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   我们认为基金投资要获取较好的投资收益，需具备“好基金+好买点”两个条件。1、所谓“好基金”，指的是具有明确、具体、可行的投资策略，并通过重要的交易执行和一定时间长度的投资业绩验证了其相关投资策略的基金。我们努力将本基金打造成这样的基金。2、所谓“好买点”指的是基金投资的时点选择也非常重要。在市场估值较低时买入基金，获得好的投资收益的概率更高。当前成长创新指数内部仍存在很多估值较低的结构性投资机会，我们认为当前是布局此类资产的良好时机。","lastUpdated":"2026-04-01T12:48:02.922Z","mo":"（一）宏观经济展望基于（1）中国拥有 14 亿多人口和 4 亿多中等收入群体，同时积极构建全国统一大市场，内需潜力巨大；（2）中国目前人均 GDP 不足美国人均 GDP 的六分之一，拥有巨大的增长空间；（3）中国正在从“人口红利”向“人才红利”转变，高素质的劳动者和企业家为中国经济发展注入了新动力，推动产业升级和竞争力提升，我们对中国经济长期增长前景充满信心。（二）证券市场展望市场代表性指数沪深300当前(2026年3月6日) PB(LF)为1.50，略高于过去十年平均水平(1.45)，位居最近十年63.73%分位数，当前股票市场整体估值基本处于合理水平。当前成长创新指数内部仍存在很多估值较低的结构性投资机会，我们认为当前是布局此类资产的良好时机。（三）行业走势展望基金重点关注成长创新领域的投资机会，我们认为，一方面，AI与新能源等新兴行业的发展前景广阔，长期成长性好；另一方面，更重要的是，这些成长创新领域的行业里诞生了或孕育着不少长期走牛的好公司，这是可持续竞争优势和好的企业文化的综合作用的结果，买股票就是买公司。","fund":{"_id":3000000010120,"__csrcFundId":8572,"stockCode":"010120","shortName":"九泰久福量化(010120)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10120,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:45.934Z","status":"normal","name":"九泰久福量化股票型证券投资基金","exchange":"jj","inceptionDate":"2021-01-19T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050980000,"currency":"CNY","masterFundShortName":"九泰久福量化","setUpDate":"2021-01-19T16:00:00.000Z","setUpAssetScale":244218835.57,"setUpShares":244218835.57,"pinyin":"jtjflhgpxzqtzjj","managers":[{"stockCode":"db20758721","stockType":"fund_manager","exchange":"fm","tickerId":250423207570,"name":"袁多武"}]},"announcement":{"linkText":"九泰久福量化股票型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1461243","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd567fea5b3eb04d7fca","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000010120,"sao":"（一）基金投资策略本基金在2025年3季度继续坚持以下投资策略：（1）聚焦指数增强策略：本基金将目标指数设定为300成长创新指（931589.CSI）和500成长创新指数（931590.CSI），以捕捉代表中国高端制造能力的优质公司的投资机会。目标是通过持有在估值性价比方面相较指数更优的组合，创造长期相对目标指数的稳健超额收益。（2）基金聚焦投资指数成分股。（3）行业中性策略：基金在行业配置权重方面保持与指数基本一致，将行业偏离度控制在较低水平。基金主要通过在行业内优选个股创造超额收益。（4）“量化+价值投资”：结合价值投资策略，在量化选股模型的因子选择方面，重点选取能够反映公司可持续竞争优势的基本面因子。对公司内在价值通过现金流折现模型进行评估，选取具有估值性价比优势的公司进行投资。（5）公司投研团队秉持统一的投资理念，在研究上重点聚焦对公司可持续竞争优势、增长前景和估值的分析。基金经理与研究员均深度参与研究。公司内部建立了完善的研究讨论与分享机制。（二）重要的买入与卖出基于以上投资策略，我们在报告期末对基金组合进行了调整。基金在指数成分股范围内，按照行业中性的原则，在细分行业内选取具有估值性价比优势的公司构建了相对分散的投资组合。（三）“好基金+好买点”的基金投资理念我们认为基金投资要获取较好的投资收益，需具备“好基金+好买点”两个条件。（1）所谓“好基金”，指的是具有明确、具体、可行的投资策略，并通过重要的交易执行和一定时间长度的投资业绩验证了其相关投资策略的基金。我们努力将本基金打造成这样的基金。（2）所谓“好买点”指的是基金投资的时点选择也非常重要。在市场估值较低时买入基金，获得好的投资收益的概率更高。以300成长创新（931589.CSI）为例，该指数当前（2025年10月2 0日）PB(LF)为2.02，历史分位为67.46%。基于指数当前的估值，我们认为当前可以继续布局此类资产。","lastUpdated":"2026-03-09T13:38:30.975Z","fund":{"_id":3000000010120,"__csrcFundId":8572,"stockCode":"010120","shortName":"九泰久福量化(010120)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10120,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:45.934Z","status":"normal","name":"九泰久福量化股票型证券投资基金","exchange":"jj","inceptionDate":"2021-01-19T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050980000,"currency":"CNY","masterFundShortName":"九泰久福量化","setUpDate":"2021-01-19T16:00:00.000Z","setUpAssetScale":244218835.57,"setUpShares":244218835.57,"pinyin":"jtjflhgpxzqtzjj","managers":[{"stockCode":"db20758721","stockType":"fund_manager","exchange":"fm","tickerId":250423207570,"name":"袁多武"}]},"announcement":{"linkText":"九泰久福量化股票型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1380579","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd567fea5b3eb04d7fc9","date":"2025-06-29T16:00:00.000Z","stockId":3000000010120,"sao":"（一）基金投资策略本基金在2025年上半年继续坚持以下投资策略：（1）聚焦指数增强策略：本基金将目标指数设定为300成长创新指（931589.CSI）和500成长创新指数（931590.CSI），以捕捉代表中国高端制造能力的优质公司的投资机会。目标是通过持有在估值性价比方面相较指数更优的组合，创造长期相对目标指数的稳健超额收益。（2）基金聚焦投资指数成分股。（3）行业中性策略：基金在行业配置权重方面保持与指数基本一致，将行业偏离度控制在较低水平。基金主要通过在行业内优选个股创造超额收益。（4）“量化+价值投资”：结合价值投资策略，在量化选股模型的因子选择方面，重点选取能够反映公司可持续竞争优势的基本面因子。对公司内在价值通过现金流折现模型进行评估，选取具有估值性价比优势的公司进行投资。（5）公司投研团队秉持统一的投资理念，在研究上重点聚焦对公司可持续竞争优势、增长前景和估值的分析。基金经理与研究员均深度参与研究。公司内部建立了完善的研究讨论与分享机制。（二）重要的买入与卖出基于以上投资策略，我们在报告期内对基金组合进行了调整。基金在指数成分股范围内，按照行业中性的原则，在细分行业内选取具有估值性价比优势的公司构建了相对分散的投资组合。（三）“好基金+好买点”的基金投资理念我们认为基金投资要获取较好的投资收益，需具备“好基金+好买点”两个条件。（1）所谓“好基金”，指的是具有明确、具体、可行的投资策略，并通过重要的交易执行和一定时间长度的投资业绩验证了其相关投资策略的基金。我们努力将本基金打造成这样的基金。（2）所谓“好买点”指的是基金投资的时点选择也非常重要。在市场估值较低时买入基金，获得好的投资收益的概率更高。以300成长创新（931589.CSI）为例，该指数当前（2025年7月30日）的PE（TTM）为14.29，历史分位为64.26%。PB(LF)为1.84，历史分位为53.22%。基于指数当前的估值，我们认为当前可以继续布局此类资产。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:30.972Z","mo":"中国已成为全球制造业第一大国，这是我们长期看好中国经济长期发展的底气所在。2023年，中国制造业增加值占全球比重的28.8%，超过美国、日本、德国三国的总和。在全球500种主要工业产品中，中国有220多种产品产量位居全球第一，形成了完整的产业链集群。而当前中国A股市场整体估值仍处于低位，以300成长创新（931589.CSI）为例，该指数当前（2025年7月30日）的PE（TTM）为14.29，历史分位为64.26%。PB(LF)为1.84，历史分位为53.22%。当前较低的整体估值为权益市场长期上涨提供了明显的空间，我们看好权益市场的长期表现。2025年下半年我们将有很大概率迎接多项经济政策的落地施行。这将对全A上市公司EPS的改善提供一定支撑。而具有可持续竞争优势的行业龙头亦有望在复杂多变的外部环境下，呈现更强的基本面韧性。在这样的背景下，个股走势与基本面线索的相关性有望加强。而将公司部分特质简单“贴标签”的定价逻辑可能会被市场弱化。","fund":{"_id":3000000010120,"__csrcFundId":8572,"stockCode":"010120","shortName":"九泰久福量化(010120)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10120,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:45.934Z","status":"normal","name":"九泰久福量化股票型证券投资基金","exchange":"jj","inceptionDate":"2021-01-19T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050980000,"currency":"CNY","masterFundShortName":"九泰久福量化","setUpDate":"2021-01-19T16:00:00.000Z","setUpAssetScale":244218835.57,"setUpShares":244218835.57,"pinyin":"jtjflhgpxzqtzjj","managers":[{"stockCode":"db20758721","stockType":"fund_manager","exchange":"fm","tickerId":250423207570,"name":"袁多武"}]},"announcement":{"linkText":"九泰久福量化股票型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1344990","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd567fea5b3eb04d7fc8","date":"2025-03-30T16:00:00.000Z","stockId":3000000010120,"sao":"（一）基金投资策略本基金在2025年1季度继续坚持以下投资策略：（1）聚焦指数增强策略：本基金将目标指数设定为300成长创新指（931589.CSI）和500成长创新指数（931590.CSI），以捕捉代表中国高端制造能力的优质公司的投资机会。目标是通过持有在估值性价比方面相较指数更优的组合，创造长期相对目标指数的稳健超额收益。（2）基金聚焦投资指数成分股。（3）行业中性策略：基金在行业配置权重方面保持与指数基本一致，将行业偏离度控制在较低水平。基金主要通过在行业内优选个股创造超额收益。（4）“量化+价值投资”：结合价值投资策略，在量化选股模型的因子选择方面，重点选取能够反映公司可持续竞争优势的基本面因子。对公司内在价值通过现金流折现模型进行评估，选取具有估值性价比优势的公司进行投资。（5）公司投研团队秉持统一的投资理念，在研究上重点聚焦对公司可持续竞争优势、增长前景和估值的分析。基金经理与研究员均深度参与研究。公司内部建立了完善的研究讨论与分享机制。（二）重要的买入与卖出基于以上投资策略，我们在报告期末对基金组合进行了调整。基金在指数成分股范围内，按照行业中性的原则，在细分行业内选取具有估值性价比优势的公司构建了相对分散的投资组合。（三）“好基金+好买点”的基金投资理念我们认为基金投资要获取较好的投资收益，需具备“好基金+好买点”两个条件。（1）所谓“好基金”，指的是具有明确、具体、可行的投资策略，并通过重要的交易执行和一定时间长度的投资业绩验证了其相关投资策略的基金。我们努力将本基金打造成这样的基金。（2）所谓“好买点”指的是基金投资的时点选择也非常重要。在市场估值较低时买入基金，获得好的投资收益的概率更高。以300成长创新（931589.CSI）为例，该指数当前（2025年4月3日）PE(TTM)为11.60，历史分位为21.73%。PB(LF)为1.56，历史分位为25.72。基于指数当前较低的估值，我们认为当前是布局此类资产的良好时机。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:30.969Z","fund":{"_id":3000000010120,"__csrcFundId":8572,"stockCode":"010120","shortName":"九泰久福量化(010120)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10120,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:45.934Z","status":"normal","name":"九泰久福量化股票型证券投资基金","exchange":"jj","inceptionDate":"2021-01-19T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050980000,"currency":"CNY","masterFundShortName":"九泰久福量化","setUpDate":"2021-01-19T16:00:00.000Z","setUpAssetScale":244218835.57,"setUpShares":244218835.57,"pinyin":"jtjflhgpxzqtzjj","managers":[{"stockCode":"db20758721","stockType":"fund_manager","exchange":"fm","ticke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