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龙头企业月度排产环比持续提升，尤其是储能需求国内外均出现快速增长，同时也带动了锂电资本开支重新进入上升势头。报告期内，由于市场流动性及交易风格的变化，我们对本基金组合的配置策略进行了较大的调整，改变了过去三个季度相对均衡的配置选股思路，将持仓聚焦到了当前产业技术升级持续推进、相关产业链与新能源汽车产业链高度重合的人形机器人领域，我们期待从其产业发展的巨大变化中获得投资收益。","lastUpdated":"2026-03-09T13:56:00.666Z","fund":{"_id":3000000015732,"__csrcFundId":11456,"stockCode":"015732","shortName":"尚正新能源产业混合(015732)","masterFundShortName":"尚正新能源产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:43:46.185Z","status":"normal","exchange":"jj","name":"尚正新能源产业混合型证券投资基金","fundCollectionId":4000051960000,"inceptionDate":"2022-08-09T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-09T16:00:00.000Z","setUpAssetScale":38430681.31,"setUpShares":38430681.31,"pinyin":"szxnycyhhxzqtzjj","managers":[{"stockCode":"j101020218","stockType":"fund_manager","exchange":"fm","tickerId":191003257320,"name":"石竟成"}]},"announcement":{"linkText":"尚正新能源产业混合型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1376414","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1707fea5b3eb051d9d2","date":"2025-06-29T16:00:00.000Z","stockId":3000000015732,"sao":"2025年初以来，新能源板块整体在历经3年多下行期后已基本企稳，锂电风电板块在行业基本面好转的牵引下率先走出了回升势头，光伏板块尽管基本面恢复仍需时间，但股价已在6月份国家“反内卷”宏观政策的影响下触底反弹。报告期内，基金组合的配置策略保持稳定，继续围绕新能源产业选择其中的优质资产，寻找以合适的价格进行配置的机会。我们于二季度在新能源整车及零部件板块上涨过程中兑现了部分收益，并基于产业基本面变化的牵引，新增了风电板块的配置。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:00.659Z","mo":"今年上半年，无论从宏观还是微观角度观察，国内制造业整体仍然呈现偏弱的状态，PPI延续低迷状态，受全球主要经济体由合作走向对抗的影响，由政策不确定性导致的全球宏观经济冲击也远比过往要多。上半年国内宏观维度较大的变化是，国家层面在面对中国制造业各个领域全面出现的“极致内卷”问题上，展现出了比过往更为坚定的态度，这在中国制造业已经占据全球制造业超过30%份额，并且中高端领域在不断突破的背景下，显得尤为重要；我们有理由相信，“反内卷”的过程将对应中国工业品走出低价竞争时代，与欧美发达国家类似，未来质优价合理的工业品将更容易获得客户和消费者长期信赖，并借此沉淀出真正的品牌同时获得合理且稳定的溢价。具体到新能源行业，锂电和风电板块在行业隐性的“安全”、“稳定”要素考量下，各环节头部企业已开始走出行业产能过剩的阴影，并随着海外市场空间的打开，部分企业开始获得超过行业平均水平的增长；新能源车产业链虽历经“内卷”冲击，仍然借助自主品牌市占率提升和出海实现了结构性成长，头部企业的领先优势也在得到加强。展望未来，我们相信“反内卷”对具备持续技术研发和产品创新能力的企业将是长期的利好，对于引领全球新能源产业发展的诸多优秀企业而言，当前正处于构筑全球品牌影响力的关键阶段，国内市场竞争格局的优化也将反哺其海外市场的拓展，“内忧”问题缓解的同时，我们也期待这些企业在海外市场能够获得更好的成长，真正实现企业盈利端的“反内卷”。投资维度，我们认为除了核聚变等个别颠覆式技术外，围绕构建未来全球低碳能源系统的基本技术要素已经趋于成熟，随着新能源产业的爆发式发展阶段已经过去，新的发展阶段需要以更适合的投资范式来匹配，我们将在这方面保持探索。","fund":{"_id":3000000015732,"__csrcFundId":11456,"stockCode":"015732","shortName":"尚正新能源产业混合(015732)","masterFundShortName":"尚正新能源产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:43:46.185Z","status":"normal","exchange":"jj","name":"尚正新能源产业混合型证券投资基金","fundCollectionId":4000051960000,"inceptionDate":"2022-08-09T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-09T16:00:00.000Z","setUpAssetScale":38430681.31,"setUpShares":38430681.31,"pinyin":"szxnycyhhxzqtzjj","managers":[{"stockCode":"j101020218","stockType":"fund_manager","exchange":"fm","tickerId":191003257320,"name":"石竟成"}]},"announcement":{"linkText":"尚正新能源产业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=1341392","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1707fea5b3eb051d9d1","date":"2025-03-30T16:00:00.000Z","stockId":3000000015732,"sao":"2025年一季度，新能源板块整体市场表现依然承压，中证新能指数下跌4.21%，各个子板块出现较大分化，其中新能源车子板块受益于汽车“以旧换新”政策以及加速推进的电动化智能化趋势，市场表现相对突出。报告期内，基金组合持仓基本不变，我们于去年四季度前瞻布局的新能源车子板块获得了较为明显的组合收益。基于对当前组合持仓个股估值合理性的考量，我们对这些资产未来的市场表现依然很有信心。正如2024年年报中提及，当前全球市场面临较为激烈的对抗，后续我们会继续站在更高更广的维度去审视整个新能源行业，于宏观不确定性中寻找确定性高的产业发展演进路径，并在其中寻觅更好的市场机会。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:00.651Z","fund":{"_id":3000000015732,"__csrcFundId":11456,"stockCode":"015732","shortName":"尚正新能源产业混合(015732)","masterFundShortName":"尚正新能源产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:43:46.185Z","status":"normal","exchange":"jj","name":"尚正新能源产业混合型证券投资基金","fundCollectionId":4000051960000,"inceptionDate":"2022-08-09T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-09T16:00:00.000Z","setUpAssetScale":38430681.31,"setUpShares":38430681.31,"pinyin":"szxnycyhhxzqtzjj","managers":[{"stockCode":"j101020218","stockType":"fund_manager","exchange":"fm","tickerId":191003257320,"name":"石竟成"}]},"announcement":{"linkText":"尚正新能源产业混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1273408","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1707fea5b3eb051d9d0","date":"2024-12-30T16:00:00.000Z","stockId":3000000015732,"sao":"2024年全年，新能源行业的整体需求继续保持增长势头，光伏累计新增装机达277GW，同比增长28%，光伏组件出口236GW，同比增长13%，风电累计新增装机达79.8GW，同比增长6%，新能源车销量1286.6万辆，同比增长35.5%，新能源行业产业链龙头企业的全球产业引领地位继续加强，也让“新三样”（光伏、锂电池、电动汽车）成为我国外贸出口的重要支柱和增长来源。在经历2023年光伏、锂电产品价格快速下降后，2024年全年产业链相关企业的盈利能力受损严重，特别是光伏产业链，几乎出现全面亏损的状况，甚至出现部分环节一线企业的出货价格逼近或低于产品的现金成本线的状况。由于过去数年产能高速扩张导致供需严重失衡，产业出清仍需时间，但价格低迷对光伏锂电的新增供给形成了制约，供需格局正在走向新的结构性平衡--优质供给更受产业链青睐。报告期内，本基金投资策略基本保持稳定，继续围绕新能源产业选择其中的优质资产，考虑到光伏产业链重新实现盈利向上仍需时间，我们降低了光伏子板块的仓位比重，并在下半年将仓位进行了集中，重点关注新能源产业中的优质供给，同时对产业竞争格局逐步清晰的新能源整车及零部件板块加大了配置。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:00.648Z","mo":"展望2025年，随着美国特朗普政府即将推行“关税2.0”政策以及中美在科技领域的对抗日趋激烈，无论是全球还是国内宏观经济依然充满变数。站在全球范围内看，中国制造的竞争力仍在不断增强中，并已经开始逐步蚕食发达国家过往凭借技术门槛建立的护城河，出海作为中国制造进一步获得产业升级动力、实现品牌建立的重要一环，将成为未来数年影响产业发展以及企业成长的关键。具体到新能源行业，作为国内制造业为数不多的具备全产业链、全球竞争力的优势产业，其中具备领先优势的龙头企业在本次行业低谷期展现出了超强的经营韧性，龙头企业的全方位领先优势得到了加强，我们相信这些优秀的企业在未来应对全球化挑战中将有机会获得更大的成长。考虑到当前激烈对抗的国际宏观形势，我们对于市场的短期走势保持谨慎，但十分看好经历过国内市场“内卷”洗礼的优秀企业的出海前景，物美价廉的“Made by China”应该是全世界人民共同享有的人类智慧结晶。选股策略方面，本基金会继续坚持以稳为主，尽可能在考虑企业自身竞争力的同时，优先寻找景气度向好，产业格局持续优化，同时海外战略清晰的优质企业。","fund":{"_id":3000000015732,"__csrcFundId":11456,"stockCode":"015732","shortName":"尚正新能源产业混合(015732)","masterFundShortName":"尚正新能源产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:43:46.185Z","status":"normal","exchange":"jj","name":"尚正新能源产业混合型证券投资基金","fundCollectionId":4000051960000,"inceptionDate":"2022-08-09T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-09T16:00:00.000Z","setUpAssetScale":38430681.31,"setUpShares":38430681.31,"pinyin":"szxnycyhhxzqtzjj","managers":[{"stockCode":"j101020218","stockType":"fund_manager","exchange":"fm","tickerId":191003257320,"name":"石竟成"}]},"announcement":{"linkText":"尚正新能源产业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=1253529","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1707fea5b3eb051d9cf","date":"2024-09-29T16:00:00.000Z","stockId":3000000015732,"sao":"新能源板块在经历二季度的持续下跌后，三季度大部分时间处于低位震荡中，仅季度末借助全市场上涨行情出现了较大涨幅，中证新能指数在经历2年持续下跌后首次季度录得上涨。三季度市场行情受宏观层面的影响较多，当前新能源各个板块盈利能力并未出现明显回升迹象，市场出现的短期较大涨幅更多是受估值波动的影响。我们依然维持如下观点：新能源各个细分领域需求将持续增长，盈利水平见底回升是大概率事件，且随着时间的推移，相关龙头企业盈利改善的预期也将变得更加清晰。回归基本面角度，受益于光伏组件价格维持低位，1-8月，我国光伏新增装机容量139.99GW，同比增长23.71%，继续保持增长；新能源车1-8月份国内销量达703.7万辆，同比增长30.9%，继续维持结构性快速增长趋势；1-8月，国内电网工程投资完成额同比增长23.1%，维持高景气度，同时变压器出口金额286.7亿，同比增长28.4%。报告期内，基金组合的配置及选股思路略有调整，我们加大了对盈利能力已率先恢复的锂电及新能源整车行业龙头的持仓，并计划开始逐步提升持仓的集中度。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:00.645Z","fund":{"_id":3000000015732,"__csrcFundId":11456,"stockCode":"015732","shortName":"尚正新能源产业混合(015732)","masterFundShortName":"尚正新能源产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:43:46.185Z","status":"normal","exchange":"jj","name":"尚正新能源产业混合型证券投资基金","fundCollectionId":4000051960000,"inceptionDate":"2022-08-09T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-09T16:00:00.000Z","setUpAssetScale":38430681.31,"setUpShares":38430681.31,"pinyin":"szxnycyhhxzqtzjj","managers":[{"stockCode":"j101020218","stockType":"fund_manager","exchange":"fm","tickerId":191003257320,"name":"石竟成"}]},"announcement":{"linkText":"尚正新能源产业混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1175642","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1707fea5b3eb051d9ce","date":"2024-06-29T16:00:00.000Z","stockId":3000000015732,"sao":"2024年初以来，新能源板块继续大幅下行，上半年中证新能指数下跌超过19%，跌幅超过2022年和2023年同期，基本反映了新能源板块特别是光伏板块当期盈利极度恶化的预期。我们认为，当前板块整体的继续回调的推动因素与去年仍然一致，均为产能高速扩张状态下，供大于求在产业端的极致展现，并且已经使得市场进入了下跌的负向螺旋中。回归基本面角度，光伏上半年国内新增装机102.48GW，同比增长30.7%，在过去四年高增的基础上继续保持增长，受组件价格下降影响，组件出口量增长19.7%，总额186.7亿美元，下滑35.4%，呈现出“量增价减”态势。风电上半年国内新增装机25.84GW，同比增长12.4%，同时据第三方数据机构的不完全统计，上半年风电开标项目装机容量合计超过90GW，已超去年全年招标量水平。新能源车国内1-6月份销量494.4万辆，同比增长32%，新能源车渗透率继续稳步提升，同时国内整车出口增长趋势延续，上半年整车出口279.3万辆，同比增长30.5%。上半年国内电网工程投资完成额同比增长23.7%，进入高景气度发展趋势中。报告期内，基金组合的配置策略保持稳定，主要基于对光伏行业竞争态势变化的判断，进一步减持了光伏行业的部分个股，整体组合仓位保持稳定。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:00.642Z","mo":"今年无论从宏观还是微观角度观察，国内制造业整体仍然呈现偏弱的状态，同时受国际产业争端、区域战争导致的航运受限等因素影响，全球宏观经济也面临十分复杂的局面。具体到新能源行业，在光伏锂电产品快速下降的背景下，国内需求受充沛供给以及国家产业政策引导，依然保持较高的景气度，但在供需格局恶化的“极卷”背景下，企业端盈利能力出现了快速下降，尤其是光伏产业链基本上进入了主产业链主要企业全线亏损的态势中，并且这一趋势预计在下半年仍将持续，在此背景下，我们对于市场中短期的走势依然保持谨慎。展望未来，可以看到新能源产业的各个子行业仍处在市场规模增长、技术进步、降本增效过程中，产业内龙头企业的国际竞争力保持正向加强，并已经进入出海布局的新发展阶段，我们依然保持对新能源相关产业发展的信心，持续聚焦于新能源产业中的优质资产，并会基于新能源产业在快速发展出现的阶段性问题，寻找细分领域中具备解决瓶颈问题能力资产的投资机会，以期获得更好的市场表现。","fund":{"_id":3000000015732,"__csrcFundId":11456,"stockCode":"015732","shortName":"尚正新能源产业混合(015732)","masterFundShortName":"尚正新能源产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:43:46.185Z","status":"normal","exchange":"jj","name":"尚正新能源产业混合型证券投资基金","fundCollectionId":4000051960000,"inceptionDate":"2022-08-09T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-09T16:00:00.000Z","setUpAssetScale":38430681.31,"setUpShares":38430681.31,"pinyin":"szxnycyhhxzqtzjj","managers":[{"stockCode":"j101020218","stockType":"fund_manager","exchange":"fm","tickerId":191003257320,"name":"石竟成"}]},"announcement":{"linkText":"尚正新能源产业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=1145532","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1707fea5b3eb051d9cd","date":"2024-03-30T16:00:00.000Z","stockId":3000000015732,"sao":"2024年一季度，新能源板块整体表现平稳，在经历一月下旬至二月初的集体下跌后，部分龙头公司展现出了较强的韧性，自二月下旬开始持续上涨至季度末。从市场角度看，对新能源板块的悲观预期已演绎至极致，行业龙头企业发布的2023年度业绩预告及年报表现强劲，产业端部分细分领域产品涨价、排产提升，这些信号为市场持续注入信心。总体而言，我们认为新能源板块已经基本度过了自2021年以来持续9个季度的漫长下行周期，需求的持续景气有望为龙头企业的业绩形成托底，国内明显放缓的新增供给，以及盈利能力更强的海外市场的强劲需求，将为新能源行业盈利能力回升带来助力。回归基本面角度，受益于光伏组件价格维持低位，1-2月，我国光伏新增装机容量36.72GW，同比大幅增长近80%，继续保持快速增长。新能源车1-2月份国内销量达102.5万辆，同比增长34.3%，新能源车出口18.2万辆，同比增长7.5%，继续维持结构性快速增长趋势；自2月下旬以比亚迪为首的国内自主品牌大幅降价以来，三月新能源车销量同环比大幅增长，预计今年国内新能源车渗透率将创新高。本报告期，基金组合的选股思路基本保持不变，基于对各个细分领域龙头企业未来盈利能力修复的考量，对组合中的部分持仓进行了小幅调整。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:00.639Z","fund":{"_id":3000000015732,"__csrcFundId":11456,"stockCode":"015732","shortName":"尚正新能源产业混合(015732)","masterFundShortName":"尚正新能源产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:43:46.185Z","status":"normal","exchange":"jj","name":"尚正新能源产业混合型证券投资基金","fundCollectionId":4000051960000,"inceptionDate":"2022-08-09T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-09T16:00:00.000Z","setUpAssetScale":38430681.31,"setUpShares":38430681.31,"pinyin":"szxnycyhhxzqtzjj","managers":[{"stockCode":"j101020218","stockType":"fund_manager","exchange":"fm","tickerId":191003257320,"name":"石竟成"}]},"announcement":{"linkText":"尚正新能源产业混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1067442","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1707fea5b3eb051d9cc","date":"2023-12-30T16:00:00.000Z","stockId":3000000015732,"sao":"2023年全年，新能源行业的整体需求依然保持快速且持续的增长，光伏累计新增装机达216.9GW，同比增长148.1%，光伏组件出口188.71GW，同比增长21.9%，风电累计新增装机达75.9GW，同比增长101.7%，新能源车销量949.5万辆，同比增长37.9%，属于在国内外宏观经济整体处于低迷形势下，不可多见的高成长性行业，国内相关产业链龙头企业的全球产业引领地位也在进一步加强。但由于自2021年起以光伏、锂电为首的新能源行业整体需求高速增长带来产能快速扩张，在产能逐步释放的现状及预期下，相关产品价格自2023年二季度起出现了明显下滑，并带动产业链相关企业的盈利能力出现断崖式下跌。2023年全年新能源行业股价整体出现大幅下跌也正是相关上市公司盈利能力出现大幅波动的情形下，市场对行业未来的预期进行悲观演绎的展现。经过近一年的产业端激烈竞争，大量产业链环节的二三线企业出货价格实际已经逼近甚至低于现金成本线，尽管产业出清仍需时间，但已开始对新供给的形成带来制约，供需格局正处在剧烈震荡并寻找新平衡的过程中。我们相信，新能源作为全球碳中和长期目标前景下的主要实现路径，在未来相当长一段时间里仍将保持成长，行业需求持续增长对供需格局带来的优化会带动行业优秀龙头企业盈利能力重新回归，并让市场对新能源产业链中的全球龙头重新进行合理定价。报告期内，本基金的组合投资策略基本保持稳定，继续围绕新能源产业选择其中的优质资产，仅在面临行业产能急速扩张带来的盈利能力下降，并进一步导致悲观预期的市场情形下，降低了光伏、锂电行业子板块的仓位比重，对各子板块的持仓进行了分散。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:00.637Z","mo":"展望2024年，房地产对国内宏观经济负面影响正在边际减弱，而中美对抗大背景下的国际局势变化对国内经济发展影响将变得日益重要，特别是在当前中国制造业已经具备相当强的竞争力，处在技术升级、品牌建立以及全球化的重要时间节点上，如何依托中国已经具备相对优势的高端制造业，真正实现“双循环”，确实面临相当大的挑战。具体到新能源行业，作为国内制造业为数不多的具备全产业链全球竞争力的优势产业，尽管其本质依然是需求不断增长、技术持续迭代的制造业，行业需求无法长期维持高速增长，但其中具备规模制造优势的龙头企业显然有更大的机会穿越周期走得更远。在本轮新能源行业盈利能力的下行周期中，龙头企业的全方位领先优势将得到加强，且相关公司的估值以市净率作为参考也已具备了较强的吸引力，但有鉴于本轮产业端出清节奏难以预测，企业利润的释放仍需时间，我们对于市场中短期走势仍保持谨慎；选股策略方面，会以稳为主，尽可能在考虑企业自身竞争力的同时，优先寻找景气度具备更快形成困境反转条件的环节，同时布局新能源与传统能源形成互补效应的发电侧投资机会，以及新能源行业中能与未来新产业发展（如机器人、氢能等）形成产业互动潜力的细分领域。","fund":{"_id":3000000015732,"__csrcFundId":11456,"stockCode":"015732","shortName":"尚正新能源产业混合(015732)","masterFundShortName":"尚正新能源产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:43:46.185Z","status":"normal","exchange":"jj","name":"尚正新能源产业混合型证券投资基金","fundCollectionId":4000051960000,"inceptionDate":"2022-08-09T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-09T16:00:00.000Z","setUpAssetScale":38430681.31,"setUpShares":38430681.31,"pinyin":"szxnycyhhxzqtzjj","managers":[{"stockCode":"j101020218","stockType":"fund_manager","exchange":"fm","tickerId":191003257320,"name":"石竟成"}]},"announcement":{"linkText":"尚正新能源产业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=1055713","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1707fea5b3eb051d9cb","date":"2023-09-29T16:00:00.000Z","stockId":3000000015732,"sao":"2023年三季度，新能源板块继续出现了较大幅度的回调。从市场角度看，对新能源板块的中长期竞争格局和盈利能力的疑虑依然延续，叠加外资持续流出带来的影响，板块整体出现了单边下行势头，并且仍未有企稳迹象，仅有个别细分领域表现出了相对较强的韧性。回归基本面角度，光伏1-8月份国内累计装机113.16GW，同比增长154.46%，继续保持快速增长；新能源车国内1-9月份批发销量592万辆，同比增长36%，在国内整体汽车销量平稳的局面下呈现出稳定的结构性增长；此外，风电的建设及招投标在上半年因各种因素延缓后，三季度产业端已开始加速推进，景气度恢复明显。报告期内，基金组合的配置策略保持稳定，选股思路与二季度基本一致，并基于对三季度市场趋势的理解，淡化行业大贝塔的重视度，对各子板块的持仓进行了分散和优化。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:00.634Z","fund":{"_id":3000000015732,"__csrcFundId":11456,"stockCode":"015732","shortName":"尚正新能源产业混合(015732)","masterFundShortName":"尚正新能源产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:43:46.185Z","status":"normal","exchange":"jj","name":"尚正新能源产业混合型证券投资基金","fundCollectionId":4000051960000,"inceptionDate":"2022-08-09T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-09T16:00:00.000Z","setUpAssetScale":38430681.31,"setUpShares":38430681.31,"pinyin":"szxnycyhhxzqtzjj","managers":[{"stockCode":"j101020218","stockType":"fund_manager","exchange":"fm","tickerId":191003257320,"name":"石竟成"}]},"announcement":{"linkText":"尚正新能源产业混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=988438","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1707fea5b3eb051d9ca","date":"2023-06-29T16:00:00.000Z","stockId":3000000015732,"sao":"2023年初以来，新能源板块整体延续2022年趋势继续回调，仅在六月有小幅反弹。从基本面角度看，风光储新能源车等子行业基本面继续保持高景气度势头，我们认为，板块整体的回调，有对产能急速扩张带来预期变化的考量，同时依然受中国宏观经济发展不确定性、近期国际局势担忧的影响。回归基本面角度，光伏上半年国内新增装机78.42GW，占新增电源总装机的56%，已成为国内第二大装机规模的电源，受益于硅料价格大幅下降带来组件价格下降，国内装机及海关出口量快速增长；新能源车国内1-6月份批发销量353万辆，同比增长44%，新能源车渗透率继续稳步提升，在国内整体汽车销量低迷局面下展现出了极强的竞争力，同时国内整车出口趋势不减，上半年整车出口214万辆，同比增长75.7%，已位列全球第一大汽车出口国。报告期内，本基金组合的配置策略保持稳定，在考量基本面变化的基础上，调整了部分投资标的。一是根据细分领域的技术变化和高频数据判断竞争格局出现变化，减持了光伏、锂电材料方面的部分个股；二是由于业绩变化和市场波动导致估值过高，减持了部分新能源汽车零部件个股；三是对行业格局相对稳定，长期竞争力突出及估值合理的个股进行增持，主要包括新能源车产业链龙头公司，以及清洁能源建设运营龙头央企。本基金整体组合仓位保持稳定。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:00.631Z","mo":"今年随着疫情相关影响逐步消退，国内已步入后疫情时代，房地产消费下滑的阵痛仍在持续，叠加出口转弱带来的缺口，无论从宏观还是微观角度观察，国内经济在强复苏预期下仍呈现的是弱现实的局面，同时受俄乌冲突、美联储加息、中美贸易摩擦等因素影响，全球宏观经济也面临十分复杂的局面，对下半年宏观经济走势做出判断难度颇大。上半年市场呈现的更多是围绕科技行业热点进行的主题型交易，机构持仓相对较多的新能源板块整体处于震荡下行逐步企稳的趋势中。从基本面角度看，新能源相关产业在过去两年高增长的基础上，继续展现出了较好的需求韧性，但受高景气度下产能大幅扩张带来的隐忧，市场对新能源各子行业相关企业盈利能力的担忧仍无法消散，使得当前新能源主产业链的估值水平仍在低位盘整。展望未来，可以看到新能源产业的各个子行业仍处在市场规模增长、技术进步、降本增效过程中，国际竞争力保持正向加强，未来整体的增速将继续数倍于整体经济发展速度。我们依然保持对新能源相关产业发展的高度信心，始终相信优秀企业的成长潜力总是短期被高估而长期被低估的，持续聚焦于新能源产业中的优质资产，寻找并陪伴能以持续创新应对产业发展中挑战的优质公司。","fund":{"_id":3000000015732,"__csrcFundId":11456,"stockCode":"015732","shortName":"尚正新能源产业混合(015732)","masterFundShortName":"尚正新能源产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:43:46.185Z","status":"normal","exchange":"jj","name":"尚正新能源产业混合型证券投资基金","fundCollectionId":4000051960000,"inceptionDate":"2022-08-09T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-09T16:00:00.000Z","setUpAssetScale":38430681.31,"setUpShares":38430681.31,"pinyin":"szxnycyhhxzqtzjj","managers":[{"stockCode":"j101020218","stockType":"fund_manager","exchange":"fm","tickerId":191003257320,"name":"石竟成"}]},"announcement":{"linkText":"尚正新能源产业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=963235","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1707fea5b3eb051d9c9","date":"2023-03-30T16:00:00.000Z","stockId":3000000015732,"sao":"2023年一季度为国内经历疫情管控放开后的第一个季度，国内宏观经济整体处于复苏阶段，各项金融数据及生产指标均展现出了较为明显的复苏迹象。市场维度看，新能源板块在年初反弹后再度回调，整体处于区间震荡中，我们认为，市场风格变化是主要原因，一方面新能源板块是疫情后预期受益相对较少的领域，另一方面一季度受事件性冲击较多，叠加当前逆全球化的国际局势、经济发展增速不确定性等因素影响，市场对新能源板块的分歧较大，行业波动幅度明显增大。回归基本面角度，光伏1-2月份国内累计装机20.37GW，同比增长87.6%，电池组件出口77.98亿美元，在去年高基数基础上继续同比增长6.5%，国内装机及海关出口数据均表明需求端仍保持旺盛态势；新能源车国内1-2月份产量增长16.3%，在国内整体汽车销量低迷局面下展现出了极强的竞争力。中长期维度看，光伏风电的经济性凸显，新能源车经济性及产品力日益增强，能源转型趋势已不可逆转，新能源行业仍将是需求增长且确定性强的制造业，短期市场认知的变化不改变我们对新能源板块的长期看好，具备极强前沿技术研发布局实力及产品制造能力的企业有更大的机会走的更远。报告期内，基金组合的配置策略及持仓保持稳定，重点配置在整体保持稳健增长的光伏板块，聚焦在新能源板块中竞争格局好、龙头企业具备明显竞争优势的细分领域，并坚持长期持有的风格，同时积极寻找细分行业的低估机会，小幅加仓了今年装机景气度高的风电行业中的领先企业。综合行业发展前景、当前市场估值及企业基本面情况，我们认为新能源行业整体下行风险有限，龙头企业已具备较高的投资价值。","declarationDate":"2023-04-14T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:00.627Z","fund":{"_id":3000000015732,"__csrcFundId":11456,"stockCode":"015732","shortName":"尚正新能源产业混合(015732)","masterFundShortName":"尚正新能源产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:43:46.185Z","status":"normal","exchange":"jj","name":"尚正新能源产业混合型证券投资基金","fundCollectionId":4000051960000,"inceptionDate":"2022-08-09T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-09T16:00:00.000Z","setUpAssetScale":38430681.31,"setUpShares":38430681.31,"pinyin":"szxnycyhhxzqtzjj","managers":[{"stockCode":"j101020218","stockType":"fund_manager","exchange":"fm","tickerId":191003257320,"name":"石竟成"}]},"announcement":{"linkText":"尚正新能源产业混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=877887","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1707fea5b3eb051d9c8","date":"2022-12-30T16:00:00.000Z","stockId":3000000015732,"sao":"全球主要发达经济体在“双碳”目标指引下达成政策共识，决定了未来新能源产业的确定性和中长期产业市场空间，中国作为当前世界上最大的碳排放国，也做出了2060年实现碳中和的宏伟目标，并为此出台一系列产业政策。碳中和长期目标的逐步兑现，将持续驱动以光伏、风电、氢能、智能电网、新能源车等相关产业的发展，由此带来的产业和资本投资机会将长期存在。新能源产业作为成长性最为确定的板块也成为资本市场最为青睐的投资方向之一，近两年来，投资者对新能源相关细分产业和上市公司的研究深入、对投资机会挖掘充分，新能源板块整体出现明显上涨，同时股价波动巨大，可谓风险与机会并存。本基金在设立之初确定了明确的投资策略：第一，界定投资范围和新能源主题股票库，本基金把新能源产业分为八个细分行业，分别为：光伏、风电、储能、氢能、锂电池、新能源车、汽车零部件、智能电网（电网及设备），寻找到与之对应的、由第三方或卖方开发的、市场认识度高的分类指数，综合分类指数的成分股（剔除重复部分个股）结合研究员的结果确定投资范围、构建本基金的投资股票库；第二，对分类指数进行投资分析，确定投资方向，从细分行业的基本面出发，考虑行业景气度、竞争格局、上下游供求关系等指标，进行自身行业变化分析以及和其它行业的比较分析。同时对细分行业的市场估值水平、所处的历史分位数水平、换手率等市场指标进行纵向分析和比较分析，综合得出配置方向；第三，在投资标的选择上，坚持“好公司、好股票”的原则。好公司是指公司管理层具有使命感，热爱所从事的事业，勇于担当，对产业理解深刻，能够通过技术创新推动产业进步，带领鼓舞团队不断前行；公司战略目标清晰，诚实信用，信息披露真实可靠；公司治理完善，责权利对等匹配，激励机制合理，能有效规避“信息不对称”“内部人控制”等“寻租”、损害小股东利益的行为，核心人员稳定且执行力强；好股票是指市场估值与公司基本面相符，当公司基本面的改善、业务发展和经营数据的增长时，估值也能随之提升，回避估值严重透支未来的个股。本基金以PEG为核心指标，寻找好公司且估值合理、预期有成长性的个股作为投资标的。本基金于2022年8月初开始运作，当时正值上海疫情结束之后、市场大幅反弹之时，我们跟踪的分类指数处于相对高位，光伏、锂电等指数自4月份低点反弹幅度约70%左右，处在局部高位，结合基本面的判断，我们采取了分步建仓的操作策略，至三季度末加仓至40%，四季度末加仓至80%以上。加仓方向主要集中在光伏产业链、风电主机厂商、锂电池及相关结构件、汽车零部件和电力运营商等，投资标的为行业头部公司或细分领域的龙头公司，预期PEG指标优异。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:00.624Z","mo":"新能源属于新兴产业，随着技术进步、新增产能增加、新玩家的不断进入，供需关系和产业格局也出现了明显变化。1，光伏：潜在的市场需求依然充裕，自2022年下半年以来，随着硅料产能的释放，产业瓶颈解除，硅料价格的下降，传递到主材产业链价格明显下降，电站投资成本降低，收益率提升，预计装机积极性将显著提升。2023年的光伏需求有望继续保持高速增长，光伏板块的贝塔将延续，但产业链各环节盈利能力将出现变化，关注点在于供需关系的转变，以及新技术、新产品、成本优化等带来的结构性机会。2，风电：2022年风电装机进度不及预期，但招标规模超出预期，为2023年风电装机的高增长预期奠定基础。海风增长确定性和弹性更强，随着机组大型化和安装成本下降，推动海风开始规模化步入平价阶段。广东、福建、江苏、浙江、上海、山东等地海风资源较好，项目IRR水平靠前，有望率先步入平价，与海风关联度较高的主机厂和配件厂商有望优先获益。3，锂电：新能源车在2021-2022年实现了爆发式增长，根据第三方机构EV-Volumes的数据，全球新能源乘用车产销量从2020年的324.4万辆，激增至2022年的1052.2万辆，两年复合增速高达80%。随着渗透率的提升，新能源车逐步取代燃油车成为确定性趋势。在基数效应下，未来三年行业复合增速将趋缓，产业需求增速预期的变化也是2022年新能源车板块估值中枢显著下行的原因，但市场普遍预期新能源车增长速度仍将维持在30%左右，数倍于宏观经济的增速，仍然处在成长周期。从资本市场来看，锂电中游板块估值已经回落到历史低位，需求增速中枢的下移已经被充分反应；从产业角度看，行业仍处于技术创新、产品迭代的阶段，新技术能够带来产品性能提升和成本下降，获取超额收益；产业内各环节的头部公司都历经激烈竞争，被市场充分验证，有望在行业规模化进程中继续获得优势地位。4，储能：光伏、风电装机量和发电量占比提升，客观需要配置储能，按我国新建风光发电标准，优先并网需配备20%/2h储能设施，该规定随电网消纳压力进一步增大而逐步增加；欧美峰谷价差较高，配比更高。在以锂电为代表的新型储能技术成本下降的背景下，储能产业有望迎来快速发展期。就2023年而言，欧美户储经济性可观，存量渗透率仍处于低位，持续对储能形成需求；国内储能此前的商业模式不清晰，盈利兑现不确定，2022年国内储能迎来积极变化，独立储能成为主流，盈利模式更加清晰，包括容量租赁、容量补偿、现货峰谷价差和辅助服务收益，能够使得新能源建设规模增长传导至储能的规模和盈利的增长。2022年是储能产业高速发展的年份，相关公司经营业绩同步增长，未来几年高增长可期，强贝塔有望持续。5，特高压（电网及电力设备）：随着国家风光大基地的规划建设不断进展，电力输送和消纳需求越来越迫切，特高压直流主要作用在于长距离电力传输，是风光大基地的关键外送通道，尤其是时间上的匹配。从风光大基地二期的规划看，提到了数条特高压新建外送通道，包括蒙西-京津冀、宁夏-湖南、河西-浙江、贺兰山-中东部、酒泉-中东部、陕北-安徽、陕西-河南等。未来还有国家三期、四期风光大基地的规划和建设，电网建设投入将持续跟进，电网总投资保持持续增长，其中智能化、机器人、数字化、节能变压器等环节预计将延续高景气。6，汽车零部件：随着新能源车渗透率和国产新能源车市占率的提升，电动化、智能化带动国内品牌崛起，推动零部件国产替代进程加快，将重构整个汽车供应链，零部件供应链体系有望突破，在诸多领域已具备与海外巨头同台竞技的实力，在成本效率、研发服务、客户配合程度等方面优势明显，三电系统、部分零部件已获得头部车企认可，内饰、座椅、安全件等领域借助自主品牌和新势力持续突破，由此带来的投资机会值得长期关注。展望未来，随着疫情防控政策的优化，社会经济生活全面恢复正常状态，新能源产业作为国家实现高质量发展的关键环节的国策在二十大报告中得到确认，中国经济社会绿色转型不断提速，清洁能源消费占比大幅度提升，中国在光伏、风电、锂电池、电动汽车等行业具备国际竞争力，为世界绿色经济发展提供动能，共同应对全球气候变化。新能源产业在国际共识、政策支持、技术进步、降本增效路径清晰的背景下，未来仍是增速数倍于国民经济发展速度的成长性行业。就A股市场而言，经过近半年的调整，新能源主产业链的估值水平已回落的20倍PE左右、历史分位数约10%的水平，无论绝对估值还是相当估值均在历史低位，叠加成长性突出，我们对新能源产业板块的投资机会乐观。","fund":{"_id":3000000015732,"__csrcFundId":11456,"stockCode":"015732","shortName":"尚正新能源产业混合(015732)","masterFundShortName":"尚正新能源产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:43:46.185Z","status":"normal","exchange":"jj","name":"尚正新能源产业混合型证券投资基金","fundCollectionId":4000051960000,"inceptionDate":"2022-08-09T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-09T16:00:00.000Z","setUpAssetScale":38430681.31,"setUpShares":38430681.31,"pinyin":"szxnycyhhxzqtzjj","managers":[{"stockCode":"j101020218","stockType":"fund_manager","exchange":"fm","tickerId":191003257320,"name":"石竟成"}]},"announcement":{"linkText":"尚正新能源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=869831","linkType":"PDF","source":"csrc_pdf"}}]}