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11.96%、11.40%、10.61%，煤炭、商贸零售、石油石化跌幅最深，分别下跌10.59%、8.22%、5.90%，表明市场对于顺周期资产的贝塔依然存在分歧。展望后市，特朗普政府的“美国优先”政治导向带来全球对等关税落地，全球贸易环境复杂及供应链的破坏，叠加国内年报和一季报的披露市场风险偏好的降低，无论是对于经济体价格的恢复、还是企业盈利的改善都将形成短期的压制作用，阶段性降低全球风险资产的风险偏好并引发流动性冲击。对美出口下降以及全球需求下滑将会拖累中国出口增速，全面支持内需消费成为完成今年经济发展目标以及应对外部冲击的关键措施。国内3月两会时隔数年重提“择机降息降准”，“拟发行1.3万亿超长期特别国债”意味着 25年的广义财政存在进一步发力空间，将为5%的GPD增速目标提供强有力支持；4月下旬召开的政治局会议可能会进一步延续和调整财政支出及内需消费的进一步崛起，关税冲击带来的悲观情绪也有望阶段性缓解。二季度将进入政策效果密集验证期，美联储降息通道有望开启，美国经济持续降温，金融条件紧缩，伴随降息预期回升，非美国家再平衡预计在短期还会持续。目前A股各类宽基的估值回到过去十年50%分位数以下位置，4月政治局会议前后政策有望进一步释放暖意，叠加经济弱复苏预期升温和风险偏好的修复，我们对市场并不悲观。对于标的的选择上，依然沿着“科技创新”和“稳定红利”两条主线展开，兼顾结构性的困境反转机遇。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:34.757Z","fund":{"_id":3000000013590,"__csrcFundId":10698,"stockCode":"013590","shortName":"南方比较优势混合(013590)","masterFundShortName":"南方比较优势混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13590,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:51:12.321Z","status":"normal","exchange":"jj","name":"南方比较优势混合型证券投资基金","fundCollectionId":4000050020000,"followedNum":1,"inceptionDate":"2022-02-06T16:00:00.000Z","setUpDate":"2022-02-06T16:00:00.000Z","setUpAssetScale":231598071.89,"setUpShares":231598071.89,"pinyin":"nfbjyshhxzqtzjj","managers":[{"stockCode":"db20773619","stockType":"fund_manager","exchange":"fm","tickerId":202404237410,"name":"唐小东"},{"stockCode":"db20906653","stockType":"fund_manager","exchange":"fm","tickerId":240712237410,"name":"许公磊"}]},"announcement":{"linkText":"南方比较优势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=1277549","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed02a7fea5b3eb0508996","date":"2024-12-30T16:00:00.000Z","stockId":3000000013590,"sao":"2024年A股市场整体呈现“先抑后扬、震荡上行”的走势，整体可以大致分为四个阶段。（1）春节前的市场下跌：悲观预期下两融、雪球等流动性负反馈效应以及美联储降息预期后移等因素打击市场风险偏好，大盘快速下行；（2）2-5月市场迎来超跌反弹行情，得益于国内政策端持续发力，重要机构投资者入场托举指数，以及海外PMI超预期带动出口数据修复等因素驱动；（3）5月-9月中旬市场回调：上市公司财报、金融数据不及预期，海外环境不确定性升温，市场出现回调；（4）9月下旬至年底，政策基调明显回暖，国内超预期政策组合拳加力稳增长，市场大幅反弹后进入宽幅震荡行情。全年来看，主要股指全年多数录得两位数涨幅，具体来看，沪深300、中证500、中证1000、创业板指涨幅分别为14.6%、5.46%、1.2%、13.2%。风格方面，2024年市场呈现“成长与红利双主线并行”的特征。成长板块方面，在政策支持和技术突破的背景下，成长板块估值弹性显著提升，以人工智能、低空经济、半导体为代表的科技板块成为核心驱动力。第二，由于无风险利率下行、“新国九条”鼓励上市公司分红、回购与市值管理，长期投资者持续入市，使得高股息主线贯穿全年，成为资金避险与长期配置的重要方向。在行业层面，非银金融得益于超预期政策组合拳带来的市场风险偏好翻转，全年录得34.3%的涨幅，排名行业第一；银行在高股息板块中深受投资者青睐，受益于分红提升、坏账下滑、城投/地产风险逐渐平稳着陆等因素，银行全年上涨30.17%，排名行业第二；通信兼具AI产业的光模块、以及红利资产的运营商，受到资金关注，涨幅达到28.82%。另一方面，受制于内需的恢复偏慢和产业政策的压制，医药生物、农林牧渔、美容护理等消费属性板块表现欠佳，分别下跌14.3%、11.5%、10.3%。本基金9月份之前业绩尚可，但在9月底之后的反弹中结构相对保守，大幅跑输市场。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:34.749Z","mo":"展望后市，12月中央经济工作会议时隔数年罕见明确了宽货币、宽财政的“双宽”基调，“政府举债空间提升”意味着25年的广义财政存在进一步发力空间，无论是对于经济体价格的恢复、还是企业盈利的改善都将形成带动作用。且春节后伴随年报业绩预告及特朗普关税等不确定性落地，春节后市场躁动行情有望开启。此外，春节期间DeepSeek口碑爆棚，影响力出圈，成为了科技领域新的产业催化剂，科技成长风格有望从主题驱动转为基本面驱动、进入趋势性占优阶段。目前A股各类宽基的估值回到过去十年30%-50%的分位数位置，一季度两会前后政策有望进一步释放暖意，叠加货币流动性和风险偏好的修复，25年的春季行情值得期待。对于标的的选择上，25年依然沿着“科技创新”和“稳定红利”两条主线展开，兼顾结构性的困境反转机遇。第一，中美2.0时代，关键卡脖子领域的国产化动力加强（半导体、信创），年初DeepSeek的科技成果引爆全球，其凭借低成本、开源、蒸馏模式等特点，大幅提升了后续AI推理算力、端侧、应用等领域发展的可能性，给整个AI+产业链的业绩兑现带来了想象空间。过去2年，科创创业板相较于主板的业绩走势向下，因此科技领域机会以主题概念为主，而仅有少数公司能够兑现业绩；DeepSeek的发展使得未来有更多的AI产业链的公司出现订单爆发或者商业模式的创新，有望使得科创创业板相较于主板的业绩优势重新抬升。此外，打破了过去2年美国在AI领域的绝对垄断地位，这也驱动了全球资金重估中国优势科技公司，为A股港股科技公司提供了增量资金。我们优先跟踪业绩兑现确定性较高的端侧硬件、机器人智驾、推理测算力，此外全年维度关注华为昇腾910产业链、字节跳动产业链。第二，我们仍然会看重行业竞争格局的稳定、资产负债表的稳健和自由现金流的健康，对于红利类资产的配置，在经济预期转向平稳的背景下，选择更有进攻性的偏周期类资产，也兼顾一些和科技创新共振的行业。第三，对于出口链上具有国际竞争力的企业，比如家电、电力设备、纺织制造等，中国制造业提升海外渗透率已是大势所趋，且出口链公司有明确的“涨在业绩期”的特征，在3-4月年报一季报窗口值得关注。第四，对于内需消费、地产链、军工等经营周期长期处于底部的困境行业，也可能存在因政策驱动或产业自发出清所带来的供需改善，关注相关低估低配领域脉冲式的修复机遇，我们更多做到标的甄别和筛选。","fund":{"_id":3000000013590,"__csrcFundId":10698,"stockCode":"013590","shortName":"南方比较优势混合(013590)","masterFundShortName":"南方比较优势混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13590,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:51:12.321Z","status":"normal","exchange":"jj","name":"南方比较优势混合型证券投资基金","fundCollectionId":4000050020000,"followedNum":1,"inceptionDate":"2022-02-06T16:00:00.000Z","setUpDate":"2022-02-06T16:00:00.000Z","setUpAssetScale":231598071.89,"setUpShares":231598071.89,"pinyin":"nfbjyshhxzqtzjj","managers":[{"stockCode":"db20773619","stockType":"fund_manager","exchange":"fm","tickerId":202404237410,"name":"唐小东"},{"stockCode":"db20906653","stockType":"fund_manager","exchange":"fm","tickerId":240712237410,"name":"许公磊"}]},"announcement":{"linkText":"南方比较优势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=1258317","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed02a7fea5b3eb0508995","date":"2024-09-29T16:00:00.000Z","stockId":3000000013590,"sao":"三季度市场大幅反弹，具体来看，沪深300上涨16.07%，中证500上涨16.19%，中证1000上涨16.6%，创业板指上涨29.21%。行业层面全部录得正收益且分化明显，非银金融、房地产、综合涨幅居前，分别上涨41.67%、33.05%、31.2%，煤炭、石油石化、公用事业涨幅最少，分别上涨1.24%、2%、2.95%。上半年我们的配置思路总体偏防御，且由于结构上偏均衡和分散，在三季度的反弹中跑输市场。展望后市，政策转向信号明确，风险偏好和市场流动性得到显著改善，市场底部基本探明，心态上会更加积极，继续提高对个股的定价能力，减少基于市场点位、风格判断对操作的扰动。对于标的的选择上，我们会仍然看重竞争格局的稳定、资产负债表的稳健和自由现金流的健康。对于红利类资产的配置，我们会选择更有进攻性的偏周期类资产；对于出口链上具有国际竞争力的企业，比如家电、电力设备、纺织制造等，我们仍然长期看好。在市场波动率提升背景下，我们会加大研究，积极寻找被错杀优质标的的布局机会。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:34.745Z","fund":{"_id":3000000013590,"__csrcFun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只有煤炭上涨10.95%，社会服务、交通运输、银行分别下跌2.23%、3.41%和10.47%，跌幅相对较小，电子、建材、传媒、计算机、电力设备、国防军工分别下跌36.54%、26.13%、26.07%、25.47%、25.30%。回顾年初，我们的判断是在经历了三年较高的复合回报后，宏观背景复杂程度将上升，使得市场的潜在波动加大，在盈利下行周期和稳增长政策发力的对抗中，市场更可能在政策与基本面的时间差中反复波动，所以我们采取了降低仓位的行为，在1-4月的单边下跌中一定程度上控制住了产品的回撤。但是在之后的反弹初期，仍然对市场处于谨慎态度，在犹豫中错过了景气成长标的最佳配置窗口， 导致在反弹初期跑输，但是市场企稳后，通过发掘一些偏中小市值公司的结构性机会获得了较好的回报。总体来说，我们的持仓相较年初市值更加下沉，所以在四季度的反弹中弹性不够，但是我们觉得这些标的估值和增速的匹配度更好。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:34.714Z","mo":"展望23年，压制股票市场估值的三大因素，疫情的应对政策，房地产行业系统性风险以及美国通胀水平都出现了趋势性拐点；我们看好23年经济复苏，尤其是国内地产和消费链条的复苏方向。当前A股整体估值无论是相对自身历史，还是相对债券，均处于相对低估状态，以年度为展望，值得积极配置。从市场风险偏好和流动性角度来看，当前市场换手率依然较低，场外资金除北向交易型资金相对活跃外，公募基金发行、两融、绝对收益类产品，均处于活跃度比较低的状态，所以无论从估值还是流动性的角度，当前时点看未来一年，权益类资产仍是性价比较高的选择。供应链的全球化分工是多年来低通胀高增长的基石，但这一核心要素现在发生了变化，自主可控和安全会给我们选股提供很多自上而下的思路，包括专精特新制造业、计算机自主可控等。新能源经历了去年的大幅调整，估值回到相对合理的水平，我们密切关注其中少数能够建立起超额优势和壁垒的公司。稳定高ROE赛道中，消费医药的景气度都有较好的回升。伴随经济的复苏，顺周期板块如银行、券商、有色、地产产业链都有绝对收益的机会。随着新股的大量发行，次新股存在较大的研究预期差，潜力机会值得关注。","fund":{"_id":3000000013590,"__csrcFundId":10698,"stockCode":"013590","shortName":"南方比较优势混合(013590)","masterFundShortName":"南方比较优势混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13590,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:51:12.321Z","status":"normal","exchange":"jj","name":"南方比较优势混合型证券投资基金","fundCollectionId":4000050020000,"followedNum":1,"inceptionDate":"2022-02-06T16:00:00.000Z","setUpDate":"2022-02-06T16:00:00.000Z","setUpAssetScale":231598071.89,"setUpShares":231598071.89,"pinyin":"nfbjyshhxzqtzjj","managers":[{"stockCode":"db20773619","stockType":"fund_manager","exchange":"fm","tickerId":202404237410,"name":"唐小东"},{"stockCode":"db20906653","stockType":"fund_manager","exchange":"fm","tickerId":240712237410,"name":"许公磊"}]},"announcement":{"linkText":"南方比较优势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=873827","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed02a7fea5b3eb050898d","date":"2022-09-29T16:00:00.000Z","stockId":3000000013590,"sao":"回顾三季度，市场总体上呈震荡下跌态势。只有煤炭行业取得了正收益，公用事业、石油石化、通信、交运、农林牧渔和军工表现相对较好。建筑建材、电力设备、电子、汽车、传媒、医药、非银等都有15个点以上的跌幅。中小市值个股表现相对较好，国证2000下跌10.66%，创业板、茅指数和宁组合都下跌17%以上。展望四季度，全球流动性收紧对风险资产的冲击已经逐步接近尾声，市场进入情绪周期底部，我们对未来3-6个月的宏观环境并不悲观，将以更积极的心态来应对市场的结构性机会。从FED模型来看，权益资产已经具备很高的吸引力。虽然外需回落会对经济带来一定冲击，但市场核心关注点还是在内不在外，国内接力政策逐渐明确，市场风险偏好以小幅提升为主。供应链的全球化分工是多年来低通胀高增长的基石，但这一核心要素现在发生了变化，自主可控和安全会给我们选股提供很多自上而下的思路，尤其是先进制造业中的机会。新能源中光伏、电动车、汽车零部件和智能化、风电、储能都值得长期重点关注，对于市场规模持续扩大，行业渗透率低的行业，我们可以从中发掘出很多机会。稳定高ROE赛道中，消费医药估值压降的压力缓解，在宏观不确定性的背景下，也有绝对收益的机会。景气反转板块也蕴含着超额收益机会，关注农业、疫情受损行业、稳增长、地产和地产产业链等方向。随着新股的大量发行，市场对次新股的研究存在预期差，潜力机会值得关注。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:34.710Z","fund":{"_id":3000000013590,"__csrcFundId":10698,"stockCode":"013590","shortName":"南方比较优势混合(013590)","masterFundShortName":"南方比较优势混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13590,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:51:12.321Z","status":"normal","exchange":"jj","name":"南方比较优势混合型证券投资基金","fundCollectionId":4000050020000,"followedNum":1,"inceptionDate":"2022-02-06T16:00:00.000Z","setUpDate":"2022-02-06T16:00:00.000Z","setUpAssetScale":231598071.89,"setUpShares":231598071.89,"pinyin":"nfbjyshhxzqtzjj","managers":[{"stockCode":"db20773619","stockType":"fund_manager","exchange":"fm","tickerId":202404237410,"name":"唐小东"},{"stockCode":"db20906653","stockType":"fund_manager","exchange":"fm","tickerId":240712237410,"name":"许公磊"}]},"announcement":{"linkText":"南方比较优势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=811050","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed02a7fea5b3eb050898c","date":"2022-06-29T16:00:00.000Z","stockId":3000000013590,"sao":"回顾上半年，市场经历了快速下跌之后又迎来了大幅反弹，尤其是新能源相关的行业反弹较大。截止到6月30日，上证指数下跌6.63%，沪深300下跌9.22%，宁组合和茅指数10.83%，中证1000下跌12.67%，深成指下跌13.20%，创业板下跌15.41%。分行业看，煤炭行业上涨31.38%， 是唯一取得正收益的行业，地产、有色、银行、建筑下跌2%左右，电子、计算机、传媒、军工有20%以上的下跌。我们在下跌过程中进行了仓位控制和结构调整，但是在反弹初期，仍然对市场处于谨慎态度，在犹豫中错过了景气成长标的最佳配置窗口，导致在反弹初期跑输，后续通过发掘结构性机会缩小了一部分差距。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:34.700Z","mo":"展望下半年，我们将以更积极的心态来应对市场的结构性机会。国内接力政策逐渐明确， 市场风险偏好以小幅提升为主，新能源或许仍是市场的主赛道，光伏、电动车、汽车零部件和智能化、风电、储能都值得长期重点关注。对于市场规模持续扩大，行业渗透率低的行业，我们可以从中发掘出很多机会。稳定高ROE赛道中，消费医药估值压降的压力缓解，在宏观不确定性的背景下，也有绝对收益的机会。随着新股的大量发行，次新股存在较大的研究不足，蕴含着较大的预期差。","fund":{"_id":3000000013590,"__csrcFundId":10698,"stockCode":"013590","shortName":"南方比较优势混合(013590)","masterFundShortName":"南方比较优势混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13590,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:51:12.321Z","status":"normal","exchange":"jj","name":"南方比较优势混合型证券投资基金","fundCollectionId":4000050020000,"followedNum":1,"inceptionDate":"2022-02-06T16:00:00.000Z","setUpDate":"2022-02-06T16:00:00.000Z","setUpAssetScale":231598071.89,"setUpShares":231598071.89,"pinyin":"nfbjyshhxzqtzjj","managers":[{"stockCode":"db20773619","stockType":"fund_manager","exchange":"fm","tickerId":202404237410,"name":"唐小东"},{"stockCode":"db20906653","stockType":"fund_manager","exchange":"fm","tickerId":240712237410,"name":"许公磊"}]},"announcement":{"linkText":"南方比较优势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=788696","linkType":"PDF","source":"csrc_pdf"}}]}