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依然实现了良好动销，市场份额进一步提升，地产酒的生存空间持续被压缩。当前消费行业的整体估值处于偏下区域，我们需要加强对品牌、产品、渠道的理解，部分优质公司已经进入良好的击球区。　　　　中游制造业的化工、轻工行业中当前大多数细分领域的基本面景气周期依然偏弱，供需的平衡还需要时间，但也观察到中长期的竞争格局在逐步改善，龙头的领先优势一目了然，未来盈利的修复是大概率事件，在周期底部时对于此类资产应当乐观一点。　　　　港股方面我们适时加大了部分互联网类资产的配置，此类公司的竞争优势依然强大，而AI的高速发展有望进一步增强竞争力拓宽护城河，提升其投资回报率。","fund":{"_id":3000000021590,"__csrcFundId":14193,"stockCode":"021590","masterFundShortName":"兴全竞争优势混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21590,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"兴全竞争优势混合(021590)","lastUpdated":"2026-05-01T03:15:04.088Z","name":"兴全竞争优势混合型证券投资基金","pinyin":"xqjzyshhxzqtzjj","fundCollectionId":4000050310000,"setUpAssetScale":70145749.69,"setUpDate":"2024-08-26T16:00:00.000Z","setUpShares":70145749.69,"inceptionDate":"2024-08-29T16:00:00.000Z","followedNum":2,"managers":[{"stockCode":"db20833383","stockType":"fund_manager","exchange":"fm","tickerId":241213219520,"name":"徐留明"}]},"announcement":{"linkText":"兴证全球竞争优势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=1255888","linkType":"PDF","source":"csrc_pdf"}}]}