window.pageData = {"stock":{"_id":3000000021576,"stockCode":"021576","masterFundShortName":"平安研究智选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21576,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"平安研究智选混合A","name":"平安研究智选混合型证券投资基金","pinyin":"payjzxhhxzqtzjj","fundCollectionId":4000050640000,"setUpAssetScale":123711804.49,"setUpDate":"2024-08-19T16:00:00.000Z","setUpShares":123711804.49,"inceptionDate":"2024-08-22T16:00:00.000Z","followedNum":2,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50640000","tickerId":50640000,"name":"平安基金管理有限公司"},"managers":[{"name":"张荫先","stockType":"fund_manager","stockCode":"db20916682","exchange":"fm","tickerId":262524234570}],"hotMetrics":{"fss":{"stockId":3000000021576,"type":"fss","last_data_date":"2025-12-30T16:00:00.000Z","f_ins_h_s_r":0,"f_ind_h_s_r":1,"f_h_a":140,"f_ind_h_s_r_c_hy":0,"f_ins_h_s_r_c_hy":0,"f_ind_h_s_r_c_1y":0,"f_ins_h_s_r_c_1y":0},"fpr":{"stockId":3000000021576,"type":"fpr","f_p_r_fys_ssc":8977,"f_p_r_fys_ssrp":0.5049019607843137,"f_p_r_m1_ssc":9298,"f_p_r_m1_ssrp":0.8752285683553834,"f_p_r_m3_ssc":9139,"f_p_r_m3_ssrp":0.7458962573867367,"f_p_r_m6_ssc":8895,"f_p_r_m6_ssrp":0.5717337530919722,"f_cagr_p_r_fs_ssc":9238,"f_cagr_p_r_fs_ssrp":0.10815199740175381,"f_p_r_y1_ssc":8395,"f_p_r_y1_ssrp":0.41434357874672384},"fp":{"stockId":3000000021576,"type":"fp","f_cagr_p_r_fs":0.20908513431288833,"f_p_r_d1":0.0041407867494822614,"f_p_r_m1":-0.07035109676569395,"f_p_r_m3":-0.043705109093372996,"f_p_r_fys":0.03917237316839661,"f_p_r_m6":0.04270410048023621,"last_data_date":"2026-06-15T16:00:00.000Z","f_p_r_y1":0.32367285687488234,"f_i_d":"2024-08-22T16:00:00.000Z"},"ff":{"stockId":3000000021576,"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":"2024-12-30T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2026-05-28T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000021576,"type":"f_nlacan","f_nv_d":"2026-06-15T16:00:00.000Z","f_nv":1.4113,"f_nv_cr":-0.014661732877190525},"f_as":{"stockId":3000000021576,"type":"f_as","f_tas":71730285.92999999,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000021577,"name":"平安研究智选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"021577","tickerId":21577,"shortName":"平安研究智选混合C","currency":"CNY","__csrcFundId":14096,"exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"lastUpdated":"2025-01-04T00:32:31.852Z","inceptionDate":"2024-08-22T16:00:00.000Z","pinyin":"payjzxhhxzqtzjj","fundCollectionId":4000050640000,"followedNum":0}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-14T16:00:00.000Z","fundId":3000000021576,"stockId":2444,"holdings":293300,"marketCap":8734474,"netValueRatio":0.082,"quarterlyChange":-0.1246325690770137,"stock":{"stockCode":"002444","exchange":"sz","stockType":"company","tickerId":2444,"name":"巨星科技"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-14T16:00:00.000Z","fundId":3000000021576,"stockId":300677,"holdings":129100,"marketCap":7575588,"netValueRatio":0.0711,"quarterlyChange":0.5084832904884322,"stock":{"stockCode":"300677","exchange":"sz","stockType":"company","tickerId":300677,"name":"英科医疗"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-14T16:00:00.000Z","fundId":3000000021576,"stockId":2833,"holdings":313000,"marketCap":5615220,"netValueRatio":0.0527,"quarterlyChange":0.09590714722052462,"stock":{"stockCode":"002833","exchange":"sz","stockType":"company","tickerId":2833,"name":"弘亚数控"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-14T16:00:00.000Z","fundId":3000000021576,"stockId":300833,"holdings":155900,"marketCap":5082340,"netValueRatio":0.0477,"quarterlyChange":-0.19862340216322605,"stock":{"stockCode":"300833","tickerId":300833,"exchange":"sz","stockType":"company","name":"浩洋股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-14T16:00:00.000Z","fundId":3000000021576,"stockId":1000000000001882,"holdings":254000,"marketCap":4512298,"netValueRatio":0.0424,"quarterlyChange":-0.05595667870036114,"stock":{"stockCode":"01882","exchange":"hk","stockType":"company","tickerId":1882,"name":"海天国际"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-14T16:00:00.000Z","fundId":3000000021576,"stockId":688377,"holdings":112189,"marketCap":4081435,"netValueRatio":0.0383,"quarterlyChange":-0.008719346049046894,"stock":{"stockCode":"688377","tickerId":688377,"exchange":"sh","stockType":"company","name":"迪威尔"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-14T16:00:00.000Z","fundId":3000000021576,"stockId":2967,"holdings":190900,"marketCap":3861907,"netValueRatio":0.0363,"quarterlyChange":-0.08087233075874567,"stock":{"stockCode":"002967","tickerId":2967,"exchange":"sz","stockType":"company","name":"广电计量"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-14T16:00:00.000Z","fundId":3000000021576,"stockId":1000000000003339,"holdings":1440000,"marketCap":3801629,"netValueRatio":0.0357,"quarterlyChange":0.01013513513513531,"stock":{"stockCode":"03339","exchange":"hk","stockType":"company","tickerId":3339,"name":"中国龙工"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-14T16:00:00.000Z","fundId":3000000021576,"stockId":601369,"holdings":373500,"marketCap":3761145,"netValueRatio":0.0353,"quarterlyChange":0.005994005994005791,"stock":{"stockCode":"601369","exchange":"sh","stockType":"company","tickerId":601369,"name":"陕鼓动力"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-14T16:00:00.000Z","fundId":3000000021576,"stockId":688087,"holdings":93729,"marketCap":3627312,"netValueRatio":0.0341,"quarterlyChange":0.2556781310837122,"stock":{"stockCode":"688087","tickerId":688087,"exchange":"sh","stockType":"company","name":"英科再生"}}],"bondHoldings":[{"_id":"69df1ab06c2088540a3fc8e7","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-14T16:00:00.000Z","fundId":3000000021576,"stockCode":"019792","stockName":"25国债19","holdings":115000,"marketCap":11584545,"netValueRatio":0.1087,"lastUpdated":"2026-04-15T04:57:20.564Z"},{"_id":"69df1ab06c2088540a3fc8e8","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-14T16:00:00.000Z","fundId":3000000021576,"stockCode":"019773","stockName":"25国债08","holdings":21000,"marketCap":2127876,"netValueRatio":0.02,"lastUpdated":"2026-04-15T04:57:20.568Z"},{"_id":"69df1ab06c2088540a3fc8e9","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-14T16:00:00.000Z","fundId":3000000021576,"stockCode":"019785","stockName":"25国债13","holdings":1000,"marketCap":100940,"netValueRatio":0.0009,"lastUpdated":"2026-04-15T04:57:20.572Z"}],"lastFsMetrics":{"latestTurnoverRate":3.2989386815408674,"latestTurnoverRateDate":"2025-12-30T16:00:00.000Z"}},"list":[{"_id":"69df1aa06c2088540a3fc3f9","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-14T16:00:00.000Z","stockId":3000000021576,"sao":"2026年一季度，全球地缘冲突持续升级，霍尔木兹海峡航运受阻、国际能源与原材料价格大幅波动，叠加美元周期与汇率波动影响，全球供应链扰动加剧。国内方面，经济呈“温和复苏、结构分化”特征，春节后制造业PMI重返扩张区间。危机中蕴新机，行业格局加速出清，具备核心竞争力的细分龙头份额持续集中，而且在全球供应链重构过程中，将加速推动中国出口结构实现转型升级，从传统终端消费品向高附加值的中高端中间品、资本品迭代，中国制造业的全球竞争力持续凸显。　　结合一季度市场环境，投资者普遍关注：本基金持仓中既有受益于战争、汇率、原材料波动等宏观因素的品种，也有因汇率波动等因素而受损的品种，对于受益标的是否应继续加仓，受损标的是否该果断减仓？　　事实上，自中东战事爆发以来，叠加美国政策反复扰动，市场及个股波动剧烈，个股涨跌与战争、油价等宏观因素的关联关系极不稳定——可能今日呈正相关，明日便转为负相关。市场上虽有量化影响、预期博弈等各类事后解释，但均无法对次日的关联方向做出有效预判，这类短期波动对于包括我在内的大部分投资者而言，本质是属于难以把握的市场噪音。　　基于此，本基金始终坚持以企业中长期价值区间为核心开展买卖决策，不被短期宏观扰动左右：若持仓股票因短期宏观因素导致价格高于其内在价值区间，我们会兑现收益、适度减仓，例如部分受益于原材料价格上行、产品提价弹性显著的标的；若价格低于价值区间且基本面未发生实质性变化或只是短期一次性受损，我们则会择机加仓，例如部分因人民币汇率波动产生阶段性汇兑损失的优质企业。　　我们清醒认识到，战争落幕时点、汇率走势演变等均属于难以精准预判的变量，这类变量超出我们的能力范畴，若强行预判，往往事倍功半、得不偿失。本基金坚守“不追热点、不踩赛道、深耕价值”理念，锚定“厚雪、慢变、长坡”核心逻辑，专注挖掘优质投资标的。毕竟，投资中胜率、赔率、效率是不可兼得的三角，我们主动选择聚焦可把握的胜率与赔率，适度牺牲短期交易效率，摒弃短期投机博弈。　　我们深刻理解，价值投资的方法本身并不复杂，难点在于知行合一，在于对抗人性的贪婪与恐惧，在于面对市场短期喧嚣时保持独立判断，在于别人追逐热点快钱而你承受浮亏时如何守住本心，在于漫长等待与反复波动中不轻易自我怀疑。在市场起伏波动中，这份对价值的坚守往往只有自己或少数同路人相伴，但我们始终坚定信念，不被短期市场噪音干扰，深耕价值本源，力争为投资者获取长期稳健收益。","lastUpdated":"2026-04-15T04:57:04.632Z","fund":{"_id":3000000021576,"__csrcFundId":14096,"stockCode":"021576","masterFundShortName":"平安研究智选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21576,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"平安研究智选混合(021576)","lastUpdated":"2026-05-01T03:14:51.394Z","name":"平安研究智选混合型证券投资基金","pinyin":"payjzxhhxzqtzjj","fundCollectionId":4000050640000,"setUpAssetScale":123711804.49,"setUpDate":"2024-08-19T16:00:00.000Z","setUpShares":123711804.49,"inceptionDate":"2024-08-22T16:00:00.000Z","followedNum":2,"managers":[{"stockCode":"db20916682","stockType":"fund_manager","exchange":"fm","tickerId":262524234570,"name":"张荫先"}]},"announcement":{"linkText":"平安研究智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=1466681","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69c61a095315f995c600a81d","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-26T16:00:00.000Z","stockId":3000000021576,"sao":"2025年全年，全球地缘政治局势复杂多变、贸易纷争此起彼伏，全球经济复苏走势扑朔迷离，引发全球供应链深度重构与格局调整。但值得关注的是，全球并未出现所谓“去中国化”的趋势，反而在供应链重构过程中，加速推动中国出口结构实现转型升级，从传统终端消费品向高附加值的中高端中间品、资本品迭代，中国制造业的全球竞争力持续凸显；国内方面，需求侧复苏动能仍显不足，不确定性持续存在，房地产投资仍处于调整阶段、基建投资增速相对低迷，供给侧资本开支持续收缩。不过，危机之中蕴藏机遇，在行业格局洗牌出清、反内卷持续推进的过程中，具备核心竞争力的细分领域龙头企业，凭借更强的抗风险能力与资源整合优势，市场份额有望持续集中，这也为聚焦供给侧研究、挖掘优质龙头标的的投资者，提供了难得的布局机遇。　　本基金2025年核心运作思路将行业配置核心锚定在大制造行业，秉持“万物皆周期”的理念，围绕“厚雪、慢变、长坡”的核心逻辑有条不紊开展选股与运作，坚决避开短期热门却缺乏长期价值支撑的“粗糙网红赛道”，深耕市场关注度较低、具备长期潜力的“小众优质领域”。　　全年投资运作中，我们始终坚守“厚雪、慢变、长坡”的选股标准，层层筛选优质标的：在“厚雪”层面，我们将研究精力核心放在可比同行间的竞争力拆解，围绕成本、产品、治理结构等维度进行分析，重点考察企业规模效应、供应链议价权、产品差异化、管理层格局，沉淀可复用的价值研判能力，筑牢认知护城河；在“慢变”层面，聚焦刚需稳赛道，锚定有社会价值、无技术颠覆风险的领域，优先选择产业根基迭代缓慢，且顺应长期政策导向的细分领域，规避技术迭代快、长期不确定性高的赛道，把控中期投资确定性；在“长坡”层面，不贪求一眼看透的热门大空间赛道，规避资金扎堆、认知同质化严重的领域，重点挖掘竞争格局稳定、易形成超额认知的赛道，力争赚取超越市场的阿尔法收益。　　分季度来看，本基金全年运作思路连贯、配置节奏稳健：一季度，我们严格落实筛选标准，买入大制造领域优质公司，涵盖板式家具设备、苹果链设备、工程机械、通用注塑设备、口腔器械、高空安全作业设备、流程设备等细分赛道龙头，这类企业均经历过去2-4年行业景气下行周期，盈利与估值受到双杀，但具备充盈的净现金资产和良好的经营净现金流，既能够支撑企业挺过行业寒冬、提升市场份额，也能为投资提供坚实安全垫，降低潜在回撤风险；二季度，我们基本维持一季度持仓结构，核心跟踪行业竞争格局、技术路径及估值偏离情况，根据市场变化进行动态微调；三季度，整体配置保持稳定，新增布局油气设备专用件供应商，这类标的逆势推进资本开支、构建核心竞争壁垒；四季度择优新增医疗防护用品企业，该标的同样符合我们的选股逻辑，具备清晰的竞争优势，依托上述策略，本基金2025年在实现40%收益率的同时，展现出较好的回撤控制能力。　　全年来看，本基金的投资运作可概括为“不追热点、不踩赛道、深耕价值”，我们始终将研究精力聚焦于企业核心竞争力与行业周期规律，摒弃粗放式研究和短期投机行为。我们始终认为，投资如同自驾旅程，避开热门“网红打卡点”和拥挤的默认路线，深耕小众优质领域，才能捕捉更持久的投资机遇，这一理念贯穿全年运作全过程，也成为本基金在复杂市场环境中实现稳健表现的核心支撑。","lastUpdated":"2026-03-27T05:47:53.951Z","mo":"展望2026年，我们预判宏观经济整体将呈现稳健复苏、温和向好的发展态势，具体表现为“外需稳、内需升”的双向支撑格局：出口方面，受益于中国出口结构向中高端中间品和资本品升级的不可逆趋势，叠加全球供应链重构过程中中国制造业的不可替代性，出口有望持续维持稳健增长，继续为经济增长提供坚实支撑；内需方面，随着各项稳增长、促复苏政策的持续落地见效，地产行业有望逐步触底企稳，逐步释放边际改善动能，制造业PMI将稳步回升，消费市场也将伴随居民收入预期改善逐步回暖，需求侧复苏动力持续修复，整体宏观环境将更有利于具备核心竞争力的优质企业释放业绩潜力，为投资创造良好的基本面基础。　　同时，我们也清醒认识到，2026年全球宏观经济运行仍面临诸多不确定性：全球地缘政治冲突、贸易保护主义等风险因素仍将持续存在，而国内经济复苏进程仍需时间，不会出现一蹴而就的快速反弹，整体将呈现“温和复苏、稳步向好”的渐进式态势。而这种慢牛型的宏观环境，更有利于我们沉下心来聚焦供给侧研究，围绕“厚雪、慢变、长坡”的核心逻辑，挖掘细分领域的优质投资机遇。大制造行业作为国民经济的支柱产业，涵盖了从基础工业到高端制造的广阔领域，细分赛道众多、标的池充足，就像一片广阔的深海，每年都会涌现出众多隐匿的投资机遇——这些机遇犹如深海中的珍珠，不会主动浮现，需要我们以足够的耐心、严谨的态度，用心耕耘、深度挖掘，才能将其一一收入囊中，为投资者创造丰厚的长期回报。","fund":{"_id":3000000021576,"__csrcFundId":14096,"stockCode":"021576","masterFundShortName":"平安研究智选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21576,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"平安研究智选混合(021576)","lastUpdated":"2026-05-01T03:14:51.394Z","name":"平安研究智选混合型证券投资基金","pinyin":"payjzxhhxzqtzjj","fundCollectionId":4000050640000,"setUpAssetScale":123711804.49,"setUpDate":"2024-08-19T16:00:00.000Z","setUpShares":123711804.49,"inceptionDate":"2024-08-22T16:00:00.000Z","followedNum":2,"managers":[{"stockCode":"db20916682","stockType":"fund_manager","exchange":"fm","tickerId":262524234570,"name":"张荫先"}]},"announcement":{"linkText":"平安研究智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=1448430","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed39c7fea5b3eb053f8a8","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-24T16:00:00.000Z","stockId":3000000021576,"sao":"本基金三季度整体配置保持稳定。当前，全球经济格局正经历复杂而深刻的结构性调整，逆全球化思潮涌动，需求侧的不确定性显著增加，精准预判难度进一步提升。在此背景下，我们坚定认为，市场优胜劣汰机制将持续发挥作用，具备核心竞争力的行业头部企业有望进一步巩固优势、提升市场份额。　　基于上述判断，本基金继续耐心持有大制造领域的优质标的，具体涵盖手工具、板式家具设备、工程机械、通用注塑设备、精密检测设备等细分赛道的龙头公司。此外，本季度我们新增布局油气设备专用件供应商。我们选择这类公司，核心逻辑在于：相关行业过去2-4年普遍处于景气下行周期，部分优质企业却逆势推进资本开支，通过产能扩张或向高附加值领域延伸构建更深壁垒——短期来看，行业周期压力与企业战略投入叠加，导致公司盈利与估值承受双重压力；但长期视角下，一旦行业基本面迎来拐点，这类具备竞争壁垒的企业将有望充分享受业绩与估值同步提升的“戴维斯双击”机遇。　　即便需求复苏进度不及预期，我们所布局标的也具备坚实的安全边际：充足的账面现金、稳健的经营净现金流以及稳定的分红比例，不仅为投资提供了可靠的“安全垫”，也有效控制了潜在回撤风险。得益于此，本基金三季度在严格控制净值回撤的前提下，实现了一定幅度的正向增长。　　投资策略上，我们始终坚持避开短期热度高但缺乏长期价值支撑的“粗糙网红赛道”，转而深耕那些市场关注度较低、但具备长期成长潜力的“小众优质领域”。我们坚信，在这些不为人熟知的细分赛道中，正孕育着更具持续性的投资机遇，有望为持有人创造长期稳健的回报。","lastUpdated":"2026-03-09T14:05:16.864Z","fund":{"_id":3000000021576,"__csrcFundId":14096,"stockCode":"021576","masterFundShortName":"平安研究智选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21576,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"平安研究智选混合(021576)","lastUpdated":"2026-05-01T03:14:51.394Z","name":"平安研究智选混合型证券投资基金","pinyin":"payjzxhhxzqtzjj","fundCollectionId":4000050640000,"setUpAssetScale":123711804.49,"setUpDate":"2024-08-19T16:00:00.000Z","setUpShares":123711804.49,"inceptionDate":"2024-08-22T16:00:00.000Z","followedNum":2,"managers":[{"stockCode":"db20916682","stockType":"fund_manager","exchange":"fm","tickerId":262524234570,"name":"张荫先"}]},"announcement":{"linkText":"平安研究智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=1371816","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed39c7fea5b3eb053f8a7","date":"2025-06-29T16:00:00.000Z","stockId":3000000021576,"sao":"站在第四次工业革命的变革前夕，全球经济格局正面临着复杂而深刻的变化。逆全球化思潮涌动，供应链脱钩的担忧如阴霾笼罩，导致全球经济增速普遍放缓。与此同时，过去几年国内房地产投资持续下滑，基建投资增速也逐步下行，需求侧的不确定性急剧膨胀。在这样的大环境下，供给侧的资本开支也随之收缩。但危机之中往往蕴藏着机遇，在市场的优胜劣汰下，行业强者的份额有望逐步集中。事实上，除非遭遇重大技术变革，大部分行业都天然具有周期属性，尤其是在大制造领域，行业发展基本遵循着周而复始的轮回规律。　　本基金上半年将行业配置的核心锚定在大制造行业，筛选出供需不平衡（供过于求）趋向于供需平衡、估值受到压缩的行业；挑选出竞争力强劲、财务报表质量过硬的企业，尤其是细分领域的龙头企业，我们选择那些专注于主业，并且有望带领公司穿越行业寒冬的优秀企业家所掌舵的企业，买入并持有。持股期间核心跟踪行业竞争格局是否变化、技术路径是否颠覆、估值是否存在过度偏离等情况，然后进行相应地动态调整。　　基于此运作思路，我们上半年耐心持有大制造领域的优质公司，包括手工具、板式家具设备、工程机械、通用注塑设备、高空安全作业设备、精密检测设备、口腔器械等公司，这类公司基本都是所处细分领域的龙头公司，由于所处行业在过去2-4年时间内处于景气下行阶段，导致公司盈利、估值受到双杀，但我们发现这类公司报表资产中包含充盈的净现金资产、良好的经营净现金流，这些均有助于帮助公司挺过寒冬、提升份额，因此我们选择在无人问津之时进行买入，只要行业基本面出现拐点变化之时，便有机会获得戴维斯双击的机会，即使需求复苏不如预期，但账上现金、经营净现金流、分红比例也为买入的标的提供安全垫或可控的回撤幅度。　　回望上半年的产品表现，在宏观经济弱复苏、基建与制造业投资放缓的背景下，投资者或许会好奇：产品持仓集中于制造业，为何能在收益回报与回撤控制上均取得相对不错的表现？是押注了某一细分制造领域吗？毕竟，若聚焦单一细分领域，产品净值通常会呈现较高波动率，这似乎与我们的表现相悖。　　其实答案很明确：本产品的持仓虽围绕制造业展开，却并未局限于某一细分领域。制造业作为国民经济的支柱，覆盖从基础工业到高端制造的广阔领域，标的池足够丰富；更重要的是，许多制造业龙头企业已历经2-3轮甚至多轮经济周期的洗礼，抗风险能力与盈利韧性尤为突出。我们的核心策略，正是在制造业的广泛细分领域中筛选这类优质企业，买入并长期持有——当某一细分行业出现供给收缩或需求回暖时，这些企业的股价往往能迎来业绩与估值同步提升的“戴维斯双击”。　　市场有个共识：不少股票“在20%的时间里完成了80%的涨幅”。多数投资者都渴望抓住这20%的关键时段，但事实上，精准且持续地捕捉这类机会对绝大多数人而言难度极大。因此，我们更倾向于回归本源：通过深入筛选行业、精选企业，以长期持有的方式陪伴优质标的成长或穿越周期。上半年产品净值的良好表现，正是源于这种相对朴素的投资逻辑。　　同时，我们在买入时格外注重估值合理性、竞争格局稳定性与现金流健康度等“安全垫”。即便短期多数细分领域缺乏贝塔行情推动，这些企业的下跌空间也相对有限——这正是产品回撤控制能力突出的核心原因。　　简言之，我们的投资思路可以用一个比喻概括：我们更倾向于避开热门却“粗糙”的“网红打卡点”，这类投资标的虽短期热度高涨，但实际价值与体验往往不佳，且热点来去匆匆；就像驾车导航默认推荐的路线，起初或许顺畅，但随着越来越多投资者“扎堆”，很快会陷入拥堵。相比之下，我们更热衷探索那些不为人熟知的“小众路线”：只要把握好方向盘、控制好车速、调整好心态，或许这里正隐藏着更持久的惊喜与机遇。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:16.861Z","mo":"国际形势复杂，宏观需求犹如被层层迷雾笼罩，变得愈发难以预判。基于此，本产品淡化需求预判，将工作重心聚焦于行业供给端的横向对比分析，全力探寻企业在“慢变量”中的独特优势，然后买入并进行陪伴。当行业需求摆脱困境、实现反转时，这些在“慢变量”中占据优势的公司，不仅业绩有望大幅提升，其市场估值也会随之水涨船高，从而迎来难得的戴维斯双击机会。大制造涵盖了国民经济的各行各业，每年都会涌现出众多细分行业的投资机遇。这些机会犹如隐匿在深海中的珍珠，需要我们用心去耕耘、去挖掘，才能将其一一收入囊中，为投资者创造丰厚的回报。","fund":{"_id":3000000021576,"__csrcFundId":14096,"stockCode":"021576","masterFundShortName":"平安研究智选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21576,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"平安研究智选混合(021576)","lastUpdated":"2026-05-01T03:14:51.394Z","name":"平安研究智选混合型证券投资基金","pinyin":"payjzxhhxzqtzjj","fundCollectionId":4000050640000,"setUpAssetScale":123711804.49,"setUpDate":"2024-08-19T16:00:00.000Z","setUpShares":123711804.49,"inceptionDate":"2024-08-22T16:00:00.000Z","followedNum":2,"managers":[{"stockCode":"db20916682","stockType":"fund_manager","exchange":"fm","tickerId":262524234570,"name":"张荫先"}]},"announcement":{"linkText":"平安研究智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=1339513","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed39c7fea5b3eb053f8a6","date":"2025-03-30T16:00:00.000Z","stockId":3000000021576,"sao":"正如本产品2024年年报所阐述的运作思路，我们秉持“万物皆周期”的理念，首先筛选出需求正处于触底阶段、估值受到压缩的行业；其次挑选出竞争力强劲、财务报表质量过硬的企业，尤其是细分领域的龙头企业，我们选择那些专注于主业，并且有望带领公司穿越行业寒冬的优秀企业家所掌舵的企业，然后买入并持有。　　基于此运作思路，我们在一季报中买入了大制造领域的优质公司，包括板式家具设备、苹果链设备、工程机械、通用注塑设备、口腔器械、高空安全作业设备、流程设备等公司，这类公司基本都是所处细分领域的龙头公司，由于所处行业在过去2-4年时间内处于景气下行阶段，导致公司盈利、估值受到双杀，但我们发现这类公司报表资产中包含充盈的净现金资产、良好的经营净现金流，这些均有助于帮助公司挺过寒冬、提升份额，因此我们选择在无人问津之时进行买入，只要需求端一旦有所复苏，便有机会获得戴维斯双击的机会，即使需求复苏不如预期，但账上现金、经营净现金流、分红比例也为买入的标的提供安全垫或可控的回撤幅度。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:16.858Z","fund":{"_id":3000000021576,"__csrcFundId":14096,"stockCode":"021576","masterFundShortName":"平安研究智选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21576,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"平安研究智选混合(021576)","lastUpdated":"2026-05-01T03:14:51.394Z","name":"平安研究智选混合型证券投资基金","pinyin":"payjzxhhxzqtzjj","fundCollectionId":4000050640000,"setUpAssetScale":123711804.49,"setUpDate":"2024-08-19T16:00:00.000Z","setUpShares":123711804.49,"inceptionDate":"2024-08-22T16:00:00.000Z","followedNum":2,"managers":[{"stockCode":"db20916682","stockType":"fund_manager","exchange":"fm","tickerId":262524234570,"name":"张荫先"}]},"announcement":{"linkText":"平安研究智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=1269673","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed39c7fea5b3eb053f8a5","date":"2024-12-30T16:00:00.000Z","stockId":3000000021576,"sao":"报告期内，本基金于24年12月27日起增聘了一位基金经理。基金的投资策略方向也随之做出了相应的调整。本基金将行业配置的核心锚定在大制造行业。我们秉持“万物皆周期”的理念，有条不紊地开展选股操作。　　站在第四次工业革命的变革前夕，全球经济格局正面临着复杂而深刻的变化。逆全球化思潮涌动，供应链脱钩的担忧如阴霾笼罩，导致全球经济增速普遍放缓。与此同时，过去几年国内房地产投资持续下滑，基建投资增速也逐步下行，需求侧的不确定性急剧膨胀。在这样的大环境下，供给侧的资本开支也随之收缩。但危机之中往往蕴藏着机遇，在市场的优胜劣汰下，行业强者的份额有望逐步集中。事实上，除非遭遇重大技术变革，大部分行业都天然具有周期属性，尤其是在大制造领域，行业发展基本遵循着周而复始的轮回规律。　　基于以上对宏观经济形势和行业特性的理解，本产品的运作思路，首先筛选出需求正处于触底阶段、估值受到压缩的行业。进一步挑选出竞争力强劲、财务报表质量过硬的企业，尤其是细分领域的龙头企业。同时，我们也非常注重企业领导者的能力与品质，选择那些专注于主业，并且有望带领公司穿越行业寒冬的优秀企业家所掌舵的企业，然后买入并持有。正如市场中流传的那句话：“一年一倍甚至三倍者如过江之鲫，三年一倍者却寥寥无几”，本产品以为投资者创造丰厚回报为目的，不断深入研究、反复实践，逐步完善自身的投资框架。　　我们不妨将基金投资的过程比作一场说走就走的自驾旅程，在这趟旅程中，我们大概率不会选择前往那些热门的“粗糙”网红打卡点。因为这类网红点虽然一时热度高涨，但实际体验往往不佳，甚至可能让人疲惫不堪，而且热点来得快去得也快。当未来回首往事，这些蜻蜓点水式的打卡拍照并不会在我们的心路历程里留下一丝涟漪。相反，我们更热衷于探索导航默认推荐路线之外的别样路径。虽然默认推荐的路线一开始可能行驶得较为顺畅，但随着越来越多的人选择它并开始“扎堆”，道路就会变得拥挤不堪，行驶速度也会大幅下降。而那些不为人熟知的小众路线，或许隐藏着更多的惊喜与机遇。　　目前，本产品的规模相对较小，但我们坚信“众人拾柴火焰高”。希望投资者能在合适的时机，以试探性的方式买入并持有本产品。随着时间的缓缓流逝，当您在不经意间已然忘却曾经的买入行为时，在未来的某一天，突然惊喜地发现持仓中的这只产品较好地实现了保值增值。这，便是我们最大的愿景。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:16.855Z","mo":"当前国际形势复杂，逆全球化、供应链脱钩的阴影笼罩下，宏观需求犹如被层层迷雾笼罩，变得愈发难以预判。基于此，本产品淡化需求预判，将工作重心聚焦于行业供给端的横向对比分析，全力探寻企业在“慢变量”中的独特优势，然后买入并进行陪伴。当行业需求摆脱困境、实现反转时，这些在“慢变量”中占据优势的公司，不仅业绩有望大幅提升，其市场估值也会随之水涨船高，从而迎来难得的戴维斯双击机会。大制造涵盖了国民经济的各行各业，每年都会涌现出众多细分行业的投资机遇。这些机会犹如隐匿在深海中的珍珠，需要我们用心去耕耘、去挖掘，才能将其一一收入囊中，为投资者创造丰厚的回报。","fund":{"_id":3000000021576,"__csrcFundId":14096,"stockCode":"021576","masterFundShortName":"平安研究智选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21576,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"平安研究智选混合(021576)","lastUpdated":"2026-05-01T03:14:51.394Z","name":"平安研究智选混合型证券投资基金","pinyin":"payjzxhhxzqtzjj","fundCollectionId":4000050640000,"setUpAssetScale":123711804.49,"setUpDate":"2024-08-19T16:00:00.000Z","setUpShares":123711804.49,"inceptionDate":"2024-08-22T16:00:00.000Z","followedNum":2,"managers":[{"stockCode":"db20916682","stockType":"fund_manager","exchange":"fm","tickerId":262524234570,"name":"张荫先"}]},"announcement":{"linkText":"平安研究智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=1245757","linkType":"PDF","source":"csrc_pdf"}}]}