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动驾驶等，2025年科技的进步和变化依然值得期待。基金经理会在以上方向深耕并积累，力争为投资者创造超额收益。","fund":{"_id":3000000012526,"__csrcFundId":9731,"stockCode":"012526","shortName":"广发盛锦混合(012526)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12526,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:58.669Z","status":"normal","exchange":"jj","name":"广发盛锦混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2021-08-29T16:00:00.000Z","followedNum":0,"masterFundShortName":"广发盛锦混合","setUpDate":"2021-08-29T16:00:00.000Z","setUpAssetScale":3999486527.88,"setUpShares":3999486527.88,"pinyin":"gfsjhhxzqtzjj","managers":[{"stockCode":"db20747025","stockType":"fund_manager","exchange":"fm","tickerId":420204460,"name":"段涛"},{"stockCode":"db20612866","stockType":"fund_manager","exchange":"fm","tickerId":231324180220,"name":"王明旭"}]},"announcement":{"linkText":"广发盛锦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=1250790","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf6c7fea5b3eb04fc06b","date":"2024-09-29T16:00:00.000Z","stockId":3000000012526,"sao":"三季度以来，市场呈现了先抑后扬的走势，七、八月份延续了二季度以来的调整，市场资金进一步集中在防御类资产。九月下旬，随着政治局会议表态的变化，市场呈现了快速而剧烈的反弹。截至今年三季度末，以非银金融、TMT为代表的进攻性行业涨幅已经超过以银行、煤炭、电力等为代表的防御性行业，不由地让人感慨市场的变化多端。年初至今涨幅较为落后的个股，从行业层面主要集中在医药、从风格层面主要集中在中小盘成长股。本基金由于年初以来底层资产一直超配医药和中小市值个股，导致业绩相对落后，但基金经理坚信，只要市场的成交量水平和风险偏好能够在政策转向的基础上保持合理稳定，有基本面支撑的医药股和中小盘成长股均能获得合理的估值修复和股价表现。三季度本基金的调仓主要体现在，适度减持了顺周期类资产，如汽车等；增持了股价和PB分位数处于历史底部的地产股，基金经理相信中央对于地产行业的态度有所变化，在经济压力下行的背景下，预计地产行业可能会成为托底经济的重要抓手，地产股估值修复的可能性和空间也较大。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:24.036Z","fund":{"_id":3000000012526,"__csrcFundId":9731,"stockCode":"012526","shortName":"广发盛锦混合(012526)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12526,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:58.669Z","status":"normal","exchange":"jj","name":"广发盛锦混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2021-08-29T16:00:00.000Z","followedNum":0,"masterFundShortName":"广发盛锦混合","setUpDate":"2021-08-29T16:00:00.000Z","setUpAssetScale":3999486527.88,"setUpShares":3999486527.88,"pinyin":"gfsjhhxzqtzjj","managers":[{"stockCode":"db20747025","stockType":"fund_manager","exchange":"fm","tickerId":420204460,"name":"段涛"},{"stockCode":"db20612866","stockType":"fund_manager","exchange":"fm","tickerId":231324180220,"name":"王明旭"}]},"announcement":{"linkText":"广发盛锦混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1174620","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf6c7fea5b3eb04fc06a","date":"2024-06-29T16:00:00.000Z","stockId":3000000012526,"sao":"今年上半年，市场整体呈现明显的分化走势，上证50和沪深300等大市值成分股表现较好，成长风格和中小市值股票表现较差，上半年全市场股票的中位数涨跌幅为-23.67%。对于基金经理而言，今年上半年是从业以来面临挑战较大的一个阶段：基金经理年初的持仓结构以小盘成长和医药行业持仓为主，今年因市场风格逆风和流动性压力估值持续承压，其中医药行业因反腐的进一步加剧，而中小市值成长股则受宏观周期和企业自身经营周期影响，相关企业的经营活动均出现了一定程度的短期波动。此外，基金经理对于上半年表现较好的主流行业（如高股息和出海产业链等）的投资机会把握程度也相对一般。当我们处于逆境的时候，反思和总结总是会比较多。上半年，基金经理也在反复思考、研究和验证现有持仓的买入逻辑是否发生变化，基本面进展是否符合预期，得到的答案还是肯定的。因此，基金组合将保持现有持仓结构不变（主要包括医药、小盘成长、煤炭、科技、出海）。对于持仓公司的价值，基金经理将保持跟踪，静待花开。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:24.033Z","mo":"展望未来半年，国内宏观基本面预计维持稳步复苏态势，前期涨幅较大的方向预计存在获利回吐风险，而一些前期跌幅较大的优质中盘成长股伴随基本面的逐步改善或存在反弹布局机会，这些标的预计主要分布在成长板块，如医药、新能源、消费等。基金经理将重点关注地产政策对于宏观基本面的影响。","fund":{"_id":3000000012526,"__csrcFundId":9731,"stockCode":"012526","shortName":"广发盛锦混合(012526)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12526,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:58.669Z","status":"normal","exchange":"jj","name":"广发盛锦混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2021-08-29T16:00:00.000Z","followedNum":0,"masterFundShortName":"广发盛锦混合","setUpDate":"2021-08-29T16:00:00.000Z","setUpAssetScale":3999486527.88,"setUpShares":3999486527.88,"pinyin":"gfsjhhxzqtzjj","managers":[{"stockCode":"db20747025","stockType":"fund_manager","exchange":"fm","tickerId":420204460,"name":"段涛"},{"stockCode":"db20612866","stockType":"fund_manager","exchange":"fm","tickerId":231324180220,"name":"王明旭"}]},"announcement":{"linkText":"广发盛锦混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1145330","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf6c7fea5b3eb04fc069","date":"2024-03-30T16:00:00.000Z","stockId":3000000012526,"sao":"一季度，市场经历了较大的波动。1月份，市场调整幅度较大，医药、科技、中小盘等个股调整幅度较深，2月初开始，市场快速反弹，科技板块修复力度较大，与此同时，红利及出海方向一直保持较好的市场表现。本基金在2023年底的持仓结构较差，因此本季度基金经理调出了一些中小市值且估值较贵的个股，调入了出海方向中业绩持续性好且估值较低的个股。基金经理认为，出海方向存在一个相对未形成共识的中期趋势，即很多行业的二三线公司在2020年以前做了较大的资本开支，且在海外渠道一直有较长时间的深耕和积累。2021年以后这批公司的产能利用率和财务表现伴随国内经济增速的下行有所承压，但从去年开始，这批公司的出口业务迅速提升，产能利用率和净利率也随之提升，并在最近几个季度的财务报表有所体现。不过，由于市场对这批公司的关注度不高，目前估值仍然显著偏低，这一类投资机会在出海制造业各细分方向均存在。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:24.031Z","fund":{"_id":3000000012526,"__csrcFundId":9731,"stockCode":"012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度较大的资产均存在估值修复的可能性。从基本面看，中期维度相对看好的方向包括：业绩反转的电力板块，在政策鼓励下业绩持续加速的中药，受益美国制造业投资高景气和消费复苏的出口链等。","fund":{"_id":3000000012526,"__csrcFundId":9731,"stockCode":"012526","shortName":"广发盛锦混合(012526)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12526,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:58.669Z","status":"normal","exchange":"jj","name":"广发盛锦混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2021-08-29T16:00:00.000Z","followedNum":0,"masterFundShortName":"广发盛锦混合","setUpDate":"2021-08-29T16:00:00.000Z","setUpAssetScale":3999486527.88,"setUpShares":3999486527.88,"pinyin":"gfsjhhxzqtzjj","managers":[{"stockCode":"db20747025","stockType":"fund_manager","exchange":"fm","tickerId":420204460,"name":"段涛"},{"stockCode":"db20612866","stockType":"fund_manager","exchange":"fm","tickerId":231324180220,"name":"王明旭"}]},"announcement":{"linkText":"广发盛锦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=954967","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf6c7fea5b3eb04fc065","date":"2023-03-30T16:00:00.000Z","stockId":3000000012526,"sao":"今年市场定价方式发生了较大变化，过去两年，市场较看重短期景气度，今年在经济弱复苏前提下，以科技为代表的主题投资和对远期故事定价的投资方式盛行。诚然，以人工智能提高社会效率以及半导体关键领域的技术突破是未来重要的产业趋势，但谁能在产业浪潮中真正受益，以及如何对这一类资产定价，仍存在很大的不确定性。报告期内，基金经理主要减持了未来供给面临较大不确定性的制造行业，增持了受益于人工智能革命的相关标的，积极布局了医药个股作为底仓品种长期持有，同时保留了大储行业的部分优质个股。为了适应更大的管理规模，未来基金经理在个股精选方面的精力将主要放在能力圈行业，同时加强对市场主线机会的配置和把握，力图能够更好地适应不同的市场风格，为持有人创造稳定可靠的回报。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:24.020Z","fund":{"_id":3000000012526,"__csrcFundId":9731,"stockCode":"012526","shortName":"广发盛锦混合(012526)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12526,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:58.669Z","status":"normal","exchange":"jj","name":"广发盛锦混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2021-08-29T16:00:00.000Z","followedNum":0,"masterFundShortName":"广发盛锦混合","setUpDate":"2021-08-29T16:00:00.000Z","setUpAssetScale":3999486527.88,"setUpShares":3999486527.88,"pinyin":"gfsjhhxzqtzjj","managers":[{"stockCode":"db20747025","stockType":"fund_manager","exchange":"fm","tickerId":420204460,"name":"段涛"},{"stockCode":"db20612866","stockType":"fund_manager","exchange":"fm","tickerId":231324180220,"name":"王明旭"}]},"announcement":{"linkText":"广发盛锦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=879667","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf6c7fea5b3eb04fc064","date":"2022-12-30T16:00:00.000Z","stockId":3000000012526,"sao":"报告期内，市场呈现了巨大的风格分化。从行业层面看，年初新能源等机构热门赛道经历了较大调整，同时成本的超预期上涨和疫情的扰动，使中游制造业经历了大幅回撤，中小盘个股面临流动性杀跌的风险；而后随着疫情的缓解，高景气行业迎来快速反弹，但在宏观经济增长放缓的背景下，很多投资者将资金集中配置在少数高景气行业，大多数行业则处在泥沙俱下的状态；进入四季度，交易风格从追逐少量高景气行业变成拥抱底部反转，看重当下基本面与价格、价值匹配度的风格遭遇了市场的挑战，市场更关注未来趋势的变化。报告期内，基金经理力求在有效控制回撤的前提下为持有人创造收益，主要的操作是精选并布局了未来三年成长空间较大、行业增速确定性高的细分行业及个股，专注于创造正向价值、处于产业生命周期较好阶段的方向，努力通过持续的高确定性成长穿越市场风格和外部环境的波动。主要持有的行业包括医药、新兴消费、高端制造、周期成长等。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:24.017Z","mo":"市场普遍认为，2023年外需或将面临较大的下滑风险，经济增长的亮点或将主要集中在内需复苏，叠加国内地产和疫情防控政策的优化，相关受益标的在2022年末以来有较好的表现，其他板块及个股则持续阴跌。市场短期上涨已经历了一个完整周期，当前位置调整压力显现，后续需重点观察在“强预期、弱现实”背景下，企业基本面的真实恢复情况，预计行业及个股表现将显著分化。","fund":{"_id":3000000012526,"__csrcFundId":9731,"stockCode":"012526","shortName":"广发盛锦混合(012526)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12526,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:58.669Z","status":"normal","exchange":"jj","name":"广发盛锦混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2021-08-29T16:00:00.000Z","followedNum":0,"masterFundShortName":"广发盛锦混合","setUpDate":"2021-08-29T16:00:00.000Z","setUpAssetScale":3999486527.88,"setUpShares":3999486527.88,"pinyin":"gfsjhhxzqtzjj","managers":[{"stockCode":"db20747025","stockType":"fund_manager","exchange":"fm","tickerId":420204460,"name":"段涛"},{"stockCode":"db20612866","stockType":"fund_manager","exchange":"fm","tickerId":231324180220,"name":"王明旭"}]},"announcement":{"linkText":"广发盛锦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=864692","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf6c7fea5b3eb04fc063","date":"2022-09-29T16:00:00.000Z","stockId":3000000012526,"sao":"报告期内，市场的波动显著加大，剧烈变化的内外部环境对投资者提出了更高的要求。当下市场关注的焦点主要集中在美联储加息的持续性和国内经济政策的变化，美联储需要在控制通胀和高杠杆风险中取得平衡，国内政策也需要在各方面取得平衡。在形势逐步明朗前，市场大概率处于抵抗式下跌和“磨底”状态。从行业层面而言，过去几年极致的结构性行情，给我们带来了更大的投资难度。在宏观增长放缓背景下，很多投资者将资金集中配置在少数高景气行业，因此也导致大多数行业处在泥沙俱下的状态，均衡风格的投资者面临较大的挑战。报告期内，基金经理主要的操作是精选并布局了未来三年成长空间较大、行业增速确定性高的细分行业及个股，专注于少量能真正创造正向价值、处于产业生命周期较好阶段的方向，以期通过持续的高确定性成长来穿越市场风格和外部环境的波动。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:24.014Z","fund":{"_id":3000000012526,"__csrcFundId":9731,"stockCode":"012526","shortName":"广发盛锦混合(012526)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a"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理人依旧坚持自下而上的成长股投资理念，认为成长股不分大小、不分行业，核心是依靠和相信一批优秀的企业家能够带领企业穿越经营周期，反映到资本市场，能够长期保持较高净资产收益率和业绩增长的企业，其股价最终也能够穿越市场的波动，做多中国优秀企业依旧是这个时代投资人的幸运选择。然而，较少考虑价格和行业景气度的方式使本基金在短期内承受了较为明显的回撤和波动。因此，管理人适当结合行业景气度、公司个体的竞争力，以及所选择标的的当期估值和长期市值空间，对本基金的风险收益比进行了动态调整，力争有效控制潜在的回撤风险。本报告期内，本基金买入了行业景气度与股价位置存在背离、公司自身竞争力得以充分证明的个股，且整体股票仓位基本保持不变，主要持有的行业包括医药、新兴消费、高端制造、周期成长等，管理人力求在有效控制回撤的前提下为持有人创造收益。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:24.005Z","mo":"2022年，随着疫情封禁的解除以及宽信用政策的发力，预计宏观经济会进入低位企稳并逐步向上的阶段。伴随国内10年期国债利率低点的出现以及美联储的多次加息，A股预计会出现价值风格跑赢成长风格。过去几年涨幅较大、估值透支较为严重的热门赛道存在一定的回调压力，这一点在率先调整的医药行业已经体现得较为充分。对于成长股投资者而言，仍需时间等待成长股的估值回归。管理人将继续坚持挖掘长期成长的公司，同时结合性价比，在成长股的调整期尽量回避高估值板块及个股，耐心等待估值回归以及下一次产业趋势所带来的批量成长性机会。","fund":{"_id":3000000012526,"__csrcFundId":9731,"stockCode":"012526","shortName":"广发盛锦混合(012526)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12526,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:58.669Z","status":"normal","exchange":"jj","name":"广发盛锦混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2021-08-29T16:00:00.000Z","followedNum":0,"masterFundShortName":"广发盛锦混合","setUpDate":"2021-08-29T16:00:00.000Z","setUpAssetScale":3999486527.88,"setUpShares":3999486527.88,"pinyin":"gfsjhhxzqtzjj","managers":[{"stockCode":"db20747025","stockType":"fund_manager","exchange":"fm","tickerId":420204460,"name":"段涛"},{"stockCode":"db20612866","stockType":"fund_manager","exchange":"fm","tickerId":231324180220,"name":"王明旭"}]},"announcement":{"linkText":"广发盛锦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=707669","linkType":"PDF","source":"csrc_pdf"}}]}