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加快。看好那些在产品力和品牌力上具备全球化竞争力的企业。本基金将重点布局那些能够凭借技术创新、品牌建设以及高效的供应链管理，在全球市场中脱颖而出的品牌企业。　　4.聚焦行业龙头与细分隐形冠军：在投资组合构建中，始终坚持聚焦行业龙头与细分领域的隐形冠军。这些企业往往具备深厚的竞争壁垒和明确的产业趋势，能够在激烈的市场竞争中保持领先地位。本基金将长期持有这些优质标的，并通过动态跟踪技术突破与政策兑现节奏，及时调整投资组合，以期确保投资决策与市场环境和企业发展相匹配。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:17:31.112Z","fund":{"_id":3000000910022,"__csrcFundId":8198,"stockCode":"910022","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":910022,"masterFundFlag":1,"lastUpdated":"2026-05-01T09:02:26.906Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"东方红启航三年持有期混合型证券投资基金","exchange":"jj","shortName":"东方红启航三年持有混合(910022)","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红启航三年持有混合","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":0,"setUpShares":0,"pinyin":"dfhqhsncyqhhxzqtzjj","managers":[{"stockCode":"db20293103","stockType":"fund_manager","exchange":"fm","tickerId":1210209850,"name":"李竞"}]},"announcement":{"linkText":"东方红启航三年持有期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=1273615","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed67b7fea5b3eb056df2a","date":"2024-12-30T16:00:00.000Z","stockId":3000000910022,"sao":"我的组合管理始终遵循经济周期轮动规律，动态优化风险收益比。在近三年宏观环境剧烈波动的背景下，主要采取了三重防御策略：首先聚焦盈利质量优异的核心资产，通过ROIC、自由现金流等指标筛选具备商业护城河的龙头企业；其次在行业配置上构建避风港组合，重点布局一些需求刚性较强、政策风险出清的板块；最后通过个股分散机制，将大部分标的权重控制在5%以内，规避黑天鹅风险。　　随着经济复苏路径逐渐清晰，我观察到部分强周期行业已进入产能出清尾声。当前正以漏斗型框架进行前瞻布局：第一阶段通过供给侧分析锁定产能出清较多的细分领域，第二阶段结合需求端景气度指标筛选弹性标的。在此过程中，行业配置逐步转向互联网新消费、先进制造、科技自主可控等新动能领域的适度扩散，形成消费打底、成长进攻的哑铃型结构。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:17:31.109Z","mo":"我始终秉持安全边际与未来趋势并重的原则，积极探索符合未来产业方向和新消费趋势的投资机会。　　1. 港股市场的战略布局：我重点关注港股市场的投资机会，尤其是大型标的。港股市场当前估值处于历史相对低位，而部分优质标的却拥有卓越的基本面表现。随着全球市场波动的逐步平息，尤其是“特朗普交易”热度的退潮，港股有望率先走出低谷，迎来价值回归。在过去相当长一段时间内，我持续增持港股资产，坚定看好其长期配置价值。　　2. 消费领域的结构性机遇：消费行业是经济增长的重要基石，尽管当前整体经济环境下消费者支出趋于谨慎，但消费领域的结构性机会依然丰富。我坚信，通过对消费市场的深入研究和挖掘，能够发现那些在细分领域具有独特竞争优势的企业。我将持续关注消费升级、新兴消费趋势以及品牌创新等领域，寻找那些大概率能够穿越周期、实现稳健增长的投资标的。　　3. 全球化视野下的品牌升级：随着中国制造业的持续升级，高附加值产品的出海步伐不断加快。我看好那些在产品力和品牌力上具备全球化竞争力的企业。这些企业不仅在国内市场占据优势地位，更在国际舞台上展现出强大的竞争力。我将重点布局那些能够凭借技术创新、品牌建设以及高效的供应链管理，在全球市场中脱颖而出的品牌企业。　　4. 聚焦行业龙头与细分隐形冠军：在投资组合构建中，我始终坚持聚焦行业龙头与细分领域的隐形冠军。这些企业往往具备深厚的竞争壁垒和明确的产业趋势，能够在激烈的市场竞争中保持领先地位。我将长期持有这些优质标的，并通过动态跟踪技术突破与政策兑现节奏，及时调整投资组合，确保投资决策与市场环境和企业发展相匹配。","fund":{"_id":3000000910022,"__csrcFundId":8198,"stockCode":"910022","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":910022,"masterFundFlag":1,"lastUpdated":"2026-05-01T09:02:26.906Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"东方红启航三年持有期混合型证券投资基金","exchange":"jj","shortName":"东方红启航三年持有混合(910022)","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红启航三年持有混合","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":0,"setUpShares":0,"pinyin":"dfhqhsncyqhhxzqtzjj","managers":[{"stockCode":"db20293103","stockType":"fund_manager","exchange":"fm","tickerId":1210209850,"name":"李竞"}]},"announcement":{"linkText":"东方红启航三年持有期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=1254758","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed67b7fea5b3eb056df29","date":"2024-09-29T16:00:00.000Z","stockId":3000000910022,"sao":"三季度市场先抑后扬，7月份以后资本市场大幅震荡，表达了对国内未来整体需求的担忧，过去几周随着国内货币和财政政策出现重大变化，市场预期有明显逆转，投资者情绪也显著提升。短期看市场情绪已释放较多，长期看在整体政策积极转向的背景下，资本市场有望从经济的恢复中走出新的机会。　　随着市场增量资金大幅增加，大概率带来持续活跃度维持高位和震荡上行的动能，情绪的上行较难立即结束。且近期政策有望显著改变市场对国内需求偏弱的预期，也同时让企业家增强再次投入的信心。在此带动下，此前超跌的一些板块（典型代表是A股的食品饮料和港股的连锁餐饮）股价大幅反弹，在基本面改善尚需时日的情况下，估值出现明显修复。需要指出的是，虽然政策方向已经明显反转，但整体很多行业环境和预期仍需一段时间才能恢复。　　在此背景下，报告期内产品仓位呈哑铃型策略，兼顾成长风格和红利风格；一方面依旧关注有确定性股息率的确定性资产，另一方面也积极关注国内受益于人工智能革命的互联网等低估值高竞争力的板块；国庆出行数据显示，居民的消费仍具备相当韧性，对经济复苏消费复苏节奏加快保持乐观；中长期在保证一定安全边际的前提下， 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居民中长期同比少增1000多亿；  3、大股东净减持大幅减少；  4、能源价格普遍性回落，因为供给问题导致的芯片价格, 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库存偏高显著，后续需求将偏弱。部分受损于疫情的生产领域阶段性好转，同比差环比强；同时以光伏为代表的局部新能源领域需求旺盛。因此，当前赛道板块业绩出众的一个核心原因在于经济相对低迷，景气行业偏少。  从资金的供需来看，下半年贸易顺差的下降，资金需求的提升，经济的自身复苏叠加CPI水平向上，整体国内流动性环境更加偏紧。假设持续1年半的收益率下行结束，对于市场偏向高估值的风格也将产生一定程度的影响。  同时，全球商品、权益、债券收益率下跌，市场增加对于衰退的担心最终将影响通胀预期。但随着通胀预期的回落，加息的进程也将大幅缓解，以目前商品价格回落的状态, 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带领下在国际上的竞争力和地位明显提升，值得投资者从中长期角度持续关注。我们一直相信长期最且持续优秀的基本面和相对合理的估值才是可靠的安全边际，因此站在三年期角度，我们依然有信心能够给投资者带来较为扎实的长期收益。报告期内产品仓位变化不大，总体上仍重点配置新能源、消费、制造和互联网等行业里竞争力和市场预期相对合理的板块，行业配置比例略有优化，减持了部分高估值高人气赛道板块，增持了新能源与制造板块一些估值相对合理的子行业及公司，保持了组合不高的估值水平和风险敞口。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:17:31.074Z","fund":{"_id":3000000910022,"__csrcFundId":8198,"stockCode":"910022","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":910022,"masterFundFlag":1,"lastUpdated":"2026-05-01T09:02:26.906Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"东方红启航三年持有期混合型证券投资基金","exchange":"jj","shortName":"东方红启航三年持有混合(910022)","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红启航三年持有混合","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":0,"setUpShares":0,"pinyin":"dfhqhsncyqhhxzqtzjj","managers":[{"stockCode":"db20293103","stockType":"fund_manager","exchange":"fm","tickerId":1210209850,"name":"李竞"}]},"announcement":{"linkText":"东方红启航三年持有期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=656509","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed67b7fea5b3eb056df1c","date":"2021-06-29T16:00:00.000Z","stockId":3000000910022,"sao":"报告期内，产品仓位变化不大，总体上仍重点配置新能源、消费、制造和互联网等行业，行业配置比例略有优化。行业和个股层面，根据估值和成长性、景气度的匹配情况，我们选择更加留一份清醒与坚守，减持了部分高估值高景气板块，增持了制造、周期等一些估值相对合理行业和板块，进一步降低组合的估值水平和风险敞口。  同时在板块中尽量精选具有全球竞争力的龙头企业。中长期看，中国经济产业结构升级趋势明显，符合时代特征的新兴行业不断涌现，同时中国拥有世界上最完备的生产供应链，随着人均GDP与综合国力的上升，不少行业在龙头公司的带领下在国际上的竞争力和地位明显提升，值得投资者从中长期角度持续关注。我们仍然相信长期持续优秀的基本面和相对合理的估值才是可靠的安全边际。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:17:31.071Z","mo":"今年在流动性、估值等因素影响下，市场逐步切换为以新兴成长风格赛道为主的带有更多结构分化特征的平衡市。  这种平衡市的状态，与中国经济逐步进入高质量发展阶段的宏观背景有关，包括经济的周期特征减少、波动幅度收窄、流动性松紧适度等，与目前中美面对的国际形势有关，再加上机构和海外投资者的增加、注册制的推进等，这些因素正在共同推动中国股市从过去那种指数大起大落、行业轮动频繁的状态，向长牛慢牛、结构分化状态转变。  基于这种中长期趋势的推断，我们目前的总体投资策略是：相比19-20年的牛市，自上而下对2021年市场趋势持相对谨慎看法，中观层面会重点关注增长稳定可持续、竞争结构良好、景气度较高且估值能匹配的行业，同时坚持自下而上选择优秀公司，我们对国家发展大制造业争夺科技高地的国策抱有信心与支持，对中国经济的韧性继续抱有信心，对中国优秀企业家创造全球竞争力的能力继续抱有信心。","fund":{"_id":3000000910022,"__csrcFundId":8198,"stockCode":"910022","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":910022,"masterFundFlag":1,"lastUpdated":"2026-05-01T09:02:26.906Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"东方红启航三年持有期混合型证券投资基金","exchange":"jj","shortName":"东方红启航三年持有混合(910022)","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红启航三年持有混合","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":0,"setUpShares":0,"pinyin":"dfhqhsncyqhhxzqtzjj","managers":[{"stockCode":"db20293103","stockType":"fund_manager","exchange":"fm","tickerId":1210209850,"name":"李竞"}]},"announcement":{"linkText":"东方红启航三年持有期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=635270","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed67b7fea5b3eb056df1b","stockId":3000000910022,"sao":"一季度以来，市场大起大落——春节前快速上涨，节后大幅回落；行情热点由节前的抱团龙头切换为碳中和等相关主题概念；成交量大幅萎缩。    投资策略上，我们对中国经济的韧性继续抱有信心，对中国优秀企业家创造价值的能力继续抱有信心，自上而下对市场趋势持谨慎乐观看法，中观层面重点关注增长稳定可持续、竞争结构良好的行业，同时坚持自下而上选择优秀龙头公司。    产品运作上，我们减持了部分消费、医药等高估值高热点行业，增持了制造业、周期等低估值低关注度行业。报告期内，产品总体仓位变化不大，仍看好互联网、消费、医药、新能源和先进制造等行业。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:17:31.068Z","fund":{"_id":3000000910022,"__csrcFundId":8198,"stockCode":"910022","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":910022,"masterFundFlag":1,"lastUpdated":"2026-05-01T09:02:26.906Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"东方红启航三年持有期混合型证券投资基金","exchange":"jj","shortName":"东方红启航三年持有混合(910022)","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红启航三年持有混合","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":0,"setUpShares":0,"pinyin":"dfhqhsncyqhhxzqtzjj","managers":[{"stockCode":"db20293103","stockType":"fund_manager","exchange":"fm","tickerId":1210209850,"name":"李竞"}]},"announcement":{"linkText":"东方红启航三年持有期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=575076","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed67b7fea5b3eb056df1a","stockId":3000000910022,"sao":"2020年的权益市场，尽管经历了新冠疫情、中美关系等严峻挑战，但全年来看，总体延续了2019年的较好态势。从行业看，表现较好的有食品饮料、新能源、科技、医药生物等行业，表现较差的有金融、地产、商贸、采掘、传媒等行业。投资策略上，我们感受和警惕市场温度的同时，中观层面重点关注可持续性较强的行业，同时坚持自下而上选择优秀的龙头公司。产品管理上，我们以稳定持有为主，并更加注重组合的均衡性，持有消费、互联网、新能源等行业，同时增持了制造、医药等行业。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:17:31.066Z","mo":"宏观经济中的库存周期对证券市场的中期波动有较大影响。按历史规律看，一般一轮完整的库存周期大致需要3-4年，其中下行周期约一年半左右，上行周期约两年半左右。自2019年上半年经济见底回升以来，本轮上行周期已持续约两年左右。受2020年突发疫情因素干扰，本轮上行周期或有一定延长，但仍需留意经济周期见顶回落的风险。展望未来一段时间，经济处于复苏趋势，流动性稳中趋紧，市场估值已明显抬升，因此自上而下看，投资者应适度降低2021年投资收益的预期。但从行业层面看，中国经济产业结构升级趋势明显，新兴行业和进口替代不断涌现，不少行业如中国制造在国际上的竞争力和地位明显提升，值得投资者从中长期角度持续关注并重点把握这些相关行业的投资机会，包括互联网、消费、医药、先进制造等。自下而上看，在注册制持续推进和投资者机构化趋势不可逆转的背景下，更有竞争优势的各行业龙头公司仍是首要关注对象，毕竟长期持续优秀的基本面才是最可靠的安全边际。","fund":{"_id":3000000910022,"__csrcFundId":8198,"stockCode":"910022","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":910022,"masterFundFlag":1,"lastUpdated":"2026-05-01T09:02:26.906Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"东方红启航三年持有期混合型证券投资基金","exchange":"jj","shortName":"东方红启航三年持有混合(910022)","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红启航三年持有混合","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":0,"setUpShares":0,"pinyin":"dfhqhsncyqhhxzqtzjj","managers":[{"stockCode":"db20293103","stockType":"fund_manager","exchange":"fm","tickerId":1210209850,"name":"李竞"}]},"announcement":{"linkText":"东方红启航三年持有期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=560754","linkType":"PDF","source":"csrc_pdf"}}]}