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以下三类：独立成长股。这类资产往往是较少人关注的、估值相对低估、具备成长性的个股。我们认为不同的市场背景下，永远存在着定价错误和相对低估。我们希望在市场关注相对低的领域去寻找未被发现、具备成长性、相对低估的公司，通过自下而上深度研究，赚到估值修复的钱、分享企业成长的红利。我们希望在具备安全边际的底部个股中找到更多好的机会。周期成长股。我们聚焦两条思路，一类是在传统周期中具备第二成长曲线的新公司，通过公司的成长对冲中枢下行；第二类是自身周期和宏观经济弱相关、周期本身具备成长性的板块。我们倾向于在景气度下行进入最后阶段、同时定价处于历史相对底部的板块中去寻找中期有成长的公司，赚取周期反转和公司穿越周期、持续成长的价值。产业成长股。产业成长我们希望通过研究的认知差来形成保护，控制回撤。这类资产是指在产业趋势里能够长大的公司，具备相对较大的市场空间、在早期具备差异化的竞争优势。我们认为技术的颠覆式创新是提升社会财富、促进长周期经济增长的引擎，围绕新质生产力的各个方向，结合产业研究和个股选择，我们希望赚到产业趋势兑现和公司成长的红利。我们持续看好智能驾驶、机器人等产业中周期的机会。碳中和2025年三季报核心聚焦高端制造，我们长期看好制造业出海、电力设备、机器人、自动驾驶、消费电子创新和顺周期资本品。在核心看好的方向中维持成长、周期、确定性资产的均衡，寻求中期的确定性收益。","lastUpdated":"2026-03-09T13:49:17.102Z","fund":{"_id":3000000013160,"__csrcFundId":9753,"stockCode":"013160","shortName":"创金合信碳中和混合(013160)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13160,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:38:35.838Z","status":"normal","exchange":"jj","name":"创金合信碳中和混合型证券投资基金","fundCollectionId":4000050990000,"followedNum":4,"inceptionDate":"2021-09-21T16:00:00.000Z","masterFundShortName":"创金合信碳中和混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":762501784.57,"setUpShares":762501784.57,"pinyin":"cjhxtzhhhxzqtzjj","managers":[{"stockCode":"db20904170","stockType":"fund_manager","exchange":"fm","tickerId":803236240,"name":"黄超"}]},"announcement":{"linkText":"创金合信碳中和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=1368694","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfdd7fea5b3eb05039d6","date":"2025-06-29T16:00:00.000Z","stockId":3000000013160,"sao":"2025年上半年，A股市场在波动中向上。25年2-3月受益于流动性溢价和整体资产定价在历史分位数偏低的两重要素驱动，出现上行行情；2025年4月，由于贸易战黑天鹅事件市场出现急速下行，随后伴随均值回归和预期逐步稳定，市场逐步修复。身在其中，市场由于增量资金属性波动加剧，但按照长期主义来看，依旧是波动向上。因而，在市场恐慌中，我们应该对未来具备信心，在市场乐观时，我们应该反复判断持仓资产的合理价值以及是否具备泡沫属性。如果仅以宏观事件为驱动因子，则世界是纷繁复杂的，投资亦是波动无序的。但我们依然坚持的是自下而上，我们认为经济周期、贸易政策不改变企业中期的竞争力，不改变产业趋势的方向，我们寻求估值保护、质地保护，通过自下而上的研究分析在中周期过滤掉自上而下的波动。对于我们来讲，自下而上选股是我们投资方法论的核心，因此我们依旧坚持通过深度的投资研究、自下而上去选择估值合理、具备成长性的公司。25年上半年，考虑整体持仓风险暴露、个股的估值比价，我们在整个高端制造范围内，考虑估值性价比、不断优化组合。我们的产品致力于自下而上寻找产业成长股、独立成长股和周期成长股三类资产。独立成长股。这类资产往往是较少人关注的、估值相对低估、具备成长性的个股。我们认为不同的市场背景下，永远存在着定价错误和相对低估。我们希望在市场关注相对低的领域去寻找未被发现、具备成长性、相对低估的公司，通过自下而上深度研究，赚到估值修复的钱、分享企业成长的红利。我们希望在具备安全边际的底部个股中找到更多好的机会。周期成长股。伴随经济周期的周而复始，目前整体周期类资产整体处于底部区间，我们聚焦两条思路，一类是在传统周期中具备第二成长曲线的新公司，通过公司的成长对冲中枢下行；第二类是自身周期和宏观经济弱相关、周期本身具备成长性的板块。我们倾向于在景气度下行进入最后阶段、同时定价处于历史相对底部的板块中去寻找中期有成长的公司，赚取周期反转和公司穿越周期、持续成长的价值。产业成长股。产业成长我们希望通过研究的认知差来形成保护，控制回撤。这类资产是指在产业趋势里能够长大的公司，具备相对较大的市场空间、在早期具备差异化的竞争优势。我们认为技术的颠覆式创新是提升社会财富、促进长周期经济增长的引擎，围绕新质生产力的各个方向，结合产业研究和个股选择，我们希望赚到产业趋势兑现和公司成长的红利。我们持续看好智能驾驶、机器人等产业中周期的机会。碳中和2025年上半年核心聚焦高端制造，通过比较研究，自下而上寻找持续成长、定价合理的公司，通过分析企业成长的红利，力争实现中期的稳定收益。我们认为周期类资产目前处于底部区间，伴随反内卷，我们认为有中期的成长机会。选股方法上，在风险偏好较低阶段，我们更注重价值合理的质量成长；在风险偏好修复阶段，我们更注重估值修复、合理赔率类资产的选择。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:17.099Z","mo":"我们对A股市场下半年的整体走势持乐观态度，核心在于A股经历三年时间调整，多数资产估值水平处于历史较低分位，具备上行基础；企业盈利端，我们认为宏观经济处于底部区间，边际恶化的可能性较小；流动性部分，目前依旧处于宽松阶段。估值合理偏低+盈利筑底+边际宽松的流动性，我们认为是市场中期向上的基石。","fund":{"_id":3000000013160,"__csrcFundId":9753,"stockCode":"013160","shortName":"创金合信碳中和混合(013160)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13160,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:38:35.838Z","status":"normal","exchange":"jj","name":"创金合信碳中和混合型证券投资基金","fundCollectionId":4000050990000,"followedNum":4,"inceptionDate":"2021-09-21T16:00:00.000Z","masterFundShortName":"创金合信碳中和混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":762501784.57,"setUpShares":762501784.57,"pinyin":"cjhxtzhhhxzqtzjj","managers":[{"stockCode":"db20904170","stockType":"fund_manager","exchange":"fm","tickerId":803236240,"name":"黄超"}]},"announcement":{"linkText":"创金合信碳中和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=1338150","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfdd7fea5b3eb05039d5","date":"2025-03-30T16:00:00.000Z","stockId":3000000013160,"sao":"自24年9月政策转向后，市场风险偏好逐步修复，25年一季度市场延续这一趋势。对于我们来讲，自下而上选股是我们投资方法论的核心，因此我们依旧坚持通过深度的投资研究、自下而上去选择估值合理、具备成长性的公司。25年一季度在整体方法论下，考虑整体持仓风险暴露、个股的估值比价，我们在整个高端制造范围内，不断优化组合。我们的产品致力于自下而上寻找产业成长股、独立成长股和周期成长股三类资产。    产业成长股。这类资产是指在产业趋势里能够长大的公司，具备相对较大的市场空间、在早期具备差异化的竞争优势。我们认为技术的颠覆式创新是提升社会财富、促进长周期经济增长的引擎，围绕新质生产力的各个方向，结合产业研究和个股选择，我们希望赚到产业趋势兑现和公司成长的红利。    独立成长股。这类资产是我们的底仓，我们希望获得中周期稳定的收益。我们认为不同的市场背景下，永远存在着定价错误和相对低估。我们希望在市场关注相对低的领域去寻找未被发现、具备成长性、相对低估的公司，通过自下而上深度研究，赚到估值修复的钱、分享企业成长的红利。整体一季度，在市场风险偏好修复、定价模式回归正常后，我们更多从基本面和定价出发，自下而上挖掘个股，维持组合市值上的均衡。    周期成长股。中国经济进入稳健增长阶段，传统的周期框架的波幅会收敛、以地产经济为核心的周期类资产中枢下行。我们希望寻找到中周期中枢向上的周期成长类资产。我们聚焦两条思路，一类是在传统周期中具备第二成长曲线的新公司，通过公司的成长对冲周期中枢的下行；另一类是自身的周期和宏观经济弱相关、周期本身具备成长性的板块；第三是通过拓展更多市场，例如正在工业化的第三世界国家，提升长期资本回报率的公司。我们倾向于在景气度下行进入最后阶段、同时定价处于历史相对底部的板块中去寻找中期有成长的公司，赚取周期反转和公司穿越周期、持续成长的价值。    2025年一季度持仓和未来重点关注方向：碳中和核心聚焦高端制造，通过比较研究，自下而上寻找持续成长、定价合理的公司，通过分析企业成长的红利，力争实现中期的稳定收益。选股方法上，在风险偏好较低阶段，我们更注重价值合理的质量成长；在后续风险偏好修复阶段，我们更注重估值修复、合理赔率类资产的选择。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:17.097Z","fund":{"_id":3000000013160,"__csrcFundId":9753,"stockCode":"013160","shortName":"创金合信碳中和混合(013160)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13160,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:38:35.838Z","status":"normal","exchange":"jj","name":"创金合信碳中和混合型证券投资基金","fundCollectionId":4000050990000,"followedNum":4,"inceptionDate":"2021-09-21T16:00:00.000Z","masterFundShortName":"创金合信碳中和混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":762501784.57,"setUpShares":762501784.57,"pinyin":"cjhxtzhhhxzqtzjj","managers":[{"stockCode":"db20904170","stockType":"fund_manager","exchange":"fm","tickerId":803236240,"name":"黄超"}]},"announcement":{"linkText":"创金合信碳中和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=1265007","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfdd7fea5b3eb05039d4","date":"2024-12-30T16:00:00.000Z","stockId":3000000013160,"sao":"2024年在权益市场投资的历史上注定是难忘的一年，24年年初经历了小盘股流动性危机市场风险偏好显著下降，这样的风格持续至24年三季度末，市场显现出极致的大盘、确定性溢价风格；在24年9月末政策转向后，此前超跌的长久期资产在短时间得到较快修复，24年整个四季度市场对长久期资产进行充分定价至一定泡沫程度。而在我们的投资框架里，市场的权重较低，无论是极致的确定性溢价行情亦或是极致的长久期资产充分定价行情，我们深耕的事情并未改变。我们依然围绕着“价值成长”去进行配置，即追求可定价的、自下而上、中周期能长大的成长类资产。产品致力于自下而上寻找三类资产，中产业成长股、独立成长股和周期成长股。独立成长股。这类资产是我们的底仓，我们希望获得中周期稳定的收益。我们认为不同的市场背景下，永远存在着定价错误和相对低估。我们希望在市场关注相对低的领域去寻找未被发现、具备成长性、相对低估的公司，通过自下而上深度研究，赚到估值修复的钱、分享企业成长的红利。在24年二三季度，由于流动性和市场风险偏好问题，我们对小市值风险因子进行控制，对于小盘股的质地要求更为严格；四季度，在市场风险偏好修复、定价模式回归正常后，我们更多从基本面和定价出发，自下而上挖掘个股，维持组合市值上的均衡。产业成长股。这类资产是指在产业趋势里能够长大的公司，具备相对较大的市场空间、在早期具备差异化的竞争优势。我们认为技术的颠覆式创新是提升社会财富、促进长周期经济增长的引擎，围绕新质生产力的各个方向，结合产业研究和个股选择，我们希望赚到产业趋势兑现和公司成长的红利。周期成长股。中国经济进入稳健增长阶段，传统的周期框架的波幅会收敛、以地产经济为核心的周期类资产中枢下行。我们希望寻找到中周期中枢向上的周期成长类资产。我们聚焦两条思路，一类是在传统周期中具备第二成长曲线的新公司，通过公司的成长对冲周期中枢的下行；另一类是自身的周期和宏观经济弱相关、周期本身具备成长性的板块；第三是通过拓展更多市场，例如正在工业化的第三世界国家，提升长期资本回报率的公司。我们倾向于在景气度下行进入最后阶段、同时定价处于历史相对底部的板块中去寻找中期有成长的公司，赚取周期反转和公司穿越周期、持续成长的价值。2024年年报持仓和未来重点关注方向：在合同范围内，我们核心聚焦高端制造和周期成长。通过比较研究，自下而上寻找持续成长、定价合理的公司，通过分析企业成长的红利，力争实现中期的稳定收益。选股方法上，在风险偏好较低阶段，我们更注重价值合理的质量成长；在后续风险偏好修复阶段，我们更注重估值修复、合理赔率类资产的选择。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:17.094Z","mo":"周期轮回，周而复始。权益市场在三年震荡下行后，大多数公司的绝对估值水位并不高，在我们的框架里，定价合理、低估是上涨的基础。对于国内经济，我们是乐观的，对政策的有效性我们持积极态度。我们认为，2025年，整体权益市场的策略应该是积极乐观的，而我们要做的，则是在积极的宏观环境、较低的估值水位下，寻找更多有价值的资产。","fund":{"_id":3000000013160,"__csrcFundId":9753,"stockCode":"013160","shortName":"创金合信碳中和混合(013160)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13160,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:38:35.838Z","status":"normal","exchange":"jj","name":"创金合信碳中和混合型证券投资基金","fundCollectionId":4000050990000,"followedNum":4,"inceptionDate":"2021-09-21T16:00:00.000Z","masterFundShortName":"创金合信碳中和混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":762501784.57,"setUpShares":762501784.57,"pinyin":"cjhxtzhhhxzqtzjj","managers":[{"stockCode":"db20904170","stockType":"fund_manager","exchange":"fm","tickerId":803236240,"name":"黄超"}]},"announcement":{"linkText":"创金合信碳中和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=1246159","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfdd7fea5b3eb05039d3","date":"2024-09-29T16:00:00.000Z","stockId":3000000013160,"sao":"2024年三季度市场先抑后扬，季末在政策呵护下强力爆发，市场情绪明显好转。9月底中央政治局会议提出要加大财政货币政策逆周期调节力度，促进房地产市场止跌回稳，很快央行、发改委和财政部相继公布系列利好政策，中国的逆周期政策应该可以扭转地产下行及地产政府债务压力导致的紧缩预期。同时中国的产业转型升级和全球化的逻辑也在同步实现，市场的长期、短期逻辑都有望有所改善，整体估值也有望提升。但红利资产的相对吸引力可能会降低。基金组合三季度的持仓除了少数新能源汽车行业的超级龙头外，主要配置水电、核电、资源等行业的龙头个股。未来组合策略上重点关注新能源汽车、资源、水电、光伏行业的龙头个股。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:17.091Z","fund":{"_id":3000000013160,"__csrcFundId":9753,"stockCode":"013160","shortName":"创金合信碳中和混合(013160)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13160,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:38:35.838Z","status":"normal","exchange":"jj","name":"创金合信碳中和混合型证券投资基金","fundCollectionId":4000050990000,"followedNum":4,"inceptionDate":"2021-09-21T16:00:00.000Z","masterFundShortName":"创金合信碳中和混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":762501784.57,"setUpShares":762501784.57,"pinyin":"cjhxtzhhhxzqtzjj","managers":[{"stockCode":"db20904170","stockType":"fund_manager","exchange":"fm","tickerId":803236240,"name":"黄超"}]},"announcement":{"linkText":"创金合信碳中和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=1169851","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfdd7fea5b3eb05039d2","date":"2024-06-29T16:00:00.000Z","stockId":3000000013160,"sao":"2024年开年市场延续去年的弱势出现了较大幅度的波动，后在政策的呵护下有所恢复，但整体来说还是延续偏弱态势。个股分化程度很大，在利率下行期一些经营表现较稳健的如公用事业、价格预期较稳定的资源股表现较好；大盘龙头股的走势强于市场，在行业下行期龙头股表现出更优秀抗周期能力。在经历了外胀内缩后中国的产品竞争力进一步加强，出口明显强于内需，中国的制造业的增长成功弥补了地产行业的产出下降，从数据上看中国的经济远没有市场预期般的差。但是由于房地产价格下降、权益资产表现也不好，居民的财富明显缩水，普通大众的体验感较差，经济也呈现明显的结构性差异。在地产的下行周期里，整体宏观经济是会有一定压力的，这需要时间去化解。上半年中国新能源汽车的销量继续超预期，但是价格内卷还在继续，上半年锂电材料的价格低位波动，碳酸锂的价格在一季度触底反弹之后又重回下降趋势；储能市场从量上是超预期的，但产品价格同样很弱；光伏行业正在经历最为惨烈的价格战，产能过剩明显。新能源行业大部分公司的利润处于低位，价格的大幅反转目前还看不到，上半年除了新能源汽车少数龙头外大部分公司的利润表现不会太好。上半年本产品基金组合持仓除了少数新能源汽车行业的超级龙头外，主要配置水电、核电、金属资源等行业的龙头个股。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:17.088Z","mo":"展望未来，我们认为新能源汽车和光伏是符合中国经济结构转型升级趋势的新兴产业，也是中国为数不多在全球具有明显竞争优势的产业，经历行业洗牌后龙头企业大概率会强者恒强，但是需要耐心，管理好尾部风险。未来本产品继续深耕新能源行业，优选竞争格局好、业绩增长快的龙头个股。","fund":{"_id":3000000013160,"__csrcFundId":9753,"stockCode":"013160","shortName":"创金合信碳中和混合(013160)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13160,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:38:35.838Z","status":"normal","exchange":"jj","name":"创金合信碳中和混合型证券投资基金","fundCollectionId":4000050990000,"followedNum":4,"inceptionDate":"2021-09-21T16:00:00.000Z","masterFundShortName":"创金合信碳中和混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":762501784.57,"setUpShares":762501784.57,"pinyin":"cjhxtzhhhxzqtzjj","managers":[{"stockCode":"db20904170","stockType":"fund_manager","exchange":"fm","tickerId":803236240,"name":"黄超"}]},"announcement":{"linkText":"创金合信碳中和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=1142075","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfdd7fea5b3eb05039d1","date":"2024-03-30T16:00:00.000Z","stockId":3000000013160,"sao":"2024年一季度市场一度出现了较大幅度的波动，在政策的呵护下重归平稳，大盘龙头股的走势远强于市场，个股的分化明显。中国的经济数据远没有市场悲观预期般的差，虽然地产行业仍在下滑，但整体消费相对平稳，出口数据表现亮眼，在经历了价格外涨内缩后中国的产品竞争力进一步加强。中国的产业转型升级和全球化的逻辑正在实现，由此将诞生出众多成长性良好的优质股票，所以亦可期待中国经济的长远前景。基金组合一季度的持仓除了少数新能源汽车行业的超级龙头外，主要配置水电、核电、资源等行业的龙头个股。未来组合策略上重点关注新能源汽车、资源、光伏行业的龙头个股。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:17.085Z","fund":{"_id":3000000013160,"__csrcFundId":9753,"stockCode":"013160","shortName":"创金合信碳中和混合(013160)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13160,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:38:35.838Z","status":"normal","exchange":"jj","name":"创金合信碳中和混合型证券投资基金","fundCollectionId":4000050990000,"followedNum":4,"inceptionDate":"2021-09-21T16:00:00.000Z","masterFundShortName":"创金合信碳中和混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":762501784.57,"setUpShares":762501784.57,"pinyin":"cjhxtzhhhxzqtzjj","managers":[{"stockCode":"db20904170","stockType":"fund_manager","exchange":"fm","tickerId":803236240,"name":"黄超"}]},"announcement":{"linkText":"创金合信碳中和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=1066513","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfdd7fea5b3eb05039d0","date":"2023-12-30T16:00:00.000Z","stockId":3000000013160,"sao":"2023年西方主要经济体的通胀从高位有所回落，市场预期美国加息周期结束，美债利率也从高位回落。2023年美国的联邦赤字高达约1.7万亿美元，较2022年大幅上升，美国联邦债务首次达到34万亿美元，所以美国的经济表现仍强于预期。反之中国还处于地产下行导致的信用紧缩周期之中，虽然下半年中国政府持续出台一系列比较温和的逆周期政策，但政策效应的显现可能需要时间，经济走势还是偏弱。经济数据较弱，自然会引发市场的悲观情绪，特别是还有一个强财政刺激下的美国经济数据作为对比，市场更显痛苦。2023年新能源汽车和光伏的销量增速是超预期的，但是2023年这两个行业都经历了产能过剩导致的产品价格剧烈下降，比如碳酸锂从近60万跌到9万多，电芯价格基本腰斩，多晶硅从近30万跌到了6万多，光伏组件价格也近腰斩，行业内大部分企业的财务表现都在变差，行业的整体估值压缩明显。本产品主要聚焦于新能源汽车领域，净值有明显回撤。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:17.082Z","mo":"展望2024年：我们认为中国经济表现较弱主要是地产下行周期叠加产能过剩周期所致，并不是因为中国的长期竞争力下降，相反我们观察到中国新兴的可贸易产业在经过这一轮产品价格下行后在全球的竞争力更加突出，因此我们很坚定地看好中国经济的长期发展前景；很多行业的产品价格经过2023年快速下行后也基本到了底部区域，企业的财务压力边际会有所改善，在行业产能出清的过程中国龙头企业的价值有望重新被发掘。我们认为中国人口拐点正带来经济结构的快速变化，传统的地产、基建需求还有下降空间，而更多的机会在于快速发展的新兴产业和“走出去”，新能源是中国已经走向全球的优势新兴产业，经历国内残酷“内卷”后的龙头企业未来仍有很大的成长空间，目前市场的悲观情绪也使得这些优质成长股的估值处于较低的位置，从较长的维度来看这是一个性价比较高的投资机会。","fund":{"_id":3000000013160,"__csrcFundId":9753,"stockCode":"013160","shortName":"创金合信碳中和混合(013160)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13160,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:38:35.838Z","status":"normal","exchange":"jj","name":"创金合信碳中和混合型证券投资基金","fundCollectionId":4000050990000,"followedNum":4,"inceptionDate":"2021-09-21T16:00:00.000Z","masterFundShortName":"创金合信碳中和混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":762501784.57,"setUpShares":762501784.57,"pinyin":"cjhxtzhhhxzqtzjj","managers":[{"stockCode":"db20904170","stockType":"fund_manager","exchange":"fm","tickerId":803236240,"name":"黄超"}]},"announcement":{"linkText":"创金合信碳中和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=1049631","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfdd7fea5b3eb05039cf","date":"2023-09-29T16:00:00.000Z","stockId":3000000013160,"sao":"2023年三季度西方主要经济体的通胀持续在高位，美债利率创出多年新高，人民币汇率存在一定的压力。三季度中国经济走势还是偏弱，政府开始出台一系列比较温和的逆周期政策如调整地产政策，但政策效应的显现可能需要时间，整体看三季度上市公司的总体业绩有一定压力。中国目前数据较弱，市场对中国经济的悲观情绪较浓，导致增量资金不多，资本市场也表现较疲弱。但是我们认为中国经济表现较弱是因为其正处于短周期下行期的低位，并不是中国的长期竞争力下降所致，我们很坚定地看好中国经济的长期发展前景：中国在过去实施了相对更谨慎的宏观政策，国内通胀压力较小，具备更多的政策储备空间；我们更坚定看好中国经济的结构转型升级机会，由此将诞生出众多成长性良好的优质股票。基金组合三季度主要持仓新能源汽车行业，增加了部分港股配置。未来组合策略上重点关注新能源汽车、人工智能、光伏行业中竞争格局好的龙头个股。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:17.078Z","fund":{"_id":3000000013160,"__csrcFundId":9753,"stockCode":"013160","shortName":"创金合信碳中和混合(013160)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13160,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:38:35.838Z","status":"normal","exchange":"jj","name":"创金合信碳中和混合型证券投资基金","fundCollectionId":4000050990000,"followedNum":4,"inceptionDate":"2021-09-21T16:00:00.000Z","masterFundShortName":"创金合信碳中和混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":762501784.57,"setUpShares":762501784.57,"pinyin":"cjhxtzhhhxzqtzjj","managers":[{"stockCode":"db20904170","stockType":"fund_manager","exchange":"fm","tickerId":803236240,"name":"黄超"}]},"announcement":{"linkText":"创金合信碳中和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=983631","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfdd7fea5b3eb05039ce","date":"2023-06-29T16:00:00.000Z","stockId":3000000013160,"sao":"2023年上半年全球通胀压力持续，美欧的加息力度超出预期，给全球经济带来了一定的压力。上半年人民币汇率也有一定的压力。新冠疫情在上半年基本结束，但消费的恢复有些低于预期，经疫情冲击后居民对收入改善预期比较谨慎。房地产市场仍处于调整之中，对经济的负面影响还在持续，市场遭受了业绩和估值的双重压力。 在经济数据较弱的背景下，人工智能和人形机器人这两个具有远期发展前景的行业得到了市场资金的青睐，而机构重仓的资产表现相对较差。上半年本产品主要配置在新能源汽车和光伏行业。虽然新能源汽车行业长期发展空间还很大，也是全球产业政策鼓励的新兴产业，但短期景气度边际下行，当期板块表现低于预期；光伏虽然现阶段景气较高但市场担忧未来会下降。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:17.076Z","mo":"展望未来，我们认为新能源汽车和光伏是符合中国经济结构转型升级趋势的新兴产业，也是中国为数不多在全球具有明显竞争优势的产业，经历行业洗牌后龙头企业大概率将强者恒强，且经调整后的估值具备很好的吸引力。未来本产品继续深耕新能源行业，优选竞争格局较好、业绩增长较快的龙头个股。","fund":{"_id":3000000013160,"__csrcFundId":9753,"stockCode":"013160","shortName":"创金合信碳中和混合(013160)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13160,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:38:35.838Z","status":"normal","exchange":"jj","name":"创金合信碳中和混合型证券投资基金","fundCollectionId":4000050990000,"followedNum":4,"inceptionDate":"2021-09-21T16:00:00.000Z","masterFundShortName":"创金合信碳中和混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":762501784.57,"setUpShares":762501784.57,"pinyin":"cjhxtzhhhxzqtzjj","managers":[{"stockCode":"db20904170","stockType":"fund_manager","exchange":"fm","tickerId":803236240,"name":"黄超"}]},"announcement":{"linkText":"创金合信碳中和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=957160","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfdd7fea5b3eb05039cd","date":"2023-03-30T16:00:00.000Z","stockId":3000000013160,"sao":"2023年一季度全球全球通胀压力持续，在快速加息背景下欧美的金融机构承受很大的压力，给全球经济带来了一定的不确定性。中国虽然新冠疫情已经基本消除，但消费的恢复有些低于预期，经疫情冲击后居民对收入改善预期比较谨慎，房地产市场也处于温和的改善之中，出口短期呈下滑趋势，整体看一季度中国经济处于弱复苏状态，一季度上市公司的总体业绩有一定压力。在经济数据较弱的背景下，chatgpt成为市场最耀眼的主题，并对其他板块形成明显的挤压。我们认为虽然中国经济短期表现还不强，但我们还是坚定看好中国经济的长期发展前景：中国在过去实施了相对更谨慎的宏观政策，国内通胀压力较小，具备更多的政策储备空间；我们更坚定看好中国经济的结构转型升级机会，由此将诞生出众多成长性良好的优质股票。我们还是秉承一贯的投资理念：关注长期成长趋势良好且景气度高的个股，因为只有业绩高增长的个股才会持续贡献超额收益。基金组合一季度主要持仓新能源汽车、光伏行业。一季度汽车行业消费较低迷，新能源汽车行业虽然还在快速替代燃油车，但边际景气度在下低，总体表现不好；光伏虽然现阶段景气较高但市场担忧未来会下降，表现也不佳。未来组合策略上重点关注新能源汽车、光伏行业中竞争格局好的龙头个股。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:17.073Z","fund":{"_id":3000000013160,"__csrcFundId":9753,"stockCode":"013160","shortName":"创金合信碳中和混合(013160)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13160,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:38:35.838Z","status":"normal","exchange":"jj","name":"创金合信碳中和混合型证券投资基金","fundCollectionId":4000050990000,"followedNum":4,"inceptionDate":"2021-09-21T16:00:00.000Z","masterFundShortName":"创金合信碳中和混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":762501784.57,"setUpShares":762501784.57,"pinyin":"cjhxtzhhhxzqtzjj","managers":[{"stockCode":"db20904170","stockType":"fund_manager","exchange":"fm","tickerId":803236240,"name":"黄超"}]},"announcement":{"linkText":"创金合信碳中和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=881905","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfdd7fea5b3eb05039cc","date":"2022-12-30T16:00:00.000Z","stockId":3000000013160,"sao":"2022年全球通胀明显上升，主要受前两年疫情期间宽松货币政策的影响、叠加俄乌冲突，因此大部分经济体都启动较快的加息进程。通胀对经济的冲击开始显现，国外主要市场均有明显调整。 中国经济虽然受通胀影响较小，货币政策持续保持宽松，但地产市场的持续下滑以及偶发性的疫情影响了中国经济的表现，短期内抑制了市场的风险偏好。中国的股票市场的估值继续被压缩。2022年本产品聚焦于高景气的新能源汽车行业，虽然新能源汽车行业仍然高速增长，但估值压缩幅度太大，产品净值有明显回调。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:17.070Z","mo":"展望2023年，随着疫情的全面好转以及政府提振经济的政策落实，中国经济大概率会有明显复苏。但是也需注意到西方主要经济体还处于调整周期之中，中国经济正处于中期的动能换档期，未来更多的亮点还是在于中国经济结构转型升级的机会，符合经济转型升级发展趋势的优质上市公司将带给资本市场持续的增长动能及更小的波动性。无论市场好坏，我们始终聚焦于行业景气度高的成长性个股，因为业绩高增长始终是投资回报的主要来源。未来组合策略上还是关注景气较高的核心资产，行业配置会适当分散，重点关注新能源汽车、光伏、人工智能行业的龙头个股；估值合理的港股核心资产也将是本产品配置方向。","fund":{"_id":3000000013160,"__csrcFundId":9753,"stockCode":"013160","shortName":"创金合信碳中和混合(013160)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13160,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:38:35.838Z","status":"normal","exchange":"jj","name":"创金合信碳中和混合型证券投资基金","fundCollectionId":4000050990000,"followedNum":4,"inceptionDate":"2021-09-21T16:00:00.000Z","masterFundShortName":"创金合信碳中和混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":762501784.57,"setUpShares":762501784.57,"pinyin":"cjhxtzhhhxzqtzjj","managers":[{"stockCode":"db20904170","stockType":"fund_manager","exchange":"fm","tickerId":803236240,"name":"黄超"}]},"announcement":{"linkText":"创金合信碳中和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=864562","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfdd7fea5b3eb05039cb","date":"2022-09-29T16:00:00.000Z","stockId":3000000013160,"sao":"2022年三季度全球通胀压力持续，全球经济受通胀和地区冲突的影响开始显示出巨大的压力；但迫于通胀压力美联储加大了加息力度，美元持续升值。利率上升和汇率大幅波动对金融市场也产生了较大的影响，主要市场三季度均持续调整。 中国经济在三季度较二季度有所恢复，但中国房地产市场持续下行，经济压力依然较大，市场对经济预期依然悲观，股票市场持续调整。鉴于中国的房地产市场在国家各种调控政策下已明显降温，我们认为中国具备更大的的政策储备空间，市场的系统性风险不大；我们还是坚定认为从中长期来看中国谨慎的宏观政策有助于中国经济的风险释放和结构转型升级。经过近两年的调整，中国股市的估值已具备很好的吸引力，对于未来成长性良好的优质股票而言，投资机会依然突出。我们还是秉承一贯的投资理念：关注长期成长趋势良好且景气度高的个股，因为只有业绩高增长的个股才会持续贡献超额收益。基金组合三季度主要持仓高景气度的新能源汽车行业的龙头个股。未来组合策略上还是关注景气较高的核心资产，重点关注新能源汽车、光伏的龙头个股。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:17.067Z","fund":{"_id":3000000013160,"__csrcFundId":9753,"stockCode":"013160","shortName":"创金合信碳中和混合(013160)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13160,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:38:35.838Z","status":"normal","exchange":"jj","name":"创金合信碳中和混合型证券投资基金","fundCollectionId":4000050990000,"followedNum":4,"inceptionDate":"2021-09-21T16:00:00.000Z","masterFundShortName":"创金合信碳中和混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":762501784.57,"setUpShares":762501784.57,"pinyin":"cjhxtzhhhxzqtzjj","managers":[{"stockCode":"db20904170","stockType":"fund_manager","exchange":"fm","tickerId":803236240,"name":"黄超"}]},"announcement":{"linkText":"创金合信碳中和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=802977","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfdd7fea5b3eb05039ca","date":"2022-06-29T16:00:00.000Z","stockId":3000000013160,"sao":"2022年上半年全球大宗商品特别是能源价格受俄乌冲突影响持续上涨，全球通胀压力持续加大，美联储加大了加息力度。受通胀和俄乌冲突的影响，全球经济都显示出巨大的压力，主要市场上半年也均有明显的调整。 中国的制造业在二季度受到了上海疫情的巨大冲击，叠加中国房地产市场继续下行，经济压力巨大，市场弥漫了对经济的悲观情绪，股票市场在4月份受到了快速冲击。但随着中国政府启动了强有力的逆周期调控和上海疫情的成功控制，中国经济和中国股市都出现了V型反弹。上半年本产品还是坚持在景气度高的新能源汽车领域，在4月份也受到了较大冲击，但依靠持仓个股的业绩表现后面有一定的修复。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:17.064Z","mo":"鉴于中国的房地产市场在国家各种调控政策下已明显降温，我们认为中国具备更大的的政策储备空间，市场的系统性风险不大；我们还是坚定认为从中长期来看中国谨慎的宏观政策有助于中国经济的风险释放和结构转型升级。经过一年多的调整，中国股市的估值已具备很好的吸引力，对于未来成长性良好的优质股票而言，投资机会依然突出。我们还是秉承一贯的投资理念：关注长期成长趋势良好且景气度高的个股，因为只有业绩高增长的个股才会持续贡献超额收益。基金组合二季度主要持仓高景气度的新能源汽车行业的龙头个股。未来组合策略上还是关注景气较高的核心资产，重点关注新能源汽车、光伏的龙头个股。","fund":{"_id":3000000013160,"__csrcFundId":9753,"stockCode":"013160","shortName":"创金合信碳中和混合(013160)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13160,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:38:35.838Z","status":"normal","exchange":"jj","name":"创金合信碳中和混合型证券投资基金","fundCollectionId":4000050990000,"followedNum":4,"inceptionDate":"2021-09-21T16:00:00.000Z","masterFundShortName":"创金合信碳中和混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":762501784.57,"setUpShares":762501784.57,"pinyin":"cjhxtzhhhxzqtzjj","managers":[{"stockCode":"db20904170","stockType":"fund_manager","exchange":"fm","tickerId":803236240,"name":"黄超"}]},"announcement":{"linkText":"创金合信碳中和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=780844","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfdd7fea5b3eb05039c9","date":"2022-03-30T16:00:00.000Z","stockId":3000000013160,"sao":"2022年一季度国外主要经济体陆续解封了疫情管控，俄乌冲突进一步加剧了全球大宗商品特别是能源价格的上涨，全球经济正在经受通货膨胀的压力。美国美债收益率也明显上升，美联储开启了加息的步伐。受通胀和俄乌冲突的影响，全球主要市场一季度均有不程度的调整。 中国市场表现较差，一季度中国房地产市场继续下行，对经济构成明显压力，而全球大宗商品的上涨对中下游行业构成较大的伤害。短期内市场的风险偏好和流动性都受到了抑制。中国从2020年下半年开始的强监管、防风险政策，造成了国内外经济表现和风险偏好的差异，但是我们还是坚定认为从中长期来看中国谨慎的宏观政策有助于中国经济的风险释放和结构转型升级。鉴于中国的房地产市场在国家各种调控政策下已明显降温，我们认为中国具备更大的的政策储备空间，市场的系统性风险不大；经过一年多的调整，中国股市的估值已具备很好的吸引力，对于未来成长性良好的优质股票而言，已经呈现出很好的投资机会。我们还是秉承一贯的投资理念：关注长期成长趋势良好且景气度高的个股，因为只有业绩高增长的个股才会持续贡献超额收益。基金组合一季度主要持仓高景气度的新能源汽车行业的龙头个股。未来组合策略上还是关注景气较高的核心资产，重点关注新能源汽车、光伏的龙头个股。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:17.062Z","fund":{"_id":3000000013160,"__csrcFundId":9753,"stockCode":"013160","shortName":"创金合信碳中和混合(013160)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13160,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:38:35.838Z","status":"normal","exchange":"jj","name":"创金合信碳中和混合型证券投资基金","fundCollectionId":4000050990000,"followedNum":4,"inceptionDate":"2021-09-21T16:00:00.000Z","masterFundShortName":"创金合信碳中和混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":762501784.57,"setUpShares":762501784.57,"pinyin":"cjhxtzhhhxzqtzjj","managers":[{"stockCode":"db20904170","stockType":"fund_manager","exchange":"fm","tickerId":803236240,"name":"黄超"}]},"announcement":{"linkText":"创金合信碳中和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=721779","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfdd7fea5b3eb05039c8","date":"2021-12-30T16:00:00.000Z","stockId":3000000013160,"sao":"2021年全球经济加速复苏，在疫苗开始普及的情况全球对疫情的担忧开始消退。全球大宗商品特别是能源价格大幅上涨。在通货膨胀明显上升的情况下，美国退出宽松政策的讨论开始出现，美债收益率也明显上升。受上市公司财报预期好的驱动，国外主要市场均有明显上涨。 中国市场表现明显差于国外主流市场，主要因素是中国从2020年下半年开始的强监管、防风险政策，中国的政策虽然在短期内抑制了市场的风险偏好和流动性，但是从中长期来看中国谨慎的宏观政策有助于中国经济的风险释放和结构转型升级。2021年本产品聚焦于高景气的新能源汽车行业，取得了较好业绩回报。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:17.057Z","mo":"展望2022年，中国谨慎的宏观政策已经在取得积极的成果，房地产市场也明显降温，虽然PPI高企还暂时是一个问题，但是中国的货币政策没有太大的紧缩空间，市场的系统性风险不大，且未来大概率中国市场表现会优于国外市场。无论市场好坏，我们始终聚焦于行业景气度高的成长性个股，因为业绩高增长始终是投资回报的主要来源。未来组合策略上还是关注景气较高的核心资产，重点关注新能源汽车、光伏、人工智能行业的龙头个股；估值合理的港股核心资产也将是本产品配置方向。","fund":{"_id":3000000013160,"__csrcFundId":9753,"stockCode":"013160","shortName":"创金合信碳中和混合(013160)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13160,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:38:35.838Z","status":"normal","exchange":"jj","name":"创金合信碳中和混合型证券投资基金","fundCollectionId":4000050990000,"followedNum":4,"inceptionDate":"2021-09-21T16:00:00.000Z","masterFundShortName":"创金合信碳中和混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":762501784.57,"setUpShares":762501784.57,"pinyin":"cjhxtzhhhxzqtzjj","managers":[{"stockCode":"db20904170","stockType":"fund_manager","exchange":"fm","tickerId":803236240,"name":"黄超"}]},"announcement":{"linkText":"创金合信碳中和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=709640","linkType":"PDF","source":"csrc_pdf"}}]}