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提升，相应对算力及半导体行业的需求持续增长，这一产业趋势并未结束。组合现在以科技、新能源和部分周期行业为主要持仓，并辅以部分新产品驱动为主要增长点的医药及消费类公司。","lastUpdated":"2026-03-09T13:37:24.246Z","fund":{"_id":3000000009861,"__csrcFundId":7906,"stockCode":"009861","name":"鹏华新兴成长混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9861,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:01:49.399Z","status":"normal","shortName":"鹏华新兴成长混合(009861)","exchange":"jj","followedNum":11,"inceptionDate":"2020-07-16T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华新兴成长混合","setUpDate":"2020-07-16T16:00:00.000Z","setUpAssetScale":7682988451.24,"setUpShares":7682988451.24,"pinyin":"phxxczhhxzqtzjj","managers":[{"stockCode":"8801361729","stockType":"fund_manager","exchange":"fm","tickerId":1208110090,"name":"梁浩"}]},"announcement":{"linkText":"鹏华新兴成长混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1372196","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd147fea5b3eb04d3980","date":"2025-06-29T16:00:00.000Z","stockId":3000000009861,"sao":"上半年，我们持续对组合进行优化。考虑到宏观环境的变化，我们减持了部分长期持有的公司，并新开仓和增持了部分经营处于上行周期的公司。二季度，美国的关税政策一度对市场产生较大的冲击，市场下跌明显。我们在市场下跌中，坚决加仓了具备全球竞争力，盈利增速处于上升通道的公司。之后的市场企稳和反弹中，这些投资为组合带来了良好的收益。  5月份之后，地产成交进一步趋缓，汽车龙头企业也纷纷做了一些经营策略调整，这种环境下，基金经理结合企业的长期价值增值和短期的经营景气度，对组合做了一些优化，进一步减持了汽车产业链，减持了部分涨幅较高的新消费公司，并对持仓的电子产业链做了调整，增持了部分AI硬件公司。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:24.243Z","mo":"下半年，宏观经济会有一定的承压。但考虑到2023年以来，经济周期处于下行周期已有较长时间，很多产业适应周期下行而进行的自身调整始终在进行，一些周期性行业应对经济下行而进行的资产负债表调整已经基本到位，所以我们对市场并不悲观。","fund":{"_id":3000000009861,"__csrcFundId":7906,"stockCode":"009861","name":"鹏华新兴成长混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9861,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:01:49.399Z","status":"normal","shortName":"鹏华新兴成长混合(009861)","exchange":"jj","followedNum":11,"inceptionDate":"2020-07-16T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华新兴成长混合","setUpDate":"2020-07-16T16:00:00.000Z","setUpAssetScale":7682988451.24,"setUpShares":7682988451.24,"pinyin":"phxxczhhxzqtzjj","managers":[{"stockCode":"8801361729","stockType":"fund_manager","exchange":"fm","tickerId":1208110090,"name":"梁浩"}]},"announcement":{"linkText":"鹏华新兴成长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=1339824","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd147fea5b3eb04d397f","date":"2025-03-30T16:00:00.000Z","stockId":3000000009861,"sao":"一季度，我们对组合做了一定的调整。在市场上涨过程中，我们减持了部分我们认为今年可能经营会承压的公司。我们最初买入这些公司的初衷是看好这些公司的长期竞争力和短期盈利增长的稳定性。当前，尽管这些公司的长期竞争力仍然十分强劲，但当行业发生一些变化的时候，公司短期的盈利增长可能会受损，而市场有更优投资标的。从这个角度，我们选择对这些公司保持跟踪，但适时做出仓位调整。另外，考虑到国内经济逐步见底和政策调整，组合适度增持了部分港股标的。  组合在一季度从2024年报和去年四季度的经营情况出发，继续在长期竞争力和短期盈利稳定增长的维度内选择优秀公司进行投资。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:24.241Z","fund":{"_id":3000000009861,"__csrcFundId":7906,"stockCode":"009861","name":"鹏华新兴成长混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9861,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:01:49.399Z","status":"normal","shortName":"鹏华新兴成长混合(009861)","exchange":"jj","followedNum":11,"inceptionDate":"2020-07-16T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华新兴成长混合","setUpDate":"2020-07-16T16:00:00.000Z","setUpAssetScale":7682988451.24,"setUpShares":7682988451.24,"pinyin":"phxxczhhxzqtzjj","managers":[{"stockCode":"8801361729","stockType":"fund_manager","exchange":"fm","tickerId":1208110090,"name":"梁浩"}]},"announcement":{"linkText":"鹏华新兴成长混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269446","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd147fea5b3eb04d397e","date":"2024-12-30T16:00:00.000Z","stockId":3000000009861,"sao":"2024年，我们仍然秉承自下而上的投资风格，意图通过精选个股来为持有人获得投资收益。我们从中长期角度，选择了一些经营能力较强，竞争环境稳定，未来业务积极向上，财务结构良好的公司布局。组合的主要持仓集中在汽车零部件，新能源，电力设备，TMT，医药和消费等领域。期间，我们根据企业经营情况不断优化组合，但总体持仓集中在以上领域。  总结2024年，我们仍有很多的优化空间。在行业选择上，我们对TMT领域的时间投入不够；我们对所投汽车零部件企业在3-5年以后的格局和收益相对清晰，但对其2024年所面临的经营环境的变化提前想的不够，同时下注太重，对组合造成拖累；我们对宏观环境所带来的企业下游需求变化和回款变化考虑不够。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:24.238Z","mo":"随着开源大模型的普及，相信2025年将是中国人工智能真正大发展的一年。另外，企业在弱宏观环境和弱增长预期下主动做的经营调整，在2025年也会逐步体现，对投资人的回报会更为明显。我们看好2025年的资本市场，结构性机会较过去几年更多。我们会及时总结2024年的得失，做好组合的适应性和长期布局。","fund":{"_id":3000000009861,"__csrcFundId":7906,"stockCode":"009861","name":"鹏华新兴成长混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9861,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:01:49.399Z","status":"normal","shortName":"鹏华新兴成长混合(009861)","exchange":"jj","followedNum":11,"inceptionDate":"2020-07-16T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","maste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年有所复苏的判断，在价值股中，我们维持了在食品饮料与社服上的配置。在成长行业，我们保留了新能源赛道中储能的配置，减仓电动车、智能汽车零件、光伏与军工，并主要增加了在数字经济方面的持仓，我们也适当布局了AI产业链。在周期行业，我们继续持仓建材，并结合国企改革参与了部分机械股。而在医药行业，持仓未作变化。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:24.220Z","fund":{"_id":3000000009861,"__csrcFundId":7906,"stockCode":"009861","name":"鹏华新兴成长混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9861,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:01:49.399Z","status":"normal","shortName":"鹏华新兴成长混合(009861)","exchange":"jj","followedNum":11,"inceptionDate":"2020-07-16T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华新兴成长混合","setUpDate":"2020-07-16T16:00:00.000Z","setUpAssetScale":7682988451.24,"setUpShares":7682988451.24,"pinyin":"phxxczhhxzqtzjj","managers":[{"stockCode":"8801361729","stockType":"fund_manager","exchange":"fm","tickerId":1208110090,"name":"梁浩"}]},"announcement":{"linkText":"鹏华新兴成长混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=886669","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd147fea5b3eb04d3976","date":"2022-12-30T16:00:00.000Z","stockId":3000000009861,"sao":"2022年全球延续疫情，但各国政策放开时点不同，导致经济的节奏也有错位。同时在俄乌冲突的背景下，全球能源相关资产也超预期波动。全球与国内资本市场巨幅波动，市场风格与市场热点切换频繁，投资是过去几年中最难的一年。    组合维持往年思路，继续自上而上选择景气行业中的个股，与往年略有不同的是，我们22年在上游周期品的配置比例更重一些。一方面我们看到新能源发展带动了上游资源品的不足；另一方面政治因素导致供需市场化程度下降，带来更多的供需错配。在国内经济上，疫情背景下我们也一直认为国内稳增长的力度会较大，这将利好国内的上游行业。但是因为疫情等多方面的影响，国内全年实物工作量的推进不及预期，年底新能源如光伏、风电的装机也不如预期乐观。这导致我们三季度末到四季度初，相关新能源上游的品种持续大跌，带来净值与排名的大幅回撤。    22年年初我们基于对经济的判断，增加了地产及上游的有色化工。在市场大幅回调后反弹时，我们增配了电动车上游与光伏电池片，获得了明显的超额益；并在年中逐步开始研究布局储能行业。在三季度末之后，我们认为疫情管控放开后，经济将逐步进入复苏态势，增配了地产链与相关消费复苏品种。    在22年的投资中，我们除了在部分新能源上游品种上的投资结果不太理想外，在汽车、电子与医药上也有较多值得再反思的地方。    我们认为22年的市场呈现出了很多特征：首先，市场投资节奏在加快与提前，很多行业的股票至少都会提前基本面半年的节奏；其次，估值在投资中的权重占比提升，过去几年投资中，基本面与趋势占据重要位置，但22年个股都有较明显的估值上限，使得趋势投资很难操作；最后，市场的研究与跟踪非常及时紧密，这要求我们调整自己去适应市场。    虽然22年组合表现一般，但我们认为，依靠紧密的基本面跟踪，我们还是能够挖掘更多优质企业来构建组合，来实现组合更好的表现。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:24.217Z","mo":"展望23年，有别于过去两年对市场相对谨慎的看法，我们认为23-24年市场将会迎来更多的投资机会。一方面，全球上看美国加息或将在今年逐步进入尾声；另一方面，国内在疫情管控放松后，经济将逐步恢复常态，复苏成为23年的主线。在目前的市场上，我们能够找到较多的估值较合适的优质资产。因此，我们看好23年的市场表现。在分市场上，我们认为港股市场在经历前两年调整后，也进入了较好的布局期。    在经济复苏的大前提下，我们认为市场风格将较为均衡，周期与消费将更为受益经济的向上修复；成长行业中也有较多的顺周期品种，如电子计算机等。而市场热门的新能源赛道也不断有0-1的子行业出现，如储能行业。同样，医药行业经历调整后，也再次成为我们重点布局的方向。    总体而言，我们认为23年的投资机会较多，但是预计投资难度依旧不减。我们需要更进一步挖掘个股，同时估值仍是重点的考虑因素，即寻找估值合适的景气子行业与优秀个股，是23年的重要工作。","fund":{"_id":3000000009861,"__csrcFundId":7906,"stockCode":"009861","name":"鹏华新兴成长混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9861,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:01:49.399Z","status":"normal","shortName":"鹏华新兴成长混合(009861)","exchange":"jj","followedNum":11,"inceptionDate":"2020-07-16T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华新兴成长混合","setUpDate":"2020-07-16T16:00:00.000Z","setUpAssetScale":7682988451.24,"setUpShares":7682988451.24,"pinyin":"phxxczhhxzqtzjj","managers":[{"stockCode":"8801361729","stockType":"fund_manager","exchange":"fm","tickerId":1208110090,"name":"梁浩"}]},"announcement":{"linkText":"鹏华新兴成长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=869163","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd147fea5b3eb04d3975","date":"2022-09-29T16:00:00.000Z","stockId":3000000009861,"sao":"三季度，国内外经济出现较大的影响因素，美国持续加息，国内经济压力显现。市场自7月初以来持续调整，市场波动非常大，投资难度加大。    我们根据个股中报的业绩及未来的发展判断，调整了持仓。    在成长领域，我们加仓了储能行业，特别是国内外大储行业，我们看好在碳中和背景下，新能源用电的发展对储能的必要性，以及在经济下行期稳增长的必要性。基于对光伏与风电行业下半年装机提升的预期，我们增加部分新能源上游的化工品种。由于欧洲新能源汽车的压力，我们减仓了新能源汽车中游产业链。    在周期行业，由于传统经济在今年下半年仍没有太多改善，我们减仓了传统行业的化工品。    在消费领域，我们大幅减仓了去年布局的养殖行业，因行业已逐步进入加产能的阶段。我们适当增加了包括区域白酒、医美等景气度较高的消费品。    进入四季度，我们会紧密关注经济政策与基本面，可能会在合适时机增加价值股与周期股的仓位。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:24.214Z","fund":{"_id":3000000009861,"__csrcFundId":7906,"stockCode":"009861","name":"鹏华新兴成长混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9861,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:01:49.399Z","status":"normal","shortName":"鹏华新兴成长混合(009861)","exchange":"jj","followedNum":11,"inceptionDate":"2020-07-16T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华新兴成长混合","setUpDate":"2020-07-16T16:00:00.000Z","setUpAssetScale":7682988451.24,"setUpShares":7682988451.24,"pinyin":"phxxczhhxzqtzjj","managers":[{"stockCode":"8801361729","stockType":"fund_manager","exchange":"fm","tickerId":1208110090,"name":"梁浩"}]},"announcement":{"linkText":"鹏华新兴成长混合型证券投资基金 2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=804195","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd147fea5b3eb04d3974","date":"2022-06-29T16:00:00.000Z","stockId":3000000009861,"sao":"今年上半年，由于海外战争以及国内外疫情的扩散，以及对相关宏观政策的预期，市场经历了大幅波动，呈现典型的V型走势。    我们依然坚持今年整体均衡的做法，即在周期、成长、价值股上均会有所配置。    一季度，组合利用2月中旬的市场反弹，逐步减持了部分估值相对合理的成长股，涉及新能源、军工、汽车零部件行业，并相应增加了包括有色、化工、地产行业的配置。因为我们认为海外能源与电力成本的上升，导致高耗电的周期品生产成本巨幅抬升，海外企业亏损而关停产能，从而带来全球供给的收缩；而部分涉及新能源的上游资源品，未来需求的增速将华提升一个台阶，我们认为其高盈利具有一定持续性。    在二季度，因为看到下游不管是光伏或是新能源车的景气度均不断超预期，我们加仓了其对应的上游行业，包括碳酸锂、EVA等新能源上游环节。在中游，我们也加仓了TOPCON电池、断路器、结构件等，获得了较好的收益。但非常可惜的是，我们原先重仓布局的微型逆变器，受益于海外的超高景气，不断创新高，但我们下车过早，错过很多收益。    二季度我们减仓了TMT中的电子、军工，以及周期中的地产和建筑。因为下游整体经济带来的需求压力，以及上游成本压力，电子基本面一般。地产是已经由政策放松进入基本面启稳阶段，需要更多精选个股。    消费行业中，养殖产业链依然是目前我们看好的方向，因为去产能力度较大，行业逐步回暖，我们认为股价仍有空间。另外，我们也看好包括免税、外卖、餐饮的逐步复苏，以及高景气的医美产业链。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:24.211Z","mo":"由于市场受海外政策与能源，国内政策的预期变化影响，波动非常大，给投资带来了非常大的挑战。我们认为进入三季度，国内稳增长已开始出现一定的效果，虽然这种迹象还比较弱，我们认为下半年国内相关的周期品仍会有较好的基本面与投资机会；同时，与复苏相关的一些价值股与消费股也会进入较好的投资阶段。    我们仍将会根据各板块的性价比进行配置。预计会在下半年减仓部分周期品，增加部分成长股以及消费股的持仓。","fund":{"_id":3000000009861,"__csrcFundId":7906,"stockCode":"009861","name":"鹏华新兴成长混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9861,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:01:49.399Z","status":"normal","shortName":"鹏华新兴成长混合(009861)","exchange":"jj","followedNum":11,"inceptionDate":"2020-07-16T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华新兴成长混合","setUpDate":"2020-07-16T16:00:00.000Z","setUpAssetScale":7682988451.24,"setUpShares":7682988451.24,"pinyin":"phxxczhhxzqtzjj","managers":[{"stockCode":"8801361729","stockType":"fund_manager","exchange":"fm","tickerId":1208110090,"name":"梁浩"}]},"announcement":{"linkText":"鹏华新兴成长混合型证券投资基金 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1-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:24.195Z","mo":"2021年，我们对市场持相对谨慎态度，但个股机会仍会普遍存在。2020年市场的收益很多来自宏观环境和货币环境，四季度以后，出口的超预期又在资产价格上有了相对极致的表现。同时，一些优质却不在大众视野内的公司呈现出高增长、低估值、股价持续下跌的情况。我们会在这些领域加大布局。","fund":{"_id":3000000009861,"__csrcFundId":7906,"stockCode":"009861","name":"鹏华新兴成长混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9861,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:01:49.399Z","status":"normal","shortName":"鹏华新兴成长混合(009861)","exchange":"jj","followedNum":11,"inceptionDate":"2020-07-16T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华新兴成长混合","setUpDate":"2020-07-16T16:00:00.000Z","setUpAssetScale":7682988451.24,"setUpShares":7682988451.24,"pinyin":"phxxczhhxzqtzjj","managers":[{"stockCode":"8801361729","stockType":"fund_manager","exchange":"fm","tickerId":1208110090,"name":"梁浩"}]},"announcement":{"linkText":"鹏华新兴成长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=556294","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd147fea5b3eb04d396d","stockId":3000000009861,"sao":"三季度，组合处于建仓期，考虑到年内市场涨幅较大，且优质公司普遍估值较高，我们选择谨慎建仓的策略，在一些中长期看好的标的上适度布局，耐心等待市场回调。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:24.193Z","fund":{"_id":3000000009861,"__csrcFundId":7906,"stockCode":"009861","name":"鹏华新兴成长混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9861,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:01:49.399Z","status":"normal","shortName":"鹏华新兴成长混合(009861)","exchange":"jj","followedNum":11,"inceptionDate":"2020-07-16T16:00:00.000Z","fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华新兴成长混合","setUpDate":"2020-07-16T16:00:00.000Z","setUpAssetScale":7682988451.24,"setUpShares":7682988451.24,"pinyin":"phxxczhhxzqtzjj","managers":[{"stockCode":"8801361729","stockType":"fund_manager","exchange":"fm","tickerId":1208110090,"name":"梁浩"}]},"announcement":{"linkText":"鹏华新兴成长混合型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=493978","linkType":"PDF","source":"csrc_pdf"}}]}