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(162212)","fundSecondLevel":"hybrid","__csrcFundId":2898,"fundStatus":"normal","lastUpdated":"2026-05-01T06:45:01.426Z","masterFundFlag":1,"inceptionDate":"2009-12-02T16:00:00.000Z","fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利红利先锋混合 ","pinyin":"hlhlxfhhxzqtzjj","managers":[{"stockCode":"db20098585","stockType":"fund_manager","exchange":"fm","tickerId":122403157510,"name":"刘晓晨"}]},"announcement":{"linkText":"泰达宏利红利先锋混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=573072","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4977fea5b3eb054cb93","stockId":3000000162212,"sao":"2020年全年A股市场呈现明显上涨格局，结构上机构重仓的科技类、消费类股票涨幅最大，部分公募权益基金涨幅在100%以上，市场仍旧呈现为高度分化的机构牛市，与2019年有类似之处。新冠疫情是2020年最大的变化因素，对全球各国的经济产生深远影响，其对生命、社会、经济的破坏性之高，持续时间之长都远超预期。在此背景下，全球各国都采用了超常规的流动性宽松进行对冲，对资产价格形成了强力的支撑，尤其对受益于疫情的部分新兴行业估值上行有巨大影响，全球各国都呈现新经济行业大幅战胜传统行业的情况。除此之外，美国大选也对全球经济、股市产生了较大的不确定性。尽管如此，从全球来看，以中美为代表的全球股票市场依然处在估值上升的牛市中。  作为风格基金，本基金在操作中，严格依据基金合同，主要投资于具有较高分红收益率的上市公司股票，辅以小幅战术性调整以平滑组合波动。在持仓结构上采用分散持股的策略，降低单一个股对组合造成的冲击。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:27.661Z","mo":"展望未来，A股整体估值不低，美股估值有一定泡沫，对全球资本市场的强力支撑来自较低的美国国债收益率，未来此因素一旦发生变化，将对全球市场产生重要影响。我们认为2021年应下调A股市场盈利预期，尤其对于高估值板块，一旦疫情有所缓解，宽松的流动性逐渐退出，将对估值产生巨大的考验。我们会更关注A股中的低估值板块和相对估值低一些的港股的投资机会。此外，具有极高景气度的少数行业可能会穿越估值周期影响，在流动性压缩中维持高估值，但是对这些板块的筛选将越发严苛，因此具备理论可行性，实际操作难度较大。从乐观的角度来看，由于A股仍有不断流入的外资和公募基金财富效应的自我循环，预计即使出现风险，下行空间有限。全球股市的核心风险仍在于美债的收益率变化，可能改变估值锚。  基于基金合同与投资观点，我们主要配置于具有连续高分红历史，预期股息率较高的高分红公司股票。同时在战术上，本基金会适当考虑市场风格变化，采取对应小幅调整，平滑组合在不同风格下的表现。本基金在持仓上相对分散，以平衡组合风险。","fund":{"_id":3000000162212,"stockCode":"162212","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2009-11-01T16:00:00.000Z","setUpScale":1396030000,"market":"a","tickerId":162212,"custody":"中国建设银行股份有限公司","name":"宏利红利先锋混合型证券投资基金","shortName":"宏利红利先锋混合 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作为风格基金，本基金在操作中，严格依据基金合同，主要投资于具有较高分红收益率的上市公司股票，辅以小幅战术性调整以平滑组合波动。在持仓结构上采用分散持股的策略，降低单一个股对组合造成的冲击。本报告期内，本基金增加了银行行业、煤炭行业、汽车行业的配置，减少了纺织服装行业、计算机行业、电子行业的配置。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:27.655Z","mo":"展望未来，在资产配置上，我们维持当前是A股非常好的长期买点的观点。根据wind数据统计，目前沪深300市盈率仅13倍，在历史上看中性偏低，而中国仍是世界上经济增速最快的国家之一，龙头企业ROE仍保持在15%以上。而债券资产当前收益率较低，相对排序在股票之后。目前债券收益率已经开始上行，有所反弹。风格上，我们仍维持相对看好绩优蓝筹股的观点，其核心支撑仍来自于外资的流入改善A股资金结构，促进估值修正。我们尤其提示关注传统低估值行业在年底的投资机会。根据研究，当前无论中美，高估值新兴行业对低估值传统行业的估值差都到了历史极值位置，随时可能酝酿短期尖锐的估值反转，极端情形可能类似2012或2014年底，通常此类风格切换发生在四季度。在过去两年，低估值策略持续跑输高盈利和高成长行业。同过往几个季度季报观点相同，我们重申A股主要风险来自美股过高的估值下杀带来的潜在金融危机风险，这一情况已经在一季度有所展现，未来预计此风险会逐渐缓释。但我们必须关注，即使在下跌之后，美股估值依然不低。结合风格转换的观点，往往风格转换发生在市场的短期拐点上。从下半年角度看，看好的顺序依次是低估值股票、高盈利消费、科技成长行业；就长期看，看好顺序为高盈利消费、科技成长行业、低估值股票，其中科技成长类受技术进步和风险偏好影响，有较大的不确定性。    基于基金合同与投资观点，我们主要配置于具有连续高分红历史，预期股息率较高的高分红公司股票。同时在战术上，本基金会适当考虑市场风格变化，采取对应小幅调整，平滑组合在不同风格下的表现。本基金在持仓上相对分散，以平衡组合风险。","fund":{"_id":3000000162212,"stockCode":"162212","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2009-11-01T16:00:00.000Z","setUpScale":1396030000,"market":"a","tickerId":162212,"custody":"中国建设银行股份有限公司","name":"宏利红利先锋混合型证券投资基金","shortName":"宏利红利先锋混合 (162212)","fundSecondLevel":"hybrid","__csrcFundId":2898,"fundStatus":"normal","lastUpdated":"2026-05-01T06:45:01.426Z","masterFundFlag":1,"inceptionDate":"2009-12-02T16:00:00.000Z","fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利红利先锋混合 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