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　　展望2025年的港股市场，我们整体偏中性。因为我们看到基本面偏弱，体现为香港主要指数盈利预期有下行压力；但是资金面具备吸引力，因为全球资金配置比例仍在低位，向上动力仍在。","fund":{"_id":3000000007368,"stockCode":"007368","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-26T16:00:00.000Z","setUpScale":258591000,"market":"a","tickerId":7368,"custody":"招商银行股份有限公司","name":"浙商沪港深精选混合型证券投资基金","shortName":"浙商沪港深混合A","fundSecondLevel":"hybrid","__csrcFundId":6334,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:46.637Z","masterFundFlag":1,"inceptionDate":"2019-06-26T16:00:00.000Z","fundCollectionId":4000050630000,"currency":"CNY","masterFundShortName":"浙商沪港深混合","pinyin":"zshgsjxhhxzqtzjj","managers":[{"stockCode":"db20709236","stockType":"fund_manager","exchange":"fm","tickerId":225211480,"name":"白玉"},{"stockCode":"j101020355","stockType":"fund_manager","exchange":"fm","tickerId":122517251780,"name":"刘雅清"}]},"announcement":{"linkText":"浙商沪港深精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=1255734","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaa07fea5b3eb04a73a3","date":"2024-09-29T16:00:00.000Z","stockId":3000000007368,"sao":"我们采用自下而上的选股方式构建组合，对优质公司搭建资产定价模型，选择隐含收益率较高的个股。股票组合体现了在管基金经理的研究思考和研究团队的共同智慧。组合不偏向特定的行业，运作相对均衡。我们期望以合理安全边际买入、较高集中度持仓、较低换手率实现收益目标。对于涨幅远超内在价值的股票，我们会遵守纪律减仓。　　本季度，我们经历了基金经理的更换，产品延续了价值投资的风格。　　我们在季末的股票仓位不高，主要受赎回冲击的一次性时点影响。我们前十大重仓占股票持仓的比例约70%，体现出我们价值投资、集中持仓的风格。我们在投资标的选择上注重业务护城河和公司治理，我们的交易主要基于我们对公司内在价值的判断，基于绝对定价做有纪律的买卖。　　我们对港股市场投资有信心，因为从自下而上的角度，可选出一批估值低、成长性可观的公司。同时，我们认港股市场在基本面和资金面上都具备吸引力，基本面上主要指数盈利预期坚韧，资金面上全球配置比例不高，向上动力仍在。　　虽然经济和消费短期面临不利因素，但我们相信危中有机，房地产下行带动的户籍制度松绑极大地消除了生产要素流动的障碍，为中长期的经济增长打开空间。当然，我们主要的精力仍会投入在公司护城河、资本配置、内在价值的研究上，并相信公司的价值创造是股东回报的本源。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:56.103Z","fund":{"_id":3000000007368,"stockCode":"007368","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-26T16:00:00.000Z","setUpScale":258591000,"market":"a","tickerId":7368,"custody":"招商银行股份有限公司","name":"浙商沪港深精选混合型证券投资基金","shortName":"浙商沪港深混合A","fundSecondLevel":"hybrid","__csrcFundId":6334,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:46.637Z","masterFundFlag":1,"inceptionDate":"2019-06-26T16:00:00.000Z","fundCollectionId":4000050630000,"currency":"CNY","masterFundShortName":"浙商沪港深混合","pinyin":"zshgsjxhhxzqtzjj","managers":[{"stockCode":"db20709236","stockType":"fund_manager","exchange":"fm","tickerId":225211480,"name":"白玉"},{"stockCode":"j101020355","stockType":"fund_manager","exchange":"fm","tickerId":122517251780,"name":"刘雅清"}]},"announcement":{"linkText":"浙商沪港深精选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=1179702","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaa07fea5b3eb04a73a2","date":"2024-06-29T16:00:00.000Z","stockId":3000000007368,"sao":"本基金的核心投资理念是价值投资，买入并持有当前市场交易价格显著低于我们评估的内在价值的公司。我们评估公司内在价值的方法是自由现金流折现法，且公司创造的现金流可以真正归属于普通股小股东或者持续投入到回报率可观的新项目上。因此，在选择标的的过程中，我们特别看重：1）公司是否具有持续创造净现金流的能力，2）公司当前的交易市值，3）公司治理与管理层诚信。我们希望通过在港股市场持续实践价值投资的方法，努力为持有人创造可持续的回报。　　报告期内本基金主要投资品种为港股。我们主要自下而上选择配置了竞争力较强的资本品、大消费、交通运输、非银金融等行业的优质公司。风格方面，我们较多暴露了高盈利能力、低估值等因子。我们的组合主要自下而上精选以下三类公司：1）精选港股特有的治理优质、低估值、具有自身成长逻辑、过往受外资偏爱但南下相对忽视的品种；2）精选本身公司质地优质但受困于外部经营环境且估值极低的困境反转品种；3）精选优质的国际公司或全球运行的中国公司。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:56.100Z","mo":"对于港股市场，未来我们仍抱有积极态度。港股经历了三年左右的持续下跌，已经处于接近自然出清的状态，从资金流动角度风险已经相对较小。自下而上看，我们可以找到许多估值便宜、治理优质、基本面良好的公司。倘若宏观基本面有所企稳，港股向上弹性也较大。当前组合标的完全自下而上选择，行业构成分散，长短“久期”兼顾，公司治理过硬，组合标的公司国内和海外收入敞口均衡，估值水平亦极具吸引力，我们对于组合后续的表现充满信心。我们也会一如既往审慎地管理我们的组合，相信均值回归的力量，也相信持续坚持长期稳健的投资方法是对组合最好的保驾护航，力求在长跑中取胜。","fund":{"_id":3000000007368,"stockCode":"007368","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-26T16:00:00.000Z","setUpScale":258591000,"market":"a","tickerId":7368,"custody":"招商银行股份有限公司","name":"浙商沪港深精选混合型证券投资基金","shortName":"浙商沪港深混合A","fundSecondLevel":"hybrid","__csrcFundId":6334,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:46.637Z","masterFundFlag":1,"inceptionDate":"2019-06-26T16:00:00.000Z","fundCollectionId":4000050630000,"currency":"CNY","masterFundShortName":"浙商沪港深混合","pinyin":"zshgsjxhhxzqtzjj","managers":[{"stockCode":"db20709236","stockType":"fund_manager","exchange":"fm","tickerId":225211480,"name":"白玉"},{"stockCode":"j101020355","stockType":"fund_manager","exchange":"fm","tickerId":122517251780,"name":"刘雅清"}]},"announcement":{"linkText":"浙商沪港深精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=1150246","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaa07fea5b3eb04a73a1","date":"2024-03-30T16:00:00.000Z","stockId":3000000007368,"sao":"本基金的核心投资理念是价值投资，买入并持有当前市场交易价格显著低于我们评估的内在价值的公司。我们评估公司内在价值的方法是自由现金流折现法，且公司创造的现金流可以真正归属于普通股小股东或者持续投入到回报率可观的新项目上。因此，在选择标的的过程中，我们特别看重1）公司是否具有持续创造净现金流的能力，2）公司当前的交易市值，3）公司治理与管理层诚信。我们希望通过在港股市场持续实践价值投资的方法，努力为持有人创造可持续的回报。　　报告期内本基金主要投资品种为港股。我们主要自下而上选择配置了竞争力较强的资本品、大消费、交通运输、非银金融等行业的优质公司。风格方面，我们较多暴露了高盈利能力、低估值等因子。　　　　相较于A股市场而言，港股市场已接近于自然出清状态，下行风险较小。后续尽管时点有分歧美联储确定方向是降息，港股市场胜率已经提升。经济基本面上，外需修复指向明确，海外去库周期逐步结束，消费品出口订单及出货开始修复，资本品出口持续维持较为强势状态，出口总量重拾升势，并带动国内的制造业生产。内需的消费、地产、基建等部门的修复仍待观察。总体而言，经济基本面有一定概率在24年企稳回升。倘若经济企稳，港股向上的赔率也较大。综合而言，港股市场性价比已经突显。　　我们的组合主要自下而上精选以下三类公司：1）精选港股特有的治理优质、低估值、具有自身成长逻辑、过往受外资偏爱但南下相对忽视的品种；2）精选本身公司质地优质但受困于外部经营环境且估值极低的困境反转品种；3）精选优质的国际公司或全球运行的中国公司。当前组合标的完全自下而上选择，行业构成分散，长短“久期”兼顾，公司治理过硬，组合标的公司国内和海外收入敞口均衡，估值水平亦极具吸引力，我们对于组合后续的表现充满信心。　　当前权益资产投资环境仍面临着前所未有的挑战，我们会一如既往审慎地管理我们的组合，相信均值回归的力量，也相信持续坚持长期稳健的投资方法是对组合最好的保驾护航，力求在长跑中取胜。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:56.097Z","fund":{"_id":3000000007368,"stockCode":"007368","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-26T16:00:00.000Z","setUpScale":258591000,"market":"a","tickerId":7368,"custody":"招商银行股份有限公司","name":"浙商沪港深精选混合型证券投资基金","shortName":"浙商沪港深混合A","fundSecondLevel":"hybrid","__csrcFundId":6334,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:46.637Z","masterFundFlag":1,"inceptionDate":"2019-06-26T16:00:00.000Z","fundCollectionId":4000050630000,"currency":"CNY","masterFundShortName":"浙商沪港深混合","pinyin":"zshgsjxhhxzqtzjj","managers":[{"stockCode":"db20709236","stockType":"fund_manager","exchange":"fm","tickerId":225211480,"name":"白玉"},{"stockCode":"j101020355","stockType":"fund_manager","exchange":"fm","tickerId":122517251780,"name":"刘雅清"}]},"announcement":{"linkText":"浙商沪港深精选混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1068502","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaa07fea5b3eb04a73a0","date":"2023-12-30T16:00:00.000Z","stockId":3000000007368,"sao":"本基金的核心投资理念是价值投资，买入并持有当前市场交易价格显著低于我们评估的内在价值的公司。我们评估公司内在价值的方法是自由现金流折现法，且公司创造的现金流可以真正归属于普通股小股东或者持续投入到回报率可观的新项目上。因此，在选择标的的过程中，我们特别看重1）公司是否具有持续创造净现金流的能力，2）公司当前的交易市值，3）公司治理与管理层诚信。我们希望通过在港股市场持续实践价值投资的方法，努力为持有人创造可持续的回报。　　报告期内本基金主要投资品种为港股。我们主要自下而上选择配置了竞争力较强的资本品、大消费、交通运输、非银金融等行业的优质公司。风格方面，我们较多暴露了高盈利能力、低估值等因子。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:56.094Z","mo":"四季度权益市场表现仍旧疲弱，按年计也首次出现了历史上连续三年下跌，市场参与者信心低迷。但回望历史，资本市场的周期循环很多时候就像自然规律一样，机会孕育于迷茫，就像寒冬过后是春暖花开。　　展望2024年，我们仍抱有积极的态度。其一，当前大类资产性价比权益资产已经非常占优，回顾历史来看，每次权益市场的大幅下跌都伴随着这样或那样的担忧，而回头来看往往都是较好的权益资产布局时点。其二，伴随着美国通胀的回落，美债利率已经事实上大幅回调，联储已经释放明确的鸽派信息，过去压制资产价格的一个重要因素大概率正在解除。其三，从经济运行的周期性规律上来讲，我们也倾向于认为当前处于经济的阶段性底部，无论从数据的推演还是中央经济工作会议“以进促稳”“先立后破”的定调来看，24年宏观基本面都有一定企稳的概率。其四，短期市场情绪异常低迷，而情绪指标具有明确的均值回归特性，低迷期往往都是较好的布局时点。其五，最后一点也是最重要的一点，我们自下而上仍然能找到许多公司竞争力突出，价格合适的投资标的。我们相信宏观环境的困扰大多是周期性和阶段性的，长期良好的商业模式、突出的竞争优势和进取的企业家精神才是公司价值的长期决定因素。　　当前权益市场面临的艰难环境是我们从业以来前所未有的，我们会一如既往审慎地管理我们的组合，相信均值回归的力量，也相信持续坚持长期稳健的投资方法是对组合最好的保驾护航，以求在长跑中取胜。","fund":{"_id":3000000007368,"stockCode":"007368","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-26T16:00:00.000Z","setUpScale":258591000,"market":"a","tickerId":7368,"custody":"招商银行股份有限公司","name":"浙商沪港深精选混合型证券投资基金","shortName":"浙商沪港深混合A","fundSecondLevel":"hybrid","__csrcFundId":6334,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:46.637Z","masterFundFlag":1,"inceptionDate":"2019-06-26T16:00:00.000Z","fundCollectionId":4000050630000,"currency":"CNY","masterFundShortName":"浙商沪港深混合","pinyin":"zshgsjxhhxzqtzjj","managers":[{"stockCode":"db20709236","stockType":"fund_manager","exchange":"fm","tickerId":225211480,"name":"白玉"},{"stockCode":"j101020355","stockType":"fund_manager","exchange":"fm","tickerId":122517251780,"name":"刘雅清"}]},"announcement":{"linkText":"浙商沪港深精选混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1059351","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaa07fea5b3eb04a739f","date":"2023-09-29T16:00:00.000Z","stockId":3000000007368,"sao":"本基金的核心投资理念是价值投资，买入并持有当前市场交易价格显著低于我们评估的内在价值的公司。我们评估公司内在价值的方法是自由现金流折现法，且公司创造的现金流可以真正归属于普通股小股东或者持续投入到回报率可观的新项目上。因此，在选择标的的过程中，我们特别看重：1）公司是否具有持续创造净现金流的能力，2）公司当前的交易市值，3）公司治理与管理层诚信。我们希望通过在港股市场持续实践价值投资的方法，努力为持有人创造可持续的回报。　　报告期内本基金主要投资品种为港股。我们主要自下而上选择配置了竞争力较强的资本品、大消费、交通运输、非银金融等行业的优质公司。风格方面，我们较多暴露了高盈利能力、低估值等因子。　　　　当前宏观经济和资本市场的环境极具挑战，经济基本面上的亮点乏善可陈，美债利率迭创新高构成了市场估值的较大压力，同时对于内部经济增长和国际局势的担忧长期化。但短期展望四季度我们也看到一些边际改善的动力，1）海外库存去化接近尾声，出口底部逐步探明，并带动国内生产的回升，PMI已经连续回升多月；2）联储略有释放鸽派信号，美国工资增长放缓，通胀和美债进一步上行的基本面基础走弱；3) G2关系有明显缓和迹象。　　当前长短交织、内外交互的复杂环境在我们的从业经历中也是前所未有的，因此我们在组合管理的过程中将1）更聚焦于自身能力强，在疲弱的外部环境下仍能跑赢同业，以alpha的积累作为长期价值创造因素的公司，2）对于公司治理的要求更加严苛，以降低公司在疲弱的宏观环境下出现基本面意外风险的可能性，3）对于估值更加严苛，以降低在疲弱的市场环境下股价的下行风险。尽管环境挑战，我们仍相信均值回归的力量，也相信持续坚持长期稳健的投资方法是对组合最好的保驾护航，组合管理上我们会持续保持“自律”，力求在长跑中取胜。短期而言，倘若上述提到的若干积极因素能够实现，港股市场的受益程度有可能会大于A股市场。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:56.091Z","fund":{"_id":3000000007368,"stockCode":"007368","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-26T16:00:00.000Z","setUpScale":258591000,"market":"a","tickerId":7368,"custody":"招商银行股份有限公司","name":"浙商沪港深精选混合型证券投资基金","shortName":"浙商沪港深混合A","fundSecondLevel":"hybrid","__csrcFundId":6334,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:46.637Z","masterFundFlag":1,"inceptionDate":"2019-06-26T16:00:00.000Z","fundCollectionId":4000050630000,"currency":"CNY","masterFundShortName":"浙商沪港深混合","pinyin":"zshgsjxhhxzqtzjj","managers":[{"stockCode":"db20709236","stockType":"fund_manager","exchange":"fm","tickerId":225211480,"name":"白玉"},{"stockCode":"j101020355","stockType":"fund_manager","exchange":"fm","tickerId":122517251780,"name":"刘雅清"}]},"announcement":{"linkText":"浙商沪港深精选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=986219","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaa07fea5b3eb04a739e","date":"2023-06-29T16:00:00.000Z","stockId":3000000007368,"sao":"报告期内本基金主要投资品种为港股。我们主要自下而上选择配置了竞争力较强的资本品、大消费、交通运输、非银金融等行业的优质公司。风格方面，我们较多暴露了高盈利能力、低估值等因子。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:56.089Z","mo":"23年2季度经济的修复力度低于市场预期，经济复苏力度较弱部分源于企业部门的投资意愿和居民部门的消费意愿都较低，同时库存周期仍在主动去库的阶段，上年末及春节期间集中积压的需求释放完毕之后，经济后续修复动能不足。尽管上半年经济和权益市场表现较弱，展望下半年边际改善仍然值得期待。就自然周期而言，海外的去库周期接近尾声，健康的居民资产负债表也极大对冲了联储持续加息的不利影响，发达国家的消费品需求触底回升的概率较大；工业品方面，东南亚等新兴市场的资本开支也在相当程度上支撑了资本品的需求，下半年外需环境大概率将有所改善。国内市场方面，随着库存周期也将逐步触底，自然状态下下半年的经济向上的增长动力也有望好于上半年，倘若有进一步的经济刺激政策逐步出台和落地，我们倾向于认为经济的向上修复还是大概率事件。　　　　港股市场经历了22年底到23年初的反弹后，再次受到经济基本面、海外流动性和地缘担忧三重担心的扰动，如前述分析经济基本面下半年有望好转；而制约流动性的联储加息也逐步接近尾声，压制市场表现的因素也有望缓解。投资策略上我们会一如既往的坚持偏向价值的投资风格，组合投资标的兼顾“物美”与“价廉”，力求在长跑中取胜。","fund":{"_id":3000000007368,"stockCode":"007368","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-26T16:00:00.000Z","setUpScale":258591000,"market":"a","tickerId":7368,"custody":"招商银行股份有限公司","name":"浙商沪港深精选混合型证券投资基金","shortName":"浙商沪港深混合A","fundSecondLevel":"hybrid","__csrcFundId":6334,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:46.637Z","masterFundFlag":1,"inceptionDate":"2019-06-26T16:00:00.000Z","fundCollectionId":4000050630000,"currency":"CNY","masterFundShortName":"浙商沪港深混合","pinyin":"zshgsjxhhxzqtzjj","managers":[{"stockCode":"db20709236","stockType":"fund_manager","exchange":"fm","tickerId":225211480,"name":"白玉"},{"stockCode":"j101020355","stockType":"fund_manager","exchange":"fm","tickerId":122517251780,"name":"刘雅清"}]},"announcement":{"linkText":"浙商沪港深精选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=965799","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaa07fea5b3eb04a739d","date":"2023-03-30T16:00:00.000Z","stockId":3000000007368,"sao":"报告期内本基金主要投资品种为港股。我们主要自下而上选择配置了竞争力较强的资本品、大消费、交通运输、非银金融等行业的优质公司。风格方面，我们较多暴露了高盈利能力、低估值等因子。　　23年开年以来，我们清晰可见经济发展和人民生活逐步恢复到常态化的轨道，尽管市场对于经济复苏的力度或有分歧，但经济复苏的方向是毋庸置疑的，企业的盈利状况也大概率有所修复。从流动性角度而言，国内大概率维持相对宽松的状态，而伴随海外通胀的逐步回落和一些金融风险事件，海外流动性的紧张局面也将逐步得到缓解，因此全年的无风险利率环境也展望较为友好。市场风险偏好的大幅摆动或是使得权益市场波动较大的主要原因，国际关系、金融领域风险事件、甚至其他意想不到的事件都可能使得市场的风险偏好摇摆的较为明显，但拉长看风险溢价具有显著的均值回归特征，并不是资产价格中长期的决定因素。综上，我们认为在确定性较高的企业盈利修复和较好的流动性环境下，23年的权益市场仍有至少结构性的机会。　　我们重点看好两大投资方向。第一是居民存款的转化，居民存款转化有三个大的方向，消费、买房和理财性质的投资。伴随着经济的修复，居民收入也大概率有所修复，支出和投资的意愿大概率将有所提升。第二是真正专精特新的中小盘制造业公司，这些公司是中国的各种制造业大踏步前进后，在上游更尖端的材料、设备等领域的进一步突破，也代表了我们制造业能力的进一步升级。　　港股市场目前已经走过了经济基本面、海外流动性和地缘担忧三杀的至暗时刻，在宏观基本面复苏在望和流动性环境较为友好的组合下，胜率赔率都较为占优，我们对于23年港股的表现抱有积极的态度。个股选择上我们将重点布局如下几类品种，1）港股特有的治理优质、低估值、具有自身成长逻辑、过往受外资偏爱但南下相对忽视的品种；2）本身公司质地优质但受困于外部经营环境且估值极低的困境反转品种；3）优质的非内地公司。投资策略上我们会一如既往的坚持偏向价值的投资风格，组合投资标的兼顾“物美”与“价廉”，力求在长跑中取胜。","declarationDate":"2023-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:56.086Z","fund":{"_id":3000000007368,"stockCode":"007368","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-26T16:00:00.000Z","setUpScale":258591000,"market":"a","tickerId":7368,"custody":"招商银行股份有限公司","name":"浙商沪港深精选混合型证券投资基金","shortName":"浙商沪港深混合A","fundSecondLevel":"hybrid","__csrcFundId":6334,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:46.637Z","masterFundFlag":1,"inceptionDate":"2019-06-26T16:00:00.000Z","fundCollectionId":4000050630000,"currency":"CNY","masterFundShortName":"浙商沪港深混合","pinyin":"zshgsjxhhxzqtzjj","managers":[{"stockCode":"db20709236","stockType":"fund_manager","exchange":"fm","tickerId":225211480,"name":"白玉"},{"stockCode":"j101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港股市场2季度企稳回升。我们的组合在持股偏成长和中盘股的情况下，大幅跑赢了恒生指数。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:56.078Z","mo":"一．美国在6月非常超预期的高通胀和升息后，7月和9月大概率还是会提高75bps的联邦利率。通胀在3Q22 没有高基数的情况下，大概率会维持高位。虽然美股仍然有一定的下行压力，但是目前美国加息和对于通胀的担心应该已经一部分反映在价格里，我们至少处于滞涨的后半段了。   二．6月中旬开始，生产恢复正常，经济并有待更进一步恢复。但是政策转暖，资金面充裕的时候，就是流动性溢出之时，整体权益市场气氛向好。   三．下半年的复苏主要看消费和投资。消费端的恢复主要看高端白酒和医疗医美服务，其他必选类消费受经济下行压力+失业率高企的影响还是很大。投资的复苏主要还是看地产销售。6月地产的好转主要还是受积压的购房需求的正常反弹，后续的可持续性还需要观察，尤其是二三线城市在放松政策后的需求复苏。所以，我们还是对于从成长仓位切回价值的仓位保持谨慎。  四． 新能源赛道继续爆棚，涨价的核心原因在于硅料紧缺而非本身的竞争力的增强。新能源车的格局会好，因为to c下游对价格的接受程度更高，而且新能源车在下半场会越来越智能化，功能的叠加会使消费者更愿意支付溢价。","fund":{"_id":3000000007368,"stockCode":"007368","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-26T16:00:00.000Z","setUpScale":258591000,"market":"a","tickerId":7368,"custody":"招商银行股份有限公司","name":"浙商沪港深精选混合型证券投资基金","shortName":"浙商沪港深混合A","fundSecondLevel":"hybrid","__csrcFundId":6334,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:46.637Z","masterFundFlag":1,"inceptionDate":"2019-06-26T16:00:00.000Z","fundCollectionId":4000050630000,"currency":"CNY","masterFundShortName":"浙商沪港深混合","pinyin":"zshgsjxhhxzqtzjj","managers":[{"stockCode":"db20709236","stockType":"fund_manager","exchange":"fm","tickerId":225211480,"name":"白玉"},{"stockCode":"j101020355","stockType":"fund_manager","exchange":"fm","tickerId":122517251780,"name":"刘雅清"}]},"announcement":{"linkText":"浙商沪港深精选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=785902","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaa07fea5b3eb04a7399","date":"2022-03-30T16:00:00.000Z","stockId":3000000007368,"sao":"1Q22港股市场是一个充满挑战的季度。我们的组合在持股偏成长和中盘股的情况下，跑输了恒生指数。  一、虽然前期已经降低了互联网和可选消费在组合中的比重，但是存量的比重仍然大幅拉低了组合本季度的净值。互联网板块受到多重压力：1. 互联网平台公司减持所投资公司； 2. 政府倡导扶持中小商户影响了互联网公司的利益； 3. 中概股可能的退市风险影响了投资者情绪。教育类公司也因为投资者对政策的误判导致大幅下跌。  二、全球市场在一季度也开始大幅下跌。美国总体加息预期强化，美联储从1月开始有超预期的鹰派表述。美国非商品CPI 1H22 上升压力很大， 非商品CPI上升的持续性会比商品CPI更强。俄乌战争进一步推高了油价，使本来已经很高的全球通胀压力进一步加剧。  三、港股和A股是从中央经济工作会议结束的周一开始下跌的。稳增长变成了今年经济工作的核心，这是今年最重要的变化，也包括过去一些突击政策今年都要短期“靠边站”。比如双碳，更多强调的是“有序”，不把长期问题短期化，不打突击战。之后的新能源+电力+电动车都开始了下行周期。流动性缺失其实也是之前极端拥挤行情纠偏的结果。  四、回顾历史，港股和A股每一轮的底部确认，均要经历政策底-情绪底-盈利底的阶段，目前明确的是政策底已经见到，3月金稳委的态度是明确信号；情绪底通常用市场换手率，融资比例，基金销售数据做笼统的判断；盈利底的部分，目前市场的一致预期会发生在Q2，当然疫情的反复会带来一定的不确定性。但是，中国的宏观经济和公司盈利的底会在美国之前出现（美国的衰退大概率在23年发生）。  五、基于以上的宏观判断，虽然本基金的风格总体偏向成长。在目前的稳增长和滞涨的大环境下，加大了大盘价值和困境反转板块的配置，大盘价值股侧重对上游的布局，通胀压力虽边际缓解，全年高位运行。下半年等到业绩开始逐步寻底时，开始考虑成长赛道股的重新介入。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:56.075Z","fund":{"_id":3000000007368,"stockCode":"007368","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-26T16:00:00.000Z","setUpScale":258591000,"market":"a","tickerId":7368,"custody":"招商银行股份有限公司","name":"浙商沪港深精选混合型证券投资基金","shortName":"浙商沪港深混合A","fundSecondLevel":"hybrid","__csrcFundId":6334,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:46.637Z","masterFundFlag":1,"inceptionDate":"2019-06-26T16:00:00.000Z","fundCollectionId":4000050630000,"currency":"CNY","masterFundShortName":"浙商沪港深混合","pinyin":"zshgsjxhhxzqtzjj","managers":[{"stockCode":"db20709236","stockType":"fund_manager","exchange":"fm","tickerId":225211480,"name":"白玉"},{"stockCode":"j101020355","stockType":"fund_manager","exchange":"fm","tickerId":122517251780,"name":"刘雅清"}]},"announcement":{"linkText":"浙商沪港深精选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=728895","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaa07fea5b3eb04a7398","date":"2021-12-30T16:00:00.000Z","stockId":3000000007368,"sao":"在21年4季度， 恒生指数下探比较明显，恒生科技指数跌幅更加巨大。政策上的监管，包括针对互联网的反垄断，以及在7月份正式落地的对教育过度资本化的政策，使海外投资者对于投资中国资产的风险溢价大幅拉高，也造成了大批海外资金离场。11月美联储开始了QE退出，并且后续退出的速度超出了之前的预计，这个对于港股的流动性带来了新的一波的冲击，而这种冲击是对于市场整体的，基金经理在选股方面的优势不能有效发挥。行业上， 电力股票表现较好，主要是因为绿电政策的鼓励和估值相对落后；互联网因为反垄断政策，下跌比较明显；高教股票，虽然和政府重点关注的K12政策没有关系，但是因为情绪的关系，下跌较多；医疗服务的CXO因为表观估值以及中美政策的干扰，贡献了负收益。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:56.072Z","mo":"2022年，特别是22年上半年，美国经济还处在上升期，中国经济下行，中国要松，美国要收，流动性总体对新兴市场有冲击，对A股流动性冲击不明显，港股因为估值低，相对于其他新兴市场要安全。港股总体与美股相关性在减弱，但是和沪深300的相关性在显著增强。 94年之后，港股熊市（指数下跌超过20%）平均10个月时间， 目前我们已经接近这个区域，目前的上行风险远大于下行风险。行业观点仍然是从12月的中央经济工作会议中找思路：十四五最确定的方向是共同富裕+双碳。电新板块的需求不用担心，市场在短暂消化估值后，机会会重新出现。下游的发电企业，清洁能源会从目前不到10% 增加到十四五末的70%。汽车智能化：汽车产业的变革， 电动化是上半场，智能化才是下半场。汽车镜头、CIS公司在疫情下，比行业龙头反映更快，迅速提高了市场份额，将在未来5年的渗透率大幅提升； 功率半导体的国产替代，也会从现在的个位数到25年的50-60%。","fund":{"_id":3000000007368,"stockCode":"007368","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-26T16:00:00.000Z","setUpScale":258591000,"market":"a","tickerId":7368,"custody":"招商银行股份有限公司","name":"浙商沪港深精选混合型证券投资基金","shortName":"浙商沪港深混合A","fundSecondLevel":"hybrid","__csrcFundId":6334,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:46.637Z","masterFundFlag":1,"inceptionDate":"2019-06-26T16:00:00.000Z","fundCollectionId":4000050630000,"currency":"CNY","masterFundShortName":"浙商沪港深混合","pinyin":"zshgsjxhhxzqtzjj","managers":[{"stockCode":"db20709236","stockType":"fund_manager","exchange":"fm","tickerId":225211480,"name":"白玉"},{"stockCode":"j101020355","stockType":"fund_manager","exchange":"fm","tickerId":122517251780,"name":"刘雅清"}]},"announcement":{"linkText":"浙商沪港深精选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=715540","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaa07fea5b3eb04a7397","date":"2021-09-29T16:00:00.000Z","stockId":3000000007368,"sao":"3Q21 港股市场是一个充满挑战的季度。我们的组合在持股偏成长和中盘股的情况下，在本季度和恒生指数基本保持一致。避开了互联网受政策冲击最大的时期，同时在制造业和硬科技加大配置。一、中美同时面临滞涨风险：在全球提出低碳目标的前提下，非化石能源的基数仍然非常低，而传统能源的供给侧改革造成了全球商品价格继续高企。而全球经济出现了疫情后，宽松政策退出后，经济开始进入低速增长的区间。这种滞涨的局面，对于股票市场是很不利的。美联储对于通胀的态度也有了很大转变，认为通胀会维持相当长的时间。相对于美国，中国在9月末开始提出要支持地产行业，所以我们觉得央行会维持一定的宽信用，我们预期社融数据会在10月后上行，至少维持6个月时间。所以总体上，中国的国债收益率曲线仍然会变陡，国内流动性总体上是优于美国的，虽然我们承认权益市场在滞涨环境下挑战很大。二、香港市场：香港市场在3季度经历了大幅回调，中办、国办出台的对于课外补习的“双减”政策，以及对于互联网行业反垄断的政策，对于港股和中概股都是毁灭性的打击。海外投资者会普遍认为政策的不确定性，会促使他们提高中国的风险溢价（Risk Premium）。在经历了大幅罚款，以及业务改组后，我们觉得互联网大厂，特别是外卖平台类公司的风险已经大幅释放，业务韧性仍然在，估值入进合理区间。总体而言，互联网股票的底慢慢磨出来了，向下空间不大了。当然有些商业模式在互联互通后明显受损的，应当避免。三、注重挖掘优质的中盘股：恒生指数短期主要被大型互联网平台公司拖累（反垄断的影响）。但是我们觉得我们给投资者带来超额收益的从来都不是指数权重股，我们的责任是要发现明天的行业龙头，所以本基金管理人在过去从业20年的历史上，一直专注挖掘优质的中盘股----一来他有一定规模，不至于像小盘股一样受宏观剧烈冲击，二来他仍然可以获得市场份额的增量，而不是仅仅随着行业的增长而增长。本季度我们重仓了医药行业的新兴CXO公司，他的体量虽小，但是他在海外大厂客户的经验，能够帮助其迅速建立在国内的产业链。四、从上游到中下游的布局：21年上半年整个消费电子和制造业领域都面临空前的缺芯片，从先进到非先进制程芯片，都充分享受了数年未见的涨价潮。之前马来西亚的芯片慌最近明显改善。博世ESP出货已恢复至50%+，且预计ST产能利用率在9月底恢复至满产。这意味着自8月份以来芯片最大的短板已经消除。同时，高企的原材料价格也会趋于平稳。下游的消费电子、新能源汽车和制造业领域之前的毛利承压，会U型反转。我们特别注重在新能源汽车、DRAM，IGBT等国内薄弱领域的进口替代，收入的大幅增长和成本的下降，将会带来巨大的利润增长。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:56.070Z","fund":{"_id":3000000007368,"stockCode":"007368","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-26T16:00:00.000Z","setUpScale":258591000,"market":"a","tickerId":7368,"custody":"招商银行股份有限公司","name":"浙商沪港深精选混合型证券投资基金","shortName":"浙商沪港深混合A","fundSecondLevel":"hybrid","__csrcFundId":6334,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:46.637Z","masterFundFlag":1,"inceptionDate":"2019-06-26T16:00:00.000Z","fundCollectionId":4000050630000,"currency":"CNY","masterFundShortName":"浙商沪港深混合","pinyin":"zshgsjxhhxzqtzjj","managers":[{"stockCode":"db20709236","stockType":"fund_manager","exchange":"fm","tickerId":225211480,"name":"白玉"},{"stockCode":"j101020355","stockType":"fund_manager","exchange":"fm","tickerId":122517251780,"name":"刘雅清"}]},"announcement":{"linkText":"浙商沪港深精选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=654725","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaa07fea5b3eb04a7396","date":"2021-06-29T16:00:00.000Z","stockId":3000000007368,"sao":"我们的组合在本季度大幅跑赢恒生指数和同类基金，反映了管理人对于宏观流动性的把握，和微观板块切换的结合能力。虽然恒生指数整体受反垄断政策的影响，大盘科技股明显下挫，但是我们坚持选取基本面强劲而市场存在认知差的中盘股，给本组合带来了可观的alpha。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:56.067Z","mo":"一、中美后疫情时代的不同周期：中国在20年3季度开始走出疫情，复产复工，在经历了4Q20 到1Q21流动性的正常化（边际收紧）后，在2Q21开始出现流动性的边际改善，国债收益率曲线出现新的陡峭化,这些对于国内权益市场都是非常有利的。反观美国，复产复工在2Q21才刚刚开始，核心CPI（通货膨胀率）在5月触及20年的同比新高3.8%，虽然目前美国国债收益率并没有走高，但是下半年的通胀总体处于高位，QE（量化宽松政策）的退出仍然会是美国股市的一个风险点，就业数据是关键点。所以总体来讲，中国的宏观经济和流动性显著优于美国。二、香港市场：香港市场阶段性可能会跑输A股市场，但是从本基金管理人过去多年的经验来看，港股市场短期受流动性影响，中期受业绩的影响，长期必将受益于中国总体经济份额的提升和进口替代的正面影响。所以，短期因为流动性影响导致的估值倒挂，给了我们这样注重长期基本面的投资者一个很好的买入机会。同时，香港市场是国内投资者海外投资的第一站，对于长远资产多元化的意义非常深远。从最近中概股在美国上市受监管约束的影响来看，长期对于港股市场也是非常有利的。三、注重挖掘优质的中盘股：恒生指数短期主要被大型互联网平台公司拖累（反垄断的影响）。但是我们觉得我们给投资者带来超额收益的从来都不是指数权重股，我们的责任是要发现明天的行业龙头，所以本基金管理人在过去从业20年的历史上，一直专注挖掘优质的中盘股----一来他有一定规模，不至于像小盘股一样受宏观剧烈冲击，二来他仍然可以获得市场份额的增量，而不是仅仅随着行业的增长而增长。本季度我们重仓了半导体芯片IGBT的龙头，行业龙头地位显著，估值比A股同类公司折价很大；休闲食品龙头，处于商业模式的再造，加大连锁布局，估值同样比A股同类公司便宜。四、重制造、轻服务：互联网公司在经历过去几年的大发展之后，确实已经成了巨无霸，政府的监管在逐步加强，“反垄断”会在未来几年持续；中国人口红利的逐季消失，让政府对于中国“过分补习”的现状采取了非常坚决的治理。整体监管的加强确实会提升风险溢价（risk premium rate），对股价形成压力。而同时， 中美贸易战后，对于掐脖子的关键制造业领域，中国政府和企业确实空前重视。本基金管理人投资生涯的早期接触的美国、日本和韩国科技和制造业企业，都在被迅速的被中国企业追赶并超越，这个速度是惊人的，而且到达一定的量能之后，会形成几何式的爆发。我们在组合的布局上做出了“重制造、轻服务”的重大调整。五、从上游到中下游的布局：21年上半年整个消费电子和制造业领域都面临空前的缺芯片，从先进到非先进制程芯片，都充分享受了数年未见的涨价潮。虽然台湾疫情的加剧仍然可能使缺芯片会持续一段时间，但是我们觉得2H21 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