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三季度本基金继续聚焦于光伏和新能源车这两个行业，与本基金的核心策略保持一致。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:38.307Z","fund":{"_id":3000000002296,"stockCode":"002296","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-12-27T16:00:00.000Z","setUpScale":2977490000,"market":"a","tickerId":2296,"custody":"中国建设银行股份有限公司","name":"长城行业轮动灵活配置混合型证券投资基金","shortName":"长城行业轮动混合(002296)","fundSecondLevel":"hybrid","__csrcFundId":4396,"fundStatus":"normal","lastUpdated":"2026-04-30T18:25:11.756Z","masterFundFlag":1,"inceptionDate":"2016-01-11T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城行业轮动混合","pinyin":"cchyldlhpzhhxzqtzjj","managers":[{"stockCode":"db20812330","stockType":"fund_manager","exchange":"fm","tickerId":2525212960,"name":"杨宇"}]},"announcement":{"linkText":"长城行业轮动灵活配置混合型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=658223","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6567fea5b3eb0456818","date":"2021-06-29T16:00:00.000Z","stockId":3000000002296,"sao":"上半年市场变化剧烈，一季度一度承压，二季度则迎来反弹，总体来看仍然录得上涨，但部分板块经历大幅波动，同时结构分化特征较明显，中科创板与创业板表现相对突出。外部因素的影响始终纷繁复杂，譬如流动性预期变化的影响，公共卫生事件的影响，政策导向的影响，降低这些短期扰动因素的干扰、追寻投资中更为本质的东西是管理人努力的方向：一方面身处经济运行良好、正在从大走向强的中国，我们对于A股权益投资的长期态势保持充分信心；另一方面，顺应时代发展大背景的方向往往具备显著投资价值，基于中长期视角精选板块和公司获取投资收益、对抗波动是重要的投资策略。我们观察到国内诸多优势产业正在快速进化，譬如中国消费品牌和中国制造在全球的突破和崛起，在一些领域和品类上由追赶者跟随者变为引领者，譬如一些受制约产业的国产替代正在加速进行，譬如在一些新兴产业的优势不断强化。这些景气的方向始终是我们所长期看好和投资重心所在。本基金核心策略为重点把握顺应时代发展、景气度上行态势明晰的方向和板块，精心挑选其中的优质公司重点配置。报告期内，本基金基于审慎研判跟踪，判断新能源车、光伏等产业方向迎来快速发展，景气度有望持续处于上行阶段，同时国内的优质公司在诸多环节已然处于领先地位、投资价值突出，二季度进行了重点布局。展望后续，本基金将持续动态优化组合，努力为持有人创造价值。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:38.305Z","mo":"管理人对于中国经济的持续健康强劲发展始终充满信心，下半年值得关注的短期因素主要包括流动性的变化，基数原因导致的经济及上市公司业绩短期增速回落，对外贸易的波动，以及政策导向对于不同行业的影响。淡化短期因素的影响，长期视角而言：一是证券市场将承载越来越大的帮助企业发展、帮助投资者财富增值的职能，仍然大有可为；二是始终怀有拥抱时代的心态，长期重点关注和投资于符合时代发展特征、政策鼓励支持的方向和驱动社会效率提升、人民生活改善的行业。","fund":{"_id":3000000002296,"stockCode":"002296","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-12-27T16:00:00.000Z","setUpScale":2977490000,"market":"a","tickerId":2296,"custody":"中国建设银行股份有限公司","name":"长城行业轮动灵活配置混合型证券投资基金","shortName":"长城行业轮动混合(002296)","fundSecondLevel":"hybrid","__csrcFundId":4396,"fundStatus":"normal","lastUpdated":"2026-04-30T18:25:11.756Z","masterFundFlag":1,"inceptionDate":"2016-01-11T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城行业轮动混合","pinyin":"cchyldlhpzhhxzqtzjj","managers":[{"stockCode":"db20812330","stockType":"fund_manager","exchange":"fm","tickerId":2525212960,"name":"杨宇"}]},"announcement":{"linkText":"长城行业轮动灵活配置混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=636728","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6567fea5b3eb0456817","stockId":3000000002296,"sao":"一季度市场最明显的外部影响来自于流动性环境及预期的变化:随着公共卫生事件影响走向缓和，全球经济活动逐步修复并带来一定通胀压力，去年以来宽松的流动性环境有收紧预期，美债收益率上升，使得投资者情绪趋紧并导致市场阶段承压。但积极的一面在于，国内的经济运行早已基本恢复，上市公司总体的基本面良好，积极的业绩情况是市场最有力的支撑。因此，我们并不倾向于判断短期市场的走势而影响大的决策，一方面我们对于A股权益市场的长期态势仍然很有信心，另一方面这次公共卫生事件的考验，帮助我们对于中长期视角的投资方向和机会有更深度的思考和判断。在这一相对特殊的时期，可以看到诸多中国制造和中国品牌在国外取得了很大的突破，品质、品牌、性价比等多方面的优势都得到了广泛认可，在一些新兴消费品类上甚至引领全球潮流，有理由相信越来越多中国的品牌将逐渐站上全球舞台的中央，打开更大的市场空间；同时，中国也在诸多产业上快速迭代追赶或优势不断强化，譬如军工，譬如新能源等。在这些蓬勃发展的方向上，我们相信能捕捉到更多的投资机会。报告期内及展望后续，本基金坚持一贯投资标准，尤为关注中国品牌的崛起及新兴消费产业趋势，把握顺应甚至引领时代的优质公司的投资机会，精选配置基本面强劲、性价比相对突出的板块和公司，灵活控制仓位，持续动态优化组合。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:38.302Z","fund":{"_id":3000000002296,"stockCode":"002296","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-12-27T16:00:00.000Z","setUpScale":2977490000,"market":"a","tickerId":2296,"custody":"中国建设银行股份有限公司","name":"长城行业轮动灵活配置混合型证券投资基金","shortName":"长城行业轮动混合(002296)","fundSecondLevel":"hybrid","__csrcFundId":4396,"fundStatus":"normal","lastUpdated":"2026-04-30T18:25:11.756Z","masterFundFlag":1,"inceptionDate":"2016-01-11T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城行业轮动混合","pinyin":"cchyldlhpzhhxzqtzjj","managers":[{"stockCode":"db20812330","stockType":"fund_manager","exchange":"fm","tickerId":2525212960,"name":"杨宇"}]},"announcement":{"linkText":"长城行业轮动灵活配置混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=575322","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6567fea5b3eb0456816","stockId":3000000002296,"sao":"2020年是近些年来值得铭记、留下浓墨重彩的一年，无论是对于国计民生、还是对于资本市场。一场突如其来的公共卫生事件打乱了经济节奏、百姓生活，并且持续的时间长度超出了以往的相似事件，形成巨大挑战。但令人欣慰的是，在政府有力的领导下，我国不但是控制公共卫生事件影响最为成功的国家之一，经济活动也迅速恢复；而受此鼓舞以及积极的流动性状况，也驱动资本市场迅速走出负面情绪阴霾，继续走出了积极的一年。从最后的回报率来看，2020年对于资产管理行业总体来说是丰收的一年，但整个过程无疑是跌宕起伏、富有戏剧性的。板块来看全年热点不断迭代，从年初的半导体、医药板块强势而大多数板块承受巨大的压力，再到消费龙头逆势强劲反弹、迭创新高，再到新能源、军工等板块异军突起；个股而言则分化巨大，尽管一些板块表现强劲、部分个股涨幅惊人，但两市仍有近半数公司股价是下跌的。因此，实际上这一年对于投资者而言仍然是充满挑战。与此同时，不同板块和公司比较明显的股价表现差异和估值差异引发了市场关于风格极致化的讨论，这几乎是每一轮牛市环境下绕不开的话题，但整体来看这一轮涨幅领先的个股以基本面突出的龙头公司为主，其实是彰显了A股市场愈发健康的投资环境，而这与渐趋成熟的专业机构投资者对于投资标的质地的高要求以及对市场的引导作用是分不开的，也一定程度上推动了资产管理行业的发展。当然，任何时候在面临高估值、情绪亢奋的环境时，冷静和清醒是必要的，当前一方面要进一步强化对于投资策略和投资纪律的坚守、持续提高对于投资品种的质地和性价比要求，另一方面也要时刻保持风险意识。本基金的运作方面，在年中之后投资策略有一些调整，下半年总体上提升了权益仓位。策略方面，本基金秉持重点投资于符合甚至引领时代趋势、展现较强成长性或出现积极变化的优质公司的主要策略，在大消费领域、科技及体验升级、进口替代等方向和视角上重点挖掘投资机会，不断优化组合。配置方面：一是重点布局了大消费领域中部分受益于线上消费和出海逻辑的成长公司，以及国产品牌崛起浪潮中的一些优质品种；二是关注军工等需求景气上行的方向。遗憾和不足的方面：一是低估了流动性对市场的推动，由于对于估值水平的相对谨慎，错失了部分高估值、高景气特征板块的投资机会；二是低估了市场对于优质资产的积极追逐程度，白马龙头公司的机会挖掘和把握不够充分。某种程度上，相对谨慎的心态是导致2020年有所不足的因素之一，适度顺应市场是必要的和需要提高的地方，当然凡事都有两面，长期来看保持一份谨慎克制相信也能提供一些正面帮助。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:38.299Z","mo":"每一年的年初对全年做出预判都是相当困难的，一如2020年年初可能大部分人也无法预料到全年的走向一样。宏观经济层面继续修复反弹是大概率事件，特别是去年同期基数受影响比较明显的情况下，但证券市场的影响因素更为多元复杂。我们始终确信两个方面：一是中国经济长期向好的趋势不会改变，在政府的积极引导下结构也将更加健康，在具备优势的产业上持续巩固加强、在有短板的方向迅速发力追赶；二是随着制度改革优化及投资者教育不断强化，证券市场正在持续走向成熟，长期仍大有可为。因此，我们并不倾向于对短期市场的走向做大的判断而影响决策，而是从中长期视角出发，将主要精力放在挖掘高景气的方向以及高质量成长的优秀公司的投资机会，坚守投资策略和投资纪律，不断优化组合配置，争取把握住时代大机遇并分享经济发展和资本市场成长的红利。","fund":{"_id":3000000002296,"stockCode":"002296","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-12-27T16:00:00.000Z","setUpScale":2977490000,"market":"a","tickerId":2296,"custody":"中国建设银行股份有限公司","name":"长城行业轮动灵活配置混合型证券投资基金","shortName":"长城行业轮动混合(002296)","fundSecondLevel":"hybrid","__csrcFundId":4396,"fundStatus":"normal","lastUpdated":"2026-04-30T18:25:11.756Z","masterFundFlag":1,"inceptionDate":"2016-01-11T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城行业轮动混合","pinyin":"cchyldlhpzhhxzqtzjj","managers":[{"stockCode":"db20812330","stockType":"fund_manager","exchange":"fm","tickerId":2525212960,"name":"杨宇"}]},"announcement":{"linkText":"长城行业轮动灵活配置混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=559666","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6567fea5b3eb0456815","stockId":3000000002296,"sao":"三季度市场有所上涨，市场情绪较为积极。总体而言，一是流动性仍然相对宽裕；二是优秀上市公司基本面韧性强，定价有重估的空间，这种态势有望长期化。因此，尽管短期面临公共卫生事件、国际关系等不确定性因素的影响，但权益市场中长期的表现值得持续乐观。三季度及展望后续，本基金重点投资方向：一是重点关注大消费需求格局的变化，把握顺应甚至引领时代趋势的优质公司的投资机会；二是重视行业景气度向上的方向，如军工、新能源等。总体上，本基金会重点研究和精选配置基本面强劲、性价比相对突出的板块和公司，灵活控制仓位，持续动态优化组合。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:38.296Z","fund":{"_id":3000000002296,"stockCode":"002296","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-12-27T16:00:00.000Z","setUpScale":2977490000,"market":"a","tickerId":2296,"custody":"中国建设银行股份有限公司","name":"长城行业轮动灵活配置混合型证券投资基金","shortName":"长城行业轮动混合(002296)","fundSecondLevel":"hybrid","__csrcFundId":4396,"fundStatus":"normal","lastUpdated":"2026-04-30T18:25:11.756Z","masterFundFlag":1,"inceptionDate":"2016-01-11T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城行业轮动混合","pinyin":"cchyldlhpzhhxzqtzjj","managers":[{"stockCode":"db20812330","stockType":"fund_manager","exchange":"fm","tickerId":2525212960,"name":"杨宇"}]},"announcement":{"linkText":"长城行业轮动灵活配置混合型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492557","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6567fea5b3eb0456814","stockId":3000000002296,"sao":"上半年由于公共卫生事件的发生，经济和社会的状态相对特殊，也为市场带来了变化和挑战；尽管短期经济基本面和上市公司业绩多少受到干扰，但从市场实际表现来看，则一定程度呈现了超越常规认识的存在，对负面影响的消化很快，诸多板块和公司涨幅明显。这里面可能有两重因素驱动：一是国内应对公共卫生事件反应迅速、有效控制了事态发展，复工复产有序展开，极大提振市场信心；二是较为宽裕的流动性环境以及较为积极的政策面下，有利于权益市场表现。本基金将本着从基本面出发寻找投资机会的角度，重点关注经营稳健、业绩态势良好、长期发展潜力突出、估值相对合理的公司，特别是重点挖掘受益于内需驱动的大消费领域、进口替代、科技军工等方向的投资机会，灵活控制仓位，持续动态优化组合。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:38.294Z","mo":"随着复工复产的有序推进，国内经济已经基本恢复正常，对外贸易方面仍一定程度受到海外疫情情况及国际关系的影响。但最高层“国内大循环为主体”的理念提出，可以相对淡化海外因素的影响，重点着眼于庞大内需市场驱动的投资机会；同时在较为积极的政策面以及较为乐观的情绪面下，对于权益市场仍然值得保有信心。进一步探讨，在公共卫生事件、国际关系等多种因素的驱动下，经济结构的变化可能加速，譬如：线上消费快速发展对消费市场结构及品牌的重塑；科技领域的自主创新、进口替代加速；军工行业的创新和新装备列装提速等。尽可能前瞻和敏锐把握住变化中的投资机会是我们努力的方向所在。","fund":{"_id":3000000002296,"stockCode":"002296","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-12-27T16:00:00.000Z","setUpScale":2977490000,"market":"a","tickerId":2296,"custody":"中国建设银行股份有限公司","name":"长城行业轮动灵活配置混合型证券投资基金","shortName":"长城行业轮动混合(002296)","fundSecondLevel":"hybrid","__csrcFundId":4396,"fundStatus":"normal","lastUpdated":"2026-04-30T18:25:11.756Z","masterFundFlag":1,"inceptionDate":"2016-01-11T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城行业轮动混合","pinyin":"cchyldlhpzhhxzqtzjj","managers":[{"stockCode":"db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