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场、化学原料、影视院线、工程机械、游戏等传统周期或需求波动更大的方向保持相对谨慎。","fund":{"_id":3000000018332,"__csrcFundId":12721,"stockCode":"018332","shortName":"嘉实新兴景气混合发起式(018332)","masterFundShortName":"嘉实新兴景气混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18332,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:55:35.625Z","status":"normal","exchange":"jj","fundCollectionId":4000050080000,"inceptionDate":"2023-05-16T16:00:00.000Z","name":"嘉实新兴景气混合型发起式证券投资基金","setUpDate":"2023-05-16T16:00:00.000Z","setUpAssetScale":10000361.14,"setUpShares":10000361.14,"pinyin":"jsxxjqhhxfqszqtzjj","followedNum":1},"announcement":{"linkText":"嘉实新兴景气混合型发起式证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1451492","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2af7fea5b3eb0531356","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000018332,"sao":"报告期内，A股主要指数呈现近年少见的趋势性上涨态势，全A指数区间涨幅达到20%，偏股混合基金指数涨幅达到25%，我们认为最主要催化剂源于中美关系边际缓和，以及7月反内卷政策的密集推出；我们在中期报告中提出的四大配置方向中，人工智能，战略金属等方向在报告期内表现良好。在具体的配置方向上，本报告期的总体思路为降仓位调结构：　　1.科技内部调结构：AI作为核心的长期驱动力，正全面提振从GPU到存储芯片的需求扩散，存储作为AI时代二阶需求（容量/带宽）受益于价格与结构双周期，预计将在未来迎来“前所未有”的供需失衡。另外，“禁售H20”及”国产大模型适配国产芯片“背后的自主可控诉求将加速半导体设备和算力的内循环机遇。另一方面，高度依赖海外算力的科技板块有过高的市场预期，我们选择降低风险敞口。　　2.增加战略金属：本质上是投资于“去全球化”的结构性成本。近期相关金属价格的强势表现，正是市场开始为这种“安全溢价”定价的体现。　　3.增加港股：随着A股市场加速上行，港股提供了更优的安全边际及获取Alpha的机会。我们在报告期内增加了港股AI应用，保险，半导体设备标的配置。　　本基金始终恪守“胜率优先，赔率次之”的核心投资策略。我们坚持通过独有的“企业家模型”，从企业家精神、公司治理、资源禀赋、执行力等第一性指标出发，在全市场范围内筛选具备卓越质地的公司，构建高质量的股票池。在此基础上，结合严谨的基本面分析，构建风格中性、行业分散的投资组合。我们追求的不仅是收益，更是波动可控、持有体验良好的净值曲线。这一核心理念，在过去、现在以及未来，都将是本基金运作的基石，确保我们在任何市场环境下都能保持战略定力。","lastUpdated":"2026-03-09T14:01:19.203Z","fund":{"_id":3000000018332,"__csrcFundId":12721,"stockCode":"018332","shortName":"嘉实新兴景气混合发起式(018332)","masterFundShortName":"嘉实新兴景气混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18332,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:55:35.625Z","status":"normal","exchange":"jj","fundCollectionId":4000050080000,"inceptionDate":"2023-05-16T16:00:00.000Z","name":"嘉实新兴景气混合型发起式证券投资基金","setUpDate":"2023-05-16T16:00:00.000Z","setUpAssetScale":10000361.14,"setUpShares":10000361.14,"pinyin":"jsxxjqhhxfqszqtzjj","followedNum":1},"announcement":{"linkText":"嘉实新兴景气混合型发起式证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1382313","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2af7fea5b3eb0531355","date":"2025-06-29T16:00:00.000Z","stockId":3000000018332,"sao":"2025年上半年整体股票大盘微涨，中证800涨0.87%，港股涨幅较大，其中恒生指数涨20%，创业板50则微跌。行业上，有色金属、银行、国防军工和传媒等涨幅较大，食品饮料、房地产、建筑装饰等跌幅较大。本基金根据景气分析框架，依然主要配置在科技和制造板块，细分线索包含港股互联网、港股汽车整车、算力相关板块、军工和游戏等。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:19.200Z","mo":"过去三年，宏观环境表现为经济增速放缓，物价低迷。在这个背景下，股票市场上的景气行业变得非常稀缺，只有少数行业由于产业实现了从0到1的跨越，增速较快，比如算力相关板块，还有一些行业受益于出口等和国内经济周期脱敏而有较高景气度。风险偏好回落的情形下，市场对股票景气度的确定性要求更高，只有景气度确定性高的行业才会给一定的估值溢价。结果上看，依靠景气进行投资的方法论受到一定挑战。本基金根据宏观背景的变化对方法论进行了迭代和升级，虽然2023年Q4收益不理想，但是2024年和2025年都取得了相当收益。感谢投资者的信任和理解。客观讲，每种方法论都会有适用的环境和阶段，也都有一定的周期性。展望未来，宏观环境大概率不会大幅度恶化，很多行业依靠自身经济周期都会有所改善。另外随着产业的发展，有些行业有望进入到高速增长阶段，形成明显的产业趋势。在这种情形下景气投资会再次大放异彩，让我们拭目以待。过去两年，基金经理不断地完善方法论，认真对待每笔投资，努力成长为能够适应不同环境的投资人。基金经理相信未来不管管理什么类型的资金，依然会恪尽职守、严肃对待。再次感谢基民过去两年的陪伴和信任！","fund":{"_id":3000000018332,"__csrcFundId":12721,"stockCode":"018332","shortName":"嘉实新兴景气混合发起式(018332)","masterFundShortName":"嘉实新兴景气混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18332,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:55:35.625Z","status":"normal","exchange":"jj","fundCollectionId":4000050080000,"inceptionDate":"2023-05-16T16:00:00.000Z","name":"嘉实新兴景气混合型发起式证券投资基金","setUpDate":"2023-05-16T16:00:00.000Z","setUpAssetScale":10000361.14,"setUpShares":10000361.14,"pinyin":"jsxxjqhhxfqszqtzjj","followedNum":1},"announcement":{"linkText":"嘉实新兴景气混合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=1346890","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2af7fea5b3eb0531354","date":"2025-03-30T16:00:00.000Z","stockId":3000000018332,"sao":"2025年一季度，偏股基金指数上涨3.44%，中证800微跌，恒生科技指数表现最强上涨20.74%，整体港股表现好于A股。行业上，有色金属、汽车、机械设备和计算机涨幅靠前，商业贸易、建筑装饰、房地产和非银金融跌幅较多。　　一季度，宏观经济政策方面，明确“实施更加积极有为的宏观政策”，强化政策一致性、靠前性、强力度性，同时要求政策向科技创新、稳楼市股市、民生等领域倾斜；货币政策基调则为适度宽松。这些都为中国经济企稳奠定了基础。科技上则亮点纷呈，DeepSeek推理模型的推出又让大模型向前迈进了一大步，大模型降本也给各种应用的推出提供了很好的土壤。因此科技依然是一个重要主线。　　一季度，本基金保持了较高科技方面的配置，主要集中在受益于AI大浪潮的互联网企业，国产算力、端侧AI硬件和软件等多个方面。这些板块的较高的景气度有一定确定性和可持续性。在制造业上，本基金也配置了可能受益于供求结构改善或中长期有一定成长性的资产，比如锂电、海风等。另外，军工行业短期也看到了一些景气度的边际变化，订单好转，同时估值处于低位。因此本基金也增加了这部分仓位的配置。截至一季度末，本基金的主要配置方向为港股科技、电力设备、电子和军工等。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:19.198Z","fund":{"_id":3000000018332,"__csrcFundId":12721,"stockCode":"018332","shortName":"嘉实新兴景气混合发起式(018332)","masterFundShortName":"嘉实新兴景气混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaC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