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三季度尤其是9月份最后一周，突发政策组合拳叠加重要会议推动市场预期出现重大转变，A股开始涌入大量资金，各大指数上涨，上证指数冲破了3300点，创下了一年多以来的新高。四季度市场开始过渡到结构行情，交易层面的力度和量能减弱，市场平均交易量和交易额回落，同时结构上分化明显，小微盘股表现优于大盘。操作层面，我们上半年主要从三个维度寻找行业或公司：一是AI创新，作为时代主流的技术创新，在波动较大的行情中寻找布局的机会。二是供给侧格局良好的公司或者行业，处于周期相对低位叠加利好政策的标的是我们布局和寻找的重点。三是布局海外的公司，尤其是真正从产品输出走向管理、技术、营销品牌输出的国际化中国公司。三季度我们判断全A的估值已经到了相对低位，但考虑到盈利尚未明显改善，在财政正式发力以及美联储确定降息之前，市场弹性机会有待观察。在美联储降息兑现之后，国内接连出台相关利好政策，考虑到大小盘估值，以及监管层面边际在缓和，市场的流动性也相对宽松，我们倾向于认为小盘风格更有阶段性的机会，但在更长的维度，红利风格依旧是适合做底仓的风格。11月份基金开始调整新能源和部分科技股，将仓位调整至消费和医药，前者是因为符合政策激励和改革的方向，同时经济增速和结构上的变化推动新的消费趋势快速崛起，后者是因为商保支付体系的充实与完善有望推动医药医疗的消费升级。对于我们长期关注的科技板块，我们认为市场共识度较高，AI算力、应用、国产化替代、机器人等板块的标的已经较为泛化，更多的是阶段性的快速涨跌。尽管如此，我们仍持续保持对AI眼镜、卫星互联网、AI应用、机器人等几个方向的关注。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:55.343Z","mo":"当前时点展望全年，尽管去年9月后A股经历了一轮估值修复，但估值仍然具有一定吸引力。从股债性价比来看，当前全A市盈率倒数与国债收益率的差值处于5年滚动平均值1倍标准差以上的位置，股票的性价比凸显。更重要的是，尽管市场对经济复苏的路径仍有不确定性，但当前时点经济有望企稳，这在长维度上有利于风险偏好的提升。宏观层面，无风险利率的下行仍然是大概率事件，这意味着今年可以适度投资“梦想”，但在仰望星空的同时，不能否认国家层面对于消费的重视度正在提升，经济转型期经济的驱动力从制造业转为消费也是海外国家走过的经验，因此，我们会在今年开始增加对于新消费的研究。在新技术方面，我们关注电子半导体、计算机、传媒、机器人、卫星互联网等板块。","fund":{"_id":3000000016105,"__csrcFundId":11532,"stockCode":"016105","shortName":"申万菱信兴乐优选混合(016105)","masterFundShortName":"申万菱信兴乐优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16105,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:54:54.566Z","status":"normal","exchange":"jj","fundCollectionId":4000050340000,"name":"申万菱信兴乐优选混合型证券投资基金","inceptionDate":"2022-08-23T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-23T16:00:00.000Z","setUpAssetScale":460293671.01,"setUpShares":460293671.01,"pinyin":"swlxxlyxhhxzqtzjj","managers":[{"stockCode":"db20144838","stockType":"fund_manager","exchange":"fm","tickerId":610120120,"name":"付娟"},{"stockCode":"db20889934","stockType":"fund_manager","exchange":"fm","tickerId":122624221560,"name":"娄周鑫"}]},"announcement":{"linkText":"申万菱信兴乐优选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=1252277","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1a77fea5b3eb05210f4","date":"2024-09-29T16:00:00.000Z","stockId":3000000016105,"sao":"三季度以长期震荡调整以及短期快速上涨的方式结束震荡期。第一阶段是从7月开始震荡调整到9月18日出现3季度新低，第二阶段则是从9月19日到9月30日这波快速上涨，由于一周内突发政策组合拳叠加重要会议导致市场预期出现重大转变，A股开始涌入大量资金，各大指数共振上涨。尤其是9月份最后几个交易日，上证指数迅速冲破了3300点，创下了一年多来的新高。操作层面，我们在季度初判断全A的估值已经具备一定性价比，但考虑到盈利处于相对低位，在财政正式发力以及美联储确定降息之前，市场的弹性机会仍待观察。在美联储降息超预期兑现之后，国内接连出台相关利好政策，考虑到大小盘估值的相对极端，以及监管层面边际在缓和，市场的流动性也不差，我们倾向于认为小盘风格更有阶段性的机会，但在更长的维度，红利风格或依旧是值得予以关注的风格。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:55.341Z","fund":{"_id":3000000016105,"__csrcFundId":11532,"stockCode":"016105","shortName":"申万菱信兴乐优选混合(016105)","masterFundShortName":"申万菱信兴乐优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16105,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:54:54.566Z","status":"normal","exchange":"jj","fundCollectionId":4000050340000,"name":"申万菱信兴乐优选混合型证券投资基金","inceptionDate":"2022-08-23T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-23T16:00:00.000Z","setUpAssetScale":460293671.01,"setUpShares":460293671.01,"pinyin":"swlxxlyxhhxzqtzjj","managers":[{"stockCode":"db20144838","stockType":"fund_manager","exchange":"fm","tickerId":610120120,"name":"付娟"},{"stockCode":"db20889934","stockType":"fund_manager","exchange":"fm","tickerId":122624221560,"name":"娄周鑫"}]},"announcement":{"linkText":"申万菱信兴乐优选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=1175063","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1a77fea5b3eb05210f3","date":"2024-06-29T16:00:00.000Z","stockId":3000000016105,"sao":"上半年A股市场整体波动较大，几大宽基指数表现分化，大盘蓝筹明显强于中小盘成长。多数板块和个股跟随大盘调整，少量板块走出独立行情。一季度，在政策频出利好和场外增量资金的驱动下，A股市场走出V形反转，期间深证成指最高反弹27.35%，上证指数最高反弹17.27%。其中通信、计算机、传媒等板块涨幅居前，低空经济、人工智能、新能源汽车、机器人等多个科技属性的板块轮番活跃。二季度市场处于窄幅震荡状态，其中4月份市场较为活跃，整体走势震荡偏强。5、6月份增量资金减缓入场，相关指数震荡走弱。二季度较为活跃板块包括AI手机概念股、房地产板块、“车路云”概念股等等。我们判断A股或会继续演绎结构性行情，同时关注政策方面的重大变化。市场尚需要一段时间的过渡，该过渡期可能由于美联储降息预期提升以及中国稳增长政策推动而变短。长期来看，政策起效与公司盈利质量改善是主要驱动力，我们关注以下几个维度：1）科技成长板块。国外科技巨头大幅提升资本开支，完善“AI铲子”逻辑，产业链上的国产算力以及国内应用相关的方向值得重视。2）供给侧格局良好的公司或者行业，在周期的相对低位叠加利好政策的相关标的。3）关注海外的公司，从产品输出走向管理、技术、营销品牌输出的国际化中国公司。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:55.338Z","mo":"当前时点展望下半年，A股已经处于估值整体相对合理的位置。从股债性价比来看，当前全A市盈率倒数与国债收益率的差值处于5年滚动平均值2倍标准差以上的位置，股票相对债券的性价比凸显。即使我们不考虑资产之间的平衡，单看破净率（市净率不足1倍的个股占全部A股的比例），目前A股14%左右的破净率，比2005年6月底（13.5%）、2008年10月底（10.9%）、2018年底（11.4%）都高。盈利的层面，PPI的基数效应让下半年盈利有望改善。中长期的维度，二十届三中全会旗帜鲜明地释放了进一步深化改革的信号，高质量发展下的中国式现代化框架进一步明晰，经济正在固本培元。综上，我们认为市场已经具备一定性价比，当前位置机会或大于风险，努力挖掘结构性机会以期赚取时代的红利。","fund":{"_id":3000000016105,"__csrcFundId":11532,"stockCode":"016105","shortName":"申万菱信兴乐优选混合(016105)","masterFundShortName":"申万菱信兴乐优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16105,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:54:54.566Z","status":"normal","exc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药医疗服务、通用自动化，适度加配了TMT板块。同时，也开始关注一些低位的板块，比如汽车零部件等，这些板块具备一定的性价比。至于单一AI风格的切换，猜测一下有这么几个可能：1）监管政策的出台，我认为包含两个层面，一个是对于AI生成内容的监管，一个是对于数据安全的监管，监管有利于产业更良性健康的发展，也或会让市场回归理性；2）经济复苏部分超预期的行业，以及需求超预期的板块出现较高性价比的时候，资金可能重新进行切换；3）出现了新的外围事件导致风险偏好下降。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:55.323Z","fund":{"_id":3000000016105,"__csrcFundId":11532,"stockCode":"016105","shortName":"申万菱信兴乐优选混合(016105)","masterFundShortName":"申万菱信兴乐优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16105,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:54:54.566Z","status":"normal","exchange":"jj","fundCollectionId":4000050340000,"name":"申万菱信兴乐优选混合型证券投资基金","inceptionDate":"2022-08-23T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-23T16:00:00.000Z","setUpAssetScale":460293671.01,"setUpShares":460293671.01,"pinyin":"swlxxlyxhhxzqtzjj","managers":[{"stockCode":"db20144838","stockType":"fund_manager","exchange":"fm","tickerId":610120120,"name":"付娟"},{"stockCode":"db20889934","stockType":"fund_manager","exchange":"fm","tickerId":122624221560,"name":"娄周鑫"}]},"announcement":{"linkText":"申万菱信兴乐优选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=881697","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1a77fea5b3eb05210ed","date":"2022-12-30T16:00:00.000Z","stockId":3000000016105,"sao":"自2022年年初开始，受到地缘政治、美联储加息预期以及国内外疫情多重因素的影响，市场短时间内大幅调整，整个一季度市场表现较弱。二季度复工复产有序推进，国内利好政策不断加码，市场逻辑转为景气度驱动，各大股指在此期间反弹。下半年，在内外需转弱、实体融资需求下滑、PMI收缩幅度扩大、国内政策基调尚不明朗等多重因素影响下，市场持续震荡下行。整个2022年，上证指数累计下跌15.13%，深证成指累计下跌25.85%，创业板指累计下跌29.37%。本基金自三季度后期开始建仓。三季度汽车、光伏、新能源车等热门赛道拥挤度已下降到较合理水平，在没有增量资金的情况下，资金更加倾向于流向筹码稀薄的品种，或者在个别的热门股票上。我们判断部分成长股估值已经处于相对历史低位，具备了一定的性价比，包括医药、计算机、电子、新能源等。因此，更多是立足于中期的逻辑结论，在风险偏好快速转变的过程中，依据成长股内部结构变化做出“左右均衡”的配置，在建仓方面选择具备长期竞争力壁垒、业务存在长期成长空间的成长股。四季度，交易的逻辑围绕“后疫情”主线与经济复苏主线展开，防疫、地产、线下消费等板块均出现上涨，前期跌幅较大的地产链和互联网平台表现较强，呈现超跌反弹的市场特征，不过依然属于政策预期和远期基本面定价的阶段，短期之内可供验证的基本面数据不足，因此行情波动较大、博弈较为剧烈。我们较多关注在计算机板块，以及医疗医药、汽车电子、化工和通用自动化，主要目的是为2023年的投资结构做出调整。报告期内，市场的变化以及净值回撤促使我们更多地关注与思考产业发展的趋势，密切跟踪持仓公司的基本面变化，以及市场的认知和反应，并基于以上各方面进行总结与判断。我们持续反思过去哪些操作动作可以做的更加完美，并回到研究的起点来检视自己和市场的逻辑差异，勇于自我批判，最终确定真正的市场空间。尽管过程较为颠簸，我们希望借此实现风险与收益之间的均衡匹配，以期为投资者带来稳健的超额收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:55.320Z","mo":"2023年中国经济向上、海外经济向下走势相对明朗，所以全球资金有加配中国资产的趋势。当然，在经济复苏的初期，市场结构尤其是海外资金或更加偏好价值白马股或者低估值股票。因为在复苏的初期，尤其是考虑到新冠病毒疫情的干扰，大市值公司抵抗不确定性的能力可能更强，甚至率先复苏的概率也较高。当前，我们认为价值白马的市场表现还有待观望，一方面因为2017年是海外经济与中国经济共振向上，另一方面因为棚改货币化，当时居民的杠杆率低至40%。而且，那个阶段中国纳入MSCI的权重不断提升。对照当前的情况来看，以上因素都不具备，所以价值白马的业绩弹性和估值弹性或将弱于2017年，现在或更应该重视有经济复苏弹性的成长股。2023年我们将同时考虑周期向上的beta因素，以及个股的alpha特点，两者的结合更为重要。本基金将在受益于周期向上的板块比如计算机、通用机械、化工、医药和电子半导体中，寻找更多的个股机会，以期为投资者带来更加稳健的收益。","fund":{"_id":3000000016105,"__csrcFundId":11532,"stockCode":"016105","shortName":"申万菱信兴乐优选混合(016105)","masterFundShortName":"申万菱信兴乐优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16105,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:54:54.566Z","status":"normal","exchange":"jj","fundCollectionId":4000050340000,"name":"申万菱信兴乐优选混合型证券投资基金","inceptionDate":"2022-08-23T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-23T16:00:00.000Z","setUpAssetScale":460293671.01,"setUpShares":460293671.01,"pinyin":"swlxxlyxhhxzqtzjj","managers":[{"stockCode":"db20144838","stockType":"fund_manager","exchange":"fm","tickerId":610120120,"name":"付娟"},{"stockCode":"db20889934","stockType":"fund_manager","exchange":"fm","tickerId":122624221560,"name":"娄周鑫"}]},"announcement":{"linkText":"申万菱信兴乐优选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=870981","linkType":"PDF","source":"csrc_pdf"}}]}