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","stockId":3000000009437,"sao":"2024年资本市场经历了大幅震荡和波动，春节前，小市值股票暴跌，红利和周期风格一骑绝尘，春节后，市场经历了短暂的两个月反弹后，市场又开始进入慢慢熊市，持续到9月底，整个市场弥漫着悲观气氛，熊市的绝望情绪重于2018年，A股股市资产定价达到极度低位，事后回过来看，绝望的时候往往创造真正的大机会，只是需要等待和耐心。9.24会议后，政策定调转向，对于经济刺激不断加码，市场流动性和风险偏好较前三季度显著提升，市场在整体宽幅震荡的过程中，成长板块呈现较好的上涨态势。对于四季度市场表现复盘来看，成长股表现引领市场，一方面是源于流动性改善，成长股和中小市值本身受益于此；另一方面，AI、智能驾驶、机器人等行业发展趋势进一步加强和明确，未来想象力空间进一步打开。全年来看，AI、半导体、智驾等板块涨幅引领市场。2024年全年资产配置方向延续此前思路，围绕产业逻辑带来的景气度、估值水平、竞争壁垒几个角度展开进行股票行业的配置，资产配置主要是围绕成长行业。四季度，产品根据市场和行业发展变化，持仓结构进行了调整：1）减少了此前具有防守性质的电力设备的配置；2）储能板块跟随市场大涨后，考虑对未来空间的透支，适当减少了储能板块配置；3）随着股价不断新高和未来潜在收益率下降，逐步减少智能驾驶板块持仓；4）增加了AI新机会板块的配置，如服务器电源、铜连接等板块；5）发力机器人板块巨头大幅度增加，增加了人形机器人板块配置；6）增加了端侧AI的配置。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:40.886Z","mo":"对于未来，我们坚定看好中国经济，并且AI时代以来，这个行业产生的影响力超越上一波牛市领涨的新能源，将会对人类经济、社会组织结构产生广泛而深刻的影响。在宏大的产业趋势变动下，我们认为成长行业投资机会非常显著，我们整体态度偏积极：一是流动性目前还处于宽松状态，刺激政策不转向的话，市场风险偏好不会大幅度下降；二是，AI已来，从硬件端到软件端，都会有很多显著的变化，投资机会层出不穷，我们看到字节大模型和相关产品的惊艳表现，对于未来AI供给创造需求驱动的投资机会充满期待；三是，许多制造业成长板块，未来业绩依然有增长，估值整体低位。综合上述，我们对于未来配置思路如下：1）配置低估值、业绩增长确定较高的新能源龙头标的；2）配置AI硬件端，特别是有新变化领域标的；3）配置机器人、智能驾驶等板块；4）选择制造业领域，低估值的细分行业龙头标的进行配置。","fund":{"_id":3000000009437,"__csrcFundId":7596,"stockCode":"009437","name":"信澳科技创新一年定期开放混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9437,"masterFundFlag":1,"inceptionDate":"2020-05-28T16:00:00.000Z","fundStatus":"normal","lastUpdated":"2026-04-30T21:48:31.635Z","status":"normal","shortName":"信澳科技创新一年定开混合(009437)","exchange":"jj","followedNum":5,"fundCollectionId":4000050550000,"currency":"CNY","masterFundShortName":"信澳科技创新一年定开混合","setUpDate":"2020-05-28T16:00:00.000Z","setUpAssetScale":820328882.43,"setUpShares":820328882.43,"pinyin":"xakjcxyndqkfhhxzqtzjj","managers":[{"stockCode":"db20921481","stockType":"fund_manager","exchange":"fm","tickerId":2311234370,"name":"吴凯"}]},"announcement":{"linkText":"信澳科技创新一年定期开放混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1246229","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccac7fea5b3eb04cc241","date":"2024-09-29T16:00:00.000Z","stockId":3000000009437,"sao":"三季度，根据不同行业产业发展趋势和估值性价比，持仓结构有一定变化，在本季度初，我们增加了低估值的储能和锂电龙头、消费电子、整车龙头的配置比例，减少了AI和出口电力设备的配置比例，行业配置进一步均衡化三季度，市场波动非常大，7月份一直阴跌到9月底，9月份市场最后几个交易日迎来暴力反弹，跌了很多的成长行业和消费行业迎来股价快速修复。从9月份一系列变化来看，国家层面政策转向意图明显，对于促进经济保持较好发展、走出困境的态度明确，对于资本市场的扶持力度加大。中央层面的政策和意志后续相继落实，会为资本市场创造近几年最好的政策窗口期，看到明年，大概会看到整个经济基本面的修复，带动许多行业盈利走强。如果我们选择相信中国经济未来还会继续向前，相信周期的均值回归依然会发生，那这个位置的股市，未来大概会是时间的朋友，潜在的胜率和赔率空间是值得期待的。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:40.884Z","fund":{"_id":3000000009437,"__csrcFundId":7596,"stockCode":"009437","name":"信澳科技创新一年定期开放混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9437,"masterFundFlag":1,"inceptionDate":"2020-05-28T16:00:00.000Z","fundStatus":"normal","lastUpdated":"2026-04-30T21:48:31.635Z","status":"normal","shortName":"信澳科技创新一年定开混合(009437)","exchange":"jj","followedNum":5,"fundCollectionId":4000050550000,"currency":"CNY","masterFundShortName":"信澳科技创新一年定开混合","setUpDate":"2020-05-28T16:00:00.000Z","setUpAssetScale":820328882.43,"setUpShares":820328882.43,"pinyin":"xakjcxyndqkfhhxzqtzjj","managers":[{"stockCode":"db20921481","stockType":"fund_manager","exchange":"fm","tickerId":2311234370,"name":"吴凯"}]},"announcement":{"linkText":"信澳科技创新一年定期开放混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1169297","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccac7fea5b3eb04cc240","date":"2024-06-29T16:00:00.000Z","stockId":3000000009437,"sao":"熊市第三年，市场没有迎来反转，今年上半年市场亏钱效应依旧。2023年虽然也是熊市，但是2023年上半年全A中位数是上涨的，今年上半年全A中位数是下跌超过20%，整个市场艰难程度超过2022年和2023年，从散户到普通基民再到行业从业者，都在经历艰难的熊市时光。上半年市场冰与火共存，一方面是红利资产的持续上涨，一方面是成长和消费行业不断创下估值新低，虽然沪指还稳定在2900点到3000点区间波动，但是创业板指已经是不断逼近春节前暴跌的新低位置，资产定价体系与市场风格跟2018-2022年也发生了较大变化，不断挑战上一波牛市时期市场参与者形成的投资框架体系。上半年，产品操作思路主要围绕AI硬件端+电力设备+低估值的新能源龙头+智能驾驶整车+低估值的制造业标配地进行布局，按照景气度+估值+竞争壁垒三要素相结合进行选股。上半年结果来看，AI行业、低估值新能源龙头、智能驾驶、电力设备是正向贡献，但是遗留的TMT持仓和选择布局的机器人、汽车零部件造成较大净值负贡献。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:40.881Z","mo":"这一轮市场调整了3年，我们现在无法判断何时市场会反转，我们无法判断未来半年到1年，A股还会下跌或者上涨多少，但是许多行业和股票的估值已经跌到了历史低位，pb或者pe与历史估值或者国外同行标的对比都是具备很大的吸引力。如果我们选择相信中国经济未来还会继续向前，相信周期的均值回归依然会发生，那这个位置的股市，未来大概会是时间的朋友，潜在的胜率和赔率空间是值得期待的。过去3年，新能源、半导体、消费电子、汽车等成长类行业指数有较大幅度的回调，除了外在的宏观因素外，这些行业3年前较高的估值和产能大规模释放带来的供需失衡是导致股价大幅度回调的主要原因。但是经历了3年估值的消化和产能的一个周期的波动，A股的成长类行业潜在收益率是值得期待的。对于未来的产品配置思路，具体而言，我们思考如下：1） 光伏储能电动车等新能源：还未到达供需的拐点，但是逐步在临近，明年许多三四线企业大概会出清，龙头企业的市占率会进一步提升，行业的盈利有望迎来边际反转；资产的pb定价处于历史极低位置，如果迎来供需拐点，有业绩的低估值的龙头企业会迎来较大股价弹性；2） AI算力及应用：行业趋势还在延续，北美和国内大厂对这方面的资本开支依然在继续，行业景气度类似于19-20年阶段的新能源，现在难以说景气度见底，A股AI硬件端的估值算是全球范围内AI行业估值比较低的资产，供给端目前也没看到恶化迹象，配置的角度，依然具备吸引力；未来，对于AI端侧和应用端关注力度会加大；3） 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