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买入了生成式AI行业的龙头个股。现在回头看，行业的判断是正确的，但节奏把握的不好，导致净值在去年下半年开始出现了较为明显的回撤。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:34.146Z","mo":"我们判断今年市场的投资机会在于以下几个行业：一、生成式AI行业蓬勃发展带来的算力的投资机会仍然会继续，且龙头公司已经进入业绩连续超预期的阶段，投资体验会改善；应用的投资机会还需要观察。二、受益卡脖子环节进口替代的行业在经历了回调后，投资机会重新开始显现。三、高质量发展阶段国内偏刚需的行业以及中长期产业出海的投资机会。四、利率下行阶段高股息的投资价值会延续。　　当前时间点我们仍然坚持“投资景气行业龙头，追求戴维斯双击”的方法。选择那些长期空间大、短期业绩好的公司，回避短期主题催化透支明显的公司。这种方法核心是追求业绩超预期带来的估值业绩双升，长期超额收益明显，但在讲逻辑不讲业绩的阶段会相对弱势，但拉长时间我们方法的风险收益比仍然会突出。　　影响市场的因子太多，每个阶段都有不同的因子主导市场。我们要追求更高的胜率，就需要找出长期最客观的因子来做判断。我们坚持投资符合时代产业趋势的行业，特别是其中业绩增长出色的公司，努力获取超额收益。　　本基金按照基金契约规定，精选研发驱动的优质公司，力争分享企业成长红利。","fund":{"_id":3000000010135,"__csrcFundId":8140,"stockCode":"010135","name":"宏利高研发创新6个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10135,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:10:10.565Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-23T16:00:00.000Z","shortName":"宏利高研发6个月持有混合(010135)","followedNum":10,"fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利高研发6个月持有混合","setUpDate":"2020-09-23T16:00:00.000Z","setUpAssetScale":358101486.39,"setUpShares":358101486.39,"pinyin":"hlgyfcx6gycyqhhxzqtzjj","managers":[{"stockCode":"db20862635","stockType":"fund_manager","exchange":"fm","tickerId":2625222990,"name":"张岩"}]},"announcement":{"linkText":"宏利高研发创新6个月持有期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=1058202","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd5a7fea5b3eb04d83b6","date":"2023-09-29T16:00:00.000Z","stockId":3000000010135,"sao":"三季度以AI为代表的成长股出现了明显回调，除了前期上涨过快导致股价领先业绩太多之外，主要是市场开始博弈地产政策，周期股开始有明显表现，在目前存量资金的市场中，导致了前期强势的行业回调。但我们观察到人工智能产业实际上仍然在迅速推进：OPENAI开始推出GPT4V多模态、微软准备推出全系Copilot产品、特斯拉智能驾驶V12采用端到端大模型后体验有质的飞跃、机器人运动能力突飞猛进。我们仍然对人工智能行业充满信心。除了人工智能，医药、周期半导体等都存在明显的机会。　　当前时间点我们仍然坚持“投资景气行业龙头，追求戴维斯双击”的方法。选择那些长期空间大、短期业绩好的公司，回避短期主题催化透支明显的公司。这种方法核心是追求业绩超预期带来的估值业绩双升，长期超额收益明显，但在讲逻辑不讲业绩的阶段会相对弱势，但拉长时间来看我们方法的风险收益比仍然会突出。　　影响市场的因子太多，每个阶段都有不同的因子主导市场。我们要追求更高的胜率，就需要找出长期最客观的因子来做判断。我们坚持投资符合时代产业趋势的行业，特别是其中业绩增长出色的公司，努力获取超额收益。　　本基金将按照基金契约，精选研发驱动的优质公司，力争分享企业成长红利。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:34.143Z","fund":{"_id":3000000010135,"__csrcFundId":8140,"stockCode":"010135","name":"宏利高研发创新6个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10135,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:10:10.565Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-23T16:00:00.000Z","shortName":"宏利高研发6个月持有混合(010135)","followedNum":10,"fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利高研发6个月持有混合","setUpDate":"2020-09-23T16:00:00.000Z","setUpAssetScale":358101486.39,"setUpShares":358101486.39,"pinyin":"hlgyfcx6gycyqhhxzqtzjj","managers":[{"stockCode":"db20862635","stockType":"fund_manager","exchange":"fm","tickerId":2625222990,"name":"张岩"}]},"announcement":{"linkText":"宏利高研发创新6个月持有期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=988990","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd5a7fea5b3eb04d83b5","date":"2023-06-29T16:00:00.000Z","stockId":3000000010135,"sao":"本基金在上半年进行了明显的方向调整，从新能源调整到产业位置相对更靠前、未来空间更大的人工智能方向。减仓新能源的主要原因是我们判断在需求增速放缓，供给大规模释放的情况下，量价都有压力。加仓人工智能的主要原因是我们相信这是一轮产业革命，且巨头率先入场导致兑现速度可能比较快，并不是单纯讲故事的主题投资，我们可以从中找到有业绩高增长弹性的标的。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:34.140Z","mo":"目前我国政府已经在出台稳定经济的托底政策，各行各业呈现缓慢复苏的形势，企业盈利在企稳，市场风险偏好有望底部回升。而全球也处于人工智能带来产业和资本市场共振的趋势中，我们关注人工智能在下半年的表现。同时也继续关注充分回调的储能、军工、半导体和顺周期的投资机会。　　当前时间点我们仍然坚持“投资景气行业龙头，追求戴维斯双击”的方法。选择那些长期空间大、短期业绩好的公司，回避短期主题催化透支明显的公司。这种方法核心是追求业绩超预期带来的估值业绩双升，长期超额收益明显，但在讲逻辑不讲业绩的阶段会相对弱势，但拉长时间我们方法的风险收益比仍然会突出。　　影响市场的因子太多，每个阶段都有不同的因子主导市场。我们要追求更高的胜率，就需要找出长期最客观的因子来做判断。我们坚持投资符合时代产业趋势的行业，特别是其中业绩增长出色的公司，努力获取超额收益。　　本基金将按照基金契约，精选研发驱动的优质公司，力争分享企业成长红利。","fund":{"_id":3000000010135,"__csrcFundId":8140,"stockCode":"010135","name":"宏利高研发创新6个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10135,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:10:10.565Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-23T16:00:00.000Z","shortName":"宏利高研发6个月持有混合(010135)","followedNum":10,"fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利高研发6个月持有混合","setUpDate":"2020-09-23T16:00:00.000Z","setUpAssetScale":358101486.39,"setUpShares":358101486.39,"pinyin":"hlgyfcx6gycyqhhxzqtzjj","managers":[{"stockCode":"db20862635","stockType":"fund_manager","exchange":"fm","tickerId":2625222990,"name":"张岩"}]},"announcement":{"linkText":"宏利高研发创新6个月持有期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=964285","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd5a7fea5b3eb04d83b4","date":"2023-03-30T16:00:00.000Z","stockId":3000000010135,"sao":"一季度由于市场对于经济增速的不确定，市场0-1投资热情高涨，其他行业资金层面压力较大。我们一方面在坚持我们看好的大储、海风等业绩高增的行业，另一方面也选择了数字经济这条主线挖掘符合我们投资框架要求的标的，适应市场风格的重大变化。　　当前时间点我们仍然坚持“投资景气行业龙头，追求戴维斯双击”的方法。选择那些长期空间大、短期业绩好的公司，回避短期主题催化透支明显的公司。这种方法核心是追求业绩超预期带来的估值业绩双升，长期超额收益明显，但在讲逻辑不讲业绩的阶段会相对弱势，但拉长时间我们方法的风险收益比仍然会突出。　　影响市场的因子太多，每个阶段都有不同的因子主导市场。我们要追求更高的胜率，就需要找出长期最客观的因子来做判断。我们坚持投资符合时代产业趋势的行业，特别是其中业绩增长出色的公司，努力获取超额收益。　　本基金将按照基金契约，精选研发驱动的优质公司，力争分享企业成长红利。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:34.138Z","fund":{"_id":3000000010135,"__csrcFundId":8140,"stockCode":"010135","name":"宏利高研发创新6个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10135,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:10:10.565Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-23T16:00:00.000Z","shortName":"宏利高研发6个月持有混合(010135)","followedNum":10,"fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利高研发6个月持有混合","setUpDate":"2020-09-23T16:00:00.000Z","setUpAssetScale":358101486.39,"setUpShares":358101486.39,"pinyin":"hlgyfcx6gycyqhhxzqtzjj","managers":[{"stockCode":"db20862635","stockType":"fund_manager","exchange":"fm","tickerId":2625222990,"name":"张岩"}]},"announcement":{"linkText":"泰达宏利高研发创新6个月持有期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=883094","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd5a7fea5b3eb04d83b3","date":"2022-12-30T16:00:00.000Z","stockId":3000000010135,"sao":"基金全年仍然坚持“投资景气行业龙头，追求戴维斯双击”的策略，在一季度经历疫情封控的巨大影响造成净值大幅回撤后；4-7月份通过在新能源车、光伏、风电、储能的轮动，净值实现追赶；10月份后压制市场的两大政策出现无法预知的剧烈转向，市场开始从追求高增长，到追求边际改善，我们持有的高增长的个股由于受益程度低而被大幅抽水，产品净值出现回落。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:34.135Z","mo":"2023年内部经济复苏、外部美债利率回落，整体市场向好，权益市场的机会好于2022年。目前的分歧只是变化的幅度和节奏，但也决定了全年的主线方向。一季度市场在强预期、弱现实的情况下主题投资成为主导，对我们的投资策略造成挑战。但我们认为全年市场仍然会在那些持续增长和显著反转的行业和个股中，我们将继续我们的投资策略，选择那些看2024年仍然具备较快成长能力的标的，努力捕捉这些业绩主导的投资机会。我们会继续选择那些长期空间大、短期业绩好的公司，回避短期主题催化透支明显的公司。这种方法核心是追求业绩超预期带来的估值业绩双升，长期超额收益明显，但在讲逻辑不讲业绩的阶段会相对弱势，但拉长时间我们方法的风险收益比仍然会相对突出。　　影响市场的因子太多，每个阶段都有不同的因子主导市场。我们要追求更高的胜率，就需要找出长期最客观的因子来做判断。我们坚持投资符合时代产业趋势的行业，特别是其中业绩增长出色的公司，努力获取超额收益。　　本基金将按照基金契约，精选研发驱动的优质公司，分享企业成长红利。","fund":{"_id":3000000010135,"__csrcFundId":8140,"stockCode":"010135","name":"宏利高研发创新6个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10135,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:10:10.565Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-23T16:00:00.000Z","shortName":"宏利高研发6个月持有混合(010135)","followedNum":10,"fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利高研发6个月持有混合","setUpDate":"2020-09-23T16:00:00.000Z","setUpAssetScale":358101486.39,"setUpShares":358101486.39,"pinyin":"hlgyfcx6gycyqhhxzqtzjj","managers":[{"stockCode":"db20862635","stockType":"fund_manager","exchange":"fm","tickerId":2625222990,"name":"张岩"}]},"announcement":{"linkText":"泰达宏利高研发创新6个月持有期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=871766","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd5a7fea5b3eb04d83b2","date":"2022-09-29T16:00:00.000Z","stockId":3000000010135,"sao":"三季度市场在反复博弈稳增长和国际形势影响下大幅波动，体现出基于预期而不是基于基本面数据层面的行业轮动。这种波动对我们基本面研究的要求极高，要分清哪些是情绪波动，哪些是基本面影响。回顾过去，这种市场反而是我们选择标的获取超额收益的好机会。  当前时间点我们仍然坚持“投资景气行业龙头，追求戴维斯双击”的方法。选择那些长期空间大、短期业绩好的公司，回避短期主题催化透支明显的公司。这种方法的核心是追求业绩超预期带来的估值业绩双升，长期超额收益明显，但在讲逻辑不讲业绩的阶段会相对弱势，但拉长时间我们方法的风险收益比仍然会较为突出。  影响市场的因子太多，每个阶段都有不同的因子主导市场。我们要追求更高的胜率，就需要找出长期最客观的因子来做判断。我们坚持投资符合时代产业趋势的行业，特别是其中业绩增长出色的公司，努力获取超额收益。  本基金将按照基金契约，精选研发驱动的优质公司，以期分享企业成长红利。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:34.132Z","fund":{"_id":3000000010135,"__csrcFundId":8140,"stockCode":"010135","name":"宏利高研发创新6个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10135,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:10:10.565Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-23T16:00:00.000Z","shortName":"宏利高研发6个月持有混合(010135)","followedNum":10,"fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利高研发6个月持有混合","setUpDate":"2020-09-23T16:00:00.000Z","setUpAssetScale":358101486.39,"setUpShares":358101486.39,"pinyin":"hlgyfcx6gycyqhhxzqtzjj","managers":[{"stockCode":"db20862635","stockType":"fund_manager","exchange":"fm","tickerId":2625222990,"name":"张岩"}]},"announcement":{"linkText":"泰达宏利高研发创新6个月持有期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=806409","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd5a7fea5b3eb04d83b1","date":"2022-06-29T16:00:00.000Z","stockId":3000000010135,"sao":"上半年市场在经历美债收益率向上，以及俄乌冲突、国内疫情两个黑天鹅事件后，成长板块估值达到2019年以来新低，我们的投资方法在短期经历了很大的考验。但反观基本面，我们一直关注的储能、新能源车、光伏、风电（招标）、军工等行业板块多处在符合预期或者超预期的节奏上，股价和基本面的强烈反差也导致了二季度后半段的反转。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:34.130Z","mo":"展望下半年，我们认为最差的时候已经过去，整体政策对经济增长体现出呵护的态势。相对平稳的宏观环境有利于我们自下而上基本面选手的投资。行业选择上我们除了继续聚焦未来三年大概率持续高景气的新兴行业外，对于今年受疫情影响导致低基数+反转明确+长期空间大的行业，哪怕复合增速低一些，也值得重视。  未来我们仍然坚持“投资景气行业龙头，追求戴维斯双击”的方法。力争选择那些长期空间大、短期业绩好的公司，回避短期主题催化透支明显的公司。这种方法核心是追求业绩超预期带来的估值业绩双升，长期超额收益大概率较为明显，但在讲逻辑不讲业绩的阶段可能会相对弱势，但拉长时间我们方法的风险收益比仍然会较为突出。  影响市场的因子太多，每个阶段都有不同的因子主导市场。我们要追求更高的胜率，就需要找出长期最客观的因子来做判断。我们坚持投资符合时代产业趋势的行业，特别是其中业绩增长出色的公司，努力获取超额收益。  本基金将按照基金契约，精选研发驱动的优质公司，力争分享企业成长红利。","fund":{"_id":3000000010135,"__csrcFundId":8140,"stockCode":"010135","name":"宏利高研发创新6个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10135,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:10:10.565Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-23T16:00:00.000Z","shortName":"宏利高研发6个月持有混合(010135)","followedNum":10,"fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利高研发6个月持有混合","setUpDate":"2020-09-23T16:00:00.000Z","setUpAssetScale":358101486.39,"setUpShares":358101486.39,"pinyin":"hlgyfcx6gycyqhhxzqtzjj","managers":[{"stockCode":"db20862635","stockType":"fund_manager","exchange":"fm","tickerId":2625222990,"name":"张岩"}]},"announcement":{"linkText":"泰达宏利高研发创新6个月持有期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=785615","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd5a7fea5b3eb04d83b0","date":"2022-03-30T16:00:00.000Z","stockId":3000000010135,"sao":"一季度几个因素导致市场调整远超预期：1.俄乌冲突的爆发以及后续维持的较长期间，导致了大宗商品价格在高位继续向上冲，对中下游环节的企业盈利造成冲击，并且导致了对逆全球化的担忧；2.中概股退市警告，导致外资对中国公司的担忧；3.国内疫情反弹超预期，导致市场对需求萎缩的进一步担忧。上述三点共同导致了成长板块和消费板块的明显回调，市场选择在低估值上避险，以及在困境反转的行业提前博弈。目前的估值条件下，我们认为三个因素中任何一个的消除，都会带来相对较大的反弹，甚至可能的反转。  一季度虽然基金承受了明显的回调，但我们仍然坚持“投资景气行业龙头，追求戴维斯双击”的方法。这种方法核心是追求业绩超预期带来的估值业绩双升，长期超额收益大概率较为明显，但在讲逻辑不讲业绩的阶段会相对弱势，但拉长时间该种方法的风险收益比相对仍然会较为突出。  影响市场的因子太多，每个阶段都有不同的因子主导市场。我们需要找出长期最客观的因子来做判断。我们坚持投资符合时代产业趋势的行业，特别是其中业绩增长出色的公司，努力获取超额收益。  本基金将按照基金契约，精选研发驱动的优质公司，力争分享企业成长红利。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:34.127Z","fund":{"_id":3000000010135,"__csrcFundId":8140,"stockCode":"010135","name":"宏利高研发创新6个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10135,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:10:10.565Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-23T16:00:00.000Z","shortName":"宏利高研发6个月持有混合(010135)","followedNum":10,"fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利高研发6个月持有混合","setUpDate":"2020-09-23T16:00:00.000Z","setUpAssetScale":358101486.39,"setUpShares":358101486.39,"pinyin":"hlgyfcx6gycyqhhxzqtzjj","managers":[{"stockCode":"db20862635","stockType":"fund_manager","exchange":"fm","tickerId":2625222990,"name":"张岩"}]},"announcement":{"linkText":"泰达宏利高研发创新6个月持有期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=727384","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd5a7fea5b3eb04d83af","date":"2021-12-30T16:00:00.000Z","stockId":3000000010135,"sao":"2021年整体来看是景气度投资空前有效的一年。市场沿着“双控”和“双碳”政策的主线，经营上量价齐升带来业绩高增长的行业涨幅居前，符合我们对市场的判断。四季度在中央两个重要会议后，市场出现了明显的风格切换，一些长期滞涨但逻辑上有反转预期的行业开始表现强势，而长期成长性突出的新能源、光伏、风电、储能、半导体、CXO、医疗消费等行业开始走弱。  本基金比较好的把握了前三季度的行情，但四季度占优的板块不符合我们坚持的“长期大空间，短期高成长”的选股思路，基金没有做太多的行业调整。  分析这种变化背后的逻辑更多是业绩真空期+流动性充沛+景气行业静态高估值等因素综合影响，市场开始在不能变的更差的行业中博弈反转。但我们认为这种风格大概率在业绩报告期附近被逆转，市场有望重新进入业绩增速驱动的行情中。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:34.125Z","mo":"展望2022年，我们认为市场将体现为“更好的流动性叠加更稀缺的高景气”。“稳增长”可能在一季度甚至上半年占优，但长期仍然有望是所谓的“托而不举”格局，这类型行业的投资体现为浓重的政策博弈，投资人大多不看好远期，但又往往抱有击鼓传花的心态，因此越到下半年景气的成长行业越可能占优。全年来看，我们认为“少一些短期博弈，多一些长线思维”可能会让我们找到景气成长行业绝佳的买点。  我们仍然坚持“投资景气行业龙头，追求戴维斯双击”的方法。这种方法核心是追求业绩超预期带来的估值业绩双升，长期超额收益明显，在讲逻辑不讲业绩的阶段会相对弱势，但拉长时间维度我们方法的风险收益比仍然会较为突出。  影响市场的因子太多，每个阶段都有不同的因子主导市场。我们要追求更高的胜率，就需要找出长期最客观的因子来做判断。我们坚持投资符合时代产业趋势的行业，特别是其中业绩增长出色的公司，努力获取超额收益。  本基金将按照基金契约，精选研发驱动的优质公司，力争分享企业成长红利。","fund":{"_id":3000000010135,"__csrcFundId":8140,"stockCode":"010135","name":"宏利高研发创新6个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10135,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:10:10.565Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-23T16:00:00.000Z","shortName":"宏利高研发6个月持有混合(010135)","followedNum":10,"fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利高研发6个月持有混合","setUpDate":"2020-09-23T16:00:00.000Z","setUpAssetScale":358101486.39,"setUpShares":358101486.39,"pinyin":"hlgyfcx6gycyqhhxzqtzjj","managers":[{"stockCode":"db20862635","stockType":"fund_manager","exchange":"fm","tickerId":2625222990,"name":"张岩"}]},"announcement":{"linkText":"泰达宏利高研发创新6个月持有期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=715230","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd5a7fea5b3eb04d83ae","date":"2021-09-29T16:00:00.000Z","stockId":3000000010135,"sao":"今年市场的主线就是碳中和：一边是长期受益于碳中和目标而需求持续增长的新能源行业，另一边是做减法导致价格上涨的周期品行业。两者都有不错的表现。  三季度全球周期品价格继续高企，同时国内能耗双控导致产品价格在高位继续上涨。但我们认为极端的管控政策并不能够持续，未来能耗双控可能会分化，符合国家经济转型和能源结构转型的方向会得到区别对待，而传统高能耗行业仍然不乐观。  基于以上判断，我们在三季度仍然坚持配置符合国家能源结构调整方向的新能源行业。从盈利能力变化的角度考虑，三季度加仓了新能源车上游资源和中游材料、风电，减仓新能源车中游电池和光伏产业链。  本基金将按照基金契约，精选研发驱动的优质公司，分享企业成长红利。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:34.122Z","fund":{"_id":3000000010135,"__csrcFundId":8140,"stockCode":"010135","name":"宏利高研发创新6个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10135,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:10:10.565Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-23T16:00:00.000Z","shortName":"宏利高研发6个月持有混合(010135)","followedNum":10,"fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利高研发6个月持有混合","setUpDate":"2020-09-23T16:00:00.000Z","setUpAssetScale":358101486.39,"setUpShares":358101486.39,"pinyin":"hlgyfcx6gycyqhhxzqtzjj","managers":[{"stockCode":"db20862635","stockType":"fund_manager","exchange":"fm","tickerId":2625222990,"name":"张岩"}]},"announcement":{"linkText":"泰达宏利高研发创新6个月持有期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=654886","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd5a7fea5b3eb04d83ad","date":"2021-06-29T16:00:00.000Z","stockId":3000000010135,"sao":"基于对产业周期的判断，本基金上半年仍然集中配置在高景气的新能源车产业链中游和上游。虽然一季度末经历了原材料快速大幅上涨和芯片短缺等不利因素的冲击，但我们观察到新能源上游原材料价格仍然呈上涨趋势，同时中游排产屡创新高，显示出非常高的行业景气度。  我们认为目前的新能源车产业类似12年-15年的智能机产业，渗透率处于迅速提升阶段，在渗透率达到30%之前，任何短期扰动大概率是机会。本基金会牢牢把握这一时代赋予中国制造业的机会。  本基金将按照基金契约，精选研发驱动的优质公司，分享企业成长红利。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:34.120Z","mo":"下半年我们认为三季报是非常关键的报表季，决定了下半年的结构性行情。三季度是第一个消除了低基数效应的报表季，只有需求端有高增长的行业才能继续报表端的高增长，所以新能源车大概率在行业比较上优势明显。同时考虑四季度开始芯片瓶颈和中游材料产能瓶颈逐渐消除，潜在新能源车消费需求会真正释放，板块大概率在数据和业绩的双重催化下迎来戴维斯双击行情。把眼光再放长，中游要求的是低成本大规模制造能力，这正是国内制造业核心优势。  本基金管理人将继续坚持投资景气行业龙头的投资理念，不断扩展自己的能力圈，通过学习不断提炼和总结长期适用的投资方法，力争为基金持有人提供持续回报。","fund":{"_id":3000000010135,"__csrcFundId":8140,"stockCode":"010135","name":"宏利高研发创新6个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10135,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:10:10.565Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-23T16:00:00.000Z","shortName":"宏利高研发6个月持有混合(010135)","followedNum":10,"fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利高研发6个月持有混合","setUpDate":"2020-09-23T16:00:00.000Z","setUpAssetScale":358101486.39,"setUpShares":358101486.39,"pinyin":"hlgyfcx6gycyqhhxzqtzjj","managers":[{"stockCode":"db20862635","stockType":"fund_manager","exchange":"fm","tickerId":2625222990,"name":"张岩"}]},"announcement":{"linkText":"泰达宏利高研发创新6个月持有期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=634805","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd5a7fea5b3eb04d83ac","stockId":3000000010135,"sao":"一季度基金收益出现明显回撤，核心原因有以下几点：1）市场层面：长端利率上行导致高估值资产压缩估值，其中长久期的消费类资产和大空间的成长类资产尤甚；2）组合层面：我们看好的新能源行业，由于1、2月份中国和欧洲数据波动以及上游原材料价格上涨带来中游端成本压力的担忧，而出现明显回调。  但展望未来，我们认为高景气的新能源等板块仍然是值得重点配置的行业，原因如下：1）长期中美欧三大经济体政策共振，以及优质车型带来产品力提升的逻辑没有变；2）中国和欧洲3月份新能源销售数据亮眼，部分打消投资者疑虑；3）上游大宗原材料价格高点有望在2季度出现，导致下半年以及明年成本压力明显缓解，压力最大的阶段即将过去；4）考虑到新能源板块有望成为未来5年成长性最强的板块，股价回调导致多数公司估值回归合理，性价比凸显。  本基金管理人将继续坚持投资景气行业龙头的投资理念，不断扩展自己的能力圈，通过学习不断提炼和总结长期适用的投资方法，力争为基金持有人创造持续回报。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:34.117Z","fund":{"_id":3000000010135,"__csrcFundId":8140,"stockCode":"010135","name":"宏利高研发创新6个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10135,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:10:10.565Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-23T16:00:00.000Z","shortName":"宏利高研发6个月持有混合(010135)","followedNum":10,"fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利高研发6个月持有混合","setUpDate":"2020-09-23T16:00:00.000Z","setUpAssetScale":358101486.39,"setUpShares":358101486.39,"pinyin":"hlgyfcx6gycyqhhxzqtzjj","managers":[{"stockCode":"db20862635","stockType":"fund_manager","exchange":"fm","tickerId":2625222990,"name":"张岩"}]},"announcement":{"linkText":"泰达宏利高研发创新6个月持有期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=573049","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd5a7fea5b3eb04d83ab","stockId":3000000010135,"sao":"2020年四季度末本人正式接手泰达宏利高研发基金，在此将我一直以来坚持的投资方法向各位持有人汇报。总结成一句话就是投资景气行业龙头，寻求戴维斯双击。我们有非常好的产品定位，因为研发投入行业领先的公司大体上都是这个行业的龙头，是引领行业变革的先锋。这样的投资注定了时代感十足，拉长时间看也有助于创造和积累企业价值。我们会努力践行产业专家模式的投资，把握行业发展的最前沿。  回顾2020年，疫情虽然反复，但投资环境仍然不错，主要体现在：1）全球货币持续处于宽松状态；2）新能源发展方向在中国、欧洲、美国得到共识；3）中国十四五计划进入启动阶段。在此环境下，高景气板块（新能源汽车、光伏、军工）、顺周期板块（有色、汽车、家电、机械、化工等）、受益低利率环境的长久期资产（食品饮料、医药）都有不错表现。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:34.115Z","mo":"我们认为明年市场的核心主线仍然是 “复苏”。目前从两年景气度变化趋势的角度来看，本基金选择集中配置在新能源车、光伏、军工、通用自动化板块，同时兼顾医药、消费板块中估值与成长性匹配程度高的个股。  本基金将继续坚持投资景气行业龙头的投资理念，不断扩展自己的能力圈，通过学习不断提炼和总结长期适用的投资方法，力争为基金持有人创造持续回报。","fund":{"_id":3000000010135,"__csrcFundId":8140,"stockCode":"010135","name":"宏利高研发创新6个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10135,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:10:10.565Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-23T16:00:00.000Z","shortName":"宏利高研发6个月持有混合(010135)","followedNum":10,"fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利高研发6个月持有混合","setUpDate":"2020-09-23T16:00:00.000Z","setUpAssetScale":358101486.39,"setUpShares":358101486.39,"pinyin":"hlgyfcx6gycyqhhxzqtzjj","managers":[{"stockCode":"db20862635","stockType":"fund_manager","exchange":"fm","tickerId":2625222990,"name":"张岩"}]},"announcement":{"linkText":"泰达宏利高研发创新6个月持有期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=558729","linkType":"PDF","source":"csrc_pdf"}}]}