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要矛盾仍然是刺激政策的效果与投资者预期的博弈，政策短期难以有明显的效果，但前期的涨幅已经透支了一部分预期，组合管理上应该稳健避免冲动，继续围绕低碳化、智能化、国产化的产业趋势寻找兼顾确定性和成长性的估值合理的标的。　　随着一系列金融和财政刺激政策的出台，市场情绪快速逆转，从极度悲观转向亢奋，自媒体时代信息传播和共识形成的速度进一步加快。本基金认为，目前出台的相关政策对逆转内需不足、消费疲软、地方债务、产能过剩等中长期问题并不能起到立竿见影的作用，但资金的流入对市场估值的提升是确定的，躁动是市场的一部分，不用回避。目前估值修复是从悲观预期修复到合理估值，并不算高估，市场预计会逐步活跃，投资机会增加，结构上相对看好科技、高端制造、出海等与宏观相关性较低的板块。","fund":{"_id":3000000001808,"stockCode":"001808","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-25T16:00:00.000Z","setUpScale":341763000,"market":"a","tickerId":1808,"custody":"中国银行股份有限公司","name":"银华互联网主题灵活配置混合型证券投资基金","shortName":"银华互联网主题配置(001808)","fundSecondLevel":"hybrid","__csrcFundId":4331,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:40.458Z","masterFundFlag":1,"inceptionDate":"2015-11-17T16:00:00.000Z","fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华互联网主题配置","pinyin":"yhhlwztlhpzhhxzqtzjj","managers":[{"stockCode":"db20380020","stockType":"fund_manager","exchange":"fm","tickerId":2308158080,"name":"王浩"}]},"announcement":{"linkText":"银华互联网主题灵活配置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=1250118","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e77fea5b3eb044ed3d","date":"2024-09-29T16:00:00.000Z","stockId":3000000001808,"sao":"三季度在截止9月下旬之前的时间里，主要在反应宏观经济的下行压力，总需求不足，消费疲弱，出口依然维持高景气但对后续贸易战的担心非常强烈，美联储降息最终兑现但对其降息路径的持续性依然充满争议，总之，权益市场在基本面疲弱的背景下信心较弱，持续下跌创新低。9月下旬之后，随着一系列积极政策的出台，市场情绪快速逆转，进入兴奋阶段。本基金在市场下跌的过程中，没有进一步放大悲观情绪，主要配置了低碳化、智能化、国产化三大核心趋势下的优质龙头企业，期待用确定性的成长抵御市场估值的下降。　　随着市场情绪快速逆转，从缺乏信心转向兴奋，自媒体时代信息传播和共识形成的速度进一步加快。本基金认为，目前出台的相关政策对逆转内需不足、消费疲软、地方债务、产能过剩等中长期问题或仍需一定的时间才能产生作用，但资金的流入有助于市场估值的提升，躁动是市场的一部分，不用回避。目前估值修复是从悲观预期修复到合理估值，并不算高估，不构成全面降低仓位的理由，结构上相对看好科技、高端制造、出海等与宏观相关性较低的板块。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:47.473Z","fund":{"_id":3000000001808,"stockCode":"001808","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-25T16:00:00.000Z","setUpScale":341763000,"market":"a","tickerId":1808,"custody":"中国银行股份有限公司","name":"银华互联网主题灵活配置混合型证券投资基金","shortName":"银华互联网主题配置(001808)","fundSecondLevel":"hybrid","__csrcFundId":4331,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:40.458Z","masterFundFlag":1,"inceptionDate":"2015-11-17T16:00:00.000Z","fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华互联网主题配置","pinyin":"yhhlwztlhpzhhxzqtzjj","managers":[{"stockCode":"db20380020","stockType":"fund_manager","exchange":"fm","tickerId":2308158080,"name":"王浩"}]},"announcement":{"linkText":"银华互联网主题灵活配置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=1172017","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e77fea5b3eb044ed3c","date":"2024-06-29T16:00:00.000Z","stockId":3000000001808,"sao":"近期市场主要变量是地产刺激政策的陆续出台和美联储降息预期的波动。市场的主要矛盾是对地产刺激政策的有效性和持续性的分歧，市场围绕地产复苏展开了激烈的博弈，冲高回落的幅度比较大，反应了市场对经济复苏的悲观情绪。对美联储降低进度的不断后移也影响了全球流动性的预期进而影响市场的估值水平。本基金认为，财政政策和货币政策都有较多的限制，难以出台强刺激政策，经济出现强复苏的可能性不大，A股市场在缺乏增量资金的背景下，眼下也难以出现可持续的行情。但另一方面，美债利率已经进入下降通道，全球流动性宽松还是明确的趋势。国内经济数据在地产投资继续下滑的背景下，出口和消费都有明显的增长，经济增长速度并不低，我们已经实现了期盼已久的经济转型和结构调整，长期趋势乐观。虽然投资者信心依然脆弱，但市场已经没有重大的下行风险，对当下的A股市场应该谨慎操作但不应悲观。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:47.470Z","mo":"本基金仍然坚持科技成长的投资方向，以景气度为抓手，以成长性为标杆，以估值性价比合理为目标，看好人工智能、半导体设备、海上风电、半导体复苏、智能电网以及部分业绩稳定的价值型行业，期待能通过减少博弈，投资估值合理的确定性行业来穿越市场的底部风险区，迎来市场企稳反弹和企业成长的兑现。","fund":{"_id":3000000001808,"stockCode":"001808","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-25T16:00:00.000Z","setUpScale":341763000,"market":"a","tickerId":1808,"custody":"中国银行股份有限公司","name":"银华互联网主题灵活配置混合型证券投资基金","shortName":"银华互联网主题配置(001808)","fundSecondLevel":"hybrid","__csrcFundId":4331,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:40.458Z","masterFundFlag":1,"inceptionDate":"2015-11-17T16:00:00.000Z","fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华互联网主题配置","pinyin":"yhhlwztlhpzhhxzqtzjj","managers":[{"stockCode":"db20380020","stockType":"fund_manager","exchange":"fm","tickerId":2308158080,"name":"王浩"}]},"announcement":{"linkText":"银华互联网主题灵活配置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=1154048","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e77fea5b3eb044ed3b","date":"2024-03-30T16:00:00.000Z","stockId":3000000001808,"sao":"一季度市场剧烈波动，流动性不足造成剧烈震荡，整体来看市场是逐渐修复信心的过程，市场仍处于易涨难跌的状态，困扰股票市场的几个主要矛盾都取得了明显的改善。一是场内资金失衡的问题，通过ETF的大量申购，鼓励分红回购，减缓IPO速度等方式获得了明显的改善，交易结构大幅优化。二是美债利率已经进入下降通道，虽然过程有曲折，但方向已经明确，全球流动性还是已成定局。三是经济复苏和刺激政策的节奏，实际上在地产投资继续下滑的背景下，出口和消费都有明显的增长，经济增长速度并不低，很有可能我们已经实现了期盼已久的经济转型和结构调整，长期趋势乐观。虽然投资者信心依然脆弱，但市场已经没有重大的下行风险，应该积极对待。　　本季度本基金仍然坚持科技成长的投资方向，以景气度为抓手，以成长性为标杆，以估值性价比合理为目标，主要配置了人工智能、半导体设备、国产算力、半导体复苏、人工智能应用以及部分业绩稳定的价值型行业，期待能通过减少博弈，投资估值合理的确定性行业来穿越市场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,"fundType":null,"ipoDate":"2015-10-25T16:00:00.000Z","setUpScale":341763000,"market":"a","tickerId":1808,"custody":"中国银行股份有限公司","name":"银华互联网主题灵活配置混合型证券投资基金","shortName":"银华互联网主题配置(001808)","fundSecondLevel":"hybrid","__csrcFundId":4331,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:40.458Z","masterFundFlag":1,"inceptionDate":"2015-11-17T16:00:00.000Z","fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华互联网主题配置","pinyin":"yhhlwztlhpzhhxzqtzjj","managers":[{"stockCode":"db20380020","stockType":"fund_manager","exchange":"fm","tickerId":2308158080,"name":"王浩"}]},"announcement":{"linkText":"银华互联网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=802673","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e77fea5b3eb044ed34","date":"2022-06-29T16:00:00.000Z","stockId":3000000001808,"sao":"上半年市场走势极具戏剧性，在半年内出现了快速的下跌和反弹。从21年下半年开始，中国宏观经济在房地产的拖累下，一直处于下滑探底过程中，今年春节后，在俄乌冲突和国内疫情双重打击下，经济下行速度加快，下滑趋势在4月份上海疫情严重的背景下进一步强化，并引发了股票市场的快速下跌。为对冲危机，刺激经济，宏观调控力度加大，宽松的货币政策，积极的财政政策，精准的产业政策接连出台，市场信心逐渐恢复，在二季度走出了一波快速反弹的行情。  本基金在上半年坚持以景气度为投资抓手，在国内经济和国际环境非常困难的背景下，选择景气度高、业绩确定性强、估值合理的成长板块作为投资的重点，用成长对冲市场 下行的压力。主要在电动车、新能源发电、储能、碳酸锂等板块进行配置。优质的标的有较快的业绩增速，抵御了宏观经济波动和市场大跌带来的干扰，在反弹中涨幅远大于市场，取得了较好的业绩表现。","declarationDate":"2022-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:47.446Z","mo":"经验表明，复苏早期是股票市场的蜜月期，目前是典型的经济复苏早期状态，流动性宽松的环境已经体现，财政政策的效果还有待观察，这是股票市场的蜜月期，是估值提升阻力最小的阶段，尤其是成长股受益最大。后续的市场走势取决于宏观经济复苏的进度和美联储缩表的程度，由于居民杠杆率过高压制了房地产复苏的空间，未来宏观复苏的节奏争议较大，但眼下确实是股票投资，尤其是成长股投资的蜜月期。我们依然坚信，低碳化、智能化、国产化是产业升级的主旋律，也是创造财富的源泉，是我们最看好的方向。本基金将坚持成长创造价值的理念，客观评估景气、质地、估值的平衡，构建攻守兼备的组合，为投资者创造价值。","fund":{"_id":3000000001808,"stockCode":"001808","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-25T16:00:00.000Z","setUpScale":341763000,"market":"a","tickerId":1808,"custody":"中国银行股份有限公司","name":"银华互联网主题灵活配置混合型证券投资基金","shortName":"银华互联网主题配置(001808)","fundSecondLevel":"hybrid","__csrcFundId":4331,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:40.458Z","masterFundFlag":1,"inceptionDate":"2015-11-17T16:00:00.000Z","fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华互联网主题配置","pinyin":"yhhlwztlhpzhhxzqtzjj","managers":[{"stockCode":"db20380020","stockType":"fund_manager","exchange":"fm","tickerId":2308158080,"name":"王浩"}]},"announcement":{"linkText":"银华互联网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=779510","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e77fea5b3eb044ed33","date":"2022-03-30T16:00:00.000Z","stockId":3000000001808,"sao":"本季度的股票投资面临着巨大的困难和挑战，下跌的幅度和速度都是近几年所罕见的。多重不确定性叠加造成了市场强烈的悲观预期，一是稳经济的货币政策和财政政策没有达到预期的强度，投资者对刺激经济的能力和意愿信心不足；二是美国货币政策快速紧缩，投资者担心会压制人民币汇率和货币政策的空间；三是俄乌冲突意外发生，投资者担心中国的地缘政治环境恶化甚至会引发与美国进一步的全面冲突；四是新一轮新冠疫情爆发，波及范围和强度都超过了2020年，对经济复苏和居民收入带来的巨大的压力。多重压力之下，市场情绪趋于悲观，出现了近几年最大最快的一次下跌。  本基金在一季度坚持以景气度为投资抓手，在国内经济和国际环境非常困难的背景下，选择景气度高、业绩确定性强、估值合理的成长板块作为投资的重点，用成长对冲市场 下行的压力。主要在电动车、新能源发电、云计算等板块进行配置。虽然所选标的都有比较好的经营质量和业绩兑现，但低估了巨大的市场风险下估值回调的压力，本季度组合净值出现了较大的回撤。  展望第二季度，上述的主要矛盾仍没有明显缓解的迹象，尤其是新冠疫情的控制，完全无法研究和预测，而长期的防疫风控措施也必将影响企业的生产、居民的收入，最终影响所有企业的业绩成长。  疫情的风险是当前最大又最不可预测的风险，我们无法对受影响的程度做出预判。只能依据常识知道在现代科技和医疗技术的加持下，疫情终将结束，市场也会再次回归正轨。而当前市场尤其是成长股板块的估值水平，已经极具吸引力，作为下一轮牛市的基础已经构建完成。我们依然坚信，低碳化、智能化、国产化是产业升级的主旋律，也是创造财富的源泉，是我们最看好的方向。本基金将坚持成长创造价值的理念，客观评估景气、质地、估值的平衡，构建攻守兼备的组合，为投资者创造价值。","declarationDate":"2022-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:47.443Z","fund":{"_id":3000000001808,"stockCode":"001808","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-25T16:00:00.000Z","setUpScale":341763000,"market":"a","tickerId":1808,"custody":"中国银行股份有限公司","name":"银华互联网主题灵活配置混合型证券投资基金","shortName":"银华互联网主题配置(001808)","fundSecondLevel":"hybrid","__csrcFundId":4331,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:40.458Z","masterFundFlag":1,"inceptionDate":"2015-11-17T16:00:00.000Z","fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华互联网主题配置","pinyin":"yhhlwztlhpzhhxzqtzjj","managers":[{"stockCode":"db20380020","stockType":"fund_manager","exchange":"fm","tickerId":2308158080,"name":"王浩"}]},"announcement":{"linkText":"银华互联网主题灵活配置混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=720779","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e77fea5b3eb044ed32","date":"2021-12-30T16:00:00.000Z","stockId":3000000001808,"sao":"2021年的A股市场，分化程度之大历史罕见。疫情持续发酵，给经济增长和消费带来了巨大的压力，当然出口需求旺盛，持续超预期。严格的地产调控政策，对地产产业链带来的巨大的经营风险，甚至演化成局部的金融风险，对互联网、教育、医疗等行业的产业调控政策，也影响了投资人的信心。同时货币政策并没有相应的宽松，经过两年上涨之后，市场估值水平较高，有较大的回调压力。严格来说，这是一段典型的熊市。于此同时，低碳经济板块成为难得的亮点，电动车的销量持续超预期，风光新能源发电的产业支持政策不断出台，使得低碳板块成为21年投资的关键。  本基金抓住产业趋势，在低碳板块投入较多的精力，把握住了动力电池中游材料、汽车智能化、功率半导体、风电等板块的投资机会，取得了较大的相对收益和绝对收益。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:47.440Z","mo":"展望新年一季度，投资的操作难度加大，市场仍处于刺激政策尚未落地与估值偏贵之间矛盾区域，但宽松的货币政策已经确立，市场主题投资活跃，对现有的机构重仓股分流效果显著。从半年视角看市场，向上的概率较大，没有必要怀疑政策刺激托底经济的意愿和能力，没有必要怀疑碳中和的远景和趋势，短期市场震荡激烈，预计春节后随着稳增长政策的逐步落地，投资者信心得到修复，市场会逐步走强。  本基金计划以不变应对变化，抓住碳中和和技术创新的核心趋势进行投资，除了继续看好电动车、光伏、风电、半导体等景气度持续高涨的子行业，也会关注估值基本处于历史低位的计算机、电子、传媒等科技板块，也会适当参与与经济增长强相关的制造业标的，参与稳增长的趋势。本基金将坚持成长创造价值的理念，客观评估景气、质地、估值的平衡，构建攻守兼备的组合，为投资者创造价值。","fund":{"_id":3000000001808,"stockCode":"001808","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-25T16:00:00.000Z","setUpScale":341763000,"market":"a","tickerId":1808,"custody":"中国银行股份有限公司","name":"银华互联网主题灵活配置混合型证券投资基金","shortName":"银华互联网主题配置(001808)","fundSecondLevel":"hybrid","__csrcFundId":4331,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:40.458Z","masterFundFlag":1,"inceptionDate":"2015-11-17T16:00:00.000Z","fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华互联网主题配置","pinyin":"yhhlwztlhpzhhxzqtzjj","managers":[{"stockCode":"db20380020","stockType":"fund_manager","exchange":"fm","tickerId":2308158080,"name":"王浩"}]},"announcement":{"linkText":"银华互联网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=708743","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e77fea5b3eb044ed31","date":"2021-09-29T16:00:00.000Z","stockId":3000000001808,"sao":"本季度市场剧烈震荡，投资难度很大。一条主线是碳中和背景下各地进入限电限产模式，高耗能产业受影响较大，部分行业产品价格因为限产而大幅上涨，业绩难以预测；一条主线是房地产的严厉调控引发严重后果，除地产企业的经营风险外，房地产新开工、土地拍卖数据都出现了大幅下滑。两条因素叠加下，宏观局势空前复杂，市场风格快速轮转。  本基金抓住碳中和主线，淡化对宏观经济的博弈，主要配置了受益于碳中和长期趋势的电动车、光伏、风电和国产化进度较快的半导体板块，维持中高仓位运行。  展望四季度，市场仍处于非常复杂的宏观背景下，限电、限产、地产调控、贸易纠纷仍是非常不确定的因素，市场的剧烈波动难以避免。本基金计划以不变应对变化，抓住碳中和和技术创新的核心趋势进行投资，除了继续看好电动车、光伏、风电半导体等景气度持续高涨的子行业，更多的新兴消费和技术创新个股也将进入价值区间。本基金将坚持成长创造价值的理念，客观评估景气、质地、估值的平衡，构建攻守兼备的组合，为投资者创造价值。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:47.437Z","fund":{"_id":3000000001808,"stockCode":"001808","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-25T16:00:00.000Z","setUpScale":341763000,"market":"a","tickerId":1808,"custody":"中国银行股份有限公司","name":"银华互联网主题灵活配置混合型证券投资基金","shortName":"银华互联网主题配置(001808)","fundSecondLevel":"hybrid","__csrcFundId":4331,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:40.458Z","masterFundFlag":1,"inceptionDate":"2015-11-17T16:00:00.000Z","fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华互联网主题配置","pinyin":"yhhlwztlhpzhhxzqtzjj","managers":[{"stockCode":"db20380020","stockType":"fund_manager","exchange":"fm","tickerId":2308158080,"name":"王浩"}]},"announcement":{"linkText":"银华互联网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=652874","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e77fea5b3eb044ed30","date":"2021-06-29T16:00:00.000Z","stockId":3000000001808,"sao":"上半年指数动荡空间不大，但个股和行业的机会非常多。年初以来，对流动性紧缩的担忧是市场的主要矛盾，造成去年涨幅较大的白马和成长股在2-4月持续回调，叠加大宗商品的持续反弹，通胀压力大幅提升，两重压制对股票市场造成巨大压力。进入2季度以后，流动性紧缩的预期开始缓解，大宗商品涨价告一段落开始逐步回落，对比特币炒作的打击也使得股票市场的流动性环境有明显改善，几重因素的叠加，使得股票市场在2季度走出了一波以流动性驱动、以成长股为主力的反弹行情。 本基金在5月之前以控制风险为主要目标，降低了前期涨幅较高的成长股的仓位，增加了金融板块的配置比例来降低波动。5月以后观察到大宗商品的涨价告一段落，对通胀的压力也开始缓解，流动性不再是A股市场的主要矛盾，本基金大幅提升了以新能源汽车、光伏、半导体为代表的成长股的配置仓位。坦率的说，这样的调整很难说是成功或者有效的，持仓结构与年初类似，但收益率显然不如持仓不动。","declarationDate":"2021-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:47.434Z","mo":"展望下半年，与大多数时候类似，用常规的策略分析框架并不能得出清晰的结论，宏观经济位于复苏抑或衰退的薛定谔状态，货币环境位于宽松抑或紧缩的两难处境，估值水平位于能上能下的十字路口，作为基金管理人，能依靠的自能是通过勤勉的研究、反复的推敲、谨慎的思考之后认定的来自企业的实实在在的可持续的成长，成长是股价上涨的最终的来源，是有底气做时间的朋友的基础，作为基金管理人，要时刻提醒自己抓住价值的根基所在，避免在纷繁复杂的宏观环境中迷失自我，浪费了时代赋予的机遇。碳中和当前是最代表时代方向的赛道，是具备了高度智慧和工业能力的人类共同体对地球的反哺和自我救赎，是可持续发展的基础。碳中和的本质是“万物电动化，电力绿色化”。以光伏为代表的新能源发电，最终要替代煤炭等传统能源成为主力能源， 未来还有20倍以上的发展空间。和过去不同的是，摆脱了补贴的新能源发电，其成长的持续性和稳定性都大大好于以前，这是确定的成长板块，中期和长期都有巨大的空间。电动车是万物电动化的典型代表，更好的性能、更低廉的价格、更智能的交互使得电动车逐渐成为消费者的主动选择而非政策推动的结果，从去年的5%到今年的10%，电动车渗透率快速提升。电动车带来了动力电池的增量市场，在产业政策引导下，中国的电池产业链具有强大的全球竞争力。在电气化和智能化过程中，国产汽车品牌面临一次绝佳的弯道超车的机会，可以预见5-10年内，自主品牌将成为国产汽车的主力并逐渐走向全球市场。电气化的另一面是智能化，以电源管理芯片、功率芯片、 AIOT智能芯片为代表的半导体需求也开启了新周期，“含硅量”的提升也带来半导体产业的巨大需求。以碳中和为方向激发的新能源和电动化的浪潮，进而引发电气化和智能化的需求，是当前科技创新的最清晰、最确定、最持续的方向，叠加复杂的国际关系带来的国产化要求，这些需求的强度又进一步被放大，这是科技创新的关键机遇期，也是成长股投资的黄金年代。作为基金管理人，期望能通过自己的努力，在科技创新的黄金赛道上，看的更清晰一些，看得更远一些，能抵御平庸的机会的诱惑，做伟大格局的瞭望者，同优秀企业一起成长。","fund":{"_id":3000000001808,"stockCode":"001808","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-25T16:00:00.000Z","setUpScale":341763000,"market":"a","tickerId":1808,"custody":"中国银行股份有限公司","name":"银华互联网主题灵活配置混合型证券投资基金","shortName":"银华互联网主题配置(001808)","fundSecondLevel":"hybrid","__csrcFundId":4331,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:40.458Z","masterFundFlag":1,"inceptionDate":"2015-11-17T16:00:00.000Z","fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华互联网主题配置","pinyin":"yhhlwztlhpzhhxzqtzjj","managers":[{"stockCode":"db20380020","stockType":"fund_manager","exchange":"fm","tickerId":2308158080,"name":"王浩"}]},"announcement":{"linkText":"银华互联网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=632768","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e77fea5b3eb044ed2f","stockId":3000000001808,"sao":"一季度市场走势剧烈波动，以春节为分水岭，节前市场延续去年4季度的亢奋情绪，以消费和各行业白马股等核心资产走强为主要标志，春节后市场剧烈调整，美债利率提升引发了对流动性的担忧，引发了估值较高的白马“核心资产”的剧烈回调，同时估值较低的金融和周期类板块涨幅较大。本基金一季度没有大仓位参与周期股的行情，仍以长期空间和业绩的确定性为核心考量的因素，重点配置的板块是受益于碳中和大趋势的新能源发电、电动车相关产业链，景气度高涨，持续成长的云计算板块以及业绩确定性高的消费龙头，同时适度增加了银行板块的配置来降低组合的波动，但短期市场风格偏向于周期等低估值板块，本季度组合净值跌幅较大，跑输基准。展望第二季度，本基金认为经过春节后的持续调整，市场机遇大于风险，应该积极把握机会累积收益。其中科技成长板块经过接近半年的持续下跌，性价比已经逐渐凸显，部分标的估值水平接近历史低位，云计算、半导体等高景气行业经过调整估值也基本合理。新能源的产业趋势在碳中和政策的持续加强下，未来的空间和确定性更加明晰，板块调整也比较多，行业景气度有望在二季度持续上行。消费板块基本面稳定，经过回调估值也趋于合理。总体上经济复苏趋势持续向上，利率的上升也是渐进式的过程，并不是股票市场的单一决定性因素，经过回调后的市场机会大于风险，值得乐观看待。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:47.431Z","fund":{"_id":3000000001808,"stockCode":"001808","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-25T16:00:00.000Z","setUpScale":341763000,"market":"a","tickerId":1808,"custody":"中国银行股份有限公司","name":"银华互联网主题灵活配置混合型证券投资基金","shortName":"银华互联网主题配置(001808)","fundSecondLevel":"hybrid","__csrcFundId":4331,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:40.458Z","masterFundFlag":1,"inceptionDate":"2015-11-17T16:00:00.000Z","fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华互联网主题配置","pinyin":"yhhlwztlhpzhhxzqtzjj","managers":[{"stockCode":"db20380020","stockType":"fund_manager","exchange":"fm","tickerId":2308158080,"name":"王浩"}]},"announcement":{"linkText":"银华互联网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=569490","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e77fea5b3eb044ed2e","stockId":3000000001808,"sao":"2020年新冠疫情的黑天鹅主导了全球的经济趋势，深刻影响了全球政治格局，甚至奠定了未来几年的发展趋势。为应对疫情的冲击，全球央行竞争性宽松，利率水平一再走低；受疫情冲击，全球制造业难以顺利运行，刺激出口持续超预期，拉动中国经济第一个走出疫情冲击进入复苏通道。本基金在疫情初期预判线上经济将得到明显的拉动，配置了以云计算为核心的软硬件标的，在一季度取得了明显的超额收益。同样受疫情影响，光伏新能源短期需求不足价格下跌，本基金预判产品价格下行反而会刺激了电厂投资方的回报率上行，在疫情缓和后需求有望快速回暖，因此在下半年配置了较多的光伏和电动车标的，取得了较大收益。主要依靠这两轮投资决策，本基金全年取得了比较满意的投资业绩。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:47.428Z","mo":"展望新一年，我们对权益市场的走势维持谨慎乐观的态度。虽然经过连续两年的大幅上涨，部分消费和成长板块标的估值不再便宜，性价比并不突出，但也确实尚未到大幅高估的程度，未来走势依然取决于估值和业绩的变化趋势，货币流动性带来的估值区间的变化以及经济复苏和产业趋势带来的企业盈利能力的持续性是当前要认真考量的核心因素。当前经济回暖的势头依然强劲，中国制造业在全球供应链中的地位的到进一步加强，出口持续走强，并拉动制造业投资持续超预期，因此这轮经济复苏的力度和持续性都值得乐观看待。流动性角度看，在全球大放水的背景下，我国央行的货币政策也难以明显紧缩，“不急转弯”代表温和的货币环境依然维持，不用担心货币政策的剧烈收紧带来的估值下降。操作上核心思路是抓住可以做多的时间窗口，以景气度提升为抓手、以长期竞争力为基础、以估值合理为前提，积极投资，累计收益。科技成长、新能源、高端制造、新兴消费等行业的基本面依然亮点较多，估值合理的真成长标的足以抵抗市场的波动，创造超额收益。","fund":{"_id":3000000001808,"stockCode":"001808","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-25T16:00:00.000Z","setUpScale":341763000,"market":"a","tickerId":1808,"custody":"中国银行股份有限公司","name":"银华互联网主题灵活配置混合型证券投资基金","shortName":"银华互联网主题配置(001808)","fundSecondLevel":"hybrid","__csrcFundId":4331,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:40.458Z","masterFundFlag":1,"inceptionDate":"2015-11-17T16:00:00.000Z","fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华互联网主题配置","pinyin":"yhhlwztlhpzhhxzqtzjj","managers":[{"stockCode":"db20380020","stockType":"fund_manager","exchange":"fm","tickerId":2308158080,"name":"王浩"}]},"announcement":{"linkText":"银华互联网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=552005","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e77fea5b3eb044ed2d","stockId":3000000001808,"sao":"三季度行情主要受流动性影响较大，7月延续流动性宽松和经济复苏的预期，市场快速上涨，但随着央行逐渐收紧流动性，市场利率水平明显回升，股票市场进入震荡状态，估值水平较高的科技成长板块回调明显，消费板块表现相对强势。本基金紧密跟踪流动性变化，结合产业趋势和股票性价比，及时减持了部分估值较高的科技股，并增加了景气度持续上行的光伏电动车等新兴产业，及时回避了高估值板块的回调，在本季度取得了远超基准的收益。展望四季度，流动性收紧的预期已经基本体现，市场有望逐步企稳，从估值驱动转向盈利驱动行情。本基金对经济复苏的进度预期乐观，仍为经过估值调整的科技成长股和景气向上的周期成长股都处于性价比不错的状态，本基金计划继续积极操作，在科技创新的大背景下，围绕硬件创新、线上经济、新能源等长期可持续增长的优质行业，精选标的，客观平衡估值和成长性，选出性价比高的优质标的来构建组合，取得超额收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:47.426Z","fund":{"_id":3000000001808,"stockCode":"001808","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-25T16:00:00.000Z","setUpScale":341763000,"market":"a","tickerId":1808,"custody":"中国银行股份有限公司","name":"银华互联网主题灵活配置混合型证券投资基金","shortName":"银华互联网主题配置(001808)","fundSecondLevel":"hybrid","__csrcFundId":4331,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:40.458Z","masterFundFlag":1,"inceptionDate":"2015-11-17T16:00:00.000Z","fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华互联网主题配置","pinyin":"yhhlwztlhpzhhxzqtzjj","managers":[{"stockCode":"db20380020","stockType":"fund_manager","exchange":"fm","tickerId":2308158080,"name":"王浩"}]},"announcement":{"linkText":"银华互联网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=488871","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e77fea5b3eb044ed2c","stockId":3000000001808,"sao":"上半年的震荡之剧烈堪称史上罕见，市场年初延续去年的乐观情绪，科技周期一度成为主旋律。但春节前突发疫情给经济带来前所未有的的压力和考验，在中国初步读过难关之后，疫情又在全球多个国家爆发至今没有得到有效的控制。为应对疫情对经济的影响，全球主要央行都采取了积极的货币政策，流动性宽松成了全球资本市场的主旋律。本基金紧密跟踪科技周期的主旋律，年初时对半导体和消费电子等硬科技配置较重，在国内疫情严重时又及时抓住了线上经济的热点。当全球疫情严重时，及时在市场悲观的底部区域增加了电动车和新能源的配置机会，上半年取得了较为理想的业绩回报。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:47.423Z","mo":"展望下半年，市场仍然处于流动性宽松的背景下，大概率仍处于估值提升的趋势中，本基金计划继续积极操作，在科技创新的大背景下，围绕硬件创新、线上经济、电动汽车等长期可持续增长的优质行业，精选标的，客观平衡估值和成长性，选出性价比高的优质标的来构建组合，取得超额收益。","fund":{"_id":3000000001808,"stockCode":"001808","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-10-25T16:00:00.000Z","setUpScale":341763000,"market":"a","tickerId":1808,"custody":"中国银行股份有限公司","name":"银华互联网主题灵活配置混合型证券投资基金","shortName":"银华互联网主题配置(001808)","fundSecondLevel":"hybrid","__csrcFundId":4331,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:40.458Z","masterFundFlag":1,"inceptionDate":"2015-11-17T16:00:00.000Z","fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华互联网主题配置","pinyin":"yhhlwztlhpzhhxzqtzjj","managers":[{"stockCode":"db20380020","stockType":"fund_manager","exchange":"fm","tickerId":2308158080,"name":"王浩"}]},"announcement":{"linkText":"银华互联网主题灵活配置混合型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=457204","linkType":"PDF","source":"csrc_pdf"}}]}