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月 26 日，中央政治局会议作出有效落实存量政策、加力推出增量政策的重大部署，极大地提振了信心、改善了预期、激发了发展动能，促进了经济的明显回升。房地产市场止跌回稳，市场成交趋于活跃，四季度新建商品房销售面积和金额均实现正增长。新质生产力不断为高质量发展赋能，人工智能、集成电路、量子通信、航空航天、人形机器人等领域取得新成就，成为经济发展的新动能。在此背景下，2024 年 A 股市场否极泰来、触底反弹，但结构分化明显。本基金坚持从基本面出发，优选个股，积极应对市场变化，保持了相对均衡的行业配置。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:08.848Z","mo":"展望 2025 年，我国宏观经济韧性强、潜能大，将延续稳中向好的发展态势。房地产行业在一揽子刺激政策落地后已企稳回升，对经济的拖累大幅缓解。中央经济工作会议明确提出 “实施提振消费专项行动” 等，这些政策的落实将有效激发内需潜能，全方位扩大国内需求。尽管外部环境依然复杂严峻，但我国宏观调控经验丰富，应对风险挑战的底气十足。人工智能、人形机器人、新能源汽车、低空经济等新兴产业增长动力强劲。目前 A 股市场整体估值水平仍在历史底部区域，投资价值较大，我们对 2025 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场的结构化走势，其中主要是中字头和科技概念涨幅较大，再加上港股市场受外围走势影响出现一定的回调，基金净值有一定回撤，3月份后半月随着市场短期见底净值开始逐步修复。从未来一个月到一个季度走势来看，一方面海外市场美国仍有加息可能，但加息接近尾声，全球风险偏好震荡中有所回升；另一方面，随着国内经济的逐步复苏，企业利润和服务业消费可能逐步恢复，权益市场可能在震荡中上行，本基金将对品种，行业进行更加灵活积极的操作。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:08.829Z","fund":{"_id":3000000014874,"__csrcFundId":10796,"stockCode":"014874","shortName":"惠升惠远回报混合A","masterFundShortName":"惠升惠远回报混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14874,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:35.350Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-17T16:00:00.000Z","name":"惠升惠远回报混合型证券投资基金","fundCollectionId":4000051720000,"followedNum":2,"setUpDate":"2022-01-17T16:00:00.000Z","setUpAssetScale":100003104.22,"setUpShares":100003104.22,"pinyin":"hshyhbhhxzqtzjj","managers":[{"stockCode":"8801423051","stockType":"fund_manager","exchange":"fm","tickerId":262511161200,"name":"张玉坤"}]},"announcement":{"linkText":"惠升惠远回报混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=879296","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1007fea5b3eb0516743","date":"2022-12-30T16:00:00.000Z","stockId":3000000014874,"sao":"2022年上半年，宏观经济的意外因素持续扰动资本市场，包括国内新冠疫情冲击，俄乌冲突导致的地缘政治风险以及能源危机等，资产定价方面也受到上述因素影响而出现变化。下半年尤其是四季度，随着疫情政策的放开，房地产政策的持续出台，权益市场迎来了较好的配置机会，尤其是前两年估值持续下跌较多的行业出现了估值修复。债券市场方面，市场多空因素交织，长端利率窄幅震荡，短端利率受流动性宽松影响下行幅度较大，长短端走势出现分化，四季度，受疫情放开和理财赎回冲击的影响，债券市场出现了明显调整，调整后的利率已经基本回到年初水平，具备一定的投资价值。从当前时点来看，2023年宏观政策将更为宽松，各种产业政策、财政政策和社会政策持续出台，权益市场可能迎来较好的内部环境，随着经济恢复、政策推动，权益市场未来两年有望迎来较好的投资窗口。但美国加息尚未结束，外部仍然受到一定冲击，同时国内企业盈利改善，尤其是个人资产负债表的修复可能还需要时间，因此如果经济复苏不达预期，权益市场仍然有波动的可能。债券市场利率经过去年年底的调整，部分品种回到了年初的水平，高等级信用债的持有收益明显提升。报告期内，本基金开始运作并进入建仓期。运作初期，基于对市场走势判断、行业估值和景气分析、净值回撤控制等考虑，我们将股票仓位控制在较低水平，并主要配置低估值高分红品种。随市场风险的释放以及市场吸引力增加，我们逐渐增加股票仓位。组合构建坚持稳健策略，价值和成长风格兼顾。目前主要持仓集中在食品饮料、非银金融、银行、商贸零售和电力设备等行业，未来随着经济复苏消费和制造业有望迎来持续性的机会。报告期内，本基金债券仓位主要以短券为主，整体仓位较稳定。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:08.826Z","mo":"对于权益市场，我们持谨慎乐观的看法。短期来看，市场需要经受上市公司中报的考验，同时下半年国内外政策仍有波动的可能，市场仍然维持震荡格局。但中期来看，新冠疫情逐渐缓和，经济活动恢复正常，经济仍将呈现增长的韧性，加上政策友好、流动性充裕，A股市场的估值优势以及优秀企业的吸引力仍在。展望债券市场，国内疫情反复仍将影响经济复苏进程，房地产行业风险仍处于持续出清状态，消费和基建将成为主要发力点。国内经济仍面临下行压力，需密切关注对经济目标实现的态度，以及增量财政工具的出台情况。宽财政需要宽货币配合，在经济恢复以及疫情得到有效控制前，货币政策预计仍将保持流动性合理充裕。我们整体对债券市场保持震荡的判断，密切关注经济数据和政策变化，操作更加灵活，力争为投资者创造更多价值。","fund":{"_id":3000000014874,"__csrcFundId":10796,"stockCode":"014874","shortName":"惠升惠远回报混合A","masterFundShortName":"惠升惠远回报混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14874,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:35.350Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-17T16:00:00.000Z","name":"惠升惠远回报混合型证券投资基金","fundCollectionId":4000051720000,"followedNum":2,"setUpDate":"2022-01-17T16:00:00.000Z","setUpAssetScale":100003104.22,"setUpShares":100003104.22,"pinyin":"hshyhbhhxzqtzjj","managers":[{"stockCode":"8801423051","stockType":"fund_manager","exchange":"fm","tickerId":262511161200,"name":"张玉坤"}]},"announcement":{"linkText":"惠升惠远回报混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=863199","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1007fea5b3eb0516742","date":"2022-09-29T16:00:00.000Z","stockId":3000000014874,"sao":"三季度，全球市场大部分资产均经历一番大幅下跌，市场气氛较为悲观。俄乌冲突演变成为拉锯战、欧美通胀居高不下、美联储三次议息会议连续每次加息75bp、美元和美债收益率的上涨，使得全球大部分资产承压；国内经济复苏放缓、疫情反复、房地产行业景气度下行等负面因素短期内或仍将持续。期间国内权益市场大幅下跌，尤其半导体等成长类板块跌幅巨大。三季度以来，国内频繁出台各类稳增长政策，尤其是地产政策见到了全国层面上的明显刺激，预计四季度政策效果将有所显现。对于四季度权益市场，我们仍维持谨慎乐观的看法。虽然疫情时有反复，但整体趋势趋于好转，同时市场经历大幅下跌，估值处于低位，且市场流动性充裕，一旦信心恢复，市场机会将到来。报告期内，基于对市场风险、净值回撤控制等考虑，我们继续将股票仓位控制在较低水平。组合构建坚持稳健策略，以价值风格为主，兼顾成长，重点配置消费和公用事业行业。本基金债券仓位主要以国债为主，整体仓位较稳定。我们希望尽量保持组合的稳定性和可持续性，正如前文市场展望中我们的观点，投资是不确定性的艺术，我们会使得组合更加均衡，力争为投资人带来资产的稳健增长。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:08.823Z","fund":{"_id":3000000014874,"__csrcFundId":10796,"stockCode":"014874","shortName":"惠升惠远回报混合A","masterFundShortName":"惠升惠远回报混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14874,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:35.350Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-17T16:00:00.000Z","name":"惠升惠远回报混合型证券投资基金","fundCollectionId":4000051720000,"followedNum":2,"setUpDate":"2022-01-17T16:00:00.000Z","setUpAssetScale":100003104.22,"setUpShares":100003104.22,"pinyin":"hshyhbhhxzqtzjj","managers":[{"stockCode":"8801423051","stockType":"fund_manager","exchange":"fm","tickerId":262511161200,"name":"张玉坤"}]},"announcement":{"linkText":"惠升惠远回报混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=811620","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1007fea5b3eb0516741","date":"2022-06-29T16:00:00.000Z","stockId":3000000014874,"sao":"上半年，宏观经济的意外因素持续扰动资本市场，包括国内新冠疫情冲击，俄乌冲突导致的地缘政治风险以及能源危机等，资产定价方面也受到上述因素影响而出现变化。债券市场方面，市场多空因素交织，长端利率窄幅震荡，短端利率受流动性宽松影响下行幅度较大，长短端走势出现分化。权益市场方面，一季度，A股市场大幅下跌，二季度在政策不断宽松信号、流动性充裕刺激下大幅反弹，但市场整体仍大幅下跌，大多数行业跌幅较大，只有能源以及新能源相关行业涨幅较大。报告期内，本基金开始运作并进入建仓期。运作初期，基于对市场风险、净值回撤控制等考虑，我们将股票仓位控制在较低水平。随市场风险的释放以及市场吸引力增加，我们逐渐增加股票仓位。组合构建坚持稳健策略，价值和成长风格兼顾。报告期内，本基金债券仓位主要以短券为主，整体仓位较稳定，对下半年的债券市场，整体保持震荡偏谨慎的看法。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:08.820Z","mo":"对于下半年的权益市场，我们持谨慎乐观的看法。短期来看，市场需要经受上市公司中报的考验，同时下半年国内外政策仍有波动的可能，市场仍然维持震荡格局。但中期来看，新冠疫情逐渐缓和，经济活动恢复正常，经济仍将呈现增长的韧性，加上政策友好、流动性充裕，A股市场的估值优势以及优秀企业的吸引力仍在。展望下半年债券市场，国内疫情反复仍将影响经济复苏进程，房地产行业风险仍处于持续出清状态，消费和基建将成为主要发力点，但能否提前使用下一年的地方政府债额度仍具有一定难度。国内经济仍面临下行压力，需密切关注对经济目标实现的态度，以及增量财政工具的出台情况。宽财政需要宽货币配合，在经济恢复以及疫情得到有效控制前，货币政策预计仍将保持流动性合理充裕。我们整体对债券市场保持震荡的判断，密切关注经济数据和政策变化，操作更加灵活，力争为投资者创造更多价值。","fund":{"_id":3000000014874,"__csrcFundId":10796,"stockCode":"014874","shortName":"惠升惠远回报混合A","masterFundShortName":"惠升惠远回报混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14874,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:35.350Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-17T16:00:00.000Z","name":"惠升惠远回报混合型证券投资基金","fundCollectionId":4000051720000,"followedNum":2,"setUpDate":"2022-01-17T16:00:00.000Z","setUpAssetScale":100003104.22,"setUpShares":100003104.22,"pinyin":"hshyhbhhxzqtzjj","managers":[{"stockCode":"8801423051","stockType":"fund_manager","exchange":"fm","tickerId":262511161200,"name":"张玉坤"}]},"announcement":{"linkText":"惠升惠远回报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=780072","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1007fea5b3eb0516740","date":"2022-03-30T16:00:00.000Z","stockId":3000000014874,"sao":"一季度，国内宏观经济喜忧参半。1-2月份PMI、工业增加值、用电量等指标均显示经济平稳运行，制造业固定资产投资数据甚至超预期得好。但三月份开始，尤其进入二季度，新冠疫情风险再起，涉疫各地开始施行严厉的封控措施，对物流、供应链造成很大压力甚至局部中断。疫情升温导致防控被动升级，不仅影响到广义消费（消费和服务业），也会通过对地产销售的影响向建筑业和制造业传递。国内政策看，稳增长是主线，央行等部门也不断释放宽松的预期信号。一季度，美联储的加息预期以及俄罗斯和乌克兰的地缘政治冲突成为境外主要风险因素，对全球各类资产带来剧烈冲击。受上述风险因素影响，权益市场呈现明显的防御特征，A股一季度整体大幅下跌，只有少数行业如能源板块受地缘政治冲突大幅推高油价影响大幅上涨，以及稳增长受益行业如地产、建筑有正有收益，其余大部分行业均大幅下跌。报告期内，本基金进入建仓期。基于对宏观经济和市场风险的判断，本基金采取稳健偏保守的策略，低仓位运行，以价值风格为主，选择低估值和高分红收益率方向，注重企业内在价值。经历一季度的市场大幅下跌后，我们对未来权益市场持谨慎乐观的看法。新冠疫情对经济的扰动是暂时的，疫情缓和后，经济仍然会保持增长的韧性，优秀企业的吸引力在上升，市场机会在增加。展望后市我们对债券市场保持谨慎乐观的态度，在操作上用活跃利率品增加久期暴露的弹性，底仓以短久期高票息品种为主。转债的投资作为本基金权益收益来源的一个重要补充，转债配置策略主要以新上市及低估值品种为主，部分布局弹性较大的品种，为组合增厚收益。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:08.818Z","fund":{"_id":3000000014874,"__csrcFundId":10796,"stockCode":"014874","shortName":"惠升惠远回报混合A","masterFundShortName":"惠升惠远回报混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14874,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:35.350Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-17T16:00:00.000Z","name":"惠升惠远回报混合型证券投资基金","fundCollectionId":4000051720000,"followedNum":2,"setUpDate":"2022-01-17T16:00:00.000Z","setUpAssetScale":100003104.22,"setUpShares":100003104.22,"pinyin":"hshyhbhhxzqtzjj","managers":[{"stockCode":"8801423051","stockType":"fund_manager","exchange":"fm","tickerId":262511161200,"name":"张玉坤"}]},"announcement":{"linkText":"惠升惠远回报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=721861","linkType":"PDF","source":"csrc_pdf"}}]}