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 分行业来看，按照申万一级行业标准，涨幅前三名的行业分别是通信、电子和电力设备，涨幅分别是48.65%、47.59%和44.67%。涨幅靠后的三个行业分别是银行、交通运输和石油石化，涨跌幅分别是-10.19%、0.61%和1.76%。报告期内，在关注业绩比较基准的前提下，本基金重点配置了有色金属、电子、汽车、家用电器、食品饮料、医药生物、电力设备和基础化工等行业。管理人认为，自身产品优势明显，在量的方面可面向国际市场持续拓展增量的优秀企业和在价的方面有望持续创造超额利润的优秀企业具备在未来持续创造价值的能力。管理人将加强基本面研究与对市场的跟踪，力图为持有人实现超越基准的收益。","lastUpdated":"2026-03-09T14:11:27.637Z","fund":{"_id":3000000270002,"stockCode":"270002","stockType":"fund","areaCode":"cn","followedNum":1124,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-06-20T16:00:00.000Z","setUpScale":2296820000,"market":"a","tickerId":270002,"custody":"中国工商银行股份有限公司","name":"广发稳健增长开放式证券投资基金","shortName":"广发稳健增长混合(270002)","fundSecondLevel":"hybrid","__csrcFundId":287,"fundStatus":"normal","lastUpdated":"2026-05-01T07:09:15.652Z","masterFundFlag":1,"inceptionDate":"2004-07-25T16:00:00.000Z","memoNum":5,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发稳健增长混合","pinyin":"gfwjzzkfszqtzjj","managers":[{"stockCode":"db20608470","stockType":"fund_manager","exchange":"fm","tickerId":262619207290,"name":"周智硕"}]},"announcement":{"linkText":"广发稳健增长开放式证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1372831","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed50f7fea5b3eb0554d44","date":"2025-06-29T16:00:00.000Z","stockId":3000000270002,"sao":"上半年，在中央扎实推动高质量发展和积极有为的宏观政策下，国内经济顶住压力平稳运行。国际方面，美国频举关税政策大棒，全球贸易不确定性增加，金融市场面临滞胀威胁。股市方面，A股整体呈现宽幅震荡格局；上半年，沪深300、中证500、中证1000涨幅分别为0.03%、3.31%、6.69%。行业方面，有色金属、银行、传媒等行业涨幅靠前，煤炭、房地产、食品饮料等行业跌幅较大。上半年，本基金的股票仓位保持在中枢水平，股票仓位比年初略有提升；行业结构上，组合主要增持了电子、化工、有色金属、电力设备等行业的股票，减持了传媒、社会服务、汽车零部件等行业的标的。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:27.635Z","mo":"展望下半年，尽管地缘政治与全球贸易不确定性陡增，但基金经理认为，自身产品优势明显、可面向国际市场持续拓展增量的优秀企业具备在未来持续创造价值的能力。此外，基于对黄金价格看好的判断，本基金适当增加了黄金板块的配置。本基金致力于寻求组合相对均衡的配置，兼顾安全边际、有质量的增长等因素选择投资标的，努力为持有人实现基金资产的稳健增值。","fund":{"_id":3000000270002,"stockCode":"270002","stockType":"fund","areaCode":"cn","followedNum":1124,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-06-20T16:00:00.000Z","setUpScale":2296820000,"market":"a","tickerId":270002,"custody":"中国工商银行股份有限公司","name":"广发稳健增长开放式证券投资基金","shortName":"广发稳健增长混合(270002)","fundSecondLevel":"hybrid","__csrcFundId":287,"fundStatus":"normal","lastUpdated":"2026-05-01T07:09:15.652Z","masterFundFlag":1,"inceptionDate":"2004-07-25T16:00:00.000Z","memoNum":5,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发稳健增长混合","pinyin":"gfwjzzkfszqtzjj","managers":[{"stockCode":"db20608470","stockType":"fund_manager","exchange":"fm","tickerId":262619207290,"name":"周智硕"}]},"announcement":{"linkText":"广发稳健增长开放式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1342876","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed50f7fea5b3eb0554d43","date":"2025-03-30T16:00:00.000Z","stockId":3000000270002,"sao":"一季度，国内经济延续回升态势，二手房成交转暖、挖掘机销售超预期改善、电影票房刷新历史记录，这表明经济中观层面的积极信号逐步增多。国际方面，美国频举关税政策大棒，全球贸易不确定性增加，金融市场面临滞胀威胁。股市方面，A股延续宽幅震荡格局。一季度，沪深300跌1.2%，中证500涨2.3%，中证1000涨4.5%。市场结构表现分化较大，与AI、人形机器人、智能驾驶等相关的计算机、机械、汽车等行业涨幅靠前。此外，金、铜等资源金属价格走强，带动有色金属行业上涨，而煤炭、非银、石化等行业跌幅较大。报告期内，本基金的股票持仓进一步提升，主要增持了一些竞争力突出、逐步展现出海潜力的电子、电力设备、汽车零部件等优秀制造企业。尽管地缘政治不确定性陡增，但基金经理认为，自身产品优势明显、可面向国际市场持续拓展增量的优秀企业具备在未来持续创造价值的能力。此外，一季度，本基金基于对金、铜等资源品价格的判断，仍维持金、铜等有色金属板块的配置。至于AI、机器人等科技领域，具有供给创造需求的特点，如果实现从0到1的突破，将创造巨大的商业需求和投资机会，基金经理将加强跟踪与研究，密切关注其中酝酿的投资机会。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:27.632Z","fund":{"_id":3000000270002,"stockCode":"270002","stockType":"fund","areaCode":"cn","followedNum":1124,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-06-20T16:00:00.000Z","setUpScale":2296820000,"market":"a","tickerId":270002,"custody":"中国工商银行股份有限公司","name":"广发稳健增长开放式证券投资基金","shortName":"广发稳健增长混合(270002)","fundSecondLevel":"hybrid","__csrcFundId":287,"fundStatus":"normal","lastUpdated":"2026-05-01T07:09:15.652Z","masterFundFlag":1,"inceptionDate":"2004-07-25T16:00:00.000Z","memoNum":5,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发稳健增长混合","pinyin":"gfwjzzkfszqtzjj","managers":[{"stockCode":"db20608470","stockType":"fund_manager","exchange":"fm","tickerId":262619207290,"name":"周智硕"}]},"announcement":{"linkText":"广发稳健增长开放式证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1265753","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed50f7fea5b3eb0554d42","date":"2024-12-30T16:00:00.000Z","stockId":3000000270002,"sao":"2024年，A股表现一波三折。9月下旬之前，经济运行中出现的产能过剩、需求不足等阶段性问题压制了股市表现，股市呈现低位运行。9月下旬，宏观政策出现重大转向，扩需求、稳增长成为政策主基调，市场风险偏好大幅回升，股市出现系统性上涨。全年，沪深300指数涨14.7%，中证500指数涨5.5%，中证1000指数涨1.2%。分行业看，银行、非银金融、家电等行业涨幅靠前，医药、农业、消费者服务等行业跌幅较大。回顾全年，2024年的A股有以下投资主线：一是银行、水电、高速公路、电信运营商等为代表的红利资产；二是受益于股市转好、基本面迎来反转的证券、保险等非银金融；三是与AI相关的基础设施、软硬件产业链。市场结构分化显著，给投资带来较大挑战。随着政策的转向，本基金提升股票仓位至中性水平，但结构机会把握不好，全年的基金净值表现不佳。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:27.629Z","mo":"当前市场诸多讨论的焦点大多集中于目前的政策能够多大程度提升经济增速或者总需求水平，以及后续是否可能有新的刺激方案。基金经理认为，相对于经济增速而言，资本回报的提升是决定股市投资回报的关键因素。如果一个行业充斥了廉价资本、过度投资，并且资本未能有效退出，这个行业的低回报是必然的。随着经济进入中速增长的高质量发展阶段，基金经理认为，往后看，结构的选择重于总量，结构性的机会可以来源于传统行业供给的优化或出清，也可能是技术创新带来的新行业机会。基金经理将坚持深度研究，认真分析产业的变化，兼顾安全边际、有质量的增长等因素精选投资标的，努力为持有人实现基金资产的稳健增值。","fund":{"_id":3000000270002,"stockCode":"270002","stockType":"fund","areaCode":"cn","followedNum":1124,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-06-20T16:00:00.000Z","setUpScale":2296820000,"market":"a","tickerId":270002,"custody":"中国工商银行股份有限公司","name":"广发稳健增长开放式证券投资基金","shortName":"广发稳健增长混合(270002)","fundSecondLevel":"hybrid","__csrcFundId":287,"fundStatus":"normal","lastUpdated":"2026-05-01T07:09:15.652Z","masterFundFlag":1,"inceptionDate":"2004-07-25T16:00:00.000Z","memoNum":5,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发稳健增长混合","pinyin":"gfwjzzkfszqtzjj","managers":[{"stockCode":"db20608470","stockType":"fund_manager","exchange":"fm","tickerId":262619207290,"name":"周智硕"}]},"announcement":{"linkText":"广发稳健增长开放式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1249134","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed50f7fea5b3eb0554d41","date":"2024-09-29T16:00:00.000Z","stockId":3000000270002,"sao":"三季度，股市表现先抑后扬。前两个月，由于中报业绩相对平淡，股市走势震荡向下。9月24日，央行、金融监管总局和证监会联合发布一系列支持实体经济和资本市场的举措，市场信心得到极大提振，风险偏好急剧转暖，9月最后一周多的时间内，股市大幅上涨。截至三季度末，沪深300指数上涨16.1%，中证500指数上涨16.2%，创业板指上涨29.2%。行业方面，非银金融、房地产、消费者服务等行业涨幅靠前，石油石化、煤炭、公用事业等行业涨幅靠后。报告期内，本基金的股票持仓有所调整，减持了食品饮料、医药等持仓个股，增持了有色金属等行业股票。三季度本基金的权益资产配置相对保守，导致基金净值表现弱于基准涨幅。政策转向有利于宏观预期的转变，即使基本面的改善需要一个过程，但风险偏好的修复足以推动之前估值处于低位的股市一波上行。第一波修复结束后，预计不同基本面的行业和公司将造成后续股价表现的分化。基金经理将动态评估政策和基本面的最新变化，兼顾安全边际、有质量的增长等因素选择投资标的，努力为持有人实现基金资产的稳健增值。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:27.627Z","fund":{"_id":3000000270002,"stockCode":"270002","stockType":"fund","areaCode":"cn","followedNum":1124,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-06-20T16:00:00.000Z","setUpScale":2296820000,"market":"a","tickerId":270002,"custody":"中国工商银行股份有限公司","name":"广发稳健增长开放式证券投资基金","shortName":"广发稳健增长混合(270002)","fundSecondLevel":"hybrid","__csrcFundId":287,"fundStatus":"normal","lastUpdated":"2026-05-01T07:09:15.652Z","masterFundFlag":1,"inceptionDate":"2004-07-25T16:00:00.000Z","memoNum":5,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发稳健增长混合","pinyin":"gfwjzzkfszqtzjj","managers":[{"stockCode":"db20608470","stockType":"fund_manager","exchange":"fm","tickerId":262619207290,"name":"周智硕"}]},"announcement":{"linkText":"广发稳健增长开放式证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1173737","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed50f7fea5b3eb0554d40","date":"2024-06-29T16:00:00.000Z","stockId":3000000270002,"sao":"2024年上半年，国内经济延续回升态势。但受制于工业品价格指数相对低迷，1至5月全国规模以上工业企业利润总额同比增长3.4%，弱于经济增长。上半年，A股市场呈现出大盘优于小盘的特征，沪深300指数涨0.9%，中证500指数跌9.0%，中证1000指数跌16.8%。行业方面，银行、煤炭、公用事业等涨幅靠前，计算机、商贸、社会服务等行业跌幅较大。上半年，本基金的股票仓位保持在中性偏低水平；行业结构上，组合减持了家居、饮料、电子等持仓个股，增持有色金属、医药等行业股票。组合持仓中的家居、汽车零部件、社会服务等股票表现不佳，导致基金净值有所下跌。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:27.624Z","mo":"展望下半年，由于全球经济增长动力不足、国际间博弈加剧、房地产走弱等内外部因素的叠加，经济的持续回升面临挑战。外部环境错综复杂，也造成企业的经营决策及资本配置面临的不确定性大幅增加。消费者需求的变化、供应链的重塑、行业监管政策的变迁以及出海面临的新环境等等，哪个环节应对失误，企业的可持续发展都会遭遇重大挑战，甚至于在压力陡增的环境下，企业家精神也出现分化。目前A股的整体估值处于相对底部，但不同企业的内在价值在外部环境冲击下将分化得更加明显，具备洞察能力、组织适应性强、积极变革的优秀企业有望实现内在价值的逆势增长。本基金致力于寻求组合相对均衡的配置，综合考虑安全边际、有质量的增长等因素选择投资标的，努力为持有人实现基金资产的稳健增值。","fund":{"_id":3000000270002,"stockCode":"270002","stockType":"fund","areaCode":"cn","followedNum":1124,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-06-20T16:00:00.000Z","setUpScale":2296820000,"market":"a","tickerId":270002,"custody":"中国工商银行股份有限公司","name":"广发稳健增长开放式证券投资基金","shortName":"广发稳健增长混合(270002)","fundSecondLevel":"hybrid","__csrcFundId":287,"fundStatus":"normal","lastUpdated":"2026-05-01T07:09:15.652Z","masterFundFlag":1,"inceptionDate":"2004-07-25T16:00:00.000Z","memoNum":5,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发稳健增长混合","pinyin":"gfwjzzkfszqtzjj","managers":[{"stockCode":"db20608470","stockType":"fund_manager","exchange":"fm","tickerId":262619207290,"name":"周智硕"}]},"announcement":{"linkText":"广发稳健增长开放式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1144226","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed50f7fea5b3eb0554d3f","date":"2024-03-30T16:00:00.000Z","stockId":3000000270002,"sao":"2024年一季度，沪深300指数上涨3.1%，中证500指数下跌2.6%，中证1000指数下跌7.6%。行业方面，银行、石油石化、煤炭等低估值行业涨幅靠前，医药、计算机、电子等行业跌幅较大。报告期内，本基金的股票仓位变化较小，持仓的家居、汽车零部件、电子等股票表现不佳，导致基金净值有所下跌。根据我们的计算，2024年2月5日上证指数收于2702点时，当日A股市场非金融地产的市净率中位数为1.7倍，已经低于2012年12月和2018年10月的水平，A股已进入赔率比较高的区间。估值钟摆的反向运动，将使股市的结构性投资机会逐步增多。未来本基金将重点关注以下几个方向：经营现金流良好、具备高分红意愿和能力的高股息资产；自身竞争优势明显、受益于内循环且有望持续提升市场份额的内需类公司；产业具备全球竞争力、可通过国际化扩张实现持续增长的企业。管理人将继续深入研究行业和公司基本面，加强对投资标的的精挑细选，努力为持有人实现基金资产的稳健增值。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:27.621Z","fund":{"_id":3000000270002,"stockCode":"270002","stockType":"fund","areaCode":"cn","followedNum":1124,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-06-20T16:00:00.000Z","setUpScale":2296820000,"market":"a","tickerId":270002,"custody":"中国工商银行股份有限公司","name":"广发稳健增长开放式证券投资基金","shortName":"广发稳健增长混合(270002)","fundSecondLevel":"hybrid","__csrcFundId":287,"fundStatus":"normal","lastUpdated":"2026-05-01T07:09:15.652Z","masterFundFlag":1,"inceptionDate":"2004-07-25T16:00:00.000Z","memoNum":5,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发稳健增长混合","pinyin":"gfwjzzkfszqtzjj","managers":[{"stockCode":"db20608470","stockType":"fund_manager","exchange":"fm","tickerId":262619207290,"name":"周智硕"}]},"announcement":{"linkText":"广发稳健增长开放式证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1064977","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed50f7fea5b3eb0554d3e","date":"2023-12-30T16:00:00.000Z","stockId":3000000270002,"sao":"2023年，国际环境复杂严峻，国内宏观经济面临有效需求不足、部分行业产能过剩、社会预期偏弱等挑战，但政策稳增长的效力逐步显现；据初步核算，全年GDP增长达5.2%，殊为不易。A股市场在2023年上半年冲高回落后步入震荡行情，全年沪深300指数跌11.4%，中证500指数跌7.4%，创业板指跌19.4%。分行业看，通信、传媒、煤炭等行业涨幅靠前，而房地产、电力设备、建材等行业跌幅较大。回顾全年，2023年的A股有两大投资主线：一是与AI相关的通信、传媒、计算机等公司阶段涨幅较大，二是煤炭、石化、运营商等高股息板块表现较好。本基金全年股票仓位保持在中性水平，配置的服装、汽车零部件等公司取得一定涨幅，但没有把握住AI板块的投资机会，持仓的家居、社会服务等公司跌幅较大，综合导致基金净值出现下跌。债券方面，本基金配置以久期较短的高信用等级债券为主，债券配置相对稳定。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:27.619Z","mo":"经历市场持续的调整，从估值角度看，目前市场处于相对底部区域，沪深300和创业板指的估值均处于过去5年的10%以内分位水平。后续随着经济的企稳，股市有望逐步回暖，相应地，市场的结构性机会将逐步增多。本基金将重点关注以下几个方向：经营现金流良好、具备高分红意愿和能力的高股息资产，自身竞争优势明显、受益于内循环且有望持续提升市场份额的内需类公司，以及具备产业全球竞争力、可通过国际化扩张实现持续增长的企业。管理人将基于自下而上的角度，努力寻找质地优秀、股价相对其价值低估的企业，努力为持有人实现基金资产的稳健增值。","fund":{"_id":3000000270002,"stockCode":"270002","stockType":"fund","areaCode":"cn","followedNum":1124,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-06-20T16:00:00.000Z","setUpScale":2296820000,"market":"a","tickerId":270002,"custody":"中国工商银行股份有限公司","name":"广发稳健增长开放式证券投资基金","shortName":"广发稳健增长混合(270002)","fundSecondLevel":"hybrid","__csrcFundId":287,"fundStatus":"normal","lastUpdated":"2026-05-01T07:09:15.652Z","masterFundFlag":1,"inceptionDate":"2004-07-25T16:00:00.000Z","memoNum":5,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发稳健增长混合","pinyin":"gfwjzzkfszqtzjj","managers":[{"stockCode":"db20608470","stockType":"fund_manager","exchange":"fm","tickerId":262619207290,"name":"周智硕"}]},"announcement":{"linkText":"广发稳健增长开放式证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1051670","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed50f7fea5b3eb0554d3d","date":"2023-09-29T16:00:00.000Z","stockId":3000000270002,"sao":"2023年三季度，稳经济组合政策持续发力，包括央行降准、地产政策放松、出台个税优惠政策等等。政策的积极效应逐步体现，制造业PMI逐月改善。三季度，沪深股指继续回落，沪深300指数下跌4.0%，中证500指数下跌5.1%，中证1000指数下跌7.9%。行业方面，煤炭、非银、石化等行业涨幅靠前，传媒、计算机、电力设备等行业下跌较多。本基金三季度股票仓位有所提高，主要增持了家电、医药、食品饮料等行业中估值性价比较高的股票；债券仓位保持相对稳定。现阶段，随着经济逐步企稳，市场何时迎来底部成为最受关注的焦点之一。这让人想起著名投资者塞斯.卡拉曼曾讲过：“尽管人们总是倾向于在市场中择时等待触底的那一刻（仿佛触底时会有明显标志一样），但多年来的事实证明，这种策略存在严重的缺陷。因为从历史上看，当市场处于底部或回升过程中时，交易量往往很少；而当市场开始走稳、经济开始复苏时，来自买家的竞争会变得更为激烈。此外，价格从底部反弹的速度可能是极其迅速的。”管理人将基于自下而上的角度，努力寻找质地优秀、股价相对其价值低估的企业，努力为持有人实现基金资产的稳健增值。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:27.616Z","fund":{"_id":3000000270002,"stockCode":"270002","stockType":"fund","areaCode":"cn","followedNum":1124,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-06-20T16:00:00.000Z","setUpScale":2296820000,"market":"a","tickerId":270002,"custody":"中国工商银行股份有限公司","name":"广发稳健增长开放式证券投资基金","shortName":"广发稳健增长混合(270002)","fundSecondLevel":"hybrid","__csrcFundId":287,"fundStatus":"normal","lastUpdated":"2026-05-01T07:09:15.652Z","masterFundFlag":1,"inceptionDate":"2004-07-25T16:00:00.000Z","memoNum":5,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发稳健增长混合","pinyin":"gfwjzzkfszqtzjj","managers":[{"stockCode":"db20608470","stockType":"fund_manager","exchange":"fm","tickerId":262619207290,"name":"周智硕"}]},"announcement":{"linkText":"广发稳健增长开放式证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=983829","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed50f7fea5b3eb0554d3c","date":"2023-06-29T16:00:00.000Z","stockId":3000000270002,"sao":"2023年上半年，国内经济迈向复苏通道，但由于出口需求转弱以及居民消费谨慎等因素，经济的复苏斜率相对平缓。进入二季度，中采制造业PMI指数在50%下方运行，地产销售环比下降，宏观总需求相对疲弱。产业层面，通用人工智能风起云涌，成为全球最受关注的科技浪潮。上半年，A股指数表现呈现出小盘优于大盘的特征，中证800指数上涨0.02%，中证1000指数上涨5.10%。行业表现分化明显，与AI相关的通信、传媒、计算机等行业涨幅突出，而其他28个行业的表现相对一般。上半年，本基金的股票仓位保持在中性偏低水平；行业结构上，减持了估值较高的电子、通信、军工等标的，增持了基础化工、家电等估值较低的股票。债券配置上，持仓相对稳定。由于没有把握住AI板块的投资机会，本基金上半年净值表现不太理想。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdate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人致力于寻找质地优秀、估值合理的企业，努力为持有人实现基金资产的稳健增值。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:27.601Z","fund":{"_id":3000000270002,"stockCode":"270002","stockType":"fund","areaCode":"cn","followedNum":1124,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-06-20T16:00:00.000Z","setUpScale":2296820000,"market":"a","tickerId":270002,"custody":"中国工商银行股份有限公司","name":"广发稳健增长开放式证券投资基金","shortName":"广发稳健增长混合(270002)","fundSecondLevel":"hybrid","__csrcFundId":287,"fundStatus":"normal","lastUpdated":"2026-05-01T07:09:15.652Z","masterFundFlag":1,"inceptionDate":"2004-07-25T16:00:00.000Z","memoNum":5,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发稳健增长混合","pinyin":"gfwjzzkfszqtzjj","managers":[{"stockCode":"db20608470","stockType":"fund_manager","exchange":"fm","tickerId":262619207290,"name":"周智硕"}]},"announcement":{"linkText":"广发稳健增长开放式证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=805155","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed50f7fea5b3eb0554d38","date":"2022-06-29T16:00:00.000Z","stockId":3000000270002,"sao":"2022年上半年，受美联储加息、俄乌冲突及疫情反复等影响，实体经济受到需求放缓和原材料成本上升的冲击，股市阶段性跌幅较大。可喜的是，国家经济刺激政策逐步落地，市场对经济恢复重拾信心，股市先抑后扬。上半年，沪深300指数下跌9.2%，中证500指数下跌12.3%，创业板指下跌15.4%。行业方面，煤炭、餐饮旅游、交通运输等行业表现较好，电子、传媒、计算机等行业表现不佳。上半年，宏观经济呈现滞胀的特征，需求放缓、原材料价格高企对大多数企业的盈利和股价造成负面影响。进入二季度，大宗商品价格环比走弱，上游原材料价格大涨对A股形成的盈利冲击已初见改善的曙光。报告期内，本基金减持了有色金属、机械、环保等股票配置，增持了食品饮料、医药、轻工等行业，股票仓位有所下降。债券方面，持仓相对稳定。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:27.598Z","mo":"展望下半年，随着欧美迈向衰退，预计国内经济的恢复将是一个渐进的过程。考虑到宏观总需求不强，货币政策有望维持较长的宽松时期。外部复杂环境对大多数实体企业冲击最大的阶段逐步过去，一批能够自我迭代、主动迎接变化的企业有望重拾增长的动力。硅谷的天使投资人纳瓦尔有个很好的建议：“要努力工作，直到有能力拥有企业股权……最终真正能赚取财富的人都拥有产品和企业的所有权，或者拥有知识产权。”而偏股型基金或是普通投资者拥有上市企业股权的途径之一。根据海通证券基金研究中心的统计数据，按中位数计，2011年至2021年这十年期间国内主动股票型基金的年化收益率达到16.5%。股票型基金的投资收益主要来源于一批优质上市企业所持续创造的价值。管理人致力于努力寻找质地优秀、股价相对其价值低估的企业，从而为持有人实现基金资产的稳健增值。","fund":{"_id":3000000270002,"stockCode":"270002","stockType":"fund","areaCode":"cn","followedNum":1124,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-06-20T16:00:00.000Z","setUpScale":2296820000,"market":"a","tickerId":270002,"custody":"中国工商银行股份有限公司","name":"广发稳健增长开放式证券投资基金","shortName":"广发稳健增长混合(270002)","fundSecondLevel":"hybrid","__csrcFundId":287,"fundStatus":"normal","lastUpdated":"2026-05-01T07:09:15.652Z","masterFundFlag":1,"inceptionDate":"2004-07-25T16:00:00.000Z","memoNum":5,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发稳健增长混合","pinyin":"gfwjzzkfszqtzjj","managers":[{"stockCode":"db20608470","stockType":"fund_manager","exchange":"fm","tickerId":262619207290,"name":"周智硕"}]},"announcement":{"linkText":"广发稳健增长开放式证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=779792","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed50f7fea5b3eb0554d37","date":"2022-03-30T16:00:00.000Z","stockId":3000000270002,"sao":"2022年一季度，受俄乌冲突升级影响，大宗商品价格加速上涨。国内需求方面，受预期变化和疫情扩散等因素影响，地产成交和消费服务需求呈现下行态势。在此环境下，上游资源行业受益于价格上涨，大多数中下游企业承受了需求收缩、上游原材料成本上升的双重压力。一季度，沪深300指数跌14.5%，中证500指数跌14.1%，创业板指跌20.0%。行业方面，煤炭、房地产、银行等行业涨幅靠前，电子、军工、汽车等行业跌幅较大。一季度，宏观经济呈现出滞胀的特征，需求收缩、原料价格高企给大多数企业的盈利造成冲击，并对股票市场构成负面影响。基于此，本基金在资产配置层面做了调整，即适当降低了股票仓位，增持了债券资产。股票方面，主要减持了基本面低于预期的机械、环保等个股。债券方面，国债收益率波动幅度较小，本基金以票息策略为主。受原材料成本上涨和疫情扩散导致的需求阶段性收缩的冲击，持仓的一些股票跌幅较大，导致本基金净值出现了较大回撤。过去这两年，疫情反复、商品价格飙升、地缘政治冲突等多多少少对我们的生活、工作以及对未来的预期带来了影响。这也让我们更加深刻地认识到，身处于复杂多变的宏观环境，要让一笔投资在未来能产生合理的回报需要坚持审慎的原则，并及时应对好环境的变化。英国社会改革家塞缪尔·斯迈尔斯曾说过：“……寒冷是节俭之母。因此，北欧国家的人们把他们的繁荣部分地归功于严酷的气候。寒冷迫使他们在夏天储备过冬的食物、煤和衣服，也促使他们修建房屋和勤勉持家。”播种在前，收获在后。当下股市的低迷在短期内让我们投资人倍感艰难，但此时也是我们为未来进行储蓄和投资的有利窗口期。管理人将以审慎、严谨的态度，深入研究行业和公司基本面，并结合市场变化，保持对组合的动态调整，努力为持有人实现资产净值的稳健增长。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:27.595Z","fund":{"_id":3000000270002,"stockCode":"270002","stockType":"fund","areaCode":"cn","followedNum":1124,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-06-20T16:00:00.000Z","setUpScale":2296820000,"market":"a","tickerId":270002,"custody":"中国工商银行股份有限公司","name":"广发稳健增长开放式证券投资基金","shortName":"广发稳健增长混合(270002)","fundSecondLevel":"hybrid","__csrcFundId":287,"fundStatus":"normal","lastUpdated":"2026-05-01T07:09:15.652Z","masterFundFlag":1,"inceptionDate":"2004-07-25T16:00:00.000Z","memoNum":5,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发稳健增长混合","pinyin":"gfwjzzkfszqtzjj","managers":[{"stockCode":"db20608470","stockType":"fund_manager","exchange":"fm","tickerId":262619207290,"name":"周智硕"}]},"announcement":{"linkText":"广发稳健增长开放式证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=721181","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed50f7fea5b3eb0554d36","date":"2021-12-30T16:00:00.000Z","stockId":3000000270002,"sao":"2021年上半年，国内经济延续2020年疫情冲击以来的复苏态势，出口、地产销售等保持良好势头；进入下半年，由于疫情的冲击和经济预期回调，国内经济逐渐面临需求萎缩、供给冲击和预期回落等多重压力。产业层面，全球各国达成碳中和的共识，能源的生产、传输和运用等各个场景发生急剧变化，将对未来的经济生态产生深远影响。2021年A股市场震荡分化较大：沪深300指数跌5.2%；中证500指数涨15.6%，中证1000指数涨20.5%。分行业看，电气设备、基础化工、有色金属等行业涨幅靠前；餐饮旅游、非银金融、家电等行业跌幅靠前。本基金全年的股票仓位相对稳定，基本围绕50%的中枢波动；股票选择以自下而上为主。2021年A股市场有两大特点：一是市值下沉明显，小盘股表现较好；二是涨幅好的行业集中在上游的煤炭钢铁化工、新能源等几个行业。反思2021年本基金的行业配置，基金经理没能把握住上述相关行业的投资机会；此外，本基金配置的消费、医药等板块部分股票，由于需求放缓、医药集采等因素冲击而全年表现不佳，拖累了本基金净值表现。债券方面，全年国债收益率小幅下降，本基金配置以高信用等级债券为主，久期保持较低水平。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:27.592Z","mo":"截至2021年底，沪深两市总市值为91.6万亿元，相比GDP的比例大于80%，这一比值处于过去10年的中高分位。经历了2019年至2021年的持续上涨，A股整体估值不低，寻找低估资产的难度加大。展望2022年，预计经济增速将平稳回落。年前的中央经济工作会议强调了“稳字当头、稳中求进”，我们相信政府会推出不少有利于经济稳定的政策。流动性方面，政策基调以稳为主，反映信用层面的广义社融增速有望企稳回升，这对股市的估值会形成支撑。基金经理认为，2022年A股市场出现整体趋势性机会的概率较小，预计仍以结构性机会为主。深入研究经济动态演变过程中的产业结构变化和企业竞争态势，积极把握其中的投资机会，一直是基金管理人努力追求的目标。基金管理人将基于深入的研究与分析，致力于在优势制造、消费医药、科技等行业中积极关注相关投资机会，努力为持有人实现基金资产的稳健增值。","fund":{"_id":3000000270002,"stockCode":"270002","stockType":"fund","areaCode":"cn","followedNum":1124,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-06-20T16:00:00.000Z","setUpScale":2296820000,"market":"a","tickerId":270002,"custody":"中国工商银行股份有限公司","name":"广发稳健增长开放式证券投资基金","shortName":"广发稳健增长混合(270002)","fundSecondLevel":"hybrid","__csrcFundId":287,"fundStatus":"normal","lastUpdated":"2026-05-01T07:09:15.652Z","masterFundFlag":1,"inceptionDate":"2004-07-25T16:00:00.000Z","memoNum":5,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发稳健增长混合","pinyin":"gfwjzzkfszqtzjj","managers":[{"stockCode":"db20608470","stockType":"fund_manager","exchange":"fm","tickerId":262619207290,"name":"周智硕"}]},"announcement":{"linkText":"广发稳健增长开放式证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=707634","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed50f7fea5b3eb0554d35","date":"2021-09-29T16:00:00.000Z","stockId":3000000270002,"sao":"2021年三季度，高频经济数据显示复苏动能转弱，领先指标PMI环比下行，地产、汽车销售同比转负，预示宏观总需求开始下行。尽管下游需求边际走弱，由于供给受限，上游原材料有效产能收缩幅度更大，原材料价格在供需失衡推动下大幅走高，中下游行业持续承压。三季度，沪深300指数跌6.8%，中证500指数涨4.3%，创业板指跌6.7%。行业方面，煤炭、有色金属、钢铁等上游原材料行业涨幅靠前，餐饮、旅游、医药、食品饮料等行业跌幅较大。三季度，本基金股票仓位变化不大。股票方面，结合行业政策和公司基本面变化，本基金减持了部分医药、电子、食品饮料等行业的股票，增持了轻工、机械等行业中有望受益于产业趋势变化的公司。债券方面，三季度国债收益率小幅下行，本基金仍以票息策略为主。由于在上游行业配置较少，本基金三季度净值表现不理想。参考美林投资时钟的传统框架，当下宏观总需求边际走弱，上游原料价格持续走高，目前的经济运行处于“类滞胀”阶段。在此阶段，通常而言，股票市场缺乏趋势性的机会。从产业链价值分配来看，由于价格大涨，上游企业盈利能力迎来最好的阶段，而中下游企业一方面面临相对疲弱的需求，另一方面还要应对上游原料涨价的压力，企业盈利处于比较煎熬的时期。尽管如此，股票价格经常领先于基本面的走势。当基本面不会变得更好或者不会变得更差时，往往迎来股价拐点。管理人将坚持审慎、严谨的态度，认真评估组合的安全边际和风险收益比，努力为持有人实现基金资产的稳健增值。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:27.590Z","fund":{"_id":3000000270002,"stockCode":"270002","stockType":"fund","areaCode":"cn","followedNum":1124,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-06-20T16:00:00.000Z","setUpScale":2296820000,"market":"a","tickerId":270002,"custody":"中国工商银行股份有限公司","name":"广发稳健增长开放式证券投资基金","shortName":"广发稳健增长混合(270002)","fundSecondLevel":"hybrid","__csrcFundId":287,"fundStatus":"normal","lastUpdated":"2026-05-01T07:09:15.652Z","masterFundFlag":1,"inceptionDate":"2004-07-25T16:00:00.000Z","memoNum":5,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发稳健增长混合","pinyin":"gfwjzzkfszqtzjj","managers":[{"stockCode":"db20608470","stockType":"fund_manager","exchange":"fm","tickerId":262619207290,"name":"周智硕"}]},"announcement":{"linkText":"广发稳健增长开放式证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=650589","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed50f7fea5b3eb0554d34","date":"2021-06-29T16:00:00.000Z","stockId":3000000270002,"sao":"2021年上半年，国内PMI维持扩张态势，经济继续温和复苏；全球疫情防控一度因疫苗的推出取得可喜进展，但东南亚疫情升级，又给全球经济复苏蒙上阴影。年初大宗商品价格加速上涨，阶段性引发了市场对经济进入滞胀的担忧；二季度，大宗商品价格冲高回落，美债收益率环比走低，市场对于通胀和货币紧缩的担忧大大缓解。上半年，沪深300上涨0.2%，中证500上涨6.9%，创业板指上涨17.2%。行业方面，基础化工、钢铁、电力设备等行业表现突出；非银金融、家电、军工等行业表现落后。上半年，基于性价比考虑，本基金对持仓组合做了一定调整，股票仓位有所下降。股票方面，部分食品、机械、保险等公司的经营情况低于预期，本基金相应做了减持。随着估值的上涨，部分医药、饮料企业的预期回报率下降，本基金逐步降低了相关企业的配置。另外，本基金增持了轻工、传媒等行业中估值性价比较为合理的股票。债券方面，上半年国债收益率波动幅度较小，可操作空间较小，本基金的债券配置采取票息策略，以持有短久期的高信用等级债券为主。上半年，由于管理人未把握好新能源、周期价值等行业的投资机会，基金净值表现不理想。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:27.587Z","mo":"6月的经济数据显示，出口延续较强的增长韧性，消费有所回升但增速偏低，地产投资与销售有下滑迹象，预计下半年经济可能会边际走弱。估值层面，目前沪深两市总市值合计约86万亿人民币，“市值/GDP”比值处于A股过去十年的中高区域。在此情况下，寻找被低估资产的难度加大。从上半年的股市表现看，2019年至2020年市场一致认可的核心资产走势出现分化，景气度继续保持的行业如新能源汽车、医药研发生产外包等公司的股价和估值再创新高，而景气度或经营情况低于预期的公司似乎迎来戴维斯双杀，短期内经历了较大幅度的下跌。历史证明，个股由于其经营的趋势变化而永久性地改变股价走势是偶发情况，但均值回归的规律在行业中往往屡试不爽。未来管理人将坚持审慎、严谨的态度，认真评估组合的安全边际和风险收益比，努力为持有人实现基金资产的稳健增值。","fund":{"_id":3000000270002,"stockCode":"270002","stockType":"fund","areaCode":"cn","followedNum":1124,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-06-20T16:00:00.000Z","setUpScale":2296820000,"market":"a","tickerId":270002,"custody":"中国工商银行股份有限公司","name":"广发稳健增长开放式证券投资基金","shortName":"广发稳健增长混合(270002)","fundSecondLevel":"hybrid","__csrcFundId":287,"fundStatus":"normal","lastUpdated":"2026-05-01T07:09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A 股市场先抑后扬，沪深 300 指数上涨 27.2%、中证 500 指数上涨 20.9%、原中小板指上涨 43.9%、创业板指上涨 65.0%。本基金全年的股票仓位保持相对稳定，股票选择以自下而上选股为主，聚焦于医药、消费、制造业、服务等行业中现金流好、竞争力强、内生增长持续的优质企业，组合换手率保持较低水平。回顾全年，因错失了白酒、新能源等行业的投资机会，影响了组合的净值增长。债券方面，全年收益率曲线先下后上，组合配置以高信用等级债券为主，久期保持较低水平。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:27.582Z","mo":"展望2021年，伴随经济的持续复苏和低基数效应，A股非金融行业上市公司整体盈利有望实现20%左右的增长，增长节奏呈现前高后低的特征。流动性方面，随着经济步入复苏高点以及货币政策回归常态，广义社融增速将迎来拐点。信用增速回落对于股市的估值可能形成一定的压力。估值层面，A股整体估值并不便宜，结构分化显著。这意味着2021年A股的回报率相比2019年、2020年将会明显下降。管理人将以审慎、严谨的态度对组合持仓保持紧密的基本面跟踪与评估，努力为持有人实现资产净值的稳定增长。","fund":{"_id":3000000270002,"stockCode":"270002","stockType":"fund","areaCode":"cn","followedNum":1124,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-06-20T16:00:00.000Z","setUpScale":2296820000,"market":"a","tickerId":270002,"custody":"中国工商银行股份有限公司","name":"广发稳健增长开放式证券投资基金","shortName":"广发稳健增长混合(270002)","fundSecondLevel":"hybrid","__csrcFundId":287,"fundStatus":"normal","lastUpdated":"2026-05-01T07:09:15.652Z","masterFundFlag":1,"inceptionDate":"2004-07-25T16:00:00.000Z","memoNum":5,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发稳健增长混合","pinyin":"gfwjzzkfszqtzjj","managers":[{"stockCode":"db20608470","stockType":"fund_manager","exchange":"fm","tickerId":262619207290,"name":"周智硕"}]},"announcement":{"linkText":"广发稳健增长开放式证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=554197","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed50f7fea5b3eb0554d31","stockId":3000000270002,"sao":"三季度，经济延续逐步复苏态势，企业盈利逐季改善。市场关注的重点逐步从疫情冲击后的经济复苏转向政策的边际收紧以及中美关系的不确定性。三季度市场先扬后抑，沪深300涨10.2%，中证500涨5.6%，创业板指涨5.6%。在行业方面，军工、餐饮旅游、电气设备等行业表现突出；商贸、通信、计算机等行业表现落后。三季度，本基金的股票仓位相对保持稳定。具体操作上，管理人结合估值和基本面降低了个别食品和医药股的配置，适度增持了传媒、公用事业、有色金属等一些基本面良好、估值性价比较高的公司，组合的行业配置变化较小。债券资产的配置仍以短久期的高信用等级债券为主。管理人将继续以审慎、严谨的态度，深入地研究行业和公司基本面，并结合市场变化保持对组合的动态调整，努力为持有人实现资产净值的稳健增长。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:27.579Z","fund":{"_id":3000000270002,"stockCode":"270002","stockType":"fund","areaCode":"cn","followedNum":1124,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-06-20T16:00:00.000Z","setUpScale":2296820000,"market":"a","tickerId":270002,"custody":"中国工商银行股份有限公司","name":"广发稳健增长开放式证券投资基金","shortName":"广发稳健增长混合(270002)","fundSecondLevel":"hybrid","__csrcFundId":287,"fundStatus":"normal","lastUpdated":"2026-05-01T07:09:15.652Z","masterFundFlag":1,"inceptionDate":"2004-07-25T16:00:00.000Z","memoNum":5,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发稳健增长混合","pinyin":"gfwjzzkfszqtzjj","managers":[{"stockCode":"db20608470","stockType":"fund_manager","exchange":"fm","tickerId":262619207290,"name":"周智硕"}]},"announcement":{"linkText":"广发稳健增长开放式证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=491123","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed50f7fea5b3eb0554d30","stockId":3000000270002,"sao":"上半年，新冠肺炎疫情的爆发对国内经济造成较大的短期冲击；随着疫情基本得到控制，经济环比大幅改善。在流动性相对宽松的刺激下，市场的风险偏好明显回升。上半年，沪深300涨1.6%，中证500涨11.3%，创业板指涨35.6%。行业方面，内需消费型行业成为市场追捧的方向，医药、餐饮旅游、食品饮料等行业表现突出，石化、煤炭、银行等行业表现落后。上半年本基金的股票仓位有所上升，主要是管理人利用股市回调的时机逢低增持了食品饮料、机场、检测服务等行业里估值具有吸引力的优质公司，并结合估值和基本面减持部分医药股，组合的行业配置相对稳定。随着市场估值的走高，寻找被大幅低估股票的难度逐步加大。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:27.576Z","mo":"截止6月底，沪深300、中证500、中小板综指及创业板综指的静态PE分别为12.9倍、28.3倍、37.0倍、52.9倍。总体而言，大盘股估值偏低，中小盘股估值偏高。5月经济指标显示，基建和地产投资进一步明显回升，服务业生产转正，但出口回落叠加消费恢复偏慢，导致制造业投资继续表现不佳；经济仍处于逐步恢复的过程。上半年消费、医药、科技等行业涨幅较大，其估值处于过去三年较高的分位数，这类资产需要时间消化估值的压力。在市场流动性较为宽松的环境下，低估值的银行、地产、非银、周期等板块存在补涨的机会。但如果经济及企业盈利的基本面不能持续向上，行情的持续性需要观察。管理人将继续以审慎、严谨的态度，深入地研究行业和公司基本面，在此基础上结合市场变化，保持对组合的动态调整，努力为持有人实现资产净值的稳健增值。","fund":{"_id":3000000270002,"stockCode":"270002","stockType":"fund","areaCode":"cn","followedNum":1124,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-06-20T16:00:00.000Z","setUpScale":2296820000,"market":"a","tickerId":270002,"custody":"中国工商银行股份有限公司","name":"广发稳健增长开放式证券投资基金","shortName":"广发稳健增长混合(270002)","fundSecondLevel":"hybrid","__csrcFundId":287,"fundStatus":"normal","lastUpdated":"2026-05-01T07:09:15.652Z","masterFundFlag":1,"inceptionDate":"2004-07-25T16:00:00.000Z","memoNum":5,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发稳健增长混合","pinyin":"gfwjzzkfszqtzjj","managers":[{"stockCode":"db20608470","stockType":"fund_manager","exchange":"fm","tickerId":262619207290,"name":"周智硕"}]},"announcement":{"linkText":"广发稳健增长开放式证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=450147","linkType":"PDF","source":"csrc_pdf"}}]}