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底部复苏，海外通胀见顶、美联储加息有望结束；但是考虑到国内复苏偏弱、海外通胀难下的可能性，预计投资机会仍偏结构性。因此，长城创新驱动基金将更加注重精选个股，赚取公司成长的阿法。","fund":{"_id":3000000009623,"__csrcFundId":7748,"stockCode":"009623","name":"长城创新驱动混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9623,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:23.062Z","status":"normal","exchange":"jj","shortName":"长城创新驱动混合(009623)","followedNum":8,"inceptionDate":"2020-06-22T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城创新驱动混合","setUpDate":"2020-06-22T16:00:00.000Z","setUpAssetScale":5901353494.87,"setUpShares":5901353494.87,"pinyin":"cccxqdhhxzqtzjj","managers":[{"stockCode":"db20890927","stockType":"fund_manager","exchange":"fm","tickerId":252323226230,"name":"杨维维"}]},"announcement":{"linkText":"长城创新驱动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=872799","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccda7fea5b3eb04cf653","date":"2022-09-29T16:00:00.000Z","stockId":3000000009623,"sao":"三季度市场表现不佳，结构分化严重。一方面受宏观因素影响，包括台海局势紧张、俄乌冲突、海外通胀加剧等；另一方面国内疫情反复，经济增长承压。因此能源安全和国防安全相关表现较好，而消费、医药、新能源、电子等板块则跌幅较大。本基金在3季度保持偏高的仓位水平，在行业配置上从此前的相对分散向制造业中国产替代方向聚焦，包括电子、机械等方向，整体表现和指数表现相当。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:26.246Z","fund":{"_id":3000000009623,"__csrcFundId":7748,"stockCode":"009623","name":"长城创新驱动混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9623,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:23.062Z","status":"normal","exchange":"jj","shortName":"长城创新驱动混合(009623)","followedNum":8,"inceptionDate":"2020-06-22T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城创新驱动混合","setUpDate":"2020-06-22T16:00:00.000Z","setUpAssetScale":5901353494.87,"setUpShares":5901353494.87,"pinyin":"cccxqdhhxzqtzjj","managers":[{"stockCode":"db20890927","stockType":"fund_manager","exchange":"fm","tickerId":252323226230,"name":"杨维维"}]},"announcement":{"linkText":"长城创新驱动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=809340","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccda7fea5b3eb04cf652","date":"2022-06-29T16:00:00.000Z","stockId":3000000009623,"sao":"22年上半年市场先抑后扬，结构分化明显。整体而言上半年海内外经济压力都比较大，国内受到多地疫情爆发等因素影响2季度经济增长受到较大影响，而海外通胀高企货币开始紧缩经济衰退的预期升温，以上因素导致市场风险偏好急剧降低，市场一度跌幅较大。而5月之后随着上海疫情得到控制经济开始慢慢恢复，政府刺激经济复苏的政策不断推出，同时流动性较为宽松，市场出现了一轮明显的上升行情，以汽车和新能源为代表的高景气行业反弹明显，医药、消费也有一定程度跟随性上涨。本基金报告期内聚焦于医药、新能源、半导体、消费等领域。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:26.243Z","mo":"展望下半年，宏观层面是国内弱复苏和海外衰退的预期组合，而地产层面的一系列事件给国内的复苏增添了不少压力，而疫情各地散发难以避免消费的复苏也将是一个缓慢的过程，出口则会受到海外经济情况的影响，总体来说经济形势依然不容乐观。流动性层面预期依然是维持较为宽松的状态，边际上的变化需要观察。因此对于市场而言我们认为还是需要基于盈利预期和流动性的变化寻找结构性机会，对于景气度向上提升或者能够维持较高景气度水平、并且估值没明显扩张的行业个股我们更为关注。","fund":{"_id":3000000009623,"__csrcFundId":7748,"stockCode":"009623","name":"长城创新驱动混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9623,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:23.062Z","status":"normal","exchange":"jj","shortName":"长城创新驱动混合(009623)","followedNum":8,"inceptionDate":"2020-06-22T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城创新驱动混合","setUpDate":"2020-06-22T16:00:00.000Z","setUpAssetScale":5901353494.87,"setUpShares":5901353494.87,"pinyin":"cccxqdhhxzqtzjj","managers":[{"stockCode":"db20890927","stockType":"fund_manager","exchange":"fm","tickerId":252323226230,"name":"杨维维"}]},"announcement":{"linkText":"长城创新驱动混合型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=787573","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccda7fea5b3eb04cf651","date":"2022-03-30T16:00:00.000Z","stockId":3000000009623,"sao":"一季度市场整体而言表现不佳，结构分化也比较明显。一方面国内经济增长动能有所减弱，稳增长的预期增强，另一方面海外通胀加剧，美联储加息缩表的预期一再升温，美国十年期国债收益率不断攀升，而俄乌战争以及吉林上海等地疫情的爆发进一步加剧了全球通胀压力以及国内的经济增长压力，在多重因素影响之下，股市也是困难重重，相对而言受益于能源通胀和稳增长预期的煤炭、地产，建筑等板块表现比较好，而消费、医药、新能源、半导体、等板块则出于对未来增长前景的担忧而跌幅较大。本基金在1季度保持偏高的仓位水平，在行业配置上依然是以医药、新能源、半导体、消费等偏创新成长的行业为主，整体表现弱于指数表现。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:26.240Z","fund":{"_id":3000000009623,"__csrcFundId":7748,"stockCode":"009623","name":"长城创新驱动混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9623,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:23.062Z","status":"normal","exchange":"jj","shortName":"长城创新驱动混合(009623)","followedNum":8,"inceptionDate":"2020-06-22T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城创新驱动混合","setUpDate":"2020-06-22T16:00:00.000Z","setUpAssetScale":5901353494.87,"setUpShares":5901353494.87,"pinyin":"cccxqdhhxzqtzjj","managers":[{"stockCode":"db20890927","stockType":"fund_manager","exchange":"fm","tickerId":2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，政策转向稳增长，基建边际或有修复，房地产政策有所缓和，能耗双控政策更加科学务实；而出口在过去两年都对经济是一个明显正贡献，今年可能会面临一定压力。在流动性方面，海外是偏紧的一年，美联储加息已经非常明确，不确定的只是加息的节奏。而国内因为前几年政府对流动性释放一直较为克制，因此还有一定的宽松空间，货币政策还是以我为主。  总结来说，今年经济有一定增长压力，海外流动性收紧，国内流动性宽松的空间受到限制，预计市场可能会是宽幅震荡的走势，景气行业将会更加稀缺，而且市场将无法向过去两年一样支撑景气行业过高的估值。本基金主要寻找景气度向上提升或者继续维持较高水平、业绩能有比较高增长，并且估值没明显扩张的品种。","fund":{"_id":3000000009623,"__csrcFundId":7748,"stockCode":"009623","name":"长城创新驱动混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9623,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:23.062Z","status":"normal","exchange":"jj","shortName":"长城创新驱动混合(009623)","followedNum":8,"inceptionDate":"2020-06-22T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城创新驱动混合","setUpDate":"2020-06-22T16:00:00.000Z","setUpAssetScale":5901353494.87,"setUpShares":5901353494.87,"pinyin":"cccxqdhhxzqtzjj","managers":[{"stockCode":"db20890927","stockType":"fund_manager","exchange":"fm","tickerId":252323226230,"name":"杨维维"}]},"announcement":{"linkText":"长城创新驱动混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=716453","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccda7fea5b3eb04cf64f","date":"2021-09-29T16:00:00.000Z","stockId":3000000009623,"sao":"新冠疫苗接种推进较快、叠加新冠治疗药物的研发数据也较为振奋人心，市场对宏观经济的恢复预期较满，但三季度在能源短缺刺激下，石油、煤炭等能源价格飙升，能源危机让全球对通胀的担忧上升，以成长股为代表的各种指数在8-9月份震荡往下。展望四季度，我们认为，大面积停电限产或使经济进一步减速，4季度经济形势不容乐观，好在从货币政策和居民资产配置的角度看，流动性环境可能好于预期，再加上A股估值并不过分，因此市场出现系统性风险的概率不大，我们判断四季度大部分时间市场可能以持续震荡为主要格局，年底和明年一季度可能会有行情。操作上，本基金依然聚焦于高景气领域的医药、新能源、新消费等领域。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:26.235Z","fund":{"_id":3000000009623,"__csrcFundId":7748,"stockCode":"009623","name":"长城创新驱动混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9623,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:23.062Z","status":"normal","exchange":"jj","shortName":"长城创新驱动混合(009623)","followedNum":8,"inceptionDate":"2020-06-22T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城创新驱动混合","setUpDate":"2020-06-22T16:00:00.000Z","setUpAssetScale":5901353494.87,"setUpShares":5901353494.87,"pinyin":"cccxqdhhxzqtzjj","managers":[{"stockCode":"db20890927","stockType":"fund_manager","exchange":"fm","tickerId":252323226230,"name":"杨维维"}]},"announcement":{"linkText":"长城创新驱动混合型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=658251","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccda7fea5b3eb04cf64e","date":"2021-06-29T16:00:00.000Z","stockId":3000000009623,"sao":"在全球新冠疫苗接种进展明显快于预期的背景下，市场更多地关注宏观经济增长情况以及流动性收紧的预期拐点。从二季度宏观经济数据来看，美国的经济恢复并没有想象中快，这就导致QE退出的时间表是要慢于预期的；而国内这边，下半年在出口增长下来之后，经济增长的速度也是低于年初预期的，因此短期就有了相对宽松的流动性，这就给成长股带来了机会，特别是长期赛道好叠加短期高景气度的领域。本基金在宏观环境变化所导致的市场风格转变下，聚焦于医药、新能源、新消费等领域。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:26.232Z","mo":"展望下半年，7月份PMI继续回落，按照目前专项债的发行情况，下半年大概率依然是紧信用宽货币的组合，同时消费相比上半年不会有很大起色，出口大概率还会下行，因此经济下行不可避免，所以国内货币大概率宽松。对于市场最关注的美国货币政策，按照最近美国的经济数据，大概率不会很激进，美联储有足够耐心等经济复苏，不过美国可能已经过了最宽松的点，所以在美债收益率不断下降以后，估计继续下降空间也不大了，甚至不排除逐步回升。总结来说，国内大概率经济继续下行，流动性持续宽松，所以受损于宏观经济下行的方向需要回避；海外流动性边际上很难更宽松，外资短期也不会继续加仓中国资产，所以对于景气行业尽量不要过度期待估值扩张。本基金会去选择明年景气能持续、业绩能有比较高增长，并且估值没明显扩张的品种。","fund":{"_id":3000000009623,"__csrcFundId":7748,"stockCode":"009623","name":"长城创新驱动混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9623,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:23.062Z","status":"normal","exchange":"jj","shortName":"长城创新驱动混合(009623)","followedNum":8,"inceptionDate":"2020-06-22T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城创新驱动混合","setUpDate":"2020-06-22T16:00:00.000Z","setUpAssetScale":5901353494.87,"setUpShares":5901353494.87,"pinyin":"cccxqdhhxzqtzjj","managers":[{"stockCode":"db20890927","stockType":"fund_manager","exchange":"fm","tickerId":252323226230,"name":"杨维维"}]},"announcement":{"linkText":"长城创新驱动混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=636847","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccda7fea5b3eb04cf64d","stockId":3000000009623,"sao":"在全球新冠疫苗接种进展明显快于预期的背景下，市场更多地关注宏观经济增长情况以及流动性收紧的预期拐点。中国的经济增速及流动性的预期拐点均是领先外围的，因此高估值的核心资产的调整来得更早一些，调整的幅度也是全球领先，但我们认为这并不是坏事，降低预期可以为后市腾挪出更多的空间。在预期经济恢复的大环境下，顺周期的方向表现较好，而高估值的消费与科技成为主跌领域。本基金在宏观环境变化所导致的市场风格转变下，自下而上地从PEG的角度来挑选公司，避开了估值非常高以及具有政策风险区域。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:26.230Z","fund":{"_id":3000000009623,"__csrcFundId":7748,"stockCode":"009623","name":"长城创新驱动混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9623,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:23.062Z","status":"normal","exchange":"jj","shortName":"长城创新驱动混合(009623)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