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，经济仍有希望在艰难中实现有质量的增长。房地产行业在经历前几年调整后，2024有望企稳；同时，政府对经济托底作用有望进一步凸显。长期而言，经济结构的调整为今后经济实现更高质量增长打下坚实基础。　　总体而言，我们对2024证券市场保持谨慎乐观。最主要原因是，经历了持续几年的下跌，我们有能力找到更多有投资吸引力的标的：那些长而言有增长前景，“护城河”较高，同时估值性价比极具吸引力。虽然经历短暂的经济增速放缓，但长期而言，我们对中国经济充满信心：在我党领导下，凭借中国人民的勤劳、智慧，中国仍将是全球最有活力的经济体，中国企业在全球竞争力仍将持续提升。就证券市场而言，随着中国房地产投资趋于理性，“房住不炒”概念深入人心，证券市场作为巨大居民财富实现保值、增值载体的功能将日趋凸显。　　就行业机会而言，经济结构调整期我们主要看好三类机会：一类是经历”行业洗牌“后的”供给侧改革“机会，消费部分细分行业经历了长达5-10年的供给侧改革，疫情更是加速行业出清；其二是新经济、新技术、新消费，网络经济发展的深化、AI技术的兴起、00后成长为消费主力，都为新经济的成长提供巨大机遇；最后是积极寻找“走出去”机会的企业，中国在众多制造行业已经拥有全球竞争力，广阔的全球市场为优秀的中国企业提供更大的舞台。　　作为管理人，将秉持“价值投资”理念，深挖被市场低估的投资机会，深度研究、积极布局，努力为持有人持续创造超额收益。","fund":{"_id":3000000008290,"__csrcFundId":7384,"stockCode":"008290","name":"华安现代生活混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8290,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:34.011Z","status":"normal","exchange":"jj","inceptionDate":"2020-04-25T16:00:00.000Z","shortName":"华安现代生活混合(008290)","followedNum":9,"fundCollectionId":4000050040000,"currency":"CNY","setUpDate":"2020-04-25T16:00:00.000Z","setUpAssetScale":1179587442.65,"setUpShares":1179587442.65,"pinyin":"haxdshhhxzqtzjj","masterFundShortName":"华安现代生活混合","managers":[{"stockCode":"8801599263","stockType":"fund_manager","exchange":"fm","tickerId":121919180040,"name":"刘淑生"}]},"announcement":{"linkText":"华安现代生活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=1048243","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb827fea5b3eb04b6fe9","date":"2023-09-29T16:00:00.000Z","stockId":3000000008290,"sao":"三季度市场震荡略跌，行业层面，煤炭、非银、石油石化、银行、地产等相对较强，传媒、计算机、电力设备及新能源、国防军工、机械等相对落后。组合增持了一些基本面和估值较好的公司、优化了部分行业内部持仓结构。华安现代生活净值下跌。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:42.254Z","fund":{"_id":3000000008290,"__csrcFundId":7384,"stockCode":"008290","name":"华安现代生活混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8290,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:34.011Z","status":"normal","exchange":"jj","inceptionDate":"2020-04-25T16:00:00.000Z","shortName":"华安现代生活混合(008290)","followedNum":9,"fundCollectionId":4000050040000,"currency":"CNY","setUpDate":"2020-04-25T16:00:00.000Z","setUpAssetScale":1179587442.65,"setUpShares":1179587442.65,"pinyin":"haxdshhhxzqtzjj","masterFundShortName":"华安现代生活混合","managers":[{"stockCode":"8801599263","stockType":"fund_manager","exchange":"fm","tickerId":121919180040,"name":"刘淑生"}]},"announcement":{"linkText":"华安现代生活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=984869","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb827fea5b3eb04b6fe8","date":"2023-06-29T16:00:00.000Z","stockId":3000000008290,"sao":"上半年市场震荡，行业层面，通信、传媒、计算机、家电、机械等相对较强，消费者服务、房地产、综合、农林牧渔、建材等相对落后。华安现代生活净值下跌。我作为基金经理，感谢大家的支持，对未能为持有人争取更好的收益深表歉意。上半年对组合结构进行一定的调整，增持了一些现金流好、业务护城河较高的公司，此外还增持了一部分盈利处于相对底部的行业。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:42.251Z","mo":"上半年经济逐步恢复，生产供给持续增加，高质量发展稳步推进。同时，外部环境更趋复杂严峻。展望下半年，经济库存压力进一步下降，库存因素的负面影响可能逐步降低。经济结构升级是长期方向。如果以上市公司为样本，我们看到近些年形成了一些新的具有全球竞争力的行业，如高端制造、精密仪器、新材料及新工艺等，这些细分行业内有竞争力的公司不仅在国内获得了竞争优势，也在全球市场不断斩获更多的份额。发展和安全并重，在关注经济恢复、发展的同时，关注安全领域的机会。我们将积极耐心寻找估值合理的优质公司、理解其成长逻辑、关注他们能力建设可能带来的成长，努力为持有人争取更好的收益。","fund":{"_id":3000000008290,"__csrcFundId":7384,"stockCode":"008290","name":"华安现代生活混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8290,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:34.011Z","status":"normal","exchange":"jj","inceptionDate":"2020-04-25T16:00:00.000Z","shortName":"华安现代生活混合(008290)","followedNum":9,"fundCollectionId":4000050040000,"currency":"CNY","setUpDate":"2020-04-25T16:00:00.000Z","setUpAssetScale":1179587442.65,"setUpShares":1179587442.65,"pinyin":"haxdshhhxzqtzjj","masterFundShortName":"华安现代生活混合","managers":[{"stockCode":"8801599263","stockType":"fund_manager","exchange":"fm","tickerId":121919180040,"name":"刘淑生"}]},"announcement":{"linkText":"华安现代生活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=959675","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb827fea5b3eb04b6fe7","date":"2023-03-30T16:00:00.000Z","stockId":3000000008290,"sao":"一季度市场震荡上行，行业层面，计算机、传媒、通信、电子、建筑等相对较强，地产、消费者服务、综合、银行、电力设备及新能源等相对落后。华安现代生活净值下跌。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:42.248Z","fund":{"_id":3000000008290,"__csrcFundId":7384,"stockCode":"008290","name":"华安现代生活混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8290,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:34.011Z","status":"normal","exchange":"jj","inceptionDate":"2020-04-25T16:00:00.000Z","shortName":"华安现代生活混合(008290)","followedNum":9,"fundCollectionId":4000050040000,"currency":"CNY","setUpDate":"2020-04-25T16:00:00.000Z",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走向全球。随着转型升级的深入，中国市场的巨大容量和深度的潜力正逐步显现。\t在此背景下，未来市场可能仍以结构性机会为主。在一季度震荡后市场风险快速回升。我们仍将把合理估值和公司质地放在重要的位置，放弃一些不符合我们收益风险要求的标的。短期看市场有很强的随机性，长期看，市场反映的是确定性。尽管选股难度较过去两年多有所加大，我们仍将客观评价各类投资机会，积极耐心寻找估值合理的优质公司、理解其成长逻辑、关注他们的能力建设，争取未来为持有人争取更好的收益。","fund":{"_id":3000000008290,"__csrcFundId":7384,"stockCode":"008290","name":"华安现代生活混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8290,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:34.011Z","status":"normal","exchange":"jj","inceptionDate":"2020-04-25T16:00:00.000Z","shortName":"华安现代生活混合(008290)","followedNum":9,"fundCollectionId":4000050040000,"currency":"CNY","setUpDate":"2020-04-25T16:00:00.000Z","setUpAssetScale":1179587442.65,"setUpShares":1179587442.65,"pinyin":"haxdshhhxzqtzjj","masterFundShortName":"华安现代生活混合","managers":[{"stockCode":"8801599263","stockType":"fund_manager","exchange":"fm","tickerId":121919180040,"name":"刘淑生"}]},"announcement":{"linkText":"华安现代生活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=630542","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb827fea5b3eb04b6fdf","stockId":3000000008290,"sao":"2021年一季度上证指数下跌0.9%，创业板指数下跌7.0%。行业层面，钢铁、银行、公用事业、建筑、建材等涨幅靠前，军工、非银、通信、汽车、电子等相对落后。一季度市场整体有一定的波动，但依然呈现结构性机会。华安现代生活采取稳健策略，进一步降低了估值过高品种的持仓比例。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:42.227Z","fund":{"_id":3000000008290,"__csrcFundId":7384,"stockCode":"008290","name":"华安现代生活混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8290,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:34.011Z","status":"normal","exchange":"jj","inceptionDate":"2020-04-25T16:00:00.000Z","shortName":"华安现代生活混合(008290)","followedNum":9,"fundCollectionId":4000050040000,"currency":"CNY","setUpDate":"2020-04-25T16:00:00.000Z","setUpAssetScale":1179587442.65,"setUpShares":1179587442.65,"pinyin":"haxdshhhxzqtzjj","masterFundShortName":"华安现代生活混合","managers":[{"stockCode":"8801599263","stockType":"fund_manager","exchange":"fm","tickerId":121919180040,"name":"刘淑生"}]},"announcement":{"linkText":"华安现代生活混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=569717","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb827fea5b3eb04b6fde","stockId":3000000008290,"sao":"2020年上证指数上涨13.87%，创业板指数上涨64.96%。行业层面，电力设备、食品饮料、军工、医药、汽车等涨幅靠前，地产、通信、建筑、综合、纺织服装等相对落后。2020年中国经济经历的疫情等诸多不确定性因素的考验，显示出较强的韧性。上半年和下半年经济呈现完全不同的冷暖。华安现代生活成立于2020年4月，在三季度完成建仓，把握了经济恢复为主线的投资机会。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:42.225Z","mo":"2020年中国经济经历了疫情和其他诸多不确定因素的考验，是唯一保持正增长的主要经济体。下半年以来，尽管国内仍有零星的疫情，从全国范围来看，经济活动进一步恢复，经济活力进一步提升，部分工业商品价格快速上涨，下半年十年期国债收益率较上半年明显回升。\t展望2021年，经济仍将持续上行。尽管疫情对经济的影响仍未完全消除，但从上市公司三季报以及高频数据看，大部分行业已经得到了恢复，2020年四季度工业企业产能利用率可能逼近过去五年高点。2021年经济仍有上行动力。消费端，线下消费仍有恢复空间，耐用消费品消费回升。出口端，今年中国出口份额占比明显提升，但总需求下滑，2021年尽管份额可能略有下滑但总需求回升下，仍可能维持较高景气度。投资端，经济恢复的背景下，部分制造业资本开支可能加速。另一方面，中国在疫情后货币政策逐步回归常态，十年期国债收益率也回到疫情前水平。疫情期间海外部分经济体采取了激进的货币宽松政策，随着经济的恢复，部分大宗商品价格开始上涨，宽松的货币政策不是免费的午餐，一些负面效果可能在2021年逐步显现。\t在上述背景下，未来可能面临盈利增速上行和风险偏好回归理性的状态。2019年和2020年，基金行业普遍获得了较高收益率。值得注意的是，不少行业重点公司股价的上涨主要来自估值扩张而非盈利增长。估值提升不是股价上涨的永动机，过高的估值透支未来的收益，同时回撤风险也会放大。华安现代生活将坚持“在合理的估值下买入优秀的公司”，放弃不符合我们收益风险要求的品种。通过阅读公司过往的定期报告、调研等，我们看到一批优质公司在能力建设上获得令人激动的进步。这些能力的变化可能领先于公司的财务表现。希望能这些研究能为持有人争取长期稳健回报。\t长期看，中国经济处于向高质量发展的转型阶段，传统行业优胜劣汰和新兴行业较快发展这两个特征将长期存在。在消费服务和科技类行业里，注重选择质地优秀、具有持续盈利能力、较高业务壁垒或较强竞争优势的公司。同时结合行业轮动，筛选估值、增速更优的行业，把握长期机会。","fund":{"_id":3000000008290,"__csrcFundId":7384,"stockCode":"008290","name":"华安现代生活混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8290,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:34.011Z","status":"normal","exchange":"jj","inceptionDate":"2020-04-25T16:00:00.000Z","shortName":"华安现代生活混合(008290)","followedNum":9,"fundCollectionId":4000050040000,"currency":"CNY","setUpDate":"2020-04-25T16:00:00.000Z","setUpAssetScale":1179587442.65,"setUpShares":1179587442.65,"pinyin":"haxdshhhxzqtzjj","masterFundShortName":"华安现代生活混合","managers":[{"stockCode":"8801599263","stockType":"fund_manager","exchange":"fm","tickerId":121919180040,"name":"刘淑生"}]},"announcement":{"linkText":"华安现代生活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=553852","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb827fea5b3eb04b6fdd","stockId":3000000008290,"sao":"三季度上证指数上涨7.82%，创业板指数上涨5.6%。行业层面，国防军工、消费者服务、电力设备、汽车、食品饮料、非银、建材等涨幅靠前，通信、商贸、传媒、计算机、农业、医药等相对落后。进入三季度，随着国内疫情得到有效控制，经济活动延续二季度末持续恢复的态势，部分优质公司表现更加强劲。华安现代生活根据经济环境的变化，结合估值水平，稳步建仓。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:42.222Z","fund":{"_id":3000000008290,"__csrcFundId":7384,"stockCode":"008290","name":"华安现代生活混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":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