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，消费电子，医药；2，美股科技股的映射，端侧AI，AI应用；3，通缩环境下，消费降级，包括性价比消费，情绪消费；防御类资产，红利成长类股（资源，公用事业）。　　　　截至2025年3月31日，本基金A类份额净值为1.731元，C类份额净值为1.419元，本报告期A类份额净值增长率为13.14%，同期业绩比较基准增长率为3.11%，C类份额净值增长率为13.07%，同期业绩比较基准增长率为3.11%。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:27.190Z","fund":{"_id":3000000040021,"__csrcFundId":1917,"stockCode":"040021","name":"华安大中华升级股票型证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":40021,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T05:31:53.314Z","status":"normal","exchange":"jj","shortName":"华安大中华升级股票（QDII）(040021)","inceptionDate":"2011-05-16T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安大中华升级股票（QDII）","pinyin":"hadzhsjgpxzqtzjj","managers":[{"stockCode":"8801345689","stockType":"fund_manager","exchange":"fm","tickerId":191708060060,"name":"苏圻涵"},{"stockCode":"db20060337","stockType":"fund_manager","exchange":"fm","tickerId":231719100180,"name":"翁启森"}]},"announcement":{"linkText":"华安大中华升级股票型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1273116","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41f7fea5b3eb0544d0a","date":"2024-12-30T16:00:00.000Z","stockId":3000000040021,"sao":"2024年下半年，以“高利率，高通胀，高增长”为主要特征的‘特朗普交易’成为全球资本市场主线。美联储年末议息会议，指引鹰派，降息空间大幅收窄，根据利率期货指引，2025年降息预期大幅下行，美元流动性预期恶化，美债收益率走高，美元指数走高。　　在报告期内，我们还是坚持杠铃策略，同时严格遵循高低切换的原则，寻找相对的估值洼地，包括消费电子，部分化工，建筑，建材，金融。具体来说，1，与宏观弱相关的，行业本身存在出清，反弹的逻辑 ，消费电子，医药；2，美股科技股的映射，端侧AI，AI应用；3，通缩环境下，消费降级，包括性价比消费，情绪消费；防御类资产，红利成长类股（资源，公用事业）。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:27.187Z","mo":"展望2025年，外部来看，美元流动性环境以及中美摩擦，压制港股估值的上行；内部，“强预期，弱现实”可能延续全年，通缩压制企业盈利增长，是整体上的不利因素，但春节后内外因素有所变化，1）外部贸易战的压力由针对中国泛化到所有的美国贸易伙伴；2）内部，投资者和消费者开始习惯和接受经济增速和预期收入的下台阶，在储蓄，投资，消费的分配上，出现积极的变化。预计港股结构性行情仍然延续。","fund":{"_id":3000000040021,"__csrcFundId":1917,"stockCode":"040021","name":"华安大中华升级股票型证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":40021,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T05:31:53.314Z","status":"normal","exchange":"jj","shortName":"华安大中华升级股票（QDII）(040021)","inceptionDate":"2011-05-16T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安大中华升级股票（QDII）","pinyin":"hadzhsjgpxzqtzjj","managers":[{"stockCode":"8801345689","stockType":"fund_manager","exchange":"fm","tickerId":191708060060,"name":"苏圻涵"},{"stockCode":"db20060337","stockType":"fund_manager","exchange":"fm","tickerId":231719100180,"name":"翁启森"}]},"announcement":{"linkText":"华安大中华升级股票型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1254543","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41f7fea5b3eb0544d09","date":"2024-09-29T16:00:00.000Z","stockId":3000000040021,"sao":"三季度，美联储如市场所预期的，开启降息，但降息幅度超出市场预期，根据利率期货指引，年内仍有50bps以上的降息，美元流动性上行，美债收益率走弱，美元指数走弱。结合季末，中国货币政策组合拳的出台，中资资产，包括港股，A股，中概股，领涨全球资本市场。　　　　对于宏观环境，我们认为，美国软着陆+中国“弱复苏”仍将持续。外部，美元降息周期开启；内部，尽管政策已经转向经济增长，但落到实体经济仍有时滞，年内经济可能维持“弱复苏” 格局。从盈利增长，估值，以及在美国降息周期中的弹性来看，港股相对A股更有性价比。分子端，通缩环境下，企业盈利增长乏力，目前来看机会不大，我们还是偏向于分母端的机会，即估值有扩张可能的标的。对利率敏感的创新药，非银龙头。监管政策有改善的互联网，教育等。　　　　在报告期内，我们还是坚持杠铃策略，同时严格遵循高低切换的原则，寻找相对的估值洼地，包括消费电子，部分化工，建筑，建材，金融。具体来说，1，与宏观弱相关的，行业本身存在出清，反弹的逻辑 ，消费电子，医药，教培；2，美股科技股的映射，边缘AI，AI应用；3，通缩环境下，消费降级，包括性价比消费，情绪消费；防御类资产，红利成长类股（资源，公用事业）。　　截至2024年9月30日，本基金A类份额净值为1.481元，C类份额净值为1.217元，本报告期A类份额净值增长率为2.56%，同期业绩比较基准增长率为11.06%，C类份额净值增长率为2.44%，同期业绩比较基准增长率为11.06%。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:27.184Z","fund":{"_id":3000000040021,"__csrcFundId":1917,"stockCode":"040021","name":"华安大中华升级股票型证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":40021,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T05:31:53.314Z","status":"normal","exchange":"jj","shortName":"华安大中华升级股票（QDII）(040021)","inceptionDate":"2011-05-16T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安大中华升级股票（QDII）","pinyin":"hadzhsjgpxzqtzjj","managers":[{"stockCode":"8801345689","stockType":"fund_manager","exchange":"fm","tickerId":191708060060,"name":"苏圻涵"},{"stockCode":"db20060337","stockType":"fund_manager","exchange":"fm","tickerId":231719100180,"name":"翁启森"}]},"announcement":{"linkText":"华安大中华升级股票型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1174446","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41f7fea5b3eb0544d08","date":"2024-06-29T16:00:00.000Z","stockId":3000000040021,"sao":"2024年上半年，美国的通胀和经济增长仍充满韧性，美联储最新议息会议表明，年内可能还有1-2次降息，大幅低于年初市场对于降息次数的预期。中资资产，尤其是港股的洼地效应，导致4月开始，出现估值修复行情。　　　　对于宏观环境，外部，年内美国货币紧缩周期结束，尽管经济增长韧性导致降息力度下行，但美元流动性仍充裕；内部，经济可能维持弱复苏格局。短期，对于港股来说，经过2季度的反弹，分子端的企业盈利，和分母端的无风险收益率以及风险溢价，修复的空间有限，市场回到盘整震荡，结构性机会更值得关注。　　　　在报告期内，我们还是坚持杠铃策略，同时严格遵循高低切换的原则，寻找相对的估值洼地，包括消费电子，部分化工，建筑，建材，金融。具体来说，1，与宏观弱相关的，行业本身存在出清，反弹的逻辑 ，消费电子，医药，教培；2，美股科技股的映射，边缘AI，AI应用；3，通缩环境下，消费降级，包括性价比消费，情绪消费；防御类资产，红利成长类股（资源，公用事业）。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:27.181Z","mo":"展望下半年，对于宏观环境，我们认为，美国软着陆+中国弱复苏仍将持续。外部，年内美国开启降息周期将是大概率事件；内部，经济可能维持弱复苏格局，但政策刺激预期在上行。　　目前时点来看，香港市场相对A股的性价比有所提升，包括企业盈利层面，估值层面，以及在外围流动性环境发生变化下的弹性角度来看，港股都优于A股。　　结构上，我们还是坚持杠铃策略，在红利价值端，注重高股息类股的分化和泛化，寻找现金流和盈利增长确定性高的个股；在成长端，严格遵循高低切换的原则，寻找处于相对估值洼地的真成长资产。","fund":{"_id":3000000040021,"__csrcFundId":1917,"stockCode":"040021","name":"华安大中华升级股票型证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":40021,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T05:31:53.314Z","status":"normal","exchange":"jj","shortName":"华安大中华升级股票（QDII）(040021)","inceptionDate":"2011-05-16T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安大中华升级股票（QDII）","pinyin":"hadzhsjgpxzqtzjj","managers":[{"stockCode":"8801345689","stockType":"fund_manager","exchange":"fm","tickerId":191708060060,"name":"苏圻涵"},{"stockCode":"db20060337","stockType":"fund_manager","exchange":"fm","tickerId":231719100180,"name":"翁启森"}]},"announcement":{"linkText":"华安大中华升级股票型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1151941","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41f7fea5b3eb0544d07","date":"2024-03-30T16:00:00.000Z","stockId":3000000040021,"sao":"一季度，美国通胀的韧性和美国经济增长的韧性均超出我们和市场的预期，从而导致美联储的紧缩政策大幅延长，年初市场对于美联储的降息预期大幅下修，美债收益率大幅上行，美元走强，发达市场大幅跑赢新兴市场，叠加中国经济疫后复苏的疲弱，以及中美关系紧张，中资资产承压。　　　　展望2024年，对于宏观环境，我们认为，美国软着陆+中国弱复苏仍将持续。外部，年内美国货币紧缩周期结束，但经济增长韧性导致降息延后；内部，经济可能维持弱复苏格局。估值修复的确定性大于企业盈利的确定性。短期，在通胀和财政政策没有明显进展的情况下，由顺周期板块和空头回补带动的市场反弹缺乏基本面支撑，如果没有进一步足够的财政刺激，市场可能回到盘整震荡，结构性机会更值得关注。结构上，我们还是坚持杠铃策略。具体来说，1，与宏观弱相关的，行业本身存在出清，反弹的逻辑 ，消费电子，医药，教培；2，美股科技股的映射，边缘AI，AI应用；3，通缩环境下，消费降级，包括性价比消费，情绪消费；4，防御类资产，红利成长类股。　　　　在报告期内，基于我们对于市场结构的判断，我们超配与宏观经济弱相关，存在估值修复可能的成长板块 ，互联网，半导体，创新药，同时弱经济环境下，高分红，低估值的价值类股能够起到一定的防御作用。　　　　截至2024年3月31日，本基金A类份额净值为1.325元，C类份额净值为1.092元，本报告期A类份额净值增长率为6.26%，同期业绩比较基准增长率为1.76%，C类份额净值增长率为6.12%，同期业绩比较基准增长率为1.76%。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:27.178Z","fund":{"_id":3000000040021,"__csrcFundId":1917,"stockCode":"040021","name":"华安大中华升级股票型证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":40021,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T05:31:53.314Z","status":"normal","exchange":"jj","shortName":"华安大中华升级股票（QDII）(040021)","inceptionDate":"2011-05-16T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安大中华升级股票（QDII）","pinyin":"hadzhsjgpxzqtzjj","managers":[{"stockCode":"8801345689","stockType":"fund_manager","exchange":"fm","tickerId":191708060060,"name":"苏圻涵"},{"stockCode":"db20060337","stockType":"fund_manager","exchange":"fm","tickerId":231719100180,"name":"翁启森"}]},"announcement":{"linkText":"华安大中华升级股票型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1073139","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41f7fea5b3eb0544d06","date":"2023-12-30T16:00:00.000Z","stockId":3000000040021,"sao":"2023年，美国通胀的韧性和美国经济增长的韧性均超出我们和市场的预期，从而导致美联储的紧缩政策大幅延长，美债收益率大幅上行，美元走强，发达市场大幅跑赢新兴市场，叠加中国经济疫后复苏的疲弱，以及中美关系紧张，中资资产承压。　　期内，标普500指数上涨27.88%，斯托克50指数上涨26.73%， MSCI新兴市场指数上涨10.19%，沪深300下跌11.38%，香港市场，跟随A股承压，期内恒生指数下跌11.39%，恒生国企指数下跌11.54%，台湾加权指数上涨31.20%。　　在报告期内，基于我们对于市场结构的判断，我们超配与宏观经济弱相关的成长板块 ，互联网，半导体，创新药，同时，我们认为在弱经济环境下，高分红，低估值的中特估类股能够起到一定的防御作用。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:27.175Z","mo":"展望2024年，对于宏观环境，我们认为，美国软着陆+中国弱复苏仍将持续。外部，年内美国货币紧缩周期结束，但经济增长韧性导致降息延后；内部，经济可能维持弱复苏格局。估值修复的确定性大于企业盈利的确定性。　　短期，由于联储降息预期的延后，成长股可能面临估值和盈利的双杀，低估值，高分红类股跑赢，而港股作为整体低估的板块，相比A股更有性价比 。　　结构上，我们还是坚持杠铃策略。具体来说，1，与宏观弱相关的，行业本身存在出清，反弹的逻辑 ，消费电子，医药，教培；2，美股科技股的映射，边缘AI，AI应用；3，通缩环境下，消费降级，包括性价比消费，情绪消费；防御类资产，高股息价值类股。","fund":{"_id":3000000040021,"__csrcFundId":1917,"stockCode":"040021","name":"华安大中华升级股票型证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":40021,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T05:31:53.314Z","status":"normal","exchange":"jj","shortName":"华安大中华升级股票（QDII）(040021)","inceptionDate":"2011-05-16T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安大中华升级股票（QDII）","pinyin":"hadzhsjgpxzqtzjj","managers":[{"stockCode":"8801345689","stockType":"fund_manager","exchange":"fm","tickerId":191708060060,"name":"苏圻涵"},{"stockCode":"db20060337","stockType":"fund_manager","exchange":"fm","tickerId":231719100180,"name":"翁启森"}]},"announcement":{"linkText":"华安大中华升级股票型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1048104","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41f7fea5b3eb0544d05","date":"2023-06-29T16:00:00.000Z","stockId":3000000040021,"sao":"2023年上半年，美国通胀的韧性和美国经济增长的韧性均超出我们和市场的预期，从而导致美联储的紧缩政策大幅延长，美债收益率大幅上行，美元走强，发达市场大幅跑赢新兴市场，叠加中国经济疫后复苏的疲弱，以及中美关系紧张，中资资产承压。期内，标普500指数上涨21.87%，斯托克50指数上涨24.29%， MSCI新兴市场指数上涨8.79%，沪深300下跌0.75%，香港市场，跟随A股承压，期内恒生指数和恒生国企指数基本持平。台湾加权指数在AI需求的带动下，上涨24.13%。在报告期内，基于我们对于市场结构的判断，我们超配与宏观经济弱相关的成长板块 ，互联网，半导体，创新药，同时，我们认为在弱经济环境下，高分红，低估值的中特估类股能够起到一定的防御作用。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:27.172Z","mo":"经过半年运行，我们认为下半年内外环境与2019年类似，美国软着陆叠加中国弱复苏。外部，年内美国货币紧缩周期结束，但经济增长韧性导致降息延后；内部，政策拐点已经出现，但政策力度仍有待验证，经济可能维持弱复苏格局。港股可能参照2019年情况，呈现结构市的走势。风格上，仍有利成长类资产，尤其是前期估值收到压制的创新药，互联网等的估值修复，以及业绩增长确定性较高的顺周期个股。而受益于人工智能应用的兴起，台股半导体，服务器产业链相关个股均有受益。","fund":{"_id":3000000040021,"__csrcFundId":1917,"stockCode":"040021","name":"华安大中华升级股票型证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":40021,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T05:31:53.314Z","status":"normal","exchange":"jj","shortName":"华安大中华升级股票（QDII）(040021)","inceptionDate":"2011-05-16T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安大中华升级股票（QDII）","pinyin":"hadzhsjgpxzqtzjj","managers":[{"stockCode":"8801345689","stockType":"fund_manager","exchange":"fm","tickerId":191708060060,"name":"苏圻涵"},{"stockCode":"db20060337","stockType":"fund_manager","exchange":"fm","tickerId":231719100180,"name":"翁启森"}]},"announcement":{"linkText":"华安大中华升级股票型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=959276","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41f7fea5b3eb0544d04","date":"2022-12-30T16:00:00.000Z","stockId":3000000040021,"sao":"2022年前三季度，伴随美联储的连续加息，全球流动性状况恶化，风险资产出现大幅杀跌走势，四季度，随着美国通胀拐点出现，美联储紧缩预期缓解，美债收益率和美元指数双双大幅走弱，同时伴随中国疫情防控政策的转向，全球资本市场风险偏好上行，风险资产出现大幅反弹。全年，标普500指数下跌19.65%， MSCI新兴市场指数下跌20.72%，沪深300下跌21.33%，香港市场跟随新兴市场下行，期内恒生指数下跌14.41%，恒生国企指数下跌17.91%。压制港股的三个因素，地缘局势影响估值（俄乌局势和中美博弈，中概退市）,美联储紧缩影响估值,中国增长影响企业盈利（疫情，地产政策），基本都在估值中反应（MSCI中国动态PE最低7.2倍），且三个因素拐点都已显现，我们对港股估值修复相对乐观，短期反弹，主要源于空头回补导致的估值修复，后期反弹的持续性还需要企业盈利的兑现和后续更多刺激内需的政策配合。在报告期内，基于我们对于市场结构的判断，我们看好前期估值出现大幅修正的互联网，创新药等成长性行业，同时增持地产政策放松受益的地产及产业链，防疫政策放松受益的出行，餐饮，零售等。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:27.169Z","mo":"展望2023年，伴随美国经济数据转暖，外部流动性缓解，估值扩张逻辑的短期不确定性显现，新兴市场权益，尤其成长类资产受到压制，不确定性的消除需要等待美联储对于加息见顶的指引。在二季度经济复苏被证实和证伪前，复苏预期投资仍是主线，但估值指标需要关注，港股平安AH折溢价转正，表明港股2022年的系统性低估基本修正。行业层面，可选消费，以及信息技术，主要是出行，餐饮，互联网等的估值回到了历史平均水平以上，更看好估值仍低，股价位置仍低的消费电子，新能源，顺周期类股。如2季度经济复苏证实，企业盈利复苏，转向贝塔行情，如2季度经济复苏证伪，预计重回结构性行情，成长股占优。看好能源安全（火电，绿电），技术安全（半导体，自主软件），生命安全（创新药），平台经济。","fund":{"_id":3000000040021,"__csrcFundId":1917,"stockCode":"040021","name":"华安大中华升级股票型证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":40021,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T05:31:53.314Z","status":"normal","exchange":"jj","shortName":"华安大中华升级股票（QDII）(040021)","inceptionDate":"2011-05-16T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安大中华升级股票（QDII）","pinyin":"hadzhsjgpxzqtzjj","managers":[{"stockCode":"8801345689","stockType":"fund_manager","exchange":"fm","tickerId":191708060060,"name":"苏圻涵"},{"stockCode":"db20060337","stockType":"fund_manager","exchange":"fm","tickerId":231719100180,"name":"翁启森"}]},"announcement":{"linkText":"华安大中华升级股票型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=867283","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41f7fea5b3eb0544d03","date":"2022-06-29T16:00:00.000Z","stockId":3000000040021,"sao":"2022年上半年，美联储加息和缩表预期，叠加俄乌冲突以及能源通胀的预期，全球避险情绪上行，资金回流美元，风险资产价格下行，美债收益率大幅上行，美元走强。期内，标普500指数下跌16.29%，斯托克50指数下跌22.00%， MSCI新兴市场指数下跌14.39%，沪深300下跌9.22%，香港市场，与外围市场新兴市场和发达市场脱钩，期内恒生指数下跌2.15%，恒生国企指数下跌2.51%。台湾加权指数期内呈现典型的新兴市场在美元加息周期的走势，下跌20.40%。在报告期内，基于我们对于市场结构的判断，我们看好前期估值出现大幅修正的互联网，创新药等成长性行业。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:27.166Z","mo":"2022年下半年港股仍有结构性行情，外部，美元的紧缩政策，导致的风险资产回调，资金流出新兴市场，中资资产相对成为避险资产；内部，经济底部确认，社融放量，流动性改善，风险偏好上行。风格上，仍有利成长类资产，尤其是前期估值收到中美关系压制的CXO，创新药，互联网等的估值修复，以及业绩增长确定性较高的个股。","fund":{"_id":3000000040021,"__csrcFundId":1917,"stockCode":"040021","name":"华安大中华升级股票型证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":40021,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T05:31:53.314Z","status":"normal","exchange":"jj","shortName":"华安大中华升级股票（QDII）(040021)","inceptionDate":"2011-05-16T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安大中华升级股票（QDII）","pinyin":"hadzhsjgpxzqtzjj","managers":[{"stockCode":"8801345689","stockType":"fund_manager","exchange":"fm","tickerId":191708060060,"name":"苏圻涵"},{"stockCode":"db20060337","stockType":"fund_manager","exchange":"fm","tickerId":231719100180,"name":"翁启森"}]},"announcement":{"linkText":"华安大中华升级股票型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=782403","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41f7fea5b3eb0544d02","date":"2021-12-30T16:00:00.000Z","stockId":3000000040021,"sao":"2021年，美国为对抗疫情而采取的宽松政策，导致全球美元流动性泛滥，成为主导全球资本市场的主要因素，风险资产出现普涨，大宗商品，全球权益价格上行，国债收益率下行。发达国家相对更高的疫苗接种率，导致疫情管控好于新兴市场，全年发达市场显著跑赢新兴市场。期内，标普500指数上涨27.71%，斯托克50指数上涨22.65%， MSCI新兴市场指数下跌7.68%，沪深300下跌3.39%，香港市场，跟随外围市场新兴市场跑输发达市场，期内恒生指数下跌13.81%，恒生国企指数下跌22.76%。在报告期内，基于我们对于市场结构的判断，我们看好，业绩确定性成长的光伏新能源板块，以及受益于保增长政策的基建和新基建类股。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:27.163Z","mo":"2022年港股有望走出估值修复行情，外部，流动性拐点导致的风险资产回调行情中，基本面仍有韧性的中资港股可能成为资金的避风港，内部，宏观政策环境转暖，居民理财资金进入股市后，港股作为估值洼地，有望吸引资金流入。短期内，基于美元流动性的边际收缩，和加息预期的大幅上升，高估值的成长类股可能存在压力，价值有望跑赢成长。","fund":{"_id":3000000040021,"__csrcFundId":1917,"stockCode":"040021","name":"华安大中华升级股票型证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":40021,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T05:31:53.314Z","status":"normal","exchange":"jj","shortName":"华安大中华升级股票（QDII）(040021)","inceptionDate":"2011-05-16T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安大中华升级股票（QDII）","pinyin":"hadzhsjgpxzqtzjj","managers":[{"stockCode":"8801345689","stockType":"fund_manager","exchange":"fm","tickerId":191708060060,"name":"苏圻涵"},{"stockCode":"db20060337","stockType":"fund_manager","exchange":"fm","tickerId":231719100180,"name":"翁启森"}]},"announcement":{"linkText":"华安大中华升级股票型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=712537","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41f7fea5b3eb0544d01","date":"2021-06-29T16:00:00.000Z","stockId":3000000040021,"sao":"2021年上半年，美国新一轮财政刺激政策落地，财政部一般存款账户余额大幅下降近1万亿美元，全球美元流动性泛滥，成为主导全球资本市场的主要因素，风险资产出现普涨，大宗商品，新兴市场股票，新兴市场货币上涨，国债收益率下行。期内，标普500指数上涨13.19%，斯托克50指数上涨9.69%， MSCI新兴市场指数上涨5.32%，沪深300上涨0.24%，香港市场，跟随外围市场新兴市场，期内恒生指数上涨4.56%，恒生国企指数下跌1.92%，台湾加权指数上涨20.16%。在报告期内，基于我们对于市场结构的判断，我们看好业绩确定性成长的光伏新能源板块，以及部分存在复苏预期的可选消费。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:27.160Z","mo":"对于２０21年下半年的港股，我们认为仍存在结构性机会。全球流动性环境仍然宽松，风险偏好上升，港股估值有望提升。而全球经济有望共振向上，有助市场调升港股企业盈利增长，市场进入流动性宽松提升估值和盈利上行的良性局面。短期内，美联储实质开始了扭转操作，短端，通过提高逆回购利率，收缩流动性，而长端，则通过资产购买，压低长端利率，收益率曲线扁平化，市场风格从周期转向成长。","fund":{"_id":3000000040021,"__csrcFundId":1917,"stockCode":"040021","name":"华安大中华升级股票型证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":40021,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T05:31:53.314Z","status":"normal","exchange":"jj","shortName":"华安大中华升级股票（QDII）(040021)","inceptionDate":"2011-05-16T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安大中华升级股票（QDII）","pinyin":"hadzhsjgpxzqtzjj","managers":[{"stockCode":"8801345689","stockType":"fund_manager","exchange":"fm","tickerId":191708060060,"name":"苏圻涵"},{"stockCode":"db20060337","stockType":"fund_manager","exchange":"fm","tickerId":231719100180,"name":"翁启森"}]},"announcement":{"linkText":"华安大中华升级股票型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=630425","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41f7fea5b3eb0544d00","stockId":3000000040021,"sao":"-","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:27.154Z","mo":"对于２０21年港股，我们相对乐观。全球流动性环境仍然宽松，风险偏好上升，港股估值有望提升。而全球经济有望共振向上，有助市场调升港股企业盈利增长，市场进入流动性宽松提升估值和盈利上行的良性局面。短期内，基于疫情发展的差异，海外仍加量宽松，而国内政策开始逐步转向，叠加人民币兑美元的企稳，港股可能跑赢A股。结构上，考虑估值差异和海外资金的配置偏好，均衡配置新经济和旧经济板块。","fund":{"_id":3000000040021,"__csrcFundId":1917,"stockCode":"040021","name":"华安大中华升级股票型证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":40021,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T05:31:53.314Z","status":"normal","exchange":"jj","shortName":"华安大中华升级股票（QDII）(040021)","inceptionDate":"2011-05-16T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安大中华升级股票（QDII）","pinyin":"hadzhsjgpxzqtzjj","managers":[{"stockCode":"8801345689","stockType":"fund_manager","exchange":"fm","tickerId":191708060060,"name":"苏圻涵"},{"stockCode":"db20060337","stockType":"fund_manager","exchange":"fm","tickerId":231719100180,"name":"翁启森"}]},"announcement":{"linkText":"华安大中华升级股票型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=553895","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41f7fea5b3eb0544cff","stockId":3000000040021,"sao":"三季度，基于对冲疫情的激进的货币和财政政策，在泛滥的流动性和宏观复苏预期的支撑下，风险资产价格继续反弹。大类资产中最为突出的变化是黄金大涨创出新高以及以中国为代表的新兴市场明显领跑，其背后主线是美元大幅走弱叠加美国实际利率在负区间不断加深。期内，标普500指数上涨4.26%，斯托克50指数上涨6.91%， MSCI新兴市场指数上涨6.49%，沪深300上涨10.17%，香港市场，由于中美关系的不确定性和疫情导致的本地经济的萎靡，市场出现震荡，期内恒生指数下跌7.69%，恒生国企指数下跌5.08%。流动性的宽松和环比复苏的宏观基本面，是年初以来港股结构性行情的两大基本因素，目前来看，并未发生逆转。外围虽然宽松的加速度在下行，但宽松的方向未变；虽然国内外疫情有所反复，但只要不会导致经济重回停滞，宏观环比复苏的预期不变。叠加港股估值仍处于较低位置，我们认为后期港股存在估值修复行情。结构上，看好需求有确定性成长的板块，中美经济复苏超预期，美国的复苏动力在消费，相应的对美出口类股，包括家具，家电，电动工具等受益，中国的复苏动力在固定资产投资，基建和地产产业链的基本面确定性高。对于台股，云计算，汽车电子等需求的爆发，以及美国对于中芯的制裁，导致半导体代工供需趋紧，相关芯片制造，设计类公司有望受益。期内台湾加权指数上涨8.47%。在报告期内，基于我们对于市场结构的判断，我们看好业绩确定性成长的光伏新能源板块，以及部分存在复苏预期的可选消费。截至2020年9月30日，本基金份额净值为1.512元，本报告期份额净值增长率为7.23%，同期业绩比较基准增长率为6.65%。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:27.151Z","fund":{"_id":3000000040021,"__csrcFundId":1917,"stockCode":"040021","name":"华安大中华升级股票型证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":40021,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T05:31:53.314Z","status":"normal","exchange":"jj","shortName":"华安大中华升级股票（QDII）(040021)","inceptionDate":"2011-05-16T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安大中华升级股票（QDII）","pinyin":"hadzhsjgpxzqtzjj","managers":[{"stockCode":"8801345689","stockType":"fund_manager","exchange":"fm","tickerId":191708060060,"name":"苏圻涵"},{"stockCode":"db20060337","stockType":"fund_manager","exchange":"fm","tickerId":231719100180,"name":"翁启森"}]},"announcement":{"linkText":"华安大中华升级股票型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=486842","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41f7fea5b3eb0544cfe","stockId":3000000040021,"sao":"2020年上半年，在经历了全球新冠疫情导致的经济衰退和全球流动性危机，叠加石油价格战，引发全球风险资产大幅杀跌后，在泛滥的流动性和宏观复苏预期的支撑下，风险资产价格出现快速反弹，呈现V型走势。期内，标普500指数下跌2.63%，斯托克50指数下跌12.27%， MSCI新兴市场指数下跌9.42%，沪深300上涨1.64%，香港市场，由于国安法事件，市场出现震荡，期内恒生指数下跌11.64%，恒生国企指数下跌10.90%，台股期内下跌0.56%。在报告期内，基于我们对于疫情后中美两大经济体复苏路径的判断，我们看好业绩受益美国消费复苏的出口类股，以及受益于中国基建投资的周期类股。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:27.148Z","mo":"对于2020年港股，我们认为结构性行情将持续。流动性的宽松和环比复苏的宏观基本面，是年初以来港股结构性行情的两大基本因素，目前来看，并未发生逆转。中国流动性在边际收紧，已经过了最宽松的时候，但是出于打击资金空转目的，而非转向，外围虽然宽松的加速度在下行，但宽松的方向未变；北京疫情二次爆发，和美国部分州疫情恶化，我们认为不会导致经济重回停滞，宏观环比复苏的预期不变。叠加港股估值仍处于较低位置，我们认为后期港股存在估值修复行情。","fund":{"_id":3000000040021,"__csrcFundId":1917,"stockCode":"040021","name":"华安大中华升级股票型证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":40021,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T05:31:53.314Z","status":"normal","exchange":"jj","shortName":"华安大中华升级股票（QDII）(040021)","inceptionDate":"2011-05-16T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安大中华升级股票（QDII）","pinyin":"hadzhsjgpxzqtzjj","managers":[{"stockCode":"8801345689","stockType":"fund_manager","exchange":"fm","tickerId":191708060060,"name":"苏圻涵"},{"stockCode":"db20060337","stockType":"fund_manager","exchange":"fm","tickerId":231719100180,"name":"翁启森"}]},"announcement":{"linkText":"华安大中华升级股票型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=453304","linkType":"PDF","source":"csrc_pdf"}}]}