window.pageData = {"stock":{"_id":3000000023242,"stockCode":"023242","masterFundShortName":"中欧恒生消费指数发起（QDII）","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":23242,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中欧恒生消费指数发起（QDII）A","name":"中欧恒生消费指数发起式证券投资基金（QDII）","pinyin":"zohsxfzsfqszqtzjj(qdii)","fundCollectionId":4000050570000,"setUpAssetScale":64952504.49,"setUpDate":"2025-03-06T16:00:00.000Z","setUpShares":64952504.49,"followedNum":6,"inceptionDate":"2025-03-06T16:00:00.000Z","indexFundFlag":1,"indexId":1001000000002018,"index":{"areaCode":"hk","stockType":"index","exchange":"hk","stockCode":"HSCGSI","tickerId":2018,"name":"恒生消费指数"},"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50570000","tickerId":50570000,"name":"中欧基金管理有限公司"},"managers":[{"name":"FANG SHENSHEN","stockType":"fund_manager","stockCode":"j101019681","exchange":"fm","tickerId":619248840}],"hotMetrics":{"fss":{"stockId":3000000023242,"type":"fss","last_data_date":"2025-12-30T16:00:00.000Z","f_ins_h_s_r":0.38789999999999997,"f_ind_h_s_r":0.6121,"f_h_a":3066,"f_ind_h_s_r_c_hy":-0.13779999999999992,"f_ins_h_s_r_c_hy":0.13779999999999998},"fpr":{"stockId":3000000023242,"type":"fpr","f_cagr_p_r_fs_ssc":599,"f_cagr_p_r_fs_ssrp":0.959866220735786,"f_p_r_m1_ssc":595,"f_p_r_m1_ssrp":0.45454545454545453,"f_p_r_m3_ssc":586,"f_p_r_m3_ssrp":0.8136752136752137,"f_p_r_m6_ssc":573,"f_p_r_m6_ssrp":0.8269230769230769,"f_p_r_fys_ssc":573,"f_p_r_fys_ssrp":0.8216783216783217,"f_p_r_y1_ssc":550,"f_p_r_y1_ssrp":0.8652094717668488},"fp":{"stockId":3000000023242,"type":"fp","last_data_date":"2026-07-05T16:00:00.000Z","f_cagr_p_r_fs":-0.10942855777188631,"f_p_r_m1":-0.029881154499150853,"f_p_r_m3":-0.08722044728434497,"f_p_r_m6":-0.14238543125875525,"f_p_r_fys":-0.12290216946377408,"f_p_r_y1":-0.15414980755945928,"f_i_d":"2025-03-06T16:00:00.000Z"},"ff":{"stockId":3000000023242,"type":"ff","f_fr_d":"2026-05-19T16:00:00.000Z","f_m_fr":0.005,"f_c_fr":0.001,"f_mac_fr":0.006},"f_nlacan":{"stockId":3000000023242,"type":"f_nlacan","f_nv_d":"2026-07-05T16:00:00.000Z","f_nv":0.8571,"f_nv_cr":0.0062221178680441636},"f_as":{"stockId":3000000023242,"type":"f_as","f_tas":23289468.358200002,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000023243,"name":"中欧恒生消费指数发起式证券投资基金（QDII）","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","status":"normal","indexFundFlag":1,"stockCode":"023243","tickerId":23243,"shortName":"中欧恒生消费指数发起（QDII）C","currency":"CNY","__csrcFundId":14798,"exchange":"jj","masterFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"lastUpdated":"2026-07-03T17:14:53.699Z","fundCollectionId":4000050570000,"__indexSourceEastMoney":1,"inceptionDate":"2025-03-06T16:00:00.000Z","pinyin":"zohsxfzsfqszqtzjj(qdii)","followedNum":5,"indexId":1001000000002018}],"lastFsMetrics":{"latestTurnoverRate":3.454238432950495,"latestTurnoverRateDate":"2025-12-30T16:00:00.000Z"}},"list":[{"_id":"69e8ec7f1398d79843fe9eb4","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000023242,"sao":"2026年一季度，恒生消费指数下跌3%，略微跑赢恒生指数和沪深300。截至3月31日，恒生消费指数的PE（TTM）约为15倍，高于沪深300指数的14倍和恒生指数的12倍。春节效应下，恒生消费指数1月至2月春节前震荡冲高，春节后随着消费数据落地逐步震荡回落，整体呈现先扬后抑的窄幅震荡走势。    一季度影响指数走势的核心事件集中在消费基本面与政策两端。一季度春节消费数据落地，复苏呈现显著分化格局，2026年春节假期国内餐饮、旅游、出行等服务消费维持高景气，但可选消费、地产链消费复苏力度不及预期，必选消费优质企业业绩稳健，而服饰、美妆、家居等可选消费标的业绩承压，分化的基本面导致指数未能走出明确行情。我们认为消费仍然于低位区间震荡，市场参与者对消费行业的信心并未继续消退，试图从各种数据中寻找消费复苏的信号。    一季度国内多地密集出台消费刺激政策，覆盖家电、汽车、零售等多个领域，政策呵护为消费板块提供了支撑。恒生消费作为港股核心资产，一季度外资与南向资金均维持平稳配置，未出现大规模流入流出，叠加板块内优质企业持续提升现金分红比例，最终实现窄幅震荡的平稳表现。总体来说，一季度消费行业尚未出现拐点信号，但是市场参与者对于指数处于低位这件事已有共识，资金并未出现大幅外流。我们认为当前指数来到了比较好的配置区间，指数内的一些公司相对于其内在价值出现低估，有望出现均值回归的机会。同时，在地缘政治充满不确定的情况下，消费板块更有可能成为资金流入板块。    本基金在投资运作过程中严格遵守基金合同，坚持指数化投资策略，在应对指数权重调整和基金申赎变动时，运用指数复制和数量化技术，争取降低冲击成本、实现跟踪误差最小化。  本报告期内，基金A类份额净值增长率为-5.33%，同期业绩比较基准收益率为-2.83%；基金C类份额净值增长率为-5.39%，同期业绩比较基准收益率为-2.83%。","lastUpdated":"2026-04-22T15:42:55.084Z","fund":{"_id":3000000023242,"__csrcFundId":14798,"stockCode":"023242","masterFundShortName":"中欧恒生消费指数发起（QDII）","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":23242,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中欧恒生消费指数发起（QDII）(023242)","lastUpdated":"2026-07-03T17:14:53.687Z","name":"中欧恒生消费指数发起式证券投资基金（QDII）","pinyin":"zohsxfzsfqszqtzjj(qdii)","fundCollectionId":4000050570000,"setUpAssetScale":64952504.49,"setUpDate":"2025-03-06T16:00:00.000Z","setUpShares":64952504.49,"__indexSourceEastMoney":1,"followedNum":6,"inceptionDate":"2025-03-06T16:00:00.000Z","indexFundFlag":1,"indexId":1001000000002018,"managers":[{"stockCode":"j101019681","stockType":"fund_manager","exchange":"fm","tickerId":619248840,"name":"FANG SHENSHEN"}]},"announcement":{"linkText":"中欧恒生消费指数发起式证券投资基金（QDII）2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1478033","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69cd15815c96f51c69ab8add","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-30T16:00:00.000Z","stockId":3000000023242,"sao":"2025年全年来看，港股市场在内外宏观环境的博弈中呈现出显著的结构性行情与风格轮动特征。恒生消费指数全年录得5.97%的增长，跑输恒生指数、沪深300以及恒生科技指数。2025年一季度在DeepSeek相关的技术突破与产业催化下，港股科技应声而起，迎来全年高光时刻，后期科技板块在AI商业化与海外流动性预期拉扯下高波动震荡，恒生科技指数内部分化，权重股盈利拖累指数整体走势。相较而言，央企红利板块在“资产荒”与政策护航下发挥了压舱石作用。消费板块上半年则在估值极度压缩后，凭借“情绪消费”与服务消费的崛起走出了结构性牛市。本指数在过去一年走出了令人瞩目的“极端分化”走势。从整体看，指数的估值被极度压缩，市盈率PE-TTM在2025年一度跌至近5年甚至基期以来的极低分位，仅16倍-17倍左右，提供了充分的安全边际。而在低估值的掩护下，指数内部爆发了极强的结构性牛市——以潮玩、黄金等为代表的“新消费三姐妹”在2025年内录得了惊人的涨幅，带动相关消费板块大幅回血。截至2025年末，恒生消费指数的估值仅17倍，处于过去5年8%的历史分位数上，进入了具备配置价值的区间。","lastUpdated":"2026-04-01T12:54:25.138Z","mo":"在过去一年中，国内居民消费呈现出从“生存型/物质型”向“发展型/情绪型/服务型”转移的明显拐点。谷子经济、潮玩卡牌、悦己类饰品成为过去一年最强劲的消费增量来源，验证了“情绪溢价”的商业潜力，这种趋势不是一年走完的变化，而是会反复体现在消费板块中。我们看到，2025年国家层面持续发力，出台包括家电汽车“以旧换新”、发放地方消费券等在内的一系列扩内需政策，直接对传统耐用消费品（如家电）和日常消费的业绩底线形成了有效呵护，2026年我们认为政策性的支持依然存在。更值得注意的是，消费板块里出海逻辑的强效赋能：优质消费品企业（尤其是餐饮、潮玩、家电等）加速全球化布局，海外高毛利市场的第二增长曲线成功对冲了国内部分细分赛道的内卷压力，成为拔高估值的核心引擎。政策传导和经济回暖需要时间，在当前指数处于估值低位的时候，我们坚定看多港股消费板块的投资价值。投资操作方面，本基金秉承被动化投资理念，力争紧密跟踪基准指数表现，并做好对指数成份调整、申赎和流动性头寸的应对，将基金跟踪误差控制在合理范围内。","fund":{"_id":3000000023242,"__csrcFundId":14798,"stockCode":"023242","masterFundShortName":"中欧恒生消费指数发起（QDII）","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":23242,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中欧恒生消费指数发起（QDII）(023242)","lastUpdated":"2026-07-03T17:14:53.687Z","name":"中欧恒生消费指数发起式证券投资基金（QDII）","pinyin":"zohsxfzsfqszqtzjj(qdii)","fundCollectionId":4000050570000,"setUpAssetScale":64952504.49,"setUpDate":"2025-03-06T16:00:00.000Z","setUpShares":64952504.49,"__indexSourceEastMoney":1,"followedNum":6,"inceptionDate":"2025-03-06T16:00:00.000Z","indexFundFlag":1,"indexId":1001000000002018,"managers":[{"stockCode":"j101019681","stockType":"fund_manager","exchange":"fm","tickerId":619248840,"name":"FANG SHENSHEN"}]},"announcement":{"linkText":"中欧恒生消费指数发起式证券投资基金（QDII）2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1458998","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3e17fea5b3eb0542743","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000023242,"sao":"2025年三季度，恒生消费指数上涨4.85%。截至9月30日，恒生消费指数的PE（TTM）约为18倍，高于沪深300指数的14倍。2025年前三季度，中国经济运行总体平稳，但三季度以来增长动能有所减弱。受“稳增长、促消费”政策影响，叠加2024年低基数效应，三季度CPI预计表现平稳，但外部趋紧的国际环境依然没有改变，消费者对于就业、收入预期并未发生明显改善，导致三季度有效需求未见明显回暖，消费品价格难以大幅上涨。展望未来，我们认为CPI或仍将承压，供应过剩与需求增长乏力构成主要挑战。同时，反内卷等一系列政策对于企业低价无序竞争的缓解程度还需要观察，理论上虽有助于PPI回升，并最终导向CPI，但需要的时间长度尚不确定。  在恒生指数大幅走牛的背景下，港股消费板块内部呈明显分化，非必需消费在三季度行业涨幅榜居前但整体仍未成主线。三季度多数恒生行业收涨，原材料、医疗保健、非必需消费领涨，分别收涨58.79%、32.11%、25.04%，仅电讯业收跌，显示消费板块（尤其非必需消费）为季内强势板块之一，但并非绝对主线。9月行业分化尤其显著，非必需消费强势，必需消费走弱，表明三季度尾声阶段“进攻偏可选、必需承压”的结构特征。  展望未来，我们认为港股消费板块的机会来自于必需消费板块中部分具有高股息低估值属性的股票，以及一部分呈现出基本面拐点迹象（如非酒精饮料、包装食品）的股票；同时，新消费领域的高景气子赛道（如潮玩、黄金珠宝、功能性运动鞋服）与性价比餐饮经过前面一轮调整，估值变得更加有吸引力。  本基金在投资运作过程中严格遵守基金合同，坚持指数化投资策略，在应对指数权重调整和基金申赎变动时，运用指数复制和数量化技术，争取降低冲击成本和跟踪误差最小化。  本报告期内，基金A类份额净值增长率为5.06%，同期业绩比较基准收益率为4.62%；基金C类份额净值增长率为4.99%，同期业绩比较基准收益率为4.62%。","lastUpdated":"2026-03-09T14:06:25.914Z","fund":{"_id":3000000023242,"__csrcFundId":14798,"stockCode":"023242","masterFundShortName":"中欧恒生消费指数发起（QDII）","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":23242,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中欧恒生消费指数发起（QDII）(023242)","lastUpdated":"2026-07-03T17:14:53.687Z","name":"中欧恒生消费指数发起式证券投资基金（QDII）","pinyin":"zohsxfzsfqszqtzjj(qdii)","fundCollectionId":4000050570000,"setUpAssetScale":64952504.49,"setUpDate":"2025-03-06T16:00:00.000Z","setUpShares":64952504.49,"__indexSourceEastMoney":1,"followedNum":6,"inceptionDate":"2025-03-06T16:00:00.000Z","indexFundFlag":1,"indexId":1001000000002018,"managers":[{"stockCode":"j101019681","stockType":"fund_manager","exchange":"fm","tickerId":619248840,"name":"FANG SHENSHEN"}]},"announcement":{"linkText":"中欧恒生消费指数发起式证券投资基金（QDII）2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1377862","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3e17fea5b3eb0542742","date":"2025-06-29T16:00:00.000Z","stockId":3000000023242,"sao":"从宏观环境来说，2025年上半年可以用复杂多变来形容。地缘政治变化对全球经济的影响越来越大，港股市场在年初迎来Deepseek引爆的科技热潮后，又经历了新消费的热情和关税战的考验，上半年恒生指数收涨20%，恒生消费指数收涨10%，均跑赢沪深300，标普500和纳斯达克，充分反映了港股市场作为中国经济窗口的韧性和机会。2025年我们看到消费行业呈现分化行情，中国的消费市场是世界上最复杂和最有活力的市场，随着中国经济的高质量发展以及基础设施的不断完善，中国消费者的需求正在逐步发生变化，对于实用价值和情绪价值中更多元、更高维、更细分的需求正在日益增长。  2025年3月,国务院印发《提振消费专项行动方案》，围绕“以增收减负提升消费能力，以高质量供给创造有效需求，以优化消费环境增强消费意愿”的政策思路，提出了八个部分共30条政策举措。在增加收入方面，政策主要集中在企业就业支持计划、失业保险稳岗返还、专项技能培训行动、个人养老金制度完善、低收入人群帮扶以及稳股市等；服务消费提质惠民行动方面，重点涵盖文体旅游（30项）以及一老一小服务体系构建（29项）；文旅项目集中在多元化消费场景创新（15项），大宗消费更新集中在以旧换新、住房和汽车方向。地方层面，目前各地已经出台相关以旧换新和汽车消费相关的配套措施。我们预期，在以旧换新的加力扩围、二手商品流通试点建设以及汽车后市场的建设方面或将继续出台具体的执行类政策以推进相关工作的深化实施。","declarationDate":"2025-07-14T16:00:00.000Z","lastUpdated":"2026-03-09T14:06:25.911Z","mo":"中国居民消费占GDP比重较发达国家仍有一定差距，但近年来整体呈现上升趋势。据世界银行数据，2023年中国居民消费率（居民消费占GDP比重）仅39.1%，仍低于美、英、德、日、韩等国家，居民消费率未来仍有较大的提升空间，从结构上来说，中国居民食品烟酒类支出、医疗保健占比较发达国家中位数更高，居住、教育文化和娱乐、其他用品及服务占比较低，城乡居民可支配收入差距较大。  我们认为，政策传导需要一定的时间，以旧换新政策对相关公司的盈利的传导，注定会快于其他，但是随着时间推移，我们会看到政府的努力在其他行业产生结果，市场对中国政府宏观调控的能力和中国经济表现出来的韧性会更有信心。投资操作方面，基金本期秉承被动化投资理念，力争紧密跟踪基准指数表现，并做好对指数成份调整、申赎和流动性头寸的应对，将基金跟踪误差控制在合理范围内。","fund":{"_id":3000000023242,"__csrcFundId":14798,"stockCode":"023242","masterFundShortName":"中欧恒生消费指数发起（QDII）","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":23242,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中欧恒生消费指数发起（QDII）(023242)","lastUpdated":"2026-07-03T17:14:53.687Z","name":"中欧恒生消费指数发起式证券投资基金（QDII）","pinyin":"zohsxfzsfqszqtzjj(qdii)","fundCollectionId":4000050570000,"setUpAssetScale":64952504.49,"setUpDate":"2025-03-06T16:00:00.000Z","setUpShares":64952504.49,"__indexSourceEastMoney":1,"followedNum":6,"inceptionDate":"2025-03-06T16:00:00.000Z","indexFundFlag":1,"indexId":1001000000002018,"managers":[{"stockCode":"j101019681","stockType":"fund_manager","exchange":"fm","tickerId":619248840,"name":"FANG SHENSHEN"}]},"announcement":{"linkText":"中欧恒生消费指数发起式证券投资基金（QDII）2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1350960","linkType":"PDF","source":"csrc_pdf"}}]}