值和赛道做一定程度的下沉去寻求新的超额收益来源。   金融精选本季度主要投资于优质银行、财富管理和商业地产三个主题：  1. 银行业绩突出，有望迎来估值业绩双升：估值上仍然支持赚ROE的钱，下行风险不大。行业基本面相对确定，银行今年有补充资本的需求，因此既有能力又有动力释放业绩；此外去年让利后银行资产质量没有问题，也不太会继续出现让利的问题，且当前利率易上难下，对息差改善有帮助。  2. “存款搬家”背景下，财富管理空间较大：一方面，在规范现金管理类理财产品的要求下银行理财收益率预计明年还会下降；另一方面“房住不炒”的背景下房产投资以及与房地产高度相关的信托类产品收益率也在不断下滑，预计权益相关的产品将会获得资金的青睐，未来财富管理空间较大。  3. 开发业务受政策影响，地产公司面临转型，优质购物中心迎来发展良机：随着政策不断收紧，住宅开发业务面临压力，提前完成资产负债表夯实的房企可以投入更多资源到永续性业务。商业地产受益于线上流量红利放缓、线下零售渠道mall化渗透率提升，三四线城市消费升级以及内循环下消费的回流，是一个beta中期向上的过程。购物中心的消费属性+体验属性+社交属性等集多功能为一体的特点，使其线下实体商业最好的渠道和载体，是消费升级和渠道下沉最佳结合点，在其中能抢先布点、产品力优秀、管理优秀的公司会逐渐形成护城河。   个股选择层面：继续重点配置优质银行、财富管理和商业地产三个主题下的龙头企业。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.184Z","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=651553","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb04875ff","date":"2021-06-29T16:00:00.000Z","stockId":3000000005662,"sao":"上半年A股整体震荡上行，创业板、科创板领跑，上证50表现欠佳。自年初“春季躁动” 后，A股市场从2月开始经历了一波“深V”走势。春节后因受到流动性因素的扰动，A股市场在核心资产的带动下出现了大幅下挫，3月中上旬开始海内外流动性宽松驱动下A股迎来企稳回升。   “核心资产牛”暂告一段落，大小盘分化收敛，春节后中小盘明显占优。年初至今，小盘股表现更优，大盘指数上升1.75%，而中盘指数/小盘指数分别上涨4.42%/5.66%。今年春节之前，A股延续之前的“核心资产牛”，结构上依然是以大市值股票领涨。然而，在国内外流动性收紧等因素的扰动下，春节后A股核心资产的估值承压，出现了大幅“杀估值”的下跌行情。春节后中小市值个股的调整幅度较小，从2月下旬开始整体显著跑赢大市值公司。  嘉实金融精选上半年主要投资于银行、保险、商业地产和财富管理等细分子板块的龙头，核心逻辑包括：1）看好疫情后企业盈利能力及贷款需求的好转；2）看好内循环下居民消费的修复；3）看好“房住不炒”背景下居民财富在权益市场中配置比例的逐步提升。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.182Z","mo":"金融精选下半年继续看好银行和商业地产板块：  1. 银行业绩突出，有望迎来估值业绩双升：估值本身仍然支持赚ROE的钱，下行风险不大。行业基本面相对确定，经济基本面强劲，资产质量没有问题，预计也不太会继续出现让利的问题。  2. 开发业务受政策影响，地产公司面临转型，优质购物中心迎来发展良机：随着政策不断收紧，住宅开发业务面临压力，提前完成资产负债表夯实的房企可以投入更多资源到永续性业务。商业地产受益于线上流量红利放缓、线下零售渠道mall化渗透率提升，三四线城市消费升级以及内循环下消费的回流，是一个beta中期向上的过程。购物中心的消费属性+体验属性+社交属性等集多功能为一体的特点，使其线下实体商业最好的渠道和载体，是消费升级和渠道下沉最佳结合点，在其中能抢先布点、产品力优秀、管理优秀的公司会逐渐形成护城河。  尽管部分标的在金融子板块中今年已有明显超额收益，但考虑到“房住不炒”背景下未来5~10年居民财富很可能会逐步向权益市场转移，因此继续看好财富管理板块的龙头。","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=629900","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb04875fe","stockId":3000000005662,"sao":"今年1季度，全球主要资产表现为教科书般的“再通胀”交易——商品》股票》债券。背景是疫苗接种顺利、财政刺激加速、疫情封锁接解除、经济活动恢复、需求回升+供应瓶颈——商品价格的回升和库存的回补。而A股各行业之间的表现也是泾渭分明，体现出典型的“再通胀”阶段特征：正收益的钢铁、银行、休闲服务、化工、公用事业、建筑装饰、有色金属、裁决、建材、轻工、房地产几乎全部是低估值、顺周期的代表。尤其是在春节前后，大小市值风格出现了完全逆转。  行业选择方面：本基金在今年一季度保持平稳运行，继续重仓稳增长、低估值的银行保险板块。  尽管经常有投资者认为银行太大，涨不动，但实际上银行指数在过去十年获得了接近10%的年化收益率，而这其中龙头银行过去十年的年化收益率更是接近20%，主要得益于业绩的持续高速增长以及极低的估值。看今年，疫情影响逐步减轻后经济不断修复的背景下，银行极为受益，预计今年的业绩相对去年会有明显好转，同时叠加极低估值，我们继续看好银行板块今年的表现。  保险指数过去十年的涨幅还要高于银行，主要因为保险板块内生增长更快，这是得益于保险板块还有渗透率不断提升的逻辑。我们认为养老和健康服务需求的提升将是推动保险未来增长的核心逻辑。  个股选择层面：本基金一季度继续重点配置银行、保险、券商、地产等细分子行业的龙头。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.179Z","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=570394","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb04875fd","stockId":3000000005662,"sao":"回顾2020年，流动性宽松的背景下，A股市场整体表现较好，但行业之间出现了明显的分化：1）上半年在疫情、宏观承压、中美冲突等诸多不确定性因素存在情况下，市场投资者普遍追求长期业绩持续性和短期景气确定性双优的品种，而顺周期蓝筹权重部门表现低迷。2）下半年风格切换，价值板块轮番上涨，而成长板块则开始出现了剧烈内部分化。相比较而言，顺周期的金融地产板块在疫情的影响下，业绩和估值都受到影响，全年没什么明显的机会，整体涨幅很低，与创业板形成了鲜明的对比。  本基金成立的初衷，是希望长期投资于低估值、业绩稳增长的保险和银行板块，以期获得稳定的业绩回报。但在2020年，由于这两个板块在上半年业绩受疫情和让利的双重影响，不得不将部分仓位换到与资本市场相关度较高的券商板块，直到三季报看到银行板块业绩从中报的低谷中有所反弹才切换回原来的风格。个股选择方面到没什么变化，始终以各个子行业的龙头为主。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.177Z","mo":"展望2021年，首先我们看到A股市场已经经历了两年的牛市，连续三年全面牛市在A股历史上极为少见，因此对于市场整体的预期恐怕难以放的很高。但疫情影响逐步消退后，经济逐步探底回升，顺周期板块今年有望迎来机会。  对于金融地产板块，我们看好保险及银行两个板块，一方面是因为疫情影响消退后的业绩有望触底反弹，另一方面是低估值下，业绩转好时估值也有望回升。个股配置上依然以行业龙头为主，同时会关注业绩增长较为亮眼的二线标的。","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=555269","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb04875fc","stockId":3000000005662,"sao":"三季度初在券商板块的带动下，市场上涨斜率陡然提升，成交量与换手率迅速放大，随后指数进入维持两个月的整体震荡调整期。其中，上证50涨幅14%，首度超越上半年表现最为抢眼的创业板，顺周期板块补涨启动，市场风格开始切换。  行业层面：三季度领涨的行业主要包括有强政策/主题催化并配合景气度提升的免税、军工，围绕经济复苏线索展开的汽车、新能源、建材、化工等顺周期行业。而另一面，除了食品饮料和建材以外，上半年领涨的TMT和医药则在季度中后段出现明显回调。  本基金三季度保持平稳运行，考虑到三季度券商板块上涨幅度较大后保险和银行估值优势更大，看好估值极低且业绩持续稳健增长的保险和银行板块。标的中继续重点配置几个细分子行业的龙头，以争取获得持续的超额收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.174Z","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=487229","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8e27fea5b3eb04875fb","stockId":3000000005662,"sao":"上半年整体市场呈现出极强的“二元分化”结构性行情，截止6月30日，创业板指涨幅领先上证50接近40%，中证800涨幅不到4%。行业层面，上半年医药、科技与消费领涨，金融地产与大周期板块则录得负收益。  在疫情冲击和经济下滑的背景下，上半年市场慷慨地给予了业绩确定增长+长期成长空间板块更高的估值溢价，典型代表为医药、食品饮料、电子和计算机这类新经济当中的核心赛道。可选消费+传统强周期板块除少部分子行业因政策或主题炒作上涨较多，受疫情冲击业绩大幅下滑使得股价表现十分低迷。银行地产在业绩增长稳健的背景下，市场出于对经济前景的悲观预期，使得板块估值再原本已经很低的位置遭受进一步压缩。  本基金基本保持平稳运行，重点配置银行、保险、券商、地产等细分子行业的龙头，行业中长期看好低估值、业绩高增长的保险行业，短期看好受益于资本市场扩容和政策支持的券商行业。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:30.171Z","mo":"展望下半年，我们认为下半年整体投资思路将有所变化，随着风险偏好的提升市场将从前期更多追求确定性的思路谋求转变以寻找更多可能带来收益弹性的方向，市场将沿着低估值修复、强政策主题、景气边际变化和重大产业趋势等主题来寻找更多投资机会。  更为复杂的市场环境下，我们将继续在金融行业中坚持自下而上精选个股的投资策略，更精细和严格控制风险，以降低最大回撤和净值波动幅度，力争为持有人创造更多的超额收益。","fund":{"_id":3000000005662,"stockCode":"005662","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-02-25T16:00:00.000Z","setUpScale":1104690000,"market":"a","tickerId":5662,"custody":"中国银行股份有限公司","name":"嘉实金融精选股票型发起式证券投资基金","shortName":"嘉实金融精选股票(005662)","fundSecondLevel":"company","__csrcFundId":5164,"fundStatus":"normal","lastUpdated":"2026-04-30T19:45:21.390Z","masterFundFlag":1,"inceptionDate":"2018-03-13T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实金融精选股票","pinyin":"jsjrjxgpxfqszqtzjj","managers":[{"stockCode":"8801472277","stockType":"fund_manager","exchange":"fm","tickerId":2612170820,"name":"张露"}]},"announcement":{"linkText":"嘉实金融精选股票型发起式证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=464361","linkType":"PDF","source":"csrc_pdf"}}]}