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是由于市场风格、行业波动剧烈，很多市场机会也相对较难把握。市场在9月底启动前，组合整体上注重防御，在电力设备、轨交、船舶、电力等防御性板块行业持仓较多，在TMT、非银等弹性板块的持仓相对有限，仅仅把握到部分弹性机会。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:04.873Z","mo":"展望未来，虽然市场有所反弹，但是整体估值性价比仍旧处于相对较优的水平，未来机会远大于风险，2024年大概率是市场转折年，未来会有很多机会不断孕育，看好未来的市场机会。本组合策略整体上注重盈利增长和估值的匹配，操作上，本基金个股配置上较为分散，考虑到未来市场机会大于风险，组合在仓位管理和策略选择上会更加积极进取。","fund":{"_id":3000000007146,"stockCode":"007146","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-01T16:00:00.000Z","setUpScale":1315510000,"market":"a","tickerId":7146,"custody":"中国工商银行股份有限公司","name":"鹏华研究智选混合型证券投资基金","shortName":"鹏华研究智选混合(007146)","fundSecondLevel":"hybrid","__csrcFundId":6177,"fundStatus":"normal","lastUpdated":"2026-04-30T20:33:26.982Z","masterFundFlag":1,"inceptionDate":"2019-05-05T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华研究智选混合","pinyin":"phyjzxhhxzqtzjj","managers":[{"stockCode":"8801610945","stockType":"fund_manager","exchange":"fm","tickerId":20208192300,"name":"包兵华"}]},"announcement":{"linkText":"鹏华研究智选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=1250055","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca6c7fea5b3eb04a305c","date":"2024-09-29T16:00:00.000Z","stockId":3000000007146,"sao":"过去三个月，市场先持续调整，后在各项政策的推动下，急速反弹。其中，金融IT、非银、半导体等行业涨幅较大。从2021年以来，因多重因素共同作用的结果，市场整体处于调整周期，除了个别股息价值风格个股之外，消费、医药、新能源等持续调整。经过近四年的估值消化，最终等到市场转折点。尽管由于短期涨幅较大，市场有调整需求，但中长期上涨趋势不变。  本组合策略整体上注重盈利增长和估值的匹配，侧重于成长和盈利质量风格，操作上，本基金减持价值股，增加成长股配置，个股选择上较为分散，以求抓到更多机会。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:04.870Z","fund":{"_id":3000000007146,"stockCode":"007146","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-01T16:00:00.000Z","setUpScale":1315510000,"market":"a","tickerId":7146,"custody":"中国工商银行股份有限公司","name":"鹏华研究智选混合型证券投资基金","shortName":"鹏华研究智选混合(007146)","fundSecondLevel":"hybrid","__csrcFundId":6177,"fundStatus":"normal","lastUpdated":"2026-04-30T20:33:26.982Z","masterFundFlag":1,"inceptionDate":"2019-05-05T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华研究智选混合","pinyin":"phyjzxhhxzqtzjj","managers":[{"stockCode":"8801610945","stockType":"fund_manager","exchange":"fm","tickerId":20208192300,"name":"包兵华"}]},"announcement":{"linkText":"鹏华研究智选混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1171876","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca6c7fea5b3eb04a305b","date":"2024-06-29T16:00:00.000Z","stockId":3000000007146,"sao":"今年以来，指数层面整体震荡向下，具体而言，从风格上看，大盘远远好于小盘，价值优于成长，高股息优于其他板块，以微盘股为代表的小盘股跌幅较大。除此之外，苹果产业链和英伟达产业链个股也相对较优。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:04.868Z","mo":"从2021年以来，因多重因素共同作用的结果，市场整体处于调整周期，除了个别股息价值风格个股之外，消费、医药、新能源等持续调整。经过三年多的估值消化，目前市场整体估值性价比处于相对较优的水平，未来机会远大于风险，今年大概率是市场转折年，未来会有很多机会不断孕育。本组合策略整体上注重盈利增长和估值的匹配，侧重于成长和盈利质量风格，操作上，本基金个股配置上较为分散，以求抓到更多机会。","fund":{"_id":3000000007146,"stockCode":"007146","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-01T16:00:00.000Z","setUpScale":1315510000,"market":"a","tickerId":7146,"custody":"中国工商银行股份有限公司","name":"鹏华研究智选混合型证券投资基金","shortName":"鹏华研究智选混合(007146)","fundSecondLevel":"hybrid","__csrcFundId":6177,"fundStatus":"normal","lastUpdated":"2026-04-30T20:33:26.982Z","masterFundFlag":1,"inceptionDate":"2019-05-05T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华研究智选混合","pinyin":"phyjzxhhxzqtzjj","managers":[{"stockCode":"8801610945","stockType":"fund_manager","exchange":"fm","tickerId":20208192300,"name":"包兵华"}]},"announcement":{"linkText":"鹏华研究智选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=1143588","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca6c7fea5b3eb04a305a","date":"2024-03-30T16:00:00.000Z","stockId":3000000007146,"sao":"今年以来，指数层面震荡加剧，除了高股息和价值板块，整体市场波动很大，市场持续下跌主要集中在一月份，其中以微盘股为代表的小盘股跌幅较大。进入2、3月份之后，市场主要是反弹为主，其中小微盘，TMT板块，上游资源品整体上涨幅度较大。    虽然年初小微盘个股波动较大，但是过去几年的超额收益异常明显，A股整体上大小盘呈现明显的风格轮动特点，从2021年开始，小盘股的超额收益明显，尤其是在2022年到2023年，机构重仓股整体收益较为一般的情况下，重仓小盘股尤其是微盘股的组合超额收益异常明显。2022年下半年，在做市场策略测试时也跟踪到小微盘较为明显的相对超额，当时也犹豫要不要在风格上较大幅度暴露小微盘，最后还是没有微盘风格上较大暴露，原因有几个方面，一是小微盘持续超额逻辑上讲不通，无宏观逻辑更无产业周期（当时还没发生AI产业周期共振）；二是单一风格过多暴露容易出现较大的波动风险，历史上小微盘出现过持续性杀跌情况，比如2018年；三是有一部分小微盘个股基本面较为一般，考虑估值、盈利能力等性价比较为一般。考虑到以上因素，没有做风格上较大的偏离，也错过了小微盘较为明显的行情。    本策略组合整体上注重盈利增长和估值的匹配，侧重于成长和盈利质量风格，操作上，本基金个股配置上较为分散，以求抓到更多机会。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:04.857Z","fund":{"_id":3000000007146,"stockCode":"007146","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-01T16:00:00.000Z",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