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的难度已经越来越大，一旦国内经济复苏，中美周期错配这一导致今年人民币资产压力巨大的核心原因则很可能反转，这样整体中国资产都会迎来一波修复行情。面对“百年未有之大变局”，我们的投资也面临更多的不确定性，只有做好更全面的分析与应对，才可能获得让投资人相对满意的回报。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:02:51.088Z","fund":{"_id":3000000001018,"stockCode":"001018","stockType":"fund","areaCode":"cn","followedNum":180,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-01-25T16:00:00.000Z","setUpScale":1105780000,"market":"a","tickerId":1018,"custody":"中国工商银行股份有限公司","name":"易方达新经济灵活配置混合型证券投资基金","shortName":"易方达新经济混合(001018)","fundSecondLevel":"hybrid","__csrcFundId":3776,"fundStatus":"normal","lastUpdated":"2026-04-30T17:45:06.670Z","masterFundFlag":1,"inceptionDate":"2015-02-11T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达新经济混合","memoNum":6,"pinyin":"yfdxjjlhpzhhxzqtzjj","managers":[{"stockCode":"db20164448","stockType":"fund_manager","exchange":"fm","tickerId":308120010,"name":"陈皓"}]},"announcement":{"linkText":"易方达新经济灵活配置混合型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=993133","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec4fb7fea5b3eb043dc91","date":"2023-06-29T16:00:00.000Z","stockId":3000000001018,"sao":"上半年的A股市场大体分为两段行情，一季度由于疫后复苏，经济活动较为强劲，投资者情绪乐观；二季度国内复苏斜率有所放缓，数据环比下滑较快，同时美国经济持续超预期，人民币汇率波动较大，导致市场表现欠佳。上半年市场结构分化剧烈，特别是二季度由于经济基本面较为平淡，市场继续围绕“边际变化”+“主题投资”的路径持续演绎结构性行情，其中AIGC（人工智能生成内容）相关的TMT行业和中特估板块表现较好，传统机构重仓的新能源、消费医药等板块处于资金持续流出的状态。上半年上证指数、中证500、科创50分别上涨3.65%、2.29%、4.71%，沪深300、创业板指则下跌了0.75%、5.61%。本基金上半年净值表现一般，也基本没有参与上述热点方向。究其原因，首先是我们对今年国内外宏观经济、股市微观结构的前瞻判断有一定偏差，同时后续调整也不够果断和及时；其次我们一直坚持重视性价比、基于深度研究和超额认知驱动的投资范式，本身就与当前淡化估值以及看重主题、变化、轮动的底层逻辑是相斥的；另外我们偏左侧的投资风格在今年强者恒强的市场环境下也相对被动。考虑到未来弱复苏的状态可能持续时间较长，我们也将不断思考如何才能更好的适应这种弱经济、强主题的投资环境。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:02:51.085Z","mo":"展望下半年，我们还是认为利好因素会更多一些，政策方面，国常会表态要推动经济持续回升，并研究相关政策措施，央行降息，预期后续会有进一步的宏观积极政策出台，国内经济大概率见底回升。地缘政治方面，5月以来，中美关系出现缓和迹象，后续有望企稳改善。结合目前较低的估值水平和极低的投资者预期，我们认为下行空间已较为有限，反弹应是大概率事件。但市场的长期信心能否重建，则有待观察后续政策方向、力度，以及基本面回升的具体情况。基于经济见底的判断，我们认为下半年的市场风格预计会相对均衡，一方面只要企业盈利能稳住，基本面投资就会变得可研究、可跟踪、可定价；另一方面，越来越多的主题投资标的开始出现减持行为，太阳底下没有新鲜事，过去的经历告诉我们任何一次躁动、火热的市场氛围除了带动更多的博弈，对真正的产业升级没有任何帮助，对A股市场长期健康发展也是不利的。","fund":{"_id":3000000001018,"stockCode":"001018","stockType":"fund","areaCode":"cn","followedNum":180,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-01-25T16:00:00.000Z","setUpScale":1105780000,"market":"a","tickerId":1018,"custody":"中国工商银行股份有限公司","name":"易方达新经济灵活配置混合型证券投资基金","shortName":"易方达新经济混合(001018)","fundSecondLevel":"hybrid","__csrcFundId":3776,"fundStatus":"normal","lastUpdated":"2026-04-30T17:45:06.670Z","masterFundFlag":1,"inceptionDate":"2015-02-11T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达新经济混合","memoNum":6,"pinyin":"yfdxjjlhpzhhxzqtzjj","managers":[{"stockCode":"db20164448","stockType":"fund_manager","exchange":"fm","tickerId":308120010,"name":"陈皓"}]},"announcement":{"linkText":"易方达新经济灵活配置混合型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=960725","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec4fb7fea5b3eb043dc90","date":"2023-03-30T16:00:00.000Z","stockId":3000000001018,"sao":"2023年一季度A股主流宽基指数均有正收益，代表性的沪深300、中证500、创业板指分别上涨4.63%、8.11%、2.25%，科创50则一枝独秀，涨幅达到12.67%。一季度中国经济整体温和复苏，由于刚刚经历疫情，居民消费和企业投资的信心恢复会有一个过程，因此短期持续加杠杆的动力不强，复苏力度相比市场乐观预期仍有一定差距。海外则维持滞涨格局，尽管3月以硅谷银行为代表的欧美金融风波暂时平息，但也让投资者担心这是否只是当下复杂环境下各种危机的冰山一角。尤其4月初欧佩克+的减产行为进一步增强了未来通胀的韧性，也让美联储在货币政策调整决策时愈加进退两难。亮点不多的经济基本面遇到无处安放的流动性，“AIGC（人工智能自动内容生成）”和部分国企相关板块获得了边际资金的巨量涌入，机构短时间剧烈、集中的调仓行为，则进一步加剧了市场结构的分化。受益两大主题的TMT和建筑、石油石化等板块表现突出，而新能源、金融地产等行业则录得负收益。由于尚未发掘到基本面驱动的投资主线，本基金一季度操作不多，主要包括行业上用医药替代了部分白酒仓位，个股上则逆向增持了一些由于短期基本面一般或者机构调仓导致股价下跌，但长期市值空间较大的中小盘个股。对于火热的AI（人工智能）主题我们也进行了积极的研究，方向上非常认同其很可能是一次全新的技术革命，将极大提升全社会的生产效率，但客观上我们当下的研究认知还不具备对相关标的的定价能力，尤其当这些个股快速上涨后，也不太符合我们“以相对合理的价格买入预期收益率更高的资产”这一投资理念，因此会选择暂时“以静制动”，继续对产业和公司进行跟踪、研究以及再定价，等待胜率和赔率更高的投资时机出现。相比资本市场即期涨跌带来的多巴胺，我们更倾向于通过深入研究获得超额认知、并最终映射到投资上来获得内啡肽。投资和人生一样，每天都可以做选择，但终其一生最重要的其实也就是那三、五次，我们平时的不断学习、反思、进化，努力追寻的正是在每一次关键选择时将胜率再提升一点点。展望二季度，一些积极因素正在酝酿或发酵，我们重启了与世界的链接，中国在中东、南美等新兴市场获得了更多实质性认同的声音和举动；国内主要城市的一二手房销售持续恢复，部分行业已经进入库存周期的尾段，我们可能真的只需要一点点信心，就能扭转困局，将经济带入正循环。一如当下的证券市场，我们也衷心的希望其能够早日摆脱存量博弈的困难模式，迎来投资人久违的甜蜜期。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:02:51.083Z","fund":{"_id":3000000001018,"stockCode":"001018","stockType":"fund","areaCode":"cn","followedNum":180,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-01-25T16:00:00.000Z","setUpScale":1105780000,"market":"a","tickerId":1018,"custody":"中国工商银行股份有限公司","name":"易方达新经济灵活配置混合型证券投资基金","shortName":"易方达新经济混合(001018)","fundSecondLevel":"hybrid","__csrcFundId":3776,"fundStatus":"normal","lastUpdated":"2026-04-30T17:45:06.670Z","masterFundFlag":1,"inceptionDate":"2015-02-11T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达新经济混合","memoN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