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at a Reasonable Price）投资理念，综合考量上市公司未来发展空间与当前估值的合理性，寻找那些兼具可靠成长潜力且当前价格未被过分高估的公司，3季度操作过程中，主要增配了传媒中的游戏板块、需求恢复的储能板块以及智驾的相关标的，减少了医药板块的配置。    后市展望，从中长期配置视角，我们重点关注三大方向：首先是科技成长领域，AI产业已进入“硬件铺路、软件变现”的关键阶段，行业巨头战略聚焦明确，AI能力开始对核心业务产生实质性收入贡献；固态电池的技术突破加速了产业化进程，计划于2026-2027年实现全固态电池的小批量生产。其次，看好部分行业产能出清且需求转暖的机会，例如储能需求回升，国内新型储能装机规模持续高增长，叠加海外市场复苏，带动行业景气上行。最后，看好受益于行业政策转好且需求保持稳定的行业，例如传媒行业等。","lastUpdated":"2026-03-09T13:34:44.319Z","fund":{"_id":3000000009210,"__csrcFundId":7481,"stockCode":"009210","name":"中欧嘉和三年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9210,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:41:06.847Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-27T16:00:00.000Z","shortName":"中欧嘉和三年混合(009210)","followedNum":10,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧嘉和三年混合","setUpDate":"2020-05-27T16:00:00.000Z","setUpAssetScale":1192075223.66,"setUpShares":1192075223.66,"pinyin":"zojhsncyqhhxzqtzjj","managers":[{"stockCode":"db20042130","stockType":"fund_manager","exchange":"fm","tickerId":2310090110,"name":"王健"}]},"announcement":{"linkText":"中欧嘉和三年持有期混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1377515","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc747fea5b3eb04c8237","date":"2025-06-29T16:00:00.000Z","stockId":3000000009210,"sao":"回顾市场，2025年上半年A股呈现“先扬后抑再修复”的震荡上行格局。年初中小盘风格及TMT板块领涨，周期内部分化。二季度初受美对华大幅加征关税冲击后波动加剧，而后走出韧性行情，呈现“先抑后扬”的修复格局，金融与科技双主线轮动特征显著，大金融板块在市场情绪回暖阶段持续领跑，医药生物凭借创新药突破实现超额收益，新消费赛道盈利和估值双击，而传统消费板块受基本面压制整体跑输大盘。北向资金上半年净流入显著，推动市场风险偏好回升。宏观层面，弱复苏背景下产业政策与外资流向主导行情，地缘风险与关税冲击等外部扰动逐步消退，景气赛道修复与权重板块发力共同塑造了“中小盘突围、政策护航”的格局，为下半年结构性行情铺垫基础。  操作层面，我们基于港股互联网及消费行业盈利稳定且估值在国际可比公司中处于低位的角度，在组合上继续加大了港股的配置，A股操作中上半年组合增配了银行、农业及机械相关个股，减持了医药和化工相关个股，整体市场热点轮动较快。选股层面，我们遵循GARP投资原则，衡量企业长期增长空间和当前估值性价比，最终形成兼具中长期成长动能与估值安全边际的投资组合，既纳入了具备稳定盈利增长模式、行业地位稳固且估值处于合理区间的优质企业，也涵盖了短期业绩存在预期差、长期成长逻辑清晰且当前估值具备修复空间的潜力标的。","declarationDate":"2025-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:44.316Z","mo":"后市展望，短期地缘政治因素或许还会扰动市场节奏，引发阶段性波动。但当前中国市场估值处于低位，且在全球资产配置中仍处低配状态，配置性价比突出。面对外部环境压力，国内刺激消费、拉动内需的政策将为经济增长构筑支撑。但也需要保持谨慎的是，下半年部分高增长基数的行业或有增速回落的压力。此外，出口产业链中，海外库存较高的环节也可能受到全球关税压力传导而需求回落。因此，市场需要进一步挖掘结构性投资机会。  从行业布局看，我们认为三大方向具备潜力：一是科技成长领域，AI产业迭代提速，重点关注估值适配的软件应用和新终端产品，力争捕捉技术落地带来的红利；二是传统周期和制造业方向，部分历经了三四年低景气的产业环节，供给端已接近出清，叠加政策对“内卷式”竞争的整治、供给侧改革推进，修复动能值得期待；三是消费板块中，迎合新的渠道业态和终端需求的新消费领域，这些领域在政策支持、Z世代消费力释放和渠道变革的驱动下有望迎来结构性增长机会。","fund":{"_id":3000000009210,"__csrcFundId":7481,"stockCode":"009210","name":"中欧嘉和三年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9210,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:41:06.847Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-27T16:00:00.000Z","shortName":"中欧嘉和三年混合(009210)","followedNum":10,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧嘉和三年混合","setUpDate":"2020-05-27T16:00:00.000Z","setUpAssetScale":1192075223.66,"setUpShares":1192075223.66,"pinyin":"zojhsncyqhhxzqtzjj","managers":[{"stockCode":"db20042130","stockType":"fund_manager","exchange":"fm","tickerId":2310090110,"name":"王健"}]},"announcement":{"linkText":"中欧嘉和三年持有期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=1350818","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc747fea5b3eb04c8236","date":"2025-03-30T16:00:00.000Z","stockId":3000000009210,"sao":"2025年一季度，全球资本市场在复杂宏观环境下呈现结构性分化，A股市场结构性特征更为突出，宽基指数整体涨多跌少，小盘与成长风格占优。北证50、中证1000领涨，消费及大盘风格表现平淡。行业层面，有色金属、汽车、机械设备等强势，煤炭、商贸零售等板块走弱。从月度走势看，1月大盘先跌后涨，上旬避险情绪升温致大盘普跌，下旬内外利好（国内经济数据亮眼、海外通胀缓解）推动反弹，小盘科技占优。2月科技领涨后调整，受地缘扰动，市场震荡科技板块回调，消费等顺周期方向相对走强。3月市场先扬后抑，上旬两会释放经济复苏信号，政策利好新技术与消费补贴；下旬海外避险情绪升温，叠加财报季临近，市场普跌，小盘风格短期调整。宏观环境上，国内经济数据稳健，政策围绕新技术发展、消费补贴等发力，海外因素（地缘局势、美联储政策预期）则对市场节奏形成扰动，共同演绎了一季度风格轮动与行业分化的行情。  展望后市，我们的核心观点是\"短期波动不改长期价值，结构性机会将在分化中显现\"。从短期来看，地缘政治冲突、海外货币政策反复等不确定性因素仍可能加剧市场波动，尤其在全球资本对中国市场显著低配的背景下，情绪面扰动或放大市场波动。但需要站在更长期的视角来看，当前A股主要指数的估值水平依然处于历史较低位置，更值得关注的是，中国经济正展现出独特的韧性：一方面，AI产业链从算力基建到应用落地全面提速，行业优质企业的资本开支和算力建设显著加速，大模型商业化进程明显快于市场预期；另一方面，宏观经济政策工具箱储备充足，设备更新补贴、消费券、个税抵扣优化等促内需政策有望在二季度密集出台，对冲外部压力。  从中长期配置视角，我们重点关注三大方向：首先是科技成长领域，AI产业已进入\"硬件铺路、软件变现\"的关键阶段，重点关注估值合理的应用层企业，特别是具备垂直行业know-how的解决方案提供商。其次，传统周期行业有望迎来供给侧改革红利，部分化工、建材细分领域经过三年产能出清，行业集中度显著提升，在\"整治内卷式竞争\"政策指引下，优质企业盈利修复弹性可观。最后，消费行业中的优质企业值得长期布局，那些维持健康资产负债表、持续进行渠道优化的企业，一旦消费景气度回暖，或将展现更强的业绩弹性。值得注意的是，这三个方向都符合\"高质量增长\"的转型主线，在估值洼地和政策催化双重作用下，有望成为引领市场复苏的重要引擎。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:44.314Z","fund":{"_id":3000000009210,"__csrcFundId":7481,"stockCode":"009210","name":"中欧嘉和三年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9210,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:41:06.847Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-27T16:00:00.000Z","shortName":"中欧嘉和三年混合(009210)","followedNum":10,"fundCollectionId":4000050570000,"currency":"CNY","m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挑战，政府层面有望在未来增加政策支持力度。尽管结合经济表现情况我们预计企业盈利恢复时间在拉长，但依然有局部行业率先走出调整低谷，呈现恢复态势，比如工程机械行业，在需求方面存在增速加强的电网设备以及海风设备等，同时因AI进步带来的电子链条产业的机会我们也认为是市场中可持续关注的方向。整体自下而上来看，我们关注方向包括通过长期竞争积累的优势能够不断开拓市场获得市占率提升的公司，包括机械、汽车等行业，同时也关注具备较多国产替代空间的公司，包括化工材料、信息服务等相关公司，在内需层面我们认为创新药在政策方面获得支持同时具备出海能力，也值得关注。","fund":{"_id":3000000009210,"__csrcFundId":7481,"stockCode":"009210","name":"中欧嘉和三年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9210,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:41:06.847Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-27T16:00:00.000Z","shortName":"中欧嘉和三年混合(009210)","followedNum":10,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧嘉和三年混合","setUpDate":"2020-05-27T16:00:00.000Z","setUpAssetScale":1192075223.66,"setUpShares":1192075223.66,"pinyin":"zojhsncyqhhxzqtzjj","managers":[{"stockCode":"db20042130","stockType":"fund_manager","exchange":"fm","tickerId":2310090110,"name":"王健"}]},"announcement":{"linkText":"中欧嘉和三年持有期混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1152929","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc747fea5b3eb04c8232","date":"2024-03-30T16:00:00.000Z","stockId":3000000009210,"sao":"今年一季度国内市场呈现先抑后扬走势，经历V型调整后市场企稳。源于国内经济复苏缓慢以及多数企业存在盈利下调预期等影响，市场开年向下调整较为剧烈，后经市场多方努力，市场终于企稳，结构方面具备高分红能力以及上游资源企业有较好的涨幅，消费类别资产中家电涨幅居前，而医药、信息服务等行业有较多的向下调整。从实际情况来看，国内面临外需条件出现向好迹象，但国内大循环仍有待进一步疏通。海外方面，美国软着陆逐步兑现，非农数据略超预期。在数据和联储引导下，市场定价基准情形下将于2024年6月首次降息。一些领先指标指向美国地产周期有望重新进入上行周期。整体上产业处于出清期和上升期的机会变多。本基金操作上适当减持了化工和信息服务相关标的，增加了机械及医药的相关配置。    展望二季度，国内制造业由于出口拉动继续保持高景气，海外美国市场进入地产上行周期，国内地产链逐步调整到位，关注地产链可能的上行机会，以及进入出清期的行业反弹机会。需要紧密跟踪美国经济动能，警惕高利率环境下对其经济的压制力量，以及复杂的大选环境对市场情绪的扰动。结合企业估值与盈利预期情况，我们主要关注三方面的投资机会，一、关注能够不断拓展海外市场而获得成长的企业，包括工程机械、家电等行业；二、关注经历周期可能出现盈利拐点的企业，包括养殖行业等；三、关注国内消费端出行服务以及医药行业的投资机会。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:44.301Z","fund":{"_id":3000000009210,"__csrcFundId":7481,"stockCode":"009210","name":"中欧嘉和三年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9210,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:41:06.847Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-27T16:00:00.000Z","shortName":"中欧嘉和三年混合(009210)","followedNum":10,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧嘉和三年混合","setUpDate":"2020-05-27T16:00:00.000Z","setUpAssetScale":1192075223.66,"setUpShares":1192075223.66,"pinyin":"zojhsncyqhhxzqtzjj","managers":[{"stockCode":"db20042130","stockType":"fund_manager","exchange":"fm","tickerId":2310090110,"name":"王健"}]},"announcement":{"linkText":"中欧嘉和三年持有期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=1075078","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc747fea5b3eb04c8231","date":"2023-12-30T16:00:00.000Z","stockId":3000000009210,"sao":"2023年A股市场受到AI突破性进展以及国内经济在疫后复苏较为缓慢等因素影响，全年来看，市场结构呈现两极分化状态，AI相关的传媒以及低估现金流行业包括运营商、采掘和能源板块具有明显的涨幅，而寄望有复苏的的休闲服务、经济关联较强的房地产以及新能源行业有较大幅度的负收益，市场波动较为剧烈。2023年国内经济因地产销售量和价格表现都较弱，相关开工以及投资链条的行业和公司也受到较大影响，消费中表现较为亮眼的是汽车销售以及金银珠宝相关，而其他消费则体现动能较弱局面；新能源电池链以及光伏产业链条也因供给增加出现竞争加剧局面，值得一提的是海外出口整体成为2023年的亮点。整体来看，2023年经济层面体现出来的是国家处在经济转型的阵痛期，国内企业在制造端、互联网应用等方面具备向海外市场输出的能力，同时不可忽视的是，AI的进展标志人工智能的超预期发展，或将成为未来较长时期的在科技领域的主要焦点，因为无论是大模型的应用还是算力等硬件设施的进步都会引发未来很多行业产生深刻的变化。  2023年在操作中上半年因AI发酵引起的上涨行情中减持了相关电子及与经济复苏相关的建材等标的，下半年基于个股选择维度增加了机械和医药的相关标的。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:44.299Z","mo":"我们认为市场经历近十年来持续时间最长的向下调整，基本处在熊市的尾期，市场对未来经济的预期相对保守，估值处在历史低位区域。展望2024年，国内经济在向下调整超过两年的基础上，处于库存周期的低位，但国内整体需求较为疲弱，企业盈利增速有望出现拐点。预计稳经济的政策将会陆续出台，对市场信心有所推动，企业盈利拐点的出现将进一步对市场起到支撑作用。我们认为当前A股市场源于对经济恢复的信心不足而出现较大的调整，处在震荡的状态，若放较长眼光来看，市场调整为我们提供了较多的具备投资价值的标的。操作层面，我们将继续按照企业估值与成长匹配原则进行结构选股，主要关注方向包括：一、能够不断拓展海外市场的企业，主要是依靠中国制造业的输出能力；二、从中长期维度，具备零部件或者材料端实现国产替代进口能力的企业；三、内需中具备刚性需求的医药行业。","fund":{"_id":3000000009210,"__csrcFundId":7481,"stockCode":"009210","name":"中欧嘉和三年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9210,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:41:06.847Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-27T16:00:00.000Z","shortName":"中欧嘉和三年混合(009210)","followedNum":10,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧嘉和三年混合","setUpDate":"2020-05-27T16:00:00.000Z","setUpAssetScale":1192075223.66,"setUpShares":1192075223.66,"pinyin":"zojhsncyqhhxzqtzjj","managers":[{"stockCode":"db20042130","stockType":"fund_manager","exchange":"fm","tickerId":2310090110,"name":"王健"}]},"announcement":{"linkText":"中欧嘉和三年持有期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=1057489","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc747fea5b3eb04c8230","date":"2023-09-29T16:00:00.000Z","stockId":3000000009210,"sao":"今年三季度A股市场受到上游部分商品涨价以及美债利率持续走高等影响，市场风险偏好明显下降，估值较低以及具有明显积极政策变化的采掘、非银以及银行行业相关标的表现较好，而上半年表现较好的AI相关的通讯和信息服务行业具有较大的负向调整，同时因反腐因素影响的医药行业也有较大的波动，市场具备较为明显的防御特征。    三季度组合中部分化工股贡献了较为明显的收益，但通信和信息服务的配置成为组合中的主要拖累项，三季度操作中略增加了化工和食品饮料的配置，降低了部分医药的配置。    展望四季度，国内经济在向下调整超过两年的基础上，处于库存周期的低位，但国内整体需求较为疲弱，企业盈利增速有望出现拐点。预计稳经济的政策将会陆续出台，对市场信心有所推动，企业盈利拐点的出现将进一步对市场起到支撑作用。  我们认为当前A股市场源于对经济恢复的信心不足而出现较大的调整，处在震荡的状态，若放较长眼光来看，市场调整为我们提供了较多的具备投资价值的标的。操作层面，我们将继续按照企业估值与成长匹配原则进行结构选股，主要关注方向包括：一、随着经济复苏的确认，传统产业链条中因供给出清以及市场拓展而获得成长的公司，尤其值得重视的是具备国际拓展能力的公司；二、中长期我们持续关注具备国产替代进口能力的高端制造及科技企业；三、内需相关的医药行业也调整到可关注的范畴。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:44.296Z","fund":{"_id":3000000009210,"__csrcFundId":7481,"stockCode":"009210","name":"中欧嘉和三年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9210,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:41:06.847Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-27T16:00:00.000Z","shortName":"中欧嘉和三年混合(009210)","followedNum":10,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧嘉和三年混合","setUpDate":"2020-05-27T16:00:00.000Z","setUpAssetScale":1192075223.66,"setUpShares":1192075223.66,"pinyin":"zojhsncyqhhxzqtzjj","managers":[{"stockCode":"db20042130","stockType":"fund_manager","exchange":"fm","tickerId":2310090110,"name":"王健"}]},"announcement":{"linkText":"中欧嘉和三年持有期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=993352","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc747fea5b3eb04c822f","date":"2023-06-29T16:00:00.000Z","stockId":3000000009210,"sao":"今年上半年A股市场受到AI相关突破性进展以及国内经济复苏力度低于预期影响，AI相关行业包括通信、传媒、计算机板块涨幅较大，但与复苏相关的包括休闲服务、房地产和农林牧渔板块则向下调整较多，市场的表现以主题驱动为主，波动较大。    我们在去年四季度的操作中增加了与经济复苏相关的建材和信息服务相关标的，以及调整较多的新能源相关标的，上半年对组合贡献较多的有包括家电和汽车的相关个股，我们在上半年后期因经济复苏低于预期，相应降低了建材等行业的相关配置，基于个股选择维度增加了机械和家电的相关标的。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:44.293Z","mo":"展望下半年，源于基数以及国内经济处在库存去化阶段，我们认为国内经济整体处于弱复苏进程中，企业盈利将在今年二季度或者三季度陆续出现盈利拐点。随着上半年经济数据的陆续出台，预计将会有稳定经济的政策持续出台，对市场信心有所推动，企业盈利拐点的出现将进一步对市场起到支撑作用。    我们认为当前A股市场仍然具备较为明显的结构性机会。操作层面，我们将继续按照企业估值与成长匹配原则进行结构选股，主要关注方向包括：一、随着经济底部的确认，传统产业链条中因供给出清以及市场拓展而获得成长的公司，此外尤其值得重视的是具备国际拓展能力的公司；二、中长期我们持续关注具备国产替代进口能力的高端制造及科技企业；三、人工智能的持续进步带动的投资机会。","fund":{"_id":3000000009210,"__csrcFundId":7481,"stockCode":"009210","name":"中欧嘉和三年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9210,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:41:06.847Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-27T16:00:00.000Z","shortName":"中欧嘉和三年混合(009210)","followedNum":10,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧嘉和三年混合","setUpDate":"2020-05-27T16:00:00.000Z","setUpAssetScale":1192075223.66,"setUpShares":1192075223.66,"pinyin":"zojhsncyqhhxzqtzjj","managers":[{"stockCode":"db20042130","stockType":"fund_manager","exchange":"fm","tickerId":2310090110,"name":"王健"}]},"announcement":{"linkText":"中欧嘉和三年持有期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=966414","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc747fea5b3eb04c822e","date":"2023-03-30T16:00:00.000Z","stockId":3000000009210,"sao":"今年一季度A股市场受到海外OPENAI在ChatGPT上的进展以及英伟达在人工智能芯片方面的进展影响，AI的突破性进展引发市场对新技术带来的变化产生了强烈的预期，计算机、传媒和通信等相关行业的涨幅较为显著，房地产、休闲服务等经济复苏相关行业则有部分回调，行业表现分化较为明显。基于AI的进展，我们认为智能化的应用将成为未来较长的投资主线，一季度组合操作中，主要增加了传媒和通信行业的相关标的，降低了建材等行业的相关配置。展望二季度，国内经济处在内稳外忧的局面，整体处于复苏进程中，企业盈利将在今年一季度或者二季度出现拐点。随着财政发力和信用投放前置，基建和制造业投资将获得短期支撑，居民购买力将随之逐步恢复成为经济改善的中期动力，但对外需回落的担忧仍未解除，同时美国仍存在继续加息的可能，将会对市场产生一定的影响。我们认为当前A股市场仍然具备较为明显的结构性机会，市场风格将可能呈现多点开花的局面。操作层面，我们将继续按照企业估值与成长匹配原则进行结构选股，主要关注方向包括：一、随着经济企稳，传统产业链条中因需求压制而获得改善的建材及通用设备行业将可能迎来盈利拐点的出现，此外尤其值得重视的是其中不乏有具备国际拓展能力的公司；二、中长期我们持续关注具备国产替代进口能力的高端制造及科技企业；三、受到疫情缓解而获得改善的服务行业也将存在投资机会，包括航空、旅游、信息服务等行业，尤其是外出需求领域存在业绩边际超预期的可能。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:44.290Z","fund":{"_id":3000000009210,"__csrcFundId":7481,"stockCode":"009210","name":"中欧嘉和三年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9210,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:41:06.847Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-27T16:00:00.000Z","shortName":"中欧嘉和三年混合(009210)","followedNum":10,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧嘉和三年混合","setUpDate":"2020-05-27T16:00:00.000Z","setUpAssetScale":1192075223.66,"setUpShares":1192075223.66,"pinyin":"zojhsncyqhhxzqtzjj","managers":[{"stockCode":"db20042130","stockType":"fund_manager","exchange":"fm","tickerId":2310090110,"name":"王健"}]},"announcement":{"linkText":"中欧嘉和三年持有期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=889954","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc747fea5b3eb04c822d","date":"2022-12-30T16:00:00.000Z","stockId":3000000009210,"sao":"2022年A股市场受到海外俄乌战争以及国内疫情防控带来的美债利率超预期上行以及国内经济持续下行影响，市场整体呈现震荡下行状态。全年来看，业绩超预期的采掘行业以及疫情受损的航空、酒店服务以及地产行业具备明显的超额收益，成长板块中电子、信息服务等行业则向下调整较多。从风格特征来看，中小盘低估值风格个股表现较好。回顾2022年操作，对地产及其相关产业链的配置对组合带来了较为明显的正贡献，但由于组合在电子板块中配置的权重较大，其中的个股因盈利向下修正而出现估值更大幅度的调整，从而对组合带来了负贡献。整体来看，组合在四季度市场呈现较为剧烈的结构调整中未能在地产相关或者消费板块中加大权重配置而导致全年业绩阶段性出现跑输市场整体的情况，未来需要进一步加强对组合结构构建及调整的能力。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:44.287Z","mo":"展望2023年全年，整体对市场趋于乐观。过去的2022年从基金的平均收益水平来看，其调整的幅度基本与2018年相当，与贸易环境恶化、国内总体需求更大程度地受到疫情防控影响相关。随着疫情政策的松绑以及国内在稳经济的政策上进一步发力，2023年将可以看到，居民或者政府的意愿将逐步成为合力，国内经济将处于逐季改善的局面，更为重要的是上市公司盈利增长向上的拐点也可能将在一季度或二季度中出现。例如，与传统需求相关的通用制造行业以及地产链相关企业向下调整超过1年半，整体需求疲弱的消费电子行业也向下调整超过一年以上，一旦地产或者消费的需求出现复苏，相关企业将呈现较为明显的盈利复苏趋势，我们也将及时跟踪相关行业以及公司的变化来判断盈利的趋势。此外，上半年整体流动性也将处在较为宽松的状态，对市场估值的稳定也将起到较为积极的作用。我们认为2023年A股市场具备较明显的配置价值，市场风格将可能呈现多点开花的局面。操作层面，我们将继续按照企业估值与成长匹配原则进行结构选股，主要关注方向包括：一、随着经济企稳，传统产业链条中因需求压制而获得改善的建材及通用设备行业将可能迎来盈利拐点的出现，此外尤其值得重视的是其中不乏具备国际拓展能力的公司；二、中长期我们持续关注具备国产替代进口能力的高端制造及科技企业；三、受到疫情缓解而获得改善的服务行业也将存在投资机会，包括航空、旅游、信息服务等行业，尤其是外出需求领域存在业绩边际超预期的可能。整体上，我们认为自上而下来看，2023年度的权益市场具备较多的积极推动因素，或将有较明显的赚钱效应。","fund":{"_id":3000000009210,"__csrcFundId":7481,"stockCode":"009210","name":"中欧嘉和三年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9210,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:41:06.847Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-27T16:00:00.000Z","shortName":"中欧嘉和三年混合(009210)","followedNum":10,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧嘉和三年混合","setUpDate":"2020-05-27T16:00:00.000Z","setUpAssetScale":1192075223.66,"setUpShares":1192075223.66,"pinyin":"zojhsncyqhhxzqtzjj","managers":[{"stockCode":"db20042130","stockType":"fund_manager","exchange":"fm","tickerId":2310090110,"name":"王健"}]},"announcement":{"linkText":"中欧嘉和三年持有期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=873175","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc747fea5b3eb04c822c","date":"2022-09-29T16:00:00.000Z","stockId":3000000009210,"sao":"今年三季度A股市场受到美债利率持续上行带来的全球流动性收紧以及欧洲爆发能源危机和自身经济边际改善较弱等诸多负面因素叠加影响，市场单边下跌，上证指数以及创业板指数调整幅度超过10%以上，仅采掘行业因业绩超预期且估值较低获得了正收益，建材、钢铁、汽车、电子和计算机行业向下调整较多。三季度组合操作中，基于部分个股缺乏边际改善前景减配了汽车和计算机行业中的个股，另外基于行业变化情况等因素较多地增配了养殖行业中的个股。展望四季度，今年从基金的平均收益水平来看，其调整的幅度基本可以与2018年相当，贸易环境日趋恶化，总体需求也更大程度地受到疫情的影响，今年以来市场经过两轮较明显的向下调整，基本反映了较为悲观的情形，可以明显地看到，国内在房地产以及财政等方面陆续出台稳经济的政策，国内经济处于由衰退走向复苏的过程，同时上市公司整体的盈利增长趋势处在探底的过程中。我们认为当前A股市场调整到具备较明显配置价值的阶段。操作层面，我们将结合企业估值与成长匹配原则进行结构选股，主要关注：一、估值调整充分面临盈利拐点的房地产以及处在盈利拐点的养殖行业；二、中长期我们持续关注具备国产替代进口能力的高端制造及科技企业；三、目光放更长远来看，受到疫情影响的服务行业将可能在未来的一段时间里因政策的边际调整而获得明显的改善。整体上，我们认为目前权益市场处在调整的后半段，放到一年以上维度来看，市场具备较明显的赚钱效应。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:44.285Z","fund":{"_id":3000000009210,"__csrcFundId":7481,"stockCode":"009210","name":"中欧嘉和三年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9210,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:41:06.847Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-27T16:00:00.000Z","shortName":"中欧嘉和三年混合(009210)","followedNum":10,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧嘉和三年混合","setUpDate":"2020-05-27T16:00:00.000Z","setUpAssetScale":1192075223.66,"setUpShares":1192075223.66,"pinyin":"zojhsncyqhhxzqtzjj","managers":[{"stockCode":"db20042130","stockType":"fund_manager","exchange":"fm","tickerId":2310090110,"name":"王健"}]},"announcement":{"linkText":"中欧嘉和三年持有期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=808673","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc747fea5b3eb04c822b","date":"2022-06-29T16:00:00.000Z","stockId":3000000009210,"sao":"今年上半年A股市场受到俄乌冲突以及上海疫情两个较大风险因素影响下走出了较明显的V型走势，指数先跌后涨，波动幅度超过20%。期初因海外俄乌冲突影响导致的能源价格高企以及国内企业盈利增长趋势减弱使得市场向下调整，上海的疫情加剧了市场对国内经济复苏的担心，使得市场在4月份一度调整到3000点以下。随着二季度后期上海疫情逐步获得控制后，国内加大了稳经济的各项政策，市场信心得以恢复，在部分高增长行业边际快速恢复的带动下，市场在经历了深幅的调整后呈现了较强劲的反弹。综合上半年市场整体表现来看，行业分化程度较大，采掘、休闲服务、建筑装饰、交运以及汽车等行业都取得了正收益，而电子、军工以及计算机板块则有较明显的负收益。上半年组合操作中，基于获利了结等目的主要减配了汽车、电子行业中的个股，另外基于行业需求以及估值调整等因素增配了电力设备和计算机行业中的个股。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:44.282Z","mo":"展望下半年，由于疫情的发展时间以及传播范围依旧对经济的恢复进程起着影响，但稳经济的政策也在陆续出台；国外经济体处于需求回落的过程中，国内经济处于由衰退走向复苏的过程，同时上市公司整体的盈利增长趋势处在探底的过程中，尽管市场有一定的反弹，但不同行业的复苏进程具有较明显的时间差，市场仍然处于较为明显的结构分化状态。我们认为A股市场仍然具备结构性的机会，出于促使经济复苏的角度，国内货币政策和财政政策处于宽松态势。操作层面，我们将结合企业估值与成长匹配原则进行结构选股，主要关注：一、估值调整充分面临盈利拐点的房地产以及处在盈利拐点的养殖行业。具体来讲，地产行业向下调整接近1年的时间，供给的出清大于需求的下行，基本调整到可见的低点，同时估值也处于历史低位，以持有剩者为王的龙头企业为主；养殖行业目前处于新的一轮企业盈利恢复增长的阶段，以具备持续扩张养殖规模和成本管控能力较强的企业为主；二、中长期我们持续关注具备国产替代进口能力的高端制造及科技企业。例如，新能源行业包括新能源车以及光伏发电、风电以及储能等行业的发展趋势日趋明显，这些产业带动了国内高端制造业的持续进步，可以看到随着需求的扩张，技术进步日新月异，自下而上地涌现出众多具备细分行业竞争力的隐形冠军，此外在半导体领域以及科学仪器、新材料领域都陆续有公司取得不断的进步；三、受到疫情影响的信息服务行业的估值调整到历史低位，但因边际恢复较为缓慢等因素持续受到市场冷落，但我们认为企业的信息化需求是长期的，从长计议该行业将存在一定的投资机会。整体上，我们认为权益市场处在市场调整的后半段，放到一年以上维度来看，市场或具备较明显的赚钱效应。","fund":{"_id":3000000009210,"__csrcFund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