window.pageData = {"stock":{"_id":3000000014080,"name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","exchange":"jj","fundStatus":"normal","stockCode":"014080","tickerId":14080,"shortName":"交银启汇混合C","currency":"CNY","inceptionDate":"2021-12-02T16:00:00.000Z","fundCollectionId":4000050480000,"followedNum":0,"status":"normal","masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"jysldqhhhxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50480000","tickerId":50480000,"name":"交银施罗德基金管理有限公司"},"managers":[{"name":"楼慧源","stockType":"fund_manager","stockCode":"db20605567","exchange":"fm","tickerId":120825180750}],"hotMetrics":{"fss":{"stockId":3000000014080,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0,"f_ind_h_s_r":1,"f_h_a":435,"f_h_s_a":4380,"f_ind_h_s_r_c_1y":0,"f_ind_h_s_r_c_hy":0.9883,"f_ins_h_s_r_c_1y":0,"f_ins_h_s_r_c_hy":-0.9883,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000014080,"type":"fpr","f_p_r_fys_ssc":8961,"f_p_r_fys_ssrp":0.4271205357142857,"f_p_r_m1_ssc":9322,"f_p_r_m1_ssrp":0.23559703894431927,"f_p_r_m3_ssc":9178,"f_p_r_m3_ssrp":0.41669390868475537,"f_p_r_m6_ssc":8961,"f_p_r_m6_ssrp":0.42723214285714284,"f_p_r_y1_ssc":8436,"f_p_r_y1_ssrp":0.5055127445168939,"f_p_r_y2_ssc":7803,"f_p_r_y2_ssrp":0.5244809023327351,"f_p_r_y3_ssc":7019,"f_p_r_y3_ssrp":0.6615844970076945,"f_cagr_p_r_fs_ssc":9280,"f_cagr_p_r_fs_ssrp":0.8981571290009699},"fp":{"stockId":3000000014080,"type":"fp","f_p_r_fys":0.0762803819444442,"f_p_r_m1":0.060742166613196424,"f_p_r_m3":0.08262388124863573,"f_p_r_m6":0.0762803819444442,"f_p_r_y1":0.1973684210526312,"f_cagr_p_r_fs":-0.04203030412891817,"f_p_r_d1":-0.012658227848101222,"f_p_r_y2":0.3484230560086998,"f_p_r_y3":0.11000447627574017,"last_data_date":"2026-07-01T16:00:00.000Z","f_i_d":"2021-12-02T16:00:00.000Z"},"ff":{"stockId":3000000014080,"type":"ff","f_m_f":7812243,"f_m_f_r":0.012,"f_c_f":1302040,"f_c_f_r":0.002,"f_m_a_c_f":9114283,"f_m_a_c_f_r":0.014,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2026-05-07T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000014080,"type":"f_nlacan","f_nv_d":"2026-07-01T16:00:00.000Z","f_nv":0.9919,"f_nv_cr":-0.02649916576700362},"f_as":{"stockId":3000000014080,"type":"f_as","f_tas":1371595.7858,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000009618,"stockId":603259,"holdings":985800,"marketCap":96706980,"netValueRatio":0.095,"quarterlyChange":0.08230361871138547,"stock":{"stockCode":"603259","exchange":"sh","stockType":"company","tickerId":603259,"name":"药明康德"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000009618,"stockId":300750,"holdings":148680,"marketCap":59724756,"netValueRatio":0.0586,"quarterlyChange":0.09377552687469404,"stock":{"stockCode":"300750","exchange":"sz","stockType":"company","tickerId":300750,"name":"宁德时代"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000009618,"stockId":1000000000001801,"holdings":579711,"marketCap":43456559,"netValueRatio":0.0427,"quarterlyChange":0.11344262295081897,"stock":{"stockCode":"01801","exchange":"hk","stockType":"company","tickerId":1801,"name":"信达生物"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000009618,"stockId":1000000000006618,"holdings":1024943,"marketCap":42588049,"netValueRatio":0.0418,"quarterlyChange":-0.15207207207207252,"stock":{"stockType":"company","exchange":"hk","stockCode":"06618","tickerId":6618,"name":"京东健康"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000009618,"stockId":1000000000001209,"holdings":769288,"marketCap":31951583,"netValueRatio":0.0314,"quarterlyChange":0.0926883523859634,"stock":{"stockType":"company","exchange":"hk","stockCode":"01209","tickerId":1209,"name":"华润万象生活"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000009618,"stockId":1000000000000700,"holdings":70669,"marketCap":30200241,"netValueRatio":0.0297,"quarterlyChange":-0.19198664440734592,"stock":{"stockCode":"00700","exchange":"hk","stockType":"company","tickerId":700,"name":"腾讯控股"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000009618,"stockId":600754,"holdings":1088300,"marketCap":29242621,"netValueRatio":0.0287,"quarterlyChange":0.06331618519984183,"stock":{"stockCode":"600754","exchange":"sh","stockType":"company","tickerId":600754,"name":"锦江酒店"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000009618,"stockId":603345,"holdings":307100,"marketCap":28640146,"netValueRatio":0.0281,"quarterlyChange":0.1763370332996972,"stock":{"stockCode":"603345","exchange":"sh","stockType":"company","tickerId":603345,"name":"安井食品"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000009618,"stockId":2422,"holdings":802737,"marketCap":27846946,"netValueRatio":0.0273,"quarterlyChange":0.1819420783645651,"stock":{"stockCode":"002422","exchange":"sz","stockType":"company","tickerId":2422,"name":"科伦药业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000009618,"stockId":2028,"holdings":132000,"marketCap":26664000,"netValueRatio":0.0262,"quarterlyChange":0.30668219160359755,"stock":{"stockCode":"002028","exchange":"sz","stockType":"company","tickerId":2028,"name":"思源电气"}}]},"list":[{"_id":"69e7d57a6201787ae129f1bc","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","stockId":3000000009618,"sao":"回顾2026年一季度，伊朗战火重燃，地缘风险回升，宏观不确定性提升；国内货币维持宽松基调，PMI指数符合预期。3月下旬，市场的风险得到了一定程度的释放，提供了一些优质个股的加仓机会。　　当期我们对持仓结构的调整主要是：增持了管线有进展的创新药公司、订单有保证的CXO公司，供给格局优化的消费股，以及能源转型受益的品种；减持了互联网公司和周期股。　　由于优质成长板块在2025年的估值修复已经比较明显，今年对个股质量的把握要求会进一步提高，需要寻找阿尔法。我们投资的重点方向包括以下：（1）不太受地缘冲突影响的医药和消费品种，其中包括管线有进展的创新药标的、业绩和订单有保证的CXO龙头，消费行业中关注行业供给优化的龙头公司（价量都有增长、合适的股东回报）；（2）制造业：中国的制造业竞争力继续突出，我们会继续关注，全球能源转型带来的机会，偏滞胀环境下业绩较刚性的出海品种；（3）AI对各行业的广泛影响：AI Agent的发展带来了token需求正在快速提升，也引发市场对不少行业商业模型冲击的担心，需要甄别中选择机会。","lastUpdated":"2026-04-21T19:52:26.143Z","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇混合型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1470592","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69c7700a69b11a867413e0b1","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-27T16:00:00.000Z","stockId":3000000009618,"sao":"回顾2025年，国内货币政策保持宽松基调，财政政策在实现经济增长的目标下有所收敛、为2026年留有空间。从权益市场表现看，今年结构性行情突出，表现突出的板块在年底被兑现收益，当期的市场波动和调整，提供了一些优质个股的加仓机会。","lastUpdated":"2026-03-28T06:07:06.265Z","mo":"展望2026年，我们认为，全球仍然处于财政货币均宽松的周期，对权益市场的估值水平较为友好。当下处于中美贸易摩擦缓和的窗口期，我们继续看好具备全球产业竞争力的中国公司，重点关注行业包括创新生物医药、人工智能、高端制造等领域，当然由于优质成长板块在2025年的估值修复比较明显，2026年对产业趋势、个股质量的把握要求会进一步提高。对于内需，我们会持续关注：格局稳定、股东回报优异的公司，有渗透率提高机会的服务型消费等，以及成熟行业拐点型机会。对于医药行业，我们继续看好创新药的授权出海和国内放量；与2025年重点关注授权机会不同的是，明年我们将更为关注重磅产品的临床进展、商业化销售以及盈利弹性，以及革命性新技术带来的增量机会；2026年的其他重点还包括：CXO行业、医疗服务行业、医疗器械行业。CXO行业在2025年已有较好表现，此类公司受创新药技术驱动影响较大，且如果美元降息也将受益。医疗服务行业的一些细分市场仍然具备渗透率较低的特点，2026年有望实现量和价同时增长；医疗器械行业主要关注国产替代、出海和创新技术带来的增长。","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1452601","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf489","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000009618,"sao":"回顾2025年三季度，沪深300指数上涨17.90%，恒生指数上涨11.56%。板块上看，有色、电子、通信以及电力设备等排名靠前，银行、交通运输、公用事业以及食品饮料等表现较为落后。　　本报告期，组合加仓了医药研发外包、游戏和资源品个股，减仓了创新药和内需相关的业绩不及预期的个股。　　当下沪深300的估值水平处于历史中枢水平，权益市场具备性价比。我们认为积极寻找的个股可能有以下表现形式：（1）成熟行业的优质龙头公司，关注经营性现金流、资本开支、自由现金流等指标，以及关注公司的股东回报能力和意愿如何；（2）积极成长的高质量公司，面对的可及市场较大，渗透率仍较低，需求端仍较快增长的公司，且先进入者有先发优势；（3）早期技术创新的机会，具备更强的爆发性。","lastUpdated":"2026-03-09T13:36:24.779Z","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1380689","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf488","date":"2025-06-29T16:00:00.000Z","stockId":3000000009618,"sao":"回顾2025年上半年，沪深300指数上涨0.03%，恒生指数上涨20%。板块上看，通信、有色等排名靠前，食品饮料、煤炭、房地产等表现较为落后。　　目前本基金的持仓结构主要是以下方向：（1）内需消费中，格局稳定、自由现金流表现好、有意愿有能力加大股东回报的公司；（2）出海有成长空间的个股，会更多关注其可及市场是否大，产品、渠道、本土化运营等是否展现出优势；（3）新技术拉动的成长个股。本报告期，加仓了具备出海弹性的创新药，减仓了业绩不确定性加大的个股。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:24.776Z","mo":"当下沪深300的估值水平处于历史中枢略偏下的水平，权益市场具备性价比。我们认为积极寻找的个股可能有以下表现形式：（1）成熟行业的优质龙头公司，关注经营性现金流、资本开支、自由现金流等指标，以及关注公司的股东回报能力和意愿如何；（2）积极成长的高质量公司，面对的可及市场较大，渗透率仍较低，需求端仍较快增长的公司，且先进入者有先发优势；（3）早期技术创新的机会，具备更强的爆发性。","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇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=1344586","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf487","date":"2025-03-30T16:00:00.000Z","stockId":3000000009618,"sao":"回顾2025年一季度，沪深300指数下跌1.21%，恒生指数上涨15.25%。板块上看，有色、机械、汽车等排名靠前，煤炭、房地产、商贸零售等表现较为落后。　　目前本基金的持仓结构主要是以下方向：（1）内需消费中，格局稳定、自由现金流表现好、有意愿有能力加大股东回报的公司；（2）出海有成长空间的个股，会更多关注其可及市场是否大，产品、渠道、本土化运营等是否展现出优势；（3）新技术拉动的成长个股。本报告期，调整了互联网龙头个股，加仓了内需消费的优质公司、优质创新药，减仓了面向海外市场、业绩不确定性加大的个股，以及经上涨后性价比不高的红利股。　　当下沪深300的估值水平处于历史中枢略偏下的水平，权益市场具备性价比。我们积极寻找的个股可能有以下表现形式：（1）成熟行业的优质龙头公司，关注经营性现金流、资本开支、自由现金流等指标，以及关注公司的股东回报能力和意愿如何；（2）积极成长的高质量公司，面对的可及市场较大，渗透率仍较低，需求端仍较快增长的公司，且先进入者有先发优势；（3）早期技术创新的机会，具备更强的爆发性。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:24.774Z","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇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=1267987","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf486","date":"2024-12-30T16:00:00.000Z","stockId":3000000009618,"sao":"回顾2024年，沪深300指数上涨14.68%，恒生指数上涨17.67%。从板块上看，金融、通信以及家电等排名靠前，医药生物、建筑建材以及纺服轻工等全年表现较为落后。　　目前本基金的持仓结构主要是以下方向：（1）内需消费中，格局稳定、自由现金流表现好、有意愿有能力加大股东回报的公司；（2）出海有成长空间的个股，会更多关注其可及市场是否大，产品、渠道、本土化运营等是否展现出优势；（3）新技术拉动的成长个股。本报告期，加仓了互联网龙头、锂电龙头、内需消费的优质公司，以及受益于AI的智驾标的，减仓了业绩持续不及预期的个股。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:24.771Z","mo":"2024年年底，沪深300的估值水平处于历史中枢略偏下的水平，股息率相比十年期国债收益率的息差较大，权益市场具备性价比。我们认为积极寻找的个股可能有以下表现形式：（1）成熟行业的优质龙头公司，关注经营性现金流、资本开支、自由现金流等指标，以及关注公司的股东回报能力和意愿如何；（2）积极成长的高质量公司，面对的可及市场较大，渗透率仍较低，需求端仍较快增长的公司，且先进入者有先发优势；（3）早期技术创新的机会，具备更强的爆发性。","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇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=1248145","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf485","date":"2024-09-29T16:00:00.000Z","stockId":3000000009618,"sao":"回顾2024年三季度，沪深300指数上涨16.07%，中证500上涨16.19%，恒生指数上涨19.27%。　　2024年三季度，市场经历了先下跌后上涨的过程，主要原因在于对整体经济预期的不断修正。板块上来看，非银金融、房地产、计算机排名靠前，煤炭、公用事业、石油石化表现落后。　　经过九月底的上涨，沪深300的估值水平达到了历史中枢水平，股息率相比十年期国债收益率的性价比有所收敛，权益市场仍具备吸引力。我们认为积极寻找的个股可能有以下表现形式：（1）成熟行业的优质龙头公司，我们将关注经营性现金流、资本开支、自由现金流等指标，以及关注公司的股东回报能力和意愿如何；（2）积极成长的高质量公司，面对的可及市场较大，渗透率仍较低，需求端仍较快增长的公司，且先进入者有先发优势；（3）早期技术创新的机会，具备更强的爆发性，因为能满足未满足需求。同时我们也认识到，因为“真成长”的稀缺性，第二、第三类股票在A股的价格普遍较高，我们将耐心等待机会。　　目前本基金的持仓结构主要是以下方向：（1）内需消费中，格局稳定、自由现金流表现好、有意愿有能力加大股东回报的公司；（2）出海有成长空间的个股，会更多关注其可及市场是否大，产品、渠道、本土化运营等是否展现出优势；（3）新技术拉动的成长个股。本报告期，组合加仓了ROE企稳回升、股东回报加大的互联网龙头、受益于降息的新能源公司、出海具备独立阿尔法的公司，减仓了受外部环境影响较大的盈利预测不明朗或估值不合理的个股。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:24.766Z","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1176465","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf484","date":"2024-06-29T16:00:00.000Z","stockId":3000000009618,"sao":"回顾2024年上半年，沪深300指数上涨0.89%，中证500下跌8.96%，恒生指数上涨3.94%。板块上看，银行、公用事业排名靠前，计算机、轻工、传媒表现落后。　　目前本基金的持仓结构主要是以下方向：（1）内需消费中，格局稳定、自由现金流表现好、有意愿有能力加大股东回报的公司；（2）出海有成长空间的个股，会更多关注其覆盖市场是否大，产品、渠道、本土化运营等是否展现出优势；（3）新技术拉动的成长个股。本报告期，加仓了格局在变好、股东回报加大的个股，减仓了受外部环境影响较大的个股，盈利下修或较不明朗的个股，以及估值偏贵的个股。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:24.763Z","mo":"总体来看，沪深300的估值水平仍然处于历史低位(PE约11x)，相比代表无风险利率的十年期国债收益率（2.3%），权益市场具备较高的吸引力。我们认为积极寻找的个股可能有以下表现形式：（1）成熟行业的优质龙头公司，关注经营性现金流、资本开支、自由现金流等指标，以及关注公司的股东回报能力和意愿如何；（2）积极成长的高质量公司，面对的可及市场较大，渗透率仍较低，需求端仍较快增长的公司，且先进入者有先发优势；（3）早期技术创新的机会，具备更强的爆发性，因为能满足未满足需求。同时我们也认识到，因为真成长的稀缺性，第二第三类股票在A股的价格普遍较高，我们将耐心等待机会。","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇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=1147597","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf483","date":"2024-03-30T16:00:00.000Z","stockId":3000000009618,"sao":"回顾2024年一季度，沪深300指数上涨3.10%，中证500下跌2.64%，恒生指数下跌2.97%。　　2024年开年，市场经历了先下跌后上涨的过程，主要原因在于自去年四季度以来市场对经济复苏的预期调低，导致一月调整幅度较深；二月后，市场的上涨，主要来自于过度悲观的经济预期的修正，以及部分板块较好的业绩表现。板块上看，有色、石油石化、煤炭以及家电排名靠前，而计算机、医药、地产以及电子表现落后。　　总体来看，沪深300的估值水平仍然处于历史低位(PE约11x)，相比代表无风险利率的十年期国债收益率（2.36%），权益市场具备较高的吸引力。我们认为积极寻找的个股可能有以下表现形式：（1）成熟行业的优质龙头公司，关注经营性现金流、资本开支、自由现金流等指标，以及关注公司的股东回报能力和意愿如何；（2）积极成长的高质量公司，面对的可及市场较大，渗透率仍较低，需求端仍较快增长的公司，且先进入者有先发优势；（3）早期技术创新的机会，具备更强的爆发性，因为能满足之前未满足需求。同时我们也认识到，因为“真成长”的稀缺性，第二、第三类股票在A股的价格普遍较高，我们将耐心等待机会。　　目前本基金的持仓结构主要是以下方向：（1）内需消费中，格局稳定、自由现金流表现好、有意愿、有能力加大股东回报的公司；（2）出海有成长空间的个股，会更多关注其可及市场是否大，产品、渠道、本土化运营等是否展现出优势；（3）新技术拉动的成长个股。本报告期，加仓了出海的标的，以及自由现金流好、格局稳定的内需股，减仓了部分外需研发外包个股。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:24.760Z","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072578","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf482","date":"2023-12-30T16:00:00.000Z","stockId":3000000009618,"sao":"回顾2023年全年，开年经济复苏的预期较强，但一季度经历了阶段性复苏后，宏观数据预期逐步下修，股票市场也随之走跌。全年上证指数下跌3.70%，创业板指下跌19.41%，沪深300指数下跌11.38%，恒生指数下跌13.82%。　　回顾2023年的操作，开年对复苏的预期过高，内需个股相对超配，最终持仓的估值中枢下移较多，影响了组合回报；且个别重仓的盈利预测下修较多，也带来了负向的影响。未来将吸取经验：宏观预期的波动，对组合的估值扰动较大，需要加入考量；如果在行业周期左侧投资，对公司的盈利预测要进一步谨慎测算。　　当下的沪深300指数，无论是PE、PB、股息率，均处于历史低位水平。在当下估值水平下，应当积极做个股的风险定价，以获得更好的投资回报。总量放缓的大背景下，我们积极寻找的个股可能有以下表现形式：1）中低增速行业的优质龙头，供给端相对紧张，格局已经优化或本就稳定，资本开支减少，盈利能力提升，自由现金流改善；2）可及市场较大，低渗透率，需求端维持较快增长的公司，且先进入者有先发优势；3）创新带来了新的供给，满足了之前未满足需求。同时我们也认识到，因为真成长的稀缺性，第二、第三类股票在A股的价格普遍较高，我们将耐心等待机会。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:24.758Z","mo":"我们认为中国自身的市场大且有层次，不同行业的发展阶段并不一样，我们依然可以找到有较好成长动能的细分行业，或者格局优化、回报率正在提高的成熟行业，从中筛选持续增长的优质公司，分享公司的高资本回报水平。总的来说，公司的资本回报率如何，是否有不错的增长（可以把部分留存收益以高回报率进行再投资），是否具备良好的自由现金流，是否有意愿实现良好的股东回报（包括分红和回购注销），是我们会重点关注的问题。　　我们对持仓结构的调整在于：维持对医药行业的超配，主要投资于：1）在较弱的内需消费环境中，格局稳定，资本回报率好的公司；2）海外产品、渠道、本土化运营等展现出优势，未来可及市场较大的公司；3）新技术拉动的成长个股。加仓了海外竞争力持续提升的医疗器械公司，格局优化的国内检验龙头，以及在国内研发营销有优势的制药公司，减仓了业绩不及预期且格局不稳定的内需股和研发外包公司。","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇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=1056494","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf481","date":"2023-09-29T16:00:00.000Z","stockId":3000000009618,"sao":"回顾2023年三季度，国内消费、工业都呈现弱复苏的态势，经济相关度小、刚需韧性的行业复苏较好。我们认为经济仍然在复苏的通道中，市场已经对宏观层面的波动充分定价，拉长看还是要回归到精选持续成长的优质个股。　　我们对持仓结构的调整在于：维持对医药行业的超配，对个股进行了一定的调整，主要思路是买入创新技术拉动的新药器械和供应链公司，减仓了复苏不达预期的个股；同时精选了业绩确定性高的内需个股。重点关注以下方向：1）新技术拉动，渗透率较低的医药成长个股；2）高端制造中竞争力可持续的个股；3）在较弱的内需消费环境中，仍然表现出自身阿尔法的个股。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:24.755Z","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇混合型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=983729","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf480","date":"2023-06-29T16:00:00.000Z","stockId":3000000009618,"sao":"回顾2023年上半年，国内呈现复苏偏弱的态势，与经济相关度较小的行业复苏持续性较好，居民的投资信心需要时间修复。市场经过了年初的“强预期、弱现实”后，又回归到“弱预期、弱现实”。基于以上宏观背景，A股市场呈现出主题行情较强的特点。本基金对以ChatGPT为主线的TMT板块性行情参与较少，我们认为经济仍然在复苏的通道中，市场已经对宏观层面的波动充分定价。从长期来看，还是要回归到精选中长期持续成长的优质个股。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:24.752Z","mo":"我们对持仓结构的调整在于：增加了医药仓位，减仓了经营周期相对偏左侧、盈利预测不确定的品种。重点关注以下方向：1）需求刚性，渗透率较低，格局稳定，估值水平处于历史中低分位的医药个股；2）经济转型期的高质量发展方向：高端制造中竞争力可持续的个股，科技行业重要的技术突破；3）顺周期的机会也会适当关注。","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇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=960047","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf47f","date":"2023-03-30T16:00:00.000Z","stockId":3000000009618,"sao":"回顾2023年一季度，国内各行业呈现疫后弱复苏的态势，与经济相关度较小的行业比如医药医疗、线下场景类的消费复苏持续性较好，耐用消费的复苏比较疲软，居民的投资信心需要时间修复。  总体来说，国内经济的复苏方向明确，但幅度不明确，美国加息有望走向尾声，我们对持仓结构的调整在于：增加了受益于复苏、经济相关度较小的内需品种（包括药品器械和医疗服务等），减仓了受海外经济衰退影响较大的品种。重点配置以下行业：1）医药：政策寻底完成、产业升级、需求刚性、估值水平处于历史中低分位；2）内需消费：消费场景恢复，格局优化；3）高端制造：关注新技术方向和国产替代方向。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:24.750Z","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=883028","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf47e","date":"2022-12-30T16:00:00.000Z","stockId":3000000009618,"sao":"回顾2022年，三月、四月，在疫情反复、海外加息以及俄乌战争等负面因素作用下，市场出现较大幅度的调整。五月、六月，市场出现反弹且景气度较高的成长赛道表现较好，但在三季度，尤其是八月后，在国内疫情、房地产信用危机以及海外经济衰退的再度担心下，市场再次出现较大幅度的调整，直至十一月后，市场有所反弹。从全年来看，疫情、房地产行业信用危机以及美联储加息等各项负面因素的持续性和强度超出了年初的预期，全年上证指数下跌15.13%，创业板指下跌29.37%。  当期我们对持仓结构的调整主要是：增加了业绩确定性较高、估值具备弹性的内需品种（包括白酒、医疗服务、软件以及专科药等），减仓了因海外经济下行而受影响较大的品种。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:24.747Z","mo":"展望2023年，我们对市场抱有较乐观的态度，美联储加息接近尾声，经济结构或将呈现出口下行、地产企稳以及消费复苏的态势，扩张内需将成为拉动经济的主要选择，而且居民资产负债表本身也具备扩张的基础，主要风险在于居民端投资信心需要时间修复及海外经济的不确定性。我们认为，当下阶段内需优于外需，我们将重视业绩边际改善且确定性高的品种，重点配置以下行业：1）医药：政策寻底完成、产业升级、需求刚性以及估值水平处于历史中低分位；2）内需消费：消费场景恢复，格局优化；3）高端制造：关注新技术方向和国产替代方向。","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇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=867718","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf47d","date":"2022-09-29T16:00:00.000Z","stockId":3000000009618,"sao":"回顾2022年三季度，国内疫情继续反复，海外经济衰退的不确定性加大，市场经历了五月、六月的快速反弹后持续回落，上证综指下跌11.0%，创业板指下跌18.6%。  我们对当期持仓结构的调整主要在于：1）增配经历了疫情的考验、韧性较强的消费和服务龙头公司；2）增配受益于自主可控、国产替代的有平台延伸性的制造业公司；3）减配与宏观经济相关度大、后续业绩低预期可能性较大的个股。  当下宏观环境复杂，对市场的短期扰动较大。经过三季度的持续调整，我们认为，对照估值水平，已经能找到一批竞争力突出的公司，或已具备不错的收益空间。我们将继续精选个股，持续关注如下方向：内需消费的结构性机会，医药领域的医疗消费、创新技术以及研发外包等，具备平台延伸性的制造业隐形冠军，新能源的新技术等。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:24.745Z","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇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=801792","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf47c","date":"2022-06-29T16:00:00.000Z","stockId":3000000009618,"sao":"回顾2022年上半年，在国内疫情反复、海外加息等变量冲击下，三月、四月对国内经济的悲观预期蔓延，市场出现较大幅度的调整。五月、六月随着疫情得到控制，货币和财政政策相对积极，海外发达经济体衰退的担心加剧，市场转向受宏观经济影响较小、景气度较高的成长赛道。  我们对当期持仓结构的调整主要在于：1）增配成长空间较大、景气度持续的优秀公司，尤其是较早调整的医药优质公司；2）增配韧性较足、疫情控制后能较快反弹的内需消费个股；3）减配业绩不明朗或低预期的个股。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:24.742Z","mo":"展望2022年下半年，目前在常态化核酸等防疫措施下，内需有望得到更好的恢复，我们也会较多关注其中的机会。我们将继续寻找各行业中独立成长机会并持续关注如下方向：内需消费的结构性机会，医药领域的医疗消费、研发外包、创新技术等，制造业小而美的隐形冠军，新能源的高景气度方向和新技术等。","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇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=781028","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf47b","date":"2022-03-30T16:00:00.000Z","stockId":3000000009618,"sao":"回顾2022年一季度，在地缘政治、疫情以及美国加息等多重影响下，市场出现较大幅度的调整，北上资金较大级别流出。国内货币政策已经转向宽松，一月、二月经济数据向好，但三月以来疫情扩散、防控升级，导致需求端的复苏受阻。  展望2022年二季度，疫情的走向、美联储加息和缩表节奏以及俄乌冲突等当下的多重因素，导致了上市公司盈利预期的不稳定。外需见顶回落、内需复苏受疫情压制的情况下，国内宽松政策的持续加码是可以预期的。我们对当期持仓结构的调整主要在于：1）增配成长空间较大、景气度持续的优秀公司，尤其是率先调整的医药优质公司；2）增配受疫情扰动较小、韧性较足的内需个股；3）增配受益于国内宽松货币政策的国企地产龙头；4）减配成本压力较大的中游制造标的、业绩不明朗的个股。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:24.739Z","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇混合型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=723254","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf47a","date":"2021-12-30T16:00:00.000Z","stockId":3000000009618,"sao":"回顾2021年，全市场的波动较大。一季度是2020年风格的延续，各行业白马估值溢价达到历史新高的水平，然后见顶回落；二季度新能源板块景气度超预期，表现较好；三季度在双碳、能耗双控的背景下，上游周期品有较好的表现；四季度，国内经济增速继续回落，宏观政策转向稳增长，前期涨幅较大的板块因担心景气度下移、政策变化和持仓拥挤，出现了较大幅度的回调，同时估值合理的低位优质公司，有一定程度的修复，总体呈现了相对均衡的走势。  我们认为，长期的组合回报还是来自于符合产业发展方向的成长性机会，但市场短期的矛盾点在于高景气度方向稀缺、市场增量资金有限、博弈性质加重。海外进入加息周期，波动率加大。我们对当期持仓结构的调整主要在于：1）逢低加仓符合产业发展方向、景气度持续、有个股阿尔法的公司；2）增配小而美的细分行业个股；3）减配未来业绩不明朗的标的。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:24.737Z","mo":"展望2022年，宏观经济下行压力依然存在，但宏观政策开始转向稳增长，在相对宽松的货币政策下，仍然可以期待权益资产的配置价值。同时经过近期市场的回调，我们已经可以看到，一批优质公司的估值已经比较合理，未来三年维度业绩成长较为确定。我们会积极关注以下类型的个股：1）因各项因素比如成本或疫情在2021年业绩受损较多，但长期竞争力不变的公司；2）经过市场大幅回调后、估值合理的龙头公司；3）新兴细分行业的隐形冠军，比如受益于国产替代的上游新材料和设备。","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=712339","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf479","date":"2021-09-29T16:00:00.000Z","stockId":3000000009618,"sao":"回顾2021年三季度，市场的板块表现分化、波动较大。内需医药消费类个股由于疫情影响以及市场对消费疲软的担心出现回调，而新能源车、cxo等板块由于持续的高景气度则维持高位震荡。同时在“双碳”、能耗双控背景下，上游周期品普遍涨价，股价表现较好，但在九月下旬又经历了较大幅度的调整。当期我们对持仓结构的调整主要在于：1）增配符合产业方向、景气度加速的公司，以及由于地产下行担忧、回调充分的优质公司；2）减配政策负面影响的公司、以及下游需求疲软的公司。  展望2021年四季度，美国新冠小分子药物有了较好的数据进展，我们认为存在国内PPT见顶、美债收益率上行等因此引发市场回调的风险，会适当关注降低组合的风险偏好，同时寻找估值合理的低位个股，为明年做储备，例如今年成本压力大的中游制造业，今年受到疫情负面影响的公司等，同时继续跟踪符合产业方向的高景气度行业机会。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:24.734Z","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇混合型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=651839","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf478","date":"2021-06-29T16:00:00.000Z","stockId":3000000009618,"sao":"回顾2021年上半年，一季度在十年期美债收益率快速爬升、大宗商品价格暴涨、美国疫苗接种人数超预期的背景下，A股市场产生了通胀上行、流动性收紧的担忧，市场经历了强烈的调整。二季度指数层面的上涨又修复了国内外没有那么悲观的流动性，同时局部高景气行业对市场形成了明显的支撑。我们对持仓结构的调整主要在于：1）增配产业趋势向上、疫情后竞争力加强的公司。2）减配当期政策承压和增速放缓的公司。当下配置行业或方向主要如下：受益于消费升级和集中度提升的消费/服务平台型公司，受益于制造业升级、疫情后竞争力加强的制造类公司，以及具备核心壁垒的周期成长龙头。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:24.732Z","mo":"展望2021年下半年，中国率先进入“疫后新常态”，而美国等近期开始进入“政策退出”的讨论区间。我们预计下半年美联储的Taper操作会让市场估值全面扩张难以出现，但同时中国货币政策有较强的独立性且市场预期相对充分，A股也未必受到显著的冲击。A股中长线看好的逻辑不变：经济继续转型升级，疫情后中国各行业的优秀公司展现了超预期的韧性和竞争力，先进制造行业都在寻求进一步的国产替代，消费的结构升级趋势也在延续，且资产配置向权益市场转移的方向没有变化。股票市场的长期回报主要还是来自于优质公司持续的业绩成长。未来研究方向重点是：继续跟踪消费升级、制造升级带来的高景气度细分行业，以及关注新技术进步孕育的新机会。","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=631120","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf477","stockId":3000000009618,"sao":"回顾2021年一季度，随着疫苗逐步接种，我们可以看到高接种率地区的新增病例快速回落，海外市场呈现较确定的复苏趋势。同时国内因为疫情应对得力，2020年经济就率先呈现复苏状态。但与此同时，美国新总统上任后疫苗接种率超预期、十年期美债收益率快速爬升和大宗商品的价格暴涨，带来了市场对未来通胀上行、流动性收紧的担忧，同时优质公司经过2020年的上涨已被推到较高估值（隐含了较低的未来回报），春节后股票市场，尤其是去年表现突出的优质公司出现了剧烈调整。面对市场风格的变化，我们对持仓结构的调整主要如下：1）减仓估值过分扩张的品种。2）当期处于资本开支/费用投入期、基本面承压的品种。3）受到上游原材料涨价负面影响的中游品种。  我们认为，股票市场的长期回报主要还是来自于优质公司持续的业绩成长，而近期市场的调整恰恰释放了较多的风险。2021年不同于2020年，预计不具备估值继续扩张的基础，但基于中国经济运行良好、海外处于复苏通道、优质公司业绩强劲增长、市场近期回调释放了风险等情况，我们认为当下时点也不具备熊市的基础。后续将更谨慎选股，对估值的要求更严格，希望通过优质公司实实在在的业绩获取更多的收益。  2020年，优秀的公司在疫情考验中展现出了更强的韧性，巩固并加强了自身的市场地位，甚至打开了新的市场空间。巨大的外部变量冲击使得优秀公司具备更强的竞争力。展望2021年二季度，我们认为海外经济复苏比较确定，货币政策将逐步回归正常化，同时我们将密切关注疫苗保护效力和新冠病毒变异株这两个变量。在投资机会上，我们将继续重点关注：具备中观产业趋势、业绩驱动为主（而非估值扩张）以及疫情加强竞争力的优秀公司。当下配置行业或方向主要如下：面向巨大内需消费市场的平台型公司（互联网、品牌消费品），疫情后竞争力加强的国际化公司（创新药研发生产外包产业、医疗设备龙头），受益于经济复苏的周期成长龙头，受益于国内智能化趋势的公司。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:24.729Z","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇混合型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=571659","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf476","stockId":3000000009618,"sao":"本基金成立于2020年7月7日，并于四季度完成了建仓。本基金在以下方向配置较多：承接巨大内需消费市场的平台型公司（互联网、品牌消费品、优质快递服务以及医疗服务等），疫情后竞争力加强的出口制造业和全球外包服务，受益于经济复苏且具备规模优势的周期成长龙头，受益于数字化、智能化的公司。回顾2020年，我们欣喜的发现，疫情如一张考卷，优秀的公司在考验中展现出了更强的韧性，巩固并加强了自身的市场地位，甚至打开了新的市场空间。每一次巨大的外部冲击都使得优秀的公司更加出类拔萃。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:24.726Z","mo":"展望2021年，我们认为海外经济复苏比较确定，货币政策将逐步回归正常化，同时需要密切关注新冠病毒变异株和疫苗保护效力这一变量。因此2021年我们在投资机会上将重点关注基本面优秀、业绩驱动、具备韧性的优秀公司。","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=553410","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd87fea5b3eb04cf475","stockId":3000000009618,"sao":"本基金是新发基金，成立于2020年7月7日。考虑到新基金建仓期对回撤的控制要求，本产品坚持了稳健的运行策略，精选了一批收益确定性高、回撤风险较小的标的进行配置，逐步建仓，没有追逐市场热点。本基金以自下而上的成长股选股思路为主，重点配置于消费、医药、制造以及科技等，同时关注具备估值吸引力的港股稀缺标的投资机会。市场的长期趋势没有发生变化，居民储蓄流向权益市场，国家政策鼓励直接融资，科创板、创业板注册制等一系列的制度，预计仍会催生优秀公司的投资机会。当下的成长股估值水平仍然不算低，这一轮成长股的结构性牛市自2019年开始，无论是消费、医药还是科技、制造，一批优秀的龙头享受到了较为充分的溢价。本季度内，成长股经历了一轮调整，具备了时间换空间的可能。随着未来新股上市数量的不断增加，我们认为新股的估值水平有望更为合理，从而带来更多投资机会。因此，我们会继续保持稳健的投资策略，耐心等待各类成长股的投资机会。同时随着疫情的控制，流动性自六月以来不再边际放松，未来经济复苏可能带来流动性进一步收紧的可能，因此组合也会考虑适当配置估值较低的顺周期品种。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:24.723Z","fund":{"_id":3000000009618,"__csrcFundId":7800,"stockCode":"009618","name":"交银施罗德启汇混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9618,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:54:12.467Z","status":"normal","exchange":"jj","followedNum":20,"memoNum":1,"shortName":"交银启汇混合(009618)","inceptionDate":"2020-07-06T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银启汇混合","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":10097321193.89,"setUpShares":10097321193.89,"pinyin":"jysldqhhhxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德启汇混合型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=493341","linkType":"PDF","source":"csrc_pdf"}}]}