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China自2021年高点回撤60%，跌幅可比97/08年金融危机，盈利大幅下调，估值达到历史最低，海外投资者大幅低配中国。离岸中资股受到三重因素压制，一是国内经济不振抑制盈利端；二是美国高通胀快速加息压制估值；三是地缘政治影响风险偏好。11月开始，我们看到三重负面因素均出现拐点信号。1）疫情防控政策出现边际放松，推出若干逐步改善和优化的举措，对未来经济活动将产生显著的正面影响。地产政策从供给侧发力，放松地产开发商的融资条件，旨在改善市场及潜在购房者对地产开发商的预期，意义重大。二十大报告指出中国进一步重视高质量发展，重视均衡发展，重视科技创新与教育，重视绿色发展，重视进一步开放，具有积极的中长期含义。2）与此同时，美国通胀回落，美联储紧缩政策开始放缓。3）地缘冲突也在缓和。最关键是第一点，经济重返增长轨道，盈利和估值有望双重修复，疫后再开放吸引很多海外投资者买入中国股票。4季度港股市场终于迎来反弹。在市场波动中，我们重点关注企业盈利。在市场恐慌下跌中，很多长期盈利前景很好的公司被低价卖出，是逢低吸纳的很好机会。2022年是经济低点，很多股票处于盈利和估值底部，长期来看是买入的好时点。我们最重要做的是甄别企业的未来增长潜力，买入持有，等待经济复苏后盈利和估值双击为持有人带来更好收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:01.426Z","mo":"我们预期2023年将是中国经济复苏年。疫情对经济的影响逐渐消散，更多稳经济促增长举措将会推出。这轮经济周期中国大概率先于欧美见底恢复。当前中国股市估值和盈利均处于低点，我们对今年展望谨慎乐观。离岸中资股有望更好表现，因为 1）在极度悲观情绪宣泄之后，港股及中概股盈利预期和估值分位水平更低，投资价值凸现；2）前期海外资金大幅低配中国，周期反转可吸引更多增量资金；3）离岸中资股“新经济”板块占比更高，经济周期重回上行轨道有利于成长股表现。互联网：中央经济工作会议提出要大力发展数字经济，支持平台企业在引领发展、创造就业、国际竞争中大显身手。港股上市的互联网平台企业过去两年夯实业务基础，保持核心竞争力，未来将受益于经济复苏。 消费：看好疫后消费复苏，购物、观影、旅游、餐饮都将迎来业绩好转。医药：疫后回归常态，优质连锁诊所、创新药、医疗器械企业值得长期投资。地产：地产政策转向，从供给侧发力，放松地产开发商的融资条件，旨在改善市场及潜在购房者对地产开发商的预期，意义重大。看好龙头国企及示范民企，及龙头代建企业。周期：中国经济重回向上周期，原材料、重卡、造纸等顺周期板块有望出色表现。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":3000000160322,"stockCode":"160322","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2016-10-09T16:00:00.000Z","setUpScale":378790000,"market":"a","tickerId":160322,"custody":"中国建设银行股份有限公司","name":"华夏港股通精选股票型发起式证券投资基金(LOF)","shortName":"华夏港股通精选股票（LOF）A","fundSecondLevel":"company","__csrcFundId":979,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:44.807Z","masterFundFlag":1,"inceptionDate":"2016-11-10T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏港股通精选股票(LOF)","pinyin":"hxggtjxgpxfqszqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801593133","stockType":"fund_manager","exchange":"fm","tickerId":806183220,"name":"黄芳"},{"stockCode":"j101019582","stockType":"fund_manager","exchange":"fm","tickerId":82512248840,"name":"胡一立"},{"stockCode":"db20781791","stockType":"fund_manager","exchange":"fm","tickerId":122303206860,"name":"刘文成"}]},"announcement":{"linkText":"华夏港股通精选股票型发起式证券投资基金（LOF）2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=865683","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8797fea5b3eb0591187","date":"2022-09-29T16:00:00.000Z","stockId":3000000160322,"sao":"过去一个季度股市很艰难。全球市场走低，美国通胀高企连续加息，欧洲能源危机。恒生指数3季度下跌超过20%，恒生科技跌幅接近30%。所有恒生综合行业指数均为负收益。能源和电讯业个位数下跌，其他行业双位数下跌。刚刚结束的港股中报季总体情况并不差。大市值公司（互联网、消费等行业）业绩大多超预期，很难得的是，很多大厂对下一季的预期指引上调（这点跟美国科技股很不一样，很多美企将下一季指引下调）。多家央企上调长期分红比例。通常这种情况下，股价是会上涨的。但市场持续走低，令人沮丧。好的业绩被放在放大镜下挑剔，一点瑕疵都会被无限放大；任何负面的信息都会带来暴跌。港股市场信心极差，成交低迷。目前我对港股市场的判断是底部阶段，估值位于底部。全球对中资股的配置处于历史低点，南下资金持续净买入，海外长线资金等待转机，上市公司回购创历史新高。报告期内基金的投资操作，我们重点进行两端配置，一方面持有互联网大市值公司，估值低，盈利回升，流动性好，在经济下行周期中核心竞争力并未受到负面影响，市场企稳后有望成为大资金率先增持的板块，一方面持有电信、能源等行业高股息股票，在弱市中具备一定防御性。此外，逢低吸纳优质消费、医药等行业龙头公司，很多股票在市场下跌中由于流动性原因被大幅下杀，股价重挫，是底部布局的好时机。相信当市场企稳反弹时，会为投资人带来丰厚收益。熊市磨底是最令人难受的，明明已经跌出价值，却还能继续跌。我相信这个阶段是暂时的。或许过一年回头看，最艰难的时刻也是最好的买点。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:01.423Z","fund":{"_id":3000000160322,"stockCode":"160322","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2016-10-09T16:00:00.000Z","setUpScale":378790000,"market":"a","tickerId":160322,"custody":"中国建设银行股份有限公司","name":"华夏港股通精选股票型发起式证券投资基金(LOF)","shortName":"华夏港股通精选股票（LOF）A","fundSecondLevel":"company","__csrcFundId":979,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:44.807Z","masterFundFlag":1,"inceptionDate":"2016-11-10T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏港股通精选股票(LOF)","pinyin":"hxggtjxgpxfqszqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801593133","stockType":"fund_manager","exchange":"fm","tickerId":806183220,"name":"黄芳"},{"stockCode":"j101019582","stockType":"fund_manager","exchange":"fm","tickerId":82512248840,"name":"胡一立"},{"stockCode":"db20781791","stockType":"fund_manager","exchange":"fm","tickerId":122303206860,"name":"刘文成"}]},"announcement":{"linkText":"华夏港股通精选股票型发起式证券投资基金（LOF）2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=803519","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8797fea5b3eb0591186","date":"2022-06-29T16:00:00.000Z","stockId":3000000160322,"sao":"上半年，全球经济遭遇多重打击，全球供应链及产业链遭受乌克兰危机和疫情反复的冲击，强化了通胀压力和紧缩预期，美联储快速加息，致使全球经济增速预期下修，滞胀甚至衰退的风险加剧。年初以来海外市场普跌，美国、欧洲、日本指数跌幅均超过20%（以美元计）。外部环境的恶化，叠加3月以来我国部分重点城市疫情规模性反弹的不利情况，中国经济压力较大。在全球暴跌、国内经济不振的双重影响下，港股下跌。低估值股票跑赢高估值，价值跑赢成长。分行业来看，上半年只有能源行业取得明显正收益，电信、金融行业走平，工业、医药、消费、科技行业大幅下跌。港股从去年以来盈利和估值下调更为充分，市场处于筑底过程中。3月16日金融委召开会议，确立积极政策信号。5月中旬之后，国内疫情好转，逐步复工复产。当前我们主要抓住3条主线：1互联网政策边际好转。1季报大部分互联网公司控费释放利润超预期，美团、快手上调预期。金融委、全国政协等召开会议，释放积极政策信号，往后看正面鼓励是大方向。2汽车政策刺激；汽车行业是每一轮经济低点的刺激抓手，在购置税减免和各地补贴政策刺激下，我们预期年内汽车销量将会改善。我们特别看好新能源汽车，强品牌和产品周期是我们的重点考量。3疫后复苏。包括前期超跌的消费和医药标的。疫情反复和居民收入损失难以支持全面报复性消费，需精细选取基本面扎实，业绩良好标的。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:01.420Z","mo":"放眼长远，科技创新、数字化、智能化、可再生能源会成为驱动中国经济可持续发展的长期动力，进而提升中国经济在全球的整体竞争优势。与此同时，我们也要关注市场中的结构性机会，在全球通胀环境下，传统行业不少龙头公司盈利能力大幅提升，投资价值显现。我们从成长股与价值股两端均衡布局。通过投资具有核心竞争力的龙头公司，期望给投资者带来长期良好回报。市场仍处于底部震荡，经济基本面和流动性状况逐渐好转。南下资金持续增持，更多港股中概股宣布回购股票。近期海外资金也开始买入中国股票。地产、互联网等行业监管从极端严厉转向促进健康持续发展。港股情绪有望从极端悲观逐步恢复，估值修复和盈利增长可带动股价正面反应。尽管短期仍有部分风险因素有待释放，包括1）美国盈利预测持续下调，美欧经济衰退机会提升；2）2季度中国企业业绩压力大，中报盈利下调。但也不必过度悲观，2季度压力最大的时候已经过去，随着下半年宏观经济和企业盈利改善，市场有望企稳回升。本基金将秉承“以业绩增长”为核心的成长型投资理念，重点研究并跟踪业绩增长较为确定、行业成长空间较大、估值相对较为合理的个股，同时注重“自上而下”的大类资产配置，密切关注宏观刺激政策、行业景气演变催生的投资机会，在控制整体风险的基础上，不断优化投资组合。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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4.0%、3.7%，表现远落后于A股和美股市场。但从另外一方面来说，香港市场的分化也非常明显。代表新经济的团购外卖、餐饮、电动车等板块表现强势。报告期内，本基金加大了对新经济板块的投资，增加了对电动两轮车、外卖生活服务等多个板块的配置。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:01.401Z","fund":{"_id":3000000160322,"stockCode":"160322","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2016-10-09T16:00:00.000Z","setUpScale":378790000,"market":"a","tickerId":160322,"custody":"中国建设银行股份有限公司","name":"华夏港股通精选股票型发起式证券投资基金(LOF)","shortName":"华夏港股通精选股票（LOF）A","fundSecondLevel":"company","__csrcFundId":979,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:44.807Z","masterFundFlag":1,"inceptionDate":"2016-11-10T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏港股通精选股票(LOF)","pinyin":"hxggtjxgpxfqszqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801593133","stockType":"fund_manager","exchange":"fm","tickerId":806183220,"name":"黄芳"},{"stockCode":"j101019582","stockType":"fund_manager","exchange":"fm","tickerId":82512248840,"name":"胡一立"},{"stockCode":"db20781791","stockType":"fund_manager","exchange":"fm","tickerId":122303206860,"name":"刘文成"}]},"announcement":{"linkText":"华夏港股通精选股票型发起式证券投资基金(LOF)2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=488694","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8797fea5b3eb059117e","stockId":3000000160322,"sao":"上半年，权益市场大幅波动。年初突发新冠肺炎疫情并随后蔓延全球，全球多个中大型经济体停摆。特别在3月，美欧疫情十分严峻，全球股市暴跌。随着各国政府推出降息、财政补贴等一系列救助方案，2季度市场反弹。在巨大的市场波动中，港股市场持续体现出对成长股的偏好，业绩驱动分化十分明显。需求刚性龙头份额提升的教育行业、业绩高增长的物业板块以及长期前景广阔的医药行业，股价表现非常强劲。在市场波动中，我们力图把握中长期确定性机会，通过选股来战胜市场。我们规避香港本地股，优选具有长期竞争力且估值合理的中资股进行投资，核心持有消费、医药、工业等行业龙头地位稳固、长期前景向好的蓝筹股，重仓持有的颐海国际、药明生物、碧桂园服务等表现显著跑赢大市。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:01.398Z","mo":"展望下半年，香港市场将发生显著的结构性变化，新经济大型企业明显增加。众多优质公司近期将在香港市场上市，恒生指数将允许在其他地方主要上市的公司，以及具有双重股权结构的公司，被纳入指数。美团、阿里巴巴有望进入恒指。港股市场结构和可投资标的质量都在明显改善，我们看好长期投资价值提升。未来，我们将严格把控个股基本面，紧密跟踪市场动向，控制风险，努力为持有人创造稳健增长收益。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":3000000160322,"stockCode":"160322","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2016-10-09T16:00:00.000Z","setUpScale":378790000,"market":"a","tickerId":160322,"custody":"中国建设银行股份有限公司","name":"华夏港股通精选股票型发起式证券投资基金(LOF)","shortName":"华夏港股通精选股票（LOF）A","fundSecondLevel":"company","__csrcFundId":979,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:44.807Z","masterFundFlag":1,"inceptionDate":"2016-11-10T16:00:00.000Z","fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏港股通精选股票(LOF)","pinyin":"hxggtjxgpxfqszqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801593133","stockType":"fund_manager","exchange":"fm","tickerId":806183220,"name":"黄芳"},{"stockCode":"j101019582","stockType":"fund_manager","exchange":"fm","tickerId":82512248840,"name":"胡一立"},{"stockCode":"db20781791","stockType":"fund_manager","exchange":"fm","tickerId":122303206860,"name":"刘文成"}]},"announcement":{"linkText":"华夏港股通精选股票型发起式证券投资基金(LOF)2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=462957","linkType":"PDF","source":"csrc_pdf"}}]}