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兑现业绩的通信行业表现最好，医药消费地产链等行业表现明显落后。　　　　本基金在报告期内增加高股息类、科技股、新消费、券商等，减持白酒等方向。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:20.925Z","mo":"对经济判断：24年以来经济运行总体平稳、稳中有进，我国经济实力、科技实力、综合国力持续增强。随着“十四五”规划进入收官阶段，新发展格局将加快构建，宏观政策更加积极有为，扎实推动高质量发展，建设现代化产业体系。地产行业逐步完成风险出清，保障性住房建设与城中村改造对冲投资下滑；消费端预计在地产企稳、居民资产表修复的推动下持续缓慢复苏，服务消费、健康消费及绿色消费等新型消费领域有望维持较快增长。政策端“以旧换新”全面落地，有望继续撬动万亿级存量市场更新需求。海外环境仍面临高利率滞后效应与供应链区域化挑战，美联储货币政策正常化路径的反复可能引发新兴市场汇率波动。　　　　市场观点：国产大模型凭借高效率优势破圈，加速AI技术落地应用，商业化进程加快。我国正在大力推荐AI+，政策支持与技术创新形成合力，新旧动能加速转换，经济发展找到新的推进器，人民币资产预计持续重估。预计随着PPI逐步企稳，企业ROE水平触底回升，A股盈利增速回升，叠加宽松的流动性，有利于市场整体表现。我们看好产业趋势回归，AI基建投资加速、下游应用爆发带来的全产业链机会；渗透率处于加速提升过程中的宠物等新消费领域；中国制造优势带来的高性价比出海产业；在PPI回升过程中存在供给侧约束的产业。","fund":{"_id":3000000040004,"stockCode":"040004","stockType":"fund","areaCode":"cn","followedNum":35,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-07-15T16:00:00.000Z","setUpScale":1130460000,"market":"a","tickerId":40004,"custody":"交通银行股份有限公司","name":"华安宝利配置证券投资基金","shortName":"华安宝利配置混合(040004)","fundSecondLevel":"hybrid","memoNum":1,"__csrcFundId":18,"fundStatus":"normal","lastUpdated":"2026-05-01T05:30:58.794Z","masterFundFlag":1,"inceptionDate":"2004-08-23T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安宝利配置混合","pinyin":"hablpzzqtzjj","managers":[{"stockCode":"db20573519","stockType":"fund_manager","exchange":"fm","tickerId":325182940,"name":"陈媛"}]},"announcement":{"linkText":"华安宝利配置证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1254671","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4187fea5b3eb05445b6","date":"2024-06-29T16:00:00.000Z","stockId":3000000040004,"sao":"本报告期市场波动较大，期间上证综指跌0.25%，中小板综和创业板综分别跌12.61%和15.63%，大小盘显著分化，沪深300和上证50分别涨0.89%和2.95%，中证500跌8.96%，中证2000跌23.28%，微盘股指数跌25.44%，今年以来大市值因子具有领先优势。从风格来看，仍旧价值显著跑赢成长，其中红利低波指数涨13.04%。从行业来看，高股息稳定板块继续表现突出，比如银行煤炭石油石化等，地产消费医药等行业表现明显落后，TMT内部表现分化，通信电子显著跑赢传媒计算机。　　　　本基金在报告期内增加高估值类持仓，减持消费医药等。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:20.921Z","mo":"对经济判断：今年以来经济运行总体平稳、稳中有进，金融对实体经济的支持力度进一步提升，社会综合融资成本稳中有降，在积极的财政政策和稳健的货币政策的支持下，新动能新优势不断增强，经营主体活力不断释放，市场预期保持稳定，社会信心进一步增强。经济正处于加快构建新发展格局、发展新质生产力的关键阶段，虽然当前外部环境变化带来的不利影响增多，新旧动能转换存在阵痛，但相信随着已确定的政策举措加快落实，深化创新驱动发展，深入挖掘内需潜力，高质量发展将扎实推进，经济将延续回升向好态势。　　　　市场观点：目前全市场估值水平仍在历史较低分位数，ROE水平触底回升，预计下半年盈利持续改善；随着下半年美国进入降息周期后，内外流动性预计进一步宽松，有利于市场整体表现。在海外经济乏力的背景下，我们看好具备技术和全产业链优势的出海制造业公司；随着现金分红公司数量的逐渐增加和分红比例的逐步提升，有越来越多的上市公司开始具备高股息潜力，我们看好其中具备稳定且持续自由现金流的企业；看好居民消费习惯变迁中比重逐步增加的服务业相关领域。","fund":{"_id":3000000040004,"stockCode":"040004","stockType":"fund","areaCode":"cn","followedNum":35,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-07-15T16:00:00.000Z","setUpScale":1130460000,"market":"a","tickerId":40004,"custody":"交通银行股份有限公司","name":"华安宝利配置证券投资基金","shortName":"华安宝利配置混合(040004)","fundSecondLevel":"hybrid","memoNum":1,"__csrcFundId":18,"fundStatus":"normal","lastUpdated":"2026-05-01T05:30:58.794Z","masterFundFlag":1,"inceptionDate":"2004-08-23T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安宝利配置混合","pinyin":"hablpzzqtzjj","managers":[{"stockCode":"db20573519","stockType":"fund_manager","exchange":"fm","tickerId":325182940,"name":"陈媛"}]},"announcement":{"linkText":"华安宝利配置证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1151865","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4187fea5b3eb05445b5","date":"2024-03-30T16:00:00.000Z","stockId":3000000040004,"sao":"本报告期市场先跌后涨、波动较大，期间上证综指涨2.23%，中小板综和创业板综分别跌5.95%和7.79%，大盘股显著跑赢，沪深300和上证50分别涨3.1%和3.82%，中证500跌2.64%，中证2000跌11.05%，微盘股指数跌15.01%，大小盘极度分化。从风格来看，仍旧价值显著跑赢成长，其中红利低波指数涨10.84%。从行业来看，格局稳定、股息率高、具备资源属性的板块表现突出，比如煤炭家电石油石化银行有色等，地产以及成长股占比较高的医药、电子、计算机等表现落后。　　　　本基金继续增加高股息类持仓，调整了部分可转债正股标的。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:20.917Z","fund":{"_id":3000000040004,"stockCode":"040004","stockType":"fund","areaCode":"cn","followedNum":35,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-07-15T16:00:00.000Z","setUpScale":1130460000,"market":"a","tickerId":40004,"custody":"交通银行股份有限公司","name":"华安宝利配置证券投资基金","shortName":"华安宝利配置混合(040004)","fundSecondLevel":"hybrid","memoNum":1,"__csrcFundId":18,"fundStatus":"normal","lastUpdated":"2026-05-01T05:30:58.794Z","masterFundFlag":1,"inceptionDate":"2004-08-23T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安宝利配置混合","pinyin":"hablpzzqtzjj","managers":[{"stockCode":"db20573519","stockType":"fund_manager","exchange":"fm","tickerId":325182940,"name":"陈媛"}]},"announcement":{"linkText":"华安宝利配置证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1073119","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4187fea5b3eb05445b4","date":"2023-12-30T16:00:00.000Z","stockId":3000000040004,"sao":"2023年市场先涨后跌，期间上证综指跌3.7%，中小板综和创业板综分别跌8.47%和5.41%，小盘股显著跑赢，沪深300和上证50分别跌11.38%和11.73%，中证500跌7.42%，中证2000涨5.57%，大小盘极度分化。从风格来看，仍旧价值显著跑赢成长，其中红利低波指数涨6.45%。从行业来看，有技术进步推动的科技板块和高股息的煤炭家电石油石化板块表现突出，地产链、消费、新能源大幅下跌，行业涨跌分化超过60%。　　　　本基金增加了金融和部分高股息持仓，减少了消费股配置。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:20.913Z","mo":"对经济判断：23年是三年新冠疫情防控转段后经济恢复发展的一年，经济总体回升向好，高质量发展扎实推进，出口占国际市场份额保持稳定，消费对经济增长的贡献上升，在国内大循环中的主体作用增强。现代化产业体系建设取得重要进展，战略性新兴产业蓬勃发展，先进制造业和现代服务业深度融合。虽然仍面临一些困难和挑战，主要是有效需求不足、部分行业产能过剩、外部环境的复杂性、严峻性、不确定性上升，但我国发展面临的有利条件强于不利因素，经济回升向好、长期向好的基本趋势没有改变。　　　　股市展望：从各种估值方式来看，目前市场都具备相当的性价比和吸引力。从流动性来看，随着美国进入降息周期，内外流动性预计都会进一步好转，有利于风险偏好提升和估值抬升。从基本面看，预计企业盈利低点已过，预计随着积极的财政政策逐步落地，盈利水平持续好转。　　　　操作思路：在利率下行环境下看好供给侧出清充分、增长稳定的高股息标的；中国制造在全球仍具备显著的优势，尤其是在发达经济体K型分化、新兴市场快速扩容的背景下，制造出海品牌出海将是长期的投资方向","fund":{"_id":3000000040004,"stockCode":"040004","stockType":"fund","areaCode":"cn","followedNum":35,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-07-15T16:00:00.000Z","setUpScale":1130460000,"market":"a","tickerId":40004,"custody":"交通银行股份有限公司","name":"华安宝利配置证券投资基金","shortName":"华安宝利配置混合(040004)","fundSecondLevel":"hybrid","memoNum":1,"__csrcFundId":18,"fundStatus":"normal","lastUpdated":"2026-05-01T05:30:58.794Z","masterFundFlag":1,"inceptionDate":"2004-08-23T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安宝利配置混合","pinyin":"hablpzzqtzjj","managers":[{"stockCode":"db20573519","stockType":"fund_manager","exchange":"fm","tickerId":325182940,"name":"陈媛"}]},"announcement":{"linkText":"华安宝利配置证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1048266","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4187fea5b3eb05445b3","date":"2023-09-29T16:00:00.000Z","stockId":3000000040004,"sao":"2023年3季度市场波动较大，出现年内新低后底部震荡。期间上证综指跌2.86%，中小板综和创业板综分别跌7.42%和8.25%，大盘股跑赢，沪深300和上证50分别跌3.98%和涨0.6%，中证500跌5.13%，中证1000跌7.92%，大小盘分化较上个季度倒置。从风格来看，仍旧价值显著跑赢成长，其中红利低波指数涨幅1.79%。从行业来看，上半年表现强势的科技板块大幅回调，军工、新能源也表现较弱；煤炭钢铁金融地产表现较好，市场风险偏好持续走低。本基金3季度继续增加了金融股配置。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:20.910Z","fund":{"_id":3000000040004,"stockCode":"040004","stockType":"fund","areaCode":"cn","followedNum":35,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-07-15T16:00:00.000Z","setUpScale":1130460000,"market":"a","tickerId":40004,"custody":"交通银行股份有限公司","name":"华安宝利配置证券投资基金","shortName":"华安宝利配置混合(040004)","fundSecondLevel":"hybrid","memoNum":1,"__csrcFundId":18,"fundStatus":"normal","lastUpdated":"2026-05-01T05:30:58.794Z","masterFundFlag":1,"inceptionDate":"2004-08-23T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安宝利配置混合","pinyin":"hablpzzqtzjj","managers":[{"stockCode":"db20573519","stockType":"fund_manager","exchange":"fm","tickerId":325182940,"name":"陈媛"}]},"announcement":{"linkText":"华安宝利配置证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=984737","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4187fea5b3eb05445b2","date":"2023-06-29T16:00:00.000Z","stockId":3000000040004,"sao":"2023年上半年市场先涨后跌。期间上证综指涨3.65%，中小板综和创业板综分别涨2.25%和5.68%，大盘股显著跑输，沪深300和上证50跌0.75%和5.43%，中证500涨2.29%，中证1000涨5.1%，万得微盘股指数涨23.5%，大小盘分化巨大。从风格来看，价值显著跑赢成长，其中红利低波指数涨幅10.5%。从行业来看，科技板块在AI催化下领涨，低估值红利风格的家电、建筑、石油石化等也表现较好，经济相关性较高的顺周期板块如消费、地产、建材等表现落后。本基金增加了金融股配置。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:20.907Z","mo":"对经济判断：当前国民经济持续恢复、总体回升向好，高质量发展扎实推进，信贷总量扩张，结构有所改善，生产供给持续增加，服务业PMI一直处于扩张区间，消费者信心指数显著改善，高质量发展稳步推进。但外部环境更趋复杂严峻，全球贸易投资放缓等，给我国经济恢复进程带来一定影响。虽然我们还面临一定国内需求不足的问题，但我们看到政府连续出台多项政策，针对经济形势的变化，采取了有力的措施，增强发展动能，优化经济结构，预计随着政策落地和效果逐步显现，经济将会持续复苏。股市展望：进入下半年，我国经济在全球趋势中的优势地位会更加明显，7月份加息之后，美联储的加息终将接近尾声，近期美元指数和美债收率已经停止上涨，美联储加息结束有助于外资进一步流回流中国。市场前期对于传统经济的复苏预期已经降低，随着经济数据进一步向好，我们看好3季度市场的表现。操作思路：前期已经有充分调整、隐含了较多悲观预期的顺周期板块正处于历史和全市场相对估值分位数的较低水平，随着库存周期见底、经济向好回升，顺周期板块逐步具备吸引力。根据中报进一步筛选具备产业周期优势或自身经营优势的相关个股。","fund":{"_id":3000000040004,"stockCode":"040004","stockType":"fund","areaCode":"cn","followedNum":35,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-07-15T16:00:00.000Z","setUpScale":1130460000,"market":"a","tickerId":40004,"custody":"交通银行股份有限公司","name":"华安宝利配置证券投资基金","shortName":"华安宝利配置混合(040004)","fundSecondLevel":"hybrid","memoNum":1,"__csrcFundId":18,"fundStatus":"normal","lastUpdated":"2026-05-01T05:30:58.794Z","masterFundFlag":1,"inceptionDate":"2004-08-23T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安宝利配置混合","pinyin":"hablpzzqtzjj","managers":[{"stockCode":"db20573519","stockType":"fund_manager","exchange":"fm","tickerId":325182940,"name":"陈媛"}]},"announcement":{"linkText":"华安宝利配置证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=959219","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4187fea5b3eb05445b1","date":"2023-03-30T16:00:00.000Z","stockId":3000000040004,"sao":"2023年1季度市场分化巨大。期间上证综指涨5.94%，中小板综和创业板综分别涨6.75%和8.87%，小指数显著跑赢大指数，沪深300和上证50涨4.63%和1.01%，中证500涨8.11%，中证1000涨9.46%。从中信行业来看，科技板块遥遥领先，去年表现靠前的社会服务、交运等表现落后，整体行业强弱与22年倒置。本季度微调了持仓的个股机构，行业配置维持稳定。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:20.903Z","fund":{"_id":3000000040004,"stockCode":"040004","stockType":"fund","areaCode":"cn","followedNum":35,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-07-15T16:00:00.000Z","setUpScale":1130460000,"market":"a","tickerId":40004,"custody":"交通银行股份有限公司","name":"华安宝利配置证券投资基金","shortName":"华安宝利配置混合(040004)","fundSecondLevel":"hybrid","memoNum":1,"__csrcFundId":18,"fundStatus":"normal","lastUpdated":"2026-05-01T05:30:58.794Z","masterFundFlag":1,"inceptionDate":"2004-08-23T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安宝利配置混合","pinyin":"hablpzzqtzjj","managers":[{"stockCode":"db20573519","stockType":"fund_manager","exchange":"fm","tickerId":325182940,"name":"陈媛"}]},"announcement":{"linkText":"华安宝利配置证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=883353","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4187fea5b3eb05445b0","date":"2022-12-30T16:00:00.000Z","stockId":3000000040004,"sao":"2022年A股全年弱势。期间上证综指跌15.13%，中小板综和创业板综分别跌20.06%和26.77%，全年看大小指数相对均衡，沪深300和上证50跌21.63%和19.52%，中证500跌20.31%，中证1000跌21.58%。从中信行业来看，除煤炭、社服、交运外，其他行业均下跌，计算机、军工等表现较差。本基金在年内配置了一定比例的服务业与交运，在年末增加了化妆品、非银、医药的配置，减少了部分新能源。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:20.900Z","mo":"对经济判断：从疫情过后人流、物流等微观数据的观察来看，居民对消费出行表现出较大热情，而近期二手房成交、开工链条相关领域的数据显示经济的恢复具备持续性。美国经济表现出一定韧性，出口板块可能也会好于预期，整体我们对经济的修复有较强信心。股市展望：基于经济复苏、企业盈利见底回升、经济在全球趋势中的优势地位，结合目前全市场相对较低的估值水平我们看好权益类资产的表现。结构上我们看好内需相关的方向。中央经济工作会议明确了消费在经济发展中的定位：“要把恢复和扩大消费摆在优先位置。增强消费能力，改善消费条件，创新消费场景。多渠道增加城乡居民收入，支持住房改善、新能源汽车、养老服务等消费。”较前一年的描述更加积极具体，沿着政策方向积极寻找机会。操作思路：4季度消费板块大多走出了一定的涨幅和超额收益，反应的是对疫情过后消费修复的预期，我们认为修复的方向没有分歧，更多的差异来自修复的节奏和高度，对跟踪和兑现提出了更高的要求。我们认为从消费场景和消费能力两个维度看，场景的修复相对更容易更早期，消费能力的修复需要等待经济复苏一段时间之后，居民现金流和资产负债表都得到一定修复后才能呈现。我们将顺着这个思路进行组合调整。","fund":{"_id":3000000040004,"stockCode":"040004","stockType":"fund","areaCode":"cn","followedNum":35,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-07-15T16:00:00.000Z","setUpScale":1130460000,"market":"a","tickerId":40004,"custody":"交通银行股份有限公司","name":"华安宝利配置证券投资基金","shortName":"华安宝利配置混合(040004)","fundSecondLevel":"hybrid","memoNum":1,"__csrcFundId":18,"fundStatus":"normal","lastUpdated":"2026-05-01T05:30:58.794Z","masterFundFlag":1,"inceptionDate":"2004-08-23T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安宝利配置混合","pinyin":"hablpzzqtzjj","managers":[{"stockCode":"db20573519","stockType":"fund_manager","exchange":"fm","tickerId":325182940,"name":"陈媛"}]},"announcement":{"linkText":"华安宝利配置证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=866924","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4187fea5b3eb05445af","date":"2022-09-29T16:00:00.000Z","stockId":3000000040004,"sao":"2022年3季度A股自反弹后显著回调。期间上证综指跌11.01%，中小板综和创业板综分别跌12.93%和15.79%，大指数弱于小指数，沪深300和上证50跌15.16%和14.66%，中证500跌11.47%，中证1000涨3.3跌12.45%。从中信行业来看，除煤炭板块外全线下跌。整体看上游资源品及相关行业表现较好，2季度反弹较多的新能源、汽车等表现落后，传统科技股也表现不佳。本季度在行业配置结构方面调整较少，增加了白酒，资源品相关的配置。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:20.897Z","fund":{"_id":3000000040004,"stockCode":"040004","stockType":"fund","areaCode":"cn","followedNum":35,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-07-15T16:00:00.000Z","setUpScale":1130460000,"market":"a","tickerId":40004,"custody":"交通银行股份有限公司","name":"华安宝利配置证券投资基金","shortName":"华安宝利配置混合(040004)","fundSecondLevel":"hybrid","memoNum":1,"__csrcFundId":18,"fundStatus":"normal","lastUpdated":"2026-05-01T05:30:58.794Z","masterFundFlag":1,"inceptionDate":"2004-08-23T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安宝利配置混合","pinyin":"hablpzzqtzjj","managers":[{"stockCode":"db20573519","stockType":"fund_manager","exchange":"fm","tickerId":325182940,"name":"陈媛"}]},"announcement":{"linkText":"华安宝利配置证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=802322","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4187fea5b3eb05445ae","date":"2022-06-29T16:00:00.000Z","stockId":3000000040004,"sao":"2022年上半年A股市场大幅波动，先跌后反弹。期间上证综指跌6.6%，回调幅度超过20%，中小板综和创业板综分别跌10.77%和15.91%，回调幅度超过30%，大指数明显强于小指数，沪深300和上证50跌9.22%和6.59%，中证500跌12.3%，中证1000跌12.67%。从中信行业来看，煤炭一枝独秀、社会服务业、交通运输也表现领先，而电子传媒计算机表现落后。从节奏上看，大跌过程中地产、消费等相对抗跌，但在4月底见低点后，新能源、汽车等反弹幅度较大。上半年最大的事件是疫情对于一线城市的冲击，冲击前后的市场风格有较大变化。我们上半年维持了较多的出行产业链配置，并在市场调整中增加了医美、新能源等配置。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:20.893Z","mo":"对经济判断：一线城市在二季度遭遇疫情冲击后，随着加速复工复产、社交场景恢复、物流趋于正常，我们认为国内经济的低点已经出现，后期要关注的是复苏的斜率。而欧美通胀持续超预期、经济增长预期回落，预计下半年出口可能面临一定的压力，经济的复苏驱动要素主要来自内需，其中投资项尤为重要，基建是重要抓手。而消费项在一般消费场景恢复后，继续增长的动力也依赖其他经济部门好转对于经济的拉动效果。房地产是非常重要的观察点，相关事件的妥善解决对后期新房销售等都会带来正面影响。股市展望：中美经济周期与政策周期错位，未来一段时间国内处于经济触底回升、流动性宽松、政策呵护的大环境中，在汇率相对稳定的预期下，中国股票具备吸引力。虽然底部反弹幅度较大，但在政策转向前我们认为市场始终存在结构性机会。经济复苏的斜率对市场风格会带来影响。操作思路：增加顺周期标的配置，随着经济持续恢复，顺周期行业的增长确定性增强，估值和涨幅相对偏低，具备吸引力，但经济的恢复不是一条直线，会有反复，股价会围绕预期中枢上下波动。通胀仍是今年最重要的主题之一，农业仍需要保持配置比例。尽力挖掘具备新趋势的消费品机会。","fund":{"_id":3000000040004,"stockCode":"040004","stockType":"fund","areaCode":"cn","followedNum":35,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-07-15T16:00:00.000Z","setUpScale":1130460000,"market":"a","tickerId":40004,"custody":"交通银行股份有限公司","name":"华安宝利配置证券投资基金","shortName":"华安宝利配置混合(040004)","fundSecondLevel":"hybrid","memoNum":1,"__csrcFundId":18,"fundStatus":"normal","lastUpdated":"2026-05-01T05:30:58.794Z","masterFundFlag":1,"inceptionDate":"2004-08-23T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安宝利配置混合","pinyin":"hablpzzqtzjj","managers":[{"stockCode":"db20573519","stockType":"fund_manager","exchange":"fm","tickerId":325182940,"name":"陈媛"}]},"announcement":{"linkText":"华安宝利配置证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=782363","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4187fea5b3eb05445ad","date":"2022-03-30T16:00:00.000Z","stockId":3000000040004,"sao":"2022年1季度A股单边下行。期间上证综指跌10.65%，中小板综和创业板综分别跌16.36%和18.25%，大小指数均呈下跌趋势，沪深300和上证50跌14.53%和11.47%，中证500跌14.06%，中证1000跌15.46%，差异不大。主要指数中只有红利指数涨7.53%，低估值价值股表现较好。从中信行业来看，市场风格变化较大，去年强势的新能源车、军工、电子表现落后，19-20年表现较好的白酒、家电也跌幅较大。煤炭、地产、银行等稳增长链条低估值价值股表现较好，其中煤炭行业（中信行业）1季度涨幅23.4%，领先电子行业近50个百分点，风格差异显著。基于地缘局势动荡、大宗商品暴涨、美联储加息和缩表压力、疫情蔓延等多重因素，我们对组合的结构做出了一定调整，增加了养殖、医美、银行等的配置，减持部分白酒和估值性价比不够的标的。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:20.890Z","fund":{"_id":3000000040004,"stockCode":"040004","stockType":"fund","areaCode":"cn","followedNum":35,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-07-15T16:00:00.000Z","setUpScale":1130460000,"market":"a","tickerId":40004,"custody":"交通银行股份有限公司","name":"华安宝利配置证券投资基金","shortName":"华安宝利配置混合(040004)","fundSecondLevel":"hybrid","memoNum":1,"__csrcFundId":18,"fundStatus":"normal","lastUpdated":"2026-05-01T05:30:58.794Z","masterFundFlag":1,"inceptionDate":"2004-08-23T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安宝利配置混合","pinyin":"hablpzzqtzjj","managers":[{"stockCode":"db20573519","stockType":"fund_manager","exchange":"fm","tickerId":325182940,"name":"陈媛"}]},"announcement":{"linkText":"华安宝利配置证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=722616","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4187fea5b3eb05445ac","date":"2021-12-30T16:00:00.000Z","stockId":3000000040004,"sao":"2021年全年A股市场震荡上行。期间上证综指涨4.8%，中小板综和创业板综分别涨14.17%和17.93%，市场大小指数呈现显著分化态势，沪深300和上证50表现较弱，跌5.2%和10.06%，中证500涨15.58%，中证1000涨20.52%。从中信行业来看，新能源及产业链全年涨幅居前，科技、周期也表现较好，消费、医药整体表现较差，金融地产也表现落后。春节后在美债利率回升等因素影响下，市场大幅调整，但基本面强劲的标的止跌后纷纷创出新高。2季度末到3季度茅指数与宁组合全面分化，在政策偏紧预期和经济预期边际下行等影响下，消费医药结束了多年牛市行情，叠加PPI大幅上行导致的成本压力提升，导致业绩面临一定压力，整个下半年消费板块都表现萎靡。我们对组合的结构做出了一定调整，但调整幅度不足以对冲股价下行冲击。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:20.887Z","mo":"对经济判断：21年4季度以来经济增长面临一定压力，中央经济工作会议将稳增长放在首要位置，预计22年全年节奏前低后高，部分政策存在纠偏可能。22年1月份我们看到社融增量较大，政策稳增长意图明确，预计边际稳增长政策将陆续推出，结合目前市场调整后的估值水平，我们认为系统性风险较小。疫情仍是影响消费复苏进程的主要因素股市展望：未来一段时间处于经济探底、企业盈利下行周期，但全市场估值水平处于历史中位数附近，预计仍以结构性机会为主，双循环、碳中和、共同富裕是长期核心趋势。历史复盘表明，板块当年超额收益与当年扣非净利润绝对增速正相关，在全A盈利增速预期回落至个位数的背景下，寻找业绩仍然能高增长的方向。统计表明22年预期高增长的行业主要来自于高景气、疫情反转、成本下行三个方向，来源更加均衡。操作思路：均衡配置，赛道型配置可能失灵。全市场ROE见顶回落，自下而上的选择ROE有边际提升可能的方向。包括高景气的汽车电动化/智能化/军工；预期稳增长方向：地产（央企）、地产链（C端）；提价/成本下行的必选消费品、中游制造、农业；疫情反转的服务业、具备较高海外产能的制造业；居民财产搬家下的财富管理。","fund":{"_id":3000000040004,"stockCode":"040004","stockType":"fund","areaCode":"cn","followedNum":35,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-07-15T16:00:00.000Z","setUpScale":1130460000,"market":"a","tickerId":40004,"custody":"交通银行股份有限公司","name":"华安宝利配置证券投资基金","shortName":"华安宝利配置混合(040004)","fundSecondLevel":"hybrid","memoNum":1,"__csrcFundId":18,"fundStatus":"normal","lastUpdated":"2026-05-01T05:30:58.794Z","masterFundFlag":1,"inceptionDate":"2004-08-23T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安宝利配置混合","pinyin":"hablpzzqtzjj","managers":[{"stockCode":"db20573519","stockType":"fund_manager","exchange":"fm","tickerId":325182940,"name":"陈媛"}]},"announcement":{"linkText":"华安宝利配置证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=712416","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4187fea5b3eb05445ab","date":"2021-09-29T16:00:00.000Z","stockId":3000000040004,"sao":"2021年3季度市场维持震荡格局。期间上证综指跌0.64%，中小板综和创业板综分别跌0.1%和2.95%，市场继续结构性行情，沪深300和上证50表现较弱，跌6.85%和8.62%，中证500涨4.34%，大小指数分化极其显著。从中信行业来看，周期行业涨幅明显领先，煤炭行业涨幅超过40%，食品饮料、家电、医药、社会服务业等偏消费板块季度跌幅均超过10%基于经济进一步走弱，我们对组合的结构做出了一定调整，减少了医美等高估值标的的配置，增加了整车和部分上游商品类公司的配置。","declarationDate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16:00:00.000Z","lastUpdated":"2026-03-09T14:07:20.872Z","mo":"对经济判断：经济已经处于比较景气的阶段，制造业整体处于较强态势，增速持续走高的难度较大；核心CPI一直偏弱，表明居民需求端恢复力度不足，结合居民收入与支出的增速差，我们预计后期消费会温和恢复。中央经济工作会议基调整体延续政治局会议表述，“不急转弯”，预计财政与货币政策保持平稳温和。从全球来看，欧美预计维持财政刺激力度，叠加疫苗注射持续推进，经济预期持续恢复，推动通胀预期，全球资源品价格上涨，因此我们更加关注通胀变化。股市展望：市场连续两年结构性上涨后，分化十分明显，景气板块和高确定性板块的估值大多突破过去5年极值，在美债突破1.3%、上游涨价和通胀预期不断强化的背景下，成本压力和估值收缩是未来一年需要考虑的主要风险。从全年角度来看，抗通胀和防风险是全年应保持的配置方向，通胀角度，配置上游、农业及部分能够涨价的消费品，防风险角度，低PEG的中小盘个股可能会提供绝对收益的空间。操作思路：组合向抗通胀防风险方向调整，注重寻找绝对收益的机会。但经历两年牛市后仍保持较低估值分位数的标的大多在某些方面存在不足，需要自下而上的进行甄别，精选行业具备长逻辑、盈利模式没有硬伤、更多看自身管理经营能力改善带来的机会。","fund":{"_id":3000000040004,"stockCode":"040004","stockType":"fund","areaCode":"cn","followedNum":35,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-07-15T16:00:00.000Z","setUpScale":1130460000,"market":"a","tickerId":40004,"custody":"交通银行股份有限公司","name":"华安宝利配置证券投资基金","shortName":"华安宝利配置混合(040004)","fundSecondLevel":"hybrid","memoNum":1,"__csrcFundId":18,"fundStatus":"normal","lastUpdated":"2026-05-01T05:30:58.794Z","masterFundFlag":1,"inceptionDate":"2004-08-23T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安宝利配置混合","pinyin":"hablpzzqtzjj","managers":[{"stockCode":"db20573519","stockType":"fund_manager","exchange":"fm","tickerId":325182940,"name":"陈媛"}]},"announcement":{"linkText":"华安宝利配置证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=553883","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4187fea5b3eb05445a7","stockId":3000000040004,"sao":"2020年3季度市场快速上涨后高位震荡。期间上证综指涨7.82%，中小板综和创业板综分别涨8.43%和9.66%，大小指数表现较为均衡。从中信行业来看，军工、消费者服务、电力设备新能源、汽车表现较好，通信、零售、计算机等表现落后。从大类上看，顺周期低估值板块整体表现略好，年初以来涨幅较高的医药出现调整。随着经济表现出较为明显的复苏趋势，增长确定性不再稀缺，我们减少了部分高估值溢价的确定性增长品种，增加了随着经济恢复和疫情消退经营趋势明确改善的品种。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:20.869Z","fund":{"_id":3000000040004,"stockCode":"040004","stockType":"fund","areaCode":"cn","followedNum":35,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-07-15T16:00:00.000Z","setUpScale":1130460000,"market":"a","tickerId":40004,"custody":"交通银行股份有限公司","name":"华安宝利配置证券投资基金","shortName":"华安宝利配置混合(040004)","fundSecondLevel":"hybrid","memoNum":1,"__csrcFundId":18,"fundStatus":"normal","lastUpdated":"2026-05-01T05:30:58.794Z","masterFundFlag":1,"inceptionDate":"2004-08-23T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安宝利配置混合","pinyin":"hablpzzqtzjj","managers":[{"stockCode":"db20573519","stockType":"fund_manager","exchange":"fm","tickerId":325182940,"name":"陈媛"}]},"announcement":{"linkText":"华安宝利配置证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=486826","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4187fea5b3eb05445a6","stockId":3000000040004,"sao":"2020年上半年在遭遇新冠疫情重大冲击的背景下，市场大幅波动，但在宽松的流动性的支持下，结构性行情显著。期间上证综指跌2.15%，中小板综和创业板综分别涨15.14%和27.94%，小指数表现显著好于大指数。从中信行业来看，只有医药跑赢创业板指数、消费者服务、食品饮料、电子、计算机等内需及业绩高确定性板块表现较好，石油石化、金融、地产等顺周期板块表现落后。我们在春节后，基于疫情的冲击调整了持仓结构，减持金融地产，增加必需消费品和医药的配置比例，一季度取得了较好的效果。二季度期间，随着经济的逐步恢复和疫情的逐步消退，减持了仅受益于疫情的品种，增加了经营趋势环比改善的品种。本基金在2季度达到分红要求，分红前仓位较低，以稳健的高流动性品种为主。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:20.866Z","mo":"对经济判断：3月开始PMI持续保持扩张，一方面是内需持续受益于经济恢复，服务业回升好于制造业，同时信用扩张也助力投资端向好；外需自5月后也在明显恢复，6月PMI超预期。向后看，预期年内整体都呈现复苏态势，最坏的时候已经过去。 股市展望：从基本面的角度，压力最大的阶段已经过去，无论是宏观经济数据还是全A盈利预测都大概率已经度过低点，基本面环比向上的趋势较为明确，另一方面，流动性宽松推动了上半年的大行情，我们非常关注流动性的边际变化，包括利率、基金发行、北上资金等。综合考虑基本面与流动性，我们认为市场短期下跌的风险不大，存在风格转换的可能。操作思路：逐步减持估值较高、涨幅较大、景气度环比趋弱的公司，继续持有长期逻辑清晰、空间大、经营稳健的公司，根据中报情况选择下半年基本面恢复、长期逻辑清晰的白马类公司。","fund":{"_id":3000000040004,"stockCode":"040004","stockType":"fund","areaCode":"cn","followedNum":35,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2004-07-15T16:00:00.000Z","setUpScale":1130460000,"market":"a","tickerId":40004,"custody":"交通银行股份有限公司","name":"华安宝利配置证券投资基金","shortName":"华安宝利配置混合(040004)","fundSecondLevel":"hybrid","memoNum":1,"__csrcFundId":18,"fundStatus":"normal","lastUpdated":"2026-05-01T05:30:58.794Z","masterFundFlag":1,"inceptionDate":"2004-08-23T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安宝利配置混合","pinyin":"hablpzzqtzjj","managers":[{"stockCode":"db20573519","stockType":"fund_manager","exchange":"fm","tickerId":325182940,"name":"陈媛"}]},"announcement":{"linkText":"华安宝利配置证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=453287","linkType":"PDF","source":"csrc_pdf"}}]}