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呈现出的新状态：部分行业特别是地产链迎来了充分的供给出清，龙头份额提升带动议价权的提升，协同挺价从点到面铺开，若需求复苏则将迎来更大的利润弹性；部分行业则持续创造优质供给，不管是地产业的第四代住宅、潮玩的新IP还是更多更丰富的文旅内容，随着消费人群年轻化，消费习惯也随着供给增多而年轻化；部分装备制造行业则在内需的低迷中磨练内功，依托整车建立的产业优势，积极实现装备锂电化、智能化，并在出海市场中展露头脚。  我们的组合思路也将围绕“AI的下半场，内需的上半场”的自上而下思路去展开。而在自下而上选股时，我们会特别侧重一类机会，即产业地位突出但资本市场认知不足、capex可控而自由现金流能力极强、而公司在多年的经营中开拓了TAM更大的第二/三经营曲线，这类机会往往在反转时能够迎来较大的估值业绩双击机会。我们将以此为准绳，以更为严格的角度去衡量和调整我们的长期持仓。","fund":{"_id":3000000009234,"__csrcFundId":7580,"stockCode":"009234","name":"鹏华优质企业混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9234,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:42:01.900Z","status":"normal","exchange":"jj","shortName":"鹏华优质企业混合(009234)","inceptionDate":"2020-06-10T16:00:00.000Z","followedNum":14,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华优质企业混合","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":1760003108.04,"setUpShares":1760003108.04,"pinyin":"phyzqyhhxzqtzjj","managers":[{"stockCode":"db20766317","stockType":"fund_manager","exchange":"fm","tickerId":1212208110,"name":"柳黎"}]},"announcement":{"linkText":"鹏华优质企业混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1453151","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc7a7fea5b3eb04c88a1","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000009234,"sao":"三季度A股市场特别是科技成长板块表现亮眼，创新药、AI算力和机器人、新能源等接替表现，而与之对应的则是其他板块的持续低关注度，冰火两重天的结构性行情几乎演绎到极致。  我们的选股始终聚焦于自上而下的宏观判断和自下而上的个股选择相结合，我们特别关注那一类基本面扎实、业绩出现拐点而新成长曲线未被定价的个股，这类公司往往在业绩验证和逻辑发掘阶段迎来修复。  组合投资一定比例的军工仓位，回顾今年以来，虽然板块经历了元器件数据阶段性高景气、军贸新变化和9.3阅兵现今装备批量亮相的不同催化，但我们此前对行业的判断依然成立——一方面“如期完成既定目标任务”的底部已经夯实，而另一方面在反腐常态化和审价合规的背景下，行业机会注定是结构性而非普惠的。三季度以来军贸方向变化频出，沙巴共同战略防御协议、印尼军贸意向等信息也证明，在日渐混沌的国际局势中，中国的先进装备注定将面向的是全球市场，这也是当前军工板块的重要议题，也将孕育更多隐藏水下的投资机会。  回顾组合操作，我们重点持仓个股变化不大。在个别卫星互联网个股遇到黑天鹅冲击的背景下，我们有所加仓，组合集中度进一步提升。尽管在高风偏的贝塔行情中我们往往阶段性落后，但我们坚信价值回归的力量，我们将在这一方法论上持续迭代、不断审视并优化我们的持仓。","lastUpdated":"2026-03-09T13:34:50.166Z","fund":{"_id":3000000009234,"__csrcFundId":7580,"stockCode":"009234","name":"鹏华优质企业混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9234,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:42:01.900Z","status":"normal","exchange":"jj","shortName":"鹏华优质企业混合(009234)","inceptionDate":"2020-06-10T16:00:00.000Z","followedNum":14,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华优质企业混合","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":1760003108.04,"setUpShares":1760003108.04,"pinyin":"phyzqyhhxzqtzjj","managers":[{"stockCode":"db20766317","stockType":"fund_manager","exchange":"fm","tickerId":1212208110,"name":"柳黎"}]},"announcement":{"linkText":"鹏华优质企业混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1372421","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc7a7fea5b3eb04c88a0","date":"2025-06-29T16:00:00.000Z","stockId":3000000009234,"sao":"回顾25年上半年的市场表现，无疑是近年来一个相当不错的半年，沪深300、万得全A、恒生指数分别上涨0.03%、5.83%、20.11%，期间TMT、医药、红利、新消费均有阶段性的不错表现。其中港股市场表现尤为突出，涨幅位居全球主要资本市场的前列，港交所上半年的IPO融资规模1067.31亿港元，位居全球第一。  在行情背后，则是deepseek冲击又冷静、关税2.0启动又重启所带来的市场跌宕，虽然关于总需求总是有太多不确定性而政策始终在保持定力松踩油门，但我们在产业端则可以看到更多积极乐观的因素——中国创新药从模仿跟随走向创新出海，海外BD数量持续高增，高额首付款交易屡次出现；我们的前代军贸装备获得实战检验，武器装备升级步履不停、军贸进入加速窗口；Z世代作为互联网原住民在逐步走入消费市场，悦己消费、谷子经济持续景气。  我们上半年继续在国防军工行业布局，我们新开仓了FPGA龙头公司，在行业周期底部依然依靠卫星业务实现稳健盈利。我们在二季度对燃机外贸产业链深入跟踪并新开仓部分标的，在全球两机供应链紧缺的背景下，部分供应链公司有望实现配套升级、走到台前。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:50.163Z","mo":"虽然资本市场表现不错，GDP总量增速也在常规区间，但物价低迷、内卷竞争等问题依然存在挑战。7月1日中财委会议高调定调开启反内卷治理，预计将会在多个行业看到落地执行。而随着海外降息节奏的逐步明晰、贸易环境的逐步企稳，政策空间也将打开，我们有理由相信扩内需、反内卷的政策有望类似24年9月那样逐渐走到台前。而无论政策如何执行，在过往的实践中已经证明中国经济韧性极强，在总量稳定的情况下新兴产业的发展依然浩浩荡荡，消费的内涵也将逐步播种在全新的土壤。在军贸、创新药后，我们有机会在越来越多的产业中看到deepseek时刻；而在海外，将有一批公司参与到更深的全球分工中去，去实现产业链升级。我们将继续围绕既有方向深耕，我们愿意在我们擅长的方法上持续迭代，以对估值更为严格的要求，在对产业趋势的把握中实现高sharp收益。","fund":{"_id":3000000009234,"__csrcFundId":7580,"stockCode":"009234","name":"鹏华优质企业混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9234,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:42:01.900Z","status":"normal","exchange":"jj","shortName":"鹏华优质企业混合(009234)","inceptionDate":"2020-06-10T16:00:00.000Z","followedNum":14,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华优质企业混合","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":1760003108.04,"setUpShares":1760003108.04,"pinyin":"phyzqyhhxzqtzjj","managers":[{"stockCode":"db20766317","stockType":"fund_manager","exchange":"fm","tickerId":1212208110,"name":"柳黎"}]},"announcement":{"linkText":"鹏华优质企业混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1339755","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc7a7fea5b3eb04c889f","date":"2025-03-30T16:00:00.000Z","stockId":3000000009234,"sao":"一季度市场快速轮动，从业绩亮眼的出海制造业到Deepseek带来的AI重估，再到年后旺季表现超预期的周期股；市场轮动速度快，持续性收益难度较高。而在聚光灯外，前期调整充分的军工行业也在逐步从基本面低谷中走出。  组合根据军工行业出现的新变化进行了该行业的仓位调整。我们认为行业当前明确触底，且对比四季度逐步进入景气右侧。在25年初召开的国防工业体系会议上提到，“全力以赴保供给、强基础、增活力、提效能，推动新质生产力同新质战斗力高效融合、双向拉动”。而在3月初的两会上，总书记提到“要坚定信心、直面挑战，落实高质量发展要求，如期完成既定目标任务”“走高质量、高效益、低成本、可持续发展路子，确保建设成果经得起历史和实战检验”，进一步强调了任务完成的紧迫性和重要性。  但另外一方面，在反腐常态化和审价合规的背景下，产业链超额利润被挤出，部分环节供应格局恶化，利润结构还是被重塑的。立足于此，“高优先级装备+明确增量环节+稳固供应格局”具备较高投资价值，其余机会则需要认真甄别；此外需格外关注是否前期调整足够充分、是否具备估值安全边际。  我们在一季度根据年报业绩进行选股和调仓，组合的集中度有显著上升，我们在军工电子、军工新材料端加仓较多，减仓泛军工和稳定类持仓，力争在景气度右侧使组合更具锐度。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:50.157Z","fund":{"_id":3000000009234,"__csrcFundId":7580,"stockCode":"009234","name":"鹏华优质企业混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9234,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:42:01.900Z","status":"normal","exchange":"jj","shortName":"鹏华优质企业混合(009234)","inceptionDate":"2020-06-10T16:00:00.000Z","followedNum":14,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华优质企业混合","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":1760003108.04,"setUpShares":1760003108.04,"pinyin":"phyzqyhhxzqtzjj","managers":[{"stockCode":"db20766317","stockType":"fund_manager","exchange":"fm","tickerId":1212208110,"name":"柳黎"}]},"announcement":{"linkText":"鹏华优质企业混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269465","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc7a7fea5b3eb04c889e","date":"2024-12-30T16:00:00.000Z","stockId":3000000009234,"sao":"回顾2024年的市场表现，从最终结果看是不错的一年，万得全A和恒生指数分别录得10%和17%的涨幅，年度表现显著超出多数市场参与者年初预期。但从市场运行来看，则经历了年初小微盘流动性危机、三季度的补跌和“924”以来的重要转向后冲高以及年末的震荡整理，市场节奏极为跌宕。主动权益基金在市场牛熊转换的过程中，普遍跑输宽基。而从风格资产角度，也可以以“924”作为划分，“924”以前是出海和稳定类资产相对跑赢，其底层逻辑依然是基于缩量市场环境和经济的通缩预期；而在“924”后，随着成交量的快速放大，市场先交易了前期跌幅较大的成长类资产，其后随着产业趋势的发展逐步向AI缩圈。算力作为AI板块当前业绩最为确定的板块，全年表现亮眼。  回顾我们的组合操作，我们上半年的仓位集中于船舶和一些出现积极变化的泛高端制造个股，后部分持仓创造了显著的绝对收益；我们跟踪到在四季度军工装备行业出现重大变化后，持仓有所变化，并逐步挖掘出一些具有预期差的新标的。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:50.151Z","mo":"回顾我们的观察，早在“924”之前，我们在2023年7月就意识到了经济思路“先立后破”的调整，当时对于地产和化债两大核心矛盾提出了清晰的解决路线，后续的政策演绎都在既有框架中（详见我们23年的年报）。而在“924”的变局中，最大的增量我们认为有二：其一是对于资本市场的定位根本性提高，两项创新工具实际上为市场注入额外的长期流动性；其二是在经历多年的高利率后美国正式进入降息通道，这为政策带来操作空间，这也体现在年末的经济工作会议对于货币和财政政策的定调当中。作为一个转型重组中的庞大经济体，即使稳住地产和地方财政，我们也必须意识到我们的增长引擎已经换挡。“沉舟侧畔千帆过，病树枝头万木春”，制造业升级和科技创新自立才是真正的出路所在。不管是高调试飞的五代机，还是在2025年春节引爆全球科技舆论的DeepSeek，都真正的让我们意识到中国已经从工程化生产能力转向原发性创新。国防军工行业处在5年计划的换挡期，一方面有前一个五年计划结束的紧迫性，另一方面也有新五年计划下往新质新域发展的必要性。虽然价格体系的重塑对部分环节的盈利能力造成挑战，但参考海外，和AI结合的新质新域或爆发出新的爆发力。我们将基于以上认知去挖掘新标的，并保持开放心态、持续优化组合持仓，力争不辜负过往的积累和持有人的信任，愿我们一路同行、终有收获。","fund":{"_id":3000000009234,"__csrcFundId":7580,"stockCode":"009234","name":"鹏华优质企业混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9234,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:42:01.900Z","status":"normal","exchange":"jj","shortName":"鹏华优质企业混合(009234)","inceptionDate":"2020-06-10T16:00:00.000Z","followedNum":14,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华优质企业混合","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":1760003108.04,"setUpShares":1760003108.04,"pinyin":"phyzqyhhxzqtzjj","managers":[{"stockCode":"db20766317","stockType":"fund_manager","exchange":"fm","tickerId":1212208110,"name":"柳黎"}]},"announcement":{"linkText":"鹏华优质企业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=1249936","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc7a7fea5b3eb04c889d","date":"2024-09-29T16:00:00.000Z","stockId":3000000009234,"sao":"三季度股票市场以9月24日金融部门发布会和9月26日重要会议为界，情绪骤然反转——在此之前是持续低迷的宏观特别是价格数据，虽然产业升级出海的脚步没有停滞，但价格下跌带来的内需萎缩对经济造成显著拖累，对应地，主要指数包括前期超额的红利指数也有下跌；而在9月24日后，通过5个交易日的快速表现，截止9月底所有A股主要宽基年涨幅均转正，万得全A和沪深300分别录得8.2%和17.1%的涨幅。在节后市场转为震荡，主要宽基指数涨跌互现，但成交量依然维持在万亿以上。  回顾三季度，我们主要围绕中报表现进行仓位调整，组合大部分仓位聚焦于国防军工行业。而随着人事调整的阶段到位、产业结构调整的逐步成熟，我们有理由相信军工行业基本面的拐点将悄然而至。但因为定价体系的持续影响，我们预计产业链利润分配结构注定与此前不同，这需要我们进一步甄别基本面和规避风险，以此获得更为稳定的收益来源。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:50.148Z","fund":{"_id":3000000009234,"__csrcFundId":7580,"stockCode":"009234","name":"鹏华优质企业混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9234,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:42:01.900Z","status":"normal","exchange":"jj","shortName":"鹏华优质企业混合(009234)","inceptionDate":"2020-06-10T16:00:00.000Z","followedNum":14,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华优质企业混合","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":1760003108.04,"setUpShares":1760003108.04,"pinyin":"phyzqyhhxzqtzjj","managers":[{"stockCode":"db20766317","stockType":"fund_manager","exchange":"fm","tickerId":1212208110,"name":"柳黎"}]},"announcement":{"linkText":"鹏华优质企业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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