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4O画图功能的出圈等，都是行业日新月异变化的缩影，当前扰动较多，控制好仓位的情况下，优选产业趋势。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:22.398Z","fund":{"_id":3000000020661,"__csrcFundId":13736,"stockCode":"020661","masterFundShortName":"中加科技创新混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20661,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:53:15.780Z","status":"normal","exchange":"jj","shortName":"中加科技创新混合发起式(020661)","name":"中加科技创新混合型发起式证券投资基金","fundCollectionId":4000050800000,"setUpAssetScale":10340004.43,"setUpDate":"2024-03-11T16:00:00.000Z","setUpShares":10340004.43,"inceptionDate":"2024-03-14T16:00:00.000Z","pinyin":"zjkjcxhhxfqszqtzjj","followedNum":5,"managers":[{"stockCode":"db20894408","stockType":"fund_manager","exchange":"fm","tickerId":121414231640,"name":"李宁宁"}]},"announcement":{"linkText":"中加科技创新混合型发起式证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1275465","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3667fea5b3eb053c79a","date":"2024-12-30T16:00:00.000Z","stockId":3000000020661,"sao":"2024年波动较大，且有明确的分割线。9月24日之前交易国内经济面临挑战，a股呈现缩量市场，极度博弈，彼时要么抱团大盘股和红利股，要么抓住AI产业浪潮里面确定性能兑现收入且已经开始兑现的公司，除此之外很难有胜算。9月24日国新办发布的会议是市场预期的重要转折点，会上除了降准降息外，还宣布了重磅的新的货币政策工具，随后9月26日政治局会议上重点讨论当前经济发展问题，市场迎来快速的修复，整体第四季度以成长股占优。2024年，除了上述大方向的把握，还有外围带来的扰动，比如美国总统选举、降息预期等，整体市场以结构性机会为主。本基金建仓以来持续看好人工智能，主要在确定性能释放业绩的算力等方向，中间根据对市场风偏的把握，动态调整人工智能应用的仓位，目前看越来越多的公司有望迎来业绩兑现。23年人工智能的机会主要来自于预期和故事，当时算力和应用基本同涨同跌，24年大部分时候市场风偏较低，市场选择抱紧确定性高的算力。不管选择哪个方向，产业的逻辑毋庸置疑，且我们认为有两点能加强市场对人工智能的信仰，一是近一年的技术迭代惊人，行业每天日新月异，不妨回想一年前的人工智能发展进度，当时文生视频刚出来，当时语音对话还是个新鲜玩意，当时人工智能还不能睁眼看世界，如此多的变化在一年内实现。二是国内大模型话语权在明显提升，24年下半年豆包的活跃用户数据在国内AI应用中断层领先，近期Deepseek风潮席卷全球，本来大部分人已经默认当前中国在人工智能发展上处于追随者的地位，Deepseek带来的突破让更多从业者更有信心去尝试。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:22.395Z","mo":"关于后市，我们认为，当前市场仍处于紧盯国内政策以及外围尤其是美国扰动的阶段，好在24年四季度的多个会议仍然延续了9月24日以及26日的会议定调，都对当前经济形势有比较清晰的认识并给出部分应对措施，但是从政策提出到落地再到见效是个循序渐进的过程，所以即使我们的方向是对的，也免不了经历一段时间的作用期。所以判断市场25年仍然以震荡为主，结构性机会为主，重点观察3月份的两会。外围扰动市场已经进行了定价，主要是对特朗普任美国新一任总统之后可能采取的对华措施进行定价，届时可见招拆招。方向上，目前仍然最看好人工智能发展衍生的算力、应用等投资机会，25年会加大对国内人工智能相关产业链的配置，且加大对应用和端侧的配置。除人工智能外，会关注是否有在这轮货币财政刺激下有改善的公司。","fund":{"_id":3000000020661,"__csrcFundId":13736,"stockCode":"020661","masterFundShortName":"中加科技创新混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20661,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:53:15.780Z","status":"normal","exchange":"jj","shortName":"中加科技创新混合发起式(020661)","name":"中加科技创新混合型发起式证券投资基金","fundCollectionId":4000050800000,"setUpAssetScale":10340004.43,"setUpDate":"2024-03-11T16:00:00.000Z","setUpShares":10340004.43,"inceptionDate":"2024-03-14T16:00:00.000Z","pinyin":"zjkjcxhhxfqszqtzjj","followedNum":5,"managers":[{"stockCode":"db20894408","stockType":"fund_manager","exchange":"fm","tickerId":121414231640,"name":"李宁宁"}]},"announcement":{"linkText":"中加科技创新混合型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1248840","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3667fea5b3eb053c799","date":"2024-09-29T16:00:00.000Z","stockId":3000000020661,"sao":"三季度内外因交织，A股迎来久违的上涨，9月24日之后5个交易日使得大部分指数收回三季度跌幅，甚至全年跌幅。其中上证指数三季度上涨12.4%，深证成指上涨19.0%，创业板指上涨29.2%，本基金三季度上涨6.8%，跑输大盘，主要差异体现在7/8月份，9月24日反弹以来至季度末，本基金上涨31%，表现差强人意。三季度国外仍然局势紧张，美国9月议息会议上宣布降息50bp，为国内货币政策留出空间。国内延续经济弱复苏，9月24日国新办发布的会议是市场预期的重要转折点，会上除了降准降息外，还宣布了重磅的新的货币政策工具，随后9月26日政治局会议上重点讨论当前经济发展问题，市场迎来快速的修复。而9月24日之前的市场激烈博弈美国大选以及美国经济问题，市场风格在7/8月均出现大的切换。因为一直看好人工智能的发展浪潮，本基金在7/8月外围博弈中跌幅较大，主要是人工智能龙头英伟达在7月以及8月初的博弈中跌幅较大，好在产业趋势不会因为短期的扰动而证伪，9月底人工智能的重点标的均创出新高。基金经理认为，当前市场底已现，央行新的货币工具还没完全发力，后续财政还将推出更多政策来支持经济的增长，在新的环境下应该积极寻找机会。目前仍然最看好人工智能发展衍生的算力、应用等投资机会，且会关注是否有在这轮货币财政刺激下有改善的公司。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:22.392Z","fund":{"_id":3000000020661,"__csrcFundId":13736,"stockCode":"020661","masterFundShortName":"中加科技创新混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20661,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:53:15.780Z","status":"normal","exchange":"jj","shortName":"中加科技创新混合发起式(020661)","name":"中加科技创新混合型发起式证券投资基金","fundCollectionId":4000050800000,"setUpAssetScale":10340004.43,"setUpDate":"2024-03-11T16:00:00.000Z","setUpShares":10340004.43,"inceptionDate":"2024-03-14T16:00:00.000Z","pinyin":"zjkjcxhhxfqszqtzjj","followedNum":5,"managers":[{"stockCode":"db20894408","stockType":"fund_manager","exchange":"fm","tickerId":121414231640,"name":"李宁宁"}]},"announcement":{"linkText":"中加科技创新混合型发起式证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1171072","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3667fea5b3eb053c798","date":"2024-06-29T16:00:00.000Z","stockId":3000000020661,"sao":"今年的A股市场比去年轮动还快，极度博弈，去年涨跌靠事件，今年大部分时候靠情绪，市场成交额低迷，亏钱效应明显。上证指数上半年下跌0.25%，深证成指下跌7.1%，创业板指跌10.99%，后面的指数中小票和成长股居多，今年要么抱团大盘股和红利股，要么抓住AI的产业浪潮，除此之外很难有胜算。本基金作为科技主题基金，力争在市场中抓住确定性的同时也能挖掘到空间大的机会，风险偏好低的缩量市场下前者的比重应该更大，然而当前市场确定性的机会很少，即使看好AI产业趋势，确定性出了业绩的公司在少数，本基金上半年下跌14.46%，表现较差。本基金3月建仓，尽管当时A股已经反弹了1个多月，3月的大盘仍然超预期得强，科技方向还在冒出新的东西，比如国产第一个出圈的人工智能大模型KIMI。去年基金经理本人深度跟踪一年的人工智能行业发展，深知去年的人工智能主要是海外引领的，模型跟着海外，应用映射海外，当时就对24年的国内的人工智能行业的发展抱有期待，不管是国产算力，还是国内应用，因此看到kimi爆火出圈之后，加大了对人工智能国内应用方向的配置，认为这轮行情可以复制去年的走势。从结果看这个判断是错误的，短期过于集中的热度使得板块博弈较重，缺乏增量资金，叠加复杂的外围环境和3月底4月份市场的风偏急剧降低，配置后的板块走势惨淡。不过这个方向就是早和晚的问题，机会是一定会有的，持续观察。本基金4月份加大对业绩方向标的的配置，重点在人工智能算力，电力设备等方向布局；至今大盘风格没有发生明显变化，尤其是国九条之后，资金对不确定性避而远之。本基金配置重点仍然在当前有业绩，中长期产业趋势向上或者周期反转的方向上。二季度拖累产品表现的方向，不是重点看好的人工智能方向，而是一些产业趋势没问题，但是短期兑现不到业绩的方向，比如复合铜箔，人形机器人等板块。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:22.388Z","mo":"上半年发生了很多事，外有美国降息预期不断延后及大选预热，也有中东和俄乌等战争的升级；内有弱复苏；股市有国九条等新政策，变化中市场风险偏好低可以理解。展望下半年，在极低的市场预期下，上证指数3000点以下不用过于悲观，顺周期的方向谨慎，有业绩的产业趋势要牢牢把握，相信经济周期会向上，相信国九条中长期来看是在为构建一个健康的资本市场铺路。","fund":{"_id":3000000020661,"__csrcFundId":13736,"stockCode":"020661","masterFundShortName":"中加科技创新混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20661,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:53:15.780Z","status":"normal","exchange":"jj","shortName":"中加科技创新混合发起式(020661)","name":"中加科技创新混合型发起式证券投资基金","fundCollectionId":4000050800000,"setUpAssetScale":10340004.43,"setUpDate":"2024-03-11T16:00:00.000Z","setUpShares":10340004.43,"inceptionDate":"2024-03-14T16:00:00.000Z","pinyin":"zjkjcxhhxfqszqtzjj","followedNum":5,"managers":[{"stockCode":"db20894408","stockType":"fund_manager","exchange":"fm","tickerId":121414231640,"name":"李宁宁"}]},"announcement":{"linkText":"中加科技创新混合型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1143051","linkType":"PDF","source":"csrc_pdf"}}]}