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升空间。港股作为全球主要市场的估值洼地，其估值提升空间更加巨大，同时伴随国内经济的企稳以及科技互联网行业的积极变化，港股的投资机会值得重视。　　　　从行业角度看，今年变化最大的方向集中在国产AI、人形机器人、智能驾驶等领域。随着Deepseek全新模型的推出，其下载量和活跃用户数快速增长，使得国内低成本部署推理模型成为现实，从而带动云计算、AIDC、国产芯片、服务器等一系列需求爆发式增长。人形机器人是未来三年增长最快的行业之一，特斯拉的马斯克宣布其人形机器人将从几千台产量提高到近百万台产量，拉动整个产业链的快速增长。而国内机器人公司进步迅速，产业链投资机会同样值得关注。智能驾驶方面，随着比亚迪宣布其大规模配置高阶智能驾驶功能，国内高阶智能驾驶渗透率有望迎来突变式拐点，其相关硬件最为受益。除此以外，我们依然看好制造业出海的投资机会，我们对此板块进行了精选，主要配置了下游需求周期向上的个股。我们将积极关注各个行业出现的新变化，在板块均衡配置的基础上，选择风险收益比合适的标的进行重点布局。","fund":{"_id":3000000015604,"__csrcFundId":11829,"stockCode":"015604","shortName":"华安动力领航混合(015604)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15604,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:23:34.135Z","status":"normal","exchange":"jj","fundCollectionId":4000050040000,"name":"华安动力领航混合型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":40547951.73,"setUpShares":40547951.73,"pinyin":"hadllhhhxzqtzjj","followedNum":2,"masterFundShortName":"华安动力领航混合","managers":[{"stockCode":"db20784234","stockType":"fund_manager","exchange":"fm","tickerId":1120211360,"name":"孔涛"}]},"announcement":{"linkText":"华安动力领航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=1254834","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1617fea5b3eb051c97a","date":"2024-09-29T16:00:00.000Z","stockId":3000000015604,"sao":"2024年三季度末，市场大幅上涨，主要源于政策预期反转。9月24日，中国人民银行、国家金融监管总局、证监会宣布一系列重大措施，包括央行创设两项货币政策工具以支持资本市场，同时降准降息、降低存量房贷利率。9月26日，中央政治局会议召开，拟加大财政货币政策逆周期调节力度，促进房地产市场止跌回稳，努力提振资本市场，大力引导中长期资金入市。　　　　政策预期的反转，使得资金大量入市，短期内推动了市场情绪，沪深300指数的估值从过去10年的10%分位数回到了50%分位数。在市场暴涨的背后，我们仍需冷静思考。一方面，政策的效果仍未体现，大部分公司的业绩预期尚未改变。另一方面，我们将密切跟踪经济数据的变化，一旦出现实质性好转，我们也将积极调整组合的结构。目前的配置，我们仍然集中在出海、创新、高股息以及供给收缩的板块。出海是我国中长期发展的必然趋势，中国制造业的竞争优势十分突出，短期受到关税加征预期等因素的影响，我们对出海板块进行了精选。创新方面主要布局了AI硬件，包括进入全球产业链的光模块、PCB等，此外还有部分消费电子产业链的标的。高股息板块我们配置了银行、煤炭、电力等行业。我们将积极关注各个行业出现的新变化，在板块均衡配置的基础上，选择风险收益比合适的标的进行重点布局。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:45.357Z","fund":{"_id":3000000015604,"__csrcFundId":11829,"stockCode":"015604","shortName":"华安动力领航混合(015604)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15604,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:23:34.135Z","status":"normal","exchange":"jj","fundCollectionId":4000050040000,"name":"华安动力领航混合型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":40547951.73,"setUpShares":40547951.73,"pinyin":"hadllhhhxzqtzjj","followedNum":2,"masterFundShortName":"华安动力领航混合","managers":[{"stockCode":"db20784234","stockType":"fund_manager","exchange":"fm","tickerId":1120211360,"name":"孔涛"}]},"announcement":{"linkText":"华安动力领航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=1174588","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1617fea5b3eb051c979","date":"2024-06-29T16:00:00.000Z","stockId":3000000015604,"sao":"2024年上半年市场分化较大，其中银行、煤炭、石油石化、家电、电力等行业涨幅居前，消费者服务、计算机、商贸零售、传媒、医药等行业跌幅居前。报告期内，本基金重点布局的方向包括出口、创新、高股息以及供给收缩等板块。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:45.354Z","mo":"2024年以来，国内总需求承压，我们的投资布局集中在少数高景气行业及低估值高分红的板块。出海一直是我们重点布局的方向，其广泛分布在电力设备、机械、轻工、电子、消费品等各个行业。短期受到关税加征预期、海运费上涨等因素的影响，我们对出海板块进行了一定的调整，精选了受影响较小的行业及个股。创新方面主要布局了AI硬件，包括进入全球产业链的光模块、PCB等。随着苹果公司推出人工智能新机型，我们看好新一代苹果手机的销量，并增持了消费电子相关标的。高股息板块我们配置了煤炭、电力、银行、环保等行业，随着国债收益率的下行，此类标的仍有上行空间。供给收缩涉及的板块较多，包括上游资源品、K12教育等等。我们将积极关注各个行业出现的新变化，在板块均衡配置的基础上，选择风险收益比合适的标的进行重点布局。","fund":{"_id":3000000015604,"__csrcFundId":11829,"stockCode":"015604","shortName":"华安动力领航混合(015604)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15604,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:23:34.135Z","status":"normal","exchange":"jj","fundCollectionId":4000050040000,"name":"华安动力领航混合型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":40547951.73,"setUpShares":40547951.73,"pinyin":"hadllhhhxzqtzjj","followedNum":2,"masterFundShortName":"华安动力领航混合","managers":[{"stockCode":"db20784234","stockType":"fund_manager","exchange":"fm","tickerId":1120211360,"name":"孔涛"}]},"announcement":{"linkText":"华安动力领航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=1152263","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1617fea5b3eb051c978","date":"2024-03-30T16:00:00.000Z","stockId":3000000015604,"sao":"2024年一季度市场分化较大，其中石油石化、家电、银行、煤炭、有色金属等行业涨幅居前，医药、电子、房地产、计算机、基础化工等行业跌幅居前。　　　　一季度美债利率缓慢上行，而十年期国债收益率下行，中美利差有所扩大。国内新房销售总体处于低位，而二手房市场逐渐活跃，PMI指数有所恢复。市场在此背景下出现分化走势，受到过去几年持续的资本开支不足影响，以石油石化、煤炭、有色金属等为代表的上游资源品行业取得了明显的超额收益，而电子、计算机等科技行业以及房地产、基础化工等传统行业走势较弱。　　　　报告期内，本基金的配置的方向仍然集中在出口、创新、高股息以及供给收缩的板块。随着一带一路国家、非洲等地区人均GDP不断提高，全球市场空间的扩大为中国企业带来了广阔空间，结合中国制造业的比较优势，我们将持续深入挖掘出口型企业的投资机会。创新方面主要布局了AI硬件，包括进入全球产业链的光模块、PCB等。高股息板块配置了煤炭、电力等行业，如果国债收益率继续下行，此类标的仍有上行空间。供给收缩涉及的板块较多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相关机会同样值得重视。部分出口型企业也显示出很强的韧性。伴随着中国制造的品质提升和性价比优势，汽车、机械、电气设备等制造业领域的全球份额进一步提升，我们将密切跟踪这些产业的发展态势并积极布局优质龙头。消费领域，部分细分行业保持着较为不错的增长，但是由于风格因素导致估值被持续压制。我们精选成长性较好且估值调整到位的龙头消费个股，进行一定的配置。展望全年，市场的风险和机会并存。我们将在基金契约范围内，密切跟踪科技、消费、医药、制造等领域的投资机会，选择风险收益比合适的标的进行重点投资。","fund":{"_id":3000000015604,"__csrcFundId":11829,"stockCode":"015604","shortName":"华安动力领航混合(015604)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15604,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:23:34.135Z","status":"normal","exchange":"jj","fundCollectionId":4000050040000,"name":"华安动力领航混合型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":40547951.73,"setUpShares":40547951.73,"pinyin":"hadllhhhxzqtzjj","followedNum":2,"masterFundShortName":"华安动力领航混合","managers":[{"stockCode":"db20784234","stockType":"fund_manager","exchange":"fm","tickerId":1120211360,"name":"孔涛"}]},"announcement":{"linkText":"华安动力领航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=959678","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1617fea5b3eb051c974","date":"2023-03-30T16:00:00.000Z","stockId":3000000015604,"sao":"2023年一季度市场分化巨大，以计算机、传媒、通信、电子等行业为代表的科技行业涨幅居前，消费者服务、房地产、银行等行业跌幅居前。报告期内，本基金在契约范围内积极配置科技、消费、医药、制造等板块的优质公司。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:45.341Z","fund":{"_id":3000000015604,"__csrcFundId":11829,"stockCode":"015604","shortName":"华安动力领航混合(015604)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15604,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:23:34.135Z","status":"normal","exchange":"jj","fundCollectionId":4000050040000,"name":"华安动力领航混合型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":40547951.73,"setUpShares":40547951.73,"pinyin":"hadllhhhxzqtzjj","followedNum":2,"masterFundShortName":"华安动力领航混合","managers":[{"stockCode":"db20784234","stockType":"fund_manager","exchange":"fm","tickerId":1120211360,"name":"孔涛"}]},"announcement":{"linkText":"华安动力领航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=883643","linkType":"PDF","source":"csrc_pdf"}}]}