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　　组合在上半年表现较好，除了部分重仓股在上半年表现较好外，上半年市场的整体氛围也更有利于结构均衡的组合。上半年组合操作主要是兑现部分涨幅较大的持仓，合并集中原有持仓标的，组合的整合结构调整在年中基本完成，后期的结构变化基本延续这阶段的思路的。下半年市场快速演绎的过程中，组合中的部分持仓表现不错，但与上半年低位资产普涨不同，下半场市场表现更为集中，不同类别的资产表现差异显著放大，尤其是从Q4开始，直到现在也是这样，动量强化下的市场对分散持仓的组合并不算友好。整体而言，25年组合操作相对简单，部分获利了结，适当降低组合弹性，部分转向医药消费，增加对经济相关性的持仓暴露。 　　26年初市场表现延续去年Q4的趋势，部分行业和权重股表现强劲，叠加宏观事件影响，趋势强化的特征还是很明显的。 　　组合在年初略有调整，主要是增加了标的数量，但主要持仓部分变动不大，整体持仓以电子、医药和周期股为主。","lastUpdated":"2026-04-01T12:50:19.566Z","mo":"展望2026年，我们对宏观经济与证券市场持谨慎乐观态度。站在当前时点回望，过去两年市场完成了一轮从低估向均衡水平的回归过程。资产价格的修复显著领先于宏观基本面的改善，市场部分定价了经济企稳修复的预期，也意味着2026年的市场环境将与过去两年有本质不同——我们不再处于“估值修复”的起点，而是进入了“情绪与基本面赛跑”的阶段。 　　宏观层面，积极财政政策的持续发力与“十五五”规划的逐步落地，仍将为总需求提供支撑；海外制造业景气周期的回升与我国出口结构升级，也赋予经济以韧性；企业盈利端，随着供给端收缩与产能出清持续推进，PPI具备温和回升潜力，　A股盈利能力有望延续企稳态势。市场层面，当前A股估值中位数不算太低，这既反映了充裕流动性的支撑，也蕴含着市场对产业趋势的乐观定价。从历史经验看，市场表现领先于经济修复的阶段，同时伴随着估值扩张与情绪升温，而后续行情的延续性则取决于基本面的跟进速度。2026年的市场大概率将维持高波动特征，未来行情的进一步演绎，除了情绪驱动外，更需要看到盈利端的实际变化。 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　　组合本季度继续保持了相对较高的权益仓位，卖出传媒、有色类持仓，增加电子、计算机持仓，主要结构仍然以医药、电子、周期为主。","lastUpdated":"2026-03-09T13:52:34.971Z","fund":{"_id":3000000014311,"__csrcFundId":11213,"stockCode":"014311","shortName":"大成优质精选混合(014311)","masterFundShortName":"大成优质精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14311,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:18.361Z","status":"normal","exchange":"jj","name":"大成优质精选混合型证券投资基金","inceptionDate":"2022-07-27T16:00:00.000Z","fundCollectionId":4000050090000,"followedNum":1,"setUpDate":"2022-07-27T16:00:00.000Z","setUpAssetScale":443724263.73,"setUpShares":443724263.73,"pinyin":"dcyzjxhhxzqtzjj","managers":[{"stockCode":"db20288419","stockType":"fund_manager","exchange":"fm","tickerId":1225140010,"name":"李煜"}]},"announcement":{"linkText":"大成优质精选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=1376327","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a27fea5b3eb0510597","date":"2025-06-29T16:00:00.000Z","stockId":3000000014311,"sao":"今年以来经济基本面整体企稳，但企业盈利仍处于恢复初期，对应市场中间端的资产大部分仍处于相对较低的状态；而市场流动性的显著改善，明显提升了A股整体活跃度，特别是在4月贸易战2.0后，市场韧性有所体现。场内资金延续着两端分化的表现，银行为主的红利股与高科技、创新药、新消费等成长股均表现靓丽。 　　得益于市场的良好表现，上半年的组合操作相对从容，获利了结了有色等部分持仓，提高电子、化工和医药持仓的比例。组合结构上，医药、电子、周期持仓构成组合的主要部分。 　　今年以来始终保持了较高的医药持仓，对医药行业长期看好，当下医药行业体现了国内工程师红利在全球的竞争力，持仓标的也侧重其中长期表现。看好电子行业的重要因素是看好半导体和消费电子行业的复苏过程，组合中的电子持仓增加了部分设计、制造环节的标的，适当提高弹性，整体仍以被动环节为主；对周期和电新行业的持仓，主要基于产业链竞争环节的优势企业，在行业周期底部仍能保持不错的盈利，性价比突出，部分标的今年上半年也有所表现，但仍处于合理区间，并不急于兑现。 　　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":"2026-03-09T13:52:34.968Z","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":3000000014311,"__csrcFundId":11213,"stockCode":"014311","shortName":"大成优质精选混合(014311)","masterFundShortName":"大成优质精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14311,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:18.361Z","status":"normal","exchange":"jj","name":"大成优质精选混合型证券投资基金","inceptionDate":"2022-07-27T16:00:00.000Z","fundCollectionId":4000050090000,"followedNum":1,"setUpDate":"2022-07-27T16:00:00.000Z","setUpAssetScale":443724263.73,"setUpShares":443724263.73,"pinyin":"dcyzjxhhxzqtzjj","managers":[{"stockCode":"db20288419","stockType":"fund_manager","exchange":"fm","tickerId":1225140010,"name":"李煜"}]},"announcement":{"linkText":"大成优质精选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=1346294","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a27fea5b3eb0510596","date":"2025-03-30T16:00:00.000Z","stockId":3000000014311,"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，对浮盈较大的有色和电子部分持仓进行了获利了结，增加了化工、医药类持仓，组合整体结构变动不大。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:34.966Z","fund":{"_id":3000000014311,"__csrcFundId":11213,"stockCode":"014311","shortName":"大成优质精选混合(014311)","masterFundShortName":"大成优质精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14311,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:18.361Z","status":"normal","exchange":"jj","name":"大成优质精选混合型证券投资基金","inceptionDate":"2022-07-27T16:00:00.000Z","fundCollectionId":4000050090000,"followedNum":1,"setUpDate":"2022-07-27T16:00:00.000Z","setUpAssetScale":443724263.73,"setUpShares":443724263.73,"pinyin":"dcyzjxhhxzqtzjj","managers":[{"stockCode":"db20288419","stockType":"fund_manager","exchange":"fm","tickerId":1225140010,"name":"李煜"}]},"announcement":{"linkText":"大成优质精选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=1276050","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a27fea5b3eb0510595","date":"2024-12-30T16:00:00.000Z","stockId":3000000014311,"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24年末进行了较大调整，以盈利能力和相对估值水平为标准重新构建组合持仓，组合结构较为清晰，持仓相对集中，整体持仓以医药、电子和周期股为主。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:34.963Z","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":3000000014311,"__csrcFundId":11213,"stockCode":"014311","shortName":"大成优质精选混合(014311)","masterFundShortName":"大成优质精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14311,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:18.361Z","status":"normal","exchange":"jj","name":"大成优质精选混合型证券投资基金","inceptionDate":"2022-07-27T16:00:00.000Z","fundCollectionId":4000050090000,"followedNum":1,"setUpDate":"2022-07-27T16:00:00.000Z","setUpAssetScale":443724263.73,"setUpShares":443724263.73,"pinyin":"dcyzjxhhxzqtzjj","managers":[{"stockCode":"db20288419","stockType":"fund_manager","exchange":"fm","tickerId":1225140010,"name":"李煜"}]},"announcement":{"linkText":"大成优质精选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=1257210","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a27fea5b3eb0510594","date":"2024-09-29T16:00:00.000Z","stockId":3000000014311,"sao":"回顾本轮行情的历史走势，可以看到上证走势分为3段：　　（1）2635-3174是第一段上涨，领涨板块是AI算力、有色和出海链，红利股滞涨；　　（2）3174-2689是第二段回撤但指数没有创新低，领涨板块是防守的大盘红利股，银行、运营商、电力等，果链也表现很好，领跌的是跟经济相关的地产链、白酒还有资源品等；　　（3）2689至今是第三段由于政策转向，以互联网金融、科创板和创业板为代表的高弹性板块领涨，跟经济相关的地产链和白酒、资源品等表现也不错，红利股滞涨，目前我们还在这一段走势中。　　　　第三段走势是A股仅6个交易日大涨近1000点，成交额站上3.48万亿。回顾历史可能2008年底的经济刺激跟当下有一定的可比性，2008/4/24降低印花税，6个月后指数见底，本轮是2023/8/28调低印花税，指数也恰好在6个月后见底。此外货币政策、财政政策、资本市场政策、产业政策陆续出台，我们正处于类似的阶段。　　　　对当下的市场环境，有两种应对方式：　　（1）关注当下的货币政策、财政政策、资本市场政策和产业政策，按照政策的出台去估算当下的风险收益比；　　（2）相信会通过极大力度的刺激让整个经济体摆脱“债务-通缩循环”。　　　　如果是情景1那么跟经济相关的品种弹性不会特别大，流动性相对充分的情况下，一些有长期逻辑有想象力的板块可能占优；如果是情景2那么跟经济相关的品种弹性和确定性也会比较大，但是有长逻辑有想象力的板块可能具备更大的弹性。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:34.960Z","fund":{"_id":3000000014311,"__csrcFundId":11213,"stockCode":"014311","shortName":"大成优质精选混合(014311)","masterFundShortName":"大成优质精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14311,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:18.361Z","status":"normal","exchange":"jj","name":"大成优质精选混合型证券投资基金","inceptionDate":"2022-07-27T16:00:00.000Z","fundCollectionId":4000050090000,"followedNum":1,"setUpDate":"2022-07-27T16:00:00.000Z","setUpAssetScale":443724263.73,"setUpShares":443724263.73,"pinyin":"dcyzjxhhxzqtzjj","managers":[{"stockCode":"db20288419","stockType":"fund_manager","exchange":"fm","tickerId":1225140010,"name":"李煜"}]},"announcement":{"linkText":"大成优质精选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=1180448","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a27fea5b3eb0510593","date":"2024-06-29T16:00:00.000Z","stockId":3000000014311,"sao":"我们的判断没有大的变化，我们相信：　　1、大趋势决定小趋势，小趋势演化成大趋势；大级别决定小级别，小级别演化成大级别；　　2、根本的因素决定细枝末节。　　　　我们所处的环境，可以抽象出来三个根本的大趋势，正是他们的相互作用，决定了宏观经济和市场走向。这3个大趋势分别是：　　　　1、中美超限竞争在贸易、科技、产业、舆论、外交、金融、军事等方方面面展开。　　　　2、“人口-地产-财政-基建-投资”大循环逆转。房地产股票2015年就见顶调整了近10年，成交量到2021年才见顶回落，市场很早就意识到大循环会结束。繁荣之后是调整，这个是必然的规律。　　　　3、新一轮科技革命有可能在各个方向上展开（AI、机器人、核聚变等等）。　　　　　　　　从股票市场表现看，有 2 个主线比较亮眼，一个是红利板块，一个是AI相关的光模块和果链。降低预期收益率看，无论是运营商、核电、银行等板块拉长看确实可以提供合理的收益率。AI相关的光模块继续表现亮眼，是因为国内能供应进去的也就只有这个方向最相关。果链是预期端测AI能提升用户体验，加速换机周期的逻辑，还有就是毕竟果链只有 20% 的销售来自于中国，对内需的暴露很低。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:34.958Z","mo":"展望后市，我们认为市场依然被上述3个大趋势主导，短期由于指数已经调整下来，我们对单季度适度乐观，但长期依然是保持耐心和攻守反击的策略。","fund":{"_id":3000000014311,"__csrcFundId":11213,"stockCode":"014311","shortName":"大成优质精选混合(014311)","masterFundShortName":"大成优质精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14311,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:18.361Z","status":"normal","exchange":"jj","name":"大成优质精选混合型证券投资基金","inceptionDate":"2022-07-27T16:00:00.000Z","fundCollectionId":4000050090000,"followedNum":1,"setUpDate":"2022-07-27T16:00:00.000Z","setUpAssetScale":443724263.73,"setUpShares":443724263.73,"pinyin":"dcyzjxhhxzqtzjj","managers":[{"stockCode":"db20288419","stockType":"fund_manager","exchange":"fm","tickerId":1225140010,"name":"李煜"}]},"announcement":{"linkText":"大成优质精选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=1150097","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a27fea5b3eb0510592","date":"2024-03-30T16:00:00.000Z","stockId":3000000014311,"sao":"一季度组合表现的思考：　　第一个层面是关于市场的主线。去年底超配了军工和医疗板块，基于军工和医疗可能困境反转，很不幸到目前位置冲击的影响还在，军工和医疗也是今年表现最差的几个板块之一。其次是对于AI算力的判断，由于A股市场高度线性外推，大幅上涨后大概率都是低于预期的，基于历史经验把算力都卖掉了，但一季度光模块是表现最好的科技方向。截至一季度末，表现最好的是哑铃策略的两头，一个是AI算力，一个是资源品，而去年底对这两块的配置都不高。　　第二个层面是快速反应方面，面临市场变化关键是如何做到快速调整。　　第三个层面是对于新产业和传统产业的认知。过去长期觉得整个硬科技和医药等板块具备长期空间，但决定盈利能力的根本还是供需关系，由于整个社会的资源都被导向这些新兴成长行业，导致这些行业内卷严重，反而不赚钱，最惨的是类似于模拟芯片类的行业性亏损还没有办法退出。反而是很多看起来很传统的产业，由于供应不足，需求受益于其他国家，反而出现了机会，后续组合也进行了配置。　　最后就是必须有一定程度的侧重。没有增量资金的情况下，均衡投资的时候组合内各个板块内部对冲，均衡看起来安全实际是危险的，必须有一定程度的侧重。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:34.955Z","fund":{"_id":3000000014311,"__csrcFundId":11213,"stockCode":"014311","shortName":"大成优质精选混合(014311)","masterFundShortName":"大成优质精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14311,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:18.361Z","status":"normal","exchange":"jj","name":"大成优质精选混合型证券投资基金","inceptionDate":"2022-07-27T16:00:00.000Z","fundCollectionId":4000050090000,"followedNum":1,"setUpDate":"2022-07-27T16:00:00.000Z","setUpAssetScale":443724263.73,"setUpShares":443724263.73,"pinyin":"dcyzjxhhxzqtzjj","managers":[{"stockCode":"db20288419","stockType":"fund_manager","exchange":"fm","tickerId":1225140010,"name":"李煜"}]},"announcement":{"linkText":"大成优质精选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=1068479","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a27fea5b3eb0510591","date":"2023-12-30T16:00:00.000Z","stockId":3000000014311,"sao":"大趋势决定了宏观经济和市场走向，从中长期看，主导市场的依然是3个主导趋势：　　1、“人口-地产-财政-基建-投资”大循环可能逆转。市场对大循环结束定价较早，但对它的负面冲击定价不够充分。当卖地收入和地产相关税费下滑之后，仅靠一般预算收入第一本帐入不敷出，必然导致紧缩效应，军工（占中央财政本级支出40%）、医疗（医保买单）、环保等吃财政饭的行业面临较大压力。房价缩水15-20%后，居民财富缩水，中产阶级还面临降薪裁员等压力，这个也是消费降级的主因。　　　　2、中美超限竞争在贸易、科技、产业、舆论、外交、金融、军事等方方面面展开。事实上2018年贸易战以来，已经能够感觉到脱钩断链在自我实现，比如金融投资、人员往来、进出口等等，科技产业正在自发形成一个世界两套体系（信创/华为体系pk美国体系），中国向东南亚、墨西哥产业转移也自然的配合美国脱钩。特朗普在共和党初选中抛出将对中国商品课关税60%，要逐步从各领域摆脱对中国的依赖，特朗普2.0对我们可能依然是一杯毒酒。　　　　3、新一轮科技革命（人工智能AI、超导、机器人等等），似乎经过移动互联网之后多年的沉寂，科技大突破有可能在各个方向上展开，群星闪烁。但这一轮科技革命是美国不卖先进GPU给我们，也不从国内采购（只有光模块还在供应），似乎只能靠科技自立自强。　　　　　　1和2是主要负面因素，3是主要正面因素，正是这些合力决定了大趋势和市场的走向。　　　　从市场表现看，两个策略表现比较亮眼，一个是低估值红利股，一个是新兴产业尤其是AI。市场在面对上一段1和2这两个主要矛盾时主动降低了预期收益率，运营商和石化等超大盘蓝筹股表现亮眼，乃至经济下行压力下有较大压力的大型银行也表现很好。新产业方面，AI是最亮眼的主线，围绕上游算力和下游应用（办公、教育、金融、游戏、军工等），市场快速演绎了一遍移动互联网的演进逻辑。短期是预期远远的走在了产业进展前面，所以2季度后一直处于调整中，但看海外AI的大趋势依然没有被证伪，目前需要一些爆款应用来打破僵局。　　　　从本组合的投资来看，AI方向上有布局，但力度远远不够，其他方向比如创新药、新能源和军工的少数仓位构成拖累。成长股β更关键，需要在行情早期采取跟随策略，在逻辑演绎到极致的时候果断卖出，对人的考验极大。其次就是在组合管理上缺乏主动追击，震荡期拉锯战事实上双方差距不大，主要是确认了趋势之后的追击才能迅速扩大战果。集中优势兵力和果断追击是我在过去一段时间的主要反思。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:34.952Z","mo":"展望未来，我们认为上文分析的1-3这几个中长期的主要矛盾不变，1的问题在2024年大概率要触底了，展望2025年不会继续下行，这是一个较大的利好。2的问题如果特朗普在11月胜选，那2025年中美关系将迎接新的风高浪急和惊涛骇浪。3的问题是我们必须要在新型举国体制下证明自己能够引领新科技革命的能力，实现科技自立自强，在中央经济工作会议通稿中也把科技创新任务摆在首位。","fund":{"_id":3000000014311,"__csrcFundId":11213,"stockCode":"014311","shortName":"大成优质精选混合(014311)","masterFundShortName":"大成优质精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14311,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:18.361Z","status":"normal","exchange":"jj","name":"大成优质精选混合型证券投资基金","inceptionDate":"2022-07-27T16:00:00.000Z","fundCollectionId":4000050090000,"followedNum":1,"setUpDate":"2022-07-27T16:00:00.000Z","setUpAssetScale":443724263.73,"setUpShares":443724263.73,"pinyin":"dcyzjxhhxzqtzjj","managers":[{"stockCode":"db20288419","stockType":"fund_manager","exchange":"fm","tickerId":1225140010,"name":"李煜"}]},"announcement":{"linkText":"大成优质精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=1057327","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a27fea5b3eb0510590","date":"2023-09-29T16:00:00.000Z","stockId":3000000014311,"sao":"三季度市场处于弱调整格局，提振市场信心的政策在陆续出台，但外资北向资金持续流出，国内又没有增量资金流入。机构重仓股表现很弱，高股息价值策略和微盘股题材都有显著的超额收益。　　　　基本面看，市场尤其是外资担心的依然是自上而下角度难以证伪的问题。一个是“人口-地产-财政-基建-投资”的大循环走向终结，对应城镇化进程的斜率放缓，由于地产链上中下游牵涉方方面面，对财政收入、居民消费等方方面面影响很大。另一个就是中美长期竞争的大环境，从我们的考察和调研来看，经济因素长期很关键，但政治因素短期是非常非常重要的，企业相应的会做出调整来应对潜在的风险，投资机构及其客户也在调整其国家配置结构，预期的自我实现可能是我们最应该担心的问题。　　自上而下的宏观忧虑需要很长的时间去证实或者证伪，但从自下而上的角度去看，如果看一个个细分产业，却很清晰的看到是中国在各个细分产业都具备极强的竞争力。我们的产业升级就像进攻一个高地，家具纺服家电等传统产业早已攻陷，光伏电车电池等新三样也已经具备主导地位，现在只有少数的山头比如半导体的先进制程、生物药、工业软件、先进材料等等卡脖子环节还在争夺中。只不过欧美国家现在已经不再鼓吹自由市场经济和全球化分工，转而设置各种贸易关税壁垒，靠政府的有形之手人为干预市场。国内的应对政策就是企业和产业出海，这种情况从悲观的角度看是产业外迁，从相反的角度看何尝不是优秀企业的一个难得机会，在压力之下被迫全球本地设厂，中国企业自己成为全球化的主角而不是简单的成为西方全球供应链的一个配角。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:34.949Z","fund":{"_id":3000000014311,"__csrcFundId":11213,"stockCode":"014311","shortName":"大成优质精选混合(014311)","masterFundShortName":"大成优质精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14311,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:18.361Z","status":"normal","exchange":"jj","name":"大成优质精选混合型证券投资基金","inceptionDate":"2022-07-27T16:00:00.000Z","fundCollectionId":4000050090000,"followedNum":1,"setUpDate":"2022-07-27T16:00:00.000Z","setUpAssetScale":443724263.73,"setUpShares":443724263.73,"pinyin":"dcyzjxhhxzqtzjj","managers":[{"stockCode":"db20288419","stockType":"fund_manager","exchange":"fm","tickerId":1225140010,"name":"李煜"}]},"announcement":{"linkText":"大成优质精选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=991052","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a27fea5b3eb051058f","date":"2023-06-29T16:00:00.000Z","stockId":3000000014311,"sao":"中长期看基本面的的主导矛盾没有变化，我们大概可以抽象成4个趋势：1）“人口-地产-财政-基建-投资”大循环可能逆转（对应市场担心的城镇化的尾声）；2）中美超限竞争在科技、产业、舆论、外交、金融、军事等方方面面展开（对应市场担心的全球化的减速）；3）新一轮科技革命（人工智能AI、超导、机器人等等），似乎经过移动互联网之后多年的沉寂，科技大突破有可能在各个方向上展开，群星闪烁；4）内部改革释放活力，纵观建国以来的历史每每在危急存亡时刻总是能果断改革释放内部动力。1和2是主要负面因素，3和4是主要正面因素，正是这些合力决定了大趋势和市场的走向。　　从市场表现看，两个策略表现比较亮眼，一个是高股息，一个是新兴产业尤其是AI。市场在面对上一段1和2这两个主要矛盾时主动降低了预期收益率，运营商和石化等超大盘蓝筹股表现亮眼，乃至经济下行压力下有较大压力的大型银行也表现很好。新产业方面，AI是最亮眼的主线，围绕上游算力和下游应用（办公、教育、金融、游戏、军工等），市场快速演绎了一遍移动互联网的演进逻辑。短期是预期远远的走在了产业进展前面，但AI的大趋势依然没有被证伪，目前需要一个爆款应用来打破震荡的僵局。　　从本组合的投资来看，AI方向上有布局，但力度远远不够，其他方向比如创新药、新能源和军工的少数仓位构成拖累。运动战，忽集忽分，集中优势兵力在主线上，在其他方向上少量布局以观察，这个是我所坚信的。目前来看，这个集中度可能依然需要提高，必须集中火力在极少数的方向甚至一个方向和极少数个股上。其次，就是在组合管理上缺乏主动追击，震荡期拉锯战事实上双方差距不大，主要是确认了趋势之后的追击才能迅速扩大战果。集中优势兵力和果断追击是我在过去一段时间的主要反思。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:34.947Z","mo":"展望未来，我们认为上文分析的1-4这几个中长期的主要矛盾不变，在3季度可能中美关系有所缓和，而地产又开始放松限购限贷和降低存量贷款利率，所以1和2这两个拖累项可能会缓和。而新科技革命和内部改革释放活力（比如搞活资本市场）有可能促使行情更加活跃。","fund":{"_id":3000000014311,"__csrcFundId":11213,"stockCode":"014311","shortName":"大成优质精选混合(014311)","masterFundShortName":"大成优质精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14311,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:18.361Z","status":"normal","exchange":"jj","name":"大成优质精选混合型证券投资基金","inceptionDate":"2022-07-27T16:00:00.000Z","fundCollectionId":4000050090000,"followedNum":1,"setUpDate":"2022-07-27T16:00:00.000Z","setUpAssetScale":443724263.73,"setUpShares":443724263.73,"pinyin":"dcyzjxhhxzqtzjj","managers":[{"stockCode":"db20288419","stockType":"fund_manager","exchange":"fm","tickerId":1225140010,"name":"李煜"}]},"announcement":{"linkText":"大成优质精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=960244","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a27fea5b3eb051058e","date":"2023-03-30T16:00:00.000Z","stockId":3000000014311,"sao":"AI有望带来新一轮科技革命，它已经在许多领域展现出了巨大的潜力和应用前景。由于市场已经经历过2000年互联网和2012年左右移动互联网两次大的科技革命，很容易接受“算力-模型-场景应用”的投资脉络，也基本上围绕这3个环节来布局。　　科技股很容易进入“股价-预期”正反馈，在想象空间巨大的大前提下，股价越涨市场越是相信科技革命将成为事实。　　AI可能是目前为止历史上首次出现一个指数级发展的行业，其他行业大多是长期周期波动或者渗透率曲线模型，日复一日迭代进化的AI令人兴奋。从办公、教育、医疗、陪护、工业、交通等诸多场景应用推演看，AI将变革甚至颠覆目前的产业。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:34.944Z","fund":{"_id":3000000014311,"__csrcFundId":11213,"stockCode":"014311","shortName":"大成优质精选混合(014311)","masterFundShortName":"大成优质精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14311,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:18.361Z","status":"normal","exchange":"jj","name":"大成优质精选混合型证券投资基金","inceptionDate":"2022-07-27T16:00:00.000Z","fundCollectionId":4000050090000,"followedNum":1,"setUpDate":"2022-07-27T16:00:00.000Z","setUpAssetScale":443724263.73,"setUpShares":443724263.73,"pinyin":"dcyzjxhhxzqtzjj","managers":[{"stockCode":"db20288419","stockType":"fund_manager","exchange":"fm","tickerId":1225140010,"name":"李煜"}]},"announcement":{"linkText":"大成优质精选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=886279","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a27fea5b3eb051058d","date":"2022-12-30T16:00:00.000Z","stockId":3000000014311,"sao":"2022年市场的主要围绕地产（工业化/城镇化）、疫情和俄乌地缘政治冲突等主要矛盾来演绎，全年是一个很标准的W型走势。　　一季度组合跌幅较大，跑输基准，超配新材料、智能电网、计算机等方向，受上述因素冲击，跌幅较大。　　二季度抓住了投资机会，超配汽车、军工、电新等方向。　　三季度市场陷入对疫情反复和地产问题的担忧，尤其是外资。在大会前后围绕国产替代和泛安全领域进行研究和布局。同时由于外资的交易给港股带来买入机会，也趁势布局了部分港股品种。　　四季度疫情防控形势向好和地产政策持续发力，复苏交易是主要逻辑。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:34.941Z","mo":"智者之虑，必杂于利害。　　从风险的角度看，主要关注3个风险：　　1）“人口-地产-财政-投资-城镇化”大循环见顶；2）中美关系陷入对抗恶性循环，全球化脱钩断链，陷入两极格局；3）疫情在年中可能再次扰动市场。　　从机会的角度看，在泛科技领域“AI+机器人”都有显著突破，可能带来一轮产业链的机会。","fund":{"_id":3000000014311,"__csrcFundId":11213,"stockCode":"014311","shortName":"大成优质精选混合(014311)","masterFundShortName":"大成优质精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14311,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:18.361Z","status":"normal","exchange":"jj","name":"大成优质精选混合型证券投资基金","inceptionDate":"2022-07-27T16:00:00.000Z","fundCollectionId":4000050090000,"followedNum":1,"setUpDate":"2022-07-27T16:00:00.000Z","setUpAssetScale":443724263.73,"setUpShares":443724263.73,"pinyin":"dcyzjxhhxzqtzjj","managers":[{"stockCode":"db20288419","stockType":"fund_manager","exchange":"fm","tickerId":1225140010,"name":"李煜"}]},"announcement":{"linkText":"大成优质精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=868312","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a27fea5b3eb051058c","date":"2022-09-29T16:00:00.000Z","stockId":3000000014311,"sao":"市场在二季度反弹后，三季度持续调整，依然是主要矛盾主导市场和经济的走向：地产（城镇化）和中美对抗（全球化脱钩断链）。    地产背后是工业化和城镇化，假设把房地产想象成一只股票，过去30年全社会都在享受它的量价齐升大趋势，现在它的总市值已经达到数百万亿。地产的需求主要看人口和城镇化率，2000年左右新生人口2千万，到2021年只有1千万，人口周期本身就决定了地产需求的大周期；其次按照七普数据中国城镇化率已经达到63.89%（户籍人口城镇化率45%左右），参考海外数据进一步提升空间不大，斜率也要放缓。过去6年地产销售面积（成交量）都在16-18亿平米之间高位盘整，这就是一个重要的调整信号（量在价先）。海外地产调整期的历史经验启发我们需要对地产链条、土地财政/政府采购、消费等很多假设做重新评估，事实上今年以来我们已经看到很多问题暴露。    在电动车、光伏、风电、医疗设备、工程机械、激光等几乎所有行业都可以看到这种规律，后面卡脖子的半导体、机床、新材料等行业也必将紧跟其后。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:34.939Z","fund":{"_id":3000000014311,"__csrcFundId":11213,"stockCode":"014311","shortName":"大成优质精选混合(014311)","masterFundShortName":"大成优质精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14311,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:18.361Z","status":"normal","exchange":"jj","name":"大成优质精选混合型证券投资基金","inceptionDate":"2022-07-27T16:00:00.000Z","fundCollectionId":4000050090000,"followedNum":1,"setUpDate":"2022-07-27T16:00:00.000Z","setUpAssetScale":443724263.73,"setUpShares":443724263.73,"pinyin":"dcyzjxhhxzqtzjj","managers":[{"stockCode":"db20288419","stockType":"fund_manager","exchange":"fm","tickerId":1225140010,"name":"李煜"}]},"announcement":{"linkText":"大成优质精选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=809400","linkType":"PDF","source":"csrc_pdf"}}]}