window.pageData = {"stock":{"_id":3000000021974,"name":"天弘优势企业混合型发起式证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"021974","tickerId":21974,"shortName":"天弘优势企业混合发起C","currency":"CNY","exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"inceptionDate":"2024-08-15T16:00:00.000Z","pinyin":"thysqyhhxfqszqtzjj","fundCollectionId":4000050430000,"followedNum":0,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50430000","tickerId":50430000,"name":"天弘基金管理有限公司"},"managers":[{"name":"唐博","stockType":"fund_manager","stockCode":"db20866627","exchange":"fm","tickerId":2002227690}],"hotMetrics":{"fss":{"stockId":3000000021974,"type":"fss","last_data_date":"2025-12-30T16:00:00.000Z","f_ins_h_s_r":0.8765999999999999,"f_ind_h_s_r":0.1234,"f_h_a":168,"f_ind_h_s_r_c_hy":0.1215,"f_ins_h_s_r_c_hy":-0.12150000000000005,"f_ind_h_s_r_c_1y":0.1234,"f_ins_h_s_r_c_1y":-0.12340000000000007},"fpr":{"stockId":3000000021974,"type":"fpr","f_p_r_fys_ssc":8989,"f_p_r_fys_ssrp":0.54884290164664,"f_p_r_m1_ssc":9238,"f_p_r_m1_ssrp":0.9465194327162498,"f_p_r_m3_ssc":9128,"f_p_r_m3_ssrp":0.7955516599101566,"f_p_r_m6_ssc":8836,"f_p_r_m6_ssrp":0.43735144312393887,"f_cagr_p_r_fs_ssc":9180,"f_cagr_p_r_fs_ssrp":0.06994225950539275,"f_p_r_y1_ssc":8349,"f_p_r_y1_ssrp":0.3781744130330618},"fp":{"stockId":3000000021974,"type":"fp","f_p_r_d1":0.0038638454461821237,"f_cagr_p_r_fs":0.2690973974799413,"f_p_r_m1":-0.06860287373891782,"f_p_r_m3":-0.044713407751160394,"f_p_r_fys":0.0400081928039866,"f_p_r_m6":0.14508005712996996,"last_data_date":"2026-05-21T16:00:00.000Z","f_p_r_y1":0.39765116065693995},"ff":{"stockId":3000000021974,"type":"ff","f_m_f_r":0.012,"f_c_f_r":0.002,"f_m_a_c_f_r":0.014,"f_m_c_f_d":"2024-08-19T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2025-06-26T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000021974,"type":"f_nlacan","f_nv_d":"2026-05-21T16:00:00.000Z","f_nv":1.5233,"f_nv_cr":0.010078907234268408},"f_as":{"stockId":3000000021974,"type":"f_as","f_tas":11964232.1688,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000021973,"__csrcFundId":14249,"stockCode":"021973","masterFundShortName":"天弘优势企业混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21973,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"天弘优势企业混合发起(021973)","lastUpdated":"2026-05-01T03:23:27.722Z","inceptionDate":"2024-08-15T16:00:00.000Z","name":"天弘优势企业混合型发起式证券投资基金","pinyin":"thysqyhhxfqszqtzjj","setUpAssetScale":5001456.54,"setUpDate":"2024-08-15T16:00:00.000Z","setUpShares":5001456.54,"fundCollectionId":4000050430000,"followedNum":1}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000021973,"stockId":600388,"holdings":90100,"marketCap":1602879,"netValueRatio":0.0702,"quarterlyChange":0.09074187614960105,"stock":{"stockCode":"600388","exchange":"sh","stockType":"company","tickerId":600388,"name":"龙净环保"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000021973,"stockId":803,"holdings":189100,"marketCap":1592222,"netValueRatio":0.0698,"quarterlyChange":0.17762237762237776,"stock":{"stockCode":"000803","exchange":"sz","stockType":"company","tickerId":803,"name":"山高环能"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000021973,"stockId":300443,"holdings":54900,"marketCap":1546533,"netValueRatio":0.0678,"quarterlyChange":0.0014219694276569328,"stock":{"stockCode":"300443","exchange":"sz","stockType":"company","tickerId":300443,"name":"金雷股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000021973,"stockId":603606,"holdings":23600,"marketCap":1428744,"netValueRatio":0.0626,"quarterlyChange":0.013221757322175787,"stock":{"stockCode":"603606","exchange":"sh","stockType":"company","tickerId":603606,"name":"东方电缆"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000021973,"stockId":2487,"holdings":20300,"marketCap":1414910,"netValueRatio":0.062,"quarterlyChange":0.34219141151550225,"stock":{"stockCode":"002487","exchange":"sz","stockType":"company","tickerId":2487,"name":"大金重工"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000021973,"stockId":600955,"holdings":64200,"marketCap":1113228,"netValueRatio":0.0488,"quarterlyChange":0.0703703703703702,"stock":{"stockCode":"600955","tickerId":600955,"exchange":"sh","stockType":"company","name":"维远股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000021973,"stockId":688196,"holdings":15611,"marketCap":1092926,"netValueRatio":0.0479,"quarterlyChange":0.1886247877758913,"stock":{"stockCode":"688196","tickerId":688196,"exchange":"sh","stockType":"company","name":"卓越新能"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000021973,"stockId":2683,"holdings":27600,"marketCap":1080816,"netValueRatio":0.0474,"quarterlyChange":-0.18075313807531423,"stock":{"stockCode":"002683","exchange":"sz","stockType":"company","tickerId":2683,"name":"广东宏大"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000021973,"stockId":603162,"holdings":76500,"marketCap":1010565,"netValueRatio":0.0443,"quarterlyChange":0.10121873293884054,"stock":{"name":"海通发展","exchange":"sh","stockType":"company","stockCode":"603162","tickerId":603162}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000021973,"stockId":603568,"holdings":40100,"marketCap":1006109,"netValueRatio":0.0441,"quarterlyChange":-0.011426319936958196,"stock":{"stockCode":"603568","exchange":"sh","stockType":"company","tickerId":603568,"name":"伟明环保"}}]},"list":[{"_id":"69e8ec691398d79843fe9dd0","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000021973,"sao":"油价上涨给很多行业带来了压力测试。一个是高油价的成本冲击，另外是原油供给和供应链开始出现的短缺。这个过程中，除了短期的摩擦和供需错配、产业链防风险心态和行为的变化，很多中长期不可逆的影响也在逐步加强和体现出来。一个是部分产业结构的全球变化。比如欧洲化工行业在能源和成本的双重挤压下，已经呈现出了全球市占率收缩的状态。随着能源供应的不确定性提升，部分产线的退出和企业经营策略的变化会加速，导致部分化工品种全球产能核心区域的转变，以及供应格局的优化。国内化工行业的品类丰富度、下游可应用领域以及一体化程度都相对更高，在成本和供应效率上已经展现出了优势，同时过去几年较低的产品价格水平，给国内龙头公司提供了兑现竞争力和扩大海外市场的机遇。另外是能源的自主可控成为越来越多国家发展的核心。回顾历史上能源危机，给丰田、小松等公司带来了长期的发展窗口。目前针对于化石能源的需求，具备了更多更好的辅助选择，涵盖了终端用能、过程节能以及源头端的产能。这部分行业的发展也逐步在自身经济性以及外部机遇的共振下开始提速。比如新能源车海外渗透率的提升，生物柴油和生物航煤的加速应用趋势，海上风电在欧洲和东南亚的快速发展等。短期能源价格的波幅以及供应链上的阻碍，导致不少行业表观需求出现了延迟，部分龙头公司的定价上体现出来的担心也超过了一些长期可展望的机会。对于这部分经营周期在底部区域，并且长期行业发展具备保护的优秀企业，我们会持续保持跟踪和在组合中体现。","lastUpdated":"2026-04-22T15:42:33.437Z","fund":{"_id":3000000021973,"__csrcFundId":14249,"stockCode":"021973","masterFundShortName":"天弘优势企业混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21973,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"天弘优势企业混合发起(021973)","lastUpdated":"2026-05-01T03:23:27.722Z","inceptionDate":"2024-08-15T16:00:00.000Z","name":"天弘优势企业混合型发起式证券投资基金","pinyin":"thysqyhhxfqszqtzjj","setUpAssetScale":5001456.54,"setUpDate":"2024-08-15T16:00:00.000Z","setUpShares":5001456.54,"fundCollectionId":4000050430000,"followedNum":1,"managers":[{"stockCode":"db20866627","stockType":"fund_manager","exchange":"fm","tickerId":2002227690,"name":"唐博"}]},"announcement":{"linkText":"天弘优势企业混合型发起式证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1472722","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69cbc898381dd95da7df4c63","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-30T16:00:00.000Z","stockId":3000000021973,"sao":"初创期、成长期、成熟期、衰退期，企业和行业的发展都会有这几个阶段的划分。但是企业和行业发展的每个阶段并不是必须要对应的。比如成熟期的行业仍然能够出现成长期的企业，甚至这个阶段的企业成长更容易体现出行业中更好的生产资料、更好的组织形式、以及更创新的盈利模式。结合需求环境和部分产业的发展趋势，我们发现不少行业和公司正在进入这种发展阶段错配的时期。这个过程中，具备独特优势的头部公司在市占率、盈利能力上会出现再次的加速提升，企业的竞争优势进一步扩大。我们的组合配置上也重点考察了这部分企业的变化。比如基础化工行业，部分头部公司在过去几轮周期底部盈利都逐级抬升，成本优势和销售覆盖区域不断拉大和同行的身位。随着行业发展更加的绿色化和产品要求的高端化，这种经营领先还在持续加大。另外，电力市场的结构性变化，也在带动部分龙头公司的再发展和再成长。一方面是电力市场化的不断推进，带动前端电能量价值的差异化和后端综合能源管理服务的潜在需求。此外，新兴产业的发展加大了对电力的需求，电力开始在部分前沿产业从理所当然的供给变成有稀缺性的核心要素，这个导致了优质出力曲线、配套设施成为差异性的产品。第三，传统的电是非贸易品，但是我们在2025年看到了全球多个区域电力互联的推进，电力开始从不可贸易品向可贸易品发展，传统的制造企业和盈利模式也在向新的交易方式进行创新和定价。","lastUpdated":"2026-03-31T13:14:00.565Z","mo":"传统行业和龙头公司的厚积薄发，一方面是公司能力的不断积累、公司盈利模式的不断加强，另一方面外生的行业变化和高要求也在加速这个进程。比如“双碳”牵一发而动全身的行业影响，比如人工智能产业带来的衍生效应等。随着新技术新产业的发展，产业之间的需求联动更明显。一些公司的生产资料布局以及研发投入是“有供给等需求”的，结构性的需求会将这部分优秀公司的特点和内核放大出来。我们也将持续关注这部分能力加强、优势扩大的企业，关注产业趋势和能力兑现共振的机会。","fund":{"_id":3000000021973,"__csrcFundId":14249,"stockCode":"021973","masterFundShortName":"天弘优势企业混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21973,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"天弘优势企业混合发起(021973)","lastUpdated":"2026-05-01T03:23:27.722Z","inceptionDate":"2024-08-15T16:00:00.000Z","name":"天弘优势企业混合型发起式证券投资基金","pinyin":"thysqyhhxfqszqtzjj","setUpAssetScale":5001456.54,"setUpDate":"2024-08-15T16:00:00.000Z","setUpShares":5001456.54,"fundCollectionId":4000050430000,"followedNum":1,"managers":[{"stockCode":"db20866627","stockType":"fund_manager","exchange":"fm","tickerId":2002227690,"name":"唐博"}]},"announcement":{"linkText":"天弘优势企业混合型发起式证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1455477","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3b07fea5b3eb05408f7","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000021973,"sao":"组合的构建持续集中在生产资料端具备独特性或者稀缺性的企业。资产端稀缺性的来源主要有两方面，一个是资产的天然特征导致的，比如类似矿产、特许经营等，另外一方面是产业升级带来的。对于产业升级的这部分，我们会关注是否加大了资产的区分度，以及是否降低资产的可复制性。随着很多传统行业的产品要求、生产要求不断提升，资产差异化已经不止体现在成本曲线这个环节。产品和生产的稳定性、维护性资本开支的高低等体现持续经营能力的区分度在逐步体现出来。在高质量需求和跨区域需求的背景下，这部分企业的能力更容易被放大和加强。另外，三季度“反内卷”在很多行业协会以及企业自律的过程中被提及出来。针对“反内卷”我们把行业和特定企业分成了两类，一种是行业供给结构本身在自然优化的，另外一种是行业靠自身能力不容易出清的。首先第一类就涉及到前面提到的资产区分度，同时行业龙头公司优势还在持续扩大的行业，头部公司的市占率在过去几年都在持续提升。这部分公司也是我们一直在重点关注和储备的，尾部企业面临需求和行业竞争双重淘汰压力，行业龙头盈利能力中枢性提升。另外一类就是“反内卷”带来增量改变的行业和公司，这部分行业通常成本梯度平缓，或者行业经历过高盈利阶段带来充沛的在手现金，导致自然情况下行业难以形成竞争约束。这部分行业的盈利中枢和价值回归需要外部力量进行规范和影响，比如类似基础化工的部分子行业。针对这类行业，我们一方面关注资产的绝对价值是否便宜，另外会看重行业的再进入门槛，仍然会把龙头公司长期的能力变化放在重要的考量位置，加大对优势在扩大的这部分企业的配置。","lastUpdated":"2026-03-09T14:05:36.029Z","fund":{"_id":3000000021973,"__csrcFundId":14249,"stockCode":"021973","masterFundShortName":"天弘优势企业混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21973,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"天弘优势企业混合发起(021973)","lastUpdated":"2026-05-01T03:23:27.722Z","inceptionDate":"2024-08-15T16:00:00.000Z","name":"天弘优势企业混合型发起式证券投资基金","pinyin":"thysqyhhxfqszqtzjj","setUpAssetScale":5001456.54,"setUpDate":"2024-08-15T16:00:00.000Z","setUpShares":5001456.54,"fundCollectionId":4000050430000,"followedNum":1,"managers":[{"stockCode":"db20866627","stockType":"fund_manager","exchange":"fm","tickerId":2002227690,"name":"唐博"}]},"announcement":{"linkText":"天弘优势企业混合型发起式证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1373615","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3b07fea5b3eb05408f6","date":"2025-06-29T16:00:00.000Z","stockId":3000000021973,"sao":"过去半年我们看到很多传统行业集中度出现了明显的提升，有的是因为行业周期性的原因导致出清，也有因为更高的产业标准或者新的技术扩散。当行业发展到成熟期，行业内的企业面临竞争淘汰时候容错率天然就会更低。这个时候我们关注行业内的头部公司，发现不少企业会谋求在原有业务基础上做“同心圆”的扩展。一方面通过原有的优势生产资料或者模式扩多品类，另一方面就是通过升级或者模式复制来开展新业务。这个也会成为对头部公司投资定价时候新的关注点。我们发现一个企业成功新业务的发展曲线，通常都会出现高估和低估两个过程。刚开始的高估容易出现在管理层面，是历史经验和组织架构的外推，高估原有业务和新业务之间的相互作用。低估的过程通常发生在新业务的经营阻力充分暴露，规模效应没有体现，但是实际业务已经开始确定了运行方式的时候。如果再叠加上新业务的见效期比较长，更容易放大这两个非线性过程。这个见效期长既包含了生产资料组织要求的时间长，这里包括产能、渠道、客户认证等的搭建。也包括了终端产品体验和评价需要的时间长，类似于产品的后验、可比较性、可使用周期等。但是这两个特征也容易带来更强的先发优势。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:36.026Z","mo":"在对投资的展望上，我们会继续关注不少行业的加速格局优化。这里面既包含了因为产业升级导致的，比如双碳的影响，导致一些新产品、新工艺、新技术的需求增加，传统产业的升级让行业内公司之间的差距开始加速拉大。另外也有因为过去产能过剩，产业盈利下降之后导致的自然出清。因为经济发展阶段的不同，很多企业对于资本开支的态度会更理性，资本开支的要求也在提升。这让行业内优秀的头部公司面临着市占率和盈利中枢再次提升的机会。更好的产品、更效率的经营、更准确的战略选择，会成为这些企业下一个阶段发展的胜负手。","fund":{"_id":3000000021973,"__csrcFundId":14249,"stockCode":"021973","masterFundShortName":"天弘优势企业混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21973,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"天弘优势企业混合发起(021973)","lastUpdated":"2026-05-01T03:23:27.722Z","inceptionDate":"2024-08-15T16:00:00.000Z","name":"天弘优势企业混合型发起式证券投资基金","pinyin":"thysqyhhxfqszqtzjj","setUpAssetScale":5001456.54,"setUpDate":"2024-08-15T16:00:00.000Z","setUpShares":5001456.54,"fundCollectionId":4000050430000,"followedNum":1,"managers":[{"stockCode":"db20866627","stockType":"fund_manager","exchange":"fm","tickerId":2002227690,"name":"唐博"}]},"announcement":{"linkText":"天弘优势企业混合型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1340838","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3b07fea5b3eb05408f5","date":"2025-03-30T16:00:00.000Z","stockId":3000000021973,"sao":"年初以来陆续观察到了很多传统周期品涨价的情况。一方面有季节性的影响，另外从同比角度看，很多传统产品的价格也开始转正了。而且涉及的行业面很广，既包含了地产链条、新能源链条、还有化工类等等。其中很多子行业在过去几年都出现了供给侧的出清，尾部产能在面临需求和行业竞争双重压力下被淘汰了不少。所以这次不同行业的“点状”涨价还有一个共性在于很多先发生在行业竞争格局优化以及盈利底部的子行业。这部分也是我们一直关注的，就是企业之间竞争差距在拉大，并且格局在改善的行业。点状的涨价更多只是开始，头部公司中枢盈利的提升才是带来资产价值提升的关键。另外，“新能源全面进入市场”以及“钢铁水泥等行业碳配额的推进”都标志着新型能源体系的进步，定价和约束机制会鼓励更好的绿电项目以及更优秀的绿色企业。这个过程中不同绿电的差异会被放大，包括出力曲线的差异，消纳半径的差异等。对于传统行业的绿色化来讲，更高的效率、更好的工艺最终会在盈利上得到更好的体现，这个是在过去的竞争中不一定能够体现出来的，也会加快一些传统资产的增值。我们把资产价值提升的类型分成三类，需求引起的、供给引起的和供应链关系引起的。对于传统的行业，更多的变化来源于后两种。比如过剩供给不可逆的退出，供应关系变化带来的生产效率提升等，也包含了上两段中提到的情况。特别是当这部分公司处于估值和盈利的周期底部时候，会带来更好的投资保护和期待。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:36.023Z","fund":{"_id":3000000021973,"__csrcFundId":14249,"stockCode":"021973","masterFundShortName":"天弘优势企业混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21973,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"天弘优势企业混合发起(021973)","lastUpdated":"2026-05-01T03:23:27.722Z","inceptionDate":"2024-08-15T16:00:00.000Z","name":"天弘优势企业混合型发起式证券投资基金","pinyin":"thysqyhhxfqszqtzjj","setUpAssetScale":5001456.54,"setUpDate":"2024-08-15T16:00:00.000Z","setUpShares":5001456.54,"fundCollectionId":4000050430000,"followedNum":1,"managers":[{"stockCode":"db20866627","stockType":"fund_manager","exchange":"fm","tickerId":2002227690,"name":"唐博"}]},"announcement":{"linkText":"天弘优势企业混合型发起式证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1270078","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3b07fea5b3eb05408f4","date":"2024-12-30T16:00:00.000Z","stockId":3000000021973,"sao":"组合构建上我们仍然把行业的可展望性和企业报表的保护放在核心位置。行业发展上主要看重的是格局的优化和不可逆的产业趋势。报表的保护上重点关注企业经营所处的周期位置。四季度以来我们看到了更多对经济和市场关注的政策，既包含了化债、房地产，也涉及到了一些产业发展。这个过程中，体现经济活动变化的指标会最先反应出来，体现在资金流、信息流、物流环节。这些偏重服务和供应链的环节除了是经济的活跃指数，同时也是重要的效率指标，和经济结构以及产业结构密切相关。长期来看，我们生产资料的利用效率会持续提升，相应的产业和公司发展机遇仍然存在。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:36.020Z","mo":"在对投资的展望上，我们会去关注不少行业的加速格局优化。这里面既包含了因为产业升级导致的，比如双碳的影响，导致一些新产品、新工艺、新技术的需求增加，传统产业的升级让行业内公司之间的差距开始加速拉大。另外也有因为过去产能过剩，产业盈利下降之后导致的自然出清。因为经济发展阶段的不同，很多企业对于资本开支的态度会更理性，资本开支的要求也在提升。这让行业内优秀的头部公司面临着市占率和盈利中枢再次提升的机会。更好的产品、更效率的经营、更准确的战略选择，会成为这些企业下一个阶段发展的胜负手。企业的竞争优势类似下棋对弈，走的步数越多，越能体现出来棋艺的差距。企业经营上经历的变化也更能带来竞争优势的差距。时间会成为优秀企业的放大器，短期市场波动也会给我们提供更好的投资这些优秀企业的机会。","fund":{"_id":3000000021973,"__csrcFundId":14249,"stockCode":"021973","masterFundShortName":"天弘优势企业混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21973,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"天弘优势企业混合发起(021973)","lastUpdated":"2026-05-01T03:23:27.722Z","inceptionDate":"2024-08-15T16:00:00.000Z","name":"天弘优势企业混合型发起式证券投资基金","pinyin":"thysqyhhxfqszqtzjj","setUpAssetScale":5001456.54,"setUpDate":"2024-08-15T16:00:00.000Z","setUpShares":5001456.54,"fundCollectionId":4000050430000,"followedNum":1,"managers":[{"stockCode":"db20866627","stockType":"fund_manager","exchange":"fm","tickerId":2002227690,"name":"唐博"}]},"announcement":{"linkText":"天弘优势企业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=1252362","linkType":"PDF","source":"csrc_pdf"}}]}