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子、电力设备等成长行业涨幅居前，均上涨超40%，而银行、交运、石油化工等行业相对跑输，分别下跌10.2%、上涨0.6%、上涨1.8%。报告期，我们以绝对收益的思路进行组合管理，采用的是兼顾组合收益率的确定性及一定弹性的策略，在定价、质量、成长性及景气度等投资要素的权衡侧重上，我们更看重定价及质量，因成长性及景气度的预判在实际演绎中有较大的变数。这种组合管理思路，在今年的市场风格中不占优，但我们认为中长期是有取得优势的概率。基于内需弱复苏的现实，及观察到新能源及有色行业部分个股符合我们定价及质量的筛选要求，我们进行了相关行业的配置，以优化组合持仓的成长性及景气度，并保持组合整体估值定价维持在一个相对低的水平。展望未来，因短期市场对成长偏好的提升，部分价值股出现回调，并已调整到有不错股息吸引力的定价位置，这给未来创造了不错的绝对收益机会，因此我们对未来市场机会持积极乐观态度。","lastUpdated":"2026-03-09T13:47:46.560Z","fund":{"_id":3000000012669,"__csrcFundId":10394,"stockCode":"012669","shortName":"南方新兴产业混合(012669)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12669,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:26:01.562Z","status":"normal","exchange":"jj","name":"南方新兴产业混合型证券投资基金","fundCollectionId":4000050020000,"masterFundShortName":"南方新兴产业混合","followedNum":3,"inceptionDate":"2022-02-17T16:00:00.000Z","setUpDate":"2022-02-17T16:00:00.000Z","setUpAssetScale":83933919.69,"setUpShares":83933919.69,"pinyin":"nfxxcyhhxzqtzjj","managers":[{"stockCode":"db20906651","stockType":"fund_manager","exchange":"fm","tickerId":122624236690,"name":"林朝雄"}]},"announcement":{"linkText":"南方新兴产业混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1381992","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf827fea5b3eb04fdc35","date":"2025-06-29T16:00:00.000Z","stockId":3000000012669,"sao":"上半年，国内外发生了多件重大事件，对资本市场形成了较大的影响，包括DeepSeek的出现、美国对等关税的宣布等，国内股票市场整体呈现“N”型走势。主要宽基指数分化明显，上证指数、沪深300、中证1000、恒生指数分别上涨2.76%、0.03%、6.69%、20.00%；行业层面也有明显分化，有色金属、银行、军工及传媒行业涨幅居前，均上涨超10%，但顺周期行业如煤炭、食品饮料、房地产、石油化工及建材等表现为下跌。对此理解为，市场整体流动性宽松，宏观经济虽处弱复苏阶段，但受益于新消费人群崛起、科技及制造业的发展，国内仍有不少有不错增长潜力的结构性机会，这充分说明了国内有高潜力的消费市场及强竞争优势的生产力。展望未来，国内政策仍有发力空间，宏观经济复苏方向不变，我们对未来保持乐观态度，认为整体市场机会大于风险。报告期，我们采用兼顾组合收益率的确定性及一定弹性的策略，出于对外部不确定性的担忧，在组合收益率的弹性及确定性权衡上，我们更强调了确定性。回顾上半年实际情况，我们的判断及操作是过于保守的，尤其在4月因美国加征关税带来的市场调整机会时，主要为高估了高额关税加征的难度及低估了宽松流动性的影响。当前组合因强调确定性，组合特征为，强现金流、估值定价偏低且有不错的顺周期期权，但舍弃了一定景气度及成长性，这在宏观经济弱复苏阶段，因基本面不强势、收益率表现不突出。但鉴于，国内政策工具未使用完毕，宏观经济复苏方向不变，我们相信当前组合的顺周期期权在未来将会产生不错的潜在收益，故我们将延续当前组合特征基础下，不断优化组合标的的生意质量及治理水平，以有更高的抗风险能力及潜在收益率。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:46.557Z","mo":"上半年，宏观经济处弱复苏阶段，顺周期行业短期基本面仍承压，但受益于新消费人群崛起、科技及制造业的发展，国内已有不少有不错增长潜力的结构性机会，这充分说明了国内有高潜力的消费市场及强竞争优势的生产力。考虑4月政治局会议以来已经明确走向了财政货币双宽来推动金融企稳、经济复苏的路径，我们对未来宏观经济、股票市场保持乐观态度。在定价、质量、景气度及成长性等投资要素的权衡侧重上，我们更看重定价及质量，因景气度及成长性的预判在实际演绎中有较大的变数。当前市场不同资产比较，顺周期资产因短期基本面弱势，估值定价有较大优势，且这些资产中不乏有强现金流及不错的股息收益率的标的，资产质量也较高，我们认为当中蕴含兼顾安全边际及潜在收益率的机会。同时考虑未来宏观经济复苏方向不变，我们会着重关注这些顺周期资产，并适时加大布局。","fund":{"_id":3000000012669,"__csrcFundId":10394,"stockCode":"012669","shortName":"南方新兴产业混合(012669)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12669,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:26:01.562Z","status":"normal","exchange":"jj","name":"南方新兴产业混合型证券投资基金","fundCollectionId":4000050020000,"masterFundShortName":"南方新兴产业混合","followedNum":3,"inceptionDate":"2022-02-17T16:00:00.000Z","setUpDate":"2022-02-17T16:00:00.000Z","setUpAssetScale":83933919.69,"setUpShares":83933919.69,"pinyin":"nfxxcyhhxzqtzjj","managers":[{"stockCode":"db20906651","stockType":"fund_manager","exchange":"fm","tickerId":122624236690,"name":"林朝雄"}]},"announcement":{"linkText":"南方新兴产业混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1351579","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf827fea5b3eb04fdc34","date":"2025-03-30T16:00:00.000Z","stockId":3000000012669,"sao":"一季度，宏观经济整体表现为弱复苏，但DeepSeek的出现、民营企业座谈会的召开极大地提振了国内科技及经济发展的信心，市场因此给予了积极的正面反馈，这在港股科技股上表现得尤为明显。整体一季度市场机会较多，有AI及机器人的产业性机会、有色周期性机会、也有港股系统性低估下的修复机会等，但紧接着4月初美国超预期的关税加征，市场突然陷入恐慌的状态，不少标的一季度实现的较可观涨幅在短期内被快速跌掉，由此外部环境的多变对投资带来较多的挑战。在当下科技产业及外部国际环境都处于巨变中，我们认为市场同时蕴含较大的机会跟风险，面对这样的环境，在组合收益率的弹性及确定性权衡上，我们会更强调确定性，因特别好的市场机会往往出现在负面外部冲击时，若组合能够很好地抵御住负面外部冲击，则能更好把握住大的市场机会。展望未来，外需受关税影响难免受挫，，但内需政策仍有发力空间，且国内科技产业正取得不错的突破，因此我们认为整体市场机会大于风险。报告期，我们延续兼顾组合收益率的确定性及一定弹性的策略，在保证组合整体估值定价处于合理偏低水平下，对组合标的的生意质量及治理水平做了优化提升，因在过往实践中发现，买入持有仅仅只是估值定价便宜的标的，收益率的实现往往需要较强的外部贝塔，此在当前多变的外部环境中，难以保证收益率的实现。整体，经过4月初的调整，当前市场估值定价又回落到有很好吸引力的位置，因此我们会积极地应对市场的变化，并在未来适时增加组合中内需相关的逆向资产投资权重。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:46.554Z","fund":{"_id":3000000012669,"__csrcFundId":10394,"stockCode":"012669","shortName":"南方新兴产业混合(012669)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12669,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:26:01.562Z","status":"normal","exchange":"jj","name":"南方新兴产业混合型证券投资基金","fundCollectionId":4000050020000,"masterFundShortName":"南方新兴产业混合","followedNum":3,"inceptionDate":"2022-02-17T16:00:00.000Z","setUpDate":"2022-02-17T16:00:00.000Z","setUpAssetScale":83933919.69,"setUpShares":83933919.69,"pinyin":"nfxxcyhhxzqtzjj","managers":[{"stockCode":"db20906651","stockType":"fund_manager","exchange":"fm","tickerId":122624236690,"name":"林朝雄"}]},"announcement":{"linkText":"南方新兴产业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=1277541","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf827fea5b3eb04fdc33","date":"2024-12-30T16:00:00.000Z","stockId":3000000012669,"sao":"2024年沪深300上涨14.7%、创业板指上涨13.2%、恒生指数上涨17.7%，国内主要证券指数都获得不错的收益表现，但指数年内波动普遍较大。9月是市场表现的分水岭，9月前主要指数表现为负收益率居多，随9月系列积极的增量政策表态，市场信心获得极大的恢复，主要指数在短时间内实现了较大的涨幅。不同资产间收益率表现也随之出现较大分化，9月前低估值、高分红资产收益率表现居前，而9月后以TMT为代表的高成长、高波动资产表现强势。全年运作回顾，深感市场的不可预测性，在投资实践中，除了资产的潜在收益率外，潜在波动也是个重要考虑因素，倘若在9月市场低点，因各种负面的担心做止损动作，则即使年末收益率多么可观，都与之无关且可能产生永久性的损失。因此，在外部有诸多不确定性下，我们加强了对组合波动的管理，采取了兼顾组合收益率的稳定性及一定弹性的投资策略。具体操作上，一方面，我们精选了生意足够稳定且有不错现金分红或股份回购的稳健资产，以提高组合收益率的稳定性；另一方面，我们布局了估值定价隐含足够悲观预期、具备向上赔率的逆向资产，以提供组合收益率的一定弹性。展望未来，虽然报告期内市场已实现了不少涨幅，但当前仍有不少资产估值处于低位，我们认为是有机会实现兼顾组合收益率的稳定性及一定弹性的目标。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:46.551Z","mo":"2024年，国内经济缓慢恢复，较多企业仍面临经营的压力，因此上半年实业及市场的信心普遍不足，但随下半年积极的增量政策出台，及国内AI及机器人产业陆续取了不错的突破，市场信心获得了恢复，市场流动性及收益率表现都获得了较大的改善，我们认为这是国内市场向好发展的态势。展望未来，随着进一步增量政策的出台及落地，我们认为国内经济将进一步好转，除了下半年表现强势的高成长资产外，当前表现相对弱势、估值仍在低位的顺周期相关资产也会有不错的潜在机会，整体我们对未来的市场表现持有乐观的态度。","fund":{"_id":3000000012669,"__csrcFundId":10394,"stockCode":"012669","shortName":"南方新兴产业混合(012669)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12669,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:26:01.562Z","status":"normal","exchange":"jj","name":"南方新兴产业混合型证券投资基金","fundCollectionId":4000050020000,"masterFundShortName":"南方新兴产业混合","followedNum":3,"inceptionDate":"2022-02-17T16:00:00.000Z","setUpDate":"2022-02-17T16:00:00.000Z","setUpAssetScale":83933919.69,"setUpShares":83933919.69,"pinyin":"nfxxcyhhxzqtzjj","managers":[{"stockCode":"db20906651","stockType":"fund_manager","exchange":"fm","tickerId":122624236690,"name":"林朝雄"}]},"announcement":{"linkText":"南方新兴产业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=1258308","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf827fea5b3eb04fdc32","date":"2024-09-29T16:00:00.000Z","stockId":3000000012669,"sao":"三季度市场波动剧烈，9月下旬前市场延续二季度调整，A股主要指数普遍临近年内新低，但9月底迎来大的反转，随积极的增量政策出台，A股主要指数在季末最后几天都创下年内新高，并出现了交易量的大幅攀升。我们认为，这是国内经济的拐点事件，市场给予正面反馈是可理解的，但短期市场的过快上涨除了会透支收益率空间，还会加大市场波动，对此我们将采用耐心的方式在未来更积极地布局内需相关的投资。   报告期内，在市场估值定价处于低位且有不少资产有不错的分红收益率保障下，我们延续了兼顾组合收益率的稳定性及一定弹性的策略。具体操作上，一方面，我们精选了生意足够稳定且有不错现金分红或股份回购的稳健资产，以提高组合收益率的稳定性；另一方面，我们布局了估值定价隐含足够悲观预期、具备向上赔率的逆向资产，以提供组合收益率的一定弹性。回顾投资实践，在今年较长时间，因市场对内需的悲观，已有部分内需品种已下跌至攻守兼备的定价水平，即向下有较强的稳定股息收益率支撑，向上若未来需求恢复将提供不错的收入增长及盈利修复可能，因此我们新增了这些攻守兼备的内需品种。展望未来，随增量政策的落地，国内经济的回暖，我们认为可以更加积极地看待市场，并会在未来在适时增加组合中内需相关的逆向资产投资权重。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:46.549Z","fund":{"_id":3000000012669,"__csrcFundId":10394,"stockCode":"012669","shortName":"南方新兴产业混合(012669)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12669,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:26:01.562Z","status":"normal","exchange":"jj","name":"南方新兴产业混合型证券投资基金","fundCollectionId":4000050020000,"masterFundShortName":"南方新兴产业混合","followedNum":3,"inceptionDate":"2022-02-17T16:00:00.000Z","setUpDate":"2022-02-17T16:00:00.000Z","setUpAssetScale":83933919.69,"setUpShares":83933919.69,"pinyin":"nfxxcyhhxzqtzjj","managers":[{"stockCode":"db20906651","stockType":"fund_manager","exchange":"fm","tickerId":122624236690,"name":"林朝雄"}]},"announcement":{"linkText":"南方新兴产业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=1180780","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf827fea5b3eb04fdc31","date":"2024-06-29T16:00:00.000Z","stockId":3000000012669,"sao":"上半年市场整体波动剧烈，一季度沪深300结束了连续3个季度下跌后实现了+3.1%涨幅，但二季度又重新回落，最终上半年仅实现+0.9%涨幅。具体市场表现上，高股息、上游资源品、AI产业及出口外需机会较多，而顺周期资产普遍表现惨淡，整体分化大。对此我们理解为，国内经济缓慢复苏背景下，因短期宏观压力未消除，市场信心不足而呈现的对短期确定性追逐的市场演绎。但随顺周期资产估值定价不断下移，已有不少资产在当前较困难的阶段也能提供不错的股息回报，现定价已有不错吸引力，因此我们认为顺周期资产及市场的调整，是投资布局的机会，而非风险。报告期内，在当前市场估值定价处于低位且有不少资产有不错的分红收益率保障下，我们采用了兼顾组合收益率的稳定性及一定弹性的策略。具体操作上，一方面，我们精选了生意足够稳定且有不错现金分红或股份回购的稳健资产，以提高组合收益率的稳定性；另一方面，我们布局了估值定价隐含足够悲观预期、具备向上赔率的逆向资产，以提供组合收益率的一定弹性。回顾投资实践，稳健资产给我们提供了不错的绝对收益，但逆向资产以顺周期资产为主，由于上半年经济复苏节奏比预期慢，这些资产承受了一定的损失。我们选择的逆向资产普遍具有足够长的品类生命周期、不错的竞争格局及强现金创造能力的特点，这些特点将有利于提升这些资产跨越经营低谷的概率，并在未来经济持续复苏下，兑现业绩及估值的向上修复，因此当前这些资产的损失只是暂时的。整体，在当前市场估值定价处于低位下，我们认为是有机会实现兼顾组合收益率的稳定性及一定弹性的目标。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:46.545Z","mo":"上半年，经济缓慢复苏，较多企业仍面临经营的压力，从而实业及市场的信心普遍不足。但我们认为，随更多逆周期调节政策的陆续出台，当前宏观压力将逐渐消除，且在监管的引导下，不少公司的治理有明显的提升、并开始注重分红回报，这将有助于提升投资的确定性。随这些积极变化的不断积累，及在当前市场估值定价处于低位且有不少资产有不错的分红收益率保障下，我们认为国内证券市场将逐渐走出低谷。","fund":{"_id":3000000012669,"__csrcFundId":10394,"stockCode":"012669","shortName":"南方新兴产业混合(012669)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12669,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:26:01.562Z","status":"normal","exchange":"jj","name":"南方新兴产业混合型证券投资基金","fundCollectionId":4000050020000,"masterFundShortName":"南方新兴产业混合","followedNum":3,"inceptionDate":"2022-02-17T16:00:00.000Z","setUpDate":"2022-02-17T16:00:00.000Z","setUpAssetScale":83933919.69,"setUpShares":83933919.69,"pinyin":"nfxxcyhhxzqtzjj","managers":[{"stockCode":"db20906651","stockType":"fund_manager","exchange":"fm","tickerId":122624236690,"name":"林朝雄"}]},"announcement":{"linkText":"南方新兴产业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=1153817","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf827fea5b3eb04fdc30","date":"2024-03-30T16:00:00.000Z","stockId":3000000012669,"sao":"一季度，市场虽有较剧烈的波动，但整体机会较多，如高分红资产、上游资源品、AI产业等，沪深300在连续3个季度下跌后在本季度实现了+3.1%的涨幅。24年与23年比较，外部环境仍存在不少变数，但市场估值定价及投资者的预期都更低，这给24年的投资奠定了有利的基础。展望未来，经济持续复苏、积极的托底政策逐渐发挥作用，我们认为24年市场有概率延续一季度较多的机会表现，当前市场机会大于风险。报告期，考虑一季度较剧烈的市场波动，我们采用了兼顾组合收益率的确定性及一定弹性的策略。具体操作上，我们提升了家电的组合权重，以提升组合收益率的确定性，标的选择主要基于长期经营的确定性、扎实的资产负债表及未来潜在分红水平的提升；同时提升了估值定价有一定安全性且具备向上赔率的逆向投资权重，以提供组合收益率的一定弹性，标的选择有侧重企业竞争优势、业务长期潜力空间或基本面拐点等。整体，在当前市场估值定价处于低位且有不少资产有不错的分红收益率保障下，我们认为是有机会实现兼顾收益率的稳定性及一定弹性的目标，具体行业配置上，在消费、TMT 及交运偏多。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:46.543Z","fund":{"_id":3000000012669,"__csrcFundId":10394,"stockCode":"012669","shortName":"南方新兴产业混合(012669)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12669,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:26:01.562Z","status":"normal","exchange":"jj","name":"南方新兴产业混合型证券投资基金","fundCollectionId":4000050020000,"masterFundShortName":"南方新兴产业混合","followedNum":3,"inceptionDate":"2022-02-17T16:00:00.000Z","setUpDate":"2022-02-17T16:00:00.000Z","setUpAssetScale":83933919.69,"setUpShares":83933919.69,"pinyin":"nfxxcyhhxzqtzjj","managers":[{"stockCode":"db20906651","stockType":"fund_manager","exchange":"fm","tickerId":122624236690,"name":"林朝雄"}]},"announcement":{"linkText":"南方新兴产业混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1077046","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf827fea5b3eb04fdc2f","date":"2023-12-30T16:00:00.000Z","stockId":3000000012669,"sao":"2023年沪深300下跌11%、创业板指下跌19%、恒生指数下跌14%，国内市场整体弱市，反映经济弱复苏下，企业经营面临压力较多，但市场仍有结构性机会，如上半年的AI产业突破及下半年的高分红资产重估等。全年运作回顾，上半年，国内经济慢复苏而市场对复苏持有高期待，同时AI有大的产业突破，我们将持仓方向集中在科技板块。下半年，随市场对复苏预期做修正，顺周期板块出现了调整，而科技板块在上涨中投资吸引力下降，我们降低了科技板块的配置，提升了顺周期板块的配置。上半年的配置选择获得了一定的收益，但下半年却不如人意，经济复苏比预期慢，顺周期板块进一步走弱。 市场持续调整下，信心走弱难以避免，但在当前不少优质企业估值定价已下跌至有不错吸引力位置下，我们认为不应悲观，而要积极、乐观应对，因积极的托底政策正在出台，短期的基本面负面已有充分反映，未来经济恢复到一定程度，是会有不错的基本面及预期反转机会，当前市场机会大于风险。具体应对策略，一方面，通过精选能兑现足够好的现金分红或股票回购的稳健资产，争取一定组合收益率的确定性；另一方面，通过精选超跌的顺周期资产，布局未来经济向好时的定价修复弹性，对这类标的选择，我们会强调企业的现金创造能力、竞争格局及竞争优势，这可避免因短期的行业压力、市值波动及融资受限影响企业的长期战略及经营节奏。整体，在当前市场估值定价处于低位且有不少资产有不错的分红收益率保障下，我们认为是有机会做到兼顾组合收益率的稳定性及一定弹性，具体行业配置上，在消费、TMT 及交运偏多。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:46.540Z","mo":"2023年是疫情解封的第一年，经济整体处复苏状态，但复苏的强弱在年度间有较大波动。一季度，因疫情期间挤压需求的释放，出现阶段性强复苏，但随积压需求释放完毕，疫情对经济造成的不良影响显现，复苏出现变缓。市场的预期及信心，在经济复苏的强弱转变中也出现了较大波动，反映在国内证券市场则为，一季度市场机会较多，而二季度后市场整体表现为弱市。在经过持续的调整，市场估值定价已下跌至有不少资产有不错的分红收益率保障了，市场的价值基础已越来越夯实，且积极的托底政策正在出台，未来经济恢复到一定程度，是会有不错的基本面及预期反转机会。同时，二季度后市场整体弱市，但高分红资产获得了不错的表现，这除了有阶段性弱市下对确定性追求的提升，也有市场成熟度提升后投资本质的回归，即投资者越来越注重上市公司在可见未来对股东利益的回报，后者我们认为可能是长期的趋势。因此，我们在投资标的的选择上，会进一步强调现金创造能力及公司治理，我们认为这有利于提升组合收益率长期的确定性。整体，我们认为当前市场机会大于风险，且市场也在往更成熟、更有利于投资者的方向发展，我们对未来持有较乐观的态度。","fund":{"_id":3000000012669,"__csrcFundId":10394,"stockCode":"012669","shortName":"南方新兴产业混合(012669)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12669,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:26:01.562Z","status":"normal","exchange":"jj","name":"南方新兴产业混合型证券投资基金","fundCollectionId":4000050020000,"masterFundShortName":"南方新兴产业混合","followedNum":3,"inceptionDate":"2022-02-17T16:00:00.000Z","setUpDate":"2022-02-17T16:00:00.000Z","setUpAssetScale":83933919.69,"setUpShares":83933919.69,"pinyin":"nfxxcyhhxzqtzjj","managers":[{"stockCode":"db20906651","stockType":"fund_manager","exchange":"fm","tickerId":122624236690,"name":"林朝雄"}]},"announcement":{"linkText":"南方新兴产业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=1060306","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf827fea5b3eb04fdc2e","date":"2023-09-29T16:00:00.000Z","stockId":3000000012669,"sao":"三季度，市场延续调整，主要为经济复苏仍较缓慢，较多企业都面临经营的压力，市场表现为风险偏好降低，低估值、高分红资产有不错的表现，而成长类资产受挫。在当前有更多积极的托底政策出台的背景下，我们认为不需悲观，经过市场深度的调整，大部分风险已释放，及随托底政策的执行，经济会逐渐向好，在市场定价已调整到有吸引力的位置下，进一步调整更多是投资布局的机会，而非风险。报告期，我们持仓标的难以避免受到宏观经济压力的影响，但鉴于对未来经济逐渐向好的判断，我们加大了部分下跌标的投资。追加标的，短期经营虽有压力，但这些标的有不错的竞争格局及竞争优势，其中我们尤其重视竞争格局的好坏，因其是生意壁垒、生意规模效益及企业能力等很多重要因素的综合反映，我们认为只要度过这段困难期，在未来经济向好时，这些标的有望收获到好的经营成果，并给股东创造不错的投资回报。此外，我们增加了经济相关性低、有独立行业周期规律的持仓，主要发现这些资产周期底部已有较长时间，且定价也有足够的吸引力，这些持仓有助于提高未来组合收益率的确定性。行业配置上在消费、TMT及交运偏多。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:46.537Z","fund":{"_id":3000000012669,"__csrcFundId":10394,"stockCode":"012669","shortName":"南方新兴产业混合(012669)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12669,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:26:01.562Z","status":"normal","exchange":"jj","name":"南方新兴产业混合型证券投资基金","fundCollectionId":4000050020000,"masterFundShortName":"南方新兴产业混合","followedNum":3,"inceptionDate":"2022-02-17T16:00:00.000Z","setUpDate":"2022-02-17T16:00:00.000Z","setUpAssetScale":83933919.69,"setUpShares":83933919.69,"pinyin":"nfxxcyhhxzqtzjj","managers":[{"stockCode":"db20906651","stockType":"fund_manager","exchange":"fm","tickerId":122624236690,"name":"林朝雄"}]},"announcement":{"linkText":"南方新兴产业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=993839","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf827fea5b3eb04fdc2d","date":"2023-06-29T16:00:00.000Z","stockId":3000000012669,"sao":"一季度，国内经济慢复苏而市场对复苏持有高期待，科技产业在AI实现大的突破，在这种背景下我们持仓方向集中在科技创新类的成长板块。二季度，随市场对复苏预期做修正，顺周期板块出现了调整，而科技板块在上涨中预期抬高、投资吸引力下降，因此我们降低了预期偏高位的个股配置，加大了经济相关性高、负面预期反应充分但企业竞争力维持或提升的企业配置。回顾近年国内市场的资产偏好，17-20年国内经济向好，企业经营顺利，市场将很多优质企业的长期成长提前反映在市值中，市场对这些企业的预期及估值出现抬升，21年起经济增长放缓，企业经营结果与预期出现落差，市场预期及估值出现回落，经过持续的预期下调及落空后，市场的偏好向当期有不错分红回报的资产转移。随高分红资产定价抬升，优质成长企业定价回调，优质成长企业相对吸引力逐渐提升。当期经济复苏虽弱于预期，但复苏方向不变，且逆周期调节政策正陆续出台，相信不愿将来又会迎来经济向好的阶段，届时优质成长企业将重新赢得市场的偏好及认可。基于此，我们加大了因短期景气不佳而经营阶段性承压的优质成长企业的配置。具体个股选择标准优先行业需求有韧性、有新兴增量行业机会及竞争格局好的行业头部企业，这样的标准可以保证我们在逆向投资这些标的时可更好地兼顾确定性和成长性。具体行业配置在消费及TMT偏多。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:46.535Z","mo":"2023年上半年，疫后经济恢复初期，因有疫情期间积压需求的释放，迎来阶段性经济向好的现象，实业及证券市场因此对经济复苏持有较高期待，但随积压需求释放完毕，疫情对经济造成的不良影响显现，现实与预期的落差致使信心回落。2023年第2季度，国内商品价格及主要证券市场指数的回落，是信心回落的主要体现。展望2023年下半年，经济复苏力度虽不如年初预期，但复苏方向不变，且逆周期调节政策正陆续出台，未来经济稳步向好确定性高，当前市场偏悲观的估值定价给未来预期修正及提升创造了有利的条件，整体我们对未来市场表现持有乐观态度。","fund":{"_id":3000000012669,"__csrcFundId":10394,"stockCode":"012669","shortName":"南方新兴产业混合(012669)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12669,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:26:01.562Z","status":"normal","exchange":"jj","name":"南方新兴产业混合型证券投资基金","fundCollectionId":4000050020000,"masterFundShortName":"南方新兴产业混合","followedNum":3,"inceptionDate":"2022-02-17T16:00:00.000Z","setUpDate":"2022-02-17T16:00:00.000Z","setUpAssetScale":83933919.69,"setUpShares":83933919.69,"pinyin":"nfxxcyhhxzqtzjj","managers":[{"stockCode":"db20906651","stockType":"fund_manager","exchange":"fm","tickerId":122624236690,"name":"林朝雄"}]},"announcement":{"linkText":"南方新兴产业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=967105","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf827fea5b3eb04fdc2c","date":"2023-03-30T16:00:00.000Z","stockId":3000000012669,"sao":"一季度，美联储加息周期接近尾声，国债利率可能在高位维持，国内宏观经济处于慢复苏，政策出台较为和缓。这样的环境比较适合偏科技创新类的成长板块，所以我们的策略是尽量规避通胀、衰退和外部影响的板块，回避过去几年贝塔行情可能演绎较充分的板块。在科技创新方向，特别注重攻守兼备的品种（即兼顾底部安全边际和股价弹性空间两个因素），把握真正能持续兑现成长属性和获得市场增长空间的股票。个股选股上，倾向于选择调整充分、能兑现业绩成长的板块加大研究力度，精选竞争格局好、成长估值匹配的个股加大配置，耐心把握年初可能出现的市场情绪回暖带动的反弹机会。目前仍然看好：一、自主可控+专精特新，特别是在半导体材料设备和军工新材料、计算机自主可控等领域的投资机会，该领域需求不依赖于国际形势和宏观经济的变化；二、AI+半导体，AI引领科技创新热潮，半导体可能最为受益，既有周期性逻辑、又有成长性逻辑，同时有国产替代的逻辑，值得特别重视。3.港股部分互联网公司也处于相对低估的状态，美联储停止加息，流动性回暖可能触发一波反弹。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:46.532Z","fund":{"_id":3000000012669,"__csrcFundId":10394,"stockCode":"012669","shortName":"南方新兴产业混合(012669)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12669,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:26:01.562Z","status":"normal","exchange":"jj","name":"南方新兴产业混合型证券投资基金","fundCollectionId":4000050020000,"masterFundShortName":"南方新兴产业混合","followedNum":3,"inceptionDate":"2022-02-17T16:00:00.000Z","setUpDate":"2022-02-17T16:00:00.000Z","setUpAssetScale":83933919.69,"setUpShares":83933919.69,"pinyin":"nfxxcyhhxzqtzjj","managers":[{"stockCode":"db20906651","stockType":"fund_manager","exchange":"fm","tickerId":122624236690,"name":"林朝雄"}]},"announcement":{"linkText":"南方新兴产业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=890242","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf827fea5b3eb04fdc2b","date":"2022-12-30T16:00:00.000Z","stockId":3000000012669,"sao":"2022年已经结束，A股整体弱市，上证指数下跌15.13%，沪深300下跌21.63%，创业板指更是下跌29.17%，整体反映了世界政治经济格局剧烈波动，过去的一年是美联储持续加息缩表和美元强势的一年，也是中国经济持续探底并努力走出新冠疫情影响的一年。毫无疑问，市场的政策底已经出现，随着二十大胜利召开，托底经济的政策和走出疫情的措施正在加速推出，市场围绕3000点指数关口情绪逐步转向乐观，场外资金在等待美国加息力度还能持续多久的信号，美国衰退预期带来的出口增速可能阶段性走弱，但我们判断美国经济仍然具有韧性，重点关注美债收益率和美联储的货币政策变化等外部干扰因素。同时，未来重点关注新一届政府的经济增长措施和政策支持方向。去年上半年，我们意识到美国加息对流动性的风险，仓位集中在新能源车、军工、光伏、风电等领域的龙头公司，仍然成长板块的行业龙头公司可以抵御市场的波动，但事与愿违，即使在新能源车4月份反弹以来，龙头公司涨幅都有限，更多是二三线小市值公司的弹性更大。而持仓中的高端制造个股也受到下游景气度的影响，表现普通。下半年以来，我们在新能源车龙头公司上造成了不小的亏损，三季度后及时调整持仓策略，分散布局龙头的策略逐步偏向集中于底部成长策略，通过产业调研，选择了一批业绩今明两年增速确定且产业竞争力明确的个股，从产业趋势和景气度的角度去提高胜率。配置方向主要是我们一直以来看好的高端制造业，以及重点关注数字经济的投资机会，目前股票仓位较高，增加部分计算机个股，仓位以互联网、计算机、军工科技、高端制造中材料设备类公司为主。回顾过去一年，虽然A股去年整体较弱，但市场又持续有机会、结构强势的板块不断涌现，比如上半年的新能源车、煤炭、军工，下半年的风电、计算机、医药，每次板块上涨的幅度都不算小，这点从28个行业的去年涨跌幅，以及公募基金净值分化较大也能看出。从结果上看，基金净值不理想的原因是，从机构的角度来看，捕捉投资机会又有难度，体现在：1）板块上涨更多体现在二三线标的，而行业龙头的涨幅有限，市场更偏好弹性大的小市值公司；2）板块的投资节奏提前，往往等待右侧投资机会出现的基金经理会滞后，左侧布局反而更容易获利；3） 板块上涨快速形成共识，导致波动加剧，边际信息推动公司走势，大量短期交易资金又加大了波动。总结一句话，尽管市场弱势但机会仍不少，我们应该拒绝标签式买股和滞后化研究的毛病，勇于把投资策略和投资思路充分体现在基金持仓的个股上，做到知行合一。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:46.530Z","mo":"展望后市，我们认为2023年市场更看重宏观总量增长的逻辑，应该重点把握底部板块的盈利和估值双升机会。同时，结构性的机会更多会出现在政府鼓励的成长方向，相信从中能走出主流增长板块，带动指数持续稳健的上升。反思过去不足，积极面对未来。我们的策略是尽量规避通胀、衰退和外部影响的板块，板块贝塔行情可能演绎较充分并且在加速轮动，过于看重市场贝塔的波动会影响基金经理的主观判断和日常操作。作为风格偏向成长的专业投资选手，应该更注重攻守兼备的品种（即兼顾底部安全边际和股价弹性空间两个因素），把握真正能持续兑现成长属性和获得市场增长空间的股票。研究选股上，倾向于选择调整充分、能兑现业绩成长的板块加大研究力度，精选竞争格局好、成长估值匹配的个股加大配置，耐心把握年初可能出现的市场情绪回暖带动的反弹机会。目前仍然看好：1.自主可控+专精特新，特别是在半导体材料设备和军工新材料、计算机自主可控等领域的投资机会，该领域需求不依赖于国际形势和宏观经济的变化，2.和经济复苏总量、政府政策积极支持相关的领域，计算机、传媒、电子、电动车都存在反弹机会，当然可能会适当偏向左侧投资，3.未来港股的互联网公司尽管反弹不少，但基本面仍在底部，反弹的空间取决于互联网公司在宏观经济恢复增长中的作用和地位，值得持续看好。","fund":{"_id":3000000012669,"__csrcFundId":10394,"stockCode":"012669","shortName":"南方新兴产业混合(012669)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12669,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:26:01.562Z","status":"normal","exchange":"jj","name":"南方新兴产业混合型证券投资基金","fundCollectionId":4000050020000,"masterFundShortName":"南方新兴产业混合","followedNum":3,"inceptionDate":"2022-02-17T16:00:00.000Z","setUpDate":"2022-02-17T16:00:00.000Z","setUpAssetScale":83933919.69,"setUpShares":83933919.69,"pinyin":"nfxxcyhhxzqtzjj","managers":[{"stockCode":"db20906651","stockType":"fund_manager","exchange":"fm","tickerId":122624236690,"name":"林朝雄"}]},"announcement":{"linkText":"南方新兴产业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=873818","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf827fea5b3eb04fdc2a","date":"2022-09-29T16:00:00.000Z","stockId":3000000012669,"sao":"市场的政策底已经出现，随着大会召开，托底经济的政策和疫情修复的措施应该会逐步推出，市场在等待美国加息力度还能持续多久的信号，美国衰退预期带来的出口预期可能阶段性走弱，但我们判断美国经济仍然具有韧性，预计四季度估值底和业绩底也将双双迎来，重点关注美债收益率和美联储的货币政策变化等外部干扰因素。此外，国内经济复苏的进展可能会慢于预期，更多依靠财政推动项目建设，货币宽松并不能带来信用扩张，使得C端消费恢复可能滞后一些。所以政策推出的方向和力度决定了未来的反弹方向。展望后市，我们的策略是尽量规避通胀、衰退和外部影响的板块，板块贝塔行情可能演绎较充分，更注重攻守兼备的品种，把握真正能持续兑现成长属性和获得市场增长空间的股票，倾向于选择调整充分、能兑现业绩成长的板块加大研究力度，精选竞争格局好、成长估值匹配的个股加大配置，耐心把握年底前可能出现的结构性的反弹机会。目前看好新科技和新制造两个方向，1.自主可控+专精特新，特别是在半导体材料设备和军工新材料、计算机自主可控等领域的投资机会，该领域需求不依赖于国际形势和宏观经济的变化。2.新能源中明年仍然有持续增长动力和仍有市值空间的板块，比如风电、储能等。我们认为地产金融目前更多是板块博弈，要保持足够的聚焦和定力，不要随市场风向影响持仓的变化。未来港股的新消费类公司也在底部区域，值得关注。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:46.527Z","fund":{"_id":3000000012669,"__csrcFundId":10394,"stockCode":"012669","shortName":"南方新兴产业混合(012669)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12669,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:26:01.562Z","status":"normal","exchange":"jj","name":"南方新兴产业混合型证券投资基金","fundCollectionId":4000050020000,"masterFundShortName":"南方新兴产业混合","followedNum":3,"inceptionDate":"2022-02-17T16:00:00.000Z","setUpDate":"2022-02-17T16:00:00.000Z","setUpAssetScale":83933919.69,"setUpShares":83933919.69,"pinyin":"nfxxcyhhxzqtzjj","managers":[{"stockCode":"db20906651","stockType":"fund_manager","exchange":"fm","tickerId":122624236690,"name":"林朝雄"}]},"announcement":{"linkText":"南方新兴产业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=811041","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf827fea5b3eb04fdc29","date":"2022-06-29T16:00:00.000Z","stockId":3000000012669,"sao":"2022年一季度以来，海外市场通胀预期加强，从PMI数据看，经济持续增长高点已现，美联储加速进入缩表周期。国内PPI短期仍然高企，市场缺乏长期逻辑与板块驱动力，进入短期博弈和多空对决的震荡期。但是，从5月份看，国内流动性较为宽松，经济刺激政策不断推出，二季度是市场见底反弹的窗口期。我们看好市场的反弹，增加了互联网、新能源车、光伏组件、高端材料设备等领域的配置，但电子元器件、传媒游戏和数字经济等板块个股表现不尽如人意，整体上我们持仓偏向成长性和确定性兼顾的个股，并没有完全赛道化投资。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:46.520Z","mo":"市场的政策底已经出现，随着疫情防控取得胜利，市场的估值底和业绩底将迎来，重点关注美债收益率和美联储的货币政策变化等外部干扰因素，可能影响反弹的节奏，但不会影响反弹的方向。此外，国内经济复苏的进展可能会慢于预期，更多依靠财政刺激项目，使得C端消费恢复可能滞后一些。展望后市，我们的策略是尽量规避通胀、衰退和外部影响的板块，板块贝塔行情可能演绎较充分，更注重攻守兼备的品种，把握真正能持续兑现成长属性和获得市场增长空间的股票，所以我们倾向于选择调整充分、能兑现业绩成长的板块加大研究力度，精选竞争格局好、成长估值匹配的个股加大配置，耐心把握三季度可能出现的结构性的个股机会。","fund":{"_id":3000000012669,"__csrcFundId":10394,"stockCode":"012669","shortName":"南方新兴产业混合(012669)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12669,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:26:01.562Z","status":"normal","exchange":"jj","name":"南方新兴产业混合型证券投资基金","fundCollectionId":4000050020000,"masterFundShortName":"南方新兴产业混合","followedNum":3,"inceptionDate":"2022-02-17T16:00:00.000Z","setUpDate":"2022-02-17T16:00:00.000Z","setUpAssetScale":83933919.69,"setUpShares":83933919.69,"pinyin":"nfxxcyhhxzqtzjj","managers":[{"stockCode":"db20906651","stockType":"fund_manager","exchange":"fm","tickerId":122624236690,"name":"林朝雄"}]},"announcement":{"linkText":"南方新兴产业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=788685","linkType":"PDF","source":"csrc_pdf"}}]}