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金把握住了人工智能的产业浪潮投资机会取得了较好的相对收益，但三季度随着海外宏观环境恶化和国内需求端波动，基金出现了较大回撤，尽管四季度组合调仓体现出一定的业绩韧性，但基金净值在全年没有取得超额收益。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:38.066Z","mo":"展望2024年我们认为将是复苏之年，充分把握超跌优质个股的反弹机会。经过2021-23年的调整，目前宏观经济见底有望迎来复苏叠加流动性的边际宽松，以及美联储加息预期充分且将在年内转入降息周期。宏观格局有利于科创行业的估值修复，我们尤为看好科技和医药方向的投资机会。基于两点，一是宏观格局有利于TMT和医药的行业估值扩张；二是TMT和医药自身的产业周期和经营周期向上，容易与宏观格局形成共振。TMT行业首选是消费电子及半导体，其次是人工智能应用相关的计算机、通讯等。医药方向看好创新药和医疗器械等细分行业。主题方向智能汽车、机器人、MR等机会层出不穷。同时，券商、新能源和军工也会有超跌反弹机会。","fund":{"_id":3000000050010,"stockCode":"050010","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2008-04-21T16:00:00.000Z","setUpScale":477192000,"market":"a","tickerId":50010,"custody":"中国建设银行股份有限公司","name":"博时特许价值混合型证券投资基金","shortName":"博时特许价值混合A","fundSecondLevel":"hybrid","__csrcFundId":93,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.681Z","masterFundFlag":1,"inceptionDate":"2008-05-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时特许价值混合","pinyin":"bstxjzhhxzqtzjj","memoNum":0,"managers":[{"stockCode":"db20101612","stockType":"fund_manager","exchange":"fm","tickerId":2616130090,"name":"曾鹏"}]},"announcement":{"linkText":"博时特许价值混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1054398","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42a7fea5b3eb054575c","date":"2023-09-29T16:00:00.000Z","stockId":3000000050010,"sao":"三季度市场仍处于调整之中。在政策底之后市场底、经济底已经显现。报告期内，组合持仓较重的科技股在三季度出现下跌，给净值造成了一定的回撤。展望四季度，经济动能的修复将逐渐体现出来，宏观格局处于经济逐步复苏叠加流动性宽松的市场环境，整体有利于权益市场的修复。结构上，四季度看好科技股的反弹，除了人工智能往纵深领域拓展，半导体、消费电子的机会也将逐渐显现；同时，随着供给侧的逐渐出清，新能源行业将进入投资新阶段，拥有超额边际利润的龙头公司将逐渐走出低谷；此外，随着PPI见底工业企业利润的逐渐修复，白酒行业也将触底回升；军工随着中调结束，行业也有望迎来新一轮β改善。总体四季度总体机会要优于今年前三季度。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:38.063Z","fund":{"_id":3000000050010,"stockCode":"050010","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2008-04-21T16:00:00.000Z","setUpScale":477192000,"market":"a","tickerId":50010,"custody":"中国建设银行股份有限公司","name":"博时特许价值混合型证券投资基金","shortName":"博时特许价值混合A","fundSecondLevel":"hybrid","__csrcFundId":93,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.681Z","masterFundFlag":1,"inceptionDate":"2008-05-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时特许价值混合","pinyin":"bstxjzhhxzqtzjj","memoNum":0,"managers":[{"stockCode":"db20101612","stockType":"fund_manager","exchange":"fm","tickerId":2616130090,"name":"曾鹏"}]},"announcement":{"linkText":"博时特许价值混合型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=987297","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42a7fea5b3eb054575b","date":"2023-06-29T16:00:00.000Z","stockId":3000000050010,"sao":"2023年上半年，市场处于经济动能偏弱但流动性宽裕的宏观格局，总体属于估值驱动的市场，主题类资产表现比较突出。报告期内，一季度组合新能源持仓较重，业绩受到拖累，二季度及时调整了持仓结构，大幅提升了人工智能等科技类产业的持仓，上半年整体获得了超越基准的收益。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:38.060Z","mo":"展望三季度，预期经济动能将逐渐修复，同时国内的无风险收益率已接近20年低位，宏观格局处于经济逐步复苏叠加流动性宽松的市场环境，整体有利于权益市场的修复。市场将从纯估值驱动演绎为业绩和估值双驱动。行业机会也将从‘一只独秀’逐渐到‘多点开花’。结构上，科技仍是贯穿全年的主线，除了人工智能往纵深领域拓展，半导体、消费电子的机会也将逐渐显现；同时，随着供给侧的逐渐出清，新能源行业将进入投资新阶段，拥有超额边际利润的龙头公司将逐渐走出低谷；此外，随着PPI见底工业企业利润的逐渐修复，白酒行业也将触底回升；军工随着下半年排产逐渐明朗、“新质新域”的关注度提升，行业也有望迎来新一轮β改善。总体下半年机会要好于上半年。","fund":{"_id":3000000050010,"stockCode":"050010","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2008-04-21T16:00:00.000Z","setUpScale":477192000,"market":"a","tickerId":50010,"custody":"中国建设银行股份有限公司","name":"博时特许价值混合型证券投资基金","shortName":"博时特许价值混合A","fundSecondLevel":"hybrid","__csrcFundId":93,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.681Z","masterFundFlag":1,"inceptionDate":"2008-05-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时特许价值混合","pinyin":"bstxjzhhxzqtzjj","memoNum":0,"managers":[{"stockCode":"db20101612","stockType":"fund_manager","exchange":"fm","tickerId":2616130090,"name":"曾鹏"}]},"announcement":{"linkText":"博时特许价值混合型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=962300","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42a7fea5b3eb054575a","date":"2023-03-30T16:00:00.000Z","stockId":3000000050010,"sao":"2023年一季度，市场在“强预期、弱现实”的宏观背景下“先扬后抑”出现了较大幅度的波动。但随着人工智能的崛起，市场热度迅速升温，成交量迅速放大。虽然指数整体表现并不显著，但市场赚钱效应逐渐开始显现。报告期内组合维持了较高仓位，并大幅提升了人工智能相关行业的配置比例，结构上集中在计算机、光储、新能源电池、半导体及受益于消费场景修复的啤酒、医疗等相关行业。展望二季度，我们预期国内宏观环境将从“强预期、弱现实”逐渐演绎为“弱预期、强实现”，经济复苏在真实进行。同时海外的不确定性因素也在逐渐明朗。随着宏观不确定性消退后，市场对需求端的信心有希望重塑，并驱动市场整体的估值修复。因此我们看好二季度整体市场机会。结构上，人工智能所引发的新一轮技术革命已经开始，从数据、算力到应用以及所赋能的各行各业都将蕴育出大的投资机会。技术革命所引发的产业投资机会将在未来不断涌现，我们将保持高度的跟踪和紧密的投资跟进。此外，欧佩克减产导致能源价格维持在高位将重新引发市场对欧洲能源危机的担忧，依然看好光储行业的长期发展趋势。同时，对半导体、消费电子、新能源电池、及受益于经济复苏的相关行业也仍将持续看好。","declaratio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方向上我们依然看好以科技和能源为代表的新兴制造业。新能源汽车仍在渗透率快速提升阶段，预期明年将突破30%。因此新能源汽车的总量逻辑依然在，但细分赛道会有所分化。以创新和应用逻辑为起点的汽车电子、汽车智能化及应用等新的商业逻辑将开始在资本市场逐渐兑现；2022年光伏产业的需求有望重回上升轨道，尤其是分布式弹性巨大。2022年光伏产业全球需求看中国，中国需求看硅料。随着上游硅料厂的逐渐投产，上游价格开始进入下降通道，带动组件价格下行进而重新激发产业链打开市场空间；军工行业景气度会进入加速阶段，随着2021年下半年主机厂的合同负债大规模增长，产业链整体利润进入兑现阶段。军工产业正在从主题成长往价值成长切换，会逐渐成为机构的重要产业配置方向；半导体行业预期也将分化，看好能源半导体、半导体设备及材料。以供需周期为主要驱动因素的细分赛道如芯片封测等则需规避。消费和医药最差的时候将逐渐过去，但仍需要经过一段时间的消化，预期在2022年中投资机会将逐渐明朗，整体会好于2021年。 2022年市场整体的风险点仍是集中在海外。如果海外通胀持续超预期，美联储收紧货币会对全球流动性造成冲击，需持续跟踪观察。但总体来看，我们对A股市场保持乐观态度，毕竟从全球视野来看，无论是内部的风险释放还是外部的资产性价比，中国仍是全球性价比最好的投资市场。国内居民大类资产配置转向权益市场的趋势仍将持续，公募基金将持续成为市场增量资金的重要来源，A股完全具备独立行情的基础。","fund":{"_id":3000000050010,"stockCode":"050010","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2008-04-21T16:00:00.000Z","setUpScale":477192000,"market":"a","tickerId":50010,"custody":"中国建设银行股份有限公司","name":"博时特许价值混合型证券投资基金","shortName":"博时特许价值混合A","fundSecondLevel":"hybrid","__csrcFundId":93,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.681Z","masterFundFlag":1,"inceptionDate":"2008-05-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时特许价值混合","pinyin":"bstxjzhhxzqtzjj","memoNum":0,"managers":[{"stockCode":"db20101612","stockType":"fund_manager","exchange":"fm","tickerId":2616130090,"name":"曾鹏"}]},"announcement":{"linkText":"博时特许价值混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=709478","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42a7fea5b3eb0545754","date":"2021-09-29T16:00:00.000Z","stockId":3000000050010,"sao":"三季度，国内权益市场呈现显著的结构分化，投资难度增加。一方面上游能源、化工、有色、采掘等资源类行业受供给端限制大宗商品价格大幅上涨；另一方面，中下游制造业和服务业受到原材料成本挤压和总需求不足影响，行业景气度快速回落，盈利预期和估值也同时收缩。此外，三季度新冠疫情引发的全球海运物流不畅放大了供需不均衡，并影响到中国制造业的实际产出水平。面对复杂的内外部环境，我们选择以坚实的产业趋势和个股基本面作为投资依据，报告期内组合维持中高仓位，集中配置在新能源、科技、医疗生物、军工等确定性的赛道。 展望四季度，随着新冠疫苗的广泛接种和新冠临床治疗药物的获批，我们预计海外疫情将持续好转，先前受到影响的海运物流行业逐步恢复正常，并推动全球经济复苏的开启。与此同时，煤炭、天然气、石油等能源价格在供需缺口支撑下，预计将在四季度高位震荡。成本压力叠加能源供给瓶颈，中国制造业产出受限，预计四季度全球通胀压力仍在，并可能加强美联储Taper和加息预期。因此，我们认为四季度国内权益市场仍将面临一定的基本面和流动性压力。因此四季度组合仓位中性，结构上仍集中在成长性与确定性方向配置，产业趋势持续向上的新能源汽车、光伏、半导体、医药生物等方向上优质的龙头企业，以及逆宏观周期的军工行业等。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:38.040Z","fund":{"_id":3000000050010,"stockCode":"050010","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2008-04-21T16:00:00.000Z","setUpScale":477192000,"market":"a","tickerId":50010,"custody":"中国建设银行股份有限公司","name":"博时特许价值混合型证券投资基金","shortName":"博时特许价值混合A","fundSecondLevel":"hybrid","__csrcFundId":93,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.681Z","masterFundFlag":1,"inceptionDate":"2008-05-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时特许价值混合","pinyin":"bstxjzhhxzqtzjj","memoNum":0,"managers":[{"stockCode":"db20101612","stockType":"fund_manager","exchange":"fm","tickerId":2616130090,"name":"曾鹏"}]},"announcement":{"linkText":"博时特许价值混合型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=655569","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42a7fea5b3eb0545753","date":"2021-06-29T16:00:00.000Z","stockId":3000000050010,"sao":"上半年市场先抑后扬，总体维持了宽幅震荡趋势，结构行情突出。一季度以‘茅指数’为代表的核心资产普遍回调幅度超过20%，基金整体波动幅度较大。二季度随着中国经济强势上行，叠加今年宽货币紧信用的流动性环境，市场风险偏好回升迎来反弹。比较突出的是今年结构性行情更加极致，医美、新能源汽车、光伏以及科技半导体在二季度都迎来大幅反弹。本基金二季度维持了较高仓位，结构上集中在新能源、TMT、医疗服务及军工等核心成长赛道领域，业绩也显著改善，但上半年因整体受军工行业的拖累今年整体净值仍在盈亏附近。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:38.037Z","mo":"2．管理人对宏观经济、证券市场及行业走势的简要展望展望三季度，海外复苏持续强劲，但流动性拐点也即将到来。这轮海外的经济复苏周期叠加了工业、消费、就业、房地产的同步复苏，因此强度会较高，持续性会较长，不过同时也带来了较大的通胀压力。随着海外经济增长持续上行，预期三季度货币宽松将走到拐点。相对而言，海外处于经济上行，流动性下行阶段，但对国内出口型企业来说，基本面还会保持强劲。回到国内，由于疫情控制有力得当，我们预计紧信用稳货币的组合将持续。房地产行业将持续面临政策收紧的束缚，因此地产相关产业链条将持续面临估值压力。高科技自主创新和传统产业转型升级，将持续是政策鼓励和资金流入的方向，也是权益市场的投资机会所在。中国经济增长模式也将发生转变，与国家核心竞争力紧密相关的高科技产业，与居民消费紧密相关的数字经济行业，与人口代际变迁相关的消费升级和医疗养老行业，已经逐步成为拉动中国经济增长的新三驾马车。特别地，随着中国自主高科技的突破，当前半导体等被卡脖子的局面将会逐步转变，也将驱动相关产业链的快速发展。市场层面，权益市场资产估值模型的分母项仍将承压，唯有部分基本面较强的行业个股，可以凭借分子端的快速盈利增长，抵消估值收缩压力，并表现出结构化的投资机会。三季度我们继续维持结构性行情观点，并密切关注美国通胀数据以及美联储货币政策的走向。在资产估值模型分母项估值承压的背景下，分子项盈利增长将更为重要，唯有业绩持续高增长的部分行业个股将在三季度呈现较好的投资回报。行业配置层面，我们将继续从确定性中寻找成长性，对投资标的估值约束也将继续严格，本组合将维持中性偏高仓位，集中配置于业绩增长确定的优质资产。风险角度，美联储收紧流动性以及海外市场波动将是我们密切关注的风险点，并提前准备好应对方案。","fund":{"_id":3000000050010,"stockCode":"050010","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2008-04-21T16:00:00.000Z","setUpScale":477192000,"market":"a","tickerId":50010,"custody":"中国建设银行股份有限公司","name":"博时特许价值混合型证券投资基金","shortName":"博时特许价值混合A","fundSecondLevel":"hybrid","__csrcFundId":93,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.681Z","masterFundFlag":1,"inceptionDate":"2008-05-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时特许价值混合","pinyin":"bstxjzhhxzqtzjj","memoNum":0,"managers":[{"stockCode":"db20101612","stockType":"fund_manager","exchange":"fm","tickerId":2616130090,"name":"曾鹏"}]},"announcement":{"linkText":"博时特许价值混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=633329","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42a7fea5b3eb0545752","stockId":3000000050010,"sao":"2021年一季度权益市场出现了剧烈波动，尤其是春节后市场出现了单边下跌，以‘茅指数’为代表的核心资产普遍回调幅度超过20%，基金整体波动幅度较大。表象来看，美债利率的持续上升导致以贴现率为估值基础的核心资产出现大幅回落。本质上还是前期涨幅过大导致均值的回归。一季度基金持有仓位较高，集中配置在新能源汽车、科技、军工、医药生物等领域，没有躲过这一轮下跌，净值也跟随市场出现了较大波动。深究其原因在于产业与宏观因子的错位。从产业跟踪来看，我们看好的重点产业方向及龙头公司景气度都非常高，但宏观因子的变化导致估值的迅速收敛从而出现了估值的巨大波动，这是今后我们要特别注重留意的地方，尤其是宏观经济大波动的背景下。展望二季度，我们认为市场将反弹。当前的宏观面与流动性环境处于经济基本面往上，但宏观流动性往下的格局。这意味着企业盈利正在逐渐修复，但估值会受到一定压制。体现在市场的特征就是震荡市场。当市场往上的时候，由于流动性收紧估值抑制，市场上行空间有限。当市场下跌到一定程度，企业盈利的支撑又会形成底部。因此在一季度经过市场的大幅调整，估值风险已经释放，企业盈利的修复将支撑二季度市场反弹。因此我们认为二季度市场不用过于悲观，反弹可期。从行业来看，我们依然看好成长行业。无风险利率的上升会影响长期贴现率企业的估值预期但对当前高质量的成长股影响相对有限，跟过去不同的是今年需要更关注企业盈利与估值的匹配程度，即从过去的DCF估值思维切换到以PEG为核心的估值思维。基于此我们依然看好科技、新能源、军工、医疗服务等确定性高质量的成长龙头公司，认为是二季度反弹中的直接受益行业。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:38.034Z","fund":{"_id":3000000050010,"stockCode":"050010","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2008-04-21T16:00:00.000Z","setUpScale":477192000,"market":"a","tickerId":50010,"custody":"中国建设银行股份有限公司","name":"博时特许价值混合型证券投资基金","shortName":"博时特许价值混合A","fundSecondLevel":"hybrid","__csrcFundId":93,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.681Z","masterFundFlag":1,"inceptionDate":"2008-05-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时特许价值混合","pinyin":"bstxjzhhxzqtzjj","memoNum":0,"managers":[{"stockCode":"db20101612","stockType":"fund_manager","exchange":"fm","t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攻为主，但同时密切关注和应对潜在的海外输入性风险。当前国内疫情已经基本得到控制，但海外疫情仍然处于蔓延趋势，这一复杂局面将导致疫情防控工作长期化。中国作为最先控制住疫情和极少数今年能实现经济正增长的经济体，对外资的吸引力显著增强，表现为外资持续增配A股。但需要留意的是，美国即将在下半年进入政治更替周期，并体现为经济政策和地缘政治层面的不确定性，我们将密切关注并进行积极应对。回到国内，当前新冠疫情已基本控制，企业部门整体复工进度加快。以云计算、5G通信和半导体为代表的新基建项目，起到了较好的逆周期宏观经济托底效果，高频经济数据已经逐步转为正增长，资本市场长期向好的基本面基础坚实。市场层面，国内居民大类资产配置转向权益市场的趋势已经开启，公募基金和境外机构投资者成为市场增量资金的主要来源，龙头风格将成为A股的新常态。我们将继续坚持龙头导向、产业导向和价值导向的投资理念，围绕新基建和国产化两大主线布局科技行业，围绕内需导向和消费升级两大主线布局消费和医疗行业，主要投资于竞争优势稳固、成长性优良、资产负债结构和现金流稳健的各行业龙头企业。2020年下半年我们将合理调整行业结构，坚持稳健投资风格以实现持续的投资回报。经济新旧动能转换的时代背景下，我们判断市场中长期风格将持续偏向于成长，偏向于龙头，掌握核心技术竞争力的中国科技企业是最具吸引力的投资赛道。我们长期看好中国科技龙头企业的崛起，并相信这将带来可观的投资回报。","fund":{"_id":3000000050010,"stockCode":"050010","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2008-04-21T16:00:00.000Z","setUpScale":477192000,"market":"a","tickerId":50010,"custody":"中国建设银行股份有限公司","name":"博时特许价值混合型证券投资基金","shortName":"博时特许价值混合A","fundSecondLevel":"hybrid","__csrcFundId":93,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.681Z","masterFundFlag":1,"inceptionDate":"2008-05-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时特许价值混合","pinyin":"bstxjzhhxzqtzjj","memoNum":0,"managers":[{"stockCode":"db20101612","stockType":"fund_manager","exchange":"fm","tickerId":2616130090,"name":"曾鹏"}]},"announcement":{"linkText":"博时特许价值混合型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=457940","linkType":"PDF","source":"csrc_pdf"}}]}