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9月末，央行宣布降准降息，并推出稳定资本市场的流动性工具，月底政治局会议的一系列表述均极大提振了投资者信心、扭转了市场的悲观气氛，市场大幅反弹并开始企稳。报告期内，产品处于建仓期，我们以获取与产品风险等级相匹配的收益为目标，在仓位的提升上较为谨慎，投资标的的选择上注重安全边际，结构上，我们看好内外需兼顾、产业逻辑顺畅的板块以及出海链相关的投资机会，如：电网设备、军工、家电、必须消费品、大储、海风及其他出海链细分。针对9月末以来政策面及市场发生的变化，我们投资思路也相应进行了调整，一揽子的刺激政策使得内需这条线索得到进一步强化，四季度汽车、家电等领域的刺激效果明显，扭转了市场对于消费过于悲观的预期，而可以延续的内需刺激政策使得对于未来需求的判断可以更加乐观，因此我们增加了内需链的配置。此外，我们认为出海的逻辑依然在延续，国内企业出海在加速，短期有特朗普上台加征关税的担忧，标的选择上优先那些海外市场全面布局的企业。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:13.614Z","mo":"展望2025年，宏观叙事逻辑已出现了积极转变，但经济循环传导逻辑还需打通，向现实转化仍需要时间。市场已经充分认知到新旧动能转换、供需不平衡和地产筑底待改善的状态。伴随盈利周期弹性减弱，市场将由前期政策博弈的状态，转向挖掘基本面预期差的投资机会。在产业逻辑方面，年初DeepSeek引爆了国内市场对泛科技板块的重估，模型的进步不仅降低了成本、拓宽了应用场景，还提升了我国人工智能利领域在国际的相对优势，重塑了科技领域的国际竞争格局。全年来看，AI赋能产业链、供给出清格局改善的行业、打通国内/国外双循环的股票和行业存在超预期的可能。","fund":{"_id":3000000021524,"__csrcFundId":14138,"stockCode":"021524","masterFundShortName":"天弘匠心臻选混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21524,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"天弘匠心臻选混合发起(021524)","lastUpdated":"2026-05-01T03:13:35.189Z","name":"天弘匠心臻选混合型发起式证券投资基金","fundCollectionId":4000050430000,"pinyin":"thjxzxhhxfqszqtzjj","inceptionDate":"2024-07-04T16:00:00.000Z","setUpAssetScale":5002167.67,"setUpDate":"2024-07-04T16:00:00.000Z","setUpShares":5002167.67,"followedNum":1,"managers":[{"stockCode":"db20570637","stockType":"fund_manager","exchange":"fm","tickerId":121313185580,"name":"刘盟盟"}]},"announcement":{"linkText":"天弘匠心臻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=1252350","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3997fea5b3eb053f622","date":"2024-09-29T16:00:00.000Z","stockId":3000000021524,"sao":"三季度A股市场走势大部分时间震荡下行，经济数据的持续走弱，美国大选变局导致外部不确定性提升，九月下旬，美联储降息50bp，时隔四年降息周期重启，流动性环境改善，港股市场率先开始反弹，9月末，央行宣布降准降息，并推出稳定资本市场的流动性工具，月底，政治局会议指出“当前经济运行出现一些新的情况和问题；要全面客观冷静看待当前经济形势，正视困难、坚定信心，切实增强做好经济工作的责任感和紧迫感” ，延续要求“努力完成”全年目标，并要求各地区各部门“干字当头、众志成城，充分激发全社会积极性主动性创造性，推动经济持续回升向好”，极大提振了投资者信心、扭转了市场的悲观气氛，资金开始大幅回流A股港股，季度末最后五个交易日主要宽基指数均大幅反弹，主要宽基指数年初以来收益率均由负转正。行业表现上来看，反弹主力以顺周期板块为主，非银、地产、商贸、社服等涨幅名列前茅。报告期内，产品仍然处于建仓期，我们以争取稳健的绝对收益为目标，在仓位的提升上较为谨慎，投资标的的选择上注重安全边际；结构上，我们看好内外需兼顾、产业逻辑顺畅的板块以及出海链相关的投资机会，如：电网设备、军工、家电、必需消费品、大储、海风及其他出海链细分。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:13.611Z","fund":{"_id":3000000021524,"__csrcFundId":14138,"stockCode":"021524","masterFundShortName":"天弘匠心臻选混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21524,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"天弘匠心臻选混合发起(021524)","lastUpdated":"2026-05-01T03:13:35.189Z","name":"天弘匠心臻选混合型发起式证券投资基金","fundCollectionId":4000050430000,"pinyin":"thjxzxhhxfqszqtzjj","inceptionDate":"2024-07-04T16:00:00.000Z","setUpAssetScale":5002167.67,"setUpDate":"2024-07-04T16:00:00.000Z","setUpShares":5002167.67,"followedNum":1,"managers":[{"stockCode":"db20570637","stockType":"fund_manager","exchange":"fm","tickerId":121313185580,"name":"刘盟盟"}]},"announcement":{"linkText":"天弘匠心臻选混合型发起式证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1173109","linkType":"PDF","source":"csrc_pdf"}}]}