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年收缩，将逐步企稳，未来地产行业仍然是个大行业，相关的消费品的需求仍然很大，地产链消费品的龙头公司普遍都有较大的市占率提升空间；3）机构对这类资产的预期和配置都处在极低的水平，未来有显著的修复空间。","fund":{"_id":3000000006882,"stockCode":"006882","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-14T16:00:00.000Z","setUpScale":277929000,"market":"a","tickerId":6882,"custody":"中国银行股份有限公司","name":"华泰保兴健康消费混合型证券投资基金","shortName":"华泰保兴健康消费(006882)","fundSecondLevel":"hybrid","__csrcFundId":6232,"fundStatus":"normal","lastUpdated":"2026-04-30T20:24:50.544Z","masterFundFlag":1,"inceptionDate":"2019-05-26T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴健康消费","pinyin":"htbxjkxfhhxzqtzjj","managers":[{"stockCode":"8801593072","stockType":"fund_manager","exchange":"fm","tickerId":262426185220,"name":"赵旭照"}]},"announcement":{"linkText":"华泰保兴健康消费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=1341423","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca267fea5b3eb049e67d","date":"2025-03-30T16:00:00.000Z","stockId":3000000006882,"sao":"一季度宏观经济有企稳信号，重点城市地产“小阳春”，消费品补贴继续拉动销售增长，科技方面的变化较大，宇树机器人、Deepseek等中国科技的进展显著超越市场的认知，带动中国资产的重估。A股一季度整体窄幅震荡，上证综指微跌0.48%，沪深300下跌1.21%，港股的表现更好，恒生科技上涨20.74%。行业层面，一季度股票市场主要围绕AI和机器人两条科技线索，相关的汽车、机械、TMT等行业涨幅领先，相比之下，红利、地产链、消费表现较落后。账户方面，我们看好地产链消费品未来的超额收益机会，主要基于：1）当前这类资产都处于极低的估值水平，PE普遍在10倍出头，PB普遍只有2倍上下，但是相关行业的龙头公司普遍都有很好的ROE和分红率水平；2）地产行业已经经过了3年收缩，已经初步出现企稳的信号，未来地产行业仍然是个大行业，相关的消费品的需求仍然很大，地产链消费品的龙头公司普遍都有较大的市占率提升空间；3）机构对这类资产的预期和配置都处在极低的水平，未来有显著的修复空间。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:54.897Z","fund":{"_id":3000000006882,"stockCode":"006882","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-14T16:00:00.000Z","setUpScale":277929000,"market":"a","tickerId":6882,"custody":"中国银行股份有限公司","name":"华泰保兴健康消费混合型证券投资基金","shortName":"华泰保兴健康消费(006882)","fundSecondLevel":"hybrid","__csrcFundId":6232,"fundStatus":"normal","lastUpdated":"2026-04-30T20:24:50.544Z","masterFundFlag":1,"inceptionDate":"2019-05-26T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴健康消费","pinyin":"htbxjkxfhhxzqtzjj","managers":[{"stockCode":"8801593072","stockType":"fund_manager","exchange":"fm","tickerId":262426185220,"name":"赵旭照"}]},"announcement":{"linkText":"华泰保兴健康消费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=1272750","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca267fea5b3eb049e67c","date":"2024-12-30T16:00:00.000Z","stockId":3000000006882,"sao":"2024年宏观经济整体需求不足、外需强于内需的特征明显，国内的地产、消费增速低于正常中枢，PPI、CPI表现偏弱，企业盈利不佳，悲观叙事盛行。股票方面，2024年A股大幅波动，在1月和9月出现了两次加速探底，并在9月下旬政策转向之后出现了快速上涨，上证指数一周内涨幅超过20%，全年上证指数上涨12.7%，沪深300上涨14.7%，创业板指上涨13.2%，均取得了两位数的涨幅，申万一级行业中，银行、非银、通信、家电、电子、汽车等行业涨幅居前，主要是红利和科技，医药、农林牧渔、美容护理、食品饮料、轻工制造、建材等行业跌幅居前，主要是消费、地产链。账户操作层面，我们降低了生猪养殖板块的配置比例，增加了乳制品、航空、家电、汽车等的配置。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:54.894Z","mo":"随着政策的转向和陆续落地，我们认为2025年宏观经济将企稳回升，近期地产销售、消费数据已经表现出企稳的信号，同时国内的AI、机器人等方面的技术进步也令人鼓舞，电影、游戏、小红书等的不断出圈，也显示中国的文化和生活方式也进入到加速传播的阶段。A股当前已经有所修复，但整体仍处于低估的位置，我们认为，伴随着经济企稳回升和科技突破带来的信心修复，2025年权益市场存在较大机会。结构方面，科技方向产业发生了较大的变化，但科技股已经出现交易拥挤和局部的高估，相比之下，我们更看好低位的优质顺周期和消费板块。","fund":{"_id":3000000006882,"stockCode":"006882","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-14T16:00:00.000Z","setUpScale":277929000,"market":"a","tickerId":6882,"custody":"中国银行股份有限公司","name":"华泰保兴健康消费混合型证券投资基金","shortName":"华泰保兴健康消费(006882)","fundSecondLevel":"hybrid","__csrcFundId":6232,"fundStatus":"normal","lastUpdated":"2026-04-30T20:24:50.544Z","masterFundFlag":1,"inceptionDate":"2019-05-26T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴健康消费","pinyin":"htbxjkxfhhxzqtzjj","managers":[{"stockCode":"8801593072","stockType":"fund_manager","exchange":"fm","tickerId":262426185220,"name":"赵旭照"}]},"announcement":{"linkText":"华泰保兴健康消费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=1253337","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca267fea5b3eb049e67b","date":"2024-09-29T16:00:00.000Z","stockId":3000000006882,"sao":"三季度宏观经济继续走弱，但政策态度从7月份开始出现变化，并最终在9月下旬出现了大幅的转向和加码，反映在股票市场上，三季度先抑后扬，在9月底政策转向之后短时间内大幅上涨，修复之前过度悲观的预期和估值折价。三季度，沪深300上涨16.1%，上证综指上涨12.4%，创业板指上涨29.2%，行业层面，非银金融、房地产、商贸零售、社会服务等前期跌幅大的地产链、消费板块涨幅领先，煤炭、石油石化、公用事业、银行等前期有超额收益的红利、资源板块涨幅落后。  账户操作上，我们三季度减仓了前期超配的猪周期，主要是考虑到猪价已经见到阶段性高点，终端消费偏弱压制估值的提升，逻辑最顺的阶段已经过去；加仓了受益于以旧换新政策的汽车、家电、家居等板块，预计以旧换新政策在下半年将对这些行业的基本面有明显的提振。我们认为，目前A股的消费股整体仍处在相对低估的状态，从中长期角度具备较好的投资回报率。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:54.888Z","fund":{"_id":3000000006882,"stockCode":"006882","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-14T16:00:00.000Z","setUpScale":277929000,"market":"a","tickerId":6882,"custody":"中国银行股份有限公司","name":"华泰保兴健康消费混合型证券投资基金","shortName":"华泰保兴健康消费(006882)","fundSecondLevel":"hybrid","__csrcFundId":6232,"fundStatus":"normal","lastUpdated":"2026-04-30T20:24:50.544Z","masterFundFlag":1,"inceptionDate":"2019-05-26T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴健康消费","pinyin":"htbxjkxfhhxzqtzjj","managers":[{"stockCode":"8801593072","stockType":"fund_manager","exchange":"fm","tickerId":262426185220,"name":"赵旭照"}]},"announcement":{"linkText":"华泰保兴健康消费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=1175927","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca267fea5b3eb049e67a","date":"2024-06-29T16:00:00.000Z","stockId":3000000006882,"sao":"上半年A股呈现出显著的分化特征，一方面，大小市值分化，大市值股票表现整体优于中小市值，从沪深300到中证500，到中证1000、2000，跌幅逐次扩大。另一方面，行业分化，银行、煤炭、公用事业、家电、石油石化等红利、大宗商品相关行业取得一定的涨幅，但消费、医药、地产链等行业普遍出现10%以上的跌幅。A股分化行情与宏观经济的表现密切相关，上半年宏观经济呈现出外强内弱的特征，出口好于预期，但内需延续2023年下半年以来相对疲弱的趋势，地产和消费是两个核心的拖累项。账户操作方面，我们减仓了社服、食品饮料，加仓了生猪养殖、医药。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:54.884Z","mo":"展望下半年，外需面临美国经济衰退、大选等不确定因素的干扰，有下行风险，内需方面，政策转向稳内需，预计下半年将继续加力，以保证经济增速相对稳定。股票市场方面，我们认为A股目前具备很高的性价比，沪深300目前PB处于过去10年5%分位以内，考虑到当前的利率已经显著下台阶，对应的A股的风险补偿已经到了非常高的水平。虽然短期视角无法精确判断经济基本面什么时间能够拐头向上，但积极因素正在累积，例如美国降息确定性提升将打开中国货币政策空间，国内政策也已经开始转向稳内需等。行业方面，在大消费行业内部，我们看好周期反转盈利改善的生猪养殖板块、下半年基本面有望改善的医药、必需消费品等。","fund":{"_id":3000000006882,"stockCode":"006882","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-14T16:00:00.000Z","setUpScale":277929000,"market":"a","tickerId":6882,"custody":"中国银行股份有限公司","name":"华泰保兴健康消费混合型证券投资基金","shortName":"华泰保兴健康消费(006882)","fundSecondLevel":"hybrid","__csrcFundId":6232,"fundStatus":"normal","lastUpdated":"2026-04-30T20:24:50.544Z","masterFundFlag":1,"inceptionDate":"2019-05-26T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴健康消费","pinyin":"htbxjkxfhhxzqtzjj","managers":[{"stockCode":"8801593072","stockType":"fund_manager","exchange":"fm","tickerId":262426185220,"name":"赵旭照"}]},"announcement":{"linkText":"华泰保兴健康消费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=1148909","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca267fea5b3eb049e679","date":"2024-03-30T16:00:00.000Z","stockId":3000000006882,"sao":"一季度，宏观经济整体好于年初的预期，外需出现改善的迹象，制造业表现较强，但内需方面，地产、基建、消费仍然表现较弱，需要进一步观察。股票方面，一季度A股出现了大幅波动，原因一方面是对宏观经济的担忧，另一方面是市场上的部分杠杆产品在市场下跌中加速出清，加剧了市场下跌。行业层面，一季度银行、石油石化、煤炭、家用电气、有色金属、公用事业等上游资源板块、高股息板块领涨，医药、计算机、电子、地产等板块领跌。账户操作上，我们一季度持仓主要集中在生猪养殖、医药、食品饮料板块，适当降低了部分可选消费的配置比例。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:54.881Z","fund":{"_id":3000000006882,"stockCode":"006882","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-14T16:00:00.000Z","setUpScale":277929000,"market":"a","tickerId":6882,"custody":"中国银行股份有限公司","name":"华泰保兴健康消费混合型证券投资基金","shortName":"华泰保兴健康消费(006882)","fundSecondLevel":"hybrid","__csrcFundId":6232,"fundStatus":"normal","lastUpdated":"2026-04-30T20:24:50.544Z","masterFundFlag":1,"inceptionDate":"2019-05-26T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴健康消费","pinyin":"htbxjkxfhhxzqtzjj","managers":[{"stockCode":"8801593072","stockType":"fund_manager","exchange":"fm","tickerId":262426185220,"name":"赵旭照"}]},"announcement":{"linkText":"华泰保兴健康消费混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1077532","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca267fea5b3eb049e678","date":"2023-12-30T16:00:00.000Z","stockId":3000000006882,"sao":"2023年A股延续下跌趋势，上证综指全年下跌3.7%，沪深300下跌11.4%，创业板指下跌19.4%，同时，不同行业的表现出现巨大分化，TMT板块在AI技术的带动下出现明显涨幅，石化、煤炭等能源行业也取得正收益，消费板块、地产链、新能源则出现显著下跌。A股2023年的表现低于我们的预期，背后原因是宏观经济在一季度疫后修复脉冲之后出现超预期的走弱，地产、消费数据较为疲弱，导致2023年与宏观经济相关度高的行业出现不同程度的盈利预期下修。在账户操作上，我们下半年适当减仓了食品饮料，加仓生猪养殖。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:54.879Z","mo":"2024年国内经济仍然要承受一定的压力测试，主要是内需层面，一方面地产销售仍未企稳，年初以来主要城市的一二手销售情况较为疲弱，虽然政策一直在出，但尚未扭转预期，另一方面居民销售受收入水平和收入预期的影响较大，虽然春节期间消费好于预期，但存在一定的特殊性，同时客单价也体现出消费力不足的特征，进入淡季之后的表现需要观察，预计在预期出现显著改善之前，消费难有亮眼表现。  当前A股的整体估值水平处于历史低位，沪深300指数的PB水平处于过去10年10%分位数以内，且已经年线3连阴，从海外的历史来看已经逼近极值，反映出股票市场的负反馈已经到达相对极端的位置。跟2023年不同的一点是，2024年市场对经济的预期已经处于较低水平，再出现类似2023年那样的预期大幅下修的概率不高。总的来说，股票当前的位置已经对悲观预期进行过较为充分的定价，只要不出现极端的小概率事件，当前的A股具备很高的性价比。在大消费板块，2024年重点关注已经连续亏损3年、行业资本开支显著放缓且现金流紧张、周期有望迎来反转的生猪养殖，以及集采和反腐风险已经相对出清、行业需求和业绩稳定性有横向比较优势的医药。","fund":{"_id":3000000006882,"stockCode":"006882","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-14T16:00:00.000Z","setUpScale":277929000,"market":"a","tickerId":6882,"custody":"中国银行股份有限公司","name":"华泰保兴健康消费混合型证券投资基金","shortName":"华泰保兴健康消费(006882)","fundSecondLevel":"hybrid","__csrcFundId":6232,"fundStatus":"normal","lastUpdated":"2026-04-30T20:24:50.544Z","masterFundFlag":1,"inceptionDate":"2019-05-26T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴健康消费","pinyin":"htbxjkxfhhxzqtzjj","managers":[{"stockCode":"8801593072","stockType":"fund_manager","exchange":"fm","tickerId":262426185220,"name":"赵旭照"}]},"announcement":{"linkText":"华泰保兴健康消费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=1054338","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca267fea5b3eb049e677","date":"2023-09-29T16:00:00.000Z","stockId":3000000006882,"sao":"三季度消费行业整体景气度仍然偏弱，收入预期和消费力仍未得到有效改善。行业层面，食品饮料、纺织服装、轻工等行业股价表现相对较好，社会服务、美容护理、家电等行业股价表现相对落后，部分对宏观经济敏感的细分行业三季度跟随政策转向有阶段性反弹。考虑到目前政策的回暖以及部分经济指标开始企稳回升，我们对未来消费行业的复苏仍然保持乐观。配置方向上，我们三季度适当增加了受反腐影响短期超跌的医药板块的配置。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:54.876Z","fund":{"_id":3000000006882,"stockCode":"006882","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-14T16:00:00.000Z","setUpScale":277929000,"market":"a","tickerId":6882,"custody":"中国银行股份有限公司","name":"华泰保兴健康消费混合型证券投资基金","shortName":"华泰保兴健康消费(006882)","fundSecondLevel":"hybrid","__csrcFundId":6232,"fundStatus":"normal","lastUpdated":"2026-04-30T20:24:50.544Z","masterFundFlag":1,"inceptionDate":"2019-05-26T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴健康消费","pinyin":"htbxjkxfhhxzqtzjj","managers":[{"stockCode":"8801593072","stockType":"fund_manager","exchange":"fm","tickerId":262426185220,"name":"赵旭照"}]},"announcement":{"linkText":"华泰保兴健康消费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=990453","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca267fea5b3eb049e676","date":"2023-06-29T16:00:00.000Z","stockId":3000000006882,"sao":"上半年，一方面随着出行正常化，压抑的出行需求得到充分释放，出行链的数据偏强，另一方面，随着二季度宏观经济数据出现回落，经济预期走弱，居民储蓄率仍然偏高，消费力偏弱，二季度社零增速见顶回落。映射到股票市场，上半年消费板块的表现整体弱于年初的预期，申万一级行业中，除家电、汽车、纺服取得正收益外，其他消费行业出现不同程度下跌，消费板块在A股中整体表现落后。受到大消费板块表现不佳的影响，我们的基金净值在上半年出现了一定的回撤。行业配置方面，我们主要配置在食品饮料、医药、医美/化妆品等板块的优质个股上。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:54.873Z","mo":"展望下半年，我们认为宏观经济下行最快的阶段已经过去，随着政策态度转向积极和托底经济的政策陆续出台，国内宏观经济有望企稳复苏。具体到消费层面，随着经济逐步企稳，居民的收入预期和信心也将得到修复，消费行业的基本面将得到改善。考虑到当前消费股的股价中已经隐含了较为悲观的增长预期，在当前位置，预期继续恶化的空间不大，板块估值也已经回到相对合理的位置，我们对下半年的消费板块不悲观。","fund":{"_id":3000000006882,"stockCode":"006882","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-14T16:00:00.000Z","setUpScale":277929000,"market":"a","tickerId":6882,"custody":"中国银行股份有限公司","name":"华泰保兴健康消费混合型证券投资基金","shortName":"华泰保兴健康消费(006882)","fundSecondLevel":"hybrid","__csrcFundId":6232,"fundStatus":"normal","lastUpdated":"2026-04-30T20:24:50.544Z","masterFundFlag":1,"inceptionDate":"2019-05-26T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴健康消费","pinyin":"htbxjkxfhhxzqtzjj","managers":[{"stockCode":"8801593072","stockType":"fund_manager","exchange":"fm","tickerId":262426185220,"name":"赵旭照"}]},"announcement":{"linkText":"华泰保兴健康消费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=964971","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca267fea5b3eb049e675","date":"2023-03-30T16:00:00.000Z","stockId":3000000006882,"sao":"一季度宏观经济温和复苏，具体到消费领域，1-2月社零增速3.5%，较2022年四季度的低点明显回升，但仍未回到疫情前8%左右的增长中枢，消费中不同行业分化明显，线下服务性消费表现明显好于耐用品消费，其中汽车销售压力较大，对社零有明显拖累。一季度A股指数小幅上涨，上证综指上涨5.94%，创业板指上涨2.25%，消费板块在A股中的表现居中。账户操作层面，我们一季度主要增加了复苏超预期的线下消费相关的个股。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:54.871Z","fund":{"_id":3000000006882,"stockCode":"006882","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-14T16:00:00.000Z","setUpScale":277929000,"market":"a","tickerId":6882,"custody":"中国银行股份有限公司","name":"华泰保兴健康消费混合型证券投资基金","shortName":"华泰保兴健康消费(006882)","fundSecondLevel":"hybrid","__csrcFundId":6232,"fundStatus":"normal","lastUpdated":"2026-04-30T20:24:50.544Z","masterFundFlag":1,"inceptionDate":"2019-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月份国内疫情爆发，以及海外俄乌冲突、美联储加息等因素，降低了投资者的风险偏好。二季度市场震荡，4 月受疫情、海外不确定性等因素影响，有一定程度的调整，但核心优质板块调整之后估值性价比优势凸显。之后，流动性、疫后恢复经济预期边际好转，带来优质板块的反弹。年初本基金逐步增配处于基本面底部但存在反转预期的生猪养殖、酒店板块，以及刚需属性较强、能够提价传导成本压力的大众消费品，以及净利率提升逻辑的个股，同时，在一季度市场调整之时，我们也持续关注以及择时加配估值逐步进入合理估值水平的消费板块优质公司。 二季度同时考虑疫情后逐步复苏因素，本基金加配需求端相对确定的板块，如：渗透率较低但长期成长性好的医美、美妆个股，需求旺盛产能不足的培育钻石个股，以及政策超预期带来销售预期上修的整车板块。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:54.862Z","mo":"下半年从流动性以及各板块盈利预测变化层面看，仍存在不确定因素。一方面，二季度疫情后复苏逻辑对于各板块的盈利预期有所上调，二季度市场也在一定程度上反映了此预期程度；三季度逐步步入兑现验证时期，或有一定的不确定性；景气度维持或边际改善的板块相对变少，预计景气度维持或改善的稀缺板块将继续受益。下半年政策预期方面或更加明朗，带来部分板块的机会。另一方面需要紧密跟踪国内流动性情况。市场或有一定的波动，但波动也同时会带来一定的机会。","fund":{"_id":3000000006882,"stockCode":"006882","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-14T16:00:00.000Z","setUpScale":277929000,"market":"a","tickerId":6882,"custody":"中国银行股份有限公司","name":"华泰保兴健康消费混合型证券投资基金","shortName":"华泰保兴健康消费(006882)","fundSecondLevel":"hybrid","__csrcFundId":6232,"fundStatus":"normal","lastUpdated":"2026-04-30T20:24:50.544Z","masterFundFlag":1,"inceptionDate":"2019-05-26T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴健康消费","pinyin":"htbxjkxfhhxzqtzjj","managers":[{"stockCode":"8801593072","stockType":"fund_manager","exchange":"fm","tickerId":262426185220,"name":"赵旭照"}]},"announcement":{"linkText":"华泰保兴健康消费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=779040","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca267fea5b3eb049e671","date":"2022-03-30T16:00:00.000Z","stockId":3000000006882,"sao":"一季度，A股出现了较大幅度的调整，上证综指下跌10.65%，创业板指下跌19.96%。下跌的原因一方面是国内宏观经济下行压力加大，但稳增长的效果存在分歧，3月份国内疫情爆发之后进一步加剧了担忧，另一方面是海外俄乌冲突、美联储加息等因素，降低了投资者的风险偏好。账户操作层面，我们增配了基本面底部但存在反转预期的生猪养殖、酒店板块，以及刚需属性较强、能够提价传导成本压力的大众消费品，同时，我们也持续关注其他估值逐步进入合理估值水平的优质消费股的长期机会。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:54.860Z","fund":{"_id":3000000006882,"stockCode":"006882","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-14T16:00:00.000Z","setUpScale":277929000,"market":"a","tickerId":6882,"custody":"中国银行股份有限公司","name":"华泰保兴健康消费混合型证券投资基金","shortName":"华泰保兴健康消费(006882)","fundSecondLevel":"hybrid","__csrcFundId":6232,"fundStatus":"normal","lastUpdated":"2026-04-30T20:24:50.544Z","masterFundFlag":1,"inceptionDate":"2019-05-26T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴健康消费","pinyin":"htbxjkxfhhxzqtzjj","managers":[{"stockCode":"8801593072","stockType":"fund_manager","exchange":"fm","tickerId":262426185220,"name":"赵旭照"}]},"announcement":{"linkText":"华泰保兴健康消费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=727963","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca267fea5b3eb049e670","date":"2021-12-30T16:00:00.000Z","stockId":3000000006882,"sao":"经过2020年整体货币政策宽松的优质资产估值提升阶段，2021年则为业绩改善阶段，加上整体货币环境稳定，因此2021年业绩增速高的标的会有超额收益，且估值仍存在溢价。整体看2021年相较于2020年市场盈利情况有所提升，但各行业之间的分化也较为明显，健康消费板块中业绩增速高增的细分行业或标的稀缺，同时受到或有政策层面扰动的部分行业未来基本面也受到影响。本基金坚持合同约定的健康消费主题投资，尝试从中选择相对收益较好的细分行业或标的。  一季度经济环比改善，通胀趋于上行，市场对于货币政策收紧、利率上升有所担忧；因此一季度适当地减配或弱化基本面未改善且估值溢价高的个股、板块，加配估值业绩匹配度高或基本面环比改善的顺周期板块、个股。  二季度整体货币环境稳定，依据从业绩高增和基本面好的角度，选取健康消费板块中成长性较高的CXO、医疗服务、医美赛道及个股，以及阶段性芯片供给缓解预期充分的汽车板块、国货受益的纺织服装板块。  三季度消费、医药板块基本面预期较为悲观，消费数据表现平淡，同时部分行业未来基本面也受到或有政策层面扰动带来的影响，整体板块调整幅度较大。尝试在板块整体调整的背景下控制回撤。  四季度从PPI-CPI剪刀差或收窄的角度，配置或有反转的猪周期板块以及大众食品。阶段性加配高端白酒以及区域白酒。","declarationDate":"2022-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:54.857Z","mo":"展望2022年分子端和分母端或存在不确定性。整体看业绩端较于2021年预计有所放缓，货币环境预期较为充分，海外收紧预期提高。健康消费行业经过2021年的调整，以及2022年基本面或有复苏，性价比好于2021年，希望尝试从中选择超额收益机会。整体看会尝试控制回撤，以及从以下思路选股：一方面、估值水平合理且有基本面改善；另一方面、优质资产如有一定的调整性价比能有所体现。","fund":{"_id":3000000006882,"stockCode":"006882","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-14T16:00:00.000Z","setUpScale":277929000,"market":"a","tickerId":6882,"custody":"中国银行股份有限公司","name":"华泰保兴健康消费混合型证券投资基金","shortName":"华泰保兴健康消费(006882)","fundSecondLevel":"hybrid","__csrcFundId":6232,"fundStatus":"normal","lastUpdated":"2026-04-30T20:24:50.544Z","masterFundFlag":1,"inceptionDate":"2019-05-26T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴健康消费","pinyin":"htbxjkxfhhxzqtzjj","managers":[{"stockCode":"8801593072","stockType":"fund_manager","exchange":"fm","tickerId":262426185220,"name":"赵旭照"}]},"announcement":{"linkText":"华泰保兴健康消费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=706783","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca267fea5b3eb049e66f","date":"2021-09-29T16:00:00.000Z","stockId":3000000006882,"sao":"三季度因对于未来不确定因素的担忧，对消费板块有一定的调整；依旧坚持以基本面为主、结合估值的思路，减持部分医疗服务，同时以CXO、服装、汽车、白电为主进行防御性配置；9月增配前期调整幅度较大，且改革超预期、或动销情况好于预期的白酒个股。减持部分汽车、白电个股。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:54.854Z","fund":{"_id":3000000006882,"stockCode":"006882","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-14T16:00:00.000Z","setUpScale":277929000,"market":"a","tickerId":6882,"custody":"中国银行股份有限公司","name":"华泰保兴健康消费混合型证券投资基金","shortName":"华泰保兴健康消费(006882)","fundSecondLevel":"hybrid","__csrcFundId":6232,"fundStatus":"normal","lastUpdated":"2026-04-30T20:24:50.544Z","masterFundFlag":1,"inceptionDate":"2019-05-26T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴健康消费","pinyin":"htbxjkxfhhxzqtzjj","managers":[{"stockCode":"8801593072","stockType":"fund_manager","exchange":"fm","tickerId":262426185220,"name":"赵旭照"}]},"announcement":{"linkText":"华泰保兴健康消费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=651179","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca267fea5b3eb049e66e","date":"2021-06-29T16:00:00.000Z","stockId":3000000006882,"sao":"一季度经济环比改善，通胀趋于上行，引起市场对于货币政策收紧、利率上升的担忧；利率上升后，前期涨幅较大的核心资产的预期收益率将降低。同时，2021年业绩增速尚可的公司会相比2020年逐渐变多，但从长期看，考虑优质标的的稀缺性，基本面持续向好的板块、个股，依旧会享有一定溢价。因此，一季度适当减配基本面或弱化估值溢价高的个股、板块。加配估值业绩匹配度高，或基本面环比改善的顺周期板块、个股。  二季度经济在复苏之后迎来放缓阶段，业绩增速高或长期成长赛道稀缺，健康消费板块中尤为稀缺；从中选取成长性较高的CXO、医疗服务、医美赛道及个股，以及阶段性芯片供给缓解预期充分的汽车板块、国货受益的纺织服装板块。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:54.852Z","mo":"在经济总量增速不再高速增长的背景下，许多行业不再拥有高速扩张的机会，但随着相关行业的成熟，部分健康消费细分赛道盈利能力突出。现阶段优质资产的估值溢价较为充分，或有一定时间的平淡期。长期看，我们将继续寻找盈利能力强、长期壁垒深、竞争格局好的优质赛道。同时，关注政策变化对细分行业的影响。  同时，我们将继续把握时代变化当中的新兴消费机会，如：国货的崛起，抖音、快手新兴渠道带来的即时消费增量，短视频对新品类科普带来的需求增量，年轻消费群体对品质、精神个性注重而带来的新产品或新品牌等。  此外，我们继续自下而上选取有治理改善带来盈利能力提升逻辑的个股。","fund":{"_id":3000000006882,"stockCode":"006882","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-14T16:00:00.000Z","setUpScale":277929000,"market":"a","tickerId":6882,"custody":"中国银行股份有限公司","name":"华泰保兴健康消费混合型证券投资基金","shortName":"华泰保兴健康消费(006882)","fundSecondLevel":"hybrid","__csrcFundId":6232,"fundStatus":"normal","lastUpdated":"2026-04-30T20:24:50.544Z","masterFundFlag":1,"inceptionDate":"2019-05-26T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴健康消费","pinyin":"htbxjkxfhhxzqtzjj","managers":[{"stockCode":"8801593072","stockType":"fund_manager","exchange":"fm","tickerId":262426185220,"name":"赵旭照"}]},"announcement":{"linkText":"华泰保兴健康消费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=630163","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca267fea5b3eb049e66d","stockId":3000000006882,"sao":"一季度经济环比改善，通胀趋于上行，引起市场对于货币政策收紧、利率上升的担忧；利率上升后，前期涨幅较大的核心资产的预期收益率将降低。2021年考虑以上因素的转变，近期业绩增速尚可的公司会相比2020年逐渐变多，更适合用PEG估值方式选股。但从长期看，考虑优质标的的稀缺性，基本面持续向好的板块、个股，依旧会享有一定溢价。因此，将适当减配基本面或弱化且估值溢价高的个股、板块，加配估值业绩匹配度高或基本面环比改善的顺周期板块、个股。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:54.849Z","fund":{"_id":3000000006882,"stockCode":"006882","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-14T16:00:00.000Z","setUpScale":277929000,"market":"a","tickerId":6882,"custody":"中国银行股份有限公司","name":"华泰保兴健康消费混合型证券投资基金","shortName":"华泰保兴健康消费(006882)","fundSecondLevel":"hybrid","__csrcFundId":6232,"fundStatus":"normal","lastUpdated":"2026-04-30T20:24:50.544Z","masterFundFlag":1,"inceptionDate":"2019-05-26T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴健康消费","pinyin":"htbxjkxfhhxzqtzjj","managers":[{"stockCode":"8801593072","stockType":"fund_manager","exchange":"fm","tickerId":262426185220,"name":"赵旭照"}]},"announcement":{"linkText":"华泰保兴健康消费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=573513","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca267fea5b3eb049e66c","stockId":3000000006882,"sao":"2020年，各基金经理按自有投资风格制定自有投资策略，一类按DCF框架，即选取优质赛道，关注企业长期确定性、持续性的策略；一类按PEG框架。一、DCF框架基于2020年宏观经济受新型冠状肺炎疫情影响，各行各业基本面不同程度受到影响，因此选用DCF模型选股，配置长期优质赛道。当流动性宽松，利率处在低位的阶段，业绩增长集中在更久远未来的成长股对利率敏感性更高。在DCF框架之下，贴现率较低更有利于久期较长的资产。基于货币政策宽松，市场优质标的稀缺，A股机构化及外资流入的考虑，我们认为对优质资产估值应给予一定程度的溢价。一季度低仓位运作，配置医药、速冻食品等疫情受益板块；2020年3月开始，加配长期优质赛道，包括白酒、免税、调味品、医疗服务等，减配之前涨幅较大的疫情受益标的；9月开始，加配估值相对低，基本面改善的白电、整车、酒店板块，减配估值溢价超过一定程度的调味品。二、PEG框架选股策略基于PEG框架，选取估值、业绩匹配的标的，以及在预期较低的标的中，寻找改善机会，如：酒店、白电等。在医药板块中作专业性布局，如：创新药产业链、医疗服务板块等。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:54.846Z","mo":"A股市场过去一年估值扩张的重要原因来自于全球流动性宽松与无风险利率下行，随着美国经济加快复苏，美债收益率上升，A股市场的估值难以避免地面临修正压力。短期看，前期涨幅较大的核心资产，阶段性因利率变化而调整。长期看，A股机构化的过程中，优质资产的估值仍享有一定溢价，但会有所分化，我们继续关注基本面持续优秀的优质资产，进行逢低配置。另一方面，经济复苏和通胀预期下顺周期板块的相对基本面情况提升。整体看，2021年市场或相对平淡，但存在结构性机会。","fund":{"_id":3000000006882,"stockCode":"006882","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-14T16:00:00.000Z","setUpScale":277929000,"market":"a","tickerId":6882,"custody":"中国银行股份有限公司","name":"华泰保兴健康消费混合型证券投资基金","shortName":"华泰保兴健康消费(006882)","fundSecondLevel":"hybrid","__csrcFundId":6232,"fundStatus":"normal","lastUpdated":"2026-04-30T20:24:50.544Z","masterFundFlag":1,"inceptionDate":"2019-05-26T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴健康消费","pinyin":"htbxjkxfhhxzqtzjj","managers":[{"stockCode":"8801593072","stockType":"fund_manager","exchange":"fm","tickerId":262426185220,"name":"赵旭照"}]},"announcement":{"linkText":"华泰保兴健康消费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=558986","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca267fea5b3eb049e66b","stockId":3000000006882,"sao":"三季度经济相对改善，货币政策依旧宽松，市场给予确定性更多估值溢价，期初继续加配长期优质赛道板块，在竞争格局良好的高端白酒、成长空间打开的免税、稳定性强且竞争格局好的调味品等、医药中作结构性配置。9月开始考虑经济环比进一步改善预期，以及前期部分品种估值溢价超出一定范围，结构上逐步偏向整车、空调等环比改善且估值不高的板块。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:54.844Z","fund":{"_id":3000000006882,"stockCode":"006882","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-14T16:00:00.000Z","setUpScale":277929000,"market":"a","tickerId":6882,"custody":"中国银行股份有限公司","name":"华泰保兴健康消费混合型证券投资基金","shortName":"华泰保兴健康消费(006882)","fundSecondLevel":"hybrid","__csrcFundId":6232,"fundStatus":"normal","lastUpdated":"2026-04-30T20:24:50.544Z","masterFundFlag":1,"inceptionDate":"2019-05-26T16:00:00.000Z","fundCollectionI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考虑到疫情对经济的结构性影响，我们一季度适当增加了内需和必选消费行业的配置，减少外需和可选消费行业的配置。从长期视角来看，疫情的短期冲击会带来优质公司好的买点，在市场震荡过程中，积极寻找优质赛道上具备竞争优势的公司的买入机会。 二季度，新型冠状肺炎疫情在主要欧美国家相继迎来拐点，同时在全球充沛的流动性影响下，股票市场大幅反弹，纳斯达克指数和中国创业板指均创出新高。二季度，我们整体提高了股票的配置仓位，积极参与市场反弹，结构上仍然保持了医药板块的超配，主要基于医药行业的业绩比较优势和长期成长空间，同时也适当增加了部分可选消费配置如白酒、酒店，主要基于国内疫情防控严格，经济活动环比回升情况良好。展望下半年，在A股目前结构性估值处于高位的情况下，需要重点关注疫情是否二次爆发以及流动性的边际变化。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:54.841Z","mo":"下半年经济预计逐步企稳改善：国内方面经济持续改善，国外经济正在修复。关注顺周期子板块及环比改善的可选消费行业。三季度美国大选或影响短期市场情绪，市场或将阶段性波动。中长期看，经济方面有内循环、补短板、锻长板、十四五规划、要素市场化改革等持久战措施打下基础；居民配置、机构配置、全球配置的背景下，市场机会仍在。消费医药板块具有不少优质赛道及有核心竞争力的优质公司，长期看优势依旧明显。","fund":{"_id":3000000006882,"stockCode":"006882","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-14T16:00:00.000Z","setUpScale":277929000,"market":"a","tickerId":6882,"custody":"中国银行股份有限公司","name":"华泰保兴健康消费混合型证券投资基金","shortName":"华泰保兴健康消费(006882)","fundSecondLevel":"hybrid","__csrcFundId":6232,"fundStatus":"normal","lastUpdated":"2026-04-30T20:24:50.544Z","masterFundFlag":1,"inceptionDate":"2019-05-26T16:00:00.000Z","fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴健康消费","pinyin":"htbxjkxfhhxzqtzjj","managers":[{"stockCode":"8801593072","stockType":"fund_manager","exchange":"fm","tickerId":262426185220,"name":"赵旭照"}]},"announcement":{"linkText":"华泰保兴健康消费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=460339","linkType":"PDF","source":"csrc_pdf"}}]}