window.pageData = {"stock":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合A","fundSecondLevel":"hybrid","fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50090000","tickerId":50090000,"name":"大成基金管理有限公司"},"managers":[{"name":"李博","stockType":"fund_manager","stockCode":"8801395726","exchange":"fm","tickerId":1202151440}],"hotMetrics":{"fss":{"stockId":3000000090004,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.0096,"f_ins_h_s_r_c_hy":-0.0466,"f_ins_h_s_r_c_1y":-0.0366,"f_ind_h_s_r":0.9904000000000001,"f_ind_h_s_r_c_hy":0.046600000000000086,"f_ind_h_s_r_c_1y":0.03660000000000008,"f_h_a":28155,"f_h_s_a":23476,"last_data_date":"2025-06-29T16:00:00.000Z"},"fpr":{"stockId":3000000090004,"type":"fpr","f_p_r_fys_ssc":8937,"f_p_r_fys_ssrp":0.7974485228290062,"f_p_r_m1_ssc":9360,"f_p_r_m1_ssrp":0.5914093386045518,"f_p_r_m3_ssc":9165,"f_p_r_m3_ssrp":0.7793539938891314,"f_p_r_m6_ssc":8939,"f_p_r_m6_ssrp":0.7535242783620497,"f_p_r_y1_ssc":8432,"f_p_r_y1_ssrp":0.7296880559838691,"f_p_r_y2_ssc":7794,"f_p_r_y2_ssrp":0.7593994610547927,"f_p_r_y3_ssc":7013,"f_p_r_y3_ssrp":0.6058185966913862,"f_p_r_y5_ssc":4562,"f_p_r_y5_ssrp":0.5597456698092523,"f_p_r_y10_ssc":1441,"f_p_r_y10_ssrp":0.37916666666666665,"f_cagr_p_r_fs_ssc":9313,"f_cagr_p_r_fs_ssrp":0.19276202749140894},"fp":{"stockId":3000000090004,"type":"fp","f_p_r_fys":-0.0697354497354492,"f_p_r_m1":-0.0202284758985789,"f_p_r_m3":-0.0735100384676185,"f_p_r_m6":-0.09085268111070843,"f_p_r_y1":0.028427702386524034,"f_p_r_y3":0.11229202252166925,"f_p_r_y5":0.0027375384966359384,"f_p_r_y10":1.1573006134969344,"f_cagr_p_r_fs":0.12721991523415865,"f_p_r_d1":-0.0001807228915663428,"f_p_r_y2":0.10892462945443215,"last_data_date":"2026-07-12T16:00:00.000Z","f_i_d":"2004-12-14T16:00:00.000Z"},"ff":{"stockId":3000000090004,"type":"ff","f_m_f":6554395,"f_m_f_r":0.012,"f_c_f":1092399,"f_c_f_r":0.002,"f_m_a_c_f":7646794,"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":"2026-06-29T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000090004,"type":"f_nlacan","f_nv_d":"2026-07-12T16:00:00.000Z","f_nv":1.7582,"f_nv_cr":0.002794729937831475},"f_as":{"stockId":3000000090004,"type":"f_as","f_tas":1052317541.4372,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000019183,"name":"大成精选增值混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"019183","tickerId":19183,"shortName":"大成精选增值混合C","currency":"CNY","__csrcFundId":113,"lastUpdated":"2025-01-04T00:32:26.087Z","fundCollectionId":4000050090000,"inceptionDate":"2023-08-27T16:00:00.000Z","exchange":"jj","masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"dcjxzzhhxzqtzjj","followedNum":1}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000090004,"stockId":333,"holdings":1331381,"marketCap":101650939,"netValueRatio":0.0964,"quarterlyChange":-0.023032629558541684,"stock":{"stockCode":"000333","exchange":"sz","stockType":"company","tickerId":333,"name":"美的集团"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000090004,"stockId":2223,"holdings":2119109,"marketCap":71837795,"netValueRatio":0.0681,"quarterlyChange":-0.11279769693797503,"stock":{"stockCode":"002223","exchange":"sz","stockType":"company","tickerId":2223,"name":"鱼跃医疗"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000090004,"stockId":600298,"holdings":1744800,"marketCap":70507368,"netValueRatio":0.0668,"quarterlyChange":-0.07613168724279795,"stock":{"stockCode":"600298","exchange":"sh","stockType":"company","tickerId":600298,"name":"安琪酵母"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000090004,"stockId":600938,"holdings":1576110,"marketCap":63044400,"netValueRatio":0.0598,"quarterlyChange":0.3253810470510272,"stock":{"name":"中国海油","exchange":"sh","stockType":"company","stockCode":"600938","tickerId":600938}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000090004,"stockId":792,"holdings":1604800,"marketCap":59377600,"netValueRatio":0.0563,"quarterlyChange":0.3139204545454535,"stock":{"stockCode":"000792","exchange":"sz","stockType":"company","tickerId":792,"name":"盐湖股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000090004,"stockId":600352,"holdings":3785800,"marketCap":49253258,"netValueRatio":0.0467,"quarterlyChange":0.22045028142589018,"stock":{"stockCode":"600352","exchange":"sh","stockType":"company","tickerId":600352,"name":"浙江龙盛"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000090004,"stockId":600941,"holdings":506383,"marketCap":47493661,"netValueRatio":0.045,"quarterlyChange":-0.07184562097971203,"stock":{"stockCode":"600941","tickerId":600941,"exchange":"sh","stockType":"company","name":"中国移动"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000090004,"stockId":2078,"holdings":2545430,"marketCap":37748726,"netValueRatio":0.0358,"quarterlyChange":-0.05841269841269858,"stock":{"stockCode":"002078","exchange":"sz","stockType":"company","tickerId":2078,"name":"太阳纸业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000090004,"stockId":300498,"holdings":2256700,"marketCap":37506354,"netValueRatio":0.0356,"quarterlyChange":-0.015402843601895366,"stock":{"stockCode":"300498","exchange":"sz","stockType":"company","tickerId":300498,"name":"温氏股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000090004,"stockId":2595,"holdings":369700,"marketCap":29272846,"netValueRatio":0.0277,"quarterlyChange":-0.06306945923559248,"stock":{"stockCode":"002595","exchange":"sz","stockType":"company","tickerId":2595,"name":"豪迈科技"}}]},"list":[{"_id":"69e8ecd01398d79843fea279","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000090004,"sao":"回顾2026年一季度，总体而言中东地区军事冲突的发生导致此前的经济金融运行轨迹发生一定变化，经济在平稳运行的过程中受到油价中枢抬升的边际影响，但整体来看幅度尚且可控。尽管美联储的降息预期出现下修，但是境内市场整体流动性保持充裕，经济仍然处于温和复苏的轨道，同时中国能源品、制造业等行业的竞争力优势有望继续得到体现。","lastUpdated":"2026-04-22T15:44:16.222Z","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增值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=1478346","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb054794c","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000090004,"sao":"回顾2025年四季度，总体来看全年经济运行平稳，尽管年内中美贸易摩擦等导致市场出现一定波动，但均得到良好化解，人民币出现一定升值趋势，经济高质量增长推进有一定成效。因此，四季度尽管经济环比增速略微降速，但整体处于较为可控的区间，流动性保持宽松，给权益资产的投资提供了较为有利的环境。","lastUpdated":"2026-03-09T14:08:12.114Z","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增值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=1458436","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb054794b","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000090004,"sao":"回顾2025年三季度，伴随着贸易争端的逐步缓解，市场风险偏好有所提升。一方面，AI等新兴产业在产业趋势和市场情绪的共同作用下被给予了较为充分定价，另一个角度相对稳健的部分优质企业短期并未成为市场关注的焦点。由于经济的企稳回升仍需要时间，总体来看优质企业的盈利仍有较好的上行空间，在当下市场环境反而存在一定投资机会。","lastUpdated":"2026-03-09T14:08:12.111Z","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增值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=1376394","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb054794a","date":"2025-06-29T16:00:00.000Z","stockId":3000000090004,"sao":"回顾2025年上半年，总体来看我国经济运行良好，稳中有升。尽管存在一定的贸易摩擦，但是中国制造业的规模优势和成本优势体现得较为明显，竞争优势仍在稳步扩大。同时，在国内总体流动性较为充裕的情况下，具有一定成长性的价值标的也有估值重估的空间。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.109Z","mo":"总体来看，尽管需求角度总量来看仍在缓慢恢复过程中，但是伴随利率的下行和经济的高质量发展转型，企业利润仍有一定的恢复空间，优秀企业具备良好的投资价值。","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增值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=1346381","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb0547949","date":"2025-03-30T16:00:00.000Z","stockId":3000000090004,"sao":"回顾25年一季度，在24年四季度的积极政策推动下，经济基本上呈现逐步企稳的态势。地产方面二手房数据有所好转，但投资数据的好转有待观察；价格指标来看价格数据仍显低迷，但供给侧改革的相关政策也有一定的推动预期。总体来看，一季度社会的经济预期明显好转，科技等板块也不乏亮点。　　值得关注的是，特朗普的贸易政策逐步变成市场二季度的关注重心。从18年以来的情况来看，全球产业链具备一定的自我修复和重建的能力，中国制造业的优势不可替代。但美国通胀以及财政压力带来的全球经济下行压力未来有待观察。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.106Z","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增值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=1276140","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb0547948","date":"2024-12-30T16:00:00.000Z","stockId":3000000090004,"sao":"回顾2024年，经济运行总体保持稳健，但经济重生产轻消费的结构仍需要调整，地产端从销售到投资的内生循环重建仍需要时间。以上因素均为长期存在的结构性问题，需要较长时间的自发调整，是经济发展的必然产物。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.103Z","mo":"展望未来，无论是自上而下政策、经济自身的周期恢复能力、还是产业自身的发展规律与动能，我们认为都在往向好的方向前行。所以，如果说过去需要的是我们某种程度上的乐观主义信仰，那么站在初春，我们需要一点务实主义的耐心。　　当然，当我们看到诸方面的因素都在向好发展的同时，我们也应意识到向来企业、产业发展是循序渐进的，而市场的情绪容易激昂奋进，两者之间有同有异，作为长期资本、耐心资本的一员，我们需要理性耐心的去对待，提升持有人的体验，帮助持有人获取稳健的回报。","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增值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=1257509","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb0547947","date":"2024-09-29T16:00:00.000Z","stockId":3000000090004,"sao":"回顾2024年三季度，总体来看国内需求仍在温和恢复的路径中，从价格指标来看供需仍在再平衡。经历了内需和外需的多轮调整后，我们发现仍有一批具有全球竞争力的中国公司，在成长性方面仍有空间，同时估值在合理偏低区间，具备良好的投资性价比。同时，中国在货币政策和财政政策方面仍然有较大的空间，对于经济具备较强的托底能力。因此，在三季度我们加大了对于优质标的的挖掘和配置，做好耐心资本，对这类企业保持信心和期待。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.101Z","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增值混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1180502","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb0547946","date":"2024-06-29T16:00:00.000Z","stockId":3000000090004,"sao":"回顾2024年上半年，地产行业的销售数据总体来到低位平稳区间，二手房交易占比较高，但伴随着社会利率的进一步下行，刚性需求有所释放。另一个角度，中国的制造业在规模优势和管理优势上继续展现出强大的生命力和韧性，出口成为经济中一大亮点，经济脱虚向实的趋势得到进一步巩固。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.098Z","mo":"展望未来，社会无风险收益率仍然有一定的下行空间，因此尽管短期内需数据显得相对疲弱，但是站在中期维度而言，需求企稳上行的潜能不可忽视。另一个角度，如果内需能够伴随无风险收益率的下行逐步企稳，具备较强竞争力的制造业企业也将逐步进入新一轮的增长周期。因此，我们仍将较为积极的去寻找权益市场的投资机会。","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增值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=1150270","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb0547945","date":"2024-03-30T16:00:00.000Z","stockId":3000000090004,"sao":"回顾2024年一季度，中国经济总体表现稳健，尽管地产销售数据不佳，但出口以及消费等板块较好地弥补了地产销售的不足。尽管在新旧动能转换之际市场情绪出现较大波动，但中国经济的韧性以及优质企业的良好运营确实是不争的事实。此外，不少优质企业在努力提升股东回报，改善公司治理，我们始终认为企业才是价值的创造者，而基金经理不过是翻石子的价值挖掘者而已。因此，这对于资本市场而言是十分可喜的变化。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.095Z","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增值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=1068556","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb0547944","date":"2023-12-30T16:00:00.000Z","stockId":3000000090004,"sao":"回顾2023年，总体来看国内经济仍然在消化地产销售下台阶带来的一系列需求问题，尽管短期需求会受到一定的影响，但为中期经济的更高质量发展取得了更加坚实的基础。海外市场来看，美国通胀的韧性超过年初市场预期，导致年中美债收益率出现较为迅猛上行，对人民币汇率也产生一定压力。但时间进入下半年，总体而言以上因素都在向着积极乐观的角度发展。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.093Z","mo":"一方面国内地产行业在保交楼的积极措施下总体进入温和寻底的通道，另一个角度外汇的压力也有所缓解。对于中国如此庞大体量的经济体而言，经济增速仍在发展，这就意味着自下而上的机会仍然并不匮乏。总体来看，中国资产在一系列宏观因素的影响下显得格外便宜和具备吸引力，我们认为全球视角来看中国资产也已经具备极佳的性价比。","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增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=1057280","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb0547943","date":"2023-09-29T16:00:00.000Z","stockId":3000000090004,"sao":"回顾2023年三季度，总体而言国内经济在地产销售总体较为疲软的情况下显得相对较为疲弱，另一个角度积极的政策信号也在持续出现。一线城市的限购等政策在循序渐进的放开，对于中期地产基本面的企稳存在一定积极意义，同时进一步的政策放松仍存空间。另一个角度，从美债来看海外市场也在调整对于美国中期经济增长的预期，导致美债收益率出现一定程度的上行，同时美国财政压力仍在加大，需要寻求国际合作。综合来看，中国经济基本面的筑底和美债收益率的筑顶均为大概率事件，虽迟会到。对于具体投资而言，我们依然倾向于目前市场处于较好的价值区间，中期酝酿较好的机会。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.090Z","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增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=991006","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb0547942","date":"2023-06-29T16:00:00.000Z","stockId":3000000090004,"sao":"回顾2023年上半年，总体来看在疫情消散后经济经历了一轮短暂的修复，但是在地产销售压力的影响下从二季度开始重新陷入平淡的局面 。经济的结构性调整是显而易见的，一方面地产链条尚未触底，因此相关投资活动较为低迷；另一个角度出口仍存在一定的韧性，制造业的产业升级仍在有条不紊地展开。从市场角度来看，一方面相对低估的行业在上半年有着一个明显的修复过程，另一方面，产业的变革也带来了成长股新的投资机会，但随着情绪的累积，在二季度的后期也带来了一定的波动风险。在投资操作上，我们始终坚持基于个股的风险收益比自下而上的选股思路，并取得了一定的效果。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.087Z","mo":"展望下半年，我们认为从中期来看，经济阶段性的平淡有可能反而是较好的配置时点，无论是政策的支持还是经济自身的修复，都将给市场带来投资机会，而我们将会客观评价、理性分析、积极应对。","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增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=960189","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb0547941","date":"2023-03-30T16:00:00.000Z","stockId":3000000090004,"sao":"回顾2023年一季度，高质量的增长主线愈发明确，对于经济中高速增长的目标设定使得我国一方面可以摒弃进行债务驱动的强烈经济刺激，另一角度得以较为自如地进行经济结构的调整。尽管海外市场金融风险似乎接连不断，但是国内流动性保持基本充裕，踏实的内功建设和数字经济的主线彼此契合。在这种情况下，我们坚持了较为价值的投资思路，选择真正有基本面的优质公司。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.084Z","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增值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=886261","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb0547940","date":"2022-12-30T16:00:00.000Z","stockId":3000000090004,"sao":"回顾2022年，全球经济似乎都出现了某种程度的难题，美国的“胀”和中国的“滞”都显得难以摆脱，而地缘政治俄乌关系加剧了金融市场的波动性，世界的合久必分似乎成为一定程度上必须面对和定价的课题。在宏大叙事面前，企业价值微小的变化似乎显得不值一提，但是从自下而上的角度来看这往往是酝酿积极力量的开始。我们认为，美国的通胀中间来自劳动力的成分存在一定的持续性，但是依然有望在中期得到控制，而中国房住不炒的大方针已经确立，当地产进入存量时代，利率中枢中期下行，也酝酿着权益市场重新定价的开始，催生一批价值标的的价值重估机会。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.081Z","mo":"展望2023，我们认为有必要相较于过去两年适当的乐观。一方面，随着国内疫后复苏进程的推进，无论是经济、还是资本市场都有更大的概率和趋势恢复常态。而作为一个从业多年的基金经理，我想我们更有可能在一个偏常态的市场中获取超额收益。另一方面，就像我们前面提到了，过去的几年中，资本市场困扰于宏大的叙事，也痴迷并纠结在这些宏大的叙事，在一定程度上忽视了企业自身的积极变化和企业内在价值的发现，这导致市场在部分赛道及其拥挤的同时，也有另外一部分资产处于低估、甚至极度低估的状态，而这将成为我们获取超额收益最主要的来源。","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增值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=868284","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb054793f","date":"2022-09-29T16:00:00.000Z","stockId":3000000090004,"sao":"回顾2022年三季度，地产销售数据呈现较为低迷的态势，居民端在收入预期下滑的情况下购房意愿下降，同时高杠杆的地产链条融资压力加大，货币政策虽保持宽松但效果仍需观察。另一方面，海外通胀居高不下，美联储加息预期强度进一步加强，在能源价格和劳动力紧缺的双重压力下通胀呈现较为韧性的特征。  在这种宏观形势下，我们在投资操作上提升了稳增长、以及抗风险能力较高的个股的持仓比例。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.078Z","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增值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=809378","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb054793e","date":"2022-06-29T16:00:00.000Z","stockId":3000000090004,"sao":"回顾2022年上半年，尽管全球范围内疫情的控制与防范有所好转，但与之对应美联储宽松货币政策的退出与加息摆上日程，而俄乌冲突又加剧了全球供应链中断造成新增的通胀压力。对于国内经济而言，伴随地产数据的持续下滑，如何稳增长与稳预期成为市场的关注点，在下游的持续低迷和上游原材料价格高企的情况下中游行业受到较大的盈利压力。总体来看国内货币政策保持宽松，而地产的因城施策宽松也均在发力。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.076Z","mo":"展望下半年，虽然资本市场自2021年以来估值的极致分化目前仍在持续。但理性来看，在这样分化的行情中存在被低估和错杀的品种，等待宏观基本面的变化，让这些行业中的优秀企业能够重归价值。这是由于对于中国的优秀企业而言，他们已经在多次的景气度变换与宏观环境变化中多次证明了自己适应环境发展壮大的能力，即使短期来看他们并不是被资本市场最为追捧的品种，但是我们依然坚定地认为企业的价值终将回归。","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增值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=781655","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb054793d","date":"2022-03-30T16:00:00.000Z","stockId":3000000090004,"sao":"回顾2022年一季度，经济呈现比较明显的滞胀特征。一方面全球定价的大宗品价格出现较为明显上涨，俄乌战争又加剧了这种通胀形势；叠加美联储加息缩表态度明确，对部分成长类型股票情绪有一定打击。从国内情况来看，地产链条销售数据仍较为低迷，同时疫情的控制和如何放开也成为难点。总体来看，经济呈现上游成本上升和需求下滑的滞胀特征。  在企业盈利存在一定下滑预期的时刻，我们依然较为坚定地相信中国经济的韧性和活力。周期的低迷往往造就一定的投资时点机会。我们依然看好中国的成长，并愿意在市场比较低迷的时刻坚守价值，相信中国创新活力，在经济转型阵痛后依然会有较好的经济发展前景。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.073Z","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增值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=729022","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb054793c","date":"2021-12-30T16:00:00.000Z","stockId":3000000090004,"sao":"回顾2021年，伴随着出口产业链的持续景气，我国经济进入调整结构的整固期，同时行业监管也成为本年的主基调之一。另一方面，双碳目标的确立，也催生了新能源车汽车、光伏等产业景气度的抬升，进而阶段性的在资本市场形成了一定的局部过热。因此总体来看，2021年是资本市场估值分化较为极致的一年，这一点显著的超出了我们年初的预期。但理性来看，毫无疑问在这样分化的行情中，必然存在被低估和错杀的品种，等待宏观基本面的变化，让这些行业中的优秀企业能够重归价值。这是由于对于中国的优秀企业而言，它们已经在多次的景气度变换与宏观环境变化中多次证明了自己适应环境发展壮大的能力，即使短期来看它们并不是被资本市场最为追捧的品种，但是我们依然坚定地认为企业的价值终将回归。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.070Z","mo":"展望2022年，如果说在百年一遇的疫情中中国经济能够率先康复，那么我们更加有理由相信在这样的市场成长起来的优质企业不会持续跑输市场。我们对于中国经济的韧性具备充足的信心，同时对于房住不炒等思路指引下的居民财富转移，更认为是时代的趋势和红利。从中长期视角来看，一方面居民资产配置仅仅处于向权益市场转移的初期，另一个角度我们依然可以挖掘出若干自下而上来看估值十分合理的优质公司，那么我们对于未来产品的回报，是有着充分的信心的。","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增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=707992","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb054793b","date":"2021-09-29T16:00:00.000Z","stockId":3000000090004,"sao":"回顾2021年三季度，经济呈现一定程度的滞胀特征，同时伴随疫情的反复与新增病例数据的好转，美联储Taper预期也在发生变化。从企业盈利来看，工业企业利润更多集中到上游，并且开始对于下游需求呈现出一定抑制，体现出工业品通胀带来的成本压力；同时伴随美国等发达国家财政补贴的逐步退出居民消费意愿有所下降，出口动能边际减弱。此外，地产销售数据开始有较为明显的边际弱化，而基建发力有限，终端需求较为疲弱，需要一定程度的政策逆周期调节。总体来看，流动性有望保持基本宽松，同时中下游企业盈利存在一定压力。从持仓角度来看，组合内中游、以及下游消费个股在三季度也出现了一定程度的回调。操作上，我们继续持有了能够穿越短期的周期波动、并具有长期成长确定性的中下游个股，并适当的提升了逆周期信息基建个股的持仓比例。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.068Z","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增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=657872","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb054793a","date":"2021-06-29T16:00:00.000Z","stockId":3000000090004,"sao":"回顾2021年上半年，全球产业链在疫情冲击下的供应受损和需求端伴随疫苗注射的逐步恢复两种力量同时存在，在不同行业出现了价格猛烈上涨与需求恢复较为温和的共存格局。在这种情况下，美国和中国央行基本保持了流动性的宽松，等待就业数据的进一步恢复。因此，总体来看上半年由于这种供需错配的因素影响，周期行业业绩表现良好；同时由于流动性较为宽松，成长型企业亦维持了较高的估值水平。总体来看，市场风格趋于一致，短中期因素的共振以及流动性的配合可能也放大了投资者对部分板块的乐观情绪。在投资操作上，我们还是始终坚持自下而上的精选个股，寻找拥有自身成长确定性的公司，而没有把过多的精力放在估值扩张的研究和市场情绪把握上，这阶段性的影响了我们收益率，但我们坚信这样的选股方式是能够更大概率的穿越流动性的周期，获取更加稳健的投资收益。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.065Z","mo":"展望下半年，无论是宏观经济环境、行业监管政策、还是流动性的边际变化，都可能给整体市场带来一定的不确定性，存在较为明显的波动和震荡的可能性，而我们也将会积极主动的去把握市场波动带来的投资机会。","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增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=636582","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb0547939","stockId":3000000090004,"sao":"回顾一季度，我们适当降低了医疗、消费行业的个股仓位，加仓性价比更为合理的中游制造业个股的配置。在我们看来，在拥有合理性价比的基础上，寻找既有空间又具备成长确定性的个股是应对市场短期波动并获取长期超额收益的最重要手段。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.062Z","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增值混合型证券投资基金第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=574039","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb0547938","stockId":3000000090004,"sao":"2020年，新冠疫情的发展以及演化成为主导全球市场的主要因素，并且对于未来几年的经济演变有深远的影响。这一年中国经济在最先较好控制疫情的制度红利下率先复苏，并且出口增长持续超预期，也率先受益于海外需求的恢复。从目前的PMI数据来看，这种复苏进程仍在进行中，并没有中断的迹象。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.060Z","mo":"2021年，伴随着疫苗的落地和大规模运用，海外经济的恢复可能成为与2020年相较最大的差异点。与这种海外经济的恢复相对应，海外供应链也将逐步恢复，因此预计对于2021年货物贸易逆差的回落以及服务贸易逆差的加大将拖累净出口。而内需方面，房地产投资“房住不炒”的政策导向相对明确，同时融资政策“三条红线”的调整某种意义上近似于进行房地产企业的供给侧改革，带来房地产投资增速的平稳回落。制造业投资和消费可能在2021年得到渐次恢复，有望成为2021年需求的着力点。总体来看，伴随着货币政策平稳退出的需求，2021年的经济可能呈现结构调整同时某个时点后平稳回落的特征。而货币政策不急转弯的政策态势，也将保障2021年的经济本身是较为平稳的。在通胀方面，尽管近期工业品价格出现了较大幅度的上涨，但是这种上涨与供需错配有较大的关系，从市场普遍认知来看持续性有限。同时由于生猪存栏数据的逐步回升，通胀压力得以消退，对于2021年通胀应该并不构成压力，也不会形成货币政策的阻碍。在这种态势下，对于2021年的市场可能“调结构，防风险”依然会成为年度的主题词。调结构方面科技创新等依然会是政策诉求之一，同时也是需求侧改革的发力点之一。而防风险伴随着融资结构的调整与资管新规实施前最后一年的融资结构变化，有可能在2021年仍然会间断性地影响市场的风险偏好，导致企业自身现金流健康程度的考量提高到更加关键的位置。总体而言在经济本身较为平稳的同时，结构的调整可能显得更为关键。","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增值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=553204","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb0547937","stockId":3000000090004,"sao":"回顾三季度，疫情在国内得到较为充分的控制，整体经济复苏确定性持续提升，但由于市场此前的大幅上涨，整体市场估值处于一个并不低的水平，并在一定程度上反映了经济复苏的乐观预期。因此，三季度市场整体呈现震荡的态势。在操作上，我们仍然坚持自下而上的选股思路，持续选择并持有具有长期成长空间并具备核心竞争力的企业。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.057Z","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增值混合型证券投资基金第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=490397","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed44c7fea5b3eb0547936","stockId":3000000090004,"sao":"回顾2020年上半年，经济面临的核心变量无疑是疫情的演变。由于疫情的广度和深度超出预期，因此对于国内经济、对于美欧等发达国家经济体的需求冲击，以及对于第三世界国家等外向型经济的出口冲击发展出多重影响因子和链条，导致世界范围内出现经济博弈和政治博弈加剧的复杂格局。从某种意义上来看，疫情的影响可能在长周期中尚且为短变量，但是疫情所暴露出的全球经济蛋糕分配不均，新的生产要素缺乏，宏观杠杆居高不下，公共卫生建设的缺口等等问题，实际上深远地影响了资本市场，并有可能在未来相当长时间之内影响着权益投资的主题与基调。    而从A股市场的表现来看，上半年行业分化在持续的加剧。一方面，面对疫情带来的冲击，不同行业的恢复能力呈现出了较大的差别。稳定类、必选类的医疗、食品以及新经济的代表电子无论是从公司财务报表还是从订单、产能的边际变化来看都呈现出了较为快速的恢复能力。而面对疫情对于整体宏观经济冲击的超预期，整体宏观周期相关度更高的行业恢复难度要大很多。因此，市场始终对其在中短期内的恢复持相对谨慎的态度。另一方面，在历经2019、2020H1的持续上涨后，资本市场流动性也得到了充分的改善，机构、居民资金流入显著增强。而疫情之后的实体经济实际需求不足和流动性宽松也加剧了这种资金流入的趋势。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:08:12.054Z","mo":"展望下半年，随着市场的持续上涨，我们认为市场在一定阶段内将从行业、个股的基本面驱动逐步转向短期的情绪驱动。因此，市场存在阶段性波动加剧的可能性。但是从一个更长维度来看，无论是制造业的转型升级、居民消费习惯的变迁、新兴产业的创新跃变都将给市场带来较多具有吸引力的投资机会，我们也会始终坚持自下而上的选股思路，去寻找这些更具性价比的投资机会。","fund":{"_id":3000000090004,"stockCode":"090004","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-11-09T16:00:00.000Z","setUpScale":1335860000,"market":"a","tickerId":90004,"custody":"中国农业银行股份有限公司","name":"大成精选增值混合型证券投资基金","shortName":"大成精选增值混合(090004)","fundSecondLevel":"hybrid","__csrcFundId":113,"fundStatus":"normal","lastUpdated":"2026-05-01T05:37:07.654Z","masterFundFlag":1,"inceptionDate":"2004-12-14T16:00:00.000Z","fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成精选增值混合","pinyin":"dcjxzzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801395726","stockType":"fund_manager","exchange":"fm","tickerId":1202151440,"name":"李博"}]},"announcement":{"linkText":"大成精选增值混合型证券投资基金中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=453772","linkType":"PDF","source":"csrc_pdf"}}]}