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"__csrcFundId":4115,"fundStatus":"normal","lastUpdated":"2025-05-02T17:19:46.499Z","masterFundFlag":1,"inceptionDate":"2015-06-23T16:00:00.000Z","fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金消费升级股票","pinyin":"zjxfsjgpxzqtzjj","managers":[{"stockCode":"db20892070","stockType":"fund_manager","exchange":"fm","tickerId":70412231930,"name":"高大亮"}]},"announcement":{"linkText":"中金消费升级股票型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1248622","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5287fea5b3eb0441795","date":"2024-09-29T16:00:00.000Z","stockId":3000000001193,"sao":"三季度末市场出现较大幅度的反弹，组合提高了权益仓位，主要加仓了食品饮料行业，考虑到市场风险偏好提升，组合也增持了传媒等成长板块。以食品饮料为代表的内需消费在本轮反弹中估值迅速修复，扭转了前期的悲观预期，但行业基本面拐点有待进一步确认，还需等待后续财政政策发力，跟踪观察后续消费行业的基本面改善情况。经过了一轮消费行业快速普涨行情后，预计后续消费板块行情将由贝塔行情转变为阿尔法行情，重点关注消费板块中率先实现基本面企稳的子板块，如家电、调味品、休闲零食等。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:36.350Z","fund":{"_id":3000000001193,"stockCode":"001193","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-01T16:00:00.000Z","setUpScale":694308000,"market":"a","tickerId":1193,"custody":"中国建设银行股份有限公司","name":"中金消费升级股票型证券投资基金","shortName":"中金消费升级股票A","fundSecondLevel":"company","__csrcFundId":4115,"fundStatus":"normal","lastUpdated":"2025-05-02T17:19:46.499Z","masterFundFlag":1,"inceptionDate":"2015-06-23T16:00:00.000Z","fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金消费升级股票","pinyin":"zjxfsjgpxzqtzjj","managers":[{"stockCode":"db20892070","stockType":"fund_manager","exchange":"fm","tickerId":70412231930,"name":"高大亮"}]},"announcement":{"linkText":"中金消费升级股票型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1179959","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5287fea5b3eb0441794","date":"2024-06-29T16:00:00.000Z","stockId":3000000001193,"sao":"上半年以来，以食品饮料、消费者服务等为代表的内需消费板块受需求持续走弱的影响，板块出现盈利估值双杀，股价出现持续且较大幅度的调整。以轻工制造、家电等为代表的出口方向业绩强于内需，股价表现相对强势，龙头公司上半年大部分有正收益。上半年市场波动较大，消费板块中高股息标的表现也相对强势，但受业绩稳定性和消费板块整体弱贝塔的影响，消费行业中的高股息标的弱于金融、周期和公共事业等板块的传统高股息标的。组合在上半年，减仓了食品饮料板块，加仓了生猪养殖、消费电子以及消费高股息标的。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:36.347Z","mo":"上半年市场顺周期板块同高股息、出口方向走出完全相反的走势，内需消费基本面趋势性走弱，诸多公司股价跌破2022年低点，而同时不少高股息资产或出口公司股价创下历史新高。考虑到内需消费板块的诸多公司盈利预测仍存在继续下修的可能，单纯的看静态PE或较难客观的去衡量这些公司，也正如我们所看到的，部分公司静态估值跌破2018年低点，但股价表现仍有压力。消费行业的基本面仍未见明显拐点，盈利增速预测（g）存在下修可能性，以静态PE去评价或存在一定问题，PEG（市盈率相对盈利增长比率，PE/g）有较大概率出现失真情况。此时我们可以用PB-ROE的思路去看待这些公司，寻找一些低PB且未来几年ROE有望稳定或下降幅度不大的公司进行配置。","fund":{"_id":3000000001193,"stockCode":"001193","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-01T16:00:00.000Z","setUpScale":694308000,"market":"a","tickerId":1193,"custody":"中国建设银行股份有限公司","name":"中金消费升级股票型证券投资基金","shortName":"中金消费升级股票A","fundSecondLevel":"company","__csrcFundId":4115,"fundStatus":"normal","lastUpdated":"2025-05-02T17:19:46.499Z","masterFundFlag":1,"inceptionDate":"2015-06-23T16:00:00.000Z","fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金消费升级股票","pinyin":"zjxfsjgpxzqtzjj","managers":[{"stockCode":"db20892070","stockType":"fund_manager","exchange":"fm","tickerId":70412231930,"name":"高大亮"}]},"announcement":{"linkText":"中金消费升级股票型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1152389","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5287fea5b3eb0441793","date":"2024-03-30T16:00:00.000Z","stockId":3000000001193,"sao":"2024年1月份市场风险偏好快速下降，全市场下跌幅度均较大，全市场拥抱低估值高股息方向，仅煤炭、银行板块有正收益，而成长性强的TMT、军工、医药则下跌幅度较大。大消费行业表现分化明显，低估值高股息的家电板块表现相对抗跌，成长性较强的医药板块下跌惨烈。另外小市值个股集中的纺织服装、轻工制造等板块受损于市场对流动性的担忧也有大幅度补跌。必选消费食品饮料、农业指数表现居中。　　2月份市场开启一波超跌反弹行情，叠加3月份两会召开，市场预期在政策端会有利好释放，因此市场情绪明显回暖。全市场来看，受海外AI公司亮眼的业绩兑现以及多个AI模型落地，A股2月份反弹最强主线是AI方向；大消费内部呈现普涨行情，其中家电、食品饮料龙头白马均有明显的共振行情，白色家电板块在去年景气的基础上，今年3月份排产数据继续超预期，叠加新一轮的以旧换新政策补贴出台，市场对家电全年基本面展望继续上调。食品饮料白马标的虽然基本面未有明显变化，但随着外资流入，估值也有修复行情。　　3月份大盘整体震荡为主，出口和PMI数据均好于预期，上游资源品和猪价上涨，市场对3月份CPI数据也转向乐观。另外新股发行进一步收紧，也显示了监管层对市场的呵护意图强烈，因此当下市场机会大于风险。短期市场行情围绕资源品涨价、一季报业绩展开，有色、生猪养殖以及一季报展望乐观的个股有较好的收益表现。3月份受一季报展望影响，科技、医药等成长板块有所回调。 　　自下而上去看，我们看到今年各行业经济是在缓慢恢复的，市场预期也在逐步修复，尤其是今年以来旅游出行数据持续超预期，说明消费力和消费意愿并不萎靡，清明节旅游数据来看，出行客单价也开始首次修复到2019年同期，因此去年所谓的消费通缩的预期开始被扭转。我们认为伴随着宏观经济的企稳，叠加市场对通缩预期的扭转，消费板块今年会有相对较好的表现。　　我们仍对国内经济修复仍维持乐观，国内宏观指标已在一季度有企稳修复的迹象，因此我们认为国内经济修复并不是方向的问题而是斜率的问题。当前A股多数公司估值均处于历史低位，且市场极度悲观时，机会也在孕育。中长期我们看好出海方向，以及有技术变革催生的新科技方向。当下我们均衡配置，仓位主要配置在内需仍有增长的方向和出海方向，估值偏好明显下降，重点配置估值较低，当期业绩表现较优的板块和公司。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:36.345Z","fund":{"_id":3000000001193,"stockCode":"001193","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-01T16:00:00.000Z","setUpScale":694308000,"market":"a","tickerId":1193,"custody":"中国建设银行股份有限公司","name":"中金消费升级股票型证券投资基金","shortName":"中金消费升级股票A","fundSecondLevel":"company","__csrcFundId":4115,"fundStatus":"normal","lastUpdated":"2025-05-02T17:19:46.499Z","masterFundFlag":1,"inceptionDate":"2015-06-23T16:00:00.000Z","fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金消费升级股票","pinyin":"zjxfsjgpxzqtzjj","managers":[{"stockCode":"db20892070","stockType":"fund_manager","exchange":"fm","tickerId":70412231930,"name":"高大亮"}]},"announcement":{"linkText":"中金消费升级股票型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1074544","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5287fea5b3eb0441792","date":"2023-12-30T16:00:00.000Z","stockId":3000000001193,"sao":"2023年一季度，受益于疫情防控政策的优化，市场对年内经济修复预期较为高涨，顺周期方向表现强势。消费板块经历了年初冲高，3月份开始预期快速回落，消费板块持续下跌的两段行情，其背后的逻辑是国内的疫后修复力度弱于年初预期，虽然消费场景已完全放开，但消费力恢复较慢。尤其是4月份在去年极低基数的基础上，社零增速仍低于预期，PMI等工业指标也持续走弱，说明经济的自身修复动能不足，市场期待政策端的刺激。相对消费大盘的弱势，我们看到估值低位的纺织服装、传媒、黄金珠宝、家电等行业有结构性的机会，我们于二季度积极配置了相对景气度较高的黄金珠宝板块、成本端明显回落的乳制品板块，以及有新技术推动的传媒行业。　　年中经济刺激政策持续出台，尤其是地产需求端的支持政策让市场对后续有所期待，监管层对市场也不断释放积极信号。但8-9月份地产销售数据在短期冲高后快速回落，一二线城市的二手房市场价格下跌速度超出预期，市场情绪重新陷入悲观。经济整体的疲弱也使居民端的未来收入预期持续下调，消费倾向边际明显收缩，消费板块的个股即使当前销售数据仍能维持增长，但估值却走向收缩通道，本质反应的是市场对未来增长的悲观，市场定价陷入通缩的假设。四季度，市场拥抱了高股息方向，以及海外需求有修复的出口链。我们认为国内企业走向海外市场是大势所驱，我们看到国产乘用车、重卡都在加速出海，国产电视、扫地机等家用电器在海外已具备很好的品牌认知度，叠加中国一些电商平台出海，可以说中国企业出海已呈现出了明显趋势。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:36.342Z","mo":"我们仍对国内经济修复维持乐观，国内宏观指标已在下半年有企稳迹象，因此我们认为国内经济修复并不是方向的问题而是斜率的问题。当前A股多数公司估值均处于历史低位，且市场极度悲观时，机会也在孕育。中长期我们看好出海方向，以及有技术变革催生的新科技方向等。当下我们均衡配置，仓位主要配置在内需仍有增长的方向和出海方向，估值偏好有所下降，配置集中度也趋向分散，保留仓位等待市场积极信号出现。","fund":{"_id":3000000001193,"stockCode":"001193","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-01T16:00:00.000Z","setUpScale":694308000,"market":"a","tickerId":1193,"custody":"中国建设银行股份有限公司","name":"中金消费升级股票型证券投资基金","shortName":"中金消费升级股票A","fundSecondLevel":"company","__csrcFundId":4115,"fundStatus":"normal","lastUpdated":"2025-05-02T17:19:46.499Z","masterFundFlag":1,"inceptionDate":"2015-06-23T16:00:00.000Z","fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金消费升级股票","pinyin":"zjxfsjgpxzqtzjj","managers":[{"stockCode":"db20892070","stockType":"fund_manager","exchange":"fm","tickerId":70412231930,"name":"高大亮"}]},"announcement":{"linkText":"中金消费升级股票型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1055979","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5287fea5b3eb0441791","date":"2023-09-29T16:00:00.000Z","stockId":3000000001193,"sao":"今年上半年，消费板块经历了年初冲高，3月份开始预期快速回落，消费板块持续下跌的两段行情，其背后的逻辑是国内的疫后修复力度弱于年初预期，虽然消费场景已完全放开，但消费力恢复较慢。三季度消费基本面并未出现好转，居民消费支出意愿低迷。消费板块行情也在持续反应基本面的疲弱，上半年景气度相对高的纺织服装、传媒、黄金珠宝、家电也在三季度初现拐点。市场行情呈现各条主题轮动的特征，赚钱效应差。本基金三季度重点配置食品饮料、医药、农业等传统消费行业。　　当前位置，估值已充分反应市场对基本面的悲观预期，政策端也在持续发力，我们看到9月份PMI数据已站上扩张区间，我们静待政策效果的兑现。当前市场信心不足的环境下，重点配置长期买点临近的公司。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:36.339Z","fund":{"_id":3000000001193,"stockCode":"001193","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-01T16:00:00.000Z","setUpScale":694308000,"market":"a","tickerId":1193,"custody":"中国建设银行股份有限公司","name":"中金消费升级股票型证券投资基金","shortName":"中金消费升级股票A","fundSecondLevel":"company","__csrcFundId":4115,"fundStatus":"normal","lastUpdated":"2025-05-02T17:19:46.499Z","masterFundFlag":1,"inceptionDate":"2015-06-23T16:00:00.000Z","fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金消费升级股票","pinyin":"zjxfsjgpxzqtzjj","managers":[{"stockCode":"db20892070","stockType":"fund_manager","exchange":"fm","tickerId":70412231930,"name":"高大亮"}]},"announcement":{"linkText":"中金消费升级股票型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=990778","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5287fea5b3eb0441790","date":"2023-06-29T16:00:00.000Z","stockId":3000000001193,"sao":"今年上半年，消费板块经历了年初冲高，3月份开始预期快速回落，消费板块持续下跌的两段行情，其背后的逻辑是国内的疫后修复力度弱于年初预期，虽然消费场景已完全放开，但消费力恢复较慢。尤其是4月份在去年低基数的基础上，今年的社零增速仍低于预期，PMI等工业指标也持续走弱，说明当前经济的自身修复动能不足，市场期待政策端的刺激。相对消费大盘的弱势，我们看到估值低位的纺织服装、传媒、黄金珠宝、家电等行业有结构性的机会，我们于二季度积极配置了相对景气度较高的黄金珠宝板块、成本端明显回落的乳制品板块，以及有新技术推动的传媒行业。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:36.336Z","mo":"当前位置，支持鼓励消费的政策持续推出，我们仍相信品牌消费公司的竞争力，长期看具备估值修复的空间。同时，我们仍保持对外需标的挖掘，并等待有技术革新可能带来的产品迭代的传媒行业的机会。","fund":{"_id":3000000001193,"stockCode":"001193","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-01T16:00:00.000Z","setUpScale":694308000,"market":"a","tickerId":1193,"custody":"中国建设银行股份有限公司","name":"中金消费升级股票型证券投资基金","shortName":"中金消费升级股票A","fundSecondLevel":"company","__csrcFundId":4115,"fundStatus":"normal","lastUpdated":"2025-05-02T17:19:46.499Z","masterFundFlag":1,"inceptionDate":"2015-06-23T16:00:00.000Z","fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金消费升级股票","pinyin":"zjxfsjgpxzqtzjj","managers":[{"stockCode":"db20892070","stockType":"fund_manager","exchange":"fm","tickerId":70412231930,"name":"高大亮"}]},"announcement":{"linkText":"中金消费升级股票型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=965024","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5287fea5b3eb044178f","date":"2023-03-30T16:00:00.000Z","stockId":3000000001193,"sao":"一季度，消费主要板块累计略有正收益。可选消费和必选消费在1月份延续去年四季度疫情放开后的市场逻辑、表现较好，但春节后消费数据并没有持续改善，反而呈现出较明显的节后回落的现象，除了黄金珠宝、酒店等少数细分方向延续景气之外，多数消费方向都出现颓势，其中汽车行业发生了明显的价格战，消费行业的超额收益也逐渐收窄。我们认为，消费场景放开后，消费力并没有快速跟上，导致实际消费的修复斜率低于年初市场的预期。虽然消费大盘疲弱，但有少数小市值公司通过扩张渠道、收并购，以及新技术迭代仍保持业务扩张，其中不乏AI技术变革给传媒企业带来了新的成长机会等亮点。　　一季度，我们减仓了部分白酒等必选消费，加仓了农业、传媒等板块。展望后市，消费力修复整体较弱、需要时间，消费内部需要挖掘新增亮点，我们关注新技术领域带来的新增机会，也关注有长期成长空间的标的的超跌机会。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:36.333Z","fund":{"_id":3000000001193,"stockCode":"001193","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-01T16:00:00.000Z","setUpScale":694308000,"market":"a","tickerId":1193,"custody":"中国建设银行股份有限公司","name":"中金消费升级股票型证券投资基金","shortName":"中金消费升级股票A","fundSecondLevel":"company","__csrcFundId":4115,"fundStatus":"normal","lastUpdated":"2025-05-02T17:19:46.499Z","masterFundFlag":1,"inceptionDate":"2015-06-23T16:00:00.000Z","fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金消费升级股票","pinyin":"zjxfsjgpxzqtzjj","managers":[{"stockCode":"db20892070","stockType":"fund_manager","exchange":"fm","tickerId":70412231930,"name":"高大亮"}]},"announcement":{"linkText":"中金消费升级股票型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=883299","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5287fea5b3eb044178e","date":"2022-12-30T16:00:00.000Z","stockId":3000000001193,"sao":"2022年一季度，消费主要行业表现较弱，主要原因在于：一是原材料价格仍在高位震荡；二是需求端并未见明显复苏；三是俄乌战争和疫情加剧等黑天鹅事件进一步推升了成本并打压了终端消费需求。2022年初以来，多数原材料成本在高位震荡，少数成本进一步大幅度上升，包括铝价、油价、运费等，虽然2022年四季度多数消费品公司通过提价转移了部分成本压力，但一季度成本进一步承压，在当前终端需求疲软的环境下，消费品公司盈利能力预期下行。3月份，全国疫情的严重程度和持续时间超过市场预期，多数消费行业的消费场景受到重创，消费板块情绪受到打击。一季度我们加仓的是受益于疫情的牛奶、榨菜等必选消费，并逐步加仓受益于后疫情需求复苏的机场、酒店、旅游等可选消费板块。　　二季度，受益于上海等各地疫情逐步好转，前期受疫情压制的消费板块迎来反弹行情，同时政府出台多项汽车家电等消费刺激政策，带动市场情绪快速修复。三季度疫情仍有不小幅度的扰动，前期预期需求回暖再次被疫情打断，消费主要方向再次承压，尤其是10月份外资对国内政策的误判而恐慌流出，白酒指数单月更是达到了2018年以来最大跌幅。本基金配置重仓配置的白酒拖累整体净值，但我们依然坚信，疫情终究会过去，内需终会恢复，在市场最恐慌的时候保持信念很重要，因此基本维持了配置和仓位。　　四季度，尤其是11月以来，随着国内疫情政策和房地产政策的快速转向，市场信心快速修复，本基金业绩迎来了久违的上涨，产品配置上迅速加仓代表经济大盘修复的高端白酒和次高端白酒，以及长期空间大、需求粘性强的医美，重点配置疫情期间份额能够维持稳定，竞争格局改善的优质标的。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:36.331Z","mo":"展望2023年，经济需求修复是必然趋势，虽然可能会有疫情扰动，但疫情防控标准已经下降到乙类乙管，因此内需修复是核心配置方向。我们维持了2022年年底的配置方向，以白酒、医美、新能源汽车为主。我们预期2023年一季度的消费需求会集中释放，但后期可能经济修复速度未必一蹴而就，大盘判断震荡向上，配置上力争聚焦预期合理、基本面趋势向好、能够尽早兑现业绩的标的。","fund":{"_id":3000000001193,"stockCode":"001193","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-01T16:00:00.000Z","setUpScale":694308000,"market":"a","tickerId":1193,"custody":"中国建设银行股份有限公司","name":"中金消费升级股票型证券投资基金","shortName":"中金消费升级股票A","fundSecondLevel":"company","__csrcFundId":4115,"fundStatus":"normal","lastUpdated":"2025-05-02T17:19:46.499Z","masterFundFlag":1,"inceptionDate":"2015-06-23T16:00:00.000Z","fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金消费升级股票","pinyin":"zjxfsjgpxzqtzjj","managers":[{"stockCode":"db20892070","stockType":"fund_manager","exchange":"fm","tickerId":70412231930,"name":"高大亮"}]},"announcement":{"linkText":"中金消费升级股票型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=872057","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5287fea5b3eb044178d","date":"2022-09-29T16:00:00.000Z","stockId":3000000001193,"sao":"报告期内基金主要配置方向为食品饮料、医药和汽车。今年海外地缘政治冲突不断、美联储加息、海外经济逐步走弱，因此本产品回避出口占比高的企业，而是以内需为主要配置方向。但国内疫情反复压制消费需求修复，即使二季度全国疫情刚结束，三季度疫情仍在反复，国内企业经营压力持续，并没有得明显好转，前期我们优先配置成本下降明显方向的公司。  展望四季度，消费板块估值已回到历史中枢水平，但企业盈利的修复仍需要疫情减弱。配置上，仍以成长空间大、长期竞争力未被削弱，市场份额在反复疫情中份额能够维持稳定甚至提升的公司为重点配置方向。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:36.328Z","fund":{"_id":3000000001193,"stockCode":"001193","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-01T16:00:00.000Z","setUpScale":694308000,"market":"a","tickerId":1193,"custody":"中国建设银行股份有限公司","name":"中金消费升级股票型证券投资基金","shortName":"中金消费升级股票A","fundSecondLevel":"company","__csrcFundId":4115,"fundStatus":"normal","lastUpdated":"2025-05-02T17:19:46.499Z","masterFundFlag":1,"inceptionDate":"2015-06-23T16:00:00.000Z","fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金消费升级股票","pinyin":"zjxfsjgpxzqtzjj","managers":[{"stockCode":"db20892070","stockType":"fund_manager","exchange":"fm","tickerId":70412231930,"name":"高大亮"}]},"announcement":{"linkText":"中金消费升级股票型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=810134","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5287fea5b3eb044178c","date":"2022-06-29T16:00:00.000Z","stockId":3000000001193,"sao":"上半年消费板块整体行情主要受两大因素压制，一是一季度原材料成本在高位仍超预期上涨，对下游消费品企业的盈利能力造成压制；二是疫情反复，尤其是3-4月份较为严重的疫情对终端需求和供应链都造成严重打击。基于此，消费行业上半年行情更多表现为局部阶段型机会，并没有持续上涨行情。本产品一季度主要配置的食品饮料、家电行业受疫情和成本压力较大，但4月底随着上海疫情接近顶峰，管理人判断市场关注重点将由疫情受损转向疫后修复，因此加配了白酒、餐饮链和消费者服务板块的配置。同时，房地产风险事件的出现，管理人判断地产链的长期风险上升，成长空间进一步下降，因此清仓地产链的仓位配置。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:36.326Z","mo":"我们认为，可选消费在二季度市场悲观预期下跌幅较深，但随着经济逐步修复，疫情逐步好转，原材料成本持续下降，可选消费场景会逐步修复，市场情绪有望修复。","fund":{"_id":3000000001193,"stockCode":"001193","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-01T16:00:00.000Z","setUpScale":694308000,"market":"a","tickerId":1193,"custody":"中国建设银行股份有限公司","name":"中金消费升级股票型证券投资基金","shortName":"中金消费升级股票A","fundSecondLevel":"company","__csrcFundId":4115,"fundStatus":"normal","lastUpdated":"2025-05-02T17:19:46.499Z","masterFundFlag":1,"inceptionDate":"2015-06-23T16:00:00.000Z","fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金消费升级股票","pinyin":"zjxfsjgpxzqtzjj","managers":[{"stockCode":"db20892070","stockType":"fund_manager","exchange":"fm","tickerId":70412231930,"name":"高大亮"}]},"announcement":{"linkText":"中金消费升级股票型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=786481","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5287fea5b3eb044178b","date":"2022-03-30T16:00:00.000Z","stockId":3000000001193,"sao":"2022年一季度，消费主要行业表现较弱，主要原因在于1）原材料价格仍在高位震荡；2）需求端并未见明显复苏；3）俄乌战争和疫情加剧等黑天鹅事件进一步推升了成本并打压了终端消费需求。年初以来，多数原材料成本在高位震荡，少数成本进一步大幅度上升，包括铝价、油价、运费等，虽然去年四季度多数消费品公司通过提价转移了部分成本压力，但今年一季度成本进一步承压，在当前终端需求疲软的环境下，消费品公司盈利能力预期下行。3月份，全国疫情的严重程度和持续时间超过市场预期，多数消费行业的消费场景受到重创，消费板块情绪受到打击。  一季度我们配置的主要板块仍是白酒和必选消费品为主，加仓的是受益于疫情的牛奶、榨菜等必选消费，并逐步加仓受益于后疫情需求复苏的机场、酒店、旅游等可选消费板块。我们相信疫情终会过去，当市场对疫情的担忧消退之后，后疫情消费需求会明显恢复，我们对消费板块保持信心。  当前宏观环境压力较大，成本高企对中游和下游企业都造成很大压力，疫情不仅影响了消费板块，也对中游制造业产生很大影响。但是当疫情减弱后，必选消费需求的恢复是最快的，我们看好二季度必选消费行业终端需求的快速修复。展望全年，成本压力预期逐季度减弱，消费品公司的盈利能力也会逐季度修复，因此二季度及下半年，消费板块行情可能迎来盈利和估值的双击。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:36.323Z","fund":{"_id":3000000001193,"stockCode":"001193","stockType":"fund","areaCode":"cn","followedNum":12,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-01T16:00:00.000Z","setUpScale":694308000,"market":"a","tickerId":1193,"custody":"中国建设银行股份有限公司","name":"中金消费升级股票型证券投资基金","shortName":"中金消费升级股票A","fundSecondLevel":"company","__csrcFundId":4115,"fundStatus":"normal","lastUpdated":"2025-05-02T17:19:46.499Z","masterFundFlag":1,"inceptionDate":"2015-06-23T16:00:00.000Z","fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金消费升级股票","pinyin":"zjxfsjgpxzqtzjj","managers":[{"stockCode":"db20892070","stockType":"fund_manager","exchange":"fm","tickerId":70412231930,"name":"高大亮"}]},"announcement":{"linkText":"中金消费升级股票型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=728531","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5287fea5b3eb044178a","date":"2021-12-30T16:00:00.000Z","stockId":3000000001193,"sao":"报告期内，消费板块行情较差，尤其在2021年春节以来，多数优质龙头个股均经历了较大幅度的下跌。报告期内受疫情影响，多数消费品公司均面临需求疲弱、成本大幅度上行以及2020年高基数的问题，导致2021年财报数据普遍环比走弱；叠加三季度教育、互联网等行业政策进一步打击市场信心，板块行情持续走低。四季度以必选消费品为主的公司迎来涨价潮，基本面环比改善，消费行业迎来一波小幅反弹行情。本基金2021年上半年重仓配置的白酒、家电板块受成本上行和疫情反复影响受损较重，三季度医美、白酒、医药板块受政策情绪影响进一步下跌，基于估值性价比考虑，产品逐步减仓医美、医疗服务、家电板块，调整白酒结构，加仓提价能力强的食品、调味品板块。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:36.321Z","mo":"展望2022年，虽然看到美国进入加息周期，国内经济仍然较弱，居民消费意愿有所下降，但我们仍认为消费板块机会多于2021年。一是多数消费品公司已提价转移成本压力，当前多数原材料成本处于历史高位，如果年内出现成本下行的情形，那么消费品公司盈利能力将会得到改善；二是国内持续推出鼓励消费的相关政策，包括地方税收减免、鼓励汽车家电下乡、鼓励旅游餐饮消费等，我们预计2022年消费需求同比或将有所恢复；三是虽然点状疫情仍时有发生，但各地方处理疫情的效率不断提高，精准防控，以及新冠特效药研发持续推进的预期下，疫情对国内消费需求影响预计会持续减弱，因此判断消费板块机会多于2021年。投资策略上，本产品仍坚持自上而下选赛道、自下而上选优质公司的配置思路，加强短期基本面率先改善的板块配置权重。","fund"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