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个完整的牛市周期，“价值-成长-价值”往往交替上行，24年价值型板块总体超额收益明显，25年成长型、主题型板块在流动性加持下有较好表现。往后看，价值板块、成长板块的优质个股都具备上涨机遇。  影响市场的主要因素有四大方面：政策、企业盈利、流动性以及估值，目前来看，偏正面的因素仍占多数，市场机遇总体大于风险。政策取向是积极的，无论是总量政策还是资本市场政策，总体都基于稳预期、稳增长、稳就业，后续若经济压力进一步加大，对冲性的政策力度也会加大、政策工具也会丰富；流动性总体偏宽松，机构、海外、居民都成为增量资金的来源，市场上涨以及赚钱效应进一步增加了股市对资金的吸引力；估值虽然较底部有明显攀升，但考虑到目前无风险利率处于低位，企业盈利也处于低位，目前市场总体的估值水平还谈不显著泡沫化，高估仅存在于局部；企业盈利目前仍有压力，但在后续政策加力、重点行业整治的背景下，企业盈利的企稳回升值得跟踪验证。  一种长期有效的投资策略，是否每年都会持续奏效？答案是未必的。如果一种策略能够持续奏效、连续有效，那么必然采取此类策略的投资者会越来越多，最终大量资金将持续推高买入成本、压缩收益空间，进而使得策略失效。可以说，阶段性失效也是投资策略长期有效的一大特征。  报告期内，本基金的核心投资策略未发生改变：买入具备明显竞争优势和长期增长前景的优质资产，中长期持有以积累经营复利和价值复利，通过企业内在价值提升来实现股价上涨，同时注重安全边际。在选股上，我们重点聚焦的是商业模式、护城河、长期增长前景以及估值，相对淡化的是市场情绪波动和短期资金买卖。  持仓风格和上期总体保持一致，仅在个别品种上做了小幅调整。报告期末，组合持仓主要集中在金融、消费以及工业品领域，除了A股以外，本基金还持有部分H股标的。","lastUpdated":"2026-03-09T13:49:49.276Z","fund":{"_id":3000000013334,"__csrcFundId":10620,"stockCode":"013334","shortName":"鹏华价值远航6个月持有期混合(013334)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13334,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:04.767Z","status":"normal","exchange":"jj","masterFundShortName":"鹏华价值远航6个月持有期混合","name":"鹏华价值远航6个月持有期混合型证券投资基金","fundCollectionId":4000050060000,"followedNum":1,"inceptionDate":"2022-02-21T16:00:00.000Z","setUpDate":"2022-02-21T16:00:00.000Z","setUpAssetScale":197919842.72,"setUpShares":197919842.72,"pinyin":"phjzyh6gycyqhhxzqtzjj","managers":[{"stockCode":"db20294430","stockType":"fund_manager","exchange":"fm","tickerId":2508147780,"name":"袁航"}]},"announcement":{"linkText":"鹏华价值远航6个月持有期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=1372226","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecffd7fea5b3eb0505cb5","date":"2025-06-29T16:00:00.000Z","stockId":3000000013334,"sao":"2025年上半年，权重指数的表现总体稳健，中小市值风格的阶段性表现更为突出。  宏观经济总体处于扩张态势，困难挑战得到了充分关注。流动性方面总体宽松，中长期资金在进一步流入股市。市场整体估值较去年有所抬升，但目前仍处于偏低位置。  报告期内，本基金的核心投资策略未发生改变：买入具备明显竞争优势和长期增长前景的优质资产，中长期持有以积累经营复利和价值复利，通过企业内在价值提升来实现股价上涨，同时注重安全边际。在选股上，我们重点聚焦的是商业模式、护城河、长期增长前景以及估值，相对淡化的是市场情绪波动和短期资金买卖。  持仓风格和上期总体保持一致，仅在个别品种上做了小幅调整。报告期末，组合持仓主要集中在金融、消费品以及工业品领域，除了A股以外，本基金还持有部分H股标的。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:49.273Z","mo":"A股市场较去年9月已经出现了明显的上涨，但目前A股的涨幅并未完全体现A股资产的价值。中长期来看，A股市场仍存在上行空间，机遇总体大于风险，我们倾向以积极的心态去应对2025-2026年的股票市场。总量政策方向明确，推动经济高质量发展，防范化解重点领域的风险，预计财政政策、货币政策总体将趋于宽松。政策推进的节奏，则会根据国际环境、国内形势，统筹考虑并安排。政策发力将围绕两重两新、促消费、反内卷、科技创新等多个方向。美国加征关税对全球经济而言都是挑战，中国对加征关税已做了预先准备，此轮的应对较为系统和及时，当然加征关税的综合影响还需要进一步跟踪评估。此外，对美出口是总出口的一部分，总出口是总经济的一部分。做好内部的事、自己的事，或许将发挥更重要的作用。资金层面，国家倡导中长期资金入市，汇金、保险等机构资金的持股占比在过去已经有所提升，海外资金对于A股的配置力度，也存在进一步提升空间。市场整体估值较底部有所抬升，但目前仍处于偏低位置，极端的高估值只存在于局部领域、并未演化成全局现象，从PE、PB以及分红率角度，都能找到不少估值偏低的资产。未来若出现企业盈利层面的积极变化，或将出现业绩、估值的双击行情。","fund":{"_id":3000000013334,"__csrcFundId":10620,"stockCode":"013334","shortName":"鹏华价值远航6个月持有期混合(013334)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13334,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:04.767Z","status":"normal","exchange":"jj","masterFundShortName":"鹏华价值远航6个月持有期混合","name":"鹏华价值远航6个月持有期混合型证券投资基金","fundCollectionId":4000050060000,"followedNum":1,"inceptionDate":"2022-02-21T16:00:00.000Z","setUpDate":"2022-02-21T16:00:00.000Z","setUpAssetScale":197919842.72,"setUpShares":197919842.72,"pinyin":"phjzyh6gycyqhhxzqtzjj","managers":[{"stockCode":"db20294430","stockType":"fund_manager","exchange":"fm","tickerId":2508147780,"name":"袁航"}]},"announcement":{"linkText":"鹏华价值远航6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=1339859","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecffd7fea5b3eb0505cb4","date":"2025-03-30T16:00:00.000Z","stockId":3000000013334,"sao":"现实世界中，既有变化，也有不变，一年后微博上的热搜是变化莫测的，但一年后的太阳依然是东升西落的，一百年、一千年后也还是如此。投资世界中，也是既有变化，也有不变，变化的是日新月异的信息科技技术，不变的是人们对于效率的追求、对于健康的追求、对于舒适的追求等等。我们相信，在投资世界中，正确把握变或者不变，都可以在长期内获得丰厚回报。  本基金在投资思路上，更多基于常识和规律，看重不被轻易颠覆改变的商业模式和公司。在具体选股上，我们重点聚焦的是公司护城河、长期增长前景以及估值，相对淡化的是市场情绪波动和短期资金买卖。报告期内，本基金的选股策略、持仓风格和上期是一致的，仅在个别品种上做了小幅调整。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:49.271Z","fund":{"_id":3000000013334,"__csrcFundId":10620,"stockCode":"013334","shortName":"鹏华价值远航6个月持有期混合(013334)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13334,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:04.767Z","status":"normal","exchange":"jj","masterFundShortName":"鹏华价值远航6个月持有期混合","name":"鹏华价值远航6个月持有期混合型证券投资基金","fundCollectionId":4000050060000,"followedNum":1,"inceptionDate":"2022-02-21T16:00:00.000Z","setUpDate":"2022-02-21T16:00:00.000Z","setUpAssetScale":197919842.72,"setUpShares":197919842.72,"pinyin":"phjzyh6gycyqhhxzqtzjj","managers":[{"stockCode":"db20294430","stockType":"fund_manager","exchange":"fm","tickerId":2508147780,"name":"袁航"}]},"announcement":{"linkText":"鹏华价值远航6个月持有期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=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