window.pageData = {"stock":{"_id":3000000020038,"name":"鹏华品质甄选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"020038","tickerId":20038,"shortName":"鹏华品质甄选混合C","currency":"CNY","exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"inceptionDate":"2024-05-30T16:00:00.000Z","pinyin":"phpzzxhhxzqtzjj","fundCollectionId":4000050060000,"followedNum":0,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50060000","tickerId":50060000,"name":"鹏华基金管理有限公司"},"managers":[{"name":"张华恩","stockType":"fund_manager","stockCode":"db20126721","exchange":"fm","tickerId":260805201320}],"hotMetrics":{"fss":{"stockId":3000000020038,"type":"fss","last_data_date":"2025-06-29T16:00:00.000Z","f_ins_h_s_r":0,"f_ind_h_s_r":1,"f_h_a":159,"f_ind_h_s_r_c_hy":0,"f_ins_h_s_r_c_hy":0},"fpr":{"stockId":3000000020038,"type":"fpr","f_p_r_fys_ssc":8961,"f_p_r_fys_ssrp":0.14854910714285716,"f_p_r_m1_ssc":9320,"f_p_r_m1_ssrp":0.08745573559394784,"f_p_r_m3_ssc":9176,"f_p_r_m3_ssrp":0.21689373297002726,"f_p_r_m6_ssc":8945,"f_p_r_m6_ssrp":0.15004472271914132,"f_cagr_p_r_fs_ssc":9274,"f_cagr_p_r_fs_ssrp":0.08681117222042489,"f_p_r_y1_ssc":8435,"f_p_r_y1_ssrp":0.2682001422812426,"f_p_r_y2_ssc":7803,"f_p_r_y2_ssrp":0.3682389130992053},"fp":{"stockId":3000000020038,"type":"fp","f_p_r_d1":0.0027722772277227747,"f_cagr_p_r_fs":0.2678921975621902,"f_p_r_m1":0.22506164537099327,"f_p_r_m3":0.3577639751552799,"f_p_r_m6":0.4783588818755642,"f_p_r_fys":0.492082271568985,"last_data_date":"2026-06-29T16:00:00.000Z","f_p_r_y1":0.6094041425346044,"f_p_r_y2":0.6413054359795771,"f_i_d":"2024-05-30T16:00:00.000Z"},"ff":{"stockId":3000000020038,"type":"ff","f_m_f_r":0.012,"f_c_f_r":0.002,"f_m_a_c_f_r":0.014,"f_m_c_f_d":"2024-06-27T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2026-04-07T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000020038,"type":"f_nlacan","f_nv_d":"2026-06-29T16:00:00.000Z","f_nv":1.6395,"f_nv_cr":0.011662347278785568},"f_as":{"stockId":3000000020038,"type":"f_as","f_tas":2394602.5572,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000020037,"__csrcFundId":13878,"stockCode":"020037","masterFundShortName":"鹏华品质甄选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20037,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:36:26.713Z","status":"normal","exchange":"jj","shortName":"鹏华品质甄选混合(020037)","name":"鹏华品质甄选混合型证券投资基金","fundCollectionId":4000050060000,"pinyin":"phpzzxhhxzqtzjj","setUpAssetScale":70178931.74,"setUpDate":"2024-05-27T16:00:00.000Z","setUpShares":70178931.74,"inceptionDate":"2024-05-30T16:00:00.000Z","followedNum":0}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000020037,"stockId":300432,"holdings":30300,"marketCap":699930,"netValueRatio":0.0677,"quarterlyChange":0.38323353293413187,"stock":{"stockCode":"300432","exchange":"sz","stockType":"company","tickerId":300432,"name":"富临精工"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000020037,"stockId":300666,"holdings":3900,"marketCap":542958,"netValueRatio":0.0525,"quarterlyChange":0.5132608695652179,"stock":{"stockCode":"300666","exchange":"sz","stockType":"company","tickerId":300666,"name":"江丰电子"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000020037,"stockId":2294,"holdings":8500,"marketCap":521135,"netValueRatio":0.0504,"quarterlyChange":0.23733602421796118,"stock":{"stockCode":"002294","exchange":"sz","stockType":"company","tickerId":2294,"name":"信立泰"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000020037,"stockId":1000000000001177,"holdings":94000,"marketCap":488854,"netValueRatio":0.0473,"quarterlyChange":-0.04692556634304246,"stock":{"stockCode":"01177","exchange":"hk","stockType":"company","tickerId":1177,"name":"中国生物制药"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000020037,"stockId":688506,"holdings":1570,"marketCap":436460,"netValueRatio":0.0422,"quarterlyChange":-0.13958526771897228,"stock":{"name":"百利天恒","exchange":"sh","stockType":"company","stockCode":"688506","tickerId":688506}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000020037,"stockId":300257,"holdings":15100,"marketCap":422347,"netValueRatio":0.0408,"quarterlyChange":0.9907473309608537,"stock":{"stockCode":"300257","exchange":"sz","stockType":"company","tickerId":300257,"name":"开山股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000020037,"stockId":605117,"holdings":3200,"marketCap":420672,"netValueRatio":0.0407,"quarterlyChange":0.5250580046403721,"stock":{"stockCode":"605117","tickerId":605117,"exchange":"sh","stockType":"company","name":"德业股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000020037,"stockId":300037,"holdings":7200,"marketCap":405504,"netValueRatio":0.0392,"quarterlyChange":0.07480916030534268,"stock":{"stockCode":"300037","exchange":"sz","stockType":"company","tickerId":300037,"name":"新宙邦"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000020037,"stockId":1000000000002315,"holdings":8000,"marketCap":390970,"netValueRatio":0.0378,"quarterlyChange":0.5679886685552415,"stock":{"exchange":"hk","stockType":"company","stockCode":"02315","tickerId":2315,"name":"百奥赛图-B"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000020037,"stockId":688,"holdings":8500,"marketCap":330395,"netValueRatio":0.0319,"quarterlyChange":0.3982014388489197,"stock":{"stockCode":"000688","exchange":"sz","stockType":"company","tickerId":688,"name":"国城矿业"}}]},"list":[{"_id":"69e7d58f6201787ae129f48f","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","stockId":3000000020037,"sao":"2026年一季度，权益市场在外部环境扰动和内部上涨动能的消化中进入震荡期。从内部动能看，经历25年下半年凌厉的上涨趋势后，部分行业和公司的估值体系需要进入从美好预期到现实兑现的验证期，这一阶段的波动天然就会放大。从外部扰动看，年初的“AI恐惧”交易和2月底开始的中东冲突，对全球资产的定价体系带来显著冲击，这一冲击甚至将超越短期，继而在中长期带来重要影响。但每一次快速变化的外部环境，都是对产业和公司韧性和竞争优势的重要检验窗口，这一轮也不例外。在AI需求外溢的变化中，我们看到部分传统行业的龙头公司依靠过往技术积累和显著的竞争优势，开始抓住契机进入新一轮的成长周期。在中东冲突中，海外本身就脆弱的供应体系可能会遭受新一轮的致命冲击，一旦海外以油化等代表的供应链进一步退出市场，国内先进产能的优势将更加明显。尤其是国内以新能源代表的优质供应链有望在本轮冲突中迎来新一轮的机遇期，未来几年海外如欧洲等国家，大概率会重走国内前几年能源战略转型的道路，而他们的能源转型战略中注定少不了中国供应链的身影。  组合操作上，我们针对外部变化对组合持仓进行了一定调整，尤其是对一些中长期的产业方向进一步加大了布局。看好方向上：一是部分底部出清已经持续2-3年的新能源锂电材料，工程机械，化工、建材等细分领域等，并重点关注因为AI挤占和外部冲突导致供需加速反转的环节。二是在消费医药出海中，2026年一季度创新药BD出海已经接近2025年的一半，创新药本轮的出海浪潮我们判断仍然是中线趋势，在经过大半年的调整后，一些创新药核心资产的价值已经非常突出。三是科技行业中产业趋势的新变化，尤其是PCB、半导体等领域上游的材料环节，以及向传统行业的渗透机会。","lastUpdated":"2026-04-21T19:52:47.592Z","fund":{"_id":3000000020037,"__csrcFundId":13878,"stockCode":"020037","masterFundShortName":"鹏华品质甄选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20037,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:36:26.713Z","status":"normal","exchange":"jj","shortName":"鹏华品质甄选混合(020037)","name":"鹏华品质甄选混合型证券投资基金","fundCollectionId":4000050060000,"pinyin":"phpzzxhhxzqtzjj","setUpAssetScale":70178931.74,"setUpDate":"2024-05-27T16:00:00.000Z","setUpShares":70178931.74,"inceptionDate":"2024-05-30T16:00:00.000Z","followedNum":0,"managers":[{"stockCode":"db20126721","stockType":"fund_manager","exchange":"fm","tickerId":260805201320,"name":"张华恩"}]},"announcement":{"linkText":"鹏华品质甄选混合型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1471973","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed33c7fea5b3eb0539ff8","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-20T16:00:00.000Z","stockId":3000000020037,"sao":"回顾4季度，宏观层面依旧处于磨底状态，但在量和价的平衡中，随着反内卷和部分行业的自我约束，我们看到部分行业未来2-3年的新增产能正逐步进入显著收敛状态，量价平衡的天平也正在酝酿新的变化。产业层面，科技仍然是市场的核心牵引，同时具备全球竞争优势的制造、消费、医药龙头公司仍然持续展现在出海方面的强大竞争力。权益市场表现上，4季度整体维持盘整态势，流动性和风险偏好持续维持在较高水平。部分主题代表的产业趋势确实存在0到1的变化，但相关上市公司在产业中的参与度和对应的价值增量非常模糊，也很难在市值空间上进行相应的匹配。除了25年涨幅靠前的科技、有色外，以锂电材料中上游、化工、机械等部分底部行业也开始走出上行趋势。  组合操作上，我们判断目前市场仍然处在牛市氛围中，目前看以AI链、创新药、机器人代表的高科技方向，虽然局部领域存在估值高估现象，但从产业逻辑的演绎节奏的看，离显著的泡沫化都还存在一定距离。与此同时，一些资本开支进入中后期的中上游制造业，随着供给格局的优化，底部企稳的迹象也更加清晰，部分环节从25Q3开始已经摆脱了过去3年以来的持续下降趋势，并且股价和估值都还处在相对较低水平，随着基本面和流动性的演绎，未来都存在一定的估值修复空间。因此，整体组合操作我们仍将维持积极心态，在估值容忍度和空间的想象力上相对乐观的同时，更加关注具备新产业趋势和反转拐点的细分环节。看好方向上，一是消费、医药和部分制造业龙头公司的出海，长期来看出海仍是破除内卷最好的方向；二是供给优化、呈现底部出清特征的锂电材料，工程机械、保险、化工子细分领域等；三是科技行业中产业趋势的新变化，包括像算力链上游，以及可能的下游应用突破等。","lastUpdated":"2026-03-09T14:03:40.313Z","fund":{"_id":3000000020037,"__csrcFundId":13878,"stockCode":"020037","masterFundShortName":"鹏华品质甄选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20037,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:36:26.713Z","status":"normal","exchange":"jj","shortName":"鹏华品质甄选混合(020037)","name":"鹏华品质甄选混合型证券投资基金","fundCollectionId":4000050060000,"pinyin":"phpzzxhhxzqtzjj","setUpAssetScale":70178931.74,"setUpDate":"2024-05-27T16:00:00.000Z","setUpShares":70178931.74,"inceptionDate":"2024-05-30T16:00:00.000Z","followedNum":0,"managers":[{"stockCode":"db20126721","stockType":"fund_manager","exchange":"fm","tickerId":260805201320,"name":"张华恩"}]},"announcement":{"linkText":"鹏华品质甄选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=1452959","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed33c7fea5b3eb0539ff7","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000020037,"sao":"回顾3季度市场表现，在2季度相对温和的背景下，7月份开始进入加速状态，随着两市整体成交金额持续维持在2万亿以上，市场节奏已经进入了新的阶段，在赚钱效应的示范下，增量资金入场趋势开始有所体现。虽然当前部分资产的估值水平已不再显著低估，但从全社会资产整体的回报水平对比看，多数权益资产仍具备一定的投资吸引力。宏观基本面来看，总量依然表现平平，但在经济转型的方向上，国内庞大的工程师红利和过往的创新积累，正逐步将我们的产业竞争优势从传统制造业向先进制造、科技、创新药等更高端的领域迁移，这些方向也在目前的市场氛围中呈现出更强的进攻属性。与此同时，传统行业多数公司股价和估值都还处在相对较低水平，未来随着基本面和流动性的演绎，其中的优质公司同样存在估值修复的空间。  在3季度的组合操作上，一方面是我们此前持续看好的出海方向，包括像工程机械、创新药、部分消费品等，这些方向中的头部公司在业绩兑现和远期的成长空间上，均具备较大确定性和赔率，因此组合仍然保留了大部分配置；二是在科技方向中，以AI代表的需求扩张正加速向产业链上游延伸，并带来部分传统领域的产品技术升级，包括PCB上游的CCL，AI端侧硬件等领域，3季度我们增加了这些领域的配置；三是部分存在供需变化的行业如化工、锂电材料等，未来几个季度出现盈利拐点的概率正逐步提升，部分优秀公司已经率先走出谷底，组合也适度增加了部分持仓。","lastUpdated":"2026-03-09T14:03:40.310Z","fund":{"_id":3000000020037,"__csrcFundId":13878,"stockCode":"020037","masterFundShortName":"鹏华品质甄选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20037,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:36:26.713Z","status":"normal","exchange":"jj","shortName":"鹏华品质甄选混合(020037)","name":"鹏华品质甄选混合型证券投资基金","fundCollectionId":4000050060000,"pinyin":"phpzzxhhxzqtzjj","setUpAssetScale":70178931.74,"setUpDate":"2024-05-27T16:00:00.000Z","setUpShares":70178931.74,"inceptionDate":"2024-05-30T16:00:00.000Z","followedNum":0,"managers":[{"stockCode":"db20126721","stockType":"fund_manager","exchange":"fm","tickerId":260805201320,"name":"张华恩"}]},"announcement":{"linkText":"鹏华品质甄选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=1372452","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed33c7fea5b3eb0539ff6","date":"2025-06-29T16:00:00.000Z","stockId":3000000020037,"sao":"回顾25年上半年，宏观经济总量仍然是也无风雨也无晴的平稳态势，核心矛盾点主要聚焦在“地产VS非地产”、“量VS价”这两个层面。一方面，地产及相关产业在经历了3-4年的持续调整后，正步入平稳状态，虽然短期仍存在对经济增长的拖累、对居民财富效应的负反馈，但尾部风险已显著降低；另一方面，在经济转型的方向上，国内庞大的工程师红利和过往的创新积累，正逐步将我们的产业竞争优势从传统制造业向先进制造、科技、创新药等更高端的领域迁移，以DeepSeek为代表，中国式的降本增效从制造业杀进了科技行业，创新药领域也在25年上半年迎来了海外授权的开花结果。产业升级突破的同时，部分产品对应的市场空间也从国内进一步走向海外，进而去获取更高的超额利润。在量和价的平衡中，上一轮周期的过度投资是过去2-3年以PPI代表的价格指数持续低迷的根源，经过2-3年的自发调整，我们看到部分行业未来2-3年的新增产能正逐步进入显著收敛状态，叠加当前的“反内卷”政策推进，量价平衡的天平可能正酝酿新的变局。  组合操作上，上半年我们延续了24年底和1季报的思路：一是持续深挖“出海”。在国内宏观总量缺乏显著增量的背景下，我们认为企业走出去不仅是短期的妥协，更是中长期战略方向的延伸。过去两年，我们先后在电力设备、工程机械、部分消费品等出海方向上已经有所布局，目前来看，这些方向的出海依然存在较大成长空间，因此组合中仍然保留了部分持仓。与此同时，更多行业的出海正如燎原之势不断加速，包括上半年创新药持续创纪录的海外BD授权、新消费的海外趋势等，综合行业属性、海外运营能力、业绩兑现节奏等维度，组合对相关标的进一步实现了优化，上半年重点增加了部分创新药和消费品相关的出海公司。二是对于部分估值具备显著吸引力，且供需两端呈现积极变化行业重点增加了布局，包括工程机械、军工、保险等，随着中长期积极因素的呈现，这些行业存在盈利和估值体系共振修复的可能。三是组合适度增加了部分港股配置，我们认为目前港股一些优秀的互联网和制造业龙头，当前仍具备较高性价比，因此组合在上半年适度增加了部分持仓。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:40.301Z","mo":"往后看，随着地产尾部风险的逐步释放，反内卷政策的持续推进，未来1-2年经济在“量价平衡”中逐步摆脱通缩状态的可能性正在逐步提升。对于权益资产，回报率向长期中枢水平的回归已经开始，虽然当前部分资产的估值水平已经不再显著低估，但从全社会资产整体的回报水平对比看，性价比仍然处于相对有吸引力的位置。在投资应对上，我们将沿着重点看好的方向，继续深挖具备显著竞争优势、未来盈利中枢有望持续创新高的公司来进行布局。","fund":{"_id":3000000020037,"__csrcFundId":13878,"stockCode":"020037","masterFundShortName":"鹏华品质甄选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20037,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:36:26.713Z","status":"normal","exchange":"jj","shortName":"鹏华品质甄选混合(020037)","name":"鹏华品质甄选混合型证券投资基金","fundCollectionId":4000050060000,"pinyin":"phpzzxhhxzqtzjj","setUpAssetScale":70178931.74,"setUpDate":"2024-05-27T16:00:00.000Z","setUpShares":70178931.74,"inceptionDate":"2024-05-30T16:00:00.000Z","followedNum":0,"managers":[{"stockCode":"db20126721","stockType":"fund_manager","exchange":"fm","tickerId":260805201320,"name":"张华恩"}]},"announcement":{"linkText":"鹏华品质甄选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=1339886","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed33c7fea5b3eb0539ff5","date":"2025-03-30T16:00:00.000Z","stockId":3000000020037,"sao":"开年以来，国内宏观层面延续筑底的平稳态势，产业层面的积极因素开始更多的呈现出来。以DeepSeek为代表的中国企业，以极具性价比的方法和良好的落地效果，让中国式的降本增效从制造业杀进了科技行业，让全世界对中国在科技领域的强大竞争力有了不一样的认知。与此同时，在传统行业领域，我们也看到包括像工程机械、重卡、电解铝、部分化工品等行业，经过3-4年的持续出清之后，逐步开始呈现出强大的底部韧性，部分环节已经处于供需平衡的微妙拐点。但对外方面，尤其是与美国的贸易冲突仍然构成了全年宏观和市场的重大不确定性因素，并在4月初以来开始大幅冲击市场。  从组合操作方面，组合持仓继续聚焦在“大消费+泛制造”领域。1季度适度降低了部分传统行业中估值相对合理的低赔率品种，同时增加了部分产业趋势明确的先进制造、消费品和医药，以及港股互联网。当下部分科技方向的变化已经从主题阶段快速进入到可跟踪、可验证的产业落地阶段，尤其是在智能驾驶、国产算力应用落地等领域，一些在产业链中率先走出来的环节正逐步趋于明朗。在传统行业领域，原有持仓的制造业出海、工程机械、化工等行业，周期性触底和结构性变化带来的新一轮盈利向上周期正逐步展开。在大消费方向，部分核心资产新的成长逻辑开始有所展现，我们适度加大了部分新消费方向的投资配置。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:40.298Z","fund":{"_id":3000000020037,"__csrcFundId":13878,"stockCode":"020037","masterFundShortName":"鹏华品质甄选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20037,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:36:26.713Z","status":"normal","exchange":"jj","shortName":"鹏华品质甄选混合(020037)","name":"鹏华品质甄选混合型证券投资基金","fundCollectionId":4000050060000,"pinyin":"phpzzxhhxzqtzjj","setUpAssetScale":70178931.74,"setUpDate":"2024-05-27T16:00:00.000Z","setUpShares":70178931.74,"inceptionDate":"2024-05-30T16:00:00.000Z","followedNum":0,"managers":[{"stockCode":"db20126721","stockType":"fund_manager","exchange":"fm","tickerId":260805201320,"name":"张华恩"}]},"announcement":{"linkText":"鹏华品质甄选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=1269564","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed33c7fea5b3eb0539ff4","date":"2024-12-30T16:00:00.000Z","stockId":3000000020037,"sao":"回顾2024年的权益市场，年初中小市值公司大范围下跌遭遇料峭春寒，2-3季度市场对政策和经济基本面预期降至冰点，而在924会议之后，一切开始峰回路转，市场进入极度亢奋的状态，迅速从胜率思维切换成高风险偏好的赔率思维。924之前和之后完全是两种市场生态，且截然不同的定价范式。也得益于最后一个季度的市场大涨，权益资产整体回报率终于摆脱了过去3年的惨淡，重新回到了正回报区间。  鹏华品质甄选是我们在24年5月的新发产品，产品封闭期过后，我们前期一直秉承着先做出安全垫，然后再大仓位去获取更大收益的建仓思路。但相对保守的仓位策略也给我们在924市场剧烈变动中带来了极大压力，在仅有的2-3个交易日当中，我们未能及时在仓位上达到相匹配的合理水平，致使在4季度的反弹当中大幅落后，未能给持有人带来良好的投资体验。截止24年底，品质甄选已经进入常态化运作状态，我们也将竭尽全力去做好未来的组合管理。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:40.295Z","mo":"展望2025年，权益市场在经历了2024年的峰回路转之后，我们相信2025年权益资产的回报有望继续朝着长期向上曲线的水平靠拢。虽然在经历24年4季度指数驱动的行情后，大部分个股的估值水平已经不再显著低估，但从全社会资产整体的回报水平对比看，权益资产的性价比仍然处于有吸引力的位置。而且，当前全社会最具竞争力的企业，以及部分显著高于社会平均回报水平的资产，在权益市场仍然处于合理且偏低的估值水平，我们相信合理定价的回归仍将持续相当长的一段时间。在投资机会方面，2025年我们重点关注以下几个方向：一是在产业端能够真正形成台阶式跃升的机会，包括像先进制造、科技代表的新技术方向；二是以消费、医药代表的核心资产当下估值普遍回归合理后，能够在增长逻辑上讲出新的成长叙事，或者在股东回报上具备显著吸引力的机会；三是一些有望在25年见到拐点的行业，成本优势显著的龙头公司将出现更好的左侧布局机会。","fund":{"_id":3000000020037,"__csrcFundId":13878,"stockCode":"020037","masterFundShortName":"鹏华品质甄选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20037,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:36:26.713Z","status":"normal","exchange":"jj","shortName":"鹏华品质甄选混合(020037)","name":"鹏华品质甄选混合型证券投资基金","fundCollectionId":4000050060000,"pinyin":"phpzzxhhxzqtzjj","setUpAssetScale":70178931.74,"setUpDate":"2024-05-27T16:00:00.000Z","setUpShares":70178931.74,"inceptionDate":"2024-05-30T16:00:00.000Z","followedNum":0,"managers":[{"stockCode":"db20126721","stockType":"fund_manager","exchange":"fm","tickerId":260805201320,"name":"张华恩"}]},"announcement":{"linkText":"鹏华品质甄选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=1249621","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed33c7fea5b3eb0539ff3","date":"2024-09-29T16:00:00.000Z","stockId":3000000020037,"sao":"回顾3季度，整体宏观经济延续筑底状态，反应在微观主体上，A股上市公司上半年整体业绩呈现小幅下滑趋势，基本面的压力在各个层面均有所体现。政策层面，随着9月底金融部门会议和政治局会议的召开，我们看到政策变化的决心和力度均显著超预期，当下的政策变化基本上封住了国内资产价格和经济螺旋式下降的下限，这对于扭转前期极低的市场预期和风险偏好提供了非常好的支撑，国内资产价格将重新回归到常态化定价的合理状态。尤其是我们看到很多优秀的龙头公司过去几年基本面其实是在持续强化，但是估值水位仍处于历史较低水平，也显著低于海外同类型资产的估值，往后看，在市场恢复常态化之后，整体估值水平仍存在一定的修复空间。组合操作上，目前基金仍处于建仓期，我们希望能够以绝对收益的思维逐步累积安全垫，后续将根据市场环境变化，实现仓位的稳步提升。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:40.292Z","fund":{"_id":3000000020037,"__csrcFundId":13878,"stockCode":"020037","masterFundShortName":"鹏华品质甄选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20037,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:36:26.713Z","status":"normal","exchange":"jj","shortName":"鹏华品质甄选混合(020037)","name":"鹏华品质甄选混合型证券投资基金","fundCollectionId":4000050060000,"pinyin":"phpzzxhhxzqtzjj","setUpAssetScale":70178931.74,"setUpDate":"2024-05-27T16:00:00.000Z","setUpShares":70178931.74,"inceptionDate":"2024-05-30T16:00:00.000Z","followedNum":0,"managers":[{"stockCode":"db20126721","stockType":"fund_manager","exchange":"fm","tickerId":260805201320,"name":"张华恩"}]},"announcement":{"linkText":"鹏华品质甄选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.do?instanceid=1171678","linkType":"PDF","source":"csrc_pdf"}}]}