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2024年全年，上证指数上涨12.67%，沪深300上涨14.68%，创业板指上涨13.23%。标普500上涨23.31%，恒生指数上涨17.67%。行业方面，板块高度分化，全年银行、非银行金融、家电、通信大幅上涨，医药、农林牧渔、餐饮旅游、房地产大幅下跌。　　　　报告期内，我们维持相对均衡的行业配置，并加大了对个股的调整。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:24.494Z","mo":"展望2025年，我们认为经济会逐步修复，随着宏观调控力度增强、经济结构进一步调整、市场自然出清，市场信心和经济环境都有望持续改善。　　　　选择突出成长性的股票，寻找市场在这方面的预期差，始终是我们努力的重点方向。在过去的一段时间内，我们看到国内制造业全球竞争力进一步加强，市场份额持续提高，国内企业在成本控制、产品设计、渠道运营、营销等方面的全球竞争力都不断提升，涌现了一批极具全球竞争力的优秀企业。尽管贸易争端不断涌现，但是国内企业的出海布局不断深化，长期来看，这些优秀的企业终将在全球拥有一席之地。另一方面，高端制造领域的进口替代和产品、工艺升级仍在不断进行。例如，国内半导体研发、设计、生产制造能力持续提高，不断在不同品类上填补我们的短板。一些新材料在逐步突破国外垄断。一些新的加工方式也开始替代传统的加工工艺获得市场份额。这些都会带来新的增长点。　　　　国内外AI技术在过去一段时间获得持续的重大突破，对生产、生活产生重大影响。我们已经看到生活中AI应用带来的部分改变，我们也发现在部分制造业领域，由于AI技术的引入，重要的变化正在发生。在未来一段时间，我们会持续加大对各类新技术、新材料、新工艺的布局。　　　　周期和消费领域，顺周期产业链上部分龙头个股经历了大幅的估值调整后，我们认为配置价值也逐步凸显，兼具价值与弹性。　　　　医药领域，展望2025年，我们认为诸多变化正在酝酿中。2025年医药板块将走出基本面的谷底，政策风向回暖。创新药依然是主旋律，AI医疗会是贯穿年度的投资主题。　　　　个股选择上，我们将恪守估值纪律，控制相关风险，继续寻找具备较好性价比的个股进行投资。　　　　风险偏好方面，我们在新的一年中适当提高风险偏好。　　　　综上所述，我们将继续关注内需消费、现代服务、高科技、寡头制造等方向，选择风险收益比高的投资标的构建投资组合，努力为持有人达成“承担较低风险获取中长期合意回报”的投资目标。","fund":{"_id":3000000001532,"stockCode":"001532","stockType":"fund","areaCode":"cn","followedNum":231,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-05-07T16:00:00.000Z","setUpScale":473457000,"market":"a","tickerId":1532,"custody":"中国银行股份有限公司","name":"华安文体健康主题灵活配置混合型证券投资基金","shortName":"华安文体健康混合(001532)","fundSecondLevel":"hybrid","__csrcFundId":1778,"fundStatus":"normal","lastUpdated":"2026-04-30T18:03:10.073Z","masterFundFlag":1,"inceptionDate":"2017-06-07T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安文体健康混合","memoNum":2,"pinyin":"hawtjkztlhpzhhxzqtzjj","managers":[{"stockCode":"db20728734","stockType":"fund_manager","exchange":"fm","tickerId":120303205320,"name":"刘畅畅"},{"stockCode":"db20909245","stockType":"fund_manager","exchange":"fm","tickerId":192425235320,"name":"桑翔宇"}]},"announcement":{"linkText":"华安文体健康主题灵活配置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=1254566","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5947fea5b3eb0448efe","date":"2024-09-29T16:00:00.000Z","stockId":3000000001532,"sao":"2024年三季度，随着9月底一揽子提振经济的政策出台，市场预期出现大幅度改善，A股市场各大指数快速上涨。2024年三季度，上证指数上涨12.44%，沪深300上涨16.07%，创业板指上涨29.21%，中证1000上涨16.6%。同期，标普500上涨5.53%，恒生指数上涨19.27%。行业方面，三季度非银、计算机、餐饮旅游、房地产、电力设备、食品饮料、家电等行业涨幅超过20%。　　　　报告期内，我们维持相对均衡的行业配置，并对个股进行适当的调整。由于经济预期在低位，同时市场整体估值也处在相对低位，我们在报告期内维持比较高的股票仓位。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:24.492Z","fund":{"_id":3000000001532,"stockCode":"001532","stockType":"fund","areaCode":"cn","followedNum":231,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-05-07T16:00:00.000Z","setUpScale":473457000,"market":"a","tickerId":1532,"custody":"中国银行股份有限公司","name":"华安文体健康主题灵活配置混合型证券投资基金","shortName":"华安文体健康混合(001532)","fundSecondLevel":"hybrid","__csrcFundId":1778,"fundStatus":"normal","lastUpdated":"2026-04-30T18:03:10.073Z","masterFundFlag":1,"inceptionDate":"2017-06-07T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安文体健康混合","memoNum":2,"pinyin":"hawtjkztlhpzhhxzqtzjj","managers":[{"stockCode":"db20728734","stockType":"fund_manager","exchange":"fm","tickerId":120303205320,"name":"刘畅畅"},{"stockCode":"db20909245","stockType":"fund_manager","exchange":"fm","tickerId":192425235320,"name":"桑翔宇"}]},"announcement":{"linkText":"华安文体健康主题灵活配置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=1174439","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5947fea5b3eb0448efd","date":"2024-06-29T16:00:00.000Z","stockId":3000000001532,"sao":"2024年上半年，国内经济呈现弱复苏状态，市场风险偏好回落。上半年，上证指数下跌0.25%，沪深300上涨0.89%，创业板指下跌10.99%。标普500上涨14.48%，恒生指数上涨3.94%。行业方面，上半年各行业继续大幅度分化，银行、煤炭、石油石化、家电上涨，餐饮旅游、计算机、商贸零售、传媒大幅下跌。　　　　报告期内，我们仍然维持相对均衡的行业配置，并对个股进行适当的调整。目前经济预期和市场估值均在比较底部的位置，我们在报告期内维持比较高的股票仓位。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:24.489Z","mo":"展望2024年下半年，经济仍然面临一定的挑战，外部环境带来的不利影响增加，国内有效需求不足，但我们相信这些都是发展、转型中的阶段性问题。随着宏观调控力度的加大，经济结构的进一步调整，市场的自然出清，市场信心和经济环境都有望得到改善。　　　　选择突出成长性的股票，寻找市场在这方面的预期差，始终是我们努力的重点方向。在过去的一段时间内，我们看到国内制造业全球竞争力进一步加强，市场份额持续提高，国内企业在成本控制、产品设计、渠道运营、营销等方面的全球竞争力都不断提升，涌现了一批极具全球竞争力的优秀企业。尽管贸易争端不断涌现，这对我们的投资带来了更多的挑战，但是长期来看，这些企业终将在全球拥有一席之地。另一方面，高端制造领域的进口替代和产品升级仍在不断进行，随着新能源车渗透率逐步提高，国内整车、零部件以及相关配套产业实现了快速的份额提高，带来收入、利润体量的不断扩张。一些新材料领域也在逐步突破国外垄断，获得市场份额。当前，很多制造业正在经历供需不平衡带来的阶段性利润下降和竞争加剧，尽管如此，我们看到在这个过程中，很多企业的竞争力不断巩固，份额增加，和同行业其他企业进一步拉开差距。伴随估值调整，这些企业的投资价值逐步增强。　　　　随着技术的突破，数字经济、人工智能、低空经济有可能是贯穿全年甚至更长时间的主线。我们也会择机增加相关机会的布局。　　　　展望下半年，医药经历持续调整目前板块位置回到了一月底最悲观的水平，估值中枢已经合理。细分领域方面，我们认为创新药和出海依然是国内控费环境下获取α的最佳途径。　　　　周期领域，地产产业链上部分龙头个股经历了大幅的估值调整后，我们认为配置价值也逐步凸显，兼具价值与弹性。　　　　个股选择上，我们将恪守估值纪律，控制相关风险，继续寻找具备较好性价比的个股进行投资。　　　　风险偏好方面，我们认为当前极低的风险偏好不具备持续性。　　　　综上所述，我们将继续关注内需消费、现代服务、高科技、寡头制造等方向，选择风险收益比高的投资标的构建投资组合，努力为持有人达成“承担较低风险获取中长期合意回报”的投资目标。","fund":{"_id":3000000001532,"stockCode":"0015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带来的是一轮医疗行业的供给侧改革,利好“真”创新型企业；行业整体层面从24年一季度开始预计基本面有望逐季度趋势向上,整体医疗需求有较好刚性,板块整体也估值已经在历史分位较低水平,个股估值进入超跌区间，后续是比较好的积极做多医药窗口期。二季度开始多数创新药公司核心产品进入临床数据和产品获批的集中兑现期,创新药械或有较好的相对收益；国内优质器械公司在出海方面已经建立了自己的海外运营渠道和品牌，表现出较好的海外营收增长和景气趋势；院内产品受反腐影响估值回归合理，也不乏部分产品,如长效干扰素等,走出自己的阿尔法,积极寻找确定性相对较高优质企业。　　　　个股选择上，我们将恪守估值纪律，控制相关风险，继续寻找具备较好性价比的个股进行投资。　　　　风险偏好方面，我们认为24年风险偏好将有所改善。　　　　综上所述，我们将继续关注内需消费、现代服务、高科技、寡头制造等方向，选择风险收益比高的投资标的构建投资组合，努力为持有人达成“承担较低风险获取中长期合意回报”的投资目标。","fund":{"_id":3000000001532,"stockCode":"001532","stockType":"fund","areaCode":"cn","followedNum":231,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-05-07T16:00:00.000Z","setUpScale":473457000,"market":"a","tickerId":1532,"custody":"中国银行股份有限公司","name":"华安文体健康主题灵活配置混合型证券投资基金","shortName":"华安文体健康混合(001532)","fundSecondLevel":"hybrid","__csrcFundId":1778,"fundStatus":"normal","lastUpdated":"2026-04-30T18:03:10.073Z","masterFundFlag":1,"inceptionDate":"2017-06-07T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安文体健康混合","memoNum":2,"pinyin":"hawtjkztlhpzhhxzqtzjj","managers":[{"stockCode":"db20728734","stockType":"fund_manager","exchange":"fm","tickerId":120303205320,"name":"刘畅畅"},{"stockCode":"db20909245","stockType":"fund_manager","exchange":"fm","tickerId":192425235320,"name":"桑翔宇"}]},"announcement":{"linkText":"华安文体健康主题灵活配置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=1048301","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5947fea5b3eb0448efa","date":"2023-09-29T16:00:00.000Z","stockId":3000000001532,"sao":"2023年三季度，国内经济仍然偏弱运行，随着政策陆续发力，市场信心有所改善。三季度，全球原油价格出现20%左右的上涨，美国通胀回落继续低于预期，美国国债利率继续上行。2023年第三季度，上证指数下跌2.86%，沪深300下跌3.98%，创业板指下跌9.53%。标普500下跌3.65%，恒生指数下跌5.85%。行业方面，三季度市场继续轮动，大幅分化，煤炭、非银、石油石化涨幅居前，传媒、计算机、电力设备大幅下跌。报告期内，我们仍然维持相对均衡的行业配置，并对个股进行适当的调整。由于经济预期在低位，同时市场整体估值也处在相对低位，我们在报告期内维持比较高的股票仓位。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:24.481Z","fund":{"_id":3000000001532,"stockCode":"001532","stockType":"fund","areaCode":"cn","followedNum":231,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-05-07T16:00:00.000Z","setUpScale":473457000,"market":"a","tickerId":1532,"custody":"中国银行股份有限公司","name":"华安文体健康主题灵活配置混合型证券投资基金","shortName":"华安文体健康混合(001532)","fundSecondLevel":"hybrid","__csrcFundId":1778,"fundStatus":"normal","lastUpdated":"2026-04-30T18:03:10.073Z","masterFundFlag":1,"inceptionDate":"2017-06-07T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安文体健康混合","memoNum":2,"pinyin":"hawtjkztlhpzhhxzqtzjj","managers":[{"stockCode":"db20728734","stockType":"fund_manager","exchange":"fm","tickerId":120303205320,"name":"刘畅畅"},{"stockCode":"db20909245","stockType":"fund_manager","exchange":"fm","tickerId":192425235320,"name":"桑翔宇"}]},"announcement":{"linkText":"华安文体健康主题灵活配置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=984823","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5947fea5b3eb0448ef9","date":"2023-06-29T16:00:00.000Z","stockId":3000000001532,"sao":"2023年上半年，国内外经济预期出现比较大的反复。与一季度预期不同的是，地产、消费、出行、制造的复苏在二季度暂缓。国内制造业PMI指数改变上行趋势回落到荣枯线下方。制造业PMI产成品库存也大幅回落至荣枯之下。二季度的加速去库存致使宏观指标和经济预期都处在比较悲观的状态。同时，欧美经济也处在去库存阶段，并通过进出口传递至国内。海外，美国经济数据回落的速度低于预期，地产出现触底回升迹象，加息对经济影响反应的比较滞后。2023年上半年上证指数上涨3.65%，沪深300下跌0.75%，创业板指下跌5.61%。标普500上涨15.91%，恒生指数下跌4.37%。行业方面，上半年市场剧烈分化，与AI相关的传媒、通信、计算机大幅领先，地产、建材、农林牧渔等行业大幅下跌。报告期内，我们仍然维持相对均衡的行业配置，并对个股进行适当的调整。由于经济预期在低位，同时市场整体估值也处在相对低位，我们在报告期内维持比较高的股票仓位。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:24.479Z","mo":"展望三季度，我们认为过度悲观的经济预期会有所纠正。一方面，地产开工端近两年的快速下滑不符合经济周期正常规律，另一方面消费、出行仍在缓慢恢复的过程中，此外，海内外库存都处在底部，去库存结束也将成为经济恢复向上的动力。科技领域，AI领域的技术进步打开了其在各个产业和消费端应用的新空间，可能成为历史上一次重要的技术变革。选择突出成长性的股票，寻找市场在这方面的预期差，始终是我们努力的重点方向。新能源发展带来的从能源产生到使用的巨大变革，使得这一产业链虽然短期面临一些需求或供给端的压力，但它仍会是未来拉动经济增长的主线。新能源车方面，除了在材料端的领先优势外，过去的一段时间内，我们也看到国内新能源整车、零部件企业的全球竞争力的不断加强，很多企业在技术上已经处在全球领先的水平。我们认为，目前整个新能源产业链股价和估值不高，市场过度担心竞争加剧而忽视了行业体量的快速增长，忽视了诸如碳酸锂价格下跌带来整个产业成本大幅下降的现实。并且部分制造环节存在比较高的技术壁垒，存在持续技术创新，或者部分制造业本身并没有获得超额的利润回报，这些因素会使利润率的调整相对有限。我们认为，横向对比其他行业，新能源的渗透率仍然不高，其体量增加对上下游的企业会形成不断增强的边际拉动。当前估值下，我们在这一领域会保持一定的配置水平。同时，制造业中仍然诞生出了不少新的成长性机会，不停的有公司在打开另一个细分市场或者获得更多市场份额，我们也会继续寻找制造业中的相关细分机会。制造业的出口在过去几年一直是经济的持续亮点之一，我们看到中国的出口也在不断进行结构升级，从轻工业到重工业，从代工到自有品牌，这个结构升级的过程中，也呈现出一些投资机会。随着技术的突破，数字经济、人工智能、人形机器人有可能是贯穿全年甚至更长时间的一条主线。我们也会择机增加相关机会的布局。AI的新应用带来惊人的变革，对于相关的行业来说不仅是机遇也会是挑战。对于应用端的企业而言，不仅面临着降本的可能，也面临着格局变化的不确定性。从算力的匹配和模型的效果看，国内企业仍处在追赶阶段。在投资上，估值始终是我们的重要考量之一，用终局进行估值隐含了很多强假设，需要额外承担很多不确定性，反映了市场极其乐观的投资情绪，我们会始终比较谨慎的运用该方法指导我们的投资。随着市场参与主体的变化，交易特征也在发生明显的改变，很多确定性较高的投资机会一旦得到认可，就会在很短的时间内充分演绎，进行远期定价，这种交易特征一定程度透支了未来的收益空间。另外，除了成长性机会外，二季度经济预期低迷，但我们仍然认为地产行业，尤其是新开工已经处在偏离趋势的底部，这对整个相关的上游资源品、中游制造业是一次供需检验的机会，一旦预期反转，相关行业也会出现向上弹性。电力行业的盈利在煤价下跌下持续改善，二季度开始进入业绩加速期。出行、消费、线下服务在疫情后不断修复。港股的估值处在历史底部。这些都是我们投资选股的一个重要方向。整体上，我们的配置有可能因为板块机会的增多而均衡化。个股选择上，我们将恪守估值纪律，控制相关风险，继续寻找具备较好性价比的个股进行投资。风险偏好方面，目前市场风险偏好正随着经济预期而逐步加强。未来随着全球政治局势稳定，通胀预期缓解，国内疫情改善，风险偏好有望处在比较理想的状态。综上所述，我们将继续关注内需消费、现代服务、高科技、寡头制造等方向，选择风险收益比高的投资标的构建投资组合，努力为持有人达成“承担较低风险获取中长期合意回报”的投资目标。","fund":{"_id":3000000001532,"stockCode":"001532","stockType":"fund","areaCode":"cn","followedNum":231,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-05-07T16:00:00.000Z","setUpScale":473457000,"market":"a","tickerId":1532,"custody":"中国银行股份有限公司","name":"华安文体健康主题灵活配置混合型证券投资基金","shortName":"华安文体健康混合(001532)","fundSecondLevel":"hybrid","__csrcFundId":1778,"fundStatus":"normal","lastUpdated":"2026-04-30T18:03:10.073Z","masterFundFlag":1,"inceptionDate":"2017-06-07T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安文体健康混合","memoNum":2,"pinyin":"hawtjkztlhpzhhxzqtzjj","managers":[{"stockCode":"db20728734","stockType":"fund_manager","exchange":"fm","tickerId":120303205320,"name":"刘畅畅"},{"stockCode":"db20909245","stockType":"fund_manager","exchange":"fm","tickerId":192425235320,"name":"桑翔宇"}]},"announcement":{"linkText":"华安文体健康主题灵活配置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=959540","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5947fea5b3eb0448ef8","date":"2023-03-30T16:00:00.000Z","stockId":3000000001532,"sao":"2023年第一季度，海外如美国等主要经济体的PMI指数和通胀均处在震荡回落的状态。PMI、就业阶段性偏强，欧佩克减产幅度超预期对原油价格形成支撑，这些宏观因素影响了海外利率回落的速度，但整体上，海外利率仍处在震荡回落的趋势中。国内，地产链条，消费，出行等行业的景气度在逐步恢复。2023年第一季度上证指数上涨5.94%，沪深300上涨4.63%，标普500上涨7.03%，恒生指数上涨3.13%。行业方面，Open AI推出的聊天机器人Chat 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具备一定的收益空间。可以看到，在疫情以后，随着新能源发展带来的从能源产生到使用的巨大变革，使得这一产业链将继续成为未来拉动经济增长的主线。我们在这一领域会始终保持比较高的配置水平。同时，制造业中仍然诞生出了不少新的成长性机会，不停的有公司在打开另一个细分市场或者获得更多市场份额。另外，除了成长性机会外，由于疫情的扰动还远未结束（无论对需求或者供应），因此经济中还有很多由于阶段性错配、扭曲或者纠正这些错配和扭曲带来的周期性或者低估性的投资机会，这些机会也有可能成为长期收益率的一个来源。并且，在22年，稳增长政策将持续发力，这也成为我们投资选股的一个重要方向。个股选择上，我们将恪守估值纪律，控制相关风险，继续寻找具备较好性价比的个股进行投资。 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