银华价值优选混合基金最新净值涨幅达2.59%

金融界基金04月02日讯银华核心价值优选混合型证券投资基金（简称：银华价值优选混合，代码519001）04月01日净值上涨2.59%，引起投资者关注。当前基金单位净值为2.0015元，累计净值为6.6900元。

银华价值优选混合基金成立以来收益669.04%，今年以来收益28.39%，近一月收益9.15%，近一年收益-10.75%，近三年收益1.10%。

银华价值优选混合基金成立以来分红2次，累计分红金额0.51亿元。目前该基金开放申购。

基金经理为倪明，自2011年09月26日管理该基金，任职期内收益54.71%。

苏静然，自2017年10月30日管理该基金，任职期内收益-13.63%。

最新基金定期报告显示，该基金重仓持有格力电器（持仓比例5.00%）、云南白药（持仓比例4.10%）、国电南瑞（持仓比例4.05%）、中兴通讯（持仓比例4.03%）、万科A（持仓比例4.02%）、中国中车（持仓比例4.00%）、保利地产（持仓比例4.00%）、中国铁建（持仓比例3.95%）、隆平高科（持仓比例2.92%）、中国联通（持仓比例2.88%）。

报告期内基金投资策略和运作分析

一、2018年市场情况回顾：2018年对于A股市场是艰难的一年。上证A股、中小企业板和创业板全线下跌，主板好于中小板和创业板。全年上证A股下跌20.7%，中小企业板下跌35.1%，创业板下跌31.5%。全年来看，表现最好的是银行、休闲服务、食品饮料、采掘和农林牧渔，下跌幅度分别为：-9.7%、-11.9%、-17.4%、-18.5%和-20.7%；表现最差的是电子、有色、传媒、综合和轻工，下跌幅度分别为：-40.1%、-39.6%、-39.6%、-39%和-33.7%。分上下半年观察，上半年以医药、综合服务、食品饮料为主的消费类板块表现相对不错，领跑全市场。尤其医药和社会服务板块每季度均在5%以上增长；下半年，消费板块遭遇打压，而以采掘、银行、非银、农业、通信和电气设备为代表的周期类板块表现相对更为优秀。从经济基本面和流动性来看，经过2015、2016年到2017年全年，由基建、棚改带动的大周期走向了结束；流动性到2018年上半年收缩过快；以上因素综合，导致2018年上半年到年中，经济经历了一个探底过程，后周期板块在下半年开始感受到较大压力。而展望2019年，我们倾向于认为无论是经济基本面还是流动性最差的时期应该来说已经过去。现在只是在等待基本面和板块领域等待传递而已。二、2018年投资情况回顾：从2018年全年操作来看，在上半年，我们最大的工作是建立一套完整地投资系统。在对组合结构继续进行了优化调整的同时，基于基本面投资思路，我们秉承自下而上选股的思路，对周期行业、成长行业和消费行业进行了系统梳理，包括数据库的建立。从目前效果来看，效果较好：一方面在周期股的选择上，我们用这种思路选出的个股二季度都取得了不错的相对收益；另一方面，2018年我们重仓的食品饮料（尤其是白酒板块）基本面继续强劲，在一季度发生较大调整之后，随着二季度报告披露时间接近，板块得以修复；同时我们阶段性增持过房地产、银行、非银等行业，战略性增配了相当部分估值已相对较低、成长速度和成长空间初露端倪的成长性板块。整体基金净值虽有波动，但整体在预期之中。同时我们也积极关注一些虽然行业难言有大机会，但公司具备足够的核心竞争力的优秀公司。三季度之后，针对基本面的变化，我们对基金持仓进行了较大幅度的优化调整，按照宏观加中观行业自上而下的选股思路，首先基于对宏观经济的判断确定受益和受损的行业，其次综合考虑行业景气度、季度业绩的环比变化情况以及公司的实际经营情况选择投资标的。在三季度，我们重点增持的行业包括银行、保险、基建、食品饮料、石油等行业，重点减持的行业包括新能源、医药、家电、家居等行业。2018年4季度，经济趋势稳中走弱，上游资源品价格及油价大幅下跌，市场对于经济的预期进一步悲观。在大幅下跌但依然相对弱势的市场格局下，我们选择维持了中性的仓位水平，没有在仓位上做大幅偏离，主要是在组合结构上不断优化。我们看好并配置了下列主要行业及其中的龙头公司：1、基建及相关产业链，基建作为逆周期调控的重要抓手，是2019年相比2018年为数不多的景气度及业绩增速上行的行业，因此综合考虑估值、政策导向、景气度边际变化，是我们选出来的在19年重点看好的行业之一。2、5G相关产业链，5G建设从2019年正式开始，在未来2-3年会不断加大投资力度，产业链其中的主设备商将最为受益。3、房地产开发龙头公司，在经济下行的大背景下，地产调控政策的边际放松是大概率事件，这将有利于地产龙头公司的经营改善及估值提升。4、家电、农业等行业的龙头公司，虽然行业依然处于下行周期，但每一次行业的调整期都是具有强大护城河优势的龙头企业进一步提高优势的好时机，因此在相对低的业绩预期及估值水平的情况下，我们看好行业龙头公司的中长期发展趋势。

截至本报告期末本基金份额净值为1.5589元；本报告期基金份额净值增长率为-34.41%，业绩比较基准收益率为-19.05%。

管理人对宏观经济、证券市场及行业走势的简要展望

开放式基金周龙虎榜（1231-0109)

代码名称上期净值本期净值增长率%110029易基科讯0.96491.034120.261%150189招商转债B1.93601.040016.839%519001银华优选1.58401.663016.124%150144转债B2.38801.017012.898%000080天治可转债A1.28601.443012.208%000081天治可转债C1.27801.434012.207%519035富国天博1.01661.062612.109%150165东吴转债B1.09701.219011.121%150204鹏华传媒B0.91301.013010.953%160607鹏华价值1.12601.165010.036%150023申万进取0.36370.39989.926%000574宝盈新价值1.15301.26309.540%150091万家创B1.05621.15559.402%260112景顺能源1.19401.30609.380%163402兴全趋势1.22421.25299.369%000067民生加银转债A1.49301.62909.109%000068民生加银转债C1.48301.61809.103%150174信诚TMTB0.90500.98508.840%070003嘉实稳健0.93700.97708.645%150033嘉实多利1.02801.11328.288%163805中银策略1.33451.44488.265%200007长城回报0.76530.79298.115%163817中银转债增强B1.89102.04408.091%163816中银转债增强A1.91702.07208.086%150180信息B1.40001.51308.071%150153富国创业板B1.02101.10308.031%090017大成可转债1.76201.90308.002%770001德邦优化1.18871.28287.916%040023华安可转债B1.60701.73207.779%040022华安可转债A1.63001.75607.730%161719招商转债1.28301.01207.638%150097招商商品B0.77500.83407.613%519018添富均衡0.77540.79817.609%000020景顺长城品质1.19001.28007.563%150075诺安中创1.07301.15307.456%100056富国低碳1.16401.24907.302%100051富国可转债1.44901.55407.246%270041广发消费品1.41101.51307.229%270005广发聚丰0.71050.72167.065%050009博时新兴0.63900.65107.042%340007兴全社会1.71601.83606.993%180013银华领先1.57931.68896.940%240001宝康消费1.70551.75306.925%159906深成长0.76600.81906.919%530020建信转债强债A2.00402.14206.886%519061海富通纯债A1.71601.83406.877%519060海富通纯债C1.70801.82506.850%531020建信转债C1.98602.12206.848%519909华安安顺混合1.19901.27506.839%000404易方达新兴成长1.21201.29406.766%700005平安大华添利债券A1.16901.24806.758%710301安达增强A1.23191.31486.729%150151信诚有色B1.14501.22206.725%710302安达增强C1.21911.30106.718%150086中小板B1.07841.15066.695%700006平安大华添利债券C1.15901.23606.644%180012银华富裕1.23151.31276.594%150195互联网B1.11901.19206.524%090012深成长联接0.78300.83406.513%510260新兴ETF1.03201.09806.395%240018华宝可转债1.59101.69106.285%530003建信成长1.18581.25946.207%040005华安宏利2.79012.96186.154%200008长城品牌0.93500.99256.150%150058久兆积极1.19201.26506.124%150050消费进取1.29201.37306.115%000284富安达信用A1.25771.33446.098%000285富安达信用B1.25031.32646.087%159915易方达ETF1.42921.50486.059%206009鹏华产业1.42601.51206.031%150131医药B1.03681.09855.951%000639宝盈祥瑞养老1.05901.12205.949%320014新兴产业ETF联接1.02801.08905.934%040020华安升级1.11801.18405.903%217019深TMT联接1.20301.27405.902%310518申万可转债1.68201.78105.886%519002华安安信消费1.02601.08505.848%519977长信可转债A1.79441.89865.807%519976长信可转债C1.76621.86835.781%150107易基进取1.34251.42005.773%690002民生强债A1.65801.75205.670%161613融通创业板1.16901.23505.646%519704交银制造1.31501.38905.627%690202民生强债C1.61901.71005.621%519051海富通定债1.47901.56205.612%206001鹏华成长1.02371.03925.490%040012华安强债A1.33801.41105.456%040013华安强债B1.31201.38305.412%000845国投信息消费1.02001.07505.392%585001东吴中证1.02001.07505.392%150149信诚医药B1.09901.15805.369%519679银河主题2.42902.55905.352%540010汇丰科技1.43511.51155.324%160629鹏华传媒0.95801.00905.324%253010国联安安心0.66300.68205.279%160132南方永利C1.34801.41905.267%160130南方永利1.34801.41905.267%100022富国天瑞0.92530.94585.252%202027南方高端装备1.19401.25605.193%530001建信价值0.62220.63925.175%000572中银多策略1.10701.16405.149%519670银河优选1.83101.92505.134%020010国泰金牛1.48401.56005.121%110026创业板ETF联接1.74631.83545.102%660006农银大盘0.95421.00265.072%200010长城双动力1.29181.35735.070%002031华夏策略2.06802.17205.029%110028安心回报B1.90401.99904.990%110027安心回报A1.92602.02204.984%000556国投新机遇A1.12701.18304.969%000557国投新机遇C1.12701.18304.969%550016信诚岁岁添金1.15001.20704.957%510610能源行业0.97901.02754.954%000358大成景祥B1.59501.67404.953%169101东方红睿丰1.12601.18104.885%270008广发核心1.86401.95504.882%202105南方广利A1.44301.51304.851%100039富国通胀主题1.17601.23304.847%090007大成策略1.34801.41304.822%000173汇添富美丽301.45501.52504.811%040001华安创新0.70700.71504.809%202107南方广利C1.42101.48904.785%161910万家中创1.06061.07854.752%100026富国天合1.26931.32964.751%690007民生景气1.34801.41204.748%159930能源ETF1.08331.13444.717%530012建信保本1.35701.42104.716%519908华夏兴华1.25501.31104.701%160626鹏华信息1.22001.25704.672%000747广发逆向策略1.11501.16704.664%257020国联安精选1.03301.06404.647%519997长信银利0.64150.67134.645%160211国泰小盘1.42201.47804.641%162207泰达效率1.36601.39234.627%160314华夏行业0.95700.96904.598%150199食品B1.21921.27494.569%161217国投资源0.68000.71104.559%257070国联安优选1.16801.22104.538%110022易基消费1.03901.08604.524%150019银华锐进0.81800.85504.523%470009添富活力1.57501.64604.508%000417国联安新精选1.09001.13904.495%257010国联安小盘1.11401.16404.488%163209诺安中创1.07001.09204.486%000697汇添富移动互联1.16101.21304.479%690008民生内地0.76100.79504.468%370027摩根智选301.08301.13104.432%000545中邮核心灵活1.15101.20204.431%290002泰信先行0.64550.65844.384%470028添富责任1.20901.26204.384%519030海富稳固1.37101.43104.376%020001国泰金鹰1.19201.24404.362%090013大成保本1.35401.41304.358%510410资源ETF0.77230.80584.338%420005天弘策略1.04201.08704.319%050024资源ETF链接0.77570.80914.306%159917中小成长1.11601.16404.301%161826银华转债1.42001.00504.296%165522信诚TMT0.95500.99604.293%590008中邮战略2.96503.09204.283%162308海富增利1.45601.51804.258%000083添富消费1.39201.45104.239%162607景顺资源0.80900.84304.203%270007广发大盘0.79560.82904.198%571中邮双动力1.16901.21804.192%522华润元大信息1.02601.06904.191%339长城医疗保健1.04101.08404.131%260116景顺核心1.81901.89404.123%260111景顺治理1.26201.31404.120%750001安信策略1.41301.47104.105%110013易方达科翔1.53601.58304.102%257060商品ETF联接0.58600.61004.096%100020富国天益1.08881.13334.087%151002银河收益1.52861.59084.069%206010民营ETF联接1.11461.15974.046%519017大成成长1.06301.10604.045%000586景顺中小创业板0.99201.03204.032%377240上投新兴1.56301.62604.031%519053海富通双利B1.09701.14204.011%340006兴全全球1.65981.72634.007%050012博时策略灵活配置1.02401.06504.004%340001兴全转基1.60921.54133.983%487021工银保本2号1.18101.22803.980%161903万家公用0.56470.57733.949%000463华商双债A1.19301.24003.940%673010纽银新动向1.24401.29303.939%110025易基资源0.83800.87103.938%161022富国创业1.04301.05203.931%150093诺德300B1.55201.61303.930%000481华商双债C1.18201.22803.892%519050海富通养老1.21401.26103.872%162010长城久兆1.13701.18103.870%240022华宝资源1.00801.04703.869%150109同辉100B1.65701.72103.862%163807中银优选1.38261.43583.848%020025中小成长联接1.06601.10703.846%159902中小板2.54002.63703.819%512220景顺TMT1.09991.14193.819%470058添富可转债A1.68401.74803.801%000471富国城镇发展1.39601.44903.797%470059添富可转债C1.66001.72303.795%400027东方双债A1.31091.36063.791%519673银河康乐股票1.02901.06803.790%050119博时转债C1.61401.67503.779%400029东方双债C1.31041.35993.778%485114工银添颐A1.77601.84303.773%070002嘉实增长6.00906.23503.761%159936广发可选消费1.25511.30233.761%240020华宝医药1.22401.27003.758%485014工银添颐B1.73001.79503.757%161213国投消费1.09501.13603.744%000532景顺长城优势1.28201.33003.744%000688景顺研究精选1.07001.11003.738%000119广发聚鑫债C1.31801.36703.718%165809东吴中证债券1.02901.06703.693%000215广发趋势1.08401.12403.690%150070双力B1.49101.54603.689%050019博时转债A1.62701.68703.688%160127南方消费1.17001.21103.675%519677银河定投宝1.33401.38303.673%000184工银添福A1.44701.50003.663%160916优选LOF1.45001.52003.655%165520信诚有色1.07401.11303.631%000118广发聚鑫债A1.32501.37303.623%260115景顺中小盘1.13301.17403.619%000185工银添福B1.43701.48903.619%000711嘉实医疗保健0.96901.00403.612%000073上投成长0.97001.00503.608%070021嘉实新动力1.05601.09403.599%519008添富优势3.02923.13823.598%161625融通标普C1.50601.45003.586%150124建信50B1.35781.40643.579%161624融通标普A1.51501.45903.564%000452南方医保1.01801.05403.536%150054泰达进取1.59731.65373.531%270002广发稳健1.42641.47673.526%150113工银100B1.37711.42543.507%070099嘉实优质1.05501.09203.507%360005光大红利3.08203.18983.498%161025富国互联1.06101.09803.487%519995长信金利0.83620.84823.480%163111申万中小板分级1.06041.09733.480%210001金鹰优选0.67680.69213.457%360012光大中小盘1.00441.03913.455%000219博时裕益灵活1.24601.28903.451%150084广发100B1.04641.08253.450%000751嘉实新兴1.01801.05303.438%163823中银保本1.25601.29903.424%210007金鹰中证1.13351.17223.414%150001瑞福进取1.34901.39503.410%510660医药行业1.14901.18793.386%240008华宝收益4.20184.34293.358%161118易基中小1.18091.22053.353%150102长信利众B1.17111.21033.347%080012长盛电子1.44101.48903.331%160605鹏华中国501.08101.11703.330%080002长盛创新先锋1.15281.19103.314%512300中证500ETF0.92930.96003.304%162212泰达红利1.39401.44003.300%270006广发优选1.48291.53183.298%000549华安大国新经济1.34901.39303.262%161715大宗商品0.92000.91803.261%310388申万消费1.04301.07703.260%110023易基医疗1.26101.30203.251%519185万家精选1.04121.07503.246%519032非周ETF联接1.07901.11403.244%000028华富保本混合1.14701.18403.226%040004华安宝利1.49101.53903.219%460009华泰量化0.99501.02703.216%163810中银价值1.27601.31703.213%519066添富蓝筹1.34401.38703.199%000409鹏华环保产业1.09401.12903.199%550003信诚蓝筹1.68801.74203.199%700004平安保本1.18801.22603.199%260101景顺股票1.53421.58323.194%240009华宝先进2.02042.08473.183%050004博时精选1.45081.49693.178%000131大成景兴C1.23201.27103.166%630003华商强债A1.29901.34003.156%165313建信优势动力1.26901.30903.152%377020上投内需1.03431.06693.152%110010易基成长1.30111.34213.151%040008华安优选0.82610.85213.147%000130大成景兴A1.24001.27903.145%000598长盛生态环境1.30501.34603.142%163411兴全保本1.06591.09473.134%630103华商强债B1.28701.32703.108%020005国泰金马0.77400.78003.101%090011大成核心1.12901.16403.100%161005富国天惠1.76751.82203.084%519021国泰金鼎价值0.81100.82603.083%530011建信内生1.30101.34103.075%200006长城消费0.84370.86963.070%519668银河成长1.17041.20633.067%000742国泰新经济1.11001.14403.063%000376华安医药联接C0.98001.01003.061%000373华安医药联接A0.98101.01103.058%260110景顺蓝筹1.18001.21603.051%512610嘉实医药卫生1.14511.18003.048%206002鹏华精选1.08301.11603.047%398041中海量化1.01801.04903.045%159929医药ETF1.13591.17023.020%450002国富弹性1.36231.40343.017%213003宝盈策略1.29531.33433.011%160219国泰医药1.05321.04963.010%000831工银医疗保健1.03201.06303.004%519110浦银价值1.44201.48502.982%110001易基平稳1.64701.69602.975%512230景顺医药1.07791.10992.969%320022诺安中小ETF1.28801.32602.950%090001大成价值0.89350.91982.944%110009易基价值1.06241.09362.937%150139银华800B1.70301.75302.936%110011易方达中小盘2.12952.19202.935%470010添富多元债A1.19301.22802.934%100029富国天成1.41811.44962.926%519069添富价值精选1.78801.84002.908%630009华商稳定增利A1.31101.34902.899%159921诺安中小等权1.31101.34902.899%510620材料行业1.16221.19582.891%000354长盛城镇主题1.24601.28202.889%000770长城久盈B1.00601.03502.883%530005建信优化1.12341.15572.875%690206民生双利1.28801.32502.873%519989长信利丰1.39301.43302.872%630109华商稳定增利C1.29001.32702.868%020026国泰成长1.67501.72302.866%270026中小300联接0.99251.02092.862%519697交银优势1.53801.58202.861%512210景顺食品1.10511.13672.860%519150新华优选1.36501.40402.857%000695大成景益平稳1.43501.47602.857%165519信诚医药1.05101.08102.854%519029华夏稳增1.65201.69902.845%512120中证医药1.05601.08602.841%690006民生双利A1.30501.34202.835%160512博时卓越品牌1.44801.48802.832%410010华富中小板1.23801.27302.827%090008大成强债1.24291.27802.824%162006长城久富1.17471.20782.818%000591中银健康生活1.13901.17102.810%470011添富多元债C1.18401.21702.787%000436易方达裕惠1.22301.25702.780%159907中小3001.10211.13542.749%233007大摩卓越成长1.53611.57832.747%519068添富焦点1.37831.41612.743%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44801.47702.003%000587大成灵活配置1.30001.32602.000%162712广发聚利1.25001.27502.000%000669国寿尊享债C1.10001.12202.000%162605景顺鼎益1.15101.17401.998%000668国寿尊享债A1.10101.12301.998%070030中创400联接1.51911.54931.988%750005安信平稳1.26101.28601.983%161604融通深证1001.21201.23601.980%159901深100ETF3.76833.84691.980%485105工银强债A1.20281.22651.970%485005工银强债B1.20241.22601.963%202213南方安心保本1.22401.24801.961%165806东吴1001.12501.14701.956%164814工银双债1.17801.20101.953%165314建信信用C1.18001.20301.949%121099瑞福分级1.18601.21001.939%000123添富实业债C1.08601.10701.934%000414嘉实绝对收益0.98401.00301.931%159938广发医药1.00201.02131.926%161716招商双债增强1.09101.11201.925%161825银华8001.35401.38001.920%290011泰信中小盘1.66701.62901.920%000063长盛百强ETF联接0.99101.01001.917%000122添富实业债A1.09601.11701.916%290006泰信蓝筹1.22661.22511.916%159909深TMT3.97904.22701.910%540001汇丰20161.34891.37461.905%630005华商动态1.73601.76901.901%163818中银中小盘1.27201.29601.887%150182军工B1.01301.03201.876%233011大摩主题1.39501.42101.864%160627鹏华策略1.23601.26401.861%470018汇添富双利债A1.29301.31701.856%160610鹏华动力1.18601.20801.855%163821中银沪深3001.40801.43401.847%510080长盛债券1.50341.53101.836%110019深100ETF联接0.93290.95001.833%000629圆信永丰债A1.09201.11201.832%000684长盛养老1.09501.11501.827%070015嘉实多元A1.15101.17201.825%150168银华300B1.92100.95001.822%000236工银月薪定债1.26501.28801.818%090002大成债券1.24351.26611.818%092002大成债C1.23801.26051.817%166005中欧价值1.43201.45801.816%164808工银四季1.15901.18001.812%660003农银双利1.23671.25911.811%100035富国增强A1.32601.35001.810%000612华宝生态1.21601.23801.809%310508申万稳债1.21601.23801.809%040019华安稳固1.27401.29701.805%000496长安产业精选1.10901.12901.803%000646华润元大医疗1.00301.02101.795%163003长信利鑫1.35831.38261.789%233015大摩量化配置1.62301.65201.787%100032富国中证1.45801.48101.783%070019嘉实价值1.29001.31301.783%162714广发1001.05571.04201.781%159924景顺300等权1.35101.37501.777%100037富国增强C1.29501.31801.776%150101资源B1.46401.56701.776%000058国联安保本1.07101.09001.774%000692汇添富双利1.18401.20501.774%257050国联安主题1.41501.44001.767%400018东方央视501.19461.21571.766%519690交银稳健1.29121.31401.766%510630消费行业1.24141.26331.764%161816银华中证901.36301.36701.761%150016合润A1.34351.36711.757%070016嘉实多元B1.14001.16001.754%519727交银成长301.14101.16101.753%150191NCF环保B1.08701.10601.748%163406兴全合润1.62561.65421.747%121008国投成长0.87580.88281.747%000630圆信永丰债B1.09001.10901.743%519191万家城建1.06221.08071.742%160718嘉实多利1.03641.05441.737%150017合润B1.81371.84561.737%310379申万添益宝B1.09501.11401.735%630010华商价值1.56301.59001.727%660005农银中小盘1.63651.66471.723%550017信诚添金1.04701.06501.719%002021华回报二1.10901.12801.713%570001诺德价值1.02131.03871.704%161907万家红利1.22131.24211.703%688888浙商产业1.05801.07601.701%166019中欧价值智选1.41501.43901.696%320004诺安优化债券1.23911.26011.695%240004华宝动力1.10081.11941.690%290012泰信保本1.18601.18601.686%000117广发轮动配置1.01101.02801.682%150060银华鑫瑞1.43001.52901.678%730001方正富邦创新动力1.19501.21501.674%161601新蓝筹0.89140.90631.672%000663国投美丽中国1.07701.09501.671%000512国泰灵活配置1.25701.27801.671%202011南方价值1.62601.65301.661%159932500深ETF1.44801.47601.658%310378申万添益宝A1.08701.10501.656%217027招商财经501.26901.29001.655%163804中银收益1.28961.31091.652%519714交银沪深300等权1.45401.47801.651%350006天治双盈1.37541.39801.643%377530上投行业1.40101.42401.642%164105华富强债1.34501.36701.636%000689前海开源新经济1.16501.18401.631%000824圆信双红利A1.10401.12201.630%290005泰信优势1.35001.37201.630%000124华宝兴业服务1.16901.18801.625%000335安信永利信用C1.04601.06301.625%160311华夏蓝筹1.10801.11601.625%150187申万军工B1.46871.49251.621%150095泰信400B1.97502.00701.620%160220国泰民益1.11201.13001.619%000310安信永利信用A1.05101.06801.618%000065富国焦点1.30801.32901.606%159920恒生ETF1.09001.10751.606%510500南方中证500ETF1.49181.51571.602%180010银华优质1.79231.82101.601%481001工银价值0.43100.43291.601%159935景顺5001.39421.41651.600%150185申万环保B1.44631.46941.597%090010大成中证1.19001.20901.597%510510广发中证5001.49361.51741.594%470088添富信用债A1.06801.08501.592%150048银华瑞祥1.32601.34701.584%270021广发聚瑞1.70501.73201.584%150067互利B1.45701.48001.579%080010同禧1.26701.28701.579%150072盛世B1.33401.35501.574%050111博时信用C1.90801.93801.572%163302大摩资源2.02512.05691.570%166009中欧动力1.51111.53481.568%000585嘉实对冲套利0.95800.97301.566%000042中证财通1001.40801.43001.563%000523国投瑞银医疗1.08801.10501.563%395001中海收益1.15301.17101.561%070032嘉实优化1.21901.23801.559%051011博时信用B1.92801.95801.556%050011博时信用A1.92801.95801.556%000566华泰创新升级1.35001.37101.556%000082嘉实阿尔法股票1.41501.43701.555%080009同禧A1.28801.30801.553%160119南方5001.25261.27201.549%162711广发5001.15731.17511.538%162107金鹰5001.32751.31501.537%000676惠祥B1.04201.05801.536%000259农银汇理区间1.15421.17191.534%000865大成景利1.04801.06401.527%000008中证500ETF联接1.47521.49771.525%040036华安安心收益A1.18201.20001.523%040037华安安心B1.18401.20201.520%519706深价值ETF联接1.31601.33601.520%000880富国研究精选0.98801.00301.518%530006建信精选1.18901.20701.514%470089添富信用债C1.05701.07301.514%260103景顺平衡0.72770.73871.512%510520诺安5001.33801.35821.510%163412兴全轻资1.92201.95101.509%070001嘉实成长0.78250.78951.508%000616上投优信增利A1.13401.15101.499%100053综指ETF联接1.20101.21901.499%160621鹏华中小企债1.20201.22001.498%000071恒生ETF联接1.06901.08501.497%270030广发聚财B1.20301.22101.496%660011农银中证5001.40301.42391.490%519692交银成长3.22463.27261.489%166301华商5001.41201.43301.487%270029广发聚财债A1.21401.23201.483%162204泰达精选3.49593.54771.482%040035华安逆向1.35301.37301.478%159913交银深证300价值ETF1.35601.37601.475%150128工银增B1.15301.17001.474%161810银华内需1.01901.03501.472%519111浦银收益A1.43001.45101.469%000418景顺长城成长1.22601.24401.468%519732交银双息1.29801.31701.464%700001平安先锋1.23001.24801.463%165511信诚5001.02801.04301.459%164809工银5001.33071.32411.458%320011诺安中小盘1.71601.74101.457%210003金鹰优势0.94090.95461.456%110031H股ETF链接1.13001.14641.451%000825圆信双红利C1.10301.11901.451%200011长城景气1.24601.26401.445%040011华安核心1.33701.35631.444%470007添富上证1.10901.12501.443%217011招商安心收益1.24901.26701.441%510120

银华系三基金被山西汾酒灌醉

猎牛座/文

8月28日，山西汾酒（600809）公布半年报，公司2018上半年实现营收50.41亿，同比增长47.38%，实现归母净利润9.39亿，同比增长56.31%。根据上半年的业绩增速，市场一致预期将公司全年净利润增速由67%下调至63%，这也是公告当日公司股价表现不佳的重要原因。

实际上，即将过去的8月对山西汾酒来说，并没有太多美好的记忆。截至8月29日，公司股价当月跌幅接近20%，这让那些重仓持有山西汾酒的公募基金伤得不轻。其中，最有代表性的恐怕就是银华系的三只基金了。

翻开山西汾酒的基金持股名单，我们发现：截至2018年6月30日，在其前10大持股基金中，有三只银华基金旗下的基金，分别是银华富裕主题（180012）、银华核心价值优选（519001）和银华瑞泰灵活配置（005481）。

附表中三只银华系基金的持股数合计超过1900万股，占流通股比例合计也超过了2%，在持有山西汾酒的公募基金中，分居第二、第三和第四位。而纵观这三只基金，似乎都对白酒股情有独钟。

根据WIND的数据，截至2018年6月30日，山西汾酒是这三只基金的第一大重仓股，持股比例最低的银华核心价值优选占比也有8.20%，最高的银华瑞泰灵活配置占比高达9.79%。而作为第一重仓股，8月走势如此惨淡，银华系三基金净值的表现就可想而知了。

这里尤其值得一说的银华核心价值优选基金，这也是一只拥有辉煌历史的基金。2009年，该基金后来居上，以微弱优势战胜“公募一哥”王亚伟的华夏大盘精选基金，成为当年偏股混合型基金的年度冠军，其基金经理陆文俊也是一战成名。2009年底，银华核心优选价值基金的规模达到创纪录的258.80亿，超过了2007年的基金大牛市。要知道，该基金2005年成立时的初始规模只有5.19亿，仅仅5年，就实现了神一般的飞跃。

然而就像奇迹并不总能发生一样，创造了规模增长神话的银华核心价值优选，2009年以后就慢慢归于平凡。虽然如此，在明星基金经理陆文俊的执掌下，2010年—2013年间，该基金的规模还始终保持在100亿以上。

不过，随着陆文俊2013年9月不再担任该基金的基金经理，银华核心价值优选基金的规模开始进一步萎缩。截至2018年6月30日，该基金的最新规模为42.31亿，这一规模已经是近几年的最低水平。

而今年以来，银华核心价值优选基金表现也不理想。根据WIND的数据，截至8月28日，该基金净值下跌25.40%，不但低于偏股混合型基金的平均水平，甚至还没有跑赢沪深300指数。而从更长周期看，无论是过去1年、过去2年、过去3年还是过去5年，该基金同样没有跑赢指数。在偏股混合型基金各周期的排名中，基本都处在后1/3或者后1/4的位置。曾经给银华基金带来无数荣誉的银华核心价值优选基金，如今沦落到这般田地，真让人唏嘘不已。