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老百姓边际效用的改善；关税影响的边际作用也正逐步降低 ，因为2027年中期选举之后关税政策真正实施，对美国而言，今年的美债、明年中期选举的重要程度强于关税 。乐观因素在积累，震荡中仍需积极做多：在多维度政策驱动下，经济增速有底，结构性政策层出不穷；A股波动性显著下降，气质变好，市场预期管理能力大幅改善，估值中枢有望底部稳步抬升；关税扰动因素趋弱；下半年信用周期或出现拐点，中期来看ROE企稳回升、人民币升值下中国资产重估有望继续演绎。预计下半年逆周期调节有望加力提速，进一步改善国内宏观环境：全方位提振消费，推进化解重点产业结构性矛盾，科技突破引领制造业升级和新质生产力加速布局；财政支出加快，降准和结构性降息推动宽货币向宽信用转变；经济复苏的节奏将会温和且漫长，市场预期充分，无需过于担心宏观经济层面对信心的拖累。　　进入7月，人工智能大会的召开、美国互联网巨头资本开支（特别是算力开支）的增加、月底国常会对人工智能+高度的表述、商务部因H20对英伟达的约谈，这些事件，对海外算力、国内算力、国内应用未来一段时间的行情演绎提供了较大发展的空间。国内而言，政策的托底、经济的筑底，使得指数逐步上涨有了基本面的支撑。　　政策端不断发力，3季度已经成为行情的转折点。中国资产重估使得A股具备越来越多吸引力；从国内政策环境、利率环境以及制度建设来看，A股资产质量和估值环境都有显著改善；从经济自身周期来看，目前已经到了一轮下行周期的末期，整体震荡向上的趋势并未改变。虽然半年报并不是非常理想，但在管理层的引领下，市场做多的意愿强烈。一般而言，居民存款与股票总市值的比例 1.1-2之间，目前1.7的历史高位，有大幅下降的空间。从这一点看，市场空间仍然较大。最近我们看到，此次行情由机构主导，主线以产业趋势和景气为核心。这一点与上一轮牛市不太一样。再者，在海外算力、国产算力等主线引领下，行业交替轮动。另外，主动偏股基金中已经出现翻倍基金，预计今年底到明年上半年基金的发行节奏加快，这为跨年行情奠定了基础。　　海外在美国制造业回流、欧洲加大财政刺激的大背景下，实物资产的周期也在逐步走出，映射的国内是有色公司的业绩提升。国内今年各行业尤其是传统产业的反内卷，虽然力度上较为温和，但拉长时间看，PPI、CPI向上的曙光已经出现，我们也在重视相关行业的投资机会。　　我们注意到，3季度以来，全球范围内的资源管控在逐步加强。加强资源管控已经成为部分国家对抗资源掠取或者对外反制的最重要手段资源，特别是对于部分供应链集中、供应链不确定的金属品种，往往成为资源国最重要的政治谈判筹码，并且逐渐从小金属满满演绎到大金属品种。全球此前享受过低廉的上游原材料价格正在发生逆转，资源管控的加强将大幅提升获取资源的成本，同时导致续需求国不得不增加新的供应链和安全库存的大幅提升，因此资源品的特征是需求的感受度远好于经济自身的感受度，我们判断，未来商品价格和价值都将大幅提升。　　本基金主要基于中长期视角，在资产配置策略和行业优选策略的大框架下，通过定性和定量相结合的个股选择策略，精选具备长期增长潜力的上市公司，以期获得正向的收益。目前看，我们仍将采取哑铃型的策略，但会动态调整“科技板块+其他资产”的比重，同时还会密切关注这些板块内子板块的变化带来的风险与机会。","lastUpdated":"2026-03-09T13:50:03.523Z","fund":{"_id":3000000013414,"__csrcFundId":9932,"stockCode":"013414","shortName":"太平智远三个月定期开放股票发起式","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13414,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:33.436Z","status":"normal","exchange":"jj","inceptionDate":"2021-08-24T16:00:00.000Z","name":"太平智远三个月定期开放股票型发起式证券投资基金","fundCollectionId":4000050760000,"followedNum":0,"masterFundShortName":"太平智远三个月定期开放股票发起式","setUpDate":"2021-08-24T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"tpzysgydqkfgpxfqszqtzjj","managers":[{"stockCode":"db20910594","stockType":"fund_manager","exchange":"fm","tickerId":2403232700,"name":"徐闯"},{"stockCode":"j101018227","stockType":"fund_manager","exchange":"fm","tickerId":1210244140,"name":"刘金"}]},"announcement":{"linkText":"太平智远三个月定期开放股票型发起式证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1377705","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed00b7fea5b3eb0506ae9","date":"2025-06-29T16:00:00.000Z","stockId":3000000013414,"sao":"上半年A股市场整体震荡向上。4月市场剧烈波动，从避险角度考虑，本基金进行了仓位和行业的调整。4月底-5月初，考虑到年报季报逐步告一段落；从近10年的统计看，5月成长股表现较好，在适度减持电子，增加红利资产的基础上，本基金保持了机械汽车（含机器人）、医药生物和计算机的仓位.。同时，4月下旬，智远进行了行业和个股的高低切换。　　本基金主要基于中长期视角，在资产配置策略和行业优选策略的大框架下，通过定性和定量相结合的个股选择策略，精选具备长期增长潜力的上市公司，以期获得正向的收益。目前看，我们仍将采取哑铃型的策略，但会动态调整高分红板块和科技板块的比重，同时还会密切关注两个板块内子板块的变化带来的风险与机会。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:03.520Z","mo":"放眼未来，我们看到了一些积极的变化。今年经济波澜不惊，但目前看仍是窄幅震荡；经济中的新变化、新主题，市场都给予了表现的机会，这也间接说明了市场资金的参与者结构有了一定的变化；人工智能中诸如英伟达产业链、海外应用端对国内公司的映射，在6月已经悄然在市场中发酵；新消费的特点是小额、高频、可选，这与今年入春风化雨般的财政政策正好契合，核心是对老百姓边际效用的改善。　　我们认为乐观因素在积累，震荡中仍需积极做多：在多维度政策驱动下，经济增速有底，结构性政策层出不穷；A股波动性显著下降，气质变好，市场预期管理能力大幅改善，估值中枢有望底部稳步抬升；下半年信用周期或出现拐点，中期来看ROE企稳回升、人民币升值下中国资产重估有望继续演绎。我们预计下半年逆周期调节有望加力提速，进一步改善国内宏观环境：全方位提振消费，推进化解重点产业结构性矛盾，科技突破引领制造业升级和新质生产力加速布局；财政支出加快，降准和结构性降息推动宽货币向宽信用转变；经济复苏的节奏将会温和且漫长，市场预期充分，无需过于担心宏观经济层面对信心的拖累。　　立足当下，我们预期3季度政策端仍有发力，这对经济整体会有托举。这些举措预计在如下方面体现：1、区域合作，开放增加；2、中央加杠杆；3、促消费的政策；4、稳外资；5、稳地产；6、扩大基建；7、促改革（十五五规划），加强民生经济，推动国企改革，增强新质生产力等。　　拉长来看，中国资产重估使得A股具备越来越多吸引力；从国内政策环境、利率环境以及制度建设来看，A股资产质量和估值环境都有显著改善；从经济自身周期来看，目前已经到了一轮下行周期的末期，整体震荡向上的趋势并未改变。","fund":{"_id":3000000013414,"__csrcFundId":9932,"stockCode":"013414","shortName":"太平智远三个月定期开放股票发起式","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13414,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:33.436Z","status":"normal","exchange":"jj","inceptionDate":"2021-08-24T16:00:00.000Z","name":"太平智远三个月定期开放股票型发起式证券投资基金","fundCollectionId":4000050760000,"followedNum":0,"masterFundShortName":"太平智远三个月定期开放股票发起式","setUpDate":"2021-08-24T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"tpzysgydqkfgpxfqszqtzjj","managers":[{"stockCode":"db20910594","stockType":"fund_manager","exchange":"fm","tickerId":2403232700,"name":"徐闯"},{"stockCode":"j101018227","stockType":"fund_manager","exchange":"fm","tickerId":1210244140,"name":"刘金"}]},"announcement":{"linkText":"太平智远三个月定期开放股票型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1348290","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed00b7fea5b3eb0506ae8","date":"2025-03-30T16:00:00.000Z","stockId":3000000013414,"sao":"2025年一季度， 市场主线进一步向新质生产力领域聚焦。新年以来，海外机器人不断有新的进展，国内在宇树、云深处等龙头公司受热捧的背景下，整个机器人产业链呈现加速发展的态势，反映到资本市场，这些推升了整个板块的活跃度。随着deepseek的出现，大国科技博弈的天平出现了倾斜，这带动了全球资金加大对中国市场科技板块的关注。不仅A股市场的科技板块，港股恒生科技指数亦有大的修复。与此同时，我们看到，在内需政策的带动下，消费类资产的估值也逐步修复。整体来看，A股在政策密集催化下呈现“多点开花”的格局，港股则更聚焦于流动性改善与盈利预期上修的交集领域，两地市场的协同效应进一步增强。　　一季度智远在结构上仍以科技成长方向为主，但内部结构也在动态优化，这主要体现在保持机器人板块配置的同时，对半导体、电子、互联网等行业加大了投资。与此同时，本基金延续了去年以来的哑铃型策略，动态调整“高股息资产+科技成长”的配置比例，一季度红利资产的比例有所降低。2月末以来由于板块轮动加大，特别是3月份科技成长行业调整较多，导致基金净值亦有波动。　　展望未来，我们仍然认为，A股估值端的大幅挤压已得到修复，政策转向与经济复苏预期为市场提供了有利支撑。参照海外经验，今年国内资产市场的波动或不可避免，但科技成长赛道仍是长期核心驱动力。未来一段时间，我们将继续坚守哑铃型策略，对科技变革中的变量会更加密切跟踪，对新形势下高股息资产的变化也会加大关注力度。另外，我们需要警惕地缘政治及大国博弈对风险偏好的扰动，这在半导体和能源等关键领域表现得尤为突出。我们判断，未来权益资产的长期表现将取决于对科技产业周期的演进程度的判断与择时能力的优劣，这需要我们在波动中把握结构性机会，同时优化组合的防御性以应对市场的不确定性。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:03.517Z","fund":{"_id":3000000013414,"__csrcFundId":9932,"stockCode":"013414","shortName":"太平智远三个月定期开放股票发起式","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13414,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:33.436Z","status":"normal","exchange":"jj","inceptionDate":"2021-08-24T16:00:00.000Z","name":"太平智远三个月定期开放股票型发起式证券投资基金","fundCollectionId":4000050760000,"followedNum":0,"masterFundShortName":"太平智远三个月定期开放股票发起式","setUpDate":"2021-08-24T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"tpzysgydqkfgpxfqszqtzjj","managers":[{"stockCode":"db20910594","stockType":"fund_manager","exchange":"fm","tickerId":2403232700,"name":"徐闯"},{"stockCode":"j101018227","stockType":"fund_manager","exchange":"fm","tickerId":1210244140,"name":"刘金"}]},"announcement":{"linkText":"太平智远三个月定期开放股票型发起式证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1275097","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed00b7fea5b3eb0506ae7","date":"2024-12-30T16:00:00.000Z","stockId":3000000013414,"sao":"整体而言，2024年A股呈现先抑后扬，震荡向上的态势。1月底2月初上证指数出现了2635.09点的年内最低点，直至9月底，高股息防御性资产始终是市场最关注的板块之一。这一板块从最初的银行、电力、家电、煤炭等行业逐步扩展至后面的交运、部分环保、部分化工、以及伴随着价格上涨的部分有色金属个股。但另一方面，从经济动能转换角度，因为新质生产力有可能是中长期引领资本市场发展的主线，以人工智能、机器人、智能驾驶、量子通信、低空经济为代表的科技创新领域，也在市场有一定热度时反复活跃。在9月24日国新办举行的三部门新闻发布会与9月26日的政治局会议上，中央政府及各部门先后发布了一系列关于货币、地产、资本市场的增量政策，旨在支持经济高质量发展，对国内经济与资本市场产生了重要的影响，推动9月底至10月初国内权益市场出现快速上行。其后，10-12月，上证指数反复在3200-3500点区间内震荡，科技股和小盘股不断走强，直至12月初，红利资产再度受到市场关注。　　本基金全年的配置一直采取哑铃型结构，及“适当的红利资产+科技产业”。9月底之前，科技线条上的主要配置包括算力端的光模块、服务器，应用端的智能驾驶、人形机器人产业链相关公司，9月底之后布局了国产算力和机器人产业，同时，考虑到国企的市值考核越发重要，也适度布局了一些国企改革相关的个股。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:03.514Z","mo":"我们认为，当市场打消对于政策方向和力度的分歧后，市场此前低估的政策空间、政策能力及高估的掣肘因素，全部得到翻转。对于资本市场而言，尽管短端盈利还处于磨底状态，但是此前A股估值端的大幅挤压将得到明显修复，A股趋势性拐点得以确立。万得全A净利润增速，券商的预测值大多数落在0%-5.5%，按照我们建立的模型预测，全A非金融2025年的净利润增速或为5%。股市市值和GDP的比值，近十年的均值为66.39%，如果2025年回复到十年均值，GDP增速5%，则全年指数仍有较大幅度的上行空间。在处于新旧动能转换时期，基于政策刺激下的经济基本面和股市的修复一波三折，所以A股的波动大概率也不可避免。　　我们判断，上半年在经济尚未完全复苏，但经济政策频出的阶段，新质生产力的表现可能会更强一些。年初以来，AI应用的浪潮带来的产业变化不断在海内外市场造成影响。我们看到，国产算力的崛起，国内大模型公司的异军突起带来了应用端大放光彩的憧憬。去年底以来，随着机器人技术的不断成熟，T链机器人和国内机器人批量生产的预期不断增强，相关公司的表现也再度抢眼。下半年随着经济的逐步复苏，周期类公司的业绩也会逐步改善，价值股的回归亦在预料之中。当然，大国的博弈等因素也会穿插全年，这会带来有色金属等行业的变化以及市场风险偏好的强弱。　　全年我们仍将采取哑铃型的策略，但会动态调整高分红板块和科技板块的比重，同时还会密切关注两个板块内子板块的变化带来的风险与机会。","fund":{"_id":3000000013414,"__csrcFundId":9932,"stockCode":"013414","shortName":"太平智远三个月定期开放股票发起式","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13414,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:33.436Z","status":"normal","exchange":"jj","inceptionDate":"2021-08-24T16:00:00.000Z","name":"太平智远三个月定期开放股票型发起式证券投资基金","fundCollectionId":4000050760000,"followedNum":0,"masterFundShortName":"太平智远三个月定期开放股票发起式","setUpDate":"2021-08-24T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"tpzysgydqkfgpxfqszqtzjj","managers":[{"stockCode":"db20910594","stockType":"fund_manager","exchange":"fm","tickerId":2403232700,"name":"徐闯"},{"stockCode":"j101018227","stockType":"fund_manager","exchange":"fm","tickerId":1210244140,"name":"刘金"}]},"announcement":{"linkText":"太平智远三个月定期开放股票型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1252645","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed00b7fea5b3eb0506ae6","date":"2024-09-29T16:00:00.000Z","stockId":3000000013414,"sao":"9月下旬之前，A股市场一直表现疲弱。但随着9月24日上午9时国新办举行新闻发布会，宣布降准50BP、降低存量房贷利率、降低二套房首付比例、创设股票回购增持再贷款、促进中长期资金入市、促进并购重组、增加6家大型商业银行核心一级资本等措施出台，资本市场开启大幅上涨。随着后续的组合拳力度不断加大，节前A股和港股都大涨。国庆期间，香港市场再次出现逼空行情。　　此次行情具有反转性。原因如下：第一，此次救市行动管理层力度强于以往，连续性亦不断显现。9月24日央行宣布救市之后不久，9月26日政治局救召开会议，分析研究当前经济形势和经济工作，并于午间发布公告。后续又有多个部委表态对资本市场发展的支持和对实体经济的关注。第二，当前投资、消费、就业等压力加大，在9月27日的政治局会议上指出“我国经济的基本面及市场广阔、经济韧性强、潜力大等有利条件并未改变”，但也重点指出“当前经济运行出现一些新的情况和问题”。第三，9月13日美联储降息50个BP后为全球资本回流新兴市场营造了良好的市场环境，这为我国出台宽松的货币政策提供了政策空间。　　基于中长期视角，我们依然看好科创和科技板块、港股市场、消费行业以及红利板块。　　科技金融是金融工作会议中五篇大文章中最浓墨重彩的一篇，近10年来，国家一直重视资本市场对科技的支持。科创板推出后，科技板块又加入了新军，一度引发了科技板块异军突起。此次救市从长远看，科技行业受益最多。　　近期，恒生指数强于A股市场。一方面在分子端港股的互联网企业业绩相对稳健，且港股高股息的股息率和股价稳定性更有吸引力，另一方面港股直接受益于美联储降息后的离岸流动性宽松。行业层面，港股今年表现最好的行业是科技互联网和高股息（能源、金融和电信服务），前者受益于外资在降息后加配人民币资产，后者受益于中国经济下行和利率下行带来的高股息资产配置机遇。往后看，随着美联储降息的推进，以及国内政策预期的回升，外资对于人民币资产的信心和偏好会加强（事实上当前外资对人民币资产的配置比例处于近年来较低水平，有较大回流的空间），港股资产尤其是科技互联网领域，可能会成为外资流入的重点方向。　　投资周期的高峰过去之后，未来消费特别是内需将是经济增长重要的抓手。根据三中全会部署，要多渠道增加居民财产性收入，有效增加低收入群体收入。另外，未来资本市场企稳之后，有了财富效应，中期伴随着相应的产业政策和财政政策出台，消费自然会起来。　　红利投资的中长期逻辑是任何国家的GDP增速都不可能永远维持高速，最终随着体量逐步回归中低速增长，对应的资本回报率降低。上半年因为风险偏好降低，有一定过热。近年来我们观察到红利股在稳健型资金中的关注度和配置价值的提升。展望中长期，保险的偿付压力仍大，在资产荒情况下（国债利率长期下行），股息率在4%以上的红利资产仍有吸引力。　　本基金主要基于中长期视角，在资产配置策略和行业优选策略的大框架下，通过定性和定量相结合的个股选择策略，精选具备长期增长潜力的上市公司，以期获得超越行业比较基准的收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:03.511Z","fund":{"_id":3000000013414,"__csrcFundId":9932,"stockCode":"013414","shortName":"太平智远三个月定期开放股票发起式","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13414,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:33.436Z","status":"normal","exchange":"jj","inceptionDate":"2021-08-24T16:00:00.000Z","name":"太平智远三个月定期开放股票型发起式证券投资基金","fundCollectionId":4000050760000,"followedNum":0,"masterFundShortName":"太平智远三个月定期开放股票发起式","setUpDate":"2021-08-24T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"tpzysgydqkfgpxfqszqtzjj","managers":[{"stockCode":"db20910594","stockType":"fund_manager","exchange":"fm","tickerId":2403232700,"name":"徐闯"},{"stockCode":"j101018227","stockType":"fund_manager","exchange":"fm","tickerId":1210244140,"name":"刘金"}]},"announcement":{"linkText":"太平智远三个月定期开放股票型发起式证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1177683","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed00b7fea5b3eb0506ae5","date":"2024-06-29T16:00:00.000Z","stockId":3000000013414,"sao":"2024上半年上证综指和全A指数分别下跌了0.3%和8%，市场风格分化显著，银行、煤炭、公用事业等为代表的高股息板块领涨市场，但成长、消费方向表现较弱。上半年整体股债收益差在-2X标准差至-1X标准差的区间震荡，整体估值仍处在较低水平。　　经济层面，全球制造业PMI自1月迈过荣枯线以来连续复苏，这对上游资源、中游制造、出海等板块业绩都有积极带动。国内地产政策在各地密集出台，核心城市成交面积出现恢复，预期有所修正。在内外补库存周期、国内财政进度加快、地产政策继续松动的背景下，经济增长修复有望持续。　　从经济动能转换角度，新质生产力有可能是中长期引领资本市场发展的主线。以人工智能、机器人、智能驾驶、量子通信、低空经济为代表的科技创新领域，未来可能会有持续的催化。　　考虑到国债利率中枢的长期下移，背后是资本回报率的边际降低，供给端有收缩，我们判断，供给端有收缩、未来业绩较稳定的高股息类资产有望取得超额收益。　　本基金主要采用“哑铃型”策略，两端布局高股息等稳定类资产和代表未来的新质生产力类资产。具体到行业上，上半年基于供给收缩、全球补库带来的需求复苏配置了有色；基于稳定现金流和高股息配置了公用事业；基于AI革命带来的生产力、硬件需求爆发配置了通信、电子；基于港股相对低估及看好AI革命后的应用配置了港股的科技龙头。　　本基金主要基于中长期视角，在资产配置策略和行业优选策略的大框架下，通过定性和定量相结合的个股选择策略，精选具备长期增长潜力的上市公司。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:03.508Z","mo":"展望下半年，经济有望继续向好复苏，目前专项债发行进度正在加速，万亿国债的项目逐步落地将带动基建投资及相关产业链。地产在各地一系列宽松政策下，有望触底。未来随着美国降息，国内的货币政策空间有望打开，进一步为经济复苏提供动力。当前权益市场估值仍处于历史较低水位，机会大于风险。　　从行业角度看，下半年红利资产和科技成长板块的轮动会加强。红利资产内部子行业间的轮动亦会加强，在经济复苏预期较为明确时，红利资产或许会有回调或滞涨。目前看，科技成长板块的配置价值在增加。同时，随着新一轮降息周期的临近，新兴市场国家吸引外资流入并推动固定资产的形成额会大幅上升，这对资源公司是一个较为长期的利好。另外，大消费板块、医药生物行业经历了前期大幅调整后，个股的投资价值已经凸显。下半年配置思路上，将继续延续“哑铃型”策略，在上述看好的板块中做积极配置。","fund":{"_id":3000000013414,"__csrcFundId":9932,"stockCode":"013414","shortName":"太平智远三个月定期开放股票发起式","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13414,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:33.436Z","status":"normal","exchange":"jj","inceptionDate":"2021-08-24T16:00:00.000Z","name":"太平智远三个月定期开放股票型发起式证券投资基金","fundCollectionId":4000050760000,"followedNum":0,"masterFundShortName":"太平智远三个月定期开放股票发起式","setUpDate":"2021-08-24T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"tpzysgydqkfgpxfqszqtzjj","managers":[{"stockCode":"db20910594","stockType":"fund_manager","exchange":"fm","tickerId":2403232700,"name":"徐闯"},{"stockCode":"j101018227","stockType":"fund_manager","exchange":"fm","tickerId":1210244140,"name":"刘金"}]},"announcement":{"linkText":"太平智远三个月定期开放股票型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1146280","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed00b7fea5b3eb0506ae4","date":"2024-03-30T16:00:00.000Z","stockId":3000000013414,"sao":"2024年一季度A股在经历的年初的震荡之后，市场信心逐步恢复，以能源、资源为代表的红利风格和以人工智能、低空经济为代表的科技成长轮番表现，推动市场回暖。　　　　经济层面，3月制造业PMI时隔5个月重回扩张区间，市场很可能会修正对经济增长和政策节奏的预期。国内库存水平处于历史低位，经济自身修复节奏叠加政策效果逐步显现， 2024年经济复苏值得期待。全球制造业处于共振复苏阶段，这对上游资源、中游制造、出海等板块业绩都有积极带动。2024一季报全A利润表或仍相对较弱，但Q2盈利相对乐观，资本市场也可能走出不错的表现。　　　　从经济动能转换角度，新质生产力有可能是中长期引领资本市场发展的主线。以人工智能、机器人、智能驾驶、量子通信、低空经济为代表的科技创新领域，未来可能会有持续的催化。本轮人工智能所带来的科技变革至少可以类比2012年到2015年的移动互联网，在这期间行情也有可能从AI逐步向AI+扩散，也可能诞生新的科技巨头。叠加当前市场估值和流动性状态，科技股的行情向上弹性逐步打开。本基金将积极参与，希望能够找到充分受益于AI技术进步的优质公司。科技线条上的主要配置包括算力端的光模块、服务器，应用端的游戏、智能驾驶，和人形机器人产业链相关公司。后续可能根据估值和基本面情况，增配国产算力、半导体和软件类公司。接下来我们仍将聚焦围绕AI、智能驾驶、人形机器人所构筑的成长主线。　　　　后续需要持续关注经济企稳信号与政策效果的显现，在低基数背景下，未来几个季度中经济高频数据的改善将有助于提振市场信心。经济复苏会对一些消费和服务类公司估值提振带来更好的预期。在此情况下本基金对持仓进行了一些调整优化，基于业绩并结合市场变化，配置了少量低估值的消费股和资源股，同时也希望这部分仓位可以与高弹性的AI概念形成一定程度上的对冲。　　　　本基金主要基于中长期视角，积极布局消费、制造和科技板块优质公司。当前市场环境下，低估值消费和科技制造等板块具有较好的风险收益特征，存在丰富的经营修复和估值回升等带来的投资机会。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:03.506Z","fund":{"_id":3000000013414,"__csrcFundId":9932,"stockCode":"013414","shortName":"太平智远三个月定期开放股票发起式","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13414,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:33.436Z","status":"normal","exchange":"jj","inceptionDate":"2021-08-24T16:00:00.000Z","name":"太平智远三个月定期开放股票型发起式证券投资基金","fundCollectionId":4000050760000,"followedNum":0,"masterFundShortName":"太平智远三个月定期开放股票发起式","setUpDate":"2021-08-24T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"tpzysgydqkfgpxfqszqtzjj","managers":[{"stockCode":"db20910594","stockType":"fund_manager","exchange":"fm","tickerId":2403232700,"name":"徐闯"},{"stockCode":"j101018227","stockType":"fund_manager","exchange":"fm","tickerId":1210244140,"name":"刘金"}]},"announcement":{"linkText":"太平智远三个月定期开放股票型发起式证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1071206","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed00b7fea5b3eb0506ae3","date":"2023-12-30T16:00:00.000Z","stockId":3000000013414,"sao":"2023年A股持续走弱，沪深300全年下跌11.4%；创业板指全年下跌19.4%。12月份的中央经济工作会议指出了当前我们面临的一些困难和挑战，主要是有效需求不足、部分行业产能过剩、社会预期偏弱、风险隐患仍然较多等问题。经济层面一系列问题逐步成为当前市场参与者的较为一致的预期，持续压制资本市场风险偏好。但从另外一个角度看，资本市场对于经济复苏不及预期的定价较为充分，经过三年时间的估值调整，多数宽基指数估值分位数均处于历史较低水平。我们需要持续关注经济企稳信号与政策效果的显现，虽然经济复苏进度低于预期，但在低基数背景下，边际变化的拐点可能已经不远，在未来几个季度中经济高频数据的改善将有助于提振市场信心。　　本基金主要基于中长期视角，积极布局消费、制造和科技板块优质公司，2023年随着市场调整出现一定幅度的净值回撤，我们将积极调整组合结构，在市场下行期增强组合的防御属性。我们延续前期哑铃型配置思路，一方面积极布局长期竞争优势确定的低估值消费、制造龙头公司及红利资产；另一方面，在人工智能、机器人和新能源汽车等成长性板块中筛选优质公司进行配置。从当前时点看，持仓股票估值均处于合理偏低的位置，后续有望迎来估值修复，上市公司业绩也有望重回增长。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:03.502Z","mo":"展望2024年，我们认为经济有望呈现缓慢修复的态势。且经过市场调整，低估值消费和科技制造等板块具有较好的风险收益特征，有望存在经营修复和估值回升等带来的投资机会。","fund":{"_id":3000000013414,"__csrcFundId":9932,"stockCode":"013414","shortName":"太平智远三个月定期开放股票发起式","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13414,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:33.436Z","status":"normal","exchange":"jj","inceptionDate":"2021-08-24T16:00:00.000Z","name":"太平智远三个月定期开放股票型发起式证券投资基金","fundCollectionId":4000050760000,"followedNum":0,"masterFundShortName":"太平智远三个月定期开放股票发起式","setUpDate":"2021-08-24T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"tpzysgydqkfgpxfqszqtzjj","managers":[{"stockCode":"db20910594","stockType":"fund_manager","exchange":"fm","tickerId":2403232700,"name":"徐闯"},{"stockCode":"j101018227","stockType":"fund_manager","exchange":"fm","tickerId":1210244140,"name":"刘金"}]},"announcement":{"linkText":"太平智远三个月定期开放股票型发起式证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1058134","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed00b7fea5b3eb0506ae2","date":"2023-09-29T16:00:00.000Z","stockId":3000000013414,"sao":"2023年三季度，市场整体仅有阶段性的主题赛道机会，后续需持续关注经济企稳信号与政策边际变化，未来2-3个季度高频数据的改善将有助于提振市场信心。　　本基金主要基于中长期视角，积极布局消费和科技板块优质公司，延续前期哑铃型配置思路，一方面积极布局长期竞争优势确定的低估值消费龙头公司；另一方面，在人工智能、机器人和新能源汽车等成长性板块中筛选优质公司进行配置。从当前时点看，持仓股票估值均处于合理偏低的位置。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:03.499Z","fund":{"_id":3000000013414,"__csrcFundId":9932,"stockCode":"013414","shortName":"太平智远三个月定期开放股票发起式","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13414,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:33.436Z","status":"normal","exchange":"jj","inceptionDate":"2021-08-24T16:00:00.000Z","name":"太平智远三个月定期开放股票型发起式证券投资基金","fundCollectionId":4000050760000,"followedNum":0,"masterFundShortName":"太平智远三个月定期开放股票发起式","setUpDate":"2021-08-24T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"tpzysgydqkfgpxfqszqtzjj","managers":[{"stockCode":"db20910594","stockType":"fund_manager","exchange":"fm","tickerId":2403232700,"name":"徐闯"},{"stockCode":"j101018227","stockType":"fund_manager","exchange":"fm","tickerId":1210244140,"name":"刘金"}]},"announcement":{"linkText":"太平智远三个月定期开放股票型发起式证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=987859","linkType":"PDF","sour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