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报告期内，我们组合配置进行了适度均衡，高低位的品种均有所配置，并把更多的关注放在行业格局演化和估值匹配上面。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:33.457Z","fund":{"_id":3000000020009,"stockCode":"020009","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-08-27T16:00:00.000Z","setUpScale":1248740000,"market":"a","tickerId":20009,"custody":"中国银行股份有限公司","name":"国泰金鹏蓝筹价值混合型证券投资基金","shortName":"国泰金鹏蓝筹价值混合(020009)","fundSecondLevel":"hybrid","__csrcFundId":80,"fundStatus":"normal","lastUpdated":"2026-05-01T02:35:28.375Z","masterFundFlag":1,"inceptionDate":"2006-09-28T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰金鹏蓝筹价值混合","pinyin":"gtjplcjzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20655426","stockType":"fund_manager","exchange":"fm","tickerId":819200090,"name":"胡松"}]},"announcement":{"linkText":"国泰金鹏蓝筹价值混合型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=657015","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3357fea5b3eb05398f9","date":"2021-06-29T16:00:00.000Z","stockId":3000000020009,"sao":"2021年上半年，在表现较好和较差的行业中，成长和周期均有分布，这和去年成长领涨，周期垫底的表现有所不同。但内在的驱动逻辑是类似的，估值水平和行业景气是主因。中信一级行业中，基础化工、钢铁和电力设备新能源的涨幅超过20%，国防军工、家电和非银金融的跌幅则超过10%。在组合管理中，我们继续贯彻自下而上的个股选择策略，寻找那些估值合理，景气向上的行业和个股纳入组合，具体布局了食品饮料、化工、银行、电力设备、机械和TMT等行业。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:33.454Z","mo":"我们对中国经济的长期前景有很强信心，短中期维度看，本轮经济恢复的顶点已经在3月出现，4-5月经济边际放缓，考虑到年内财政政策的后置保留，预计下半年经济继续呈现逐步放缓态势。结构来看，地产端增速前高后低，但韧性可能向上超预期。消费延续缓慢恢复，主要集中在线下消费。海外供需双双恢复，但供应链交货时间与库存还在较低位置，外需出口保持韧性。社融增速预计在未来继续下降，三季度末逐步企稳。短端利率预计保持平稳，长端利率区间震荡，进一步下行空间有限。从估值维度来看，万得全A股权风险溢价处于历史37%分位，股债比处于34%分位，性价比不如前些年突出，所以在这样的市场环境下，我们要更积极的做好结构调整，做好个股的筛选和组合的优化。组合配置层面，我们仍从估值水平和行业景气入手，偏周期的化工、钢铁；成长较好的半导体、新能源和军工；上半年受成本上升困扰，但竞争优势依然突出的制造业龙头等，都是我们重点考虑的方向。","fund":{"_id":3000000020009,"stockCode":"020009","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-08-27T16:00:00.000Z","setUpScale":1248740000,"market":"a","tickerId":20009,"custody":"中国银行股份有限公司","name":"国泰金鹏蓝筹价值混合型证券投资基金","shortName":"国泰金鹏蓝筹价值混合(020009)","fundSecondLevel":"hybrid","__csrcFundId":80,"fundStatus":"normal","lastUpdated":"2026-05-01T02:35:28.375Z","masterFundFlag":1,"inceptionDate":"2006-09-28T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰金鹏蓝筹价值混合","pinyin":"gtjplcjzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20655426","stockType":"fund_manager","exchange":"fm","tickerId":819200090,"name":"胡松"}]},"announcement":{"linkText":"国泰金鹏蓝筹价值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=633105","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3357fea5b3eb05398f8","stockId":3000000020009,"sao":"以春节为分水岭，一季度市场先扬后抑。分布在食品饮料、有色、化工、新能源车等行业的核心资产，虽然估值高企，在流动宽松的推动下，仍录得不错涨幅。直到春节后，受到相关国债利率快速变动影响，出现大幅回调，到低点的平均幅度接近30%，这类股票的下跌导致了市场指数的回调。而2020年以来滞涨的低估值或中小市值股票，如电力、钢铁、煤炭等行业录得较好相对收益。在组合管理中，由于组合中持有一些高估值资产，我们做了一定减持，增持了低估值资产，并适度降低了股票仓位。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:33.452Z","fund":{"_id":3000000020009,"stockCode":"020009","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-08-27T16:00:00.000Z","setUpScale":1248740000,"market":"a","tickerId":20009,"custody":"中国银行股份有限公司","name":"国泰金鹏蓝筹价值混合型证券投资基金","shortName":"国泰金鹏蓝筹价值混合(020009)","fundSecondLevel":"hybrid","__csrcFundId":80,"fundStatus":"normal","lastUpdated":"2026-05-01T02:35:28.375Z","masterFundFlag":1,"inceptionDate":"2006-09-28T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰金鹏蓝筹价值混合","pinyin":"gtjplcjzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20655426","stockType":"fund_manager","exchange":"fm","tickerId":819200090,"name":"胡松"}]},"announcement":{"linkText":"国泰金鹏蓝筹价值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=573132","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3357fea5b3eb05398f7","stockId":3000000020009,"sao":"2020年的A股市场，表观是整体震荡上行的态势，背后则是危机面前，全球各国政府社会全力应对，并取得差异化效果的反映。年初带着走出中美贸易战阴影的预期和经济上行的憧憬，A股本可以有较好表现，突如其来的疫情导致指数大幅的回调。出于对疫情的担忧，各国政府都释放出针对性的财政货币政策，但中国的疫情防控措施更有力，因此全年的疫情反复中，国内企业通过持续保持正常的生产作业，在全球因疫情导致大量产能退出时，承接了较多增量份额，盈利增长良好，加上宽松流动性的估值提升，A股市场收获较好涨幅。虽然市场的节奏完全超出之前预期，但结构上看，仍然是景气行业和优质企业占优，二八分化明显。行业增长迅速、企业优势突出、盈利增长前景好的白酒、家电、医药、新能源汽车和军工等行业个股有较好表现，尚未证明自己的一批中小市值企业、盈利模式不好或者景气下行的金融、地产和建筑等行业表现较差。在组合管理中，我们保持了股票仓位的稳定，积极自下而上精选个股，主要布局的行业有食品饮料、化工、银行、机械和TMT等。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:33.449Z","mo":"疫情逐渐得到控制是未来明确趋势，国内外经济将逐季回升。中国经济恢复的更好些，未来2个季度经济回升的主要驱动力是出口、服务业。基建增速预计维持平稳，地产增速已经处于顶部区域，但会保持韧性，2021年一季度出现回落。社融增速在2020年10月见顶，流动性拐点将进一步体现，未来社融增速大方向仍是向下，特别是在2021年1-2月没有提前批的地方政府一般债的额度下达。但是短期来看，永煤事件后央行货币政策阶段性放松，DR007回落到政策利率以下，资金面短期维持宽松。预计叠加春节前季节性的资金面宽松，春节前流动性短期仍会维持宽松。但是也需要注意到，这次是事件性冲击带来的临时宽松，政策“不急转弯”也不代表“不转弯”，因此仍需要在一季度密切注意政策的变化。估值维度来看，目前沪深300股息率/10年国债、全A股权风险溢价处于历史31%、12%分位，沪深300仍有一定的性价比，但是全A性价比较弱，历史数据来看向上的难度加大。拜登最后胜选，风险偏好提升有望助力A股阶段表现。同时，海外疫苗接种的推进，也会带来海外经济的进一步恢复。总体判断2021年一季度到春节后，市场流动性仍将保持宽松，国内外经济未来处于复苏阶段，对股票有利，但随着市场估值泡沫化程度提高，经济的持续复苏，以及欧美政治格局的稳定，政策收紧的可能性在增加。因此阶段维持当前的中高仓位，并对相关风险因素保持积极观察。在行业配置方面，除了现有配置较多的食品饮料、化工和TMT等行业外，积极关注军工、新能源车、医药等行业的机会。虽然对不同阶段的市场有对应的分析判断，长期而言我们对股票市场的前景是乐观的，优秀上市公司的盈利增长，可为股东持续创造价值，通过布局这些优秀公司构建的组合，回报潜力是可观的，我们将努力挖掘这类标的。","fund":{"_id":3000000020009,"stockCode":"020009","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-08-27T16:00:00.000Z","setUpScale":1248740000,"market":"a","tickerId":20009,"custody":"中国银行股份有限公司","name":"国泰金鹏蓝筹价值混合型证券投资基金","shortName":"国泰金鹏蓝筹价值混合(020009)","fundSecondLevel":"hybrid","__csrcFundId":80,"fundStatus":"normal","lastUpdated":"2026-05-01T02:35:28.375Z","masterFundFlag":1,"inceptionDate":"2006-09-28T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰金鹏蓝筹价值混合","pinyin":"gtjplcjzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20655426","stockType":"fund_manager","exchange":"fm","tickerId":819200090,"name":"胡松"}]},"announcement":{"linkText":"国泰金鹏蓝筹价值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=554817","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3357fea5b3eb05398f6","stockId":3000000020009,"sao":"三季度市场出现了一定程度的风格收敛。沪深300涨幅10.17%、上证50涨幅9.87%、创业板指涨幅5.60%、中证1000涨幅4.71%。我们认为主要有两条投资逻辑，一是社融与信贷增速高点渐近，二是经济复苏延续、部分产业环节甚至超出疫情前的预期。资本市场表现较好的几个方向，一是偏可选消费的休闲服务、汽车、食品饮料；二是景气度持续超预期的电气设备（光伏与新能源汽车）、国防军工；三是周期成长股，以化工、建筑材料、机械设备为代表。表现较为落后的，一方面是估值稍高的通信、计算机、医药；另一方面是前景展望缺乏亮点的商业贸易、农林牧渔、银行。二季度成长与价值之间的行情分化显著，我们相应做了两方面调整，一是在认识上重新思考了价值与成长的关系，完善既往投资框架，这会在中长期逐步影响我们的组合构建思路；二是在行动上开始减持部分持有时间较长（虽然未必体现为重仓股）、估值超出历史区间上沿的成长股。另外，结合自下而上调研了解到的企业经营情况的变化，优化了工程机械与白酒的持仓、减持了PCB。组合三季度净值涨幅12.39%，跑赢基准（020009BI.WI）的5.46%，略跑赢基金重仓指数（8841141.WI）的10.11%、QFII重仓指数（8841158.WI）的11.18%。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:33.446Z","fund":{"_id":3000000020009,"stockCode":"020009","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-08-27T16:00:00.000Z","setUpScale":1248740000,"market":"a","tickerId":20009,"custody":"中国银行股份有限公司","name":"国泰金鹏蓝筹价值混合型证券投资基金","shortName":"国泰金鹏蓝筹价值混合(020009)","fundSecondLevel":"hybrid","__csrcFundId":80,"fundStatus":"normal","lastUpdated":"2026-05-01T02:35:28.375Z","masterFundFlag":1,"inceptionDate":"2006-09-28T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰金鹏蓝筹价值混合","pinyin":"gtjplcjzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20655426","stockType":"fund_manager","exchange":"fm","tickerId":819200090,"name":"胡松"}]},"announcement":{"linkText":"国泰金鹏蓝筹价值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=492050","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3357fea5b3eb05398f5","stockId":3000000020009,"sao":"疫情可说是贯穿2020年金融市场的主线之一，一方面在爆发初期打压了市场风险偏好，另一方面对冲政策特别是宽松货币进一步强化了投资者对符合中期趋势的景气行业的重视，国内外均是如此，期间疫情国范围扩大、社会动荡、地缘政治冲突等都是次要矛盾。一季度主要是全球受到疫情初始冲击，先是中国，随后扩散到欧美。二季度资本市场在初始冲击过后进入risk-on模式。其原因，从总量上来看，主要源于各国为对冲疫情负面影响而密集出台扶助措施，包括宽松的货币政策与积极的财政政策，在实体经济复苏缓慢时，剩余流动性涌入金融市场。从结构上来看，全球经济体整体还处于2008年以来的后危机时代，社会割裂趋于严重，鲜有国家愿意主动选择痛苦的结构改革重新分配蛋糕，而是寄希望于科技创新做大蛋糕，因此结构上体现为科技股领涨，在A股由于贸易战扰动带来的避险需求，呈现出内需消费、TMT普涨的格局。相应，由于经济转型升级势在必然，代表传统经济的采掘、银行、交通运输、钢铁、房地产等大幅跑输。上半年结构分化显著，创业板指上涨35.6%、上证50下跌3.95%、沪深300上涨1.64%。我们在一季度高波动的市场环境中表现中上，但二季度操作过于保守，相对偏重价值，在新兴领域的持仓随着估值水位上升而逐步兑现收益，错过了相当部分属于机构的结构性机会。这种做法在显著的结构分化行情中阶段性地遇到业绩压力，我们将此视为对原有投资框架的压力测试并愿意尝试改进，中后期减持了pure alpha品种，开始从行业景气度的中观层面考虑组合搭配，增持了长期关注且有过持仓的原料药、光伏。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:33.442Z","mo":"站在当前时点，我们对A股中长期抱有乐观态度，原因一是中国在全球产业链中的地位持续提升，越来越多优质公司展现出国际级竞争力；二是国内政策工具箱比海外更为丰富，且此次危机应对过程中，决策层在之前夯实部分中长期基础后更有定力，更着眼于行稳致远的发展，有助于稳定投资者信心。当然，此间也有隐含风险：短期需观察全球受疫情冲击后需求受到的负面影响；从中期来看主要是逆全球化对各国经济体的冲击，特别是需要关注中国届时面临的国际环境。整体来说，我们认为在中长期看好A股的背景下，有助于投资者遴选优质公司。随着中国经济增长中枢逐步下移，新旧动能转换，内外环境趋于复杂，需要韧性与耐心。我们也以此来要求自己，踏实沉心，努力做到扎实研究、深刻理解。我们在下一阶段对大盘指数的判断是谨慎乐观，更注重结构性机会。重点关注方向：1）金融改革与开放，与中国实体经济在全球的地位相比，我国金融能力还相对偏弱，关注小微银行、金融IT；2）受益于逆周期政策的蓝筹龙头，如工程机械、地产；3）产业升级，初步具备世界级别竞争力或有望加速国产替代，如新能源汽车、消费电子、5G、光伏、原料药；4）享受人口红利或消费升级趋势、业绩增长确定性强、估值合理的行业，如品牌消费、游戏等；5）央企及国企改革推进受益的蓝筹。二季度延续了一季度成长跑赢价值的市场风格，且演绎得更为充分、分化更为显著，两者的估值差处于历史高位，关于风格切换的讨论也常见于市场交流中。我们并不做风格博弈，而是希望在深刻理解商业模式与公司的基础上，利用好中国仍处于中高速成长期、资本市场战略地位提升的历史机遇期，立足于中长期，寻找估值处于合理区间的优秀公司，不限成长与价值。作为倾向于价值风格的均衡型基金经理，组合在二季度的成长行情中表现平淡，期间净值涨幅19.55%，跑输基金重仓指数（8841141.WI）的23.33%、QFII重仓指数（8841158.WI）的24.86%。在此过程中，我们对既往投资框架有诸多反思，重新思考了价值与成长的关系，希望今后在成长性行业与个股上投入更多研究精力，风格更加平衡，尽量在控制回撤的同时为持有人创造更多回报。本基金将一如既往地恪守基金契约，在价值投资理念的指导下，勤勉尽责，保持积极心态，做好大类资产配置、行业轮动及个股选择，注重组合的流动性，争取在有效控制风险的情况下为投资者创造更多价值。","fund":{"_id":3000000020009,"stockCode":"020009","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-08-27T16:00:00.000Z","setUpScale":1248740000,"market":"a","tickerId":20009,"custody":"中国银行股份有限公司","name":"国泰金鹏蓝筹价值混合型证券投资基金","shortName":"国泰金鹏蓝筹价值混合(020009)","fundSecondLevel":"hybrid","__csrcFundId":80,"fundStatus":"normal","lastUpdated":"2026-05-01T02:35:28.375Z","masterFundFlag":1,"inceptionDate":"2006-09-28T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰金鹏蓝筹价值混合","pinyin":"gtjplcjzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20655426","stockType":"fund_manager","exchange":"fm","tickerId":819200090,"name":"胡松"}]},"announcement":{"linkText":"国泰金鹏蓝筹价值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=462650","linkType":"PDF","source":"csrc_pdf"}}]}