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“系统化因子挖掘与宏观逻辑约束”互补运作的方式，在量化端通过对大类因子的系统化捕捉，确保了组合在风格刻画上具备极高的透明度，并保持了归因的一致性、逻辑的连贯性；主动端则自上而下通过对宏观政策向经济现实转化逻辑的研判，在行业基准配置的基础上进行适度超配或低配。从而解决纯数据驱动模型在面对市场结构性突变时，由于历史样本缺乏相似分布而导致的泛化能力下降的问题。通过引入针对宏观政策逻辑的“先验偏置”机制，我们进一步提升了策略在样本外的适应性，并在保持超额收益稳定性的前提下，显著平滑了组合的下行风险与波动特征；三是严谨的风险预算与均衡配置。我们深知真正的超额收益并非源于对短期波动的博弈，而是源于对风险与收益关系的动态平衡。在运作中，我们各底层策略保持低相关性，收益来源多元且分散，避免单一策略风险暴露过大带来净值大幅波动。同时，我们严格控制组合相对基准的偏离度，在坚持价值底色的同时，对潜在的市场极端风险进行了规避。","lastUpdated":"2026-03-30T19:01:58.562Z","mo":"经历了2025年的整体上涨之后，A股市场的估值水平已从前期的历史低位明显修复。从主要宽基指数来看，估值分位数均已回升至历史区间的中等偏高水平，市场整体已不再处于“普遍低估”的阶段。然而，估值修复并非均匀发生，市场内部的结构性分化依然显著。一方面，以人工智能为核心的科技成长主线在2025年持续演绎，海外算力、半导体、AI应用等相关产业链在业绩预期和资金偏好的共同推动下，估值中枢明显上移。部分龙头公司在高景气预期下，其估值水平已接近甚至超过历史高位区间，对未来盈利兑现能力和行业景气持续性的要求显著提高。这类资产的波动性和分化程度未来可能进一步加大，投资回报将更多依赖于个股层面的业绩兑现，而非单纯的估值扩张。需要注意的是，部分投资者容易被阶段性强势行情所吸引，并线性外推，误认为短期高收益低回撤意味着未来可持续的高夏普比。但实际上，这种“伪高夏普”往往建立在当前高估值高预期的脆弱平衡之上，一旦市场情绪或业绩兑现出现偏差，其波动和回撤幅度可能远超预期，最终带来低夏普甚至亏损的投资结果。另一方面，传统周期板块的估值仍然处于相对低位。尽管其景气度不及新兴科技产业，但在供给格局趋稳、需求边际改善、成本压力缓解等因素推动下，部分细分行业的盈利能力正在逐步触底回升。当前这些板块的定价仍然隐含了较为悲观的预期，一旦基本面出现边际改善，估值修复和盈利修复有望形成共振，从而带来较好的风险收益比。在此背景下，我们认为，尽管市场整体估值已不具备普遍意义上的“低估优势”，但结构性机会依然丰富，A股市场中仍然蕴含着较高性价比的投资标的。随着稳增长政策持续发力、产业政策逐步落地，以及部分行业库存周期、供需格局的改善，越来越多细分领域的基本面正在出现积极变化。这种变化有望逐步反映到企业盈利预期和股价表现之中。展望2026年，随着基本面改善的行业范围逐步扩大，市场风格的极端分化有望边际收敛。一方面，高估值成长板块将更多依赖业绩兑现来消化估值；另一方面，估值处于低位、但基本面出现改善迹象的行业和个股，其吸引力将逐步提升。在这一过程中，市场的投资机会将从单一主线的集中演绎，向更加多元、更加均衡的结构性行情演变。","fund":{"_id":3000000006136,"stockCode":"006136","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-08-19T16:00:00.000Z","setUpScale":413906000,"market":"a","tickerId":6136,"custody":"中国工商银行股份有限公司","name":"广发估值优势混合型证券投资基金","shortName":"广发估值优势混合(006136)","fundSecondLevel":"hybrid","__csrcFundId":5592,"fundStatus":"normal","lastUpdated":"2026-04-30T20:01:33.005Z","masterFundFlag":1,"inceptionDate":"2018-09-20T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发估值优势混合","pinyin":"gfgzyshhxzqtzjj","managers":[{"stockCode":"db20821664","stockType":"fund_manager","exchange":"fm","tickerId":2519211790,"name":"叶帅"},{"stockCode":"j101020191","stockType":"fund_manager","exchange":"fm","tickerId":262602251360,"name":"曾质彬"}]},"announcement":{"linkText":"广发估值优势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=1448826","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9637fea5b3eb0490c1f","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000006136,"sao":"2025年三季度，市场的结构性行情演绎得较为极致，上半年维持的较为平衡的三类定价框架发生了显著倾斜：“股息率-无风险利率”框架下的红利投资明显跑输，以捕捉技术面定价偏误为主的量化投资表现中规中矩，基本面景气定价框架下的景气度投资和产业趋势投资则大放异彩。具体到行业层面，AI带动下的通信和电子行业、储能和固态电池带动下的电力设备行业、全球流动性宽松及美元走弱预期下的有色金属行业，都收获了40%以上的涨幅，位居所有一级行业前列；银行则是所有一级行业中唯一下跌的行业。具体到风格层面，价值显著跑输成长，大小盘风格差异不大。本基金在报告期内坚持价值风格的多策略投资，我们深信真正的超额收益并非来自对短期波动的精准预判，而是源于对资产定价本质的深刻理解、对策略逻辑的坚定执行，以及对风险与收益关系的动态平衡。在具体投资策略上，我们围绕“系统化Beta+独创性Alpha”的策略模式，在价值分域内，依据价值发现过程的不确定性程度、所处的赔率及胜率位置，构建深度价值、均衡价值、周期价值等多维度、低相关性细分策略。通过上述的多策略思路，构建风格透明、收益特征清晰、超额收益独特的多元化策略，捕捉更多样化的投资机会，更好地平滑组合波动。此外，我们同样重视过度偏离基准所带来的风险，因此，我们在基准配置权重的基础上做适当偏离，较严格控制偏离风险。","lastUpdated":"2026-03-09T13:21:39.640Z","fund":{"_id":3000000006136,"stockCode":"006136","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-08-19T16:00:00.000Z","setUpScale":413906000,"market":"a","tickerId":6136,"custody":"中国工商银行股份有限公司","name":"广发估值优势混合型证券投资基金","shortName":"广发估值优势混合(006136)","fundSecondLevel":"hybrid","__csrcFundId":5592,"fundStatus":"normal","lastUpdated":"2026-04-30T20:01:33.005Z","masterFundFlag":1,"inceptionDate":"2018-09-20T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发估值优势混合","pinyin":"gfgzyshhxzqtzjj","managers":[{"stockCode":"db20821664","stockType":"fund_manager","exchange":"fm","tickerId":2519211790,"name":"叶帅"},{"stockCode":"j101020191","stockType":"fund_manager","exchange":"fm","tickerId":262602251360,"name":"曾质彬"}]},"announcement":{"linkText":"广发估值优势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=1373008","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9637fea5b3eb0490c1e","date":"2025-06-29T16:00:00.000Z","stockId":3000000006136,"sao":"2025年上半年A股在“政策托底+产业突破+资金优化”驱动下夯实底部，结构性行情主导市场。在流动性充裕的情况下，各类市场参与者开始寻找各种盈利的可能性。以保险为代表的大体量长久期资金持续加仓低估值高股息资产，其定价核心是“股息率-无风险利率”框架，一定程度锁定了宽基大市值部分的下行风险；以公募私募为代表的基本面景气定价思路，在各类新兴产业突破的背景下，重新找回了部分行业的定价权；量化资金以及短线游资等在两融不断上升，成交量不断向上的背景下，对于短期市场情绪进行活跃交易。不同时间尺度的信息在盘面同时存在，使得任何单一估值框架都无法独占话语权——价值投资者关注股息，成长资金关注赛道期权，短线资金关注筹码结构。当不同时间维度、不同风险偏好、不同信息优势的资金能够在市场里找到各自的“定价锚”，指数就能在震荡中抬升走出慢牛。相对于过去几年里略显单调甚至一家独大的定价模型，市场的多样性在很大程度上维护着市场的韧性，价格发现的多频叠加是市场更加健康的一种表现。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:39.637Z","mo":"展望未来，我们将继续坚持价值风格的多策略投资，这种坚持源于我们对国内政策预期向经济现实转化的信心，并希望把握经济复苏过程中被低估个股和行业的估值修复机会。在具体投资思路上，我们提倡以系统化多策略的方式追求长期稳健回报；在策略构建层面，我们围绕“系统化Beta+独创性Alpha”的策略模式，构建风格透明化、收益特征清晰化、超额收益独特化的多元化策略，捕捉更多样化的投资机会，同时更好地平滑组合波动。资本市场经过多年的发展，当前市场中基金产品数量众多，风格繁杂，市场参与者和基金产品投资者专业化程度也在迅速提升，我们认为有必要将自己认同并将长期坚持的投资理念与投资人分享，做到常思常新、细照笃行，也让投资者了解本基金的收益特性和阿尔法来源，从而能够更好地匹配自身的收益需求。1.以系统化多策略的方式追求长期稳健回报：市场环境多变，单一策略的波动显著加大，难以满足为投资人带来长期稳健回报的投资目标。因此，我们希望以系统化投资的方式重新定义和理解市场驱动因子，坚持“逻辑驱动+定量实证”的原则，挖掘和构建具备长期超额收益的风格策略。不同的风格策略，本质上是以不同时间尺度、不同市场角度管理风险与收益特征的集合，市场尽管不能被轻易预测，但却可以被理解，可以被不同风险收益特征所解析。通过对不同策略的辨析与配置，我们希望能够更有效地规避市场极端风险，平滑组合波动，同时捕捉更多样化的投资机会。2.阿尔法来源与实现方法：在风格策略层面，我们沿着有扎实资产定价理论支撑的市场行为出发，深入研究均值回归效应、盈余惯性效应、低流动性与不确定性溢价等错误定价或风险补偿现象，以此构建不同的风格大类策略，同时，我们在不同的大类风格上进一步分域挖掘阿尔法，以此构建更多细分类别低相关策略储备，正如同样的价值风格分域内，仍然需要依据价值发现过程的不确定性程度、所处的赔率及胜率位置，构建深度价值、均衡价值、周期价值等大类内细分策略。通过上述合理的策略构建捕捉可解释性强、具备扎实先验知识的超额收益，为投资人带来 “系统化Beta+独创性Alpha”相结合的投资回报。在策略配置层面，我们通过对不同市场阶段、不同策略之间的弱相关性进行科学组合、实现多策略收益互补、提供性价比更高、更稳健的投资收益。我们认为，多策略配置的核心在于底层策略的低相关性，组合中配置的底层策略一般有着各自独立的阿尔法来源，收益来源多元且足够分散，我们将根据投资目标的风险收益需求，充分考虑不同市场阶段下策略的适应性、各底层策略的横截面优势、时序相关性。相比简单的策略拼盘，我们更侧重在基于底层策略特征与不同市场阶段的组合优化，通过动态调整配置比例，在风险模型约束的基础上，构建满足不同投资场景需求的解决方案。我们深信真正的超额收益并非来自对短期波动的精准预判，而是源于对资产定价本质的深刻理解、对策略逻辑的坚定执行，以及对风险与收益关系的动态平衡。我们希望通过系统化、多维度、低相关的策略构建与科学配置，应对市场的不确定性，致力于将这一“系统化Beta+独创性Alpha”的投资框架转化为长期稳健的投资回报，努力在复杂多变的市场环境中为投资者创造可持续的价值。未来，我们也将持续迭代策略框架，保持对市场的敬畏之心。","fund":{"_id":3000000006136,"stockCode":"006136","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-08-19T16:00:00.000Z","setUpScale":413906000,"market":"a","tickerId":6136,"custody":"中国工商银行股份有限公司","name":"广发估值优势混合型证券投资基金","shortName":"广发估值优势混合(006136)","fundSecondLevel":"hybrid","__csrcFundId":5592,"fundStatus":"normal","lastUpdated":"2026-04-30T20:01:33.005Z","masterFundFlag":1,"inceptionDate":"2018-09-20T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发估值优势混合","pinyin":"gfgzyshhxzqtzjj","managers":[{"stockCode":"db20821664","stockType":"fund_manager","exchange":"fm","tickerId":2519211790,"name":"叶帅"},{"stockCode":"j101020191","stockType":"fund_manager","exchange":"fm","tickerId":262602251360,"name":"曾质彬"}]},"announcement":{"linkText":"广发估值优势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=1341917","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9637fea5b3eb0490c1d","date":"2025-03-30T16:00:00.000Z","stockId":3000000006136,"sao":"2025年一季度，A股市场整体震荡上行，但是结构上分化明显。主要宽基指数中沪深300下跌1.21%，中证500上涨2.31%，中证1000上涨4.51%，创业板指下跌1.77%。从行业上来看，主题型行业（例如涨价主题相关的有色金属、人形机器人主题相关的汽车和机械设备、AI应用主题相关的计算机等）表现较好，高股息的防御型行业（例如煤炭、石油石化、建筑等）则表现不佳，体现了市场风险偏好提升的情况下，投资者对于未来“预期”给予了较高的定价权重。从风格上来看，成长优于价值、小市值显著领先大市值。本基金在一季度进行了基金经理变更，未来我们将坚持价值风格投资，这种坚持源于我们对国内政策预期向经济现实转化的信心。我们认为在当前宏观环境下，定价国内经济确定性的组合构建思路值得重视。在股票投资策略上，我们主要采用“主动+量化”的方式，注重对个股赔率的刻画，优选赔率较高且与国内经济有较高相关性的股票进入组合；在行业和板块配置上，我们比较重视过度偏离基准所带来的风险，因此我们只在基准配置权重的基础上结合宏观和中观观点做适当偏离。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:39.634Z","fund":{"_id":3000000006136,"stockCode":"006136","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-08-19T16:00:00.000Z","setUpScale":413906000,"market":"a","tickerId":6136,"custody":"中国工商银行股份有限公司","name":"广发估值优势混合型证券投资基金","shortName":"广发估值优势混合(006136)","fundSecondLevel":"hybrid","__csrcFundId":5592,"fundStatus":"normal","lastUpdated":"2026-04-30T20:01:33.005Z","masterFundFlag":1,"inceptionDate":"2018-09-20T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发估值优势混合","pinyin":"gfgzyshhxzqtzjj","managers":[{"stockCode":"db20821664","stockType":"fund_manager","exchange":"fm","tickerId":2519211790,"name":"叶帅"},{"stockCode":"j101020191","stockType":"fund_manager","exchange":"fm","tickerId":262602251360,"name":"曾质彬"}]},"announcement":{"linkText":"广发估值优势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=1265901","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9637fea5b3eb0490c1c","date":"2024-12-30T16:00:00.000Z","stockId":3000000006136,"sao":"A股方面，管理人在2024年中期预期下半年财政投资项目落地加速，地产在政策持续加码的背景下可能存在正的预期差。不管是在债券市场，还是股票市场，都过多反映了长端无风险收益率下行的预期。如果经济复苏得到验证，市场风格有望再平衡。回看2024年，9月份是个分水岭。9月24日，国务院新闻办公室举行新闻发布会，同时推出多项重磅政策，包括降准、降息、降存量房贷利率，并创设新的货币工具支持股票市场发展等，开启了新一轮政策刺激周期。在此期间，市场也出现了快速上涨。政策出台后，地产的销售和价格出现了脉冲式复苏，随后转弱。市场风格也跟随出现了再次调整。长久期国债收益率再次下行，市场转向主题投资风格。港股方面，2024年港股市场有较为不错的机会，互联网的绩优龙头股、可选消费中的部分成长期个股表现均很突出，4季度开始港股的TMT个股涨幅也很明显。操作方面，本组合维持近50%的股票仓位配置于港股市场。港股部分的头寸重点配置互联网、家电和保险个股，而2024年互联网龙头公司表现突出，港股的家电个股也为组合贡献了较为明显的超额收益。A股部分，2024年上半年，组合中的有色和家电个股为组合贡献了明显的超额收益。组合在4月份降低了部分有色和能源和食品饮料行业的配置。增配估值处于历史低位的保险个股。4季度组合增加了风电、电子等行业的配置，使得组合的行业配置更为均衡。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:39.631Z","mo":"展望2025年，政策提振经济的态度很明确，但力度还需要加强，所以市场会在政策博弈以及强预期与弱现实中出现波折。2025年应该特别关注地产的价格趋势，以及地产价格对于CPI和其他资产价格的影响。市场目前处于短端流动性充裕、长端实体回报下行的阶段，同时监管对资本市场的态度是积极的，在此背景下，主题性机会频出。我们将在目前持仓的基础上，考虑一些经过供给侧调整、行业竞争格局和盈利有望改善的行业。目前很多优质资产的价格到了很具投资价值的位置。港股是一个估值波动剧烈的市场，且这两年尤为明显，市场会在短期做出极端的反应。在2024年宏观预期改善的阶段，例如5月份和9月份，港股无论是绝对涨幅还是相对于A股指数的超额收益都是显著的，展望2025年，看好港股的投资机会。","fund":{"_id":3000000006136,"stockCode":"006136","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-08-19T16:00:00.000Z","setUpScale":413906000,"market":"a","tickerId":6136,"custody":"中国工商银行股份有限公司","name":"广发估值优势混合型证券投资基金","shortName":"广发估值优势混合(006136)","fundSecondLevel":"hybrid","__csrcFundId":5592,"fundStatus":"normal","lastUpdated":"2026-04-30T20:01:33.005Z","masterFundFlag":1,"inceptionDate":"2018-09-20T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发估值优势混合","pinyin":"gfgzyshhxzqtzjj","managers":[{"stockCode":"db20821664","stockType":"fund_manager","exchange":"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2026-03-09T13:21:39.616Z","mo":"二季度以来，部分经济数据明显走弱，意味着新一轮稳增长的窗口期正在打开。但考虑到当前的负向产出缺口和全国失业率不高，总量上的强刺激与结构上向私人部门的倾斜仍然是小概率事件。另一方面，海外和国内的去库存在持续进行，制造业的产能利用率有望缓慢回升。组合未来配置上，将转向估值更具安全边际的个股，增加收入稳定、成本下降的个股的配置，关注景气度将要触底的行业机会，如部分化工品、半导体，此外，受益于中国产业链成本优势的出口型公司也可能有不错的投资机会。","fund":{"_id":3000000006136,"stockCode":"006136","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-08-19T16:00:00.000Z","setUpScale":413906000,"market":"a","tickerId":6136,"custody":"中国工商银行股份有限公司","name":"广发估值优势混合型证券投资基金","shortName":"广发估值优势混合(006136)","fundSecondLevel":"hybrid","__csrcFundId":5592,"fundStatus":"normal","lastUpdated":"2026-04-30T20:01:33.005Z","masterFundFlag":1,"inceptionDate":"2018-09-20T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发估值优势混合","pinyin":"gfgzyshhxzqtzjj","managers":[{"stockCode":"db20821664","stockType":"fund_manager","exchange":"fm","tickerId":2519211790,"name":"叶帅"},{"stockCode":"j101020191","stockType":"fund_manager","exchange":"fm","tickerId":262602251360,"name":"曾质彬"}]},"announcement":{"linkText":"广发估值优势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=954767","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9637fea5b3eb0490c15","date":"2023-03-30T16:00:00.000Z","stockId":3000000006136,"sao":"回顾一季度，3月政府工作报告明确全年5%的GDP增长目标，政策仍然偏积极，比如今年就业目标为1200万，是历年最高，赤字率、专项债额度都相对去年有所提高，这说明实现5%增长的决心，甚至不排除实际情况高于增长目标的可能（比如1200万就业目标对应的经济增长是略高于5%的）。基金经理对今年经济政策的判断：经济还是以内生修复为主，基准判断仍然是弱复苏，增量政策不一定会比去年多。今年政策的亮点可能主要集中在新的改革方向上，包括现代化产业体系、金融体制改革、国央企改革、房地产新发展模式、地方债务风险处置等。行业上关注今年出现业绩拐点的质优公司，优选个股。一季度，港股市场在经历了1月份的大涨后，在2-3月份出现调整，港股又到了价值风格区域，在投资策略上，我们将重点关注医药及港股低估值的计算机、传媒类个股的机会。配置方面，一季度本基金提高了港股中计算机个股的配置比重，增持了估值处于低位的个股，降低了部分受益于疫情放开的个股配置。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:39.613Z","fund":{"_id":3000000006136,"stockCode":"006136","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-08-19T16:00:00.000Z","setUpScale":413906000,"market":"a","tickerId":6136,"custody":"中国工商银行股份有限公司","name":"广发估值优势混合型证券投资基金","shortName":"广发估值优势混合(006136)","fundSecondLevel":"hybrid","__csrcFundId":5592,"fundStatus":"normal","lastUpdated":"2026-04-30T20:01:33.005Z","masterFundFlag":1,"inceptionDate":"2018-09-20T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发估值优势混合","pinyin":"gfgzyshhxzqtzjj","managers":[{"stockCode":"db20821664","stockType":"fund_manager","exchange":"fm","tickerId":2519211790,"name":"叶帅"},{"stockCode":"j101020191","stockType":"fund_manager","exchange":"fm","tickerId":262602251360,"name":"曾质彬"}]},"announcement":{"linkText":"广发估值优势混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=879161","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9637fea5b3eb0490c14","date":"2022-12-30T16:00:00.000Z","stockId":3000000006136,"sao":"回顾2022年，优质资产在1月的走势平稳，甚至优于前期热门赛道，但后续扰动使得不少优质资产下跌，这其中包括外资持有的A股资产，以及资金可以自由出入的港股市场。6月疫情得到控制后，市场信心得到一定恢复，A股市场出现较大反弹。但之后A股资产再次下跌，调整持续至11月初。国内的高ROE资产和港股资产，具有外资参与度高、持仓重的特点。换句话说，对于外资而言，可以在多国别进行投资，一定选择的是全球范围内最具优势的资产、长期股权回报率可期的资产。2022年下半年，出现了稳经济的动作。例如银行推出宽松的信贷政策，地产的供给端、资金端和需求端的政策落地。但同时我们也看到，货币宽松向信贷传导不通畅，在居民当期收入及收入预期大幅受影响的情况下，居民的储蓄特别是长期储蓄却上升了。究其背后原因，是居民对未来高度不确定下的预防性储蓄，最终体现为，居民端投资和消费的大幅度收缩。当年末防疫政策出现调整后，港股和A股中的外资重仓股开始出现趋势性上涨，特别是被压抑已久、低估值的港股市场出现了大幅反弹。市场风格出现纠偏。从中长期来看，市场终究会回归理性，低估的好资产的价值终会回归。但这个过程可能会经历波折，时点更不可预测。操作方面，本基金在上半年降低了估值较高的A股养殖个股配置，增加了前期大幅调整的医药行业配置。二季度提高了港股可选消费中体育服饰的配置比重，卖出了港股养殖行业的个股。2022年9、10月份，恒生指数市盈率处于2008年以来均值新低的位置，从股债性价比来看，当时恒指市盈率倒数分别与10年期美国国债、美债收益率的差值均处于历史最高水平附近，两者综合意味着港股估值处于底部区间，因此，我们降低了A股新能源等行业的配置，提高了港股的配置比重至上限水平。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:39.610Z","mo":"2023年港股会有不错的投资机会。港股指数走势与宏观经济指标、流动性指标的共振密切相关。在历次加息周期中，第一次加息对市场冲击较大，但市场后续表现主要取决于经济基本面。我们分析过历次加息周期中港股的表现，认为加息并非决定性因素，对于港股而言，国内的宏观基本面和港股的估值水平是决定性因素。前期对国内宏观经济影响最大的两个变量，即地产和疫情均出现方向性改变。目前地产行业主要存在两方面的制约因素：需求端方面，买房者对未来收入预期不乐观，缺乏稳定预期。同时，一手房的烂尾现象，也严重影响了购买者的信心。供给端方面，地产企业的资金链问题是核心因素。但目前看，不管是需求端还是供给端因素，均出现了积极的变化。自2020年以来的三年里，居民储蓄率不断上升，处于异常高的水平。然而，本轮超额储蓄并非收入增加带来的，根据公司研究团队的研究，中国的人均可支配收入是低于历史中枢的，且其中主要是工资性收入的负向缺口较大，本轮超额储蓄是由收入和消费支出双降，且消费支出下降更多带来的，这是本轮消费下滑的主要症结。目前的高储蓄率，对2023年的经济修复和资产价格的修复而言都是个蓄水池。随着疫情防控进入新阶段，宏观经济有望出现较大向上弹性，而这也将给境外资金带来信心，有利于港股的整体估值走出历史低谷，也有利于外资持股较多的A股板块的上涨。","fund":{"_id":3000000006136,"stockCode":"006136","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-08-19T16:00:00.000Z","setUpScale":413906000,"market":"a","tickerId":6136,"custody":"中国工商银行股份有限公司","name":"广发估值优势混合型证券投资基金","shortName":"广发估值优势混合(006136)","fundSecondLevel":"hybrid","__csrcFundId":5592,"fundStatus":"normal","lastUpdated":"2026-04-30T20:01:33.005Z","masterFundFlag":1,"inceptionDate":"2018-09-20T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发估值优势混合","pinyin":"gfgzyshhxzqtzjj","managers":[{"stockCode":"db20821664","stockType":"fund_manager","exchange":"fm","tickerId":2519211790,"name":"叶帅"},{"stockCode":"j101020191","stockType":"fund_manager","exchange":"fm","tickerId":262602251360,"name":"曾质彬"}]},"announcement":{"linkText":"广发估值优势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=864438","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9637fea5b3eb0490c13","date":"2022-09-29T16:00:00.000Z","stockId":3000000006136,"sao":"进入三季度，A股和港股市场大幅调整，主要原因包括美元加息超预期、疫情反复、地产销售与投资不及预期。与此同时，流动性持续宽松，市场不断寻找短期稀缺的景气度行业。从短期维度看，前期景气度高的行业，估值缺乏足够吸引力，而估值有吸引力的行业多数与宏观经济相关性高。在此背景下，各个行业均下跌。我们必须在估值和长期空间中寻找机会。从现在这个时点看，地产销售数据以及经济整体均呈现稳步修复的格局，在外需逐步确立下行拐点之后，经济能否延续向上的关键在于地产以及疫情形势，目前积极的信号正在累积。配置上，我们关注疫后恢复、地产链条的机会。对港股市场的预期可以更乐观一些，9月份市场加速下跌释放了大部分风险，随着人民币汇率贬值告一段落以及美联储加息冲击的趋弱，港股有望迎来超跌反弹，重点关注政策回暖下的互联网行业及疫情过后消费复苏相关行业。目前港股的医药行业已经出现很多在1-2倍PB交易的创新药和器械公司，在9月行业出现集采政策，股价已经对此类政策表现不敏感，甚至出现大幅上涨。港股的互联网基本面对国内的宏观基本面表现敏感，目前估值较低，如果国内稳经济的政策落地，基本面和估值都将很有弹性。港股缺乏制造业的优质标的，境外投资者对这类资产也难以给予较高的估值。建议关注港股中境外长线资金关注较多的板块，比如可选消费、互联网和医药。操作方面，报告期内本基金降低了港股农业和新能源的配置，买入家具个股、医药个股以及计算机个股。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:39.608Z","fund":{"_id":3000000006136,"stockCode":"006136","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-08-19T16:00:00.000Z","setUpScale":413906000,"market":"a","tickerId":6136,"custody":"中国工商银行股份有限公司","name":"广发估值优势混合型证券投资基金","shortName":"广发估值优势混合(006136)","fundSecondLevel":"hybrid","__csrcFundId":5592,"fundStatus":"normal","lastUpdated":"2026-04-30T20:01:33.005Z","masterFundFlag":1,"inceptionDate":"2018-09-20T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发估值优势混合","pinyin":"gfgzyshhxzqtzjj","managers":[{"stockCode":"db20821664","stockType":"fund_manager","exchange":"fm","tickerId":2519211790,"name":"叶帅"},{"stockCode":"j101020191","stockType":"fund_manager","exchange":"fm","tickerId":262602251360,"name":"曾质彬"}]},"announcement":{"linkText":"广发估值优势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=805100","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9637fea5b3eb0490c12","date":"2022-06-29T16:00:00.000Z","stockId":3000000006136,"sao":"2022年上半年市场跌宕起伏，市场预期和国内外环境均表现出巨大的波动。今年一季度，我们经历了罕见的单季度跌幅，其中中国房地产投资资金来源大幅负增长，作为领先指标的定金、预收款、个人按揭增速大幅下行。2月底我们经历了出乎意料的俄乌战争冲击；3月国内疫情反复，消费需求、生产活动均面临一定的收缩压力。港股市场对负面冲击的反应更为剧烈，首先中美经济周期错位，国内经济下行拖累港股盈利，其次美国经济强势使得美元走强，压制港股流动性和估值，最后叠加了历史上最严的一轮监管周期，最终使得本轮港股的最大回撤接近50%，超过2015年和2018年，成为港股近二十年以来仅次于2008年的第二大熊市。在二季度，经过接连的内外因素的冲击，A股和港股市场的估值在4月左右进入吸引力较大的区间。从5月开始，居民流动、货运流量、复工复产等指标明显改善，在稳经济的背景下，消费、汽车、房地产等行业的刺激政策加码，国内经济开始复苏。本基金在2月份减少了涨幅明显且估值到了较高位置的A股养殖行业的配置，增加了前期大幅调整的医药行业的配置。二季度，提高了港股可选消费包括体育服饰、汽车行业的配置，卖出了港股养殖行业的个股。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:39.605Z","mo":"6月份中国经济进入加速复苏的阶段，PMI重回荣枯线上方，高频数据显示需求端的恢复尤为显著，内需整体表现为向上，二季度前两个月的全年低点已过。但在地产难以大幅改善的背景下，货币端宽松向信用端传导依然存在问题。由于基数效应加上科学防疫后的回补动能，预计下半年国内经济增长能够达到5.0%-5.5%的水平，但更高的预期较难实现。我们对下半年的A股和港股市场持乐观态度，预计估值是收益贡献的主要因子，盈利增速恢复则需要等待。未来半年到一年，港股的核心驱动力是中美经济周期的再度错位，国内经济弱复苏使得港股盈利回升，美元指数转为高位震荡减轻港股估值端压力，两者共同驱动港股止跌回升。","fund":{"_id":3000000006136,"stockCode":"006136","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-08-19T16:00:00.000Z","setUpScale":413906000,"market":"a","tickerId":6136,"custody":"中国工商银行股份有限公司","name":"广发估值优势混合型证券投资基金","shortName":"广发估值优势混合(006136)","fundSecondLevel":"hybrid","__csrcFundId":5592,"fundStatus":"normal","lastUpdated":"2026-04-30T20:01:33.005Z","masterFundFlag":1,"inceptionDate":"2018-09-20T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发估值优势混合","pinyin":"gfgzyshhxzqtzjj","managers":[{"stockCode":"db20821664","stockType":"fund_manager","exchange":"fm","tickerId":2519211790,"name":"叶帅"},{"stockCode":"j101020191","stockType":"fund_manager","exchange":"fm","tickerId":262602251360,"name":"曾质彬"}]},"announcement":{"linkText":"广发估值优势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=779853","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9637fea5b3eb0490c11","date":"2022-03-30T16:00:00.000Z","stockId":3000000006136,"sao":"回顾一季度，1、2月份中国宏观数据全面超出市场预期，但并未得到投资者的认可，房地产开工数据、工业用电数据与地产、发电量等行业数据出现较大背离，宏观数据、中观数据也出现背离。即使基于宏观数据，国内经济恢复的基础也不牢固，3月经济仍承压。房地产投资资金来源负增长幅度较大，作为领先指标的定金及预收款、个人按揭增速仍在下行。3月国内疫情蔓延，消费需求、生产活动均面临收缩压力，即将公布的3月宏观数据大概率呈现下行趋势。操作方面，本基金在2月份降低了涨幅明显且估值到了较高位置的养殖个股的配置比例，增加了前期大幅调整的医药行业的配置，提高了港股金融、消费和医药板块的配置比重。未来操作方面，行业配置上将主要关注稳增长、疫情缓解、成长等方向。稳增长方向上，今年上半年地产的行业基数预计将逐季下降，下半年预计将逐步上升，因此后续会关注处于底部的家居等地产产业链相关板块。疫情缓解方向上，待上海疫情拐点出现后，预计在情绪上会对估值修复有所帮助，将关注可选消费相关公司。成长板块方向上，管理人认为光伏和医药行业的医药外包（CXO）领域是很好的选择。港股方面，将关注下跌后的投资机会。4月2日证监会发布《关于加强境外发行证券和上市相关保密管理工作规定（征求意见稿）》，允许PCAOB主导跨境监管工作，中概股退市的预期大为缓解。在经济压力加大的背景下，互联网的收缩性政策也可能会慎重出台。港股投资可能回归到看基本面的正常状态，我们会持续关注港股有核心竞争力的公司。","declarationDate":"202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收紧，原因在于两方面，国内方面7月MLF续作压力开始加大，债券发行加速；海外方面美国失业救济将陆续停止发放，就业将会有明显抬升，美联储紧缩的步调会提前，缩减购债规模日益临近。三是国内政策的定调，目前整体基调是稳，货币政策依然会比较宽松。在整体估值偏高的市场背景下，我们需要合理降低收益预期，但同时流动性依然宽松，市场不乏短期的热点，因此我们需要在安全性和收益率之间做好取舍。","fund":{"_id":3000000006136,"stockCode":"006136","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-08-19T16:00:00.000Z","setUpScale":413906000,"market":"a","tickerId":6136,"custody":"中国工商银行股份有限公司","name":"广发估值优势混合型证券投资基金","shortName":"广发估值优势混合(006136)","fundSecondLevel":"hybrid","__csrcFundId":5592,"fundStatus":"normal","lastUpdated":"2026-04-30T20:01:33.005Z","masterFundFlag":1,"inceptionDate":"2018-09-20T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发估值优势混合","pinyin":"gfgzyshhxzqtzjj","managers":[{"stockCode":"db20821664","stockType":"fund_manager","exchange":"fm","tickerId":2519211790,"name":"叶帅"},{"stockCode":"j101020191","stockType":"fund_manager","exchange":"fm","tickerId":262602251360,"name":"曾质彬"}]},"announcement":{"linkText":"广发估值优势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=628527","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9637fea5b3eb0490c0d","stockId":3000000006136,"sao":"整体而言，长期的质优股估值有分化。部分股票估值仍然不具备性价比，未来收益率空间不足，需要等待市场性价比回归；另一部分股票从2到3年的维度看，已经具备很好的投资价值。配置上，A股方面关注前期调整幅度大但基本面并没有负面变化的公司，例如部分医药行业个股；港股方面，恒生指数的估值相对于全球主要指数更为合理，相对收益可期，但仍需要关注中美关系等一系列外部因素的变化，在港股的配置上可沿着两条线布局，一是关注A股稀缺而港股具备的大型互联网科技企业和新兴产业中的龙头公司；二是关注受益于经济复苏且当前A 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