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%，沪深300指数下跌1.2%，创业板指数下跌1.8%，科创50指数继续表现，上涨3.4%。行业方面，有色、汽车、机械、计算机、传媒板块涨幅居前，而煤炭、商贸零售、非银金融、石油石化、房地产等顺周期板块则跌幅居前。　　本基金主要投资清洁能源相关产业，一季度重点在人形机器人、智能驾驶、低空经济等板块进行优化配置。后期由于人形机器人主题短期涨幅较大，加上对美国关税冲突的担忧逐步上升，基金对涨幅较大、估值性价比不高的公司进行了一定的减仓，同时增配了清洁能源相关板块中的稳健类资产。　　展望二季度，美国关税政策能否有效推进、中美贸易冲突如何演绎、国内经济运行状况以及积极政策的实施将是影响市场运行的重要宏观因素。中长期而言，基金将重点在清洁能源相关产业领域深入挖掘重大机会，包括新能源、智能驾驶、人工智能、机器人、低空经济等。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:19.621Z","fund":{"_id":3000000014574,"__csrcFundId":10758,"stockCode":"014574","shortName":"鑫元清洁能源混合发起式(014574)","masterFundShortName":"鑫元清洁能源混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14574,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:16:30.123Z","status":"normal","exchange":"jj","name":"鑫元清洁能源产业混合型发起式证券投资基金","fundCollectionId":4000050860000,"inceptionDate":"2022-01-25T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-25T16:00:00.000Z","setUpAssetScale":10145345.7,"setUpShares":10145345.7,"pinyin":"xyqjnycyhhxfqszqtzjj","managers":[{"stockCode":"8801378527","stockType":"fund_manager","exchange":"fm","tickerId":312130050,"name":"陈立"}]},"announcement":{"linkText":"鑫元清洁能源产业混合型发起式证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1275771","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0cf7fea5b3eb051334b","date":"2024-12-30T16:00:00.000Z","stockId":3000000014574,"sao":"2024年A股市场整体运行呈现W型，走出前两年的调整阴霾，主要指数全年涨幅显著，市场情绪逐步回暖。1月份市场经历一轮快速的下跌，一些量化、衍生产品被动出清，随后市场迎来反弹，市场估值从低位展开修复。5月信贷、社融数据超季节性走弱，经济下行压力显现，市场走弱。三季度季末政治局召开重要会议，研究部署经济工作，指出：干字当头、众志成城。先后出台了一系列重大政策组合拳，市场信心得以显著提振，权益市场由此迎来罕见的快速上涨，交易活跃度上升。　　海外方面，美国通胀温和回落，8月美国CPI降至2.5%，9月18日美联储降息50BP，为近年来加息结束后的首次降息，美国经济开始显现降温。这一阶段人民币外部压力明显减轻，汇率出现一定升值。而随着美国大选的结束，海外的不确定性再次上升，人民币汇率再迎贬值压力，对中国市场也构成扰动。美股市场2024年在人工智能的推动下表现依然强劲。　　2024年上证综指上涨12.7%，深成指上涨9.3%，创业板指数上涨13.2%，恒生指数上涨17.7%。行业方面，银行、非银、家电、通信、交运板块涨幅居前，医药、农业、消费者服务、房地产、食品饮料板块则跌幅居前。　　基金主要投资清洁能源相关产业，人工智能等新技术的应用，孕育了相关产业新的机遇。基金重点在人形机器人、智能驾驶、低空经济、光伏锂电等板块进行配置。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:19.618Z","mo":"展望2025年，预计宏观政策延续积极态势，市场流动性保持充裕。货币政策适度宽松，财政政策更加积极有为，提高财政赤字率，将推动国内债务化解、经济的改善。而以豆包、深度求索等中国自主的大模型应用爆发，显著提振了中国科技创新的信心。预计人工智能引领的科技创新仍将是2025年权益市场的重要投资思路。此外，消费新业态、制造业比较优势和出海、并购带来的结构性机会值得关注。在全社会利率中枢下行的大背景下，红利资产预计仍具备配置价值。　　海外方面，预计美国经济具韧性，但面临再通胀风险。美国对外关税政策的不确定性，对全球主要经济体的增长构成威胁。　　本基金将重点围绕清洁能源相关产业，始终以前瞻性、全球性思维，深刻把握经济内在结构的变迁趋势，发掘中国增量经济繁荣带来的重大投资机会，努力为持有人带来中长期稳健回报。","fund":{"_id":3000000014574,"__csrcFundId":10758,"stockCode":"014574","shortName":"鑫元清洁能源混合发起式(014574)","masterFundShortName":"鑫元清洁能源混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14574,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:16:30.123Z","status":"normal","exchange":"jj","name":"鑫元清洁能源产业混合型发起式证券投资基金","fundCollectionId":4000050860000,"inceptionDate":"2022-01-25T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-25T16:00:00.000Z","setUpAssetScale":10145345.7,"setUpShares":10145345.7,"pinyin":"xyqjnycyhhxfqszqtzjj","managers":[{"stockCode":"8801378527","stockType":"fund_manager","exchange":"fm","tickerId":312130050,"name":"陈立"}]},"announcement":{"linkText":"鑫元清洁能源产业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=1255972","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0cf7fea5b3eb051334a","date":"2024-09-29T16:00:00.000Z","stockId":3000000014574,"sao":"三季度新能源中的几个大的方向尚未出现明确行业基本面拐点：（1）光伏：硅料整体过剩40%+，组件端无法通过渠道和品牌做出差异化，产能尚未出清；（2）锂电：碳酸锂2024年整体过剩且2025年过剩可能加剧，电动车期待明年春节可能出现排产上升的机会；（3）储能：户储由于俄乌冲突导致透支了未来几年的需求，现在还在去库阶段，就算库存完成去化，但是产能扩张较大，需要消化。　　相较而言，汽车零部件、人形机器人、智能驾驶等方向的景气度尚可，成为了本基金三季度的配置方向，特别是AI的加持，加速了这些新方向的演进，本基金也从中选择了一些标的进行配置。除此之外，本基金对于属于红利类资产的水电也有持仓，以在9月底前弱势的市场环境中进行一定防守。　　9月底随着政策的转向，市场出现了久违的大涨，在此过程中本基金也相应进行调仓，减仓了红利股，优化持仓结构，在不失进攻性的同时获得一些均衡，对于光伏锂电中的龙头标的也有加仓以等待后续机会。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:19.616Z","fund":{"_id":3000000014574,"__csrcFundId":10758,"stockCode":"014574","shortName":"鑫元清洁能源混合发起式(014574)","masterFundShortName":"鑫元清洁能源混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14574,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:16:30.123Z","status":"normal","exchange":"jj","name":"鑫元清洁能源产业混合型发起式证券投资基金","fundCollectionId":4000050860000,"inceptionDate":"2022-01-25T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-25T16:00:00.000Z","setUpAssetScale":10145345.7,"setUpShares":10145345.7,"pinyin":"xyqjnycyhhxfqszqtzjj","managers":[{"stockCode":"8801378527","stockType":"fund_manager","exchange":"fm","tickerId":312130050,"name":"陈立"}]},"announcement":{"linkText":"鑫元清洁能源产业混合型发起式证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1176802","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0cf7fea5b3eb0513349","date":"2024-06-29T16:00:00.000Z","stockId":3000000014574,"sao":"二季度国内经济出现了明显的下行，利率持续下行，海外方面美国经济依然强劲，降息预期继续延后，在这种情况下，市场以防守为主，成长板块受到压制，红利资产表现较好。光伏行业持续恶化，现在进入全行业亏损状态，行业依然处于出清的左侧;锂电行业经过一季度的高排产，二季度景气度开始转弱;机器人虽然远期空间很大，但是短期进展不及预期，二季度表现较差。　　目前基金主要配置机器人、智能制造等方向，二季度在个股方面进行了优化，考虑到市场风格红利占优，组合上配置了水电等红利资产降低组合的波动性，希望未来可以取得较好的收益。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:19.613Z","fund":{"_id":3000000014574,"__csrcFundId":10758,"stockCode":"014574","shortName":"鑫元清洁能源混合发起式(014574)","masterFundShortName":"鑫元清洁能源混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14574,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:16:30.123Z","status":"normal","exchange":"jj","name":"鑫元清洁能源产业混合型发起式证券投资基金","fundCollectionId":4000050860000,"inceptionDate":"2022-01-25T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-25T16:00:00.000Z","setUpAssetScale":10145345.7,"setUpShares":10145345.7,"pinyin":"xyqjnycyhhxfqszqtzjj","managers":[{"stockCode":"8801378527","stockType":"fund_manager","exchange":"fm","tickerId":312130050,"name":"陈立"}]},"announcement":{"linkText":"鑫元清洁能源产业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=1147039","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0cf7fea5b3eb0513348","date":"2024-03-30T16:00:00.000Z","stockId":3000000014574,"sao":"一季度股市延续了2023年下跌的状态，由于融资盘的敲入，1月份股市出现了大幅的下跌，股市快速出清之后，企稳反弹。主板下跌之后，北交所的估值优势不再存在，这导致在反弹的过程中北交所反弹幅度较小。　　本基金一季度减少北交所的持仓，增加了人型机器人产业链，主要是因为人工智能的进步较快，会加快人型机器人的进程，同时人型机器人处于商业化的前夜，利润兑现需要时间，相关公司的股价波动会比较大。由于去年的高基数，光伏今年的装机增速会出现明显的下滑，供给端由于产能的快速释放，利润快速恶化，在产能出清之前，光伏很难出现趋势性的机会;一季度锂电产业表现较好，主要是因为连续两年的下跌之后估值处于相对便宜的水平，另外春节过后锂电产业链排产快速提升，出现了短暂的供需错配；从更长的维度看，中国的电动车渗透率已经接近50%，未来会进入低增长阶段，竞争加剧，真正有竞争力的公司会胜出。　　展望二季度，我们认为光伏和储能行业依然处于行业出清的左侧，基本面的边际改善需要时间；机器人和自动驾驶处于0-1的阶段，未来的增长空间较大，因为处于行业爆发的早期，行业变化较快，需要紧密的跟踪和深入的研究。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:19.611Z","fund":{"_id":3000000014574,"__csrcFundId":10758,"stockCode":"014574","shortName":"鑫元清洁能源混合发起式(014574)","masterFundShortName":"鑫元清洁能源混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14574,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:16:30.123Z","status":"normal","exchange":"jj","name":"鑫元清洁能源产业混合型发起式证券投资基金","fundCollectionId":4000050860000,"inceptionDate":"2022-01-25T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-25T16:00:00.000Z","setUpAssetScale":10145345.7,"setUpShares":10145345.7,"pinyin":"xyqjnycyhhxfqszqtzjj","managers":[{"stockCode":"8801378527","stockType":"fund_manager","exchange":"fm","tickerId":312130050,"name":"陈立"}]},"announcement":{"linkText":"鑫元清洁能源产业混合型发起式证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1074417","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0cf7fea5b3eb0513347","date":"2023-12-30T16:00:00.000Z","stockId":3000000014574,"sao":"回顾2023年，股市延续全年下跌的状态。宏观经济层面，美国经济较为强劲，利率居高不下，对国内的资产形成比较大的压力；国内经济下行压力依然较大，从企业层面表现为盈利能力下滑。A股市场全年下跌幅度较大，资金持续流出，市场博弈严重，赚钱效用较差。　　新能源行业全年表现不佳，领跌全市场。储能行业2022年大幅透支了2023年的装机，导致2023年装机大幅不及预期，全年都处于消化库存的状态；新能源汽车的渗透率达到一个比较高的水平，增速明显放缓，随着锂电产业链的产能的大幅释放，各环节竞争加剧，供给端不再是瓶颈；光伏随然保持着较高的增速，但是随着各环节产能大幅的释放，产能出现过剩，组件价格大幅下跌，各环节的利润出现明显的恶化，产能的出清需要时间。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:19.608Z","mo":"展望2024年，新能源汽车和光伏的基数经过近几年的快速增长处于较高水平，未来的增速不可避免的下滑，短期内由于产能的大幅释放，出现了产能过剩的情况；储能的渗透率还处于较低的状态，库存去化完成后，行业会有比较快速的增长；机器人和自动驾驶处于0-1的阶段，未来的增长空间较大，因为处于行业爆发的早期，行业变化较快，需要紧密的跟踪和深入的研究；2023年中国的电动车全面崛起，汽车产业链整体表现较好（除锂电环节），但是随着各种新车型的推出，价格战有可能加剧，需要寻找真正能跑出来的企业。目前本基金在新能源领域的配置较为均衡，希望2024年有比较好的收益。","fund":{"_id":3000000014574,"__csrcFundId":10758,"stockCode":"014574","shortName":"鑫元清洁能源混合发起式(014574)","masterFundShortName":"鑫元清洁能源混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14574,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:16:30.123Z","status":"normal","exchange":"jj","name":"鑫元清洁能源产业混合型发起式证券投资基金","fundCollectionId":4000050860000,"inceptionDate":"2022-01-25T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-25T16:00:00.000Z","setUpAssetScale":10145345.7,"setUpShares":10145345.7,"pinyin":"xyqjnycyhhxfqszqtzjj","managers":[{"stockCode":"8801378527","stockType":"fund_manager","exchange":"fm","tickerId":312130050,"name":"陈立"}]},"announcement":{"linkText":"鑫元清洁能源产业混合型发起式证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1058754","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0cf7fea5b3eb0513346","date":"2023-09-29T16:00:00.000Z","stockId":3000000014574,"sao":"回顾三季度，宏观经济层面，美国经济较为强劲，通胀仍处于较高水平，国内经济下行压力较大，政策层面对经济的支持力度较大。从市场表现来看，虽然政策支持力度较大，但是三季度市场仍然处于下跌状态，在存量博弈市场中，赚钱效用较差。　　本基金三季度持仓变化不大，仍然以光伏、储能等板块为主。尽管我们从产业趋势与公司竞争力的角度对板块的个股做了精选，但依然难以抵抗板块大幅下行，基金净值表现欠佳。 虽然中长期看产业趋势仍在，业绩持续兑现，但增量信息较少，审美疲劳，在存量博弈的市场中，持仓板块资金持续流出；在当行估值水平下，随着储能库存的消化和硅料价格的见底，行业下行的空间有限。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:19.605Z","fund":{"_id":3000000014574,"__csrcFundId":10758,"stockCode":"014574","shortName":"鑫元清洁能源混合发起式(014574)","masterFundShortName":"鑫元清洁能源混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14574,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:16:30.123Z","status":"normal","exchange":"jj","name":"鑫元清洁能源产业混合型发起式证券投资基金","fundCollectionId":4000050860000,"inceptionDate":"2022-01-25T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-25T16:00:00.000Z","setUpAssetScale":10145345.7,"setUpShares":10145345.7,"pinyin":"xyqjnycyhhxfqszqtzjj","managers":[{"stockCode":"8801378527","stockType":"fund_manager","exchange":"fm","tickerId":312130050,"name":"陈立"}]},"announcement":{"linkText":"鑫元清洁能源产业混合型发起式证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=989038","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0cf7fea5b3eb0513345","date":"2023-06-29T16:00:00.000Z","stockId":3000000014574,"sao":"2023上半年市场风格发生了比较大的转变，主题和轮动成为市场的主流。在AI技术的进步下，TMT行业上半年取得了比较大的涨幅，但是AI技术革命主要是海外主导，国内行情主要是对海外科技前沿进展的映射；由于短期缺乏业绩的支撑，所以整体受市场情绪影响较多，股价波动也会较大。上半年基本面来看，经济下行压力较大，消费等顺周期行业延续弱复苏态势，表现一般；受益于海外算力建设的国内供应链预期也会进入景气周期，光伏和大储保持较高的景气度。 　　本基金集中配置的光伏储能板块二季度表现仍然一般，产业趋势仍在、业绩持续兑现，主要是市场对远期供需格局的担忧，资金持续流出。　　展望下半年，硅料和碳酸锂价格预计会延续下行的趋势，在整个产业链降价的背景下，终端成本大幅下行，有望进入光储平价的元年。光储平价后，有望突破光伏装机的瓶颈，同时带来储能需求爆发。　　从个股层面分析，在光储平价催生的下一轮需求爆发背景下，前期经过充分调整的光储标的会有较强的表现。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:19.603Z","mo":"在经济弱复苏的状态下，货币政策会维持比较宽松的状态，从流动性层面有利于A股市场；经过长时间的调整，A股的估值水平处于较低水平，进一步下跌的空间不大；以历史经验来看，宽松的货币政策有利于成长行业，重点关注新能源、医药、AI相关的行业。","fund":{"_id":3000000014574,"__csrcFundId":10758,"stockCode":"014574","shortName":"鑫元清洁能源混合发起式(014574)","masterFundShortName":"鑫元清洁能源混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14574,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:16:30.123Z","status":"normal","exchange":"jj","name":"鑫元清洁能源产业混合型发起式证券投资基金","fundCollectionId":4000050860000,"inceptionDate":"2022-01-25T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-25T16:00:00.000Z","setUpAssetScale":10145345.7,"setUpShares":10145345.7,"pinyin":"xyqjnycyhhxfqszqtzjj","managers":[{"stockCode":"8801378527","stockType":"fund_manager","exchange":"fm","tickerId":312130050,"name":"陈立"}]},"announcement":{"linkText":"鑫元清洁能源产业混合型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=964779","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0cf7fea5b3eb0513344","date":"2023-03-30T16:00:00.000Z","stockId":3000000014574,"sao":"回顾一季度，ChatGPT引爆AI科技行情，TMT涨幅较大，传媒、计算机、电子、通信等板块估值有所上升，但是此外的大部分行业板块估值仍处于较低水平，尤其是此前调整较多的新能源、医药等成长板块，估值已创近年的低位。　　美联储加息导致全球流动性受限，是制约去年股市的一大因素，而加息的尘埃落地，将降低市场的不确定性。另外，国内经济复苏不及预期，整体经济的下行压力较大，货币政策将保持较为宽松的状态,在货币层面对股市比较友好。总体而言，在国内流动性较宽松，A股整体估值较低的背景下，市场值得期待。　　一季度TMT行业大幅上涨产生了比较明显的虹吸效应，新能源整体表现较差，拖累本产品产生比较大的回撤。　　展望二季度，我们认为虹吸效应对新能源行业的影响已经告一段落，新能源行业的整体估值水平处于非常低的位置，和其他行业比，有比较明显的配置价值；随着一季报的披露，市场大概率会回归到主流赛道，新能源行业会有所表现。　　策略层面，本产品坚持在新能源行业上进行配置，在光伏、储能和美国电动车方向进行了超配。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:19.600Z","fund":{"_id":3000000014574,"__csrcFundId":10758,"stockCode":"014574","shortName":"鑫元清洁能源混合发起式(014574)","masterFundShortName":"鑫元清洁能源混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14574,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:16:30.123Z","status":"normal","exchange":"jj","name":"鑫元清洁能源产业混合型发起式证券投资基金","fundCollectionId":4000050860000,"inceptionDate":"2022-01-25T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-25T16:00:00.000Z","setUpAssetScale":10145345.7,"setUpShares":10145345.7,"pinyin":"xyqjnycyhhxfqszqtzjj","managers":[{"stockCode":"8801378527","stockType":"fund_manager","exchange":"fm","tickerId":312130050,"name":"陈立"}]},"announcement":{"linkText":"鑫元清洁能源产业混合型发起式证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=884569","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0cf7fea5b3eb0513343","date":"2022-12-30T16:00:00.000Z","stockId":3000000014574,"sao":"回顾2022年，全球通胀高企，俄乌冲突，上海疫情，黑天鹅频现，对A股市场形成了明显的冲击，1-4月份跌幅较大，特别是受上海疫情冲击比较大的汽车产业链，汽车指数最大跌幅接近30%。进入5月份A股市场对通胀，俄乌冲突，上海疫情等不利因素反应比较充分，整体估值水平处在历史极低的位置，非常接近历史上比较大级别的底部，风险收益比较高；随着边际不利因素的好转，市场开始自我修复，我们快速完成建仓。进入下半年，A股市场先扬后抑，新能源行业在Q4也进行了比较大幅度的回调。全年来看，我们预判了欧洲光储的超预期，提前进行了布局，取得了不错的收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:19.597Z","mo":"展望2023年，我们认为市场底部可能已经出现，股市已经开始对经济复苏进行反应。新能源行业经过一个多季度的下跌，估值水平处于近几年的低位，具有较高的配置价值。近期欧洲的能源价格回到了俄乌战争以前的水平，由此带来的储能投资机会告一段落，但是从中长期的角度来看储能还处于0-1的阶段，未来依然是增速最快的细分行业；随着硅料的投产，2023年初硅料价格大幅跳水，硅料不再是光伏行业的瓶颈，过去两年受到压制的需求大概率会释放出来，今年光伏的装机大概率比预期要好；由于中国和欧洲的电动车渗透率已经处于较高水平，预计2023年电动车行业最大的ALPHA来自美国市场。继续看好储能、光伏、汽车的电动化和智能化、海风等方向。本产品坚持均衡配置新能源行业的基础上，侧重配置了光伏和储能方向。","fund":{"_id":3000000014574,"__csrcFundId":10758,"stockCode":"014574","shortName":"鑫元清洁能源混合发起式(014574)","masterFundShortName":"鑫元清洁能源混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14574,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:16:30.123Z","status":"normal","exchange":"jj","name":"鑫元清洁能源产业混合型发起式证券投资基金","fundCollectionId":4000050860000,"inceptionDate":"2022-01-25T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-25T16:00:00.000Z","setUpAssetScale":10145345.7,"setUpShares":10145345.7,"pinyin":"xyqjnycyhhxfqszqtzjj","managers":[{"stockCode":"8801378527","stockType":"fund_manager","exchange":"fm","tickerId":312130050,"name":"陈立"}]},"announcement":{"linkText":"鑫元清洁能源产业混合型发起式证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=871135","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0cf7fea5b3eb0513342","date":"2022-09-29T16:00:00.000Z","stockId":3000000014574,"sao":"第三季度A股市场先扬后抑，9月份A股出现了大幅的回调，新能源板块前期涨幅比较大，回调幅度也较多，目前板块的估值水平已经近几年新低，经过充分的回调后，风险也得到了比较大的释放。目前来看市场的底部特征比较明显：第一、股债收益比维度。回顾2005年以来经验，股债收益比历次见顶值多位于2.0至2.5区间。5月24日股债收益比上行至2.21，接近2008年Q4、2012年、2018年Q4、2020年3月等市场大级别底部的位置。第二、剩余流动性转正。从宏观维度，市场底通常领先于经济底出现，经济底通常滞后于市场底1-4个季度。第三、结构运行的规律。市场情绪趋向平淡，部分特征如成交量逐步下降，或者题材股脉冲退潮，或者强势白马股补跌等；二则，市场底往往领先经济底，此时往往伴随着稳增长政策发力，继而低估值震荡企稳；三则，更关键的是，代表新一轮产业方向的新成长个股悄然展开有序上涨。  具体到新能源行业，新能源是一个增速非常高的行业，光伏，电动车，风电已经完成0-1的过程，储能也正在完成0-1的过程，未来5-10年都会保持非常高的增长。Q1大跌之后，新能源板块快速反弹主要是因为新能源板块的景气度较高，而其他行业的景气度较差，这也是今年以来新能源行业和其他行业的核心差异。今年的市场一直在交易景气度，8月份以来的下跌也主要是因为高频数据上看行业的景气度有所回调；典型如：市场看到9月份欧洲电价从高位有比较大幅度的回调，对未来欧洲储能的增速预期有明显下调，导致储能板块有比较大的回调，实际上在现在的电价下，储能依然有比较高的性价比，欧洲依然处于爆单的状态。  剔除高频数据的影响，从中观的维度看，新能源行业的增速依然保持非常高，特别是储能行业，股价的下跌更多的是杀估值，而非杀利润，这和其他行业的戴维斯双杀有本质区别。经过近两个月的下跌，从估值层面来看，光储车各环节估值处于历史低位，储能标的估值处于PE30倍左右，光伏，电动车和风电的估值处于PE20倍左右；从股价上看很多主流标的已经接近4月份的低点。  从长远来看，新能源的驱动因素已经从政策驱动转变为需求驱动，短期政策的扰动并不会改变行业长期的增长。整体而言新能源行业2023年的增速可能达到40%-50%，但是整体估值水平大概在25PE左右，以全行业的角度来看，新能源行业的配置价值较高。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:19.595Z","fund":{"_id":3000000014574,"__csrcFundId":10758,"stockCode":"014574","shortName":"鑫元清洁能源混合发起式(014574)","masterFundShortName":"鑫元清洁能源混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14574,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:16:30.123Z","status":"normal","exchange":"jj","name":"鑫元清洁能源产业混合型发起式证券投资基金","fundCollectionId":4000050860000,"inceptionDate":"2022-01-25T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-25T16:00:00.000Z","setUpAssetScale":10145345.7,"setUpShares":10145345.7,"pinyin":"xyqjnycyhhxfqszqtzjj","managers":[{"stockCode":"8801378527","stockType":"fund_manager","exchange":"fm","tickerId":312130050,"name":"陈立"}]},"announcement":{"linkText":"鑫元清洁能源产业混合型发起式证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=808812","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0cf7fea5b3eb0513341","date":"2022-06-29T16:00:00.000Z","stockId":3000000014574,"sao":"今年上半年，黑天鹅频现：俄乌战争，上海疫情，再加上海外通胀高企，导致A股在一季度大幅下挫，特别在4月份市场悲观情绪进一步释放，A股出现小规模踩踏。  产品成立之初，电新板块经过长时间的回调，估值水平处于合理偏低水平，因此快速仓位建到60%-70%；在电新板块内部配置比较均衡：电动车，光伏，储能和风电都有配置；电动车配置较多，因为在估值相近的情况下，电动车具有消费粘性，商业模式较好。  但是进入3月份以后，俄乌战争，上海疫情，美国的超预期加息，A股快速走弱；上海疫情封控对汽车产业链形成致命打击，电动车产业链陷入停滞，电新板块4月份单月最大跌幅接近30%，下跌幅度远超其他行业，虽然及时做了减仓操作，但是在市场巨大的跌幅面前作用有限。  4月底，虽然大家对市场非常悲观，但是我们认为负面因素（上海疫情，俄乌战争，美国加息）边际上已经出现好转，并且市场已经进行了充分定价，电新板块的估值水平实在是看不到进一步下降的空间。如果以2023年的角度来看，板块的收益率比较高，因此我们快速把仓位提升到80%以上。  俄乌战争导致能源危机，我们进行了深刻的研究和分析，前瞻性的判断欧洲光伏和储能会大幅超预期，所以我们减少了受疫情影响较大的电动车，增加了欧洲光伏和储能的配置，另外由于政策对汽车行业的大力刺激，我们配置了少量的汽车行业。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:19.592Z","mo":"下半年最大的基本面是宏观经济压力依然较大，预计宽松的货币政策依然会延续，在货币层面对A股比较友好。虽然电新板块进行了较大幅度的反弹，但是我依然比较乐观。电新行业当前估值合理，虽然近期涨幅比较大，但是主要是前期跌的比较多，从2023年的角度看，估值还有比较大的提升空间。横向对比，电新行业的景气度比较高。","fund":{"_id":3000000014574,"__csrcFundId":10758,"stockCode":"014574","shortName":"鑫元清洁能源混合发起式(014574)","masterFundShortName":"鑫元清洁能源混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14574,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:16:30.123Z","status":"normal","exchange":"jj","name":"鑫元清洁能源产业混合型发起式证券投资基金","fundCollectionId":4000050860000,"inceptionDate":"2022-01-25T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-25T16:00:00.000Z","setUpAssetScale":10145345.7,"setUpShares":10145345.7,"pinyin":"xyqjnycyhhxfqszqtzjj","managers":[{"stockCode":"8801378527","stockType":"fund_manager","exchange":"fm","tickerId":312130050,"name":"陈立"}]},"announcement":{"linkText":"鑫元清洁能源产业混合型发起式证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=787101","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0cf7fea5b3eb0513340","date":"2022-03-30T16:00:00.000Z","stockId":3000000014574,"sao":"2021年四季度以来，整个新能源板块进行了较大幅度的回调，全行业对比，新能源板块具有显著的投资价值；回调后新能源板块估值处于历史较低水平。2022年第一季度，俄乌冲突，上海疫情爆等突发事件对板块造成了进一步的冲击，虽然短期行业受损，但是站在中长期的角度行业的底层逻辑依然很强，回调带来比较好的价值洼地。在行业内部配置上电动车，光伏，储能和风电做到兼顾，精选壁垒较高，行业格局较好的环节进行配置。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:19.589Z","fund":{"_id":3000000014574,"__csrcFundId":10758,"stockCode":"014574","shortName":"鑫元清洁能源混合发起式(014574)","masterFundShortName":"鑫元清洁能源混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14574,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:16:30.123Z","status":"normal","exchange":"jj","name":"鑫元清洁能源产业混合型发起式证券投资基金","fundCollectionId":4000050860000,"inceptionDate":"2022-01-25T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-25T16:00:00.000Z","setUpAssetScale":10145345.7,"setUpShares":10145345.7,"pinyin":"xyqjnycyhhxfqszqtzjj","managers":[{"stockCode":"8801378527","stockType":"fund_manager","exchange":"fm","tickerId":312130050,"name":"陈立"}]},"announcement":{"linkText":"鑫元清洁能源产业混合型发起式证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=727926","linkType":"PDF","source":"csrc_pdf"}}]}