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大突破，也看到了中国企业出海的捷报频传，这些进展更是让海外投资者重新评估对于中国资产的配置敞口。过去一年我们看到了大量的优秀企业来港上市，其中包括科技、创新药、新消费等公司的首次上市，还有A股中的龙头公司来港进行A+H两地上市。随着这些优秀企业来港上市，进一步提高了港股作为海外资金配置中国的价值。尽管港股已经连续两年表现超过15%，但是横向对比其他市场，港股的估值水平仍处于较低位置。在整体全球市场环境利好风险资产表现的情况下，随着中国经济基本面的持续改善带动企业盈利预期的不断修复，在2026年我们有望看到内资南下资金和外资海外资金对港股资产的配置价值形成共识而产生共振的阶段，港股有望迎来结构化行情。结构化行情下，行业选择的标准则是是否具备可持续的基本面。","fund":{"_id":3000000017973,"__csrcFundId":12384,"stockCode":"017973","shortName":"易方达港股通优质增长混合(017973)","masterFundShortName":"易方达港股通优质增长混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17973,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:45:36.808Z","status":"normal","exchange":"jj","fundCollectionId":4000050110000,"name":"易方达港股通优质增长混合型证券投资基金","inceptionDate":"2023-03-26T16:00:00.000Z","setUpDate":"2023-03-26T16:00:00.000Z","setUpAssetScale":569701647.38,"setUpShares":569701647.38,"pinyin":"yfdggtyzzzhhxzqtzjj","followedNum":9,"managers":[{"stockCode":"db20885666","stockType":"fund_manager","exchange":"fm","tickerId":121006225830,"name":"李剑锋"}]},"announcement":{"linkText":"易方达港股通优质增长混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1459315","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed28c7fea5b3eb052ee5c","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000017973,"sao":"第三季度港股主要指数集体走强，恒生指数、恒生科技指数及国企指数均创下年内新高，其中恒生科技表现亮眼，三季度累计涨幅达21.93%，领跑全球主要市场。这轮行情源于基本面持续修复与流动性维持宽松的共振，港股估值在本季度迎来修复。尽管本季度涨幅领跑全球，但目前港股市场估值水平仍低于全球主要市场。行业层面，在人工智能、创新药出海以及“反内卷”主题的共同带动下，科技、医药、原材料涨幅靠前。而资金流角度，南下资金持续流入，全球流动性宽松的背景下，更多的海外资金开始回流中国市场，与南下资金一道为港股带来支撑。本基金在三季度大幅跑赢业绩比较基准，其中主要正贡献来源于我们对于中国人工智能及创新药出海这两大产业趋势的持续看好。中美两国在人工智能赛道已经大幅领先全球其他国家，并且两者之间的差距正在持续缩小，而人工智能在全球层面的产业趋势仍在进一步加强。具体到行业归因层面，我们在信息技术板块以及医疗健康板块的超配以及个股挑选在本季度为基金带来了显著的正超额收益。此外，我们此前一直显著低配金融板块也为基金创造了正超额收益。负贡献层面，今年上半年表现亮眼的新消费板块在本季度面临较大回撤，一方面前期涨幅较大，需要阶段性的时间消化估值，另一方面是由于市场将一部分资金从新消费往科技及“反内卷”相关板块切换所致。","lastUpdated":"2026-03-09T14:00:44.278Z","fund":{"_id":3000000017973,"__csrcFundId":12384,"stockCode":"017973","shortName":"易方达港股通优质增长混合(017973)","masterFundShortName":"易方达港股通优质增长混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17973,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:45:36.808Z","status":"normal","exchange":"jj","fundCollectionId":4000050110000,"name":"易方达港股通优质增长混合型证券投资基金","inceptionDate":"2023-03-26T16:00:00.000Z","setUpDate":"2023-03-26T16:00:00.000Z","setUpAssetScale":569701647.38,"setUpShares":569701647.38,"pinyin":"yfdggtyzzzhhxzqtzjj","followedNum":9,"managers":[{"stockCode":"db20885666","stockType":"fund_manager","exchange":"fm","tickerId":121006225830,"name":"李剑锋"}]},"announcement":{"linkText":"易方达港股通优质增长混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1379011","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed28c7fea5b3eb052ee5b","date":"2025-06-29T16:00:00.000Z","stockId":3000000017973,"sao":"2025年上半年港股市场表现强劲，但是过程中波动较大。围绕美国对等关税推出前及转向后一共经历了三个阶段。在第一季度，由于DeepSeek的出现，AI模型训练和推理效率显著提升，并对全球AI基础设施产业链的潜在规模带来了巨大的不确定性。美国科技板块大幅下挫，中国科技板块表现亮眼，全球投资者开始重新审视中国科技行业的投资机会。第二阶段是4月2日，特朗普宣布了远超市场预期的关税政策，其广度、力度和紧迫程度都远超预期。中国作为美国贸易逆差大国被加以较高的关税，叠加全球市场恐慌性抛售，恒指在一天之内下挫超过13%，下跌幅度之大历史罕见。第三阶段是特朗普关税政策在4月9日的反转后，随着中美日内瓦会谈达成框架协议，港股跟随全球市场持续反弹。今年上半年，港股市场的活跃度大幅提高。一方面，南下资金持续流入，上半年净流入规模超6500亿，创历史新高；另一方面，港股IPO市场在历经过去几年的冷清后，于今年上半年迎来爆发，来港上市的公司中有代表着新经济的新消费以及创新药公司，也有已经在A股上市的行业龙头来港双重上市。中国创新药公司出海是今年港股中最强的产业投资逻辑之一，也是本基金今年上半年超额贡献最大的板块。随着多年的积累，中国在生物科技研发方面正变得高效且具有竞争力，充足的高质量工程师供应使得中国药物研发成本仅为发达国家的一个零头。未来，海外大型制药公司都将把从中国寻找早期管线分子作为核心战略。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:44.275Z","mo":"展望下半年，我们对香港股票市场的前景保持乐观，预期其有望延续上半年的稳健上行态势。我们这一判断主要基于以下几个关键驱动因素：第一，政策环境持续友好，夯实经济复苏基础。我们预期中国积极的财政政策与灵活适度的货币政策将继续协同，为实体经济的稳步复苏与基本面的持续改善提供强有力的支撑。第二，外部环境正在边际改善，风险溢价有望下行。全球宏观经济环境中的不确定性，尤其是中美经贸关系，已显现出积极的缓和迹象。两国元首的近期直接沟通有效推动了双边贸易谈判重回正轨，我们预计双方有望在现有基础上进一步降低关税税率，缓解地缘政治与贸易摩擦风险。外部环境的趋稳将有效降低港股市场的风险溢价。第三，增长动能多元汇聚，资金流入趋势明朗。随着宏观经济企稳信号增强，企业盈利增长预期有望得到实质性修复和提升。科技、生物医药等成长性行业的繁荣，不仅为港股注入新的增长活力，也显著提升了市场的整体吸引力和长期竞争力。香港作为国际金融中心的吸引力不减，我们预计将有更多优质的公司在港上市，丰富投资标的，吸引增量资金。结合互联互通机制持续深化的背景，我们预计内地南下资金将维持稳健的净流入态势，成为港股重要的稳定器和动力源。同时，随着外部担忧缓解、市场信心恢复以及估值吸引力的凸显，海外资金有望由过去数年的持续流出转为趋势性流入，这一转变将为港股提供额外的流动性支持。第四，估值优势依然显著，盈利修复提供上行空间。尽管自2024年9月低点以来，港股市场已累积了可观的反弹幅度，但通过横向比较全球主要市场，当前港股的估值水平（无论是市盈率PE还是市净率PB）仍处于具有吸引力的相对低位。更重要的是，随着前述经济基本面的改善和企业盈利能力的实质性修复与增长，我们预期这种显著的估值折价有望逐步收窄，为市场进一步上行打开空间。综上所述，在政策托底、外部压力缓解、内生增长动力增强、资金面持续改善以及显著估值优势的共同驱动下，我们对2025年下半年港股市场的表现持审慎乐观态度。","fund":{"_id":3000000017973,"__csrcFundId":12384,"stockCode":"017973","shortName":"易方达港股通优质增长混合(017973)","masterFundShortName":"易方达港股通优质增长混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17973,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:45:36.808Z","status":"normal","exchange":"jj","fundCollectionId":4000050110000,"name":"易方达港股通优质增长混合型证券投资基金","inceptionDate":"2023-03-26T16:00:00.000Z","setUpDate":"2023-03-26T16:00:00.000Z","setUpAssetScale":569701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这些行业通常提供稳定高分红，能够在市场波动、债券利率下行期间为组合带来稳定的绝对收益。周期行业：尽管周期性行业仍在左侧，但在能源、材料、油运等行业，长期的供需错配关系提供了潜在的投资机会。","fund":{"_id":3000000017973,"__csrcFundId":12384,"stockCode":"017973","shortName":"易方达港股通优质增长混合(017973)","masterFundShortName":"易方达港股通优质增长混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17973,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:45:36.808Z","status":"normal","exchange":"jj","fundCollectionId":4000050110000,"name":"易方达港股通优质增长混合型证券投资基金","inceptionDate":"2023-03-26T16:00:00.000Z","setUpDate":"2023-03-26T16:00:00.000Z","setUpAssetScale":569701647.38,"setUpShares":569701647.38,"pinyin":"yfdggtyzzzhhxzqtzjj","followedNum":9,"managers":[{"stockCode":"db20885666","stockType":"fund_manager","exchange":"fm","tickerId":121006225830,"name":"李剑锋"}]},"announcement":{"linkText":"易方达港股通优质增长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=1052189","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed28c7fea5b3eb052ee54","date":"2023-09-29T16:00:00.000Z","stockId":3000000017973,"sao":"三季度港股整体表现依然较为疲弱。在宏观政策层面，我们观察到不论是货币政策和财政政策，还是包括地产在内的产业政策，一系列着力于扩大内需、提振信心、防范风险的政策在三季度不断出台。从高频数据来看，我们也注意到宏观经济边际上出现了一定的改善。但是海外方面，本季度油价的持续攀升，一定程度上再次推高了全球通胀的预期，市场对美联储本轮偏紧的货币政策持续的时间长度的预期进行了调整，在三季度成为了压制港股表现的主要因素。行业层面，产业链上游的能源、原材料行业表现较好，而议价能力相对较弱的工业板块和对利率环境较为敏感的公用事业板块，表现疲弱。本基金在三季度的表现落后于业绩基准，虽然我们在医疗、传媒、信息技术等一系列成长性行业都取得了正超额收益，但我们低估了上游原材料成本的上行压力，这导致我们持有的工业板块对业绩造成了一定的拖累。未来，本基金将会继续聚焦于港股中高质量成长性企业的投资机会。我们观察到大量的头部企业正在借助本轮宏观经济周期的机会，不断夯实自身经营质量，改善现金回款能力，提高资本开支纪律，增加股东回报水平。在中国经济转型高质量发展的过程中，有很多细分行业拥有巨大的发展潜力，我们将会致力于捕捉这些行业内优质企业自身成长驱动的投资机会。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:44.256Z","fund":{"_id":3000000017973,"__csrcFundId":12384,"stockCode":"017973","shortName":"易方达港股通优质增长混合(017973)","masterFundShortName":"易方达港股通优质增长混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17973,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:45:36.808Z","status":"normal","exchange":"jj","fundCollectionId":4000050110000,"name":"易方达港股通优质增长混合型证券投资基金","inceptionDate":"2023-03-26T16:00:00.000Z","setUpDate":"2023-03-26T16:00:00.000Z","setUpAssetScale":569701647.38,"setUpShares":569701647.38,"pinyin":"yfdggtyzzzhhxzqtzjj","followedNum":9,"managers":[{"stockCode":"db20885666","stockType":"fund_manager","exchange":"fm","tickerId":121006225830,"name":"李剑锋"}]},"announcement":{"linkText":"易方达港股通优质增长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=992939","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed28c7fea5b3eb052ee53","date":"2023-06-29T16:00:00.000Z","stockId":3000000017973,"sao":"上半年港股市场表现低于我们的预期。在前期讨论中曾提到，我们认为今年港股市场的主要矛盾将会是经济复苏的节奏。去年年底至今年年初，市场对经济增速及盈利增速预期相对较高，而今年上半年港股市场表现低于预期的主要原因是后续盈利预期调整的过程中对市场产生了影响。在主要市场风格中，顺周期的板块表现相对靠后，而对经济敏感度相对较低的高股息板块和人工智能主题相关的板块则表现相对较好。从具体行业来看，可选消费、工业、能源、材料、房地产、电子等跟经济高度相关的行业表现相对较为落后。港股通红利基金的表现今年大致与基准持平，但体现了相对于市场较小的波动性。首先，我们利用了建仓期仓位比较灵活的时间窗口，控制了建仓速度，在市场下行过程中敞口有限。其次，我们采用严格的绝对收益思维方式，寻找具有非对称回报特征的个股形成持仓。在回顾期内，我们相对重仓的部分个股表现符合我们预期，为组合带来了一定的超额收益。从行业分布来看，个股所属的行业相对分散，唯一集中度相对较高的是寿险行业。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:44.251Z","mo":"我们预计港股下半年表现优于上半年。在我们对港股市场的复盘工作中，我们发现，港股通常在政策强刺激或者全球经济同步复苏的阶段，体现出较大的向上的弹性。目前，虽然我们政策层面并没有强刺激政策的预期，但方向是在边际改善的。我们认为下半年最大的变量，是海外经济重新加速带动中国经济加速复苏。我们观察到欧美经济出现企稳加速的现象，尤其是在制造业层面。海外流动性环境得到持续改善，本轮周期接近尾声，大概率海外流动性不会成为制约市场的主要矛盾。行业层面，我们首先看好经济复苏高度相关的互联网行业。经过前期调整，该行业估值已经处于历史地位，随着宏观预期改善，我们相信该行业有诸多机会。我们整体也看好寿险行业未来1-2年的表现，因为行业在持续了数年的下行周期后，今年开始开启上行周期，并且行业整体估值仍然非常有吸引力。尽管回顾期内表现不及预期，我们依然在1-2年维度内看好该行业的表现。此外，我们也看好其他顺周期行业，力求从中挖掘出跑赢市场的个股。","fund":{"_id":3000000017973,"__csrcFundId":12384,"stockCode":"017973","shortName":"易方达港股通优质增长混合(017973)","masterFundShortName":"易方达港股通优质增长混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17973,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:45:36.808Z","status":"normal","exchange":"jj","fundCollectionId":4000050110000,"name":"易方达港股通优质增长混合型证券投资基金","inceptionDate":"2023-03-26T16:00:00.000Z","setUpDate":"2023-03-26T16:00:00.000Z","setUpAssetScale":569701647.38,"setUpShares":569701647.38,"pinyin":"yfdggtyzzzhhxzqtzjj","followedNum":9,"managers":[{"stockCode":"db20885666","stockType":"fund_manager","exchange":"fm","tickerId":121006225830,"name":"李剑锋"}]},"announcement":{"linkText":"易方达港股通优质增长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=961576","linkType":"PDF","source":"csrc_pdf"}}]}