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 展望后市，历史数据显示地缘风险一般不会对市场产生长期影响。同时，中国能源来源相对分散，经济具备较强韧性，较不易受原油价格上涨的冲击。甚至，部分中国上游行业可能因中东供应链面临挑战而受益。此外，考虑到此次能源冲击可能促使全球各国经济体重新审视能源政策，部分中国出口型行业也将浮现投资契机。总体而言，我们认为这或将有利于延续年初至今企业盈利出现的复苏趋势。  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 目前我们关注重点包括：（一）聚焦具备壁垒的结构性领导者：我们优选在成本、规模或技术端具备明确护城河的行业龙头。这些公司在新能源电池、AI硬件制造及低成本原材料等领域建立领导地位，有望在周期波动中巩固并扩大竞争优势。(二)布局全球长期增长引擎：我们积极把握由两大确定性趋势驱动的机遇：全球能源转型催生的储能需求，以及科技迭代带来的AI基础设施资本开支。投资组合侧重相关供应链中的核心受益者。(三)把握本土市场的整合与拐点：我们关注中国本土市场中正在发生的积极变化：金融行业集中度提升利好头部券商与城商行，而监管环境趋稳则为优质游戏公司等题材的新产品周期创造了条件。这些领域存在估值重估的潜力。  本基金将继续坚持均衡风格选股逻辑，重点关注经营稳健、现金流健康、成长性具备吸引力且估值未达过热水准的企业，同时继续保持分散投资、均衡行业配置及低换手率的策略，以平衡收益与风险，致力为投资人带来具备吸引力的风险调整后收益。","lastUpdated":"2026-03-30T13:36:24.283Z","mo":"在2026年的门槛上，我们对未来一年的展望概括为“审慎乐观”。乐观源于宏观环境正向着“金发女孩”(Goldilocks) 式的理想状态演进；审慎则源于当前资产价格已在一定程度上反映了较好的经济与盈利预期，且市场内部的估值分化达到了极致。在这样一个充满机遇但容错率降低的环境中，投资者需要的不再是盲目的贝塔追踪，而是需要透过选股发掘机会。  不同于以往的短期刺激，本轮政策更侧重于资本市场的制度性建设。“新国九条”的出台，明确了以投资者为本的导向，鼓励上市公司通过分红和回购提升股东回报。数据已经开始验证这一逻辑：中国上市企业的股息与回购规模显著提升，且企业净资产收益率在政策指引及“反内卷”背景下也出现回稳迹象。这种由公司治理改善驱动的估值修复，比单纯的流动性驱动更具可持续性。此外，随着中国无风险利率在维持宽松货币政策的背景中持续下行，债券市场的预期回报率已有所压缩，难以满足中国机构与零售投资者对于收益的需求。相比之下，A股市场的股息率优势，尤其是在新“国九条”出台后，正在浮现。对于追求收益的国内资金而言，股市正逐渐成为更有性价比的配置方向。我们观察到，资金正从债市流向股市，保险资金和理财资金对红利类资产的需求正在持续提升。这一趋势在2026年大概率将延续，为市场提供更稳定的底部支撑。  联博发现，在经济转型过程中，中国上市公司的特性也正在逐渐转变，相对不受宏观经济影响的结构性成长机会正在浮现。举例来说，中国科技企业的AI资本开支正在上行，且DeepSeek等模型的推出显示了中国在应用层具备充足创新动能，这将带来具体的盈利增长机会。此外，中国出口结构也已发生质变，先进制造商品 (如高端电子设备、汽车等) 占全球出口比重正在持续走升，显示中国正逐渐脱离过往低附加价值出口的经济模式。换言之，尽管面临关税担忧，但具备全球竞争力的出海龙头依然具备穿越周期的能力。  然而，正如我们在发达市场所见，我们也注意到当前市场部分领域出现投机性倾向，致使A股估值出现显著分化 (即高估值公司相对低估值公司的估值差距)。鉴于A股市场仍是一个充满阿尔法机会的市场，我们认为，格外注重估值与质量的投资策略可望于2026年发挥作用，兼顾收益与风险。","fund":{"_id":3000000023921,"__csrcFundId":14996,"stockCode":"023921","masterFundShortName":"联博智远混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":23921,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"联博智远混合(023921)","lastUpdated":"2026-05-01T04:02:51.672Z","name":"联博智远混合型证券投资基金","pinyin":"lbzyhhxzqtzjj","fundCollectionId":4000071490000,"setUpAssetScale":189904121.49,"setUpDate":"2025-04-28T16:00:00.000Z","setUpShares":189904121.49,"inceptionDate":"2025-04-29T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"8801529727","stockType":"fund_manager","exchange":"fm","tickerId":2612041800,"name":"朱良"}]},"announcement":{"linkText":"联博智远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=1449953","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3f47fea5b3eb05434ad","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000023921,"sao":"2025年三季度，A股市场在多重利好推动下延续涨势，主要受益于以下四个关键因素：美联储降息预期提振市场流动性；中美贸易关系出现缓和迹象；人工智能等创新题材持续活跃；宏观经济数据显现企稳信号。这些因素的共同作用，推动市场实现了连续三个月的正收益，区间内中证800指数上涨19.83%。  展望后市，有鉴于股市估值已有所提升，且部分板块短期快速上涨后也浮现回撤可能，本基金继续保持分散投资、均衡风格及低换手率的策略，以平衡收益与风险。在选股上，我们重点关注经营稳健、现金流健康、成长具备吸引力且估值未达过热水准的企业，同时坚持“自下而上”的组合构建方法，对宏观因素保持中性应对。","lastUpdated":"2026-03-09T14:06:44.419Z","fund":{"_id":3000000023921,"__csrcFundId":14996,"stockCode":"023921","masterFundShortName":"联博智远混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":23921,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"联博智远混合(023921)","lastUpdated":"2026-05-01T04:02:51.672Z","name":"联博智远混合型证券投资基金","pinyin":"lbzyhhxzqtzjj","fundCollectionId":4000071490000,"setUpAssetScale":189904121.49,"setUpDate":"2025-04-28T16:00:00.000Z","setUpShares":189904121.49,"inceptionDate":"2025-04-29T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"8801529727","stockType":"fund_manager","exchange":"fm","tickerId":2612041800,"name":"朱良"}]},"announcement":{"linkText":"联博智远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=1369407","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3f47fea5b3eb05434ac","date":"2025-06-29T16:00:00.000Z","stockId":3000000023921,"sao":"报告期间内中国主要股市上涨，主要反映中美贸易摩擦缓解、中国创新科研实力发酵，与中国经济数据优于预期等利多因子。中美贸易关系自4月以来持续好转，两国在伦敦同意了初步的贸易框架；这一发展符合联博长线观点，即中美两国完全贸易脱钩较难实现，预料两国仍将在竞争中发展新的合作模式。此外，中国6月份财新制造业PMI站上50.4扩张领域，显示贸易风险下行与年初以来一系列的刺激政策发力带动了经济活动有所回稳，且市场对于企业盈利的预估也持续维持乐观。在此一背景下，国内风险性资产于六月普遍上行。  本基金在市场风险情绪回温的背景下有所表现，尤其是本基金持有的AI供应题材、体验消费题材、金融红利题材和医药题材。其中AI供应与医药题材反映了中国先进特有供应链与人才库在贸易摩擦下的韧性，体验消费题材则在整体经济活动放缓与转型带动下，消费者对于此类题材的偏好带动了股价上涨。最后，在国内利率环境走低的背景下，金融题材的红利特性价值浮现，股价有所表现。  本基金坚持核心型选股逻辑不漂移，聚焦于成长潜力突出的民营企业和现金流稳定的价值型标的，同时关注ROE持续改善的高质量企业，以把握中国资本市场的长期结构性机会。而当前宏观经济转型与外部环境波动可能带来短期不确定性，但我们不依赖宏观预测，而是通过自下而上的选股逻辑，强调盈利能力和现金流质量，力求构建兼具收益潜力与风险防御的投资组合。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:06:44.415Z","mo":"随着中国经济从高速扩张阶段走向平稳发展阶段，且中国所面临的消费不振、通货紧缩与经济转型等挑战仍待解决，联博预期在可见的未来内国债利率或维持在相对低点，甚至有进一步走低可能。目前中国10年期国债利率约1.6%水准或无法满足部分投资人对于收益的需求。另一方面，股权市场在近期资本市场改革后，中国企业的分红水准正在持续改善，以沪深300指数来看其股利率已来到约3.5%左右。企业将账上现金转为分红，可望强化净资产收益率并提升估值，这除了代表股市的“可投资性”正在改善外，其对比债券的相对投资价值也显得更具吸引力；联博的研究显示，目前指数红利率相对债券收益率的差值已来到近期新高水平。  从资产配置层面来看，目前中国投资人持有股票与基金占家庭资产配置水平仅有约12%，与美国家庭平均约40% （含直接持有与间接持有）配置于股权市场有显著落差，我们预估此次结构改革与国内利率走低可能是重要催化剂，有望带动资金流往股市并支持股市表现。  此外，中国6月份财新制造业PMI站上50.4扩张领域，显示贸易风险下行与年初以来一系列的刺激政策发力带动了经济活动有所回稳，市场对于企业盈利的预估也持续维持乐观。考虑到 1) 财政与货币政策有望维持温和扩张，2) AI、先进制造等题材持续展现成长潜力，以及 3) 新国九条公布后企业净资产收益率维持稳定扩张循环，暗示从基本面来看股市仍有投资价值。  最后，即便A股近期有所表现使得投资人“居高思危”，但事实上在今年AI等科技需求依旧表现强劲的背景下，再加上贸易摩擦看似并未显著延缓美联储降息预期，全球各国股市普遍均有所表现：对比美国S&P 500 年初迄今上涨逾7%、MSCI 欧洲上涨约20%、MSCI 亚洲新兴市场上涨超16%，沪深300 指数年初迄今约4%、中证500约7.6%的涨幅其实相对温和。从估值来看亦然：目前沪深300指数的动态市盈率约12.5倍，其实与过去5年中位数约11.7倍左右相仿，远不及牛市时期15倍以上市盈率。考虑A股不论是成长性以及获利能力都有所改善，目前估值显得相对合适。最后，从资金流向来看亦然，目前国内股票型策略产品的募集金额仍处于历史偏低水准，暗示风险情绪仍未过热。  股市是一个将钱从没耐心的人转移到有耐心的人口袋里的机制。中国资本市场的结构性机会往往需要时间兑现，我们建议投资人保持耐心，以长期视角持有本基金，参与中国资本市场的长线机会。","fund":{"_id":3000000023921,"__csrcFundId":14996,"stockCode":"023921","masterFundShortName":"联博智远混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":23921,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"联博智远混合(023921)","lastUpdated":"2026-05-01T04:02:51.672Z","name":"联博智远混合型证券投资基金","pinyin":"lbzyhhxzqtzjj","fundCollectionId":4000071490000,"setUpAssetScale":189904121.49,"setUpDate":"2025-04-28T16:00:00.000Z","setUpShares":189904121.49,"inceptionDate":"2025-04-29T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"8801529727","stockType":"fund_manager","exchange":"fm","tickerId":2612041800,"name":"朱良"}]},"announcement":{"linkText":"联博智远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=1338080","linkType":"PDF","source":"csrc_pdf"}}]}