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策出炉为转折点分为前后两段。前半段，A股整体偏弱运行，两市成交量低靡，年初至2月初受结构化产品平仓等影响市场急剧下跌，此后到5月底逐步震荡上行修复前期下跌，5月底至9月底由于经济基本面较弱，市场持续下跌，行业端分化明显，高股息方向表现较好，银行、煤炭、公用事业行业领涨。而随着9月24日一系列政策出台，增量资金涌入股市，A股迅速反弹，成交量快速上涨，较短的时间内修复前期跌幅，虽然最后两个月有所震荡回落，但是2024全年下来上证指数、沪深300指数、深证成指和创业板指分别上涨12.67%、14.68%、9.34%和13.23%。红利资产在2024年上半年“资产荒”环境下表现占优；此后表现相对较弱，特别是在三季度由于前期涨幅过大，加上原油、煤炭等主要的红利行业价格下跌拖累行业表现，红利风格跑输；2024年11月后，市场增量资金相对有限，同时对政策的边际开始逐渐钝化，市场风格切换，红利风格再度占优。产品自2024年9月底开始投资运作，采取稳健策略逐步建仓，构建高股息风格的股票组合，并且适度超配了银行、交运等相对低波动的板块。本基金管理人将保持产品的红利风格不漂移，同时积极把握市场脉络，在低波动和质量等风格上做阶段性的暴露，力求组合能够相对基准获取稳健的超额收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:13.206Z","mo":"海外市场重点关注特朗普新政，其中涉及移民、关税、能源等领域的政策可能影响美国的通胀预期和降息节奏，而在特朗普政府引领下的全球贸易保护主义抬头尤其是中美贸易关系的紧张局势，以及地缘政治风险的变动，可能会是2025年全球经济重要的不确定性因素。国内宏观方面重点聚焦财政政策逆周期调节力度、内需与消费复苏态势、房地产市场止跌回稳、贸易摩擦下的产业链调整以及新兴产业和科技创新进展。A股在宽货币和宽财政政策推动下，受低基数与盈利周期影响，预计2025年将迎来盈利边际改善。关注红利资产的长期配置价值。目前红利的风险溢价以及股息率相对债券利率有较大空间，以配置视角来看，特别是对于保险机构而言，有较大吸引力，预计2025年保险资金的持续流入将对红利资产形成支撑。我们将持续关注公用稳定类红利和具有周期属性的资源类红利资产。","fund":{"_id":3000000021515,"__csrcFundId":14253,"stockCode":"021515","masterFundShortName":"汇添富红利智选混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21515,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"汇添富红利智选混合发起式(021515)","lastUpdated":"2026-05-01T03:13:22.555Z","name":"汇添富红利智选混合型发起式证券投资基金","pinyin":"htfhlzxhhxfqszqtzjj","fundCollectionId":4000050460000,"setUpAssetScale":10182688.02,"setUpDate":"2024-09-26T16:00:00.000Z","setUpShares":10182688.02,"inceptionDate":"2024-09-26T16:00:00.000Z","followedNum":2,"managers":[{"stockCode":"j101019708","stockType":"fund_manager","exchange":"fm","tickerId":2317244980,"name":"温琪"}]},"announcement":{"linkText":"汇添富红利智选混合型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1255931","linkType":"PDF","source":"csrc_pdf"}}]}