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市场变动较大，上半年，我们延续了对创新药品、器械的高比例持仓，进一步优化了出海方向的配置，减少了对潜在风险领域的暴露；三季度，市场波动显著加大，我们兑现了部分涨幅较大的标的，并增加了原料药方向的配置，以平衡组合的风险收益比。四季度以来，则进一步强化了对安全边际的考量，在持仓结构调整中更加注重企业长期竞争优势的评估，尤其是在区分长期性与阶段性上。　　二、反思　　2024年的市场波动让我们更加深刻地认识到安全边际与竞争优势的重要性。市场的短期情绪往往会导致资产价格偏离其内在价值，而安全边际是我们抵御不确定性的关键防线。在标的选择上，我们始终关注那些悲观预期充分释放的优质公司，相比以往，我们更加注重企业的竞争优势。然而长期动态来看，能持续保持竞争优势的企业凤毛麟角，大多数竞争优势的建立都有其时代的特殊性，我们需要更深入地理解其护城河的来源及其可持续性，尤其是在当下，外部环境波动加上技术创新加速带来行业格局快速变化的背景下。　　在2023年的年报中，我们对AI在投资研究中的应用还只是一个初步的设想，而2024年，技术的快速迭代和普及，让我们看到了一些更加明确的落地路径，用好这个工具能够极大提升我们在信息收集处理的效率，同时也能提升我们研究阶段的完备性（很多时候的投资失误可能就是某个要点没有被充分认知，而限制因素往往是资源及精力的限制，AI工具让这种限制一定程度上解除了）。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:17.596Z","mo":"展望2025年，尽管外部宏观环境仍面临诸多不确定性，但我们对中国经济的长期韧性保持信心。2024年末的DS与哪吒，让我们看到了越来越多不安于现状地，让人热血澎湃地努力，他们是这种韧性的底色，如同深埋地下的根系，虽不显于表，却支撑着未来的生长；然而，在投资的世界中，真正的信心并非对当下的笃定，而是对未来复杂性的坦然接纳，这种不确定性，恰如一面镜子，映照出我们在投资中应有的敬畏——不追逐表面的繁华，不迷信短期的逻辑，而是以更轻盈的姿态，在风险与机遇的交织中，寻找那些真正经得起时间考验的价值。","fund":{"_id":3000000017261,"__csrcFundId":13606,"stockCode":"017261","masterFundShortName":"大成成长领航一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17261,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:27:53.676Z","status":"normal","exchange":"jj","shortName":"大成成长领航一年持有混合(017261)","name":"大成成长领航一年持有期混合型证券投资基金","fundCollectionId":4000050090000,"setUpAssetScale":146396425.09,"setUpDate":"2024-05-06T16:00:00.000Z","setUpShares":146396425.09,"pinyin":"dcczlhyncyqhhxzqtzjj","inceptionDate":"2024-05-09T16:00:00.000Z","managers":[{"stockCode":"db20786570","stockType":"fund_manager","exchange":"fm","tickerId":2610219340,"name":"邹建"}]},"announcement":{"linkText":"大成成长领航一年持有期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=1257077","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2357fea5b3eb052a4da","date":"2024-09-29T16:00:00.000Z","stockId":3000000017261,"sao":"三季度，市场波动明显加大，我们在投资策略上依然延续以往，不会因为市场的波动而发生较大改变；该季度内，本基金完成建仓，我们重点关注的方向是创新药品、创新器械、原料药等方向。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:17.593Z","fund":{"_id":3000000017261,"__csrcFundId":13606,"stockCode":"017261","masterFundShortName":"大成成长领航一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17261,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:27:53.676Z","status":"normal","exchange":"jj","shortName":"大成成长领航一年持有混合(017261)","name":"大成成长领航一年持有期混合型证券投资基金","fundCollectionId":4000050090000,"setUpAssetScale":146396425.09,"setUpDate":"2024-05-06T16:00:00.000Z","setUpShares":146396425.09,"pinyin":"dcczlhyncyqhhxzqtzjj","inceptionDate":"2024-05-09T16:00:00.000Z","managers":[{"stockCode":"db20786570","stockType":"fund_manager","exchange":"fm","tickerId":2610219340,"name":"邹建"}]},"announcement":{"linkText":"大成成长领航一年持有期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=1180428","linkType":"PDF","source":"csrc_pdf"}}]}