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震荡下跌。风格上，小盘表现优于大盘；行业层面，高股息和TMT板块表现占优。债市方面，2023年债券利率震荡下行，总体呈现慢牛格局。本基金权益仓位维持在较低水平。股票方面，年初持仓以成长板块为主，后期增加了红利资产配置。债券方面，债券持仓以国债为主，四季度提高了可转债的配置。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:11.652Z","mo":"从当下经济和政策所处的位置来看，基本确认政策底可见，但演绎过程仍需观察，该阶段可能持续较长时间，核心在于高质量发展的理念下，缺乏短期快速加杠杆的主体。展望2024年，债券市场转熊的压力不大，短期波动源自于政策和市场预期的摇摆。目前的收益率曲线平坦、各项利差均处于低位，由于经济仍然面临一定压力，需要货币政策的配合，因此总的流动性环境仍较为友好，在降准降息的政策落地后，可以期待中短端的曲线走陡。债券端短端期待资金端的进一步宽松，长端立足于较弱的基本面，持仓还是以高流动性为优先，哑铃型的久期配置可能更有效。权益端拟适当提升仓位，短期关注成长超跌修复，中期仍关注价值和国企的核心资产低位布局机会；主要关注3条主线：金融地产国企、红利资产、消费核心资产。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":3000000004048,"stockCode":"004048","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-03-01T16:00:00.000Z","setUpScale":500032000,"market":"a","tickerId":4048,"custody":"中国建设银行股份有限公司","name":"华夏新锦汇灵活配置混合型证券投资基金","shortName":"华夏新锦汇混合(004048)","fundSecondLevel":"hybrid","__csrcFundId":1507,"fundStatus":"normal","lastUpdated":"2026-04-30T19:05:00.128Z","masterFundFlag":1,"inceptionDate":"2017-03-07T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新锦汇混合","pinyin":"hxxjhlhpzhhxzqtzjj","managers":[{"stockCode":"db20814385","stockType":"fund_manager","exchange":"fm","tickerId":810230480,"name":"胡杰"}]},"announcement":{"linkText":"华夏新锦汇灵活配置混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1048970","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a37fea5b3eb046ea3c","date":"2023-09-29T16:00:00.000Z","stockId":3000000004048,"sao":"债券市场方面，7 月美联储继续加息，隔夜利率来到了5.25-5.5%。此次加息后美国联邦基金利率升至2001年以来最高水平。美国连续快速的加息对新兴市场产生了一定外溢效应。国内方面，政治局会议定调出现转向后，陆续出台了城中村改造、地方政府债务一揽子化解、“认房认贷”和多个城市落地不同程度放松限购、资本市场提振市场信心等政策，验证了“政策底”，但整个三季度市场预期和实际数据阶段性错位，地产销售和投资仍处于下行趋势，因此债券市场波动明显，8月收益率曲线先平坦化下移，二度降息之后政策预期以及资金面的边际收紧带动曲线熊平。目前各品种收益率，除30年国债和10年国开以外，基本回到了5月平台期的水平。流动性方面，8月15日央行宣布MLF以及OMO利率降低10BP，9月15日再次宣布存款准备金利率降低0.25%，但由于央行重提防止资金空转、汇率贬值、贷款回升和政府债缴款等影响，银行间资金并不宽裕。降准、降息前后银行间资金面波动较大，一年期存单收益在8月中旬降低到2.20%，随后反弹到2.4%附近最终9月底上行至2.5%以上，因此组合在季末资金利率较高的阶段提升了长期回购的占比。股票市场方面，7月政治局会议后宽信用政策加速落地，但从7、8月经济数据来看经济仍在磨底而非反转，在强货币+弱信用组合下，三季度红利和主题策略仍然占优。基于经济筑底阶段企业盈利预期不稳定，股市难有趋势性机会，操作上，本基金仍然维持偏低仓位，配置了部分红利风格资产，持仓结构上以成长和红利风格为主；组合的债券持仓仍然以交易所国债为主，债券仓位小幅下降，久期对应有所降低。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:11.649Z","fund":{"_id":3000000004048,"stockCode":"004048","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-03-01T16:00:00.000Z","setUpScale":500032000,"market":"a","tickerId":4048,"custody":"中国建设银行股份有限公司","name":"华夏新锦汇灵活配置混合型证券投资基金","shortName":"华夏新锦汇混合(004048)","fundSecondLevel":"hybrid","__csrcFundId":1507,"fundStatus":"normal","lastUpdated":"2026-04-30T19:05:00.128Z","masterFundFlag":1,"inceptionDate":"2017-03-07T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新锦汇混合","pinyin":"hxxjhlhpzhhxzqtzjj","managers":[{"stockCode":"db20814385","stockType":"fund_manager","exchange":"fm","tickerId":810230480,"name":"胡杰"}]},"announcement":{"linkText":"华夏新锦汇灵活配置混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=986467","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a37fea5b3eb046ea3b","date":"2023-06-29T16:00:00.000Z","stockId":3000000004048,"sao":"债券市场方面，今年年初信贷表现较好，经济呈现复苏局面，但持续性存在分歧，以十年期利率为代表的长端利率债在一季度出现新高，但整体震荡为主跌幅不大；流动性总量充足但对宽信用的指向性较强，对应资金利率波动大、1年存单收益抬升，使得曲线偏平坦、3年以内的短期品种跟随资金利率波动。到了二季度，资金面偏宽松，央行净回笼10790亿元，DR007较3月底下行70bp；利率债方面，收益率曲线持续下行，短端利率下行较多；信用债方面，高等级信用债收益率持续下行，短端下行幅度大于长端。组合均衡配置了关键期限的国债，在流动性管理上，利用回购等提高资金使用效率。股票市场方面，一季度市场经历了对经济复苏强预期向弱现实回归的波动，并在风格上出现了较大切换，政府坚持高质量发展道路，对经济只托底不刺激。操作上在2月增加了顺周期行业的配置，但3月市场热点切换较快，故降低仓位以控制市场波动风险。4-6月经济数据持续羸弱，超出了市场的预期，因此在TMT大幅回调后，市场仍然选择了偏主题的方向。我们操作上，6月进行了增仓，结构整体偏成长。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:11.647Z","mo":"当前宽信用政策仍处吹风阶段，并没有实际落地，因此我们当前仍假设强货币+弱信用组合，主题投资短期内占优，机器人、信创等明确有时间节点的方向加大关注。AI相关政策在党中央会议密集加码后，国务院和地方政府推进可能形成新的政策共振。估值角度，由于7月政治局会议刺激的行业（非银、地产）处于低估状态，故短期不宜过分偏离指数。随着时间的推移，我们认为，待8-9月库存见底后，市场宽信用预期渐起，对应配置转向可选消费（汽车、白酒、医药）、周期（有色、钢铁、化工）。短期内，政策刺激（活跃资本市场、地产）的程度、调控（医药反腐）力度等都存分歧，因此行情呈博弈状态，但齿轮已经开始转动，犹豫孕育着机会。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":3000000004048,"stockCode":"004048","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-03-01T16:00:00.000Z","setUpScale":500032000,"market":"a","tickerId":4048,"custody":"中国建设银行股份有限公司","name":"华夏新锦汇灵活配置混合型证券投资基金","shortName":"华夏新锦汇混合(004048)","fundSecondLevel":"hybrid","__csrcFundId":1507,"fundStatus":"normal","lastUpdated":"2026-04-30T19:05:00.128Z","masterFundFlag":1,"inceptionDate":"2017-03-07T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新锦汇混合","pinyin":"hxxjhlhpzhhxzqtzjj","managers":[{"stockCode":"db20814385","stockType":"fund_manager","exchange":"fm","tickerId":810230480,"name":"胡杰"}]},"announcement":{"linkText":"华夏新锦汇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=957621","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a37fea5b3eb046ea3a","date":"2023-03-30T16:00:00.000Z","stockId":3000000004048,"sao":"债券市场方面，今年年初信贷表现较好，经济呈现复苏局面，但持续性存在分歧，以十年期利率为代表的长端利率债在一季度出现新高，但整体震荡为主，跌幅不大；流动性总量充足但对宽信用的指向性较强，对应资金利率波动大、1年存单收益抬升，使得曲线偏平坦、3年以内的短期品种跟随资金利率波动。股票市场方面，一季度市场经历了对经济复苏强预期向弱现实回归的波动，并在风格上出现了较大切换，政府坚持高质量发展道路，对经济只托底不刺激。报告期内，组合在债券方面，除了保持流动性比例买入1年以内短期国债以外，平均配置了关键期限的国债，久期与基准相比较为中性。流动性管理上，利用回购等提高资金使用效率。在股票方面，组合在2月增加了顺周期行业的配置，但3月市场热点切换较快，故降低仓位以控制市场波动风险。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:11.644Z","fund":{"_id":3000000004048,"stockCode":"004048","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-03-01T16:00:00.000Z","setUpScale":500032000,"market":"a","tickerId":4048,"custody":"中国建设银行股份有限公司","name":"华夏新锦汇灵活配置混合型证券投资基金","shortName":"华夏新锦汇混合(004048)","fundSecondLevel":"hybrid","__csrcFundId":1507,"fundStatus":"normal","lastUpdated":"2026-04-30T19:05:00.128Z","masterFundFlag":1,"inceptionDate":"2017-03-07T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新锦汇混合","pinyin":"hxxjhlhpzhhxzqtzjj","managers":[{"stockCode":"db20814385","stockType":"fund_manager","exchange":"fm","tickerId":810230480,"name":"胡杰"}]},"announcement":{"linkText":"华夏新锦汇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/di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流动性整体宽松充裕，无风险利率处于相对低位。权益市场受风险偏好持续下行的影响，波动较大。报告期内，本基金的权益投资主要以业绩确定性强、盈利增速和估值水平相匹配的新能源和高端制造等板块为主。固定收益投资兼顾流动性和收益性，主要以短久期利率债为主进行配置。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:11.639Z","fund":{"_id":3000000004048,"stockCode":"004048","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-03-01T16:00:00.000Z","setUpScale":500032000,"market":"a","tickerId":4048,"custody":"中国建设银行股份有限公司","name":"华夏新锦汇灵活配置混合型证券投资基金","shortName":"华夏新锦汇混合(004048)","fundSecondLevel":"hybrid","__csrcFundId":1507,"fundStatus":"normal","lastUpdated":"2026-04-30T19:05:00.128Z","masterFundFlag":1,"inceptionDate":"2017-03-07T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新锦汇混合","pinyin":"hxxjhlhpzhhxzqtzjj","managers":[{"stockCode":"db20814385","stockType":"fund_manager","exchange":"fm","tickerId":810230480,"name":"胡杰"}]},"announcement":{"linkText":"华夏新锦汇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=803540","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a37fea5b3eb046ea37","date":"2022-06-29T16:00:00.000Z","stockId":3000000004048,"sao":"从国际方面看，俄乌地缘战争出现长期化势头，能源和农产品价格保持强势，全球经济通胀压力显著抬升。为应对通胀高企，美联储加息缩表，美元走强，10年美债利率大幅上行后又因衰退预期出现下行。在新冠疫情的持续扰动下，国内经济压力有所加大。稳增长政策不断发力，逆周期调节助力经济企稳改善。货币政策宽松延续，实体经济融资需求疲弱，资金利率维持在较低水平。国内疫情出现趋势性好转，经济基本面边际向好，但仍需时间验证稳增长政策的有效性，报告期内，本基金增加了股票仓位，主要以业绩确定性强、盈利增速和估值水平相匹配的消费和高端制造等板块为主。固定收益投资兼顾流动性和收益性，主要以短久期利率债为主进行配置。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:11.636Z","mo":"七月之后国内多地出现零星新冠确诊病例，但疫情再次出现聚集大规模爆发的可能性较小，防疫政策上提出拒绝“一刀切”，复产复工持续推进。稳增长一揽子政策将在三季度落地生效，经济大概率会向潜在增长水平回归。资金面仍将保持宽松充裕，但未来出台超预期的财政政策的可能性较小，政策利率下降的空间有限，预计利率呈现区间震荡走势的可能性较大。市场风险偏好明显提升，A股摆脱外围货币紧缩影响开启独立行情。在经过前期反弹之后，市场大概率进入分化期，业绩驱动将成为未来行情的核心主导，看好受益于疫后复苏，行业估值处在历史相对低位的白酒、农业和医药板块，以及受益于国家政策重点扶持的高景气板块，如光伏、储能和新能源整车上下游。","fund":{"_id":3000000004048,"stockCode":"004048","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-03-01T16:00:00.000Z","setUpScale":500032000,"market":"a","tickerId":4048,"custody":"中国建设银行股份有限公司","name":"华夏新锦汇灵活配置混合型证券投资基金","shortName":"华夏新锦汇混合(004048)","fundSecondLevel":"hybrid","__csrcFundId":1507,"fundStatus":"normal","lastUpdated":"2026-04-30T19:05:00.128Z","masterFundFlag":1,"inceptionDate":"2017-03-07T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新锦汇混合","pinyin":"hxxjhlhpzhhxzqtzjj","managers":[{"stockCode":"db20814385","stockType":"fund_manager","exchange":"fm","tickerId":810230480,"name":"胡杰"}]},"announcement":{"linkText":"85华夏新锦汇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=781246","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a37fea5b3eb046ea36","date":"2022-03-30T16:00:00.000Z","stockId":3000000004048,"sao":"年初以来，国内经济在稳增长政策不断发力的支持下企稳改善，前两个月经济数据好于预期。出口保持较高增速，固定资产投资增速稳中有升，消费也出现一定程度的改善，通胀仍然维持在较低水平。但从资本市场近期的大幅波动来看，市场预期对宏观基本面的判断仍有较大分歧。从国际方面看，俄乌地缘战争引发大宗商品价格飙升，对中下游企业盈利造成不利影响，加大全球经济出现滞涨的可能性。为应对通胀的高企，美联储态度由鸽转鹰，3月份中旬开启加息并将在近期开始缩表，海外货币紧缩将对国内风险资产的估值水平造成一定扰动。新冠疫情在国内多个地区出现反弹，特别是深圳、上海等一线城市实行封控管理，疫情防控压力明显加大，短期对消费的实质性复苏产生较大影响。从近期的房地产数据来看，商品房销售和房贷增长情况都低于预期，民营房地产企业的流动性压力仍然较大，市场仍需更有力度的政策保证房地产行业的良性发展。两会将2022年经济增速目标定在相对进取的5.5%，体现了政府稳经济、保增长的决心，后续大概率会有相关积极政策陆续出台稳定市场预期。报告期内，本组合降低了权益仓位，主要以业绩确定性强、盈利增速和估值水平相匹配的新基建和大消费等板块为主。固定收益投资兼顾流动性和收益性，主要以短久期利率债为主进行配置。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:11.634Z","fund":{"_id":3000000004048,"stockCode":"004048","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-03-01T16:00:00.000Z","setUpScale":500032000,"market":"a","tickerId":4048,"custody":"中国建设银行股份有限公司","name":"华夏新锦汇灵活配置混合型证券投资基金","shortName":"华夏新锦汇混合(004048)","fundSecondLevel":"hybrid","__csrcFundId":1507,"fundStatus":"normal","lastUpdated":"2026-04-30T19:05:00.128Z","masterFundFlag":1,"inceptionDate":"2017-03-07T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新锦汇混合","pinyin":"hxxjhlhpzhhxzqtzjj","managers":[{"stockCode":"db20814385","stockType":"fund_manager","exchange":"fm","tickerId":810230480,"name":"胡杰"}]},"announcement":{"linkText":"华夏新锦汇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=722131","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a37fea5b3eb046ea35","date":"2021-12-30T16:00:00.000Z","stockId":3000000004048,"sao":"2021年全球经济在多轮疫情的负面影响下艰难复苏，海外主要经济体采取了较大力度的财政刺激政策来对冲经济下行压力。充裕的流动性、劳动力短缺和供应链困境推动全球通胀持续走高。受益于有效的疫情防控措施，国内经济在2021年继续保持韧性。国内政策稳增长让位于防风险的政策目标。财政侧重于强化财政纪律、防范地方债务风险，地产限制融资，碳中和继续推进。政策对经济产生紧缩效果，经济总体呈现出外需强、内需偏弱，生产强、投资偏弱格局。由于大宗原材料供给短缺叠加海外输入性通胀，PPI出现大幅攀升，并在四季度创出历史新高。临近年末，限产和地产政策边际放松，是对之前经济政策的纠偏。但中长期整顿财政纪律和房住不炒的方向不变，微调仅降低了经济下滑斜率，经济数据边际企稳但仍处于下行趋势当中。经济和社融下行压力之下，货币政策宽松进一步确认，全面降准再次落地，带动LPR利率出现了一年多以来的第一次降低，市场对货币政策利率调降的预期升温，收益率曲线陡峭化下行。报告期内，本基金严格控制信用风险，维持了适度的久期和杠杆水平，获取稳定性收益。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:11.631Z","mo":"展望未来，国内经济稳增长必要性上升，财政发力与放松融资管控政策是稳定经济的关键因素。货币政策大概率仍将保持总体宽松，以配合财政等政策发力。国内通胀方面，PPI高点已过，CPI短期无虞。当前债市收益率水平已经偏低，若财政发力带来经济企稳，则收益率有上行风险。本基金将提升灵活性，信用债方面控制久期，利率债方面波段操作，并适度参与权益投资，获取稳定收益。 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":3000000004048,"stockCode":"004048","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-03-01T16:00:00.000Z","setUpScale":500032000,"market":"a","tickerId":4048,"custody":"中国建设银行股份有限公司","name":"华夏新锦汇灵活配置混合型证券投资基金","shortName":"华夏新锦汇混合(004048)","fundSecondLevel":"hybrid","__csrcFundId":1507,"fundStatus":"normal","lastUpdated":"2026-04-30T19:05:00.128Z","masterFundFlag":1,"inceptionDate":"2017-03-07T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新锦汇混合","pinyin":"hxxjhlhpzhhxzqtzjj","managers":[{"stockCode":"db20814385","stockType":"fund_manager","exchange":"fm","tickerId":810230480,"name":"胡杰"}]},"announcement":{"linkText":"华夏新锦汇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=711182","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a37fea5b3eb046ea34","date":"2021-09-29T16:00:00.000Z","stockId":3000000004048,"sao":"国内宏观方面，三季度宏观数据出现明显回落，随着7月融资数据总量和结构的双重走弱，8、9月份PMI读数开始回落，地产销售同比下滑幅度增大。价格方面， PPI在供给侧的限制下维持高位，PPI与CPI的剪刀差扩大。从近期政策层的表态看，虽然对“拉闸限电”的一刀切政策有纠偏的意图，但整体政策基调上对“碳中和、碳达峰”的中长期结构改革的强调力度没有减弱。货币政策和财政政策：三季度货币当局维持了宽货币、稳信用的政策定调，市场利率（DR007等）基本保持在合理区间小幅波动，财政发债节奏从9月份开始有所提速，对信用的托底作用有所显现。海外宏观方面，欧美等发达国家新增疫情、住院人数、重症数在9月初见顶，随着美国经济回到潜在增速水平附近，以及通胀的持续回升，美联储年底启动Taper并在2022年中左右完成Taper的概率较高。在这种背景下，美元和美债的收益率走强对美股和新兴市场风险资产的表现形成一定负面压力。市场表现方面，三季度市场出现一定幅度回调，前期占优的周期风格和成长风格在9月份均有较深幅度的回撤。指数层面，创业板指数和沪深300指数表现均较差，中证500指数和红利指数表现占优。体现出市场的整体风险偏好回落明显。行业上看，采掘、公用事业和钢铁有色板块涨幅靠前，景气偏弱的消费者服务、医药和保险等行业表现落后。报告期内，本基金从绝对收益的角度保持了较低的权益仓位比例。固定收益方面，组合严格控制信用风险，维持了适度的久期和杠杆水平，获取稳定性收益。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:11.628Z","fund":{"_id":3000000004048,"stockCode":"004048","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-03-01T16:00:00.000Z","setUpScale":500032000,"market":"a","tickerId":4048,"custody":"中国建设银行股份有限公司","name":"华夏新锦汇灵活配置混合型证券投资基金","shortName":"华夏新锦汇混合(004048)","fundSecondLevel":"hybrid","__csrcFundId":1507,"fundStatus":"normal","lastUpdated":"2026-04-30T19:05:00.128Z","masterFundFlag":1,"inceptionDate":"2017-03-07T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新锦汇混合","pinyin":"hxxjhlhpzhhxzqtzjj","managers":[{"stockCode":"db20814385","stockType":"fund_manager","exchange":"fm","tickerId":810230480,"name":"胡杰"}]},"announcement":{"linkText":"华夏新锦汇灵活配置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=652638","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a37fea5b3eb046ea33","date":"2021-06-29T16:00:00.000Z","stockId":3000000004048,"sao":"国内宏观方面，上半年国内经济继续复苏，与海外需求形成共振，在去年一季度受疫情冲击的畸低值影响下，一季度主要经济指标表观读数均出现历史极高值，其中出口和生产端表现好于内需消费。二季度各项经济读数有所回落，从环比以及两年平均增长维度看，经济增长向长期中枢持续靠拢。价格方面，主要大宗商品价格持续上升，推动PPI创新高，CPI也在翘尾和服务价格不断修复的推动下震荡回升，但目前看来，国内出现恶性通胀概率低，但PPI持续保持高位以及CPI持续回升可能会在下半年再度成为市场和政策的关注点。海外宏观方面，欧美疫苗接种加速，欧美主要国家新增疫情、住院人数、重症数均显著回落，经济修复趋势预计将延续全年。上半年的经济复苏主要来自于补库存，而下半年主要来自经济活动恢复正常后的服务消费复苏，外需对于我国经济的支撑有望持续。市场表现方面，A股市场整体呈现了类似“N”字的震荡上行格局。春节后在通胀预期提升的压力下市场进入调整，在一季度企业盈利高增长的驱动之下寻找到了支撑，并在5-6月流动性环境趋稳、风险偏好回升的共同作用下震荡走高。结构上看，创业板指数为代表的成长型资产以及部分价格信号较强的周期资产表现更好。报告期内，本基金从绝对收益的角度逐步增加了国有大银行的配置比例，但仍保持了较低的权益仓位。固定收益方面，组合严格控制信用风险，维持了适度的久期和杠杆水平，获取稳定性收益。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:11.626Z","mo":"展望下半年，回到我们的盈利、流动性、风险偏好三因素框架：全球经济增长的环比高点就在今年二季度到三季度之间，美国略提前于欧元区，下半年虽然欧美增长动能边际趋缓，从外需的边际拉动作用和基数效应两个角度来看，企业盈利的高点可能也会在二三季度出现。我国由于去年保持了相对正常化的货币政策，下半年在应对外需变化上保留了较大的调整空间，预计下半年货币政策仍将延续“不急转弯”的基调，维持相对稳定、适度宽松的流动性环境。风险偏好随着二季度市场的回升也已有较为明显的修复，考虑到企业盈利和商品价格等宏观变量的不确定性，风险偏好料难以成为持续驱动市场向上的核心因素。综合来看，由于盈利增速可能边际放缓，下半年的市场是有顶的，而由于流动性环境适度宽松的基调未变，市场也是有底的。大势研判来看，下半年将呈现震荡格局，最终的方向取决于盈利、物价等变化因素的相对强弱。后续我们的投资选股思路:1）长期维度（3年左右维度），继续集中布局消费（含医疗）和科技两大方向，力争对其中有长期价值的个股做有深度、持续的重点研究和投资；2）中期维度（下半年），宏观因素的变化和子行业景气度的变化是导致是否阶段性大幅超配或低配的线索，当置信度高时，会对部分子行业做较大的行业偏离，力争“锐”。其中会根据流动性、盈利及景气度和风险偏好等指标进行综合考虑。目前阶段，我们认为配置的核心主线是企业盈利的景气，能够延续景气的周期类资产和有超越宏观周期成长性的成长型企业将是超额收益的主要来源。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":3000000004048,"stockCode":"004048","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-03-01T16:00:00.000Z","setUpScale":500032000,"market":"a","tickerId":4048,"custody":"中国建设银行股份有限公司","name":"华夏新锦汇灵活配置混合型证券投资基金","shortName":"华夏新锦汇混合(004048)","fundSecondLevel":"hybrid","__csrcFundId":1507,"fundStatus":"normal","lastUpdated":"2026-04-30T19:05:00.128Z","masterFundFlag":1,"inceptionDate":"2017-03-07T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新锦汇混合","pinyin":"hxxjhlhpzhhxzqtzjj","managers":[{"stockCode":"db20814385","stockType":"fund_manager","exchange":"fm","tickerId":810230480,"name":"胡杰"}]},"announcement":{"linkText":"华夏新锦汇灵活配置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=631898","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a37fea5b3eb046ea32","stockId":3000000004048,"sao":"国内宏观方面，国内经济继续复苏，与海外需求形成共振，在去年一季度受疫情冲击的低基数影响下，主要经济指标表观读数均出现历史极高值。受就地过年影响，往年一季度“高消费+低生产”的特征反转，生产端表现好于消费端。受外需改善和供给端错位优势的延续影响，出口数据维持高增长。价格方面，主要大宗商品价格上升，推动PPI转正，CPI也有一定上行趋势，目前判断今年出现恶性通胀概率低，但通胀上行可能阶段性被政策和市场关注。从表观读数和边际变化斜率角度看，经济修复最快的时间可能在一季度之后结束，从近期政策层的表态看，今年经济增速目标淡化，对以“碳中和”为代表的中长期结构改革的强调力度提升。在这样的政策目标和国内外经济背景下，预期政策将继续向正常化方向平稳推进，而长期的结构性趋势和短期景气比较的重要性将进一步突显。货币政策：预计货币当局将继续贯彻“不急转弯”的政策基调，在不影响经济恢复的前提下逐步实现政策正常化。数量上看，央行一季度通过逆回购和MLF到期续作规模控制实现小幅净回收；价格上MLF-LPR保持稳定，R007-DR007利率中枢保持稳定但波动率有所放大。财政政策：去年在疫情冲击带来极大不确定性的情况下，政府采取了积极的财政政策，在全球经济复苏趋势较为明朗的情况下，一些应对疫情冲击的临时性政策工具将陆续退出。按照预算，今年的财政赤字将比去年收缩，全年一般公共预算支出增速不高，正常化将是今年财政政策的主基调。海外宏观方面，欧美疫苗接种加速，欧美主要国家新增疫情、住院人数、重症数均显著回落，经济修复趋势预计将延续全年。上半年的经济复苏主要来自于补库存，而下半年则主要来自经济活动恢复正常后的服务消费复苏。美联储延续鸽派表态，但随着经济复苏和通胀预期抬升，美债收益率持续走强。市场表现方面，一季度的市场以农历春节为分界表现出两段不同的特征，春节前延续了去年四季度的市场特征，在较为宽松的流动性环境和经济复苏预期下市场呈现上涨趋势，其中部分长期空间大、竞争壁垒高的龙头企业涨幅更为突出。春节后，在通胀预期提升、长端利率走高的压力下，估值中远期现金流占比更高的资产遭遇更大的压力。风格层面，以创业板指数为代表的成长型资产表现较差。从行业上看，钢铁、化工、有色等周期型板块以及顺周期的银行板块涨幅靠前，军工、计算机、通信等成长型行业表现落后。报告期内，本基金继续保持绝对收益思维，从年初开始进行了较大幅度减仓动作，截至季末，本基金仍维持绝对低仓位，后续将择机在年内寻找绝对收益机会。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:11.623Z","fund":{"_id":3000000004048,"stockCode":"004048","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-03-01T16:00:00.000Z","setUpScale":500032000,"market":"a","tickerId":4048,"custody":"中国建设银行股份有限公司","name":"华夏新锦汇灵活配置混合型证券投资基金","shortName":"华夏新锦汇混合(004048)","fundSecondLevel":"hybrid","__csrcFundId":1507,"fundStatus":"normal","lastUpdated":"2026-04-30T19:05:00.128Z","masterFundFlag":1,"inceptionDate":"2017-03-07T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新锦汇混合","pinyin":"hxxjhlhpzhhxzqtzjj","managers":[{"stockCode":"db20814385","stockType":"fund_manager","exchange":"fm","tickerId":810230480,"name":"胡杰"}]},"announcement":{"linkText":"67华夏新锦汇灵活配置混合型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=569828","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a37fea5b3eb046ea31","stockId":3000000004048,"sao":"2020年，由于新冠肺炎疫情的突然爆发，全球经济急剧下滑和全球流动性宽松并行，加上疫苗进展整体顺利，全球股市在大幅下跌后明显反弹，尤其是美国股市，继续大幅上涨。国内经济方面，由于疫情上半年很快得到有效控制，下半年虽有零星疫情出现，但都迅速得到良好控制，国内经济持续复苏。我们一直相信中国经济的韧性，相信中国经济正在向高质量发展的目标曲折、稳步前行，中国的工程师红利、消费升级红利和创新红利也仍可持续。在这种背景下，部分优秀公司凭借积极扩张的战略和多年积累的竞争优势，收入和利润仍有较好的长期扩张空间。2020年，A股波动巨大，全年上涨幅度较大。年初受新冠疫情影响，股市大幅下跌，之后在疫情得到有效控制、流动性宽松、居民资金入市和海外资金流入等因素的共同推动下，股市持续大幅反弹，结构性牛市明显。报告期内，虽然市场波动很大，市场风格切换很快，且部分公司的估值持续大幅提升。但本基金维持了既定的投资策略，考虑到风险控制的需要，主要配置了安全边际较高的低估值公司。固定收益方面，本基金严格控制信用风险，维持了适度的久期和杠杆水平，获取稳定性收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:11.620Z","mo":"展望2021年，中国经济面临的机遇与风险并存，机遇方面：随着疫苗接种，虽然时点难以准确预判，但从全年维度：中国经济和全球经济复苏、企业盈利整体改善基本是趋势。风险方面，同样的虽然时点难以准确预判，但从全年维度：流动性收紧、利率上行、海外对手竞争力恢复等也终将发生。再加上通胀的双刃剑，影响股市的利好利空因素复杂交织。在这种宏观背景下，预计A股的波动会加大，但仍会有较好的结构性机会，只是方向可能变化，且选股的难度会加大，估值过高且缺乏盈利支撑的部分个股可能面临较大压力，估值较低且在经济进入常态区间后有长期成长性的部分个股可能会有较好机会。随着注册制的推进，A股市场优质公司在日益增多，为积极选股提供了良好的土壤。同时，我们会继续关注中美关系及新冠病毒等的潜在风险。投资策略上，本基金仍将坚持既定的投资策略，将风险控制作为重要考量因素，主要配置安全边际较高的低估值公司。固定收益方面，本基金将积极关注市场主导因素的切换，根据市场情况调整久期和仓位。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":3000000004048,"stockCode":"004048","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-03-01T16:00:00.000Z","setUpScale":500032000,"market":"a","tickerId":4048,"custody":"中国建设银行股份有限公司","name":"华夏新锦汇灵活配置混合型证券投资基金","shortName":"华夏新锦汇混合(004048)","fundSecondLevel":"hybrid","__csrcFundId":1507,"fundStatus":"normal","lastUpdated":"2026-04-30T19:05:00.128Z","masterFundFlag":1,"inceptionDate":"2017-03-07T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新锦汇混合","pinyin":"hxxjhlhpzhhxzqtzjj","managers":[{"stockCode":"db20814385","stockType":"fund_manager","exchange":"fm","tickerId":810230480,"name":"胡杰"}]},"announcement":{"linkText":"86华夏新锦汇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=555508","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a37fea5b3eb046ea30","stockId":3000000004048,"sao":"3季度，海外疫情仍未能得到有效控制，全球经济有所回暖，但仍远未回到正常水平。在流动性宽松和对新冠肺炎疫苗的良好预期等推动下，全球股市，尤其是美国股市经历了一波较大幅度的上涨，以及之后的回调。国内经济方面，经济基本回到常态水平。我们一直相信中国经济的韧性，相信中国经济正在向高质量发展的目标曲折、稳步前行，中国的工程师红利、消费升级红利和创新红利也仍可持续。虽然海外经济走势和中美关系是短期需关注的重要风险，但从中长期维度看，中国股市在全球范围内仍具备非常强的吸引力。国内市场方面，A股经历了较大幅度的上涨及之后的回调，低估值的顺周期优质公司表现相对较好。报告期内，本基金维持了既定的投资策略，并考虑到外部环境的不确定性和风险控制的需要，主要配置了安全边际较高的低估值公司。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:11.618Z","fund":{"_id":3000000004048,"stockCode":"004048","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-03-01T16:00:00.000Z","setUpScale":500032000,"market":"a","tickerId":4048,"custody":"中国建设银行股份有限公司","name":"华夏新锦汇灵活配置混合型证券投资基金","shortName":"华夏新锦汇混合(004048)","fundSecondLevel":"hybrid","__csrcFundId":1507,"fundStatus":"normal","lastUpdated":"2026-04-30T19:05:00.128Z","masterFundFlag":1,"inceptionDate":"2017-03-07T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新锦汇混合","pinyin":"hxxjhlhpzhhxzqtzjj","managers":[{"stockCode":"db20814385","stockType":"fund_manager","exchange":"fm","tickerId":810230480,"name":"胡杰"}]},"announcement":{"linkText":"华夏新锦汇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=488493","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a37fea5b3eb046ea2f","stockId":3000000004048,"sao":"2020年上半年，由于新冠肺炎疫情的突然爆发，全球经济出现史无前例的急剧下滑。二季度海外疫情仍继续蔓延，除少数国家外，疫情整体上并未得到有效控制。为了对冲疫情的不利影响，全球各主要国家大都推出了规模巨大的经济刺激计划，全球流动性泛滥，全球股市也在大幅下跌后明显反弹，尤其是美国股市。国内经济方面，由于疫情很快得到有效控制，复工复产也持续推进，国内经济逐步复苏。我们一直相信中国经济的韧性，相信中国经济正在向高质量发展的目标曲折、稳步前行，中国的工程师红利、消费升级红利和创新红利也仍可持续。在这种背景下，部分优秀公司凭借多年积累的竞争优势，能持续提升市场份额和盈利能力。2020年上半年，A股波动巨大，年初受疫情影响一度大幅下跌，之后出现明显上涨，尤其是以科技创新为代表的创业板指数和具备长期持续增长预期的消费龙头公司。这一方面源于流动性宽松，另一方面也源于国内外投资者对中国经济增长的良好预期。报告期内，虽然市场波动很大，市场风格切换很快，且部分公司的估值持续大幅提升，但本基金仍然维持了既定的投资策略，考虑到风险控制的需要，主要配置了安全边际较高的低估值公司。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:11.615Z","mo":"展望2020年下半年，经济面临的机遇与风险并存。风险方面，海外疫情迟迟未得到有效控制，中美关系存在短期冲突加剧的可能，这些都增加了出口和就业的不确定性。机会方面，由于中国经济的巨大潜力和政策等因素的推动，国内经济复苏可能超出预期。我们一直看好A股的长期投资机会，我们看到：中国经济的韧性很强，且中国经济的增速在全球持续领先，尤其是疫情后时代；中国部分优秀公司的活力和成长性也在全球领先。但我们认为2020年下半年A股的波动可能会加剧，主要是今年上半年由于流动性等诸多因素的推动，部分公司的估值已非常高。我们始终认为：公司的长期价值只取决于其长期成长性和为股东创造的价值，而不是其他因素。同时，延续年初的认知，我们会继续高度关注中美关系的演进和可能的风险。投资策略上，本基金仍将坚持既定的投资策略，将风险控制作为重要考量因素，主要配置安全边际较高的低估值公司。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":3000000004048,"stockCode":"004048","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-03-01T16:00:00.000Z","setUpScale":500032000,"market":"a","tickerId":4048,"custody":"中国建设银行股份有限公司","name":"华夏新锦汇灵活配置混合型证券投资基金","shortName":"华夏新锦汇混合(004048)","fundSecondLevel":"hybrid","__csrcFundId":1507,"fundStatus":"normal","lastUpdated":"2026-04-30T19:05:00.128Z","masterFundFlag":1,"inceptionDate":"2017-03-07T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新锦汇混合","pinyin":"hxxjhlhpzhhxzqtzjj","managers":[{"stockCode":"db20814385","stockType":"fund_manager","exchange":"fm","tickerId":810230480,"name":"胡杰"}]},"announcement":{"linkText":"华夏新锦汇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=462956","linkType":"PDF","source":"csrc_pdf"}}]}