window.pageData = {"stock":{"_id":3000000009106,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票A","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50940000","tickerId":50940000,"name":"嘉合基金管理有限公司"},"managers":[{"name":"杨彦喆","stockType":"fund_manager","stockCode":"8801613928","exchange":"fm","tickerId":252526192810}],"hotMetrics":{"fss":{"stockId":3000000009106,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0,"f_ins_h_s_r_c_hy":0,"f_ins_h_s_r_c_1y":0,"f_ind_h_s_r":1,"f_ind_h_s_r_c_hy":0,"f_ind_h_s_r_c_1y":0,"f_h_a":158,"f_h_s_a":4445,"last_data_date":"2025-06-29T16:00:00.000Z"},"fpr":{"stockId":3000000009106,"type":"fpr","f_p_r_fys_ssc":5566,"f_p_r_fys_ssrp":0.5405211141060198,"f_p_r_m1_ssc":5780,"f_p_r_m1_ssrp":0.553036857587818,"f_p_r_m3_ssc":5640,"f_p_r_m3_ssrp":0.29384642667139566,"f_p_r_m6_ssc":5293,"f_p_r_m6_ssrp":0.6107331821617535,"f_p_r_y1_ssc":4608,"f_p_r_y1_ssrp":0.6383763837638377,"f_p_r_y2_ssc":3505,"f_p_r_y2_ssrp":0.7736872146118722,"f_p_r_y3_ssc":2863,"f_p_r_y3_ssrp":0.7379454926624738,"f_cagr_p_r_fs_ssc":5854,"f_cagr_p_r_fs_ssrp":0.7920724414830002,"f_p_r_y5_ssc":1745,"f_p_r_y5_ssrp":0.775802752293578},"fp":{"stockId":3000000009106,"type":"fp","f_p_r_fys":0.06180333296545637,"f_p_r_m1":0.05841584158415847,"f_p_r_m3":0.042700769480871426,"f_p_r_m6":0.038312108784804844,"f_p_r_y1":0.25748268200235214,"f_cagr_p_r_fs":0.01726310114985341,"f_p_r_d1":0.0003780241935484874,"f_p_r_y3":0.15138822403063745,"f_p_r_y2":0.24608211371584,"last_data_date":"2026-04-29T16:00:00.000Z","f_p_r_y5":-0.045035732994087696},"ff":{"stockId":3000000009106,"type":"ff","f_m_f":357938,"f_m_f_r":0.012,"f_c_f":44742,"f_c_f_r":0.0015,"f_m_a_c_f":402680,"f_m_a_c_f_r":0.0135,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_fr":0.0015,"f_fr_d":"2025-06-29T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.0135},"f_nlacan":{"stockId":3000000009106,"type":"f_nlacan","f_nv_d":"2026-04-29T16:00:00.000Z","f_nv":0.9621,"f_nv_cr":-0.003831020915303296},"f_as":{"stockId":3000000009106,"type":"f_as","f_tas":277951.7301,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000009107,"name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","inceptionDate":"2020-05-21T16:00:00.000Z","fundStatus":"normal","stockCode":"009107","tickerId":9107,"shortName":"嘉合同顺智选股票C","__csrcFundId":7366,"lastUpdated":"2025-01-04T00:32:03.836Z","exchange":"jj","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","status":"normal","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":208304435.15,"setUpShares":208304435.15,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"jhtszxgpxzqtzjj"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009106,"stockId":601872,"holdings":195600,"marketCap":3200016,"netValueRatio":0.0599,"quarterlyChange":0.8218262806236079,"stock":{"stockCode":"601872","exchange":"sh","stockType":"company","tickerId":601872,"name":"招商轮船"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009106,"stockId":600519,"holdings":2000,"marketCap":2900000,"netValueRatio":0.0543,"quarterlyChange":0.052876167240301974,"stock":{"stockCode":"600519","exchange":"sh","stockType":"company","tickerId":600519,"name":"贵州茅台"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009106,"stockId":603259,"holdings":25900,"marketCap":2540790,"netValueRatio":0.0475,"quarterlyChange":0.08230361871138547,"stock":{"stockCode":"603259","exchange":"sh","stockType":"company","tickerId":603259,"name":"药明康德"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009106,"stockId":2938,"holdings":43600,"marketCap":2274612,"netValueRatio":0.0426,"quarterlyChange":0.03143534994068786,"stock":{"stockCode":"002938","exchange":"sz","stockType":"company","tickerId":2938,"name":"鹏鼎控股"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009106,"stockId":300308,"holdings":3200,"marketCap":1822112,"netValueRatio":0.0341,"quarterlyChange":-0.06654098360655702,"stock":{"stockCode":"300308","exchange":"sz","stockType":"company","tickerId":300308,"name":"中际旭创"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009106,"stockId":300750,"holdings":4180,"marketCap":1679106,"netValueRatio":0.0314,"quarterlyChange":0.09377552687469404,"stock":{"stockCode":"300750","exchange":"sz","stockType":"company","tickerId":300750,"name":"宁德时代"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009106,"stockId":688472,"holdings":128565,"marketCap":1645632,"netValueRatio":0.0308,"quarterlyChange":-0.14151576123407206,"stock":{"name":"阿特斯","exchange":"sh","stockType":"company","stockCode":"688472","tickerId":688472}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009106,"stockId":601166,"holdings":85200,"marketCap":1603464,"netValueRatio":0.03,"quarterlyChange":-0.07953466286799638,"stock":{"stockCode":"601166","exchange":"sh","stockType":"company","tickerId":601166,"name":"兴业银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009106,"stockId":600406,"holdings":60300,"marketCap":1567197,"netValueRatio":0.0293,"quarterlyChange":0.15613879003558728,"stock":{"stockCode":"600406","exchange":"sh","stockType":"company","tickerId":600406,"name":"国电南瑞"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009106,"stockId":601187,"holdings":202900,"marketCap":1552185,"netValueRatio":0.029,"quarterlyChange":0.04223433242506891,"stock":{"stockCode":"601187","tickerId":601187,"exchange":"sh","stockType":"company","name":"厦门银行"}}],"lastFsMetrics":{"latestTurnoverRate":2.913150274812924,"latestTurnoverRateDate":"2025-06-29T16:00:00.000Z"}},"list":[{"_id":"69e8eb181398d79843fe8ec7","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000009106,"sao":"2026年第一季度，A股市场呈现“中盘风格占优、价值与成长共振”的结构性行情，中证500指数上涨2.03%，显著跑赢沪深300指数约5.92个百分点，反映政策赋能下 “新质生产力”与高股息价值赛道的持续定价。本基金聚焦中证500增强，强化成长与质量因子协同，超配高技术制造，捕捉产业周期上行红利；本基金策略纪律性突出，超额收益源于对盈利稳定性、资本开支预期与非财务信息的系统性捕捉。市场由政策与流动性驱动转向产业盈利验证，资金持续向中盘成长与高质量资产迁移，为后续策略组合构建了坚实的操作基础。在行业配置上，本基金在维持沪深300与中证500均衡配置的基础上，系统性增配消费与公用事业板块，其核心逻辑在于：一是消费板块在居民收入预期修复与以旧换新政策推动下，盈利修复趋势明确；二是公用事业板块具备稳定的现金流与高股息特征，契合当前宏观流动性充裕、利率中枢下行的环境。两类行业均具备高ROE、低负债、稳定分红的质量属性，构成组合的“压舱石”。本基金一季度成功捕捉“中盘成长+高质量盈利”双因子共振，未因市场波动进行风格漂移，体现策略的纪律性与因子识别的稳定性。","lastUpdated":"2026-04-22T15:36:56.268Z","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智选股票型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1474486","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c6286","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000009106,"sao":"2025年四季度，A股市场延续结构性牛市，上证指数突破4000点，科创50与创业板指全年涨幅分别达35.9%与51.4%，成交额刷新历史纪录，资金持续向科技成长板块聚集。市场风格深度分化，中小盘与硬科技资产成为主导力量。人工智能与半导体产业链实现爆发式增长。国产大模型推动算力需求激增，，存储芯片进入超级周期，人形机器人迈入商业化临界点，“具身智能”首次写入《政府工作报告》，核心零部件获专项补贴，产业链加速落地。量子计算、6G、脑机接口等未来产业获系统性政策支持，国内科技公司完成256导柔性脑机接口临床试验，实现“意念对话”突破。传统行业呈现温和修复。金融板块在“金融五篇大文章”推动下，科技信贷投放显著增加，部分公司获外资增持；地产行业依托“三大工程”与平准基金机制，二手房以旧换新与老旧小区改造稳步推进，流动性压力边际缓解。消费端呈现智能升级与服务韧性双轮驱动。新能源汽车渗透率突破62.2%，“以旧换新”政策带动洗碗机、扫地机器人等智能家电销售同比增长超137%，文化娱乐、餐饮等服务消费全年增长5.4%，成为社零企稳关键支撑。北向资金全年净流入140亿美元，年末持股市值达2.59万亿元，创历史次高。外资配置重心彻底转向电子、电力设备、有色金属，部分公司跻身前十大重仓股，反映国际资本对中国科技硬实力的重估。我们的投资组合核心资产聚焦招商银行高股息、强现金流龙头，股息率超3%，构筑组合安全垫；卫星端精准布局AI算力、人形机器人及脑机接口等未来产业，依据技术壁垒、订单可见性与政策催化三重量化模型筛选标的。组合实施季度再平衡与事件驱动调仓，单股止损阈值设为-10%，行业集中度不超20%，全年最大回撤15%以下。策略从技术驱动升级为“技术+盈利+政策”三重确认，强化盈利兑现能力，为2026年转向盈利主导周期奠定基础，以期为投资者创造良好的投资回报。","lastUpdated":"2026-03-09T13:34:16.718Z","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智选股票型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1456297","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c6285","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000009106,"sao":"2025年三季度，A股市场呈现结构性牛市的格局，主要指数分化明显。上证综指震荡上行，一度逼临4000点关键点位，而深证成指、创业板指及科创50指数等成长类指数表现更为突出，涨幅分别达29.25%、50.40%和49.02%，显著跑赢主板指数。科技主线成为市场核心的驱动主线，人工智能、半导体及新能源等细分领域快读上涨，带动科创板与创业板成为领涨板块，市场成交量显著放大。交易结构高度集中，资金涌入科技成长板块，通信、电子等行业涨幅明显，传统行业如银行板块逆势下跌，小盘风格相对较弱。我们认为市场源于产业趋势明确、政策支持及资金抱团效应，导致流动性分层加剧。运作策略聚焦于“科技驱动+价值锚定”的双轮驱动模式。从持仓结构分析，基金重点考虑布局三大方向：一是人工智能算力基础设施领域，包括光模块、服务器芯片等核心环节；二是新能源产业链中技术壁垒高的细分赛道，如固态电池材料、氢能储运设备；三是低估值金融板块中的优质区域性银行等，通过息差修复预期以期获取稳健收益，力求为投资者创造稳定、可观的收益。","lastUpdated":"2026-03-09T13:34:16.715Z","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智选股票型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1374993","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c6284","date":"2025-06-29T16:00:00.000Z","stockId":3000000009106,"sao":"2025年上半年，嘉合同顺智选基金在复杂多变的市场环境中坚持\"价值成长双轮驱动\"的投资理念，采取了\"核心配置+动态优化\"的运作策略，追求稳健的投资回报。整体运作呈现出明显的阶段性特征，充分体现了主动管理的灵活性和前瞻性。一季度运作中，我们重点把握了三条主线：首先，在科技创新领域，聚焦全球人工智能发展带动的算力基础设施需求，布局了一批具备核心技术壁垒的成长型企业；其次，在消费领域，我们观察到必选消费展现出的强韧性特征，适度提升了相关配置；第三，在周期板块，我们前瞻性地捕捉了全球电网投资加速带来的工业金属机会。整体持仓风格呈现出\"成长为主、价值为辅\"的特征。进入二季度后，我们敏锐地察觉到市场风格的变化，及时调整了组合结构。一方面，对部分估值过高的科技成长标的进行了获利了结；另一方面，增加了消费升级和公用事业等防御性板块的配置。在行业配置上延续了\"核心+卫星\"策略，核心仓位坚守金融、消费等传统优势领域，卫星配置灵活把握科技创新主题机会，同时保持10%左右的现金储备增强组合灵活性。风险管理方面，我们通过行业适度分散和动态调整持仓比例；同时，严格执行\"估值与成长匹配\"的选股标准，避免盲目追逐市场热点。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:16.712Z","mo":"展望2025年下半年，我们认为市场或将延续\"结构性分化、质量重于数量\"的特征。宏观经济层面，预计或将呈现\"弱复苏+强转型\"的格局：一方面，基建投资和制造业升级将继续发挥托底作用；另一方面，房地产行业调整和出口承压仍是主要拖累因素。政策导向值得重点关注，包括新质生产力相关产业政策的持续发力、资本市场制度改革深化以及房地产风险化解进度。从市场结构来看，科技成长板块经过上半年的大幅上涨后，预计或将进入分化阶段。人工智能商业化落地、半导体设备国产化替代等确定性较强的细分领域仍值得继续关注，但需警惕估值泡沫风险。传统周期板块可能出现阶段性修复行情，特别是受益于供给侧改革的细分行业。消费领域预计或将延续温和复苏态势，消费分级特征将更加明显。资金流向方面，北向资金持续净流入反映外资对中国资产的重新定价，但美联储货币政策正常化进程可能带来阶段性扰动。国内资金面保持相对宽松，理财资金持续向权益市场转移的趋势或不变。","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智选股票型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1348430","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c6283","date":"2025-03-30T16:00:00.000Z","stockId":3000000009106,"sao":"2025年一季度，全球经济体现出高利率尾部效应与产业链重构的双重特征。国内政策端持续发力，一季度新增社融8.2万亿元，引导资金流向新质生产力领域；央行通过定向降准释放了5000亿元流动性，LPR下降10个基点至3.45%，实体经济的融资需求逐步回暖，但仍滞后于货币宽松的节奏。海外方面，美联储3月份的议息会议释放鹰派信号，美元指数回升这也对市场资本流动性产生阶段性的压制。市场表现方面，价值与成长呈现月度轮动的特征，北向资金重点增持光伏设备、创新药及军工电子；我们在一季度的投资上重点考虑三条策略主线，积极捕捉具备稳健财务基础和可持续竞争力的企业机会：一是全球大模型训练需求推动的算力基建需求；二是消费复苏，主要体现在必选消费的韧性凸显及新能源汽车渗透率持续提升；三是周期贵金属的周期性机会，全球铜价受电网投资及库存周期驱动持续上涨。我们后续会持续关注一季报超预期的个股，以期为投资者创造稳定的收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:16.705Z","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智选股票型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1271877","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c6282","date":"2024-12-30T16:00:00.000Z","stockId":3000000009106,"sao":"在2024年的上半年度，市场迈入了一个战略机遇与风险挑战并存、不确定性及难以预见性显著增强的新纪元。经济基本面的复苏进程显得颇为乏力，整体而言，市场的机遇更多地源自于技术创新、突发事件以及政策导向所引发的主题性投资热潮。值得关注的是，期间两次复苏交易均是在市场已充分吸纳悲观预期后，情绪层面出现的修复性反弹，然而，这些反弹并未能催化任何总量板块步入主升浪的轨道。深入剖析市场动态，从2月至4月，人工智能与中特估概念股引领市场风骚，而新能源产业链则因降价与博弈的双重压力而持续走低。及至5月，随着年报与一季报的相继披露，那些业绩表现卓越但前期未被市场充分挖掘的行业，如新能源产业链与可选消费等，开始展现出强劲的反弹势头。与此同时，前期涨幅可观的中特估主题则出现了波动加剧的迹象。在构建投资组合的过程中，我们充分利用了二季度财报所蕴含的丰富信息，采用了一系列的策略来捕捉基本面的变化。我们首先筛选出那些净利润增幅超预期、基本面实现扭亏为盈的优质公司，随后再结合对公司基本面稳健性、可持续性的剖析，以及前期滞涨行业与个股的洞察，从而构建出一个兼具高成长性、高质量与低估值特征的投资组合。这一组合不仅确保了投资的安全边际，更在进攻性方面展现出了非凡的潜力。步入下半年，政策层面频传利好消息，“金融支持经济会议”与“政治局会议”的相继召开，为货币政策、地产政策以及消费政策三大领域注入了强大的政策动能。尽管全球经济增长步伐有所放缓，但整体仍保持着平稳扩张的态势，贸易活动呈现温和增长的态势，服务业则持续展现出稳健的发展势头。此外，全球主要央行采取的降息政策也为消费与投资信心的提振提供了有力的支撑。然而，我们也应警惕美国总统大选等中长期因素对全球经济走势可能带来的深远影响。展望未来，外贸环境将受到国际形势变化的深刻影响，而国内各行业在证券市场中的表现也将呈现出更为鲜明的分化态势。传统行业在转型升级的压力与全球需求疲软的双重夹击下，股价普遍面临下行压力；而新能源、清洁技术等新兴领域则得益于政府政策的鼎力支持与全球环保趋势的推动，展现出蓬勃的增长动力。这种行业间的分化趋势，实则是技术进步、政策导向以及全球市场需求等多重因素交织作用的结果。基于这一宏观背景与市场环境的深刻洞察，我们在2025年的投资策略将聚焦于以下几个核心要点：一是深入挖掘小盘价值风格的投资机会，结合高股息低波动的投资策略，精选那些具备小盘、低估值、高预期净利润调整特征的优质公司；二是高度重视净利润增速超预期且盈利拐点明确的投资标的，在选股过程中将全面考量公司的基本面稳健性与可持续性；三是紧密跟踪行业和个股的景气度变化，根据市场动态灵活调整投资组合，以期在复杂多变的市场环境中为投资者创造更为稳健且可观的收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:16.703Z","mo":"展望2025年，全球经济体系预计将步入一个深度调整与高质量发展的关键时期。在此背景下，证券市场将呈现出更为复杂且精细化的投资生态，其中，价值投资理念与成长投资策略的深度融合将成为引领市场走向的核心逻辑。具备稳健财务基础、明确战略导向及可持续竞争优势的优质企业群体，预计将作为市场的压舱石，持续吸引资本市场的深度关注与长期配置。与此同时，科技创新与产业升级的双重动能正以前所未有的强度汇聚，为中小企业特别是高科技、高成长性企业开辟了前所未有的增长空间。这些企业依托其在核心技术研发、商业模式创新及市场拓展方面的显著优势，正逐步成为驱动市场前行的关键力量，预示着未来投资领域将涌现更多高价值的增长点。在行业结构层面，我们观察到行业间的轮动与重构趋势将更加显著。传统行业如能源、制造、金融等，在面临转型升级压力的同时，也将通过技术革新与管理优化寻求新的增长路径，为市场提供稳定的支撑。而新兴行业如绿色能源、智能制造、生物科技等，则在政策引导与市场需求双重作用下，展现出强劲的增长潜力与广阔的发展前景，有望成为引领市场未来的新引擎。面对这一充满变数与机遇并存的市场环境，我们将秉持专业严谨的投资态度，依托深入的市场研究、精准的行业洞察及灵活的投资策略，紧密跟踪市场动态，积极捕捉投资机遇。通过构建科学合理的投资组合与严格的风险管理体系，我们致力于为投资者创造长期稳健的投资回报，共同迎接并把握2025年市场变革中的新机遇与挑战。","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智选股票型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1253546","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c6281","date":"2024-06-29T16:00:00.000Z","stockId":3000000009106,"sao":"2023年，经济基本面遭遇前所未有的挑战，出口与地产销售增速同步转负，对经济预期造成冲击。但一季度大类资产在多重政策支持下实现触底回升。当前，财政加码和外需回暖成为经济复苏的双轮驱动，预计广义赤字率将结束三年收缩，开启扩张新篇章。全球制造业PMI回暖，彰显复苏趋势。复苏进程中，内需外需表现迥异，出海制造业外需强劲，而地产基建内需疲软。海外耐用品库存低位运行，部分产业步入库存周期尾声，为复苏铺路。进入2024年二季度，A股市场受政策逆周期调节影响显著，行业分化加剧。全球经济复苏背景下，价值风格引领市场，特别是银行、能源等传统行业，凭借稳健经营与盈利能力，获得市场青睐。价值风格指数在二季度显著上扬，体现经济韧性。综上所述，鉴于当前市场情绪的考量，红利与TMT两大交易领域的拥挤度均处于非安全区间，因此，在配置这两个风格资产时，我们秉持审慎原则。转而在财务选股与风格配置上，我们采取了多元化策略，即并行部署中性股息策略、景气成长策略以及细分龙头策略。就策略表现而言，中性股息策略脱颖而出，展现出最佳业绩，而细分龙头策略虽稍显逊色，但同样实现了正向的超额收益。8月份所有上市公司将陆续公布其2024年半年度报告及第二季度财报，这一关键时期，我们将策略重心聚焦于与财务选股紧密相关的策略配置上，旨在通过精准筛选与配置，力求为投资者创造更为优异的业绩回报，确保投资策略的稳健性与前瞻性。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:16.700Z","mo":"踏入2024年三季度，我们预见A股市场或将迎来一场风格转换的潜在变革。在这一转型期，价值投资与成长投资有望形成并行之势，共同引领市场潮流。具备稳健盈利能力与确定性发展前景的蓝筹股，我们预计或将持续受到市场的热烈追捧，有望成为市场中的中流砥柱。与此同时，科技创新与消费升级的双轮驱动正不断加速，为中小盘成长股开辟了广阔的发展空间。这些企业凭借其高增长潜力与创新能力，正逐步成为市场关注的焦点，有望迎来更多的发展机遇。在行业层面上，我们观察到行业轮动趋势正呈现加速态势。传统行业如石油石化、家电、银行等，作为市场经济的基石，将继续保持其稳健的增长步伐，为市场提供坚实的支撑。然而，新兴行业如科技、新能源、消费等，则在科技创新与消费升级的推动下，展现出更为强劲的增长动力，预计或将成为市场中的新亮点。面对这一行业轮动的加速趋势，我们将保持高度的敏锐性，紧密跟踪市场动态，灵活调整投资组合，以精准捕捉市场机遇。我们相信，通过科学合理的投资策略与严谨的风险管理，能够为投资者创造更加优质的投资体验，共同迎接市场变革带来的新机遇。","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智选股票型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1151416","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c6280","date":"2024-03-30T16:00:00.000Z","stockId":3000000009106,"sao":"经济基本面在2023年面临挑战，历史上唯一一次出口增速和地产销售增速均为负增长的年份，这对经济预期产生了一定的冲击。然而，一季度的大类资产表现在稳增长政策、资本市场政策和“国家队”入市的共同支撑下实现了触底反弹。当前，财政发力和外需改善成为推动经济复苏的主要引擎，有望在今年结束广义赤字率连续3年的收缩趋势，转向扩张。全球制造业PMI在1月份时隔16个月重回荣枯线上方，显示出制造业的复苏势头。在复苏过程中，内需和外需出现了较明显的分化。以出海制造业为代表的外需表现突出，而以内需为主导的地产和基建则表现相对较弱。同时，海外耐用品库存周期下行时间较长，且目前整体库存水平不高。一些经历近两年戴维斯双杀的产业赛道已经来到库存周期底部区域，为未来的复苏奠定了基础。综上所述，考虑到市场情绪方面，红利和TMT交易拥挤度均不在安全位置，所以在这两个风格的配置上，我们保持谨慎的态度。在财务选股与风格方面，我们选择同时配置中性股息策略、景气成长策略和细分龙头策略。在策略表现上，中性股息策略表现最优，细分龙头策略表现略差，均取得了正超额收益。4月份所有的上市公司都将发布2023年年报及2024年1季报，我们将策略核心关注财务选股相关策略的配置，以期为投资者创造良好的业绩表现。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:16.697Z","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智选股票型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1070921","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c627f","date":"2023-12-30T16:00:00.000Z","stockId":3000000009106,"sao":"2023年刚刚过去，市场在政策宽松预期的反复波动和内需动能逐渐减弱的情况下经历了多次探底。自2021年3715高点以来，市场一路下滑了近22%，且下滑持续时间长达24个月。整个一年中，A股市场和本基金的运作主要分为两个阶段：首先是在年初至4月底前的阶段，当时经济复苏的预期非常强烈，同时实际数据也相对稳健。随着政策的调整，年初公布的社会消费品零售总额和新增人民币贷款数据表现均超出预期，显示出了很强的经济活力。随后在春节后到4月底前，经济复苏的预期依然较高，但实际数据开始显现疲态。随着更多经济数据的公布，部分数据的表现未能达到预期，经济复苏的进程开始显得较为缓慢。尽管如此，投资者的预期依然保持积极态度，市场波动加大，但整体上仍有支撑；在这个阶段，我们在组合中重点配置了2个类型的子组合，一个是成长风格的股票，包含AICG相关概念的个股；另一个仍然是以价值策略为基准的保守组合，以防市场出现剧烈波动。随后一个阶段是从4月底到年底，经济呈现出温和复苏的态势。在7月底的政治局会议之后，市场逐渐找到了政策底。而三季度数据的公布也显示，在二季度触底之后，市场的盈利水平已经开始企稳回升。由于市场预期逐渐降低，市场风险偏好也相应降低。这种“弱预期+弱现实”的组合，因此在这个阶段，我们构建投资组合的主要依据是我们最擅长的红利策略。除此以外，我们也配置了低估值、高质量的风格组合。综上，我们力求为投资者创造稳定的收益。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:16.695Z","mo":"在展望2024年A股市场时，我们发现经济动能正在逐步好转，这主要得益于数据的积极变化。此外，政策环境也呈现积极态势，中央经济工作会议的表述比以往更加积极，这表明财政和货币政策仍有加码空间，为市场的稳定和发展提供了有力支撑。目前，A股大盘股的估值或已经处于历史偏底部区域，这是一个重要的观察点。结合宏观环境和估值状态来看，当前市场已经具备春季躁动的基础。在行业和风格配置方面，经过短期的超跌调整后，大小盘股的性价比已经接近均衡状态。具体来说，大盘股和高股息类标的或已经具备配置价值。另一个配置方向来自产业驱动，包括人工智能、机器人等科技革命类行业，以及消费电子、半导体、医药等产业复苏类行业。综上，2024年的配置思路可能更偏重Beta，也就是说，我们会更加关注行业轮动的节奏。","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智选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=1055288","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c627e","date":"2023-09-29T16:00:00.000Z","stockId":3000000009106,"sao":"回顾3季度，宏观方面，9月份制造业PMI回升至50.2%，时隔四个月的恢复之后，再度回到荣枯线以上。三季度国内供需扩张同步加速，产销流转加速，产成品库存去化速度加快，原材料库存需求体现为快速回升，带动上游价格页持续加速回升。从整体考虑，经济景气回升趋势愈发确定；而从结构角度，上游盈利相较于整体扩张速度更快，体现在价格和库存指标同步回升，我们初步认为库存周期出现了反转。但由于节日期间房地产数据较弱，目前市场仍对后续可持续性保持观察。因此，我们认为，预计四季度经济将稳步回升，市场信心也将随之回复，外资流出的边际影响将会逐渐减弱。在三季度投资策略方面，我们在构建组合的过程中采取了以分析师预期调整为主，高股息低波动为辅的多种策略叠加。筛选具备如净利润增速超预期、盈利出现拐点等特征的公司，再进一步叠加具备基本面稳健性、可持续性，以及侧重景气度发生明显变化的行业、个股等多维度。我们希望以质优股为基础，筛选其中兼具成长性和行业确定性的个股构建组合，以期为投资者创造良好的收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:16.692Z","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智选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=987910","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c627d","date":"2023-06-29T16:00:00.000Z","stockId":3000000009106,"sao":"回顾2023年上半年，市场进入战略机遇和风险挑战并存、不确定难预料因素增多的时期。经济基本面复苏力度不强。整体来看，市场机会更多在于技术、事件、政策驱动带来的主题行情；其中穿插的两次复苏交易，都是在市场已经充分反映悲观预期之后的情绪修复，事后看也并没有带来总量板块的主升浪。具体分析，2023年2月至4月，AI及中特估主题领涨市场，而新能源产业链进入降价博弈阶段，持续下跌。进入5月份后，年报、一季报出炉，业绩表现较好但前期滞涨的行业启动反弹，典型的有新能源产业链、可选消费等行业；与此同时前期涨幅明显的中特估主题波动放大。因此，由于二季度的个股选择有最新的财报作为最重要的参考数据，我们在构建组合过程中采用了多种关注基本面变化的策略。先筛选具备如净利润增幅超预期、基本面扭亏为盈等特征公司，再进一步叠加对公司基本面稳健性、可持续性的考量，以及侧重前期滞涨的行业、个股等多维度。最终使我们的组合呈现高成长、高质量、低估值的特征，在具备安全边际的前提下兼顾进攻性，以期为投资者创造良好的收益。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:16.688Z","mo":"上半年，在前期积压需求释放、政策性力量支撑和低基数效应的共同作用下，中国宏观经济恢复性增长态势明显，需求收缩、供给冲击、预期转弱三重压力得到不同程度的缓解，呈现出“触底反弹”的运行特征。不同于以往经济周期，在经历了过去三年之后，本轮中国经济复苏需经历社会秩序与交易修复阶段、资产负债表修复阶段、常态化扩展阶段等三个不同阶段，当前中国经济复苏正处于从第一阶段向第二阶段转换的关键期，这既是中国经济复苏的恢复性增长期，也是各种潜在风险显化和矛盾的集中爆发期。从权益视角来看, 当前市场或已经处在预期的冰点附近。市场预期的变化并非一蹴而就，年初以来，市场在现实与预期的交织中震荡，但最终“弱预期，弱现实”的组合成为了市场的主导因素，上证指数也在这一过程中逐步走弱。展望下半年，预期与现实的再平衡将会是市场最值得关注的变化。政策方面，我们仍然可以期待政策的积极调整，中美关系的缓和也将缓解当前市场的压力。经济方面，经济渐进的恢复，服务业的修复以及政策的呵护将会支撑经济逐步回升。前期库存周期与价格下行带来的压力或将逐步缓解。从行走趋势来看，政策持续支持的方向值得关注，主要包括半导体产业链（半导体设备、面板、存储、封测等）、AI相关的硬件方向（光模块、服务器）等。“中特估”或许也将是资本市场发展的重要方向之一，重点关注国企改革相关方向，主要包括央企的并购重组方向以及国企改革专项行动方向。","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智选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=963972","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c627c","date":"2023-03-30T16:00:00.000Z","stockId":3000000009106,"sao":"2022年国内一些政策优化后，2023年1-2月国内经济修复进度提速。2023年2月PMI创10年新高，达52.6%。在基本面数据的支撑下，A股各宽基指数自2022年12月23日阶段低点起开始计算，都迎来了显著涨幅：沪深300指数上涨12%、创业板指上涨17%。2023年2月起，受海外扰动因素影响，冲击A股及外资情绪，市场上涨趋势趋缓，宽基指数的表现开始分化。而3月以来全球宏观环境进一步趋于复杂，市场持续对海外金融风险事件表现出担忧情绪。有据于海外市场的不确定性，而每年的10月到次年3月是业绩真空期，因此我们选择从政策寻找确定性。1季度，我们在组合配置了一定比例的“中特估”板块中低估值中字头企业，这部分优质央国企也为我们组合提供了相当的超额收益；此外，在人工智能概念热火的背景下，我们也逐步增加计算机、通信、传媒等板块的权重配置，以期为投资者提供良好的投资体验。","declarationDate":"2023-04-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:16.685Z","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智选股票型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=888196","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c627b","date":"2022-12-30T16:00:00.000Z","stockId":3000000009106,"sao":"回顾2022年全年，年初至4月底受美联储加息、俄乌战争、大宗商品价格快速上涨导致制造业成本承压，以及国内疫情导致经济景气度预期回落等因素影响，市场经历了一段快速下行的趋势。随着该阶段投资者风险偏好的下行，总结历史规律市场通常呈现出高价值、低估值的特征，因此我们的组合立足于PB-ROE的框架筛选个股来降低整个组合的风险。而5月初随着国内疫情得到控制，叠加各项“稳增长”宏观经济政策落地，整体市场风险偏好快速上行。在确认风格切换后，我们也迅速调整加大以汽车、电力设备为代表的成长风格配置；三季度受美国加息缩表提速、人民币承压、信贷问题等因素印象，价值成长、大小票风格急剧收敛，我们重新切换回高价值、低估值的组合；四季度后随着疫情防控政策宽松落地、美国经济数据好于预期，我们在大盘、价值的基础上逐步增加了盈利增速高、业绩预期好的相关行业配置，以期持续跟踪市场趋势变化，力求位投资者创造良好的收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:16.682Z","mo":"展望2023年，我们认为当下仍是一个经济趋势性复苏且政策宽松的窗口期，近期不管是宏观还是微观数据，都可以验证经济正处于复苏通道中。1月份新增贷款4.9万亿元取得开门红，规模在历史上都是创下了新高水平；微观高频数据的角度观察，目前市内交通、生产端、年后建筑施工企业的开复工率也都可以观察到显著的修复迹象。此外，从资金层面的角度观察，2月份截至当下外资配置盘已经累计流入458亿元；我们也观察到近期公募基金赎回的压力有所减弱，且发行出现回暖迹象。最后我们观察市场角度，目前从市场的估值水平来看，上证综指的估值水平也已经从去年年底的极端值回落到当下的均值水平，我们认为处于一个相对正常、合理的位置。若有经济强复苏的数据支撑或超预期的政策力度，将有利于指数进一步上行。基于此，我们当下考虑：一是受疫情影响后大概率修复的酒店、航空、旅游等行业；二是寻找成长股中景气度较高当股票仍处低位的细分行业龙头，如储能、军工、成长等行业。","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智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=870016","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c627a","date":"2022-09-29T16:00:00.000Z","stockId":3000000009106,"sao":"2022年三季度A股市场事件较多，7月份断贷问题发酵，银行、地产相关板块下行明显；8-9月份，国内经济基本面弱势复苏，工业生产端虽然受疫情反复影响，但在保产业链、供应链等政策下表现尚可，服务业相比影响较为显著；海外方面，美国加息缩表提速，人民币承压再次贬值，表现为大盘价值与小盘成长出现剧烈的风格收敛。我们考虑到市场狭义的货币供给最宽松的时候已经过去，而外需的回落速度比之前市场预期的要快。在估值方面，食品、家用电器等消费行业PE/PB估值已经回到过去10年低位，特别是医药生物估值处于历史底部。因此，我们三季度的投资组合构建上侧重低位、价值股票的选择，如消费、医疗等行业。此外，我们也在高景气成长股中优选弹性更加的标的，如新能源链、数字经济等，力求为投资者创造良好的体验。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:16.679Z","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智选股票型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=804985","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c6279","date":"2022-06-29T16:00:00.000Z","stockId":3000000009106,"sao":"回顾2022年上半年，A股市场呈V型反转的走势，主要可以分为：第一阶段年初至4月底的快速下行阶段，受美联储加息、俄乌冲突、大宗商品价格快速上涨导致制造业成本承压，及国内疫情导致经济景气度预期回落等因素的影响。该阶段随着投资者风险偏好下行，市场呈现侧重低估值、高价值的特征，而行业中银行、煤炭及地产在这段时间内存在比较优势。因此，我们在投资组合中也基于PB-ROE等指标筛选高价值、高质量的个股来构建我们的组合。第二阶段则是在5月初随着国内疫情得到控制，叠加各项“稳增长”的宏观经济政策逐步落实并初见成效，A股市场情绪快速修复，整体市场风险偏好快速上行，以汽车、电力设备为代表的行业领涨，表现出明显的成长风格。在该阶段，在确认了市场风格进行切换后，我们也迅速调整了组合，加大对受政策支持、有确定性业绩增长的优质成长股在组合中的配置。在报告期内，我们基于在控制回撤的前提下追求更高的业绩回报的理念，力求为投资者创造良好的体验。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:16.677Z","mo":"从未来的市场风格角度，我们看好下一阶段成长风格的表现。在国内市场，7月28日的政治局会议明确了稳增长基调不变，随着相关政策的落地见效，我们认为经济最差的时刻已经过去。具体分析政策关注的重点，宏观政策方面主要侧重于扩大需求，财政政策着眼于有效弥补社会需求不足，政策的边际增量在宽信用，我们预计政策将利好成长风格的表现；而海外市场方面，7月美联储如期加息75BP，同时欧美主要经济体经济数据显示衰退风险加剧、距年底中性利率空间已经不大，市场对于美联储加息的顾虑大幅消退。从近期A股的成长板块大幅上行和美股走强也得到初步印证。自4月份以来，光伏及汽车板块快速上涨，当下高成长板块景气度已经在高位，在经历了近期估值的消化调整后，我们将继续看好有基本面数据支撑的成长板块表现。","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智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=783915","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c6278","date":"2022-03-30T16:00:00.000Z","stockId":3000000009106,"sao":"2022年一季度A股市场经历了大幅度的调整，特别是3月受俄乌局势紧张、美联储加息临近、中概股连续杀跌乃至国内多处疫情扩散等利空因素叠加的影响，市场悲观情绪蔓延出现非理性下跌。其中，沪深300指数下跌14.53%，创业板指下跌19.96%。在快速下跌的过程中，我们在组合中加强了风险偏好较低的金融地产等行业的配置，降低了前期涨幅较高的新能源等行业板块的权重。在3月16日金融委召开会议维稳市场基本标志着政策底已经出现，此后我们观察到A股市场开始走稳。我们预期下半年市场投资的主线将基于经济复苏的逻辑，尤其是消费类行业的基本面有望改善；此外我们也将深挖新基建的受益标的，如低碳经济、数字经济等，力求为投资者创造良好的体验。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:16.674Z","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智选股票型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=725942","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c6277","date":"2021-12-30T16:00:00.000Z","stockId":3000000009106,"sao":"在经历了3季度反垄断、教育到房地产、医疗等相关领域政策密集出台期后，市场恐慌情绪虽逐步下降，但受经济基本面不确定性抬升，市场持续承压，21年4季度中证500指数区间涨幅3.60%。因此在4季度的运作过程中，在大小盘风格上，基于我们观察到无论是沪深300、中证500和中证1000指数之间，盈利预测增速均大幅收敛且趋于一致，我们选择均衡配置我们组合中大小票风格的权重；成长与价值风格方面，随着3季度本土疫情得到控制，消费行业预期将逐渐走出底部，且考虑到周期板块进入预期兑现阶段，我们加强了组合中消费、金融行业的配置。12月我们也如愿观察到，市场得益于促销费、稳地产政策的陆续出台，大金融板块所有表现。此外，以新能源为代表的高景气成长行业，我们也在组合中给予相应配置。综上，4季度以盈利成长的稳定性、确定性为核心指导构建组合，组合在区间内表现相对稳定的走势。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:16.671Z","mo":"21年12月份以来的调整，从宏观层面进行分析，类似于21年1季度的调整，是在美债利率快速上行的背景下发生；而从微观市场的角度来看，两次市场回调幅度最大的均是前期估值过高和交易过热的热门板块。如20年以白酒为代表的食品饮料板块和21年以新能源汽车为代表的新能源板块。这些板块在回调前板块估值已经偏离均值+2倍标准差，与此同时，相关板块的基金持仓比例也达到高位。展望后市，2022年的行情预计将在宏观环境年经济承压而政策积极态势下，市场处于震荡的格局，而我们想要做的就是把握其中的阶段性机会。21年四季度以来以金融地产为代表的价值风格持续表现出超额收益，目前大金融板块整体估值仍然较低，我们看好以券商为代表的价值风格的后续表现；此外，若未来有政策和业绩的持续催化，价值风格也有望切换到成长风格，其中我们将重点关注低碳经济和数字经济领域的机会。","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智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=713164","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c6276","date":"2021-09-29T16:00:00.000Z","stockId":3000000009106,"sao":"21年7月下旬以来的三季度，首先从宏观数据方面，消费、地产等数据持续走弱，市场存在经济下行的担忧，尤其是中低收入群体的资产负债表的承压，但将推动宽货币向宽信用传导及扩散；其次能耗双控的大环境下，基础原材料价格上涨对中下游企业的盈利预计将产生相当影响，短期可能难以缓解，但随着政策重点从双碳节能等结构性问题逐步向保民生、稳经济转移，我们认为限产与供需矛盾最紧张的时刻也已经过去；基于此我们判断短期内经济与盈利预期阶段下行速度最快的阶段已经过去，叠加稳就业、增长的环境下，我们看好大盘价值与权重的投资机会。在投资组合的构建上，随着上游价格局部见顶，我们的配置也逐步从上中游周期逐步往中下游的消费板块进行调整。我们认为大消费板块已处于估值相对合理阶段且市场一致预期逐步走出底部，叠加行业政策风险有望在年底前缓和，因此在组合内自下而上优选有业绩支持的龙头公司；此外，新基建有望受益于财政发力的方向，我们也给予特高压电网、5G等重点高景气行业和个股更高的权重，紧跟市场热点，以力求为投资者创造良好、稳定的收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:16.669Z","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智选股票型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=653863","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c6275","date":"2021-06-29T16:00:00.000Z","stockId":3000000009106,"sao":"2021年第一季度，以2月中旬中国农历春节为界，指数呈现先扬后抑、市场风格明显切换。春节前市场总体延续了2020年的上涨行情，市场主导因素是全球货币宽松带来的核心资产估值提升过程；而春节后行情受内外因素影响转变为业绩驱动的股价上涨。前期资金抱团程度较高且估值较高的白酒、新能源、科技等热门板块均出现较明显的回落；与此同时，估值较低、股息率较高的银行、顺周期等板块由于较强的安全边际，受到市场青睐，在市场整体回落的环境下走出独立行情。2021年第二季度，市场维持分化格局，A股主要指数、个股涨跌幅差异较大，具体来看：创业板指2季度涨幅为26.05%；科创50涨幅为27.23%；与此同时，上证50指数下跌了1.15%；沪深300上涨3.48%；中证500上涨8.86%。究其原因，我们研究认为A股机构投资者占比不断提升，公募、外资、保险公司三大机构投资者在A股总市值下持股市值占比从11年的5.3%上升至20年的15.1%。机构投资者往往重视基本面研究，使业绩稳定向好的公司股价表现往往更好，从而导致了优质股表现异军突起的现象。嘉合同顺智选基金截至报告期末，A类份额单位净值1.1931，上半年实现收益9.82%，超业绩基准3.86%；C类份额单位净值1.1858，上半年实现收益9.56%，超业绩基准3.60%。在投资组合的构建上，一方面基于宽基指数行业分布为基准，自上而下优选有业绩支持的行业及个股；另一方面，由于市场风险偏好提升，我们在构建组合时给予高景气的行业和个股更高的权重，紧跟市场热点，力求为投资者创造良好、稳定的收益。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:16.666Z","mo":"今年下半年的市场环境，我们认为可能将不会呈现显著变化，整体将处于盈利较强和流动性稳中略宽松的环境中。结合已经发布的部分上市企业中报来看，整体经济将仍具相当的韧性，叠加较高的通胀水平下，我们预测下半年经济增长和企业盈利都有望持续超预期；政策方面，2021年7月30日，中共中央政治局会议上提出，做好宏观政策跨周期调节，保持宏观政策连续性、稳定性、可持续性，统筹做好今明两年宏观政策衔接，保持经济运行在合理区间。在新能源汽车、碳中和、制造业、高新技术产业和中小企业等方向更持续有相关利好政策推出。估值方面，宽基指数静态市盈率分位数在中位数水平，处于相对安全位置。需要注意的是，部分热门板块处于历史高位，资金相对集中，需要时间消化，我们预计也将在短期内限制大盘指数冲高的可能性。综合考虑目前业绩增速景气、政策呵护、估值相对合理和资金稳定流入等因素，今年下半年我们预期指数稳中有升，行业方面看好以新能源、半导体为主的相关产业链，以及景气度处于高位的化工、煤炭及通用自动设备板块。","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智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=634935","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c6274","stockId":3000000009106,"sao":"回顾2021年1季度，以2月中旬中国农历春节为界，指数呈现先扬后抑、市场风格明显切换。春节前市场总体延续了2020年的上涨行情，市场主导因素是全球货币宽松带来的核心资产估值提升过程；而春节后行情受内外因素影响转变为业绩驱动的股价上涨。前期资金抱团程度较高且估值较高的白酒、新能源、科技等热门板块均出现较明显的回落；与此同时，估值较低、股息率较高的银行、顺周期等板块由于较强的安全边际，受到市场青睐，在市场整体回落的环境下走出独立行情。正如，我们在年报中所展望的那样，我们选择适当增加组合中防御性配置，辅以低估值、竞争格局好、护城河高的资产来构建组合。本基金在报告期内考虑到市场波动较为剧烈，适当调低了股票仓位。在策略的选择上，我们继续通过保持跟踪指数的行业配置来避免错过市场热点；另一方面，考虑到前期抱团股较高的估值水平，我们降低了前期的热门绩优龙头的配置；转而基于防御的思维，侧重配置了低估值、强安全性的行业板块及对应公司，力求为投资者创造良好、稳定的收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:16.663Z","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智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=573743","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c6273","stockId":3000000009106,"sao":"2020年全年最后一个交易日，上证综指收于3473点，沪深300指数突破5200点，创业板指站上2900点关口后继续上行，收于2966点，均创历史新高。受益于疫情控制等原因，A股延续了19年的牛市，继续领涨全球主要股票市场，创业板指全年涨幅达到65%，也力压纳指夺得全球主要股票市场涨幅榜魁首。总体来看，强势行业均在年内的一段时间成为市场主线，且持续性较强。以贵州茅台为代表的核心资产不断突破估值上限，而没有基本面支撑的劣质个股逐渐被市场抛弃，市场呈现极致的大分化格局。针对这种市场格局，相应的我们在投资策略也选择侧重市场上的核心资产。关于本基金的运作，报告期内投资运作较为稳定，股票仓位总体维持在85-90%左右的水平。策略的选择上，我们继续选择成长风格的配置，侧重电子、新能源、医药、消费等方向核心资产。同时，一方面通过分散行业配置来避免错过市场热点；另一方面，通过加大龙头个股的权重配置，以求在提高持有者体验的基础上，力争为持有人创造良好的收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:16.661Z","mo":"展望2021年，我们认为国内经济将继续延续复苏态势，流动性保持适度宽松。权益市场可能出现一定程度的风格再平衡。20年，由于宽裕的流动性支持各行业的龙头公司估值膨胀，在特定市场环境下，基本面已难以匹配估值表现。基于上述判断，我们对部分超高估值的权益资产的未来走势保持谨慎态度。新的一年，我们将更加看好和经济复苏密切相关的周期成长类资产；同时我们认为目前金融、地产等行业处于极低估值，却仍具相当可观的股息率，在当前市场环境下具备一定的比较优势。在风格上，我们将适当增加组合中防御性配置，辅以低估值、竞争格局好、护城河高的资产来构建组合。本基金将继续秉承稳健、均衡的思路，自上而下选择方向，自下而上精选优质标的，力求为持有人带来更多的回报。","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智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=560653","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc587fea5b3eb04c6272","stockId":3000000009106,"sao":"今年下半年以来，市场维持弱势震荡，3月下旬以来，受益于流动性改善、政策宽松、经济修复与企业盈利边际回暖，科技与消费股成为领涨市场的主力。而进入7月中旬，受流动性、市场估值以及外围扰动等因素影响，半导体、芯片等前期活跃的科技股出现回调，随后前期强势的白酒、医药等为代表的消费股也出现了明显的调整，上半年领涨的板块在三季度回调过程中成为杀估值的主力，科技成长板块的回调尤其明显。四季度行情我们预期有望由流动性驱动的估值提升，向盈利驱动的估值提升转换。因此，我们也会在投资组合的配置中给予低估值的优质股更高的权重。关于本基金的运作，报告期内投资运作较为稳定，股票仓位总体建立至较高的水平。在策略的选择上，对前期热门的科技、消费以至医药，我们在投资组合内规避阶段性超涨的股票，继续在行业中寻找低估的公司。在行业配置方面，我们主要通过分散配置来减少组合的波动，以提高持有者体验。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:16.658Z","fund":{"_id":3000000009106,"__csrcFundId":7366,"stockCode":"009106","name":"嘉合同顺智选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9106,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:48.547Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"嘉合同顺智选股票(009106)","followedNum":0,"fundCollectionId":4000050940000,"currency":"CNY","masterFundShortName":"嘉合同顺智选股票","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1720919.07,"setUpShares":1720919.07,"pinyin":"jhtszxgpxzqtzjj","managers":[{"stockCode":"8801613928","stockType":"fund_manager","exchange":"fm","tickerId":252526192810,"name":"杨彦喆"}]},"announcement":{"linkText":"嘉合同顺智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=489683","linkType":"PDF","source":"csrc_pdf"}}]}