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大背景下，整个市场的投资机会相对稀少，上半年科技成长受到市场风格影响，三季度末开始的反弹又特别剧烈。客观来说，2024年投资框架表现好的地方主要是两点：1、在行业配置上，均衡配置避免了在市场大幅下跌时的过大回撤，保持了较好的心态，同时，在AI海外算力、AI终端和创新药上也取得了不错的收益；2、个股定价上，对于跟踪时间较长的重仓个股保持了较高的胜率。同时，2024年投资框架中还需改善的问题也很多：1、均衡的行业配置在弱市中，虽然一定程度控制了回撤，但对于收益的获取也带来了影响；2、去年反思了组合如何防御市场下跌，今年就要反思组合如何提高进攻性，过去在选股框架上对业绩权重很高，2024年看下来并未取得好的效果，未来希望能在产业趋势好的方向上降低业绩权重，力争获得更多的收益。　　最后，我认为2024年的市场真正迎来了拐点，一方面是经济上的压力得到了充分暴露和释放，另一方面是国内科技的潜力也得到了新的认同。随着2025年初Deepseek的全球走红，去年提到的中国的人才红利和技术趋势的结合获得了市场的认同，相信2025年的市场会在科技成长领域持续给我们带来积极变化。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:22.406Z","mo":"2025年，我认为市场已经站在一个新的起点，尤其是对于科技成长行业，新的积极变化预计会层出不穷。从组合配置上，聚焦在AI、半导体国产替代、创新药、新能源等科技成长板块的龙头公司，同时，新的一年，我会对全球科技产业的变化更加关注和敏感，整体组合将继续动态调整，聚焦产业逻辑好的赛道和龙头公司，持续在科技类资产中寻找中长期投资回报。","fund":{"_id":3000000169105,"stockCode":"169105","stockType":"fund","areaCode":"cn","followedNum":45,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2016-07-27T16:00:00.000Z","setUpScale":6365620000,"market":"a","tickerId":169105,"custody":"中国银行股份有限公司","name":"东方红睿华沪港深灵活配置混合型证券投资基金（LOF）","shortName":"东方红睿华沪港深混合(169105)","fundSecondLevel":"hybrid","__csrcFundId":611,"fundStatus":"normal","lastUpdated":"2026-05-01T06:56:51.466Z","masterFundFlag":1,"inceptionDate":"2016-08-03T16:00:00.000Z","fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红睿华沪港深混合","pinyin":"dfhrhhgslhpzhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801623864","stockType":"fund_manager","exchange":"fm","tickerId":1218190150,"name":"刘锐"}]},"announcement":{"linkText":"东方红睿华沪港深灵活配置混合型证券投资基金（LOF）2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1254882","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed9067fea5b3eb059b1df","date":"2024-09-29T16:00:00.000Z","stockId":3000000169105,"sao":"国内来看，三季度经济继续修复仍然偏弱，但随着中央政治局会议召开后，一系列经济支持政策出台，市场的预期已经有所扭转，有望在四季度看到更积极明确的信号。国外来看，美联储进入降息通道，首次超预期降息50bp，未来是否进入衰退还需要进一步跟踪美国的就业和消费数据。　　报告期内，整体组合股票仓位保持在较高水位。相较二季度，我对成长股行情更加乐观，一方面增加了成长股的持仓权重，另一方面会更积极选股，随着9月底普涨过后，我认为个股分化会逐步显现，成长股的机会更大。组合结构上，增加了创新药、半导体设备、风电新能源等行业配置，减持了大部分消费电子，重点配置方向聚焦在创新药、AI、新能源、半导体国产替代等科技成长板块。　　展望未来，我认为科技成长的拐点已经到来，本基金将继续聚焦中长期逻辑好的赛道和龙头公司，争取在相应资产中寻找中长期投资回报。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:22.403Z","fund":{"_id":3000000169105,"stockCode":"169105","stockType":"fund","areaCode":"cn","followedNum":45,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2016-07-27T16:00:00.000Z","setUpScale":6365620000,"market":"a","tickerId":169105,"custody":"中国银行股份有限公司","name":"东方红睿华沪港深灵活配置混合型证券投资基金（LOF）","shortName":"东方红睿华沪港深混合(169105)","fundSecondLevel":"hybrid","__csrcFundId":611,"fundStatus":"normal","lastUpdated":"2026-05-01T06:56:51.466Z","masterFundFlag":1,"inceptionDate":"2016-08-03T16:00:00.000Z","fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红睿华沪港深混合","pinyin":"dfhrhhgslhpzhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801623864","stockType":"fund_manager","exchange":"fm","tickerId":1218190150,"name":"刘锐"}]},"announcement":{"linkText":"东方红睿华沪港深灵活配置混合型证券投资基金（LOF）2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1174840","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed9067fea5b3eb059b1de","date":"2024-06-29T16:00:00.000Z","stockId":3000000169105,"sao":"回顾2024年上半年，沪深300指数基本持平，上涨0.89%，而成长类指数普遍下跌，其中，科技50指数下跌13.09%。接下来，我从科技产业变化和市场变化两方面进行回顾和总结。　　首先总结下科技产业，AI是最大的亮点，核心的积极变化有两点：1、海外资本开支持续高增长，尤其是微软、Google、Meta为代表的科技龙头企业，从财报来看，AI投入为他们的云业务、广告业务都带来了增量；2、苹果为代表的终端厂商推出AI产品，虽然还没有正式发售，但是从目前公布的软件功能来看，还是非常值得期待的。这些积极变化都在美股和a股相应公司股价中得到了体现，但同时，我也看到了一些风险点，比如：1、除了广告业务外，似乎并没有产生真正的AI杀手级应用；2、早期发布的三星AI手机和高通AI笔记本体验并不好，未能得到消费者认可。因此，接下来仍然需要带着疑问去对AI产业进行紧密跟踪。除了AI以外，我持续关注创新药，在创新药领域，今年看到的新创新并不多，但国内公司的进步还是能从各项实验数据中看到，虽然股价表现不尽人意，但我对这个产业发展仍然充满信心。最后是出海，过去几十年发展下，国内很多领域诞生了一批产品性价比高同时技术接近甚至超越全球先进水平的公司，随着国内市场份额的饱和，未来机会一定是在海外，在今年上半年，我们在电力设备、汽车等领域看到很多公司依托海外取得了很好的增长，尤其是东南亚、非洲、中东这些增速快的区域。　　最后，来看下市场的变化，去年整体市场的估值压缩，背后的原因是市场对未来增长的中枢进行了向下修正，今年上半年来看，估值压缩还在继续，但似乎对未来的预期已经很低，更多是对短期业绩预期的向下修正。因此，我观察到，整体市场其实在逐步变得“可为”，对于中长期成长逻辑没有明显瑕疵的公司，只要中短期业绩趋势边际向上，市场会给予很正面的反馈，只是类似的资产确实相对比较稀缺。结合上半年市场表现来看，最亮眼的红利类资产更多体现防御属性，而进攻性强的AI、风电等也有公司走出来，展望下半年，我对成长板块会更乐观一些，期待市场能够更加可为。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:22.400Z","mo":"对于宏观经济，我认为国内下半年仍然是弱复苏趋势，但全球来看，美国9月降息概率日益增高，会打开国内货币政策空间，对内需修复带来更好支撑。展望下半年市场，对科技成长行情会更乐观一些，围绕着AI、创新药、出海这三个方向，同时也会积极在内需修复领域寻找变化，聚焦中长期逻辑好的赛道和龙头公司，持续在科技类资产中寻找中长期投资回报。","fund":{"_id":3000000169105,"stockCode":"169105","stockType":"fund","areaCode":"cn","followedNum":45,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2016-07-27T16:00:00.000Z","setUpScale":6365620000,"market":"a","tickerId":169105,"custody":"中国银行股份有限公司","name":"东方红睿华沪港深灵活配置混合型证券投资基金（LOF）","shortName":"东方红睿华沪港深混合(169105)","fundSecondLevel":"hybrid","__csrcFundId":611,"fundStatus":"normal","lastUpdated":"2026-05-01T06:56:51.466Z","masterFundFlag":1,"inceptionDate":"2016-08-03T16:00: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　　报告期内，整体组合股票仓位保持在较高水位，继续保持了均衡成长的组合结构，在人工智能相关算力和应用、半导体、创新药、新能源车、国产替代等方向进行了积极的布局，在科技成长的其他方向也进行了积极的配置，中长期力争会给组合带来更好的回报。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:22.389Z","mo":"展望2023年下半年，我们对宏观经济的复苏保持乐观。市场对经济预期偏悲观，而我们认为不必过于担忧，今年整体是有底的弱复苏。同时，基于悲观预期的整体A股和港股市场，估值处于历史底部，中长期空间巨大。但我们也要看到，过去基于地产的经济增长模式正在逐步退出，而未来的中国核心看点在于产业政策，我们将更加关注产业的发展和相关投资机会。 　　组合思路上，我们将基于科技产业周期投资策略，保持均衡的配置思路，围绕未来的重点产业方向展开。重点配置方向包括：1、人工智能相关算力和应用，以ChatGPT为代表的新一代人工智能正在引领新一轮技术革命，我们认为一方面，算力的建设和升级是全球确定的大方向，另一方面，我们看好2B的行业应用，短期在2C领域可能难以看到爆款应用，而结合AI后的2B行业应用将在交互和效率两个维度提高用户的使用体验；2、半导体，经过2021、2022年两年的周期下行，我们认为全球半导体行业的周期向上拐点即将到来，而过去几年国内在半导体领域的积累也将能够开花结果；3、创新药，随着药品集采的深化，主流品种集采基本告一段落，而创新药在ADC、GLP1、自免等新品种的推动下，将迎来业绩的新一轮成长。除此以外，我们还看好新能源、国产替代等科技成长板块。 　　展望未来，我们对科技成长行情保持乐观，很多优质龙头公司已经具备非常好的上涨空间，未来中长期回报可能将更加可观。","fund":{"_id":3000000169105,"stockCode":"169105","stockType":"fund","areaCode":"cn","followedNum":45,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2016-07-27T16:00:00.000Z","setUpScale":6365620000,"market":"a","tickerId":169105,"custody":"中国银行股份有限公司","name":"东方红睿华沪港深灵活配置混合型证券投资基金（LOF）","shortName":"东方红睿华沪港深混合(169105)","fundSecondLevel":"hybrid","__csrcFundId":611,"fundStatus":"normal","lastUpdated":"2026-05-01T06:56:51.466Z","masterFundFlag":1,"inceptionDate":"2016-08-03T16:00:00.000Z","fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红睿华沪港深混合","pinyin":"dfhrhhgslhpzhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801623864","stockType":"fund_manager","exchange":"fm","tickerId":1218190150,"name":"刘锐"}]},"announcement":{"linkText":"东方红睿华沪港深灵活配置混合型证券投资基金（LOF）2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=964022","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed9067fea5b3eb059b1d9","date":"2023-03-30T16:00:00.000Z","stockId":3000000169105,"sao":"2023年一季度国内经济活动逐渐修复，整体需求改善但结构上有所分化，一方面出行相关的消费需求持续改善，另一方面耐用消费品受消费信心及经济复苏节奏影响需求相对疲软，基建和制造业延续增长趋势。同时海外能源价格回落及全球供应链恢复以及在银行业风险事件影响下，美联储加息预期可能放缓。整体一季度权益市场表现在经济预期改善和宽松流动性下呈现结构性分化。操作层面，延续经济相关性较高的中游制造行业及下游消费行业的投资持仓结构。预计下半年经济复苏将持续。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:22.384Z","fund":{"_id":3000000169105,"stockCode":"169105","stockType":"fund","areaCode":"cn","followedNum":45,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2016-07-27T16:00:00.000Z","setUpScale":6365620000,"market":"a","tickerId":169105,"custody":"中国银行股份有限公司","name":"东方红睿华沪港深灵活配置混合型证券投资基金（LOF）","shortName":"东方红睿华沪港深混合(169105)","fundSecondLevel":"hybrid","__csrcFundId":611,"fundStatus":"normal","lastUpdated":"2026-05-01T06:56:51.466Z","masterFundFlag":1,"inceptionDate":"2016-08-03T16:00:00.000Z","fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红睿华沪港深混合","pinyin":"dfhrhhgslhpzhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801623864","stockType":"fund_manager","exchange":"fm","tickerId":1218190150,"name":"刘锐"}]},"announcement":{"linkText":"东方红睿华沪港深灵活配置混合型证券投资基金（LOF）2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=884093","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed9067fea5b3eb059b1d8","date":"2022-12-30T16:00:00.000Z","stockId":3000000169105,"sao":"2022年全年市场和宏观经济经历了困难且复杂的一年，国际格局和国内经济都经历了很大的挑战，全球资本市场遭遇股债双杀。国际环境方面，年初俄乌冲突带来全球能源价格暴涨，发达国家整体通胀攀升，美联储加快加息缩表，导致全球经济陷入滞涨。同时，中概审计稿之争带来中概退市风险。国内方面，经济活动受限，延长了经济转型调整的节奏。A股和香港市场均表现出W型走势，市场经历了两次探底并在优化调整防疫政策后实现修复。整体市场表现，上证指数和深成指全年分别-15.12%和-25.85%，创业板指数-29.37%，香港市场表现更为惨烈，恒生科技指数年内一度跌到1997年的水平，全年-27.19%。行业方面仅煤炭行业和综合板块获得正收益。　　在国内外复杂环境下，香港市场受到国内外冲击和国际资金信心缺失的影响更为明显，整体波动大于国内市场。一方面消费整体受到出行和人流的影响最为直接，整体消费市场表现出断崖式下跌。另一方面，在中国经济结构转型背景下，大宗商品价格上涨带来中游行业成本攀升，叠加一些情况对生产经营和运营的影响使得中游行业除新能源相关产业链外，其他传统行业受到极大挑战，加深了自身经济周期波动的影响和幅度。虽然全年流动性宽松，但难以扭转需求下降带来的影响。　　过去的一年相较之前，整体是一个阿尔法难敌贝塔波动的市场环境。投资思路方面内外部复杂的环境中，经济活动恢复节奏是最大扰动变量。特别是稳定的消费行业在需求和消费信心的缺失下，国内整体消费意愿大幅下滑，储蓄率攀升。消费信心和人流的恢复相比经济结构转型和国际格局的复杂程度带来的影响，是较为确定会回归的变量。因此我们在投资思路上选择较大仓位在消费领域。在行业压力下，很多行业集中度进一步提升，优秀企业市场份额也进一步扩大，经历这轮压力测试后，在未来的一年经济恢复的过程中有望更多的分享到需求修复的收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:22.382Z","mo":"展望新的一年，大部分影响经济的短期因素都在发生转向。首先中共二十大的召开，对未来中国经济社会发展建设，做出具体的前瞻性的指示，在内外部复杂的环境下，内部的发展方向明确后我们将恢复对中国中长期发展的信心。其次，海外加息接近尾声，大宗商品价格的影响因素也将告一段落。这些方面总体将在经济新一轮周期的展开中体现。对2023年的市场表现，我们持乐观态度，持仓上将继续延续消费为主的结构，同时加强对经济相关性更强的行业和公司的挖掘和投资。","fund":{"_id":3000000169105,"stockCode":"169105","stockType":"fund","areaCode":"cn","followedNum":45,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2016-07-27T16:00:00.000Z","setUpScale":6365620000,"market":"a","tickerId":169105,"custody":"中国银行股份有限公司","name":"东方红睿华沪港深灵活配置混合型证券投资基金（LOF）","shortName":"东方红睿华沪港深混合(169105)","fundSecondLevel":"hybrid","__csrcFundId":611,"fundStatus":"normal","lastUpdated":"2026-05-01T06:56:51.466Z","masterFundFlag":1,"inceptionDate":"2016-08-03T16:00:00.000Z","fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红睿华沪港深混合","pinyin":"dfhrhhgslhpzhhxzqtzjj(lof)",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步拉大和竞争对手的差距，企业的经营管理半径得到了大幅提升。消费方面，互联网时代信息化社会背景下，消费者对品牌力和产品力的关注得到迅速放大，渠道变革时代加速了消费升级及消费差异化的需求，诞生了很多现象级的企业，也孕育了很多投资机会。操作思路上仍然优选竞争优势巩固并加强的优秀企业，聚焦消费、制造、互联网等领域精选优秀企业长期持有。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:22.356Z","fund":{"_id":3000000169105,"stockCode":"169105","stockType":"fund","areaCode":"cn","followedNum":45,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2016-07-27T16:00:00.000Z","setUpScale":6365620000,"market":"a","tickerId":169105,"custody":"中国银行股份有限公司","name":"东方红睿华沪港深灵活配置混合型证券投资基金（LOF）","shortName":"东方红睿华沪港深混合(169105)","fundSecondLevel":"hybrid","__csrcFundId":611,"fundStatus":"normal","lastUpdated":"2026-05-01T06:56:51.466Z","masterFundFlag":1,"inceptionDate":"2016-08-03T16:00:00.000Z","fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红睿华沪港深混合","pinyin":"dfhrhhgslhpzhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801623864","stockType":"fund_manager","exchange":"fm","tickerId":1218190150,"name":"刘锐"}]},"announcement":{"linkText":"东方红睿华沪港深灵活配置混合型证券投资基金（LOF）2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=491538","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed9067fea5b3eb059b1ce","stockId":3000000169105,"sao":"2020年上半年的新冠疫情是资本市场重要扰动因素。疫情的蔓延对全球经济二季度造成了重大的影响。疫情的影响及对疫情的应对措施及疫情发展的节奏是上半年资本市场的主要影响因素。一方面采取的宽财政稳货币政策使得市场流动性相对去年底更为宽裕，使得全球资本市场经历了疫情的恐慌性下挫后迅速拉升，纳斯达克指数甚至创了新高。A股也经历了一个类似的过山车走势，各类指数均上涨，其中沪深300指数上涨1.64%，中小板指上涨15.14%，创业板指上涨35.60%。另一方面，不同板块和风格的差异化也达到了历史的极值水平，成长风格及医药板块整体估值水平不断攀升。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:22.353Z","mo":"展望下半年，虽然流动性宽松的环境边际逐渐收紧，但我们看到宏观经济在上半年疫情的影响下仍然显现了很强的韧性，下半年随着疫情的复苏相信会有更为积极的表现。一方面疫情后带来的消费习惯变化以及健康意识的提高使得消费品的高端化趋势进一步加强，另一方面疫情下更凸显了中国制造的优势，同时龙头企业的竞争优势更为明显。外部环境来看，中美关系在下半年将会持续不断地对资本市场形成扰动。投资策略方面，下半年仍会继续在消费、制造等领域聚焦竞争优势加强的企业，同时寻找贸易战情绪下受损的科技龙头企业的投资机会。","fund":{"_id":3000000169105,"stockCode":"169105","stockType":"fund","areaCode":"cn","followedNum":45,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2016-07-27T16:00:00.000Z","setUpScale":6365620000,"market":"a","tickerId":169105,"custody":"中国银行股份有限公司","name":"东方红睿华沪港深灵活配置混合型证券投资基金（LOF）","shortName":"东方红睿华沪港深混合(169105)","fundSecondLevel":"hybrid","__csrcFundId":611,"fundStatus":"normal","lastUpdated":"2026-05-01T06:56:51.466Z","masterFundFlag":1,"inceptionDate":"2016-08-03T16:00:00.000Z","fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红睿华沪港深混合","pinyin":"dfhrhhgslhpzhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801623864","stockType":"fund_manager","exchange":"fm","tickerId":1218190150,"name":"刘锐"}]},"announcement":{"linkText":"东方红睿华沪港深灵活配置混合型证券投资基金（LOF）2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=461787","linkType":"PDF","source":"csrc_pdf"}}]}