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也要看到，随着估值切换，优质的高成长公司也已经陆续出现非常好的价格，随着时间推移，性价比站在成长公司的一边。无论市场短期如何调整，最终能够穿越波动能够给投资者带来较好收益的，仍然是经得住千挑万选的高质量成长型公司。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:57.433Z","fund":{"_id":3000000012155,"__csrcFundId":9516,"stockCode":"012155","shortName":"汇添富成长先锋六个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12155,"masterFundFlag":1,"lastUpdated":"2025-01-08T23:14:24.290Z","status":"normal","exchange":"jj","name":"汇添富成长先锋六个月持有期混合型证券投资基金","fundCollectionId":4000050460000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":5,"masterFundShortName":"汇添富成长先锋六个月持有混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":2751705379.51,"setUpShares":2751705379.51,"pinyin":"htfczxflgycyqhhxzqtzjj","managers":[{"stockCode":"db20839554","stockType":"fund_manager","exchange":"fm","tickerId":261211226830,"name":"郑乐凯"}]},"announcement":{"linkText":"汇添富成长先锋六个月持有期混合型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=726187","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf157fea5b3eb04f6b2f","date":"2021-12-30T16:00:00.000Z","stockId":3000000012155,"sao":"报告期内，市场进行了剧烈调整，不同板块表现迥异，电力设备、有色、煤炭、化工等行业领涨，而家电、食品饮料、医药则领跌。除新能源外，传统成长风格的板块和个股均出现大幅下跌，尤其以经营质地优秀的龙头领跌为主；周期类个股阶段性呈现暴涨暴跌的走势。复盘来看，市场的躁动以及飞速的行业轮动，意味着A股与港股通市场交易结构的某种深层次调整。我们基金定位于高质量成长型公司，无论选股风格和行业配置，均在本报告期遭遇较大挑战。尤其大市值高估值公司以及医药行业板块的系统性回撤，是本报告期基金业绩回撤的主要原因。在行业选择上，我们仍然认为中国高端制造业的向上升级是当下最有价值的资产，这是经济转型的结构性增量最为突出的领域。美联储的流动性收紧预期又会带来全球宏观的巨大扰动，这带来宏观经济的不确定性逐渐在增大，我们在运作上倾向于寻找与宏观经济弱关联，同时具有较高成长性的行业与公司，如超跌的医药、必选消费等，以规避宏观经济巨变带来的巨大不确定性。在四季度，考虑到市场风险因子有增无减，估值体系的持续向下压制可能无法避免，我们也在适度增加低估值低波动的个股，适度增加组合换手率，以分散市场风险。短期的回调无疑增大基金运作的压力，我们也需要从风险防控角度首先走出低谷。但是我们也要看到，随着新年的估值切换，优质的高成长公司也已经陆续出现非常好的价格，随着时间推移，性价比站在成长公司的一边。而宏观经济的压力，也会让产业政策对高ROE行业的压制得到适度的纠偏。无论市场短期如何调整，最终能够穿越波动能够给投资者带来较好收益的，仍然是经得住千挑万选的高质量成长型公司。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:57.430Z","mo":"我们之前在半年报的展望中认为，疫后的资本市场可能是个不容易挣钱的市场。不幸言中。美联储收紧流动性的政策，可能在全年都成为一个具有全局压抑性的变量。2020年初疫情刚出现时开始的全球流动性宽松的局面可能不得不要面临一个转折点。在此影响之下，成长性的机会，可能也需要从投资依赖的方向，逐渐向盈利驱动的方向进行转移。此外，风险补偿因子的调整，使得整体估值体系存在下调的压力。对国内而言，市场的风险，首先仍然在于宏观经济领域。这种独特的政经环境组合，使得经济现状可能与以往的任何时间段都不可简单类比。如何更有效的“稳增长”成为市场关注度很高的课题。市场本身，由于赚钱效应萎缩至极少板块，这与市场参与者的大幅攀升、以及注册制带来的新股供应的大幅攀升，存在结构性的矛盾。这需要外在变量参与以扭转当下市场的交易结构。在这种组合下，制造拥挤交易的赛道型投资显得风险升高，而纯粹自下而上的选股则存在广阔的储备可供选择。聚焦估值合理的高质量成长型个股，仍应是我们坚守的首要策略。","fund":{"_id":3000000012155,"__csrcFundId":9516,"stockCode":"012155","shortName":"汇添富成长先锋六个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12155,"masterFundFlag":1,"lastUpdated":"2025-01-08T23:14:24.290Z","status":"normal","exchange":"jj","name":"汇添富成长先锋六个月持有期混合型证券投资基金","fundCollectionId":4000050460000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":5,"masterFundShortName":"汇添富成长先锋六个月持有混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":2751705379.51,"setUpShares":2751705379.51,"pinyin":"htfczxflgycyqhhxzqtzjj","managers":[{"stockCode":"db20839554","stockType":"fund_manager","exchange":"fm","tickerId":261211226830,"name":"郑乐凯"}]},"announcement":{"linkText":"汇添富成长先锋六个月持有期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=713683","linkType":"PDF","source":"csrc_pdf"}}]}