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law仍然有效，这会激励各方参与者继续加大训练投入，2026年可以期待在新一代算力卡训练下的大模型会有更大的进步；二是国产半导体今年在加速发展，资本市场的热度回升会反馈产业链的进步，成熟制程在下游需求疲软的情况下保持高稼动率，证明国产替代的持续发生，先进制程在快速追赶，构成更大的发展空间；三是传统制造业出海，经过2025年贸易摩擦，大部分头部公司都在加速落地海外布局，未来抗风险能力有望显著提升；四是国内消费，我们持续关注性价比消费；五是金属周期，除了铜、金等主要金属在供给紧张的大周期之外，部分小金属也表现出较好的景气趋势。","lastUpdated":"2026-03-09T13:37:52.273Z","fund":{"_id":3000000009970,"__csrcFundId":8032,"stockCode":"009970","name":"财通内需增长12个月定期开放混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9970,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:05:46.796Z","status":"normal","exchange":"jj","shortName":"财通内需增长12个月定开混合(009970)","inceptionDate":"2020-08-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通内需增长12个月定开混合","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":1236627563.19,"setUpShares":1236627563.19,"pinyin":"ctnxzz12gydqkfhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通内需增长12个月定期开放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=1461686","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd307fea5b3eb04d5936","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000009970,"sao":"2025年三季度市场经历了快速的上涨行情，我们看到了基本面和资金面的共振。一是全球宏观经济的企稳预期在加强，由于美国在2025年4月初发动针对全球的贸易摩擦，市场一度陷入恐慌，但后续贸易摩擦出现转向，各方都在积极努力谈判，叠加美联储降息的预期不断提升，全球宏观预期从低位逐步回升。二是国内经济有初步企稳迹象，比如M1和M2增速剪刀差在收窄，国债利率企稳回升，上半年各项经济指标也表现良性。三是资金面出现回归，由前几年的红利、稳健类资金回流到权益市场中。虽然后续贸易环境、经济复苏可能存在反复，但我们认为向好的大趋势仍然成立。本基金目前重点关注以下几类方向：一是AI产业链，我们看到不论国内还是海外的AI产业都在如火如荼地发展，人工智能替代脑力重复劳动的浪潮已经初现端倪，AI渗透率在加速提升，产业界的投资热情不断提升；二是半导体的国产替代，贸易摩擦加速了国产化的进程，资本市场回暖也帮助国产化在融资端发力；三是制造业出海，海外市场相较于国内市场更大，贸易摩擦环境下能够在海外布局产能和渠道的公司可能会更显竞争力，份额有望进一步集中；四是消费，我们目前主要关注性价比消费；五是金属周期，我们观察到铜、金等金属处于供需紧张的大周期下，同时国内矿业公司也在积极出海获取资源，具备成长性。","lastUpdated":"2026-03-09T13:37:52.271Z","fund":{"_id":3000000009970,"__csrcFundId":8032,"stockCode":"009970","name":"财通内需增长12个月定期开放混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9970,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:05:46.796Z","status":"normal","exchange":"jj","shortName":"财通内需增长12个月定开混合(009970)","inceptionDate":"2020-08-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通内需增长12个月定开混合","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":1236627563.19,"setUpShares":1236627563.19,"pinyin":"ctnxzz12gydqkfhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通内需增长12个月定期开放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=1381418","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd307fea5b3eb04d5935","date":"2025-06-29T16:00:00.000Z","stockId":3000000009970,"sao":"2025年上半年，全球经济经历较大波折：一是美国对全球加征关税，对全球资产造成影响，同时也导致美联储对降息更加谨慎；二是海外区域冲突仍存；三是国内经济保持平稳运营，虽然关税导致出口产业链预期出现较大波动，但是得益于中国政府及时采取措施，因此我们认为出口产业后续仍然有可能通过谈判解决当前的问题。我们认为未来AI产业链仍然是拉动增长的主要线索，即使在全球宏观预期大幅波动的背景下，国内外对AI投资仍较为积极，在下游各个领域的渗透率持续提升，产业处于快速成长期，我们在二季度保持了对AI产业链的投资。此外我们增持了半导体领域的投资，我们认为国产化趋势在贸易摩擦形势下有加速的迹象，国内半导体公司从2018年孕育起步至今，已经经历一个完整的上行和下行周期，当前可能正处于第二上行周期内，且一轮周期也让市场筛选出初步具备竞争力的公司，我们认为这些公司增长前景广阔。另外，我们保持对消费、周期等领域的关注。","declarationDate":"2025-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:52.268Z","mo":"我们认为2025年下半年的宏观环境会较上半年更加有利，一是贸易战最激烈阶段或许已经过去，在中国政府及时采取应对措施的背景下，中美已经开始正式接触和谈判；二是国内政策开始发力，对产能过剩领域进行反内卷式控制，意图恢复中游产业盈利空间；三是海外经济在贸易战形势下保持平稳，且后续有美联储降息的可能性。国内市场今年上涨的方向较多，机器人、创新药、新消费、人工智能等均有可观涨幅，我们认为下半年部分板块仍然有机会延续表现，同时也可能在其它领域出现新的机会。今年对选股的投资策略较为友好，流动性宽松的背景下，具备业绩持续兑现的公司或将会有较好的上涨机会。","fund":{"_id":3000000009970,"__csrcFundId":8032,"stockCode":"009970","name":"财通内需增长12个月定期开放混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9970,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:05:46.796Z","status":"normal","exchange":"jj","shortName":"财通内需增长12个月定开混合(009970)","inceptionDate":"2020-08-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通内需增长12个月定开混合","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":1236627563.19,"setUpShares":1236627563.19,"pinyin":"ctnxzz12gydqkfhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通内需增长12个月定期开放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=1351341","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd307fea5b3eb04d5934","date":"2025-03-30T16:00:00.000Z","stockId":3000000009970,"sao":"2024年下半年，在政策明确转向的背景下，2024年四季度宏观经济初步企稳，并在2025年一季度延续，一二线城市核心区域的房价趋稳，地产销售额降幅收窄明显，此外DeepSeek的横空出世，打开了国内人工智能的应用空间，资本市场对以上积极变化给予正面反馈，内需、科技等板块表现突出。外需市场今年出现变化，在贸易摩擦背景下，市场开始对今年全球宏观环境产生担忧。我们在一季度维持了消费板块的持仓，聚焦平替消费，顺应质价比崛起趋势。我们维持了通信的持仓，虽然海外需求有一定压力，但人工智能在下游各个领域已经开始全面应用，我们认为渗透率有望继续提升。我们增持了周期板块，尤其是猪周期的持仓，我们预计今年猪价可能会在弱势区间运行，有望重新开启去产能，届时具备低成本扩张的公司有望迎来估值修复。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:52.265Z","fund":{"_id":3000000009970,"__csrcFundId":8032,"stockCode":"009970","name":"财通内需增长12个月定期开放混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9970,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:05:46.796Z","status":"normal","exchange":"jj","shortName":"财通内需增长12个月定开混合(009970)","inceptionDate":"2020-08-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通内需增长12个月定开混合","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":1236627563.19,"setUpShares":1236627563.19,"pinyin":"ctnxzz12gydqkfhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通内需增长12个月定期开放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=1277184","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd307fea5b3eb04d5933","date":"2024-12-30T16:00:00.000Z","stockId":3000000009970,"sao":"市场在2024年经历了较大波动，主要是前三季度经济放缓，而从9月开始政策层面转向，并且做出相应的动作：一是降息降准，进一步放松货币政策，二是设立政策工具，支持上市公司和主要股东增持、回购股票，三是房地产方面，降低首付比例，四是大力度支持地方政府解决债务问题，五是中央财政加大杠杆力度，在化债、消费刺激、民生保障等方面加大投入，将“大力提振消费”放在重要位置。在政策明确转向的背景下，2024年四季度宏观经济初步出现企稳迹象，一、二线城市核心区域的房价企稳，地产销售额降幅收窄明显，在消费政策刺激的领域，比如汽车和家电、家居，销售增速有所回升。证券市场也给出积极反馈，2024年9月以来涨幅明显。展望2025年，我们认为友好的政策环境会持续，宏观信心有希望逐步回稳，挑战可能主要来自于外部地缘和贸易环境。我们在四季度增加了AI硬件、国产半导体和消费板块的持仓。关于消费板块，我们认为，近几年平价消费、质价比消费崛起，消费观念已经出现转变，同时上游供应链也利用这几年的时间加速转型，部分反应迅速的公司已经初步获得先机，未来几年有望通过更高效的供应链、更具竞争力的成本和价格优势持续获取市场份额，成长前景可期。对于通信和半导体板块的持仓，我们认为人工智能已经在下游各个领域初步应用，效果令人满意，渗透率有望快速提升，硬件的投资浪潮也有望延续。我们下半年减少了化工板块的配置，基于油价的弱平衡、以及未来供需关系走弱的可能，化工板块的盈利空间可能会受到压制。对于出海相关公司的持仓，我们认为在全球范围对比，国内公司具备较好的竞争力，具有海外产能和渠道精耕的公司，在未来有较好的机会获得增长。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:52.263Z","mo":"2025年市场的波动性我们认为或将有所降低，主要是一些不确定性的减弱，一是国内政策的态度明确，趋向内需和保持经济增长，二是地缘冲突的影响在2024年已经较为充分预期，产业和市场已经有充足时间应对。我们认为投资机会可能比过去几年要多，一是来自于平价消费和服务消费继续提升渗透率，二是AI在完成0-1的阶段后，进入1-10的应用化阶段，三是半导体国产持续深化，叠加一、二级市场融资环境改善的持续助力。","fund":{"_id":3000000009970,"__csrcFundId":8032,"stockCode":"009970","name":"财通内需增长12个月定期开放混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9970,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:05:46.796Z","status":"normal","exchange":"jj","shortName":"财通内需增长12个月定开混合(009970)","inceptionDate":"2020-08-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通内需增长12个月定开混合","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":1236627563.19,"setUpShares":1236627563.19,"pinyin":"ctnxzz12gydqkfhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通内需增长12个月定期开放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=1258343","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd307fea5b3eb04d5932","date":"2024-09-29T16:00:00.000Z","stockId":3000000009970,"sao":"回顾2024年三季度，市场波动较为明显。当前主要宽基指数的估值修复至历史中位数附近。9月的政治局会议对于财政与货币政策表态都更加有力，房地产政策目标进一步明确，资本市场支持力度进一步加强，随着后续政策实施的不断落地，预计或将进一步提振投资者信心。在后续的投资操作中，资金配置在定增股票的比例会更灵活，关注市场的点位和折扣去精选项目。二级市场方面，在行业配置上，我们始终以产业周期作为整体投资的主线逻辑，出海和科技方向是我们基于产业发展趋势做出的中长期战略选择，重点挖掘半导体、通信、新能源车、国防军工、先进制造业等新质生产力方向。我们认为在经济增速降档、长期利率下行的大背景下，投资者对于资产预期收益率普遍降低，红利资产或将仍具备长期关注价值。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:52.260Z","fund":{"_id":3000000009970,"__csrcFundId":8032,"stockCode":"009970","name":"财通内需增长12个月定期开放混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9970,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:05:46.796Z","status":"normal","exchange":"jj","shortName":"财通内需增长12个月定开混合(009970)","inceptionDate":"2020-08-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通内需增长12个月定开混合","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":1236627563.19,"setUpShares":1236627563.19,"pinyin":"ctnxzz12gydqkfhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通内需增长12个月定期开放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=1171603","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd307fea5b3eb04d5931","date":"2024-06-29T16:00:00.000Z","stockId":3000000009970,"sao":"回顾2024年上半年，市场分化明显且持续调整，大盘红利资产相对小盘资产显著占优，价值相对成长占优。行业方面，银行、煤炭、公用事业、交通运输等高股息行业涨幅居前，剩余多数行业均为负收益。定增市场方面，报告期内定增项目发行家数及融资额同比大幅下降，但定增市场折扣率保持在较平稳的水平，再融资政策优化以后，定增项目发行节奏有望逐步恢复。本基金前期投资的定增项目逐步开始解禁，我们择机减持了部分到期解禁的相关标的。报告期内，我们通过对行业及公司基本面的深入分析和合理的价值评估，依据行业景气度重点配置了公用事业、建筑、通信、计算机以及交通运输等行业的重点公司。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:52.258Z","mo":"2024年A股市场小盘股出现大幅波动，从历史经验上来看，我们认为大小盘风格存在较强的均值回归特征，包括超额收益和相对估值两方面，小盘股在这两方面均处于较低分位数水平，下半年走势有一定概率修复。当前投资者对于资产预期收益率有所降低，拥有高股息和稳健分红的成熟上市公司吸引力则逐渐提升。这一趋势或将随着利率的下降和上市公司对稳定分红政策的重视而不断发展。下阶段产品投资将会加大对高股息红利板块的配置比例。今年以来红利资产逆市上涨，吸引较多博弈资金入场，使得板块的交易拥挤度上升而股息率随之下降，但经过近期的回调后，短期资金开始退潮，板块整体的交易拥挤度得到缓解，高股息策略的核心逻辑是套利，即股息率和社会融资成本之差。在整个市场面临风险偏好、无风险利率和盈利增长三者都下行的环境下，还会有套利或价值资金之外的投资者积极参与到高股息策略中。定增市场方面，我们认为2024下半年度融资规模或将维持低位，但定增折扣有望保持在平稳水平，定增投资仍具有一定的吸引力。","fund":{"_id":3000000009970,"__csrcFundId":8032,"stockCode":"009970","name":"财通内需增长12个月定期开放混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9970,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:05:46.796Z","status":"normal","exchange":"jj","shortName":"财通内需增长12个月定开混合(009970)","inceptionDate":"2020-08-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通内需增长12个月定开混合","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":1236627563.19,"setUpShares":1236627563.19,"pinyin":"ctnxzz12gydqkfhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通内需增长12个月定期开放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=1153240","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd307fea5b3eb04d5930","date":"2024-03-30T16:00:00.000Z","stockId":3000000009970,"sao":"2024年一季度，权益市场经历一定波动，市场分化较为明显，大市值股票的表现明显优于中小市值。我们认为二季度大小盘风格会回到相对均衡，成长风格或存在布局机会，我们看好中国经济的韧性，预计政策将聚焦提振内需。定增市场方面，报告期内定增市场折扣率保持在较高的水平，定增股票整体收益情况已经有所修复，相较二级市场直接投资，我们认为定增仍具备一定优势。报告期内，我们通过对行业及公司基本面的深入分析和合理的价值评估，依据行业景气度重点配置了交通运输、轻工制造、计算机以及军工行业的重点公司。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:52.255Z","fund":{"_id":3000000009970,"__csrcFundId":8032,"stockCode":"009970","name":"财通内需增长12个月定期开放混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9970,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:05:46.796Z","status":"normal","exchange":"jj","shortName":"财通内需增长12个月定开混合(009970)","inceptionDate":"2020-08-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通内需增长12个月定开混合","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":1236627563.19,"setUpShares":1236627563.19,"pinyin":"ctnxzz12gydqkfhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通内需增长12个月定期开放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=1076256","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd307fea5b3eb04d592f","date":"2023-12-30T16:00:00.000Z","stockId":3000000009970,"sao":"回顾2023年，A股震荡下行，估值处于历史低位。在国内经济弱复苏、美联储加息的背景下，市场全年波动较大，且行业轮动频繁。2023年全年虽然流动性相对宽松，但市场风险偏好较低，新流入市场的资金大幅减少。回顾我们整体运作思路以哑铃型配置为主，板块方面，上半年主要配置了人工智能相关的TMT方向，下半年则以电子、轻工制造、电力设备为主。定增市场方面，2023年定增市场发行家数及融资额相比2020年再融资新政以来均有所降低，部分标的的竞价解禁收益也受到一定影响。报告期内，本基金基本完成既定的定增股票建仓目标。后续，定增投资对收益的贡献将逐步体现。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:52.253Z","mo":"展望2024年，我们认为美国加息周期结束后全球将迎来流动性拐点，当前A股性价比处于历史较高位置。我们认为2024年小盘相对占优的概率较大，若2024年市场仍以结构性行情为主，建议关注电子、轻工制造板块，同时留意地产链板块存在的机会。定增市场方面，预计2024年度融资规模下行，但再融资新规也将促进上市公司理性发行定价、合理使用定增资金，进一步聚焦主业。我们预期2024年定增折扣有望维持高位。对于2024年，我们配置结构偏向哑铃型。","fund":{"_id":3000000009970,"__csrcFundId":8032,"stockCode":"009970","name":"财通内需增长12个月定期开放混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9970,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:05:46.796Z","status":"normal","exchange":"jj","shortName":"财通内需增长12个月定开混合(009970)","inceptionDate":"2020-08-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通内需增长12个月定开混合","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":1236627563.19,"setUpShares":1236627563.19,"pinyin":"ctnxzz12gydqkfhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通内需增长12个月定期开放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=1060561","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd307fea5b3eb04d592e","date":"2023-09-29T16:00:00.000Z","stockId":3000000009970,"sao":"2023年三季度，市场陷入震荡休整。从整体估值看，当前多数指数估值水平都回到了历史较低位置。报告期内产品完成了定期开放，基于流动性考虑，2023年三季度产品持仓相应也出现了一定变化。定增市场方面，报告期内定增市场平稳运行，虽然完成发行的项目数量和融资规模相对去年有所减少，但定增市场依然充满机遇。展望四季度，我们继续持谨慎乐观态度，将对国内经济复苏强度的变化以及海外经济表现情况保持持续跟踪。当前，我们重点关注政策支持+具有长期逻辑的方向。目前我们配置思路：1）行业处于改善期的消费细分领域；2）长周期景气的中游先进制造赛道，如机器人设备、国防军工等；3）电动车产业链以及由此带动下的汽车智能化产业链；4）数字经济领域，包括网络通信、工业互联网、高端软件、集成电路、智能计算等。后续，在组合构建方面，本基金将加大定增投资的比例，同时积极通过宽基指数增强策略，利用量化方式适当优化投资组合的持仓结构，以期在跟踪指数Beta收益的基础上，力争获得超越指数的Alpha收益。我们将继续从产业周期及行业景气度的角度出发，结合宏观经济等因素，挖掘具有成长空间或景气度发生积极转折的领域，适度均衡配置，做好回撤管理，力争为投资者提供更有获得感的持有体验。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:52.250Z","fund":{"_id":3000000009970,"__csrcFundId":8032,"stockCode":"009970","name":"财通内需增长12个月定期开放混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9970,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:05:46.796Z","status":"normal","exchange":"jj","shortName":"财通内需增长12个月定开混合(009970)","inceptionDate":"2020-08-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通内需增长12个月定开混合","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":1236627563.19,"setUpShares":1236627563.19,"pinyin":"ctnxzz12gydqkfhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通内需增长12个月定期开放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=992004","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd307fea5b3eb04d592d","date":"2023-06-29T16:00:00.000Z","stockId":3000000009970,"sao":"2023年上半年市场整体波动较大，指数多数呈现上涨回落，甚至下跌的情形。在存量市场背景下，市场呈现一定的跷跷板效应，从年初交易复苏链到后来的TMT，板块间切换较为明显。回顾看， 2023年上半年经济整体呈现了弱复苏状态，而以ChatGPT为代表的人工智能等技术变革引起市场及产业广泛关注。 上半年，我们减持了部分偏经济复苏及周期方向的标的，相应增加了人工智能相关的TMT方向持仓，其中以人工智能应用端方向为主。后续，我们继续从产业周期及行业景气度的角度出发，结合宏观经济等因素，寻找相关投资标的。对于定增来说，考虑到锁定期内的流动性制约，我们将综合行业景气周期、折扣水平等因素，采取相对均衡的策略，控制个股和行业的集中度，并兼顾不同的市场风格特点，力争获得长期回报。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:52.247Z","mo":"展望三季度，我们继续持谨慎乐观态度。进入下半年，市场对于经济复苏有所期待，三季度我们将重点跟踪国内经济复苏强度以及相关政策力度情况，一旦经济复苏强劲或相关政策超预期，市场风格或发生变化，顺周期及消费类等方向有望受益。目前，我们仍然维持弱复苏的判断，继续看好人工智能等相关方向，我们预计本轮人工智能等技术变革或带来相关产业的较为显著变化，该等影响或具有持续性，这或为未来几年重要发展趋势。定增部分，进入三季度，定增标的陆续解禁，同时产品将面临再次开放，我们将综合考虑标的及市场情况，择机处置。","fund":{"_id":3000000009970,"__csrcFundId":8032,"stockCode":"009970","name":"财通内需增长12个月定期开放混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9970,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:05:46.796Z","status":"normal","exchange":"jj","shortName":"财通内需增长12个月定开混合(009970)","inceptionDate":"2020-08-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通内需增长12个月定开混合","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":1236627563.19,"setUpShares":1236627563.19,"pinyin":"ctnxzz12gydqkfhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通内需增长12个月定期开放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=960260","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd307fea5b3eb04d592c","date":"2023-03-30T16:00:00.000Z","stockId":3000000009970,"sao":"我们在2022年度报告中指出，2023年我们将重点关注和跟踪经济复苏的节奏和强度。回顾看，2023年一季度经济整体呈现了弱复苏状态，部分预期经济复苏逻辑的板块，如周期等在短暂上涨后出现一定回调，而以TMT为代表的成长类方向则相对占优。TMT等板块在过去较长时间内持续受到市场压制，整体位置相对较低，叠加相关政策支持（如数字经济等）以及人工智能等巨大技术变革带来的市场认知的变化，导致其在一季度表现亮眼，相应指数出现了较明显上涨。一季度我们减持了部分偏经济复苏方向的标的，适当增加了部分成长类方向持仓。展望二季度，我们继续持谨慎乐观态度。二季度我们仍将重点跟踪国内经济复苏强度的变化以及海外经济或银行业表现情况。如果国内经济保持弱复苏的状态，大概率成长类风格仍然占优。而一旦经济复苏强劲，市场风格或发生变化，周期及消费类等方向有望受益。同时，我们也会密切关注海外加息演绎情况，一旦超预期，相应贵金属板块或存在一定机会。后续，我们继续从产业周期及行业景气度的角度出发，结合宏观经济等因素，寻找相关投资标的。对于定增来说，考虑到锁定期内的流动性制约，我们将综合行业景气周期、折扣水平等因素，采取相对均衡的策略，控制个股和行业的集中度，并兼顾不同的市场风格特点，力争获得持续回报。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:52.245Z","fund":{"_id":3000000009970,"__csrcFundId":8032,"stockCode":"009970","name":"财通内需增长12个月定期开放混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9970,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:05:46.796Z","status":"normal","exchange":"jj","shortName":"财通内需增长12个月定开混合(009970)","inceptionDate":"2020-08-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通内需增长12个月定开混合","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":1236627563.19,"setUpShares":1236627563.19,"pinyin":"ctnxzz12gydqkfhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通内需增长12个月定期开放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=889345","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd307fea5b3eb04d592b","date":"2022-12-30T16:00:00.000Z","stockId":3000000009970,"sao":"受地缘冲突、美联储加息以及疫情扰动等影响，2022年A股市场整体波动较大，年初即呈现了较明显的单边下跌趋势，直至4月底。之后以新能源等为代表的成长方向出现了较明显的反弹，在经历了2个月左右指数反弹之后市场再度下跌，全年整体呈现震荡下跌趋势。总体来说，2022年指数整体表现欠佳，我们的投资回报情况亦值得深刻反思，在此向持有人表示真诚的歉意。回顾2022年，我们整体运作思路以偏稳健为主，上半年主要配置了农林牧渔等方向，下半年则以电力、黄金等板块为主。该等配置考虑了板块的产业景气周期，亦与2022年偏稳健的思路匹配，但我们在一定程度上也错失了期间以新能源（上半年）、计算机（下半年）等成长股为代表的大幅反弹，使得产品整体表现欠佳，尤其是四季度。定增部分则继续采取相对均衡策略，挑选符合我们投资逻辑的标的。后续，我们继续从产业周期及行业景气度的角度出发，结合宏观经济等因素，寻找相关投资标的。对于定增来说，考虑到锁定期内的流动性制约，我们将综合行业景气周期、折扣水平等因素，采取相对均衡的策略，控制个股和行业的集中度，并兼顾不同的市场风格特点，力争获得持续回报。","declarationDate":"2023-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:52.242Z","mo":"展望2023年，宏观经济有望实现复苏，同时影响2022年市场波动的部分核心因素亦发生了积极变化，如地缘冲突边际影响逐步缓解，美联储加息或已处于周期末端以及疫情后经济复苏预期持续强化。综上考虑，我们预计压力较大的时期或已过去，对于2023年证券市场我们整体持谨慎乐观态度。2023年我们将重点关注和跟踪经济复苏的节奏和强度，这或将成为影响市场走势和行业配置重要因素，后续我们或将重点关注以下方向：（1）有望受益于成本端改善，且业务端具备一定成长性的板块，如电力；（2）有望受益于美联储加息政策变化，或同时具备供需缺口变化的板块，如有色等；（3）受益于政策支持的高端制造及安全领域，如进口替代、自主可控、大安全等方向；（4）受益于防疫政策调整的复苏链条，如消费、医药及部分周期板块等板块。","fund":{"_id":3000000009970,"__csrcFundId":8032,"stockCode":"009970","name":"财通内需增长12个月定期开放混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9970,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:05:46.796Z","status":"normal","exchange":"jj","shortName":"财通内需增长12个月定开混合(009970)","inceptionDate":"2020-08-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通内需增长12个月定开混合","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":1236627563.19,"setUpShares":1236627563.19,"pinyin":"ctnxzz12gydqkfhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通内需增长12个月定期开放混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclo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源行业的优质公司，实现了净值的平稳增长。","declarationDate":"2022-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:52.232Z","mo":"展望2022年，美联储回收流动性对全球市场均有一定冲击，国内“稳增长”背景下货币政策和财政政策维持相对宽松的状态，但继续宽松的空间受制于美联储收紧的幅度。预计国内经济增长有望触底反弹。我们认为市场依然存在盈利驱动的结构性投资机会，但需要关注估值与业绩持续增长的匹配程度。市场如有海外因素冲击导致的调整将是较好的买入机会。行业方面，继续看好新能源行业的中长期发展前景，短期估值消化、基本面兑现后仍具备一定空间，看好处在行业底部、有望复苏的农业和消费品行业以及受益于“稳增长”的基建行业。","fund":{"_id":3000000009970,"__csrcFundId":8032,"stockCode":"009970","name":"财通内需增长12个月定期开放混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9970,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:05:46.796Z","status":"normal","exchange":"jj","shortName":"财通内需增长12个月定开混合(009970)","inceptionDate":"2020-08-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通内需增长12个月定开混合","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":1236627563.19,"setUpShares":1236627563.19,"pinyin":"ctnxzz12gydqkfhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通内需增长12个月定期开放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=708257","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd307fea5b3eb04d5926","date":"2021-09-29T16:00:00.000Z","stockId":3000000009970,"sao":"回顾2021年第三季度，市场整体进入震荡阶段，央行降准之后成长股表现较好，以新能源汽车为代表的电气设备行业超额收益较为显著，季度末全球大宗品价格快速上涨引发\"滞涨\"担忧，市场出现一波明显调整。报告期内，我们通过对行业及公司基本面的深入分析和合理的价值评估，继续持有景气度和业绩估值匹配的优质上市公司。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:52.230Z","fund":{"_id":3000000009970,"__csrcFundId":8032,"stockCode":"009970","name":"财通内需增长12个月定期开放混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9970,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:05:46.796Z","status":"normal","exchange":"jj","shortName":"财通内需增长12个月定开混合(009970)","inceptionDate":"2020-08-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通内需增长12个月定开混合","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":1236627563.19,"setUpShares":1236627563.19,"pinyin":"ctnxzz12gydqkfhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通内需增长12个月定期开放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=650728","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd307fea5b3eb04d5925","date":"2021-06-29T16:00:00.000Z","stockId":3000000009970,"sao":"回顾2021年上半年，春节前市场以贵州茅台为代表的\"核心资产\"领涨，春节后在大宗品价格上涨以及美债收益率上行背景下，高估值核心资产普遍下跌20%以上，周期板块在复苏预期和\"碳中和\"政策预期加持下超额收益显著。二季度，A股市场在调整后出现了一波反弹行情，受益于流动性的阶段性宽松，以电力设备新能源、电子、医药为代表的成长股表现较好。整体来说，市场风格在春节前后形成了一个风水岭，节前超额收益显著的\"核心资产\"在这轮反弹中表现乏力，中小市值公司在二季度表现较活跃。报告期内，我们通过对行业及公司基本面的分析和合理的价值评估，重点配置了电力设备、传媒、有色金属以及金融行业的公司。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:52.227Z","mo":"展望下半年，我们认为随着国内经济增速逐步回落，流动性进入中性偏宽松的阶段，资本市场依然具备结构性的投资机会。优质赛道公司整体估值不低，基本面具备持续超预期且明年景气度可见度较高的细分行业依然有可能取得较好收益。","fund":{"_id":3000000009970,"__csrcFundId":8032,"stockCode":"009970","name":"财通内需增长12个月定期开放混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9970,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:05:46.796Z","status":"normal","exchange":"jj","shortName":"财通内需增长12个月定开混合(009970)","inceptionDate":"2020-08-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通内需增长12个月定开混合","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":1236627563.19,"setUpShares":1236627563.19,"pinyin":"ctnxzz12gydqkfhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通内需增长12个月定期开放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=630238","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd307fea5b3eb04d5924","stockId":3000000009970,"sao":"回顾2021年第一季度，以春节前后作为市场分水岭，春节前市场以贵州茅台为代表的\"核心资产\"领涨，春节后在大宗品价格上涨以及美债收益率上行背景下，高估值核心资产普遍下跌20%以上，周期板块在复苏预期和\"碳中和\"政策预期加持下超额收益显著。整体来看，一季度的市场波动较大，受海外扰动较多。报告期内，我们通过对行业及公司基本面的深入分析和合理的价值评估，均衡配置了各类行业。。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:52.225Z","fund":{"_id":3000000009970,"__csrcFundId":8032,"stockCode":"009970","name":"财通内需增长12个月定期开放混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9970,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:05:46.796Z","status":"normal","exchange":"jj","shortName":"财通内需增长12个月定开混合(009970)","inceptionDate":"2020-08-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通内需增长12个月定开混合","setUpDate":"2020-08-06T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