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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":3000000001445,"stockCode":"001445","stockType":"fund","areaCode":"cn","followedNum":54,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-10T16:00:00.000Z","setUpScale":1798700000,"market":"a","tickerId":1445,"custody":"中国建设银行股份有限公司","name":"华安国企改革主题灵活配置混合型证券投资基金","shortName":"华安国企改革主题灵活配置混合(001445)","fundSecondLevel":"hybrid","__csrcFundId":4143,"fundStatus":"normal","lastUpdated":"2026-04-30T18:00:49.927Z","masterFundFlag":1,"inceptionDate":"2015-06-28T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安国企改革主题灵活配置混合","pinyin":"hagqggztlhpzhhxzqtzjj","managers":[{"stockCode":"j101019812","stockType":"fund_manager","exchange":"fm","tickerId":716246290,"name":"关鹏"}]},"announcement":{"linkText":"华安国企改革主题灵活配置混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1254699","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec57d7fea5b3eb04474ca","date":"2024-09-29T16:00:00.000Z","stockId":3000000001445,"sao":"本报告期A股市场大幅波动，期间上证综指涨12.44%，中小板综和创业板综分别涨15.2%和26.08%，大小盘普涨。从风格来看发生逆转，成长显著跑赢价值，其中红利低波指数涨4.06%。从行业来看，非银金融表现突出，地产和社会服务等今年落后的板块排名靠前，超跌反弹特征明显。煤炭、石油石化、电力相对落后。　　　　本基金本报告期内减持部分电力、交运，增加券商、景区配置。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:01.780Z","fund":{"_id":3000000001445,"stockCode":"001445","stockType":"fund","areaCode":"cn","followedNum":54,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-10T16:00:00.000Z","setUpScale":1798700000,"market":"a","tickerId":1445,"custody":"中国建设银行股份有限公司","name":"华安国企改革主题灵活配置混合型证券投资基金","shortName":"华安国企改革主题灵活配置混合(001445)","fundSecondLevel":"hybrid","__csrcFundId":4143,"fundStatus":"normal","lastUpdated":"2026-04-30T18:00:49.927Z","masterFundFlag":1,"inceptionDate":"2015-06-28T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安国企改革主题灵活配置混合","pinyin":"hagqggztlhpzhhxzqtzjj","managers":[{"stockCode":"j101019812","stockType":"fund_manager","exchange":"fm","tickerId":716246290,"name":"关鹏"}]},"announcement":{"linkText":"华安国企改革主题灵活配置混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1174625","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec57d7fea5b3eb04474c9","date":"2024-06-29T16:00:00.000Z","stockId":3000000001445,"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银行电力等高估值类持仓，减持消费医药等。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:01.777Z","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":3000000001445,"stockCode":"001445","stockType":"fund","areaCode":"cn","followedNum":54,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-10T16:00:00.000Z","setUpScale":1798700000,"market":"a","tickerId":1445,"custody":"中国建设银行股份有限公司","name":"华安国企改革主题灵活配置混合型证券投资基金","shortName":"华安国企改革主题灵活配置混合(001445)","fundSecondLevel":"hybrid","__csrcFundId":4143,"fundStatus":"normal","lastUpdated":"2026-04-30T18:00:49.927Z","masterFundFlag":1,"inceptionDate":"2015-06-28T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安国企改革主题灵活配置混合","pinyin":"hagqggztlhpzhhxzqtzjj","managers":[{"stockCode":"j101019812","stockType":"fund_manager","exchange":"fm","tickerId":716246290,"name":"关鹏"}]},"announcement":{"linkText":"华安国企改革主题灵活配置混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1152028","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec57d7fea5b3eb04474c8","date":"2024-03-30T16:00:00.000Z","stockId":3000000001445,"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。　　　　本基金继续增加电力等高股息类持仓。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:01.774Z","fund":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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。同时持续关注国央企估值重塑需求，我们看好国有企业在资源配置中的关键作用，积极依循国企估值重塑的逻辑寻找投资机会。","fund":{"_id":3000000001445,"stockCode":"001445","stockType":"fund","areaCode":"cn","followedNum":54,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-10T16:00:00.000Z","setUpScale":1798700000,"market":"a","tickerId":1445,"custody":"中国建设银行股份有限公司","name":"华安国企改革主题灵活配置混合型证券投资基金","shortName":"华安国企改革主题灵活配置混合(001445)","fundSecondLevel":"hybrid","__csrcFundId":4143,"fundStatus":"normal","lastUpdated":"2026-04-30T18:00:49.927Z","masterFundFlag":1,"inceptionDate":"2015-06-28T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安国企改革主题灵活配置混合","pinyin":"hagqggztlhpzhhxzqtzjj","managers":[{"stockCode":"j101019812","stockType":"fund_manager","exchange":"fm","tickerId":716246290,"name":"关鹏"}]},"announcement":{"linkText":"华安国企改革主题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=959348","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec57d7fea5b3eb04474c4","date":"2023-03-30T16:00:00.000Z","stockId":3000000001445,"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。本基金维持了较高的社服和交运的配置。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:01.763Z","fund":{"_id":3000000001445,"stockCode":"001445","stockType":"fund","areaCode":"cn","followedNum":54,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-10T16:00:00.000Z","setUpScale":1798700000,"market":"a","tickerId":1445,"custody":"中国建设银行股份有限公司","name":"华安国企改革主题灵活配置混合型证券投资基金","shortName":"华安国企改革主题灵活配置混合(001445)","fundSecondLevel":"hybrid","__csrcFundId":4143,"fundStatus":"normal","lastUpdated":"2026-04-30T18:00:49.927Z","masterFundFlag":1,"inceptionDate":"2015-06-28T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安国企改革主题灵活配置混合","pinyin":"hagqggztlhpzhhxzqtzjj","managers":[{"stockCode":"j101019812","stockType":"fund_manager","exchange":"fm","tickerId":716246290,"name":"关鹏"}]},"announcement":{"linkText":"华安国企改革主题灵活配置混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=883430","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec57d7fea5b3eb04474c3","date":"2022-12-30T16:00:00.000Z","stockId":3000000001445,"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。本基金在年内维持了较高的社服和交运的配置。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:01.760Z","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。2022年11月21日，证监会主席易会满在2022年金融街论坛年会上表示，要“探索建立具有中国特色的估值体系，促进市场资源配置功能更好发挥”，国央企估值存在重塑需求，我们看好国有企业在资源配置中的关键作用，积极依循国企估值重塑的逻辑寻找投资机会。从公司经营周期和行业景气两个维度，我们战略性看好以下投资方向： 1）\t社会服务业，消费、医疗服务业，平台经济。 社会服务业，持续的疫情给行业带来了非常深远的影响，所谓大浪淘沙，最直接的表现 就是行业龙头公司市场份额迎来飞跃式提升，比如酒店行业，航空行业。 消费、医疗服务业以及平台经济，优质企业的盈利能力仍在提高，估值经过长时间消化 叠加疫情的影响可能迎来盈利和估值双底。 2）\t风电，电力设备，汽车相关细分子行业。 风电：中国风电行业上市公司的整体竞争力在持续提升，行业整体估值仍被市场低估。 风电中海风的渗透率仍然较低，未来的增长空间较大，关注海风业务高速增长的公司。 电力设备：伴随着风光大基地建设，特高压等电力设备相关行业收入增速仍有保障，且 国网资产证券化率较低，电力设备中的“国家队优质资产”仍有资本证券化的空间。 3） 能源、电力等高股息率的价值股。","fund":{"_id":3000000001445,"stockCode":"001445","stockType":"fund","areaCode":"cn","followedNum":54,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-10T16:00:00.000Z","setUpScale":1798700000,"market":"a","tickerId":1445,"custody":"中国建设银行股份有限公司","name":"华安国企改革主题灵活配置混合型证券投资基金","shortName":"华安国企改革主题灵活配置混合(001445)","fundSecondLevel":"hybrid","__csrcFundId":4143,"fundStatus":"normal","lastUpdated":"2026-04-30T18:00:49.927Z","masterFundFlag":1,"inceptionDate":"2015-06-28T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安国企改革主题灵活配置混合","pinyin":"hagqggztlhpzhhxzqtzjj","managers":[{"stockCode":"j101019812","stockType":"fund_manager","exchange":"fm","tickerId":716246290,"name":"关鹏"}]},"announcement":{"linkText":"华安国企改革主题灵活配置混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=867035","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec57d7fea5b3eb04474c2","date":"2022-09-29T16:00:00.000Z","stockId":3000000001445,"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，在行业内标的选择上减少了流动性较差的品种的持仓，增加了农业的配置，减少了物流相关配置。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:01.757Z","fund":{"_id":3000000001445,"stockCode":"001445","stockType":"fund","areaCode":"cn","followedNum":54,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-10T16:00:00.000Z","setUpScale":1798700000,"market":"a","tickerId":1445,"custody":"中国建设银行股份有限公司","name":"华安国企改革主题灵活配置混合型证券投资基金","shortName":"华安国企改革主题灵活配置混合(001445)","fundSecondLevel":"hybrid","__csrcFundId":4143,"fundStatus":"normal","lastUpdated":"2026-04-30T18:00:49.927Z","masterFundFlag":1,"inceptionDate":"2015-06-28T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安国企改革主题灵活配置混合","pinyin":"hagqggztlhpzhhxzqtzjj","managers":[{"stockCode":"j101019812","stockType":"fund_manager","exchange":"fm","tickerId":716246290,"name":"关鹏"}]},"announcement":{"linkText":"华安国企改革主题灵活配置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=802377","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec57d7fea5b3eb04474c1","date":"2022-06-29T16:00:00.000Z","stockId":3000000001445,"sao":"报告期内，国内疫情、国际冲突、美联储加息缩表是影响市场最主要的变量，市场整体大幅波动，先抑后扬。主要指数在1季度大幅下跌后2季度大多取得正收益。具体行业来看，以中信证券行业分类中煤炭、社会服务、交通运输等表现较好，而新能源、汽车等板块在2季度反弹突出。 报告期内，本基金有效控制了相关系统性风险，组合保持较好的流行性充裕，在市场相对底部加仓了部分服务业和可选消费，以及能源相关价值标的，获取了一定的收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:01.753Z","mo":"我们认为下半年的证券市场大概率以震荡为主。 1）从全球经济对比来看，中国市场的比较优势突出，有利于吸引全球资本配置。当下的宏观经济环境，欧美面临较大的通货膨胀压力，宏观经济政策面临紧缩，而中国整体通胀压力不大，以我为主的宏观调控主基调下，宏观经济政策相对宽松；从经济发展趋势来看，受通胀环境和宏观经济政策制约，海外主要经济体的经济增长趋势疲软，中国经济已经开始走出低谷，消费、投资都出现不同程度的复苏。但7月以来疫情仍有反复，地产高频数据也有走弱趋势，未来的经济稳定性要持续观察。 2）国内稳增长的政策力度加强，政策的实施效果开始显现，若干行业的景气趋势向好。 从微观草根数据来看，全国整车货运流量指数六月份以来持续好转，显示经济活跃度持续增 强；从 6月宏观经济数据来看，工业增加值、消费、投资普遍都在改善；从产业政策来看， 汽车刺激政策效果较好，汽车销量 5 月份以来环比大幅度改善。风光大基地等十四五重大工程落地实施进展也较快；市场对政策预期不明的行业，例如平台经济，医药集采等也逐步迎来政策的暖风。 从公司经营周期和行业景气两个维度，我们战略性看好以下投资方向： 1）\t社会服务业，消费、医疗服务业，平台经济，养殖。 社会服务业，持续的疫情给行业带来了非常深远的影响，所谓大浪淘沙，最直接的表现 就是行业龙头公司市场份额迎来飞跃式提升，比如酒店行业，航空行业。 消费、医疗服务业以及平台经济，优质企业的盈利能力仍在提高，估值经过长时间消化 叠加疫情的影响可能迎来盈利和估值双底。 养殖：聚焦成本优势的养殖龙头公司在新一轮猪周期中的盈利弹性。 2）\t风电，电力设备，汽车相关细分子行业。 风电：中国风电行业上市公司的整体竞争力在持续提升，行业整体估值仍被市场低估。 风电中海风的渗透率仍然较低，未来的增长空间较大，关注海风业务高速增长的公司。 电力设备：伴随着风光大基地建设，特高压等电力设备相关行业收入增速仍有保障，且 国网资产证券化率较低，电力设备中的“国家队优质资产”仍有资本证券化的空间。 3） 能源、电力等高股息率的价值股。 2022 年是国企改革三年行动规划的收官之年，国有企业尤其是央企在资产证券化、现 代化公司治理等方面仍具有较大可期待的动作，我们将优中选优，充分挖掘治理改善的优质国企！","fund":{"_id":3000000001445,"stockCode":"001445","stockType":"fund","areaCode":"cn","followedNum":54,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-10T16:00:00.000Z","setUpScale":1798700000,"market":"a","tickerId":1445,"custody":"中国建设银行股份有限公司","name":"华安国企改革主题灵活配置混合型证券投资基金","shortName":"华安国企改革主题灵活配置混合(001445)","fundSecondLevel":"hybrid","__csrcFundId":4143,"fundStatus":"normal","lastUpdated":"2026-04-30T18:00:49.927Z","masterFundFlag":1,"inceptionDate":"2015-06-28T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安国企改革主题灵活配置混合","pinyin":"hagqggztlhpzhhxzqtzjj","managers":[{"stockCode":"j101019812","stockType":"fund_manager","exchange":"fm","tickerId":716246290,"name":"关鹏"}]},"announcement":{"linkText":"华安国企改革主题灵活配置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=782445","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec57d7fea5b3eb04474c0","date":"2022-03-30T16:00:00.000Z","stockId":3000000001445,"sao":"报告期内，市场整体呈下行趋势，一方面受外围因素影响（海外进入加息周期、流动性收紧预期；俄乌战争），一方面也受到国内经济预期转弱的影响（上游资源品涨价导致的通胀预期，宏观调控导致的投资不足预期，叠加疫情散发对消费的弱化），主要指数中创业板综指下跌超过15%，沪深300指数跌幅也超过10%，市场相对较强的是资源品和偏防御类的价值蓝筹，红利指数一季度涨幅8.8%，是主流指数中表现最好的。报告期内，本基金关注到了市场的相关风险，相应的减持了对外依存度较高的板块和中游制造业，进一步增配了服务业和红利价值蓝筹相关持仓。从实际效果来看，受香港、深圳、上海疫情的影响服务业波动较大，对本基金带来负面效应，红利价值蓝筹相关持仓给基金带来了较好的回报，综合来看，本基金在一季度没有取得正收益，跑输基准。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:01.751Z","fund":{"_id":3000000001445,"stockCode":"001445","stockType":"fund","areaCode":"cn","followedNum":54,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-10T16:00:00.000Z","setUpScale":1798700000,"market":"a","tickerId":1445,"custody":"中国建设银行股份有限公司","name":"华安国企改革主题灵活配置混合型证券投资基金","shortName":"华安国企改革主题灵活配置混合(001445)","fundSecondLevel":"hybrid","__csrcFundId":4143,"fundStatus":"normal","lastUpdated":"2026-04-30T18:00:49.927Z","masterFundFlag":1,"inceptionDate":"2015-06-28T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安国企改革主题灵活配置混合","pinyin":"hagqggztlhpzhhxzqtzjj","managers":[{"stockCode":"j101019812","stockType":"fund_manager","exchange":"fm","tickerId":716246290,"name":"关鹏"}]},"announcement":{"linkText":"华安国企改革主题灵活配置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=722749","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec57d7fea5b3eb04474bf","date":"2021-12-30T16:00:00.000Z","stockId":3000000001445,"sao":"报告期内，受新冠疫情影响市场先抑后扬，货币政策环节较为宽松，以新能源为代表的成长股表现突出。本基金保持中性偏乐观仓位，采取稳健均衡的配置策略，抓住了周期、服务业、风电零部件等板块的投资机会，报告期跑赢基准。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:01.747Z","mo":"展望2022年，宏观经济总量方面我们面临需求收缩、供给冲击、预期回落的现实压力。我们认为2022年市场主要关注点是稳定经济增长，主要的风险点也是经济增长低预期。根据宏观经济的主要矛盾判断，我们认为2022年货币政策易松难紧，社会流动性仍然充裕，财政政策逆周期调节作用将逐步得以体现，2022年仍不乏投资机会。展望证券市场，随着A股整体盈利增速的转弱，高质量盈利的公司会更得到市场的青睐，我们会更加注重企业盈利长期成长的确定性。具体到本基金的配置策略，我们看好三个方向：1）产业周期处于相对底部，前景展望景气，优质公司在产业周期底部基本面持续好转的细分行业。其中主要细分子行业是服务业是养殖业。对于服务业而言，尽管新冠疫情新变种毒株仍在扩散，但是随着疫苗的普及以及特效药的进展，市场对新冠疫情的恐惧已经见底，海外服务业持续处于修复过程中。展望国内，我们预计修复只是时间问题，展望下一个周期，我们认为服务业盈利会迎来好转。我们看好旅游酒店/航空机场/高铁等出行公司。疫情期间这些行业的龙头公司逆势扩张、市场份额进一步提升，产品进一步优化升级，行业竞争格局改善。对于养殖行业，新一轮市场化去产能已经开启，预计随着行业持续亏损和产能去化，养殖行业也有一定布局机会。2）看好盈利稳定的蓝筹红利。蓝筹红利具有稳定的盈利和高分红的特征，具有较为平稳的收益率和较低的波动性，风险收益比较好。3）看好以新能源运营商为代表的稳增长的新基建行业，在稳增长的环境下，政府财政投放对应行业的收入增速就会有一定的表现，新能源方面基建以及数字化等基建属于适度超前的新基建，相关财政投入方向就有可能具有投资机会。除此之外，经过估值调整后，消费类行业很多优质公司估值和长期盈利更加的匹配，我们会把握优质公司的建仓机会。2022年是国企改革三年行动规划的收官之年，国有企业尤其是央企在资产证券化、现代化公司治理等方面仍具有较大可期待的动作，我们将优中选优，充分挖掘治理改善的优质国企！","fund":{"_id":3000000001445,"stockCode":"001445","stockType":"fund","areaCode":"cn","followedNum":54,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-10T16:00:00.000Z","setUpScale":1798700000,"market":"a","tickerId":1445,"custody":"中国建设银行股份有限公司","name":"华安国企改革主题灵活配置混合型证券投资基金","shortName":"华安国企改革主题灵活配置混合(001445)","fundSecondLevel":"hybrid","__csrcFundId":4143,"fundStatus":"normal","lastUpdated":"2026-04-30T18:00:49.927Z","masterFundFlag":1,"inceptionDate":"2015-06-28T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安国企改革主题灵活配置混合","pinyin":"hagqggztlhpzhhxzqtzjj","managers":[{"stockCode":"j101019812","stockType":"fund_manager","exchange":"fm","tickerId":716246290,"name":"关鹏"}]},"announcement":{"linkText":"华安国企改革主题灵活配置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=712452","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec57d7fea5b3eb04474be","date":"2021-09-29T16:00:00.000Z","stockId":3000000001445,"sao":"报告期内，“碳中和，碳达峰”远期规划框架下，地方政府能耗双控政策执行力度逐步趋严，报告期内，长期产能扩张受能源框架约束的上游行业表现较好，以中证500为代表的指数表现超越沪深300和创业板指。本基金长期看好和布局的资本开支受约束的行业以及新能源发电行业表现相对较好，本基金在三季度取得一定超额收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:01.745Z","fund":{"_id":3000000001445,"stockCode":"001445","stockType":"fund","areaCode":"cn","followedNum":54,"blacke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调树立绿色发展理念，优势龙头企业通过规模优势、创新优势、市场优势将进一步增强竞争优势，我们持续看好市场前景广阔的消费、新能源等行业的龙头企业引领增长。另一个不可忽视的方向是中国制造业强势出海，打开国际市场增量空间。2020年新冠疫情期间可能成为中国制造业品牌出海的元年，其市场机遇来自于海外电商渗透率加速提升以及中国制造业产业链和供应链优势。这种趋势在2021年仍有望加速。我们很看好低碳减排对相关行业的重大影响！高耗能行业可能会受到更加严格的政策限制，这类行业未来整体资本开支都将大幅减少，行业龙头企业将迎来“现金流回升，资本开支下降”的黄金十年，我们将优中选优，抓住投资机会。我们看好国有企业的竞争力和发展空间。1、供给侧结构性改革弥补了国有企业过去在成本方面的相对竞争劣势，严苛的环保标准和严格的淘汰落后产能政策作用下，优质国有企业在环保/人工等方面的成本相对劣势在规模经济作用下转变为压倒性的成本竞争优势，龙头企业形成市场份额提升——现金流充裕——设备升级改造的良性循环，在多个细分行业催生了盈利能力较强的冠军。2、国企改革的推进则逐渐弥补了国有企业在公司治理和市场化激励方面的结构性劣势。通过对国有企业分类整合重组，管理协同效应逐步显现；通过推广实施混改、股权激励、员工持股、经营层市场化选聘和薪酬待遇，国有企业在公司治理、市场化激励等方面有了明显变化，优质国有企业的竞争活力在增强。在竞争性行业中也有一批国有企业获得了技术或规模的显著竞争优势，盈利能力稳定提升。例如安防的海康威视，国际免税业的中国中免等。 国务院国资委在国企改革三年行动规划方案中也明确提出”数字化转型，对标世界一流企业，国企管理三年再升级！“。我们相信在供给侧结构性改革以及国企改革的持续推进下，优质国有企业龙头将充分抓住政策机遇，实现飞跃式发展！我们将优中选优，充分享受企业盈利增长的红利！","fund":{"_id":3000000001445,"stockCode":"001445","stockType":"fund","areaCode":"cn","followedNum":54,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-10T16:00:00.000Z","setUpScale":1798700000,"market":"a","tickerId":1445,"custody":"中国建设银行股份有限公司","name":"华安国企改革主题灵活配置混合型证券投资基金","shortName":"华安国企改革主题灵活配置混合(001445)","fundSecondLevel":"hybrid","__csrcFundId":4143,"fundStatus":"normal","lastUpdated":"2026-04-30T18:00:49.927Z","masterFundFlag":1,"inceptionDate":"2015-06-28T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安国企改革主题灵活配置混合","pinyin":"hagqggztlhpzhhxzqtzjj","managers":[{"stockCode":"j101019812","stockType":"fund_manager","exchange":"fm","tickerId":716246290,"name":"关鹏"}]},"announcement":{"linkText":"华安国企改革主题灵活配置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=553768","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec57d7fea5b3eb04474ba","stockId":3000000001445,"sao":"报告期内，在国内经济迅猛恢复以及流动性推动下，市场整体表现较为强劲。本基金持有的免税商业、食品饮料以及高盈利能力的制造业均取得较好的收益。受以上板块的正面带动，本基金三季度取得相对不错的回报。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:01.733Z","fund":{"_id":3000000001445,"stockCode":"001445","stockType":"fund","areaCode":"cn","followedNum":54,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-10T16:00:00.000Z","setUpScale":1798700000,"market":"a","tickerId":1445,"custody":"中国建设银行股份有限公司","name":"华安国企改革主题灵活配置混合型证券投资基金","shortName":"华安国企改革主题灵活配置混合(001445)","fundSecondLevel":"hybrid","__csrcFundId":4143,"fundStatus":"normal","lastUpdated":"2026-04-30T18:00:49.927Z","masterFundFlag":1,"inceptionDate":"2015-06-28T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安国企改革主题灵活配置混合","pinyin":"hagqggztlhpzhhxzqtzjj","managers":[{"stockCode":"j101019812","stockType":"fund_manager","exchange":"fm","tickerId":716246290,"name":"关鹏"}]},"announcement":{"linkText":"华安国企改革主题灵活配置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=486883","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec57d7fea5b3eb04474b9","stockId":3000000001445,"sao":"受新冠疫情冲击，报告期国内外社会和经济发展受到诸多不良影响，资本市场出现巨大波动，投资环境面临较大的不确定性。国内经济和社会的发展与疫情形势密切相关，一季度以防控疫情为主，二季度转变为防控疫情和恢复生产两手抓，经济整体恢复力度较好。基于内外部环境的变化，一季度我们仓位以防御为主，控制仓位加大高股息品种的配置；二季度由防御转为进攻，加大了食品饮料、免税商业、医药服务业的配置。总体而言，在控制风险的前提下，本基金在上半年取得了相对不错的投资业绩。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:01.730Z","mo":"我们认为疫情对于中国经济整体而言类似一次“营业外损失”，在突发事件下，验证了中国经济体较好的治理结构和管理能力，增强了我们对中国经济长期向好的信心。目前我们的疫情拐点、GDP拐点均已出现，企业盈利拐点预计也随之得到验证。在全球宽松背景下，目前市场的流动性宽裕，经济和企业盈利拐点向上的预期下，权益资产的吸引力仍在扩大。中国核心资产的估值在全球资产市场中也极具吸引力，外资持续流入，我们继续看好中国资本市场的表现。自下而上的角度看，我们持续配置拥有好的商业模式和低估值的公司以获取超额收益。从长期盈利能力稳定的角度来看，我们认为酿酒、医药服务业、核心中药、旅游服务业、电商服务业、金融IT（金融服务）、拥有垄断市场的公共设施以及部分核心制造业（管理竞争优势）具有较高的商业壁垒，我们持续跟踪这些优秀的板块寻找合适的投资时点以获取超额收益。","fund":{"_id":3000000001445,"stockCode":"001445","stockType":"fund","areaCode":"cn","followedNum":54,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-10T16:00:00.000Z","setUpScale":1798700000,"market":"a","tickerId":1445,"custody":"中国建设银行股份有限公司","name":"华安国企改革主题灵活配置混合型证券投资基金","shortName":"华安国企改革主题灵活配置混合(001445)","fundSecondLevel":"hybrid","__csrcFundId":4143,"fundStatus":"normal","lastUpdated":"2026-04-30T18:00:49.927Z","masterFundFlag":1,"inceptionDate":"2015-06-28T16:00:00.000Z","fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安国企改革主题灵活配置混合","pinyin":"hagqggztlhpzhhxzqtzjj","managers":[{"stockCode":"j101019812","stockType":"fund_manager","exchange":"fm","tickerId":716246290,"name":"关鹏"}]},"announcement":{"linkText":"华安国企改革主题灵活配置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=453348","linkType":"PDF","source":"csrc_pdf"}}]}