window.pageData = {"stock":{"_id":3000000016810,"stockCode":"016810","shortName":"信澳博见成长一年定期开放混合A","masterFundShortName":"信澳博见成长一年定期开放混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16810,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","fundCollectionId":4000050550000,"name":"信澳博见成长一年定期开放混合型证券投资基金","inceptionDate":"2023-05-16T16:00:00.000Z","setUpDate":"2023-05-16T16:00:00.000Z","setUpAssetScale":217988115.42,"setUpShares":217988115.42,"pinyin":"xabjczyndqkfhhxzqtzjj","followedNum":0,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50550000","tickerId":50550000,"name":"信达澳亚基金管理有限公司"},"managers":[{"name":"李博","stockType":"fund_manager","stockCode":"db20798238","exchange":"fm","tickerId":1202210790}],"hotMetrics":{"fss":{"stockId":3000000016810,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0,"f_ind_h_s_r":1,"f_h_a":1338,"f_h_s_a":4913371,"f_ind_h_s_r_c_hy":0,"f_ins_h_s_r_c_hy":0,"last_data_date":"2025-12-30T16:00:00.000Z","f_ind_h_s_r_c_1y":0,"f_ins_h_s_r_c_1y":0},"fpr":{"stockId":3000000016810,"type":"fpr","f_p_r_fys_ssc":8947,"f_p_r_fys_ssrp":0.9997764363961547,"f_p_r_m1_ssc":9334,"f_p_r_m1_ssrp":0.9984999464266581,"f_p_r_m3_ssc":9171,"f_p_r_m3_ssrp":0.9974918211559433,"f_p_r_m6_ssc":8947,"f_p_r_m6_ssrp":0.9997764363961547,"f_p_r_y1_ssc":8422,"f_p_r_y1_ssrp":0.9989312433202707,"f_cagr_p_r_fs_ssc":8864,"f_cagr_p_r_fs_ssrp":0.02516078077400429,"f_p_r_y2_ssc":7792,"f_p_r_y2_ssrp":0.5795148247978437},"fp":{"stockId":3000000016810,"type":"fp","f_p_r_d1":0.05710710051376622,"f_p_r_m1":-0.16907305804216,"f_p_r_m3":-0.22066490622249324,"f_p_r_m6":-0.3252037286744447,"f_p_r_fys":-0.3252037286744447,"f_p_r_y1":-0.33240531291688413,"last_data_date":"2026-07-02T16:00:00.000Z","f_p_r_y2":0.3023308440823713,"f_i_d":"2023-05-16T16:00:00.000Z"},"ff":{"stockId":3000000016810,"type":"ff","f_m_f_r":0.012,"f_c_f_r":0.002,"f_m_a_c_f_r":0.014,"f_m_c_f_d":"2024-12-10T16:00:00.000Z","f_c_f":203586,"f_m_a_c_f":1425103,"f_m_f":1221517,"f_c_fr":0.002,"f_fr_d":"2025-12-30T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000016810,"type":"f_nlacan","f_nv_d":"2026-07-02T16:00:00.000Z","f_nv":1.151,"f_nv_cr":0.014365030404512202},"f_as":{"stockId":3000000016810,"type":"f_as","f_tas":332589708.5952,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000016811,"name":"信澳博见成长一年定期开放混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"016811","tickerId":16811,"shortName":"信澳博见成长一年定期开放混合C","currency":"CNY","__csrcFundId":12367,"exchange":"jj","lastUpdated":"2025-01-08T23:14:32.633Z","fundCollectionId":4000050550000,"inceptionDate":"2023-05-16T16:00:00.000Z","setUpDate":"2023-05-16T16:00:00.000Z","setUpAssetScale":81003.27,"setUpShares":81003.27,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"xabjczyndqkfhhxzqtzjj"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000016810,"stockId":1000000000001318,"holdings":488854,"marketCap":32545176,"netValueRatio":0.0982,"quarterlyChange":-0.07711138310893506,"stock":{"stockCode":"01318","exchange":"hk","stockType":"company","tickerId":1318,"name":"毛戈平"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000016810,"stockId":688169,"holdings":269716,"marketCap":32360525,"netValueRatio":0.0977,"quarterlyChange":-0.21096935420228813,"stock":{"stockCode":"688169","tickerId":688169,"exchange":"sh","stockType":"company","name":"石头科技"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000016810,"stockId":1000000000002015,"holdings":539854,"marketCap":32270158,"netValueRatio":0.0974,"quarterlyChange":0.04394757131842697,"stock":{"exchange":"hk","stockType":"company","stockCode":"02015","tickerId":2015,"name":"理想汽车-W"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000016810,"stockId":600418,"holdings":698432,"marketCap":32267558,"netValueRatio":0.0974,"quarterlyChange":-0.06666666666666743,"stock":{"stockCode":"600418","exchange":"sh","stockType":"company","tickerId":600418,"name":"江淮汽车"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000016810,"stockId":2244,"holdings":3297200,"marketCap":32180672,"netValueRatio":0.0971,"quarterlyChange":-0.028855721393034606,"stock":{"stockCode":"002244","exchange":"sz","stockType":"company","tickerId":2244,"name":"滨江集团"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000016810,"stockId":688775,"holdings":170429,"marketCap":32086667,"netValueRatio":0.0968,"quarterlyChange":-0.19851000425713072,"stock":{"name":"影石创新","exchange":"sh","stockType":"company","stockCode":"688775","tickerId":688775}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000016810,"stockId":600733,"holdings":4465500,"marketCap":31928325,"netValueRatio":0.0964,"quarterlyChange":-0.10958904109589018,"stock":{"stockCode":"600733","exchange":"sh","stockType":"company","tickerId":600733,"name":"北汽蓝谷"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000016810,"stockId":1000000000001810,"holdings":1118646,"marketCap":31369621,"netValueRatio":0.0947,"quarterlyChange":-0.19185750636132293,"stock":{"stockCode":"01810","exchange":"hk","stockType":"company","tickerId":1810,"name":"小米集团-W"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000016810,"stockId":1000000000009992,"holdings":228248,"marketCap":28939933,"netValueRatio":0.0873,"quarterlyChange":-0.23494938732019188,"stock":{"stockType":"company","exchange":"hk","stockCode":"09992","tickerId":9992,"name":"泡泡玛特"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000016810,"stockId":1000000000009988,"holdings":143700,"marketCap":15098709,"netValueRatio":0.0456,"quarterlyChange":-0.16666666666666652,"stock":{"exchange":"hk","stockType":"company","stockCode":"09988","tickerId":9988,"name":"阿里巴巴-W"}}],"lastFsMetrics":{"latestTurnoverRate":1.2071842392031054,"latestTurnoverRateDate":"2025-12-30T16:00:00.000Z"}},"list":[{"_id":"69e7d58a6201787ae129f3cc","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","stockId":3000000016810,"sao":"一季度多行业草根调研的实际观察来看，酒店、旅游、医美、博彩、地产、白酒等不少行业有了景气度边际回暖的迹象。我们认为内需最缺少的不是购买力，而是优质供给，在未来的两到三年，强势国产品牌将在AI基建成熟之后迎来成本回归，需求上升。在汽车与消费电子上，我们把仓位聚焦在更加强势的品牌上，耐心等待周期反转。我们继续关注好房子带来的地产消费升级，有潜力迭代出家庭服务机器人的扫地机行业，以及具有明显中华文化审美赋能的美妆、医美与潮玩行业，同时互联网平台依靠流量与资金优势，转型成为全社会AI赋能平台，也是我们看好的方向。长期来看，随着社会发展，人们生活质量提高，我们预计“反内卷”将在越来越多的行业中得到体现。一群有创新有梦想有坚持的创业者，将把中国品牌带向新高度，并成功出海走向全球市场。而这是我们未来投资的主线。","lastUpdated":"2026-04-21T19:52:42.560Z","fund":{"_id":3000000016810,"__csrcFundId":12367,"stockCode":"016810","shortName":"信澳博见成长一年定期开放混合(016810)","masterFundShortName":"信澳博见成长一年定期开放混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16810,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:15:10.661Z","status":"normal","exchange":"jj","fundCollectionId":4000050550000,"name":"信澳博见成长一年定期开放混合型证券投资基金","inceptionDate":"2023-05-16T16:00:00.000Z","setUpDate":"2023-05-16T16:00:00.000Z","setUpAssetScale":217988115.42,"setUpShares":217988115.42,"pinyin":"xabjczyndqkfhhxzqtzjj","followedNum":0,"managers":[{"stockCode":"db20798238","stockType":"fund_manager","exchange":"fm","tickerId":1202210790,"name":"李博"}]},"announcement":{"linkText":"信澳博见成长一年定期开放混合型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1468532","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ca14080daeb17084fb2ac8","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000016810,"sao":"今年我们进一步降低了换手率，拉长了平均投资周期。对于宏观经济我们不做具体预测，但从多行业草根调研的实际观察来看，内需最缺少的不是购买力，而是优质供给。科技基建大发展目前对各行业的影响，很多时候更直接的体现在资源品和标品涨价，导致成本提高。但我们认为在未来的两到三年，新科技最终会加速赋能品牌方，各行各业的品牌格局，因新科技的成功应用将被重新洗牌。在汽车与消费电子上，我们把仓位聚焦在更加强势的品牌上，耐心等待周期反转。同时我们继续关注好房子带来的地产消费升级，有潜力迭代出家庭服务机器人的扫地机行业，以及具有明显中华文化审美赋能的美妆与潮玩行业。","lastUpdated":"2026-03-30T06:11:20.554Z","mo":"长期来看，随着社会发展，人们生活质量提高，我们预计“反内卷”将在越来越多的行业中得到体现。一群有创新有梦想有坚持的创业者，将把中国品牌带向新高度，并成功出海走向全球市场。而这是我们未来投资的主线。","fund":{"_id":3000000016810,"__csrcFundId":12367,"stockCode":"016810","shortName":"信澳博见成长一年定期开放混合(016810)","masterFundShortName":"信澳博见成长一年定期开放混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16810,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:15:10.661Z","status":"normal","exchange":"jj","fundCollectionId":4000050550000,"name":"信澳博见成长一年定期开放混合型证券投资基金","inceptionDate":"2023-05-16T16:00:00.000Z","setUpDate":"2023-05-16T16:00:00.000Z","setUpAssetScale":217988115.42,"setUpShares":217988115.42,"pinyin":"xabjczyndqkfhhxzqtzjj","followedNum":0,"managers":[{"stockCode":"db20798238","stockType":"fund_manager","exchange":"fm","tickerId":1202210790,"name":"李博"}]},"announcement":{"linkText":"信澳博见成长一年定期开放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=1449173","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1fe7fea5b3eb0526cc5","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000016810,"sao":"三季度我们观察到，虽然国内车市整体景气不瘟不火，储能与欧洲新能源车需求开始变强，使得锂电池产业链整体经营情况环比好转。国内新车销售补贴即将迎来退坡，我们认为在规则常态化之后，品牌力对销量的影响将更加明显。消费公司又上市了一批细分行业的龙头，包括母婴，运动器材，影像设备等，公司经营质量都明显高于行业，体现了强阿尔法特征。互联网方面创新开始加速，高质量内容出圈，即时零售高速发展，扫街榜单的用户体验超预期，ai应用在软件与硬件端也有一些新尝试。长期来看，随着社会发展，人们生活质量提高，我们预计“反内卷”将在越来越多的行业中得到体现。一群有创新有梦想有坚持的创业者，将把中国品牌带向新高度，并成功出海走向全球市场。而这是我们未来投资的主线。","lastUpdated":"2026-03-09T13:58:22.255Z","fund":{"_id":3000000016810,"__csrcFundId":12367,"stockCode":"016810","shortName":"信澳博见成长一年定期开放混合(016810)","masterFundShortName":"信澳博见成长一年定期开放混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16810,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:15:10.661Z","status":"normal","exchange":"jj","fundCollectionId":4000050550000,"name":"信澳博见成长一年定期开放混合型证券投资基金","inceptionDate":"2023-05-16T16:00:00.000Z","setUpDate":"2023-05-16T16:00:00.000Z","setUpAssetScale":217988115.42,"setUpShares":217988115.42,"pinyin":"xabjczyndqkfhhxzqtzjj","followedNum":0,"managers":[{"stockCode":"db20798238","stockType":"fund_manager","exchange":"fm","tickerId":1202210790,"name":"李博"}]},"announcement":{"linkText":"信澳博见成长一年定期开放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=1369226","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1fe7fea5b3eb0526cc4","date":"2025-06-29T16:00:00.000Z","stockId":3000000016810,"sao":"一季度我们曾经预计，美国关税影响带来的恐慌减少，国内市场消费升级的公司出现溢价。二季度市场与消费板块的走势印证了这一判断。我们曾经预计，高端国产整车品牌以新车的强势产品力拉大领先优势，之后我们观察到小米Yu7与尊界发布后，订单均大超市场预期，成为中国车企发展路上的里程碑。二季度我们看到，主管部门开始强调经济发展“反内卷”，我们解读为这是各行各业从极致性价比走向优质优价的标志性事件。在行业竞争趋于激烈的时候，低价往往是最直接的刺激需求扩大市场份额的方式，但消费者对于网络图片与实际商品的差异，对于汽车为代表的高价值耐用品的寿命与质量，是存在信息不对称的。过度追求低价可以让企业短暂获得市场份额，但破坏了供应链生态，增加了安全隐患，甚至透支消费者对中国制造、中国品牌的信任。我们认为“反内卷”的指导方向前瞻且正确，我们坚定的站在靠新科技与中国审美，不断升级产品与服务，走优质优价发展道路的企业这一边。另外我们发现，京东、阿里、美团在即时零售上都加大了投入力度，一方面影响了当期利润，但同时也说明大厂一致判断即时零售能给消费者创造价值，整个行业生态变革在加速。我们还观察到地产方面上海与杭州高品质不限价的楼盘入市销售火爆，与行业景气的低迷形成了强烈反差。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:22.252Z","mo":"展望三季度，我们预计“反内卷”将在越来越多的行业中得到体现，并可能影响未来数年。不论是产品、服务还是内容创作，不论是汽车、地产等大额支出还是超市、快餐等日常消费，都将出现一批企业，把品质放在优先考量，并用合理价格，赢得消费者青睐，形成品牌资产。","fund":{"_id":3000000016810,"__csrcFundId":12367,"stockCode":"016810","shortName":"信澳博见成长一年定期开放混合(016810)","masterFundShortName":"信澳博见成长一年定期开放混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16810,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:15:10.661Z","status":"normal","exchange":"jj","fundCollectionId":4000050550000,"name":"信澳博见成长一年定期开放混合型证券投资基金","inceptionDate":"2023-05-16T16:00:00.000Z","setUpDate":"2023-05-16T16:00:00.000Z","setUpAssetScale":217988115.42,"setUpShares":217988115.42,"pinyin":"xabjczyndqkfhhxzqtzjj","followedNum":0,"managers":[{"stockCode":"db20798238","stockType":"fund_manager","exchange":"fm","tickerId":1202210790,"name":"李博"}]},"announcement":{"linkText":"信澳博见成长一年定期开放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=1341747","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1fe7fea5b3eb0526cc3","date":"2025-03-30T16:00:00.000Z","stockId":3000000016810,"sao":"去年底我们曾经预计，车企之间的智能化进展将剧烈分化， 智能化领先的头部品牌将提高市占率；看好即时零售行业的创新；看好优质内容互联网平台，与新消费龙头。从一季度的实际情况来看，头部新势力的新车的爆款概率继续增加，同时燃油车市场的下行速度继续增大。而一季度出现了一些严重的车祸事件，让消费者对车的安全性与智驾的能力边界更加关注，整个行业对于智能驾驶的宣传将更加实事求是，倘若监管趋严，技术积累领先的智能驾驶品牌的壁垒将被明确。而美国全球征税的外部环境变动，可能会加快国产车向欧洲出口的进度，高端车尤其受益。互联网与新消费，头部公司的经营较为稳健，在宠物和潮玩等领域都有较好的业绩表现，且基本不受关税变动影响。另外我们增加关注中国房地产行业的消费升级过程，最近我们观察到行业出现了优质土地供给增加，新房限价放开，好房子的标准逐渐清晰等积极变化，让我们对未来几年中国房地产行业走出拥有溢价的高端地产开发商品牌产生了期待。展望二季度，我们预计美国关税政策带来的市场恐慌将逐渐减少，而专注于国内市场消费升级的公司将带来溢价；整车行业受新车周期刺激，高端国产品牌的增速依然明显跑赢行业；在国内对冲刺激政策落地之后，国内新消费与高端消费的景气度将率先上调。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:22.249Z","fund":{"_id":3000000016810,"__csrcFundId":12367,"stockCode":"016810","shortName":"信澳博见成长一年定期开放混合(016810)","masterFundShortName":"信澳博见成长一年定期开放混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16810,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:15:10.661Z","status":"normal","exchange":"jj","fundCollectionId":4000050550000,"name":"信澳博见成长一年定期开放混合型证券投资基金","inceptionDate":"2023-05-16T16:00:00.000Z","setUpDate":"2023-05-16T16:00:00.000Z","setUpAssetScale":217988115.42,"setUpShares":217988115.42,"pinyin":"xabjczyndqkfhhxzqtzjj","followedNum":0,"managers":[{"stockCode":"db20798238","stockType":"fund_manager","exchange":"fm","tickerId":1202210790,"name":"李博"}]},"announcement":{"linkText":"信澳博见成长一年定期开放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=1266426","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1fe7fea5b3eb0526cc2","date":"2024-12-30T16:00:00.000Z","stockId":3000000016810,"sao":"2024年我们坚持价值投资与长期投资，在业绩上取得了超越行业平均水平的收益率。通过频繁的现场调研我们认为中国品牌升级和科技升级在不断加速，消费政策在四季度更加积极，所以即使中美关系走向有一定不确定性，我们仍然对国内宏观经济未来的走向偏乐观。今年三季度，我们曾经预计，头部的国产电动车品牌，将逐步打开国内以及出海的高端市场，盈利能力将普遍迎来加速向上；互联网垂类平台的经营增速将更明显地超越传统龙头；新消费各行业的龙头将进入国内的高端市场，并在海外的布局上获得进展。从四季度的实际情况来看，头部新势力车企继续在新车和订单数据上面表现强势，现金流与毛利率水平普遍继续好转，在自动驾驶领域获得了更快速的迭代，消费者对智驾的认可度和使用率也越来越高。与此同时日系和德系的相关车企，财务报表下滑严重，不断爆出裁员停产等消息。互联网这边，在四季度我们看到平台之间经营出现了分化，传统的大厂和以性价比为特点的平台，增速都感受到了更明显的压力，而高质量内容的垂类平台经营增长较为稳健。在消费领域我们关注的潮玩，扫地机，宠物等行业的龙头继续展现了超出行业的经营表现。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:22.246Z","mo":"展望下个季度及全年，我们预计车企之间的智能化进展将剧烈分化，以头部车企逐渐达到L4级别自动驾驶能力作为标志性事件，消费者购车将更倾向于智能化优秀的品牌，这将让市场集中度提高；互联网垂类平台的经营增速仍然将优于行业，同时我们关注线上与线下联动的即时零售与服务类消费；我们全年依然看好新消费龙头，依靠他们的创新，不断向社会提供更优质的消费供给，才是解决当前消费力不足的最好途径。","fund":{"_id":3000000016810,"__csrcFundId":12367,"stockCode":"016810","shortName":"信澳博见成长一年定期开放混合(016810)","masterFundShortName":"信澳博见成长一年定期开放混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16810,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:15:10.661Z","status":"normal","exchange":"jj","fundCollectionId":4000050550000,"name":"信澳博见成长一年定期开放混合型证券投资基金","inceptionDate":"2023-05-16T16:00:00.000Z","setUpDate":"2023-05-16T16:00:00.000Z","setUpAssetScale":217988115.42,"setUpShares":217988115.42,"pinyin":"xabjczyndqkfhhxzqtzjj","followedNum":0,"managers":[{"stockCode":"db20798238","stockType":"fund_manager","exchange":"fm","tickerId":1202210790,"name":"李博"}]},"announcement":{"linkText":"信澳博见成长一年定期开放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=1246256","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1fe7fea5b3eb0526cc1","date":"2024-09-29T16:00:00.000Z","stockId":3000000016810,"sao":"今年二季度，我们曾经预计，头部的电动车国产品牌在销量和盈利上进一步拉开与行业平均水平的差距，互联网垂类平台公司将获得超越宏观经济与互联网平均水平的增速，新消费中能成长出一批高质量的国产品牌。从三季度的实际情况来看，头部新势力车企的订单数据越来越强势，不管是全新发售的车型，还是老款的改版，都大受消费者欢迎，性价比、舒适度、颜值与智能化水平，都在进一步的拉大与合资车的差距，头部新势力公司的盈利能力也终于在二季报普遍出现了大幅好转。而以宝马、大众、通用、丰田、本田为代表的主流合资车品牌，市占率均出现了加速的下滑趋势。需要注意的是，倘若欧盟施加了对我国电动车出口的高税率，在我们对等反制的过程中可能会带来国内百万级豪车市场的进口替代机遇。在三季度，我们看到垂类互联网平台在广告、带货、游戏等方面都展现出了明显好于行业的经营结果，同时头部互联网公司盈利水平稳健，也迎来了估值的修复。在消费领域，我们关注的潮玩、扫地机、智能家居、珠宝、宠物等行业的龙头公司均体现了明显的穿越经济周期的成长性。展望下个季度，我们预计头部的国产电动车品牌，将逐步开始打开国内以及出海的高端市场，盈利能力将普遍迎来加速向上，互联网垂类平台的经营增速将更明显的超越传统龙头，新消费各行业的龙头将在中国制造、中国科技与中国文化带来的综合优势下逐渐进入国内的高端市场，并将在海外市场的布局上获得进展。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:22.244Z","fund":{"_id":3000000016810,"__csrcFundId":12367,"stockCode":"016810","shortName":"信澳博见成长一年定期开放混合(016810)","masterFundShortName":"信澳博见成长一年定期开放混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16810,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:15:10.661Z","status":"normal","exchange":"jj","fundCollectionId":4000050550000,"name":"信澳博见成长一年定期开放混合型证券投资基金","inceptionDate":"2023-05-16T16:00:00.000Z","setUpDate":"2023-05-16T16:00:00.000Z","setUpAssetScale":217988115.42,"setUpShares":217988115.42,"pinyin":"xabjczyndqkfhhxzqtzjj","followedNum":0,"managers":[{"stockCode":"db20798238","stockType":"fund_manager","exchange":"fm","tickerId":1202210790,"name":"李博"}]},"announcement":{"linkText":"信澳博见成长一年定期开放混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1169330","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1fe7fea5b3eb0526cc0","date":"2024-06-29T16:00:00.000Z","stockId":3000000016810,"sao":"今年上半年，社零增速仍存压力，但是从行业的中观视角来看，仍存在结构性机会。首先汽车行业，在行业销量增速平缓，价格战烈度延续的背景下，我们发现一些车企新车供不应求，均价与毛利率均超市场预期，头部品牌强者恒强的格局正在逐步显现。互联网行业也逐渐从互相内卷切换到新模式与高端化的创新上来。而AI的发展也更多的走向了硬件落地与更加具体的商业模式上。上半年基金的配置方向总体变化不大，略降仓了机器人方向，增加了整车与部分新消费的配置。从二季度的实际情况来看，新能源车行业的发展，延续了国产的强势，且头部企业的优势仍在扩大。鸿蒙智行与小米在中高端市场订单表现大超市场预期，产品持续供不应求。新势力车企依靠过硬的产品力与较高的综合服务水平，在增加了终端优惠，产品性价比大幅提升的情况之下，订单有明显回升，同时比亚迪推出了dmi5.0让15万元以下的整车市场性价比竞争更加激烈。在人形机器人行业，产品的行动能力和外观正在以肉眼可见的速度迭代。但因为马斯克在特斯拉的股权归属争议，市场对行业的发展信心有所下调。目前股权争议解决，我们期待下半年行业能出现更显著的商业化进展。互联网行业，正在往我们期待的方向发展，行业头部龙头降本提效，一季度业绩普遍超预期，巨头之间互相竞争的激烈程度有所减弱。同时我们观察到垂类平台的流量增长与商业化进展，受宏观经济的影响较小，国内互联网公司在AI聊天和搜索，AI对广告营销的提效，以及文生视频等多方面都取得了明显的进展。新消费这一边，出现了一批优秀的国内公司，他们比外资公司更了解中国文化与细分行业的消费者痛点，同时充分利用了强大的中国制造基础与互联网新型营销工具，产品力更强，性价比更高，企业文化中往往包括了悦己、反内卷、女性主义、国潮文化等时代关键词，品牌更接地气。目前我们核心关注美妆、扫地机、潮玩、宠物、黄金珠宝等方向。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:22.241Z","mo":"展望下个季度，我们仍然预计头部的电动车国产品牌在销量和盈利上进一步拉开与行业平均水平的差距，看好互联网垂类平台公司获得超越宏观经济与互联网平均水平的增速，新消费中能成长出一批高质量的国产品牌，继续关注人形机器人行业的技术与产品迭代。","fund":{"_id":3000000016810,"__csrcFundId":12367,"stockCode":"016810","shortName":"信澳博见成长一年定期开放混合(016810)","masterFundShortName":"信澳博见成长一年定期开放混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16810,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:15:10.661Z","status":"normal","exchange":"jj","fundCollectionId":4000050550000,"name":"信澳博见成长一年定期开放混合型证券投资基金","inceptionDate":"2023-05-16T16:00:00.000Z","setUpDate":"2023-05-16T16:00:00.000Z","setUpAssetScale":217988115.42,"setUpShares":217988115.42,"pinyin":"xabjczyndqkfhhxzqtzjj","followedNum":0,"managers":[{"stockCode":"db20798238","stockType":"fund_manager","exchange":"fm","tickerId":1202210790,"name":"李博"}]},"announcement":{"linkText":"信澳博见成长一年定期开放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=1148758","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1fe7fea5b3eb0526cbf","date":"2024-03-30T16:00:00.000Z","stockId":3000000016810,"sao":"去年四季度，我们曾经预计，虽然宏观经济总体的弹性有限，但各行各业的产业升级会加速，散发的行业亮点将越来越多。国产整车头部企业，将开始快速抢夺20万以上的中高端车的市场份额。人形机器人方面，整个产业链的进步速度将加快。以及互联网平台公司，将利用流量优势与AI的技术应用，进一步优化商业模式。而今年一季度，我们看到春节后行业电动化渗透率超出预期，头部车企的高端化车型订单持续坚挺，不管是家用场景，商务场景，通勤场景，较小众的豪华越野场景等，都出现了有代表性的强势车型。整个行业呈现出，车型周期越来越短，迭代速度越来越快，头部整车企业按自己的新车发布节奏，总体销量周期性上台阶的特点。同时我们也观察到，过去被大家普遍关注的车企核心竞争力，譬如车型技术平台，性能参数之外，车企的产品定义能力，车型营销能力，品牌塑造能力，售前与售后的全链路服务能力，在整车的竞争中显得愈发重要，这很可能会重塑整车竞争格局，同时我们预计这些能力未来也将帮助赢家逃离目前行业的价格内卷。人形机器人产业链，近期OpenAI与英伟达等加速了人形机器人整机产业投资，英伟达发布了人形机器人的通用基础模型，计算平台与仿真工具，建立了完善的产业生态，随着AI巨头们纷纷入局，行业将加速产业化。互联网方面我们观察到，行业龙头裁员降费，在经历过去几年的竞争试探后，各自的商业边界逐渐清晰，行业已开始体现出反内卷倾向，经营利润普遍改善，而从国际巨头和国内个别头部公司的表态来看，未来AI提高全行业营销效率的可能性很大。展望下个季度，我们看好头部的电车品牌，销量进一步提升，品牌力进一步上行，纯电车型的销售预期将得到改善，全行业的电动化渗透率超过大家的预期。人形机器人行业将看到更多的产业化内容。而互联网行业有望在今年走出利润与估值双击。同时我们也观察到，在消费领域不少细分行业中，中国制造因为工艺的过硬和新技术的应用，产品力已经追上，甚至反超海外竞争对手。我们未来一年将重点挖掘那些在产品力过硬的基础上，营销上能够运用好流量渠道红利，品牌上能够讲好中国故事，最终被国内高端消费者认可的公司。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:22.238Z","fund":{"_id":3000000016810,"__csrcFundId":12367,"stockCode":"016810","shortName":"信澳博见成长一年定期开放混合(016810)","masterFundShortName":"信澳博见成长一年定期开放混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16810,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:15:10.661Z","status":"normal","exchange":"jj","fundCollectionId":4000050550000,"name":"信澳博见成长一年定期开放混合型证券投资基金","inceptionDate":"2023-05-16T16:00:00.000Z","setUpDate":"2023-05-16T16:00:00.000Z","setUpAssetScale":217988115.42,"setUpShares":217988115.42,"pinyin":"xabjczyndqkfhhxzqtzjj","followedNum":0,"managers":[{"stockCode":"db20798238","stockType":"fund_manager","exchange":"fm","tickerId":1202210790,"name":"李博"}]},"announcement":{"linkText":"信澳博见成长一年定期开放混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1065142","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1fe7fea5b3eb0526cbe","date":"2023-12-30T16:00:00.000Z","stockId":3000000016810,"sao":"在三季度，我们曾经预计，新能源车智能化的加速，将给相关车企销量带来持续的高增长；同时还看好特斯拉机器人产业链，以及拥有结构性流量红利的互联网公司。今年四季度，我们在新能源整车与人形机器人产业链的配置上都获得了超额收益。我们看到市区智能驾驶功能，在国内的头部车企产品中开始逐步上线，并成为了消费者对中高端车型最关注的功能之一。近期新发布的新能源车型，往往拥有800伏高压平台、空气悬架、后轮转向、零重力座椅等这些能实打实的大幅提升消费者用户体验的配置的一项或几项，同时还能保持极具竞争力的价格。下半年已经有多款国产新车受到了消费者的热烈追捧，这些车企的经营难点也从拿订单变成了保交付。今年日系车企的份额下滑已经相当明显，而位于产业中高端的德系车，依靠大幅的降价，暂时保住了市场份额。人形机器人这边，虽然整个产业链放量需要时间，但特斯拉的技术迭代速度肉眼可见的加快了，这给了市场较大的信心，维持了板块的高估值水平。互联网因为港股外资流出的原因整体表现弱势，但我们欣喜的看到一些平台出现了面对高端客户的高调性直播带货形式，且取得了非常好的效果，这让我们对明年的板块表现变得乐观。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:22.236Z","mo":"展望下个季度，我们认为虽然宏观经济总体弹性有限，但各行各业产业升级会加速，散发的行业亮点将越来越多。我们看好在新的一年，头部国产整车依靠电动化的成熟，充电基建的完善，智能驾驶功能的突破，开始快速抢夺20万以上的高端车市场中合资品牌的市场份额，其中纯电路线的车企可能弹性更大；人形机器人产业链，随着特斯拉产品迭代趋于成熟，将走上大规模批量化生产的道路，在未来全球人力成本都在上升的大背景之下，相关公司有广阔的发展空间；同时我们也看好能够将人货匹配做到更高效，使消费者和商家都能够在商业活动中获得更大实惠的互联网平台公司。虽然在23年末到今年初，市场出现了让人措手不及的快速下跌，同时市场风格从成长迅速转向高股息，这给基金净值带来了较大波动，但我们将更多的关注放在国内产业升级的突破点上。通过对企业创新、效率、国际竞争等多角度的观察，我们认为许多行业龙头的竞争力在不断提高，短期股价的走向与企业的质地与实际经营情况有较大偏离，我们耐心等待这种偏离的修复。","fund":{"_id":3000000016810,"__csrcFundId":12367,"stockCode":"016810","shortName":"信澳博见成长一年定期开放混合(016810)","masterFundShortName":"信澳博见成长一年定期开放混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16810,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:15:10.661Z","status":"normal","exchange":"jj","fundCollectionId":4000050550000,"name":"信澳博见成长一年定期开放混合型证券投资基金","inceptionDate":"2023-05-16T16:00:00.000Z","setUpDate":"2023-05-16T16:00:00.000Z","setUpAssetScale":217988115.42,"setUpShares":217988115.42,"pinyin":"xabjczyndqkfhhxzqtzjj","followedNum":0,"managers":[{"stockCode":"db20798238","stockType":"fund_manager","exchange":"fm","tickerId":1202210790,"name":"李博"}]},"announcement":{"linkText":"信澳博见成长一年定期开放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=1054157","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1fe7fea5b3eb0526cbd","date":"2023-09-29T16:00:00.000Z","stockId":3000000016810,"sao":"今年三季度，我们看到智能化强势的头部车企发布的新车，被消费者热烈追捧，产品供不应求，其中带智能驾驶功能的高配车型的订单占比往往超过了50%，体现出了智能驾驶功能正在快速变为刚需配置。而这是在整个行业的产能过剩，价格战激烈的背景之下做到的，实属不易。但另外一方面，20万以下的车型的销量低于我们预期，同时新能源车整体出海进度与美国本土市场的新能源车销售量均未达到之前预想中的强势程度。由于以上判断出现偏差，净值受到了负面影响，作为应对，我们减少了跟全球总销量更为相关的上游资源仓位。特斯拉人形机器人的产业化进度和其与中国供应链的频繁互动，受到了市场的高度关注，机器人成为三季度AI细分赛道中表现较为强势的一个板块。展望下个季度，我们认为虽然经济大环境的疲软，仍然给各行各业社会总需求带来较大不确定性，但新能源车智能化明显加速，相关车企将迎来持续高增长，年底至明年都将进一步挤占合资份额。同时我们还看好特斯拉人形机器人产业链相关标的，和能在当前大环境下利用流量红利和技术红利解决消费者痛点的互联网公司。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:22.233Z","fund":{"_id":3000000016810,"__csrcFundId":12367,"stockCode":"016810","shortName":"信澳博见成长一年定期开放混合(016810)","masterFundShortName":"信澳博见成长一年定期开放混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16810,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:15:10.661Z","status":"normal","exchange":"jj","fundCollectionId":4000050550000,"name":"信澳博见成长一年定期开放混合型证券投资基金","inceptionDate":"2023-05-16T16:00:00.000Z","setUpDate":"2023-05-16T16:00:00.000Z","setUpAssetScale":217988115.42,"setUpShares":217988115.42,"pinyin":"xabjczyndqkfhhxzqtzjj","followedNum":0,"managers":[{"stockCode":"db20798238","stockType":"fund_manager","exchange":"fm","tickerId":1202210790,"name":"李博"}]},"announcement":{"linkText":"信澳博见成长一年定期开放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=988039","linkType":"PDF","source":"csrc_pdf"}}]}