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 下半年组合不及预期，抛开难以避免的对阶段性市场风格的部分不适应之外，原因一是对部分成长行业的信息跟踪需要更加优化，二是部分中期配置行业面临阶段性的基本面压力，包括物流、海风、海运等。后续将充分利用好内外部资源，强化、细化成长行业跟踪。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:55.228Z","mo":"展望2025年，我们仍最为关注若经济复苏可能带来周期性利润率向上弹性的行业、收入有明确增量空间以及潜在盈利改善可能的成长细分，寻求基本面弹性的机会。未来本基金行业布局将更为聚焦制造业的机会，供给侧逻辑有一定保障，成长性细分包括受益行业结构升级方向的PCB覆铜板、海风、汽车零部件及材料、消费电子等，收入增长较为确定，且盈利能力有望受益于结构性变化。  2025年保持积极跟踪关注的方向包括 AI 进展带来的算力侧、端侧硬件及应用侧受益方向，受益2025年汽车行业高端化智能化加速、机器人远期空间的整车及相关零部件。","fund":{"_id":3000000005522,"stockCode":"005522","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-12-24T16:00:00.000Z","setUpScale":229987000,"market":"a","tickerId":5522,"custody":"中国工商银行股份有限公司","name":"华泰保兴吉年福定期开放灵活配置混合型发起式证券投资基金","shortName":"华泰保兴吉年福","fundSecondLevel":"hybrid","__csrcFundId":4962,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:00.826Z","masterFundFlag":1,"inceptionDate":"2017-12-27T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴吉年福","pinyin":"htbxjnfdqkflhpzhhxfqszqtzjj","managers":[{"stockCode":"db20828261","stockType":"fund_manager","exchange":"fm","tickerId":2018229040,"name":"田荣"}]},"announcement":{"linkText":"华泰保兴吉年福定期开放灵活配置混合型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1253300","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8bf7fea5b3eb0484853","date":"2024-09-29T16:00:00.000Z","stockId":3000000005522,"sao":"三季度前期权益市场总体较为疲弱，防御性的板块表现相对较好，三季度末在政策转向刺激下，市场成交大幅放量、指数及个股迅速上涨修复。  但市场过度情绪化难以持续，从政策推出、财政发力到扭转增长和价格预期，需要时间，未来的市场表现核心还是盈利预期。在流动性改善、政策转向的背景下，结构性的机会值得期待，宏观定价导致的行业普遍下行告一段落，我们认为中期角度市场可为、积极看待，我们也继续关注政策端的变化对行业与公司盈利预期的影响。  当下地产周期下行仍未扭转、部分制造行业供需平衡的问题，仍然困扰着大多数行业的盈利展望，我们保持跟踪，寻找潜在的基本面弹性机会。  当前我们认为供给端逻辑坚实的周期品仍是攻守兼备、具有潜在弹性的选择，这也是我们一直配置的方向，并关注部分具备受宏观因素压制而处于周期偏底部、错误定价的优质公司。业绩驱动逻辑清晰、具备基本面和估值保护的成长行业，如风电、PCB、覆铜板、封测等，也是我们配置的方向。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:55.225Z","fund":{"_id":3000000005522,"stockCode":"005522","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-12-24T16:00:00.000Z","setUpScale":229987000,"market":"a","tickerId":5522,"custody":"中国工商银行股份有限公司","name":"华泰保兴吉年福定期开放灵活配置混合型发起式证券投资基金","shortName":"华泰保兴吉年福","fundSecondLevel":"hybrid","__csrcFundId":4962,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:00.826Z","masterFundFlag":1,"inceptionDate":"2017-12-27T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴吉年福","pinyin":"htbxjnfdqkflhpzhhxfqszqtzjj","managers":[{"stockCode":"db20828261","stockType":"fund_manager","exchange":"fm","tickerId":2018229040,"name":"田荣"}]},"announcement":{"linkText":"华泰保兴吉年福定期开放灵活配置混合型发起式证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1173973","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8bf7fea5b3eb0484852","date":"2024-06-29T16:00:00.000Z","stockId":3000000005522,"sao":"上半年市场一波三折，总体承压，成交量相对低迷，悲观的宏观展望压制着市场。市场结构上有很强的撕裂，中小市值公司调整幅度显著更高，红利资产成为资金追逐的对象，当然这与当前的宏观悲观展望和市场参与者结构的变化均有关。  组合结构的主要变化是基于性价比对部分周期品做了一定幅度降仓，对有望海内外共振的海风板块增加了持仓比例，其他行业配置比例上做了小幅度的调整以及部分的个股调换。  操作上本组合继续保持思路的一贯性，行业配置相对均衡，个股适当集中，行业及个股选择上以产业量价周期思维为主、创新变化为辅。我们希望在估值和空间/格局提供一定保护的情况下，赚到中周期行业/公司周期性改善带来的基本面高赔率，如果这个改善预期又有比较高的容错率，包括产能利用率、库存、需求结构、业绩表现、公司领先优势等，那就是我们最喜欢的机会。  当前的投资背景下，对周期改善型投资中保护、容错与高赔率的取舍提出了更高的要求，也对宏观背景持续变化下的中微观研究跟踪展望，带来了新的挑战。我们能做的，还是持续的积累，拓宽研究的范围，理解产业的规律。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:55.223Z","mo":"经济转型、地缘压力的背景下，权益资产面临盈利预期的不确定性，但从调整时间、调整幅度以及当前的市场估值水平来看，已经有了相对充分的演绎。复苏节奏难以预测，但市场赔率是划算的，我们比市场大部分人更乐观一些。尤其是对部分ROE有望改善的行业，如供给端逻辑有利、需求有看点，以及历史ROE水平较高并有望进入改善周期的低估值个股，这些符合我们一贯选择标准的标的，我们认为中周期会有较好的表现。当前配置的部分方向包括海风、生猪养殖、贵金属、基本金属、油轮运输、PCB、封测、物流快递、地产等，部分标的已经持有多个季度，并根据性价比对组合进行调整，力争获得超额回报。","fund":{"_id":3000000005522,"stockCode":"005522","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-12-24T16:00:00.000Z","setUpScale":229987000,"market":"a","tickerId":5522,"custody":"中国工商银行股份有限公司","name":"华泰保兴吉年福定期开放灵活配置混合型发起式证券投资基金","shortName":"华泰保兴吉年福","fundSecondLevel":"hybrid","__csrcFundId":4962,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:00.826Z","masterFundFlag":1,"inceptionDate":"2017-12-27T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴吉年福","pinyin":"htbxjnfdqkflhpzhhxfqszqtzjj","managers":[{"stockCode":"db20828261","stockType":"fund_manager","exchange":"fm","tickerId":2018229040,"name":"田荣"}]},"announcement":{"linkText":"华泰保兴吉年福定期开放灵活配置混合型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1147549","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8bf7fea5b3eb0484851","date":"2024-03-30T16:00:00.000Z","stockId":3000000005522,"sao":"一季度市场整体波动较为剧烈，红利、周期在一季度相对占优，小市值公司波动显著放大。组合配置思路上延续以产业量价周期思维为主、创新变化为辅，并追求估值与行业和公司基本面上的容错。一季度对于部分较为熟悉的小市值标的阶段性参与超跌反弹的交易性机会，但比例较低，对净值影响有限。后市展望，指数层面并不悲观，许多龙头公司的盈利假设和估值仍在预期修复中。  一季度超额收益的主要来源是对有色等部分周期行业的超配，当前周期方面的配置包括贵金属、工业金属、航运、养殖、煤炭等，这几个子行业之间逻辑有差异、beta并不同步，对组合角度的稳健性有帮助。其中养殖对一季度净值造成了部分拖累，我们认为中期逻辑不变，基本面赔率与估值保护仍然符合我们一贯的行业与个股选择要求，仍然保持配置。贵金属、基本金属的价格层面趋势逻辑仍坚实，交易逻辑因为多种短期因素的影响较为拥挤，我们以中期视角维持看好，并继续保持较为紧密的跟踪，滚动去看行业的变化。  科技方向目前持仓仍以偏硬件TMT和车链部分个股为主，寻找和等待新的机会，一季度市场涌现的部分主题性机会并不是个人强项。一季度在市场大幅波动中做了一些个股调整，整体思路是降低配置组合的PE/PB估值，预计2季度TMT和车链应该还是会有低位买优质公司的机会。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:55.220Z","fund":{"_id":3000000005522,"stockCode":"005522","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-12-24T16:00:00.000Z","setUpScale":229987000,"market":"a","tickerId":5522,"custody":"中国工商银行股份有限公司","name":"华泰保兴吉年福定期开放灵活配置混合型发起式证券投资基金","shortName":"华泰保兴吉年福","fundSecondLevel":"hybrid","__csrcFundId":4962,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:00.826Z","masterFundFlag":1,"inceptionDate":"2017-12-27T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴吉年福","pinyin":"htbxjnfdqkflhpzhhxfqszqtzjj","managers":[{"stockCode":"db20828261","stockType":"fund_manager","exchange":"fm","tickerId":2018229040,"name":"田荣"}]},"announcement":{"linkText":"华泰保兴吉年福定期开放灵活配置混合型发起式证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1077511","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8bf7fea5b3eb0484850","date":"2023-12-30T16:00:00.000Z","stockId":3000000005522,"sao":"2023年经济整体呈现出波浪式复苏的态势，年初挤压需求的释放构成阶段性增速高点，后逐步趋稳，四季度有小幅波动，全年看，房地产构成了较大拖累，考虑疫情后第一年，其他部门表现尚可。跟随经济结构调整，部分部门有亮点，比如通信、汽车、符合潮流的性价比消费及部分国产替代领域等。 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