window.pageData = {"stock":{"_id":3000000014727,"stockCode":"014727","shortName":"易方达成长动力混合A","masterFundShortName":"易方达成长动力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14727,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","name":"易方达成长动力混合型证券投资基金","fundCollectionId":4000050110000,"followedNum":8,"inceptionDate":"2022-02-07T16:00:00.000Z","setUpDate":"2022-02-07T16:00:00.000Z","setUpAssetScale":320682475.34,"setUpShares":320682475.34,"pinyin":"yfdczdlhhxzqtzjj","memoNum":1,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50110000","tickerId":50110000,"name":"易方达基金管理有限公司"},"managers":[{"name":"刘健维","stockType":"fund_manager","stockCode":"8801616851","exchange":"fm","tickerId":121023190290}],"hotMetrics":{"fss":{"stockId":3000000014727,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.1594,"f_ins_h_s_r_c_hy":-0.08080000000000001,"f_ins_h_s_r_c_1y":-0.10510000000000003,"f_ind_h_s_r":0.8406,"f_ind_h_s_r_c_hy":0.08079999999999998,"f_ind_h_s_r_c_1y":0.10510000000000008,"f_h_a":4597,"f_h_s_a":75206,"last_data_date":"2025-06-29T16:00:00.000Z"},"fpr":{"stockId":3000000014727,"type":"fpr","f_p_r_fys_ssc":8993,"f_p_r_fys_ssrp":0.12955960854092527,"f_p_r_m1_ssc":9202,"f_p_r_m1_ssrp":0.1605260297793718,"f_p_r_m3_ssc":9077,"f_p_r_m3_ssrp":0.054759806081974435,"f_p_r_m6_ssc":8790,"f_p_r_m6_ssrp":0.14575036978040734,"f_p_r_y1_ssc":8330,"f_p_r_y1_ssrp":0.015007804058110218,"f_p_r_y2_ssc":7719,"f_p_r_y2_ssrp":0.011401917595231926,"f_p_r_y3_ssc":6925,"f_p_r_y3_ssrp":0.0028885037550548816,"f_cagr_p_r_fs_ssc":9144,"f_cagr_p_r_fs_ssrp":0.0577490976703489},"fp":{"stockId":3000000014727,"type":"fp","f_p_r_fys":0.24200278164116873,"f_p_r_m1":0.20685559832910183,"f_p_r_m3":0.28103808033385547,"f_p_r_m6":0.24625729510276617,"f_cagr_p_r_fs":0.2899814670688674,"f_p_r_y1":1.5831872370266464,"f_p_r_d1":-0.0038048533017672748,"f_p_r_y2":2.101020730295695,"f_p_r_y3":2.1013470848242513,"last_data_date":"2026-05-05T16:00:00.000Z"},"ff":{"stockId":3000000014727,"type":"ff","f_m_f":2188033,"f_m_f_r":0.012,"f_c_f":364672,"f_c_f_r":0.002,"f_m_a_c_f":2552705,"f_m_a_c_f_r":0.014,"f_m_c_f_d":"2025-02-18T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2026-02-11T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000014727,"type":"f_nlacan","f_nv_d":"2026-05-05T16:00:00.000Z","f_nv":2.9469,"f_nv_cr":0.020571428571428685},"f_as":{"stockId":3000000014727,"type":"f_as","f_tas":2091474151.4148,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000014728,"name":"易方达成长动力混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","stockCode":"014728","tickerId":14728,"shortName":"易方达成长动力混合C","currency":"CNY","__csrcFundId":10746,"exchange":"jj","lastUpdated":"2025-01-08T23:14:28.874Z","inceptionDate":"2022-02-07T16:00:00.000Z","fundCollectionId":4000050110000,"followedNum":12,"status":"normal","setUpDate":"2022-02-07T16:00:00.000Z","setUpAssetScale":90533490.02,"setUpShares":90533490.02,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"yfdczdlhhxzqtzjj","memoNum":1}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000014727,"stockId":300502,"holdings":698195,"marketCap":309188673,"netValueRatio":0.0893,"quarterlyChange":0.027757148161901002,"stock":{"stockCode":"300502","exchange":"sz","stockType":"company","tickerId":300502,"name":"新易盛"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000014727,"stockId":300308,"holdings":455541,"marketCap":259389600,"netValueRatio":0.0749,"quarterlyChange":-0.06654098360655702,"stock":{"stockCode":"300308","exchange":"sz","stockType":"company","tickerId":300308,"name":"中际旭创"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000014727,"stockId":600522,"holdings":7473800,"marketCap":224886642,"netValueRatio":0.065,"quarterlyChange":0.660596026490065,"stock":{"stockCode":"600522","exchange":"sh","stockType":"company","tickerId":600522,"name":"中天科技"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000014727,"stockId":300750,"holdings":559760,"marketCap":224855592,"netValueRatio":0.065,"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":"2026-04-21T16:00:00.000Z","fundId":3000000014727,"stockId":601138,"holdings":3779492,"marketCap":194492658,"netValueRatio":0.0562,"quarterlyChange":-0.16619693163324978,"stock":{"stockCode":"601138","exchange":"sh","stockType":"company","tickerId":601138,"name":"工业富联"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000014727,"stockId":600487,"holdings":2559800,"marketCap":134799068,"netValueRatio":0.0389,"quarterlyChange":1.129397492923578,"stock":{"stockCode":"600487","exchange":"sh","stockType":"company","tickerId":600487,"name":"亨通光电"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000014727,"stockId":601211,"holdings":4810086,"marketCap":79799326,"netValueRatio":0.0231,"quarterlyChange":-0.19270072992700726,"stock":{"stockCode":"601211","exchange":"sh","stockType":"company","tickerId":601211,"name":"国泰海通"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000014727,"stockId":601688,"holdings":4047900,"marketCap":72052620,"netValueRatio":0.0208,"quarterlyChange":-0.24544298431538814,"stock":{"stockCode":"601688","exchange":"sh","stockType":"company","tickerId":601688,"name":"华泰证券"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000014727,"stockId":2384,"holdings":623200,"marketCap":64376560,"netValueRatio":0.0186,"quarterlyChange":0.22031896042528043,"stock":{"stockCode":"002384","exchange":"sz","stockType":"company","tickerId":2384,"name":"东山精密"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000014727,"stockId":688301,"holdings":580166,"marketCap":63058242,"netValueRatio":0.0182,"quarterlyChange":0.07496785678963458,"stock":{"stockCode":"688301","tickerId":688301,"exchange":"sh","stockType":"company","name":"奕瑞科技"}}],"lastFsMetrics":{"latestTurnoverRate":5.227382008973161,"latestTurnoverRateDate":"2025-06-29T16:00:00.000Z"}},"list":[{"_id":"69e8ebba1398d79843fe9600","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000014727,"sao":"2026年一季度上证指数下跌1.94%，创业板指下跌0.57%，沪深300指数下跌3.89%，中证800成长指数下跌2.33%，恒生科技指数下跌15.70%。一季度A股市场总体表现相对平稳，港股市场表现不佳，恒生科技指数下跌幅度较大。一季度市场分化也较为显著，能源和资源等周期类资产总体表现较好，消费和金融类资产则有一定下跌。人工智能板块的表现也有较大分化和波动，应用在年初上涨后回调幅度较大，硬件总体表现更好，但中小市值个股涨幅远好于大市值龙头个股。电力设备、新能源板块在储能以及AI电力需求的拉动下涨幅居前。本基金一季度保持了较为积极的投资策略，维持了组合的中高仓位运行，并对行业和个股配置进行了适当调整。人工智能板块，我们将更多精力聚焦在了硬件层面，减少了对原材料价格有上行压力的电路板行业的配置，增配了估值和空间更优的光通信行业。我们对新能源板块的配置也进行了一定调整，减配了利润率有压力的储能下游环节，增配了成本传导能力更强的电池环节。一季度非银金融和港股的配置给我们带来了一些负超额。虽然一季度我们的组合业绩表现较为平稳，但我们在管理的过程中错过了一些成长领域的投资机会，这是我们需要警醒和思考的点。","lastUpdated":"2026-04-22T15:39:38.920Z","fund":{"_id":3000000014727,"__csrcFundId":10746,"stockCode":"014727","shortName":"易方达成长动力混合(014727)","masterFundShortName":"易方达成长动力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14727,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:22.930Z","status":"normal","exchange":"jj","name":"易方达成长动力混合型证券投资基金","fundCollectionId":4000050110000,"followedNum":8,"inceptionDate":"2022-02-07T16:00:00.000Z","setUpDate":"2022-02-07T16:00:00.000Z","setUpAssetScale":320682475.34,"setUpShares":320682475.34,"pinyin":"yfdczdlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801616851","stockType":"fund_manager","exchange":"fm","tickerId":121023190290,"name":"刘健维"}]},"announcement":{"linkText":"易方达成长动力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=1479762","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e87fea5b3eb0514e24","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000014727,"sao":"2025年四季度上证指数上涨2.22%，创业板指数下跌1.08%，中证500指数上涨0.72%，万得全A指数上涨0.97%，恒生科技指数下跌14.69%。在经历了三季度的大幅上涨后，四季度市场表现总体平稳，但板块和个股分化依然较大。受益于人工智能带来的算力需求爆发，通信板块依然涨幅较大。国防军工、有色金属和非银金融等板块也录得较好涨幅。食品饮料和房地产等内需相关板块四季度表现偏弱，传媒、计算机和医药生物等板块也下跌。四季度港股走势偏弱，下跌幅度较大。本基金四季度保持了较为积极的投资策略，在维持组合相对高仓位运行的情况下，对行业和个股配置进行了积极调整。人工智能带来的算力需求持续超预期，我们维持了海外算力板块的较高配置比例，获取了一定超额。考虑到市场稳中向上，我们增配了一些与市场相关性高但前期涨幅较小、估值相对便宜的券商个股。锂电行业在储能需求的带动下有望迎来供需向好，我们也增加了相关配置。由于港股贝塔较弱，四季度我们降低了港股配置比例。虽然组合有一定超额，但四季度我们基本错过了商业航天、机器人、光芯片等投资机会，这也让我们思考在未来的投资中，如何能更好去把握短期业绩和估值不完全匹配，但远期空间较大的板块的投资机会。","lastUpdated":"2026-03-09T13:53:44.639Z","fund":{"_id":3000000014727,"__csrcFundId":10746,"stockCode":"014727","shortName":"易方达成长动力混合(014727)","masterFundShortName":"易方达成长动力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14727,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:22.930Z","status":"normal","exchange":"jj","name":"易方达成长动力混合型证券投资基金","fundCollectionId":4000050110000,"followedNum":8,"inceptionDate":"2022-02-07T16:00:00.000Z","setUpDate":"2022-02-07T16:00:00.000Z","setUpAssetScale":320682475.34,"setUpShares":320682475.34,"pinyin":"yfdczdlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801616851","stockType":"fund_manager","exchange":"fm","tickerId":121023190290,"name":"刘健维"}]},"announcement":{"linkText":"易方达成长动力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=1457984","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e87fea5b3eb0514e23","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000014727,"sao":"2025年第三季度上证指数上涨12.73%，创业板指上涨50.40%，中证500指数上涨25.31%，万得全A指数上涨19.46%，恒生科技指数上涨21.93%。市场经历了一、二季度的盘整后，在三季度迎来了大幅上涨，但不同行业和板块表现分化较大。出口和外需相关的板块在四月份关税摩擦初期大幅调整，但随着预期的改善在三季度大幅反弹，有产业逻辑加持的海外算力板块涨幅最大。三季度科技板块整体表现较好，除了海外算力，国产芯片、设备等硬件也涨幅较大。供需改善的新能源以及受益于流动性宽松的有色板块也涨幅靠前。消费和金融板块整体表现较差。本基金第三季度延续了积极的投资策略，我们总体维持了组合的中高权益仓位运行，并对组合的板块和个股配置进行了调整和优化。行业配置方面，我们进一步增配了估值和基本面匹配的海外算力板块，也适当配置了一些具备市值空间的国产算力个股，获取了一定超额收益。新能源领域，我们配置了一些基本面较好的储能、风电个股以及供给格局有望改善的光伏个股。港股一直是我们重点关注的投资领域，三季度我们也择机配置了一些估值较低的港股资产。由于看好市场的总体表现，我们也配置了一些非银金融资产，但个股表现较差，贡献了一定负超额收益。三季度我们基本错过了存储板块的机会，这也提醒我们在将来的投资中需要心态更加开放、反应更加敏锐地应对产业供需逻辑的变化。","lastUpdated":"2026-03-09T13:53:44.636Z","fund":{"_id":3000000014727,"__csrcFundId":10746,"stockCode":"014727","shortName":"易方达成长动力混合(014727)","masterFundShortName":"易方达成长动力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14727,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:22.930Z","status":"normal","exchange":"jj","name":"易方达成长动力混合型证券投资基金","fundCollectionId":4000050110000,"followedNum":8,"inceptionDate":"2022-02-07T16:00:00.000Z","setUpDate":"2022-02-07T16:00:00.000Z","setUpAssetScale":320682475.34,"setUpShares":320682475.34,"pinyin":"yfdczdlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801616851","stockType":"fund_manager","exchange":"fm","tickerId":121023190290,"name":"刘健维"}]},"announcement":{"linkText":"易方达成长动力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=1378996","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e87fea5b3eb0514e22","date":"2025-06-29T16:00:00.000Z","stockId":3000000014727,"sao":"2025年上半年上证指数上涨2.76%，创业板指上涨0.53%，中证500指数上涨3.31%，中证2000指数上涨15.24%，万得全A指数上涨5.83%，恒生科技指数上涨18.68%。上半年市场总体稳中向好，在经历了一季度的盘整和美国关税变化的短期冲击后，市场迎来了平稳上涨，中小盘个股总体表现强于大盘股。行业层面也有一定分化，以创新药、人工智能、机器人等为代表的新兴产业表现较好，录得较大涨幅；地产、煤炭、食品饮料等传统顺周期行业表现相对较弱。本基金上半年延续了积极的投资策略，维持较高仓位运行，对行业和个股配置也进行了调整和优化。以人工智能为代表的新兴成长板块仍然是我们重点研究和投资的领域。上半年人工智能行业的投资逻辑发生了较大变化，一季度市场担心行业需求的持续性以及算力的通缩压力，但二季度随着模型能力的提升以及应用端的爆发，市场对前期悲观预期进行了大幅修正。在此过程中我们也对组合配置进行了动态调整，在二季度产业逻辑发生积极变化时增配了海外算力板块。其他成长领域，我们择机配置了一些基本面向好的军工、新能源以及医药个股。上半年我们也阶段性配置了一些投资风险收益比高的港股资产，获得了一定超额。人工智能板块的短期大幅波动，也提醒我们成长投资中既要关注中短期业绩和估值的匹配，也要重视中长期投资逻辑的变化。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:44.633Z","mo":"展望下半年，我们认为权益市场依然具备一定投资机会：市场总体估值水平不高，如果流动性环境和盈利预期持续改善，市场具备较强向上动能。人工智能依然是我们研究和投资的重点领域。每一次大的产业浪潮都会带来权益市场的重大投资机会，过去半年在模型能力的持续提升下，一些应用实现了爆发式增长，未来算力、终端和应用有望相互促进。除了科技领域，我们也关注新能源、国防军工、创新药等领域的投资机会。希望通过我们的勤勉尽责以及投资体系的持续优化，为投资人贡献较好的超额收益。","fund":{"_id":3000000014727,"__csrcFundId":10746,"stockCode":"014727","shortName":"易方达成长动力混合(014727)","masterFundShortName":"易方达成长动力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14727,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:22.930Z","status":"normal","exchange":"jj","name":"易方达成长动力混合型证券投资基金","fundCollectionId":4000050110000,"followedNum":8,"inceptionDate":"2022-02-07T16:00:00.000Z","setUpDate":"2022-02-07T16:00:00.000Z","setUpAssetScale":320682475.34,"setUpShares":320682475.34,"pinyin":"yfdczdlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801616851","stockType":"fund_manager","exchange":"fm","tickerId":121023190290,"name":"刘健维"}]},"announcement":{"linkText":"易方达成长动力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=1349444","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e87fea5b3eb0514e21","date":"2025-03-30T16:00:00.000Z","stockId":3000000014727,"sao":"2025年一季度上证指数下跌0.48%，创业板指数下跌1.77%，中证500指数上涨2.31%，万得全A指数上涨1.90%，恒生科技指数上涨20.74%。一季度市场总体表现比较平稳，香港市场涨幅较大。人工智能领域表现有一定分化。作为端侧应用的机器人板块在国内外产业发展的带动下表现较好，部分个股涨幅较大。去年表现较好的算力板块一季度表现较差，大部分个股录得负收益。在经济复苏预期下，周期板块和机械板块表现较好；石油石化行业在油价低迷的情况下表现较差；去年表现较好的红利板块一季度表现较差。本基金一季度保持了较为积极的投资策略。去年下半年市场反弹较多，估值有所修复，我们将组合仓位控制在了相对中性的水平。行业和个股层面，我们也做了适当分散。由于供需格局存在一定不确定性，我们减持了部分AI算力个股，将人工智能板块的投资分散到了算力、终端和应用领域。年初港股整体估值水平较低，我们增持了部分基本面确定性较高的港股，也增持了部分基本面改善的军工电子个股。一季度海外算力板块下跌幅度较大，给组合造成了一定亏损，我们认为低估值能够给个股带来一定保护，但估值收缩的幅度依然超出了我们预期，这是我们需要反思的地方。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:44.631Z","fund":{"_id":3000000014727,"__csrcFundId":10746,"stockCode":"014727","shortName":"易方达成长动力混合(014727)","masterFundShortName":"易方达成长动力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14727,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:22.930Z","status":"normal","exchange":"jj","name":"易方达成长动力混合型证券投资基金","fundCollectionId":4000050110000,"followedNum":8,"inceptionDate":"2022-02-07T16:00:00.000Z","setUpDate":"2022-02-07T16:00:00.000Z","setUpAssetScale":320682475.34,"setUpShares":320682475.34,"pinyin":"yfdczdlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801616851","stockType":"fund_manager","exchange":"fm","tickerId":121023190290,"name":"刘健维"}]},"announcement":{"linkText":"易方达成长动力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=1275581","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e87fea5b3eb0514e20","date":"2024-12-30T16:00:00.000Z","stockId":3000000014727,"sao":"2024年上证指数上涨12.67%，创业板指数上涨13.23%，中证500指数上涨5.46%，万得全A指数上涨10.00%，恒生科技指数上涨18.70%。2024年市场虽然波动较大，但全年总体表现较好，录得了近几年来最好的收益水平。24年市场的表现受益于政策的呵护，同时经济的企稳回升以及流动性的相对宽松也增强了投资者信心，提升了市场总体估值水平。行业层面，人工智能的快速发展让以通信、电子为代表的TMT板块充分受益，涨幅靠前；同时，银行、家电等稳健高分红行业也表现较好。消费板块分化较大，机构前期配置较多的白酒板块相对平稳，一些新消费行业表现较好。新能源、军工等周期成长领域总体机会不多，一些具备竞争优势、盈利较好的龙头个股有超额收益。本基金2024年采取了相对积极的投资策略，在组合仓位以及行业个股配置方面都做了较多调整，取得了较好的超额收益。过去的一年我们将主要的投研精力聚焦在了科技领域：受益于人工智能的快速发展，电子、通信、传媒等TMT行业表现较好，我们自下而上选择了一些估值合理、基本面较好的个股，为组合贡献了较多收益。在新能源、军工等周期成长领域我们也有持续跟踪以及小规模配置，虽然对组合贡献不大，但持续的跟踪有助于我们在行业转暖时相对敏锐地把握投资机会。2024年我们也参与了一些港股投资机会，但超额贡献不大。我们在市值和预期低位选出了一些空间较大、锐度较高的核心个股，但由于其短期静态估值高，我们对投资逻辑判断有所偏离而错失一定涨幅。坚持成长空间和安全边际的投资方式让我们避免了一些重大风险，但过于注重短期静态估值也会让我们错失一定投资机会，这值得我们在未来的投资中更好地权衡和进化。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:44.628Z","mo":"展望2025年，我们认为市场依然具备较好的投资风险收益比。企业盈利有望随着经济的稳定增长持续改善，国内外流动性环境也有望进一步向好。当前市场总体估值水平不高，只要投资者对宏观环境预期不持续恶化，市场的结构性投资机会将此起彼伏。行业方面，人工智能的突飞猛进有望继续带动云端、终端和应用领域的广泛投资机会，市场利率处于低位也让盈利和分红稳定的个股具备一定预期收益率，消费、医药、新能源等估值预期处于低位的板块一旦基本面有所改善，也具备较大向上潜力。港股的部分互联网核心个股估值也较低，具备一定配置价值。配置方面，我们仍将在TMT、新能源、国防军工等中长期成长空间较大的板块投放主要投研精力，同时关注稳健红利品种的长期价值。科技依然是当前环境下我们重点关注的板块，每一次大的产业革命都会带来巨大的投资机会，过去的互联网、半导体、新能源都是如此，这次人工智能的发展大概率将持续带来科技股的投资机会。新能源、国防军工板块虽然过去几年表现不佳，但行业已经出现改善迹象，且当前估值和预期不高，我们也将关注其向上概率和弹性。操作层面，我们会继续坚持安全边际和成长空间相结合的投资理念，遵循前瞻判断、持续跟踪、动态调整的投研流程，努力让投资组合处于较好风险收益比的状态。希望通过我们的勤勉尽责以及持续的思考和进化，为投资人贡献更好的长期回报。","fund":{"_id":3000000014727,"__csrcFundId":10746,"stockCode":"014727","shortName":"易方达成长动力混合(014727)","masterFundShortName":"易方达成长动力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14727,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:22.930Z","status":"normal","exchange":"jj","name":"易方达成长动力混合型证券投资基金","fundCollectionId":4000050110000,"followedNum":8,"inceptionDate":"2022-02-07T16:00:00.000Z","setUpDate":"2022-02-07T16:00:00.000Z","setUpAssetScale":320682475.34,"setUpShares":320682475.34,"pinyin":"yfdczdlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801616851","stockType":"fund_manager","exchange":"fm","tickerId":121023190290,"name":"刘健维"}]},"announcement":{"linkText":"易方达成长动力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=1249473","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e87fea5b3eb0514e1f","date":"2024-09-29T16:00:00.000Z","stockId":3000000014727,"sao":"2024年第三季度上证指数上涨12.44%，创业板指上涨29.21%，中证500指数上涨16.19%，万得全A指数上涨17.68%。市场在经历5月到9月中旬的连续下跌后，在9月底迎来了大幅反弹。在经历持续下跌后，大多板块和个股估值处于极低位置，具备较大向上弹性；另一方面国内外流动性预期大幅改善，市场对未来经济和企业盈利信心快速修复。市场总体涨幅较大，分板块看，非银金融等强市场贝塔的行业涨幅领先；顺周期的地产链、消费等行业也有较大涨幅；前期跌幅靠前的科技、新能源个股也表现居前。本基金第三季度采取了较为积极的投资策略，对组合仓位和板块配置进行了一些调整。我们适当提升了组合仓位。行业配置方面，我们适当增配了部分市场贝塔较大的非银金融企业。我们对科技领域的个股配置也进行了一定优化，将仓位集中在业绩确定性和估值性价比更高的个股上。我们也适当参与了部分港股的投资，但总体比例不高，未能较好捕捉本轮港股大幅超额收益的机会。在过往的投资中，我们更加关注行业和个股基本面变化带来的机会，但对宏观和市场贝塔的机会思考不多，这是我们未来需要加强的地方。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:44.625Z","fund":{"_id":3000000014727,"__csrcFundId":10746,"stockCode":"014727","shortName":"易方达成长动力混合(014727)","masterFundShortName":"易方达成长动力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14727,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:22.930Z","status":"normal","exchange":"jj","name":"易方达成长动力混合型证券投资基金","fundCollectionId":4000050110000,"followedNum":8,"inceptionDate":"2022-02-07T16:00:00.000Z","setUpDate":"2022-02-07T16:00:00.000Z","setUpAssetScale":320682475.34,"setUpShares":320682475.34,"pinyin":"yfdczdlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801616851","stockType":"fund_manager","exchange":"fm","tickerId":121023190290,"name":"刘健维"}]},"announcement":{"linkText":"易方达成长动力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=1179287","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e87fea5b3eb0514e1e","date":"2024-06-29T16:00:00.000Z","stockId":3000000014727,"sao":"2024年上半年上证指数下跌0.25%，创业板指数下跌10.99%，中证500指数下跌8.96%，中证2000指数下跌23.28%，恒生科技指数下跌5.57%。上半年市场总体表现平稳，核心指数波动幅度不大，但行业和个股分化较大，大市值个股相对中小市值个股超额收益显著。板块方面，以银行、公用事业、石油煤炭等为代表的高分红领域涨幅较大，通信、电子等硬件板块在人工智能以及需求弱复苏的背景下也有一定超额。但TMT领域中，传媒、计算机两个中小盘个股较多的行业跌幅较大，与通信电子形成鲜明反差。此外，顺周期的地产链、消费以及医药板块上半年总体表现也较弱。本基金上半年采用了相对积极的投资策略，在市场波动时对组合仓位进行了一定优化，在板块和个股方面也做了积极调整。我们将主要精力放在了以人工智能为代表的科技板块，并将组合配置逐步集中到了一些业绩兑现度高且估值相对合理的个股。考虑到基本面的不确定性增加，我们减持了部分新能源、军工领域的个股。我们也择机参与了一些港股的投资机会，但并未获得较好收益。虽然上半年我们总体获得了一定超额，但配置的一些中小市值个股跌幅较大，影响了组合表现，这让我们思考在将来的投资中如何更好地应对大小盘风格的变化以及中小市值个股的流动性约束。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:44.623Z","mo":"展望下半年，我们认为市场依然具备一些投资机会：随着美元由加息逐步转为降息，市场流动性环境有望显著改善，特别是对海外流动性更为敏感的港股市场；国内经济也有望在政策的呵护下稳定增长，届时顺周期企业盈利预期有望改善。科技板块在人工智能变革的驱动下依旧具备较好投资机会，军工、新能源等前期跌幅较大的成长板块也有望迎来预期反转。希望通过我们的勤勉尽责以及投资体系的持续优化，为投资人贡献较好的超额收益。","fund":{"_id":3000000014727,"__csrcFundId":10746,"stockCode":"014727","shortName":"易方达成长动力混合(014727)","masterFundShortName":"易方达成长动力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14727,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:22.930Z","status":"normal","exchange":"jj","name":"易方达成长动力混合型证券投资基金","fundCollectionId":4000050110000,"followedNum":8,"inceptionDate":"2022-02-07T16:00:00.000Z","setUpDate":"2022-02-07T16:00:00.000Z","setUpAssetScale":320682475.34,"setUpShares":320682475.34,"pinyin":"yfdczdlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801616851","stockType":"fund_manager","exchange":"fm","tickerId":121023190290,"name":"刘健维"}]},"announcement":{"linkText":"易方达成长动力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=1150063","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e87fea5b3eb0514e1d","date":"2024-03-30T16:00:00.000Z","stockId":3000000014727,"sao":"2024年一季度上证指数上涨2.23%，创业板指下跌3.87%，中证500指数下跌2.64%，万得全A指数下跌2.85%。一季度市场总体涨跌幅度不大，但期间波动较大，不同板块间表现也有显著差异。低估值红利板块表现较好，其中家电、银行、石油石化、煤炭等行业涨幅靠前。中小盘个股一季度波动较大，在春节前受市场风格和流动性等因素影响急速下跌，节后板块有所修复。成长板块中，受益于产业进展的超预期，以算力为代表的人工智能细分领域表现较好。锂电、光伏为代表的部分新能源个股在经历过去两年大幅调整后在一季度也有一定超额。本基金一季度维持了较为积极的投资策略，保持较高仓位运行，同时在板块和个股方面也做了一定调整。今年我们将主要的投研精力放在了以人工智能为代表的科技板块，一季度我们增配了部分业绩兑现度高且估值相对合理的优质个股。我们对新能源领域的投资做了适当的精简，把仓位集中到了极少数具备竞争优势的环节和个股上。我们还配置了少数有长期吸引力的港股资产。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:44.620Z","fund":{"_id":3000000014727,"__csrcFundId":10746,"stockCode":"014727","shortName":"易方达成长动力混合(014727)","masterFundShortName":"易方达成长动力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14727,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:22.930Z","status":"normal","exchange":"jj","name":"易方达成长动力混合型证券投资基金","fundCollectionId":4000050110000,"followedNum":8,"inceptionDate":"2022-02-07T16:00:00.000Z","setUpDate":"2022-02-07T16:00:00.000Z","setUpAssetScale":320682475.34,"setUpShares":320682475.34,"pinyin":"yfdczdlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801616851","stockType":"fund_manager","exchange":"fm","tickerId":121023190290,"name":"刘健维"}]},"announcement":{"linkText":"易方达成长动力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=1075542","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e87fea5b3eb0514e1c","date":"2023-12-30T16:00:00.000Z","stockId":3000000014727,"sao":"2023年上证指数下跌3.7%，创业板指数下跌19.41%，中证500指数下跌7.42%，万得全A指数下跌5.19%，恒生科技指数下跌8.83%。2023年市场整体表现不佳，但个股整体跌幅小于2022年。虽然疫情对经济活动影响逐步消散，但2023年总体经济复苏力度弱于此前预期。疫情对居民收入及收入预期产生负面影响压制了需求，海外流动性等因素也限制了宏观政策力度，在这种环境下部分企业盈利逐步下修，股价也随之承压。行业层面，在人工智能以及周期复苏等因素刺激下，科技板块总体表现较好，录得正收益；银行、石油石化等极低估值个股迎来估值修复表现亮眼；顺周期的地产、建材等板块表现较差；锂电光伏为代表的新能源板块受供需格局影响盈利逐步恶化，整体跌幅较大。本基金2023年维持了较为积极的投资策略，在组合仓位以及行业个股配置方面都做了一定调整，相对市场取得了一定超额。过去一年我们在新能源领域的投资给组合带来了一定亏损，虽然我们意识到行业供需格局有恶化风险并减持了大部分个股，但留下的部分具备竞争优势的个股下跌幅度也较大。新能源行业的投资得失让我们进一步思考成长投资的个股阿尔法与行业贝塔关系，行业向上会掩盖个股不足，行业向下亦能击穿个股阿尔法，优秀的企业能穿越行业周期，但股价的周期波动往往难以避免。另外，我们在港股低位时布局了部分弹性个股也获取了一定收益。虽然科技领域的投资贡献了一定正超额，但我们并未能在科技低位配置足够多的比例，这是需要思考和改进的地方。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:44.617Z","mo":"展望2024年，我们认为市场总体机会大于风险。虽然当前市场表现不佳、投资者情绪不高，但我们认为经过较长时间较大幅度的调整，市场对各种悲观预期反应相对充分，大多数行业和个股估值也处于历史低位，中长期角度投资风险收益比较高。我们认为企业盈利预期有望随着宏观环境逐步改善，市场有望迎来估值和盈利的同步修复。配置方面，我们仍将围绕科技、新能源、国防军工、医药生物等新兴成长领域寻求投资机会。人工智能带来的科技革命如火如荼，相关的算力、终端、应用需求有望快速增长；半导体行业经过长时间下行，一旦需求改善也具备较大向上弹性；锂电光伏等行业长期需求空间依然较大，阶段性供需矛盾带来盈利下行，股价反应较为充分，我们将积极关注其供需情况的变化；军工、医药等行业估值也处于历史低位，优秀个股具备成长空间。港股经过长时间调整，部分优质个股也具备投资性价比。操作层面，我们仍将综合考量行业和个股的收益空间和安全边际，力求在相对低位布局优质成长个股。希望通过我们的勤勉尽责以及投资体系的持续优化，为投资人贡献更好的长期回报。","fund":{"_id":3000000014727,"__csrcFundId":10746,"stockCode":"014727","shortName":"易方达成长动力混合(014727)","masterFundShortName":"易方达成长动力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14727,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:22.930Z","status":"normal","exchange":"jj","name":"易方达成长动力混合型证券投资基金","fundCollectionId":4000050110000,"followedNum":8,"inceptionDate":"2022-02-07T16:00:00.000Z","setUpDate":"2022-02-07T16:00:00.000Z","setUpAssetScale":320682475.34,"setUpShares":320682475.34,"pinyin":"yfdczdlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801616851","stockType":"fund_manager","exchange":"fm","tickerId":121023190290,"name":"刘健维"}]},"announcement":{"linkText":"易方达成长动力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=1051924","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e87fea5b3eb0514e1b","date":"2023-09-29T16:00:00.000Z","stockId":3000000014727,"sao":"2023年三季度上证指数下跌2.86%，创业板指下跌9.53%，中证500指数下跌5.13%，万得全A指数下跌4.33%。由于经济复苏力度较弱以及外部流动性偏紧等因素，三季度市场总体表现不佳，低估值蓝筹板块表现总体好于成长板块。分行业看，高股息的煤炭、金融、石油石化等行业表现相对较强，录得正收益；医药生物、食品饮料等行业在预期改善的情况下相对较好，有一定超额收益；科技、新能源、国防军工等行业表现较弱，下跌幅度较大。本基金三季度保持了相对积极的投资策略，对行业和个股配置进行了一些调整。三季度我们增配了部分前期调整幅度较大且业绩兑现度较高的人工智能标的；减配了部分产品供需压力较大的新能源个股，以及部分前期涨幅较大的港股资产。虽然我们对组合结构有一定调整，由于重点配置的科技、新能源等新兴成长板块三季度表现均不佳，本基金三季度表现仍不理想。在过往的成长股投资中我们更加关注需求端的变化，但今年新能源行业供给格局的变化对股价负面影响更大，这是我们在将来的投资中需要思考和重视的地方。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:44.614Z","fund":{"_id":3000000014727,"__csrcFundId":10746,"stockCode":"014727","shortName":"易方达成长动力混合(014727)","masterFundShortName":"易方达成长动力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14727,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:22.930Z","status":"normal","exchange":"jj","name":"易方达成长动力混合型证券投资基金","fundCollectionId":4000050110000,"followedNum":8,"inceptionDate":"2022-02-07T16:00:00.000Z","setUpDate":"2022-02-07T16:00:00.000Z","setUpAssetScale":320682475.34,"setUpShares":320682475.34,"pinyin":"yfdczdlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801616851","stockType":"fund_manager","exchange":"fm","tickerId":121023190290,"name":"刘健维"}]},"announcement":{"linkText":"易方达成长动力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=992929","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e87fea5b3eb0514e1a","date":"2023-06-29T16:00:00.000Z","stockId":3000000014727,"sao":"2023年上半年上证指数上涨3.65%，创业板指数下跌5.61%，中证500指数上涨2.29%，恒生科技指数下跌5.27%。上半年市场总体表现较为平稳，指数波动幅度不大，但板块间分化较大。在人工智能、机器人、智能驾驶等新兴产业趋势的带动下，通信、计算机等TMT板块以及汽车板块表现较好。在需求增速放缓以及供给快速释放的供需矛盾下，新能源板块跌幅较大。海外流动性趋紧，国内经济强复苏预期落空，市场整体进入存量博弈状态，消费、医药等机构前期配置较多的板块表现不佳，顺周期的地产链也录得较大负收益。本基金上半年延续了相对稳健的投资策略，但也对组合仓位和个股配置进行了一定调整。人工智能逐步进入产业化阶段，带动相关应用的兴起和算力需求的爆发，我们配置了部分估值合理受益确定性较高的个股。我们在机器人、智能驾驶领域的少量投资也为组合贡献了一定超额收益。新能源行业整体表现不佳，虽然我们将配置集中到了部分具备超额收益的个股上，但依然对组合有较大拖累。在未来的成长行业投资中，我们需要更加重视行业中观趋势的变化，减少行业下行期对组合的负贡献。同时，我们适当配置了部分低估值偏绝对收益的蓝筹个股以及具备风险收益比的港股。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:44.611Z","mo":"展望下半年，我们认为市场中期机会大于风险：随着美元加息接近尾声，海外流动性大概率边际改善，另一方面我们相信国内经济也将逐步恢复合理增长水平，在市场总体估值水平较低的情况下，上行概率更大。新兴成长领域在人工智能等科技浪潮的带动下依然有较大投资机会，新能源、国防军工等长期成长行业估值吸引力较大，需求一旦改善，行业中的优秀个股将具备较大市值弹性。中长期角度，我们看好科技、新能源、高端制造等成长领域的投资机会，希望通过行业中观比较和自下而上选股相结合，选取风险收益比较高的个股，力争为投资者贡献可持续的超额回报。","fund":{"_id":3000000014727,"__csrcFundId":10746,"stockCode":"014727","shortName":"易方达成长动力混合(014727)","masterFundShortName":"易方达成长动力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14727,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:22.930Z","status":"normal","exchange":"jj","name":"易方达成长动力混合型证券投资基金","fundCollectionId":4000050110000,"followedNum":8,"inceptionDate":"2022-02-07T16:00:00.000Z","setUpDate":"2022-02-07T16:00:00.000Z","setUpAssetScale":320682475.34,"setUpShares":320682475.34,"pinyin":"yfdczdlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801616851","stockType":"fund_manager","exchange":"fm","tickerId":121023190290,"name":"刘健维"}]},"announcement":{"linkText":"易方达成长动力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=961547","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e87fea5b3eb0514e19","date":"2023-03-30T16:00:00.000Z","stockId":3000000014727,"sao":"2023年一季度创业板指上涨2.25%，中证500指数上涨8.11%，上证指数上涨5.94%，万得全A指数上涨6.47%。一季度市场总体表现较好，但分化剧烈，部分权重股和蓝筹个股因经济预期不明朗表现欠佳，中小盘个股受益于相对宽松的流动性以及主题带动，整体表现好于大盘股。行业层面，以计算机、传媒、通信为代表的科技板块涨幅领先，人工智能产业趋势确立，算力、算法以及应用层面的相关个股涨幅较大。金融地产等板块由于经济复苏力度不及此前预期，在去年四季度反弹的基础上有所回落。由于市场对其需求以及供给格局的担忧，新能源板块一季度表现较差。本基金一季度维持了较为积极的投资策略，但总体超额不显著。港股的投资给组合创造了部分超额，但我们在人工智能产业趋势逐步确立的过程中，过于纠结自下而上的个股选择，导致对板块配置比例不高，未获取足够收益。新能源一直是我们重点配置的板块，我们预判到了新能源车在性价比提升过程中渗透率的超预期，但低估了需求总体较弱情况下产业链库存策略的扰动，给组合造成了一定的负超额。综上，在将来的研究投资中，我们需更好地将中观产业趋势与自下而上的个股选择相结合，提升投研效率和准确率。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:44.608Z","fund":{"_id":3000000014727,"__csrcFundId":10746,"stockCode":"014727","shortName":"易方达成长动力混合(014727)","masterFundShortName":"易方达成长动力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14727,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:22.930Z","status":"normal","exchange":"jj","name":"易方达成长动力混合型证券投资基金","fundCollectionId":4000050110000,"followedNum":8,"inceptionDate":"2022-02-07T16:00:00.000Z","setUpDate":"2022-02-07T16:00:00.000Z","setUpAssetScale":320682475.34,"setUpShares":320682475.34,"pinyin":"yfdczdlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801616851","stockType":"fund_manager","exchange":"fm","tickerId":121023190290,"name":"刘健维"}]},"announcement":{"linkText":"易方达成长动力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=885374","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e87fea5b3eb0514e18","date":"2022-12-30T16:00:00.000Z","stockId":3000000014727,"sao":"2022年上证指数下跌15.13%，创业板指数下跌29.37%，中证500指数下跌20.31%，万得全A指数下跌18.66%，恒生科技指数下跌27.19%。2022年市场整体表现不佳，受疫情扰动以及俄乌冲突等因素的影响，大多企业盈利端承压，流动性的边际趋紧也压低了市场总体的估值水平，并且疫情和海外流动性的变化也加剧了市场的波动幅度。2022年不同行业和板块的表现也分化剧烈，以煤炭、原油等为代表的部分周期品受益于供需格局的变化价格表现较好，相关企业盈利大幅增长，板块表现较强。大部分中下游制造业由于需求承压和成本下行，股价表现不佳。全年来看，医药和消费板块表现相对平稳，成长板块表现总体较差，但需求爆发的储能以及预期改善的软件等少数细分领域超额收益明显。本基金2022年采取了相对稳健的投资策略。2022年上半年本基金处于建仓期，我们更加注重组合的抗风险和抗回撤，在基金成立初期将仓位控制在较低水平，并随着市场下跌逐步提升了组合仓位，在后期的市场反弹中获得了一定超额。但我们在新能源车板块年中大幅反弹后忽视了宏观压力带来的需求下行风险，虽然我们降低了板块的配置比例并将配置集中在了业绩兑现度高且估值较低的部分标的上，但板块阶段性的大幅下跌还是造成了组合净值回撤。这让我们意识到，在未来的投资中，我们除了评估企业静态的业绩、估值以及长期空间，也要更加重视行业中期的景气趋势和投资逻辑的变化。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:44.606Z","mo":"展望2023年，我们相信会有更多行业具备投资机会。经过2022年的调整，大多板块和个股估值吸引力较高，2023年总体流动性环境有望改善，市场估值水平进一步降低概率不大。从盈利角度，虽然海外经济有一定不确定性，但国内经济从疫情影响中复苏的概率较大，大多企业的盈利或盈利预期有望改善。行业配置方面，我们仍将围绕新能源、科技、高端制造等具备长期成长空间的领域进行布局。受益于经济和需求的改善，我们认为2023年新能源、半导体等行业将边际向好。部分软硬件等科技领域有望受益于国产化率的提升以及需求的改善，中游制造业也大概率在成本下行和需求修复中盈利好转。组合操作层面，我们仍将综合考量行业和个股的空间、安全性以及盈利确定性，力求在相对低位布局优质成长个股。希望通过我们的勤勉尽责以及投资体系的持续优化，为投资人贡献更好的长期回报。","fund":{"_id":3000000014727,"__csrcFundId":10746,"stockCode":"014727","shortName":"易方达成长动力混合(014727)","masterFundShortName":"易方达成长动力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14727,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:22.930Z","status":"normal","exchange":"jj","name":"易方达成长动力混合型证券投资基金","fundCollectionId":4000050110000,"followedNum":8,"inceptionDate":"2022-02-07T16:00:00.000Z","setUpDate":"2022-02-07T16:00:00.000Z","setUpAssetScale":320682475.34,"setUpShares":320682475.34,"pinyin":"yfdczdlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801616851","stockType":"fund_manager","exchange":"fm","tickerId":121023190290,"name":"刘健维"}]},"announcement":{"linkText":"易方达成长动力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=868420","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e87fea5b3eb0514e17","date":"2022-09-29T16:00:00.000Z","stockId":3000000014727,"sao":"2022年三季度上证指数下跌11.01%，创业板指下跌18.56%，中证500指数下跌11.47%，三季度市场整体表现较差，以新能源、半导体等为代表的成长板块总体跌幅较大，周期和价值个股相对较强。由于市场担忧需求持续性以及格局的稳定性，新能源板块在三季度录得较大跌幅。半导体板块分化较大，宏观需求相关的设计类企业跌幅较大，国产替代相关的设备材料表现相对较好。煤炭石化等周期板块受益于产品价格高位，整体表现较好。三季度我们维持了相对稳健的投资策略，依旧保持了组合的中低仓位运行。我们在高位减配了部分成长个股并增配了部分稳定类资产，但组合三季度也录得一定跌幅。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:44.603Z","fund":{"_id":3000000014727,"__csrcFundId":10746,"stockCode":"014727","shortName":"易方达成长动力混合(014727)","masterFundShortName":"易方达成长动力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14727,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:22.930Z","status":"normal","exchange":"jj","name":"易方达成长动力混合型证券投资基金","fundCollectionId":4000050110000,"followedNum":8,"inceptionDate":"2022-02-07T16:00:00.000Z","setUpDate":"2022-02-07T16:00:00.000Z","setUpAssetScale":320682475.34,"setUpShares":320682475.34,"pinyin":"yfdczdlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801616851","stockType":"fund_manager","exchange":"fm","tickerId":121023190290,"name":"刘健维"}]},"announcement":{"linkText":"易方达成长动力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=801944","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e87fea5b3eb0514e16","date":"2022-06-29T16:00:00.000Z","stockId":3000000014727,"sao":"2022年上半年上证指数下跌6.63%，创业板指数下跌15.41%，中证500指数下跌12.30%。上半年市场总体表现较差，以电子、计算机为代表的科技板块下跌幅度较大，以煤炭为代表的周期板块表现较好，大盘蓝筹板块相对平稳。1-4月，受疫情扩散、海外流动性边际趋紧等因素的影响，市场特别是成长板块下跌幅度较大。5月开始，受益于疫情趋缓以及基本面超预期，以新能源为代表的成长板块迎来了趋势性上涨行情，但科技板块由于基本面拐点尚不清晰，表现相对平淡。由于本基金上半年处于建仓期，考虑到建仓期回撤控制和偏绝对收益的投资目标，总体采取了相对稳健的投资策略。考虑到市场环境和板块性价比情况，我们在基金成立初期将仓位控制在较低水平，并随着市场下跌逐步提升了组合仓位，在后期的反弹中获得了一定超额收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:44.600Z","mo":"展望下半年，我们认为大多数成长板块经过此前的反弹后，估值趋于合理，中长期能获取业绩增长的收益，但估值快速修复的收益已基本结束。新能源板块基本面确定性依然较高，但考虑到估值以及竞争格局，获取超额收益需要精选具备竞争优势且估值有吸引力的细分领域或个股。科技板块整体预期较低，我们会积极关注其基本面能否迎来改善。中长期维度，我们依然看好新能源、高端制造、科技等新兴成长板块的投资机会。我们将继续结合中观行业和自下而上的个股分析，选择具备中长期收益空间的细分领域和个股，力争为投资者奉献可持续的超额回报。","fund":{"_id":3000000014727,"__csrcFundId":10746,"stockCode":"014727","shortName":"易方达成长动力混合(014727)","masterFundShortName":"易方达成长动力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14727,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:22.930Z","status":"normal","exchange":"jj","name":"易方达成长动力混合型证券投资基金","fundCollectionId":4000050110000,"followedNum":8,"inceptionDate":"2022-02-07T16:00:00.000Z","setUpDate":"2022-02-07T16:00:00.000Z","setUpAssetScale":320682475.34,"setUpShares":320682475.34,"pinyin":"yfdczdlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801616851","stockType":"fund_manager","exchange":"fm","tickerId":121023190290,"name":"刘健维"}]},"announcement":{"linkText":"易方达成长动力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=779191","linkType":"PDF","source":"csrc_pdf"}}]}