window.pageData = {"stock":{"_id":3000000004112,"stockCode":"004112","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-12-20T16:00:00.000Z","setUpScale":334733000,"market":"a","tickerId":4112,"name":"创金合信国企活力混合型证券投资基金","shortName":"创金合信国企活力混合","fundSecondLevel":"hybrid","fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2017-01-22T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","delistedDate":"2022-12-06T16:00:00.000Z","masterFundShortName":"创金合信国企活力混合","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50990000","tickerId":50990000,"name":"创金合信基金管理有限公司"},"hotMetrics":{"fp":{"stockId":3000000004112,"type":"fp","f_p_r_fys":-0.28536799697791215,"f_p_r_m1":0,"f_p_r_m3":-0.0880217785843922,"f_p_r_m6":-0.11297440423654015,"f_p_r_y1":-0.283397956997148,"f_p_r_y3":0.1255795842175913,"f_p_r_y5":0.10111046282155645,"f_cagr_p_r_fs":0.018604817758090864,"f_p_r_d1":0.02030456852791862,"f_p_r_y2":-0.21209301425788607,"last_data_date":"2022-12-06T16:00:00.000Z"}},"masterSlaveFunds":[]},"list":[{"_id":"69aec7ae7fea5b3eb046f870","date":"2022-09-29T16:00:00.000Z","stockId":3000000004112,"sao":"三季度，我们对原有持仓进行了大幅调整，从偏成长的持仓调整为以消费为主的持仓结构。站在当时的时点上，我们认为新能源、半导体、军工等行业的拥挤度较高，并且这些行业的一些核心标的对于未来的增长、业绩和预期的边际变化，反映得较为充分，因此我们对这些行业的标的在其过热的阶段进行了调整。虽然疲弱的经济以及疫情的反复对消费行业的风险偏好构成了较大的压制，但是我们认为消费行业，特别是以白酒为代表的重点标的，未来潜在的基本面边际变化或将继续向好，同时行业对当前的负面信息反映得较为充分。在中期维度，消费行业无论是从基本面，还是估值角度，都体现出了较为吸引的赔率和胜率，我们进行精选标的，以期获得较好的超额收益。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:22.200Z","fund":{"_id":3000000004112,"stockCode":"004112","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-12-20T16:00:00.000Z","setUpScale":334733000,"market":"a","tickerId":4112,"name":"创金合信国企活力混合型证券投资基金","shortName":"创金合信国企活力混合","fundSecondLevel":"hybrid","__csrcFundId":1359,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:38.962Z","masterFundFlag":1,"inceptionDate":"2017-01-22T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","delistedDate":"2022-12-06T16:00:00.000Z","masterFundShortName":"创金合信国企活力混合"},"announcement":{"linkText":"创金合信国企活力混合型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=803096","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ae7fea5b3eb046f86f","date":"2022-06-29T16:00:00.000Z","stockId":3000000004112,"sao":"一季度及二季度起始，市场受美联储加息、俄乌战争及上海疫情等因素影响，市场出现大幅下跌。而二季度以来，上海疫情好转，同时地产政策方面迎来了标志性的事件，5月15日人民银行、银保监会通知，下调首套住房商业性个人住房贷款利率下限至不低于相应LPR减20个基点，二套住房商业房贷维持现行规定不变。随后，央行将五年期贷款市场报价利率(LPR)从4.60%下调至4.45%，同时维持一年期LPR在3.70%不变。我们认为，随着按揭贷款利率的下行，地产行业销售已经度过了最低点，整体社融5月可能确认了低点。地产销售是重要的宏观变量，经济处于修复中。国企活力组合主要配置于国有企业和参与国企改革的相关民企。本基金投资于具备持续竞争力的品牌消费品，同时投资于具备高景气度的行业中的具备竞争力的优质个股，包含新能源、半导体等行业。紧扣收入增速和毛利率变化，考虑估值与业绩增速的匹配。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:22.197Z","mo":"上半年国内经济呈现前高后低的走势，证券市场也产生了大幅波动的走势。3月份以来，国内疫情影响此起披伏，对宏观经济和微观经济主题均带来的了较大的冲击，也给国内二季度GDP增长带来了更大的压力。随着货币政策和财政政策的持续发力，国内经济从6月开始持续修复，虽然当前仍然呈现弱复苏的态势，但流动性依然整体宽裕，这也对整个资本市场提供了更好的流动性支持。展望下半年，随着经济的持续修复，叠加流动性的合理充裕，预计资本市场整体走势相对温和，但结构性机会将依然明显，我们将持续关注宏观经济的修复程度与行业中观和企业微观的匹配情况，寻找存在修复空间较大的优质资产，将重点关注消费行业。","fund":{"_id":3000000004112,"stockCode":"004112","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-12-20T16:00:00.000Z","setUpScale":334733000,"market":"a","tickerId":4112,"name":"创金合信国企活力混合型证券投资基金","shortName":"创金合信国企活力混合","fundSecondLevel":"hybrid","__csrcFundId":1359,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:38.962Z","masterFundFlag":1,"inceptionDate":"2017-01-22T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","delistedDate":"2022-12-06T16:00:00.000Z","masterFundShortName":"创金合信国企活力混合"},"announcement":{"linkText":"创金合信国企活力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=779839","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ae7fea5b3eb046f86e","date":"2022-03-30T16:00:00.000Z","stockId":3000000004112,"sao":"2022年以来宏观环境发生了较多变化，往海外看，美国CPI的高企引发更高的加息预期、俄乌战争导致大宗商品价格大幅上涨，进一步引发通胀担忧。而看国内，房地产行业销售继续大幅下滑带动经济预期持续转弱，政策不断强化稳增长预期，但由于疫情的反复，稳增长的节奏和力度如何仍然存疑。叠加2019年以来，市场有了明显上涨，多个板块估值已有明显抬升。在此背景下，整体市场出现大幅下跌。我们认为目前估值风险已经得到较大幅释放，目前部分优质个股已经具备了较好的投资价值。在投资策略上，在成长股方向，我们着重布局了新能源行业，新能源行业兼具利润的可实现性、高增速以及较为合理的估值水平。随着时间的推移，利润的增长会带动估值切换。成长方向，我们也布局了部分半导体及军工半导体，其竞争结构较为稳定，利润增速快，目前来看估值具备吸引力。在消费方面，我们仍然看好品牌价值显著，高ROE的白酒等行业，过去一年的下跌，已经大幅消化了估值，拉长周期看，消费升级的逻辑仍在实现，我们认为白酒行业仍可取得可观成长。财富管理行业中的互联网券商，具备较高护城河，目前估值处于较低位置。从整体选股思路上看，我们仍然倾向于集中持股于优质公司。虽然市场波动很大，短期热点也很多，但我们始终相信，企业创造的价值，才是股价的长期支撑因素，在大幅回调后，部分优质个股的机会已经显现。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:22.195Z","fund":{"_id":3000000004112,"stockCode":"004112","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-12-20T16:00:00.000Z","setUpScale":334733000,"market":"a","tickerId":4112,"name":"创金合信国企活力混合型证券投资基金","shortName":"创金合信国企活力混合","fundSecondLevel":"hybrid","__csrcFundId":1359,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:38.962Z","masterFundFlag":1,"inceptionDate":"2017-01-22T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","delistedDate":"2022-12-06T16:00:00.000Z","masterFundShortName":"创金合信国企活力混合"},"announcement":{"linkText":"创金合信国企活力混合型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=721765","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ae7fea5b3eb046f86d","date":"2021-12-30T16:00:00.000Z","stockId":3000000004112,"sao":"国企活力组合，主要投资于国企或参与国企改革的相关个股。争取在长期较有前景的板块，选择相关竞争力较强的个股。目前持股集中在：1）消费升级领域，主要包含高端白酒、次高端白酒、免税等；2）财富管理领域，主要是优质零售银行及券商；3）新能源及新能源汽车板块；4）科技制造领域，主要包含军工、半导体等国有企业能够取得较好竞争优势的领域。在组合的构建中，试图实现高ROE品种和高成长性品种的平衡，以获取长周期内的净值增长。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:22.192Z","mo":"2021年宏观经济中，最明显的变化是，地产行业的销售明显下滑，部分地产企业的信用风险逐步暴露。与此相对应，货币相对宽松，整体对于成长股相对有利。受益于碳中和等政策的刺激，新能源板块涨幅明显，军工、半导体等板块全年表现也较为活跃。而白酒等消费板块，受制于增速的明显下行，表现相对疲弱。2021年底中央经济工作会议，明确了稳增长的政策主基调，预估地产、基建等方面均可能出现积极变化，因此周期性板块或存在短期修复的可能性。整体市场风格也会更加均衡。","fund":{"_id":3000000004112,"stockCode":"004112","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-12-20T16:00:00.000Z","setUpScale":334733000,"market":"a","tickerId":4112,"name":"创金合信国企活力混合型证券投资基金","shortName":"创金合信国企活力混合","fundSecondLevel":"hybrid","__csrcFundId":1359,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:38.962Z","masterFundFlag":1,"inceptionDate":"2017-01-22T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","delistedDate":"2022-12-06T16:00:00.000Z","masterFundShortName":"创金合信国企活力混合"},"announcement":{"linkText":"创金合信国企活力混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=709690","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ae7fea5b3eb046f86c","date":"2021-09-29T16:00:00.000Z","stockId":3000000004112,"sao":"国企活力组合，主要投资于国企或参与国企改革的相关个股。争取在长期较有前景的板块，选择相关竞争力较强的个股。目前持股集中在：1）消费升级领域，主要包含高端白酒、次高端白酒、免税等；2）财富管理领域，主要是优质零售银行及券商；3）新能源及新能源汽车板块；4）科技制造领域，主要包含军工、半导体等国有企业能够取得较好竞争优势的领域。在组合的构建中，试图实现高ROE品种和高成长性品种的平衡，以获取长周期内的净值增长。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:22.189Z","fund":{"_id":3000000004112,"stockCode":"004112","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-12-20T16:00:00.000Z","setUpScale":334733000,"market":"a","tickerId":4112,"name":"创金合信国企活力混合型证券投资基金","shortName":"创金合信国企活力混合","fundSecondLevel":"hybrid","__csrcFundId":1359,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:38.962Z","masterFundFlag":1,"inceptionDate":"2017-01-22T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","delistedDate":"2022-12-06T16:00:00.000Z","masterFundShortName":"创金合信国企活力混合"},"announcement":{"linkText":"创金合信国企活力混合型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=653778","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ae7fea5b3eb046f86b","date":"2021-06-29T16:00:00.000Z","stockId":3000000004112,"sao":"国企活力组合，主要投资于国企或参与国企改革的相关个股。争取在长期较有前景的板块，选择相关竞争力较强的个股。目前持股集中在：1）消费升级领域，主要包含高端白酒、次高端白酒、免税等；2）财富管理领域，主要是优质零售银行及券商；3）新能源及新能源汽车板块；4）科技制造领域，主要包含军工、半导体等国有企业能够取得较好竞争优势的领域。在组合的构建中，试图实现高ROE品种和高成长性品种的平衡，以获取长周期内的净值增长。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:22.187Z","mo":"展望下半年，受社融已经持续收缩一段时间影响，经济将维持下行态势，利率环境易下难上，在此环境下，预估成长股或仍相对占优，但部分已经被持续压制估值的价值股也具备较好的投资价值。我们仍然认为，要坚持在较好的行业内寻找优质公司，以自下而上的逻辑进行选股，以收获超额收益。","fund":{"_id":3000000004112,"stockCode":"004112","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-12-20T16:00:00.000Z","setUpScale":334733000,"market":"a","tickerId":4112,"name":"创金合信国企活力混合型证券投资基金","shortName":"创金合信国企活力混合","fundSecondLevel":"hybrid","__csrcFundId":1359,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:38.962Z","masterFundFlag":1,"inceptionDate":"2017-01-22T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","delistedDate":"2022-12-06T16:00:00.000Z","masterFundShortName":"创金合信国企活力混合"},"announcement":{"linkText":"创金合信国企活力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=630334","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ae7fea5b3eb046f86a","stockId":3000000004112,"sao":"国企活力基金的绝大部分持仓被限制在国企领域，在股票选择上，我们主要思考，在目前的资本市场中，哪些国企是真正具备活力的，我们沿着以下几条思路进行选择：1、\t由于历史原因，资源禀赋，塑造了明显的品牌优势的企业。这类国企集中在消费领域。我们充分考虑了该品牌优势的持续性、ROE水平和估值水平，进行配置。2、\t部分领域，由于前期投入大，研发周期长等，国企在其中发挥了重要作用，其中以军工板块最为典型。结合当前军工板块景气特征，我们在估值合理的范围内进行了一定配置。3、\t部分国有体制，而激励又非常市场化的企业，这类企业主要集中在制造业中。这类企业，一方面由于国有体制，使得其目光长远，战略定力更足，这类企业往往能形成一定的技术优势；另一方面，其市场化的激励机制充分调动了员工的积极性。这类企业过去保持了较为优异的业绩，未来发展的前景也较为可观，部分企业甚至可能在国际竞争中有所突破。4、\t具备明显牌照优势的国企，其中包含金融企业，也包含其他需要牌照准入的行业。在整体的投资过程中，我们坚持以合理的估值选择优质股票的投资理念，使得投资者可以充分享受优质国企业绩增长所创造的价值。虽然当前市场风格有一定变化，但我们依然认为，享受优质企业的长期成长，是获取超额收益的关键。当前需要不断拷问持有公司的基本面水平，淘汰基本面变差的个股，精选竞争力不断增强的个股，秉着长期持股的想法，不断使组合精进。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:22.184Z","fund":{"_id":3000000004112,"stockCode":"004112","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-12-20T16:00:00.000Z","setUpScale":334733000,"market":"a","tickerId":4112,"name":"创金合信国企活力混合型证券投资基金","shortName":"创金合信国企活力混合","fundSecondLevel":"hybrid","__csrcFundId":1359,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:38.962Z","masterFundFlag":1,"inceptionDate":"2017-01-22T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","delistedDate":"2022-12-06T16:00:00.000Z","masterFundShortName":"创金合信国企活力混合"},"announcement":{"linkText":"创金合信国企活力混合型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=573619","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ae7fea5b3eb046f869","stockId":3000000004112,"sao":"国企活力基金的绝大部分持仓被限制在国企领域，在股票选择上，我们主要思考，在目前的资本市场中，哪些国企是真正具备活力的，我们沿着以下几条思路进行选择：1、\t由于历史原因，资源禀赋，塑造了明显的品牌优势的企业。这类国企集中在消费领域。我们充分考虑了该品牌优势的持续性、ROE水平和估值水平，进行配置。2、\t部分领域，由于前期投入大，研发周期长等，国企在其中发挥了重要作用，其中以军工板块最为典型。结合当前军工板块景气特征，我们在估值合理的范围内进行了一定配置。3、\t部分国有体制，而激励又非常市场化的企业，这类企业主要集中在制造业中。这类企业，一方面由于国有体制，使得其目光长远，战略定力更足，这类企业往往能形成一定的技术优势；另一方面，其市场化的激励机制充分调动了员工的积极性。这类企业过去保持了较为优异的业绩，未来发展的前景也较为可观，部分企业甚至可能在国际竞争中有所突破。4、\t具备明显牌照优势的国企，其中包含金融企业，也包含其他需要牌照准入的行业。在整体的投资过程中，我们坚持以合理的估值选择优质股票的投资理念，使得投资者可以充分享受优质国企业绩增长所创造的价值。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:22.181Z","mo":"全球经过一年的货币宽松，目前资产价格有一定反应，但是由于海外疫情的持续，整体经济的恢复仍然未能完全体现。而随着海外疫苗进展的加快，预期海外经济可能与国内经济的复苏形成共振。市场可能迎来经济上行、利率上行、利润上行的阶段，我们认为虽然股票的估值水平继续扩张的可能性有限，但利润增速的上行仍有望支撑估值。在配置中，更加偏重于配置估值合理且受益于经济复苏的板块。","fund":{"_id":3000000004112,"stockCode":"004112","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-12-20T16:00:00.000Z","setUpScale":334733000,"market":"a","tickerId":4112,"name":"创金合信国企活力混合型证券投资基金","shortName":"创金合信国企活力混合","fundSecondLevel":"hybrid","__csrcFundId":1359,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:38.962Z","masterFundFlag":1,"inceptionDate":"2017-01-22T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","delistedDate":"2022-12-06T16:00:00.000Z","masterFundShortName":"创金合信国企活力混合"},"announcement":{"linkText":"创金合信国企活力混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=552358","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ae7fea5b3eb046f868","stockId":3000000004112,"sao":"2020年三季度初，在金融板块的带动下，市场延续二季度的反弹趋势，走出了快速上扬的走势。从实体经济角度看，投资、出口和消费都进入强恢复的状态，与此相关的金融、地产、化工、建仓、家电、汽车等顺周期、低估值板块相对表现更好。本基金三季度的配置以国企中的白马核心资产为主，未来仍会聚焦于上述行业中景气度恢复良好，且具有更佳估值优势的龙头个股。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:22.178Z","fund":{"_id":3000000004112,"stockCode":"004112","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-12-20T16:00:00.000Z","setUpScale":334733000,"market":"a","tickerId":4112,"name":"创金合信国企活力混合型证券投资基金","shortName":"创金合信国企活力混合","fundSecondLevel":"hybrid","__csrcFundId":1359,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:38.962Z","masterFundFlag":1,"inceptionDate":"2017-01-22T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","delistedDate":"2022-12-06T16:00:00.000Z","masterFundShortName":"创金合信国企活力混合"},"announcement":{"linkText":"创金合信国企活力混合型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=493792","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ae7fea5b3eb046f867","stockId":3000000004112,"sao":"一季度基于对疫情的谨慎观点，本产品维持在仓位下限。二季度随着国内疫情的全面受控，各行业都进入复工复产的状态，在政策层面，中央确立\"六保\"的主基调，货币政策通过降息降准不断引导实体融资利率下行，财政政策通过特别国债、地方债扩容以及各专项财政补贴的方式支持基建、消费和出口行业，从各项经济指标来观察，我们看到明确的环比改善迹象，因此二季度本产品采用更积极的投资策略，在仓位上予以大幅提升，鉴于产品特征池以国企为主，组合构建方向上包括金融、汽车、地产、家用电器、电子等，持仓品种以各行业有明显竞争优势的龙头个股为主。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:22.175Z","mo":"展望下半年，国内经济季度环比提升的确定性还是很强，上半年巨量的社融投放，为下半年的经济复苏打下坚实基础，其中投资增长的确定性最强，出口端无论是疫情物资还是生活必需品，中国供应链都是最佳供给，短期内难以别替代，消费端随着经济的复苏，从必须消费品到可选消费品都大概率会继续回暖。海外疫情尽管仍然看不到明确的好转迹象，但对中国宏观经济的影响可以适度淡化。证券市场总体受益于国家在直接融资层面的战略性调整，如证监会前主席肖刚所言证券市场的重要性到达了前所未有的高度。下半年围绕着创业板注册制的正式实行，还会陆续有更多的改革措施出台，对于激发证券市场的活力会有积极的作用，银行发放牌照通过混业经营进入证券市场从长远来看也更有利于证券行业的做大做强。从年初以来的情况看，北上资金持续流入A股市场，公募基金发行也频现爆款，资金搬家成为长期的重要趋势，因此对市场仍然持更乐观的态度。","fund":{"_id":3000000004112,"stockCode":"004112","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-12-20T16:00:00.000Z","setUpScale":334733000,"market":"a","tickerId":4112,"name":"创金合信国企活力混合型证券投资基金","shortName":"创金合信国企活力混合","fundSecondLevel":"hybrid","__csrcFundId":1359,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:38.962Z","masterFundFlag":1,"inceptionDate":"2017-01-22T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","delistedDate":"2022-12-06T16:00:00.000Z","masterFundShortName":"创金合信国企活力混合"},"announcement":{"linkText":"创金合信国企活力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=463711","linkType":"PDF","source":"csrc_pdf"}}]}