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国内经济基本面在国际形势动荡的背景下表现基本平稳，市场风险偏好有所改善，资本市场韧性较强，无风险利率保持低位。具体来看，上证指数上涨2.76%、沪深300上涨0.03%、中证500上涨3.31%、中证1000上涨6.69%，中债债券收益率震荡下行，10年期国债下行3BP到1.65%。从中信行业表现来看，综合金融、有色金属、银行、传媒涨幅居前，煤炭、房地产、食品饮料、石油石化跌幅较大。本基金权益仓位总体保持稳定，本报告期末持仓以汽车、电子、机械、食品饮料、医药居前。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:51.493Z","mo":"随着广谱利率系统性下行和房地产供求局面的扭转，Wind全A指数的分红收益率高于主要存款利率、债券市场主要利率以及大中城市房地产市场的租金回报率。全社会的资产配置可能在宏观承压的背景下从存款、债券、房地产流向上市公司股票。尽管宏观经济压力不减，市场主体之间的竞争也异常激烈，但总量流动性仍维持相对宽松的趋势，且政策有一定的支持。总体而言，预计权益市场震荡上行的概率较大，值得积极应对。本基金在未来一段时间里，将落实改进基于宏观经济特征来自上而下配置行业，争取提高从产业周期景气位置来配置行业的准确性，在深度研究的基础上适当提升个股集中度，努力为投资者争取有竞争力的回报。","fund":{"_id":3000000007825,"stockCode":"007825","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-08-25T16:00:00.000Z","setUpScale":538403000,"market":"a","tickerId":7825,"name":"博道志远混合型证券投资基金","shortName":"博道志远混合(007825)","fundSecondLevel":"hybrid","__csrcFundId":6528,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:40.500Z","masterFundFlag":1,"inceptionDate":"2019-09-16T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","pinyin":"bdzyhhxzqtzjj","masterFundShortName":"博道志远混合","managers":[{"stockCode":"8801374398","stockType":"fund_manager","exchange":"fm","tickerId":252607130160,"name":"袁争光"}]},"announcement":{"linkText":"博道志远混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1345461","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb137fea5b3eb04af096","date":"2025-03-30T16:00:00.000Z","stockId":3000000007825,"sao":"2025年一季度，国内基本面趋势延续回稳。国内1-2月经济数据超预期，核心城市的二手房成交维持高位，房地产“止跌企稳”迹象有所显现，出口势头回落。3月两会明确了2025年主要经济社会发展总体要求和宏观政策导向，符合市场预期，与去年底工作会议精神保持一致。其中，财政赤字率提升到4%，以旧换新提升到3000亿元，通胀目标则从3%的上限目标调整为2%的预期目标，而货币政策保持适度宽松。股票市场在科技创新、风险偏好的带动下整体回暖，科技制造表现较好，大盘和宽基指数呈现窄幅震荡格局。具体来看，上证指数下跌0.48%、沪深300下跌1.21%、中证500上涨2.31%、中证1000上涨4.51%。从行业来看，有色、汽车、机械涨幅居前，分别上涨11.34%、11.30%、8.85%，煤炭、商贸零售、非银金融跌幅较大，分别下跌10.70%、7.41%、6.18%。本基金权益仓位基本保持稳定，期末以汽车、电子、机械、基础化工、食品饮料居前。展望后市，尽管美联储降息周期面临潜在风险扰动，但全球流动性边际宽松趋势未发生改变，资金方面也可能受益于全球资金的再平衡。基本面方面，虽然二季度出口面临较大的关税风险，但国内政策有所储备，加之房地产继续回稳，内需有望形成一定对冲。从周期位置而言，即使短期市场可能面临波折，中期企稳复苏仍然是大概率事件。整体来看，权益市场依旧兼具一定的赔率和胜率，值得积极把握。本基金坚持自上而下和自下而上相结合，从产业周期的位置中优先配置景气上行的行业，优选长期竞争力公司，在深度研究的基础上适当提升个股和行业的集中度，努力为投资者争取有竞争力的回报。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:51.491Z","fund":{"_id":3000000007825,"stockCode":"007825","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-08-25T16:00:00.000Z","setUpScale":538403000,"market":"a","tickerId":7825,"name":"博道志远混合型证券投资基金","shortName":"博道志远混合(007825)","fundSecondLevel":"hybrid","__csrcFundId":6528,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:40.500Z","masterFundFlag":1,"inceptionDate":"2019-09-16T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","pinyin":"bdzyhhxzqtzjj","masterFundShortName":"博道志远混合","managers":[{"stockCode":"8801374398","stockType":"fund_manager","exchange":"fm","tickerId":252607130160,"name":"袁争光"}]},"announcement":{"linkText":"博道志远混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1274057","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb137fea5b3eb04af095","date":"2024-12-30T16:00:00.000Z","stockId":3000000007825,"sao":"2024年宏观经济探底回稳。一季度GDP同比增长5.30%，二三季度放缓至4.70%、4.60%。在一系列宏观政策的推动下，四季度GDP增速回升至5.40%，显示经济探底回暖的态势。主要指标中，工业增加值年中放缓，三四季度有所回升，全年好于2023年。固定资产投资相对平稳，较2023年微升。商品房销售额年底转正，为宏观经济企稳提供了重要支撑。下半年出口增速提升，中国产品的内生竞争力在全球范围内优势明显。不过，消费仍然较为疲弱，全年累计增长3.5%，低于2023年增幅水平。全年CPI维持在较低位，白酒价格、机票价格呈现出疲软态势。资产价格方面，以AI为代表的美股指数屡创新高，中债收益率不断创出新低，成为大类资产的领跑者。A股呈现出脉冲式的W型走势：年初股指急速下探后大幅回升，9月底在政策支持下主要股指大幅上涨。全年中证800全收益指数上涨15.40%。从行业来看，银行、非银、家电涨幅居前分别为42.84%、33.67%、31.35%，医药、农林牧渔、消费者服务、房地产跌幅分别为12.83%、9.55%、8.70%、5.40%。本基金年初股票仓位较高，之后有一定幅度的下降，期间引入了股指期货，做了辅助性的仓位调整。期末持仓汽车、电子、基础化工、机械、非银金融配置居前。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:51.488Z","mo":"当前，房地产经过三年以上的深度调整，主要城市租金收益率与10年国债利率已经出现交叉，意味着某些房地产市场逐渐接近内在价值。同时，销售面积大幅度回落，在长期中枢附近叠加政策支撑，意味着房地产对总量经济的影响可能趋于弱化。另一方面，从股债风险溢价来看，股票具有较好的性价比。在此阶段，投资上应积极作为，捕捉经济企稳回升过程中的亮点，特别是把握科技制造在产业结构调整升级中的时代机遇，挖掘新旧动能结构性转变带来的机会。同时，有相对确定性、正在稳步做大做强的蓝筹价值类公司在经济企稳回升的过程中也具备配置价值。本基金坚持自上而下和自下而上相结合，从产业周期的位置中优先配置景气上行的行业，优选长期竞争力公司，在深度研究的基础上适当提升个股和行业的集中度，努力为投资者争取有竞争力的回报。","fund":{"_id":3000000007825,"stockCode":"007825","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-08-25T16:00:00.000Z","setUpScale":538403000,"market":"a","tickerId":7825,"name":"博道志远混合型证券投资基金","shortName":"博道志远混合(007825)","fundSecondLevel":"hybrid","__csrcFundId":6528,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:40.500Z","masterFundFlag":1,"inceptionDate":"2019-09-16T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","pinyin":"bdzyhhxzqtzjj","masterFundShortName":"博道志远混合","managers":[{"stockCode":"8801374398","stockType":"fund_manager"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升个股和行业的集中度，努力为投资者争取有竞争力的回报。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:51.480Z","fund":{"_id":3000000007825,"stockCode":"007825","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-08-25T16:00:00.000Z","setUpScale":538403000,"market":"a","tickerId":7825,"name":"博道志远混合型证券投资基金","shortName":"博道志远混合(007825)","fundSecondLevel":"hybrid","__csrcFundId":6528,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:40.500Z","masterFundFlag":1,"inceptionDate":"2019-09-16T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","pinyin":"bdzyhhxzqtzjj","masterFundShortName":"博道志远混合","managers":[{"stockCode":"8801374398","stockType":"fund_manager","exchange":"fm","tickerId":252607130160,"name":"袁争光"}]},"announcement":{"linkText":"博道志远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=1073757","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb137fea5b3eb04af091","date":"2023-12-30T16:00:00.000Z","stockId":3000000007825,"sao":"2023年，国内经济和海外流动性两大因素主导股票市场波动。从经济基本面来看，年初市场的乐观预期在二季度落空，此后并进一步下行趋冷。年初至2月份，wind全A指数上行并达到了年度的高点。进入二季度，国内经济的修复不及预期，而此时因硅谷银行事件，海外流动性虽然有波动但仍偏松。结合着人工智能领域技术快速推进，市场对TMT板块的热情高涨。年中，由于部分地产企业的风险事件，市场开始广泛讨论房地产行业的债务问题，相对应地也联系到居民、地方政府的杠杆和债务问题，投资机会和亮点难寻，房地产产业链、顺周期行业调整明显。而海外市场随着硅谷银行风险逐渐平息，软着陆预期升温，利率上行。在此背景下，小盘价值与高分红收益率股票的超额收益明显。全年来看，沪深300下跌11.38%，中证500下跌7.42%，中证1000下跌6.28%，上证指数下跌3.70%，创业板指下跌19.41%，恒生指数下跌13.82%。从行业来看，通信、传媒、煤炭表现较好，分别上涨了24.78%、19.84%、13.39%，消费者服务、房地产、电力设备新能源表现较差，分别下跌41.18%、24.80%、24.65%。本基金于一、二季度保持较高仓位运作，随着经济疲弱态势较为明确，于三季度降低了股票仓位，但基于宏观经济逐步平稳、估值处于低位的判断，于四季度再度增加了股票仓位，保持了较高仓位运作。年末组合主要配置有机械、电子、计算机、汽车、食品饮料等行业，呈均衡之势。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:51.478Z","mo":"预计2024年全球流动性将出现转折点。这对于中国而言，意味着资金流动压力将有所减轻，同时政策空间有所打开，这有条件成为明年扭转经济预期的催化剂。国内方面，我们认为经过连续两年的缩量调整，房地产市场对宏观经济的拖累已经降低。并且经过前一时期房产价格的实质性下降，有望带来交易量的释放。加之保障房、城中村改造等工程的介入，有望带来房地产交易、投资和施工的阶段性企稳，扭转对经济的大幅拖累，为宏观经济带来边际贡献。另一方面，当前的股票资产相较于债券、地产、非标债权等大类资产，具备显著的性价比。基于资产溢价的情况来看，股市对债券的风险溢价再度达到2倍标准差的水平，且债券市场的期限利率和信用利差已经被压缩到相对极致。从长期战略配置角度，股票资产的配置价值显著较高。虽然很难预测资产的价格何时回归，但方向相对明确，耐心更加可贵。本基金对2024年的权益市场持相对乐观的态度。本基金将继续致力于坚持自下而上与自上而下相结合，加强自上而下的视角对投资方向的把握，更加准确地把握好宏观周期；在总体均衡的风格上，加大对个股和行业的优选、精选，更加注重基于产业周期的位置来配置行业；在优选具备长期竞争力公司的基础上，兼顾估值，注重每一笔投资决策的胜率，努力为投资者争取有竞争力的回报。","fund":{"_id":3000000007825,"stockCode":"007825","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-08-25T16:00:00.000Z","setUpScale":538403000,"market":"a","tickerId":7825,"name":"博道志远混合型证券投资基金","shortName":"博道志远混合(007825)","fundSecondLevel":"hybrid","__csrcFundId":6528,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:40.500Z","masterFundFlag":1,"inceptionDate":"2019-09-16T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","pinyin":"bdzyhhxzqtzjj","masterFundShortName":"博道志远混合","managers":[{"stockCode":"8801374398","stockType":"fund_manager","exchange":"fm","tickerId":252607130160,"name":"袁争光"}]},"announcement":{"linkText":"博道志远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=1054028","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb137fea5b3eb04af090","date":"2023-09-29T16:00:00.000Z","stockId":3000000007825,"sao":"2023年三季度，宏观经济出现了一定的企稳改善：6月开始PMI出现连续改善；通胀7月后逐月改善，名义值进一步下行的压力较小，底部基本确认，部分行业阶段性补库存；尽管7月经济数据总体上环比低于预期，但8、9月边际修复的趋势还是相对明确的，8月工业利润已经出现了明显改善，去库存压力最大的时候或已经过去。但房地产市场的持续调整，影响了宏观经济的进一步表现和未来预期，市场情绪仍然较为低迷。三季度，沪深300下跌3.98%，中证500下跌5.13%，中证1000下跌7.92%，创业板指下跌9.53%，恒生指数下跌5.85%。从行业来看，煤炭、非银、石油石化表现较好，分别上涨了10.37%、6.48%、5.79%，而传媒、计算机、电力设备及新能源表现较差，分别下跌14.19%、13.88%、13.53%。本基金在报告期内，股票仓位有所下降，主要配置了机械、电子、食品饮料、汽车、计算机等行业，总体仍呈均衡之势。展望未来几个季度，当前宏观经济底部特征比较明确。一是，部分宏观经济指标已经呈现出底部企稳回升的态势。二是，本轮经济复苏有“冷启动”的特征，宏观经济内部各个循环逐步开启，在运转中相互加强需要时间。三是，房地产市场经过两年多的调整，总体上处于低位，对经济向下的拖累大幅降低，并且随着季度末的政策加码，带来较为明显的短期边际改善。此外，当前国内市场库存处于低位、海外利率处于高位，总体上处于临界水平，为经济和金融市场的企稳回升增加了弹性。本基金将以积极的心态来应对当前的局势，在市场低迷的时候适当前瞻、布局长远，在市场低位时优选最有活力的行业产业和最有竞争力的优秀企业。本基金将继续致力于坚持自下而上与自上而下相结合，加强自上而下对投资方向的把握，加大对个股和行业的优选、精选，适当提升集中度；在优选具备长期竞争力公司的基础上，兼顾估值与盈利增长的匹配性，长期持股，注重胜率，努力为投资者争取有竞争力的投资收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:51.475Z","fund":{"_id":3000000007825,"stockCode":"007825","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-08-25T16:00:00.000Z","setUpScale":538403000,"market":"a","tickerId":7825,"name":"博道志远混合型证券投资基金","shortName":"博道志远混合(007825)","fundSecondLevel":"hybrid","__csrcFundId":6528,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:40.500Z","masterFundFlag":1,"inceptionDate":"2019-09-16T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","pinyin":"bdzyhhxzqtzjj","masterFundShortName":"博道志远混合","managers":[{"stockCode":"8801374398","stockType":"fund_manager","exchange":"fm","tickerId":252607130160,"name":"袁争光"}]},"announcement":{"linkText":"博道志远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=989140","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb137fea5b3eb04af08f","date":"2023-06-29T16:00:00.000Z","stockId":3000000007825,"sao":"2023年上半年，市场波动较超市场预期。一季度抢跑全球流动性加息暂缓，中国经济复苏，A股和人民币走强；进入二季度，全球利率持续高位，国内经济积极迹象逐渐增多，但整体依然较弱。主要指数中，沪深300下跌0.75%，中证500上涨2.29%，创业板指下跌5.61%。从行业来看，通信、传媒、计算机、家电、机械表现较好，而消费者服务、房地产表现较差。本基金在报告期内，股票仓位有较明显增加，期末主要配置为机械、电子、汽车、食品饮料、计算机等行业，总体仍呈均衡之势。从经济周期来看，当前筑底夯实，经济内生动能处于低位缓慢爬升的阶段，宏观经济内部的各个循环逐步开启，在运转中相互加强。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:51.473Z","mo":"展望下半年，随着宏观经济内部各个循环的开启，经济有望逐步加强，经济内部的各个循环在运转过程中相互正向影响，低库存最终也将积蓄力量，更敏感地反应需求端的边际利好，加之宏观政策有望在平稳基调中继续发力，下半年宏观经济有望在弱预期的基础上呈现回升之势。本基金将继续致力于坚持自下而上与自上而下相结合，持续关注自上而下对组合投资方向的把握；在均衡的风格上，加大对个股和行业的优选、精选，适当提升集中度；在优选具备长期竞争力公司的基础上，兼顾估值与盈利增长的匹配性，长期持股，注重胜率，努力为投资者争取有竞争力的投资收益。","fund":{"_id":3000000007825,"stockCode":"007825","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-08-25T16:00:00.000Z","setUpScale":538403000,"market":"a","tickerId":7825,"name":"博道志远混合型证券投资基金","shortName":"博道志远混合(007825)","fundSecondLevel":"hybrid","__csrcFundId":6528,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:40.500Z","masterFundFlag":1,"inceptionDate":"2019-09-16T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","pinyin":"bdzyhhxzqtzjj","masterFundShortName":"博道志远混合","managers":[{"stockCode":"8801374398","stockType":"fund_manager","exchange":"fm","tickerId":252607130160,"name":"袁争光"}]},"announcement":{"linkText":"博道志远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=963612","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb137fea5b3eb04af08e","date":"2023-03-30T16:00:00.000Z","stockId":3000000007825,"sao":"2023年一季度，国内经济处在弱复苏的起点，实体经济和信贷需求均开始从低位复苏。随着社会经济活动日趋活跃和春节后复工到位，经济基本面温和复苏，2月经济基本面已进入修复斜率较高的阶段，PMI超预期达到52.6，创2012年以来的新高，3月PMI继续维持在51.9的相对高位。整体来看，国内经济复苏的方向是明确的，这意味着，经济周期向上，而权益资产的长期赔率仍然处于较高水平，中期仍然利好权益类风险资产。政策方面，稳经济大盘的政策预期，明显让位于侧重于高质量发展的产业政策，前期政策博弈较为极致的房地产和消费者服务表现较弱。一季度，数字经济表现亮眼，主要受益于海外创新技术应用爆发，但由于仍处于技术初期，难言盈利兑现，行业轮动较快，博弈难度较大。海外方面，高利率下金融脆弱性有所暴露，3月硅谷银行、瑞信等海外银行危机相继爆发。在美联储等机构的快速行动下，短期流动性风险有所缓和，但高通胀、高利率、期限利差倒挂的根本问题未解。美联储在通胀和金融稳定两者间艰难平衡，降息前景仍不明朗。但中期来看，在通胀和流动性的趋势性改善后有望迎来风险资产占优的大周期。一季度，股票市场先反弹后震荡。其中，沪深300上涨4.63%，中证500上涨8.11%，创业板指上涨2.25%，恒生指数上涨3.13%。从行业来看，计算机、传媒、通信表现较好，分别增长38.7%、34.23%、28.88%，房地产、消费者服务表现较差，分别下跌6.21%、5.29%。在经济复苏、估值仍处于较低位的环境下，股票市场具有较好的投资机会。本基金看好经济复苏的进程，报告期内股票仓位显著上升，可转债仓位下降。行业配置仍以均衡为主，侧重配置机械、电子、食品饮料、计算机、汽车等行业。展望二季度，预计宏观经济仍然处于复苏的阶段，我们认为本轮经济复苏具备“冷启动、渐加强”的特征，复苏的力度在各类经济循环逐次打开之后相互增强。尽管一季度经济复苏的力度呈现部分力度较弱的特征，但我们仍对二、三季度的经济回升保持信心。预计复苏的次序、力度和持续时间，隐含着相关的投资线索。同时，我们对科技创新和成长性行业的周期位置保持密切关注，特别是成长性行业经过一段时间的调整，正在进入或者即将进入到较为理想的周期位置，有望迎来新一轮的投资机遇。本基金将继续致力于坚持自下而上与自上而下相结合的投资框架，适当加大自上而下的视角对组合投资方向的把握；在总体均衡的风格上，加大对个股和行业的优选侧重；在优选长期竞争力公司的基础上，兼顾估值与盈利增长的匹配性，努力为投资者取得有竞争力的投资回报。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:51.470Z","fund":{"_id":3000000007825,"stockCode":"007825","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-08-25T16:00:00.000Z","setUpScale":538403000,"market":"a","tickerId":7825,"name":"博道志远混合型证券投资基金","shortName":"博道志远混合(007825)","fundSecondLevel":"hybrid","__csrcFundId":6528,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:40.500Z","masterFundFlag":1,"inceptionDate":"2019-09-16T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","pinyin":"bdzyhhxzqtzjj","masterFundShortName":"博道志远混合","managers":[{"stockCode":"8801374398","stockType":"fund_manager","exchange":"fm","tickerId":252607130160,"name":"袁争光"}]},"announcement":{"linkText":"博道志远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=882076","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb137fea5b3eb04af08d","date":"2022-12-30T16:00:00.000Z","stockId":3000000007825,"sao":"2022年金融市场波动较大。国际市场来看，地缘政治冲突和全球主要央行紧缩背景下的滞胀特征显著，除美元指数、部分大宗商品和商品货币外，美元计价下的资产多数负回报。国内方面来看，地产下行和疫情扰动背景下，经济增长低于预期，股票资产受到利润下行和宽松受限的影响，全年表现疲弱。细分行业来看，煤炭板块一枝独秀，全年涨幅达到17.52%，其他除消费者服务和交通运输外，均录得负收益。其中，电子、综合金融、计算机、传媒、建材等板块跌幅较大。债券市场方面，利率走势先下后上，表现好于股票。 回顾2022年的市场，有两条核心主线，一是地缘政治冲突和美联储紧缩，二是国内政策和经济走势。前者的变动带来了股票定价分母端预期的主要变动，而后者的变动带来了分子端预期的主要变动。2022年初在上年中央经济工作会议基调下，市场对分子端的有利能够对冲分母端的不利有较大信心。实际2022年2月地缘冲突不仅仅阶段性冲击了风险偏好和流动性，加剧了政治风险溢价，还给全球带来了较为持续的通胀压力，导致美联储更加鹰派，分母端的利空加剧。分子端层面来看，稳增长虽有所发力，表现在基建投资增速在10%以上，各地地产政策也有所放松，但经济的弹性并不明显。另外，房地产市场呈现出较为持续的疲弱状态，加之出口也随着海外经济放缓回落，整体不达预期。权益市场全年表现较弱。回顾本基金2022年一季度股票仓位基本稳定，二季度中后期仓位增加，三季度中后期股票仓位明显降低，四季度中后期再度回升，总体上与对宏观经济周期判断的节奏相吻合。全年来看，组合主要配置了汽车、机械、电子、食品饮料、计算机等行业，组合仍呈均衡之势。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:51.467Z","mo":"展望2023年，宏观经济环境大概率将从2022年的全球紧缩加强、中国经济探底，转变为全球流动性紧缩停止以及未来可能的降息预期，而伴随着预期中的中国经济复苏，权益市场的表现值得期待。特别是，随着国内政策的调整、对房地产行业的政策力度加大、二十大开局之年宏观经济工作权重的提升，我们认为当前国内经济可能已经处于新一轮的底部回升阶段。当前的估值已经对长期风险的担忧体现得较为充分，权益市场的胜率和赔率都处于较好阶段。从细分行业来看，过去两年大量的行业走过了一轮景气下行周期，目前处于景气的底部区域，未来随着行业景气的上行，有望带来业绩和估值的提升。2023年，本基金将持续关注与挖掘新一轮经济回升背景下景气上行的细分行业，诸如合理估值下的食品饮料、医疗服务行业、逆周期的地产、存量需求更新逻辑下的地产消费链、跟随经济周期回升的轮胎与炼化、需求底部回升的电子和半导体等。同时，前景空间大、需求边际波动被消化吸收后的汽车零部件、新能源仍然值得长期重点配置。此外，港股部分标的，在经历了历史性的冲击之后，具有较大的配置价值。而努力对以上诸多行业景气度的准确把握将可能是我们2023年的工作重心。本基金将继续致力于坚持自下而上与自上而下相结合，适当加大自上而下的视角对组合投资方向的把握；在总体均衡的风格上，加大对个股和行业的优选侧重；在优选长期竞争力公司的基础上，兼顾估值与盈利增长的匹配性，努力为投资者取得有竞争力的投资收益。","fund":{"_id":3000000007825,"stockCode":"007825","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-08-25T16:00:00.000Z","setUpScale":538403000,"market":"a","tickerId":7825,"name":"博道志远混合型证券投资基金","shortName":"博道志远混合(007825)","fundSecondLevel":"hybrid","__csrcFundId":6528,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:40.500Z","masterFundFlag":1,"inceptionDate":"2019-09-16T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","pinyin":"bdzyhhxzqtzjj","masterFundShortName":"博道志远混合","managers":[{"stockCode":"8801374398","stockType":"fund_manager","exchange":"fm","tickerId":252607130160,"name":"袁争光"}]},"announcement":{"linkText":"博道志远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=871790","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb137fea5b3eb04af08c","date":"2022-09-29T16:00:00.000Z","stockId":3000000007825,"sao":"2022年三季度，受经济修复放缓、外部流动性收缩和海外事件性冲击的影响，股市呈现下跌走势。沪深300下跌15.16%，中证500下跌11.47%，创业板指下跌18.56%。煤炭、电力、石油石化、房地产、交通运输表现相对较好，而建材、电子、传媒、医药、基础化工表现较差，其中建材跌幅超过20%。本基金在报告期内，股票仓位有所降低，主要配置了汽车、机械、电子、计算机、食品饮料等行业，组合总体仍呈均衡之势。三季度，国内经济复苏动能较弱，宏观经济相关指标较为低迷，虽然信贷脉冲继续加速，但私人部门信贷需求仍较弱。经过6月经济基本面边际改善较快、A股大幅反弹的阶段，7月以来，地产受到“断贷”影响下行压力较大，制造业PMI回落到49的收缩区间。进入8月，国内罕见的高温冲击和电力约束制约生产端的修复。地产方面，需求仍然低迷，居民加杠杆意愿不足，长期疲弱隐忧仍存。综合来看，三季度经济压力不减。展望后市，我们认为四季度宏观经济总体平稳，宏观政策和产业政策相对积极，地产风险逐渐释放后有望刺激经济的缓慢修复；股票市场估值处于低位，股票相对债券资产以及其他类别资产处于吸引力较大的阶段，居民大类资产再配置、资金持续流向股票市场的大趋势未变。当前，权益资产的风险溢价已足够，市场否极泰来的时点还是在于政策和宏观基本面的改善，从而带来悲观情绪扭转，风险偏好提升。本基金将继续致力于优选具有长期竞争力的股票；坚持自下而上与自上而下相结合，适当加大自上而下的视角对组合投资方向的把握；在总体均衡的风格上，加大对个股和行业的优选侧重；在优选具备长期竞争力公司的基础上，兼顾估值与盈利增长的匹配性，努力为投资者取得有长期竞争力的投资收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:51.465Z","fund":{"_id":3000000007825,"stockCode":"007825","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-08-25T16:00:00.000Z","setUpScale":538403000,"market":"a","tickerId":7825,"name":"博道志远混合型证券投资基金","shortName":"博道志远混合(007825)","fundSecondLevel":"hybrid","__csrcFundId":6528,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:40.500Z","masterFundFlag":1,"inceptionDate":"2019-09-16T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","pinyin":"bdzyhhxzqtzjj","masterFundShortName":"博道志远混合","managers":[{"stockCode":"8801374398","stockType":"fund_manager","exchange":"fm","tickerId":252607130160,"name":"袁争光"}]},"announcement":{"linkText":"博道志远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=806397","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb137fea5b3eb04af08b","date":"2022-06-29T16:00:00.000Z","stockId":3000000007825,"sao":"2022年上半年，受外部因素和国内局部疫情影响，A股市场快速下跌。4月底之后，国内疫情管控逐步取得成效，市场开始演绎复苏逻辑，风险资产和避险资产表现有所切换。整体来看，上半年股票市场波动较大，行情呈现“V”形走势。上半年，沪深300下跌9.22%，中证500下跌12.30%，创业板指数下跌15.41%。行业层面来看，煤炭表现一枝独秀，成长行业虽然二季度有所反弹，但上半年整体仍然跌幅较大。本基金在报告期内，股票仓位一季度基本稳定，二季度中后期有所增加。组合期末主要配置了汽车、机械、电子、食品饮料、计算机等行业，总体仍呈均衡之势。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:51.462Z","mo":"展望后市，我们认为当前宏观经济总体处于本轮疫情后的反弹回升阶段，股票市场估值仍然处于中低位置，股票对债券资产以及其他类别资产仍然处于吸引力较大的阶段，居民大类资产再配置、资金持续流向股票市场的大趋势未变。经过一段时间持续上行，市场有所震荡，但我们认为股票市场仍处于相对有利的阶段，预计未来一段时间市场仍然以震荡上行为主，股市仍然处于性价比较高、积极有为的阶段。随着疫情管控成果的显现，经济持续回升，大量机械设备等中游制造产业进入到底部回升的高性价比区域。而汽车零部件、锂电、风电等行业，尽管反弹幅度较大，仍然处于景气度上升的阶段，且未来前景良好，值得长期持有。本基金将继续致力于优选具有长期竞争力的股票；坚持自下而上与自上而下相结合，适当加大自上而下的视角对组合投资方向的把握；在总体均衡的风格上，加大对个股和行业的优选、精选，有所侧重；在优选具备长期竞争力公司的基础上，兼顾估值与盈利增长的匹配性，努力为投资者取得有长期竞争力的投资收益。","fund":{"_id":3000000007825,"stockCode":"007825","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-08-25T16:00:00.000Z","setUpScale":538403000,"market":"a","tickerId":7825,"name":"博道志远混合型证券投资基金","shortName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从经济基本面来看，国内一、三季度GDP两年复合增速低于潜在增速水平，分别为5%、4.9%，主要拖累是由于疫情和地产，前者常态化地影响消费意愿、制约消费场景，使得消费的修复低于预期，后者则是在\"房住不炒\"的大背景下，，下行幅度和速度超预期。出口全年都保持在较高景气区间，显示在疫情常态化背景下，全球供应链冲击不断，中国制造优势得以维持，也使得人民币成为全球强势的主要货币之一。2021年全年来看，通胀、成长、政策三大因素共同作用着市场。一是通胀链条，即全球复苏叠加供应链约束，全球定价和中国定价的大宗商品全年均出现较大幅度上涨，使得商品和周期股相对受益。二是成长链条，即在行业技术进步、内生需求爆发的背景下，新能源汽车、光伏等行业全年表现亮眼。碳中和的政策，也提升了需求的热度。三是政策链条，在\"把握稳增长压力较小的窗口期\"推进了一系列致力于提升中国潜在增速的长期政策，包括资本监管、共同富裕等。存在资本快速扩张风险的领域，监管趋严对相关行业基本面形成了较大影响。本基金在报告期内，股票仓位维持基本稳定。基于对行业景气度和估值性价比的综合考量，采取了以成长股为主、兼顾周期、消费的策略，主要配置了机械、电子、计算机、食品饮料、医药、汽车、电力设备等行业，组合总体配置呈均衡之势。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:51.457Z","mo":"展望2022年，经济下行的压力仍然较大。地产长期约束仍在，使得市场对宽信用弹性有所担忧。票据利率压低，隐含信贷需求偏弱。但中央经济工作会议重提\"以经济建设为中心\"，政府工作重心转向稳增长的拐点意义明确。货币政策和财政政策有望逆周期调节，一定程度对冲经济下行。同时，股票市场整体估值仍较为合理，全社会大类资产向股票等标准资产流动的大趋势不变。股票市场内部结构分化较大。综合来看，2022年仍然是一个可以积极有为、特别适合把握结构性机会的年份。值得一提的是，经济增长面临压力、企业盈利下行的阶段，往往是优秀公司逆势扩张、脱颖而出的时候。在长期经济转型的背景下，很多行业也具有相对独立的成长周期。光伏、储能、智能汽车、新能源汽车，均处于渗透的早期，未来发展空间大，趋势较为明确，是宏观行业持续关注的重点，也可能很大程度地影响着2022年的投资。新兴产业的变化，包括半导体的持续进步与景气变化、消费电子产品创新、物联网相关产业的推进以及互联网平台公司治理的阶段性落定等，这些基本面的变化中也可能存在着较大的投资机会。此外，在经济比较疲弱的阶段，食品饮料和医药仍然是中观行业里的亮点，适合做一些基础配置。而基建等与逆周期政策相关的产业、低估值产业、受疫情压制的行业也可能会有阶段性机会。本基金将继续致力于优选具有长期竞争力的股票；坚持自下而上与自上而下相结合的投资思路，适当加大自上而下的视角，把握组合投资方向；在总体均衡的风格上，加大对个股和行业的优选精选、有所侧重；在优选具备长期竞争力公司的基础上，兼顾估值与盈利增长的匹配性，努力为投资者取得有竞争力的投资收益。","fund":{"_id":3000000007825,"stockCode":"007825","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-08-25T16:00:00.000Z","setUpScale":538403000,"market":"a","tickerId":7825,"name":"博道志远混合型证券投资基金","shortName":"博道志远混合(007825)","fundSecondLevel":"hybrid","__csrcFundId":6528,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:40.500Z","masterFundFlag":1,"inceptionDate":"2019-09-16T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","pinyin":"bdzyhhxzqtzjj","masterFundShortName":"博道志远混合","managers":[{"stockCode":"8801374398","stockType":"fund_manager","exchange":"fm","tickerId":252607130160,"name":"袁争光"}]},"announcement":{"linkText":"博道志远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=713479","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb137fea5b3eb04af088","date":"2021-09-29T16:00:00.000Z","stockId":3000000007825,"sao":"2021年三季度，国内经济在疫情反复和双控限电下呈现出类滞胀的局面，各大指数涨跌互现，具体而言，沪深300下跌6.85%，中证500上涨4.34%，创业板下跌6.69%。从行业来看，采掘、公用事业、有色金属、钢铁和化工等周期属性行业表现较好，食品饮料、休闲服务和医药生物等下跌明显。 宏观经济整体来看，一方面，经济增长的需求驱动力有点\"青黄不接\"，经济增长较早前出现明显放缓；但另一方面，供给侧由于能耗双控、缺煤限电等政策影响，高耗能行业产能利用率下降，工业增加值等生产指标出现明显的边际下行，供需矛盾下，使得价格进一步上行，整体经济呈现出类滞胀的格局。经济中表现相对突出的是出口仍然维持高位增长，集装箱运价指数持续上扬。三季度，本基金所持股票和可转债的仓位基本稳定。与上季度末相比，减持了机械、银行等行业，增持了电子、汽车等行业。截至季度末，持仓靠前的行业包括机械、电子、计算机、医药、食品饮料等。四季度，预计国内经济仍将进一步承压，但财政政策伴随专项债加快发行将逐渐发力，货币政策将予以配合，从紧信用向稳信用甚至宽信用过渡。此外，地产政策的严控边际可能也会有所缓和。同时，社会资金向股票市场转移的趋势预计仍将持续。在此背景下，预计股票市场以震荡为主，而宏观经济的具体走向可能是未来一段时间的关键。本轮类滞胀与以往有三点区别：一是全球性，全球经济已经出现了较明显的从复苏走向\"类滞胀\"的格局；二是国内外货币政策对本轮类滞胀的应对都相对宽松，并没有大幅收紧流动性；三是持续时间长，碳中和和疫情反复增加了全球能源体系的不稳定性，使得本轮经济周期的通胀持续时间超出预期。这些不同可能使得资本市场的表现也会有所差异，短期关注需求和涨价趋势延续的上游产业链，关注需求回升和成本缓和的中游产业链，长期关注能源转型的相关机会，诸如新能源体系建设等。本基金将继续致力于优选具有长期竞争力的股票；继续坚持自下而上与自上而下相结合的投资思路，适当加大自上而下对组合投资方向的把握；坚持有所侧重、总体均衡的配置风格，在优选具备长期竞争力公司的基础上，兼顾估值与盈利增长的匹配性，努力为投资者取得有竞争力的投资收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:51.454Z","fund":{"_id":3000000007825,"stockCode":"007825","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-08-25T16:00:00.000Z","setUpScale":538403000,"market":"a","tickerId":7825,"name":"博道志远混合型证券投资基金","shortName":"博道志远混合(007825)","fundSecondLevel":"hybrid","__csrcFundId":6528,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:40.500Z","masterFundFlag":1,"inceptionDate":"2019-09-16T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","pinyin":"bdzyhhxzqtzjj","masterFundShortName":"博道志远混合","managers":[{"stockCode":"8801374398","stockType":"fund_manager","exchange":"fm","tickerId":252607130160,"name":"袁争光"}]},"announcement":{"linkText":"博道志远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=656791","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb137fea5b3eb04af087","date":"2021-06-29T16:00:00.000Z","stockId":3000000007825,"sao":"2021年一季度经济开局良好，GDP同比增长18.3%，两年平均增长5%。受到冬春疫情考验和春节假期因素影响，一季度GDP增长略低于市场预期，整体上，宏观经济仍呈现结构不平衡的特征，但二季度开始逐渐步入收敛态势。就业、消费持续改善，出口和投资仍保持韧性，预计二季度GDP环比有望提速。通胀方面，预计美国经济下半年步入微过热，群体免疫和救助退坡将加速美国就业修复，美联储三季度引导QE Taper的概率较大，市场预计四季度开始操作，持续至明年6月左右。国内通胀相对可控，政府以保供作为抑制大宗商品价格的抓手，因涨价导致紧缩的概率不大，短期流动性预计仍将处于相对宽松状态。本轮周期可能韧性较足，预计年中新增就业可能恢复到正常水平，核心CPI有一定上行压力，把握盈利增长仍是今年投资的重点。上半年，沪深300上涨0.24%，中证500上涨6.93%，创业板指数上涨17.22%。从行业来看，电气设备、钢铁、化工等涨幅居前，家用电器、非银金融、国防军工等下跌明显。本基金上半年股票仓位有所下降，但增加了可转债仓位，维持组合的相对平衡。至半年末，持仓靠前的行业包括机械设备、计算机、电子、医药等，总体仍呈现均衡的态势，行业和个股集中度略有提升。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:51.452Z","mo":"展望未来，预计经济可能会受信用扩张放缓的影响，但随着国内外经济\"正常化\"，宏观经济维持回升的趋势不变，与经济周期相关的企业盈利回升将成为市场上的新亮点。本基金相对看好与经济周期回升相关度更高、供需格局较好的部分中游产业，以及新能源汽车、光伏、科技等部分已处于长期景气周期中的新兴产业。而具备长期竞争力的稳定增长型公司，在合理估值下，也有中长期的投资价值。本基金将继续致力于优选具有长期竞争力的股票，继续坚持自下而上与自上而下相结合的投资思路，适当加大自上而下对组合投资方向的把握；坚持有所侧重、总体均衡的配置风格，在优选具备长期竞争力公司的基础上，兼顾估值与盈利增长的匹配性。","fund":{"_id":3000000007825,"stockCode":"007825","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-08-25T16:00:00.000Z","setUpScale":538403000,"market":"a","tickerId":7825,"name":"博道志远混合型证券投资基金","shortName":"博道志远混合(007825)","fundSecondLevel":"hybrid","__csrcFundId":6528,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:40.500Z","masterFundFlag":1,"inceptionDate":"2019-09-16T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","pinyin":"bdzyhhxzqtzjj","masterFundShortName":"博道志远混合","managers":[{"stockCode":"8801374398","stockType":"fund_manager","exchange":"fm","tickerId":252607130160,"name":"袁争光"}]},"announcement":{"linkText":"博道志远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=633906","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb137fea5b3eb04af086","stockId":3000000007825,"sao":"2021年一季度，随着疫苗在国内外逐步开展接种，全球范围的新冠疫情防治战略性地进入了新阶段，管控防治效果逐步显现，这将对于全球经济、贸易、宏观政策以及人们生产生活等诸多方面都带来深远影响，也将深刻地影响到资本市场的表现。经济回升和货币宽松政策逐步退出的组合，将持续成为未来一个阶段的大背景。已披露的国内四季度GDP同比增长6.5%，超市场预期且超过潜在增速水平，但整体结构不平衡仍然明显。一季度，国内虽受散发疫情和春节因素的影响，但经济总体修复的方向未变，3月PMI重回高位。随着国内经济回升，通胀预期有所升温，市场对流动性收紧有所担忧。一季度，各大指数出现较大回调，其中，沪深300下跌3.13%，中证500下跌1.78%，创业板指下跌7.00%。从行业来看，钢铁、公用事业、银行、休闲服务等涨幅居前，国防军工、非银、通讯板块等下跌明显。展望未来，预计后续经济可能会受信用扩张放缓的影响，但随着国内外疫苗注射的进一步推进，宏观经济继续回稳的趋势不变，且全球经济复苏，出口高景气有望维持，预计宏观经济整体仍将处于较高景气区间。在全球经济复苏的背景下，尤其是疫苗推进和美国财政刺激落地后，全球复苏趋势逐渐明朗，大宗商品价格有望有所表现。此外，全球流动性收紧预期有所强化，美债收益率快速上行，对全球长久期资产估值形成一定压制。在经济回升和货币宽松政策逐步退出的大背景下，与经济周期相关的企业盈利将成为市场上新的亮点，股市风格可能会有一定程度的转变。本基金相对看好经济回升背景下的上游、中游等相关产业以及新能源汽车、光伏等部分长期景气的新兴产业的表现，而具备长期竞争力的稳定增长类型公司，在估值处于合理位置下，也有中长期的投资价值。本基金将继续致力于优选具有长期竞争力的股票，个股和行业略有集中；继续坚持自下而上与自上而下相结合的投资思路，适当加大自上而下对组合投资方向的把握；坚持有所侧重、总体均衡的配置风格，在优选具备长期竞争力公司的基础上，兼顾估值与盈利增长的匹配性。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:51.449Z","fund":{"_id":3000000007825,"stockCode":"007825","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-08-25T16:00:00.000Z","setUpScale":538403000,"market":"a","tickerId":7825,"name":"博道志远混合型证券投资基金","shortName":"博道志远混合(007825)","fundSecondLevel":"hybrid","__csrcFundId":6528,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:40.500Z","masterFundFlag":1,"inceptionDate":"2019-09-16T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","pinyin":"bdzyhhxzqtzjj","masterFundShortName":"博道志远混合","managers":[{"stockCode":"8801374398","stockType":"fund_manager","exchange":"fm","tickerId":252607130160,"name":"袁争光"}]},"announcement":{"linkText":"博道志远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=573696","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb137fea5b3eb04af085","stockId":3000000007825,"sao":"2020年，新冠疫情突然爆发，严重地冲击了全球经济秩序和人们正常的生产生活。一季度，国内GDP增速出现负增长。二季度，国内宽财政政策逐渐成为主角，宽信用持续发力，宽货币力度有所微调。三季度，国内经济进一步修复，成为全球主要经济体的亮点，出口表现亮眼。四季度，宏观经济持续修复。全年股票市场在跌宕中上涨。一季度股指随着疫情国内外的蔓延遭遇两度下跌，随后在全球宽松和国内经济强势修复中回升并持续上涨。全年来看，沪深300上涨27.21%，中证500上涨20.87%，创业板上涨64.96%。从行业来看，结构分化明显。休闲服务、电气设备等，涨幅超过80%；房地产、通信、建筑装饰和纺织服装等表现欠佳。本基金在报告期内，股票仓位总体稳定。基于对经济复苏趋势延续及中长期的判断，采取消费、成长与周期并重的策略，主要配置了机械、计算机、食品饮料、汽车、医药等行业，组合总体呈均衡之势。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:51.447Z","mo":"展望2021年，库存周期和资本开支周期有望向上，周期回升可能是经济的主旋律。宽松政策力度在经济修复的背景下温和调整，\"不急转弯\"意味着系统性影响相对可控。细分的消费、出口和制造业投资等领域可能具备中期的投资线索，新能源、科技创新则是未来几年不变的大方向。本基金将继续优选具有长期竞争力的股票，坚持自下而上与自上而下相结合的投资思路。自下而上方面，以基本面为基础兼顾估值，优选个股与行业。自上而下方面，持续对宏观、流动性、估值等因素给予关注，寻找市场的主要矛盾，对仓位和配置方向更加有所侧重。","fund":{"_id":3000000007825,"stockCode":"007825","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-08-25T16:00:00.000Z","setUpScale":538403000,"market":"a","tickerId":7825,"name":"博道志远混合型证券投资基金","shortName":"博道志远混合(007825)","fundSecondLevel":"hybrid","__csrcFundId":6528,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:40.500Z","masterFundFlag":1,"inceptionDate":"2019-09-16T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","pinyin":"bdzyhhxzqtzjj","masterFundShortName":"博道志远混合","managers":[{"stockCode":"8801374398","stockType":"fund_manager",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