1to hug
2to cherish
3within the bosom (of the family)
4to embrace (also fig. an ideal, aspiration etc)
Example
rú guǒ如果nǐ你huái bào怀抱xī wàng希望,nà me那么nǐ你yí dìng一定huì会zhǎo dào找到xìng fú幸福,ér qiě而且yě也huì会chéng wéi成为qí tā其他rén人de的bǎng yàng榜样。
如果你怀抱希望,那么你一定会找到幸福,而且也会成为其他人的榜样。
If you have hope, then you'll certainly find happiness, and will become a role model for others as well.