window.pageData = {"stock":{"_id":3000000024361,"stockCode":"024361","masterFundShortName":"中欧红利慧选混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":24361,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中欧红利慧选混合发起A","name":"中欧红利慧选混合型发起式证券投资基金","pinyin":"zohlhxhhxfqszqtzjj","fundCollectionId":4000050570000,"setUpAssetScale":35068767.18,"setUpDate":"2025-10-28T16:00:00.000Z","setUpShares":35068767.18,"inceptionDate":"2025-10-30T16:00:00.000Z","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50570000","tickerId":50570000,"name":"中欧基金管理有限公司"},"managers":[{"name":"任飞","stockType":"fund_manager","stockCode":"db20920265","exchange":"fm","tickerId":1806238880}],"hotMetrics":{"fss":{"stockId":3000000024361,"type":"fss","last_data_date":"2025-12-30T16:00:00.000Z","f_ins_h_s_r":0.2774,"f_ind_h_s_r":0.7226,"f_h_a":346},"fpr":{"stockId":3000000024361,"type":"fpr","f_cagr_p_r_fs_ssc":9135,"f_cagr_p_r_fs_ssrp":0.1506459382526823,"f_p_r_m1_ssc":9217,"f_p_r_m1_ssrp":0.4831814236111111,"f_p_r_fys_ssc":8993,"f_p_r_fys_ssrp":0.3352980427046263,"f_p_r_m3_ssc":9089,"f_p_r_m3_ssrp":0.38743397887323944,"f_p_r_m6_ssc":8808,"f_p_r_m6_ssrp":0.3104348813443851},"fp":{"stockId":3000000024361,"type":"fp","last_data_date":"2026-05-07T16:00:00.000Z","f_cagr_p_r_fs":0.16411641164116486,"f_p_r_m1":0.0519656574785361,"f_p_r_fys":0.13053613053613145,"f_p_r_m3":0.05406139635968543,"f_p_r_m6":0.15476190476190554},"ff":{"stockId":3000000024361,"type":"ff","f_fr_d":"2025-12-30T16:00:00.000Z","f_m_fr":0.012,"f_c_fr":0.002,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000024361,"type":"f_nlacan","f_nv_d":"2026-05-07T16:00:00.000Z","f_nv":1.164,"f_nv_cr":0.0034482758620690834},"f_as":{"stockId":3000000024361,"type":"f_as","f_tas":23857517.5217,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000024362,"name":"中欧红利慧选混合型发起式证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"024362","tickerId":24362,"shortName":"中欧红利慧选混合发起C","currency":"CNY","__csrcFundId":15846,"exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"lastUpdated":"2025-11-10T08:06:51.066Z","inceptionDate":"2025-10-30T16:00:00.000Z","pinyin":"zohlhxhhxfqszqtzjj","fundCollectionId":4000050570000}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000024361,"stockId":2532,"holdings":211600,"marketCap":3764364,"netValueRatio":0.069,"quarterlyChange":0.10563777414846975,"stock":{"stockCode":"002532","exchange":"sz","stockType":"company","tickerId":2532,"name":"天山铝业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000024361,"stockId":408,"holdings":41500,"marketCap":3289705,"netValueRatio":0.0603,"quarterlyChange":-0.06078199052132749,"stock":{"stockCode":"000408","exchange":"sz","stockType":"company","tickerId":408,"name":"藏格矿业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000024361,"stockId":933,"holdings":104700,"marketCap":3224760,"netValueRatio":0.0591,"quarterlyChange":0.12122315253003313,"stock":{"stockCode":"000933","exchange":"sz","stockType":"company","tickerId":933,"name":"神火股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000024361,"stockId":792,"holdings":80200,"marketCap":2967400,"netValueRatio":0.0544,"quarterlyChange":0.3139204545454535,"stock":{"stockCode":"000792","exchange":"sz","stockType":"company","tickerId":792,"name":"盐湖股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000024361,"stockId":1000000000000883,"holdings":118000,"marketCap":2917266,"netValueRatio":0.0535,"quarterlyChange":0.3145539906103283,"stock":{"stockCode":"00883","exchange":"hk","stockType":"company","tickerId":883,"name":"中国海洋石油"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000024361,"stockId":2128,"holdings":95300,"marketCap":2865671,"netValueRatio":0.0526,"quarterlyChange":0.0875079691092926,"stock":{"stockCode":"002128","exchange":"sz","stockType":"company","tickerId":2128,"name":"电投能源"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000024361,"stockId":2895,"holdings":56800,"marketCap":2244736,"netValueRatio":0.0412,"quarterlyChange":0.07801418439716357,"stock":{"stockCode":"002895","exchange":"sz","stockType":"company","tickerId":2895,"name":"川恒股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000024361,"stockId":2601,"holdings":118800,"marketCap":2068308,"netValueRatio":0.0379,"quarterlyChange":-0.11082737487231864,"stock":{"stockCode":"002601","exchange":"sz","stockType":"company","tickerId":2601,"name":"龙佰集团"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000024361,"stockId":601677,"holdings":135700,"marketCap":2068068,"netValueRatio":0.0379,"quarterlyChange":0.0304259634888433,"stock":{"stockCode":"601677","exchange":"sh","stockType":"company","tickerId":601677,"name":"明泰铝业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000024361,"stockId":683,"holdings":240100,"marketCap":2019241,"netValueRatio":0.037,"quarterlyChange":0.13037634408602106,"stock":{"stockCode":"000683","exchange":"sz","stockType":"company","tickerId":683,"name":"博源化工"}}],"lastFsMetrics":{"latestTurnoverRate":1.002295365326684,"latestTurnoverRateDate":"2025-12-30T16:00:00.000Z"}},"list":[{"_id":"69e8ec9c1398d79843fe9fe9","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000024361,"sao":"我们将红利分为稳定类红利和顺周期红利，由于预计未来1-3年全球出现“再通胀”的可能性或不断上升，本基金将主要的关注方向放在顺周期红利上。2026Q1最大的冲击来自于伊美冲突，从结果来看，这一冲突或将进一步强化“再通胀”，但再通胀的内涵发生了较大变化。我认为，“再通胀”其实分为制造业再通胀和地产消费再通胀两个层次，制造业再通胀的逻辑是供给侧逻辑，即供给侧瓶颈无法跟上各国不断投资科技制造业的浪潮导致再通胀的发生；而地产消费再通胀就是需求侧逻辑，中国等待地产的自然出清，美国等待降息周期的推进。本次伊美冲突，实际上强化了制造业再通胀，因为它使得全球的供应链更不稳定，更无法响应制造业投资大浪潮。可以预见未来1-3年的较长时间内，制造业的成本都或将中枢性抬升、且成本的波动性或将大幅提高，这就使得制造业出现再通胀的可能性更大了；相反，冲突延后了地产消费的再通胀，本次能源危机或将不可避免的影响全球的消费需求，物价抬高或导致货币降息周期延后。  本基金的关注重心仍然是顺周期红利方向，但会将关注重点向制造业再通胀倾斜，综合考虑行业景气的上行空间和未来分红可能，我们将重点关注受能源和电力影响供给程度最大的顺周期方向：以电解铝为代表，此类行业的盈利进一步回升，分红率提高；同时，在油气、化肥等行业都可以找到一批供给受限导致价格和盈利向上的方向。对于地产消费的再通胀，依然保持极大关注，采用“轻行业，重个股”方式进行投资，试图找到盈利不断下降至低位、但依然保有一定现金流和股息率的个股。","lastUpdated":"2026-04-22T15:43:24.185Z","fund":{"_id":3000000024361,"__csrcFundId":15846,"stockCode":"024361","masterFundShortName":"中欧红利慧选混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":24361,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中欧红利慧选混合发起(024361)","lastUpdated":"2026-05-01T04:13:40.327Z","name":"中欧红利慧选混合型发起式证券投资基金","pinyin":"zohlhxhhxfqszqtzjj","fundCollectionId":4000050570000,"setUpAssetScale":35068767.18,"setUpDate":"2025-10-28T16:00:00.000Z","setUpShares":35068767.18,"inceptionDate":"2025-10-30T16:00:00.000Z","managers":[{"stockCode":"db20920265","stockType":"fund_manager","exchange":"fm","tickerId":1806238880,"name":"任飞"}]},"announcement":{"linkText":"中欧红利慧选混合型发起式证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1478074","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ce6659f45dd25f43f626d8","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-30T16:00:00.000Z","stockId":3000000024361,"sao":"我们的投资思路如下：  1、大类判断：红利分为稳定红利和顺周期红利两大类，从一般意义上来说，在宏观较弱环境下，稳定红利相对占优；在宏观较强环境下，顺周期红利相对占优。过去３年，整个国内的经济结构经历了剧烈调整，物价相对低迷，行业盈利面临下行压力，稳定红利类走出了波澜壮阔的３年；如果未来经济企稳，物价回升，那顺周期红利或将是更优选择。站在２０２５年底，我认为明年出现“再通胀”的可能性越来越大，从国内来看，需求刺激以及反内卷政策的加力推进，PPI有望在2026年下半年转正；从海外来看，除了各国的财政货币双宽松之外，我们发现由于AI数据中心的大规模建设以及“资源安全”背景下各国再工业化进程加速，各国的电力供应或将会出现瓶颈，从而出现全球缺电的可能性，这或将进一步加速通胀的产生。所以，在未来“再通胀”风险或将越来越大的背景下，顺周期红利有望迎来属于自己的高光表现时段，基于此，本基金将重点关注顺周期红利领域。  2、行业选择：在顺周期红利中，我们会按照行业景气度、分红率、波动率等各因素对于不同行业排序，从而选择出分红率有一定保证、低波动/低关注、但未来景气度存在改善或维持的行业。  3、企业选择：在行业确定之后，我们更为关注具备长期价值的公司，这类公司比其他同类公司或具备更好的治理结构、更稳定的盈利久期或者短期更大的盈利增长。","lastUpdated":"2026-04-02T12:51:37.376Z","mo":"2025年我们看到了美国关税冲击、中国经济继续寻求低位均衡、AI基础建设大力发展。展望新的一年，海外的AI建设继续提速、全球财政宽松，以及地缘环境的不稳定或将继续加剧，都使得“再通胀”可能性越来越高，顺周期大概率成为资本市场一条重要主线。    在所有的顺周期当中，综合考虑行业景气的上行空间和未来分红可能，我们将重点关注两类机会：    资源链：我们认为未来3年全球缺电的可能性越来越高，这会带来电解铝、油气、高耗能化工等行业的机会，在这其中选择现金流较好、股息率较高的个股；    地产链：主要看好供给侧出现显著变化（或许和反内卷相关）可能带来盈利反转的钢铁、玻纤（或许还有新需求）、化工、商业地产，对于可能有变化的水泥、玻璃、厨电、家居保持关注。其中部分行业的静态股息率较低，但这些行业都展现出了经历出清之后，资本开支下降、折旧减少、未来现金流和分红可能大幅提升的潜力，例如钢铁、商业地产已经有了类似的公司。","fund":{"_id":3000000024361,"__csrcFundId":15846,"stockCode":"024361","masterFundShortName":"中欧红利慧选混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":24361,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中欧红利慧选混合发起(024361)","lastUpdated":"2026-05-01T04:13:40.327Z","name":"中欧红利慧选混合型发起式证券投资基金","pinyin":"zohlhxhhxfqszqtzjj","fundCollectionId":4000050570000,"setUpAssetScale":35068767.18,"setUpDate":"2025-10-28T16:00:00.000Z","setUpShares":35068767.18,"inceptionDate":"2025-10-30T16:00:00.000Z","managers":[{"stockCode":"db20920265","stockType":"fund_manager","exchange":"fm","tickerId":1806238880,"name":"任飞"}]},"announcement":{"linkText":"中欧红利慧选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=1460526","linkType":"PDF","source":"csrc_pdf"}}]}