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，A股市场先抑后扬，指数在经历了1月份快速的下跌后2、3月份有所回收，上证指数一季度整体上涨2.23%。这一过程中，市场也经历了雪球敲入等对小盘流动性较差股票的事件冲击，因此小盘股在这一过程中的波动性更大。站在当前时点，我们认为市场指数在经历近两年的调整之后，处在一个相对较低的位置，大部分风险有所释放。但由于经济基本面需要经历一个筑底企稳的过程，因此预计指数后续处于震荡回升的概率较大，市场在这一过程中有望存在结构性的投资机会。从结构上看，我们认为23年是AI大模型训练的元年，而24年在模型训练相对成熟之后有望进入各个子领域运用的，因此我们认为AIPC、AI手机以及智能驾驶等领域有望受益。另外以华为、小米、理想等为首的国内造车新势力引领的汽车智能化产业趋势有望使得国内相关的产业链公司迎来较好的发展机会。因此我们认为这两个方向的相关标的后续值得关注。不过值得指出的是，行业的景气程度也应当结合当前细分板块的位置加以相应判断，尽量规避短期上涨幅度较大以及估值较高的品种，并选择相应周期位置以及股价位置相匹配的标的。从选股的角度而言，我们仍将以基本面的成长性作为选股的主要标准，继续选择基本面扎实，成长性与估值匹配度较高的标的进行组合配置，希望争取在后续的行情中持续为投资人获取更多超额收益。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:59.008Z","fund":{"_id":3000000013721,"__csrcFundId":10529,"stockCode":"013721","shortName":"信澳景气优选混合(013721)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13721,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:54:28.754Z","status":"normal","exchange":"jj","name":"信澳景气优选混合型证券投资基金","fundCollectionId":4000050550000,"masterFundShortName":"信澳景气优选混合","inceptionDate":"2021-12-20T16:00:00.000Z","followedNum":2,"setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":155714309.53,"setUpShares":155714309.53,"pinyin":"xajqyxhhxzqtzjj","managers":[{"stockCode":"db20657367","stockType":"fund_manager","exchange":"fm","tickerId":231725181170,"name":"吴清宇"}]},"announcement":{"linkText":"信澳景气优选混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1065133","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0437fea5b3eb0509ff2","date":"2023-12-30T16:00:00.000Z","stockId":3000000013721,"sao":"2023年A股市场震荡下行，沪深300下跌-11.37%，信澳景气优选A下跌-9.67%，跑赢指数约1.7%。回顾2023年，市场一方面担忧经济复苏的力度低于预期，另一方面，房地产板块的低迷也拖累了整体的经济形势，因此整体与经济复苏相关的板块一定程度上承压。值得指出的是，23年AI创新频出，因此年初的AI硬件与软件板块上涨较好，另外，四季度电子板块在预期24年复苏的基础上有所反弹。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:59.005Z","mo":"站在2024年年初，市场又经历了一轮下跌，期间伴随这雪球平仓等事件的影响。我们认为短期市场需要经历一个风险释放的过程，但从中长期而言，市场最终有望逐步回归到一个正常水平，而当市场逐步企稳后，也有望存在相应结构性的投资机会。从产业结构上看，我们认为电子产业在经历了近两年的周期性下行之后有望迎来行业的回暖及复苏，其中行业龙头公司推出的MR以及AIPC等产品有望带动需求一定程度的释放。另外，以华为为首的国内造车新势力引领的汽车智能化产业趋势有望使得国内相关的产业链公司迎来较好的发展机会。因此我们认为这两个方向的相关标的如果短期市场快速释放后，估值较便宜时值得关注。不过值得指出的是，由于短期市场仍在风险释放的过程中，我们认为也应结合市场环境和估值水平进行投资机会的判断，尽量选择成长型与估值匹配度较好的标的，争取为投资者获得相应的超额收益。","fund":{"_id":3000000013721,"__csrcFundId":10529,"stockCode":"013721","shortName":"信澳景气优选混合(013721)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13721,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:54:28.754Z","status":"normal","exchange":"jj","name":"信澳景气优选混合型证券投资基金","fundCollectionId":4000050550000,"masterFundShortName":"信澳景气优选混合","inceptionDate":"2021-12-20T16:00:00.000Z","followedNum":2,"setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":155714309.53,"setUpShares":155714309.53,"pinyin":"xajqyxhhxzqtzjj","managers":[{"stockCode":"db20657367","stockType":"fund_manager","exchange":"fm","tickerId":231725181170,"name":"吴清宇"}]},"announcement":{"linkText":"信澳景气优选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=1054148","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0437fea5b3eb0509ff1","date":"2023-09-29T16:00:00.000Z","stockId":3000000013721,"sao":"2023年三季度，A股市场呈现震荡下跌态势，沪深300指数下跌-3.98%，主因市场对国内经济的基本面复苏力度偏弱有所担心以及AI相关板块高位回调导致。在这一过程中，由于7月底中央政治局会议对地产表态有所改变，导致顺周期相关板块迎来一波上涨。整体而言，三季度期间煤炭、非银、房地产等板块表现较好，电力设备、传媒、计算机表现较弱。期间信达澳亚景气优选A基金下跌-8.72%，跑输沪深300指数约4.74%。站在当前时点，我们认为市场指数在经历近两年的调整之后，处在一个相对较低的位置，大部分风险有所释放。但由于经济基本面正在经历一个筑底企稳的过程，因此预计指数后续处于震荡回升的概率较大，同时市场仍有望存在结构性的投资机会。从结构上看，我们认为以华为为首的国内造车新势力引领的汽车智能化产业趋势有望使得国内相关的产业链公司迎来较好的发展机会。另外，电子产业在经历了近两年的周期性下行之后也有望迎来行业的回暖及复苏，因此我们认为这两个方向的相关标的后续值得关注。另外值得指出的是，前期由于部分子领域股价已经上涨较多，因此我们认为也应当结合当前细分板块的位置加以相应判断，尽量规避短期上涨幅度以及估值较高的品种，并选择相应周期位置以及股价位置较低的品种。从选股的角度而言，我们仍将以基本面的成长性作为选股的主要标准，继续选择基本面扎实，估值匹配度较高的标的进行组合配置，希望争取在后续的行情中持续为投资人获取更多超额收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:59.002Z","fund":{"_id":3000000013721,"__csrcFundId":10529,"stockCode":"013721","shortName":"信澳景气优选混合(013721)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13721,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:54:28.754Z","status":"normal","exchange":"jj","name":"信澳景气优选混合型证券投资基金","fundCollectionId":4000050550000,"masterFundShortName":"信澳景气优选混合","inceptionDate":"2021-12-20T16:00:00.000Z","followedNum":2,"setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":155714309.53,"setUpShares":155714309.53,"pinyin":"xajqyxhhxzqtzjj","managers":[{"stockCode":"db20657367","stockType":"fund_manager","exchange":"fm","tickerId":231725181170,"name":"吴清宇"}]},"announcement":{"linkText":"信澳景气优选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=988020","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0437fea5b3eb0509ff0","date":"2023-06-29T16:00:00.000Z","stockId":3000000013721,"sao":"2023年上半年，A股指数在国内疫情弱复苏的大背景下呈现震荡态势，沪深300指数上半年先涨后跌，总体下跌-0.75%。从市场的结构来看，行业分化也较为明显，以人工智能以及数字经济为代表的的TMT板块表现较好，而房地产、商贸零售等相关板块表现较弱。总体反映了在疫后复苏过程中影响经济的“疤痕效应”和地产下行对各个相关行业的压力。在这一背景下，信澳景气优选逐步增配与数字经济以及人工智能相关的TMT行业。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:59.000Z","mo":"站在当前时点，我们关注到7月份政治局对于地产以及经济、资本市场的表态有所转变。我们认为三季度是对完成国内全年经济目标比较关键的一个季度，由于一二季度受地产下行压力影响，相关经济体和消费都受到了一定程度的冲击，后续政府要扭转这一经济下行的压力，则需要财政、货币等政策在三季度及时发力，因此三季度的政策以及经济的基本面有望相对较暖。而从结构上看，我们认为在人工智能产业趋势以及数字中国建设相关的科技股仍有望拥有相应的投资机会。但值得指出的是，人工智能产业链当前有可能已经走过了从0-1的主题投资阶段，后续将进入由1-N的落地阶段，因此在这一过程中预期的落地以及兑现则显得更加重要。另外，我们关注到以半导体为代表的电子行业经历了将近2年左右的下行周期，库存的去化是较为充分的。如果未来下游需求有所恢复，则有望拉动相关产业链进入复苏周期，因此我们对这一板块也将予以关注。不过值得指出的是，TMT前期由于部分子领域股价已经上涨较多，因此我们认为应当结合当前细分板块的位置和热度加以相应判断，尽量规避估值较高以及业绩兑现度差的品种，争取选择相应周期位置以及股价位置较低的品种。整体而言，我们仍将秉持以景气成长的行业选股风格，希望争取在后续的行情中为投资人获取收益。","fund":{"_id":3000000013721,"__csrcFundId":10529,"stockCode":"013721","shortName":"信澳景气优选混合(013721)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13721,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:54:28.754Z","status":"normal","exchange":"jj","name":"信澳景气优选混合型证券投资基金","fundCollectionId":4000050550000,"masterFundShortName":"信澳景气优选混合","inceptionDate":"2021-12-20T16:00:00.000Z","followedNum":2,"setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":155714309.53,"setUpShares":155714309.53,"pinyin":"xajqyxhhxzqtzjj","managers":[{"stockCode":"db20657367","stockType":"fund_manager","exchange":"fm","tickerId":231725181170,"name":"吴清宇"}]},"announcement":{"linkText":"信澳景气优选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=964714","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0427fea5b3eb0509fef","date":"2023-03-30T16:00:00.000Z","stockId":3000000013721,"sao":"2023年一季度，A股市场呈现震荡上行态势，沪深300指数上涨4.63%，一方面由于美联储加息至高位之后加息幅度有所放缓，另一方面疫情之后市场对于23年全年的经济恢复相对乐观导致。       站在当前时点，我们认为市场经历2022年美联储加息、俄乌战争以及疫情冲击等利空之后，市场有望迎来恢复性的增长，但同时行业的结构性选择也较为重要。从目前的情况来看，总理在两会政府工作报告中提出今年中国将大力发展数字中国规划，同时将以数字中国的建设作为KPI考核地方官员，因此我们认为上半年与数字中国相关的计算机、通信、传媒、电子等行业有望迎来超预期的发展，相关行业的上市公司有望迎来业绩的超预期以及估值的提升。      同时，我们也关注到海外以chatgpt为代表的人工智能的发展也有所突破，与此同时我们国内的相关厂商也在积极布局人工智能领域，因此后续这一领域也应值得关注。最后，我们认为光伏领域中随着硅料价格下降对下游需求的拉动，部分产能紧缺环节也值得关注。      从选股的角度而言，我们仍将以基本面的成长性作为选股的标准，继续选择基本面扎实，估值匹配度较高的标的进行组合配置，希望争取在后续的行情中持续为投资人获取更多超额收益。","declarationDate":"2023-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:58.997Z","fund":{"_id":3000000013721,"__csrcFundId":10529,"stockCode":"013721","shortName":"信澳景气优选混合(013721)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13721,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:54:28.754Z","status":"normal","exchange":"jj","name":"信澳景气优选混合型证券投资基金","fundCollectionId":4000050550000,"masterFundShortName":"信澳景气优选混合","inceptionDate":"2021-12-20T16:00:00.000Z","followedNum":2,"setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":155714309.53,"setUpShares":155714309.53,"pinyin":"xajqyxhhxzqtzjj","managers":[{"stockCode":"db20657367","stockType":"fund_manager","exchange":"fm","tickerId":231725181170,"name":"吴清宇"}]},"announcement":{"linkText":"信澳景气优选混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=878896","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0427fea5b3eb0509fee","date":"2022-12-30T16:00:00.000Z","stockId":3000000013721,"sao":"2022年A股市场大部分时间处于熊市下跌调整期，沪深300下跌-21.63%，信澳景气优选下跌-18.55%，跑赢指数约3%。回顾2022年，市场受到了较多利空因素的影响，包括年初俄乌战争的冲击，上海疫情的封城，美联储的超预期加息等，这些因素都分别从分子和分母端影响了股票的估值。在这一过程中，尽管面临宏观方面的一定压力，信澳景气优选仍然从产业景气趋势出发，先后配置了业绩成长性较好的汽车零部件、光伏、储能等行业相关标的，净值也在年初下跌基础上有所修复。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:58.994Z","mo":"站在当前时点，展望2023年，我们认为经历了2022年的诸多冲击，许多因素有望迎来改善。首先，美联储较快程度的加息有望迎来转机。经过2022年的多次加息，美国联邦基金利率上升至近十年来的高位，后续随着美国通胀的放缓，美联储加息节奏有望放缓，这对于权益类资产估值的修复将有所帮助。其次，疫情对经济的冲击也有望告一段落。伴随着2022年11月底以来疫情防控政策的放开，全国人民都经历了从“杨过”到“杨康”的过程。全国绝大部分地区已经走过了感染的高峰期，而且民众也已逐步康复，后续生产、生活也将逐步进入正轨。第三，我们认为2023年有望是疫后经济休养生息的年份。从实际情况来看，新冠疫情持续了将近3年，在这三年的过程中，许多中小实体经济受到了较大的冲击，关门倒闭的不在少数。因此，在这疫情之后的第一年，我们认为政府后续有望出台相关政策来扶持经济，使得国民经济有所恢复。因此，我们认为2023年从流动性以及经济的基本面来看有望迎来修复和好转。从行业配置的选择上来看，我们从产业趋势出发，看好光伏、汽车零部件以及受益于疫后修复的消费品等领域。光伏行业：伴随着硅料产能的快速投放，后续硅料和硅片等主产业链的价格有望有所下跌，这有望进一步激发行业的需求。从目前的展望来看，产业预计23年光伏行业仍有望维持40%-50%的较快增长，许多环节上的公司增速有望更高，因此我们认为23年光伏产业链仍将具有较好的投资机会。汽车零部件行业：当前而言，国产自主品牌汽车市场占有率越来越高是大势所趋，而在这一过程中，汽车零部件国产配套化率也将进一步提升，我们看好这一趋势对国产自主零部件带来的成长性。疫后修复：伴随着疫情防控政策放开，许多之前被疫情封控影响的消费需求场景得以恢复，后续国家还有望对出台相关的扶持政策，因此我们认为23年疫后修复的相关行业也有望迎来相应的投资机会。","fund":{"_id":3000000013721,"__csrcFundId":10529,"stockCode":"013721","shortName":"信澳景气优选混合(013721)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13721,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:54:28.754Z","status":"normal","exchange":"jj","name":"信澳景气优选混合型证券投资基金","fundCollectionId":4000050550000,"masterFundShortName":"信澳景气优选混合","inceptionDate":"2021-12-20T16:00:00.000Z","followedNum":2,"setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":155714309.53,"setUpShares":155714309.53,"pinyin":"xajqyxhhxzqtzjj","managers":[{"stockCode":"db20657367","stockType":"fund_manager","exchange":"fm","tickerId":231725181170,"name":"吴清宇"}]},"announcement":{"linkText":"信澳景气优选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=863841","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0427fea5b3eb0509fed","date":"2022-09-29T16:00:00.000Z","stockId":3000000013721,"sao":"2022年三季度，A股市场回调较多，上证指数下跌-11.01%，深成指下跌-16.42%，市场一方面对美国过快的加息较为担忧，另一方面对国内疫情防控政策下的经济恢复以及地产行业的压力较为担心，在这一过程中，景气优选的净值也产生了一定程度的回撤。当前基金组合的配置仍是以景气度出发，选择景气度较好的光伏、储能以及部分受益于国产化崛起的汽车零部件行业的相关个股作为配置。尽管在市场下跌的过程中，相关公司的股价也有一定程度的回调。但通过相关产业的研究以及仔细的与相关持仓的公司进行调研，我们认为相关持仓公司的业绩基本面还是比较扎实的。因此我们认为，尽管短期相关公司的股价受累于市场环境，但如进入三季报的业绩窗口期，公司业绩的披露有望使得相关公司的股价获得超额收益。如在这一过程中，市场有所转暖，相关公司股价有所修复，我们再根据届时的股价位置选择兑现及调仓。整体而言，我们仍将秉持以景气成长的选股风格，希望争取在后续的行情中为投资人获取收益。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:58.991Z","fund":{"_id":3000000013721,"__csrcFundId":10529,"stockCode":"013721","shortName":"信澳景气优选混合(013721)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13721,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:54:28.754Z","status":"normal","exchange":"jj","name":"信澳景气优选混合型证券投资基金","fundCollectionId":4000050550000,"masterFundShortName":"信澳景气优选混合","inceptionDate":"2021-12-20T16:00:00.000Z","followedNum":2,"setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":155714309.53,"setUpShares":155714309.53,"pinyin":"xajqyxhhxzqtzjj","managers":[{"stockCode":"db20657367","stockType":"fund_manager","exchange":"fm","tickerId":231725181170,"name":"吴清宇"}]},"announcement":{"linkText":"信澳景气优选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=801717","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0427fea5b3eb0509fec","date":"2022-06-29T16:00:00.000Z","stockId":3000000013721,"sao":"2022年开年以来，A股在美联储加速缩表、俄乌战争以及国内上海突发疫情等多重利空因素的影响下下跌较多，所幸的是在后续的时间里，上述利空因素都有逐步的缓解。首先在国家强有力的管控下，4月底上海疫情管控逐步见到曙光，各行各业也在抓紧复工复产，整体国内疫情对经济以及产业的冲击逐步有所恢复。其次，随着美联储加息最快的阶段过去，国际流动性方面也有所缓和。在这一背景下，前期基金配置的受疫情影响较大的新能源汽车、光伏以及汽车零部件行业等制造业迎来了一轮修复，基金净值也有所回升。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:58.986Z","mo":"站在当前时点，我们认为三季度是对完成国内全年经济目标比较关键的一个季度，由于一二季度受以上海为首的国内疫情的冲击，各地经济都受到了较大的影响，拖累了全年经济目标的达成。但由于今年是本届政府换届前的最后一年，因此以一个优异的成绩交棒依然是本届政府的一个可见的愿景，而要完成这一目标，则需要财政、货币等政策在三季度及时发力，因此三季度的政策以及经济的基本面有望相对较暖。从产业的选择层面，我们认为新能源汽车、汽车零部件行业以及光伏等行业值得关注。首先是新能源汽车行业。伴随着越来越多车企推出相关的新能源车型，新能源汽车的渗透率有望迎来进一步的提升，另外部分4、5月份被抑制的需求有望在后续的一段时间内迎来回补，这有望使得旺季的需求更旺，另外随着电池上游部分的原材料价格平稳和回落，此前汽车涨价影响需求的担忧阶段性的有所缓解，行业此前被压制的估值有望迎来修复。其次是部分代表着轻量化、电动化、以及智能化的汽车零部件，伴随着疫情之后国家出台相关政策对汽车行业的需求进行扶持，我们认为三季度整体汽车行业的销量值得期待。另外，考虑到上游原材料有望见顶回落的趋势，这对于零部件厂商三季度的盈利能力修复也将有所帮助。然后是光伏行业，伴随着上半年国际油价大涨以及能源紧缺，以欧洲为首的国家对光伏建设的需求远超年初预期，这也相对应的拉动了储能等相关产业需求。从跟踪来看，逆变器、组件今年的出货量以及金额都有望超预期。不过值得指出的是，如果股价较快的上涨反应基本面预期的话，基金投资也有望逐步的兑现收益。整体而言，我们仍将秉持以景气成长的行业选股风格，希望争取在后续的行情中为投资人获取收益。","fund":{"_id":3000000013721,"__csrcFundId":10529,"stockCode":"013721","shortName":"信澳景气优选混合(013721)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13721,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:54:28.754Z","status":"normal","exchange":"jj","name":"信澳景气优选混合型证券投资基金","fundCollectionId":4000050550000,"masterFundShortName":"信澳景气优选混合","inceptionDate":"2021-12-20T16:00:00.000Z","followedNum":2,"setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":155714309.53,"setUpShares":155714309.53,"pinyin":"xajqyxhhxzqtzjj","managers":[{"stockCode":"db20657367","stockType":"fund_manager","exchange":"fm","tickerId":231725181170,"name":"吴清宇"}]},"announcement":{"linkText":"信澳景气优选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=786907","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0427fea5b3eb0509feb","date":"2022-03-30T16:00:00.000Z","stockId":3000000013721,"sao":"2022年一季度以来，A股市场面临着较大的调整压力，流动性的因素没有明显改善，许多增量的宏观因素影响都较为负面，俄乌地缘政治冲突对原材料价格的冲击，国内奥密克戎疫情大面积扩散对整体经济的生产、经营以及相关产业链都造成了较大程度的扰动。自基金成立以来，基金管理人秉持景气成长的选股风格，主要配置了新能源汽车、光伏以及部分医药等中长期成长行业的相关个股。但市场的调整以及疫情等因素对产业链的冲击还是超出了我们此前的预期。站在目前的位置，我们认为对我们的投资来说需要考虑两个问题：（1）相关持仓的行业后续是否有长期逻辑上的破坏；（2）后续的宏观变量将如何演变？第一个问题是关于行业基本面和投资逻辑，第二个问题关于宏观变量的边际变化。以新能源汽车行业为例，我们认为行业快速增长的最重要的原因是在电动化智能化的大趋势下，许多车企纷纷推出相比油车更具竞争力的车型，使得消费者有了更多的选择。特别是在高油价的当下，新能源汽车相较于燃油车拥有更经济的使用成本。另外，当前电动车新车型的续航足够长，一定程度上解决了城市短途出行的里程焦虑。因此，从产业跟踪的层面来看，新能源汽车渗透率持续快速提升应该是较大概率的事件。而当前的疫情对供应链的影响，我们认为是这一大的历史趋势的一个扰动，并没有改变这一大的产业方向。此外，我们认为，在中国全力的管控下，后续疫情有望逐步缓解，而当前被抑制的需求也有望加速回补，后续的相关板块和个股应仍有上涨的机会。整体而言，我们仍将秉持以景气成长的选股风格，希望争取在后续的行情中为投资人获取收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:58.983Z","fund":{"_id":3000000013721,"__csrcFundId":10529,"stockCode":"013721","shortName":"信澳景气优选混合(013721)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13721,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:54:28.754Z","status":"normal","exchange":"jj","name":"信澳景气优选混合型证券投资基金","fundCollectionId":4000050550000,"masterFundShortName":"信澳景气优选混合","inceptionDate":"2021-12-20T16:00:00.000Z","followedNum":2,"setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":155714309.53,"setUpShares":155714309.53,"pinyin":"xajqyxhhxzqtzjj","managers":[{"stockCode":"db20657367","stockType":"fund_manager","exchange":"fm","tickerId":231725181170,"name":"吴清宇"}]},"announcement":{"linkText":"信达澳银景气优选混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=729632","linkType":"PDF","source":"csrc_pdf"}}]}