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降级方向，消费的复苏还需要耐心。周期行业展望全年：2024年仍然是比较严峻的一年，国内经济受到地产周期和疫情的影响，整体较为低迷，国际环境也呈现较大的不确定性，地缘政治、海外经济衰退幅度和流动性节奏仍存分歧，市场风险偏好下行，资源品的估值较低，分红较高的品种或有一定的防御属性。开年第一个月比较难，尤其是对于成长来说，跌幅居前，原因比较复杂，机构调仓、中美关系、医疗反腐等等，但是冷静下来，人类回归最本质的需求，不过饿了吃饭，生病吃药，精神放松，我们相信最困难的时间会过去的，医药和消费是可以穿越牛熊的。","fund":{"_id":3000000001106,"stockCode":"001106","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-11T16:00:00.000Z","setUpScale":3982490000,"market":"a","tickerId":1106,"custody":"中国建设银行股份有限公司","name":"华商健康生活灵活配置混合型证券投资基金","shortName":"华商健康生活混合(001106)","fundSecondLevel":"hybrid","__csrcFundId":3794,"fundStatus":"normal","lastUpdated":"2026-04-30T17:48:19.072Z","masterFundFlag":1,"inceptionDate":"2015-03-16T16:00:00.000Z","fundCollectionId":4000050510000,"currency":"CNY","masterFundShortName":"华商健康生活混合","pinyin":"hsjkshlhpzhhxzqtzjj","managers":[{"stockCode":"db20892728","stockType":"fund_manager","exchange":"fm","tickerId":1923230020,"name":"孙蔚"}]},"announcement":{"linkText":"华商健康生活灵活配置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=1057669","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5107fea5b3eb043f88c","date":"2023-09-29T16:00:00.000Z","stockId":3000000001106,"sao":"三季度上证指数下跌2.86%，创业板指数下跌9.53%，市场总体呈现震荡下行走势。经济层面，二季度以来宏观经济数据逐步走弱；进入三季度，虽然8月份工业增加值等数据环比有所改善，但地产、出口等相关数据依然疲弱，叠加美元指数走强，人民币汇率持续承压。以创业板指数、科创50指数为代表的成长板块成为资金流出的重点，顺周期相关的地产、家居、家电、建材等板块在持续放松的地产政策刺激下，板块阶段性有所反弹，但进入九月份后市场又进入一轮调整。三季度我们采取了相对均衡的行业配置策略，组合持仓集中在有色、电子、医药、计算机等方向。从顺周期的角度来看，我们认为全球定价的工业金属和黄金在当前国内宏观经济较弱、美联储预期未来降息的背景下，金属价格将会比较坚挺，进而相关工业金属和黄金板块的配置价值比较明显。成长方向我们重点配置了CXO、半导体设备等医药和电子方向。此外，AI相关的算力和应用仍有一定的配置比例。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:12.452Z","fund":{"_id":3000000001106,"stockCode":"001106","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-11T16:00:00.000Z","setUpScale":3982490000,"market":"a","tickerId":1106,"custody":"中国建设银行股份有限公司","name":"华商健康生活灵活配置混合型证券投资基金","shortName":"华商健康生活混合(001106)","fundSecondLevel":"hybrid","__csrcFundId":3794,"fundStatus":"normal","lastUpdated":"2026-04-30T17:48:19.072Z","masterFundFlag":1,"inceptionDate":"2015-03-16T16:00:00.000Z","fundCollectionId":4000050510000,"currency":"CNY","masterFundShortName":"华商健康生活混合","pinyin":"hsjkshlhpzhhxzqtzjj","managers":[{"stockCode":"db20892728","stockType":"fund_manager","exchange":"fm","tickerId":1923230020,"name":"孙蔚"}]},"announcement":{"linkText":"华商健康生活灵活配置混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=992753","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5107fea5b3eb043f88b","date":"2023-06-29T16:00:00.000Z","stockId":3000000001106,"sao":"国内经济在经历了年初短暂的复苏之后，二季度经济走势呈现明显地回落态势。地产、消费等销售数据不及预期，出口虽然保持较高韧性，主要是以船舶、汽车、石油石化等行业出口拉动，其他出口门类增速有明显放缓。5月份以来，离岸人民币汇率出现一轮贬值，二级市场外资持续流出，使得二季度市场总体呈现了震荡下行的走势。从市场表现来看，前期受益AI主题，市场表现较好的行业包括计算机、传媒、电子等也都出现了不同程度的调整。一季度我们采取了相对均衡的行业配置策略。在一月份复苏交易过程中，消费、医药和出口链几个方向表现较好。二月份以后，随着市场整体向科技股投资转向，基金组合也逐步减少了复苏链相关行业配置，开始增加计算机、电子等行业配置。二季度后，宏观经济转弱，传统投资链、消费链很难有好的市场表现，市场结构将会更加集中于以AI和科技创新为主线的TMT方向。二季度以来我们逐步聚焦组合的行业配置，加大了计算机、通信、传媒和电子行业的配置比重。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:12.450Z","mo":"从近期中央召开的政治局会议公告来看，下半年将会有更多的稳经济政策出台。当前国内经济面临的民间投资乏力，消费者信心不足等问题有望逐步得到缓解。不过从长期来看，政策的出发点在于稳住以地产为代表的传统经济，释放房地产合理的改善性需求，后续的政策重心依然还是以产业升级和科技创新为代表的方向。从流动性角度来看，目前市场并没有明显的增量资金进入，市场风格仍将延续行业和板块轮动的结构特征。随着下半年稳增长经济政策的落地，宏观经济有望企稳回升。市场行业表现有望逐步恢复均衡，稳增长和复苏两相关的地产、消费等板块有望得到较好的估值修复。在行业配置方面，下半年本基金将在现有组合基础上，进行适度的行业均衡。从配置重点来看，依然还是继续围绕行业景气度高、业绩增长确定性强的相关行业，包括AI算力、半导体设备、军工等方向作为下半年基金配置的重点。","fund":{"_id":3000000001106,"stockCode":"001106","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-11T16:00:00.000Z","setUpScale":3982490000,"market":"a","tickerId":1106,"custody":"中国建设银行股份有限公司","name":"华商健康生活灵活配置混合型证券投资基金","shortName":"华商健康生活混合(001106)","fundSecondLevel":"hybrid","__csrcFundId":3794,"fundStatus":"normal","lastUpdated":"2026-04-30T17:48:19.072Z","masterFundFlag":1,"inceptionDate":"2015-03-16T16:00:00.000Z","fundCollectionId":4000050510000,"currency":"CNY","masterFundShortName":"华商健康生活混合","pinyin":"hsjkshlhpzhhxzqtzjj","managers":[{"stockCode":"db20892728","stockType":"fund_manager","exchange":"fm","tickerId":1923230020,"name":"孙蔚"}]},"announcement":{"linkText":"华商健康生活灵活配置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=966836","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5107fea5b3eb043f88a","date":"2023-03-30T16:00:00.000Z","stockId":3000000001106,"sao":"一季度市场呈现明显的“二八”分化行情。计算机、通信、传媒等行业指数涨幅超过30%，大幅领跑申万一级各行业；商贸、地产、电力设备等行业跌幅居前。市场行业之间呈现出如此之大的涨跌幅差异，主要原因在于疫情放开后，出口、地产等两大增长引擎复苏低于预期，市场在经历一月份的复苏交易后，开始出现行业间的交易分化。二月份美国人工智能公司OPENAI相继发布CHATGPT3.5和4.0版本，惊艳的人机互动表现点燃了A股市场对科技股的投资热情，AI大模型、算力、AI应用等几个方向成为市场资金关注的重点。年初我们采取了相对均衡的行业配置策略。在一月份复苏交易过程中，消费、医药和出口链几个方向表现较好。二月份以后，随着市场整体向科技股投资转向，基金组合也逐步减少了复苏链相关行业配置，开始增加计算机、电子等行业配置。","declarationDate":"2023-04-22T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:12.447Z","fund":{"_id":3000000001106,"stockCode":"001106","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-11T16:00:00.000Z","setUpScale":3982490000,"market":"a","tickerId":1106,"custody":"中国建设银行股份有限公司","name":"华商健康生活灵活配置混合型证券投资基金","shortName":"华商健康生活混合(001106)","fundSecondLevel":"hybrid","__csrcFundId":3794,"fundStatus":"normal","lastUpdated":"2026-04-30T17:48:19.072Z","masterFundFlag":1,"inceptionDate":"2015-03-16T16:00:00.000Z","fundCollectionId":4000050510000,"currency":"CNY","masterFundShortName":"华商健康生活混合","pinyin":"hsjkshlhpzhhxzqtzjj","managers":[{"stockCode":"db20892728","stockType":"fund_manager","exchange":"fm","tickerId":1923230020,"name":"孙蔚"}]},"announcement":{"linkText":"华商健康生活灵活配置混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=890587","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5107fea5b3eb043f889","date":"2022-12-30T16:00:00.000Z","stockId":3000000001106,"sao":"回顾2022年的A股市场，俄乌战争、疫情反复、美联储持续加息、人民币单边贬值，在各种不利因素叠加之下，全年上证下跌15.13%，沪深300下跌21.63%，创业板指数下跌29.37%。2022年对于基金持有人和投资管理人而言都是艰难的一年。仔细复盘2022年的市场，实际上全年行情是盈利和估值双重下跌的过程。盈利方面，上半年上海疫情反复，使得二季度GDP增速骤降至0.4%；而四季度国内疫情管控政策急速转向，年底的疫情扩散对短期经济冲击也是十分巨大的，预计全年GDP增速远低于年初设定的5.5%增长目标。估值方面，由于俄乌冲突导致的全球大宗价格特别是能源价格飙升，美联储为了遏制骤升通胀压力，采取了持续大幅加息的鹰派货币政策，进而引发了新兴市场汇率大幅贬值。在人民币持续快速贬值预期下，外资的流出和市场增量资金的溃泛，使得A股的整体估值出现了显著下滑。本基金2022年组合的结构过于偏向“新半军”成长赛道和消费为代表的价值板块。在外资持续流出，A股进入存量资金博弈的阶段，基金组合仍坚守以行业景气对冲估值下跌，忽视了市场内在逻辑和资金结构的变化。在未来的组合管理中，我们将把市场资金结构分析纳入到总体组合投资策略当中，以控制好回撤，提升组合的稳定性。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:12.445Z","mo":"总体而言，我们认为2023年的A股市场机会大于风险。造成2022年市场调整的几个核心变量，包括国内疫情防控、美联储持续加息、人民币贬值等因素，都将会有明显的边际改善。从市场估值来看，经过2022年的调整，市场总体估值水平处于历史较低分位，股票资产的投资吸引力在显著上升。结构性机会依然将是2023年市场的主要特点。中国经济经过三年新冠疫情的冲击，消费、投资、出口三大增长引擎都面临各自的约束条件。消费方面，三年疫情冲击造成了消费者收入预期的下降，叠加后续重复感染预期，将会对地产汽车等可选消费造成压制。投资方面，地方政府负债率高企、地产公司拿地量的下降，使得基建和地产投资同样面临增长压力。出口方面，2022年以来欧美国家通胀率抬升，利率水平持续走高，欧美衰退预期使得出口市场也面临放缓的压力。因此，国内经济在缓慢复苏的背景下，2023年市场将会显著好于2022年。2023年本基金将采取相对均衡的配置策略，沿着复苏确定性较强的行业板块进行配置。我们看好有色、化工等供给稳定，价格相对需求弹性较高的周期行业，同时看好需求复苏确定性高的医药、计算机和必选消费等行业方向。","fund":{"_id":3000000001106,"stockCode":"001106","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-11T16:00:00.000Z","setUpScale":3982490000,"market":"a","tickerId":1106,"custody":"中国建设银行股份有限公司","name":"华商健康生活灵活配置混合型证券投资基金","shortName":"华商健康生活混合(001106)","fundSecondLevel":"hybrid","__csrcFundId":3794,"fundStatus":"normal","lastUpdated":"2026-04-30T17:48:19.072Z","masterFundFlag":1,"inceptionDate":"2015-03-16T16:00:00.000Z","fundCollectionId":4000050510000,"currency":"CNY","masterFundShortName":"华商健康生活混合","pinyin":"hsjkshlhpzhhxzqtzjj","managers":[{"stockCode":"db20892728","stockType":"fund_manager","exchange":"fm","tickerId":1923230020,"name":"孙蔚"}]},"announcement":{"linkText":"华商健康生活灵活配置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=873000","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5107fea5b3eb043f888","date":"2022-09-29T16:00:00.000Z","stockId":3000000001106,"sao":"A股市场三季度出现了较大幅度调整。其中上证指数单季下跌11.01%，创业板指下跌了18.56%。三季度市场表现较差的原因，一方面是国内经济面临地产投资下降、消费市场乏力、出口增速出现放缓等多方面的压力；另一方面，随着美联储7月份和9月份两次大幅度加息，十年期美国国债收益率持续上行，人民币兑美元出现了阶段性快速贬值，导致A股市场的阶段性较大幅度的回撤。面对欧洲俄乌冲突、美联储持续加息、国内经济面临下行压力等诸多不利因素，全球市场都在逐步形成经济衰退的预期。在衰退预期之下，组合配置的重点就是寻找需求相对确定性的行业和板块。三季度本基金加大了军工、光伏、海风等行业的配置，减持了需求放缓、行业增速降低的新能源汽车产业链相关标的的配置。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:12.442Z","fund":{"_id":3000000001106,"stockCode":"001106","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-11T16:00:00.000Z","setUpScale":3982490000,"market":"a","tickerId":1106,"custody":"中国建设银行股份有限公司","name":"华商健康生活灵活配置混合型证券投资基金","shortName":"华商健康生活混合(001106)","fundSecondLevel":"hybrid","__csrcFundId":3794,"fundStatus":"normal","lastUpdated":"2026-04-30T17:48:19.072Z","masterFundFlag":1,"inceptionDate":"2015-03-16T16:00:00.000Z","fundCollectionId":4000050510000,"currency":"CNY","masterFundShortName":"华商健康生活混合","pinyin":"hsjkshlhpzhhxzqtzjj","managers":[{"stockCode":"db20892728","stockType":"fund_manager","exchange":"fm","tickerId":1923230020,"name":"孙蔚"}]},"announcement":{"linkText":"华商健康生活灵活配置混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=811178","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5107fea5b3eb043f887","date":"2022-06-29T16:00:00.000Z","stockId":3000000001106,"sao":"上半年A股呈现先抑后扬的走势。一到四月份，市场出现了较大幅度的调整。一方面，受到年初以来俄乌冲突的影响，全球大宗商品价格飙升，制造业成本面临大幅上涨压力。以新能源为代表的中游制造业板块出现了较大幅度调整。另一方面，三月份以来国内上海、北京等一线城市新冠疫情持续反复，对消费、医美等相关服务行业也造成了明显的负面冲击。五月份以后，随着国内疫情状况的改善，以及四月底以来以工业金属为代表的部分商品价格回落，造成市场调整的两大不利因素有所改善，A股出现了较明显的反弹。从市场结构开看，一季度市场上涨主要集中在以煤炭为代表的资源品板块。二季度，随着市场见底反弹，景气度较高的军工、光伏、智能汽车、锂资源等方向成为了市场反弹的先锋。下游消费、地产等行业由于基本面较为乏善可陈，反弹相对落后。上半年组合配置方面，本基金一季度采取相对均衡的行业配置策略，新能源、军工、医药消费均有配置。二季度特别是五月份之后，随着市场的反弹，加大了光伏、锂资源等景气行业的配置比重。不过由于组合行业配置相对均衡，市场调整阶段没有大幅降低组合仓位，回撤幅度较大。市场反弹阶段，过于均衡的组合策略，也限制了组合的反弹幅度。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:12.440Z","mo":"7月份以来，国内各地相继出现了房地产断贷事件。我们认为地产行业当前面临的诸多问题和挑战，将深刻影响下半年甚至更长一段时间国内宏观政策和市场走势。近期针对地产断贷事件，7月下旬中央政治局会议提出了“保交楼、稳民生”的政策部署，央行也拿出了万亿的保交楼政策措施。但在宏观经济面临的诸多不确定因素下，无论居民端还是地产开发商，要稳定地产预期、提升地产交易规模，实现扩大地产投资稳定经济大盘的政策目标取向，具有相当大的难度。流动性方面，近期市场短端利率到了历史极低水平，在下半年地产投资面临压力，出口增速预期回落的背景下，我们认为货币政策仍将维持中短端较低利率水平。结合上述经济形势和货币流动性方面的判断，我们认为下半年市场仍将延续结构性行情走势。近期中小市值占优的交易风格，有望延续。在行业配置方面，下半年本基金将继续围绕行业景气度高、业绩增长确定性强的行业作为配置重点，加大在新能源、军工、半导体等长期赛道行业中小市值个股研究力度和配置比例。","fund":{"_id":3000000001106,"stockCode":"001106","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-11T16:00:00.000Z","setUpScale":3982490000,"market":"a","tickerId":1106,"custody":"中国建设银行股份有限公司","name":"华商健康生活灵活配置混合型证券投资基金","shortName":"华商健康生活混合(001106)","fundSecondLevel":"hybrid","__csrcFundId":3794,"fundStatus":"normal","lastUpdated":"2026-04-30T17:48:19.072Z","masterFundFlag":1,"inceptionDate":"2015-03-16T16:00:00.000Z","fundCollectionId":4000050510000,"currency":"CNY","masterFundShortName":"华商健康生活混合","pinyin":"hsjkshlhpzhhxzqtzjj","managers":[{"stockCode":"db20892728","stockType":"fund_manager","exchange":"fm","tickerId":1923230020,"name":"孙蔚"}]},"announcement":{"linkText":"华商健康生活灵活配置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=787860","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5107fea5b3eb043f886","date":"2022-03-30T16:00:00.000Z","stockId":3000000001106,"sao":"一季度上证指数下跌10.65%，创业板指下跌19.96%，A股市场遭遇多方面利空因素的冲击。俄乌冲突大幅推升了石油、天然气、工业金属等全球大宗商品价格，使得制造业成本面临空前压力。国内疫情多点发生，各地防控政策持续趋严，国内物流体系受到较大影响，对经济活动造成了较大负面影响。在当前国内经济面临外部环境恶化，国内消费不振的局面下，市场选择了以煤炭、地产、基建为代表的稳增长板块作为突破口，一季度上述板块取得了正收益，而以新能源汽车、光伏、军工等成长板块则跌幅居前。虽然新能源、军工等成长板块长期成长逻辑较好，但短期面临成本上行、供应链压力增大等不利因素。稳增长板块短期投资逻辑较好，但业绩基本面也存在各种不确定性。本基金组合配置方面，一季度行业配置依然以军工、新能源作为主要配置方面，根据市场变化，适当增加了稳增长相关的行业配置。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:12.437Z","fund":{"_id":3000000001106,"stockCode":"001106","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-11T16:00:00.000Z","setUpScale":3982490000,"market":"a","tickerId":1106,"custody":"中国建设银行股份有限公司","name":"华商健康生活灵活配置混合型证券投资基金","shortName":"华商健康生活混合(001106)","fundSecondLevel":"hybrid","__csrcFundId":3794,"fundStatus":"normal","lastUpdated":"2026-04-30T17:48:19.072Z","masterFundFlag":1,"inceptionDate":"2015-03-16T16:00:00.000Z","fundCollectionId":4000050510000,"currency":"CNY","masterFundShortName":"华商健康生活混合","pinyin":"hsjkshlhpzhhxzqtzjj","managers":[{"stockCode":"db20892728","stockType":"fund_manager","exchange":"fm","tickerId":1923230020,"name":"孙蔚"}]},"announcement":{"linkText":"华商健康生活灵活配置混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=728881","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5107fea5b3eb043f885","date":"2021-12-30T16:00:00.000Z","stockId":3000000001106,"sao":"自2019年开始的A股结构性牛市已经延续了三年。2021年基金总体回报率，虽然较2019和2020年有明显的下降，但仍然给投资者带来了正收益。2021年A股依然是一个明显的结构性市场，高景气赛道、中小市值个股显著跑赢市场。全年上证指数上涨4.8%，创业板指数上涨12.02%。以中小盘个股为主的中证500指数上涨15.58%，显著跑赢了中大盘股为主的沪深300（全年下跌5.2%）和上证50指数（全年下跌10.02%）。过去一年乃至过去三年，A股市呈现了几个明显的特征：一是，市场机构化占比快速提升。2019年以来，无论是公募还是私募，总体投资回报显著高于个人投资者，使得这两年机构资金规模有了跨越式增长。投资者机构化比例的大幅提升，使得市场更容易出现一致预期下的行业板块的急涨和急跌。二是，景气赛道的趋势投资特征显著。从2019年的养殖和白酒，到2020年的医药（防疫物资、疫苗）、消费电子（TWS耳机），再到2021年的锂电池中游材料和上游周期行业，A股景气赛道投资特征演绎的淋漓尽致。三是，行业估值的波动持续加大。正是机构化比例的持续提升、投资策略的趋同化，使得市场部分行业的估值波动出现大幅的波动。2021年的四个季度，市场都有明显的季度行情主线。一季度以化工为代表的周期板块上涨，二季度以来新能源锂电产业链涨幅居前，到三季度是以煤炭为主导的周期板块表现强劲，四季度市场热点回到军工、消费电子等成长板块。本基金组合操作方面，一季度以消费、医药、新能源等行业核心资产配置为主，二季度后组合大幅增加了新能源汽车、锂电池材料和光伏行业配置，直到四季度随着组合核心品种整体估值水平上升，对组合配置进行了行业方面的均衡，增加了医药、消费电子和军工行业的配置。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:12.435Z","mo":"与过去几年相比，2022年的A股市场面临的困难更加复杂、更具挑战性。第一，中美货币政策不同步，将会加大市场风险偏好的波动。自2020年初新冠疫情在全球流行以来，美联储释放了巨额流动性，加上疫情对全球大宗商品供给端的负面影响，通胀水平迅速攀升。美联储2022年将不得不采取相对激进的货币紧缩政策。中国方面，2021年三季度以来消费、投资迅速走弱，经济面临很大的下行压力。2021年中央经济会议以来，政府反复强调稳增长的重要性，2022年作为重要的政治节点之年，中国央行实行相对宽松货币政策的概率很大。中美之间货币政策的异步，将会对A股市场风险偏好带来较大的扰动。第二，投资者机构化、投资策略趋同，由此带来的市场波动率的加大。近几年无论是公募基金，还是私募机构规模都有了显著增长。特别是一些行业主题基金、量化交易型私募产品规模迅速壮大，这类资管产品相对采用趋同的投资策略，容易造成部分行业的急涨急跌，进而加大市场的波动。第三，大国博弈加大了行业配置的外部风险。过去十多年来，除了移动互联网、汽车电动化、智能化等少数几个方向外，全球产业技术缺乏大的创新。大国博弈从全球的产业增量逻辑逐步往存量竞争方向演化。美国政府近几年对中国部分半导体、军工甚至医药企业的“黑名单”式制裁，将导致未来A股行业配置的外部风险进一步加大。基于以上几点判断，2022年本基金的投资策略将淡化行业贝塔逻辑，强化个股阿尔法的挖掘。一方面，赛道投资策略经过三年的演化，机构拥挤程度较高，后续很难获得大的超额回报。另一方面，无论是A股整体估值还是个股估值，当前都处在总体合理水平，市场并没有显著的高估，这为后续的个股投资提供了有利条件。我们对2022年的市场并不悲观，后续组合配置将淡化行业配置，提高在长期成长方向下个股的挖掘和配置力度。","fund":{"_id":3000000001106,"stockCode":"001106","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","e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国内相关医疗防护、医疗设备、原料药等细分行业订单有明显抬升，相关行业和企业盈利出现大幅提升，医药板块更是上半年A股市场表现最好的一级行业之一。上半年组合配置方面，本基金一季度以半导体、消费电子、医药以及食品饮料行业为主，重点围绕行业龙头和细分赛道优质公司，作为基金投资的主要标的，取得了相对较好的投资成效。二季度，本基金在组合配置上，考虑到全球疫情发展和对经济影响的种种不确定性，采取了相对均衡的行业配置策略，二季度后期逐步加大了业绩增长确定性高的科技和消费龙头的配置比重。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:12.419Z","mo":"经历了上半年相对强势的结构性行情，A股市场下半年将面临较多的不确定性因素和内部外经济变化带来的挑战，市场预期收益率将逐步收敛。下半年A股市场面临的几方面挑战，包括：（1）随着国内疫情得到全面控制以及欧美各国相继重启经济，前期全球各大央行史无前例的货币宽松有望边际收紧，这对全球权益市场而言意味着增量资金的减少和估值整体边际收缩的开始。（2）无论是美国市场还是国内A股，当前的市场整体估值水平都处于相对较高水平，经济回升带来的利率上行压力将对市场造成明显压制。（3）科创板和创业板改革推进，A股持续扩容对市场整体表现也会造成一定程度的影响。在行业配置方面，下半年本基金将继续围绕行业景气度高、业绩增长确定性强的行业作为配置重点，投资的重点依然以半导体、消费电子、医药、食品饮料、休闲服务等行业和龙头公司作为重点。","fund":{"_id":3000000001106,"stockCode":"001106","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-03-11T16:00:00.000Z","setUpScale":3982490000,"market":"a","tickerId":1106,"custody":"中国建设银行股份有限公司","name":"华商健康生活灵活配置混合型证券投资基金","shortName":"华商健康生活混合(001106)","fundSecondLevel":"hybrid","__csrcFundId":3794,"fundStatus":"normal","lastUpdated":"2026-04-30T17:48:19.072Z","masterFundFlag":1,"inceptionDate":"2015-03-16T16:00:00.000Z","fundCollectionId":4000050510000,"currency":"CNY","masterFundShortName":"华商健康生活混合","pinyin":"hsjkshlhpzhhxzqtzjj","managers":[{"stockCode":"db20892728","stockType":"fund_manager","exchange":"fm","tickerId":1923230020,"name":"孙蔚"}]},"announcement":{"linkText":"华商健康生活灵活配置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=462442","linkType":"PDF","source":"csrc_pdf"}}]}