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，而且考虑到美国CPI数据持续回落，有望在23年底看到货币政策的转向；2）大宗商品在全球的紧缩政策下价格纷纷已经出现大幅度的回落；3）国内防疫政策有序放松，经历短暂的流行后，预计后续生产与消费会逐步回归正常。加上后续稳增长政策发力，国内经济会逐步复苏。同时我们看到，A股的估值经历22年的大幅调整后，估值已经达到历史底部区间。因此，我们对23年国内宏观经济以及A股的走势都持乐观态度。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:10:14.623Z","mo":"报告期内对持仓的结构做出一定幅度的调整，考虑到新能源产业在23年可能出现的竞争格局恶化，以及对未来电动车渗透率天花板的担忧，我们对光伏与汽车板块进行了减仓，对TMT、医药等其他成长股进行了加仓。同时，考虑到防疫政策的变化，对出行链板块进行了加仓。  当前，国内经济步入复苏期，同时估值处于低位，是权益投资的最佳周期。在看多市场的基础上，我们认为成长股是收益率最高的方向。目前主要配置TMT、新能源、军工、医药、出行产业链等方向。","fund":{"_id":3000000200010,"stockCode":"200010","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2008-12-09T16:00:00.000Z","setUpScale":485606000,"market":"a","tickerId":200010,"custody":"中国建设银行股份有限公司","name":"长城双动力混合型证券投资基金","shortName":"长城双动力混合(200010)","fundSecondLevel":"hybrid","__csrcFundId":490,"fundStatus":"normal","lastUpdated":"2026-05-01T07:00:03.193Z","masterFundFlag":1,"inceptionDate":"2009-01-14T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城双动力混合","pinyin":"ccsdlhhxzqtzjj","managers":[{"stockCode":"db20801251","stockType":"fund_manager","exchange":"fm","tickerId":191025210100,"name":"苏俊彦"}]},"announcement":{"linkText":"长城双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=872864","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4c67fea5b3eb054fc27","date":"2022-09-29T16:00:00.000Z","stockId":3000000200010,"sao":"三季度以来，市场的系统性风险有所增加，对市场环境造成一定的扰动。首先是中美关系，在光伏、电动车、生物医药、半导体等领域都有不利的贸易政策，令市场担忧中国制造的成长空间。其次是美国通胀居高不下，就业数据强劲，美联储加息不断超预期，使得全球权益市场出现大幅度下跌，影响了国内市场的风险偏好。最后是疫情反复，使得投资人对明年的经济增长缺乏信心。  我们认为，目前市场的下跌幅度已经很大程度上消化了这些风险，中国制造的竞争力不会因为贸易壁垒所削弱，而美联储加息预期也非常充分，继续超预期的空间不大。四季度预计国内的稳增长政策会发力，明年的经济预期不需要过于悲观。配置上，我们在二季度聚焦的新能源、汽车、军工等高景气先进制造的基础上，增加了电子、医药、地产、交运等低位板块。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:10:14.620Z","fund":{"_id":3000000200010,"stockCode":"200010","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2008-12-09T16:00:00.000Z","setUpScale":485606000,"market":"a","tickerId":200010,"custody":"中国建设银行股份有限公司","name":"长城双动力混合型证券投资基金","shortName":"长城双动力混合(200010)","fundSecondLevel":"hybrid","__csrcFundId":490,"fundStatus":"normal","lastUpdated":"2026-05-01T07:00:03.193Z","masterFundFlag":1,"inceptionDate":"2009-01-14T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城双动力混合","pinyin":"ccsdlhhxzqtzjj","managers":[{"stockCode":"db20801251","stockType":"fund_manager","exchange":"fm","tickerId":191025210100,"name":"苏俊彦"}]},"announcement":{"linkText":"长城双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=809407","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4c67fea5b3eb054fc26","date":"2022-06-29T16:00:00.000Z","stockId":3000000200010,"sao":"2022年以来，市场出现多个超出预期的系统性风险，分别是美联储加息、大宗上涨以及国内疫情。进入5月，三大系统性风险出现反转。首先是上海疫情趋缓，最终宣告结束，企业逐步复工复产。其次是在欧美强烈的加息预期下，大宗商品趋势出现逆转。第三，由于国内受益于其低通胀，弱复苏的经济周期，受到海外资本的认可，因此在美国加息节奏加速，美股下跌的过程中，反而吸引了外资的流入。展望三季度，可以认为三大系统性风险已经基本得到解除，因此市场进入反转阶段。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:10:14.617Z","mo":"当前，国内经济步入复苏期，同时货币依然处于宽松阶段，信用逐步企稳上行，是权益投资的最佳周期。在复苏初期，大部分顺周期资产报表依然未修复，成长股占优。重点看好以下几个板块：1）汽车：受益于政策补贴、大宗下行以及汽车电动化智能化带来的产业格局改变，汽车零部件将会迎来业绩与估值双击；2）新能源：重点看好海风平价后的招标爆发，以及四季度光伏硅料约束解除后的大幅放量；3）军工：看好十四五规划的成长确定性，以及一季度财报的高兑现度。","fund":{"_id":3000000200010,"stockCode":"200010","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2008-12-09T16:00:00.000Z","setUpScale":485606000,"market":"a","tickerId":200010,"custody":"中国建设银行股份有限公司","name":"长城双动力混合型证券投资基金","shortName":"长城双动力混合(200010)","fundSecondLevel":"hybrid","__csrcFundId":490,"fundStatus":"normal","lastUpdated":"2026-05-01T07:00:03.193Z","masterFundFlag":1,"inceptionDate":"2009-01-14T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城双动力混合","pinyin":"ccsdlhhxzqtzjj","managers":[{"stockCode":"db20801251","stockType":"fund_manager","exchange":"fm","tickerId":191025210100,"name":"苏俊彦"}]},"announcement":{"linkText":"长城双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=787608","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4c67fea5b3eb054fc25","date":"2022-03-30T16:00:00.000Z","stockId":3000000200010,"sao":"2021年1季度，市场出现多个超出预期的系统性风险，导致波动非常大。第一是美联储为了扼制通胀正式步入了加息周期，而且速度超出市场的预期；第二是俄乌战争以及伴随而来的欧美制裁，导致全球大宗商品暴涨，进一步加剧了全球加息的风险；第三是国内的疫情多点爆发，影响了市场对中国经济的信心。展望未来，加息的风险虽然已经落地，但是缩表风险依然缠绕着市场，压制住成长股的估值；战争导致的制裁，从而引发的大宗商品通胀风险，是目前最大的不确定因素，预计短期难以反转。  配置上，考虑到成长板块的估值已经大幅回调，目前配置主线依然是新能源、军工等板块为主，其基本面对全球多变的宏观环境基本免疫。同时，增加了地产链、养殖等板块的配置。对汽车等制造业板块进行了适度的减配。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:10:14.614Z","fund":{"_id":3000000200010,"stockCode":"200010","stockType":"fund","areaC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