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对电新行业竞争格局恶化影响低估，2. 在评估公司价值时，执着于过往的估值区间和过去的选股逻辑，忽视了宏观形式、政策导向和竞争格局等方面发生的潜在变化。在经过反思之后，我们的投资框架发生了以下变化：1. 从第一性原理出发，用股息率来判断市场和股票的安全边际，用自由现金流来衡量公司的盈利能力；2. 在行业比较和选股时，摈弃过往估值中枢的滤镜，根据ROE水平来判断公司的合理估值PB，根据预期业绩增速来判断公司合理PE。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:34.439Z","mo":"对宏观经济的看法：我们观察到的经济数据和一些经济现象实际远好于一个在一线城市金融行业从业者日常感受到的情况，虽然今年国际形势更加复杂，我们仍然相信中国经济是有韧性的。对市场的看法：当前时点，主要指数（如沪深300，中证800等）的静态股息率都高于中债10年期利率，而且越来越多的上市公司都在努力增加分红回购，回报股东，我们认为A股整体至少具有配置价值（港股此类公司更多且估值更低）。政策层面，我们看到近期有一系列呵护资本市场的政策出台，这对于提升上市公司的质量和引导上市公司更加注重股东回报都有帮助，拉长来看如果能够严格执行，对于市场是重大利好。从成长角度，我们看好具有全球竞争力的优质制造业企业，因为该类企业拥有更大的市场空间和更好的竞争格局。行业层面，我们比较关注的行业包括：1. 汽车（商用车低估值高分红高景气，部分优质零部件公司在全球持续提升份额）2. 机械（如前述优质制造业出海逻辑）3.通信（优质算力公司是中国通往AI世界的门票）4.煤炭（煤价底部或已探明，兼具高分红与经济复苏期权）5.电子（如前述优质制造业出海逻辑）。","fund":{"_id":3000000008264,"stockCode":"008264","areaCode":"cn","stockType":"fund","tickerId":8264,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"南方ESG主题股票型证券投资基金","shortName":"南方ESG主题股票A","custody":"中国工商银行股份有限公司","fundType":"stock","ipoDate":"2019-12-01T16:00:00.000Z","setUpScale":2786610000,"__csrcFundId":6883,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:18.056Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-18T16:00:00.000Z","followedNum":19,"memoNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方ESG主题股票","setUpDate":"2019-12-18T16:00:00.000Z","pinyin":"nfesgztgpxzqtzjj","managers":[{"stockCode":"8801398547","stockType":"fund_manager","exchange":"fm","tickerId":2608155270,"name":"章晖"}]},"announcement":{"linkText":"南方ESG主题股票型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1060227","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb7a7fea5b3eb04b65ed","date":"2023-09-29T16:00:00.000Z","stockId":3000000008264,"sao":"三季度市场整体下跌，7月初市场开始预期地产政策，市场迎来一波反弹，但当政策落地后，地产行业销量回升并不明显，大盘又继续转为下跌。风格层面，价值股大幅跑赢成长股，煤炭行业在安监加强、供给受限的背景下一枝独秀，涨幅超过10%，金融、石化等涨幅也超过5%。二季度受益AI主题的传媒、计算机等行业以及竞争格局恶化、景气度下滑的新能源行业跌幅超过10%。本基金由于减仓AI不够果断，7月跑输较多，拖累整个三季度业绩。站在当前时点，政策底已经明确，经济底大概率就是6月，A股市场在当前估值水平下具备长期配置价值。在宏观经济温和复苏的背景下，低估值或具备价格弹性的周期品可能获得超额收益，此外，成长风格经历较长时间跑输后，部分成长细分行业如医药、风电、电子等的龙头公司的估值水平已经与其行业地位和未来增速匹配，我们也将择机增加配置。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:34.436Z","fund":{"_id":3000000008264,"stockCode":"008264","areaCode":"cn","stockType":"fund","tickerId":8264,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"南方ESG主题股票型证券投资基金","shortName":"南方ESG主题股票A","custody":"中国工商银行股份有限公司","fundType":"stock","ipoDate":"2019-12-01T16:00:00.000Z","setUpScale":2786610000,"__csrcFundId":6883,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:18.056Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-18T16:00:00.000Z","followedNum":19,"memoNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方ESG主题股票","setUpDate":"2019-12-18T16:00:00.000Z","pinyin":"nfesgztgpxzqtzjj","managers":[{"stockCode":"8801398547","stockType":"fund_manager","exchange":"fm","tickerId":2608155270,"name":"章晖"}]},"announcement":{"linkText":"南方ESG主题股票型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=993771","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb7a7fea5b3eb04b65ec","date":"2023-06-29T16:00:00.000Z","stockId":3000000008264,"sao":"上半年市场整体上涨，在宏观经济弱复苏的背景下，市场随着预期的变化反复震荡。行业层面，通信、传媒和计算机行业涨幅领先且都超过30%，其中，运营商是基本面稳定高分红股票的价值重估，其余股票的上涨大多是由于市场对人工智能长期前景的看好和海外映射。消费者服务、房地产和农林牧渔行业跌幅较大，前两者可能反映了年初强预期与实际经济弱复苏之前的落差，后者则是由于去年对于猪价乐观预期的落空。本基金部分抓住了通信行业的投资机会，但在传媒和计算机基本没赚到钱，跌幅前三的行业虽然都没有，但由于持仓的白酒、医药、光伏等表现也不好，整体跑输基准和行业。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:34.434Z","mo":"我们认为，7月24日的中央政治局会议对于扭转市场预期有重大意义，政策不确定性对于市场估值的压制将得到缓解。基本面方面，国内经济内生修复力量来自短期库存周期见底回升，尤其是以汽车、家电为代表的早周期耐用消费品需求的回升。海外环境则是制造业周期见底和美国房地产周期的修复，对于拉动中国制造业出口也有帮助。在此背景下，我们主要关注的行业包括：1. 早周期的部分可选消费如白酒、汽车等，2. 出口占比较高的优质制造业企业，3.人工智能我们长期看好，主要集中在能够融入全球产业链的算力公司和可能较早落地的应用场景——智能驾驶。","fund":{"_id":3000000008264,"stockCode":"008264","areaCode":"cn","stockType":"fund","tickerId":8264,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"南方ESG主题股票型证券投资基金","shortName":"南方ESG主题股票A","custody":"中国工商银行股份有限公司","fundType":"stock","ipoDate":"2019-12-01T16:00:00.000Z","setUpScale":2786610000,"__csrcFundId":6883,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:18.056Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-18T16:00:00.000Z","followedNum":19,"memoNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方ESG主题股票","setUpDate":"2019-12-18T16:00:00.000Z","pinyin":"nfesgztgpxzqtzjj","managers":[{"stockCode":"8801398547","stockType":"fund_manager","exchange":"fm","tickerId":2608155270,"name":"章晖"}]},"announcement":{"linkText":"南方ESG主题股票型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=967036","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb7a7fea5b3eb04b65eb","date":"2023-03-30T16:00:00.000Z","stockId":3000000008264,"sao":"一季度市场整体上涨，仅地产、银行和消费者服务行业下跌，人工智能和中国特色估值体系相关行业指数都有超过10%的上涨，计算机和传媒行业涨幅都超过35%。我们认为市场运行的逻辑是：年初对于经济复苏和或相关刺激政策的预期较高，而实际经济是弱复苏，这低于部分投资者的预期，所以与经济总量相关的行业表现不佳，主题投资成为一季度的主线。本基金在科技行业中仅超配了通信，低配了电子、计算机和传媒，对于光伏行业也没有减仓，导致跑输基准和同业，主要原因还是对于短期业绩过于看中，对于主题投资由于没有完备的方法论，参与较少。站在当前时点, 市场普遍认为人工智能是未来几年最确定的产业趋势，我们认同这一观点，但认为对于A股大多数公司可能还处在从零到一的阶段，转化到今年的业绩尚不明显，股价可能已经较大幅度领先基本面，更大程度上更像是以AI为投资主题的相关股票的估值修复，我们只有在估值仍然合理的阶段才会选择买入/持有AI相关标的，当然如果能够出现业绩相关性较强的相关标的，我们会坚定配置，目前我们相对看好算力和数据要素相关的企业。此外，市场对于经济复苏可能过去悲观（地产产业链3月已经经历了大幅下跌），我们会选择其中率先复苏的标的加仓。目前最关注的行业为：白酒、房地产、轻工、通信、电子。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:34.431Z","fund":{"_id":3000000008264,"stockCode":"008264","areaCode":"cn","stockType":"fund","tickerId":8264,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"南方ESG主题股票型证券投资基金","shortName":"南方ESG主题股票A","custody":"中国工商银行股份有限公司","fundType":"stock","ipoDate":"2019-12-01T16:00:00.000Z","setUpScale":2786610000,"__csrcFundId":6883,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:18.056Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-18T16:00:00.000Z","followedNum":19,"memoNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方ESG主题股票","setUpDate":"2019-12-18T16:00:00.000Z","pinyin":"nfesgztgpxzqtzjj","managers":[{"stockCode":"8801398547","stockType":"fund_manager","exchange":"fm","tickerId":2608155270,"name":"章晖"}]},"announcement":{"linkText":"南方ESG主题股票型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=890169","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb7a7fea5b3eb04b65ea","date":"2022-12-30T16:00:00.000Z","stockId":3000000008264,"sao":"2022年市场整体下跌，仅煤炭、消费者服务和交运行业取得正收益，电子行业跌幅最大，计算机、军工、传媒、建材等也有较大跌幅。本基金表现大幅落后基准和同业。造成本基金业绩不佳的主要原因，是因为基金经理对于未来一年维度的业绩和行业景气的确定性过于看重，对于估值重视程度较低。在去年大多数时间，大量公司的股价波动都是由预期的变化带来，且市场波动较大，原有的策略效果不佳。尤其是在去年四季度，新能源等景气赛道估值水平已经较高，且天然气价格开始回落、新能源汽车销量不佳等边际负面信息开始出现，顺周期相关的公司则面临防疫和地产相关政策出现拐点时，反应不及时，导致业绩表现大幅落后。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:34.428Z","mo":"站在当前时点，约40%的A股上市公司已经披露2022年的业绩预告/快报，业绩增速较快的行业仍然集中在锂矿、光伏、储能、高端酒以及部分医药股；另一方面，市场对于经济复苏的方向有充分预期，但程度并不确定。我们认为目前成长股中很多绩优股都面临着竞争优势并未完全被证实但行业产能快速扩张的问题，而人工智能、大储和工商业储能等渗透率较低的行业又面临着上市公司与该新兴行业业务相关度不高的问题。我们的应对方法是选择景气赛道中自身业绩有拐点的公司（部分Q4出现拐点的逆变器）和原有业务本就处于向上趋势且与新兴行业有一定相关度的公司（如部分运营商和通信设备）。对于顺周期相关行业，目前不能确定是不是强复苏，但经济底部大概率是去年四季度，我们的思路是有价格弹性的公司（如白酒、有色等）优于需要量增弹性的公司，这也是我们在这条主线优先配置的行业。","fund":{"_id":3000000008264,"stockCode":"008264","areaCode":"cn","stockType":"fund","tickerId":8264,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"南方ESG主题股票型证券投资基金","shortName":"南方ESG主题股票A","custody":"中国工商银行股份有限公司","fundType":"stock","ipoDate":"2019-12-01T16:00:00.000Z","setUpScale":2786610000,"__csrcFundId":6883,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:18.056Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-18T16:00:00.000Z","followedNum":19,"memoNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方ESG主题股票","setUpDate":"2019-12-18T16:00:00.000Z","pinyin":"nfesgztgpxzqtzjj","managers":[{"stockCode":"8801398547","stockType":"fund_manager","exchange":"fm","tickerId":2608155270,"name":"章晖"}]},"announcement":{"linkText":"南方ESG主题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=873749","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb7a7fea5b3eb04b65e9","date":"2022-09-29T16:00:00.000Z","stockId":3000000008264,"sao":"三季度市场整体下跌，除煤炭外，所有行业指数均为负收益，其中TMT、电新、汽车等行业跌幅均超过10%。本基金跌幅略好于wind全A指数，但跑输基准。站在目前时点，国际政治经济形势依然复杂，美债收益率上升到接近4%，国内仍有疫情散发影响。但好在估值水平已经较低，地产相关的刺激政策也陆续出台，我们对于中国经济的长期前景依然看好。目前时点关注的主要行业包括：1.地产和基建（地产刺激政策频出，关注销量企稳的时点，各地基建力度不低，关注部分优质公司订单企稳）2. 新能源汽车（下跌幅度很大，但三季报预告较优）3.通信（订单高景气，有逆周期属性）。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:34.426Z","fund":{"_id":3000000008264,"stockCode":"008264","areaCode":"cn","stockType":"fund","tickerId":8264,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"南方ESG主题股票型证券投资基金","shortName":"南方ESG主题股票A","custody":"中国工商银行股份有限公司","fundType":"stock","ipoDate":"2019-12-01T16:00:00.000Z","setUpScale":2786610000,"__csrcFundId":6883,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:18.056Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-18T16:00:00.000Z","followedNum":19,"memoNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方ESG主题股票","setUpDate":"2019-12-18T16:00:00.000Z","pinyin":"nfesgztgpxzqtzjj","managers":[{"stockCode":"8801398547","stockType":"fund_manager","exchange":"fm","tickerId":2608155270,"name":"章晖"}]},"announcement":{"linkText":"南方ESG主题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=810965","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb7a7fea5b3eb04b65e8","date":"2022-06-29T16:00:00.000Z","stockId":3000000008264,"sao":"上半年市场先抑后扬，整体下跌，行业层面，煤炭行业一枝独秀，博弈疫情好转预期的消费者服务和交运行业也录得正收益，电子、传媒和计算机行业指数下跌超过20%。本基金未能把握涨幅最好的三个行业，虽然抓住了部分新能源相关公司的投资机会，但仍跑输基准。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:34.423Z","mo":"美债收益率在6月中旬到达3.5后回落，目前已经回到2.65左右，反映了市场对美国经济衰退的预期。国内虽然疫情仍有反复，大规模政策刺激短期也已经落空，但整体仍然呈现见底回升的态势。我们相对看好的行业包括新能源、军工、酒类等。新能源行业仍然是最景气赛道，但其内部将有分化，没有技术进步的部分中游环节面临竞争加剧风险，新技术方向和上游资源值得跟踪；军工行业需求相对确定，主要矛盾在于个股所能触达的市场空间有多大；白酒尤其是高端白酒和地产酒龙头是竞争格局较好的行业，有望在经济复苏初期获得超额收益。","fund":{"_id":3000000008264,"stockCode":"008264","areaCode":"cn","stockType":"fund","tickerId":8264,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"南方ESG主题股票型证券投资基金","shortName":"南方ESG主题股票A","custody":"中国工商银行股份有限公司","fundType":"stock","ipoDate":"2019-12-01T16:00:00.000Z","setUpScale":2786610000,"__csrcFundId":6883,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:18.056Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-18T16:00:00.000Z","followedNum":19,"memoNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方ESG主题股票","setUpDate":"2019-12-18T16:00:00.000Z","pinyin":"nfesgztgpxzqtzjj","managers":[{"stockCode":"8801398547","stockType":"fund_manager","exchange":"fm","tickerId":2608155270,"name":"章晖"}]},"announcement":{"linkText":"南方ESG主题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=788578","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb7a7fea5b3eb04b65e7","date":"2022-03-30T16:00:00.000Z","stockId":3000000008264,"sao":"一季度市场整体下跌，仅煤炭、地产、银行、三个行业上涨，电子、军工和汽车行业跌幅较大。本产品因仓位较高和成长股配置较多，跑输市场。站在当前时点，十年期美债收益率已经达到2.6，中美利差仅剩20个bp，在此宏观背景下人民币有贬值压力，历史上看此种情形下外资可能流出。此外，今年决定市场走势的资金是绝对收益产品，我们认为绝对收益资金最为看重的指标是估值，过去三年基于公司质地和行业景气的投资方法可能适用于长期但在短期未必有效。基本面层面，由于疫情和原材料、运输等成本的上升，上市公司盈利预测下调是大概率事件，所以只有低估值能够形成保护，尽管如此，我们也会通过深入研究，寻找能够在不利的外部环境下仍能兑现增长的公司。操作层面，我们将努力在估值相对便宜的公司中寻找能看得懂的标的，并希望能在反弹中卖出高估值和基本面不够过硬的品种，动态调整组合的风险收益比。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:34.420Z","fund":{"_id":3000000008264,"stockCode":"008264","areaCode":"cn","stockType":"fund","tickerId":8264,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"南方ESG主题股票型证券投资基金","shortName":"南方ESG主题股票A","custody":"中国工商银行股份有限公司","fundType":"stock","ipoDate":"2019-12-01T16:00:00.000Z","setUpScale":2786610000,"__csrcFundId":6883,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:18.056Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-18T16:00:00.000Z","followedNum":19,"memoNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方ESG主题股票","setUpDate":"2019-12-18T16:00:00.000Z","pinyin":"nfesgztgpxzqtzjj","managers":[{"stockCode":"8801398547","stockType":"fund_manager","exchange":"fm","tickerId":2608155270,"name":"章晖"}]},"announcement":{"linkText":"南方ESG主题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=730595","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb7a7fea5b3eb04b65e6","date":"2021-12-30T16:00:00.000Z","stockId":3000000008264,"sao":"2021年市场整体上涨，但结构分化较大，行情主要围绕碳中和这一最大主线展开，其中电新、化工、有色、煤炭和钢铁行业指数涨幅都超过40%，另一方面，受疫情影响较大的消费、政策受损的地产产业链、医药、互联网和教育等行业大幅下跌，其中消费者服务、非银和家电行业跌幅居前。本基金去年跑输市场和同业，主要源于：1.对政策不敏感和对短期业绩过于看重，没有及时大规模布局政策收益行业和清仓政策受损行业。2.对总管理规模短期大增的不适应，完全错过小股票行情。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:34.418Z","mo":"站在当前时点，我们有以下判断：1.经济总量相关行业，在经济企稳之前，地产、基建等行业政策边际向好是大概率事件，地产和上游周期品可能都有机会，同时，部分消费品的需求也将有所回暖。2.目前没有看到类似2019年半导体和2021年新能源汽车这样需求爆发、业绩从无到有，可以不看估值的行业，新能源等行业依然有较好成长性，但基本面会分化，“赛道投资”可能不再适用。3.美债收益率处于较高位置，各个行业涨幅都会受到估值束缚，“性价比”投资可能贯穿全年，直到有新的成长行业出现。","fund":{"_id":3000000008264,"stockCode":"008264","areaCode":"cn","stockType":"fund","tickerId":8264,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"南方ESG主题股票型证券投资基金","shortName":"南方ESG主题股票A","custody":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