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巨大：大约2/3的行业录得年度正收益，其中银行、非银行金融和家电行业的年度涨幅均超过了30%，而医药、农林牧渔、消费者服务、房地产、食品饮料等行业则遭遇了超过5%的下跌；金融风格和稳定风格的涨幅遥遥领先，消费风格却是全年负收益。本基金在2024年维持较高仓位运作，整体配置倾向于高端制造方向，报告期内净值表现不佳。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:44.586Z","mo":"经济展望：2025年中国经济将延续稳中向好的发展态势，在高质量发展的引领下，预计实现全面协调可持续增长。首先，经济增长目标将保持在合理区间，这一目标将通过扩大内需、优化供给结构和提升创新能力来实现。其次，内需市场将得到进一步激活和扩大，消费作为经济增长的主引擎，将通过提升居民收入、优化消费环境和促进新型消费来激发潜力。第三，经济结构将继续优化升级，传统产业将加快数字化、智能化改造，新兴产业和高技术产业将迎来快速发展，人工智能将成为经济增长的新动能。第四，风险防控将更加精准有效，地方政府债务、房地产市场和金融领域的风险隐患将得到妥善化解，确保经济金融稳定。总之，我国经济回升向好、长期向好的基本趋势没有改变，支撑高质量发展的要素条件不断集聚增多，经济的结构性亮点也会层出不穷。　　　　股市展望：强势政策托底，结构性牛市可期。从历史上每一次A股底部框架的整理可以看出，由于政策具备逆周期调节的功能，因此大多数A股底部呈现政策底→市场底→盈利底的传导路径。9.26政治局会议定调当前经济政策方向，各部委争先恐后出台积极措施作为响应，市场预期和投资者信心强势扭转，短期股市和资金面已经正面反应，指数已经走出熊市底部区域，长期能否走牛取决于后续经济基本面能否有效企稳回升。我们对于经济总量的增长提速表示谨慎乐观，对于经济结构的高质量改善更是充满信心，相信这些积极的变化最终都会对资本市场形成正反馈。　　　　操作思路：经济和股市面临的尾部风险显著降低，摒弃熊市思维，积极寻找结构性机会，以风险偏好系统性提升作为配置主线。我们计划将本基金股票仓位维持在较高水平，坚持长期视角，恪守估值边界，紧跟景气趋势，把握成长股的确定性机会；自上而下深耕政策和景气的共振上行赛道进行重点布局，同时自下而上精选具备长期竞争优势和短期积极变化的公司。2025年重点布局两类投资机会：一是代表新质生产力的科技创新资产，兼具政策高光和产业爆发的逻辑，以AI为代表，还包括商业航空、低空经济等板块；二是绝对低估型资产，包括景气度迎来困境反转的军工、医药、光伏等行业。同时关注两个主题：重组并购和回购增持再贷款。","fund":{"_id":3000000006154,"stockCode":"006154","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-11-25T16:00:00.000Z","setUpScale":266445000,"market":"a","tickerId":6154,"custody":"中国银行股份有限公司","name":"华安制造先锋混合型证券投资基金","shortName":"华安制造先锋混合(006154)","fundSecondLevel":"hybrid","__csrcFundId":5832,"fundStatus":"normal","lastUpdated":"2026-04-30T20:02:18.091Z","masterFundFlag":1,"inceptionDate":"2018-12-24T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安制造先锋混合","pinyin":"hazzxfhhxzqtzjj","managers":[{"stockCode":"db20728734","stockType":"fund_manager","exchange":"fm","tickerId":120303205320,"name":"刘畅畅"}]},"announcement":{"linkText":"华安制造先锋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=1255214","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9687fea5b3eb0491278","date":"2024-09-29T16:00:00.000Z","stockId":3000000006154,"sao":"报告期内，宏观需求偏弱、通胀持续低迷、经济增长放缓压力加大，在此背景下，国内稳增长政策明显加码，重磅政策信号接连释放。受益于此，投资者情绪显著修复，风险偏好回升，成交创出新高，A股市场呈现先抑后扬走势：3季度上证指数上涨12.44%，深证成指上涨19.00%，沪深300上涨16.07%，创业板指上涨29.21%。从行业表现来看，非银行金融、综合金融的行业指数涨幅遥遥领先，房地产、消费者服务、计算机、传媒、电力设备及新能源等行业紧随其后，而石油石化、煤炭、电力及公用事业等行业表现相对落后；从风格表现来看，金融风格指数涨幅最高，消费风格和成长风格亦有不俗表现，稳定风格上涨较小。本基金在3季度维持较高仓位运作，坚持PEG成长投资策略，整体配置倾向于高端制造方向，净值表现略好于比较基准。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:44.584Z","fund":{"_id":3000000006154,"stockCode":"006154","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-11-25T16:00:00.000Z","setUpScale":266445000,"market":"a","tickerId":6154,"custody":"中国银行股份有限公司","name":"华安制造先锋混合型证券投资基金","shortName":"华安制造先锋混合(006154)","fundSecondLevel":"hybrid","__csrcFundId":5832,"fundStatus":"normal","lastUpdated":"2026-04-30T20:02:18.091Z","masterFundFlag":1,"inceptionDate":"2018-12-24T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安制造先锋混合","pinyin":"hazzxfhhxzqtzjj","managers":[{"stockCode":"db20728734","stockType":"fund_manager","exchange":"fm","tickerId":120303205320,"name":"刘畅畅"}]},"announcement":{"linkText":"华安制造先锋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=1174250","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9687fea5b3eb0491277","date":"2024-06-29T16:00:00.000Z","stockId":3000000006154,"sao":"报告期内，经济运行中积极因素增多，动能持续增强，社会预期改善，高质量发展扎实推进，呈现增长较快、结构优化、质效向好的特征。上半年，随着各项宏观政策落实落细，工业生产实现较快增长，企业利润持续平稳恢复。报告期内，A股市场整体呈现区间震荡走势：上证指数微跌0.25%，深证成指下跌7.10%，沪深300微涨0.89%，创业板指下跌10.99%，科创50下跌16.42%。从行业表现来看，银行、煤炭、石油石化、家电等一级行业涨幅领先，而消费者服务、计算机、商贸零售、传媒、医药等行业表现较弱，行业之间分化较大。从风格表现来看，稳定风格指数遥遥领先，金融风格亦有正收益，但成长风格和消费风格指数跌幅较大。本基金在上半年维持较高仓位运作，整体配置倾向于高端制造方向，报告期内净值表现不佳。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:44.581Z","mo":"经济展望：虽然当前经济面临诸多挑战，主要包括：有效需求仍然不足，企业经营压力较大，重点领域风险隐患较多，国内大循环不够顺畅，外部环境复杂性、严峻性、不确定性明显上升，但同时必须看到，我国经济基础稳、优势多、韧性强、潜能大，回升向好仍是当前经济运行的基本特征和趋势。我们拥有世界上最有潜力的超大规模市场，宏观政策会对经济恢复持续提供支撑，全面深化改革开放注入强大动力，叠加全球新一轮科技革命和产业变革，支撑我国经济高质量发展的要素条件不断集聚增多，我们应该对未来充满信心。　　　　股市展望：长期来看，估值底部和经济复苏两个要素共振，资本市场风险偏好有望回归，股市运行中枢具备逐步上行的条件。短期而言，下半年外部环境将更加纷繁复杂，内部政策或加强托底力度，预期股市整体仍将维持区间震荡，市场表现仍将以结构性机会为主。　　　　操作思路：当前经济和股市面临的尾部风险显著降低，战略上长期看多，战术上积极挖掘结构性投资机会。我们计划将本基金股票仓位维持在较高水平，坚持长期视角，恪守估值边界，紧跟景气趋势，把握成长股的确定性机会；自上而下深耕政策和景气的共振上行赛道进行重点布局，同时自下而上精选具备长期竞争优势和短期积极变化的公司。下半年重点关注三条配置思路：一是长期贝塔触底回升，即核心资产中的成长龙头，以宁组合和恒生科技为代表，等待长期价值回归；二是预期困境反转，包括军工、医药、新能源等行业；三是奔赴星辰大海，包括AI终端和应用、生物制造、人形机器人、商业航天、低空经济等前沿创新方向。","fund":{"_id":3000000006154,"stockCode":"006154","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-11-25T16:00:00.000Z","setUpScale":266445000,"market":"a","tickerId":6154,"custody":"中国银行股份有限公司","name":"华安制造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底上行的拐点；最关键的是，目前A股市场的整体估值水平处于历史底部区域，投资者信心的熊市底部特征明显，一旦基本面改善趋势得到确认，市场有望迎来“戴维斯双击”。综上所述，我们判断对于当前市场不宜悲观，更应以积极的心态去寻找结构性机会。操作思路：战略上长期看多，战术上积极挖掘结构性投资机会。按照中央经济工作会议的政策指引，2023年的投资主线中，复苏、安全和创新或是三大关键词。我们计划将本基金股票仓位维持在较高水平，坚持长期视角，恪守估值边界，紧跟景气趋势，把握成长股的确定性机会；自上而下深耕政策和景气的共振上行赛道进行重点布局，同时自下而上精选具备长期竞争优势和短期积极变化的公司；行业配置将重点关注安全维度的军工、半导体和创新维度的新能源、高端制造等领域。","fund":{"_id":3000000006154,"stockCode":"006154","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-11-25T16:00:00.000Z","setUpScale":266445000,"market":"a","tickerId":6154,"custody":"中国银行股份有限公司","name":"华安制造先锋混合型证券投资基金","shortName":"华安制造先锋混合(006154)","fundSecondLevel":"hybrid","__csrcFundId":5832,"fundStatus":"normal","lastUpdated":"2026-04-30T20:02:18.091Z","masterFundFlag":1,"inceptionDate":"2018-12-24T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安制造先锋混合","pinyin":"hazzxfhhxzqtzjj","managers":[{"stockCode":"db20728734","stockType":"fund_manager","exchange":"fm","tickerId":120303205320,"name":"刘畅畅"}]},"announcement":{"linkText":"华安制造先锋混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=867154","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9687fea5b3eb0491270","date":"2022-09-29T16:00:00.000Z","stockId":3000000006154,"sao":"报告期内，受内需不振叠加疫情影响，国内经济增长下行压力加大；外部环境更趋复杂严峻，俄乌冲突持续，欧洲饱受能源危机之苦，美联储再三表态遏制通胀的决心，引发市场对于欧美经济明年恐将陷入衰退的担忧，同时，美国对于中国高科技产业的围堵也加重了市场对于未来世界格局不确定性的忧虑。在多重利空因素的作用下，A股在3季度一路下行。报告期内上证指数下跌11.01%，深证成指下跌16.42%，沪深300下跌15.16%，创业板指下跌18.56%，主要指数集体下挫；从行业表现来看，煤炭指数是唯一收红的行业，而建材、电子、传媒、医药、基础化工、汽车、计算机、消费者服务、有色金属、电力设备新能源、商贸零售等多个行业指数的季度跌幅都超过15%；从风格来看，所有风格指数也是全线收跌，其中成长和消费风格跌幅居前，稳定和金融风格相对较好。本基金在3季度维持较高仓位运行，整体配置倾向于科技成长和高端制造方向，导致报告期内净值表现不佳。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:44.563Z","fund":{"_id":3000000006154,"stockCode":"006154","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-11-25T16:00:00.000Z","setUpScale":266445000,"market":"a","tickerId":6154,"custody":"中国银行股份有限公司","name":"华安制造先锋混合型证券投资基金","shortName":"华安制造先锋混合(006154)","fundSecondLevel":"hybrid","__csrcFundId":5832,"fundStatus":"normal","lastUpdated":"2026-04-30T20:02:18.091Z","masterFundFlag":1,"inceptionDate":"2018-12-24T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安制造先锋混合","pinyin":"hazzxfhhxzqtzjj","managers":[{"stockCode":"db20728734","stockType":"fund_manager","exchange":"fm","tickerId":120303205320,"name":"刘畅畅"}]},"announcement":{"linkText":"华安制造先锋混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=802416","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9687fea5b3eb049126f","date":"2022-06-29T16:00:00.000Z","stockId":3000000006154,"sao":"报告期内，中国经济正面临需求收缩、供给冲击、预期转弱的三重压力，稳增长政策陆续出台但见效尚需时日，叠加新冠疫情多地散发造成的负面影响，短期经济增速下行压力较大。同时，外部环境更趋复杂严峻，美联储正式开启加息周期，大宗商品价格大幅上涨带来通胀压力，俄乌冲突更是引发市场对于未来世界格局不确定性的担忧。市场先对上述利空因素作出充分反应，其后在疫情边际改善、企业复工复产的预期作用下，又成功筑底回升，整个上半年走出“V”型走势。报告期内，上证指数下跌6.63%，深证成指下跌13.20%，沪深300下跌9.22%，创业板指下跌15.41%，市场呈现普跌状态；从行业表现来看，煤炭以33.74%的涨幅一骑绝尘，消费者服务和交通运输是另外仅有的两个正收益行业，而电子、传媒、计算机等TMT行业指数的跌幅都超过了20%，国防军工、轻工制造、通信等行业亦表现不佳；从风格来看，稳定指数最为抗跌，周期和金融指数紧随其后，而成长指数回撤明显。本基金在上半年维持较高仓位运行，整体配置倾向于科技成长和高端制造方向，最终基金净值在报告期内小幅跑输了业绩比较基准。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:44.560Z","mo":"股市展望：上半年A股市场的波动幅度超出我们预期，归根到底是今年投资面临的宏观环境较往年更加纷繁复杂，中美经济增长趋势和货币政策取向的背离，导致市场风险偏好在不同阶段出现大幅震荡。展望下半年，尽管疫情后经济复苏是个长期过程，但胜在确定性高，考虑市场整体PB估值处于历史底部区域，我们判断指数底部基本已经夯实，市场中枢有望长期上行。展望市场结构，未来可能呈现两个特征：一是行业之间会趋于均衡，无论是科技还是消费，成长性才是板块表现的决定性因素；二是行业内部会出现分化，业绩增长的速度、确定性和估值性价比会更加重要。操作思路：从两个维度去判断和挖掘结构性投资机会：一是重要性，无论是从盈利还是估值考虑，国内经济趋势及政策取向对于A股的影响力都要远大于美国因素；二是确定性，经济短期面临众多扰动因素，但长期向好和结构优化的方向却很清晰。因此，立足国内长期因素，我们就会对科技成长、高端制造等新经济的未来充满信心。我们计划在下半年将本基金股票仓位维持在较高水平，积极寻找结构性机会，自上而下深耕政策和景气的共振上行赛道进行重点布局，同时自下而上精选具备长期竞争优势和短期积极变化的公司。具体来说，我们将以宏观政策主导下的科技兴国、中观产业升级下的制造崛起、微观盈利驱动下的业绩为王作为核心配置主线，重点关注三类投资机会：一是创新和安全驱动的军工、半导体、高端制造等升级产业链，二是绿色发展的新能源汽车、绿电、节能减排等双碳产业链，三是稳增长政策加码对应的新基建产业链。","fund":{"_id":3000000006154,"stockCode":"006154","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-11-25T16:00:00.000Z","setUpScale":266445000,"market":"a","tickerId":6154,"custody":"中国银行股份有限公司","name":"华安制造先锋混合型证券投资基金","shortName":"华安制造先锋混合(006154)","fundSecondLevel":"hybrid","__csrcFundId":5832,"fundStatus":"normal","lastUpdated":"2026-04-30T20:02:18.091Z","masterFundFlag":1,"inceptionDate":"2018-12-24T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安制造先锋混合","pinyin":"hazzxfhhxzqtzjj","managers":[{"stockCode":"db20728734","stockType":"fund_manager","exchange":"fm","tickerId":120303205320,"name":"刘畅畅"}]},"announcement":{"linkText":"华安制造先锋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=782489","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9687fea5b3eb049126e","date":"2022-03-30T16:00:00.000Z","stockId":3000000006154,"sao":"报告期内，中国经济正面临需求收缩、供给冲击、预期转弱的三重压力，稳增长政策陆续出台但见效尚需时日，叠加新冠疫情多地散发造成的负面影响，短期经济增速下行压力较大。同时，外部环境更趋复杂严峻，美联储正式开启加息周期，大宗商品价格大幅上涨带来通胀压力，俄乌冲突更是引发市场对于未来世界格局不确定性的担忧，中概股在美国也是遭遇政策逆风。在这一系列利空因素共同作用下，1季度主要指数均出现了大幅下挫，其中上证指数下跌10.65%，深证成指下跌18.44%，沪深300下跌14.53%，创业板指下跌19.96%。从行业表现来看，煤炭、房地产和银行是仅有的3个正收益行业，而电子、国防军工、汽车、家电、食品饮料、机械等5个行业指数的季度跌幅则超过了20%。从风格来看，所有风格指数均为季度负收益，其中成长和消费风格领跌，金融和稳定风格相对占优。本基金在1季度维持较高仓位运行，整体配置倾向于科技成长和高端制造方向，最终基金净值在报告期内跑输了业绩比较基准。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:44.558Z","fund":{"_id":3000000006154,"stockCode":"006154","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-11-25T16:00:00.000Z","setUpScale":266445000,"market":"a","tickerId":6154,"custody":"中国银行股份有限公司","name":"华安制造先锋混合型证券投资基金","shortName":"华安制造先锋混合(006154)","fundSecondLevel":"hybrid","__csrcFundId":5832,"fundStatus":"normal","lastUpdated":"2026-04-30T20:02:18.091Z","masterFundFlag":1,"inceptionDate":"2018-12-24T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安制造先锋混合","pinyin":"hazzxfhhxzqtzjj","managers":[{"stockCode":"db20728734","stockType":"fund_manager","exchange":"fm","tickerId":120303205320,"name":"刘畅畅"}]},"announcement":{"linkText":"华安制造先锋混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=722789","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9687fea5b3eb049126d","date":"2021-12-30T16:00:00.000Z","stockId":3000000006154,"sao":"回顾2021年资本市场，新冠疫情蔓延继续对全球经济增长形成拖累。应对疫情，中国一直坚持“外防输入、内防反弹”总策略不动摇，坚持“动态清零”的防疫目标，取得了良好的社会效益和经济效益，实现全年GDP同比增长8.1%，两年平均增长5.1%，在全球主要经济体中名列前茅。在经济复苏、疫情扰动、政策调控的多种因素共同作用下，A股市场全年呈现区间震荡走势，其中上证指数上涨4.80%、深证成指上涨2.67%、沪深300下跌5.20%、创业板指上涨12.02%。从行业表现来看，电力设备及新能源板块以50.41%的年度涨幅一马当先，基础化工、有色金属、煤炭、钢铁等板块以超过40%的涨幅紧随其后，但消费者服务、非银行金融、家电等板块的年度跌幅则超过了10%，房地产、农林牧渔、食品饮料、医药等行业亦表现不佳。从风格来看，周期风格表现最为优异，成长和稳定风格也有不俗表现，而金融和消费风格则是负收益。报告期内，基于对国内疫情防控策略的信心和经济长期高质量发展的判断，本基金一直维持较高仓位运作，以科技成长和高端制造为主要配置方向。报告期内，本基金大幅跑赢业绩比较基准。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:44.555Z","mo":"宏观经济展望：2022年投资面临的宏观环境较往年更加纷繁复杂，主要表现为两大背离：一是中国与美国宏观的背离，一方面，中美经济错位复苏，中国经济正面临需求收缩、供给冲击、预期转弱的三重压力，美国经济则是逐步走出谷底，宏观数据强劲复苏；另一方面，中美政策背道而驰，中国经济工作强调稳字当头、稳中求进，稳增长不仅是经济问题，更是政治问题，而美联储则是频频释放鹰派信号，美国预计将逐步进入加息周期。二是国内经济短期和长期预期的背离，一方面，经济增长面临短期压力，但长期角度新冠疫情终将过去，届时消费和服务领域必将成为中长期经济复苏的强劲引擎，另一方面，政策导向会在短期稳增长和长期调结构之间寻求平衡，以新发展理念引领高质量发展是坚定不移的目标。股市走势展望：预计2022年主要指数维持宽幅震荡，市场将以结构性行情为主。自上而上来看，中美股市均在经历盈利与估值的“拔河”阶段，多空因素交织，市场出现趋势性机会和系统性风险的概率都不大。具体分析决定市场走向的三大因素：一从盈利角度，预期经济增速有所放缓，上市公司整体盈利增速下行是大概率事件；二从无风险收益率角度，稳增长政策下利率有望小幅下行，但空间会受限于通胀压力和美联储加息节奏；三从风险溢价角度，居民财富配置向资本市场转移的大趋势不变，市场风险偏好处于长期上行通道。综上判断，2022年股市可能呈现出“盈利下行、估值上行”的特征，结构性机会仍是主导。同时，从风格角度，科技成长板块或继续占优。逻辑如下：周期盈利的阶段性高位已过，未来CPI与PPI的裂口将出现趋势性收敛，盈利结构从上游向中下游转移是大势所趋。以景气度为锚，消费板块虽然调整时间长，但盈利增速尚未触底，估值中枢缺乏持续上行的基础；比较而言，业绩增速更快且持续性更好的科技成长板块将更具吸引力。操作思路：基于上述对于市场的预判，我们计划在2022年将本基金股票仓位总体控制在较高水平，积极寻找结构性机会，自上而下深耕政策和景气的共振上行赛道进行重点布局，同时自下而上精选具备长期竞争优势和短期积极变化的公司。具体来说，结构上以宏观政策主导下的科技兴国、中观产业升级下的制造崛起、微观盈利驱动下的业绩为王作为核心配置主线，重点关注三类投资机会：一是创新和安全驱动的半导体、军工、高端制造等升级产业链，二是绿色发展的新能源汽车、绿电、节能减排等双碳产业链，三是稳增长政策加码对应的新基建产业链。","fund":{"_id":3000000006154,"stockCode":"006154","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-11-25T16:00:00.000Z","setUpScale":266445000,"market":"a","tickerId":6154,"custody":"中国银行股份有限公司","name":"华安制造先锋混合型证券投资基金","shortName":"华安制造先锋混合(006154)","fundSecondLevel":"hybrid","__csrcFundId":5832,"fundStatus":"normal","lastUpdated":"2026-04-30T20:02:18.091Z","masterFundFlag":1,"inceptionDate":"2018-12-24T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安制造先锋混合","pinyin":"hazzxfhhxzqtzjj","managers":[{"stockCode":"db20728734","stockType":"fund_manager","exchange":"fm","tickerId":120303205320,"name":"刘畅畅"}]},"announcement":{"linkText":"华安制造先锋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=712479","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9687fea5b3eb049126c","date":"2021-09-29T16:00:00.000Z","stockId":3000000006154,"sao":"报告期内，宏观经济复苏势头有所放缓，受部分区域疫情扰动和能耗双控导致的限产限电影响，叠加大宗商品价格大幅上涨，引发市场对于后续经济陷入滞胀的担忧，3季度主要指数均呈现区间震荡、整体偏弱的走势，其中上证指数下跌0.64%，深圳成指下跌5.62%，沪深300下跌6.85%，创业板指下跌6.69%。从行业表现来看，煤炭板块以40.87%的季度涨幅一骑绝尘，有色金属、钢铁、电力及公用事业板块的涨幅都超过了20%，基础化工、石油石化、电力设备及新能源、建筑等板块也有不俗表现，但同期亦有60%的一级行业录得季度负收益，其中消费者服务、医药、食品饮料、家电等消费板块领跌。从风格来看，稳定和周期风格表现遥遥领先，而消费和金融风格正好相反，成长风格走势平淡。本基金在3季度总体维持较高仓位运行，整体配置倾向于科技成长和高端制造方向，最终基金净值在报告期内大幅跑赢了业绩比较基准。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:44.552Z","fund":{"_id":3000000006154,"stockCode":"006154","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-11-25T16:00:00.000Z","setUpScale":266445000,"market":"a","tickerId":6154,"custody":"中国银行股份有限公司","name":"华安制造先锋混合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规货币政策是必然的，货币政策基调将是“松稳退”，从稳杠杆、防范金融风险角度考虑，预计货币将是中性条件，信用端也是一个逐步收紧的态势。股市走势展望：2021年货币增速回落大概率为圆弧形，且市场对于流动性紧缩已有充分预期，预计市场涨跌更多取决于风险偏好的波动。（1）从盈利角度，经济回升带动企业盈利持续改善，制造业和服务业同步复苏，预计上市公司全年利润将呈现全面回暖、前高后低的走势。（2）从无风险收益率角度，货币政策在上半年将以稳为主，下半年偏紧，结构方面有保有压；一方面市场利率已经稳定在政策利率附近，人民币面临较大的升值压力，另一方面短期通胀处于可控水平，难以触发货币政策的系统性收紧。（3）从风险溢价角度，虽然市场整体风险溢价已位于历史较低水平，但处于估值底部的行业和股价底部的个股依旧很多，显示当前市场并未全面泡沫化，结构性行情有望延续。（4）从资金角度，国内居民财富向股市配置的转移和全球资金加大中国资产配置权重这两大趋势仍在继续，市场对于优质核心资产的追捧短期难以扭转。综上所述，我们判断主要指数有望继续向上突破，景气度趋势将成为决定细分行业表现的最关键因素。操作思路：基于上述对于市场的预判，我们计划在2021年将本基金股票仓位总体控制在较高水平，自上而下以宏观政策主导下的科技兴国、中观产业升级下的制造崛起、微观盈利驱动下的业绩为王作为核心配置主线，自下而上重点关注财报业绩优异、估值合理的成长股。","fund":{"_id":3000000006154,"stockCode":"006154","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-11-25T16:00:00.000Z","setUpScale":266445000,"market":"a","tickerId":6154,"custody":"中国银行股份有限公司","name":"华安制造先锋混合型证券投资基金","shortName":"华安制造先锋混合(006154)","fundSecondLevel":"hybrid","__csrcFundId":5832,"fundStatus":"normal","lastUpdated":"2026-04-30T20:02:18.091Z","masterFundFlag":1,"inceptionDate":"2018-12-24T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安制造先锋混合","pinyin":"hazzxfhhxzqtzjj","managers":[{"stockCode":"db20728734","stockType":"fund_manager","exchange":"fm","tickerId":120303205320,"name":"刘畅畅"}]},"announcement":{"linkText":"华安制造先锋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=553826","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9687fea5b3eb0491268","stockId":3000000006154,"sao":"报告期内，国内宏观经济数据继续复苏，企业盈利持续改善，但国内货币政策出现边际收紧，中美摩擦加深抑制市场风险偏好，导致A股在季初大涨后陷入盘整。3季度主要指数均延续了2季度的普涨格局，但涨幅环比有所收敛：其中上证综指上涨7.82%，深圳成指上涨7.63%，沪深300上涨10.17%，中小板指上涨8.19%，创业板指上涨5.60%。从行业表现来看，军工行业指数以32%的季度涨幅遥遥领先，消费者服务、电力设备和新能源、汽车行业的指数区间涨幅也均超过了20%，而通信、商贸零售、计算机、传媒、农业等行业则录得季度负收益。本基金在3季度总体维持较高仓位运行，重仓个股较多集中在科技成长和高端制造方向，3季度受到中美科技摩擦加剧的负面影响。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:44.542Z","fund":{"_id":3000000006154,"stockCode":"006154","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-11-25T16:00:00.000Z","setUpScale":266445000,"market":"a","tickerId":6154,"custody":"中国银行股份有限公司","name":"华安制造先锋混合型证券投资基金","shortName":"华安制造先锋混合(006154)","fundSecondLevel":"hybrid","__csrcFundId":5832,"fundStatus":"normal","lastUpdated":"2026-04-30T20:02:18.091Z","masterFundFlag":1,"inceptionDate":"2018-12-24T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安制造先锋混合","pinyin":"hazzxfhhxzqtzjj","managers":[{"stockCode":"db20728734","stockType":"fund_manager","exchange":"fm","tickerId":120303205320,"name":"刘畅畅"}]},"announcement":{"linkText":"华安制造先锋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=486925","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9687fea5b3eb0491267","stockId":3000000006154,"sao":"受新冠疫情扰动影响，上半年A股市场大幅波动，指数走势整体先抑后扬：上半年上证综指下跌2.15%，深圳成指上涨14.97%，沪深300上涨1.64%，中小板指上涨20.85%，创业板指上涨27.94%，成长风格相对价值风格的优势非常明显。从行业表现来看，医药指数以41.5%的半年度涨幅遥遥领先，消费者服务、食品饮料、电子和计算机的行业涨幅也均超过20%，而以石油石化、煤炭、银行和非银为代表的传统周期行业则普遍录得负收益，市场分化非常剧烈，消费和科技成为资金扎堆的两个主要方向。本基金在上半年总体维持较高仓位运行，重仓个股较多集中在科技成长和高端制造方向，故基金单位净值整体取得较好收益，并且相对业绩比较基准取得了不错的超额收益。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:44.539Z","mo":"宏观经济展望：（1）2020年是“十三五”收官之年，虽然年初遭受新冠疫情冲击，但得益于及时有效的防控措施，国内经济社会秩序已基本恢复正常，2季度起经济增速已进入复苏通道。（2）从政策导向看，虽然仍是“稳健货币政策”和“积极财政政策”的政策组合，但宏观政策基调在经历疫情后更加注重逆周期调控。股市走势展望：（1）从盈利角度，随着国内疫情防控取得阶段性重要成效，4月起国内复工复产快速推进，企业盈利增速自2季度起将持续回暖。（2）从估值角度，一方面是货币总量维持宽松状态，利率稳中有降的趋势并未发生反转；另一方面是信用环境在持续改善，资本市场改革在不断深化，市场风险偏好有提升空间。总体判断市场估值仍存在系统性抬升的可能。（3）从资金角度，居民财富向权益资产配置的转移才刚开始，中国资产的强大韧性和蓬勃活力也在本次疫情的全球蔓延中更加彰显并被海外投资者认可。近两年权益基金的高回报直接催生公募发行的小高潮，而融资规模还处于小幅增长阶段，整体市场离泡沫化相去甚远。综上所述，我们判断下半年指数有望震荡上行，板块分化可能继续，科技和消费两条主线不变，但波动率或有所加大。操作思路：基于上述对于市场的预判，我们计划在下半年将本基金仓位总体控制在中性偏高水平，自上而下以需求景气确定性上行作为核心配置主线，重点关注政策发力的新基建等投资方向。","fund":{"_id":3000000006154,"stockCode":"006154","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-11-25T16:00:00.000Z","setUpScale":266445000,"market":"a","tickerId":6154,"custody":"中国银行股份有限公司","name":"华安制造先锋混合型证券投资基金","shortName":"华安制造先锋混合(006154)","fundSecondLevel":"hybrid","__csrcFundId":5832,"fundStatus":"normal","lastUpdated":"2026-04-30T20:02:18.091Z","masterFundFlag":1,"inceptionDate":"2018-12-24T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安制造先锋混合","pinyin":"hazzxfhhxzqtzjj","managers":[{"stockCode":"db20728734","stockType":"fund_manager","exchange":"fm","tickerId":120303205320,"name":"刘畅畅"}]},"announcement":{"linkText":"华安制造先锋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=453393","linkType":"PDF","source":"csrc_pdf"}}]}