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年，我国经济凸显韧性，基本面保持长期向好，资本市场加速深改，在政策温和托底下，我国经济有望呈现前低后高格局，机遇与挑战并存。从经济转型的大方向来看，大消费、新能源和科技互联网是经济转型中最受益的三大方向。今年消费各环节有望迎来边际改善，如家电家具、消费建材，经历了地产政策的边际改善叠加原材料改善的双改善逻辑。在短期主线难寻，长期机会相对确定的环境下，仍以把握结构性行情为主。","fund":{"_id":3000000009899,"__csrcFundId":8000,"stockCode":"009899","name":"上银内需增长股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9899,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:25.290Z","status":"normal","exchange":"jj","inceptionDate":"2020-08-23T16:00:00.000Z","shortName":"上银内需增长股票(009899)","followedNum":1,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银内需增长股票","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":298954694.88,"setUpShares":298954694.88,"pinyin":"synxzzgpxzqtzjj","managers":[{"stockCode":"db20343133","stockType":"fund_manager","exchange":"fm","tickerId":262625155200,"name":"赵治烨"},{"stockCode":"db20921879","stockType":"fund_manager","exchange":"fm","tickerId":808238990,"name":"黄璜"}]},"announcement":{"linkText":"上银内需增长股票型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=713561","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd207fea5b3eb04d4716","date":"2021-09-29T16:00:00.000Z","stockId":3000000009899,"sao":"报告期内，虽然全球整体新增确诊病例有所下降，但有部分国家和地区的疫情仍存在反弹。国内经济从高点回落，社融同比放缓，且制造业PMI在三季度持续下滑，9月份回落至荣枯线以下。股票市场出现一定幅度的震荡回落走势，9月中下旬前期上涨较好的周期板块等有明显回调。考虑到全球主要经济体的周期错位，下半年的市场可能还将面临较大的波动性，可以把握机会优化投资组合。从长期视野出发，我们相信随着房住不炒、打破刚兑、科技创新等供给侧结构性改革的持续深入推进，权益类资产在居民各类可配置资产中的地位不断突显。而经济社会的发展转型，人口老龄化、生产生活的绿色低碳化、智能化，内循环战略下的进口替代等孕育了大量的投资机会。配置方向上，本基金侧重投资符合扩大内需发展趋势的行业龙头。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:36.066Z","fund":{"_id":3000000009899,"__csrcFundId":8000,"stockCode":"009899","name":"上银内需增长股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9899,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:25.290Z","status":"normal","exchange":"jj","inceptionDate":"2020-08-23T16:00:00.000Z","shortName":"上银内需增长股票(009899)","followedNum":1,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银内需增长股票","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":298954694.88,"setUpShares":298954694.88,"pinyin":"synxzzgpxzqtzjj","managers":[{"stockCode":"db20343133","stockType":"fund_manager","exchange":"fm","tickerId":262625155200,"name":"赵治烨"},{"stockCode":"db20921879","stockType":"fund_manager","exchange":"fm","tickerId":808238990,"name":"黄璜"}]},"announcement":{"linkText":"上银内需增长股票型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=657436","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd207fea5b3eb04d4715","date":"2021-06-29T16:00:00.000Z","stockId":3000000009899,"sao":"报告期内，我们面临的宏观环境颇为复杂。尽管疫苗接种加速，然而新冠疫情仍在部分地区零星出现。“三驾马车”之中，出口强劲，然而消费复苏乏力。物价方面，CPI较为温和，然而PPI大幅上涨。美债收益率在年初快速走高之后又显著回落。另一方面，流动性依然是较为充裕的。股票市场上的分化亦很明显，周期股和成长股涨幅较大，消费股和金融股则表现不佳。本基金在“以合理价格买入优秀公司”的投资理念指导下，从长期主义出发，重点持有格局清晰、护城河宽、现金流好、估值合理的企业，对短期业绩表现给予一定的容忍度。我们相信，时间是优质公司的朋友，优质公司的股价能够穿越市场风格的短期波动。在配置方向上，本基金关注潜力巨大的国内消费品和竞争力不断增强的资本品制造。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:36.064Z","mo":"展望下半年，全球疫苗接种率进一步攀升，经济活动恢复正常化之路进一步延续。国内经济从同比增速口径观察大概率还将回落，货币金融环境有望适度宽松，但绝不会大水漫灌。考虑到全球主要经济体的周期错位，下半年的市场可能还将面临较大的波动性，可以把握机会优化投资组合。从长期视野出发，我们相信随着房住不炒、打破刚兑、科技创新等供给侧结构性改革的持续深入推进，权益类资产在居民各类可配置资产中的地位不断突显。而经济社会的发展转型，人口老龄化、生产生活的绿色低碳化、智能化，内循环战略下的进口替代等孕育了大量的投资机会。","fund":{"_id":3000000009899,"__csrcFundId":8000,"stockCode":"009899","name":"上银内需增长股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9899,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:25.290Z","status":"normal","exchange":"jj","inceptionDate":"2020-08-23T16:00:00.000Z","shortName":"上银内需增长股票(009899)","followedNum":1,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银内需增长股票","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":298954694.88,"setUpShares":298954694.88,"pinyin":"synxzzgpxzqtzjj","managers":[{"stockCode":"db20343133","stockType":"fund_manager","exchange":"fm","tickerId":262625155200,"name":"赵治烨"},{"stockCode":"db20921879","stockType":"fund_manager","exchange":"fm","tickerId":808238990,"name":"黄璜"}]},"announcement":{"linkText":"上银内需增长股票型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=636371","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd207fea5b3eb04d4714","stockId":3000000009899,"sao":"一季度市场波动较大，宏观因素和市场情绪在其中起到一定作用，而这些因素通常属于短期扰动，对于我们所投资的众多公司而言，并不构成中长期基本面逻辑的更改，因此我们基本维持原有的配置思路。受益于我们长期坚持的“以合理价格买入优秀公司”理念，整个组合的估值水平相对合理，在估值收缩的市场环境下展现出较好的防御性，取得了较好的相对收益乃至超额收益。报告期内，我们进一步加强了全球视野下的产业深度研究，坚持长期主义理念，重视企业环境、社会和治理绩效等维度的思考，在消费、金融和科技等领域中遴选符合内循环战略、真正为股东创造价值的企业。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:36.061Z","fund":{"_id":3000000009899,"__csrcFundId":8000,"stockCode":"00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