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和 M1 数据已经看到积极回暖信号。而以 DeepSeek，人形机器人为代表的技术创新，深刻改变了投资者对国产自主创新的认知，拉动国内科技股整体估值提升。中期看，提振消费、扩大内需，在中央经济工作会议确定的2025年九大重点任务中排在首位，内需板块和自主可控有望成为后续市场主线。另外，从期权市场价格隐含的投资者对未来市场波动预期来看，隐含波动率从去年三季度末市场暴涨之后开始，一路下行，目前已经回归到一个中枢水平，本基金将继续在一带一路主题内优选个股，力争战胜业绩基准，实现基金资产的保值增值。","fund":{"_id":3000000001463,"stockCode":"001463","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-07T16:00:00.000Z","setUpScale":1303750000,"market":"a","tickerId":1463,"custody":"中国建设银行股份有限公司","name":"光大保德信一带一路战略主题混合型证券投资基金","shortName":"光大保德信一带一路混合(001463)","fundSecondLevel":"hybrid","__csrcFundId":4131,"fundStatus":"normal","lastUpdated":"2026-04-30T18:01:18.166Z","masterFundFlag":1,"inceptionDate":"2015-06-25T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","masterFundShortName":"光大保德信一带一路混合","pinyin":"gdbdxydylzlzthhxzqtzjj","managers":[{"stockCode":"db20891893","stockType":"fund_manager","exchange":"fm","tickerId":2519225020,"name":"姚石"}]},"announcement":{"linkText":"光大保德信一带一路战略主题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=1254256","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5817fea5b3eb0447920","date":"2024-09-29T16:00:00.000Z","stockId":3000000001463,"sao":"2024年第三季度，宏观经济在曲折中稳步复苏，9月中下旬美联储降息落地后，国内开始密集发布政策组合拳，积极推出经济刺激政策，市场情绪持续向好，交易活跃度显著提升，在券商、TMT等行业上反弹较为迅猛。随着后续政策不断细化落地，A股整体有望持续向好，相对于前期普涨行情，后续在行业风格可能将有所分化。本基金将继续在一带一路主题内优选个股，力争战胜业绩基准，实现基金资产的保值增值。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:05.409Z","fund":{"_id":3000000001463,"stockCode":"001463","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-07T16:00:00.000Z","setUpScale":1303750000,"market":"a","tickerId":1463,"custody":"中国建设银行股份有限公司","name":"光大保德信一带一路战略主题混合型证券投资基金","shortName":"光大保德信一带一路混合(001463)","fundSecondLevel":"hybrid","__csrcFundId":4131,"fundStatus":"normal","lastUpdated":"2026-04-30T18:01:18.166Z","masterFundFlag":1,"inceptionDate":"2015-06-25T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","masterFundShortName":"光大保德信一带一路混合","pinyin":"gdbdxydylzlzthhxzqtzjj","managers":[{"stockCode":"db20891893","stockType":"fund_manager","exchange":"fm","tickerId":2519225020,"name":"姚石"}]},"announcement":{"linkText":"光大保德信一带一路战略主题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=1174769","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5817fea5b3eb044791f","date":"2024-06-29T16:00:00.000Z","stockId":3000000001463,"sao":"纵观2024年上半年，宏观经济在曲折中稳步复苏，一季度经济增长取得开门红，二季度略有放缓，其中出口的回暖较为明显。股票市场方面，A股整体行业风格分化较为显著，以银行、煤炭、公用事业为代表的红利资产和大盘价值风格持续跑赢市场整体，同时受益于出海链的家电、摩托等行业也有阶段性表现。本基金将继续在一带一路主题内优选个股，力争战胜业绩基准，实现基金资产的保值增值。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:05.406Z","mo":"我们预计2024年下半年宏观经济有望持续向上修复，经济增长动能或将持续温和改善，前期密集出台的经济政策有利于推动重要领域景气度回升。展望下半年，基本面稳定、现金流平稳的红利资产有望成持续获得市场关注，同时受益于出海链和行业预期有所改善的领域也呈现一定投资价值。当前A股市场各主要宽基指数的估值仍处于合理偏低的区间，中长期配置价值值得期待。此外，资金面预计将逐步修复，美联储进入降息周期的时点有待验证，市场风格或将呈现阶段性轮动的状态，整体相对均衡。","fund":{"_id":3000000001463,"stockCode":"001463","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-07T16:00:00.000Z","setUpScale":1303750000,"market":"a","tickerId":1463,"custody":"中国建设银行股份有限公司","name":"光大保德信一带一路战略主题混合型证券投资基金","shortName":"光大保德信一带一路混合(001463)","fundSecondLevel":"hybrid","__csrcFundId":4131,"fundStatus":"normal","lastUpdated":"2026-04-30T18:01:18.166Z","masterFundFlag":1,"inceptionDate":"2015-06-25T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","masterFundShortName":"光大保德信一带一路混合","pinyin":"gdbdxydylzlzthhxzqtzjj","managers":[{"stockCode":"db20891893","stockType":"fund_manager","exchange":"fm","tickerId":2519225020,"name":"姚石"}]},"announcement":{"linkText":"光大保德信一带一路战略主题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=1146675","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5817fea5b3eb044791e","date":"2024-03-30T16:00:00.000Z","stockId":3000000001463,"sao":"2024年一季度，国内宏观经济继续企稳复苏，A股市场整体呈现反转表现，高股息、科技、出海三个方向表现相对占优。我们预计2024年二季度宏观经济有望持续向上修复，政府稳增长政策预计将持续发力，经济内生动力或有望逐渐企稳增强。同时持续积极推进新质生产力的发展，人工智能、高端装备、生物医药等科技新领域新赛道景气度或将不断提升。当前A股市场各主要宽基指数的估值仍处于合理偏低的区间，中长期配置价值值得期待。此外，资金面预计将逐步修复，美联储进入降息周期的时点有待验证，市场风格或将呈现阶段性轮动的状态，整体相对均衡。本基金将继续在一带一路主题内优选个股，力争战胜业绩基准，实现基金资产的保值增值。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:05.403Z","fund":{"_id":3000000001463,"stockCode":"001463","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-07T16:00:00.000Z","setUpScale":1303750000,"market":"a","tickerId":1463,"custody":"中国建设银行股份有限公司","name":"光大保德信一带一路战略主题混合型证券投资基金","shortName":"光大保德信一带一路混合(001463)","fundSecondLevel":"hybrid","__csrcFundId":4131,"fundStatus":"normal","lastUpdated":"2026-04-30T18:01:18.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2)美国CPI低于预期后，海外紧缩预期缓解，进一步助推外资流入；3)房地产融资政策转向，地产三支箭有利于打消市场的担忧。第三支箭后稳定房地产融资形成了信贷、债券、股权融资的“三箭齐发”态势，后续来看进一步期待地产政策再超预期难度较大。回顾2022年，尽管中间出现扰动，但是三大中期线索推动市场整体上行，近期三大中期线索总体延续好转趋势。本基金持仓将在遵守产品风格库限制和定位的前提下，聚焦优质核心公司，力争获得持续稳定的超额回报。","fund":{"_id":3000000001463,"stockCode":"001463","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-07T16:00:00.000Z","setUpScale":1303750000,"market":"a","tickerId":1463,"custody":"中国建设银行股份有限公司","name":"光大保德信一带一路战略主题混合型证券投资基金","shortName":"光大保德信一带一路混合(001463)","fundSecondLevel":"hybrid","__csrcFundId":4131,"fundStatus":"normal","lastUpdated":"2026-04-30T18:01:18.166Z","masterFundFlag":1,"inceptionDate":"2015-06-25T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","masterFundShortName":"光大保德信一带一路混合","pinyin":"gdbdxydylzlzthhxzqtzjj","managers":[{"stockCode":"db20891893","stockType":"fund_manager","exchange":"fm","tickerId":2519225020,"name":"姚石"}]},"announcement":{"linkText":"光大保德信一带一路战略主题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=870962","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5817fea5b3eb0447918","date":"2022-09-29T16:00:00.000Z","stockId":3000000001463,"sao":"本期市场基本单边下行，旧能源重获青睐，成长杀跌，价值相对抗跌，所有行业中只有煤炭一枝独秀，涨1%，其他全部下跌，跌幅最大的建材下跌24%，电力设备-18%，电子-17.6%，电子-17.1%，医疗、半导体和生物制品等传统成长板块被重锤。大跌反映的是宏观面以及对前期部分赛道景气低于预期时过高估值的修正。宏观面上地缘局势叠加欧洲高温干旱、北溪管道关闭，引发能源危机，煤价大幅上涨，全球通胀压力较大，海外各国央行普遍进入加息周期，美储加息态度持续鹰派，美债收益率上行到近4%高位，欧洲金融市场压力较大，瑞信拟分拆，英国养老金基金遭遇危机，日元、欧元等大跌，人民币关键点位也连续受到影响。中国韧性很强的出口在8月开始增速环比下降明显，内需上中秋和国庆的消费和旅游出行都呈弱势，之前火热的新能源汽车也进入新车型扎堆内卷加剧局面，并开始降价或变相补贴。资金面上维持宽松，地产政策各地都在边际放松，央行创设的政策性金融工具陆续下发，落地投向和效果引领市场关注。本期我们的组合表现较佳，个股选择和行业配置的超额收益都较为显著，排名继续稳步提高，截至2022Q3末，所管理过的主要基金产品在短、中、长期排名都进入了同类型前列。仓位在期初有所降低，但公募基金相对排名考核的限制下，也很难大幅降低，主要配置在军工、智能驾驶和大消费，增持了偏军工、卫星方向的电子和通信，景气度继续加强的储能温控，业绩和国企改革预期较高的军工板块，在高位及时减持了竞争加剧、销量压力加大的汽车，改配智能驾驶标的，减持有政策风险的医药个股，取得了较好的超额收益。市场上涨时有多疯狂，杀跌时就会更癫狂，对于景气度进入下行周期的板块，要遭受业绩和估值的戴维斯双杀，赛道型基金在景气度不佳时赎回冲击往往更大，这也导致短期波动巨大，更多是行业属性的beta。但是，正如巴菲特所言：\"从短期看，市场是投票器；从长期看，市场是称重器。\"会进攻，更要会防守。在存量博弈和学习效应非常明显的A股市场，能够持续获得中长期的稳健收益，才是我们投资人孜孜以求的目标。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:05.387Z","fund":{"_id":3000000001463,"stockCode":"001463","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-07T16:00:00.000Z","setUpScale":1303750000,"market":"a","tickerId":1463,"custody":"中国建设银行股份有限公司","name":"光大保德信一带一路战略主题混合型证券投资基金","shortName":"光大保德信一带一路混合(001463)","fundSecondLevel":"hybrid","__csrcFundId":4131,"fundStatus":"normal","lastUpdated":"2026-04-30T18:01:18.166Z","masterFundFlag":1,"inceptionDate":"2015-06-25T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","masterFundShortName":"光大保德信一带一路混合","pinyin":"gdbdxydylzlzthhxzqtzjj","managers":[{"stockCode":"db20891893","stockType":"fund_manager","exchange":"fm","tickerId":2519225020,"name":"姚石"}]},"announcement":{"linkText":"光大保德信一带一路战略主题混合型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=806675","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5817fea5b3eb0447917","date":"2022-06-29T16:00:00.000Z","stockId":3000000001463,"sao":"上半年市场是在2021年极致赛道风格过后矫枉过正的阶段，走出一轮深V走势：2022q1美股进入加息周期，通胀压力叠加俄乌冲突等外部因素，周期价值一枝独秀，成长赛道投资砸出深坑，公募偏股类基金的跌幅甚至超过2018年；q2反转再平衡，成长暴力反弹并分化，新能源板块风光储汽，在疫后复工复产数据修复和新技术、新车型层出不求的推动下，再创新高，而传统的TMT和医药成长板块则相对低迷，军工和消费中等。风格极致转换的背后，是机构投资占比大幅提高，按行业赛道风格进行资金配置的思路加剧了短期行情的极致化，由于只需和所在类别的风格指数对比、突出锐度，加剧了资金博弈的速度和深度。本期我们的组合在均衡配置中更偏向成长，也是不断适应风格库的监管要求，更强调一带一路政策在新的国际政治经济形势下的发展和演绎。Q1有所降仓，但幅度不足，非周期各板块都被杀估值；Q2底部不恐慌，维持较高仓位并及时调仓，取得较好收益，排名快速修复。主要配置高端制造的军工、汽车和大消费，超额收益主要来自个股选择和行业配置。逢低补仓偏成长的军工、汽车表现相对较好，根据技术竞争趋势和产业链谈判力，新能源内部从电池为主转向汽车整车、汽配配置为主，效果较好；医药股在高位及时减仓，并主要配置在相对抗跌、有改革潜力的中成药上；部分创意小家电的配置也有较好表现。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:05.385Z","mo":"当前看，市场风险偏好修复后，进入平衡期，海外市场开始反映美储激进加息暂缓的预期，带动大宗商品价格回落；国内依旧维持宽松的资金面，但或更多侧重于抓政策的落地和观望政策效果。出口韧性持续超预期，但高景气赛道的持仓处于高位。鉴于成长短期反弹过猛，性价比下降，行业配置上也恢复价值-成长均衡。市场更为注重短期变量，尤其是跟随中报业绩预告和行业景气度变化出现较大波动，新能源汽车赛道景气度依旧很高，但后继内卷加剧，技术和新品的竞争加剧，跨界进入的公司增多，市场对新业务和新技术极其敏感，但忽视了相应的重资产投资和技术快速变更可能带来的折旧和减值风险，之后更多的是自下而上精选个股的机会，我们更希望把握的是中长期看依旧有明显竞争优势、在产业链技术更新中受益更多而自身无需太多重资产投入的公司，并兼顾估值合理性。同时，我们会根据产品风格库限制和定位，不断挖掘各个行业受益于一带一路战略主题的投资机会，并根据地缘政治事件的演变及影响，内循环的重要性也在提升，持续关注个股的投资机遇。","fund":{"_id":3000000001463,"stockCode":"001463","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-07T16:00:00.000Z","setUpScale":1303750000,"market":"a","tickerId":1463,"custody":"中国建设银行股份有限公司","name":"光大保德信一带一路战略主题混合型证券投资基金","shortName":"光大保德信一带一路混合(001463)","fundSecondLevel":"hybrid","__csrcFundId":4131,"fundStatus":"normal","lastUpdated":"2026-04-30T18:01:18.166Z","masterFundFlag":1,"inceptionDate":"2015-06-25T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","masterFundShortName":"光大保德信一带一路混合","pinyin":"gdbdxydylzlzthhxzqtzjj","managers"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所说的，橡皮圆盘还没到人要先到，而不是追着橡皮圆盘跑。”在风格上，还会坚持价值-成长GARP策略，根据性价比均衡配置，比较灵活，具体的行业选择只是“术”，核心的追求合理定价的投资理念不变才是长期坚持的“道”。必要时做仓位管理，结合自上而下政策导向、行业景气度+自下而上寻找有竞争优势的优秀公司，更看重新技术、新工艺带来的成本降低和效率提升，看重新需求带来的细分行业机会，此外，国企改革和股权激励相关个股或有较大机会。","fund":{"_id":3000000001463,"stockCode":"001463","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-07T16:00:00.000Z","setUpScale":1303750000,"market":"a","tickerId":1463,"custody":"中国建设银行股份有限公司","name":"光大保德信一带一路战略主题混合型证券投资基金","shortName":"光大保德信一带一路混合(001463)","fundSecondLevel":"hybrid","__csrcFundId":4131,"fundStatus":"normal","lastUpdated":"2026-04-30T18:01:18.166Z","masterFundFlag":1,"inceptionDate":"2015-06-25T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","masterFundShortName":"光大保德信一带一路混合","pinyin":"gdbdxydylzlzthhxzqtzjj","managers":[{"stockCode":"db20891893","stockType":"fund_manager","exchange":"fm","tickerId":2519225020,"name":"姚石"}]},"announcement":{"linkText":"光大保德信一带一路战略主题混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=713529","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5817fea5b3eb0447914","date":"2021-09-29T16:00:00.000Z","stockId":3000000001463,"sao":"2021Q3市场继续分化，表现最好的是国证2000，涨7.6%，沪深300则只有-6.8%，科创50 -13.8%，上证-0.6%，深成指-5.6%，创业板指-6.7%，说明主题泛化配置的二三线个股表现优秀，同时成长板块调整严重，主要是景气度有所下降或政策扰动的TMT、医药、食饮等。月度行业和风格反转剧烈，板块轮动极快，7月大消费被转向成长的基金继续甩卖，成长趋势投资愈演愈烈，到月底双双跳水；8月主板震荡反弹，大消费延续跌势，景气度出现轻微下滑的高估值医药、电子成长跳水杀跌，市场交易滞涨，周期资源股成为风口的猪；9月杀估值杀趋势，大消费反弹，周期资源股大跌，但公用事业和房地产、采掘延续上月强势。整体行业涨幅居前的是周期和新能源：采掘36.6%，公用事业25.2%，有色23.1%，钢铁19.7%，化工13.7%，电气设备13.1%；跌幅居前的是大消费：医药-13.7%，休闲-13.1%，食饮-13%，传媒-10.9%，家电-10.1%，纺服-10.1%；银行-9.6%。我们的组合本期表现好于大盘，还是坚守价值-成长平衡风格，在细分行业内做结构切换，主要底仓在TMT、新能源、机械和医药，增持电子、农业、计算机、建筑、电力设备，及时降低食品饮料、传媒、银行、建材、医药的配置。其中，新能源、军工及相关产业链的机械、材料，表现优秀，减持大消费相对成功，规避了食品饮料和家电的损失，医药做了波段，损失相对较小，农业有一定贡献。同时，坚持稳健和企业资质为底的投资底线，暴涨暴跌的周期资源股没有参与。配置风格上，更偏成长，标的有一定分散化，前期对二三线标的较深入覆盖和研究取得了一定效果，主要是新能源、军工产业链标的，赚取了部分收益，同时在市场情绪冲动、估值高位下也能够及时卖出。展望后市，关注多地限电的影响及美储货币政策边际收紧的进度。经历前三季度成长-周期-消费反弹等几大板块轮动，大小票的估值收敛变化也相对到高位，对量化交易和主题基金风格偏离的监管下，趋势操作相对和缓，q4也是更着眼明年布局的时间点，预计后继市场会进入较为正常的、平衡的投资模式。更侧重自下而上策略，结合行业、政策景气度变化趋势：三季报基数效应削弱，更能分辨出个股的业绩和资产质量，由于市场关注度高以及涨跌幅板变大，日内波动会很大，投资中注重严控交易风险，关注交易结构的安全性。坚持价值-成长均衡配置，兼顾明年布局，在景气度、估值和市场情绪中寻找合适的性价比。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:05.377Z","fund":{"_id":3000000001463,"stockCode":"001463","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-07T16:00:00.000Z","setUpScale":1303750000,"market":"a","tickerId":1463,"custody":"中国建设银行股份有限公司","name":"光大保德信一带一路战略主题混合型证券投资基金","shortName":"光大保德信一带一路混合(001463)","fundSecondLevel":"hybrid","__csrcFundId":4131,"fundStatus":"normal","lastUpdated":"2026-04-30T18:01:18.166Z","masterFundFlag":1,"inceptionDate":"2015-06-25T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","masterFundShortName":"光大保德信一带一路混合","pinyin":"gdbdxydylzlzthhxzqtzjj","managers":[{"stockCode":"db20891893","stockType":"fund_manager","exchange":"fm","tickerId":2519225020,"name":"姚石"}]},"announcement":{"linkText":"光大保德信一带一路战略主题混合型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=654102","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5817fea5b3eb0447913","date":"2021-06-29T16:00:00.000Z","stockId":3000000001463,"sao":"2021年以来市场风格迥然分化，板块季度间极端反转。一季度行情冲高后政策出手、经济复苏及大宗商品涨价超预期，叠加绝对收益产品止损，核心资产/成长跳水杀估值，周期/小票迎来复辟行情；二季度成长趋势风格走向极端，就赛道看，半导体、新能源车、医美/CXO等行业景气度暴涨，成长板块估值连创新高。经济K型复苏，出口虽然持续超预期，但在大小企业、不同产业、不同地区间结构不均衡，疫情一再出现小变数并继续延迟，这也使货币政策更偏向宽信用紧信贷，提振了风险偏好。资金表现出明显的分层效应，尤其在内资为主导的板块中尤为明显，对短期低基数下的高增长极为敏感，只看赛道景气度，不看估值、企业质地和基数效应，表现为小盘成长为王，大盘绩优最弱。很多个股被假设在竞争中完美胜出，直接按终局给估值，即使如此，某些标的也超越了理性估值上限，也忽视了还有大量从实业角度看更为优秀的科创企业正在排队上市。同时，由于是存量资金博弈，周期和价值明显被抽水回调，食品饮料、家电、轻工纺服等大消费疲弱。风格上，前期抱团股杀跌后，资金开始寻求分化，深度价值策略、成长策略和景气趋势策略三大机构主流策略中，今年景气趋势策略一枝独秀。一方面高风险偏好下资金更追求成长而非防御，会频繁做景气度比较和选择，另一方面成长价值策略也遭遇瓶颈，优秀龙头前期估值基数偏高，并且出现分化，部分企业被淘汰脱落。2020年疫情受损和行业发展相对早期带来的双重低基数，导致半导体、新能源车、医美等带来表观上惊人的增长（虽然未必可持续，但不妨碍趋势资金无限外推假定高增长），同时政策方向或行业前景上给出了很好的憧憬逻辑。同时，基金产品日益主题化、工具化，伴随理财元年冲进来、或者刚刚从股民转基民而来的新生代基金持有人，申赎频繁，倒逼投资操作都日益追求极致化，甚至在龙虎榜也频频出现。而前几年作为估值稳定器的北上资金不再是净增量，随着美联储政策动态、中美关系及汇率波动，较往年有明显的大额进出波动。从我们的操作看，行业配置进一步泛化，主要底仓在TMT、医药、食品饮料和新能源，除了食品饮料基本都在景气赛道上，前期在医药CXO、后期在新能源电池、材料和设备上获得较好斩获，但在估值偏高阶段性撤出半导体等行业后，为满足仓位要求或分散风险而布局的低估值机械、建材和化工贡献较小，拖累最大的是白酒等食品饮料配置，虽然已经较期初有较大降仓，但底仓还在拖累业绩，新冠疫情一再延迟以及消费意愿的削弱影响了行业景气度，家电所幸及时清仓，银行板块主要是为满足对标指数跟踪误差。Q1在春节前有所降仓，暂时清仓了高估值的新能源板块，判断正确，但茅含量过重，周期板块参与不足，且大跌初期的轻仓位很快被超预期的赎回推高，后期为了控回撤对某些个股也不敢全额补仓；Q2通胀预期缓解后，对市场转乐观，整体维持较高仓位，增加了二三线标的配置，医疗、新能源电池、计算机和少量芯片表现较佳，但对医药CXO、芯片等暴涨行业估值连创新高后过早降仓。虽然事后7月份CXO等医药医疗也确实暴跌杀了一把估值，但其中的时间成本也很高，而浮躁的市场和持有人也不会给予过多的时间等待。本期组合的表现差强人意，在多年投资生涯中，颇值得反思。我们在深度价值策略、成长策略和景气趋势策略三大策略中，一直相对偏好前两者，尤其是成长策略，也取得多了多年较为优秀的业绩表现，但今年最大的失误在于，过于看重微观企业的业绩增长、优秀管理、护城河和估值的安全边际，在宏观动荡和市场交易结构转型年中，低估了政策引导和交易结构对板块以及持有人情绪的影响，我们已经一再提高了所谓估值的忍耐度，但还是低估了市场情绪的狂热度。此外，操作中值得反省的也是对二三线标的投资力度，前期过于追求稳健，由于初期研究团队覆盖特别是跟踪时间不足，不敢重仓，而躁动的市场基本是买了再说；今年的氛围下，既看景气度，又想保持一定估值的合理性本就是很艰难的任务，对于相对排名的产品，坚持价值投资不是理念问题，更多是现实条件问题，需要持有人更为成熟的市场环境和更长远的评估视角。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:05.374Z","mo":"宏观上出口数据依然强劲，结构分化依旧存在，德尔塔病毒的袭击使疫情再次延后，消费继续受到抑制；缺芯状况在下半年会逐渐缓解，产销量恢复，新能源汽车行业的投资进入井喷时代，国内外龙头比赛式扩产，带来需求共振，行业渗透率可望跨过甜蜜点，快速提升。跨过特殊时点后，迎来新的时代，围绕如何全面建成小康社会预计将会有一系列政策或规范出台，带来对产业政策的影响，有时甚至成为最关键的因素。我们经历过五朵金花，到万众创新、到价值投资，到今年趋势投资的年代，每一次景气赛道会变，核心资产的标的组成会变，但无论一二级市场，核心投资理念是有相通之处的。市场博弈之风延续到何时？谁也无法预料，但一切投资的基石都是基于商业常识，投入在中长期内要对应有合理回报，要考虑时间折现，而不是某种美好想象，长期脱离估值限制的投资终有一天要尘埃落地。“当潮水退去时，才知道谁在裸泳。”当然，在过程管理中，我们会更进一步加强组合的成长特征，努力寻找和市场兼容又满足估值范畴内的标的， 同时在研究覆盖跟上后，对重点标的我们已经有信心加大配置力度。板块上，对新能源汽车为代表的高端制造业我们依然看好，景气度强劲，订单旺盛并能转化为现实利润；老龄化趋势下对医疗保持政策关注和产业景气度跟踪；对TMT行业，更需要火眼金睛，相对更看好工业软件、鸿蒙生态链等系统，同时自下而上挖掘优秀个股，并对行业景气度变化保持高频跟踪；而对估值已有吸引力的消费等行业，在等待好的时点介入。","fund":{"_id":3000000001463,"stockCode":"001463","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-07T16:00:00.000Z","setUpScale":1303750000,"market":"a","tickerId":1463,"custody":"中国建设银行股份有限公司","name":"光大保德信一带一路战略主题混合型证券投资基金","shortName":"光大保德信一带一路混合(001463)","fundSecondLevel":"hybrid","__csrcFundId":4131,"fundStatus":"normal","lastUpdated":"2026-04-30T18:01:18.166Z","masterFundFlag":1,"inceptionDate":"2015-06-25T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","masterFundShortName":"光大保德信一带一路混合","pinyin":"gdbdxydylzlzthhxzqtzjj","managers":[{"stockCode":"db20891893","stockType":"fund_manager","exchange":"fm","tickerId":2519225020,"name":"姚石"}]},"announcement":{"linkText":"光大保德信一带一路战略主题混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=635458","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5817fea5b3eb0447912","stockId":3000000001463,"sao":"本期市场出现较大震荡，年初冲高后暴跌，风格在春节前后出现迥然分化，分化巨大，抱团的核心资产受到重锤，连续几轮暴跌杀估值，以价值股回归、国证2000为代表的小市值股反弹迅猛，随着海外疫苗注射进度超预期，美国经济出现边际修复迹象，大宗商品暴涨，铜价创2011年以来新高，美国10年期国债收益率突破1.5%关口，普遍杀跌高估值的科技、新能源板块，而A股由于货币政策表态趋紧、机构交易策略的相似性和微观交易结构的踩踏，跌幅远高于海外，甚至一度出现见机构就跑的交易心态，新基金发行也迅速从爆款走向爆冷。宏观面上，国内经济由于出口持续好于预期，地产调控继续收紧，严查经营贷、消费贷及违规流入股市，对2021年GDP目标调低到6%，市场过于担心海外通胀的输入，其实大宗商品如LME铜早在2月下旬见高点后开始盘整，但市场直至美国10年期国债收益率在3月底冲高后阶段性稳定在1.7%左右，绝对收益止损盘和趋势盘杀跌告一段落后，抱团股情绪才趋于稳定，出现超跌反弹行情。拜登上任后通过1.9万亿美元援助法案，又提出2万亿美元基建议案，中美首轮会晤后市场一度急跌，美日欧重新联盟，中欧贸易协定出现变数，碳中和概念也历经一番轮回。我们在年报前瞻中虽然也看到了市场阶段性出现泡沫，在春节前有所降仓，暂时清仓了高估值的新能源板块，但整体仓位也依然较高，尤其是在暴跌初期时赎回推高了仓位，出于对中国经济和资本市场的长期看好、以及对持有底仓长期基本面的信心，认为此轮只是中期调整，而且杠杆率不高。美债收益率上升70bp对A股无风险利率的理论影响相对要小，市场反应过激更多源于交易结构恶化，此轮杀跌过快过猛，因此，交易上等待防守反击的机会，对于快速暴跌的个股也不再做大幅减持，更多是基于性价比和即将到来的业绩行情做些调仓，对交易踩踏程度预期不足，导致净值出现一定回撤，事实上就地过年的2021年春节期间，某些行业和重点个股的基本面是超预期的，企业对市场和价格的控制力也得到了提升，深跌后估值相对合理，如再斩仓随时有反弹风险。我们还是偏好有较强竞争力的优秀企业，但持仓会适当泛化到某些二线的潜力标的。到月底随着超跌反弹，趁势将仓位调整到中等灵活的位置。从季度整体看，主要持仓在医药、食品饮料、TMT、机械和新能源汽车，其他行业较均衡，少量参与低估值的建筑和碳中和板块，增持调整较多的新能源、医药、化工、机械，减持前期持仓较重或者相对抗跌的食品饮料、家电、银行、非银。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:05.371Z","fund":{"_id":3000000001463,"stockCode":"001463","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-07T16:00:00.000Z","setUpScale":1303750000,"market":"a","tickerId":1463,"custody":"中国建设银行股份有限公司","name":"光大保德信一带一路战略主题混合型证券投资基金","shortName":"光大保德信一带一路混合(001463)","fundSecondLevel":"hybrid","__csrcFundId":4131,"fundStatus":"normal","lastUpdated":"2026-04-30T18:01:18.166Z","masterFundFlag":1,"inceptionDate":"2015-06-25T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","masterFundShortName":"光大保德信一带一路混合","pinyin":"gdbdxydylzlzthhxzqtzjj","managers":[{"stockCode":"db20891893","stockType":"fund_manager","exchange":"fm","tickerId":2519225020,"name":"姚石"}]},"announcement":{"linkText":"光大保德信一带一路战略主题混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=573125","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5817fea5b3eb0447911","stockId":3000000001463,"sao":"2020年市场走势特点是新冠疫情带来年初市场急剧波动，全球货币政策大宽松，估值整体提高。风格上科技成长和大消费齐飞，大多数行业都有轮动表现，尤以光伏、新能源、军工等最为孟浪，但内部个股分化，优势景气行业和和核心资产都受到机构追捧。从大类资产配置看，银行理财产品开始向净值化转型，高收益的P2P、信用债等先后出现违约潮，房地产市场严控，权益产品在理财配置中的相对优势显现，机构投资者的话语权空前提高，全年新发公募基金2万亿，并在2021年初新发继续保持高歌猛进。经过此轮疫情一战，中国经济率先修复，一枝独秀，出口数据持续超预期，尤其制造业供应链显示出强大的危机应对能力、管控能力，也显示了强大的制度优势，很多优秀的细分市场龙头成功在全球供应链体系中地位提高一线，进入全球大客户并提高供货份额，并将明显受益于未来全球经济的复苏需求。具体看：2020Q1市场突发新冠疫情，市场暴跌，A股在全球资本市场中相对较强，走势最强的行业是农业、医药、食品饮料，最差的是银行、采掘、交运。我们在原有TMT为主的基础上，增加了医药医疗、传媒、化工和食品饮料行业的配置，减持计算机、金融等，对电子、通信、传媒板块做了波段操作。2020Q2市场N型震荡，到3月下旬创出年内新低后开始稳步向上，我国两会成功召开，海内外维持宽松的货币政策环境，海外疫情稳定后也开始一系列国际政治摩擦，但二季度经济数据好于预期，市场估值水平在对新一轮政策和经济周期的憧憬中不断提高，优势龙头受到一致追捧。我们以大消费和科技为底仓，坚持对优质核心企业的关注和持有，根据性价比调仓，成功地从原本偏科技成长适当增加了大消费的配置，在医药医疗、电子、食品饮料、化妆品等板块的配置获得较好回报。2020Q3市场先是经历大金融和低估值周期板块的快速修复拉升行情，随后进入风格再平衡期，宏观出口持续好于预期，社融7月边际收紧后恢复稳定，欧洲二次疫情复发，十四五规划将加大光伏、新能源发展力度，金融板块报复性反弹后盘整，耗材医保招标大降价，科技和医药成长调整较明显。我们相应增加了行业配置广度，增加制造业配置，对食品饮料和医药板块做了一轮波段操作，重点增持新能源汽车和家电，减持过高估值的疫苗、小食品和化妆品及计算机。2020Q4政治局会议定调需求侧改革，进一步明确政策不急拐弯，市场情绪恢复，国内经济持续超预期，美国大选落地，年末中欧投资协定签订，Tesla以价换量受追捧，中概股造车新势力暴涨，新能源、光伏、军工及汽车行情持续预期，组合整体表现较为平稳，增配的白酒、调味品、家电、机械板块表现优异，大金融先涨后跌，成长板块内部结构更偏向消费电子、传媒等数字一带一路概念，减持医药医疗板块，逐渐减持短期初显泡沫的新能源板块。本年业绩整体表现较好，核心风格库限制了风格相对更偏科技和医药成长。本年业绩整体表现较好，坚持各季度持续保持稳定的、较优秀的业绩输出，从全年收益来源看，行业配置、个股贡献为主，择时和IPO亦有所贡献，食品饮料、医疗、TMT三轮驱动，追求风险调整后的高收益，而不是趋势投资，夏普比率维持较高。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:05.369Z","mo":"展望2021年，将是中国有特殊意义的历史年份，我们依旧看好中国资本市场在全球资产配置中日益提高的吸引力，看好新一代基民在财富效应示范下的热情和信任，也相信中国经济能够跨过中等收入国家陷阱，拥有高远的未来，但是操作中也不得不面临短期高估值的尴尬、市场交易者策略过于雷同的抱团风险，可以预期随之伴生的也必然是市场情绪容易波动的一年。我们将在投资策略上继续坚持成长为主，兼顾价值的风格，争取较为优秀稳定的持续业绩输出，相对去年而言行业和主题分布会更趋均衡。市场总是在相似中又有所不同，也提醒我们在市场出现初步泡沫时保持三分清醒，保持且行且珍惜的心态，类似前两年简单的买入持有并躺赢的策略不太适用，更应看重在大浪淘沙中坚持对优秀资产的性价比配置，控制投资的安全边际，对宏观政策的趋势判断和个股研究中去伪存真的能力差异可能是今年行情的胜负手。心态上保持开放，继续看好大医疗、大科技、大消费的赛道，特别是数字一带一路等标的，关注具备全球竞争力的优质机械和制造业龙头，把握智能汽车、新能源汽车等板块的投资机会，适时关注军工的投资时机。","fund":{"_id":3000000001463,"stockCode":"001463","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-07T16:00:00.000Z","setUpScale":1303750000,"market":"a","tickerId":1463,"custody":"中国建设银行股份有限公司","name":"光大保德信一带一路战略主题混合型证券投资基金","shortName":"光大保德信一带一路混合(001463)","fundSecondLevel":"hybrid","__csrcFundId":4131,"fundStatus":"normal","lastUpdated":"2026-04-30T18:01:18.166Z","masterFundFlag":1,"inceptionDate":"2015-06-25T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","masterFundShortName":"光大保德信一带一路混合","pinyin":"gdbdxydylzlzthhxzqtzjj","managers":[{"stockCode":"db20891893","stockType":"fund_manager","exchange":"fm","tickerId":2519225020,"name":"姚石"}]},"announcement":{"linkText":"光大保德信一带一路战略主题混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=557552","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5817fea5b3eb0447910","stockId":3000000001463,"sao":"3季度市场先是经历大金融和低估值周期板块的快速修复拉升行情，随后进入盘整期，风格进入再平衡期，上半年强势的成长风格出现调整。经济呈现K型走势，大小企业分化较严重，宏观出口持续好于预期，社融有阶段性波动，7月边际收紧后恢复稳定，整体资金面维持相对宽松，内部结构向好。进入秋季后，欧洲二次疫情复发，加之美大选进入关键的选举辩论期，新一轮援助法案延迟，局部地区军事紧张。总体看无论何方当选，对两国关系的基调不会有太大改变，但是施政纲领和重点不同会影响具体行业和板块行情。行业看，市场风格短期切换。8、9月地方专项债发行大增，允许专项债补充中小银行资本金，在可能实施金融混业经营等政策利好预期下，金融板块前期出现报复性反弹，随后盘整。中芯国际上市，创业板注册制启动，蚂蚁金服快速过会，耗材医保招标大降价，前期高估值的科技和医药成长调整较明显。监管要求大型银行控制房贷规模，十四五规划将加大光伏、新能源发展力度。在结构性分化行情下，我们的仓位调整相对灵活，整体维持在中高仓位，9月高位做了先是降仓，之后逢低补仓的波段操作。行业和风格配置更为均衡，着眼双循环格局和龙头企业的竞争优势，操作上强调估值的合理性。增加部分低估值、前期滞涨板块的配置，增持新能源汽车、家电和部分金融，对前期强势的成长龙头做了适当的波段操作。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:05.366Z","fund":{"_id":3000000001463,"stockCode":"001463","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-07T16:00:00.000Z","setUpScale":1303750000,"market":"a","tickerId":1463,"custody":"中国建设银行股份有限公司","name":"光大保德信一带一路战略主题混合型证券投资基金","shortName":"光大保德信一带一路混合(001463)","fundSecondLevel":"hybrid","__csrcFundId":4131,"fundStatus":"normal","lastUpdated":"2026-04-30T18:01:18.166Z","masterFundFlag":1,"inceptionDate":"2015-06-25T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","masterFundShortName":"光大保德信一带一路混合","pinyin":"gdbdxydylzlzthhxzqtzjj","managers":[{"stockCode":"db20891893","stockType":"fund_manager","exchange":"fm","tickerId":2519225020,"name":"姚石"}]},"announcement":{"linkText":"光大保德信一带一路战略主题混合型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=489410","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5817fea5b3eb044790f","stockId":3000000001463,"sao":"本期市场先是N型震荡，到3月下旬创出年内新低后开始稳步向上，市场分化严重，沪深300涨幅1.6%，万得全A 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