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Banana与国内的Seedance2.0等多模态模型的惊艳亮相，标志着AIGC领域从尝鲜探索进入到了工业化生产的时代。这也将重构内容行业未来的生产范式。我们预计，由AI原生技术主导开发和制作的游戏、漫剧、电影、音乐将陆续出现并蓬勃发展。业绩层面，多家上市游戏公司通过玩法创新、深耕出海等举措，在财报中展现了良好的业绩增长势头，部分影视公司主业逐步止跌回稳并在漫剧领域开拓出新的业绩增长点。展望2026年，我们继续看好国内游戏公司业绩的进一步增长和部分公司在漫剧布局上的业绩兑现。综合考虑AI技术带来的改造潜力、业绩兑现的可能性和当下的估值水平，我们坚定看好并集中投资于游戏、漫剧等商业模式跑通、有业绩兑现预期的AI应用方向。最后需提醒投资者，本基金投资方向较为集中，在具备高成长潜力的同时，也必然伴随较大的市场波动。对于AI应用这一长期赛道，简单地追涨或因短期波动恐慌离场均非理性策略。投资者应充分认知本基金的风险收益特征，审慎决策。若看好板块长期发展，可考虑采用定期定额投资方式，以平滑短期波动，力争分享精神消费与AI融合带来的产业红利。","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","status":"normal","exchange":"jj","shortName":"同泰慧利混合(008180)","inceptionDate":"2020-07-02T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051690000,"currency":"CNY","masterFundShortName":"同泰慧利混合","setUpDate":"2020-07-02T16:00:00.000Z","setUpAssetScale":279911469.16,"setUpShares":279911469.16,"pinyin":"tthlhhxzqtzjj","managers":[{"stockCode":"db20811526","stockType":"fund_manager","exchange":"fm","tickerId":32603216960,"name":"陈宗超"},{"stockCode":"j101020274","stockType":"fund_manager","exchange":"fm","tickerId":131016250500,"name":"麦健沛"}]},"announcement":{"linkText":"同泰慧利混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1448403","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb697fea5b3eb04b503a","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000008180,"sao":"回顾三季度，A股市场呈现“流动性”与“风险偏好”共振的强势行情，交投活跃度显著提升，成长风格全面占优，TMT板块表现亮眼。人工智能领域进展迅猛，不仅体现在上游算力开支上国内外大厂的持续扩张，应用端也出现了如Sora2等效果惊艳的产品。       三季度，本基金延续此前的投资思路，重点关注AI应用端，尤其是游戏方向的投资机会。       展望后市，我们认为，游戏产业是国内精神消费兴起与AI技术快速落地的理想交汇点。将AI技术革新转化为企业业绩增长，关键在于打通“挖掘需求-技术落地-用户付费”的闭环。       需求层面，国内精神消费的兴起提供了广阔市场，《黑神话 悟空》、《哪吒》、《流浪地球》等作品不断刷新销售或票房纪录，即是明证。技术层面，AI技术虽快速迭代但仍未完善（例如大模型的“幻觉”问题），这要求技术落地场景具备较高的容错率。以游戏为代表的泛娱乐场景，用户容忍度相对较高，更有利于新技术快速试错与迭代。       商业化层面，与国内多数应用及工具软件受困于用户付费意愿不同，游戏厂商在引导用户付费及通过广告变现方面已形成成熟模式，经验丰富。       实际落地层面，今年以来我们欣喜地看到，Sora2等AIGC产品取得明显进步，有助于游戏研发降本增效并加速迭代；智能NPC和AI玩家的融入也极大丰富了用户体验。甚至，我们预计明年有望出现由AI原生技术主导开发的游戏。       业绩层面，多家上市游戏公司通过玩法创新、深耕出海等举措，已在中报中展现了业绩增长势头。展望后续，其业绩景气度有望延续，并有众多新品值得期待。       尽管部分游戏公司股价自年初以来涨幅可观，但当前估值水平仍处于合理区间，并未出现明显泡沫。综合考虑业绩成长性与AI技术带来的改造空间，我们坚定看好并集中投资于游戏方向。       最后需提醒投资者，本基金投资方向较为集中，在具备高成长潜力的同时，也必然伴随较大的市场波动。对于游戏这一长期赛道，简单地追涨或因短期波动恐慌离场均非理性策略。投资者应充分认知本基金的风险收益特征，审慎决策。若看好板块长期发展，可考虑采用定期定额投资方式，以平滑短期波动，力争分享精神消费与AI融合带来的产业红利。","lastUpdated":"2026-03-09T13:30:17.756Z","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","status":"normal","exchange":"jj","shortName":"同泰慧利混合(008180)","inceptionDate":"2020-07-02T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051690000,"currency":"CNY","masterFundShortName":"同泰慧利混合","setUpDate":"2020-07-02T16:00:00.000Z","setUpAssetScale":279911469.16,"setUpShares":279911469.16,"pinyin":"tthlhhxzqtzjj","managers":[{"stockCode":"db20811526","stockType":"fund_manager","exchange":"fm","tickerId":32603216960,"name":"陈宗超"},{"stockCode":"j101020274","stockType":"fund_manager","exchange":"fm","tickerId":131016250500,"name":"麦健沛"}]},"announcement":{"linkText":"同泰慧利混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1379277","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb697fea5b3eb04b5039","date":"2025-06-29T16:00:00.000Z","stockId":3000000008180,"sao":"回顾上半年的市场表现，受海内外多重因素的交织影响，A股市场走势波动较大，呈现“震荡上行—震荡调整—震荡上行”的“N型”特征。从年初至3月中旬，以DeepSeek为标志的国内AI产业加速发展和科技自信的确立叠加政策利好的共振，国内资本市场震荡上行。3月下旬至4月上旬，受特朗普“对等关税”政策的冲击，市场进入震荡调整阶段。在4月中旬至年中的时段内，国内政策积极发力，加之中美贸易摩擦阶段性缓和，市场再度呈现震荡回升态势。      上半年，本基金延续此前的投资思路，继续在TMT等科技成长方向进行投资配置尤其是AI产业，并且配置方向更加聚焦。当前，本基金重点关注短剧和游戏方向的投资机会。","declarationDate":"2025-07-09T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:17.754Z","mo":"展望后市，我们认为，短剧和游戏产业是国内精神消费兴起与AI技术快速落地的理想交汇点。AI技术的革新要想转化为企业业绩的增长，需要打通“挖掘需求-技术落地-用户付费”的闭环。       需求层面，国内精神消费的兴起提供了广阔的市场，《黑神话 悟空》、《哪吒》、《流浪地球》等销售或票房记录的刷新，均证明了这一点。技术层面，AI技术在快速演进迭代但仍未完善，比如大模型的幻觉问题等，这就需要容错率相对高的场景才能更快地让技术落地，以短剧和游戏为代表的泛娱乐场景用户的相对宽容，更有利于新技术的快速落地。商业化层面，不同于国内应用与软件厂商常年受困于用户付费习惯问题难以将产品有效商业化，游戏厂商和短剧厂商在引导用户付费或者通过广告变现方面积累了相当丰富的经验。       行业的实际进展上，今年以来我们欣喜地看到在短剧制作流程、推广过程中，大量AI技术的融入有效帮助企业降本增效，多模态模型的日益精进，AI原生内容（如短剧、互动视频）加速商业化落地。游戏行业上，AI技术不仅能赋能美术制作和代码开发来协助企业加快产品研发速度，更能通过智能NPC和AI玩家的融入给用户带来更加丰富的游戏体验。       由此，我们坚定看好并将集中投资短剧和游戏方向。       最后，需要提醒投资者的是，本基金的投资方向较为集中，具有高成长性的同时也必将伴随较大的市场波动。对于短剧和游戏这一具备长期投资价值的方向，单纯的追高或在市场波动时恐慌离场都不是最优策略，投资者需充分认知本基金的风险收益特征，审慎做出投资决策。若看好板块未来发展，可以考虑采用定投方式与行业共同成长，熨平短期波动，力争分享精神消费与AI融合的产业红利。","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","status":"normal","exchange":"jj","shortName":"同泰慧利混合(008180)","inceptionDate":"2020-07-02T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051690000,"currency":"CNY","masterFundShortName":"同泰慧利混合","setUpDate":"2020-07-02T16:00:00.000Z","setUpAssetScale":279911469.16,"setUpShares":279911469.16,"pinyin":"tthlhhxzqtzjj","managers":[{"stockCode":"db20811526","stockType":"fund_manager","exchange":"fm","tickerId":32603216960,"name":"陈宗超"},{"stockCode":"j101020274","stockType":"fund_manager","exchange":"fm","tickerId":131016250500,"name":"麦健沛"}]},"announcement":{"linkText":"同泰慧利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=1343830","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb697fea5b3eb04b5038","date":"2025-03-30T16:00:00.000Z","stockId":3000000008180,"sao":"2025年一季度，本产品延续对人工智能领域方向的配置，在成长较快且具备一定安全边际的细分产业中进行轮动，取得了一定的收益。       具体到产品的配置思路，首先我们坚信未来十年将迎来人工智能领域投资的黄金时期的观点。一季度，我们延续了在具备一定利润规模的算力基础设施方向上进行了重点配置，该领域的稳定收益有助于增强组合的抗风险能力。同时，智能驾驶领域即将步入快速成长期，我们也已提前进行了研究和布局，旨在捕捉相关投资机会。此外，对于具身智能和人工智能应用等领域处于发展前沿，且存在巨大的发展潜力，我们也进行了前瞻性的研究和配置，以探索相关投资机会，从而有助于弱化投资组合的波动性，为投资者带来更好的投资体验。       我们将持续对人工智能各个细分产业进行抽丝剥茧般的深入分析，充分考量其所处的发展阶段与成长周期，从而构建出一套全方位且富有层次的投资组合。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:17.751Z","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","status":"normal","exchange":"jj","shortName":"同泰慧利混合(008180)","inceptionDate":"2020-07-02T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051690000,"currency":"CNY","masterFundShortName":"同泰慧利混合","setUpDate":"2020-07-02T16:00:00.000Z","setUpAssetScale":279911469.16,"setUpShares":279911469.16,"pinyin":"tthlhhxzqtzjj","managers":[{"stockCode":"db20811526","stockType":"fund_manager","exchange":"fm","tickerId":32603216960,"name":"陈宗超"},{"stockCode":"j101020274","stockType":"fund_manager","exchange":"fm","tickerId":131016250500,"name":"麦健沛"}]},"announcement":{"linkText":"同泰慧利混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1267000","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb697fea5b3eb04b5037","date":"2024-12-30T16:00:00.000Z","stockId":3000000008180,"sao":"本基金始终专注于成长型制造业领域，其间涉足了光伏、电动车、军工等具备中国优势的制造业标的。当下，人工智能技术犹如一颗冉冉升起的新星，在全球范围内呈蓬勃发展之势，其所及之处，对各行各业的传统模式予以重塑，不断催生全新的商业机遇和经济增长引擎。客观而言，未来十年大概率将是人工智能领域投资的黄金时期。本基金也将主要聚焦于人工智能领域的中长期投资。       四季度以来，我们在已具备一定利润规模的算力基础设施方向进行了重点配置，该领域的稳定收益有利于增强组合的抗风险能力。同时，智能驾驶领域即将迈入快速成长期，我们已提前布局，有望在未来 1 - 2 年内分享其高速发展带来的红利。此外，对于具身智能和人工智能应用等处于发展前沿且潜力巨大的方向，我们也进行了前瞻性配置，以平抑投资组合的整体波动，致力于为产品净值实现更为稳健的增长。       我们的专业团队长期对人工智能的各个细分产业进行了深入且细致的分析，充分考量其所处的发展阶段与成长周期，从而构建出一套全面且层次分明的投资组合。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:17.748Z","mo":"2024 年，中国证券市场经历了跌宕起伏的一年。年初，在经济复苏预期和政策利好的推动下，市场迎来一波强劲上涨，新兴产业和消费领域相关产业表现出色。       然而，年中形势突变。国际经济不确定性加剧，贸易摩擦升级，全球金融市场动荡，国内经济增长压力显现，企业盈利增速放缓，市场深度调整，权重股下挫带动大盘指数下跌，成交量萎缩。       但下半年，随着政府加大经济托底力度，密集出台一系列稳增长、促改革措施，央行实施适度宽松货币政策注入流动性，监管部门加强市场监管维护公平稳定，市场在四季度逐渐企稳回升。优质蓝筹股反弹带动人气恢复，科技创新板块在政策扶持下崛起引领上涨，成交量放大，市场迎来有力反弹。       展望 2025 年，在政府持续的经济托底政策支持下，中国经济有望保持稳定增长。国内消费市场将进一步回暖，基础设施建设投资保持规模。人工智能等科技型产业在政策扶持和资金投入下将继续快速发展，带动上下游产业链协同进步。随着中国经济结构不断优化，新质生产力的不断发展，证券市场也将持续出现较好的投资机会。","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","status":"normal","exchange":"jj","shortName":"同泰慧利混合(008180)","inceptionDate":"2020-07-02T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051690000,"currency":"CNY","masterFundShortName":"同泰慧利混合","setUpDate":"2020-07-02T16:00:00.000Z","setUpAssetScale":279911469.16,"setUpShares":279911469.16,"pinyin":"tthlhhxzqtzjj","managers":[{"stockCode":"db20811526","stockType":"fund_manager","exchange":"fm","tickerId":32603216960,"name":"陈宗超"},{"stockCode":"j101020274","stockType":"fund_manager","exchange":"fm","tickerId":131016250500,"name":"麦健沛"}]},"announcement":{"linkText":"同泰慧利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=1248349","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb697fea5b3eb04b5036","date":"2024-09-29T16:00:00.000Z","stockId":3000000008180,"sao":"整个三季度，刨除9月的最后一周，市场一直处在下跌趋势当中。9月24日，各金融部门开始释放了相对正面的积极信号，无论是针对股市还是房市，A股市场出现了重大转折，三季度最后一周，各大指数反弹较大。第三季度上证指数上涨12%，创业板指上涨幅度接近30%，深证成指涨幅超19%。      本基金在2024年三季度主要持仓集中于军工、机械等方向，对此前重仓的军工个别子板块进行了止盈，所以相较于二季度，对军工板块进行了一定程度减仓。      对于宏观经济的判断，目前看政策愈加积极，基本面预期开始逐步得到改善。对存量房贷利率的下调能较好地缓解居民部门现金流压。同时，股市层面的增量资金政策和呵护态度，为市场的风险偏好增加了不少助力。展望后市，A股经历了较长期维度的回调之后，此前的悲观情绪和基本面已经在股价里得到了相对充分的反应。随着政策的逐步友好，新的增量资金会不断涌入，对市场并不悲观。      板块选择方面，看好机械、军工、半导体等先进制造板块，同时也会关注受益于宏观经济改善的顺周期板块。在任何市场环境下，选择业绩好、估值低的优质公司进行投资永远是不会错的策略，选择好的公司进行持有，毕竟拉长时间来看，市场是有效的。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:17.745Z","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","status":"normal","exchange":"jj","shortName":"同泰慧利混合(008180)","inceptionDate":"2020-07-02T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051690000,"currency":"CNY","masterFundShortName":"同泰慧利混合","setUpDate":"2020-07-02T16:00:00.000Z","setUpAssetScale":279911469.16,"setUpShares":279911469.16,"pinyin":"tthlhhxzqtzjj","managers":[{"stockCode":"db20811526","stockType":"fund_manager","exchange":"fm","tickerId":32603216960,"name":"陈宗超"},{"stockCode":"j101020274","stockType":"fund_manager","exchange":"fm","tickerId":131016250500,"name":"麦健沛"}]},"announcement":{"linkText":"同泰慧利混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1170098","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb697fea5b3eb04b5035","date":"2024-06-29T16:00:00.000Z","stockId":3000000008180,"sao":"2024年上半年，上证指数涨跌幅为-0.25%，但整体波动较大，期间呈现下跌后涨再跌的走势。结构上，也呈现较明显的分化，大盘蓝筹股表现明显强于中小盘股；行业上看，公用事业类、出口相关的行业（算力、电网设备等）表现明显更优。本基金在2024年上半年主要持仓集中于军工、机械、半导体等方向，由于军工板块订单下达进度低于此前预期，所以二季度相较于一季度，对军工板块进行了一定程度减仓，同时也伴随着一些事件驱动做了一些板块内部的轮动。此外，二季度兑现了部分核电设备等机械板块标的，并对部分消费相关的个股进行了减仓，仓位维持在8成以上。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:17.743Z","mo":"展望后市，当前市场预期已经足够悲观，并且悲观情绪已经在股价里得到了相对充分的反应。随着下半年经济活动的进一步复苏，市场情绪的逐步乐观会带来新的增量资金，流动性的合理充裕态势还是会持续。所以，经济向上+流动性持续宽松的背景下，对市场并不悲观。       板块选择方面，看好机械、军工等先进制造板块，同时也会关注基本面向上、具备国产替代空间的半导体相关板块。在任何市场环境下，选择业绩好、估值低的优质公司进行投资永远是不会错的策略，选择好的公司进行持有，毕竟拉长时间来看，市场是有效的。","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","status":"normal","exchange":"jj","shortName":"同泰慧利混合(008180)","inceptionDate":"2020-07-02T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051690000,"currency":"CNY","masterFundShortName":"同泰慧利混合","setUpDate":"2020-07-02T16:00:00.000Z","setUpAssetScale":279911469.16,"setUpShares":279911469.16,"pinyin":"tthlhhxzqtzjj","managers":[{"stockCode":"db20811526","stockType":"fund_manager","exchange":"fm","tickerId":32603216960,"name":"陈宗超"},{"stockCode":"j101020274","stockType":"fund_manager","exchange":"fm","tickerId":131016250500,"name":"麦健沛"}]},"announcement":{"linkText":"同泰慧利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=1142709","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb697fea5b3eb04b5034","date":"2024-03-30T16:00:00.000Z","stockId":3000000008180,"sao":"2024年一季度，A股市场先抑后扬，主要指数涨跌互现。其中，上证50指数表现最强，一季度累计上涨3.82%，上证指数一季度收涨2.23%，创业板和科创50分别下跌3.87%、10.48%。总体来看，一季度大盘蓝筹股明显强于中小盘股。       在一季度这种流动性主导行情的背景之下，股价表现与个股基本面有时候并不强相关，很多个股暴跌又暴涨，波动较大。本基金在2024年一季度主要持仓集中于军工、机械、半导体等方向，由于军工板块订单下达进度低于此前预期，所以相较于上一季度，对军工板块进行了一定程度减仓。仓位维持9成左右。       展望后市，随着经济活动的进一步复苏，市场情绪大概率会乐观起来，流动性的合理充裕态势还是会持续。所以，经济向上+流动性持续宽松的背景下，对市场并不悲观。在任何市场环境下，选择业绩好、估值低的优质公司进行投资永远是不会错的策略，选择好的公司进行持有，毕竟拉长时间来看，市场是有效的。在当前市场环境下，看好机械、军工等先进制造板块，同时也会关注基本面向上的半导体相关板块。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:17.740Z","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","status":"normal","exchange":"jj","shortName":"同泰慧利混合(008180)","inceptionDate":"2020-07-02T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051690000,"currency":"CNY","masterFundShortName":"同泰慧利混合","setUpDate":"2020-07-02T16:00:00.000Z","setUpAssetScale":279911469.16,"setUpShares":279911469.16,"pinyin":"tthlhhxzqtzjj","managers":[{"stockCode":"db20811526","stockType":"fund_manager","exchange":"fm","tickerId":32603216960,"name":"陈宗超"},{"stockCode":"j101020274","stockType":"fund_manager","exchange":"fm","tickerId":131016250500,"name":"麦健沛"}]},"announcement":{"linkText":"同泰慧利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=1074208","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb697fea5b3eb04b5033","date":"2023-12-30T16:00:00.000Z","stockId":3000000008180,"sao":"纵观2023年，A股主要股指多数收跌，其中沪指全年下跌3.7%，收在3000点下方。创业板指全年下跌19.41%，跌幅居首，上证50、沪深300指数年线3连阴。北证50指数四季度大幅走高，全年上涨14.92%。风格上看，50亿市值以下的微盘股表现占优，且优势明显。       对于同泰慧利，2023年未参与偏题材类的投资，但也错过了AI的产业浪潮给A股公司带来的投资机会，虽然绝大多数都是炒作，但不可否认的是以光模块典型代表的板块，是真实受益于此次浪潮的，复盘来看，还是非常遗憾。本基金在2023年四季度主要持仓集中于军工、机械、半导体等方向，仓位维持9成左右，相较于三季度，汽车、半导体仓位有所降低，增加了军工相关板块的配置。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:17.737Z","mo":"展望后市，随着经济活动的进一步复苏，市场情绪大概率会乐观起来，整体流动性的合理充裕态势还是会持续。所以，经济向上+流动性持续宽松的背景下，整体对市场并不悲观。       股市长期是称重机，在任何市场环境下，选择业绩好、估值低的优质公司进行投资永远是不会错的策略。因为主题投资的过度表现，优质成长股当前真的处于遍地黄金阶段，选择好的公司进行持有，毕竟拉长时间来看，市场是有效的。在此市场环境下，看好业绩有支撑的军工、机械等先进制造板块，同时也会关注基本面预期向上的半导体相关板块。","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","status":"normal","exchange":"jj","shortName":"同泰慧利混合(008180)","inceptionDate":"2020-07-02T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051690000,"currency":"CNY","masterFundShortName":"同泰慧利混合","setUpDate":"2020-07-02T16:00:00.000Z","setUpAssetScale":279911469.16,"setUpShares":279911469.16,"pinyin":"tthlhhxzqtzjj","managers":[{"stockCode":"db20811526","stockType":"fund_manager","exchange":"fm","tickerId":32603216960,"name":"陈宗超"},{"stockCode":"j101020274","stockType":"fund_manager","exchange":"fm","tickerId":131016250500,"name":"麦健沛"}]},"announcement":{"linkText":"同泰慧利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=1053462","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb697fea5b3eb04b5032","date":"2023-09-29T16:00:00.000Z","stockId":3000000008180,"sao":"三季度，7月上旬市场以震荡和调整为主，但是7月后半月由于中央经济工作会议关于地产和经济的表述发生了较大变化，同时，城中村改造等地产相关政策开始出台，上证指数和沪深300在金融、地产带动下出现了较为明显的反弹。而成长板块由于存量市场并未反弹，创业板指数走平。进入8月后，市场主要还是以调整为主，个别指数和板块调整幅度还是比较大的。9月市场回吐了8月出政策以后反弹的很多成果，交易量也创下了极低的水平，一度跌破6000亿，市场表现较为悲观。       对于同泰慧利，三季度主要持仓仍集中于汽车、军工、机械、半导体等方向，仓位维持9成左右，相较于二季度，新能源仓位有所降低，新增了半导体、军工相关板块的配置。       展望后市，随着经济活动的进一步复苏，市场情绪大概率会乐观起来，整体的流动性的合理充裕态势还是会持续。所以，经济向上+流动性持续宽松的背景下，整体对市场并不悲观。       10月份会进入业绩预告期，市场可能要进入看业绩的阶段，在任何市场环境下，选择业绩好、估值低的优质公司进行投资永远是不会错的策略。因为主题投资的过度表现，优质成长股当前真的处于遍地黄金阶段，选择好的公司进行持有，毕竟拉长时间来看，市场是有效的。在此市场环境下，依然看好业绩有支撑的新能源、军工、机械等先进制造板块，同时也会关注基本面可能拐点临近且处于低位的半导体相关板块。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:17.734Z","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","status":"normal","exchange":"jj","shortName":"同泰慧利混合(008180)","inceptionDate":"2020-07-02T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051690000,"currency":"CNY","masterFundShortName":"同泰慧利混合","setUpDate":"2020-07-02T16:00:00.000Z","setUpAssetScale":279911469.16,"setUpShares":279911469.16,"pinyin":"tthlhhxzqtzjj","managers":[{"stockCode":"db20811526","stockType":"fund_manager","exchange":"fm","tickerId":32603216960,"name":"陈宗超"},{"stockCode":"j101020274","stockType":"fund_manager","exchange":"fm","tickerId":131016250500,"name":"麦健沛"}]},"announcement":{"linkText":"同泰慧利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=991266","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb697fea5b3eb04b5031","date":"2023-06-29T16:00:00.000Z","stockId":3000000008180,"sao":"上半年A股核心和行业指数表现分化明显：1）核心指数层面，大盘价值+小盘成长表现相对更好，大盘成长、茅指数等机构重仓股表现较差。2）一级行业层面，TMT（通信、传媒、计算机）与公用事业、建筑装饰、石油石化等低估值蓝筹涨幅靠前，地产链（房地产、建筑建材）与化工、煤炭、农林牧渔等周期板块表现较差。3）23H1的投资主线为大盘价值+小盘成长，即低估值央企蓝筹作核心资产投资和以TMT为代表的AI数字经济作产业主题投资，实际上是经济进入二季度超预期下行后对“弱现实+弱预期”的定价偏好。       对于同泰慧利，上半年主要持仓集中于新能源、汽车、机械、半导体等方向，仓位维持9成左右，相较于一季度，二季度新能源仓位有所降低，新增了半导体相关板块的配置，但一如此前重视估值合理性的配置原则，并未参与短期涨幅较大的AI板块相关个股的投资。具体到新能源细分方向，相较于锂电、新能源基建等，仓位更多集中于风电、光伏设备、核电设备等板块。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:17.732Z","mo":"展望后市，随着经济活动的进一步复苏，市场情绪大概率会乐观起来，整体的流动性的合理充裕态势还是会持续。所以，经济向上+流动性持续宽松的背景下，整体对市场并不悲观。      7月份会进入业绩预告期，市场可能要进入看业绩的阶段，在任何市场环境下，选择业绩好、估值低的优质公司进行投资永远是不会错的策略。因为主题投资的过度表现，优质成长股当前真的处于遍地黄金阶段，选择好的公司进行持有，毕竟拉长时间来看，市场是有效的。在此市场环境下，依然看好业绩有支撑的新能源、军工、机械等先进制造板块，同时也会关注基本面可能拐点临近且处于低位的半导体相关板块。","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","status":"normal","exchange":"jj","shortName":"同泰慧利混合(008180)","inceptionDate":"2020-07-02T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051690000,"currency":"CNY","masterFundShortName":"同泰慧利混合","setUpDate":"2020-07-02T16:00:00.000Z","setUpAssetScale":279911469.16,"setUpShares":279911469.16,"pinyin":"tthlhhxzqtzjj","managers":[{"stockCode":"db20811526","stockType":"fund_manager","exchange":"fm","tickerId":32603216960,"name":"陈宗超"},{"stockCode":"j101020274","stockType":"fund_manager","exchange":"fm","tickerId":131016250500,"name":"麦健沛"}]},"announcement":{"linkText":"同泰慧利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=959438","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb697fea5b3eb04b5030","date":"2023-03-30T16:00:00.000Z","stockId":3000000008180,"sao":"2023年一季度，沪深300、创业板指、上证指数分别上涨4.63%、2.25%、5.94%。细分行业来看，计算机、传媒、通信、电子等板块涨幅较大，分别涨跌幅为36.8%、34.2%、29.5%、15.5%，房地产、银行等跌幅较大，此前景气度较高的电力设备板块涨跌幅也为负数。对于同泰慧利，一季度主要持仓仍集中于新能源、军工、机械等方向，仓位维持9成左右，导致整体净值表现不佳具体到新能源细分方向，相较于锂电、新能源基建等，仓位更多集中于风电、光伏设备等板块。从宏观角度，今年国内经济大概率呈现弱复苏的态势。并且，随着后续经济活动的进一步复苏，市场情绪大概率会乐观起来。当然目前还处在观望中，后续仍然需要关注一些重要经济数据的出炉。从流动性角度，根据央行的表态，整体的流动性的合理充裕态势还是会持续。合理充裕的流动性，不管是从产业发展，还是对于疫后社会稳定来说，还是比较重要的。所以，经济向上+流动性持续宽松的背景下，整体对市场并不悲观。当前市场的主线在TMT，市场上其他多数板块资金被分流严重，虽不可否认chatgpt的诞生将很大可能催生一次新的技术革命，但我更倾向于将当前的tmt行情定义为主题投资，因为可能多数公司会在较长的时间内观察不到业绩。四月份会进入业绩期，市场可能要进入看业绩的阶段，在任何市场环境下，选择业绩好、估值低的优质公司进行投资永远是不会错的策略。因为主题投资的过度表现，优质成长股当前真的处于遍地黄金阶段，选择好的公司进行持有，毕竟拉长时间来看，市场是有效的。在此市场环境下，依然看好业绩有支撑的新能源、军工等先进制造板块，以及业绩存在边际改善预期且可能受益于电力市场改革的电力企业。","declarationDate":"2023-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:17.729Z","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","status":"normal","exchange":"jj","shortName":"同泰慧利混合(008180)","inceptionDate":"2020-07-02T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051690000,"currency":"CNY","masterFundShortName":"同泰慧利混合","setUpDate":"2020-07-02T16:00:00.000Z","setUpAssetScale":279911469.16,"setUpShares":279911469.16,"pinyin":"tthlhhxzqtzjj","managers":[{"stockCode":"db20811526","stockType":"fund_manager","exchange":"fm","tickerId":32603216960,"name":"陈宗超"},{"stockCode":"j101020274","stockType":"fund_manager","exchange":"fm","tickerId":131016250500,"name":"麦健沛"}]},"announcement":{"linkText":"同泰慧利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=879796","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb697fea5b3eb04b502f","date":"2022-12-30T16:00:00.000Z","stockId":3000000008180,"sao":"2022 年 A 股市场在新冠疫情、海外通胀、地缘政治等多重压力下调整明显，估值一度逼近历史极端水平。细分行业来看，仅煤炭板块录得正收益，成长型板块跌幅较大，典型的如军工（-25.3%）、电力设备（-25.4%）、电子（-36.5%）。对于同泰慧利，2022年度的主要持仓仍集中于新能源、军工等方向，仓位维持9成左右，导致整体净值表现不佳。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:17.726Z","mo":"展望2023年，宏观经济角度依然面临海外需求回落、地产孱弱、居民就业和收入增速下降等诸多现实，预计财政政策会相对积极，货币政策也将保持宽松，2023年整体的宏观形势会比2022年边际上有所改善。此外，成长股经历四季度的调整，估值已大幅下降，权益市场整体也处于底部区域。叠加流动性依然宽裕，预计A股市场风险不大。在此市场环境下，依然看好业绩有支撑的新能源、军工等先进制造板块，以及业绩存在边际改善预期且可能受益于电力市场改革的电力企业。","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","status":"normal","exchange":"jj","shortName":"同泰慧利混合(008180)","inceptionDate":"2020-07-02T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051690000,"currency":"CNY","masterFundShortName":"同泰慧利混合","setUpDate":"2020-07-02T16:00:00.000Z","setUpAssetScale":279911469.16,"setUpShares":279911469.16,"pinyin":"tthlhhxzqtzjj","managers":[{"stockCode":"db20811526","stockType":"fund_manager","exchange":"fm","tickerId":32603216960,"name":"陈宗超"},{"stockCode":"j101020274","stockType":"fund_manager","exchange":"fm","tickerId":131016250500,"name":"麦健沛"}]},"announcement":{"linkText":"同泰慧利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=868183","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb697fea5b3eb04b502e","date":"2022-09-29T16:00:00.000Z","stockId":3000000008180,"sao":"2022年三季度，沪深300、创业板指、中证500、中证1000分别下跌-15.16%、-18.56%、-11.42%、-12.50%。细分行业来看，仅煤炭行业上涨，公用事业、石油石化、交通运输和国防军工跌幅相对较小。对于同泰慧利，三季度主要持仓仍然集中在新能源、军工等方向，但具体到新能源细分，相较于锂电，新能源基建相关，如风电、光伏、电网设备等的配置可能更多一些。在经济下行压力较大的背景下，toB/G端的行业显然更加令人放心。看四季度，市场经历9月的调整，估值已经大幅下降。流动性依然宽裕，预计整体市场风险可能不大。这样的市场环境下，依然看好业绩有支撑的新能源、军工、汽车智能化等先进制造板块，以及业绩存在边际改善预期、且可能会受益电力市场改革的电力企业。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:17.723Z","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","status":"normal","exchange":"jj","shortName":"同泰慧利混合(008180)","inceptionDate":"2020-07-02T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051690000,"currency":"CNY","masterFundShortName":"同泰慧利混合","setUpDate":"2020-07-02T16:00:00.000Z","setUpAssetScale":279911469.16,"setUpShares":279911469.16,"pinyin":"tthlhhxzqtzjj","managers":[{"stockCode":"db20811526","stockType":"fund_manager","exchange":"fm","tickerId":32603216960,"name":"陈宗超"},{"stockCode":"j101020274","stockType":"fund_manager","exchange":"fm","tickerId":131016250500,"name":"麦健沛"}]},"announcement":{"linkText":"同泰慧利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=807424","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb697fea5b3eb04b502d","date":"2022-06-29T16:00:00.000Z","stockId":3000000008180,"sao":"截至6月底，各主要指数均录得负收益，科创和创业板50下跌幅度最大，上证指数下跌-6.63%；4月26日新低以来，各主要指数均实现两位数反弹，其中以创业板反弹最好，反弹幅度在30%以上。对于同泰慧利，净值表现呈现深“V”，4月26日与6月30日恍若隔世，比较遗憾的是上半年依然处于亏损。如一季报所言，2021年底预判到了新能源可能存在的调整，将主要的持仓个股换成了大市值龙头标的以应对，但由于军工部分个股的业绩低于预期，导致一季度净值的超预期下跌。3月下旬直至4月底，俄乌冲突、上海疫情超预期，对净值带来了较大的冲击。在应对如此非常规的系统性风险上，收获了教训，可能下次面对如此事件，操作上会更加果断，但依然希望世界和平、国泰民安。二季度主要持仓仍然集中在新能源方向，但相较于锂电，新能源基建相关，如风电、光伏、电网设备等的配置可能更多一些。在经济下行压力较大的背景下，toB/G端的行业显然更加令人放心。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:17.721Z","mo":"看下半年，虽然市场经历二季度的反弹，但目前估值处于合理区间，流动性依然宽裕，预计整体市场风险可能不大。这样的市场环境下，依然看好业绩有支撑的新能源、军工、汽车智能化等先进制造板块。","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","status":"normal","exchange":"jj","shortName":"同泰慧利混合(008180)","inceptionDate":"2020-07-02T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051690000,"currency":"CNY","masterFundShortName":"同泰慧利混合","setUpDate":"2020-07-02T16:00:00.000Z","setUpAssetScale":279911469.16,"setUpShares":279911469.16,"pinyin":"tthlhhxzqtzjj","managers":[{"stockCode":"db20811526","stockType":"fund_manager","exchange":"fm","tickerId":32603216960,"name":"陈宗超"},{"stockCode":"j101020274","stockType":"fund_manager","exchange":"fm","tickerId":131016250500,"name":"麦健沛"}]},"announcement":{"linkText":"同泰慧利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=780632","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb697fea5b3eb04b502c","date":"2022-03-30T16:00:00.000Z","stockId":3000000008180,"sao":"回顾一季度，A股市场被各类负面因素（如俄乌冲突、欧美加息、新冠蔓延等）扰动，市场单边下行，特别是此前景气度较高的板块如新能源、军工等跌幅较大。本基金一季度主要围绕先进制造，如新能源车、风电、光伏、汽车零部件、军工等领域进行投资，整体仓位维持在较高水平。虽然在2021年年底预判到新能源板块可能有调整，所以四季度末的前十大持仓里换了一些市值比较大的龙头标的，以期望在一定程度起到防御作用。但持仓的一些军工个股由于部分企业业绩低于预期，给组合提供了较大的负贡献。3月份持仓的大市值龙头个股开始补跌，继续带来净值的大幅回撤。整体一季度操作节奏把握并不好。展望二季度，预计随着上海、吉林等地疫情的逐步得到控制，稳增长将是宏观经济的主基调。预期货币政策会相对友好，流动性会相对充裕，市场继续出现大幅下挫的可能性不大。基建会是一个重要方向，个人更倾向于以新能源基建为代表的新基建。最终落实到二季度的投资，我们依然对中国经济和资本市场的前景充满信心，并且市场在经历几个月的下跌之后，很多优秀的公司的估值已经明显合理甚至低估。当然，具体操作中也会持续关注俄乌冲突进展是否会超预期、疫情的蔓延和防控情况、美联储加息节奏、国内刺激政策的出台等。对于选行业、选股方面，我们会优先关注行业景气度比较高的，并可能会受益于财政、货币刺激政策的行业，比如说新能源、军工、机械等先进制造方向，并在投资过程中考虑估值的合理性。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:17.718Z","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","status":"normal","exchange":"jj","shortName":"同泰慧利混合(008180)","inceptionDate":"2020-07-02T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051690000,"currency":"CNY","masterFundShortName":"同泰慧利混合","setUpDate":"2020-07-02T16:00:00.000Z","setUpAssetScale":279911469.16,"setUpShares":279911469.16,"pinyin":"tthlhhxzqtzjj","managers":[{"stockCode":"db20811526","stockType":"fund_manager","exchange":"fm","tickerId":32603216960,"name":"陈宗超"},{"stockCode":"j101020274","stockType":"fund_manager","exchange":"fm","tickerId":131016250500,"name":"麦健沛"}]},"announcement":{"linkText":"同泰慧利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=728993","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb697fea5b3eb04b502b","date":"2021-12-30T16:00:00.000Z","stockId":3000000008180,"sao":"回顾2021年，市场呈现震荡和分化走势，新能源板块一枝独秀，大幅跑赢沪深300。临近年底，新能源板块出现一定幅度的调整，并且板块内部也出现较大分化，与之对应的，前期涨幅较小、估值较低的小市值个股涨幅较大，这里面以汽车零部件为典型代表。本基金2021年主要围绕先进制造，如新能源车、风电、光伏、汽车零部件、军工等领域进行投资，整体仓位维持在较高水平。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:17.715Z","mo":"展望2022年，稳增长是宏观经济的主基调。预计三驾马车中，消费端可能会有一些刺激政策出台，但居民经历了连续两年的疫情之后，刺激政策的实际效果尚需观察；投资端应该也会发力，基建2021年的增速较低，对经济的贡献相对较小，预计2022年GDP增速想要维持在5%以上，基建会是一个重要方向，个人更倾向于以新能源基建为代表的新基建；此外，净出口可能随着海外疫情的恢复，会有一些压力。基于以上判断，预期2022年货币政策会相对友好，流动性会相对充裕，市场出现系统性风险的可能性不大。最终落实到投资，对于选行业、选股方面，本基金会优先关注行业景气度比较高的，并可能会受益于财政、货币刺激政策的行业，比如说新能源、先进制造、军工等方向，并在投资过程中考虑估值的合理性。","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","status":"normal","exchange":"jj","shortName":"同泰慧利混合(008180)","inceptionDate":"2020-07-02T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051690000,"currency":"CNY","masterFundShortName":"同泰慧利混合","setUpDate":"2020-07-02T16:00:00.000Z","setUpAssetScale":279911469.16,"setUpShares":279911469.16,"pinyin":"tthlhhxzqtzjj","managers":[{"stockCode":"db20811526","stockType":"fund_manager","exchange":"fm","tickerId":32603216960,"name":"陈宗超"},{"stockCode":"j101020274","stockType":"fund_manager","exchange":"fm","tickerId":131016250500,"name":"麦健沛"}]},"announcement":{"linkText":"同泰慧利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=713991","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb697fea5b3eb04b502a","date":"2021-09-29T16:00:00.000Z","stockId":3000000008180,"sao":"回顾三季度，市场呈现结构性行情，碳中和依然是市场投资的主线。期间，政府也有一系列政策出台，如针对互联网、游戏、教育教培等行业的严监管，以及在9月底愈演愈烈的能耗双控等，也带来相关板块的大幅波动。本基金三季度主要围绕先进制造，如新能源车、光伏、汽车零部件、军工、自动化设备等领域进行投资，整体仓位维持在较高水平。展望四季度，宏观经济增速预计呈现下行态势。能耗双控对工商业带来负面影响，房地产周期仍在下行，短期基建投资对经济托底作用有限，且出口方面由于去年的高基数，增速预期也会出现下行。流动性方面，国内由于经济面临一定压力，预计仍会保持一定程度宽松。海外，美国Taper临近，美债收益率可能上行。政策方面，北交所设立以及银行理财监管趋严等这些均将利好资本市场的长远发展。最终落实到四季度的投资，对于选行业、选股方面，本基金会继续淡化总量，而更注重结构，选强主线，沿着这十四五的规划去寻找方向，如高端制造、碳中和（新能源车及光伏）等。","declarationDate":"2021-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:17.713Z","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","status":"normal","exchange":"jj","shortName":"同泰慧利混合(008180)","inceptionDate":"2020-07-02T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051690000,"currency":"CNY","masterFundShortName":"同泰慧利混合","setUpDate":"2020-07-02T16:00:00.000Z","setUpAssetScale":279911469.16,"setUpShares":279911469.16,"pinyin":"tthlhhxzqtzjj","managers":[{"stockCode":"db20811526","stockType":"fund_manager","exchange":"fm","tickerId":32603216960,"name":"陈宗超"},{"stockCode":"j101020274","stockType":"fund_manager","exchange":"fm","tickerId":131016250500,"name":"麦健沛"}]},"announcement":{"linkText":"同泰慧利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=650176","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb697fea5b3eb04b5029","date":"2021-06-29T16:00:00.000Z","stockId":3000000008180,"sao":"上半年，市场以结构市为主，板块分化明显，新能源汽车、医药、白酒等高景气赛道涨幅较大。本基金主要重仓顺周期板块的投资机会，同时参与了新能源、科技、医药等优质赛道个股的投资。目前仓位处于合理区间。从第三季度开始，本基金的投资会更加聚焦于先进制造领域，着重自下而上选股，重视估值合理性的成长股投资。对于本产品的定位：权益核心仓位将主要侧重于先进制造业的优质个股，具体配置方向上包括新能源汽车、新能源发电（光伏、风电）、医疗器械、电子等成长板块；卫星仓位以“绝对收益”为目标，把握确定性较高的投资机会，平滑核心仓位的长期持股波动。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:17.710Z","mo":"对于下半年的宏观经济，市场讨论较多的是下半年可能出现经济的第二高点，主要逻辑为财政后置（比如专项债）把经济增速重新拉回高位。我认为现在整个政策环境及货币环境使得这种情况出现的概率较小。首先，政策环境。今年两会提了6%的经济增长目标，由于疫情带来的2020年的低基数效应，这个目标整体看来偏低，可能定8%的目标完成的可能性也很高。之所以制定这个目标，我认为主要就是国家引导的“轻经济增速，重调结构”，用官方的话来说“抓住稳增长压力较小窗口期，解决中长期动力问题”。所以，不会通过政策来把经济增速加码到一个比较高的水平，而是重点会做一些调结构的动作。这些动作恰恰是当前这段时间，权益市场需要紧密研究跟踪和投资的，比如先进制造、碳中和等。其次，货币环境。今年大的趋势是货币、财政政策从疫情前中期比较宽松的水平向中性温和的水平过度。政治局会议提出“稳健的货币政策要保持流动性合理充裕”，可见一是稳字当头仍是全年政策主基调，加息、降息和降准或均难现；二是随着下半年经济增长动能降低，流动性逆周期属性或明显增强。同时会议明确货币政策要“强化对实体经济、重点领域、薄弱环节的支持”，意味着结构性工具将继续担当重任。以上是从总量角度的判断，从结构上看，消费端，目前整体依旧低于疫情之前，在经历必选、可选消费爆发的两轮环比高点后，服务消费的爆发迟迟未到，后续服务消费的复苏可能是温和缓慢的过程；投资端，专项债穿透管理叠加地方项目审核严厉，都限制了基建投资的力度，地产端虽有韧性，但很难把经济给拉起来，并且现在政策也不支持房地产作为经济增长的支撑。所以，可能值得期待的，依然是出口端。出口端，首先欧美复苏会持续带动出口端表现。此外，欧美通胀厉害，应对这一情况，除了加息以外，扩大进口或是更有效的选择。下半年很有可能出现美国面对必需品引起的通胀，而自身供给确实有问题，不得不扩大进口，贸易问题有可能相对缓和。所以出口端存在超预期的可能。总结来看，虽然不是双头型的经济，但不必悲观，今年经济是一个结构性向好的过程，相信经历这次调结构，中国的经济更加健康。此外，随着近两年权益类产品的赚钱效应凸显，叠加房地产调控，居民财富配置将继续向股票市场倾斜，会给A股市场带来源源不断的增量资金。并且从政策面角度，国家对资本市场重视程度提升，达到一个新的阶段，国家也希望更多撬动社会资本深度参与经济结构的优化调整。最终落实到下半年的投资，对于选行业、选股方面，我会淡化总量，而更注重结构，沿着这十四五的规划去寻找方向，如高端制造、碳中和（新能源车及光伏）等。","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","status":"normal","exchange":"jj","shortName":"同泰慧利混合(008180)","inceptionDate":"2020-07-02T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051690000,"currency":"CNY","masterFundShortName":"同泰慧利混合","setUpDate":"2020-07-02T16:00:00.000Z","setUpAssetScale":279911469.16,"setUpShares":279911469.16,"pinyin":"tthlhhxzqtzjj","managers":[{"stockCode":"db20811526","stockType":"fund_manager","exchange":"fm","tickerId":32603216960,"name":"陈宗超"},{"stockCode":"j101020274","stockType":"fund_manager","exchange":"fm","tickerId":131016250500,"name":"麦健沛"}]},"announcement":{"linkText":"同泰慧利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=628926","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb697fea5b3eb04b5028","stockId":3000000008180,"sao":"回顾一季度，可谓跌宕起伏，春节前，市场快速上涨，赚钱效应明显，春节后，指数持续调整，一直到3月末。本基金本季度，主要重仓顺周期如有色、化工等行业，继续持有新能源汽车、光伏、科技、机械等产业中具有核心竞争力的优质成长股，同时也参与了环保等此前市场关注度较低、估值底部板块的投资布局。目前仓位处于合理区间。本基金的权益仓位强调行业均衡配置，着重自下而上选股，核心仓位将会长期持有通过Canslim模型验证的“从0到1”以及“从1到N”的未来一到两年市值空间有望翻倍的个股，具体配置方向上包括新能源汽车、5G、电子等成长板块；卫星仓位以“绝对收益”为目标，采取行业与风格轮动，把握确定性较高的投资机会，平滑核心仓位的长期持股波动。展望二季度，市场经过大幅回调之后，此前估值高位的风险基本得到释放，随着年报、一季报的陆续披露，我们将重点跟踪布局业绩表现更好的板块及公司。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:17.708Z","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","status":"normal","exchange":"jj","shortName":"同泰慧利混合(008180)","inceptionDate":"2020-07-02T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051690000,"currency":"CNY","masterFundShortName":"同泰慧利混合","setUpDate":"2020-07-02T16:00:00.000Z","setUpAssetScale":279911469.16,"setUpShares":279911469.16,"pinyin":"tthlhhxzqtzjj","managers":[{"stockCode":"db20811526","stockType":"fund_manager","exchange":"fm","tickerId":32603216960,"name":"陈宗超"},{"stockCode":"j101020274","stockType":"fund_manager","exchange":"fm","tickerId":131016250500,"name":"麦健沛"}]},"announcement":{"linkText":"同泰慧利混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=574022","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb697fea5b3eb04b5027","stockId":3000000008180,"sao":"回顾2020年，是跌宕起伏的一年。由于新冠疫情的突发，2020年春节开盘之后全部指数近乎跌停。之后，疫情在海外也大幅扩散，全球资本市场暴跌。与之伴随的是各国央行的流动性支持，全球资产价格上涨。得益于疫情较快得到控制，我国一些出口制造企业在全球疫情的冲击中抢占了更多的市场份额，又叠加中国央行释放流动性，以及人民币的大幅升值，A股市场整体表现良好。但是，从结构上而言分化比较严重，这包括行业、板块上的分化，也包括大市值和小市值股票的分化，我认为背后的逻辑还是在疫情的不确定背景下，资金更愿意追随相对更加确定性的机会。本基金自运行起，主要重仓新能源汽车、光伏、科技、机械等产业中具有核心竞争力的优质成长股，同时参与了环保、化工等估值处于底部、基金持仓较少的行业。目前仓位处于合理区间。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:17.705Z","mo":"展望2021，从基本面角度，国内经济数据同比大幅度转好、多数公司业绩同比大幅改善已是共识，经济稳定将是支撑股市的最强大力量。从资金面角度，随着经济的转好，流动性收紧必然会到来，但是随着近两年权益类产品的赚钱效应凸显，居民财富配置将继续向股票市场倾斜，会给A股市场带来源源不断的增量资金。从政策面角度，国家对资本市场重视程度提升，达到一个新的阶段。我们整体认为2021年不必悲观。本基金的权益仓位强调行业均衡配置，着重自下而上选股，核心仓位将会长期持有通过Canslim模型验证的“从0到1”以及“从1到N”的未来一到两年市值空间有望翻倍的个股，具体配置方向上包括新能源汽车、5G、电子等成长板块；卫星仓位以“绝对收益”为目标，采取行业与风格轮动，把握确定性较高的投资机会，平滑核心仓位的长期持股波动。","fund":{"_id":3000000008180,"__csrcFundId":7440,"stockCode":"008180","name":"同泰慧利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8180,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:07:19.210Z","statu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