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方向。","lastUpdated":"2026-03-09T14:01:59.398Z","fund":{"_id":3000000018806,"__csrcFundId":13449,"stockCode":"018806","masterFundShortName":"华安国企机遇混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18806,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:08:24.141Z","status":"normal","exchange":"jj","shortName":"华安国企机遇混合(018806)","name":"华安国企机遇混合型证券投资基金","fundCollectionId":4000050040000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":171982127.36,"setUpDate":"2024-01-25T16:00:00.000Z","setUpShares":171982127.36,"pinyin":"hagqjyhhxzqtzjj","followedNum":1,"memoNum":1,"managers":[{"stockCode":"db20850319","stockType":"fund_manager","exchange":"fm","tickerId":1919221210,"name":"孙澍"}]},"announcement":{"linkText":"华安国企机遇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=1375335","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2d77fea5b3eb05340d2","date":"2025-06-29T16:00:00.000Z","stockId":3000000018806,"sao":"报告期的A股市场呈现出探底回升的走势。从市场主要指数的表现来看，代表权重风格的上证50和沪深300指数报告期内分别上涨1.01%和0.03%，代表赛道风格的创业板指报告期内上涨0.53%，代表科技风格的科创50指数报告期内上涨1.46%，代表小盘风格的国证2000指数报告期内上涨10.71%。　　本基金在报告期内的配置主要以工业金属、非银金融和部分中游制造板块为主，操作上主要是在一季度的时候减持了部分能源类的标的、增持了部分工业金属以及非银金融的标的，在二季度的时候基本上维持了组合结构没有太大变化。主要逻辑在此前的季报中均有阐述，这些板块都是目前我们认为被市场显著低估的方向，无论是短期的业绩还是长期的景气趋势都是稳固向上的，只不过由于短期外部扰动导致市场对它们的预期出现变化，进而使得股价没能走出与其基本面相匹配的走势，随着市场情绪的稳定，我们认为这些板块在下半年还是有望走出显著的超额收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:59.396Z","mo":"当前我们继续看好下半年的A股市场。今年上半年受贸易摩擦的影响，A股市场出现了较为明显的波动，市场担心高额的关税压力将显著拖累经济。但从实际的结果来看，一方面激化的关税摩擦很快就冷却了下来，另一方面其对我国二季度的出口也并没有产生什么实际影响。因此市场在4月初快速下探之后，也出现了持续的反弹。我们认为下半年的市场环境相对上半年来说会更加友好，从市场情绪的角度来说，关税问题重回谈判桌有助于稳定市场对全球经济的预期；从流动性的角度来说，近期美国的就业数据有逐渐走弱的迹象，将助推市场对于美联储降息的预期；从基本面的角度来说，在反内卷政策以及PPI基数效应的影响下，下半年国内的价格指标有逐渐企稳回升的能力。综合来看，下半年A股市场的投资环境要比上半年更加稳定且有利，这也构成了市场能够进一步向上的主要驱动力量。　　在市场结构上，我们依然相对更加看好顺周期的蓝筹股方向。今年上半年顺周期方向显著落后题材板块，主要还是市场对经济的悲观预期所导致。但是正如我们对下半年市场环境的判断，大概率相比上半年是有明显改善的，这对顺周期板块的估值会有明显的支撑。更重要的是，即使抛开宏观环境不谈，很多顺周期的行业其自身的基本面已经开始出现明显且持续的改善，比如我们之前提到过的有色、非银等行业，这些行业在过去几年中竞争格局已经出现了巨大的变化，龙头公司的经营和报表已经先于经济基本面出现了明显的改善，但是受制于市场对经济的悲观预期，行业alpha的改善没有抵消掉beta的收缩，盈利在改善但是股价迟迟没有反映，带来的结果就是估值持续下降、股息率持续提高。在经济没有显著回升之前，这些行业的龙头公司凭借其在产业中的竞争优势，盈利能力已经开始企稳回升，经济基本面或复苏预期一旦开始出现明显改善，这些公司的盈利又能凭借良好的竞争格局具有很大的弹性。我们认为这些公司当前的估值水平显著低估了它们自身的盈利能力，同样也显著低估了未来经济改善的能力，同时我们也认为这些板块在未来将具有非常强的戴维斯双击的能力，依然是我们下半年重点关注的方向。","fund":{"_id":3000000018806,"__csrcFundId":13449,"stockCode":"018806","masterFundShortName":"华安国企机遇混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18806,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:08:24.141Z","status":"normal","exchange":"jj","shortName":"华安国企机遇混合(018806)","name":"华安国企机遇混合型证券投资基金","fundCollectionId":4000050040000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":171982127.36,"setUpDate":"2024-01-25T16:00:00.000Z","setUpShares":171982127.36,"pinyin":"hagqjyhhxzqtzjj","followedNum":1,"memoNum":1,"managers":[{"stockCode":"db20850319","stockType":"fund_manager","exchange":"fm","tickerId":1919221210,"name":"孙澍"}]},"announcement":{"linkText":"华安国企机遇混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1349373","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2d77fea5b3eb05340d1","date":"2025-03-30T16:00:00.000Z","stockId":3000000018806,"sao":"今年一季度的A股市场呈现出结构分化的走势。从市场主要指数的表现来看，代表权重风格的上证50和沪深300指数本季度分别下跌-0.71%和-1.21%，代表赛道风格的创业板指本季度下跌-1.77%，代表科技风格的科创50指数本季度上涨3.42%，代表小盘风格的国证2000指数本季度上涨6.03%。　　本基金在一季度减持了部分能源类的标的，继续增持了以铜、铝为代表的有色板块，同时将四季度止盈的一些非银金融板块的公司重新做了增持。主要逻辑在于，有色板块短期来看股价的波动还是跟随商品价格的走势，但是这个行业最大的变化在于随着供给的约束，行业具有成本优势的龙头公司盈利开始变得越来越稳定，这有助于整个板块估值中枢的系统性上移；而非银板块在经历了年初的大幅回撤之后，配置价值再次凸显，在A股市场向好的趋势下，非银板块的景气度也将持续上行。一季度的市场基本上还是延续了去年四季度的风格，体现为题材股表现好于绩优股、小盘股表现好于大盘股。二季度开始上市公司即将进入业绩披露期、经济也将进入开工旺季，市场前期的风格将有望出现扭转。在未来的时间里，本基金依然会把关注的焦点聚焦在竞争格局好、基本面向上、现金流持续改善的低估值蓝筹公司上面。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:59.393Z","fund":{"_id":3000000018806,"__csrcFundId":13449,"stockCode":"018806","masterFundShortName":"华安国企机遇混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18806,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:08:24.141Z","status":"normal","exchange":"jj","shortName":"华安国企机遇混合(018806)","name":"华安国企机遇混合型证券投资基金","fundCollectionId":4000050040000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":171982127.36,"setUpDate":"2024-01-25T16:00:00.000Z","setUpShares":171982127.36,"pinyin":"hagqjyhhxzqtzjj","followedNum":1,"memoNum":1,"managers":[{"stockCode":"db20850319","stockType":"fund_manager","exchange":"fm","tickerId":1919221210,"name":"孙澍"}]},"announcement":{"linkText":"华安国企机遇混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1273018","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2d77fea5b3eb05340d0","date":"2024-12-30T16:00:00.000Z","stockId":3000000018806,"sao":"今年的A股市场整体呈现出宽幅震荡的走势。从市场主要指数的表现来看，代表权重风格的上证50和沪深300指数本年度分别上涨15.42%和14.68%，代表赛道风格的创业板指本年度上涨13.23%，代表科技风格的科创50指数本年度上涨16.07%，代表小盘风格的国证2000指数本年度下跌-0.73%。　　本基金在本年年初，重点配置在低估值蓝筹方向上，从二季度开始，逐步减持了稳定类的高股息板块，加仓了以非银金融、地产为代表的顺周期板块，在四季度市场大涨后，逐渐兑现了部分涨幅较大的顺周期公司，增加了以有色金属为代表的资源类公司，主要逻辑在之前的季报中已有陈述。今年股票市场的风格出现了比较大幅的波动，从年初的高股息，到年中的顺周期，再到四季度的成长加题材，这给基金的投资管理带来了不小的难度，但我们认为无论市场的风格短期如何变化，那些竞争格局好、景气度向上、估值合理的优质公司的价值是不会被淹没在市场中的，过去我们的投资研究就是按照这一原则执行的，未来同样也会将工作的主要聚焦点放在这些优质的公司上。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:59.390Z","mo":"展望未来股票市场，我们仍然持有非常乐观的预期。在经济层面，可以看到很多积极的因素，如“924”之后二手房市场的火热，春节期间文娱、餐饮、旅游等消费的火爆等；流动性方面，1月社融迎来开门红，超市场预期改善，并录得历史同期最高水平；财政发力明显，1月社融中新增政府债券融资大幅提升，相比去年体现出前置发力的特征。诸多因素预示今年的中国经济将走出温和复苏的趋势。A股市场在“924”新政后经历了趋势上的反转，已经彻底扭转了过去3年的下行趋势，未来上行趋势确立。目前以沪深300为代表的市场主要指数的估值也仅处于过去10年的中位数水平，随着未来经济复苏所带来企业盈利的改善，A股的动态市盈率还将进一步降低，这也大大提升了当前A股的配置价值。总的来说，目前市场主要指数未来的盈利和估值均有向上提升的空间和动力。更重要的是，在当前有很多优质的头部企业，在过去多年的行业变革中，积累了大量的竞争优势，使得这些公司的盈利能力已经率先走出底部，并且未来仍有持续向上改善的动力和空间，未来这些公司也将成为市场持续上行的重要拉动力量。　　关于市场结构，我们未来依然相对看好蓝筹这个方向，主要原因正如前面所述，不少行业头部公司的盈利能力已经领先于经济基本面率先开始改善，如上游的部分资源品行业、中游的一些高端制造业以及金融等行业，随着未来经济的持续复苏，这些行业盈利的改善又能得到进一步加强。依靠盈利推升的估值和股价的上行，其稳定性、持续性和把握性相对更高。虽然市场在一些风险偏好提升的阶段会出现题材占优的情况，但是它们更多的是估值和股价的波动，短时间内难以得到盈利的支撑，因此我们认为还是要将主要的关注点放到基本面本身，重点去发掘市场当中盈利趋势真正有持续改善的行业和公司。未来我们的工作也将以此为原则，希望挖掘出更多有价值的公司，参与到其价值提升的过程中，并最终体现到投资收益上。","fund":{"_id":3000000018806,"__csrcFundId":13449,"stockCode":"018806","masterFundShortName":"华安国企机遇混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18806,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:08:24.141Z","status":"normal","exchange":"jj","shortName":"华安国企机遇混合(018806)","name":"华安国企机遇混合型证券投资基金","fundCollectionId":4000050040000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":171982127.36,"setUpDate":"2024-01-25T16:00:00.000Z","setUpShares":171982127.36,"pinyin":"hagqjyhhxzqtzjj","followedNum":1,"memoNum":1,"managers":[{"stockCode":"db20850319","stockType":"fund_manager","exchange":"fm","tickerId":1919221210,"name":"孙澍"}]},"announcement":{"linkText":"华安国企机遇混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1254718","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2d77fea5b3eb05340cf","date":"2024-09-29T16:00:00.000Z","stockId":3000000018806,"sao":"今年三季度的A股市场整体呈现出底部反转的迹象。从市场主要指数的表现来看，代表权重风格的上证50和沪深300指数本季度分别上涨15.05%和16.07%，代表赛道风格的创业板指本季度上涨29.21%，代表科技风格的科创50指数本季度上涨22.51%，代表小盘风格的国证2000指数本季度上涨16.36%。　　今年前三季度本基金的投资主要聚焦在低估值蓝筹板块方向上，在二季度减持高股息、增持顺周期的基础上，三季度继续增持了部分有弹性的金融板块的公司。主要原因在于，从三季度初开始，越来越多的乐观迹象已经陆续开始显现，从7月末的政治局会议强调聚焦需求，到7月份逆回购、LPR、MLF利率的相继下调，再到9月份金融监管总局、央行、证监会的国新办发布会以及9月份的政治局会议，均向市场传递出了明确的乐观信号，此前市场上大部分的顺周期板块由于悲观预期的影响，估值大多处于历史底部，在当时来看配置性价相对来说很高。随着9月末市场的大幅反弹，我们此前的观点也得到兑现，大部分顺周期板块的估值也得到明显修复。在未来的时间里，本基金依然将会把关注的焦点聚焦在低估值蓝筹板块方向上，但在板块内部会阶段性的从顺周期板块的估值修复转向有业绩支撑的景气方向上，在成长板块方面依然是以寻找个股机会为主。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:59.388Z","fund":{"_id":3000000018806,"__csrcFundId":13449,"stockCode":"018806","masterFundShortName":"华安国企机遇混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18806,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:08:24.141Z","status":"normal","exchange":"jj","shortName":"华安国企机遇混合(018806)","name":"华安国企机遇混合型证券投资基金","fundCollectionId":4000050040000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":171982127.36,"setUpDate":"2024-01-25T16:00:00.000Z","setUpShares":171982127.36,"pinyin":"hagqjyhhxzqtzjj","followedNum":1,"memoNum":1,"managers":[{"stockCode":"db20850319","stockType":"fund_manager","exchange":"fm","tickerId":1919221210,"name":"孙澍"}]},"announcement":{"linkText":"华安国企机遇混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1174908","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2d77fea5b3eb05340ce","date":"2024-06-29T16:00:00.000Z","stockId":3000000018806,"sao":"今年上半年的A股市场整体呈现出底部震荡的走势，结构分化非常明显。从市场主要指数的表现来看，代表权重风格的上证50和沪深300指数上半年分别上涨2.95%和0.89%，代表赛道风格的创业板指上半年下跌-10.99%，代表科技风格的科创50指数上半年下跌-16.42%，代表小盘风格的国证2000指数上半年下跌-19.67%。　　今年上半年本基金的投资主要聚焦在低估值蓝筹板块，在一季度增持了部分上游资源品公司，减持了部分短期业绩兑现度较低的金融板块的公司；在二季度增持了部分配置性价比已经非常高的顺周期板块的公司，减持了部分短期估值提升过快的高股息板块的公司。主要原因在于今年上半年A股市场结构分化的现象非常明显，一些板块的估值在这个过程中有了明显的提升，同时也有一些板块的估值出现明显的下降，这一背离现象更多是由于市场情绪的变化所造成的。然而，结合各个板块当前的估值水平及其未来基本面的趋势来看，很多今年上半年明显提估值的板块的相对投资性价比已经明显降低，而很多今年上半年明显杀估值的板块投资性价比则显著提升。今年下半年本基金仍将会将主要的关注点集中在低估值蓝筹板块方向上，但是在该风格内部，会逐渐将关注点从上半年的红利类资产向顺周期类的资产倾斜，同时也会逐渐开始关注一些估值处于底部且基本面趋势向上的成长类资产中的个股机会。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:59.385Z","mo":"我们对下半年的A股市场依然维持乐观的观点。今年上半年的A股市场最强的两个方向一个是红利、一个是出海，这体现出上半年的经济总体呈现出外需相对较强、内需相对偏弱的特征，这一特征也在7月底结束的政治局会议提到的“国内有效需求不足，经济运行出现分化”中得到体现。然而展望下半年，我们认为上述局面有望出现扭转，内需改善的概率在逐渐提升。今年上半年的二手房市场随着各一线城市限购政策的放开开始出现明显的回暖，这对新房市场的复苏通常具有领先意义，加上7月末的政治局会议强调要聚焦需求，指出“宏观政策要持续用力、更加给力”，强调“加快全面落实已确定的政策举措，及早储备并适时推出一批增量政策举措”，提出“要以提振消费为重点扩大国内需求，经济政策的着力点要更多转向惠民生、促消费，要多渠道增加居民收入，增强中低收入群体的消费能力和意愿”。并且在7月份已经观察到逆回购、LPR、MLF利率的相继下调，政策的持续发力将有助于进一步提振国内总需求和市场的预期。从市场的角度，上半年红利类资产的估值出现了明显的提升，但是他们的盈利增长相比估值的提升来说相对偏弱，这降低了这类资产的投资性价比；而反观不少的顺周期板块，大多都处于预期低、估值低、股价低的三低状态，在不考虑政策变化的情况下，很多顺周期板块公司的估值都已经跌至历史最低分位数的水平，如果再考虑到政策对于未来经济的潜在拉动，这些公司未来或将具有较大的盈利和估值双提升的能力，同时也具有提升分红的潜力，当前时点具有更好的风险收益比和配置性价比。下半年我们仍将会把更多的关注点聚焦在低估值蓝筹领域，但是相比上半年来说，在低估值蓝筹风格内部会逐渐将聚焦点从红利类资产向顺周期类的资产倾斜；同时，也会开始逐渐增加对于一些盈利增长稳定且估值已经跌至历史底部区域的成长股个股的关注。","fund":{"_id":3000000018806,"__csrcFundId":13449,"stockCode":"018806","masterFundShortName":"华安国企机遇混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18806,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:08:24.141Z","status":"normal","exchange":"jj","shortName":"华安国企机遇混合(018806)","name":"华安国企机遇混合型证券投资基金","fundCollectionId":4000050040000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":171982127.36,"setUpDate":"2024-01-25T16:00:00.000Z","setUpShares":171982127.36,"pinyin":"hagqjyhhxzqtzjj","followedNum":1,"memoNum":1,"managers":[{"stockCode":"db20850319","stockType":"fund_manager","exchange":"fm","tickerId":1919221210,"name":"孙澍"}]},"announcement":{"linkText":"华安国企机遇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=1152365","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2d77fea5b3eb05340cd","date":"2024-03-30T16:00:00.000Z","stockId":3000000018806,"sao":"今年一季度的A股市场整体呈现出先跌后涨的走势，结构分化非常明显。从市场主要指数的表现来看，代表权重风格的上证50和沪深300指数本季度分别上涨3.82%和3.10%，代表赛道风格的创业板指本季度下跌-3.87%，代表科技风格的科创50指数本季度下跌-10.48%，代表小盘风格的国证2000指数本季度下跌-8.83%。　　本基金成立之初虽然市场有所波动，但是很多我们看好的个股在这个过程中反而是持续上涨的，因此没有给出一个非常舒服的建仓时间窗口。我们采取了缓慢、分部建仓的策略，当一些看好的标的有所调整的时候，我们才逐渐增加配置；如果看好的标的没有回调，我们选择继续等待。本基金目前重点关注低估值蓝筹方向央国企的投资机会，寻找那些盈利能力开始出现拐头向上、价值被明显低估，未来随着盈利能力的改善，有望出现业绩和估值双升的戴维斯双击这样一类公司，希望能够持续、稳定的提升本基金的投资回报。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:59.382Z","fund":{"_id":3000000018806,"__csrcFundId":13449,"stockCode":"018806","masterFundShortName":"华安国企机遇混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18806,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:08:24.141Z","status":"normal","exchange":"jj","shortName":"华安国企机遇混合(018806)","name":"华安国企机遇混合型证券投资基金","fundCollectionId":4000050040000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":171982127.36,"setUpDate":"2024-01-25T16:00:00.000Z","setUpShares":171982127.36,"pinyin":"hagqjyhhxzqtzjj","followedNum":1,"memoNum":1,"managers":[{"stockCode":"db20850319","stockType":"fund_manager","exchange":"fm","tickerId":1919221210,"name":"孙澍"}]},"announcement":{"linkText":"华安国企机遇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=1073143","linkType":"PDF","source":"csrc_pdf"}}]}