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und":{"_id":3000000000507,"stockCode":"000507","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-02-06T16:00:00.000Z","setUpScale":953571000,"market":"a","tickerId":507,"custody":"中国银行股份有限公司","name":"宏利宏达混合型证券投资基金","shortName":"宏利宏达混合(000507)","fundSecondLevel":"hybrid","__csrcFundId":3587,"fundStatus":"normal","lastUpdated":"2026-04-30T17:31:19.178Z","masterFundFlag":1,"inceptionDate":"2014-03-04T16:00:00.000Z","fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利宏达混合","pinyin":"hlhdhhxzqtzjj","managers":[{"stockCode":"db20744918","stockType":"fund_manager","exchange":"fm","tickerId":1424200730,"name":"宁霄"},{"stockCode":"db20098585","stockType":"fund_manager","exchange":"fm","tickerId":122403157510,"name":"刘晓晨"}]},"announcement":{"linkText":"宏利宏达混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1177816","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1ebd4369c9c836d77e6","date":"2024-06-29T16:00:00.000Z","stockId":3000000000507,"sao":"报告期内，权益市场波动较大，前期在政策呵护下出现修复，其后转为下跌，市场风格分化。年初因流动性抽离，经济下行趋势没有根本逆转，企业盈利也整体继续保持边际下行。市场风险偏好较低，无风险利率下降，带动类债资产表现较好。主要是银行、公用事业、煤炭、电信、家电等，而到二季度则只有银行，公用事业相关的行业表现较好。　　本组合的权益部分前期保持低仓位运行，对可能的波动较为谨慎。行业配置上基于对经济较为悲观的预期，主要配置对经济免疫的农化、出口链、公用、医药等方向。后续也增配置了一些偏必须消费的方向。但实际情况大部分行业都受到收入下行和经济预期下行的影响，权益类资产更多反应的是未来现金流的预期，目前经济状况对大部分行业未来现金流的预期都产生了影响，即使是一些偏刚需的品类，出口方面也受到了一些全球供应链压力的影响，尽管增速尚可，但盈利能力受损，对今年表现较好的公用事业，TMT等方向配置较低。债市部分维持了中长久期，看好利率的下行。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:47.003Z","mo":"展望后市，政策预期较明确，可能不会看到大的刺激政策，尽管此前出台的以旧换新等稳增长效果并不显著，且金融数据依然下行压力较大，预计三季度依然是稳步下降。所以从信用周期看不具备对传统行业大规模刺激的空间，主要的亮点依然是在以外需为主的方向，之前报告中提到的可能出现的拐点基本上落空，在这样的宏观背景下，寻找不下滑以及利润端有亮点的行业和公司，变成市场的一直预期，主要投资者都在考虑持有下滑不大的现金流没有风险的资产，在这种情况下展望下半年可能类债的资产还会跑赢市场一段时间，政策和经济自身出现拐点。所以本基金会在类似的方向上寻找有很强的竞争力，在当前环境下有成熟的海外基地的公司，另外就是内需方向上还是要看不会下滑的行业，或者下滑幅度很低的行业并且能够提供很好现金流的品种。综上，我们在2024年二季度开始关注的有海外制造基地需求在海外的品种，另外三季度还是重点配置一些内需上不受影响的品种，剔除一些会下滑的行业和公司，对于之前觉得会反转的方向，需要更为谨慎。债市方面，当前逻辑仍都支持收益率继续下行。从财政的角度看，如果不是用稳增长的手段来刺激经济，那大概率还需要低利率环境刺激投资呵护经济，所以债市稳定的基础仍在。下半年的配置力量增长可能不会向上半年那么快，所以节奏上需要把握。","fund":{"_id":3000000000507,"stockCode":"000507","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-02-06T16:00:00.000Z","setUpScale":953571000,"market":"a","tickerId":507,"custody":"中国银行股份有限公司","name":"宏利宏达混合型证券投资基金","shortName":"宏利宏达混合(000507)","fundSecondLevel":"hybrid","__csrcFundId":3587,"fundStatus":"normal","lastUpdated":"2026-04-30T17:31:19.178Z","masterFundFlag":1,"inceptionDate":"2014-03-04T16:00:00.000Z","fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利宏达混合","pinyin":"hlhdhhxzqtzjj","managers":[{"stockCode":"db20744918","stockType":"fund_manager","exchange":"fm","tickerId":1424200730,"name":"宁霄"},{"stockCode":"db20098585","stockType":"fund_manager","exchange":"fm","tickerId":122403157510,"name":"刘晓晨"}]},"announcement":{"linkText":"宏利宏达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=1151722","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1ead4369c9c836d77e5","date":"2024-03-30T16:00:00.000Z","stockId":3000000000507,"sao":"2024年一季度权益市场先跌后涨，波动较大，流动性的抽离是主要原因。从全局上看，经济下行趋势没有根本逆转，企业盈利也整体继续保持边际下行，所以市场波动更多来自于估值和风险偏好的变化，债券市场继续保持持续上涨，尤其是长久期债券连续创出新高，收益率不断下行也反映出需求端非常疲软。　　本基金在一季度表现偏弱，主要原因来自于权益方面一直保持低仓位运行，对可能的波动较为谨慎。另外行业配置上基于对经济较为悲观的预期，主要配置对经济免疫的农化、出口链、公用、医药、必须消费等方向，对今年表现较好的家电、TMT等方向没有做相关配置，债券方面整体久期不低，对收益有不错的贡献，但是无法弥补权益类资产带来的波动。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:46.999Z","fund":{"_id":3000000000507,"stockCode":"000507","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-02-06T16:00:00.000Z","setUpScale":953571000,"market":"a","tickerId":507,"custody":"中国银行股份有限公司","name":"宏利宏达混合型证券投资基金","shortName":"宏利宏达混合(000507)","fundSecondLevel":"hybrid","__csrcFundId":3587,"fundStatus":"normal","lastUpdated":"2026-04-30T17:31:19.178Z","masterFundFlag":1,"inceptionDate":"2014-03-04T16:00:00.000Z","fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利宏达混合","pinyin":"hlhdhhxzqtzjj","managers":[{"stockCode":"db20744918","stockType":"fund_manager","exchange":"fm","tickerId":1424200730,"name":"宁霄"},{"stockCode":"db20098585","stockType":"fund_manager","exchange":"fm","tickerId":122403157510,"name":"刘晓晨"}]},"announcement":{"linkText":"宏利宏达混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1071453","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1ead4369c9c836d77e4","date":"2023-12-30T16:00:00.000Z","stockId":3000000000507,"sao":"报告期内，权益市场整体调整幅度较大，整体市场从年初一直调整到年底，主要因素来自于经济预期的波动，另外就是流动性的缩减，资金的持续流出，行业上分化也比较明显，全年来看，高分红资源品一直表现较好，虽然有一定的波动，但整体上跑赢市场。债券市场，经济整体偏弱，政策思路以化解风险为主，资金宽松，收益率逐步下行。一季度，疫情因素的消退，促进经济出现小幅的修复，央行抬升了政策利率，债市整体以震荡纠结为主。二季度至年底，债市逐步从去年底的理财赎回潮中修复，开始进入经济验证期，但政策主要以化债等为主，市场期待的刺激政策迟迟未出台，经济在地产的拖累下，压力显现。随着12月新增发债的落地、存款的意外大幅降息，收益率快速下行。市场预期来年会有配置盘引发的春季行情，提前抢配也增加了利率下行的幅度。　　本基金上半年在弱现实的预期下谨慎投资， 主要投资于产业周期变革中算力增加带来增量、以及业绩确定与经济相关度弱的行业和个股。而下半年在仓位上一直保持中性水平，基本判断是市场整体保持一个大的波动趋势，主要投资方向还是集中在有一些和宏观经济较为不相关的方向，包括医药服务，化工等，四季度整体市场主要下跌力量来自于宏观相关方向，所以基金略跑赢市场。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:46.994Z","mo":"展望2024年，我们预期政策累积效应可能在二季度开始发力，市场中的大盘成长类公司会出现ROE触底回升，考虑到当前的大的背景预计回升的力度会比较小，呈现小幅向上。后面还是要看成长类行业的是否存在超额收益，盈利增速从年初到年末呈现Nike型的趋势，但是从全球经济的形势上看，可能存在一定的下行风险，海外经济体通胀水平过高带来消费需求的下行可能在未来一段时间体现在我们的出口行业中。另外就是整体消费的信心不足是客观存在的，尽管有边际改善，但市场最终会按照长期前景来评估估值提升的空间。医药行业相对确定但更多呈现温和增长，出现估值大幅提升的可能性也不大。TMT方面，海外AI硬件的景气度一直很高，但对国内影响不太确定，经历2024年初期的大幅估值波动后，其中有业绩支撑的硬件设备等要看2025年后的收入指引。综上，2024年市场是一个机会大于风险的市场，虽然有些不确定因素，但是整体市场波动率会降低，同时很多公司处于极低估值水平，或将会有很好的投资机会。整体投资策略方面，我们将继续秉承勤勉谨慎的原则，努力研究，审慎投资。","fund":{"_id":3000000000507,"stockCode":"000507","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-02-06T16:00:00.000Z","setUpScale":953571000,"market":"a","tickerId":507,"custody":"中国银行股份有限公司","name":"宏利宏达混合型证券投资基金","shortName":"宏利宏达混合(000507)","fundSecondLevel":"hybrid","__csrcFundId":3587,"fundStatus":"normal","lastUpdated":"2026-04-30T17:31:19.178Z","masterFundFlag":1,"inceptionDate":"2014-03-04T16:00:00.000Z","fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利宏达混合","pinyin":"hlhdhhxzqtzjj","managers":[{"stockCode":"db20744918","stockType":"fund_manager","exchange":"fm","tickerId":1424200730,"name":"宁霄"},{"stockCode":"db20098585","stockType":"fund_manager","exchange":"fm","tickerId":122403157510,"name":"刘晓晨"}]},"announcement":{"linkText":"宏利宏达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=1058149","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1ead4369c9c836d77e3","date":"2023-09-29T16:00:00.000Z","stockId":3000000000507,"sao":"三季度A股市场处于预期偏弱，期待政策和等待数据验证的周期里，数据不达预期和缺乏可持续性导致赚钱效应比较弱。国内方面，总需求不足和对预期的下修是经济运行面临的新困难，投资，消费，出口指标都出现了波动，居民的预期收入和房地产数据偏弱，理财产品出现逾期兑付都让市场的风险偏好下降。海外方面，超预期的美国宏观数据以及超预期的油价延后了降息的预期，推升了被看作全球定价矛的美国长期国债利率，人民币在三季度也遭受较大的压力。三季度以来，政策的支持方向很明确，出台了一系列扩大内需，提振信心，防范风险的方案。7月中共中央政治局会议指出活跃资本市场，提振投资者信心，8月提出稳定汇率预期，化解地方债风险，给地区房地产政策松绑，政策底确立。与此同时，降息降准落地，8月15日央行下调MLF利率至2.5%，下调逆回购利率，此次为2023年第二次降息，9月14日下调金融机构存款准备金0.25%。截止2023年3季度，今年已实施两次降息两次降准。降低实体经济融资成本意图明显，增加市场的流动性，流动性底确立。在这样的背景下，三季度市场不断在行业间寻找新的确定性，高股息和成长的哑铃策略继续普遍受到认可。　　报告期内，在基金的操作方面，三季度组合保持二季度两头配置的策略，在行业配置方面减少了和宏观数据强关联的板块，保持估值低位股息率较高板块的配置，来增加组合的稳定性。同时在兼顾成长方面，由于医药反腐后医药板块的估值有所回撤，适当参与了部分低位的医药股。债券方面，我们采取商金债打底，精选信用的策略，不盲目进行信用下沉，并适当增加长端利率债的波段操作，杠杆水平不高，久期适中。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:46.989Z","fund":{"_id":3000000000507,"stockCode":"000507","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-02-06T16:00:00.000Z","setUpScale":953571000,"market":"a","tickerId":507,"custody":"中国银行股份有限公司","name":"宏利宏达混合型证券投资基金","shortName":"宏利宏达混合(000507)","fundSecondLevel":"hybrid","__csrcFundId":3587,"fundStatus":"normal","lastUpdated":"2026-04-30T17:31:19.178Z","masterFundFlag":1,"inceptionDate":"2014-03-04T16:00:00.000Z","fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利宏达混合","pinyin":"hlhdhhxzqtzjj","managers":[{"stockCode":"db20744918","stockType":"fund_manager","exchange":"fm","tickerId":1424200730,"name":"宁霄"},{"stockCode":"db20098585","stockType":"fund_manager","exchange":"fm","tickerId":122403157510,"name":"刘晓晨"}]},"announcement":{"linkText":"宏利宏达混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=988835","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1ead4369c9c836d77e2","date":"2023-06-29T16:00:00.000Z","stockId":3000000000507,"sao":"国内经济上半年呈现两个阶段，一季度市场交易国内经济的强预期弱现实，二季度宏观数据较市场预期偏弱，形成弱预期弱现实的情况。数据上，从一季度强预期过渡到二季度数据的验证，五一旅游出行数据显示全国国内旅游出游按可比口径恢复至2019年同期的119.09%，收入按可比口径恢复至2019年同期的100.66%，体现出收入慢于出行恢复的结构特征。经济增长内生动力不足叠加外需走弱，是宏观经济面临的主要矛盾。在这样的背景下，市场不断在行业间寻找新的确定性，高股息和成长的哑铃策略普遍受到认可。一方面，中证国企指数在估值优势，高股息政策预期以及“一利五率”对于资本回报预期改善的背景下，中特估概念板块在此背景下表现突出。另一方面，海外科技革新OpenAI在官网正式发布ChatGPT大模型，其迭代的速度和智能化开启大家对第三次科技革命的讨论，AI+成为A股成长的主线，特别是传媒板块在原有业务改善和低估值背景下表现突出，上半年行业间表现分化明显整体呈现高收益高波动的特征。海外方面，在银行危机缓解后，美国加息预期重回鹰派，期间人民币贬值势头有所加快。　　报告期内，在基金的操作方面，上半年组合有所调整，在行业配置方面减少了和宏观数据强关联的板块，宏观弱现实背景下消费医药板块的估值受到了压缩，参与了AI新产业周期变革中算力增加带来增量的个股和下游应用受益的个股，以及业绩不断提升的白电板块。债券方面，我们采取商金债打底，精选信用的策略，不盲目进行信用下沉，并适当增加长端利率债的波段操作，杠杆水平不高，久期适中。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:46.984Z","mo":"展望下半年，由于弱预期弱现实在估值上已经有所体现，组合上后期将适度增加赔率高的品种，以及估值已被大幅压缩的顺周期品种，但由于海外处于高利率的时间更长，这对非美资产依然造成压力，组合以均衡配置为主。","fund":{"_id":3000000000507,"stockCode":"000507","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-02-06T16:00:00.000Z","setUpScale":953571000,"market":"a","tickerId":507,"custody":"中国银行股份有限公司","name":"宏利宏达混合型证券投资基金","shortName":"宏利宏达混合(000507)","fundSecondLevel":"hybrid","__csrcFundId":3587,"fundStatus":"normal","lastUpdated":"2026-04-30T17:31:19.178Z","masterFundFlag":1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进入。海外方面，如中报所预期的一样，由于通胀不断超预期，美联储依然保持紧缩的货币政策来应对，三四季度海外衰退交易的确对A股市场会造成一定影响。   报告期内，在基金的操作方面，三季度组合配置变化不大，依然保持均衡配置，在稳定资产里逐步增配了消费板块，组合波动率和业绩在3季度有所加大，主要原因是基金持有的成长板块在3季度回落拖累了基金整体的收益，但基本面方面无太大变化。债券方面，我们采取商金债打底，精选信用的策略，不盲目进行信用下沉，并适当增加长端利率债的波段操作，杠杆水平不高，久期适中。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:46.970Z","fund":{"_id":3000000000507,"stockCode":"000507","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-02-06T16:00:00.000Z","setUpScale":953571000,"market":"a","tickerId":507,"custody":"中国银行股份有限公司","name":"宏利宏达混合型证券投资基金","shortName":"宏利宏达混合(000507)","fundSecondLevel":"hybrid","__csrcFundId":3587,"fundStatus":"normal","lastUpdated":"2026-04-30T17:31:19.178Z","masterFundFlag":1,"inceptionDate":"2014-03-04T16:00:00.000Z","fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利宏达混合","pinyin":"hlhdhhxzqtzjj","managers":[{"stockCode":"db20744918","stockType":"fund_manager","exchange":"fm","tickerId":1424200730,"name":"宁霄"},{"stockCode":"db20098585","stockType":"fund_manager","exchange":"fm","tickerId":122403157510,"name":"刘晓晨"}]},"announcement":{"linkText":"泰达宏利宏达混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=806294","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1ead4369c9c836d77de","date":"2022-06-29T16:00:00.000Z","stockId":3000000000507,"sao":"上半年A股市场经历了大跌后的修复，一季度市场在俄乌冲突，美联储紧缩的货币政策，国内疫情影响的背景下，市场下跌的程度超过了大多数人的预期，同样二季度反弹的幅度也是超预期的。  市场在不确定里寻找动态的确定性，第一季度稳增长板块整体有突出表现，二季度经济预期好转，叠加复工复产的推进给前期超跌的板块提供了充分的修复空间。4月底的政治局会议提出“要抓紧谋划增量政策工具，加大调控力度，把握好目标导向下政策的提前量和冗余度”，此后多部委分别出台政策刺激经济。6月初复工复产节奏明显加快，从数据上看，宏观经济基本面的拐点已经出现，7月1日公布的6月财新中国制造业采购经理人指数（PMI）录得51.7，高于5月3.6个百分点，3月以来首次高于荣枯线。海外方面，通胀不断超市场预期也使得美联储提出更加紧缩的货币政策，海外市场开始进行衰退交易。  报告期内，在基金的操作方面，上半年基金组合结构有所调整，一季度持仓相对保守，二季度转而增加了成长类型的股票包括新能源，新型消费板块，但由于考虑组合整体波动性，二季度对赛道股票的配置不够导致二季度基金反弹幅度有限。债券方面，我们采取商金债打底，精选信用的策略，不盲目进行信用下沉，并适当增加长端利率债的波段操作，杠杆水平不高，久期适中。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:46.965Z","mo":"展望下半年，在全球经济比烂的背景下，A股市场将依然具有相对突出的投资优势，但由于二季度权益市场复苏超预期，叠加经济复苏最大预期提升的阶段已经过去，下半年将是温和复苏。海外方面，由于通胀不断超预期，美联储依然保持紧缩的货币政策来应对，预期三四季度衰退的交易会对A股市场会造成一定影响，在配置上会选择降低和均衡风险偏好，同时会关注下半年消费的复苏，在成长资产的配置里在新能源的基础上择机对消费进行多一些配置。","fund":{"_id":3000000000507,"stockCode":"000507","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-02-06T16:00:00.000Z","setUpScale":953571000,"market":"a","tickerId":507,"custody":"中国银行股份有限公司","name":"宏利宏达混合型证券投资基金","shortName":"宏利宏达混合(000507)","fundSecondLevel":"hybrid","__csrcFundId":3587,"fundStatus":"normal","lastUpdated":"2026-04-30T17:31:19.178Z","masterFundFlag":1,"inceptionDate":"2014-03-04T16:00:00.000Z","fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利宏达混合","pinyin":"hlhdhhxzqtzjj","managers":[{"stockCode":"db20744918","stockType":"fund_manager","exchange":"fm","tickerId":1424200730,"name":"宁霄"},{"stockCode":"db20098585","stockType":"fund_manager","exchange":"fm","tickerId":122403157510,"name":"刘晓晨"}]},"announcement":{"linkText":"泰达宏利宏达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=785424","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1ead4369c9c836d77dd","date":"2022-03-30T16:00:00.000Z","stockId":3000000000507,"sao":"投资往往是努力寻找确定性，但2022年却是充满多重不确定性的一年。A股市场对外部面临美联储货币政策和俄乌地缘政治双重不确定性的外部冲击；对内3月两会确定了2022年5.5%的经济目标但又逢疫情和成本端的双重压力，整体市场风险偏好明显降低，追求确定性成为市场逐步形成的共识。1季度在海外货币政策方面，随着新冠疫情的常态化和美国宏观数据的良好恢复，美国连续2年的零利率和量化宽松政策画上了句号，美国的加息周期正式开启。3月FOMC会议最终加息25个基点，同时市场预期最快于5月开始缩减资产负债表并有可能在5月加息50个基点，近期美国长短端利率的倒挂也为市场增添了多一层不确定。国内经济方面，开年前两个月统计局宏观经济运行数据比较超预期，但是在新冠疫情病例突然高增的背景下，国内经济复苏的基础依然不牢靠，预期财政政策需要继续发力，进而才能达到经济增长目标并兼顾稳字当头稳中求进的政策方针。板块方面，一季度板块轮动很快，上游资源品，银行整体有较好的表现，赛道股相对前期有较大的调整。  报告期内，在基金的操作方面，一季度组合有所调整，在行业配置方面更加均衡，同时加大了低估值高股息板块的配置比例，也不断寻找能给组合带来绝对收益的品种。债券方面，我们采取商金债打底，精选信用的策略，不盲目进行信用下沉，并适当增加长端利率债的波段操作，杠杆水平不高，久期适中。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:46.961Z","fund":{"_id":3000000000507,"stockCode":"000507","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-02-06T16:00:00.000Z","setUpScale":953571000,"market":"a","tickerId":507,"custody":"中国银行股份有限公司","name":"宏利宏达混合型证券投资基金","shortName":"宏利宏达混合(000507)","fundSecondLevel":"hybrid","__csrcFundId":3587,"fundStatus":"normal","lastUpdated":"2026-04-30T17:31:19.178Z","masterFundFlag":1,"inceptionDate":"2014-03-04T16:00:00.000Z","fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利宏达混合","pinyin":"hlhdhhxzqtzjj","managers":[{"stockCode":"db20744918","stockType":"fund_manager","exchange":"fm","tickerId":1424200730,"name":"宁霄"},{"stockCode":"db20098585","stockType":"fund_manager","exchange":"fm","tickerId":122403157510,"name":"刘晓晨"}]},"announcement":{"linkText":"泰达宏利宏达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=727378","linkType":"PDF","source":"csrc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