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收益。为此，本基金计划适当增加权益仓位，加大对经济恢复和市场信心增加受益板块的配置力度，并加大结构性机会的参与力度。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":3000000002411,"stockCode":"002411","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-03-24T16:00:00.000Z","setUpScale":1001290000,"market":"a","tickerId":2411,"custody":"中信银行股份有限公司","name":"华夏新机遇灵活配置混合型证券投资基金","shortName":"华夏新机遇混合(002411)","fundSecondLevel":"hybrid","__csrcFundId":2622,"fundStatus":"normal","lastUpdated":"2026-04-30T18:28:04.136Z","masterFundFlag":1,"inceptionDate":"2016-03-29T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新机遇混合","pinyin":"hxxjylhpzhhxzqtzjj","managers":[{"stockCode":"db20872993","stockType":"fund_manager","exchange":"fm","tickerId":191825228710,"name":"孙然晔"}]},"announcement":{"linkText":"华夏新机遇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=1048867","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66d7fea5b3eb04583de","date":"2023-09-29T16:00:00.000Z","stockId":3000000002411,"sao":"3季度，市场经历寻底、筑底的过程，市场波动仍较大，7月政治局会议为市场注入政策信心，市场在震荡中寻找底部区间。从外部环境看，原油受地缘政治不确定性因素影响，震荡向上，局部地区冲突加剧市场对供应局势的担忧。以上种种因素导致美国加息预期依然较强，10年期美债收益率逼近新高，对全球资本市场尤其是股权资产等风险资产，形成估值压力。3季度国内经济逐步进入加库存区间，环比2季度景气度提升。报告期内，本基金维持板块的平衡配置，维持中性仓位应对外部不确定性和国内经济筑底的过程，整体运作偏稳健。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:01.623Z","fund":{"_id":3000000002411,"stockCode":"002411","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-03-24T16:00:00.000Z","setUpScale":1001290000,"market":"a","tickerId":2411,"custody":"中信银行股份有限公司","name":"华夏新机遇灵活配置混合型证券投资基金","shortName":"华夏新机遇混合(002411)","fundSecondLevel":"hybrid","__csrcFundId":2622,"fundStatus":"normal","lastUpdated":"2026-04-30T18:28:04.136Z","masterFundFlag":1,"inceptionDate":"2016-03-29T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新机遇混合","pinyin":"hxxjylhpzhhxzqtzjj","managers":[{"stockCode":"db20872993","stockType":"fund_manager","exchange":"fm","tickerId":191825228710,"name":"孙然晔"}]},"announcement":{"linkText":"华夏新机遇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=986361","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66d7fea5b3eb04583dd","date":"2023-06-29T16:00:00.000Z","stockId":3000000002411,"sao":"本报告期内，各主要指数延续震荡调整态势，随后出现持续分化和调整波动，市场分化加剧。指数整体震荡下行，结构分化加剧，呈现以下特征：结构分化特征明显：2023年是人工智能对投资映射影响凸显的元年，今年二季度开始从主题投资进入到业绩兑现阶段，市场资金热烈追捧，股价短期大幅上涨，体现为估值的大幅波动，对今年上半年的权益投资的估值和板块结构变化形成较大影响。经济复苏节奏低于预期：2023年初期，市场对经济复苏报以极高的期待，2月中旬达到顶点，但随后对GDP增速目标及地产政策呈现分歧，二季度看，商品价格角度看PPI持续下行，国内面临经济压力开始在3月中旬开始集中体现，二季度商品价格快速下行，权益投资的顺周期板块持续下行，与TMT及数字经济的结构分化更为明显。同时叠加国内汇率压力在美联储及美国经济相对强势下更为凸显，共同构成今年上半年的总量压力和结构分化新能源方向大幅回调波动：新能源车、风电及光伏方向均出现较大回撤后，出现持续波动，一方面是前两年市场追捧，资金聚集，在出现新的市场热点后，资金观点分化。另一方面是产业增速出现持续高增，渗透率提升后的降速，同时供给涌现的周期压力，在大幅回调后，更多体现为估值压缩，盈利能力看多数仍在较高水平，市场估值先行。本基金报告期内仓位维持中性较高配置，看好经济复苏的趋势。结构上，本基金参考估值业绩匹配、产业发展阶段、宏观形式等因素积极对组合持仓结构优化，持仓结构相对均衡。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:01.620Z","mo":"展望下半年，主要看好两个方向第一是国内经济企稳回升是主趋势，经济复苏是节奏问题，而非趋势问题，上半年市场波动后与经济周期相关的蓝筹和顺周期方向，股票估值回调到合理偏低估的位置带来较好的投资机会。第二是市场热点不断涌现，上半年AI主题活跃，逐步演化到具备业绩支撑的人工智能产业逻辑。下半年市场预计仍会阶段性关注具备产业逻辑和市场热点的新方向，具备阶段性配置机会。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":3000000002411,"stockCode":"002411","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-03-24T16:00:00.000Z","setUpScale":1001290000,"market":"a","tickerId":2411,"custody":"中信银行股份有限公司","name":"华夏新机遇灵活配置混合型证券投资基金","shortName":"华夏新机遇混合(002411)","fundSecondLevel":"hybrid","__csrcFundId":2622,"fundStatus":"normal","lastUpdated":"2026-04-30T18:28:04.136Z","masterFundFlag":1,"inceptionDate":"2016-03-29T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新机遇混合","pinyin":"hxxjylhpzhhxzqtzjj","managers":[{"stockCode":"db20872993","stockType":"fund_manager","exchange":"fm","tickerId":191825228710,"name":"孙然晔"}]},"announcement":{"linkText":"华夏新机遇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=957456","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66d7fea5b3eb04583dc","date":"2023-03-30T16:00:00.000Z","stockId":3000000002411,"sao":"一季度，市场首先围绕顺周期复苏逻辑展开，体现在消费、周期等顺周期方向表现较好，伴随股价上涨，市场开始对经济复苏的斜率产生分歧，同时中国特色社会主义估值及海外ChatGPT映射国内的TMT相关龙头公司快速上涨，而新能源车和光伏为代表的赛道股出现持续的回调压力。宏观方面，先后经历了硅谷银行及瑞士信贷流动性危机及美联储25个基点的加息，市场首先体现出恐慌，随后在美联储担保储户存款下，市场情绪回归正常。\t报告期内，本基金率先围绕顺周期方向构建组合，优选具备渗透率提升逻辑及份额扩张竞争力的企业。之后随着海外ChatGPT映射国内的TMT板块，组合持仓的新能源持仓出现快速回调，组合在其下跌中降低该板块的暴露程度，优化集中到细分景气方向。对于顺周期方向进行优化，对TMT板块适度参与，享受市场贝塔上涨，组合仓位维持中高运行。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:01.617Z","fund":{"_id":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宏观因素影响权重增大：俄乌冲突在2022年2月中旬爆发，欧洲在地缘政治和能源价格超预期上涨下成为全球资本和舆论关注点，对投资者情绪和出口需求构成较大影响。后者以能源价格相关的用电、储能需求爆发，国内相关供应链迎来业绩快速爆发和估值的提升。俄乌冲突时至今日仍在继续，冲突持续的时间和战争进展超出大多数人预期，体现出黑天鹅特征，市场初期低估了俄乌冲突的持续性和冲突烈度，对2022年权益投资的估值和板块结构变化形成较大影响。2. 疫情因素反复，市场呈现结构分化：4月份华东上海疫情局部快速发展，华东地区经济发达，国内汽车、制造等基础行业供给端受到加大冲击，市场在疫情不可控因素影响下，单边快速下行，绝对收益特征的产品亦出现较大回撤压力。5月份疫情出现数据拐点，市场在极度悲观下，基本面和估值均得到修复。2022年12月，国家有关部门对防疫政策框架持续优化，近几年受到疫情反复压制的出行、免税、消费等行业快速反弹，市场风格出现切换。回首全年，伴随相关政策的变化，市场各主要板块呈现阶段性分化特征，对投资者板块配置能力和估值的把控能力提出较高要求。3. 海外因素共振：美联储在持续高涨的通胀和强劲就业数据下，2022年持续加息，对全球成长股形成较大估值回调压力。在“百年未有之大变局”的判断下，宏观因素及灰犀牛事件对权益投资影响均会加剧市场波动幅度，这一新形势将持续影响股市权益投资。本报告期内，在应对海外不确定性较大的地缘和海外经济风险时做了适度减仓。考虑公司长期投资价值和中国资本市场长期向好的驱动因素，在减仓力度上不够及时，构成阶段性较大回撤，值得反思。持仓风格上趋向于中小盘成长，选择长期空间大，产业逻辑清晰和公司质地优质的框架进行选股，相对集中投资控制回撤。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:01.614Z","mo":"展望2023年，市场在2022年单边下行后，内部和外部基本面因素均出现向好变化，投资机会会相对更加多元，本基金将持续关注复苏年中下沉的投资机会，做好回撤控制。从投资策略上关注一下几点：1. 2023年投资机会下沉：相比2022年，预计2023年景气度提升行业占比扩大，此前受疫情控制因素压制的相关行业会出现更多结构性机会，而此前相对强势的高景气行业会出现分化。市场预计呈现整体景气度分散，单一贝塔板块景气度弱化的趋势，投资机会将多元化。2. 海外不确定因素依然存在：市场普遍认为2023年美联储加息进度趋于尾声，23年底逐步进入降息周期。但仍需积极关注海外潜在其他地缘、货币等因素变化，做好投资预案应对优化组合持仓结构。3. 国内经济复苏趋势确立，但过程可能依然存在波动：在防疫政策持续优化，政策呵护下经济预期向好的趋势已经确立，但是投资者预期可能围绕经济现实博弈，仍然有可能存在较大波动，需要密切关注经济数据情况，围绕顺周期板块优化组合配置比例。","fund":{"_id":3000000002411,"stockCode":"002411","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-03-24T16:00:00.000Z","setUpScale":1001290000,"market":"a","tickerId":2411,"custody":"中信银行股份有限公司","name":"华夏新机遇灵活配置混合型证券投资基金","shortName":"华夏新机遇混合(002411)","fundSecondLevel":"hybrid","__csrcFundId":2622,"fundStatus":"normal","lastUpdated":"2026-04-30T18:28:04.136Z","masterFundFlag":1,"inceptionDate":"2016-03-29T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新机遇混合","pinyin":"hxxjylhpzhhxzqtzjj","managers":[{"stockCode":"db20872993","stockType":"fund_manager","exchange":"fm","tickerId":191825228710,"name":"孙然晔"}]},"announcement":{"linkText":"华夏新机遇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=865669","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66d7fea5b3eb04583da","date":"2022-09-29T16:00:00.000Z","stockId":3000000002411,"sao":"国内方面，在经历了1、2季度的疫情冲击后，国内经济在3季度开始弱复苏，大部分行业，特别是制造业的景气度环比回升，但进入8月份后，出口端由于欧美的需求开始走弱而出现增速下滑，人民币承压。而年初以来影响市场走势的3个重要问题1）疫情的发展及防控政策2）房地产、互联网等重点行业的产业政策3）通胀的持续性，我们看到问题2和问题3已经出现偏积极方向的转机。海外宏观方面，在美联储连续大幅加息后，市场开始交易美国2023年衰退的预期；而俄乌战争的长度和烈度远超市场预期，导致欧洲进入深度衰退和能源危机的概率较高，英镑汇率创历史新低。在人民币贬值释放了大部分资本外流的压力和风险下，国内货币政策“以我为主”的可操作性仍可持续。市场表现方面，三季度的市场走出了单边下跌的走势，上证和深证的各主要指数均录得10%以上跌幅，除煤炭行业外，其余行业均是负收益，市场主要担心在欧美衰退的压力下，投资、消费和出口三大经济增长动力均承压。从相对收益角度，煤炭、石油石化、交通运输和房地产跑赢，而汽车、电力设备等前期较为拥挤的赛道跌幅靠前，出于对地产行业系统性风险的担忧加剧，建筑建材和钢铁三季度排名垫底。目前，经济和市场预期均出于底部区间，市场惯性下跌的力量有可能随着政策的转向而随时被打破，从中长期的维度看，股票市场的投资价值已经变得十分有吸引力。报告期内，本基金继续保持绝对收益思维，逆势增加了权益仓位，主要加仓方向在地产、新能源车、半导体和军工领域。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:01.611Z","fund":{"_id":3000000002411,"stockCode":"002411","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-03-24T16:00:00.000Z","setUpScale":1001290000,"market":"a","tickerId":2411,"custody":"中信银行股份有限公司","name":"华夏新机遇灵活配置混合型证券投资基金","shortName":"华夏新机遇混合(002411)","fundSecondLevel":"hybrid","__csrcFundId":2622,"fundStatus":"normal","lastUpdated":"2026-04-30T18:28:04.136Z","masterFundFlag":1,"inceptionDate":"2016-03-29T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新机遇混合","pinyin":"hxxjylhpzhhxzqtzjj","managers":[{"stockCode":"db20872993","stockType":"fund_manager","exchange":"fm","tickerId":191825228710,"name":"孙然晔"}]},"announcement":{"linkText":"华夏新机遇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=803598","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66d7fea5b3eb04583d9","date":"2022-06-29T16:00:00.000Z","stockId":3000000002411,"sao":"国内方面，上海和北京的疫情导致国内经济在2季度暂时失速，而年初以来影响市场走势的几个重要问题分别是：1）疫情的发展及防控政策是否出现调整？2）房地产、互联网等重点行业的产业政策如何调整？3）通胀是暂时的还是会较长时间维持高位？目前来看，前两个问题的发展偏正面，或者说已经可以看见隧道尽头的光，而通胀的压力也随着海外衰退预期的升温和大宗商品价格的调整而有所缓解。海外宏观方面，欧美上半年面对的主要宏观风险是通胀的持续超预期，进入二季度以来10年期美债利率已与国内利率持续倒挂，但在“以我为主”的国内货币政策下，暂不构成对国内货币政策的掣肘。而随着美联储加息力度预期的不断走高，海外市场在二季度末开始交易衰退预期，通胀有见顶的趋势，但是否能如期回落还有待验证，毕竟本轮美国居民部门的资产负债表的健康程度远高于过去15年。市场表现方面，上半年的市场走出了深V走势，出于对上海和北京疫情的担心，无论是成长风格还是价值风格的股票均被无差别杀跌，在刘鹤副总理召开国务院金融稳定委会议后，市场在4月底逐步见底展开反弹。进入6月后，市场加速上涨，反弹力度超预期。上半年来看，只有煤炭、消费者服务和交通运输三个行业录得正收益，而在反弹过程中，成长风格大幅跑赢，新能源车、光伏、半导体为代表的景气赛道板块涨幅远远领先银行、地产等在一季度获得正收益的价值板块。报告期内，本基金在盈利、流动性和风险偏好三因素框架的指导下，阶段性超配了新能源车、光伏和军工等板块，获得较好收益；但在地产、券商等板块的持仓表现不佳，拖累了组合业绩。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:01.608Z","mo":"展望下半年，在我们的三因素分析框架中，盈利周期将先下后上（拐点大概率出现在4季度），剩余流动性会继续保持宽松，但边际最松的时点也将出现在3季度，市场整体的风险偏好维持震荡的概率偏高。综合以上三因素的结论，下半年市场在指数层面宽幅震荡的概率大于趋势性上涨或下跌的概率；而结构性机会将会围绕着景气度的逻辑继续展开，由于成长板块的估值水平和交易拥挤度都处在较高水平，下半年的行情可能是“波动率大幅上升的结构性行情”。本基金将继续保持绝对收益思维，力争在波动中逆势捕捉中长期成长个股的投资机会，同时利用高分红和业绩超预期两个主动因子积极捕捉超额收益机会。虽然2022年下半年的波动率会继续保持较高水平，我们认为，如果拉长时间周期，目前可能仍然是权益类资产的黄金布局期，只要守住不发生系统性风险的底线，结合正确的顶层设计和产业政策，在房住不炒的大背景下，整个居民财富资产配置由房地产向权益迁移的趋势刚刚开始，而中国经济增长由投资/低成本驱动向工程师红利/创新驱动的迁移趋势也才刚刚开始。虽然2022年下半年的波动率会继续保持较高水平，我们认为，如果拉长时间周期，目前可能仍然是权益类资产的黄金布局期，只要守住不发生系统性风险的底线，结合正确的顶层设计和产业政策，在房住不炒的大背景下，整个居民财富资产配置由房地产向权益迁移的趋势刚刚开始，而中国经济增长由投资/低成本驱动向工程师红利/创新驱动的迁移趋势也才刚刚开始。","fund":{"_id":3000000002411,"stockCode":"002411","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-03-24T16:00:00.000Z","setUpScale":1001290000,"market":"a","tickerId":2411,"custody":"中信银行股份有限公司","name":"华夏新机遇灵活配置混合型证券投资基金","shortName":"华夏新机遇混合(002411)","fundSecondLevel":"hybrid","__csrcFundId":2622,"fundStatus":"normal","lastUpdated":"2026-04-30T18:28:04.136Z","masterFundFlag":1,"inceptionDate":"2016-03-29T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新机遇混合","pinyin":"hxxjylhpzhhxzqtzjj","managers":[{"stockCode":"db20872993","stockType":"fund_manager","exchange":"fm","tickerId":191825228710,"name":"孙然晔"}]},"announcement":{"linkText":"59华夏新机遇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=781371","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66d7fea5b3eb04583d8","date":"2022-03-30T16:00:00.000Z","stockId":3000000002411,"sao":"国内宏观方面，虽然两会制定了全年GDP增速5.5%的目标，但完成该目标的难度和压力较大，包括但不限于：1）房地产市场的持续深度调整；2）全球高通胀，甚至滞胀的格局被俄乌战争进一步强化；3）奥密克戎疫情在珠三角、长三角地区的爆发。虽然财政发力在政府主导的基建投资下被寄予厚望，但能否对冲地产投资和消费的增速下滑还有待观察。海外宏观方面，欧美复苏势头延续，西方社会陆续取消所有疫情防控措施，服务业和出行需求复苏继续推动经济增长势头。10年美债收益率达到2.4以上，与中国的利差收窄至30BP的较低水平，10年与2年期美债收益率出现倒挂趋势，预示美国经济过热并在未来一段时间有衰退风险。市场表现方面，一季度的市场大幅回撤，除红利指数外，所有主要指数均录得负收益。大盘蓝筹风格的上证50（-11.47%）跌幅小于成长风格的创业板指（-19.96%）。行业上看，煤炭、银行和地产是唯三正收益行业。过去三年表现较好的成长行业，电子、军工和消费类行业，家电、汽车、食品饮料等表现落后。目前的市场面临几个确定和几个不确定：确定的是盈利进入下行周期，而流动性也会确定性地转向宽松；不确定性因素包括：通胀是暂时的还是会较长时间维持高位？我们对双碳政策的节奏应该如何正确把握？对于房地产、互联网等重点行业的产业政策如何调整？对不确定因素的判断决定了市场整体风险偏好的波动，进而带来市场估值的波动。适度地逆向和反转类投资或许是较好的应对策略。报告期内，本基金继续保持绝对收益思维，降低了权益仓位。在力争控制仓位的情况下，主要增持了部分新能源、银行和地产领域的个股。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:01.605Z","fund":{"_id":3000000002411,"stockCode":"002411","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-03-24T16:00:00.000Z","setUpScale":1001290000,"market":"a","tickerId":2411,"custody":"中信银行股份有限公司","name":"华夏新机遇灵活配置混合型证券投资基金","shortName":"华夏新机遇混合(002411)","fundSecondLevel":"hybrid","__csrcFundId":2622,"fundStatus":"normal","lastUpdated":"2026-04-30T18:28:04.136Z","masterFundFlag":1,"inceptionDate":"2016-03-29T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新机遇混合","pinyin":"hxxjylhpzhhxzqtzjj","managers":[{"stockCode":"db20872993","stockType":"fund_manager","exchange":"fm","tickerId":191825228710,"name":"孙然晔"}]},"announcement":{"linkText":"华夏新机遇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=722162","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66d7fea5b3eb04583d7","date":"2021-12-30T16:00:00.000Z","stockId":3000000002411,"sao":"国内宏观方面，上半年在海外需求的共振下国内经济复苏态势良好，进入下半年，部分地产企业的风险事件、双碳背景下的供给侧冲击和部分市场主体的信心不足给宏观层面带来较大压力。本轮经济调整中值得注意的是PPI维持高位，就业问题暂时也没有达到2020年初的极值，前者可能是货币政策大幅宽松的掣肘，而后者反映了我国日益突出的人口结构问题，为跨周期调节和高质量发展的要求提出了新课题。海外宏观方面，尽管有奥密克戎的全球大爆发，欧美主要经济体随着疫苗接种率的提高，经济修复程度大多已经达到长期增长趋势以上，随着疫情管控措施的全面放开，海外的服务消费也开始明显复苏，各个国家间的旅行和交流也趋于正常化。市场表现方面，A股市场整体分化明显。沪深300指数全年下跌5.2%，而创业板指数上涨12%，小市值因子全年表现出色。板块层面，电力设备及新能源、有色、钢铁、化工等行业表现领先，而家电、消费者服务、保险等行业跌幅较大。分化如此之大的主要原因是各行业间景气度差异史无前例，其背后的逻辑既有自身产业发展周期和渗透率所处阶段不同的因素，也有政策原因。报告期内，本基金在盈利、流动性和风险偏好三因素框架的指导下，阶段性超配了新能源车、半导体和光伏等板块，获得较好收益；但在免税、地产和白酒的持仓表现不佳，拖累了组合业绩。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:01.602Z","mo":"展望2022年，在我们的三因素分析框架中，确定的是盈利进入下行周期，而流动性也会确定性的转向宽松；不确定性因素包括：通胀是暂时的还是会较长时间维持高位？双碳政策的节奏如何正确把握？房地产、互联网等重点行业的产业政策如何调整？对不确定因素的判断决定了市场整体风险偏好的波动。我们倾向于用周期摆动的思维应对2022年的不确定性因素，过去两年的高景气度赛道投资使得很多投资者对周期力量的重视度大幅减弱，而我们坚持认为，周期只是被种种外部因素（政策、疫情等）拉长，而经济和市场自身的周期不会缺席。适度的逆向，而非在正确的赛道上“躺赢”，可能是今年决定组合收益率的重要因素。后续我们的投资选股思路如下：1）继续坚持运用主动量化策略（超预期和高分红）管理部分仓位；2）从三因素的模型维度，我们将继续超配成长风格，但会在成长板块间相对均衡；3）我们将加大对反转类资产的配置力度，如地产、银行、计算机和家电等；4）根据市场自身风险偏好的位置，我们今年将适当尝试仓位的运用以达到对回撤的控制。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":3000000002411,"stockCode":"002411","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-03-24T16:00:00.000Z","setUpScale":1001290000,"market":"a","tickerId":2411,"custody":"中信银行股份有限公司","name":"华夏新机遇灵活配置混合型证券投资基金","shortName":"华夏新机遇混合(002411)","fundSecondLevel":"hybrid","__csrcFundId":2622,"fundStatus":"normal","lastUpdated":"2026-04-30T18:28:04.136Z","masterFundFlag":1,"inceptionDate":"2016-03-29T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新机遇混合","pinyin":"hxxjylhpzhhxzqtzjj","managers":[{"stockCode":"db20872993","stockType":"fund_manager","exchange":"fm","tickerId":191825228710,"name":"孙然晔"}]},"announcement":{"linkText":"华夏新机遇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=711246","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66d7fea5b3eb04583d6","date":"2021-09-29T16:00:00.000Z","stockId":3000000002411,"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，本基金继续运用较多仓位从相对景气度和业绩超预期维度进行了主动量化组合的构建，另一部分仓位，从景气度的角度增持了新能源车、光伏和军工领域的相关个股。债券方面，配置了合理的仓位和久期，并根据市场情况进行了一定的波段操作。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:01.589Z","fund":{"_id":3000000002411,"stockCode":"002411","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-03-24T16:00:00.000Z","setUpScale":1001290000,"market":"a","tickerId":2411,"custody":"中信银行股份有限公司","name":"华夏新机遇灵活配置混合型证券投资基金","shortName":"华夏新机遇混合(002411)","fundSecondLevel":"hybrid","__csrcFundId":2622,"fundStatus":"normal","lastUpdated":"2026-04-30T18:28:04.136Z","masterFundFlag":1,"inceptionDate":"2016-03-29T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新机遇混合","pinyin":"hxxjylhpzhhxzqtzjj","managers":[{"stockCode":"db20872993","stockType":"fund_manager","exchange":"fm","tickerId":191825228710,"name":"孙然晔"}]},"announcement":{"linkText":"华夏新机遇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=652565","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66d7fea5b3eb04583d5","date":"2021-06-29T16:00:00.000Z","stockId":3000000002411,"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，本基金运用较多仓位从相对景气度和业绩超预期维度进行了主动量化组合的构建，另一部分仓位，从自下而上的角度增持了银行和电子领域的相关个股。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:01.586Z","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":3000000002411,"stockCode":"002411","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-03-24T16:00:00.000Z","setUpScale":1001290000,"market":"a","tickerId":2411,"custody":"中信银行股份有限公司","name":"华夏新机遇灵活配置混合型证券投资基金","shortName":"华夏新机遇混合(002411)","fundSecondLevel":"hybrid","__csrcFundId":2622,"fundStatus":"normal","lastUpdated":"2026-04-30T18:28:04.136Z","masterFundFlag":1,"inceptionDate":"2016-03-29T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新机遇混合","pinyin":"hxxjylhpzhhxzqtzjj","managers":[{"stockCode":"db20872993","stockType":"fund_manager","exchange":"fm","tickerId":191825228710,"name":"孙然晔"}]},"announcement":{"linkText":"华夏新机遇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=631738","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66d7fea5b3eb04583d4","stockId":3000000002411,"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，权益方面，本基金继续保持绝对收益思维，在控制仓位的情况下，精选优质成长个股，整体仓位变化不大，主要增持了部分机械、化工、传媒领域的成长个股。债券方面，组合配置了合理的仓位和久期，并根据市场情况，进行一定的波段操作。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:01.584Z","fund":{"_id":3000000002411,"stockCode":"002411","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-03-24T16:00:00.000Z","setUpScale":1001290000,"market":"a","tickerId":2411,"custody":"中信银行股份有限公司","name":"华夏新机遇灵活配置混合型证券投资基金","shortName":"华夏新机遇混合(002411)","fundSecondLevel":"hybrid","__csrcFundId":2622,"fundStatus":"normal","lastUpdated":"2026-04-30T18:28:04.136Z","masterFundFlag":1,"inceptionDate":"2016-03-29T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新机遇混合","pinyin":"hxxjylhpzhhxzqtzjj","managers":[{"stockCode":"db20872993","stockType":"fund_manager","exchange":"fm","tickerId":191825228710,"name":"孙然晔"}]},"announcement":{"linkText":"44华夏新机遇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=569938","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66d7fea5b3eb04583d3","stockId":3000000002411,"sao":"国内宏观方面，1季度的国内疫情爆发和2季度的全球疫情蔓延导致经济阶段性压力较大，全球央行极度宽松的货币政策，叠加我国抗疫工作率先取得成效，使得国内宏观指标较快地从疫情的停摆状态下改善，其中生产和投资改善幅度较大，出口和制造业发力明显。进入3、4季度，央行没有再继续大幅宽松，货币政策的定位为“不急转弯”，年底呈现紧货币、宽信用的格局。海外宏观方面，由于疫情控制不利，全球经济增速陷入衰退状态，虽然以美联储为代表的各国央行纷纷开启极度宽松的货币政策应对疫情，为市场提供流动性，但居高不下的感染人数导致欧美主要经济体和大多数发展中国家经济仍处于半停摆状态。金融市场在各国央行的呵护下企稳，但截至2020年底，除中国外的各主要经济体的改善程度仍比较孱弱。市场表现方面，2020年，A股市场出现先跌后涨、分化严重的特征。所有主要指数均录得正收益，创业板指数涨幅大幅领先沪深300和上证50，行业板块层面，医药、食品饮料、消费者服务涨幅居前，而银行、石油石化、钢铁、煤炭等行业落后。报告期内，本基金加大了对军工和有色的配置比例，继续在大消费、大科技领域长期布局龙头个股。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:01.581Z","mo":"展望2021年，我们用盈利、流动性和风险偏好三因素框架来分析：盈利方面，2021年全年在海内外需求共振的背景下，盈利改善的方向确定，在海外供给得到有效释放前，大宗商品的价格易涨难跌；流动性方面，随着国内经济复苏力度增强，中国央行率先提出货币政策正常化（不急转弯），不排除在年中某些阶段进入货币、信用双紧的状态；风险偏好方面，在2019-2020连续两年权益市场取得较大正收益的情况下，市场参与者的风险偏好处于较高水平。我们认为在以上三个影响股价的因素中，盈利因素将成为今年的主导因素，市场的波动率上升和预期收益率的下降难以避免。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（年度），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，我们偏好银行、有色金属等顺周期资产中的龙头和部分能够抵御估值逆风的优质成长个股；3）个股维度，更加看重盈利的质量及持续性，产业地位和壁垒的高低等长期指标。在投资策略上，本基金将继续保持绝对收益思维，重视回撤管理。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":3000000002411,"stockCode":"002411","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-03-24T16:00:00.000Z","setUpScale":1001290000,"market":"a","tickerId":2411,"custody":"中信银行股份有限公司","name":"华夏新机遇灵活配置混合型证券投资基金","shortName":"华夏新机遇混合(002411)","fundSecondLevel":"hybrid","__csrcFundId":2622,"fundStatus":"normal","lastUpdated":"2026-04-30T18:28:04.136Z","masterFundFlag":1,"inceptionDate":"2016-03-29T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新机遇混合","pinyin":"hxxjylhpzhhxzqtzjj","managers":[{"stockCode":"db20872993","stockType":"fund_manager","exchange":"fm","tickerId":191825228710,"name":"孙然晔"}]},"announcement":{"linkText":"59华夏新机遇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=555562","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66d7fea5b3eb04583d2","stockId":3000000002411,"sao":"国内宏观方面，3季度以来，宏观指标逐步改善，固定资产投资继续回升，其中制造业投资在8月转正。工业生产呈现明显的结构性特征，工业生产加快主要是上游生产加快带动，但下游生产偏弱。行业结构上，汽车、黑色、设备等行业向好，但食品等消费类行业增长持续放缓。政策层面，货币政策出现边际变化，货币市场流动性边际上不再继续放松，银行超储率下降。信贷和社融增速继续回升，但升速放缓。以M2-GDP为代表的的冗余流动性指标出现拐点，从高位开始回落。海外宏观方面，3季度，欧美疫情开始回落，经济缓慢恢复，美联储的量化宽松政策和财政刺激使得本次衰退过程中居民端的收入和杠杆率水平显著好于08年的金融危机，一旦疫苗成功量产，经济恢复的速度可能较快，造成一定的潜在通胀压力。市场表现方面，2020年3季度，市场成长和价值板块开始向均衡回归，上证50指数和沪深300指数跑赢创业板指数。建材、汽车、非银金融、军工、消费者服务等板块涨幅领先，前期表现较好的 医药、计算机、传媒和通信成长类板块表现落后。报告期内，本基金继续保持绝对收益思维，整体仓位变化不大，组合中对顺周期和价值类板块的龙头个股进行了重点配置。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:01.578Z","fund":{"_id":3000000002411,"stockCode":"002411","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-03-24T16:00:00.000Z","setUpScale":1001290000,"market":"a","tickerId":2411,"custody":"中信银行股份有限公司","name":"华夏新机遇灵活配置混合型证券投资基金","shortName":"华夏新机遇混合(002411)","fundSecondLevel":"hybrid","__csrcFundId":2622,"fundStatus":"normal","lastUpdated":"2026-04-30T18:28:04.136Z","masterFundFlag":1,"inceptionDate":"2016-03-29T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新机遇混合","pinyin":"hxxjylhpzhhxzqtzjj","managers":[{"stockCode":"db20872993","stockType":"fund_manager","exchange":"fm","tickerId":191825228710,"name":"孙然晔"}]},"announcement":{"linkText":"华夏新机遇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=488705","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66d7fea5b3eb04583d1","stockId":3000000002411,"sao":"国内宏观方面，1季度的疫情爆发导致经济阶段性压力较大，进入2季度以来，宏观指标逐步从疫情的停摆状态下改善，其中生产和投资改善幅度较大，基建和地产发力明显，制造业投资和消费偏弱。PMI分项中，新订单，特别是出口订单的改善明显。货币政策继续保持宽松力度，明确货币指标必须明显高于去年且融资成本必须进一步下行的目标。进入6月份后，央行在货币市场上没有再继续大幅宽松，而更偏向于“直达型”工具的应用。新增信贷显著高于去年同期，新增社融继续放量，M1增速连续回升。财政更加积极，赤字率、特别国债、专项债和财政预算规模等指标均比2019年有所提升，但需要关注的是在财政资金总量限制的背景下更多的是继续通过优化支出结构来完成积极财政的目标，投资方向上继续强调新基建、城镇化和轨道交通。海外宏观方面，由于疫情控制不利，上半年全球经济增速陷入衰退状态，以美联储为代表的各国央行纷纷开启极度宽松的货币政策应对疫情，为市场提供流动性，虽然金融市场在各国央行的呵护下企稳，但实体经济改善仍需时日。市场表现方面，2020上半年，市场出现波动加大、分化严重的特征。创业板指数涨幅超过30%，而上证50录得负收益。行业板块层面，医药、食品饮料、消费者服务涨幅居前，而银行、石油石化、钢铁、煤炭等行业落后。报告期内，本基金加大了对消费电子的配置比例，保持了在食品饮料、电商等细分领域成长股的长期持仓，减持了部分地产、银行持仓。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:01.575Z","mo":"展望下半年，我们认为宏观经济复苏的趋势虽然确定，但力度有限，主要是因为货币和财政政策虽然会继续维持目前的宽松程度，但不会继续加码，而海外需求短期内无法提供正向刺激。在宏观趋稳的判断下，盈利、无风险利率和风险偏好三个影响股价的因素中，盈利因素和风险偏好将占主导。我们认为市场在下半年不会出现指数层面的普涨，而更多地是阶段性、结构性机会，较高的波动率也会维持。后续我们的投资选股思路1）长期维度，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，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；3）个股维度，更加看重盈利的质量和持续性，产业地位和壁垒的高低等长期指标。在投资策略上，本基金将继续保持绝对收益思维，重视回撤管理。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":3000000002411,"stockCode":"002411","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-03-24T16:00:00.000Z","setUpScale":1001290000,"market":"a","tickerId":2411,"custody":"中信银行股份有限公司","name":"华夏新机遇灵活配置混合型证券投资基金","shortName":"华夏新机遇混合(002411)","fundSecondLevel":"hybrid","__csrcFundId":2622,"fundStatus":"normal","lastUpdated":"2026-04-30T18:28:04.136Z","masterFundFlag":1,"inceptionDate":"2016-03-29T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏新机遇混合","pinyin":"hxxjylhpzhhxzqtzjj","managers":[{"stockCode":"db20872993","stockType":"fund_manager","exchange":"fm","tickerId":191825228710,"name":"孙然晔"}]},"announcement":{"linkText":"华夏新机遇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=463138","linkType":"PDF","source":"csrc_pdf"}}]}