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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。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":3000000011251,"__csrcFundId":8827,"stockCode":"011251","shortName":"华安聚嘉精选混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11251,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:28.046Z","status":"normal","name":"华安聚嘉精选混合型证券投资基金","exchange":"jj","followedNum":20,"inceptionDate":"2021-03-18T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安聚嘉精选混合","setUpDate":"2021-03-18T16:00:00.000Z","setUpAssetScale":1567432543.9,"setUpShares":1567432543.9,"pinyin":"hajjjxhhxzqtzjj","managers":[{"stockCode":"db20621674","stockType":"fund_manager","exchange":"fm","tickerId":2302180020,"name":"王斌"}]},"announcement":{"linkText":"华安聚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=782557","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece617fea5b3eb04e9ebb","date":"2022-03-30T16:00:00.000Z","stockId":3000000011251,"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年一季度，本基金主要抓住了煤炭、地产、化工、医药等行业的机会。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:57.099Z","fund":{"_id":3000000011251,"__csrcFundId":8827,"stockCode":"011251","shortName":"华安聚嘉精选混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11251,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:28.046Z","status":"normal","name":"华安聚嘉精选混合型证券投资基金","exchange":"jj","followedNum":20,"inceptionDate":"2021-03-18T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安聚嘉精选混合","setUpDate":"2021-03-18T16:00:00.000Z","setUpAssetScale":1567432543.9,"setUpShares":1567432543.9,"pinyin":"hajjjxhhxzqtzjj","managers":[{"stockCode":"db20621674","stockType":"fund_manager","exchange":"fm","tickerId":2302180020,"name":"王斌"}]},"announcement":{"linkText":"华安聚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=722843","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece617fea5b3eb04e9eba","date":"2021-12-30T16:00:00.000Z","stockId":3000000011251,"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。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。2021年是华安聚嘉精选基金的第一个基金管理年，本基金主要抓住了新能源电动车、化工、半导体、军工、煤炭等相关行业的机会。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:57.096Z","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，也不能否认火电等传统公用事业服务行业在新型能源电力系统中的价值。过去几年，传统中上游行业资本开支偏弱。能源转型对对中上游材料和资源的需求有较强的拉动作用，产能的错配对中上游产品价格也有一定的支撑。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":3000000011251,"__csrcFundId":8827,"stockCode":"011251","shortName":"华安聚嘉精选混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11251,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:28.046Z","status":"normal","name":"华安聚嘉精选混合型证券投资基金","exchange":"jj","followedNum":20,"inceptionDate":"2021-03-18T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安聚嘉精选混合","setUpDate":"2021-03-18T16:00:00.000Z","setUpAssetScale":1567432543.9,"setUpShares":1567432543.9,"pinyin":"hajjjxhhxzqtzjj","managers":[{"stockCode":"db20621674","stockType":"fund_manager","exchange":"fm","tickerId":2302180020,"name":"王斌"}]},"announcement":{"linkText":"华安聚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=712511","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece617fea5b3eb04e9eb9","date":"2021-09-29T16:00:00.000Z","stockId":3000000011251,"sao":"2021年三季度，全球疫情虽有反复，但似乎新增新冠病例高峰已过。各国央行对货币政策相对友好。在“双碳”政策的推动下，市场与能源相关的行业表现较好。2021年三季度，华安聚嘉精选主要抓住了化工、钢铁、电力设备及新能源、机械、军工等相关的机会。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:57.094Z","fund":{"_id":3000000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