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端，从绝对不可能到没有不可能。相对而言，我们全年保持一致的观点和操作思路，沿着经济社会正常化的主线出发，在市场极端悲观的时候进行了既定的加仓动作，从均值回归的角度来看，全年获得了合理的超额收益。这种超额收益有偶然成份，所以我们需重申2022年四季报里的观点，这样的超额收益在一定阶段内是不可持续的。但在长周期里，这样的超额反而是比较稳定的，因为它来源于群体行为的反身性本身，而不是来自于具体的事件导火索。相对于过去几年成长投资方法占据绝对话语权的局面，2022年的市场里明显有了不同的声音。正如在2022年一季报里描述的：“值得注意是，从去年四季度开始，市场出现了与过去两三年不太一致的行为模式，比如尝试对部分周期行业的长期稳定性进行讨论，对困境行业的反转赔率而不是胜率给予更重要的定价权重等等。抛开对错不谈，这些行为发生的本身代表着市场的定价模型逐渐从较为单一化向多元化改变。我们认为多元化定价的市场是更为健康而生机勃勃的。”多元的定价模式在2022年的后几个季度越发明显，很多优秀的投资者以很低的波动获得了比我们好很多的回报。这让我们由衷地敬佩赞叹，因为有更多值得学习和借鉴的方向永远都是好事，也是我们进步的动力。事实上，由于股价改变的基本动力是投资者的决策和行为认知发生改变。因此市场的独立思考者越少，市场就越容易累积风险而被群体的反身性定价。对于投资人而言，能够有多种底层思路不一样的投资策略供选择是真正能系统性提高夏普的路径。分散化的核心在于低相关而不是数量多，而能从低相关获益的核心在于时间价值。这是市场上一种最普遍但又最昂贵的价值。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:58.366Z","mo":"对于2023年，市场目前的一致预期是中国经济弱复苏和海外浅衰退。其中存在的分歧点主要集中于国内的政策刺激力度和海外通胀的粘性。对于这两点，我们倾向于认为会有较强的刺激以及通胀会有较长的持续性。不过，对于该类问题，保持跟踪显然比预判更重要。2022年市场跌宕起伏，2023年应该也不会简单，市场上总是发生着从来没发生过的事情。我们保持期待，也做好准备。","fund":{"_id":3000000008099,"__csrcFundId":7357,"stockCode":"008099","name":"广发价值领先混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8099,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:04:32.464Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-06T16:00:00.000Z","shortName":"广发价值领先混合(008099)","followedNum":151,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发价值领先混合","memoNum":2,"setUpDate":"2020-05-06T16:00:00.000Z","setUpAssetScale":870405196.13,"setUpShares":870405196.13,"pinyin":"gfjzlxhhxzqtzjj","managers":[{"stockCode":"8801398534","stockType":"fund_manager","exchange":"fm","tickerId":122518150010,"name":"林英睿"}]},"announcement":{"linkText":"广发价值领先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=864487","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb567fea5b3eb04b3794","date":"2022-09-29T16:00:00.000Z","stockId":3000000008099,"sao":"2022年三季度，市场整体处于一个下行趋势，各类指数均有一定的跌幅。在海外货币政策收紧、地缘政治紧张以及国内经济周期底部震荡和疫情散发等多重影响下，市场情绪比较悲观。与过往一样，在周期上行的时候，我们会把成长的久期定价到永远，而在周期下行的时候，我们也会把困难的程度放大到无穷。目前市场估值处于历史底部区域，特别是以大盘价值风格为代表的资产已经具备历史级别的性价比。过去一个季度，我们不断提高股票仓位，在未来较长一段时间内都可能会维持较高仓位，因此净值波动率较之前也会有一定提升。在过去一年多的时间里，我们一直在提醒持有人注意结构性的高估值风险并降低预期收益率。在现在这个时点，我们认为，负债端没有流动性约束的投资者可以积极起来，适当提升未来两年的预期收益率。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:58.363Z","fund":{"_id":3000000008099,"__csrcFundId":7357,"stockCode":"008099","name":"广发价值领先混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8099,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:04:32.464Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-06T16:00:00.000Z","shortName":"广发价值领先混合(008099)","followedNum":151,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发价值领先混合","memoNum":2,"setUpDate":"2020-05-06T16:00:00.000Z","setUpAssetScale":870405196.13,"setUpShares":870405196.13,"pinyin":"gfjzlxhhxzqtzjj","managers":[{"stockCode":"8801398534","stockType":"fund_manager","exchange":"fm","tickerId":122518150010,"name":"林英睿"}]},"announcement":{"linkText":"广发价值领先混合型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=805106","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb567fea5b3eb04b3793","date":"2022-06-29T16:00:00.000Z","stockId":3000000008099,"sao":"2022年上半年是跌宕起伏的半年，市场风格在正负一两个标准差之间迅速切换，再次验证了我们之前对底层资产蕴含高波动性的判断。4月底，A股触底反弹后，景气投资从一季度的彷徨中走了出来，再次证明了自己并成为市场最受关注的“主角”。从市场表现和投资者行为来看，未来的广阔空间、当下的高频正面数据与股价动量不断交叉验证，阶段性的相关关系被解读为因果关系。对于尾部风险，一般正确的处理方式是购买“保险”（例如衍生品等），但这对公募基金而言并不适用。因此，我们在4-6月依然采取保持关注但并不参与的策略。理查德.费曼曾说过：“我能带着疑问、不确定性和无知活着。比起知道一些可能错误的答案，还是不知道答案的生活更有趣。我们有些近似的答案，对于各种问题也有些确定程度或高或低的合理信念，但我们不会绝对相信任何事情。”对于最近一段时间发生的小概率事件，实事求是地讲，我们不太理解。在投资上，对于两三个标准差之外的事件，最正确的处理方式是什么我们也不太确定，但大概率不正确的事情是在极端位置火上浇油。我们并不会因为最近一个季度发生的事情而改变之前置信度更高的一些想法和做法。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:58.361Z","mo":"这几年定期报告的观点，除了想说清楚我们的投资框架和策略，还想反复传递的观点是——匹配的重要性：“我们希望组合的资产端和负债端能更加匹配。财富管理行业发展空间巨大，在权益市场有非常多长期表现好并且相关性不高的策略，条条大路通罗马。我们会坚持当前的策略，也希望投资者能够认知和理解我们的做法，从而做出选择。”这是我们在2021年基金三季报中提到的，关于资产端和负债端的匹配。2021年四季报里对资产端的管理思路再一次做了清晰的阐述：“面临着市场的变化以及不同的约束条件，我们需要做的是不断的优化迭代，在保持策略核心的稳定性的同时，不断增加策略的适应性，不漂移也不躺平，力求给持有人更好的投资体验。”投资方法要尽量和自己的性格匹配，资产端和负债端要尽量匹配，预期收益率要和能承担的波动匹配等等。在百千万人参与的活动里，一般很难说只有一条唯一正确的路，无论是社会学还是金融学。最后，我们想提请投资者再次审视自己的风险特征，留意自己获得的收益率和承担的波动之间是否真正匹配。","fund":{"_id":3000000008099,"__csrcFundId":7357,"stockCode":"008099","name":"广发价值领先混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8099,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:04:32.464Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-06T16:00:00.000Z","shortName":"广发价值领先混合(008099)","followedNum":151,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发价值领先混合","memoNum":2,"setUpDate":"2020-05-06T16:00:00.000Z","setUpAssetScale":870405196.13,"setUpShares":870405196.13,"pinyin":"gfjzl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投资思路的出发点 --- 追求风险调整后的收益率过去十多年，A股指数（Wind全A）复合收益率是8%左右，偏股基金指数的收益率是10%左右。从收益率角度看，A股在全球大类资产中属于非常好的品种，所以，近几年外资也在持续流入A股市场。当然，我们同样观察到，A股指数和基金收益的波动率、回撤频率和幅度也都较高。在这样的资产特征下，叠加部分基民喜欢追逐市场热点、持有周期不长等交易行为，可能导致大部分基民持有基金的实际回报，远低于基金净值增长率。客观来说，基金经理很难去预期基金持有人的申赎节奏、持有期限。作为管理人，我们选择从资产端的角度，努力去构造一条相对低波动、较小回撤、长期收益还不错的净值曲线，希望能让持有人买入持有一定时间后，能够有切实的获得感。2. 投资框架的落脚点 ---“经典”的价值投资高夏普的权益投资策略一般分为两类，一类是主要由技术面因子贡献阿尔法的高频量化对冲，一类是主要由价值因子贡献阿尔法的均值回归策略。这两类都是经历了中长周期考验的主流策略类别。我们过去几年采用的主策略是第二类，其属于经典的“困境反转策略”。在我们看来，投资底部反转行业在收益率端有明显的天然优点：安全边际高，赔率较高。两者结合，拉长来看，就是优秀的夏普比。但是，这种策略也有两点与生俱来的问题：一是价值陷阱问题；二是低效问题。前者是体现有没有主动管理能力的重要指标，而后者则属于策略成本。也就是说，我们希望通过主动管理能力，选择便宜且有价值的品种，尽可能克服第一点。但是，我们很难去判断均值回归发生的时间点。而且，即使在准确率足够高的情况下，我们判断能够均值回归的品种，也不可能是排着队一个接一个迎来均值修复。基金的净值曲线也呈现了上述的特性：拉长时间看，产品具有低波动、低回撤、高夏普的特点，但是在中间某一个较长阶段绝对收益或者相对收益表现一般。简单说就是，基金净值在经历一波上涨后，会有一段时间步入净值平稳或者小幅回调的阶段。因此，我们认为，这种策略更适合作为权益市场参与者长期投资的底仓选择，而不是短期的交易品种。3. 投资策略的进化方向 --- 优化与迭代我很敬佩的一位同行说过：“一个优秀的基金经理一定会在一些时刻跟全市场对抗”。而“均值回归策略”则可能是经常跟市场对抗，所以可能抗压能力是最主要的阿尔法来源。基于主策略的稳定性以及重复可验证，从2015年做投资开始，我们就坚定地采用这套主策略管理组合，从市场中寻找均值回归的方向，然后耐心等待价值回归。除此以外，我们也尝试从各个角度优化策略。从逻辑角度来看，要优化一个策略主要有两种途径，一种是类似工程师的动态调参，根据不同的市场状态去调整策略的主要参数；另一种是加入辅助策略，帮助主策略度过不适期。最近三年，我们在这两个方面都做了很多工作，也取得了不少进展。但我们发现，大部分能有效缩短平稳期的方法，往往也会造成上升期的斜率下降，也就是会影响到基金的收益率。 总而言之，我们希望能够给投资者提供一些平静而有力量的策略和产品，希望能够尽力去明晰投资中科学与艺术的边界，努力为持有人带来稳定、可解释、可复制的收益。","fund":{"_id":3000000008099,"__csrcFundId":7357,"stockCode":"008099","name":"广发价值领先混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8099,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:04:32.464Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-06T16:00:00.000Z","shortName":"广发价值领先混合(008099)","followedNum":151,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发价值领先混合","memoNum":2,"setUpDate":"2020-05-06T16:00:00.000Z","setUpAssetScale":870405196.13,"setUpShares":870405196.13,"pinyin":"gfjzlxhhxzqtzjj","managers":[{"stockCode":"8801398534","stockType":"fund_manager","exchange":"fm","tickerId":122518150010,"name":"林英睿"}]},"announcement":{"linkText":"广发价值领先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=628532","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb567fea5b3eb04b378e","stockId":3000000008099,"sao":"一季度市场风格大幅震荡，成长和价值风格的收益差异在2020年12月陡然拉大后，在1月以几乎相同速度走阔，而在2月中旬到季末以更快的速度修复。我们重点布局的以周期金融为代表的顺周期行业，走出了较为明显的相对收益。值得一提的是，我们在港股低估值领域的布局取得了较好的阶段性回报，未来会持续把一定仓位暴露在港股的价值风格中，因为在风格正常化的过程中，港股不乏潜在收益率更为优异的品种。我们一直认为，市场是一面镜子，不仅反映了基本面情况，更反映了人性在面对波动时的原始冲动。市场交易的并不是未来，而是对于未来不确定性的不同认知。而面临不确定性时，人类原始动物精神的大幅波动可能正是亏损的主要来源之一。虽然我们从2020年下半年开始一直看好价值风格的回归，但是这种回归应该不是一蹴而就的，中间会经历各种各样的挑战和反复。我们很难去预测其中的节奏和幅度，只能在中高频宏观经济数据里寻找线索，客观评判价格和价值的差异，耐心守候均值回归。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:58.347Z","fund":{"_id":3000000008099,"__csrcFundId":7357,"stockCode":"008099","name":"广发价值领先混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8099,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:04:32.464Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-06T16:00:00.000Z","shortName":"广发价值领先混合(008099)","followedNum":151,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发价值领先混合","memoNum":2,"setUpDate":"2020-05-06T16:00:00.000Z","setUpAssetScale":870405196.13,"setUpShares":870405196.13,"pinyin":"gfjzlxhhxzqtzjj","managers":[{"stockCode":"8801398534","stockType":"fund_manager","exchange":"fm","tickerId":122518150010,"name":"林英睿"}]},"announcement":{"linkText":"广发价值领先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=568575","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb567fea5b3eb04b378d","stockId":3000000008099,"sao":"2020年市场呈现趋势性上涨走势，一季度市场主要受疫情蔓延影响出现较大回调，二季度随着全球政府在货币政策和财政政策上发力，市场逐渐走出对新冠疫情的恐慌，开始对流动性宽松环境定价，最终全年各类风格指数均出现一定的涨幅，成长风格远优于价值风格。以半导体、医药、新能源等为代表的处于较高估值的成长板块轮番上行，并与基金份额增长形成了正反馈。尽管价值风格在近两年表现欠佳，但我们对高估值板块保持敬畏和谨慎，因为波动和回撤对于复利的影响巨大。本基金在建仓完成后一直保持高仓位运行，结构上仍然紧扣具备成长空间的低估值领域。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:58.345Z","mo":"展望2021年，我们认为全球经济将逐步走出阴霾，货币环境会维持较为宽松的状态，但是对政策回归正常的讨论会更加频繁。目前大部分的行业已处于高估值区域，我们很难在这些板块找到未来三年能有较好回报率的标的。投资者需要严肃地思考关于降低预期回报的问题。在结构上，我们认为2021年价值风格会全面跑赢。中国仍然是一个中高增速的经济体，我们相信对于绝大部分行业和领域，回报率的均值回归大概率会发生。特别是在港股能够发现不少优质且低估的投资机会，我们会保持一定的港股仓位。","fund":{"_id":3000000008099,"__csrcFundId":7357,"stockCode":"008099","name":"广发价值领先混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8099,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:04:32.464Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-06T16:00:00.000Z","shortName":"广发价值领先混合(008099)","followedNum":151,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发价值领先混合","memoNum":2,"setUpDate":"2020-05-06T16:00:00.000Z","setUpAssetScale":870405196.13,"setUpShares":870405196.13,"pinyin":"gfjzlxhhxzqtzjj","managers":[{"stockCode":"8801398534","stockType":"fund_manager","exchange":"fm","tickerId":122518150010,"name":"林英睿"}]},"announcement":{"linkText":"广发价值领先混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=554300","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb567fea5b3eb04b378c","stockId":3000000008099,"sao":"本季度市场上行后震荡，各类风格指数均出现一定的涨幅，特别值得注意的是低估值行业明显修复。已经企稳的经济持续显现复苏，供需分化持续收敛，服务业加速修复，内生增长动能不断释放。流动性方面明显从宽货币走向宽信用，表内表外均在修复，同时信贷新增呈现长期化趋势，尤其是企业端长期贷款新增量强劲，面对消费需求的回升，长期来看企业投资信心程度得到恢复。本季度我们加大了对顺周期方向的配置，仓位在高位水平，结构仍然紧扣具备成长空间的低估值领域。展望四季度，我们认为在疫情没有大规模复发的前提下，有可能会出现经济加速复苏同时货币环境保持较为宽松的状态，大类资产中权益市场和商品市场占优，低估值行业可能迎来表现领先的时刻。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:58.342Z","fund":{"_id":3000000008099,"__csrcFundId":7357,"stockCode":"008099","name":"广发价值领先混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8099,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:04:32.464Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-06T16:00:00.000Z","shortName":"广发价值领先混合(008099)","followedNum":151,"fundCollect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