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现之外，其他与国内宏观经济关联度高的行业均表现较差。市场风险偏好和投资者信心何时恢复我们难以判断，但优质资产经历了数年的估值消化之后，不论是绝对估值水平，还是相对A股自身历史、股债比价、中外权益资产对比，目前A股市场都处于数年一遇的底部区域，对于投资期限较长的投资者来说，目前位置的A股性价比很高。因此，随着市场下跌、长期赔率的不断提高，我们会逐步增大组合的风险暴露，主动加大对长期空间较大、具备核心竞争力的优质龙头公司的配置比例。我们会重点关注开启创新周期的科技行业（如AIDC、AI应用、传媒、工业软件、机器人等）、周期底部的顺周期行业（如芯片、AI相关的端侧消费电子等）的投资机会，争取为各位投资者带来较好的投资回报。","fund":{"_id":3000000020075,"__csrcFundId":13680,"stockCode":"020075","masterFundShortName":"财通资管创新成长混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20075,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-08T23:14:38.556Z","status":"normal","exchange":"jj","shortName":"财通资管创新成长混合A","name":"财通资管创新成长混合型证券投资基金","fundCollectionId":4000051320000,"setUpAssetScale":641293892.08,"setUpDate":"2024-03-25T16:00:00.000Z","setUpShares":641293892.08,"inceptionDate":"2024-03-28T16:00:00.000Z","pinyin":"ctzgcxczhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20077089","stockType":"fund_manager","exchange":"fm","tickerId":22423214470,"name":"包斅文"},{"stockCode":"8801596368","stockType":"fund_manager","exchange":"fm","tickerId":1224181050,"name":"李响"}]},"announcement":{"linkText":"财通资管创新成长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=1252620","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed33f7fea5b3eb053a2ed","date":"2024-09-29T16:00:00.000Z","stockId":3000000020075,"sao":"2024年前三季度市场呈现两极分化的特点，年初微盘股流动性危机导致市场出现了明显调整，随后随着市场企稳，流动性恢复，市场逐步开始恢复，前8个月国内经济总体压力较大，因此与宏观经济相关性关联度不高的高分红、出口链表现较好，但进入9月24日随着央行在货币政策层面表述更加乐观，市场开始交易复苏逻辑，半导体、软件、传媒行情此起彼伏。整体来看科技相关的权益类资产在9月份还是呈现较为明显的群体行情。报告期内，本基金维持高仓位，聚焦数字经济优质赛道，板块配置主要偏向有并购潜力的国产替代相关的半导体和工业软件行业，另一方面是以自动驾驶为代表的AI产业链等，个股配置立足安全边际和业绩的确定度和兑现度。整体上组合以持有长期逻辑较好且估值合理的标的为主，择机对半导体设备材料、半导体模拟、国产算力、自动驾驶、工业软件、军工、机器人、低空经济等偏成长板块进行了逢低布局。 展望2024年四季度，从政策刺激到实体经济复苏存在一个时间差，产业政策以及流动性会逐步发酵。我们预计海外大选结束前后，国家对托底经济、高质量发展支持力度或还会有进一步发力。从经济结构来看，国家也重点强调要加大财政支出，新老基建的政策扶持或超市场预期。在财政刺激发力的背景下，国家在二季度也推出了科八条等鼓励硬科技发展的相关政策，政府投资加速、算力投资、智算中心建设有望为未来经济驱动添砖加瓦。同时我们认为并购重组的鼓励政策有望提升整体科技板块的估值。 对于2024年四季度A股市场，整体上我们依然认为会呈现经济弱复苏流动性充裕背景下的结构性上涨的特征。但需要警惕估值过高板块尤其海外景气度边际变弱带来的回撤风险，行业景气度边际改善、估值性价比是2024年四季度获得超额收益的关键。中期来看，依然看好数字经济相关板块。看四季度，TMT相关板块景气度有望持续，同时科技创新领域展望未来工业软件、半导体设备材料、半导体设计、智能制造、无人驾驶、军工、机器人创新不断，因此我们看好计算机软件、半导体、汽车、机械、军工等行业带来的投资机会。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:43.897Z","fund":{"_id":3000000020075,"__csrcFundId":13680,"stockCode":"020075","masterFundShortName":"财通资管创新成长混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20075,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-08T23:14:38.556Z","status":"normal","exchange":"jj","shortName":"财通资管创新成长混合A","name":"财通资管创新成长混合型证券投资基金","fundCollectionId":4000051320000,"setUpAssetScale":641293892.08,"setUpDate":"2024-03-25T16:00:00.000Z","setUpShares":641293892.08,"inceptionDate":"2024-03-28T16:00:00.000Z","pinyin":"ctzgcxczhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20077089","stockType":"fund_manager","exchange":"fm","tickerId":22423214470,"name":"包斅文"},{"stockCode":"8801596368","stockType":"fund_manager","exchange":"fm","tickerId":1224181050,"name":"李响"}]},"announcement":{"linkText":"财通资管创新成长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=1174845","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed33f7fea5b3eb053a2ec","date":"2024-06-29T16:00:00.000Z","stockId":3000000020075,"sao":"2024年上半年，TMT内部表现分化，AI外需占比较高、有美股映射逻辑的电子和通信跑赢沪深300指数，而内需为主的半导体、计算机、传媒指数表现整体跑输沪深300指数和上证50指数。从行业角度来看，2024年上半年高分红类的资产如银行、煤炭等今年表现好于赛道资产，风格分化较为显著。关于上半年风格较为分化的原因，我们认为一方面是国内经济复苏压力较大而海外经济复苏动力强，形成了内需与外需明显剪刀差，对内需风格主导的相关成长类风格的资产估值压制较为明显，另一方面国内经济刺激政策预期强而落地相对较少，投资者在不断下调经济复苏成色的预期下，增长稀缺性和增长确定性的资产在这轮调整中超额收益较为明显。24年初，市场运行较为复杂，本产品成立后，我们选择均衡布局科技成长类资产，估值性价比在我们的选股方法论中占有较高的权重，但今年国内外环境温差较大，内需下行持续时间远超我们预期，科技成长的估值去泡沫化的过程和幅度相对较大。但随着二季度悲观预期充分释放以及TMT估值泡沫挤压较为充分，我们提前布局的半导体等硬科技板块反弹较明显。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:43.894Z","mo":"在2024年下半年我们依然认为随着国家深化改革，结构性行情的特征依然会延续。我们认为寻找到下一个高景气度行业、下一个产业级别投资机会或是在市场上获取超额收益比较重要的因素。展望2024年下半年，我们认为作为管理人应当更加重视6月份以来国家出台的科八条等科创板相关的政策。随着下半年海外大选逐步清晰明朗，以内需为主的自主可控相关的产业链值得长期重视。随着国内科技的进步势必也会迎来海外更加激烈的科技竞争，科技领域一直是国家重点鼓励加杠杆的方向，因此相关产业基金的成立，从半导体设计、代工、封装、材料、软件等各个领域我们认为或都会迎来重要的投资机会。因此我们认为以科创板半导体产业链为代表的电子、软件等行业未来的景气度有望持续上行。未来，本基金会以这些方向作为重点研究对象，我们将从商业模式和技术竞争壁垒研究角度出发，用产业眼光去寻找优秀的企业并伴随伟大企业共同成长，以期为持有人获取长期超额回报。","fund":{"_id":3000000020075,"__csrcFundId":13680,"stockCode":"020075","masterFundShortName":"财通资管创新成长混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20075,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-08T23:14:38.556Z","status":"normal","exchange":"jj","shortName":"财通资管创新成长混合A","name":"财通资管创新成长混合型证券投资基金","fundCollectionId":4000051320000,"setUpAssetScale":641293892.08,"setUpDate":"2024-03-25T16:00:00.000Z","setUpShares":641293892.08,"inceptionDate":"2024-03-28T16:00:00.000Z","pinyin":"ctzgcxczhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20077089","stockType":"fund_manager","exchange":"fm","tickerId":22423214470,"name":"包斅文"},{"stockCode":"8801596368","stockType":"fund_manager","exchange":"fm","tickerId":1224181050,"name":"李响"}]},"announcement":{"linkText":"财通资管创新成长混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1148911","linkType":"PDF","source":"csrc_pdf"}}]}