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从结构看，5/6月经济预期虽然环比修复，但市场对地产面临的复杂困境理解加深，对经济复苏的高度抱有迟疑，因此与宏观经济关联度较高的地产基建以及消费估值被压制，而与经济关联度较低且最先受益于疫情恢复的先进制造业成为市场的主力突破口，以新能源为代表的成长股反弹显著。  本基金于3月份成立，4月后考虑经济预期已触底上修，本基金提升仓位至较高水平，主要聚焦在三个方向，一是成长方向，重点增持电力设备、电子、化工、汽车、机械等高景气成长方向的核心标的。二是通胀方向，主要在分布在石化和化工等行业。三是布局基本面最强的高端白酒和快递等消费方向。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:15.852Z","mo":"展望下半年，国内经济最大的压力仍来自于房地产，巨额债务化解难度较大，地产传统的融资和投资链条已经失效，旧有的地产开发模式面临重构。另一方面，随着利率的下降，政策逐步宽松，购房需求仍然存在。政府需要在短期经济、民生、中长期目标等等方面进行复杂的政策平衡。虽然地产压力持续存在，但我们对下半年经济也并不悲观。首先国内的财政与货币政策将确定性保持宽松。随着专项债发行加快，基建有望继续提速，出口也有望保持韧性。同时疫情虽有反复，但国内应对措施明显更加成熟，对经济的影响也将明显小于上半年。我们预期下半年经济将呈现低位逐步复苏的态势。在经济低位企稳回升但复苏高度受明确约束的背景下，预计国内资本市场仍将保持活跃且以成长为主。虽然5/6月已经有较多反弹，但与经济总量相关度较小的高景气成长方向可能仍是市场主要方向，一些新的产业趋势将受到追捧，这会是我们下半年配置的主力方向。同时我们会继续在通胀方向保持仓位，海外冲突的长期化可能重塑一些行业的长期供需格局。最后是布局一些自下而上看基本面最强的消费细分方向。","fund":{"_id":3000000014913,"__csrcFundId":10836,"stockCode":"014913","shortName":"博时研究回报混合(014913)","masterFundShortName":"博时研究回报混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14913,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:24:59.053Z","status":"normal","exchange":"jj","name":"博时研究回报混合型证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2022-03-14T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-14T16:00:00.000Z","setUpAssetScale":110872036.81,"setUpShares":110872036.81,"pinyin":"bsyjhbhhxzqtzjj","managers":[{"stockCode":"db20774623","stockType":"fund_manager","exchange":"fm","tickerId":2316205270,"name":"吴鹏"}]},"announcement":{"linkText":"博时研究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=786508","linkType":"PDF","source":"csrc_pdf"}}]}