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 报告期内本基金基本维持高仓位运作，基于我们二季度做出的“全球模型/应用-算力投入闭环形成，中国光通信、PCB厂商分享全球AI发展红利”的判断，继续聚焦全球云计算产业链的投资，这一逻辑在5-8月得到验证，海外算力板块完成了一轮业绩*估值的双击。  展望后市，我们认为全球云计算产业仍然值得重点关注。  最近几个月，AI模型的价值得到了进一步提升。全球旗舰模型正在通过不降价、限流、降规等方式进行实质性“提价“，甚至可能调整商业模式（从订阅到按量），而token数保持100%的季度环比增长，算力投入保持10-20%的季度环比增长，意味着AI模型的价值模型（token*单价-成本）的明显优化，预计这与模型能力、性能、用户数、商业化等方面的发展是密不可分的。  在商业化上，全球头部模型厂商，通过与不同的主体合作，开始创造新的市场，并挑战过去大厂的主业，搜索、公有云、电商、办公等领域的巨头均面临不同程度的跨界竞争。相比23-25年大厂基于现金流投资，新云厂商掀起的举债投资、芯片与模型厂商的相互投资，可能会将全球AI算力投资推向更高水位。  在国内算力投资上，由于提前下单和备货需求，市场对2026年的算力行业发展情况已经有较完善的跟踪预测，我们在投研方向中提升了产业长期发展方向的权重。随着模型和算力架构的深度匹配，计算/通信/存储的配置方案变得丰富，将带来更多产业链的机会。而对于光通信和PCB行业，预计27年有望成为新技术交汇的大年，CPO、OCS、Scaleup的光方案、正交背板、中板、载板等技术有望进入落地期，相关新品的价值量变化和渗透率提升值得期待。永赢智选系列作为工具型产品系列，所布局的行业有高成长性的特性。我们相信云计算行业长期具备较大的成长空间，近几个季度也已有不错的表现，但不要用过去的业绩去预测未来，任何风险资产都不是只涨不跌的，要当心估值扩张周期后的均值回归。过去几个季度以来，我们一直和大家强调理性对待工具型产品。这一年以来，市场热度不断攀升，而越是这种时候，越是要做好投资适当性的管理，理性决策。第一，投资之前，做好风险控制。90%的风险控制都在投资动作之前，风险敞口在买入瞬间已被锁定，后续操作（如止损）仅是补救，无法改变初始决策的缺陷。通过了解基金所投行业及相关行业所处阶段，预估未来可能面对的波动幅度，从而判断产品是否适合自己。第二，合理配置，做好风险分散。工具型产品不可避免具有高弹性特征，需要适当分散投资，不要把资金全部押注到单一产品，从更理性、更长期的角度做好资产配置。第三，不试图预测市场短期的涨跌。影响市场短期走势的因素比较复杂，市场也充满了不确定性，试图精准预测的难度不亚于大海捞针。短期择时往往会对账户造成负收益，对于看好的行业不妨给它更长时间，不折腾才能提高真实收益。作为基金管理人，我们希望先讲风险，再谈收益，希望投资者充分了解基金的风险收益属性，再做投资决策。确保闲钱投资、分散配置、低位定投、适时止盈，才能获得更好的投资体验。","lastUpdated":"2026-03-09T14:05:56.933Z","fund":{"_id":3000000022364,"__csrcFundId":14437,"stockCode":"022364","masterFundShortName":"永赢科技智选混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":22364,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"永赢科技智选混合发起A","lastUpdated":"2025-01-01T23:59:49.449Z","name":"永赢科技智选混合型发起式证券投资基金","pinyin":"yykjzxhhxfqszqtzjj","fundCollectionId":4000050880000,"setUpAssetScale":10001898.69,"setUpDate":"2024-10-29T16:00:00.000Z","setUpShares":10001898.69,"inceptionDate":"2024-10-31T16:00:00.000Z","followedNum":26,"memoNum":4,"managers":[{"stockCode":"j101019921","stockType":"fund_manager","exchange":"fm","tickerId":1810243640,"name":"任桀"}]},"announcement":{"linkText":"永赢科技智选混合型发起式证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1367765","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3c47fea5b3eb05413b7","date":"2025-06-29T16:00:00.000Z","stockId":3000000022364,"sao":"2025 年上半年，市场先跌后涨，其中贸易争端冲击下的出口方向波动较大。具体而言，沪深 300 指数上涨0.03%，中证 1000 指数上涨6.69%，科创 50 指数上涨1.46%，中国战略新兴产业成份指数上涨 4.46%。报告期内本基金维持高仓位运作，并在二季度完成了仓位调整，关注全球云计算产业的投资方向。 今年以来，全球以领先模型厂商为代表的企业，开始形成模型/应用-算力投入的闭环。模型能力的持续提升推动了用户注意力（用户数*时长）的快速增长，以及变现水平的提升（付费率），随着原生类 AI应用，如 Coding、DeepResearch等的持续发展，以及Agent、多模态等应用的逐渐成熟、大厂主业与AI的进一步融合，全球 AI应用已经进入较为健康的成长阶段。在应用的持续发展下，大厂、新AI云、主权国家等主体的算力投入信心亦有进一步加强。中国厂商擅长的光通信、PCB 领域在过去两年的 AI 发展中实现了高增长，今年以来客户逐渐提出更高、更长期的需求后，一些过去保守的厂商也进入历史性的扩产阶段。随着全球大客户需求持续扩张，以及AI产业的长期发展，中国厂商有望持续分享全球 AI 发展的红利。与此同时，云计算虽然是一个具有长期逻辑的板块，但前期已经累积了一定的涨幅，未来板块可能会出现调整与波动。","declarationDate":"2025-07-13T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:56.928Z","mo":"中期视角下，市场仍处于弱现实下的信心修复+政策落地期，具备持续的估值扩张行情的基础。  展望下半年，本基金将重点关注全球前沿模型的发布，新兴应用的发展，以及 OpenAI/Anthropic、海外云和芯片厂商、国内相关公司如光通信（CPO）、PCB 等的经营状态，积极挖掘全球云计算产业的投资机会。  我们在季报中连续提示，永赢智选系列是聚焦新质生产力的工具型产品，其所布局的行业具有高成长性的特性，难免伴随着较大的市场波动。越是在市场热度高的时候，我们越是要认识到做好适当性管理的重要性，根据自身风险承受能力审慎决策。在投资之前，要先问自己三个问题：第一，这个产品的底层资产是什么，是否已经通过底层资产了解清楚产品的特性？第二，这类产品历史的最大回撤是多少，假如遇到极端情况，自己能否接受？第三，这笔投资期限有多长，自己对产品的预期收益率在什么区间以及是否愿意为此承担较大风险？  作为基金管理人，我们希望先讲风险，再谈收益，投资者要充分了解基金的风险收益属性，才能确定自己是否适合做这个投资。由于投资者行为的不确定性，投资者的真实收益和基金收益率总是存在一定的磨损，唯有更加理性的投资动作才能把基金净值转化为实实在在的投资者收益。故我们倡导分散投资、定投并设置止盈止损目标、不暴露太多风险敞口，用科学的资产配置策略守护财富。","fund":{"_id":3000000022364,"__csrcFundId":14437,"stockCode":"022364","masterFundShortName":"永赢科技智选混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":22364,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"永赢科技智选混合发起A","lastUpdated":"2025-01-01T23:59:49.449Z","name":"永赢科技智选混合型发起式证券投资基金","pinyin":"yykjzxhhxfqszqtzjj","fundCollectionId":4000050880000,"setUpAssetScale":10001898.69,"setUpDate":"2024-10-29T16:00:00.000Z","setUpShares":10001898.69,"inceptionDate":"2024-10-31T16:00:00.000Z","followedNum":26,"memoNum":4,"managers":[{"stockCode":"j101019921","stockType":"fund_manager","exchange":"fm","tickerId":1810243640,"name":"任桀"}]},"announcement":{"linkText":"永赢科技智选混合型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1338855","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3c47fea5b3eb05413b6","date":"2025-03-30T16:00:00.000Z","stockId":3000000022364,"sao":"2025年一季度，市场先涨后跌，其中估值弹性较大的科技方向波动较大。具体而言，沪深300指数下跌1.21%，中证1000指数上涨4.51%，科创50指数上涨3.42%，中国战略新兴产业成份指数上涨2.12%。中期视角下，市场仍处于弱现实下的信心修复+政策落地期，具备持续的估值扩张行情的基础，报告期内本基金维持高仓位运作，并本季度中完成了仓位调整，开始聚焦云计算与数据中心的投资机会。科技产业主要由创新驱动发展，OAI GPT-o1、DeepSeek等优秀模型引领了新一轮post-train、推理架构创新，而DeepSeek在春节期间的广泛出圈真实带动了全社会C端和B端接入大模型的兴趣和需求，AutoGLM沉思等Agent产品进一步加强了AI的端到端能力，循着产业链挖掘，我们发现生成式AI推理需求开始带动公有云行业收入、盈利能力加速提升，且国内公有云厂商开始进一步加大对AI基础设施建设的投入。20年以后国内公有云及基础设施行业经历了较长的下行周期，期间经历了充分的收入结构、产能、估值等全方面的调整，直到近期我们开始看到公有云龙头公司的业务反转，以及IDC行业的稼动率回升和价格企稳，我们判断随着AI用量持续提升以及对其他云产品用量的带动，公有云行业已经进入较长的持续上行期，且IDC作为重资产、高杠杆行业，在需求驱动下已经进入报表改善阶段，未来可能进入供需紧张阶段。长期来看，公有云以即时调用、快速迭代、无缝扩张、统一运维等特征，是大模型乃至基础IT架构的长期方向，属于可达空间大、商业模式优质的核心产业，我们将持续在国内公有云产业中挖掘投资机会，力争把握此轮业绩和估值双击的投资机会。永赢智选系列作为聚焦新质生产力的工具型产品系列，其高成长性决定了必会伴随较大的市场波动。对于本产品来说，面对云计算这样一个具有长期向好逻辑的板块， 单纯地追高或在市场波动时恐慌离场都不是最优策略。投资者在初次接触相关行业时，不妨将其纳入关注列表，深入了解和研究该行业及工具型产品的风险收益特征，基于真正看好时再做出投资决策，而不要仅仅因为热度高就跟风购买。若看好板块未来发展，可以考虑采用定投方式与行业共同成长，熨平短期波动，力争享受行业长期发展的红利。同时，也希望大家能够适当分散投资，从更理性、更长期的角度做好资产配置，不要把资金全部押注到单一产品。","declarationDate":"2025-04-14T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:56.924Z","fund":{"_id":3000000022364,"__csrcFundId":14437,"stockCode":"022364","masterFundShortName":"永赢科技智选混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":22364,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"永赢科技智选混合发起A","lastUpdated":"2025-01-01T23:59:49.449Z","name":"永赢科技智选混合型发起式证券投资基金","pinyin":"yykjzxhhxfqszqtzjj","fundCollectionId":4000050880000,"setUpAssetScale":10001898.69,"setUpDate":"2024-10-29T16:00:00.000Z","setUpShares":10001898.69,"inceptionDate":"2024-10-31T16:00:00.000Z","followedNum":26,"memoNum":4,"managers":[{"stockCode":"j101019921","stockType":"fund_manager","exchange":"fm","tickerId":1810243640,"name":"任桀"}]},"announcement":{"linkText":"永赢科技智选混合型发起式证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1263822","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3c47fea5b3eb05413b5","date":"2024-12-30T16:00:00.000Z","stockId":3000000022364,"sao":"2024年四季度，虽然短期经济数据仍有压力，但在逆周期政策+宽松预期推动下，市场小幅上涨，其中估值弹性较大的科技方向涨幅较大。具体而言，沪深300指数下跌2.06%，中证1000指数上涨4.36%，科创50指数上涨13.36%，中国战略新兴产业成份指数下跌2.17%。本基金从24年10月底开始建仓，维持高仓位运作，仓位集中于科技自立自强、AI应用、科技出海等方向。1）科技自立自强：必经之路，仍有大量环节处于渗透率低位，主要集中在泛半导体、软件领域，这类公司价值随着关键产品突破、客户验证进度等里程碑逐渐提升，而终局价值和可见度的提升，也体现为当期估值的提升。2）23-24年全球对生成式AI的大力投入，已经形成一批能力足够强的AI模型，24年下半年海外AI应用进入快速增长期，我们也观测到部分国内公司的生成式AI业务拓展取得突破，即整体AI应用可见度已大幅提升。类似当年云计算，这类技术创新驱动的产业变革，往往意味着多个行业远期假设的重塑，带来长期成长和估值体系迭代的机会。3）国内科技领域仍有大量细分行业的处于全球份额低位，但核心能力已完全不输国际巨头，近年来部分龙头企业也将出海作为关键战略，这一空间更大、利润更丰厚的市场已成为重要的成长曲线。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:56.920Z","mo":"中期视角下，市场仍处于弱现实下的信心修复+政策落地期，具备持续的估值扩张行情的基础。  科技产业主要由创新驱动发展，OAI GPT-o1、DeepSeek等优秀模型引领了新一轮post-train、推理架构创新，而DeepSeek在春节期间的广泛出圈真实带动了全社会C端和B端接入大模型的兴趣和需求，循着产业链挖掘，我们发现生成式AI爆发的训练和推理需求开始带动公有云行业收入、盈利能力加速提升，且国内公有云厂商开始进一步加大对AI基础设施建设的投入。  2020年以后国内公有云及基础设施行业经历了较长的下行周期，期间经历了充分的收入结构、产能、估值等全方面的调整，直到近期我们开始看到公有云龙头公司的业务反转，以及IDC行业的稼动率回升和价格企稳，我们判断随着AI用量持续提升以及对其他云产品用量的带动，公有云行业已经进入较长的持续上行期，且IDC作为重资产、高杠杆行业，在需求驱动下已经进入报表改善阶段，未来可能进入供需紧张阶段。  长期来看，公有云以即时调用、快速迭代、无缝扩张、统一运维等特征，是大模型乃至基础IT架构的长期方向，属于可达空间大、商业模式优质的核心产业，我们将持续关注国内公有云产业的投资机会，力争把握此轮业绩和估值双击的投资机会。云计算作为一个高成长性板块，难免会伴随较大的市场波动。面对云计算这样一个具有长期向好逻辑的赛道，单纯地追高或在市场波动时恐慌离场都不是最优策略。投资者在初次接触相关行业时，不妨将其纳入关注列表，深入了解和研究对应行业及工具型产品的风险收益特征，基于真正看好时再做出投资决策，而不要仅仅因为热度高就跟风购买。若看好板块未来发展，可以考虑采用定投方式与行业共同成长，熨平短期波动，力争享受行业长期发展的红利。同时，也希望大家能够适当分散投资，从更理性、更长期的角度做好资产配置，不要把资金全部押注到单一赛道。","fund":{"_id":3000000022364,"__csrcFundId":14437,"stockCode":"022364","masterFundShortName":"永赢科技智选混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":22364,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"永赢科技智选混合发起A","lastUpdated":"2025-01-01T23:59:49.449Z","name":"永赢科技智选混合型发起式证券投资基金","pinyin":"yykjzxhhxfqszqtzjj","fundCollectionId":4000050880000,"setUpAssetScale":10001898.69,"setUpDate":"2024-10-29T16:00:00.000Z","setUpShares":10001898.69,"inceptionDate":"2024-10-31T16:00:00.000Z","followedNum":26,"memoNum":4,"managers":[{"stockCode":"j101019921","stockType":"fund_manager","exchange":"fm","tickerId":1810243640,"name":"任桀"}]},"announcement":{"linkText":"永赢科技智选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=1248147","linkType":"PDF","source":"csrc_pdf"}}]}