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动放大收益率。在这个阶段，我们真正要做，还是坚持以十年的视角、三年的周期，保持定力，在纷繁的市场逻辑演绎中，找到属于自己框架下的投资机会。","fund":{"_id":3000000160919,"stockCode":"160919","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2014-12-25T16:00:00.000Z","setUpScale":null,"market":"a","tickerId":160919,"custody":"中国农业银行股份有限公司","name":"大成产业升级股票型证券投资基金（LOF)","shortName":"大成产业升级股票（LOF)(160919)","fundSecondLevel":"company","__csrcFundId":3745,"fundStatus":"normal","lastUpdated":"2026-05-01T06:36:30.121Z","masterFundFlag":1,"inceptionDate":"2014-12-25T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成产业升级股票（LOF)","pinyin":"dccysjgpxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20832060","stockType":"fund_manager","exchange":"fm","tickerId":231010211410,"name":"王晶晶"}]},"announcement":{"linkText":"大成产业升级股票型证券投资基金(LOF)2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=781824","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8957fea5b3eb0593457","date":"2022-03-30T16:00:00.000Z","stockId":3000000160919,"sao":"重点提示：本产品定位于风险-收益均衡型投资者，基于GARP策略，考虑合理的风险收益比，集中投资属于未来的优质企业。  本季度基金收益率为：-20.58%；基准收益率为：-11.58%；超额收益率为：-9.00%。  市场在经历了持续三年的大幅上涨之后，包含了对未来太多的乐观预期。伴随着内外部不确定性的提升，让大家对风险的权重不断提升，市场出现了调整。  尽管基金维持在契约规定的低仓位，并且采取了防御策略，但仍未能对冲相关风险，取得正收益，为此向持有人表示歉意。  未来，本基金经理将持续努力，以期获得回撤更小的合理收益，不辜负持有人信任。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:29.037Z","fund":{"_id":3000000160919,"stockCode":"160919","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2014-12-25T16:00:00.000Z","setUpScale":null,"market":"a","tickerId":160919,"custody":"中国农业银行股份有限公司","name":"大成产业升级股票型证券投资基金（LOF)","shortName":"大成产业升级股票（LOF)(160919)","fundSecondLevel":"company","__csrcFundId":3745,"fundStatus":"normal","lastUpdated":"2026-05-01T06:36:30.121Z","masterFundFlag":1,"inceptionDate":"2014-12-25T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成产业升级股票（LOF)","pinyin":"dccysjgpxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20832060","stockType":"fund_manager","exchange":"fm","tickerId":231010211410,"name":"王晶晶"}]},"announcement":{"linkText":"大成产业升级股票型证券投资基金(LOF)2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=729133","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8957fea5b3eb0593456","date":"2021-12-30T16:00:00.000Z","stockId":3000000160919,"sao":"重点提示：本产品定位于风险-收益均衡型投资者，基于GARP策略，考虑合理的风险收益比，集中投资属于未来的优质企业。  本年度基金收益率为：34.01%；基准收益率为：-2.94%；超额收益率为：36.95%。过去三年基金收益率为：236.29%；基准收益率为：53.94%；超额收益率为：182.35%。  投资是一个多要素决策过程，虽然个人的努力很重要，但连续三年高收益的取得更多源于国家在百年变局中给了我们一个和平、稳定、健康的政治、经济和社会环境；企业家们孜孜以求的不懈奋斗；市场管理者们不断推动有利于资本市场健康发展的制度优化，回应市场关切。站在当下，总结是为了更好的前行，过去的得失希望成为未来的财富。  过去的一年，在大势判断上没有犯错，去年年底对2021年的判断如下：  “站在当下看未来，核心是处理好变和不变的关系。  从外部环境看，变的是对待中国的策略，不变的是对待中国的战略。相对于上一个五年，外部环境会更加看似波澜不惊，但却会更加暗潮汹涌。全球秩序快速塌陷的风险在下降，但发展的瓶颈更加突出。在短期和长期中权衡，结构性改革可望而不可及，全球进入一个收流动性所要面对风险比不收流动性更尴尬境地。  从内部环境看，随着内外部环境的变化，步入解决问题的黄金窗口期，2021年注定将是不平凡的一年。从产业的角度，国内产业结构的深度变革和创新动能的成功孕育，产业逐步步入收获期。伴随着市场结构性分化，不少优质公司在被错杀，未来的投资机会正在孕育。  总体看，2021年注定是不平凡的一年，也是最复杂的一年，还是有机会的一年。”  过去的一年，对资产属性认知在持续深化。曾经，总是希望通过自己的努力获得很多不切实际的追求。导致高换手率下，收益率和波动率却不尽如人意。现在深深的理解，世界上就没有完美的事，所谓没有风险的收益，更多是没看到风险的收益。天道为公，风险收益的匹配可能会迟到，但不会不到。基于对规则的敬畏，我们会选择更理性的态度，更长期、更丰富的视角，理解可为和不可为。但尊重了客观的约束，也就为可为配置了更多的资源和精力。  过去的一年，对自我认知在持续的深化。资产既无法离开时代去讨论它的价值，也无法离开产业去讨论它的价值；既无法离开市场去讨论它的价格，也无法离开人性去讨论它的价格。在我们对资产更深刻认知的过程中，也实现了对自我更深的认知：敬畏时代、敬畏产业、敬畏市场、敬畏人性。敬畏的背后不是为了怕，懂得敬畏方能无畏，也才能更好的去拥抱变化，更好的去自我省市和迭代。  过去的一年，归因体系在不断的完善。懂得敬畏后，自然而然会带来归因体系的聚变：失败了肯定是努力不够、能力不足、认知不深、德行不厚，要么提不起、要么放不下；成功了一定是各个要素同时齐备的结果，个人的努力自然重要，但也只是其中一个环节。当你具备正确的归因体系，你将越能看到更多的潜在风险，也越能将成功更多归因于外部的幸运，也更懂得感恩，在内生动能不消退的情况下，也更容易捕捉到外部潜在的变化，自然也可能更从容地应对。  未来，本基金经理将持续努力，以期获得回撤更小的合理收益，不辜负持有人信任。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:29.035Z","mo":"投资离不开时代，身处百年唯有之大变局，每一年我们都在见证历史，也被历史的洪流所影响。民族复兴的事业之所以伟大，在于孕育他的是巨大的挑战和至深的苦难。总体上我们认为今年的投资脉络是：认清局势、保持敬畏、紧跟动向、伺机而动。  2022年，我们所面对的外部环境没有最复杂，只有更复杂。经济层面可比2008，大国博弈可比2018，疫情影响可比2019。  从经济角度看，今年的外部环境很复杂。全球经济结构性失衡导致的问题并没有因为货币的宽松和贸易战的打响而缓解。没有自我改革的能力，就只能通过危机来出清。龙头经济体正在承受无序宽松后的通胀之痛，一方面，资产价格高企的情况下，自身和全球结构性问题并未因为无序的资产负债表扩张而缓解；另一方面，加息成为政治正确，中期选举临近但领导人支持率堪忧，这就带来国家和政党利益间的权衡。何去何从考验政治家的智慧与执政党的能力。外部的风险对国内的传导路径和影响程度是今年需要重点关注的。按历史的操盘模式，龙头经济体喜欢把内部问题外部化，或者说只能把内部问题外部化。这又决定了今年大国博弈的复杂性。  从大国博弈的角度看，今年的环境堪比2018年，新一轮博弈的起点。2018年的贸易战，起初一度无所适从。我们贯彻“保持定力、以我为主”的方针，坚持“四个自信”，在斗争中解决我们自身的结构性问题、化解结构性失衡带来的风险、坚定不移推动高质量发展。做好了自己的事，就为在国际上的纵横捭阖提供了基础性支撑，让历史的天平向有利于我们的一边摆动，也带来了人民币资产的价值蜕变，演绎了一波浩浩荡荡的大行情。到了今年，外部局面发了重大变化，新一轮博弈正徐徐展开画面。全球最大的政治力量对华战略调整为“小院高墙”，希望一方面保证盟友利益，另一方面做精准外科手术式打击；英国倒戈放弃中立、日德行政权更迭带来中立态度有动摇、法国即将换届选举。博弈的短期焦点放到了乌克兰，试图通过乌克兰诱发“链式反应”。新一轮全球供应链的脱钩与反脱钩，核心技术的封锁与反封锁，国家间的孤立与反孤立，又开始进入新的博弈阶段。对于我们的应对策略，目前看已比较清晰和一以贯之：不管外部怎么变，我们正坚持构建全球命运共同体的目标，通过共商共建共享一带一路，为解决全球性失衡贡献中国智慧和中国力量，做好自己事的同时为人类的和平与发展做出力所能及的贡献。从这个角度看，我们在这场博弈中，可能会遇到新的问题、新的挑战、会有反复，但前景并不悲观。  从疫情角度看，诸多西方国家放弃抵抗、开放边境、进入非正常的正常状态；我们本是桃花源，现在却面临类似于2019年与世隔绝的挑战。  我们所面对的外部环境，变得更加复杂会是个常态，或者说我们出于敬畏的角度假设会变得更加复杂、审慎应对。  2022年，我们所面对的内部环境进入新的阶段。过去的三年，我们顶住外部主要国家和疫情的压力，变危为机、坚定不移推动高质量发展。一方面，新的发展模式需要汇聚新的发展要素，新的发展要素的生成需要有时间周期，这也带来财政压力等诸多问题；另一方面，在高债务环境下，疫情带来整个社会经济运作效率的下降；最后，随着海外常态化运作，对我们的出口的边际影响偏负面。种种的压力，一方面可能作为倒逼持续结构性变革，以提升全要素生产率的动力；也可能走回老路大幅扩张信用、求得一时苟且的压力。  面对这样的压力，资本市场在演绎着种种逻辑。总体上，投资人都在或者都希望做时间的朋友，只是各自选择的周期不同罢了。对于我们而言，选择从十年的视角、三年的周期来做时间的朋友。周期差异的背后是各自的能力、资源、思想禀赋与交易框架的不同。  内外部短期的环境越是复杂、诡谲，越需要我们在一个更长的周期、更广的视角来过滤短期的波动，利用短期的波动放大收益率。市场经历了持续三年的逻辑演绎，到了一个逻辑解构和重构的阶段。  在这个阶段，我们真正要做，还是坚持以十年的视角、三年的周期，保持定力，在纷繁的市场逻辑演绎中，找到属于自己框架下的投资机会。","fund":{"_id":3000000160919,"stockCode":"160919","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2014-12-25T16:00:00.000Z","setUpScale":null,"market":"a","tickerId":160919,"custody":"中国农业银行股份有限公司","name":"大成产业升级股票型证券投资基金（LOF)","shortName":"大成产业升级股票（LOF)(160919)","fundSecondLevel":"company","__csrcFundId":3745,"fundStatus":"normal","lastUpdated":"2026-05-01T06:36:30.121Z","masterFundFlag":1,"inceptionDate":"2014-12-25T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成产业升级股票（LOF)","pinyin":"dccysjgpxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20832060","stockType":"fund_manager","exchange":"fm","tickerId":231010211410,"name":"王晶晶"}]},"announcement":{"linkText":"大成产业升级股票型证券投资基金(LOF)2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=708139","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8957fea5b3eb0593455","date":"2021-09-29T16:00:00.000Z","stockId":3000000160919,"sao":"重点提示：本产品基于GARP策略，考虑合理的风险收益比，集中投资属于未来的优质企业。  三季度，本基金获得4.73%涨幅，收益主要来源于持仓标的价值兑现及市场情绪溢价。收益的取得，背后更需要“敬畏时代、感恩中国”。伴随着外部局势步入新阶段，国内产业正面临前所未有的机遇，也为投资提供了优质的底层资产。  基于对中国以及中国资本市场中长期的乐观，季度初，产品投资策略相对激进，季度末，伴随着市场的变化，系统性调低仓位，采取了偏保守的策略。  本基金经理将持续努力，以期获得更高、回撤更小的收益曲线，不辜负持有人信任。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:29.032Z","fund":{"_id":3000000160919,"stockCode":"160919","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2014-12-25T16:00:00.000Z","setUpScale":null,"market":"a","tickerId":160919,"custody":"中国农业银行股份有限公司","name":"大成产业升级股票型证券投资基金（LOF)","shortName":"大成产业升级股票（LOF)(160919)","fundSecondLevel":"company","__csrcFundId":3745,"fundStatus":"normal","lastUpdated":"2026-05-01T06:36:30.121Z","masterFundFlag":1,"inceptionDate":"2014-12-25T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成产业升级股票（LOF)","pinyin":"dccysjgpxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20832060","stockType":"fund_manager","exchange":"fm","tickerId":231010211410,"name":"王晶晶"}]},"announcement":{"linkText":"大成产业升级股票型证券投资基金(LOF)2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=657949","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8957fea5b3eb0593454","date":"2021-06-29T16:00:00.000Z","stockId":3000000160919,"sao":"重点提示：本产品基于GARP策略，考虑合理的风险收益比，集中投资属于未来的优质企业。  上半年，本基金获得11.14%，收益主要来源于持仓标的价值兑现及市场情绪溢价。收益的取得，背后更需要“敬畏时代、感恩中国”。伴随着外部局势步入新阶段，国内产业正面临前所未有的机遇，也为投资提供了优质的底层资产。  首先，收益的取得源于对时代的敬畏。先贤曾言：历史潮流浩浩荡荡，顺之者昌逆之者亡。对于80后出生的我们，更多是看惯了戴维斯双击的时代，鲜见戴维斯双杀的过程。过去的三年，出现了太多意料之外、情理之中的人与事，置身于“百年未有之大变局”之中，内、外部环境的深刻变化，深感时代对于基金管理人既有投资体系带来的挑战与机遇。这深刻影响着我们对这个世界的理解、对定价体系的再锚定。更让我们体会到敬畏时代的重要性，只有敬畏时代、理解时代、顺应时代，进化投资体系，最后方能获得可持续超额收益。    其次，收益的取得更需要对祖国的感恩。不是每个人都有机会出生在一个大国、一个经历过数千年辉煌与苦难的大国、一个冉冉升起却能戒骄戒躁、不忘初心的大国。作为一个投资人，最大的幸运莫过于出生在这样的国家、出生在这样的时点。过去的三年，我们不难看到一个国家的担当与蜕变。面对全世界二战后高速发展所导致的全球失衡，面对某世界头号大国以邻为壑的解决思路，中国，选择了一条“以我为主”、刮骨疗伤的路径，虽然痛苦，但是立足长远，治标治本，这背后是对世界的担当，对国民的责任。面对某头号大国肆意践踏自己主导制定并捍卫的规则、几乎无耻的诋毁与打压，中国选择了“保持定力”做好自己的事，并以德报怨，为捍卫全球化做出自己的努力。置身于这样的国家，看到的是全球再平衡的希望，对于投资人而言，更看到了百年未有大变局中百年未有之大机会。过去的三年，我们把外部的巨大压力转变为内部改革的动力，诸如注册制改革等一系列多少年希望改却改不动的改革逐一落地，伴随着思路的清晰、规则的稳定，市场对人民币资产中长期预期更加乐观，进而A股也走出了三年维度上的大行情。我们也受益于此。  在这样历程中，让我们学习到了很多，概括起来八个字：慎行知止、知行统一。  投资是这个世界上最复杂的事，也是最简单的事。复杂是因为太多的不可测与太多的执念，简单是因为纷繁的背后有主导力量、混沌的世界里有规律可循，一旦您找到主导变量、觅得了规律，在特定的时空内，N维空间会塌陷为二维甚至单维空间。这也要求我们把主要精力放到深入研究与跟踪，投资无坦途、没有捷径，慎行之。  投资是这个世界上最危险的事，也是最安全的事。世界在变、时代在变，你的分析框架如果不变，是危险的。世界很复杂，你却很简单，盲目的跨出舒适圈，您也很危险。反之，你却很安全。这个过程中知止的意义更大，2019年，突如其来的疫情，每个投资人都在思考是否参与疫情交易，我最后选择放弃，在一个没有深刻认知的地方、认知框架未被充分验证的地方做投资，对我无异于一场赌博。面对恢弘的疫情交易，摁住一颗躁动的心，更多去思考疫情会改变什么、不会改变什么，这也是对知行合一的修炼。  在这样历程中，感谢持有人的宽容，不免犯了很多的错误，值得深刻反思。  需更注重分析框架迭代的速度。在一个剧变的时代，在一个趋势塑造能力极强的经济体，分析框架演变的速度滞后于时代变化的速度，最后的结果是陷入逻辑自洽的漩涡，而对世界解释力快速衰减，赋予宏观、中长期已被市场充分定价的判断更高的权重，却给边际变化过低权重，导致阶段性出现判断偏差。  需更注重对市场参与主体的欣赏和包容。市场是立体的，也正因为此才有高效的定价，只有懂得欣赏和包容，才能更深的感知市场、理解市场，加速框架迭代。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:29.029Z","mo":"最后说说当下，伴随着注册制改革的深化、退市制度的实质性变革、财务造假入刑，中国资本市场制度性春天正在开启，当然，对于很多企业来说，春天之前是股价的寒冬。目前，市场出现极度的分化，当然这也成为价值投资最好的时点。本基金将持续致力于持续挖掘价值低估、且具备远期未来的标的。    本基金经理将持续努力，以期获得更高、回撤更小的收益曲线，不辜负持有人信任。","fund":{"_id":3000000160919,"stockCode":"160919","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exch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