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加了银行等红利资产的配置，4月底在关税威胁缓和的背景下，重点增加了具备长期产业趋势的行业和公司，投资能抓住全球AI产业机遇的软硬件公司，以及预计在“十五五”规划中具备成长性的高端制造业，包括AI端侧应用，自动驾驶，军工等行业。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:29.745Z","mo":"国内方面，上半年经济韧性较强，下半年预计有所放缓，但仍能实现经济目标。实际GDP同比增长5.3%，预计全年GDP增速5%左右。具体看，预计下半年工业增加值同比增长5.8%、PPI同比-1.0%、对应利润同比增速在7.5%左右。中长期看，地产行业已经逐步触底，对经济的影响减弱，也有利于资金从地产行业流向其他新兴制造业。预计成长行业的需求增速或将先于地产行业回升。国内政策方面，央行政策关注的重点从流动性导向转变为价格导向，旨在促进价格止跌回稳。2025年中，中财委会议再次提及内卷式竞争与去产能问题，预计通过“反内卷”相关政策落地来约束关键产业供给，从而助推供求平衡，使PPI跌幅收窄，预计价格在未来1-2年有望逐步触底，相关行业价格止跌或将成为权益资产定价的主线。下半年另一个政策方向是开启编制“十五五”规划。政策指出“‘十五五’时期，必须把因地制宜发展新质生产力摆在更加突出的战略位置，以科技创新为引领、以实体经济为根基，坚持全面推进传统产业转型升级、积极发展新兴产业、超前布局未来产业并举，加快建设现代化产业体系”。预计产业链自主可控和新兴产业或是未来产业投资的重点方向。国外方面，美国陆续与主要贸易伙伴达成贸易协议；同时，中美斯德哥尔摩会谈达成关税豁免期再延90天的协定。这或意味着：关税对美国通胀的影响将更晚到来，美国三季度面临的通胀压力可能并不大。同时，随着“抢消费”的逐渐消退，美国经济在三季度或面临一定下行压力。这或将在较大程度上推动美联储在本年9月FOMC会议上降息25BP。美国财政政策方面，“大而美”法案或会在未来十年带来的赤字规模约3万亿美元，考虑关税收入后，预计政府赤字对应私人部门盈余，有助于改善私人部门资产负债表，美国经济维持较强韧性。我们认为A股仍紧贴实体经济盈利改善的变化趋势与产业政策预期，权益市场的机会突出。中长期看，本基金重点关注具备出海竞争力的公司，能抓住全球AI产业机遇的软硬件公司，以及预计在“十五五”规划中具备成长性的高端制造业，包括上游资源、医药、AI芯片和端侧应用，自动驾驶，军工等行业，以及估值明显低估，且业绩拐点逐渐明朗的公司。","fund":{"_id":3000000012905,"__csrcFundId":12568,"stockCode":"012905","shortName":"金鹰睿选成长六个月持有混合(012905)","masterFundShortName":"金鹰睿选成长六个月持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12905,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:32:02.455Z","status":"normal","exchange":"jj","fundCollectionId":4000050200000,"name":"金鹰睿选成长六个月持有期混合型证券投资基金","inceptionDate":"2023-06-08T16:00:00.000Z","setUpDate":"2023-06-08T16:00:00.000Z","setUpAssetScale":113101842.65,"setUpShares":113101842.65,"pinyin":"jyrxczlgycyqhhxzqtzjj","managers":[{"stockCode":"db20769874","stockType":"fund_manager","exchange":"fm","tickerId":122625224790,"name":"梁梓颖"}]},"announcement":{"linkText":"金鹰睿选成长六个月持有期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=1350275","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfad7fea5b3eb050089c","date":"2025-03-30T16:00:00.000Z","stockId":3000000012905,"sao":"国内方面，两会定调实施积极的财政政策，明确提高2025年财政赤字率，同时加快发行超长期特别国债，持续支持“两重”项目和“两新”政策实施，增加地方政府专项债券发行。而在货币政策层面，提出要择机降准降息。内需方面，2025年一季度，地产二手房成交量逐步回暖，地产对宏观经济的拖累逐步减少。而制造业方面，PMI开局良好，经济发展态势稳中有进。国外方面，特朗普政府同时推出了紧缩性的“三支箭”：加征关税、联邦政府裁员和大规模驱逐非法移民，形成共振式负面冲击：关税政策提高物价水平、政府裁员直接减少就业、驱逐非法移民则削弱劳动力供给并推高服务业成本。与此同时，竞选期间承诺的减税等刺激性措施却尚未落地。当前美国经济正面临显著的衰退或滞涨风险，掣肘美联储降息的节奏和空间。2025年一季度全年各指数涨跌幅层面：上证指数下跌0.48%，深证指数涨幅0.86%，创业板指数下跌1.77%，科创50涨幅3.42%，沪深300指数下跌1.21%，恒生指数上涨15.25%。展望未来，我们认为A股仍紧贴实体经济变化与政策预期，结构性机会突出。中长期看，本基金重点关注能抓住全球AI产业机遇的软硬件公司，以及股息率较高的长期稳健龙头公司。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:29.742Z","fund":{"_id":3000000012905,"__csrcFundId":12568,"stockCode":"012905","shortName":"金鹰睿选成长六个月持有混合(012905)","masterFundShortName":"金鹰睿选成长六个月持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12905,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:32:02.455Z","status":"normal","exchange":"jj","fundCollectionId":4000050200000,"name":"金鹰睿选成长六个月持有期混合型证券投资基金","inceptionDate":"2023-06-08T16:00:00.000Z","setUpDate":"2023-06-08T16:00:00.000Z","setUpAssetScale":113101842.65,"setUpShares":113101842.65,"pinyin":"jyrxczlgycyqhhxzqtzjj","managers":[{"stockCode":"db20769874","stockType":"fund_manager","exchange":"fm","tickerId":122625224790,"name":"梁梓颖"}]},"announcement":{"linkText":"金鹰睿选成长六个月持有期混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1274305","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfad7fea5b3eb050089b","date":"2024-12-30T16:00:00.000Z","stockId":3000000012905,"sao":"2024年，A股市场处于区间震荡态势。2024年A股整体盈利承压，全年GDP增速5%，2024年全年利润同比-3.3%，降幅较2023年进一步扩大，价格和利润率继续拖累2024年全年利润。利润增长率呈现前高后低态势，四季度随着9月底、10月初政府一系列利好经济与资本市场政策呵护之下，宽货币宽财政政策逐步落地，盈利增速有所回升，以上证指数为代表的A股市场底部得到抬升，但经济转好与上市公司盈利等数据的改善需要一定观察期，投资者信心恢复也需要时间，因此四季度指数表现一般，但存在一些结构性机会。本基金保持中高股票仓位，持仓行业进一步多元化，个股适当分散，持仓以较大市值、行业龙头公司为主，布局了未来存在经营拐点的方向，充分考虑了股票交易流动性，科技方向重点关注半导体、AI应用、卫星、消费电子、港股互联网等行业，稳健方向重点关注银行与餐饮等。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:29.739Z","mo":"展望2025年，国内经济将进入弱复苏状态，盈利能力或将触底回升，消费服务、TMT等行业成为主要盈利增量。政策方面，预计货币政策会受到人民币汇率约束，保持适当宽松，但大水漫灌的预期可能性不高。但财政政策和民营企业座谈会已经释放积极的信号，从而有望稳定房地产风险、消费和物价指数，并进一步支持新质生产力的发展。国外方面，展望2025年，美联储降息步伐放缓，这将影响国内货币政策的宽松节奏。估值方面，当前各行业估值仍然较低，反映随着无风险利率的下行，权益市场的风险溢价仍然高企，但随着企业盈利和经济预期的好转，权益市场的风险溢价有望修复。展望未来，我们认为A股仍紧贴实体经济变化与政策预期，结构性机会突出。中长期看，本基金重点关注能抓住全球AI产业机遇的软硬件公司，以及股息率较高的长期稳健龙头公司。","fund":{"_id":3000000012905,"__csrcFundId":12568,"stockCode":"012905","shortName":"金鹰睿选成长六个月持有混合(012905)","masterFundShortName":"金鹰睿选成长六个月持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12905,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:32:02.455Z","status":"normal","exchange":"jj","fundCollectionId":4000050200000,"name":"金鹰睿选成长六个月持有期混合型证券投资基金","inceptionDate":"2023-06-08T16:00:00.000Z","setUpDate":"2023-06-08T16:00:00.000Z","setUp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AI 为代表的科技方向，配置了海外供应链逻辑顺畅的光模块公司，AI在计算机、传媒等行业的应用等。但较大的市场波动也给基金带来较大冲击，买入并持有也不是最优策略，因此组合也尝试参与了一些主题投资机会，如数据要素（运营商、医保）、鸿蒙、消费电子等，由于没有配置煤炭、石油等高股息资产板块，整体来看，交易效果并不够理想。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:29.726Z","mo":"展望2024年，甚至更长远，我们依然看好中国经济发展，对中国抱有信心，相信我们在人口素质、转型升级、产业政策、外部发展等方面，会逐渐有量变到质变的政策效果出现，股票市场的投资机遇也在这些未来重要产业的变化中。但投资者信心与经济修复的预期并非一朝一夕就能完成重建，需要耐心去等待、确认周期底部、行业格局明朗，“剩”下来可能比“短期胜出”更重要。因此本基金一直重视中长期产业趋势，寻找那些增长“喇叭口”快速放大的行业，选股标准则倾向于行业细分龙头，尤其是经历过行业洗牌、具有护城河优势的大公司，希望找到那些行业发展势不可挡、公司产品穿越周期的好标的，经历2023年的经验与教训，未来基金管理将进一步注重外部环境对行业发展的冲击，例如贸易制裁、科技敏感领域等。中短期来看，我们对A股谨慎乐观，以沪深300指数为代表，估值接近历史低位。而压制经济的地产、城投债、外部环境等因素，已持续内含在股价交易中，考虑到经济周期规律，虽然这些因素的短期运动方向似乎不一致，且不好预判，但考虑到较低的估值历史分位数，不应再过度悲观。当行业确定性不够或者公司有瑕疵时，本基金希望结合低位的估值保护，配置具有性价比的细分方向，适度多元化，包括科技、医药、金融、制造等行业，关注高股息策略，并动态跟踪调整，在行业格局变动、技术演变、环境波动时做好应对，期望通过这样的“未来赢家”组合，能够给持有人带来长期较好的回报。","fund":{"_id":3000000012905,"__csrcFundId":12568,"stockCode":"012905","shortName":"金鹰睿选成长六个月持有混合(012905)","masterFundShortName":"金鹰睿选成长六个月持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12905,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:32:02.455Z","status":"normal","exchange":"jj","fundCollectionId":4000050200000,"name":"金鹰睿选成长六个月持有期混合型证券投资基金","inceptionDate":"2023-06-08T16:00:00.000Z","setUpDate":"2023-06-08T16:00:00.000Z","setUpAssetScale":113101842.65,"setUpShares":113101842.65,"pinyin":"jyrxczlgycyqhhxzqtzjj","managers":[{"stockCode":"db20769874","stockType":"fund_manager","exchange":"fm","tickerId":122625224790,"name":"梁梓颖"}]},"announcement":{"linkText":"金鹰睿选成长六个月持有期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=1056016","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfad7fea5b3eb0500896","date":"2023-09-29T16:00:00.000Z","stockId":3000000012905,"sao":"今年三季度，A股与海外大部分股票市场整体下跌，但幅度不大。美国经济韧性超出预期，通胀水平仍处于高位，美联储保持加息态势，美元保持强势，美股科技板块相对较强，但也存在两党分歧加大、财政停摆等不确定性因素。国内方面，在一系列政策呵护下，经济与市场大概率处于底部区域，经济数据、居民收入与消费行为预期未来逐步改善。A股投资者有望信心重建，市场暂时没有持续性较强的方向，热点板块轮动很快。本基金仍处于建仓期，保持很低的股票仓位，仅布局了少数存储半导体、电新等公司。未来将跟踪A股市场压制因素的边际变化，包括地产与城投债化解、科技突破、中美关系阶段性变化，重点关注算力方向（光模块与服务器等）、存储半导体、AI办公应用等科技方向。同时，如果经济与消费数据出现明显改善，将考虑适当配置消费与顺周期行业。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:29.723Z","fund":{"_id":3000000012905,"__csrcFundId":12568,"stockCode":"012905","shortName":"金鹰睿选成长六个月持有混合(012905)","masterFundShortName":"金鹰睿选成长六个月持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12905,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:32:02.455Z","status":"normal","exchange":"jj","fundCollectionId":4000050200000,"name":"金鹰睿选成长六个月持有期混合型证券投资基金","inceptionDate":"2023-06-08T16:00:00.000Z","setUpDate":"2023-06-08T16:00:00.000Z","setUpAssetScale":113101842.65,"setUpShares":113101842.65,"pinyin":"jyrxczlgycyqhhxzqtzjj","managers":[{"stockCode":"db20769874","stockType":"fund_manager","exchange":"fm","tickerId":122625224790,"name":"梁梓颖"}]},"announcement":{"linkText":"金鹰睿选成长六个月持有期混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=991904","linkType":"PDF","source":"csrc_pdf"}}]}