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国内方面，中央政府出台了了一系列更加积极的政策手段，用更加积极的财政政策与适度宽松的货币政策来确保宏观经济持续企稳复苏。包括但不限于提升预算内财政赤字率至4%、继续支持大规模设备更新与消费品以旧换新、增发特别国债支持国有大行补充核心资本等。但不可否认的是，我国经济短期内面临着结构性需求不足，宏观政策持续落地并产生显著效果需要更多的时间。从一季度各项宏观数据的表现来看，中国经济全面企稳复苏仍需时日。但好在我国宏观政策仍然保持着一致向上的斜率与力度，我们相信下半年国内经济能有明显的好转。国外方面，美国新一任总统特朗普于一月二十日正式上任。二进宫的特朗普坚持着“美国优先”的政策原则，出台了一系列带有显著孤立主义与保护主义的贸易政策。包括上任后两次以芬太尼问题为借口对我国加征10%的关税，以及后续的全面“对等关税”。相关关税政策一旦落地，会对包括我国在内的所有全球所有国际贸易参与者产生巨大的冲击。我们无法估量后续特朗普政府是否会继续在贸易问题上针对中国施压，抑或是与我国达成某种贸易协定，但目前形势下，中美贸易进一步脱钩发生的概率极大。实际上，自我国本世纪初加入世界贸易组织以来，出口是支撑我国国民经济增长的重要因素。因此海外贸易形势的急转直下需要我国出台更多的刺激内需政策，以抵消外需大幅萎缩带来的冲击。我们预计，二季度美国关税政策落地后，国内可能进一步出台更多更积极的宏观刺激举措。权益市场方面，一季度A股市场风格切换较快，AI大模型、人工智能端侧应用、人形机器人等相关科技赛道表现突出，虽然这些行业的上市公司大多仍处于成长初期，目前看不到多少经营利润，但热点题材受市场投机资金追捧吸纳了过多的场内流动性资源。而在全球贸易体系受美国特朗普新政冲击的背景下，热门科技板块在过快上涨后面临较大的风险，因此A股表现出剧烈的风格切换与板块轮动，为权益投资提出了更大的挑战。展望后市，二季度初美国关税冲击落地后，我们看好国内宏观调控政策的进一步加力，包括更有力的财政支出、更大范围的消费刺激等。在此背景下，公用事业、能源与资源品、银行保险等防御性板块或将表现出更好的韧性。而进入下半年，随着国内政策的进一步生效，各项宏观经济数据或迎来显著的改善，届时新质生产力范式下的科技版块可能迎来年内第二波上涨时机。2025年二季度，基金管理人将继续规范运作，勤勉尽责。本基金将积极把握市场机会，灵活运用各类策略，优化权益持仓风险敞口的暴露，在保证流动性安全的前提下，力争提高基金产品的收益率。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:55.294Z","fund":{"_id":3000000005281,"stockCode":"005281","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-14T16:00:00.000Z","setUpScale":252803000,"market":"a","tickerId":5281,"custody":"中国工商银行股份有限公司","name":"中科沃土转型升级灵活配置混合型证券投资基金","shortName":"中科沃土转型升级混合A","fundSecondLevel":"hybrid","__csrcFundId":5024,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:42.832Z","masterFundFlag":1,"inceptionDate":"2018-01-24T16:00:00.000Z","fundCollectionId":4000051060000,"currency":"CNY","masterFundShortName":"中科沃土转型升级混合","pinyin":"zkwtzxsjlhpzhhxzqtzjj","managers":[{"stockCode":"j101019484","stockType":"fund_manager","exchange":"fm","tickerId":241601247630,"name":"徐平安"}]},"announcement":{"linkText":"中科沃土转型升级灵活配置混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1272365","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8837fea5b3eb047fc65","date":"2024-12-30T16:00:00.000Z","stockId":3000000005281,"sao":"2024年对于中国经济与资本市场都是不平凡的一年。自新冠疫情结束以来，地产行业景气度持续下行，随之伴生的国内地方债务问题不断暴露。同时国际上以美国为首的西方国家对我国进行科技、贸易方面的打压，导致我国宏观经济复苏动能持续疲软。尽管在复杂多变的内外部环境下中国经济展现了较强的韧性，但也暴露了内部需求低迷、供给结构性过剩等问题。居民收入预期下滑、政府受债务问题制约投资不足，使得24年二、三季度国民经济下行压力加大。好在三季度末中央最高决策层及时果断的调整宏观政策。9月底开始，政府部署推出了扩内需、托地产、稳外贸等一揽子增量政策，实施更加积极的财政政策与适度宽松的货币政策，通过降准降息、增发特别国债、推出一次性大规模化债、全面下调国内存量房贷利率等多重手段，有效的扭转了市场情绪，促进了国民经济的稳步回升。中国经济成功实现了年末“后扬”的增长态势，在四季度国内GDP增速在三季度4.6%的基础上环比改善0.8个百分点，实现了全年5%经济发展预期目标。全年权益市场的走势与国民经济的运行节奏如出一辙。前三季度，受国内经济复苏缓慢影响，A股市场整体呈区间震荡下行格局。而三季度末国内宏观政策出现重大转向后，市场各大指数触底反弹，并于国庆假期后第一个交易日迅速突破前高。四季度在积极的政策预期引导下，权益市场中枢点位已显著上移，投资者风险偏好明显改善，沪深两市成交额显著放量，各主要指数年内均录得正收益。回顾全年，沪深300指数全年上涨超过14%，半导体自主可控、人工智能及AI计算等高景气热门硬科技赛道表现突出。面对2024年复杂多变的资本市场，本基金产品采用了哑铃型投资策略，基于宏观政策和市场资金面的变化，积极在个股选择和行业配置等维度积极调整优化，在维持部分高股息红利资产的同时，积极参与了科技板块的轮动机会。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:55.291Z","mo":"展望2025年，我国国民经济进入复苏发展的关键时间。在中央更加积极的财政政策与适度宽松的货币政策背景下，宏观经济各项指标有望实现全面企稳。为助力经济进一步复苏回升，今年中央财政赤字率将小幅提升，年内将可能出现多轮的降准降息，各类扩内需、促销费的增量政策也会适时推出，积极、向上的宏观政策将持续整个2025年。虽然今年海外政治经济形势仍然严峻，以美国为首的西方国家对我国的科技封锁、贸易打压仍将延续，但我们相信，我国政府有能力，通过出台适度的政策工具来抵消外部不利因素对国内经济的冲击。在此背景下我们判断，今年的权益市场形势或将稳步回升。我们将着重关注以下新质生产力范式下产业升级与技术革新方面的投资机会：1. 人工智能浪潮下国产算力与数据中心的新基础设施建设；2. AI大模型加速成熟后的端侧应用落地；3. 促销费政策刺激下的消费电子更新换代与可穿戴智能设备的快速普及；4. 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电网投资高增背景下的特高压输电、智能配网等电网升级改造方向；2. 大规模设备更新及消费以旧换新政策驱动下的新型设备、新能源汽车等方向；3. 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杂多变，科技创新发展即是经济转型推动力也是安全的根基，对于科技的政策、投资与引导会持续提升。","fund":{"_id":3000000005281,"stockCode":"005281","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-14T16:00:00.000Z","setUpScale":252803000,"market":"a","tickerId":5281,"custody":"中国工商银行股份有限公司","name":"中科沃土转型升级灵活配置混合型证券投资基金","shortName":"中科沃土转型升级混合A","fundSecondLevel":"hybrid","__csrcFundId":5024,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:42.832Z","masterFundFlag":1,"inceptionDate":"2018-01-24T16:00:00.000Z","fundCollectionId":4000051060000,"currency":"CNY","masterFundShortName":"中科沃土转型升级混合","pinyin":"zkwtzxsjlhpzhhxzqtzjj","managers":[{"stockCode":"j101019484","stockType":"fund_manager","exchange":"fm","tickerId":241601247630,"name":"徐平安"}]},"announcement":{"linkText":"中科沃土转型升级灵活配置混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=866473","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8837fea5b3eb047fc5c","date":"2022-09-29T16:00:00.000Z","stockId":3000000005281,"sao":"市场三季度回调明显，海外美联储加息与国内对经济信心不足导致市场情绪低迷，后续重点关注海外美联储政策预期和国内房地产恢复情况。三季度本基金通过阶段性降低仓位方式来应对市场回调，但市场大幅调整之后尤其是上证指数破3000点之后，我们转向乐观仓位进行增加，行业配置上延续二季度配置方向，主要是稳健性行业医药（医疗器械、血制品）、复苏受益品种（餐饮供应链）、高成长方向中的储能，同时也可开始逐步布局自主可控方向。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:55.268Z","fund":{"_id":3000000005281,"stockCode":"005281","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-14T16:00:00.000Z","setUpScale":252803000,"market":"a","tickerId":5281,"custody":"中国工商银行股份有限公司","name":"中科沃土转型升级灵活配置混合型证券投资基金","shortName":"中科沃土转型升级混合A","fundSecondLevel":"hybrid","__csrcFundId":5024,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:42.832Z","masterFundFlag":1,"inceptionDate":"2018-01-24T16:00:00.000Z","fundCollectionId":4000051060000,"currency":"CNY","masterFundShortName":"中科沃土转型升级混合","pinyin":"zkwtzxsjlhpzhhxzqtzjj","managers":[{"stockCode":"j101019484","stockType":"fund_manager","exchange":"fm","tickerId":241601247630,"name":"徐平安"}]},"announcement":{"linkText":"中科沃土转型升级灵活配置混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=808535","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8837fea5b3eb047fc5b","date":"2022-06-29T16:00:00.000Z","stockId":3000000005281,"sao":"2022年二季度市场主要指数回调之后进行出现反弹实现上涨，上证指数上涨4.50%，深圳成指上涨6.42%，创业板指上涨5.68%，沪深300上涨6.21%。行业层面，二季度汽车、食品饮料、电力设备、美容护理、商贸零售涨幅居前，房地产、计算机、环保、传媒、银行、农业、医药等依然下跌。7月份市场进入快速上涨后的回调期，经济恢复进度与房地产风险成为市场关注重点，市场风格开始向中小市值转向，面对内外部复杂情况，构建国内国际双循环相互促进的新发展格局成为各行业趋势，也必然带来投资机会。本基金上半年调整基金经理，产品运作策略与风格也有所调整，上半年来看相对收益明显，后续我们也将继续努力力争给投资者长期稳健性收益。本基金通过调整持仓结构和降低仓位较大幅度回避了一季度下跌，4月份大盘再次下跌低仓位再次实现正面贡献，但也导致在后续反弹过程中相对跑的慢一些，充分体现盈亏同源也警醒我们保持对市场的敬畏之心。行业配置上，二季度重点配置了稳健性行业医药（血制品、医疗器械）、仓储，同时也增加了回调至估值可接受的进攻性品种储能、CRO、OTC个股；三季度以来增配自主可控方向。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:55.265Z","mo":"展望三季度，宏观经济反弹力度大概率弱于预期，资金面有望延续宽松态势，权益市场仍处于较好的投资窗口，结构性机会较多，债券市场结构性资产荒延续。在此背景下，以十年期国债为代表的长端国债有望获得机构投资者重新定价，收益率有望震荡下行；短端资产则大概率跟随资金面而维持低位震荡。","fund":{"_id":3000000005281,"stockCode":"005281","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-14T16:00:00.000Z","setUpScale":252803000,"market":"a","tickerId":5281,"custody":"中国工商银行股份有限公司","name":"中科沃土转型升级灵活配置混合型证券投资基金","shortName":"中科沃土转型升级混合A","fundSecondLevel":"hybrid","__csrcFundId":5024,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:42.832Z","masterFundFlag":1,"inceptionDate":"2018-01-24T16:00:00.000Z","fundCollectionId":4000051060000,"currency":"CNY","masterFundShortName":"中科沃土转型升级混合","pinyin":"zkwtzxsjlhpzhhxzqtzjj","managers":[{"stockCode":"j101019484","stockType":"fund_manager","exchange":"fm","tickerId":241601247630,"name":"徐平安"}]},"announcement":{"linkText":"中科沃土转型升级灵活配置混合型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=786506","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8837fea5b3eb047fc5a","date":"2022-03-30T16:00:00.000Z","stockId":3000000005281,"sao":"2022年一季度市场主要指数均出现明显回调，上证指数下跌10.65%，深圳成指下跌18.44%，创业板指下跌19.96%，沪深300下跌14.53%。行业层面，煤炭、只有房地产、银行取得正收益，电子、军工、汽车、家电、食品饮料、电新等均出现大幅下跌。权益市场连续几年取得正收益后，市场有调整预期但调整幅度仍然超出市场普遍预期，主要原因在于1）美联储加息政策超出预期；2）俄乌冲突引发通胀与风险偏好降低。本基金2022年一季度通过保持权益低仓位运行取得了明显的超额收益，在结构方面增配了风险暴露充分的地产、减持了交易拥挤的新能源。展望后续，权益市场经过大幅调整风险得到较大释放，虽然依然面临美联储加息与缩表的外部环境，国内压制经济发展的风险、限制经济运营的环节已经得到政府高度重视与高级别的协调处理，随着春季疫情逐渐可控、政策发力显现，经济基本面将逐步改善，全年GDP仍有望实现5.5%增长，对权益市场后续可以逐步乐观；资金面上，2022年呈现存量博弈特征，行业轮动与波动会加大。权益市场配置方面，方向上看好消费复苏、新型电力系统、专精特新细分行业龙头、新一代信息技术（提升效率与拓展应用，如5G、元宇宙）。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:55.263Z","fund":{"_id":3000000005281,"stockCode":"005281","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-14T16:00:00.000Z","setUpScale":252803000,"market":"a","tic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