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但在这种内外部环境都遇到诸多不利因素、宏观经济复苏的幅度低于我们和市场的预期的情况下，我们也低估了上市公司利润受损程度，我们投资的部分企业也出现了业绩波动的情况，这导致了上半年组合业绩不够理想。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:33.939Z","mo":"展望下半年，我们认为市场仍然处于修复期，在房地产销售持续低迷、外贸环境边际恶化的背景下，经济增长仍然存在较大不确定性。短期看，经济的弱势还在持续，打破现实-预期的悲观循环需要外力的干预。接下来需要重点关注地产政策、财政政策等外生变量，如果有积极变化才能打破目前的循环。但同时，我们也看经济中出现了较多的新亮点，比如AI和智能驾驶的快速发展，这些新兴产业有望成为下一轮拉动经济增长的新动能。 本基金在投资过程中，核心关注具有持续获取超额利润的能力，能够形成“护城河”的行业。同时结合基金经理本人的能力圈，主要集中投资在消费（包括互联网）和能持续创造超额利润的制造业。在选股上，集中投资于同时具备“价值创造、治理良好、安全边际”的投资标的；具体标准上，希望所投资的公司具备现金流较好、持续较高的ROE、盈利和估值相匹配的特征。 展望未来，我们相信随着持仓公司体现出不断的价值创造能力，仍然会在未来取得可预计的回报。我们会应该继续坚持一直以来的“长期价值投资”的理念，不因为短期组合表现不佳就去追逐热点、放大组合风险，继续实践长期主义来，继续按照原有框架寻找投资标的。同时，我们会根据市场的价格，不断优化组合和持仓的结构。 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":3000000015504,"__csrcFundId":12476,"stockCode":"015504","shortName":"华夏兴夏价值一年持有混合发起式(015504)","masterFundShortName":"华夏兴夏价值一年持有混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15504,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:38:16.162Z","status":"normal","exchange":"jj","fundCollectionId":4000050030000,"name":"华夏兴夏价值一年持有期混合型发起式证券投资基金","inceptionDate":"2023-05-04T16:00:00.000Z","setUpDate":"2023-05-04T16:00:00.000Z","setUpAssetScale":48982837.74,"setUpShares":48982837.74,"pinyin":"hxxxjzyncyqhhxfqszqtzjj","followedNum":0},"announcement":{"linkText":"华夏兴夏价值一年持有期混合型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1145041","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1557fea5b3eb051bd15","date":"2024-03-30T16:00:00.000Z","stockId":3000000015504,"sao":"2024年1季度，市场出现了比较极端的变化。1月份在海外流动性阶段性紧张的情况下，市场出现了连续下跌。市场的下跌又引发了小盘股“挤兑效应”，出现了历史上比较罕见的小微股票流动性危机，上证指数极限跌到了2700点附近，中小盘股票出现了大面积的恐慌性抛售。随后，在政策的及时干预和应对下，市场快速企稳，随后在2月开始强劲反弹。整体看，虽然在2月有所反弹，市场风险偏好仍然较低，红利和低估值的大盘股表现较好。成长板块和中小市值股票表现不佳。具体分板块看，沪深300上涨3%、中证500下跌2.6%、创业板指下跌3.8%。 从组合层面看，1季度表现也不如我们预期。主要原因在于我们在去年年底增加了数字经济和智能电网方向中小市值成长型公司的配置比例，在一季度的成长股下跌中这部分仓位也同样有所损失；另外，我们一直以来配置比例较高的地产和物业板块基本面仍然没有好转。 虽然组合近期表现不够理想，但我们还是倾向于用长期思维来思考投资问题，如果我们用确定性、预期回报空间和安全边际三者来综合衡量的话，我们仍然认为目前组合所配置的方向是有足够潜在回报空间的。展望未来，我们相信随着持仓公司体现出不断的价值创造能力，仍然会在未来取得可预计的回报。我们会继续坚持一直以来的“长期价值投资”的理念，不因为短期组合表现不佳就去追逐热点、放大组合风险，继续实践长期主义，按照原有框架寻找投资标的。同时，我们会根据市场的价格，不断优化组合和持仓的结构。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:33.936Z","fund":{"_id":3000000015504,"__csrcFundId":12476,"stockCode":"015504","shortName":"华夏兴夏价值一年持有混合发起式(015504)","masterFundShortName":"华夏兴夏价值一年持有混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15504,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:38:16.162Z","status":"normal","exchange":"jj","fundCollectionId":4000050030000,"name":"华夏兴夏价值一年持有期混合型发起式证券投资基金","inceptionDate":"2023-05-04T16:00:00.000Z","setUpDate":"2023-05-04T16:00:00.000Z","setUpAssetScale":48982837.74,"setUpShares":48982837.74,"pinyin":"hxxxjzyncyqhhxfqszqtzjj","followedNum":0},"announcement":{"linkText":"华夏兴夏价值一年持有期混合型发起式证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1067584","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1557fea5b3eb051bd14","date":"2023-12-30T16:00:00.000Z","stockId":3000000015504,"sao":"本基金精选具备持续价值创造能力、且价值被低估的优势企业进行重点投资。管理的原则遵循“长期价值投资”的理念，认为企业的价值创造是投资的核心收益来源，长期需要选择具有持续价值能力的企业；在选股上，集中投资于同时具备“价值创造、治理良好、安全边际”的投资标的；具体标准上，希望所投资的公司具备现金流较好、持续较高的ROE、盈利和估值相匹配的特征。但同时，也认为大类资产遵循“风险调整后的收益均值回归”的规律，需要对持仓进行逆周期调节，注重控制回撤和风险，追求较低回撤下的长期超额回报。在投资过程中，我们核心关注具有持续获取超额利润的能力，能够形成“护城河”的行业。同时结合基金经理本人的能力圈，主要集中投资在消费（包括互联网）和能持续创造超额利润的制造业；另外我们认为地产行业已经进入了整合恢复期，因此持有较多持仓在地产和物业公司上，但现在看这个决策不够谨慎，虽然我们选择的公司相对于地产行业已经表现得足够优秀，但新房销售的进一步恶化是我们预期之外的，这导致了在投资上为各位持有人带来了阶段性损失。2023年的市场环境比我们年初预料的要糟糕，尤其是宏观经济的恢复进程比我们预计的要慢，导致了权益市场在二季度之后的震荡下行。但站在当前时点，我们对权益市场是比较积极的，而且从产业层面看也出现了不少的变化，比如人工智能的发展和应用开始加速突破、新能源的渗透率在继续提升、消费数据也在恢复。短期看，最大的风险还是房地产市场的持续萎缩，但是自上而下来看地产政策已经开始有了积极变化，我们相信未来房地产市场的企稳是可以期待的。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:33.933Z","mo":"展望2024年，我们认为宏观环境和市场环境都会有较为明显的向好变化，尤其是在及时的政策调整下，市场主体的信心有望极大恢复，整体经济的活力有望明显改善，上市公司的盈利能力大概率能够提升。在此基础上，我们认为2024年的权益市场投资机会会显著增加。我们会在坚持的“长期价值投资”的理念基础上，继续按照既定框架寻找投资标的。具体来说，在坚持我们原有的投资框架下，我们积极拥抱产业的变化，增加两个方向的投资比例，一个是数字经济和互联网相关的机会。我们认为人工智能和数字化在相当长期都会是经济的主要增长方向，互联网因为有巨大的数据和场景，有望率先受益；第二个是智能电网系统的升级改造机会。我们认为在能源转型的大背景下，电力系统的升级改造将会有巨大的空间。另外，我们认为在行业低点对优质的龙头房企进行布局是一个潜在回报较高的机会，但需要控制总的持仓比例，因此会对现有持仓的规模进行一定程度的调整。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":3000000015504,"__csrcFundId":12476,"stockCode":"015504","shortName":"华夏兴夏价值一年持有混合发起式(015504)","masterFundShortName":"华夏兴夏价值一年持有混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15504,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:38:16.162Z","status":"normal","exchange":"jj","fundCollectionId":4000050030000,"name":"华夏兴夏价值一年持有期混合型发起式证券投资基金","inceptionDate":"2023-05-04T16:00:00.000Z","setUpDate":"2023-05-04T16:00:00.000Z","setUpAssetScale":48982837.74,"setUpShares":48982837.74,"pinyin":"hxxxjzyncyqhhxfqszqtzjj","followedNum":0},"announcement":{"linkText":"华夏兴夏价值一年持有期混合型发起式证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1049447","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1557fea5b3eb051bd13","date":"2023-09-29T16:00:00.000Z","stockId":3000000015504,"sao":"在2023年的3季度，因为地产和出口的超预期下行，宏观复苏的幅度低于我们和市场的预期。另外，在美元持续加息的背景下，汇率和人民币资产价格受到了较大压力。在此双重不利背景下，A股和港股均出现了不同程度的下跌。主要指数中，沪深300指数下跌4.1%、创业板指数下跌9.77%，恒生指数下跌7.4%。当下，市场对于经济和权益市场都较为悲观，但站在当前时点，我们对权益市场是比较积极的，而且从产业层面看也出现了不少的变化，比如人工智能的发展和应用开始加速突破、新能源的渗透率在继续提升、消费数据也在恢复。短期看，最大的风险还是房地产市场的持续萎缩，但是自上而下来看地产政策已经开始有了积极变化，我们相信未来房地产市场的企稳是可以期待的。在坚持我们原有的投资框架下，我们积极拥抱产业的变化，增加了两个方向的投资比例，一个是数字经济和互联网相关的机会，我们认为人工智能和数字化在相当长期都会是经济的主要增长方向，互联网因为有巨大的数据和场景，有望率先受益；第二个是智能电网系统的升级改造机会。我们认为在能源转型的大背景下，电力系统的升级改造将会有巨大的空间。另外，我们认为在行业低点对优质的龙头房企进行布局是一个潜在回报较高的机会，我们也增加了优质的地产和物业公司的持仓比例。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:33.931Z","fund":{"_id":3000000015504,"__csrcFundId":12476,"stockCode":"015504","shortName":"华夏兴夏价值一年持有混合发起式(015504)","masterFundShortName":"华夏兴夏价值一年持有混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15504,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:38:16.162Z","status":"normal","exchange":"jj","fundCollectionId":4000050030000,"name":"华夏兴夏价值一年持有期混合型发起式证券投资基金","inceptionDate":"2023-05-04T16:00:00.000Z","setUpDate":"2023-05-04T16:00:00.000Z","setUpAssetScale":48982837.74,"setUpShares":48982837.74,"pinyin":"hxxxjzyncyqhhxfqszqtzjj","followedNum":0},"announcement":{"linkText":"华夏兴夏价值一年持有期混合型发起式证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=986685","linkType":"PDF","source":"csrc_pdf"}}]}