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Agent的落地，进而对整个科技板块的带动。此外，我们增配了国内算力部分，我们把国内算力的2024年比作去年初的海外算力，国内对AI的资本开支军备竞赛刚刚开始，有望复制去年海外算力的成长轨迹。我们将会挑选受益较为明显的公司优先配置。我们认为，国内算力的加码投资有望成为全年的市场主线。最后，我们明显增配了消费板块中具备新的商业模式，新的产品形态的公司，尤其是前者。我们认为未来大消费板块主要的超额收益来自于“新”，要适应当下的宏观环境，并且做出一定改变的公司将较为受益。我们将持续关注在新的商业业态上切合当下性价比消费趋势的企业在未来的增长潜力。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:36.426Z","mo":"展望2025年，我们期待看到无论在货币政策端还是财政政策端上会有更大的变化。目前居民和企业端投资意愿不高，我们期盼看到中央财政增加赤字以对抗其他经济主体的收缩。在科技方面，我们认为2025年是国产AI产业快速发展的第一年，以模型、算力、制程全面自主可控为标志，全产业链跑通商业模式。在2025年，我们会更加重视国产算力的投资机会。另外，在目前的经济环境下，我们看好受益消费降级趋势的新消费业态的投资机会，典型的以各种折扣业态为主的商业模式，包括折扣超市、折扣零食、线下奥莱等商业模式。目前居民对高性价比消费的需求提升，房地产行业也给予他们这种线下业态更多的租金优势。在目前的竞争中，线下折扣业态反而拥有比线上流量经济更好的性价比。我们将继续坚持以产业研究为基础，追求投资的可复制性、可跟踪性和前瞻性，在符合产业趋势的正确赛道上，力求投资较为优秀的公司，并保持密切跟踪，根据公司基本面的动态变化来做持仓的调整，在优质公司上做好大的波段，力争为投资者获取超额回报。","fund":{"_id":3000000017490,"__csrcFundId":12616,"stockCode":"017490","shortName":"财通景气甄选一年持有期混合(017490)","masterFundShortName":"财通景气甄选一年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17490,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:31:52.696Z","status":"normal","exchange":"jj","fundCollectionId":4000050660000,"name":"财通景气甄选一年持有期混合型证券投资基金","inceptionDate":"2023-07-18T16:00:00.000Z","setUpDate":"2023-07-18T16:00:00.000Z","setUpAssetScale":232688212.42,"setUpShares":232688212.42,"pinyin":"ctjqzxyncyqhhxzqtzjj","followedNum":4,"managers":[{"stockCode":"db20300407","stockType":"fund_manager","exchange":"fm","tickerId":102603140010,"name":"金梓才"}]},"announcement":{"linkText":"财通景气甄选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=1258398","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2487fea5b3eb052b798","date":"2024-09-29T16:00:00.000Z","stockId":3000000017490,"sao":"2024年三季度，我们继续对持仓板块进一步做了一些调整。自2023年四季度我们大幅加仓海外算力以来，在2024年上半年我们依然超配海外算力板块，并且我们在三季度继续对电子某些细分方向做了加仓。我们看好AI的产业趋势，已经连续四个季度超配海外算力。我们认为大模型作为这轮生成式人工智能产业革命的核心竞争力，算力就是受益于大模型持续迭代的核心基础设施。随着大模型的能力越来越强，算力或将持续迭代、持续成长。直到今天，我们仍然认为A股市场低估了海外算力整个板块业绩增长的持续性，大部分A股投资者并没有意识到算力在这轮产业革命的重要性，继而在估值上给予较为保守，总是认为算力的成长有天花板。随着OpenAI 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e":"2023-12-30T16:00:00.000Z","stockId":3000000017490,"sao":"从2023年一季度开始，我们开始超配AI板块。在2023年四季度，虽然我们仍然对AI各个板块做了较高比例配置，但我们对配置方向做了一些调整。2023年上半年，虽然北美大客户都对AI重视程度上升，但我们认为真正具有扩张资本开支能力的仅仅是少数客户，大部分客户来不及调整战略，并没有反映在实际行动中。进入到2023年下半年，我们意识到北美AI产业的蓬勃发展带动了越来越多客户，越来越多的产业，进而使得出现资本开支上升的北美大厂比例有较为明显的上升，这为2024年A股相关上市公司，特别是受益海外数据中心建设的、拥有海外大客户渠道优势的企业提供了非常好的发展机遇。这也意味着AI产业的发展不再仅仅是主题投资，从2023年四季度开始正式进入基本面兑现阶段，我们相信2024年相关产业的基本面兑现可以驱动相关公司进入股价和基本面的良性驱动阶段。另外，我们仍然保持了一定比例的传媒板块配置，这是我们应对当前宏观背景下的良好手段之一。传媒板块具备典型的口红效应，和宏观经济发展呈现较弱的相关性，我们在小游戏和短剧赛道依然保持相当的配置比例，用来提升组合的防御性。我们目前依然看好小游戏市场在2024年的快速增长，本质上是消费者在性价比消费浪潮下的精神娱乐需求凸显，短剧亦然。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:36.415Z","mo":"展望2024年，我们认为随着提振经济和信心的措施出台，经济低点大概率已经过去，但我们认为国内经济短期内可能缺乏向上弹性，故在2024年，我们或将投资的重心转向以出海逻辑为核心的公司身上。在这其中，我们目前仍然看好AI海外算力的投资机会。我们认为A股市场仍然低估了算力的景气度和持续性，大部分投资者仍在纠结可能的2024年算力景气见顶，忽视了在大洋彼岸发生的产业机遇。因本轮科技产业周期主要以OpenAI为核心，Nvidia作为算力支撑，各北美大厂纷纷完善自己的大模型，所以A股投资者能感受到的产业氛围有限。时至今日，经历一年左右的AI交易热潮，我们认为大模型在北美仍然有较大的提升空间，这也就意味着算力的需求尚未见顶。A股投资者的低预期和2024年海外算力业绩的高确定性和弹性造就了这个板块很可能是2024年的胜负手，且我们也认为市场一样也低估了2025年这些公司的业绩弹性。其次，我们也看好其他行业的出海机会。我们认为每个行业都可能出现这样的公司，但真正具备远期空间和较大业绩弹性的公司并不多，需要仔细挖掘。我们将持续对其他板块基本面保持研究和跟踪，继续坚持以产业研究为基础，做好行业中观配置轮动，追求投资的前瞻性、可跟踪性和可复制性，在符合产业趋势的正确赛道上，投资较为优秀的公司，并保持密切跟踪，根据公司基本面的动态变化来做持仓的调整，在优质公司上做好大的波段，力争为投资者获取超额回报。","fund":{"_id":3000000017490,"__csrcFundId":12616,"stockCode":"017490","shortName":"财通景气甄选一年持有期混合(017490)","masterFundShortName":"财通景气甄选一年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17490,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:31:52.696Z","status":"normal","exchange":"jj","fundCollectionId":4000050660000,"name":"财通景气甄选一年持有期混合型证券投资基金","inceptionDate":"2023-07-18T16:00:00.000Z","setUpDate":"2023-07-18T16:00:00.000Z","setUpAssetScale":232688212.42,"setUpShares":232688212.42,"pinyin":"ctjqzxyncyqhhxzqtzjj","followedNum":4,"managers":[{"stockCode":"db20300407","stockType":"fund_manager","exchange":"fm","tickerId":102603140010,"name":"金梓才"}]},"announcement":{"linkText":"财通景气甄选一年持有期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=1060574","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2487fea5b3eb052b794","date":"2023-09-29T16:00:00.000Z","stockId":3000000017490,"sao":"2023年三季度，我们仍然对AI各个板块做了较高比例配置。我们意识到ChatGPT的横空出世让世界看到了通用大语言模型的巨大进步，未来可能会深刻改变我们的生活。投资机会主要集中在算力相关、数据要素、应用等几个行业上，故我们做了相应增配，我们认为未来TMT板块的投资机会变化会很快，产业机会较多，我们会持续重点关注。特别的，站在三季度末当下，我们认为市场对算力的预期已经较为充分，我们预计算力板块后续可能会开始分化；但在海外，AI相关应用已经蓬勃发展，因处在产业初期，市场还看的不太清晰，不敢给予过高估值。在现阶段，我们相对更看好应用相关细分方向投资机会，to B端和to C端应用或将都会有所涉及。在标的选择上，我们相对更关注有场景和用户的上市公司。2023年可能是基本面快速变化的一年，变化集中在成长股各个方向的产业趋势上，未来可能我们的调仓频率会加快，以适应快速变化的产业状态。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:36.413Z","fund":{"_id":3000000017490,"__csrcFundId":12616,"stockCode":"017490","shortName":"财通景气甄选一年持有期混合(017490)","masterFundShortName":"财通景气甄选一年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17490,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:31:52.696Z","status":"normal","exchange":"jj","fundCollectionId":4000050660000,"name":"财通景气甄选一年持有期混合型证券投资基金","inceptionDate":"2023-07-18T16:00:00.000Z","setUpDate":"2023-07-18T16:00:00.000Z","setUpAssetScale":232688212.42,"setUpShares":232688212.42,"pinyin":"ctjqzxyncyqhhxzqtzjj","followedNum":4,"managers":[{"stockCode":"db20300407","stockType":"fund_manager","exchange":"fm","tickerId":102603140010,"name":"金梓才"}]},"announcement":{"linkText":"财通景气甄选一年持有期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=992060","linkType":"PDF","source":"csrc_pdf"}}]}