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降低换手，上半年消费医药等部分板块表现相对极致，投资者抱团现象明显，本基金对市场热点的呼应较少，相对回避高估值资产，这使得基金相对收益短期落后。上半年市场的主要特征为充裕的流动性但行业基本面趋势乏善可陈，这使得部分所谓长期确定的“优质资产”从长期看已经出现了明显的泡沫。报告期内本基金涨幅表现好于业绩基准。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:46.947Z","mo":"展望未来，市场的核心要素在于流动性的宽松程度和经济复苏的幅度，在这背后疫情和疫苗的接种效果仍是重要影响因素，从偏乐观的角度，资本市场对疫情担忧的拐点已经在上半年出现，这也使得市场的结构性机会有望转向业绩复苏但股价前期滞涨的板块。由于过去两年的赚钱效应，市场热度有望维持，经济复苏在未来几个季度有望维持，本基金将更加积极地把握市场的结构性机会。","fund":{"_id":3000000007802,"stockCode":"007802","stockType":"fund","areaCode":"cn","followedNum":114,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-10-13T16:00:00.000Z","setUpScale":5939820000,"market":"a","tickerId":7802,"custody":"招商银行股份有限公司","name":"兴全合泰混合型证券投资基金","shortName":"兴全合泰混合(007802)","fundSecondLevel":"hybrid","__csrcFundId":6505,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:23.441Z","masterFundFlag":1,"inceptionDate":"2019-10-16T16:00:00.000Z","fundCollectionId":4000050310000,"currency":"CNY","memoNum":2,"masterFundShortName":"兴全合泰混合","pinyin":"xqhthhxzqtzjj","managers":[{"stockCode":"j101020621","stockType":"fund_manager","exchange":"fm","tickerId":260310258020,"name":"张传杰"},{"stockCode":"8801383227","stockType":"fund_manager","exchange":"fm","tickerId":241925140130,"name":"谢书英"}]},"announcement":{"linkText":"兴全合泰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=466308","linkType":"PDF","source":"csrc_pdf"}}]}