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16:00:00.000Z","stockId":3000000021305,"sao":"上个季度，我们对质量策略的整体判断是“出清得更加充分，估值更低，看好这个策略未来的表现，静待驱动因素的到来”。  目前来看，驱动因素出现在了个别股票上面，并未体现在大部分行业上面。  上个季度，我们说，观察质量个股可以观测的驱动是——经济改善、龙头盈利修复以及外资流向。  互联网龙头、新能源电池龙头，基本面率先复苏，股价出现了快速的反应，而驱动因素都是来自于盈利的快速修复，资金也大幅流入。  但更多的行业龙头的基本面，特别是消费医药板块，并没有出现这么积极的变化，经济的改善，才会带来更多行业龙头基本面的修复，毕竟质量的个股最能代表经济发展的趋势，而经济的改善，目前也只能看到少数边际的变化。  这些少数的基本面边际变化构成了景气（边际变化的二阶导）和价值（边际变化的一阶导），质量策略跑输也是比较正常的表现，由此我们也能分析出来，基本面的改善也是点状的，并未出现面状的。  展望未来，我们经过筛选和尾部剔除，龙头还是坚实的龙头，出清了5年也足够彻底，股价已经反映了基本面的悲观预期，估值低、出清彻底叠加优质的龙头公司，现在持有是非常有吸引力的，但股价的反应需要有驱动特别是经济的驱动，而这一点静待由点到面的经济变化。","lastUpdated":"2026-03-09T14:04:59.640Z","fund":{"_id":3000000021305,"__csrcFundId":13988,"stockCode":"021305","masterFundShortName":"中欧品质精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21305,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T03:08:41.779Z","status":"normal","exchange":"jj","shortName":"中欧品质精选混合(021305)","name":"中欧品质精选混合型证券投资基金","fundCollectionId":4000050570000,"pinyin":"zopzjxhhxzqtzjj","setUpAssetScale":96760521.03,"setUpDate":"2024-06-17T16:00:00.000Z","setUpShares":96760521.03,"inceptionDate":"2024-06-20T16:00:00.000Z","followedNum":2,"managers":[{"stockCode":"j101019581","stockType":"fund_manager","exchange":"fm","tickerId":262413248760,"name":"张学明"}]},"announcement":{"linkText":"中欧品质精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=1368198","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed38b7fea5b3eb053ebf9","date":"2025-06-29T16:00:00.000Z","stockId":3000000021305,"sao":"上期，我们提到，经过我们跨国别的研究，质量策略在发达国家的有效性显著高于新兴市场国家，这也符合质量策略的第一性原理，而质量策略在中国市场的有效性也和中国的产业发展高度相关，过去几个季度，质量策略最大的变化是增加对于制造业龙头企业的关注，包括汽车龙头、机械龙头和电子龙头。  今年以来，质量策略的超额就来自于制造业的几个方向，中国最优秀的制造业体现出了全球竞争力，另外，受益于5月中美关税超预期缓和，部分出海业务收入占比较高的行业龙头公司估值修复给质量策略带来了一定的正贡献；部分航运股受益于关税战缓和后抢出口预期、叠加中东地缘一度升级下走强，也为质量策略贡献了部分收益。  但是，例如白酒等行业短期景气度承压、股价表现疲软，主要是因为全国消费力进一步走弱带来商务宴席需求收缩，叠加近期出台的三公消费限制加码及严打严查，多数白酒上市公司在今年中秋旺季的批价以及业绩都面临较大冲击。  质量策略基于对行业格局持续优化的判断，进一步提高了白酒板块的持仓集中度，优选在存量竞争中展现出更强韧性与盈利确定性的企业。  另一方面，加大关注家电板块，看好其在消费复苏预期以及产品结构升级、出海拓展等动能驱动下的盈利改善前景。此外，也关注了部分港股高质量公司，尤其在互联网、消费、医药等领域，其基本面扎实、商业模式成熟且当前估值仍具有一定吸引力，为组合提供了坚实支撑和潜在收益来源。","declarationDate":"2025-07-14T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:59.637Z","mo":"我们上期提到，质量策略和宏观经济的关联度最大，而增量资金进入中国股市的核心变量也在于宏观经济，因此，过去几年宏观经济往下、外资外流、估值下杀的循环中，质量策略表现也相对较差。  而今年上半年，宏观经济从面上未能有显著改善，特别是在消费领域，因此质量策略也表现相对一般，但估值也来到了历史极低。  展望未来，点状的变化已经出现了，体现在：增速边际改善扩大（景气）、盈利边际修复（价值），经济的复苏仅仅体现在若干较为微观的领域，面上的改善也许还在路上，港股互联网龙头已经出现了资金的驱动，A股的质量依然需要等待经济出现实质的变化。  质量策略要展现出相对收益能力需要等待经济的变化，而这一点需要每一个季度观察和验证。","fund":{"_id":3000000021305,"__csrcFundId":13988,"stockCode":"021305","masterFundShortName":"中欧品质精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21305,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T03:08:41.779Z","status":"normal","exchange":"jj","shortName":"中欧品质精选混合(021305)","name":"中欧品质精选混合型证券投资基金","fundCollectionId":4000050570000,"pinyin":"zopzjxhhxzqtzjj","setUpAssetScale":96760521.03,"setUpDate":"2024-06-17T16:00:00.000Z","setUpShares":96760521.03,"inceptionDate":"2024-06-20T16:00:00.000Z","followedNum":2,"managers":[{"stockCode":"j101019581","stockType":"fund_manager","exchange":"fm","tickerId":262413248760,"name":"张学明"}]},"announcement":{"linkText":"中欧品质精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=1350928","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed38b7fea5b3eb053ebf8","date":"2025-03-30T16:00:00.000Z","stockId":3000000021305,"sao":"从资本周期的角度，不管是现在ROE水平高的公司还是ROE水平低的公司，长期来看都会朝着社会平均回报回归。这符合大部分公司的商业规律，但是质量类个股是要打破均值回归的普遍规律，维持强者恒强的状态，这类公司显然是稀缺的。    消费龙头+制造业龙头+互联网龙头，是A股最具竞争力且长期ROE最高的一批公司，几乎在过去很多年没有朝着社会平均回报而回归，是我们质量策略捕捉的对象。    但是，均值回归的地心引力太大，质量类公司要保持竞争力而不被地心引力吸走，显然是非常困难的，这就导致这批公司估值高、波动大、回撤大，因为新的进入者不会中断，一旦受到怀疑或者短期业绩承压，可能就会出现较大波动。而过去4年，这批公司是被大面积质疑其竞争力的维持，而大幅下跌。    我们策略依然坚定地持仓“消费龙头+制造业龙头+互联网龙头”这三个方向，而最近的模型动作在于继续减仓一些二三线龙头，而持有一线龙头。一批一线龙头公司业绩改善、动量改善，主要是工程机械方向的公司，被我们重新纳入并贡献不少。    长期来看，现在无疑是投资这类公司较好的机会，龙头地位还在，出清得更加充分，估值更低。展望未来，我们认为这类公司的长期持有价值很大，我们看好这个策略未来的表现。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:59.633Z","fund":{"_id":3000000021305,"__csrcFundId":13988,"stockCode":"021305","masterFundShortName":"中欧品质精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21305,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T03:08:41.779Z","status":"normal","exchange":"jj","shortName":"中欧品质精选混合(021305)","name":"中欧品质精选混合型证券投资基金","fundCollectionId":4000050570000,"pinyin":"zopzjxhhxzqtzjj","setUpAssetScale":96760521.03,"setUpDate":"2024-06-17T16:00:00.000Z","setUpShares":96760521.03,"inceptionDate":"2024-06-20T16:00:00.000Z","followedNum":2,"managers":[{"stockCode":"j101019581","stockType":"fund_manager","exchange":"fm","tickerId":262413248760,"name":"张学明"}]},"announcement":{"linkText":"中欧品质精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=1276848","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed38b7fea5b3eb053ebf7","date":"2024-12-30T16:00:00.000Z","stockId":3000000021305,"sao":"经过我们跨国别的研究，质量策略在发达国家的有效性显著高于新兴市场国家，这也符合质量策略的第一性原理，而质量策略在中国市场的有效性也和中国的产业发展高度相关。  过去几个季度，质量策略最大的变化是增加对于制造业龙头企业的关注，包括汽车龙头、机械龙头和电子龙头。  某种程度来看，中国制造业的竞争力在显著增强，特别是在汽车制造和机械制造这两个领域，而带来的结果就是，这批股票的高ROE和强盈利稳定性的特征，当然在股价反映上也是相当充分的。  而在过去的高质量领域，消费、医药，我们的模型在增加集中度，这也表明，国内消费、医药经过几年的收缩，一线龙头的质地依然比较强劲，而二三线的竞争力在显著下降。  我们也把港股的互联网龙头也纳入组合，这就形成了较为完整的中国质量组合：白酒、医药龙头+汽车、机械龙头+互联网龙头，然后通过动量机制做尾部风险管理。  未来的跟踪迭代上，我们会更加关注AI模型的应用，特别是文本里面关于“公司经营、行业竞争”等非结构化数据的应用，可以帮助我们及时跟踪这批股票的竞争力的变化，帮助我们力争在动量之前做出更加及时的反应。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:59.630Z","mo":"质量策略和宏观经济的关联度最大，而增量资金进入中国股市的核心变量也在于宏观经济，因此，过去几年宏观经济往下、外资外流、估值下杀的循环中，质量策略表现也相对较差。  当前这批股票低估幅度较大，如果叠加宏观预期往上，可能会带来资金、估值和基本面的同步往上修复，策略的弹性是比较大的。  宏观来看，经济的复苏仅仅在于若干较为微观的领域，这是一个好的现象，对于未来的质量投资有指示作用，如果出现经济更积极的反应或者政策，可能会成为主要的催化；资金驱动来看，互联网为代表的港股质量已率先受到青睐，而国内的质量仍稍微落后，但两类资产的属性是接近的，可能未来国内的质量也会受到更多资金的青睐而定价重估。  整体而言，我们对质量策略未来的表现的预期是积极的。","fund":{"_id":3000000021305,"__csrcFundId":13988,"stockCode":"021305","masterFundShortName":"中欧品质精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21305,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T03:08:41.779Z","status":"normal","exchange":"jj","shortName":"中欧品质精选混合(021305)","name":"中欧品质精选混合型证券投资基金","fundCollectionId":4000050570000,"pinyin":"zopzjxhhxzqtzjj","setUpAssetScale":96760521.03,"setUpDate":"2024-06-17T16:00:00.000Z","setUpShares":96760521.03,"inceptionDate":"2024-06-20T16:00:00.000Z","followedNum":2,"managers":[{"stockCode":"j101019581","stockType":"fund_manager","exchange":"fm","tickerId":262413248760,"name":"张学明"}]},"announcement":{"linkText":"中欧品质精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=1258141","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed38b7fea5b3eb053ebf6","date":"2024-09-29T16:00:00.000Z","stockId":3000000021305,"sao":"品质精选混合采用的质量策略，持仓的主要特征是各个行业高ROE的优质企业，这批股票在市场大浪淘沙、经过多轮行业出清，形成相对坚固的护城河，ROE的维持能力很强。  这个风格的股票在2021年大幅创出历史新高后，连续调整了4年，而在三季度，发生了质的变化，我们认为大概率是这个风格发生长期反转：  基本面看，我们主要观察中报的数据，从发布的业绩来分析得出，大家预期很好的股票（银行、公用事业、资源品），可能二季报并没有那么好；而预期不好的股票（质量类），也没有那么差；  资金面看，已经有左侧资金连续流入这批股票，而这批股票连跌四年，筹码或相对干净，有利于未来的“价值爆冲\"；  估值面看，“质量”最高也是估值最贵的白酒补跌之后，质量股票的整体估值或已很低。  因此，综合基本面的拐点、低估值、良好的筹码结构，我们认为质量风格或已反转，未来较长时间，都可能是不错的风格。  回到策略本身，质量策略三季度继续止损一些基本面和跌幅双杀的个股，主要减仓的是二线白酒，加仓汽车和新能源龙头。以新能源车为代表的高端制造龙头，在过去市场、行业双杀的情况下，体现出稳健的盈利能力，证明了自身护城河的稳健程度，  我们策略在持仓上加仓高端制造龙头，减仓白酒、医药为代表的消费龙头，对组合业绩有一定的正向贡献。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:59.627Z","fund":{"_id":3000000021305,"__csrcFundId":13988,"stockCode":"021305","masterFundShortName":"中欧品质精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21305,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T03:08:41.779Z","status":"normal","exchange":"jj","shortName":"中欧品质精选混合(021305)","name":"中欧品质精选混合型证券投资基金","fundCollectionId":4000050570000,"pinyin":"zopzjxhhxzqtzjj","setUpAssetScale":96760521.03,"setUpDate":"2024-06-17T16:00:00.000Z","setUpShares":96760521.03,"inceptionDate":"2024-06-20T16:00:00.000Z","followedNum":2,"managers":[{"stockCode":"j101019581","stockType":"fund_manager","exchange":"fm","tickerId":262413248760,"name":"张学明"}]},"announcement":{"linkText":"中欧品质精选混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1179233","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed38b7fea5b3eb053ebf5","date":"2024-06-29T16:00:00.000Z","stockId":3000000021305,"sao":"品质精选采用的质量策略，收益来源是赚取企业长期持续盈利的钱，是符合DCF定价模型本质的一类策略，那些经历完整企业生命周期，最终出清并完成龙头进阶的成熟期公司，是策略主要的捕捉对象。  质量策略持有的公司，具备大市值、高估值和高ROE的显著特征，是股市的门面担当。如果说景气策略反映的是宏观经济边际向好的方向，那么质量策略反映的是宏观经济整体的运行状态，因为质量策略持仓基本都是各个支柱产业的龙头。因此，质量策略对整体宏观是敏感的。  今年以来，质量策略重点关注的消费和制造业龙头表现比较一般。今年策略显著降低对二线白酒以及调味品的关注，上述股票的个股表现显著跑输其他股票。对于这类透明度极高的公司，价格基本同步于基本面变化但早于财报的变化，我们基于个股跑输，降低了这类股票的持仓，目前看这些操作提供了超额；另外，今年策略显著增加对家电和制造业的关注，原因来自于我们长期ROE预测模型。模型的预测结果显示，家电和制造业龙头未来ROE水平会比其他消费和医药龙头的ROE水平更具备优势，因此增加了这类股票的持仓，目前看这个操作贡献了部分超额；策略今年贡献负收益比较多还是在白酒为代表的消费龙头，虽然显著降低了二线白酒的持仓，但一线白酒也没少跌，但整体来说，我们的ROE预测模型依然显示一线白酒未来可以维持不错的ROE水平，同时跌幅也没显著高于其他行业龙头，如果未来模型显示ROE可能下降或者股票大幅跑输，可能会倾向于做仓位调整。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:59.625Z","mo":"质量型公司经历了3年半的持续下跌，估值已到了较低的水平，这种情况下往往弹性也比较大，一旦宏观和市场流动性改善，比如今年4月份，策略会在短期内展现出爆发力。当前市场环境依然存在不确定性，所以质量策略表现承压。  展望未来，质量策略的持仓整体偏向于内需导向，我们观察到政策的表述有更加积极的信号，前期政策的影响会在未来1-2季度反应到上市公司层面，这对质量策略未来的表现也至关重要。  最后，我们依然提倡组合投资的方式。“价值+质量”是个不错的组合，尽管宏观不确定性存在，“价值+质量”的组合或也不会承压过大。而随着未来宏观经济变好、流动性改善，质量策略或会有更好的表现机会。我们通过策略组合的方式，或可以有效提升整体投资组合的感受。","fund":{"_id":3000000021305,"__csrcFundId":13988,"stockCode":"021305","masterFundShortName":"中欧品质精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21305,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T03:08:41.779Z","status":"normal","exchange":"jj","shortName":"中欧品质精选混合(021305)","name":"中欧品质精选混合型证券投资基金","fundCollectionId":4000050570000,"pinyin":"zopzjxhhxzqtzjj","setUpAssetScale":96760521.03,"setUpDate":"2024-06-17T16:00:00.000Z","setUpShares":96760521.03,"inceptionDate":"2024-06-20T16:00:00.000Z","followedNum":2,"managers":[{"stockCode":"j101019581","stockType":"fund_manager","exchange":"fm","tickerId":262413248760,"name":"张学明"}]},"announcement":{"linkText":"中欧品质精选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=1153120","linkType":"PDF","source":"csrc_pdf"}}]}