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年，不确定因素依然较多。海外来看，美联储9月降息概率增大，但力度节奏仍有分歧，且伴随而来的是对全球经济衰退的担忧，而11月美国大选结果也将对未来地缘格局与全球市场及产生重要影响。国内来看，尽管当前有效需求不足，经济运行出现分化，但7月三中全会与政治局会议召开后，下半年政策力度可能进一步加强，在市场目前普遍对政策期望不高的背景下，未来反而存在超预期可能，进而带动市场反弹。因此下半年市场可能仍会呈现反复震荡格局。　　　　市场风格方面，上半年除春节后科技成长股有过一波反弹行情外，多数时间价值股占优。除资源、公用事业、银行等防御性板块外，市场资金多聚集于外需驱动的行业及公司。进入下半年，随着海外衰退预期升温与美国大选带来的政策不确定性，外需逻辑的持续性存疑，同时考虑到美联储进入降息周期后，国内政策空间加大，如力度或效果超预期，有望引发市场风格切换，届时上半年表现较差的消费、科技等板块有望迎来修复。　　　　具体到成长板块中，AI仍是当前科技领域最重要的产业趋势，在海外算力链持续演绎后，未来更看好国产AI算力产业的快速发展，以及承载AI应用落地的如端侧设备、智能驾驶等方向；此外，受益发展新质生产力、实现科技自立自强相关政策推动的半导体国产化、低空经济、商业航天等领域也有望反复出现投资机会。","fund":{"_id":3000000018939,"__csrcFundId":12926,"stockCode":"018939","shortName":"长城景气成长混合(018939)","masterFundShortName":"长城景气成长混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18939,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:11:58.191Z","status":"normal","exchange":"jj","fundCollectionId":4000050150000,"inceptionDate":"2023-09-11T16:00:00.000Z","name":"长城景气成长混合型证券投资基金","setUpDate":"2023-09-11T16:00:00.000Z","setUpAssetScale":142974296.92,"setUpShares":142974296.92,"pinyin":"ccjqczhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"8801621638","stockType":"fund_manager","exchange":"fm","tickerId":250712196660,"name":"尤国梁"}]},"announcement":{"linkText":"长城景气成长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=1154351","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2e27fea5b3eb0534c1c","date":"2024-03-30T16:00:00.000Z","stockId":3000000018939,"sao":"2024年一季度，A股市场探底回升，振幅较大。开年来海外降息预期延后与国内对长期问题的过分担忧持续压制市场，并一度引发了中小市值个股的流动性危机。春节前管理层及时出手，在汇金大力增持、监管人事调整及多部门出台利好政策的合力下，市场止跌反弹，节后大盘迅速收复年初以来的失地，投资者信心有所恢复。受益海外产业趋势映射的人工智能与受益国内政策持续催化的低空经济成为反弹过程中表现最强的两条主线。而资源股在市场下跌中体现出红利资产的防守性，又在其后大宗商品价格上涨的带动下体现出较好进攻性，成为一季度表现最好的板块。　　　　报告期内，根据本基金产品的投资目标，采用相对灵活的操作策略，重点挖掘高景气行业与成长性个股，并结合国内经济慢复苏的宏观背景及大力发展“新质生产力”的国家战略，聚焦当前景气度高的人工智能与未来成长空间大的低空经济两条主线。本季度个股集中度有所上升，行业配置比例则较上季度有所分散，主要包括军工、电子、汽车、计算机、电力设备、机械、化工、传媒等行业。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:10.147Z","fund":{"_id":3000000018939,"__csrcFundId":12926,"stockCode":"018939","shortName":"长城景气成长混合(018939)","masterFundShortName":"长城景气成长混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18939,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:11:58.191Z","status":"normal","exchange":"jj","fundCollectionId":4000050150000,"inceptionDate":"2023-09-11T16:00:00.000Z","name":"长城景气成长混合型证券投资基金","setUpDate":"2023-09-11T16:00:00.000Z","setUpAssetScale":142974296.92,"setUpShares":142974296.92,"pinyin":"ccjqczhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"8801621638","stockType":"fund_manager","exchange":"fm","tickerId":250712196660,"name":"尤国梁"}]},"announcement":{"linkText":"长城景气成长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=1074991","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2e27fea5b3eb0534c1b","date":"2023-12-30T16:00:00.000Z","stockId":3000000018939,"sao":"2023年，A股整体冲高回落，市场呈现比较明显的结构性分化。在上半年人工智能行业爆发及下半年华为新机发售的催化下，TMT板块全年上涨，但振幅较大；石油石化、煤炭为代表的高股息板块表现更加稳定，涨幅居前；新能源、商贸零售、地产等板块受经济复苏力度不及预期、产能过剩等不同因素影响，调整幅度较大。全年看筹码结构成为2023年市场资金选股的关注重点，大市值红利股及小市值题材股表现较好，机构持仓较重的品种普遍表现不佳。　　　　本产品于9月成立，四季度基于宏观数据、政策信号、市场整体估值与位置等因素考虑，判断大盘已进入底部区间，因此提高了组合仓位。根据本基金产品的投资目标，持仓以“景气度”与“成长性”为主要关注点，重点寻找业绩增长较快、未来成长潜力与空间较大的投资品种。重点配置了2024年有望快速增长、景气度较高的板块，如受益于国产化与行业复苏的半导体、受益于AI算力需求爆发的光通信以及有望迎来困境反转、景气回升的军工行业等，此外还分散配置了电子、化工、机械、计算机、传媒等行业中具备较高成长性的个股。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:10.142Z","mo":"展望2024年，预计市场整体仍将维持震荡回升的格局。全球来看，美联储有望在2024年中开启降息周期，利好全球风险资产；国内看，一系列提振经济预期、重塑市场信心的政策持续出台，有望对市场形成支撑。回顾过去三年，以高ROE为代表的白马股、以高增长为代表的成长赛道股以及小微盘题材股都陆续经历了较大幅度的下跌出清，市场整体估值已回到历史较低水平，投资者预期也处于较低水平，未来无论经济基本面或是流动性出现边际好转，都有望提升市场风险偏好，推动市场上行。　　　　行业层面看，与经济相关度较高的行业已较为充分地反应了市场的悲观预期，未来一旦经济数据回升或相关政策出台，都有望带来反弹修复。其中半导体行业周期已确认触底，前期高库存已得到消化，将受益于整体经济与消费复苏，同时国产替代带来的成长逻辑仍在。TMT板块与人工智能产业进展关系密切，随着AI技术持续进步，该板块也有望持续出现投资机会。军工行业过去一年受人事等原因持续调整，但长期逻辑不变，特别是与新质生产力相关如卫星互联网、低空经济等方向，有望在今年迎来密集催化。整体来看，2024年美联储转向降息、人工智能技术快速进步以及国内政策力度加大都有利于成长股修复行情的出现，带来更多投资机会。","fund":{"_id":3000000018939,"__csrcFundId":12926,"stockCode":"018939","shortName":"长城景气成长混合(018939)","masterFundShortName":"长城景气成长混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18939,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:11:58.191Z","status":"normal","exchange":"jj","fundCollectionId":4000050150000,"inceptionDate":"2023-09-11T16:00:00.000Z","name":"长城景气成长混合型证券投资基金","setUpDate":"2023-09-11T16:00:00.000Z","setUpAssetScale":142974296.92,"setUpShares":142974296.92,"pinyin":"ccjqczhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"8801621638","stockType":"fund_manager","exchange":"fm","tickerId":250712196660,"name":"尤国梁"}]},"announcement":{"linkText":"长城景气成长混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1057011","linkType":"PDF","source":"csrc_pdf"}}]}