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机构配置较重的行业及个股整体表现相对较差。  本季度我们维持较高的仓位，结构上继续持有中长期受益政策支持、具有持续发展前景、预期过度悲观、估值相对低估的行业及公司。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:43.333Z","fund":{"_id":3000000290008,"stockCode":"290008","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-11T16:00:00.000Z","setUpScale":707154000,"market":"a","tickerId":290008,"custody":"中国工商银行股份有限公司","name":"泰信发展主题混合型证券投资基金","shortName":"泰信发展主题混合","fundSecondLevel":"hybrid","__csrcFundId":3037,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:12.500Z","masterFundFlag":1,"inceptionDate":"2010-12-14T16:00:00.000Z","fundCollectionId":4000050270000,"currency":"CNY","masterFundShortName":"泰信发展主题混合","pinyin":"txfzzthhxzqtzjj","managers":[{"stockCode":"db20787518","stockType":"fund_manager","exchange":"fm","tickerId":81725210140,"name":"黄潜轶"}]},"announcement":{"linkText":"泰信发展主题混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=804380","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed51f7fea5b3eb0555eb8","date":"2022-06-29T16:00:00.000Z","stockId":3000000290008,"sao":"2022年上半年市场呈现先连续大幅下跌后反弹的走势。在连续下跌的过程中，风格上以稳增长、避险为代表的行业和个股表现相对较好，反弹时则以高景气度、成长为代表的行业和个股表现占优。  本基金2022年上半年以持续高景气的新能源上游行业和公司为主要配置，一季度末在疫情有所加剧的背景下，适当降低了仓位，并在4月末市场过度恐慌且疫情有好转迹象时加大了整体仓位和对错杀个股的配置。对于景气度向下，或持续受疫情影响且估值未能充分反映负面影响的行业和个股进行了规避。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:43.330Z","mo":"展望2022年下半年，本基金认为市场仍会呈现结构分化的状态。2022年下半年预计整体经济在政策支持下会进一步好转，但整体面对的挑战仍多，对于整体经济和相关行业的复苏进程和速度不宜预期过高。相对来说，生产制造相关的恢复速率相对更快，消费相关的行业除政策直接刺激以外整体恢复速度可能相对更平缓。  整体下半年仍需紧抓景气度变化情况，同时需要仔细甄选性价比，既不宜给予成长行业和个股过高的估值溢价，也不宜对复苏进程抱有过高的预期。需在合理的估值下持有业绩向好的行业和公司，静待业绩增长带来的回报。  同样的对于下半年的上下游关系，虽然海外通过加息对抗通货膨胀，但仍不宜对上游资源品价格的回落抱有过度预期。由于本轮上游资源品的上涨主要来源于长期资本开支不足、环保等政策限制以及地缘政治不稳定带来的供给增加不足。如要解决供需矛盾，只有减少需求或增加供给两条途径。衰退确实会带来需求减少，但衰退是全球都竭力希望避免的情况，且在衰退背景下无论上下游都很难获得良好回报，因为上游降价并不能抵消下游自身的需求减少带来的负面影响。如果要在需求增长的背景下解决供给受限的问题，只有上游的资本回报率具有持续的吸引力促使资金增加投入扩大上游供给、或者通过加速供给替换、以及需要更为稳定的全球环境才能从根本上解决供需矛盾，使得产业链利润分配获得新的平衡。同时供给释放需要时间，因此需要合理判断供给和需求的扩张程度和时间周期的差别。对于扩产难度高、周期长的环节的供给放量不宜过度乐观。对于供需错配改善带来的上游价格回归的判断需要根据具体的供需状况变化进行仔细甄别。","fund":{"_id":3000000290008,"stockCode":"290008","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-11T16:00:00.000Z","setUpScale":707154000,"market":"a","tickerId":290008,"custody":"中国工商银行股份有限公司","name":"泰信发展主题混合型证券投资基金","shortName":"泰信发展主题混合","fundSecondLevel":"hybrid","__csrcFundId":3037,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:12.500Z","masterFundFlag":1,"inceptionDate":"2010-12-14T16:00:00.000Z","fundCollectionId":4000050270000,"currency":"CNY","masterFundShortName":"泰信发展主题混合","pinyin":"txfzzthhxzqtzjj","managers":[{"stockCode":"db20787518","stockType":"fund_manager","exchange":"fm","tickerId":81725210140,"name":"黄潜轶"}]},"announcement":{"linkText":"泰信发展主题混合型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=778229","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed51f7fea5b3eb0555eb7","date":"2022-03-30T16:00:00.000Z","stockId":3000000290008,"sao":"2022年一季度，市场呈现整体下跌的走势。市场风格表现方面，低估值、低景气度、价值风格行业走势相对较强，高估值、高景气度、成长风格行业呈现持续的回落走势。整体上稳增长相关行业表现较好，同时部分疫情受益行业和个股在疫情反复的背景下表现较好。  本季度本基金整体维持较高的仓位，在期间反弹的过程中适当降低了仓位。结构上整体维持持有景气度持续向上的部分行业和个股，同时适度增配了估值大幅回落的部分行业和个股，减持了反弹幅度较大的部分个股。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:43.325Z","fund":{"_id":3000000290008,"stockCode":"290008","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-11T16:00:00.000Z","setUpScale":707154000,"market":"a","tickerId":290008,"custody":"中国工商银行股份有限公司","name":"泰信发展主题混合型证券投资基金","shortName":"泰信发展主题混合","fundSecondLevel":"hybrid","__csrcFundId":3037,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:12.500Z","masterFundFlag":1,"inceptionDate":"2010-12-14T16:00:00.000Z","fundCollectionId":4000050270000,"currency":"CNY","masterFundShortName":"泰信发展主题混合","pinyin":"txfzzthhxzqtzjj","managers":[{"stockCode":"db20787518","stockType":"fund_manager","exchange":"fm","tickerId":81725210140,"name":"黄潜轶"}]},"announcement":{"linkText":"泰信发展主题混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=724141","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed51f7fea5b3eb0555eb6","date":"2021-12-30T16:00:00.000Z","stockId":3000000290008,"sao":"2021年全年国内A股市场大幅震荡，风格数次切换，整体变化较大。春节前市场机会集中在以各行业核心龙头为代表的公司上，但春节后各行业龙头公司出现一波集中连续快速下跌，同期低估值价值股则表现突出。从3月中旬市场见底止跌后，以中小盘、高成长、高景气度为代表的行业和公司持续走强至三季度。四季度成长类公司出现大幅的回落，之前跌幅居前的行业则在市场改善预期的背景下出现了反弹。本基金上半年主要围绕行业景气趋势、业绩增长的确定性，重点参与了新能源车、光伏、半导体、医药等板块。三季度随着新能源汽车产业链的持续超预期，加大了对新能源汽车产业链的配置力度。四季度虽然由于市场对于新能源汽车产业链的持续性和价格的担忧，行业出现了很大的回调，但由于行业基本面和价格仍持续超预期，因此维持了对基本面良好的环节和公司的配置。由于部分消费行业核心龙头估值全年处于高位，另外部分消费行业景气持续向下，在疫情背景下消费受到持续的影响和压制，本基金在消费配置上保持相对较低的比例。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:43.322Z","mo":"展望2022年，本基金认为市场存在结构性的投资机会。虽然2022年整体国内宏观经济可能面临一定的压力，但在国内稳增长政策上的发力有望对冲这种压力。市场预计将在经济不明朗和海外收紧流动性的压力下产生各种担忧，从而形成下行风险，但也有望在国内相对独立的政策下起作用时出现修复。结构上，本基金认为在今年及未来几年仍能持续高成长的行业和公司在错杀时将是极好的买点。同时受益稳增长政策支持的行业整体的下行风险相对较小，但向上的弹性也有限。产业链中，本基金认为需要警惕对于上游价格的上涨幅度和持续时间预期不足，很多上游行业在长期资本开支不足、全球各国政策引导带来的能源转型及经济结构转型、以及部分资源出口国在全球流动性收紧经济压力下对于初级产品的出口依赖和维护高价意愿导致的出口限制等各种综合因素作用下，部分上游产品的价格端可能会出现超出市场普遍预期的结果。因此对于产业链的中下游，其中需求不足、壁垒不足、价格转嫁能力较弱的细分行业需要慎言毛利率改善。本基金认为消费行业在2022年面临机会和风险并存的状况，但机会仍有较大的不确定性。消费风险来自于经济压力和收入预期，长时间疫情对于消费能力和消费意愿的损耗。机会则来自于疫情结束时点的不确定性以及在疫情背景下带来的行业格局变化、消费习惯变化创造的机会、以及政策对于部分类型消费的政策支持。新能源行业仍是未来能源转型发展的大方向，但其中不同细分行业的商业模式、竞争格局、复合增速、估值情况都有不同，需要仔细筛选增速更好、估值性价比更好、政策会进一步加大支持力度的细分环节。制造业升级过程中自主可控和智能化仍会创造出部分细分行业的持续成长机会，同样可以寻找性价比合适的机会进行适当的配置。","fund":{"_id":3000000290008,"stockCode":"290008","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-11T16:00:00.000Z","setUpScale":707154000,"market":"a","tickerId":290008,"custody":"中国工商银行股份有限公司","name":"泰信发展主题混合型证券投资基金","shortName":"泰信发展主题混合","fundSecondLevel":"hybrid","__csrcFundId":3037,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:12.500Z","masterFundFlag":1,"inceptionDate":"2010-12-14T16:00:00.000Z","fundCollectionId":4000050270000,"currency":"CNY","masterFundShortName":"泰信发展主题混合","pinyin":"txfzzthhxzqtzjj","managers":[{"stockCode":"db20787518","stockType":"fund_manager","exchange":"fm","tickerId":81725210140,"name":"黄潜轶"}]},"announcement":{"linkText":"泰信发展主题混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=707197","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed51f7fea5b3eb0555eb5","date":"2021-09-29T16:00:00.000Z","stockId":3000000290008,"sao":"2021年三季度，市场整体呈现回落走势。市场风格表现延续二季度分化走势，中小盘、成长型、高景气度行业及公司继续上涨，但该风格在9月出现了明显的冲高回落走势；大盘、价值型、景气度一般的行业及公司持续下跌，但在季末出现了一定的反弹。整体上顺周期行业和优质赛道中高增速高成长的中小市值个股表现相对更优。本季度我们维持较高的仓位，结构上对行业配置进行了一定的调整，进一步增持中长期受益政策支持、具有发展前景的行业及公司。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:43.319Z","fund":{"_id":3000000290008,"stockCode":"290008","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-11T16:00:00.000Z","setUpScale":707154000,"market":"a","tickerId":290008,"custody":"中国工商银行股份有限公司","name":"泰信发展主题混合型证券投资基金","shortName":"泰信发展主题混合","fundSecondLevel":"hybrid","__csrcFundId":3037,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:12.500Z","masterFundFlag":1,"inceptionDate":"2010-12-14T16:00:00.000Z","fundCollectionId":4000050270000,"currency":"CNY","masterFundShortName":"泰信发展主题混合","pinyin":"txfzzthhxzqtzjj","managers":[{"stockCode":"db20787518","stockType":"fund_manager","exchange":"fm","tickerId":81725210140,"name":"黄潜轶"}]},"announcement":{"linkText":"泰信发展主题混合型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=653075","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed51f7fea5b3eb0555eb4","date":"2021-06-29T16:00:00.000Z","stockId":3000000290008,"sao":"2021年上半年大的宏观背景是全球经济共振上行，企业盈利修复强劲。流动性方面，虽然实体流动性偏紧，但银行间流动性宽松，金融机构对资金面体感偏松。通胀预期的波动（5月底通胀预期见顶）及由此引发的十年期美债利率预期变化，影响着市场风格演绎。市场方面，上半年体现为三阶段行情特征：第一阶段，春节前延续2020年的核心资产风格，受公募爆款基金发行推动，春节前冲高见顶。十年美债持续上涨触发核心资产大跌；第二阶段，二三月份市场调整结束后，行情扩散明显，市值下沉，中证500为代表的高赔率中小票超额收益显著，而核心资产方面，仅医药、次高端白酒表现较好，沪深300整体表现低迷；第三阶段，5月底发改委调控大宗价格，海外通胀预期见顶，流动性预期好转，双创50ETF基金获批等，高景气新能源、半导体板块带动创业板50、科创50大涨。本基金上半年主要围绕行业景气趋势、业绩增长的确定性，重点参与了新能源车、光伏、半导体、医药等板块，取得了一定的投资效果。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:43.317Z","mo":"预计下半年市场仍将维持全年“结构重于大势”的市场特征，市场极致分化的背后，核心作用因素仍是相对业绩的强弱，政策的变化起到了助推和加速的作用。我们认为下半年成长相对业绩趋势占优，重点看好具备长期成长性，行业高景气的新能源、半导体、医药服务等方向，通过中报业绩验证精选未来几个季度持续高增长的品种，特别关注科创板预期改善的底部品种。","fund":{"_id":3000000290008,"stockCode":"290008","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-11T16:00:00.000Z","setUpScale":707154000,"market":"a","tickerId":290008,"custody":"中国工商银行股份有限公司","name":"泰信发展主题混合型证券投资基金","shortName":"泰信发展主题混合","fundSecondLevel":"hybrid","__csrcFundId":3037,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:12.500Z","masterFundFlag":1,"inceptionDate":"2010-12-14T16:00:00.000Z","fundCollectionId":4000050270000,"currency":"CNY","masterFundShortName":"泰信发展主题混合","pinyin":"txfzzthhxzqtzjj","managers":[{"stockCode":"db20787518","stockType":"fund_manager","exchange":"fm","tickerId":81725210140,"name":"黄潜轶"}]},"announcement":{"linkText":"泰信发展主题混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=630780","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed51f7fea5b3eb0555eb3","stockId":3000000290008,"sao":"一季度初在公募基金火爆发行的背景下，市场延续了2020年的投资风格，微观交易结构在春节后达到历史极致水平，过去几年估值泡沫化逐步加剧的部分机构重仓品种大幅回落，随之中证500为代表的部分超跌低估值品种反弹明显，市场结构体现出均衡化特征。全球疫苗接种的持续推进加速了经济复苏共振预期，各国经济数据明显改善，顺经济周期板块阶段性表现优异，市场通胀预期逐步抬升，美国10年期国债收益率大幅上行压低了长久期资产的贴现率，享受确定性溢价的资产价格回调明显。此外，伴随国内疫情全面维持较好局面，疫情受损的线下消费（餐饮、旅游、酒店、航空等）业务快速恢复，带动相关板块形成投资机会。本基金一季度主要围绕顺经济周期，以及具备自身景气度支撑的医药、新能源、线下消费等方向做了重点投资布局。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:43.314Z","fund":{"_id":3000000290008,"stockCode":"290008","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-11T16:00:00.000Z","setUpScale":707154000,"market":"a","tickerId":290008,"custody":"中国工商银行股份有限公司","name":"泰信发展主题混合型证券投资基金","shortName":"泰信发展主题混合","fundSecondLevel":"hybrid","__csrcFundId":3037,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:12.500Z","masterFundFlag":1,"inceptionDate":"2010-12-14T16:00:00.000Z","fundCollectionId":4000050270000,"currency":"CNY","masterFundShortName":"泰信发展主题混合","pinyin":"txfzzthhxzqtzjj","managers":[{"stockCode":"db20787518","stockType":"fund_manager","exchange":"fm","tickerId":81725210140,"name":"黄潜轶"}]},"announcement":{"linkText":"泰信发展主题混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=567751","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed51f7fea5b3eb0555eb2","stockId":3000000290008,"sao":"2020年新冠疫情席卷全球，成为资本市场最大的外部因素，对全社会生产、生活方式都造成了巨大影响。线上活动逐渐丰富，生产端、需求端发生错配，各国为应对疫情释放了充足的流动性，股票市场估值驱动的特征明显。因疫情防控得力，我国经济率先恢复生产，成为全世界供给的有效来源。在消化疫情的早期冲击后，A股市场先后在内需消费、出口产业链、新能源等方向上呈现出较大投资机会。本基金上半年围绕内需消费和外需边际改善，基于行业景气趋势重点配置了医药、消费、电子、新能源车等方向，下半年基于全球经济复苏预期带来的边际影响，对顺周期方向做了一定配置，取得了一定投资效果。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:43.311Z","mo":"随着各国疫苗接种的持续推进，生产生活逐步恢复，全球经济复苏共振的预期逐步加强，各国PMI指数不断回升，大宗商品、石油、生产设备等需求与价格趋势向上，需求恢复与生产补库存驱动的经济增长确定性较强。国内方面，流动性将维持信用边际收紧、货币中性偏紧的局面，制造业由海外替代效应走向需求效应的拉动，经济上行与流动性边际收紧共存的情况下，寻找盈利增速超过估值下行趋势的优质公司成为投资重点。我们兼顾高景气赛道的景气度驱动与全球复苏共振的顺周期盈利驱动，看好如下几个方向：（1）具备持续高景气支撑的新能源车（光伏）、医药消费、自主科技创新方向；（2）受益全球经济复苏共振的化工、有色、金融等顺周期方向；（3）后疫情时代疫情受损标的的估值修复。2021年是十四五开局之年，市场仍具备一定投资机会值得把握。","fund":{"_id":3000000290008,"stockCode":"290008","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-11T16:00:00.000Z","setUpScale":707154000,"market":"a","tickerId":290008,"custody":"中国工商银行股份有限公司","name":"泰信发展主题混合型证券投资基金","shortName":"泰信发展主题混合","fundSecondLevel":"hybrid","__csrcFundId":3037,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:12.500Z","masterFundFlag":1,"inceptionDate":"2010-12-14T16:00:00.000Z","fundCollectionId":4000050270000,"currency":"CNY","masterFundShortName":"泰信发展主题混合","pinyin":"txfzzthhxzqtzjj","managers":[{"stockCode":"db20787518","stockType":"fund_manager","exchange":"fm","tickerId":81725210140,"name":"黄潜轶"}]},"announcement":{"linkText":"泰信发展主题混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=552011","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed51f7fea5b3eb0555eb1","stockId":3000000290008,"sao":"三季度市场冲高回落，首先反映的是疫情影响逐步消除后的经济修复预期，七月份以来的各项经济数据能够得以验证。随之市场陷入流动性收紧预期与中美关系的担忧之中，海外市场连续调整，北上资金持续流出影响市场情绪，美国大选前科技、地缘政治等方面的摩擦事件影响了市场风险偏好，此外海外疫情有所反复，加大了市场对经济修复进程的担忧。从市场表现看，行业景气度持续的新能源（光伏、电动车）、内需消费等表现较好，受益经济修复的低估值顺周期板块也得到市场关注。市场风格方面，逐渐从利率下行环境下的估值驱动转向长期盈利驱动。本基金三季度围绕行业景气度持续与业绩验证，重点布局参与了新能源、消费电子、消费医药等板块，取得了一定的投资效果。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:43.309Z","fund":{"_id":3000000290008,"stockCode":"290008","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-11T16:00:00.000Z","setUpScale":707154000,"market":"a","tickerId":290008,"custody":"中国工商银行股份有限公司","name":"泰信发展主题混合型证券投资基金","shortName":"泰信发展主题混合","fundSecondLevel":"hybrid","__csrcFundId":3037,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:12.500Z","masterFundFlag":1,"inceptionDate":"2010-12-14T16:00:00.000Z","fundCollectionId":4000050270000,"currency":"CNY","masterFundShortName":"泰信发展主题混合","pinyin":"txfzzthhxzqtzjj","managers":[{"stockCode":"db20787518","stockType":"fund_manager","exchange":"fm","tickerId":81725210140,"name":"黄潜轶"}]},"announcement":{"linkText":"泰信发展主题混合型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=489067","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed51f7fea5b3eb0555eb0","stockId":3000000290008,"sao":"2020年上半年受国内外新冠疫情先后爆发的影响，A股市场呈现出探底回升走势。1季度一波三折，春节以后在国内疫情逐步有效控制的背景下市场出现了一波反弹，但随后海外疫情的恶化加大了市场对外部需求和全球经济衰退的担忧，市场回归到以内需为主的防御思维，投资逻辑与方向结构也出现了较大变化。随着国内疫情的有效控制，海外疫情的缓慢恢复，全球流动性与经济刺激政策的陆续出台，社会经济生产、生活的恢复，货币政策与逆周期财政政策对疫情冲击的作用影响成为关键。2季度市场稳步上行，随着国内复工稳步推进，需求逐步恢复较为显著的消费服务、医药，受益财政逆周期调节的建材、工程机械等领域表现较好。海外疫情逐步稳定，陆续推出复工计划，受益外需边际改善的消费电子、新能源等行业超跌反弹明显。此外，在中美摩擦和海外市场调整的背景下A股体现出较强韧性和独立性，尤以创业板中医药、成长类龙头公司表现优异，为获取投资回报提供了重要的投资线索。  本基金上半年根据市场环境变化，围绕内需消费和外需边际改善，基于行业景气趋势重点配置了医药、消费、电子、新能源车等方向， 取得了一定的投资效果。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:43.306Z","mo":"虽然新冠疫情对国内外需求造成了较大冲击，但目前我国疫情防控已经取得重大战略成果，经济发展呈现稳定转好态势，党中央明确提出做好“六稳”工作，落实“六保”任务，提出逐步形成以国内大循环为主题、国内国际双循环相互促进的新发展格局，发挥国内超大规模市场优势，通过繁荣国内经济、畅通国内大循环为我国经济发展增添动力，带动世界经济复苏。我们认为下半年宽财政、稳货币的思路不会变，以“内循环”为主的新发展格局将是未来一段时间中国经济发展最重要的政策指引，也将映射出资本市场的产业趋势。我们在投资方向的把握上也将继续以行业景气趋势为核心，围绕国内消费升级和新消费模式、产业升级与科技补短板、新基建扩大内需等三条主线进行布局。总体而言，我们看好下半年的结构性市场机会，认为仍然具备取得一定投资收益的市场环境基础。此外，风险因素方面我们主要关注国内外疫情的二次爆发可能，美国大选等外部事件影响。","fund":{"_id":3000000290008,"stockCode":"290008","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2010-11-11T16:00:00.000Z","setUpScale":707154000,"market":"a","tickerId":290008,"custody":"中国工商银行股份有限公司","name":"泰信发展主题混合型证券投资基金","shortName":"泰信发展主题混合","fundSecondLevel":"hybrid","__csrcFundId":3037,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:12.500Z","masterFundFlag":1,"inceptionDate":"2010-12-14T16:00:00.000Z","fundCollectionId":4000050270000,"currency":"CNY","masterFundShortName":"泰信发展主题混合","pinyin":"txfzzthhxzqtzjj","managers":[{"stockCode":"db20787518","stockType":"fund_manager","exchange":"fm","tickerId":81725210140,"name":"黄潜轶"}]},"announcement":{"linkText":"泰信发展主题混合型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=455655","linkType":"PDF","source":"csrc_pdf"}}]}