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操作上，由于5月开始国内消费和生产均快速回落，往下半年看出海也开始面临诸多不确定性，因此我们首先保持了较低的仓位，从个股选择上则寻找一些长期看能够具备股东回报的资产：1）资源，大宗商品多数为美元计价的硬通货；2）红利类资产，聚焦于真正的红利类资产，盈利不受内外部环境和经济形势影响的真正红利类资产；3）在内需中韧性相对较强，且长期看具备良好股东回报、盈利优秀、估值性价比高、竞争优势显著的互联网龙头；4）我们认为AI是新一轮科技革命，从中选择了具备较强成长性AI算力和AI端侧的龙头厂商。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:04.379Z","mo":"展望2024年下半年，美国经济在放缓，但目前衰退担忧还太早，美联储也有充足的工具和经验进行应对，但国际政治环境变化使得下半年出口面临的不确定因素大大增加。对于国内而言，地产风险和地方债务风险已经做好了针对性应对，后续观察新政效果的持续性，消费者信心低迷但仍具备较强韧性，但顶层会议仍在传递积极信号。短期看，行业政策、周期性的盈利波动等因素，都会导致公司市值的波动；长期看，市值的增长与盈利增长幅度正相关甚至幅度基本相同；因此更重要的仍是在市场中找出长期盈利持续向上的优质公司。","fund":{"_id":3000000016165,"__csrcFundId":11494,"stockCode":"016165","shortName":"汇添富优势企业精选混合(016165)","masterFundShortName":"汇添富优势企业精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16165,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:56:47.924Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富优势企业精选混合型证券投资基金","followedNum":1,"inceptionDate":"2022-10-13T16:00:00.000Z","setUpDate":"2022-10-13T16:00:00.000Z","setUpAssetScale":134458537.58,"setUpShares":134458537.58,"pinyin":"htfysqyjxhhxzqtzjj","managers":[{"stockCode":"db20733641","stockType":"fund_manager","exchange":"fm","tickerId":122524209590,"name":"李云鑫"},{"stockCode":"j101019468","stockType":"fund_manager","exchange":"fm","tickerId":121225241650,"name":"李灵毓"}]},"announcement":{"linkText":"汇添富优势企业精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=1146483","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1b07fea5b3eb0521aeb","date":"2024-03-30T16:00:00.000Z","stockId":3000000016165,"sao":"2024年第一季度，市场波动较大，1月和2月初经历了快速下跌后，之后迎来反弹，其中上证指数上涨2.23%，深证成指下跌1.3%，创业板下跌3.87%。其中以石油、煤炭、有色为首的资源板块表现占优，AI板块也迎来较大涨幅，价值风格表现强势，小盘成长股跌幅最大。我们希望在以下几个方向寻找结构性机会，以期为投资人创造回报：（1）科技创新仍是第一生产力，AI是如今最有希望的科技创新方向，而产业会在波动中持续推进，我们将持续寻找机会；（2）中国供应链整个体系的技术竞争力、交付效率和产品品质，在出海的时候形成降维打击，中国品牌和中国制造业的出海值得期待；（3）长期看内需仍然具备强大的潜力，只是在偏好和结构上可能会和过去发生一些变化，我们希望找到未来的消费龙头。报告期内，本基金增持了盈利优秀、估值性价比高、竞争优势显著、具备长期价值的细分行业龙头及资源品，减持了估值较贵及增速无法匹配估值的标的。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:04.376Z","fund":{"_id":3000000016165,"__csrcFundId":11494,"stockCode":"016165","shortName":"汇添富优势企业精选混合(016165)","masterFundShortName":"汇添富优势企业精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16165,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:56:47.924Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富优势企业精选混合型证券投资基金","followedNum":1,"inceptionDate":"2022-10-13T16:00:00.000Z","setUpDate":"2022-10-13T16:00:00.000Z","setUpAssetScale":134458537.58,"setUpShares":134458537.58,"pinyin":"htfysqyjxhhxzqtzjj","managers":[{"stockCode":"db20733641","stockType":"fund_manager","exchange":"fm","tickerId":122524209590,"name":"李云鑫"},{"stockCode":"j101019468","stockType":"fund_manager","exchange":"fm","tickerId":121225241650,"name":"李灵毓"}]},"announcement":{"linkText":"汇添富优势企业精选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=1070292","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1b07fea5b3eb0521aea","date":"2023-12-30T16:00:00.000Z","stockId":3000000016165,"sao":"2023年经济温和修复，前三季度经济增速5.2%，进入四季度之后需求走弱，PMI回落至收缩区间，与之对应的是PPI环比下行。分项结构来看，地产的大幅走弱超出年初预期，成为经济的主要拖累因素。但地产链前后分化，新开工和施工增速均大幅下滑，竣工增速是亮点。制造业投资在2023年整体表现强劲，连续三年高增。2023年的出口增速保持了一定的韧性，在人民币贬值的冲击下，1-11月出口累计增速（以美元计价）约为 -5.2%，净出口增速 -2.5%。海外市场，美国经济展现出意料之外的韧性，前三季度实际GDP环比年化增长均高于2%，失业率保持在3.8%以下，通胀却顺利回落，美债利率在2023年的大部分时间里都居高不下。从市场表现来看，创业板指全年跌幅较大，录得-19.41%的负收益，上证指数、科创50、沪深300分别录得-3.70%、-11.24%、-11.38%的负收益，主要指数均表现不佳。从行业表现来看，全年维度TMT为主的成长板块录得明显的正收益，通信、传媒、计算、电子分别录得25.75%、16.80%、8.97%、7.25%的正收益，而美容护理、商贸零售、房地产、电力设备、建筑材料则分别录得-32.03%、-31.30%、-26.39%、-26.19%、-22.64%的负收益。在基金运作上，我们一以贯之。对于具有优秀生意属性、宽广护城河、能够以较高资本回报率进行扩大再生产、并能产生充沛自由现金流的企业，以合理价格买入并中长期持有。但是过去两年的表现不佳，也敦促着我们需要进一步反思并迭代自己的框架：（1）买入持有策略需要审慎且苛刻的约束条件。我们希望找到伟大的公司，一直陪伴其成长，但这极为不易。伟大是后验的，找到这样的公司，这对自身的认知能力本身是极大的考验；其次，即使是最优秀的公司，如果付出了过高的出价，在可见的未来，其回报率都稀薄的可怜；最后，在景气度的逆风期里，稳定持有对心性的要求无疑是极高的，且在中短期内，对组合的拖累也是比较明显的。回顾过去三年里对组合造成较大拖累的公司（股票），这三点都有不同程度的深刻教训，值得深思。我们对此的反思是，更加审慎的选择公司，提高认知的深度和高度，反复比较和论证，以求找到真正的优秀乃至卓越的公司，一个公司的质地是中长期回报率最重要的因素。在此基础上，以极大的耐心等到市场先报出合适的价格，中短期决定回报率的是出价水平，抱着宁可错过的心态等待。对于过度透支了中长期回报率的估值水平，我们会考虑卖出，以避免在一定时间维度内回报率变得稀薄。而对于景气度的下行，我们力求在仓位上加以控制，以使组合更有生命力。（2）更加均衡且风险收益清晰的组合结构。在过去三年中，我们的组合一直体现较大的波动，投资者的体验也较为一般。反思下来，我们的组合结构在一定时间内呈现单一的风格特征，单一因子的权重较大，使得组合往往只在特定风格下表现。与此同时，组合结构在风险收益比上的衡量不够，也是造成组合过大波动的重要因素。回顾2021年，茅指数系统性高估的时候，煤炭、原油等低估值板块正处于系统性低估的区间。我们对此的进化是，构建更加多元的组合结构，不再过分呈现单一因子。同时，对不同行业之间的比较，反复权衡，实现风险收益比更加合理的行业配置。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:04.373Z","mo":"2024年需求端的主要变量中，在库存周期、产能周期和全球制造业景气修复的背景下，制造业投资和出口有望迎来边际向好，构成经济上行的主要动力。全年最重要的宏观变量可能来自于地产的销售触底，进而带来新开工的修复，对经济的拖累也有望止住。消费作为资产价格的函数，地产的企稳也有望带来消费信心的恢复。而对于价格指数而言，PPI和CPI在2024年均可能温和增长，社融增速有望不低于2023年。对于资本市场而言，站在当前时点，我们谨慎而乐观。无论从各个角度来衡量，市场均处于最底部的区间，在可预见的未来，回报将不仅来自于时间价值，也将来自于风险偏好回升带来的估值提升，回报率的幂律分布将进入丰厚的区间。我们需要警惕的是，在市场情绪最疯狂和最恐慌的时候，所有的“宏大叙事”都应该视为噪音。在方向上，我们仍中长期看好消费升级、医药医疗、科技创新、高端制造、行业整合等领域的机会。","fund":{"_id":3000000016165,"__csrcFundId":11494,"stockCode":"016165","shortName":"汇添富优势企业精选混合(016165)","masterFundShortName":"汇添富优势企业精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16165,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:56:47.924Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富优势企业精选混合型证券投资基金","followedNum":1,"inceptionDate":"2022-10-13T16:00:00.000Z","setUpDate":"2022-10-13T16:00:00.000Z","setUpAssetScale":134458537.58,"setUpShares":134458537.58,"pinyin":"htfysqyjxhhxzqtzjj","managers":[{"stockCode":"db20733641","stockType":"fund_manager","exchange":"fm","tickerId":122524209590,"name":"李云鑫"},{"stockCode":"j101019468","stockType":"fund_manager","exchange":"fm","tickerId":121225241650,"name":"李灵毓"}]},"announcement":{"linkText":"汇添富优势企业精选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=1052926","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1b07fea5b3eb0521ae9","date":"2023-09-29T16:00:00.000Z","stockId":3000000016165,"sao":"2023年二季度经济二次探底，经济现实压力最大的时候可能在年中前后已经过去。8月份之后，物价、制造业PMI环比同比走高，投资、信贷等数据也略超市场预期，从中高频的各项指标来看，基本面筑底的迹象逐步明朗。更为重要的是，工业企业利润同比自从2022下半年以来首度转正，去库存进程对企业利润的侵蚀已进入尾声。经济预期的回升，也预示着上市公司盈利增速向上的拐点，三季度之后企业利润开始逐季改善。市场表现来看，三季度市场风格发生了显著的改变。和宏观经济关联度较高的顺周期类资产录得较好的收益，非银、煤炭、石油石化、钢铁、银行、建筑材料分别录得5.62%、5.26%、4.37%、2.14%、1.50%、1.08%的正收益，而电力设备、传媒、计算机、通信、国防军工则出现了较大幅度回调，分别录得-15.68%、-15.58%、-11.71%、-10.65%、-9.40%的负收益。和上半年走势迥异，背后的核心逻辑在于经济预期触底回升后，国内利率中枢开始抬升，和宏观经济关联度更高的顺周期资产，业绩的改善更为明显。在基金运作上，我们一以贯之。对于具有优秀生意属性、宽广护城河、能够以较高资本回报率进行扩大再生产、并能产生充沛自由现金流的企业，以合理价格买入并中长期持有。就像我们之前所坦诚的，这些稀缺的优质公司在内在价值提升的同时，最终以“可见”的市值上涨形式呈现的话，需要具备一些条件，1）短期景气度边际上行；2）中长期经济的内生动力螺旋向上的预期。但是恰恰在过去2年，这两个条件面临市场的现实或预期挑战。然而，世界上没有一种方法是适应所有的市场，阶段性的“失灵”恰恰是中长期有效的基础。区别于景气度趋势投资，我们青睐于在景气度低迷的时候，以非常合理的价格买入我们看好的生意，这也导致了我们并不是那么跟随市场。具体操作上，我们在三季度对组合进行了调整，具体表现在：1）适当减持了科技类资产。在仔细斟酌探究了生意属性之后，减持了我们认为中短期看不到成熟商业模式落地的部分公司。2）对部分新兴消费类公司进行了减持，基于市值和回报率的匹配的考虑。3）在PPI见底回升后，增加了化工、有色等具有核心竞争力的优质公司的持仓，价格弹性带来的业绩弹性是主要的考虑点。4）优化了医药股的持仓，这并不意味着对医药股的观点改变，而是对估值和权重做了更好的权衡。5）增加了深度受益于地产链出清和行业整合的具有核心竞争力公司的持仓。对于港股，我们依然认为，目前的风险收益回报是历史级别的。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:04.370Z","fund":{"_id":3000000016165,"__csrcFundId":11494,"stockCode":"016165","shortName":"汇添富优势企业精选混合(016165)","masterFundShortName":"汇添富优势企业精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16165,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:56:47.924Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富优势企业精选混合型证券投资基金","followedNum":1,"inceptionDate":"2022-10-13T16:00:00.000Z","setUpDate":"2022-10-13T16:00:00.000Z","setUpAssetScale":134458537.58,"setUpShares":134458537.58,"pinyin":"htfysqyjxhhxzqtzjj","managers":[{"stockCode":"db20733641","stockType":"fund_manager","exchange":"fm","tickerId":122524209590,"name":"李云鑫"},{"stockCode":"j101019468","stockType":"fund_manager","exchange":"fm","tickerId":121225241650,"name":"李灵毓"}]},"announcement":{"linkText":"汇添富优势企业精选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=988421","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1b07fea5b3eb0521ae8","date":"2023-06-29T16:00:00.000Z","stockId":3000000016165,"sao":"2023上半年，伴随1、2月PMI的快速修复，市场对经济的预期快速回暖，全年GDP增速的预期均值一度达到5.7%，整体较为乐观。而之后随着出口、投资等数据相继转弱，PMI也从3月开始重返下行通道，5月之后随着地产数据的进一步萎靡，市场对全年的经济预期再度下修。经济整体的复苏依然曲折前行。市场表现来看，两类资产表现较为突出，一类以TMT为代表的新兴成长行业录得显著的超额收益，另外一类则为具有稳定分红预期的低估值资产，同样表现突出，以家电、建筑、公用事业为代表。而与宏观经济关联度较高的行业则面临着估值和业绩的双重压力。具体分行业来看，申万的通信、传媒、计算机在上半年分别录得50.66%、42.75%、27.57%的收益，而商贸零售、房地产、美容护理则分别录得-23.44%、-14.29%、-13.61%的负收益，同期沪深300和创业板指也录得-0.75%、-5.61%的负收益。在基金运作上，我们一以贯之。对于具有优秀生意属性、宽广护城河、能够以较高资本回报率进行扩大再生产、并能产生充沛自由现金流的企业，以合理价格买入并中长期持有。就像我们之前所说的，这些稀缺的优质公司在内在价值提升的同时，最终以“可见”的市值上涨的形式呈现的话，需要具备一些条件，1）短期景气度边际上行；2）中长期经济的内生动力螺旋向上的预期。但是在过去2年，这两个条件面临市场的现实或预期挑战。然而，世界上没有一种方法是适应所有的市场，阶段性的“失灵”恰恰是中长期有效的基础。区别于景气度趋势投资，我们青睐于在景气度低迷的时候，以非常合理的价格买入我们看好的生意，这也导致了我们并不是那么跟随市场。具体操作上，二季度时经济的整体复苏低于预期，我们适当减持了与宏观经济关联度较高的资产。尽管医药股对我们的组合拖累较大，但是我们进一步增加了持仓，主要集中在医疗服务、创新药、品牌中药等领域。科技类行业是今年上半年组合最大的变化，我们从一季度开始就系统性增加了以“数字经济”、“人工智能”为代表的组合权重，在这其中我们选择的是商业模式清晰、竞争力突出的应用端公司，我们认为在一轮科技革命中只有少数的公司最后能成长为大市值公司。对于港股，我们认为在内外交困之下，带来的风险回报率水平是历史级别的。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:04.368Z","mo":"展望下半年，发达经济体增速可能会放缓，但是整体衰退的风险大幅降低。对于美国经济而言，劳动力市场仍有韧性，居民杠杆率健康，叠加房地产市场的企稳，“软着陆”的概率在提升。美国通胀仍具有粘性，核心CPI年末回落至4%，仍远高于2%的目标，虽然政策可能接近足够紧缩的水平，但后续货币宽松政策难以过早放松。整体来说，加息周期也进入了尾声，给了权益资产一个相对温和的环境。而对于国内而言，顶层会议传递积极信号，加大逆周期调控力度，修复市场主体信心和预期。对于市场最为关切的房地产和地方债务风险，也做到了针对性应对，叠加中美关系的缓和，我们认为市场风险偏好在逐步抬升。对于市场，上市公司作为一个整体，盈利底在二季度已经出现，之后开始逐季改善，这也可能是本轮经济周期的底部。而在盈利上行周期，权益资产作为一个整体，将拥有不错的表现机会。从结构来看，边际景气不再只属于少数的细分领域，在一个正常状态下，投资机会是多样的。","fund":{"_id":3000000016165,"__csrcFundId":11494,"stockCode":"016165","shortName":"汇添富优势企业精选混合(016165)","masterFundShortName":"汇添富优势企业精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16165,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:56:47.924Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富优势企业精选混合型证券投资基金","followedNum":1,"inceptionDate":"2022-10-13T16:00:00.000Z","setUpDate":"2022-10-13T16:00:00.000Z","setUpAssetScale":134458537.58,"setUpShares":134458537.58,"pinyin":"htfysqyjxhhxzqtzjj","managers":[{"stockCode":"db20733641","stockType":"fund_manager","exchange":"fm","tickerId":122524209590,"name":"李云鑫"},{"stockCode":"j101019468","stockType":"fund_manager","exchange":"fm","tickerId":121225241650,"name":"李灵毓"}]},"announcement":{"linkText":"汇添富优势企业精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=963047","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1b07fea5b3eb0521ae7","date":"2023-03-30T16:00:00.000Z","stockId":3000000016165,"sao":"2023年一季度市场表现良好，但也呈现分化的特征。上证指数、沪深300、创业板指、上证50分别录得5.94%、4.63%、2.25%、1.01%的涨幅。在行业分布上，以计算机、传媒、通信为代表的成长板块表现突出，成为最主要的市场脉络，而以地产、银行为代表的传统经济板块，则表现较差。宏观经济层面，海外发达经济体年内可能走向衰退，加息周期也预计步入尾声，美债利率2023年中枢将逐步回落，强美元预计转弱，这给全球风险资产带来一个温和的环境。国内经济总体呈现温和复苏状态，尽管出口对经济造成拖累，部分表征实物工作量的高频数据有所回落，但经济总体仍然呈现弱复苏的状态，经济中期在内需的三股改善力量驱动下修复方向仍然无法证伪。相较于2022年，2023年的宏观背景对风险资产并不构成拖累。在基金运作上，我们延续了一贯的理念和思路，希望找到一些具备优秀生意属性、宽广护城河、能够以较高资本回报率进行扩大再生产、并能产生充沛自由现金流的企业，以合理价格买入并中长期持有。值得一提的是，这些优质的公司在过去一年经历了惨淡的景气度向下，内在价值的增加也因为“市场先生”的情绪化而没有得到应有的体现。而进入2023年后，景气度向上也不再属于极其稀少的部分行业，我们持有的优质公司也将迎来景气度的拐点。在组合管理上，我们依然看好港股的战略性机会，优质的互联网、消费、生物医药公司依然处于被低估的状态。国内市场，我们延续2022年四季度的配置思路，并加大了数字经济板块的权重，主要集中在垂直领域具有较强竞争力和客户粘性的优质公司。医药行业经历了疫情、政策等多重因素影响，估值回归至合理水平，且基本面在逐渐改善，吸引力愈发凸显。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:04.365Z","fund":{"_id":3000000016165,"__csrcFundId":11494,"stockCode":"016165","shortName":"汇添富优势企业精选混合(016165)","masterFundShortName":"汇添富优势企业精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16165,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:56:47.924Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富优势企业精选混合型证券投资基金","followedNum":1,"inceptionDate":"2022-10-13T16:00:00.000Z","setUpDate":"2022-10-13T16:00:00.000Z","setUpAssetScale":134458537.58,"setUpShares":134458537.58,"pinyin":"htfysqyjxhhxzqtzjj","managers":[{"stockCode":"db20733641","stockType":"fund_manager","exchange":"fm","tickerId":122524209590,"name":"李云鑫"},{"stockCode":"j101019468","stockType":"fund_manager","exchange":"fm","tickerId":121225241650,"name":"李灵毓"}]},"announcement":{"linkText":"汇添富优势企业精选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=880709","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1b07fea5b3eb0521ae6","date":"2022-12-30T16:00:00.000Z","stockId":3000000016165,"sao":"2022年市场弱势下行，且内部结构极度分化。中证1000、中证500、创业板指、沪深300、上证指数分别录得21.58%、20.31%、29.37%、15.13%的跌幅。市场呈现整体下跌，阶段性部分细分行业仍有不错的表现机会，主要集中在能源领域，从全年维度来看，风险防控成为组合最重要的任务。宏观经济层面，国内在疫情的冲击下，叠加地产超预期下滑，总需求持续回落，整体经济面临较大压力。另一方面，俄乌冲突带来大宗商品快速上涨，加剧了欧美的通胀压力，美联储持续鹰派加息。进入10月份之后，随着国内防疫政策的优化调整，地产政策也出现了较大幅度的转向，市场对经济预期出现了较大的修正，经济见底回升的趋势日渐清晰，市场信心也开始恢复。在基金运作上，我们延续了一贯的理念和思路，希望找到一些具有优秀生意属性、宽广护城河，能够以较高资本回报率进行扩大再生产的企业，以合理价格买入并中长期持有。在过去一年的市场中，我们面临的冲击尤为明显，这也使得我们不断审视自己的组合，不断进化我们的体系。但我们也深知，没有一种投资方法可以适应所有的市场，一种方法风靡一时的时候，市场很快就会让其失去超额回报。随着市场进化并不意味着动摇底层的价值观，我们在底层价值观上一如既往的坚定和稳定。但我们仍需要在以下几个方面进行思考和进化：1、组合结构均衡带来的反脆弱性我们挑选公司的出发点都基于公司的生意属性，特别注重生意本身对风险的承受能力，但是以这些公司构建的组合在市场中却并不具备反脆弱性，我们所推崇的生意大多局限在少数领域，这天然具备某种同向波动的特征，在极端市场中会暴露较大的风险。因此我们的思考是，在未来的组合构建中，我们需要将我们优秀生意属性的范畴进行扩大，在尽可能多的行业和领域中，去找到同样优秀的公司，以提高组合的反脆弱性。2、以合理价格买入优秀公司长期持有一项生意的回报率就是生意本身的资本回报率。但这个长期需要用一个产业周期来衡量，这个周期可能是5年甚至是10年，而在阶段性风格极度盛行的时候，往往会产生风格溢价泡沫，这使得我们组合的优秀资产的潜在回报率也变得稀薄。为此我们需要等待一个更好的时机，等待可能是投资里最重要的美德之一。2022年我们的操作乏善可陈，亮点主要在四季度对复苏主线和港股的配置。俄乌冲突带来能源格局的演变，新旧能源是上半年最重要的投资主线，我们参与较少。下半年抓住了复苏主线和港股的战略性机会，对组合产生了正贡献。长期持有的核心持仓经营周期面临压力，是组合低迷的主要原因。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:04.362Z","mo":"海外经济方面，发达经济体可能走向衰退，加息周期进入尾声。通胀将趋势性放缓，对美联储的政策制约下降，美债利率有望见到顶部，此消彼长之下，强美元预计转弱。国内经济目标在5%左右，体现了高层的决心，以经济为核心的各种政策保驾护航，市场信心得到较大修复。地产预计会迎来弱复苏，保交楼带来的地产后周期是亮点。消费可能是2023年经济最重要的抓手，服务消费、线下消费的方向较为确定。展望2023年，我们认为最艰难的时候或已过去，权益投资也将迎来一个相对温和的环境，整体回报率水平也有望得到修复。值得一提的是，边际景气度不再稀缺，在过去一段时间，只有极其少数的行业具备经营周期向上的特征，这也导致了资金聚集在一个狭窄的领域，景气度趋势投资盛行。而在宏观经济见底回升的2023年，在一个正常状态下，投资机会即使是结构性的，也将是多样的。","fund":{"_id":3000000016165,"__csrcFundId":11494,"stockCode":"016165","shortName":"汇添富优势企业精选混合(016165)","masterFundShortName":"汇添富优势企业精选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16165,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:56:47.924Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富优势企业精选混合型证券投资基金","followedNum":1,"inceptionDate":"2022-10-13T16:00:00.000Z","setUpDate":"2022-10-13T16:00:00.000Z","setUpAssetScale":134458537.58,"setUpShares":134458537.58,"pinyin":"htfysqyjxhhxzqtzjj","managers":[{"stockCode":"db20733641","stockType":"fund_manager","exchange":"fm","tickerId":122524209590,"name":"李云鑫"},{"stockCode":"j101019468","stockType":"fund_manager","exchange":"fm","tickerId":121225241650,"name":"李灵毓"}]},"announcement":{"linkText":"汇添富优势企业精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=870624","linkType":"PDF","source":"csrc_pdf"}}]}