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2025 年上半年，在政策前置发力的支撑下，国内经济保持较强的韧性，背后驱动主要来自于抢出口和抢生产持续较强，结构上设备更新改造、消费等表现亮眼；外需方面，高频数据显示6月抢出口强度有所转弱，但韧性仍在，后续外需不确定性加大，三季度出口同比增速或面临一定压力。 2025 年上半年，沪深 300 涨0.03%、上证指数涨2.76%、中小 100 涨2.29%、深成指涨 0.48%、创业板指涨0.53%、科创 50 涨1.46%，涨幅前五的 SW 一级子行业为美容护理、有色金属、国防军工、传媒和机械设备。本基金主要配置供需格局较好、具备资源属性的顺周期品种，2025 年上半年涨幅 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