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强劲的增长，因此A、H股市场的结构性特征非常明显，能源、有色等由海外经济需求驱动的板块表现较好，但消费、黑色等内需驱动的板块相对弱势。本基金基于去年4季度的配置，在2024年1季度取得了较好的绝对回报。展望2024年2季度，从目前底层驱动力来看，海外经济强于国内的趋势大概率仍将维持，因此本基金将维持年初以来的配置。但我们会做以下的研究储备：1）梳理供给侧出清的行业；2）调研暂时落后行业的优质公司，评估其经营策略；3）关注国内需求复苏的信号。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:07.597Z","fund":{"_id":3000000160526,"stockCode":"160526","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2019-05-06T16:00:00.000Z","setUpScale":1084710000,"market":"a","tickerId":160526,"custody":"招商银行股份有限公司","name":"博时优势企业灵活配置混合型证券投资基金(LOF)","shortName":"博时优势企业灵活配置混合(160526)","fundSecondLevel":"hybrid","__csrcFundId":6252,"fundStatus":"normal","lastUpdated":"2026-05-01T06:32:38.260Z","masterFundFlag":1,"inceptionDate":"2019-06-02T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时优势企业灵活配置混合","pinyin":"bsysqylhpzhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20787256","stockType":"fund_manager","exchange":"fm","tickerId":120208215530,"name":"林博鸿"}]},"announcement":{"linkText":"博时优势企业灵活配置混合型证券投资基金（LOF）2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1070583","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed87f7fea5b3eb059193b","date":"2023-12-30T16:00:00.000Z","stockId":3000000160526,"sao":"回顾2023年，我在组合管理中值得反思的的地方是：在百年未有之大变局的背景下，组合对宏观环境的变化灵活应对有待加强。总相信持仓的公司能够依靠自身的能力抵抗经济的大幅波动；总认为虽然盈利有短期的波动，但股价不会大幅偏离一些行业和重点公司的长期价值。但在新的宏观背景下，过去对于经济的分析框架和投资方法需要做出调整，均值回归可能需要更长的时间。在组合管理中，我们应该减少预测，更加注重应对。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:07.594Z","mo":"展望2024年及更远，过去我们相信的东西仍然不会改变，比如相信价值投资在中国的有效性，相信中国制造业的全球竞争力，相信中国居民对美好生活的需求未被充分满足。基于这些相信，我对中国上市公司长期回报的预期不会改变，组合选择公司的标准和持仓的底色也不会改变。但我需要更好的管理可能的下行风险，主要的方式包括：1）用更审慎的假设评估上市公司盈利，用更保守的标准评估对应股票的估值水平；2）使用长期限国债、国债期货、股指期货等工具，分散组合的风险敞口，降低组合波动率。","fund":{"_id":3000000160526,"stockCode":"160526","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2019-05-06T16:00:00.000Z","setUpScale":1084710000,"market":"a","tickerId":160526,"custody":"招商银行股份有限公司","name":"博时优势企业灵活配置混合型证券投资基金(LOF)","shortName":"博时优势企业灵活配置混合(160526)","fundSecondLevel":"hybrid","__csrcFundId":6252,"fundStatus":"normal","lastUpdated":"2026-05-01T06:32:38.260Z","masterFundFlag":1,"inceptionDate":"2019-06-02T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时优势企业灵活配置混合","pinyin":"bsysqylhpzhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20787256","stockType":"fund_manager","exchange":"fm","tickerId":120208215530,"name":"林博鸿"}]},"announcement":{"linkText":"博时优势企业灵活配置混合型证券投资基金（LOF）2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1052614","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed87f7fea5b3eb059193a","date":"2023-09-29T16:00:00.000Z","stockId":3000000160526,"sao":"三季度中国经济仍处于疲态，另一方面受益于疫情期间的巨额财政扩张，美国经济仍保持强势。由于中美间阶段性经济表现的差异，资本市场和跨境资金流动都产生了较为极端的反应，卖出中国股票、做多美国似乎成为全球资金的共识，这也是3季度全球大类资产的表现的核心原因。展望未来，我对目前高度一致的市场预期持怀疑态度，主要原因是：1）虽然我们终端需求面临阶段性挑战，但从微观企业看中国制造业的竞争力仍值得我们骄傲；中国居民对美好生活的需求仍未被充分满足；2）短期需求被暂时压抑的主要原因是前期过于紧缩的房地产政策，目前我们看到了非常积极的调整信号；3）高利率、高通胀、高赤字的组合并不可持续，美国旺盛的服务业需求或将在1-2个季度内见顶。基于上述的宏观判断，我认为中美经济金融市场的天平将在未来1-2个季度发生逆转，因此我对中国权益市场持乐观看法。由于目前a股大部分行业的估值水平均处于低位，因此投资机会将是系统性的。本基金在行业配置上将继续保持前期的方向，继续以能创造现金流的基础制造业作为主要持仓。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:07.591Z","fund":{"_id":3000000160526,"stockCode":"160526","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2019-05-06T16:00:00.000Z","setUpScale":1084710000,"market":"a","tickerId":160526,"custody":"招商银行股份有限公司","name":"博时优势企业灵活配置混合型证券投资基金(LOF)","shortName":"博时优势企业灵活配置混合(160526)","fundSecondLevel":"hybrid","__csrcFundId":6252,"fundStatus":"normal","lastUpdated":"2026-05-01T06:32:38.260Z","masterFundFlag":1,"inceptionDate":"2019-06-02T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时优势企业灵活配置混合","pinyin":"bsysqylhpzhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20787256","stockType":"fund_manager","exchange":"fm","tickerId":120208215530,"name":"林博鸿"}]},"announcement":{"linkText":"博时优势企业灵活配置混合型证券投资基金（LOF）2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=987259","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed87f7fea5b3eb0591939","date":"2023-06-29T16:00:00.000Z","stockId":3000000160526,"sao":"2023年上半年市场表现分化较大，受海外AI技术推动，科技类行业表现亮眼，但由于宏观经济在5月开始走弱，权重板块出现调整。由于对AI技术缺乏足够的认知，本基金并未太多参与相关标的投资，因此上半年整体表现不佳。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:07.589Z","mo":"当经济开始出现短期环比走弱时，大家总会加剧对长期问题的担心。“中等收入陷阱”、“人口危机”、“与日本比较“这可能是最近一段时间市场讨论最多的话题。我并不认为这些长期的担心会成为现实，主要源于我相信：1）中国的工程师红利将持续维持中国制造的竞争优势；2）中国14亿人口对美好生活的向往远未被充分满足。因此，当大家对于长期问题的担忧，给与了相关上市公司非常有吸引力的估值水平时，我们应该兴奋起来。回到投资决策上，面对短期经济复苏的困难，我们一方面，需要用更加谨慎评估过去被市场充分研究的上市公司的盈利预期；另一方面，我们需要更加积极的去寻找估值已经具备安全边际，而盈利正在走出低谷的公司。","fund":{"_id":3000000160526,"stockCode":"160526","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2019-05-06T16:00:00.000Z","setUpScale":1084710000,"market":"a","tickerId":160526,"custody":"招商银行股份有限公司","name":"博时优势企业灵活配置混合型证券投资基金(LOF)","shortName":"博时优势企业灵活配置混合(160526)","fundSecondLevel":"hybrid","__csrcFundId":6252,"fundStatus":"normal","lastUpdated":"2026-05-01T06:32:38.260Z","masterFundFlag":1,"inceptionDate":"2019-06-02T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时优势企业灵活配置混合","pinyin":"bsysqylhpzhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20787256","stockType":"fund_manager","exchange":"fm","tickerId":120208215530,"name":"林博鸿"}]},"announcement":{"linkText":"博时优势企业灵活配置混合型证券投资基金（LOF）2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=962215","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed87f7fea5b3eb0591938","date":"2023-03-30T16:00:00.000Z","stockId":3000000160526,"sao":"经历了3年的疫情管控后，2023年我国的经济社会活动回归正常化，无论是消费、投资还是工业生产均出现明显的改善。虽然市场对于短期复苏的强度仍有分歧，但我认为更重要的是我们总需求向潜在需求回归的趋势将在未来几个季度内维持。1季度另一个重要的事件是美国Open AI公司发布了基于大语言模型的最新一代人工智能技术，这可能是对人类生产、生活效率产生深远影响的技术应用。我们的a股市场也给予了极高的关注度。我们对未来几个季度的市场表现仍持乐观看法，主要源于：1）整体向好的经济复苏趋势；2）当前不贵的估值水平；3）新的科学技术带来了广泛的投资新机会。基于此，本基金将：1）持有较为积极的仓位；2）坚守盈利驱动的投资机会；3）积极学习新技术对社会、经济、产业、企业盈利的影响，努力把握能力范围内的投资机会。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:07.586Z","fund":{"_id":3000000160526,"stockCode":"160526","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2019-05-06T16:00:00.000Z","setUpScale":1084710000,"market":"a","tickerId":160526,"custody":"招商银行股份有限公司","name":"博时优势企业灵活配置混合型证券投资基金(LOF)","shortName":"博时优势企业灵活配置混合(160526)","fundSecondLevel":"hybrid","__csrcFundId":6252,"fundStatus":"normal","lastUpdated":"2026-05-01T06:32:38.260Z","masterFundFlag":1,"inceptionDate":"2019-06-02T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时优势企业灵活配置混合","pinyin":"bsysqylhpzhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20787256","stockType":"fund_manager","exchange":"fm","tickerId":120208215530,"name":"林博鸿"}]},"announcement":{"linkText":"博时优势企业灵活配置混合型证券投资基金（LOF）2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=887233","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed87f7fea5b3eb0591937","date":"2022-12-30T16:00:00.000Z","stockId":3000000160526,"sao":"过去三年，长期的疫情管控对经济运行的负面影响是主导性的，主要表现在1）消费场景的消失；2）居民收入预期的下降；3）行政资源的扭曲。因此，站在2022年底，在疫情管控全面取消后，我们对于2023年以后的经济修复持乐观看法。虽然市场仍担心居民收入下滑、房地产风险制约经济复苏的进程，但我认为消费场景的修复才是决定性的因素，主要原因在于：1）消费场景修复对很多行业是从0到1的变化，只有打开门，才有迎接客人的希望；2）消费场景修复能够大幅改善当期青年人群的就业状况；3）消费场景的修复，能够使得政府各项支持政策的通达度大幅提升。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:07.583Z","mo":"我们认为疫情后消费场景的恢复对于经济的修复是广谱性的，结合目前市场整体偏低的估值水平仍反映出偏悲观的市场预期，我们认为股票市场所蕴含的投资机会也将是广谱性的。在过去3年因疫情管控而受损的行业中，我们持有了一批进行了积极的内部调整、艰难抵抗住行业逆风期的优质公司，相信在未来经济修复的过程中，这些优质公司展现的扩张能力将为组合提供持续的盈利回报。另外，由于我们预期经济将出现广谱性的回升，过去2年被市场充分研究、过度交易的热门赛道，仍将是本组合所尽力回避的投资方向。","fund":{"_id":3000000160526,"stockCode":"160526","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2019-05-06T16:00:00.000Z","setUpScale":1084710000,"market":"a","tickerId":160526,"custody":"招商银行股份有限公司","name":"博时优势企业灵活配置混合型证券投资基金(LOF)","shortName":"博时优势企业灵活配置混合(160526)","fundSecondLevel":"hybrid","__csrcFundId":6252,"fundStatus":"normal","lastUpdated":"2026-05-01T06:32:38.260Z","masterFundFlag":1,"inceptionDate":"2019-06-02T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时优势企业灵活配置混合","pinyin":"bsysqylhpzhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20787256","stockType":"fund_manager","exchange":"fm","tickerId":120208215530,"name":"林博鸿"}]},"announcement":{"linkText":"博时优势企业灵活配置混合型证券投资基金（LOF）2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=864934","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed87f7fea5b3eb0591936","date":"2022-09-29T16:00:00.000Z","stockId":3000000160526,"sao":"三季度宏观经济和权益类资产表现依然低迷，我认为主要原因有：1）国内地产市场仍处于信用坍塌阶段；2）长时间持续的疫情防控影响了居民收入预期；3）结构性问题使得海外通胀居高不下，美元利率的快速上升对各大类资产均形成广谱的负面冲击。如果我们观察当前市场对大类资产的定价，以沪深300为代表的权重股估值水平接近历史负一倍标准差，不少工业品价格已经下跌到现金成本，债券收益率水平均处于历史新低，这些定价隐含了对经济增长和上市公司盈利非常悲观的预期。当然，这与我们对目前经济形势的观察是一致的。但我们也需要冷静的提出两个问题：1）面对内需的萎缩，中国宏观政策的出发点是否还是坚持以人民为中心；2）面对高度不确定的外部环境，我们中国制造的优势是否持续。我自己的对于这两点是深信不疑，因此在面对市场给出的如此悲观的定价，我会因为看到了更多的投资机会而感到兴奋。目前很多优秀的中国制造业相比1年前市值已经少了50%以上，但企业的竞争力仍在持续提升，在后续的投资工作中，我会更加积极的寻找估值安全、企业竞争力稳定、盈利增长持续的公司。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:07.580Z","fund":{"_id":3000000160526,"stockCode":"160526","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2019-05-06T16:00:00.000Z","setUpScale":1084710000,"market":"a","tickerId":160526,"custody":"招商银行股份有限公司","name":"博时优势企业灵活配置混合型证券投资基金(LOF)","shortName":"博时优势企业灵活配置混合(160526)","fundSecondLevel":"hybrid","__csrcFundId":6252,"fundStatus":"normal","lastUpdated":"2026-05-01T06:32:38.260Z","masterFundFlag":1,"inceptionDate":"2019-06-02T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时优势企业灵活配置混合","pinyin":"bsysqylhpzhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20787256","stockType":"fund_manager","exchange":"fm","tickerId":120208215530,"name":"林博鸿"}]},"announcement":{"linkText":"博时优势企业灵活配置混合型证券投资基金（LOF）2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=805648","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed87f7fea5b3eb0591935","date":"2022-06-29T16:00:00.000Z","stockId":3000000160526,"sao":"2021 年底中央经济工作会议重新确定了以经济建设为中心，稳增长的各项政策在 2022 年上半年相继推出，但宏观经济仍面临较大的下行压力，我认为主要原因在于：1）疫情多点、持续发生，严重制约了服务业的发展；2）全社会对民营开发商无差别的信任危机影响了房地产行业的复苏；3）美联储过快的加息，提前结束了全球需求的上行周期。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:07.578Z","mo":"我一直坚信中国宏观政策的出发点一定是以改善广大人民群众的生活水平为目标，因此在面临较为严峻的经济压力之下，下半年宏观政策仍有较大的改善空间，也主要来自三个方面：1）放开不合理的疫情管控，最大限度支持服务业复苏；2）尽可能的恢复房地产市场成交，使得行业回到良性发展的趋势中；3）以较大力度的逆周期政策对冲外部需求的下滑。基于当前产业发展趋势、经济的改善方向和目前各行业上市公司的估值水平，本基金下半年仍坚持传统制造业和能源类持仓，同时增加了消费类公司的配置比例。","fund":{"_id":3000000160526,"stockCode":"160526","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2019-05-06T16:00:00.000Z","setUpScale":1084710000,"market":"a","tickerId":160526,"custody":"招商银行股份有限公司","name":"博时优势企业灵活配置混合型证券投资基金(LOF)","shortName":"博时优势企业灵活配置混合(160526)","fundSecondLevel":"hybrid","__csrcFundId":6252,"fundStatus":"normal","lastUpdated":"2026-05-01T06:32:38.260Z","masterFundFlag":1,"inceptionDate":"2019-06-02T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时优势企业灵活配置混合","pinyin":"bsysqylhpzhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20787256","stockType":"fund_manager","exchange":"fm","tickerId":120208215530,"name":"林博鸿"}]},"announcement":{"linkText":"博时优势企业灵活配置混合型证券投资基金（LOF）2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=785446","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed87f7fea5b3eb0591934","date":"2022-03-30T16:00:00.000Z","stockId":3000000160526,"sao":"2022年1季度中国经济仍面临不小压力，主要来自房地产部门的信用收缩、疫情管控对服务行业的冲击、资源品价格上涨对制造业利润的挤压。虽然中央释放了强烈的稳定预期，但在上述三重压力下，经济仍处于下滑趋势之中，上市公司盈利阶段性承压。 展望2季度及以后，我们对股票市场表现持乐观看法，一方面我国经济结构丰富、政策调整灵活，我国经济的韧性和弹性均值得期待；另一方面，经历了1季度的调整，市场的估值水平变得具有吸引力。在组合操作上，我们仍坚持以绝对收益为目标，坚持以合理的估值持有高质量增长的上市公司，并继续回避已经被充分研究、过度拥挤、估值透支的热门赛道。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:07.575Z","fund":{"_id":3000000160526,"stockCode":"160526","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2019-05-06T16:00:00.000Z","setUpScale":1084710000,"market":"a","tickerId":160526,"custody":"招商银行股份有限公司","name":"博时优势企业灵活配置混合型证券投资基金(LOF)","shortName":"博时优势企业灵活配置混合(160526)","fundSecondLevel":"hybrid","__csrcFundId":6252,"fundStatus":"normal","lastUpdated":"2026-05-01T06:32:38.260Z","masterFundFlag":1,"inceptionDate":"2019-06-02T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时优势企业灵活配置混合","pinyin":"bsysqylhpzhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20787256","stockType":"fund_manager","exchange":"fm","tickerId":120208215530,"name":"林博鸿"}]},"announcement":{"linkText":"博时优势企业3年封闭运作灵活配置混合型证券投资基金（LOF）2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=725121","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed87f7fea5b3eb0591933","date":"2021-12-30T16:00:00.000Z","stockId":3000000160526,"sao":"2021年四季度宏观经济面临了需求收缩、供给冲击、预期转弱的困难，对上市公司盈利和投资者预期均有较为负面的影响。但中央经济工作会议对部分宏观、产业政策进行了修正，重新明确以经济建设为中心的工作方向，基于我国较为健康的宏观杠杆水平以及高效的政府执行力，我们对2022年的经济展望持乐观态度。 在宏观政策保持宽松和经济预期逐季改善的组合下，我们对2022年权益市场表现持乐观态度。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:07.572Z","mo":"过去3年市场风格演绎和变化都较为极致，这背后部分原因可能是微观投资者结构的变化，但我们对于这些变化缺乏有效的研究手段和跟踪渠道，因此本基金并不希望以“茅组合”或者“宁组合”作为投资决策的出发点，也不希望在已经共识度极高的赛道上进行大比例的配置。而在聚光灯并未完全照射到地方，我们仍能找到不少盈利稳定、治理良好、估值合理的上市公司，以绝对收益为目标，持有这些公司，赚盈利增长的钱，是更加符合持有人利益的选择。我们也相信在中国经济高质量增长的过程中，通过努力，我们的组合能找到足够多这样的公司。","fund":{"_id":3000000160526,"stockCode":"160526","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2019-05-06T16:00:00.000Z","setUpScale":1084710000,"market":"a","tickerId":160526,"custody":"招商银行股份有限公司","name":"博时优势企业灵活配置混合型证券投资基金(LOF)","shortName":"博时优势企业灵活配置混合(160526)","fundSecondLevel":"hybrid","__csrcFundId":6252,"fundStatus":"normal","lastUpdated":"2026-05-01T06:32:38.260Z","masterFundFlag":1,"inceptionDate":"2019-06-02T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时优势企业灵活配置混合","pinyin":"bsysqylhpzhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20787256","stockType":"fund_manager","exchange":"fm","tickerId":120208215530,"name":"林博鸿"}]},"announcement":{"linkText":"博时优势企业3年封闭运作灵活配置混合型证券投资基金（LOF）2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=710141","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed87f7fea5b3eb0591932","date":"2021-09-29T16:00:00.000Z","stockId":3000000160526,"sao":"三季度总需求整体依然处于扩张状态，但部分工业品受制于能源约束供给出现了收缩，上游工业品阶段性供需失衡，给资源类股票带来了不错的投资机会，但另一方面，也给下游众多制造业产业链带来了不小的扰动，这样的扰动对总需求形成了负反馈。展望4季度及2022年，我们相信全球总需求仍处于疫情后的修复阶段，我们对于经济内生增长的持续性仍有较强信心。但我们不得不需要面对两个短期的矛盾，一个是个别债务违约后对整个房地产行业的信用冲击与“房住不炒“的矛盾，另一个碳基能源可能出现的阶段性短缺与全球碳中和路线的矛盾。事物总在矛盾中发展，我们也相信我们的政府终有能力去解决这些矛盾。作为基金管理人，我们一方面会规避矛盾解决过程中的相关风险，我们会尽量在组合中规避因房地产市场下滑和能源短缺带来的相关需求收缩；另一方面，我们也需要从矛盾中寻找投资机会，“拉闸限电”说明了我国电力体制急需为适应新型电力系统而进行深层次的改革，我们会积极在这一次改革中寻找能够提升中国电力系统效率的行业和公司。最后，回归到我们组合构建的初心，我们对于中国经济结构转型仍抱有长期信心，对其中蕴含的产业趋势仍抱有长期信心，例如我们过去报告中提到的国产替代、消费升级、工程师红利等，这些产业趋势中最好的上市公司，仍将在我们组合中长期占据较高比例的配置权重。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:07.569Z","fund":{"_id":3000000160526,"stockCode":"160526","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2019-05-06T16:00:00.000Z","setUpScale":1084710000,"market":"a","tickerId":160526,"custody":"招商银行股份有限公司","name":"博时优势企业灵活配置混合型证券投资基金(LOF)","shortName":"博时优势企业灵活配置混合(160526)","fundSecondLevel":"hybrid","__csrcFundId":6252,"fundStatus":"normal","lastUpdated":"2026-05-01T06:32:38.260Z","masterFundFlag":1,"inceptionDate":"2019-06-02T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时优势企业灵活配置混合","pinyin":"bsysqylhpzhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20787256","stockType":"fund_manager","exchange":"fm","tickerId":120208215530,"name":"林博鸿"}]},"announcement":{"linkText":"博时优势企业3年封闭运作灵活配置混合型证券投资基金（LOF）2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=654844","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed87f7fea5b3eb0591931","date":"2021-06-29T16:00:00.000Z","stockId":3000000160526,"sao":"由于无论中国经济还是海外经济都处于复苏趋势之中，同时由于各经济体总需求尚未回到疫情前水平，因此全球央行均维持了宽松的货币政策，资本市场对于利率上行的担忧阶段性缓解，风险资产均大幅反弹。本基金，主要是低配了电动车和医疗服务板，为此我们进行了深刻的反思。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:07.566Z","mo":"展望下半年，我们对于全球经济的增长仍有信心，一方面无论是中国还是海外，疫情导致的消费需求萎缩尚未充分修复，另一方面疫情所暴露出的各种供给瓶颈也正在刺激各经济体进行更大规模的资本支出。同时，一些重要的产业趋势正在形成，例如电动车的渗透率正在超预期提升，中国的工程师红利正在加速辅能各行各业，以华为自建芯片生产线为标志，中国半导体产业的国产替代已经不可逆转，这些行业中长期格局的变化，均酝酿了巨大的投资机会。在接下来的组合管理中，我们会在两个方面改善、提升：一方面我们需要更勤奋的更新对新产业趋势的认知，提升自己对于行业、公司变化的理解能力。另一方面，我们需要更新自己对于价值评估体系，在产业变迁的过程中，静态的市净率和市净率可能已经不是合适的估值指标，我们需要用动态的视角去关注企业的长期价值，去寻找那些企业长期价值持续增长的投资机会。最后，全球供给瓶颈对通胀的威胁正在加剧，从风险管理的角度，我们会时刻跟踪未来通胀超预期上升对全球央行货币政策的影响，并做好及时应对。","fund":{"_id":3000000160526,"stockCode":"160526","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2019-05-06T16:00:00.000Z","setUpScale":1084710000,"market":"a","tickerId":160526,"custody":"招商银行股份有限公司","name":"博时优势企业灵活配置混合型证券投资基金(LOF)","shortName":"博时优势企业灵活配置混合(160526)","fundSecondLevel":"hybrid","__csrcFundId":6252,"fundStatus":"normal","lastUpdated":"2026-05-01T06:32:38.260Z","masterFundFlag":1,"inceptionDate":"2019-06-02T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时优势企业灵活配置混合","pinyin":"bsysqylhpzhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20787256","stockType":"fund_manager","exchange":"fm","tickerId":120208215530,"name":"林博鸿"}]},"announcement":{"linkText":"博时优势企业3年封闭运作灵活配置混合型证券投资基金（LOF）2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=633268","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed87f7fea5b3eb0591930","stockId":3000000160526,"sao":"2021年1季度，在旺盛的海外需求和稳定的国内投资驱动下，经济仍处于扩张通道，从已经公告的上市公司一季报预告来看，重点上市公司盈利表现仍非常强劲。但海外经济的强势复苏带来的实际利率提升，对股票资产的定价带来了冲击，这导致了1季度股票市场波动率大幅提升。从本基金运作来看，我们在市场情绪过于乐观的时候，兑现了部分个股的收益，但仍然选择持有了大部分我们认为长期仍能为组合提供可观回报的公司，因此本基金在1季度也出现了不小的高点回撤。展望2季度，我们对经济的看法仍比市场更为乐观，一方面我们对国内地产行业的高景气维持的时间比市场更为乐观；另一方面，我们对美国经济的扩张幅度和时间跨度比市场更为乐观，毕竟我们在二战以后就从未见过美国如此大规模的财政政策和货币政策刺激，我们认为美国需求驱动的全球经济扩张仍有较大上行风险。另一方面，无论是中国的碳中和计划，还是美国过去3年资本支出的疲软，使得供给的瓶颈正在变得越发刚性，未来通胀的压力将逐渐增大。从股票市场的角度来看，过去两年随着无风险利率的下行，投资者对于股票资产要求的风险补偿也大幅降低，但这将在未来利率和通胀预期的上行的环境中面临较大的挑战。此时，我们对于估值体系需要有更为审慎的评估，未来我们需要更加坚持我们的选股标准：1）坚持盈利驱动的投资机会；2）坚持以能提供15-20%的3年年化收益率作为组合股票持仓的标准。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:07.564Z","fund":{"_id":3000000160526,"stockCode":"160526","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2019-05-06T16:00:00.000Z","setUpScale":1084710000,"market":"a","tickerId":160526,"custody":"招商银行股份有限公司","name":"博时优势企业灵活配置混合型证券投资基金(LOF)","shortName":"博时优势企业灵活配置混合(160526)","fundSecondLevel":"hybrid","__csrcFundId":6252,"fundStatus":"normal","lastUpdated":"2026-05-01T06:32:38.260Z","masterFundFlag":1,"inceptionDate":"2019-06-02T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时优势企业灵活配置混合","pinyin":"bsysqylhpzhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20787256","stockType":"fund_manager","exchange":"fm","tickerId":120208215530,"name":"林博鸿"}]},"announcement":{"linkText":"博时优势企业3年封闭运作灵活配置混合型证券投资基金（LOF）2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=572649","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed87f7fea5b3eb059192f","stockId":3000000160526,"sao":"回顾2020年，突如其来的疫情中断了经济修复的步伐，但在全球主要国家和央行积极干预下，世界经济避免了进入长期衰退，从3季度开始生产、消费活动逐渐恢复。由于中国政府更加有效的疫情防控，中国经济率先修复，同时为全球需求提供了重要的供给支撑。在宽松的货币政策和经济修复预期的背景下，国内和海外的权益市场均取得非常可观的正收益。本基金在2020年度仍然坚持以估值合理性作为投资决策准绳，坚持以获得企业盈利增长作为投资目标，主要持仓集中于化工、新材料、新能源、家电、汽车等行业中具备全球竞争力的中国制造企业。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:07.561Z","mo":"展望2021年，我们对中国经济的看法仍然正面。一方面，短期来看，我们认为以房地产和基建投资为主要驱动的内需将继续保持平稳；更重要的是，我们对外需的看法较市场更为乐观，这里主要有两点原因：第一，美国经济在低利率的环境中将展现出较大的需求弹性；第二，本轮疫情显著增加了全球需求对中国制造业的粘性，中国制造业的全球份额提升或将维持。虽然我们对宏观经济展望比市场更为正面，但我们对2021年权益市场的展望会相对保守，原因在于：第一，当前A股估值水平已经并不便宜，从风险溢价来看，当前估值所反映的乐观预期已经接近上一轮周期2018年1月的顶部；第二，部分热门行业出现了明显的“抱团”迹象，大量资金集中买入少数上市公司，虽然这些公司的质地大幅好于2015年的互联网泡沫，但股价的表现远远也超过了实际盈利的增长，市值中已经隐含了非常乐观的中长期预期。以wind分类的偏股混合基金为样本，过去2年A股市场有72%的股票基金收益率超过100%，但2009-2018年的10年中，只有43%的基金实现了净值翻倍，如果我们去看美股200多年的历史，1801年-2011年股票资产剔除通胀后的年化收益率为6.7%。大样本、长时间的统计告诉我们，股票市场回报率不会偏离实体经济的回报率，无论向下或者向上的偏离，最后一定会均值回归。建立受托人责任，将持有人利益视同自己的利益，是资产管理行业基本的道德底线，特别对于封闭期组合，我们更不能让持有人在封闭期内承担与收益并不匹配的风险，因此我们仍将继续坚持以估值作为投资决策的准绳。另一方面，经历了疫情的考验，我们发现了越来越多我们中国企业实际已经具备了全球竞争力，未来我们仍将坚持致力于寻找这样的上市公司，以获取企业盈利增长收益作为投资目标。","fund":{"_id":3000000160526,"stockCode":"160526","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2019-05-06T16:00:00.000Z","setUpScale":1084710000,"market":"a","tickerId":160526,"custody":"招商银行股份有限公司","name":"博时优势企业灵活配置混合型证券投资基金(LOF)","shortName":"博时优势企业灵活配置混合(160526)","fundSecondLevel":"hybrid","__csrcFundId":6252,"fundStatus":"normal","lastUpdated":"2026-05-01T06:32:38.260Z","masterFundFlag":1,"inceptionDate":"2019-06-02T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时优势企业灵活配置混合","pinyin":"bsysqylhpzhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20787256","stockType":"fund_manager","exchange":"fm","tickerId":120208215530,"name":"林博鸿"}]},"announcement":{"linkText":"博时优势企业3年封闭运作灵活配置混合型证券投资基金（LOF）2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=557306","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed87f7fea5b3eb059192e","stockId":3000000160526,"sao":"紧密跟踪4季度国内宏观政策变化和美国大选结果。4季度将召开五中全会和中央经济工作会议，需要密切跟踪政策基调的变化，一方面对于2021年货币和财政政策的定调，另一方面对于“双循环”发展下的十四五规划。11月美国大选的最终结果对市场影响较大，按照当前预期，若拜登当选整体对于美国股票市场影响负面，这会加剧美股的波动。国内需求已经回升，海外尚有不确定性。三季度以来，财政政策逐步落实推动国内经济继续回复。海外疫情依然是国内经济恢复最大的不确定性。从需求看，美国确诊人数维持高位使得出口复苏乏力；北半球进入冬季后，还需要关注疫情是否有二次爆发的风险。从供给端看，巴西和印度为代表的新兴市场国家的疫情依然处于上升阶段，需要关注疫情对这些国家出口的影响。尽管3季度部分高估值行业的下跌使得估值分化有所修复，但我们对高估值行业依然谨慎。科技、医药和食品饮料板块尽管均有下跌，但估值依然较高，交易较为拥挤，已经出现部分白马股票经营趋势低于预期而产生的显著调整。我们认为高估值个股隐含着极为乐观的增长预期，未来需要接受业绩兑现的考验。流动性最宽松的时候已经过去。继二季度中国国内货币政策回归常态后，近期美联储的表态也意味着海外流动性边际上不会更加宽松。对四季度A股持谨慎态度，预计波动加大，但下跌幅度有限。经济恢复使得A股整体盈利处于回升中。流动性边际上不能更加宽松使得整体市场估值水平的提升受到抑制。估值分化处于历史极端状态使得市场处于“头重脚轻”的不稳定状态。当前美股处于严重高估的状态，这是A股面临最大的风险。从配置上，建议降低高估值行业的配置，加大受益于经济恢复的低估值行业的配置。当前高估值的医药、科技和消费类上市公司本身隐含了较高的增长预期或是无风险利率下降的预期。在经济恢复的过程中，无风险利率难以下降，绝大部分这些行业的公司业绩难以超预期。我们增加新能源方向、工业金属、化工行业的配置，精选其中具备长期竞争力的公司。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:07.558Z","fund":{"_id":3000000160526,"stockCode":"160526","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2019-05-06T16:00:00.000Z","setUpScale":1084710000,"market":"a","ti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