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　　得益于市场的良好表现，上半年的组合操作相对从容，获利了结了银行、有色、计算机等部分持仓，提高非银、电子和化工持仓的比例。组合结构上，行业分布较为均衡，持仓标的以高ROE和红利特征为主，二季度组合再平衡过程中，主要是增加高股息标的持仓。 　　今年红利相关股票整体表现弱于市场，除均值回归效应外，市场风险偏好的提升对红利相关标的影响偏负面，因此获得相对收益的难度在增加。组合去年底结构调整时充分考虑过这种情景，因此组合构建以高ROE持仓为主，一方面高ROE类资产的市场表现本身与红利股高度相关，另一方面高ROE类资产的长期回报相对更好一些，从上半年表现来看，这类资产表现略好于红利指数。后续的调整中，组合逐步提高高股息类标的占比，特别是部分标的今年以来调整较多，已经有不错的吸引力。 　　目前组合整体结构与经济增长相关性提高不少，相信随经济逐步向上，组合业绩也会有相应表现。下半年也计划继续保持积极操作，以适应市场节奏，争取实现更好的结果。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:29.516Z","mo":"尽管外部环境不确定因素仍有很多，但内部变化可能是影响A股市场未来一段时间的的主要因素。扩大总需求的各项政策，不论是西部建设、消费补贴、生育政策等等，对经济增长提供了有利支持。反内卷成为目前国内上下的一致共识，平衡供需是当前市场重要的关注点，随着政策调整、行业自律等行为的展开，中间环节的基本面预计将逐步改善，对A股市场后续发展提供基本面支撑，证券市场也部分印证着这些改变。在流动性相对充沛，情绪大幅改善情景下，市场部分过热、大幅波动时有发生，但整体而言，还是在一段不错的投资窗口期。今后一段时间，市场大概率在波动起伏中前行，连续向上的局面并不会常见，守住初心保持谨慎会越来越重要。 　　最后，感谢基金份额持有人的宽容、信任与支持，25年下半年我们将积极进行资产配置，适时调整组合结构，尽最大的努力以实现良好收益。","fund":{"_id":3000000013914,"__csrcFundId":11863,"stockCode":"013914","shortName":"大成红利优选一年持有混合发起式A","masterFundShortName":"大成红利优选一年持有混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13914,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.361Z","status":"normal","exchange":"jj","fundCollectionId":4000050090000,"name":"大成红利优选一年持有期混合型发起式证券投资基金","inceptionDate":"2022-11-10T16:00:00.000Z","setUpDate":"2022-11-10T16:00:00.000Z","setUpAssetScale":20047872.62,"setUpShares":20047872.62,"pinyin":"dchlyxyncyqhhxfqszqtzjj","followedNum":1,"managers":[{"stockCode":"db20288419","stockType":"fund_manager","exchange":"fm","tickerId":1225140010,"name":"李煜"}]},"announcement":{"linkText":"大成红利优选一年持有期混合型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1346305","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0617fea5b3eb050c1cb","date":"2025-03-30T16:00:00.000Z","stockId":3000000013914,"sao":"一季度权益市场存量博弈表现较为突出，红利与成长类资产呈现明显的跷跷板效应。一方面是经济基本面仍处于弱复苏状态，另一方面技术突破带来部分情绪改善，共同塑造了市场的结构行情。组合本季度继续保持了相对较高的权益仓位，对持仓结构进行小幅调整，对浮盈较大的银行和计算机部分持仓进行了获利了结，增加了非银、医药、电子类持仓，组合整体结构变动不大。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:29.514Z","fund":{"_id":3000000013914,"__csrcFundId":11863,"stockCode":"013914","shortName":"大成红利优选一年持有混合发起式A","masterFundShortName":"大成红利优选一年持有混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13914,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.361Z","status":"normal","exchange":"jj","fundCollectionId":4000050090000,"name":"大成红利优选一年持有期混合型发起式证券投资基金","inceptionDate":"2022-11-10T16:00:00.000Z","setUpDate":"2022-11-10T16:00:00.000Z","setUpAssetScale":20047872.62,"setUpShares":20047872.62,"pinyin":"dchlyxyncyqhhxfqszqtzjj","followedNum":1,"managers":[{"stockCode":"db20288419","stockType":"fund_manager","exchange":"fm","tickerId":1225140010,"name":"李煜"}]},"announcement":{"linkText":"大成红利优选一年持有期混合型发起式证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1276062","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0617fea5b3eb050c1ca","date":"2024-12-30T16:00:00.000Z","stockId":3000000013914,"sao":"2024年的权益市场经历了几度波折，全年走势大致可分为三段：年初受流动性冲击，市场出现快速下行及反弹；二季度在存量博弈格局下，市场呈现极致分化，仅红利板块维持相对收益；三季度末随着宏观经济政策持续发力，市场迎来系统性估值修复。信心层面带来的估值波动比基本面本身对股票市场的影响更为显著，这一次的权益市场变化在内外因素共振下，确实表现的更为极致，但类似的行情在A股历史上也并不少见。　　出于对权益市场估值处于历史较低水平的判断，组合在年初即采取积极配置策略，始终维持了较高的权益仓位；在结构配置层面，主要操作是逐步向弹性和经济复苏方向调整，减少红利等稳定类资产。从实际运作效果看，上半年权益市场的表现主要集中于红利资产等防御板块，组合虽通过适度分散配置控制回撤，但仍承受了较大的绝对/相对收益压力；三季度后随宏观政策密集发力，经济活动逐步回升，居民信心明显提振的背景下，权益市场快速回暖，期间组合净值也大幅改观，组合的弹性表现与预想基本一致。　　25年初市场表现有些近似于24年初，但春节前Deepseek出现等一系列事件对情绪提振作用还是非常明显的，是推动节后市场逐级向上的主要因素之一。　　组合在24年末对持仓结构进行重构，以企业盈利能力和相对估值水平为标准构建组合持仓的基础部分，以成长能力和潜在市场空间为标准构建部分资产作为增强部分。由于重构后的组合偏向红利，在24年Q4一段时间表现相对较好，但近期（25年春节后）的表现还是比预想要弱不少，特别是相对收益压力较大。仔细审视持仓标的和组合结构，除组合基础部分的构建偏向红利的影响外，增强部分过于均衡也导致在极致行情下不足以弥补差距。后期的调整也计划从两方面入手，逐步改进组合结构，争取获得较好的结果。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:29.511Z","mo":"对2025年资本市场保持审慎乐观。尽管全球经济仍处于再平衡的复杂进程中，但经历连续两年的估值消化与结构重塑后，A股市场已积蓄较强的上行势能。当前市场整体估值处于历史中枢下方，安全边际的夯实为修复奠定基础。从驱动因素看，全球经济周期共振回暖、国内政策效能释放以及科技产业突破，或将成为新一年市场的主旋律。　　经济周期切换，从筑底到弱复苏。作为全球制造业中枢，我国PPI同比增速有望在2025年步入温和回升通道。过去两年海外供应链重构带来的压力已逐步消化，欧美补库存周期的启动，出口产业链景气度仍有望维系。国内方面，居民部门消费意愿从场景复苏转向品质升级，高端消费、智能家居、健康医疗等领域的结构性机会值得关注，此外绿色转型、数字经济等战略方向的资金虹吸效应将愈发显著。　　美联储降息周期的开始，或使2025年成为全球流动性转向的关键年份。海外资金对新兴市场的再配置需求升温，叠加国内稳增长政策下宽松货币环境的延续，A股市场有望迎来内外资的合力增持。需警惕的是，若海外降息节奏慢于预期或地缘风险扰动汇率，短期市场波动或加剧，但中长期资金面改善的趋势较为明确。　　从行业估值分位数看，当前市场分化已有所收敛，但科技成长与传统周期的估值差仍存修复空间。　　总体而言，2025年市场或呈现震荡上行态势，估值扩张与盈利改善的共振将打开指数空间。尽管地缘博弈与政策博弈仍会扰动市场情绪，但经历充分调整后的A股，其风险收益比已进入战略配置区间。2025年可能更需更注重进攻性与灵活性的平衡。　　最后，感谢基金份额持有人的宽容、信任与支持，2025年我们将积极进行资产配置，适时调整组合结构，尽最大的努力以实现良好收益。","fund":{"_id":3000000013914,"__csrcFundId":11863,"stockCode":"013914","shortName":"大成红利优选一年持有混合发起式A","masterFundShortName":"大成红利优选一年持有混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13914,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.361Z","status":"normal","exchange":"jj","fundCollectionId":4000050090000,"name":"大成红利优选一年持有期混合型发起式证券投资基金","inceptionDate":"2022-11-10T16:00:00.000Z","setUpDate":"2022-11-10T16:00:00.000Z","setUpAssetScale":20047872.62,"setUpShares":20047872.62,"pinyin":"dchlyxyncyqhhxfqszqtzjj","followedNum":1,"managers":[{"stockCode":"db20288419","stockType":"fund_manager","exchange":"fm","tickerId":1225140010,"name":"李煜"}]},"announcement":{"linkText":"大成红利优选一年持有期混合型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1257263","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0617fea5b3eb050c1c9","date":"2024-06-29T16:00:00.000Z","stockId":3000000013914,"sao":"今年以来的业绩表现未有预期理想，一方面是今年以来市场非常集中于防御板块，另一方面是去年下半年组合就陆续卖出偏红利的防御类资产，资产配置与市场表现的偏差是导致业绩压力的主要因素。近半年的组合操作，结构上降低了传媒、家电的持仓比例，提高电子、电新和计算机持仓的比例。看好电子行业的重要因素是半导体和消费电子行业本身有较强的周期，经历持续的超历史周期下行后，已经逐步回暖，不少环节的稼动率已经上行，盈利能力大幅改善，当然组合中的电子持仓偏向被动环节，波动相对行业内其他环节小，上涨过程中可能也偏后；保持计算机持仓的因素，除行业估值处于历史低位，主要还是看好持仓个股的表现，特别是在海外的扩展；对电新行业的持仓，主要基于产业链竞争环节的优势企业，行业底部仍能保持不错的盈利，性价比突出；当然组合中也有部分标的连续不及预期，确实对净值和操作带来不小的负面的影响，考虑在适当的时点进行调整。　　组合保持了建仓时的策略连续性，即从PB-ROE综合考虑，持有性价比更好的资产；站在当下的时点，组合整体的性价比还是不错的，下半年计划积极操作调整，以适应市场节奏，争取实现更好的结果。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:29.508Z","mo":"上半年市场表现与预想还是有不小的差距，消费复苏不及预期，特别是偏向消费升级的方向，这也是国内企业竞争加剧的部分原因。供需错配和预期不稳定共同影响经济表现，进而在A股体现出相应行情。而自去年8月地产企业违约扩散后，一方面导致了资金离场，另一方面是在市场下行期资产端的缩水引发负债端更快速地收缩，进一步压低市场。在A股历史上一段高速成长结束后转向价值的过程中通常都是以价格大幅收敛完成的。根据近期市场的表现——交易量大幅萎缩和部分股票已经开始有独立行情，相信曙光就在眼前，当然黎明前也是最为煎熬时候。　　坚守不易，在此，再次向持有人表达感激之情。","fund":{"_id":3000000013914,"__csrcFundId":11863,"stockCode":"013914","shortName":"大成红利优选一年持有混合发起式A","masterFundShortName":"大成红利优选一年持有混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13914,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.361Z","status":"normal","exchange":"jj","fundCollectionId":4000050090000,"name":"大成红利优选一年持有期混合型发起式证券投资基金","inceptionDate":"2022-11-10T16:00:00.000Z","setUpDate":"2022-11-10T16:00:00.000Z","setUpAssetScale":20047872.62,"setUpShares":20047872.62,"pinyin":"dchlyxyncyqhhxfqszqtzjj","followedNum":1,"managers":[{"stockCode":"db20288419","stockType":"fund_manager","exchange":"fm","tickerId":1225140010,"name":"李煜"}]},"announcement":{"linkText":"大成红利优选一年持有期混合型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1150113","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0617fea5b3eb050c1c8","date":"2024-03-30T16:00:00.000Z","stockId":3000000013914,"sao":"2024年初市场先抑后扬，大盘蓝筹普遍表现较好。红利、周期板块涨幅领先，过往几年的赛道股普遍回暖；中小市值股票则普遍承压，去年表现相对较好的TMT板块，今年则普遍落后；地产、非银、军工板块则延续低迷。整体来看，一季度市场交投偏谨慎，偏向于经营稳定、业绩确定性高的行业、企业，对成长领域普遍持负面态度。　　组合本季度继续维持高仓位运行，持仓结构与上年末持仓基本一致，减持了部分传媒、电新及红利类持仓，增加了周期、消费等持仓比重。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:29.506Z","fund":{"_id":3000000013914,"__csrcFundId":11863,"stockCode":"013914","shortName":"大成红利优选一年持有混合发起式A","masterFundShortName":"大成红利优选一年持有混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13914,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.361Z","status":"normal","exchange":"jj","fundCollectionId":4000050090000,"name":"大成红利优选一年持有期混合型发起式证券投资基金","inceptionDate":"2022-11-10T16:00:00.000Z","setUpDate":"2022-11-10T16:00:00.000Z","setUpAssetScale":20047872.62,"setUpShares":20047872.62,"pinyin":"dchlyxyncyqhhxfqszqtzjj","followedNum":1,"managers":[{"stockCode":"db20288419","stockType":"fund_manager","exchange":"fm","tickerId":1225140010,"name":"李煜"}]},"announcement":{"linkText":"大成红利优选一年持有期混合型发起式证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1068488","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0617fea5b3eb050c1c7","date":"2023-12-30T16:00:00.000Z","stockId":3000000013914,"sao":"2023年初市场表现出对经济复苏较多的期待，在AI等热点事件驱动下上半年权益市场有较好表现，但随着经济复苏低于预期，市场逐渐趋冷，特别是下半年地产行业持续低迷，风险偏好持续下行，临近年末市场表现和流动性缺失时期近似。2023年初组合构建的核心思路是在市场估值处于相对较低时期，选择相对较高ROE和成长性的标的构建组合。年初组合结构相对均衡，红利价值和弹性成长之间进行了哑铃型配置，因此组合结构在上半年表现较好，贴近了当时的市场环境。但在下半年比预期差了很多，除对市场下行风险预估不足外，下半年持仓结构调整上过于偏重弹性和经济复苏条线，在红利类持仓的配置过低也是净值表现低于预期的重要因素。　　24年初市场平淡开场，延续了去年12月以来的市场行情，按照过往经验，场内流动性将阶段性向权重股倾斜，而其他板块出现加速出清过程，从时间节点上看，也较为相似。市场重新再平衡需要有增量资金入场重新配置，目前看来外部资金有限，更多的是场内资金重构，当前市场处于低位不用重述，未来重新聚集的方向还是要看经济重振的方向。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:29.503Z","mo":"对股票市场2024年仍持乐观态度，尽管年初市场第一个月就出现10%左右的下行，除估值、历史分位数等参考外，经济修复和流动性改善是看多市场的因素。当然，便宜才是市场上行的原动力。从各行业PB历史分位数上看，当前市场结构上也已经处于相对均衡，这是市场具备重新出发的必要条件。　　作为世界工厂，PPI下行期A股市场表现通常是较为低迷的。疫情对供应链的扰动是当时国内经济景气的原因之一，之后随海外供应链恢复和需求回落影响，PPI下行压力持续体现。本轮下行周期在时间和空间上都较为充分，随海外（欧美）需求回升，整体企稳回升还是可以期盼的；而内需增长是慢变量，随疤痕效应消退，预计在旅游、影视、免税等消费场景的持续改善将交替体现。流动性方面，在联储缩表的中后期，内外流动性都开始改善。尽管当下市场仍非常低迷，但从全年维度来看，投资机会已经远大于风险。　　仅从组合管理多年的经历出发，对当下市场确实不算悲观，特别是回撤发生在年初。当前的市场寒冬呼应了20-21年的夏日，重新审视当下的市场和组合标的，与前述的组合构建思路并没有大的偏离。当前持仓的弹性足够，除因流动性紧张时表现差强人意外，整体表现在目前市场比预计略好。但本轮市场企稳后，还是需要重构组合，重新入场，增加超跌股票暴露，增加操作灵活度以及寻找经济复苏有共识的方向。　　最后，感谢基金份额持有人的宽容、信任与支持，2024年我们将积极进行资产配置，适时调整组合结构，尽最大的努力以实现良好收益。","fund":{"_id":3000000013914,"__csrcFundId":11863,"stockCode":"013914","shortName":"大成红利优选一年持有混合发起式A","masterFundShortName":"大成红利优选一年持有混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13914,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.361Z","status":"normal","exchange":"jj","fundCollectionId":4000050090000,"name":"大成红利优选一年持有期混合型发起式证券投资基金","inceptionDate":"2022-11-10T16:00:00.000Z","setUpDate":"2022-11-10T16:00:00.000Z","setUpAssetScale":20047872.62,"setUpShares":20047872.62,"pinyin":"dchlyxyncyqhhxfqszqtzjj","followedNum":1,"managers":[{"stockCode":"db20288419","stockType":"fund_manager","exchange":"fm","tickerId":1225140010,"name":"李煜"}]},"announcement":{"linkText":"大成红利优选一年持有期混合型发起式证券投资基金2023年年度报告","linkUrl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