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增加居民收入扩大消费，发挥消费拉动经济增长的基础性作用，当前政治局会议强调要适应国内房地产市场供求关系发生重大变化的新形势，适时调整优化房地产政策，预计下半年国内房地产行业景气度将有所改善。从库存周期的角度看，当前中下游企业去库存已经历了较长时间，下半年若有总需求层面相关支持政策落地，则总量去库存的斜率将放缓。海外方面，上半年欧美市场持续加息，随着信用紧缩的持续以及库存周期的回落，美国经济下行压力仍将继续增加，失业率逐步走高仍是中期趋势，关注海外消费信贷的收缩节奏。今年以来通信、传媒、计算机等行业表现相对较好，但与宏观相关度较高的多数行业并没有上涨，另外新能源行业在供需压力之下，也出现了较为明显的调整。我们对国内经济的修复仍保持谨慎乐观，短期的一些波动因素，到了下半年会逐渐减弱，企业的盈利也将在下半年逐步企稳回升。行业方面，预计人工智能和中特估仍然是市场中期主线，调整之后，仍有机会。基金将继续保持较为均衡的配置，重点关注景气度较高的领域，包括半导体、新能源汽车、传媒等板块。","fund":{"_id":3000000004695,"stockCode":"004695","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-06-30T16:00:00.000Z","setUpScale":209982000,"market":"a","tickerId":4695,"custody":"兴业银行股份有限公司","name":"东兴未来价值灵活配置混合型证券投资基金","shortName":"东兴未来价值混合(004695)","fundSecondLevel":"hybrid","__csrcFundId":6397,"fundStatus":"normal","lastUpdated":"2026-04-30T19:17:39.338Z","masterFundFlag":1,"inceptionDate":"2019-07-25T16:00:00.000Z","fundCollectionId":4000051940000,"currency":"CNY","masterFundShortName":"东兴未来价值混合","pinyin":"dxwljzlhpzhhxzqtzjj","managers":[{"stockCode":"8801399247","stockType":"fund_manager","exchange":"fm","tickerId":2624155370,"name":"张旭"},{"stockCode":"8801410072","stockType":"fund_manager","exchange":"fm","tickerId":120223164650,"name":"李兵伟"}]},"announcement":{"linkText":"东兴未来价值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=963633","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec80c7fea5b3eb047688c","date":"2023-03-30T16:00:00.000Z","stockId":3000000004695,"sao":"2023年一季度A股市场整体表现震荡上行，行业之间分化较为严重，在以ChatGPT等相关的人工智能主题的带动下，TMT相关行业大幅上涨，其他板块则表现为震荡或下跌，投资者主要关注度均集中在人工智能相关领域。当前人工智能行业确实进入到了产业趋势性变革的关键节点，但是对应到A股市场，主要受益的方向为算力基础设施和下游应用领域，由于市场短期上涨速度较快，基金并没有大幅加仓相关主题的公司。从当前各行业的高频数据和PMI数据来看，一季度国内宏观经济整体延续复苏趋势，房地产销售数据也逐步回暖，但是今年的政策目标预计仍是“恢复性增长，并非刺激性增长”，不应对强刺激有过高期待，但也不用过度担忧政策收紧，当前国内政策仍然是以稳增长、稳信心、稳就业为主。在国内宏观经济没有大的风险的前提下，市场预计仍然以主题投资为主，过去代表高景气赛道的新能源等行业，今年景气度边际下行，一季度相对跌幅较大，这也是今年TMT行业表现较为强势的原因之一。海外方面，全球经济走势好于预期，欧美经济下行速度放缓，美欧央行继续实施紧缩性货币政策，美元流动性持续收紧，引发了美欧银行业流动性风险，全球避险情绪有所升温。当前A股市场的整体估值仍然处于相对低位，市场主要指数涨幅并不高，市场结构性特征较为明显，随着国内经济的逐步修复，预计会有更多行业的景气度将会有所好转，我们对当下的A股市场相对乐观。基金在一季度增配了半导体、医药等板块，同时保持了基金仓位的基本稳定。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:56.450Z","fund":{"_id":3000000004695,"stockCode":"004695","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-06-30T16:00:00.000Z","setUpScale":209982000,"market":"a","tickerId":4695,"custody":"兴业银行股份有限公司","name":"东兴未来价值灵活配置混合型证券投资基金","shortName":"东兴未来价值混合(004695)","fundSecondLevel":"hybrid","__csrcFundId":6397,"fundStatus":"normal","lastUpdated":"2026-04-30T19:17:39.338Z","masterFundFlag":1,"inceptionDate":"2019-07-25T16:00:00.000Z","fundCollectionId":4000051940000,"currency":"CNY","masterFundShortName":"东兴未来价值混合","pinyin":"dxwljzlhpzhhxzqtzjj","managers":[{"stockCode":"8801399247","stockType":"fund_manager","exchange":"fm","tickerId":2624155370,"name":"张旭"},{"stockCode":"8801410072","stockType":"fund_manager","exchange":"fm","tickerId":120223164650,"name":"李兵伟"}]},"announcement":{"linkText":"东兴未来价值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=880916","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec80c7fea5b3eb047688b","date":"2022-12-30T16:00:00.000Z","stockId":3000000004695,"sao":"2022年A股市场整体跌幅较大，表现弱势。全年来看，沪深300指数和创业板指分别下跌-21.63%、-29.37%，全球各类资产都表现出比较大的压力，发达国家通胀持续走高，为了抑制通胀，欧美央行快速加息。在这种背景下，A股市场也面临很大的挑战，盈利和估值均承压。从2022年初开始，国内疫情因素、海外超预期的紧缩、全球地缘事件等，给市场形成了一定压力，这些压力在4、5月份开始慢慢修复，但三季度国内疫情再度面临压力，同时房地产市场持续下行、消费场景缺失，市场再度下行。对2022年A股市场机会的回顾： 1）行业角度：除了二季度由于欧洲能源价格高企和国内刺激新能源汽车消费，围绕新能源的持续性机会以外，其他板块轮动很快，波动剧烈。市场阶段性领涨的板块，超额收益大多在15%到20%，然后就会切换到下一个板块中，并且之前领涨的板块随后领跌，市场整体投资难度很大。2）市场风格角度：市场在成长和价值风格之间来回剧烈摆动，包括银行在内的低估值板块波动也是很大的，2022年是考验投资信仰的一年，坚守该坚守的。基金在一季度总体保持了均衡配置，配置了食品饮料、新能源汽车、电子等板块，二季度新能源汽车等高景气板块大幅反弹，基金也进行了适度加仓。四季度在市场整体较为悲观的时候，加仓了大消费，有所收获。全年来看，基金仓位整体波动不大，行业配置偏向成长板块。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:56.447Z","mo":"从宏观上来看，2023年的宏观环境是复苏，从宽货币走向宽信用，如果疫情的负面影响逐渐消退，产业政策逐步右拐，整个社会生产和生活逐步恢复正常，国内经济大概率是逐步复苏的，大部分行业都有一轮增长的机会。2023年内需消费逐步回暖，高端制造业和卡脖子相关产业得到政策进一步支持，国内宏观经济将有望走出底部，逐步复苏。叠加市场估值处于底部区间，我们对A股市场2023年的表现谨慎乐观。从行业的角度来看，相对看好复苏阶段顺周期的部分消费、地产链和医疗服务等方向，这部分的需求之前受到疫情的影响，会有回补的需求，因此会有恢复性的增长。另外像光伏、新能源汽车为代表的部分高端制造业，也会有结构性机会。新能源汽车去年的销量基数相对较高，国内的渗透率也不低了，相对其他行业的优势会减弱，光伏今年受到行业产能大幅增长的影响，供需结构可能有一定程度的恶化，但是储能、光伏新技术等细分领域的景气度依然较好，行业渗透率仍然不高，仍然是有机会的。2023年国内宏观经济处于上行周期，可能多数行业都有机会，可以适度均衡配置。","fund":{"_id":3000000004695,"stockCode":"004695","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-06-30T16:00:00.000Z","setUpScale":209982000,"market":"a","tickerId":4695,"custody":"兴业银行股份有限公司","name":"东兴未来价值灵活配置混合型证券投资基金","shortName":"东兴未来价值混合(004695)","fundSecondLevel":"hybrid","__csrcFundId":6397,"fundStatus":"normal","lastUpdated":"2026-04-30T19:17:39.338Z","masterFundFlag":1,"inceptionDate":"2019-07-25T16:00:00.000Z","fundCollectionId":4000051940000,"currency":"CNY","masterFundShortName":"东兴未来价值混合","pinyin":"dxwljzlhpzhhxzqtzjj","managers":[{"stockCode":"8801399247","stockType":"fund_manager","exchange":"fm","tickerId":2624155370,"name":"张旭"},{"stockCode":"8801410072","stockType":"fund_manager","exchange":"fm","tickerId":120223164650,"name":"李兵伟"}]},"announcement":{"linkText":"东兴未来价值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=870077","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec80c7fea5b3eb047688a","date":"2022-09-29T16:00:00.000Z","stockId":3000000004695,"sao":"2022年三季度，A股市场整体震荡回落，其中上证50下跌14.66%；沪深300下跌15.16%；中证500下跌11.47%；创业板下跌18.56%，市场较二季度反弹高点回撤幅度较大，随着A股市场的持续回调，投资者普遍较为悲观，市场成交量也随之大幅下滑。当前市场无论从估值层面还是流动性来看，都有可能是本轮调整的底部区域。首先从估值层面看，非金融A股的股债收益差已经处于历史极值附近，从股债性价比的角度来看，市场短期悲观预期反应较为充分。其次从宏观流动性来看，市场主要担忧美国通胀高企，导致美联储持续超预期加息，从而制约全球流动性环境，并拖累全球经济下行。我们认为市场对此也有较为充分的预期，同时国内由于稳增长的需要，流动性环境仍然是较为宽松的，目前A股的整体估值和风险溢价已接近4月底。虽然短期经济增长仍有压力，地缘政治格局日趋复杂，但是相比于欧洲的能源危机和美国的高通胀，国内宏观经济正处于逐步触底回升的周期。展望四季度，随着10月份重要会议的召开，市场对国内宏观经济的悲观预期有望逐步修复。叠加市场估值处于历史底部区间，我们对市场中期表现保持谨慎乐观的态度。从行业的角度来看，当前新能源相关的储能、光伏、智能汽车等板块景气度依然较好，仍然是相对占优的板块。随着国内经济的企稳回升，当前基本面和估值均处于底部的大金融、地产链以及部分消费板块，也可能有表现的机会。基金在三季度适度减持新能源板块，同时增配了电子、医药等近期跌幅较大的板块。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:56.444Z","fund":{"_id":3000000004695,"stockCode":"004695","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-06-30T16:00:00.000Z","setUpScale":209982000,"market":"a","tickerId":4695,"custody":"兴业银行股份有限公司","name":"东兴未来价值灵活配置混合型证券投资基金","shortName":"东兴未来价值混合(004695)","fundSecondLevel":"hybrid","__csrcFundId":6397,"fundStatus":"normal","lastUpdated":"2026-04-30T19:17:39.338Z","masterFundFlag":1,"inceptionDate":"2019-07-25T16:00:00.000Z","fundCollectionId":4000051940000,"currency":"CNY","masterFundShortName":"东兴未来价值混合","pinyin":"dxwljzlhpzhhxzqtzjj","managers":[{"stockCode":"8801399247","stockType":"fund_manager","exchange":"fm","tickerId":2624155370,"name":"张旭"},{"stockCode":"8801410072","stockType":"fund_manager","exchange":"fm","tickerId":120223164650,"name":"李兵伟"}]},"announcement":{"linkText":"东兴未来价值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=805168","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec80c7fea5b3eb0476889","date":"2022-06-29T16:00:00.000Z","stockId":3000000004695,"sao":"今年上半年以来，A股市场整体波动较大，表现为先急跌后急涨，高景气板块表现更好。分阶段来看，一季度市场情绪受各种外部事件冲击，担心稳增长落地不足，2月份俄乌冲突，3月份上海疫情、4月份北京疫情反复，导致股票资产遭受了比较大的抛压，市场整体跌幅较大。二季度在大力度稳增长和汽车消费刺激政策出台后，5月份市场开始触底反弹，市场信心开始逐步恢复，创业板在新能源的带领下展开超跌反弹。今年上半年表现相对较好的行业是受益于能源价格大幅上涨的煤炭以及景气度较高的新能源产业包括：光伏、新能源汽车、智能汽车等细分领域。风格方面,一季度红利指数、大盘价值风格相对抗跌，二季度超跌的成长板块大幅反弹。当前新能源汽车行业受益于政府大力度的汽车消费刺激政策，基本面恢复较好，光伏受益于海外市场能源价格大幅上涨，下游需求超越市场年初的预期。上半年基金在保持仓位总体稳定的同时，二季度适度增配了新能源、光伏等前期跌幅较大的板块，基金净值有所回升。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:56.442Z","mo":"展望下半年，随着国内疫情逐步缓解，房地产销售逐步好转，国内宏观经济有望逐步触底回升。当前新增社融增速已经明显改善，但是新增中长期贷款增速较为疲弱，随着后续稳增长政策的落地，地产销售的边际改善，制造业投资需求回升，新增中长期贷款增速有望进入一轮新的回升期。海外方面，欧美发达国家将会从滞胀走向衰退，大宗商品价格有望高位回落，国内通胀压力会有所改善，下半年A股市场有望保持震荡上行的走势。由于二季度市场反弹的动力主要来自于流动性的放松和企业盈利的修复，所以下半年随着宏观经济的好转，要关注货币政策是否会有所调整，同时关注企业盈利的修复情况。当前新能源汽车、光伏等板块景气度依然很好，仍然是相对占优的板块。基金将继续重点关注高景气并且与宏观经济关联度低的领域，包括光伏、新能源汽车、智能电网等板块。","fund":{"_id":3000000004695,"stockCode":"004695","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-06-30T16:00:00.000Z","setUpScale":209982000,"market":"a","tickerId":4695,"custody":"兴业银行股份有限公司","name":"东兴未来价值灵活配置混合型证券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1）行业角度：机会主要集中在新能源及其外溢相关的资产和部分半导体产业链中。这些板块都呈现出政策环境友好、短期高景气度、具备较好的赚钱效应。 2）市场风格角度：A股市场在2015年前是中小盘风格占优，而2017年到今年初表现的是大盘股风格占优。今年年初下跌以后，风格开始转换至小盘股，并贯穿全年。从成长和价值风格的维度来看，今年还是成长风格占优，并没有改变前两年的情况。但是市场对估值和公司质量的容忍度大幅提升，短期增速高的行业和公司显著占优，市值小的公司弹性更大。由于基金持仓一直是行业均衡配置，除了强周期板块配置较少外，整体维持均衡，面对今年这种机会主要集中在个别板块的极端行情，适应性不足。本基金在上半年重点配置了食品饮料、医药、新能源等行业景气度较高的板块，下半年适度减持了前期涨幅较大的消费、医药等板块，增配了半导体、风电、光伏等受益于新能源转型的行业。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:56.436Z","mo":"宏观展望，2021年经济下行力量来自隐性债务收紧和地产主动调控之下建筑业的放缓，但出口偏强支撑，所以经济一直没有失速。2022年继续减速的风险来自偏高位的海外制造业库存与进口周期，房地产影响财政，出口影响就业。往前看，稳增长压力可能还会增加，而终端消费需求处于弱复苏状态。当前疫情仍然没有完全过去，就业和居民收入还需要进一步恢复，消费回升仍将偏慢。2022年对存量经济来说，随着明年初金融政策的调整，地产领域的边际企稳、基建投资的修复，传统部门杠杆率有望企稳。流动性展望，2021年货币政策基调中性偏松，狭义流动性一直维持着宽裕状态，但金融政策偏紧，属于宽货币紧信用。2022年至少在上半年央行货币政策的主线是稳信用，整体基调偏松，但是海外发达经济体的货币政策或进一步收敛进入加息周期。从市场本身的微观结构来看，最近几年在宏观经济转型背景下，很多行业比如：新能源、半导体、医药、军工等得到了政策的大力扶持，呈现出相对独立于宏观经济的高景气表现，这些行业取得了较大的绝对涨幅和市值占比的提升，主导产业的变迁在A股市场的映射是较为充分的，未来需要适当降低对市场收益率的预期。","fund":{"_id":3000000004695,"stockCode":"004695","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-06-30T16:00:00.000Z","setUpScale":209982000,"market":"a","tickerId":4695,"custody":"兴业银行股份有限公司","name":"东兴未来价值灵活配置混合型证券投资基金","shortName":"东兴未来价值混合(004695)","fundSecondLevel":"hybrid","__csrcFundId":6397,"fundStatus":"normal","lastUpdated":"2026-04-30T19:17:39.338Z","masterFundFlag":1,"inceptionDate":"2019-07-25T16:00:00.000Z","fundCollectionId":4000051940000,"currency":"CNY","masterFundShortName":"东兴未来价值混合","pinyin":"dxwljzlhpzhhxzqtzjj","managers":[{"stockCode":"8801399247","stockType":"fund_manager","exchange":"fm","tickerId":2624155370,"name":"张旭"},{"stockCode":"8801410072","stockType":"fund_manager","exchange":"fm","tickerId":120223164650,"name":"李兵伟"}]},"announcement":{"linkText":"东兴未来价值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=713377","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec80c7fea5b3eb0476886","date":"2021-09-29T16:00:00.000Z","stockId":3000000004695,"sao":"2021年三季度A股市场整体偏震荡，市场结构性特征较为明显，市场总体风格偏向周期，由于双碳政策对高耗能行业的产能限制，上游煤炭、钢铁、电解铝等产能不足，导致供需关系紧张，商品价格大幅度上涨。行业层面，三季度涨幅居前的行业主要为：采掘、有色、钢铁、化工等周期性板块，食品饮料、医药等受行业监管政策的影响，跌幅较大。风格方面，小盘价值、周期风格相对占优。前期表现较好的医药、TMT有所回调，但是从基本面来看，并没有出现显著下滑。由于周期行情的可持续性较差，基金在三季度保持了持仓的稳定性，并未参与周期板块的轮动，同时适度增加了\"专精特新\"企业的配置。当前市场行业轮动频繁，投资者对未来的市场走向相对缺乏统一认知，导致市场风格频繁变化，领涨板块也不断切换。从行业基本面的角度来看，周期板块和TMT相对占优，消费板块基本面仍处于回落状态，但未来涨价预期有可能从上游行业向中下游蔓延。另外，当前政策鼓励的\"专精特新\"企业方向仍是中期投资布局的主要方向。当前时点往后看，宏观经济加速下行的趋势明显，本轮房地产行业的下行压力可能达到甚至超过2014年，叠加疫情后持续疲弱的居民消费，后续经济可能加速下行。宏观政策稳增长的压力越来越大，是否会有阶段性的风格切换，是市场当前关注的焦点。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:56.434Z","fund":{"_id":3000000004695,"stockCode":"004695","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-06-30T16:00:00.000Z","setUpScale":209982000,"market":"a","tickerId":4695,"custody":"兴业银行股份有限公司","name":"东兴未来价值灵活配置混合型证券投资基金","shortName":"东兴未来价值混合(004695)","fundSecondLevel":"hybrid","__csrcFundId":6397,"fundStatus":"normal","lastUpdated":"2026-04-30T19:17:39.338Z","masterFundFlag":1,"inceptionDate":"2019-07-25T16:00:00.000Z","fundCollectionId":4000051940000,"currency":"CNY","masterFundShortName":"东兴未来价值混合","pinyin":"dxwljzlhpzhhxzqtzjj","managers":[{"stockCode":"8801399247","stockType":"fund_manager","exchange":"fm","tickerId":2624155370,"name":"张旭"},{"stockCode":"8801410072","stockType":"fund_manager","exchange":"fm","tickerId":120223164650,"name":"李兵伟"}]},"announcement":{"linkText":"东兴未来价值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=654194","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec80c7fea5b3eb0476885","date":"2021-06-29T16:00:00.000Z","stockId":3000000004695,"sao":"今年上半年以来，A股市场先大幅回调，然后在高景气的医药、新能源汽车、半导体等板块引领下反弹，市场结构性特征突出，结构上创业板指显著强于沪深300。市场结构分化较大，代表传统产业的沪深300和上证50持续调整，创业板持续反弹，并创出阶段性新高。当前国内流动性仍保持适度宽松，叠加市场对高景气板块的业绩预期，科技成长风格涨幅进一步扩大。下跌居前的行业有非银金融、房地产、家用电器、食品饮料等。基金在上半年适度增配了半导体、新能源板块，但是由于增配的幅度不够大，对基金净值的提升较为有限。另外，从市场风格来看，今年以来预期盈利增速越高的公司，股价表现越好，体现为非常典型的高增速占优的特征。市场对高估值的容忍度持续提升，由于今年企业盈利增速较高的多为中小市值公司，市场整体表现为中小市值公司占优，市场对公司质地和管理水平的要求阶段性淡化。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:56.431Z","mo":"展望下半年，由于宏观调控政策的影响，国内地产投资下滑叠加疫情影响下消费的恢复不及预期，国内宏观经济下半年面临较大的不确定性，国内货币环境预计保持中性偏宽松，下半年A股没有普遍性提升估值的动能，但同时下跌空间也较为有限，预计接下来数月大盘指数将维持震荡走势，A股下半年将呈现出波段性和结构性的投资机会，操作难度较大。基金将继续关注有业绩支撑的且具备高景气度的细分赛道，科技成长性价比仍然较高。从产业趋势的角度看，当前各国需要寻找新的经济增长点。在当前时点，新能源、半导体、医药及医疗服务具备较大的产业政策支持力度，行业景气度较高，短期调整后有望维持强势。","fund":{"_id":3000000004695,"stockCode":"004695","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-06-30T16:00:00.000Z","setUpScale":209982000,"market":"a","tickerId":4695,"custody":"兴业银行股份有限公司","name":"东兴未来价值灵活配置混合型证券投资基金","shortName":"东兴未来价值混合(004695)","fundSecondLevel":"hybrid","__csrcFundId":6397,"fundStatus":"normal","lastUpdated":"2026-04-30T19:17:39.338Z","masterFundFlag":1,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0.5个百分点。其中，新出口订单、在手订单以及库存指标显著改善，显示国内需求仍处于改善趋势之中。整体来看，工业企业仍处于被动去库的扩张早期。但海外疫情的二次爆发，英国、法国等主要经济体重启防疫限制措施，使得海外经济修复节奏或面临趋缓。但中期视角下，A股盈利修复仍处于早期，A股上行仍然是非常确定的趋势。但当前A股市场主要板块之前的估值分化已经处于历史极值区间，与经济基本面相关的周期、金融等低估值板块有望出现持续修复，本基金将继续保持合理的仓位水平，重点配置优质成长、金融、消费等核心资产标的。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:56.423Z","fund":{"_id":3000000004695,"stockCode":"004695","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-06-30T16:00:00.000Z","setUpScale":209982000,"market":"a","tickerId":4695,"custody":"兴业银行股份有限公司","name":"东兴未来价值灵活配置混合型证券投资基金","shortName":"东兴未来价值混合(004695)","fundSecondLevel":"hybrid","__csrcFundId":6397,"fundStatus":"normal","lastUpdated":"2026-04-30T19:17:39.338Z","masterFundFlag":1,"inceptionDate":"2019-07-25T16:00:00.000Z","fundCollectionId":4000051940000,"currency":"CNY","masterFundShortName":"东兴未来价值混合","pinyin":"dxwljzlhpzhhxzqtzjj","managers":[{"stockCode":"8801399247","stockType":"fund_manager","exchange":"fm","tickerId":2624155370,"name":"张旭"},{"stockCode":"8801410072","stockType":"fund_manager","exchange":"fm","tickerId":120223164650,"name":"李兵伟"}]},"announcement":{"linkText":"东兴未来价值灵活配置混合型证券投资基金2020年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=489929","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec80c7fea5b3eb0476881","stockId":3000000004695,"sao":"今年上半年以来，A股市场在国内外疫情好转后，逐步反弹，随着国内逐步下调防控响应级别，国内宏观经济触底反弹。近期高频数据显示，经济回暖复苏的趋势明显，制造业投资增速，地产和基建开工率都很积极，从而带动发电耗煤数等高频数据出现同比增长的态势。同时随着海外复工复产，尤其是疫情恢复较好的欧洲经济有所修复，英国、法国6月PMI数据重回荣枯线以上，欧元区6月PMI数据同样超预期，外需大概率也已度过最低点。在需求回暖逐步确认的背景下，政策态度也出现了变化。目前十年期国债收益率已经从2.4%回升到2.8%以上，债券市场持续调整。目前国内经济数据早已确认经济进入复苏的早周期，但是国内股票市场的机构投资者依然不认可经济复苏逻辑，依然在高估值、弱周期的医药、食品饮料板块进行防御。其实当前制造业和基建等领域的恢复较快，反而是偏消费的终端需求恢复较慢。我们认为当前的投资时钟已经进入经济回升、通胀低迷的早周期阶段，大类资产配置角度股票优于债券，另外与经济基本面相关的周期板块有望在经济恢复、估值处于历史底部的双重推动下出现大幅反弹，因此基金重点配置了非银金融、大消费及部分估值合理的优质成长股等标的。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:56.420Z","mo":"展望未来，全球最大的变量仍然是新冠肺炎疫情，从目前来看，国内疫情控制住之后，经济已经恢复到正常水平。国内也正加大改革力度，针对出现的新情况做一些改革安排，我国目前处于经济转型期，各种改革正持续不断的推进，我们认为无论是国企改革和政治经济改革方面都将逐步迎来收获期，也为投资者创造更好的投资机遇。未来看改革会持续推进，目前股市估值仍然相对较低，经济企稳、企业利润增速触底提升的预期较高，长期来看，我们对后市保持乐观。未来一段时间本基金仍将以价值投资为导向，精选一些低估值、良好盈利能力和充分受益于改革推进的优质企业进行投资。科创板成功推出，支持新经济的情况下，未来新经济也具有较好的战略配置价值。","fund":{"_id":3000000004695,"stockCode":"004695","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-06-30T16:00:00.000Z","setUpScale":209982000,"market":"a","tickerId":4695,"custody":"兴业银行股份有限公司","name":"东兴未来价值灵活配置混合型证券投资基金","shortName":"东兴未来价值混合(004695)","fundSecondLevel":"hybrid","__csrcFundId":6397,"fundStatus":"normal","lastUpdated":"2026-04-30T19:17:39.338Z","masterFundFlag":1,"inceptionDate":"2019-07-25T16:00:00.000Z","fundCollectionId":4000051940000,"currency":"CNY","masterFundShortName":"东兴未来价值混合","pinyin":"dxwljzlhpzhhxzqtzjj","managers":[{"stockCode":"8801399247","stockType":"fund_manager","exchange":"fm","tickerId":2624155370,"name":"张旭"},{"stockCode":"8801410072","stockType":"fund_manager","exchange":"fm","tickerId":120223164650,"name":"李兵伟"}]},"announcement":{"linkText":"东兴未来价值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=461856","linkType":"PDF","source":"csrc_pdf"}}]}