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年中国主要股指均实现了显著上涨，2025年中国资本市场的成长风格（以创业板指为代表）显著占优，而传统大盘蓝筹指数则呈现稳健上涨的格局。这种结构性分化的走势，与宏观产业转型、政策支持方向密切相关。其中创业板指以近50%的涨幅领跑，表现尤为亮眼。创业板指 (399006.SZ) 全年涨幅高达 49.57%，远超其他主要股指，显示出市场对科技创新、成长类企业的高度青睐。代表大盘蓝筹的沪深300 (000300.SH) 和上证指数 (000001.SH) 涨幅相对稳健，分别为 17.66% 和 18.41%。万得全A (881001.WI) 上涨 27.65%，表明市场整体有不错的赚钱效应。深证成指 (399001.SZ) 上涨 29.87%，表现强于沪市主板。本组合自2025年12月底由广发资管转入接手后，整体对科技成长方向进行了部分加仓。原因如下：自10月份科技股的高点后，部分公司已经回调了20%以上，具备较好的布局机会，而数字经济、人工智能、半导体、工业母机等中长期向上的产业趋势未曾改变，是科技板块上涨的重要驱动力；观海外，尽管存在摩擦，但全球在人工智能、新能源、生物技术等领域的竞争白热化，也倒逼各国加大对科技产业的投入，这为全球科技龙头创造了持续的增长环境。同时，我们也看到三季报中，海内外AI产业链的公司业绩亮眼，并且均表示加大AI产业的投资。另外，我们看好全球半导体周期触底的周期性机会，尤其是在AI浪潮的带动下的先进制程的半导体代工环节。结构上，主要增持了AI算力硬件，尤其是国产算力和应用方向，国产先进制程的半导体代工方向也是我们重点布局的领域。我们将密切关注全球宏观经济动向和国内政策变化，保持对国际AI行业发展动态的紧密跟踪，以灵活应对潜在的市场波动。","lastUpdated":"2026-03-30T19:10:44.492Z","mo":"展望2026年，我们认为半导体行业正步入新一轮景气周期。从上游材料到制造封装，产业链各环节的供需格局有望持续优化，价格上行趋势将夯实企业的盈利基础，其核心驱动力来自人工智能、汽车电子等长期需求的真实拉动。与此同时，我们预计随着宏观经济环境的逐步改善，部分顺周期品种在下半年可能出现企稳回升的配置机遇。这些领域估值已充分调整，且基本与新兴产业的发展紧密相连。届时，“轻舟已过万重山”的科技成长，将与“潮平两岸阔”的周期复苏相映成趣。我们倾向于将科技成长与周期复苏的线索相结合，在半导体产业的确定性趋势中寻找核心标的，并关注顺周期领域内具备结构成长性的公司，力求把握不同节奏下的投资机会。","fund":{"_id":3000000026327,"__csrcFundId":16316,"stockCode":"026327","masterFundShortName":"广发乾元价值增长混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":26327,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"广发乾元价值增长混合(026327)","lastUpdated":"2026-05-01T05:07:55.281Z","inceptionDate":"2025-12-24T16:00:00.000Z","name":"广发乾元价值增长混合型证券投资基金","pinyin":"gfqyjzzzhhxzqtzjj","fundCollectionId":4000050300000,"followedNum":1,"managers":[{"stockCode":"db20828819","stockType":"fund_manager","exchange":"fm","tickerId":231225214520,"name":"王丽媛"}]},"announcement":{"linkText":"广发乾元价值增长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=1449069","linkType":"PDF","source":"csrc_pdf"}}]}