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2015 年以来较低分位点，当前行业景气度最弱的阶段或已过去，尽管当前中上游企业需求仍为弱复苏，但行业长期向好趋势不变且2025年景气显著上行确定性高，基于高端装备制造领域各个细分行业之间的比较优势，下半年国防军工板块属于其中基本面相对较强的子赛道。下半年我们将继续聚焦国防军工板块的投资机会，不断优化我们的选股模型，一方面重新评估基本面因素，比如公司治理、股东回报、成长性未来在模型中的使用，另一方面我们的量价因子也强调市场的动态适应性，随着市场微观生态逐步走向新均衡和新稳态，我们期待不错的超额表现逐步回归。","fund":{"_id":3000000017866,"__csrcFundId":12767,"stockCode":"017866","shortName":"泓德高端装备混合发起式(017866)","masterFundShortName":"泓德高端装备混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17866,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:43:25.180Z","status":"normal","exchange":"jj","fundCollectionId":4000051070000,"name":"泓德高端装备混合型发起式证券投资基金","inceptionDate":"2023-06-19T16:00:00.000Z","setUpDate":"2023-06-19T16:00:00.000Z","setUpAssetScale":11066145.88,"setUpShares":11066145.88,"pinyin":"hdgdzbhhxfqszqtzjj","followedNum":6,"managers":[{"stockCode":"8801411395","stockType":"fund_manager","exchange":"fm","tickerId":190310165620,"name":"苏昌景"}]},"announcement":{"linkText":"泓德高端装备混合型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1142137","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed27b7fea5b3eb052e634","date":"2024-03-30T16:00:00.000Z","stockId":3000000017866,"sao":"报告期内，本基金聚焦高端装备制造细分领域国防军工板块的投资机会, 该板块的投资范畴已经今非昔比，已扩展至民机、低空经济、信息安全、军贸、商业航天、民船等诸多军民结合领域，军工行业的市场空间和天花板已得到数量级和实质性的抬升。投资策略方面，我们采用多因子模型和 AI量化选股相结合的方式，借助科技手段来提炼市场信息、打造规则化的投资模型，同时结合组合风险控制模型严控组合和目标投资板块在风格、行业、个股上的偏离，从而追求更强、更持续的投资回报。基本面预期层面，我们认为国防预算增长背景下装备列装及迭代需求确定，十四五后期补偿性放量确定性高；后续军工订单的逐步落地有望实质性推动板块基本面趋于明朗。除此之外，低空经济和民机，也有着不低于传统军工行业的市场空间，毫无疑问这是一个大空间新赛道，也是具有高度且长期的投资价值。从获取投资回报的角度来看，上述领域的投资面临一方面是波动较大，另一方面很多股票的市场定价效率较低两方面的问题。中长期来看，我们所采用的系统化的量化投资手段在该领域的投资或具备一定的潜在竞争优势。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:27.997Z","fund":{"_id":3000000017866,"__csrcFundId":12767,"stockCode":"017866","shortName":"泓德高端装备混合发起式(017866)","masterFundShortName":"泓德高端装备混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17866,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:43:25.180Z","status":"normal","exchange":"jj","fundCollectionId":4000051070000,"name":"泓德高端装备混合型发起式证券投资基金","inceptionDate":"2023-06-19T16:00:00.000Z","setUpDate":"2023-06-19T16:00:00.000Z","setUpAssetScale":11066145.88,"setUpShares":11066145.88,"pinyin":"hdgdzbhhxfqszqtzjj","followedNum":6,"managers":[{"stockCode":"8801411395","stockType":"fund_manager","exchange":"fm","tickerId":190310165620,"name":"苏昌景"}]},"announcement":{"linkText":"泓德高端装备混合型发起式证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1065978","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed27b7fea5b3eb052e633","date":"2023-12-30T16:00:00.000Z","stockId":3000000017866,"sao":"2023年，A股在1月份到4月份上涨之后就延续震荡回落走势，全年来看A股整体表现欠佳。风格角度来看，小市值股票尤其是微盘股和低波红利板块表现突出，市场风格呈现出明显的“哑铃型”特征；行业角度来看，行业快速轮动，超额收益集中在产业景气边际改善或产业催化较多的 TMT、汽车等科技成长板块。本基金聚焦高端装备制造领域的投资机会，报告期内，我们认为当前环境下国防军工相对板块内多数行业存在更加明显的比较优势——逆周期、高壁垒、稳格局。报告期内军工行业主要受装备周期与人事周期共同影响，回调幅度较大，但2024-2025年将进入十四五后两年，我们预计，军工行业有望迎来新景气、新机遇，开启新成长。 报告期内，我们采用多因子模型和AI量化选股相结合的方式借助科技手段来提炼市场信息、打造规则化的投资模型，同时结合组合风险控制模型严控组合和目标投资板块在风格、行业、个股上的偏离，从而追求更强、更持续的相比国防军工板块的超额收益。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:27.994Z","mo":"展望未来，我们倾向于认为市场高估了内部基本面预期的走弱，而低估了外部基本面和利率走强对资产价格的影响，中长期来看A股估值修复确定性较高。军工长期发展底层逻辑（强军战略）不变，行业步入高质量发展期，当前估值处于历史底部区间，且订单具体时间虽未确定却不影响最终落地，中长期增长逻辑确定，所以我们认为后续随着订单等逻辑兑现，军工板块有望基本面EPS和估值会同时上修。产品运作层面，我们采取模型驱动的方式，从基本面和市场面各个角度构建多因子体系，并通过AI丰富因子生成与因子配权，努力提升收益预测模型的稳定性和选股能力。具体而言：①量化技术上，机器学习等新技术支撑更有效地捕捉日内市场微观结构的规律，挖掘具有短周期预测能力的因子； ②收益来源上，越微观规律越稳定，可以更加有效的捕捉信息优势交易者带来的动量效应和常规交易者过度交易带来的反转效应；③风格配置上，我们将根据市场微观结构的变化动态调整做到各种风格上的平衡，以期可以迅速适应震荡行情和风格轮动较快的行情。","fund":{"_id":3000000017866,"__csrcFundId":12767,"stockCode":"017866","shortName":"泓德高端装备混合发起式(017866)","masterFundShortName":"泓德高端装备混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17866,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:43:25.180Z","status":"normal","exchange":"jj","fundCollectionId":4000051070000,"name":"泓德高端装备混合型发起式证券投资基金","inceptionDate":"2023-06-19T16:00:00.000Z","setUpDate":"2023-06-19T16:00:00.000Z","setUpAssetScale":11066145.88,"setUpShares":11066145.88,"pinyin":"hdgdzbhhxfqszqtzjj","followedNum":6,"managers":[{"stockCode":"8801411395","stockType":"fund_manager","exchange":"fm","tickerId":190310165620,"name":"苏昌景"}]},"announcement":{"linkText":"泓德高端装备混合型发起式证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1050201","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed27b7fea5b3eb052e632","date":"2023-09-29T16:00:00.000Z","stockId":3000000017866,"sao":"装备制造业是工业的核心部分，在经济发展中起到支撑作用。作为装备制造业的高端领域，高端装备制造业是指生产制造高技术、高附加值的先进工业设施设备的行业，主要覆盖通信设备、电气部件与设备、重型电气设备、工业机械、建筑、航空航天与国防等行业。我们长期战略性看好高端装备板块的投资价值，一方面，基于庞大市场需求、劳动力和工程师红利、先进的基建等优势，中国装备制造业规模庞大；另一方面，从政策上看，大力发展制造业已经成为实现共同富裕和创新型国家的重要发展趋势，高端装备产业的整体发展方兴未艾；还有很重要的一个方面，面对全球产业链重塑形势，就提升产业竞争力及保障国家安全而言，高端装备制造业还具备重要战略属性。本基金聚焦高端装备制造领域的投资机会。投资策略上，我们围绕着股价“长-中-短”的驱动因素，打造了高端装备板块的“基本面+量价双擎驱动”的量化投资体系，追求在基本面大逻辑具备较好确定性的前提下，进行高胜率的“中短期基本面”和“量价统计规律”相结合的趋势型投资。高端装备板块大多属于具备长期成长属性的行业，同时也具备制造业长期通缩的特点，产业里面的很多公司更多体现为阶段性成长特征。我们认为投资体系中除了关注“长”的基本面因素，“中”的行业景气度和企业业绩兑现，“短”的个股层面交易特征等因素的综合考量将有助于我们在这个领域做出好的投资回报。如果用分位点来衡量当前估值在历史中的位置，截至报告期末，中证高装 (930599.CSI) 的市盈率TTM已经接近于2015年3月2日该指数发布以来的最低位。从板块内几大行业的比较优势而言，我们认为当前航空航天、船舶等板块是少数具备长期成长确定性、竞争格局也相对稳健的行业，当前环境下相对板块内多数行业比较优势更加的明显。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:27.992Z","fund":{"_id":3000000017866,"__csrcFundId":12767,"stockCode":"017866","shortName":"泓德高端装备混合发起式(017866)","masterFundShortName":"泓德高端装备混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17866,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:43:25.180Z","status":"normal","exchange":"jj","fundCollectionId":4000051070000,"name":"泓德高端装备混合型发起式证券投资基金","inceptionDate":"2023-06-19T16:00:00.000Z","setUpDate":"2023-06-19T16:00:00.000Z","setUpAssetScale":11066145.88,"setUpShares":11066145.88,"pinyin":"hdgdzbhhxfqszqtzjj","followedNum":6,"managers":[{"stockCode":"8801411395","stockType":"fund_manager","exchange":"fm","tickerId":190310165620,"name":"苏昌景"}]},"announcement":{"linkText":"泓德高端装备混合型发起式证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=984426","linkType":"PDF","source":"csrc_pdf"}}]}