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海外方面美国开启第一次降息50bp，国内方面国家推出比较大力度的稳增长政策，并对市场关切问题做出了很好的答复，推出了很多稳定和发展经济的举措，以及稳定和发展金融市场的举措。从行业和公司维度，可以看到有些行业和公司逐渐摆脱宏观因素的影响，维持业绩持续增长，另外估值也回落到了相对价值的位置，开始具备较好的中长期投资价值。在股市钟摆偏离到了极端位置之后，以及国内外宏观政策环境转变之后，市场大幅反弹。9月24号以来，国家的宏观经济政策明显转向，政府关注宏观经济阶段性主要矛盾，提出稳股市稳房市，提高居民收入和扩大国内需求等政策，并快速实施落地很多实际政策，对宏观经济有一定支撑作用，宏观经济数据环比有所改善，明显提振市场信心，另一方面国债利率大幅下行，在宏观经济预期稳定后，长期有利于权益市场估值水平提升。本基金在建仓期，根据宏观、行业和个股变化进行调整，逐渐建仓，本报告期基本完成组合构建。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:57.113Z","mo":"基于中国宏观经济结构和宏观经济增长驱动力出现比较大变化，以及逐渐迎来政策、信心、基本面的拐点，对宏观经济和股票市场未来两三年预期乐观。目前国内外宏观环境情况，预计中国宏观经济快速下行阶段已经过去，处于周期底部，而且目前市场对中国宏观经济预期极度悲观，估值也处于历史底部，中国权益资产的估值在全球范围内处于低位，具备比较好的中长期投资机会。　　中长期比较看好两方面机会，新兴行业的快速成长的优质公司和成熟行业的稳健增长龙头公司。1）新兴行业快速成长的优质公司方面：历史上智能手机和移动互联网，以及新能源曾经带来非常大的产业趋势投资机会。随着 AI 技术实现跨越式突破，将类似智能终端和互联网这些平台型技术，实现很大的效率提升，带来更大的产业趋势投资机会，而且目前还处于比较早期的阶段，随着 AI大模型不断迭代和完善，云端和终端（AI PC、AI手机、智能汽车、人形机器人等等）加载 AI大模型，未来的投资机会会不断涌现；2）成熟行业的稳健增长龙头公司方面：宏观经济快速下行的阶段已经过去，随着中国政府稳增长的政策持续推出，有助于宏观经济早点筑底，而且龙头企业具有领先宏观经济实现基本面拐点的能力，目前成熟行业的稳健增长龙头公司股价和估值在低位，具有比较好的稳健投资机会。","fund":{"_id":3000000020265,"__csrcFundId":14004,"stockCode":"020265","masterFundShortName":"长城产业优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20265,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"长城产业优选混合(020265)","lastUpdated":"2026-05-01T02:43:27.180Z","name":"长城产业优选混合型证券投资基金","fundCollectionId":4000050150000,"pinyin":"cccyyxhhxzqtzjj","setUpAssetScale":34738665.49,"setUpDate":"2024-07-22T16:00:00.000Z","setUpShares":34738665.49,"inceptionDate":"2024-07-25T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"db20394695","stockType":"fund_manager","exchange":"fm","tickerId":31204156130,"name":"陈良栋"},{"stockCode":"db20890927","stockType":"fund_manager","exchange":"fm","tickerId":252323226230,"name":"杨维维"}]},"announcement":{"linkText":"长城产业优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=1256954","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed34d7fea5b3eb053af89","date":"2024-09-29T16:00:00.000Z","stockId":3000000020265,"sao":"三季度国内宏观经济数据继续走弱，市场希望国家通过强有力的稳增长政策来托底宏观经济，但是国家稳增长政策一直保持相对克制，市场持续下跌，A股市场成交量持续萎缩，市场预期极度悲观，股价和估值到了历史相对底部位置。9月下旬国内外宏观政策环境出现向好边际变化，海外方面美国开启第一次降息50bp，国内方面国家推出比较大力度的稳增长政策，并对市场关切问题做出了很好的答复，推出了很多稳定和发展经济的举措，以及稳定和发展金融市场的举措。从行业和公司维度，可以看到有些行业和公司逐渐摆脱宏观因素的影响，维持业绩持续增长，另外估值也回落到了相对价值的位置，开始具备较好的中长期投资价值。在股市钟摆偏离到了极端位置之后，以及国内外宏观政策环境转变之后，市场大幅反弹。本基金在新基金建仓期，根据市场情况逐步建仓。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:57.110Z","fund":{"_id":3000000020265,"__csrcFundId":14004,"stockCode":"020265","masterFundShortName":"长城产业优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20265,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"长城产业优选混合(020265)","lastUpdated":"2026-05-01T02:43:27.180Z","name":"长城产业优选混合型证券投资基金","fundCollectionId":4000050150000,"pinyin":"cccyyxhhxzqtzjj","setUpAssetScale":34738665.49,"setUpDate":"2024-07-22T16:00:00.000Z","setUpShares":34738665.49,"inceptionDate":"2024-07-25T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"db20394695","stockType":"fund_manager","exchange":"fm","tickerId":31204156130,"name":"陈良栋"},{"stockCode":"db20890927","stockType":"fund_manager","exchange":"fm","tickerId":252323226230,"name":"杨维维"}]},"announcement":{"linkText":"长城产业优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=1171292","linkType":"PDF","source":"csrc_pdf"}}]}