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现期限修复，十年美债收益率接近5%。基本面和流动性的双重压力导致新兴市场承压。　　三季度我们保持高仓位，加仓了互联网、汽车和教育，减仓了部分估值合理的公司。我们认为互联网平台的竞争接近尾声，尽管短期需求扩张缓慢，电商平台又有加大补贴、消费降级的迹象，但短周期需求的波动难以影响大局。在流量饱和、充分竞合的情况下，互联网平台的最优解从获取份额转变为服务好自己的核心客群并提质增效。此外，我们密切关注人工智能的进展，AI应用落地的进度有波动但趋势明确，尤其是在to B端和教育等个性化需求场景下的应用值得关注。我们看好智能驾驶从0到1的突破，AI的发展从技术底层推动了智能驾驶体验的优化。目前我国的汽车产业链依然呈现出供应链强、品牌弱的特征，但在多个价格带国产品牌已经开始突破，品牌格局仍在快速洗牌的过程中，能够做出产品差异化的公司具备较强的爆发力。教育行业自2021年以来经历了较长的调整期，但教育需求长期看仍具刚性，教培、成人培训等板块的头部公司在过去两年基本完成了业务转型，并在新业务上开始发力，当前具备较好的赔率。　　我们对权益市场保持乐观，虽然国内经济复苏短期有波折，但我们对中期有信心。中国最底层的优势是人民，中国人骨子里的坚韧和勤奋是我们抵御外部风险的武器。地缘风险的存在会是未来常态，但我们依然对底层优势抱有信心。我们将坚持着眼长期、兼顾短期的原则，持续优化组合，感谢持有人的耐心和信任。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:39.016Z","fund":{"_id":3000000011153,"__csrcFundId":8816,"stockCode":"011153","shortName":"华宝新兴消费混合(011153)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11153,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:40:05.661Z","status":"normal","name":"华宝新兴消费混合型证券投资基金","exchange":"jj","followedNum":7,"inceptionDate":"2021-03-17T16:00:00.000Z","fundCollectionId":4000050220000,"currency":"CNY","masterFundShortName":"华宝新兴消费混合","setUpDate":"2021-03-17T16:00:00.000Z","setUpAssetScale":1227624581.9,"setUpShares":1227624581.9,"pinyin":"hbxxxfhhxzqtzjj","managers":[{"stockCode":"db20835164","stockType":"fund_manager","exchange":"fm","tickerId":232425211530,"name":"吴心怡"}]},"announcement":{"linkText":"华宝新兴消费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=987794","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece4f7fea5b3eb04e8711","date":"2023-06-29T16:00:00.000Z","stockId":3000000011153,"sao":"2023年半年度上证指数上涨3.65%，沪深300下跌0.75%，创业板指下跌5.61%。香港市场恒生指数下跌4.37%，恒生中国企业指数下跌4.18%，恒生科技指数下跌5.27%。上半年通信、传媒、计算机、家电、机械等板块涨幅居前，消费者服务、房地产、农林牧渔、建材、化工等板块涨幅靠后。  去年底全国面疫情快速达峰后，我们在今年一季度经历了一波较快的社会活动重启，又在二季度看到各市场主体在资产负债表受损的情况下，内生增长动能走弱。反映在股票市场，与经济活跃度相关性高的板块在二季度跌幅较大，包括消费、互联网、地产链等。今年关于日本资产负债表衰退的讨论很多，投资人对中期增长的前景比较悲观，这个问题我们目前没有结论，但较为确定的是，在增长中枢下台阶的过程中，竞争优势会越来越集中在少数有强大品牌资产的公司上。  二季度我们加仓了家电、互联网、港股可选消费，减仓了免税、地产后周期。我们认为互联网平台的竞争接近尾声，尽管在今年上半年需求扩张缓慢的情况下，电商平台又有加大补贴、消费降级的迹象，但短周期需求的波动难以影响大局。在流量饱和、充分竞合的情况下，互联网平台的最优解从获取份额转变为服务好自己的核心客群并提质增效。此外，我们密切关注人工智能的进展，尤其在to B端的应用，一直以来国内的to B互联网产品很难变现，我们期待AI能够更直接地为B端客户提高效率，打开互联网to B生意的变现瓶颈。家电行业从2019年开始经历了较长的去库存周期，尤其是在2022年一些极端的外部因素影响下出现了被动去库，这也是为什么今年家电需求出现了逆势扩张，推动力除了当期需求，还有被动补库。较为难得的是，在过去两年的周期下行期，白电、小家电的头部公司在保证份额增长的前提下进行了逆势提价，体现出品牌资产的积累。  我们对下半年的权益市场保持乐观，虽然国内经济复苏短期有波折，但我们对中期有信心。中国最底层的优势是人民，中国人骨子里的坚韧和勤奋是我们抵御外部风险的武器。地缘风险的存在会是未来常态，但我们依然对底层优势抱有信心。我们将坚持着眼长期、兼顾短期的原则，持续优化组合，感谢持有人的耐心和信任。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:39.013Z","mo":"二季度PPI、CPI及商品价格走弱，反映了经济内生动能走弱，短期需求扩张乏力。市场容易将短期矛盾线性外推，因此大部分顺周期行业被交易在了中期具有吸引力的估值水平上。我们对下半年权益市场有信心，经济修复虽有波折，但多项逆周期调节政策已经出台，我们对经济复苏的方向有信心。","fund":{"_id":3000000011153,"__csrcFundId":8816,"stockCode":"011153","shortName":"华宝新兴消费混合(011153)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11153,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:40:05.661Z","status":"normal","name":"华宝新兴消费混合型证券投资基金","exchange":"jj","followedNum":7,"inceptionDate":"2021-03-17T16:00:00.000Z","fundCollectionId":4000050220000,"currency":"CNY","masterFundShortName":"华宝新兴消费混合","setUpDate":"2021-03-17T16:00:00.000Z","setUpAssetScale":1227624581.9,"setUpShares":1227624581.9,"pinyin":"hbxxxfhhxzqtzjj","managers":[{"stockCode":"db20835164","stockType":"fund_manager","exchange":"fm","tickerId":232425211530,"name":"吴心怡"}]},"announcement":{"linkText":"华宝新兴消费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=962422","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece4f7fea5b3eb04e8710","date":"2023-03-30T16:00:00.000Z","stockId":3000000011153,"sao":"2023年一季度上证指数上涨5.94%，沪深300上涨4.63%，创业板指2.25%。香港市场恒生指数上涨3.13%，恒生中国企业指数上涨3.94%，恒生科技指数上涨4.24%。一季度计算机、传媒、通信、电子、建筑等板块涨幅居前，房地产、消费者服务、银行、新能源、交通运输等板块涨幅靠后。  春节后市场对经济修复的锐度有分歧，尤其在进入3月之后高频数据出现了疲弱的迹象，但我们认为短期波折不改变复苏方向，经济增长中枢下台阶不改变结构性升级的方向。基于对经济周期底部的判断，我们在一季度继续逢低加仓了互联网、可选消费等顺周期板块。如果没有大的技术革新，现阶段大部分互联网公司在流量端已经过了成长期，但平台的边界和心智也更加清晰了，行业竞争从过去的依靠流量互相内卷、寻找增量，过渡到为各自的基础用户提供更好的服务、享受消费升级，我们认为当前股价隐含了较好的回报率。过去一年消费行业困难重重，但消费者想要更好的商品、更好的服务的心态不会变，因此我们依然对长周期的消费升级有信心，我们会聚焦于消费升级、情感需求和新品类三个方向寻找优秀的可选消费品公司。对于地产，虽然长期销量仍处在逐级下台阶的过程中，但去年大幅下滑后会进入一段平台期，这给了部分有品牌力、渠道能力强的家居建材公司整合市场、提升份额的空间。我们也小幅增加了医药的仓位，未来希望能把医药行业的能力圈拓展得更扎实。  我们对2023年的权益市场保持乐观，国内经济复苏和海外流动性拐点这两个核心矛盾都有较大概率会在今年发生。中国最底层的优势是人民，中国人骨子里的坚韧和勤奋是我们抵御外部风险的武器。地缘风险的存在会是未来常态，但我们依然对底层优势抱有信心。我们将坚持着眼长期、兼顾短期的原则，持续优化组合，感谢持有人的耐心和信任。","declarationDate":"2023-04-22T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:39.011Z","fund":{"_id":3000000011153,"__csrcFundId":8816,"stockCode":"011153","shortName":"华宝新兴消费混合(011153)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11153,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:40:05.661Z","status":"normal","name":"华宝新兴消费混合型证券投资基金","exchange":"jj","followedNum":7,"inceptionDate":"2021-03-17T16:00:00.000Z","fundCollectionId":4000050220000,"currency":"CNY","masterFundShortName":"华宝新兴消费混合","setUpDate":"2021-03-17T16:00:00.000Z","setUpAssetScale":1227624581.9,"setUpShares":1227624581.9,"pinyin":"hbxxxfhhxzqtzjj","managers":[{"stockCode":"db20835164","stockType"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司。","fund":{"_id":3000000011153,"__csrcFundId":8816,"stockCode":"011153","shortName":"华宝新兴消费混合(011153)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11153,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:40:05.661Z","status":"normal","name":"华宝新兴消费混合型证券投资基金","exchange":"jj","followedNum":7,"inceptionDate":"2021-03-17T16:00:00.000Z","fundCollectionId":4000050220000,"currency":"CNY","masterFundShortName":"华宝新兴消费混合","setUpDate":"2021-03-17T16:00:00.000Z","setUpAssetScale":1227624581.9,"setUpShares":1227624581.9,"pinyin":"hbxxxfhhxzqtzjj","managers":[{"stockCode":"db20835164","stockType":"fund_manager","exchange":"fm","tickerId":232425211530,"name":"吴心怡"}]},"announcement":{"linkText":"华宝新兴消费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=783708","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece4f7fea5b3eb04e870c","date":"2022-03-30T16:00:00.000Z","stockId":3000000011153,"sao":"2022年一季度上证指数下跌10.65%，沪深300下跌14.52%，创业板指下跌19.96%。香港市场恒生指数下跌5.99%，恒生中国企业指数下跌8.63%，恒生科技指数下跌19.63%。其中，煤炭、房地产、银行、农业、建筑等板块涨幅居前，电子、军工、汽车、食品、家电等板块涨幅靠后。     一季度国内外复杂的经济与地缘环境导致权益资产显著回调。国内地产调控压力依然严峻，叠加多地严格的疫情管控，经济下行压力较大。海外市场受到俄乌冲突、美联储缩表的影响，避险情绪升温，新兴市场流动性收缩。一季度我们加仓了食品、互联网，减仓了家电、服装。     随着稳增长工作逐步落地、疫情管控更加合理，缺失的消费场景和受损的消费力会逐步恢复，我们聚焦于寻找长期有空间、具备足够定价权的公司，在高通胀环境下依然能够保持稳健ROE水平。     我们将坚持着眼长期、兼顾短期的原则，持续优化组合，感谢持有人的耐心和信任。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:39.000Z","fund":{"_id":3000000011153,"__csrcFundId":8816,"stockCode":"011153","shortName":"华宝新兴消费混合(011153)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11153,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:40:05.661Z","status":"normal","name":"华宝新兴消费混合型证券投资基金","exchange":"jj","followedNum":7,"inceptionDate":"2021-03-17T16:00:00.000Z","fundCollectionId":4000050220000,"currency":"CNY","masterFundShortName":"华宝新兴消费混合","setUpDate":"2021-03-17T16:00:00.000Z","setUpAssetScale":1227624581.9,"setUpShares":1227624581.9,"pinyin":"hbxxxfhhxzqtzjj","managers":[{"stockCode":"db20835164","stockType":"fund_manager","exchange":"fm","tickerId":232425211530,"name":"吴心怡"}]},"announcement":{"linkText":"华宝新兴消费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=724791","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece4e7fea5b3eb04e870b","date":"2021-12-30T16:00:00.000Z","stockId":3000000011153,"sao":"2021年上证指数上涨4.80%，沪深300下跌5.20%，创业板指上涨12.02%。香港市场恒生指数下跌15.13%，恒生中国企业指数下跌24.60%，恒生科技指数下跌35.01%。其中，新能源、化工、有色、煤炭、钢铁等板块涨幅居前，农业、房地产、家电、非银、消费者服务等板块涨幅靠后。  2021年处于疫情后较为宽松的流动性环境中，权益资产获得较好收益，国内经济在下半年快速下行，呈现衰退迹象。全年看，A股行业表现分化，以新能源、上游涨价品种为代表的行业走出极强的景气度，而受到房地产调控升级、疫情管控反复的影响，地产产业链、服务业、消费品表现疲弱。此外，在国内经济下行、针对多个行业的监管措施密集出台、对美联储加息担忧等背景下，港股遭遇抛售，投资者信心受到重挫。  2021年消费整体承压，我们坚持新兴消费的产品定位，寻找有长期空间、有竞争壁垒、从1到N的细分行业。同时，尽管港股市场在2021年经历了大幅波动，我们对2022年依然保持乐观，监管的规范并未影响到部分公司的核心竞争力，悲观的经济环境给了龙头公司进一步整合市场的机会，随着国内经济企稳以及流动性风险的释放，港股市场的盈利和估值将得到修复。  我们将坚持着眼长期、兼顾短期的原则，持续优化组合，感谢持有人的耐心和信任。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:38.998Z","mo":"中央经济工作会议对2022年经济工作的定调是稳增长，2022年我们面临经济下行但政策有底的宏观环境，对权益投资来说不算太差。我们认为，尽管消费需求短期承压，但不改变我国长期消费升级的大方向。在此过程中，格局好、竞争力突出的公司将享受可观的超额回报。随着2022年初以来消费板块估值回调，现阶段部分公司2-3年预期收益率已经开始具备吸引力。","fund":{"_id":3000000011153,"__csrcFundId":8816,"stockCode":"011153","shortName":"华宝新兴消费混合(011153)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11153,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:40:05.661Z","status":"normal","name":"华宝新兴消费混合型证券投资基金","exchange":"jj","followedNum":7,"inceptionDate":"2021-03-17T16:00:00.000Z","fundCollectionId":4000050220000,"currency":"CNY","masterFundShortName":"华宝新兴消费混合","setUpDate":"2021-03-17T16:00:00.000Z","setUpAssetScale":1227624581.9,"setUpShares":1227624581.9,"pinyin":"hbxxxfhhxzqtzjj","managers":[{"stockCode":"db20835164","stockType":"fund_manager","exchange":"fm","tickerId":232425211530,"name":"吴心怡"}]},"announcement":{"linkText":"华宝新兴消费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=713260","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece4e7fea5b3eb04e870a","date":"2021-09-29T16:00:00.000Z","stockId":3000000011153,"sao":"三季度上证指数下跌0.64%，沪深300下跌6.85%，创业板指下跌6.69%，消费板块拖累了沪深300表现。分板块看，煤炭、有色、钢铁、电力等行业涨幅居前，消费者服务、医药、食品饮料、纺织服装、家电等板块表现较弱。  三季度以来市场延续了分化态势，短期高景气度行业的估值持续抬升，而以消费为代表的行业由于短期景气度承压，估值继续调整。市场对政策环境的恐慌情绪到达顶点，导致部分消费白马公司遭受重创，我们重仓的部分标的也出现了较大回撤。随着估值风险的释放，我们预计市场预期都会逐步回归理性，被错杀的公司将迎来修复。  我们认为，我国消费升级的长期空间确定，当下消费公司的预期收益率已经相当具有吸引力，因此在过去一个季度对我们长期看好的部分消费品公司进行了加仓。我们长期看好几大消费升级的方向，一是国货崛起，Z世代成长于国力强盛年代，对国货品牌的认可度大幅提升。二是新品类、新品牌的出现，更多细分需求被挖掘、被满足。三是数字化工具赋能消费企业。  本基金始终持有景气度高的成长赛道，持仓主要以内需为主，配置于电商、传媒、免税、医药等板块。组合较稳定，波动小，基金净值相对基准有较高超额收益。未来我们也会基于目前的研究方向，重点挖掘符合产业趋势、具备突出竞争力的公司。  感谢持有人一直以来对我们的支持，在后续投资中，我们将继续总结经验，勤勉尽责，努力实现新兴消费基金的良好表现。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:38.995Z","fund":{"_id":3000000011153,"__csrcFundId":8816,"stockCode":"011153","shortN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