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更符合国际的投资趋势。但是，我们不得不承认，随着新能源装机占比的提升，新能源发电侧对电网也带来一定的挑战。因此，建立新型的电力系统需要新老能源的相互协助。在这个背景下，火电端投资的增加或是新型电力系统的破局点。此外，在油价处于高位，国内油气对外依存度较高的背景下，油气端的持续投资也是维持能源安全切入点之一。最后，作为基金经理，我会秉着勤勉尽责的原则，为投资者带来更好的回报。","fund":{"_id":3000000010385,"__csrcFundId":8259,"stockCode":"010385","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10385,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:17:14.601Z","status":"normal","name":"华安汇嘉精选混合型证券投资基金","exchange":"jj","followedNum":27,"inceptionDate":"2020-10-29T16:00:00.000Z","shortName":"华安汇嘉精选混合(010385)","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安汇嘉精选混合","setUpDate":"2020-10-29T16:00:00.000Z","setUpAssetScale":6337474781.36,"setUpShares":6337474781.36,"pinyin":"hahjjxhhxzqtzjj","managers":[{"stockCode":"db20621674","stockType":"fund_manager","exchange":"fm","tickerId":2302180020,"name":"王斌"}]},"announcement":{"linkText":"华安汇嘉精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=867193","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd917fea5b3eb04dc1e2","date":"2022-09-29T16:00:00.000Z","stockId":3000000010385,"sao":"2022年三季度，市场表现较弱，上证指数下跌11.01%，沪深300指数下跌15.16%，创业板综下跌15.79%。海外央行持续加息的背景下，海外需求开始转弱，市场担心未来出口的影响，市场情绪较弱。行业方面，煤炭表现较好，建材、汽车、电力设备等行业表现较差。2022年三季度，本基金主要抓住了煤炭、公用事业、房地产等行业的机会。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:29.879Z","fund":{"_id":3000000010385,"__csrcFundId":8259,"stockCode":"010385","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10385,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:17:14.601Z","status":"normal","name":"华安汇嘉精选混合型证券投资基金","exchange":"jj","followedNum":27,"inceptionDate":"2020-10-29T16:00:00.000Z","shortName":"华安汇嘉精选混合(010385)","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安汇嘉精选混合","setUpDate":"2020-10-29T16:00:00.000Z","setUpAssetScale":6337474781.36,"setUpShares":6337474781.36,"pinyin":"hahjjxhhxzqtzjj","managers":[{"stockCode":"db20621674","stockType":"fund_manager","exchange":"fm","tickerId":2302180020,"name":"王斌"}]},"announcement":{"linkText":"华安汇嘉精选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=802476","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd917fea5b3eb04dc1e1","date":"2022-06-29T16:00:00.000Z","stockId":3000000010385,"sao":"今年上半年，国内股票市场波动较大，国内市场先跌后涨。上半年，上证指数下跌6.63%，沪深300下跌9.22%，创业板综下跌15.91%。整体上半年货币政策相对比较宽松，在股市估值下探到历史较低位置后，市场在二季度后半段经历了一轮较快速的反弹。行业方面，上半年煤炭、交运、美容护理等行业表现较好，电子、计算机、传媒等行业表现较差。2022年上半年，本基金主要抓住了化工、煤炭、电力设备、地产等行业的机会。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:29.876Z","mo":"我们看好未来市场的结构性机会。近几年，能源问题是全球关注的焦点。在投资上，能源也是贯穿始终的主线之一。在传统能源上，我们看到了因为过去几年在这些行业上的资本支出不足导致的供给增速放缓。在需求端，我们也看到了新能源的建设对传统能源的需求拉动。供给和需求的增速不匹配导致了商品价格在一个新的高度寻找平衡。另一方面，我们也看到了大家拥抱新能源的决心。这个决心不仅仅来自于大家对未来新能源愿景的美好渴望，也来自于大家为了摆脱传统能源的焦虑。这个情况在欧洲区域表现的尤为明显。在经历了较高电价的2021年冬天后，欧洲区域的居民对能源安全尤为重视。这直接拉动了光伏、户用储能、微型逆变器的需求。 而这些产品的产业链主要来自国内企业，这也间接拉动了国内这类企业的景气。相信未来一段时间，上述传统和新能源的投资机会会相互交织，我们也会在这些领域继续发掘机会。从国内的角度来看，目前较宽松的货币环境似乎使一些行业也在发生变化。未来地产销售及下游相关的产业链也是我们未来的研究方向之一。最后，作为基金经理，我会秉着勤勉尽责的原则，为投资者带来更好的回报。","fund":{"_id":3000000010385,"__csrcFundId":8259,"stockCode":"010385","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10385,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:17:14.601Z","status":"normal","name":"华安汇嘉精选混合型证券投资基金","exchange":"jj","followedNum":27,"inceptionDate":"2020-10-29T16:00:00.000Z","shortName":"华安汇嘉精选混合(010385)","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安汇嘉精选混合","setUpDate":"2020-10-29T16:00:00.000Z","setUpAssetScale":6337474781.36,"setUpShares":6337474781.36,"pinyin":"hahjjxhhxzqtzjj","managers":[{"stockCode":"db20621674","stockType":"fund_manager","exchange":"fm","tickerId":2302180020,"name":"王斌"}]},"announcement":{"linkText":"华安汇嘉精选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=782539","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd917fea5b3eb04dc1e0","date":"2022-03-30T16:00:00.000Z","stockId":3000000010385,"sao":"2022年一季度，国内股票市场整体表现不佳，上证指数下跌10.65%，沪深300下跌14.53%，创业板综下跌18.25%。全球都面临通胀的压力，市场担心全球央行在货币政策上过快收紧。同时，海外地缘局势摩擦不断，部分行业估值过高，市场在一季度出现较大的调整。行业方面，煤炭、地产、银行等表现较好，电子、军工、汽车等行业表现较差。2022年1月底，我接替同事成为本基金的基金经理，一季度剩余时间逐步对基金持仓做了调整。今年一季度，本基金主要抓住了化工、地产等行业的机会。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:29.874Z","fund":{"_id":3000000010385,"__csrcFundId":8259,"stockCode":"010385","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10385,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:17:14.601Z","status":"normal","name":"华安汇嘉精选混合型证券投资基金","exchange":"jj","followedNum":27,"inceptionDate":"2020-10-29T16:00:00.000Z","shortName":"华安汇嘉精选混合(010385)","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安汇嘉精选混合","setUpDate":"2020-10-29T16:00:00.000Z","setUpAssetScale":6337474781.36,"setUpShares":6337474781.36,"pinyin":"hahjjxhhxzqtzjj","managers":[{"stockCode":"db20621674","stockType":"fund_manager","exchange":"fm","tickerId":2302180020,"name":"王斌"}]},"announcement":{"linkText":"华安汇嘉精选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=722826","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd917fea5b3eb04dc1df","date":"2021-12-30T16:00:00.000Z","stockId":3000000010385,"sao":"2021年疫情影响持续。虽然下半年经济开始有通胀的压力，但各国央行整体对货币政策相对友好。全年A股指数间分化较大，上证指数上涨4.8%，沪深300下跌5.2%，创业板综上涨17.93%。这也很好的体现了经济结构转型的背景下，市场结构性机会。市场行业方面，2021年电力设备、煤炭、有色金属、基础化工等表现较好，家用电器、非银金融社会服务等行业表现较差。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:29.871Z","mo":"展望未来，我们依然看市场结构性机会。符合产业趋势、成长性与估值匹配的公司将表现强势。“稳”字或许是贯穿未来一年的主线。展望来年，宏观经济增速或许存在一定增长压力。疫情影响之下，外部环境也更加严峻和不确定。中央经济工作会议也要求明年的经济工作要稳字当头、稳中求进。从主要方针上，我们可以看到政府做好了与宏观经济对冲的政策。通过“七大政策组合”稳定宏观经济大盘。从产业角度看，2021年也面临一些产业供需矛盾。比如全国部分地区，出现了许久未见的“缺电”现象。“电”或许是未来几年的核心投资主线。尽管“缺电”是一个阶段性的现象，但也反映了煤炭等能源价格高企、电力投资阶段性有缺口、新能源发电出力不均匀和不可测等问题。在“稳”的背景下，在保证民生的背景下，或许快速地推进“双碳”变为科学合理地推进“双碳”的建设。例如在发电侧，新能源电站的建设要继续，但是高效、较低成本的火电等能源的建设也不能停滞。新型能源的建设需要风光和传统能源的相互配合。反映在投资端，我们不仅仅要承认新能源电站未来增长的潜力，也不能否认火电在新型能源电力系统中的价值。另外，在电动车、新能源等领域，2021年逐步走高的原材料价格，是否会成为2022年压制需求的主要矛盾也需要研究。在电动车领域，月均新增电动车渗透率已经突破20%，对销量的主要驱动力从补贴、新能源车牌路权等逐步过渡为消费者对电动车本身性价比、智能化、“好用”的追求。若终端价格也因上游原材料价格上涨过快，电动车的渗透率速度面临考验。因此在布局新一年电动车方向时，我们要追求标的的性价比。让估值与成长性做到匹配。此外，我们也要拓宽视野，在传统电动车产业链之外寻找机会。因为新的供应商的开拓，新的渠道建立都会带来新的机会。在过去两年的疫情环境下，传统消费和服务行业影响较大。不仅仅因为消费场景因疫情缺失，也有因为这两年可支配收入增速的放缓以及大家对未来不确定性而未雨绸缪。整体消费的回暖不会一蹴而就，恢复的斜率和高度都要相对保守。但是波澜不惊的水面下依然暗潮涌动，部分细分的市场依然在孕育机会。我们需要抓住这些细分以及新兴市场的机会。服务行业中，酒店及航空等在疫情中供给侧发生了较大变化，需求的好转会伴随较大的弹性。纺织服装行业中，新型面料与制造工艺的演进也会产生新的机会。最后，作为基金经理，我会秉着勤勉尽责的原则，为投资者带来更好的回报。","fund":{"_id":3000000010385,"__csrcFundId":8259,"stockCode":"010385","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10385,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:17:14.601Z","status":"normal","name":"华安汇嘉精选混合型证券投资基金","exchange":"jj","followedNum":27,"inceptionDate":"2020-10-29T16:00:00.000Z","shortName":"华安汇嘉精选混合(010385)","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安汇嘉精选混合","setUpDate":"2020-10-29T16:00:00.000Z","setUpAssetScale":6337474781.36,"setUpShares":6337474781.36,"pinyin":"hahjjxhhxzqtzjj","managers":[{"stockCode":"db20621674","stockType":"fund_manager","exchange":"fm","tickerId":2302180020,"name":"王斌"}]},"announcement":{"linkText":"华安汇嘉精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=712502","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd917fea5b3eb04dc1de","date":"2021-09-29T16:00:00.000Z","stockId":3000000010385,"sao":"2021年三季度市场维持震荡格局，本基金坚持成长风格，加仓了新能源、医药、军工、化工等板块。用威廉欧奈尔体系描述我们的投资方法可能并不准确，尝试解读市场并尊重市场反馈是我们投资方法的核心。我们认为投资本质上是过程管理，需要做好细节且不断优化。我们认为市场短期（以季度或者年度为单位）偏好成长性最好的资产，三分选股，七分跟踪。短期内对于公司或者子行业未来几个季度的业绩跟踪是核心，这种跟踪既包括定期报告之前的预测，也包括定期报告之后的解读，后者重要性不亚于前者。而中长期（以3-5年维度）来看，少数行业是驱动某阶段经济增长的主要引擎，也是值得我们投入精力重点研究的市场领涨行业。A股市场未来估值分化是常态，在劳动力增速放缓背景下大部分行业或者企业中长期增速将降，只有能够维持较高增速的行业或者企业才能享受到低利率带来的估值提升。尊重市场反馈需要始终对市场保持敬畏之心，基本面预期与市场走势大部分时间是互相印证关系，例如欧奈尔体系的相对股票强度背后反应的是过去一段时间（半年或者一年）个股的走势与基本面（成长性，利润率等）正相关，且其更强调股票的动量效应。我们今年在投资上最大的失误是预设了通胀压力下长期利率将提高的立场，在春节后大幅减持了高估值高景气板块的持仓，特别是在4、5月市场走势与我们的预期明显不符时，没有及时调整我们的组合。霍华德·马克斯在7月底备忘录《关于宏观经济的思考》中说:“我认为投资者担忧通胀上升也许是合理的，但不要为了回应宏观预期而大幅调整资产配置，因为宏观预期可能是准确的，也可能不是。特别是当证券价格的表现与我们自身所预期的不同时，我们应该考虑市场是否已经察觉到了一些事情，并反思我们自身的理解。”最后一句话与尊重市场反馈有异曲同工之妙。A股市场16-19年最强板块是白酒、医疗服务等，20年至今最强板块是电动车、光伏等，所谓长期持有成功对抗市场背后更多的是因为底层资产配置与市场阶段性最强贝塔相契合。上善若水，水善利万物而不争，把自己放低一点，接受世界运行的复杂性和市场生态的多样性，接受自己在很多方面不懂，净值也许会更好看一点。我们认为投资本质上是过程管理，形成与自己个性和知识结构相符合的投资体系，并且确保这套投资体系能够顺利执行（特别是在逆风期）是关键。从思考角度大多数人是结果偏好，唯正确与否论对错，但是我们一直强调长期复合收益率主要取决于正确率（选股成功率）、所有盈利投资的平均收益率和所有亏损投资的平均亏损率这三个指标，正确率并非越高越好，因为失败的投资可以通过完善的投资方法将亏损限制在可控范围内，而错失十倍股这样重大投资机会的风险却无法控制。我们认为投资上的过程管理就是更好的平衡上述这三个指标，以获得更高的复合收益率。市场是动态变化的，对于一笔投资只要符合投资体系，买入是正确的，之后止损也是正确的，止损之后以更高价格买入还是正确的。《金融怪杰》中吉姆·罗杰斯认为一次交易是指做一个交易决策，从最初建仓到最后全部清仓就算做一次交易，其间围绕最初建仓头寸所进行的加仓或减仓并不计入交易的次数，这说明投资要关注终局而非短期结果，核心是注重过程管理。投资需要做好细节且不断优化，传奇基金经理彼得·林奇在《战胜华尔街》中分享了许多投资细节：“选择自己没有投资过的上市公司一起吃饭，目的是了解一下由于不投资这些公司股票而没有关注到的那些重要信息；每隔一个月与每一个主要行业的代表人士至少交谈一次，以免漏掉这一行业最新的发展动态信息；在主持每周的投资例会时，带一个小计时器，把报警 时间设置为3分钟，这样就把每个人的规定发言时间限定为3分钟，后来逐渐缩短了每个人的发言时间，最后缩短到了90秒；每一个星期至少要与竞争对手的基金经理交流一次；遇见注重实地调研的优秀分析师，我一定会和他们经常保持联系等”。我们尽量建立一套机械化的投资系统，以降低情绪对投资的负面影响，这套机械化的投资系统包括行业配置比例、个股配置权重、买入标准和卖出标准等。我们以周为单位构建对投资组合的调整计划，同时每天记录主要的交易，以便于定期回溯总结。我们尽量坚持每天进行市场复盘，关注并尝试理解行业强弱演变。现阶段我们投资上最需要优化的是在成长股短期暴涨以后的过早离场，这种风险甚至大于成长股短期暴涨后的大幅调整，我们认为优化的核心一方面是加强基本面的深度研究，更重要的是克服心理层面以更高价格买回优质成长股的障碍。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:29.868Z","fund":{"_id":3000000010385,"__csrcFundId":8259,"stockCode":"010385","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10385,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:17:14.601Z","status":"normal","name":"华安汇嘉精选混合型证券投资基金","exchange":"jj","followedNum":27,"inceptionDate":"2020-10-29T16:00:00.000Z","shortName":"华安汇嘉精选混合(010385)","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安汇嘉精选混合","setUpDate":"2020-10-29T16:00:00.000Z","setUpAssetScale":6337474781.36,"setUpShares":6337474781.36,"pinyin":"hahjjxhhxzqtzjj","managers":[{"stockCode":"db20621674","stockType":"fund_manager","exchange":"fm","tickerId":2302180020,"name":"王斌"}]},"announcement":{"linkText":"华安汇嘉精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=655884","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd917fea5b3eb04dc1dd","date":"2021-06-29T16:00:00.000Z","stockId":3000000010385,"sao":"2021年上半年市场震荡上行，新能源、半导体、医药等成长板块和有色、钢铁、化工、煤炭等周期性板块表现较好。本基金坚持成长风格，加仓了新能源、军工、半导体等板块，但是部分在非主流赛道上的配置拖累了净值表现。我们的投资目标是追求较高的年化复合收益率和较低的回撤，具体而言收益优先于回撤优先于换手率。我们相信基金长期的年化收益率取决于投资方法，而投资方法需要根据我们对市场的理解不断完善。我们认为A股是个贝塔（行业贝塔和投资逻辑贝塔）远远大于阿尔法（个股逻辑）的市场，现阶段选对行业贡献超过个股，赛道股的优势是纵向上的的研究复利和横向上的交叉验证。而就市场投资逻辑而言，需要对公司长期天花板、短期景气度（季度业绩）和估值这几个指标权重的不断再平衡，现阶段长期天花板权重较高，而估值权重很低。背后可能反应疫情以后全球还是低利率环境，这意味着大部分行业或者企业中长期增速下降，只有能够维持较高增速的行业或者企业才能享受到低利率带来的估值提升。我们认为投资本质上是建立一套由部分已知信息去把握整个未知市场的体系，因为已知信息的广度和对信息理解的深度都有局限性，因此在面对整个未知市场时需要尊重市场反馈。我们在投资上以基本面趋势为主，以欧奈尔体系的股票强度和个股估值变化作为市场趋势指标，不断与基本面指标（收入、利润、用户数等）进行交叉验证。我们认为投资结果主要取决于正确率（选股成功率）、所有盈利投资的平均收益率和所有亏损投资的平均亏损率这三个指标，正确率并非越高越好，因为失败的投资可以通过完善的投资方法将亏损限制在可控范围内，而错失十倍股这样重大投资机会的风险却无法控制。因此在投资上我们不追求过高的正确率，更希望通过牺牲一定的换手率在上述这三个指标之间进行平衡，以获得更高的复合收益率。我们认为股票市场非常复杂且不断变化，投资上应对大于预测。索罗斯曾说过一句名言：“世界经济史是一部基于假象和谎言的连续剧，要获得财富，做法就是认清其假象，投入其中，然后在假象被公众认识之前退出游戏。”我们结合市场趋势而非单纯依靠自己的预判进行投资，并且在投资过程中不断通过市场趋势修正自己的预判。我们尽量建立一套机械化的投资系统，以降低情绪对投资的负面影响。这条机械化的投资系统包括行业配置比例、个股配置权重、买入标准和卖出标准等。行业配置上力求均衡，单一行业配置比例通常低于20%。个股配置的权重上我们主要依据确定性、赔率、流动性和行业属性这四个指标：确定性决定下限，赔率决定上限，流动性决定了犯错成本，行业属性决定了组合整体的稳定性。买入标准和卖出标准上结合了基本面指标和趋势指标（欧奈尔体系的股票强度和个股估值）。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:29.858Z","mo":"流动性边际收缩背景下，今年整个市场由估值驱动向盈利驱动转变，主要看好以下方向1、高增长高估值的核心资产：电动车、科技领域国产替代、CXO和医疗服务。2、部分快速增长的服务业，人均GDP超过1万美元以后，我们认为内需板块中一批几千亿到上万亿规模的服务业有望进入快速增长期，包括财富管理行业、免税行业和医美行业等。3、存在预期差的行业：军工（持续性），除了电动车和光伏以外其他碳中和相关（大部分行业新增的成本是这类资产的新增收入）；4、部分具有全球竞争力的制造业，包括机械、家电、轻工、汽车零部件、医疗器械等行业，这些行业内的部分企业从中国市场到全球市场，从低端客户进入中高端客户，从简单代工到自主品牌销售，未来几年存在盈利持续超预期的可能。5、部分100亿到500亿中等市值成长股，过去两年投资这类企业机会成本较高（假设龙头企业每年盈利增速20%-30%，估值贡献20%-30%，则每年股价涨幅50%左右），在流动性边际收紧背景下，未来几年投资这类企业机会成本大幅下降。","fund":{"_id":3000000010385,"__csrcFundId":8259,"stockCode":"010385","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10385,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:17:14.601Z","status":"normal","name":"华安汇嘉精选混合型证券投资基金","exchange":"jj","followedNum":27,"inceptionDate":"2020-10-29T16:00:00.000Z","shortName":"华安汇嘉精选混合(010385)","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安汇嘉精选混合","setUpDate":"2020-10-29T16:00:00.000Z","setUpAssetScale":6337474781.36,"setUpShares":6337474781.36,"pinyin":"hahjjxhhxzqtzjj","managers":[{"stockCode":"db20621674","stockType":"fund_manager","exchange":"fm","tickerId":2302180020,"name":"王斌"}]},"announcement":{"linkText":"华安汇嘉精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=630552","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd917fea5b3eb04dc1dc","stockId":3000000010385,"sao":"2021年一季度市场震荡调整，上证综指跌1%，创业板跌7%，银行，钢铁，电力及公用事业等板块表现较好。本基金坚持成长风格，主要仓位在新能源、机械、军工、原料药、互联网和家电等板块，同时我们认为未来一年大市值企业估值溢价进一步提升空间不大，增加了100亿到500亿中等市值成长股的配置。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:29.844Z","fund":{"_id":3000000010385,"__csrcFundId":8259,"stockCode":"010385","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10385,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:17:14.601Z","status":"normal","name":"华安汇嘉精选混合型证券投资基金","exchange":"jj","followedNum":27,"inceptionDate":"2020-10-29T16:00:00.000Z","shortName":"华安汇嘉精选混合(010385)","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安汇嘉精选混合","setUpDate":"2020-10-29T16:00:00.000Z","setUpAssetScale":6337474781.36,"setUpShares":6337474781.36,"pinyin":"hahjjxhhxzqtzjj","managers":[{"stockCode":"db20621674","stockType":"fund_manager","exchange":"fm","tickerId":2302180020,"name":"王斌"}]},"announcement":{"linkText":"华安汇嘉精选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=569746","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd917fea5b3eb04dc1db","stockId":3000000010385,"sao":"2020年市场震荡上行，上证综指涨13.87%，创业板指涨64.96%，新能源、医药、食品饮料和消费服务等板块表现较好。本基金坚持成长风格，主要仓位在新能源，军工，高端制造，互联网和高端消费品等板块，跑赢业绩基准。我们的投资目标是追求较高的年化复合收益率和较低的回撤，我们相信基金长期的年化收益率取决于投资方法，而投资方法需要根据我们对市场的理解不断完善。今天大家热议机构抱团或者押注某某赛道，我们觉得核心是这些行为与投资方法是否自洽。我们认为投资本质上是建立一套由部分已知信息去把握整个未知市场的体系，因为已知信息的广度和对信息理解的深度都有局限性，因此在面对整个未知市场时需要尊重市场反馈。一旦发现自己的判断与市场严重不符时，需要反复思考，直至采取行动。从杰西利佛莫尔的最小阻力位，到索罗斯的反身性理论，再到威廉欧奈尔的Canslim体系，背后的相同点都是需要重视市场反馈。我们认为投资需要多元化思维模型和综合能力，芒格在《穷查理宝典》里面告诉我们要跨学科、多元化的思维模型去解决问题。股票市场非常复杂且不断变化，无论是近年来对于公司的估值方式从PEG向DCF的转变，还是成长性行业组成一直随着时代的不断改变，都需要我们运用多元化思维模型和综合能力去应对整个未知市场，不要做从单一角度去思考解决问题的铁锤人。我们力求在公司基本面分析、财务分析、量化分析和对市场信心解读等方面做到平衡。我们认为对于成长股投资本身定性远大于定量，但是组合投资通过定量的方式可以达到更好的风险收益比。因此我们在组合投资上力求行业均衡，单一行业配置比例通常低于20%，因为大部分行业有周期性，当某个行业利润很高，资本就会涌入，竞争就会加剧，造成利润下降，资本流出，随着资本流出，行业整合，利润又能有所恢复。而个股配置的权重上我们主要依据确定性、赔率、流动性和行业属性这四个指标：确定性决定下限，赔率决定上限，流动性决定了犯错成本，行业属性决定了组合整体的稳定性。中国经济从数量型增长向质量型增长转变，行业和企业的差异持续扩大，增量蛋糕大部分都被代表新经济的企业拿走，传统经济中，存量的蛋糕越来越被头部企业占据。在此背景下，我们觉得未来股票投资会越来越工业化或者模块化，基金底层核心资产的构建非常重要，在优质赛道上对核心龙头企业的定价权比找到独门重仓股更加重要，我们力求买入那些能持续超预期，持续保持高利润率的企业作为基金底层资产。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:29.837Z","mo":"在流动性充裕的背景下，国内投资者对于确定性的追逐不断加强，寻找不会被对手打败、不会被时代打败的商业模式成为重点，消费和医药领域的头部资产估值溢价不断提升。而在海外，ARK Invest的CEO CathieWood则积极拥抱新世界的成长性，20年ARK旗下以投资颠覆性创新科技为理念的五只主动管理ETF平均回报超过150%。作为出生于 1956 年的女性， CathieWood对于创新和新经济的理解远超年轻人，她抓住了特斯拉、Square、Zoom 甚至是比特币的机会。无论是拥抱旧世界的确定性，还是投身新世界的成长性，我们都要做好一旦货币政策正常化之后基金预期收益率下降的准备。20年流动性宽松主线下A股估值高位，市场普遍担忧21年政策收紧带来估值下行压力。回顾过往政策放松后的次年：10、13、17年均为震荡市，年内最大回撤均与货币政策收紧有关。10、17年周期行业占优，13年科技板块占优，核心还是盈利增速能否超预期。我们认为抱团存在局部泡沫，但是何时结束难以判断，流动性收缩背景下，今年整个市场由估值驱动向盈利驱动转变。21年上半年周期性行业可能占优：3月后商品价格开始触底回升，主要还是海外内应对疫情政策带来了超强收缩。需求基本恢复到疫情前，而疫情加剧了各类资源、制造业的供给收缩，带来了本轮商品牛市。目前国内制造处于回升阶段，而美国地产大周期自疫情前已经向上，美国居民杠杆率经过次贷危机后10年的下降过程，消化相对充分，加杠杆空间较大。21年全年看好全球化泛制造业，国内疫情控制较好，机械、家电、轻工、医疗器械等泛制造业在全球份额提高，尽管短期受汇率升值、原材料和运费上涨和海外竞争对手复产等负面因素影响，但是中长期角度来看部分企业在全球市场的份额提高具有持续性，且部分全球化泛制造企业从中国市场到走向全球市场，从低端客户进入中高端客户，从中国制造到中国品牌，中长期价值获得了极大的提高。","fund":{"_id":3000000010385,"__csrcFundId":8259,"stockCode":"010385","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10385,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:17:14.601Z","status":"normal","name":"华安汇嘉精选混合型证券投资基金","exchange":"jj","followedNum":27,"inceptionDate":"2020-10-29T16:00:00.000Z","shortName":"华安汇嘉精选混合(010385)","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安汇嘉精选混合","setUpDate":"2020-10-29T16:00:00.000Z","setUpAssetScale":6337474781.36,"setUpShares":6337474781.36,"pinyin":"hahjjxhhxzqtzjj","managers":[{"stockCode":"db20621674","stockType":"fund_manager","exchange":"fm","tickerId":2302180020,"name":"王斌"}]},"announcement":{"linkText":"华安汇嘉精选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=553879","linkType":"PDF","source":"csrc_pdf"}}]}