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月开始，AI浪潮开始席卷全球，美国科技行业公司的估值的大幅抬升，A股的TMT行业的表现从1季度开始就显著领跑全市场。然而从下半年开始，市场逐渐认识到国内科技进步的速度与海外存在时间差，当技术快速进步的预期落空之后，TMT行业同样出现了较大的回撤，与此同时，国内整体需求出现了疲态，3年疫情带来的后遗症在各行业中开始显现，消费、制造业等首当其冲，从政策层面来看，监管层从下半年开始陆续出台多项刺激资本市场活力、完善资本市场制度的措施，并在执行层面给出了积极的方向性指引，但权益市场在下半年仍未出现明显的拐点，全年市场都处于寻底与筑底的过程当中。尽管全年市场以及组合运作遭遇较大的挑战，我们仍然对中国经济的成长性以及结构优化持乐观态度，因此组合在结构上仍然倾向于成长风格，组合的持仓基本围绕科技进步、制造业升级构建，随着下半年整体市场估值的收缩和防御性特征增强，23年组合运行有一定的挑战。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:32.219Z","mo":"展望24年，投资机会将会分布范围更广泛。从全球的宏观格局来看，美债高利率时代可能比预期更久，从这个角度出发，我们的组合构建较之前更加均衡。在一个更长的维度，这一轮由人工智能带动的科技变革将对产业以及社会产生深远的影响，但随着宏观政策预期的企稳，经济复苏实质的体现，顺周期、消费、制造业的情况都将边际回升。因此，在2024年的投资策略上，一方面在成长方向：我们会格外重视优秀的科技公司，寻找自身产业景气度与人工智能海外映射共振的领域，在我们持续关注的高端装备行业中发现全球产业化布局领先且业绩确定性较高的企业。另一方面在其他领域：我们也将比过去更重视消费领域复苏、重视制造业的恢复、重视资源品价格的波动等多要素的催化。政策层面，23年底积极的措施和政策开始加码，一些有利于构建成熟健康资本市场的措施陆续出台，我们相信当前的权益市场已经处于市场底部区域，新的行情正在酝酿的过程当中。下半年持续的下跌给了很多优秀企业更低的买入价格，24年随着经济复苏以及外部环境的明朗，我们对市场实现正收益持正面态度，我们会继续保持在高端制造业、有全球竞争力的消费品、科技产业等布局的方向，为持有人创造更大的收益。","fund":{"_id":3000000000264,"stockCode":"000264","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-07-14T16:00:00.000Z","setUpScale":101439000,"market":"a","tickerId":264,"custody":"中国农业银行股份有限公司","name":"博时内需增长灵活配置混合型证券投资基金","shortName":"博时内需增长混合A","fundSecondLevel":"hybrid","__csrcFundId":3442,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:08.675Z","masterFundFlag":1,"inceptionDate":"2013-07-14T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时内需增长混合","pinyin":"bsnxzzlhpzhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时内需增长灵活配置混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1052670","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a0d4369c9c836d4666","date":"2023-09-29T16:00:00.000Z","stockId":3000000000264,"sao":"2023年第三季度的市场继续寻底。从政策层面来看，监管层已经出台了多项刺激资本市场活力、完善资本市场制度的措施，并在监管执行层面给出了积极的方向性指引，权益市场在3季度受多方面因素的影响仍未出现明显的拐点，市场仍在寻底与筑底的过程当中。从全球的宏观格局来看，美债高利率时代可能比预期更久，我们的投资策略需要考虑这一重要背景，从这个角度进行了部分均衡配置，包括资源品价格等都将是我们密切跟踪的指标。展望4季度，需求层面已经看到部分复苏的端倪，在3季度末我们与制造业企业的调研与交流当中，终于感受到中游企业对国内需求的展望变得边际上更加积极，这与近两年来的情绪完全不同，随着越来越多的信号意义出现，我们认为中国经济触底回升的概率正在变大。盈利释放可能还需要一段时间，企业需要内部消化上游资源品成本的上升。综合来看，3季度的市场下跌实际上给了很多优秀企业更低的买入价格，随着经济复苏以及外部环境的明朗，我们对4季度市场以及组合实现正收益持乐观态度。高端制造业、资源品、消费品以及科技产业等都将组合重点布局的方向。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:32.208Z","fund":{"_id":3000000000264,"stockCode":"000264","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-07-14T16:00:00.000Z","setUpScale":101439000,"market":"a","tickerId":264,"custody":"中国农业银行股份有限公司","name":"博时内需增长灵活配置混合型证券投资基金","shortName":"博时内需增长混合A","fundSecondLevel":"hybrid","__csrcFundId":3442,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:08.675Z","masterFundFlag":1,"inceptionDate":"2013-07-14T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时内需增长混合","pinyin":"bsnxzzlhpzhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时内需增长灵活配置混合型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=987567","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a0d4369c9c836d4665","date":"2023-06-29T16:00:00.000Z","stockId":3000000000264,"sao":"2023年上半年的特征是强预期弱现实。市场经历了对经济复苏的强烈预期与经济自然修复的久期拉长之间的矛盾，同时市场对于各项政策的出台抱有强烈的预期。这些乐观的预期与实际情况在上半年产生了一定偏差，导致了与经济复苏相关的板块和行业出现不尽人意的表现。而相应的，海外高科技领域出现了里程碑式的事件，这带来了全球科技行业公司的估值抬升，映射在A股，我们能看到TMT等行业在上半年特别是1季度的表现显著由于其他行业。随着整体估值的抬升与一些板块实际盈利之间的差异拉大，科技股面临一定的回撤压力，而在最新一轮的中央表态中，经济增长以及一些对经济增长帮助较大的行业获得了比以往更乐观的表述，在这种情况下，市场整体风格有所微调。虽然从更长的维度来看，我们仍然认为这一轮由人工智能带动的科技变革将对产业以及社会产生深远的影响，但随着宏观政策预期的企稳，经济复苏实质的体现，顺周期、消费、制造业的情况较上半年将边际回升。整个上半年，组合的持仓基本围绕科技进步与经济复苏的方向。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:32.196Z","mo":"展望下半年，我们认为投资机会较上半年分布范围更广。一方面我们重视优秀的科技公司，寻找自身产业景气度与人工智能海外映射共振的领域，另一方面在我们持续关注的高端装备行业中也可以发现估值合理、全球产业化布局领先且业绩确定性较高的企业，另外，我们也将比过去更重视消费领域复苏。整体上在组合构建上，我们将比上半年更加均衡。从行业来看，汽车、机械等高端制造过去是我们的重点投资方向，接下来的配置也将有所提升，科技、消费同样不可偏废，我们相信制造业的产业升级，也相信科技进步与消费升级将带来大量的投资机会。","fund":{"_id":3000000000264,"stockCode":"000264","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-07-14T16:00:00.000Z","setUpScale":101439000,"market":"a","tickerId":264,"custody":"中国农业银行股份有限公司","name":"博时内需增长灵活配置混合型证券投资基金","shortName":"博时内需增长混合A","fundSecondLevel":"hybrid","__csrcFundId":3442,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:08.675Z","masterFundFlag":1,"inceptionDate":"2013-07-14T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时内需增长混合","pinyin":"bsnxzzlhpzhhxzqtzjj","managers":[{"stockCode":"8801387868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2022年年初至今，只有煤炭、地产、银行、农业等行业指数正收益，而电子、军工、汽车、家电、机械、食品饮料等行业都有20%以上或者接近20%的下跌，很多个股的回撤幅度已经超过了30%以上，市场“一九现象”演化愈发极致。可以说，年初以来的市场是自上而下宏观与策略因素主导的市场格局。 从去年年底开始，本基金开始有意识的减持赛道股持仓，从某种程度来说有效的规避了部分赛道板块的大幅回撤。但另一方面，组合的科技股、军工、汽车等有一定的增配，这是拖累今年年初以来业绩的重要因素。1季度末，整个权益市场的风险偏好已经急转直下，资金对高估值股票的抛弃如同2018年，回撤速度仅次于2016年年初的熔断时刻。 综合对经济、市场、行业成长与竞争逻辑、公司自身经营情况等多重因素，目前基金仍然以军工、机械、半导体、汽车零部件为主要持仓，根据我们对这些公司的跟踪与判断，持仓中大部分标的的产业趋势与公司竞争力边际上都没有恶化，对这类行业与公司暂不做结构性持仓调整，对于产业趋势还保持较好水平，但景气程度边际上较去年下降的行业降低仓位但仍保持一定的头寸。随着1季报的陆续发布，很多公司的业绩将得到市场的有效认可，一旦世界紧张局势得到缓解、我国稳经济的政策相继出台、疫情最终得到控制，权益市场快速下跌的趋势将得到扭转，产业升级的力量将拉动相应公司的股价和估值回归正常水平。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:32.137Z","fund":{"_id":3000000000264,"stockCode":"000264","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-07-14T16:00:00.000Z","setUpScale":101439000,"market":"a","tickerId":264,"custody":"中国农业银行股份有限公司","name":"博时内需增长灵活配置混合型证券投资基金","shortName":"博时内需增长混合A","fundSecondLevel":"hybrid","__csrcFundId":3442,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:08.675Z","masterFundFlag":1,"inceptionDate":"2013-07-14T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时内需增长混合","pinyin":"bsnxzzlhpzhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时内需增长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=727482","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a0d4369c9c836d465f","date":"2021-12-30T16:00:00.000Z","stockId":3000000000264,"sao":"2021年，组合净值历经了1季度的痛苦回撤和后3个季度的大幅反弹，其中获得的宝贵经验和教训是以往不曾有过的。哲学家维尔根斯坦说过：“要知道我们说的东西很容易，要知道我们为何这么说则很困难。”这句话非常适合基金经理，业绩、换手率等指标都是结果，组合持仓以及交易行为都是很容易查得，但是人们要知道为什么进行这些投资决策就没那么容易了。我们希望通过起行之有效的投资框架来进行投资标的的选择与节奏的控制，最终实现客户资产的保值增值。 今年我们通过成长曲线跃层投资逻辑框架，把研究和投资的重点放在了新能源汽车及零部件、半导体产业链、机械行业、计算机行业的进口替代等行业上。这些细分行业出现了大量符合成长曲线跃层的企业，我们相信在这些标的中将成长出根植于中国的世界级公司。 在标的公司的选择上，我们把竞争格局与企业管理能力放在了更加重要的位置，在高成长空间的行业中去寻找竞争格局更优，企业竞争力更强或者正在变强的行业与公司进行投资。此外，我们力争把组合构建的更加合理，并不追求极致，而是在多个行业中寻找到成长性最好、竞争格局更完善、能力优秀的公司。“投资的本质是对未来的预测”，平抑预测失误的最有效的途径是适度分散投资。目前组合持仓并没有过多集中在某一个或者两个行业中，组合的构建争取更加合理，回撤控制争取更到位。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:32.129Z","mo":"我们对于今年的宏观经济相对谨慎，外部环境的不确定性较去年更大，内生的增长仍需要找到新的路径，财政发力的可能性加大，但约束条件依然很多。总而言之，2022年的不确定性将高于2021年。 资本市场同样面临更大的困扰，市场空间大、短期景气度较好的行业面临估值以及景气度趋势边际放缓的影响，有一定的回撤压力，受益于财政政策的行业普遍都是传统产业，估值相对偏低。整体权益市场的估值有收敛的内在要求。这样对于组合的节奏把控提出了更高的要求。 我们今年除了继续把产业研究与投资放在首位之外，会更多考虑景气度的边际影响，对组合的结构进行微调，力争获得更好的回报。","fund":{"_id":3000000000264,"stockCode":"000264","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-07-14T16:00:00.000Z","setUpScale":101439000,"market":"a","tickerId":264,"custody":"中国农业银行股份有限公司","name":"博时内需增长灵活配置混合型证券投资基金","shortName":"博时内需增长混合A","fundSecondLevel":"hybrid","__csrcFundId":3442,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:08.675Z","masterFundFlag":1,"inceptionDate":"2013-07-14T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时内需增长混合","pinyin":"bsnxzzlhpzhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时内需增长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=709822","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a0d4369c9c836d465e","date":"2021-09-29T16:00:00.000Z","stockId":3000000000264,"sao":"三季度出现了传统周期品行业大爆发。以煤炭、钢铁、有色、电力等为代表的传统周期产业出现了久违的上涨，这与现阶段宏观经济运行状况密不可分。由于基数因素，我国三四季度GDP增速较上半年将出现明显回落，海外疫情仍未见好转迹象，全球航运体系出现瓶颈，上游原材料都出现了价格上涨的态势，这些全球宏观经济格局叠加地方政府为了完成碳排放目标而做出一些举措，使得我国煤炭、钢铁等出现了局部暴涨，同时也带来局部地方限电的连锁反应。在这些因素共振下，三季度后期权益市场的主要热点都集中在上游周期品的身上，半导体、新能源汽车、高端制造等上半年表现优异的行业和公司出现了一定的股价回撤。 从经济发展趋势来看，限电、缺芯等问题带来的供给瓶颈不是产业发展的核心矛盾，我们仍要把目光放的更长远，抓住产业发展的主要因素，把握竞争格局良好、发展空间广阔的行业和公司。尽管从短期来看可能出现市场的波动，但我们不会做过短的组合调整，坚定的把头寸放在中国制造业产业升级的方向上，把握成长曲线跃层的机会，争取为基金持有人实现长期回报。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:32.124Z","fund":{"_id":3000000000264,"stockCode":"000264","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-07-14T16:00:00.000Z","setUpScale":101439000,"market":"a","tickerId":264,"custody":"中国农业银行股份有限公司","name":"博时内需增长灵活配置混合型证券投资基金","shortName":"博时内需增长混合A","fundSecondLevel":"hybrid","__csrcFundId":3442,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:08.675Z","masterFundFlag":1,"inceptionDate":"2013-07-14T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时内需增长混合","pinyin":"bsnxzzlhpzhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时内需增长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=654558","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a0d4369c9c836d465d","date":"2021-06-29T16:00:00.000Z","stockId":3000000000264,"sao":"继近期超预期降准之后，3季度货币政策的方向面临更大的不确定性，一方面，由大宗商品带来的通胀压力不断增强，另一方面疫情、原材料价格上涨给中小企业带来新的困难，货币紧缩和宽松都有足够的理由。我国出口企业有望继续超预期，海外疫情此起彼伏，全球制造业供应链都非常紧张，中国企业的海外订单暂时没有突然消失的风险。基于正反两个方向的理由，权益市场结构性特征暂时不会发生变化。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:32.117Z","mo":"新能源、半导体、高端制造、医药等行业是我们投资的重要方向，因为它符合我们长期偏好的方向：中国制造业产业升级。从产业空间和竞争格局来看，新能源汽车是未来3年最确定的行业，龙头企业竞争格局已经比较清晰，新能源汽车渗透率提升速度超出市场之前的判断，因此即便涨幅较大，通过一段时间消化估值之后行业内龙头企业股价仍将有较强表现；半导体的行业格局与新能源汽车有所差异，行业内的公司竞争优势相对全球巨头仍处于弱势，国产替代的加速虽然削弱了这种弱势，但从盈利久期来看，仍处于早期阶段，一些公司的市值确实有一定的透支，估值消化所需时间可能会更长，这个行业投资的节奏把握的难度更大，因此相关公司的细分产业竞争格局和公司竞争力是我们关注的第一要务，这样更能抵御股价的波动；此外，当前组合内高端装备、医药的持仓也较重，因为高端装备和医药行业的细分产业较多，其中一些公司有较强的竞争力和成长潜力，我们愿意在这些有潜力的公司上加大头寸。","fund":{"_id":3000000000264,"stockCode":"000264","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-07-14T16:00:00.000Z","setUpScale":101439000,"market":"a","tickerId":264,"custody":"中国农业银行股份有限公司","name":"博时内需增长灵活配置混合型证券投资基金","shortName":"博时内需增长混合A","fundSecondLevel":"hybrid","__csrcFundId":3442,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:08.675Z","masterFundFlag":1,"inceptionDate":"2013-07-14T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时内需增长混合","pinyin":"bsnxzzlhpzhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时内需增长灵活配置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=633942","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a0d4369c9c836d465c","stockId":3000000000264,"sao":"2021年的1季度市场走势波动较大。在资金面预期收紧的背景下，去年盈利丰厚的行业回撤格外明显，首先从弹性较大的军工、新能源开始，随后扩散到食品饮料、免税等行业板块，得以幸免的主要是去年涨幅较小以及与碳排放主题相关的行业，如计算机、钢铁、电力与公用事业等。 我们未来的投资策略并不悲观，仍然认为结构重于仓位，全年单边下跌的条件并不具备。1季度有金融监管层主要领导对资产泡沫发出警告后，市场的风险得到一定的释放，当资金和外部环境不再是主要矛盾之后，对组合节奏的把握又将回到最基本问题上来，就是哪些行业和公司更能带来更高的股东回报。我们接下来的投资标的重点将围绕这些方面。 从重点行业来看，除了我们长期看好的新能源、半导体、军工、医药以外，我们增加了对机械设备板块的投资。过往两年，基建投资占整体投资的主导，相对的制造业特别是中小企业投资意愿不足，所以大家能看到工程机械的高速增长，工程机械公司的业绩持续超预期。而当前时点，我们可以从一些微观层面的调研中了解到，中小企业投资在加速，过去两三年大量中小企业消失，存量企业也少有意愿进行固定资产投资，今年则能明显地感觉到企业进行固定资产投资意愿加强，过去两年的投资短缺需要弥补。当然有可能是因为全球疫情导致部分行业产能向中国集中，疫情后这个趋势是否持续需要密切观察，但就投资的时间周期来看，一旦企业开始进行固定资产投资，机械设备行业的景气度是会维持一段时间的，这段时间是投资这类企业较好的时机。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:32.112Z","fund":{"_id":3000000000264,"stockCode":"000264","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-07-14T16:00:00.000Z","setUpScale":101439000,"market":"a","tickerId":264,"custody":"中国农业银行股份有限公司","name":"博时内需增长灵活配置混合型证券投资基金","shortName":"博时内需增长混合A","fundSecondLevel":"hybrid","__csrcFundId":3442,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:08.675Z","masterFundFlag":1,"inceptionDate":"2013-07-14T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时内需增长混合","pinyin":"bsnxzzlhpzhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时内需增长灵活配置混合型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=574892","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a0d4369c9c836d465b","stockId":3000000000264,"sao":"本基金坚持产业为本，内需为主的投资指导思想，就行业而言，偏向于收入与利润高速增长、现金流表现突出且ROE保持较好或者ROE底部复苏的行业，而标的选择则会盯住细分板块中最有竞争优势的公司。2020年的市场环境跌宕起伏，到了下半年，中国经济的韧性得到了充分的展现，在全球其他主要经济体仍然陷入多重疫情的漩涡中时，中国经济实现了率先反弹，并充分发挥了全球制造基地的作用。在出口的拉动下，我们的制造业的现金流和盈利情况实现了多年来未见的良好态势，与很多经济学家预测的不同，在多重打压之下，许多全球加工产业非但没有离开中国，反而实现了进一步聚集，中国制造的优势进一步加强，这个产业基础将会成为我们未来进行投资的重要条件。在重点发展内循环的大背景下，中国内需发展与出口制造将会更加有机的结合起来，实现消费升级、制造升级。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:32.106Z","mo":"2021年，我们将重点关注进入实质性高增长的行业与企业，更加关注内需与出口协同共振的板块。我们面临的是消费升级、制造升级、装备升级的趋势。这些行业有一些共同的特征：未来几年将出现订单、收入的明显加速，现金流得到显著改善，资产负债表的健康程度得到提升，资金正在加速涌入这些产业当中，并将催生出具有世界竞争优势的中国公司。我们选择的重点标的都将在这些领域之中诞生。虽然货币政策的边际变化可能对资本市场的结构带来节奏上的影响，但不会影响我们投资的内核要素：投资优秀的企业，这些企业能够在不同的市场环境下比竞争对手做出更优的应对，提升市场份额、提升能力、提高股东回报水平，我们坚信中国的内需增长，坚信中国的产业升级，并希望投资其中为持有人获得更好的回报。","fund":{"_id":3000000000264,"stockCode":"000264","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-07-14T16:00:00.000Z","setUpScale":101439000,"market":"a","tickerId":264,"custody":"中国农业银行股份有限公司","name":"博时内需增长灵活配置混合型证券投资基金","shortName":"博时内需增长混合A","fundSecondLevel":"hybrid","__csrcFundId":3442,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:08.675Z","masterFundFlag":1,"inceptionDate":"2013-07-14T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时内需增长混合","pinyin":"bsnxzzlhpzhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时内需增长灵活配置混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=557695","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a0d4369c9c836d465a","stockId":3000000000264,"sao":"下半年以来，全球经济环境的发展趋势已经比较明朗，欧美继续受疫情影响，在社会经济的开放与封闭之前徘徊，中国经济触底回升的态势确立，不仅内需回暖，出口制造业更是表现突出，但相应的，货币政策在边际上已经不太可能放松。两相权衡下，我们会继续在订单和业绩超预期的行业中挑选标的，减少受益系统性贝塔资产的持仓。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:32.101Z","fund":{"_id":3000000000264,"stockCode":"000264","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-07-14T16:00:00.000Z","setUpScale":101439000,"market":"a","tickerId":264,"custody":"中国农业银行股份有限公司","name":"博时内需增长灵活配置混合型证券投资基金","shortName":"博时内需增长混合A","fundSecondLevel":"hybrid","__csrcFundId":3442,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:08.675Z","masterFundFlag":1,"inceptionDate":"2013-07-14T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时内需增长混合","pinyin":"bsnxzzlhpzhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时内需增长灵活配置混合型证券投资基金2020年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=489884","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a0d4369c9c836d4659","stockId":3000000000264,"sao":"今年上半年，资本市场发生了深刻的变化，境内外资本市场呈现出剧烈波动的格局。受疫情影响，海外资本市场都在1季度出现深度调整，与之相对应的是，由于我国对后续疫情的处理比较果断，尽管宏观经济1季度出现较大回落，但资本市场对后续经济复苏并不悲观，A股成为2020年全球表现最突出的权益市场，随着重量级科技企业陆续在科创板上市，创业板注册制的实施以及监管层对资本市场的细心呵护，宏观环境也对权益市场较为有利，我们对A股的投资比较乐观。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:32.096Z","mo":"全球目前仍处于新冠疫情的蔓延期，宽松的流动性环境将为全球资本市场特别是权益市场带来较高的积极情绪。中国宏观经济在主要经济体中率先复苏，流动性相对宽松，企业的经营环境也有较大改善，我们认为A股下半年整体上将会呈现向上趋势。在这个思路下，我们的策略将会继续坚持买入有着长期成长空间和优秀管理能力的企业，期望获取更好的超额收益。","fund":{"_id":3000000000264,"stockCode":"000264","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-07-14T16:00:00.000Z","setUpScale":101439000,"market":"a","tickerId":264,"custody":"中国农业银行股份有限公司","name":"博时内需增长灵活配置混合型证券投资基金","shortName":"博时内需增长混合A","fundSecondLevel":"hybrid","__csrcFundId":3442,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:08.675Z","masterFundFlag":1,"inceptionDate":"2013-07-14T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时内需增长混合","pinyin":"bsnxzzlhpzhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时内需增长灵活配置混合型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=458547","linkType":"PDF","source":"csrc_pdf"}}]}