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证800指数上涨19.83%，中证2000指数上涨14.31%，结构分化较为明显，指数权重股占优。分行业来看，有色金属、电子、通信、电力设备和机械设备涨幅居前，银行、交通运输、纺织服饰、公共事业和食品饮料涨幅靠后，科技类风险资产与防守类黄金有色资产共振。　　银华集成电路基金专注于半导体产业投资，近些年来，一直重仓半导体国产化，以业绩确定的半导体设备公司为主。在三季度，本基金涨幅长期布局，终于迎来回报。不过也有遗憾，很多持有人在行情启动初期就离开了。在三季度，本基金持仓结构和仓位变化不大，基本维持了二季报的配置，主要的交易是为了应对大额赎回。　　我们判断，中国的科技股行情刚刚开始，半导体是科技股的中坚力量，当前国产化仍是国内半导体领域最确定的投资机会之一。展望2025年四季度，我们仍将重仓低估值、高成长、大空间和强确定性的半导体国产化标的。同时，我们密切关注，并积极配置基本面确定性受益于AI浪潮的相关芯片设计和制造公司。在高波动的市场中，本基金将保持定力，坚持基本面底线，持仓不跟随市场漂移。半导体行业是时间的朋友，看长做长才能不惧波动，才能把握住行业和优质公司的成长红利。在四季度，本基金将采取积极策略，力争在把握行业整体趋势的同时，为投资者创造超额收益。","lastUpdated":"2026-03-09T13:51:17.713Z","fund":{"_id":3000000013840,"__csrcFundId":10372,"stockCode":"013840","shortName":"银华集成电路混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13840,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.202Z","status":"normal","exchange":"jj","name":"银华集成电路混合型证券投资基金","fundCollectionId":4000050140000,"inceptionDate":"2021-12-07T16:00:00.000Z","masterFundShortName":"银华集成电路混合","followedNum":8,"setUpDate":"2021-12-07T16:00:00.000Z","setUpAssetScale":843953363.34,"setUpShares":843953363.34,"pinyin":"yhjcdlhhxzqtzjj","managers":[{"stockCode":"db20418748","stockType":"fund_manager","exchange":"fm","tickerId":610181190,"name":"方建"}]},"announcement":{"linkText":"银华集成电路混合型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1370767","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0557fea5b3eb050b49a","date":"2025-06-29T16:00:00.000Z","stockId":3000000013840,"sao":"当今的世界正处于百年未有之大变局，而我国经济正处于从高速发展往高质量发展的转型期。一季度，在国内政策强预期与经济弱现实的共同影响下，资本市场宽幅波动，Wind全A指数上涨1.90%，沪深300指数下跌-1.21%，中证800指数下跌-0.32%，中证2000指数上涨7.08%，结构分化较为明显，小盘占优。分行业来看，有色金属、机械设备、汽车、钢铁和计算机涨幅居前，煤炭、商贸零售、非银金融、房地产和建筑装饰涨幅靠后，AI和机器人相关概念股是季度最大赢家。二季度，海外政策对国内扰动相对较大，市场同样呈现宽幅波动特征，Wind全A指数上涨3.86%，沪深300指数上涨1.25%，中证800指数上涨1.19%，中证2000指数上涨7.62%，结构分化较为明显，小盘占优。分行业来看，国防军工、银行、通信、传媒和综合涨幅居前，食品饮料、家用电器、钢铁、建筑和汽车涨幅靠后，海外算力链是反弹先锋。　　银华集成电路基金专注于半导体产业投资，近些年来，一直重仓半导体国产化，以业绩确定的半导体设备公司为主。在上半年，中证全指半导体（H30184.CSI）上涨4.15%，本基金略跑输。净值差异主要源于我们配置的半导体设计股较少，而这些半导体设计股虽基本面一般，但受益于AI概念，再加上前些年跌幅较大，起步位置低，因而在一季度涨幅较大。本基金认真对比分析了半导体国产化设备和AI相关半导体设计股的性价比，最终还是选择了当期业绩确定，长期成长空间确定的半导体国产化标的，而没有盲目为了追求弹性，大规模换仓到基本面不确定性大的半导体设计股。在一季度，本基金对一些长期成长前景不及预期的个股做了止损，加仓的标的主要集中在部分确定性受益于先进制程的制造和AI设计股。在二季度，本基金持仓结构和仓位变化不大，基本维持一季报的配置，我们始终认为半导体国产化仍是当下半导体领域最确定的投资机会，远没有到结束的时候。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:17.710Z","mo":"展望2025年下半年，我们仍将重仓低估值、高成长、大空间和强确定性的半导体国产化标的。同时，我们密切关注，并积极配置基本面确定性受益于AI浪潮的相关芯片设计和制造公司。在高波动的市场中，本基金将保持定力，坚持基本面底线，持仓不跟随市场漂移。半导体行业是时间的朋友，只有看长做长才能不惧波动。在下半年，本基金将采取积极策略，力争在把握行业整体趋势的同时，为投资者创造超额收益。","fund":{"_id":3000000013840,"__csrcFundId":10372,"stockCode":"013840","shortName":"银华集成电路混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13840,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.202Z","status":"normal","exchange":"jj","name":"银华集成电路混合型证券投资基金","fundCollectionId":4000050140000,"inceptionDate":"2021-12-07T16:00:00.000Z","masterFundShortName":"银华集成电路混合","followedNum":8,"setUpDate":"2021-12-07T16:00:00.000Z","setUpAssetScale":843953363.34,"setUpShares":843953363.34,"pinyin":"yhjcdlhhxzqtzjj","managers":[{"stockCode":"db20418748","stockType":"fund_manager","exchange":"fm","tickerId":610181190,"name":"方建"}]},"announcement":{"linkText":"银华集成电路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=1341568","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0557fea5b3eb050b499","date":"2025-03-30T16:00:00.000Z","stockId":3000000013840,"sao":"当前，我国经济处于从高速发展往高质量发展的转型期。在政策强预期与经济弱现实的共同影响下，资本市场宽幅波动。一季度，Wind全A指数上涨1.90%，沪深300指数下跌-1.21%，中证800指数下跌-0.32%，中证2000指数上涨7.08%，结构分化较为明显，小盘占优。分行业来看，有色金属、机械设备、汽车、钢铁和计算机涨幅居前，煤炭、商贸零售、非银金融、房地产和建筑装饰涨幅靠后，AI和机器人相关概念股是季度最大赢家。　　银华集成电路基金专注于半导体产业投资，近些年来，一直重仓半导体国产化，以业绩确定的半导体设备公司为主。在一季度，本基金上涨2.34%，中证全指半导体（H30184.CSI）上涨4.21%，本基金略跑输。净值差异主要源于我们配置的半导体设计股较少，而这些半导体设计股虽基本面一般，但受益于AI概念，再加上前些年跌幅较大，起步位置低，因而涨幅较大。本基金认真对比分析了半导体国产化设备和AI相关半导体设计股的性价比，最终还是选择了当期业绩确定，长期成长空间确定的半导体国产化标的，而没有盲目为了追求弹性，大规模换仓到基本面不确定性大的半导体设计股。在一季度，本基金卖出了离子注入机国产龙头，主要考虑到它进展低于预期，而竞品在快速进入，公司的成长不确定性显著增大。加仓的标的主要集中在部分确定性受益于先进制程的制造和AI设计。　　展望2025年二季度，我们仍将重仓低估值、高成长、大空间和强确定性的半导体国产化标的。同时，我们密切关注，并积极配置基本面确定性受益于AI浪潮的相关芯片设计和制造公司。在高波动的市场中，本基金将保持定力，坚持基本面底线，持仓不跟随市场漂移。半导体行业是时间的朋友，只有看长做长才能不惧波动。在二季度，本基金将采取积极策略，力争在把握行业整体趋势的同时，为投资者创造超额收益。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:17.707Z","fund":{"_id":3000000013840,"__csrcFundId":10372,"stockCode":"013840","shortName":"银华集成电路混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13840,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.202Z","status":"normal","exchange":"jj","name":"银华集成电路混合型证券投资基金","fundCollectionId":4000050140000,"inceptionDate":"2021-12-07T16:00:00.000Z","masterFundShortName":"银华集成电路混合","followedNum":8,"setUpDate":"2021-12-07T16:00:00.000Z","setUpAssetScale":843953363.34,"setUpShares":843953363.34,"pinyin":"yhjcdlhhxzqtzjj","managers":[{"stockCode":"db20418748","stockType":"fund_manager","exchange":"fm","tickerId":610181190,"name":"方建"}]},"announcement":{"linkText":"银华集成电路混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1267603","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0557fea5b3eb050b498","date":"2024-12-30T16:00:00.000Z","stockId":3000000013840,"sao":"当前，我国经济处于从高速发展往高质量发展的转型期，转型期的阵痛使我国资本市场复杂多变，2024年市场整体行情波动较大。一季度，市场呈现深V走势。一月份，市场延续2023年悲观情绪，流动性衰退严重，指数快速调整让国家意识到活跃资本市场的重要性，出台较多呵护政策。随着信心的逐渐修复，市场在二、三月份走出流动性危机模式，快速反弹，收复前期失地。二季度，市场冲高回落。四月至五月份中上旬，大盘窄幅震荡上行，结构性行情明显，资金抱团红利类资产，这一定程度反应了市场对经济前景的犹豫。五月下旬至六月，市场再次较大幅度下行。三季度，市场再次呈现深V走势。七月至九月中上旬，市场始终处于缩量博弈的阴跌状态，对经济的负面情绪演绎到较为极致地步。九月下旬，国家再次公布了一揽子金融支持实体政策，展示出较强的提振经济信心和维护资本市场决心，强有力的扭转了悲观预期，场外增量资金开始进场，市场强劲反弹。四季度，市场宽幅震荡。十月至十二月，在政策强预期与经济弱现实的共同影响下，资本市场交易较为活跃，市场在一定区间内宽幅波动。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:17.704Z","mo":"展望2025年，我们仍将重仓低估值、高成长、大空间和强确定性的半导体国产化标的。同时，我们密切关注，并积极配置基本面确定性受益于AI浪潮的相关芯片设计和制造公司。在高波动的市场中，本基金将保持定力，坚持基本面底线，持仓不跟随市场漂移。半导体行业是时间的朋友，只有看长做长才能不惧波动。在2025年，本基金将采取积极策略，力争在把握行业整体趋势的同时，为投资者创造超额收益。","fund":{"_id":3000000013840,"__csrcFundId":10372,"stockCode":"013840","shortName":"银华集成电路混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13840,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.202Z","status":"normal","exchange":"jj","name":"银华集成电路混合型证券投资基金","fundCollectionId":4000050140000,"inceptionDate":"2021-12-07T16:00:00.000Z","masterFundShortName":"银华集成电路混合","followedNum":8,"setUpDate":"2021-12-07T16:00:00.000Z","setUpAssetScale":843953363.34,"setUpShares":843953363.34,"pinyin":"yhjcdlhhxzqtzjj","managers":[{"stockCode":"db20418748","stockType":"fund_manager","exchange":"fm","tickerId":610181190,"name":"方建"}]},"announcement":{"linkText":"银华集成电路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=1250154","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0557fea5b3eb050b497","date":"2024-09-29T16:00:00.000Z","stockId":3000000013840,"sao":"当前，我国经济处于从高速发展往高质量发展的转型期。三季度末，国家公布了一揽子金融支持实体政策，展示出较强的提振经济信心和维护资本市场决心，强有力的扭转了悲观预期，场外增量资金开始进场，市场强劲反弹。三季度，Wind全A指数上涨17.68%，沪深300指数上涨16.07%，中证800指数上涨16.10%，中证2000指数上涨17.67%，市场的反弹主要集中于9月下旬，呈现普涨态势。　　银华集成电路基金专注于半导体产业投资，近些年来，一直重仓半导体国产化。在季度中上旬，市场整体承压，我们对基本面扎实的个股选择了坚守。季度末，在政策刺激下，市场普涨，金融和消费起步期相对强势，科技股后期赶上。本基金保持了定力，持仓没有跟随市场漂移，跟上了市场上行节奏。回首看，虽然我们配置的行业方向自2019年开始业绩一直高速增长，并在可预期的未来几年，仍有望高速增长。但受制于资本市场缩量博弈，相关优质个股一直在杀估值，股价没有表现出超额收益。本次资本市场重回正常轨道，我们判断低估值、高成长、大空间和强确定性的半导体国产化标的，将会逐渐受到资金青睐，优质个股将会享受确定性成长溢价。在四季度，本基金将采取积极策略，力争在把握行业整体趋势的同时，为投资者创造超额收益。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:17.701Z","fund":{"_id":3000000013840,"__csrcFundId":10372,"stockCode":"013840","shortName":"银华集成电路混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13840,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.202Z","status":"normal","exchange":"jj","name":"银华集成电路混合型证券投资基金","fundCollectionId":4000050140000,"inceptionDate":"2021-12-07T16:00:00.000Z","masterFundShortName":"银华集成电路混合","followedNum":8,"setUpDate":"2021-12-07T16:00:00.000Z","setUpAssetScale":843953363.34,"setUpShares":843953363.34,"pinyin":"yhjcdlhhxzqtzjj","managers":[{"stockCode":"db20418748","stockType":"fund_manager","exchange":"fm","tickerId":610181190,"name":"方建"}]},"announcement":{"linkText":"银华集成电路混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1172055","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0557fea5b3eb050b496","date":"2024-06-29T16:00:00.000Z","stockId":3000000013840,"sao":"当前，我国经济处于从高速发展往高质量发展的转型期。转型期的阵痛使我国资本市场复杂多变，整体处于缩量博弈的下行态势。上半年，Wind全A指数累计下跌8.01%，沪深300指数微涨0.89%，中证800指数下跌1.76%，而中证2000指数跌幅更为明显，达到23.28%。半导体指数（886063.WI）下跌12.96%。本基金上半年跑输半导体指数。　　一季度，市场呈现深V走势，半导体板块走势在整体市场明显更弱。主要由以下几个原因造成：1、2023年半导体板块较强，有正收益，年初有补跌。2、2023年底，电子板块是机构一致看多板块，配置资金较多，博弈情绪较浓。经历了一季度的普调后，二季度，半导体板块呈现出结构分化走势。半导体周期类资产，特别是AI相关的，走势强劲，录得较大正涨幅。而半导体国产化相关的设备、材料股，跌幅较大。究其原因，主要有以下几个：1、市场整体较弱，资金缩量博弈，板块内部也相互切换。2、全球半导体周期或已见底，特别是和AI相关的海外标的涨幅惊人，对国内的半导体周期股有较大的映射拉动。3、半导体周期股前些年一直跑输半导体国产化股，绝对跌幅也很大，从资金博弈角度，半导体周期股边际利好程度相对更大。4、半导体国产化标的，长期受大小非减持压制，特别是在弱势市场中，资金承接力量不足。　　本基金在上半年，配置仍以半导体国产化为主，主要考虑的是板块的确定性和安全性。回头看，效果不好，主要没有充分考虑市场交易因素。但稍微拉长一点时间，从相关板块和个股的成长空间和确定性，我们依然认为半导体国产化性价比更高一点。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:17.698Z","mo":"展望2024年下半年，我们判断半导体结构分化将会结束，整个板块可能会携手向上。主要是：一、全球半导体周期复苏步伐没有停滞，AI对板块的拉动逐渐明晰；二、国内半导体国产化在快速推进，下游存储、逻辑大厂逐步启动招标，相关国产化公司订单、收入预期较为乐观。站在当前时点，我们判断半导体行业是短、中、长都较为乐观的行业。短期是国产化相关公司订单和业绩高速增长；中期是全球半导体周期恢复向上；长期是国内半导体国产化成功，先进制程快速发展。因而，在板块因为博弈情绪而不是基本面导致的下杀过程中，我们要做乐观的逆行者。在下半年，本基金将采取积极策略，力争在把握行业整体趋势的同时，为投资者创造超额收益。","fund":{"_id":3000000013840,"__csrcFundId":10372,"stockCode":"013840","shortName":"银华集成电路混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13840,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.202Z","status":"normal","exchange":"jj","name":"银华集成电路混合型证券投资基金","fundCollectionId":4000050140000,"inceptionDate":"2021-12-07T16:00:00.000Z","masterFundShortName":"银华集成电路混合","followedNum":8,"setUpDate":"2021-12-07T16:00:00.000Z","setUpAssetScale":843953363.34,"setUpShares":843953363.34,"pinyin":"yhjcdlhhxzqtzjj","managers":[{"stockCode":"db20418748","stockType":"fund_manager","exchange":"fm","tickerId":610181190,"name":"方建"}]},"announcement":{"linkText":"银华集成电路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=1154077","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0557fea5b3eb050b495","date":"2024-03-30T16:00:00.000Z","stockId":3000000013840,"sao":"2024年一季度，半导体指数（886063.WI）呈现弱势深V走势，当季跌幅-13.83%。本基金一季度跑赢指数。　　一月份，市场延续悲观情绪，出现流动性不足。快速调整让国家意识到活跃资本市场的重要性，出台较多呵护政策。随着信心的逐渐恢复，市场慢慢走出流动性不足模式，步入正常状态。但半导体板块的走势在整体市场明显偏弱，主要由以下几个原因：1、2023年板块较强，有正收益，年初补跌。2、2023年底，电子板块是机构一致看多板块，配置资金较多，博弈情绪较浓。实际基本面情况比板块股价表现要乐观。首先，全球半导体周期已经见底，对周期比较敏感的存储价格已经上扬，海外相关存储公司的经营和股价表现靓丽。其次，国内半导体国产化在快速推进，下游存储、逻辑大厂逐步启动招标，相关国产化公司订单、收入预期较为乐观。　　因而，2024年二季度，板块将迎来好的布局时点，我们判断，当前的半导体行业，是短、中、长都较为乐观的行业。短期是国产化相关公司订单和业绩高速增长；中期是全球半导体周期恢复向上；长期是国内半导体国产化成功，先进制程快速发展。因而，在板块因为博弈情绪而不是基本面导致的下杀过程中，我们要做乐观的逆行者。在二季度，本基金将采取积极策略，力争在把握行业整体趋势的同时，为投资者创造超额收益。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:17.696Z","fund":{"_id":3000000013840,"__csrcFundId":10372,"stockCode":"013840","shortName":"银华集成电路混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13840,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.202Z","status":"normal","exchange":"jj","name":"银华集成电路混合型证券投资基金","fundCollectionId":4000050140000,"inceptionDate":"2021-12-07T16:00:00.000Z","masterFundShortName":"银华集成电路混合","followedNum":8,"setUpDate":"2021-12-07T16:00:00.000Z","setUpAssetScale":843953363.34,"setUpShares":843953363.34,"pinyin":"yhjcdlhhxzqtzjj","managers":[{"stockCode":"db20418748","stockType":"fund_manager","exchange":"fm","tickerId":610181190,"name":"方建"}]},"announcement":{"linkText":"银华集成电路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=1069374","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0557fea5b3eb050b494","date":"2023-12-30T16:00:00.000Z","stockId":3000000013840,"sao":"回顾2023年，国内半导体市场经历了较大的波动。在这一年中，半导体指数高开低走，最终下跌12.77%（数据来源：wind，截至2023.12.31），呈现连续两年下跌的走势。市场的波动主要分为两个阶段，第一阶段从年初至4月初，市场预期半导体周期见底回升，再加上人工智能热潮带来的需求拉动预期，板块涨幅较大，一度达到18.85%（数据来源：wind，截至2023.04.07）。然而，实际情况是，半导体行业整体需求恢复低于预期，国内人工智能对半导体行业的拉动较为缓慢，板块在后续的数据不断验证过程中，跟随大盘逐渐回落。第二阶段从4月中旬至年底，指数回调幅度达-26.61%（数据来源：wind，自2023.04.10-2023.12.31）。　　近些年，国内半导体投资领域存在两大主要机会。一是半导体周期性股票的投资机会，主要集中于半导体设计和制造环节。二是半导体国产化的机会，主要涉及半导体设备和材料的生产。需要指出的是，这两个领域存在较多的交叉和相互影响。在中美贸易摩擦之前，国内半导体板块的主要投资机会主要集中在半导体周期性股票上。投资者根据全球半导体周期的波动性来寻找投资机会，但真正能够持续成长为优秀企业的数量有限。这主要是由于半导体行业的马太效应较为明显，国内半导体企业与海外巨头的技术差距较大，下游企业给予它们试错的机会较少。然而，中美贸易摩擦之后，国内下游企业为了生存和发展，开始积极支持国内半导体企业。这使得国内半导体企业逐渐获得生存空间，并逐步成长起来。相关公司也因此成为近年来较为确定性的成长性投资机会。　　本基金专注于半导体投资。在2023年初，市场对半导体周期复苏的追捧情绪高涨之时，我们审慎地分析了半导体周期的规律，并认为当时的投资时点可能过于超前。此外，考虑到缺乏强劲需求对周期复苏的拉动，我们预测复苏的幅度可能不会太大。基于这些考量，本基金在投资策略上基本未参与半导体周期股的投资，而是坚定地坚守在成长较为确定的半导体国产化板块。从结果来看，我们的选择是正确的。然而，我们也深感遗憾。半导体板块的贝塔系数对基金净值的波动曲线产生了显著影响。由于我们坚持“重择股、少择时”的价值投资理念，未能及时止盈，基金净值在今年内也波动较大。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:17.693Z","mo":"关于2024年投资展望，我们持有积极的态度。主要基于以下几点考量：　　1.从全球半导体周期来看，2023年四季度大概率已接近底部，这与多个周期性指标以及海外半导体股票的表现相吻合。　　2.由于美国升级半导体出口管制的影响，2023年国内半导体产业在扩产方面的动作明显放缓。然而，经过一段时间的调整与准备，我们预计在2024年国内相关厂商将重新启动扩产计划，这将为半导体国产化提供有力支持，相关企业也将从中受益。　　3.人工智能技术的快速发展对算力提出了更高的要求，这将进一步拉动全球半导体市场的规模增长。　　4.经过前期的回调，当前板块的估值水平已趋于合理，为投资者提供了较好的介入机会。　　展望2024年，我们预期半导体板块有望迎来周期性复苏与国产化发展的双重利好，整个产业链的各个环节，包括设备、设计、材料以及制造等都可能从中受益。为了把握这一重要机遇，本基金将采取积极策略，力争在把握行业整体趋势的同时，为投资者创造超额收益。","fund":{"_id":3000000013840,"__csrcFundId":10372,"stockCode":"013840","shortName":"银华集成电路混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13840,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.202Z","status":"normal","exchange":"jj","name":"银华集成电路混合型证券投资基金","fundCollectionId":4000050140000,"inceptionDate":"2021-12-07T16:00:00.000Z","masterFundShortName":"银华集成电路混合","followedNum":8,"setUpDate":"2021-12-07T16:00:00.000Z","setUpAssetScale":843953363.34,"setUpShares":843953363.34,"pinyin":"yhjcdlhhxzqtzjj","managers":[{"stockCode":"db20418748","stockType":"fund_manager","exchange":"fm","tickerId":610181190,"name":"方建"}]},"announcement":{"linkText":"银华集成电路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=1057677","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0557fea5b3eb050b493","date":"2023-09-29T16:00:00.000Z","stockId":3000000013840,"sao":"本基金专注于半导体领域投资。　　2023年三季度，全球半导体周期仍没有看到明显的复苏迹象，见底时间低于预期。半导体国产化进程平稳推进，下游扩产受到海外制裁和周期疲弱双重扰动，产业链订单阶段性低于预期。　　中国半导体行业的投资机会主要来自两方面：1、国产化相关公司，主要机会集中于半导体设备、材料和部分设计。2、全球半导体周期相关公司，主要集中于半导体设计和制造。　　国产化能否成功的关键在于下游是否支持，美国对我们的政策不断加码是下游全面支持国产化的核心推力。因而，当前的各种扰动，长期来看，反而是利好。国内半导体设备、材料，不存在海外知道，我们不知道的认知问题，只是他们做的好，我们做的差的水平问题，只要给机会不断精进，我们就会进步很快。全面实现国产化，不是股票市场的一蹴而就，而是全产业协同，一步一个脚印逐点突破。每次美国半导体出口政策收紧，就会更加坚定上下游国产化的决心。每次板块巨幅回调，刚好给予了那些受益于国产化浪潮、能够长大的优秀企业更加合适的上车机会。　　展望四季度，我们比较乐观，主要有以下几点：1、人工智能的兴起对算力有较大的拉动，有助于半导体周期企稳；2、半导体国产化进程仍持续快速推进，四季度相关扩产订单有望重新加速；3、经历了较大幅度的回调，板块估值已经较为合理。因而，2023年四季度及往后，半导体板块有机会迎来周期和国产化的共振向上机会。那时，整个板块都会有机会，无论是设备、设计、材料还是制造。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:17.690Z","fund":{"_id":3000000013840,"__csrcFundId":10372,"stockCode":"013840","shortName":"银华集成电路混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13840,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.202Z","status":"normal","exchange":"jj","name":"银华集成电路混合型证券投资基金","fundCollectionId":4000050140000,"inceptionDate":"2021-12-07T16:00:00.000Z","masterFundShortName":"银华集成电路混合","followedNum":8,"setUpDate":"2021-12-07T16:00:00.000Z","setUpAssetScale":843953363.34,"setUpShares":843953363.34,"pinyin":"yhjcdlhhxzqtzjj","managers":[{"stockCode":"db20418748","stockType":"fund_manager","exchange":"fm","tickerId":610181190,"name":"方建"}]},"announcement":{"linkText":"银华集成电路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=985469","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0557fea5b3eb050b492","date":"2023-06-29T16:00:00.000Z","stockId":3000000013840,"sao":"本基金专注于半导体领域投资。2023年上半年，全球半导体周期仍处于下行阶段，见底时间低于预期。半导体国产化进程平稳推进，但由于海外出口管控政策不断加码，下游扩产进程受到扰动，导致产业链订单阶段性稍有下修。　　中国半导体行业的投资机会主要来自两方面：1、国产化相关公司，主要机会集中于半导体设备、材料和部分设计。2、全球半导体周期相关公司，主要集中于半导体设计和制造。　　国产化能否成功的关键在于下游是否支持，美国对我们的政策不断加码是下游全面支持国产化的核心推力。因而，当前的各种扰动，都是长期利好。国内半导体设备、材料，不存在海外知道，我们不知道的认知问题，只是他们做的好，我们做的差的水平问题，只要给机会不断精进，我们就会进步很快。全面实现国产化，不是股票市场的一蹴而就，而是全产业协同，一步一个脚印逐点突破。每次美国半导体出口政策收紧，就会更加坚定上下游国产化的决心。每次板块巨幅回调，刚好给予了那些受益于国产化浪潮、能够长大的优秀企业更加合适的上车机会。","declarationDate":"2023-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:17.686Z","mo":"展望下半年，我们比较乐观，主要有以下几点：1、人工智能的兴起对算力有较大的拉动，有助于半导体周期企稳；2、半导体国产化进程仍持续快速推进，下半年相关扩产订单有望重新加速。因而，2023年下半年及往后，半导体板块有机会迎来周期和国产化的共振向上机会。那时，整个板块都会有机会，无论是设备、设计、材料还是制造。","fund":{"_id":3000000013840,"__csrcFundId":10372,"stockCode":"013840","shortName":"银华集成电路混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13840,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.202Z","status":"normal","exchange":"jj","name":"银华集成电路混合型证券投资基金","fundCollectionId":4000050140000,"inceptionDate":"2021-12-07T16:00:00.000Z","masterFundShortName":"银华集成电路混合","followedNum":8,"setUpDate":"2021-12-07T16:00:00.000Z","setUpAssetScale":843953363.34,"setUpShares":843953363.34,"pinyin":"yhjcdlhhxzqtzjj","managers":[{"stockCode":"db20418748","stockType":"fund_manager","exchange":"fm","tickerId":610181190,"name":"方建"}]},"announcement":{"linkText":"银华集成电路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=956354","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0557fea5b3eb050b491","date":"2023-03-30T16:00:00.000Z","stockId":3000000013840,"sao":"本基金专注于半导体领域投资。2023年一季度，半导体板块一扫过去几个季度下跌阴霾，企稳回弹。究其原因，主要有以下几点：1、半导体周期有企稳预期，股价提前见底。2、半导体国产化进程虽受干扰，仍持续快速推进。3、人工智能的兴起对算力有较强的拉动预期。　　中国半导体行业的投资机会主要来自两方面：1、国产化相关公司，主要机会集中于半导体设备、材料和部分设计。2、全球半导体周期相关公司，主要集中于半导体设计和制造。半导体行业有明显的周期性，从2022年下半年开始，该行业周期向下，和全球半导体景气周期相关的细分公司承受较大的业绩和估值压力。半导体行业的投资机会主要集中于国产化相关公司。　　国产化能否成功的关键在于下游是否支持，美国对我们的政策不断加码是下游全面支持国产化的核心推力。因而，当前的各种扰动，都是长期利好。国内半导体设备、材料，不存在海外知道，我们不知道的认知问题，只是他们做的好，我们做的差的水平问题，只要给机会不断精进，我们就会进步很快。全面实现国产化，不是股票市场的一蹴而就，而是全产业协同，一步一个脚印逐点突破。每次美国半导体出口政策收紧，就会更加坚定上下游国产化的决心。每次板块巨幅回调，刚好给予了那些受益于国产化浪潮、能够长大的优秀企业更加合适的上车机会。　　人工智能对算力的拉动，可能会加快半导体周期的见底。届时，半导体板块可能会迎来国产化与半导体行业周期向上的共振，那么整个板块都会有机会，无论是设备、设计、材料还是制造。　　站在当前时点，我们相对乐观。本基金在2023年二季度仍将重点布局半导体国产化相关公司，同时对半导体周期相关的设计、制造公司保持积极、密切跟踪态度。乐观应对，努力选出空间最大，最确定的国产化半导体公司，力争为持有人创造持续的超额收益。","declarationDate":"2023-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:17.681Z","fund":{"_id":3000000013840,"__csrcFundId":10372,"stockCode":"013840","shortName":"银华集成电路混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13840,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.202Z","status":"normal","exchange":"jj","name":"银华集成电路混合型证券投资基金","fundCollectionId":4000050140000,"inceptionDate":"2021-12-07T16:00:00.000Z","masterFundShortName":"银华集成电路混合","followedNum":8,"setUpDate":"2021-12-07T16:00:00.000Z","setUpAssetScale":843953363.34,"setUpShares":843953363.34,"pinyin":"yhjcdlhhxzqtzjj","managers":[{"stockCode":"db20418748","stockType":"fund_manager","exchange":"fm","tickerId":610181190,"name":"方建"}]},"announcement":{"linkText":"银华集成电路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=880102","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0557fea5b3eb050b490","date":"2022-12-30T16:00:00.000Z","stockId":3000000013840,"sao":"2022年是不断打破预期的一年。新年伊始，多年红火的基金发行开门红受冷；美国加息进度加快，北向资金净流出加剧；市场缺乏增量资金，备受期待的春季躁动落空。但市场仍坚信春季行情只是推迟，存量资金做多热情仍在。然而，俄乌冲突打破了节奏。这场战争的开始、进展方向和持续时间都大超预期，至今仍有失控风险。它不仅加速了A股下跌，也改变了世界地缘政治格局。截至3月15日，短短两个多月，wind全A回调了18.54%，市场凶相毕露。3月16日，金融委发声，市场勉强企稳。然而，屋漏偏逢连夜雨，上海疫情在3月中下旬开始恶化，国内高端制造业供应链一度被严重阻断。市场对全年经济增长前景愈发悲观，至4月26日，wind全A再次重挫10.43%。4月底，随着疫情得到有效控制，供应链逐渐恢复，市场企稳回升，特别是新能源车相关的高端制造业，在扎实的基本面支撑下，强劲反弹，市场逐渐回暖。然，市场在3季度和4季度上旬月月收阴。究其原因，主要A股的压制因素没有明显改善：国内疫情持续多点散发；俄乌冲突持续，欧洲能源危机加剧；美国持续大幅度加息。4季度中下旬，市场再次巨变，发生了两大核心转变：“地产政策调整”，“防疫政策优化”。这两大转变，使得新能源不再是“经济增长的稀缺亮点”，“资本市场的唯一焦点”。医药，地产及其产业链，疫情复苏链如消费、出行，等等，逻辑与未来基本面都有明显改善，资金逐渐开始分流。在一个存量博弈的市场中，基金抱团的新能源，成为了取款机。“边际预期改善”成为市场最大的正确。　　本基金专注于半导体领域投资。自本基金成立日开始，半导体板块一直走势疲弱。主要受以下几个因素影响：1、市场整体估值水位下移，高估值板块首当其冲。2、部分半导体处于价格周期高点回落阶段。3、受经济以及创新周期影响，部分半导体下游需求疲弱。4、很多半导体公司有较大的解禁。5、美国持续的打压扰动。　　半导体板块在挤泡沫，但中国半导体国产化进程没有减缓。自中美贸易战以来，这个板块的最大投资机会一直是国产化。全面实现国产化，不是股票市场的一蹴而就，而是全产业协同，一步一个脚印逐点突破。每次美国半导体出口政策收紧，就会更加坚定上下游国产化的决心。每次板块巨幅回调，刚好给予了那些受益于国产化浪潮、能够长大的优秀企业更加合适的上车机会。　　中国半导体行业，仍属于起步期，承接了太多期待，因而好的优秀企业，都比较贵，单纯从财务角度，没有太多的安全边际，只能从中国半导体一定能成功，从海外优质半导体公司市值对标的角度去考虑它们的预期收益率。因而相关公司股价波动大。这对基民的承受能力提出了挑战，但我们相信，我们的目标是一致的，就是看长做长，抓住中国集成电路行业崛起红利，志在长远。　　国内半导体已经越过0-1阶段，现在就是1-n阶段。当前半导体核心主线就是国产化，国产化能否成功的关键在于下游是否支持，美国对我们的政策不断加码是下游全面支持国产化的核心推力。因而，当前的各种扰动，都是长期利好。国内半导体设备材料，不存在海外知道，我们不知道的认知问题，只是他们做的好，我们做的差的水平问题，只要给机会不断精进，我们就会进步很快。2022年，美国对华半导体政策再次升级，确实会让我们某些先进制程的投资降速，但我们成熟制程的设备、材料的国产化率会快速提高，总体而言，国产化设备、材料的需求增速，中短期负面影响比较小，长期大概率有较大正面影响。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:17.678Z","mo":"站在当前时点，我们相对乐观。全球半导体下行周期已逐渐明朗，很多半导体公司的解禁也已落地，板块的下行风险正在快速释放。本基金在2023年将保持积极，乐观应对，努力选出空间最大，最确定的国产化半导体公司，力争为持有人创造持续的超额收益。","fund":{"_id":3000000013840,"__csrcFundId":10372,"stockCode":"013840","shortName":"银华集成电路混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13840,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.202Z","status":"normal","exchange":"jj","name":"银华集成电路混合型证券投资基金","fundCollectionId":4000050140000,"inceptionDate":"2021-12-07T16:00:00.000Z","masterFundShortName":"银华集成电路混合","followedNum":8,"setUpDate":"2021-12-07T16:00:00.000Z","setUpAssetScale":843953363.34,"setUpShares":843953363.34,"pinyin":"yhjcdlhhxzqtzjj","managers":[{"stockCode":"db20418748","stockType":"fund_manager","exchange":"fm","tickerId":610181190,"name":"方建"}]},"announcement":{"linkText":"银华集成电路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=873505","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0557fea5b3eb050b48f","date":"2022-09-29T16:00:00.000Z","stockId":3000000013840,"sao":"本基金专注于半导体领域投资。自本基金成立日开始，半导体板块一直走势疲弱。主要受以下几个因素影响：1、市场整体估值水位下移，高估值板块首当其冲。2、部分半导体处于价格周期高点回落阶段。3、受经济以及创新周期影响，部分半导体下游需求疲弱。4、很多半导体公司有较大的解禁预期。  半导体板块在挤泡沫，但中国半导体国产化进程没有减缓。自中美贸易战以来，这个板块的最大投资机会一直是国产化。全面实现国产化，不是股票市场的一蹴而就，而是全产业协同，一步一个脚印逐点突破。每次美国半导体出口政策收紧，就会更加坚定上下游国产化的决心。每次板块巨幅回调，刚好给予了那些受益于国产化浪潮、能够长大的优秀企业更加合适的上车机会。  中国半导体行业，仍属于起步期，承接了太多期待，因而好的优秀企业，都比较贵，单纯从财务角度，没有太多的安全边际，只能从中国半导体一定能成功，从海外优质半导体公司市值对标的角度去考虑它们的预期收益率。因而相关公司股价波动大。这对基民的承受能力提出了挑战，但我们相信我们的目标是一致的，就是看长做长，抓住中国集成电路行业崛起红利，志在长远。  站在当前时点，我们相对乐观。全球半导体下行周期已逐渐明朗，很大半导体公司的解禁预期也将落地，板块的下行风险正在快速释放。本基金在2022年4季度将保持积极，乐观应对，努力选出空间最大，最确定的国产化半导体公司，力争为持有人创造持续的超额收益。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:17.675Z","fund":{"_id":3000000013840,"__csrcFundId":10372,"stockCode":"013840","shortName":"银华集成电路混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13840,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.202Z","status":"normal","exchange":"jj","name":"银华集成电路混合型证券投资基金","fundCollectionId":4000050140000,"inceptionDate":"2021-12-07T16:00:00.000Z","masterFundShortName":"银华集成电路混合","followedNum":8,"setUpDate":"2021-12-07T16:00:00.000Z","setUpAssetScale":843953363.34,"setUpShares":843953363.34,"pinyin":"yhjcdlhhxzqtzjj","managers":[{"stockCode":"db20418748","stockType":"fund_manager","exchange":"fm","tickerId":610181190,"name":"方建"}]},"announcement":{"linkText":"银华集成电路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=802717","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0557fea5b3eb050b48e","date":"2022-06-29T16:00:00.000Z","stockId":3000000013840,"sao":"本基金专注于半导体领域投资。自本基金成立日开始，半导体板块一直走势疲弱。2022年1季度，半导体指数（8841349.WI）回调-21.07%，2022年2季度，半导体指数（8841349.WI）回调-0.33%。主要受以下几个因素影响：1、市场整体估值水位下移，高估值板块首当其冲。2、部分半导体处于价格周期高点回落阶段。3、受经济以及创新周期影响，部分半导体下游需求疲弱。4、很多半导体公司有较大的解禁预期。  半导体板块在挤泡沫，但中国半导体国产化进程没有减缓，这个板块的最大投资机会一直是国产化。这一次板块巨幅回调，刚好给予了那些受益于国产化浪潮、能够长大的优秀企业更加合适的上车机会。  中国半导体行业，仍属于起步期，承接了太多期待，因而好的优秀企业，都比较贵，单纯从财务角度，没有太多的安全边际，只能从中国半导体一定能成功，从海外优质半导体公司市值对标的角度去考虑它们的预期收益率。因而相关公司股价波动大。这对基民的承受能力提出了挑战，但我们相信我们的目标是一致的，就是看长做长，抓住中国集成电路行业崛起红利，志在长远。","declarationDate":"2022-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:17.673Z","mo":"站在当前时点，我们相对乐观。全球半导体下行周期已逐渐明朗，很大半导体公司的解禁预期也将落地，板块的下行风险正在快速释放。本基金在2022年下半年将保持积极，乐观应对，努力选出空间最大，最确定的国产化半导体公司，力争为持有人创造持续的超额收益。","fund":{"_id":3000000013840,"__csrcFundId":10372,"stockCode":"013840","shortName":"银华集成电路混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13840,"currenc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