window.pageData = {"stock":{"_id":3000000010281,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）A","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50030000","tickerId":50030000,"name":"华夏基金管理有限公司"},"managers":[{"name":"李晓易","stockType":"fund_manager","stockCode":"db20666814","exchange":"fm","tickerId":122425192180},{"name":"孟清扬","stockType":"fund_manager","stockCode":"j101019447","exchange":"fm","tickerId":131725239140}],"hotMetrics":{"fss":{"stockId":3000000010281,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.0812,"f_ins_h_s_r_c_hy":-0.033100000000000004,"f_ins_h_s_r_c_1y":0.015699999999999992,"f_ind_h_s_r":0.9188,"f_ind_h_s_r_c_hy":0.03310000000000002,"f_ind_h_s_r_c_1y":-0.015700000000000047,"f_h_a":4504,"f_h_s_a":42773,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000010281,"type":"fpr","f_p_r_fys_ssc":1369,"f_p_r_fys_ssrp":0.9093567251461988,"f_p_r_m1_ssc":1449,"f_p_r_m1_ssrp":0.9040055248618785,"f_p_r_m3_ssc":1391,"f_p_r_m3_ssrp":0.6007194244604317,"f_p_r_m6_ssc":1284,"f_p_r_m6_ssrp":0.8846453624318005,"f_p_r_y1_ssc":1127,"f_p_r_y1_ssrp":0.9316163410301954,"f_p_r_y2_ssc":948,"f_p_r_y2_ssrp":0.8753959873284055,"f_p_r_y3_ssc":684,"f_p_r_y3_ssrp":0.7276720351390923,"f_cagr_p_r_fs_ssc":1445,"f_cagr_p_r_fs_ssrp":0.6724376731301939,"f_p_r_y5_ssc":191,"f_p_r_y5_ssrp":0.29473684210526313},"fp":{"stockId":3000000010281,"type":"fp","f_p_r_fys":-0.0014873140857393219,"f_p_r_m1":0.004400246413799103,"f_p_r_m3":-0.008341298114519113,"f_p_r_m6":-0.004101221640488539,"f_p_r_y1":0.029125338142470758,"f_cagr_p_r_fs":0.026093582351721656,"f_p_r_d1":-0.00027056277056269895,"f_p_r_y2":0.0855050408978506,"f_p_r_y3":0.09048347028473147,"last_data_date":"2026-04-27T16:00:00.000Z","f_p_r_y5":0.13168071393158165},"ff":{"stockId":3000000010281,"type":"ff","f_m_f":150515,"f_c_f":102250,"f_m_a_c_f":252765,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_f_r":0.001,"f_m_a_c_f_r":0.004,"f_m_f_r":0.003,"f_fr_d":"2026-03-30T16:00:00.000Z","f_c_fr":0.001,"f_m_fr":0.003,"f_mac_fr":0.004},"f_nlacan":{"stockId":3000000010281,"type":"f_nlacan","f_nv_d":"2026-04-27T16:00:00.000Z","f_nv":1.1413,"f_nv_cr":0.00017526947682067195},"f_as":{"stockId":3000000010281,"type":"f_as","f_tas":133089251.7485,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000017359,"name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","fofFundFlag":1,"stockCode":"017359","tickerId":17359,"shortName":"华夏保守养老一年持有混合（FOF）Y","currency":"CNY","__csrcFundId":8775,"exchange":"jj","lastUpdated":"2025-01-08T23:14:33.750Z","inceptionDate":"2022-11-28T16:00:00.000Z","followedNum":7,"pensionTargetFlag":1,"status":"normal","masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010281,"stockId":601111,"holdings":190100,"marketCap":1279373,"netValueRatio":0.0062,"quarterlyChange":-0.281750266808964,"stock":{"stockCode":"601111","exchange":"sh","stockType":"company","tickerId":601111,"name":"中国国航"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010281,"stockId":601390,"holdings":184600,"marketCap":1002378,"netValueRatio":0.0048,"quarterlyChange":0.0036968576709806023,"stock":{"stockCode":"601390","exchange":"sh","stockType":"company","tickerId":601390,"name":"中国中铁"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010281,"stockId":1000000000006049,"holdings":24200,"marketCap":666662,"netValueRatio":0.0032,"quarterlyChange":-0.021329987452949006,"stock":{"stockCode":"06049","tickerId":6049,"exchange":"hk","stockType":"company","name":"保利物业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010281,"stockId":600048,"holdings":111900,"marketCap":651258,"netValueRatio":0.0031,"quarterlyChange":-0.04590163934426128,"stock":{"stockCode":"600048","exchange":"sh","stockType":"company","tickerId":600048,"name":"保利发展"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010281,"stockId":2714,"holdings":12300,"marketCap":513033,"netValueRatio":0.0025,"quarterlyChange":-0.17536575721629122,"stock":{"stockCode":"002714","exchange":"sz","stockType":"company","tickerId":2714,"name":"牧原股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010281,"stockId":2557,"holdings":20000,"marketCap":423400,"netValueRatio":0.002,"quarterlyChange":-0.02081406105457906,"stock":{"stockCode":"002557","exchange":"sz","stockType":"company","tickerId":2557,"name":"洽洽食品"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010281,"stockId":1000000000001579,"holdings":26000,"marketCap":374653,"netValueRatio":0.0018,"quarterlyChange":0.2952380952380955,"stock":{"stockCode":"01579","exchange":"hk","stockType":"company","tickerId":1579,"name":"颐海国际"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010281,"stockId":1000000000002319,"holdings":21000,"marketCap":318921,"netValueRatio":0.0015,"quarterlyChange":0.1535881958417169,"stock":{"stockCode":"02319","exchange":"hk","stockType":"company","tickerId":2319,"name":"蒙牛乳业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010281,"stockId":1000000000003900,"holdings":27000,"marketCap":208120,"netValueRatio":0.001,"quarterlyChange":0.030696576151122645,"stock":{"stockCode":"03900","exchange":"hk","stockType":"company","tickerId":3900,"name":"绿城中国"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000010281,"stockId":1000000000001908,"holdings":17000,"marketCap":189277,"netValueRatio":0.0009,"quarterlyChange":-0.1942492012779552,"stock":{"stockCode":"01908","exchange":"hk","stockType":"company","tickerId":1908,"name":"建发国际集团"}}],"bondHoldings":[{"_id":"69723afa1987889646e70736","date":"2025-12-30T16:00:00.000Z","fundId":3000000010281,"stockCode":"019766","stockName":"25国债01","holdings":63000,"marketCap":6370276,"netValueRatio":0.0297,"lastUpdated":"2026-01-22T14:58:02.537Z","declarationDate":"2026-01-21T16:00:00.000Z"}],"lastFsMetrics":{"latestTurnoverRate":0.007263868996234182,"latestTurnoverRateDate":"2025-06-29T16:00:00.000Z"}},"list":[{"_id":"69e8eb3b1398d79843fe905f","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000010281,"sao":"1季度，海外方面：1月底，美国新任联储主席被正式提名，一度触发流动性偏紧预期，造成黄金大幅下跌；3月，伊朗地缘政治冲突导致油价大幅抬升，再度触发全球流动性偏紧的预期，进而触发除油价外全球资产普跌的行情，包括海外股票、黄金、有色、美债等。一季度全球资产呈现高波动、高相关性特征。国内方面：伴随海外资产价格剧烈波动，国内权益市场也出现明显波动，于3月出现大幅下跌。纵观整个一季度，金融、消费风格跌幅较大；周期、稳定风格相对稳健。国内债券市场整体呈现震荡，国债利率小幅下行。报告期内，本基金整体权益持仓比重维持在中性略高的水平，主要结构偏价值、内需，在市场下跌的过程中经历了一定回撤，不过展望未来该部分持仓的估值已然较低，进一步大幅下跌空间或有限。报告期内，基金持有国内债券部分以中短久期债券为主，在美元债上维持配置。通过均衡化、多策略、跨资产的组合构建思路，本基金力求为持有人贡献稳健收益曲线。","lastUpdated":"2026-04-22T15:37:31.586Z","fund":{"_id":3000000010281,"__csrcFundId":8775,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）(010281)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:11.539Z","status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20666814","stockType":"fund_manager","exchange":"fm","tickerId":122425192180,"name":"李晓易"},{"stockCode":"j101019447","stockType":"fund_manager","exchange":"fm","tickerId":131725239140,"name":"孟清扬"}]},"announcement":{"linkText":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1480185","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ce6587f45dd25f43f625ff","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-30T16:00:00.000Z","stockId":3000000010281,"sao":"1季度，海外方面：美国在关税加征以及政府裁员等政策影响下，市场开始出现波动，呈现出一定的衰退预期。具体表征上，美股、美元下跌，比特币等风险资产也回落，美债利率出现明显回落。国内方面：国内股票市场在一季度整体较为活跃，其中由于国内AI、机器人等出现技术突破并引起热点，港股以及国内科技等板块呈现出明显超额收益。国内债券市场一季度受资金利率回升影响，呈现明显回撤。2季度，海外方面：在美国发起的全球关税冲突影响下，全球市场大幅波动，全球股市大幅下跌，VIX指数抬升，美元指数大幅弱化，美债利率先下后上大幅波动，体现对关税带来的滞胀和对美国政府信用的担忧。而后随着关税冲突缓和，美股震荡回升，VIX指数回落。国内方面：受到关税冲突的冲击，国内股票市场也在4月7日出现大幅下跌，利率也呈现大幅下行。然后随着关税冲突缓和以及国内政策层对市场的呵护，股票市场后续逐步修复上行。5月央行宣布降息，短端利率维持在偏低水平，在市场对后续货币政策偏松的预期下，长端利率也在偏低水平震荡。3季度，海外方面：全球关税冲突阶段性缓和，海外股票指数震荡回升；美国就业数据出现明显恶化，就业市场已形成边际弱化的趋势，美债利率呈现震荡回落；美元指数震荡，人民币较美元小幅升值。国内方面：随着关税冲突缓和以及市场情绪回暖，股票市场呈现大幅上涨。其中成长板块涨幅尤为明显，周期板块中的有色板块也涨幅居前。在国内反内卷政策推动下，市场对于远期物价预期出现改善，国内商品期货价格一度反弹。在股票市场偏强以及国内反内卷政策推进下，国内长端债券利率出现上行。4季度，海外方面：美国失业率进一步上行，就业市场仍在弱化；美联储于9月、10月、12月连续降息，并终止缩表；贸易冲突一度再起争端，不过10月底美方同意下调部分对华进口商品关税，贸易冲突降温。伴随着流动性宽松和贸易争端缓和，美股震荡上行。美债利率震荡，美元偏震荡，贵金属涨幅较大。人民币较美元汇率于四季度呈现明显升值。国内方面：随着三季度股票市场大涨，四季度股票市场总体偏震荡，其中消费表现偏弱，成长震荡，金融、周期表现较强。二手房价格出现进一步下行，引发市场对传统经济的担忧，消费及地产链表现偏弱。国内利率也一度下行，整体偏震荡。全年来看，流动性宽裕，总量经济及企业盈利偏企稳，新兴产业有亮点，整体A股港股呈现牛市格局，其中科技和有色金属板块涨幅较大；国内债券利率整体有所回升；美元债利率整体呈现一定下行。报告期内，组合整体维持中性略高的权益仓位，但随着市场大幅上行过程中适度进行再平衡，尤其降低持仓中涨幅较大超额较多的成长板块。债券部分，组合全年维持偏短久期，在债市回调的过程中取得了相对收益贡献。组合在海外债上的配置也对债券部分做出了增量的超额贡献。","lastUpdated":"2026-04-02T12:48:07.759Z","mo":"目前来看，上市公司整体盈利数据有所企稳，但经济复苏节奏仍偏慢，房价整体仍偏低迷。但若参考历史上发达国家地产中周期调整的数据，房价下跌最大时期或正在过去，地产销售、地产投资等量的指标或将领先于房价企稳，而如果未来地产周期逐步企稳将有利于传统经济的改善预期。反内卷政策短期效果弱，但对于改善中长期物价预期会有帮助。股票市场角度，经历市场上涨后，最新全A风险溢价已经处于接近滚动5年正1倍标准差水平，即全A整体静态估值已不便宜。短期看广义维度流动性仍较为充裕，债券利率的长期分位水平仍较低，股市流动性仍较为活跃。不过考虑市场整体已不便宜，部分板块估值分位偏高，我们将适度进行再平衡，并减少成长板块的暴露。权益结构上我们关注价值、红利、内需板块，以及部分港股，寻找有性价比的投资机会。国内债券方面，我们倾向于认为赔率较低，债券利率进一步下行空间有限，拟中性偏短久期应对。对于海外债，认为仍具备配置价值并有分散化意义，不过需要适度控制汇率风险。通过均衡化、多策略、跨资产的组合构建思路，本基金力求为持有人贡献稳健收益曲线。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":3000000010281,"__csrcFundId":8775,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）(010281)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:11.539Z","status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20666814","stockType":"fund_manager","exchange":"fm","tickerId":122425192180,"name":"李晓易"},{"stockCode":"j101019447","stockType":"fund_manager","exchange":"fm","tickerId":131725239140,"name":"孟清扬"}]},"announcement":{"linkText":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1454437","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd797fea5b3eb04da844","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000010281,"sao":"3季度，海外方面：全球关税冲突阶段性缓和，海外股票指数震荡回升；美国就业数据出现明显恶化，就业市场已形成边际弱化的趋势，美债利率呈现震荡回落；美元指数震荡，人民币较美元小幅升值。国内方面：随着关税冲突缓和以及市场情绪回暖，股票市场呈现大幅上涨。其中成长板块涨幅尤为明显，周期板块中的有色板块也涨幅居前。在国内反内卷政策推动下，市场对于远期物价预期出现改善，国内商品期货价格一度反弹。在股票市场偏强以及国内反内卷政策推进下，国内长端债券利率出现上行。报告期内，本基金整体权益持仓比重维持在中性略高的水平，但随着权益市场大幅上行逐步小幅减仓再平衡，尤其逐步降低波动较大的成长板块。报告期内国内债券部分以短久期债券为主，较好的规避了利率上行带来的债券回调；而在美元债上维持配置，取得了较好的正贡献，较中债部分的收益形成超额，取得良好的分散化效果。通过均衡化、多策略、跨资产的组合构建思路，本基金力求为持有人贡献稳健收益曲线。","lastUpdated":"2026-03-09T13:39:05.869Z","fund":{"_id":3000000010281,"__csrcFundId":8775,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）(010281)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:11.539Z","status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20666814","stockType":"fund_manager","exchange":"fm","tickerId":122425192180,"name":"李晓易"},{"stockCode":"j101019447","stockType":"fund_manager","exchange":"fm","tickerId":131725239140,"name":"孟清扬"}]},"announcement":{"linkText":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1379467","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd797fea5b3eb04da843","date":"2025-06-29T16:00:00.000Z","stockId":3000000010281,"sao":"1季度，境外方面：美国在关税加征以及政府裁员等政策影响下，市场开始出现波动，呈现出一定的衰退预期。具体表征上，美股、美元下跌，比特币等风险资产也回落，美债利率出现明显回落。国内方面：国内股票市场在一季度整体较为活跃，其中由于国内AI、机器人等出现技术突破并引起热点，港股以及国内科技等板块呈现出明显超额收益。1季度，由于资金利率上行，国内债券市场呈现明显回撤。2季度，境外方面：在美国发起的全球关税冲突影响下，全球市场大幅波动，全球股市大幅下跌，VIX指数抬升，美元指数大幅弱化，美债利率也出现大幅波动，体现对关税带来的滞胀和对美国政府信用的担忧。而后随着关税冲突缓和，美股震荡回升，VIX指数回落。国内方面：受到关税冲突的冲击，国内股票市场也在4月初出现大幅下跌，利率也呈现大幅下行。然后随着关税冲突缓和，以及国内政策层对市场的呵护，股票市场后续逐步修复上行。5月央行宣布降息，短端利率维持在偏低水平，在市场对后续货币政策偏松的预期下，长端利率也在偏低水平震荡。报告期内，本基金整体权益持仓比重维持在中性略高的水平，较好把握了今年以来权益市场的上涨。期间根据市场波动做再平衡：一季度上涨后适度对组合仓位做调降，并对热门板块做减仓再平衡，规避了组合的波动；在市场下跌后，也适度补充权益仓位再平衡。报告期，国内债券部分采取偏低久期，避免了上半年的大幅波动；而在海外债券上的配置取得了较好的收益贡献，并较国内债券收益获得了更高的超额。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:05.866Z","mo":"展望未来，经济领先指标有改善的迹象，不过幅度不强，对应经济可能有所企稳。我们将关注基本面的修复力度，以及“反内卷”政策的进展。目前资金利率维持偏低水平，债券资产吸引力下降，风险偏好改善，资金涌入权益类资产，权益市场整体较为活跃。不过经过近一年的股价上涨，股债性价比已经修复至均值附近。历史看股债性价比如果进一步上行，需要基本面的趋势上行，或资金面持续推动。考虑目前债券利率依然处于历史低位，组合预计采取中性略高的权益比例，但考虑市场估值有所修复，我们将会较前期适度降低比例。结构上关注内需价值板块，搭配部分港股及成长板块。基于当前较低的国内利率水平以及政策向暖的方向，我们认为利率在现阶段进一步下行的空间不大，国内债券预期偏低久期。美债方面，从整体美国就业市场逐步弱化的趋势以及美债利率依然处于偏高水平的视角看，当前位置美债仍具备配置价值，维持配置。通过均衡化、多策略、跨资产的组合构建思路，本基金力求为持有人贡献稳健收益曲线。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":3000000010281,"__csrcFundId":8775,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）(010281)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:11.539Z","status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20666814","stockType":"fund_manager","exchange":"fm","tickerId":122425192180,"name":"李晓易"},{"stockCode":"j101019447","stockType":"fund_manager","exchange":"fm","tickerId":131725239140,"name":"孟清扬"}]},"announcement":{"linkText":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1347380","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd797fea5b3eb04da842","date":"2025-03-30T16:00:00.000Z","stockId":3000000010281,"sao":"1季度，海外方面，美国在关税加征以及政府裁员等政策影响下，市场出现波动，呈现出一定的衰退预期。具体表征上，美股、美元下跌，比特币等风险资产也回落，美债利率出现明显回落。国内方面，国内股票市场整体较为活跃，其中由于国内AI、机器人等出现技术突破并引起热点，港股以及国内科技等板块呈现出明显超额收益。然而近期，全球贸易冲突升级，对国内股票资产风险情绪带来较大冲击，股票资产再度回落。国内债券市场一季度呈现明显回撤，而在近期由于避险情绪影响再度出现上涨，国内长端利率再度下行。报告期内，本基金整体权益持仓比重维持在中性略高的水平，但上涨后适度对组合仓位做调降，并对热门板块做减仓再平衡，适度规避波动。考虑海外债券的利率水平仍处于相对高位，而海外经济周期出现边际弱化，后续拉长看较国内债券有超额收益，维持对美元债的配置。通过均衡化、多策略、跨资产的组合构建思路，本基金力求为持有人贡献稳健收益曲线。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:05.848Z","fund":{"_id":3000000010281,"__csrcFundId":8775,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）(010281)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:11.539Z","status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20666814","stockType":"fund_manager","exchange":"fm","tickerId":122425192180,"name":"李晓易"},{"stockCode":"j101019447","stockType":"fund_manager","exchange":"fm","tickerId":131725239140,"name":"孟清扬"}]},"announcement":{"linkText":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1271320","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd797fea5b3eb04da841","date":"2024-12-30T16:00:00.000Z","stockId":3000000010281,"sao":"1季度，海外层面：美国经济数据较好，软着陆的概率提升，且市场预期今年联储降息。在此背景下，美股以及油、铜、黄金等商品走强，美债利率高位震荡，长端利率小幅走高。国内层面：权益市场在年初经历流动性危机，多类资金触及止损，并在情绪负反馈下演绎出较极端的大幅下跌行情。而后随着托底救市资金入场，市场流动性风险解除，整体市场呈现明显反弹。1季度，高股息风格表现较好，中小成长风格相对较弱。债券市场开年呈现快速的利率下行，并且多个品种收益率达到新低，主要原因为经济预期相对偏弱势、股票市场开年大幅下跌以及资金相对充裕。2季度，海外层面：美国数据分化——就业数据依然偏强，但失业率边际抬升，通胀数据继续下行，PMI边际走弱。美债利率先上，后震荡略下；原油、铜等商品价格也先涨后跌；美股震荡抬升。国内层面：出口数据相对较强，而信贷、地产销售等数据依然偏弱，制造业PMI边际转弱。权益市场在5月中旬前，延续2月以来的上涨行情；而在5月中旬后至6月底大盘持续回调。风格层面，金融风格、稳定风格相对具有韧性，而消费、成长则经历明显回撤。国内债券2季度在4月底短暂调整之后进一步上涨，利率震荡小幅回落。3季度，海外层面：美国数据开始弱化——失业率已经边际抬升，通胀数据继续下行，制造业及服务业PMI都边际走弱。美联储降息50BP。美债有所下行，原油出现回落，美股出现震荡。国内方面：信贷、地产、经济、财政等数据均呈现一定弱化，经济呈现边际回落的态势。然而9月底以来的各方面政策表态显示，宏观政策发出来了较强有力的积极信号，货币、金融、地产、财政等均有明显发力。在政策超预期变化背景下，股票市场一改9月底前的下跌趋势，而在9月底前出现较大涨幅，债券利率在9月底有所回升。4季度，海外层面：特朗普当选，市场对于明年海外增长和通胀预期抬升，资产价格做出相应变化——美债利率抬升，美元指数上行，美股震荡小幅上行。然而在美国赤字率和付息成本已然偏高环境下，财政政策空间其实有限，后续财政方面进一步加码力度存疑。美国失业率小幅回落，不过中枢依然高于前期4以下的水平，就业市场较前期已经逐步弱化。国内方面，9月底以来，国内宏观政策整体发生明显变化，货币、地产、股市政策均有明显积极变化，财政政策定调也明显更积极。不过短期维度看，经济复苏迹象尚不明显，在货币政策定调适度宽松背景下，国内债券利率在年底呈现快速下行，并于年底10年国债利率向下突破1.7。股票市场层面也交易流动性，小盘风格在四季度较为活跃。股票宽基指数在四季度整体呈现震荡格局，成长和金融风格相对占优。报告期内，考虑股票市场估值处于偏低或极低水平，经济周期处于底部区间，本基金整体权益持仓比重维持在中性偏高的水平，较好把握了去年9月底的股票大幅上涨行情，股票部分的收益也是本组合在报告期最大收益贡献来源。债券部分随着中债利率水平的下行，逐步调降国内债券部分的久期。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:05.844Z","mo":"考虑2024年9月底以来，政策面有明显改善，经济周期也有望迎来复苏，股票市场胜率有明显改善；估值层面，股债性价比指标显示，股票较债券依然有吸引力。与此同时，国内科技及新质生产力方面有所进展，可能会对经济和市场带来结构性亮点。综合来看，未来我们对股票整体保持中性偏乐观，拟维持中性偏高仓位。国内债券部分追求稳健，考虑利率水平依然偏低，对基本面和政策的预期已计价较多，拟稳健为主采取偏低久期。考虑美债利率偏高，而美国就业市场也已经有所弱化，当前美债资产具有一定吸引力，维持配置。通过均衡化、多策略、跨资产的组合构建思路，本基金力求为持有人贡献稳健收益曲线。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":3000000010281,"__csrcFundId":8775,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）(010281)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:11.539Z","status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20666814","stockType":"fund_manager","exchange":"fm","tickerId":122425192180,"name":"李晓易"},{"stockCode":"j101019447","stockType":"fund_manager","exchange":"fm","tickerId":131725239140,"name":"孟清扬"}]},"announcement":{"linkText":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1251279","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd797fea5b3eb04da840","date":"2024-09-29T16:00:00.000Z","stockId":3000000010281,"sao":"3季度，海外层面：美国数据开始弱化——失业率已经边际抬升，通胀数据继续下行，制造业及服务业PMI都边际走弱。美联储降息50BP。美债有所下行，原油出现回落，美股出现震荡。国内方面：信贷、地产、经济、财政等数据均呈现一定弱化，经济呈现边际回落的态势。然而9月底以来的各方面政策表态显示，宏观政策发出来了较强有力的积极信号，货币、金融、地产、财政等均有明显发力。在政策超预期变化背景下，股票市场一改9月底前的下跌趋势，而在9月底前出现较大涨幅，债券利率在9月底有所回升。报告期内，考虑股票市场估值处于偏低水平，经济周期处于底部区间，而股票价格领先于基本面（参考中周期地产调整的经济体），本基金整体权益持仓比重维持在中性略高的水平。通过均衡化、多策略、跨资产的组合构建思路，本基金力求为持有人贡献稳健收益曲线。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:05.834Z","fund":{"_id":3000000010281,"__csrcFundId":8775,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）(010281)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:11.539Z","status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20666814","stockType":"fund_manager","exchange":"fm","tickerId":122425192180,"name":"李晓易"},{"stockCode":"j101019447","stockType":"fund_manager","exchange":"fm","tickerId":131725239140,"name":"孟清扬"}]},"announcement":{"linkText":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1175631","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd797fea5b3eb04da83f","date":"2024-06-29T16:00:00.000Z","stockId":3000000010281,"sao":"1季度，海外层面：美国经济数据较好，软着陆的概率提升，且市场预期今年联储降息。在此背景下，美股以及油、铜、黄金等商品走强，美债利率高位震荡，长端利率小幅走高。国内层面：权益市场在年初经历流动性危机，多类资金触及止损，并在情绪负反馈下演绎出较极端的大幅下跌行情。而后随着托底救市资金入场，市场流动性风险解除，整体市场呈现明显反弹。1季度，高股息风格表现较好，中小成长风格相对较弱。债券市场开年呈现快速的利率下行，并且多个品种收益率达到新低，主要原因为经济预期相对偏弱势、股票市场开年大幅下跌以及资金相对充裕。2季度，海外层面：美国数据分化——就业数据依然偏强，但失业率边际抬升，通胀数据继续下行，PMI边际走弱。美债利率先上，后震荡略下；原油、铜等商品价格也先涨后跌；美股震荡抬升。国内层面：出口数据相对较强，而信贷、地产销售等数据依然偏弱，制造业PMI边际转弱。权益市场在5月中旬前，延续2月以来的上涨行情；而在5月中旬后至6月底大盘持续回调。风格层面，金融风格、稳定风格相对具有韧性，而消费、成长则经历明显回撤。国内债券2季度在4月底短暂调整之后进一步上涨，利率震荡小幅回落。报告期内，考虑股票市场估值处于偏低水平，经济周期处于底部区间，而股票价格领先于基本面（参考中周期地产调整的经济体），本基金整体权益持仓比重维持在中性略高的水平。在美债利率冲高阶段，本基金小幅增加美债基金的配置。报告期以稳健价值风格为底仓，适度搭配估值合理的成长板块，并通过均衡化、多策略、跨资产的组合构建思路，本基金力求为持有人贡献稳健收益曲线。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:05.827Z","mo":"海外方面：美国数据开始弱化——失业率开始抬升，通胀数据继续下行，制造业及服务业PMI边际走弱。美债利率4月以来震荡回落，铜价震荡回落，二次通胀的预期也相应转弱。我们认为，在海外总量政策缺乏增量刺激，利率水平仍偏高背景下，整体通胀大幅反弹的概率不高。后续就业和服务业仍是关注重点，目前都有所松动。国内方面：地产数据依然疲弱，但参考海外国家的历史规律，地产销量以及投资有望先企稳，房价下跌幅度最大最快的区间可能正在过去；地方化债对财政效果带来拖累，核心需要中央财政进一步发力，后续如果经济数据不及预期可能会促使更多逆周期政策出台。2季度实际GDP同比4.7%，低于5%，而7月政治局会议提到“坚定不移完成全年经济社会发展目标任务”。目前央行已经降息，预期后续政策层将在内需政策上有更多发力举措。总体而言，我们认为在政策的综合支持下，经济增长进一步大幅下滑概率偏低。后续我们将对政策落地效果及基本面变化保持跟踪。近期市场由于预期疲弱再度下跌，然而从赔率的角度看，当前股债性价比再度处于极端偏低水平。历史上出现地产中周期调整的国家，股指触底平均为2-3年（从顶部到底部），远远领先于房价从顶部到底部的调整时间（5-6年）。当前经济周期处于底部区间，海外流动性也有边际的改善，结合相对低位的估值，总体我们建议中性偏高权益仓位。权益结构上我们关注复苏、价值板块、港股的修复机会以及估值合理的成长板块。考虑目前成长与价值比价处于历史上偏极端性水平，且海外流动性已经出现松动，未来如果基本面企稳信号更加明确，成长会更占优。不过就组合构建，我们会综合考虑整体组合波动平衡比例。债券方面，市场依然在沿着资产荒的方向交易，认为经济企稳概率偏低。然而展望后市，考虑当期债券利率水平已处于偏低水平，信用利差水平也处于极低水平；对于短经济周期，我们认为进一步大幅恶化的概率较低，总体对当前债券进一步大幅下行偏谨慎，债券久期偏中性略低。针对美债，在前期利率相对高点，我们进行了一定幅度的增配，后续计划维持现有仓位基础上，适度再平衡。本组合考虑绝对收益思路，采取分散化配置，并且考虑市场波动灵活进行再平衡操作。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":3000000010281,"__csrcFundId":8775,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）(010281)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:11.539Z","status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20666814","stockType":"fund_manager","exchange":"fm","tickerId":122425192180,"name":"李晓易"},{"stockCode":"j101019447","stockType":"fund_manager","exchange":"fm","tickerId":131725239140,"name":"孟清扬"}]},"announcement":{"linkText":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1144697","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd797fea5b3eb04da83e","date":"2024-03-30T16:00:00.000Z","stockId":3000000010281,"sao":"1季度，海外方面，美国经济数据较好，软着陆的概率提升，且市场预期今年联储降息。在此背景下，美股以及油、铜、黄金等商品走强，美债利率高位震荡，长端利率小幅走高。国内方面，权益市场在年初经历流动性危机，多类资金触及止损，并在情绪负反馈下演绎出较极端的大幅下跌行情。而后随着资金入场，市场流动性风险解除，整体市场呈现明显反弹。1季度，高股息风格表现较好，中小成长风格相对较弱。债券市场开年呈现快速的利率下行，并且多个品种收益率达到新低，主要原因为经济预期相对偏弱势、股票市场开年大幅下跌以及资金相对充裕。报告期内，考虑股票市场估值处于极低水平，经济周期处于底部区间，本基金整体权益持仓比重维持在中性略高的水平。报告期以稳健价值风格为底仓，适度搭配估值合理的成长板块。债券部分随着利率水平的下行，逐步调降债券部分的久期。通过均衡化、多策略、跨资产的组合构建思路，本基金力求为持有人贡献稳健收益曲线。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:05.822Z","fund":{"_id":3000000010281,"__csrcFundId":8775,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）(010281)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:11.539Z","status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20666814","stockType":"fund_manager","exchange":"fm","tickerId":122425192180,"name":"李晓易"},{"stockCode":"j101019447","stockType":"fund_manager","exchange":"fm","tickerId":131725239140,"name":"孟清扬"}]},"announcement":{"linkText":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1067387","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd797fea5b3eb04da83d","date":"2023-12-30T16:00:00.000Z","stockId":3000000010281,"sao":"1季度，随着全国疫情快速达峰，生产活动逐步修复，经济周期总体呈现温和改善的态势。两会召开，淡化总量增速，注重高质量发展。在经济预期环比改善的背景下，万得全A和上证指数整个1季度总体维持正增长。结构上，1季度数字经济、TMT等板块在政策支持以及GapGPT、AI应用等行业变革催化下形成较大涨幅，部分低估价值以及中特估值等板块在政策利好下也出现较大涨幅。10年国债利率窄幅震荡，小幅冲高后逐步回落；而2022年4季度跌幅较大的信用债市场逐步修复，信用利差回落至中性水平。海外层面，美国通胀仍有韧性，但拐点已现；硅谷银行及瑞信银行事件在3月发酵，市场预期金融稳定将纳入美联储的考虑。美债利率在1季度震荡走低，美股呈现震荡上行，商品市场震荡。2季度，美国经济数据韧性超市场预期，就业市场依然强劲，通胀拐点已现，但仍然具有韧性；美联储于五月进行一次加息，美债利率高位震荡，美股在强于预期的经济数据以及AI产业催化下上行。国内层面，随着疫情达峰后、经济活动环比修复最快时间过去，国内经济复苏进度边际放缓，相应来看，万得全A、沪深300等指数边际回落，风格层面消费、大盘成长等板块回落，国债利率出现下行，人民币汇率也呈现贬值。不过历史来看，在经济复苏早期，经济阶段性疲弱属于正常现象，而政策持续乏力概率偏低，在未来政策支持以及经济自然修复背景下，经济弱复苏仍然为基准情形。3季度，海外层面：美国就业市场依然强劲，通胀总体继续下行，但仍然具有韧性。美联储于7月进行一次加息，美国财政部大幅增发美债。上述因素综合导致美债利率3季度明显上行，美股震荡回落。原油出现明显反弹。国内层面：国内经济结构分化，制造业边际改善，工业企业利润增速低位改善，而地产相关依然疲弱，整体经济预期依然偏弱。在国内经济预期疲弱以及海外利率抬升的背景下，国内股市3季度整体震荡回落，其中小盘以及成长风格回落幅度较大，大盘、价值风格相对稳健。国债利率先下后上，总体小幅上行，人民币汇率震荡。4季度，海外层面：美国就业市场的紧张程度进一步缓和，通胀继续下行态势。美联储没有进一步加息，市场交易降息预期，10年期美债4季度出现明显下行，原油价格也有所下行，美股上涨。国内层面：经济预期整体依然低迷，市场对地产、居民收入预期等中长期问题存在担忧。股票市场经历进一步下挫，债券长端利率出现明显下行。股票市场结构上，金融板块4季度下跌幅度较大。总体而言报告期内，本基金对国内债券的持有配置对组合取得较大正贡献；另外，对海外债券的引入对组合也有较大正贡献，起到了较好的收益分散效果；权益仓位略高于中枢比例，不过主要持仓偏稳健价值风格，适度搭配一些成长以及港股板块，总体对组合拖累相对有限。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:05.820Z","mo":"展望2024年，考虑权益市场的下跌幅度和下跌时间都达到历史较极端水平，从股债估值性价比等中长期指标来看，股票较债券性价比明显更高，我们认为中期维度上，继续看空股票资产的意义不大。1月份流动性冲击对市场造成较大影响，目前来看流动性危机已经明显解除。往后需要更多关注经济企稳改善的可能以及经济相关政策的力度，而当前市场对于经济改善预期总体偏弱，未来不排除有超预期的可能。总体，我们对于权益市场中性偏乐观，拟维持中性略高的权益仓位；债券部分追求稳健，力求实现合理稳健收益，为组合提供安全垫。考虑中美利差倒挂，而美国通胀也有明显下行，当前美债资产较国内具有一定吸引力，也将适度进行配置。通过均衡化、多策略、跨资产的组合构建思路，本基金力求为持有人贡献稳健收益曲线。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":3000000010281,"__csrcFundId":8775,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）(010281)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:11.539Z","status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20666814","stockType":"fund_manager","exchange":"fm","tickerId":122425192180,"name":"李晓易"},{"stockCode":"j101019447","stockType":"fund_manager","exchange":"fm","tickerId":131725239140,"name":"孟清扬"}]},"announcement":{"linkText":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1049352","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd797fea5b3eb04da83c","date":"2023-09-29T16:00:00.000Z","stockId":3000000010281,"sao":"3季度，海外方面，美国就业市场依然强劲，通胀总体继续下行，但仍具有韧性。美联储于7月进行一次加息，美国财政部大幅增发美债。上述因素综合导致美债利率3季度明显上行，美股震荡回落。原油出现明显反弹。   国内经济结构分化，制造业边际改善，工业企业利润增速低位改善，而地产相关依然疲弱，整体经济预期依然偏弱。在国内经济预期疲弱以及海外利率抬升的背景下，国内股市3季度整体震荡回落，其中小盘以及成长风格回落幅度较大，大盘、价值风格相对稳健。国债利率先下后上，总体小幅上行，人民币汇率震荡。报告期内，考虑市场估值仍处于中性偏低水平，经济周期也处于底部区间，本基金整体权益持仓比重维持在中性略高的水平。报告期以稳健价值风格为底仓，适度搭配估值合理且有产业向上逻辑的成长板块。考虑美债利率偏高以及加息的滞后影响，中期来看美债仍然具备性价比，适度配置美债相关资产。通过均衡化、多策略、跨资产的组合构建思路，本基金力求为持有人贡献稳健收益曲线。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:05.817Z","fund":{"_id":3000000010281,"__csrcFundId":8775,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）(010281)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:11.539Z","status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20666814","stockType":"fund_manager","exchange":"fm","tickerId":122425192180,"name":"李晓易"},{"stockCode":"j101019447","stockType":"fund_manager","exchange":"fm","tickerId":131725239140,"name":"孟清扬"}]},"announcement":{"linkText":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=986524","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd797fea5b3eb04da83b","date":"2023-06-29T16:00:00.000Z","stockId":3000000010281,"sao":"1季度，随着全国疫情快速达峰，生产活动逐步修复，经济周期总体呈现温和改善的态势。两会召开，淡化总量增速，注重高质量发展。在经济预期环比改善的背景下，万得全A和上证指数整个1季度总体维持正增长。结构上，1季度数字经济、TMT等板块在政策支持以及GapGPT、AI应用等行业变革催化下形成较大涨幅，部分低估价值以及中特估值等板块在政策利好下也出现较大涨幅。10年国债利率窄幅震荡，小幅冲高后逐步回落；而去年4季度跌幅较大的信用债市场逐步修复，信用利差回落至中性水平。海外层面，美国通胀仍有韧性，但拐点已现；硅谷银行及瑞信银行事件在3月发酵，市场预期金融稳定将纳入美联储的考虑。美债利率在1季度震荡走低，美股呈现震荡上行，商品市场震荡。2季度，美国经济数据韧性超市场预期，就业市场依然强劲，通胀拐点已现，但仍然具有韧性；美联储于五月进行一次加息，美债利率高位震荡，美股在强于预期的经济数据以及AI产业催化下上行。国内层面，随着疫情达峰后、经济活动环比修复最快时间过去，国内经济复苏进度边际放缓，相应来看，万得全A、沪深300等指数边际回落，风格层面消费、大盘成长等板块回落，国债利率出现下行，人民币汇率也呈现贬值。不过历史来看，在经济复苏早期，经济阶段性疲弱属于正常现象，而政策持续乏力概率偏低，在未来政策支持以及经济自然修复背景下，经济弱复苏仍然为基准情形。报告期内，本基金整体权益持仓比重控制在中性略高的仓位水平，以稳健价值风格为底仓，并于期初适度增配数字经济板块。债券部分适度增配美元债基金，考虑美债利率偏高，且中期来看具备性价比。通过均衡化、多策略、跨资产的组合构建思路，本基金力求为持有人贡献稳健收益曲线。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:05.811Z","mo":"展望下半年，虽然当前经济活动阶段性弱势，但库存周期大概率触底，且政策端释放较强的逆周期支持的信号，中期维度弱复苏方向大概率延续；全社会流动性水平总体宽裕，有助于在中期为市场整体估值水平提供支撑；股债性价比目前处于中性偏低水平。因而，展望下半年对权益中性偏乐观，维持中性略高的权益仓位。股票结构上，本基金当前以稳健价值风格为底仓，适度增配估值合理且有产业向上逻辑的成长板块。债券部分整体比例没有太大变化，考虑美债利率高位，且中期维度具备性价比，适度增配美债相关资产，以提升未来整体基金收益风险比。通过均衡化、多策略、跨资产的组合构建思路，本基金力求为持有人贡献稳健收益曲线。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":3000000010281,"__csrcFundId":8775,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）(010281)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:11.539Z","status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20666814","stockType":"fund_manager","exchange":"fm","tickerId":122425192180,"name":"李晓易"},{"stockCode":"j101019447","stockType":"fund_manager","exchange":"fm","tickerId":131725239140,"name":"孟清扬"}]},"announcement":{"linkText":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=958231","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd797fea5b3eb04da83a","date":"2023-03-30T16:00:00.000Z","stockId":3000000010281,"sao":"1季度，随着全国疫情快速达峰，生产活动逐步修复，经济周期总体呈现温和改善的态势。两会召开，淡化总量增速，注重高质量发展。在经济活动环比改善的环境下，1月A股迎来明显反弹；而后随着经济预期边际回落，A股出现边际震荡回落，但万得全A和上证指数整个1季度总体维持正增长。结构上，1季度A股内部出现较大分化，电力设备及新能源板块在1月冲高后出现明显回落，而数字经济、TMT等板块在政策支持以及GapGPT、AI应用等行业变革催化下形成较大涨幅，部分低估价值以及中特估值等板块在政策利好下也出现较大涨幅。债券市场在年初以来总体呈现修复态势。10年国债利率窄幅震荡，小幅冲高后逐步回落；而去年4季度跌幅较大的信用债市场逐步修复，信用利差回落至中性水平。海外层面，美国通胀仍有韧性，但拐点已现；硅谷银行及瑞信银行事件在3月发酵，市场预期金融稳定将纳入美联储的考虑。资产价格角度，美债利率在1季度震荡走低，美股呈现震荡上行，商品市场震荡，其中黄金价格明显上涨。报告期内，本基金整体权益持仓比重控制在中性略高的仓位水平，以稳健价值风格为底仓，于期初适度增配数字经济板块。通过均衡化、多策略、跨资产的组合构建思路，本基金力求为持有人贡献稳健收益曲线。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:05.808Z","fund":{"_id":3000000010281,"__csrcFundId":8775,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）(010281)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:11.539Z","status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20666814","stockType":"fund_manager","exchange":"fm","tickerId":122425192180,"name":"李晓易"},{"stockCode":"j101019447","stockType":"fund_manager","exchange":"fm","tickerId":131725239140,"name":"孟清扬"}]},"announcement":{"linkText":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=883848","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd797fea5b3eb04da839","date":"2022-12-30T16:00:00.000Z","stockId":3000000010281,"sao":"2022年1季度，国内宏观经济环境偏疲弱——尤其地产销售、拿地非常疲弱，疫情冲击对经济复苏带来明显拖累。海外通胀继续飙升，美联储以强硬姿态应对，市场对加息及缩表预期迅速抬升，美债利率飙升，并引起全球权益资产价格剧烈波动。在国内基本面预期偏弱、海外加息背景下，国内市场也出现了剧烈震荡。年初，资金换仓以及海外利率飙升，综合导致股票风格出现剧烈切换——成长大幅下跌，价值相对跑赢；后在俄乌冲突以及伴随的中概股退市担忧下，市场出现明显回调，并且国内绝对收益资金出现不断止损的负反馈循环。3月下旬，在金稳委重磅发声维稳市场预期、以及海外俄乌冲突边际缓和的背景下，权益市场情绪有所修复。1季度，国内债券总体是震荡行情。2季度，疫情在国内扩散蔓延，并引发主要城市相应采取的封控措施，对经济活动带来较大的冲击；与此同时海外通胀大幅抬升，美联储加息预期不断增强。在国内经济冲击和全球通胀压力下，国内权益市场在4月再度出现剧烈调整。不过上述压制市场的因素在5-6月出现缓和：疫情得到逐步的控制，防疫措施也逐步放松，复产复工逐步推进；国内银行间利率出现大幅回落，M2大幅上行，国内流动性偏宽；全球商品出现震荡调整，工业品出现明显调整，能源品震荡。在上述压制因素缓解背景下，叠加3季度经济环比修复预期，股票市场出现明显反弹，成长、周期反弹居前。债券长端利率总体呈现震荡走势，小幅上行。3季度，疫情在国内有所反复，地产销售也再度走弱，经济复苏不及预期；与此同时海外通胀继续超预期，美联储加息指引再度偏鹰。在国内经济冲击和全球通胀压力下，国内权益市场在三季度出现再度回落，大盘蓝筹以及价值板块在7月率先开始调整，成长板块一度出现交易过热的特征，但从8月起也出现明显回调。国内利率在7-8月随着经济预期走弱以及央行降息操作而出现明显下行，后在海外利率飙升背景下，出现反弹，总体三季度小幅下行。全球商品出现震荡回调，工业品震荡回落，能源品明显下行。4季度，随着20大会议以及中央经济工作会召开，各项有利于释放经济活力的政策逐步推进——疫情防控措施逐步放开，地产政策不断释放利好，针对互联网监管政策也有所转暖，在上述多项政策催化下，经济预期转向。在国内经济预期转向大背景下，市场呈现出几个宽基指数的反弹，这其中，价值板块以及港股上涨幅度尤其明显。与此同时，资金利率出现向政策利率回归的趋势，叠加上述经济预期的明显转暖，综合导致债券市场出现较大的下跌。理财赎回潮加剧了债券市场的下跌，前期交易较为拥挤的信用债跌幅明显大于利率债。4季度商品市场有所分化，原油等能源品震荡偏弱，铜、螺纹钢等工业品随中国经济预期转暖而有所反弹。报告期内，本基金整体权益持仓比重控制在与比较基准大体一致的水平，上半年组合内风格总体偏均衡，下半年，随着市场波动加大以及风格一度偏极致，本基金持仓适度向价值风格偏离，帮助组合减少回撤。通过均衡化、多策略的组合构建思路，本基金力求为持有人贡献稳健收益曲线。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:05.806Z","mo":"展望2023年，压制2022年的两大宏观矛盾（国内增长以及海外通胀）都将有所缓和，而经济周期尚处于早期阶段，拉长看股票较债券更具性价比，因而总体对于权益市场中性偏乐观。拟采取中性略高的权益仓位，权益内部均衡配置，在稳健型底仓基础上，适度增加具备性价比的成长风格暴露。债券部分追求稳健，力求实现合理稳健收益，为组合提供安全垫。通过精选权益基金、稳健类二级债基、债基以及海外标的基金，进行组合搭配，力求为持有人贡献稳健收益目标。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":3000000010281,"__csrcFundId":8775,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）(010281)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:11.539Z","status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20666814","stockType":"fund_manager","exchange":"fm","tickerId":122425192180,"name":"李晓易"},{"stockCode":"j101019447","stockType":"fund_manager","exchange":"fm","tickerId":131725239140,"name":"孟清扬"}]},"announcement":{"linkText":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=867460","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd797fea5b3eb04da838","date":"2022-09-29T16:00:00.000Z","stockId":3000000010281,"sao":"3季度，疫情在国内有所反复，地产销售也再度走弱，经济复苏不及预期；与此同时海外通胀继续超预期，美联储加息指引再度偏鹰。在国内经济冲击和全球通胀压力下，国内权益市场在三季度出现再度回落，大盘蓝筹以及价值板块在7月率先开始调整，成长板块一度出现交易过热的特征，但从8月起也出现明显回调。国内利率在7-8月随着经济预期走弱以及央行降息操作而出现明显下行，后在海外利率飙升背景下，出现反弹，总体三季度小幅下行。全球商品出现震荡回调，工业品震荡回落，能源品明显下行。报告期内，本基金整体权益持仓比重控制在与比较基准大体一致的水平，随着市场波动加大以及风格一度偏极致，本基金持仓适度向价值风格偏离。通过均衡化、多策略的组合构建思路，本基金力求为持有人贡献稳健收益曲线。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:05.803Z","fund":{"_id":3000000010281,"__csrcFundId":8775,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）(010281)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:11.539Z","status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20666814","stockType":"fund_manager","exchange":"fm","tickerId":122425192180,"name":"李晓易"},{"stockCode":"j101019447","stockType":"fund_manager","exchange":"fm","tickerId":131725239140,"name":"孟清扬"}]},"announcement":{"linkText":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=803243","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd797fea5b3eb04da837","date":"2022-06-29T16:00:00.000Z","stockId":3000000010281,"sao":"1季度，国内宏观经济环境依然偏疲弱——尤其地产销售、拿地非常疲弱，疫情冲击下对经济复苏又带来明显拖累。海外通胀继续飙升，美联储以强硬姿态应对，市场对加息及缩表预期迅速抬升，美债利率飙升，并引起全球权益资产价格剧烈波动。在国内基本面预期偏弱、海外加息背景下，国内市场也出现了剧烈震荡。年初，资金换仓以及海外利率飙升，综合导致股票风格出现剧烈切换——成长大幅下跌，价值相对跑赢；后在俄乌冲突以及伴随的中概股退市担忧下，市场出现明显回调，并且国内绝对收益资金出现不断止损的负反馈循环。3月下旬，在金稳委重磅发声维稳市场预期、以及海外俄乌冲突边际缓和的背景下，权益市场情绪有所修复。1季度，国内债券总体是震荡行情。2季度，疫情在国内扩散蔓延，并引发主要城市相应采取的封控措施，对经济活动带来较大的冲击；与此同时海外通胀大幅抬升，美联储加息预期不断增强。在国内经济冲击和全球通胀压力下，国内权益市场在4月再度出现剧烈调整。不过上述压制市场的因素在5-6月出现缓和：疫情得到逐步的控制，防疫措施也逐步放松，复产复工逐步推进；国内银行间利率出现大幅回落，M2大幅上行，国内流动性偏宽；全球商品出现震荡调整，工业品出现明显调整，能源品震荡。在上述压制因素缓解背景下，叠加3季度经济环比修复预期，股票市场出现明显反弹，成长、周期反弹居前。债券长端利率总体呈现震荡走势，小幅上行。本基金是一支类固收+基金，以追求风险可控前提下高胜率的稳定收益为投资目标。报告期内，本基金整体权益持仓比重控制在与比较基准一致的水平。通过总体维持均衡化、多策略的组合构建思路，本基金力求为持有人贡献稳健收益曲线。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:05.800Z","mo":"展望下半年：5月以来，股票反弹较快幅度较大，部分板块热度较高，叠加地缘政治和经济不达预期的担忧，预计短期市场将波动加大。但拉长时间维度看，股票较债券更具性价比，而随着国内风险逐步释放、经济企稳预期逐步增强，总体权益具有结构性机会。我们拟采取合同中枢的权益仓位，权益内部均衡配置，适度增加价值类风格比例。通过精选稳健类权益基金、稳健类二级债基以及债基，进行组合搭配，力求为持有人贡献稳健收益目标。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":3000000010281,"__csrcFundId":8775,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）(010281)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:11.539Z","status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20666814","stockType":"fund_manager","exchange":"fm","tickerId":122425192180,"name":"李晓易"},{"stockCode":"j101019447","stockType":"fund_manager","exchange":"fm","tickerId":131725239140,"name":"孟清扬"}]},"announcement":{"linkText":"220华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=781830","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd797fea5b3eb04da836","date":"2022-03-30T16:00:00.000Z","stockId":3000000010281,"sao":"1季度，国内宏观经济环境依然偏疲弱——尤其地产销售、拿地非常疲弱，疫情冲击下对经济复苏又带来明显拖累。为了对冲经济下行压力，政策强调稳增长——政策1-2月基建明显发力、政府可用财政额度不低，各地不乏有地产放松政策，货币政策中性偏宽。不过信用起量依然存在波折和制约，地产疲弱叠加疫情冲击对宽信用构成阶段性掣肘。1季度，海外通胀继续飙升，美联储以强硬姿态应对，市场对加息及缩表预期迅速抬升，美债利率飙升，并引起全球权益资产价格剧烈波动。俄乌的超预期冲突以及伴随的西方制裁，综合导致大宗商品价格大幅上行，进一步加剧市场波动。1季度，国内市场也出现了剧烈震荡。年初，资金换仓以及海外利率飙升，综合导致股票风格出现剧烈切换——成长大幅下跌，价值相对跑赢；后在俄乌冲突以及伴随的中概股退市担忧下，市场出现明显回调，并且国内绝对收益资金出现不断止损的负反馈循环。3月下旬，在金稳委重磅发声维稳市场预期、以及海外俄乌冲突边际缓和的背景下，权益市场情绪有所修复。1季度，国内债券总体是震荡行情。报告期内，本基金整体权益持仓比重逐步控制在与比较基准一致的水平。通过均衡化、多策略的组合构建思路，本基金力求为持有人贡献稳健收益曲线。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:05.798Z","fund":{"_id":3000000010281,"__csrcFundId":8775,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）(010281)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:11.539Z","status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20666814","stockType":"fund_manager","exchange":"fm","tickerId":122425192180,"name":"李晓易"},{"stockCode":"j101019447","stockType":"fund_manager","exchange":"fm","tickerId":131725239140,"name":"孟清扬"}]},"announcement":{"linkText":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=722361","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd797fea5b3eb04da835","date":"2021-12-30T16:00:00.000Z","stockId":3000000010281,"sao":"2021年，上半年，作为经济领先指标的信用增速逐步触顶回落。相应的，国内经济增速也由高增长状态，转向逐步回落的态势。货币政策在二季度起做出相应调整，逐步转向宽松。下半年，伴随地产行业的暴雷，经济内生动能降低，经济呈现加速下行的趋势。为了对冲经济下行压力，政策层于年中提出“跨周期调节”，并于年底中央经济工作会进一步强调“稳增长”。我们观察到信用指标也于4季度出现企稳并逐步回升。资产表现上，国内债券全年总体呈现上涨，在年中政治局会议前涨幅更大，而8月后债券利率经历一定程度回升，后于年底继续上行。股票则呈现明显的结构性行情：成长板块和周期板块出现了较强的超额收益，而金融和消费板块则出现回调。在信用收缩、估值压制、供给受限的综合环境下，盈利增长更强的成长和周期受益。2021年行业政策对市场构成极大的影响——受益于碳中和政策，新能源板块大幅上涨，而互联网、教培以及部分消费行业等或多或少因行业政策而改变盈利预期，出现明显回调。报告期内，海外与国内呈现周期错位，在国内经济转弱时，海外经济则呈现高速增长。而之前美联储总体仍处于扩表宽松阶段，于年初开始有预期的Taper，最终于年末落地。2021年，美债利率上行，美股强劲增长，美元指数偏强，大宗商品总体上涨，而全球通胀也逐步上行。本基金是一支类固收+基金，以追求风险可控前提下高胜率的稳定收益为投资目标。本基金的主要投资方向是市场中的固定收益类基金、固收+基金以及少量权益基金。本基金通过优选不同风格、不同策略的基金，进行充分分散化和相互对冲，并结合市场环境做适度自上而下的调节。报告期内，本基金穿透后权益仓位围绕组合基准权益中枢波动，二、三季度本基金的权益类持仓较基金比较基准略高的水平，四季度回归权益中枢运作。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:05.795Z","mo":"展望2022年，国内稳增长方向明确，信用已然逐步回升，政策底已现，而通胀水平可控，未来国内经济有望企稳回升。从股债比价的角度，当前国内股票较债券更具性价比。总体而言，在当前时点，对权益市场不宜悲观，全年看有结构性机会，权益较债券更具性价比。海外通胀压力加大，各国央行开启加息周期，对全球市场造成影响，对国内市场亦造成阶段性影响。后续会保持跟踪。但全年来看海外货币收缩对国内影响不宜过度夸大，国内政策空间依然存在，国内政策“以我为主”仍是大方向。相对而言，本基金较为看好当前国内权益资产的配置价值。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":3000000010281,"__csrcFundId":8775,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）(010281)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:11.539Z","status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20666814","stockType":"fund_manager","exchange":"fm","tickerId":122425192180,"name":"李晓易"},{"stockCode":"j101019447","stockType":"fund_manager","exchange":"fm","tickerId":131725239140,"name":"孟清扬"}]},"announcement":{"linkText":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=711559","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd797fea5b3eb04da834","date":"2021-09-29T16:00:00.000Z","stockId":3000000010281,"sao":"3季度，股票市场出现了一些波动，不同行业和风格板块分化较大。煤炭、有色、钢铁、化工这类传统周期行业出现明显上涨，而以医药和食品饮料为代表的消费行业出现明显下跌。对比今年以来的情况，市场行业分化格局基本没有变化，略有不同的是，年初以来整体表现不错的新能源板块在报告期度没有周期类板块好。上半年表现较差的国防军工板块，三季度有一定程度的反弹；上半年表现尚可的医药和电子行业，则出现下跌。在市场交易层面，新基金发行平稳增长，北上资金保持净流入状态。市场交易额持续维持高位，成为历史上总成交额第二大的季度。国际资本市场方面，欧美发达经济体的资本横盘平稳震荡。原油市场先跌后涨，贵金属和大部分工业金属均橫盘震荡。外汇市场，美元指数震荡略升，人民币兑美元汇率平稳略降。报告期内，本基金整体权益持仓比重变化不大，维持在与比较基准较高的水平，随着权益市场的回调，本基金的净值在报告期出现了一定程度的回撤。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:05.791Z","fund":{"_id":3000000010281,"__csrcFundId":8775,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）(010281)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:11.539Z","status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20666814","stockType":"fund_manager","exchange":"fm","tickerId":122425192180,"name":"李晓易"},{"stockCode":"j101019447","stockType":"fund_manager","exchange":"fm","tickerId":131725239140,"name":"孟清扬"}]},"announcement":{"linkText":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=652806","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd797fea5b3eb04da833","date":"2021-06-29T16:00:00.000Z","stockId":3000000010281,"sao":"上半年，我国资本市场先经历了一定幅度的震荡，后逐步趋于平稳，整体表现依然良好。在结构层面，股票市场出现了一定程度的分化，去年表现优异的消费类板块表现一般，而新能源相关领域的公司则继续表现强劲。去年下半年表现欠佳的科技成长板块及生物医药板块则出现了一部分表现优秀的公司。另外，在全球经济复苏的大背景下，国际商品市场出现了明显的价格上涨，与之关联的国内周期类板块股票表现较好。本基金是一支类固收+基金，以追求风险可控前提下高胜率的稳定收益为投资目标。本基金的主要投资方向是市场中其他的固定收益类基金及固收+基金。为此，我们把市场中的固收+基金分成权益增强类、可转债增强类、打新类、量化增强类等几大类，对不同类别的基金，我们选择长期表现优异的品种买入并持有。同时我们还持有一部分纯债类基金及海外债类基金。报告期内，本基金的权益类持仓处于较基金比较基准略高的水平。得益于自基金成立以来股票市场的良好表现，本基金在成立以来取得了一定的超额收益，波动水平则控制在可以接受的水平。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:05.789Z","mo":"展望下半年，本基金继续看好我国权益类资产的市场表现，原因如下：第一，虽然我国股票市场在经历了过去两年多的上涨之后，一部分上市公司的估值到达了历史较高位置。但从整体看，我国股票市场的平均估值水平还处于可接受范围内，市场整体的投资情绪没有过热迹象。基金经理通过自身对上市公司的深入分析研究及行业发展规律的把握，有机会继续为持有人找到具有良好投资价值的上市场公司并长期持有。第二，今以来，随着世界范围内疫情的进一步深化发展，全球经济格局也出现了一定程度变化。一部分我国原本在国际分工中就具有竞争优势的企业，优势得到进一步扩大，未来成长的确定性有所提升，成长空间逐步打开，随之估值水平将有一定提升。第三，在内需方面，近些年我国在“房住不炒”的总基调下，经济结构转型有条不紊地推进，现在看来这种转型进行地比较顺利，一部分面向未来经济增长的新内需行业发展良好，具备很大的成长空间，因此投资价值不可忽视。本基金计划未来继续围绕前述三个重点方向，选择对这些方向理解全面、研究深入、投资坚定的基金经理进行投资，以为本基金的持有人争取分享我国经济成长的成果的机会。同时，本基金将依照基金合同要求的风格特征，严控组合下行风险，努力提升组合经风险调整后的收益。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":3000000010281,"__csrcFundId":8775,"stockCode":"010281","shortName":"华夏保守养老一年持有混合（FOF）(010281)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10281,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:11.539Z","status":"normal","name":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）","exchange":"jj","followedNum":4,"inceptionDate":"2021-03-11T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏保守养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-03-11T16:00:00.000Z","setUpAssetScale":234463155.57,"setUpShares":234463155.57,"pinyin":"hxbsylmbyncyqhhxfqsjjzjj(fof)","memoNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20666814","stockType":"fund_manager","exchange":"fm","tickerId":122425192180,"name":"李晓易"},{"stockCode":"j101019447","stockType":"fund_manager","exchange":"fm","tickerId":131725239140,"name":"孟清扬"}]},"announcement":{"linkText":"华夏保守养老目标一年持有期混合型发起式基金中基金（FOF）2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=632028","linkType":"PDF","source":"csrc_pdf"}}]}