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显著收敛状态，叠加当前的“反内卷”政策推进，量价平衡的天平可能正酝酿新的变局。  组合操作上，上半年我们延续了24年底和1季报的思路：一是持续深挖“出海”。在国内宏观总量缺乏显著增量的背景下，我们认为企业走出去不仅是短期的妥协，更是中长期战略方向的延伸。过去两年，我们先后在电力设备、工程机械、部分消费品等出海方向上已经有所布局，目前来看，这些方向的出海依然存在较大成长空间，因此组合中仍然保留了部分持仓。与此同时，更多行业的出海正如燎原之势不断加速，包括上半年创新药持续创纪录的海外BD授权、新消费的海外趋势等，综合行业属性、海外运营能力、业绩兑现节奏等维度，组合对相关标的进一步实现了优化，上半年重点增加了部分创新药和消费品相关的出海公司。二是对于部分估值具备显著吸引力，且供需两端呈现积极变化行业重点增加了布局，包括工程机械、军工、保险等，随着中长期积极因素的呈现，这些行业存在盈利和估值体系共振修复的可能。三是组合适度增加了部分港股配置，我们认为目前港股一些优秀的互联网和制造业龙头，当前仍具备较高性价比，因此组合在上半年适度增加了部分持仓。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:40.301Z","mo":"往后看，随着地产尾部风险的逐步释放，反内卷政策的持续推进，未来1-2年经济在“量价平衡”中逐步摆脱通缩状态的可能性正在逐步提升。对于权益资产，回报率向长期中枢水平的回归已经开始，虽然当前部分资产的估值水平已经不再显著低估，但从全社会资产整体的回报水平对比看，性价比仍然处于相对有吸引力的位置。在投资应对上，我们将沿着重点看好的方向，继续深挖具备显著竞争优势、未来盈利中枢有望持续创新高的公司来进行布局。","fund":{"_id":3000000020037,"__csrcFundId":13878,"stockCode":"020037","masterFundShortName":"鹏华品质甄选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20037,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:45.132Z","status":"normal","exchange":"jj","shortName":"鹏华品质甄选混合A","name":"鹏华品质甄选混合型证券投资基金","fundCollectionId":4000050060000,"pinyin":"phpzzxhhxzqtzjj","setUpAssetScale":70178931.74,"setUpDate":"2024-05-27T16:00:00.000Z","setUpShares":70178931.74,"inceptionDate":"2024-05-30T16:00:00.000Z","followedNum":0,"managers":[{"stockCode":"db20126721","stockType":"fund_manager","exchange":"fm","tickerId":260805201320,"name":"张华恩"}]},"announcement":{"linkText":"鹏华品质甄选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=1339886","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed33c7fea5b3eb0539ff5","date":"2025-03-30T16:00:00.000Z","stockId":3000000020037,"sao":"开年以来，国内宏观层面延续筑底的平稳态势，产业层面的积极因素开始更多的呈现出来。以DeepSeek为代表的中国企业，以极具性价比的方法和良好的落地效果，让中国式的降本增效从制造业杀进了科技行业，让全世界对中国在科技领域的强大竞争力有了不一样的认知。与此同时，在传统行业领域，我们也看到包括像工程机械、重卡、电解铝、部分化工品等行业，经过3-4年的持续出清之后，逐步开始呈现出强大的底部韧性，部分环节已经处于供需平衡的微妙拐点。但对外方面，尤其是与美国的贸易冲突仍然构成了全年宏观和市场的重大不确定性因素，并在4月初以来开始大幅冲击市场。  从组合操作方面，组合持仓继续聚焦在“大消费+泛制造”领域。1季度适度降低了部分传统行业中估值相对合理的低赔率品种，同时增加了部分产业趋势明确的先进制造、消费品和医药，以及港股互联网。当下部分科技方向的变化已经从主题阶段快速进入到可跟踪、可验证的产业落地阶段，尤其是在智能驾驶、国产算力应用落地等领域，一些在产业链中率先走出来的环节正逐步趋于明朗。在传统行业领域，原有持仓的制造业出海、工程机械、化工等行业，周期性触底和结构性变化带来的新一轮盈利向上周期正逐步展开。在大消费方向，部分核心资产新的成长逻辑开始有所展现，我们适度加大了部分新消费方向的投资配置。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:40.298Z","fund":{"_id":3000000020037,"__csrcFundId":13878,"stockCode":"020037","masterFundShortName":"鹏华品质甄选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20037,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:45.132Z","status":"normal","exchange":"jj","shortName":"鹏华品质甄选混合A","name":"鹏华品质甄选混合型证券投资基金","fundCollectionId":4000050060000,"pinyin":"phpzzxhhxzqtzjj","setUpAssetScale":70178931.74,"setUpDate":"2024-05-27T16:00:00.000Z","setUpShares":70178931.74,"inceptionDate":"2024-05-30T16:00:00.000Z","followedNum":0,"managers":[{"stockCode":"db20126721","stockType":"fund_manager","exchange":"fm","tickerId":260805201320,"name":"张华恩"}]},"announcement":{"linkText":"鹏华品质甄选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=1269564","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed33c7fea5b3eb0539ff4","date":"2024-12-30T16:00:00.000Z","stockId":3000000020037,"sao":"回顾2024年的权益市场，年初中小市值公司大范围下跌遭遇料峭春寒，2-3季度市场对政策和经济基本面预期降至冰点，而在924会议之后，一切开始峰回路转，市场进入极度亢奋的状态，迅速从胜率思维切换成高风险偏好的赔率思维。924之前和之后完全是两种市场生态，且截然不同的定价范式。也得益于最后一个季度的市场大涨，权益资产整体回报率终于摆脱了过去3年的惨淡，重新回到了正回报区间。  鹏华品质甄选是我们在24年5月的新发产品，产品封闭期过后，我们前期一直秉承着先做出安全垫，然后再大仓位去获取更大收益的建仓思路。但相对保守的仓位策略也给我们在924市场剧烈变动中带来了极大压力，在仅有的2-3个交易日当中，我们未能及时在仓位上达到相匹配的合理水平，致使在4季度的反弹当中大幅落后，未能给持有人带来良好的投资体验。截止24年底，品质甄选已经进入常态化运作状态，我们也将竭尽全力去做好未来的组合管理。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:40.295Z","mo":"展望2025年，权益市场在经历了2024年的峰回路转之后，我们相信2025年权益资产的回报有望继续朝着长期向上曲线的水平靠拢。虽然在经历24年4季度指数驱动的行情后，大部分个股的估值水平已经不再显著低估，但从全社会资产整体的回报水平对比看，权益资产的性价比仍然处于有吸引力的位置。而且，当前全社会最具竞争力的企业，以及部分显著高于社会平均回报水平的资产，在权益市场仍然处于合理且偏低的估值水平，我们相信合理定价的回归仍将持续相当长的一段时间。在投资机会方面，2025年我们重点关注以下几个方向：一是在产业端能够真正形成台阶式跃升的机会，包括像先进制造、科技代表的新技术方向；二是以消费、医药代表的核心资产当下估值普遍回归合理后，能够在增长逻辑上讲出新的成长叙事，或者在股东回报上具备显著吸引力的机会；三是一些有望在25年见到拐点的行业，成本优势显著的龙头公司将出现更好的左侧布局机会。","fund":{"_id":3000000020037,"__csrcFundId":13878,"stockCode":"020037","masterFundShortName":"鹏华品质甄选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20037,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:45.132Z","status":"normal","exchange":"jj","shortName":"鹏华品质甄选混合A","name":"鹏华品质甄选混合型证券投资基金","fundCollectionId":4000050060000,"pinyin":"phpzzxhhxzqtzjj","setUpAssetScale":70178931.74,"setUpDate":"2024-05-27T16:00:00.000Z","setUpShares":70178931.74,"inceptionDate":"2024-05-30T16:00:00.000Z","followedNum":0,"managers":[{"stockCode":"db20126721","stockType":"fund_manager","exchange":"fm","tickerId":260805201320,"name":"张华恩"}]},"announcement":{"linkText":"鹏华品质甄选混合型证券投资基金2024年年度报告","linkUrl":"http: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