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-01-22T16:00:00.000Z","setUpScale":472007000,"market":"a","tickerId":5576,"custody":"中国建设银行股份有限公司","name":"华泰柏瑞新金融地产灵活配置混合型证券投资基金","shortName":"华泰柏瑞新金融地产(005576)","fundSecondLevel":"hybrid","__csrcFundId":5149,"fundStatus":"normal","lastUpdated":"2026-04-30T19:41:35.156Z","masterFundFlag":1,"inceptionDate":"2018-03-07T16:00:00.000Z","fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞新金融地产","pinyin":"htbrxjrdclhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801396475","stockType":"fund_manager","exchange":"fm","tickerId":251008152470,"name":"杨景涵"}]},"announcement":{"linkText":"华泰柏瑞新金融地产灵活配置混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1462420","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8cb7fea5b3eb048583f","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000005576,"sao":"本基金2025年三季度,继续保持权益资产的高仓位运作,操作上保持相对稳定，换手不多，业绩表现在金融地产行业内不错。纵观2025年三季度，市场较大的变化就是以光模块为龙头的科技成长板块的高速崛起和以银行为首的价值板块相对落后。当然，这种较为极致的风格波动在历史上看并不鲜见，然而，本轮风格波动与历史上不太一样的地方在于人工智能颠覆或替代人类的讨论和中美科技竞争等大国崛起叙事交织在一起后，使得资本市场可能一定程度上忽视了企业价值和估值水平这些长期决定整个市场能否健康发展的因素。在这样的背景下，坚持价值投资规律和常识阶段性就会在净值上出现一定的回撤和落后，但作为长期价值投资的视角来看，这样的极端行情可能反而是提升投资组合内在价值的好机会，因为许多原本具有相当好的估值修复机会的个股由于市场风格的原因可能出现了超预期的滞涨或下跌，我们就有更多的机会通过调整组合的结构，力争增加组合的实际净资产，努力增加组合的安全边际，争取使得净资产的增值速度超越净值增长速度，因而在长期中，我们清楚净值必然朝着净资产回归，因此，这样的市场风格波动或成为我们投资难得的机会，下一阶段有望构成我们净值表现的坚实基础。　　我们长期将继续关注以银行为首的大金融板块的价值修复机会，银行资产质量预期改善的趋势没有改变，金融体系和宏观经济的系统性风险边际上仍在持续下降，地产板块的阶段性困难或将会在某个时刻迎来政策累积效应的提振和进一步的增量政策的改善，保险和券商或也有持续的净资产提升机会。我们将继续专注于金融地产板块的投资，通过自下而上的个股研究，努力在长期中持续获得显著超越金融地产板块的超额收益和绝对收益，争取为投资者带来持续的投资回报。","lastUpdated":"2026-03-09T13:19:07.120Z","fund":{"_id":3000000005576,"stockCode":"005576","stockType":"fund","areaCode":"cn","followedNum":23,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-01-22T16:00:00.000Z","setUpScale":472007000,"market":"a","tickerId":5576,"custody":"中国建设银行股份有限公司","name":"华泰柏瑞新金融地产灵活配置混合型证券投资基金","shortName":"华泰柏瑞新金融地产(005576)","fundSecondLevel":"hybrid","__csrcFundId":5149,"fundStatus":"normal","lastUpdated":"2026-04-30T19:41:35.156Z","masterFundFlag":1,"inceptionDate":"2018-03-07T16:00:00.000Z","fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞新金融地产","pinyin":"htbrxjrdclhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801396475","stockType":"fund_manager","exchange":"fm","tickerId":251008152470,"name":"杨景涵"}]},"announcement":{"linkText":"华泰柏瑞新金融地产灵活配置混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1382703","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8cb7fea5b3eb048583e","date":"2025-06-29T16:00:00.000Z","stockId":3000000005576,"sao":"本基金2025年上半年,继续保持权益资产的高仓位运作,操作上保持相对稳定，换手不多，业绩表现优秀。纵观2025年上半年，大金融板块开年调整后一直处于缓慢震荡上行趋势中，后遭遇特朗普发动的全球贸易争端，发生短期的较大回撤以后，逐步恢复回到估值修复的正常趋势中，获得了较好的绝对收益。我们认为A股市场或逐步从去年926的上行行情第一阶段逐步进入到第二阶段，市场渐入佳境，逐渐产生了财富效应，价值和成长均有机会获得较好的回报，市场整体风险偏好上升，自下而上的基本面研究能够贡献较好的超额收益。大金融板块估值仍整体较低，尤其是银行、保险和券商板块均可能有不错的未来预期。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:07.117Z","mo":"展望下半年，在国际贸易争端缓和的前景下，国内消费逐步提振，宏观经济有望迎来进一步温和提振，反内卷等政策措施也有望推动物价水平合理回升，股票市场有望平稳运行，波动性或保持低位，相信宏观经济政策相机决策将有力促进经济发展。总体而言，虽然市场出现阶段性调整的风险始终存在，但我们认为中国资产的估值持续修复是大势所趋，不会停止，人民币也有望持续升值，外资流入有望加速。我们认为2025年下半年市场估值有望在上半年基础上进一步抬升，机会大于风险，尤其是自下而上选股可能进一步获得超额收益。我们将努力在大金融板块挖掘投资机会，力争进一步提升长期投资业绩，努力带给投资者更好的复利回报。","fund":{"_id":3000000005576,"stockCode":"005576","stockType":"fund","areaCode":"cn","followedNum":23,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-01-22T16:00:00.000Z","setUpScale":472007000,"market":"a","tickerId":5576,"custody":"中国建设银行股份有限公司","name":"华泰柏瑞新金融地产灵活配置混合型证券投资基金","shortName":"华泰柏瑞新金融地产(005576)","fundSecondLevel":"hybrid","__csrcFundId":5149,"fundStatus":"normal","lastUpdated":"2026-04-30T19:41:35.156Z","masterFundFlag":1,"inceptionDate":"2018-03-07T16:00:00.000Z","fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞新金融地产","pinyin":"htbrxjrdclhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801396475","stockType":"fund_manager","exchange":"fm","tickerId":251008152470,"name":"杨景涵"}]},"announcement":{"linkText":"华泰柏瑞新金融地产灵活配置混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1350234","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8cb7fea5b3eb048583d","date":"2025-03-30T16:00:00.000Z","stockId":3000000005576,"sao":"本基金2025年一季度,继续保持权益资产的高仓位运作,操作上保持相对稳定，换手不多，业绩表现普通。纵观2025年一季度，大金融板块在去年4季度乃至全年大幅修复的基础上出现了预期内的回调，核心原因是市场风险偏好重新转向高科技和成长，暂时对于价值为主的金融板块有所忽视，但我们看港股在东升西降的叙事背景下，无论金融还是科技成长都呈现增量资金不断入场，出现整体走牛的特征。我们认为A股市场可能有些沉溺于存量博弈思维，投资者经常把价值和成长对立起来，把传统产业和科技产业对立起来，实际上，在整体宏观经济开始修复的背景下，无论传统产业还是科技成长，都可能得到基本面改善，甚至传统产业的基本面改善有可能会在科技成长之前。因此，这可能会带给我们投资机会，我们将持续在市场短期不那么关注的板块，尤其是大金融板块中尽力挖掘性价比较高的，通过一定的轮动方式逐步提升组合的安全边际，进而在远期争取获得更好的超额收益。展望2季度，中国面临美国的关税施压和中美贸易“硬脱钩”的风险，但我们强大的全产业链和潜在的巨大内需市场以及出口产品的强大竞争力相信能够足以保证我们能够有效应对暂时的困难，相比于2018年，我们有更多的应对手段和足够的韧性。我们仍对中国全年的经济增长抱有强烈的信心，尤其是名义增速的修复。我们将努力挖掘投资机会，力争在今年进一步提升长期投资业绩，努力带给投资者更好的复利回报。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:07.111Z","fund":{"_id":3000000005576,"stockCode":"005576","stockType":"fund","areaCode":"cn","followedNum":23,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-01-22T16:00:00.000Z","setUpScale":472007000,"market":"a","tickerId":5576,"custody":"中国建设银行股份有限公司","name":"华泰柏瑞新金融地产灵活配置混合型证券投资基金","shortName":"华泰柏瑞新金融地产(005576)","fundSecondLevel":"hybrid","__csrcFundId":5149,"fundStatus":"normal","lastUpdated":"2026-04-30T19:41:35.156Z","masterFundFlag":1,"inceptionDate":"2018-03-07T16:00:00.000Z","fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞新金融地产","pinyin":"htbrxjrdclhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801396475","stockType":"fund_manager","exchange":"fm","tickerId":251008152470,"name":"杨景涵"}]},"announcement":{"linkText":"华泰柏瑞新金融地产灵活配置混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1278509","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8cb7fea5b3eb048583c","date":"2024-12-30T16:00:00.000Z","stockId":3000000005576,"sao":"本基金2024年全年,基于对大金融板块长期估值修复的信心和客观分析，始终保持权益资产的高仓位运作,操作上保持稳定，全年对市场走势判断准确，业绩表现较为出色。纵观2024年全年，大金融板块持续震荡上行，银行板块稳步估值修复，非银板块大幅震荡上行。由于3季度末政治局会议以及财政货币政策等一揽子提振经济的政策及预期明显改善，有效提振了A股市场以及经济预期，A股市场在前三季度震荡回落的情况下，在三季度末至四季度迎来了较大的估值提升。大金融板块整体表现领先全市场和其他行业，尤其是银行板块。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:07.109Z","mo":"展望2025年，我们认为大金融板块，尤其是银行板块估值修复仍不充分，自2024年开始的估值修复仅仅进行到中段，保险板块仍具备显著的估值修复基础，券商板块也有估值提升的机会。2025年宏观经济逐季改善是个大概率事件，A股市场整体表现预期可能会优于2024年。尽管中国经济的复苏过程不会一帆风顺，并且面临一些外部压力，但中国经济的新质生产力已经初步成型，高科技发展更上了一层楼，在绝大多数领域已经可以与世界最先进水平比肩，人民收入水平回升具备基础，房地产市场企稳回升趋势初显，财政政策还将在各重点领域发力，出口保持强势、地位得到巩固。整体看来，经济基础正在夯实，宏观经济相关的基础性行业如银行、基建、制造业等领域资产负债表以及利润表或将有明显改善，一些新兴行业有望走出低迷，逐步迎来营收利润的较好增长。　　我们将坚持自下而上紧密跟踪个股的基本面变化尤其是预期的变化，坚持价值投资的核心理念和投资框架，在金融地产板块以及其他一些我们熟悉的板块中努力动态的挖掘个股的投资机会，在把握住金融地产整体估值修复的大趋势前提下，持续提升投资组合的安全边际，争取有效的提升组合的超额收益。","fund":{"_id":3000000005576,"stockCode":"005576","stockType":"fund","areaCode":"cn","followedNum":23,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-01-22T16:00:00.000Z","setUpScale":472007000,"market":"a","tickerId":5576,"custody":"中国建设银行股份有限公司","name":"华泰柏瑞新金融地产灵活配置混合型证券投资基金","shortName":"华泰柏瑞新金融地产(005576)","fundSecondLevel":"hybrid","__csrcFundId":5149,"fundStatus":"normal","lastUpdated":"2026-04-30T19:41:35.156Z","masterFundFlag":1,"inceptionDate":"2018-03-07T16:00:00.000Z","fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞新金融地产","pinyin":"htbrxjrdclhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801396475","stockType":"fund_manager","exchange":"fm","tickerId":251008152470,"name":"杨景涵"}]},"announcement":{"linkText":"华泰柏瑞新金融地产灵活配置混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1258932","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8cb7fea5b3eb048583b","date":"2024-09-29T16:00:00.000Z","stockId":3000000005576,"sao":"本基金2024年三季度,继续保持权益资产的高仓位运作,操作上保持相对稳定，换手不多，业绩表现较好。纵观2024年三季度，银行为首的大金融板块出现调整以后强势修复，整体符合我们的预期。三季度末，政治局会议以及货币政策等一揽子提振经济的政策及预期明显改善，有效提振了股票市场以及经济预期，展望四季度，股票市场正进入新一轮有效的全面估值提升，这对我们大金融行业来说或将迎来多年来最好的估值持续提升行情。我们对宏观经济未来预期乐观，对股票市场预期乐观。我们将努力精选个股，优化投资组合，尽力在市场整体有机会的前提下，争取获取更多超额收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:07.106Z","fund":{"_id":3000000005576,"stockCode":"005576","stockType":"fund","areaCode":"cn","followedNum":23,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-01-22T16:00:00.000Z","setUpScale":472007000,"market":"a","tickerId":5576,"custody":"中国建设银行股份有限公司","name":"华泰柏瑞新金融地产灵活配置混合型证券投资基金","shortName":"华泰柏瑞新金融地产(005576)","fundSecondLevel":"hybrid","__csrcFundId":5149,"fundStatus":"normal","lastUpdated":"2026-04-30T19:41:35.156Z","masterFundFlag":1,"inceptionDate":"2018-03-07T16:00:00.000Z","fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞新金融地产","pinyin":"htbrxjrdclhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801396475","stockType":"fund_manager","exchange":"fm","tickerId":251008152470,"name":"杨景涵"}]},"announcement":{"linkText":"华泰柏瑞新金融地产灵活配置混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1181099","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8cb7fea5b3eb048583a","date":"2024-06-29T16:00:00.000Z","stockId":3000000005576,"sao":"本基金2024年上半年度,保持权益资产的高仓位运作和积极配置,业绩表现较好。纵观2024年上半年，银行为首的大金融板块出现了震荡向上的持续估值修复，较为符合我们的预期。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:07.103Z","mo":"展望下半年，宏观经济可能逐季改善，房地产销售有望逐步企稳回暖，出口和基建仍然对宏观经济形成较强的支撑，消费或具有一定的韧性。政策面上财政政策可能会有所发力，货币政策则可能逐步步入宽松阶段。目前我们判断A股估值水平整体在低位区间，大金融板块中，银行股虽然持续修复，但估值水平仍离合理水平相距甚远，保险和券商仍然在低位反复震荡，房地产也未充分反应政策的持续改善。因此我们对下半年股票市场整体看法乐观，我们认为股票市场存在大幅向上的可能，其中，大金融板块可能仍会持续上半年的强势表现。我们将努力精选个股，优化投资组合，尽力在市场整体有机会的前提下，争取获取更多超额收益。","fund":{"_id":3000000005576,"stockCode":"005576"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