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所以我们对权益市场的未来表现仍然持积极态度，我们将继续深耕大消费领域，总结前期经验教训，适时改进投资策略，力求为投资者带来稳健、可持续的回报。","fund":{"_id":3000000002662,"stockCode":"002662","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-08-31T16:00:00.000Z","setUpScale":548850000,"market":"a","tickerId":2662,"custody":"中国建设银行股份有限公司","name":"前海开源沪港深大消费主题精选灵活配置混合型证券投资基金","shortName":"前海开源沪港深大消费主题混合A","fundSecondLevel":"hybrid","__csrcFundId":819,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.661Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深大消费主题混合","memoNum":1,"pinyin":"qhkyhgsdxfztjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20755594","stockType":"fund_manager","exchange":"fm","tickerId":2023206620,"name":"田维"}]},"announcement":{"linkText":"前海开源沪港深大消费主题精选灵活配置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=1341284","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6aa7fea5b3eb045c937","date":"2025-03-30T16:00:00.000Z","stockId":3000000002662,"sao":"在2025年一季度，我们看到国内宏观环境出现更多的积极变化，以地产为代表的“老经济”部门出现触底的曙光，而“新经济”部门以DeepSeek的横空出世为例，也出现了喜人的突破，显示出中国经济转型升级取得的成效。但是美国新一届政府上台后，推行各类倒行逆施的反全球化政策，给中国经济又带来很大负面冲击，增加了后续走势的不确定性。  市场方面，2025年一季度A股整体呈现震荡走势，沪深300指数微跌1.2%；港股市场表现强势，恒生指数上涨15.3%。板块方面，科技成长板块受到科技突破的提振，表现抢眼。但4月初美国推行“对等关税”政策，为未来市场表现蒙上阴影。  展望未来，由于“对等关税”刚刚落地，预计还需要一段时间才能有更加清晰的结论。在这个过程中，我们认为最好的办法是以确定性应对不确定性，即坚守价值投资的方法，选择业务韧性强、估值低、股东回报优秀的公司来抵御外部的冲击。从长期看，随着国内政策发力，目前的不确定性消退，我们认为这类资产会有良好的回报。我们将矢志不渝，继续深耕大消费领域，力求为投资者带来稳健可持续的回报。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:02.006Z","fund":{"_id":3000000002662,"stockCode":"002662","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-08-31T16:00:00.000Z","setUpScale":548850000,"market":"a","tickerId":2662,"custody":"中国建设银行股份有限公司","name":"前海开源沪港深大消费主题精选灵活配置混合型证券投资基金","shortName":"前海开源沪港深大消费主题混合A","fundSecondLevel":"hybrid","__csrcFundId":819,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.661Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深大消费主题混合","memoNum":1,"pinyin":"qhkyhgsdxfztjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20755594","stockType":"fund_manager","exchange":"fm","tickerId":2023206620,"name":"田维"}]},"announcement":{"linkText":"前海开源沪港深大消费主题精选灵活配置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=1270266","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6aa7fea5b3eb045c936","date":"2024-12-30T16:00:00.000Z","stockId":3000000002662,"sao":"2024年，宏观环境依然复杂多变。国内方面，经济形势整体呈现先抑后扬态势，前三季度经济景气度延续了2023年以来的偏弱态势，但9月以后一揽子逆周期政策出台，使得经济基本面出现明显回升。国际方面，2024年最重要的事情之一就是美国大选以及其带来的影响。随着11月美国大选落地，后续国际贸易环境、美国通胀及降息前景等问题的不确定性进一步提升。  市场方面，A股和港股市场均呈现先抑后扬的态势，尤其是9月政策发力，市场全面回暖。沪深300指数全年上涨14.68%，恒生指数全年上涨17.67%。  2024年，本基金表现跑输了业绩比较基准，核心原因是消费整体景气度低于年初预期，造成一定净值拖累，以及未能很好把握9月的反转行情。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:02.003Z","mo":"展望未来，预计国内逆周期政策在2025年将持续发力，但是国际环境的变化又增添了不确定性，比如国际贸易环境、美国通胀及降息前景等。总体上我们认为，尽管国际环境的不确定性会为2025年的投资带来难度，但中国股市拥有大量的低估值优质资产，并且政策对经济和股市的支持力度也将持续加大，将对市场形成坚定支撑。我们将继续深耕大消费领域，寻找具备投资价值的优质标的，力求为投资者带来稳健可持续的回报。","fund":{"_id":3000000002662,"stockCode":"002662","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-08-31T16:00:00.000Z","setUpScale":548850000,"market":"a","tickerId":2662,"custody":"中国建设银行股份有限公司","name":"前海开源沪港深大消费主题精选灵活配置混合型证券投资基金","shortName":"前海开源沪港深大消费主题混合A","fundSecondLevel":"hybrid","__csrcFundId":819,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.661Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深大消费主题混合","memoNum":1,"pinyin":"qhkyhgsdxfztjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20755594","stockType":"fund_manager","exchange":"fm","tickerId":2023206620,"name":"田维"}]},"announcement":{"linkText":"前海开源沪港深大消费主题精选灵活配置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=1251994","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6aa7fea5b3eb045c935","date":"2024-09-29T16:00:00.000Z","stockId":3000000002662,"sao":"2024年三季度，国内外宏观环境出现明显的边际变化。国内方面，尽管三季度经济基本面仍然下行，但一揽子逆周期政策出台，有助于后续经济基本面的企稳回升。国际方面，美联储在9月份降息50BP，以超预期的降息力度开启了此轮降息周期。  市场方面，三季度前期股市受累于下行的经济基本面，表现较差，但进入9月份之后，受益于国内逆周期政策超预期，以及美联储降息力度超预期，A股和港股市场均呈现上涨态势，三季度沪深300指数上涨16.1%，恒生指数上涨19.3%，均扭转此前的跌势，表现强劲。  宏观环境和市场的变化也引发了本基金投资策略的变化，我们降低了部分高股息个股持仓，增加了一些股价超跌、估值偏低以及受益于宏观方向的行业配置。  展望未来，由于美联储降息周期开启是较大概率事件，国内逆周期政策也将稳步发力，叠加政策端针对资本市场的支持措施逐步推进，我们认为市场的下行风险已经明显降低，因此对未来的市场展望也更加乐观。但经历短时间内的大涨过后，目前市场波动率明显增加，后续板块分化可能也将加大。我们将继续深耕大消费领域，寻找具备投资价值的优质标的，力求为投资者带来稳健可持续的回报。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:02.000Z","fund":{"_id":3000000002662,"stockCode":"002662","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-08-31T16:00:00.000Z","setUpScale":548850000,"market":"a","tickerId":2662,"custody":"中国建设银行股份有限公司","name":"前海开源沪港深大消费主题精选灵活配置混合型证券投资基金","shortName":"前海开源沪港深大消费主题混合A","fundSecondLevel":"hybrid","__csrcFundId":819,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.661Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深大消费主题混合","memoNum":1,"pinyin":"qhkyhgsdxfztjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20755594","stockType":"fund_manager","exchange":"fm","tickerId":2023206620,"name":"田维"}]},"announcement":{"linkText":"前海开源沪港深大消费主题精选灵活配置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=1177373","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a97fea5b3eb045c934","date":"2024-06-29T16:00:00.000Z","stockId":3000000002662,"sao":"报告期内，国内外宏观环境仍然较为复杂。国内方面，上半年经济景气前高后低，物价低位运行，整体呈现供强需弱，外需强于内需的格局。国际方面，美国经济数据逐步走弱，但通胀仍然顽固，降息预期一再推迟。  市场方面，报告期内A股和港股市场整体呈现震荡态势，其中沪深300指数上涨0.89%，恒生指数上涨3.94%，港股市场表现优于A股市场。从板块上看，红利和科技类资产表现较好。  报告期内，我们继续深耕大消费领域，整体投资思路是按照“高质量发展”的内涵，在大消费领域内重点配置于竞争格局优化、自由现金流强劲、股东回报提升的优质企业。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:01.997Z","mo":"展望未来，我们预计仍要面临复杂多变的外部环境，尤其地缘环境的不确定性在明显增加。但随着国内地产接近筑底，海外降息周期临近，积极因素也在不断累积，我们认为大消费领域中仍有结构性机会可以把握。我们的整体投资思路仍将聚焦“高质量发展”，寻找优质标的，力求为投资者带来稳健可持续的回报。","fund":{"_id":3000000002662,"stockCode":"002662","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-08-31T16:00:00.000Z","setUpScale":548850000,"market":"a","tickerId":2662,"custody":"中国建设银行股份有限公司","name":"前海开源沪港深大消费主题精选灵活配置混合型证券投资基金","shortName":"前海开源沪港深大消费主题混合A","fundSecondLevel":"hybrid","__csrcFundId":819,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.661Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深大消费主题混合","memoNum":1,"pinyin":"qhkyhgsdxfztjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20755594","stockType":"fund_manager","exchange":"fm","tickerId":2023206620,"name":"田维"}]},"announcement":{"linkText":"前海开源沪港深大消费主题精选灵活配置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=1146274","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a97fea5b3eb045c933","date":"2024-03-30T16:00:00.000Z","stockId":3000000002662,"sao":"报告期内，国内外宏观环境仍然复杂。国内方面，经济景气度呈现分化趋势，地产、基建等部门仍然较弱，但外需回暖带动出口制造业复苏，上游资源价格上涨，下游消费复苏则较为缓和。国际方面，一季度美国经济数据强于预期，2024年软着陆预期升温，降息预期再度推迟。  市场方面，报告期内A股市场均呈现先跌后涨态势，沪深300指数上涨3.1%，恒生指数下跌3.0%。从板块上看，上游资源、科技成长类资产表现较好。  报告期内，我们继续深耕大消费领域，整体投资思路聚焦“高质量发展”，重点配置于竞争格局优化、自由现金流强劲、股东回报不断优化的优质企业。  外部环境在过去一年中剧烈变化，国内经济和资本市场在一季度都经历了一次压力测试，最终均体现出韧性，也让我们对2024年后续的展望变得更加积极。展望未来，我们的整体投资思路仍将聚焦“高质量发展”，寻找优质标的，力求为投资者带来稳健可持续的回报。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:01.994Z","fund":{"_id":3000000002662,"stockCode":"002662","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-08-31T16:00:00.000Z","setUpScale":548850000,"market":"a","tickerId":2662,"custody":"中国建设银行股份有限公司","name":"前海开源沪港深大消费主题精选灵活配置混合型证券投资基金","shortName":"前海开源沪港深大消费主题混合A","fundSecondLevel":"hybrid","__csrcFundId":819,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.661Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深大消费主题混合","memoNum":1,"pinyin":"qhkyhgsdxfztjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20755594","stockType":"fund_manager","exchange":"fm","tickerId":2023206620,"name":"田维"}]},"announcement":{"linkText":"前海开源沪港深大消费主题精选灵活配置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=1072920","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a97fea5b3eb045c932","date":"2023-12-30T16:00:00.000Z","stockId":3000000002662,"sao":"2023年，股票投资面临的宏观环境依旧复杂多变。年初中国防疫政策转段，国内经济景气度明显转暖，海外加息预期也有所回落，加上人工智能等科技突破，助长了投资者的积极情绪，市场表现较好。二季度之后，国内疫后补偿式需求退坡，经济景气度明显走弱，海外加息预期重新抬升，导致国内资本市场表现开始下跌，趋势持续全年。全年来看A股和港股市场均呈现下跌态势，其中沪深300指数下跌11.4%，恒生指数下跌13.8%。  2023年，本基金表现跑输基准，年初主要配置于可选消费、医药等领域，但受宏观环境转变的因素影响，二季度后表现不佳。面对宏观环境的转变，后期尽管增持了高股息类防御资产，但在一些消费领域的重点个股上未能更好地规避风险。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:01.992Z","mo":"展望2024年，国内外宏观环境依旧复杂，国内经济的修复和国外降息周期的节奏都有较大不确定性，预计全球地缘局势也将进一步复杂化。  复杂多变的环境可能是投资面临的常态，目前我们采取了适当降低仓位、增配高股息资产的办法应对。但是大消费板块自2021年也已经连续调整了3年，估值水平已经大幅回落。我们相信，尽管环境日趋复杂，但大消费领域仍有长期结构性增长机会，估值大幅回落后其投资价值终会被市场发现。  2024年，我们将继续深耕大消费领域，力争为投资者创造长期稳健、可持续的回报。","fund":{"_id":3000000002662,"stockCode":"002662","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-08-31T16:00:00.000Z","setUpScale":548850000,"market":"a","tickerId":2662,"custody":"中国建设银行股份有限公司","name":"前海开源沪港深大消费主题精选灵活配置混合型证券投资基金","shortName":"前海开源沪港深大消费主题混合A","fundSecondLevel":"hybrid","__csrcFundId":819,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.661Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深大消费主题混合","memoNum":1,"pinyin":"qhkyhgsdxfztjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20755594","stockType":"fund_manager","exchange":"fm","tickerId":2023206620,"name":"田维"}]},"announcement":{"linkText":"前海开源沪港深大消费主题精选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=1058297","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a97fea5b3eb045c931","date":"2023-09-29T16:00:00.000Z","stockId":3000000002662,"sao":"报告期内，国内外宏观环境仍然复杂多变。国内方面，经济景气度下行的趋势有所减缓，出现越来越多企稳的信号。政策层面也加大了对经济的支持，但市场主体的信心恢复仍不明显，需要更多时间。国际方面，三季度美国经济数据仍然表现出较强韧性，加息预期不减，美国十年期国债利率明显上扬，抑制全球风险资产表现。  市场方面，报告期内A股和港股市场均呈现下跌态势，沪深300指数下跌3.98%，恒生指数下跌5.9%。从板块上看，防御类资产表现较好。  报告期内，我们继续深耕大消费领域，仍然重点配置于医药、白酒等领域，为应对宏观环境的变化，也持有一定比例的高股息类资产。  外部环境仍然严峻，如何在愈发复杂的环境中获取投资收益，将是未来一段时间我们面临的核心课题。我们将在这个过程中不断反思教训，迭代框架，力争为投资者创造长期稳健、可持续的回报。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:01.989Z","fund":{"_id":3000000002662,"stockCode":"002662","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-08-31T16:00:00.000Z","setUpScale":548850000,"market":"a","tickerId":2662,"custody":"中国建设银行股份有限公司","name":"前海开源沪港深大消费主题精选灵活配置混合型证券投资基金","shortName":"前海开源沪港深大消费主题混合A","fundSecondLevel":"hybrid","__csrcFundId":819,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.661Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深大消费主题混合","memoNum":1,"pinyin":"qhkyhgsdxfztjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20755594","stockType":"fund_manager","exchange":"fm","tickerId":2023206620,"name":"田维"}]},"announcement":{"linkText":"前海开源沪港深大消费主题精选灵活配置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=990076","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a97fea5b3eb045c930","date":"2023-06-29T16:00:00.000Z","stockId":3000000002662,"sao":"上半年，国内外宏观环境仍然复杂多变。国内方面，一季度受益于疫后补偿式需求，经济修复动能较好，但是二季度之后经济修复动能明显回落，市场主体信心仍然缺失。国际方面，一季度欧美曾出现短暂的银行业危机，导致海外加息预期回落，甚至引发了关于金融危机的担忧。但是二季度之后，海外金融和经济情况趋稳，银行业危机未对金融系统和实体经济造成明显影响，加息周期延长的概率加大。  市场方面，受国内外环境变化的影响，上半年A股和港股市场均呈现先涨后跌的态势，沪深300指数下跌0.75%，恒生指数下跌4.37%。从板块上看，风格分化明显，与经济复苏正相关的“顺周期”类资产整体下跌，以人工智能为代表的主题、成长板块涨幅较大。  报告期内，我们继续深耕大消费领域，仍然重点配置于白酒、医药等领域。为应对宏观环境的变化，也增持了高股息的优质资产，但组合整体表现仍落后于业绩比较基准","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:01.986Z","mo":"反思上半年，因低估了环境的复杂性，导致应对不足，但外部环境非常复杂多变，无法保证判断的胜率。因此最需要的改进还是进一步夯实对行业和公司的研究深度，以及对周期位置、安全边际等本质问题的更深入理解。  展望下半年，我们预计中国经济的内生增长动力会逐步修复，走出目前的低位区间，海外加息周期确认结束的概率也在加大，投资环境会比上半年有所改善。但是我们又决不能单纯依赖于对环境的预判，更多需要按照上述改进思路，自下而上去寻找投资机会。  如何在愈发复杂的环境中获取投资收益，将是未来一段时间我们面临的核心课题。我们将在这个过程中不断反思教训，迭代框架，力争为投资者创造长期稳健、可持续的回报。","fund":{"_id":3000000002662,"stockCode":"002662","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-08-31T16:00:00.000Z","setUpScale":548850000,"market":"a","tickerId":2662,"custody":"中国建设银行股份有限公司","name":"前海开源沪港深大消费主题精选灵活配置混合型证券投资基金","shortName":"前海开源沪港深大消费主题混合A","fundSecondLevel":"hybrid","__csrcFundId":819,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.661Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深大消费主题混合","memoNum":1,"pinyin":"qhkyhgsdxfztjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20755594","stockType":"fund_manager","exchange":"fm","tickerId":2023206620,"name":"田维"}]},"announcement":{"linkText":"前海开源沪港深大消费主题精选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=965432","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a97fea5b3eb045c92f","date":"2023-03-30T16:00:00.000Z","stockId":3000000002662,"sao":"报告期内，国内外宏观环境仍然呈现剧烈变化的态势。国内方面，由于新冠疫情的影响消除，叠加政策的积极引导，经济基本面呈现较好的复苏态势。但是3月后随着“稳增长”政策的逐步落地，经济增长的模式向内生增长切换，市场主体信心仍然没有完全修复，对后续经济内生增长的持续性仍存疑虑。国际方面，随着海外央行加息进入尾声，金融系统出现不稳定迹象，经济数据也随之回落，预示着欧美地区出现金融危机和经济衰退的概率正在加大。  市场方面，受国内经济复苏的影响，报告期内A股和港股市场均呈现上涨态势，沪深300指数上涨4.63%，恒生指数上涨3.13%，但是均呈现先涨后跌态势，反映出市场对经济增长持续性的分歧。从板块上看，受益于经济复苏的“顺周期”类资产先涨后跌，TMT板块受益于人工智能技术的突破，涨幅最大。  报告期内，我们继续深耕大消费领域，综合考虑宏观环境、行业景气周期的位置、股票估值的性价比，以及未来基本面变化趋势等因素，重点配置了白酒、医药、港股等领域。  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 但是在2022年四季度，国内房地产行业政策、防疫政策均出现明确转变，海外通胀也出现见顶回落迹象，海外央行加息周期进入尾声。宏观环境的变化带动股票市场的反转，四季度A股和港股市场均呈现先抑后扬的态势，沪深300指数上涨1.8%，恒生指数上涨14.9%。  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大消费领域，重点配置了一批在供给端具备核心竞争优势，并且持续创造价值的优质企业。2021上半年，我们的部分持仓受市场风格、行业环境等因素的影响，表现阶段性落后。在这一过程中，我们也不断在审视公司的投资逻辑与价值，并坚定持有中长期逻辑确信度高且预期回报率符合要求的企业。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:01.958Z","mo":"展望2021下半年，宏观环境将会面临更多不确定性，对于部分在2020上半年受疫情影响的行业，下半年开始低基数效应也将消失，增速逐步回归正常，更加考验行业和公司内生增长的能力。从估值层面看，市场整体估值合理，但市场结构性高估值的现象在上半年进一步加剧，也对后续的投资决策造成挑战。在这个过程中，我们将更加注重选股纪律，重视组合的平衡性，力争为投资者获得长期稳健、可持续的投资收益。本基金将继续通过精选个股，围绕居民消费和智慧生活，寻找具备中长期成长潜力的个股，努力为基金持有人创造更多收益。根据对国际国内宏观形势的分析，本基金在后续的投资运作中，基金仓位维持在0~95%，继续重点配置大消费行业。2021年结束后15个工作日后，再决定是否调整策略。","fund":{"_id":3000000002662,"stockCode":"002662","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-08-31T16:00:00.000Z","setUpScale":548850000,"market":"a","tickerId":2662,"custody":"中国建设银行股份有限公司","name":"前海开源沪港深大消费主题精选灵活配置混合型证券投资基金","shortName":"前海开源沪港深大消费主题混合A","fundSecondLevel":"hybrid","__csrcFundId":819,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.661Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深大消费主题混合","memoNum":1,"pinyin":"qhkyhgsdxfztjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20755594","stockType":"fund_manager","exchange":"fm","tickerId":2023206620,"name":"田维"}]},"announcement":{"linkText":"前海开源沪港深大消费主题精选灵活配置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=633002","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a97fea5b3eb045c927","stockId":3000000002662,"sao":"2021年一季度，新冠疫情对国内的影响继续减弱，中国宏观经济在低基数和就地过年政策影响下，出现较大幅度的改善，经济基本面基本恢复常态。海外则随着疫苗接种，疫情逐渐得到缓解，加上2020年陆续出台的强刺激政策，经济基本面改善预期较强，全球通胀预期上行。市场方面，2021年一季度沪深300指数下跌3.13%，恒生指数上涨4.21%，但期间市场风格发生极大变化，因为全球宏观环境出现的新变化，加上前期的部分热门行业涨幅过大、估值较高，2021年春节后部分弱周期板块股价出现较大幅度的回调，而周期类板块表现相对较好。2021年一季度，我们继续深耕大消费领域，重点配置了在供给端具备核心竞争优势并且持续创造价值的优质企业。展望2021年后三个季度，宏观环境将会面临更多不确定性，市场结构性高估值的现象也没有明显缓解，因此2019-2020年持续的高回报大概率不可持续。在这个过程中，我们将更加注重选股纪律，同时更加重视组合的平衡性，力争为投资者获得长期稳健、可持续的投资收益。本基金将继续通过精选个股，围绕居民消费和智慧生活，寻找具备中长期成长潜力的个股，努力为基金持有人创造更多收益。根据对国际国内宏观形势的分析，组合在公布2020年四季度报告之前将继续重点配置大消费行业，并维持不低于90%仓位运作。2020年四季报公布10个工作日之后，至2021年结束后15个工作日内，基金仓位在0~95%，继续重点配置大消费行业。2021年结束后15个工作日后，再决定是否调整策略。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:01.956Z","fund":{"_id":3000000002662,"stockCode":"002662","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-08-31T16:00:00.000Z","setUpScale":548850000,"market":"a","tickerId":2662,"custody":"中国建设银行股份有限公司","name":"前海开源沪港深大消费主题精选灵活配置混合型证券投资基金","shortName":"前海开源沪港深大消费主题混合A","fundSecondLevel":"hybrid","__csrcFundId":819,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.661Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深大消费主题混合","memoNum":1,"pinyin":"qhkyhgsdxfztjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20755594","stockType":"fund_manager","exchange":"fm","tickerId":2023206620,"name":"田维"}]},"announcement":{"linkText":"前海开源沪港深大消费主题精选灵活配置混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=572102","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a97fea5b3eb045c926","stockId":3000000002662,"sao":"2020年可以用“波谲云诡”来形容，突如其来的新冠疫情给全世界带来了巨大的不确定性，政府、企业、居民以及投资者都全身心投入，以应对这一黑天鹅事件。在对抗新冠疫情的过程中，中国的比较优势充分发挥，无论是抗疫本身，还是货币政策的克制度，以及经济复苏的速度，中国都走在世界主要经济体的前列，中国基本面的稳中向好与海外基本面因疫情而持续动荡形成鲜明反差。我们自认为判断货币政策拐点，甚至是判断细分行业短期的景气度，都不是我们的长项，我们想做的是专注消费领域，寻找在供给端具备核心竞争优势，并且持续创造价值的优质企业，因为我们认为那些在供给端形成强大壁垒，并且不断迭代进化的企业，往往更加能够穿越周期，并且不断扩宽需求侧的天花板，依托浩瀚的中国消费市场而不断壮大，甚至去海外寻找更为广阔的空间。2020年，本基金秉持上述原则，重点配置了消费、医药和互联网等大消费领域中的优质企业，在后续的基金操作中，我们仍将秉持这一原则，争取为投资者获得长期稳健、可持续的投资回报。本基金将继续通过精选个股，围绕居民消费和智慧生活，寻找具备中长期成长潜力的个股，努力为基金持有人创造更多收益。根据对国际国内宏观形势的分析，组合在公布2020年四季度报告之前将继续重点配置大消费行业，并维持不低于90%仓位运作。2020年四季报公布10个工作日之后，至2021年结束后15个工作日内，基金仓位在0~95%，继续重点配置大消费行业。2021年结束后15个工作日后，再决定是否调整策略。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:01.953Z","mo":"展望2021年，股票市场面临两个核心矛盾：一是2019-2020年很多板块持续取得较好收益的情况下，估值均处在历史较高水平；另一方面是经济基本面在持续转好，但货币环境边际收紧的预期加强，形成一正一反的拉力。在这样的背景下，我们2021年的投资思路将遵循以下几个基本原则：一是降低预期收益率，以平常心看待宏观环境的波动，主要精力放在对优质企业的挖掘上；二是在投资实践中，以更加严苛的选股纪律来对抗外部环境的不确定性，在考量安全边际的过程中，我们会考量估值，但更多还是依靠优质企业本身的能力。","fund":{"_id":3000000002662,"stockCode":"002662","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-08-31T16:00:00.000Z","setUpScale":548850000,"market":"a","tickerId":2662,"custody":"中国建设银行股份有限公司","name":"前海开源沪港深大消费主题精选灵活配置混合型证券投资基金","shortName":"前海开源沪港深大消费主题混合A","fundSecondLevel":"hybrid","__csrcFundId":819,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.661Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深大消费主题混合","memo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