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4.0的发布，AI成为一季度最大主题机会，通信、计算机、传媒及电子等行业相关个股大幅上涨。相反，疫后复苏链在消费数据公布后被证伪，因此我们在反弹过程中减持了相关个股。  二季度AI板块依然强劲，但结构发生变化，算力及游戏等子板块表现较好，个股持续创新高，这符合我们前期认为AI相关主题将反复炒作的判断。  我们对前期看好的半导体行业持仓进行了结构调整，如模拟芯片行业复苏逻辑短期被证伪，我们相应减持了相关持仓，待库存及价格等指标有所好转后再重新配置。另外我们持续关注AI相关机会，适时加仓。此外，新能源光伏及白酒经过前期调整，目前估值已较为吸引，我们亦将伺机建仓。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:10:16.765Z","mo":"年初以来，PMI及出口经济数据呈现回落态势，地产成交量亦在Q2逐渐走弱，显示疫后经济恢复不及预期。Q1社融同比回升，但CPI、PPI持续下行，企业融资利率亦持续下行，说明需求端恢复不及供给端。我们暂时仍未看到需求有好转迹象，也难以判断未来中央是否会出台政策刺激需求端，因此目前时点我们认为市场仍以博弈为主，相对看好科技股机会。  行业配置上，我们认为半导体基本面已在底部，虽难判断具体拐点时间，但个股下跌空间已不大，将继续埋伏等待右侧。新能源及消费行业调整也基本到位，但短期看基本面修复空间不大，需密切跟踪需求情况。AI近期调整幅度较大，但作为第三次工业革命的主要推动力，我们认为未来必将涌现出一批优秀的龙头公司，因此将持续关注相关机会。","fund":{"_id":3000000200016,"stockCode":"200016","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2012-07-03T16:00:00.000Z","setUpScale":1914750000,"market":"a","tickerId":200016,"custody":"中国建设银行股份有限公司","name":"长城稳健成长灵活配置混合型证券投资基金","shortName":"长城稳健成长混合(200016)","fundSecondLevel":"hybrid","__csrcFundId":3217,"fundStatus":"normal","lastUpdated":"2026-05-01T07:00:19.243Z","masterFundFlag":1,"inceptionDate":"2012-08-01T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城稳健成长混合","pinyin":"ccwjczlhpzhhxzqtzjj","managers":[{"stockCode":"db20711974","stockType":"fund_manager","exchange":"fm","tickerId":31906203090,"name":"程书峰"}]},"announcement":{"linkText":"长城稳健成长灵活配置混合型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=966632","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4c87fea5b3eb054feb5","date":"2023-03-30T16:00:00.000Z","stockId":3000000200016,"sao":"AI无疑是一季度最大的主题，在此带动下，通信、传媒、计算机以及半导体部分相关板块大幅上涨。前期表现较强的疫后复苏链进入验证期，个股之间表现出现分化，这符合我们前期判断，因此我们也在上涨过程中减持了相关个股。而光伏、新能源汽车、军工等行业在经历2年的上涨后，股价处于高位，一季度以来在行业基本面没有进一步利好情况下，行业整体开始杀估值，因此年初以来表现较差。  AI作为第三次工业革命的主要推动力，我们认为相关机会必然会反复炒作并最终涌现出一批优秀的龙头公司，然后板块经过一季度的爆炒后，二季度部分个股基本面将进入验证期，因此我们将理性分析相关个股的长期投资价值后再逐步配置，而不盲目追高。此外，我们坚持前期对半导体行业的观点，认为行业基本面将迎来拐点，因此我们也持续在增加相关板块的持仓。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:10:16.762Z","fund":{"_id":3000000200016,"stockCode":"200016","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2012-07-03T16:00:00.000Z","setUpScale":1914750000,"market":"a","tickerId":200016,"custody":"中国建设银行股份有限公司","name":"长城稳健成长灵活配置混合型证券投资基金","shortName":"长城稳健成长混合(200016)","fundSecondLevel":"hybrid","__csrcFundId":3217,"fundStatus":"normal","lastUpdated":"2026-05-01T07:00:19.243Z","masterFundFlag":1,"inceptionDate":"2012-08-01T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城稳健成长混合","pinyin":"ccwjczlhpzhhxzqtzjj","managers":[{"stockCode":"db20711974","stockType":"fund_manager","exchange":"fm","tickerId":31906203090,"name":"程书峰"}]},"announcement":{"linkText":"长城稳健成长灵活配置混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=885531","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4c87fea5b3eb054feb4","date":"2022-12-30T16:00:00.000Z","stockId":3000000200016,"sao":"年初市场对美联储加息预期不断提前，叠加全国多地爆发聚集性疫情、俄乌冲突不断升级、以及3月降准降息预期落空，在多番利空影响下，A股市场持续下挫，随着上海疫情爆发，市场进入新一轮下跌，并于四月中旬迎来“市场底”。  4月底以后，随着疫情逐步控制以及防疫政策的不断优化，中国经济开始缓慢修复，海外紧缩驱动的大宗商品价格回落短期缓解了通胀压力，随后市场呈现V型反弹，光伏、新能源汽车、军工等景气成长板块均于二季度大幅上涨。六月之后，随着上海解封，以及防疫政策有所放松，食品饮料、家电、医药等消费板块也迎来反弹。  进入三季度，全国疫情再次反复，各地防疫措施进一步收紧，并未迎来我们此前预期的放松，受此影响大消费板块整体回调，食品、医药等板块创出新低，而光伏、新能源汽车、军工等景气成长板块在高位震荡后亦开始回调。  四季度随着“二十大”的召开，A股市场跟随各类政策的预期激烈波动，在“二十大”并未显示出疫情防控将有放松迹象的背景下，消费板块进一步杀估值，如食品、白酒等子板块均连续暴跌，部分个股估值已创近几年新低，呈现超跌状态。新能源、军工等成长板块在经历前期暴涨后亦开始大幅回调，市场整体以震荡为主，结构性机会不大。进入十二月，随着国务院“新十条”的发布，疫情防控彻底放开，消费板块随之V型反弹。但我们在了解了最近的基本面情况后认为，本次反弹主要是市场情绪而非基本面主导，因此在短期的暴力反弹中，我们选择开始兑现收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:10:16.759Z","mo":"年底的中央经济会议明确2023年目标，将“稳增长”放在首位，一系列措施如地产“三支箭”快速落地，但从需求端来看，居民收入预期较差、房价上涨预期不强等因素仍制约行业基本面反转。展望2023年，出口、消费及地产仍面临挑战，因此基建投资有望扮演托底的重要角色。分结构来看，疫情放开后，一季度消费“疫后恢复”是必然，市场对消费行业的情绪修复，因此一季度投资重点依然为复苏链相关板块。但由于疫情仍将反复，消费的复苏亦将“一波三折”，因此经过一季度的估值修复后，需紧密跟踪需求端的持续性。除了消费行业，我们认为政策支持的科技板块可能在2023年的市场风格下有大机会，信息安全及半导体板块经过前期调整后股价均在低位，在政策刺激及行业基本面周期向上的双重利好下，我们认为全年可能会有不错的收。","fund":{"_id":3000000200016,"stockCode":"200016","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2012-07-03T16:00:00.000Z","setUpScale":1914750000,"market":"a","tickerId":200016,"custody":"中国建设银行股份有限公司","name":"长城稳健成长灵活配置混合型证券投资基金","shortName":"长城稳健成长混合(200016)","fundSecondLevel":"hybrid","__csrcFundId":3217,"fundStatus":"normal","lastUpdated":"2026-05-01T07:00:19.243Z","masterFundFlag":1,"inceptionDate":"2012-08-01T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城稳健成长混合","pinyin":"ccwjczlhpzhhxzqtzjj","managers":[{"stockCode":"db20711974","stockType":"fund_manager","exchange":"fm","tickerId":31906203090,"name":"程书峰"}]},"announcement":{"linkText":"长城稳健成长灵活配置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=872868","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4c87fea5b3eb054feb3","date":"2022-09-29T16:00:00.000Z","stockId":3000000200016,"sao":"进入三季度，全国疫情再次反复，各地防疫措施进一步收紧，并未迎来我们此前预期的放松，受此影响大消费板块整体回调，食品、医药等板块创出新低，而光伏、新能源汽车、军工等景气成长板块在高位震荡后亦开始回调。  如我们上季度所提到，成长板块如汽车及新能源等在大幅反弹后板块估值已回到合理水平，部分细分板块甚至已呈现主题炒作特征，因此我们对相关板块的回调并不意外。然而各地防疫政策并未放松，部分地区甚至进一步收紧，这大幅低于我们此前预期，因此在本季度的运作上，减持白酒增持食品及医药的操作并未获得我们此前所预期的超额收益，部分个股甚至带来了较大的负贡献，最终导致了产品净值在本季度表现不佳，我们深刻反思了对相关个股基本面及市场预期判断的失误，避免未来再次发生。随着近期香港防疫政策的彻底放开，我们认为国内疫情虽难言到头，但消费板块经过3季度的回调已较大程度地反映了悲观预期，如部分白酒估值已回到明年20倍的水平，因此我们经过这轮回调已开始逐步回补前期减持品种。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:10:16.755Z","fund":{"_id":3000000200016,"stockCode":"200016","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2012-07-03T16:00:00.000Z","setUpScale":1914750000,"market":"a","tickerId":200016,"custody":"中国建设银行股份有限公司","name":"长城稳健成长灵活配置混合型证券投资基金","shortName":"长城稳健成长混合(200016)","fundSecondLevel":"hybrid","__csrcFundId":3217,"fundStatus":"normal","lastUpdated":"2026-05-01T07:00:19.243Z","masterFundFlag":1,"inceptionDate":"2012-08-01T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城稳健成长混合","pinyin":"ccwjczlhpzhhxzqtzjj","managers":[{"stockCode":"db20711974","stockType":"fund_manager","exchange":"fm","tickerId":31906203090,"name":"程书峰"}]},"announcement":{"linkText":"长城稳健成长灵活配置混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=809426","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4c87fea5b3eb054feb2","date":"2022-06-29T16:00:00.000Z","stockId":3000000200016,"sao":"年初市场对美联储加息预期不断提前，叠加全国多地爆发聚集性疫情,俄乌冲突不断升级,以及3月降准降息预期落空，在多番利空影响下，A股市场持续下挫，随着上海疫情爆发，市场进入新一轮下跌，并于四月中旬迎来“市场底”。  4月底以后，随着疫情逐步控制以及防疫政策的不断优化，中国经济开始缓慢修复，海外紧缩驱动的大宗商品价格回落短期缓解了通胀压力，随后市场呈现V型反弹，光伏、新能源汽车、军工等景气成长板块均于二季度大幅上涨。六月以来，随着上海解封，以及防疫政策有所放松，食品饮料、家电、医药等消费板块也迎来反弹。  我们前期重点布局的白酒行业亦在此轮反弹获得不错的收益，部分次高端及地产酒估值已修复至合理水平，因此我们随着股价的上涨开始兑现上述个股的收益。而部分食品、调味品以及医药行业部分子板块在前期疫情及行业基本面恶化的影响下股价大幅回调，部分甚至出现超跌，我们认为这类公司股价已充分反映利空，未来随着防疫政策的进一步放开，基本面有望迎来拐点，股价有望迎来戴维斯双击，因此我们在减持白酒的过程中重点布局了这类公司。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:10:16.752Z","mo":"随着上海解封，国内疫情影响有所缓解，同时防疫政策也在不断优化，复产复工有序推进，一系列帮助扩大投资、企业纾困、推动消费的政策陆续出台，5月份经济活动出现触底回升迹象，工业增加值增速随之转正，6月制造业和服务业景气度均升至荣枯线上方。我们预计下半年主基调依然是稳增长，货币政策有望延续宽松，流动性保持宽裕,我们认为下半年市场整体仍以震荡为主，呈现结构化行情。  行业配置上，新能源汽车、光伏、军工等行业有望维持高景气，但经过前期上涨，处于估值消化阶段。相反，我们更密切关注股价及行业景气度目前处于底部区域，随着未来疫情好转，有望迎来基本面反转的行业，如食品、医药、半导体及消费电子等。","fund":{"_id":3000000200016,"stockCode":"200016","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2012-07-03T16:00:00.000Z","setUpScale":1914750000,"market":"a","tickerId":200016,"custody":"中国建设银行股份有限公司","name":"长城稳健成长灵活配置混合型证券投资基金","shortName":"长城稳健成长混合(200016)","fundSecondLevel":"hybrid","__csrcFundId":3217,"fundStatus":"normal","lastUpdated":"2026-05-01T07:00:19.243Z","masterFundFlag":1,"inceptionDate":"2012-08-01T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城稳健成长混合","pinyin":"ccwjczlhpzhhxzqtzjj","managers":[{"stockCode":"db20711974","stockType":"fund_manager","exchange":"fm","tickerId":31906203090,"name":"程书峰"}]},"announcement":{"linkText":"长城稳健成长灵活配置混合型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=787612","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4c87fea5b3eb054feb1","date":"2022-03-30T16:00:00.000Z","stockId":3000000200016,"sao":"一季度以来，市场对美联储加息预期不断提前，叠加全国多地爆发聚集性疫情,俄乌冲突不断升级,以及3月降准降息预期落空，在上述利空轮番影响下，A股市场持续下挫，无论是以食品饮料、医药为代表的价值板块，还是新能源、半导体、军工等成长板块均大幅下跌。短期看，市场在经历了3月以来的大跌急跌后，悲观情绪已获得较大释放。随着管理层积极表态和维护市场稳定，市场“政策底”已至，A股有望企稳反弹。但往长看，3月PMI自去年10月以来再次降至枯荣线下，疫情仍在持续扰动，居民消费延续弱势，因此二季度增长压力不减反增，部分行业及个股二季度存在较大的增速下行甚至同比下滑压力，因此暂时未能确定“市场底”。策略上，我们主要配置两个方向，一是“稳增长”链条，如建材、家居等行业；二是对悲观情绪已消化较为充分且目前估值处于较低水平的板块，如中药、中高端白酒等。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:10:16.750Z","fund":{"_id":3000000200016,"stockCode":"200016","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2012-07-03T16:00:00.000Z","setUpScale":1914750000,"market":"a","tickerId":200016,"custody":"中国建设银行股份有限公司","name":"长城稳健成长灵活配置混合型证券投资基金","shortName":"长城稳健成长混合(200016)","fundSecondLevel":"hybrid","__csrcFundId":3217,"fundStatus":"normal","lastUpdated":"2026-05-01T07:00:19.243Z","masterFundFlag":1,"inceptionDate":"2012-08-01T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城稳健成长混合","pinyin":"ccwjczlhpzhhxzqtzjj","managers":[{"stockCode":"db20711974","stockType":"fund_manager","exchange":"fm","tickerId":31906203090,"name":"程书峰"}]},"announcement":{"linkText":"长城稳健成长灵活配置混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc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PPI同比增速从去年 10 月的-2.1%上涨至今年6月的 8.8%，一度引发市场担忧货币政策会因此收紧。但实际上，如果剔除去年低基数影响的话，今年 5、6月 PPI 两年年化增速为2.5%、2.7%，而年内基于万得一致预期的 PPI 两年年化复合增速则基本维持在 2.3%左右，因此今年通胀压力并不大，不必过度担心货币政策的收紧。 7月上旬央行公告将全面降准0.5个百分点，也进一步说明了今年货币政策的定调并没有此前市场所担心的那么紧。因此从流动性的角度来看，我们对下半年的行情并不悲观。但我们同时认为，A股在经历连续两年的投资高回报后，许多行业估值已处于历史高位水平，因此我们须更为谨慎和理性地判断市场的空间和潜在风险。因此策略上我们将尽量回避估值过高的板块，集中配置景气度持续在高位而估值未被明显透支的行业，以及业绩确定性强且估值合理的行业。行业配置上，我们持续看好业绩高增长的次高端白酒企业，以及基本面有望在3季度见底，未来逐季改善的调味品及生猪养殖行业。此外，随着新能源汽车销售的持续放量，我们认为新能源车行情有望贯穿全年，但我们认为下半年结构可能发生变化，中游环节基本面已经预期比较充分，而上游原材料如锂的价格有望在下半年持续上涨并超出市场预期，因此我们增持了锂矿相关标的。","fund":{"_id":3000000200016,"stockCode":"200016","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2012-07-03T16:00:00.000Z","setUpScale":1914750000,"market":"a","tickerId":200016,"custody":"中国建设银行股份有限公司","name":"长城稳健成长灵活配置混合型证券投资基金","shortName":"长城稳健成长混合(200016)","fundSecondLevel":"hybrid","__csrcFundId":3217,"fundStatus":"normal","lastUpdated":"2026-05-01T07:00:19.243Z","masterFundFlag":1,"inceptionDate":"2012-08-01T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城稳健成长混合","pinyin":"ccwjczlhpzhhxzqtzjj","managers":[{"stockCode":"db20711974","stockType":"fund_manager","exchange":"fm","tickerId":31906203090,"name":"程书峰"}]},"announcement":{"linkText":"长城稳健成长灵活配置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=636716","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4c87fea5b3eb054fead","stockId":3000000200016,"sao":"随着欧美各国疫苗接种的快速普及，美国经济数据显著恢复，十年期国债利率自年初以来持续上涨，引发了市场对未来流动性收紧的预期，A股市场在农历年后随之大幅调整，前期强势板块如白酒、新能源汽车、光伏及军工等均剧烈回调，调整幅度超我们此前预期。我们在基金年报中曾提到，A股在经历连续两年的投资高回报后，许多行业估值已处于历史高位水平，我们作为投资管理人须更为谨慎和理性地判断市场的空间和潜在风险。因此，我们在一季度的调整中减持了新能源汽车、军工及医药板块部分高估值个股，增持了顺周期行业部分低估值品种，如建筑建材、工程机械等行业。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:10:16.737Z","fund":{"_id":3000000200016,"stockCode":"200016","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2012-07-03T16:00:00.000Z","setUpScale":1914750000,"market":"a","tickerId":200016,"custody":"中国建设银行股份有限公司","name":"长城稳健成长灵活配置混合型证券投资基金","shortName":"长城稳健成长混合(200016)","fundSecondLevel":"hybrid","__csrcFundId":3217,"fundStatus":"normal","lastUpdated":"2026-05-01T07:00:19.243Z","masterFundFlag":1,"inceptionDate":"2012-08-01T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城稳健成长混合","pinyin":"ccwjczlhpzhhxzqtzjj","managers":[{"stockCode":"db20711974","stockType":"fund_manager","exchange":"fm","tickerId":31906203090,"name":"程书峰"}]},"announcement":{"linkText":"长城稳健成长灵活配置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=575369","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4c87fea5b3eb054feac","stockId":3000000200016,"sao":"2020年年初，中小创走势强劲，以电子、计算机及通讯为代表的科技股气势如虹，符合我们前期对TMT行情的判断。然而进入3月以来，随着国外疫情爆发，电子等行业供、需逻辑均发生变化，科技股经历大幅回调，我们重点配置的科技股随之大幅回撤，较大程度地影响了一季度收益。二季度在国外疫情持续失控的背景下，我们判断市场方向将转向国内内需，我们相应在季度初大幅增加了食品饮料及医药等行业的配置，获得了较好的收益。市场进入三季度后开始震荡，此前涨幅较大的疫苗、调味品、小食品等板块均出现大幅回调。同时受中美关系及海外疫情等不确定因素影响，科技股亦表现平平，而光伏及新能源汽车行业景气度持续提升，成为三季度表现最好的板块。四季度我们判断白酒、新能源汽车、光伏等行业将维持高景气，坚定持有了相应持仓。医药行业经过一个多季度的调整后，部分个股估值已回到较合理水平，此外建材行业由于去年同期受疫情影响较大，预计2021年一季度同比有望呈现高景气，因此我们亦在四季度开始提前布局上述两个行业。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:10:16.734Z","mo":"2020年得益于高效的防疫措施，我国经济率先复苏，并在几大经济体中唯一实现了全年正增长。2021年中国经济将延续复苏态势，全年有望实现7%以上增速，欧美国家虽正加速接种疫苗，但预计上半年疫情仍将继续影响，因此我们认为至少在年中之前全球流动性收紧的可能性不大。A股在经历连续两年的投资高回报后，许多行业估值已处于历史高位水平，我们作为投资管理人须更为谨慎和理性地判断市场的空间和潜在风险。经过过去一年的全球流动性泛滥，各类资产泡沫到达高峰，但我们在警惕核心资产泡沫化的同时，也注意到了我国居民财富持续增长及海外资本大规模流入背景下，优质资产稀缺的矛盾。此外，我们认为A股市场未来美股化及机构化的特征亦将愈发明显，因此我们仍将长期看好及拥抱核心资产。方向上包括受益于我国人口红利的消费；以及科技创新和产业升级所需求的生物医药、高端制造、新能源等行业。","fund":{"_id":3000000200016,"stockCode":"200016","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2012-07-03T16:00:00.000Z","setUpScale":1914750000,"market":"a","tickerId":200016,"custody":"中国建设银行股份有限公司","name":"长城稳健成长灵活配置混合型证券投资基金","shortName":"长城稳健成长混合(200016)","fundSecondLevel":"hybrid","__csrcFundId":3217,"fundStatus":"normal","lastUpdated":"2026-05-01T07:00:19.243Z","masterFundFlag":1,"inceptionDate":"2012-08-01T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城稳健成长混合","pinyin":"ccwjczlhpzhhxzqtzjj","managers":[{"stockCode":"db20711974","stockType":"fund_manager","exchange":"fm","tickerId":31906203090,"name":"程书峰"}]},"announcement":{"linkText":"长城稳健成长灵活配置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=560005","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4c87fea5b3eb054feab","stockId":3000000200016,"sao":"市场在三季度初小幅反弹后进入震荡，除光伏、新能源汽车等板块外，其他行业均无趋势性行情，我们此前看好的科技股和金融、地产等行业亦表现普通，而前期高估值板块如疫苗、食品、调味品等均出现较大幅回调，这基本符合我们此前对高估值板块面临回调压力的判断。受中美贸易战及海外疫情等不确定因素干扰，我们此前认为的市场风格往科技股切换并没有发生。食品饮料及医药行业在经过前期回调后，部分公司业绩确定性及估值性价比较高，我们增加了相应个股的配置。此外，光伏、国防军工及新能源汽车等行业基本面有望维持高景气，我们亦增加了相关龙头公司的配置。","date":"2020-09-29T16:00:00.000Z"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行业配置上，以白酒为代表的消费股以及生物制药个别细分子板块估值仍处于合理水平，我们继续看好。此外，TMT、军工及建材行业基本面景气有望持续，我们亦看好相关结构性机会。","fund":{"_id":3000000200016,"stockCode":"200016","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2012-07-03T16:00:00.000Z","setUpScale":1914750000,"market":"a","tickerId":200016,"custody":"中国建设银行股份有限公司","name":"长城稳健成长灵活配置混合型证券投资基金","shortName":"长城稳健成长混合(200016)","fundSecondLevel":"hybrid","__csrcFundId":3217,"fundStatus":"normal","lastUpdated":"2026-05-01T07:00:19.243Z","masterFundFlag":1,"inceptionDate":"2012-08-01T16:00:00.000Z","fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城稳健成长混合","pinyin":"ccwjczlhpzhhxzqtzjj","managers":[{"stockCode":"db20711974","stockType":"fund_manager","exchange":"fm","tickerId":31906203090,"name":"程书峰"}]},"announcement":{"linkText":"长城稳健成长灵活配置混合型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=463239","linkType":"PDF","source":"csrc_pdf"}}]}