window.pageData = {"stock":{"_id":3000000009800,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","fundCollection":{"_id":4000050070000,"exchange":"jjgs","stockType":"fund_collection","stockCode":"50070000","tickerId":50070000,"name":"长盛基金管理有限公司"},"managers":[{"_id":7000711157050,"name":"郭堃","gender":"m","educationCode":"001002","resume":"郭堃先生：基金经理，硕士。曾任阳光资产管理股份有限公司行业研究部新能源和家电行业分析师、制造业研究组组长。历任泓德战略转型股票型证券投资基金基金经理、泓德泓信灵活配置混合型证券投资基金基金经理、泓德泓益量化混合型证券投资基金基金经理、泓德泓汇灵活配置混合型证券投资基金基金经理、泓德泓华灵活配置混合型证券投资基金基金经理。2019年12月加入长盛基金管理有限公司，自2020年5月27日起任长盛同盛成长优选灵活配置混合型证券投资基金(LOF)基金经理，自2020年8月26日起兼任长盛制造精选混合型证券投资基金基金经理，自2020年9月23日起兼任长盛核心成长混合型证券投资基金基金经理，自2021年1月7日起兼任长盛同德主题增长混合型证券投资基金基金经理，自2021年2月3日起兼任长盛优势企业精选混合型证券投资基金基金经理。拟任长盛匠心研究精选混合型证券投资基金基金经理。2021年7月1日起任长盛基金管理有限公司副总经理。","tickerId":711157050,"stockType":"fund_manager","areaCode":"cn","stockCode":"8801402031","exchange":"fm","cnInfoCode":"8801402031","lastUpdated":"2024-05-16T10:30:25.066Z","followedNum":1,"currency":"CNY","workingDate":"2015-11-09T16:00:00.000Z","fundCompanyId":4000050070000,"fundManagerSecondLevel":"hybrid","pinyin":"gk","appointmentDate":"2020-08-25T16:00:00.000Z"}],"hotMetrics":{"fss":{"stockId":3000000009800,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.5892000000000001,"f_ins_h_s_r_c_hy":0.06450000000000011,"f_ins_h_s_r_c_1y":0.09890000000000004,"f_ind_h_s_r":0.4108,"f_ind_h_s_r_c_hy":-0.0645,"f_ind_h_s_r_c_1y":-0.09890000000000004,"f_h_a":4661,"f_h_s_a":39249,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000009800,"type":"fpr","f_p_r_fys_ssc":9014,"f_p_r_fys_ssrp":0.6639298790635748,"f_p_r_m1_ssc":9159,"f_p_r_m1_ssrp":0.628193928805416,"f_p_r_m3_ssc":9014,"f_p_r_m3_ssrp":0.6634860756684788,"f_p_r_m6_ssc":8746,"f_p_r_m6_ssrp":0.7548313321898228,"f_p_r_y1_ssc":8323,"f_p_r_y1_ssrp":0.4283826003364576,"f_p_r_y2_ssc":7709,"f_p_r_y2_ssrp":0.3070835495588998,"f_p_r_y3_ssc":6858,"f_p_r_y3_ssrp":0.2919644159253318,"f_cagr_p_r_fs_ssc":9093,"f_cagr_p_r_fs_ssrp":0.44940607127144744,"f_p_r_y5_ssc":4205,"f_p_r_y5_ssrp":0.260941960038059},"fp":{"stockId":3000000009800,"type":"fp","f_p_r_fys":-0.019482924661085366,"f_p_r_m1":-0.05692910580691124,"f_p_r_m3":-0.019482924661085366,"f_p_r_m6":-0.0668358714043985,"f_p_r_y1":0.2142005320612801,"f_cagr_p_r_fs":0.051292359246444263,"f_p_r_d1":0.000529240539825393,"f_p_r_y3":0.21308770965081258,"f_p_r_y2":0.4284480897906342,"last_data_date":"2026-04-02T16:00:00.000Z","f_p_r_y5":0.20447720447720585},"ff":{"stockId":3000000009800,"type":"ff","f_m_f":1478573,"f_m_f_r":0.012,"f_c_f":246428,"f_c_f_r":0.002,"f_m_a_c_f":1725001,"f_m_a_c_f_r":0.014,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2025-12-30T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000009800,"type":"f_nlacan","f_nv_d":"2026-04-02T16:00:00.000Z","f_nv":1.3236,"f_nv_cr":0.0010588413250642859},"f_as":{"stockId":3000000009800,"type":"f_as","f_tas":285646801.7102,"f_tas_d":"2025-12-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000009801,"name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","fundStatus":"normal","stockCode":"009801","tickerId":9801,"shortName":"长盛制造精选混合C","__csrcFundId":7943,"lastUpdated":"2024-05-16T10:29:18.096Z","exchange":"jj","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":1,"fundCollectionId":4000050070000,"currency":"CNY","status":"normal","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":185519662.04,"setUpShares":185519662.04,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"cszzjxhhxzqtzjj"}],"shareholdings":[{"date":"2025-12-30T16:00:00.000Z","fundId":3000000009800,"stockId":603786,"holdings":197700,"marketCap":15440370,"netValueRatio":0.049,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":-0.25320328934786795,"stock":{"stockCode":"603786","exchange":"sh","stockType":"company","tickerId":603786,"name":"科博达"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000009800,"stockId":600391,"holdings":406900,"marketCap":15095990,"netValueRatio":0.0479,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.30495954977136885,"stock":{"stockCode":"600391","exchange":"sh","stockType":"company","tickerId":600391,"name":"航发科技"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000009800,"stockId":2850,"holdings":92900,"marketCap":14665194,"netValueRatio":0.0466,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":-0.19335717935615726,"stock":{"stockCode":"002850","exchange":"sz","stockType":"company","tickerId":2850,"name":"科达利"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000009800,"stockId":2709,"holdings":288300,"marketCap":13356939,"netValueRatio":0.0424,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.2137804558553833,"stock":{"stockCode":"002709","exchange":"sz","stockType":"company","tickerId":2709,"name":"天赐材料"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000009800,"stockId":2891,"holdings":241000,"marketCap":12474160,"netValueRatio":0.0396,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":-0.027250516820146564,"stock":{"stockCode":"002891","exchange":"sz","stockType":"company","tickerId":2891,"name":"中宠股份"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000009800,"stockId":688382,"holdings":442273,"marketCap":12047516,"netValueRatio":0.0382,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":-0.12439729990356829,"stock":{"name":"益方生物","exchange":"sh","stockType":"company","stockCode":"688382","tickerId":688382}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000009800,"stockId":601899,"holdings":330200,"marketCap":11381994,"netValueRatio":0.0361,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.1708559782608703,"stock":{"stockCode":"601899","exchange":"sh","stockType":"company","tickerId":601899,"name":"紫金矿业"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000009800,"stockId":2407,"holdings":303900,"marketCap":10305249,"netValueRatio":0.0327,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.6541463414634143,"stock":{"stockCode":"002407","exchange":"sz","stockType":"company","tickerId":2407,"name":"多氟多"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000009800,"stockId":688256,"holdings":7200,"marketCap":9759960,"netValueRatio":0.031,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.023056603773585538,"stock":{"stockCode":"688256","tickerId":688256,"exchange":"sh","stockType":"company","name":"寒武纪"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000009800,"stockId":300308,"holdings":13000,"marketCap":7930000,"netValueRatio":0.0252,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.5127359458295337,"stock":{"stockCode":"300308","exchange":"sz","stockType":"company","tickerId":300308,"name":"中际旭创"}}],"lastFsMetrics":{"latestTurnoverRate":1.7557664631003003,"latestTurnoverRateDate":"2025-12-30T16:00:00.000Z"},"profile":{"m":{"date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-27T16:00:00.000Z","managers":[{"name":"郭堃","d":"本基金基金经理，长盛同盛成长优选灵活配置混合型证券投资基金(LOF)基金经理，长盛同德主题增长混合型证券投资基金基金经理，长盛优势企业精选混合型证券投资基金基金经理，长盛匠心研究精选混合型证券投资基金基金经理，长盛高端装备制造灵活配置混合型证券投资基金基金经理，长盛创新驱动灵活配置混合型证券投资基金基金经理，公司副总经理。","wy":14,"md":"郭堃先生，硕士。曾任阳光资产管理股份有限公司新能源和家电行业分析师、制造业研究组组长，泓德基金管理有限公司基金经理，2019年12月加入长盛基金管理有限公司。","ad":"2020-08-25T16:00:00.000Z"}]}}},"list":[{"_id":"69c7700b69b11a867413e0b4","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-27T16:00:00.000Z","stockId":3000000009800,"sao":"2025年权益市场表现较好。市场指数中，科创创业50、科创200、创业板50、科创100等成长方向指数表现优异，而红利指数表现较差。申万一级行业指数中，有色、通信表现最强，2025年度分别上涨94.73%和84.75%，其余电子、综合、电力设备、机械设备全年上涨也超过30%，食品饮料、煤炭则全年表现最差，指数有所下跌。　　我们2025上半年主要增持了医药、农业、军工、半导体等行业，主要减持了电新、机械、通信、消费电子等板块。下半年尤其是Q4，主要增加了电新、军工、通信等行业的配置，降低了汽车、计算机、传媒等行业的配置。","lastUpdated":"2026-03-28T06:07:07.371Z","mo":"展望2026年，我们仍然较为看好未来一年市场整体表现，机会也会较为多元，具体而言：　　1）TMT：市场最为明确的主线依然是AI产业链，过去三年的核心在海外算力及其配套，今年到明年可能的核心包括国产算力、端侧、应用。　　2）制造：全球储能的爆发超出预期，锂电池产业链仍可能有较大机会。　　3）消费：创新药估值已经回落较多，未来更聚焦个股。其他消费品是市场上唯一的估值洼地，可以逐渐关注。　　4）周期：PPI交易是成长之外的另一条交易主线，除了近几年表现已经很强的资源品（有色为代表）之外，中游化工、石化等行业今年应该也有机会。","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1452025","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd047fea5b3eb04d2675","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-24T16:00:00.000Z","stockId":3000000009800,"sao":"今年三季度，市场整体表现优异，其中通信、电子、电力设备、有色等行业表现最为突出，银行、交运、石油石化、食品饮料等行业表现较差。　　三季度以来，我们主要增持了电子、汽车、电新等行业，减持了军工、医药等行业。　　展望未来，我们认为端侧AI+AI应用仍是最值得期待的板块，另外部分高景气消费品也进入重点关注的区间。","lastUpdated":"2026-03-09T13:37:08.536Z","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选混合型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1370911","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd047fea5b3eb04d2674","date":"2025-06-29T16:00:00.000Z","stockId":3000000009800,"sao":"2025年上半年，整体市场呈现分化行情：1）主要市场指数中，以北证50、科创200、中证2000等为代表的中小盘指数表现较好，而红利、创价值、深证50等大盘指数表现较差。2）一级行业指数中，有色、银行、国防军工、传媒等表现较好，而煤炭、食品饮料、地产、石油石化等表现较差。 　　我们今年上半年主要增持了军工、传媒、医药、农业、半导体等行业，主要减持了电新、机械、通信、消费电子等板块。","declarationDate":"2025-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:08.531Z","mo":"我们基于中长期产业视角，最看好AI应用、创新药、部分新消费以及核聚变，但投资层面需密切关注产业演进以及估值匹配度。具体来说：　　1）AI应用：未来2-3年维度最确定的产业趋势。但今年仍属于产业培育和导入期，格局不清晰，更适合逐步提高板块仓位。　　2）创新药：今年基本面和股价表现最为匹配的强势板块。上市biotech近两年加速进入收获期，年初以来尽管积累了较大涨幅，但估值并未泡沫化，仍有可能是未来半年到一年最为确定的板块。　　3）消费：非整体性机会，结构性机会在于部分思路转变较快的消费品公司（给消费者提供情绪价值或性价比产品）。今年上半年其市场表现和当期景气度高度相关，但部分高景气消费行业估值越来越贵，需要更谨慎的甄别。　　4）制造：光伏等可再生能源需求端开始面临较大压力，未来能源关注核聚变的产业进展。","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选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=1349595","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd047fea5b3eb04d2673","date":"2025-03-30T16:00:00.000Z","stockId":3000000009800,"sao":"今年一季度市场整体表现较好：市场指数中，科创各指数及中小盘指数相对更优；行业指数中，汽车、机械、计算机、传媒在人形机器人和AI应用的带动下涨幅较大，同时有色、钢铁等周期行业也表现不俗。　　我们仍然最为看好AI产业链（尤其是下游应用和端侧硬件）和大消费的全年机会，因此一季度我们主要增持了电子、传媒、纺服、医药等行业标的，减持了前期累计涨幅较大的通信行业以及化工、机械等周期行业。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:08.526Z","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1272731","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd047fea5b3eb04d2672","date":"2024-12-30T16:00:00.000Z","stockId":3000000009800,"sao":"2024年权益市场低开高走，全年表现较好，且机会多元，涨幅排名前五的行业指数既包括银行、非银、家电等周期（伴随高分红）行业，也包括电子、通信等科技行业。上半年周期及红利板块表现更好，下半年科技板块相对较优。　　本基金上半年主要增持了消费电子、半导体、工程机械、油服设备、电解铝等行业相关公司，相对降低了光模块、通信/电力运营商的持仓比例。下半年尤其是Q4主要操作为：1）AI相关TMT各行业中，逐步降低了IDC、光模块等上游持仓权重，提高了下游应用和终端硬件的持仓比例。2）较大幅度增加了食品饮料、农业等消费行业权重。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:08.514Z","mo":"展望2025年，我们对整体权益市场较为看好，产业推动是市场表现的最大驱动力，其中两大产业最为值得关注：　　一是全球AI产业的持续推进，整个AI产业趋于正向循环，其投资范围也将更加丰富与多元。随着大模型的不断进化，下游应用和终端硬件将进入蓬勃兴起阶段。而应用端的需求爆发也将助力上游算力资本开支继续维持较高水平。　　二是国内消费行业的投资吸引力大幅提升。首先越来越多的消费品上市公司开始转变思路，主动求变，拥抱新的消费潮流和环境；其次以旧换新等消费政策对相关品类将带来不同程度的销量拉动；最后消费行业估值分位数在所有板块中处于较低水平。","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选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=1254084","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd047fea5b3eb04d2671","date":"2024-09-29T16:00:00.000Z","stockId":3000000009800,"sao":"今年三季度，市场在相对低迷了两个多月之后，于季度末迎来了巨大幅度的上涨，市场风险偏好也得到了明显提升。　　我们看好本轮市场持续性：1）行情启动时，估值起点处于历史极低位置。目前绝大多数行业PB仍处于五年、十年均值下方。2）全球货币进入新一轮宽松周期。3）最为重要的是，我们看好未来基本面在政策和企业部门、居民部门行为共振之下持续向好。　　行业结构上，我们倾向于认为：　　1）  第一梯队：新能源、医药、消费电子为代表的成长类核心资产。这类行业中长期需求端空间大，且供给端持续创新，估值尚处于低位。　　2）第二梯队：上游、中游顺周期品种。中游前期两头受压制，后续随着需求端修复，价格传导能力有望提升，且PB估值分位数较低；上游有色等品种商品价格和盈利今年来保持较好，PB估值在上游各板块中最优。　　3）第三梯队：下游消费。短期估值快速修复但仍处于较低分位，不过消费基本面的变化是慢变量，更倾向于自下而上选择细分领域或个股，短期最看好家电行业景气度。　　报告期内，我们提高了新能源、医药、消费电子、家电的权重，降低了半导体权重。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:08.511Z","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选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=1174014","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd047fea5b3eb04d2670","date":"2024-06-29T16:00:00.000Z","stockId":3000000009800,"sao":"今年上半年市场表现较为分化：1）市场指数中，红利、上证50、沪深300等表现较好，而科创、创业板以及中证2000等表现较弱。2）一级行业指数中，银行、公用事业、石油石化、有色、家电、煤炭、交运等周期/红利属性较强的行业表现较优，成长行业中仅通信在上半年取得正收益，电子一季度表现平平，但在二季度有所回升。上半年表现较差的一级行业包括传媒、计算机、消费服务、商贸零售、医药等。　　本基金上半年仓位较为稳定，结构上主要增持了工程机械、油服设备、新能源、消费电子、半导体等行业相关公司，相对降低了光模块、通信/电力运营商的持仓比例。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:08.506Z","mo":"展望下半年，我们认为市场整体性价比较高，排序为：　　1）第一梯队：电子。从今年一季报以及已披露的二季度业绩预告来看，电子无疑是当前景气度最高的行业，无论是半导体还是消费电子，均已走出周期低谷并展现出强劲的增长动能。　　2）第二梯度：新能源、医药。尽管这两个行业尚处于基本面“寻底”阶段，但不可否认的是长期来看，两者均具备广阔的需求成长空间和技术创新潜力，同时处于历史底部的PB估值水平，未来值得期待。　　3）第三梯队：有色、股份行、机械、化工等周期行业。其中，上游资源类行业基本面最强，PB估值有所修复；机械、化工等中游行业基本面相对较弱，但估值处于历史低位；股份行今年以来估值从底部回升，但仍处于历史偏低位置，性价比有所减弱。　　4）第四梯队：电力、煤炭等行业，PB估值处于历史较高分位，性价比大幅降低。","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选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=1146864","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd047fea5b3eb04d266f","date":"2024-03-30T16:00:00.000Z","stockId":3000000009800,"sao":"今年一季度市场表现先抑后扬，开年市场有所下跌，此后则开启了较为显著的反弹。行业层面，一季度表现较为突出的是银行、石化、煤炭、有色、家电、公用事业等为代表的周期+红利行业，以及AI算力相关细分领域（如光模块等）；表现较差的是医药、电子、军工等成长行业。　　我们仍然认为今年市场的机会来自于国内、外宏观经济的持续恢复，因此首先看好电子为代表的周期成长行业，以及股份行、油气海工等为代表的低估值周期行业。其次逐渐关注新能源，尽管今年上半年光伏、锂电等新能源行业盈利压力会继续增大，但去年以来的下跌已基本全额甚至超额反映业绩的下行风险，而今年一季度无论是光伏还是电动车的需求表现都较为超出预期。因此，本组合在大体保持去年底行业结构的基础上，主要增持了工程机械、油服海工、新能源等行业，相对降低了光模块、通信/电力运营商的持仓比例。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:08.499Z","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选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=1072783","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd047fea5b3eb04d266e","date":"2023-12-30T16:00:00.000Z","stockId":3000000009800,"sao":"对于权益市场来说，2023年并不是没有结构性机会的一年，但的确是对公募基金重仓相对“不友好”的一年，全年基金重仓指数（wind）下跌15.67%。基金重仓多以白马成长为主，而代表另外两极的红利指数和微盘股指数（wind）2023年则分别上涨2.67%和49.88%。行业角度而言，tmt四个行业通信、传媒、计算机、电子在AI浪潮的推动下全年表现最优，而此前机构最为青睐的食品饮料和新能源电力设备则表现较差。　　本基金从一季度开始较大幅度增持通信（运营商、光模块）、电子（半导体设计）等行业，降低了汽车、新能源等行业的持仓权重。二季度末到三季度逐渐减持了前期涨幅较大的光模块等板块，主要增持了电子（半导体设计、消费电子）、化工、有色等行业。四季度加仓了IVD板块，减持了通信运营商。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:08.486Z","mo":"展望2024年，我们认为驱动市场运行的核心变量仍在于全球经济的持续恢复，因此最为看好电子为代表的周期成长行业以及股份行、油气链为代表的低估值周期行业。　　其次，逐渐关注新能源，尽管24年上半年光伏、锂电等新能源行业盈利压力会继续增大，但去年以来的下跌已基本全额甚至超额反映业绩的下行风险。　　再次，消费具备一定韧性，但全面恢复相对滞后，尤其是此前靠提高客单价的消费升级逻辑短期受到挑战，整体机会需要时间，但我国具有庞大的内需市场，且估值大幅回落，消费行业不会缺乏结构性机会。　　最后，对于和经济关联度较弱的行业（如公用事业）观点偏谨慎，2021年至今，此类资产已经积累了大量的超额收益，更倾向于未来一段时间，其相对收益会逐渐收敛。","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选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=1058430","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd047fea5b3eb04d266d","date":"2023-09-29T16:00:00.000Z","stockId":3000000009800,"sao":"三季度权益市场的运行略低于预期。市场对于经济修复的展望似乎愈发谨慎，因此在三季度更多选择了类公用事业的红利类资产。我们倾向于认为大多数市场参与者的预期过于悲观，政策的效力和经济的修复都需要过程的积累，但市场往往更热衷于0和1的结果选择。　　展望四季度以及明年，我们认为经济企稳向上是驱动资本市场的最大动能，因此顺经济周期板块是我们的优先选择，其中：1）成长行业中最看好电子为代表的周期成长（尤其是半导体设计），老周期向下动能逐渐衰减，新周期向上动能正在积聚，估值也逐渐回落到历史偏低位置。2）传统顺周期品种中最看好银行，当前PB隐含了较高的风险假设，预期一旦好转，估值修复空间较大。　　由于本组合更多定位于制造业，因此在三季度主要增持了电子为代表的周期成长行业。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:08.465Z","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选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=990280","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd047fea5b3eb04d266c","date":"2023-06-29T16:00:00.000Z","stockId":3000000009800,"sao":"今年开年延续了去年底的反弹趋势，机会较为多元。春节之后，市场机会开始聚焦，且呈现较为明显的主题特征，以通信、传媒、计算机为代表的“AI板块”和以石化、建筑为代表的“中特估板块”表现最为亮眼；而消费、医药、新能源、地产等行业则在春节之后表现较为疲弱。　　我们年初的组合相对较为平衡，此后主要增持了通信、电子等TMT行业；相应减持了新能源等制造业，以及金融、有色、化工、煤炭等周期品；大消费则基本维持了仓位稳定，略增持了医药，略减持了食品饮料。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:08.450Z","mo":"展望下半年，我们认为宏观经济及权益市场可能出现以下三种情况之一：　　1）需求端延续上半年状态甚至继续趋弱，那么下半年可能仍然延续主题市，AI有更强的产业逻辑支撑，会是今年最大的主题，同时未来有望在业绩上兑现。　　2）需求端相比上半年有所改善，但改善幅度有限，下半年则有可能从主题行情扩展到更多的成长行业，包括高景气成长，也包括周期性成长，如新能源、半导体、部分消费等。　　3）需求端超预期回升，则市场有望开启全面上涨行情，前期周期快速修复，此后成长继续接力。","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选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=957901","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd047fea5b3eb04d266b","date":"2023-03-30T16:00:00.000Z","stockId":3000000009800,"sao":"今年开年延续了去年底的反弹趋势，机会较为多元。春节之后，随着ChatGPT横空出世，市场机会重新聚焦，通信、计算机、传媒、电子等TMT行业开启了一轮大级别行情，而新能源、地产以及部分消费行业则开始变得疲弱。　　科技行业最大的驱动力来自创新，GPT等AI大模型的出现让我们看到了未来的无限可能，今年最大的主线或许已经确立。当然，产业化落地并不会如当前股价般一马平川，在享受科技盛宴的时候我们也需要留一分清醒。　　如果没有GPT的出现，我们今年还会最看好新能源行业，主要是光伏和储能。今年光伏、储能需求端会保持极高的景气度，如果不过分纠结明年增速是否会在基数效应下略有放缓，光、储的远期空间依然广阔。再叠加光伏、储能公司目前的估值水平，投资性价比还是所有行业中最高的。　　再往后是医药和军工，确定性很高，但估值相比新能源没有优势。　　消费以及部分周期行业在去年底大幅上涨，股价的反应速度显著快于基本面的复苏，因此一季度主要在消化此前已经提升的估值。我们认为消费的机会可能会在下半年重新出现。　　基于以上判断，我们在一季度主要增持了通信、电子等TMT行业，较大幅度减持了周期品。新能源中主要增持了光伏、储能，但减持了新能源车和风电。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:08.440Z","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选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=888163","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd047fea5b3eb04d266a","date":"2022-12-30T16:00:00.000Z","stockId":3000000009800,"sao":"2022年市场整体表现较差，其中一、三季度基本单边下行，二、四季度有相对比较大的反弹机会。市场风格上，一方面在全球通胀背景下，煤炭等周期品全年表现较好；另一方面部分超高景气细分领域，如储能、复合集流体、信创等表现较好。另外，年底在防疫政策优化的催化下，消费品在1个多月的时间内快速完成了估值修复。　　我们组合在一季度初降低了仓位，但比较遗憾的是在4月份市场低点没有大幅度提高仓位，只是组合结构上相对增加了新能源、军工等成长类行业的比例。下半年我们保持了相对均衡的持仓结构，并在四季度整体提高了股票仓位。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:08.437Z","mo":"展望2023年，我们认为：　　1、上半年市场机会更多元，科技成长和周期均有机会，相对优于消费。当前的宏观及政策环境是有利于权益市场的。需求预期已经企稳并会逐步兑现，但复苏是渐进的，不会因为经济快速过热从而带来通胀压力，故而亦无需担心货币政策在短期内收紧。此环境下机会应是多元的，无论科技成长还是周期：科技成长至少可以在估值稳定的前提下赚取业绩增长的回报；周期则可以保持对政策的期待并相信未来的业绩兑现。　　2、下半年可能出现两种情形：　　1）一种情形是经济如期甚至超预期复苏，国内通胀会成为值得关注的要素，如果通胀预期提升，政策逐步退出的预期也会随之提升，那么消费或是这种情形下的最优选择。科技成长会面临流动性边际收紧下的估值压力且盈利增速上的比较优势被减弱，周期则会受制于政策退出预期下的“见顶”担忧，而消费经过人流恢复-购买能力恢复-消费信心恢复的过程之后，进入全面的正循环阶段。　　2）另一种情形则相反，如果受到外需过于疲软等因素的扰动，尽管有诸多政策加持，经济复苏仍弱于预期，总量的信心会有所减弱，同时也不会面临通胀压力，这种情况下科技成长或是较优的选择，一方面科技成长在盈利增长上的比较优势仍能保持，另一方面流动性收紧风险下降，其估值压力也相对较小。","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选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=871290","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd047fea5b3eb04d2669","date":"2022-09-29T16:00:00.000Z","stockId":3000000009800,"sao":"三季度市场运行呈现两个特点：1）整体低于预期，尤其是成长类行业在三季度出现了较大幅度的回撤。2）三季度的市场将边际变化定价演绎的颇为极致，对新方向、新变化的追逐有所过度，尽管其中必然有不少值得长期研究跟踪的产业趋势，但亦充斥大量毫无潜力的伪方向。综合以上两点，成长类白马显然是今年来估值收敛最为显著的资产。  市场往往易于在某个阶段无限放大某个单一因子，而忽略其他因子的作用，而长期市场运行更应是多个因子共同作用的平衡态，一切高估、低估终将回归，正如近一年多对于景气度定价的狂热，实际上源于对前几年优秀治理高度溢价的纠偏。  展望未来，国内经济预期逐渐好转，通胀压力较海外相对可控，此时我们仍更看好成长行业的投资机会，而估值溢价已然消化的成长类龙头会是我们更为重视的品种。行业比较角度，新能源重新回到高性价比状态；其次医药、军工的需求刚性很有可能是今年四季度到明年颇为稀缺的优势；再往后消费电子、通信尽管需求端有不确定性，但整体估值中枢已然下行较多，存在可以挖掘的个股机会。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:08.431Z","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选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=806787","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd047fea5b3eb04d2668","date":"2022-06-29T16:00:00.000Z","stockId":3000000009800,"sao":"今年前四个月，受到俄乌冲突、疫情等多重影响，市场回调较大，尤其是成长类行业估值大幅收敛，四月底接近历史底部估值。5月份开始，随着疫情缓解信号显现，叠加充裕的流动性，新能源为代表的高景气成长行业估值快速修复并延续至今。  组合在前四个月对仓位进行了一定控制，整体仓位相比2021年底下降5-6个点。4月底市场悲观情绪演绎至极致，成长行业估值继续快速下降，我们组合停止降低仓位，并且通过增持部分成长股保持仓位的稳定，略有遗憾的是这个阶段没有更大幅度提高股票仓位。  组合结构上，我们今年以来一直更看好成长行业，整个上半年持仓相对较多的行业保持在新能源、医药、电子等。在四月份市场大幅下跌阶段，我们进一步增加了组合中高景气成长行业的比例。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:08.424Z","mo":"展望三季度以及整个下半年，我们认为：1）如果没有疫情的超预期扰动，经济将从二季度的底部逐渐修复，半年之内更倾向于投资端的恢复好于消费。2）国内流动性短期内仍会保持宽松。3）新能源、军工、汽车电子等高景气行业估值性价比相比4月底大幅降低，但个人认为处于合理范围上沿；医药、消费电子、通信等景气度较为平稳或边际下行行业仍处于历史估值偏低位置。  随着市场的快速反弹以及基于对下半年市场的判断，我们会让组合品种的估值搭配更为平衡，相对增加医药、tmt等低位成长行业的权重；而新能源、军工等高景气成长行业则会更优化内部持股选择。","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选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=778740","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd047fea5b3eb04d2667","date":"2022-03-30T16:00:00.000Z","stockId":3000000009800,"sao":"今年一季度，市场面临的外部冲击的确超出预期，俄乌冲突加剧了全球通胀，疫情则让国内经济增长的稳定承受更大的压力。权益市场，尤其是成长类行业在一季度出现了较大幅度的回撤。面对难以评估的不确定性，我们在保持行业均衡结构的同时降低了组合股票仓位。  站在当前展望未来，我们认为尽管宏观环境的不确定性仍未消除，但估值大幅收敛的权益资产在中长期已经值得期待。同时相比周期品而言，个人依旧更看好成长行业的未来。  诚然，俄乌冲突让逆全球化似乎成为了当前难以逆转的趋势，高企的原料成本以及反复的疫情虽然进一步压制了需求的复苏，但疫情和逆全球化的预期让供给端的资本开支更大程度放缓，通胀的延续一定程度上成为了市场的共识。不过，在商品价格高位去大量持有相关股票并不符合我们的认知，尤其在成长行业估值已经快速回落的阶段。  在此前的年度投资策略里面，我们提出最看好新能源和医药行业，目前仍然维持。此外，电子、军工、汽车零部件也已经拥有大量此前估值较贵，目前逐步合理的标的可供研究。当然，我们对于成长公司的认识和挖掘并不局限于某几个赛道，希望在估值的相对低位能够寻找到一批具备持续成长能力的细分领域头部公司。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:08.421Z","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=726574","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd047fea5b3eb04d2666","date":"2021-12-30T16:00:00.000Z","stockId":3000000009800,"sao":"2021年开年延续了2020年的风格，成长类核心资产估值继续扩张。但春节之后，市场发生了巨大变化，周期品股价跟随商品价格大幅上涨，而成长类头部公司大幅回撤。二季度开始，消费、新能源先后企稳反弹。三季度又再度分化，随着消费品盈利端压力显现以及医药政策环境预期的恶化，食品饮料、医药为代表的消费行业表现低迷；而新能源车、半导体、军工在行业高景气度的加持下表现亮眼。四季度整体市场方向性并不明确，新能源、大众消费品、电子等成长性行业在季度内均有所波动：新能源在10、11月份延续此前强势，但12月份回撤较大；大众消费品则随着各细分行业头部公司密集提价迎来一段估值修复；汽车电子和消费电子也分别在汽车智能化和元宇宙的浪潮下表现活跃。我们在组合整体上保持均衡，根据行业景气度和估值的匹配性进行动态调整：一季度成长类行业大幅下跌后，我们减持了部分估值较高的消费品，相对增持了PEG明显占优的新能源行业和少量周期品；二季度基本维持；三季度在食品饮料、医药头部公司估值大幅收敛之后，我们主要增持了大众消费品和医疗器械龙头；四季度末基于对2022年各细分行业性价比的比较，我们主要增持了风电、化工，减持了我们对今年展望相对悲观且估值已经有所修复的大众消费品。","declarationDate":"2022-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:08.417Z","mo":"往2022年展望，从宏观经济三驾马车出发，我们认为：1）投资：基建一季度到上半年最为确定；制造业投资整体景气度大概率不如过去一年半；地产投资仍低位徘徊。2）消费：目前最担心的一环，收入-消费的负反馈机制也许在强化，以大众消费品为例，2021年行业头部公司更多是盈利能力下滑，其中有很多一次性或阶段性因素，但2022年收入端的压力更值得让人担忧。3）出口：也许会最超预期，随着全球工业体系的逐渐恢复，我国卓越的供应链体系的比较优势或许会有所下降，但2021年海运费高涨以及滞港率高企实际上较大程度伤害了海外需求，海运一旦缓解对我国出口产品的需求拉动很有可能超出预期。2022年开年的市场波动的确有些超出预期，但我们认为今年至少会是一个中性市场，对于下跌之后的市场我们会更加乐观一些，尤其是对于估值大幅收敛的成长类行业和公司。行业角度我们最为看好新能源和医疗器械，其次电子、军工、汽车零部件，对于基建、地产的持续性以及消费的修复相对悲观。","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选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=713776","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd047fea5b3eb04d2665","date":"2021-09-29T16:00:00.000Z","stockId":3000000009800,"sao":"三季度市场指数波澜不惊，但结构分化较大：食品饮料、医药等为代表的成长行业在Q3经历了大幅回撤；而大多数周期品在“能耗双控”背景下，股票价格跟随商品价格一同快速向上。我们在中报时对短期市场感到谨慎，此刻总结反思，对于成长类行业“eps端继续超预期的难度较大，而PE端仍面临相对高估、短期难以继续扩张的问题”的判断似乎在三季度有所验证，但对于周期行业现阶段面临的强供给约束及其展现的价格弹性则预期不足。站在当下展望四季度及明年，我们对市场，尤其是成长行业变得更乐观一些：受到疫情、高基数及部分政策预期影响的消费、医药等行业由于股价的大幅回撤，估值已经变得合理甚至低估；新能源等表现较好的成长行业依然在延续其火爆的产业趋势，而这些趋势甚至变得更加确定。对于大多数周期行业，需求-价格曲线趋于失灵，供给端成为了唯一的博弈因素。如果大范围的限电限产持续，产量将大幅收缩；而一旦政策放松，价格逻辑又会随之松动。因此高位之下，个人对上游仍保持谨慎。基于市场演绎及以上判断，我们在三季度整体上仍保持行业结构的均衡，在三季度末则提高了产品股票仓位，主要增持了医药、食品饮料、家电等消费行业。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:08.415Z","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选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=655254","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd047fea5b3eb04d2664","date":"2021-06-29T16:00:00.000Z","stockId":3000000009800,"sao":"今年上半年市场整体向上，但波动较大。春节之前，市场延续了去年四季度的风格，新能源、医药、食品饮料等长期确定性最高的行业继续高歌猛进。春节之后，随着周期板块跟随商品价格快速向上，成长类核心资产则经历了股价的大幅回撤。进入二季度，市场对于PPI见顶的担忧使得周期品开始大幅波动，医药、食品饮料等消费品率先企稳回升。之后随着部分消费品盈利不达预期，新能源、半导体等短期景气度最高的成长行业又成为了市场焦点，其中代表性公司不仅收复此前失地，并且不断创出新高。短期市场面临着盈利端预期较为充分+估值端相对较贵的两重压力。基于此，我们在报告期内采取了更为均衡的行业分布策略：1）减持了短期涨幅较大的新能源、医药等行业；2）降低了基本面处于周期高点或持续恶化的机械、保险等行业权重；3）提高了家电、化工、电子等行业持仓比例。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:08.412Z","mo":"我们对短期市场（一个季度到半年）略偏谨慎，中期（1-2年）更看好成长行业表现：1）成长行业的短期压力来自两方面，一是今年估值难以继续扩张；二是盈利端经过半年的预期调整之后，持续超预期难度加大（新能源、半导体等高景气行业盈利预测已全面上修）。其核心矛盾在于估值。中期而言，估值终将消化，无论来自盈利的增长还是股价的暂时回调，之后这些成长性行业又将打开新的空间。2）周期品的矛盾更多在于盈利端，大多数品种价格、盈利均处于过去10年的高点，尽管仍有很大可能在高位维持一段时间，但纯粹交易价格波动的行业较难获得边际向上的动力。周期行业中相对看好银行、化工。基于以上判断，我们将采取的投资策略如下：1）短期保持行业分散。2）随着成长行业的估值消化，会继续提高成长类资产占比，优先提高先进制造、消费、TMT三大成长板块中估值消化更快的行业。3）自下而上挖掘一批估值合理的细分领域龙头企业，既作为当前阶段平抑组合波动的品种，也为未来3-5年进行储备。","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选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=631395","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd047fea5b3eb04d2663","stockId":3000000009800,"sao":"今年一季度在春节假期前后，市场风格出现了较大变化，春节之前以新能源、食品饮料等为代表的确定性成长行业延续了去年以来的高歌猛进态势，而在春节之后则出现了较大幅度的回撤。行业和公司的基本面并没有出现太多变化，更多则是来自这部分资产的估值风险释放。头部成长型公司经历过去两年的估值扩张之后，今年的波动在所难免，也让今年的投资组合构建不会像过去两年那样轻松。本组合在去年四季度完成建仓，今年一季度以来的主要组合调整为：1）相对降低了估值较高的成长性制造、医药、TMT权重；2）相对增加了金融、化工等周期品权重；3）适度降低仓位。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:08.409Z","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=574070","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd047fea5b3eb04d2662","stockId":3000000009800,"sao":"本产品8月26日成立，封闭期内采取了相对稳健的建仓策略。至9月底产品仓位30%出头，10月底仓位45%左右，产品封闭期结束时（11.23日）仓位60%，此后随着产品规模变动被动加仓至90%以上并保持稳定运行。行业配置上，我们试图构建一个长期成长行业为主体，周期行业为辅助的组合：1）成长行业我们在新能源新材料、大消费、TMT等板块中进行搭配，各板块之间我们会根据其成长持续性、景气度和相对估值的匹配性分配权重。2）周期行业我们会以化工、机械为主，这两个行业的特点是产能同质化程度较低，龙头和腰部、尾部企业在生产规模、制造成本、经营效率、盈利能力等方面存在巨大的差距，龙头企业在一个局部周期会跟随行业波动，长期而言则可以凭借市场份额的提升以及产品的延展，不断超越行业成长。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:08.406Z","mo":"2021年的宏观环境应该是经济不断改善和政策逐渐退出的组合。目前A股市场面临的主要矛盾则在于市场一致看好的长期方向性资产静态估值的确已经较贵。尽管长期而言，他们可以通过持续的成长消化目前的估值水平，但短期如果面临流动性的冲击，其估值存在一定的收缩空间。基于以上判断，我们倾向目前的组合更趋于均衡：一方面增加低估值周期性行业的配置，另一方面成长行业内部更强调业绩增长的确定性和持续性。未来我们会根据整体估值的系统性变化，以及成长周期之间、成长内部、周期内部的景气度和估值的匹配性，动态调整各行业权重。","fund":{"_id":3000000009800,"__csrcFundId":7943,"stockCode":"009800","name":"长盛制造精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9800,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:18.091Z","status":"normal","exchange":"jj","shortName":"长盛制造精选混合A","inceptionDate":"2020-08-25T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛制造精选混合","setUpDate":"2020-08-25T16:00:00.000Z","setUpAssetScale":2038036480.13,"setUpShares":2038036480.13,"pinyin":"cszzjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛制造精选混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=559317","linkType":"PDF","source":"csrc_pdf"}}]}