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各行业呈现涨跌轮动，缺乏明确的主线，前两个月科技表现较好，3月份科技股回调，军工、消费、医药和红利股等板块表现较好。一季度整体上机器人、计算机、有色等板块表现占优，煤炭、油气石化、交运等行业下跌。3月下旬以后，由于美国关税政策的影响，市场风险偏好下降，快速下跌。报告期内组合维持了相对较高的仓位，重点投资的行业有半导体、电子、计算机、机器人、高端装备制造等方向。组合收益率3.94%，跑赢沪深300指数5.15%。下阶段继续看好A股的结构性行情。尽管美国关税政策带来较大的外部不确定性，但国内宏观环境较为稳定，宏观政策有储备，经济增长信心恢复，房地产市场趋于平稳，整体市场的系统性风险相对有限。在这样的宏观环境下，随着风险情绪的释放，具有成长性的个股有望获得更好的表现。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:31.566Z","fund":{"_id":3000000001749,"stockCode":"001749","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-01-11T16:00:00.000Z","setUpScale":1097680000,"market":"a","tickerId":1749,"custody":"中国银行股份有限公司","name":"招商中国机遇股票型证券投资基金","shortName":"招商中国机遇股票(001749)","fundSecondLevel":"company","__csrcFundId":5098,"fundStatus":"normal","lastUpdated":"2026-04-30T18:10:57.325Z","masterFundFlag":1,"inceptionDate":"2018-02-07T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中国机遇股票","pinyin":"zszgjygpxzqtzjj","managers":[{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商中国机遇股票型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1266528","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5d77fea5b3eb044da7d","date":"2024-12-30T16:00:00.000Z","stockId":3000000001749,"sao":"2024年A股市场波动幅度较大。指数在前几个季度延续了2023年震荡下行的走势，市场风险偏好较低，成交陷入低迷；在9月份政治局会议之后，市场信心迅速增强，指数V型反转；在第四季度市场的亢奋情绪则略有回落。全年市场风格分化也非常严重，前三个季度红利和价值风格表现占优，第四季度则转为成长风格表现更好。2024年前三个季度，组合在比较逆风的市场环境下，采取了适度均衡的配置策略，但对红利股和价值股的配置相对指数仍是低配，相对表现不如人意。在9月政治局会议之后，市场信心得到极大提振，对科技股的定价重新回到重视企业的成长能力和成长空间上，四季度组合进一步增加了对新质生产力方向上的科技股配置。我们认为，市场在短期受情绪、资金面、短期业绩等因素的影响较大，但从中长期来看，还是会回归上市公司基本面的兑现，因此在投资的选择上更加注重公司的成长能力和成长的持续性。12月份尽管科技股的走势出现了较大回撤，但组合仍然坚持了在该方向上的配置。组合重点投资的行业有半导体、电子、计算机、传媒、高端装备制造等方向，消费和顺周期行业的配置时机还需要等待。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:31.563Z","mo":"展望下阶段市场，在经济周期平稳回升的经济环境下，符合经济转型升级和科技自主可控、科技进步等方向上的科技股更可能是基本面变化相对较大的方向。种种迹象表明，过去几年科技产业持续的大额研发投入有望在2025年开始见到越来越多的成效和突破，比如在国产半导体芯片和设备、Ai大模型和Ai应用落地、智能终端、机器狗、人形机器人等多个方面。科技产业的研发投入会转化为未来产业竞争优势和上市公司ROE的提升，对科技产业带动的中国经济结构转型升级可以更加乐观一些。在下一阶段，本组合将继续重点挖掘科技股领域的投资机会。","fund":{"_id":3000000001749,"stockCode":"001749","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-01-11T16:00:00.000Z","setUpScale":1097680000,"market":"a","tickerId":1749,"custody":"中国银行股份有限公司","name":"招商中国机遇股票型证券投资基金","shortName":"招商中国机遇股票(001749)","fundSecondLevel":"company","__csrcFundId":5098,"fundStatus":"normal","lastUpdated":"2026-04-30T18:10:57.325Z","masterFundFlag":1,"inceptionDate":"2018-02-07T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中国机遇股票","pinyin":"zszgjygpxzqtzjj","managers":[{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商中国机遇股票型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1247999","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5d77fea5b3eb044da7c","date":"2024-09-29T16:00:00.000Z","stockId":3000000001749,"sao":"第三季度A股市场走出V型反转。先是在经济压力增大的情况下，指数持续阴跌，成交低迷；在9月份政治局会议和三部委新闻发布会之后，市场情绪极速拉升，指数大幅上涨。三季度本基金在操作上，主要是减持了资源类、红利类和银行板块，增持的方向包括科技、非银、社会服务、家电、创新药、消费品等方向。具体来说，在宏观调控政策大力度加大后，市场信心得到极大的提振，股票市场的风险偏好可能从追求回报确定性和安全性，转向追求企业的成长能力和成长空间。风险偏好的提升，首先带来市场估值的系统性提升，特别是对基本面增长的不确定性较高但成长空间较大的公司，估值的修复速度可能更快。对红利类股票的股息回报率要求则会提高，导致红利类公司的表现短期会有一定压力。短期个股估值修复的力度主要受到市场情绪和资金特点的影响，但是从中长期来看，还是要回归上市公司基本面的兑现，因此本基金在投资的选择上更加注重公司的增长能力和持续性。三季度本基金股票平均仓位85%左右，9月下旬适当增加了对科技股和顺周期方向的配置，仓位提升到90%左右。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:31.560Z","fund":{"_id":3000000001749,"stockCode":"001749","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-01-11T16:00:00.000Z","setUpScale":1097680000,"market":"a","tickerId":1749,"custody":"中国银行股份有限公司","name":"招商中国机遇股票型证券投资基金","shortName":"招商中国机遇股票(001749)","fundSecondLevel":"company","__csrcFundId":5098,"fundStatus":"normal","lastUpdated":"2026-04-30T18:10:57.325Z","masterFundFlag":1,"inceptionDate":"2018-02-07T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中国机遇股票","pinyin":"zszgjygpxzqtzjj","managers":[{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商中国机遇股票型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1169268","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5d77fea5b3eb044da7b","date":"2024-06-29T16:00:00.000Z","stockId":3000000001749,"sao":"2024年上半年，A股市场整体处于震荡行情，沪深300指数上涨0.89%，表现较好的行业有公用事业、煤炭、石油石化、通信、银行、家电等，表现较差的行业有房地产、医药、计算机、社服、食品饮料等。上半年组合净值下跌3.82%，平均仓位88%左右，配置的主要行业有电子、医药、煤炭、通信、有色等。上半年组合在通信、社服、煤炭、房地产等行业的投资上取得较好收益，但在银行、公用事业等行业的低配产生了负的超额收益；负贡献的行业有医药、传媒、食品饮料等。上半年组合降低了对医药、传媒等行业的配置权重。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:31.558Z","mo":"当前市场处于底部地区，经济稳步复苏，看好的方向有：一是，具备较高ROE、现金流较好、具备持续分红能力的高股息类公司，是重要的配置型资产；二是，看好符合新质生产力发展方向的电子、通信、创新药和创新医疗器械等；三是，看好与全球宏观经济周期相关的有色、油运，消费类的家电、教育等方向。","fund":{"_id":3000000001749,"stockCode":"001749","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-01-11T16:00:00.000Z","setUpScale":1097680000,"market":"a","tickerId":1749,"custody":"中国银行股份有限公司","name":"招商中国机遇股票型证券投资基金","shortName":"招商中国机遇股票(001749)","fundSecondLevel":"company","__csrcFundId":5098,"fundStatus":"normal","lastUpdated":"2026-04-30T18:10:57.325Z","masterFundFlag":1,"inceptionDate":"2018-02-07T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中国机遇股票","pinyin":"zszgjygpxzqtzjj","managers":[{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商中国机遇股票型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1150737","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5d77fea5b3eb044da7a","date":"2024-03-30T16:00:00.000Z","stockId":3000000001749,"sao":"2024年第一季度，沪深300指数先抑后扬。年初市场情绪较为低迷，并受到流动性风险的冲击。2月份之后，在宏观政策组合拳不断发力的背景下，市场对经济增速提升的预期得到强化，指数探底回升。第一季度沪深300指数上涨3.1%，涨幅靠前的行业或板块有石油石化、有色、煤炭、家电、通信、银行等，而医药生物、房地产、社服、计算机、电子等行业则相对下跌较多。报告期内组合主要配置的行业或板块有医药、电子、传媒、煤炭、银行、通信、机械设备等，主要由于医药、电子、传媒、机械设备等行业配置上的负收益，组合跑输基准。看好下阶段市场的结构性行情，股票行业配置适当均衡。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:31.555Z","fund":{"_id":3000000001749,"stockCode":"001749","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-01-11T16:00:00.000Z","setUpScale":1097680000,"market":"a","tickerId":1749,"custody":"中国银行股份有限公司","name":"招商中国机遇股票型证券投资基金","shortName":"招商中国机遇股票(001749)","fundSecondLevel":"company","__csrcFundId":5098,"fundStatus":"normal","lastUpdated":"2026-04-30T18:10:57.325Z","masterFundFlag":1,"inceptionDate":"2018-02-07T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中国机遇股票","pinyin":"zszgjygpxzqtzjj","managers":[{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商中国机遇股票型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1066206","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5d77fea5b3eb044da79","date":"2023-12-30T16:00:00.000Z","stockId":3000000001749,"sao":"2023年A股市场整体上是震荡下行的走势。上半年在经济疫后复苏的背景下，市场相对活跃，组合在配置上偏向于成长性板块，对半导体、电子、通信、AI应用软件、传媒、高端装备制造等领域开展了较多投资，降低了对交运、家居、可选消费等顺周期行业的配置。但随着国内经济增长压力的增大、欧美货币政策的持续紧缩以及地缘政治紧张形势的加剧（比如美国对我国科技领域的制裁打击），市场震荡下行，外资加速流出，A股陷入缩量资金格局，市场风险偏好下降，成长性行业股价快速回落，组合未能及时有效降低对科技股的持仓，净值遭遇较大回撤。下半年组合在配置上适当进行了均衡，增加了对高股息、消费、有色等行业的配置，把握了医药股超跌反弹的投资机会，仍然维持了对科技股一定程度的超配，但在先进算力和半导体先进设备受到美国制裁等多方面因素的影响下，尽管全球AI和科技产业迅速发展，国内相关领域发展仍然受限，相对滞后，配置上未能取得很好的效果。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:31.552Z","mo":"展望下阶段市场，国内宏观经济处于温和复苏期，房地产市场存在的问题、地方化债、企业投资意愿不强、居民消费不强等问题，在更加积极的财政与货币政策的拉动下，有望逐步好转，但见效需要一段时间。当前中国经济进入结构转型的关键时期，过去几年我们在半导体、先进制造、生物药、新能源、电动车等多个方面都看到了巨大的变化，但产业转型和突破也面临越来越大的挑战，尤其是外部压力在不断加大，逆全球化和产业脱钩仍在加剧。在这样的形势下，除非宏观经济景气度显著上行，或者市场流动性进一步宽松，不然市场的结构性机会要大于趋势性的机会，整体市场需要找到一个合理的估值中枢。在市场资金面持续缩量的格局下，如果不能有效提振市场信心，可能会面临阶段性的流动性冲击。下阶段的投资思路上，我们认为对经济和市场不必过于悲观，经济发展总是曲折向前的。在行业配置上采取偏均衡策略，以此去把握各行业细分方向上和个股上的投资机会。看好的几类机会包括：符合产业转型升级方向的行业，如电子、半导体、计算机、AI应用、医药等方向；在转型期能提供稳定回报的高股息类股票；因市场过度悲观而超跌的行业和个股。适度超配的行业包括科技股、医药、传媒等行业，低配的行业有周期、金融、消费和新能源等行业。","fund":{"_id":3000000001749,"stockCode":"001749","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-01-11T16:00:00.000Z","setUpScale":1097680000,"market":"a","tickerId":1749,"custody":"中国银行股份有限公司","name":"招商中国机遇股票型证券投资基金","shortName":"招商中国机遇股票(001749)","fundSecondLevel":"company","__csrcFundId":5098,"fundStatus":"normal","lastUpdated":"2026-04-30T18:10:57.325Z","masterFundFlag":1,"inceptionDate":"2018-02-07T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中国机遇股票","pinyin":"zszgjygpxzqtzjj","managers":[{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商中国机遇股票型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1054706","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5d77fea5b3eb044da78","date":"2023-09-29T16:00:00.000Z","stockId":3000000001749,"sao":"第三季度随国内各项宏观调整政策发力，经济复苏动能逐步增强，但市场的风险偏好仍然较低，在北上资金持续流出的情况下，市场陷入减量博弈，整体走势低迷。为控制组合波动，组合在三季度对行业配置做了适当的均衡，增加了对高股息、消费、有色等行业的配置。信息技术、计算机等成长板块的业绩增速面临经济周期带来的短期压力，在市场风险偏好下降的环境下估值也有一定压力，在配置上适当做了减持。对四季度行情我们相对更为乐观。一方面随地方化债、各地房地产调控政策放松等稳增长措施的推进，经济复苏有望带动上市公司业绩增速回升，另一方面美元汇率和美国国债利率已爬升至相对较高的水平，美国货币政策对全球金融市场的紧缩效应有望逐步缓和。从估值角度看，A股主要指数的估值水平、股债收益比都处于历史上配置性价比较高的水平。三季度末组合在市场下跌的过程中逐步增加了对成长股和医药行业的配置。下阶段我们相对看好的方向包括：受益于算力基础设施建设的通信、计算机板块；人工智能的应用，包括传媒、智能驾驶（包括部分汽车零部件）、机器人；电子和半导体板块的周期性复苏，以及半导体国产化建设的加速对高端半导体设备的拉动；医药行业看好CXO、创新药以及主要品种的集采利空出尽的成长型公司。军工和新能源行业的股价经历了较长时间回调，多数利空因素已经体现，逐步进入配置区域。在周期性板块中，好看受益国内经济复苏、同时供给扩张受限的行业，比如有色、能源。消费板块四季度基本面相对平淡，但若有回调也是较好的配置时机。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:31.550Z","fund":{"_id":3000000001749,"stockCode":"001749","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-01-11T16:00:00.000Z","setUpScale":1097680000,"market":"a","tickerId":1749,"custody":"中国银行股份有限公司","name":"招商中国机遇股票型证券投资基金","shortName":"招商中国机遇股票(001749)","fundSecondLevel":"company","__csrcFundId":5098,"fundStatus":"normal","lastUpdated":"2026-04-30T18:10:57.325Z","masterFundFlag":1,"inceptionDate":"2018-02-07T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中国机遇股票","pinyin":"zszgjygpxzqtzjj","managers":[{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商中国机遇股票型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=985172","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5d77fea5b3eb044da77","date":"2023-06-29T16:00:00.000Z","stockId":3000000001749,"sao":"上半年国内宏观经济处于平稳复苏阶段，但经济增长的动能显得不足，整体市场在一季度预期修复后出现回落。外围形势上，欧美央行货币政策处于紧缩阶段的尾期，地缘政治环境依然复杂。上半年A股市场缺乏增量资金，以结构性行情为主。上半年组合配置的主要方向有通信、计算机、传媒、半导体、高端装备、消费等行业，逐步降低了对顺周期行业的配置。下半年国内宏观经济有望进一步走稳。7月份政治局召开会议分析经济形势，尽管经济短期有压力，但经济复苏长期向好的方向没有改变，同时促进经济结构调整的各项措施也在稳步推进。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:31.547Z","mo":"展望下半年，指数级别的上涨有待实体经济的验证，但悲观情绪的修复和产业结构升级都会带来投资机会。看好中游制造和可选消费、医疗的预期修复和科技股的成长机会。全球人工智能革命对算力、通信、应用等各领域带来新的发展动力，随着国产大模型和各领域垂直模型的陆续推进，下半年在办公软件、游戏、营销、金融、医疗等领域也将看到人工智能模型的更多应用落地。同时，继续看好半导体、电子、高端装备等领域的投资机会。对去年三季度以来回调幅度较大的新能源、军工等行业，将在竞争格局较好的细分市场自下而上寻找投资机会。","fund":{"_id":3000000001749,"stockCode":"001749","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-01-11T16:00:00.000Z","setUpScale":1097680000,"market":"a","tickerId":1749,"custody":"中国银行股份有限公司","name":"招商中国机遇股票型证券投资基金","shortName":"招商中国机遇股票(001749)","fundSecondLevel":"company","__csrcFundId":5098,"fundStatus":"normal","lastUpdated":"2026-04-30T18:10:57.325Z","masterFundFlag":1,"inceptionDate":"2018-02-07T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中国机遇股票","pinyin":"zszgjygpxzqtzjj","managers":[{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商中国机遇股票型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=958410","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5d77fea5b3eb044da76","date":"2023-03-30T16:00:00.000Z","stockId":3000000001749,"sao":"2023年A股处于经济复苏带来盈利修复、估值回升、流动性相对宽松的环境中，欧美紧缩性的货币政策也有望在今年进入尾声，因此对整体市场相对乐观。但经济复苏的力度和节奏仍有不确定性，西方部分国家逆全球化的政策仍对实体经济产生较大扰动，美国仍然存在滞胀的风险，使得受益经济复苏的板块在估值修复后出现一定程度的回落。一季度组合在操作上，减持了周期性较强的机械设备、化工、房地产、上游资源等行业，维持对消费、家居、航空等板块的基础配置，加大了对科技成长股的配置力度，在成长股的内部减持了新能源、电动车等板块的持仓，更为看好数字中国、信创、医疗信息化、自主可控、AIGC对通信、电子、半导体、计算机、数字内容等行业的发展带来的积极推动。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:31.545Z","fund":{"_id":3000000001749,"stockCode":"001749","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-01-11T16:00:00.000Z","setUpScale":1097680000,"market":"a","tickerId":1749,"custody":"中国银行股份有限公司","name":"招商中国机遇股票型证券投资基金","shortName":"招商中国机遇股票(001749)","fundSecondLevel":"company","__csrcFundId":5098,"fundStatus":"normal","lastUpdated":"2026-04-30T18:10:57.325Z","masterFundFlag":1,"inceptionDate":"2018-02-07T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中国机遇股票","pinyin":"zszgjygpxzqtzjj","managers":[{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商中国机遇股票型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=884445","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5d77fea5b3eb044da75","date":"2022-12-30T16:00:00.000Z","stockId":3000000001749,"sao":"2022年受经济增长压力，疫情、俄乌冲突，以及美联储收紧货币政策等因素的影响，市场震荡下行且波动剧烈。组合坚持以成长股为主的投资方向，在市场下行阶段，成长板块估值大幅压缩，第三季度组合把握了新能源、军工等板块的阶段性投资机会，但全年整体表现不佳。第四季度低估值和周期股大幅反弹阶段，在存量资金格局下，前期表现相对较好的新能源、电动车、军工、半导体等板块资金持续流出，净值回撤较大。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:31.542Z","mo":"2023年国内宏观经济有望景气上行，一是稳增长和支持实体的各项政策持续发力，二是国内疫情防控政策优化后经济活动恢复常态，三是地产政策转向宽松，三支箭和需求支持政策陆续登场。外部环境看，随着全球通胀逐渐回落，2023年全球货币政策紧缩的节奏趋于缓和，欧美经济若能“软着陆”，则会减轻外需下滑的冲击。中国和欧美经济复苏节奏的差异和货币环境由紧转松，有利于全球资金回流以中国为代表的新兴市场。市场流动性方面，国内货币环境维持宽松，而在过去两年的震荡下跌行情中，A股场外资金流入有限，该因素在2023年有望得到转变。在上述有利因素下，市场的风险偏好有望回升。组合在2023年仍将以成长股投资为主。适当对行业配置进行了均衡。一方面增配了受益国内经济复苏的地产后周期产业链、消费和医药行业，另一方面坚持偏成长的风格，在新能源、军工、半导体等板块积极挖掘在中长期具备较大成长空间的优质标的。","fund":{"_id":3000000001749,"stockCode":"001749","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-01-11T16:00:00.000Z","setUpScale":1097680000,"market":"a","tickerId":1749,"custody":"中国银行股份有限公司","name":"招商中国机遇股票型证券投资基金","shortName":"招商中国机遇股票(001749)","fundSecondLevel":"company","__csrcFundId":5098,"fundStatus":"normal","lastUpdated":"2026-04-30T18:10:57.325Z","masterFundFlag":1,"inceptionDate":"2018-02-07T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中国机遇股票","pinyin":"zszgjygpxzqtzjj","managers":[{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商中国机遇股票型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=866842","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5d77fea5b3eb044da74","date":"2022-09-29T16:00:00.000Z","stockId":3000000001749,"sao":"第三季度，A股市场受宏观经济增长压力、全球流动性收缩、疫情、地缘政治等因素影响，震荡下行，同时行业轮动较快。报告期内，组合在配置上坚持以成长股方向为主，重点把握了新能源、电动车、军工等行业的结构性机会，并适当增加对消费、医药行业的配置。展望后市，我们认为市场深幅回调后，配置价值进一步提升，尽管短期还有诸多扰动因素，但在四季度都将更加明朗，组合仍将坚持成长股为主要配置方向，并在挖掘明年产业机会的基础上，进一步优化配置结构。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:31.539Z","fund":{"_id":3000000001749,"stockCode":"001749","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-01-11T16:00:00.000Z","setUpScale":1097680000,"market":"a","tickerId":1749,"custody":"中国银行股份有限公司","name":"招商中国机遇股票型证券投资基金","shortName":"招商中国机遇股票(001749)","fundSecondLevel":"company","__csrcFundId":5098,"fundStatus":"normal","lastUpdated":"2026-04-30T18:10:57.325Z","masterFundFlag":1,"inceptionDate":"2018-02-07T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中国机遇股票","pinyin":"zszgjygpxzqtzjj","managers":[{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商中国机遇股票型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=803879","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5d77fea5b3eb044da73","date":"2022-06-29T16:00:00.000Z","stockId":3000000001749,"sao":"上半年股票市场在经济增长压力、新冠疫情、美联储收紧货币政策、俄乌冲突等多种因素的影响下，大幅波动。组合配置的新兴成长方向的个股波动相对较大。展望下半年，疫情对宏观经济的影响逐步减弱，各项稳增长措施继续发力，上市公司基本面和市场风险偏好都有望继续修复，全球市场风险情绪也有所缓和。但外围环境仍未根本好转，西方经济体处于高通胀和货币政策收缩阶段，欧美经济能否避免衰退实现“软着陆”尚不明朗，俄乌冲突仍在持续，这些因素均可能会对A股带来扰动。而且A股市场大幅波动以来，市场缺乏增量资金。总体来看，市场面临的不确定性下降后，趋势性上涨的动力虽不充足，但有望出现震荡向上的结构性行情。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:31.536Z","mo":"配置上，中长期我们仍然看好符合中国经济结构转型升级的产业方向，比如新能源、电动车、智能驾驶、国防军工、先进制造、消费升级、医疗服务等。下阶段重点把握几个方向，一是二季度业绩有较好增长的行业与个股；二是困境反转，第二季度阶段性承压但三、四季度同环比有望回归较快增长的行业和个股；三是经历较长时间估值消化、具备中长期成长能力的行业和公司。整体上，组合持仓将坚持以成长型个股为主，在结构性行情中积极操作。","fund":{"_id":3000000001749,"stockCode":"001749","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-01-11T16:00:00.000Z","setUpScale":1097680000,"market":"a","tickerId":1749,"custody":"中国银行股份有限公司","name":"招商中国机遇股票型证券投资基金","shortName":"招商中国机遇股票(001749)","fundSecondLevel":"company","__csrcFundId":5098,"fundStatus":"normal","lastUpdated":"2026-04-30T18:10:57.325Z","masterFundFlag":1,"inceptionDate":"2018-02-07T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中国机遇股票","pinyin":"zszgjygpxzqtzjj","managers":[{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商中国机遇股票型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=782778","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5d77fea5b3eb044da72","date":"2022-03-30T16:00:00.000Z","stockId":3000000001749,"sao":"一季度组合表现不佳，配置较多的光伏、电动车、军工等成长板块回撤较多。一季度国内外宏观经济和金融形势都较为复杂。国内宏观经济增长面临较大压力，叠加疫情对实体经济产生冲击；国际形势复杂程度超过之前预期，包括石油等大宗商品大幅上涨，美联储提前收紧货币政策，俄乌冲突进一步加剧紧张形势等。在行业基本面上，市场担心上游原材料价格上涨影响新能源、电动车等行业个股的业绩兑现能力。在这些因素影响下，市场对成长股投资的风险偏好不断下降。我们认为，股票市场中长期会反映产业结构和产业趋势的变化，组合仍将坚持成长股为主要配置方向，把握中国产业结构转型升级的中长期机遇，优质个股在回调后其配置价值也在进一步提升。例如在全球能源转型、传统能源价格高企的背景下，光伏和风电行业仍具备广阔的成长空间，全球下游需求持续旺盛。电动车行业尽管面临锂价高企等短期压力，但电动车渗透率仍在不断提高，产业处于快速上升期，为具备竞争优势的公司带来较好的发展前景。同时，考虑到短期复杂的全球经济和金融形势，我们适当增加了对传统能源个股的配置。短期市场仍面临较大压力，预计在国内外经济增长前景更为明朗、疫情得到有效控制、外围紧张局势得到缓解后，会有更好的表现机会。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:31.534Z","fund":{"_id":3000000001749,"stockCode":"001749","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-01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消费行业在经历2021年消化估值后，我们对优质公司的中长期成长性仍保持信心，我们也会择机增加对优质消费个股的配置。","fund":{"_id":3000000001749,"stockCode":"001749","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-01-11T16:00:00.000Z","setUpScale":1097680000,"market":"a","tickerId":1749,"custody":"中国银行股份有限公司","name":"招商中国机遇股票型证券投资基金","shortName":"招商中国机遇股票(001749)","fundSecondLevel":"company","__csrcFundId":5098,"fundStatus":"normal","lastUpdated":"2026-04-30T18:10:57.325Z","masterFundFlag":1,"inceptionDate":"2018-02-07T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中国机遇股票","pinyin":"zszgjygpxzqtzjj","managers":[{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商中国机遇股票型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=711162","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5d77fea5b3eb044da70","date":"2021-09-29T16:00:00.000Z","stockId":3000000001749,"sao":"第三季度A股市场受宏观经济和流动性等因素，波动较大，组合增加了对具有中长期成长能力的公司的投资，重点配置了新能源车、新能源发电、半导体、电子等板块。第四季度市场短期受到国内外经济增速放缓、上游原材料价格高企等因素的影响，波动性可能加剧。从中期来看，产业结构升级是十四五期间中国经济发展的重要方向，新能源发电、电动车行业渗透率快速提升，半导体国产化稳步推进，组合将继续把握优质成长性公司的投资机会，并在适当的估值水平下择机增加对消费、医药板块的配置。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:31.528Z","fund":{"_id":3000000001749,"stockCode":"001749","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-01-11T16:00:00.000Z","setUpScale":1097680000,"market":"a","tickerId":1749,"custody":"中国银行股份有限公司","name":"招商中国机遇股票型证券投资基金","shortName":"招商中国机遇股票(001749)","fundSecondLevel":"company","__csrcFundId":5098,"fundStatus":"normal","lastUpdated":"2026-04-30T18:10:57.325Z","masterFundFlag":1,"inceptionDate":"2018-02-07T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中国机遇股票","pinyin":"zszgjygpxzqtzjj","managers":[{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商中国机遇股票型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=650998","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5d77fea5b3eb044da6f","date":"2021-06-29T16:00:00.000Z","stockId":3000000001749,"sao":"上半年流动性和市场环境较为复杂，估值体系重构，市场波动剧烈，结构分化明显。报告期内，组合把握市场调整的机会，增加了对科技、医药、社服和消费等板块的投资。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:31.523Z","mo":"展望下半年，宏观经济增速稳健，货币政策环境中性适度，产业结构升级是中国经济的重要时代课题。同时，我们看到新能源、电动车、半导体等科技板块的产业变革在加速发展之中。我们对整体市场仍持较为乐观的态度，结构性的机会更大于整体性的机会，组合将在市场波动中积极把握具有中长期成长能力的、行业发展加速上行的优质上市公司的投资机会。","fund":{"_id":3000000001749,"stockCode":"001749","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-01-11T16:00:00.000Z","setUpScale":1097680000,"market":"a","tickerId":1749,"custody":"中国银行股份有限公司","name":"招商中国机遇股票型证券投资基金","shortName":"招商中国机遇股票(001749)","fundSecondLevel":"company","__csrcFundId":5098,"fundStatus":"normal","lastUpdated":"2026-04-30T18:10:57.325Z","masterFundFlag":1,"inceptionDate":"2018-02-07T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中国机遇股票","pinyin":"zszgjygpxzqtzjj","managers":[{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201030,"name":"李华建"}]},"announcement":{"linkText":"招商中国机遇股票型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=630285","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5d77fea5b3eb044da6e","stockId":3000000001749,"sao":"一季度以来，受货币政策边际收紧的预期影响，市场风险偏好大幅下降，市场估值体系重构，前期估值较高的消费股和科技股出现剧烈调整。展望下阶段市场，我们认为中国经济在经历疫情的考验之后更有韧性，在全球经济复苏的大环境下，中国经济的内需和外需增长仍然向好，货币增速虽然可能会有所回落，但剔除基数的影响，货币环境整体是中性适度的，因此对整体市场前景并不悲观。另一方面，二季度仍有一些不确定性的短期因素扰动市场，比如全球疫情反复的可能性，国际政治和金融环境更加复杂，大宗商品价格上涨对通胀的影响以及由此带来的货币政策节奏的不确定性，市场估值也仍然有一定的调整压力等。此外，由于基数效应的扰动，增加了观察实体经济运行态势和行业景气度的难度，短期数据可能对市场心理产生较大的影响。总体而言，虽然短期因素会带来市场的波动，我们对整体市场在中长期仍持较为乐观的态度，将在市场调整中积极把握具有中长期成长能力的上市公司的投资机会。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:31.520Z","fund":{"_id":3000000001749,"stockCode":"001749","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-01-11T16:00:00.000Z","setUpScale":1097680000,"market":"a","tickerId":1749,"custody":"中国银行股份有限公司","name":"招商中国机遇股票型证券投资基金","shortName":"招商中国机遇股票(001749)","fundSecondLevel":"company","__csrcFundId":5098,"fundStatus":"normal","lastUpdated":"2026-04-30T18:10:57.325Z","masterFundFlag":1,"inceptionDate":"2018-02-07T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中国机遇股票","pinyin":"zszgjygpxzqtzjj","managers":[{"stockCode":"db20774966","stockType":"fund_manager","exchange":"fm","tickerId":120810201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