window.pageData = {"stock":{"_id":3000000013464,"name":"大成致远优势一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","exchange":"jj","stockCode":"013464","tickerId":13464,"shortName":"大成致远优势一年持有期混合C","currency":"CNY","inceptionDate":"2021-11-25T16:00:00.000Z","fundCollectionId":4000050090000,"followedNum":1,"status":"normal","setUpDate":"2021-11-25T16:00:00.000Z","setUpAssetScale":17194257.08,"setUpShares":17194257.08,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"dczyysyncyqhhxzqtzjj","memoNum":1,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50090000","tickerId":50090000,"name":"大成基金管理有限公司"},"managers":[{"name":"徐彦","stockType":"fund_manager","stockCode":"db20153064","exchange":"fm","tickerId":2425120070}],"hotMetrics":{"fss":{"stockId":3000000013464,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0,"f_ind_h_s_r":1,"f_h_a":1094,"f_h_s_a":9295,"f_ind_h_s_r_c_1y":0.039000000000000035,"f_ind_h_s_r_c_hy":0,"f_ins_h_s_r_c_1y":-0.039,"f_ins_h_s_r_c_hy":0,"last_data_date":"2025-06-29T16:00:00.000Z"},"fpr":{"stockId":3000000013464,"type":"fpr","f_p_r_fys_ssc":8993,"f_p_r_fys_ssrp":0.6957295373665481,"f_p_r_m1_ssc":9202,"f_p_r_m1_ssrp":0.7710031518313227,"f_p_r_m3_ssc":9077,"f_p_r_m3_ssrp":0.7411855442926399,"f_p_r_m6_ssc":8790,"f_p_r_m6_ssrp":0.7281829559676869,"f_p_r_y1_ssc":8330,"f_p_r_y1_ssrp":0.6817144915355985,"f_p_r_y2_ssc":7719,"f_p_r_y2_ssrp":0.5387406063747084,"f_p_r_y3_ssc":6925,"f_p_r_y3_ssrp":0.38388214904679374,"f_cagr_p_r_fs_ssc":9144,"f_cagr_p_r_fs_ssrp":0.3565569287979875},"fp":{"stockId":3000000013464,"type":"fp","f_p_r_fys":0.023565717491934812,"f_p_r_m1":0.0205594405594407,"f_p_r_m3":-0.003073980463146553,"f_p_r_m6":0.013542607125494932,"f_p_r_y1":0.13563146836822093,"f_cagr_p_r_fs":0.08877772438536802,"f_p_r_d1":0.0028970038880840043,"f_p_r_y2":0.2977058509692341,"f_p_r_y3":0.30758892572350227,"last_data_date":"2026-05-05T16:00:00.000Z"},"ff":{"stockId":3000000013464,"type":"ff","f_m_f":903333,"f_m_f_r":0.012,"f_c_f":150555,"f_c_f_r":0.002,"f_m_a_c_f":1053888,"f_m_a_c_f_r":0.014,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2025-06-29T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000013464,"type":"f_nlacan","f_nv_d":"2026-05-05T16:00:00.000Z","f_nv":1.4594,"f_nv_cr":0.0011662207587295192},"f_as":{"stockId":3000000013464,"type":"f_as","f_tas":23310314.3637,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000013463,"__csrcFundId":10322,"stockCode":"013463","shortName":"大成致远优势一年持有期混合(013463)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13463,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:47:31.312Z","status":"normal","exchange":"jj","inceptionDate":"2021-11-25T16:00:00.000Z","name":"大成致远优势一年持有期混合型证券投资基金","fundCollectionId":4000050090000,"masterFundShortName":"大成致远优势一年持有期混合","followedNum":1,"setUpDate":"2021-11-25T16:00:00.000Z","setUpAssetScale":390515847.82,"setUpShares":390515847.82,"pinyin":"dczyysyncyqhhxzqtzjj","memoNum":1}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000013463,"stockId":600941,"holdings":208151,"marketCap":19522482,"netValueRatio":0.0676,"quarterlyChange":-0.07184562097971203,"stock":{"stockCode":"600941","tickerId":600941,"exchange":"sh","stockType":"company","name":"中国移动"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000013463,"stockId":739,"holdings":809800,"marketCap":14438734,"netValueRatio":0.05,"quarterlyChange":0.0958819913952047,"stock":{"stockCode":"000739","exchange":"sz","stockType":"company","tickerId":739,"name":"普洛药业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000013463,"stockId":2318,"holdings":299750,"marketCap":9076430,"netValueRatio":0.0314,"quarterlyChange":0.04594127806563075,"stock":{"stockCode":"002318","exchange":"sz","stockType":"company","tickerId":2318,"name":"久立特材"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000013463,"stockId":601333,"holdings":2170800,"marketCap":6881436,"netValueRatio":0.0238,"quarterlyChange":0.04276315789473606,"stock":{"stockCode":"601333","exchange":"sh","stockType":"company","tickerId":601333,"name":"广深铁路"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000013463,"stockId":600938,"holdings":166004,"marketCap":6640160,"netValueRatio":0.023,"quarterlyChange":0.3253810470510272,"stock":{"name":"中国海油","exchange":"sh","stockType":"company","stockCode":"600938","tickerId":600938}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000013463,"stockId":600256,"holdings":926700,"marketCap":6181089,"netValueRatio":0.0214,"quarterlyChange":0.35569105691056935,"stock":{"stockCode":"600256","exchange":"sh","stockType":"company","tickerId":600256,"name":"广汇能源"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000013463,"stockId":2773,"holdings":210000,"marketCap":6069000,"netValueRatio":0.021,"quarterlyChange":-0.035702369035702675,"stock":{"stockCode":"002773","exchange":"sz","stockType":"company","tickerId":2773,"name":"康弘药业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000013463,"stockId":603899,"holdings":235600,"marketCap":5953612,"netValueRatio":0.0206,"quarterlyChange":-0.06614929785661494,"stock":{"stockCode":"603899","exchange":"sh","stockType":"company","tickerId":603899,"name":"晨光股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000013463,"stockId":603658,"holdings":169700,"marketCap":5676465,"netValueRatio":0.0196,"quarterlyChange":-0.05561829474872926,"stock":{"stockCode":"603658","exchange":"sh","stockType":"company","tickerId":603658,"name":"安图生物"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000013463,"stockId":1000000000000285,"holdings":231500,"marketCap":5641520,"netValueRatio":0.0195,"quarterlyChange":-0.179548156956005,"stock":{"stockCode":"00285","exchange":"hk","stockType":"company","tickerId":285,"name":"比亚迪电子"}}]},"list":[{"_id":"69e8eb9a1398d79843fe9484","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000013463,"sao":"本组合一季度微幅上涨。主要减持了部分能源类股票，这倒不仅是因为我没能力判断能源价格，而是我甚至不知道这样的利润上升能不能叫价值。价值是抽象的概念，我无法表达它是什么，但它肯定远远不是会计学中的自由现金流。","lastUpdated":"2026-04-22T15:39:06.525Z","fund":{"_id":3000000013463,"__csrcFundId":10322,"stockCode":"013463","shortName":"大成致远优势一年持有期混合(013463)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13463,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:47:31.312Z","status":"normal","exchange":"jj","inceptionDate":"2021-11-25T16:00:00.000Z","name":"大成致远优势一年持有期混合型证券投资基金","fundCollectionId":4000050090000,"masterFundShortName":"大成致远优势一年持有期混合","followedNum":1,"setUpDate":"2021-11-25T16:00:00.000Z","setUpAssetScale":390515847.82,"setUpShares":390515847.82,"pinyin":"dczyysyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20153064","stockType":"fund_manager","exchange":"fm","tickerId":2425120070,"name":"徐彦"}]},"announcement":{"linkText":"大成致远优势一年持有期混合型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1478309","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0147fea5b3eb05073e8","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000013463,"sao":"本基金本季度微幅下跌，并且继续跑输同行。在股市里，抽象的概念和具体的现实继续以某一种形式结合在一起，并且被一些力量所加强；其实，抽象的概念和具体的现实也能以完全不同的形式结合在一起，那时候也将被同样的力量所加强。在当前市场环境下，找到企业价值被显著低估的投资标的并不容易，本基金继续减持热门板块中的个股，并增持了一些相对有安全边际的个股。","lastUpdated":"2026-03-09T13:50:12.256Z","fund":{"_id":3000000013463,"__csrcFundId":10322,"stockCode":"013463","shortName":"大成致远优势一年持有期混合(013463)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13463,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:47:31.312Z","status":"normal","exchange":"jj","inceptionDate":"2021-11-25T16:00:00.000Z","name":"大成致远优势一年持有期混合型证券投资基金","fundCollectionId":4000050090000,"masterFundShortName":"大成致远优势一年持有期混合","followedNum":1,"setUpDate":"2021-11-25T16:00:00.000Z","setUpAssetScale":390515847.82,"setUpShares":390515847.82,"pinyin":"dczyysyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20153064","stockType":"fund_manager","exchange":"fm","tickerId":2425120070,"name":"徐彦"}]},"announcement":{"linkText":"大成致远优势一年持有期混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1458360","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0147fea5b3eb05073e7","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000013463,"sao":"本基金三季度仓位基本稳定，在个股间做了一些调整：减持了部分热门板块中的个股，它们是在几个季度之前买入的；增持了一些相对更有安全边际的个股，但它们可能未必是多好的投资机会。在我管理的多只基金中，规模较小的几只因为申购，份额有明显提升，这额外增加了操作的难度。","lastUpdated":"2026-03-09T13:50:12.254Z","fund":{"_id":3000000013463,"__csrcFundId":10322,"stockCode":"013463","shortName":"大成致远优势一年持有期混合(013463)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13463,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:47:31.312Z","status":"normal","exchange":"jj","inceptionDate":"2021-11-25T16:00:00.000Z","name":"大成致远优势一年持有期混合型证券投资基金","fundCollectionId":4000050090000,"masterFundShortName":"大成致远优势一年持有期混合","followedNum":1,"setUpDate":"2021-11-25T16:00:00.000Z","setUpAssetScale":390515847.82,"setUpShares":390515847.82,"pinyin":"dczyysyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20153064","stockType":"fund_manager","exchange":"fm","tickerId":2425120070,"name":"徐彦"}]},"announcement":{"linkText":"大成致远优势一年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=1376365","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0147fea5b3eb05073e6","date":"2025-06-29T16:00:00.000Z","stockId":3000000013463,"sao":"上半年在投资上乏善可陈，我管理的多只基金只取得了小幅正收益，大部分都跑输同行。甚至很多时候投资时并不是在关注企业长期价值，而是在判断股价短期涨跌。请注意，我不认为这两者在赚钱上有高下之分，但出发点完全不同。当然，在现实中并没有理想中的两极，只有两极之间漫长的模糊地带，在这个模糊地带里每个投资人非常主观的解释自己的行为。最终业绩说明判断股价短期涨跌始终不是我的强项。 　　如果把时间拉长到三年，我管理的多只基金表现似乎远远更好：收益不错且排名靠前。但相对排名只是对我的考核，与您获得的收益无关；收益看似不错，但年化回报其实与今年上半年的年化回报相当接近。关于过去三年，一些持有人还关注到了另一个事实：正是在三年前，我把基金的股票仓位降到了60%出头，并持续至今。对此，您既不应该假设我是看空市场，因为跟同类产品相比，更低的股票仓位并没有赚的更少；也不应该假设如果我把股票仓位提高到平均水平，收益率还能再乘上1.4倍。 　　怎么评价这三年？按流行的分类，我是一名“价值型”基金经理，即擅长投资低市净率股票，但三年前我正是卖出了一些后来继续大涨的低市净率股票从而降低了仓位，并且这三年还跑输了低市净率股票的典型代表“银行指数”，从这个角度看，这三年的业绩可能是运气。也有人认为我有一些“成长风格”，笼统的讲就是也会投资新兴产业有显著成长空间的股票，但最早到22年四季度、最迟在24年一季度，我又没能提前看到少数公司（尤其是少数港股上市公司）未来巨大的成长潜力，而这样的潜力不久之后就被市场发现，毫无疑问，我也不是合格的“成长型”基金经理。 　　以上就是我对过去三年收益和排名的谨慎解释，当然也可以有从更乐观直至最具煽动力的解释，每种解释都数据精确、逻辑合理。但所有解释都有不可避免的主观性和片面性，您不仅在看待我管理的基金，而且在看待所有关于复杂事物的单一解释时都得注意这一点。您也许会觉得这样太浪费时间，那关于股市和主要投资于股票的基金产品，最朴素的解释一直都是：股市有风险，投资需谨慎！","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:12.251Z","mo":"展望未来从不容易，展望股市的未来更难，在百年未见之变局下展望股市的未来更是难上加难。 　　未来可能是稳中向好。也有人说是牛市，这我不懂。几年前牛市时仍有为数不少企业价值被低估的股票，现在环境则发生了巨大变化。但和过去一样，我希望能继续寻找企业价值被低估的股票，同时继续维持偏低的股票仓位。 　　有人觉得牛市刚刚开始，我觉得更大的挑战刚刚开始。","fund":{"_id":3000000013463,"__csrcFundId":10322,"stockCode":"013463","shortName":"大成致远优势一年持有期混合(013463)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13463,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:47:31.312Z","status":"normal","exchange":"jj","inceptionDate":"2021-11-25T16:00:00.000Z","name":"大成致远优势一年持有期混合型证券投资基金","fundCollectionId":4000050090000,"masterFundShortName":"大成致远优势一年持有期混合","followedNum":1,"setUpDate":"2021-11-25T16:00:00.000Z","setUpAssetScale":390515847.82,"setUpShares":390515847.82,"pinyin":"dczyysyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20153064","stockType":"fund_manager","exchange":"fm","tickerId":2425120070,"name":"徐彦"}]},"announcement":{"linkText":"大成致远优势一年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=1346310","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0147fea5b3eb05073e5","date":"2025-03-30T16:00:00.000Z","stockId":3000000013463,"sao":"一季度少数板块的涨幅让人瞠目结舌，真不知道该赞叹科技还是感慨人性。本基金减持了部分受益于热门概念的个股——我买入时并不是基于概念，所以这部分收益应该归为运气——最终降低了组合的集中度。人人都知道，这是充满不确定性的时代；履行信托责任并且赚钱，这些基本要求也渐渐成为更大的挑战。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:12.248Z","fund":{"_id":3000000013463,"__csrcFundId":10322,"stockCode":"013463","shortName":"大成致远优势一年持有期混合(013463)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13463,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:47:31.312Z","status":"normal","exchange":"jj","inceptionDate":"2021-11-25T16:00:00.000Z","name":"大成致远优势一年持有期混合型证券投资基金","fundCollectionId":4000050090000,"masterFundShortName":"大成致远优势一年持有期混合","followedNum":1,"setUpDate":"2021-11-25T16:00:00.000Z","setUpAssetScale":390515847.82,"setUpShares":390515847.82,"pinyin":"dczyysyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20153064","stockType":"fund_manager","exchange":"fm","tickerId":2425120070,"name":"徐彦"}]},"announcement":{"linkText":"大成致远优势一年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=1276070","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0147fea5b3eb05073e4","date":"2024-12-30T16:00:00.000Z","stockId":3000000013463,"sao":"报告期内各主要指数有所上涨，虽然全年看涨幅不大，但只有亲身经历才能体会其中的跌宕起伏。在与前两年迥异的市场环境中，本基金幸运地跑赢了基准。　　把绵延的时间分割成一个个报告期，这很传统，但容易让分析失去生命力，甚至也谈不上客观。与报告期相比，我更看重过去三年、五年。我不是想强调我管理的基金过去三年、五年的业绩如何出色，虽然有人那么说但那并非我的本意，我想强调的恰恰相反：即便经历了24年的市场修复，过去三年年化约7%的收益率也远远不能让您收获幸福；而过去五年的收益率也仅仅是达到了很多同行花一两年甚至一两个季度就能达到的水平。　　我更不想假装，在报告期的跌宕起伏中，我像别人描述的那样，紧盯热点、把握节奏，时而奇兵突进、时而力挽狂澜；事实上我做的很少：不变的理念，稳定的仓位，甚至连个股变化也不算多。在最终的投资运作中，就对企业价值的判断而言，我实际做的比我想做的更少一些：想做的时候条件不允许，条件允许的时候却不想做了；就应对多变的市场而言，我实际做的比我想做的更多一些：面对变化的股市中变化的基金规模，在不想买的时候由于基金被申购得买，反之亦然。　　但不管是想做的还是不想做的，都是我作为公募基金管理人应该做的。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:12.246Z","mo":"靠规律去展望有效性很强，尤其是在自然科学中；靠经验去展望有效性可能很弱，尤其是在这个巨变的时代。　　严肃的说，过去几年我甚至不太建议去展望宏观经济和证券市场。这些抽象概念对应的真实事物高度复杂、包罗万象，但最终只靠几个简单的指标以某种平均数的形式呈现。这些指标、概念远远不能替代每个人基于各自经验对其背后真实事物的体验，甚至可以说，缺乏真实体验的这类指标和概念没有意义。然而矛盾的是，科学中充满了各种指标和概念；这放在自然科学中勉强能接受，放在与人的活动密切相关的领域中并不完全合适。从这个角度看，在投资展望中没什么规律可以依赖，反而是有句老话很有道理：投资不仅是科学，还是艺术。艺术永远离不开主观体验。　　展望未来，我没有结论，只能分享两点感受：首先，多关注真实的世界，少关注抽象的概念，而专业人士基于抽象概念和规律对未来的展望，过去可能是教条将来可能是危险；其次，面对真实世界，体验虽然直接但也擅长欺骗，努力思考才能接近真相。　　三年前，我打比方说，持有人追逐收益，就像少年们追逐爱情。在真实的世界里，爱情远不是生活，而面对生活，一位文学大师在他那本关于爱情的伟大小说中是这么说的“最重要的不是幸福，而是稳定”。的确，面对将来，也许最重要的不是幸福，而是稳定！","fund":{"_id":3000000013463,"__csrcFundId":10322,"stockCode":"013463","shortName":"大成致远优势一年持有期混合(013463)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13463,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:47:31.312Z","status":"normal","exchange":"jj","inceptionDate":"2021-11-25T16:00:00.000Z","name":"大成致远优势一年持有期混合型证券投资基金","fundCollectionId":4000050090000,"masterFundShortName":"大成致远优势一年持有期混合","followedNum":1,"setUpDate":"2021-11-25T16:00:00.000Z","setUpAssetScale":390515847.82,"setUpShares":390515847.82,"pinyin":"dczyysyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20153064","stockType":"fund_manager","exchange":"fm","tickerId":2425120070,"name":"徐彦"}]},"announcement":{"linkText":"大成致远优势一年持有期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=1257286","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0147fea5b3eb05073e3","date":"2024-09-29T16:00:00.000Z","stockId":3000000013463,"sao":"季度快结束时，大家以为是熊市，但很快又以为是牛市。本基金的运作延续了之前的思路：面对低市净率大市值公司的机会，进行了一些尝试性的相反操作。　　在季度最后一天，本基金的净值才终于恢复到一年多前的水平。我想不用我提醒，经过这三年，您也已经明白，股市有风险、入市需谨慎。但我还是想提醒，不管牛市还是熊市——这里没有任何暗示未来是牛市或熊市的意思，并且也不是暗示投资得预判牛市或熊市——股市都有风险、入市皆需谨慎，因为人人都觉得没有风险本身就蕴含着风险。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:12.243Z","fund":{"_id":3000000013463,"__csrcFundId":10322,"stockCode":"013463","shortName":"大成致远优势一年持有期混合(013463)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13463,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:47:31.312Z","status":"normal","exchange":"jj","inceptionDate":"2021-11-25T16:00:00.000Z","name":"大成致远优势一年持有期混合型证券投资基金","fundCollectionId":4000050090000,"masterFundShortName":"大成致远优势一年持有期混合","followedNum":1,"setUpDate":"2021-11-25T16:00:00.000Z","setUpAssetScale":390515847.82,"setUpShares":390515847.82,"pinyin":"dczyysyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20153064","stockType":"fund_manager","exchange":"fm","tickerId":2425120070,"name":"徐彦"}]},"announcement":{"linkText":"大成致远优势一年持有期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=1180458","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0147fea5b3eb05073e2","date":"2024-06-29T16:00:00.000Z","stockId":3000000013463,"sao":"如果以报告期内收益率的提升为衡量标准，上半年有两次机会，一次是春节前的机会，一次是二季度低估值大市值公司的机会。　　第一次机会更符合我的投资理念，但在最应该买入的时候，我却不敢买，这说明在股市里总会有新的挑战出现。第二次机会不太符合我的理念，我不确定拉到更长时间看如果买了会赚还是亏，但尝试性的相反操作拉低了本组合的收益率。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:12.240Z","mo":"概念能帮助人思考，也能束缚人思考。如果要立刻举出一个例子，“宏观经济”就是这样一个概念。一提到这个概念，每个人都能一下子明白别人在说什么，但越想好像又越不明白别人在说什么。生活中处处是类似这样的概念，每个人只能按自己的理解去解读。　　过去几年，我一直很朴素的认为：价格对经济运行有重要的信号意义，但价格信号的形成受到历史和现实条件的制约，其对经济的调节作用在不同区域、不同阶段差异巨大。这大大提升了宏观经济展望的难度。　　我将继续像过去几年一样，以谨慎谦卑的态度去做投资。","fund":{"_id":3000000013463,"__csrcFundId":10322,"stockCode":"013463","shortName":"大成致远优势一年持有期混合(013463)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13463,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:47:31.312Z","status":"normal","exchange":"jj","inceptionDate":"2021-11-25T16:00:00.000Z","name":"大成致远优势一年持有期混合型证券投资基金","fundCollectionId":4000050090000,"masterFundShortName":"大成致远优势一年持有期混合","followedNum":1,"setUpDate":"2021-11-25T16:00:00.000Z","setUpAssetScale":390515847.82,"setUpShares":390515847.82,"pinyin":"dczyysyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20153064","stockType":"fund_manager","exchange":"fm","tickerId":2425120070,"name":"徐彦"}]},"announcement":{"linkText":"大成致远优势一年持有期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=1150125","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0147fea5b3eb05073e1","date":"2024-03-30T16:00:00.000Z","stockId":3000000013463,"sao":"一季度市场大幅波动。　　在有买卖的日子里，本基金几乎每天都实现了净买入；但最应该买入的时候，我却不敢买，一季度本基金平庸的业绩部分归因于此。这也说明在股市里总会有新的挑战出现，总会有新的恐惧要战胜。　　一季度股市里还有另一些机会，我也错过了。虽然俗话说不懂的机会就不是机会，但投资中不能总是安慰。对于全球定价的商品，错过的原因则要回溯至2022年下半年，当时我有些怀疑：如果全球最主要的货币在一定程度上是假的，那么商品价格在多大程度上能是真的？　　三月起到现在，风平浪静，请不要忘记之前的大幅波动。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:12.236Z","fund":{"_id":3000000013463,"__csrcFundId":10322,"stockCode":"013463","shortName":"大成致远优势一年持有期混合(013463)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13463,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:47:31.312Z","status":"normal","exchange":"jj","inceptionDate":"2021-11-25T16:00:00.000Z","name":"大成致远优势一年持有期混合型证券投资基金","fundCollectionId":4000050090000,"masterFundShortName":"大成致远优势一年持有期混合","followedNum":1,"setUpDate":"2021-11-25T16:00:00.000Z","setUpAssetScale":390515847.82,"setUpShares":390515847.82,"pinyin":"dczyysyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20153064","stockType":"fund_manager","exchange":"fm","tickerId":2425120070,"name":"徐彦"}]},"announcement":{"linkText":"大成致远优势一年持有期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=1068494","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0147fea5b3eb05073e0","date":"2023-12-30T16:00:00.000Z","stockId":3000000013463,"sao":"时间是绵延的，但总得掐头去尾截取一段来分析，这种截取既有很大的偶然性又容易让对象失去生命力。时间不是独立的，任何人都能感觉到在时间之中，但分析却总要求我们在时间之外。　　所以越来越不会写关于“报告期内投资策略和运作分析”的报告。首先难在期限选择，比如年初开始写的报告一月底还没写完就修改了一次，很显然二月底又要再修改一次；更难的是怎么分析，明明带着各种感觉身处其中却要表现得像置身事外，写的条分缕析理所当然，恰恰像AI写出来的样子，而不是它们本来的样子。　　实际上过去很长时间，记不清有多久了，我是在一声声“啊！”中度过的。啊，世界竟然能这样！在我们身边，它是困难是成就、是失望是希望、是猛然而至的相聚是猝不及防的离别、是人间百态是世事沧桑；在遥远的地方，它是热战中对约束的突破和对底线的挑战，是商战中公开被传播的谎言和无法被揭开的真相，是黑暗森林是惊涛骇浪。所有这一切，让人越来越怀疑，原来最精确描述甚至预测世界的从来不是科学，而是文学。　　至于本基金的投资策略和运作，倒是一直很简单：判断价值然后适时买卖。这当然在很大程度上意味着认清真相然后做出选择，但这么多惊叹号的世界让股市多了些魔幻的色彩——认清真相实属不易，做出买卖更是困难，而且这还不能保证赚钱，否则就不会有一位文学家早就感慨“认清生活的真相之后，依然热爱生活”是一种英雄主义了。　　正是在这样的状态下，时间不知不觉过去了。在报告期内，本基金苟且取得了正收益，但年中的申购最终亏损。2024已经来了，你好，2024！","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:12.233Z","mo":"谁能想到，在股市里，2024竟以这样的方式走来，也许预示了这又将不是一个简单的年份。回顾难，展望更难。也许三年前展望不难，“继续跳舞，或者准点休息”，但那时却是人人都看到的价值。现在则是人人都判断出的底部，简单的命题，简单的答案，似乎也对应着简单的判断。　　　　毕达哥拉斯那句古老的命题也很简单——万物皆数，对此，我们既可以像千百年来一些最伟大的思想家那样认为它包含着无穷无尽的真理，也可以像任何人瞄上一眼就发现这实在是荒唐。这两种极端之间是许许多多我们这样的普通人，我们或者不做判断，或者不知如何判断，或者一旦开始判断身边就各色人等群集，有“理想主义者、野心家、冒险者、愤世嫉俗者，还有普通的罪犯”，这些人在《百年孤独》里那位上校初感孤独时也曾聚集在他身旁。简单的命题，没有简单的判断，也没有简单的答案；甚至可能没有答案，只有左右摇摆飘忽不定的状态，被不同的人因为不同的目的称为真相或者假象。　　　　正是在这样的状态下，时间来了。企业价值被高估、市场不谨慎、整个体系的脆弱三年前曾一起出现，如今又出现在另一个市场。但朋友们，请原谅我的坦白，相比三年前，现在我更没有把握去展望。未来我会竭尽所能，希望为您带来长期稳健的回报。","fund":{"_id":3000000013463,"__csrcFundId":10322,"stockCode":"013463","shortName":"大成致远优势一年持有期混合(013463)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13463,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:47:31.312Z","status":"normal","exchange":"jj","inceptionDate":"2021-11-25T16:00:00.000Z","name":"大成致远优势一年持有期混合型证券投资基金","fundCollectionId":4000050090000,"masterFundShortName":"大成致远优势一年持有期混合","followedNum":1,"setUpDate":"2021-11-25T16:00:00.000Z","setUpAssetScale":390515847.82,"setUpShares":390515847.82,"pinyin":"dczyysyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20153064","stockType":"fund_manager","exchange":"fm","tickerId":2425120070,"name":"徐彦"}]},"announcement":{"linkText":"大成致远优势一年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=1057350","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0147fea5b3eb05073df","date":"2023-09-29T16:00:00.000Z","stockId":3000000013463,"sao":"三季度，本基金的操作可以被并不严密的分为两类：主动调整和被动应对。　　主动调整——以价值投资的标准来衡量，指买入企业价值被低估的股票，卖出被高估的股票——可能您认为我的大多数操作应该归为此类，但坦白说，这一类占比很低；价值投资的确是我的理念，但理念更是一种理想。被动应对——感谢您的支持，本季度我管理的基金规模进一步扩大；希望您能理解，我必须在几个交易日内，乐意也好不乐意也罢，把相当比例的现金换成股票——在这里，我与其说是像那位投资大师的忠实信徒们常说的那样“耐心等待，并在最佳位置击球”，不如说是在“没有合适来球，又必须每一次都去击打”；这不合常理？恰恰相反，这才是球场上的现实。　　一面是理想，一面是现实。理想和现实间永远有一条鸿沟，有时它很宽，甚至有一位伟大的逻辑学家认为，世界的意义正在于理想与现实的分离。三季度，本基金排名中上但小幅亏损，我宁愿它反过来——小幅盈利但排名中下，就像三年前那样；因为对任何一位正常投资者，投资的理想终归是赚钱而不是亏损，虽然对一名专业投资人，投资的理想倒真可能是各式各样。相对刚刚过去的三季度，我更想说的是：过去三年，我管理的基金盈利尚可且排名靠前；回到三年前，我绝不敢向您展望这样的排名，而且如果我能提前知道这三年里世界上发生的事，我甚至不敢展望这仅仅是尚可的收益率。在科学中，回溯历史预测将来的方法有固有的缺陷，在投资中，历史业绩更不代表将来，我当然也不是例外；我说这些并不是想提醒您，而是想告诫自己：时间无法被定义，而“时代在变”。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:12.230Z","fund":{"_id":3000000013463,"__csrcFundId":10322,"stockCode":"013463","shortName":"大成致远优势一年持有期混合(013463)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13463,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:47:31.312Z","status":"normal","exchange":"jj","inceptionDate":"2021-11-25T16:00:00.000Z","name":"大成致远优势一年持有期混合型证券投资基金","fundCollectionId":4000050090000,"masterFundShortName":"大成致远优势一年持有期混合","followedNum":1,"setUpDate":"2021-11-25T16:00:00.000Z","setUpAssetScale":390515847.82,"setUpShares":390515847.82,"pinyin":"dczyysyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20153064","stockType":"fund_manager","exchange":"fm","tickerId":2425120070,"name":"徐彦"}]},"announcement":{"linkText":"大成致远优势一年持有期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=990925","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0147fea5b3eb05073de","date":"2023-06-29T16:00:00.000Z","stockId":3000000013463,"sao":"容易描述上半年的股市涨跌和本基金的操作，难以描述这过程背后的秩序和无序。秩序和无序一直同时存在，但隐藏在人心里，它们在当前环境下显现，并通过语言和行为被我们观察。　　基金持有人对专业投资人的期望是“理性”决策，绝非“本能”反应；这很合理，反映了本能和理性间的清晰秩序：本能在一边，让人与动物为伍；理性在另一边，是现代文明之光。还有一个概念“智能”，它非常模糊：既在本能之下，因为有它我们才有资格被称为人；又在理性之上，因为理性的范围有限而它隐含着无限。它还非常自然，既连接本能又连接理性，让人察觉不到它的存在已经不经意间打破了原有秩序——本能和理性之间不是一条线，而是一个圈！人工智能横空出世，加剧了失序：理性竟然能创造一种本能，从前那属于神话；这种本能又必将超越理性，它刚出身在语言、艺术这些领域就能超越人，从前那属于创造。关于本能和理性间基础秩序的失序实属罕见，反而引起了两者共振，既让本能疯狂，又让理性想象，于是人们心跳加速、行为异常。我认为这便是上半年股市里发生的情况。　　上半年，不仅在A股而且在美股，涨幅最靠前的板块都和人工智能有关。关于股票涨跌，烦恼的是有太多种解释，上面又多了一种。　　幸好对股市的解释从来就不重要，本能是什么、理性是什么，它们间的关系又是什么，这其实很重要。但仔细一想，发现自己也不知道。语言会魔法，如何把很多我们并不知道的东西打包成一个词塞进我们的脑子，并且我们竟然能如何赋予它们意义！这种魔法如此巧妙，直到20世纪才由两位哲学家去想，他们一位思考存在、一位思考语言，而这已经由流行歌曲传唱，但专业人士却仍然拒绝去想。以至于今天在股市里，当一个人说专业时我们不知道他在说什么，说长期时我们不知道他在说什么，说价值时也许他自己都不知道自己在说什么，反而是当一个人什么都不说时我们倒更可能知道他在说什么。　　正是在这样的股市环境里，上半年，我卖出了一些成长股后来大涨；本组合的净值虽然有所上涨，但只由少数股票贡献；并且衷心感谢您的支持，我管理的组合规模也大幅增长。这些行为都在股市里发生，有正常也有异常，但它们本身很清晰，以上便是我通过这些行为观察到的股票市场。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:12.227Z","mo":"价值投资是一座山，它根植于这片大地。在这片大地上，有蜿蜒的大河，亿万年来滔滔不绝奔腾入海；有绵延的长城，千百年来默默注视着它的内外；还有那一片片平原，古时便有白鹿游弋，仿佛白鹿原。在投资的路上，我走得不远，就发现既要攀登那高耸的山峰，又要扎根于这广阔的大地。但那山太高，越攀登越远离这片大地，这大地太广，越扎根越难去攀登那座山峰，这让我迷茫。大地和山峰都是如此古老的存在，也许能同时对应它们的只有人作为生命的这种存在。　　小时候，我听说我们是转型中的文明，转轨中的经济体，后发的工业国。后来，大家都经历了我们成为世界第一大工业国，正走在中国式现代化的路上。短短一两代人，天翻地覆。这变化太大又太快，大家成为不同的存在。　　人的存在对应环境的存在，这中间的种种，既可以用语言表达，也可以用心灵体验。有时候，心灵的体验是隐秘的，由语言表达的才能被共享；有时候，由语言表达的其实更隐秘，由心灵体验的反而更容易被共享。心灵和语言的变化并不同步，语言既可以是钥匙，也可以是枷锁；人和环境的变化也不同步，人既可以是钥匙，也可以是枷锁。如同to be or not to be、生存还是死亡，关于所有这些问题，如果一定要有一个答案，也许那只能是，这取决于人作为生命的那种特殊能力——智慧的能力。　　未来是对资产管理行业专业性提出更高要求的时代。这专业，最终取决于智慧，通往智慧的路如同每个人都知道的，永无止境！","fund":{"_id":3000000013463,"__csrcFundId":10322,"stockCode":"013463","shortName":"大成致远优势一年持有期混合(013463)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13463,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:47:31.312Z","status":"normal","exchange":"jj","inceptionDate":"2021-11-25T16:00:00.000Z","name":"大成致远优势一年持有期混合型证券投资基金","fundCollectionId":4000050090000,"masterFundShortName":"大成致远优势一年持有期混合","followedNum":1,"setUpDate":"2021-11-25T16:00:00.000Z","setUpAssetScale":390515847.82,"setUpShares":390515847.82,"pinyin":"dczyysyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20153064","stockType":"fund_manager","exchange":"fm","tickerId":2425120070,"name":"徐彦"}]},"announcement":{"linkText":"大成致远优势一年持有期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=960006","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0147fea5b3eb05073dd","date":"2023-03-30T16:00:00.000Z","stockId":3000000013463,"sao":"一季度主要得益于少数持仓股票的上涨，整个组合取得了小幅正收益。在操作上，卖出了一些成长股，后来大涨；买入了一些价值股，仍然被套。说明在选股和择时上我都有很大改进空间。这些操作的主要背景是，在金融市场上，我们在关注AI进化，大洋彼岸在关注金融稳定。世界仿佛掉了个个，也许背后都是放大了的人性。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:12.225Z","fund":{"_id":3000000013463,"__csrcFundId":10322,"stockCode":"013463","shortName":"大成致远优势一年持有期混合(013463)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13463,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:47:31.312Z","status":"normal","exchange":"jj","inceptionDate":"2021-11-25T16:00:00.000Z","name":"大成致远优势一年持有期混合型证券投资基金","fundCollectionId":4000050090000,"masterFundShortName":"大成致远优势一年持有期混合","followedNum":1,"setUpDate":"2021-11-25T16:00:00.000Z","setUpAssetScale":390515847.82,"setUpShares":390515847.82,"pinyin":"dczyysyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20153064","stockType":"fund_manager","exchange":"fm","tickerId":2425120070,"name":"徐彦"}]},"announcement":{"linkText":"大成致远优势一年持有期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=886287","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0147fea5b3eb05073dc","date":"2022-12-30T16:00:00.000Z","stockId":3000000013463,"sao":"2022年，本基金的收益率约为0（本基金为我管理的多只基金之一，各基金因成立时间、投资范围和申赎情况不同，收益率略有差异），这显然令人沮丧；同时，本基金的排名在同类中处在中上，这似乎又令人兴奋。　　兴奋还是沮丧？同样的事，不同的解释，竟有完全不同的意义！这令人惊讶。但其实生活本就如此，甚至连科学也是这样。真正值得惊讶的反而是竟有如此多雷同的解释，比如，在股市里，上涨是因为独具慧眼，下跌是因为复杂局面；全然不顾相反的解释也同样成立。至于我的解释，我只是在跑一场投资的马拉松，三年前如此，如今也一样，既没有兴奋也没有沮丧。跑多一年之后的结果是：排名中上、回报尚可、波澜不惊，当前在这三点中我想突出的是：虽然过去三年的回报已经无法让人兴奋，但这样的复利未来将面临巨大挑战，这种挑战已经在我21年新管理的基金上开始体现。　　对22年投资运作的总结：在四月下旬市场开始上涨时，我认为会涨并且本基金会反弹乏力，但依然没有做相应调整。后来我做了反思：理念对我很重要，现实对您很重要，我有责任把理念和现实结合得更好，这对我们都很重要。这个反思让我在应对十月初开始的上涨时业绩有所改善。　　但这是巨变的时代，再多进步仍可能落伍，古老的规律可能被颠覆。这是科技狂飙的时代，机器越来越像人，人反而越来越像机器——虽然完全不懂，但我仍能深深感觉到，在很多本应是人擅长的领域机器已经能做的更好！如何站到巨人的肩膀上，再如何去创造，将一直是我心中最大的挑战。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:12.222Z","mo":"全球股市的长期走势毫无疑问和经济密切相关。关于宏观经济，我却不知道该如何去展望。经济活动是人的活动，经济学终究是一门跟人密切相关的学问，但关于人，生活告诉我一些，文学告诉我很多，经济学告诉我的却几乎为零。当货币和利率成为全球宏观经济分析仅剩的主角，我不知道那种在遥远的西方、既与人也与科技无关的经济学理论指导的实践将把全球经济带向何方。幸好，就算哪一天这种经济学不在了，生活还在，经济还在，投资也还在。　　关于投资，人人都知道价值投资：企业价值等于现金流折现，Discounted Cash Flow模型而已。五年前，在价值投资的路上我还是一名初学者；后来，跳出投资我渐渐发现，真正的奥妙都蕴含在模型中并没有出现的时间t里，而在时间的河流里我永远都是初学者。　　时间很简单——它在我们身边，分分秒秒岁岁年年；它又在我们心里，快乐总那么短，痛苦却太长。时间很复杂——在人生的舞台剧上，每个人既是演员又是观众，从没有事先写好的剧本；如今，甚至看不清舞台上到底是哈姆雷特，还是堂吉柯德。这简单和复杂的奇妙融合孕育了所有规律。如果说22年，楼市是过去几年大家已经隐隐感觉到的趋势的延续，股市是过去两年的回报幻觉的终结；一年前这样的展望并不需要什么对规律的理解，更需要一些对生活的体验。未来，才真正复杂，新的规律正徐徐形成并展开，它必将融合现有规律以及最复杂的——人。理解规律实属不易，理解人可能更难。从前，我不明白，各种矛盾如何能毫无违和的共存在同一个人心里，比如，贪婪和恐惧；我不明白，贪婪和恐惧总在不经意间转化，极端时甚至融为一体，以至于无法被战胜，因为这就是人。　　投资也是生活。我生于1982年秋天的农村，那个小家庭想必因为家庭联产承包责任制后第一季水稻的丰收和小男婴的同时出生而倍感欢乐。如今，我已年过四十，开始老了，并且将继续衰老下去。但我终于开始并不害怕衰老，我已经明白：成长是一个过程，衰老是一个过程，它们恰恰是同一个过程！最终赋予这个过程意义的正是我们自己，而这些意义构成了我们——不是机器而是人，对世界的解释。朋友们，在投资的马拉松上，我将持续坚持持有人利益第一和专业创造价值的原则，希望为您带来长期稳健的回报。","fund":{"_id":3000000013463,"__csrcFundId":10322,"stockCode":"013463","shortName":"大成致远优势一年持有期混合(013463)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13463,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:47:31.312Z","status":"normal","exchange":"jj","inceptionDate":"2021-11-25T16:00:00.000Z","name":"大成致远优势一年持有期混合型证券投资基金","fundCollectionId":4000050090000,"masterFundShortName":"大成致远优势一年持有期混合","followedNum":1,"setUpDate":"2021-11-25T16:00:00.000Z","setUpAssetScale":390515847.82,"setUpShares":390515847.82,"pinyin":"dczyysyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20153064","stockType":"fund_manager","exchange":"fm","tickerId":2425120070,"name":"徐彦"}]},"announcement":{"linkText":"大成致远优势一年持有期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=868328","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0147fea5b3eb05073db","date":"2022-09-29T16:00:00.000Z","stockId":3000000013463,"sao":"三季度在保持偏低仓位的基础上，做了少量操作。金融市场的风险偏好依然很奇怪，这一点在信用市场上表现得更直接：一些参与者对抗风险的努力成了另一些参与者放大风险的理由。在信用货币的世界里，若信用越被扭曲，价格信号也越被扭曲；我认为这是一条规律，这条规律正在全世界不同区域的不同市场——包括金融市场和非金融市场，以不同的形式呈现至不同的程度。  三季度，我尝试着做了少量所谓止盈止损的股票交易。但我已经意识到：基于扭曲价格信号而不是价值本身的交易没有意义。以后我要尽量少做没有意义的事。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:12.218Z","fund":{"_id":3000000013463,"__csrcFundId":10322,"stockCode":"013463","shortName":"大成致远优势一年持有期混合(013463)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13463,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:47:31.312Z","status":"normal","exchange":"jj","inceptionDate":"2021-11-25T16:00:00.000Z","name":"大成致远优势一年持有期混合型证券投资基金","fundCollectionId":4000050090000,"masterFundShortName":"大成致远优势一年持有期混合","followedNum":1,"setUpDate":"2021-11-25T16:00:00.000Z","setUpAssetScale":390515847.82,"setUpShares":390515847.82,"pinyin":"dczyysyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20153064","stockType":"fund_manager","exchange":"fm","tickerId":2425120070,"name":"徐彦"}]},"announcement":{"linkText":"大成致远优势一年持有期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=809417","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0147fea5b3eb05073da","date":"2022-06-29T16:00:00.000Z","stockId":3000000013463,"sao":"今年以来在个股操作上，主要是在低PB公司上做了一些置换，在高PE公司上做了少量买卖。因今年的市场情况复杂等因素，以至于找不到严格意义上符合选股标准的股票，仓位较低是这个问题的结果，至今的亏损也是这个问题的结果。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:12.215Z","mo":"指数由几千只股票组成，指数的长期走势取决于这些个股的长期走势，而不是相反；每只个股的长期走势取决他所代表企业的价值。与之对应的，我以对企业价值的判断为基础做投资，我对投资的理解主要取决于对价值的理解。  价值，是最一般的概念之一，对价值的理解背后是每个人对世界的理解。对我而言，曾经价值更多跟时代密切结合在一起，如今价值更多跟创造而不仅是奋斗密切结合在一起，但价值永远跟真善美这些最朴素的概念结合在一起。  真正困难的是理解。我们都能感受光：红色代表热情，黄色代表温暖，蓝色代表宁静，这并不精确更不科学，但确实是一种能被接受的理解。还有另一种理解：光既是粒子又是波，这既确定又科学，而且得益于现代教育，如今初中生就知道这个足以让一百年前物理学大师惊叹的理解。后一种理解显然不是真正的理解，但却是社会实践领域很多专业人士的理解——既没有对一般概念深刻内涵的洞察和敬畏，又忘记了做为普通人的直观体验。  经济是最重要的社会实践领域之一——自上而下分析时，今天在全球范围内，通胀数据和货币政策竟然成为宏观经济分析仅剩的主角，让我不禁想起一位投资大师的忠告“世界经济史是一部基于假象和谎言的连续剧”。经济活动由人的活动构成——自下而上分析时，空间、赛道、景气这些词汇简单有力暗含情感的体验，但当这些词和时间结合在一起时，最终起作用的是规律而不是希望。  我的判断一直是：今年将是全社会对未来长期资产收益率预期回归正常的一年。这种背景下，任何理念都面临巨大挑战。我们必须走向创造，而有价值的创造都以对现有规律以及人性中某些部分的理解为基础，求真、求是则是所有这一切的基础。","fund":{"_id":3000000013463,"__csrcFundId":10322,"stockCode":"013463","shortName":"大成致远优势一年持有期混合(013463)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13463,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:47:31.312Z","status":"normal","exchange":"jj","inceptionDate":"2021-11-25T16:00:00.000Z","name":"大成致远优势一年持有期混合型证券投资基金","fundCollectionId":4000050090000,"masterFundShortName":"大成致远优势一年持有期混合","followedNum":1,"setUpDate":"2021-11-25T16:00:00.000Z","setUpAssetScale":390515847.82,"setUpShares":390515847.82,"pinyin":"dczyysyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20153064","stockType":"fund_manager","exchange":"fm","tickerId":2425120070,"name":"徐彦"}]},"announcement":{"linkText":"大成致远优势一年持有期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=781437","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0147fea5b3eb05073d9","date":"2022-03-30T16:00:00.000Z","stockId":3000000013463,"sao":"本基金一季度处于建仓期，买入了一些低市净率个股和成长股。上述操作是基于对企业价值的判断，这种判断背后的分析框架是长期折现，而不是短期景气度。但和两年前的此时相比，无论是对价值股还是成长股，未来两年的收益率相对于过去两年可能会更低而不是更高。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:12.213Z","fund":{"_id":3000000013463,"__csrcFundId":10322,"stockCode":"013463","shortName":"大成致远优势一年持有期混合(013463)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13463,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:47:31.312Z","status":"normal","exchange":"jj","inceptionDate":"2021-11-25T16:00:00.000Z","name":"大成致远优势一年持有期混合型证券投资基金","fundCollectionId":4000050090000,"masterFundShortName":"大成致远优势一年持有期混合","followedNum":1,"setUpDate":"2021-11-25T16:00:00.000Z","setUpAssetScale":390515847.82,"setUpShares":390515847.82,"pinyin":"dczyysyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20153064","stockType":"fund_manager","exchange":"fm","tickerId":2425120070,"name":"徐彦"}]},"announcement":{"linkText":"大成致远优势一年持有期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=729033","linkType":"PDF","source":"csrc_pdf"}}]}