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中长期角度，我们认为中国制造业转型升级的方向不变，政策层面和人才红利有望带来较为明确的产业升级，对内需消费、产业发展和资本市场是积极推动。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:29.463Z","mo":"2023年上半年的宏观经济整体呈现恢复的态势，主要受益疫情管控的放开，但市场预期出现一定波折，主要围绕地产下行加大、地缘冲突加剧、外需不足，体现在产业信心不足、消费信心保守。针对这一情况，近期的政治局会议在政策层面及时做出方向性指导，对稳定房地产预期、恢复产业和消费者信心、地方债务化解等关键要点上进行调控，强调“扩大国内需求，发挥消费拉动经济增长的基础性作用”，优化民营经济发展环境，抓住高质量开放，适时调整优化房地产政策”，强调“加大保障性住房建设和供给”防风险与提振信心并举，活跃资本市场。我们认为下半年经济预计保持平稳增长，在国内经济补库存、海外利率见顶、地产政策托底的预期下，市场预计会有积极的表现。长期角度，高质量发展会是坚持的主要方向，对于过去以投资和加杠杆拉动的经济增长方式预计可能会有所改变，我国的制造业成本和人才优势有望带动内需、产业和资本市场保持健康发展。","fund":{"_id":3000000005851,"stockCode":"005851","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-05-20T16:00:00.000Z","setUpScale":1230370000,"market":"a","tickerId":5851,"custody":"中国工商银行股份有限公司","name":"财通新视野灵活配置混合型证券投资基金","shortName":"财通新视野混合(005851)","fundSecondLevel":"hybrid","__csrcFundId":5426,"fundStatus":"normal","lastUpdated":"2026-04-30T19:52:29.673Z","masterFundFlag":1,"inceptionDate":"2018-06-24T16:00:00.000Z","fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通新视野混合","pinyin":"ctxsylhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通新视野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=960160","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec91d7fea5b3eb048b80c","date":"2023-03-30T16:00:00.000Z","stockId":3000000005851,"sao":"一季度受益于国内防疫政策调整，宏观经济处于底部回升的态势中，权益资产表现较好，和经济增长相关性高的消费板块也迎来底部反转的机会。我们对今年的宏观环境和消费市场持积极态度，虽然市场对消费复苏的节奏有分歧，部分观点认为政策不会有强力支持，但我们认为行业整体向上的方向较为明确。同时，政策端在积极引导民营经济投资和信心恢复，平台经济、地产政策都相对友好，我们对产业链上优质个股的业绩表现持积极态度。扰动可能来自于海外，高通胀和高利率环境确实对进口造成一定损害影响，但也要看到全球需求不振对大宗成本端的压制，会实质性降低成本，对部分公司的成本构成利好。中长期角度，中国制造业转型升级的方向不变，政策层面和人才红利会带来较为明确的产业升级，对内需消费、产业发展和资本市场是积极推动。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:29.460Z","fund":{"_id":3000000005851,"stockCode":"005851","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-05-20T16:00:00.000Z","setUpScale":1230370000,"market":"a","tickerId":5851,"custody":"中国工商银行股份有限公司","name":"财通新视野灵活配置混合型证券投资基金","shortName":"财通新视野混合(005851)","fundSecondLevel":"hybrid","__csrcFundId":5426,"fundStatus":"normal","lastUpdated":"2026-04-30T19:52:29.673Z","masterFundFlag":1,"inceptionDate":"2018-06-24T16:00:00.000Z","fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通新视野混合","pinyin":"ctxsylhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通新视野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=889279","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec91d7fea5b3eb048b80b","date":"2022-12-30T16:00:00.000Z","stockId":3000000005851,"sao":"本基金继续坚持消费为主的投资方向，2022年因为经济趋势下行和海外需求转弱，导致国内消费环境趋弱，对市场整体和消费板块均造成压力。我们在消费板块中聚焦了部分景气较好的方向进行集中配置，在复杂多变的市场中保持了净值的相对稳定。我们在2022年上半年延续了2021年末的持仓调整方向，因为我们观察到2022年上半年猪价持续维持低位，产业信心不足，产能去化加大，这些对后续猪价回升都是有利的支持信号，促使我们加大了农业板块的持仓，同时也增加了养殖上游动保环节的持仓。2022年中我们看到地产政策的拖底态度明确，尤其在保交楼事件、和二手房销量企稳之后，我们加大了优质地产上下游环节个股的持仓。2022年年末在疫情防控出现重大调整之后，我们逐步增加了高端消费优质个股的持仓，我们判断在后疫情时代高端消费恢复的确定性较高。","declarationDate":"2023-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:29.456Z","mo":"相比于2022年错综复杂的宏观环境，2023年经济走势面临的不确定因素或会减少。2022年四季度国内经济环境和防疫防控政策迎来调整，如果叠加后续稳经济和对增长更积极的政策预期，地产政策、平台经济的扶持更加积极，权益市场或迎来政策底。与此同时，海外市场尤其美国加息预期减弱，对海外资金重新流入国内也创造了有利环境。我们对未来一段时间的经济环境和消费环境持积极态度，出行类消费和服务型消费有望迎来复苏，高端消费可能会率先恢复，地产托底政策相对较为明确，产业链上的优质个股或将有积极的业绩表现。中长期角度，中国制造业的成本优势在经历全球疫情和地缘冲突后，有望变得相对更强，我们认为，在积攒动能之后，未来发展趋势和空间仍然向好，对内需消费、产业发展和资本市场是积极推动。","fund":{"_id":3000000005851,"stockCode":"005851","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-05-20T16:00:00.000Z","setUpScale":1230370000,"market":"a","tickerId":5851,"custody":"中国工商银行股份有限公司","name":"财通新视野灵活配置混合型证券投资基金","shortName":"财通新视野混合(005851)","fundSecondLevel":"hybrid","__csrcFundId":5426,"fundStatus":"normal","lastUpdated":"2026-04-30T19:52:29.673Z","masterFundFlag":1,"inceptionDate":"2018-06-24T16:00:00.000Z","fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通新视野混合","pinyin":"ctxsylhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通新视野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=868496","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec91d7fea5b3eb048b80a","date":"2022-09-29T16:00:00.000Z","stockId":3000000005851,"sao":"本基金将继续坚持消费为主的投资方向。今年经济环境经历一定程度的波动，叠加疫情影响，导致消费环境承受压力，但政策层面已经有积极动作，我们对未来的宏观环境企稳和消费环境改善继续保持乐观态度。我们自去年末开始重点布局生猪养殖板块，目前延续该板块的投资。猪周期经历2021年的大幅下跌，产能去化已较为充分，我们认为7月以来猪价的大幅上涨是新一轮猪周期的开始，同时在近几年行业规模化和集中度提升的趋势下，未来会有较多扩产积极的成长性公司出现，具备较好的投资价值。我们认为，市场目前未对猪价周期上行和相关公司增长给与充分预期。同时，我们在生猪养殖上游的动保领域也进行了一定投资，主要是考虑到养殖盈利的改善和部分公司的积极扩产。此外，我们保持了对部分地产链的投资，地产行业得到政策托底的明确支持，地产上下游的部分细分行业具备集中度低、差异化和规模优势的特征，优秀公司具备整合行业和盈利提升的空间，在地产不景气的低估值压制下应该给予较多关注。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:29.453Z","fund":{"_id":3000000005851,"stockCode":"005851","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-05-20T16:00:00.000Z","setUpScale":1230370000,"market":"a","tickerId":5851,"custody":"中国工商银行股份有限公司","name":"财通新视野灵活配置混合型证券投资基金","shortName":"财通新视野混合(005851)","fundSecondLevel":"hybrid","__csrcFundId":5426,"fundStatus":"normal","lastUpdated":"2026-04-30T19:52:29.673Z","masterFundFlag":1,"inceptionDate":"2018-06-24T16:00:00.000Z","fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通新视野混合","pinyin":"ctxsylhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通新视野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=804379","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec91d7fea5b3eb048b809","date":"2022-06-29T16:00:00.000Z","stockId":3000000005851,"sao":"本基金将继续坚持消费为主的投资方向。上半年经济环境经历一定程度的波动，导致消费环境承受压力，但政策层面已经有积极动作，我们对下半年宏观环境企稳和消费环境改善持乐观态度。我们在上半年重点布局生猪养殖板块、地产产业链相关的板块。猪周期经历2021年的大幅下跌，产能去化已经较为充分，我们预计未来周期趋势向上，在近几年行业规模化和集中度提升的趋势下，未来会有较多扩产积极的成长性公司出现，具备较好的投资价值。地产行业经历了大幅调整之后，得到政策托底支持，地产上下游的部分环节具备集中度低、规模优势和差异化明显的特征，优秀公司具备整合行业和盈利提升的空间，在地产不景气的压力下估值被压制，可以保持关注。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:29.449Z","mo":"随着上半年疫情对经济活动影响逐渐退潮，稳增长政策开始逐步落地，稳增长的政策窗口期会继续延续，内需贡献有望在2022下半年回升，预计投资先行，带动消费回暖，出口量的贡献可能逐季下降。但鉴于地产仍会受到长周期去杠杆的拖累，投资增长回升的力度可能不及2020年首轮疫情后的上行期，同时地产周期和疫情防控也会拖累消费的回复力度。下半年在食品价格通胀推动下，CPI可能会走高，而PPI在高基数下有望下行，对消费板块整体是有利的。货币政策层面，社融回升最快的阶段可能会在2022年2季度，下半年通胀上行和海外加速紧缩对国内货币宽松的制约会限制继续宽松的空间。整体看，下半年的宏观环境比上半年要更有利，对证券市场是偏向积极的影响。中长期角度，中国制造业的成本优势在经历全球疫情和地缘冲突后，会变得相对更强，在经历下行期积攒动能之后，未来发展趋势和空间仍然向好，对内需消费、产业发展和证券市场是积极推动。","fund":{"_id":3000000005851,"stockCode":"005851","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-05-20T16:00:00.000Z","setUpScale":1230370000,"market":"a","tickerId":5851,"custody":"中国工商银行股份有限公司","name":"财通新视野灵活配置混合型证券投资基金","shortName":"财通新视野混合(005851)","fundSecondLevel":"hybrid","__csrcFundId":5426,"fundStatus":"normal","lastUpdated":"2026-04-30T19:52:29.673Z","masterFundFlag":1,"inceptionDate":"2018-06-24T16:00:00.000Z","fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通新视野混合","pinyin":"ctxsylhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通新视野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=778943","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec91d7fea5b3eb048b808","date":"2022-03-30T16:00:00.000Z","stockId":3000000005851,"sao":"本基金继续坚持消费为主的投资方向。今年一季度市场整体走势不佳，消费板块也没有突出表现，主要原因是疫情反复，影响上半年消费板块的业绩预期，另外海外市场加息导致资金持续流出。疫情影响、业绩预期不佳、以及经济是否企稳等重要因素的影响预计在未来几个季度会更加明确，而当前股价经过前期调整，估值已经具备很好的吸引力。我们在一季度加大了猪周期相关股票的持仓。猪周期触底明确，春节后猪价超预期的低迷，以及饲料成本大幅上涨，预计将加快产能去化。随着全行业亏损时间推进，我们对下半年猪价上涨的预期在上升。另外，近期疫情加重对需求端打击较大，如果下半年消费环境趋稳，需求回升也可能是猪周期超预期的因素之一。上市公司在资金实力和生产能力上明显领先同行，未来发展空间和增速都较快，竞争力在本轮周期中加强，具备快速增长和景气度提升的双重条件。此外，我们也维持了地产上下游产业链的持仓。地产产业链因为宏观调控出现明显下行，我们认为政策对地产态度是谨慎托底，这会延缓基本面的修复时间，今年上半年地产链业绩表现估计会有些疲弱。但政策层面已经开始重视地产业出现的负反馈下滑风险。如果排除疫情影响和高基数影响，我们认为地产基本面在政策托底之下有望在未来几个季度有所修复。我们认为，地产链上下游的消费公司中长期空间较大，目前估值偏低已经反应目前产业链的低迷。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:29.445Z","fund":{"_id":3000000005851,"stockCode":"005851","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-05-20T16:00:00.000Z","setUpScale":1230370000,"market":"a","tickerId":5851,"custody":"中国工商银行股份有限公司","name":"财通新视野灵活配置混合型证券投资基金","shortName":"财通新视野混合(005851)","fundSecondLevel":"hybrid","__csrcFundId":5426,"fundStatus":"normal","lastUpdated":"2026-04-30T19:52:29.673Z","masterFundFlag":1,"inceptionDate":"2018-06-24T16:00:00.000Z","fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通新视野混合","pinyin":"ctxsylhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通新视野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=723763","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec91d7fea5b3eb048b807","date":"2021-12-30T16:00:00.000Z","stockId":3000000005851,"sao":"本基金继续坚持消费为主的投资方向，2021年下半年因为疫情和经济放缓导致消费不振，但这不是长期趋势，且股价经过前期调整，当前估值已经具备很好的吸引力。我们在上半年保持了品牌为驱动的消费龙头配置，但在下半年受到宏观环境影响，基本面出现趋弱的迹象，故对持仓结构进行了调整，在下半年加大了猪周期相关股票的持仓。猪周期已经明确触底，虽然后续价格上涨的空间存在分歧，但部分优质公司在资金实力和生产能力上明显领先同行、未来发展空间和增速都较快，股价却因为猪价低迷而明显低估。此外，我们还认为，今年猪价低迷的一个重要原因不是供给过剩，而是需求不足，明年如果消费环境趋稳，需求回升可能会是猪周期超预期的因素之一。此外，地产产业链因为宏观调控出现明显下行，但政策面已经出现明确的托底信号，且近期部分优势区域已经出现回暖的情况，我们维持对地产链上下游的优质个股持仓比例。","declarationDate":"2022-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:29.440Z","mo":"相比于2021年的复杂的宏观环境，2022年经济走势面临更多的不确定性，在衰退预期和政策稳增长托底中摇摆，还要面对海外政治冲突和发达国家货币政策变动的影响。国内面临的不确定因素包括，2021年上半年GDP同比增速是高位，对2022年上半年增长构成表观的不利影响；另外，虽然2021年12月中央经济工作会议确立稳增长政策主线，地产融资松绑也是从 11月开始显现，但远水解不了近渴，经济底和基本面底要滞后于政策底。目前看地产投资是近忧，外需出口是远虑。国内经济也有积极的一面，如果从GDP的两年复合增速来观察，2021年四季度相比于三季度，已经出现了企稳迹象，而稳增长措施是之后才出现，2021年下半年的意外影响，南京疫情、北方水灾、限电限产在四季度基本消除，形成了需求回补。由于复杂的经济环境，我们在坚持自下而上选股的同时，也会兼顾宏观环境不利的影响，经济影响大、海外冲击较大的板块，投资会变得更加谨慎。","fund":{"_id":3000000005851,"stockCode":"005851","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-05-20T16:00:00.000Z","setUpScale":1230370000,"market":"a","tickerId":5851,"custody":"中国工商银行股份有限公司","name":"财通新视野灵活配置混合型证券投资基金","shortName":"财通新视野混合(005851)","fundSecondLevel":"hybrid","__csrcFundId":5426,"fundStatus":"normal","lastUpdated":"2026-04-30T19:52:29.673Z","masterFundFlag":1,"inceptionDate":"2018-06-24T16:00:00.000Z","fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通新视野混合","pinyin":"ctxsylhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通新视野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=708151","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec91d7fea5b3eb048b806","date":"2021-09-29T16:00:00.000Z","stockId":3000000005851,"sao":"投资策略上，本基金坚持采取自下而上、精选个股的投资方式，重点在消费领域进行投资。选股标准是消费行业一流赛道中的优质公司，并规避未来景气度趋势下行和热门高估的方向。我们最看好的消费品商业模式是基于品牌溢价的模式，其次看好在渠道建设、成本控制、组织管理上具有优势的公司。三季度消费板块大幅走弱，有一系列因素共同导致。首先是政府在7月开始陆续出台相关政策打压教育，政策思路开始从效率往公平转向，而高端消费可能因政策而受影响。此外7月下旬全国疫情复发，部分地区重启封城措施。另一方面，8月开始经济预期转为悲观，对消费信心产生影响。情绪和基本面的双重打压导致市场恐慌、资金大幅流出消费板块。在大幅波动的市场环境下，我们减持了部分基本面可能趋弱的个股，同时也逐步买入基本面保持强劲、受政策影响小的优质个股。对于政策层面的影响，我们认为政府是对国家发展大计的综合考量，不会改变基本的消费需求，不会改变商业逻辑的本质，目前明确会进行调控的主要是教育、互联网、数据安全和房地产，对不相干的消费领域进行有形干预的可能性较低。对于基本面，疫情影响更多是短期因素，而经济降速之后，政府大概率会有相应政策托底。虽然未来一段时间经济趋势大概率延续较弱走势，但长期看消费仍然会保持韧性和增长。我们对因为消费需求走弱和经济放缓拖累而大幅下跌的板块保持积极的态度，关注优质的公司可能出现好的长期买点，在高端消费、地产消费链、养殖领域因为大幅下跌而出现的个股布局机会保持积极关注。中长期而言，我们对消费升级和生活水平提升有信心，对消费需求持续增长也有足够信心。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:29.437Z","fund":{"_id":3000000005851,"stockCode":"005851","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-05-20T16:00:00.000Z","setUpScale":1230370000,"market":"a","tickerId":5851,"custody":"中国工商银行股份有限公司","name":"财通新视野灵活配置混合型证券投资基金","shortName":"财通新视野混合(005851)","fundSecondLevel":"hybrid","__csrcFundId":5426,"fundStatus":"normal","lastUpdated":"2026-04-30T19:52:29.673Z","masterFundFlag":1,"inceptionDate":"2018-06-24T16:00:00.000Z","fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通新视野混合","pinyin":"ctxsylhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通新视野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=650730","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec91d7fea5b3eb048b805","date":"2021-06-29T16:00:00.000Z","stockId":3000000005851,"sao":"本基金坚持采取自下而上、精选个股的投资方式，重点在消费领域进行投资。选股标准是消费行业一流赛道中的优质公司，并规避未来景气度趋势下行和热门高估的方向。我们最看好的消费品商业模式是基于品牌溢价的模式，其次看好在渠道建设、成本控制、组织管理上具有优势的公司。我们在2021年上半年延续了去年末的重点布局方向，持仓主要分布在高端白酒、品牌家居、家电龙头、品牌媒体等方向。2021年消费环境发生了一定程度的变化，呈现高开低走的趋势，一季度在疫情基本消除和消费信心的恢复下，消费需求得到明显释放，但二季度出现明显回落，我们认为消费低迷是阶段性的，从长期趋势看，消费板块仍然是充分投资机会的领域。持仓策略上，我们仍然注重基本面和估值的匹配，但本年度也增加了成长性消费股的权重，这些股票短期表观估值较高，但未来增长潜力会远高于当前市值。这部分股票短期会增加波动性，但最终对业绩是有利的作用。成长股中，上半年我们重点对化妆品、医美、新兴消费加大了研究，相信未来这部分研究成果换转化为投资收益。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:29.433Z","mo":"上半年市场预期宏观经济走强，货币政策宽松，但最终实际走向和预期有所偏差，我们看到经济在二季度进入回落趋势，而货币政策保持放松，甚至在7月初意外降准。站在目前时点，我们认为下半年财政和货币政策都会保持积极，对冲回落的外需，同时政策层面在加强跨周期调节，应对未来海外货币政策的收紧。我们认为下半年宏观层面没有明显的风险点，投资方向回继续保持消费板块的配置。","fund":{"_id":3000000005851,"stockCode":"005851","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-05-20T16:00:00.000Z","setUpScale":1230370000,"market":"a","tickerId":5851,"custody":"中国工商银行股份有限公司","name":"财通新视野灵活配置混合型证券投资基金","shortName":"财通新视野混合(005851)","fundSecondLevel":"hybrid","__csrcFundId":5426,"fundStatus":"normal","lastUpdated":"2026-04-30T19:52:29.673Z","masterFundFlag":1,"inceptionDate":"2018-06-24T16:00:00.000Z","fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通新视野混合","pinyin":"ctxsylhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通新视野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=630204","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec91d7fea5b3eb048b804","stockId":3000000005851,"sao":"本基金采取自下而上、精选个股的投资方式，重点在消费领域进行投资。我们选取消费行业一流赛道中的优质公司，并规避未来景气度趋势下行和热门高估的方向。我们最看好的消费品商业模式是基于品牌溢价的模式，其次看好在渠道建设、成本控制、组织管理上具有优势的公司。我们在2021年一季度延续了2020年的重点布局方向，持仓主要分布在高端白酒、家电龙头、必需消费品、品牌家居、品牌媒体等方向。虽然2021年一季度市场出现一定程度的波动，但我们的选股策略有较为不错的盈利贡献。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:29.430Z","fund":{"_id":3000000005851,"stockCode":"005851","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-05-20T16:00:00.000Z","setUpScale":1230370000,"market":"a","tickerId":5851,"custody":"中国工商银行股份有限公司","name":"财通新视野灵活配置混合型证券投资基金","shortName":"财通新视野混合(005851)","fundSecondLevel":"hybrid","__csrcFundId":5426,"fundStatus":"normal","lastUpdated":"2026-04-30T19:52:29.673Z","masterFundFlag":1,"inceptionDate":"2018-06-24T16:00:00.000Z","fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通新视野混合","pinyin":"ctxsylhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通新视野灵活配置混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=568911","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec91d7fea5b3eb048b803","stockId":3000000005851,"sao":"2020年本基金采取自下而上、精选个股的投资方式，重点在消费领域进行了投入。我们力争选取消费行业最一流赛道中的优质公司，并规避未来景气度趋势下行和热门高估的方向。消费行业有不同的商业模式，我们最看好的商业模式是品牌，这个是消费领域最一流的模式，其次看好在渠道建设、成本规模优势、组织管理上具有优势的公司。我们在2020年重点布局了高端酒类、家电龙头、必需消费品、品牌家居、广告媒体等主要方向，虽然2020年疫情导致消费需求阶段性受到压制，但头部企业仍然可以很快恢复增长，并且利用危机巩固自身竞争优势。我们在消费方向的选股整体上有较为不错的贡献。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:29.427Z","mo":"2021年的证券市场会比2019年和2020年更加复杂，因为影响市场的因素开始出现分化，股价驱动因素主要是由基本面和资金面两方面。基本面上，2020年因为疫情导致的经济影响在2021年大概率会逐步恢复，经济重新进入上行通道，不仅仅是国内欣欣向荣，也伴随海外市场的同步恢复，我们认为宏观经济和上市公司整体盈利会有较好的表现。但另一方面，之前各国央行应对疫情而超发的货币，在经济回升的过程中面临收回的动作，流动性全年可能呈现前高后低的状态，对市场产生一定的压制。综合而言，市场表现会比前两年更加复杂。我们的投资策略是自下而上精选个股，虽然2021年的市场面临一定不确定性，我们仍然相信，具备竞争优势以及较大市场前景的公司，盈利情况表现会非常强劲，在应对流动性降低的压制中，这些公司的表现相对全市场而言也会更加稳定，我们对高端消费、品牌消费品中的龙头企业保持乐观的信心。2021年基本面向好、叠加流动性逐步回归至正常水平，虽然预期收益率不能由过去两年的高回报进行线性外推，但这部分资产仍然可以获得合理的回报。","fund":{"_id":3000000005851,"stockCode":"005851","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-05-20T16:00:00.000Z","setUpScale":1230370000,"market":"a","tickerId":5851,"custody":"中国工商银行股份有限公司","name":"财通新视野灵活配置混合型证券投资基金","shortName":"财通新视野混合(005851)","fundSecondLevel":"hybrid","__csrcFundId":5426,"fundStatus":"normal","lastUpdated":"2026-04-30T19:52:29.673Z","masterFundFlag":1,"inceptionDate":"2018-06-24T16:00:00.000Z","fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通新视野混合","pinyin":"ctxsylhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通新视野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=551041","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec91d7fea5b3eb048b802","stockId":3000000005851,"sao":"回顾2020年第三季度，全球流动性宽松的背景下海内外资本市场进入反弹阶段，原先对海外疫情的利空的担忧逐步转变为疫情后重建复苏的预期。上证指数在金融股引领下站上3000点，市场在突破后再度进入震荡阶段。报告期内，我们通过对行业及公司基本面的深入分析和合理的价值评估，依据行业景气度重点配置了计算机以及电子行业的龙头公司。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:29.423Z","fund":{"_id":3000000005851,"stockCode":"005851","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-05-20T16:00:00.000Z","setUpScale":1230370000,"market":"a","tickerId":5851,"custody":"中国工商银行股份有限公司","name":"财通新视野灵活配置混合型证券投资基金","shortName":"财通新视野混合(005851)","fundSecondLevel":"hybrid","__csrcFundId":5426,"fundStatus":"normal","lastUpdated":"2026-04-30T19:52:29.673Z","masterFundFlag":1,"inceptionDate":"2018-06-24T16:00:00.000Z","fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通新视野混合","pinyin":"ctxsylhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通新视野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=488340","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec91d7fea5b3eb048b801","stockId":3000000005851,"sao":"回顾2020年第一季度，一月份市场延续去年下半年成长股的超额收益行情，二月份国内新冠疫情爆发随即在一系列紧急应对措施下又快速得以控制，疫情事件仅对市场构成短期冲击，成长股的行情仍然得以延续。三月份海外疫情的发酵导致全球股票市场的大调整，国内市场也受到了一定影响出现了一波回调，成长股板块跌幅居前。2020年第二季度，全球流动性宽松的背景下海内外资本市场都在三月份的调整后进入了强势反弹阶段，海外疫情的利空对市场的冲击逐渐减弱，医药板块受益于疫情超额收益最为显著，以电子和电力设备新能源为代表的成长股板块受益于流动性利好以及行业本身的韧性取得了较好的超额收益。报告期内，我们通过对行业及公司基本面的深入分析和合理的价值评估，依据行业景气度重点配置了计算机以及医药行业的龙头公司。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:29.420Z","mo":"展望下半年，国内宏观经济有望迎来阶段性复苏，海外疫情虽有所反复，经济活动的重启也在边际上提振外需，宏观环境整体偏向利好。货币政策方面虽然边际上可能有所收紧，但信用环境依然宽松，有利于资本市场的表现。市场的赚钱效应有利于新基金发行，我们认为下半年市场依然存在结构性的机会，处于景气周期且具备核心竞争力的龙头公司仍然会有较好的表现。我们继续重点配置计算机和医药行业的细分龙头公司。","fund":{"_id":3000000005851,"stockCode":"005851","sto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