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在基金操作上，为了应对市场波动加大与板块轮动加快的趋势，我们操作策略是坚持以中长期视角挖掘符合社会需求与发展的产业方向（包括但不限于中国消费品牌、工业互联网、新能源产业链、创新医疗技术等新消费、新制造、新科技领域），从中提取发展路径正确、研发和管理效率优异的企业，成为长期基础持仓，并根据产业景气周期和企业护城河的边际变化进行调整。而在短周期，上半年我们增配了出口板块和创新药板块。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:10.836Z","mo":"展望2024年下半年，虽然部分行业产能过剩问题依旧存在，但考虑整体库存由去转补、居民可支配收入增速修复、政策支持力度加码等因素，我们判断全年经济节奏相对平稳，宏观指标整体上半年回升，下半年平稳，A股盈利增速下半年开启修复。外部变量因素上，全球处于大选年，地区性冲突持续演变，政经不确定性可能加大，但也蕴藏机遇；美国已经明确停止加息且可能提前降息，美债利率的波动空间打开，强相关资产存在收益趋势；AI、机器人、生命科学等关键领域技术进步可期，相关产业链会不断演绎。国内货币政策和产业扶持政策会相对稳定，在结构上预计会对“新产业”和“新动能”方向上进行支持，补短板和打造产业集群同时进行。主要从三个维度挖掘投资标的：（1）社会需求的变化：新技术和供给端对社会需求的创造性开发，社会本身衍变（包括人口年龄结构变化、核心消费人群文化认知变化等）带来的需求更替，疫情和全球产业分工变化带来的需求重塑等，需要敢于打破已有共识，前瞻性演绎和判断；（2）正确的产业升级路径：从低端到高端、从零部件到整机、从单品到平台、从成本优势到技术优势，逐步从进口替代到国产领先，需要复盘海外历史，学习行业标准，揣摩前沿趋势；（3）持续的企业护城河拓宽：克服内卷、持续创新、自主出海是我们衡量企业是否维持竞争力的结果指标，而内核是对企业家精神和经营各环节效率的判断。一如既往地，为持有人创造稳健良好的中长期收益回报是我们永远不变的目标。在追求收益的同时，我们将持续关注风险与价值的匹配度，做好风险控制。","fund":{"_id":3000000011042,"__csrcFundId":8841,"stockCode":"011042","shortName":"国泰价值先锋股票(011042)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11042,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:37:09.919Z","status":"normal","name":"国泰价值先锋股票型证券投资基金","exchange":"jj","followedNum":2,"inceptionDate":"2021-03-08T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰价值先锋股票","setUpDate":"2021-03-08T16:00:00.000Z","setUpAssetScale":1937568651.35,"setUpShares":1937568651.35,"pinyin":"gtjzxfgpxzqtzjj","managers":[{"stockCode":"8801605544","stockType":"fund_manager","exchange":"fm","tickerId":2325185760,"name":"王阳"},{"stockCode":"db20878417","stockType":"fund_manager","exchange":"fm","tickerId":172424220420,"name":"邱晓旭"}]},"announcement":{"linkText":"国泰价值先锋股票型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1147744","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece327fea5b3eb04e6d39","date":"2024-03-30T16:00:00.000Z","stockId":3000000011042,"sao":"回顾2024年一季度，年初微小盘股闪崩给市场蒙上一层阴影，美联储降息延迟和中美产业关系紧张（生物安全法案、汽车零部件加关税等）也打击了市场的风险偏好，使得“哑铃型”资产配置的范围进一步收窄。然而，还是我们一直强调的办法总比困难多，随着央行超预期降息、万亿超长期特别国债、两会召开等等事件接连落地，市场信心得到有效的恢复，叠加消费和出口数据持续复苏，我们相信市场底部已经明确，机会大于风险。 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