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感觉A股机会更大。","fund":{"_id":3000000016265,"__csrcFundId":11713,"stockCode":"016265","shortName":"中信建投趋势领航两年持有期混合(016265)","masterFundShortName":"中信建投趋势领航两年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16265,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:59:07.750Z","status":"normal","exchange":"jj","fundCollectionId":4000050840000,"name":"中信建投趋势领航两年持有期混合型证券投资基金","followedNum":1,"inceptionDate":"2022-10-10T16:00:00.000Z","setUpDate":"2022-10-10T16:00:00.000Z","setUpAssetScale":220917155.11,"setUpShares":220917155.11,"pinyin":"zxjtqslhlncyqhhxzqtzjj","managers":[{"stockCode":"db20354725","stockType":"fund_manager","exchange":"fm","tickerId":121023151560,"name":"栾江伟"}]},"announcement":{"linkText":"中信建投趋势领航两年持有期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=1460044","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1bb7fea5b3eb05226d9","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000016265,"sao":"2025年3季度基金持仓的行业集中度和个股集中度有所提升。持仓较多板块是创新药、消费电子、半导体、汽车及轻量化等，其他板块持仓比例较低。3季度市场持续上涨，进入8月后中小市值股票开始回调，而部分核心板块的大权重指标股持续暴涨，导致指数上涨较快但市场整体赚钱效应较差，基金持仓较多中小市值个股，导致8月后净值表现不佳。指数虽然3季度涨幅明显，但未来预计仍然是窄幅波动，只不过市场波动区间的中值明显上升了而已。未来行业、主题指数波动幅度仍然会较大，活跃个股波动幅度会更大，市场单日行情受催化因素主导，根据当日政策和贸易战等信息好坏，不同板块当日表现会明显差异。考虑到行业和个股波动加大，持续性一般，仓位不是净值好坏的核心，关键是有效仓位。维持中性仓位，继续维持景气度投资逻辑，兼顾股价位置和估值。持仓上，增加高成交量中大市值个股配置比例，保持整体持仓个股流动性较好，适当增加换手。持仓行业集中度和个股集中度可能继续提升。","lastUpdated":"2026-03-09T13:57:15.827Z","fund":{"_id":3000000016265,"__csrcFundId":11713,"stockCode":"016265","shortName":"中信建投趋势领航两年持有期混合(016265)","masterFundShortName":"中信建投趋势领航两年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16265,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:59:07.750Z","status":"normal","exchange":"jj","fundCollectionId":4000050840000,"name":"中信建投趋势领航两年持有期混合型证券投资基金","followedNum":1,"inceptionDate":"2022-10-10T16:00:00.000Z","setUpDate":"2022-10-10T16:00:00.000Z","setUpAssetScale":220917155.11,"setUpShares":220917155.11,"pinyin":"zxjtqslhlncyqhhxzqtzjj","managers":[{"stockCode":"db20354725","stockType":"fund_manager","exchange":"fm","tickerId":121023151560,"name":"栾江伟"}]},"announcement":{"linkText":"中信建投趋势领航两年持有期混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1380281","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1bb7fea5b3eb05226d8","date":"2025-06-29T16:00:00.000Z","stockId":3000000016265,"sao":"2025年上半年基金持仓的行业集中度和个股集中度仍然较为分散。2季度末持仓较多板块是创新药、半导体、食品饮料、纺织服装、珠宝首饰、港股教育等，其他板块持仓比例较低。春节后，市场在DeepSeek和宇数机器人带动下，算力和机器人相关个股持续上涨，4月初，市场受贸易争端影响，单个交易日出现显著的跌幅，之后进入具有投机性质的资金主导的快速轮动行情，多个板块短期内都曾经领涨市场，新消费、固态电池、创新药、军工、可控核聚变、人脑工程、稳定币、稀土、光模块、pcb、油气、深海经济、半导体等多个主题板块轮番表现。对于规模较大基金来说，基金买入和卖出冲击成本很大，很多短期热门板块投资机会无法参与，只能根据行业景气度布局中长期机会。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:15.824Z","mo":"近期市场对反内卷关注度大幅提升，我们也认为反内卷对部分低于成本销售的行业非常有必要，周期股可能有阶段性机会。3季度中美贸易谈判可能阶段性取得进展，有望短期提升市场情绪。预计市场未来仍然会保持快速轮动行情。鉴于市场上涨和下跌幅度均可控，主要指数大概率中长期窄幅波动可能性较大，而行业、主题指数波动幅度会较大，活跃个股波动幅度会更大。由于中长期看，股市系统性风险不大，未来仓位会比过去几年保持的低仓位有所提升，保持中性偏高仓位，继续维持景气度投资逻辑，兼顾股价位置和估值。","fund":{"_id":3000000016265,"__csrcFundId":11713,"stockCode":"016265","shortName":"中信建投趋势领航两年持有期混合(016265)","masterFundShortName":"中信建投趋势领航两年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16265,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:59:07.750Z","status":"normal","exchange":"jj","fundCollectionId":4000050840000,"name":"中信建投趋势领航两年持有期混合型证券投资基金","followedNum":1,"inceptionDate":"2022-10-10T16:00:00.000Z","setUpDate":"2022-10-10T16:00:00.000Z","setUpAssetScale":220917155.11,"setUpShares":220917155.11,"pinyin":"zxjtqslhlncyqhhxzqtzjj","managers":[{"stockCode":"db20354725","stockType":"fund_manager","exchange":"fm","tickerId":121023151560,"name":"栾江伟"}]},"announcement":{"linkText":"中信建投趋势领航两年持有期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=1345263","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1bb7fea5b3eb05226d7","date":"2025-03-30T16:00:00.000Z","stockId":3000000016265,"sao":"2025年1季度基金持仓的行业集中度和个股集中度有所上升，但仍然较为分散。持仓较多板块是半导体、医疗服务、有色金属、港股等，其他板块持仓比例较低。春节后，市场在DeepSeek和宇数机器人高光表现下，算力和机器人相关个股2月持续上涨，3月市场进入快速轮动，赚钱难度明显加大。在3月前期，市场情绪表现出相对积极的态势，然而至后期，市场情绪再度回落，个股普遍呈现下跌趋势，市场机会的持续性极为有限，轮动很快，市场总体趋势呈现出追逐热点的快速交易行为。鉴于市场表现整体低于之前预期，2季度仓位将保持在中性仓位，行业集中度可能适当提升，个股集中度可能仍然比较分散，继续遵循景气度投资，兼顾股价位置和估值。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:15.821Z","fund":{"_id":3000000016265,"__csrcFundId":11713,"stockCode":"016265","shortName":"中信建投趋势领航两年持有期混合(016265)","masterFundShortName":"中信建投趋势领航两年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16265,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:59:07.750Z","status":"normal","exchange":"jj","fundCollectionId":4000050840000,"name":"中信建投趋势领航两年持有期混合型证券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