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格进行调整，以更为均衡的配置策略应对市场波动。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:47.142Z","fund":{"_id":3000000011841,"__csrcFundId":9978,"stockCode":"011841","shortName":"嘉实兴锐优选一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11841,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.209Z","status":"normal","exchange":"jj","name":"嘉实兴锐优选一年持有期混合型证券投资基金","fundCollectionId":4000050080000,"followedNum":1,"inceptionDate":"2021-12-05T16:00:00.000Z","masterFundShortName":"嘉实兴锐优选一年持有期混合","setUpDate":"2021-12-05T16:00:00.000Z","setUpAssetScale":1279414239.15,"setUpShares":1279414239.15,"pinyin":"jsxryxyncyqhhxzqtzjj","managers":[{"stockCode":"db20046979","stockType":"fund_manager","exchange":"fm","tickerId":1202090050,"name":"刘斌"}]},"announcement":{"linkText":"嘉实兴锐优选一年持有期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=1277944","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aececf7fea5b3eb04f2473","date":"2024-12-30T16:00:00.000Z","stockId":3000000011841,"sao":"2024年A股市场出现反弹，多数市场宽基指数录得10%-15%左右收益，基本收复了2023年的失地。在宏观经济层面，挑战主要来自于“强预期与弱现实”之间的矛盾，市场对于复苏的诉求在经济转型期高质量发展主线中迟迟未能得到满足，“内需偏弱、外需偏强”和“需求弱、供给强”几乎持续贯穿全年，导致了2024年A股市场经历了显著的波动与结构性分化。　　权益市场内部的结构分化体现在市值与风格剧烈变化和主题快速轮动上，全年宽基指数表现差距有限但却伴随着较大波动，影响了整体的投资体验。从节奏上看，前三季度的大部分时间内“弱现实”导致市场交易量持续萎缩，A股核心资产在基本面相对保持情况下，估值和交易热度的双重下行，9月中旬全市场成交量一度下探至4500亿，凸显对经济复苏的悲观判断。但在政策驱动与预期修复主导下，4季度出现了一轮罕见的估值修复。从9月下旬开始，央行包含降息降准、创新货币工具等多条政策直接支持资本市场，政策强度大超预期。中央政治局会议政策再强化政策基调，响应市场关切，明确提及 “促进房地产市场止跌回稳”。一套政策组合拳之下，直接将市场的运行中枢从3000点下方提升至3200-3400点内区间震荡。在结构上，不同行业之间的分化度也相对较高，家电、电子、零售、交运等行业收益表现靠前，而医药、农林牧渔、食饮、轻工表现较弱排名靠后。　　本基金的投资目标是依据对宏观经济状况研判、行业长期发展空间、行业景气变化趋势和行业估值比较的研究，跟踪产业政策变化与行业格局变化等事件，结合投资增长率等辅助判断指标，挖掘景气度进入上升周期的行业。在确定周期上升行业的基础上，通过分析行业供需格局的变化程度、量价可能发生的变化趋势、行业历史运行规律等，推断行业的上升空间和持续时间，重点投资拐点行业中景气敏感度高的公司。报告期内，本基金按照基金合同的投资目标进行了组合风格的调整，优选具备核心竞争力、估值相对合理同时具有较好成长性的公司进行投资。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:47.140Z","mo":"面向未来，短期内预计经济“内需偏弱、外需偏强”的格局将持续，外需主要以抢出口为主，市场不乏对于未来关税扰动与出口持续性的担心，同时通胀偏弱的格局或持续到2025年二季度左右，企业整体盈利水平仍会相对承压、中美关税与科技竞争也会对市场带来扰动，后续经济修复仍需耐心。但值得注意的是，近期社融脉冲已出现回升，春节内出行消费数据也有所回暖创下新高，以宏观叙事而对经济或消费过分悲观反而是一种风险。目前政策对提升资本市场内在稳定性诉求强烈，综合施策在进行真金白银投入提升股票市场流动性与市场风险偏好，有利于股票上涨。中期看，经济向好节奏取决于政策落地的情况。我们预计随着政策逐步推出、政策带来的滞后效果逐渐显现与企业盈利修复，经济有走出通缩区间、逐步企稳可能，权益市场有打开估值进一步修复空间的可能。　　本基金后续计划在资产配置框架下，将深入的基本面研究分析与系统化方法相结合，通过优选具备核心竞争力、估值相对合理同时业绩持续超预期、具有较好成长性的公司进行投资组合构建。","fund":{"_id":3000000011841,"__csrcFundId":9978,"stockCode":"011841","shortName":"嘉实兴锐优选一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11841,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.209Z","status":"normal","exchange":"jj","name":"嘉实兴锐优选一年持有期混合型证券投资基金","fundCollectionId":4000050080000,"followedNum":1,"inceptionDate":"2021-12-05T16:00:00.000Z","masterFundShortName":"嘉实兴锐优选一年持有期混合","setUpDate":"2021-12-05T16:00:00.000Z","setUpAssetScale":1279414239.15,"setUpShares":1279414239.15,"pinyin":"jsxryxyncyqhhxzqtzjj","managers":[{"stockCode":"db20046979","stockType":"fund_manager","exchange":"fm","tickerId":1202090050,"name":"刘斌"}]},"announcement":{"linkText":"嘉实兴锐优选一年持有期混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1250452","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aececf7fea5b3eb04f2472","date":"2024-09-29T16:00:00.000Z","stockId":3000000011841,"sao":"2024年第三季度A股和港股市场探底回升，9月底反转向上。上证综指涨幅12.44%，深圳成指涨幅19%，科创50指数上涨22.51%，创业板指数上涨29.21%，恒生指数上涨19.27%，恒生科技指数上涨33.69%。从行业分布看，A股市场涨幅前三的二级行业(申万标准)为：证券（+43.43%）、房地产服务（+41.43%）、专业连锁（+39.88%）；涨幅后三位的二级行业（申万标准）为：煤炭开采（+0.7%）、电力（+2.47%）、炼化及贸易（+3.77%）。　　三季度，美联储正式开启本轮加息周期以来首次50个BP的降息，美国经济下行的预期加剧大宗商品价格的下行，全球资产配置进入调整周期。港股作为对美联储货币政策最为敏感且调整充分的中国市场，互联网和创新药行业率先反映分母端的变化。九月底，国内提振资本市场和稳定宏观经济的政策集中出台，A股市场反转，完成熊牛初步转换。　　三季度，本基金权益仓位相对稳定。行业配置上，本基金增加了新质生产力和医药创新行业的配置，维持港股互联网和数字经济的配置，降低了以白酒为代表的高端消费品板块的配置比重，也部分降低了煤炭和电力等防御性行业的配置比重。　　短中期看，宏观经济复苏和美联储降息的乐观预期已经相对充分包含在A股和港股的市场表现中。A股和港股市场的估值修复趋于合理，未来的市场运行依托国内财政政策的落地和美联储持续降息，我们的组合将围绕着三季度上市公司优质报表和经济增长新的产业成长周期，逐渐从BETA市场波动向产业运行和优质企业竞争力的ALPHA方向转化。　　中长期展望，新旧增长动能的转化必将带来产业周期的此消彼长，无风险收益率将随着宏观经济的总量增速变化而呈现逐步下行的态势。低利率时代将带来资本市场估值体系的分化与裂变，资本市场发展空间巨大。可以预期，随着资本市场制度建设和基础设施的积极重构，重投资回报、轻融资圈钱的资本市场投资文化将吸纳越来越多的中长期资金配置A股和港股市场，我们对未来保持积极且乐观。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:47.136Z","fund":{"_id":3000000011841,"__csrcFundId":9978,"stockCode":"011841","shortName":"嘉实兴锐优选一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11841,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.209Z","status":"normal","exchange":"jj","name":"嘉实兴锐优选一年持有期混合型证券投资基金","fundCollectionId":4000050080000,"followedNum":1,"inceptionDate":"2021-12-05T16:00:00.000Z","masterFundShortName":"嘉实兴锐优选一年持有期混合","setUpDate":"2021-12-05T16:00:00.000Z","setUpAssetScale":1279414239.15,"setUpShares":1279414239.15,"pinyin":"jsxryxyncyqhhxzqtzjj","managers":[{"stockCode":"db2004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低基数背景下的复苏，无论是GDP增速还是企业盈利数据，均存在向上修正的可能。站在周期的角度看，中国资本市场正站在推动经济转型和可持续增长的关键位置，本基金管理人对资本市场长期保持乐观。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:47.120Z","fund":{"_id":3000000011841,"__csrcFundId":9978,"stockCode":"011841","shortName":"嘉实兴锐优选一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11841,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.209Z","status":"normal","exchange":"jj","name":"嘉实兴锐优选一年持有期混合型证券投资基金","fundCollectionId":4000050080000,"followedNum":1,"inceptionDate":"2021-12-05T16:00:00.000Z","masterFundShortName":"嘉实兴锐优选一年持有期混合","setUpDate":"2021-12-05T16:00:00.000Z","setUpAssetScale":1279414239.15,"setUpShares":1279414239.15,"pinyin":"jsxryxyncyqhhxzqtzjj","managers":[{"stockCode":"db20046979","stockType":"fund_manager","exchange":"fm","tickerId":1202090050,"name":"刘斌"}]},"announcement":{"linkText":"嘉实兴锐优选一年持有期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=881308","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aececf7fea5b3eb04f246b","date":"2022-12-30T16:00:00.000Z","stockId":3000000011841,"sao":"回顾2022年，地缘政治冲突、欧美通胀、美元持续加息和疫情反复加剧全球资本市场波动和调整，以煤炭、油气、黄金为代表的行业全年取得明显超额收益。国内资本市场，受益于疫情政策优化的酒店餐饮和旅游景区成为全年表现最好的两个细分行业，半导体和消费电子年度跌幅分别达到37.11%和40.44%，价值风格相对成长风格显著占优。　　本基金在报告期的行业配置总体上面向高端制造行业方向倾斜，在2022年上半年取得相对优势，伴随海外需求放缓、四季度国内房地产政策和疫情管控政策快速放开，本基金行业配置逐步均衡，调低了高端制造业行业配置，增加了大消费板块、港股互联网和高端医疗服务行业的配置。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:47.117Z","mo":"展望2023年，在全球经济增速放缓、欧美预期衰退的背景下，中国稳增长的经济政策加速落地，成为全球经济持续增长的主发动机。站在2023年初，管理人对海外市场保持审慎，部分企业盈利预测有进一步下修的可能性。关于港股和A股市场，本管理人相对乐观，在三年疫情扰动逐步消退后，企业盈利的修复和中国经济增长的确定性将持续吸引海内外增量资金加仓中国，推动资本市场估值体系的进一步修复。需要关注的是，海外地缘政治的冲突仍然没有短期结束的迹象，中美博弈进一步升级也是制约全球经济复苏的潜在风险。　　长期展望，管理人认为中国经济结构升级转型已经具备必要条件，高端制造与消费升级将为经济增长提供持续驱动力。而社会资本与居民财富向新兴行业与权益市场的迁移仍将是不可阻挡的趋势。　　站在后疫情时代的新起点，管理人站在经济增长周期的视角，重新审视宏观经济和产业运行的起伏。落实到投资管理层面，管理人将会采取均衡配置策略，重点关注受益于稳增长的“扩大内需”的“大消费”行业，受益于人口老龄化的高端医疗服务行业和医药创新行业。关注困境反转的房地产及产业链公司、大炼化行业和港股互联网平台。长期关注代表中国经济高质量增长的高端制造业和科技创新行业。","fund":{"_id":3000000011841,"__csrcFundId":9978,"stockCode":"011841","shortName":"嘉实兴锐优选一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11841,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.209Z","status":"normal","exchange":"jj","name":"嘉实兴锐优选一年持有期混合型证券投资基金","fundCollectionId":4000050080000,"followedNum":1,"inceptionDate":"2021-12-05T16:00:00.000Z","masterFundShortName":"嘉实兴锐优选一年持有期混合","setUpDate":"2021-12-05T16:00:00.000Z","setUpAssetScale":1279414239.15,"setUpShares":1279414239.15,"pinyin":"jsxryxyncyqhhxzqtzjj","managers":[{"stockCode":"db20046979","stockType":"fund_manager","exchange":"fm","tickerId":1202090050,"name":"刘斌"}]},"announcement":{"linkText":"嘉实兴锐优选一年持有期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=863518","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aececf7fea5b3eb04f246a","date":"2022-09-29T16:00:00.000Z","stockId":3000000011841,"sao":"2022年第三季度A股主要指数悉数下跌。上证综指下跌11.01%，深证成指下跌16.42%，科创50下跌15.04%，创业板指下跌18.56%。从行业上看，涨幅前三的行业为：煤炭（+0.97%）、综合（-1.12%）、公共事业（-4.54%）；跌幅前三的行业为：建筑材料（-23.98%）、电力设备（-18.01%）、电子（-17.58%）。    三季度，全球风险资产表现普遍承压，A股市场下跌主要受到内外部双重因素影响。内部，宏观经济恢复受制于疫情反复与地产销售下行，企业盈利增长承压。外部，俄乌冲突升级，美联储加息超预期引发10年期美债收益率触及3.97%，全球大类资产配置资金回流美债，风险资产估值承压。    三季度，本基金权益仓位相对稳定。行业配置上，本基金仍关注中国高端制造业，尤其是围绕着“双碳”国家战略的新能源汽车、光伏和风电产业链条，增加了受到供给约束的煤炭行业的配置。在自主可控方面，本基金增加了军工和信创相关行业配置。过去三年疫情反复对居民消费能力和收入预期造成了负面冲击，本基金降低了消费和医药行业的配置。    短中期看，宏观经济疲软和美联储加息的悲观预期已经包含在市场表现中，A股市场处于底部区域，对于未来不必悲观。中长期展望，世界处于百年未有之大变局，在逆全球化的背景下，本基金管理人重点关注需求具有长期持续增长的方向，寻找具有较大成长空间的具备全球化比较优势的公司。管理人关注以下三条线索：1）中国与全球利益的最大公约数—“双碳”，关注中国具备全球化比较优势的光伏、风电和新能源汽车智能化产业链条；2）中国人口老龄化趋势下医药创新、高端医疗服务和中国比较优势强大的CXO、原料药和制剂等产业链条；3）全球通胀中枢提升，低估值、低杠杆、高分红的优质资产。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:47.114Z","fund":{"_id":3000000011841,"__csrcFundId":9978,"stockCode":"011841","shortName":"嘉实兴锐优选一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11841,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.209Z","status":"normal","exchange":"jj","name":"嘉实兴锐优选一年持有期混合型证券投资基金","fundCollectionId":4000050080000,"followedNum":1,"inceptionDate":"2021-12-05T16:00:00.000Z","masterFundShortName":"嘉实兴锐优选一年持有期混合","setUpDate":"2021-12-05T16:00:00.000Z","setUpAssetScale":1279414239.15,"setUpShares":1279414239.15,"pinyin":"jsxryxyncyqhhxzqtzjj","managers":[{"stockCode":"db20046979","stockType":"fund_manager","exchange":"fm","tickerId":1202090050,"name":"刘斌"}]},"announcement":{"linkText":"嘉实兴锐优选一年持有期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=801261","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aececf7fea5b3eb04f2469","date":"2022-06-29T16:00:00.000Z","stockId":3000000011841,"sao":"回顾上半年行情，A股市场在1-4月持续调整，于4月末企稳。前期市场下跌主要是受到美联储加息、俄乌战争与国内疫情超预期发展这三重负面因素影响。4月底开始的反弹主要原因在于国内疫情有效防控及财政货币政策双松背景下，经济下行态势和A股市场悲观预期得到有效逆转。国内经济政策周期与美国形成错位，使得A股市场独立于美股市场，走出一轮强劲的反弹行情。  操作层面，本基金于去年四季度发行，在上半年完成了建仓。行业配置上，本基金仍关注具备全球比较优势的中国高端制造业，尤其是围绕着“双碳”国家战略的新能源汽车、光伏和风电产业链条，高端制造将成为基金长期配置主线。在周期行业中，本基金仓位集中于拥有成本竞争优势且具备产品创新潜力的化工行业、受到供给约束的煤炭行业。消费医药行业短期基本面具有一定压力，但长期仍有升级空间，本基金选择了需求端确定性更强的个股进行配置。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:47.112Z","mo":"短期来看，三季度进入中报披露期，同时三季度经营情况决定了年内最后一次定期报告三季报的结果。管理人将会重点布局中报、三季报持续好转的公司。  中长期展望，世界处于百年未有之大变局，在逆全球化和去金融化的背景下，本基金管理人重点关注需求具有长期持续增长的方向，寻找具有较大成长空间、具备全球化比较优势的公司。管理人长期关注以下三条线索：1）中国与全球利益的最大公约数—“双碳”，关注中国具备全球化比较优势的光伏、风电和新能源汽车产业链条；2）汽车电动化与智能化；3）中国人口老龄化趋势下医药创新、高端医疗服务和中国比较优势强大的CXO、原料药等产业链条。","fund":{"_id":3000000011841,"__csrcFundId":9978,"stockCode":"011841","shortName":"嘉实兴锐优选一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11841,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.209Z","status":"normal","exchange":"jj","name":"嘉实兴锐优选一年持有期混合型证券投资基金","fundCollectionId":4000050080000,"followedNum":1,"inceptionDate":"2021-12-05T16:00:00.000Z","masterFundShortName":"嘉实兴锐优选一年持有期混合","setUpDate":"2021-12-05T16:00:00.000Z","setUpAssetScale":1279414239.15,"setUpShares":1279414239.15,"pinyin":"jsxryxyncyqhhxzqtzjj","managers":[{"stockCode":"db20046979","stockType":"fund_manager","exchange":"fm","tickerId":1202090050,"name":"刘斌"}]},"announcement":{"linkText":"嘉实兴锐优选一年持有期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=778478","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aececf7fea5b3eb04f2468","date":"2022-03-30T16:00:00.000Z","stockId":3000000011841,"sao":"2022年一季度权益市场开局不利，上证综指下跌10.65%，深证成指下跌18.44%。回顾近10年重要指数季度表现，深证成指(-18.44%)、沪深300(-14.52%)、中小板指(-16.36%)、创业板指(-19.96%)，单季度跌幅仅次于2015年三季度股灾，超越2016年一季度熔断时的市场下跌。从行业上看，涨幅前三的行业为：煤炭（+22.63%）、房地产（+7.27%）、综合（+3.45%）；跌幅前三的行业为：电子（-25.46%）、国防军工（-23.3%）、汽车（-21.4%）。    回顾一季度，美联储加速加息、俄乌战争、国内外疫情再一次升级，上述三大宏观事件使得全球滞涨风险进一步提升，对权益市场造成了重大负面影响，而在内外压力加大的背景下，投资者对稳增长预期进一步强化。预期映射到权益市场表现，一季度低估值、稳增长、困境反转的行业领跑市场；估值处于高位、利润承压的中下游行业跌幅较大。    市场资金方面，北向资金流出，公募基金发行乏力，部分绝对收益类产品触发止损与平仓线，使得开年以来市场资金整体净流出，多杀多局面下机构重仓股表现逊于大盘。港股在面临长线资金流出与对冲基金做空的双重不利因素下，在三月上旬发生非理性下跌，于金融委会议释放维稳信号使得空头平仓后企稳。    本基金于去年四季度发行，一季度处于建仓期，目前主要仓位配置于高端制造、消费医药、周期制造三大板块。实体经济运行是长期慢变量，金融市场预期是短期快变量，一季度快速下跌体现了市场对长期慢变量的担忧于短期快变量中迅速反应。纵使内外压力犹在，市场预期大概率在短期内具备修复的可能，所以管理人在下跌中不断加仓，并对短期调整较为充分，具备长期成长性的行业进行了一定的结构倾斜。长期来看，世界仍旧处于百年未有之大变局之中，唯一确定的是不确定性，管理人需要尽所能寻找到相对具有确定性成长的公司，在价值区间买入布局。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:47.102Z","fund":{"_id":3000000011841,"__csrcFundId":9978,"stockCode":"011841","shortName":"嘉实兴锐优选一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11841,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.209Z","status":"normal","exchange":"jj","name":"嘉实兴锐优选一年持有期混合型证券投资基金","fundCollectionId":4000050080000,"followedNum":1,"inceptionDate":"2021-12-05T16:00:00.000Z","masterFundShortName":"嘉实兴锐优选一年持有期混合","setUpDate":"2021-12-05T16:00:00.000Z","setUpAssetScale":1279414239.15,"setUpShares":1279414239.15,"pinyin":"jsxryxyncyqhhxzqtzjj","managers":[{"stockCode":"db20046979","stockType":"fund_manager","exchange":"fm","tickerId":1202090050,"name":"刘斌"}]},"announcement":{"linkText":"嘉实兴锐优选一年持有期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=721537","linkType":"PDF","source":"csrc_pdf"}}]}