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预计经济政策整体偏暖，宏观经济呈现弱复苏的状态。疫情对经济的影响逐步减弱，企业投资意愿和居民消费意愿逐步恢复，国内经济将呈现积极的变化，但受限于海外经济处于衰退期，叠加海外供应链重构后对国内出口形成压制，可能对经济有一定的影响。预计总量经济弹性有限，还是以结构性亮点为主。对于权益市场而言，横向对比全球市场，国内经济回暖和政策宽松的组合是相对稀缺的，可以聚焦拐点变化的细分领域去寻找结构性投资机会。从结构上，我们认为今年的股票市场会趋于均衡，希望通过寻找估值受到压制的低估值板块中个股机会，同时在市场预期低的位置布局估值合理的科技、成长等处于景气周期的新兴行业优质个股，挖掘个股的投资机会。","fund":{"_id":3000000014329,"__csrcFundId":10742,"stockCode":"014329","shortName":"国联优势产业混合(014329)","masterFundShortName":"国联优势产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14329,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:48.248Z","status":"normal","exchange":"jj","name":"国联优势产业混合型证券投资基金","fundCollectionId":4000050820000,"inceptionDate":"2022-01-24T16:00:00.000Z","followedNum":12,"setUpDate":"2022-01-24T16:00:00.000Z","setUpAssetScale":501519710.67,"setUpShares":501519710.67,"pinyin":"glyscyhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"}]},"announcement":{"linkText":"中融优势产业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=868185","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a57fea5b3eb05108f3","date":"2022-09-29T16:00:00.000Z","stockId":3000000014329,"sao":"今年的市场环境变化，让投资者对“百年未有之大变局”的理解更深刻。回顾过去一年我本人的一些看法，既有一部分符合预期并加强判断，也出现更多不确定的新变量。我们对此总结如下：首先，正如我们在前几期基金财报里反复提到的对“国家安全”的重视，我们认为这个概念在广度、深度上是不断延伸的。除了对外的国防工业安全，我们认为对内的范畴更加广泛，包括供应链安全、网络信息安全、核心卡脖子材料/设备的国产化等。我们之前布局的军工、科研仪器、新材料等行业或公司，其投资逻辑被更多的投资者认可。我们也很欣慰看到这些公司的高速发展时代正在到来。我们认为，如果说之前的国产化是靠自上而下的政策去推动，可能存在缺乏持续性的风险，那么在当前的逆全球化氛围之下，越来越多的自下而上的、自主市场化、有持续性的需求合力开始出现，这对我们关注的这一批公司而言，它们就可能有机会拿到非常宝贵的国产化门票，这张门票的意义就在于企业有机会不断去下游迭代改进并提高产品竞争力，缩短与国外品牌的差距。我们对这个路径持乐观态度，因为已经在国内非常多的行业历史中得到验证。其次，更多的宏观不确定性在提升。三季度应该说出现几个潜在长尾化的宏观变量，即疫情长尾化、俄乌冲突长尾化、美元强势周期长尾化，现阶段这三个长尾化因素合并对市场的盈利预期和风险偏好构成压制。对于宏观层面，当前A股市场对这三个压制因素的风险计提较为充分，一旦出现向上的乐观修正，预计会带来系统性机会；向下的风险，我们主要观察会不会出现一些外围经济体的流动性风险。本管理人整体认为，在当前A股主要指数估值水位不高的背景下，当前市场机会或大于风险。组合整体以广义的制造业为主，继续在新能源、汽车、军工、电子等产业里寻找机会，并重点寻找具备国产化率提升的长期标的。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:37.781Z","fund":{"_id":3000000014329,"__csrcFundId":10742,"stockCode":"014329","shortName":"国联优势产业混合(014329)","masterFundShortName":"国联优势产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14329,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:48.248Z","status":"normal","exchange":"jj","name":"国联优势产业混合型证券投资基金","fundCollectionId":4000050820000,"inceptionDate":"2022-01-24T16:00:00.000Z","followedNum":12,"setUpDate":"2022-01-24T16:00:00.000Z","setUpAssetScale":501519710.67,"setUpShares":501519710.67,"pinyin":"glyscyhhxzqtzjj","managers":[{"stockCode":"db20557338","stockType":"fund_manager","exchange":"fm","tickerId":2612204790,"name":"郑玲"}]},"announcement":{"linkText":"中融优势产业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=810801","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a57fea5b3eb05108f2","date":"2022-06-29T16:00:00.000Z","stockId":3000000014329,"sao":"期初A股市场在疫情扩散、全球通胀、美联储历史级加息等背景下，在区间里呈现出少见行情，投资者对上市公司盈利前景并不乐观，主要指数均大幅下跌；从4月底开始，投资者对经济的预期开始发生逆转，汽车、新能源等需求端强劲、供给端有全球竞争力、成本端改善的板块在二季度市场反弹期有较好的表现，集中体现了投资者信心的提振，具体来看，一方面是包括货币/财政总量政策，汽车行业自上而下的扶持政策等国内政策的正向影响，另一方面美国经济预期影响全球大宗商品价格下跌，而成本下跌对以中游制造业为主要产业结构的中国经济有利。本产品在期间主要的投资操作，是在汽车、新能源两个板块里加大投资，他们有如下的共同特征：1）产值规模较大，投资者在此可能会有更大收获；2）产业链的全球竞争力很强。十年前我们投资的公司可能讲的都是区域市场优势，但如今我们在这两个大产业里看到不少具备全球定价权、技术话语权的龙头公司或产业群，他们可能挣到微笑曲线的两端，还可能挣全球市场的利润；3）产业的技术迭代快，新知识点密集，新技术有进入井喷期的趋势。如今竞争激烈的商业世界里，我们并不认为有公司可以靠“不变”能持续保持竞争优势；相反，只有持续不断技术进步，才可能在全球产业链里爬到更高峰。我们在这两个大行业里看到一群勤奋、不断创新、拒绝躺平的优秀企业家。作为投资人，我们唯一能做的就是保持高强度的快速学习、跟上产业节奏、作出适合自己投资风格的投资决策。4）产业链较长。长产业链和短产业链在投资上的区别是解决时间管理的投入产出比问题。上市公司越来越多，同样一份时间花在不同公司上产生的投资组合收益可能就不同，我们如今越来越聚焦在一些战略性机会上，放弃部分战术性机会。产业链较长的公司是我们关注的战略机会，他们表现为一个“点状”的机会可能会带来“面状”的投资灵感，终端的一个微小变化可能都会帮助我们按图索骥找到产业链上其他更优质的投资机会。除上述技术层面的探讨之外，本人还想分享一些特殊市场环境下的投资心路。正如以前的交流内容，本人认为市场的波动在加大，会越来越关注长期的价值。但知易行难，在4月份市场考验之下，不少人怀疑自己组合里持仓的正确与否，在低部放弃了后续反弹行情里表现较好的品种。在本人看来，基金经理尤为重要的品性或许是学会给资产合理定价，既要定价收益也要定价风险。市场越极致，越需要在重压之下冷静理性判断每一笔投资交易的期初逻辑。这往往需要在买入时就要报之以严格、非似是而非的标准，这样才能帮助投资者在市场不理想时还能维持信心，可坚定持有到时间会给予我们答案的时刻。本人也希望能继续在此方向上不断精进。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:37.778Z","mo":"整体上，我们预计中国经济在下半年有望维持复苏态势，在全球大经济体中或是相对亮点。基于之前基金报告中我们分享的不同行业观点，我们的组合架构变化不大，继续维持以新能源、汽车、军工、电子等为主体的行业结构，同时辅之以培育钻石、科学仪器、铝加工等的细分行业优质公司。","fund":{"_id":3000000014329,"__csrcFundId":10742,"stockCode":"014329","shortName":"国联优势产业混合(014329)","masterFundShortName":"国联优势产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14329,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:48.248Z","status":"normal","exchange":"jj","name":"国联优势产业混合型证券投资基金","fundCollectionId":4000050820000,"inceptionDate":"2022-01-24T16:00:00.000Z","followedNum":12,"setUpDate":"2022-01-24T16:00:00.000Z","setUpAssetScale":501519710.67,"setUpShares":501519710.67,"pinyin":"glyscyhhxzqtzjj","managers":[{"stockCode":"db20557338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双轨制”的概率越来越大，我们认为东西方的任何一方，都会寻求从上游能源原材料、中游先进制造业、下游必选消费的全面供应链安全，这种追求国家安全感的心理需求甚至会产生冗余备份的过度库存，那就可能产生复杂的新定价机制变化、新采购需求，所以这对组合里中长期一直持有的供应链国产化、军工等而言，逻辑是加强的；其次，我们也看到以前视角的盲点，正如我们以前投资的锂产业链受益于资本开支不足、需求激增，我们看到很多原材料领域在上述描绘的需求拉动下，原来都存在长期资本开支不足带来的供需矛盾，这就抬升了全球通胀的中枢，对利率环境等构成挑战，这又对我们之前坚持的投资领域构成挑战，我们也还在对此进行评估和应对。我们对市场后续的想法是进行产业链上的平衡。结合上述认知，首先是继续寻找中游环节中具备定价力、有成本转嫁能力的优势企业，最好还是在非敏感领域有全球出口能力的（全球总供应减少， 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