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2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1065558","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd8c7fea5b3eb04dbbc0","date":"2023-12-30T16:00:00.000Z","stockId":3000000010361,"sao":"回顾2023年，全球经济在稳步增长背景下分化运行。欧美通胀高企，连续加息后通胀斜率走平，以美联储为代表的央行加息态度转向温和。美国市场AI产业进入爆发周期，大市值科技公司推动了纳斯达克指数上涨接近历史高点。中国经济稳中有升，完成了年初制定的5%的GDP增长目标。一季度惯性上冲后，房地产产业中期下行压力显现，地方债务清理和部分新兴产业产能过剩对就业和消费形成压力，PPI和CPI数据表现较弱。A股市场微盘股指数和红利指数表现亮眼，光伏指数和房地产指数表现落后。　　本基金在报告期降低了以光伏为代表的高端制造业的配置，增加了具备高分红特征且供给侧出清充分的A股和港股煤炭龙头公司的配置，考虑到人口老龄化的大趋势，增加了A股和港股创新药行业的配置，在港股互联网、电信运营商和消费方向，本基金配置变化不大，在港股消费方向逐步增加超跌的啤酒行业配置。有色商品铜和黄金方向，在逆全球化的大背景下，仍然具备防御价值，维持配置。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:24.644Z","mo":"展望2024年，全球经济增速放缓、欧美经济衰退预期软着陆的背景下，中国宏观财政政策趋向积极，货币政策存在进一步边际放松的空间。随着地产政策边际调整，房地产市场预期软着陆概率增大，对经济稳增长贡献从负向转向走平。中国制造业的全球化竞争优势仍在增强，产业链与供应链优势不为内部竞争的激烈而削弱，中国企业出海将持续推动制造业的全球化进程。高性价比消费成为消费新热点，消费的韧性仍然值得期待，管理人会密切关注节日消费、旅游消费和签证放开的海外旅行对消费企业盈利的影响。　　展望2024年，政策的累积和经济的高质量增长将促进资本市场从量变走向质变。2021年以来的市场调整使得A股中大市值公司的估值趋于合理，部分公司价值低估；今年以来的市场低迷又进一步带来投资预期差。管理人对未来保持积极应对的态度。考虑到市场风险偏好和无风险收益变化的趋势，我们仍然积极关注高分红资产的避险作用，根据分红收益率变化进行动态调整。　　中长期展望，新旧增长动能的转化必将带来产业周期的此消彼长，无风险收益率将随着宏观经济的总量增速变化而呈现逐步下行的态势。低利率时代将带来资本市场估值体系的分化与裂变，资本市场发展空间巨大。可以预期，随着资本市场制度建设和基础设施的积极重构，重投资回报、轻融资圈钱的资本市场投资文化将吸纳越来越多的中长期资金配置A股和港股市场，我们对未来保持积极且乐观。","fund":{"_id":3000000010361,"__csrcFundId":8999,"stockCode":"010361","shortName":"嘉实品质优选股票(010361)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10361,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:16:36.262Z","status":"normal","name":"嘉实品质优选股票型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050080000,"inceptionDate":"2021-05-24T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实品质优选股票","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":3929193843.27,"setUpShares":3929193843.27,"pinyin":"jspzyxgpxzqtzjj","managers":[{"stockCode":"db20873248","stockType":"fund_manager","exchange":"fm","tickerId":1220207490,"name":"李涛"}]},"announcement":{"linkText":"嘉实品质优选股票型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1049306","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd8c7fea5b3eb04dbbbf","date":"2023-09-29T16:00:00.000Z","stockId":3000000010361,"sao":"2023年第三季度A股和港股市场主要指数普遍调整。上证综指下跌2.86%，深圳成指下跌8.32%，科创50指数下跌11.67%，创业板指数下跌9.53%，恒生指数下跌5.85%。从行业上看，A股市场涨幅前三的行业为：油服工程（+11.31%）、医疗服务（+9.38%）、贵金属（+8.66%）；跌幅前三的行业为：游戏（-26.89%）、光伏设备（-21.44%）、能源金属（-20。99%）。　　三季度，全球风险资产普遍承压，美联储的加息周期虽然接近尾声，但高油价和美国工人罢工潮使得通胀预期短期难以大幅下行，海外其他主要经济体仍将通胀作为主要调控目标；国内经济呈现一定的复苏迹象，PPI和CPI数据温和回升，但力度受制于地产产业链的低迷和消费信心的不足。以人民币计价的大宗商品价格在三季度大幅上行，但海外需求承压，国内中游制造业海外出口产品价格传导能力受阻，企业盈利增速收窄。　　三季度，本基金权益仓位相对稳定。行业配置上，本基金增加了数字经济和医药创新行业的配置，增加了受到供给约束且分红率较高的煤炭行业配置，部分降低了光伏设备和新能源产业链的配置，在消费、港股互联网和大宗商品（铜）方向配置相对稳定。　　短中期看，宏观经济弱势复苏和美联储加息的悲观预期已经充分包含在A股和港股的市场表现中。无论从估值水平、交易拥挤度、市场悲观预期，还是从市场调整幅度、调整周期和中国经济韧性以及国内上市公司全球竞争力变化看，当前A股和港股市场大概率是个中长期的底部区域。　　长期展望，新旧增长动能的转化必将带来产业周期的此消彼长，无风险收益率将随着宏观经济的总量增速变化而呈现逐步下行的态势。低利率时代将推动资本市场估值体系的分化与裂变，资本市场发展空间巨大。可以预期，随着资本市场制度建设日趋完善，重投资回报、轻融资圈钱的资本市场投资文化将会吸引越来越多的海内外长线资金配置A股和港股市场。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:24.642Z","fund":{"_id":3000000010361,"__csrcFundId":8999,"stockCode":"010361","shortName":"嘉实品质优选股票(010361)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10361,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:16:36.262Z","status":"normal","name":"嘉实品质优选股票型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050080000,"inceptionDate":"2021-05-24T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实品质优选股票","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":3929193843.27,"setUpShares":3929193843.27,"pinyin":"jspzyxgpxzqtzjj","managers":[{"stockCode":"db20873248","stockType":"fund_manager","exchange":"fm","tickerId":1220207490,"name":"李涛"}]},"announcement":{"linkText":"嘉实品质优选股票型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=983093","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd8c7fea5b3eb04dbbbe","date":"2023-06-29T16:00:00.000Z","stockId":3000000010361,"sao":"回顾上半年，A股和港股市场冲高回落，一季度惯性上行，二季度震荡调整。市场调整主要受到美联储加息、国内房地产消费数据走弱和通缩预期强化等因素的共同影响。上半年总体表现较好的领域是以人工智能和“中国特色的估值体系”为代表的两个方向：人工智能映射全球科技创新的变化奇点，“中国特色的估值体系”对应国内无风险利率系统性下行背景下的低估值高分红资产的价值重估。　　操作层面，上半年本基金股票仓位稳中有降，持仓结构较前期相对分散，单一个股占组合比重也适度调减，主要目的是平滑市场波动。行业配置上，本基金在食品饮料和港股互联网行业保持较高的配置比重。增加了数字办公和通信行业龙头公司的行业配置，维持有色金属（铜和金）的行业配置，降低了与中产消费相关度较高的免税行业配置比重。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:24.639Z","mo":"短期来看，“活跃资本市场，发挥资本市场功能”成为政策关注的焦点，对房地产行业的政策放松有利于稳定经济复苏的预期，考虑到PPI数据的环比改善，企业盈利增速低点已过，A股和港股市场目前处于阶段性底部区域。中期看，资本市场的活跃与上行必须充分考虑融资功能与投资功能的再平衡，资本市场的长期回报能力决定中长期增量资金导入的深度和广度。长期视角看，中国资本市场正站在推动经济转型和可持续增长的关键位置，本基金管理人对资本市场长期保持乐观。","fund":{"_id":3000000010361,"__csrcFundId":8999,"stockCode":"010361","shortName":"嘉实品质优选股票(010361)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":1036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