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外AI发展共振，创新药，新消费，半导体等领域也在持续升级的过程中，传统领域随着近几年的调整也进入到新的发展范式阶段，大量优质公司从股东回报能力的价值角度看完全具备扎实的支撑能力，长期投资价值显著。后续全球地缘政治风险仍有反复的可能性，但科技产业的发展，传统领域的复苏仍然清晰。　　报告期内本基金权益类仓位水平平稳，本基金坚持以长周期内自下而上精选个股为首要基础，同时考虑将中观及宏观因素变化作为重要的背景考量， 重视股票的定价保护，以期在短期不确定性因素仍然较多的环境下，尽可能把握长周期，力争获取收益确定度更大的部分。在收益和风险的权衡中，我们仍然更愿意将风险控制和长周期内的确定性放在更为重要的位置上，同时适度结合中短期宏观和市场因素对组合的进攻性品种做一定再平衡，做好短期内可能面对的情景假设及应对准备策略，以期基金在净值的短期和长期收益表现上有更好的均衡度。本基金仍然以为投资者创造合理的中长期价值为首要宗旨。","lastUpdated":"2026-03-09T14:27:43.144Z","fund":{"_id":3000000163415,"stockCode":"163415","stockType":"fund","areaCode":"cn","followedNum":803,"blackenedNum":1,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2012-11-11T16:00:00.000Z","setUpScale":545952000,"market":"a","tickerId":163415,"custody":"中国光大银行股份有限公司","name":"兴全商业模式优选混合型证券投资基金（LOF）","shortName":"兴全商业模式混合（LOF）(163415)","fundSecondLevel":"hybrid","__csrcFundId":3296,"fundStatus":"normal","lastUpdated":"2026-05-01T06:48:02.300Z","masterFundFlag":1,"inceptionDate":"2012-12-17T16:00:00.000Z","memoNum":7,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全商业模式混合（LOF）","pinyin":"xqsymsyxhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801469687","stockType":"fund_manager","exchange":"fm","tickerId":1717174020,"name":"乔迁"}]},"announcement":{"linkText":"兴全商业模式优选混合型证券投资基金（LOF）2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1381227","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8df7fea5b3eb05981ca","date":"2025-06-29T16:00:00.000Z","stockId":3000000163415,"sao":"上半年，年初在国内科技创新公司的带动下，市场大大缓解了全球下一轮科技创新拉动的经济周期中对中国上限问题的顾虑，对中国长期基本面的信心大大提高。4月初关税事件带来短期负面冲击，5-6月市场信心逐渐修复。自下而上，科创，出海方向进展靓丽，AI、创新药、新消费、半导体等各个领域持续升级迭代，传统领域随着近几年的调整也进入到新的发展范式阶段，大量优质公司从股东回报能力的价值角度看完全具备扎实的支撑能力，长期投资价值显著。整体而言，当前经济状态和估值水平仍然处于底部抬升的过程中。总体而言，本基金仍然坚持以长周期内自下而上精选个股为首要基础，同时考虑将中观及宏观因素变化作为重要的背景考量，重视股票的定价保护，以期在短期不确定性因素仍然较多的环境下，尽可能把握长周期，力争获取收益确定度更大的部分。在收益和风险的权衡中，我们仍然更愿意将风险控制和长周期内的确定性放在更为重要的位置上，同时适度结合中短期宏观和市场因素对组合的进攻性品种做一定再平衡，做好短期内可能面对的情景假设及应对准备策略，以期基金在净值的短期和长期收益表现上有更好的均衡度。本基金仍然以为投资者创造合理的中长期价值为首要宗旨。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:43.139Z","mo":"展望下半年，海外云厂在AI方向的投入逐步闭环，AI资本开支可能迎来较大周期，AI对各行各业的赋能更加显著。国内大厂，国产算力，自主可控仍然在持续追赶的过程中。国内企业在全球创新药领域的优势愈发明显，制造业出海方兴未艾。国内经济仍处在修复过程中，但市场信心已经明显增强。我们仍然认可中国众多产业链在全球的长期竞争优势，对相关公司持续保持积极关注，寻求合适的长周期布局机会。另一方面，我们仍然对科技创新带来社会效率提升从而激发非线性需求的增长潜力持积极态度，持续关注相关投资机会。我们认为长期收益率的获取，需要同时关注基本面和估值两个因素。我们仍然认可优质龙头公司长期竞争力和目前经济阶段下其所表现出的较为突出和持续的盈利及成长能力，仍然以此作为核心底仓及跟踪的品种，关注盈利和估值的匹配度和性价比，坚持通过拉长周期、聚焦优质品种的方式来构建安全边际，力争实现为投资者创造中长期价值的目标。","fund":{"_id":3000000163415,"stockCode":"163415","stockType":"fund","areaCode":"cn","followedNum":803,"blackenedNum":1,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2012-11-11T16:00:00.000Z","setUpScale":545952000,"market":"a","tickerId":163415,"custody":"中国光大银行股份有限公司","name":"兴全商业模式优选混合型证券投资基金（LOF）","shortName":"兴全商业模式混合（LOF）(163415)","fundSecondLevel":"hybrid","__csrcFundId":3296,"fundStatus":"normal","lastUpdated":"2026-05-01T06:48:02.300Z","masterFundFlag":1,"inceptionDate":"2012-12-17T16:00:00.000Z","memoNum":7,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全商业模式混合（LOF）","pinyin":"xqsymsyxhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801469687","stockType":"fund_manager","exchange":"fm","tickerId":1717174020,"name":"乔迁"}]},"announcement":{"linkText":"兴全商业模式优选混合型证券投资基金（LOF）2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1344754","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8df7fea5b3eb05981c9","date":"2025-03-30T16:00:00.000Z","stockId":3000000163415,"sao":"一季度海外政治经济形势错综复杂的形势仍延续，国内围绕稳增长的基调，自2024年三季度以来的宏观政策对大量顺周期行业的托底性问题形成了有力支撑。科技方面，DeepSeek的出现不仅大大缓解了全球下一轮科技创新拉动的经济周期中大家对中国上限问题的顾虑，而且展现出了另一套路径上的优势点，市场对中国长期基本面的信心大大提高。一季度市场对中国长期资产的估值持续修复，其中成长性相关的科技板块表现更为亮眼。　　　　报告期内本基金权益类仓位水平平稳。我们仍然认为长期收益率的获取，需要同时关注基本面和估值两个因素，在市场经历24年9月以后的快速上涨后，我们将更为聚焦中长周期内企业在宏观背景修正后的基本面匹配能力和可能面临的波动范围，做更为积极的评估和调整。成长性行业，我们对科技创新带来社会效率提升从而激发非线性需求的增长潜力仍然持积极态度。随着基本面的顺利进展，本基金继续保持科技领域相关超配的权重。总体而言，本基金仍然坚持以长周期内自下而上精选个股为首要基础，同时考虑将中观及宏观因素变化作为重要的背景考量， 重视股票的定价保护，以期在短期不确定性因素仍然较多的环境下，尽可能把握长周期，力争获取收益确定度更大的部分。在收益和风险的权衡中，我们仍然更愿意将风险控制和长周期内的确定性放在更为重要的位置上，同时适度结合中短期宏观和市场因素对组合的进攻性品种做一定再平衡，做好短期内可能面对的情景假设及应对准备策略，以期基金在净值的短期和长期收益表现上有更好的均衡度。本基金仍然以为投资者创造合理的中长期价值为首要宗旨。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:43.137Z","fund":{"_id":3000000163415,"stockCode":"163415","stockType":"fund","areaCode":"cn","followedNum":803,"blackenedNum":1,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2012-11-11T16:00:00.000Z","setUpScale":545952000,"market":"a","tickerId":163415,"custody":"中国光大银行股份有限公司","name":"兴全商业模式优选混合型证券投资基金（LOF）","shortName":"兴全商业模式混合（LOF）(163415)","fundSecondLevel":"hybrid","__csrcFundId":3296,"fundStatus":"normal","lastUpdated":"2026-05-01T06:48:02.300Z","masterFundFlag":1,"inceptionDate":"2012-12-17T16:00:00.000Z","memoNum":7,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全商业模式混合（LOF）","pinyin":"x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内自下而上精选个股为首要基础，同时考虑将中观及宏观因素作为重要的背景考量，重视股票的定价保护，以期在短期不确定性因素较多的环境下，尽可能把握长周期，力争获取收益确定度更大的部分。本基金仍然以为投资者创造合理的中长期价值为首要宗旨。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:43.128Z","mo":"展望下半年，全球地缘政治、国内外宏观政策面变化及由此带来的经济复苏程度和产业结构变化是我们关注的核心。当前整体经济状态和市场预期处于偏底部区域，我们仍然认可中国众多产业链在全球的长期竞争优势，对相关公司持续保持积极关注，寻求合适的长周期布局机会。另一方面，我们仍然对科技创新带来社会效率提升从而激发非线性需求的增长潜力持积极态度，持续关注相关投资机会。　　我们认为长期收益率的获取，需要同时关注基本面和估值两个因素。我们仍然认可优质龙头公司长期竞争力和目前经济阶段下其所表现出的较为突出和持续的盈利及成长能力，仍然以此作为核心底仓及跟踪的品种，关注盈利和估值的匹配度和性价比，坚持通过拉长周期、聚焦优质品种的方式来构建安全边际，力争实现为投资者创造中长期价值的目标。","fund":{"_id":3000000163415,"stockCode":"163415","stockType":"fund","areaCode":"cn","followedNum":803,"blackenedNum":1,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2012-11-11T16:00:00.000Z","setUpScale":545952000,"market":"a","tickerId":163415,"custody":"中国光大银行股份有限公司","name":"兴全商业模式优选混合型证券投资基金（LOF）","shortName":"兴全商业模式混合（LOF）(163415)","fundSecondLevel":"hybrid","__csrcFundId":3296,"fundStatus":"normal","lastUpdated":"2026-05-01T06:48:02.300Z","masterFundFlag":1,"inceptionDate":"2012-12-17T16:00:00.000Z","memoNum":7,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全商业模式混合（LOF）","pinyin":"xqsymsyxhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801469687","stockType":"fund_manager","exchange":"fm","tickerId":1717174020,"name":"乔迁"}]},"announcement":{"linkText":"兴全商业模式优选混合型证券投资基金（LOF）2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1153276","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8df7fea5b3eb05981c5","date":"2024-03-30T16:00:00.000Z","stockId":3000000163415,"sao":"一季度市场整体波动较大，全球政治经济复杂局面延续，在短期不确定性较多的情况下，市场结构分化加剧。一方面，短期基本面支撑度较强的红利、资源、人工智能、出口等方向涨幅靠前；另一方面，包含长期较多成长性预期的公司在不确定因素较多的背景下，由于投资者对长期问题难以形成更明确的定价，估值收敛明显，股价波动较大。市场整体风险偏好下降。　　报告期内本基金权益类仓位水平平稳。结构上我们重视长周期基本面和估值的匹配度，行业分布相对均衡。成长性行业中我们仍然保持对科技创新产业链相关配置的权重；同时一些长期能够维持自身竞争优势的行业龙头，维持优异资产和报表质量的能力仍然显著，经过一段时间的产业调整和估值消化后，从长期视角看股东回报能力已具备相当吸引力，我们进行了更为积极的配置。总体而言，本基金仍然坚持以长周期内自下而上精选个股为首要基础，同时考虑将中观及宏观因素作为重要的背景考量，重视股票的定价保护，以期在短期不确定性因素较多的环境下，尽可能把握长周期，力争获取收益确定度更大的部分。本基金仍然以为投资者创造合理的中长期价值为首要宗旨。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:43.126Z","fund":{"_id":3000000163415,"stockCode":"163415","stockType":"fund","areaCode":"cn","followedNum":803,"blackenedNum":1,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2012-11-11T16:00:00.000Z","setUpScale":545952000,"market":"a","tickerId":163415,"custody":"中国光大银行股份有限公司","name":"兴全商业模式优选混合型证券投资基金（LOF）","shortName":"兴全商业模式混合（LOF）(163415)","fundSecondLevel":"hybrid","__csrcFundId":3296,"fundStatus":"normal","lastUpdated":"2026-05-01T06:48:02.300Z","masterFundFlag":1,"inceptionDate":"2012-12-17T16:00:00.000Z","memoNum":7,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全商业模式混合（LOF）","pinyin":"xqsymsyxhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801469687","stockType":"fund_manager","exchange":"fm","tickerId":1717174020,"name":"乔迁"}]},"announcement":{"linkText":"兴全商业模式优选混合型证券投资基金（LOF）2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1075636","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8df7fea5b3eb05981c4","date":"2023-12-30T16:00:00.000Z","stockId":3000000163415,"sao":"2023年市场结构波动和分化较大。一方面，国内宏观政策积极，持续推进稳增长预期，而资本市场对内外部的需求前景预期仍然受到较多因素扰动，大部分顺周期公司的股价在经济基本面、估值以及投资者情绪等多要素中持续波动和寻求新的结构平衡。市场对短期波动因素的考量权重放大，同时对众多企业在当下估值下长期发展的基本面前景反馈较弱。在宏观假设的修正下，市场防御性属性持续增强，成长性溢价迅速收敛。另一方面，AI、VR/AR、机器人等新兴科技领域备受瞩目，在提高生产效率等方面可积极展望，从长期维度看有望成为推动全球经济发展的重要驱动之一，而新兴科技领域的发展过程和路径预期往往较传统行业具有更多复杂性和不确定性，因此相关科技板块也呈现出剧烈的波动，整体全年表现亮眼。　　报告期内本基金权益类仓位水平平稳。中期维度，进口替代、出口、科技创新仍然是自上而下关注的重点。结构上，我们仍然重视长周期基本面和估值的匹配度，整体配置相对均衡，保持在科技相关领域的略微正向偏离。总体而言，本基金仍然坚持以长周期内自下而上精选个股为首要基础，同时考虑将中观及宏观因素作为重要的背景考量，重视股票的定价保护，以期在短期不确定性因素较多的环境下，尽可能把握长周期，力争获取收益确定度更大的部分。本基金仍然以为投资者创造合理的中长期价值为首要宗旨。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:43.123Z","mo":"展望2024年，全球地缘政治、政策面变化以及由此带来的经济复苏程度和产业各变量间的互动效应是我们对宏观面关注的核心。当前整体经济状态和市场预期普遍处于偏底部区域，我们认为随着相应政策的推出，产业对经济预期修复，有望带动各环节需求侧拉动的量价回升至合理中枢水平。另一方面，科技创新带来新市场和新需求，未来会有量变到质变的过程，相关产业链持续孕育着投资机会。　　我们仍然认可优质龙头公司长期竞争力和目前经济阶段下其所表现出的较为突出和持续的优质盈利及成长能力，关注基本面和估值的匹配度和性价比，坚持通过拉长周期、聚焦优质品种的方式来构建安全边际，在我们自上而下和自下而上的逻辑中寻求交集品种，力争实现为投资者创造中长期价值的目标。","fund":{"_id":3000000163415,"stockCode":"163415","stockType":"fund","areaCode":"cn","followedNum":803,"blackenedNum":1,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2012-11-11T16:00:00.000Z","setUpScale":545952000,"market":"a","tickerId":163415,"custody":"中国光大银行股份有限公司","name":"兴全商业模式优选混合型证券投资基金（LOF）","shortName":"兴全商业模式混合（LOF）(163415)","fundSecondLevel":"hybrid","__csrcFundId":3296,"fundStatus":"normal","lastUpdated":"2026-05-01T06:48:02.300Z","masterFundFlag":1,"inceptionDate":"2012-12-17T16:00:00.000Z","memoNum":7,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全商业模式混合（LOF）","pinyin":"xqsymsyxhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801469687","stockType":"fund_manager","exchange":"fm",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较明显的吸引力，符合本基金长期收益率目标。同时，我们也在积极寻找和比较当前有一定估值保护，未来基本面有望出现向上边际变化的其他高性价比优质品种。  我们仍然认可优质龙头公司长期竞争力和目前经济阶段下其所表现出的较为突出和持续的盈利及成长能力，关注盈利和估值的匹配度和性价比，坚持通过拉长周期、聚焦优质品种的方式来构建安全边际，实现为投资者创造中长期价值的目标。","fund":{"_id":3000000163415,"stockCode":"163415","stockType":"fund","areaCode":"cn","followedNum":803,"blackenedNum":1,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2012-11-11T16:00:00.000Z","setUpScale":545952000,"market":"a","tickerId":163415,"custody":"中国光大银行股份有限公司","name":"兴全商业模式优选混合型证券投资基金（LOF）","shortName":"兴全商业模式混合（LOF）(163415)","fundSecondLevel":"hybrid","__csrcFundId":3296,"fundStatus":"normal","lastUpdated":"2026-05-01T06:48:02.300Z","masterFundFlag":1,"inceptionDate":"2012-12-17T16:00:00.000Z","memoNum":7,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全商业模式混合（LOF）","pinyin":"xqsymsyxhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801469687","stockType":"fund_manager","exchange":"fm","tickerId":1717174020,"name":"乔迁"}]},"announcement":{"linkText":"兴全商业模式优选混合型证券投资基金（LOF）2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=786950","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8df7fea5b3eb05981bd","date":"2022-03-30T16:00:00.000Z","stockId":3000000163415,"sao":"一季度整个宏观市场受到的挑战因素较多，包括地缘局势动荡、海外加息缩表预期、国内多地疫情反复、通货膨胀和原材料价格上涨等。从短期维度看，不少企业尤其是中游和下游企业，其盈利会受到经济状况的制约。但是从长期维度看，也有不少优质企业在规模和效率等方面已经逐步取得全球竞争力，其稳固程度和未来发展空间正持续扩大，短期难以把控的阶段性因素从目前观察看并不会改变这些优质企业长期发展的方向。同时，随着市场大幅调整，我们自下而上长期跟踪的部分优质企业，目前放在长期维度里面，投资价值已经具有较大的吸引力。  本基金报告期内仓位水平总体平稳，结构上，仍然坚持以长周期内自下而上精选个股为首要策略，重视定价保护，以期在短期不确定性因素较多的环境下，尽可能把握长周期获取收益确定度更大的部分。在收益和风险的权衡中，我们仍然更愿意将风险控制和长周期内的确定性放在目前阶段更为重要的位置上，同时适度结合中短期宏观和市场因素对组合的进攻性品种做一定再平衡，以期基金在净值的短期和长期收益表现上有更好的均衡度。总体而言，本基金仍然以为投资者创造合理的中长期价值为首要宗旨。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:43.104Z","fund":{"_id":3000000163415,"stockCode":"163415","stockType":"fund","areaCode":"cn","followedNum":803,"blackenedNum":1,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2012-11-11T16:00:00.000Z","setUpScale":545952000,"market":"a","tickerId":163415,"custody":"中国光大银行股份有限公司","name":"兴全商业模式优选混合型证券投资基金（LOF）","shortName":"兴全商业模式混合（LOF）(163415)","fundSecondLevel":"hybrid","__csrcFundId":3296,"fundStatus":"normal","lastUpdated":"2026-05-01T06:48:02.300Z","masterFundFlag":1,"inceptionDate":"2012-12-17T16:00:00.000Z","memoNum":7,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全商业模式混合（LOF）","pinyin":"xqsymsyxhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801469687","stockType":"fund_manager","exchange":"fm","tickerId":1717174020,"name":"乔迁"}]},"announcement":{"linkText":"兴全商业模式优选混合型证券投资基金（LOF）2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=729581","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8df7fea5b3eb05981bc","date":"2021-12-30T16:00:00.000Z","stockId":3000000163415,"sao":"整体而言，2021年市场结构波动和分化较大。在流动性较为充裕的背景下，前三季度景气度取代长期确定性成为驱动行业走势分化的主要矛盾，市场风险偏好上升，边际上具备业绩及逻辑催化的新能源、半导体和一些中小市值个股表现强势，而更多依赖长期稳健增长假设的行业则表现乏力。到四季度，随着部分大宗品价格回落，以及市场对经济增长压力的担忧，前期依赖景气度的周期行业和具备估值溢价的热门赛道行业出现一定程度的回调，市场结构分化有所收敛。  本基金报告期内仓位水平总体平稳，结构上，仍然坚持以长周期内自下而上精选个股为首要策略，重视定价保护，以期在短期不确定性因素较多的环境下，尽可能把握长周期获取收益确定度更大的部分。在收益和风险的权衡中，我们仍然更愿意将风险控制和长周期内的确定性放在目前阶段更为重要的位置上，同时适度结合中短期宏观和市场因素对组合的进攻性品种做一定再平衡，以期基金在净值的短期和长期收益表现上有更好的均衡度。总体而言，本基金仍然以为投资者创造合理的中长期价值为首要宗旨。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:43.101Z","mo":"展望2022年，海外加息预期、地缘局势动荡、疫情的反复、国内经济政策等都是影响市场的主要因素，尽管这些因素难以把控，但是市场并不缺乏结构性机会。我们自下而上长期跟踪的部分优质公司，目前放在长期维度里面，已经具有较大的吸引力。  我们仍然认可优质龙头公司长期竞争力和目前经济阶段下其所表现出的较为突出和持续的盈利及成长能力，关注盈利和估值的匹配度和性价比，坚持通过拉长周期、聚焦优质品种的方式来构建安全边际，实现为投资者创造中长期价值的目标。","fund":{"_id":3000000163415,"stockCode":"163415","stockType":"fund","areaCode":"cn","followedNum":803,"blackenedNum":1,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2012-11-11T16:00:00.000Z","setUpScale":545952000,"market":"a","tickerId":163415,"custody":"中国光大银行股份有限公司","name":"兴全商业模式优选混合型证券投资基金（LOF）","shortName":"兴全商业模式混合（LOF）(163415)","fundSecondLevel":"hybrid","__csrcFundId":3296,"fundStatus":"normal","lastUpdated":"2026-05-01T06:48:02.300Z","masterFundFlag":1,"inceptionDate":"2012-12-17T16:00:00.000Z","memoNum":7,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全商业模式混合（LOF）","pinyin":"xqsymsyxhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801469687","stockType":"fund_manager","exchange":"fm","tickerId":1717174020,"name":"乔迁"}]},"announcement":{"linkText":"兴全商业模式优选混合型证券投资基金（LOF）2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=715743","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8df7fea5b3eb05981bb","date":"2021-09-29T16:00:00.000Z","stockId":3000000163415,"sao":"三季度市场受全球疫情、国内双控等因素波动影响，国内经济增长较前期市场预期出现更多压力，各行业运行面临较多扰动。在流动性整体较为充裕的背景下，A股市场持续活跃，结构波动和分化进一步加大。前期具备估值溢价的中长期价值品种随着经济预期边际下调而伴随的短期基本面压力，股价出现了加速回调，同时，短期边际趋势向好的子行业表现十分突出，市场向着淡化长期估值注重短期边际变化的方向演绎。  本基金报告期内仓位水平总体平稳，结构上，仍然坚持以长周期内自下而上精选个股为首要策略，重视定价保护，以期在短期不确定性因素较多的环境下，尽可能把握长周期确定度更大的部分，在收益和风险的权衡中，我们更愿意将风险控制和长周期内的确定性放在目前阶段更为重要的位置上，适度结合中短期因素对组合做整体的平衡。总体而言，本基金仍然以为投资者创造合理的中长期价值为宗旨。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:43.098Z","fund":{"_id":3000000163415,"stockCode":"163415","stockType":"fund","areaCode":"cn","followedNum":803,"blackenedNum":1,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2012-11-11T16:00:00.000Z","setUpScale":545952000,"market":"a","tickerId":163415,"custody":"中国光大银行股份有限公司","name":"兴全商业模式优选混合型证券投资基金（LOF）","shortName":"兴全商业模式混合（LOF）(163415)","fundSecondLevel":"hybrid","__csrcFundId":3296,"fundStatus":"normal","lastUpdated":"2026-05-01T06:48:02.300Z","masterFundFlag":1,"inceptionDate":"2012-12-17T16:00:00.000Z","memoNum":7,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全商业模式混合（LOF）","pinyin":"xqsymsyxhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801469687","stockType":"fund_manager","exchange":"fm","tickerId":1717174020,"name":"乔迁"}]},"announcement":{"linkText":"兴全商业模式优选混合型证券投资基金（LOF）2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=657262","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8df7fea5b3eb05981ba","date":"2021-06-29T16:00:00.000Z","stockId":3000000163415,"sao":"上半年市场整体表现活跃，但结构波动和分化极大。市场对整体经济复苏、宏观政策的方向以及产业结构周期等预期经历了较为复杂和曲折的过程，市场结构表现在上半年季度间也出现了较大的反差。站在目前时点回顾上半年，总体经济复苏的节奏弱于我们年初预期，流动性的宽裕程度则超出预期，同时在年初优质公司长期定价已相对充分及机构抱团现象较为突出的背景下，景气度取代长期确定性成为驱动行业走势分化的主要矛盾，市场风险偏好上升，边际上具备业绩及逻辑催化的新能源、半导体和一些中小市值个股表现强势，而更多依赖长期稳健增长假设的行业则表现乏力。但从长周期大方向上看，依赖长期超低利率以及较高风险偏好的假设在本基金的投资框架内并不足够可靠。  本基金报告期内仓位水平总体平稳，结构上，仍然坚持长周期内自下而上精选个股的策略，重视定价保护，以期在短期不确定性因素较多的环境下，尽可能把握长周期确定度更大的部分，在收益和风险的权衡中，我们更愿意将风险控制和长周期内的确定性放在目前阶段更为重要的位置上。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:43.096Z","mo":"在目前时点看全球经济和结构，长周期的方向是相对确定度高而中短周期的变化时点节奏反而是复杂和相对不够确定的部分，因此长周期内的安全边际仍然是在目前时点本基金运作的首要考虑因素。未来我们仍将继续坚持自下而上精选个股的策略，重视基本面和定价之间的匹配度，以长期的基本面为导向，适度结合中短期因素对组合做整体的平衡。总体而言，本基金仍然以为投资者创造合理的中长期价值为宗旨。","fund":{"_id":3000000163415,"stockCode":"163415","stockType":"fund","areaCode":"cn","followedNum":803,"blackenedNum":1,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2012-11-11T16:00:00.000Z","setUpScale":545952000,"market":"a","tickerId":163415,"custody":"中国光大银行股份有限公司","name":"兴全商业模式优选混合型证券投资基金（LOF）","shortName":"兴全商业模式混合（LOF）(163415)","fundSecondLevel":"hybrid","__csrcFundId":3296,"fundStatus":"normal","lastUpdated":"2026-05-01T06:48:02.300Z","masterFundFlag":1,"inceptionDate":"2012-12-17T16:00:00.000Z","memoNum":7,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全商业模式混合（LOF）","pinyin":"xqsymsyxhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801469687","stockType":"fund_manager","exchange":"fm","tickerId":1717174020,"name":"乔迁"}]},"announcement":{"linkText":"兴全商业模式优选混合型证券投资基金（LOF）2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=634264","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8df7fea5b3eb05981b9","stockId":3000000163415,"sao":"一季度国内经济平稳运行，工业增加值在低基数效应下大幅增长，受益于疫情的有效控制，服务业亦开始加速复苏。宏观政策方面，我国央行延续了去年下半年以来较为稳健的货币政策，在经济复苏预期增强以及全球流动性宽松的背景下，上游大宗商品的价格持续上涨，对货币政策的进一步宽松构成了一定的制约，十年期国债收益率水平较去年末略有抬升。  A股市场一季度波动较为剧烈，一方面是流动性的边际预期变化、顺周期行业复苏预期增强、海外大宗商品上涨、贸易摩擦等变量带来的正常市场波动，另一方面则是前期A股市场抱团效应所带来的部分公司估值偏高、行业赛道拥挤等问题使得市场对外部变量尤为敏感，一定程度上加剧了市场波动的形成。  本基金报告期内仓位水平总体平稳略降，结构均衡，以更好地应对市场潜在的波动可能，为基金操作留出更为充足的余地，安全边际仍然是本基金运作的重要考虑因素。结构上，本基金减持了部分对复苏预期已较为充分估值偏高的顺周期品种以及我们认为对于长期确定性给予过多溢价的白马品种，同时增持长期成长潜力并未得到充分定价的公司予以置换。总体而言，我们仍将继续坚持自下而上精选个股的策略，重视基本面和定价之间的匹配度，以长期的基本面为导向，适度结合中短期因素对组合做整体的平衡。本基金仍然以为投资者创造中长期价值为宗旨。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:43.093Z","fund":{"_id":3000000163415,"stockCode":"163415","stockType":"fund","areaCode":"cn","followedNum":803,"blackenedNum":1,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2012-11-11T16:00:00.000Z","setUpScale":545952000,"market":"a","tickerId":163415,"custody":"中国光大银行股份有限公司","name":"兴全商业模式优选混合型证券投资基金（LOF）","shortName":"兴全商业模式混合（LOF）(163415)","fundSecondLevel":"hybrid","__csrcFundId":3296,"fundStatus":"normal","lastUpdated":"2026-05-01T06:48:02.300Z","masterFundFlag":1,"inceptionDate":"2012-12-17T16:00:00.000Z","memoNum":7,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全商业模式混合（LOF）","pinyin":"xqsymsyxhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801469687","stockType":"fund_manager","exchange":"fm","tickerId":1717174020,"name":"乔迁"}]},"announcement":{"linkText":"兴全商业模式优选混合型证券投资基金（LOF）2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=569668","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8df7fea5b3eb05981b8","stockId":3000000163415,"sao":"2020年对于基金管理人而言是极富挑战的一年。一方面是经济基本面和股市表现背道而驰；另一方面，市场结构极度分化，资金抱团大市值白马公司，指数涨幅与下跌股票的数量呈正相关关系。我们可以用流动性的充裕来解释股市在经济增速新低背景下的节节攀升，也可以用马太效应论证白马公司在此轮疫情中展现出了强大的全球竞争力和顽强的韧性从而解释估值溢价的合理性。  面对上述逆周期和结构化的市场，本基金在报告期内坚持长期以来一直秉持的价值投资原则，以自下而上的视角发掘基本面和估值相匹配的标的，同时结合宏观背景和阶段性市场的特性，努力平衡好内在价值和市场价格之间的关系。在持股结构上，本基金在报告期内的调整频率略高于往年，主要系市场波动较大，部分核心持仓公司短期涨幅较大，超出了我们定价的边界上限，在我们投资框架的指引下进行了调整。主动偏离热门赛道必然会对组合的短期收益造成一定影响，但合理的风险收益比是我们一贯遵循的核心原则，我们并不认为自己具有精准择时的能力，所能做的只是在能力范围之内坚持做我们认为符合我们投资价值观的事，长期来看这反倒是我们相信的效率最高的方式。本基金将继续坚持自下而上基于价值的选股策略，始终以为投资者创造中长期价值为宗旨。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:43.090Z","mo":"展望2021年，病毒控制情况、政策面变化程度以及由此带来的经济复苏幅度和各变量间的互动效应是我们关心的核心。从目前A股的估值水平来看，市场已经包含了相当大程度对经济复苏的预期。我们认为任何对于宏观经济的预判以及对市场的展望都是建立在众多假设之上的推论，需要根据现实情况的发展不断进行修正和应对。面对复杂的市场环境，我们选择拥抱长期主义和价值原则，以求在更长的时间维度下努力去把握真正不变的东西来应对短期的不确定性，自下而上精选长周期的个股仍然是本基金最重要的操作前提。我们认同优秀的公司应当享受合理的估值溢价，这是资本市场价值发现功能的体现。同时，我们仍将估值和基本面匹配视作选股的重要原则，相信定价在长期收益率中扮演的重要角色。本基金将继续坚持自下而上基于价值的选股策略，始终坚持从风险收益比的角度来审视组合的平衡性，以为投资者创造中长期价值为宗旨，不负投资者的信任和托付。","fund":{"_id":3000000163415,"stockCode":"163415","stockType":"fund","areaCode":"cn","followedNum":803,"blackenedNum":1,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2012-11-11T16:00:00.000Z","setUpScale":545952000,"market":"a","tickerId":163415,"custody":"中国光大银行股份有限公司","name":"兴全商业模式优选混合型证券投资基金（LOF）","shortName":"兴全商业模式混合（LOF）(163415)","fundSecondLevel":"hybrid","__csrcFundId":3296,"fundStatus":"normal","lastUpdated":"2026-05-01T06:48:02.300Z","masterFundFlag":1,"inceptionDate":"2012-12-17T16:00:00.000Z","memoNum":7,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全商业模式混合（LOF）","pinyin":"xqsymsyxhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801469687","stockType":"fund_manager","exchange":"fm","tickerId":1717174020,"name":"乔迁"}]},"announcement":{"linkText":"兴全商业模式优选混合型证券投资基金（LOF）2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=559414","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8df7fea5b3eb05981b7","stockId":3000000163415,"sao":"三季度国内经济延续了复苏的趋势，包括工业增加值、PPI和PMI在内的各项宏观指标环比持续改善，其中出口和投资的数据明显好于此前的悲观预期。新冠疫情在全球范围内传播的时间差造成了需求复苏和供给受限并存的局面，在此背景下，我国充分发挥了自身在产业链完整性上的巨大优势，迅速填补了海外市场的产出缺口，不仅对国内的短期经济增长形成支撑，同时也为众多行业长期维度内的进口替代提供了供应链的加速切入机会，对产业的中长期发展形成了更深远的影响。伴随经济复苏进程的推进，央行的货币政策开始转入正常化轨道，流动性的变化部分抵消了经济基本面的超预期表现，一定程度上限制了权益市场估值的进一步扩张，在七月初快速上涨后市场整体维持了宽幅震荡的格局。  本基金报告期内仓位水平维持高位，从市场的估值水平和长期维度内的基本面考量，目前A股市场中仍有较多投资标的可选。结构上，我们并不主动追求通过行业配置的偏离来获取超越市场的收益表现，自下而上选取高性价比的优质公司进行投资始终是本基金一贯秉持的投资策略。三季度本基金减持了部分期间涨幅较大、股价对基本面反应较为充分的公司，同时增持了部分短期基本面仍存在压力，但股价反映已较为充分，长期维度内基本面价值突出的标的。 调整的核心原则仍然是长期维度内基本面和估值水平的匹配，适度保持耐心，相信长期维度内的价值回归。本基金仍将继续坚持自下而上精选个股的策略，以长期的基本面为导向，适度结合中短期因素对组合做整体的平衡。本基金的操作以为投资者创造中长期价值为宗旨。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:43.087Z","fund":{"_id":3000000163415,"stockCode":"163415","stockType":"fund","areaCode":"cn","followedNum":803,"blackenedNum":1,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2012-11-11T16:00:00.000Z","setUpScale":545952000,"market":"a","tickerId":163415,"custody":"中国光大银行股份有限公司","name":"兴全商业模式优选混合型证券投资基金（LOF）","shortName":"兴全商业模式混合（LOF）(163415)","fundSecondLevel":"hybrid","__csrcFundId":3296,"fundStatus":"normal","lastUpdated":"2026-05-01T06:48:02.300Z","masterFundFlag":1,"inceptionDate":"2012-12-17T16:00:00.000Z","memoNum":7,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全商业模式混合（LOF）","pinyin":"xqsymsyxhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801469687","stockType":"fund_manager","exchange":"fm","tickerId":1717174020,"name":"乔迁"}]},"announcement":{"linkText":"兴全商业模式优选混合型证券投资基金（LOF）2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492253","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8df7fea5b3eb05981b6","stockId":3000000163415,"sao":"本基金报告期内仓位水平维持高位，从市场的估值水平和长期维度内的基本面考量，目前A股市场中仍有较多投资标的可选。结构上，持股集中度有所下降，在保持高仓位的同时适度分散持仓有助于提升组合的灵活性，从而增强组合在短期不确定性因素仍然较多的市场中提高抗风险能力。我们并不主动追求通过行业配置的偏离来获取超越市场的收益表现，自下而上选取高性价比的优质公司进行投资始终是本基金一贯秉持的投资策略。二季度本基金减持了部分期间涨幅较大、股价对基本面反应较为充分的公司，同时增持了部分短期基本面仍存在压力，但股价反映已较为充分，长期维度内基本面价值突出的标的。 调整的核心原则仍然是长期维度内基本面和估值水平的匹配，适度保持耐心，相信长期维度内的价值回归。总体而言我们仍将继续坚持自下而上精选个股的策略，以长期的基本面为导向，适度结合中短期因素对组合做整体的平衡。本基金的操作仍然以为投资者创造中长期价值为宗旨。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:43.084Z","mo":"上半年全球各国政府针对疫情影响情况制定了一系列应对措施，央行纷纷采用积极的货币政策工具在流动性层面给予了大力支持，但疫情对社交距离构成的强约束仍在极大程度上阻碍着从复工到复产的节奏，全球经济情况仍需观察。相比之下，中国的疫情防控工作取得了显著的成果，在积极的财政和货币政策的推动之下，经济的内生性循环逐渐启动，有效对冲了外部需求的负面冲击，相对良好的经济基本面和宽松的流动性也为国内证券市场创造了一个相对友好的外部环境。二季度国内市场温和反弹，但结构性特征显著：一方面以医药和食品饮料为代表的逆周期行业持续领跑市场，另一方面龙头公司“大象起舞”，股价表现远超行业平均，对逆周期和领头羊的偏好在某种程度上反映出了投资者对短期实体经济的恢复程度仍相对谨慎。展望下半年，从市场的估值水平和长期维度内的基本面考量，目前A股市场中仍有较多符合本基金收益率预期的投资标的可选，在目前可见的宏观环境假设下，我们并不悲观。关于风险，我们主要关注疫情可能的反复，以及美国大选阶段中美关系走向的不确定性。对此需要密切审慎评估外部环境对市场造成的具体影响，然后在此基础之上对组合进行必要的调整。总体上我们会继续遵循基本面和估值匹配的性价比原则，凭借自身在定价能力上的专业优势，积极发掘市场的投资机会，力争为投资者创造长期稳定的收益。","fund":{"_id":3000000163415,"stockCode":"163415","stockType":"fund","areaCode":"cn","followedNum":803,"blackenedNum":1,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2012-11-11T16:00:00.000Z","setUpScale":545952000,"market":"a","tickerId":163415,"custody":"中国光大银行股份有限公司","name":"兴全商业模式优选混合型证券投资基金（LOF）","shortName":"兴全商业模式混合（LOF）(163415)","fundSecondLevel":"hybrid","__csrcFundId":3296,"fundStatus":"normal","lastUpdated":"2026-05-01T06:48:02.300Z","masterFundFlag":1,"inceptionDate":"2012-12-17T16:00:00.000Z","memoNum":7,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全商业模式混合（LOF）","pinyin":"xqsymsyxhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801469687","stockType":"fund_manager","exchange":"fm","tickerId":1717174020,"name":"乔迁"}]},"announcement":{"linkText":"兴全商业模式优选混合型证券投资基金（LOF）2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=466325","linkType":"PDF","source":"csrc_pdf"}}]}