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“从风格来看，我们认为全年可能看大盘价值成长优于小盘，“出海”资产和供给格局稳定的资产继续占优，顺周期资产具备一定的赔率。”我们在操作上一方面从需求端角度持续看好汽车机械行业相关优质公司的成长性，另一方面从供给端维持对上游环节的配置。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:10.064Z","fund":{"_id":3000000011645,"__csrcFundId":9157,"stockCode":"011645","shortName":"国泰核心价值两年持有期股票(011645)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11645,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:16:52.963Z","status":"normal","name":"国泰核心价值两年持有期股票型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050010000,"inceptionDate":"2021-06-07T16:00:00.000Z","currency":"CNY","setUpDate":"2021-06-07T16:00:00.000Z","setUpAssetScale":686695783.06,"setUpShares":686695783.06,"pinyin":"gthxjzlncyqgpxzqtzjj","masterFundShortName":"国泰核心价值两年持有期股票","managers":[{"stockCode":"8801617472","stockType":"fund_manager","exchange":"fm","tickerId":1925190070,"name":"施钰"},{"stockCode":"j101020955","stockType":"fund_manager","exchange":"fm","tickerId":231908266450,"name":"王韶怀"}]},"announcement":{"linkText":"国泰核心价值两年持有期股票型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072153","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceaa7fea5b3eb04ef82a","date":"2023-12-30T16:00:00.000Z","stockId":3000000011645,"sao":"回顾过去一年，经济的修复节奏低于年初的预期，顺周期资产从年初的强预期转为弱现实。我们在关注产成品库存周期的同时，低估了产能周期带来的影响，以及地产下沉的幅度远超预期，实际去库的过程比预期要长。部分行业从主动去库进入被动去库，但国内的总量恢复力度较弱，有效需求不足的问题不同程度地对行业产生结构性影响。居民加杠杆意愿弱，呈现出减少负债的倾向，从而又影响终端需求，大多数行业的价格中枢处在难以上升的位置。消费总体上还是收入的函数，可支配收入的预期下降也影响了消费意愿，在总量偏弱的宏观背景下，我们在操作上对行业做了更均衡的应对，减少了部分消费相关的仓位，降低了前十大的行业集中度，增加了具有全球化能力的制造业标的。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:10.061Z","mo":"展望2024年，站在当下时点我们认为有两个关键词：一个是地缘政治、一个是增速换挡。从风格来看，我们认为全年可能看大盘价值成长优于小盘，“出海”资产和供给格局稳定的资产继续占优，顺周期资产具备一定的赔率。从地缘政治来看，2024年是选举大年，不确定性加大会导致更剧烈的宏观波动，因此风险偏好不会太高，脱离业绩层面的标的可能会面临戴维斯双杀。估值层面，当前很多价值成长股的估值都已经调到10倍出头，对于增长变缓的预期已经Price in，估值层面已经比很多小盘股更便宜。如果经济继续底部下探，实际上大盘价值成长股抗风险能力比小盘股占优。现阶段国内的主要矛盾凸显，如果用一个词来总结就是“增速换挡”。因为增速换挡的现实，所以要进行结构化转型，因为要结构化转型，必然面临很多行业的“新老交替”阶段。新旧并没有优劣之分，还是要看可持续的盈利能力，给股东创造的回报能力，给社会创造的价值体现。很多公司处在一个增速换挡的过渡的阶段，在没有达到均衡状态前它的价值属性没有凸显，因此处在一个“定价”的缺瞄阶段。在增速换挡的大背景下，也就出现了越来越多的内卷，内卷的本质还是供需关系，增速下滑，自然处于供大于求的阶段。对于我们投资的应对来说，要弥补这种供需关系导致“量价”的下跌，一种是寻找其他需求市场，比如向海外拓展，“出海”实际上也是对国内增速换挡的一种应对方式，我们觉得这是个比较长的产业结构趋势。一种是从产业端的角度，可以更多关注供给格局较为稳定的资产，比如一些中上游的环节，很多新兴行业下游的资产负债表由于产能周期和库存周期还处在恶化未出清的阶段，部分中游会比下游率先完成格局出清，因为可以寻找中游复苏，上游具有供给约束、价格韧性的行业，然而很多传统行业过去几年虽然增速放缓，在下一步全球化过程中又具备了新的投资价值。","fund":{"_id":3000000011645,"__csrcFundId":9157,"stockCode":"011645","shortName":"国泰核心价值两年持有期股票(011645)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11645,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:16:52.963Z","status":"normal","name":"国泰核心价值两年持有期股票型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050010000,"inceptionDate":"2021-06-07T16:00:00.000Z","currency":"CNY","setUpDate":"2021-06-07T16:00:00.000Z","setUpAssetScale":686695783.06,"setUpShares":686695783.06,"pinyin":"gthxjzlncyqgpxzqtzjj","masterFundShortName":"国泰核心价值两年持有期股票","managers":[{"stockCode":"8801617472","stockType":"fund_manager","exchange":"fm","tickerId":1925190070,"name":"施钰"},{"stockCode":"j101020955","stockType":"fund_manager","exchange":"fm","tickerId":231908266450,"name":"王韶怀"}]},"announcement":{"linkText":"国泰核心价值两年持有期股票型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1054472","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceaa7fea5b3eb04ef829","date":"2023-09-29T16:00:00.000Z","stockId":3000000011645,"sao":"三季度回顾来看，制造业PMI在今年5月见底后连续4个月回升，库存周期底部缓慢向上抬升，部分行业从主动去库进入被动去库，当前国内的总量恢复力度较弱，有效需求不足的问题不同程度地对行业产生结构性影响。居民加杠杆意愿弱，呈现出减少负债的倾向，从而又影响终端需求，大多数行业的价格中枢处在难以上升的位置。好在CPI、PPI下滑的方向出现了扭转，虽然幅度较小，对于一些资产已经进入了底部观察的赔率区间。较弱的经济基本面对企业盈利的修复形成抑制，较强的美债对流动性的冲击从而对估值又形成一定的抑制，投资上呈现较少的结构性机会和较为不持续的总量机会。因此，我们在操作上对行业做了更均衡的配置，减少了部分消费相关的仓位，增加了部分制造业相关的仓位，更多从产业周期的位置以及资产负债表修复的角度来进行标的筛选。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:10.058Z","fund":{"_id":3000000011645,"__csrcFundId":9157,"stockCode":"011645","shortName":"国泰核心价值两年持有期股票(011645)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11645,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:16:52.963Z","status":"normal","name":"国泰核心价值两年持有期股票型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050010000,"inceptionDate":"2021-06-07T16:00:00.000Z","currency":"CNY","setUpDate":"2021-06-07T16:00:00.000Z","setUpAssetScale":686695783.06,"setUpShares":686695783.06,"pinyin":"gthxjzlncyqgpxzqtzjj","masterFundShortName":"国泰核心价值两年持有期股票","managers":[{"stockCode":"8801617472","stockType":"fund_manager","exchange":"fm","tickerId":1925190070,"name":"施钰"},{"stockCode":"j101020955","stockType":"fund_manager","exchange":"fm","tickerId":231908266450,"name":"王韶怀"}]},"announcement":{"linkText":"国泰核心价值两年持有期股票型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=989765","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceaa7fea5b3eb04ef828","date":"2023-06-29T16:00:00.000Z","stockId":3000000011645,"sao":"2023年以来，国内经济逐步从疫情中恢复，但由于复苏的速度低于部分乐观者的预期，市场整体表现一波三折，除了部分主题性较强的板块外，整体表现较弱。在过去短短的半年左右，市场就经历了从悲观转而乐观然后再度悲观的两次变化，反复用事实证明，“市场先生”的情绪波动非常剧烈、难以预测。本基金组合致力于在承担可控风险的基础上获得合理的长期回报，短期波动对投资决策的影响非常有限。在报告期内，随着我们对相关公司研究认知的进步，以及市场给予的价格机会，对组合进行了部分调整，主要相对增持了基本面确定性强同时估值在低位的公司。组合的主体持仓基本保持稳定。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:10.055Z","mo":"站在目前时点，无论经济复苏的强弱与否，我们认为A股市场整体的估值水平已经反映了较为悲观的预期；对于投资而言，决定企业股东价值的是未来其能多大程度上为股东创造自由现金流，这是一个长期持续的概念，本质上受经济复苏的速度和幅度影响很小。另外，尽管当前对于未来的各种悲观预期均对企业未来的盈利能力预期有心理上的影响，但这不同于事实判断，在短期看非理性层面的因素更大。对于优质企业来说，为股东创造价值的能力因其较优秀的商业模式和企业文化而相对更为确定，实际上在更为悲观的预期下，其回报的相对确定性反而更为凸显。具备长期发展潜力和壁垒的品牌消费品、代表中国独特竞争优势的制造业和服务业中的优秀企业的经营结果也表现出了足够的韧性，在市场先生的低报价下，我们对其当前的回报潜力持更为乐观的态度。","fund":{"_id":3000000011645,"__csrcFundId":9157,"stockCode":"011645","shortName":"国泰核心价值两年持有期股票(011645)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11645,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:16:52.963Z","status":"normal","name":"国泰核心价值两年持有期股票型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050010000,"inceptionDate":"2021-06-07T16:00:00.000Z","currency":"CNY","setUpDate":"2021-06-07T16:00:00.000Z","setUpAssetScale":686695783.06,"setUpShares":686695783.06,"pinyin":"gthxjzlncyqgpxzqtzjj","masterFundShortName":"国泰核心价值两年持有期股票","managers":[{"stockCode":"8801617472","stockType":"fund_manager","exchange":"fm","tickerId":1925190070,"name":"施钰"},{"stockCode":"j101020955","stockType":"fund_manager","exchange":"fm","tickerId":231908266450,"name":"王韶怀"}]},"announcement":{"linkText":"国泰核心价值两年持有期股票型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=958351","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceaa7fea5b3eb04ef827","date":"2023-03-30T16:00:00.000Z","stockId":300000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疫情、通胀、美国等主要发达国家经济体的短期变化仍然难以准确估计，但相对这些不确定性而言，基于对国内政府强大的资源调动能力的信心，从去年开始逐步走弱的国内经济持续恶化的可能性已经比较低。考虑到部分优质企业的股票价格已经经历一段较长时间的调整期，且其相对竞争优势和长期发展前景并没有显著恶化，我们认为其当前的潜在回报水平已经不错。近两年来，快速扩张的一些行业的股价走势相对较为突出，但随着产业链发展的逐步演化，其供给侧能否形成持续的约束、领先的企业能否建立较为深度的护城河以维护自己的盈利能力会显得越来越重要，行业内部大概率会大幅分化。如果仅仅依靠规模扩张较快而被贴上成长股标签，在不断博弈中估值高位的公司将面临永久性损失的风险。基金组合仍会以长期持有优质企业为主。其主要特点是处在稳定且慢变的领域，公司已经积累了难以轻易被颠覆的竞争力，且其长期增长潜力仍然不错。考虑到中国经济当前仍处在比较快速的增长阶段，不少优质企业的国际竞争优势也在增强，中国人民富起来的时间也太短，这类企业仍同时具备较好的成长空间和确定性，其仍处在对股东回报的黄金期。此外，考虑中国作为追赶型经济体的自身特征，以及A股市场的情绪波动相较成熟市场更为剧烈，组合也会考虑其他类型的投资机会，一类是相对优秀程度虽不顶级但价格足够低的价值类型的公司；一类是公司在发展的早期即展现出足够的差异化经营思路，可能在未来逐步建立护城河的成长型企业。","fund":{"_id":3000000011645,"__csrcFundId":9157,"stockCode":"011645","shortName":"国泰核心价值两年持有期股票(011645)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11645,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:16:52.963Z","status":"normal","name":"国泰核心价值两年持有期股票型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050010000,"inceptionDate":"2021-06-07T16:00:00.000Z","currency":"CNY","setUpDate":"2021-06-07T16:00:00.000Z","setUpAssetScale":686695783.06,"setUpShares":686695783.06,"pinyin":"gthxjzlncyqgpxzqtzjj","masterFundShortName":"国泰核心价值两年持有期股票","managers":[{"stockCode":"8801617472","stockType":"fund_manager","exchange":"fm","tickerId":1925190070,"name":"施钰"},{"stockCode":"j101020955","stockType":"fund_manager","exchange":"fm","tickerId":231908266450,"name":"王韶怀"}]},"announcement":{"linkText":"国泰核心价值两年持有期股票型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=780678","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceaa7fea5b3eb04ef823","date":"2022-03-30T16:00:00.000Z","stockId":3000000011645,"sao":"2022年一季度以来，在国际局势恶化、国内宏观经济走弱以及疫情再度复燃等多重背景下，国内股票市场走势较为低迷。除少数在通胀预期下相对受损较小的行业外，大部分公司的股价均经历了一轮调整。本基金组合致力于在承担可控风险的基础上获得合理的长期回报，短期波动对投资决策的影响非常有限，主要关注市场是否给予在较低的价格增持优秀企业的机会。在报告期内，组合的主体持仓基本保持稳定。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:10.039Z","fund":{"_id":3000000011645,"__csrcFundId":9157,"stockCode":"011645","shortName":"国泰核心价值两年持有期股票(011645)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11645,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:16:52.963Z","status":"normal","name":"国泰核心价值两年持有期股票型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050010000,"inceptionDate":"2021-06-07T16:00:00.000Z","currency":"CNY","setUpDate":"2021-06-07T16:00:00.000Z","setUpAssetScale":686695783.06,"setUpShares":686695783.06,"pinyin":"gthxjzlncyqgpxzqtzjj","masterFundShortName":"国泰核心价值两年持有期股票","managers":[{"stockCode":"8801617472","stockType":"fund_manager","exchange":"fm","tickerId":1925190070,"name":"施钰"},{"stockCode":"j101020955","stockType":"fund_manager","exchange":"fm","tickerId":231908266450,"name":"王韶怀"}]},"announcement":{"linkText":"国泰核心价值两年持有期股票型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=728341","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceaa7fea5b3eb04ef822","date":"2021-12-30T16:00:00.000Z","stockId":3000000011645,"sao":"2021年以来，市场分化程度较大，以沪深300为代表的大盘蓝筹股表现较为低迷，部分中小市值公司以及受益于双碳政策的板块表现相对突出。本基金组合致力于在承担可控风险的基础上获得合理的长期回报，短期波动对投资决策的影响非常有限。本基金在今年完成建仓，在市场波动中，逐步买入了一些长期看好的优秀企业，持仓主体和此前的预期保持一致。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:10.036Z","mo":"在此简要陈述下基金经理对于机构投资者中较为流行的以行业景气度作为重要决策依据的观点。行业景气的起落本身是产业发展的客观规律，在行业的高景气阶段，企业发展的各种有利消息接踵而来，这对市场中庞大的参与者都是一种积极的信号。景气度的边际变化经常在短期非常明显，这主要影响的是市场中众多参与者对企业阶段上增长速度的预期。而企业价值是在其整个生命周期中创造的，并非增长快时价值量就高，而增长慢时价值就低。因此追逐景气度的策略是以股票为筹码、以和市场的预期差为坐标的一种交易行为。如若市场过度追求景气度，则可能出现非常激烈的博弈，导致股票阶段上的定价与实际价值发生较大的偏差，从而加剧市场的波动。在这个过程中，对于长期投资者而言，更为关注的是是否有更好的机会买入其长期看好的优质企业。对于产业具备较大想象空间的领域，市场倾向于给予相关的股票较高的估值。较好的增长空间诚然是价值创造的一种因素，但并不是一个充分条件。如果在供给侧没有形成中长期的约束，以及领先的企业不具备一些良好的经济特征以长期维护自己的高盈利能力，则在长时间内供给的总量和结构总是会相对于需求恶化，进而大幅侵蚀企业的盈利能力，相关的股票面临较大的风险。站在目前时点，继续维持长期以来的基本观点。对中国优秀企业的长期投资机会依然充满信心。相对于一年之前，部分优质的公司的价格已经相对更为合理，如继续调整则是更好的介入机会。基金组合的投资重点仍是聚焦于那些具备较好商业模式和企业文化的少数企业。行业上重点仍在消费、制造业、互联网和医疗健康等领域。","fund":{"_id":3000000011645,"__csrcFundId":9157,"stockCode":"011645","shortName":"国泰核心价值两年持有期股票(011645)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11645,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:16:52.963Z","status":"normal","name":"国泰核心价值两年持有期股票型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050010000,"inceptionDate":"2021-06-07T16:00:00.000Z","currency":"CNY","setUpDate":"2021-06-07T16:00:00.000Z","setUpAssetScale":686695783.06,"setUpShares":686695783.06,"pinyin":"gthxjzlncyqgpxzqtzjj","masterFundShortName":"国泰核心价值两年持有期股票","managers":[{"stockCode":"8801617472","stockType":"fund_manager","exchange":"fm","tickerId":1925190070,"name":"施钰"},{"stockCode":"j101020955","stockType":"fund_manager","exchange":"fm","tickerId":231908266450,"name":"王韶怀"}]},"announcement":{"linkText":"国泰核心价值两年持有期股票型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=710442","linkType":"PDF","sour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