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2025 年，经济层面，政策将持续发力稳增长，利率有望维持在相对低位，为市场提供宽松的资金环境。海外局势也有望缓和，降低外部不确定性。A 股有望迎来业绩回升，企业盈利改善将支撑市场上行。从板块来看，人工智能相关板块极具潜力。随着技术的不断成熟与应用拓展，智能驾驶、机器人、AI 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300 指数整体下跌 11.38%，本基金下跌 4.03%。报告期内，本基金延续一贯的资产配置策略，重视个股和仓位的选择，行业上保持均衡配置。本基金通过精选个股以及配置时机的选择，力争减小基金净值下跌的幅度，将风险控制在一个相对稳定的范围之内，力争取得较理想的回报。固收部分：2023年，经济处于弱修复状态，货币环境相对宽松，通胀处于相对较低水平。四季度宽信用政策发力，狭义流动性有所收敛。10年期国债全年走势呈“M型”震荡。1月，受2022年底银行理财赎回潮影响，对债券收益率负反馈的余温依旧存在，并且经济修复势头偏强，叠加春节取现对流动性影响，资金面有所收紧，利率整体震荡上行，信用利差呈V型波动。2-4月，银行理财规模逐渐回升，信用债供需失衡，信用利差及期限利差皆大幅收窄，期间两会设定经济目标偏谨慎，政策预期降低，经济修复节奏放缓并且银行存款利率集中下调引发降息预期，债市整体收益率下行明显。5-6月，政策利率降息落地，利率债快速下行后，受止盈压力、宽信用预期等，收益率出现小幅反弹。受部分区域信用舆情事件和机构止盈操作影响，信用利差被动走阔。7-8月，政治局会议提出“一揽子化债方案”，叠加理财规模超季节性规模回升，信用利差明显收窄。9月，“稳增长”政策密集出台，债市预期转向，叠加DR007价格回升，资金面偏紧，收益率有所上升。10-12月，由于政府债券放量发行，资金面持续紧张，债券收益率来回震荡，短端利率进一步上升。12月底，央行通过大量投放OMO，跨年资金面平稳，并且受到存款挂牌利率下调，债市震荡走强。报告期内，本基金固收部分仍以票息和骑乘为主要策略，通过久期和杠杆调整，灵活应对市场波动。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:27.061Z","mo":"权益部分：2023年，市场整体仍然呈现下行趋势，沪深300出现了罕见了连续三年下跌。全年表现波动较大，电力设备、房地产、食品饮料等行业跌幅居前，传媒、煤炭等行业涨幅居前。展望2024年，国内外形势依然错综复杂。海外方面，美元利率走势和美国大选是最大不确定因素。美元利率回落，可能使得资金回流新兴市场国家。国内方面，影响市场的决定性因素是经济恢复程度及速度，经济数据的逐步改善将逐步提升市场中投资者的信心，让更多的资金重新回到权益类市场。预计2024年，市场整体将是先抑后扬走势，全年的整体收益将较过去几年可能有较好的表现。固收部分：展望2024年，经济基本面大概率继续修复，经济韧性仍在，加杠杆、宽财政给予市场信心。财政发债的同时，央行大概率进行相应的流动性供给操作，资金面整体依旧为宽松的情况，资金波动可能性有所增加。市场对基本面较弱已定价充分，2023年底已有部分抢跑，但预计2024年信用利差和期限利差将持续压缩。若稳增长政策效果超出预期或货币宽松不及预期，预计债市将出现一定幅度调整。本基金维持低风险固定收益类资产作为基础配置，主要投资标的为利率债等优质债券资产，维持久期在较短期限。后续将继续注重固定收益部分的流动性管理和信用风险管理，争取为持有人取得合理投资回报。","fund":{"_id":3000000000417,"stockCode":"000417","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-02-13T16:00:00.000Z","setUpScale":2112980000,"market":"a","tickerId":417,"custody":"中国工商银行股份有限公司","name":"国联安新精选灵活配置混合型证券投资基金","shortName":"国联安新精选混合(000417)","fundSecondLevel":"hybrid","__csrcFundId":3584,"fundStatus":"normal","lastUpdated":"2026-04-30T17:29:45.720Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安新精选混合","pinyin":"glaxjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20236602","stockType":"fund_manager","exchange":"fm","tickerId":262625131520,"name":"章椹元"}]},"announcement":{"linkText":"国联安新精选灵活配置混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1054069","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1d7d4369c9c836d69e2","date":"2023-09-29T16:00:00.000Z","stockId":3000000000417,"sao":"固定收益部分：三季度经济企稳复苏，并且政策底初现。资金面边际收紧，债市低位窄幅震荡，信用利差收窄，曲线变平。7月24日政治局会议分析研究当前经济形势和经济工作，引发市场对政策预期加强，债券迎来一波跌幅。随着八月初金融数据公布明显偏弱，社融增速再创新低，债市开启一波上涨。8月15日央行今年第二次降息，并且伴随着经济数据偏弱，债券收益率下行至季内低点，10年国债最低至2.54%，一年期AAA同业存单最低至2.22%。八月中下旬开始资金面逐渐收紧，各政府部门政策频出，包括财政部降低印花税，证监会发布了新的减持新规，央行、金融监管总局联合发布《关于调整优化差别化住房信贷政策的通知》和《关于降低存量首套住房贷款利率有关事项的通知》等，债券市场利率出现小幅回调。9月15日央行降准0.25bp，并且通过大量OMO维护季末资金面，但跨季资金收益率整体依旧偏高，导致短端债券收益率上行更为明显。报告期内，本基金仍以利息和骑乘为主要策略，通过久期和杠杆调整，灵活应对市场波动。权益投资部分：三季度，多个城市出台了认房不认贷或是取消限购等地产调控放松的政策，央行也明确下调存量房贷利率；股市方面，证券交易印花税实施减半征收，同时阶段性收紧新股发行的节奏，体现了国家活跃资本市场，促进内需的决心。华为宣布Mate60全面开售，表明国产半导体芯片技术的一定程度的突破，对于消费者与投资者来说，都是信心的一大提振。当下宏观经济处于一个相对困难的时期，国际政局也存在很大的不确定性，短期内股市可能依旧存在较大波动的可能性。但是长期来看，估值水平已处于历史较低位置，相信在政策的刺激下，内需将逐步恢复；以半导体为首的高科技行业也将逐步实现科技突破，从而实现进口替代，长期投资价值值得关注。报告期内，本基金经过一系列定量和定性相结合的方法，选择了合适的资产配置比例和个股配置比例，精选出了市场中优秀的基本面上市企业，以期获得超越市场的超额收益。我们将继续坚持现有的投资策略，努力为投资者创造理想的投资回报。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:27.056Z","fund":{"_id":3000000000417,"stockCode":"000417","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-02-13T16:00:00.000Z","setUpScale":2112980000,"market":"a","tickerId":417,"custody":"中国工商银行股份有限公司","name":"国联安新精选灵活配置混合型证券投资基金","shortName":"国联安新精选混合(000417)","fundSecondLevel":"hybrid","__csrcFundId":3584,"fundStatus":"normal","lastUpdated":"2026-04-30T17:29:45.720Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安新精选混合","pinyin":"glaxjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20236602","stockType":"fund_manager","exchange":"fm","tickerId":262625131520,"name":"章椹元"}]},"announcement":{"linkText":"国联安新精选灵活配置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=990201","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1d7d4369c9c836d69e1","date":"2023-06-29T16:00:00.000Z","stockId":3000000000417,"sao":"权益部分：二季度，市场震荡下行，投资者对于经济复苏的前景仍然处于观望状态。PMI指数虽然低于50%，但已经开始逐步上行，表明经济增长预期已逐步好转。人民币贬值短期不利于资产价格，但中长期看对出口会有正贡献。市场目前主要关注点仍然在于经济复苏的程度能否超预期，相信超预期的经济数据会较大提振当前的市场信心。在行业方面，一些质量较高、成长性较强的科技、新兴产业板块仍然值得关注。高科技板块国产替代进程正进入攻坚阶段，有望取得实质性突破。报告期内，本基金经过一系列定量和定性相结合的方法，选择了合适的资产配置比例和个股配置比例，精选出了市场中优秀的基本面上市企业，以期获得超越市场的超额收益。后续将继续坚持现有投资策略，努力为投资者创造理想的投资回报。固收部分：上半年，国内经济修复从预期到现实环比走弱，资金面维持持续宽松，债市走出一波牛市行情，十年期国债震荡下行约20bp左右，一年期同业存单呈现先上后下走势。一季度信贷投放较好，新增贷款项下，企业短期及中长期贷款在政府支持及信心改善下，均同比多增。同期居民端改善并不明显，特别是中长期贷款较弱。经济复苏节奏快于预期叠加资金面整体收紧，市场收益率有所上升。二季度，经济修复进入波折期，尽管同比增长受益于低基数，但环比增长疲软，内生动能仍然相对疲弱，这一格局难以逆转。货币政策持续提供支持，目前尚无紧缩的基础，资金面整体易松难紧。随着银行存款利率集中调降，6月中政策利率降息落地，收益率进入加速下行阶段。报告期内，本基金仍以票息和骑乘为主要策略，通过久期和杠杆调整，灵活应对市场波动。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:27.052Z","mo":"权益部分：展望下半年，我们预计经济将继续修复性增长。投资方面，房地产行业有望出台更多的支持政策，助力地产行业投资情绪的恢复。内需仍然是经济增长最重要的支柱，整体经济活动有望进一步恢复，食品饮料等消费行业在业绩数据边际上或大大改善。外需方面，虽然面临欧美贸易政策的限制，但人民币贬值有望使得出口总量有所增加。从资本市场情绪来看，目前市场整体低迷情绪已经进入底部区域，相信任何经济数据的改善和支持政策的出台都有望提振市场信心，使得市场回到上升轨道。目前市场整体的估值已经进入合理配置区间，A股中长期投资价值已显现。 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展望未来，中国经济发展环境的复杂性、严峻性和不确定性上升，稳增长、稳就业、稳物价面临新的挑战。下半年债市大概率面临货币信用双宽局面，基本面虽有所回升，但仍有疫情扰动，并且房地产景气度仍在低位，三季度宽信用进程或有所反复。债券市场短期内或依旧保持震荡，中长期需密切关注基本面情况和货币政策调整。本基金维持低风险固定收益类资产作为基础配置，主要投资标的为高等级信用债等优质债券资产，维持久期在较短期限。接下来将继续注重固定收益部分的流动性管理和信用风险管理。争取为基金持有人创造符合其投资预期目标值的合理投资回报。权益部分：在报告期内，本基金坚持采用定量和定性相结合的投资方式，通过基本面模型选择合适的资产配置比例和个股配置比例。我们通过量化的方式精选基本面优秀上市企业，以期待获得超越市场的超额收益。","fund":{"_id":3000000000417,"stockCode":"000417","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-02-13T16:00:00.000Z","setUpScale":2112980000,"market":"a","tickerId":417,"custody":"中国工商银行股份有限公司","name":"国联安新精选灵活配置混合型证券投资基金","shortName":"国联安新精选混合(000417)","fundSecondLevel":"hybrid","__csrcFundId":3584,"fundStatus":"normal","lastUpdated":"2026-04-30T17:29:45.720Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安新精选混合","pinyin":"glaxjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20236602","stockType":"fund_manager","exchange":"fm","tickerId":262625131520,"name":"章椹元"}]},"announcement":{"linkText":"国联安新精选灵活配置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=785608","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1d7d4369c9c836d69dc","date":"2022-03-30T16:00:00.000Z","stockId":3000000000417,"sao":"2022年一季度，市场大幅下行，沪深300指数下跌14.53%，中证500指数下跌14.06%。国内疫情快速加重以及俄乌局势加速恶化使得国内外整体环境均不利于资本市场未来表现。随着国际局势缓和及疫情得到有效控制，未来3-6个月，我们认为整体经济增长或有所放缓，各类经济数据或将呈现下行企稳再缓慢恢复的走势。在市场悲观预期充分释放后，资本市场也会随着经济数据恢复而企稳上行。目前市场的流动性仍然充裕，长期业绩仍然是市场关注的主线。我们会持续关注业绩确定性高，受益于稳增长政策的板块，并且通过定量和定性的方法精选公司。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:27.028Z","fund":{"_id":3000000000417,"stockCode":"000417","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-02-13T16:00:00.000Z","setUpScale":2112980000,"market":"a","tickerId":417,"custody":"中国工商银行股份有限公司","name":"国联安新精选灵活配置混合型证券投资基金","shortName":"国联安新精选混合(000417)","fundSecondLevel":"hybrid","__csrcFundId":3584,"fundStatus":"normal","lastUpdated":"2026-04-30T17:29:45.720Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安新精选混合","pinyin":"glaxjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20236602","stockType":"fund_manager","exchange":"fm","tickerId":262625131520,"name":"章椹元"}]},"announcement":{"linkText":"国联安新精选灵活配置混合型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=727064","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1d7d4369c9c836d69db","date":"2021-12-30T16:00:00.000Z","stockId":3000000000417,"sao":"固收部分：2021年利率债整体为震荡慢牛行情，基本面修复整体呈现“前高后低”的特征。通胀方面，PPI持续攀高，年末伴随行政控价措施的陆续出台，大宗涨价趋势有所缓解。货币政策温和宽松的态势维持，二季度后资金面维持平稳，三季度后降准落地，宽松加码，流动性是驱动全年债市行情的主要因素。2021年上半年，地方债供给高峰迟迟不来，国债发行量偏低，叠加可配资产收缩大趋势，信用违约增加，机构普遍下沉谨慎；2021年下半年，信用紧缩特别是地产信用的收紧使得实体融资需求大幅下行。近期对地产信用已经出现政策缓解的迹象，但更多是防风险与稳债务，房住不炒定力之下信用扩张的能力受限。2021年7月和12月两次降准各0.5%，共释放长期资金2.2万亿元。除年初资金面短暂紧张时点以外，今年资金面在央行灵活精准调控下，持续处于平稳状态，降准没有带来资金价格大幅宽松，通胀上行也没有导致货币政策转紧，税期缴款跨月末季末时点亦有前瞻性投放，银行间流动性合理充裕体现在回购DR007均值2.17%，围绕政策利率中枢2.20%上下波动。本基金固收投资在2021年仍以票息和骑乘为主要策略，通过久期和杠杆调整，灵活应对市场波动。权益部分：2021年，沪深300指数下跌5.2%，创业板指数上涨12.02%，中证500指数上涨15.58%，市场整体表现涨跌互现。从板块来看，新能源及高科技板块尽管年底有所回落，但全年收益率仍然表现较好；消费等传统板块2021年整体表现不佳，处于估值回归阶段。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:27.023Z","mo":"固收部分：展望2022年，稳信用诉求需要稳中偏松的货币环境配合，政策组合预计仍为“宽货币+稳信用”，银行间流动性稳中偏宽松。对于货币政策的预判为宽货币先行，货币政策大概率易松难紧，2021年10月CPI同比增速大概率已经见顶，且PPI通胀向全面通胀演化的可能性不大，通胀对于货币政策的约束有限。2022年，本基金固收投资将维持低风险固定收益类资产作为基础配置，主要投资标的为利率债等优质债券资产，维持久期在较短期限。后续将继续注重固定收益部分的流动性管理和信用风险管理，争取为持有人创造符合其投资预期目标值的合理投资回报。权益部分：展望2022年，预计政策层面将呈现货币和财政双“宽松”局面，2022年整体地产政策将边际放松。全球能源革命下，新能源板块业绩仍然具有高确定性。从风格上，低估值板块在经历了前两年的低迷表现后，在2021年四季度开始趋势性反转，我们认为2022年以低估值为代表的价值投资策略会取得较好的相对收益。在权益投资方面，我们仍然关注有业绩确定性并且估值合理的板块，力争通过定量和定性相结合的策略选出股价表现长期具有超额收益的上市公司。","fund":{"_id":3000000000417,"stockCode":"000417","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-02-13T16:00:00.000Z","setUpScale":2112980000,"market":"a","tickerId":417,"custody":"中国工商银行股份有限公司","name":"国联安新精选灵活配置混合型证券投资基金","shortName":"国联安新精选混合(000417)","fundSecondLevel":"hybrid","__csrcFundId":3584,"fundStatus":"normal","lastUpdated":"2026-04-30T17:29:45.720Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安新精选混合","pinyin":"glaxjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20236602","stockType":"fund_manager","exchange":"fm","tickerId":262625131520,"name":"章椹元"}]},"announcement":{"linkText":"国联安新精选灵活配置混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=714837","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1d7d4369c9c836d69da","date":"2021-09-29T16:00:00.000Z","stockId":3000000000417,"sao":"权益部分：整个三季度市场一直反映的都是经济偏弱、流动性不会更紧的场景，所以高增长的公司是相对稀缺的。因此我们延续着业绩这条主线，略微淡化估值的考量，主要挖掘业绩亮眼，且未来2-4个季度业绩确定性较高、增长性较强的公司进行投资，这里面包括了电动车、半导体、光伏这些超高景气赛道以及有色化工等部分偏上游的品种。当然出于兼顾收益以及控制回撤的考虑，本基金也配置了部分消费、医药等品种，在报告期内表现较差，但其中的优质品种其实所隐含的预期回报率又更加提升，我们对这部分持仓依然很有信心。固收部分：2021年，央行货币政策委员会第三季度例会提出稳健的货币政策保持连续性、稳定性、可持续性，科学管理市场预期，努力服务实体经济，有效防控金融风险。2021年7月9日，中国人民银行决定于2021年7月15日下调金融机构存款准备金率0.5%，降准释放长期资金约1万亿元。降准之后货币政策维持平稳操作，但地产和城投监管未见放松，经济下行压力逐步加大的背景下，债券市场进入宽信用和宽货币的博弈。在此基础上，十年期国债到期收益率从3.1%附近下行至2.9%左右。9月MLF等额续作，回笼量继续下降，从9月17日开始，央行重启并连续开展14天逆回购，以维护季末流动性平稳。报告期内，本基金仍以利息和骑乘为主要策略，通过久期和杠杆调整，灵活应对市场波动。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:27.019Z","fund":{"_id":3000000000417,"stockCode":"000417","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-02-13T16:00:00.000Z","setUpScale":2112980000,"market":"a","tickerId":417,"custody":"中国工商银行股份有限公司","name":"国联安新精选灵活配置混合型证券投资基金","shortName":"国联安新精选混合(000417)","fundSecondLevel":"hybrid","__csrcFundId":3584,"fundStatus":"normal","lastUpdated":"2026-04-30T17:29:45.720Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安新精选混合","pinyin":"glaxjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20236602","stockType":"fund_manager","exchange":"fm","tickerId":262625131520,"name":"章椹元"}]},"announcement":{"linkText":"国联安新精选灵活配置混合型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=653890","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1d7d4369c9c836d69d9","date":"2021-06-29T16:00:00.000Z","stockId":3000000000417,"sao":"报告期内市场波动较大，春节前所谓的“核心资产”持续上涨，而节后又发生了大幅的调整，再往后“核心资产”出现了分化，并且成长风格开始逐步占优。本基金节前表现较好，节后将部分高估值标的换成地产保险等低估值标的。后续，本基金又逐步回归到景气度较高的品种，抓住了医药、油服、新能源车上游、电子等相关行业的机会。当然，考虑到本基金的权益策略是会兼顾收益和最大回撤，因此我们仍然会保持相对均衡的配置，并不断在高景气高估值高波动品种以及相对低估值品种中做平衡。上半年，中国经济仍持续复苏，逐步进入常态化发展阶段。根据近期的宏观数据，投资与消费等内需端正缓慢地从低位恢复，贸易端的贡献可能会回归常态化。自今年4月以来，制造业PMI数值与非制造业PMI数值便开始趋于回落，表明经济修复之后开始回落常态，后面经济超预期的可能性应会有所降低。 一季度央行操作全口径略有回笼，投放MLF共8000亿，回笼MLF和TMLF分别为6000亿和2405亿。整体资金利率呈小幅上行趋势，但依旧围绕政策利率附近波动。二季度总体资金面保持平稳，但仍出现了一些变化，部分时点震荡加剧。6月24日，央行4个月来首次打破逆回购百亿元惯例，证明央行OMO投放量的灵活度较高。目前来看流动性定调和降成本方向都没有变化，预计仍以稳为主，对债市走势维持中性判断。报告期内，本基金仍以票息和骑乘为主要策略，通过久期和杠杆调整，灵活应对市场波动。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:27.010Z","mo":"展望下半年，我们对市场谨慎乐观，我们认为短期市场还会延续经济不是那么好，流动性不会更紧的思路进行结构性机会挖掘。从行业角度来说，市场已经在新能源车、半导体、光伏等方面挖掘已久，我们认为后面相关标的或许会出现分化，业绩不能兑现或者高频数据出现波动的标的可能会出现较大回撤，但是景气度维持较深壁垒的公司仍会享受着高估值。另外，对于地产产业链、食品等估值低且未来可能边际景气度向上的产业也会保持密切跟踪和一定的布局。最后，我们需要谨防经济韧性比大家想的强或者海外流动性提前边际收紧等情况，那时候整个思路可能需要转向更偏防御的状态。2021年下半年，世界经济形势仍然复杂严峻，全球经济共振复苏已成为共识。需要继续关注疫情（疫苗）和经济修复进展、拜登时代下的中美关系、以美联储所代表的全球货币政策走向。下半年债市供给加大和信用收缩可能会导致债市收益率阶段性上移，国内经济基本面的边际走弱对债市利好，国外政策层面和经济基本面的变化一定程度上会通过预期扰动国内债市。本基金维持低风险固定收益类资产作为基础配置，主要投资标的为高等级信用债等优质债券资产，维持久期在较短期限。接下来将继续注重固定收益部分的流动性管理和信用风险管理。争取为基金持有人创造符合其投资预期目标值的合理投资回报。","fund":{"_id":3000000000417,"stockCode":"000417","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-02-13T16:00:00.000Z","setUpScale":2112980000,"market":"a","tickerId":417,"custody":"中国工商银行股份有限公司","name":"国联安新精选灵活配置混合型证券投资基金","shortName":"国联安新精选混合(000417)","fundSecondLevel":"hybrid","__csrcFundId":3584,"fundStatus":"normal","lastUpdated":"2026-04-30T17:29:45.720Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安新精选混合","pinyin":"glaxjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20236602","stockType":"fund_manager","exchange":"fm","tickerId":262625131520,"name":"章椹元"}]},"announcement":{"linkText":"国联安新精选灵活配置混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=633178","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1d7d4369c9c836d69d8","stockId":3000000000417,"sao":"权益部分：所谓的“基金抱团股”在一季度春节前后走出了冰火两重天的走势，主要是估值、预期过高以及筹码过于集中导致的。我们在春节后适当减持了部分高估值的核心资产，用低估值、高股息的个股进行了替代，取得了一定的效果。但我们认为景气度维持有力，长期逻辑还很通顺的优质公司仍然值得密切跟踪和关注，我们也保留了部分持仓。这一批调整的抱团股与2015年下跌股票不一样的地方在于，这批股票仍然是A股最优质的上市公司，随着时间的推移，仍然在不断的创造价值。这些股票短期可能需要等待筹码的充分换手和基本面的再次确认，中期预计会持续非牛非熊的状态，直至价格回归到正常状态，进入到和全市场公司比拼质地、考量估值、需要精心选股的时候。短期内，我们还关注一季报有可能超预期的公司以及跟海外需求恢复密切相关的个股。固收部分：2021年，世界经济形势仍然复杂严峻，全球经济共振复苏已成为共识。我国内外因素的不确定性依旧存在，但中国经济复苏的大方向不会变，依然会领先全球。一季度央行操作全口径略有回笼，投放MLF共8000亿，回笼MLF和TMLF分别为6000亿和2405亿。整体资金利率呈小幅上行趋势，但依旧围绕政策利率附近波动。一月上旬，由于年底的大量投放，资金面呈宽松状态，债券收益率窄幅波动，一月下旬受资金面收紧，短期利率大幅上升。二、三月总体资金面较为平稳，债券收益率在二月下旬达到高点后，振荡下行。报告期内，本基金仍以利息和骑乘为主要策略，通过久期和杠杆调整，灵活应对市场波动。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:27.001Z","fund":{"_id":3000000000417,"stockCode":"000417","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-02-13T16:00:00.000Z","setUpScale":2112980000,"market":"a","tickerId":417,"custody":"中国工商银行股份有限公司","name":"国联安新精选灵活配置混合型证券投资基金","shortName":"国联安新精选混合(000417)","fundSecondLevel":"hybrid","__csrcFundId":3584,"fundStatus":"normal","lastUpdated":"2026-04-30T17:29:45.720Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安新精选混合","pinyin":"glaxjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20236602","stockType":"fund_manager","exchange":"fm","tickerId":262625131520,"name":"章椹元"}]},"announcement":{"linkText":"国联安新精选灵活配置混合型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=572465","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1d6d4369c9c836d69d7","stockId":3000000000417,"sao":"2020年走势体现了富贵险中求的金融市场本色，十年以来最差的经济基本面，在巨大的流动性面前，造就了十年以来难得的行情。全年来看，本基金主要布局了TMT、消费医药、军工、有色及新能源行业板块。考虑到本基金未来将主要以保守策略、获取稳定收益为主，本基金大幅降低了仓位水平，同时增强配置了债券类资产。2020年全球受新冠疫情影响，全球经济受到了极大的冲击，各大经济体出现了明显衰退。我国得益于疫情管控得力，复工复产迅速恢复，二季度以来，我国经济出现了明显的复苏，随后GDP转正，成为全球唯一正增长的主要经济体。2020年央行通过多项货币政策工具维持稳健货币政策，并且通过三次降准释放了约1.75万亿长期资金，保持流动性充裕。同时为降低实体经济融资成本，央行多次调降政策利率。公开市场7天期逆回购操作中标利率从2.50%下降至2.20%，下行了30个基点，一年期MLF利率从3.15%调降20基点至2.95%，并通过LPR传导进一步降低实体经济融资成本。2020年10月以来，由于高等级国企债连续发生违约，导致市场对信用债引发了担忧，信用债收益率上升至年内极值。信用债受信用风险事件影响，期限利差、等级利差有所放大。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:26.995Z","mo":"展望2021年，本基金认为市场继续向上的趋势仍然存在。从中长线的逻辑来看主要是两点，一是国内经济继续向好，在国内良好的疫情防控背景下，中国和海外的比较优势预期在2021年仍然相当明显，内需和出口的景气度仍在高位；二是中国国内流动性虽然可能存在相对收紧的可能性，但预期海外资金和国内理财资金将持续流入，从而使得国内A股市场仍然具有较充足的流动性支持。这两方面决定国内市场虽在数年的高点，但仍然有较强的支撑。另一方面，由于市场普遍存在的投资者把长期逻辑利好短期兑现的冲动，市场结构性泡沫已经相当明显，因此即使指数上涨，如果配置在错误的轨道上可能也无法获得收益。对部分板块而言，即使未来的利好全部兑现，目前的市值水平也已经较为合理。本基金预计2021年市场指数仍然存在大幅震荡的机会，应提防过热行业竞争加剧后业绩不达预期的回落风险。从行业角度而言，本基金认为通胀交易仍然会持续一段时间。自2020年下半年以来，全球流动性开始往实体蔓延的趋势越来越明显，不仅铜、铝、铁矿石、锂等大宗原材料开始出现明显上涨趋势，同时在其他行业，如化工和甚至TMT中，也出现不少涨价趋势，如显示面板、内存及其他部分元器件。虽然全球疫情还在延续，但投资者已经开始为2021年即将到来的经济恢复进行布局。随着未来疫苗的推广，如果经济逐步走向正轨，随着美国新一轮大规模刺激的推出，通胀行情大概率将继续演进。因此，本基金继续看好上游大宗商品及各领域受益价格弹性的公司。考虑到新能源汽车、光伏及白酒等行业已经具有相当大的涨幅，同时资金较为拥挤，本基金从基本面出发进行选择，以业绩和估值安全性为主，配置了有色、TMT、军工、医药，以及低估值的银行、地产等，力争在相对安全中寻求最大收益。展望2021年，中央经济工作会议提出，宏观政策要保持连续性、稳定性、可持续性。央行传递“稳”的信号，货币政策依旧维持中性，预计逆周期调节效果将更加明显。本基金维持低风险固定收益类资产作为基础配置，主要投资标的为利率债等优质债券资产，维持久期在较短期限。接下来将继续注重固定收益部分的流动性管理和信用风险管理，争取为基金持有人创造符合其投资预期目标值的合理投资回报。","fund":{"_id":3000000000417,"stockCode":"000417","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-02-13T16:00:00.000Z","setUpScale":2112980000,"market":"a","tickerId":417,"custody":"中国工商银行股份有限公司","name":"国联安新精选灵活配置混合型证券投资基金","shortName":"国联安新精选混合(000417)","fundSecondLevel":"hybrid","__csrcFundId":3584,"fundStatus":"normal","lastUpdated":"2026-04-30T17:29:45.720Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安新精选混合","pinyin":"glaxjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20236602","stockType":"fund_manager","exchange":"fm","tickerId":262625131520,"name":"章椹元"}]},"announcement":{"linkText":"国联安新精选灵活配置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=557505","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1d6d4369c9c836d69d6","stockId":3000000000417,"sao":"市场在7月初大幅上涨后，三季度其余时间基本以高位宽幅震荡为主。消费、医药、TMT板块整体都有所回落，新能源、军工板块表现相对较好。报告期内，本基金根据对市场的理解，一方面适当调整了整体仓位水平，另一方面大幅降低了TMT板块配置，并增加了消费及金融类个股的比例，整体持仓保持相对均衡。市场自7月14日开始调整以来，到三季度末虽然已经有较长时间，但未来方向仍然不甚明朗。一方面，在疫情受控的背景下，国内经济节节恢复，各项宏观指标日趋良性，随着企业业绩明显回升，投资者信心也在提升。另一方面，本基金观察到市场供给也在明显增加，IPO、增发及大小非减持等规模不断增加。从基金发行角度看，7、8月是年内基金发行规模最大的两个月，两月发行整体规模近万亿，这也可以解释市场在高位始终有较好的承接能力。四季度将迎来蚂蚁金服的上市，同时美国大选也将水落石出，因此本基金预期四季度市场仍然多空交织，仍然可能以震荡为主。从自下而上来看，部分热门公司估值从过往历史来看已经明显不便宜，在良好的市场情绪和新增机构资金支持下，部分板块行情基本以提估值为主。选股难度在不断加大，因而从安全角度而言，本基金适度降低了组合的仓位水平，通过均衡配置来减小组合的波动，等待市场趋势进一步明朗后再做抉择。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:26.990Z","fund":{"_id":3000000000417,"stockCode":"000417","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-02-13T16:00:00.000Z","setUpScale":2112980000,"market":"a","tickerId":417,"custody":"中国工商银行股份有限公司","name":"国联安新精选灵活配置混合型证券投资基金","shortName":"国联安新精选混合(000417)","fundSecondLevel":"hybrid","__csrcFundId":3584,"fundStatus":"normal","lastUpdated":"2026-04-30T17:29:45.720Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安新精选混合","pinyin":"glaxjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20236602","stockType":"fund_manager","exchange":"fm","tickerId":262625131520,"name":"章椹元"}]},"announcement":{"linkText":"国联安新精选灵活配置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=489467","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1d6d4369c9c836d69d5","stockId":3000000000417,"sao":"2020年上半年中国证券市场整体处于震荡攀升过程之中。相较而言，创业板指数走势好于中证500，而中证500好于沪深300，而沪深300强于中证100及上证50。同时行业板块的特征也非常明显，即医药、消费、TMT和新能源表现相对突出，而传统金融和周期板块表现平淡。本阶段本基金的配置也是主要集中于科技板块（以半导体和软件为主）和医药消费板块，获得了较好的收益。另外，本基金在季度末增加配置了一定的黄金有色、地产和券商等公司，也取得了一定的收益。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:26.985Z","mo":"虽然从感染人数上看全球新冠疫情到目前为止仍在肆虐，但多地金融市场已在强力的流动性支持下轻舟已过万重山，基本收复失地甚至创出新高。在全球央行放水的背景下，一波资产泡沫可能正在逐步形成，在基本面变化甚微的背景下，医药、消费和TMT领域的估值在不断创出新高，虽然这种估值增长略显非理性，但在多余的流动性推动下这似乎又是理性的选择。现阶段也许在享受泡沫的同时亦应保持适当清醒。经济基本面从二、三季度来看确实在不断转好，但很多领域可能较难回到疫情前水平。出于对经济实体恢复的警觉，目前多余的流动性仍然滞留在资产领域，而难以在实体领域形成通胀，因此或许可以暂时乐观，跟随市场也许是目前的最佳策略。本基金未来将继续在消费和科技行业进行配置，也适当考虑地产及地产相关行业的机会。另外，在全球流动性泛滥的背景下，本基金也有必要配置部分黄金等有色板块进行适当对冲。","fund":{"_id":3000000000417,"stockCode":"000417","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-02-13T16:00:00.000Z","setUpScale":2112980000,"market":"a","tickerId":417,"custody":"中国工商银行股份有限公司","name":"国联安新精选灵活配置混合型证券投资基金","shortName":"国联安新精选混合(000417)","fundSecondLevel":"hybrid","__csrcFundId":3584,"fundStatus":"normal","lastUpdated":"2026-04-30T17:29:45.720Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安新精选混合","pinyin":"glaxjxlhpzhhxzqtzjj","managers":[{"stockCode":"db20236602","stockType":"fund_manager","exchange":"fm","tickerId":262625131520,"name":"章椹元"}]},"announcement":{"linkText":"国联安新精选灵活配置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=459958&uploadInfoDetailId=472815","linkType":"PDF","source":"csrc_pdf"}}]}