window.pageData = {"stock":{"_id":3000000016234,"name":"财通景气行业混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","closedEnd":null,"stockCode":"016234","tickerId":16234,"shortName":"财通景气行业混合C","currency":"CNY","exchange":"jj","fundCollectionId":4000050660000,"inceptionDate":"2022-07-14T16:00:00.000Z","followedNum":5,"status":"normal","masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"ctjqhyhhxzqtzjj","memoNum":1,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50660000","tickerId":50660000,"name":"财通基金管理有限公司"},"managers":[{"name":"沈犁","stockType":"fund_manager","stockCode":"db20786780","exchange":"fm","tickerId":1912218510}],"hotMetrics":{"fss":{"stockId":3000000016234,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.5468,"f_ind_h_s_r":0.4532,"f_h_a":6773,"f_h_s_a":17949,"f_ind_h_s_r_c_hy":-0.5468,"f_ins_h_s_r_c_hy":0.5468,"f_ind_h_s_r_c_1y":-0.5468,"f_ins_h_s_r_c_1y":0.5468,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000016234,"type":"fpr","f_p_r_fys_ssc":8947,"f_p_r_fys_ssrp":0.03666443103062821,"f_p_r_m1_ssc":9334,"f_p_r_m1_ssrp":0.1434694096217722,"f_p_r_m3_ssc":9171,"f_p_r_m3_ssrp":0.03424209378407852,"f_p_r_m6_ssc":8947,"f_p_r_m6_ssrp":0.03666443103062821,"f_p_r_y1_ssc":8422,"f_p_r_y1_ssrp":0.057356608478802994,"f_p_r_y2_ssc":7792,"f_p_r_y2_ssrp":0.02220510845847773,"f_cagr_p_r_fs_ssc":9328,"f_cagr_p_r_fs_ssrp":0.05961187948965369,"f_p_r_y3_ssc":7007,"f_p_r_y3_ssrp":0.012132457893234371},"fp":{"stockId":3000000016234,"type":"fp","f_p_r_fys":0.7633889723914271,"f_p_r_m1":0.08869352869352931,"f_p_r_m3":0.6701131340376123,"f_p_r_m6":0.7633889723914271,"f_cagr_p_r_fs":0.3091167124605998,"f_p_r_d1":0.023083499572527755,"f_p_r_y1":1.4168925512306219,"f_p_r_y2":2.686290722672406,"last_data_date":"2026-07-02T16:00:00.000Z","f_p_r_y3":2.4415624517523598,"f_i_d":"2022-07-14T16:00:00.000Z"},"ff":{"stockId":3000000016234,"type":"ff","f_m_f":1450384,"f_m_f_r":0.012,"f_c_f":241730,"f_c_f_r":0.002,"f_m_a_c_f":1692114,"f_m_a_c_f_r":0.014,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2026-07-02T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000016234,"type":"f_nlacan","f_nv_d":"2026-07-02T16:00:00.000Z","f_nv":2.2291,"f_nv_cr":0.010700521423713472},"f_as":{"stockId":3000000016234,"type":"f_as","f_tas":348647933.1702,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010418,"stockId":688498,"holdings":56153,"marketCap":56458472,"netValueRatio":0.0874,"quarterlyChange":0.5661303135562865,"stock":{"name":"源杰科技","exchange":"sh","stockType":"company","stockCode":"688498","tickerId":688498}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010418,"stockId":688037,"holdings":328713,"marketCap":55079150,"netValueRatio":0.0853,"quarterlyChange":0.1282741902902158,"stock":{"stockCode":"688037","tickerId":688037,"exchange":"sh","stockType":"company","name":"芯源微"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010418,"stockId":300502,"holdings":106304,"marketCap":47075663,"netValueRatio":0.0729,"quarterlyChange":0.027757148161901002,"stock":{"stockCode":"300502","exchange":"sz","stockType":"company","tickerId":300502,"name":"新易盛"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010418,"stockId":688372,"holdings":338545,"marketCap":43266051,"netValueRatio":0.067,"quarterlyChange":0.1715097625813553,"stock":{"name":"伟测科技","exchange":"sh","stockType":"company","stockCode":"688372","tickerId":688372}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010418,"stockId":688012,"holdings":139759,"marketCap":42819362,"netValueRatio":0.0663,"quarterlyChange":0.12342329128776686,"stock":{"stockCode":"688012","exchange":"sh","stockType":"company","tickerId":688012,"name":"中微公司"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010418,"stockId":600105,"holdings":1467000,"marketCap":40694580,"netValueRatio":0.063,"quarterlyChange":0.10517928286852563,"stock":{"stockCode":"600105","exchange":"sh","stockType":"company","tickerId":600105,"name":"永鼎股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010418,"stockId":300658,"holdings":1740100,"marketCap":39987498,"netValueRatio":0.0619,"quarterlyChange":0.5506072874493939,"stock":{"stockCode":"300658","exchange":"sz","stockType":"company","tickerId":300658,"name":"延江股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010418,"stockId":300548,"holdings":256200,"marketCap":39237030,"netValueRatio":0.0608,"quarterlyChange":0.07852112676056344,"stock":{"stockCode":"300548","exchange":"sz","stockType":"company","tickerId":300548,"name":"长芯博创"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010418,"stockId":2384,"holdings":360500,"marketCap":37239650,"netValueRatio":0.0577,"quarterlyChange":0.22031896042528043,"stock":{"stockCode":"002384","exchange":"sz","stockType":"company","tickerId":2384,"name":"东山精密"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010418,"stockId":601208,"holdings":1261020,"marketCap":37010937,"netValueRatio":0.0573,"quarterlyChange":0.08734681128186716,"stock":{"stockCode":"601208","exchange":"sh","stockType":"company","tickerId":601208,"name":"东材科技"}}]},"list":[{"_id":"69e8eb3e1398d79843fe908c","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000010418,"sao":"2026年一季度市场行情前高后低，受到数个因素的影响叠加：一是宏观经历较大波折，主要变化来自中东冲突，导致国际油价大幅波动，如果能源成本长期维持高位，将压制下游需求，也会限制各国央行实施宽松货币政策的能力，冲突走向的不确定性压制了市场的风险偏好；二是人工智能带动下游应用渗透率持续提升，从推理应用延伸到智能体，以OpenClaw为代表的智能体已经渗透至工作和生活的各个领域，算力需求持续爆发、供不应求；三是半导体国产化比率继续提升，先进制造业投资积极性维持高位。综合以上变化，我们认为过去一年市场宽松的资金环境可能会在未来趋紧，但我国经济的制造业转型升级并未受影响，人工智能的跨越式发展仍在，国内制造业在全球产业地位逐步提升，所以我们对市场仍然保持乐观态度。本基金持续关注以下几个细分方向：一是人工智能产业链，智能体今年实现零到一的突破，将打开更广阔的应用前景；二是国产半导体继续加速发展，全球半导体产业周期上行，这对国内产业链带动会更加明显；三是传统制造业出海，经过2025年贸易摩擦，大部分头部公司都在加速落地海外布局，未来抗风险能力有望提升；四是金属周期，铜、金等主要金属在未来数年将面临供给略微增长的约束，在地缘和贸易形式紧张的环境下，各国也在加大对本地资源的保护，带动细分品种景气向好；五是国内消费，我们观察到在经历数年表现较弱后，消费环境初现企稳迹象。","lastUpdated":"2026-04-22T15:37:34.710Z","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行业混合型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1480857","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69cc263b1dc8b83221c664f5","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-30T16:00:00.000Z","stockId":3000000010418,"sao":"2025年市场经历大幅震荡，主要是海外宏观在上半年的波动所导致，而放眼全年，国内经济呈现企稳、结构转型支撑增长、海外预期震荡回升的局面。国内经济方面，上市公司利润增速在2025年前三季度实现正增长，我们认为该趋势有望延续。国内经济能够实现较好增长，主要得益于高科技领域的持续突破，我们看到半导体制造业稼动率饱满、各个环节都有提价的趋势，在新兴领域比如商业航天，我们看到大规模产业化有望落地的积极信号。虽然部分传统产业出现反复，比如依靠前期补贴和政策支撑的行业在退坡后略有疲软，但上游行业因为反内卷的实施，制造业附加值如PPI等出现企稳信号。全球经济由于美国反复无常的关税产生波动，但当市场熟悉了Taco策略后，产业界和二级市场信心得到恢复，关税冲突反而加速了头部公司出海布局的进度，进而有望降低后续发展的风险。本基金持续关注以下几个细分方向：一是AI产业链，某行业龙头在2025年11月发布新一代大模型，证明scaling law仍然有效，这会激励各方参与者继续加大训练投入，2026年可以期待在新一代算力卡训练下的大模型会有更大的进步；二是半导体将迎来周期上行和国产化的双重加持，资本市场的热度回升会反馈产业链的进步，成熟制程保持高稼动率、证明国产替代的持续发生，先进制程在快速追赶、构成更大的发展空间；三是传统制造业出海，经过2025年贸易冲突，大部分头部公司都在加速落地海外布局，未来抗风险能力有望显著提升；四是国内消费，我们持续关注性价比消费；五是金属周期，除了铜、金等主要金属在供给紧张的大周期之外，部分小金属也表现出较好的景气趋势。","lastUpdated":"2026-03-31T19:53:31.601Z","mo":"2026年市场有望延续2025年的趋势，一是国内经济在科技产业突围的局面下实现高质量增长，构成二级市场乐观预期的底层基础；二是传统产业在反内卷持续深化的助力下实现利润的更合理分配；三是政策会持续关注地产、消费等疲软环节的拖底；四是海外发达经济体普遍进入财政或货币宽松周期，主力全球需求好转和资金宽松。不确定性可能来自于美联储政策预期的变化，以及地缘冲突能否停留在可控范围内。","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行业混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1461687","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd9a7fea5b3eb04dcbca","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000010418,"sao":"2025年三季度市场经历了快速的上涨行情，我们看到了基本面和资金面的共振。一是全球宏观经济的企稳预期在加强，由于美国在2025年4月初发动针对全球的贸易摩擦，市场一度陷入恐慌，但后续贸易摩擦出现转向，各方都在积极努力谈判，叠加美联储降息的预期不断提升，全球宏观预期从低位逐步回升。二是国内经济有初步企稳迹象，比如M1和M2增速剪刀差在收窄，国债利率企稳回升，上半年各项经济指标也表现良性。三是资金面出现回归，由前几年的红利、稳健类资金回流到权益市场中。虽然后续贸易环境、经济复苏可能存在反复，但我们认为向好的大趋势仍然成立。本基金目前重点关注以下几类方向：一是AI产业链，我们看到不论国内还是海外的AI产业都在如火如荼地发展，人工智能替代脑力重复劳动的浪潮已经初现端倪，AI渗透率在加速提升，产业界的投资热情不断提升；二是半导体的国产替代，贸易摩擦加速了国产化的进程，资本市场回暖也帮助国产化在融资端发力；三是制造业出海，海外市场相较于国内市场更大，贸易摩擦环境下能够在海外布局产能和渠道的公司可能会更显竞争力，份额有望进一步集中；四是消费，我们目前主要关注性价比消费；五是金属周期，我们观察到铜、金等金属处于供需紧张的大周期下，同时国内矿业公司也在积极出海获取资源，具备成长性。","lastUpdated":"2026-03-09T13:39:38.984Z","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行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=1381419","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd9a7fea5b3eb04dcbc9","date":"2025-06-29T16:00:00.000Z","stockId":3000000010418,"sao":"2025年上半年，全球经济经历较大波折：一是美国对全球加征关税，对全球资产造成影响，同时也导致美联储对降息更加谨慎；二是海外区域冲突仍存；三是国内经济保持平稳运营，虽然关税导致出口产业链预期出现较大波动，但是得益于中国政府及时采取措施，因此我们认为出口产业后续仍然有可能通过谈判解决当前的问题。我们认为未来AI产业链仍然是拉动增长的主要线索，即使在全球宏观预期大幅波动的背景下，国内外对AI投资仍较为积极，在下游各个领域的渗透率持续提升，产业处于快速成长期，我们在二季度保持了对AI产业链的投资。此外我们增持了半导体领域的投资，我们认为国产化趋势在贸易摩擦形势下有加速的迹象，国内半导体公司从2018年孕育起步至今，已经经历一个完整的上行和下行周期，当前可能正处于第二上行周期内，且一轮周期也让市场筛选出初步具备竞争力的公司，我们认为这些公司增长前景广阔。另外，我们保持对消费、周期等领域的关注。","declarationDate":"2025-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:38.981Z","mo":"我们认为2025年下半年的宏观环境会较上半年更加有利，一是贸易战最激烈阶段或许已经过去，在中国政府及时采取应对措施的背景下，中美已经开始正式接触和谈判；二是国内政策开始发力，对产能过剩领域进行反内卷式控制，意图恢复中游产业盈利空间；三是海外经济在贸易战形势下保持平稳，且后续有美联储降息的可能性。国内市场今年上涨的方向较多，机器人、创新药、新消费、人工智能等均有可观涨幅，我们认为下半年部分板块仍然有机会延续表现，同时也可能在其它领域出现新的机会。今年对选股的投资策略较为友好，流动性宽松的背景下，具备业绩持续兑现的公司或将会有较好的上涨机会。","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行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=1351342","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd9a7fea5b3eb04dcbc8","date":"2025-03-30T16:00:00.000Z","stockId":3000000010418,"sao":"2024年下半年，在政策明确转向的背景下，2024年四季度宏观经济初步企稳，并在2025年一季度延续，一二线城市核心区域的房价趋稳，地产销售额降幅收窄明显，此外DeepSeek的横空出世，打开了国内人工智能的应用空间，资本市场对以上积极变化给予正面反馈，内需、科技等板块表现突出。外需市场今年出现变化，在贸易摩擦背景下，市场开始对今年全球宏观环境产生担忧。我们在一季度维持了消费板块的持仓，聚焦平替消费，顺应质价比崛起趋势。我们维持了通信的持仓，虽然海外需求有一定压力，但人工智能在下游各个领域已经开始全面应用，我们认为渗透率有望继续提升。我们增持了周期板块，尤其是猪周期的持仓，我们预计今年猪价可能会在弱势区间运行，有望重新开启去产能，届时具备低成本扩张的公司有望迎来估值修复。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:38.978Z","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行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=1277191","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd9a7fea5b3eb04dcbc7","date":"2024-12-30T16:00:00.000Z","stockId":3000000010418,"sao":"市场在2024年经历了较大波动，主要是前三季度经济放缓，而从9月开始政策层面转向，并且做出相应的动作：一是降息降准，进一步放松货币政策，二是设立政策工具，支持上市公司和主要股东增持、回购股票，三是房地产方面，降低首付比例，四是大力度支持地方政府解决债务问题，五是中央财政加大杠杆力度，在化债、消费刺激、民生保障等方面加大投入，将“大力提振消费”放在重要位置。在政策明确转向的背景下，2024年四季度宏观经济初步出现企稳迹象，一、二线城市核心区域的房价企稳，地产销售额降幅收窄明显，在消费政策刺激的领域，比如汽车和家电、家居，销售增速有所回升。证券市场也给出积极反馈，2024年9月以来涨幅明显。展望2025年，我们认为友好的政策环境会持续，宏观信心有希望逐步回稳，挑战可能主要来自于外部地缘和贸易环境。我们在年初重点增加了半导体国产化的标的，在二季度增加了出海公司的持仓，在三季度增加海外科技硬件标的，在四季度增加了消费板块的持仓。关于消费板块，我们认为，近几年平价消费、质价比消费崛起，消费观念已经出现转变，同时上游供应链也利用这几年的时间加速转型，部分反应迅速的公司已经初步获得先机，未来几年有望通过更高效的供应链、更具竞争力的成本和价格优势持续获取市场份额，成长前景可期。对于通信和半导体板块的持仓，我们认为人工智能已经在下游各个领域初步应用，效果令人满意，渗透率有望快速提升，硬件的投资浪潮也有望延续。我们下半年减少了化工板块的配置，基于油价的弱平衡、以及未来供需关系走弱的可能，化工板块的盈利空间可能会受到压制。对于出海相关公司的持仓，我们认为在全球范围对比，国内公司具备较好的竞争力，具有海外产能和渠道精耕的公司，在未来有较好的机会获得增长。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:38.976Z","mo":"2025年市场的波动性我们认为或将有所降低，主要是一些不确定性的减弱，一是国内政策的态度明确，趋向内需和保持经济增长，二是地缘冲突的影响在2024年已经较为充分预期，产业和市场已经有充足时间应对。我们认为投资机会可能比过去几年要多，一是来自于平价消费和服务消费继续提升渗透率，二是AI在完成0-1的阶段后，进入1-10的应用化阶段，三是半导体国产持续深化，叠加一、二级市场融资环境改善的持续助力。","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行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=1258347","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd9a7fea5b3eb04dcbc6","date":"2024-09-29T16:00:00.000Z","stockId":3000000010418,"sao":"2024年三季度市场变化较大。在9月中旬之前，随着“517”地产新政影响减弱，宏观经济趋弱，通缩和全社会预期下行出现加速迹象，出海公司的订单在经历前期高增长后有所放缓，海外需求出现波动，且面临的海外政局和大选不确定性大幅上升，市场流动性和成交量逐步下行，全市场估值承压。但9月下旬引来政策底，让市场悲观的预期快速扭转：一是货币政策放松，进一步降息降准，尤其是降低存量房贷利率、统一房贷和最低首付比例等五项房地产金融政策，同时支持了房地产市场和消费者信心改善；二是央行与证监会、金融监管总局协商创设两项货币政策工具，支持符合条件的证券、基金、保险公司通过资产质押，从中央银行获取流动性，以及引导银行向上市公司和主要股东提供贷款，支持回购和增持股票，直接改善市场的流动性预期；三是政治局会议提前召开，重点讨论经济议题，说明政策重心阶段性为完成全年增长任务，更加重视经济增长，要求“要抓住重点、主动作为”，政治局会议强调要“正视困难、坚定信心，切实增强做好经济工作的责任感和紧迫感”，政策决心明显上升；四是市场预期后续在财政层面会加大力度托底，通过加大国债发行，支持地产政府化债、刺激消费、房地产等几个重要领域。我们在三季度增加了通信板块的持仓，基于人工智能带来的投资浪潮趋势，今年开始，人工智能在云计算、广告、软件等领域已经开始快速渗透，在工业制造、金融、医药等传统领域的应用也逐步启动。我们认为人工智能带来的上游硬件投资需求具备持续性，可能会比市场预期的更为乐观。我们也增加了化工相关的持仓，我们认为市场由于担心全球需求放缓，对油价的悲观预期压制化工相关公司估值，这对于有增长空间的优质化工标的是较好的布局机会。我们维持了出海相关的公司持仓，我们认为国内公司具备较好的竞争力，在部分领域积极布局出海产能和渠道的公司，在未来仍然很大机会获得可观的增长空间。同时，我们保持对国内高端制造业升级的关注，我国庞大的内需市场、全球制造业中枢的地位、人才红利以及有力的政策支持，都有望推动高附加值的产业继续发展，为中国经济的未来奠定坚实的基础。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:38.973Z","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行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=1171604","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd9a7fea5b3eb04dcbc5","date":"2024-06-29T16:00:00.000Z","stockId":3000000010418,"sao":"2024年上半年宏观环境复杂多变，我们认为全球经济增长动能都不算强劲，国内面临有效需求不足、社会预期偏弱等挑战。政策层面在主动积极调整，“517”地产新政的力度超出市场预期，对楼市提振作用明显，我们认为这可能支撑未来一段时间楼市成交量，有望助力缓解房价下行的预期，帮助提升社会预期，另外新一轮财税改革箭在弦上，调整消费税和增值税，健全直接税体系，拓展地方收入来源，引导地方改善消费环境，有望增强地方政府应对风险和挑战的能力、完善地方经济结构。在这样的背景下，我们增加了对出口和海外需求相关方向的关注，重点关注中国具备竞争优势，海外布局较为成熟，且未来具备增长空间的方向。同时，我们保持对国内高端制造业的关注，不论从国产化的发展空间，还是产业支持政策角度，该领域都具备持续增长的动力。虽然我们不能依赖国际协作轻松完成产业升级，但巨大的内需市场、全球制造业中枢的地位、人才红利以及有力的政策支持，都有望推动高附加值的产业继续发展，为中国经济的未来奠定坚实的基础。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:38.970Z","mo":"我们认为今年市场并不缺少投资机会，红利方向、出海方向具有较好表现。即使面临信心不足的内需和复杂多变的外部环境，但产业升级的空间和方向没有变化，国内优质产能输出至全球也符合客观经济规律，我们仍会在符合发展趋势的方向上积极寻找投资机会。","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行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=1153246","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd9a7fea5b3eb04dcbc4","date":"2024-03-30T16:00:00.000Z","stockId":3000000010418,"sao":"在2024年的第一季度，市场经历了一次较为显著的波动。我们认为这一波动的主要原因在于流动性风险的加剧，另外，自2023年下半年开始，经济的基本面就已经显现出了逐渐放缓的迹象，这对投资人的信心产生一定的影响。尽管面临这样的情况，但我们对于2024年的市场与经济环境仍保持着乐观的预期。首先，国家设定的全年GDP目标增长率为5%，这为我们提供了一个明确的经济增长指引，预示着经济增长将保持相对稳定，同时，年初的降息和特别国债的发行也为我们展现出了政府较为积极的政策安排，这无疑为市场的稳定发展提供了有力的支持。其次，政府正在积极引导上市公司加强股东回报，这不仅能够增强投资者的信心，还能够进一步稳定市场。此外，海外经济的企稳以及下游的补库存也为我们的乐观预期提供了有力的支撑，从年初至今，全球PMI呈现出底部抬升的趋势，这预示着今年大概率是全球经济温和恢复的一年。在这样的背景下，我们将继续关注内需的投资机会，并加大对高端制造业的关注度。因为从中长期的角度来看，中国制造业的转型升级无疑是未来经济增长的最大方向。虽然我们不能完全依赖国际协作轻松完成产业升级，但巨大的内需市场、全球制造业中枢的地位、人才红利以及有力的政策支持，都有望推动高附加值的产业继续发展，为中国经济的未来奠定坚实的基础。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:38.968Z","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行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=1076258","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd9a7fea5b3eb04dcbc3","date":"2023-12-30T16:00:00.000Z","stockId":3000000010418,"sao":"2023年的宏观环境呈现出复杂多变的特点，国内经济整体保持增长的势头，但是民间投资和居民消费意愿趋于谨慎，这受到多方面因素的影响，一是国内地产长周期的下行，叠加人口拐点的加速到来，对相应产业和资产价格产生较为不利的影响，进而影响投资和消费信心，二是政策层面以理性托底为主要思路，并没有大力度进行政府主导的刺激，三是海外宏观环境和地缘冲突导致外需不佳。基于以上的市场环境，我们在2023年下半年对持仓做出一定调整，增加了国产化空间大、具备高附加值领域的投资，减少了与投资拉动经济增长相关的持仓。在复杂的宏观背景下，我们会去伪存真，抓住高质量发展和技术升级的产业趋势，同时也关注消费板块的头部公司在低估值下的投资机会。中长期角度，我们认为中国制造业转型升级的方向不变，人才红利和政策支持有望带来明确的产业升级，对内需消费、产业发展和资本市场将形成有利推动。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:38.965Z","mo":"2023年宏观走势的复杂性超出预期，2024年的经济走势仍然存在一定不确定性，但证券市场自2022年以来已经持续调整近2年时间，偏向内需经济相关的股票调整已经接近3年时间，我们认为目前估值和市场预期可能在较低水位，这些都是投资者的朋友，所以我们认为2024年的市场环境或将优于2023年。我们会力争剔除各种不可控的负面因素，寻找较为确定的投资机会，比如较低预期下的龙头消费公司仍然具备较好的增长前景，以及在政策和人才环境支撑下的产业升级机会。","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行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=1060562","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd9a7fea5b3eb04dcbc2","date":"2023-09-29T16:00:00.000Z","stockId":3000000010418,"sao":"今年的宏观环境预期较以前年度发生变化，我们也相应对持仓进行调整。首先，国内经济在后疫情时代保持复苏势头，但主要集中在服务类消费中，整体消费意愿仍然较为谨慎，政策层面保持年初以来的节奏，对可能以投资驱动增长的方式保持警惕，其次，人口和地产的长期拐点已经明确出现，未来经济增长方式更多依赖人才红利下的高质量发展，将更多集中在高附加值的制造领域，再次，海外需求偏弱、叠加地缘政治冲击、海外利率高企，外需对经济产生负面影响，我们认为这一影响可能会持续一段时间。基于以上的经济环境，我们减少了与投资拉动经济增长相关的持仓，增加了具有进口替代和渗透率提升前景的消费板块持仓，同时也增加了处于周期底部、具备扩张潜力的制造板块。中长期角度，我们认为中国制造业转型升级的方向不变，政策层面和人才红利有望带来较为明确的产业升级，对内需消费、产业发展和资本市场是积极推动。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:38.962Z","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行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=992016","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd9a7fea5b3eb04dcbc1","date":"2023-06-29T16:00:00.000Z","stockId":3000000010418,"sao":"上半年消费整体呈现继续恢复的形势，但宏观预期较之前发生一定变化。首先，国内经济在后疫情时代保持复苏势头，但主要集中在服务类消费中，整体消费意愿仍然较为谨慎，政策层面保持年初以来的节奏，对可能以投资驱动增长的方式保持警惕，不鼓励加杠杆的行为，其次，海外需求偏弱、叠加地缘政治冲击，外需开始对经济产生负面影响。基于以上的经济环境，我们减少了与投资拉动经济增长相关的持仓，增加了具有进口替代和渗透率提升前景的消费板块持仓，同时也增加了处于周期底部的高端制造板块。 中长期角度，我们认为中国制造业转型升级的方向不变，政策层面和人才红利有望带来较为明确的产业升级，对内需消费、产业发展和资本市场是积极推动。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:38.960Z","mo":"2023年上半年的宏观经济整体呈现恢复的态势，主要受益疫情管控的放开，但市场预期出现一定波折，主要围绕地产下行加大、地缘冲突加剧、外需不足，体现在产业信心不足、消费信心保守。针对这一情况，近期的政治局会议在政策层面及时做出方向性指导，对稳定房地产预期、恢复产业和消费者信心、地方债务化解等关键要点上进行调控，强调“扩大国内需求，发挥消费拉动经济增长的基础性作用”，优化民营经济发展环境，抓住高质量开放，适时调整优化房地产政策”，强调“加大保障性住房建设和供给”防风险与提振信心并举，活跃资本市场。我们认为下半年经济预计保持平稳增长，在国内经济补库存、海外利率见顶、地产政策托底的预期下，市场预计会有积极的表现。长期角度，高质量发展会是坚持的主要方向，对于过去以投资和加杠杆拉动的经济增长方式预计可能会有所改变，我国的制造业成本和人才优势有望带动内需、产业和资本市场保持健康发展。","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行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=960265","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd9a7fea5b3eb04dcbc0","date":"2023-03-30T16:00:00.000Z","stockId":3000000010418,"sao":"一季度受益于国内防疫政策调整，宏观经济处于底部回升的态势中，权益资产表现较好，和经济增长相关性高的消费板块也迎来底部反转的机会。我们对今年的宏观环境和消费市场持积极态度，虽然市场对消费复苏的节奏有分歧，部分观点认为政策不会有强力支持，但我们认为行业整体向上的方向较为明确。同时，政策端在积极引导民营经济投资和信心恢复，平台经济、地产政策都相对友好，我们对产业链上优质个股的业绩表现持积极态度。扰动可能来自于海外，高通胀和高利率环境确实对进口造成一定损害影响，但也要看到全球需求不振对大宗成本端的压制，会实质性降低成本，对部分公司的成本构成利好。中长期角度，中国制造业转型升级的方向不变，政策层面和人才红利会带来较为明确的产业升级，对内需消费、产业发展和资本市场是积极推动。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:38.957Z","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行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=889347","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd9a7fea5b3eb04dcbbf","date":"2022-12-30T16:00:00.000Z","stockId":3000000010418,"sao":"本基金继续坚持消费为主的投资方向，2022年因为经济趋势下行和海外需求转弱，导致国内消费环境趋弱，对市场整体和消费板块均造成压力。我们在消费板块中聚焦了部分景气较好的方向进行集中配置，在复杂多变的市场中保持了净值的相对稳定。我们在2022年上半年延续了2021年末的持仓调整方向，因为我们观察到2022年上半年猪价持续维持低位，产业信心不足，产能去化加大，这些对后续猪价回升都是有利的支持信号，促使我们加大了农业板块的持仓，同时也增加了养殖上游动保环节的持仓。2022年中我们看到地产政策的拖底态度明确，尤其在保交楼事件、和二手房销量企稳之后，我们加大了优质地产上下游环节个股的持仓。2022年年末在疫情防控出现重大调整之后，我们逐步增加了高端消费优质个股的持仓，我们判断在后疫情时代高端消费恢复的确定性较高。","declarationDate":"2023-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:38.955Z","mo":"相比于2022年错综复杂的宏观环境，2023年经济走势面临的不确定因素或会减少。2022年四季度国内经济环境和防疫防控政策迎来调整，如果叠加后续稳经济和对增长更积极的政策预期，地产政策、平台经济的扶持更加积极，权益市场或迎来政策底。与此同时，海外市场尤其美国加息预期减弱，对海外资金重新流入国内也创造了有利环境。我们对未来一段时间的经济环境和消费环境持积极态度，出行类消费和服务型消费有望迎来复苏，高端消费可能会率先恢复，地产托底政策相对较为明确，产业链上的优质个股或将有积极的业绩表现。中长期角度，中国制造业的成本优势在经历全球疫情和地缘冲突后，有望变得相对更强，我们认为，在积攒动能之后，未来发展趋势和空间仍然向好，对内需消费、产业发展和资本市场是积极推动。","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行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=868519","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd9a7fea5b3eb04dcbbe","date":"2022-09-29T16:00:00.000Z","stockId":3000000010418,"sao":"随着上半年疫情对经济活动影响逐渐退潮，稳增长政策开始逐步落地。稳增长的政策窗口期会继续延续，内需贡献或有望在2022 下半年回升，预计投资先行，带动消费回暖，出口量的贡献可能逐季下降。但鉴于地产仍会受到长周期去杠杆的拖累，投资增长回升的力度可能不及2020年首轮疫情后的上行期，同时地产周期和疫情也会拖累消费的回复力度。下半年在食品价格通胀推动下，CPI可能会走高，而PPI在高基数下有望下行，对消费板块整体是有利的；货币政策层面，下半年通胀上行和海外加速紧缩对国内货币宽松的制约会限制继续宽松的空间。整体看，下半年的宏观环境比上半年要更有利，对证券市场是偏向积极的影响。中长期角度，中国制造业的成本优势在经历全球疫情和地缘冲突后，会变得相对更强，在经历下行期积攒动能之后，未来发展趋势和空间仍然向好，对内需消费、产业发展和资本市场是积极推动。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:38.952Z","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行业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=804421","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd9a7fea5b3eb04dcbbd","date":"2022-06-29T16:00:00.000Z","stockId":3000000010418,"sao":"本基金将继续坚持消费为主的投资方向。上半年经济环境经历一定程度的波动，导致消费环境承受压力，但政策层面已经有积极动作，我们对下半年宏观环境企稳和消费环境改善持乐观态度。我们在上半年重点布局生猪养殖板块、地产产业链相关的板块。我们认为，猪周期经历2021年的大幅下跌，产能去化已经较为充分，未来周期趋势向上，在近几年行业规模化和集中度提升的趋势下，未来会有较多扩产积极的成长性公司出现。地产行业经历了大幅调整之后，得到政策托底的明确支持，地产上下游的部分环节具备集中度低、规模优势和差异化明显的特征，优秀公司具备整合行业和盈利提升的空间，在地产不景气的压力下估值被压制，值得关注。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:38.949Z","mo":"随着上半年疫情对经济活动影响逐渐退潮，稳增长政策开始逐步落地，稳增长的政策窗口期会继续延续，内需贡献或有望在2022下半年回升，预计投资先行，带动消费回暖，出口量的贡献可能逐季下降。但鉴于地产仍会受到长周期去杠杆的拖累，投资增长回升的力度可能不及2020年首轮疫情后的上行期，同时地产周期和疫情也会拖累消费的回复力度。下半年在食品价格通胀推动下，CPI可能会走高，而PPI在高基数下有望下行，对消费板块整体是有利的。货币政策层面，社融回升最快的阶段可能会在2022年2季度，下半年通胀上行和海外加速紧缩对国内货币宽松的制约会限制继续宽松的空间。整体看，下半年的宏观环境比上半年要更有利，对证券市场是偏向积极的影响。中长期角度，中国制造业的成本优势在经历全球疫情和地缘冲突后，会变得相对更强，在经历下行期积攒动能之后，未来发展趋势和空间仍然向好，对内需消费、产业发展和证券市场是积极推动。","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行业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=778980","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd9a7fea5b3eb04dcbbc","date":"2022-03-30T16:00:00.000Z","stockId":3000000010418,"sao":"一季度整个市场环境又迎来的新的挑战，一方面，由于俄乌战争的开始，市场开始担心中国成为下一个俄罗斯，受到欧美的各种制裁，而从中概股和港股传到来的恐慌情绪使得外资在政治不确定的背景下纷纷出逃；另一方面，由于国内疫情的再度爆发，本来就疲软的经济更是雪上加霜，在这种内忧外患的背景下，整体市场泥沙俱下，只有周期股因为商品价格的上涨而有所表现。站在现在的时间点，我们认为既是挑战，也是机遇。过去一年多的持续下跌，无论从时间还是幅度，已经充分反映了我们所面临的困难；而仔细思考一下目前所面临的困难，无论疫情还是外围，都与18年和20年不可同日而语，我们已经领教了各种欧美的制裁手段，也有了相应的对策；而疫情虽然传播性强，但是毒性也大幅下降，并且由于疫苗、特效药等手段，我们相信未来一定是光明的。我们认为现在受损的品种，大概率一季度就是相对低点，未来我们将看到每个季度环比的持续改善，因此，在现在这种时候，我们反而应该乐观一些，坚持和具有壁垒、有持续成长性的优秀公司一起坚守，只有这样才能真正享受未来的收益。在未来的方向上，我们认为看好具有长期成长性的赛道中的优秀公司，他们2021年、22年一季度由于受到疫情影响，业绩有一些低于预期，但并没影响他们的长期竞争力，我们看好他们未来业绩的环比持续回升，例如医药、消费、科技领域的优质公司，这些公司我们将继续关注。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:38.947Z","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行业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=723782","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd9a7fea5b3eb04dcbbb","date":"2021-12-30T16:00:00.000Z","stockId":3000000010418,"sao":"本基金以长期投资的思路，通过精选行业及公司的方式进行长期投资，同时在仓位上保持稳定。","declarationDate":"2022-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:38.944Z","mo":"2021年是一个艰难的年份，两极分化非常严重。一方面，市场风格偏向小股票和题材股，小市值的公司大幅上涨，各种题材概念也炙手可热，但是很多行业的龙头公司却遭遇了上市以来屈指可数的跌幅，消费、医药、tmt等行业龙头公司的平均回撤幅度已经达到了与2015年的水平。导致这种情况发生的因素一方面和龙头白马公司前期的涨幅、估值以及持仓结构有较大关系，另一方面，由于碳达峰等减排目标导致了部分地方简单除暴拉闸限电，导致了周期和新能源材料等产品价格大幅上涨，使得持仓较为拥挤的白马龙头公司成为了提款机，但其实很多优质龙头公司的基本面和业绩比较稳定，或者由于疫情影响短期低于预期，这些其实并不会改变这些优质公司的长期投资价值，我们认为经过了2021年的估值和情绪消化，这些公司未来具有较好的投资价值。另一方面，碳达峰政策的放宽以及货币政策的宽松，使得市场未来没有趋势性的风险，而那些以价格驱动的周期股和新能源股估值泡沫较为严重，未来面临较大风险，一旦资金寻找再平衡的方向，我们相信具有长期空间的消费、医药、科技的公司会成为市场选择的方向，我们坚定看好未来这些风险、估值已经被消化的公司，未来随着情绪的好转，这些公司可能会提供丰厚的回报。","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行业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=708260","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd9a7fea5b3eb04dcbba","date":"2021-09-29T16:00:00.000Z","stockId":3000000010418,"sao":"三季度市场的核心矛盾主要在于涨价。由于能耗限制导致产能受限，大宗商品价格普遍暴涨，但是由于政策的影响导致的这种涨价使得经济以及社会层面出现了一些问题，例如电荒等，而由于产能限制导致的价格上涨未来也会受到政策纠偏的影响，所以在经历了三季度周期股的大涨之后，未来周期股可能缺乏持续性；另一方面，由于大宗商品暴涨会使得在这一期间其他板块出现虹吸效应，所以我们也看到了三季度其他领域的股票都出现了再次的补跌，我们预计这种现象在三季度已经反应的较为充分，未来四季度可能随着政策的变化而出现一些改变，我们未来还是会重点关注未来具有长期持续性的优秀公司的跌下来的机会。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:38.941Z","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行业一年封闭运作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=650714","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd9a7fea5b3eb04dcbb9","date":"2021-06-29T16:00:00.000Z","stockId":3000000010418,"sao":"经历了一季度市场的下跌之后，二季度市场出现了不同程度的反弹。但是由于市场的风格出现了较大的变化，可以看到中小市值公司表现优于龙头公司，但我们判断这一趋势难以长期持续，未来仍需关注中小公司的基本面是否能够符合预期或者超出预期。我们在二季度基于公司基本面对组合进行了一些微调，调出了部分景气出现下滑的公司，加仓了部分景气保持稳定，但是前期却随着市场下跌的公司。我们二季度主要投资的行业板块仍然集中在医药、消费和科技行业，整体仓位也变化不大，对于好的公司我们更加愿意花更多的时间和他们一起成长。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:38.939Z","mo":"经历了一季度市场的下跌之后，二季度市场出现了不同程度的反弹。但是由于市场的风格出现了较大的变化，可以看到中小市值公司表现优于龙头公司，但我们判断这一趋势难以长期持续，未来仍需关注中小公司的基本面是否能够符合预期或者超出预期。目前市场的状况有点类似15年，部分热门板块的估值和情绪我们认为都接近亢奋的状态，而前期的消费医药龙头公司被虹吸效应影响，纷纷出现了持续的暴跌，这种非理性的下跌中也开始蕴含着机会。我们在二季度基于公司基本面对组合进行了一些微调，调出了部分景气出现下滑的公司，加仓了部分景气保持稳定，但是前期却随着市场下跌的公司。我们二季度主要投资的行业板块仍然集中在医药、消费和科技行业，整体仓位也变化不大，对于好的公司我们更加愿意花更多的时间和他们一起成长。","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行业一年封闭运作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=630239","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd9a7fea5b3eb04dcbb8","stockId":3000000010418,"sao":"本基金在12月初成立，成立之后，我们选择了渐进式建仓的方式，并且适当控制了建仓的节奏，目前本基金仍然处于建仓期内，仓位也处于中性的水平，未来我们更加偏好行业景气能够持续上升，盈利能够不断持续增长的公司长期持有。我们认为，在经历了一季度回调之后，前期的估值压力已经释放了一大部分，只要选择的是盈利增长能够持续消化估值压力的公司，未来就能够给我们丰厚的回报。我们重点关注消费、医药和新能源、科技等领域，我们将选择其中的优秀公司长期持有，分享行业和公司成长的红利。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:38.936Z","fund":{"_id":3000000010418,"__csrcFundId":8355,"stockCode":"010418","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10418,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:18:04.684Z","status":"normal","name":"财通景气行业混合型证券投资基金","shortName":"财通景气行业混合(010418)","exchange":"jj","inceptionDate":"2020-12-08T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050660000,"currency":"CNY","masterFundShortName":"财通景气行业混合","setUpDate":"2020-12-08T16:00:00.000Z","setUpAssetScale":614718186.26,"setUpShares":614718186.26,"pinyin":"ctjqhyhhxzqtzjj","managers":[{"stockCode":"db20786780","stockType":"fund_manager","exchange":"fm","tickerId":1912218510,"name":"沈犁"}]},"announcement":{"linkText":"财通景气行业一年封闭运作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=568955","linkType":"PDF","source":"csrc_pdf"}}]}