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大。不同行业表现分化较大，股票市场主要为结构性机会而非系统性机会。上半年我国经济面临的主要挑战包括：地产行业下行周期中，产业链上下游需求连带收缩，同时房地产价格下行导致居民端消费倾向下降；外需方面，关税政策对出口订单带来了扰动，企业端在政策明朗前持观望心态，暂缓资本开支。从社会融资结构角度，上半年政府部门新发债券融资构成了主要支撑，而居民端和企业端融资增量较少，也印证了上述判断。值得一提的是，即便在上述诸多压力下，上半年我国经济仍然实现了稳健增长，1-6月GDP同比增长5.3%。上半年国内CPI和PPI均在低位，十年期国债收益率小幅下行至1.7%以下。目前国内通胀温和，流动性相对充裕。资本市场虽总体涨幅不大，但结构性机会凸显，市场活跃度较高，在金融、人工智能、创新药、黄金珠宝、美容护理、宠物用品等领域均有一批表现较好的个股。报告期内，本基金增加了创新药、黄金、互联网板块的配置，减配了盈利能力承压的汽车整车、医疗器械、电力设备板块。总体股票仓位较年初略有提升。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:44.069Z","mo":"中美之间贸易相关的博弈预计仍会延续。中国制造业的产业集群效应明显，竞争优势突出，短期很难被其他经济体替代；而美国本身面对平抑通胀、财政赤字、美元信用走弱等诸多内部矛盾，大概率无法脱离“中国制造”。我们认为后续双方的谈判也许过程曲折，但最终的结果并不悲观，尤其是我国目前通胀水平较低，可用的经济工具较多，在谈判中会拥有更大的主动权。地产周期是过去三年来我国宏观经济的较大影响因素，目前房地产销售金额和价格仍在下行通道中，但相关部门出台了一系列托底防风险的政策，行业出现系统性风险的概率较低。另一方面，在本轮地产行业下行周期中，我国一些代表先进生产力的行业取得了长足进步，如新能源汽车、人工智能、创新药等，其中很多产业已经具备了较强的国际竞争力。虽然目前广义地产链相关行业（房地产开发、建筑建材、家居家电等）在国民经济中仍占据重要比例，但同时有大量代表新质生产力的细分行业在快速崛起。在地产周期反转前，本基金会谨慎研究，在后一类行业中寻找和挖掘相关投资机会。","fund":{"_id":3000000016504,"__csrcFundId":12280,"stockCode":"016504","shortName":"广发核心竞争力混合(016504)","masterFundShortName":"广发核心竞争力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16504,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:05:16.476Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发核心竞争力混合型证券投资基金","inceptionDate":"2023-05-04T16:00:00.000Z","setUpDate":"2023-05-04T16:00:00.000Z","followedNum":1,"setUpAssetScale":434769593.53,"setUpShares":434769593.53,"pinyin":"gfhxjzlhhxzqtzjj","managers":[{"stockCode":"db20738866","stockType":"fund_manager","exchange":"fm","tickerId":231804202540,"name":"王瑞冬"}]},"announcement":{"linkText":"广发核心竞争力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=1341954","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1d87fea5b3eb0524404","date":"2025-03-30T16:00:00.000Z","stockId":3000000016504,"sao":"2025年一季度，A股市场小幅下跌。其中，沪深300指数、创业板指分别下跌1.21%、1.77%。行业层面，有色金属、汽车、机械等板块涨幅居前，煤炭、商贸零售、石油石化等行业表现不佳。宏观数据显示，国内CPI、PPI维持低位，通胀压力不大；利率处于较低位置，但社融数据中居民端和企业端信用扩张意愿不足。乐观的是，1月至2月国内社零总额增长4%，且2月、3月制造业PMI指数回升，已连续两个月大于50%的荣枯线，经济有逐步企稳的迹象。一季度，指数窄幅波动但交易活跃，人工智能、人形机器人、创新药、贵金属等板块均有较好的表现，但市场轮动较快，给投资增加了难度。本基金在报告期内降低了汽车整车及锂电板块的配置，增加了半导体、通信板块的持仓，总体股票仓位维持在中高水平，未有大的变化。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:44.064Z","fund":{"_id":3000000016504,"__csrcFundId":12280,"stockCode":"016504","shortName":"广发核心竞争力混合(016504)","masterFundShortName":"广发核心竞争力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16504,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:05:16.476Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发核心竞争力混合型证券投资基金","inceptionDate":"2023-05-04T16:00:00.000Z","setUpDate":"2023-05-04T16:00:00.000Z","followedNum":1,"setUpAssetScale":434769593.53,"setUpShares":434769593.53,"pinyin":"gfhxjzlhhxzqtzjj","managers":[{"stockCode":"db20738866","stockType":"fund_manager","exchange":"fm","tickerId":231804202540,"name":"王瑞冬"}]},"announcement":{"linkText":"广发核心竞争力混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1266043","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1d87fea5b3eb0524403","date":"2024-12-30T16:00:00.000Z","stockId":3000000016504,"sao":"2024年，A股市场跌宕起伏，波动较大。股票市场在年初小幅调整后，自2月初开启反弹。随后伴随着有效需求不足、部分行业产能过剩等问题的发酵，市场在二、三季度持续调整，在三季度末达到年内最低点。9月末，政策端针对资本市场、财政政策、货币政策的积极表态扭转了投资者信心，市场快速反弹并震荡至年底。2024年，沪深 300 指数上涨14.68%，中证 500 指数上涨5.46%，创业板指上涨13.23%。分行业看，银行、通信、家电等行业涨幅靠前，而医药、食品饮料、农林牧渔等行业跌幅较大。国内房地产行业持续调整，地产链相关一系列需求面临一定压力，导致大部分顺周期相关方向的投资难度较高。本基金在报告期内减配了高端白酒、轻工家居、消费医疗等行业，增加了新能源汽车产业链、家电、互联网行业的配置。其中新能源整车及电池相关个股对组合贡献了较大超额收益，而前期持仓的定制家居、医药、基础化工等行业调整幅度较大，此外本基金在红利方向和人工智能主题上参与较少，导致净值表现不佳。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:44.061Z","mo":"国内宏观经济方面，当前利率在低位，通胀水平不高，市场预期中央财政仍有较大的政策空间。投资者关注的焦点之一是需求端改善的时点和斜率，而该问题和地产周期相关。我国地产行业销售面积自2022年开始已连续3个年度下滑，房地产市场的持续下行一方面拖累了地方财政和GDP，另一方面影响了产业链上其他企业的经营发展，此外对消费者信心也有一定压制。2024年9月的中央政治局会议提出 “要促进房地产市场止跌回稳”，多地出台房地产政策，旨在化解行业风险。从历史经验来看，任何行业的调整都存在周期，当市场出清到一定程度，供需关系将逐渐恢复平衡。在2024年四季度，部分城市房地产市场已经有企稳迹象。本基金认为，2025年房地产行业销售面积降幅收窄的概率较大，居民端的总体消费倾向也有望随着房价企稳逐步修复。值得特别关注的是，人工智能（AI）已经成为市场共识，成为一条重要的投资主线。我们欣喜地看到，在这次科技浪潮中，中国在算力侧、大模型、应用端均积极地参与其中，衍生出一系列投资机会，在过去两年的周期内，AI产业端的发展突飞猛进，迭代速度之快超乎想象。需要留意的是，这种快速的变化叠加部分个股较高的估值，大幅增加了投资决策的难度。随着新的模型或应用场景的涌现，原有的技术和商业模式可能被淘汰。然而，尽管存在诸多挑战，AI作为一场席卷全球的大技术浪潮，其蕴含较大的潜力和价值不容忽视。回顾历史，每一次重大的技术变革都带来了前所未有的投资机遇，AI 大概率也不例外，因此该方向依然值得投资者投入精力去筛选判断，捕捉投资机会。国际方面，美联储在降息和维持通胀目标之间艰难权衡，2024年的降息节奏远不及市场年初所设想的迅速，美国利率仍在高位。欧盟及美国有经济增速下行的压力，此外考虑到美国关税政策，2025年我国出口型企业仍然面临较多不确定性。引用2024年9月中央政治局会议的表述：“我国经济的基本面及市场广阔、经济韧性强、潜力大等有利条件并未改变”。虽然当前国内外宏观经济仍面临一些挑战，但本基金对2025年国内资本市场仍持谨慎乐观态度。","fund":{"_id":3000000016504,"__csrcFundId":12280,"stockCode":"016504","shortName":"广发核心竞争力混合(016504)","masterFundShortName":"广发核心竞争力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16504,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:05:16.476Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发核心竞争力混合型证券投资基金","inceptionDate":"2023-05-04T16:00:00.000Z","setUpDate":"2023-05-04T16:00:00.000Z","followedNum":1,"setUpAssetScale":434769593.53,"setUpShares":434769593.53,"pinyin":"gfhxjzlhhxzqtzjj","managers":[{"stockCode":"db20738866","stockType":"fund_manager","exchange":"fm","tickerId":231804202540,"name":"王瑞冬"}]},"announcement":{"linkText":"广发核心竞争力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=1251950","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1d87fea5b3eb0524402","date":"2024-09-29T16:00:00.000Z","stockId":3000000016504,"sao":"2024年三季度A股市场大幅反弹，沪深300指数上涨16.07%，创业板指上涨29.21%。分行业层面，非银行金融、房地产、综合等行业排名居前，而煤炭、石油石化、公用事业等行业表现不佳。三季度，国内地产行业销售数据在去年较低的基数下继续下行，经济顺周期方向的其他行业亦有所承压，叠加上市企业中报业绩总体相对平淡，A股市场在三季度前两个月内表现较弱。但9月以来中共中央政治局、央行、金融监管总局、证监会召开了一系列会议，出台了大量支持实体经济和资本市场的举措，投资者信心得到大幅提振，股票市场在9月下旬开启大幅上涨。本基金在报告期内股票仓位基本维持稳定，增加了家用电器、汽车、新能源行业的配置，减配了医药生物、石油石化、美容护理行业。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:44.059Z","fund":{"_id":3000000016504,"__csrcFundId":12280,"stockCode":"016504","shortName":"广发核心竞争力混合(016504)","masterFundShortName":"广发核心竞争力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16504,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:05:16.476Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发核心竞争力混合型证券投资基金","inceptionDate":"2023-05-04T16:00:00.000Z","setUpDate":"2023-05-04T16:00:00.000Z","followedNum":1,"setUpAssetScale":434769593.53,"setUpShares":434769593.53,"pinyin":"gfhxjzlhhxzqtzjj","managers":[{"stockCode":"db20738866","stockType":"fund_manager","exchange":"fm","tickerId":231804202540,"name":"王瑞冬"}]},"announcement":{"linkText":"广发核心竞争力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=1176191","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1d87fea5b3eb0524401","date":"2024-06-29T16:00:00.000Z","stockId":3000000016504,"sao":"2024年上半年国内经济稳健增长，1-6月GDP增速为5.0%。行业方面，银行、煤炭、公用事业等涨幅靠前，计算机、商贸、社会服务等行业跌幅较大。总体而言大盘价值风格相对占优，小盘成长风格承压。当前国内地产行业处于调整期，相关部委出台了一系列优化供需关系的政策，从结果上看，行业下滑幅度有所收窄，且一线城市优于二三线城市。在上述背景下，地产链相关的子行业需求承压。另一方面，出口数据表现较好，汽车、船舶、集成电路等行业均实现了较快的出口增速。基于上述背景，本基金减配了顺周期方向的食品饮料、定制家居、白色家电等行业，增持了需求相对刚性的中成药，以及部分全球定价的资源品板块。总体而言，股票仓位较年初略有下降。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:44.056Z","mo":"当前市场风格分化明显，投资者对于低估值、高股息资产的拥抱已形成共识。银行、电力、煤炭、白色家电等大盘价值风格行业上半年表现明显占优，而以往代表成长风格的生物医药、计算机、电力设备及新能源板块表现不佳，估值下调明显。这种风险偏好下降背后很大程度体现的是对后者成长性的怀疑。考虑到大部分高股息标的的股息率在5%左右，且很难超过10%（相当于10倍市盈率的企业将100%的利润用于现金分红），这背后隐含的假设是投资者已经无法找到长期10%以上复合增速的成长股。本基金认为上述假设过于悲观，我国人口基数大，消费者需求多元化，且工业体系完整，产业链条全，中长期依然存在大量的成长类机会。如果投资者能够在低估值股票池中选择到最终自我证明具备长期成长性的企业，中长期有望获得非常好的投资回报。本基金后续会谨慎研究，结合估值和基本面寻找类似的投资机会。","fund":{"_id":3000000016504,"__csrcFundId":12280,"stockCode":"016504","shortName":"广发核心竞争力混合(016504)","masterFundShortName":"广发核心竞争力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16504,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:05:16.476Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发核心竞争力混合型证券投资基金","inceptionDate":"2023-05-04T16:00:00.000Z","setUpDate":"2023-05-04T16:00:00.000Z","followedNum":1,"setUpAssetScale":434769593.53,"setUpShares":434769593.53,"pinyin":"gfhxjzlhhxzqtzjj","managers":[{"stockCode":"db20738866","stockType":"fund_manager","exchange":"fm","tickerId":231804202540,"name":"王瑞冬"}]},"announcement":{"linkText":"广发核心竞争力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=1147114","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1d87fea5b3eb0524400","date":"2024-03-30T16:00:00.000Z","stockId":3000000016504,"sao":"2024年1季度，A股市场波动较大，在1月大幅调整后，2月份触底反弹，3月震荡走平。其中，沪深300指数上涨3.10%，创业板指下跌3.87%。行业方面，银行、石油石化、煤炭等板块涨幅居前，医药生物、计算机、电子等行业表现不佳。2024年1季度CPI为负值，预计部分可选消费行业存在压力，部分高客单消费品的提价逻辑可能阶段性会遇到挑战；房地产销售面积下行，预计后续会逐渐传导至部分地产后周期行业；1季度PPI为负值，部分有外需敞口且拥一定议价力的制造业龙头阶段性受益。基于以上背景，报告期内本基金减配了部分顺周期行业，包括家居家装、医疗服务、个别高端白酒；增配了股息率较高的品牌中成药、白色家电、石油石化等行业。总体股票仓位维持稳定，未有大的变化。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:44.053Z","fund":{"_id":3000000016504,"__csrcFundId":12280,"stockCode":"016504","shortName":"广发核心竞争力混合(016504)","masterFundShortName":"广发核心竞争力混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","marke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