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相关方向的中长期价值。　　展望后市，本基金仍将坚持以估值与盈利匹配为核心，围绕产业趋势明确、盈利兑现能力较强且中长期空间清晰的方向进行配置，力求在保持组合稳定性的基础上，把握结构性成长机会。","lastUpdated":"2026-04-22T15:43:05.807Z","fund":{"_id":3000000023632,"__csrcFundId":14873,"stockCode":"023632","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":23632,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"景顺长城新兴产业混合(023632)","lastUpdated":"2026-07-24T21:23:30.637Z","name":"景顺长城新兴产业混合型证券投资基金","pinyin":"jsccxxcyhhxzqtzjj","fundCollectionId":4000050290000,"setUpAssetScale":567031086.52,"setUpDate":"2025-03-31T16:00:00.000Z","setUpShares":567031086.52,"inceptionDate":"2025-04-02T16:00:00.000Z","followedNum":4,"masterFundShortName":"景顺长城新兴产业混合","managers":[{"stockCode":"8801600024","stockType":"fund_manager","exchange":"fm","tickerId":140212188610,"name":"农冰立"}]},"announcement":{"linkText":"景顺长城新兴产业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=1473455","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69c61a0d5315f995c600a845","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-26T16:00:00.000Z","stockId":3000000023632,"sao":"2025年，海外OpenAI、Google为代表的海外互联网平台新版本大模型更新，总体获得了非常好的市场反馈，虽然CSP厂商已经开始引入债务融资等手段加速资本开支，但是管理人认为相较于需求的快速发展，算力端的投入目前仍然有所不足。内存因为供需结构问题，目前逐渐成为海外算力投资的重要瓶颈之一，我们国内的内存工业已经逐渐具备完整的全产业链制造能力，管理人看好国内整体内存产业链条未来的成长性。另外，以BD为代表的创新药产业链条，下半年持续兑现订单，大部分临床实验的推进都在正常推进，以港股为代表的核心公司股价深度回调后配置价值已经明显提高。　　（文章所提品牌仅作举例使用，不代表对具体公司及个股推荐）","lastUpdated":"2026-03-27T05:47:57.893Z","mo":"展望2026年，随着全模态模型在全球范围内的进一步推广，以及Agents类应用在垂直领域的发展，推理测算力的成长曲线预计仍然保持较为陡峭状态。同时，以手机为代表的端侧AI应用预计也将在2026年迎来真正意义上的元年。管理人仍然维持海外算力核心标的和消费电子核心供应链公司的乐观态度。　　2026年，管理人认为宏观经济和流动性环境总体对于市场影响相对温和，因为整体市场估值已经不同于一年以前，在选择标的方面会更看重盈利和估值的匹配度，虽然趋势和边际交易仍然会持续活跃，但是从中长期的收益角度来看，无论是AI、消费电子还是半导体，只有兑现在收入或者利润端的真实增长才能让公司获得持续的增长驱动力。地缘政治的不确定性仍然会对市场有一些扰动，但是AI这条最主要的驱动力还在加速的背景下，无论是供应链还是传统的互联网公司在未来一个时期的收入和盈利模式还有比较大受益的空间。管理人相对于之前，会更关注在特定环节壁垒足够高的公司。无论技术上的优势还是生态和护城河的壁垒，在2026年之后应该会成为企业在AI生态竞争更重要的变量。","fund":{"_id":3000000023632,"__csrcFundId":14873,"stockCode":"023632","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":23632,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"景顺长城新兴产业混合(023632)","lastUpdated":"2026-07-24T21:23:30.637Z","name":"景顺长城新兴产业混合型证券投资基金","pinyin":"jsccxxcyhhxzqtzjj","fundCollectionId":4000050290000,"setUpAssetScale":567031086.52,"setUpDate":"2025-03-31T16:00:00.000Z","setUpShares":567031086.52,"inceptionDate":"2025-04-02T16:00:00.000Z","followedNum":4,"masterFundShortName":"景顺长城新兴产业混合","managers":[{"stockCode":"8801600024","stockType":"fund_manager","exchange":"fm","tickerId":140212188610,"name":"农冰立"}]},"announcement":{"linkText":"景顺长城新兴产业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=1447340","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3ed7fea5b3eb0542f93","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000023632,"sao":"过去的三个月TMT板块在算力估值修复和业绩驱动等因素共同影响下出现整体的上涨，海外互联网巨头以及OpenAI也陆续在各自的模型上不断推出新的版本迭代，并进一步抬升远期的资本开支计划。从OpenAI最新对于GPT相关生态远期的规划来看，锁定算力资源，提升模型基础性能，用新的模型带来的新应用吸引用户的模式在未来一段时间将成为常态。展望未来2-3年，算力的需求仍然处于良性增长的状况，管理人继续保持了这部分供应链供需结构相对稳定的部分持仓。　　同时，围绕端侧的AI创新节奏进入新的阶段，苹果等巨头明确加大在新一代手机，眼镜等新型终端的研发投入，可以期待2026年以后更多的智能硬件会得到普及，供应链的公司经过多年的竞争出清，格局相对稳定，可以期待这些头部公司未来的盈利表现。　　除了国外大模型之外，国内的云计算龙头的模型进展在国内外也得到广泛认可，管理人认为虽然有一些时间上的差距，国内的互联网龙头最终在AI生态上的卡位也会有不逊于海外龙头公司的价值，这个过程在今年开始会从更多的事件和收入上的表现得以确认，从估值来说这批公司仍然处于历史相对低的位置，管理人看好这类公司长期的估值修复空间。　　储能和电池领域，经过长达三年的下行调整，在今年看到了竞争趋缓的迹象，同时在储能商业逻辑改善以及反内卷的政策影响下，一批公司的盈利已经出现向上的拐点，管理人相对认可这批公司的性价比，并且认为在新技术周期的渗透下，龙头的供应链公司有估值提升的空间。　　（文章所提品牌仅作举例使用，不代表对具体公司及个股推荐）","lastUpdated":"2026-03-09T14:06:37.480Z","fund":{"_id":3000000023632,"__csrcFundId":14873,"stockCode":"023632","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":23632,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"景顺长城新兴产业混合(023632)","lastUpdated":"2026-07-24T21:23:30.637Z","name":"景顺长城新兴产业混合型证券投资基金","pinyin":"jsccxxcyhhxzqtzjj","fundCollectionId":4000050290000,"setUpAssetScale":567031086.52,"setUpDate":"2025-03-31T16:00:00.000Z","setUpShares":567031086.52,"inceptionDate":"2025-04-02T16:00:00.000Z","followedNum":4,"masterFundShortName":"景顺长城新兴产业混合","managers":[{"stockCode":"8801600024","stockType":"fund_manager","exchange":"fm","tickerId":140212188610,"name":"农冰立"}]},"announcement":{"linkText":"景顺长城新兴产业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=1378092","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3ed7fea5b3eb0542f92","date":"2025-06-29T16:00:00.000Z","stockId":3000000023632,"sao":"2025年上半年市场因为贸易关税的不确定性风偏大幅降低，虽然6月以来有所恢复，但主要成长性权重股票的估值仍然处于较低的位置。从中期来看，管理人认为关税问题仍然有不确定性但大部分中国已经建立优势的制造业如电子、通信等在五年内出现大幅转移的可能性并不高。在美国本身也有比较明显通胀压力和经济下行风险的背景下，关税问题大幅恶化的概率在降低，而资本市场对于主流科技类资产的定价仍然处于相对保守的状态。　　从基本面角度，海外的互联网和云公司二季度陆续更新了2026年以后的资本开支指引，AI大模型的进步在企业端和流量端已经带来了相对明确的正反馈，海外头部公司对于AI在下一轮企业竞争中的重要性的认知趋于一致，所以管理人加仓了前期估值大幅压缩的海外算力公司。而从消费电子产业链角度，围绕手机、眼镜等终端进行的下一轮大幅度创新仍然在正常进行，管理人仍然长期看好手机作为AI在C端进行商业化落地的核心载体的判断，而经过前期相对充分的风险定价，相关公司站在一年维度有较高的风险收益比，管理人也同样在二季度进行了加仓。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:06:37.477Z","mo":"展望未来，伴随海外大模型在多模态和Agents层面的迭代，预计国内大模型的新版本也将进入密集的更新阶段，管理人仍然长期看好国内互联网公司和Agents类应用落地的机会，并会根据实际应用落地情况选择更多公司进入持仓。　　虽然宏观经济仍然面对全球经贸局面的不确定性仍然有一定增长的压力，但是部分行业经过几年的库存周期去化以及出清，从行业竞争角度压力在降低。伴随国内反内卷政策的推行，在传统互联网、制造业都有机会看到龙头公司盈利层面的改善。关税问题在短期恶化的风险不大，市场在接下来的时间有望继续以盈利作为核心要素进行定价。优质公司的结构性机会始终存在，管理人也会保持合同约定相对较高仓位积极寻找风险收益比合适的资产。","fund":{"_id":3000000023632,"__csrcFundId":14873,"stockCode":"023632","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":23632,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"景顺长城新兴产业混合(023632)","lastUpdated":"2026-07-24T21:23:30.637Z","name":"景顺长城新兴产业混合型证券投资基金","pinyin":"jsccxxcyhhxzqtzjj","fundCollectionId":4000050290000,"setUpAssetScale":567031086.52,"setUpDate":"2025-03-31T16:00:00.000Z","setUpShares":567031086.52,"inceptionDate":"2025-04-02T16:00:00.000Z","followedNum":4,"masterFundShortName":"景顺长城新兴产业混合","managers":[{"stockCode":"8801600024","stockType":"fund_manager","exchange":"fm","tickerId":140212188610,"name":"农冰立"}]},"announcement":{"linkText":"景顺长城新兴产业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=1340391","linkType":"PDF","source":"csrc_pdf"}}]}