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　　我们今年上半年主要增持了军工、农业、传媒、医药、半导体等行业，主要减持了电新、机械、通信、消费电子等板块。","declarationDate":"2025-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:35.583Z","mo":"我们基于中长期产业视角，最看好AI应用、创新药、部分新消费以及核聚变，但投资层面需密切关注产业演进以及估值匹配度。具体来说：　　1）AI应用：未来2-3年维度最确定的产业趋势。但今年仍属于产业培育和导入期，格局不清晰，更适合逐步提高板块仓位。　　2）创新药：今年基本面和股价表现最为匹配的强势板块。上市biotech近两年加速进入收获期，年初以来尽管积累了较大涨幅，但估值并未泡沫化，仍有可能是未来半年到一年最为确定的板块。　　3）消费：非整体性机会，结构性机会在于部分思路转变较快的消费品公司（给消费者提供情绪价值或性价比产品）。今年上半年其市场表现和当期景气度高度相关，但部分高景气消费行业估值越来越贵，需要更谨慎的甄别。　　4）制造：光伏等可再生能源需求端开始面临较大压力，未来能源关注核聚变的产业进展。","fund":{"_id":3000000010885,"__csrcFundId":8581,"stockCode":"010885","shortName":"长盛优势企业混合(010885)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10885,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:32:33.329Z","status":"normal","name":"长盛优势企业精选混合型证券投资基金","exchange":"jj","followedNum":4,"inceptionDate":"2021-02-01T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛优势企业混合","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":2904464648.85,"setUpShares":2904464648.85,"pinyin":"csysqyjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛优势企业精选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=1349940","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece0f7fea5b3eb04e4600","date":"2025-03-30T16:00:00.000Z","stockId":3000000010885,"sao":"今年一季度市场整体表现较好：市场指数中，科创各指数及中小盘指数相对更优；行业指数中，汽车、机械、计算机、传媒在人形机器人和AI应用的带动下涨幅较大，同时有色、钢铁等周期行业也表现不俗。　　我们仍然最为看好AI产业链（尤其是下游应用和端侧硬件）和大消费的全年机会，因此一季度我们主要增持了传媒、电子、纺服、医药等行业标的，减持了电新、机械等中游制造业公司以及前期累计涨幅较大的通信行业。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:35.580Z","fund":{"_id":3000000010885,"__csrcFundId":8581,"stockCode":"010885","shortName":"长盛优势企业混合(010885)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10885,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:32:33.329Z","status":"normal","name":"长盛优势企业精选混合型证券投资基金","exchange":"jj","followedNum":4,"inceptionDate":"2021-02-01T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛优势企业混合","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":2904464648.85,"setUpShares":2904464648.85,"pinyin":"csysqyjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛优势企业精选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=1272734","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece0f7fea5b3eb04e45ff","date":"2024-12-30T16:00:00.000Z","stockId":3000000010885,"sao":"2024年权益市场低开高走，全年表现较好，且机会多元，涨幅排名前五的行业指数既包括银行、非银、家电等周期（伴随高分红）行业，也包括电子、通信等科技行业。上半年周期及红利板块表现更好，下半年科技板块相对较优。　　本基金上半年主要增持了消费电子、半导体、IDC、新能源、工程机械等行业相关公司，相对降低了光模块、通信/电力运营商的持仓比例。下半年尤其是Q4主要操作为：1）AI相关TMT各行业中，逐步降低了IDC、光模块等上游持仓权重，提高了下游应用和终端硬件的持仓比例。2）较大幅度增加了食品饮料、农业等消费行业权重。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:35.578Z","mo":"展望2025年，我们对整体权益市场较为看好，产业推动是市场表现的最大驱动力，其中两大产业最为值得关注：　　一是全球AI产业的持续推进，整个AI产业趋于正向循环，其投资范围也将更加丰富与多元。随着大模型的不断进化，下游应用和终端硬件将进入蓬勃兴起阶段。而应用端的需求爆发也将助力上游算力资本开支继续维持较高水平。　　二是国内消费行业的投资吸引力大幅提升。首先越来越多的消费品上市公司开始转变思路，主动求变，拥抱新的消费潮流和环境；其次以旧换新等消费政策对相关品类将带来不同程度的销量拉动；最后消费行业估值分位数在所有板块中处于较低水平。","fund":{"_id":3000000010885,"__csrcFundId":8581,"stockCode":"010885","shortName":"长盛优势企业混合(010885)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10885,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:32:33.329Z","status":"normal","name":"长盛优势企业精选混合型证券投资基金","exchange":"jj","followedNum":4,"inceptionDate":"2021-02-01T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛优势企业混合","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":2904464648.85,"setUpShares":2904464648.85,"pinyin":"csysqyjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛优势企业精选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=1254087","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece0f7fea5b3eb04e45fe","date":"2024-09-29T16:00:00.000Z","stockId":3000000010885,"sao":"今年三季度，市场在相对低迷了两个多月之后，于季度末迎来了巨大幅度的上涨，市场风险偏好也得到了明显提升。　　我们看好本轮市场持续性：1）行情启动时，估值起点处于历史极低位置。目前绝大多数行业PB仍处于五年、十年均值下方。2）全球货币进入新一轮宽松周期。3）最为重要的是，我们看好未来基本面在政策和企业部门、居民部门行为共振之下持续向好。　　行业结构上，我们倾向于认为：　　1）第一梯队：新能源、医药、消费电子为代表的成长类核心资产。这类行业中长期需求端空间大，且供给端持续创新，估值尚处于低位。　　2）第二梯队：上游、中游顺周期品种。中游前期两头受压制，后续随着需求端修复，价格传导能力有望提升，且PB估值分位数较低；上游有色等品种商品价格和盈利今年来保持较好，PB估值在上游各板块中最优。　　3）第三梯队：下游消费。短期估值快速修复但仍处于较低分位，不过消费基本面的变化是慢变量，更倾向于自下而上选择细分领域或个股，短期最看好家电行业景气度。　　报告期内，我们提高了新能源、消费电子、家电和部分上游、中游顺周期品种的权重，降低了电力及通信运营商、半导体的权重。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:35.575Z","fund":{"_id":3000000010885,"__csrcFundId":8581,"stockCode":"0108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"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛优势企业精选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=778743","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece0f7fea5b3eb04e45f4","date":"2022-03-30T16:00:00.000Z","stockId":3000000010885,"sao":"今年一季度，市场面临的外部冲击的确超出预期，俄乌冲突加剧了全球通胀，疫情则让国内经济增长的稳定承受更大的压力。权益市场，尤其是成长类行业在一季度出现了较大幅度的回撤。面对难以评估的不确定性，我们在保持行业均衡结构的同时降低了组合股票仓位。  站在当前展望未来，我们认为尽管宏观环境的不确定性仍未消除，但估值大幅收敛的权益资产在中长期已经值得期待。同时相比周期品而言，个人依旧更看好成长行业的未来。  诚然，俄乌冲突让逆全球化似乎成为了当前难以逆转的趋势，高企的原料成本以及反复的疫情虽然进一步压制了需求的复苏，但疫情和逆全球化的预期让供给端的资本开支更大程度放缓，通胀的延续一定程度上成为了市场的共识。不过，在商品价格高位去大量持有相关股票并不符合我们的认知，尤其在成长行业估值已经快速回落的阶段。  在此前的年度投资策略里面，我们提出最看好新能源和医药行业，目前仍然维持。此外，电子、军工、汽车零部件也已经拥有大量此前估值较贵，目前逐步合理的标的可供研究。当然，我们对于成长公司的认识和挖掘并不局限于某几个赛道，希望在估值的相对低位能够寻找到一批具备持续成长能力的细分领域头部公司。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:35.547Z","fund":{"_id":3000000010885,"__csrcFundId":8581,"stockCode":"010885","shortName":"长盛优势企业混合(010885)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10885,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:32:33.329Z","status":"normal","name":"长盛优势企业精选混合型证券投资基金","exchange":"jj","followedNum":4,"inceptionDate":"2021-02-01T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛优势企业混合","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":2904464648.85,"setUpShares":2904464648.85,"pinyin":"csysqyjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛优势企业精选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=726577","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece0f7fea5b3eb04e45f3","date":"2021-12-30T16:00:00.000Z","stockId":3000000010885,"sao":"2021年开年延续了2020年的风格，成长类核心资产估值继续扩张。但春节之后，市场发生了巨大变化，周期品股价跟随商品价格大幅上涨，而成长类头部公司大幅回撤。二季度开始，消费、新能源先后企稳反弹。三季度又再度分化，随着消费品盈利端压力显现以及医药政策环境预期的恶化，食品饮料、医药为代表的消费行业表现低迷；而新能源车、半导体、军工在行业高景气度的加持下表现亮眼。四季度整体市场方向性并不明确，新能源、大众消费品、电子等成长性行业在季度内均有所波动：新能源在10、11月份延续此前强势，但12月份回撤较大；大众消费品则随着各细分行业头部公司密集提价迎来一段估值修复；汽车电子和消费电子也分别在汽车智能化和元宇宙的浪潮下表现活跃。本基金于2021年初成立，我们采取了较为谨慎的建仓策略，Q2末仓位40%左右，Q3末仓位达到80%以上，建仓完成。行业分布上则较为均衡，持有比例相对较高的行业包括新能源、电子、医药等。","declarationDate":"2022-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:35.542Z","mo":"往2022年展望，从宏观经济三驾马车出发，我们认为：1）投资：基建一季度到上半年最为确定；制造业投资整体景气度大概率不如过去一年半；地产投资仍低位徘徊。2）消费：目前最担心的一环，收入-消费的负反馈机制也许在强化，以大众消费品为例，2021年行业头部公司更多是盈利能力下滑，其中有很多一次性或阶段性因素，但2022年收入端的压力更值得让人担忧。3）出口：也许会最超预期，随着全球工业体系的逐渐恢复，我国卓越的供应链体系的比较优势或许会有所下降，但2021年海运费高涨以及滞港率高企实际上较大程度伤害了海外需求，海运一旦缓解对我国出口产品的需求拉动很有可能超出预期。2022年开年的市场波动的确有些超出预期，但我们认为今年至少会是一个中性市场，对于下跌之后的市场我们会更加乐观一些，尤其是对于估值大幅收敛的成长类行业和公司。行业角度我们最为看好新能源和医疗器械，其次电子、军工、汽车零部件，对于基建、地产的持续性以及消费的修复相对悲观。","fund":{"_id":3000000010885,"__csrcFundId":8581,"stockCode":"010885","shortName":"长盛优势企业混合(010885)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10885,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:32:33.329Z","status":"normal","name":"长盛优势企业精选混合型证券投资基金","exchange":"jj","followedNum":4,"inceptionDate":"2021-02-01T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛优势企业混合","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":2904464648.85,"setUpShares":2904464648.85,"pinyin":"csysqyjxhhxzqtzjj","managers":[{"stockCode":"8801402031","stockType":"fund_manager","exchange":"fm","tickerId":711157050,"name":"郭堃"}]},"announcement":{"linkText":"长盛优势企业精选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=713836","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece0f7fea5b3eb04e45f2","date":"2021-09-29T16:00:00.000Z","stockId":3000000010885,"sao":"三季度市场指数波澜不惊，但结构分化较大：食品饮料、医药等为代表的成长行业在Q3经历了大幅回撤；而大多数周期品在“能耗双控”背景下，股票价格跟随商品价格一同快速向上。我们在中报时对短期市场感到谨慎，此刻总结反思，对于成长类行业“eps端继续超预期的难度较大，而PE端仍面临相对高估、短期难以继续扩张的问题”的判断似乎在三季度有所验证，但对于周期行业现阶段面临的强供给约束及其展现的价格弹性则预期不足。站在当下展望四季度及明年，我们对市场，尤其是成长行业变得更乐观一些：受到疫情、高基数及部分政策预期影响的消费、医药等行业由于股价的大幅回撤，估值已经变得合理甚至低估；新能源等表现较好的成长行业依然在延续其火爆的产业趋势，而这些趋势甚至变得更加确定。对于大多数周期行业，需求-价格曲线趋于失灵，供给端成为了唯一的博弈因素。如果大范围的限电限产持续，产量将大幅收缩；而一旦政策放松，价格逻辑又会随之松动。因此高位之下，个人对上游仍保持谨慎。基于市场演绎及以上判断，我们在三季度逐渐提高了本基金的股票仓位。结构上，三季度前期增加了周期行业的相对权重，而在三季度后期则主要加仓了食品饮料、医药、TMT等成长行业。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:35.534Z","fund":{"_id":3000000010885,"__csrcFundId":8581,"stockCode":"010885","shortName":"长盛优势企业混合(010885)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10885,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:32:33.329Z","status":"normal","name":"长盛优势企业精选混合型证券投资基金","exchange":"jj","followedNum":4,"inceptionDate":"2021-02-01T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","masterFundShortName":"长盛优势企业混合","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":2904464648.85,"setUpShares":2904464648.85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