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3444.43 点，上半年累计上涨2.76%；深证成指涨0.48%；创业板指累计上涨0.53%。此外，北证50指数上半年累计大涨39.45%，创历史新高；国证 2000 指数上涨10.71%；中证1000指数上涨6.69%。大盘指数表现较弱：沪深300指数仅上涨 0.03%，大盘蓝筹表现相对疲软，与小盘成长股的强势形成对比。年初至 3 月中旬震荡上行：deepseek横空出市，AI 产业加速发展与政策暖风共振，A 股市场震荡上行。3月下旬至4月上旬震荡调整：主要受中美关税战影响。4 月中旬至年中震荡回升：国内政策积极发力，市场情绪持续回暖，三大指数震荡回升。具体到细分行业，人型机器人，创新药，新消费，军工涨幅居前。　　本产品上半年的仓位基本维持在90%左右。在行业配置上重点持有医药、AI算力和应用、人型机器人、军工等高成长高景气行业。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:11.173Z","mo":"海外方面，中美关税延期，全球地缘政治局势短暂缓和，但是外部宏观不确定性依然较大。与此同时，美国通过《大美丽》法案，短期经济依然保持韧性，在特朗普政府施压下，下半年美联储降息的概率依然较高，海外新一轮通胀周期预期有望逐渐增强。国内方面，上半年经济总体运行良好，从政治局会议的表述来看，市场预期的强刺激政策大概率会落空。当前主要指数的估值依然处于相对合理中枢区间，指数不具备大幅下行风险。中期看，在全球经历阶段性的高宏观波动后，未来海外财政货币双扩张的概率显著提升，国内政策空间同样有望打开，预计 A 股主要指数有望呈现偏强震荡格局。 　　我们持续看好 AI：2025 年开年后，A 股的北美算力产业链有明显回调，核心原因包括：1）担心 DeepSeek 带来的算力通缩；2）对北美投入持续性的担忧；3）中美关税问题。从 4 月份后这些担忧一一解除：1）为了更好的模型能力，大厂仍在进行大模型能力迭代；2）从训练向推理发展得到验证；3）海外厂商并未下修资本开支，甚至仍在上修。基于此，我们仍看好 A 股的北美算力产业链标的，我们认为其估值低，业绩增长确定性高。 人形机器人：人形机器人是AI下游最大的应用，虽然量产一直延期，但是机器人迭代的速度非常快，预计明年就会量产，未来 10 年是机器人的黄金发展期。对于近期股价有所调整，主要系特斯拉人形机器人负责人更换，需要对架构设计进行调整更新，因此 6 月起暂缓下单和交付，展望未来，特斯拉人形更迭仍在推进有望年内落地，后续将继续启动产业链下单交付，短期调整后未来长期趋势不变。创新药：创新药经过长时间的下跌估值处于非常低的水平，创新药出海明显加速，BD数量和金额连创新高。军工：印巴战争中国军备表瑞优异，市场重新定价中国军工，未来中国军工在全球的市场份额会不断提升。","fund":{"_id":3000000017726,"__csrcFundId":12499,"stockCode":"017726","shortName":"鑫元成长驱动股票发起式(017726)","masterFundShortName":"鑫元成长驱动股票发起式","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":17726,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:39:03.171Z","status":"normal","exchange":"jj","fundCollectionId":4000050860000,"name":"鑫元成长驱动股票型发起式证券投资基金","inceptionDate":"2023-04-26T16:00:00.000Z","setUpDate":"2023-04-26T16:00:00.000Z","setUpAssetScale":13771250.77,"setUpShares":13771250.77,"pinyin":"xyczqdgpxfqszqtzjj","followedNum":2},"announcement":{"linkText":"鑫元成长驱动股票型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1348866","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed26b7fea5b3eb052d5d6","date":"2025-03-30T16:00:00.000Z","stockId":3000000017726,"sao":"一季度权益市场呈现较显著的结构分化。国产DeepSeek大模型横空出世，以开源生态、强化学习和大幅度降低成本等特点，打破海外在人工智能大模型领域的垄断，显著提振了中国科技创新的信心，带动科技相关板块较好表现，主要集中在AI应用和人形机器人主题。港股市场由于外资看多中国的观点增多，内外资金增配显著，港股科技、医药板块表现更为突出。后期，市场对中美贸易冲突担忧上升，叠加科技板块前期涨幅较大等因素，整体开始震荡回调，资金青睐黄金等避险资产。　　一季度上证综指下跌0.5 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1、不过度依赖于资本开支、债务驱动能形成稳定现金流预期的企业，关注利基市场而非马太效应； 2、具有全球比较优势的产业链的一般制造业； 3、对内做 toc 拓展兼具品类升级、品牌降级的公司； 4、具有技术领先和技术突破的公司。 　　组合配置方面，除了成长板块，配置了一些红利资产降低组合的波动性，希望下半年可以取得较好的收益。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:11.162Z","mo":"上半年国内经济持续下行，复苏预期并没有兑现，利率持续下行，海外方面美国经济依然强劲，降息预期继续延后，在这种情况下，市场以防守为主，成长板块受到压制，红利资产表现较好。","fund":{"_id":3000000017726,"__csrcFundId":12499,"stockCode":"017726","shortName":"鑫元成长驱动股票发起式(017726)","masterFundShortName":"鑫元成长驱动股票发起式","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":17726,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:39:03.171Z","status":"normal","exchange":"jj","fundCollectionId":4000050860000,"name":"鑫元成长驱动股票型发起式证券投资基金","inceptionDate":"2023-04-26T16:00:00.000Z","setUpDate":"2023-04-26T16:00:00.000Z","setUpAssetScale":13771250.77,"setUpShares":13771250.77,"pinyin":"xyczqdgpxfqszqtzjj","followedNum":2},"announcement":{"linkText":"鑫元成长驱动股票型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1147107","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed26b7fea5b3eb052d5d2","date":"2024-03-30T16:00:00.000Z","stockId":3000000017726,"sao":"一季度股市延续了2023年下跌的状态，由于融资盘的敲入，1月份股市出现了大幅的下跌，随着短期政策支持，悲观情绪得到了极大的缓解，股市快速企稳反弹。虽然美国的降息延后，但是进入降息周期是比较确定的，对成长股的估值压力会得到很大的缓解。拉长看，目前大盘位置已经处于中长期战略底部，很多个股跌出了价值，尤其具备成长性的个股，中长期空间较大，可以战略布局。本基金基于以下几个维度来精选成长性公司：　　1、不过度依赖于资本开支、债务驱动能形成稳定现金流预期的企业，关注利基市场而非马太效应；　　2、具有全球比较优势的产业链的一般制造业；　　3、对内做toc拓展兼具品类升级、品牌降级的公司； 　　4、具有技术领先和技术突破的公司。　　展望二季度，资本市场有机遇有挑战，美联储降息预期一再推后，风险偏好有所压制，但国内宏观经济月度数据向好，对经济展望可以更乐观一些。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:11.159Z","fund":{"_id":3000000017726,"__csrcFundId":12499,"stockCode":"017726","shortName":"鑫元成长驱动股票发起式(017726)","masterFundShortName":"鑫元成长驱动股票发起式","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":17726,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:39:03.171Z","status":"normal","exchange":"jj","fundCollectionId":4000050860000,"name":"鑫元成长驱动股票型发起式证券投资基金","inceptionDate":"2023-04-26T16:00:00.000Z","setUpDate":"2023-04-26T16:00:00.000Z","setUpAssetScale":13771250.77,"setUpShares":13771250.77,"pinyin":"xyczqdgpxfqszqtzjj","followedNum":2},"announcement":{"linkText":"鑫元成长驱动股票型发起式证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1074462","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed26b7fea5b3eb052d5d1","date":"2023-12-30T16:00:00.000Z","stockId":3000000017726,"sao":"回顾2023年，股市延续全年下跌的状态。宏观经济层面，美国经济较为强劲，通胀有所缓解，利率虽然有所下降，但是还是处于较高的水平，对国内的资产形成比较大的压力；国内经济下行压力依然较大，从企业层面表现为盈利能力下滑。A股市场全年下跌幅度较大，资金持续流出，市场博弈严重，赚钱效用较差。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:11.156Z","mo":"展望2024年， 2023年美国的高利率对A股形成比较大的压制，目前美国的利率已经见顶，处于下降通道；另外连续三年的下跌使得A股的估值水平处于非常低的位置，说是遍地黄金也不为过，预计2024年A股会有比较好的表现。　　本基金的配置较为均衡，侧重中小盘，目标是在波动比较小的情况下给投资者取得比较好的收益。","fund":{"_id":3000000017726,"__csrcFundId":12499,"stockCode":"017726","shortName":"鑫元成长驱动股票发起式(017726)","masterFundShortName":"鑫元成长驱动股票发起式","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":17726,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:39:03.171Z","status":"normal","exchange":"jj","fundCollectionId":4000050860000,"name":"鑫元成长驱动股票型发起式证券投资基金","inceptionDate":"2023-04-26T16:00:00.000Z","setUpDate":"2023-04-26T16:00:00.000Z","setUpAssetScale":13771250.77,"setUpShares":13771250.77,"pinyin":"xyczqdgpxfqszqtzjj","followedNum":2},"announcement":{"linkText":"鑫元成长驱动股票型发起式证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1058791","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed26b7fea5b3eb052d5d0","date":"2023-09-29T16:00:00.000Z","stockId":3000000017726,"sao":"在经济弱复苏的状态下，货币政策会维持比较宽松的状态，从流动性层面有利于 A 股市场； 经过长时间的调整，A 股的估值水平处于较低水平，进一步下跌的空间不大；以历史经验来看， 宽松的货币政策有利于成长行业，重点关注新能源、医药、AI 相关的行业。　　本基金选择优质赛道景气行业龙头公司+低估中小市值企业策略为辅，充分考虑收益率与回撤相结合。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:11.153Z","fund":{"_id":3000000017726,"__csrcFundId":12499,"stockCode":"017726","shortName":"鑫元成长驱动股票发起式(017726)","masterFundShortName":"鑫元成长驱动股票发起式","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":17726,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:39:03.171Z","status":"normal","exchange":"jj","fundCollectionId":4000050860000,"name":"鑫元成长驱动股票型发起式证券投资基金","inceptionDate":"2023-04-26T16:00:00.000Z","setUpDate":"2023-04-26T16:00:00.000Z","setUpAssetScale":13771250.77,"setUpShares":13771250.77,"pinyin":"xyczqdgpxfqszqtzjj","followedNum":2},"announcement":{"linkText":"鑫元成长驱动股票型发起式证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=989071","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed26b7fea5b3eb052d5cf","date":"2023-06-29T16:00:00.000Z","stockId":3000000017726,"sao":"2023上半年市场风格发生了比较大的转变，主题和轮动成为市场的主流。在AI技术的进步下，TMT行业上半年取得了比较大的涨幅，但是AI技术革命主要是海外主导，国内行情主要是对海外科技前沿进展的映射；由于短期缺乏业绩的支撑，所以整体受市场情绪影响较多，股价波动也会较大。上半年基本面来看，经济下行压力较大，消费等顺周期行业延续弱复苏态势，表现一般；受益于海外算力建设的国内供应链预期也会进入景气周期，光伏和大储保持较高的景气度。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:11.151Z","mo":"在经济弱复苏的状态下，货币政策会维持比较宽松的状态，从流动性层面有利于A股市场；经过长时间的调整，A股的估值水平处于较低水平，进一步下跌的空间不大；以历史经验来看，宽松的货币政策有利于成长行业，重点关注新能源、医药、AI相关的行业。","fund":{"_id":3000000017726,"__csrcFundId":12499,"stockCode":"017726","shortName":"鑫元成长驱动股票发起式(017726)","masterFundShortName":"鑫元成长驱动股票发起式","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":17726,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:39:03.171Z","status":"normal","exchange":"jj","fundCollectionId":4000050860000,"name":"鑫元成长驱动股票型发起式证券投资基金","inceptionDate":"2023-04-26T16:00:00.000Z","setUpDate":"2023-04-26T16:00:00.000Z","setUpAssetScale":13771250.77,"setUpShares":13771250.77,"pinyin":"xyczqdgpxfqszqtzjj","followedNum":2},"announcement":{"linkText":"鑫元成长驱动股票型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=964811","linkType":"PDF","source":"csrc_pdf"}}]}