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料药方向的配置，以平衡组合的风险收益比。四季度以来，则进一步强化了对安全边际的考量，在持仓结构调整中更加注重企业长期竞争优势的评估，尤其是在区分长期性与阶段性上。　　二、反思　　2024年的市场波动让我们更加深刻地认识到安全边际与竞争优势的重要性。市场的短期情绪往往会导致资产价格偏离其内在价值，而安全边际是我们抵御不确定性的关键防线。在标的选择上，我们始终关注那些悲观预期充分释放的优质公司，相比以往，我们更加注重企业的竞争优势。然而长期动态来看，能持续保持竞争优势的企业凤毛麟角，大多数竞争优势的建立都有其时代的特殊性，我们需要更深入地理解其护城河的来源及其可持续性，尤其是在当下，外部环境波动加上技术创新加速带来行业格局快速变化的背景下。　　在2023年的年报中，我们对AI在投资研究中的应用还只是一个初步的设想，而2024年，技术的快速迭代和普及，让我们看到了一些更加明确的落地路径，用好这个工具能够极大提升我们在信息收集处理的效率，同时也能提升我们研究阶段的完备性（很多时候的投资失误可能就是某个要点没有被充分认知，而限制因素往往是资源及精力的限制，AI工具让这种限制一定程度上解除了）。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:05.560Z","mo":"展望2025年，尽管外部宏观环境仍面临诸多不确定性，但我们对中国经济的长期韧性保持信心。2024年末的DS与哪吒，让我们看到了越来越多不安于现状地，让人热血澎湃地努力，他们是这种韧性的底色，如同深埋地下的根系，虽不显于表，却支撑着未来的生长；然而，在投资的世界中，真正的信心并非对当下的笃定，而是对未来复杂性的坦然接纳，这种不确定性，恰如一面镜子，映照出我们在投资中应有的敬畏——不追逐表面的繁华，不迷信短期的逻辑，而是以更轻盈的姿态，在风险与机遇的交织中，寻找那些真正经得起时间考验的价值。","fund":{"_id":3000000018890,"__csrcFundId":12947,"stockCode":"018890","shortName":"大成锐见未来混合(018890)","masterFundShortName":"大成锐见未来混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18890,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:10:29.491Z","status":"normal","exchange":"jj","fundCollectionId":4000050090000,"inceptionDate":"2023-09-20T16:00:00.000Z","name":"大成锐见未来混合型证券投资基金","setUpDate":"2023-09-20T16:00:00.000Z","setUpAssetScale":115318381.44,"setUpShares":115318381.44,"pinyin":"dcrjwlhhxzqtzjj","managers":[{"stockCode":"db20786570","stockType":"fund_manager","exchange":"fm","tickerId":2610219340,"name":"邹建"}]},"announcement":{"linkText":"大成锐见未来混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1257035","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2dd7fea5b3eb05347fc","date":"2024-09-29T16:00:00.000Z","stockId":3000000018890,"sao":"三季度，市场波动明显加大，我们在投资策略上依然延续以往，不会因为市场的波动而发生较大改变；在操作上，本季度我们兑现了部分涨幅较大的标的，在细分领域上，增加了在原料药方向的配置。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:05.557Z","fund":{"_id":3000000018890,"__csrcFundId":12947,"stockCode":"018890","shortName":"大成锐见未来混合(018890)","masterFundShortName":"大成锐见未来混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18890,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:10:29.491Z","status":"normal","exchange":"jj","fundCollectionId":4000050090000,"inceptionDate":"2023-09-20T16:00:00.000Z","name":"大成锐见未来混合型证券投资基金","setUpDate":"2023-09-20T16:00:00.000Z","setUpAssetScale":115318381.44,"setUpShares":115318381.44,"pinyin":"dcrjwlhhxzqtzjj","managers":[{"stockCode":"db20786570","stockType":"fund_manager","exchange":"fm","tickerId":2610219340,"name":"邹建"}]},"announcement":{"linkText":"大成锐见未来混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1180421","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2dd7fea5b3eb05347fb","date":"2024-06-29T16:00:00.000Z","stockId":3000000018890,"sao":"上半年，我们保持了在创新药品、创新器械中较高的配置比例，在出海方向，对部分存在潜在风险的细分领域减少了配置；在标的选择上，我们依然会更多地关注那些悲观预期充分释放的优质公司，在这个过程中，相比以前，我们将更加注重其安全边际，尽力控制好回撤。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:05.554Z","mo":"本基金医药持仓占比较高，但医药行业过去经历了多重因素的考验，这其中包括宏观环境，中观行业政策调整与整顿，以及疫情消退因素的影响。即便面临诸多考验，我们认为整个行业正朝着正本清源的方向演进，行业生态越来越健康，而从微观上看到一批优秀公司基于医患真实需求提供有价值的产品和服务，甚至高质量地走向了全球，可见医疗的未满足需求，这种底层驱动是有较强的生命力的，未来，医药依然会是我们的重要配置方向；在医药之外，我们也将进一步加快能力圈的拓展，这也意味着未来我们在医药上的占比会逐步下降到一个更趋合理的水平。","fund":{"_id":3000000018890,"__csrcFundId":12947,"stockCode":"018890","shortName":"大成锐见未来混合(018890)","masterFundShortName":"大成锐见未来混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18890,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:10:29.491Z","status":"normal","exchange":"jj","fundCollectionId":4000050090000,"inceptionDate":"2023-09-20T16:00:00.000Z","name":"大成锐见未来混合型证券投资基金","setUpDate":"2023-09-20T16:00:00.000Z","setUpAssetScale":115318381.44,"setUpShares":115318381.44,"pinyin":"dcrjwlhhxzqtzjj","managers":[{"stockCode":"db20786570","stockType":"fund_manager","exchange":"fm","tickerId":2610219340,"name":"邹建"}]},"announcement":{"linkText":"大成锐见未来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=1150044","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2dd7fea5b3eb05347fa","date":"2024-03-30T16:00:00.000Z","stockId":3000000018890,"sao":"一季度，我们重新评估了持仓公司的情况，并做了适当调整。　　本基金在医药行业的仓位较重，从年初以来的经营状态来看，部分企业或多或少受到行业层面的扰动，但如果拉长一点看，其产品的临床价值并不会因此而受到影响，这个时候需要我们耐心等待。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:05.552Z","fund":{"_id":3000000018890,"__csrcFundId":12947,"stockCode":"018890","shortName":"大成锐见未来混合(018890)","masterFundShortName":"大成锐见未来混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18890,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:10:29.491Z","status":"normal","exchange":"jj","fundCollectionId":4000050090000,"inceptionDate":"2023-09-20T16:00:00.000Z","name":"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