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仍有阶段性冲高，加剧企业盈利担忧。一季度国内利率先探底再回升，债券市场整体小幅下行，权益市场整体下行，结构上，煤炭、地产、银行、建筑装饰等与稳增长、受益于商品价格上涨的行业获得相对收益，电子、军工、电力设备等成长板块以及家电、食品饮料等消费板块均较为弱势。一季度组合主要操作，增配煤炭、化工、快递等板块，减配电子、通信、优化新能源等持仓，组合结构上仍以成长方向为主。随着市场调整，一季度组合净值有所下跌，整体仓位略有下降。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.282Z","fund":{"_id":3000000006158,"stockCode":"006158","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-07-22T16:00:00.000Z","setUpScale":236226000,"market":"a","tickerId":6158,"custody":"中国工商银行股份有限公司","name":"博时荣享回报灵活配置定期开放混合型证券投资基金","shortName":"博时荣享回报混合A","fundSecondLevel":"hybrid","__csrcFundId":5518,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.357Z","masterFundFlag":1,"inceptionDate":"2018-08-22T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时荣享回报混合","pinyin":"bsrxhblhpzdqkfhhxzqtzjj","managers":[{"stockCode":"8801391180","stockType":"fund_manager","exchange":"fm","tickerId":302145050,"name":"蔡滨"}]},"announcement":{"linkText":"博时荣享回报灵活配置定期开放混合型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=725383","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9697fea5b3eb0491363","date":"2021-12-30T16:00:00.000Z","stockId":3000000006158,"sao":"2021年的A股投资是极具挑战的一年，自春节后的基金重仓白马股回撤开始，市场风格出现了很大的转变，全年代表小市值公司的国证2000指数上涨29.19%、表现占优，而沪深300指数下跌5.20%。代表传统优质龙头组合的“茅指数”下跌4.44%，代表新兴产业组合“宁组合”上涨40.95%。相比较过往几年，2021年市场的风格切换、行业轮动以及波动加大的环境，对组合管理带来更大的挑战。2021年公募基金全年收益率分化较大，但收益率中位数和平均收益率较2019年和2020年有大幅收窄。 我所管理的新老组合，在2021年的业绩不太理想，未能实现自己制定的目标。对于2021年组合运作情况，有不少值得反思和改进的地方：1.需要加强对个股和组合风险收益评估体系的坚守。春节前持仓股票持续上涨，当时已认识到这些股票的预期收益空间快速下降，但或基于长期价值评估的认知、或基于人性的贪婪，未能及时减持“变贵了”的股票，导致春节后组合回撤幅度较大。2.组合管理上需要预判为辅与应对为主，保持开放心态，积极应对变化，尤其是与预期不一样的变化。21年年初，我们预判疫情修复、经济复苏，流动性边际趋紧、铜等商品供给释放，周期板块股价将承压；这些预判出现了较大的偏差，虽然后续认知到了偏差，但应对不足，尤其错过了国内因双碳政策下，持续景气度提升的煤炭、钢铁、化工新材料等上游板块的投资机会。3.在个股选择和交易评估上，需要注重长期和中期景气相结合。对组合里工程机械龙头股的持仓，因过于注重公司长期竞争力和空间，淡化了中短期的景气度下行，在市值大幅上涨、性价比已不高的情况下，股价在景气度趋弱的情况下，出现较大回撤。2021年在计算机行业的投资也出现类似的问题，基于自主可控和长期成长空间买入的公司，因短期仍处于投入期，出现业绩及经营不达预期，且估值不够便宜，而导致投资效果不佳。4.组合管理中需提升对产业政策带来的负面影响及不确定性的评估和应对能力。因对政策负面影响和风险的评估及应对不足，在可投港股通的组合中的互联网龙头持仓的投资效果不佳。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.280Z","mo":"2022年A股面临的宏观环境比较一般，货币流动性外紧内松。国内经济政策以稳增长为主，双碳政策纠偏，上市公司盈利增速有望前低后高。市场整体估值处于中位水平，但行业间估值分化及行业内部估值分化维持高位。预计市场仍以结构性机会为主，存在高估值板块回撤风险。 我们将坚持基于深度基本面研究，以企业价值评估为依据的价值投资理念和框架；保持行业均衡、成长为主的组合策略，在基于企业长期价值评估体系下，个股操作层面也要更注重中短期基本面的变化和跟踪。结合2021年稳增长主线，构建跨周期+逆周期的组合，力争实现组合业绩的长期稳健增长，不负持有人所托。","fund":{"_id":3000000006158,"stockCode":"006158","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-07-22T16:00:00.000Z","setUpScale":236226000,"market":"a","tickerId":6158,"custody":"中国工商银行股份有限公司","name":"博时荣享回报灵活配置定期开放混合型证券投资基金","shortName":"博时荣享回报混合A","fundSecondLevel":"hybrid","__csrcFundId":5518,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.357Z","masterFundFlag":1,"inceptionDate":"2018-08-22T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时荣享回报混合","pinyin":"bsrxhblhpzdqkfhhxzqtzjj","managers":[{"stockCode":"8801391180","stockType":"fund_manager","exchange":"fm","tickerId":302145050,"name":"蔡滨"}]},"announcement":{"linkText":"博时荣享回报灵活配置定期开放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=709611","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9697fea5b3eb0491362","date":"2021-09-29T16:00:00.000Z","stockId":3000000006158,"sao":"三季度股指震荡，多数指数下跌，沪深300、创业板指、科创50分布下跌6.85%，6.69%和13.82%，恒生科技指数更是下跌超25%。中证500、中证1000上涨。行业指数表现分化明显：中信一级行业煤炭、有色、电力、钢铁等行业指数涨幅超20%，其中煤炭上涨超40%；而消费服务、医药、食品饮料、家电等消费相关行业均出现明显下跌。行业指数的季度表现差异，主要受到行业短期基本面强弱、估值水平高低、市场情绪等因素影响。行业层面，整体表现为上游资源供给受限、价格上涨，中游制造业成本承压，受疫情反复等影响，下游消费增长趋缓。 三季度市场表现基本符合我们在二季度季报中“A 股总体呈现局部性、结构性机会为主的市场特征”的预判。三季度组合结构变化不大，组合上游周期持仓较少，而受消费、科技、医药等持仓下跌影响，组合净值亦出现较明显回调。 短期权益市场仍面临挑战：国内经济增速放缓以及宏观流动性整体充裕但存在边际收敛的可能。预计市场仍表现为区间震荡、结构性机会为主的特征。但随着科技、消费、新能源产业链等优质企业股价回调带来其估值吸引力的提升，对中长期的权益市场投资机会我们将更乐观。我们继续看好产业升级和消费升级方向的优质龙头企业的投资机会。将继续秉承价值投资、长期投资的理念，组合采取行业均衡、精选个股、成长为主的策略，与优秀上市公司为伴，与时间为伴，通过专业勤勉的工作，不负持有人所托，力争实现组合业绩的长期稳健增长。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.277Z","fund":{"_id":3000000006158,"stockCode":"006158","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-07-22T16:00:00.000Z","setUpScale":236226000,"market":"a","tickerId":6158,"custody":"中国工商银行股份有限公司","name":"博时荣享回报灵活配置定期开放混合型证券投资基金","shortName":"博时荣享回报混合A","fundSecondLevel":"hybrid","__csrcFundId":5518,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.357Z","masterFundFlag":1,"inceptionDate":"2018-08-22T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时荣享回报混合","pinyin":"bsrxhblhpzdqkfhhxzqtzjj","managers":[{"stockCode":"8801391180","stockType":"fund_manager","exchange":"fm","tickerId":302145050,"name":"蔡滨"}]},"announcement":{"linkText":"博时荣享回报灵活配置定期开放混合型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=654352","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9697fea5b3eb0491361","date":"2021-06-29T16:00:00.000Z","stockId":3000000006158,"sao":"回顾上半年的权益市场表现，除了春节前后的大幅波动之外，整体上看，权益市场仍然提供了很好的投资机会。无论是受益于经济需求复苏、供给受限的上游资源板块，还是景气度持仓高位的半导体和新能源车产业链都实现很明显的上涨。下跌或涨幅居后的板块主要是基本面较弱的保险、地产、消费等板块。市场整体流动性维持宽松，年初我们对于流动性边际收紧带来的估值压力并未发生。风格上，以创业板和科创板为代表的成长风格表现优于沪深300。上半年香港市场整体表现不佳。受反垄断等政策影响，科技龙头上半年跌幅明显。回顾上半年的基金运作，我们对组合业绩并不满意，在市场应对、配置思路以及行业个股的深度研究上，均有很大提升空间。基金组合在1季度经历了一个过山车行情。春节前的上涨以及春节后的快速大幅回撤，均超出基金经理的预期。因基金组合持仓更多基于股票长期投资价值构建，基金经理对市场快速大幅波动带来的交易机会缺乏把握能力，这是我们需要反思和进一步提升的地方。上半年，我们在消费、快递、港股互联网等龙头个股的持仓给组合带来负贡献，反思这些持仓操作，除了部分源于组合均衡策略而配置的因素之外，对于这些行业及个股的深度研究、价值认知和风险收益比的评估及坚持，我们仍有较大的提升空间。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.275Z","mo":"预计A股上市公司中报和三季报继续保持较高增长, 但市场反弹后，整体估值偏高，个股机会相对减少。国内外宏观流动性整体仍充裕，市场将保持区间震荡。A 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