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t":{"linkText":"汇丰晋信智造先锋股票型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1346070","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5b57fea5b3eb044b3fa","date":"2025-03-30T16:00:00.000Z","stockId":3000000001643,"sao":"2025年一季度，市场各主要指数表现有所分化，沪深300指数下跌1.21%，中证500指数上涨2.31%，中证1000指数上涨4.51%，创业板指数下跌1.77%，科创50指数上涨3.42%。不同行业的涨跌幅亦有所分化，在中信30个一级行业中，有色金属、汽车、机械、计算机、传媒等行业涨幅较大，煤炭、商贸零售、非银行金融、石油石化、房地产、交通运输等行业表现相对落后。过去一个季度稳增长政策持续出台，财政政策整体延续前置节奏，有效的支撑了经济发展，生产端活跃度较好，开工率持续提升；需求端汽车、家电等耐用消费品同比增长较为明显，一线城市的二手房销量和价格也在显著回升，社会对经济稳健发展的信心持续增强。今年经济增长的不确定性预计更多来自海外贸易摩擦，出口增速可能受到一定影响，但预计国内的政策应对将有效对冲海外不利因素的影响，后续财政政策有望继续保持积极，进一步扩容加码，叠加宽松的货币政策配合发力，国内经济预期和现实预计将进一步得到修复。我国是制造业大国，贡献了全球超三成的制造业产出，但长期以来以投资驱动的经济发展模式导致供给往往会阶段性相对过剩，供需格局的恶化带来工业产成品的争相降价，产业利润率不高甚至部分公司现金流亏损。当前我们看到行业出现了积极的变化，有加速产能出清的迹象，相关指导政策有望积极引导企业行为，包括提高行业准入门槛、加速落后产能淘汰以及鼓励企业兼并重组。这对行业竞争格局的优化是较为有利的，过去几年利润率持续被压抑的产业可能迎来好转，这种情况广泛分布在我国制造业的多个领域。在海外贸易摩擦的背景下，制造业有望成为稳定中国经济增长的基座，我们持续看好后续的市场表现。汇丰晋信智造先锋基金聚焦于中游制造业板块，通过自下而上的积极研究投资于代表经济未来发展方向的优质制造业公司。当前本基金相对均衡的分布在多个制造业细分板块，主要方向包括：新能源产业链，计算机、电子行业，医药板块等。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:57.334Z","fund":{"_id":3000000001643,"stockCode":"001643","stockType":"fund","areaCode":"cn","followedNum":268,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-08-31T16:00:00.000Z","setUpScale":430229000,"market":"a","tickerId":1643,"custody":"交通银行股份有限公司","name":"汇丰晋信智造先锋股票型证券投资基金","shortName":"汇丰晋信智造先锋股票(001643)","fundSecondLevel":"company","__csrcFundId":2504,"fundStatus":"normal","lastUpdated":"2026-04-30T18:06:48.189Z","masterFundFlag":1,"inceptionDate":"2015-09-29T16:00:00.000Z","fundCollectionId":4000050520000,"currency":"CNY","masterFundShortName":"汇丰晋信智造先锋股票","memoNum":1,"pinyin":"hfjxzzxfgpxzqtzjj","managers":[{"stockCode":"db20694618","stockType":"fund_manager","exchange":"fm","tickerId":1202196430,"name":"陆彬"}]},"announcement":{"linkText":"汇丰晋信智造先锋股票型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1277235","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5b57fea5b3eb044b3f9","date":"2024-12-30T16:00:00.000Z","stockId":3000000001643,"sao":"2024年，市场不同指数行情分化较大，沪深300指数上涨14.68%，中证500指数上涨5.46%，中证1000指数上涨1.20%，创业板指数上涨13.23%，科创50指数上涨16.07%。不同行业的涨跌幅分化更大，在中信一级行业中，银行、非银行金融、家电、通信行业涨幅超过20%，综合、医药、农林牧渔、消费者服务、房地产、食品饮料行业跌幅超过5%。市场风格上资金高度集中在偏大盘价值的板块，沪深300价值指数上涨24.85%，沪深300成长指数上涨4.24%，中证500价值指数上涨6.24%，中证500成长指数上涨0.92%。市场全年的震荡幅度较大，投资者的情绪变化也较为明显，市场的资金一度高度集中于以价值和红利为代表的低风险资产，成长板块的资金持续流出持续的压缩了行业中优质公司估值水平，带来了较为分化的业绩表现。作为专注于制造业主题的股票基金，本基金在大类资产配置上保持了较高的权益仓位，在行业配置上基金坚持主动管理，自下而上的选择代表中国经济未来发展方向的优质制造业公司。随着全球产业链变局的推进，以制造业为代表的新质生产力和自主可控产业发生了巨大的变化。海外供应链的建设加大了产业的供给侧压力，但我们也看到大量行业空间较大、竞争力日益加强的优质公司，市场份额和盈利水平相对确定。市场低迷的情绪一度放大了产业的悲观因素，部分盈利增速确定性较高的优质公司估值水平在9月底之前持续收缩，随着后续市场情绪回暖，与内需和新质生产力相关的制造业方向有望持续释放更多的业绩确定性和弹性。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:57.331Z","mo":"过去几个月稳增长政策持续出台，多项经济支持举措有效带动了基建投资和社会消费品零售增速的平稳回暖，一线城市的二手房销售量也显著回升，社会对经济稳健发展的信心持续增强。后续财政政策有望继续保持积极，配合宽松的货币政策，国内经济预计将进一步得到显著修复，更多的不确定性可能来自海外因素，出口可能成为2025年经济增长的不确定因素，但预计内需的恢复强度将足以应对海外不利因素的影响，宏观经济为资本市场表现提供有力支撑。当前主要股指的风险溢价率依然处于历史均值以上，权益资产依然具备较好的配置价值。伴随着经济支持政策和产业自身的产能周期带来的供需优化，部分行业面临向上的拐点，从估值的角度，随着海外和国内的流动性宽松持续，已经具备扩张的条件，后续权益市场有望迎来较好的投资期。智造先锋基金聚焦于中游制造业，通过自下而上地积极研究，主动投资于代表中国经济未来发展方向的优质制造业公司。当前本基金配置相对均衡，主要关注方向包括：新能源产业链、计算机、电子等行业。","fund":{"_id":3000000001643,"stockCode":"001643","stockType":"fund","areaCode":"cn","followedNum":268,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-08-31T16:00:00.000Z","setUpScale":430229000,"market":"a","tickerId":1643,"custody":"交通银行股份有限公司","name":"汇丰晋信智造先锋股票型证券投资基金","shortName":"汇丰晋信智造先锋股票(001643)","fundSecondLevel":"company","__csrcFundId":2504,"fundStatus":"normal","lastUpdated":"2026-04-30T18:06:48.189Z","masterFundFlag":1,"inceptionDate":"2015-09-29T16:00:00.000Z","fundCollectionId":4000050520000,"currency":"CNY","masterFundShortName":"汇丰晋信智造先锋股票","memoNum":1,"pinyin":"hfjxzzxfgpxzqtzjj","managers":[{"stockCode":"db20694618","stockType":"fund_manager","exchange":"fm","tickerId":1202196430,"name":"陆彬"}]},"announcement":{"linkText":"汇丰晋信智造先锋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=1258690","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5b57fea5b3eb044b3f8","date":"2024-09-29T16:00:00.000Z","stockId":3000000001643,"sao":"2024年三季度，市场各主要指数均普遍上涨，沪深300指数上涨16.07%，中证500指数上涨16.19%，中证1000指数上涨16.60%，创业板指数上涨29.21%，科创50指数上涨22.51%。不同行业的涨跌幅有所分化，在中信30个一级行业中，非银行金融、综合金融、房地产等行业涨幅较大，石油石化、煤炭、电力及公用事业、农林牧渔、纺织服装等行业表现相对落后。今年以来经济整体修复的态势虽然明显，但结构上一直面临多重分化，量强价弱、上游价格强于下游、居民储蓄意愿大于消费是基本特征。前期的政策以稳增长兼顾结构转型为主，但三季度末的态度已经明显转向，后续或有更多偏积极的政策出台，经济长期发展的新动能也在孕育。当前资本市场对国内经济发展的担忧主要包括需求不足和供给过剩两方面：地产的需求从高点下滑超过一半，短期刺激政策难以抵消中期的内需不足；制造业产能供给的过剩需要从增加收入和压降成本两个角度提高企业的投资回报率。我们看到了明确的经济尾部风险的基本消除，未来经济增长的不确定性持续下降，但政策效果仍需时间，货币政策、财政政策需进一步发力。制造业是我国实现国内国外双循环发展的需要，高端制造作为新质生产力的重要部分，在政策支持下有望维持较高增速，今年以来也呈现了较高的韧性。我国制造业中的优质龙头公司展现了较强的竞争力和较为稳定的利润率水平，亦为市场注入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均有望迎来反转。从大方向上看，制造业的发展是实现国内和国际双循环的需要，虽然行业需求恢复速度难以避免受到全球贸易额增速下行的影响，但在未来支持内需的政策持续发力下，制造业信心有望逐渐恢复，随着行业库存的逐渐消化，补库存意愿也将出现，市场需求有也望持续上行。我们看到制造业已经涌现了不少具备全球竞争力的优质公司，广泛分布在新材料、高端设备、军工、半导体等多个领域。智造先锋基金主要投资于面向中国高端装备未来的优秀企业，通过对产业链进行密切跟踪，严格的甄别和筛选细分赛道和公司，重点关注以下几个方向：1、新能源产业链：该行业市场空间广阔，从中长期维度看产业链中优质的公司利润率有望保持稳定，同时有部分新技术环节有望迎来渗透率提升和业绩释放。2、TMT行业：行业有望迎来整体经营周期的好转，同时在国产替代、数字经济政策支持下业绩的持续性较高。3、军工板块：中长期需求的确定性较高，具备长期成长性，部分环节存在认证壁垒、竞争格局较好，当前处于业绩空窗期，关注可能有产能瓶颈或产业链上军民两用的公司。","fund":{"_id":3000000001643,"stockCode":"001643","stockType":"fund","areaCode":"cn","followedNum":268,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-08-31T16:00:00.000Z","setUpScale":430229000,"market":"a","tickerId":1643,"custody":"交通银行股份有限公司","name":"汇丰晋信智造先锋股票型证券投资基金","shortName":"汇丰晋信智造先锋股票(001643)","fundSecondLevel":"company","__csrcFundId":2504,"fundStatus":"normal","lastUpdated":"2026-04-30T18:06:48.189Z","masterFundFlag":1,"inceptionDate":"2015-09-29T16:00:00.000Z","fundCollectionId":4000050520000,"currency":"CNY","masterFundShortName":"汇丰晋信智造先锋股票","memoNum":1,"pinyin":"hfjxzzxfgpxzqtzjj","managers":[{"stockCode":"db20694618","stockType":"fund_manager","exchange":"fm","tickerId":1202196430,"name":"陆彬"}]},"announcement":{"linkText":"汇丰晋信智造先锋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=966655","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5b57fea5b3eb044b3f2","date":"2023-03-30T16:00:00.000Z","stockId":3000000001643,"sao":"2023年一季度，市场主要指数均普遍上涨，上证综指上涨5.94%,创业板指上涨2.25%,科创50指数上涨12.67%。在中信30个一级行业中，传媒、计算机、通信、电子行业涨幅较大，房地产、消费者服务、银行、电力设备及新能源行业表现相对落后。制造业的发展是实现国内和国际双循环的需要，在支持内需的稳增长政策持续发力下，各项经济数据均展示了较为积极的因素，中国制造业的信心已经明显恢复。展望未来几个季度，随着库存的逐渐消化，补库存意愿也将出现，市场需求有望温和上行。我国以工程师红利为代表的高端劳动力优势明显，劳动力整体的教育水平和素质远高于其他发展中国家，会在未来的制造业崛起、科技创新当中发挥重要作用。经过调研也可以看到我国的制造业已经涌现了不少优质的公司，包括在新材料、高端设备、军工、半导体等多个领域。我们将继续对产业链进行密切跟踪，严格的甄别和筛选细分赛道和公司，并与上下游不断验证，不断识别判断潜在的风险，投资于面向中国制造业未来的优质公司。汇丰晋信智造先锋基金聚焦于中游制造业，力争通过细致的自下而上的研究把握中国制造业尤其是其中高端装备相关的投资机会。基金的配置相对较均衡，当前主要投资的方向包括：以电动车为代表的新能源产业链，以计算机、电子为代表的TMT行业，化工、有色、军工行业等。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:57.309Z","fund":{"_id":3000000001643,"stockCode":"001643","stockType":"fund","areaCode":"cn","followedNum":268,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-08-31T16:00:00.000Z","setUpScale":430229000,"market":"a","tickerId":1643,"custody":"交通银行股份有限公司","name":"汇丰晋信智造先锋股票型证券投资基金","shortName":"汇丰晋信智造先锋股票(001643)","fundSecondLevel":"company","__csrcFundId":2504,"fundStatus":"normal","lastUpdated":"2026-04-30T18:06:48.189Z","masterFundFlag":1,"inceptionDate":"2015-09-29T16:00:00.000Z","fundCollectionId":4000050520000,"currency":"CNY","masterFundShortName":"汇丰晋信智造先锋股票","memoNum":1,"pinyin":"hfjxzzxfgpxzqtzjj","managers":[{"stockCode":"db20694618","stockType":"fund_manager","exchange":"fm","tickerId":1202196430,"name":"陆彬"}]},"announcement":{"linkText":"汇丰晋信智造先锋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=885914","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5b57fea5b3eb044b3f1","date":"2022-12-30T16:00:00.000Z","stockId":3000000001643,"sao":"2022年整年，海外地缘政治局势突发多变，美联储持续加息，国际贸易摩擦，国内疫情反复，房地产行业的信用危机对各产业链带来影响，无论是持续性还是强度，都超出了年初的预期，引发了股票市场较大的波动和回撤。面对外部环境突发的变化和市场情绪的变化，给基金经理带来不少的考验和压力。年初，我们认为市场风险溢价处于历史中枢附近，市场会呈现出结构性机会。我们看到在中国经济结构转型、产业升级以及科技创新的时代趋势下，在新能源、军工、电子等行业，因产业需求爆发、全球市占率提升，新产品放量或者国产替代等原因，整体行业空间较大，公司竞争力日益加强，未来几年有望实现较快的复合增速。4月份受疫情影响，引发了市场调整，也给产品净值带来了较大的回撤。作为股票型的主题基金，我们保持了较高的仓位和稳定的行业配置。在7月底，我们预计新能源行业的基本面将进入中期，如果估值进一步切换到2023年，新能源行业投资预计将进入中后期，我们调整了部分的新能源仓位至TMT行业。但是，新能源板块估值的快速提升并没有如期而至，估值在8月份以后的几个月反而出现了明显的收缩，组合调整的窗口期已然错过。4季度初，市场再次出现调整，虽然大部分投资者情绪低落，但我们看到的更多的是较高确定性、高隐含回报率的投资机会，对产品的仓位和结构我们均保持信心，并明确提出权益资产价值即将重估。值得欣喜的是，估值修复并未姗姗来迟，我们前期调整的TMT行业也增强了产品收益。我们会不断的学习和探索，系统性的总结经验和教训，更加从容的应对未来的挑战。","declarationDate":"2023-01-12T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:57.306Z","mo":"2023年的制造业投资预计是挑战与机遇并存的一年。当前相关刺激政策陆续出台，宏观环境较好。从大方向上看，制造业的发展是实现国内和国际双循环的需要，在未来支持内需的稳增长政策持续发力下，制造业信心有望逐渐恢复，随着库存的逐渐消化，补库存意愿也将出现，市场需求有望温和上行。我国以新能源产业链为代表的高端制造业已经具备明显的国际竞争力。无论是新能源车还是新能源发电，产业链基本全部在中国，而且技术在持续迭代创新，在全球均具备优势，逐渐走向世界。我国以工程师红利为代表的高端劳动力优势明显，劳动力整体的教育水平和素质远高于东南亚等国家，会在未来的制造业崛起、科技创新当中发挥重要作用，高端产业链很难被替代。经过调研也可以看到我国的高端制造已经涌现了不少优质的公司，包括在新材料、高端设备、军工、半导体等多个领域。除了新能源行业的投资机会，制造业的国产替代也从中长期维度带来了新的持续需求。国家一直在强调重要产业链、供应链安全，这其实主要指的制造业。近两年来受到疫情和地缘冲突这些突发事件的影响，使得很多产业原本非常稳固的供应链格局被打破，而优质的中国制造业公司抓住了这种机遇，加速导入了很多原本需要更长时间才能突破的客户，而且这种突破还会持续发生。智造先锋基金将继续坚持基本面和估值相结合的投资体系，专注于投资中国制造业板块。在看到制造业崛起的时代机遇的同时，也清晰地认识到制造业的技术扩散带来的竞争加剧，超额利润很难长期维持，被新技术颠覆风险也很大。因此，制造业投资往往需要对产业链进行密切跟踪，要非常严格甄别和筛选细分赛道和公司，以及需要与上下游不断验证，并不断识别判断潜在的风险，基于弱假设下以合理的估值投资于具备较高增长潜力的公司，才能获得较好的投资回报，这非常考验团队的研究和投资能力。感谢各位投资人一路以来的支持，智造先锋基金的投资主要面向中国制造业的未来，我们希望通过细致的自下而上的研究把握其中的投资机会。或许，大部分制造业的终局都是一个竞争充分和利润极度压缩的市场，但在发展过程中不少公司一定有一段精彩的旅程，我们渴望去发掘令人心动的投资机会。亲爱的投资人，中国制造业的高速发展还在持续进行，市场环境往往快速变化，但我们始终不变的是那颗对投资的热爱以及永远站在客户角度做出投资决策的初心。我们当前重点关注以下几个方向：1、新能源车产业链中国新能源车产业链在全球范围已经具备了非常强的竞争力，市场空间广阔，从中长期维度看产业链中优质的公司利润率有望保持稳定，收入有望实现较快的复合增长。市场对该行业需求和竞争格局的担忧压缩了不少优质公司的估值，在上、中、下游均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2、TMT行业 3、高端装备和新材料行业等。在上海疫情的特殊时期，汇丰晋信投资部黑板上驻场同事的一段话，非常打动我，也体现了汇丰晋信投资团队的精神和决心，以此来做共勉：“Kill the virus. Beat the 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2、以化工为代表的顺周期行业 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