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费来激发潜力。第三，经济结构将继续优化升级，传统产业将加快数字化、智能化改造，新兴产业和高技术产业将迎来快速发展，人工智能将成为经济增长的新动能。第四，风险防控将更加精准有效，地方政府债务、房地产市场和金融领域的风险隐患将得到妥善化解，确保经济金融稳定。总之，我国经济回升向好、长期向好的基本趋势没有改变，支撑高质量发展的要素条件不断集聚增多，经济的结构性亮点也会层出不穷。　　　　股市展望：强势政策托底，结构性牛市可期。从历史上每一次A股底部框架的整理可以看出，由于政策具备逆周期调节的功能，因此大多数A股底部呈现政策底→市场底→盈利底的传导路径。9.26政治局会议定调当前经济政策方向，各部委争先恐后出台积极措施作为响应，市场预期和投资者信心强势扭转，短期股市和资金面已经正面反应，指数已经走出熊市底部区域，长期能否走牛取决于后续经济基本面能否有效企稳回升。我们对于经济总量的增长提速表示谨慎乐观，对于经济结构的高质量改善更是充满信心，相信这些积极的变化最终都会对资本市场形成正反馈。　　　　操作思路：经济和股市面临的尾部风险显著降低，摒弃熊市思维，积极寻找结构性机会，以风险偏好系统性提升作为配置主线。我们计划将本基金股票仓位维持在较高水平，坚持长期视角，恪守估值边界，紧跟景气趋势，把握成长股的确定性机会；自上而下深耕政策和景气的共振上行赛道进行重点布局，同时自下而上精选具备长期竞争优势和短期积极变化的公司。2025年重点布局两类投资机会：一是代表新质生产力的科技创新资产，兼具政策高光和产业爆发的逻辑，以AI为代表，还包括内需消费、低空经济等板块；二是绝对低估型资产，包括低PB高ROE的酒店出行等板块和景气度迎来困境反转的军工、医药、光伏等行业。同时关注两个主题：重组并购和回购增持再贷款。","fund":{"_id":3000000010792,"__csrcFundId":8704,"stockCode":"010792","shortName":"华安成长先锋混合(010792)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10792,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:29:38.398Z","status":"normal","name":"华安成长先锋混合型证券投资基金","exchange":"jj","followedNum":10,"inceptionDate":"2021-02-22T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安成长先锋混合","setUpDate":"2021-02-22T16:00:00.000Z","setUpAssetScale":3748277542.02,"setUpShares":3748277542.02,"pinyin":"haczxfhhxzqtzjj","managers":[{"stockCode":"db20909245","stockType":"fund_manager","exchange":"fm","tickerId":192425235320,"name":"桑翔宇"}]},"announcement":{"linkText":"华安成长先锋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=1254572","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdf67fea5b3eb04e2d31","date":"2024-09-29T16:00:00.000Z","stockId":3000000010792,"sao":"报告期内，宏观需求偏弱、通胀持续低迷、经济增长放缓压力加大，在此背景下，国内稳增长政策明显加码，重磅政策信号接连释放。受益于此，投资者情绪显著修复，风险偏好回升，成交创出新高，A股市场呈现先抑后扬走势：3季度上证指数上涨12.44%，深证成指上涨19.00%，沪深300上涨16.07%，创业板指上涨29.21%。从行业表现来看，非银行金融、综合金融的行业指数涨幅遥遥领先，房地产、消费者服务、计算机、传媒、电力设备及新能源等行业紧随其后，而石油石化、煤炭、电力及公用事业等行业表现相对落后；从风格表现来看，金融风格指数涨幅最高，消费风格和成长风格亦有不俗表现，稳定风格上涨较小。本基金在3季度维持较高仓位运作，坚持PEG成长投资策略，整体配置倾向于高端制造和大众消费方向，净值表现略好于比较基准。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:10.978Z","fund":{"_id":3000000010792,"__csrcFundId":8704,"stockCode":"010792","shortName":"华安成长先锋混合(010792)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10792,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:29:38.398Z","status":"normal","name":"华安成长先锋混合型证券投资基金","exchange":"jj","followedNum":10,"inceptionDate":"2021-02-22T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安成长先锋混合","setUpDate":"2021-02-22T16:00:00.000Z","setUpAssetScale":3748277542.02,"setUpShares":3748277542.02,"pinyin":"haczxfhhxzqtzjj","managers":[{"stockCode":"db20909245","stockType":"fund_manager","exchange":"fm","tickerId":192425235320,"name":"桑翔宇"}]},"announcement":{"linkText":"华安成长先锋混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1174552","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdf67fea5b3eb04e2d30","date":"2024-06-29T16:00:00.000Z","stockId":3000000010792,"sao":"报告期内，经济运行中积极因素增多，动能持续增强，社会预期改善，高质量发展扎实推进，呈现增长较快、结构优化、质效向好的特征。上半年，随着各项宏观政策落实落细，工业生产实现较快增长，企业利润持续平稳恢复。报告期内，A股市场整体呈现区间震荡走势：上证指数微跌0.25%，深证成指下跌7.10%，沪深300微涨0.89%，创业板指下跌10.99%，科创50下跌16.42%。从行业表现来看，银行、煤炭、石油石化、家电等一级行业涨幅领先，而消费者服务、计算机、商贸零售、传媒、医药等行业表现较弱，行业之间分化较大。从风格表现来看，稳定风格指数遥遥领先，金融风格亦有正收益，但成长风格和消费风格指数跌幅较大。本基金在上半年维持较高仓位运作，整体配置倾向于高端制造方向，报告期内净值表现不佳。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:10.975Z","mo":"经济展望：虽然当前经济面临诸多挑战，主要包括：有效需求仍然不足，企业经营压力较大，重点领域风险隐患较多，国内大循环不够顺畅，外部环境复杂性、严峻性、不确定性明显上升，但同时必须看到，我国经济基础稳、优势多、韧性强、潜能大，回升向好仍是当前经济运行的基本特征和趋势。我们拥有世界上最有潜力的超大规模市场，宏观政策会对经济恢复持续提供支撑，全面深化改革开放注入强大动力，叠加全球新一轮科技革命和产业变革，支撑我国经济高质量发展的要素条件不断集聚增多，我们应该对未来充满信心。　　　　股市展望：长期来看，估值底部和经济复苏两个要素共振，资本市场风险偏好有望回归，股市运行中枢具备逐步上行的条件。短期而言，下半年外部环境将更加纷繁复杂，内部政策或加强托底力度，预期股市整体仍将维持区间震荡，市场表现仍将以结构性机会为主。　　　　操作思路：当前经济和股市面临的尾部风险显著降低，战略上长期看多，战术上积极挖掘结构性投资机会。我们计划将本基金股票仓位维持在较高水平，坚持长期视角，恪守估值边界，紧跟景气趋势，把握成长股的确定性机会；自上而下深耕政策和景气的共振上行赛道进行重点布局，同时自下而上精选具备长期竞争优势和短期积极变化的公司。下半年重点关注四条配置思路：一是长期贝塔触底回升，即核心资产中的成长龙头，以宁组合和恒生科技为代表，等待长期价值回归；二是预期困境反转，包括军工、医药、新能源等行业；三是期待内需企稳，包括出行产业链、性价比消费等方向；四是奔赴星辰大海，包括AI终端和应用、生物制造、人形机器人、商业航天、低空经济等前沿创新方向。","fund":{"_id":3000000010792,"__csrcFundId":8704,"stockCode":"010792","shortName":"华安成长先锋混合(010792)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10792,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:29:38.398Z","status":"normal","name":"华安成长先锋混合型证券投资基金","exchange":"jj","followedNum":10,"inceptionDate":"2021-02-22T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安成长先锋混合","setUpDate":"2021-02-22T16:00:00.000Z","setUpAssetScale":3748277542.02,"setUpShares":3748277542.02,"pinyin":"haczxfhhxzqtzjj","managers":[{"stockCode":"db20909245","stockType":"fund_manager","exchange":"fm","tickerId":192425235320,"name":"桑翔宇"}]},"announcement":{"linkText":"华安成长先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"linkText":"华安成长先锋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=984887","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdf67fea5b3eb04e2d2c","date":"2023-06-29T16:00:00.000Z","stockId":3000000010792,"sao":"报告期内，我国疫情防控取得重大决定性胜利，经济社会全面恢复常态化运行，宏观政策靠前协同发力，需求收缩、供给冲击、预期转弱三重压力得到缓解，经济增长好于预期，市场需求逐步恢复，经济发展呈现回升向好态势。上半年A股市场整体稳中有升，报告期内上证指数上涨3.65%，深证成指上涨0.10%，沪深300微跌0.75%，创业板指下跌5.61%；从行业表现来看，人工智能创新浪潮对应的通信、传媒和计算机板块涨幅领先，机械设备、家用电器和电子行业的涨幅也超过了10%，而商贸零售、房地产、美容护理、建筑材料等行业则跌幅居前；从风格来看，科技板块一马当先，但消费和医药医疗板块则表现落后。本基金在上半年维持较高仓位运作，因整体配置倾向于高端制造方向，对于TMT科技方向参与较少，导致报告期内净值表现不佳。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:10.965Z","mo":"股市展望：长期投资价值已显现，当前应坚定信心，积极布局。宏观方面，随着内需、就业和开放政策的相继落地，企业家和消费者信心有望逐步恢复，预计经济内生动力将持续得到增强。股市方面，从估值判断，核心资产已经具备很好的长期投资价值；短期投资者情绪低迷主要源于经济数据遭遇短暂逆风，但我国经济最大特征就是韧性强、潜力大，历史经验已多次证明简单将负面数据线性外推最终都会被证伪，未来投资者信心必将迎来与经济的同步复苏，届时长期产业逻辑坚实、竞争优势突出的成长性行业龙头们也会迎来系统性的估值修复。操作思路：战略上长期看多，战术上积极挖掘结构性投资机会。我们计划将本基金股票仓位维持在较高水平，坚持长期视角，恪守估值边界，紧跟景气趋势，把握成长股的确定性机会；自上而下深耕政策和景气的共振上行赛道进行重点布局，同时自下而上精选具备长期竞争优势和短期积极变化的公司。维持复苏、安全和创新或是三大投资主线的判断，行业配置遵循两条思路：一是核心资产中的成长龙头，包括新能源、医药、军工等方向，耐心等待长期价值回归；二是基本面拐点预期来临的细分行业，如光伏、储能、出行产业链等方向。","fund":{"_id":3000000010792,"__csrcFundId":8704,"stockCode":"010792","shortName":"华安成长先锋混合(010792)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10792,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:29:38.398Z","status":"normal","name":"华安成长先锋混合型证券投资基金","exchange":"jj","followedNum":10,"inceptionDate":"2021-02-22T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安成长先锋混合","setUpDate":"2021-02-22T16:00:00.000Z","setUpAssetScale":3748277542.02,"setUpShares":3748277542.02,"pinyin":"haczxfhhxzqtzjj","managers":[{"stockCode":"db20909245","stockType":"fund_manager","exchange":"fm","tickerId":192425235320,"name":"桑翔宇"}]},"announcement":{"linkText":"华安成长先锋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=959717","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdf67fea5b3eb04e2d2b","date":"2023-03-30T16:00:00.000Z","stockId":3000000010792,"sao":"报告期内，我国经济进入疫后修复阶段，稳经济政策效果逐步显现，整体经济步入疫后修复和政策靠前发力的复苏上升期，投资者信心也有所提升，A股整体稳中有升。报告期内上证指数上涨5.94%，深证成指上涨6.45%，沪深300上涨4.63%，创业板指上涨2.25%，主要指数均延续涨势；从行业表现来看，人工智能创新浪潮对应的计算机、传媒、通信和电子板块一马当先，中国特色估值体系和“一带一路”对应的建筑装饰和石油石化板块紧随其后，但房地产、商贸零售、银行、美容护理、电力设备等板块则录得季度亏损，行业之间分化非常剧烈；从风格来看，除金融地产之外的所有板块均有正收益，其中科技（TMT）板块涨幅一骑绝尘。本基金在1季度维持较高仓位运作，但因整体配置倾向于高端制造方向，对于TMT科技方向参与较少，导致报告期内净值表现差强人意。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:10.962Z","fund":{"_id":3000000010792,"__csrcFundId":8704,"stockCode":"010792","shortName":"华安成长先锋混合(010792)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10792,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:29:38.398Z","status":"normal","name":"华安成长先锋混合型证券投资基金","exchange":"jj","followedNum":10,"inceptionDate":"2021-02-22T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安成长先锋混合","setUpDate":"2021-02-22T16:00:00.000Z","setUpAssetScale":3748277542.02,"setUpShares":3748277542.02,"pinyin":"haczxfhhxzqtzjj","managers":[{"stockCode":"db20909245","stockType":"fund_manager","exchange":"fm","tickerId":192425235320,"name":"桑翔宇"}]},"announcement":{"linkText":"华安成长先锋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=883538","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdf67fea5b3eb04e2d2a","date":"2022-12-30T16:00:00.000Z","stockId":3000000010792,"sao":"报告期内，国际环境风高浪急，国内改革发展稳定任务艰巨繁重，叠加新冠疫情多地散发造成的负面影响，国内外经济下行压力凸显，但得益于党的二十大胜利召开，疫情防控进入新阶段，市场信心有所修复。全年股市表现不佳，上证指数下跌15.13%，深证成指下跌25.85%，沪深300下跌21.63%，创业板指下跌29.37%，市场呈现普跌状态；从行业表现来看，煤炭以10.95%的涨幅一骑绝尘，其余行业全线皆墨，其中电子、建筑材料、传媒、计算机、电力设备、国防军工等行业指数的年度跌幅都超过了25%；从风格来看，科技板块回撤最大，先进制造紧随其后，消费、金融地产和周期板块则相对抗跌。本基金在年内维持较高仓位运行，从政策面、景气度和性价比出发，整体配置倾向于科技成长和高端制造方向，对预期困境反转板块关注不够，导致全年净值表现不尽如人意。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:10.960Z","mo":"股市展望：乐观面对，积极布局。宏观方面，正如中央经济工作会议所指出的，当前我国经济恢复的基础尚不牢固，需求收缩、供给冲击、预期转弱三重压力仍然较大，外部环境动荡不安，给我国经济带来的影响加深；但要看到，我国经济韧性强、潜力大、活力足，各项政策效果持续显现，2023年经济运行有望总体回升。股市方面，我们认为2022年市场对于短期利空因素反应较为充分，而忽视了经济结构长期向好的趋势，展望后市，长期利多的因素正在逐步累积：一是随着疫情防控政策的调整，经济将重获增长动力的方向已经明确，尽管复苏节奏或有波折，但对股市而言方向重于节奏；二是美联储加息周期正在接近尾声，或成为全球资本市场风险偏好触底上行的拐点；最关键的是，目前A股市场的整体估值水平处于历史底部区域，投资者信心的熊市底部特征明显，一旦基本面改善趋势得到确认，市场有望迎来“戴维斯双击”。综上所述，我们判断对于当前市场不宜悲观，更应以积极的心态去寻找结构性机会。操作思路：战略上长期看多，战术上积极挖掘结构性投资机会。按照中央经济工作会议的政策指引，2023年的投资主线中，复苏、安全和创新或是三大关键词。我们计划将本基金股票仓位维持在较高水平，坚持长期视角，恪守估值边界，紧跟景气趋势，把握成长股的确定性机会；自上而下深耕政策和景气的共振上行赛道进行重点布局，同时自下而上精选具备长期竞争优势和短期积极变化的公司；行业配置将重点关注安全维度的军工、半导体和创新维度的新能源、高端制造等领域。","fund":{"_id":3000000010792,"__csrcFundId":8704,"stockCode":"010792","shortName":"华安成长先锋混合(010792)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10792,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:29:38.398Z","status":"normal","name":"华安成长先锋混合型证券投资基金","exchange":"jj","foll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数涨幅，非银、家电、军工板块的指数跌幅则超过了10%，整体分化还是比较大。从风格来看，周期和成长风格涨幅领先，消费风格表现稳定，金融风格相对落后。本基金成立后实施稳步建仓策略，整体配置倾向于科技成长和高端制造方向，最终基金净值在报告期内大幅跑赢了业绩比较基准。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:10.943Z","mo":"宏观经济展望：（1）全球疫情逐步得到控制，防疫措施常态化叠加疫苗接种率提升，预计全球经济复苏步伐将会延续，但斜率会放缓。（2）国内经济增长延续良好势头，通胀较为温和，PPI同比上行显示上游行业盈利情况良好，CPI受猪价回落影响，预期全年通胀压力可控。（3）“十四五规划”正式出台，未来5年的战略导向和发展目标已经清晰，强调要坚持创新在我国现代化建设全局中的核心地位，把科技自立自强作为国家发展的战略支撑。（4）未来全球主要经济体退出非常规货币政策是必然，而央行“不急转弯”的表态说明退出的节奏将是渐进的和可控的，无论是货币总量还是信用条件的收紧都会以不引发金融风险作为前置条件。股市走势展望：今年以来行业轮动频繁，呈现出很强的存量资金博弈特征，预计下半年仍会延续。总体判断，下半年指数缺乏趋势性上涨的基础，大概率会呈现整体震荡、结构分化的格局。理由：一，从盈利角度，疫情散发下的经济复苏已经进入稳定期，中报业绩高增长的预期已被市场部分预期，环比来看下半年增速下行是大概率事件。二，从无风险利率角度，大宗商品涨价带来的通胀压力迫使全球央行缩减货币总量，中美利率都易上难下。三，从风险偏好角度，当前市场整体风险溢价率较低，情绪指标相对较热，特别是在部分新兴产业，需提防下半年紧信用强化对于估值的潜在压力。从全年角度，在整体估值受压的背景下，我们认为市场的结构性机会将主要集中在盈利快速增长的高景气行业和个股，景气度趋势将成为决定细分行业相对表现的最关键因素。操作思路：高增长是纾解高估值压力的常用策略，但今年高增长标的不再稀缺，未来阿尔法要么来自增速超预期，要么来自估值的合理修复。基于上述对于市场的预判，我们计划在下半年将本基金股票仓位总体控制在中性水平，结构上以宏观政策主导下的科技兴国、中观产业升级下的制造崛起、微观盈利驱动下的业绩为王作为核心配置主线，重点关注长期受益于科技创新和“碳达峰”战略的电动车、智能驾驶、光伏、半导体、军工、新型消费等高景气度投资方向。","fund":{"_id":3000000010792,"__csrcFundId":8704,"stockCode":"010792","shortName":"华安成长先锋混合(010792)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10792,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:29:38.398Z","status":"normal","name":"华安成长先锋混合型证券投资基金","exchange":"jj","followedNum":10,"inceptionDate":"2021-02-22T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安成长先锋混合","setUpDate":"2021-02-22T16:00:00.000Z","setUpAssetScale":3748277542.02,"setUpShares":3748277542.02,"pinyin":"haczxfhhxzqtzjj","managers":[{"stockCode":"db20909245","stockType":"fund_manager","exchange":"fm","tickerId":192425235320,"name":"桑翔宇"}]},"announcement":{"linkText":"华安成长先锋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=630564","linkType":"PDF","source":"csrc_pdf"}}]}