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把握本轮行情的关键。","fund":{"_id":3000000005142,"stockCode":"005142","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-22T16:00:00.000Z","setUpScale":298912000,"market":"a","tickerId":5142,"custody":"国泰君安证券股份有限公司","name":"国联沪港深大消费主题灵活配置混合型发起式证券投资基金","shortName":"国联沪港深大消费主题(005142)","fundSecondLevel":"hybrid","__csrcFundId":4838,"fundStatus":"normal","lastUpdated":"2026-04-30T19:28:12.438Z","masterFundFlag":1,"inceptionDate":"2017-11-15T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联沪港深大消费主题","pinyin":"glhgsdxfztlhpzhhxfqszqtzjj","managers":[{"stockCode":"j101019935","stockType":"fund_manager","exchange":"fm","tickerId":121726243470,"name":"梁勤之"}]},"announcement":{"linkText":"国联沪港深大消费主题灵活配置混合型发起式证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1450383","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8617fea5b3eb047d584","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000005142,"sao":"港股市场在经历了1季度的高歌猛进和2季度的些许平淡后，3季度重新回到了稳健增长的态势。在3季度，我们受益于提前布局的一部分关注度偏低但具有良好性价比的标的的表现，获得了相对于基准的超额收益。展望4季度和2026年，我们仍有积极的期待，主要基于国内逐步复苏的消费环境和AI行业持续推进的产业逻辑。除此之外，在更为复杂的世界局势下，我们看到一些优秀的企业愈发体现强劲的全球竞争力，出海仍是值得重视的赛道。本基金目前的布局方向仍最侧重于互联网消费平台，并对泛消费、出海赛道进行了重点布局，核心还是把握未来的成长大方向，同时尽可能在个股选择和建仓上获得绝对收益角度的估值保护。整体组合估值水位合理偏低，且重点标的的周期位置多数处于上行中段，同时我们也会布局一些周期底部濒临拐点的公司和板块，目标是在持续的周期轮动中获得持续且稳定的超额收益。","lastUpdated":"2026-03-09T13:17:21.993Z","fund":{"_id":3000000005142,"stockCode":"005142","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-22T16:00:00.000Z","setUpScale":298912000,"market":"a","tickerId":5142,"custody":"国泰君安证券股份有限公司","name":"国联沪港深大消费主题灵活配置混合型发起式证券投资基金","shortName":"国联沪港深大消费主题(005142)","fundSecondLevel":"hybrid","__csrcFundId":4838,"fundStatus":"normal","lastUpdated":"2026-04-30T19:28:12.438Z","masterFundFlag":1,"inceptionDate":"2017-11-15T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联沪港深大消费主题","pinyin":"glhgsdxfztlhpzhhxfqszqtzjj","managers":[{"stockCode":"j101019935","stockType":"fund_manager","exchange":"fm","tickerId":121726243470,"name":"梁勤之"}]},"announcement":{"linkText":"国联沪港深大消费主题灵活配置混合型发起式证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1374852","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8617fea5b3eb047d583","date":"2025-06-29T16:00:00.000Z","stockId":3000000005142,"sao":"在2025上半年，恒生指数累计上涨20%，恒生科技指数涨幅接近19%，在2季度恒生指数完成了对恒生科技的反超，一定程度也体现出恒生科技成分股在2季度相对疲软的表现。有别于1季度的“科技领涨、传统分化”特征，2季度港股市场的热点主要集中在创新药和新消费，本基金在配置上从1季度开始对新消费已有所侧重，但主要寻求一些明显低估不被市场发掘的机会，其中部分标的在2季度已经有所收获。资金面上，2025年南水持续买入港股，日均交易额一度达到港股市场的30%，已经成为港股市场上最重要的资金力量，体现出内地资金对于港股优质资产和价值洼地的认可。自14年港股通开通以来，学界和投资者都期待着港股重估的机会，我们看到历史在不可逆的前进。本基金目前的布局方向仍然最侧重于互联网消费平台，并辅以性价比合适较为优质的消费标的，整体组合的估值水位合理偏低、且重点标的的周期位置多数处于上行中段，同时我们也会布局于一些周期底部濒临拐点的板块，目标是在持续的周期轮动中获得持续且稳定的超额收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:21.991Z","mo":"回顾年初对2025年宏观经济有几大核心矛盾的分析，我们认为依旧是今年下半年的重要分析因素：1）中国经济自然修复状态，2）美国对中国关税政策以及中国应对，3）AI技术变化对于经济增长的潜在拉动和信心影响。整体我们觉得有问题有挑战，但终点是积极、乐观的，且越来越近。而对于关税的分析，我们在年初年报分析中，认为短期值得重视但长期出口依旧具备巨大增长动能，目前看已经得到一部分验证。展望泛消费领域，我们认为新消费主题顾然具备阶段性穿越周期的能力，但伴随子赛道体量的变大，势必也会受到整体经济周期脉搏的影响，中国经济复苏的状态依旧是重要的课题。不少新消费公司的高增长和估值抬升，也伴随着多个品类出现全球化突破趋势，我们认为长周期看，对于消费品而言，出口是一个必须的课题，也必然会迸发更多的机会，我们会对此格外重视。","fund":{"_id":3000000005142,"stockCode":"005142","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-22T16:00:00.000Z","setUpScale":298912000,"market":"a","tickerId":5142,"custody":"国泰君安证券股份有限公司","name":"国联沪港深大消费主题灵活配置混合型发起式证券投资基金","shortName":"国联沪港深大消费主题(005142)","fundSecondLevel":"hybrid","__csrcFundId":4838,"fundStatus":"normal","lastUpdated":"2026-04-30T19:28:12.438Z","masterFundFlag":1,"inceptionDate":"2017-11-15T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联沪港深大消费主题","pinyin":"glhgsdxfztlhpzhhxfqszqtzjj","managers":[{"stockCode":"j101019935","stockType":"fund_manager","exchange":"fm","tickerId":121726243470,"name":"梁勤之"}]},"announcement":{"linkText":"国联沪港深大消费主题灵活配置混合型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1347738","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8617fea5b3eb047d582","date":"2025-03-30T16:00:00.000Z","stockId":3000000005142,"sao":"在2025年1季度，恒生指数累计上涨15%，恒生科技指数涨幅达21%，市场结构性分化显著，呈现“科技领涨、传统分化”的特征，主要体现了Deepseek事件以来全球资金对于中国科技的重视和重估。由于年初本基金重点配置互联网资产，认为其是AI科技和国内经济复苏最大的公约数资产，在1季度取得了一定收益。资金面上，2025年南水持续买入港股，日均交易额一度达到港股市场的30%，已经成为港股市场上最重要的资金力量，体现出内地资金对于港股优质资产和价值洼地的认可。自14年港股通开通以来，学界和投资者都期待着港股重估的机会，我们看到历史在不可逆的前进。面对全球贸易冲击和巨大变革，2025年必将是不平凡的一年。虽然进入2季度，中国将面临对美关税的困扰，但另一方面我国政府也将以充足的工具箱来面对挑战，我们期待越来越多的刺激内需政策将进一步出台。更深远的是，美国愈演愈烈的孤立主义，会进一步弱化美元的信用，从而长期为人民币以及人民币资产带来历史性机遇。","declarationDate":"2025-04-21T16:00:00.000Z"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也对全球流动性环境有着至关重要的影响，因此四季度市场波动可能会较为剧烈。本基金秉持基金主题的要求，以医药、消费者服务、地产、纺织服装等消费类资产为配置主线，我们相信随着疫情防控手段的更加科学与精准，国内经济活力终有恢复，优秀的公司亦能度过困境，实现更高质量的发展。尽管外部环境多有不利，我们仍将关注行业及公司本身的发展前景，并基于此持续优化投资组合。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:21.951Z","fund":{"_id":3000000005142,"stockCode":"005142","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-22T16:00:00.000Z","setUpScale":298912000,"market":"a","tickerId":5142,"custody":"国泰君安证券股份有限公司","name":"国联沪港深大消费主题灵活配置混合型发起式证券投资基金","shortName":"国联沪港深大消费主题(005142)","fundSecondLevel":"hybrid","__csrcFundId":4838,"fundStatus":"normal","lastUpdated":"2026-04-30T19:28:12.438Z","masterFundFlag":1,"inceptionDate":"2017-11-15T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联沪港深大消费主题","pinyin":"glhgsdxfztlhpzhhxfqszqtzjj","managers":[{"stockCode":"j101019935","stockType":"fund_manager","exchange":"fm","tickerId":121726243470,"name":"梁勤之"}]},"announcement":{"linkText":"中融沪港深大消费主题灵活配置混合型发起式证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=810673","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8617fea5b3eb047d577","date":"2022-06-29T16:00:00.000Z","stockId":3000000005142,"sao":"2022年上半年，国内经受了新一轮疫情的扰动，迎来了相对宽松的流动性环境；而海外市场则因能源紧缺、俄乌冲突等等问题持续受到高通胀的影响，采用更积极的货币紧缩政策。随着中外CPI的差距不断扩大，国内宽松国外紧缩的流动性环境趋于合理，叠加国内制造业的快速复工复产，出口恢复，人民币汇率企稳。二季度，新能源汽车在政策扶植与新车供给双重作用下，全产业链都迎来了快速的发展，新技术的应用与供应链国产化加速推进，龙头车企的利润也加速释放。我们积极增加了汽车板块的配置，优选产品力卓越的整车企业。另外，本基金亦秉持基金主题的要求，以医药、消费者服务、龙头地产等消费类资产为配置主线，随着国内经济复苏态势得到巩固，我们将更关注行业及公司本身的发展前景，并基于此优化投资组合。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:21.948Z","mo":"展望下半年，市场对美联储加息节奏的预期比较充分，虽然国内经济的复苏经常受到扰动，但我们认为当前的综合流动性环境和制造、消费等多数行业的政策环境都是相对友好的，历经波折后，制造业的活力恢复或终会拉动消费的需求恢复。虽然短期仍有不确定性，但考虑到当前时点，居民部门经过多次疫情冲击后，消费能力和消费意愿都处于低位，往后看，时间大概率是站在有利于消费复苏的一边，而且我们也会发现有增量空间的细分方向。下半年，本基金仍会积极主动去挖掘新消费方向，重视新需求、新产品、新渠道的诞生与发展，力争在基金主题的范围内为持有人创造超额收益。","fund":{"_id":3000000005142,"stockCode":"005142","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-22T16:00:00.000Z","setUpScale":298912000,"market":"a","tickerId":5142,"custody":"国泰君安证券股份有限公司","name":"国联沪港深大消费主题灵活配置混合型发起式证券投资基金","shortName":"国联沪港深大消费主题(005142)","fundSecondLevel":"hybrid","__csrcFundId":4838,"fundStatus":"normal","lastUpdated":"2026-04-30T19:28:12.438Z","masterFundFlag":1,"inceptionDate":"2017-11-15T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联沪港深大消费主题","pinyin":"glhgsdxfztlhpzhhxfqszqtzjj","managers":[{"stockCode":"j101019935","stockType":"fund_manager","exchange":"fm","tickerId":121726243470,"name":"梁勤之"}]},"announcement":{"linkText":"中融沪港深大消费主题灵活配置混合型发起式证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=783315","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8617fea5b3eb047d576","date":"2022-03-30T16:00:00.000Z","stockId":3000000005142,"sao":"二零二二年一季度，海外地缘政治动荡、美联储进入紧缩周期、粮食和能源等大宗商品价格波动加剧、国内疫情超预期多发，在影响众多公司盈利前景的同时，也对离岸市场的流动性造成了剧烈的冲击。随着俄乌事件的缓解以及国内自上而下传达的稳增长政策意图，市场信心得到了一定程度的修复，季末在诸多不确定因素环绕下，香港市场转入震荡。在此背景下，我们提高了组合的防御型，增加了低估值、高股息的品种，配置上向流动性好的大盘股票倾斜。 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，市场在消化完教育、医疗、互联网、能源等各行业的政策影响后将基于盈利的基本面迎来再平衡。但是过往基于海外市场研究的经验使得我们低估了国内政策对于企业盈利能够造成的巨大影响。在本基金主题的界定下，科技、消费、医药仍将是我们重点配置的方向，但是在新的季度，我们会重新审视企业盈利可能受到政策的不利影响，紧密跟踪企业竞争能力与行业景气度的边际变化，敬畏市场，从风险收益比的角度，持续优化组合的结构。","fund":{"_id":3000000005142,"stockCode":"005142","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-22T16:00:00.000Z","setUpScale":298912000,"market":"a","tickerId":5142,"custody":"国泰君安证券股份有限公司","name":"国联沪港深大消费主题灵活配置混合型发起式证券投资基金","shortName":"国联沪港深大消费主题(005142)","fundSecondLevel":"hybrid","__csrcFundId":4838,"fundStatus":"normal","lastUpdated":"2026-04-30T19:28:12.438Z","masterFundFlag":1,"inceptionDate":"2017-11-15T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联沪港深大消费主题","pinyin":"glhgsdxfztlhpzhhxfqszqtzjj","managers":[{"stockCode":"j101019935","stockType":"fund_manager","exchange":"fm","tickerId":121726243470,"name":"梁勤之"}]},"announcement":{"linkText":"中融沪港深大消费主题灵活配置混合型发起式证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=632925","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8617fea5b3eb047d572","stockId":3000000005142,"sao":"一季度，全球疫苗接种加速推进，主要经济体PMI均处于扩张区间，经济复苏态势良好，总体来说，受益于全球经济复苏，且估值合理、下行风险较小的顺周期板块相对表现更好。我们在一季度也适当的降低了高估值科技股的配置，同时增加了顺周期资源品的配置。近期市场对国内外政策方面的忧虑，即担心货币政策收紧，又担心美国的基建和税收政策带来的不确定性，但是这些担忧仍然停留在预期层面，并未实质兑现，除非国内政策立场或外部环境出现急剧逆转甚至恶化，我们预计二季度市场可能维持盘整态势，应当存在阶段性的机会。在当前复杂多变的市场环境下，我们认为均衡配置价值与成长是抵御市场波动的合理选择。行业层面，我们仍然相对更看好受益强劲出口需求以及消费与服务回暖的投资标的，并且会更加关注估值水平具有吸引力的优质细分行业龙头。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:21.935Z","fund":{"_id":3000000005142,"stockCode":"005142","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-22T16:00:00.000Z","setUpScale":298912000,"market":"a","tickerId":5142,"custody":"国泰君安证券股份有限公司","name":"国联沪港深大消费主题灵活配置混合型发起式证券投资基金","shortName":"国联沪港深大消费主题(005142)","fundSecondLevel":"hybrid","__csrcFundId":4838,"fundStatus":"normal","lastUpdated":"2026-04-30T19:28:12.438Z","masterFundFlag":1,"inceptionDate":"2017-11-15T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联沪港深大消费主题","pinyin":"glhgsdxfztlhpzhhxfqszqtzjj","managers":[{"stockCode":"j101019935","stockType":"fund_manager","exchange":"fm","tickerId":121726243470,"name":"梁勤之"}]},"announcement":{"linkText":"中融沪港深大消费主题灵活配置混合型发起式证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=569457","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8617fea5b3eb047d571","stockId":3000000005142,"sao":"2020年，全球主要股指大多经历了大幅上涨，但香港市场因为受到疫情的影响更为严重和中美关系的双重压制成为了例外，恒生指数在全球主要市场中表现靠后。同时，港股内部表现分化，新经济优于传统周期，科技、消费优于恒生指数，恒生小型指数好于中型及大型指数。宏观经济的周期性波动导致企业盈利的分化，9月份恒指调整前，香港主要指数仍旧偏向金融地产，此类周期性板块受累于经济结构的调整，故表现不佳。2020年上半年，本基金重点布局了互联网和消费，当时多数公司的估值处于历史均值以下、合理偏低的位置，故而能享受到流动性宽松带来的估值提升；但是7月份以后我们对流动性边际收紧的判断过于谨慎，因此加大了顺周期、低估值等大金融板块的配置，同时在新能源领域的配置相对不足，所以下半年的整体表现相对不佳。2020年底，虽然国内疫情出现了超预期的反复，但我们认为大规模再次爆发的概率极低，随着全球范围内疫苗接种的推进，全球经济活动都将逐步恢复，香港本地经济也将走出低谷，我们亦开始关注本地服务业的恢复和相关的投资机会。回顾全年，本基金的表现跑赢了业绩比较基准。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:21.933Z","mo":"展望2021年，考虑到中美博弈有边际缓和，香港政治和经济环境也都日渐稳定，此前压制港股估值的利空因素正在消退。同时南下资金的持续流入，也让我们更加看好港股市场在新一年的表现。2021年，我们仍将会重点关注大消费方向及互联网龙头公司。虽然经过前期的强势表现后，消费和科技的整体估值并不低，但是具备核心竞争力和不可替代性的优秀公司，仍旧具有中长期的配置价值。年初市场已经呈现出流动性溢出带来的普涨行情，但是后续个股会面临分化加剧的格局，我们的策略将坚持从长期收益出发，拉长视角、配置有核心竞争优势、有成长性、有确定性的好公司，同时也会更加关注细分领域的龙头公司。","fund":{"_id":3000000005142,"stockCode":"005142","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-22T16:00:00.000Z","setUpScale":298912000,"market":"a","tickerId":5142,"custody":"国泰君安证券股份有限公司","name":"国联沪港深大消费主题灵活配置混合型发起式证券投资基金","shortName":"国联沪港深大消费主题(005142)","fundSecondLevel":"hybrid","__csrcFundId":4838,"fundStatus":"normal","lastUpdated":"2026-04-30T19:28:12.438Z","masterFundFlag":1,"inceptionDate":"2017-11-15T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联沪港深大消费主题","pinyin":"glhgsdxfztlhpzhhxfqszqtzjj","managers":[{"stockCode":"j101019935","stockType":"fund_manager","exchange":"fm","tickerId":121726243470,"name":"梁勤之"}]},"announcement":{"linkText":"中融沪港深大消费主题灵活配置混合型发起式证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=550848","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8617fea5b3eb047d570","stockId":3000000005142,"sao":"三季度，港股市场高开低走，海外疫情反复叠加流动性边际收紧的预期波动下，港股的部分银行估值已经跌到了破产水平，相较A股呈现出更为显著的分化，但同时，两地市场在光伏、新能源汽车等板块则有同步的表现，都反映了较强的市场预期。基金经理人延续了在消费、医药、金融、互联网、新能源等行业上均衡配置的思路，结构上增加了博彩、汽车等可选消费标的的配置。四季度，国内经济的复苏大概率将得以延续，微观上，作为第二大消费品的汽车，销量正在逐月改善，对上下游产业将产生积极的影响。虽然欧美市场仍然存在一些潜在的风险，但背靠中国，我们对港股市场在盈利上修背景下的表现保持相对乐观。细分领域，我们仍将重点关注消费、医药、金融和科技板块的投资机会。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:0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