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在具体操作上，依旧延续了前期主要关注的方向，一方面，我们仍高度关注企业持续经营的质量和其不断夯实竞争优势及抗风险的能力，同时在不单纯追求高利润增长的预期下，我们也关注企业在扩张资本开支之外的资本配置能力，包括但不限于分红回购等动作；另一方面，结合政策对国内经济结构引导的方向，过去施政方向更多聚焦在供给端，而对需求端的推动有限，但考虑到当前国内的经济体量和结构，以及外需依赖度继续提升的客观压力，尽管节奏我们无法判断，但扩内需在方向上或成为我们当前客观需要和主观意愿上都将逐渐施力的方向，同时，在经历了较长的需求压力的经营考验，很多企业自身也在此过程中不断提升其对宏观环境的自适应能力，对这些商业模式较好、竞争优势仍存且经营韧性较强的企业，我们也会保持积极态度；此外，随着新技术不断迭代突破，市场可能衍生出来的新的需求和应用，我们在能力范围内也始终保持学习和机会识别。 报告期内，组合配置上继续维持了稳健价值类资产的配置，同时对资产价格落入合理区间的企业也适度加大了配置比例；此外，也动态根据价格和基本面的匹配程度进行了个股持仓比例的调整。我们仍将继续关注企业所处的行业、商业模式和管理能力等基本面与其价格的匹配程度，希望买入及持有的价格能满足预期回报和补偿可能为此需要面对的风险，持有期内也根据基本面和价格匹配度的评估情况做实时调整，以避免组合过高的波动。而在具体个股选择上，在坚持一贯的自下而上的选股标准和框架的同时，对自上而下的宏观状况也进一步加大关注权重。本基金将继续坚持持有人利益优先原则，勤勉尽责的履行对持有人的信托责任，努力为持有人创造合理的长期回报。","lastUpdated":"2026-03-09T14:00:22.934Z","fund":{"_id":3000000017826,"__csrcFundId":12351,"stockCode":"017826","shortName":"兴全欣越混合(017826)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17826,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:23:25.592Z","status":"normal","exchange":"jj","fundCollectionId":4000050310000,"name":"兴全欣越混合型证券投资基金","inceptionDate":"2023-03-16T16:00:00.000Z","followedNum":7,"setUpDate":"2023-03-16T16:00:00.000Z","setUpAssetScale":644373855.46,"setUpShares":644373855.46,"pinyin":"xqxyhhxzqtzjj","masterFundShortName":"兴全欣越混合","managers":[{"stockCode":"db20754037","stockType":"fund_manager","exchange":"fm","tickerId":2012204020,"name":"童兰"}]},"announcement":{"linkText":"兴证全球欣越混合型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1381192","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2767fea5b3eb052e0d2","date":"2025-06-29T16:00:00.000Z","stockId":3000000017826,"sao":"2025年上半年，国内外宏观的关键词依然是不确定和高波动；2025Q1市场还因为春节期间DeepSeek的出现迅速扭转了中美科技角力下的预期走向，使得AH市场的流动性均得以改善；而进入2025Q2，市场关键词又迅速切换到关税摩擦和关税税率的各种拉锯和谈判，市场情绪和预期也在松紧之间来回切换；而在这些宏大叙事下的短期视角之内，变化是迅速的也是难以有效预测的，与此同时中周期内的宏观走向和各种政策的不确定性却是相对的体感共识；因此，相比在多变不可测的宏大叙事里寻找方向上的确定性，我们当前更愿意在资产本身上寻找经营韧性和抗风险能力。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:22.931Z","mo":"在具体关注方向上，一方面，结合政策对国内经济结构引导的方向，过去施政方向更多聚焦在供给制造端，但考虑到当前国内的经济体量和结构，以及净出口占比继续提升的客观压力，扩大内需在方向上或成为我们当前客观需要和主观意愿上的施力方向，同时，在经历了较长的需求压力的经营考验，很多企业自身也在此过程中不断提升其对宏观环境的自适应能力，对这些商业模式较好、竞争优势仍存、经营韧性较强，且资产价格已经回落至相比其长期价值有吸引力的水平，我们在持仓上已经表达了积极态度；另一方面，我们仍继续高度关注企业持续经营的质量和其不断夯实竞争优势及抗风险的能力，同时在不单纯追求高利润增长的预期下，我们也关注企业在扩张资本开支之外的资本配置能力，包括但不限于分红回购等动作；此外，随着新技术不断迭代突破，市场可能衍生出来的新的需求和应用，我们在能力范围内也始终保持学习和机会识别。　　报告期内，组合配置上继续维持了稳健价值类资产的合理配置比例，同时对资产价格落入合理区间的消费企业继续加大配置；此外，也动态根据价格和基本面的匹配程度进行了个股持仓比例的调整。我们仍将继续关注企业所处的行业、商业模式和管理能力等基本面与其价格的匹配程度，希望买入及持有的价格能满足预期回报和补偿可能为此需要面对的风险，持有期内也根据基本面和价格匹配度的评估情况做实时调整，以避免组合过高的波动。而在具体个股选择上，在坚持一贯的自下而上的选股标准和框架的同时，对自上而下的宏观状况也进一步加大关注权重。本基金将继续坚持持有人利益优先原则，勤勉尽责的履行对持有人的信托责任，努力为持有人创造合理的长期回报。","fund":{"_id":3000000017826,"__csrcFundId":12351,"stockCode":"017826","shortName":"兴全欣越混合(017826)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17826,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:23:25.592Z","status":"normal","exchange":"jj","fundCollectionId":4000050310000,"name":"兴全欣越混合型证券投资基金","inceptionDate":"2023-03-16T16:00:00.000Z","followedNum":7,"setUpDate":"2023-03-16T16:00:00.000Z","setUpAssetScale":644373855.46,"setUpShares":644373855.46,"pinyin":"xqxyhhxzqtzjj","masterFundShortName":"兴全欣越混合","managers":[{"stockCode":"db20754037","stockType":"fund_manager","exchange":"fm","tickerId":2012204020,"name":"童兰"}]},"announcement":{"linkText":"兴证全球欣越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=1344700","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2767fea5b3eb052e0d1","date":"2025-03-30T16:00:00.000Z","stockId":3000000017826,"sao":"2025年1季度，春节期间DeepSeek的出现迅速扭转了中美科技角力的预期走向，AH市场的流动性得以有所改善；与此同时，国家政策对国内经济的托底决心和力度预期也仍存，且在近几年持续较弱的宏观体感下，企业的自适应调整使得企业盈利能力恢复性修复的效果也有望逐渐体现；基于内外预期改善的共振效果，市场在1季度也表现较为强劲。　　在具体关注方向上，一方面，我们仍高度关注企业持续经营的质量和其不断夯实竞争优势及抗风险的能力，同时在不单纯追求高利润增长的预期下，我们也关注企业在扩产资本开支之外的资本配置能力，包括但不限于分红回购等动作；另一方面，随着新技术不断迭代突破下，市场可能衍生出来的新的需求和应用，我们在能力范围内也始终保持学习和机会识别；此外，考虑到当前国内的经济体量和结构，以及净出口占比继续提升的客观压力，扩大内需在方向上或成为我们当前客观需要和主观意愿上的施力方向，对此结构调整而带来的机会，我们也会保持积极态度。　　报告期内，本基金仓位水平有所抬升，组合配置上继续维持了稳健价值类资产的配置比例，同时对资产价格落入合理区间的消费企业继续加大了配置；此外，也动态根据价格和基本面的匹配程度进行了个股持仓比例的调整。我们仍将继续关注企业所处的行业、商业模式和管理能力等基本面与其价格的匹配程度，希望买入及持有的价格能满足预期回报和补偿可能为此需要面对的风险，持有期内也根据基本面和价格匹配度的评估情况做实时调整，以避免组合过高的波动。而在具体个股选择上，在坚持一贯的自下而上的选股标准和框架的同时，对自上而下的宏观状况也进一步加大关注权重。本基金将继续坚持持有人利益优先原则，勤勉尽责的履行对持有人的信托责任，努力为持有人创造合理的长期回报。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:22.928Z","fund":{"_id":3000000017826,"__csrcFundId":12351,"stockCode":"017826","shortName":"兴全欣越混合(017826)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17826,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:23:25.592Z","status":"normal","exchange":"jj","fundCollectionId":4000050310000,"name":"兴全欣越混合型证券投资基金","inceptionDate":"2023-03-16T16:00:00.000Z","followedNum":7,"setUpDate":"2023-03-16T16:00:00.000Z","setUpAssetScale":644373855.46,"setUpShares":644373855.46,"pinyin":"xqxyhhxzqtzjj","masterFundShortName":"兴全欣越混合","managers":[{"stockCode":"db20754037","stockType":"fund_manager","exchange":"fm","tickerId":2012204020,"name":"童兰"}]},"announcement":{"linkText":"兴证全球欣越混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1274528","linkType":"PDF","source"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