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A股市场内外部环境均出现了不同程度的改善，三季度外资持续流出的现象可望有所缓解，前期跌幅较大的板块和个股存在股价反弹甚至反转的机会。作为以中小市值公司作为主要投资方向的基金，我们坚持自上而下与自下而上相结合，结合行业景气度、公司质地和股票性价比等因素综合选股、配置，力争创造超额收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:49.696Z","fund":{"_id":3000000519097,"stockCode":"519097","stockType":"fund","areaCode":"cn","followedNum":11,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2011-01-03T16:00:00.000Z","setUpScale":742773000,"market":"a","tickerId":519097,"custody":"中国建设银行股份有限公司","name":"新华中小市值优选混合型证券投资基金","shortName":"新华中小市值优选混合(519097)","fundSecondLevel":"hybrid","__csrcFundId":3049,"fundStatus":"normal","lastUpdated":"2026-05-01T08:06:27.390Z","masterFundFlag":1,"inceptionDate":"2011-01-27T16:00:00.000Z","fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华中小市值优选混合","pinyin":"xhzxszyxhhxzqtzjj","managers":[{"stockCode":"db20523219","stockType":"fund_manager","exchange":"fm","tickerId":232513170830,"name":"王永明"}]},"announcement":{"linkText":"新华中小市值优选混合型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=994293","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed59d7fea5b3eb055e942","date":"2023-06-29T16:00:00.000Z","stockId":3000000519097,"sao":"上半年，尽管国内无风险收益率不断下行，但权益市场却面临着赚钱效应缺乏、增量资金不足、海外资金流入趋缓等问题。虽然与智能化创新浪潮相关的通讯、传媒、计算机表现强势、涨幅较大，但市值权重较高的传统周期股和大消费板块表现疲弱，投资者风险偏好处于历史低位，股票市场呈现较为显著的结构分化和存量博弈的特征。上半年本基金坚持以“性价比”为导向，自上而下和自下而上相结合，在中小市值公司挖掘了一些被市场忽视或低估的优质公司，并取得一定收益。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:49.693Z","mo":"下半年，尽管权益市场仍面临着诸如外部环境压力、内需不足等困难和挑战，但在上半年的反复调整中，市场对此已有充分定价，反应市场情绪的股债收益差已经重回历史低位。且海外面临美联储加息进入尾声，国内已经对扩大内需提出了一系列的政策措施，并提出活跃资本市场，提振投资者信心等，对投资者的预期起到较强的指引，市场情绪出现改善，两极分化的结构有所修复。此外，生成式人工智能作为近十年来最为重要的科技创新，虽然目前应用还在初期阶段，行业格局尚不清晰，但其令人惊艳的智能化水平和未来巨大的应用前景已经得到业界共识，未来有望成为重要的生产力工具，我们战略看好其长期发展趋势，并将持续研究和跟踪。下半年，我们将继续坚持以“性价比”为核心，重视长期趋势和阶段性边际变化，自上而下与自下而上相结合，在中小市值公司中寻找潜力标的，为持有人创造超额收益。","fund":{"_id":3000000519097,"stockCode":"519097","stockType":"fund","areaCode":"cn","followedNum":11,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2011-01-03T16:00:00.000Z","setUpScale":742773000,"market":"a","tickerId":519097,"custody":"中国建设银行股份有限公司","name":"新华中小市值优选混合型证券投资基金","shortName":"新华中小市值优选混合(519097)","fundSecondLevel":"hybrid","__csrcFundId":3049,"fundStatus":"normal","lastUpdated":"2026-05-01T08:06:27.390Z","masterFundFlag":1,"inceptionDate":"2011-01-27T16:00:00.000Z","fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华中小市值优选混合","pinyin":"xhzxszyxhhxzqtzjj","managers":[{"stockCode":"db20523219","stockType":"fund_manager","exchange":"fm","tickerId":232513170830,"name":"王永明"}]},"announcement":{"linkText":"新华中小市值优选混合型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=962657","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed59d7fea5b3eb055e941","date":"2023-03-30T16:00:00.000Z","stockId":3000000519097,"sao":"一季度国内经济并未出现所谓“强复苏”，市场从“弱现实、强预期”转变到“弱现实、弱预期”。相应地，大消费和大周期板块表现平淡，而受益于人工智能领域的重大创新等因素，TMT板块涨幅较大，申万一级行业涨幅前三位分别为计算机（37%）、传媒（34%）、通信（30%）。我们在一季度，通过自上而下的投资机会的比较和选择，增配了景气度改善的TMT领域的相关标的，并取得了一定的超额收益。无论从国内经济的疫后复苏，还是美联储加息预期放缓乃至终止，都让我们对2023年的资本市场充满希望。2022年资本市场出现的估值和业绩（预期）双杀的情况将彻底改变，甚至在某些景气度改善乃至反转的行业出现戴维斯双击的机遇。对此，我们充满期待。我们将继续按照“性价比”的比较，优选兼具行业上行β和公司比较优势的α的标的，优化投资结构，力争创造超额收益，以不负持有人的重托。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:49.691Z","fund":{"_id":3000000519097,"stockCode":"519097","stockType":"fund","areaCode":"cn","followedNum":11,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2011-01-03T16:00:00.000Z","setUpScale":742773000,"market":"a","tickerId":519097,"custody":"中国建设银行股份有限公司","name":"新华中小市值优选混合型证券投资基金","shortName":"新华中小市值优选混合(519097)","fundSecondLevel":"hybrid","__csrcFundId":3049,"fundStatus":"normal","lastUpdated":"2026-05-01T08:06:27.390Z","masterFundFlag":1,"inceptionDate":"2011-01-27T16:00:00.000Z","fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华中小市值优选混合","pinyin":"xhzxszyxhhxzqtzjj","managers":[{"stockCode":"db20523219","stockType":"fund_manager","exchange":"fm","tickerId":232513170830,"name":"王永明"}]},"announcement":{"linkText":"新华中小市值优选混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=887338","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed59d7fea5b3eb055e940","date":"2022-12-30T16:00:00.000Z","stockId":3000000519097,"sao":"2022年是A股市场波动较大、风险释放的一年，也是“黑天鹅”频现的一年，这一年，俄乌战争爆发，美联储持续大幅度加息，国内经济受各种因素的冲击而面临较大压力。全球资本市场都出现了不同幅度的调整，A股市场在盈利预期调整、风险偏好下行和无风险收益率提高的多重压力下亦未能幸免。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:49.688Z","mo":"2022年，本基金净值出现一定程度回撤，主要是对自上而下的研究、思考不足，在行业配置方面出现一定的偏差。展望2023年，一方面，疫情政策调整后，新冠病毒感染调整为“乙类乙管”，在外需面临不确定性的情况下，稳增长、扩大国内需求成为政策发力的重中之重。同时，切实落实“两个毫不动摇”，支持平台企业在引领发展、创造就业、国际竞争中大显身手，一系列政策的落实也将较大幅度地增强经济活力。另一方面，随着美国通胀见顶，美联储加息有望放缓，对于估值的改善较为有利。2022年资本市场出现的估值和业绩（预期）双杀的情况将显著改变，周期、消费、成长都会有不同程度的改善的机会。在经济复苏期，中小企业有望体现出良好的业绩弹性，中小市值公司股票的弹性、进攻性和波动性较强，我们将汲取2022年的经验、教训，敬畏市场，扎实研究，以“性价比”为核心，自上而下进行投资机会的比较和选择，避免行业性负贝塔的伤害，并通过对景气度上升行业的配置为持有人创造超额收益，体现出中小市值为主的基金特点和优势。","fund":{"_id":3000000519097,"stockCode":"519097","stockType":"fund","areaCode":"cn","followedNum":11,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2011-01-03T16:00:00.000Z","setUpScale":742773000,"market":"a","tickerId":519097,"custody":"中国建设银行股份有限公司","name":"新华中小市值优选混合型证券投资基金","shortName":"新华中小市值优选混合(519097)","fundSecondLevel":"hybrid","__csrcFundId":3049,"fundStatus":"normal","lastUpdated":"2026-05-01T08:06:27.390Z","masterFundFlag":1,"inceptionDate":"2011-01-27T16:00:00.000Z","fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华中小市值优选混合","pinyin":"xhzxszyxhhxzqtzjj","managers":[{"stockCode":"db20523219","stockType":"fund_manager","exchange":"fm","tickerId":232513170830,"name":"王永明"}]},"announcement":{"linkText":"新华中小市值优选混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=869895","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed59d7fea5b3eb055e93f","date":"2022-09-29T16:00:00.000Z","stockId":3000000519097,"sao":"三季度宽基指数悉数下跌，上证50、沪深300、上证指数、深成指、创业板指分别下跌12.39%、12.8%、8.33%、13.1%、16.3%。综合、，煤炭、国防军工是唯三上涨的行业，二季度表现较佳的汽车（-11.5%）、电力设备（-13.67%）跌幅较大。电力设备、新能源和汽车的下跌对基金净值形成较大拖累，净值出现一定程度的回撤。展望四季度，经过三季度的调整后，市场估值已经处于历史低位，反应了较为悲观的预期。虽然仍面临海外通胀不断升温和美联储加息、紧缩的压力，但国内货币环境较为宽松，经济已经出现复苏回升的迹象，9月社融存量同比增速10.6%（前值10.5%），人民币贷款同比11.1%（前值10.8，市场预期10.8%）。整体上看，A股市场的“性价比”有明显改善。从人类历史看，能源始终是影响历史进程和社会发展的核心要素之一，在今年俄乌战争和能源短期的背景下，能源的稀缺性和重要性得到更为广泛的认知和重视，能源板块将是长期的投资方向。本基金继续看好该方向的投资机会。此外，在去全球化和地缘政治等因素影响下，看好自主可控、国产化替代方向的投资机会。医药、医疗板块目前估值处于历史地位，同时行业环境有所改善，具备战略性配置的价值。本基金将继续坚持以“性价比”为核心，结合行业景气度和公司投资价值的判断，重点增加上述高景气度行业中的中小市值公司的配置比例，强化动态的跟踪和研究，通过组合管理和持续优化为持有人创造超额收益。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:49.685Z","fund":{"_id":3000000519097,"stockCode":"519097","stockType":"fund","areaCode":"cn","followedNum":11,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2011-01-03T16:00:00.000Z","setUpScale":742773000,"market":"a","tickerId":519097,"custody":"中国建设银行股份有限公司","name":"新华中小市值优选混合型证券投资基金","shortName":"新华中小市值优选混合(519097)","fundSecondLevel":"hybrid","__csrcFundId":3049,"fundStatus":"normal","lastUpdated":"2026-05-01T08:06:27.390Z","masterFundFlag":1,"inceptionDate":"2011-01-27T16:00:00.000Z","fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华中小市值优选混合","pinyin":"xhzxszyxhhxzqtzjj","managers":[{"stockCode":"db20523219","stockType":"fund_manager","exchange":"fm","tickerId":232513170830,"name":"王永明"}]},"announcement":{"linkText":"新华中小市值优选混合型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=804929","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed59d7fea5b3eb055e93e","date":"2022-06-29T16:00:00.000Z","stockId":3000000519097,"sao":"上半年A股市场呈现触底回升、企稳向好的态势。一方面，随着国内经济的企稳回升，市场信心逐渐恢复，国内新基金发行回暖，以绝对收益为主或低风险偏好的资金开始增加权益资产的仓位。同时，海外经济滞胀的压力增大，相比之下，全球比较下的A股市场吸引力增强，外资回流迹象明显。经过1-4月的大跌后，A股市场性价比优势凸显，尤其以新能源、新能源车、军工、半导体、医药等长期向好的高景气行业为甚。本基金继续坚持以“性价比”为核心，结合行业景气度和公司投资价值的判断，重点增加渗透率低、景气度高的行业中的中小市值公司的配置比例，强化动态的跟踪和研究，通过组合管理和持续优化为持有人创造超额收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:49.683Z","mo":"国内疫情基本得到控制，经济逐渐步入正轨，从中长期看，科技创新、先进制造和消费升级是推动中国经济健康发展的重要推力，我们将重点配置相关行业的优质公司，包括人工智能、半导体、工业软件、生物医药、汽车、家电、服装等。注意把握其中的结构性机会。个股选择上，重点布局调整充分，业绩稳健，估值处于较低水平，成长性良好的个股。","fund":{"_id":3000000519097,"stockCode":"519097","stockType":"fund","areaCode":"cn","followedNum":11,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2011-01-03T16:00:00.000Z","setUpScale":742773000,"market":"a","tickerId":519097,"custody":"中国建设银行股份有限公司","name":"新华中小市值优选混合型证券投资基金","shortName":"新华中小市值优选混合(519097)","fundSecondLevel":"hybrid","__csrcFundId":3049,"fundStatus":"normal","lastUpdated":"2026-05-01T08:06:27.390Z","masterFundFlag":1,"inceptionDate":"2011-01-27T16:00:00.000Z","fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华中小市值优选混合","pinyin":"xhzxszyxhhxzqtzjj","managers":[{"stockCode":"db20523219","stockType":"fund_manager","exchange":"fm","tickerId":232513170830,"name":"王永明"}]},"announcement":{"linkText":"新华中小市值优选混合型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=783979","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed59d7fea5b3eb055e93d","date":"2022-03-30T16:00:00.000Z","stockId":3000000519097,"sao":"一季度A股股票市场呈现出系统性风险和结构性分化相叠加的特征。一方面，美联储加息、缩表预期强化下，长久期的科技、消费类股票资产的估值调整压力较大，军工、电子、新能源车、家电等行业跌幅居前。同时，低估值的煤炭、房地产、银行则涨幅居前。 另一方面，俄乌战争对全球权益市场风险偏好的压制、国内疫情引发的投资者的担忧等因素也推动了权益市场的系统性调整。本基金以性价比为核心，结合基金合同对市值的要求，重点配置高景气度行业中的中小市值公司，二季度我们将在行业和公司基本面的研究基础上，增强以宏观视角的思考和比较，强化动态的跟踪和研究，通过组合管理和持续优化为持有人创造超额收益。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:49.680Z","fund":{"_id":3000000519097,"stockCode":"519097","stockType":"fund","areaCode":"cn","followedNum":11,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2011-01-03T16:00:00.000Z","setUpScale":742773000,"market":"a","tickerId":519097,"custody":"中国建设银行股份有限公司","name":"新华中小市值优选混合型证券投资基金","shortName":"新华中小市值优选混合(519097)","fundSecondLevel":"hybrid","__csrcFundId":3049,"fundStatus":"normal","lastUpdated":"2026-05-01T08:06:27.390Z","masterFundFlag":1,"inceptionDate":"2011-01-27T16:00:00.000Z","fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华中小市值优选混合","pinyin":"xhzxszyxhhxzqtzjj","managers":[{"stockCode":"db20523219","stockType":"fund_manager","exchange":"fm","tickerId":232513170830,"name":"王永明"}]},"announcement":{"linkText":"新华中小市值优选混合型证券投资基金2022 年第1 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幅跑赢业绩比较基准以及沪深300等市场主要指数。本基金根据基金合同约定，精选各个行业中具有较高成长性且估值合理的中小市值股票进行投资，追求获取长期超额收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:49.667Z","mo":"展望2021年，疫情防控措施日益完善，疫苗在全球范围内快速普及，各国经济将逐渐走向复苏，在这一大背景下，我们将从以下几个方面寻找投资机会：受益于全球经济复苏的中上游制造业，受益于供需不平衡的资源品，碳排放减量相关产业，5G应用、人工智能等前沿科技，过去几年连续跑输市场的低估值板块的优质公司。本基金将继续保持较高仓位，注意把握其中的结构性机会。个股选择上，重点布局调整充分，业绩稳健，估值处于较低水平，成长性良好的个股。","fund":{"_id":3000000519097,"stockCode":"519097","stockType":"fund","areaCode":"cn","followedNum":11,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2011-01-03T16:00:00.000Z","setUpScale":742773000,"market":"a","tickerId":519097,"custody":"中国建设银行股份有限公司","name":"新华中小市值优选混合型证券投资基金","shortName":"新华中小市值优选混合(519097)","fundSecondLevel":"hybrid","__csrcFundId":3049,"fundStatus":"normal","lastUpdated":"2026-05-01T08:06:27.390Z","masterFundFlag":1,"inceptionDate":"2011-01-27T16:00:00.000Z","fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华中小市值优选混合","pinyin":"xhzxszyxhhxzqtzjj","managers":[{"stockCode":"db20523219","stockType":"fund_manager","exchange":"fm","tickerId":232513170830,"name":"王永明"}]},"announcement":{"linkText":"新华中小市值优选混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=557028","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed59d7fea5b3eb055e937","stockId":3000000519097,"sao":"2020年三季度A股大盘呈现冲高回落走势，科技板块回调明显，而景气度较高的新能源和新能源汽车板块，以及消费板块表现相对较好。本基金根据基金合同约定，精选各个行业中具有较高成长性且估值合理的中小市值股票进行投资，追求获取长期超额收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:49.664Z","fund":{"_id":3000000519097,"stockCode":"519097","stockType":"fund","areaCode":"cn","followedNum":11,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2011-01-03T16:00:00.000Z","setUpScale":742773000,"market":"a","tickerId":519097,"custody":"中国建设银行股份有限公司","name":"新华中小市值优选混合型证券投资基金","shortName":"新华中小市值优选混合(519097)","fundSecondLevel":"hybrid","__csrcFundId":3049,"fundStatus":"normal","lastUpdated":"2026-05-01T08:06:27.390Z","masterFundFlag":1,"inceptionDate":"2011-01-27T16:00:00.000Z","fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华中小市值优选混合","pinyin":"xhzxszyxhhxzqtzjj","managers":[{"stockCode":"db20523219","stockType":"fund_manager","exchange":"fm","tickerId":232513170830,"name":"王永明"}]},"announcement":{"linkText":"新华中小市值优选混合型证券投资基金2020年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=489302","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed59d7fea5b3eb055e936","stockId":3000000519097,"sao":"2020年上半年A股大盘呈现震荡向上走势，与新冠疫情关系密切的生物医药板块表现出色，受益于经济内循环的科技和消费板块表现也较好。本基金根据基金合同约定，精选各个行业中具有较高成长性且估值合理的中小市值股票进行投资，追求获取长期超额收益。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-16T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:49.661Z","mo":"2020年上半年全球经济受到新冠疫情冲击，中国政府积极采取各项措施，及时控制住了疫情蔓延的态势，复工复产有序进行中。展望下半年，国内经济状况将逐渐改善，企业盈利趋势向好。本基金将继续保持较高仓位，注意把握其中的结构性机会，更多关注景气度处于底部复苏或持续提升的产业机会。考虑到复工复产持续推进，疫苗研发进展良好，行业配置新增前期受疫情影响损失较大的顺周期行业，中长期继续关注受益于产业政策强力支持的科技，以及受益于国内广阔市场的消费。个股选择上，重点布局调整充分，业绩稳健，估值处于较低水平，成长性良好的个股。","fund":{"_id":3000000519097,"stockCode":"519097","stockType":"fund","areaCode":"cn","followedNum":11,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2011-01-03T16:00:00.000Z","setUpScale":742773000,"market":"a","tickerId":519097,"custody":"中国建设银行股份有限公司","name":"新华中小市值优选混合型证券投资基金","shortName":"新华中小市值优选混合(519097)","fundSecondLevel":"hybrid","__csrcFundId":3049,"fundStatus":"normal","lastUpdated":"2026-05-01T08:06:27.390Z","masterFundFlag":1,"inceptionDate":"2011-01-27T16:00:00.000Z","fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华中小市值优选混合","pinyin":"xhzxszyxhhxzqtzjj","managers":[{"stockCode":"db20523219","stockType":"fund_manager","exchange":"fm","tickerId":232513170830,"name":"王永明"}]},"announcement":{"linkText":"新华中小市值优选混合型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=451767","linkType":"PDF","source":"csrc_pdf"}}]}