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伴随着经济数据持续走弱，削弱了市场对经济的乐观预期，大宗商品价格的下跌加剧悲观预期，市场呈现震荡下行态势，结构分化较为明显，行业轮动较为显著，科技及主题延续市场主线。　　本基金在一季度一方面适当减配部分汽车、光伏及金融板块的配置，同时增配计算机、大消费及电子板块，二季度适当减持机械，增配部分计算机、公用事业等板块，结构上仍然保持相对均衡，更多的是做个股上的调整。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:06.223Z","mo":"展望2023年下半年，当前经济已经出现了明显的企稳迹象，政治局会议召开的背景下，稳增长的预期会进一步强化，同时美联储加息预计接近尾声，外资重回流入的预期使得大盘成长或核心资产有望出现企稳反弹。从估值角度出发，中期来看权益资产价格仍具备较高吸引力，再者市场即将步入业绩披露期，分子端驱动力短期有望形成主导，本基金后续仍然坚持均衡的风格，聚焦基本面，自下而上挖掘标的。","fund":{"_id":3000000009794,"__csrcFundId":7867,"stockCode":"009794","name":"太平智选一年定期开放股票型发起式证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9794,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:59:21.071Z","status":"normal","exchange":"jj","shortName":"太平智选一年定期开放股票发起式(009794)","inceptionDate":"2020-08-13T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平智选一年定期开放股票发起式","setUpDate":"2020-08-13T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"tpzxyndqkfgpxfqszqtzjj","managers":[{"stockCode":"db20910594","stockType":"fund_manager","exchange":"fm","tickerId":2403232700,"name":"徐闯"}]},"announcement":{"linkText":"太平智选一年定期开放股票型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=962701","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd027fea5b3eb04d2432","date":"2023-03-30T16:00:00.000Z","stockId":3000000009794,"sao":"2023年第一季度，A股市场随着疫情防控政策的转向，消费和顺周期板块较快反弹，春节过后市场开始担忧经济复苏的持续性，结构开始分化，科技及主题成为市场主线。本基金在一季度一方面适当减配部分汽车、光伏及金融板块的配置，同时增配计算机、大消费及电子板块，配置上适度均衡但仍然以成长风格为主。　　展望2023年二季度，增长延续企稳迹象，经济数据和政策环境有望提振市场信心，二季度企业盈利增速也有望进入上行周期。同时资金面充裕叠加政策加持，各主题仍有表现机会。从估值角度出发，中期来看权益资产价格仍具备较高吸引力。本基金后续仍然坚持均衡的风格，聚焦基本面，自下而上挖掘标的。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:06.216Z","fund":{"_id":3000000009794,"__csrcFundId":7867,"stockCode":"009794","name":"太平智选一年定期开放股票型发起式证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9794,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:59:21.071Z","status":"normal","exchange":"jj","shortName":"太平智选一年定期开放股票发起式(009794)","inceptionDate":"2020-08-13T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平智选一年定期开放股票发起式","setUpDate":"2020-08-13T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"tpzxyndqkfgpxfqszqtzjj","managers":[{"stockCode":"db20910594","stockType":"fund_manager","exchange":"fm","tickerId":2403232700,"name":"徐闯"}]},"announcement":{"linkText":"太平智选一年定期开放股票型发起式证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=880488","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd027fea5b3eb04d2431","date":"2022-12-30T16:00:00.000Z","stockId":3000000009794,"sao":"2022年，海外通胀、地缘政治冲突、疫情的反复、国内经济增长的不确定，共同影响A股市场，使得投资者的风险偏好持续减弱，市场持续走弱。一季度市场呈现单边下行，稳增长及通胀主题下的地产、大宗和农林牧渔板块表现较好，制造业受到需求和成本的双重预期压力表现较弱。本基金在一季度适度减配部分新能源上游及中游的配置，增配了部分医药及金融标的。二季度，在内部经济担忧缓解、疫情好转、流动性宽松等多重因素推动下，股票市场先抑后扬。虽然6月公布的5月美国通胀数据超预期以及6月美联储鹰派加息，但由于国内经济与货币政策、疫情防控以及监管政策都转向更为积极，A股表现越加独立，二季度可选和必需消费领涨。本基金在二季度适度降低部分新能源板块配置，适当增配汽车、周期、家电来平衡组合。三季度，初受周边地缘政治事件进一步发酵，投资者风险偏好逐步减弱，叠加美联储鹰派表态，市场整体出现回调。国内经济数据反映经济处于逐步复苏阶段，市场对于地产等方面政策的关注程度也逐步升温。本基金在三季度仍然以成长风格为主，一方面适当减配部分光伏板块，调整至性价比具备一定优势的风电板块，同时在市场下行过程当中，继续增持前期持有的基本面未出现变化的标的。四季度市场表现总体围绕两条主线展开，一是防控政策优化下前期受损链条预期修复，二是最新地产政策发布下的地产链条预期修复。在此推动下，市场风格出现一定程度的切换，本基金仓位配置较高的光伏、汽车板块收到资金博弈流出的影响，出现一定幅度的调整，操作上一方面适当减配部分汽车及光伏板块的配置，同时增配大消费及周期板块，配置上适度均衡但仍然以成长风格为主。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:06.213Z","mo":"展望2023年，我们认为内需增长将逐步显现，带动经济呈现渐进式复苏，市场风格也有望回归至聚焦基本面投资上，内需修复与产业升级是我们主要的关注方向。　　货币财政预计维持宽松态势，市场底部特征明显，系统性风险可控，中期来看权益资产价格仍具备较高吸引力。压制风险偏好的多种风险因素均出现改善，包括海外通胀的回落、美联储加息预期的回落、国内疫情防控的优化、地产调控的优化、国内企业中长期贷款的高增长等。　　我们判断在总量缺乏弹性的背景下，对个股研究将会要求更高。我们后续仍然坚持均衡偏成长的风格，聚焦基本面，淡化博弈，自下而上挖掘标的，努力为投资者创造价值。","fund":{"_id":3000000009794,"__csrcFundId":7867,"stockCode":"009794","name":"太平智选一年定期开放股票型发起式证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9794,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:59:21.071Z","status":"normal","exchange":"jj","shortName":"太平智选一年定期开放股票发起式(009794)","inceptionDate":"2020-08-13T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平智选一年定期开放股票发起式","setUpDate":"2020-08-13T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"tpzxyndqkfgpxfqszqtzjj","managers":[{"stockCode":"db20910594","stockType":"fund_manager","exchange":"fm","tickerId":2403232700,"name":"徐闯"}]},"announcement":{"linkText":"太平智选一年定期开放股票型发起式证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=864407","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd027fea5b3eb04d2430","date":"2022-09-29T16:00:00.000Z","stockId":3000000009794,"sao":"2022年第三季度，初受周边地缘政治事件进一步发酵，投资者风险偏好逐步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较大幅度的波动，7-8月市场延续二季度风格表现，9月后围绕滞涨及防御进行演绎，上游宽幅震荡，中游制造受到盈利挤压预期调整较大，低估值板块企稳。本基金在三季度进一步加大光伏、新能源汽车等景气板块的配置，适当降低消费及电子板块的配置。2021年第四季度，政策纠偏由“双控”转为“保供”，双碳主线有所修复；同时在国内经济下行压力凸显的情况下，政治局及中央经济工作会议定调，稳增长主线明显强化。A股市场呈现震荡上行格局，热点轮动加快，传媒、军工、通信表现较好，同时前期受经济悲观预期调整的消费板块估值出现修复。本基金在四季度减配部分新能源车及周期板块的配置，增配部分较为低估的消费及金融标的来平衡组合。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:06.201Z","mo":"展望2022年，步入后疫情时代，预计投资端仍受地产下行周期的制约，消费复苏掣肘逐渐减弱，预计将温和复苏，制造业、服务业将推动经济企稳，出口增速下行但仍有韧性。整体经济复苏弹性有限，A股整体企业盈利及ROE回落趋势明，确价格端的主旋律是PPI-CPI收敛，预计盈利弹性向下游转移。  总体看，2022年资金面预计整体保持充裕。随着经济下行的压力，2022年货币政策预计将进入到宽松区间，并将带动利率水平下行，同时信用紧缩预计也将告一段落，社融增速将逐步企稳回升。海外流动性边际收紧，但对于国内的影响有限。微观层面上的股市流动性将保持平稳，机构化之路走向纵深，险资、理财子等长钱占比趋升。  整体市场估值处于中枢位置，在盈利预期趋弱的情况下，我们判断2022年整体市场分子端与分母端均难以具备高弹性。2022年配置思路应该是关注估值和自下而上，把握结构性行情。战术上总体配置主线：一是中下游产业链，即PPI-CPI剪刀差收敛，中游制造成本压力缓解、下游消费端基本面反转。二是宽信用新周期受益的方向，新基建的双碳、轨交即电网改造。三是优选核心资产，传统核心资产的估值与盈利匹配关系明显修复，通过自下而上优选标的。","fund":{"_id":3000000009794,"__csrcFundId":7867,"stockCode":"009794","name":"太平智选一年定期开放股票型发起式证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9794,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:59:21.071Z","status":"normal","exchange":"jj","shortName":"太平智选一年定期开放股票发起式(009794)","inceptionDate":"2020-08-13T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平智选一年定期开放股票发起式","setUpDate":"2020-08-13T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"tpzxyndqkfgpxfqszqtzjj","managers":[{"stockCode":"db20910594","stockType":"fund_manager","exchange":"fm","tickerId":2403232700,"name":"徐闯"}]},"announcement":{"linkText":"太平智选一年定期开放股票型发起式证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=710183","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd027fea5b3eb04d242c","date":"2021-09-29T16:00:00.000Z","stockId":3000000009794,"sao":"2021年第三季度，海外复苏动能持续受疫情扰动，国内经济增长开始出现加速下行压力，“双控”及限电等因素导致PPI加速上行，造成上下游盈利分化。A股市场呈现较大幅度的波动，7-8月市场延续二季度风格表现，9月后围绕滞涨及防御进行演绎，上游宽幅震荡，中游制造受到盈利挤压预期调整较大，低估值板块企稳。回顾第三季度，本基金进一步加大光伏、新能源汽车等景气板块的配置，适当降低消费及电子板块的配置。   我们认为经济动能减弱已成定局，但货币政策仍定调宽松，尽管通胀压力、美债利率上行都带来压力，但预计不足以扭转货币政策的取向，市场估值在中枢水平，业绩驱动仍然是未来市场的主线。应对能源紧缺，政策取向也在发生转变。展望2021年四季度，从目前的政策调整来看，增加煤炭供给、提高电价弹性，随着保供政策的加码和落地，相关风险有望逐步缓解。本基金将继续紧握基本面驱动的结构行情，从中长期角度出发，维持景气板块配置，努力挖掘具备竞争优势的个股，同时在适当增配消费板块中寻找业绩确定性高的品种，寻求估值切换机会。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:06.198Z","fund":{"_id":3000000009794,"__csrcFundId":7867,"stockCode":"009794","name":"太平智选一年定期开放股票型发起式证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9794,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:59:21.071Z","status":"normal","exchange":"jj","shortName":"太平智选一年定期开放股票发起式(009794)","inceptionDate":"2020-08-13T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平智选一年定期开放股票发起式","setUpDate":"2020-08-13T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"tpzxyndqkfgpxfqszqtzjj","managers":[{"stockCode":"db20910594","stockType":"fund_manager","exchange":"fm","tickerId":2403232700,"name":"徐闯"}]},"announcement":{"linkText":"太平智选一年定期开放股票型发起式证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=654021","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd027fea5b3eb04d242b","date":"2021-06-29T16:00:00.000Z","stockId":3000000009794,"sao":"2021年上半年，国内外经济持续修复，当前复苏力度符合预期。由于流动性预期的变化导致A股市场呈现较大幅度的波动，同时结构分化显著。  本基金一季度内完成建仓，主要配置方向是食品饮料、电子、医药等板块，同时基于对经济基本面向好的判断，一季度内适当加大化工、有色等顺周期行业的配置。二季度市场在流动性预期改善及风险偏好回暖的带动下呈现单边上行态势，我们判断成长风格相对占优，本基金在二季度降低顺周期板块配置，适度减持部分食品饮料配置，同时增持新能源、医药及电子板块，整体净值取得一定幅度的上涨。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:06.195Z","mo":"展望2021下半年，经济复苏动能减弱，国内通胀幅度可控，全球通胀预期较为充分，国内货币政策从边际收紧向边际宽松转变，当前市场估值整体接近中枢水平，系统性风险可控，风险溢价接近中枢位置，即使未来适当下行，亦能被企业盈利增长消化。而核心资产的盈利优势在边际弱化，需要更多的从自下而上的角度去寻找配置标的。  我们判断成长因子继续占优，持有高成长和真成长的资产仍然是下半年获取超额收益的最优解。下阶段本基金配置思路是继续通过自下而上的方法，遵循PEG思路选股,捕捉市场的结构性机会。","fund":{"_id":3000000009794,"__csrcFundId":7867,"stockCode":"009794","name":"太平智选一年定期开放股票型发起式证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9794,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:59:21.071Z","status":"normal","exchange":"jj","shortName":"太平智选一年定期开放股票发起式(009794)","inceptionDate":"2020-08-13T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平智选一年定期开放股票发起式","setUpDate":"2020-08-13T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"tpzxyndqkfgpxfqszqtzjj","managers":[{"stockCode":"db20910594","stockType":"fund_manager","exchange":"fm","tickerId":2403232700,"name":"徐闯"}]},"announcement":{"linkText":"太平智选一年定期开放股票型发起式证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=633081","linkType":"PDF","source":"csrc_pdf"}},{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