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票当中，存在大量的错杀机会。在行业配置方面，增加了红利的配置比例（主要集中在传媒行业），同时增加了部分电子和军工行业的配置比例。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:46.059Z","mo":"展望2024年下半年，国内的房地产行业和消费行业依然处于底部区间，未看到明显转好迹象；部分出口公司展现出一定的韧性，但是面临贸易环境的不确定性。总体来说，国内整体的宏观环境依然面临较大的压力。目前国内的宏观政策并未有效的改变当下经济的运行方向， 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核心股票跌到我们的心理价位，会采取大举加仓的策略。未来成长这只基金主要投资于消费升级和科技创新两条主赛道，今年会聚焦景气度高增速高的医药和新能源两个细分赛道。医药我们主要聚焦三条主线：1、创新药产业朝气蓬勃，关注CXO行业维持高景气度；非医保领域为医药牛股摇篮，重点关注医美等消费医疗；医疗器械集采政策逐渐缓和，关注医疗器械创新升级大趋势。新能源我们关注整条产业链的发展，从上游锂钴镍矿资源，到中游正负极材料，电解液，隔膜的周期性投资机会，到下游智能化，数字化软件开发，整车销售等等，拥有持续高增速的庞大产业链，孕育着非常多的投资机会。本基金将勤勉尽责，在基于价值导向的深入研究基础上，积极把握行业变革中的投资机会，合理控制风险，为基金持有人创造长期稳健的回报。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:46.029Z","mo":"2022年，看好细分子行业的结构行情。智能驾驶是百年汽车产业的重大变革，也是AI智能在工业领域的大规模落地实践。汽车产品、技术、产业链、商业模式都将发生深远变革并孕育巨大机会。智能汽车因配置升级，功能升级，相比同级燃油车获得溢价，单车价值明显提升，智能化成为汽车制造市场空间新的增长引擎。智能化趋势下，零部件将分化为全新（激光雷达、AI芯片、域控制器、三电系统等），增长（毫米波雷达、摄像头、智能车灯、天幕玻璃、中控大屏、轻量化部件等），稳定（内外饰、车身、传统底盘），萎缩（燃油动力系统及相关，传统电子电气架构相关）四个大类赛道，我们预估在智能车规模放量后的终极状态下，全新、增长、稳定三赛道在汽车硬件价值量占比为53%/15%/32%。继续看好2022年的板块行情，关注整车、零部件和智能驾驶软硬件等环节。 新能源车销量2022年有望超预期。补贴规模从原来预期的200万台补贴规模上限放开，实现贯穿2022年全年的补贴。根据交强险数据，2021年Q1-3国内新能源乘用车销量结构中30万元以上占比约为16%，10万元以下占比约为34%，而10-20万元市场渗透率仅为8%，随着比亚迪DMi、小鹏P5等强性价比、智能化车型打开2022年10-20万元价格带销量和渗透率空间，我们认为补贴总规模有望同比明显提升促进终端销量增长，我们测算2022年国内销量有望突破600万辆、冲刺700万辆。2020年是电池结构创新元年，2021年是磷酸铁锂材料创新元年，2022年将开启电解液添加剂创新，中游三大技术创新都将系统性提升均衡性能引领平价之路。看好动力电池的结构行情。 电网投资：布局新型电力系统产业链。新型电力系统成为刚需，智能融合终端、柔性输电、调峰调频机组等需求提振。重点关注电网智能化，输配电装备，智能电表及光伏开发。 绿电运营商：“双碳”长期目标确定，电力市场化改革持续推进，电价更能体现供需、成本、和环境价值，新能源运营商具备“三重”确定性。“量”—风光装机增速具备高确定性；“价”—火电价格上浮，煤价联动，业绩拐点出现，绿电叠加绿色溢价，盈利空间打开；“业绩”—量和价的确定性将直接促成业绩的高确定，业绩拾级而上，风电大型化摊薄成本，光伏上游价格回落，新能源运营商均能实现良好收益率。","fund":{"_id":3000000010447,"stockCode":"010447","shortName":"中邮未来成长混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10447,"lastUpdated":"2026-09-04T13:14:07.723Z","status":"normal","name":"中邮未来成长混合型证券投资基金","exchange":"jj","followedNum":5,"inceptionDate":"2021-04-07T16:00:00.000Z","fundCollectionId":4000050540000,"currency":"CNY","setUpDate":"2021-04-07T16:00:00.000Z","setUpAssetScale":77368501.28,"setUpShares":77368501.28,"pinyin":"zywlczhhxzqtzjj","masterFundShortName":"中邮未来成长混合","__csrcFundId":8828,"managers":[{"stockCode":"j101019485","stockType":"fund_manager","exchange":"fm","tickerId":262525240030,"name":"张屹岩"}]},"announcement":{"linkText":"中邮未来成长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=702725","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecda27fea5b3eb04dd3eb","date":"2021-09-29T16:00:00.000Z","stockId":3000000010447,"sao":"本基金今年按照绝对收益的操作思路，建仓期采取不追高，核心景气赛道跌下来逐步建仓的投资策略。由于产品成立时核心赛道的核心股票估值都修复到前期高点，在做到足够安全垫之前，仓位会控制在60%以下的水平，除非市场出现急跌，核心股票跌到我们的心理价位，会采取大举加仓的策略。未来成长这只基金主要投资于消费升级和科技创新两条主赛道，今年会聚焦景气度高增速高的医药和新能源两个细分赛道。10月起三季报陆续披露，优质龙头公司仍将继续保持稳健增长，此时布局三季报高增长及稳健增长类公司，并在估值切换的背景下关注2022年的增长趋势。 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