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方面，随着英伟达产品的全面禁售，国产化的迫切性进一步加强。而在芯片产能和良率方面，国内龙头公司都取得了较大的突破。在AI不断取得突破的产业背景下，我们仍然保持聚焦AI产业链，保持了大部分海外算力的仓位。同时也增加了一部分国产算力的仓位。展望四季度，我们认为随着美联储降息周期的开始，国内流动性宽松的空间将逐渐打开，整个市场也将保持震荡上行的格局，而科技行业无疑还是市场的主角。","lastUpdated":"2026-03-09T14:16:53.655Z","fund":{"_id":3000000740001,"stockCode":"740001","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-02-01T16:00:00.000Z","setUpScale":383969000,"market":"a","tickerId":740001,"custody":"中国邮政储蓄银行股份有限公司","name":"长安宏观策略混合型证券投资基金","shortName":"长安宏观策略混合(740001)","fundSecondLevel":"hybrid","__csrcFundId":1995,"fundStatus":"normal","lastUpdated":"2026-05-01T09:00:08.586Z","masterFundFlag":1,"inceptionDate":"2012-03-08T16:00:00.000Z","fundCollectionId":4000050680000,"currency":"CNY","masterFundShortName":"长安宏观策略混合","pinyin":"cahgclhhxzqtzjj","managers":[{"stockCode":"j101019499","stockType":"fund_manager","exchange":"fm","tickerId":230825248990,"name":"王浩聿"}]},"announcement":{"linkText":"长安宏观策略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=1382794","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed6557fea5b3eb056b5d3","date":"2025-06-29T16:00:00.000Z","stockId":3000000740001,"sao":"2025年上半年，整个市场震荡上行。虽然经历了关税等不确定性冲击，但市场还是体现出了十足的韧性。从上涨行业分布上，市场风格较为多元化，创新药、新消费、银行、科技等行业均取得了不错的涨幅。在科技板块，一季度最大的事件无疑是deepseek的横空出世，从而带来了整个中国科技资产的重估。其中，国产算力、云计算、机器人等方向表现最为突出。二季度在关税冲击之后，科技板块迎来了新的一波行情，这次主线变成了海外算力。报告期内，本基金继续专注于科技行业，尤其是AI产业。一季度，我们的仓位主要配置在国产算力方向。在deepseek发布之后，国内几大云厂商，特别是字节和阿里都上调了资本开支计划。而国产算力供应商也取得了很大的突破。但后续由于腾讯资本开支低于预期、英伟达算力卡禁售、国产卡流片不顺利等原因，国产算力板块在三月份之后迎来了低潮。二季度，随着海外云厂商不断上修资本开支，以及海外AI商业模式逐渐跑通，我们逐渐把仓位配置到了海外算力板块。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:16:53.652Z","mo":"展望2025年下半年，在政策不断落地的背景下，宏观经济会逐渐企稳，同时适度宽松的货币政策也会让市场的流动性持续充裕。在这种背景下，我们对A股的回报仍然非常有信心，整体震荡向上的趋势不变。在AI产业，随着海外各大云厂商业绩发布，我们发现北美AI大厂的新一轮军备竞赛已经开始。在上一轮军备竞赛中，北美云商AI算力投入聚焦于AI训练，市场对算力投入持续性存疑。但本轮需求转向了推理，而推理的背后是商业闭环的形成，所以投入的持续性比上一轮会更强。整个北美算力板块，将迎来戴维斯双击的阶段。除了海外算力，国产算力的复苏也值得关注。随着英伟达H20卡重新供货，国内云厂商资本开支下半年可能重新恢复增长。在供给端，先进制程良率也出现了积极的改进，逐步打开了国产芯片的生产瓶颈。在国产算力领域，除了芯片、晶圆厂，上游的半导体设备也值得关注。虽然中美关系短期缓和，但在最尖端的光刻机等领域，中美的科技竞争无疑会持续进行下去。除算力之外，AI应用的投资机会也在逐渐显现。目前，国内也已经出现了不少商业模式跑通的AI应用公司，主要集中在ERP、视频生成、图片处理等领域。我们后续将密切关注这些公司的AI业务进展。","fund":{"_id":3000000740001,"stockCode":"740001","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-02-01T16:00:00.000Z","setUpScale":383969000,"market":"a","tickerId":740001,"custody":"中国邮政储蓄银行股份有限公司","name":"长安宏观策略混合型证券投资基金","shortName":"长安宏观策略混合(740001)","fundSecondLevel":"hybrid","__csrcFundId":1995,"fundStatus":"normal","lastUpdated":"2026-05-01T09:00:08.586Z","masterFundFlag":1,"inceptionDate":"2012-03-08T16:00:00.000Z","fundCollectionId":4000050680000,"currency":"CNY","masterFundShortName":"长安宏观策略混合","pinyin":"cahgclhhxzqtzjj","managers":[{"stockCode":"j101019499","stockType":"fund_manager","exchange":"fm","tickerId":230825248990,"name":"王浩聿"}]},"announcement":{"linkText":"长安宏观策略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=1349243","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed6557fea5b3eb056b5d2","date":"2025-03-30T16:00:00.000Z","stockId":3000000740001,"sao":"2025年一季度，市场呈现震荡格局，开年快速下跌之后逐渐企稳回升。春节之后，随着Deepseek的横空出世，人工智能、机器人等板块迎来了较大的涨幅。整个一季度涨幅领先的行业包括汽车、机械、计算机等；下跌幅度最大的行业包括：煤炭、房地产、商贸零售等。一季度我们继续聚焦国产算力行业。随着推理需求接力训练需求，算力仍然是人工智能产业发展的基石。另一方面，国际环境的复杂度不断提升，算力国产化的迫切性进一步增加。从芯片、服务器、到IDC等环节，我们认为国产算力行业在2025年将迎来爆发的一年。展望2025年，在适度宽松的货币政策背景下，我们认为市场大概率震荡向上，二季度可能是筛选主线的阶段。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:16:53.649Z","fund":{"_id":3000000740001,"stockCode":"740001","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-02-01T16:00:00.000Z","setUpScale":383969000,"market":"a","tickerId":740001,"custody":"中国邮政储蓄银行股份有限公司","name":"长安宏观策略混合型证券投资基金","shortName":"长安宏观策略混合(740001)","fundSecondLevel":"hybrid","__csrcFundId":1995,"fundStatus":"normal","lastUpdated":"2026-05-01T09:00:08.586Z","masterFundFlag":1,"inceptionDate":"2012-03-08T16:00:00.000Z","fundCollectionId":4000050680000,"currency":"CNY","masterFundShortName":"长安宏观策略混合","pinyin":"cahgclhhxzqtzjj","managers":[{"stockCode":"j101019499","stockType":"fund_manager","exchange":"fm","tickerId":230825248990,"name":"王浩聿"}]},"announcement":{"linkText":"长安宏观策略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=1278686","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed6557fea5b3eb056b5d1","date":"2024-12-30T16:00:00.000Z","stockId":3000000740001,"sao":"2024年，整个市场震荡上行。在9月24日之前，内需持续疲弱和通缩螺旋是市场的主要压制因素，市场的主线以红利、算力、出海为主。在9月26日政治局会议一锤定音之后，中长期的宏观预期随之改变，市场在短期内快速上涨。四季度人大会议、经济工作会议、政治局会议都验证了政策的转向，市场在四季度整体保持强势。报告期内，本基金继续专注于科技行业，尤其是AI产业。随着国内算力需求的逐渐爆发，我们增加了国内算力产业链的配置比例，降低了海外算力的持仓比例。另外，我们也逐渐加大了对AI应用、端侧AI、半导体国产化的配置力度。","declarationDate":"2025-01-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三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=659323","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed6557fea5b3eb056b5c3","date":"2021-06-29T16:00:00.000Z","stockId":3000000740001,"sao":"报告期内，受公共卫生事件影响的全球经济逐步恢复，原材料价格受需求快速回升和前期货币宽松影响出现较高幅度的上涨，主要经济体物价指数出现不同程度的上升，虽然变异病毒导致全球疫情零星爆发，对经济的增长前景产生一定扰动。但受去年低基数和疫苗接种率提升的影响，市场一致预期主要经济体的经济增长率将呈现保持前高后低态势，并且财政政策和货币政策将逐步回归正常。权益市场关注重点由单纯业绩的确定性变为估值与成长的匹配程度，因此权益市场表现在各行业出现轮动，并且整体波动较大和分化较为严重。报告期内，考虑到中游制造业的盈利受原材料成本上升的负面影响，本基金降低机械设备行业投资比例。其次，公共卫生事件和全球化进程受到挑战，导致国产替代进程加快，电子行业将受益于国产替代正面影响，本基金关注其投资机会。再次，在一季度末前期涨幅较大的有色金属、石油化工、食品饮料和医药行业出现估值与盈利之间匹配度不一致的地方，在寻找其他可替代个股的基础上进行灵活调整。最后，在跟踪芯片供应恢复进度、光伏招标、新能源汽车销售和中游制造行业订单的前提下，在一季度减少光伏和新能源汽车产业链相关个股，其行业分布包括电力设备和新能源、化工和机械等；但二季度初新能源销售和生产数据明显好转，并且中游制造行业订单数据显示景气度持续上升，增加动力电池和供需格局较好的中游材料个股比例；对于光伏产业链，逆变器行业盈利确定性相对较高，本基金在二季度初在此细分行业寻找投资机会。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:16:53.604Z","mo":"去年下半年以来，全球经济逐步恢复，但主要经济体的经济活动恢复的进度不一，我国经济率先恢复并承担全球供应的角色，因此出口保持较快增速，随着全球其他主要经济体逐步恢复，出口将面临较大波动，国内政策与其他经济体出现明显差异，融资政策更多的侧重于支持制造业和中小企业。若下半年出口明显下行，财政政策将开始发力，货币政策取向需要观察中小企业复苏情况。整体看，若出口不出现明显的回落，国内货币政策将稳中偏松，财政政策将保持偏紧，权益市场将保持震荡格局。本基金将从行业景气度出发，电子、新能源汽车和光伏等产业链仍处于景气上升阶段，本基金将重点关注相关行业投资机会。另外，目前原材料价格处于高位，随着全球生产的恢复，预计原材料价格将出现一定下降，中游制造业利润将出现修复，将关注机械设备、化工等行业投资机会。","fund":{"_id":3000000740001,"stockCode":"740001","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-02-01T16:00:00.000Z","setUpScale":383969000,"market":"a","tickerId":740001,"custody":"中国邮政储蓄银行股份有限公司","name":"长安宏观策略混合型证券投资基金","shortName":"长安宏观策略混合(740001)","fundSecondLevel":"hybrid","__csrcFundId":1995,"fundStatus":"normal","lastUpdated":"2026-05-01T09:00:08.586Z","masterFundFlag":1,"inceptionDate":"2012-03-08T16:00:00.000Z","fundCollectionId":4000050680000,"currency":"CNY","masterFundShortName":"长安宏观策略混合","pinyin":"cahgclhhxzqtzjj","managers":[{"stockCode":"j101019499","stockType":"fund_manager","exchange":"fm","tickerId":230825248990,"name":"王浩聿"}]},"announcement":{"linkText":"长安宏观策略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=637172","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed6557fea5b3eb056b5c2","stockId":3000000740001,"sao":"报告期内，国内经济将延续复苏态势。市场认为，受低基数影响，2021 年经济增长数据将在一季度达到年内高点，并呈现前高后低的态势，财政政策和货币政策在2021年逐步回归正常。在货币政策逐步退出宽松的背景下，纯粹依赖估值的个股/行业面临较大调整压力，未来重点关注受益于经济复苏带来业绩恢复的行业/公司的投资机会。报告期内，考虑到估值与业绩匹配度问题，2021年一季度开始降低食品饮料、机械、电力设备和新能源等行业的配置比例，但投资组合的净值仍然波动较大。另外，芯片缺货导致汽车生产受到影响，为规避风险，在2021年一季度后期降低汽车行业的个股比例。医药行业中涉及诊疗的细分行业在2020年一季度和二季度受到公共卫生事件影响，就诊人数减少，从2020年三季度开始，随着国内疫情得到控制，医院就诊人数开始恢复，因此加仓受益于就诊人数恢复的医药行业中的个股。最后，本报告期内，灵活调整有色金属、化工、建材和轻工行业的持仓比例。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:16:53.601Z","fund":{"_id":3000000740001,"stockCode":"740001","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-02-01T16:00:00.000Z","setUpScale":383969000,"market":"a","tickerId":740001,"custody":"中国邮政储蓄银行股份有限公司","name":"长安宏观策略混合型证券投资基金","shortName":"长安宏观策略混合(740001)","fundSecondLevel":"hybrid","__csrcFundId":1995,"fundStatus":"normal","lastUpdated":"2026-05-01T09:00:08.586Z","masterFundFlag":1,"inceptionDate":"2012-03-08T16:00:00.000Z","fundCollectionId":4000050680000,"currency":"CNY","masterFundShortName":"长安宏观策略混合","pinyin":"cahgclhhxzqtzjj","managers":[{"stockCode":"j101019499","stockType":"fund_manager","exchange":"fm","tickerId":230825248990,"name":"王浩聿"}]},"announcement":{"linkText":"长安宏观策略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=576136","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed6557fea5b3eb056b5c1","stockId":3000000740001,"sao":"报告期内，公共卫生事件对全球经济产生较大影响，国内经济的快速恢复主要依赖于国内自身需求的潜力挖掘所带来的投资和消费增加。权益市场的表现主要是流动性宽松带来的估值扩张，为应对流动性拐点带来的风险，本基金在权益市场配置比例灵活调整，并且将自上而下和自下而上关注食品饮料、医药、计算机、通信和汽车等行业趋势性的投资机会。下半年以来，国内经济出现明显好转，部分行业的营业收入和利润出现显著改善，宽松的货币政策逐步退出，对于估值扩张较大的食品饮料和医药仓位适当进行调整，同时增加汽车、有色、工程机械和新能源产业链的配置比例。同时，在化工和TMT等行业寻找合适的投资标的。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:16:53.599Z","mo":"随着疫苗的逐步推广，以及海外主要经济体领导层的更迭带来对公共卫生事件全球合作恢复，全球经济活动将逐步恢复，工业品开始进入补库存阶段，原材价格将出现一定程度的上涨。考虑到全球主要经济体恢复的进度不一，不同国家对于宽松货币政策和积极财政政策的退出时点将出现明显差异。国内经济恢复较为迅速，受到公共卫生事件影响行业的盈利状况在上半年将出现明显好转，货币政策将由去年的宽松状态逐步恢复正常，权益市场的波动将加大，估值扩张过快导致其盈利未能及时跟上的行业/个股面临较大压力。权益市场的表现将由估值扩张驱动转向盈利修复驱动，在盈利修复的行业中寻找合理估值将成为未来工作重点。从行业景气前景看，随着生产商逐步增加中间品库存的影响，化工、有色和机械设备行业景气度将在今年上半年保持高位，行业盈利能力将显著高于其他行业，本基金积极在这些行业中寻找供给和需求增速匹配的个股作为投资标的。另外，公共卫生事件发生后，企业品质得到全球客户认可的企业将进入全球供应链，享受全球价值链上升带来的成长机会，这些行业集中在汽车、机械设备、电子、电力设备新能源和医药等细分行业，基金管理人将持续关注其投资机会。","fund":{"_id":3000000740001,"stockCode":"740001","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-02-01T16:00:00.000Z","setUpScale":383969000,"market":"a","tickerId":740001,"custody":"中国邮政储蓄银行股份有限公司","name":"长安宏观策略混合型证券投资基金","shortName":"长安宏观策略混合(740001)","fundSecondLevel":"hybrid","__csrcFundId":1995,"fundStatus":"normal","lastUpdated":"2026-05-01T09:00:08.586Z","masterFundFlag":1,"inceptionDate":"2012-03-08T16:00:00.000Z","fundCollectionId":4000050680000,"currency":"CNY","masterFundShortName":"长安宏观策略混合","pinyin":"cahgclhhxzqtzjj","managers":[{"stockCode":"j101019499","stockType":"fund_manager","exchange":"fm","tickerId":230825248990,"name":"王浩聿"}]},"announcement":{"linkText":"长安宏观策略混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=562037","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed6557fea5b3eb056b5c0","stockId":3000000740001,"sao":"规模以上工业企业收入、工业增加值和PMI等数据显示我国经济开始企稳，货币流动性出现明显收紧态势。本基金在报告期内对持仓进行较大幅度的调整，将各行业配置适当均衡，减少食品饮料和医药等估值相对较高行业配置比例。同时，考虑到公共卫生事件将影响企业资本开支情况，减少计算机和通信等行业配置比例。另外，经济开始企稳，适当增加机械设备、化工等顺经济周期行业配置比例。从行业景气度出发，在光伏和新能源汽车等行业寻找合适投资机会。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T14:16:53.596Z","fund":{"_id":3000000740001,"stockCode":"740001","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-02-01T16:00:00.000Z","setUpScale":383969000,"market":"a","tickerId":740001,"custody":"中国邮政储蓄银行股份有限公司","name":"长安宏观策略混合型证券投资基金","shortName":"长安宏观策略混合(740001)","fundSecondLevel":"hybrid","__csrcFundId":1995,"fundStatus":"normal","lastUpdated":"2026-05-01T09:00:08.586Z","masterFundFlag":1,"inceptionDate":"2012-03-08T16:00:00.000Z","fundCollectionId":4000050680000,"currency":"CNY","masterFundShortName":"长安宏观策略混合","pinyin":"cahgclhhxzqtzjj","managers":[{"stockCode":"j101019499","stockType":"fund_manager","exchange":"fm","tickerId":230825248990,"name":"王浩聿"}]},"announcement":{"linkText":"长安宏观策略混合型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=494255","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed6557fea5b3eb056b5bf","stockId":3000000740001,"sao":"报告期内，新冠疫情在海内外先后爆发，引发了全球经济陷入衰退的担忧，市场经历了较大幅度的波动之后，全球的流动性出现了大幅的宽松。虽然经济下行的压力仍然较大，但流动性驱动市场出现了较大幅度的反弹。报告期内，本基金的权益资产配置比例保持稳定，关注继续围绕内需拉动挖掘相关的行业和机会以及经济结构转型和改革带来的行业红利机会，以及受疫情影响较小，长期趋势向上的5G应用及科技相关行业。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"20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