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跃度较高，热点频出。 市场反弹至三月下旬后，上行动能枯竭，成交量也逐步萎缩，热点逐步收缩，前期涨幅较大的个股开始大幅回撤。风格重新从成长转向防御。但市场下跌空间不大，回落至3000点后逐步企稳，信心也重新开始凝聚，并乘势再度拉升。5月市场突破3100点后，开始在本轮反弹的高位反复震荡，热点快速轮动，但持续性非常弱，导致赚钱效应消失，市场风格再度向防御集中。低估值、高分红、资源品受益，成长行业普遍表现较弱。最终，指数在重要压力位前难以突破，开始回落。5月末市场在全指冲击年线失败后出现技术性下跌，由于经济数据疲弱，市场连续下跌，人气极度涣散，交易也日渐清淡。  本基金在年初坚定看好市场的超跌反弹，因此保持较高仓位，并将结构继续集中在AI等成长领域，初期在下跌中落后市场平均水平，但在随后的市场反弹中迅速收复损失，获得了较为理想的收益。但4月出现较大回撤，主要是集中持有的AI方向，在市场回调过程中补跌幅度较大。为减少波动性，4月后大幅降低了AI方向的配置，增加了汽车整车、零部件、机器人、新能源等方向，整体组合维持在成长方向上，但行业更加均衡。至6月，全部兑现了获利较多的AI板块，增持了地产、新能源等方向。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:04.114Z","mo":"本轮市场下跌无论持续时间，还是下跌幅度，都已经达到历史上大调整的经验标准。从估值水平来看，相当多的行业出现了PE水平小于20倍，PEG小于1的情况。而对比海外市场，目前A股市场的估值水平已经是绝对的洼地。因此，可以说我们已经做好了调整蓄势的全部准备。目前市场的核心矛盾是增量资金不足，信心疲弱。考虑到下半年经济政策仍将加码，中央财政仍有发力的余地，我认为下半年市场存在企稳反弹的契机。预计市场将在一波放量后止跌企稳，并开启一波反弹行情。","fund":{"_id":3000000240004,"stockCode":"240004","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2005-09-26T16:00:00.000Z","setUpScale":535344000,"market":"a","tickerId":240004,"name":"华宝动力组合混合型证券投资基金","shortName":"华宝动力组合混合(240004)","fundSecondLevel":"hybrid","__csrcFundId":268,"fundStatus":"normal","lastUpdated":"2026-05-01T07:06:37.728Z","masterFundFlag":1,"inceptionDate":"2005-11-16T16:00:00.000Z","fundCollectionId":4000050220000,"currency":"CNY","memoNum":1,"pinyin":"hbdlzhhhxzqtzjj","managers":[{"stockCode":"db20041614","stockType":"fund_manager","exchange":"fm","tickerId":122617080040,"name":"刘自强"}]},"announcement":{"linkText":"华宝动力组合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=1143853","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4f87fea5b3eb0553493","date":"2024-03-30T16:00:00.000Z","stockId":3000000240004,"sao":"新年伊始，市场承接过去两年的下跌惯性向下，引发量化、雪球等风险暴露，小盘股大跌，并引起一定恐慌。基金重仓方向由于资金持续流出大跌，高分红的防御板块成为避险重点，市场风格走向极致。2月市场创出新低后，在政策组合拳的维护下出现持续反弹。市场风格从前期偏防御的高分红类转向超跌小盘股，情绪得到修复后，又继续向AI为代表的科技方向倾斜。3月市场保持上行，但动力逐步趋缓，市场活跃度较高，热点频出。  本基金在年初坚定看好市场的超跌反弹，因此保持较高仓位，并将结构继续集中在AI等成长领域，初期在下跌中落后市场平均水平，但在随后的市场反弹中迅速收复损失，获得了较为理想的收益。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:04.111Z","fund":{"_id":3000000240004,"stockCode":"240004","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2005-09-26T16:00:00.000Z","setUpScale":535344000,"market":"a","tickerId":240004,"name":"华宝动力组合混合型证券投资基金","shortName":"华宝动力组合混合(240004)","fundSecondLevel":"hybrid","__csrcFundId":268,"fundStatus":"normal","lastUpdated":"2026-05-01T07:06:37.728Z","masterFundFlag":1,"inceptionDate":"2005-11-16T16:00:00.000Z","fundCollectionId":4000050220000,"currency":"CNY","memoNum":1,"pinyin":"hbdlzhhhxzqtzjj","managers":[{"stockCode":"db20041614","stockType":"fund_manager","exchange":"fm","tickerId":122617080040,"name":"刘自强"}]},"announcement":{"linkText":"华宝动力组合混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1064880","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4f87fea5b3eb0553492","date":"2023-12-30T16:00:00.000Z","stockId":3000000240004,"sao":"2023年初市场明显复苏。一方面，指数仍处于低位，另一方面，随着地产等政策放松，市场对未来经济复苏的预期加强，使市场进入了较好的反弹窗口。加之海外市场因加息节奏减缓而反弹，人民币恢复上涨，外部环境也非常有利，因此指数出现了一波持续上升的过程。进入2月，市场在快速反弹后资金流出开始增加，进入横盘整理过程，板块轮动较快，持续力不强，结构分化明显。二季度伊始，减量市场的特征更加明显，叠加经济数据疲弱，资金从顺周期及新能源方向集中流出，导致AI产业成为市场唯一亮点，热度进一步发酵，市场机会集中在了传媒、通讯、计算机等狭小方向，其他板块大幅下跌。进入5月后，经济数据愈发疲弱，市场陷入恐慌情绪，各板块轮番下跌，指数再度跌破3200点。为应对经济的低迷，6月政策再度释放放松信号，市场也迎来了一波短暂而快速的反弹。随着经济数据的走弱，7月市场情绪继续回落。前期市场唯一的热点，AI方向也出现大幅补跌。到7月下旬，政治局会议后，政策态度明显转向。市场出现跳涨，政策底的预期基本形成。但由于8月未出台力度较大的政策，市场再度陷入悲观情绪。尽管央行宣布降息、证监会也出台多项刺激政策，但市场在反弹后还是出现了恐慌性的下跌。9月市场在降低印花税、一线城市认房不认贷等政策的刺激下止住了快速下跌的格局。但由于市场信心尚不足，短线的反弹很快就再度跌回。全月市场反复震荡，仍然维持在前期底部附近。10月市场继续缩量下行，成交极度萎缩后少量的热点也无法维持，国庆节后出现恐慌性大跌，上证再度跌破3000点。此后，随着汇金增持、一万亿特别国债推出、中美关系边际缓和，市场在极度悲观中见底反弹。但是，由于稳增长政策力度和持续性都较弱，市场信心不足，反弹幅度和时间都有限。11月市场反弹失败后，各类指数相继创下新低。资金逐步收缩到了微盘方向，市场在弱势中暂时保持了较高的活跃度。   年初本基金积极提升了仓位，组合从偏防御的结构向价值类均衡转换，增配了消费、医药等行业，因此反弹效果较好。在年初的白酒板块快速反弹后，逐步将白酒向传媒、航空进行了切换。同时，考虑到经济数据恢复较好，地产政策有可能逐步减弱，因此退出了地产及产业链方向，以金融板块进行了替换。这些操作在后续的传媒大涨的行情中获得了较好的回报。到季度末，考虑到AI概念的过度狂热，本基金退出了传媒板块，适当降低了仓位，并增加了消费、电子等方向的配置，仓位也进行了下调。减仓操作在下跌过程中获得了较好的抗跌性。至5月下旬，考虑到市场估值再度回到了低位，且风险因素已经在股价中有充分的反映，同时预判政策会有一定的对冲需求，因此开始积极提升仓位。结构上也开始向半导体、传媒、通讯等弹性方向集中。这一决策最初在反弹中获得了不错的超额收益，但随着科技板块7月的大幅补跌，业绩出现了大幅下滑。此后，本基金对结构进行了持续调整，大幅减少了半导体的配置，增加了汽车、金融等非科技行业的配置，使组合适当均衡。并对算力、传媒两大重点板块进行了个股优化。9月又增加了地产链、金融等行业的配置，减少了部分TMT边缘品种。但是，在市场的弱势下，总体上组合弹性仍较高，在整体弱市下业绩难有改观。年末本基金保持较高仓位，并再次向AI方向集中，在市场反弹过程中，获得了一定的超额收益。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:04.108Z","mo":"市场在持续下跌后潜在风险已经大幅释放，雪球、量化等产品风险得到了控制，同时，一系列的政策组合拳的呵护也将市场重新带入了上行轨道。在赚钱效应逐步开始显现后，预计市场将逐步从估值修复向价值挖掘演进，因此市场的反弹仍有继续拓展的空间。从更长期的维度来看，反弹的持续力取决于具体政策和经济复苏效果的验证，因此还需要我们密切跟踪经济复苏的节奏，适当进行调整。在风格方面，由于我们对经济发展的态度要更重视高质量发展，因此顺周期方向未来仍将面临新旧投资模式转变的挑战，机会主要集中在代表新质生产力的产业方向上。从海外与中国过去类似的年份比较，本基金认为优势产业将向：有确切高增长的成长性行业、有消费习惯变化的新兴消费、适应更广大人民需求的高性价比消费等几个方向集中。未来本基金将着重在这些领域挖掘投资机会，争取为基民获取更好的回报。","fund":{"_id":3000000240004,"stockCode":"240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rationDate":"2023-04-22T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:04.100Z","fund":{"_id":3000000240004,"stockCode":"240004","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2005-09-26T16:00:00.000Z","setUpScale":535344000,"market":"a","tickerId":240004,"name":"华宝动力组合混合型证券投资基金","shortName":"华宝动力组合混合(240004)","fundSecondLevel":"hybrid","__csrcFundId":268,"fundStatus":"normal","lastUpdated":"2026-05-01T07:06:37.728Z","masterFundFlag":1,"inceptionDate":"2005-11-16T16:00:00.000Z","fundCollectionId":4000050220000,"currency":"CNY","memoNum":1,"pinyin":"hbdlzhhhxzqtzjj","managers":[{"stockCode":"db20041614","stockType":"fund_manager","exchange":"fm","tickerId":122617080040,"name":"刘自强"}]},"announcement":{"linkText":"华宝动力组合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=887070","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4f87fea5b3eb055348e","date":"2022-12-30T16:00:00.000Z","stockId":3000000240004,"sao":"2022年新年以来，市场继续从高位回落。由于担忧美国加息、资金流出新兴市场、新车销售不及预期，导致新能源车、医药等机构集中板块出现大面积下跌。同时由于经济数据疲弱，央行在1月开启降息，因此稳增长为代表的地产、基建等明显走强。至春节后，市场暂时企稳。赛道股尝试反弹的同时，地产与基建明显回落。随后由于国际能源价格上涨、俄乌战争爆发，资源品表现较优，股市整体则出现较大幅度的下跌。在市场快速下跌逼近3000点整数关口后，国务院金融委会议发出了维稳信号，市场出现了一个快速的修复。在4月二次探底后，市场彻底转向，前期超跌的新能源、半导体等板块走强，周期、地产等板块则受跷跷板效应影响走弱。年中海外进入加息周期后，外盘明显下跌，资金向国内涌入避险，加上疫情后刺激政策加大，新能源车热销，都推动了前期超跌的成长股大涨，反弹持续力越来越强。 在持续反弹两个多月后，7月市场在高位出现调整，地产行业持续暴雷的风险拖累周期类品种走弱，成长类则由于超买严重，估值过高出现调整。至8月初，市场在长时间调整后尝试性反攻，但反弹至月中，光伏板块由于超额收益过高出现回落、电子板块由于华为宣布收缩战线下跌、新能源车由于销量出现疲弱下跌，主流的成长板块均受到较大冲击，市场再次快速下跌。同时，由于海外油气价格上升，煤炭等板块表现突出。价值与成长的跷跷板效应明显。国庆节前市场越发谨慎，加上海外市场大跌，最终市场再度逼近3000点关口。9月市场在海外持续加息、国内地产投资疲弱、消费不振等影响，出现持续下跌。到十一长假后，由于人民币贬值，外资集中流出，市场快速探底，再次跌破3000点。过度悲观的情绪宣泄后，市场开始反弹，风格进一步从成长向价值切换。  在操作方面，本基金1月维持了较低仓位，继续增加了地产链板块。2月短时间参与了了碳酸锂、光伏等板块的反弹。3月又及时对前期参与反弹的仓位进行了减持，同时结构上继续增加了煤炭、电解铝等资源品、建材、建筑等地产链的配置。5月向均衡化调整组合，减少了部分质地较差的地产股，增持了电子、航空等板块。月末开始则逐步兑现了新能源等获利较多的个股。但预期的调整并未出现，导致反弹较弱。6月加快了新能源领域的投资，减配地产、能源，增持了光伏、新能源车等板块，超额收益明显恢复。但在8月市场开始持续下跌后，回落较大。9月降低了仓位，并将组合均衡化，十一之后，逢高清仓了成长板块，并在低位逐步提高了仓位，增配了消费、金融，超额收益逐渐恢复，全年保持了较好的收益水平。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:04.098Z","mo":"市场在经历了一年时间的调整后，整体估值已经达到一个较低水平。结合经济基本面从去年的非正常低位反转、流动性保持宽松，本基金对未来的市场保持乐观态度。但市场在实现熊牛转换的过程中，不可避免将出现较多的波动和轮换，预计全年市场走势偏震荡，并伴随着经济复苏的节奏与强度逐步走稳，为新一轮周期做准备。因此我们对今年的市场保持乐观，但预期收益并不太高。","fund":{"_id":3000000240004,"stockCode":"240004","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2005-09-26T16:00:00.000Z","setUpScale":535344000,"market":"a","tickerId":240004,"name":"华宝动力组合混合型证券投资基金","shortName":"华宝动力组合混合(240004)","fundSecondLevel":"hybrid","__csrcFundId":268,"fundStatus":"normal","lastUpdated":"2026-05-01T07:06:37.728Z","masterFundFlag":1,"inceptionDate":"2005-11-16T16:00:00.000Z","fundCollectionId":4000050220000,"currency":"CNY","memoNum":1,"pinyin":"hbdlzhhhxzqtzjj","managers":[{"stockCode":"db20041614","stockType":"fund_manager","exchange":"fm","tickerId":122617080040,"name":"刘自强"}]},"announcement":{"linkText":"华宝动力组合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=870324","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4f87fea5b3eb055348d","date":"2022-09-29T16:00:00.000Z","stockId":3000000240004,"sao":"在持续反弹两个多月后，7月市场在高位出现调整，地产行业持续暴雷的风险拖累周期类品种走弱，成长类则由于超买严重，估值过高出现调整。至8月初，市场在长时间调整后尝试性反攻，但反弹至月中，光伏板块由于超额收益过高出现回落、电子板块由于华为宣布收缩战线下跌、新能源车由于销量出现疲弱下跌，主流的成长板块均受到较大冲击，市场再次快速下跌。同时，由于海外油气价格上升，煤炭等板块表现突出。价值与成长的跷跷板效应明显。国庆节前市场越发谨慎，加上海外市场大跌，最终市场再度逼近3000点关口。          在操作方面，本基金7月继续增持光伏等板块，清理了组合内的边缘配置，把握住了反弹中最强势的板块，超额收益明显恢复。但在8月市场开始持续下跌后，回落较大。9月降低了仓位，并将组合均衡化，业绩保持稳定。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:04.095Z","fund":{"_id":3000000240004,"stockCode":"240004","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2005-09-26T16:00:00.000Z","setUpScale":535344000,"market":"a","tickerId":240004,"name":"华宝动力组合混合型证券投资基金","shortName":"华宝动力组合混合(240004)","fundSecondLevel":"hybrid","__csrcFundId":268,"fundStatus":"normal","lastUpdated":"2026-05-01T07:06:37.728Z","masterFundFlag":1,"inceptionDate":"2005-11-16T16:00:00.000Z","fundCollectionId":4000050220000,"currency":"CNY","memoNum":1,"pinyin":"hbdlzhhhxzqtzjj","managers":[{"stockCode":"db20041614","stockType":"fund_manager","exchange":"fm","tickerId":122617080040,"name":"刘自强"}]},"announcement":{"linkText":"华宝动力组合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=805261","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4f87fea5b3eb055348c","date":"2022-06-29T16:00:00.000Z","stockId":3000000240004,"sao":"2022年新年以来，市场继续从高位回落。由于担忧美国加息、资金流出新兴市场、新车销售不及预期，导致新能源车、医药等机构集中板块出现大面积下跌。同时由于经济数据疲弱，央行在1月开启降息，因此稳增长为代表的地产、基建等明显走强。至春节后，市场暂时企稳。赛道股尝试反弹的同时，地产与基建明显回落。随后由于国际能源价格上涨、俄乌战争爆发，资源品表现较优，股市整体则出现较大幅度的下跌。在市场快速下跌逼近3000点整数关口后，国务院金融委会议发出了维稳信号，市场出现了一个快速的修复。在4月二次探底后，市场彻底转向，前期超跌的新能源、半导体等板块走强，周期、地产等板块则受跷跷板效应影响走弱。年中海外进入加息周期后，外盘明显下跌，资金向国内涌入避险，加上疫情后刺激政策加大，新能源车热销，都推动了前期超跌的成长股大涨，反弹持续力越来越强。  在操作方面，本基金1月维持了较低仓位，继续增加了地产链板块。2月短时间参与了了碳酸锂、光伏等板块的反弹。3月又及时对前期参与反弹的仓位进行了减持，同时结构上继续增加了煤炭、电解铝等资源品、建材、建筑等地产链的配置。5月向均衡化调整组合，减少了部分质地较差的地产股，增持了电子、航空等板块。月末开始则逐步兑现了新能源等获利较多的个股。但预期的调整并未出现，导致反弹较弱。6月加快了新能源领域的投资，减配地产、能源，增持了光伏、新能源车等板块，开始向成长板块集中。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:04.092Z","mo":"市场在持续反弹后，熊市心态得到修正，上涨韧性加强。结合目前国内仍处于货币与财政的双宽松状态，我认为市场不存在全面转向熊市的基础。远期的风险主要在于海外进入衰退后，如果出现超预期的萧条，A股也难以独善其身。从技术层面看，由于前期底部缺少充分的筑底，在市场大幅度反弹后，将会出现越来越明显的振荡。从行业来看，新能源仍然是成长性最好的方向，但同时估值已经较高，在积极挖掘新技术变革的方向外，应当注重对风险的控制。综上所述，未来的走势预计为宽幅振荡的向上走势，但应当随时关注海外的风险发酵情况。通过积极挖掘成长类的新品种，保持对风险的关注，努力为基民实现更好的回报。","fund":{"_id":3000000240004,"stockCode":"240004","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2005-09-26T16:00:00.000Z","setUpScale":535344000,"market":"a","tickerId":240004,"name":"华宝动力组合混合型证券投资基金","shortName":"华宝动力组合混合(240004)","fundSecondLevel":"hybrid","__csrcFundId":268,"fundStatus":"normal","lastUpdated":"2026-05-01T07:06:37.728Z","masterFundFlag":1,"inceptionDate":"2005-11-16T16:00:00.000Z","fundCollectionId":4000050220000,"currency":"CNY","memoNum":1,"pinyin":"hbdlzhhhxzqtzjj","managers":[{"stockCode":"db20041614","stockType":"fund_manager","exchange":"fm","tickerId":122617080040,"name":"刘自强"}]},"announcement":{"linkText":"华宝动力组合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=783848","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4f87fea5b3eb055348b","date":"2022-03-30T16:00:00.000Z","stockId":3000000240004,"sao":"2022年新年以来，市场继续从高位回落。由于担忧美国加息提前后，资金流出新兴市场、新车销售不及预期，导致新能源车、医药等机构集中板块出现大面积下跌。同时由于经济数据疲弱，央行在1月开启降息，因此稳增长为代表的地产、基建等明显走强。至春节后，市场暂时企稳。由于开年赚钱效应的消失，基金发行遇冷，存量市场的特征明显。赛道股尝试反弹的同时，地产与基建明显回落。同时由于国际能源价格上涨，资源品表现较优。市场处于方向与板块选择的关键时刻。3月在俄乌战争的影响下，大宗商品大涨，股市出现较大幅度的下跌。资源股和稳增长类品种相对较优。月中在市场快速下跌逼近3000点整数关口后，国务院金融委会议发出了维稳信号，市场出现了一个快速的修复，但市场持续拉升意愿有限，上方压力重重。  在操作方面，本基金1月维持了较低仓位，继续增加了地产链板块。2月短时间参与了碳酸锂、光伏等板块的反弹。3月又及时对前期参与反弹的仓位进行了减持，同时结构上继续增加了煤炭、电解铝等资源品、建材、建筑等地产链的配置。全季表现较好。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:04.089Z","fund":{"_id":3000000240004,"stockCode":"240004","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2005-09-26T16:00:00.000Z","setUpScale":535344000,"market":"a","tickerId":240004,"name":"华宝动力组合混合型证券投资基金","shortName":"华宝动力组合混合(240004)","fundSecondLevel":"hybrid","__csrcFundId":268,"fundStatus":"normal","lastUpdated":"2026-05-01T07:06:37.728Z","masterFundFlag":1,"inceptionDate":"2005-11-16T16:00:00.000Z","fundCollectionId":4000050220000,"currency":"CNY","memoNum":1,"pinyin":"hbdlzhhhxzqtzjj","managers":[{"stockCode":"db20041614","stockType":"fund_manager","exchange":"fm","tickerId":122617080040,"name":"刘自强"}]},"announcement":{"linkText":"华宝动力组合混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=724823","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4f87fea5b3eb055348a","date":"2021-12-30T16:00:00.000Z","stockId":3000000240004,"sao":"2021年开年，市场承接去年最后一周的走势，在经济数据良好、海外市场风险偏好上升、北上资金加码、新基金热销等多因素驱动下迎来了开门红。临近春节，由于市场短期涨幅过大，海外市场波动率走阔，市场出现了一波快速回落。但由于春节期间海外市场表现较好，特别是大宗商品大幅上涨，因此节后市场再度强势上行。资金开始向周期类品种聚集，而抱团品种，如白酒、新能源等出现了较大幅度下跌。3月受通胀预期抬头的影响，美国国债利率上升，引发市场担忧，市场风格进一步转换，科技、新能源、抱团股等大幅度回落，银行、地产、碳中和概念股上涨。4月市场在短时间盘整后，随着上市公司一季报开始陆续披露，由于基数原因，上市公司普遍增长较好。同时海外市场预期放松仍将持续，美国国债收益率在上涨后出现了阶段性回落，带动国内市场出现一波上涨。白酒、医药、新能源等强势行业再创新高。随着行情进一步发酵，热点也不断扩散，小盘的边缘性品种也不断被挖掘，小指数开始超越大指数，市场开始体现出了牛市的尾部特征。7月市场反复横盘震荡，意外的降准反而引起市场对经济数据弱于预期的担忧；海外市场通胀高企，收紧货币的呼声不断；德尔塔病毒再度引起全球疫情反弹；产业政策也对教育、互联网等行业形成了较大打击。受多种因素影响，市场前期的高估值板块纷纷开启回调，仅新能源车、周期板块较强。月末市场大幅回调后，开始止跌企稳。进入9月后，由于双控双减的影响，多地采取了高能耗产业停电措施，导致周期品大幅度上涨。受此影响，周期股带动指数大涨，其他板块整体下跌。但好景不长，由于市场开始担忧停产与原材料涨价对经济的负面冲击，周期板块开始出现快速回落，市场避险情绪暴增，以食品饮料、医药为代表的防御板块大幅反弹。10月市场整体表现平稳，但结构切换频繁。大宗类板块受调控干扰因素增多，出现暴涨后的快速下跌；新能源板块企稳；消费类出现了短暂反弹；金融地产表现相对较优。此后市场反复震荡，热点散乱，且持续性差。各种小行业冷门品种轮番表现。到年末，市场活跃度继续加大，元宇宙、绿电等板块大幅上涨，地产链底部活跃，新能源车板块则出现获利兑现的回落。  在操作方面，本基金一季度将仓位维持在较高水平，重点增持新能源汽车上游产业链、资源类板块，减持电子等行业。二季度开始，逐步降低仓位，5月后开始逐步减少了新能源产业链，继续增配了有色、化工等资源品，并适当增加了低估值的银行板块，仓位控制在了较低水平。三季度开始，本基金继续增持钢铁、化工等周期类品种。9月后，出于对滞涨的担忧大幅度减持了周期股的持仓，增加了医药、白酒等防御性品种，并降低了仓位。四季度进一步向防御性板块、受益宏观放松的地产板块切换。虽然持有的锂资源板块表现不佳，但防御加地产的组合获得了非常好的回报，保持了全年良好的收益水平。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:04.087Z","mo":"在经历了创纪录的连续三年牛市后，市场风险已经较高。由于美国即将开启加息周期，海外环境也相对不利，因此对于国内的货币宽松效果不应有太大预期。由于2021年年初高基数的效应，今年年初的同比数据应当较弱，一季度部分高估值公司有可能出现业绩不达预期的风险。同时为了对冲经济下滑，稳增长政策可能会有较大力度，对应的地产、基建、建材等行业估计会有阶段性表现。周期类品种，目前仍然处在向上大周期内，在加息周期的早期，资源品预计仍将上涨。但由于政策干预较多，应保持一定的谨慎。消费类品种，受益于疫情缓解，趋势看好，但市场抢跑严重，估值匹配度不高，可以保持观察。赛道类品种，由于筹码过度集中，虽然估值已趋于合理，但仍有可能出现超跌机会。","fund":{"_id":3000000240004,"stockCode":"240004","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2005-09-26T16:00:00.000Z","se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食品饮料及医药集中，结构分化加剧。进入6月后，市场走稳，热点频现，传媒、新能源、电子、医药、白酒、消费、新型建材等多个行业轮番走强，创业板持续走出新高，上证也再度逼近3000点的大关。  在操作方面，本基金一季度重点配置电子、传媒等行业，年初上涨明显。春节后，受疫情影响，市场出现调整。而本基金持有的传媒为受益行业，电子品种也比较优质，因此受影响较小，节后再度获取较好收益。三月随着海外疫情的发酵，市场开始回落。本基金及时降低了电子的配置，增配了券商、建材、地产等宏观政策对冲型行业，在一定程度上减少了回调损失。5月，本基金又增配了电子、汽车，减配了传媒、券商、水泥等板块。6月继续在较高仓位上进行结构调整，波段操作了建材、券商等板块。由于美国疫情出现二度爆发迹象，股市也进入一个较高估值水平，因此在季末的端午节前适当降低了仓位。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:04.070Z","mo":"市场在增量资金的推动下，大幅度上涨，正走向全面的牛市。但是，应当清醒地认识到，市场在连续两年实质性牛市后，结构性的估值已经较高。医药、消费、科技等板块估值都处于历史高位。而短期拉升指数的低估值品种中，有部分板块的基本面也存在较大瑕疵。加之流动性泛滥的趋势难以与历史上的全面牛市相提并论，因此在短期上涨后，市场的风险在不断放大。  综合目前的市场情况，我认为目前可适当降低仓位。品种上先选择回调到合理位置的优质科技股、受益于下半年对冲经济的周期股。未来本基金将重点通过自下而上的选股模式，选取可靠的投资品种，适时调整仓位与行业配置，为持有人进一步创造回报。","fund":{"_id":3000000240004,"stockCode":"240004","stockType":"fund","areaCode":"cn","followedNum":29,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2005-09-26T16:00:00.000Z","setUpScale":535344000,"market":"a","tickerId":240004,"name":"华宝动力组合混合型证券投资基金","shortName":"华宝动力组合混合(240004)","fundSecondLevel":"hybrid","__csrcFundId":268,"fundStatus":"normal","lastUpdated":"2026-05-01T07:06:37.728Z","masterFundFlag":1,"inceptionDate":"2005-11-16T16:00:00.000Z","fundCollectionId":4000050220000,"currency":"CNY","memoNum":1,"pinyin":"hbdlzhhhxzqtzjj","managers":[{"stockCode":"db20041614","stockType":"fund_manager","exchange":"fm","tickerId":122617080040,"name":"刘自强"}]},"announcement":{"linkText":"华宝动力组合混合型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=457789","linkType":"PDF","source":"csrc_pdf"}}]}