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2026年一季度累计下跌842点，跌幅为3.29%。在各主要指数中，恒生科技指数的表现明显偏弱， 2026年一季度累计下跌15.70%。本产品在一季度仓位整体平稳，其中港股的比例占比仍然保持在较高位置。组合中的非银、互联网等持仓在一季度的表现欠佳，对产品净值造成了拖累。港股市场受到全球流动性的边际影响显著大于A股，然而我们回顾2025年市场表现，有别于估值贡献了大部分A股的市场涨幅，我们认为恒生科技的涨幅贡献中业绩是核心驱动，同时我们所投资的互联网标的都属于中国AI发展的前沿，我们对中国未来AI领域的投资进展和应用开发是充满信心的。因此从估值和基本面的角度，我们对于这些标的的未来并不悲观。展望二季度，市场的波动在战事局势明朗化之前预计较难收敛，随着战争时间的延续，霍尔木兹海峡对航运的阻隔、能源价格商品价格异动等因素所带来的通胀压力将传递给全球主要经济体，此前的全球流动性宽松预期随之会发生变化。这一预期的变化有可能从一季度末一直演绎到二季度，是预期波动最大的一个阶段。中长期而言，在这种地缘政治的背景下，各国专注于能源多元化、供应链可控、制造业自主可控、甚至是主权货币安全和军事安全的趋势，在这次战事之后预计会加快这一逆全球化的进程。基于安全考虑，各国加大对自建供应链的需求，全球将进入一个效率下降但供应安全的新周期，这本身也是一轮资本密集投资和自然通胀的大周期，在这背景下我们持续看好中国能源、资源、制造业的价值重估机会。我们坚定地认为新动能是中国未来经济成长的主要驱动力。2026年是AI Agent元年，开年以来“养虾”热潮席卷而来，对于算力的需求大幅增长，算力投资急需显著加码。国内算力建设有望显著赶超。AI能力的进步一直在加速，带来很多新业态和新商业模式，也将带来很多新机会。在未来的一段时间内，市场的波动可能仍然较为剧烈，我们将以耐心来应对这种不确定性，在中长期坚定看好的领域里深耕，寻找业绩持续增长驱动投资回报的投资机遇。","lastUpdated":"2026-04-22T15:43:13.805Z","fund":{"_id":3000000023939,"__csrcFundId":15017,"stockCode":"023939","masterFundShortName":"泉果研究精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":23939,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"泉果研究精选混合(023939)","lastUpdated":"2026-05-01T04:03:15.577Z","name":"泉果研究精选混合型证券投资基金","pinyin":"qgyjjxhhxzqtzjj","fundCollectionId":4000052210000,"setUpAssetScale":38676404.81,"setUpDate":"2025-05-06T16:00:00.000Z","setUpShares":38676404.81,"inceptionDate":"2025-05-08T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"8801620492","stockType":"fund_manager","exchange":"fm","tickerId":171910198870,"name":"钱思佳"}]},"announcement":{"linkText":"泉果研究精选混合型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1477025","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3f47fea5b3eb05434f0","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000023939,"sao":"四季度A股主板市场在三季度显著上涨后维持高位震荡，而科创50和港股市场相对回调较大。四季度，上证指数上涨2.22%，深证成指微跌0.01%，创业板指微跌1.08%，科创50跌幅相对显著，下跌10.1%，恒生指数下跌4.56%，恒生科技指数大幅下跌14.69%。成交额方面，恒生科技和恒生指数的日均成交额在四季度环比下跌幅度在16-20%之间，较为显著，A股成交额相对平稳，环比小幅下跌6.7%，维持在日均2万亿左右，我们将市场成交额作为观察市场活跃度的重要指标，在市场活跃的时候，整体市场参与主体的风险偏好维持在较高水平。本产品在四季度仓位相对平稳，其中港股的占比仍保持在较高位置。在组合的结构方面，减持了部分有色、传媒、化工、增加了非银、互联网、存储等。今年以来工业金属板块表现较好，基于全球生态供应链重塑的中长期逻辑，叠加过去若干年行业资本开支维持在较低水平，同时今年日益复杂的国际宏观环境中不断出现的贸易摩擦、关税政策等，各主要资源国也正通过自身国家的政策试图增强其国有核心矿源的价值主张，不少工业金属价格有了较好的表现，周期股属性较强的有色金属板块随着金属价格上涨给投资者提供了较好的投资机会。四季度中，本产品也在化工板块有所收获，在疫情后的几年化工行业累计了大幅资本开支，导致今年有不少子行业处于现金流净亏损的状态，在国家反内卷的号召下，行业内的公司都有自发响应的动力来缓解这种持续失血的状况。这几年化工终端需求仍有增长，而新增产能投产已告一段落，随着时间的推移，需求将逐渐消化过剩产能，化工行业走出拐点的可能性也在不断增大。本产品在四季度中进一步加仓港股互联网，然而本季度恒生科技指数的表现相较于其他宽基指数的表现偏弱，港股市场相较于A股更易受到全球流动性的边际影响，明年我们判断美国降息存在一定超预期的可能，但日本加息策略的持续也将加大市场的波动性。从估值和基本面的角度，我们对于投资的港股互联网标的抱有信心。2025年恒生科技的年内涨幅基本上来自于业绩的上涨，估值的贡献较低，当前估值水平仍然健康。而恒生科技的互联网资产主要代表了AI应用端，我们认为这方面的市值反应尚不充分，我们对于中国AI领域的投资进展和应用开发充满信心。与恒生科技表现不同的是，2024-2025年A股股市的上涨主要依赖估值修复。按照证监会行业分类的三级行业中2025年前三季度实现扣非归母净利润增长或减亏的行业数量不超过一半（按算数平均）。展望2026年，我们倾向于市场的流动性依然较为宽裕，市场整体的风险偏好仍将维持在较高水平，但是新一年估值对收益的贡献我们应该谨慎看待。中国经济的结构化转型越来越清晰，新的十五五规划定调高质量发展，在科技与创新方面，将“科技自立自强水平大幅提高”写入了发展目标，更加强调“原始创新”“自主创新”“关键核心技术攻关”“科技创新与产业创新深度融合”。根据国家政策引领的方向，我们深信相关产业会得到长足的发展，这将是我们权益投资未来一段时间聚焦研究并深耕投资机遇的沃土。","lastUpdated":"2026-03-09T14:06:44.770Z","fund":{"_id":3000000023939,"__csrcFundId":15017,"stockCode":"023939","masterFundShortName":"泉果研究精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":23939,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"泉果研究精选混合(023939)","lastUpdated":"2026-05-01T04:03:15.577Z","name":"泉果研究精选混合型证券投资基金","pinyin":"qgyjjxhhxzqtzjj","fundCollectionId":4000052210000,"setUpAssetScale":38676404.81,"setUpDate":"2025-05-06T16:00:00.000Z","setUpShares":38676404.81,"inceptionDate":"2025-05-08T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"8801620492","stockType":"fund_manager","exchange":"fm","tickerId":171910198870,"name":"钱思佳"}]},"announcement":{"linkText":"泉果研究精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=1453408","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3f47fea5b3eb05434ef","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-23T16:00:00.000Z","stockId":3000000023939,"sao":"2025年三季度A股市场交投活跃，日均成交额同比增长超过200%，对比去年四季度的情况亦有10%以上的增长。随着市场风险偏好的提升和流动性的涌入，各大指数均收获明显涨势，上证指数上涨12.73%，深证成指上涨28.8 %，中证A500上涨21.34%，创业板指上涨50.4%，科创50上涨49.02%。从一级行业指数的表现来看，通信、电子、电力设备、有色金属等表现突出，单季度涨幅40%以上，银行指数单季度跌幅超过10%。研究精选产品于5月初成立，初始建仓期间节奏较为平缓，在开放日常申购赎回后，仓位有明显的抬升，但整体仍处于偏中下水位。我们对研究精选产品的投资目标，是在严格控制风险的前提下，力争实现基金资产的长期稳健增值。目前研究精选持仓较为均衡，对红利类标的筛选主要基于经营久期的可预见性、股息率的高低及其兑现的确定性进行筛选，对转债等品种主要基于低债券溢价率对标的进行筛选。个股的选股策略主要基于自下而上的深度研究，我们深信业绩增长将驱动公司的市值整体成长。对于中国经济，我们的观点是中国经济正处于新旧动能转换的关键阶段，权益市场个股的投资机会将更多聚焦于新动能领域。随着GPU算力的飞速提升和AI模型对token需求的爆炸式增长，技术迭代的速度正在形成一种新的“类摩尔定律”范式。制约AI发展的，已经不仅仅是GPU的速度，还包括由此引发的散热瓶颈、传输带宽限制、能源消耗激增、存储墙问题以及集群协同效率等系统性挑战。三季度以来，我们看到了AI硬件供应链中公司的基本面正在发生日新月异的变化，很多零部件都处于技术升级带来的通胀环境，可以展望的是，未来几个季度相关公司的业绩将让市场看到对行业景气度的兑现，这是属于AI时代的成长投资时期，我们也将不遗余力地在这些新经济领域深挖投资机遇。中国对AI的参与不仅体现在硬件零部件领域，在大模型、半导体上游领域的实力也有明显的提升。这些都是我们看到的未来中国新经济领域令人欣喜的发力点。我们认为在当下全球生态中，供应链重塑将会是一个1-3年、甚至更长时间维度内持续推进的逻辑，与之相关的工业金属、设备及零部件等制造业投资端拉动的需求都值得重视。工业金属一直是我们十分关注的板块，在供给端我们注意到，部分工业金属行业的资本开支已经连续多年维持在较低水平。今年，尤其短期在美国关税战扰动、美联储降息预期带动全球需求补库的边际变化下，工业金属整体表现较为突出。四季度市场风险偏好大概率维持高位，但需警惕政策与海外事件的阶段性扰动；当前赚钱效应与增量资金入场形成正反馈，但反身性的持续性取决于企业盈利改善进度。中长期资金（如险资、社保）的扩容有望为市场提供稳定支撑。整体而言，我们将对市场表现保持积极乐观，继续挖掘由业绩增长驱动带来的投资机会。","lastUpdated":"2026-03-09T14:06:44.767Z","fund":{"_id":3000000023939,"__csrcFundId":15017,"stockCode":"023939","masterFundShortName":"泉果研究精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":23939,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"泉果研究精选混合(023939)","lastUpdated":"2026-05-01T04:03:15.577Z","name":"泉果研究精选混合型证券投资基金","pinyin":"qgyjjxhhxzqtzjj","fundCollectionId":4000052210000,"setUpAssetScale":38676404.81,"setUpDate":"2025-05-06T16:00:00.000Z","setUpShares":38676404.81,"inceptionDate":"2025-05-08T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"8801620492","stockType":"fund_manager","exchange":"fm","tickerId":171910198870,"name":"钱思佳"}]},"announcement":{"linkText":"泉果研究精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=1369004","linkType":"PDF","source":"csrc_pdf"}}]}