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而沪深300碳中和指数包含白酒、金融和家电等白马股，在去年更难以跑赢。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:59.956Z","mo":"一方面，以光伏锂电为代表的新能源，经历了2023年原材料的大幅跌价后，理论上的潜在需求是巨大的，而板块当前的主要矛盾是阶段性供给过剩。产能的出清需要时间，预计会以较大型企业的退出为标志，可能的时间点在下半年。届时供给端出清初具成效而需求端有国内外降息刺激，较易形成新的板块性行情。另一方面，国内风光装机基数渐大，电网投资有望向消纳方向倾斜，催生对特高压尤其是柔直更多的投入，进而带来投资机会。此外，在能源转型带来的电气化智能化大趋势下，欧美发达国家正面临老旧电网的改造以及增量输配电网的需求。拉长时间看，亚非拉的发展中国家需求更甚。电力设备出海的逻辑虽然爆发力不如新能源，但持续时间预计较长。国内优秀的出海型电力设备企业具备长维度的投资价值。","fund":{"_id":3000000016635,"__csrcFundId":11750,"stockCode":"016635","shortName":"国联安气候变化混合(016635)","masterFundShortName":"国联安气候变化混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16635,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:08:44.004Z","status":"normal","exchange":"jj","fundCollectionId":4000050240000,"inceptionDate":"2022-09-27T16:00:00.000Z","name":"国联安气候变化责任投资混合型证券投资基金","setUpDate":"2022-09-27T16:00:00.000Z","setUpAssetScale":217619436.42,"setUpShares":217619436.42,"pinyin":"glaqhbhzrtzhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"8801381940","stockType":"fund_manager","exchange":"fm","tickerId":1613140700,"name":"潘明"}]},"announcement":{"linkText":"国联安气候变化责任投资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=1054121","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1e77fea5b3eb052549e","date":"2023-09-29T16:00:00.000Z","stockId":3000000016635,"sao":"三季度市场担心经济复苏动能继续放缓，沪深300指数下跌近4%。由于基本面景气度的下行，气候变化主题持续下跌，申万一级行业电力设备指数下跌15.7%。期间只有部分变压器、继电器和BC电池相关个股表现较好，但主流品种比如光伏设备、TOPCON产业链、储能、逆变器等大幅下跌。市场还有其他两大担心：其一为海外脱钩影响远期有效需求，即欧美为代表的产能本土化对中国产能的负面影响，这是对需求端的担忧。其二为供给侧的同质化过剩，过去几年上市公司大量融资扩产导致供给端加速进入出清周期，单位盈利持续下行。 不过再融资的阶段性收紧或将缓解新能源行业产能过剩问题。三季度本基金增持了有差异化竞争力的BC电池技术产业链、继电器、超跌的逆变器和优质港股新能源汽车股，降低了对TOPCON和光伏硅片等方向的配置。气候变化主题下一波行情的推演主要取决于两个指标：1）产业界洗牌，目前初步判断要在明年年中附近，股价可能会有提前反应；2）机构持仓的出清，机构有下跌过程中抄底的惯性，但在行业报表逐渐恶化的过程中机构持仓可能早于产业出清。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:59.953Z","fund":{"_id":3000000016635,"__csrcFundId":11750,"stockCode":"016635","shortName":"国联安气候变化混合(016635)","masterFundShortName":"国联安气候变化混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16635,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:08:44.004Z","status":"normal","exchange":"jj","fundCollectionId":4000050240000,"inceptionDate":"2022-09-27T16:00:00.000Z","name":"国联安气候变化责任投资混合型证券投资基金","setUpDate":"2022-09-27T16:00:00.000Z","setUpAssetScale":217619436.42,"setUpShares":217619436.42,"pinyin":"glaqhbhzrtzhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"8801381940","stockType":"fund_manager","exchange":"fm","tickerId":1613140700,"name":"潘明"}]},"announcement":{"linkText":"国联安气候变化责任投资混合型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=990231","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1e77fea5b3eb052549d","date":"2023-06-29T16:00:00.000Z","stockId":3000000016635,"sao":"2023年上半年，国内经济持续复苏，但二季度开始的复苏程度似乎不及市场预期。机构重仓的气候变化赛道受到了一定负面影响，ChatGPT涌现带来的AI热潮相关的资金虹吸效应也一定程度上影响到了气候变化相关主题。由于欧洲的天然气供需和价格变化等原因，本基金在上半年减持了微逆和储能的配置，并大幅降低汽车芯片和碳化硅的配置。此外，本基金增配了TOPCON和钙钛矿以及锂电池和头部电动车。基于对下半年行业前景的不确定性依然较大的判断，本基金整体仓位有所回调。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:59.950Z","mo":"目前市场对于电力设备新能源为代表的气候变化主题比较悲观。但从今年夏季全球温度偏高、2023年可能成为有史以来最热的年份之一等信息来分析，改变气候变化的紧迫性在加强而非减弱。本基金从业绩好、空间大、技术新等多维度出发继续看好TOPCON、光伏设备、自动驾驶、动力电池、纯电汽车、逆变器和钙钛矿等细分领域中的龙头企业。","fund":{"_id":3000000016635,"__csrcFundId":11750,"stockCode":"016635","shortName":"国联安气候变化混合(016635)","masterFundShortName":"国联安气候变化混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16635,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:08:44.004Z","status":"normal","exchange":"jj","fundCollectionId":4000050240000,"inceptionDate":"2022-09-27T16:00:00.000Z","name":"国联安气候变化责任投资混合型证券投资基金","setUpDate":"2022-09-27T16:00:00.000Z","setUpAssetScale":217619436.42,"setUpShares":217619436.42,"pinyin":"glaqhbhzrtzhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"8801381940","stockType":"fund_manager","exchange":"fm","tickerId":1613140700,"name":"潘明"}]},"announcement":{"linkText":"国联安气候变化责任投资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=962532","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1e77fea5b3eb052549c","date":"2023-03-30T16:00:00.000Z","stockId":3000000016635,"sao":"与此前相比，2023年一季度股票市场的结构性分化已经发生了明显的变化。科技股大涨，尤其是计算机、传媒和通信板块，中信TMT指数大幅跑赢沪深300指数。以ChatGPT为代表的AI（人工智能）主题的虹吸效应对非AI板块产生了较大的影响，资金不断流出新能源等行业。新能源是中国具有全球竞争优势的核心制造业之一，预计其长期收益预期将有所提升，但行业的机构筹码太重、行业与AI和中特估关系不大导致其短期不太可能重新成为市场主线。目前气候变化主题的市场热度已几乎降到冰点，优质个股的PEG等估值指标也跌到底部区域。市场比较关注行业和公司业绩的二阶导，但本基金更关注未来业绩增速绝对值较高、PE估值较低的优质个股。新能源很大程度上可以帮助降低人工智能带来的能耗问题。本基金在一季度主要增加了锂电、硅片、钙钛矿设备以及逆变器的配置，选择性降低了对微逆、储能、TOPCON电池、海风和汽车芯片等的配置。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:59.947Z","fund":{"_id":3000000016635,"__csrcFundId":11750,"stockCode":"016635","shortName":"国联安气候变化混合(016635)","masterFundShortName":"国联安气候变化混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16635,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:08:44.004Z","status":"normal","exchange":"jj","fundCollectionId":4000050240000,"inceptionDate":"2022-09-27T16:00:00.000Z","name":"国联安气候变化责任投资混合型证券投资基金","setUpDate":"2022-09-27T16:00:00.000Z","setUpAssetScale":217619436.42,"setUpShares":217619436.42,"pinyin":"glaqhbhzrtzhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"8801381940","stockType":"fund_manager","exchange":"fm","tickerId":1613140700,"name":"潘明"}]},"announcement":{"linkText":"国联安气候变化责任投资混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=888860","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1e77fea5b3eb052549b","date":"2022-12-30T16:00:00.000Z","stockId":3000000016635,"sao":"2022年，沪深300碳中和指数下跌22.38%，略逊于沪深300指数。申万一级电力设备行业大跌25.43%。本基金配置重心包括电力电子中的逆变器和微逆、储能、TOPCON、组件、锂电池和电子中的碳化硅和汽车芯片等。从三季度底产品成立到年底，净值略跑输比较基准，主要原因是市场担心欧洲户用光伏行业今年增速下滑，影响到相关的微逆和储能重仓股。四季度市场开始预期疫情管控放开催化部分资金从科技成长转向消费行业和美国在四季度连续两次超预期打压中国半导体产业也影响到了碳化硅衬底和汽车芯片重仓股的走势。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:59.944Z","mo":"我们认为2022年最后四个多月的残酷科技行业投资环境大概率不会在今年重演。2022年表现较优的“困境反转”价值投资策略和遭遇巨大挑战的景气成长策略在2023年的收益预期或发生逆转。应对气候变化是一个全球话题，也是去全球化环境下中国和其他国家保持合作共赢的一个重要领域。本基金将更分散化持有个股并更均衡配置气候变化主题的内部细分主题配置。在电新领域的配置中，本基金或更关注钙钛矿、异质结和石英等新技术和短缺产品。","fund":{"_id":3000000016635,"__csrcFundId":11750,"stockCode":"016635","shortName":"国联安气候变化混合(016635)","masterFundShortName":"国联安气候变化混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":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