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2023 年 2.7%放缓至 2024 年 2.4%。从国内形势来看，有效需求不足，社会预期偏弱。　　总体而言，我们认为中国经济今年仍在调整期，仍需要谨慎观察。美国大选带来的不确定性也会持续压制市场情绪。　　中期而言，我们认为面对巨大的世界变局，关键还是看中国自身的状态。我们对中国经济潜力、结构调整、增长方式转型仍然乐观，认为中国能够克服困难进入后地产时代，更多依靠精细化管理、研发创新、消费升级、城市更新、国际化等驱动增长。　　股票市场上半年整体仍然较弱，但也有结构性行情。我们将保持相对积极的态度，继续聚焦中长期价值，在自己相对理解的领域寻找具有核心竞争力突出，专注于提供优质产品与服务，重视股东回报，估值合理的个股进行投资。","fund":{"_id":3000000040008,"stockCode":"040008","stockType":"fund","areaCode":"cn","followedNum":120,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2007-08-14T16:00:00.000Z","setUpScale":9853250000,"market":"a","tickerId":40008,"custody":"交通银行股份有限公司","name":"华安策略优选混合型证券投资基金","shortName":"华安策略优选混合A","fundSecondLevel":"hybrid","__csrcFundId":22,"fundStatus":"normal","lastUpdated":"2025-01-01T23:59:50.292Z","masterFundFlag":1,"inceptionDate":"2007-08-09T16:00:00.000Z","memoNum":2,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安策略优选混合","pinyin":"haclyxhhxzqtzjj","managers":[{"stockCode":"8801313587","stockType":"fund_manager","exchange":"fm","tickerId":2513060060,"name":"杨明"}]},"announcement":{"linkText":"华安策略优选混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1151821","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41a7fea5b3eb054478a","date":"2024-03-30T16:00:00.000Z","stockId":3000000040008,"sao":"国内经济在一季度仍然维持了之前的偏弱态势，但结构性差异明显：消费大体稳定，出口表现强劲，而房地产和基建较弱。　　从消费看，虽然经济整体温和、股票价格大幅波动、房价继续下行，导致居民名义收入增速较低、名义财富有所缩水，但旅游出行、汽车、家电等呈现出比较旺的状态。出现这个状态的基础是中国人均消费水平国际横向比较仍然不高，潜在消费需求仍然较强。　　从出口看，虽然当下中美贸易面临逆风，但我们认为在中国继续扩大开放的政策之下，全球化仍然会深化。中国正与更多国家建立广泛的贸易、资本、分工网络。中国制造业技术和效率的继续提升，中国企业全球化运营能力的继续增强，中国与许多新兴国家之间高度互补的供求关系，都会为中国企业带来广阔的发展空间。　　从投资看，首先，房地产销售已经回到比较低的水平，向下拖累的能量已经大部分释放，叠加降低贷款利率、取消限购等鼓励需求的政策，本轮地产调整可能进入偏后段。第二，地方政府债务化解政策正在发挥作用。对地方政府支出的约束与中央财政的适度扩张。第三，企业资本开支方面，光伏、电动车等过去高速扩张的行业进入一轮产能消化期、其资本开支会减速，但也看到一些过去几年资本开支较少的行业出现了投资加速的信号。总体上看，投资增速仍然有压力，但可能会逐步走稳。　　海外方面，我们看到全球经济仍然韧性较好，但通胀也表现出更多粘性。　　股票市场方面，1月份市场快速下跌，市场信心低迷。春节前市场在止跌后快速回升收复跌幅，高股息、出口、AI相关个股表现较强。　　报告期内，我们对基本面保持相对谨慎，更多关注需求相对平稳、供给面约束强、公司财务状况好、估值低的个股。组合中配置在能源、医疗器械、家电、出口制造业方向的个股对净值带来上行拉动，配置在军工、消费方向的个股则对净值形成拖累。报告期我们也根据基本面和业绩状况积极调整组合结构，降低了行业竞争加剧的个股，增加了业绩确定、股息率高的个股配置。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:22.568Z","fund":{"_id":3000000040008,"stockCode":"040008","stockType":"fund","areaCode":"cn","followedNum":120,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2007-08-14T16:00:00.000Z","setUpScale":9853250000,"market":"a","tickerId":40008,"custody":"交通银行股份有限公司","name":"华安策略优选混合型证券投资基金","shortName":"华安策略优选混合A","fundSecondLevel":"hybrid","__csrcFundId":22,"fundStatus":"normal","lastUpdated":"2025-01-01T23:59:50.292Z","masterFundFlag":1,"inceptionDate":"2007-08-09T16:00:00.000Z","memoNum":2,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安策略优选混合","pinyin":"haclyxhhxzqtzjj","managers":[{"stockCode":"8801313587","stockType":"fund_manager","exchange":"fm","tickerId":2513060060,"name":"杨明"}]},"announcement":{"linkText":"华安策略优选混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1073270","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41a7fea5b3eb0544789","date":"2023-12-30T16:00:00.000Z","stockId":3000000040008,"sao":"国内经济弱势恢复，消费大体稳定、基建与制造业投资相对较好，工业品去库存逐步完成。经济主要拖累因素仍然集中在房地产上。这也是宏观调控的着力点，表现在降低贷款利率、放松信贷条件。政策放松之下，新房销量低位走平，二手房销量明显回升。但由于库存较大，房地产企业资金仍然紧张，导致房地产投资继续下滑。房地产的低迷直接间接影响到地方政府的收入，地方债务压力凸显。中央采取了增加地方政府专项债、增发一般国债的政策，帮助地方疏解资金压力。　　海外方面，美国通胀较快回落，就业维持强势，整体经济在美联储大幅加息的背景下保持了强韧性，市场对后期美联储降息的预期不断升温。欧洲经济较弱，但通胀也在回落。　　总体来看，前期疫情消耗了企业、居民、地方政府的收入与储蓄、恶化了资产负债表，房地产行业长期积累的问题还在暴露清理过程中，而调整产业结构、建立新增长模式需要时间。　　股票指数震荡下行，市场对刺激政策脉冲式上涨，随后很快就回到之前的趋势，凸显出投资者信心不足、市场增量资金有限的困境。结构上看，业绩确定性高、具有高股息的股票表现较为强势。　　本基金在报告期内下跌，主要是受配置在计算机、白酒、金融、电子、军工等方向的个股下跌拖累。在报告期也积极调整结构，适当降低了业绩不确定性较大的个股，增加了业绩确定、股息率高的个股配置。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:22.565Z","mo":"随着工业品库存和房地产库存压力见顶回落，整体经济可能逐渐见底，企业收入利润增速可能缓慢回升。但房地产投资仍在下行、地方政府债务压力刚开始消化，企业现金流和资产负债表的改善比较平缓，经济上行动能仍然不足，向高质量增长模式转型见效还需要时间。　　为了稳住需求、帮助库存调整顺利完成、增加企业和居民信心，需要逆周期政策继续扶持，特别在化解地方债务压力方面仍需要结构性货币、财政政策支持。我们看到政策已经做出了较大举动，包括增加财政赤字、放松地产限购、降低贷款利率等。但为整肃财金纪律、防范道德风险，也不能搞大水漫灌，需要把积极的扩张政策和有效的结构调整结合起来，宏观调控的难度加大，对此要有充分心理准备。　　中期而言，我们认为面对巨大的世界变局，关键还是看中国自身的状态。我们对中国经济潜力、结构调整、增长方式转型仍然乐观，认为中国能够克服困难进入后地产时代，更多依靠精细化管理、研发创新、消费升级、城市更新、国际化等驱动业绩增长。　　目前不少优质个股的估值包含了很强的悲观预期，但政策加力和经济见底趋势正在形成。我们将保持对波动的容忍度，继续聚焦中长期价值，在各个领域寻找具有核心竞争力、专注于提供优质产品与服务、重视股东回报、估值合理的个股进行投资。","fund":{"_id":3000000040008,"stockCode":"040008","stockType":"fund","areaCode":"cn","followedNum":120,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2007-08-14T16:00:00.000Z","setUpScale":9853250000,"market":"a","tickerId":40008,"custody":"交通银行股份有限公司","name":"华安策略优选混合型证券投资基金","shortName":"华安策略优选混合A","fundSecondLevel":"hybrid","__csrcFundId":22,"fundStatus":"normal","lastUpdated":"2025-01-01T23:59:50.292Z","masterFundFlag":1,"inceptionDate":"2007-08-09T16:00:00.000Z","memoNum":2,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName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但结构差异巨大，电动车销售高增长；出口表现相对平稳。本基金在报告期内净值下跌，尤其是6月份反弹力度较弱并再度回落，主要是由于低配了高景气的新能源、电动车板块，同时高配了受需求走弱影响较大的电子板块。低配新能源、电动车的原因是虽然行业需求很好，但我们对于竞争格局、商业模式、估值水平方面有较大顾虑；超配电子板块的原因是我们所看到一些公司能力提升、壁垒提高、估值相对于长期价值偏低，但我们没有预料到疫情和海外经济走弱对需求的冲击。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:22.549Z","mo":"未来一段时间，全球经济与金融市场可能仍将保持动荡状态。从国内看，一方面经过严格落实动态清零政策后，这一轮疫情的冲击有望逐渐过去，带来经济的回升。同时，本轮疫情应对过程也加速了国内应对策略的改进。另一方面，房地产政策转向更加明确，通过各地对限购限贷方面的政策调整，房地产市场会逐渐稳定下来。政策上也继续加大减税、基建、降低利率等刺激动作，这些政策后续会逐步落地发挥效果。同时制造业在国内通胀率相对较低的情况下国际竞争力进一步提升。从国外看，美欧经济已经走到滞涨，美联储被迫全面转向控制通胀优先，激进加息。但从市场预期看，对加息的幅度和持续时间已经得到了相当反映，市场关注的焦点可能转向未来经济的表现。股票市场对于地缘政治动荡、通胀和外围利率上升、国内经济疲弱等不利因素的反映已经比较充分。基本面形势可能持续向边际变好的方向转变，这对股价构成了系统性支撑。但鉴于市场已经回升到上海疫情前的水平，恐慌性超跌已经收复，未来走势将更加依赖经济和公司业绩情况。我们还是聚焦于寻找估值合理的高质量成长公司，兼顾高质量的高股息公司，继续努力为投资者提供风险有效控制基础上的良好长期回报。","fund":{"_id":3000000040008,"stockCode":"040008","stockType":"fund","areaCode":"cn","followedNum":120,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2007-08-14T16:00:00.000Z","setUpScale":9853250000,"market":"a","tickerId":40008,"custody":"交通银行股份有限公司","name":"华安策略优选混合型证券投资基金","shortName":"华安策略优选混合A","fundSecondLevel":"hybrid","__csrcFundId":22,"fundStatus":"normal","lastUpdated":"2025-01-01T23:59:50.292Z","masterFundFlag":1,"inceptionDate":"2007-08-09T16:00:00.000Z","memoNum":2,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安策略优选混合","pinyin":"haclyxhhxzqtzjj","managers":[{"stockCode":"8801313587","stockType":"fund_manager","exchange":"fm","tickerId":2513060060,"name":"杨明"}]},"announcement":{"linkText":"华安策略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=782367","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41a7fea5b3eb0544782","date":"2022-03-30T16:00:00.000Z","stockId":3000000040008,"sao":"2022年第一季度国内经济继续承压。首先，房地产行业继续调整、大型地产商连续出现债务违约，这显著打击了购房信心和投资信心，对经济构成了较大拖累；其次，国内疫情不断出现，对出行、消费都形成了冲击；第三，俄乌冲突爆发，导致全球资本市场和大宗商品市场出现剧烈震荡；最后，中概股大幅下跌。这些因素叠加导致市场信心不断回落。3月16日金融稳定委员会召开会议响应市场关心的问题带来市场反弹，但基本面的压力并未解除，反弹之后继续弱势震荡。本基金在报告期内回避了消费类公司，主要是考虑此类公司受疫情影响较大，或是受成本上升、海外需求回落的影响；积极布局了估值调整充分、基本面强劲的CXO公司和医疗器械公司；在继续持有低估值高分红优质钢铁公司的同时，小幅增持了石油煤炭等传统能源供应商，主要是考虑未来一段时间全球能源紧张的状态难以改变，而这些公司估值很低、分红率较高；继续持有质地良好、受益于国产替代、有越来越强竞争力、估值合理的设计与制造类公司；继续持有优质且估值较低的银行。报告期内公司净值也承受了一定幅度的下跌，主要是经济下行压力加大导致持有的半导体、电子、制造业公司股价出现较大下跌所致。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:22.546Z","fund":{"_id":3000000040008,"stockCode":"040008","stockType":"fund","areaCode":"cn","followedNum":120,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2007-08-14T16:00:00.000Z","setUpScale":9853250000,"market":"a","tickerId":40008,"custody":"交通银行股份有限公司","name":"华安策略优选混合型证券投资基金","shortName":"华安策略优选混合A","fundSecondLevel":"hybrid","__csrcFundId":22,"fundStatus":"normal","lastUpdated":"2025-01-01T23:59:50.292Z","masterFundFlag":1,"inceptionDate":"2007-08-09T16:00:00.000Z","memoNum":2,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安策略优选混合","pinyin":"haclyxhhxzqtzjj","managers":[{"stockCode":"8801313587","stockType":"fund_manager","exchange":"fm","tickerId":2513060060,"name":"杨明"}]},"announcement":{"linkText":"华安策略优选混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=722620","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41a7fea5b3eb0544781","date":"2021-12-30T16:00:00.000Z","stockId":3000000040008,"sao":"2021年全球继续努力摆脱疫情、恢复经济。虽然疫苗开始大范围接种，但是病毒变种也不断出现，人类与新冠病毒的斗争还在继续，还有不确定性。2021年国内经济先扬后抑，下半年增速明显承压。一方面，房地产行业深度调整、大型地产商连续出现债务违约，这显著打击了购房信心和投资信心，对经济构成了较大拖累；另一方面国内疫情不断出现，对出行、消费都形成了冲击；同时，“双碳”目标下，部分地区出现了电力不足或者能耗指标不足的情况，拉闸限电、限产对供应链形成了显著冲击。这些因素叠加导致经济增速持续回落，到年底中央经济工作会议，“稳增长”再次成为政策关注的重点。在上述背景下，A股剧烈震荡，结构差异明显。消费、医药等回调明显，周期大幅波动，电动车、光伏、半导体等成长板块高位震荡。本基金在报告期内净值表现一般，主要是由于我们低配清洁能源、电动车板块，而重点配置的部分消费、医药、电子股有所回落。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:22.543Z","mo":"未来一段事件，主导全球金融市场的首先要因素还是抗疫形势。从目前的情况看，各国都在加紧接种疫苗、密切跟踪病毒变化情况。房地产政策已经转向，一方面稳需求，另一方面也推进行业有序出清。在不改变之前各项房地产行业调控政策和制度框架的约束下，稳需求的难度是比较大的。但我们也相信中国房地产自住和改善性需求仍有不小的空间，通过限购限贷方面的政策微调，叠加房产税试点方案明确后稳定预期，我们认为房地产市场会逐渐稳定下来，最终实现行业有序出清、形成新的行业良性发展格局。中央经济工作会议也强调要正确认识和把握碳达峰碳中和，指出实现碳达峰碳中和是推动高质量发展的内在要求，要坚定不移推进，但不可能毕其功于一役。要坚持全国统筹、节约优先、双轮驱动、内外畅通、防范风险的原则。传统能源逐步退出要建立在新能源安全可靠的替代基础上。我们预期后期政策会进一步完善，在推动绿色发展的道路上走得更加平稳协调。总体来说，我们看到未来经济面临一些短期挑战，包括抗击疫情、稳定房地产、协调推进绿色发展，以及控制通胀，稳定人民币汇率等。虽然我们认为中长期如果处理得好，这些问题都能被较好解决，但短期压力不容低估。因此，未来一段时间，我们认为市场将以横盘震荡为主，结构差异仍然较大。我们将聚焦符合时代趋势的好行业，聚焦这些好行业中具有好生意模式、核心竞争力突出的公司，在估值可合理解释的范围内进行投资，耐心等待其价值释放。短期，则更加关注应对经济下行风险，关注逆周期政策的效果，继续努力为投资者提供风险有效控制基础上的良好长期回报。","fund":{"_id":3000000040008,"stockCode":"040008","stockType":"fund","areaCode":"cn","followedNum":120,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2007-08-14T16:00:00.000Z","setUpScale":9853250000,"market":"a","tickerId":40008,"custody":"交通银行股份有限公司","name":"华安策略优选混合型证券投资基金","shortName":"华安策略优选混合A","fundSecondLevel":"hybrid","__csrcFundId":22,"fundStatus":"normal","lastUpdated":"2025-01-01T23:59:50.292Z",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心恢复很慢，则尽管基础货币大幅扩张，但货币乘数大幅收缩、货币流通速度大幅下降，最终总需求恢复很慢；缓慢恢复的总需求和高企的传统企业和政府的债务进一步增加了企业和居民对未来的不确定感，资本开支和消费扩张都很谨慎。这种情景下美国持续处于通缩压力下，美国有可能步日本和欧洲的后尘陷入流动性陷阱，其股市面临回落压力。中国则可能回到中低增长轨道上，继续推进产业升级、消费升级、供给侧改革，人民币资产将持续吸引国际资本流入。A股上半年继续了去年下半年的结构分化态势，但以创业板指数为代表的成长行业有过热现象。虽然经济短期处于向上恢复态势部分抵消了市场面临的系统性回落风险，但震荡调整仍然是后期的大概率事件。如此，则投资获取绝对收益的难度将显著上升。在以上经济和股市判断下，预计未来一段时间，本基金将增大仓位和组合配置的灵活性，在继续以个股研究为重点的同时，更加重视对涨幅较大个股回撤或滞涨风险的防范，更加重视对之前市场预期过度悲观、定价过低个股的价值修复机会的把握，努力把握长期价值与周期阶段之间的动态优化，为投资者提供风险有效控制基础上的良好中长期回报。","fund":{"_id":3000000040008,"stockCode":"040008","stockType":"fund","areaCode":"cn","followedNum":120,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2007-08-14T16:00:00.000Z","setUpScale":9853250000,"market":"a","tickerId":40008,"custody":"交通银行股份有限公司","name":"华安策略优选混合型证券投资基金","shortName":"华安策略优选混合A","fundSecondLevel":"hybrid","__csrcFundId":22,"fundStatus":"normal","lastUpdated":"2025-01-01T23:59:50.292Z","masterFundFlag":1,"inceptionDate":"2007-08-09T16:00:00.000Z","memoNum":2,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安策略优选混合","pinyin":"haclyxhhxzqtzjj","managers":[{"stockCode":"8801313587","stockType":"fund_manager","exchange":"fm","tickerId":2513060060,"name":"杨明"}]},"announcement":{"linkText":"华安策略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=453291","linkType":"PDF","source":"csrc_pdf"}}]}