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值以及全球经济放缓的担忧。整体来说，内部环境和外部环境都不利于股票市场的表现，导致市场出现了较大调整。报告期内，本基金基于行业基本面的发展趋势和公司估值水平，重点配置了诸如银行、交通运输、食品饮料等价值风格的行业，一定程度上降低了净值的回撤。本基金重点关注上市公司盈利能力的持续性，注重估值水平与股价位置的合理匹配，优先倾向于配置具备一定安全边际的优质公司。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:33.475Z","mo":"展望2023年，防疫政策的转向以及“稳增长”预期的逐步落地，我们对国内经济增长持乐观态度。经济层面的温和复苏使得企业盈利修复，同时国内暂无通胀方面的压力，预计流动性维持相对宽松的状态，整体环境利好A股市场的表现。海外方面，美联储加息也有望在下半年告一段落，美国经济也将呈现出一定的韧性。行业层面，我们认为受益于消费复苏和经济复苏的食品饮料，受益于地产竣工修复的建材家居行业，以及宏观复苏利好的化工等周期行业有望取得一定的超额收益。同时在成长股领域，值得密切关注技术创新方向带来的相关产业链投资机会，关注盈利与估值水平匹配的优质公司的布局机会。","fund":{"_id":3000000008261,"__csrcFundId":7358,"stockCode":"008261","name":"招商研究优选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":8261,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:09:33.622Z","status":"normal","exchange":"jj","inceptionDate":"2020-04-20T16:00:00.000Z","shortName":"招商研究优选股票(008261)","followedNum":7,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商研究优选股票","setUpDate":"2020-04-20T16:00:00.000Z","setUpAssetScale":1069512672.15,"setUpShares":1069512672.15,"pinyin":"zsyjyxgpxzqtzjj","managers":[{"stockCode":"db20547659","stockType":"fund_manager","exchange":"fm","tickerId":1203170010,"name":"梁辰"}]},"announcement":{"linkText":"招商研究优选股票型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=866884","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb797fea5b3eb04b64a2","date":"2022-09-29T16:00:00.000Z","stockId":3000000008261,"sao":"三季度，A股市场于7月初阶段性触顶回落，随后进入震荡态势。海外方面，地缘冲突进一步升级，美联储加快加息，欧洲能源危机引发担忧，流动性环境收缩和风险事件的影响持续，市场风险偏好受到压制；国内方面，疫情持续制约消费，出口景气回落，经济修复需要更长时间。基于较为复杂的国内外环境，认为可能并不是将策略从防御转为大举进攻的较好时机，组合相对来说仍较为关注偏防御性质的板块，同时也密切跟踪经济恢复程度、“稳增长”政策、疫情进展及管控变化、市场情绪多方面因素进行综合考量，及时调整优化组合。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:33.472Z","fund":{"_id":3000000008261,"__csrcFundId":7358,"stockCode":"008261","name":"招商研究优选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":8261,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:09:33.622Z","status":"normal","exchange":"jj","inceptionDate":"2020-04-20T16:00:00.000Z","shortName":"招商研究优选股票(008261)","followedNum":7,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商研究优选股票","setUpDate":"2020-04-20T16:00:00.000Z","setUpAssetScale":1069512672.15,"setUpShares":1069512672.15,"pinyin":"zsyjyxgpxzqtzjj","managers":[{"stockCode":"db20547659","stockType":"fund_manager","exchange":"fm","tickerId":1203170010,"name":"梁辰"}]},"announcement":{"linkText":"招商研究优选股票型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=803996","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb797fea5b3eb04b64a1","date":"2022-06-29T16:00:00.000Z","stockId":3000000008261,"sao":"上半年宏观经济形势回顾:2022上半年，一季度、二季度GDP分别同比增长4.8%、0.4%，PMI在3、4月份明显下滑，触底后6月恢复至扩张区间，但7月份又重新回落至收缩区间。其中，3、4月份的冲击主要来源于疫情此起彼伏的爆发，5、6月随着疫情逐步减轻，经济短期出现疫后复苏的“爬坑”状态，但7月的PMI再度回落至收缩区间，表明经济内生动力依然不足。此外，受到2月份俄乌冲突的影响，能源、农产品供需紧张而带动全球通胀持续上行，也给经济带来压力。从结构上看，上半年消费整体走势呈“V”型，与疫情变化相关度较高，在4月份触底而在5、6月份逐步回升，但由于当前仍一直有疫情压力、且居民收入也在一定程度上受到影响，消费复苏动能较弱。出口方面，由于国内供应链仍有一定比较优势、且海外需求尚未明显下移，上半年整体较为稳健，4月份受到疫情扰动有所下滑。投资方面，上半年固定资产投资整体增速持续下滑；其中房地产在去杠杆的下行大周期背景下，销售、开工数据持续恶化，带来房地产投资持续下滑；制造业投资也处于持续下滑状态；仅基建投资作为逆周期托底抓手表现相对亮眼。上半年流动性持续宽松，并在疫情影响最大的二季度加大货币政策力度以支持实体，DR007在4月份开始大幅下探，目前处于1.6%左右的低位水平，维持平稳宽松状态；金融数据方面，虽然社融存量增速有所扩大，但结构表现较差，体现了实体经济依然羸弱。 市场回顾：今年上半年，万得全A、上证综指、沪深300、创业板指分别下跌9.53%、6.63%、9.22%、15.41%。分阶段来看，由于疫情反复、俄乌冲突等多重因素影响，年初至4月下旬市场持续下行，而后随着政策利好释放、疫情缓解、流动性进一步充裕，5、6月份市场有所反弹。分行业来看，上半年表现相对靠前的板块主要是煤炭、交运、房地产等顺周期板块，主要受益于稳增长预期和大宗商品涨价预期；而跌幅靠前的板块主要有电子、计算机、传媒等板块。基金操作回顾：本基金的主要配置资产为股票。2022年上半年，我们严格遵照基金合同的相关约定，按照既定的投资流程进行了规范运作。在权益部分保持对银行、地产、煤炭的超配，并在5月底加仓航空酒店等疫后复苏和白酒等可选消费。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:33.469Z","mo":"下半年宏观经济的表现需要取决于疫情、地产、海外三个重要因素。疫情方面，若下半年再出现恶化则仍可能带来冲击，但随着各地政策对新常态管控模式的优化以及疫苗接种、特效药的研制进度推进，预计疫情的影响将较上半年更小，消费存在边际修复可能，但在居民收入依然承压的背景下修复空间有限。地产方面，预计政策方面更多是从保交付、民生层面的托底，但产业景气度仍在磨底过程，后续走势依然存在不确定性。海外方面，在海外央行前期高强度加息带来经济周期回落、以及俄乌地缘冲突等带来供应链受阻等多重的影响下，由滞涨转向衰退的风险在增加，对我国出口的拉动作用有限。从政策方面看，预计更多是有赖于前期已出台政策的见效落实方面下手。在经济基本面弱与流动性充裕的背景下，我们认为股票市场依然有可以挖掘的结构性机会，需要关注宏观因素影响下的市场情绪的变化。","fund":{"_id":3000000008261,"__csrcFundId":7358,"stockCode":"008261","name":"招商研究优选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":8261,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:09:33.622Z","status":"normal","exchange":"jj","inceptionDate":"2020-04-20T16:00:00.000Z","shortName":"招商研究优选股票(008261)","followedNum":7,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商研究优选股票","setUpDate":"2020-04-20T16:00:00.000Z","setUpAssetScale":1069512672.15,"setUpShares":1069512672.15,"pinyin":"zsyjyxgpxzqtzjj","managers":[{"stockCode":"db20547659","stockType":"fund_manager","exchange":"fm","tickerId":1203170010,"name":"梁辰"}]},"announcement":{"linkText":"招商研究优选股票型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=781464","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb797fea5b3eb04b64a0","date":"2022-03-30T16:00:00.000Z","stockId":3000000008261,"sao":"2022年1季度，国内国外形势错综复杂，对经济造成较大压力，虽然两会对经济增速定调较高，但一季度政策执行上依然低于市场预期。1-2月PMI数据反映我国制造业持续恢复，伴随稳增长政策加码，市场需求有所改善，但3月数据全面回落，主要来自（1）国内疫情扩散，部分地区停工停产；（2）地缘冲突、海外供应链恢复增大出口压力；（3）输入性通胀再起，中下游企业利润再度压缩。另一方面，新增专项债发行规模同比大增和各地重大项目集中开工推动基建投资反弹，地产的风险依然没有显著好转，一些民营地产企业违约的风险依然存在，销售端的低迷加剧了地产公司的财务问题。出口在前两个月受价格影响，金额数据看上去不错，但随着海外疫情修复，出口订单开始出现回落。消费则受疫情的影响更大，春节前后多地反复出现病例，3月份深圳、上海疫情加剧都严重抑制了消费。海外俄乌冲突导致大宗商品价格快速上涨，也影响了我国的能源、食品价格。总的来说，一季度经济增速承压但价格也受到一定上涨压力，这种结构对于市场来说较差。数据中唯一的亮点在于金融数据，信贷增速和社融增速都有明显的上升，意味着宽信用正在路上。市场回顾：1季度债券市场收益率震荡为主，开年市场反映了货币宽松的预期，随着金融数据的发力，市场逐步开始担忧宽信用兑现，收益率出现上行，随着俄乌冲突和国内疫情影响收益率再次小幅下行。1季度股票市场单边下行，煤炭、大金融板块显著跑赢市场。截止季度末，上证综指录得10.65%的跌幅，创业板下跌19.96%。基金操作回顾：本基金的主要配置资产为股票。2022年1季度，我们严格遵照基金合同的相关约定，按照既定的投资流程进行了规范运作。在权益部分基于对市场相对谨慎的判断降低仓位，超配银行特别是大行增强防御性，同时基于稳增长的政策预期增持地产和煤炭，买入机场和酒店等疫后复苏板块，减持电动车和风电等高估值板块。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:33.467Z","fund":{"_id":3000000008261,"__csrcFundId":7358,"stockCode":"008261","name":"招商研究优选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":8261,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:09:33.622Z","status":"normal","exchange":"jj","inceptionDate":"2020-04-20T16:00:00.000Z","shortName":"招商研究优选股票(008261)","followedNum":7,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商研究优选股票","setUpDate":"2020-04-20T16:00:00.000Z","setUpAssetScale":1069512672.15,"setUpShares":1069512672.15,"pinyin":"zsyjyxgpxzqtzjj","managers":[{"stockCode":"db20547659","stockType":"fund_manager","exchange":"fm","tickerId":1203170010,"name":"梁辰"}]},"announcement":{"linkText":"招商研究优选股票型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=724034","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb797fea5b3eb04b649f","date":"2021-12-30T16:00:00.000Z","stockId":3000000008261,"sao":"2021年得益于我国政府在防治新冠疫情中的突出表现，国内生产开工明显受影响较海外少，海外供应链的不足使得中国出口持续超预期并拉动了整体经济。基建投资增速全年低位徘徊，房地产投资增速下半年下滑较快，制造业投资成为拉动固定投资增长的重要力量。海外疫情蔓延和供需缺口的持续存在，使得中国净出口再次实现了超预期增长。从生产端看，2021年中国工业经济保持稳定复苏态势；服务业复苏易受疫情扰动、结构分化明显。消费增速总体处于复苏进程中，发挥了稳定经济增长的基础性作用，但受疫情影响消费增速波动明显加大，部分必须物品消费占比和网上零售额占比较疫情前明显提升。CPI同比呈现温和上扬趋势，PPI同比因为供给侧受限而在10月达到13.5%的超高水平、一度令市场产生滞胀担忧，但之后受政策保供稳价影响开始逐步缓解。从全年来看，货币政策依然保持了偏松、趋松的态势，央行综合运用多种工具投放流动性，且在2021年7月和12月两次进行降准，每次各降准0.5个百分点、一共释放了约2.2万亿长期资金，12月20日还下调了1年期LPR报价利率5bps、为时隔19个月后的再次调整；得益于央行在二季度末、三季度初的积极鼓励政策和财政地方债发力的后置，社融增速自10月开始企稳回升。与此同时，财政政策显得发力不足、且节奏明显后置，从总量来看，2021年的赤字率和专项债额度分别为3.2%和3.65万亿、较2020年略偏低；从实际执行情况来看，2021年广义财政支出同比仅-1%，较名义GDP同比12.8%明显偏低；从地方债发行的节奏来看，上半年明显偏低，到三四季度才开始逐步发力应对经济下行压力。市场回顾：股票市场方面，市场结构分化明显，节奏一波三折。开年首先按照惯例呈现了春季躁动，而后伴随美债利率上行杀估值的担忧逐渐显现，春节后股市迎来一波以创业板指为代表的明显回调；而后随着流动性预期缓解及基本面预期的改善，股指再拾升势。从全年最终结果来看，全年万得全A、沪深300、创业板指的涨跌幅分别为9.17%、-5.20%和12.02%；其中，新能源车产业链表现最为亮眼，此外钢铁、煤炭等板块受益于供给侧逻辑也表现较好；但由于地产政策、房企风险事件等带来的基本面及预期的负面影响，地产链整体表现不佳。基金操作回顾：本基金的主要配置资产为股票。2021年，我们严格遵照基金合同的相关约定，按照既定的投资流程进行了规范运作。对权益部分保持较高仓位，逐步减持光伏、风电和电动车等景气度高、增速快、需求好的个股，并防御性配置了银行、地产等稳增长板块，以平抑组合波动。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:33.464Z","mo":"展望2022年，经济压力大已经成为各方共识，需求不足可能替代供给冲击成为主要矛盾。中国宏观经济最重要的目标就是一个字“稳”，全力“稳增长”的三板斧就是放水、松地产和扩基建。政策面和流动性看，2022年以稳为主，货币政策和财政政策仍将稳中偏松，预示流动性仍将比较充裕，市场总体“不差钱”，这将对股票和债券构成有力支撑，房地产调控有望进一步纠偏和松动，保障房是一大亮点。通胀方面，CPI上同时PPI下，CPI-PPI剪刀差缩窄，利润会从上游往中下游传导。基本面看，我们认为需要关注三个矛盾和四个机会，三个矛盾依次是短期松地产vs中长期积极转型、短期控通胀vs中长期双碳目标以及我国货币松vs全球流动性退潮，四个机会分别是基建地产稳增长链条，利润的上中下游传导，双碳目标的行业机会，共同富裕的消费趋势。这种综合背景之下，预计我国的债市利率在稳增长预期逐步见效和海外利率上行的情况下可能呈现走高的趋势；而股市一方面由于过去两年的结构分化较为极端而可能产生均衡回归的走向，另一方面在年初杀跌以后、部分基本面趋势向好的板块仍可能在后续出现股价上行机会，预计全年始终存在结构性机会。","fund":{"_id":3000000008261,"__csrcFundId":7358,"stockCode":"008261","name":"招商研究优选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":8261,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:09:33.622Z","status":"normal","exchange":"jj","inceptionDate":"2020-04-20T16:00:00.000Z","shortName":"招商研究优选股票(008261)","followedNum":7,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商研究优选股票","setUpDate":"2020-04-20T16:00:00.000Z","setUpAssetScale":1069512672.15,"setUpShares":1069512672.15,"pinyin":"zsyjyxgpxzqtzjj","managers":[{"stockCode":"db20547659","stockType":"fund_manager","exchange":"fm","tickerId":1203170010,"name":"梁辰"}]},"announcement":{"linkText":"招商研究优选股票型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=712042","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb797fea5b3eb04b649e","date":"2021-09-29T16:00:00.000Z","stockId":3000000008261,"sao":"2021年3季度，国内宏观经济多项指标不断下探。官方制造业PMI一路下行至49.6、跌破荣枯线；经济结构方面，地产数据全面走弱且走弱幅度扩大，消费也继续走弱且走弱幅度扩大，基建投资继续走弱，制造业投资当中和高耗能相关的行业也偏弱。分析后会发现，3季度经济走弱的原因和短期因素的扰动以及中长期政策的短期阶段性影响均有关系。一方面，3季度部分地区面临零散疫情的反复和洪水灾害、影响了部分区域经济；另一方面，一些中长期有利于经济健康发展的政策（如高耗能行业的限产、地产和地方债务信用的管控等）也产生了对经济的阶段性影响。此外，我们还看到由于上游资源品供需失衡，不少大宗商品涨价持续强度和幅度均超出预期，PPI同比在8月已经突破了前期5月高点、高达9.5%。面临经济的下行压力和部分上游资源品的涨价压力，月底以来多个政策制定部门或机构频繁发声，包括央行强调维护房地产市场健康发展，包括国务院、发改委强调全力增加电力供应保障能力等。往前看，短期经济仍有下行可能，政策积极信号的累积和执行为未来托底经济提供保障。回顾3季度，上证综指录得-0.64%的微跌幅，创业板指则下跌6.69%。分行业来看，采掘、公用事业、有色金属等上游原材料领域板块涨幅明显，医药、休闲服务、食品饮料等大消费范畴的板块则因基本面偏弱而表现较差。本基金的主要配置资产为股票。2021年3季度，我们严格遵照基金合同的相关约定，按照既定的投资流程进行了规范运作。在权益部分维持了长期方向明确的新能源和电动车的配置比例，加仓上游涨价周期如煤炭等。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:33.462Z","fund":{"_id":3000000008261,"__csrcFundId":7358,"stockCode":"008261","name":"招商研究优选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":8261,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:09:33.622Z","status":"normal","exchange":"jj","inceptionDate":"2020-04-20T16:00:00.000Z","shortName":"招商研究优选股票(008261)","followedNum":7,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商研究优选股票","setUpDate":"2020-04-20T16:00:00.000Z","setUpAssetScale":1069512672.15,"setUpShares":1069512672.15,"pinyin":"zsyjyxgpxzqtzjj","managers":[{"stockCode":"db20547659","stockType":"fund_manager","exchange":"fm","tickerId":1203170010,"name":"梁辰"}]},"announcement":{"linkText":"招商研究优选股票型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=651262","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb797fea5b3eb04b649d","date":"2021-06-29T16:00:00.000Z","stockId":3000000008261,"sao":"2021年上半年，国内经济仍处于较去年修复、短期出现弱势迹象的状态，与此同时结构依然不够均衡，制造业投资和消费远不及疫情前水平。制造业PMI在整个上半年均处于荣枯线以上的扩张区间，数值从二季度以来见顶回落，但幅度不大。从结构上看，上半年的地产投资增长韧性依然亮眼，制造业投资在企业信心修复和政策鼓励帮扶的背景下进一步向上修复，基建投资虽然2年复合累计增速保持相对平稳，但相较经济总量依然偏弱，社会消费品零售总额所代表的消费也进一步向上修复，出口增速也整体保持强韧。金融数据整体来看依然表现出实体经济需求不错的状态，但在二季度开始有逐步需求走弱的苗头，需要持续跟踪。上半年货币政策维持稳健，年初资金水平有所抬升，3月底开始转向回落，且较低的利率水平维持到了5月底，6月小幅回升。央行自3月开始公开市场操作上以小额操作为主，基本零投放。市场回顾：回顾上半年，上证综指上涨3.40%，创业板指上涨17.22%。分行业来看，电气设备、钢铁、化工等板块涨幅明显，家电、非银、军工等传统板块则跌幅靠前，碳中和成为今年一道亮丽的投资主线。基金操作回顾：本基金的主要配置资产为股票。2021年上半年，我们严格遵照基金合同的相关约定，按照既定的投资流程进行了规范运作。目前组合仓位分布在银行、航空和电力等顺周期偏防御行业，成长方向主要配置电动车。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:33.459Z","mo":"2021年下半年，我们认为经济仍将环比继续恢复，但动能可能较上半年有所减弱。伴随专项债陆续发放，制造业投资有望形成有力支撑，叠加价格因素逐步回落，从而促发相关企业盈利出现改善。由于变异毒株的散点式爆发，消费的复苏则需要更长的时间，下半年或很难看到明显的回升；地产在三条红线的压力下或难有表现。另一方面，考虑到海外疫苗陆续接种和正常复工复产，供给的替代效应导致上半年受益于欧美经济恢复的出口数据或存在不确定性。今年做投资需要特别重视国内相关产业政策的变化，代表新经济的电动车、光伏和半导体显然是更友好的方向。流动性方面，7月初的降准给市场带来很多遐想空间，在此背景下，结构性行情或将持续，通过行业比较寻找中长期优质的成长股是我们的重点工作。","fund":{"_id":3000000008261,"__csrcFundId":7358,"stockCode":"008261","name":"招商研究优选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":8261,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:09:33.622Z","status":"normal","exchange":"jj","inceptionDate":"2020-04-20T16:00:00.000Z","shortName":"招商研究优选股票(008261)","followedNum":7,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商研究优选股票","setUpDate":"2020-04-20T16:00:00.000Z","setUpAssetScale":1069512672.15,"setUpShares":1069512672.15,"pinyin":"zsyjyxgpxzqtzjj","managers":[{"stockCode":"db20547659","stockType":"fund_manager","exchange":"fm","tickerId":1203170010,"name":"梁辰"}]},"announcement":{"linkText":"招商研究优选股票型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=631367","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb797fea5b3eb04b649c","stockId":3000000008261,"sao":"2021年一季度，国内经济运行呈现供需两旺的态势。根据统计局发布的数据，3月官方制造业PMI为51.9，前值50.6，较2月环比回升。其中生产指数53.9%，回升2个百分点；新订单指数53.6%，回升2.1个百分点。流动性方面，伴随央行在公开市场操作上的地量投放，流动性有所趋紧；但整体上，货币政策保持稳定仍是大方向。1-2月的金融数据在总量和结构上继续好于市场预期，显示实体融资供需两旺。年初以来核心CPI和PPI持续回升，CPI同比读数受猪价下行影响相对偏弱。海外方面，各国疫情出现显著分化，同时伴随美国新一轮财政刺激的落地，市场对于疫后经济前景的预期也进一步趋于乐观。市场回顾：本季度市场整体呈现先涨后跌的态势，上证指数下跌0.90%，深证成指下跌4.78%，创业板指下跌7.00%，沪深300下跌3.13%。从行业来看，钢铁、公用事业、银行等行业板块在本季度涨幅居前，军工、非银金融、通信等行业板块在本季度跌幅居前。基金操作回顾：2021年一季度，我们严格遵照基金合同的相关约定，按照既定的投资流程进行了规范运作。考虑到市场变化，为避免净值的大幅波动，适当调整了仓位，并对持仓结构进行了优化配置。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:33.457Z","fund":{"_id":3000000008261,"__csrcFundId":7358,"stockCode":"008261","name":"招商研究优选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":8261,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:09:33.622Z","status":"normal","exchange":"jj","inceptionDate":"2020-04-20T16:00:00.000Z","shortName":"招商研究优选股票(008261)","followedNum":7,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商研究优选股票","setUpDate":"2020-04-20T16:00:00.000Z","setUpAssetScale":1069512672.15,"setUpShares":1069512672.15,"pinyin":"zsyjyxgpxzqtzjj","managers":[{"stockCode":"db20547659","stockType":"fund_manager","exchange":"fm","tickerId":1203170010,"name":"梁辰"}]},"announcement":{"linkText":"招商研究优选股票型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=571475","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb797fea5b3eb04b649b","stockId":3000000008261,"sao":"报告期内，虽然经历了疫情的巨大冲击，但得益于有效的疫情防控和政策对冲，国内率先复工复产，实现经济正增长。具体来看，四个季度GDP增速分别为-6.8%、3.2%、4.9%和6.5%，经济显现出持续恢复势头。地产投资展现韧性，出口对经济增长拉动提升，而消费相对受疫情影响更加明显。CPI在周期见顶回落的影响下，同比持续下行。而PPI同比先跌后涨。年初受到大宗商品价格大幅下跌的影响，之后随着全球需求的恢复，以铜铝为代表的大宗商品开始逐渐上行。货币政策方面，央行在疫情期间通过一系列政策及时对冲阻止了金融市场恐慌情绪的快速蔓延。包括连续数次进行降准降息、推出针对小微企业的低息贷款和延期还本付息政策、狭义财政赤字率进一步增加以及专项债的超量发行等。在疫情逐渐得到控制之后，政策也在逐渐回归正常化。市场回顾：股票市场整体行情呈现出流动性驱动的特征，尤其是在疫情爆发后的二三季度，但自7月中旬之后，市场大势呈现震荡攀升态势，结构性机会相对较多，同时主线开始更多的转向受益于宏观经济复苏的品种，包括汽车、白酒、银行等均出现阶段性的领涨行情。全年上证综指上涨13.9%，深证成指上涨38.7%，中小板指上涨43.9%，创业板指上涨65%。基金操作回顾：报告期内，我们严格遵照基金合同的相关约定，按照既定的投资流程进行了规范运作。持仓结构以遵循行业景气方向的医药、消费、新能源为主。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:33.454Z","mo":"展望2021年，疫苗在全球范围内逐步大范围接种将减缓疫情对经济的负面影响，预计2021年国内经济形势整体将表现出前高后低，结构改善的趋势。经济增长的动力中，房地产和基建投资可能进一步回落，而消费将进一步发挥中流砥柱的作用，出口产业链主要视2021年全球供给和需求复苏的节奏而定，制造业投资将受益部分补库存需求。国内政策整体“不急转弯”，强调可持续性。财政政策或将有所退坡，货币政策的方向则是灵活精准、合理适度，保持货币供应量和社会融资规模增速同名义经济增速基本匹配，保持宏观杠杆率基本稳定。在此背景下，我们认为股票市场短期受资金流入的支撑，而中期可能会看到性价比下降、不确定性加大的阶段。板块上，对于以新能源为代表的景气向上行业，部分标的估值有一定透支，但在资金持续配置下或仍有一定投资机会。关注宏观经济深度复苏，景气度改善的低估值品种。","fund":{"_id":3000000008261,"__csrcFundId":7358,"stockCode":"008261","name":"招商研究优选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":8261,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:09:33.622Z","status":"normal","exchange":"jj","inceptionDate":"2020-04-20T16:00:00.000Z","shortName":"招商研究优选股票(008261)","followedNum":7,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商研究优选股票","setUpDate":"2020-04-20T16:00:00.000Z","setUpAssetScale":1069512672.15,"setUpShares":1069512672.15,"pinyin":"zsyjyxgpxzqtzjj","managers":[{"stockCode":"db20547659","stockType":"fund_manager","exchange":"fm","tickerId":1203170010,"name":"梁辰"}]},"announcement":{"linkText":"招商研究优选股票型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=554705","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb797fea5b3eb04b649a","stockId":3000000008261,"sao":"2020年3季度，国内经济运行继续向正常状态回归。9月制造业和非制造业PMI环比均继续回升，多项分项指数环比继续改善，供需两端均仍在好转，企业补库继续进行。海外方面，欧美疫情出现反复，但全球经济仍处于复苏通道之中。国内货币政策的方向是从宽松走向中性，宽财政和宽信用的影响可能仍将持续一段时间，但短期内回归极度宽松的可能性较小。市场回顾：本季度上证指数上涨7.82%，深证成指上涨7.63%，创业板指上涨5.60%。从行业来看，国防军工、休闲服务、电气设备、非银金融等行业板块在3季度涨幅居前，通信、传媒、医药生物、计算机等行业板块在3季度涨幅居后。基金操作回顾：2020年3季度，我们严格遵照基金合同的相关约定，按照既定的投资流程进行了规范运作。考虑到市场风险，为避免净值的大幅波动，适当降低了仓位，并对持仓结构进行调整，增加了新能源和银行、航空等行业股票的配置比例。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:33.451Z","fund":{"_id":3000000008261,"__csrcFundId":7358,"stockCode":"008261","name":"招商研究优选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":8261,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:09:33.622Z","status":"normal","exchange":"jj","inceptionDate":"2020-04-20T16:00:00.000Z","shortName":"招商研究优选股票(008261)","followedNum":7,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商研究优选股票","setUpDate":"2020-04-20T16:00:00.000Z","setUpAssetScale":1069512672.15,"setUpShares":1069512672.15,"pinyin":"zsyjyxgpxzqtzjj","managers":[{"stockCode":"db20547659","stockType":"fund_manager","exchange":"fm","tickerId":1203170010,"name":"梁辰"}]},"announcement":{"linkText":"招商研究优选股票型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=487826","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb797fea5b3eb04b6499","stockId":3000000008261,"sao":"2020年上半年，中国和全球经济经历了新冠疫情带来的巨大冲击，随着政府多项应对政策的出台以及国内疫情的缓和，中国经济运行处于逐渐向正常状态恢复的过程中。根据统计局已经公布的数据来看，2020年二季度GDP同比增速由一季度的-6.8%转正至3.2%，6月全国城镇调查失业率为5.7%，比5月份下降0.2个百分点。6月固定资产投资累计同比增速为-3.1%，降幅持续收窄；1-6月房地产开发投资同比增长1.9%，其中6月增速改善明显；6月社会销售品零售总额同比下降1.8%，相比5月的下降2.8%也在继续回升。在此背景下，货币政策由极度宽松转向边际收紧的过程中，但宽货币边际收紧不改宽信用的全年导向，更加强调直达实体。市场回顾：2020年上半年，A股市场经历了较大的波动。期间上证综指累计下跌2.15%，而深证成指上涨14.97%，创业板指上涨35.60%。从行业来看，医药生物、休闲服务、电子、食品饮料等行业板块涨幅居前，交通运输、非银金融、银行、采掘等行业板块涨幅居后。基金操作回顾：2020年上半年，我们严格遵照基金合同的相关约定，按照既定的投资流程进行了规范运作。考虑到不确定的国内外环境和相对宽松的利率水平，权益部分我们主要持有医疗服务和食品饮料等稳定类资产，并在二季度开始加仓光伏等短期受损于疫情但长期看被低估的方向。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:33.449Z","mo":"展望2020下半年，仍存在一定的风险或不确定性因素，包括疫情的反复以及全球政治局势的变化，但预计国内经济仍将保持继续改善的大趋势。货币政策方面，下半年的宽松空间小于上半年，但大幅收紧的可能性不高。居民大类资产配置仍然更倾向权益，对权益市场相对有利。下半年重点关注受益于需求回补以及具有持续成长性的行业。","fund":{"_id":3000000008261,"__csrcFundId":7358,"stockCode":"008261","name":"招商研究优选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":8261,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:09:33.622Z","status":"normal","exchange":"jj","inceptionDate":"2020-04-20T16:00:00.000Z","shortName":"招商研究优选股票(008261)","followedNum":7,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商研究优选股票","setUpDate":"2020-04-20T16:00:00.000Z","setUpAssetScale":1069512672.15,"setUpShares":1069512672.15,"pinyin":"zsyjyxgpxzqtzjj","managers":[{"stockCode":"db20547659","stockType":"fund_manager","exchange":"fm","tickerId":1203170010,"name":"梁辰"}]},"announcement":{"linkText":"招商研究优选股票型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=454920","linkType":"PDF","source":"csrc_pdf"}}]}