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所配置。","lastUpdated":"2026-03-27T05:48:04.600Z","mo":"展望2026年，我们继续看好消费。首先，随着国家对消费的重视，我们预计会有更多的刺激政策出台，比如不少地方推行春秋假，这都有望拉动旅游及相关行业的消费。第二，我们认为地产的拖累在减小，其他新兴行业在崛起，经济有望筑底回升，居民收入有望改善，进而带动部分品类先行复苏。第三，消费行业的估值水平普遍处于偏低水平，安全边际较足，赔率较高。一旦基本面复苏，消费板块有望迎来戴维斯双击，能够提供较大的投资回报。因此消费目前可能仍处于偏左侧的位置，但我们会保持一定的仓位等待。　　此外，我们持续看好出海的投资机会。我们看到，随着中国制造能力的进步，诸多产品在全球范围内已具备较强竞争力，当前等待市场契机兑现。比如美国缺电，相关供应链产能紧张，我国优秀的电力设备企业能够打开美国市场，获得更多订单。对于消费品出海，我们此前主要以产能代工模式出海，但现在可以看到家居、扫地机的龙头品牌逐渐获得海外消费者的认可，一方面是我们通过电商或社交软件触达海外消费者，另一方面则是逐渐渗透海外的线下渠道，消费者接触中国品牌的机会增多，品牌影响力逐步建立。我们认为，出海成功的企业已树立了良好标杆，它们的经营模式和经验能够帮助其他企业提升出海的成功概率。　　我们对周期板块会继续保持高度关注，若经济筑底复苏，顺周期板块将迎来较好的投资机会。科技板块，AI领域仍在蓬勃发展，我们会继续保持一定的仓位进行布局。","fund":{"_id":3000000161605,"stockCode":"161605","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2003-08-25T16:00:00.000Z","setUpScale":766073000,"market":"a","tickerId":161605,"custody":"中国工商银行股份有限公司","name":"融通蓝筹成长证券投资基金","shortName":"融通蓝筹成长混合(161605)","fundSecondLevel":"hybrid","__csrcFundId":167,"fundStatus":"normal","lastUpdated":"2026-05-01T06:40:46.665Z","masterFundFlag":1,"inceptionDate":"2003-09-29T16:00:00.000Z","fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通蓝筹成长混合","pinyin":"rtlcczzqtzjj","managers":[{"stockCode":"db20465017","stockType":"fund_manager","exchange":"fm","tickerId":719166050,"name":"关山"},{"stockCode":"j101019766","stockType":"fund_manager","exchange":"fm","tickerId":2319249710,"name":"吴书"}]},"announcement":{"linkText":"融通蓝筹成长证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1447519","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4877fea5b3eb054b9b5","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000161605,"sao":"回顾三季度，股市上涨显著。万得全A上涨19.46%，上证指数上涨12.73%，沪深300上涨17.9%，中证1000上涨19.17%；创业板表现相对更好，涨幅达50.4%。　　二季度消费板块表现亮眼，但三季度有所回落。主要原因是消费环境不佳、居民消费意愿一般，导致消费企业业绩增长放缓，这一趋势在之前表现较好的宠物、美护等新消费板块中均有体现。传统消费领域，如白酒等，受政策和宏观经济影响，需求持续疲软，股价表现低迷；即便有政策补贴的家电等行业，表现也乏善可陈。不过，消费板块中也有亮点，游戏行业表现突出，“一代人有一代人的茅台”，能够为消费者提供情绪价值的游戏企业值得重视。　　与之形成对比的是，科技板块表现活跃。AI领域的投资热情持续高涨，硬件需求不断超预期，国内相关企业业绩持续上修，当前估值仍处于合理水平。同时，硬件产业链多个环节将直接受益，从光模块到存储，AI相关的多个细分领域均反馈需求上行。AI应用端也在持续迭代，市场正等待现象级产品出现，AI教育、AI视频、AI游戏、AI玩具等方向均具备较高期待价值。　　当前国内经济仍处于调整期，市场对政策的期待进一步加强，尤其是对“十五五”规划，我们将保持高度关注。顺周期相关行业的基本面目前大多仍处于底部，但许多顺周期资产的估值已非常便宜，我们认为其已具备较好的投资价值。未来若经济实现复苏，这类资产的估值或将拥有较大修复空间。","lastUpdated":"2026-03-09T14:09:11.446Z","fund":{"_id":3000000161605,"stockCode":"161605","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2003-08-25T16:00:00.000Z","setUpScale":766073000,"market":"a","tickerId":161605,"custody":"中国工商银行股份有限公司","name":"融通蓝筹成长证券投资基金","shortName":"融通蓝筹成长混合(161605)","fundSecondLevel":"hybrid","__csrcFundId":167,"fundStatus":"normal","lastUpdated":"2026-05-01T06:40:46.665Z","masterFundFlag":1,"inceptionDate":"2003-09-29T16:00:00.000Z","fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通蓝筹成长混合","pinyin":"rtlcczzqtzjj","managers":[{"stockCode":"db20465017","stockType":"fund_manager","exchange":"fm","tickerId":719166050,"name":"关山"},{"stockCode":"j101019766","stockType":"fund_manager","exchange":"fm","tickerId":2319249710,"name":"吴书"}]},"announcement":{"linkText":"融通蓝筹成长证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1369428","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4877fea5b3eb054b9b4","date":"2025-06-29T16:00:00.000Z","stockId":3000000161605,"sao":"上证在2025年上半年上涨2.76%，万得全A上涨5.83%，其中沪深300仅上涨0.03%，中证1000上涨6.69%，成长风格表现相对更佳。　　今年上半年的行情结构分化。今年春节的消费市场表现平稳，市场对消费板块普遍谨慎，我们一季度主要聚焦于“政策补贴”受益的方向，如家电、汽车、两轮车等，同时在出口方向也进行了一定的布局，但在科技领域，特别是机器人上的配置偏少。　　二季度关税对A股造成了扰动，出口链遭受了较大冲击，因此我们对出口方向的配置进行优化，减少美国业务占比高的公司的配置比例，更聚焦于一带一路业务占比高的企业。随着一季报的披露，不少消费公司业绩超预期，展现出了较高的成长性，新消费就此走出一波上涨行情，我们从中选择了一些优质公司进行配置。而对于“政策补贴”的方向，虽然基本面数据仍然不错，但股价表现一般，主要是市场担心相关需求被透支，考虑到家电等相关行业在三季度将面临高基数，我们进行了减配。此外，国家在多个行业呼吁“反内卷”，我们加配了养殖板块。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:11.444Z","mo":"展望下半年，我们对市场行情保持乐观，因为随着国家各项政策的持续推出，宏观经济有望企稳回升。　　我们认为“反内卷”行业值得重视，当年煤炭钢铁的供给侧改革成效显著，如果这一轮“反内卷”的举措能够行之有效，那么相关行业也将很快迎来景气上行，养殖、光伏、快递等板块估值均处于低位，具有较好的值博率。　　消费依然是我们的关注重点。中国人口基数大，消费习惯具有多样性，虽然传统消费仍处于调整期，但许多新消费企业都展现了很好的成长性。随着00后步入社会，他们的消费需求有望催生出新的消费巨头，如潮玩、黄金珠宝、个护、宠物等多个领域，都有优质公司迎合了消费者的需求变化，从而率先获得强劲增长。因此，我们会积极寻找优秀的新消费公司进行投资。此外，传统消费的估值也具备了较好的吸引力，一旦它们能够实现业务成功转型，或者开发出第二增长曲线，那业绩和股价有望再度爆发，我们将保持关注。　　出海和科技也是我们持续关注的重点方向。中国制造的实力在世界范围内从“追赶者”逐渐变成了“领先者”，具有竞争优势的出海企业值得长期持有。科技领域的发展如火如荼，无论是AI还是机器人，都有望在未来改变世界，我们时刻保持关注。","fund":{"_id":3000000161605,"stockCode":"161605","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2003-08-25T16:00:00.000Z","setUpScale":766073000,"market":"a","tickerId":161605,"custody":"中国工商银行股份有限公司","name":"融通蓝筹成长证券投资基金","shortName":"融通蓝筹成长混合(161605)","fundSecondLevel":"hybrid","__csrcFundId":167,"fundStatus":"normal","lastUpdat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    2022年本基金贡献收益的个股主要集中在半导体材料和高端医疗器械这两个方向。国产半导体材料产业链尚处于早期，随着整体国产化率的提升，未来仍有很大成长空间。高端医疗器械也是国产化替代的逻辑，随着国内科技技术和人民生活水平的不断提高，消费者关注力逐渐聚焦于高端医疗服务，相关产业链上市公司都有较大的投资机会。    展望 2023 年，我们判断市场估值处于较低水平，希望能通过精选个股为持有人持续创造收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:11.414Z","mo":"我们对2023年宏观经济整体持乐观态度，随着居民社会生活回归正常化，整体社会的经济活动逐渐回归到正常状态，经济增速也会出现明显提升。  从证券市场看，利多和利空的因素交织。利多的因素包括社会经济修复，市场处于估值低位和政策催化等等。但同时也需要看到一些扰动因素，其中包括房地产的中长期见顶，美联储加息的节奏，地缘政治的不确定性等等，这些都会导致A股处于颠簸的过程中。  展望2023年，我们认为机会大于风险，但没有大的整体趋势性行情，更多是结构性机会。大盘价值在经历了第一波的估值修复后，在缺乏更多经济数据验证之前，难以进一步估值扩张。从这个角度看，我们认为成长将会优于价值。本轮科技行情围绕AI人工智能这个主题展开。基于AI的科技行情将会呈现多点迸发的特征，而这种内部轮动也会强化本轮科技行情的持续性。","fund":{"_id":3000000161605,"stockCode":"161605","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2003-08-25T16:00:00.000Z","setUpScale":766073000,"market":"a","tickerId":161605,"custody":"中国工商银行股份有限公司","name":"融通蓝筹成长证券投资基金","shortName":"融通蓝筹成长混合(161605)","fundSecondLevel":"hybrid","__csrcFundId":167,"fundStatus":"normal","lastUpdated":"2026-05-01T06:40:46.665Z","masterFundFlag":1,"inceptionDate":"2003-09-29T16:00:00.000Z","fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通蓝筹成长混合","pinyin":"rtlcczzqtzjj","managers":[{"stockCode":"db20465017","stockType":"fund_manager","exchange":"fm","tickerId":719166050,"name":"关山"},{"stockCode":"j101019766","stockType":"fund_manager","exchange":"fm","tickerId":2319249710,"name":"吴书"}]},"announcement":{"linkText":"融通蓝筹成长证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=865264","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4877fea5b3eb054b9a9","date":"2022-09-29T16:00:00.000Z","stockId":3000000161605,"sao":"三季度本基金整体反弹较好，收益主要集中在国产医疗器械、半导体材料和其他专精特新的相关公司，整体配置相较二季度变动不大。  从市场看，三季度A股整体亮点乏善可陈，有限的资金聚焦在少数板块，我们判断后续机会仍然是结构性机会为主。投资方向围绕中报落地后的景气向上的细分板块展开。相较于宏观，中观微观才是行情的主要矛盾。但目前热门赛道如风光储车整体热度很高，估值和股价都处在相对高位，投资的性价比不高。寻找不在主赛道上的细分公司是目前的思路。比如碳纤维整体热度不高，但是展望明年，原材料价格下行叠加需求放量，盈利确定性较强。  展望四季度，本基金将维持科技和高端制造方向配置不变，争取为投资者带来超额的收益。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:11.411Z","fund":{"_id":3000000161605,"stockCode":"161605","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2003-08-25T16:00:00.000Z","setUpScale":766073000,"market":"a","tickerId":161605,"custody":"中国工商银行股份有限公司","name":"融通蓝筹成长证券投资基金","shortName":"融通蓝筹成长混合(161605)","fundSecondLevel":"hybrid","__csrcFundId":167,"fundStatus":"normal","lastUpdated":"2026-05-01T06:40:46.665Z","masterFundFlag":1,"inceptionDate":"2003-09-29T16:00:00.000Z","fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通蓝筹成长混合","pinyin":"rtlcczzqtzjj","managers":[{"stockCode":"db20465017","stockType":"fund_manager","exchange":"fm","tickerId":719166050,"name":"关山"},{"stockCode":"j101019766","stockType":"fund_manager","exchange":"fm","tickerId":2319249710,"name":"吴书"}]},"announcement":{"linkText":"融通蓝筹成长证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=802136","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4877fea5b3eb054b9a8","date":"2022-06-29T16:00:00.000Z","stockId":3000000161605,"sao":"2022年上半年本基金持仓主要集中在物联网，国产医疗器械，半导体材料和部分专精特新方向上，减持了部分消费电子和计算机相关公司。目前市场对于经济仍有较大的分歧，海外近期需求的走弱也会影响国内制造业整体的复苏，所以短期看，整体市场仍然面临不确定性。基于以上分析，我们判断市场以结构性机会为主。  目前科技板块除和新能源相关的方向外，其他方向整体都缺乏亮点。本基金持仓个股市值也在下沉，投资布局主要聚焦在和宏观弱相关的细分方向，比如FPGA，磁性材料和高端材料等等。  展望下半年，本基金将维持科技方向配置不变，争取为投资者带来超额的收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:11.408Z","mo":"本基金致力于自下而上挖掘优质公司。总体来看，经济在疫后的环比回升仍在半途，制造业景气度和战略性新兴产业景气度仍有较大概率重拾上行趋势。目前市场的贝塔反弹已经到平台期，后续市场关注点更多在确定性较高的细分方向。在经济偏弱的背景下，这类高增速的资产有望引来业绩和估值的双升。","fund":{"_id":3000000161605,"stockCode":"161605","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2003-08-25T16:00:00.000Z","setUpScale":766073000,"market":"a","tickerId":161605,"custody":"中国工商银行股份有限公司","name":"融通蓝筹成长证券投资基金","shortName":"融通蓝筹成长混合(161605)","fundSecondLevel":"hybrid","__csrcFundId":167,"fundStatus":"normal","lastUpdated":"2026-05-01T06:40:46.665Z","masterFundFlag":1,"inceptionDate":"2003-09-29T16:00:00.000Z","fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通蓝筹成长混合","pinyin":"rtlcczzqtzjj","managers":[{"stockCode":"db20465017","stockType":"fund_manager","exchange":"fm","tickerId":719166050,"name":"关山"},{"stockCode":"j101019766","stockType":"fund_manager","exchange":"fm","tickerId":2319249710,"name":"吴书"}]},"announcement":{"linkText":"融通蓝筹成长证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=777929","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4877fea5b3eb054b9a7","date":"2022-03-30T16:00:00.000Z","stockId":3000000161605,"sao":"回顾一季度，国内宏观经济面临来自外部国际环境和疫情的压力，A股整体跌幅较大，表现也弱于国际新兴市场和发达市场。在板块表现方面，受流动性影响和增长预期的分歧，成长股表现也是居后。本基金在成长风格的电子元器件，风电和军工细分方向配置较多，也面临了较大的调整压力。  展望二季度，实体经济有望在二季度迎来企稳，市场也大概率在企稳过程中引来风格的拐点。从节奏看，一季报的陆续披露会加强市场对绩优成长股的信心。目前中游制造的许多绩优成长股估值已经处在历史中低位，具备很高的投资性价比。","declarationDate":"2022-04-19T16:0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