window.pageData = {"stock":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合","fundSecondLevel":"hybrid","fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50050000","tickerId":50050000,"name":"博时基金管理有限公司"},"managers":[{"name":"陈雷","stockType":"fund_manager","stockCode":"8801387868","exchange":"fm","tickerId":312140180}],"hotMetrics":{"fss":{"stockId":3000000050018,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.0079,"f_ins_h_s_r_c_hy":-0.0184,"f_ins_h_s_r_c_1y":-0.0183,"f_ind_h_s_r":0.9921,"f_ind_h_s_r_c_hy":0.018399999999999972,"f_ind_h_s_r_c_1y":0.018299999999999983,"f_h_a":11021,"f_h_s_a":11659,"last_data_date":"2025-06-29T16:00:00.000Z"},"fpr":{"stockId":3000000050018,"type":"fpr","f_p_r_fys_ssc":8989,"f_p_r_fys_ssrp":0.47385402759234535,"f_p_r_m1_ssc":9238,"f_p_r_m1_ssrp":0.7823968821045794,"f_p_r_m3_ssc":9128,"f_p_r_m3_ssrp":0.6061137284978635,"f_p_r_m6_ssc":8836,"f_p_r_m6_ssrp":0.597623089983022,"f_p_r_y1_ssc":8349,"f_p_r_y1_ssrp":0.7815045519885002,"f_p_r_y2_ssc":7732,"f_p_r_y2_ssrp":0.8900530332427887,"f_p_r_y3_ssc":6945,"f_p_r_y3_ssrp":0.9356278801843319,"f_p_r_y5_ssc":4353,"f_p_r_y5_ssrp":0.8938419117647058,"f_p_r_y10_ssc":1387,"f_p_r_y10_ssrp":0.7453102453102453,"f_cagr_p_r_fs_ssc":9180,"f_cagr_p_r_fs_ssrp":0.6975705414533173},"fp":{"stockId":3000000050018,"type":"fp","f_p_r_fys":0.06477438136826752,"f_p_r_m1":-0.02661343978709274,"f_p_r_m3":0.0013689253935658119,"f_p_r_m6":0.05479452054794498,"f_p_r_y1":0.057845263919016565,"f_p_r_y3":-0.12395209580838273,"f_p_r_y5":-0.290838584585555,"f_p_r_y10":0.641975308641973,"f_cagr_p_r_fs":0.024932880123563095,"f_p_r_d1":0.002184996358339353,"f_p_r_y2":0.0442541042112774,"last_data_date":"2026-05-21T16:00:00.000Z"},"ff":{"stockId":3000000050018,"type":"ff","f_m_f":1847872,"f_m_f_r":0.012,"f_c_f":307978,"f_c_f_r":0.002,"f_m_a_c_f":2155850,"f_m_a_c_f_r":0.014,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2025-06-29T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000050018,"type":"f_nlacan","f_nv_d":"2026-05-21T16:00:00.000Z","f_nv":1.463,"f_nv_cr":-0.000683060109289535},"f_as":{"stockId":3000000050018,"type":"f_as","f_tas":117549930.834,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000050018,"stockId":600519,"holdings":3900,"marketCap":5655000,"netValueRatio":0.0481,"quarterlyChange":0.052876167240301974,"stock":{"stockCode":"600519","exchange":"sh","stockType":"company","tickerId":600519,"name":"贵州茅台"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000050018,"stockId":2142,"holdings":162300,"marketCap":4942035,"netValueRatio":0.042,"quarterlyChange":0.08401566393734461,"stock":{"stockCode":"002142","exchange":"sz","stockType":"company","tickerId":2142,"name":"宁波银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000050018,"stockId":600426,"holdings":136500,"marketCap":4941300,"netValueRatio":0.042,"quarterlyChange":0.15176582882596312,"stock":{"stockCode":"600426","exchange":"sh","stockType":"company","tickerId":600426,"name":"华鲁恒升"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000050018,"stockId":601318,"holdings":81000,"marketCap":4599180,"netValueRatio":0.0391,"quarterlyChange":-0.1698830409356732,"stock":{"stockCode":"601318","exchange":"sh","stockType":"company","tickerId":601318,"name":"中国平安"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000050018,"stockId":600926,"holdings":274300,"marketCap":4594525,"netValueRatio":0.0391,"quarterlyChange":0.09620418848167533,"stock":{"stockCode":"600926","exchange":"sh","stockType":"company","tickerId":600926,"name":"杭州银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000050018,"stockId":600309,"holdings":56800,"marketCap":4512760,"netValueRatio":0.0384,"quarterlyChange":0.036124152321334924,"stock":{"stockCode":"600309","exchange":"sh","stockType":"company","tickerId":600309,"name":"万华化学"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000050018,"stockId":601601,"holdings":118300,"marketCap":4387747,"netValueRatio":0.0373,"quarterlyChange":-0.11500835122882291,"stock":{"stockCode":"601601","exchange":"sh","stockType":"company","tickerId":601601,"name":"中国太保"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000050018,"stockId":600346,"holdings":196400,"marketCap":4252060,"netValueRatio":0.0362,"quarterlyChange":-0.03905903240124331,"stock":{"stockCode":"600346","exchange":"sh","stockType":"company","tickerId":600346,"name":"恒力石化"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000050018,"stockId":600486,"holdings":41700,"marketCap":3127500,"netValueRatio":0.0266,"quarterlyChange":0.08084738434932981,"stock":{"stockCode":"600486","exchange":"sh","stockType":"company","tickerId":600486,"name":"扬农化工"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000050018,"stockId":603345,"holdings":28300,"marketCap":2639258,"netValueRatio":0.0225,"quarterlyChange":0.1763370332996972,"stock":{"stockCode":"603345","exchange":"sh","stockType":"company","tickerId":603345,"name":"安井食品"}}],"lastFsMetrics":{"latestTurnoverRate":3.141748488807202,"latestTurnoverRateDate":"2025-06-29T16:00:00.000Z"}},"list":[{"_id":"69e8eccd1398d79843fea248","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000050018,"sao":"2026年一季度，国内宏观经济延续温和修复态势，但外部环境的复杂性显著增加。外部地缘与宏观：报告期内，伊朗冲突的升级成为影响全球宏观格局的重要变量。地缘政治局势的紧张引发了全球大宗商品特别是能源价格的剧烈波动，全球避险情绪升温，国际供应链面临阶段性重塑压力。在此背景下，全球通胀预期出现反复，外需面临的不确定性显著增强。国内宏观经济：国内经济呈现出“内需企稳、外需波动”的结构性特征。前期稳增长与扩内需政策效果逐步显现，正如我们在2025年底所预期的那样，物价水平呈现出筑底回升的态势。2026年一季度，CPI同比温和回升，PPI降幅进一步收窄，名义GDP增速出现边际改善。受地缘政治催化，上游资源品价格维持高位震荡；在政策引导与物价企稳的推动下，居民消费信心出现触底反弹的初步迹象。在国内供需趋于平衡，物价企稳的背景下，预计2026年的投资机会将会更多，尤其在内需方向上的机会，这符合我们年初的判断。具体地，2026年一季度，本基金增配了必选消费和医药方面的持仓。必选消费方面在服务消费、必选消费领域已经出现了积极改善。医药方面，创新药的产业趋势在延续，中国医药行业的研发优势持续发挥。此前在化工上的仓位则继续保留。","lastUpdated":"2026-04-22T15:44:13.222Z","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动混合型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1472957","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545ba7","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000050018,"sao":"2025年前三季度，中国实际GDP同比增长5.2%，已高于全年5.0%增长目标，经济呈温和修复、动能切换特征。从需求结构看，消费仍是增长主动力，但四季度增速进一步放缓；投资方面，房地产开发投资拖累仍显著，成为整体投资偏弱的主要原因；出口方面，在外部关税压力下仍体现出较强韧性。物价方面，CPI和PPI均有所企稳，在供需逐步趋于平衡的背景下，2026年的物价水平有望温和回升。股票市场方面，四季度呈现波动再平衡的状态，成长方面有所回调，周期行业则在四季度有更好的表现。本基金在四季度以电力、石化等周期性行业为主，在四季度取得了较好的相对收益；在四季度末，本基金对组合进行了调整，以更好地匹配基金的基准情况，并在此基础上更广泛地反应市场多个行业的投资机会。具体地，本基金超配了保险、化工、必选消费、高端制造业。主要基于两方面的思路：第一个思路，在消费暂时看不到大幅改善的背景下，投资于供给改善，这包括化工、部分必选消费。第二个思路，新兴增量需求，在AI发展进入新阶段的背景下，更多地投资于AI的下游应用，包括机器人等，也包括2026年有望有实质性进展的固态电池。","lastUpdated":"2026-03-09T14:07:41.605Z","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动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=1454678","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545ba6","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000050018,"sao":"2025年三季度，国内经济在复杂外部环境下呈现一定韧性，结构分化显著。内需方面，尽管政策持续发力，但地产销售和投资在三季度有所调整，消费继续处于优化阶段，白酒等行业的价格有所调整，耐用品的补贴效应趋弱终端销售开始趋于平稳。制造业和出口方面整体仍然保持较好的趋势，但外部市场面临不确定性的背景下，四季度的外需仍然需要进一步观察。投资方面，基建投资进入三季度之后随着专项债发行结束增速有所调整，地产投资则延续此前的优化态势。海外方面，需求环境面临不确定性。全球贸易格局在\"去全球化\"与供应链重构中面临重构。在上述背景下，而内需稳定性资产凸显配置价值，但呈现更大的分化，部分行业如公路、能源行业的利润有所波动，而火电、电信运营商、水务、银行等行业则相对稳健。本基金在3季度对持仓结构进行了一定的优化，增持了内需稳定性资产中经营稳健的火电、银行，减持了业绩有所调整的公路行业。此外在反内卷的政策背景下，对业绩潜在见底的石化行业进行了配置。面对全球供需格局潜在变化，本基金将积极应对。","lastUpdated":"2026-03-09T14:07:41.602Z","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动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=1373566","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545ba5","date":"2025-06-29T16:00:00.000Z","stockId":3000000050018,"sao":"上半年本基金增加了需求稳定性较高的行业，尤其是现金流良好的资产的持仓。面对全球需求格局潜在的显著变化，以及国内制造业盈利能力的可能提升，本基金将积极应对。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:41.599Z","mo":"2025年上半年，国内经济在复杂外部环境下延续温和复苏态势，但结构分化显著。内需修复不均衡，尽管政策持续发力，但地产销售进入4月后开始重新回落，消费整体仍处于调整阶段，耐用品的补贴带动了销售的增长但后续进一步提升的空间可能有限。制造业方面表现突出，但在外需环境面临不确定的背景下，下半年的需求仍然需要进一步观察。基建投资在专项债加速发行和超长期国债的支持下，表现良好。海外方面，需求环境则面临更大的不确定性。全球贸易格局在\"去全球化\"与供应链重构中显著波动。这种内外需的差别导致总需求方向出现显著分歧，外需主导型行业面临订单波动风险，而内需稳定性资产凸显配置价值。此外国家对于“反内卷”的重视逐步提升，旨在解决产能过剩、低价无序竞争、地方保护主义泛滥及金融资源错配的问题，使得国内制造业资产的盈利能力有望逐步提升，带来市场盈利的改善和相应的投资价值。","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1341044","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545ba4","date":"2025-03-30T16:00:00.000Z","stockId":3000000050018,"sao":"2025年一季度，国内方面，宏观经济延续稳中向好态势，政策端通过化解地方债务风险、提振消费升级、强化财政支出等举措，使得内需企稳向上。消费市场在\"以旧换新\"政策刺激下，家电、通讯器材等升级类商品销售增速加快，社会消费品零售总额环比改善明显。固定资产投资领域，制造业与高技术产业投资增速领跑，基建托底效应延续，地产市场边际回暖。海外方面，需求环境则面临更大的不确定性。全球贸易格局在\"去全球化\"与供应链重构中剧烈震荡。这种内外需的差别导致总需求方向出现显著分歧，外需主导型行业面临订单波动风险，而内需稳定性资产凸显配置价值。在上述背景下，本基金减持了外需相关性较高的子行业持仓，增加了内需和需求稳定性较高的行业持仓。面对全球需求格局潜在的巨大变化，本基金将积极应对。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:41.597Z","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1270418","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545ba3","date":"2024-12-30T16:00:00.000Z","stockId":3000000050018,"sao":"在过去的2024年尤其下半年，国内的政策导向发生了明显的变化，在化解地方债务，大力提振消费，加强财政支出等方向上指出了明确的方向。上述政策导向的变化扭转了内需持续趋弱的预期，带来了资本市场的企稳反弹。海外需求预期方面，在全球贸易环境的潜在变化的影响下，不确定性在增加。行业方面，在上述政策的影响下，我们预期内需相关的消费、地产等行业需求将趋稳，带动资本市场长期向好。2025年开年以来，已经看到一些积极现象包括社会融资规模、地产销售、工程机械开工的改善等。在上述内需政策向好和景气改善的背景下，报告期内，本基金增加了内需的新兴消费、医药等行业的持仓。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:41.594Z","mo":"展望2025年的投资机会，随着内需的企稳回升，A股盈利将持续改善，预计市场的投资机会将会较多。消费方向上，一方面高性价比的消费份额持续提升，另一方面总体需求也呈现改善趋势。TMT方向上，人工智能的进步尤其国内大模型的进步和成本降低，将催生新兴的应用和国产算力的成长。高端制造业方面，国内产业链的优势进一步提升，在新兴市场和成熟市场的份额也有继续提升的空间。对于上述投资方向，本基金将行积极应对。","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1251666","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545ba2","date":"2024-06-29T16:00:00.000Z","stockId":3000000050018,"sao":"24年上半年，国内需求平稳复苏，但海外需求则波动更明显，一季度呈现出超预期的韧性，随后在二季度开始回落。综合来看，市场整体的盈利趋势仍然偏弱。在此背景下市场利率继续下行，30年期国债到期收益率降到了2.5%以下的较低水平。行业方面，电子行业呈现出一定的结构性复苏，在全球人工智能投入和消费电子行业复苏的带动下，部分中上游元器件和半导体的盈利开始出现改善。报告期内，我们减持了农业养殖行业的持仓，原因是进入2季度以来，由于供给阶段性短缺带来的生猪价格上涨已经兑现，头均盈利已经进入很好的区间，而需求偏弱使得后续价格的持续性和高度受到限制。此外我们减持了计算机、传媒行业的持仓，而增加了电子、通信行业的持仓。主要原因是推理侧的需求开始上量，人工智能算力供应链的持续性得到支持，另外苹果公司等硬件公司加大对AI的投入，也使得端侧升级和算力投资的确定性提升。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:41.591Z","mo":"展望后面的投资机会，在国家政策的引导下，随着内需的逐步改善，A股市场盈利出现潜在回升可能，国内市场环境也处于换挡期，风险偏好更高的资产将逐步变得更有吸引力，本基金也将对此进行积极应对。","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1145341","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545ba1","date":"2024-03-30T16:00:00.000Z","stockId":3000000050018,"sao":"24年1季度以来，整体需求有所企稳，一方面海外需求的韧性超预期带来出口的改善，另一方面进入3月以来国内地产需求也有所回升，表现为一二线城市二手房成交量的明显放量。随着内需的逐步企稳，预计此前持续需求不足的局面有所变化，预计A股市场的基本面也将逐步得到改善。行业方面，我们仍然偏好农业养殖、计算机、传媒等行业。养殖行业的基本面已经开始改善，仔猪生猪的价格已经表现出强于季节性的表现，预计后续企业盈利将迎来改善。随着国内AI大模型能力的提升和AI应用体验的提升，预计计算机、传媒行业中AI应用相关的公司将继续有较好的表现。报告期内，我们减持了医药行业的持仓，随着需求的改善，医药行业“需求稳定”的行业属性吸引力开始下降。此外我们准备增加地产产业链尤其是二手房相关的个股的持仓，主要原因是二手房需求持续改善，相关重点公司的基本面将逐步改善，且估值处于较低的水平。随着需求的改善，A股市场盈利出现潜在回升可能，国内市场环境也处于换挡期，风险偏好更高的资产将逐步变得更有吸引力，本基金也将对此进行积极应对。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:41.589Z","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1070798","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545ba0","date":"2023-12-30T16:00:00.000Z","stockId":3000000050018,"sao":"在过去的2023年，国内需求形势经历了较大的起伏与变化。年初，在疫后放开的影响下，地产和消费市场回升明显，市场普遍对经济增长持有较高预期。进入2季度，疫后的需求修复开始回落，预期逐渐修正至更为合理的水平。在这一过程中，本基金采取灵活的投资策略，以适应宏观经济的波动和行业景气度的变迁。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:41.586Z","mo":"基金的持仓结构从2023年初以金融、周期为主，逐步调整至当前的医药、养殖、科技为主。在需求稀缺的环境下，需求刚性的院内医药保持了不错的回升趋势。资金链紧张和生猪价格低迷使得生猪养殖行业面临产能的去化。而在AI大模型和多模态模型遍地开花的背景下，AI行业应用的发展具备了更好的发展潜力，这将给科技行业的相关公司带来投资机会。当前市场的盈利预期受到国内和海外的双重不确定性的影响，本基金将对潜在的变化做积极应对。考虑到地产的预期已经处于较低水平，本基金也将审慎评估在潜在外生影响因素的影响下，景气逻辑变化的可能性。","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动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=1054404","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545b9f","date":"2023-09-29T16:00:00.000Z","stockId":3000000050018,"sao":"23年3季度以来，国内出台了一系列政策以稳定经济增长预期，尤其在地产领域在一二线城市限购、首付比例、房贷利率等方面均有组合性质的政策，提升了潜在购房者的购房能力；从国内需求对政策的反馈来看，地产销售经过较短时间的景气回升后，出现了明显的回落，其持续性仍需观察。而外需方面，仍然延续2季度以来的回升态势。行业逻辑方面：消费、医药、农业等必选消费行业表现出需求的韧性，尤其在日常消费支出包括餐饮、旅游表现出良好的态势；报告期内，我们减持了新能源行业的持仓，主要原因是风电的招标、光伏经历硅料下行后产业链的利润下行超出我们的预期。主要增持的行业包括消费、农业、医药等必选消费行业，以及部分和海外需求相关的高端制造业。当前市场的盈利预期受到国内和海外的双重不确定性的影响，本基金将对潜在的变化做积极应对。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:41.583Z","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动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=987290","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545b9e","date":"2023-06-29T16:00:00.000Z","stockId":3000000050018,"sao":"23年上半年国内需求呈现明显的波动，1季度疫情后内需快速回升，但进入2季度之后国内需求重新回落。在政策预期方面也发生数次变化以适应国内需求波动的新形势。进入6月以来，在国内一揽子需求政策的引导下，汽车和部分制造业需求有所回暖。海外需求方面，美国地产行业有企稳复苏迹象，主要受益于中低收入人群收入的持续提升。行业逻辑方面，电力设备、汽车、机械等高端制造业出现积极现象，一方面国内政策积极引导的同时海外需求仍有韧性，另一方面随着产品价格的下跌需求侧也变得更积极。报告期内，我们减持了保险、地产、医药的持仓。保险减持的主要原因是保单销售良好的积极因素已经体现而资产端的风险和利率的下行尚未充分反应。地产减持则是因为销售端的重新下行不确定性显著上行。医药的减持则是因为股价的上行使得投资性价比下降。新建仓方面，如上所述高端制造业出现景气的积极现象，我们新增了电力设备、汽车、机械等行业的持仓。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:41.580Z","mo":"展望下半年，在国内政策的积极引导，以及行业库存等内在的修复动力影响下，预计内需的预期将逐步上修。结合外需的积极影响，预计下半年经济需求有一定的上行空间，这将带来股票市场的回暖。行业方面，高端制造、周期、消费、金融等受益于需求预期上行的行业，预计将有较好的表现。","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动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=962291","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545b9d","date":"2023-03-30T16:00:00.000Z","stockId":3000000050018,"sao":"景气回顾：2023年1季度以来，国内经济出现良好的复苏态势，一方面投资端基建和制造业投资延续此前的较好态势，另一方面地产销售端出现积极信号，一二线城市的二手房和新房销售快速回升，截至1季度末一二线城市二手房销售面积大幅增长，新房销售也累计转正。消费方面，服务业方面疫情后恢复得较好，耐用品恢复滞后但也开始看到积极迹象。而海外需求方面，受到加息的持续影响，外需延续低迷。行业逻辑方面，人工智能方向出现现象级产品CHATGPT，有望提升智力密集型行业的劳动效率，围绕其供应链和在各行各业的应用，将出现大量的投资机会；基金运作：报告期内，我们对组合进行了进一步的优化。由于海外需求的不确定性提升，减持了外需相关的有色金属行业。由于银行业资产负债表的修复已经到位，减持了银行的持仓。新建仓方面，国内地产销售复苏明显，增加了地产产业链行业的持仓。医药行业院内修复已经观察到积极迹象，且估值水平较低，增加了医药行业的持仓。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:41.577Z","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=887318","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545b9c","date":"2022-12-30T16:00:00.000Z","stockId":3000000050018,"sao":"景气回顾：22年全年国内受到疫情和地产行业景气下行的影响，全年多次大幅波动。尤其4季度以来，居民信心持续偏弱，在2季度有所回升的基础上，地产新房二手房销售继续大幅下滑。餐饮等消费显著低于21年同期水平。而海外需求方面，受到加息的持续影响，外需开始明显放缓，出口金额开始同比下降。在此背景下，国家一方面陆续出台了较多的保交楼等纾解房地产行业供给侧风险的政策，使得金融行业出现系统性风险的可能性下降。此外对于房价持续下行的城市，贷款利率也大幅下调。另一方面疫情政策也做了较大的调整，目前调整后的第一次冲击的影响已经过去，消费场景得到明显的修复。行业逻辑方面，我们认为4季度以来推出的政策，将有望提升房地产相关行业和消费行业的景气度，相关行业的盈利预期有望在23年上行。结合房地产、消费行业景气回升，以及上游基础资源品部分行业产能和库存偏紧的情景，我们需要注意观察疫情政策调整后对供应链的影响，是否会给国内的通胀带来一定的压力。基金运作：报告期内，我们对组合进行了进一步的优化，考虑到半导体行业的需求下行，且国内半导体晶圆厂的扩产受到设备、材料的约束，本基金从22年3季度开始逐步减持了此前的半导体行业的持仓。并围绕国内需求的潜在改善，增加了保险、银行、基本金属行业的组合持仓，我们认为这一类标的无论在盈利预期还是偏低的估值水平，均会受益于23年消费和地产行业景气回升的背景。而对于消费行业，目前的估值水平对23年的盈利回升已有一定的预期，本基金在22年4季度已经做了一些盈利兑现，但预计在23年的市场震荡中也会有结构性机会。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:41.575Z","mo":"结合22年4季度以来政策的出台，我们在22年3季度提出潜在投资方向是消费场景的修复和地产销售的改善有望23年开始逐步兑现。受到大类行业景气潜在回升的影响，预计国内流动性预期受到的压制将延续，因此本基金将更注重估值水平对于投资价值的影响。综上所述，围绕国内需求的潜在改善，并更加重视组合的估值水平，本基金的投资集中在保险、银行、基本金属行业，这些行业景气回升，估值非常低，预计在23年将有比较好的投资机会。","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=864996","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545b9b","date":"2022-09-29T16:00:00.000Z","stockId":3000000050018,"sao":"景气回顾：3季度以来，国内的需求重新有所回落：一方面地产的销售呈现分化态势，一二线城市销售好于三四线城市，二手房销售好于新房；另一方面疫情在Q3的扩散使得消费继续受到压制；在海外持续加息的影响下，外需也出现回落迹象；行业逻辑方向，国内晶圆厂自主可控的需求使得国内的半导体设备、材料公司的需求继续向好，新能源的需求也延续了2季度以来的良好态势；投资策略：目前市场盈利预期处于不明确的状态，潜在的方向是消费场景的修复和地产销售的改善；预计国内流动性预期受到的压制将延续，人民币汇率的波动显示流动性难以进一步宽松，未来有投资机会的方向，将更可能是持续的政策驱动下的信用扩张；在此背景下，预计过去几年的主流成长方向新能源、半导体可能受到盈利预期和流动性预期的负面影响，我们将沿着消费场景修复和信用潜在扩张可能的带来的负债表修复方向寻找机会；基金运作：报告期内，我们减持了半导体行业的持仓：1）其中功率半导体方面，国内扩产非常快，23年的供需有逆转可能，此外2-3季度的上涨在估值上对远期的空间已有较多反映；2）半导体材料、设备行业方面， 3季度材料、设备公司业绩继续向好，绝对收益/相对收益较好，但估值对远期的空间已有较多反映；3）模拟IC设计公司：消费电子景气继续回落，对公司业绩的影响已经开始超过国产替代的正面影响；我们增持的方向为：1）负债表良好的地产开发商：地产销售已处于低位企稳的状态，此时负债表相对健康的开发商的份额逻辑将开始超过行业下行的总量逻辑；2）餐饮、酒店、机场、白酒等消费场景修复相关方向：国内服务业等场景的低迷已经持续接近4年，随着外需的回落，内需和疫情相关政策将成为更重要的变量，少量优质公司的利润表已经开始看到改善趋势；3）银行：地产销售已处于低位企稳的态势，负债表有修复可能，估值也处于较低的位置。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:41.572Z","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动混合型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=805677","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545b9a","date":"2022-06-29T16:00:00.000Z","stockId":3000000050018,"sao":"在疫情和地产产业链景气下行的影响下，上半年国内需求环境经历了非常大的波动，但从2季度以来，随着国内疫情逐步得到控制，稳增长政策的持续发力和地方性地产政策的陆续出台，国内需求形势出现企稳回升的迹象。地产销售下滑幅度开始收窄，消费从4月的低位企稳回升；新兴成长行业方面，需求仍然随着渗透率的提升保持良好的态势；总体看来，目前国内需求的企稳回升仍然是一个恢复性的状态，在新兴行业体量占到足够比例之前，总量需求难以回升至很高的高度；报告期内，本基金主要在半导体行业内进行了调仓操作，减持了受到消费类行业景气下行负面影响的个股，增持了受益于新能源行业景气驱动的功率半导体行业个股。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:41.569Z","mo":"在上述背景下，投资机会的仍将以新兴行业有渗透率逻辑和传统行业能够扩张份额的龙头公司为主。具体地，我们仍然看好受益于国产化替代和新能源行业需求驱动，中长期空间仍然较大，且景气延续的子行业，包括半导体行业中的功率、设备、材料以及模拟IC行业中的优势公司。需要说明的是，半导体行业目前下游景气显著分化，以国产替代、新兴行业为成长驱动的子行业仍然具有很好的景气度和成长性，而以消费电子为驱动的公司则出现景气的明显回落。这样的背景下，半导体行业投资的分歧非常大，而我们认为，国内的半导体行业，国产替代和新能源等行业的驱动仍然是主要矛盾，周期性的波动在目前国产化率仍然很低的情况下，是次要矛盾，我们仍然看好目前持仓的半导体行业的投资机会。","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动混合型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=785586","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545b99","date":"2022-03-30T16:00:00.000Z","stockId":3000000050018,"sao":"景气回顾：在地产产业链景气下行的影响下，国内需求趋弱的态势进一步延续。政策方面，政策对经济增长的重视程度提升，提出适当超前进行基础设施建设和地产行业的稳定等，但目前为止尚未看到明显的效果。另一方面，成长型行业目前的需求态势仍然保持，包括新能源车、光伏、半导体等行业继续保持不错的景气度。 投资策略：在此景气分化的背景下，我们仍然看好受益于国产化替代和新能源行业需求驱动，中长期空间仍然较大，且景气延续的子行业，包括半导体行业中的功率、设备、材料以及模拟IC行业中的优势公司。 基金运作：报告期内，主要在半导体行业内进行了调仓操作，减持了受到消费类行业景气下行负面影响的个股，增持了受益于新能源行业景气驱动的功率半导体行业个股。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:41.565Z","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动混合型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=725157","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545b98","date":"2021-12-30T16:00:00.000Z","stockId":3000000050018,"sao":"2021年国内的总需求从年初的内需、外需两旺转变为内需向下、外需持续向好的状态，在此背景下国内市场的盈利预期向下和而流动性预期改善。在此背景下，报告期内组合的投资方向也做了相应的调整，从年初持有受益于需求向好的化工、有色等行业的股票，改变为受益于国产化替代和新能源发展驱动的半导体行业等新兴成长行业的股票。 产业趋势角度，半导体的国产化率仍处于较低的水平，未来提升空间仍然较大；从壁垒的角度，半导体行业高壁垒的特征，也使得国产化率提升的红利能够在优质公司上充分体现。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:41.562Z","mo":"管理人对宏观经济、证券市场及行业走势的简要展望 目前处于总量的需求回升仍需时日，且流动性预期向好的现状，预计当前的这个状态仍会持续一段时间，直到政策进一步加码使得预期扭转； 因此仍应将组合的主要方向放在“跨周期”的alpha品种上，而不能仅仅将部分行业景气逆转作为主要出发点；中期角度，仍然要回到公司长期的竞争力、行业的中观景气度上来； 从方向上看，核心投资机会在于在整体需求不足中，寻找需求的亮点：1）低渗透率的成长型行业，流动性的正面影响超过盈利的负面影响；2）政府的逆周期调控带来的投入增加；3）需求相对刚性受宏观影响小，但供给的波动较大，行业处于刚开始盈利预期向上的阶段；4）需求由海外主导的子行业；","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动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=709443","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545b97","date":"2021-09-29T16:00:00.000Z","stockId":3000000050018,"sao":"1、 现状： a) 3季度以来市场出现较大的波动，核心原因是来自于对全球需求的持续性、对国内地产及相关产业链和相应去杠杆过程中金融风险的担心，此外全球通胀数据保持高位，且国内商品价格也保持强势，对流动性的进一步宽松存疑。 b) 国内经济的需求开始趋弱的状态在3季度进一步显现，且国内经济结构进入新的阶段，政策方面基建和地产的空间均不会太大。 2、 投资策略： a) 在上述背景下，预计市场总体呈现局部性、结构性机会为主的特征，需要积极寻找侧重渗透率、份额方面的投资方向； b) 具体地，组合投资方向选择上，仍然侧重电子、医药、消费等行业中需求持续增长，竞争格局良好的优质个股； 3、 后续需要关注的点： a) 地产需求的可能回落结合基建持续较弱给国内经济带来的负面影响，国内需求开始趋弱对于市场盈利的影响； b) 美国利率上行的可能性；","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:41.560Z","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动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=654168","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545b96","date":"2021-06-29T16:00:00.000Z","stockId":3000000050018,"sao":"现状：病毒变异造成疫苗脱靶的可能性，以及国内疫情的持续，对市场逻辑可能造成中期影响：疫情的持续性、复杂性可能超预期；国内货币、财政政策：从偏宽松到偏稳健；但在疫情尚有反复、海外还未趋稳的背景下，仍然呈现稳健的态势：国内经济景气度：国内经济的需求开始趋弱，在此背景下流动性修复的机会将更有机会出现；海外需求：疫苗的进展带动服务业需求的回升，海外耐用品库存处于多年以来的低位也强化海外耐用品需求的持续性，拜登上任后财政刺激开始落地但幅度低于预期；投资观点：流动性状态：当前政策的基调从“偏宽松”向“偏稳”转变，在国内需求趋弱的背景下，预计流动性将会保持较宽松的状态；国内经济景气度：国内经济开始局部呈现需求趋弱的态势；疫情的复杂化趋势，将使得流动性宽松的持续时间延长；","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:41.556Z","mo":"投资策略：预计总体呈现局部性、结构性机会为主的市场特征；组合投资方向选择上，仍然侧重电子、医药、消费等行业中需求持续增长，竞争格局良好的优质个股；后续需要关注的点：地产需求的可能回落结合基建持续较弱给国内经济带来的负面影响，国内需求开始趋弱对于市场盈利的影响；美国利率上行的可能性；","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动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=633314","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545b95","stockId":3000000050018,"sao":"投资策略：现状：病毒变异造成疫苗脱靶的可能性，以及国内疫情的持续，对市场逻辑可能造成中期影响，疫情的持续性、复杂性可能超预期。国内货币、财政政策：从偏宽松到偏稳健，但在疫情尚有反复、海外还未趋稳的背景下，还未“急转弯”至偏紧。国内经济景气度：国内经济基建低于预期、但地产销售有韧性，耐用消费品（汽车、家电）、制造业投资则在呈现于强于整体经济的态势。海外需求：疫苗的进展带动服务业需求的回升，海外耐用品库存处于多年以来的低位也强化海外耐用品需求的持续性，拜登上任后财政刺激开始落地。投资观点：流动性状态：当前政策的基调从“偏宽松”向“偏稳”转变，但尚未出现全面收紧的迹象。国内经济景气度：国内经济处于一个稳步回升的状态，但受国内政策逐步回收的影响，向上的斜率不见得能够超预期。疫情的复杂化趋势，将使得流动性宽松的持续时间延长。与此同时，“顺周期”行业的优质个股经过大半年的上涨，估值水平已有比较多的回升，性价比有所下降。在此背景下，组合将相比此前更均衡，以1）外需、个股alpha较强的化工行业和2）医药、电子、白酒、传媒等行业的alpha个股为主。核心在于寻找尚未充分定价的盈利增长，后续需要关注的反馈点。地产需求的可能回落结合基建持续较弱给国内经济带来的负面影响，使国内需求低于预期。外需方面，需关注美国基建投资计划落地的情况。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:41.554Z","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动混合型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=572684","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545b94","stockId":3000000050018,"sao":"当前的宏观、市场现状：国内货币、财政政策和宏观现状：从偏宽松到偏稳健；但在疫情尚有反复、海外还未趋稳的背景下，还未“急转弯”至偏紧：国内经济基建低于预期、但地产销售有韧性，耐用消费品（汽车、家电）、制造业投资则在呈现于强于整体经济的态势，这与耐用品替换需求比例提升、结构性升级的背景有关。海外需求：疫苗的进展带动服务业需求的回升是21年的主要变化，而海外耐用品库存处于多年以来的低位也强化海外耐用品需求的持续性；货币超发下，海外地产销售和地产产业链需求是目前能观察到的结构性驱动因素。而疫情恢复后，西方世界对这一轮疫情的反思（制造能力的缺乏，尤其和中国的对比），将带来全球制造业产能重新分配的可能性，如果发生将带来潜在的财政刺激政策和基建投资。此外，近期南非和巴西新冠病毒的变异，给全球疫情的恢复带来很大的不确定性，疫情恢复的路径趋于复杂化。当前现状的持续性和可能变化分析：国内的货币和财政政策的持续性和潜在变化分析：国内政策内在目标是调结构、稳杠杆，但受制于疫情的影响和就业；因此当前偏稳的状态可能会随着疫情恢复的进展而发生变化，但病毒的变异使得这一过程充满了不确定性。国内经济的韧性：当前国内经济有内在的韧性，主要体现在耐用消费品和制造业投资等环节，从过往的持续时间通常2年以及当前的库存情况来看，仍然处于向上的趋势之中。经济预期发生变化的潜在节点在于国内的货币和财政政策发生进一步的变化之后，这一点依赖于疫情恢复的进展。海外的需求，主要两个因素的影响：疫情恢复带来的结构变化，需求将从居家隔离的耐用品转向服务业、出行相关的品种。海外制造业产能恢复带来和国内出口产能的竞争，潜在的对疫情的反思和供应链安全需求带来的财政刺激和产能全球重新分配，这一点目前尚无结论需要持续跟踪。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:41.550Z","mo":"2020年市场回顾：2020年上半年核心驱动因素是疫情下全球货币政策的宽松，因此核心方向是长期空间大，受益于货币宽松的成长型行业，包括医药、食品等。2020年下半年核心驱动因素是国内从疫情中恢复，核心方向是盈利预期开始向上、且长期趋势也较好的方向，包括白酒、新能源、新能源车、汽车、家电等行业。随着逻辑的演绎，21年的核心驱动因素预计是全球逐步从疫情中恢复，且开始关注疫情修复后的变化，包括货币、财政、海外基建投资上的可能变化，因此判断核心方向是：竞争格局良好，龙头公司份额持续提升的耐用消费品行业；白酒、白电；行业长期空间大、龙头公司格局清晰、且受益于全球经济复苏的成长性行业：新能源车、光伏；受益于全球制造业复苏的行业：包括有色、化工、原油产业链等偏上游的行业，其中有色的供给集中在南美、非洲等较晚完成疫苗接种的地区会更受益；受益于服务业复苏的机场、旅游、酒店等行业；但近期病毒的变异对服务业的修复带来较大的不确定性，需要持续观察其影响，在此影响下，需求向好的疫苗、半导体等行业也存在投资机会。内需相关的周期性行业，受制于国内的调结构、稳杠杆的政策，较难出现行业性机会。后续重要的观察节点：2021年的重要节点在疫情的恢复进展和其后续的影响：疫苗接种后，海外需求结构的潜在变化，可能从耐用品转向服务、出行相关。全球经济复苏后，国内、国外政策的进一步变化可能。海外库存回补的完成，预计时点在年中，此外需要关注从疫情恢复后，实体经济进一步恢复的动力。","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=557353","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545b93","stockId":3000000050018,"sao":"当前国内经济的复苏受到负面因素的一定影响，包括政策角度从偏宽松到偏稳，基建投资增速的弱于预期，地产投资的传导受到地产行业杠杆新政的影响；但从产业和微观观察的角度，耐用消费品（家电汽车等）、基建产业链、地产产业链扔处于上行态势。政策的基调从“偏宽松”向“偏稳”转变，但尚未出现明显收紧的迹象；包括从社融的传导、专项债的发行等角度，包括从微观的行业景气度观察，后续经济仍然维持一个向好的态势，但上行的斜率不见得能够超预期。经济动能的超预期有可能来自于海外：1）海外货币政策的极度宽松，已经带来了美国、欧洲、韩国等地的地产行业需求的显著上行趋势；2）在基建的投入上，海外逐步达成相应的认识，未来将提供需求上行的动力；从投资策略来看，我们仍然维持“顺周期”行业中有alpha个股的配置思路：1）一方面经济的景气度仍在向好的趋势中，期间数据回落的延续性有待进一步观察；2）随着周期类行业从“扩张型”状态到“收缩型”状态的转变，其盈利回升的幅度呈现出好于收入回升幅度的特征，体现为工业企业利润的快速较大幅度上行；3）有alpha的周期类个股估值仍处于合理范围，而随着其竞争优势的体现，份额上升和新产品上仍能提供合理的回报；","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:41.547Z","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动混合型证券投资基金2020年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=489558","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed42d7fea5b3eb0545b92","stockId":3000000050018,"sao":"2季度经济总量出现一定的复苏趋势，复苏的高度尚难以判断，但综合考虑估值性价比后，当前顺周期行业有一定的优势：1）当前成长类行业中的优质公司处于长期估值的高位，而顺周期行业中的优质公司估值处于合理位置；2）从近期的变化来看，整体经济复苏的态势已有端倪，地产、基建、耐用消费品均处于回升态势。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:41.544Z","mo":"在此背景下，本基金2季度增加了顺周期行业中优质个股的持仓比例，以提升投资收益风险收益比。","fund":{"_id":3000000050018,"stockCode":"050018","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-14T16:00:00.000Z","setUpScale":1400300000,"market":"a","tickerId":50018,"custody":"中国建设银行股份有限公司","name":"博时行业轮动混合型证券投资基金","shortName":"博时行业轮动混合(050018)","fundSecondLevel":"hybrid","__csrcFundId":3013,"fundStatus":"normal","lastUpdated":"2026-05-01T05:33:32.822Z","masterFundFlag":1,"inceptionDate":"2010-12-09T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时行业轮动混合","pinyin":"bshyldhhxzqtzjj","managers":[{"stockCode":"8801387868","stockType":"fund_manager","exchange":"fm","tickerId":312140180,"name":"陈雷"}]},"announcement":{"linkText":"博时行业轮动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=457925","linkType":"PDF","source":"csrc_pdf"}}]}