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经济和高质量发展的投资线索，挖掘能够适应流动性宽松的环境、也有产业和价值保护的资产。","fund":{"_id":3000000000573,"stockCode":"000573","stockType":"fund","areaCode":"cn","followedNum":45,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-03-09T16:00:00.000Z","setUpScale":1184710000,"market":"a","tickerId":573,"custody":"中国邮政储蓄银行股份有限公司","name":"天弘通利混合型证券投资基金","shortName":"天弘通利混合(000573)","fundSecondLevel":"hybrid","__csrcFundId":2235,"fundStatus":"normal","lastUpdated":"2026-04-30T17:33:30.228Z","masterFundFlag":1,"inceptionDate":"2014-03-13T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘通利混合","pinyin":"thtlhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20821830","stockType":"fund_manager","exchange":"fm","tickerId":1013215730,"name":"金梦"},{"stockCode":"db20545372","stockType":"fund_manager","exchange":"fm","tickerId":825232500,"name":"胡彧"}]},"announcement":{"linkText":"天弘通利混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1340547","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec207d4369c9c836d8cec","date":"2025-03-30T16:00:00.000Z","stockId":3000000000573,"sao":"一季度我们看到了不少经济回暖的信号，最主要的是一线城市的房地产恢复；出口数据保持不错的状态，但我们始终认为出口会在Q2Q3出现比较明显的下行，虽然在抢出口下时间不断推后。同时，我们观察到924提出的政策举措都在扎实地落实，使得我们对内需更加乐观。此外，我们修正了对于汇率的看法，我们认为人民币比我们此前设想的更加强势，这对权益类资产的资金流有利。对于股票市场，我们有些犹疑，一方面是内需支持政策的落地，另一方面是出口的下行压力，我们坚持在Q3出口充分下行后股票市场有望迎来最好的配置机会。但考虑到资金流的利好，我们继续提高了内需品的持仓，导致仓位整体有一定的提高。在科技突破下，我们持有的以内需为主的消费品、服务公司出现了调整，但科技方向并不是我们有把握的领域，我们继续在内需方向上努力，适度增加了医药行业的配置。在科技方向，我们更希望通过可转债工具进行适当参与。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:15.292Z","fund":{"_id":3000000000573,"stockCode":"000573","stockType":"fund","areaCode":"cn","followedNum":45,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-03-09T16:00:00.000Z","setUpScale":1184710000,"market":"a","tickerId":573,"custody":"中国邮政储蓄银行股份有限公司","name":"天弘通利混合型证券投资基金","shortName":"天弘通利混合(000573)","fundSecondLevel":"hybrid","__csrcFundId":2235,"fundStatus":"normal","lastUpdated":"2026-04-30T17:33:30.228Z","masterFundFlag":1,"inceptionDate":"2014-03-13T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘通利混合","pinyin":"thtlhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20821830","stockType":"fund_manager","exchange":"fm","tickerId":1013215730,"name":"金梦"},{"stockCode":"db20545372","stockType":"fund_manager","exchange":"fm","tickerId":825232500,"name":"胡彧"}]},"announcement":{"linkText":"天弘通利混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269883","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec207d4369c9c836d8ceb","date":"2024-12-30T16:00:00.000Z","stockId":3000000000573,"sao":"2024年全年经济弱势，股票市场承压，4季度在政策的提振下，市场信心有恢复，目前是重要的政策观察期。考虑到估值、经济景气、对未来的预期等多种因素之间存在错综复杂的矛盾之处，我们延续了之前预定的投资思路，在股票上保持了配置仓位，结构偏向低估值、向下有底的价值类资产、跌了可以加仓的个股，行业上上半年集中在一带一路、上游的配置，下半年向内需运营类资产切换，包括物流、消费、航空等，也有景气可能重启的军工。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:15.287Z","mo":"展望未来，新旧动能切换，意味着宏观经济和资产价格的驱动力和分析框架会发生显著变化，投资研究上需要保持开放的状态，更多关注内需尤其是消费。虽然对权益类资产整体看好，但考虑到出口下行等压力，我们在标的选择上依然要求向下有底；但在新范式下，除了以时间的熬过去，科技突破成为另外一个重要的解题思路，但科技具有突发性、波动性大等特征。这样作为一个公募基金的组合，我们就存在向上弹性不足的问题。如何能够兼顾，是重要的问题，我们会争取回答。","fund":{"_id":3000000000573,"stockCode":"000573","stockType":"fund","areaCode":"cn","followedNum":45,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-03-09T16:00:00.000Z","setUpScale":1184710000,"market":"a","tickerId":573,"custody":"中国邮政储蓄银行股份有限公司","name":"天弘通利混合型证券投资基金","shortName":"天弘通利混合(000573)","fundSecondLevel":"hybrid","__csrcFundId":2235,"fundStatus":"normal","lastUpdated":"2026-04-30T17:33:30.228Z","masterFundFlag":1,"inceptionDate":"2014-03-13T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘通利混合","pinyin":"thtlhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20821830","stockType":"fund_manager","exchange":"fm","tickerId":1013215730,"name":"金梦"},{"stockCode":"db20545372","stockType":"fund_manager","exchange":"fm","tickerId":825232500,"name":"胡彧"}]},"announcement":{"linkText":"天弘通利混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1252152","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec207d4369c9c836d8cea","date":"2024-09-29T16:00:00.000Z","stockId":3000000000573,"sao":"Q3经济低迷、市场信心继续走弱，这是在去杠杆进程中最痛苦的时刻，唯有政策可以阻断悲观的循环。我们相信物极必反，坚持了此前的投资思路。9月底的政策转变，我们认为有效针对经济运行痛点、缓释了风险、为经济的下行设置了底线，改变幅度但不改变方向，故投资思路没有显著变化。我们保持了股票配置比例，集中在一带一路、消费、流通、军工等行业，医药行业的改革复杂度较高，我们保持观察；此前可转债期权价值显著，我们小幅增加了可转债配置比例，并在上涨后保持了仓位。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:15.282Z","fund":{"_id":3000000000573,"stockCode":"000573","stockType":"fund","areaCode":"cn","followedNum":45,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-03-09T16:00:00.000Z","setUpScale":1184710000,"market":"a","tickerId":573,"custody":"中国邮政储蓄银行股份有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