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业链上半年表现较好，其他如医疗、消费等行业持续回落。风格上大盘股优于小盘股。上半年我们的组合进行了明显的调整，主要是减持医药行业，增加电力设备和金融行业的配置。我们对过去一年多的投资进行回顾和调整。过去我们把成长股的长期空间用于指导逆向投资，但是市场短期是残酷的，并不单纯以公司长期价值为基准，而是以景气度或者极低的安全边际为主导。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:55.643Z","mo":"对于未来，我们仍对中国经济的韧性表示乐观，但是各类公司要脱颖而出的难度都在加大。我们处于对各类机会都保持开放和接纳的状态，希望通过我们持续的学习和研究为持有人获得长期超额收益。","fund":{"_id":3000000005001,"stockCode":"005001","stockType":"fund","areaCode":"cn","followedNum":99,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-11-21T16:00:00.000Z","setUpScale":2087280000,"market":"a","tickerId":5001,"custody":"中国工商银行股份有限公司","name":"交银施罗德持续成长主题混合型证券投资基金","shortName":"交银持续成长主题混合(005001)","fundSecondLevel":"hybrid","__csrcFundId":4977,"fundStatus":"normal","lastUpdated":"2026-04-30T19:25:00.147Z","masterFundFlag":1,"inceptionDate":"2018-01-11T16:00:00.000Z","memoNum":0,"fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银持续成长主题混合","pinyin":"jysldcxczzthhxzqtzjj","managers":[{"stockCode":"db20354914","stockType":"fund_manager","exchange":"fm","tickerId":819156970,"name":"何帅"}]},"announcement":{"linkText":"交银施罗德持续成长主题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=1148414","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8477fea5b3eb047b1fc","date":"2024-03-30T16:00:00.000Z","stockId":3000000005001,"sao":"2024年一季度，市场经历了大幅的波动，开年后市场快速的下跌及春节后的回稳。市场结构则呈现哑铃型特征，比如低估值的红利资产及估值相对高的“AI算力”等标的表现较好。本基金相对配置较高的医药行业在一季度表现不佳，对基金净值造成了影响。我们降低了相关标的的仓位以控制风险。市场对于分红和回购的关注，其实是企业自由现金流能力的一方面，我们认为企业的价值最终在于创造自由现金流的能力及持续性。　　展望2024年二季度，国内经济的韧性有望推动市场的复苏，从而客观地关注和聚焦企业业绩的真实增长。我们希望通过深度研究，挖掘未来几年能够持续成长的公司，为持有人获得稳定的超额收益。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:55.641Z","fund":{"_id":3000000005001,"stockCode":"005001","stockType":"fund","areaCode":"cn","followedNum":99,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-11-21T16:00:00.000Z","setUpScale":2087280000,"market":"a","tickerId":5001,"custody":"中国工商银行股份有限公司","name":"交银施罗德持续成长主题混合型证券投资基金","shortName":"交银持续成长主题混合(005001)","fundSecondLevel":"hybrid","__csrcFundId":4977,"fundStatus":"normal","lastUpdated":"2026-04-30T19:25:00.147Z","masterFundFlag":1,"inceptionDate":"2018-01-11T16:00:00.000Z","memoNum":0,"fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银持续成长主题混合","pinyin":"jysldcxczzthhxzqtzjj","managers":[{"stockCode":"db20354914","stockType":"fund_manager","exchange":"fm","tickerId":819156970,"name":"何帅"}]},"announcement":{"linkText":"交银施罗德持续成长主题混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072628","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8477fea5b3eb047b1fb","date":"2023-12-30T16:00:00.000Z","stockId":3000000005001,"sao":"过去五年，本基金有两个阶段表现不佳，2020年时错过了核心资产的大幅上涨及2023年经历了核心资产的持续下跌。这两次困难均是对于市场的波动估计不足所致。市场的估值方法分为两种，第一种是产业估值法，基于公司未来自由现金流的贴现，主要关注的是生意创造现金流的能力，持续性及竞争优势；第二种是市场估值，也就是市场根据当前的偏好进行“投票”定价，关注行业景气度，市场策略偏好，是否有“催化剂”等。过去几年的思考，我们认为对于大规模基金而言，买入价格合理的优秀公司可能是长期获得超额收益的必经之路。因为大资金很难快速地捕捉市场趋势；或者利用边际信息的驱动去投资相应变化，偏向市场的投资方法往往需要频繁的“试错”，也就是较高的换手率支持。简而言之，我们只能更多依靠产业估值的方法来投资，当市场价格低于产业价值时买入，当明显超过产业价值时卖出，要买好公司还要买得便宜。　　这是一种理想化的过程，市场的价格从长期来看会趋向于产业估值，但是短期会大幅偏离，向上或者向下都会远远超过投资者的预期。在2020年至2021年初，大量核心资产由于业绩出众，加之市场的极度偏好，估值迅速飙升，不少公司超过当年100倍PE。记得在2020年的中报，我们反思很多优秀的公司卖得太早，我们早早地认为价格已经合理，这造成了我们第一次困难。2021年初后，市场终于达到了极限，这些核心资产价格开始明显回落，达到2022年初的时候，不少核心资产已经落入了产业价值的区间，这一次我们“吸取了”教训，开始在优秀公司价格基本合理的时候买入，不想再次错过他们，但最终的结果是估值的钟摆又远远摆过合理位置，使得基金净值经受了回撤。过去五年，我们经历了“上下两次困难”。　　中国是一个勤奋的国度，拥有巨大市场的同时，人均GDP尚在发展中国家水平，所以各行各业都可能面对低质量的激烈竞争，发达国家已经证明了稳定的行业趋势及竞争格局，在我们的市场并不一定适用。这种勤奋表现在资本市场，比如产业链具有强烈的投资扩张偏好、融资偏好，竞争对手基于重复性模仿的价格竞争，技术快速扩散等；使得中国市场较国外更容易发生短期供需的波动，也使得不少公司在经历行业上下行期间的利润水平波动更显著。加之资本市场参与者本身也是非常勤奋的，对于产业边际变化极度敏感。综合形成了国内资本市场估值较容易大幅波动的基础。我们从不怀疑价值投资的方法，只是面对估值波动巨大的市场，需要对“趋势的力量”有充分估计。较为理想化的估值体系造成了过去两年净值的回撤，有大量的改进工作要去完善。比如在行业趋势不佳时，我们应该留有更充分的安全边际；除了行业和个股的深度研究，也要充分关注市场机会在哪里，提升研究投入效率等。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:55.638Z","mo":"展望2024年，我们相信国内经济的韧性，国人的努力勤奋是不易多得的美德，大量龙头企业依然干劲十足，而新一代创业者也在逐渐形成，使得国内长期经济增长潜力依然巨大。目前高质量发展正切题中之义，在供给端我们需要引导这份聪明勤奋更多用于创新、升级和良性竞争，而不是局限于低质量的重复价格战，这也是中国优秀企业持续具备全球竞争力的源动力。而在需求端，高质量发展也意味着国内各种人均指标、生活品质和消费边际都有明显提升的可能，追求更高质量的健康和生活。我们也相信全球离不开中国优秀的制造业，合作共赢是利于大家的选择。过去两年，对于大部分持仓的公司，除了股价，他们的表现都是令人满意的，面对行业下行或者激烈的竞争，表现出强劲的阿尔法能力。对于现在的资本市场我们充满信心，上述这些优秀资产的价格已经非常合理，全市场的股息回报率已经超过了一年期银行存款利率。也许在短期内产业估值法显得学院味过浓，但长期它终将发挥称重器的作用。2021年核心资产的“高估”最终破裂，而这次我们也希望这些明显低估的优秀公司，能随着自身业绩的不断证明，逐渐赢回市场的信心。　　再次感谢持有人的耐心和信任，还有各类销售机构的支持，大家都希望为持有人创造价值，且承受压力。我们希望通过深入的研究，为持有人获得长期稳定的超额收益。","fund":{"_id":3000000005001,"stockCode":"005001","stockType":"fund","areaCode":"cn","followedNum":99,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-11-21T16:00:00.000Z","setUpScale":2087280000,"market":"a","tickerId":5001,"custody":"中国工商银行股份有限公司","name":"交银施罗德持续成长主题混合型证券投资基金","shortName":"交银持续成长主题混合(005001)","fundSecondLevel":"hybrid","__csrcFundId":4977,"fundStatus":"normal"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规避经济周期，配合合理的价格，我们初衷是追求“稳稳的幸福”，但随着基金规模的上升和集中度提高，未来对“主流市场”存在的机会我们也会更加关注，当然组合可能也要面对更多宏观的影响。2021年我们有三个看好的方向：第一，我们定义2020年可能是新能源车的元年，新能源车不再依靠补贴或牌照红利吸引消费者，而是通过提升智能化水平和改善驾驶体验来真正打动消费者，靠产品本身扩展消费群体，猜想未来，随着新能源车的普及，类似自动驾驶算法、充电桩配套等也会加快补充，使得产品体验实现正向循环。但大家都看好的趋势也会使得竞争非常激烈，像100年前的汽油车，只有在相应环节具有明显竞争优势的公司，才能维持高利润率并且享受行业增长。第二，消费行为将呈现出“哑铃型”状态，在高客单价领域大家更愿意为优秀的产品和服务支付溢价，而另一边低客单价领域，消费行为将呈现更多的随机性和趣味性，这可能会打破原有渠道和品牌的份额。相比前者，我们会更关注第二种消费习惯的变化。第三，也是我们最看好的一个趋势，就是国内大量企业在全球化的分工中，将从成本领先逐渐升级到技术领先，我们发现这种升级的机会往往需要一种行业层面的巨大变化来支持，比如新能源车对于国内汽车产业链的推动，华为事件对电子产业链的推动、甚至是大分子药对国内创新药产业链的推动。这种弯道超车的背后，是这些公司依然还在第一代或者第二代企业家的管理之下，他们面对变化更加积极进取，并且敢于投入研发和扩张产能。最后想再谈谈我们的基金产品观。每个基金经理都有自己的投资风格，但无论保守还是激进，对于基金份额持有人而言丰厚的基金收益率一定是要通过长期持有才能实现。我们的偏好是尽力减少大幅回撤的可能，并在思考运作的产品能否使持有人不用担心净值的大幅波动，不用时常想着 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