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革命产业链的行业细分保持了景气度。期内国际资本流出境内外中资权益市场的迹象明显，本基金整体上偏重成长的特征造成了较大回撤，但多数成长行业性价比已经较高，二季度整体上跟随市场反弹，但受累于较为均衡的配置弹性略逊于偏重新能源或上游原材料的组合。组合从风控角度保持相对中性仓位，从性价比的角度对景气度较高的新能源方向、预期估值性价比较好的电子半导体、医药等长期成长方向进一步均衡，并增加了对于低估值稳增长方向的配置，风格上依然偏重各领域的龙头企业，风格上依然偏重各领域研发投入占比高的龙头企业。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:44.880Z","mo":"展望下半年，经历了突如其来的大城市圈新冠疫情，经济短期承压严重，但越接近三季度，在房地产市场风险基本释放后期，疫后经济的内生修复活力就愈发显现。出于担忧境外经济受能源价格和利率水平双重挤压，国际资本体现了一定重新流入中资权益市场的意愿，且在流动性和风险偏好修复的A股更加明确。组合适宜从整体角度保持均衡，从半年的视角甄选投资机会，从基本面与性价比结合的角度，继续关注新能源半导体相关领域、消费与工业制造业投资等长期成长方向的修复，需要关注的风险来自于国内经济在出口平稳的背景下，局部债务风险化解过程中的韧性体现，以及美国市场就业率的恢复情况与美联储的货币政策变化。","fund":{"_id":3000000007063,"stockCode":"007063","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-03-05T16:00:00.000Z","setUpScale":507910000,"market":"a","tickerId":7063,"custody":"中国银行股份有限公司","name":"长盛研发回报混合型证券投资基金","shortName":"长盛研发回报混合(007063)","fundSecondLevel":"hybrid","__csrcFundId":6138,"fundStatus":"normal","lastUpdated":"2026-04-30T20:30:52.056Z","masterFundFlag":1,"inceptionDate":"2019-04-24T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛研发回报混合","pinyin":"csyfhbhhxzqtzjj","managers":[{"stockCode":"db20874731","stockType":"fund_manager","exchange":"fm","tickerId":251716220120,"name":"杨秋鹏"}]},"announcement":{"linkText":"长盛研发回报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=778755","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca587fea5b3eb04a1878","date":"2022-03-30T16:00:00.000Z","stockId":3000000007063,"sao":"报告期内资本市场比较动荡，美联储正式开始开启流动性收紧进程并在3月首次加息，整体收益率曲线上移，10年期美国国债收益率更上行近百个基点，引发权益市场深度调整，二月份突发国际地缘政治争端雪上加霜加速了这一过程。宏观经济层面，大宗商品供需结构与国际海运价格仍未明显好转，以黄金、石油、农产品为代表的大宗商品价格继续上行，压制中游制造业预期与权益市场。国内经济方面，新冠疫情对多个省市仍然造成不小扰动，房地产市场销售数据继续下滑释放风险，中央经济工作会议提出的整体稳经济精神落地效果尚待观察。在经济基本面预期较为悲观、中美利差倒挂、美国监管机构推行《外国公司问责法》等因素共同作用下，国际资本流出境内外中资权益市场的迹象明显，引发A股与港股相关公司大幅度调整。市场在微观交易结构上的主要表现为，成长类相关板块普遍承压，低估值防御类个股、稳增长的新老基建相关领域显著跑赢，主题类投资炒作换手比较频繁。  报告期内本基金整体上偏重成长的特征造成了较大回撤，金融稳定发展委员会重要专题会议之后，接近季末的时点各类风险因素开始缓和，市场出现一定企稳迹象，虽然短期仍需等待国内疫情修复，但多数成长行业性价比已经极具长期投资价值。组合从风控角度适当降低了组合仓位暴露，从性价比的角度对通信电子、新能源半导体、医药等长期成长方向进一步均衡，并增加了对于低估值稳增长方向的配置，风格上依然偏重各领域研发投入占比高的企业。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:44.877Z","fund":{"_id":3000000007063,"stockCode":"007063","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-03-05T16:00:00.000Z","setUpScale":507910000,"market":"a","tickerId":7063,"custody":"中国银行股份有限公司","name":"长盛研发回报混合型证券投资基金","shortName":"长盛研发回报混合(007063)","fundSecondLevel":"hybrid","__csrcFundId":6138,"fundStatus":"normal","lastUpdated":"2026-04-30T20:30:52.056Z","masterFundFlag":1,"inceptionDate":"2019-04-24T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛研发回报混合","pinyin":"csyfhbhhxzqtzjj","managers":[{"stockCode":"db20874731","stockType":"fund_manager","exchange":"fm","tickerId":251716220120,"name":"杨秋鹏"}]},"announcement":{"linkText":"长盛研发回报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=726570","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca587fea5b3eb04a1877","date":"2021-12-30T16:00:00.000Z","stockId":3000000007063,"sao":"报告期内全球资本市场每个季度都经历了一次宽幅震荡，诱发因素主要为新冠疫苗逐步扩大接种、基础商品与元器件产能不足的通胀担忧、以及对货币政策预期的变化。以全年的视角，疫情后半程需求恢复叠加的供给不足是资本市场的关注主线，尤其以全球政策友好的节能减碳领域产能错配机会为甚。国内农历春节之前市场延续了2020年底以来对美国选举结果落地后经济刺激与新能源政策的憧憬，顺欧美宽松政策外溢效应推动的龙头白马股加速上行，也相对低估值的港股市场加速上涨。但随着市场对通胀压力上行的担忧，国内互联网资本监管政策的完善，轻资产高周转模式对应的权益市场高估值范式被逐步修正。通胀预期与债券收益率曲线的变化，对前两年不断上涨后的行业与个股造成估值上的压力。于此同时，宏观周期的错配使得国内宏观经济良好的同环比复苏态势与全球疫情尚未完全得到控制形成对比，生产组织较好的国内出口行业继续保持良好的收入增长势头，欧洲国家基于脱碳目标构建的清洁能源供应结构受到了风电阶段性供给不足的挑战，国内能耗双控等政策对能源以及能源化工领域投资景气度产生了较大刺激，相关重资产制造领域在一季度调整后保持了三个季度的结构化表现。年内北交所的设立与大湾区理财通等政策的推出也体现了我国继续深化金融市场改革创新支持实体经济的方向，人民币汇率除年初随境外经济修复波动调整外，全年也保持了经济相对占优下流动性推动的升值趋势，A股市场全年表现强于港股市场。本基金在报告期内持续对组合进行成长与性价比的再平衡，维持长期成长品牌消费与制造业龙头企业基础配置的同时，上半年对受益经济复苏的可选消费、电子元器件、化工行业标的增加了配置力度，下半年增加了能源装备等高景气行业的配置，风格上依然偏重各领域研发投入占比高的龙头企业。","declarationDate":"2022-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:44.874Z","mo":"展望2022年，全球经济即将进入后疫情时代，随着境外多款针对性口服药陆续推出，且新冠新变种未对境外经济活力逐步增强带来根本性影响，投资市场对2022年美国货币路径渐收紧的预期开始增强，包括中港在内的众多新兴市场流动性彰显不足。国内经济方面，房地产市场在紧平衡下的投资下行风险能否平稳过渡与中央经济工作会议提出的稳增长整体精神如何逐步落地是被关注的焦点。在经历两年疫情冲击下形成的全球经济同比复苏态势比较明确，美、欧货币刺激政策退出决定了资本市场较难得到流动性推升估值的支撑力，投资机会需要在经济结构转型的相关新兴成长板块中寻找细分行业性价比，以及传统行业中能够在上半年的稳增长政策充分受益的品种。在国内经济与政策周期与全球错配的背景下，权益市场投资仍然仍然是一个可为的环境，波动的风险需要继续关注商品通胀预期与国际地缘政治的走向，国内外央行货币政策变化节奏等因素。","fund":{"_id":3000000007063,"stockCode":"007063","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-03-05T16:00:00.000Z","setUpScale":507910000,"market":"a","tickerId":7063,"custody":"中国银行股份有限公司","name":"长盛研发回报混合型证券投资基金","shortName":"长盛研发回报混合(007063)","fundSecondLevel":"hybrid","__csrcFundId":6138,"fundStatus":"normal","lastUpdated":"2026-04-30T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-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:44.857Z","mo":"展望下半年，美国三季度仍将大规模发行国债纾解经济困难，市场预期美联储仍将坚持无限QE操作，释放流动性。另一方面，随着疫情后欧美开启复工，基本面开始修复。宽松与修复共振将相对有利于权益型资产的表现。虽然欧美市场复工复产进度受到疫情的影响颇为曲折，国内疫情略有反复，中美贸易争端与地缘政治因素也时常扰动市场，但国内外流动性充沛、政府大力推动金融市场改革开放的举措成为主导力量，市场风险偏好也将继续抬升。下半年经济基本面的复苏仍然存在不确定性，从6月PMI数据可以看出国内复工复产显著好于境外，适宜继续关注互联网通信技术升级推动的生产力提高、居民消费增长等领域的偏内需机会。","fund":{"_id":3000000007063,"stockCode":"007063","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-03-05T16:00:00.000Z","setUpScale":507910000,"market":"a","tickerId":7063,"custody":"中国银行股份有限公司","name":"长盛研发回报混合型证券投资基金","shortName":"长盛研发回报混合(007063)","fundSecondLevel":"hybrid","__csrcFundId":6138,"fundStatus":"normal","lastUpdated":"2026-04-30T20:30:52.056Z","masterFundFlag":1,"inceptionDate":"2019-04-24T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛研发回报混合","pinyin":"csyfhbhhxzqtzjj","managers":[{"stockCode":"db20874731","stockType":"fund_manager","exchange":"fm","tickerId":251716220120,"name":"杨秋鹏"}]},"announcement":{"linkText":"长盛研发回报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=462911","linkType":"PDF","source":"csrc_pdf"}}]}