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　　个股方面，我们依然倾向于自下而上选取景气方向的优秀公司，过去很长一段时间以来，很多声音对于未来前景是较为悲观的，在这样的整体环境下，仍然保持进取、不断增强自身竞争力的企业显得格外珍贵，在悲观预期被修正时，保持进取的优秀公司的表现将更为突出，我们将持续挖掘能够可持续成长的优秀公司。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:42.601Z","fund":{"_id":3000000007306,"stockCode":"007306","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-05T16:00:00.000Z","setUpScale":234888000,"market":"a","tickerId":7306,"custody":"中国银行股份有限公司","name":"华泰柏瑞基本面智选混合型证券投资基金","shortName":"华泰柏瑞基本面智选(007306)","fundSecondLevel":"hybrid","__csrcFundId":6264,"fundStatus":"normal","lastUpdated":"2026-04-30T20:39:06.211Z","masterFundFlag":1,"inceptionDate":"2019-06-04T16:00:00.000Z","fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞基本面智选","pinyin":"htbrjbmzxhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20912333","stockType":"fund_manager","exchange":"fm","tickerId":2024237480,"name":"谭笑"}]},"announcement":{"linkText":"华泰柏瑞基本面智选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=1278448","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca927fea5b3eb04a621e","date":"2024-12-30T16:00:00.000Z","stockId":3000000007306,"sao":"2024年全年上证指数上涨12.67%，深证成指上涨9.34%，创业板指数上涨13.23%，三季度随着重磅政策的出台，A股整体拉升明显，并且随着指数反弹和交易量的放大，成交活跃度大幅提升，板块轮动速度较快。　　2024年全球资本市场在\"动荡中寻平衡\"的基调下展开。国内方面，政策层以\"新质生产力\"为重心推动产业升级，财政端发力基建，货币政策在四季度开始明显转向宽松，但地产链复苏相对乏力导致市场风险偏好波动较大。海外美债利率回落，这也为A股外资回流创造条件。然而，地缘政治冲突加剧（如俄乌战争、中东局势）等事件冲击对产业链构成一定阶段性扰动。　　本基金在报告期内继续保持自下而上的选股思路，整体来说行业配置上较为均衡，同时挖掘供给端未来可能发生较大变化的一些方向并做中长期配置。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:42.599Z","mo":"我们认为，目前的政策方向对A股非常有利，且国内外的环境改善均值得期待，经济预期逐步回升。A股经历了两年多的震荡调整，2024年9月底的剧烈上涨本质上也是一种对过去超跌的修正，投资机会仍然明显，亟待我们去挖掘和发现，目前我们仍然保持对A股的乐观态度，在去年9月底的剧烈上涨之后，一石激起千层浪，A股短期波动加剧，2024年底到2025年初的行情分化也较为剧烈，科技股表现亮眼，暂时没有出现指数整体大幅上涨的行情，我们认为随着经济数据的企稳回升，2025年A股整体有望呈现向上的趋势。 　　个股方面，我们依然倾向于自下而上选取具有景气方向的优秀公司，过去很长一段时间以来，有些声音对于未来前景是过度悲观的，在这样的整体环境下，仍然保持进取、不断增强自身竞争力的企业显得格外珍贵，在悲观预期被修正时，保持进取的优秀公司的表现或更为突出，我们将持续挖掘可持续成长的优秀公司。","fund":{"_id":3000000007306,"stockCode":"007306","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-05T16:00:00.000Z","setUpScale":234888000,"market":"a","tickerId":7306,"custody":"中国银行股份有限公司","name":"华泰柏瑞基本面智选混合型证券投资基金","shortName":"华泰柏瑞基本面智选(007306)","fundSecondLevel":"hybrid","__csrcFundId":6264,"fundStatus":"normal","lastUpdated":"2026-04-30T20:39:06.211Z","masterFundFlag":1,"inceptionDate":"2019-06-04T16:00:00.000Z","fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞基本面智选","pinyin":"htbrjbmzxhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20912333","stockType":"fund_manager","exchange":"fm","tickerId":2024237480,"name":"谭笑"}]},"announcement":{"linkText":"华泰柏瑞基本面智选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=1258873","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca927fea5b3eb04a621d","date":"2024-09-29T16:00:00.000Z","stockId":3000000007306,"sao":"2024年三季度的前两个半月市场持续下跌，9月最后几个交易日，A股市场经历了大幅反弹，最终所有主要指数三季度均收阳。　　我们认为，目前的政策方向对A股非常有利，且国内外的环境改善均值得期待，经济预期回升在即。A股经历了两年多的下跌，短期的剧烈上涨本质上也是一种对过去超跌的修正，投资机会仍然凸显，亟待我们去挖掘和发现，目前需要保持对A股的乐观态度，只是在剧烈上涨之后，A股短期波动将加剧，四季度的投资交易需要更加审慎。　　个股方面，我们将倾向于自下而上选取景气方向的优秀公司，过去很长一段时间以来，很多声音对于未来前景是悲观的，在这样的整体环境下，仍然保持进取、不断增强自身竞争力的企业显得格外珍贵，在悲观预期被修正时，保持进取的优秀公司的表现将更为突出，我们将持续挖掘能够可持续成长的优秀公司。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:42.596Z","fund":{"_id":3000000007306,"stockCode":"007306","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-05T16:00:00.000Z","setUpScale":234888000,"market":"a","tickerId":7306,"custody":"中国银行股份有限公司","name":"华泰柏瑞基本面智选混合型证券投资基金","shortName":"华泰柏瑞基本面智选(007306)","fundSecondLevel":"hybrid","__csrcFundId":6264,"fundStatus":"normal","lastUpdated":"2026-04-30T20:39:06.211Z","masterFundFlag":1,"inceptionDate":"2019-06-04T16:00:00.000Z","fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞基本面智选","pinyin":"htbrjbmzxhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20912333","stockType":"fund_manager","exchange":"fm","tickerId":2024237480,"name":"谭笑"}]},"announcement":{"linkText":"华泰柏瑞基本面智选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=1181046","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca927fea5b3eb04a621c","date":"2024-06-29T16:00:00.000Z","stockId":3000000007306,"sao":"上半年国内宏观经济稳中向好，截止五月国内工业增加值累计同比增长6.2%，高于去年全年整体增速，并接近于2019年的增速水平。节后制造业PMI回升到50以上，新订单PMI回升至53，但5月份后PMI回落到50以下，对市场情绪造成影响。节后5年期LPR调降25Bps，加之5月份出台房地产逆周期调节政策，对稳定房地产市场预期有一定积极作用，部分一线城市出现成交回升、价格企稳的改善迹象。节后市场反弹，AI算力、机器人、消费电子等主题板块相继轮动，创新药板块在国内鼓励政策下也有阶段性表现，但上半年高分红板块表现强势，呈现资金持续净流入的走势。基金在期间持有新能源车零部件与机械设备、机器人产业链、贵金属、医药医美等标的，并增持了部分高分红公用事业品种。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:42.593Z","mo":"展望下半年，国内货币政策的空间仍然存在，以及地产逆周期调节政策存在加大力度的可能，地产销售增速可能将获得改善。海外主要经济体就业与通胀数据二季度出现边际回落，促使其长期利率回归中性，市场预期三季度降息的概率可能加大，前期受全球资产配置影响的新兴市场成长股估值可能将得到一定修复，同时对降息敏感的贵金属、生物医药或存在投资机会。当前成长板块的估值水平回到历史较低位置，随着国内逆周期调节政策效果显现以及交易海外降息预期，其估值水平或有一定回升。另外我们关注新能源车中处于产品周期的公司，同时关注看好人型机器人量产与部署可能对产业链头部公司的投资机会，关注处于产品上行期的医美类公司，关注消费电子产业链公司可能受益于终端AI升级的投资机会。对于高分红收益率的个股，我们将选择业绩与分红比例两者确定性高的公用事业类个股逢低关注。","fund":{"_id":3000000007306,"stockCode":"007306","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-05T16:00:00.000Z","setUpScale":234888000,"market":"a","tickerId":7306,"custody":"中国银行股份有限公司","name":"华泰柏瑞基本面智选混合型证券投资基金","shortName":"华泰柏瑞基本面智选(007306)","fundSecondLevel":"hybrid","__csrcFundId":6264,"fundStatus":"normal","lastUpdated":"2026-04-30T20:39:06.211Z","masterFundFlag":1,"inceptionDate":"2019-06-04T16:00:00.000Z","fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞基本面智选","pinyin":"htbrjbmzxhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20912333","stockType":"fund_manager","exchange":"fm","tickerId":2024237480,"name":"谭笑"}]},"announcement":{"linkText":"华泰柏瑞基本面智选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=1152557","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca927fea5b3eb04a621b","date":"2024-03-30T16:00:00.000Z","stockId":3000000007306,"sao":"一季度国内宏观经济稳中向好，前两个月国内工业增加值同比增长7%，高于去年全年整体水平。节后制造业PMI回升到50以上，新订单PMI回升至53的水平，但节后的季节效应回升幅度略弱于去年。节后5年期LPR调降25Bps，对稳定房地产市场预期有一定作用，同时显著改善了资本市场的市场情绪。节后市场有所反弹，以高分红为代表的价值板块与AI算力与应用、机器人、国内AI大模型等主题板块相继轮动，创新药板块在国内政策刺激下也有阶段性表现，整体看市场情绪较节前得到明显恢复。基金在期间继续持有新能源整车、AI算力与应用、机器人产业链相关标的、医药医美与游戏中估值相对合理标的。 　　展望下阶段，国内货币政策逆周期调节的空间或仍然存在。海外主要经济体当前就业数据持续较好，商品供给原因导致海外通胀难以短期内大幅回落，但偏高的利率水平与其潜在经济增速并不完全匹配，未来长期利率或将回归中性，全年降息的概率仍然较大，前期受全球资产配置影响的新兴市场估值有望继续得到修复。我们关注新能源车中处于产品周期或与国内头部科技企业合作的整车公司，同时关注AI技术突破带来人型机器人量产的产业链投资机会，以及国内大模型进展带来的应用端需求机会；继续关注降息周期来临下生物医药与医美板块可能的估值修复机会。对于高分红收益率的个股，我们将选择业绩与分红比例两者确定性较高的个股逢低关注。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:42.591Z","fund":{"_id":3000000007306,"stockCode":"007306","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-05T16:00:00.000Z","setUpScale":234888000,"market":"a","tickerId":7306,"custody":"中国银行股份有限公司","name":"华泰柏瑞基本面智选混合型证券投资基金","shortName":"华泰柏瑞基本面智选(007306)","fundSecondLevel":"hybrid","__csrcFundId":6264,"fundStatus":"normal","lastUpdated":"2026-04-30T20:39:06.211Z","masterFundFlag":1,"inceptionDate":"2019-06-04T16:00:00.000Z","fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞基本面智选","pinyin":"htbrjbmzxhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20912333","stockType":"fund_manager","exchange":"fm","tickerId":2024237480,"name":"谭笑"}]},"announcement":{"linkText":"华泰柏瑞基本面智选混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1075908","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca927fea5b3eb04a621a","date":"2023-12-30T16:00:00.000Z","stockId":3000000007306,"sao":"2023年初国内宏观经济在防疫政策放松后，出现环比明显改善，期间制造业PMI显著回升到51以上，创疫情以来新高。一季度后受国内地产投资与销售影响，制造业PMI回到50以下，四季度仍处于50以下水平。2023年度，国内货币政策整体平稳，LPR小幅调降。资本市场结构性行情显著，市场一季度关注经济与消费复苏场景板块，随后受海外人工智能突破影响，计算机、通信相关AI概念板块受到资金的追捧。受资金分流与美债利率走高影响，之前超额收益显著的新能源、医药与食品饮料等业绩成长型板块表现较弱。基金在期间增持了信创、人工智能应用与算力、传媒与游戏中的估值相对合理标的，配置了产品周期向上的新能源整车公司及智能驾驶相关配套公司，以及视觉机器人产业链的配套公司。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:42.588Z","mo":"展望下一阶段，LPR长期利率在2024年初超预期下调，下半年结合国内经济目标与海外利率动向，国内货币政策调节的空间仍然存在。尽管海外主要经济体当前就业数据仍较好，但随着供给问题缓解，通胀回落后美联储之前偏高的利率水平将回归中性，全年降息方向确定，前期受全球资产配置风格影响的新兴市场成长股或有估值修复，包括前期调整幅度较大的医药、食品饮料、新能源与配套公司可能有一定超额收益。我们比较看好新能源车中将处于产品大周期的整车公司，以及自动驾驶进展带来的个股机会。同时继续看好降息周期下生物医药的估值修复机会。在科技与主题板块中，我们将继续看好视觉人型机器人可能量产配套的产业链公司的机会，以及受益于海外AI应用需求爆发所对应的传媒个股。对于高股息分红率的个股，我们将重点关注与经济复苏相关性高的细分板块。","fund":{"_id":3000000007306,"stockCode":"007306","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-05T16:00:00.000Z","setUpScale":234888000,"market":"a","tickerId":7306,"custody":"中国银行股份有限公司","name":"华泰柏瑞基本面智选混合型证券投资基金","shortName":"华泰柏瑞基本面智选(007306)","fundSecondLevel":"hybrid","__csrcFundId":6264,"fundStatus":"normal","lastUpdated":"2026-04-30T20:39:06.211Z","masterFundFlag":1,"inceptionDate":"2019-06-04T16:00:00.000Z","fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞基本面智选","pinyin":"htbrjbmzxhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20912333","stockType":"fund_manager","exchange":"fm","tickerId":2024237480,"name":"谭笑"}]},"announcement":{"linkText":"华泰柏瑞基本面智选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=1060708","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca927fea5b3eb04a6219","date":"2023-09-29T16:00:00.000Z","stockId":3000000007306,"sao":"一季度国内宏观经济在疫情政策放松后，出现环比明显改善，期间制造业PMI显著回升到51以上，创疫情以来新高。二季度受国内地产投资与销售影响，制造业PMI回到50以下，但在7月份重要宏观经济政策会议定调后，经济与市场信心开始企稳回升。国内货币政策整体平稳，LPR小幅调降。资本市场结构性行情显著，资金一季度布局与经济与消费复苏场景板块，随之人工智能、计算机、通信等板块在上半年受到资金的持续追捧。受资金分流与美债利率高位影响，之前超额收益显著的新能源、医药与食品饮料等业绩成长型行业表现较弱。基金在三季度期间增持了信创、人工智能应用与算力、传媒与游戏中的估值相对合理标的，配置了产品周期向上的新能源整车公司及相关零部件配套公司，继续持有受益于美债利率见顶回落的创新药公司。 　　展望四季度，国内货币政策调节的空间仍然存在，在下调存准之后LPR利率或有小幅下调可能。尽管受国际油价影响CPI有所波动，但美联储在今年进入加息尾声基本确定，前期受全球资产配置风格压制的成长板块或有估值修复，包括前期调整幅度较大的生物医药、新能源车与配套公司可能有一定超额收益。我们看好新能源车中将处于产品周期的整车及配套公司、新技术落地的个股机会。继续重点看好创新药的估值修复机会，预计明年可能的降息将继续利好其估值回升。在人工智能板块中，我们继续看好受益于AI应用带来成本下降与体验改善的游戏板块，以及受益视觉机器人量产的个别公司投资机会。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:42.585Z","fund":{"_id":3000000007306,"stockCode":"007306","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-05T16:00:00.000Z","setUpScale":234888000,"market":"a","tickerId":7306,"custody":"中国银行股份有限公司","name":"华泰柏瑞基本面智选混合型证券投资基金","shortName":"华泰柏瑞基本面智选(007306)","fundSecondLevel":"hybrid","__csrcFundId":6264,"fundStatus":"normal","lastUpdated":"2026-04-30T20:39:06.211Z","masterFundFlag":1,"inceptionDate":"2019-06-04T16:00:00.000Z","fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞基本面智选","pinyin":"htbrjbmzxhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20912333","stockType":"fund_manager","exchange":"fm","tickerId":2024237480,"name":"谭笑"}]},"announcement":{"linkText":"华泰柏瑞基本面智选混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=994071","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca927fea5b3eb04a6218","date":"2023-06-29T16:00:00.000Z","stockId":3000000007306,"sao":"2023年上半年国内宏观经济在防疫政策优化后，出现环比显著改善，一季度中采制造业PMI显著回升到51以上，非制造业PMI回升到54以上高位，创近年来的新高，进入二季度，中采制造业PMI回到50以下。1月与2月工业增加值合并同比有大幅改善，二季度工业增加值在去年较低基数下维持合理增长。国内货币政策期间仍延续适度宽松的基调，短期利率仍处于较低位置。资本市场结构性行情显著，除一季度资金布局于经济与消费复苏场景板块外，包括人工智能、计算机、通信等板块上半年受到资金的持续追捧。受资金分流与美债利率高位影响，之前超额收益显著的新能源、医药与食品饮料等成长行业表现较弱。基金在期间增持了信创、人工智能应用与算力、传媒与游戏中的估值相对合理标的，持有业绩确定性相对较强的新能源头部公司，包括新能源整车公司、动力电池头部公司、储能与充电桩公司的配置，以及消费中成长性相对确定的医美头部公司、创新药公司。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:42.583Z","mo":"展望下半年，国内货币政策预计或仍以适度宽松为基调，货币政策调节的空间仍然存在，LPR利率或有小幅下调可能。市场对三季度经济工作会议存在期待。随着美联储在三季度进入加息尾声，前期受全球资产配置压制的成长板块或有一定的估值修复，包括前期调整幅度较大的生物医药、新能源可能有超额收益。我们关注新能源中业绩确定性相对高的优质头部公司，新能源中新技术落地可能带来的个股机会，也关注创新药的估值修复机会。在人工智能板块中，我们继续关注受益于AI应用带来成本下降与体验改善的游戏板块，并且其目前估值处于历史水平的合理位置。","fund":{"_id":3000000007306,"stockCode":"007306","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-05T16:00:00.000Z","setUpScale":234888000,"market":"a","tickerId":7306,"custody":"中国银行股份有限公司","name":"华泰柏瑞基本面智选混合型证券投资基金","shortName":"华泰柏瑞基本面智选(007306)","fundSecondLevel":"hybrid","__csrcFundId":6264,"fundStatus":"normal","lastUpdated":"2026-04-30T20:39:06.211Z","masterFundFlag":1,"inceptionDate":"2019-06-04T16:00:00.000Z","fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞基本面智选","pinyin":"htbrjbmzxhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20912333","stockType":"fund_manager","exchange":"fm","tickerId":2024237480,"name":"谭笑"}]},"announcement":{"linkText":"华泰柏瑞基本面智选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=967361","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca927fea5b3eb04a6217","date":"2023-03-30T16:00:00.000Z","stockId":3000000007306,"sao":"一季度国内宏观经济在防疫政策放松后，出现环比显著改善，其中制造业PMI显著回升到51以上，非制造业PMI回升到54以上高位，并创疫情以来的新高。1月与2月工业增加值合并同比有大幅改善。国内货币政策期间仍延续适度宽松的基调，短期利率仍处于较低位置。随着经济恢复常态，资本市场转向交投活跃，除外资布局与经济相关性高与消费复苏板块外，包括人工智能、信创、电子等板块受到资金的持续关注。而之前超额收益显著的新能源、军工等成长板块表现相对较弱。基金在期间增持了信创、人工智能应用与算力、传媒与游戏中的估值相对合理标的，并保持了对业绩确定性强的新能源头部公司，包括动力电池头部公司、储能类优势公司的一定配置，以及消费中成长性白酒与医美消费类头部公司。　　展望二季度，国内货币政策预计或仍以适度宽松为基调，货币政策调节的空间仍然存在。随着商务与消费场景的全面恢复，以及去年二季度的低基数效应，预计国内经济同比增速或将比较突出，受益于此，市场中与经济相关度高的权重板块与消费板块，其估值处于均值水平之下，我们认为具备突出的投资价值。随着美联储在二季度进入加息末期，前期受全球资产配置压制的成长板块或将迎来一定的估值修复，特别是前期调整幅度较大的生物医药板块。我们积极关注与经济活动高度相关行业的估值修复机会，以及新能源中业绩确定性高的优质头部公司，以及受益全球成长风格占优的生物医药等优质公司。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:42.580Z","fund":{"_id":3000000007306,"stockCode":"007306","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-05T16:00:00.000Z","setUpScale":234888000,"market":"a","tickerId":7306,"custody":"中国银行股份有限公司","name":"华泰柏瑞基本面智选混合型证券投资基金","shortName":"华泰柏瑞基本面智选(007306)","fundSecondLevel":"hybrid","__csrcFundId":6264,"fundStatus":"normal","lastUpdated":"2026-04-30T20:39:06.211Z","masterFundFlag":1,"inceptionDate":"2019-06-04T16:00:00.000Z","fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞基本面智选","pinyin":"htbrjbmzxhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20912333","stockType":"fund_manager","exchange":"fm","tickerId":2024237480,"name":"谭笑"}]},"announcement":{"linkText":"华泰柏瑞基本面智选混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=889592","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca927fea5b3eb04a6216","date":"2022-12-30T16:00:00.000Z","stockId":3000000007306,"sao":"国内宏观经济受疫情影响有所波动，二季度低于50，十二月最低至47，我们认为这大概率是未来中期的最低点。国内货币政策期间仍延续适度宽松的基调，短期利率仍处于较低位置，长期利率回升反映对经济转向乐观。受国内疫情防控政策放松的影响，以及地产供给侧宽松的政策影响，市场之前的悲观预期出现好转，四季度包括北上资金的配置型资金重新开始配置。与经济相关性高以及消费复苏的板块表现相对强势，而之前超额收益显著的新能源、电子、军工等成长板块表现相对较弱。基金在期间仍以超配业绩确定性强的新能源头部公司，包括动力电池头部公司、光伏新技术电池与组件类公司、海外储能与国内大储类公司、消费中受益复苏的白酒与医美消费类公司。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:42.578Z","mo":"展望明年一季度，国内货币政策预计或仍以适度宽松为基调，地方的地产政策或将从供给侧向需求侧优化，对经济复苏可能起一定托举作用。加之国内疫情度峰之后，消费场景有望出现普遍恢复，预计国内经济在一季度特别是春节后可能出现明显的复苏。市场中权重板块与消费板块经过近一年的调整，虽有所反弹但仍估值目前处于均值水平之下。若经济数据在一季度出现好转，预计中长期资金可能开始重新配置，我们积极关注与经济活动高度相关行业的估值修复机会，以及新能源类成长公司的投资机会。我们继续关注新能源中动力电池头部公司、光伏新技术前景公司、储能中具备订单优势的公司。关注与经济相关性高的如中游制造与材料、食品饮料中具备估值优势的成长性公司的投资机会，以及受益全球成长风格占优的生物医药等板块。","fund":{"_id":3000000007306,"stockCode":"007306","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-05T16:00:00.000Z","setUpScale":234888000,"market":"a","tickerId":7306,"custody":"中国银行股份有限公司","name":"华泰柏瑞基本面智选混合型证券投资基金","shortName":"华泰柏瑞基本面智选(007306)","fundSecondLevel":"hybrid","__csrcFundId":6264,"fundStatus":"normal","lastUpdated":"2026-04-30T20:39:06.211Z","masterFundFlag":1,"inceptionDate":"2019-06-04T16:00:00.000Z","fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞基本面智选","pinyin":"htbrjbmzxhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20912333","stockType":"fund_manager","exchange":"fm","tickerId":2024237480,"name":"谭笑"}]},"announcement":{"linkText":"华泰柏瑞基本面智选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=874083","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca927fea5b3eb04a6215","date":"2022-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四季度工业增加值同比增速有所回落，PMI大部分月份处于需求扩张值之上，除九月份PMI受电力供应影响短期回落到五十以下，十月到十二月份PMI重新回到五十以上。工业增加值增速在四季度逐月回落，主要受地产投资增速下降以及大宗商品价格下行影响，出口的同比增速也有所回落。市场因此对未来阶段货币政策边际宽松，以及基建拉动或者地产政策边际放松的预期增强。四季度市场的风格偏好有所变化，一定程度加剧了前期涨幅较大的成长板块波动，低估值周期板块重新受到资金关注。基金在期间仍以超配业绩确定性强的新能源，以及成长与估值匹配的消费成长品种为主。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:42.567Z","mo":"下阶段国内货币政策仍将维持稳健中灵活性增强，为化解个别地产公司债务风险提供一定的流动性支持。在宏观经济政策定调稳增长之后，我们认为国内经济增速全年将呈现触底回升的局面。海外经济在经过新冠疫情后复苏顶点之后，经济热度将略有降温，对外需的拉动作用将有所回落。欧美央行的货币政策退出时间较之前提前半年，其通胀在年内大概率呈现高位回落的走势，预计欧美央行加息幅度基本在市场的预期范围之内。在国内经济稳中回升的环境下，预计未来国内外新能源车的需求仍然保持高速增长，加之全球新能源车渗透率仍处于较低水平。未来国内发展可再生能源的推进政策将进入落地阶段，长期我们仍然看好新能源板块的中长期投资机会。在市场情绪回归理性后，该板块中优质成长公司的估值水平处于历史低位，长期投资价值更加明显。我们继续坚定看好新能源汽车产业链、光伏风电与储能设备、医疗服务、食品饮料中的优质成长性公司，这类公司的基本面仍维持较好的发展趋势。","fund":{"_id":3000000007306,"stockCode":"007306","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-05T16:00:00.000Z","setUpScale":234888000,"market":"a","tickerId":7306,"custody":"中国银行股份有限公司","name":"华泰柏瑞基本面智选混合型证券投资基金","shortName":"华泰柏瑞基本面智选(007306)","fundSecondLevel":"hybrid","__csrcFundId":6264,"fundStatus":"normal","lastUpdated":"2026-04-30T20:39:06.211Z","masterFundFlag":1,"inceptionDate":"2019-06-04T16:00:00.000Z","fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞基本面智选","pinyin":"htbrjbmzxhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20912333","stockType":"fund_manager","exchange":"fm","tickerId":2024237480,"name":"谭笑"}]},"announcement":{"linkText":"华泰柏瑞基本面智选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=716150","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca927fea5b3eb04a6211","date":"2021-09-29T16:00:00.000Z","stockId":3000000007306,"sao":"三季度宏观经济稳健中增速略有回落，二季度PMI仍处于需求扩张阶段，但受国内新冠疫情反复以及火电供给影响，九月份PMI在疫情后首次回落到50以下。工业增加值增速在三季度逐月回落，但仍处于历史平均水平。受供给因素及用电需求增速较快双重影响，国内动力煤及国际天然气价格在三季度涨幅较大，影响了市场对后续通胀的预期，但明年初供需紧张将大幅缓解。三季度市场的增量资金结构有所变化，加剧了热点板块的波动，而前期跌幅较大且质地较好的消费品种重新受资金关注。基金在本季度期间仍以超配新能源以及成长与估值匹配的消费品种为主。 四季度将继续关注国内电力供给对需求的影响，部分省份“双降”压力可能会较三季度末有所缓解。国内货币政策仍将维持整体稳健并适度灵活，年底前出现流动性紧张的概率并不大。海外需求虽然高峰已过，但仍处于复苏之后的合理水平。欧美央行的货币政策并未急速转向，仍在与市场反复沟通货币收紧的长期性，意图让市场充分预期以避免市场大幅波动。预计四季度国内外新能源车的需求仍然较好，且国内发展可再生能源的促进政策继续落地，长期我们仍然看好新能源板块的整体投资机会，在市场情绪回归理性后，板块中优质公司的投资价值更加明显。我们继续坚定看好新能源汽车、光伏设备、医疗服务、食品饮料中的优质成长性公司，这类公司的基本面仍维持较好的发展趋势。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:42.565Z","fund":{"_id":3000000007306,"stockCode":"007306","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-05T16:00:00.000Z","setUpScale":234888000,"market":"a","tickerId":7306,"custody":"中国银行股份有限公司","name":"华泰柏瑞基本面智选混合型证券投资基金","shortName":"华泰柏瑞基本面智选(007306)","fundSecondLevel":"hybrid","__csrcFundId":6264,"fundStatus":"normal","lastUpdated":"2026-04-30T20:39:06.211Z","masterFundFlag":1,"inceptionDate":"2019-06-04T16:00:00.000Z","fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞基本面智选","pinyin":"htbrjbmzxhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20912333","stockType":"fund_manager","exchange":"fm","tickerId":2024237480,"name":"谭笑"}]},"announcement":{"linkText":"华泰柏瑞基本面智选混合型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=657749","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca927fea5b3eb04a6210","date":"2021-06-29T16:00:00.000Z","stockId":3000000007306,"sao":"上半年宏观经济延续稳健复苏，二季度PMI虽然较一季度环比有所回落，但仍处于需求的积极扩张阶段。二季度工业增加值增速以及工业企业利润增速继续改善，在去年的高基数效应消退后，工业增加值仍处于历史中的较高水平。上半年猪肉价格同比大幅回落，加上黑色金属价格涨势趋缓，预计下半年CPI将处于合理范围，货币政策预计仍以平稳为主。市场在一季度震荡后，资金在二季度重新配置过程中，仍以中长期成长确定性高的成长板块为主。基金在期间降低了少部分估值极高的成长性品种配置，但对新能源车以及成长与估值匹配的大消费品种的中长期表现仍然坚定看好。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:42.562Z","mo":"预计下半年国内外需求将继续稳健复苏，主要国家的新冠疫苗接种率已接近群体免疫水平，海外企业复工继续恢复与社交限制放松，外需拉动与内需复苏将持续共振。全球主要央行当前宽松的态度未发生根本变化，市场对海外央行的宽松政策长期退出开始逐渐预期与消化，对市场的冲击效果预计将有限。我们对下半年国内外经济稳健复苏继续持乐观看法。优质成长股的估值水平仍处于合理范围内，在成长性行业与板块中，我们继续看好新能源汽车、医疗服务、食品饮料中的优质成长性公司，这类公司的基本面仍维持较好的发展趋势。","fund":{"_id":3000000007306,"stockCode":"007306","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-05T16:00:00.000Z","setUpScale":234888000,"market":"a","tickerId":7306,"custody":"中国银行股份有限公司","name":"华泰柏瑞基本面智选混合型证券投资基金","shortName":"华泰柏瑞基本面智选(007306)","fundSecondLevel":"hybrid","__csrcFundId":6264,"fundStatus":"normal","lastUpdated":"2026-04-30T20:39:06.211Z","masterFundFlag":1,"inceptionDate":"2019-06-04T16:00:00.000Z","fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞基本面智选","pinyin":"htbrjbmzxhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20912333","stockType":"fund_manager","exchange":"fm","tickerId":2024237480,"name":"谭笑"}]},"announcement":{"linkText":"华泰柏瑞基本面智选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=632172","li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金利率方面仍然较友好。市场在上半年呈现明显的结构性行情，成长板块中的食品饮料、医药、电子与半导体等行业表现领先。基金在期间内重点配置各行业内的优质成长性公司，超配医药、食品饮料、电子与半导体、新能源车、新型消费等行业与板块。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:42.550Z","mo":"预计下半年国内需求将继续复苏，同时欧美主要经济体的复工比例继续提升，对外需的拉动作用将较为明显，我们对经济的反弹持续时间与强度持比较乐观的态度。同时全球主要央行相对宽松的态度没有发生明显的变化，财政刺激政策不断加码，宏观基本面与资金面均有利于全球资本市场。当前成长板块估值与金融周期板块估值差距明显，在经济复苏背景下，周期优质个股的估值将有所恢复。我们将继续配置各行业中的优质头部公司，包括金融与周期板块中的优质公司；在成长性板块中，我们继续看好医疗服务、创新药与生物制药、新能源汽车中的优质公司。","fund":{"_id":3000000007306,"stockCode":"007306","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-05-05T16:00:00.000Z","setUpScale":234888000,"market":"a","tickerId":7306,"custody":"中国银行股份有限公司","name":"华泰柏瑞基本面智选混合型证券投资基金","shortName":"华泰柏瑞基本面智选(007306)","fundSecondLevel":"hybrid","__csrcFundId":6264,"fundStatus":"normal","lastUpdated":"2026-04-30T20:39:06.211Z","masterFundFlag":1,"inceptionDate":"2019-06-04T16:00:00.000Z","fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞基本面智选","pinyin":"htbrjbmzxhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20912333","stockType":"fund_manager","exchange":"fm","tickerId":2024237480,"name":"谭笑"}]},"announcement":{"linkText":"华泰柏瑞基本面智选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=466395","linkType":"PDF","source":"csrc_pdf"}}]}