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年，本基金维持了较高的权益比例，尤其是在三季度市场持续下行、接近年初低位时，组合权益仓位水平进一步提升。因此，在后续市场因政策催化而大涨时，本基金净值得以快速增长。在策略上，我们采取了相对均衡的价值与成长相结合的策略。一方面，组合的核心配置是那些业务稳定、基于现金流估值具有优势的价值类企业。这类企业是中国经济的基石，也是我们组合配置的基础；另一方面，基于行业景气周期和估值因素，组合重点配置了部分成长类行业以及周期性行业。例如，成长行业中的半导体，在报告期内对组合净值增长贡献显著。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:44.094Z","mo":"从周期角度来看，当前的中国经济处于新旧动能转换阶段。传统经济增长引擎如地产、基建以及相关联的制造业处于消化过剩产能状态，消费也受人口周期制约无法发力。但新的增长动能也在积聚和更替，科技为代表的新质生产力包括新能源等制造业产业链的发展，AI大模型突破后对产业的促进等，不断为经济增长提供新的动力。我们对权益市场持乐观态度。一方面，估值处于较低水平，考虑持续下行的无风险收益水平，A股市场的估值显得更具吸引力。另一方面，权益市场有相当一批公司，是经济的中流砥柱，业务稳定、分红收益率高，这些构成市场中枢力量，是组合配置的基础。同时，中国巨大的市场和完善的产业链，在各行业涌现了一批具有全球竞争力的企业，无论世界格局如何变化，这些企业都为权益投资带来了丰富的机会。","fund":{"_id":3000000015110,"__csrcFundId":11011,"stockCode":"015110","shortName":"惠升领先优选混合(015110)","masterFundShortName":"惠升领先优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15110,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:29:23.594Z","status":"normal","exchange":"jj","fundCollectionId":4000051720000,"inceptionDate":"2022-03-08T16:00:00.000Z","name":"惠升领先优选混合型证券投资基金","followedNum":1,"setUpDate":"2022-03-08T16:00:00.000Z","setUpAssetScale":159996980.87,"setUpShares":159996980.87,"pinyin":"hslxyxhhxzqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"},{"stockCode":"j101020833","stockType":"fund_manager","exchange":"fm","tickerId":1210261100,"name":"刘进"}]},"announcement":{"linkText":"惠升领先优选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=1248675","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1247fea5b3eb051894e","date":"2024-09-29T16:00:00.000Z","stockId":3000000015110,"sao":"三季度权益市场跌宕起伏。前期市场延续颓势，但季度末在政策的强力刺激下，市场热情极大激发，几个交易日的大涨使得市场创过去一年的新高。报告期内，基于对市场风险收益比的考虑，本基金不断增加权益仓位水平，后期接近仓位上限。策略上采取相对均衡的配置，一方面配置业务稳定、基于现金流估值有优势的价值类企业；另一方面基于行业景气周期和估值，配置部分处于周期底部、趋势向好的行业。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:44.091Z","fund":{"_id":3000000015110,"__csrcFundId":11011,"stockCode":"015110","shortName":"惠升领先优选混合(015110)","masterFundShortName":"惠升领先优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15110,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:29:23.594Z","status":"normal","exchange":"jj","fundCollectionId":4000051720000,"inceptionDate":"2022-03-08T16:00:00.000Z","name":"惠升领先优选混合型证券投资基金","followedNum":1,"setUpDate":"2022-03-08T16:00:00.000Z","setUpAssetScale":159996980.87,"setUpShares":159996980.87,"pinyin":"hslxyxhhxzqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"},{"stockCode":"j101020833","stockType":"fund_manager","exchange":"fm","tickerId":1210261100,"name":"刘进"}]},"announcement":{"linkText":"惠升领先优选混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1170018","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1247fea5b3eb051894d","date":"2024-06-29T16:00:00.000Z","stockId":3000000015110,"sao":"上半年市场表现分化巨大，虽然沪深300指数与年初相比基本持平，但大多数行业指数大幅下跌，尤其是中小市值个股跌幅巨大。报告期内，本基金保持较高的权益比例，采取相对均衡的价值和成长策略。一方面配置业务稳定、基于现金流估值有优势的价值类企业，该类企业是中国经济的基石，也是组合配置的基础；另一方面基于行业景气周期和估值，配置部分成长类行业。从经济增长驱动因素角度看，科技创新是未来的关键，从这个角度，科技类成长策略是我们组合的另一个配置方向。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:44.083Z","mo":"展望未来，站在当下时点看，尽管有各种理由导致市场信心不足，但目前权益市场整体估值处于低位，从风险溢价角度，权益市场具有吸引力。优质企业的估值并不高，市场还有大量具有成长前景的成长企业。从经济增长驱动因素角度看，科技创新是未来经济转型的关键，我们也看到一批科技企业在成长。从这个角度看，我们对市场保持相对乐观的态度。","fund":{"_id":3000000015110,"__csrcFundId":11011,"stockCode":"015110","shortName":"惠升领先优选混合(015110)","masterFundShortName":"惠升领先优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15110,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:29:23.594Z","status":"normal","exchange":"jj","fundCollectionId":4000051720000,"inceptionDate":"2022-03-08T16:00:00.000Z","name":"惠升领先优选混合型证券投资基金","followedNum":1,"setUpDate":"2022-03-08T16:00:00.000Z","setUpAssetScale":159996980.87,"setUpShares":159996980.87,"pinyin":"hslxyxhhxzqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"},{"stockCode":"j101020833","stockType":"fund_manager","exchange":"fm","tickerId":1210261100,"name":"刘进"}]},"announcement":{"linkText":"惠升领先优选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=1141433","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1247fea5b3eb051894c","date":"2024-03-30T16:00:00.000Z","stockId":3000000015110,"sao":"2024年一季度，市场预期波动较大，1-2月市场的恐慌与各类结构性量化产品的爆仓甚至引发出一些全社会层面的舆论讨论，3月份市场迎来行情修复。宏观总量层面目前处于经济周期底部各动能偏弱的状态以及政策相对有限的空间，1-2月宏观经济数据强于预期，外需出口以及设备更新等带动工业生产持续向好，尽管3月份因为春节后陆续复工可能形成一定拖累，但一季度经济“开门红”可期。海外方面3月美联储议息会议维持政策利率不变符合预期，尽管美联储来自全球经济放缓和美国政府的压力较小，但有望看到年内通胀首次回落至美联储年度预测范围之下，成为降息的核心支撑。报告期内我们积极研究产业趋势，持续重视个股挖掘，努力通过对行业配置和个股选择获取收益。","declarationDate":"2024-04-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pro与苹果新品有望加速消费电子复苏；华为新产品助力芯片半导体国产替代化加速；地产政策加速落实叠加短期工序错配，金属板块持续走强。九月，虽然美联储议息会议鲍威尔鹰派发言、地缘政治以及国庆节前效应使得市场短期承压，但不改此阶段A股长期投资价值机会凸现。报告期，我们积极研究产业趋势，持续重视个股挖掘，努力通过对行业配置和个股选择获取收益。在消费、高端制造、影视传媒等领域布局，把握自主可控的如军工、计算机等行业机会。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:44.074Z","fund":{"_id":3000000015110,"__csrcFundId":11011,"stockCode":"015110","shortName":"惠升领先优选混合(015110)","masterFundShortName":"惠升领先优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15110,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:29:23.594Z","status":"normal","exchange":"jj","fundCollectionId":4000051720000,"inceptionDate":"2022-03-08T16:00:00.000Z","name":"惠升领先优选混合型证券投资基金","followedNum":1,"setUpDate":"2022-03-08T16:00:00.000Z","setUpAssetScale":159996980.87,"setUpShares":159996980.87,"pinyin":"hslxyxhhxzqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"},{"stockCode":"j101020833","stockType":"fund_manager","exchange":"fm","tickerId":1210261100,"name":"刘进"}]},"announcement":{"linkText":"惠升领先优选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=983277","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1247fea5b3eb0518949","date":"2023-06-29T16:00:00.000Z","stockId":3000000015110,"sao":"今年以来股价与基本面背离，在今年上半年情绪整体走弱的背景下市场行情分化轮动的现象较明显，其中TMT及中特估等短期内未见基本面逻辑兑现的方向涨幅反而更大。上半年各行业指数的涨跌幅与财务指标相关性不强，甚至呈现负相关关系，回顾历史，熊转牛初期往往会存在上述基本面与股价背离的现象。自年初以来，PMI已经由高点逐渐走弱，市场情绪也伴随基本面下滑而逐渐走弱，目前市场对于部分中长期问题的关注已使得对基本面的预期过度悲观，这点可以从顺周期板块股价的走势中得到验证。报告期内本组合采用了积极有为的策略，偏向确定性、偏向科技进步的方向，一方面组合保持景气度较高、竞争力较强公司的持仓，另一方面增加了科技行业的仓位。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:44.071Z","mo":"展望下半年，我们预计宏观经济和企业盈利依然向好，下半年投资主线将更加聚焦基本面。今年以来我国经济呈现回升向好的态势，但正如一季度央行货政报告指出“经济内生动力还不强、需求仍然不足”，因此政策稳增长的需求在增加。随着政策效力逐步显现，中国经济和A股盈利有望步入上行周期，政策利率调整或打开新一轮稳增长的窗口，未来其他货币、财政、产业政策均有望逐步加码。我们将对权益市场继续乐观，组合将灵活操作，力争获取良好的收益。","fund":{"_id":3000000015110,"__csrcFundId":11011,"stockCode":"015110","shortName":"惠升领先优选混合(015110)","masterFundShortName":"惠升领先优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15110,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:29:23.594Z","status":"normal","exchange":"jj","fundCollectionId":4000051720000,"inceptionDate":"2022-03-08T16:00:00.000Z","name":"惠升领先优选混合型证券投资基金","followedNum":1,"setUpDate":"2022-03-08T16:00:00.000Z","setUpAssetScale":159996980.87,"setUpShares":159996980.87,"pinyin":"hslxyxhhxzqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"},{"stockCode":"j101020833","stockType":"fund_manager","exchange":"fm","tickerId":1210261100,"name":"刘进"}]},"announcement":{"linkText":"惠升领先优选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=956328","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1247fea5b3eb0518948","date":"2023-03-30T16:00:00.000Z","stockId":3000000015110,"sao":"我们坚信研究创造价值，认为长期看本组合的收益将主要来源于持有优秀的公司，本季度我们仍然维持组合较高的仓位，很少做仓位的选择。优秀的公司将会穿越周期，本组合将主要围绕优势企业、优势行业这两个领域进行配置，力争为投资人带来最大的回报。近期市场活跃，在经济数据和年报一季报的真空期内，我们认为是作多的窗口期。我们认为本轮AI的科技进步是中美产业共振的大浪潮，看好科技AI+方向的创新，看好toC和toB应用端的创新以及带来新的商业模式的公司。在本轮产业变化的核心环节有着核心卡位的公司，完全有可能出现5-10倍的投资机会，应引起足够的重视。展望全年，我们看好的方向：一是全年看好港股科技股和互联网传媒，往明年看全年都有机会。复苏后收入改善，降本增效下维持释放利润，政策纠偏下游戏版号、影视内容已经看到友好信号，全年相对业绩改善幅度大以及估值的修复。AI赋能下对各行业都有颠覆性创新的机会。二是消费，疫情防控的转向意味着消费的线下场景回归，那么在低基数效应下，能看到业绩的逐季提升。从利润率的角度看，大宗价格下行带来毛利率恢复，规模提升效应下净利率也有恢复空间，因此我们认为从2022年四季度起消费品进入舒服的投资区间。除此之外，我们认为可选消费中具备品牌优势且不断获取更高市场份额的公司是具备长期竞争力的。从我们的观察看，一些优质的消费品公司在三年反复疫情影响下不但市场份额在提升，行业的竞争格局在优化，而且具备涨价能力，我们认为这类公司是稀缺的，且结合估值看，部分公司也消化到长期价值投资区间；三是高端制造，我们沿着自主可控的方向，对军工、计算机等方向布局。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:44.068Z","fund":{"_id":3000000015110,"__csrcFundId":11011,"stockCode":"015110","shortName":"惠升领先优选混合(015110)","masterFundShortName":"惠升领先优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15110,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:29:23.594Z","status":"normal","exchange":"jj","fundCollectionId":4000051720000,"inceptionDate":"2022-03-08T16:00:00.000Z","name":"惠升领先优选混合型证券投资基金","followedNum":1,"setUpDate":"2022-03-08T16:00:00.000Z","setUpAssetScale":159996980.87,"setUpShares":159996980.87,"pinyin":"hslxyxhhxzqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"},{"stockCode":"j101020833","stockType":"fund_manager","exchange":"fm","tickerId":1210261100,"name":"刘进"}]},"announcement":{"linkText":"惠升领先优选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=879297","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1247fea5b3eb0518947","date":"2022-12-30T16:00:00.000Z","stockId":3000000015110,"sao":"2022年市场整体面临“内忧外患”的局面，内有房地产及疫情的持续扰动，外有俄乌冲突及美联储加息的干扰。在此背景下，市场走势也较为震荡，上证指数从年初开始先一路下探，随后在4月底企稳反弹，而从7月开始又出现回调，之后从10月底开始震荡上行，全年呈现“W”型走势，上证指数共下跌15%。 在市场整体较为震荡的背景下，各个行业在全年的表现也普遍不佳，申万31个行业中仅有煤炭及综合两个行业上涨，其它行业则均出现下跌，其中电子、建筑材料及传媒跌幅相对靠前。报告期内，组合保持均衡配置，并适当进行行业转换，二季度在市场底部加仓消费和部分成长股龙头，三季度增配周期中的黄金和有色板块，四季度加仓消费和港股互联网，另外高端制造保持仓位。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:44.066Z","mo":"展望明年，我们看好的方向：一是全年看好港股科技股和互联网传媒行业，往明年看全年都有机会。复苏后收入改善，降本增效下维持释放利润，政策纠偏下游戏版号、影视内容已经看到友好信号，全年相对业绩改善幅度大以及估值的修复。另外，我们认为今年在科技行业最大的变化是AI应用革命，chatGPT以及AI大模型在各行业应用端的落地是大概率的事件。二是消费，疫情防控的转向意味着消费的线下场景回归，那么在低基数效应下，能看到业绩的逐季提升。从利润率的角度看，大宗价格下行带来毛利率恢复，规模提升效应下净利率也有恢复空间，因此我们认为从四季度起消费品进入舒服的投资区间。除此之外，我们认为可选消费中具备品牌优势且不断获取更高市场份额的公司是具备长期竞争力的。从我们的观察看，一些优质的消费品公司在三年反复疫情影响下不但市场份额在提升行业的竞争格局在优化，而且具备涨价能力，我们认为这类公司是稀缺的，且结合估值看，部分公司也消化到长期价值投资区间； 三是高端制造，我们沿着自主可控的方向，对新能源、军工、高端母机等方向布局。一是从中观行业景气度比较看，新能源、军工仍然是处于快速增长的行业，二是符合国家对先进制造业和安全自主可控的产业引导方向。新能源车，目前国内的电动车的渗透率接近30%，市场担心未来行业增速变慢以及产能的供给过剩，但站在全球化的角度看电动车渗透率不到10%远未到顶，且中国电动车在全球处于领先地位，中国整车和电池企业出海还有较大空间。国内市场看，国产零部件的替代正类似于苹果产业链国产化的进程，未来仍有很大空间。因此从中长期更看好有技术壁垒的电池以及新能源车零配件企业。","fund":{"_id":3000000015110,"__csrcFundId":11011,"stockCode":"015110","shortName":"惠升领先优选混合(015110)","masterFundShortName":"惠升领先优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15110,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:29:23.594Z","status":"normal","exchange":"jj","fundCollectionId":4000051720000,"inceptionDate":"2022-03-08T16:00:00.000Z","name":"惠升领先优选混合型证券投资基金","followedNum":1,"setUpDate":"2022-03-08T16:00:00.000Z","setUpAssetScale":159996980.87,"setUpShares":159996980.87,"pinyin":"hslxyxhhxzqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"},{"stockCode":"j101020833","stockType":"fund_manager","exchange":"fm","tickerId":1210261100,"name":"刘进"}]},"announcement":{"linkText":"惠升领先优选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=863200","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1247fea5b3eb0518946","date":"2022-09-29T16:00:00.000Z","stockId":3000000015110,"sao":"目前市场的悲观情绪得到一定释放，后续随20大之后经济政策发力以及防控政策的逐步放松，市场会达成新共识，看好年底及明年上半年的机会。明年看，消费有望回暖，而新能源相关的高端制造行业仍保持高增长，对明年整体市场乐观。消费行业从明年看如果疫情有边际缓解，部分消费的线下场景回归，那么在低基数效应下，能看到业绩的逐季提升。从利润率的角度看，大宗价格下行带来毛利率恢复，规模提升效应下净利率也有恢复空间，因此我们认为从四季度起消费品进入舒服的投资区间。除此之外，我们认为可选消费中我们认为具备品牌优势且不断获取更高市场份额的公司是具备长期竞争力的。一些优质的消费品公司在三年反复疫情影响下不但市场份额在提升行业的竞争格局在优化，而且具备涨价能力，我们认为这类公司是稀缺的，且结合估值看，部分公司也消化到长期价值投资区间。高端制造领域，我们沿着自主可控的方向，对新能源、军工、高端母机等方向布局。从中观行业景气度比较看，新能源、军工仍然是处于快速增长的行业，也是符合国家对先进制造业和安全自主可控的产业引导方向。新能源车方面，目前国内的电动车的渗透率接近30%，市场担心未来行业增速变慢以及产能的供给过剩，但站在全球化的角度看电动车渗透率不到10%，且中国电动车在全球处于领先地位，中国整车和电池企业出海还有较大空间。国内市场看，国产零部件的替代正类似于苹果产业链国产化的进程，未来仍有很大空间。因此从中长期更看好有技术壁垒的电池以及新能源车零配件企业。本季度，我们保持均衡配置，制造业中我们一直看好的新能源车零部件公司，消费里配置航空和新消费公司，并增配了周期中的黄金和有色板块。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:44.063Z","fund":{"_id":3000000015110,"__csrcFundId":11011,"stockCode":"015110","shortName":"惠升领先优选混合(015110)","masterFundShortName":"惠升领先优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15110,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:29:23.594Z","status":"normal","exchange":"jj","fundCollectionId":4000051720000,"inceptionDate":"2022-03-08T16:00:00.000Z","name":"惠升领先优选混合型证券投资基金","followedNum":1,"setUpDate":"2022-03-08T16:00:00.000Z","setUpAssetScale":159996980.87,"setUpShares":159996980.87,"pinyin":"hslxyxhhxzqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"},{"stockCode":"j101020833","stockType":"fund_manager","exchange":"fm","tickerId":1210261100,"name":"刘进"}]},"announcement":{"linkText":"惠升领先优选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=811621","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1247fea5b3eb0518945","date":"2022-06-29T16:00:00.000Z","stockId":3000000015110,"sao":"上半年，我们在一季度主要是均衡配置，以疫后和稳增长为主，二季度在市场底部的时候加仓了消费和部分成长股龙头。在本轮下跌的过程中市场情绪是相当悲观的，但抛开这些情绪扰动因素，我们认为有些股票已经跌到了具备中长期的投资价值的位置，放长持股周期来看可以有翻倍以上空间。我们目前看好两条主线：一是稳增长下地产产业链的修复。稳增长将是经济增长的主要抓手和动力，看好地产链尾部风险消除后的估值恢复。二是我们长期看好的消费品和高端制造，其中可选消费中我们认为具备品牌优势且不断获取更高市场份额的公司是具备长期竞争力的，高端制造中我们持续围绕智能汽车产业链布局，汽车的电动化、智能化、国产化将是未来两到三年产业端和投资端共振的大浪潮。节奏上，我们希望尽量保持组合的稳定性和可持续性，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。本报告期内，债券仓位保持稳定，主要配置品种以短久期利率品为主。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:44.060Z","mo":"首先，今年我们面对的外部环境是动荡和复杂的，本身处在经济下行周期，叠加了俄乌战争、美国加息、国内疫情影响，需求端和供给端都出现了很大的扰动。但从4月底起，我们已经观察到出现了明确的政策底，财政政策和货币政策在之后会逐步展现效果。在复产复工和平台经济、地产政策纠偏的背景下，市场逐步走出底部区域，分子端和分母端都有修复，尤其是超跌成长股展现了很大的弹性。展望全年，我们认为仍是偏弱的震荡市，市场将是存量博弈下的结构性分化。从当前时点向后展望，我们认为市场波动率仍会较大，需求侧的恢复时间和力度需要观察。经过快速的下跌，中长期来看很多个股已到了性价比较好的投资区间，在市场风险偏好低的时候对短期业绩的赋予的权重更高，但外部冲击缓和后市场会更加关注公司的质地和长期的价值。","fund":{"_id":3000000015110,"__csrcFundId":11011,"stockCode":"015110","shortName":"惠升领先优选混合(015110)","masterFundShortName":"惠升领先优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15110,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:29:23.594Z","status":"normal","exchange":"jj","fundCollectionId":4000051720000,"inceptionDate":"2022-03-08T16:00:00.000Z","name":"惠升领先优选混合型证券投资基金","followedNum":1,"setUpDate":"2022-03-08T16:00:00.000Z","setUpAssetScale":159996980.87,"setUpShares":159996980.87,"pinyin":"hslxyxhhxzqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"},{"stockCode":"j101020833","stockType":"fund_manager","exchange":"fm","tickerId":1210261100,"name":"刘进"}]},"announcement":{"linkText":"惠升领先优选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=780073","linkType":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