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量政策举措。那么预计下半年可能会看到更多的刺激经济的政策，期待政策的持续发力从而给资本市场带来信心。","fund":{"_id":3000000018975,"__csrcFundId":12971,"stockCode":"018975","shortName":"中信建投消费升级混合发起式(018975)","masterFundShortName":"中信建投消费升级混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18975,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:12:28.938Z","status":"normal","exchange":"jj","fundCollectionId":4000050840000,"inceptionDate":"2023-09-25T16:00:00.000Z","name":"中信建投消费升级混合型发起式证券投资基金","setUpDate":"2023-09-25T16:00:00.000Z","setUpAssetScale":37980347.03,"setUpShares":37980347.03,"pinyin":"zxjtxfsjhhxfqszqtzjj","followedNum":5,"managers":[{"stockCode":"db20800075","stockType":"fund_manager","exchange":"fm","tickerId":1923216400,"name":"孙文"}]},"announcement":{"linkText":"中信建投消费升级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=1148415","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2e47fea5b3eb0534e29","date":"2024-03-30T16:00:00.000Z","stockId":3000000018975,"sao":"2024年一季度，市场出现了流动性危机，产生了恐慌。中小市值股票出现无差别下跌，市场追捧高股息资产。后续随着救市政策的出台，市场收复失地，但结构出现了比较严重的分化，高股息资产获得较多超额收益。从中长期看，我国经济进入结构转型的新阶段，意味着经济在短时间的弹性将降低，但我并没有市场对经济预期的那么悲观，虽然经济失去了弹性但是韧性还在，所以我认为在整体经济缺乏弹性的情况下，可以找一些结构性具有新需求的消费行业，或者配置一些需求稳定、供给端有收缩的行业。报告期内坚持投资策略，主要投资标的集中于有新需求的消费行业以及需求平稳供给收缩的行业中。展望二季度，市场可能会出现更严重的分化，整体标的的选择和仓位上都会更加谨慎。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:12.689Z","fund":{"_id":3000000018975,"__csrcFundId":12971,"stockCode":"018975","shortName":"中信建投消费升级混合发起式(018975)","masterFundShortName":"中信建投消费升级混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18975,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:12:28.938Z","status":"normal","exchange":"jj","fundCollectionId":4000050840000,"inceptionDate":"2023-09-25T16:00:00.000Z","name":"中信建投消费升级混合型发起式证券投资基金","setUpDate":"2023-09-25T16:00:00.000Z","setUpAssetScale":37980347.03,"setUpShares":37980347.03,"pinyin":"zxjtxfsjhhxfqszqtzjj","followedNum":5,"managers":[{"stockCode":"db20800075","stockType":"fund_manager","exchange":"fm","tickerId":1923216400,"name":"孙文"}]},"announcement":{"linkText":"中信建投消费升级混合型发起式证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072015","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2e47fea5b3eb0534e28","date":"2023-12-30T16:00:00.000Z","stockId":3000000018975,"sao":"产品成立于三季度末，进入四季度，市场先受到美债收益率飙升的影响应声大跌，后续随着美债收益率见顶回落，市场开始反弹。随后由于对经济政策的过高预期落空，导致市场继续回落。美国即将进入降息周期，在美国降息周期里，虽然中国权益资产分母端压力释放但是更多的还是要看自身分子端能否有起色。目前我国经济周期处于主动去库存的尾声但能否走出经济的弹性仍然存疑，后续仍需持续跟踪政策的力度。报告期内依然坚持投资理念，首先从大类资产分析的角度明确我国权益类资产的走向主要取决于经济政策的力度，次要是美债收益率，所以在10月中旬以及11月中下旬进行了仓位控制。在具体的投资行业上主要在有新需求的科技、消费以及需求平稳供给收缩的行业中做选择。 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