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消费中新人群、新渠道、新产品等成长逻辑，看好宠物潮玩、美容个护、游戏等方向。关注反内卷方向，如快递和养殖的交易性机会。","lastUpdated":"2026-03-09T13:40:32.586Z","fund":{"_id":3000000010617,"__csrcFundId":8434,"stockCode":"010617","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10617,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:32.811Z","status":"normal","name":"兴业消费精选混合型证券投资基金","shortName":"兴业消费精选混合(010617)","exchange":"jj","inceptionDate":"2020-12-15T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业消费精选混合","setUpDate":"2020-12-15T16:00:00.000Z","setUpAssetScale":195803078.47,"setUpShares":195803078.47,"pinyin":"xyxfjxhhxzqtzjj","managers":[{"stockCode":"db20123676","stockType":"fund_manager","exchange":"fm","tickerId":101219206170,"name":"蒋丽丝"}]},"announcement":{"linkText":"兴业消费精选混合型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1374554","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd07fea5b3eb04e0079","date":"2025-06-29T16:00:00.000Z","stockId":3000000010617,"sao":"2025年上半年市场风险偏好有所抬升，消费中以旧换新的方向受政策刺激需求较好，商务消费弱于年初预期，消费降级仍在延续。4月份关税战之后，新消费作为内需景气度较高的方向，出现加速上涨。本基金持有的新消费如宠物、美容个护、零食等方向也有较好的表现。但是消费中顺周期方向表现疲软，对组合造成负贡献。本基金在上半年减持了顺周期类的消费资产，加仓美容个护、休闲零食等个股。展望下个季度，从景气度方向，新消费和顺周期的仍延续一季度的趋势。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:32.584Z","mo":"新消费经过二季度的上涨，多数的年底估值处于合理水平。短期来看，本基金持有中报业绩兑现度高、估值相对合理的新消费标的。中期来说，精选行业景气持续性好、竞争格局优的个股。当前我们对新消费的关注由商品端扩散到服务端，我们认为游戏、教育等服务消费的方向存在较好的投资机会。","fund":{"_id":3000000010617,"__csrcFundId":8434,"stockCode":"010617","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10617,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:32.811Z","status":"normal","name":"兴业消费精选混合型证券投资基金","shortName":"兴业消费精选混合(010617)","exchange":"jj","inceptionDate":"2020-12-15T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业消费精选混合","setUpDate":"2020-12-15T16:00:00.000Z","setUpAssetScale":195803078.47,"setUpShares":195803078.47,"pinyin":"xyxfjxhhxzqtzjj","managers":[{"stockCode":"db20123676","stockType":"fund_manager","exchange":"fm","tickerId":101219206170,"name":"蒋丽丝"}]},"announcement":{"linkText":"兴业消费精选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=1344211","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd07fea5b3eb04e0078","date":"2025-03-30T16:00:00.000Z","stockId":3000000010617,"sao":"一季度市场风险偏好依然较高，消费除汽车和家电之外其余表现相对平淡。从大的环境来看，川普上任后的执政中心在美国国内，中美关系处于缓和期，很多内需政策窗口没有打开。目前科技确实对生产力产生巨大的颠覆，但更多的宏大叙事和星辰大海不能解决眼前国内经济的困境，未来倾向于内需政策仍会加码。从方向上看，消费属于顺周期和后周期资产，在经济企稳回升之前，消费内生的增长动能是比较弱的，但市场对顺周期消费的定价比较充分，目前顺周期消费具备较高的安全边际，本基金本期增配了白酒等顺周期资产。消费自下而上的个股机会更多存在于新消费领域，今年港股很多新消费个股获得了亮眼的股价和业绩表现。本基金也积极布局内地消费中新用户、新渠道、新产品等成长逻辑，看好性价比消费、线下零售调改、宠物潮玩、美容个护等方向。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:32.581Z","fund":{"_id":3000000010617,"__csrcFundId":8434,"stockCode":"010617","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10617,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:32.811Z","status":"normal","name":"兴业消费精选混合型证券投资基金","shortName":"兴业消费精选混合(010617)","exchange":"jj","inceptionDate":"2020-12-15T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业消费精选混合","setUpDate":"2020-12-15T16:00:00.000Z","setUpAssetScale":195803078.47,"setUpShares":195803078.47,"pinyin":"xyxfjxhhxzqtzjj","managers":[{"stockCode":"db20123676","stockType":"fund_manager","exchange":"fm","tickerId":101219206170,"name":"蒋丽丝"}]},"announcement":{"linkText":"兴业消费精选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=1273682","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd07fea5b3eb04e0077","date":"2024-12-30T16:00:00.000Z","stockId":3000000010617,"sao":"2024年一季度股票市场波动剧烈，1月份基本面无明显亮点，市场风险偏好收缩、持续下跌，由此引发小票爆发流动性风险，市场进入冰点；2月市场托底政策频发，外资流入加速，小市值股票在超跌之后出现明显反弹；3月市场修复之后进入震荡盘整。二季度股票市场整体下跌，市场风险偏好进一步收缩，仅高股息方向有明显的相对收益。二季度消费处于淡季，微观数据整体偏弱。居民消费信心不足、消费降级的趋势仍在延续；商务消费未见明显起色，弱于年初预期。三季度经济和消费延续弱势，但9月24号国新会，央行、证监会、金融监管总局联合发布一揽子增量政策，政策涉及房地产、资本市场等核心领域，极大提振了市场信心，扭转了市场的悲观情绪。四季度市场的风险偏好明显提升，不过消费基本面仍未有一定压力。从操作思路上，本基金前三季度维持相对中性偏保守的投资策略，从景气度、确定性、安全边际角度出发进行配置，进入四季度配置思路较前期积极一些，看好消费政策刺激的可选消费、家居、餐饮链等方向，同时增配新消费、新渠道、新产品等成长逻辑的标的。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:32.578Z","mo":"当前外部环境面临较大的不确定性，消费作为稳定内需和经济的重要抓手，能够撬动居民部门的杠杆，未来刺激消费的政策存在必要性和持续性。四季度以旧换新的政策已经对终端消费产生明显拉动，以家电、汽车为代表的可选消费高频数据表现较好，预计明年消费刺激将会扩散到更广泛的领域。在政策刺激的背景下，消费板块预计明年会有超额收益。从中期景气度来看，消费上行需要居民收入预期和财富效应的提振，这需要更多经济企稳回升的信号来进一步确认，持有消费需要更多的时间和耐心。明年传统消费围绕以旧换新和政策刺激为主线，未来本产品将更多从新消费（新产品、新渠道、新人群等）方向寻找投资机会。","fund":{"_id":3000000010617,"__csrcFundId":8434,"stockCode":"010617","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10617,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:32.811Z","status":"normal","name":"兴业消费精选混合型证券投资基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情之后的第一个完整年，市场对疫后消费原本抱有乐观预期，但由于疤痕效应，2023年消费整体仍较疲弱。居民资产出现缩水，整体消费信心不足，复苏斜率不高，四季度CPI出现负增长，国内面临通缩环境。从消费趋势上看，终端消费仍处于复苏通道中，但消费呈现K型复苏的特征，旺季更旺、淡季更淡。大部分消费行业普遍出现了消费降级的现象，必须消费优于可选消费，消费上更理性更克制，预计上述消费特征仍将延续。从市场表现来看，2023年以来基金发行遇冷，外资流出，在存量资金的博弈下，以消费为代表的核心资产股价持续承压。股价表现较好的消费个股主要集中在估值低、机构持仓少、基本面边际向好的细分板块中。部分景气度平稳或者较高的板块仍处在估值消化的过程中。本基金从景气度、竞争优势等方面进行行业配置和选股，同时注重产品的回撤控制。2023年组合整体估值水平有所下降。从结果来看，超配的纺织服装、汽车零部件、农业、小家电等获得了一定的超额收益。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:32.568Z","mo":"展望2024年，随着地产企稳、地方政府债务的化解，中国经济有望筑底回升。从消费板块投资上，我们认为当前消费板块的估值性价比已经进入配置区间。展望2024年，我们仍在消费中寻找结构性机会，如把握新消费群体的需求、消费新趋势等；消费出海方向；因竞争格局优化或者战略调整，使得ROE进入上升通道的板块和个股；高分红高股息板块；K型复苏的高端消费和大众性价比消费方向。","fund":{"_id":3000000010617,"__csrcFundId":8434,"stockCode":"010617","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10617,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:32.811Z","status":"normal","name":"兴业消费精选混合型证券投资基金","shortName":"兴业消费精选混合(010617)","exchange":"jj","inceptionDate":"2020-12-15T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业消费精选混合","setUpDate":"2020-12-15T16:00:00.000Z","setUpAssetScale":195803078.47,"setUpShares":195803078.47,"pinyin":"xyxfjxhhxzqtzjj","managers":[{"stockCode":"db20123676","stockType":"fund_manager","exchange":"fm","tickerId":101219206170,"name":"蒋丽丝"}]},"announcement":{"linkText":"兴业消费精选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=1058582","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd07fea5b3eb04e0072","date":"2023-09-29T16:00:00.000Z","stockId":3000000010617,"sao":"三季度从宏观上看，政治局会议后地产政策频出，旨在托底经济。政策上明显呵护资本市场，活跃并提升资本市场信心，未来市场风险偏好预计有所提升。从消费趋势上看，终端消费仍处于复苏通道中，然而总体消费信心仍不足，消费呈现K型复苏的特征，大部分消费行业普遍出现了消费降级的现象，必须消费优于可选消费，消费上更理性更克制，预计上述消费特征仍将延续。从消费板块投资上，我们认为经过上半年的预期修正后，当前消费板块的估值性价比再次进入配置区间。当前兴业消费精选仓位和结构上相对均衡，持仓主要以食品饮料、汽车、家电、农业和部分自下而上的个股为主。展望四季度，我们仍在消费中寻找结构性机会，如把握新消费群体的需求、消费新趋势等；因竞争格局优化或者战略调整，使得ROE进入上升通道的板块和个股；高分红高股息板块；K型复苏的高端消费和大众性价比消费方向。当前持仓主要以食品饮料、汽车、家电和部分自下而上的个股为主，未来配置上将增加业绩确定性和稳定性较强的板块和个股。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:32.565Z","fund":{"_id":3000000010617,"__csrcFundId":8434,"stockCode":"010617","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10617,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:32.811Z","status":"normal","name":"兴业消费精选混合型证券投资基金","shortName":"兴业消费精选混合(010617)","exchange":"jj","inceptionDate":"2020-12-15T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业消费精选混合","setUpDate":"2020-12-15T16:00:00.000Z","setUpAssetScale":195803078.47,"setUpShares":195803078.47,"pinyin":"xyxfjxhhxzqtzjj","managers":[{"stockCode":"db20123676","stockType":"fund_manager","exchange":"fm","tickerId":101219206170,"name":"蒋丽丝"}]},"announcement":{"linkText":"兴业消费精选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=988168","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd07fea5b3eb04e0071","date":"2023-06-29T16:00:00.000Z","stockId":3000000010617,"sao":"当前经济增长动能偏弱，地产恢复的持续性欠佳，消费作为后周期板块复苏也不及年初乐观预期，整体而言消费力偏弱。部分景气度平稳或者较高的板块仍处在估值消化的过程中。今年以来基金发行遇冷，近期人民币快速贬值，导致外资流出，在存量资金的博弈下，以消费为代表的核心资产股价持续承压。兴业消费精选持仓主要以食品饮料、汽车和家电等消费细分板块为主，上半年减仓估值较高的医美板块，加仓低估值景气度边际改善的品牌服饰、黄金珠宝等。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:32.563Z","mo":"展望下半年，随着顺周期政策推出，居民的财富效应（房地产市场和股市都处于相对低位）有望边际上出现改善，中国经济和消费将逐步走出低谷进入上行通道。当前我们仍可以在消费中寻找结构性机会，如（1）新消费群体的需求、消费新趋势等；（2）因竞争格局优化或者战略调整，使得ROE进入上升通道的板块和个股；（3）高分红高股息板块。兴业消费精选在上述策略下，从公司成长空间和护城河两个维度自下而上选股，精选成长空间大、竞争优势明显且估值相对合适的个股。","fund":{"_id":3000000010617,"__csrcFundId":8434,"stockCode":"010617","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10617,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:32.811Z","status":"normal","name":"兴业消费精选混合型证券投资基金","shortName":"兴业消费精选混合(010617)","exchange":"jj","inceptionDate":"2020-12-15T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业消费精选混合","setUpDate":"2020-12-15T16:00:00.000Z","setUpAssetScale":195803078.47,"setUpShares":195803078.47,"pinyin":"xyxfjxhhxzqtzjj","managers":[{"stockCode":"db20123676","stockType":"fund_manager","exchange":"fm","tickerId":101219206170,"name":"蒋丽丝"}]},"announcement":{"linkText":"兴业消费精选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=964505","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd07fea5b3eb04e0070","date":"2023-03-30T16:00:00.000Z","stockId":3000000010617,"sao":"2023年一季度消费延续反弹，但预期有所修正。去年疫情放开后，市场预期的消费强有所落空。经历了春节旺季消费的集中释放后，进入3月份消费景气度有所回落。然而从趋势上看，终端消费仍处于复苏的通道中。回顾一季度股票市场表现，结构分化非常明显，以TMT为代表的板块涨幅显著优于市场。在存量资金的博弈下，消费板块也有所回调。随着年报和一季报披露时间窗口临近，市场有望从预期博弈转向业绩兑现的阶段。消费板块的业绩兑现度较高，随着去年Q2基数走低，消费板块整体从二季度开始基本面将出现边际向上的态势。当前消费整体估值相对合理，建议当前时点增配消费板块。当前持仓主要以食品饮料、汽车、美容护理、家电和部分自下而上的个股为主。","declarationDate":"2023-04-20T16:00:00.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