window.pageData = {"stock":{"_id":3000000010697,"stockCode":"010697","shortName":"国联行业先锋6个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10697,"masterFundFlag":1,"status":"normal","name":"国联行业先锋6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联行业先锋6个月持有混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":1200564149.5,"setUpShares":1200564149.5,"pinyin":"glhyxf6gycyqhhxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50820000","tickerId":50820000,"name":"国联基金管理有限公司"},"managers":[{"name":"郑玲","stockType":"fund_manager","stockCode":"db20557338","exchange":"fm","tickerId":2612204790},{"name":"戎凯","stockType":"fund_manager","stockCode":"j101020322","exchange":"fm","tickerId":1811256970}],"hotMetrics":{"fss":{"stockId":3000000010697,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.0327,"f_ins_h_s_r_c_hy":-0.011199999999999995,"f_ins_h_s_r_c_1y":-0.009899999999999999,"f_ind_h_s_r":0.9673,"f_ind_h_s_r_c_hy":0.011200000000000099,"f_ind_h_s_r_c_1y":0.009900000000000131,"f_h_a":3175,"f_h_s_a":67316,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000010697,"type":"fpr","f_p_r_fys_ssc":8989,"f_p_r_fys_ssrp":0.8386737872719181,"f_p_r_m1_ssc":9238,"f_p_r_m1_ssrp":0.9073292194435423,"f_p_r_m3_ssc":9128,"f_p_r_m3_ssrp":0.7599430261860414,"f_p_r_m6_ssc":8836,"f_p_r_m6_ssrp":0.9100169779286927,"f_p_r_y1_ssc":8349,"f_p_r_y1_ssrp":0.8528988979396263,"f_p_r_y2_ssc":7732,"f_p_r_y2_ssrp":0.6741689302806881,"f_p_r_y3_ssc":6945,"f_p_r_y3_ssrp":0.9399481566820277,"f_cagr_p_r_fs_ssc":9180,"f_cagr_p_r_fs_ssrp":0.845843773831572,"f_p_r_y5_ssc":4353,"f_p_r_y5_ssrp":0.6895680147058824},"fp":{"stockId":3000000010697,"type":"fp","f_p_r_fys":-0.018620268620268776,"f_p_r_m1":-0.05478243825950602,"f_p_r_m3":-0.032112393376818926,"f_p_r_m6":-0.047125074096028396,"f_p_r_y1":0.03088926891834154,"f_cagr_p_r_fs":-0.0068159866096551,"f_p_r_d1":0.0018126203693213938,"f_p_r_y2":0.15855855855855827,"f_p_r_y3":-0.13412335039052015,"last_data_date":"2026-05-21T16:00:00.000Z","f_p_r_y5":-0.017820773930754097},"ff":{"stockId":3000000010697,"type":"ff","f_m_f":500042,"f_m_f_r":0.012,"f_c_f":83340,"f_c_f_r":0.002,"f_m_a_c_f":583382,"f_m_a_c_f_r":0.014,"f_m_c_f_d":"2025-01-16T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2026-01-15T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000010697,"type":"f_nlacan","f_nv_d":"2026-05-21T16:00:00.000Z","f_nv":0.9645,"f_nv_cr":-0.0048493602971522165},"f_as":{"stockId":3000000010697,"type":"f_as","f_tas":151175487.05710003,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000010698,"name":"国联行业先锋6个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","stockCode":"010698","tickerId":10698,"shortName":"国联行业先锋6个月持有混合C","__csrcFundId":8652,"lastUpdated":"2025-01-04T00:32:07.075Z","exchange":"jj","followedNum":0,"inceptionDate":"2021-02-08T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","status":"normal","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":60654239.23,"setUpShares":60654239.23,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"glhyxf6gycyqhhxzqtzjj"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010697,"stockId":600519,"holdings":11300,"marketCap":16385000,"netValueRatio":0.102,"quarterlyChange":0.052876167240301974,"stock":{"stockCode":"600519","exchange":"sh","stockType":"company","tickerId":600519,"name":"贵州茅台"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010697,"stockId":1000000000000700,"holdings":34200,"marketCap":14615294,"netValueRatio":0.091,"quarterlyChange":-0.19198664440734592,"stock":{"stockCode":"00700","exchange":"hk","stockType":"company","tickerId":700,"name":"腾讯控股"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010697,"stockId":600036,"holdings":369800,"marketCap":14540536,"netValueRatio":0.0906,"quarterlyChange":-0.042075079592597375,"stock":{"stockCode":"600036","exchange":"sh","stockType":"company","tickerId":600036,"name":"招商银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010697,"stockId":601225,"holdings":498400,"marketCap":12754056,"netValueRatio":0.0794,"quarterlyChange":0.20028142589118292,"stock":{"stockCode":"601225","exchange":"sh","stockType":"company","tickerId":601225,"name":"陕西煤业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010697,"stockId":333,"holdings":143400,"marketCap":10948590,"netValueRatio":0.0682,"quarterlyChange":-0.023032629558541684,"stock":{"stockCode":"000333","exchange":"sz","stockType":"company","tickerId":333,"name":"美的集团"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010697,"stockId":858,"holdings":104700,"marketCap":10812369,"netValueRatio":0.0673,"quarterlyChange":-0.025202945063243498,"stock":{"stockCode":"000858","exchange":"sz","stockType":"company","tickerId":858,"name":"五粮液"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010697,"stockId":1000000000000883,"holdings":384000,"marketCap":9493478,"netValueRatio":0.0591,"quarterlyChange":0.3145539906103283,"stock":{"stockCode":"00883","exchange":"hk","stockType":"company","tickerId":883,"name":"中国海洋石油"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010697,"stockId":300750,"holdings":18800,"marketCap":7551960,"netValueRatio":0.047,"quarterlyChange":0.09377552687469404,"stock":{"stockCode":"300750","exchange":"sz","stockType":"company","tickerId":300750,"name":"宁德时代"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010697,"stockId":600674,"holdings":456000,"marketCap":6789840,"netValueRatio":0.0423,"quarterlyChange":0.07122302158273452,"stock":{"stockCode":"600674","exchange":"sh","stockType":"company","tickerId":600674,"name":"川投能源"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010697,"stockId":600660,"holdings":117600,"marketCap":6703200,"netValueRatio":0.0417,"quarterlyChange":-0.11996294580824485,"stock":{"stockCode":"600660","exchange":"sh","stockType":"company","tickerId":600660,"name":"福耀玻璃"}}],"bondHoldings":[{"_id":"69e8fa2a1398d79843001cb1","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010697,"stockCode":"019792","stockName":"25国债19","holdings":87000,"marketCap":8765700,"netValueRatio":0.0546,"lastUpdated":"2026-04-22T16:41:14.021Z"},{"_id":"69e8fa2a1398d79843001cb2","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010697,"stockCode":"019827","stockName":"26国债01","holdings":16000,"marketCap":1604224,"netValueRatio":0.01,"lastUpdated":"2026-04-22T16:41:14.025Z"}],"lastFsMetrics":{"latestTurnoverRate":1.031605733517277,"latestTurnoverRateDate":"2025-12-30T16:00:00.000Z"}},"list":[{"_id":"69e8eb471398d79843fe90ec","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000010697,"sao":"公司的价值与行业景气度或某一年的业绩相关性较小，主要取决于公司未来创造自由现金流的能力，因此，能够持续创造现金流且天花板较高的公司是基金管理人一直追寻的企业。我们对市场的涨跌不做预测，但对于商业模式和企业文化的理解在不断加深，上述因素也是能够保障持有人获得长期收益率的核心。由于地缘政治的波动，我们前期看好的化石能源板块取得一定收益，但我们认为目前相关公司的市值还处于较为低估的情况，能源价格依旧处于较为低估的区间。除此之外，我们可以看到很多“老登”公司的估值吸引力极强，而且这些企业由于经过多年竞争的不断洗礼，本身的竞争优势也较强，叠加目前的显著低估状态，让我们不得不重视里面的投资机会，比如高端白酒行业的悲观定价使我们找到了低估值、高行业空间、强竞争优势的机会。高端白酒自2025年开始给经销商减负，由于这个行业具有明显的“喇叭口”效应，在周期上行时，报表端的增长变化会大于实际动销变化，而周期下行时，报表端的下滑变化也会大于实际动销变化，考虑实际的经营情况，目前高端白酒公司安全边际足够，且长期来看，高端白酒公司量、价仍然具有较大增长空间。当然，对于“小登”资产我们也不会忽视，始终保持着学习的心态，去寻找低估的机会。","lastUpdated":"2026-04-22T15:37:43.057Z","fund":{"_id":3000000010697,"__csrcFundId":8652,"stockCode":"010697","shortName":"国联行业先锋6个月持有混合(010697)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10697,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:26:56.947Z","status":"normal","name":"国联行业先锋6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联行业先锋6个月持有混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":1200564149.5,"setUpShares":1200564149.5,"pinyin":"glhyxf6gycyqhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"},{"stockCode":"j101020322","stockType":"fund_manager","exchange":"fm","tickerId":1811256970,"name":"戎凯"}]},"announcement":{"linkText":"国联行业先锋6个月持有期混合型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1476838","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69cac95040924dd8ca638ea7","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000010697,"sao":"公司的价值与行业景气度或某一年的业绩相关性较小，主要取决于公司未来创造自由现金流的能力，因此，能够持续创造现金流且天花板较高的公司是基金管理人一直追寻的企业。我们对市场的涨跌不做预测，但对于商业模式和企业文化的理解在不断加深，上述因素也是能够保障持有人获得长期收益率的核心。组合整体仓位处于高位，表示我们对于持有资产的未来现金流保持乐观。本报告期内，我们组合略有调整，增加了显著低估的企业，持仓个股安全边际足够。市场对于化石能源以及高端白酒行业的悲观定价使我们找到了低估值、高行业空间、强竞争优势的机会。能源行业由于价格连年下跌，导致资本开支显著下滑，行业供给有限，而市场对于AI带来的能源需求、新能源装机增量放缓以及火电调峰提高度电煤耗从而提高化石能源需求还没有定价。高端白酒自2025年开始给经销商减负，由于这个行业具有明显的“喇叭口”效应，在周期上行时，报表端的增长变化会大于实际动销变化，而周期下行时，报表端的下滑变化也会大于实际动销变化，考虑实际的经营情况，目前高端白酒公司安全边际足够，且长期来看，高端白酒公司量、价仍然具有较大增长空间。","lastUpdated":"2026-03-30T19:04:48.213Z","mo":"目前市场对于宏观经济预期有所分歧，但我们对于未来中国经济保持乐观，核心在于中华民族吃苦耐劳的精神使中国企业在全球竞争优势明显。未来外部环境比较复杂，世界经济体之间的合作关系可能会有新的变化，但对于优秀的中国企业而言，也可能从中获得机会。我们不对证券市场的走势做判断，但我们在充满信心的同时也时刻警惕风险，注重安全边际，坚持做对的事情，然后把事情做对。我们倾向于能够提供长期现金流且估值水平较低的行业和公司，比如能源行业、电力行业、高端白酒行业以及具有护城河的互联网龙头企业。","fund":{"_id":3000000010697,"__csrcFundId":8652,"stockCode":"010697","shortName":"国联行业先锋6个月持有混合(010697)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10697,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:26:56.947Z","status":"normal","name":"国联行业先锋6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联行业先锋6个月持有混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":1200564149.5,"setUpShares":1200564149.5,"pinyin":"glhyxf6gycyqhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"},{"stockCode":"j101020322","stockType":"fund_manager","exchange":"fm","tickerId":1811256970,"name":"戎凯"}]},"announcement":{"linkText":"国联行业先锋6个月持有期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=1450470","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecde27fea5b3eb04e14a4","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000010697,"sao":"公司的价值与行业景气度或某一年的业绩相关性较小，主要取决于公司未来创造自由现金流的能力，因此，能够持续创造现金流且天花板较高的公司是基金管理人一直追寻的企业。我们对市场的涨跌不做预测，但对于商业模式和企业文化的理解在不断加深，上述因素也是能够保障持有人获得长期收益率的核心。组合整体仓位处于高位，表示我们对于持有资产的未来现金流保持乐观。与上个季度相比，我们持仓变化不大，组合整体估值水平依然较低，持仓个股安全边际足够。","lastUpdated":"2026-03-09T13:40:50.075Z","fund":{"_id":3000000010697,"__csrcFundId":8652,"stockCode":"010697","shortName":"国联行业先锋6个月持有混合(010697)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10697,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:26:56.947Z","status":"normal","name":"国联行业先锋6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联行业先锋6个月持有混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":1200564149.5,"setUpShares":1200564149.5,"pinyin":"glhyxf6gycyqhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"},{"stockCode":"j101020322","stockType":"fund_manager","exchange":"fm","tickerId":1811256970,"name":"戎凯"}]},"announcement":{"linkText":"国联行业先锋6个月持有期混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1375091","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecde27fea5b3eb04e14a3","date":"2025-06-29T16:00:00.000Z","stockId":3000000010697,"sao":"感谢持有人长期以来的信任与支持！公司的价值与行业景气度或某一年的业绩相关性较小，主要取决于公司未来创造自由现金流的能力，因此，能够持续创造现金流且天花板较高的公司是基金管理人一直追寻的企业。我们对市场的涨跌不做预测，但对于与商业模式和企业文化的理解在不断加深，上述因素也是能够保障持有人获得长期收益率的核心。组合整体仓位处于高位，表示我们对于持有资产的未来现金流保持乐观。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:50.072Z","mo":"目前市场对于宏观经济预期有所分歧，但我们对于未来中国经济保持乐观，核心在于中华民族吃苦耐劳的精神使中国企业在全球竞争优势明显。未来外部环境比较复杂，世界经济体之间的合作关系可能会有新的变化，但对于优秀的中国企业而言，也可能从中获得机会。我们不对证券市场的走势做判断，但我们在充满信心的同时也时刻警惕风险，注重安全边际，坚持做对的事情，然后把事情做对。不忘初心，感恩持有人对我们的信任，我们将努力为持有人获取可持续的长期回报。","fund":{"_id":3000000010697,"__csrcFundId":8652,"stockCode":"010697","shortName":"国联行业先锋6个月持有混合(010697)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10697,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:26:56.947Z","status":"normal","name":"国联行业先锋6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联行业先锋6个月持有混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":1200564149.5,"setUpShares":1200564149.5,"pinyin":"glhyxf6gycyqhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"},{"stockCode":"j101020322","stockType":"fund_manager","exchange":"fm","tickerId":1811256970,"name":"戎凯"}]},"announcement":{"linkText":"国联行业先锋6个月持有期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=1347949","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecde27fea5b3eb04e14a2","date":"2025-03-30T16:00:00.000Z","stockId":3000000010697,"sao":"本基金权益投资主要三个方向，一是寻找高现金流、管理提质增效的国有企业，包括公用事业、煤炭、运营商等低估公司；二是民营企业中看好港股的高壁垒的互联网龙头；三是看好低估值的细分制造业龙头（剩者为王）。选股上会更加关注管理层对股东的态度及管理层的能力和市场口碑。国九条颁布后，叠加国有企业市值考核的重视，预计不少央国企的公司治理水平、经营效率将得到比较大的提升。往长期来看，能够为股东创造长期回报的公司将享受到更加公允的定价。一季度，随着市场的反弹，逐步降低了前期涨幅较大的个股标的，逐步加仓基本面稳中向好，行业格局稳定的标的。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:50.070Z","fund":{"_id":3000000010697,"__csrcFundId":8652,"stockCode":"010697","shortName":"国联行业先锋6个月持有混合(010697)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10697,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:26:56.947Z","status":"normal","name":"国联行业先锋6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联行业先锋6个月持有混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":1200564149.5,"setUpShares":1200564149.5,"pinyin":"glhyxf6gycyqhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"},{"stockCode":"j101020322","stockType":"fund_manager","exchange":"fm","tickerId":1811256970,"name":"戎凯"}]},"announcement":{"linkText":"国联行业先锋6个月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=1275840","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecde27fea5b3eb04e14a1","date":"2024-12-30T16:00:00.000Z","stockId":3000000010697,"sao":"本基金权益投资主要三个方向，一是寻找高现金流、管理提质增效的国有企业，包括公用事业、煤炭、运营商等低估公司；二是民营企业中看好港股的高壁垒的互联网龙头；三是看好低估值的细分制造业龙头（剩者为王）。选股上会更加关注管理层对股东的态度及管理层的能力和市场口碑。国九条颁布后，叠加国有企业市值考核的重视，预计不少央国企的公司治理水平、经营效率将得到比较大的提升。往长期来看，能够为股东创造长期回报的公司将享受到更加公允的定价。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:50.067Z","mo":"展望2025年，预计经济政策整体偏暖，宏观经济呈现弱复苏的状态，整体上还是以结构性亮点为主。对于权益市场而言，可以聚焦拐点变化的细分领域去寻找结构性投资机会。从结构上，我们认为今年的股票市场会趋于均衡，希望通过寻找估值受到压制的低估值板块中个股机会，同时在市场预期低的位置布局估值合理的个股，等待市场情绪修复带来的绝对收益机会。","fund":{"_id":3000000010697,"__csrcFundId":8652,"stockCode":"010697","shortName":"国联行业先锋6个月持有混合(010697)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10697,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:26:56.947Z","status":"normal","name":"国联行业先锋6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联行业先锋6个月持有混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":1200564149.5,"setUpShares":1200564149.5,"pinyin":"glhyxf6gycyqhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"},{"stockCode":"j101020322","stockType":"fund_manager","exchange":"fm","tickerId":1811256970,"name":"戎凯"}]},"announcement":{"linkText":"国联行业先锋6个月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=1246856","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecde27fea5b3eb04e14a0","date":"2024-06-29T16:00:00.000Z","stockId":3000000010697,"sao":"本基金权益投资主要三个方向，一是寻找高现金流、管理提质增效的国有企业，包括公用事业、煤炭、运营商、中药等低估公司；二是民营企业中看好港股的高壁垒的互联网龙头及低估值国有纺织服装品牌；三是看好低估值的细分制造业龙头（剩者为王）。选股上会更加关注管理层对股东的态度及管理层的能力和市场口碑。国九条颁布后，叠加国有企业市值考核的重视，预计不少央国企的公司治理水平、经营效率将得到比较大的提升。往长期来看，能够为股东创造长期回报的公司将享受到更加公允的定价。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:50.064Z","mo":"年初以来，宏观经济政策整体偏暖，经济处于筑底修复过程中，整体经济仍然以结构性亮点为主。对于权益市场而言，聚焦拐点变化的细分领域去寻找结构性投资机会。经过上半年市场的调整，很多股票的估值已经回落到历史相对低估区域，下半年将是至下而上选择好公司的时机，希望通过寻找质地优秀、估值低、关注股东回报的公司构建组合获取收益，同时控制组合的回撤风险。","fund":{"_id":3000000010697,"__csrcFundId":8652,"stockCode":"010697","shortName":"国联行业先锋6个月持有混合(010697)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10697,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:26:56.947Z","status":"normal","name":"国联行业先锋6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联行业先锋6个月持有混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":1200564149.5,"setUpShares":1200564149.5,"pinyin":"glhyxf6gycyqhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"},{"stockCode":"j101020322","stockType":"fund_manager","exchange":"fm","tickerId":1811256970,"name":"戎凯"}]},"announcement":{"linkText":"国联行业先锋6个月持有期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=1146722","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecde27fea5b3eb04e149f","date":"2024-03-30T16:00:00.000Z","stockId":3000000010697,"sao":"一季度初市场经历了一轮恐慌性下跌，但随着国内经济数据回暖，叠加美联储加息周期结束，市场出现了一轮强劲的反弹。一方面我们将继续观察国内经济数据回暖的持续性，这将决定国内股票市场基本面的走向，另一方面我们同步关注美国就业和通胀数据，这将扰动年内降息预期。总体上看，我们对今年的市场谨慎乐观，本基金将重点配置估值调整充分、基本面出现边际回升的行业龙头。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:50.062Z","fund":{"_id":3000000010697,"__csrcFundId":8652,"stockCode":"010697","shortName":"国联行业先锋6个月持有混合(010697)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10697,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:26:56.947Z","status":"normal","name":"国联行业先锋6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联行业先锋6个月持有混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":1200564149.5,"setUpShares":1200564149.5,"pinyin":"glhyxf6gycyqhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"},{"stockCode":"j101020322","stockType":"fund_manager","exchange":"fm","tickerId":1811256970,"name":"戎凯"}]},"announcement":{"linkText":"国联行业先锋6个月持有期混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1069734","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecde27fea5b3eb04e149e","date":"2023-12-30T16:00:00.000Z","stockId":3000000010697,"sao":"受国内地产下行和美联储加息影响，2023年中国股票市场整体面临着盈利和估值的双重压力，全年市场呈现显著的“杠铃”现象，高股息方向和科技方向全年有显著的超额收益，而其余行业指数普遍出现下跌。本基金重点配置了具备长期成长性的个股。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:50.059Z","mo":"2024年是全球政治大年，多个重要国家或地区面临大选，地缘政治风险的扰动可能贯穿全年，全球股票市场的波动性可能加大。但同时美联储在年内降息的概率亦较大，或能有助于美国经济软着陆也利于全球经济发展，国内在春节前经历一波罕见的流动性冲击后，悲观情绪也有修复的空间，重点关注国内地产供需情况与财政政策的发力点，宏观层面的关键变化或将主导市场情绪能否企稳，产业趋势方面，我们仍看好服务和消费的复苏，以及全球共振的科技升级周期。","fund":{"_id":3000000010697,"__csrcFundId":8652,"stockCode":"010697","shortName":"国联行业先锋6个月持有混合(010697)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10697,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:26:56.947Z","status":"normal","name":"国联行业先锋6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联行业先锋6个月持有混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":1200564149.5,"setUpShares":1200564149.5,"pinyin":"glhyxf6gycyqhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"},{"stockCode":"j101020322","stockType":"fund_manager","exchange":"fm","tickerId":1811256970,"name":"戎凯"}]},"announcement":{"linkText":"国联行业先锋6个月持有期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=1055548","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecde27fea5b3eb04e149d","date":"2023-09-29T16:00:00.000Z","stockId":3000000010697,"sao":"三季度国内经济数据仍在筑底阶段，叠加海外加息预期反复扰动，国内股票市场整体表现不佳，上证指数下跌2.86%。展望四季度，随着经济支持政策效果逐渐显现，经济数据恢复可期，同时由于美国核心通胀回落、就业数据降温，高利率维持的时长或缩短，我们对四季度国内股票市场的行情较为乐观。本基金将继续精选个股，力争为投资人带来长期收益。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:50.056Z","fund":{"_id":3000000010697,"__csrcFundId":8652,"stockCode":"010697","shortName":"国联行业先锋6个月持有混合(010697)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10697,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:26:56.947Z","status":"normal","name":"国联行业先锋6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联行业先锋6个月持有混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":1200564149.5,"setUpShares":1200564149.5,"pinyin":"glhyxf6gycyqhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"},{"stockCode":"j101020322","stockType":"fund_manager","exchange":"fm","tickerId":1811256970,"name":"戎凯"}]},"announcement":{"linkText":"国联行业先锋6个月持有期混合型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=984457","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecde27fea5b3eb04e149c","date":"2023-06-29T16:00:00.000Z","stockId":3000000010697,"sao":"中国经济在一季度经历一轮快速修复后，二季度修复动能减弱，市场未有增量资金，导致二季度市场整体情绪偏空。报告期内基金重点配置了有安全垫、长期业绩确定性高、具备行业竞争力的公司。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:50.054Z","mo":"美国6月后CPI进入自然回落期，市场对9月再次加息的预期有所下降，而国内政治局会议对经济定调有所变化，托底政策可期，同时中报显示部分企业盈利已见底回升。我们认为三季度可能是重要的做多窗口，本基金三季度将重点关注顺周期相关个股，同时也将观察TMT回调后的投资机会。","fund":{"_id":3000000010697,"__csrcFundId":8652,"stockCode":"010697","shortName":"国联行业先锋6个月持有混合(010697)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10697,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:26:56.947Z","status":"normal","name":"国联行业先锋6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联行业先锋6个月持有混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":1200564149.5,"setUpShares":1200564149.5,"pinyin":"glhyxf6gycyqhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"},{"stockCode":"j101020322","stockType":"fund_manager","exchange":"fm","tickerId":1811256970,"name":"戎凯"}]},"announcement":{"linkText":"中融行业先锋6个月持有期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=959595","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecde27fea5b3eb04e149b","date":"2023-03-30T16:00:00.000Z","stockId":3000000010697,"sao":"一季度A股市场整体上涨，上证指数涨幅5.94%，板块分化较为明显，计算机等科技相关板块整体上行，地产、消费等相关板块表现偏弱。从宏观环境来看，美联储加息进入尾声，外围市场的压力边际缓解，而国内经济政策相对稳健，国内经济整体呈弱复苏状态。一季度本基金重点配置了受益人工智能技术进步的科技板块，以及国企改革、一带一路等主题相关的个股。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:50.050Z","fund":{"_id":3000000010697,"__csrcFundId":8652,"stockCode":"010697","shortName":"国联行业先锋6个月持有混合(010697)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10697,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:26:56.947Z","status":"normal","name":"国联行业先锋6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联行业先锋6个月持有混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":1200564149.5,"setUpShares":1200564149.5,"pinyin":"glhyxf6gycyqhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"},{"stockCode":"j101020322","stockType":"fund_manager","exchange":"fm","tickerId":1811256970,"name":"戎凯"}]},"announcement":{"linkText":"中融行业先锋6个月持有期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=884623","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecde27fea5b3eb04e149a","date":"2022-12-30T16:00:00.000Z","stockId":3000000010697,"sao":"受国内经济增长放缓和美联储加息影响，2022年中国股票市场整体面临着盈利和估值的双重压力，市场风险偏好整体偏低，除煤炭以及新能源中部分高景气赛道全年获得正收益外，其余行业指数均出现下跌。本基金重点配置估值合理、业绩确定性高的个股。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:50.048Z","mo":"展望2023年，国内疫情防控已结束，经济支持政策也将不断落地，国内需求恢复可期。与此同时，还需要关注外围流动性的扰动，美联储加息进程已近尾声，影响加息预期的海外经济增长和通胀数据需要持续观察。本基金将通过自下而上与自上而下相结合，优选估值与增长相匹配的个股重点持有，努力为持有人实现稳定的资产增值。","fund":{"_id":3000000010697,"__csrcFundId":8652,"stockCode":"010697","shortName":"国联行业先锋6个月持有混合(010697)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10697,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:26:56.947Z","status":"normal","name":"国联行业先锋6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联行业先锋6个月持有混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":1200564149.5,"setUpShares":1200564149.5,"pinyin":"glhyxf6gycyqhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"},{"stockCode":"j101020322","stockType":"fund_manager","exchange":"fm","tickerId":1811256970,"name":"戎凯"}]},"announcement":{"linkText":"中融行业先锋6个月持有期混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=868161","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecde27fea5b3eb04e1499","date":"2022-09-29T16:00:00.000Z","stockId":3000000010697,"sao":"今年的市场环境变化，让投资者对“百年未有之大变局”的理解更深刻。回顾过去一年我本人的一些看法，既有一部分符合预期并加强判断，也出现更多不确定的新变量。我们对此总结如下：首先，正如我们在前几期基金财报里反复提到的对“国家安全”的重视，我们认为这个概念在广度、深度上是不断延伸的。除了对外的国防工业安全，我们认为对内的范畴更加广泛，包括供应链安全、网络信息安全、核心卡脖子材料/设备的国产化等。我们之前布局的军工、科研仪器、新材料等行业或公司，其投资逻辑被更多的投资者认可。我们也很欣慰看到这些公司的高速发展时代正在到来。我们认为，如果说之前的国产化是靠自上而下的政策去推动，可能存在缺乏持续性的风险，那么在当前的逆全球化氛围之下，越来越多的自下而上的、自主市场化、有持续性的需求合力开始出现，这对我们关注的这一批公司而言，它们就可能有机会拿到非常宝贵的国产化门票，这张门票的意义就在于企业有机会不断去下游迭代改进并提高产品竞争力，缩短与国外品牌的差距。我们对这个路径持乐观态度，因为已经在国内非常多的行业历史中得到验证。其次，更多的宏观不确定性在提升。三季度应该说出现几个潜在长尾化的宏观变量，即疫情长尾化、俄乌冲突长尾化、美元强势周期长尾化，现阶段这三个长尾化因素合并对市场的盈利预期和风险偏好构成压制。对于宏观层面，当前A股市场对这三个压制因素的风险计提较为充分，一旦出现向上的乐观修正，预计会带来系统性机会；向下的风险，我们主要观察会不会出现一些外围经济体的流动性风险。本管理人整体认为，在当前A股主要指数估值水位不高的背景下，当前市场机会或大于风险。组合整体以广义的制造业为主，继续在新能源、汽车、军工、电子等产业里寻找机会，并重点寻找具备国产化率提升的长期标的。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:50.045Z","fund":{"_id":3000000010697,"__csrcFundId":8652,"stockCode":"010697","shortName":"国联行业先锋6个月持有混合(010697)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10697,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:26:56.947Z","status":"normal","name":"国联行业先锋6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联行业先锋6个月持有混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":1200564149.5,"setUpShares":1200564149.5,"pinyin":"glhyxf6gycyqhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"},{"stockCode":"j101020322","stockType":"fund_manager","exchange":"fm","tickerId":1811256970,"name":"戎凯"}]},"announcement":{"linkText":"中融行业先锋6个月持有期混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=810707","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecde27fea5b3eb04e1498","date":"2022-06-29T16:00:00.000Z","stockId":3000000010697,"sao":"期初A股市场在疫情扩散、全球通胀、美联储历史级加息等背景下，在区间里呈现出少见行情，投资者对上市公司盈利前景并不乐观，主要指数均大幅下跌；从4月底开始，投资者对经济的预期开始发生逆转，汽车、新能源等需求端强劲、供给端有全球竞争力、成本端改善的板块在二季度市场反弹期有较好的表现，集中体现了投资者信心的提振，具体来看，一方面是包括货币/财政总量政策，汽车行业自上而下的扶持政策等国内政策的正向影响，另一方面美国经济预期影响全球大宗商品价格下跌，而成本下跌对以中游制造业为主要产业结构的中国经济有利。本产品在期间主要的投资操作，是在汽车、新能源两个板块里加大投资，他们有如下的共同特征：1）产值规模较大，投资者在此可能会有更大收获；2）产业链的全球竞争力很强。十年前我们投资的公司可能讲的都是区域市场优势，但如今我们在这两个大产业里看到不少具备全球定价权、技术话语权的龙头公司或产业群，他们可能挣到微笑曲线的两端，还可能挣全球市场的利润；3）产业的技术迭代快，新知识点密集，新技术有进入井喷期的趋势。如今竞争激烈的商业世界里，我们并不认为有公司可以靠“不变”能持续保持竞争优势；相反，只有持续不断技术进步，才可能在全球产业链里爬到更高峰。我们在这两个大行业里看到一群勤奋、不断创新、拒绝躺平的优秀企业家。作为投资人，我们唯一能做的就是保持高强度的快速学习、跟上产业节奏、作出适合自己投资风格的投资决策。4）产业链较长。长产业链和短产业链在投资上的区别是解决时间管理的投入产出比问题。上市公司越来越多，同样一份时间花在不同公司上产生的投资组合收益可能就不同，我们如今越来越聚焦在一些战略性机会上，放弃部分战术性机会。产业链较长的公司是我们关注的战略机会，他们表现为一个“点状”的机会可能会带来“面状”的投资灵感，终端的一个微小变化可能都会帮助我们按图索骥找到产业链上其他更优质的投资机会。除上述技术层面的探讨之外，本人还想分享一些特殊市场环境下的投资心路。正如以前的交流内容，本人认为市场的波动在加大，会越来越关注长期的价值。但知易行难，在4月份市场考验之下，不少人怀疑自己组合里持仓的正确与否，在低部放弃了后续反弹行情里表现较好的品种。在本人看来，基金经理尤为重要的品性或许是学会给资产合理定价，既要定价收益也要定价风险。市场越极致，越需要在重压之下冷静理性判断每一笔投资交易的期初逻辑。这往往需要在买入时就要报之以严格、非似是而非的标准，这样才能帮助投资者在市场不理想时还能维持信心，可坚定持有到时间会给予我们答案的时刻。本人也希望能继续在此方向上不断精进。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:50.043Z","mo":"整体上，我们预计中国经济在下半年有望维持复苏态势，在全球大经济体中或是相对亮点。基于之前基金报告中我们分享的不同行业观点，我们的组合架构变化不大，继续维持以新能源、汽车、军工、电子等为主体的行业结构，同时辅之以培育钻石、科学仪器、铝加工等的细分行业优质公司。","fund":{"_id":3000000010697,"__csrcFundId":8652,"stockCode":"010697","shortName":"国联行业先锋6个月持有混合(010697)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10697,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:26:56.947Z","status":"normal","name":"国联行业先锋6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联行业先锋6个月持有混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":1200564149.5,"setUpShares":1200564149.5,"pinyin":"glhyxf6gycyqhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"},{"stockCode":"j101020322","stockType":"fund_manager","exchange":"fm","tickerId":1811256970,"name":"戎凯"}]},"announcement":{"linkText":"中融行业先锋6个月持有期混合型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=783347","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecde27fea5b3eb04e1497","date":"2022-03-30T16:00:00.000Z","stockId":3000000010697,"sao":"2022年一季度相信是投资者经历的极其复杂的时间段，战争、新变种病毒疫情、长期通胀预期抬升、各行业政策的预期变化等多种宏观事件叠加在一起，推动风险资产世界进入一个充满不确定的陌生环境。资本市场喜欢的是确定性，当不确定事件来临时，定价体系可能就要紊乱，投资者的直觉防御动作就是抛售风险资产。表现在具体资产类别表现上，就是商品实物资产大涨、权益跌；高分红低估值类股票涨、成长股跌，这些资产组合拼凑在一起就是投资者用脚投票应对不确定的方式。对本管理人而言，一季度也处在适应评估新变量的过程中，组合净值也在一季度的成长股抛售中承受阶段性损失。坦诚的说，我们现在可能尚处在一个全新历史进程的起点，历史的大变化可能才刚掀开面目，短短的一个月我们不太可能获得超越多数人的认知；但有几点认知是观察到的可以分享的，首先，正如以前提过的对“安全”方向的重视，此次俄乌冲突加剧了全球化的波折，走向新“ 双轨制”的概率越来越大，我们认为东西方的任何一方，都会寻求从上游能源原材料、中游先进制造业、下游必选消费的全面供应链安全，这种追求国家安全感的心理需求甚至会产生冗余备份的过度库存，那就可能产生复杂的新定价机制变化、新采购需求，所以这对组合里中长期一直持有的供应链国产化、军工等而言，逻辑是加强的；其次，我们也看到以前视角的盲点，正如我们以前投资的锂产业链受益于资本开支不足、需求激增，我们看到很多原材料领域在上述描绘的需求拉动下，原来都存在长期资本开支不足带来的供需矛盾，这就抬升了全球通胀的中枢，对利率环境等构成挑战，这又对我们之前坚持的投资领域构成挑战，我们也还在对此进行评估和应对。我们对市场后续的想法是进行产业链上的平衡。结合上述认知，首先是继续寻找中游环节中具备定价力、有成本转嫁能力的优势企业，最好还是在非敏感领域有全球出口能力的（全球总供应减少， 没有贸易制裁风险，可以替代全球对手）；其次是在上游中寻找符合自己投资框架，能部分对冲通胀风险的品种；最后，我们认为今年市场会反复交易的可能是下游消费端的“后疫情复苏”预期，毕竟疫情总会慢慢减弱，我们国家会找到适应自己国情的对策，一部分消费品可能也会具备中期投资价值。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:50.040Z","fund":{"_id":3000000010697,"__csrcFundId":8652,"stockCode":"010697","shortName":"国联行业先锋6个月持有混合(010697)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10697,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:26:56.947Z","status":"normal","name":"国联行业先锋6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联行业先锋6个月持有混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":1200564149.5,"setUpShares":1200564149.5,"pinyin":"glhyxf6gycyqhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"},{"stockCode":"j101020322","stockType":"fund_manager","exchange":"fm","tickerId":1811256970,"name":"戎凯"}]},"announcement":{"linkText":"中融行业先锋6个月持有期混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=724706","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecde27fea5b3eb04e1496","date":"2021-12-30T16:00:00.000Z","stockId":3000000010697,"sao":"2021年的A股市场呈现出大幅波动、行业结构分化的喇叭口大幅走阔。全年的市场走势前后差异很大，先在春节前出现以消费医药等过往几年机构集中重仓股为代表的少数板块大幅上涨，春节后又随着全年流动性收紧预期发酵，上述板块又大幅下挫，全年表现平淡；2季度市场开始在一些成长超预期的行业带领下走出震荡区间，并呈现出一些跟以往不同的特征，包括：1）市值结构层面更均衡、小盘股也可以表现出超额回报；2）行业层面，不同属性的行业板块都能有变现，既有消费医药，也有很多景气度处于上升通道中的新能源、军工等制造业；3季度期初基本是2季度的延续，以新能源为代表的部分成长性行业又在产销数据、政策利好预期的推动下大幅上涨；但到9月份，在电力紧缺、各地方持续限电的背景下，大多数行业都出现持续下跌，市场资金又快速集中到最上游的原材料板块。到了4季度 ，市场又呈现出震荡上涨、板块轮动和分化加大的格局，部分三季度超额收益高的上游原材料板块受限电能耗政策调整的影响出现大幅下跌，而以地产链为代表的部分前期超额收益不佳的板块又受政策利好预期影响出现大幅上涨。回顾上述四个季度的市场表现，我们可以感受到市场的波动会超出期初的预期，包括宏观中观微观的政策影响较多（地产政策、互联网监管、能耗政策等）、市场投资者结构日趋复杂（风险收益特征不同的资金占比提升，包括绝对收益产品、量化产品等）。我们要承认这些因素大部分都超过事先我们的准备计划，2021年多项变量的出现对投资的影响都是超出历史分析框架。在此，本管理人希望重复之前财报里所写的一句话：“更注重长期。市场短期总是会出现各种预期的扰动，类似限电、地产冲击等，投资人需要在短期和长期里不断审视、检讨并更新自己的投资逻辑，每一次短期扰动都是对自己投资标的的试金石。只有把长期想清楚，才能在不断的市场波动中有清醒的定价能力”。换言之，历史是不断重复，但历史从来不是简单重复，每一次的变化都呈现出不一样的面貌。基金管理人更需要做的是动态平衡，事先研究清楚建立一个长期的、大概率可能出现的价值成长路径，这条路径是用来对抗短期波动；同时，事中保持心态开放，不断接受新信息，去芜存菁。唯有这样，才能把定价能力留在自己的手里，而不是交给短期难以捉摸的市场先生。结合到组合的实际操作，2021年组合的换手进一步降低，本质是对社会发展的趋势、上市公司的竞争力理解越来越深。从全年维度看，组合整体低配消费医药，超配在以新能源、军工、机械、资源品等为主的成长性行业，并在四季度增配了汽车零部件、国产化空间大的科研仪器设备等品种。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:50.038Z","mo":"2022年市场存在以下一些与之前不同的宏观变量值得观察：1）中国市场，经济下行压力与偏宽松的政策环境共存，股票市场预计会不断在企业盈利增速和估值两个维度摆动，这对市场的板块结构、参与者心态构成扰动；2）美国市场，加息从预期进入正式通道，市场的预期差异在于加息次数，以及对美国经济后续发展的分歧。除此之外，2022年的全球原材料领域价格处于高位，这也构成了投资者对通胀预期的担忧，这些是否会传导到政策环境的变化也尚需观察。上述变量都是过去3年市场投资者碰到较少的，对不同属性的资产定价逻辑可能都有影响。整体而言，我们还是以不变应万变，2022年更看重资产的安全边际（持续降低估值容忍度），考虑因素会更加全面（例如中游对上游原材料的转嫁能力等）；在大的方向上，首先要避免内卷，我们会越来越对全社会的高光行业持更严苛的投资标准，因为这类行业总会吸引各种社会资本涌入，如果壁垒不高的话，供给格局恶化总会快于期初的投资预期；反之，我们会更加关注一些不显山露水但实则经营很舒服的细分行业，我们对这类公司看中的就是其在细分领域里的定价权，越没人愿意长期经营的行业可能回报率越高；其次，我们也会不断扩充自己的视野，不仅在一些中游高壁垒制造业，也会去观察过去2年调整幅度较大的部分消费品、医药领域中是否存在走出深坑的公司，以及上游原材料领域中是否存在“剩者为王”的投资机会。","fund":{"_id":3000000010697,"__csrcFundId":8652,"stockCode":"010697","shortName":"国联行业先锋6个月持有混合(010697)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10697,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:26:56.947Z","status":"normal","name":"国联行业先锋6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联行业先锋6个月持有混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":1200564149.5,"setUpShares":1200564149.5,"pinyin":"glhyxf6gycyqhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"},{"stockCode":"j101020322","stockType":"fund_manager","exchange":"fm","tickerId":1811256970,"name":"戎凯"}]},"announcement":{"linkText":"中融行业先锋6个月持有期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=712695","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecde27fea5b3eb04e1495","date":"2021-09-29T16:00:00.000Z","stockId":3000000010697,"sao":"本报告期内，整体市场呈现出先涨后跌、板块快速轮动切换的特征，消费品相关的部分品种在季度初调整幅度较大，而以新能源为代表的部分成长性行业又在产销数据、政策利好预期的推动下大幅上涨；但到9月份，在电力紧缺、各地方持续限电的背景下，很多行业都出现持续下跌，市场资金又快速集中到最上游的原材料板块。回顾三季度表现，我们组合在7-8月超配的以新能源、军工、机械、资源品等为主的行业获得不错超额收益，但在9月份限电预期的影响下也出现调整。展望未来，我们要想的是如何应对高波动的市场。随着量化高频短线交易占比的提升、互联网信息快速传播导致趋同效应扩散、疫情给宏观经济与政策冲击等多因素的共振，预计会给A股市场的带来较为频繁的波动，每个投资人需要根据自己的资金久期属性、投资目标去平衡收益与波动。于本管理人而言，我们的投资目标是希望在承受中等波动率的基础上找到有长期不错成长性的投资标的。因此，我们“对抗”波动率的现实途径，可能只有用长期的“不变”去应对短期的“快变”。长期的“不变”，本质就是我们如何去找到在1-2年甚至更长时间内可持续难逆转的产业趋势，以及受益这一趋势的优质公司；除此之外的其他信息，可能都只是噪音扰动。通过调研交流，当前我们对一些大的产业趋势有以下一些思考：1）国家层面的“安全”需求。随着国家实力壮大、内循环意识的社会共识形成，这种国家“安全”需求表现为多种形式，一是工业体系的供应链安全，除了芯片之外，其他卡脖子的核心材料、器件、设备等，很多从G端（政府）不断走向B端（企业自发），我们认为这会带来制造业供给端的长周期突破；二是对外的国防工业安全，从大国历史经验看，未来没有军事能力保障的大国是很难有独立自主的经济发展模式，我们看好国防需求的长周期持续性。2）双碳+能耗控制，我们认为可能会改变很多产业的发展趋势与格局。2021年是双碳政策的首年，我们总结未来趋势应该是全社会电气化率提升、电力行业脱碳，这对新能源相关产业（电动车、光伏、风电等）的需求拉动是非常大的；同时，我们看到随着电力的商品属性回归，低电价时代或应结束，未来电力密集型行业的成本压力会抬升，低电耗的公司未来有望在新一轮的产业竞争中胜出，受益这个方向的公司也是我们持续关注研究的品种。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:50.035Z","fund":{"_id":3000000010697,"__csrcFundId":8652,"stockCode":"010697","shortName":"国联行业先锋6个月持有混合(010697)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10697,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:26:56.947Z","status":"normal","name":"国联行业先锋6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联行业先锋6个月持有混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":1200564149.5,"setUpShares":1200564149.5,"pinyin":"glhyxf6gycyqhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"},{"stockCode":"j101020322","stockType":"fund_manager","exchange":"fm","tickerId":1811256970,"name":"戎凯"}]},"announcement":{"linkText":"中融行业先锋6个月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=653041","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecde27fea5b3eb04e1494","date":"2021-06-29T16:00:00.000Z","stockId":3000000010697,"sao":"A股市场在1季度经历先涨后跌的大幅波动，部分大市值蓝筹股被市场高度关注，估值提升幅度较大，但后续又快速急速杀跌，再次说明市场的阶段性情绪容易过度波动；2季度市场特征有所差异，在良好流动性预期的支撑下，A股市场整体表现不错，呈现出以下市场特征：一是有比较鲜明产业趋势的行业涨幅较大，如医药、新能源、白酒、体育用品、芯片等板块；二是市值结构层面更加均衡，一些业绩成长性良好的中盘市值公司股票也表现出超额回报，市场的投资机会更加多元化。本基金的投资框架未变，根据对社会发展趋势的观察，恪守管理人自身的能力圈，尽量不参与自身认为被高估的品种，重点梳理了三个未来有长期持续性的大方向并予以战略聚焦，一是科技制造业，包括新能源、半导体、进口替代空间大的核心材料器件设备等，二是与新一代年轻人消费高度相关的新兴消费品，三是与老龄化相关的医疗健康。我们认为上述每个方向都处在快速发展变化过程中，投资机会众多，值得重点深入研究。组合的构建将紧密围绕以上社会方向，寻找有竞争力的公司，维持组合的生命力。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:50.032Z","mo":"应该说，我认为当前中国市场的投资机会可能是历史上最好的，但我们希望未来会更好。这种强烈信心可能和不少自上而下宏观投资者的判断差别很大；的确自上而下观察，杠杆率问题、国际地缘风险、货币流动性、地方政府偿债能力等等，似乎都是有眼球吸引力的标题，但站在权益市场投资者角度看，我们更看重的是企业盈利和现金流的持续增长，我们的信心根基来自于观察到的非常多的企业盈利扩张前景。这种盈利扩张前景，可能是来自于以下值得乐观的长期方向：1）中国正在发展建立全世界最齐全的工业门类、产业链纵深一体化的制造业体系；2）全球经济体都在为碳减排做史无前例的努力；3）中国正在经历大规模的老龄化，供需两端在为这个人口趋势做准备；4）中国年轻的消费群体民族认同感在不断提升，对民族品牌的支持力度在提升；5）中国的各行业企业在经历堪比上一轮互联网红利的数字化信息化浪潮，即所谓的产业互联网。围绕上述我们对社会发展趋势的理解，我们组合在中期维度会聚焦关注三个属性的大方向：1、科技型制造业。从行业属性看，包括新能源、汽车、半导体、国产化空间大的核心材料/器件/设备等。市场对以上\"赛道\"的共识度已很高，我们要做的就是继续关注跟踪变化。从最近变化看，上述行业的产业链深度和广度、终端需求扩容对其他环节拉动的幅度都超过我们预期，这些都是值得我们继续持续挖掘投资机会的方向。2、新消费。新消费的特点在于：1）品类全新，很多品类都是第一次进入消费者购物车，起点较低；2）渠道全新，与传统消费品需要努力铺满线下渠道不同，很多新消费公司出道就是巅峰，借助发达的移动互联网，完成线上线下的多点扩张，实现收入曲线的几何级数增长；3）品牌营销能力全新，我们观察到不少新消费品的故事叙述能力很独特，会跟消费者进行不一样的沟通。在中国由储蓄型社会慢慢向消费型社会迁移的过程中，我们相信未来还会有不少独特的新消费公司值得关注。3、医疗健康。中国的创新药、医疗器械、医疗服务市场正在迈入历史上最好的时代，未来还会有众多的医药类公司要进入资本市场，这是繁荣的象征。所以，我们需要努力在一个如此庞大的产业里建立我们有深度的认知体系，抓住能长大的企业并耐心持有。略作补充，围绕近期政府出台的一系列针对个别行业的监管政策，我们对所谓的“价值投资”里的价值有了更具体的思考。我们关注的所谓股票价值，是由企业的社会价值、商业价值、股东价值三个层面共同依次组成，且三位是高度一体；着重强调的是，我们考察一个企业，会把社会价值当成第一性原理。我们定义的社会价值，即这个企业的存在，是不是在让社会变得更有效率？是不是解决了一些之前没有被解决的问题？是不是通过提供更好的商品，而让人们的生活变得更加健康美好？我们认为这些出发点应该是符合未来全球投资市场里越来越被重视的ESG原则，我们会坚持这些原则。","fund":{"_id":3000000010697,"__csrcFundId":8652,"stockCode":"010697","shortName":"国联行业先锋6个月持有混合(010697)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10697,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:26:56.947Z","status":"normal","name":"国联行业先锋6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联行业先锋6个月持有混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":1200564149.5,"setUpShares":1200564149.5,"pinyin":"glhyxf6gycyqhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"},{"stockCode":"j101020322","stockType":"fund_manager","exchange":"fm","tickerId":1811256970,"name":"戎凯"}]},"announcement":{"linkText":"中融行业先锋6个月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=632956","linkType":"PDF","source":"csrc_pdf"}}]}