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月来，经济数据已显示部分领域的政策效果。我们预计25年经济基本面还相对偏淡，出口面临的挑战有所提升，经济“供强于需”的格局将延续。政策端，国内有超常规逆周期调节，财政货币双宽松，以扩大内需对冲潜在外需减少，产业政策上重视科技创新。盈利端，企业盈利有望向上，但显著大幅提升概率不大。外部端，美国政策、经济、美股存在不确定性。当前估值已经快速修复到长期平稳中枢以上，市场已经反映了对政策转向的定价。综上，我们认为25年权益市场的下行空间有限，上行空间取决于基本面修复情况，更容易出现结构性行情。具体到行业：智能化时代正在到来，2025年DeepSeek等大模型正在急剧加速提升AI的渗透率，国产算力投资加速，端侧不断创新，“智驾平权”带动智驾大拐点来临，都将支撑中国科技资产重估与向上。另外，2025年军工需求反转也有望带来行业基本面的上行。本基金将在量化的基础上，加之深入的基本面研究，以科技、先进制造为主要投资方向，并将持续关注投资组合的抗风险能力，力争减少净值波动，争取为基金持有人创造长期可持续的较高投资收益。","fund":{"_id":3000000006401,"stockCode":"006401","stockType":"fund","areaCode":"cn","followedNum":25,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-21T16:00:00.000Z","setUpScale":202511000,"market":"a","tickerId":6401,"custody":"中国农业银行股份有限公司","name":"先锋量化优选灵活配置混合型证券投资基金","shortName":"先锋量化优选(006401)","fundSecondLevel":"hybrid","__csrcFundId":6199,"fundStatus":"normal","lastUpdated":"2026-04-30T20:09:24.560Z","masterFundFlag":1,"inceptionDate":"2019-05-14T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋量化优选","pinyin":"xflhyxlhpzhhxzqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"}]},"announcement":{"linkText":"先锋量化优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=1254395","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9a87fea5b3eb04959fd","date":"2024-09-29T16:00:00.000Z","stockId":3000000006401,"sao":"三季度经济数据尚未显著改善，前大三个月，市场连续下跌，市场风格快速轮动。9月24日政策开始转向，市场情绪持续火热，量能创新高。本季度本基金仍主要配置于TMT领域，净值也在本轮资金推动的估值修复中得到回升。本轮政策底明确，短期上涨过快，叠加季报季及美国大选等因素，预计接下来面临高波动行情，我们倾向于灵活操作。结合自身研究领域优势，我们主要在TMT领域着重配置。把握产业趋势和产业周期，是我们做成长投资的主要思路。此外，我们会持续关注投资组合的抗风险能力，力争减少净值波动，争取为基金持有人创造长期可持续的较高投资收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:48.080Z","fund":{"_id":3000000006401,"stockCode":"006401","stockType":"fund","areaCode":"cn","followedNum":25,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-21T16:00:00.000Z","setUpScale":202511000,"market":"a","tickerId":6401,"custody":"中国农业银行股份有限公司","name":"先锋量化优选灵活配置混合型证券投资基金","shortName":"先锋量化优选(006401)","fundSecondLevel":"hybrid","__csrcFundId":6199,"fundStatus":"normal","lastUpdated":"2026-04-30T20:09:24.560Z","masterFundFlag":1,"inceptionDate":"2019-05-14T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋量化优选","pinyin":"xflhyxlhpzhhxzqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"}]},"announcement":{"linkText":"先锋量化优选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=1174961","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9a87fea5b3eb04959fc","date":"2024-06-29T16:00:00.000Z","stockId":3000000006401,"sao":"上半年权益市场V型反转后震荡，市场有结构性表现，高股息领涨，大盘跑赢小票，银行、煤炭、家电占优；大消费、TMT疲软。一季度，本基金增加半导体设计和封测公司的持仓。二季度，本基金增加了军工、国产算力的持仓。复盘本报告期，本基金在节点和风格上的把握上，还有继续提升的空间，将争取可以做的更好。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:48.078Z","mo":"经济周期处于底部，稳增长和经济转型同步进行，量价、内外需分化，延续“量强价弱\"，消费走弱，生产强。私营部门“资产负债表”疲弱，从政策预期看，货币进一步宽松，财政也盼进一步发力。我们认为哑铃策略今年依旧有效，杠铃两头中的成长一头在缩圈，必须有业绩为支撑。下半年，本基金将重点聚焦AI产业趋势，把握产业周期，并持续关注投资组合的抗风险能力，力争减少净值波动，争取为基金持有人创造长期可持续的较高投资收益。","fund":{"_id":3000000006401,"stockCode":"006401","stockType":"fund","areaCode":"cn","followedNum":25,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-21T16:00:00.000Z","setUpScale":202511000,"market":"a","tickerId":6401,"custody":"中国农业银行股份有限公司","name":"先锋量化优选灵活配置混合型证券投资基金","shortName":"先锋量化优选(006401)","fundSecondLevel":"hybrid","__csrcFundId":6199,"fundStatus":"normal","lastUpdated":"2026-04-30T20:09:24.560Z","masterFundFlag":1,"inceptionDate":"2019-05-14T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋量化优选","pinyin":"xflhyxlhpzhhxzqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"}]},"announcement":{"linkText":"先锋量化优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=1148139","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9a87fea5b3eb04959fb","date":"2024-03-30T16:00:00.000Z","stockId":3000000006401,"sao":"一季度A股市场波动较大，明显分化。指数上，大盘指数显著跑赢中小盘指数。行业上，低估值价值类板块显著跑赢成长。我们的净值在一季度也出现了较大回撤。市场流动性保持宽松，但节后超强反弹后，时间逐渐进入业绩披露期，前期涨幅较大的高位板块和业绩不佳板块或都逐渐面临较大调整压力。我们判断今年哑铃策略可能依旧有效，且更倾向于结合自身研究领域优势，在TMT领域着重配置。把握产业趋势和产业周期，是我们做成长投资的主要思路。此外，我们会持续关注投资组合的抗风险能力，力争减少净值波动，争取为基金持有人创造长期可持续的较高投资收益。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:48.075Z","fund":{"_id":3000000006401,"stockCode":"006401","stockType":"fund","areaCode":"cn","followedNum":25,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-21T16:00:00.000Z","setUpScale":202511000,"market":"a","tickerId":6401,"custody":"中国农业银行股份有限公司","name":"先锋量化优选灵活配置混合型证券投资基金","shor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股表现较弱，行业上券商、地产、石化、建材等与保增长和活跃资本市场政策相关的周期性行业领涨，但TMT、电新、医药等成长性行业领跌。三季度的特点是政策的拐点，7月24日政治局会议中提出“要活跃资本市场，提振投资者信心”，8月15日央行意外降息，市场形成了政策底。基于当前市场估值整体处于较低历史分位值，8月部分经济数据转好，库存周期反转在即，中报盈利可能是年内低点，我们认为四季度大概率见到底部。四季度处于辞旧迎新的分界点，四季度的投资要综合长短结合的眼光去考虑。“周期搭台、成长唱戏”是我们认为概率较高的可能。同时，我们会持续关注投资组合的抗风险能力，力争减少净值波动，争取为基金持有人创造长期可持续的较高投资收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:48.069Z","fund":{"_id":3000000006401,"stockCode":"006401","stockType":"fund","areaCode":"cn","followedNum":25,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-21T16:00:00.000Z","setUpScale":202511000,"market":"a","tickerId":6401,"custody":"中国农业银行股份有限公司","name":"先锋量化优选灵活配置混合型证券投资基金","shortName":"先锋量化优选(006401)","fundSecondLevel":"hybrid","__csrcFundId":6199,"fundStatus":"normal","lastUpdated":"2026-04-30T20:09:24.560Z","masterFundFlag":1,"inceptionDate":"2019-05-14T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋量化优选","pinyin":"xflhyxlhpzhhxzqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"}]},"announcement":{"linkText":"先锋量化优选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=989113","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9a87fea5b3eb04959f8","date":"2023-06-29T16:00:00.000Z","stockId":3000000006401,"sao":"上半年经济复苏数据弱，市场从强预期下向现实回摆，AI与中特估独领市场。我们在一季度大幅降低了新能源板块的配置比例，增加了TMT、经济复苏板块的配置比例。二季度调入了较多TMT标的。复盘本报告期，本基金在风格和节奏的把握上，还有继续提升的空间，将争取可以做的更好。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:48.067Z","mo":"7月，国内复苏较弱已定价充分，从风险溢价来看，权益市场已处于一个性价比较高的位置，虽然当时市场表现不佳，风格轮动极快，交易量逐渐下降，但我们并不太过担忧，认为是市场的磨底。7月末政治局会议以来，围绕着房地产、发展资本市场、民营经济、居民消费的一系列政策吹风落地，利好信号密集释放。政策加码提振市场信心，达成了政策底。市场近期的风格以顺周期风格为主，权重股带动指数强势反弹。在中央定调的基础上，后续的执行政策预计将陆续落地，在这样的预期下，预计顺周期将还将维持表现。但房地产大金融等蓝筹的快速上涨，导致其估值已经到了前期高点，或将进入分歧加大的阶段。后期，成长可能将逐渐接棒蓝筹。接下来，我们将重点把握板块的轮动节奏，进行标的的配置比例，并持续关注投资组合的抗风险能力，力争减少净值波动，争取为基金持有人创造长期可持续的较高投资收益。","fund":{"_id":3000000006401,"stockCode":"006401","stockType":"fund","areaCode":"cn","followedNum":25,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-21T16:00:00.000Z","setUpScale":202511000,"market":"a","tickerId":6401,"custody":"中国农业银行股份有限公司","name":"先锋量化优选灵活配置混合型证券投资基金","shortName":"先锋量化优选(006401)","fundSecondLevel":"hybrid","__csrcFundId":6199,"fundStatus":"normal","lastUpdated":"2026-04-30T20:09:24.560Z","masterFundFlag":1,"inceptionDate":"2019-05-14T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋量化优选","pinyin":"xflhyxlhpzhhxzqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"}]},"announcement":{"linkText":"先锋量化优选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=965015","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9a87fea5b3eb04959f7","date":"2023-03-30T16:00:00.000Z","stockId":3000000006401,"sao":"2023年经济复苏的方向是明确的，年初我们看好A股市场表现，关注复苏产业链和景气度回升情况。由于新能源景气度边际向下，整体交易拥挤度较高，板块估值处于高位水平，我们本季度大幅降低了新能源板块的配置比例，增加了TMT、经济复苏板块的配置比例。接下来，我们将重点关注：1）在复苏主线下，盈利出现明显改善、景气度逐步回升的细分板块；2）在周期框架下，寻找国家意志叠加产业趋势的机会，如半导体和高端制造，抓住估值及盈利的双重改善弹性。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:48.064Z","fund":{"_id":3000000006401,"stockCode":"006401","stockType":"fund","areaCode":"cn","followedNum":25,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-21T16:00:00.000Z","setUpScale":202511000,"market":"a","tickerId":6401,"custody":"中国农业银行股份有限公司","name":"先锋量化优选灵活配置混合型证券投资基金","shortName":"先锋量化优选(006401)","fundSecondLevel":"hybrid","__csrcFundId":6199,"fundStatus":"normal","lastUpdated":"2026-04-30T20:09:24.560Z","masterFundFlag":1,"inceptionDate":"2019-05-14T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋量化优选","pinyin":"xflhyxlhpzhhxzqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"}]},"announcement":{"linkText":"先锋量化优选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=883841","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9a87fea5b3eb04959f6","date":"2022-12-30T16:00:00.000Z","stockId":3000000006401,"sao":"2022年报告期内，本基金对于景气度向上的行业进行了重点配置，以成长股为主，聚焦于高成长的行业和优秀公司，如新能源、TMT、军工、业绩优秀的医药股等，在运作过程中保持风格稳定。疫情冲击、美国加息、俄乌战争等多方面的冲击，导致多数企业盈利水平是比预期要差的，2022年股市整体表现不好，市场全年波动较大。一季度，需求收缩、供给冲击、预期转弱三重压力，A股指数出现较大幅度调整，本基金的净值也受到影响。二季度，政策驱动、预期改善，市场信心快速修复，有利于成长股表现，本基金净值回升。三季度，复苏动能不足，市场对未来经济状况发生担忧，A股风险偏好降低，本基金净值出现一定回撤。四季度，防疫政策动态优化，地产出台相关政策，但放开后出现大范围感染，A股出现先扬后抑的行情，本基金净值也发生一定波动。复盘本报告期，本基金在节点和风格上的把握上，还有继续提升的空间，将争取可以做的更好。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:48.062Z","mo":"随着2023年诸多冲击的边际减弱，市场对经济复苏有着较强期待，虽可能分歧在复苏力度的强弱，但整体盈利增长是比较确定的。2023年，本基金将重点关注：1）在复苏主线下，盈利出现明显改善、景气度逐步回升的细分板块；2）在周期框架下，寻找国家意志叠加产业趋势的机会，如半导体和高端制造，抓住估值及盈利的双重改善弹性。面对热门的AI新技术是否会带来新一轮产业革命，我们是比较持积极态度的，并在积极关注和配置相关机会。同时，本基金将持续关注投资组合的抗风险能力，力争减少净值波动，争取为基金持有人创造长期可持续的较高投资收益。","fund":{"_id":3000000006401,"stockCode":"006401","stockType":"fund","areaCode":"cn","followedNum":25,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-21T16:00:00.000Z","setUpScale":202511000,"market":"a","tickerId":6401,"custody":"中国农业银行股份有限公司","name":"先锋量化优选灵活配置混合型证券投资基金","shortName":"先锋量化优选(006401)","fundSecondLevel":"hybrid","__csrcFundId":6199,"fundStatus":"normal","lastUpdated":"2026-04-30T20:09:24.560Z","masterFundFlag":1,"inceptionDate":"2019-05-14T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋量化优选","pinyin":"xflhyxlhpzhhxzqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"}]},"announcement":{"linkText":"先锋量化优选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=873002","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9a87fea5b3eb04959f5","date":"2022-09-29T16:00:00.000Z","stockId":3000000006401,"sao":"三季度，疫情反复下生产端的工业在保产业链供应链等政策支撑下表现尚可。需求端没有合力，出口在外需支撑下仍保持较高增速。稳增长一揽子政策逐步落地，基建和制造业投资体现出韧性。而房地产行业景气度仍较弱，尤其三线城市更甚，保交楼压力增加下房地产企业新增投资增速加快回落。居民消费总体疲软。工业品价格涨幅持续回落，消费者物价水平呈上行趋势，央行对通胀的关注度也有提升，但当前通胀水平仍温和可控，处于年度目标之内，短期仍未对宏观决策带来制约，央行核心目标仍是稳增长。金融数据在市场主体信心不强的拖累下，长期和短期贷款、企业和居民贷款表现分化。展望四季度，中国经济总体复苏的态势不变，复苏过程可能较为温和。报告期内，本基金维持了较为均衡的投资策略，对于景气度向上的行业和具备稳健投资价值的行业进行了配置，以取得性价比较高的收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:48.059Z","fund":{"_id":3000000006401,"stockCode":"006401","stockType":"fund","areaCode":"cn","followedNum":25,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-21T16:00:00.000Z","setUpScale":202511000,"market":"a","tickerId":6401,"custody":"中国农业银行股份有限公司","name":"先锋量化优选灵活配置混合型证券投资基金","shortName":"先锋量化优选(006401)","fundSecondLevel":"hybrid","__csrcFundId":6199,"fundStatus":"normal","lastUpdated":"2026-04-30T20:09:24.560Z","masterFundFlag":1,"inceptionDate":"2019-05-14T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋量化优选","pinyin":"xflhyxlhpzhhxzqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"}]},"announcement":{"linkText":"先锋量化优选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=808214","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9a87fea5b3eb04959f4","date":"2022-06-29T16:00:00.000Z","stockId":3000000006401,"sao":"上半年，全球经济增速预期下修，各国经济周期分化、普遍面临滞胀甚至衰退的风险挑战。外部环境叠加3月以来我国部分重点城市疫情规模性反弹的不利情况，中国经济表现出了较大压力，导致上半年经济增速与年初既定的目标差距显著。但是，中国经济也显示出越是困难越向前的坚韧，政府出台了一揽子稳住经济大盘的政策措施，我们认为，这些政策措施针对性强、力度大、持续性好，政策效果已初步显现。报告期内，本基金维持了较为稳健的投资策略，对于景气度向上的行业进行了重点配置，以取得性价比较高的收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:48.057Z","mo":"下半年，随着各项政策逐步落实，常态化核酸检测的铺开，疫情防控与经济增长之间的统筹将会做得更好，一揽子稳增长政策将充分释放出效果。随着积极有利因素逐渐增多，中国经济下半年将会急起直追，努力把上半年的经济损失尽可能地补回来，我们预计，二季度是年内经济低点，下半年经济将拾级而上，三、四季度单季经济增速水平将重回强势，全年仍有望实现一个在全球范围看相对合理较高的增速水平。从中长期视角来看，证券市场目前估值处于合适区间，对未来保持积极乐观。继续关注景气度向上的科技类、高端制造等行业，同时也关注受益于经济复苏的大消费行业。","fund":{"_id":3000000006401,"stockCode":"006401","stockType":"fund","areaCode":"cn","followedNum":25,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-21T16:00:00.000Z","setUpScale":202511000,"market":"a","tickerId":6401,"custody":"中国农业银行股份有限公司","name":"先锋量化优选灵活配置混合型证券投资基金","shortName":"先锋量化优选(006401)","fundSecondLevel":"hybrid","__csrcFundId":6199,"fundStatus":"normal","lastUpdated":"2026-04-30T20:09:24.560Z","masterFundFlag":1,"inceptionDate":"2019-05-14T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋量化优选","pinyin":"xflhyxlhpzhhxzqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"}]},"announcement":{"linkText":"先锋量化优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=784048","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9a87fea5b3eb04959f3","date":"2022-03-30T16:00:00.000Z","stockId":3000000006401,"sao":"一季度，受海外地缘局势动荡、中概股调整和外资大幅流出、国内区域疫情扩散等内外部综合因素影响，市场情绪较弱。当前引发调整的部分因素已迎来政策层面的积极应对，包括房地产领域相关的支持政策更加积极，金融委会议和国常会均表明避免收缩性政策或者不利于市场预期的政策出台。“稳增长”政策更有针对性地发力可能也将逐渐带来基本面预期的改善。初步预计经济上半年慢慢寻底，下半年有望触底复苏。国内的通胀压力相对可控，“稳增长”政策空间相对充足，结合当下估值水平处于底部区间，对未来可以保持积极的态度。报告期内，本基金继续维持了较为稳健的投资策略，对于景气度向上的行业和防御性低估值行业，进行了均衡配置，以取得稳健的收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:48.054Z","fund":{"_id":3000000006401,"stockCode":"006401","stockType":"fund","areaCode":"cn","followedNum":25,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-21T16:00:00.000Z","setUpScale":202511000,"market":"a","tickerId":6401,"custody":"中国农业银行股份有限公司","name":"先锋量化优选灵活配置混合型证券投资基金","shortName":"先锋量化优选(006401)","fundSecondLevel":"hybrid","__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之间的\"剪刀差\"仍将较为明显。报告期内，本基金全年维持了较为稳健的投资策略，对于景气度向上的行业进行了集中配置，以取得性价比较高的超额收益。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:48.049Z","fund":{"_id":3000000006401,"stockCode":"006401","stockType":"fund","areaCode":"cn","followedNum":25,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-21T16:00:00.000Z","setUpScale":202511000,"market":"a","tickerId":6401,"custody":"中国农业银行股份有限公司","name":"先锋量化优选灵活配置混合型证券投资基金","shortName":"先锋量化优选(006401)","fundSecondLevel":"hybrid","__csrcFundId":6199,"fundStatus":"normal","lastUpdated":"2026-04-30T20:09:24.560Z","masterFundFlag":1,"inceptionDate":"2019-05-14T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋量化优选","pinyin":"xflhyxlhpzhhxzqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"}]},"announcement":{"linkText":"先锋量化优选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=657385","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9a87fea5b3eb04959f0","date":"2021-06-29T16:00:00.000Z","stockId":3000000006401,"sao":"上半年经济修复动力较强，在财政收入大增的同时，支出增速明显偏低，而 1-7 月新增地方政府专项债发行进度仅为 36.1%，明显慢于之前两年。我们判断，接下来预算内投资和新增地方政府专项债发行进度会明显加快，推动今年底明年初基建投资形成实物工作量。这意味着下半年基建投资有可能小幅提速，年末两年平均增速有可能升至疫情前 2019 年 3.8%的增长水平（上半年该指标为 2.4%）。结合下半年国际油价及国内煤、钢等工业品价格走势来看，年底前 PPI 同比仍将保持在 6.0%左右的高位，而 CPI 同比则将控制在2.5%左右。这样来看，未来一段时间 PPI 和 CPI 之间的\"剪刀差\"仍将较为明显。为缓解下游小微企业面临的成本压力。报告期内，本基金全年维持了较为稳健的投资策略，对于景气度向上的行业进行了集中配置，以取得性价比较高的超额收益。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:48.046Z","mo":"生产方面，基数效应逐步消退，科技医药设备行业保持高增速。上中游原材料行业中煤炭、化工值得关注。煤炭行业生产 增长不及下游的电力及钢铁行业，煤炭价格有支撑，7 月煤炭价格继续走高，行业景气度较高。化工行业连续 3个月两年复合增速上行，且现在下游需求相对稳定。从价格角度看，6 月PPI 录得 8.8%，根据7月数据，我们预测7月PPI 将突破5月高点，达到9.1%。价格因素将继续支撑上游行业利润走高。从具体品种来看，石油、铁矿、 煤炭、精炼石油、基础化工原料、玻璃、钢铁、有色涨幅超过 30%。中游行业成本压力依然较大，随着大宗商品继续筑顶，中游行业将迎来成本高点。6 月工业企业利润累计增长 66.9%，两年复合增速 20.6%。由于大宗商品价格较为强势，上中游原材料行业利润继续带动整个工业企业利润上行，但工业内部行业利润分化格局未改，上游原料行业利润增速中枢最高，科技医药行业次之，中游材料行业第三。除上中游原材料行业外，科技（计算机通信电子）、医药表现较好，专用设备和电气机械（包含电新）利润走弱，受成本抬升影响较多。后续，科技、医药、专用设备和电气机械行业符合国家长期发展方向，下半年仍将是除原材料行业外，基本面较好的行业，但是科技、专用设备和电气机械的有可能将进一步回落。","fund":{"_id":3000000006401,"stockCode":"006401","stockType":"fund","areaCode":"cn","followedNum":25,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-21T16:00:00.000Z","setUpScale":202511000,"market":"a","tickerId":6401,"custody":"中国农业银行股份有限公司","name":"先锋量化优选灵活配置混合型证券投资基金","shortName":"先锋量化优选(006401)","fundSecondLevel":"hybrid","__csrcFundId":6199,"fundStatus":"normal","lastUpdated":"2026-04-30T20:09:24.560Z","masterFundFlag":1,"inceptionDate":"2019-05-14T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋量化优选","pinyin":"xflhyxlhpzhhxzqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"}]},"announcement":{"linkText":"先锋量化优选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=633093","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9a87fea5b3eb04959ef","stockId":3000000006401,"sao":"回顾2021年一季度，通胀预期和实际利率交替推动美债长端利率上行、疫苗接种和经济特质影响的相对基本面推动美元指数反弹。全球权益资金流向两个方向：填补疫情减压较晚的欧洲洼地、回流相对基本面弹性大的美国，而A股和港股核心资产的负债成本与机会成本均有所抬升。美国、中国、欧洲PPI同比均大幅回升、均处于主动补库存阶段，中国工业量价同比齐升、产能利用率处于2013年以来的最高位，美国与欧洲制造业产能利用率向疫情前水平爬升。受疫情影响，今年一季度不同国家、供给与需求、投资与消费、商品与服务之间仍存节奏和斜率差异，美英修复节奏快于欧盟、全球供给修复斜率低于需求、投资修复斜率高于消费、服务修复节奏晚于商品而斜率高于商品。节奏差异使得微观信号可能阶段性的强于或弱于趋势，比如美元指数强于趋势、原材料价格传导能力弱于趋势等。从市场走势看，一季度指数先扬后抑，以2月中旬春节为界，市场前后风格切换明显。从一月初至春节，市场延续2020年的上涨行情，主要是全球货币宽松对核心资产的估值提升，市场风格由2020年的估值驱动转换为业绩驱动股价上涨，资金抱团的高估值的白酒、新能源、科技等板块均出现较大幅度回落，而低估值、高股息的银行、顺周期等板块则表现出了较强的安全边际，市场整体回落情况下出现上涨。随着财报季来临，市场交易重心由分母端向分子端切换。漂亮50经验表明，大幅杀估值阶段，核心资产整体并未显著跑输大盘，且内部分化显著。估值泡沫不大且具备业绩兑现能力的核心资产，仍有不错的超额收益。但利率上行趋势下持有抱团股的预期收益空间收窄、个股分化，部分高景气的中小市值个股性价比提升。年报一季报景气来看，业绩在Q4大幅改善的，主要是受益于疫情中段海外消费需求大幅提升的消费品（家电等），受益于生产端逐步修复的上中游设备和原材料（机械、电气设备、有色等），以及业绩基数低、景气底部改善的TMT（传媒、计算机）。Q1业绩大幅改善的主要是疫情受损板块（交运、商贸等）和供给端因素共振的周期板块（钢铁、煤炭等）。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:48.044Z","fund":{"_id":3000000006401,"stockCode":"006401","stockType":"fund","areaCode":"cn","followedNum":25,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-21T16:00:00.000Z","setUpScale":202511000,"market":"a","tickerId":6401,"custody":"中国农业银行股份有限公司","name":"先锋量化优选灵活配置混合型证券投资基金","shortName":"先锋量化优选(006401)","fundSecondLevel":"hybrid","__csrcFundId":6199,"fundStatus":"normal","lastUpdated":"2026-04-30T20:09:24.560Z","masterFundFlag":1,"inceptionDate":"2019-05-14T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋量化优选","pinyin":"xflhyxlhpzhhxzqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"}]},"announcement":{"linkText":"先锋量化优选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=573414","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9a87fea5b3eb04959ee","stockId":3000000006401,"sao":"回顾第四季度，大盘在经历了区间震荡后于年底创下指数年内新高，12月31日市场成交额达到9615亿元，从宏观流动性来看，2020年12月29日召开的央行四季度货币政策例会落地边际宽松的信号，提出要保持货币政策的连续性、稳定性、可持续性；实际上央行自12月中旬以来通过MLF超额续作、逆回购操作等加大流动性投放，十年期国债利率自2020年11月3.35%左右的年内高点波动回落至年底的3.14%。全球疫苗加快推进落地强化经济修复预期，相对利好风险资产表现。虽然目前英、日、韩、美等多国每日新增病例数再创新高，但疫苗的推广应用有助于强化经济修复预期、提振市场风险偏好。国内方面，国药疫苗于2020年12月31日正式获得上市审批，有效性接近80%，并且后续将逐步实现全民免费接种，预计服务业及线下消费有望进一步回暖。外需改善保持韧性，出口数据维持强势。我国出口同比增长持续受益于全球经济复苏过程中我国生产能力的优先修复，反映出外需改善的韧性。结构上看，服装、家具、灯具照明、玩具等劳动密集型产业出口持续改善，显示海外消费逐步恢复；机电等资本密集型产业出口维持扩张态势。中期来看，我国出口仍将受益于抗疫常态化下，国内产业链优化、全球经济逐渐修复的向好趋势。展望2021年一季度，认为全球将迎来经济复苏的加快。一是当前全球疫苗接种加快推进，尽管可能存在病毒变异和接种进度等不确定性的扰动，但是经济向上修复趋势不变；二是美国财政刺激计划落地出台，加大对于美国经济的提振力度；三是中欧投资协定谈判超预期落地带来全球经贸环境的复苏改善。整体来看，我们认为风险资产的配置性价比强于避险资产；其中，权益市场和商品更具配置价值，特别是权益市场的顺周期品种，和商品的铜和大豆。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-30T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:48.041Z","fund":{"_id":3000000006401,"stockCode":"006401","stockType":"fund","areaCode":"cn","followedNum":25,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-21T16:00:00.000Z","setUpScale":202511000,"market":"a","tickerId":6401,"custody":"中国农业银行股份有限公司","name":"先锋量化优选灵活配置混合型证券投资基金","shortName":"先锋量化优选(006401)","fundSecondLevel":"hybrid","__csrcFundId":6199,"fundStatus":"normal","lastUpdated":"2026-04-30T20:09:24.560Z","masterFundFlag":1,"inceptionDate":"2019-05-14T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋量化优选","pinyin":"xflhyxlhpzhhxzqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"}]},"announcement":{"linkText":"先锋量化优选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=559671","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9a87fea5b3eb04959ed","stockId":3000000006401,"sao":"回顾第三季度，A股市场所担心的二次疫情、中美等海外风险有所缓和，市场对短期扰动因素快速消化；另一方面，由于节前资金\"紧平衡\"，A股市场活跃度较低迷，节后前期兑现收益资金面临重新回流配置的需求，人民币升值空间打开，利于外资回流A股。市场在过快上涨阶段也会因此而加强波动，三季报窗口业绩考验也将面临修正，较二季度环比仍有改善的行业尚在局部，由此当前仍为结构性机会。中长期仍然相对乐观。外需改善保持韧性，出口数据维持强势。9月以美元计价的我国出口同比增长9.9%，持续受益于全球经济复苏过程中我国生产能力的优先修复，反映出外需改善的韧性。结构上看，服装、家具、灯具照明、玩具等劳动密集型产业出口持续改善，显示海外消费逐步恢复；机电等资本密集型产业出口维持扩张态势。中期来看，我国出口仍将受益于抗疫常态化下，国内产业链优化、全球经济逐渐修复的向好趋势。基本面驱动下A股四季度行情可期，国内复苏内生动能依然强劲，而海外进入疫情冲击的第二阶段，权益资产波动增加。中期来看，大选结束后中美不确定性有望得到阶段性缓和，而国内经济仍处于快速复苏阶段，而宏观政策难以在短期大幅转向，而汇率升值预期有助于海外资金逐步进场，三季报全A盈利仍在持续改善进程之中，A股资产中长期配置逻辑尚未遭到破坏。未来仍将按照三条主线布局，一是三季度业绩确定性较高、近两个月调整明显的电子、通信等科技板块；二是景气度持续高位，既与逆周期调节相关、又与经济复苏顺周期密不可分的工程机械、电气设备、汽车等板块；三是持续低估值、有业绩支撑、存在补涨需求的金融板块。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:48.039Z","fund":{"_id":3000000006401,"stockCode":"006401","stockType":"fund","areaCode":"cn","followedNum":25,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-21T16:00:00.000Z","setUpScale":202511000,"market":"a","tickerId":6401,"custody":"中国农业银行股份有限公司","name":"先锋量化优选灵活配置混合型证券投资基金","shortName":"先锋量化优选(006401)","fundSecondLevel":"hybrid","__csrcFundId":6199,"fundStatus":"normal","lastUpdated":"2026-04-30T20:09:24.560Z","masterFundFlag":1,"inceptionDate":"2019-05-14T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋量化优选","pinyin":"xflhyxlhpzhhxzqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"}]},"announcement":{"linkText":"先锋量化优选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=488114","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9a87fea5b3eb04959ec","stockId":3000000006401,"sao":"回顾上半年，A股市场经历一波三折的风险考验，从国内疫情使国内经济经历了\"失去的一季度\"到国际疫情的发酵严重影响了我国外贸需求，2020年开年的市场波动较往年都有了非常明显的扩大，但目前中国经济体量与内需增量已经跻身世界前三，以相当有韧性的经济发展结构逐渐走出了两波疫情的阴霾，在个别月份出现单边较大幅度上涨行情，在风格上也严重偏向于成长股，上半年上证综指微跌0.79%、沪深300上涨3.69%和创业板指上涨34.56%，根本原因在于流动性充裕与宽松的财政政策，市场主要集中在景气度较高的医药和大消费板块，前期一季度涨幅较大的电子信息板块涨幅稍弱，整体市场处于价值成长股的单边上涨态势。二季度以来国内经济表现略超市场预期，实体经济各方面都在逐步恢复正轨，并且部分领域有明显的亮点。第一，工业生产持续恢复。工业增加值增速在 4月已经转正（3.9%），且高频的耗煤量增速、发电量、高炉开工率等指标均在持续好转；工业品出厂价格环比也开始出现改善，预计后续通缩压力将逐渐减小。第二，国内需求有显著改善，尤其地产和汽车表现亮眼。30个大中城市商品房成交5月同比已转正；乘联会公布的乘用车日均销售增速已恢复到疫情之前的水平，其中批发增速已创出两位数的阶段性新高。第三，出口表现好于预期。5 月份单月货物贸易顺差已创历史同期新高，再加上疫情导致的服务贸易逆差收窄，二季度净出口对 GDP 的贡献将显著增加。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-16T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:48.036Z","mo":"展望未来当前低利率环境下，高资产价格和高市场波动的态势大概率延续，在经济有望延续缓慢修复的主线下，权益资产性价比相对较高，A 股相比于海外市场更具吸引力；宽信用政策呵护下，信用债相比利率债更具配置价值；货币宽松周期和全球不确定性抬升的背景下，战略看多黄金等贵金属。具体到 A股市场，三季度市场风格可能渐趋均衡。目前 A 股市场整体具有底部支撑，下半年企业盈利有望缓慢修复，资本市场改革提速有助于提升市场活跃度，整体市场流动性有一定保障；但行业估值结构差异过大给后续市场运行带来一定的不确定性，三季度市场风格预计将更趋均衡，传统行业龙头具有估值修复机会。消费板块估值接近历史极值，但未到极端水平，中信金融指数相对上证综指的PE估值之比为0.59，接近2013年以来的最低点0.54；消费指数相对上证综指的PE估值之比为2.2，也接近2013年以来的最高点2.7，因金融和消费板块估值均未到极端水平，7月中报季消费板块业绩确定性较高，可能仍对消费风格有一定支撑，但往后看，金融板块开始具备明显的配置价值，结合3月份至今反弹涨幅来看，消费者服务、食品饮料、医药估值提升更为明显，家电、汽车、通信、计算机及地产、银行非银可能有补涨机会。","fund":{"_id":3000000006401,"stockCode":"006401","stockType":"fund","areaCode":"cn","followedNum":25,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-21T16:00:00.000Z","setUpScale":202511000,"market":"a","tickerId":6401,"custody":"中国农业银行股份有限公司","name":"先锋量化优选灵活配置混合型证券投资基金","shortName":"先锋量化优选(006401)","fundSecondLevel":"hybrid","__csrcFundId":6199,"fundStatus":"normal","lastUpdated":"2026-04-30T20:09:24.560Z","masterFundFlag":1,"inceptionDate":"2019-05-14T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋量化优选","pinyin":"xflhyxlhpzhhxzqtzjj","managers":[{"stockCode":"db20891899","stockType":"fund_manager","exchange":"fm","tickerId":2610225860,"name":"曾捷"}]},"announcement":{"linkText":"先锋量化优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=452187","linkType":"PDF","source":"csrc_pdf"}}]}