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21.9%。行业表现上，原材料行业、医疗保健行业、非必需消费业表现最佳，分别上涨58.8%、32.1%、25.0%，电讯业是唯一下跌的行业，下跌2.5%。中国的股市持续上行的原因主要有以下三点：第一，中美关税阶段性缓和。中美斯德哥尔摩经贸会谈后，双方再次暂停24%对等关税90天，同时保留10%基础关税。受此影响，投资者的风险偏好明显抬升；第二，国内外财政政策和货币政策继续保持积极宽松基调。国内政策重点在于强化逆周期调节、推动经济稳定增长和物价合理水平，同时注重政策执行的精准性和有效性。而美联储在9月重启降息周期，释放宽松信号，对全球经济和流动性预期形成支撑；第三，全球AI产业发展仍在加速。随着前沿大模型快速更新迭代、全球算力需求超预期；国内“AI+”顶层设计落地一系列利好政策的出台，提振投资者对科技领域投资的信心。展望后市，在没有出现重大扰动的地缘政治事情的情况下，我们认为中国资本市场将维持震荡上行的趋势，但是波动幅度会加大。一方面，四季度美联储可能继续降息，海外流动性宽松延续；另一方面，国内经济仍有一定下行压力，稳增长政策可能陆续出台。目前宏观经济在底部回升的过程中，部分企业盈利有所起色，港股市场流动性相比此前有较大改善，而且大量新经济优质企业在港上市，提高了港股市场的配置吸引力。同时，我们也应该看到，短时间内，部分行业板块中的个股累积涨幅已经超过了中期维度乐观的盈利预期，一旦各种潜在利好不及时兑现的话，股价将可能面临回调。组合目前权益仓位相对平稳，主要的配置方向为互联网、通信、电子等行业，保持组合的相对锐度。同时，我们也对一些前期涨幅居前的股票进行了止盈，包括汽车、生物医药板块中的个股。本基金遵从价值投资原则，通过对优质企业基本面全面深入研究，选择经营稳健业绩良好的优质股票构建投资组合，我们会根据市场的变化情况，不断反思组合管理操作上的得失，做好应对方案，去芜存菁，争取为委托人创造较好的回报。","lastUpdated":"2026-03-09T14:02:06.324Z","fund":{"_id":3000000018901,"__csrcFundId":13593,"stockCode":"018901","masterFundShortName":"招商回报优选混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18901,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:10:47.990Z","status":"normal","exchange":"jj","shortName":"招商回报优选混合发起式(018901)","name":"招商回报优选混合型发起式证券投资基金","fundCollectionId":4000050210000,"setUpAssetScale":17589107.53,"setUpDate":"2024-03-18T16:00:00.000Z","setUpShares":17589107.53,"inceptionDate":"2024-03-21T16:00:00.000Z","pinyin":"zshbyxhhxfqszqtzjj","followedNum":1,"managers":[{"stockCode":"db20830218","stockType":"fund_manager","exchange":"fm","tickerId":2512212660,"name":"晏磊"}]},"announcement":{"linkText":"招商回报优选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=1370192","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2de7fea5b3eb05348de","date":"2025-06-29T16:00:00.000Z","stockId":3000000018901,"sao":"2025年上半年，美国利用关税政策对全球贸易伙伴极限施压和差别对待的做法，引起全球资本市场大幅波动；而中国政府有力有节地应对以及中国在人工智能大模型领域的突破，让投资者看到中国经济转型的希望。随着中美贸易和谈的进展，市场信心逐渐修复，在此背景下，整个权益市场波动上行、表现良好：上半年沪深300指数上涨0.03%，上证指数上涨2.76%，偏成长风格的北证50和科创100分别上涨39.45%和13.54%，偏小盘的中证2000上涨15.24%，红利指数在经过多年上涨后出现了下跌，跌幅为4.50%。总体上来看，小盘和成长因子优于大盘和价值因子。本基金遵从价值投资原则，通过对优质企业基本面全面深入研究，选择经营稳健业绩良好的优质股票构建投资组合，我们增加了权益仓位的配置：高端制造、信息技术、医疗保健和金融行业是我们增配的主要方向。我们会根据市场的变化情况，不断反思组合管理操作上的得失，做好应对方案，去芜存菁，争取为委托人创造回报。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:06.321Z","mo":"展望2025年下半年，我们认为国内股票市场将维持震荡上行的趋势。一方面，下半年美联储将进入新一轮降息周期，海外流动性继续宽松；另一方面，全球贸易不确定性相比今年4月有了大幅的降温，后续贸易谈判或有反复，但不会对市场情绪造成大幅扰动。随着国内“反内卷”各项措施的出台以及以雅江水电为首的重大项目的开工，国内经济有望平稳回升，部分企业的盈利有好转的预期。我们会对科技板块中的国产替代逻辑进行重点关注，关注业绩确定性与技术突破两条线索。同时，大金融板块中的券商、保险行业也将受惠于投资者风险偏好的抬升。港股市场流动性相比过往大幅抬升，而且大量新经济优质企业在港上升，提高了港股市场的配置吸引力。我们保持对港股战略性看多的观点。主要的风险点在于：1）地缘政治走向的不确定性；2）海外美联储降息时间的延后；3）国内经济复苏不及预期。","fund":{"_id":3000000018901,"__csrcFundId":13593,"stockCode":"018901","masterFundShortName":"招商回报优选混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18901,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:10:47.990Z","status":"normal","exchange":"jj","shortName":"招商回报优选混合发起式(018901)","name":"招商回报优选混合型发起式证券投资基金","fundCollectionId":4000050210000,"setUpAssetScale":17589107.53,"setUpDate":"2024-03-18T16:00:00.000Z","setUpShares":17589107.53,"inceptionDate":"2024-03-21T16:00:00.000Z","pinyin":"zshbyxhhxfqszqtzjj","followedNum":1,"managers":[{"stockCode":"db20830218","stockType":"fund_manager","exchange":"fm","tickerId":2512212660,"name":"晏磊"}]},"announcement":{"linkText":"招商回报优选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=1338833","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2de7fea5b3eb05348dd","date":"2025-03-30T16:00:00.000Z","stockId":3000000018901,"sao":"2025年一季度，A股市场涨跌不一：沪深300指数下跌1.2%，上证指数下跌0.5%，偏成长风格的北证50和科创50分别上涨22.5%和3.4%。同期，港股市场表现强劲，主要原因是国内AI、智驾、机器人等产业技术快速进步下，内外资尤其重视中国资产重估的机会，投资者风险偏好上升。报告期内，恒生指数、恒生国企指数分别上涨15.3%、16.8%，恒生科技指数上涨20.7%。行业表现上，医疗保健行业、非必须消费行业、资讯科技业表现最佳，分别上涨26.7%/23.1%/22.4%，前期表现较好的公用事业和能源业本季出现回调，分别下跌3.73%/4.70%。展望后市，由于美国关税政策的超预期给市场情绪带来扰动，我们认为很难判断短期市场调整是否充分。但随着国内经济环境将预期改善，上市公司的盈利有望迎来修复。A股和港股市场大概率在阶段性调整后，仍会走出由盈利驱动的行情。我们目前权益仓位相对平稳，主要的配置方向为医药生物、食品饮料等行业；同时，我们也对一些前期涨幅居前的股票进行了止盈，包括互联网和消费电子中的个股，以保持组合的相对锐度。本基金遵从价值投资原则，通过对优质企业基本面全面深入研究，选择经营稳健业绩良好的优质股票构建投资组合，我们会根据市场的变化情况，不断反思组合管理操作上的得失，做好应对方案，去芜存菁，争取为委托人创造回报。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:06.318Z","fund":{"_id":3000000018901,"__csrcFundId":13593,"stockCode":"018901","masterFundShortName":"招商回报优选混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18901,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:10:47.990Z","status":"normal","exchange":"jj","shortName":"招商回报优选混合发起式(018901)","name":"招商回报优选混合型发起式证券投资基金","fundCollectionId":4000050210000,"setUpAssetScale":17589107.53,"setUpDate":"2024-03-18T16:00:00.000Z","setUpShares":17589107.53,"inceptionDate":"2024-03-21T16:00:00.000Z","pinyin":"zshbyxhhxfqszqtzjj","followedNum":1,"managers":[{"stockCode":"db20830218","stockType":"fund_manager","exchange":"fm","tickerId":2512212660,"name":"晏磊"}]},"announcement":{"linkText":"招商回报优选混合型发起式证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1266318","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2de7fea5b3eb05348dc","date":"2024-12-30T16:00:00.000Z","stockId":3000000018901,"sao":"2024年A股市场走势较为曲折，历经显著波动后最终峰回路转，各类指数涨幅喜人：其中科创50指数表现突出，全年上涨16.1%，沪深300、上证指数分别上涨14.7%和12.7%。总体来看，科技和红利板块表现相对较好。同期，港股市场也经历了显著的复苏，结束了连续四年的下跌趋势。港股市场不同指数均录得两位数的上涨：其中恒生指数、恒生科技指数、恒生国企指数分别上涨17.7%、18.7%、26.4%。行业表现上，资讯科技业、能源业、电讯业表现最佳，分别上涨43.3%、24.5%、20.6%；医疗保健业和地产建筑业是仅有的两个下跌行业，分别收跌20.1%、11.9%；总体来看，港股市场行业分化仍较严重。针对多变的市场，我们对组合的结构进行了适当的调整，主要的配置方向：一是与人工智能相关的科技行业。不可否认的是，AI正以前所未有的速度改造甚至颠覆千行百业。它会改变我们的教育、工作甚至认知、思维方式。我们将会看到新一代商业模式、新一代企业家的涌现，这次科技大潮的波澜壮阔不仅会惊讶众人，也将孕育着大量的投资机会。二是有能力和意愿进行高股息分红的公司。在国内国债利率水平持续走低的背景下，那些现金流充沛、有制度性分红承诺的公司可以帮助我们应对甚至穿越国际政治经济局势的扑朔迷离。它们对于降低组合的波动性，增强本基金持有人体验感有不可或缺的作用。三是有希望困境反转的公司。在整体市场下跌的途中，总有些公司或因会计处理的影响，或因行业政策的更迭，导致股价出现了深度调整。在良莠不齐的群体中，我们需要有在泥沙中探求珍珠的勇气，需要有接受市场质疑的平和心态，更需要有智慧来分辨追求勇气可能带来的坚韧和接受平和可能带来的执迷之间区别。没有哪一种选择可以让人高枕无忧。本基金遵从价值投资原则，通过对优质企业基本面全面深入研究，选择经营稳健、业绩良好的优质股票构建投资组合，仓位上保持适度。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:06.315Z","mo":"展望2025年，全球经济将继续复苏，但复苏速度可能因地区而异。发达国家经济将保持温和增长，而新兴市场和发展中国家的增长可能更为强劲。随着中国在人工智能大模型领域的突破以及政府一系列稳增长、调结构、促改革的政策落地，我们预计中国经济会在2025年保持合理增速。即使在这样一个相对友好的宏观环境下，证券市场也丝毫不会降低它的复杂性。我们无法控制市场的走向或预期它将带来怎样的回报，但是我们可以控制一些基本的东西：风险、成本、时间、行为。风险是投资的核心属性，高回报往往伴随高风险，但通过分散化策略和理性评估，我们能在可控范围内优化风险敞口；成本则贯穿整个投资周期，包括交易佣金、管理费等显性费用和机会成本、流动性折损等隐性成本，长期复利效应下细微的成本差异会显著影响最终收益。时间既是杠杆也是过滤器，短期波动可能会被时间熨平，而长期持有则能放大优质资产的增值潜力，但需警惕时间成本对错误决策的累积效应，混淆长期与短期之间的区别往往是投资失败的原因。行为则是人性与市场的交汇点，贪婪与恐惧的心理偏差、从众或过度自信的操作模式，往往导致非理性决策。只有将风险意识、成本控制、时间规划与行为纪律有机结合，同时保持良好的心态，方能在不确定的市场中谱就一条稳定向上增长的净值收益曲线，这也是本基金经理的追求。投资不仅是数字游戏，更是对未来的信念，对价值的定义，对复杂系统的哲学理解。我们会想方设法在理性与感性、数据与直觉、科学与艺术的交汇处找到超额收益，这一过程从不容易，往往伴随着蜕变、也意味着进化。至于风险，可能落脚于：1）地缘政治走向的不确定性；2）海外资本市场的大幅波动；3）国内经济复苏不及预期。","fund":{"_id":3000000018901,"__csrcFundId":13593,"stockCode":"018901","masterFundShortName":"招商回报优选混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18901,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:10:47.990Z","status":"normal","exchange":"jj","shortName":"招商回报优选混合发起式(018901)","name":"招商回报优选混合型发起式证券投资基金","fundCollectionId":4000050210000,"setUpAssetScale":17589107.53,"setUpDate":"2024-03-18T16:00:00.000Z","setUpShares":17589107.53,"inceptionDate":"2024-03-21T16:00:00.000Z","pinyin":"zshbyxhhxfqszqtzjj","followedNum":1,"managers":[{"stockCode":"db20830218","stockType":"fund_manager","exchange":"fm","tickerId":2512212660,"name":"晏磊"}]},"announcement":{"linkText":"招商回报优选混合型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1249051","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2de7fea5b3eb05348db","date":"2024-09-29T16:00:00.000Z","stockId":3000000018901,"sao":"2024年三季度，中国资本市场走出先抑后扬的行情，主要原因是中央政治局会议释放稳增长信号和金融三部委的政策超预期，市场情绪受到提振，投资者风险偏好上升，A股和港股市场迎来强劲反弹，领涨全球市场。A股主要指数创出本轮反弹新高。报告期内，沪深300指数上涨16.1%，上证指数上涨12.4%，偏成长风格的创业板指和科创50分别上涨29.2%、22.5%。前期涨幅较好的红利指数，表现一般，上涨较少为4.1%。行业（申万一级）层面，非银金融、房地产和综合涨幅居前，分别为44.7%、33.2%、31.2%。同期，恒生指数、恒生国企指数分别上涨19.3%、18.6%，恒生科技指数上涨33.7%。行业表现上，医疗保健行业、非必须消费行业、资讯科技业表现最佳，分别上涨31.68%、29.6%、22.7%。展望后市，我们认为在央行降准、降息、降存量房贷利率的组合拳推出后，经济环境将预期改善，叠加海外降息周期开启，股票市场将获得充足的流动性支持。我们适时增加了权益仓位，主要的配置方向为传媒、计算机、非银金融、医药生物等行业；同时，我们也对一些弹性较弱的行业如公用事业板块中的个股进行了适当的减持，以保持组合的相对锐度。本基金遵从价值投资原则，通过对优质企业基本面全面深入研究，选择经营稳健业绩良好的优质股票构建投资组合，我们会根据市场的变化情况，不断反思组合管理操作上的得失，做好应对方案，去芜存菁，争取为投资者创造回报。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:06.312Z","fund":{"_id":3000000018901,"__csrcFundId":13593,"stockCode":"018901","masterFundShortName":"招商回报优选混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18901,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:10:47.990Z","status":"normal","exchange":"jj","shortName":"招商回报优选混合发起式(018901)","name":"招商回报优选混合型发起式证券投资基金","fundCollectionId":4000050210000,"setUpAssetScale":17589107.53,"setUpDate":"2024-03-18T16:00:00.000Z","setUpShares":17589107.53,"inceptionDate":"2024-03-21T16:00:00.000Z","pinyin":"zshbyxhhxfqszqtzjj","followedNum":1,"managers":[{"stockCode":"db20830218","stockType":"fund_manager","exchange":"fm","tickerId":2512212660,"name":"晏磊"}]},"announcement":{"linkText":"招商回报优选混合型发起式证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1169950","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2de7fea5b3eb05348da","date":"2024-06-29T16:00:00.000Z","stockId":3000000018901,"sao":"2024年上半年，国内经济走势向上动能边际趋缓。地产行业虽有政策扶持，但仍低位徘徊；国内总需求仍处在收缩过程中，物价继续下行，消费动能不足；财政政策和货币政策虽有发力，但具体效果还有待观察。在此背景下，整个权益市场表现一般：上半年沪深300指数上涨0.9%，上证指数下跌0.3%，偏成长风格的创业板指和科创50分别下跌11.0%和16.4%，偏小盘的中证1000和中证2000跌幅较大，分别下跌16.8%和23.3%。总体上来看，大盘和价值因子优于成长因子。本基金遵从价值投资原则，通过对优质企业基本面全面深入研究，选择经营稳健业绩良好的蓝筹股票构建投资组合，目前计算机、公用事业、传媒、电子、电子设备是我们增配的主要方向。仓位上保持适度灵活。我们会根据市场的变化情况，不断反思组合管理操作上的得失，做好应对方案，去芜存菁，争取为投资者创造回报。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:06.310Z","mo":"展望2024年下半年，国内经济有望逐渐修复、海外降息预期将会继续演绎。从过往的几轮周期来看，权益市场在类似的阶段表现较好的板块有互联网媒体、必选家居、医药等板块。特别是科技与医药板块经历了三年回调，估值基本回落至历史中枢以下，后续随着流动性预期好转，它们具备配置价值。同时，我们也应该看到，在资本市场风险偏好没有得到全面修复之前，A股市场和港股市场中有高分红预期的大盘蓝筹股会持续受到青睐。结构性行情仍将继续演绎。主要的风险点在于：1）地缘政治走向的不确定性；2）美联储降息时间的延后；3）国内经济复苏不及预期。","fund":{"_id":3000000018901,"__csrcFundId":13593,"stockCode":"018901","masterFundShortName":"招商回报优选混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18901,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:10:47.990Z","status":"normal","exchange":"jj","shortName":"招商回报优选混合发起式(018901)","name":"招商回报优选混合型发起式证券投资基金","fundCollectionId":4000050210000,"setUpAssetScale":17589107.53,"setUpDate":"2024-03-18T16:00:00.000Z","setUpShares":17589107.53,"inceptionDate":"2024-03-21T16:00:00.000Z","pinyin":"zshbyxhhxfqszqtzjj","followedNum":1,"managers":[{"stockCode":"db20830218","stockType":"fund_manager","exchange":"fm","tickerId":2512212660,"name":"晏磊"}]},"announcement":{"linkText":"招商回报优选混合型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1150172","linkType":"PDF","source":"csrc_pdf"}}]}