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灵活控制仓位水平，配置思路是2021年3季度在均衡配置科创双碳医药消费主线外，将投入更多的精力于自下而上的寻找个股机会，研究方向主要聚焦于“双碳”和“专精特新”。回顾2021年3季度市场走势，本基金管理人对3季度的市场判断基本正确，宽基指数三季度大幅震荡，整体涨幅有限。截至9月30日，三季度科创50、创业板指数和沪深300指数分别下跌13.62%、6.69%和6.85%；wind全A指数三季度也下跌1%。分行业来看，煤炭、有色、钢铁、电力和基础化工涨幅居前；而餐饮旅游、医药、食品饮料、纺织服装和家电等行业跌幅居前。港股市场整体表现弱于A股市场，中信港股通指数三季度下跌13.99%，分行业来看，中信港股通煤炭、建筑、钢铁、电力和家电等行业涨幅居前；而中信港股通餐饮旅游、传媒、医药、轻工和计算机等行业的跌幅居前。回顾三季度本基金操作，季度初采取了谨慎的股票仓位，季度中适当提高了股票仓位，进入9月以后则继续控制股票仓位，具体来看，三季度增加配置了电气设备、有色金属、机械和钢铁等行业，与此同时，明显减持了化工、家电、农林牧渔和银行等行业的配置比例。截止2021年9月30日，本基金本季度净值下跌1.92%，而同期本基金业绩基准为-2.56%。回顾2021年Q3本基金操作，本基金对股票仓位的操作相对正确，配置虽然做出一些优化，但是和市场方向还是存在一定的偏差，逐步降低了食品饮料、家电、农林牧渔的持仓比重，增加了化工、军工和电力设备的配置比重。回顾三季度本基金的配置主要是以下几点需要持续提升：（1）研究思路仍需拓展，双碳方面对新能源车、光伏和上游资源品的配置显然也不是最优的，单纯从涨幅来看，对煤炭、有色金属、钢铁、基础化工、电力公用和建筑板块的选择才是最优的选择；（2）量化交易背景下，需要加深对行业和个股的深度研究，排除市场干扰做好长期持股；（3）从三季度特别是中报披露来看，围绕着“专精特新”和“双碳”目标超预期的投资机会持续赢得市场关注，后续需要加大上述两个方向具备持续竞争力的隐形冠军标的的挖掘。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:14:29.062Z","fund":{"_id":3000000519644,"stockCode":"519644","stockType":"fund","areaCode":"cn","followedNum":17,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":781441000,"market":"a","tickerId":519644,"custody":"中国建设银行股份有限公司","name":"银河智联主题灵活配置混合型证券投资基金","shortName":"银河智联混合(519644)","fundSecondLevel":"hybrid","__csrcFundId":2579,"fundStatus":"normal","lastUpdated":"2026-05-01T08:12:30.243Z","masterFundFlag":1,"inceptionDate":"2015-12-16T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智联混合","pinyin":"yhzlztlhpzhhxzqtzjj","managers":[{"stockCode":"db20693517","stockType":"fund_manager","exchange":"fm","tickerId":262319196740,"name":"郑巍山"}]},"announcement":{"linkText":"银河智联主题灵活配置混合型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=650608","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5c57fea5b3eb05615aa","date":"2021-06-29T16:00:00.000Z","stockId":3000000519644,"sao":"2021年上半年,虽然疫情对某些新兴市场国家造成了较大的干扰，但是全球主要经济体还是经历了积极的稳步复苏。美国经济受益于疫情好转而明显复苏，欧洲主要经济体虽然仍然多少受到疫情的影响，但是总体复苏趋势也比较明确；中国经济依然延续了2020年以来的经济复苏趋势，今年上半年中国经济相对于全球表现出了较好的高质量增长。2021年上半年，市场大幅震荡走出了“N”型走势，市场风格在春节后市场调整后的反弹过程中发生了明显的切换。2021上半年，主要宽基指数的表现分化很大，今年上半年、沪深300指数和wind全A指数分别仅上涨0.24%、5.45%；而创业板指数和科创50指数则分别大幅上涨17.22%和14.01%；分行业来看，上半年涨幅居前的行业依次为基础化工、电气设备、钢铁、综合和有色金属；而跌幅居前的行业依次为非银行金融、家电、房地产、农林牧渔和国防军工。本基金管理人在2021年上半年年整体较好的参与了电气设备、医药和食品饮料等行业的投资机会，但是在上半年对钢铁和有色等行业的配置不够激进未能获得更大的或有收益。回顾2021年上半年本基金的管理运作，本基金管理人重点配置了食品饮料、建材、电子和电气设备等行业，但是低配了全年涨幅可观的钢铁和有色金属等行业，另外即使所配置正确的行业内部的配置结构仍需要优化，希望本基金后续运作过程中既能获取行业beta的收益也能充分把握个股Alpha的收益。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:14:29.059Z","mo":"展望2021年下半年，虽然新冠病毒变异会增加全球疫情防控的难度从而一定程度上对疫后复苏产生一定的干扰，但是今年下半年全球疫后复苏仍然值得期待。美国经济今年下半年有望迎来较强的复苏，欧洲经济也有望环比复苏，放眼全球，大宗商品价值持续上涨引发的通胀风险或对全球货币政策产生一些不确定性的扰动。展望2021年下半年，本基金管理人判断中国经济加速复苏的同时将继续追求高质量发展。虽然近期国内疫情出现了零星散发，考虑到我国已经积累了成熟的防疫管控措施和接种了大量的疫苗，因此我们有理由相信下半年中国正常的经济活动不会受到太多的干扰。宏观经济调控的前置性，也使得我们有理由相信政府对经济和政策的调整将更加友好；国家产业政策外推性是否会对市场产生更深远的影响，值得持续紧密跟踪。基于对2021年下半年宏观经济有望继续延续高质量增长和相对友好的宏观政策环境，本基金管理人将秉承绝对收益的理念，谨慎选择股票仓位和具体投资标的，重点关注符合经济转型景气上行且估值合理的成长股、进一步聚焦于符合国家产业政策方向的行业和赛道，力争在上述赛道中精选出一批具备较强阿尔法的公司予以配置，另外也希望通过反复比较景气板块之间的估值水平差异动态优化调整相关行业的配置比重，通过组合优化力争取在控制组合波动性的前提下获得更好的收益率。","fund":{"_id":3000000519644,"stockCode":"519644","stockType":"fund","areaCode":"cn","followedNum":17,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":781441000,"market":"a","tickerId":519644,"custody":"中国建设银行股份有限公司","name":"银河智联主题灵活配置混合型证券投资基金","shortName":"银河智联混合(519644)","fundSecondLevel":"hybrid","__csrcFundId":2579,"fundStatus":"normal","lastUpdated":"2026-05-01T08:12:30.243Z","masterFundFlag":1,"inceptionDate":"2015-12-16T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智联混合","pinyin":"yhzlztlhpzhhxzqtzjj","managers":[{"stockCode":"db20693517","stockType":"fund_manager","exchange":"fm","tickerId":262319196740,"name":"郑巍山"}]},"announcement":{"linkText":"银河智联主题灵活配置混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=628209","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5c57fea5b3eb05615a9","stockId":3000000519644,"sao":"2021年1季度初，本基金管理人展望1季度股票市场相对谨慎的判断，大类资产配置在配置股票的同时，加大无风险收益率较高的固定受益的配置。基于上述分析判断，研究精选基金申请股票投资仓位为50%~95%，希望灵活控制仓位水平，配置思路是重点配置2021年1季度估值合理的消费龙头为基础配置，同时精选估值合理的成长股增强组合的弹性，适当加配底部反转的个股平衡组合的动能。回顾2021年1季度市场走势，本基金管理人对1季度的市场判断基本正确，市场冲高回落，春节后市场整体调整明显。截至3月31日，一季度科创50、创业板、中小板指数和沪深300分别下跌8.41%、6.47%、2.63%和1.28%。分行业来看，钢铁、银行、电力公用事业、餐饮旅游和建筑等行业涨幅居前；而国防军工、非银行金融、通信、汽车和电子元器件等行业跌幅居前。港股市场整体表现好于A股市场，中信港股通指数一季度上涨7.46%，分行业来看，中信港股通基础化工、机械、建筑、煤炭和传媒行业涨幅明显；而中信港股通电子元器件、食品饮料、汽车、农林牧渔和轻工制造行业的跌幅居前。回顾一季度本基金操作，季度初采取积极的股票仓位和较低组合beta，春节后采取了积极的减仓操作，年初加配的底部反转资产也取得了弱势平衡作用，具体来看，一季度增加配置了银行、家电、农业等行业，与此同时，明显减持了食品饮料和电子等行业的配置比例。截止2021年3月31日，今年以来本基金净值下跌-4.17%，而同期本基金业绩基准为-1.62%。回顾2021年Q1本基金操作，本基金对股票仓位的操作相对正确，持仓结构相对于年初进一步分散化，逐步降低了食品饮料的持仓比重，适当增加了银行、化工和家电的配置比重。回顾一季度本基金的配置主要是以下几点需要持续提升：（1）年初对2021年市场操作的困难性认识不足，目前来看，2021年市场环境和过去两年的顺境相比肯定更具挑战性；（2）淡化核心资产，更多强调估值合理性和成长性，2021年初市场明显对核心资产掀起了一股讨论，后续自下而上挖掘新成长将更为重要；（3）市场整体环境和微观结构都较2019年和2020年发生了很大变化，本基金管理人后续运作过程中一定会深刻领悟上述变化对后续市场的影响，力争从组合安全出发通过积极运作进一步提升组合效率。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:14:29.056Z","fund":{"_id":3000000519644,"stockCode":"519644","stockType":"fund","areaCode":"cn","followedNum":17,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":781441000,"market":"a","tickerId":519644,"custody":"中国建设银行股份有限公司","name":"银河智联主题灵活配置混合型证券投资基金","shortName":"银河智联混合(519644)","fundSecondLevel":"hybrid","__csrcFundId":2579,"fundStatus":"normal","lastUpdated":"2026-05-01T08:12:30.243Z","masterFundFlag":1,"inceptionDate":"2015-12-16T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智联混合","pinyin":"yhzlztlhpzhhxzqtzjj","managers":[{"stockCode":"db20693517","stockType":"fund_manager","exchange":"fm","tickerId":262319196740,"name":"郑巍山"}]},"announcement":{"linkText":"银河智联主题灵活配置混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=568190","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5c57fea5b3eb05615a8","stockId":3000000519644,"sao":"2020年上半年,全球经济受到新冠疫情的冲击都先后受到了不同程度的负面影响。2020年上半年中国经济在年初受到了新冠疫情的冲击后，在疫情控制后加大了复工复产的力度，提出了内外双循环的经济发展战略。虽然中国经济受到了冲击，但是在防疫物资出口拉动外需，复工复产的拉动内需下，中国经济完美的走出了一季度的低点，二季度明显复苏。2020年下半年中国经济在强劲的海外需求的助力下持续超预期，最终中国经济率先走出了疫情冲击全年实现了正增长。2020年年末十四五规划的落地也指引了未来中国经济潜在发展方向。\t2020年全年来看，资本市场虽然受到了疫情冲击，中美博弈冲击等负面影响，但是权益市场表现大超预期。2020年全年，沪深300、中小板、创业板和科创50指数分别上涨27.21%、43.91%、64.96%和39.3%；2020年全年涨幅居前的行业主要为餐饮旅游、电力设备、食品饮料、国防军工和医药；2020年全年表现落后的行业主要为房地产、通信、传媒、建筑和综合。本基金管理人在2020年上半年年整体较好的把握了电子、计算机、医药和食品饮料等行业的投资机会，2020年下半年重点配置了食品饮料，并适度配置了新能源车、光伏和家电等板块。回顾2020年全年操作，首先在顺境市场中本基金管理人的行业配置的集中度有待提高；其次虽然本基金管理人全年重仓了食品饮料，上半年重点配置了消费电子和建材，下半年参与新能源车、光伏和家电等板块，但是对于热们板块例如免税、新能源车和光伏的配置比例在顺境市场中显得不够高。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:14:29.053Z","mo":"展望2021年，复苏将成为全球经济的共性，货币政策伴随经济复苏后的转向将成为资本市场共同的担心。展望2021年全球经济，拜登政府有望推动后疫情时代的美国经济稳步复苏，随着疫苗接种和防控得力，美国经济有望率先于发达经济体复苏，欧洲和日本经济则受困于疫苗研发和接种进展缓慢，经济复苏力度将会弱于美国。从近期民主党派人士例如耶伦的讲话来推测，美联储货币政策在美国经济复苏达到一定强度之前转向的概率不大。展望2021年中国经济，虽然经济层面的前高后低已经获得市场的一直预期，但是剔除基数后经济真实复苏强度仍然值得深究，2021年下半年经济增速同比放缓后市场或许会再次担心经济增长，但是考虑到下半年美国经济复苏有望加速改变货币政策预期后将陷中国货币政策于两难境地。基于对2021年经济前高后低，货币政策两难境地的判断，本基金管理人判断2021年市场相较于过去两年的市场或将别有洞天。如果过去两年宽松的流动性造就了市场顺水行舟的行情，那么2021年投资者或许要阶段性的面临逆水行舟的挑战；如果过去两年机构投资者已经习惯于龙头获胜的操作思路，那么2021年市场或许要求机构投资者重拾选股致胜的利器。展望2021年，面对极具挑战的市场环境，本基金管理人将秉承“大智若愚，求知若饥”的初心，力求从以下两条思路捕捉市场的阿尔法的同时把握更多的市场贝塔：（1）去伪存真，思考把握产业长期真正的逻辑主线；（2）大浪淘沙，捕捉长期逻辑主线上真正能够脱颖而出的受益公司。","fund":{"_id":3000000519644,"stockCode":"519644","stockType":"fund","areaCode":"cn","followedNum":17,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":781441000,"market":"a","tickerId":519644,"custody":"中国建设银行股份有限公司","name":"银河智联主题灵活配置混合型证券投资基金","shortName":"银河智联混合(519644)","fundSecondLevel":"hybrid","__csrcFundId":2579,"fundStatus":"normal","lastUpdated":"2026-05-01T08:12:30.243Z","masterFundFlag":1,"inceptionDate":"2015-12-16T16:00:00.000Z","fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河智联混合","pinyin":"yhzlztlhpzhhxzqtzjj","managers":[{"stockCode":"db20693517","stockType":"fund_manager","exchange":"fm","tickerId":262319196740,"name":"郑巍山"}]},"announcement":{"linkText":"银河智联主题灵活配置混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=552636","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5c57fea5b3eb05615a7","stockId":3000000519644,"sao":"2020年3季度初，本基金管理人展望4季度股票市场相对谨慎乐观的判断，大类资产配置在配置股票的同时，加大无风险收益率较高的固定受益的配置。基于上述分析判断，希望灵活控制仓位水平，配置思路是重点配置2020年H2具备估值优势的各行业龙头，积极参与周期龙头价值化的投资机会，同时关注先进制造主线的投资机会，最后积极深度挖掘个股并重点参与，密切关供需失衡、改革领域的投资机会。回顾2020年3季度市场走势，本基金管理人对3季度的市场判断基本正确，市场冲高调整，但是结构性行情的特征依旧明显。截至9月30日，三季度创业板指数、沪深300指数、中小板指数和科创50指数分别上涨12.32%、11.62%、10.64%和1.22%。分行业来看，国防军工、餐饮旅游、电力设备、汽车等涨幅居前的行业都获得了20%+的涨幅；而通信和商业零售两个行业落得了负涨幅，传媒、计算机和农林牧渔的涨幅也居后。回顾三季度本基金操作，季度初保持了较高的股票仓位和较低组合beta，采取了积极的行业优化策略，回顾三季度初对行业配置的判断则出现了一定的偏差，虽然整个三季度也重点持有了食品饮料和建材行业，但是还是基本上错过了军工、餐饮旅游、电力设备、汽车和非银金融行业的投资机会。截止2020年9月30日，今年以来本基金净值上涨55.13%%，而同期本基金业绩基准为10.75%。回顾2020年Q3本基金操作，本基金股票仓位在季度初保持了较高的水平，持仓结构比较分散，并未聚焦到市场季度认可的光伏和新能源汽车中去，同时由于市场并未整体上涨，较为分散的配置也给净值产生了一定的负面贡献。回顾三季度本基金的配置主要是以下几点需要改善：（1）行业配置未能聚焦到市场持续上涨的行业中去；（2）个股配置效率太低，即使配置了一些热点行业，但是细究具体的配置，很多配置的个股的涨幅都未超过行业指数的涨幅；（3）高位未及时获利引发的回撤，7月初的疫苗行情和8月初的装配式建筑行情高点未能第一时间获利了结也导致了一部分损耗。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T14:14:29.050Z","fund":{"_id":3000000519644,"stockCode":"519644","stockType":"fund","areaCode":"cn","followedNum":17,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":781441000,"market":"a","tickerId":519644,"custody":"中国建设银行股份有限公司","name":"银河智联主题灵活配置混合型证券投资基金","shortName":"银河智联混合(519644)","fundSe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