window.pageData = {"stock":{"_id":3000000015026,"stockCode":"015026","shortName":"鹏华增华混合A","masterFundShortName":"鹏华增华混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15026,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","name":"鹏华增华混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2022-08-15T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-15T16:00:00.000Z","setUpAssetScale":186453002.75,"setUpShares":186453002.75,"pinyin":"phzhhhxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50060000","tickerId":50060000,"name":"鹏华基金管理有限公司"},"managers":[{"name":"赵花荣","stockType":"fund_manager","stockCode":"j101020039","exchange":"fm","tickerId":260818244600}],"hotMetrics":{"fss":{"stockId":3000000015026,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0,"f_ins_h_s_r_c_hy":-0.6912999999999999,"f_ind_h_s_r":1,"f_ind_h_s_r_c_hy":0.6913,"f_h_a":405,"f_h_s_a":100571,"f_ind_h_s_r_c_1y":0.6889000000000001,"f_ins_h_s_r_c_1y":-0.6889,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000015026,"type":"fpr","f_p_r_fys_ssc":8993,"f_p_r_fys_ssrp":0.47731316725978645,"f_p_r_m1_ssc":9202,"f_p_r_m1_ssrp":0.2284534289751114,"f_p_r_m3_ssc":9085,"f_p_r_m3_ssrp":0.4476001761338617,"f_p_r_m6_ssc":8802,"f_p_r_m6_ssrp":0.5536870810135212,"f_p_r_y1_ssc":8330,"f_p_r_y1_ssrp":0.5274342658182255,"f_p_r_y2_ssc":7721,"f_p_r_y2_ssrp":0.5240932642487046,"f_cagr_p_r_fs_ssc":9147,"f_cagr_p_r_fs_ssrp":0.8818062541001531,"f_p_r_y3_ssc":6925,"f_p_r_y3_ssrp":0.9211438474870017},"fp":{"stockId":3000000015026,"type":"fp","f_p_r_fys":0.07736877982276713,"f_p_r_m1":0.1840429516793609,"f_p_r_m3":0.03786800919338962,"f_cagr_p_r_fs":-0.014149775331965264,"f_p_r_m6":0.05214689892377655,"f_p_r_d1":-0.011281531246038812,"f_p_r_y1":0.2643999999999984,"f_p_r_y2":0.31543903454015676,"last_data_date":"2026-05-06T16:00:00.000Z","f_p_r_y3":-0.07985639433339908},"ff":{"stockId":3000000015026,"type":"ff","f_m_f":274882,"f_m_f_r":0.012,"f_c_f":45813,"f_c_f_r":0.002,"f_m_a_c_f":320695,"f_m_a_c_f_r":0.014,"f_m_c_f_d":"2024-12-23T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2025-12-30T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000015026,"type":"f_nlacan","f_nv_d":"2026-05-06T16:00:00.000Z","f_nv":0.9483,"f_nv_cr":0.013141025641025594},"f_as":{"stockId":3000000015026,"type":"f_as","f_tas":23336773.426999997,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000015027,"name":"鹏华增华混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","stockCode":"015027","tickerId":15027,"shortName":"鹏华增华混合C","currency":"CNY","__csrcFundId":11402,"exchange":"jj","lastUpdated":"2025-01-04T00:32:16.595Z","fundCollectionId":4000050060000,"inceptionDate":"2022-08-15T16:00:00.000Z","followedNum":1,"status":"normal","setUpDate":"2022-08-15T16:00:00.000Z","setUpAssetScale":35979771.78,"setUpShares":35979771.78,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"phzhhhxzqtzjj"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015026,"stockId":688002,"holdings":37928,"marketCap":3838313,"netValueRatio":0.082,"quarterlyChange":0.00396825396825462,"stock":{"stockCode":"688002","exchange":"sh","stockType":"company","tickerId":688002,"name":"睿创微纳"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015026,"stockId":338,"holdings":150000,"marketCap":3636000,"netValueRatio":0.0777,"quarterlyChange":0.4093023255813959,"stock":{"stockCode":"000338","exchange":"sz","stockType":"company","tickerId":338,"name":"潍柴动力"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015026,"stockId":1000000000000700,"holdings":8000,"marketCap":3418782,"netValueRatio":0.0731,"quarterlyChange":-0.19198664440734592,"stock":{"stockCode":"00700","exchange":"hk","stockType":"company","tickerId":700,"name":"腾讯控股"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015026,"stockId":603067,"holdings":80000,"marketCap":2510400,"netValueRatio":0.0537,"quarterlyChange":0.0892051371051723,"stock":{"stockCode":"603067","exchange":"sh","stockType":"company","tickerId":603067,"name":"振华股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015026,"stockId":2008,"holdings":36000,"marketCap":2206080,"netValueRatio":0.0471,"quarterlyChange":0.4877397426559853,"stock":{"stockCode":"002008","exchange":"sz","stockType":"company","tickerId":2008,"name":"大族激光"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015026,"stockId":600183,"holdings":40000,"marketCap":2166800,"netValueRatio":0.0463,"quarterlyChange":-0.24142276992017864,"stock":{"stockCode":"600183","exchange":"sh","stockType":"company","tickerId":600183,"name":"生益科技"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015026,"stockId":688220,"holdings":32000,"marketCap":2147840,"netValueRatio":0.0459,"quarterlyChange":-0.18750756567001514,"stock":{"stockCode":"688220","tickerId":688220,"exchange":"sh","stockType":"company","name":"翱捷科技"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015026,"stockId":688552,"holdings":50000,"marketCap":2142000,"netValueRatio":0.0458,"quarterlyChange":0.17951541850220254,"stock":{"name":"航天南湖","exchange":"sh","stockType":"company","stockCode":"688552","tickerId":688552}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015026,"stockId":603799,"holdings":36000,"marketCap":2114280,"netValueRatio":0.0452,"quarterlyChange":-0.13961324348080928,"stock":{"stockCode":"603799","exchange":"sh","stockType":"company","tickerId":603799,"name":"华友钴业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015026,"stockId":603876,"holdings":90000,"marketCap":1994400,"netValueRatio":0.0426,"quarterlyChange":0.4763491005995999,"stock":{"stockCode":"603876","exchange":"sh","stockType":"company","tickerId":603876,"name":"鼎胜新材"}}],"lastFsMetrics":{"latestTurnoverRate":10.592783128027504,"latestTurnoverRateDate":"2025-12-30T16:00:00.000Z"}},"list":[{"_id":"69e7d5876201787ae129f358","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","stockId":3000000015026,"sao":"一季度，前两个月市场呈现了开门红的良好开局，科技成长和顺周期共振，投资机会展现出由点及面的逐步扩散态势。但美以伊战争突然爆发以后，油价快速上涨，全球市场风险偏好下降，主要指数收跌。  本产品的投资目标是在严格控制风险的前提下，通过对不同资产类别的动态配置和个股精选，力求超额收益与长期资本增值。注重投资者长期回报。聚焦于顺应经济周期、顺应政策导向、顺应产业趋势的主线方向，重点配置于在产业链中卡位核心、具备较高竞争壁垒和较强竞争优势的优质企业。本报告期内，加大了质量因子的考量权重，结构上增加了能源结构转型相关的配置比重。","lastUpdated":"2026-04-21T19:52:39.403Z","fund":{"_id":3000000015026,"__csrcFundId":11402,"stockCode":"015026","shortName":"鹏华增华混合(015026)","masterFundShortName":"鹏华增华混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15026,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:23.857Z","status":"normal","exchange":"jj","name":"鹏华增华混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2022-08-15T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-15T16:00:00.000Z","setUpAssetScale":186453002.75,"setUpShares":186453002.75,"pinyin":"phzhhhxzqtzjj","managers":[{"stockCode":"j101020039","stockType":"fund_manager","exchange":"fm","tickerId":260818244600,"name":"赵花荣"}]},"announcement":{"linkText":"鹏华增华混合型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1472196","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ca7bb47ecbd37c10afbe25","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000015026,"sao":"2025年中国股票市场先抑后扬。年初市场情绪低迷，1月受流动性紧张和外部扰动影响，沪指一度跌破3300点。转折点出现在一季度末——国产AI大模型DeepSeek以极低成本实现技术突破，引发全球对中国硬科技资产的重估，点燃全年科技主线行情。二季度复杂多变的外部环境对权益市场带来了扰动和冲击。美国发动的对等关税贸易战扰乱了全球化的贸易秩序，影响了全球经济增长的预期。俄乌、印巴、中东等局部冲突频发，使得地缘局势动荡加剧。但面对外部冲击影响加大、内部困难挑战叠加的复杂局面，我国的经济韧性经受住了考验，部分出口美国的商品实现了对关税的完全转嫁、出口战机也在印巴战场上大获全胜，一定程度上证明了我国制造业的全球竞争力。下半年，分子端，以AI为主线的科技产业基本面持续强劲，“反内卷”驱动预期改善扩围。伴随7月初中央财经委员会定调“反内卷”、雅下水电站工程落地，市场定价基本面复苏、通胀修复。分母端，全球宏观流动性维持宽松，国内权益资产比较优势下，增量资金入市与赚钱效应形成正循环。结构上，科技和资源显著引领。  本产品的投资目标是在严格控制风险的前提下，通过对不同资产类别的动态配置和个股精选，力求超额收益与长期资本增值。注重投资者长期回报。聚焦于顺应经济周期、顺应政策导向、顺应产业趋势的主线方向，重点配置于在产业链中卡位核心、具备较高竞争壁垒和较强竞争优势的优质企业。本报告期内，主要围绕高质量发展，产业结构向微笑曲线两端升级进行布局。","lastUpdated":"2026-03-30T13:33:40.921Z","mo":"展望 2026年，全球宏观经济有望呈现弱复苏、强分化的格局。全球流动性不再共振宽松，但我国依然处在宽松周期延续区间。产业结构上，AI投资继续高增、AI应用进入agent元年，中国制造业出海优势延续，通胀修复由上游向中下游传导，投资机会有望展现出由点及面的逐步扩散态势。同时，在全球地缘政治对抗加剧、地缘经济割裂与技术脱钩风险上升的大环境下，也需时刻关注发展过程中面临的不确定性，包括AI+变现的进展、通胀修复的进程、以及地缘风险等。产业结构上，自立自强、高质量发展，向微笑曲线的两端升级：一端是向上攻坚的，在材料、元件、设备方面的强基础与全球高端产能扩产需求形成共振；另一端是可享有品牌溢价、品牌认知度在全球提升的强品牌出海；贯穿始终的是持续突破的科技创新引领。","fund":{"_id":3000000015026,"__csrcFundId":11402,"stockCode":"015026","shortName":"鹏华增华混合(015026)","masterFundShortName":"鹏华增华混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15026,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:23.857Z","status":"normal","exchange":"jj","name":"鹏华增华混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2022-08-15T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-15T16:00:00.000Z","setUpAssetScale":186453002.75,"setUpShares":186453002.75,"pinyin":"phzhhhxzqtzjj","managers":[{"stockCode":"j101020039","stockType":"fund_manager","exchange":"fm","tickerId":260818244600,"name":"赵花荣"}]},"announcement":{"linkText":"鹏华增华混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1453003","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1167fea5b3eb0517cab","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000015026,"sao":"本产品的投资目标是在严格控制风险的前提下，通过对不同资产类别的动态配置和个股精选，力求超额收益与长期资本增值。注重投资者长期回报。聚焦于顺应经济周期、顺应政策导向、顺应产业趋势的主线方向，重点配置于在产业链中卡位核心、具备较高竞争壁垒和较强竞争优势的优质企业。  本产品的投资体系是通过自上而下的定方向和自下而上的抓关键、算定价相结合，构建高夏普比的组合。  三季度，分子端，“反内卷”驱动预期改善，以AI为主线的科技产业趋势强劲，中报业绩结构性亮点显著。伴随7月初中央财经委员会定调“反内卷”、雅下水电站工程落地，市场定价基本面复苏、通胀修复。AI全球基建大幅增长带动相关产业链公司中报业绩高增。分母端，海外流动性宽松，鲍威尔在JacksonHole年会明确提及货币政策立场调整，全球宏观流动性宽松预期升温，随后9月美联储重启降息，全球股市均迎来风偏抬升，国内权益资产比较优势下，增量资金入市与赚钱效应形成正循环。结构上，科技和资源持续走强，反内卷也有阶段性行情。  我们根据对产业发展的周期位置和公司经营变化的跟踪和研究，对组合进行持续调优，主要围绕产业结构向微笑曲线两端升级进行布局。增加了对AI+、军贸、资源的配置。","lastUpdated":"2026-03-09T13:54:30.187Z","fund":{"_id":3000000015026,"__csrcFundId":11402,"stockCode":"015026","shortName":"鹏华增华混合(015026)","masterFundShortName":"鹏华增华混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15026,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:23.857Z","status":"normal","exchange":"jj","name":"鹏华增华混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2022-08-15T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-15T16:00:00.000Z","setUpAssetScale":186453002.75,"setUpShares":186453002.75,"pinyin":"phzhhhxzqtzjj","managers":[{"stockCode":"j101020039","stockType":"fund_manager","exchange":"fm","tickerId":260818244600,"name":"赵花荣"}]},"announcement":{"linkText":"鹏华增华混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1372321","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1167fea5b3eb0517caa","date":"2025-06-29T16:00:00.000Z","stockId":3000000015026,"sao":"本产品的投资目标是在严格控制风险的前提下，通过对不同资产类别的动态配置和个股精选，力求超额收益与长期资本增值。注重投资者长期回报。聚焦于顺应经济周期、顺应政策导向、顺应产业趋势的主线方向，重点配置于在产业链中卡位核心、具备较高竞争壁垒和较强竞争优势的优质企业。  本产品的投资体系是通过自上而下的定方向和自下而上的抓关键、算定价相结合，构建高夏普比的组合。  我们根据对产业发展的周期位置和公司经营变化的跟踪和研究，对组合进行持续调优，主要围绕高质量发展，产业结构向微笑曲线两端升级进行布局。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:30.184Z","mo":"宏观经济角度，有压力也有韧性。今年上半年，美国发动的对等关税贸易战扰乱了全球化的贸易秩序，影响了全球经济增长的预期。俄乌、印巴、中东等局部冲突频发，使得地缘局势动荡加剧。但面对外部冲击影响加大、内部困难挑战叠加的复杂局面，我国的经济总量体现出了较强的韧性。尤其在结构上，高质量创新涌现，在AI大模型、电影、创新药等局部点上陆续出现了deepseek时刻；高质价比中国制造在实战中证明了较强的综合竞争力，出口战机在印巴战场上大获全胜、部分出口美国的商品实现了对关税的完全转嫁。展望下半年，内外部环境依然面临多重困难挑战，但在调控政策加力提效下，全年有望实现GDP同比5%的增长目标。流动性角度，有望维持合理充裕。权益资产有比较优势。一方面，国内广谱利率进一步下行，大行一年期定存利率下破1%，各类理财和固收类产品收益率持续回落；另一方面，年初至今美元指数跌幅超过10%，美债信用压力加大，“美国例外论”证伪的预期让全球视野的投资人开始讨论全球资金从美元资产回流非美资产，尤其是大中华区的可能性。产业结构上，自立自强、高质量发展，向微笑曲线的两端升级：一端是向上攻坚的，在材料、元件、设备方面的强基础；另一端是可享有品牌溢价、品牌认知度在提升的强品牌；贯穿始终的是持续突破的创新引领。自上而下的纵深推进全国统一大市场建设，依法依规治理企业低价无序竞争，引导企业提升产品品质，推动落后产能有序退出的系列政策举措也值得关注，有望助推高质量发展的进程。","fund":{"_id":3000000015026,"__csrcFundId":11402,"stockCode":"015026","shortName":"鹏华增华混合(015026)","masterFundShortName":"鹏华增华混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15026,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:23.857Z","status":"normal","exchange":"jj","name":"鹏华增华混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2022-08-15T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-15T16:00:00.000Z","setUpAssetScale":186453002.75,"setUpShares":186453002.75,"pinyin":"phzhhhxzqtzjj","managers":[{"stockCode":"j101020039","stockType":"fund_manager","exchange":"fm","tickerId":260818244600,"name":"赵花荣"}]},"announcement":{"linkText":"鹏华增华混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1339847","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1167fea5b3eb0517ca9","date":"2025-03-30T16:00:00.000Z","stockId":3000000015026,"sao":"一季度，市场震荡上行，小幅收涨。在此期间，两个现象级的事件产生了深远的影响：1）DeepSeek的全球出圈，增强了科技自信，直接催化了中国科技资产重估，恒生科技指数大幅收涨，并领先全球主要经济体的股指。对产业进展来说，DeepSeek的高性能、低成本和全开源，将AI代入平权时代，提升了AI产业可持续发展的置信度，加快了AI+应用产业落地的进程。2）《哪吒2》票房一路高歌，进入全球影史票房榜前5，登上全球动画电影票房榜榜首，引发了广泛而深刻的关于文化自信的讨论。  在宏观经济上，我们看到了国内经济触底企稳的迹象，也关注到了贸易摩擦可能给带来的不确定性。  我们秉持注重投资者回报的理念，聚焦于顺应经济周期、顺应政策导向、顺应产业趋势的主线方向，重点配置于在产业链中卡位核心、具备较高竞争壁垒和较强竞争优势的优质企业。对组合进行持续调优，在科技创新主线上，进一步向端侧和应用侧倾斜；在顺应长期经济结构变迁方向上，兑现了价格品种，将新消费切换向产品和产能布局优势更佳的投资标的；增配了杠铃另一端稳定红利类资产。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:30.182Z","fund":{"_id":3000000015026,"__csrcFundId":11402,"stockCode":"015026","shortName":"鹏华增华混合(015026)","masterFundShortName":"鹏华增华混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15026,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:23.857Z","status":"normal","exchange":"jj","name":"鹏华增华混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2022-08-15T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-15T16:00:00.000Z","setUpAssetScale":186453002.75,"setUpShares":186453002.75,"pinyin":"phzhhhxzqtzjj","managers":[{"stockCode":"j101020039","stockType":"fund_manager","exchange":"fm","tickerId":260818244600,"name":"赵花荣"}]},"announcement":{"linkText":"鹏华增华混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269293","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1167fea5b3eb0517ca8","date":"2024-12-30T16:00:00.000Z","stockId":3000000015026,"sao":"本产品的投资目标是在严格控制风险的前提下，通过对不同资产类别的动态配置和个股精选，力求超额收益与长期资本增值。注重投资者长期回报。  本产品的投资体系是通过自上而下的定方向和自下而上的抓关键、算定价相结合，构建高夏普比的组合。  四季度，我们将配置调整到了以下三条主线方向：  (一)  长期产业趋势向上的方向  主要在科技创新领域，包括：1）AI+，随着大模型功能和性能的持续迭代提升，有望迎来AI的端侧放量及各行各业的AI化，未来可见的端侧智能包括：手机、眼镜、玩具、智能驾驶、机器人等；2）科技自立自强：需求侧，地缘的复杂性加强了该领域的必要性和迫切性；供给侧，随着近几年产品力的提升，可用性的满足度也在逐步提升。  (二)  顺应经济结构变迁的方向  受益于此的细分领域包括：1）符合长期人口结构和经济结构转型升级特征的服务消费和悦己消费等新兴消费；2）供给出清、供给格局易于形成产业协同、一揽子经济刺激政策有望带来需求预期边际改善的中上游品种。  (三)  低估值国企改革的方向  低PB的破净资产在政策引导下更加注重市值管理，叠加国企改革有望在ROE或者业绩增速上体现出边际改善。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:30.179Z","mo":"展望2025年，我国经济有望温和修复，尽管面临着诸如外需不确定性等挑战，但国内政策的积极引导以及经济自身的韧性将推动经济实现一定程度的回升。流动性有望维持合理充裕。央行可能会综合运用多种货币政策工具，以降低实体经济的融资成本，支持企业的生产经营和投资活动；美联储当前利率仍远高于中性利率水平，过程中可能有通胀等因素擎肘，但回归合理中性利率水平的方向是明确的。产业结构上，以AI+为代表的新质生产力有望带来新的增长动能。我们将秉持注重投资者回报的理念，聚焦顺应经济周期、顺应政策导向、顺应产业趋势的主线方向，重点配置于在产业链中卡位核心、具备较高竞争壁垒和较强竞争优势的优质企业。","fund":{"_id":3000000015026,"__csrcFundId":11402,"stockCode":"015026","shortName":"鹏华增华混合(015026)","masterFundShortName":"鹏华增华混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15026,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:23.857Z","status":"normal","exchange":"jj","name":"鹏华增华混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2022-08-15T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-15T16:00:00.000Z","setUpAssetScale":186453002.75,"setUpShares":186453002.75,"pinyin":"phzhhhxzqtzjj","managers":[{"stockCode":"j101020039","stockType":"fund_manager","exchange":"fm","tickerId":260818244600,"name":"赵花荣"}]},"announcement":{"linkText":"鹏华增华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=1249728","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1167fea5b3eb0517ca7","date":"2024-09-29T16:00:00.000Z","stockId":3000000015026,"sao":"三季度，在经历了两个多月的持续下行后，出现了大幅反弹。美联储降息后，国内货币政策空间打开，存量房贷降息叠加全面降准政策超出市场预期，政治局会议提出的推动房地产市场“止跌回稳”，进一步带动了市场对资产价格重估的期盼。总体而言，三季度的市场经历了情绪的大幅回暖，由减量博弈市场变为增量入市市场，市场估值修复的速度十分迅猛。鹏华增华三季度保持中等仓位运作，9月末，在政策预期扭转的情况下，将仓位提升至高仓位水平，消费和成长是重点加仓方向。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:30.176Z","fund":{"_id":3000000015026,"__csrcFundId":11402,"stockCode":"015026","shortName":"鹏华增华混合(015026)","masterFundShortName":"鹏华增华混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15026,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:23.857Z","status":"normal","exchange":"jj","name":"鹏华增华混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2022-08-15T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-15T16:00:00.000Z","setUpAssetScale":186453002.75,"setUpShares":186453002.75,"pinyin":"phzhhhxzqtzjj","managers":[{"stockCode":"j101020039","stockType":"fund_manager","exchange":"fm","tickerId":260818244600,"name":"赵花荣"}]},"announcement":{"linkText":"鹏华增华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=1171657","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1167fea5b3eb0517ca6","date":"2024-06-29T16:00:00.000Z","stockId":3000000015026,"sao":"今年市场呈现宽幅震荡走势，市场情绪大起大落，虽然指数涨跌幅层面看似不大，但是波动率极高。整体而言，今年市场结构与去年类似，依旧在大蓝筹高股息与小盘主题之间进行纺锤形交易，表明市场认为当前经济与货币环境与去年相比并无明显变化。五月份，M1增速创出有该数据统计以来的最差值，房贷提前还款率达到历史最高水平。房地产销售同环比依旧在快速下行，前期房地产救市政策在绝大多数区域尚没有显现出明显效果。这表明居民及企业风险偏好进一步下降，经济依旧处在衰退状态。组合在一季度初的市场下跌中，由于结构较为均衡，持仓中有一定数量的中小市值公司，因此跌幅较大，此后对组合进行了结构调整，向中大市值进行了偏移，因此二季度超额收益明显回升。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:30.174Z","mo":"展望未来一段时期，我认为在经济总量收缩的大背景下，需求成长型行业的数量减少且增长持续性较差。货币政策层面，央行依旧在积极推动实际利率的下行，货币政策依旧是以总量宽松为主基调，但边际上受制于美联储加息时间持续延后，汇率压力犹存，难以进一步宽松。而这一局面有望在美联储真正开始降息后得以缓解，届时国内的财政政策、货币政策空间有望打开。国际政治层面，中美角力态势进入白热化阶段，2024是美国大选年，中美贸易战、科技战的风险进一步提升，国际热点地区军事冲突更加频繁，黑天鹅事件或较往年更多。结合自身能力圈的拓展，组合在蓝筹、周期板块进行了配置，部分对冲了成长风格不利的局面。而在过去擅长的高端制造方向，我们更加关注资本开支尚有提升空间的领域，主要包括电网、轨交、油服等领域。下半年地产在基数效应的影响下，数据也有可能出现一定边际变化，对于市场或许会产生新的关注点，对于地产产业链我们将加大研究储备力度。整体而言，保持积极心态，寻找结构性机会依旧是未来的主要工作方向，市场缺乏全面性机会。","fund":{"_id":3000000015026,"__csrcFundId":11402,"stockCode":"015026","shortName":"鹏华增华混合(015026)","masterFundShortName":"鹏华增华混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15026,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:23.857Z","status":"normal","exchange":"jj","name":"鹏华增华混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2022-08-15T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-15T16:00:00.000Z","setUpAssetScale":186453002.75,"setUpShares":186453002.75,"pinyin":"phzhhhxzqtzjj","managers":[{"stockCode":"j101020039","stockType":"fund_manager","exchange":"fm","tickerId":260818244600,"name":"赵花荣"}]},"announcement":{"linkText":"鹏华增华混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1143528","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1167fea5b3eb0517ca5","date":"2024-03-30T16:00:00.000Z","stockId":3000000015026,"sao":"2024年一季度，市场出现了较大幅度的波动，市场情绪也经历了从极度悲观到乐观的V型转变。从板块结构上看，银行、家电等蓝筹板块以及石油石化、煤炭、有色等周期板块表现优异，而以医药、计算机、电子为代表的成长板块表现较差，其中AI、机器人等主题方向则表现较好，与板块走势出现较大幅度的背离。从风格结构上看，高股息、中大盘蓝筹表现较好，中小市值成长股则经历了一轮流动性风险的出清。    可以说今年市场一季度的市场风格是去年的一种延续，这与宏观经济的状态也是一致的，虽然在一季度部分月份的PMI、进出口等数据上看到改善迹象，但宏观数据与微观现实的背离依旧让市场参与者依旧维持了去年以来的纺锤形交易结构，既高股息与主题炒作并行，唯一不同的是以有色金属为代表的资源品开始逐步体现出超额收益，这类我们传统上归类为高波动周期品的资产，在当前供给收缩预期及国际政治局势变化的影响下，反而呈现较为明显的避险属性。目前，经济三驾马车中出口再次成为拉动需求的主力，机电类产品依旧是出口的主力品种，消费呈现量增价减的状态，而投资在房地产下行、财政支出保持合理总量的条件下是主要的拖累项。整体来看，除非外部环境出现较为不可控的重大因素，否则这种趋势短期内尚难以改变。    过往，我们主要寻找需求端有持续增长的行业进行投资，力求获得收入和估值双升的成长型机会，但是从去年下半年开始这种投资方式受到了较大冲击。在经济总量收缩的大背景下，需求成长型行业的数量减少且增长持续性较差。考虑到这种经济环境可能会持续较长的时间，叠加自身能力圈的拓展，我们在蓝筹、周期板块进行了配置，而在过去擅长的高端制造方向，我们更加关注资本开支尚有提升空间的领域，主要包括电网、轨交、油服等领域。整个组合在市值和板块方向上都更为均衡，而不再过度集中于中小市值成长方向。这并不意味着我们放弃了对中小市值成长股的挖掘工作，而是在组合层面结合宏观经济背景条件下，对胜率和赔率进行的再平衡。这种改变在短期内可能无法迅速扭转净值压力，但却是我们从单一成长型风格向均衡成长型风格转型迈出的重要一步，有利于我们更加适应未来不同环境下的市场。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:30.171Z","fund":{"_id":3000000015026,"__csrcFundId":11402,"stockCode":"015026","shortName":"鹏华增华混合(015026)","masterFundShortName":"鹏华增华混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15026,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:23.857Z","status":"normal","exchange":"jj","name":"鹏华增华混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2022-08-15T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-15T16:00:00.000Z","setUpAssetScale":186453002.75,"setUpShares":186453002.75,"pinyin":"phzhhhxzqtzjj","managers":[{"stockCode":"j101020039","stockType":"fund_manager","exchange":"fm","tickerId":260818244600,"name":"赵花荣"}]},"announcement":{"linkText":"鹏华增华混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1069012","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1167fea5b3eb0517ca4","date":"2023-12-30T16:00:00.000Z","stockId":3000000015026,"sao":"2023年市场全面下行。今年中美经济的走势似乎和年初市场预期的大相径庭。中国经济在防控政策放松后曾被寄予厚望，然而防疫政策放松对经济的促进作用似乎较为短暂，二季度经济运行情况低于市场预期，这种弱现实与中国本轮库存周期的节奏较为一致。而从三季度的经济数据中已经见到复苏端倪，虽然四季度经济数据又有部分调整迹象，但是在经济底部复苏的过程中，阶段性的波折也是在所难免的。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:30.168Z","mo":"展望未来，在库存周期见底回升和政策周期回暖的双重带动下，国内经济有望进入持续弱复苏的通道。美国在本轮大幅加息周期中，经济增速持续超出市场预期。而美国部分经济数据与国债利率分别在10月和11月份呈现出见顶迹象，在美国当前债务体量下难以持续维持高利率状态，因此我们认为本轮加息周期已进入末端，对非美国家的汇率和资本市场估值压制有望结束。从A股和港股的估值水平来看，当前处于历史底部区域，股息率水平则处于历史中国区域，从长期的隐含回报率来看，当前市场具备较强的吸引力。  组合业绩全年来看不尽如人意，归因来看回撤主要来自两方面，一是二季度经济下行后，未能对组合中的工业后周期资产进行及时的收益兑现，这类资产在三季度出现了较大幅度的回撤；二是在三季度大幅增配了港股创新药、医疗服务板块，虽然此后A股、美股创新药指数大幅上涨，但由于港股系统性的流动性缺失，导致走势明显弱于同期A股、美股同类资产。未来组合会在成长方向积极寻找低估值的配置机会，降低收益预期，更加注重新开仓的安全边际。","fund":{"_id":3000000015026,"__csrcFundId":11402,"stockCode":"015026","shortName":"鹏华增华混合(015026)","masterFundShortName":"鹏华增华混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15026,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:23.857Z","status":"normal","exchange":"jj","name":"鹏华增华混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2022-08-15T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-15T16:00:00.000Z","setUpAssetScale":186453002.75,"setUpShares":186453002.75,"pinyin":"phzhhhxzqtzjj","managers":[{"stockCode":"j101020039","stockType":"fund_manager","exchange":"fm","tickerId":260818244600,"name":"赵花荣"}]},"announcement":{"linkText":"鹏华增华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=1051175","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1167fea5b3eb0517ca3","date":"2023-09-29T16:00:00.000Z","stockId":3000000015026,"sao":"三季度，市场走势较弱，结构上看，金融、地产、能源相关产业链表现相对较好，体现到具体行业上，表现为非银金融、煤炭、石油石化、钢铁、银行、建材等板块有正收益；而成长方向表现较差，TMT、电力设备及新能源相关行业出现了较大幅度的下跌。    从宏观经济基本面和政策面来看，三季度均出现了积极转变的趋势。7月份的政治局会议提出“要活跃资本市场，提振投资者信心”，“要有效防范化解地方债务风险,制定实施一揽子化债方案”，同时16部委联合发文推动旧城改造，一线城市“认房不认贷”政策先后落地。一系列的政策举措表明政府托底经济的态度已经十分明确，对于房地产行业的态度也发生了较为明显的转变。而从经济数据来看，制造PMI指数自5月份以来连续四个月环比回升，9月份制造业PMI重新站上荣枯线，8月份规模以上工业企业利润增速由负转正，这也表明二季度库存周期基本见底。当前内需恢复虽然较慢，但是进一步下行压力已经明显较小。    组合在三季度继续进行结构调整，主要在医药、非银金融、建材方向进行了增持。当前阶段，押注经济继续下行我们认为是有风险的。未来一个阶段，我们将在中游制造和医药等领域进行进一步的个股挖掘。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:30.165Z","fund":{"_id":3000000015026,"__csrcFundId":11402,"stockCode":"015026","shortName":"鹏华增华混合(015026)","masterFundShortName":"鹏华增华混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15026,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:23.857Z","status":"normal","exchange":"jj","name":"鹏华增华混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2022-08-15T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-15T16:00:00.000Z","setUpAssetScale":186453002.75,"setUpShares":186453002.75,"pinyin":"phzhhhxzqtzjj","managers":[{"stockCode":"j101020039","stockType":"fund_manager","exchange":"fm","tickerId":260818244600,"name":"赵花荣"}]},"announcement":{"linkText":"鹏华增华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=986925","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1167fea5b3eb0517ca2","date":"2023-06-29T16:00:00.000Z","stockId":3000000015026,"sao":"2023年上半年，市场依旧延续了结构性行情的特征，行业风格轮动速度较快，整体来看，市场主线依旧是在宽货币弱复苏逻辑下的主题投资方向，人工智能、机器人、中特估表现亮眼。市场对于国内经济复苏的节奏经历了较大幅度的变化，一季度市场对防疫政策变化后经济复苏的力度较高，而二季度市场处于降低经济复苏预期的过程，消费、制造、周期均有一定EPS下调的压力。海外来看，美国制造业资本开支持续创出新高，以半导体为代表的电子产业链明显拉动了美国制造业投资，也使得美国劳动力短缺在部分州持续出现，而另一方面，美国十年期国债与两年期国债收益率的倒挂幅度也进一步扩大，表明衰退风险又是显著存在的，中美脱钩给两国的经济都带来了较为明显的结构扭曲。 过去一段时间，组合结构发生了一定变化，对一季度表现较好的TMT行业进行了部分的收益兑现，小幅增持了高端制造和蓝筹板块。依旧对面向消费者需求、面向出口需求的行业依旧保持谨慎。考虑到本轮去库存周期已经进行了8个月左右，中游行业的估值性价比和收益弹性有所增加，因此增配了机械等泛制造板块。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:30.163Z","mo":"去年末我们对经济复苏力度较为谨慎。站在当前时点，我们认为可以开始乐观一点，因为市场也已经意识到了经济复苏的不及预期，股价已经有了一定的反应，如果未来库存周期见底，那么制造业可能会迎来一轮比较好的投资机会。","fund":{"_id":3000000015026,"__csrcFundId":11402,"stockCode":"015026","shortName":"鹏华增华混合(015026)","masterFundShortName":"鹏华增华混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15026,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:23.857Z","status":"normal","exchange":"jj","name":"鹏华增华混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2022-08-15T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-15T16:00:00.000Z","setUpAssetScale":186453002.75,"setUpShares":186453002.75,"pinyin":"phzhhhxzqtzjj","managers":[{"stockCode":"j101020039","stockType":"fund_manager","exchange":"fm","tickerId":260818244600,"name":"赵花荣"}]},"announcement":{"linkText":"鹏华增华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=961618","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1167fea5b3eb0517ca1","date":"2023-03-30T16:00:00.000Z","stockId":3000000015026,"sao":"一季度，市场较去年明显回暖，TMT在数字经济、信创、AI等多重概念拉动下表现强劲，银行地产等蓝筹板块走势相对较弱。    宏观经济层面来看，当前处于强预期弱现实的状态。年初考虑到疫情政策全面放开，感染高峰逐步过去，市场对于经济复苏的预期较为强烈，一季度前两个月PMI数据也相对较强，但是三月份开始，通过微观调研以及宏观数据的验证来看，经济目前依旧处于弱复苏的状态，PMI环比下行。海外需求下行较为明显，美国三月份PMI指数为46.3，是2020年5月以来的最低值。    由于目前经济状态符合此前弱复苏的判断，因此组合持仓结构并未出现变化，依旧是以面向B端、G端需求的科技创新、高端制造为主要方向，辅以医药医疗等与经济弱相关的消费行业为主。具体到行业上，数字经济、高端制造、风电、医药医疗、国防军工等行业依旧是长期看好的方向。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:30.160Z","fund":{"_id":3000000015026,"__csrcFundId":11402,"stockCode":"015026","shortName":"鹏华增华混合(015026)","masterFundShortName":"鹏华增华混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15026,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:23.857Z","status":"normal","exchange":"jj","name":"鹏华增华混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2022-08-15T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-15T16:00:00.000Z","setUpAssetScale":186453002.75,"setUpShares":186453002.75,"pinyin":"phzhhhxzqtzjj","managers":[{"stockCode":"j101020039","stockType":"fund_manager","exchange":"fm","tickerId":260818244600,"name":"赵花荣"}]},"announcement":{"linkText":"鹏华增华混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=886691","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1167fea5b3eb0517ca0","date":"2022-12-30T16:00:00.000Z","stockId":3000000015026,"sao":"2022年全球股票市场遭遇了疫情爆发三年来最严峻的冲击。    市场大幅下行的原因是多方面的：首先，美联储本轮货币宽松政策正式终结，开始步入加息周期，由于此前美联储低估了通胀的幅度以及持续性，本轮美联储加息幅度和节奏也持续超出了市场的预期，新冠疫情爆发以来全球资本市场在超额流动性的支持下表现较为优异，而当水龙头开始拧紧时，估值的压力就会明显显现，最终形成连锁反应。其次，地缘政治冲突加剧了大宗商品价格的上行压力和风险偏好的下行，2月份俄乌冲突的爆发，使得以天然气为代表的能源价格暴涨，全球产业链均受到不同程度的影响，欧洲经济下行周期开启，进而对总需求产生了不利影响。再次，国内疫情防控也遇到了持续的挑战，包括华东、华南、华北均出现了较难控制的快速传播，12月初疫情政策优化，短时间内不可避免的大面积的感染造成了企业开工率阶段性不足，进一步影响了年末的经济增速。综合来看，2022年我国的经济基本面、货币环境、国际局势均出现了不少的挑战。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:30.157Z","mo":"展望2023年，经济基本面的不利状态在2023年一季度第一波疫情高峰到来之后有望缓慢好转。出口方面欧洲日本当前有衰退风险，而美国经济在持续加息的情况下，由强转弱仅是时间问题，因此出口未来面临的压力也将较大。而货币政策和财政政策方面，2022年整体较为平稳，缺乏亮点，一方面是因为抗疫支出较大，另一方面是年初大宗商品价格处于高位，PPI、CPI均存在一定的压力，而2023年这两大不利因素均有所好转，因此货币政策和财政政策的空间相较于2022年有所提升，值得期待。按照我的投资框架，货币政策对A股市场的影响大于经济基本面，因此虽然经济基本面面临一定的外生性压力，但并不代表市场不可为，还是要多跟踪货币政策和财政政策是否有一定的边际向好趋势。    组合成立后，基于绝对收益的安全垫思维，对建仓节奏进行了把控，组合整体的回撤较小。目前组合将进一步向国内需求、企业端和政府端需求为主的企业集中，对面向消费者需求的行业保持谨慎。对应到行业上，加仓方向主要是数字经济中真正具备助力产业和政府治理能力升级，能够兑现业绩的工业控制自动化、工业互联网设备、工业软件、物流自动化、设备运维服务、卫星遥感应用等，考虑到上游周期品的价格压力，对持仓中的化工等周期成长板块进行了减持。未来一段时间，组合投资思路不变，数字经济、高端制造、国防军工、风电、医药医疗等行业依旧是长期看好的方向。在个人能力圈的建设方面，今年将向周期品行业进行拓圈，过往自己在周期品行业的投资更多的是集中于基础化工行业，且更多的投资于新材料等成长属性更强的细分方向中，今年将重点加强在传统大周期板块的学习，包括有色金属、钢铁、煤炭、石化等，尝试建立更广泛视角的产业周期思维。","fund":{"_id":3000000015026,"__csrcFundId":11402,"stockCode":"015026","shortName":"鹏华增华混合(015026)","masterFundShortName":"鹏华增华混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15026,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:23.857Z","status":"normal","exchange":"jj","name":"鹏华增华混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2022-08-15T16:00:00.000Z","followedNum":1,"setUpDate":"2022-08-15T16:00:00.000Z","setUpAssetScale":186453002.75,"setUpShares":186453002.75,"pinyin":"phzhhhxzqtzjj","managers":[{"stockCode":"j101020039","stockType":"fund_manager","exchange":"fm","tickerId":260818244600,"name":"赵花荣"}]},"announcement":{"linkText":"鹏华增华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=869205","linkType":"PDF","source":"csrc_pdf"}}]}