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涨，日均成交大幅放量。行业分化明显，整体上哑铃型结构仍然明显占优，具体表现为低估值的红利、高估值的TMT板块等表现较好，医药、消费等表现落后。回顾2024年策略，我们表达了看好市场的两条主线：创新、红利。但是，宏观经济的复杂性超过了我们的预期。我们对组合进行了一定的调整，由于担心地缘的复杂性，我们对出口方向的资产进行了一定的减仓，比如家电；此外，受累于房地产影响的外溢，内需逻辑也在发生变化，我们对白酒的持仓也做了一些调整。行业上我们仍然看好AI带来的新的技术革命，加仓了电子、通信行业等，特别会关注AI应用的落地，比如苹果、自动驾驶等领域，我们会持续的跟踪。医药行业，年初我们超配较多，且选择的个股表现不佳，对净值拖累较为严重，组合对个股持仓做了调整，主要看好创新药和医疗器械，进一步聚集当下成长性较好的公司。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:28.218Z","mo":"展望2025年，宏观层面我们认为全球经济仍处于深度调整与变革期。美国经济在经历前期的政策刺激后，增长动能有所分化，其财政政策的持续性与货币政策的转向节奏对全球资金流向影响显著。国内宏观政策持续发力，积极推动经济高质量发展。财政政策方面，加大对基础设施建设、科技创新、民生保障等领域的投入，通过专项债等工具，精准发力，促进产业升级与经济结构优化。货币政策维持稳健偏宽松基调，降准降息等操作空间依然存在，旨在降低实体经济融资成本，激发市场主体活力。尤其在支持中小企业创新发展、绿色产业崛起等方面，政策扶持力度不断加大。中观层面，围绕人工智能革命，我们认为2025年市场投资的关键词将是科技创新、自主可控。科技创新领域，我们将继续关注全球AI以及相关领域应用的突破，人工智能技术正从理论研究向广泛应用加速渗透，超级AI正在模糊虚拟和现实的边界，也可能正在创造一个新的世界，相关的人工智能芯片、算法、大数据服务等细分领域企业，具备巨大的成长潜力。当然，我们必须承认，所有的创新都存在一定的不确定性。此外，突破国内“卡脖子”难题，着力攻克关键核心技术将是我们高质量发展的关键。半导体产业的自主可控已经成为国家战略重点。随着外部技术封锁压力增大，国内半导体企业加大在芯片设计、制造、封装测试等环节的研发投入。在芯片制造领域，国内企业不断突破技术瓶颈，提升制程工艺水平。半导体材料与设备企业也迎来国产替代的黄金机遇期。我们将关注在半导体产业链中具备核心技术、研发实力强的企业，分享行业高速发展的红利。","fund":{"_id":3000000013552,"__csrcFundId":10171,"stockCode":"013552","shortName":"汇添富成长领先混合(013552)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13552,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:50:14.248Z","status":"normal","exchange":"jj","name":"汇添富成长领先混合型证券投资基金","fundCollectionId":4000050460000,"followedNum":5,"inceptionDate":"2021-12-09T16:00:00.000Z","masterFundShortName":"汇添富成长领先混合","setUpDate":"2021-12-09T16:00:00.000Z","setUpAssetScale":1285284026.55,"setUpShares":1285284026.55,"pinyin":"htfczlxhhxzqtzjj","managers":[{"stockCode":"8801389756","stockType":"fund_manager","exchange":"fm","tickerId":2612148780,"name":"郑磊"}]},"announcement":{"linkText":"汇添富成长领先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=1256375","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0247fea5b3eb050832f","date":"2024-09-29T16:00:00.000Z","stockId":3000000013552,"sao":"三季度市场整体先跌后涨，从走势节奏上看，7月和8月市场整体震荡下行， 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运转走向正常化，市场的核心矛盾从疫情转向经济。但我们必须承认，经济的恢复可能是一个渐进的过程，因此股市的表现也是一波三折，信心的提振也需要时间。chapgpt的出现，改变了全球投资者的预期，提升了市场的风险偏好。市场风格也随之发生了较大的变化，ai相关的资产，比如计算机、通讯、传媒以及电子都出现了较大的上涨，此外石油、建筑等低估值板块表现也较好。市场存量博弈特征明显，呈现了一定的跷跷板效应。回顾全年策略，我们表达了看好市场的三条主线的观点：复苏、安全、创新。但是，宏观经济的复杂性超过了我们的预期。年初，市场普遍认为美国经济衰退将带来利率下行，事实上美国经济韧性远超预期；而国内市场普遍预期在疫情结束后，消费将走向复苏，但实际上却一直处于低迷状态。因此我们一直超配的消费板块的业绩修复也比预想要更加慢，相关公司在全年表现较差，对我们组合的净值拖累也较为严重。对此，我们也在反思过去投资中宏观框架的缺失，而这对当下风险资产估值的定价尤为重要。此外，由于我们重点配置了安全主题下的军工、机械、医疗器械等行业，低配了tmt和中字头相关的资产，组合表现较差，持续跑输市场。尽管在上半年我们做了一定的组合调整，陆续加仓了半导体、智能驾驶、机器人等相关主题，但对新兴产业的理解力不够，参与力度较小，错过了全年最重要的成长主线。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:28.207Z","mo":"展望新的一年，宏观层面我们认为海外经济和全球地缘的趋势、国内经济的政策以及流动性的预期仍然成为市场的焦点。从中期角度看，经济复苏进入新阶段，我们并不认为国内经济会出现系统性的风险，地产等相关行业的政策仍值得关注；宽松的流动性环境仍将维持，目前还看不到通胀抬头的风险，因此大类资产配置格局依然有利于股权投资，国家依然需要依靠改革、转型以及资本市场的力量来实现新兴产业发展的突破。中观层面，围绕新能源、绿色低碳技术的能源革命，正在开启新一轮工业革命的大幕，人类已经站在新时代的门槛上。新的一年，我们认为市场投资的关键词将是创新、出海、自主可控。科技创新领域，我们将继续关注ai以及相关领域应用的突破，超级ai正在模糊虚拟和现实的边界，也可能正在创造一个新的世界。而随着国内公司在海外竞争力的进一步提升，我们更看好出海的产业方向，但基于地缘的复杂性，在“再全球化”背景下，我们认为新兴市场的出口机会可能更值得关注，相关的公司都可能会有持续的投资机会。此外，突破国内“卡脖子”难题，着力攻克关键核心技术将是我们高质量发展的必由之路，我们也一定能看到更多优秀企业的成长机会。我们看到越来越多的上市公司开始采用回购股份并注销的方式或者提高分红比例去回馈股东。这可能是国内资本市场逐步走向成熟的信号，开始真正重视投资者的利益。而我们在未来也将更关注上市公司的治理结构，特别是那些被证明更关心股东利益的管理层。","fund":{"_id":3000000013552,"__csrcFundId":10171,"stockCode":"013552","shortName":"汇添富成长领先混合(013552)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13552,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:50:14.248Z","status":"normal","exchange":"jj","name":"汇添富成长领先混合型证券投资基金","fundCollectionId":4000050460000,"followedNum":5,"inceptionDate":"2021-12-09T16:00:00.000Z","masterFundShortName":"汇添富成长领先混合","setUpDate":"2021-12-09T16:00:00.000Z","setUpAssetScale":1285284026.55,"setUpShares":1285284026.55,"pinyin":"htfczlxhhxzqtzjj","managers":[{"stockCode":"8801389756","stockType":"fund_manager","exchange":"fm","tickerId":2612148780,"name":"郑磊"}]},"announcement":{"linkText":"汇添富成长领先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=1052986","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0247fea5b3eb050832b","date":"2023-09-29T16:00:00.000Z","stockId":3000000013552,"sao":"回顾三季度，政策底虽已现但国内市场基本面修复仍需要时间，外资持续流出背景下，市场整体表现较弱。国内方面，三季度经济数据表现一般，中报也并未展现出足够的亮点，政策陆续出台但尚未明显改变市场预期。海外方面，美元加息预期仍在，美元走强、美债利率持续上行，北向资金呈现净流出状态。在此背景下，权益市场风险偏好低迷，板块结构上，顺周期、资源股相对走强，科技、新能源等成长行业回落较多。报告期内，基于对宏观形势的判断和行业比较，我们加仓了消费、医药、半导体等与宏观经济关联度较低的行业，tmt和周期等今年表现较好的行业继续低配，组合仍然比较保守，净值表现与基准基本持平。尽管三季度我们做了一定的组合调整，小幅加仓了智能驾驶、机器人等相关主题，但对新兴产业的理解力不够，参与力度仍然较小。但同时，当下我们正在看到一些长久期资产现阶段成了冷门行业，这可能也带来了千载难逢的投资机会。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:28.204Z","fund":{"_id":3000000013552,"__csrcFundId":10171,"stockCode":"013552","shortName":"汇添富成长领先混合(013552)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13552,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:50:14.248Z","status":"normal","exchange":"jj","name":"汇添富成长领先混合型证券投资基金","fundCollectionId":4000050460000,"followedNum":5,"inceptionDate":"2021-12-09T16:00:00.000Z","masterFundShortName":"汇添富成长领先混合","setUpDate":"2021-12-09T16:00:00.000Z","setUpAssetScale":1285284026.55,"setUpShares":1285284026.55,"pinyin":"htfczlxhhxzqtzjj","managers":[{"stockCode":"8801389756","stockType":"fund_manager","exchange":"fm","tickerId":2612148780,"name":"郑磊"}]},"announcement":{"linkText":"汇添富成长领先混合型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=988395","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0247fea5b3eb050832a","date":"2023-06-29T16:00:00.000Z","stockId":3000000013552,"sao":"上半年，新冠病毒omicron冲击正在变弱，经济逐步走向正常化，市场的核心矛盾从疫情转向经济，与复苏相关的板块表现相对突出。但是ChatGPT的出现，改变了全球投资者的预期，提升了市场的风险偏好。市场风格也随之发生了较大的变化，ai相关的资产，比如计算机、通讯、传媒以及电子都出现了较大的上涨，此外石油、建筑等低估值板块表现也较好。市场存量博弈特征明显，呈现了一定的跷跷板效应。报告期内，由于我们重点配置了安全主题下的军工、机械、医疗器械等行业，低配了tmt和中字头相关的资产，组合表现较差，持续跑输市场。尽管二季度我们做了一定的组合调整，陆续加仓了半导体、智能驾驶、机器人等相关主题，但对新兴产业的理解力不够，参与力度仍然较小。但同时，当下我们正在看到一些长久期资产现阶段成了冷门行业，这可能也带来了千载难逢的投资机会。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:28.202Z","mo":"展望下半年，宏观层面我们认为全球疫情的趋势、国内经济的政策以及流动性的预期仍然成为市场的焦点。从中期角度看，经济复苏进入新阶段，我们并不认为国内经济会出现系统性的风险，地产等相关行业的政策值得关注；宽松的流动性环境仍将维持，目前还看不到通胀抬头的风险，因此大类资产配置格局依然有利于股权投资，国家依然需要依靠改革、转型以及资本市场的力量来实现进一步产业发展的突破。中观层面，围绕新能源、绿色低碳技术的能源革命，正在开启新一轮工业革命的大幕，人类已经站在新时代的门槛上。下半年，我们将继续关注ai以及相关领域应用的突破。随着电动车行业渗透率的进一步提升，新车型快速迭代，我们更看好智能化的产业方向，相关的零部件和软件公司都可能会有持续的投资机会。此外，医药板块已经具备了估值“底”、持仓“底”、政策“底”等较大级别底部的必要条件，同时医药政策已经在出现了一些积极的变化，我们会逐步提升对医药板块的投资力度。","fund":{"_id":3000000013552,"__csrcFundId":10171,"stockCode":"013552","shortName":"汇添富成长领先混合(013552)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13552,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:50:14.248Z","status":"normal","exchange":"jj","name":"汇添富成长领先混合型证券投资基金","fundCollectionId":4000050460000,"followedNum":5,"inceptionDate":"2021-12-09T16:00:00.000Z","masterFundShortName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们所面临的宏观环境变得非常复杂，这一点也超出了我们去年底的预判，疫情的影响叠加能源危机，构成了一个特殊的滞胀环境，利率的提升使得成长类资产正在经受估值下降的压力。报告期内，基于宏观环境的变化，在控制仓位的基础上，我们组合主要对现阶段商业模式清晰、竞争优势明确的优质资产进行了重点筛选，结合产业景气度，重点配置了医药，制造业里的军工、光伏等细分行业。同时我们降低了可选消费的资产配置，我们始终坚持组合均衡，做到行业分散，尽量控制组合的单一风险来源。我们始终希望让客户承担较小的风险去获取稳定、持续的收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:28.189Z","fund":{"_id":3000000013552,"__csrcFundId":10171,"stockCode":"013552","shortName":"汇添富成长领先混合(013552)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13552,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:50:14.248Z","status":"normal","exchange":"jj","name":"汇添富成长领先混合型证券投资基金","fundCollectionId":4000050460000,"followedNum":5,"inceptionDate":"2021-12-09T16:00:00.000Z","masterFundShortName":"汇添富成长领先混合","setUpDate":"2021-12-09T16:00:00.000Z","setUpAssetScale":1285284026.55,"setUpShares":1285284026.55,"pinyin":"htfczlxhhxzqtzjj","managers":[{"stockCode":"8801389756","stockType":"fund_manager","exchange":"fm","tickerId":2612148780,"name":"郑磊"}]},"announcement":{"linkText":"汇添富成长领先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=726258","linkType":"PDF","source":"csrc_pdf"}}]}