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政治格局带来了巨大的不确定性，美元指数明显走弱，黄金、铜等有色金属明显上涨。市场方面，一季度央行在促进经济发展和维护宏观审慎的政策目标方面进行了一定程度的再平衡，短端资金价格出现了小幅的边际抬升，但总体依然维持了相对宽松的货币环境，债券市场收益率在去年底大幅下行的基础上出现了一定程度的回摆，降息预期有所收敛。二季度央行为应对关税冲击及时作出调整，适时降低了基准利率水平，同时在流动性操作上更加积极，体现为二季度的资金利率出现明显下行，债券市场收益率在一季度回升之后重回下行。从整个上半年看，债券利率水平维持在一个相对较窄的区间内震荡，没有明显的趋势行情。权益市场在一季度总体呈现宽幅震荡，没有明显的趋势行情，成长、周期、红利等板块在一定时间段内均有阶段性表现，二季度受到关税冲击出现了一定的回撤，但很快收复失地，资本市场体现出了极强的韧性，新消费、创新药以及银行等成为二季度表现较优的板块。本报告期内，组合维持了纯债仓位，对利率债进行了波段操作，在维持含权仓位的同时对持仓结构进行了优化。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:47.297Z","mo":"对大多数市场参与者来说，当前权益市场的下行风险是相对可控的，由于关税的影响市场对下半年基本面普遍保守，因此对指数级别的行情预期并不高，多数情况下可能还是指数震荡叠加结构性行情，但是7月以来由于自上而下反内卷政策推动以及雅下工程的开工，带动了一波低位的大市值周期股的上涨，直接将指数带到了3600点附近，从产业上看，AI依然是当前最大的产业趋势，虽然年初Deepseek的出现一度让市场担忧算力过剩，但实际上从海外的进展来看已经被证伪，AI算力仍是军备竞赛的核心，而从下游应用以及token调用上看国内外的推理需求非常旺盛，从趋势上看海外算力趋势更好，但预期差也相对更小，而国内算力由于在二季度出现一些阶段性低于预期的情况，因此当下预期较低，我们认为随着三季度国产算力产能问题被解决，国产算力的逻辑链条能够形成闭环从而形成较大的预期差，因此下半年我们依然非常看好国内算力及相关应用；此外需要密切关注反内卷政策的进展，当下市场火爆反应之后大概率会有一个退潮过程，但我们认为反内卷将是中期很重要的政策目标，这对引导物价在中期维度回升有积极作用；最后关注国内新型政策金融工具的落地，这将有助于提升下半年融资需求，从而对冲出口下滑带来的经济压力。总结一下，下半年比较看好国内科技相关链条、反内卷相关方向以及基本面开始反转向上的军工、医药等，此外二季度预期已经有明显下修的内需品种，例如工程机械、航空、白酒、地产等预计也会有阶段性投资机会。纯债部分依然维持区间震荡思路，虽然下半年经济预期不强，但准财政工具仍在路上，底线思维下债券收益率想要突破前低仍有一定难度，当前收益率水平下保持波段操作思路，久期不宜过度激进，如果反内卷政策能够持续执行下去，物价在中期维度开始回升，那么对债券来说可能是更大的负面因素。珍惜基金份额持有人的每一分投资和每一份信任，本基金将继续奉行华夏基金管理有限公司“为信任奉献回报”的经营理念，规范运作，审慎投资，勤勉尽责地为基金份额持有人谋求长期、稳定的回报。","fund":{"_id":3000000000121,"stockCode":"000121","stockType":"fund","areaCode":"cn","followedNum":30,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-07-17T16:00:00.000Z","setUpScale":1703910000,"market":"a","tickerId":121,"custody":"中国农业银行股份有限公司","name":"华夏永福混合型证券投资基金","shortName":"华夏永福混合(000121)","fundSecondLevel":"hybrid","__csrcFundId":3464,"fundStatus":"normal","lastUpdated":"2026-04-30T17:21:14.569Z","masterFundFlag":1,"inceptionDate":"2013-08-12T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏永福混合","pinyin":"hxyfhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101020237","stockType":"fund_manager","exchange":"fm","tickerId":122420251210,"name":"陆晓天"},{"stockCode":"j101016755","stockType":"fund_manager","exchange":"fm","tickerId":2312261210,"name":"王磊"}]},"announcement":{"linkText":"华夏永福混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1347590","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec173d4369c9c836d22ad","date":"2025-03-30T16:00:00.000Z","stockId":3000000000121,"sao":"2025年一季度，国内经济平稳开局，开门红成色尚可，房地产市场有望在低位逐步企稳，开发商拿地积极性明显提升，消费补贴扩大品类，行业反内卷也在稳步推进，目前已经看到钢铁、光伏等产能过剩行业开始了行业自律行为，约束供给，但经济的长期隐忧仍然存在，供需格局总体依然偏弱，物价水平仍在低位徘徊。国际方面，特朗普在上任之初就开始频繁使用关税武器，美国优先的孤立主义给全球贸易和地缘政治格局带来了巨大的不确定性，美元指数明显走弱，美股大跌。市场方面，一季度央行在促进经济发展和维护宏观审慎的政策目标方面进行了一定程度的再平衡，短端资金价格出现了小幅的边际抬升，但总体依然维持了相对宽松的货币环境，债券市场收益率在去年底大幅下行的基础上出现了一定程度的回摆，降息预期有所收敛。权益市场在一季度总体呈现宽幅震荡，没有明显的趋势行情，成长、周期、红利等板块在一定时间段内均有阶段性表现。本报告期内，组合维持了信用债仓位，对利率债进行了波段操作，在维持含权仓位的同时对持仓结构进行了优化。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:47.293Z","fund":{"_id":3000000000121,"stockCode":"000121","stockType":"fund","areaCode":"cn","followedNum":30,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-07-17T16:00:00.000Z","setUpScale":1703910000,"market":"a","tickerId":121,"custody":"中国农业银行股份有限公司","name":"华夏永福混合型证券投资基金","shortName":"华夏永福混合(000121)","fundSecondLevel":"hybrid","__csrcFundId":3464,"fundStatus":"normal","lastUpdated":"2026-04-30T17:21:14.569Z","masterFundFlag":1,"inceptionDate":"2013-08-12T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏永福混合","pinyin":"hxyfhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101020237","stockType":"fund_manager","exchange":"fm","tickerId":122420251210,"name":"陆晓天"},{"stockCode":"j101016755","stockType":"fund_manager","exchange":"fm","tickerId":2312261210,"name":"王磊"}]},"announcement":{"linkText":"华夏永福混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1271689","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec173d4369c9c836d22ac","date":"2024-12-30T16:00:00.000Z","stockId":3000000000121,"sao":"2024年，国际方面，伴随着美国通胀下行失业率回升，美联储开启了新一轮降息周期，全年降息三次总计幅度100bp，特朗普强势回归赢得新一届美国总统选举，美国孤立主义政策下给未来全球贸易和地缘格局带来巨大的不确定性，欧洲经济在俄乌冲突和高通胀的拖累下表现低迷。大宗商品方面，由于全球利率下行叠加地缘政治的不确定性，黄金的表现在2024年异常亮眼。国内方面，2024年经济的压力依然不小，房地产行业的下行成为经济的最大拖累，而地方政府的债务压力也使得政府投资开始放缓，不过最终依然努力实现了全年的经济增长目标，实属不易。为了解决经济中存在的种种矛盾和问题，在9月末中央推出了一揽子宏观政策，主要方向在改善房地产行业供需关系、化解地方政府债务问题以及提供消费补贴提振消费需求等。通胀方面，由于经济中供求关系的不平衡，通胀始终处于相对低迷的状态，未来促进物价的温和回升也成为政策中非常重要的一环。市场方面，央行一直维持了相对宽松的货币政策，全年进行了两次降息两次降准，债券收益率全年几乎单边下行，信用利差持续压缩，2024年债券市场还有一个重要的现象就是超长期利率债受到了市场前所未有的追捧，相应的债券指数基金规模爆发增长。权益市场表现则要跌宕起伏很多，前三季度主要是红利类资产一枝独秀，而三季度末在宏观政策的持续出台下，权益市场出现了快速拉升，一扫前期低迷的阴霾，市场风险偏好明显回升，成交量也显著放大，在此过程中弹性较大的成长风格表现尤为突出。本报告期内，组合维持了纯债仓位，对利率债进行了波段操作，在维持含权仓位的同时对持仓结构进行了优化。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:47.290Z","mo":"2025年年初，Deepseek的横空出世和“哪吒”的爆火似乎预示着一个不平凡的开始，特朗普上任之初便开始挥舞关税大棒，但就目前而言并没有对国内产生实质影响。从经济内生动能看，2025年的积极因素在增多。首先作为过去拖累经济最大的房地产行业今年有望逐步企稳，去年四季度以来核心城市的房地产市场已经出现了好转迹象，主要体现在成交的放量和价格的企稳，而且这一趋势还在延续；其次是地方政府债务的化解给了地方政府更多的空间腾挪，从而促进政府投资；最后两重两新政策在需求端的发力以及重视约束供给侧将逐步改善供需关系，有利于提升物价水平。从投资策略来看，我们需要格外重视经济内生动能的变化给市场带来的巨大改变。对债券市场而言，当下的债券收益率已经隐含了较为充足的降息预期，而一旦经济开始企稳回升，对债券市场的冲击将不可避免，因此对于2025年的债券投资我们将重视风险放在获取收益之前，在市场没有出现足够安全边际之前将以较低的风险敞口暴露来回避一些潜在的利率风险。对权益市场而言，我们认为需要积极把握机会，通过适当承担一定的风险来扩大潜在收益，除了一直战略配置的硬科技之外，在内生动能回升的过程中逐步向顺周期品种做一些切换，例如地产、工程机械、钢铁、有色等。珍惜基金份额持有人的每一分投资和每一份信任，本基金将继续奉行华夏基金管理有限公司“为信任奉献回报”的经营理念，规范运作，审慎投资，勤勉尽责地为基金份额持有人谋求长期、稳定的回报。","fund":{"_id":3000000000121,"stockCode":"000121","stockType":"fund","areaCode":"cn","followedNum":30,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-07-17T16:00:00.000Z","setUpScale":1703910000,"market":"a","tickerId":121,"custody":"中国农业银行股份有限公司","name":"华夏永福混合型证券投资基金","shortName":"华夏永福混合(000121)","fundSecondLevel":"hybrid","__csrcFundId":3464,"fundStatus":"normal","lastUpdated":"2026-04-30T17:21:14.569Z","masterFundFlag":1,"inceptionDate":"2013-08-12T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏永福混合","pinyin":"hxyfhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101020237","stockType":"fund_manager","exchange":"fm","tickerId":122420251210,"name":"陆晓天"},{"stockCode":"j101016755","stockType":"fund_manager","exchange":"fm","tickerId":2312261210,"name":"王磊"}]},"announcement":{"linkText":"华夏永福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=1250888","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec173d4369c9c836d22ab","date":"2024-09-29T16:00:00.000Z","stockId":3000000000121,"sao":"2024年三季度，国内经济呈现出较大的分化，外需依旧延续了年初以来较强的表现，但内需出现了较大的压力，尤其是三季度消费增速下行幅度较大，预计三季度经济增速会低于年初制定的目标，更为重要的是，由于总需求不足导致价格压力持续，GDP平减指数持续处在0以下，导致了名义经济增长比实际增长更低，从而导致企业端营收和政府税收收入上的压力。政策方面，7月政治局会议表明政策开始转向扩大总需求，9月下旬的一揽子政策更是这一方向的明确。国际方面，美联储在9月议息会议上决定降息50bp，开启新一轮的降息周期，同时也减轻了对国内政策的压制，人民币汇率应声上涨。市场方面，三季度央行进行了降息操作，资金市场整体维持中性，由于金融脱媒现象仍在持续，非银机构购债的力量持续推动债券收益率下行，随着绝对收益率的下降，资金越来越多的追逐更高票息的长久期资产。权益市场在三季度持续走弱，前期表现一度占优的红利资产由于基本面同样受到宏观经济的压力而出现调整，随着9月下旬一揽子政策的出台，权益市场风险偏好出现明显抬升，市场快速反弹。本报告期内，组合维持了信用债仓位，对利率债进行了波段操作，在维持含权仓位的同时对持仓结构进行了优化。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:47.286Z","fund":{"_id":3000000000121,"stockCode":"000121","stockType":"fund","areaCode":"cn","followedNum":30,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-07-17T16:00:00.000Z","setUpScale":1703910000,"market":"a","tickerId":121,"custody":"中国农业银行股份有限公司","name":"华夏永福混合型证券投资基金","shortName":"华夏永福混合(000121)","fundSecondLevel":"hybrid","__csrcFundId":3464,"fundStatus":"normal","lastUpdated":"2026-04-30T17:21:14.569Z","masterFundFlag":1,"inceptionDate":"2013-08-12T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏永福混合","pinyin":"hxyfhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101020237","stockType":"fund_manager","exchange":"fm","tickerId":122420251210,"name":"陆晓天"},{"stockCode":"j101016755","stockType":"fund_manager","exchange":"fm","tickerId":2312261210,"name":"王磊"}]},"announcement":{"linkText":"华夏永福混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1175290","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec173d4369c9c836d22aa","date":"2024-06-29T16:00:00.000Z","stockId":3000000000121,"sao":"2024年上半年，国内经济稳健运行，GDP增速5%，达到年初制定的增长目标，不过也需要看到当前外部环境变化带来的不利影响增多，国内有效需求不足，经济运行出现分化，重点领域风险隐患仍然较多，新旧动能转换存在阵痛，这些都是未来需要解决的经济运行中的问题。政策方面，主要集中出台了改善地产供需两端的相关政策以及落地超长期特别国债的发行工作，货币端维持稳健偏宽松的状态，整体通胀压力略有缓解。海外主要经济体上半年经济也开始出现分化，服务业依然强劲但制造业开始回落，海外通胀也处在缓慢下行通道，一些经济体已经开始降息，预计美联储也将在下半年开启降息操作。市场方面，上半年债券到期收益率持续下行，尤其在二季度取消银行手工补息等政策后，金融脱媒的现象有所加剧，表外理财以及公募债券基金规模扩张明显，短期增加了对安全资产的需求，导致收益率曲线进一步平坦化，信用利差也压缩到极致。权益市场上半年在极低的风险偏好以及较弱的企业盈利预期下总体表现不佳，总的来看上半年市场风格延续了去年四季度以来的红利资产占优的格局，此外一些业绩持续超预期且估值相对合理的板块例如电力设备、消费电子、PCB等也有一定的表现。可转债市场同样表现低迷，除了权益市场本身处于弱势之外，上半年可转债市场也遇到了一定的信用和退市风险，导致市场的尾部风险被放大。本报告期内，组合维持了信用债仓位，对利率债进行了波段操作，在维持含权仓位的同时对持仓结构进行了优化。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:47.283Z","mo":"上证指数在上半年末时再次回落至3000点下方，5月中旬以来基本面开始走弱，5、6两个月PMI连续低于50，叠加海外贸易保护加剧且欧美经济也开始边际走弱，下半年的经济压力是有所增大的。上半年依靠出口将经济维持在5%左右的增速，下半年如果出口承压，想要达到预定目标需要更加注重内需的支持力度，这可能需要看到地产销售的持续恢复、房价下跌斜率放缓以及通过改革进一步释放财政支持力度，这些都不容易，但都是释放内需潜力的前置条件。央行对超长期限债券的持续关注仍值得重视，债市转向的前提条件也是内需企稳。债券资产预计在内需没有明确企稳之前仍有持有价值，但也需要注意可能存在的回调风险，当前债市的主要驱动力来自大量的资金涌入，经济基本面并不是最主要的矛盾。上证指数在3000点以下风险释放较为充分，但同时我们也需要认识到在内需没有出现好转之前大概率还是结构性行情，策略上积极关注上市公司中报业绩，重点关注汽车、家电、电子、地产等方向。珍惜基金份额持有人的每一分投资和每一份信任，本基金将继续奉行华夏基金管理有限公司“为信任奉献回报”的经营理念，规范运作，审慎投资，勤勉尽责地为基金份额持有人谋求长期、稳定的回报。","fund":{"_id":3000000000121,"stockCode":"000121","stockType":"fund","areaCode":"cn","followedNum":30,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-07-17T16:00:00.000Z","setUpScale":1703910000,"market":"a","tickerId":121,"custody":"中国农业银行股份有限公司","name":"华夏永福混合型证券投资基金","shortName":"华夏永福混合(000121)","fundSecondLevel":"hybrid","__csrcFundId":3464,"fundStatus":"normal","lastUpd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场在内外部压力下全年弱势走熊，能源相关的板块成为全年几乎唯一的亮点。本报告期内，组合降低了债券久期，并降低了股票和转债持仓。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:47.262Z","mo":"从大的宏观环境上来看，随着地产行业的逐步企稳以及防疫政策的一步到位，经济面临的环境确定性在好转，不确定的是经济向上的高度和持续时间，这也是影响2023年投资节奏关键的因素。从消费、投资和出口来看，上半年出口依然确定性向下，下半年需要看海外尤其是美国的衰退程度，消费由于二季度的低基数以及防疫限制性措施的放开会有确定性的抬升，地产投资对经济的拖累进一步降低，基建和制造业投资波动相对小一些，但一个受制于财政压力，另一个受制于企业盈利仍在下行区间，因此向上也没有弹性，所以在没有过度财政刺激的基准假设下，今年的经济理应是一个缓慢复苏的过程。展望资产价格的表现，在一个相对缓慢的弱复苏环境下，对应着债券市场收益率即使上行高度也有限，而风险资产在度过了最艰难的时刻之后底部已经比较明确，但不宜对向上的高度抱有太高的期待，更多应立足中长期从产业发展的角度看中国经济未来发展的新路径。从投资策略上看，今年的债券投资主要在于控制久期的情况下提升静态，进攻的机会需要等待收益率的上行，权益市场在估值修复后更加注重产业政策引导下的投资机会。珍惜基金份额持有人的每一分投资和每一份信任，本基金将继续奉行华夏基金管理有限公司“为信任奉献回报”的经营理念，规范运作、审慎投资，勤勉尽责地为基金份额持有人谋求长期、稳定的回报。","fund":{"_id":3000000000121,"stockCode":"000121","stockType":"fund","areaCode":"cn","followedNum":30,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-07-17T16:00:00.000Z","setUpScale":1703910000,"market":"a","tickerId":121,"custody":"中国农业银行股份有限公司","name":"华夏永福混合型证券投资基金","shortName":"华夏永福混合(000121)","fundSecondLevel":"hybrid","__csrcFundId":3464,"fundStatus":"normal","lastUpdated":"2026-04-30T17:21:14.569Z","masterFundFlag":1,"inceptionDate":"2013-08-12T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏永福混合","pinyin":"hxyfhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101020237","stockType":"fund_manager","exchange":"fm","tickerId":122420251210,"name":"陆晓天"},{"stockCode":"j101016755","stockType":"fund_manager","exchange":"fm","tickerId":2312261210,"name":"王磊"}]},"announcement":{"linkText":"华夏永福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=865617","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec173d4369c9c836d22a3","date":"2022-09-29T16:00:00.000Z","stockId":3000000000121,"sao":"2022年三季度，俄乌冲突延续，全球地缘风险高发，以欧美为首的海外绝大多数国家持续受到高通胀的侵袭，虽然通胀读数似乎在三季度见到拐点，但通胀的黏性很强，通胀下行的速度明显低于预期，使得美联储持续超预期的在三季度快速加息，美元指数在三季度上涨近10%，10年期美债利率也一举突破4%，均创下了过去十多年的新高，由于美元的强势，使得非美资产在三季度受到了很大的压力。对国内来说三季度经济经历了又一次的下探，地产依然处在下行周期，虽然稳增长的措施陆续推出，但我们也必须承认持续不断的疫情散发对地产和汽车等销售的影响依然较大，不过国内整体的通胀压力是比较可控的，这也为稳增长政策提供了空间。市场方面，央行在三季度进一步引导市场利率下行，并下调了政策利率，债券收益率在7、8月经济再次下探的背景下出现了比较明显的下行，但进入9月之后随着美元的强势上涨，国内外流动性均出现了收紧的局面，导致国内债券收益率跟随海外也出现了一定幅度的上行。权益市场在三季度表现不佳，虽然部分中小盘的股票阶段性有所表现吸引了部分人气，但受制于整体经济压力和海外流动性的持续收紧，各大宽基指数均处在调整区间。转债市场同样表现欠佳，估值水平有所回落但绝对水平仍高。本报告期内，组合提高了债券久期，并调整了股票和转债持仓结构。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:47.259Z","fund":{"_id":3000000000121,"stockCode":"000121","stockType":"fund","areaCode":"cn","followedNum":30,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-07-17T16:00:00.000Z","setUpScale":1703910000,"market":"a","tickerId":121,"custody":"中国农业银行股份有限公司","name":"华夏永福混合型证券投资基金","shortName":"华夏永福混合(000121)","fundSecondLevel":"hybrid","__csrcFundId":3464,"fundStatus":"normal","lastUpdated":"2026-04-30T17:21:14.569Z","masterFundFlag":1,"inceptionDate":"2013-08-12T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏永福混合","pinyin":"hxyfhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101020237","stockType":"fund_manager","exchange":"fm","tickerId":122420251210,"name":"陆晓天"},{"stockCode":"j101016755","stockType":"fund_manager","exchange":"fm","tickerId":2312261210,"name":"王磊"}]},"announcement":{"linkText":"华夏永福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=803572","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec173d4369c9c836d22a2","date":"2022-06-29T16:00:00.000Z","stockId":3000000000121,"sao":"2022年上半年，国内外都出现了很多意想不到的重大事件，俄乌冲突的爆发导致全球能源价格暴涨和局部的不稳定性，而奥密克戎变异株的高传播性也导致了国内疫情防控压力前所未有，全球经济都遭受了新一轮的打击，IMF接连下调各国经济增长预期。美联储上半年持续超预期的加息，使得10年期美债收益率一度触及3.5%的高位，风险资产和多数大宗商品价格伴随加息而引发的衰退预期出现了明显下跌。国内经济由于新冠疫情在全国范围内的爆发受到冲击，疫后稳增长的诉求进一步提升，货币政策持续维持宽松，6月以后各项经济数据环比明显回升，但地产行业由于剧烈的信用收缩导致前景依然黯淡。市场方面，央行在年初即降低了政策利率,货币政策始终维持相对宽松，债券收益率在1月快速下行之后转入震荡回升，随后在4月国内疫情爆发之后进一步向下。权益市场波动巨大，前四个月由于各种黑天鹅事件导致市场深度调整，随后复工复产供应链迅速修复之后在新能源车、光伏等高端制造板块的带领下市场出现了快速反弹，到二季度末基本上修复了因疫情导致的下跌。转债市场同样在正股的带动下先抑后扬，转债估值依然维持在较高水平。本报告期内，组合灵活调整了债券久期，并调整了股票和转债持仓结构。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:47.255Z","mo":"6月是真正意义上的疫后修复的第一个月，与2020年那轮疫后修复不同的是，此轮向上修复的弹性市场普遍认为是较弱的，核心还是地产对经济的约束太大，而海外经济虽然不见得马上进入衰退，但从高位回落是大概率事件，国内外经济错位对市场的影响似乎有可能跟过去一年形成镜像。具体来说，对权益市场而言我们将更加关注内需改善方向，尤其是受益于成本端改善逻辑的家电、建材、家居等板块，同时随着地产纾困政策的落地，前期受到压制的银行等板块也会受益经济改善预期而估值得到一定修复，对于高端制造板块，我们更加聚焦在以军工为代表的需求稳定板块。对于债券市场而言，经济依然有二次探底的风险，货币市场利率进一步下探，整体看当前债券市场风险可控，需要密切关注地产和财政政策的落地情况。结合当前市场观点，后续会重点关注经济基本面的修复情况，尤其是融资和地产数据，验证期期间计划继续逢高兑现一部分权益资产，尤其是前期反弹幅度较大的个股，待后续市场方向明确之后再进行加减仓，当前比较看好的方向依然是受益疫后恢复的大消费，包括食品饮料、建材家居家电以及估值水平在绝对低位安全边际充足的银行和建筑板块。债券部分目前还是以持有5年以内信用债为主，后续关注长债的配置机会。珍惜基金份额持有人的每一分投资和每一份信任，本基金将奉行华夏基金管理有限公司“为信任奉献回报”的经营理念，规范运作，审慎投资，勤勉尽责地为基金份额持有人谋求长期、稳定的回报。","fund":{"_id":3000000000121,"stockCode":"000121","stockType":"fund","areaCode":"cn","followedNum":30,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-07-17T16:00:00.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