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-26.1%）。回顾2022年组合运作，我们维持均衡成长风格、精选个股策略。全年看，组合业绩相对于市场和同类基金，超额收益不明显。总结不足之处，主要在于，1）我们对美债利率波动对国内权益市场冲击的影响预期不足，板块配置上，未能及时减配估值端受美债利率波动冲击明显的成长板块；2）对于国内疫情扰动及管控政策变化的应对不够及时，一季度仓位偏高以及四季度疫情政策放松受益板块的配置不足，使得季度组合相对表现较弱。2022年组合运作中有所提升的地方，1）继续拓宽、做深行业和个股的研究和认知，组合参与的行业和个股数量有所增加，也为后续的机会把握做好准备。2）进一步吸取2021年的经验教训，交易决策过程中更加遵守估值纪律，减少受市场情绪的影响。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:30.010Z","mo":"展望2023年，我们对权益市场机会持偏乐观看法。整体市场相对和绝对估值均处于较低位置；疫情管控政策优化、房地产政策转向总体将推动经济基本面企稳回升；海外通胀、地缘政治仍存一定风险，预计美联储加息放缓至停止加息，美债利率水平可能转为高位震荡；国内通胀压力阶段性处于低位，维持宽货币、稳信用的流动性环境，扩大内需的政策导向非常明确。在结构上，要向扩大内需这条线找机会，着重把握企业中期回报率的提升趋势。中长期角度，我们继续看好受益于中国产业升级、消费升级的优质龙头企业的投资机会。我们将坚持基于基本面研究，以企业价值评估为依据的价值投资理念和框架，保持行业均衡、成长为主的稳健风格，力求实现组合净值的长期稳健增长。","fund":{"_id":3000000011756,"__csrcFundId":9281,"stockCode":"011756","shortName":"博时产业优选混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11756,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.033Z","status":"normal","exchange":"jj","name":"博时产业优选灵活配置混合型证券投资基金","fundCollectionId":4000050050000,"followedNum":3,"currency":"CNY","inceptionDate":"2021-07-19T16:00:00.000Z","masterFundShortName":"博时产业优选混合","setUpDate":"2021-07-19T16:00:00.000Z","setUpAssetScale":3605965366.37,"setUpShares":3605965366.37,"pinyin":"bscyyxlhpzhhxzqtzjj","managers":[{"stockCode":"8801391180","stockType":"fund_manager","exchange":"fm","tickerId":302145050,"name":"蔡滨"}]},"announcement":{"linkText":"博时产业优选灵活配置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=865334","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecebe7fea5b3eb04f1012","date":"2022-09-29T16:00:00.000Z","stockId":3000000011756,"sao":"三季度A股市场表现为单边下跌行情，沪深300指数和创业板指分别下跌15.15%和18.56%。申万一级行业中，仅煤炭实现正收益，上涨0.97%。建筑材料、电力设备、电子、汽车、有色金属、医药等行业跌幅居前，下跌幅度超15%。基于行业中长期景气度变化及个股风险收益比评估，三季度主要组合操作为减配快递、消费、新能源等板块的个股持仓，增加房地产和有色金属板块（铝和黄金）的个股持仓。三季度组合整体仓位略有下降。继续维持均衡成长，精选个股的投资策略。展望四季度，我们维持中期报告的观点：海外通胀、俄乌冲突、国内疫情防控、民营地产困境等因素仍是国内市场主要的影响因素，但随着市场下跌，估值进一步下行，已处于历史底部区域。国内经济仍处于转型升级的进程中，预计市场仍以结构性机会为主。中长期看好受益于中国产业升级、消费升级的优质龙头企业的投资机会。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:30.007Z","fund":{"_id":3000000011756,"__csrcFundId":9281,"stockCode":"011756","shortName":"博时产业优选混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11756,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.033Z","status":"normal","exchange":"jj","name":"博时产业优选灵活配置混合型证券投资基金","fundCollectionId":4000050050000,"followedNum":3,"currency":"CNY","inceptionDate":"2021-07-19T16:00:00.000Z","masterFundShortName":"博时产业优选混合","setUpDate":"2021-07-19T16:00:00.000Z","setUpAssetScale":3605965366.37,"setUpShares":3605965366.37,"pinyin":"bscyyxlhpzhhxzqtzjj","managers":[{"stockCode":"8801391180","stockType":"fund_manager","exchange":"fm","tickerId":302145050,"name":"蔡滨"}]},"announcement":{"linkText":"博时产业优选灵活配置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=805729","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecebe7fea5b3eb04f1011","date":"2022-06-29T16:00:00.000Z","stockId":3000000011756,"sao":"上半年，全球经济景气逐渐回落，通胀高企，流动性持续偏紧，宏观环境受到俄乌冲突的持续影响；国内经济受疫情扰动和民营地产困境影响，出现较大的波动，国内政策延续稳增长立场，稳信用、宽货币立场。国内权益市场在前4个月持续下跌，5-6月份出现明显的结构性反弹。俄乌冲突和国内上海疫情对权益市场来说属于黑天鹅事件，超出我们的年初预期。上半年行业表现上，受益于全球能源价格的上涨，申万一级行业中，仅煤炭实现正收益，上涨31%。欧洲能源成本上涨及供给安全问题，提升了光伏和储能装机需求，从而驱动了4月下旬后国内储能、光伏、风电等新能源板块的股票的上涨。国内的汽车消费刺激政策及汽车消费的复苏驱动了乘用车板块的表现。上半年消费电子、半导体、军工、房地产产业链等板块录得明显的下跌。我们的组合运作整体维持了均衡成长、精选个股的投资策略。上半年主要操作：1季度增配通胀受益的煤炭、钾肥等板块，增加受益于国企改革的中药标的，减配电子、通信、财富管理等持仓。2季度主要增加风电等新能源、快递、消费等板块持仓。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:30.005Z","mo":"展望下半年，海外通胀、俄乌冲突、国内疫情防控、民营地产困境等因素仍是国内市场主要的影响因素。目前A股整体估值处于历史的中位水平，国内经济仍处于转型升级的进程中，预计市场仍以结构性机会为主，中长期看好受益于中国产业升级、消费升级的优质龙头企业的投资机会。我们将坚持基于基本面研究，以企业价值评估为依据的价值投资理念和框架；保持行业均衡、成长为主的稳健风格，在基于企业长期价值评估体系下，个股操作层面也会注重中短期基本面的变化和跟踪。力争实现组合业绩的长期稳健增长，不负持有人所托。","fund":{"_id":3000000011756,"__csrcFundId":9281,"stockCode":"011756","shortName":"博时产业优选混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11756,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.033Z","status":"normal","exchange":"jj","name":"博时产业优选灵活配置混合型证券投资基金","fundCollectionId":4000050050000,"followedNum":3,"currency":"CNY","inceptionDate":"2021-07-19T16:00:00.000Z","masterFundShortName":"博时产业优选混合","setUpDate":"2021-07-19T16:00:00.000Z","setUpAssetScale":3605965366.37,"setUpShares":3605965366.37,"pinyin":"bscyyxlhpzhhxzqtzjj","managers":[{"stockCode":"8801391180","stockType":"fund_manager","exchange":"fm","tickerId":302145050,"name":"蔡滨"}]},"announcement":{"linkText":"博时产业优选灵活配置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=785772","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecebe7fea5b3eb04f1010","date":"2022-03-30T16:00:00.000Z","stockId":3000000011756,"sao":"一季度全球经济景气逐渐回落，通胀高企，流动性持续偏紧，此外俄乌冲突成为全球大类资产的重要影响因素。国内政策方向未受海外流动性限制，稳增长、稳信用明确，尽管1-2 月工业增加值增速延续改善、出口势头仍佳，但低迷的地产销售、持续不断的地产风险暴露，以及散发疫情加剧，导致增长预期持续不佳。国内CPI 通胀稳定，但PPI 仍有阶段性冲高，加剧企业盈利担忧。一季度国内利率先探底再回升，债券市场整体小幅下行，权益市场整体下行，结构上，煤炭、地产、银行、建筑装饰等与稳增长、受益于商品价格上涨的行业获得相对收益，电子、军工、电力设备等成长板块以及家电、食品饮料等消费板块均较为弱势。一季度组合主要操作，增配煤炭、化工、快递等板块，减配电子、通信、优化新能源等持仓，组合结构上仍以成长方向为主。随着市场调整，一季度组合净值有所下跌，整体仓位略有下降。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:30.002Z","fund":{"_id":3000000011756,"__csrcFundId":9281,"stockCode":"011756","shortName":"博时产业优选混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11756,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.033Z","status":"normal","exchange":"jj","name":"博时产业优选灵活配置混合型证券投资基金","fundCollectionId":4000050050000,"followedNum":3,"currency":"CNY","inceptionDate":"2021-07-19T16:00:00.000Z","masterFundShortName":"博时产业优选混合","setUpDate":"2021-07-19T16:00:00.000Z","setUpAssetScale":3605965366.37,"setUpShares":3605965366.37,"pinyin":"bscyyxlhpzhhxzqtzjj","managers":[{"stockCode":"8801391180","stockType":"fund_manager","exchange":"fm","tickerId":302145050,"name":"蔡滨"}]},"announcement":{"linkText":"博时产业优选灵活配置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=725230","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecebd7fea5b3eb04f100f","date":"2021-12-30T16:00:00.000Z","stockId":3000000011756,"sao":"2021年的A股投资是极具挑战的一年，自春节后的基金重仓白马股回撤开始，市场风格出现了很大的转变，全年代表小市值公司的国证2000指数上涨29.19%、表现占优，而沪深300指数下跌5.20%。代表传统优质龙头组合的“茅指数”下跌4.44%，代表新兴产业组合“宁组合”上涨40.95%。相比较过往几年，2021年市场的风格切换、行业轮动以及波动加大的环境，对组合管理带来更大的挑战。2021年公募基金全年收益率分化较大，但收益率中位数和平均收益率较2019年和2020年均有大幅收窄。 我所管理的新老组合，在2021年的业绩不太理想，未能实现自己制定的目标。对于2021年组合运作情况，有不少值得反思和改进的地方：1.需要加强对个股和组合风险收益评估体系的坚守。春节前持仓股票持续上涨，当时已认识到这些股票的预期收益空间快速下降，但或基于长期价值评估的认知、或基于人性的贪婪，未能及时减持“变贵了”的股票，导致春节后组合回撤幅度较大。2.组合管理上需要预判为辅与应对为主，保持开放心态，积极应对变化，尤其是与预期不一样的变化。21年年初，我们预判疫情修复、经济复苏，流动性边际趋紧、铜等商品供给释放，周期板块股价将承压；这些预判出现了较大的偏差，虽然后续认知到了偏差，但应对不足，尤其错过了国内因双碳政策下，持续景气度提升的煤炭、钢铁、化工新材料等上游板块的投资机会。3.在个股选择和交易评估上，需要注重长期和中期景气相结合。对组合里工程机械龙头股的持仓，因过于注重公司长期竞争力和空间，淡化了中短期的景气度下行，在市值大幅上涨、性价比已不高的情况下，股价在景气度趋弱的情况下，出现较大回撤。2021年在计算机行业的投资也出现类似的问题，基于自主可控和长期成长空间买入的公司，因短期仍处于投入期，出现业绩及经营不达预期，且估值不够便宜，而导致投资效果不佳。4.组合管理中需提升对产业政策带来的负面影响及不确定性的评估和应对能力。因对政策负面影响和风险的评估及应对不足，在可投港股通的组合中的互联网龙头持仓的投资效果不佳。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:29.999Z","mo":"2022年A股面临的宏观环境比较一般，货币流动性外紧内松。国内经济政策以稳增长为主，双碳政策纠偏，上市公司盈利增速有望前低后高。市场整体估值处于中位水平，但行业间估值分化及行业内部估值分化维持高位。预计市场仍以结构性机会为主，存在高估值板块回撤风险。 我们将坚持基于深度基本面研究，以企业价值评估为依据的价值投资理念和框架；保持行业均衡、成长为主的组合策略，在基于企业长期价值评估体系下，个股操作层面也要更注重中短期基本面的变化和跟踪。结合2021年稳增长主线，构建跨周期+逆周期的组合，力争实现组合业绩的长期稳健增长，不负持有人所托。","fund":{"_id":3000000011756,"__csrcFundId":9281,"stockCode":"011756","shortName":"博时产业优选混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11756,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.033Z","status":"normal","exchange":"jj","name":"博时产业优选灵活配置混合型证券投资基金","fundCollectionId":4000050050000,"followedNum":3,"currency":"CNY","inceptionDate":"2021-07-19T16:00:00.000Z","masterFundShortName":"博时产业优选混合","setUpDate":"2021-07-19T16:00:00.000Z","setUpAssetScale":3605965366.37,"setUpShares":3605965366.37,"pinyin":"bscyyxlhpzhhxzqtzjj","managers":[{"stockCode":"8801391180","stockType":"fund_manager","exchange":"fm","tickerId":302145050,"name":"蔡滨"}]},"announcement":{"linkText":"博时产业优选灵活配置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=709534","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecebd7fea5b3eb04f100e","date":"2021-09-29T16:00:00.000Z","stockId":3000000011756,"sao":"三季度股指震荡，多数指数下跌，沪深300、创业板指、科创50分布下跌6.85%，6.69%和13.82%，恒生科技指数更是下跌超25%。中证500、中证1000上涨。行业指数表现分化明显：中信一级行业煤炭、有色、电力、钢铁等行业指数涨幅超20%，其中煤炭上涨超40%；而消费服务、医药、食品饮料、家电等消费相关行业均出现明显下跌。行业指数的季度表现差异，主要受到行业短期基本面强弱、估值水平高低、市场情绪等因素影响。行业层面，整体表现为上游资源供给受限、价格上涨，中游制造业成本承压，受疫情反复等影响，下游消费增长趋缓。 三季度市场表现基本符合我们在二季度季报中“A 股总体呈现局部性、结构性机会为主的市场特征”的预判。三季度，本组合处于建仓期，主要布局方向是科技、新能源、先进制造、医药、消费等优质企业，因组合上游周期持仓较少，而受消费、科技、医药等持仓下跌影响，组合净值短期亦出现回调。 短期权益市场仍面临挑战：国内经济增速放缓以及宏观流动性整体充裕但存在边际收敛的可能。预计市场仍表现为区间震荡、结构性机会为主的特征。但随着科技、消费、新能源产业链等优质企业股价回调带来其估值吸引力的提升，对中长期的权益市场投资机会我们将更乐观。我们继续看好产业升级和消费升级方向的优质龙头企业的投资机会。将继续秉承价值投资、长期投资的理念，组合采取行业均衡、精选个股、成长为主的策略，与优秀上市公司为伴，与时间为伴，通过专业勤勉的工作，不负持有人所托，力争实现组合业绩的长期稳健增长。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:29.996Z","fund":{"_id":3000000011756,"__csrcFundId":9281,"stockCode":"011756","shortName":"博时产业优选混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11756,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.033Z","status":"normal","exchange":"jj","name":"博时产业优选灵活配置混合型证券投资基金","fundCollectionId":4000050050000,"followedNum":3,"currency":"CNY","inceptionDate":"2021-07-19T16:00:00.000Z","masterFundShortName":"博时产业优选混合","setUpDate":"2021-07-19T16:00:00.000Z","setUpAssetScale":3605965366.37,"setUpShares":3605965366.37,"pinyin":"bscyyxlhpzhhxzqtzjj","managers":[{"stockCode":"8801391180","stockType":"fund_manager","exchange":"fm","tickerId":302145050,"name":"蔡滨"}]},"announcement":{"linkText":"博时产业优选灵活配置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=654202","linkType":"PDF","source":"csrc_pdf"}}]}