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PC、AI手机、智能汽车、人形机器人等等）加载AI大模型，未来的投资机会会不断涌现；2）成熟行业的稳健增长龙头公司方面：宏观经济快速下行的阶段已经过去，随着中国政府稳增长的政策持续推出，有助于宏观经济早点筑底，而且龙头企业具有领先宏观经济实现基本面拐点的能力，目前成熟行业的稳健增长龙头公司股价和估值在低位，具有比较好的稳健投资机会。","fund":{"_id":3000000016332,"__csrcFundId":12225,"stockCode":"016332","shortName":"长城产业臻选混合(016332)","masterFundShortName":"长城产业臻选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16332,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:00:37.556Z","status":"normal","exchange":"jj","fundCollectionId":4000050150000,"name":"长城产业臻选混合型证券投资基金","inceptionDate":"2023-03-14T16:00:00.000Z","setUpDate":"2023-03-14T16:00:00.000Z","setUpAssetScale":263177816.46,"setUpShares":263177816.46,"pinyin":"cccyzxhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20394695","stockType":"fund_manager","exchange":"fm","tickerId":31204156130,"name":"陈良栋"}]},"announcement":{"linkText":"长城产业臻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=1257349","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1c37fea5b3eb0522ed2","date":"2024-09-29T16:00:00.000Z","stockId":3000000016332,"sao":"三季度国内宏观经济数据继续走弱，市场希望国家通过强有力的稳增长政策来托底宏观经济，但是国家稳增长政策一直保持相对克制，市场持续下跌，A股市场成交量持续萎缩，市场预期极度悲观，股价和估值到了历史相对底部位置。9月下旬国内外宏观政策环境出现向好边际变化，海外方面美国开启第一次降息50bp，国内方面国家推出比较大力度的稳增长政策，并对市场关切问题做出了很好的答复，推出了很多稳定和发展经济的举措，以及稳定和发展金融市场的举措。从行业和公司维度，可以看到有些行业和公司逐渐摆脱宏观因素的影响，维持业绩持续增长，另外估值也回落到了相对价值的位置，开始具备较好的中长期投资价值。在股市钟摆偏离到了极端位置之后，以及国内外宏观政策环境转变之后，市场大幅反弹。本基金总体保持较高仓位，三季度根据行业基本面情况，加仓汽车、家电和轻工板块，降低电子和通信板块持仓。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:23.308Z","fund":{"_id":3000000016332,"__csrcFundId":12225,"stockCode":"016332","shortName":"长城产业臻选混合(016332)","masterFundShortName":"长城产业臻选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16332,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:00:37.556Z","status":"normal","exchange":"jj","fundCollectionId":4000050150000,"name":"长城产业臻选混合型证券投资基金","inceptionDate":"2023-03-14T16:00:00.000Z","setUpDate":"2023-03-14T16:00:00.000Z","setUpAssetScale":263177816.46,"setUpShares":263177816.46,"pinyin":"cccyzxhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20394695","stockType":"fund_manager","exchange":"fm","tickerId":31204156130,"name":"陈良栋"}]},"announcement":{"linkText":"长城产业臻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=1171291","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1c37fea5b3eb0522ed1","date":"2024-06-29T16:00:00.000Z","stockId":3000000016332,"sao":"上半年上证指数下跌0.3%，沪深300上涨0.9%，创业板指下跌11.0%，万得全A下跌8.0%，总体大盘股指数震荡，但小盘股指数下跌比较多，另外各行业涨跌幅分化比较明显，涨幅居前的行业分别为银行、公用事业、家用电器、交通运输、石油石化和通信，涨幅分别为15.3%、10.8%、6.0%、3.9%、1.9%和1.3%，跌幅居前的行业分别为综合、计算机、轻工制造、社会服务、传媒和纺织服装，跌幅分别为28.4%、25.1%、23.0%、22.9、22.4%和21.5%。　　总体看市场在一季度市场快速下跌反弹后，市场进入相对稳态，在观望国内外宏观因素变化情况，国内外宏观数据好坏参半，国内还处于宏观经济数据偏弱，消费偏弱，政府在不断加大稳增长政策力度的阶段，对稳住信心和托住宏观经济，防止宏观经济快速下行有帮助。海外方面，美国宏观经济还是好坏参半，第一次降息时间一再推后。另外国九条以来，政府紧锣密鼓的实施新的市场监管政策，对市场的投资偏好影响比较大。宏观经济预期比较弱，市场信心不足和风险偏好下降，以及资金流动性层面影响下，市场风格趋向避险，价值优于成长、大盘优于小盘，市场风格分化明显，基本面相对稳定的低估值板块表现占优，以及一些受益于出海的板块表现相对较好，而成长板块表现较差。本基金上半年仓位总体维持较高，根据行业和公司基本面变化进行结构调整，通信、电子、家用电器、建筑装饰、有色金属行业仓位有所增加，汽车、基础化工、食品饮料、医药生物、国防军工行业仓位有所下降。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:23.306Z","mo":"基于目前国内外宏观环境情况，预计中国宏观经济快速下行阶段已经过去，处于周期底部，而且目前市场对中国宏观经济预期极度悲观，估值也处于历史底部，中国权益资产的估值在全球范围内处于低位，具备比较好的中长期投资机会。中长期比较看好两方面机会，新兴行业的快速成长的优质公司和成熟行业的稳健增长龙头公司。1）新兴行业快速成长的优质公司方面：历史上智能手机和移动互联网，以及新能源曾经带来非常大的产业趋势投资机会。随着AI技术实现跨越式突破，将类似智能终端和互联网这些平台型技术，实现很大的效率提升，带来更大的产业趋势投资机会，而且目前还处于比较早期的阶段，随着AI大模型不断迭代和完善，云端和终端（AI PC、AI手机、智能汽车、人形机器人等等）加载AI大模型，未来的投资机会会不断涌现；2）成熟行业的稳健增长龙头公司方面：宏观经济快速下行的阶段已经过去，随着中国政府稳增长的政策持续推出，有助于宏观经济早点筑底，而且龙头企业具有领先宏观经济实现基本面拐点的能力，目前成熟行业的稳健增长龙头公司股价和估值在低位，具有比较好的稳健投资机会。","fund":{"_id":3000000016332,"__csrcFundId":12225,"stockCode":"016332","shortName":"长城产业臻选混合(016332)","masterFundShortName":"长城产业臻选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16332,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:00:37.556Z","status":"normal","exchange":"jj","fundCollectionId":4000050150000,"name":"长城产业臻选混合型证券投资基金","inceptionDate":"2023-03-14T16:00:00.000Z","setUpDate":"2023-03-14T16:00:00.000Z","setUpAssetScale":263177816.46,"setUpShares":263177816.46,"pinyin":"cccyzxhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20394695","stockType":"fund_manager","exchange":"fm","tickerId":31204156130,"name":"陈良栋"}]},"announcement":{"linkText":"长城产业臻选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=1154331","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1c37fea5b3eb0522ed0","date":"2024-03-30T16:00:00.000Z","stockId":3000000016332,"sao":"一季度上证指数上涨2.2%，沪深300上涨3.1%，而创业板指下跌3.9%，万得全A指数下跌2.8%，从行业层面看，行业涨跌幅分化比较大，涨幅居前的行业为银行、石油石化、煤炭、家用电器、有色金属和公用事业，涨幅分别为10.6%、10.6%、10.5%、10.3%和8.6%，跌幅居前的板块为医药生物、计算机、电子、综合、房地产和社会服务，跌幅分别为12.1%、10.5%、10.5%、10.3%、9.5%和7.3%。总体看宏观经济预期比较弱，市场信心不足和风险偏好下降，以及资金流动性层面影响下，市场风格趋向避险，基本面相对稳定的低估值板块表现占优，以及一些受益于出海的公司表现相对较好，而成长板块表现较差。一季度本基金总体仓位保持稳定，行业配置方面有所调整，增加汽车、通信和商贸零售等行业配置比例，降低医药、电子和军工等行业配置比例。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:23.303Z","fund":{"_id":3000000016332,"__csrcFundId":12225,"stockCode":"016332","shortName":"长城产业臻选混合(016332)","masterFundShortName":"长城产业臻选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16332,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:00:37.556Z","status":"normal","exchange":"jj","fundCollectionId":4000050150000,"name":"长城产业臻选混合型证券投资基金","inceptionDate":"2023-03-14T16:00:00.000Z","setUpDate":"2023-03-14T16:00:00.000Z","setUpAssetScale":263177816.46,"setUpShares":263177816.46,"pinyin":"cccyzxhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20394695","stockType":"fund_manager","exchange":"fm","tickerId":31204156130,"name":"陈良栋"}]},"announcement":{"linkText":"长城产业臻选混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1074936","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1c37fea5b3eb0522ecf","date":"2023-12-30T16:00:00.000Z","stockId":3000000016332,"sao":"2023年上证指数下跌3.7%，沪深300下跌11.4%，创业板指下跌19.4%，市场在1-2 月份延续去年四季度反弹之后，开始担心宏观经济恢复低预期，震荡下跌。另外，行业指数涨跌幅分化很大，涨幅前六的行业为通信、传媒、计算机、电子、石油石化和煤炭，涨幅分别为 25.8%、16.8%、9.0%、7.3%、4.3%和4.1%，跌幅前六的行业为美容护理、商贸零售、房地产、电力设备、建筑材料和社会服务，跌幅分别为32.0%、31.3%、26.4%、26.2%、22.6%和22.0%。在比较弱的宏观宏观环境下，在通用人工智能大产业趋势的TMT板块，以及以石油石化和煤炭为代表的高股息板块市场表现相对好，而跟房地产和消费相关的板块表现比较差。　　2023年初基于中国宏观弱复苏预期和美国加息周期接近尾声的预期，以及去年四季度 A 股较悲观预期和整体偏底部估值水平，2023 年开年以来 A 股继续延续去年 11 月份以来的反弹，各个行业板块都阶段性领涨，但在弱复苏背景下，板块上涨持续性一般。二三月份，因为国内宏观经济强复苏预期有所落空，政府稳增长政策相对克制，以及外围一些风险因素，A 股有所回调，但总体因为中长期宏观经济向好预期，市场回调空间有限。在宏观经济弱复苏预期下，三月份市场开始分化，房地产和消费相关板块持续走弱。相关稳定高股息股票和人工智能板块逐渐成为主线，一方面是在较大外围风险因素和国内稳增长政策相对克制宏观环境下，其他板块难有较高行业景气度，另外 AI 科技的确有较跨越式的发展，以及在海外有快速的产业化商业模式落地。后面三个季度宏观基本面情况延续三月份的宏观基本面预期，相关行业板块也延续3月份的分化趋势。　　总体本基金根据市场风险因素的变化，期间阶段性的做了仓位选择，总体投资风格还是以挖掘中长期优质成长股为主，增加了TMT板块的持仓比例，降低了房地产产业链和新能源板块的持仓比例。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:23.300Z","mo":"总体来看三年房地产去杠杆和三年新冠疫情对居民的资产负债表、收入和信心影响比预期中大很多，导致2023年宏观经济复苏低于预期，宏观经济回到复苏和增长的通道需要更长的时间，也需要政府长期间持续的稳增长政策。可以看到房地产行业经过3年多的去杠杆，行业风险基本出清，2024年春节消费旅游数据也可以看到宏观经济有企稳的迹象。随着政府稳增长政策持续发挥作用和持续加码，预计中国宏观经济政策将回到复苏和增长的通道，另外美国进入降息周期，A股基本面最差的时候基本过去。　　从估值层面看，目前A股市场估值已经处于历史底部位置，体现了对宏观经济和股市极度悲观的预期，目前来看房地产行业杠杆和A股市场杠杆都得到风险出清，因此处于风险暴露比较充分的状态。从行业层面看，很多行业和公司进入成熟稳定期，较高的股息率对A股有比较大的支撑作用，另外通用人工智能的技术重大突破，会对TMT、汽车、机械、教育和医疗等行业的升级和发展提供非常重大的驱动力，带来新的产业趋势投资机会。因此，目前位置我们认为A股具备非常好的投资风险收益比，本基金投资风格偏成长，更看好被通用人工智能驱动加速的各个行业投资机会。","fund":{"_id":3000000016332,"__csrcFundId":12225,"stockCode":"016332","shortName":"长城产业臻选混合(016332)","masterFundShortName":"长城产业臻选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16332,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:00:37.556Z","status":"normal","exchange":"jj","fundCollectionId":4000050150000,"name":"长城产业臻选混合型证券投资基金","inceptionDate":"2023-03-14T16:00:00.000Z","setUpDate":"2023-03-14T16:00:00.000Z","setUpAssetScale":263177816.46,"setUpShares":263177816.46,"pinyin":"cccyzxhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20394695","stockType":"fund_manager","exchange":"fm","tickerId":31204156130,"name":"陈良栋"}]},"announcement":{"linkText":"长城产业臻选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=1056975","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1c37fea5b3eb0522ece","date":"2023-09-29T16:00:00.000Z","stockId":3000000016332,"sao":"三季度上证指数下跌2.9%，沪深300指数下跌4.0%，创业板指下跌9.5%，表现不如预期。今年3月份以来宏观经济复苏力度持续低于预期，而7月24号政治局会议强调要“加大宏观政策调控力度，着力扩大内需、提振信心、防范风险”，随后高频推出很多稳定宏观经济政策，政策右侧信号明显，但是从政策右侧传到宏观经济右侧需要时间。多数上市公司披露的中报业绩承压，叠加美国十年国债利率上行以及北向资金继续流出，投资者信心不足，中短期A股市场表现低迷。目前股票市场已经包含很悲观预期，估值也在历史底部位置，具备很高的风险收益比，因此本基金三季度仓位有所增加。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:23.298Z","fund":{"_id":3000000016332,"__csrcFundId":12225,"stockCode":"016332","shortName":"长城产业臻选混合(016332)","masterFundShortName":"长城产业臻选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16332,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:00:37.556Z","status":"normal","exchange":"jj","fundCollectionId":4000050150000,"name":"长城产业臻选混合型证券投资基金","inceptionDate":"2023-03-14T16:00:00.000Z","setUpDate":"2023-03-14T16:00:00.000Z","setUpAssetScale":263177816.46,"setUpShares":263177816.46,"pinyin":"cccyzxhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20394695","stockType":"fund_manager","exchange":"fm","tickerId":31204156130,"name":"陈良栋"}]},"announcement":{"linkText":"长城产业臻选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=992613","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1c37fea5b3eb0522ecd","date":"2023-06-29T16:00:00.000Z","stockId":3000000016332,"sao":"上半年上证指数上涨3.7%，沪深300下跌0.8%，创业板指下跌5.6%，市场在1-2月份延续去年四季度反弹之后，震荡下跌。行业指数上半年涨跌幅分化很大，涨幅前五的行业为通信、传媒、计算机、机械设备和家用电器，涨幅分别为50.7%、42.8%、27.6%、13.4%和13.3%，跌幅前五的行业为商贸零售、房地产、美容护理、建筑材料和综合，跌幅分别为23.4%、14.3%、13.6%、10.5%和9.6%。  基于中国宏观复苏预期和美国加息周期接近尾声的预期，以及去年四季度 A 股较悲观预期和整体偏底部估值水平，2023 年开年以来 A 股继续延续去年 11 月份以来的反弹，各个行业板块都阶段性领涨，但在弱复苏背景下，板块上涨持续性一般。二三月份，因为国内宏观经济强复苏预期有所落空，政府稳增长政策相对克制，以及外围一些风险因素，A 股有所回调，但总体因为中长期宏观经济向好预期，市场回调空间有限。在宏观经济弱复苏预期下，三月份市场开始分化，房地产产业链和消费相关板块持续走弱。中国特色估值相关板块和人工智能板块逐渐成为主线，一方面是在较大外围风险因素和国内稳增长政策相对克制宏观环境下，其他板块难有较高行业景气度，另外 AI 科技的确有较跨越式的发展，以及在海外有快速的产业化商业模式落地。  二季度宏观复苏情况持续低预期，以及宏观经济政策持续保持定力，市场整体震荡下跌。2 月份以来宏观经济复苏进程比较低预期，特别是在消费领域和房地产领域，一方面原因是在三年新冠疫情的影响之后，居民的资产负债表修复和消费信心修复需要时间，另一方面是政府在稳增长经济政策方面表现相对克制，更多考虑长期发展问题。因此市场表现是消费、房地产、周期相关行业表现不佳。在宏观经济低预期环境下，市场在寻求结构性投资机会，通用人工智能、人形机器人、智能驾驶等技术今年有比较大进展，带动相关板块表现不错。  本基金上半年逐渐完成建仓，主要建仓行业方向为汽车、通信、国防军工、电力设备和电子等行业。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:23.295Z","mo":"展望下半年，预计股票市场处于中长期偏底部位置，投资机遇大于风险。一方面是7月份政治局会议的政策基调积极，对国内宏观经济问题做出了比较贴切分析，并提出相应的稳经济政策，政策的右侧已经出现；另一方面是在经历房地产行业去杠杆和疫情影响后，宏观经济压力最大的时候已经过去，积极的稳增长政策有望促进宏观经济右侧到来，最后是目前股市已经蕴含很悲观的预期，估值也在历史偏底部位置。预计政府不会做很大的总量刺激政策，更倾向于稳住宏观经济，稳定居民和企业信心，提升效率和挖潜宏观经济内在增长动能，优化宏观经济结构和高质量发展。所以中短期跟总量相关行业板块在极度悲观后有长期预期修复的估值回归机会，结构成长方向在大盘企稳之后，中长期投资机会更大。","fund":{"_id":3000000016332,"__csrcFundId":12225,"stockCode":"016332","shortName":"长城产业臻选混合(016332)","masterFundShortName":"长城产业臻选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16332,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:00:37.556Z","status":"normal","exchange":"jj","fundCollectionId":4000050150000,"name":"长城产业臻选混合型证券投资基金","inceptionDate":"2023-03-14T16:00:00.000Z","setUpDate":"2023-03-14T16:00:00.000Z","setUpAssetScale":263177816.46,"setUpShares":263177816.46,"pinyin":"cccyzxhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20394695","stockType":"fund_manager","exchange":"fm","tickerId":31204156130,"name":"陈良栋"}]},"announcement":{"linkText":"长城产业臻选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=966627","linkType":"PDF","source":"csrc_pdf"}}]}