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们分析企业价值创造能力的落脚点和常见的基本面投资分析维度大同小异，包括企业的商业模式、竞争优势、成长潜力、股东回报等。如何用相对低估的价格买到有价值企业？我们的答案是利用好周期。马拉松资本在《资本回报》中开宗明义写道：“资本流动带来新的投资，随着时间的推移会增加产能并将最终压低回报。相反，当回报较低时，资本撤离，产能下降；然后，随着时间的推移，利润又会回升”。行业的供给变化会影响公司的竞争态势和盈利状况，在产能周期顶部，行业竞争导致盈利下降，也会给投资低价买入优质公司的机会。随着产能周期见底，盈利逐步修复，投资者可以获取盈利修复甚至估值提升带来的投资收益。简而言之，我们力求在周期低位买入景气改善的优质企业。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:52.344Z","mo":"我国经济处在从高速增长向高质量发展切换的过程中，叠加国际政治环境动荡，难免出现阵痛，要认识到国内居民收入、消费支出仍有很大的提升潜力，中国的制造业已经从中低端到中高端建立了全球竞争力，具备输出全球市场的能力。2023年我们已经观察到出行链、汽车家电等耐用消费渐次复苏，地方债务、地产风险释放，2024年经济稳中向好基调不变。股票市场经过两年的调整，很多优质公司的分红和回购带来的回报已经远超无风险利率，一方面我们观察到企业更加注重投资者回报，另一方面是很多公司的估值风险大幅度释放，投资者无需支付溢价就可以买到公司的成长期权。毫无疑问，我们当前时点对投资回报率是乐观的。从中观行业角度，我们看好以下投资线索：　　1）部分资源品，包括金属和能源。供给干扰增加、缺乏资本开支是过去几年资源品领域的普遍现象，能源结构转型、供应链重构等提振资源品需求，预计资源品领域能提供持续的较高投资回报。和海外优质资源品企业相比，国内资源品龙头企业具备更大成长潜力和显著的估值优势。　　2）养殖。动物蛋白是刚性需求，行业巨亏导致养殖户退出，供需格局出现根本性变化，股票资产的赔率较高。　　3）部分化工品。随着资本开支接近尾声，部分领域龙头定价能力提升，盈利有较大修复空间。","fund":{"_id":3000000013674,"__csrcFundId":10884,"stockCode":"013674","shortName":"长城价值甄选一年持有混合A","masterFundShortName":"长城价值甄选一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13674,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:32.859Z","status":"normal","exchange":"jj","name":"长城价值甄选一年持有期混合型证券投资基金","fundCollectionId":4000050150000,"inceptionDate":"2022-04-07T16:00:00.000Z","followedNum":2,"setUpDate":"2022-04-06T16:00:00.000Z","setUpAssetScale":223924275.79,"setUpShares":223924275.79,"pinyin":"ccjzzxyncyqhhxzqtzjj","managers":[{"stockCode":"db20913184","stockType":"fund_manager","exchange":"fm","tickerId":32625236740,"name":"陈子扬"}]},"announcement":{"linkText":"长城价值甄选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=1056909","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed03c7fea5b3eb050988d","date":"2023-09-29T16:00:00.000Z","stockId":3000000013674,"sao":"2023年三季度A股市场明显下跌，沪深300下跌3.98%，创业板指下跌9.53%。不同行业严重分化，中信一级行业中，煤炭涨10.37%，非银金融涨6.28%，石油石化涨5.79%，传媒、计算机、电力设备及新能源下跌幅度则分别达到14.19%、13.88%、13.53%。  三季度基金持仓变动较大，组合构建的理念是一致的，持仓变化是关注方向不同的结果。我们致力于筛选景气改善的优势企业以构建投资组合，平衡个股的风险和收益，以期获取超额收益。组合管理过程中，我们根据行业景气变化、企业经营节奏、估值水平动态调整个股权重。  三季度政府出台了一系列务实政策，我们认为经济复苏虽有隐忧但不改方向，PMI亦处于改善途中。海外方面，美国通胀水平高企，利率处在高位的时间将超预期。我们在保持对国内经济高频数据紧密跟踪的同时关注美联储货币政策变化。具体操作上，三季度本基金加仓受益于经济复苏的有色金属、兼具高股息和弹性的能源等。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:52.341Z","fund":{"_id":3000000013674,"__csrcFundId":10884,"stockCode":"013674","shortName":"长城价值甄选一年持有混合A","masterFundShortName":"长城价值甄选一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13674,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:32.859Z","status":"normal","exchange":"jj","name":"长城价值甄选一年持有期混合型证券投资基金","fundCollectionId":4000050150000,"inceptionDate":"2022-04-07T16:00:00.000Z","followedNum":2,"setUpDate":"2022-04-06T16:00:00.000Z","setUpAssetScale":223924275.79,"setUpShares":223924275.79,"pinyin":"ccjzzxyncyqhhxzqtzjj","managers":[{"stockCode":"db20913184","stockType":"fund_manager","exchange":"fm","tickerId":32625236740,"name":"陈子扬"}]},"announcement":{"linkText":"长城价值甄选一年持有期混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=992602","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed03c7fea5b3eb050988c","date":"2023-06-29T16:00:00.000Z","stockId":3000000013674,"sao":"2023年上半年，国内宏观经济经历年初的稳步修复后逐渐呈现需求不足、预期较弱的态势。官方制造业采购经理指数（PMI）在连续三个月位于荣枯线上方后，进入二季度则连续三个季度回落到荣枯线下方，6月底呈现一定的企稳复苏态势。受到内需不足，外需走弱的影响，企业经营活动也信心不足，处于去库存周期之中。国际经济环境方面也与年初的预期出现较大偏离。美国等西方主要经济体为抑制国内高企的通胀而进行的持续加息仍在持续，频率和幅度都超出此前预期，高企的通胀逐步得到控制并缓慢下行，但是并未如先前预期般带来美国经济的衰退，尽管也出现部分银行因流动性危机而倒闭，但是消费主导的经济依然显得任性十足。经济走势的相对强弱，利差的扩大都给人民币对美元汇率带来较大的贬值压力。  宽松的流动性并未反映到权益市场上，由于赚钱效应未显现，并无增量资金进入市场，人民币的贬值压力和对国内经济预期的转弱也使得外部资金总会阶段性的选择离开A股市场。A股市场总体仍是存量资金博弈的格局，指数以横盘震荡为主要特征，主题投资大行其道。受到政策鼓励和事件驱动，人工智能概念持续受到关注，成为持续性最强的主题，甚至被冠以“革命性的技术”、“和因特网的诞生同样重要”，当然也值得我们重视。此外，中特估、顺周期等板块也穿插其中，板块轮动快也是上半年行情的特征之一。    本基金总体上遵循自下而上精选个股的策略，精选具备核心优势的优质公司积极配置。报告期我们一方面加大了对消费场景修复带来的大众消费品、医疗服务的配置，一方面关注到人工智能领域的新变化，适当配置了估值安全边际高、在技术变革中有望受益于于降本增效的个股。阶段性受到宏观经济转弱影响，消费板块和顺周期个股估值承压，也给本基金净值带来一定程度的压制。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:52.338Z","mo":"展望下半年，我们认为，权益市场面临的经济政策环境会略好于上半年。一方面，经济已经出现低位企稳的迹象，企业去库存过程进入尾声。另一方面，货币政策和财政政策仍有较大发力空间，政策力度会显著好于上半年，年中的中共中央政治局会议对国内宏观经济已经有明确的表态，对当前国内经济形势判断准确，相信会精准发力。针对内需不足、信心不足的一些列政策正在陆续出台，相信会逐步产生政策效果。此外，美联储经过十一次连续加息，利率水平已经回到过去22年来的高位，对通胀的抑制作用已经显现，后续继续加息的频次和空间相信极为有限，人民币面临的贬值压力也有望得到缓解，下半年我们面临的外部环境也会显著好于上半年。  当前权益市场对宏观经济的较为悲观的预期已经反应的比较充分，中长期看，整体估值水平已经回落到较低位置。如果宏观经济企稳并呈现温和复苏的态势，投资者的风险偏好会得到提升，估值修复是值得期待的，前期受到宏观层面、资金层面等因素压制的板块和个股有望获得更好的表现。此外，相信在事件驱动下，比如一带一路峰会、针对技术创新的产业政策发布、关键创新产品发布、新技术在关键领域应用落地等，主题投资仍将活跃。","fund":{"_id":3000000013674,"__csrcFundId":10884,"stockCode":"013674","shortName":"长城价值甄选一年持有混合A","masterFundShortName":"长城价值甄选一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13674,"currency":"CNY","masterFundFlag":1,"las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绩等多种因素的影响，总体震荡走低，成交量不断萎缩。报告期仅煤炭板块上涨，其他尽数收跌。上游能源、公用事业、处于低位的房地产等板块相对抗跌。  本基金报告期内，随着市场的调整和建仓期进入尾声，逐步提高了权益的比重。本基金总体上遵循自下而上精选个股的策略，在食品饮料、医药、汽车、高端制造、电子板块中精选具备核心优势的成长性公司积极配置。配置方向上关注长期消费升级逻辑未变的大消费板块、未来疫情影响减弱后业绩有望修复的板块以及景气度向上、受宏观经济波动影响不大的军工、海上风电等板块的投资机会。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:52.330Z","fund":{"_id":3000000013674,"__csrcFundId":10884,"stockCode":"013674","shortName":"长城价值甄选一年持有混合A","masterFundShortName":"长城价值甄选一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13674,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:32.859Z","status":"normal","exchange":"jj","name":"长城价值甄选一年持有期混合型证券投资基金","fundCollectionId":4000050150000,"inceptionDate":"2022-04-07T16:00:00.000Z","followedNum":2,"setUpDate":"2022-04-06T16:00:00.000Z","setUpAssetScale":223924275.79,"setUpShares":223924275.79,"pinyin":"ccjzzxyncyqhhxzqtzjj","managers":[{"stockCode":"db20913184","stockType":"fund_manager","exchange":"fm","tickerId":32625236740,"name":"陈子扬"}]},"announcement":{"linkText":"长城价值甄选一年持有期混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=809388","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed03c7fea5b3eb0509888","date":"2022-06-29T16:00:00.000Z","stockId":3000000013674,"sao":"2022年上半年，春节前精准防控政策减弱了疫情对春节长假出行和消费的影响，国内宏观经济呈现良好的复苏态势，但是春节后突发的俄乌冲突以及伴随其后的西方国家对俄罗斯在各个领域的制裁加剧了国际能源、大宗商品、农产品价格的波动，全球通胀压力增加。同时国内疫情的再度反复使得防控形势再趋严峻，尤其是长三角、珠三角核心城市出现相对严重的疫情，加上各地防控政策进一步收紧，对经济的影响加大。进入五月份以后，随着疫情的逐步平复及防控政策的科学调整，中央和各级政府积极应对、多措并举，畅通经济循环，提振经济需求，保持供应有序，着力稳住宏观经济大盘，经济呈现良好的恢复态势。6月官方制造业PMI录得50.2，环比增0.6个百分点，再次站上荣枯线上方，非制造业PMI录得54.7，环比大增6.9个百分点。  海外方面，美国等西方国家面临较为严峻的通胀压力，美联储也逐步加快了加息的节奏，并开启了缩表进程。除能源价格外，国际大宗商品价格开始回落，但是对美国经济的悲观预期也逐步升温。  疫情和通胀预期两大因素也深刻反映在国内证券市场的走势上。A股市场前期受到俄乌冲突突发、疫情防控措施加码、人民币贬值、海外资金流出等因素影响快速调整，后期受到疫后经济恢复、稳增长政策发力、人民币汇率趋稳、国内货币政策宽松等多重因素作用强劲反弹，并走出了相对海外市场独立的行情。国际能源价格高企及能源恐慌带来的光伏新能源需求旺盛、国内刺激消费政策推动下的汽车尤其是新能源汽车销量大增，及对疫后消费恢复的乐观预期，推动新能源、汽车、食品饮料等板块表现相对强劲。  报告期基本基金发行成立，并进入建仓期，本基金采取了相对平稳的建仓策略，较好的回避了短期市场下跌的风险，在判断市场风险释放较为充分后适度提升了权益资产的配置比例。本基金当前主要配置方向是长期消费升级逻辑未变的大消费板块，及当前景气度高启的大能源板块。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:52.327Z","mo":"展望下半年，我们认为，市场面临较好的经济政策环境。一方面，疫情对国内宏观经济影响最为严重的阶段相信已经过去，疫情防控政策更加科学、精准，对经济的冲击也会不断弱化，隔离政策调整，更趋精准化的防控措施为经济修复打开空间，也打消了居民消费、出行的后顾之忧。国产新冠特效药的获批，疫苗接种率的不断提升，都给疫情防控提供了更多的可能。可以预期，下半年国内经济将逐步恢复，并有望走上增长的轨道。  海外，美国加息已经引发了对经济陷入衰退的担忧，相信大力度的加息已经进入尾声。外部环境包括资本流动对国内的影响也将趋于正面。但是，全球经济面临的滞涨风险在加大，给中国的出口带来一定的不确定性。  我们预计，下半年国内经济处于逐步恢复过程中，货币政策仍然会维持宽松的格局，财政政策也会更加积极有力。证券市场经过二季度的调整和反弹，估值已经得到了较大程度的修复，我们认为下半年疫情后消费场景、出行恢复将带来需求回暖，地产政策累计效应显现，地产产业链需求有望改善，国际大宗原材料下降可能带来建筑装饰、家电、家居及中游制造业的业绩修复。这些投资机会值得密切关注。","fund":{"_id":3000000013674,"__csrcFundId":10884,"stockCode":"013674","shortName":"长城价值甄选一年持有混合A","masterFundShortName":"长城价值甄选一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13674,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:32.859Z","status":"normal","exchange":"jj","name":"长城价值甄选一年持有期混合型证券投资基金","fundCollectionId":4000050150000,"inceptionDate":"2022-04-07T16:00:00.000Z","followedNum":2,"setUpDate":"2022-04-06T16:00:00.000Z","setUpAssetScale":223924275.79,"setUpShares":223924275.79,"pinyin":"ccjzzxyncyqhhxzqtzjj","managers":[{"stockCode":"db20913184","stockType":"fund_manager","exchange":"fm","tickerId":32625236740,"name":"陈子扬"}]},"announcement":{"linkText":"长城价值甄选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=787600","linkType":"PDF","source":"csrc_pdf"}}]}