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争金属相关小品种的结构性机会。（5）反内卷相关政策仍是2026年的重点方向，但部分传统强周期行业的PB估值已超过历史中位，隐含了不低的盈利预期，而基本面并未实质改善。参考多晶硅行业的政策导向，我们认为反内卷不等于暴利，不涉及供给出清的价格上涨在恢复企业合理盈利的同时，不利于产能出清，会延长周期底部的时间。而涉及供给出清的措施，如双碳控制等政策，需要对就业、负债、地方GDP做出全方位兼顾的安排，难以一蹴而就。当地产不再能成为信用扩张的渠道后，制造业投资的非理性扩张本质是资产荒的结果，因此供给压力可能长期存在。我们长期看好反内卷的成功实施和PPI的反转上行，同时认为需求扩张对PPI的拉动更加有效且多赢，但可能需要时间和耐心。其他传统行业如地产、消费等板块的估值已经较低，但仍处周期左侧，拐点来临的时间需持续观察，机会成本较高。　　经过一年多的上涨后，市场分歧和压力也在加大，对我们做好投资提出了更高要求。在AI影响日渐深入的当下，我们将努力同大模型一样持续进步、持续迭代，终日乾乾、夕惕若厉，力争为持有人创造长期稳定的超额回报。","fund":{"_id":3000000024439,"__csrcFundId":15192,"stockCode":"024439","masterFundShortName":"交银瑞安混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":24439,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"交银瑞安混合(024439)","lastUpdated":"2026-05-01T04:16:01.809Z","name":"交银施罗德瑞安混合型证券投资基金","pinyin":"jysldrahhxzqtzjj","fundCollectionId":4000050480000,"setUpAssetScale":995982757.27,"setUpDate":"2025-06-23T16:00:00.000Z","setUpShares":995982757.27,"inceptionDate":"2025-06-26T16:00:00.000Z","managers":[{"stockCode":"db20823854","stockType":"fund_manager","exchange":"fm","tickerId":804217320,"name":"黄鼎"}]},"announcement":{"linkText":"交银施罗德瑞安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=1452822","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3fe7fea5b3eb0543ae8","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000024439,"sao":"2025年三季度，国际贸易环境边际缓和，以人工智能为代表的科技产业景气度超预期，共同推动市场大幅上涨，有色、电新、TMT涨幅居前。报告期内，本基金采取价值和成长动态均衡的投资策略，积极挖掘成长股的投资机会，主要在算力和反内卷板块获取了一定收益。封闭期内，本基金建仓节奏以稳健为主，未来的建仓期将积极关注低位加仓的机会。　　本阶段行情中，人工智能、新能源等科技成长板块景气度上行，为市场核心主线，全球流动性宽松预期则推动了有色板块的行情，我们认为本阶段行情尚未结束：（1）产业周期角度，我们认为AI的潜在需求仍被低估，算力投资远未到泡沫化阶段。人工智能可以看作人类信息利用方式的再次升维，从文字到互联网，通信技术的进步推动着人类文明的爆发，人工智能可以实现现存所有在线信息的无损压缩、有效检索，甚至自动组织，自动创造，将大幅提升个体和企业生产率的上限，对人类经济和社会的影响程度至少不低于互联网，基于过去10年、20年的其他产业或市场规律、技术指标看空的观点存在刻舟求剑的风险。我们认为综合当期业绩与未来成长确定性，当前部分算力股的估值仍处价值区间。近期，市场对AI收入与投资的不匹配再次产生疑虑，我们认为随着新的芯片迭代和数据中心新架构的部署，模型能力仍将大幅提升，收入的兑现时点不会太远，如同二季度编程领域的AI收入快速提升改变市场预期一样。（2）地缘博弈角度，我国在中美战略博弈中的竞争优势初步显现，多个产业在全球经济活动中获得了相当的话语权，有助于我国在国际贸易中保持韧性。（3）宏观周期角度，美联储换届在即，日本新首相偏右，全球货币和财政双宽松的预期增强，有助于全球政策空间的释放和经济动能的抬升，市场对外需的衰退预期或存在修复空间。（4）内需方面，“反内卷”相关的政策在陆续落地，有助于我国PPI的回升，若未来配套需求侧政策进一步发力，传统行业利润将得到大幅改善。（5）估值角度，市场风险偏好已经抬升，低利率时代下的权益估值中枢上移已成为共识。当前宽基指数的风险溢价处于过去十年的中位水平，市场大幅下跌的风险有限，景气度支撑的结构性行情可期。　　我们将继续关注如下方面的投资机会：（1）算力需求的长期空间广阔，算力规模与模型性能的正相关性仍然存在，有望催生新的推理需求和应用场景，看好AI算力板块景气度至少未来两年的持续性。（2）电力市场化有望推动储能需求爆发，关注储能和锂电产业链供需反转的机会。（3）国家对引导各个行业进行良性竞争愈加重视，一大批盈利处于周期底部的行业有望迎来供需拐点。关注十五五规划对相关产业的提振。（4）红利板块仍有一批基本面稳健、综合回报率较高的公司值得挖掘。　　未来，我们将紧密跟踪科技产业动态、国内外宏观趋势和经济周期拐点，加强产业和公司的深度研究，寻找在新的产业周期和经济周期中能够长大的公司。我们在投资上将保持对长期价值投资的坚定性，兼顾基于市场反馈的灵活性，力争为持有人创造长期稳定的超额回报。","lastUpdated":"2026-03-09T14:06:54.779Z","fund":{"_id":3000000024439,"__csrcFundId":15192,"stockCode":"024439","masterFundShortName":"交银瑞安混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":24439,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"交银瑞安混合(024439)","lastUpdated":"2026-05-01T04:16:01.809Z","name":"交银施罗德瑞安混合型证券投资基金","pinyin":"jysldrahhxzqtzjj","fundCollectionId":4000050480000,"setUpAssetScale":995982757.27,"setUpDate":"2025-06-23T16:00:00.000Z","setUpShares":995982757.27,"inceptionDate":"2025-06-26T16:00:00.000Z","managers":[{"stockCode":"db20823854","stockType":"fund_manager","exchange":"fm","tickerId":804217320,"name":"黄鼎"}]},"announcement":{"linkText":"交银施罗德瑞安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=1380513","linkType":"PDF","source":"csrc_pdf"}}]}