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目前A股的整体估值已经降至2018年底的底部水平，以“新半军”为代表的新兴产业动态PE也降至历史新低，市场对这些成长产业的竞争格局以及渗透率空间等的担心较大的压制了板块估值，而这些新兴产业至少看未来2-3年仍具有很强的成长能力，一些细分赛道仍处于渗透率提升的初期。本基金三季度继续聚焦在电力设备、化工、汽车、机械等高景气成长方向，从长期成长的角度出发，寻找竞争格局良好、兼具成长性和估值优势的个股。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:13.353Z","fund":{"_id":3000000011340,"__csrcFundId":8703,"stockCode":"011340","shortName":"博时战略新材料主题混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11340,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:28.213Z","status":"normal","name":"博时战略新材料主题混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-01T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时战略新材料主题混合","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":279872916.82,"setUpShares":279872916.82,"pinyin":"bszlxclzthhxzqtzjj","managers":[{"stockCode":"db20894364","stockType":"fund_manager","exchange":"fm","tickerId":2308233400,"name":"王晗"}]},"announcement":{"linkText":"博时战略新材料主题混合型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=805740","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece717fea5b3eb04eb378","date":"2022-06-29T16:00:00.000Z","stockId":3000000011340,"sao":"上半年国内外经济有很多意外发生，A股市场起伏很大，但总体上仍是按照经济情况进行表现。一季度受地产持续暴雷和疫情加重影响，国内经济预期不断下修，叠加欧洲政治军事冲突和海外高通胀影响，A股整体下行，市场重心在于政府“稳增长”政策，地产基建及煤炭等相关行业表现相对较好，而以新能源为代表的成长方向受政策偏好和海外利率冲击等因素出现大幅下行。4月上海疫情超预期严重又进一步加剧了这一分化。5月后上海疫情逐步好转，宏观经济预期又从底部开始逐步上修，并在6月底大致修复到3月初疫情发生前的水平。与之相应的，沪深300指数也从底部逐步回升到接近3月初的位置。 从结构看，5/6月经济预期虽然环比修复，但市场对地产面临的复杂困境理解加深，对经济复苏的高度抱有迟疑，因此与宏观经济关联度较高的地产基建以及消费估值被压制，而与经济关联度较低且最先受益于疫情恢复的先进制造业成为市场的主力突破口，以新能源为代表的成长股反弹显著。  上半年本基金主要聚焦在两个方向，一是成长方向，本基金在二季度重点增持了电力设备、化工、汽车、机械等高景气成长方向的核心标的。二是通胀方向，本基金继续保持了上游资源品相关持仓，主要在分布在石化和化工等行业。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:13.351Z","mo":"展望下半年，国内经济最大的压力仍来自于房地产，巨额债务化解难度较大，地产传统的融资和投资链条已经失效，旧有的地产开发模式面临重构。另一方面，随着利率的下降，政策逐步宽松，购房需求仍然存在。政府需要在短期经济、民生、中长期目标等等方面进行复杂的政策平衡。虽然地产压力持续存在，但我们对下半年经济也并不悲观。首先国内的财政与货币政策将确定性保持宽松。随着专项债发行加快，基建有望继续提速，出口也有望保持韧性。同时疫情虽有反复，但国内应对措施明显更加成熟，对经济的影响也将明显小于上半年。我们预期下半年经济将呈现低位逐步复苏的态势。在经济低位企稳回升但复苏高度受明确约束的背景下，预计国内资本市场仍将保持活跃且以成长为主。虽然5/6月已经有较多反弹，但与经济总量相关度较小的高景气成长方向可能仍是市场主要方向，一些新的产业趋势将受到追捧，这会是我们下半年配置的主力方向。同时我们会继续在通胀方向保持仓位，海外冲突的长期化可能重塑一些行业的长期供需格局。","fund":{"_id":3000000011340,"__csrcFundId":8703,"stockCode":"011340","shortName":"博时战略新材料主题混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11340,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:28.213Z","status":"normal","name":"博时战略新材料主题混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-01T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时战略新材料主题混合","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":279872916.82,"setUpShares":279872916.82,"pinyin":"bszlxclzthhxzqtzjj","managers":[{"stockCode":"db20894364","stockType":"fund_manager","exchange":"fm","tickerId":2308233400,"name":"王晗"}]},"announcement":{"linkText":"博时战略新材料主题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=785795","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece717fea5b3eb04eb377","date":"2022-03-30T16:00:00.000Z","stockId":3000000011340,"sao":"一季度国内外市场变化很大。国内地产数据持续低迷，叠加疫情反复，使得宏观经济预期不上反下，直接影响国内市场信心。海外通胀高企利率抬升，叠加欧洲政治军事冲突使得大宗商品供应风险加大，也加大了市场整体估值的压力。另一方面，以新能源为代表的新兴产业总体保持了较高的需求景气度，短期看虽存在缺锂缺硅补贴等负面制约，但从1年维度来看都不是问题。从政策面看，宽松方向明确，经济压力之下，后续一定还会有相关稳增长政策出台，宏观经济预期的逐步企稳和上修会是未来几个月市场的主要支撑。A股会阶段性地会根据经济复苏的进度而有所侧重。基于以上判断，一季度本组合重点投资两个方向，一是从国内稳增长和全球供应链角度，配置上游原材料行业。二是从全年维度来看，后期经济预期修复，高景气新兴产业也将有较大的估值修复甚至扩张的机会。即组合重点配置两头：上游周期如化工有色等和新能源如电动车光伏电子等。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:13.348Z","fund":{"_id":3000000011340,"__csrcFundId":8703,"stockCode":"011340","shortName":"博时战略新材料主题混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11340,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:28.213Z","status":"normal","name":"博时战略新材料主题混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-01T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时战略新材料主题混合","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":279872916.82,"setUpShares":279872916.82,"pinyin":"bszlxclzthhxzqtzjj","managers":[{"stockCode":"db20894364","stockType":"fund_manager","exchange":"fm","tickerId":2308233400,"name":"王晗"}]},"announcement":{"linkText":"博时战略新材料主题混合型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=725241","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece717fea5b3eb04eb376","date":"2021-12-30T16:00:00.000Z","stockId":3000000011340,"sao":"2021年贯穿全年最大的主线无疑是碳中和，不仅推动了新能源产业的发展，将能耗双控推到了极致，也创造了历史新高的PPI-CPI剪刀差。 站在2021年尾声回顾全年经济形势，大体是前高后低的形态，上半年较好的经济表现得益于出口强劲和地产韧性，而从下半年开始，碳中和和地产调控政策对经济增长的负面影响开始凸显：严格的能耗双控政策和电力紧张导致煤炭、电解铝等上游原材料大宗商品价格暴涨，不断侵蚀中下游的利润；另一方面，地产企业资金链在政策压力下不断恶化并导致了一系列的债务危机，并对经济整体产生了非常大的负面影响，并最终导致21年四季度的GDP增速降至4%的低位。 资本市场全年表现与政策和经济基本面基本一致。年初市场还是延续2020年风格，聚焦在以周期复苏与核心资产上，随之在两会后“双碳”主线浮出水面，伴随着能耗双控、缺煤限电、电动车自主品牌等并不断向相关领域扩散，电力设备、汽车、煤炭、钢铁、化工等行情不断演绎，一直到延续至四季度。除碳中和与新能源外，2021年也出现了一些新的产业趋势，包括半导体、VR、汽车自主品牌和零部件等。总体而言，2021年的A股市场精彩纷呈，本基金于2月成立，总体在周期和新能源板块的配置为组合带来较好收益，但在一些长久期资产上出现了较多损失。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:13.346Z","mo":"展望新的一年，我们仍然有较多期待。首先，政府显然已意识到经济下行压力之大， 2021年底召开的中央经济工作会议明确将经济增长定为22年的主导目标，政策明确进入宽松周期，财政和货币政策将同时发力以推动经济增长，后期随着经济预期逐步上调，顺周期板块有表现机会。 对于成长方向，首先碳中和政策重新调整为“不毕其功于一役”，22年新能源相关板块可能会有较大分化，投资难度有所加大，但一些高壁垒环节和瓶颈环节仍有较明确的产业趋势。此外，半导体、新材料、智能汽车、先进制造等新兴产业也在快速发展，随着经济企稳，这些长期成长方向也有非常多的投资机会。 总体而言，22年我们会结合政策重点、中观行业景气、长期行业空间和格局等，适度均衡，按照长期成长的逻辑去进行行业和个股的投资。","fund":{"_id":3000000011340,"__csrcFundId":8703,"stockCode":"011340","shortName":"博时战略新材料主题混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11340,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:28.213Z","status":"normal","name":"博时战略新材料主题混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-01T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时战略新材料主题混合","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":279872916.82,"setUpShares":279872916.82,"pinyin":"bszlxclzthhxzqtzjj","managers":[{"stockCode":"db20894364","stockType":"fund_manager","exchange":"fm","tickerId":2308233400,"name":"王晗"}]},"announcement":{"linkText":"博时战略新材料主题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=709541","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece717fea5b3eb04eb375","date":"2021-09-29T16:00:00.000Z","stockId":3000000011340,"sao":"三季度A股市场分化进一步加大，上游周期板块和新能源板块大幅上涨，而消费医药家电等继续下跌。市场表现与各行业景气度基本相符。三季度PPI进一步走高，供给侧改革和碳中和政策限制下，上游能源行业投资不足，高耗能行业被严格限制，而今年以来制造业和整体居民和工业用电需求都保持较好增长，整个上游能源和工业品价格涨幅较大，也超出我们之前的预期。相应的股票表现也非常突出。 同时，新能源产业发展持续超预期，8月中国和欧洲电动车渗透率均超过20%，速度之快大超年初预期；风电随着成本的大幅下降，招标数据也显著改善；光伏在分布式和整县推进带动下也持续较快增长，而产业链似乎并未对高增长做好准备，需求高增导致一些原材料缺口显著放大，产业链价格大幅上涨，三季度电动车和光伏板块上游的表现要显著好于中下游。 在此背景下，本基金三季度在新能源、半导体和周期板块保持较高仓位，主要方向是电动车、风电、光伏、半导体、化工等。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:13.343Z","fund":{"_id":3000000011340,"__csrcFundId":8703,"stockCode":"011340","shortName":"博时战略新材料主题混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11340,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:28.213Z","status":"normal","name":"博时战略新材料主题混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-01T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时战略新材料主题混合","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":279872916.82,"setUpShares":279872916.82,"pinyin":"bszlxclzthhxzqtzjj","managers":[{"stockCode":"db20894364","stockType":"fund_manager","exchange":"fm","tickerId":2308233400,"name":"王晗"}]},"announcement":{"linkText":"博时战略新材料主题混合型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=654214","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece717fea5b3eb04eb374","date":"2021-06-29T16:00:00.000Z","stockId":3000000011340,"sao":"本基金2月份成立，之后市场明显呈现波动走势，本基金逐步建仓。在投资方向上，我们看到21年以来景气加速向上的新兴领域有新能源车、半导体、医疗器械服务、以及部分化工有色新材料等，这是我们重点买入的方向。同时像光伏、风电和军工等受政策或供需错配等因素影响短期景气处于偏低位，但长期成长空间仍充足、部分环节国产替代的空间和迫切性等都较大，对这些环节的核心企业我们也提前布局。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:13.341Z","mo":"展望下半年，我们对于A股市场环境的判断是，经济高位回落但无系统性风险，政策有望延续宽松，通胀预期与利率都趋于下行，对市场谨慎乐观。随着国家政策持续推动，部分行业逐步进入平价带来市场需求释放，以及一系列关键领域技术突破带来国产化的加速等，众多新兴领域将获得越来越明确的发展空间和投资机会。我们会继续深入跟踪包括信息技术、新能源、节能环保、军工和高端装备等方向的行业变化，积极参与中国经济转型和战略新兴产业发展的投资机会。","fund":{"_id":3000000011340,"__csrcFundId":8703,"stockCode":"011340","shortName":"博时战略新材料主题混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11340,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:28.213Z","status":"normal","name":"博时战略新材料主题混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-01T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时战略新材料主题混合","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":279872916.82,"setUpShares":279872916.82,"pinyin":"bszlxclzthhxzqtzjj","managers":[{"stockCode":"db20894364","stockType":"fund_manager","exchange":"fm","tickerId":2308233400,"name":"王晗"}]},"announcement":{"linkText":"博时战略新材料主题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=633363","linkType":"PDF","source":"csrc_pdf"}}]}