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:"展望后市，我们对市场整体持乐观态度。我们认为随着疫情防控政策的结束，政府工作重心将将重回发展经济。具体在文体娱乐基金基准行业上，存在较大基本面改善可能的是传媒行业和社会服务行业。　　尤其是传媒行业，将是本基金的持仓重心，我们看到的是技术快速进步、产业快速发展的局面，我们看好新型互联网应用在今年数字经济建设中取得较好的表现。　　在2021年的年报中，我们认为“我们已经看到的新型应用，在未来的新一代互联网生态的拼图中，可能仅起到基础服务的功能，未来将会有各种新型的应用和生态不断出现”。站在现在这个位置，我们对企业价值的信心不仅来自产业界的热火朝天，也来自根据我们的紧密跟踪，判断出相关企业在2023年将出现的收入乃至利润的开始兑现。今年新型互联网应用相关产业也将摆脱纯概念的形象，重新恢复估值与业绩的匹配。","fund":{"_id":3000000005585,"stockCode":"005585","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-02-01T16:00:00.000Z","setUpScale":217707000,"market":"a","tickerId":5585,"custody":"中国建设银行股份有限公司","name":"银河文体娱乐主题灵活配置混合型证券投资基金","shortName":"银河文体娱乐混合A","fundSecondLevel":"hybrid","__csrcFundId":5262,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:43.304Z","masterFundFlag":1,"inceptionDate":"2018-04-18T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河文体娱乐混合","pinyin":"yhwtylztlhpzhhxzqtzjj","managers":[{"stockCode":"db20154121","stockType":"fund_manager","exchange":"fm","tickerId":122517126780,"name":"卢轶乔"}]},"announcement":{"linkText":"银河文体娱乐主题灵活配置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=863261","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8cc7fea5b3eb0485a98","date":"2022-09-29T16:00:00.000Z","stockId":3000000005585,"sao":"上证指数在2022年三季度出现下跌,全季度下跌了11.01%，深成指下跌了16.42%。板块方面，三季度传媒、社服务等基准板块基本都是大幅下跌。  操作层面上，本基金继续聚焦新一代互联网应用产业，逐渐增加了XR内容相关仓位，目前持仓集中在XR内容、NFT相关、互联网应用场景建设等相关子板块上，我们持续认为随着硬件的普及，对内容的需求将驱动内容制作公司不断向这个方向进行投入。目前基金主要持仓聚焦在新一代互联网应用产业。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:08.923Z","fund":{"_id":3000000005585,"stockCode":"005585","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-02-01T16:00:00.000Z","setUpScale":217707000,"market":"a","tickerId":5585,"custody":"中国建设银行股份有限公司","name":"银河文体娱乐主题灵活配置混合型证券投资基金","shortName":"银河文体娱乐混合A","fundSecondLevel":"hybrid","__csrcFundId":5262,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:43.304Z","masterFundFlag":1,"inceptionDate":"2018-04-18T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河文体娱乐混合","pinyin":"yhwtylztlhpzhhxzqtzjj","managers":[{"stockCode":"db20154121","stockType":"fund_manager","exchange":"fm","tickerId":122517126780,"name":"卢轶乔"}]},"announcement":{"linkText":"银河文体娱乐主题灵活配置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=801418","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8cc7fea5b3eb0485a97","date":"2022-06-29T16:00:00.000Z","stockId":3000000005585,"sao":"今年上半年市场受宏观环境的影响出现较大波动，在互联网平台经济整顿的大背景下文体娱乐行业基本面承压，尤其是传媒行业景气低迷。  操作层面上，本基金继续将持仓集中在传媒行业，降低了社服行业持仓。目前基金权益仓位适中，持仓未偏离基准权重行业。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:08.920Z","mo":"展望后市，我们对文体行业仍然乐观。市场担心的是海外头显市场增速放缓，可能影响新一代互联网应用的普及速度。但产业逻辑仍然在之前预期的道路上不断前进。  在传媒行业内部，虽然虚拟人产业较预期发展要慢，但我们已经看到苹果的MR设备正在成型，我们也看到国内数字艺术品市场如有鱼平台已经开始二次交易，这些都在新一代互联网应用的道路上不断添加了基石。我们将在未来看到新一代互联网的“人、货、场”的基础不断被夯实，待到新应用出现突破后，我们将能够心平气和的评估新一代互联网的应用前景。  我们将不负受托责任，紧跟新一代互联网应用的产业发展变化，把握好产业投资机会，展望未来，我们将着力在VR/AR产业链、海外链游、数字藏品、虚拟人及虚拟宠物、虚拟人AI、苹果XR产业链等方向深挖基本面，开展前瞻性研究，迎接好时代和产业发展的浪潮。","fund":{"_id":3000000005585,"stockCode":"005585","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-02-01T16:00:00.000Z","setUpScale":217707000,"market":"a","tickerId":5585,"custody":"中国建设银行股份有限公司","name":"银河文体娱乐主题灵活配置混合型证券投资基金","shortName":"银河文体娱乐混合A","fundSecondLevel":"hybrid","__csrcFundId":5262,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:43.304Z","masterFundFlag":1,"inceptionDate":"2018-04-18T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河文体娱乐混合","pinyin":"yhwtylztlhpzhhxzqtzjj","managers":[{"stockCode":"db20154121","stockType":"fund_manager","exchange":"fm","tickerId":122517126780,"name":"卢轶乔"}]},"announcement":{"linkText":"银河文体娱乐主题灵活配置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=777816","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8cc7fea5b3eb0485a96","date":"2022-03-30T16:00:00.000Z","stockId":3000000005585,"sao":"两市指数在2022年一季度大幅下跌,上证下跌了10.65%，深成指下跌了18.44%。板块方面，一季度传媒板块下跌明显，尤其是机构持仓的大市值个股幅度更大。  操作层面上，本基金继续聚焦新一代互联网应用的持仓方向，在面临市场快速下跌的情况下，对持仓适度进行了进一步优化和调整，目前主要保持了偏传媒板块的持股结构，目前基金权益仓位适中。  我们认为文体娱乐基金的两大基准行业中：社服行业基本面趋势明朗，企业基本面在疫苗和药物的不断进展下即将出现反转与改善；而传媒行业则是在硬件性能不断提升的背景下，持续出现新兴应用和新兴景气子行业，呈现出蒸蒸日上的基本面特征。行业在成长初期，快速发展的产业方向将一直会伴随着基本面波动和方向选择的扰动，为此，文体娱乐基金将积极跟踪产业的发展，努力将行业基本面的不断变化反映到基金的具体运作上，不辜负基金持有人委托。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:08.917Z","fund":{"_id":3000000005585,"stockCode":"005585","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-02-01T16:00:00.000Z","se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Quest 2的销售预计已经突破1000万台，硬件端即将产生飞轮效应，困扰已久的内容不足的问题，将伴随硬件的普及而被逐步解决，影响VR、AR行业发展的鸡生蛋还是蛋生鸡的困扰将逐步被克服，由2D向3D进化的全真互联网应用将不仅仅局限于游戏，目前已经开始在购物、办公、教学、医疗等方方面面产生大量的新型应用。我们已经看到海外数字藏品销售和确权的热火朝天，以及基于国有的长安链的数字藏品的快速售罄，无论是使用ERC720协议还是靠拢ERC1155路线，产业和政策发展，都支持了对传统产业的改造，为未来互联网形态的进一步变革打下了坚实的基础。我们还看到国内虚拟人产业如火如荼的发展：2021年既有虚拟偶像的面世，也有地方电视台跨年晚会的惟妙惟肖的虚拟人表演，还有各大电商平台陆续上线的直播用虚拟人。考虑虚拟人运营的性价比，这个产业短期内将得到实业界的高度重视，市场需求将得到快速提升。虚拟人的发展，包括建模、驱动、渲染、冒烟测试等各个环节都出现了突破性发展，清晰的映证了软硬件性能的提升，对原有产业的革命性颠覆。4.5.3、文体娱乐产业发展展望：目前我们已经看到的新型应用，在未来的新一代互联网生态的拼图中，可能仅起到基础服务的功能，未来将会有各种新型的应用和生态不断出现。新一代互联网可能并不是简单的全真互联网，其发展无论是趋向罗布乐思的“共创、共治、共享”去中心化路线，还是走Meta的中心化路线，都将对原有产业带来颠覆性的变化。“一鲸落、万物生”，未来文体娱乐产业投资的机遇与挑战也都将十分巨大。我们已经看到虚拟人、数字藏品、社交场景的不断完善，我们将在未来看到新一代互联网的“人、货、场”的基础不断被夯实，待到新一代社交平台应用出现突破后，我们将能够评估新一代互联网的长远发展空间。我们将不负受托责任，紧跟产业发展变化，努力把握好产业投资机会，展望未来，我们将着力深挖产业基本面，开展前瞻性研究，努力把握好时代和产业发展的浪潮。另外，酒店、旅游、免税等传统线下的社会服务行业在疫苗和药物研发的不断进展下得到基本面的持续修复，本基金将会积极跟踪，努力把握社会服务行业基本面困境变化所带来的投资机会。","fund":{"_id":3000000005585,"stockCode":"005585","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-02-01T16:00:00.000Z","setUpScale":217707000,"market":"a","tickerId":5585,"custody":"中国建设银行股份有限公司","name":"银河文体娱乐主题灵活配置混合型证券投资基金","shortName":"银河文体娱乐混合A","fundSecondLevel":"hybrid","__csrcFundId":5262,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:43.304Z","masterFundFlag":1,"inceptionDate":"2018-04-18T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河文体娱乐混合","pinyin":"yhwtylztlhpzhhxzqtzjj","managers":[{"stockCode":"db20154121","stockType":"fund_manager","exchange":"fm","tickerId":122517126780,"name":"卢轶乔"}]},"announcement":{"linkText":"银河文体娱乐主题灵活配置混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=707252","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8cc7fea5b3eb0485a94","date":"2021-09-29T16:00:00.000Z","stockId":3000000005585,"sao":"上证指数在2021年三季度略有波动,全季度下跌了0.64%，深成指下跌了0.62%。板块方面，三季度市场顺周期、能源等板块涨幅较大,大消费板块大幅调整，传媒和社服行业继续调整。操作层面上，本基金少量调整持仓行业，将持仓逐步向传媒行业调整。目前基金权益仓位适中，除因个别新股限售导致持有其他行业个股外，主要持仓未偏离基准权重行业。我们认为文体娱乐基金的两大基准行业中，社服行业基本面趋势明朗，企业基本面在疫苗和药物的不断进展下即将出现持续改善；传媒行业则是基本面见底，估值存在修复趋势，加上受益于VR等技术进步，存在基本面突变的可能。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:08.912Z","fund":{"_id":3000000005585,"stockCode":"005585","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-02-01T16:00:00.000Z","setUpScale":217707000,"market":"a","tickerId":5585,"custody":"中国建设银行股份有限公司","name":"银河文体娱乐主题灵活配置混合型证券投资基金","shortName":"银河文体娱乐混合A","fundSecondLevel":"hybrid","__csrcFundId":5262,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:43.304Z","masterFundFlag":1,"inceptionDate":"2018-04-18T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河文体娱乐混合","pinyin":"yhwtylztlhpzhhxzqtzjj","managers":[{"stockCode":"db20154121","stockType":"fund_manager","exchange":"fm","tickerId":122517126780,"name":"卢轶乔"}]},"announcement":{"linkText":"银河文体娱乐主题灵活配置混合型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=650374","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8cc7fea5b3eb0485a93","date":"2021-06-29T16:00:00.000Z","stockId":3000000005585,"sao":"今年上半年市场受外围市场负面预期影响出现较大波动，但文体娱乐行业基本面影响不大，行业内部逐步分化，体育文旅行业逐步恢复，但传媒行业景气低迷。整体下来，文体娱乐基金基准上半年上涨了1.63%。操作层面上，本基金继续将持仓集中在传媒行业和社服行业，逐步偏向社服。目前基金权益仓位适中，除因新股限售导致持有其他行业个股外，主要持仓未偏离基准权重行业。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:08.910Z","mo":"展望后市，我们对市场整体不悲观。市场担心的是利率端的上升会对市场估值带来压力，但我们认为文体行业本身估值压力较小，且主要行业如社服行业的景气恢复较为明确，主要是传媒行业受益5G等技术进步的应用尚未落地，受益节奏尚不明朗。在传媒行业内部，游戏子行业基本面有望在下半年开始逐步恢复，短期游戏的流水及成本都有较好表现，但长期看来，在行业体量较大的现在，靠产品逻辑很难推动行业的长期成长，其长期产业逻辑仍需要进一步的产业发展，尤其是技术进步的突破。我们看到海外VR及其软硬件销售开始出现大幅增长，国内硬件代工企业也出现订单突破，产业大幅变化的逻辑正在逐步出现，因此我们将密切关注VR相关产业链的景气变化趋势，努力发掘受益个股，择机买入估值合理的文体行业个股。","fund":{"_id":3000000005585,"stockCode":"005585","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-02-01T16:00:00.000Z","setUpScale":217707000,"market":"a","tickerId":5585,"custody":"中国建设银行股份有限公司","name":"银河文体娱乐主题灵活配置混合型证券投资基金","shortName":"银河文体娱乐混合A","fundSecondLevel":"hybrid","__csrcFundId":5262,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:43.304Z","masterFundFlag":1,"inceptionDate":"2018-04-18T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河文体娱乐混合","pinyin":"yhwtylztlhpzhhxzqtzjj","managers":[{"stockCode":"db20154121","stockType":"fund_manager","exchange":"fm","tickerId":122517126780,"name":"卢轶乔"}]},"announcement":{"linkText":"银河文体娱乐主题灵活配置混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=628439","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8cc7fea5b3eb0485a92","stockId":3000000005585,"sao":"今年一季度市场受利率上升预期等因素影响，整体呈震荡趋势，且市场热点集中聚焦在经济恢复相关的顺周期行业，传媒、社服等文体基金基准行业在市场风格上不受益。整体下来，文体娱乐基金基准一季度下跌了8.11%。操作层面上，本基金继续调整持仓行业，将持仓逐步由传媒行业调整到社服行业。目前基金权益仓位适中，主要持仓未大幅偏离基准权重行业。我们认为文体娱乐基金的两大基准行业中，社服行业基本面趋势明朗，企业盈利即将出现较好的改善，但传媒行业受益趋势尚未明朗，5G应用的落地低于预期，短期如云游戏、VR等技术并未形成大规模应用，现在看到的小批量解决方案到大规模应用之间这一层隔膜，硬件成本的因素是关键性的，我们需要紧密跟踪硬件成本的下降趋势。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:08.907Z","fund":{"_id":3000000005585,"stockCode":"005585","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-02-01T16:00:00.000Z","setUpScale":217707000,"market":"a","tickerId":5585,"custody":"中国建设银行股份有限公司","name":"银河文体娱乐主题灵活配置混合型证券投资基金","shortName":"银河文体娱乐混合A","fundSecondLevel":"hybrid","__csrcFundId":5262,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:43.304Z","masterFundFlag":1,"inceptionDate":"2018-04-18T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河文体娱乐混合","pinyin":"yhwtylztlhpzhhxzqtzjj","managers":[{"stockCode":"db20154121","stockType":"fund_manager","exchange":"fm","tickerId":122517126780,"name":"卢轶乔"}]},"announcement":{"linkText":"银河文体娱乐主题灵活配置混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=568522","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8cc7fea5b3eb0485a91","stockId":3000000005585,"sao":"2020年传媒行业受到疫情等因素影响，行业基本面出现剧烈波动，但行业内部分化剧烈，体育文旅等子行业受损严重，而游戏视频等子行业景气度得到提升。整体下来，文体娱乐基金基准全年上涨了13.15%。操作层面上，本基金将持仓向传媒行业集中，尤其是游戏产业链和视频产业链，阶段性参与文旅消费。目前基金权益仓位适中，未偏离基金基准行业。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:08.904Z","mo":"展望后市，我们认为宏观经济将逐步恢复，市场流动性在全球疫情持续的情况下，将维持稳定，且去年通胀基数较高对货币政策友好，因此我们对后市持乐观态度，将密切关注各细分子行业的景气变化势，挖掘受益行业和个股。我们认为短期文体娱乐板块虽然受到市场风格影响而表现一般，但随着技术变革对传统行业的冲击，在5G应用落地的大背景下，传媒行业正在面临新技术和新模式对传统业态的改造，随着VR、AR等多项技术的成熟和5G产业的不断渗透，多个文体娱乐子行业已经开始了初步的生态改造,比如去年的云游戏和直播,虽然最后都因基本面不够扎实而证伪,但也体现了实体经济对新技术的热烈渴望。未来一年我们将密切关注5G终端开始大规模普及后对产业带来的变化，希望能看到产业面真正的变化；同时，对社服产业仍维持阶段性配置的策略。","fund":{"_id":3000000005585,"stockCode":"005585","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-02-01T16:00:00.000Z","setUpScale":217707000,"market":"a","tickerId":5585,"custody":"中国建设银行股份有限公司","name":"银河文体娱乐主题灵活配置混合型证券投资基金","shortName":"银河文体娱乐混合A","fundSecondLevel":"hybrid","__csrcFundId":5262,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:43.304Z","masterFundFlag":1,"inceptionDate":"2018-04-18T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河文体娱乐混合","pinyin":"yhwtylztlhpzhhxzqtzjj","managers":[{"stockCode":"db20154121","stockType":"fund_manager","exchange":"fm","tickerId":122517126780,"name":"卢轶乔"}]},"announcement":{"linkText":"银河文体娱乐主题灵活配置混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=553083","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8cc7fea5b3eb0485a90","stockId":3000000005585,"sao":"三季度市场出现波动，由于复工复产开启而商旅尚未完全恢复，加上5G建设和应用进展慢于预期，整个文体娱乐行业基本面受到一定压制，但行业内部出现分化，体育文旅行业逐步恢复，而传统的游戏、大屏、影视估值受到压制。操作层面上，本基金持仓继续集中在传媒行业，尤其是游戏产业链，适度布局VR产业，增配文旅消费。目前基金权益仓位适中，未大幅偏离基金基准行业。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:08.902Z","fund":{"_id":3000000005585,"stockCode":"005585","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-02-01T16:00:00.000Z","setUpScale":217707000,"market":"a","tickerId":5585,"custody":"中国建设银行股份有限公司","name":"银河文体娱乐主题灵活配置混合型证券投资基金","shortName":"银河文体娱乐混合A","fundSecondLevel":"hybrid","__csrcFundId":5262,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:43.304Z","masterFundFlag":1,"inceptionDate":"2018-04-18T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河文体娱乐混合","pinyin":"yhwtylztlhpzhhxzqtzjj","managers":[{"stockCode":"db20154121","stockType":"fund_manager","exchange":"fm","tickerId":122517126780,"name":"卢轶乔"}]},"announcement":{"linkText":"银河文体娱乐主题灵活配置混合型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=490465","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8cc7fea5b3eb0485a8f","stockId":3000000005585,"sao":"今年上半年初期受到疫情等因素影响，市场出现剧烈波动，整个文体娱乐行业基本面受到较大冲击，但行业内部分化剧烈，体育文旅行业受损严重，但传媒行业景气度提升明显。整体下来，文体娱乐基金基准上半年上涨了13.09%。操作层面上，本基金继续将持仓向传媒行业集中，尤其是游戏产业链，适度布局VR产业，阶段性参与文旅消费。目前基金权益仓位适中，未大幅偏离基金基准行业。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:08.899Z","mo":"展望后市，我们认为宏观经济将逐步恢复；市场流动性在去年通胀基数较高的背景下整体会继续宽松；认为外部环境对市场的冲击逐渐消退，因此整体上对市场略乐观，在下半年更关注部分行业景气的恢复情况，尤其是餐饮、商旅等必选消费行业的景气恢复只是时间早晚的问题。我们认为文体娱乐板块即将面临技术变革对行业的变革性冲击，在5G应用落地的大背景下，传媒行业正在面临新技术和新模式对传统业态的改造，随着VR、AR等多项技术的成熟和5G产业的不断渗透，多个文体娱乐消费子行业已经开始了完全不同的生态改造。我们将密切关注下半年5G终端开始大规模普及后对行业带来的变化；对于传统的旅游景区行业我们持观望态度，将根据疫情消退的情况进行考虑。","fund":{"_id":3000000005585,"stockCode":"005585","stockType":"fund","areaCode":"cn","followedNum":4,"blackened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