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《深入实施“人工智能+”行动的意见》，上海发布楼市“沪六条”调整限购。在相对稳定的外围环境下，A股市场风险偏好有所提升，融资余额接近2.4万亿，科技板块在三季度表现出色。整体来看，三季度市场稳步上涨，沪深300指数上涨17.9%，创业板指数上涨50.4%。行业板块走势分化，通信、电子、电力设备板块涨幅靠前，银行、交运、石化板块表现一般。本基金在25年三季度操作中，股票仓位相比25年二季度有所提升，行业配置上提升了电子、医药等行业的比例，降低了银行、食品饮料板块的权重。","lastUpdated":"2026-03-09T12:50:22.844Z","fund":{"_id":3000000000589,"stockCode":"000589","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-03-30T16:00:00.000Z","setUpScale":315569000,"market":"a","tickerId":589,"name":"光大保德信银发商机主题混合型证券投资基金","shortName":"光大保德信银发商机混合A","fundSecondLevel":"hybrid","fundStatus":"normal","lastUpdated":"2026-09-02T01:48:03.651Z","inceptionDate":"2014-04-28T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","pinyin":"gdbdxyfsjzthhxzqtzjj","masterFundShortName":"光大保德信银发商机混合","__csrcFundId":3610,"managers":[{"stockCode":"8801396361","stockType":"fund_manager","exchange":"fm","tickerId":304155890,"name":"陈栋"}]},"announcement":{"linkText":"光大保德信银发商机主题混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1375003","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec20ed4369c9c836d9262","date":"2025-06-29T16:00:00.000Z","stockId":3000000000589,"sao":"海外方面，年初美国经济衰退预期和4月的外贸环境对全球金融市场带来宽幅震荡，美元信用走弱的预期提升，美元指数走低至97，金价突破3300美元，人民币升值到7.2附近，油价受事件驱动出现脉冲上涨后回落。国内方面，民营企业家座谈会提升企业和市场信心，中办、国办印发《提振消费专项行动方案》，财政部积极支持国有大型商业银行补充核心一级资本。春节后DeepSeek带动科技板块表现亮眼。4月的重要会议强调要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货币政策。5月央行降准50bp、下调政策利率10bp，并降低个人住房公积金贷款利率。证监会发布《推动公募基金高质量发展行动方案》，香港发布《稳定币条例》。贸易谈判的进展对市场的风险偏好也有所提升。整体来看，上半年市场经历了V型走势，沪深300指数基本持平，创业板指数上涨0.5%。行业板块走势分化，有色、银行、军工板块涨幅靠前，煤炭、食品饮料、地产板块跌幅较大。本基金在25年上半年操作中，股票仓位相比24年四季度基本持平，行业配置上提升了银行、医药等行业的比例，降低了食品饮料、通信板块的权重。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:22.839Z","mo":"展望下半年，美国7月非农就业数据不及预期，且对前两月数据大幅下修，美联储降息概率上升。7月底的重要会议对上半年经济形势表述乐观，预计后续政策层面会适当保持定力。“反内卷”从中长期角度有望提升企业盈利和ROE预期。财政部推动国有险资长周期考核机制，引导险资注重长期收益，加大A股投资，有望强化目前市场风格。同时育儿补贴正式落地，国债等利息收入恢复征收增值税。市场方面，低利率和宽松流动性环境支撑下，中期角度认为市场还是有望震荡向上。海外算力基建持续，下半年海内外会有多个新模型发布，关注AI Agent的能力提升和在应用侧的产品进展、以及商业化变现，算力和AI应用方向的投资机会值得挖掘。本基金将围绕人口老龄化主题，在各个板块内相对均衡配置。","fund":{"_id":3000000000589,"stockCode":"000589","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-03-30T16:00:00.000Z","setUpScale":315569000,"market":"a","tickerId":589,"name":"光大保德信银发商机主题混合型证券投资基金","shortName":"光大保德信银发商机混合A","fundSecondLevel":"hybrid","fundStatus":"normal","lastUpdated":"2026-09-02T01:48:03.651Z","inceptionDate":"2014-04-28T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","pinyin":"gdbdxyfsjzthhxzqtzjj","masterFundShortName":"光大保德信银发商机混合","__csrcFundId":3610,"managers":[{"stockCode":"8801396361","stockType":"fund_manager","exchange":"fm","tickerId":304155890,"name":"陈栋"}]},"announcement":{"linkText":"光大保德信银发商机主题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=1342032","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec20ed4369c9c836d9261","date":"2025-03-30T16:00:00.000Z","stockId":3000000000589,"sao":"海外方面，美国经济衰退预期触发美股调整，美元指数走低至104，十年期美债利率回落至4.2，金价突破3100美元，全球资产呈现“高切低”“东升西落”状态。国内方面，民营企业家座谈会提升企业和市场信心，中办、国办印发《提振消费专项行动方案》，财政部积极支持国有大型商业银行补充核心一级资本。春节后DeepSeek带来对中国资产的重估持续演绎，随后阿里云和AI基础设施投入超预期、以及Manus智能体的发布带动科技板块持续上涨。整体来看，一季度市场先抑后扬，沪深300指数下跌1.2%，创业板指数下跌1.8%。行业板块走势分化，有色、汽车、机械、计算机板块涨幅靠前，AI应用、人型机器人主题表现亮眼，煤炭、商贸零售、非银、石化板块跌幅较大。本基金在25年一季度操作中，股票仓位相比24年四季度略有下降，行业配置上提升了医药、机械等行业的比例，降低了食品饮料、计算机板块的权重。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:22.834Z","fund":{"_id":3000000000589,"stockCode":"000589","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-03-30T16:00:00.000Z","setUpScale":315569000,"market":"a","tickerId":589,"name":"光大保德信银发商机主题混合型证券投资基金","shortName":"光大保德信银发商机混合A","fundSecondLevel":"hybrid","fundStatus":"normal","lastUpdated":"2026-09-02T01:48:03.651Z","inceptionDate":"2014-04-28T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","pinyin":"gdbdxyfsjzthhxzqtzjj","masterFundShortName":"光大保德信银发商机混合","__csrcFundId":3610,"managers":[{"stockCode":"8801396361","stockType":"fund_manager","exchange":"fm","tickerId":304155890,"name":"陈栋"}]},"announcement":{"linkText":"光大保德信银发商机主题混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1271921","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec20ed4369c9c836d9260","date":"2024-12-30T16:00:00.000Z","stockId":3000000000589,"sao":"海外方面，上半年美联储降息预期反复，10年期美债利率高位震荡。日本央行在7月底开始了自结束负利率政策以来的首次加息，日元套息交易逆转导致海外市场波动加大。美联储自24年9月以来连续三次降息，联储主席称可能有必要放缓降息步伐，美元指数突破108，在岸人民币汇率逼近7.3。国内方面，1月央行降准和定向降息加大对实体经济的支持力度，2月央行超预期下调5年期LPR利率25bp；国资委的市值考核对“中”字头企业股价构成较强催化。4月国务院发布资本市场新国九条，强调“加强监管防范风险”以及高质量发展、聚焦以投资者为中心。4月底“统筹研究消化存量房产和优化增量住房的政策措施”提出，这是时隔8年再次提出房产去库存，随后各地地产政策持续放松，央行也取消房贷利率政策下限、下调首套房贷首付比例并下调公积金贷款利率。端午后白酒和消费板块受到一定负面影响。7月LPR下调10bp。9月国内宏观政策开启超预期转换，央行降息、降低存量房贷利率，并创设证券、基金、保险公司互换便利和股票回购增持再贷款等结构性货币政策工具为资本市场补充流动性，一线城市也再次调整购房政策；9月底的重要会议再议经济，并首次定调要促进房地产市场“止跌回稳”、努力提振资本市场和大力引导中长期资金入市，以及加大财政货币政策逆周期调节力度。10月初财政部的政策表态整体超预期，主要围绕化解风险，包括加大力度支持地方政府化债、补充国有大行资本金、允许专项债用于土地储备，并且表示中央财政还有较大举债和赤字提升空间。10月LPR下调25bp，定期存款利率下调25bp，是24年第二次存款降息。全国人大批准的12万亿化债有望缓解地方政府的财政压力，房产交易全面降税落地。12月的重要会议，提出“超常规逆周期政策调节，实施更加积极的财政政策”，时隔14年重提“适度宽松的货币政策”，并且表示要大力提振消费、提高投资收益，全方位扩大内需，政策发力方向将促进消费放在首位。临近年底，十年期国债收益率跌破1.7%创历史新低。整体来看，上半年市场经历了V型走势；三季度市场先抑后扬，9月底的宏观政策催化市场预期扭转，市场风险偏好大幅提升，海外资金对A股的关注度也显著提升；四季度宏观政策延续宽松基调，市场风险偏好维持高位，市场则冲高回落。全年来看，沪深300指数上涨14.7%，创业板指数上涨13.2%。行业板块走势分化，银行、非银、家电、通信板块涨幅靠前，医药、农业、消费者服务、地产板块跌幅较大。本基金在24年操作中，股票仓位相比23年底基本持平，行业配置上提升了银行、电子等行业的比例，降低了医药、地产板块的权重。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:22.828Z","mo":"展望2025年，需要关注国际变化和国内相应的应对举措；美联储降息步伐受制于美国潜在通胀压力；关税和汇率层面的因素或影响国内货币政策空间。年初的民营企业家座谈会有助于提升企业和市场信心。产业趋势层面，AI大模型研发和应用落地进展快速，DeepSeek的广泛部署有望提升各行业的生产力和企业盈利，由此带来的对中国资产的重估有望持续演绎；海外和本土的人形机器人量产临近，国内相关配套产业链或将受益于产业放量。低利率环境下，质量红利板块在调整后或迎来较好配置机会。本基金将围绕人口老龄化主题，在各个板块内相对均衡配置，适当关注以AI为代表的新技术带来的应用、端侧和算力层面的投资机会。","fund":{"_id":3000000000589,"stockCode":"000589","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-03-30T16:00:00.000Z","setUpScale":315569000,"market":"a","tickerId":589,"name":"光大保德信银发商机主题混合型证券投资基金","shortName":"光大保德信银发商机混合A","fundSecondLevel":"hybrid","fundStatus":"normal","lastUpdated":"2026-09-02T01:48:03.651Z","inceptionDate":"2014-04-28T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","pinyin":"gdbdxyfsjzthhxzqtzjj","masterFundShortName":"光大保德信银发商机混合","__csrcFundId":3610,"managers":[{"stockCode":"8801396361","stockType":"fund_manager","exchange":"fm","tickerId":304155890,"name":"陈栋"}]},"announcement":{"linkText":"光大保德信银发商机主题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=1253778","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec20ed4369c9c836d925f","date":"2024-09-29T16:00:00.000Z","stockId":3000000000589,"sao":"海外方面，日本央行在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，硅谷银行事件暴露加息负面影响，联储货币政策声明暗示加息逐渐临近终点，十年期美债利率回落到3.5%附近。国内方面，两会提出5%的全年经济增速目标，央行再次降准25bp。一月外资大幅流入1400亿元，创单月历史新高，期间权重白马股表现较好；2-3月受AI产业进展超预期影响，人工智能主题带动整个信息科技板块涨幅领先。5月初美联储再次加息25个基点，十年期美债利率升至3.9水平，人民币汇率同步走弱至7.26。国内经济修复趋缓，存款利率和LPR再次下调；相较于短期刺激而言，宏观政策层面仍保持定力，之后政策利好吹拂有助于市场风险偏好的提振。7月底美联储再次加息25个基点，美国经济和就业数据表现强劲，美元指数持续走强至106附近，十年期美债利率也上升到4.6%水平。国内7月的政治局会议提出要“活跃资本市场，提振投资者信心；适时调整优化房地产政策”。8月中旬央行在年内第二次下调基准利率，首套房贷款“认房不认贷”政策落地，证券交易印花税时隔15年也再度下调，证监会出台落实活跃资本市场的三项重要政策，二套房贷利率下限下调，存量房贷利率调整开启。在政策的累积效应之下，9月部分高频经济数据已有企稳态势。进入四季度，美联储连续两个月暂停加息，24年降息预期升温，十年期美债利率从5%高位回落至3.9%附近，人民币汇率企稳回升。中央金融工作会议强调有效防范化解重点领域金融风险、活跃资本市场；房地产领域的金融支持政策持续出台。12月的政治局会议讨论经济议题，在“稳中求进”的基调上，进一步强调“以进促稳，先立后破”。中央财政在四季度增发了1万亿国债，央行也在时隔一年多之后重启了PSL。全年来看，沪深300指数下跌11.4%，创业板指数下跌19.4%，行业和板块间分化明显。本基金在23年的操作上，一季度股票仓位相比22年四季度基本持平，行业配置上提升了计算机、电子等行业的比例，降低了非银、银行、电新板块的权重。二季度股票仓位相比23年一季度基本持平，行业配置上提升了银行、电子、非银等行业的比例，降低了医药、食品饮料、家电板块的权重。三季度股票仓位相比23年二季度有所下降，行业配置上提升了医药、银行、食品饮料等行业的比例，降低了非银、计算机、电子板块的权重。四季度股票仓位相比23年三季度有所上升，行业配置上提升了医药、电子、计算机等行业的比例，降低了银行、食品饮料、电力设备板块的权重。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:22.808Z","mo":"展望2024年，美联储降息预期虽有延后，但美债利率的整体回落预计将支撑新兴市场资产的估值。国内稳增长、稳预期等政策措施持续出台，有助于带动了市场对于资本市场改革的预期，市场流动性也得到一定程度的恢复。2月央行超预期下调5年期LPR利率25bp，有望缓解居民与企业端的融资压力。十年国债从2.5下行到2.4，突破了过去20年的新低。整体而言，目前A股市场的估值仍处于历史较低位置，国内经济预期存在上修的可能性，市场风险偏好也有进一步上行空间。红利与高股息风格作为一种有助于应对不确定性的资产，在低利率环境下配置价值仍然值得期待。科技产业趋势方面，AI大模型的“多模态、开源化、小型化、本地化”或是2024年的主要突破点，等待AI应用（尤其是Agent方向）的涌现。本基金将围绕人口老龄化主题，在各个块内相对均衡配置，适当关注低利率背景与国企改革预期推动下的高分红板块的配置价值，在AI技术进展迅速的当前，也将适当关注以人工智能为代表的新质生产力的投资机会。","fund":{"_id":3000000000589,"stockCode":"000589","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-03-30T16:00:00.000Z","setUpScale":315569000,"market":"a","tickerId":589,"name":"光大保德信银发商机主题混合型证券投资基金","shortName":"光大保德信银发商机混合A","fundSecondLevel":"hybrid","fundStatus":"normal","lastUpdated":"2026-09-02T01:48:03.651Z","inceptionDate":"2014-04-28T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","pinyin":"gdbdxyfsjzthhxzqtzjj","masterFundShortName":"光大保德信银发商机混合","__csrcFundId":3610,"managers":[{"stockCode":"8801396361","stockType":"fund_manager","exchange":"fm","tickerId":304155890,"name":"陈栋"}]},"announcement":{"linkText":"光大保德信银发商机主题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=1053864","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec20ed4369c9c836d925b","date":"2023-09-29T16:00:00.000Z","stockId":3000000000589,"sao":"7月底美联储再次加息25个基点，美国经济和就业数据表现强劲，美元指数持续走强至106附近，十年期美债利率也上升到4.6%水平。国内7月的政治局会议提出要“活跃资本市场，提振投资者信心；适时调整优化房地产政策”。8月中旬央行在年内第二次下调基准利率，首套房贷款“认房不认贷”政策落地，证券交易印花税时隔15年也再度下调，证监会出台落实活跃资本市场的三项重要政策，二套房贷利率下限下调，存量房贷利率调整开启。在政策的累积效应之下，9月部分高频经济数据已有企稳态势。整体来看，三季度沪深300指数下跌4.0%，创业板指数下跌9.5%。行业板块走势分化，非银、煤炭、石化、钢铁等板块表现较好，电力设备、传媒、计算机、通信等行业表现落后。本基金在23年三季度操作中，股票仓位相比23年二季度有所下降，行业配置上提升了医药、银行、食品饮料等行业的比例，降低了非银、计算机、电子板块的权重。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:22.802Z","fund":{"_id":3000000000589,"stockCode":"000589","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-03-30T16:00:00.000Z","setUpScale":315569000,"market":"a","tickerId":589,"name":"光大保德信银发商机主题混合型证券投资基金","shortName":"光大保德信银发商机混合A","fundSecondLevel":"hybrid","fundStatus":"normal","lastUpdated":"2026-09-02T01:48:03.651Z","inceptionDate":"2014-04-28T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","pinyin":"gdbdxyfsjzthhxzqtzjj","masterFundShortName":"光大保德信银发商机混合","__csrcFundId":3610,"managers":[{"stockCode":"8801396361","stockType":"fund_manager","exchange":"fm","tickerId":304155890,"name":"陈栋"}]},"announcement":{"linkText":"光大保德信银发商机主题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=989708","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec20ed4369c9c836d925a","date":"2023-06-29T16:00:00.000Z","stockId":3000000000589,"sao":"二月、三月美联储分别加息25个基点，硅谷银行事件暴露加息负面影响，联储货币政策声明暗示加息逐渐临近终点，十年期美债利率回落到3.5%附近。国内方面，两会提出5%的全年经济增速目标，央行再次降准25bp。一月外资大幅流入1400亿元，创单月历史新高，期间权重白马股表现较好；2-3月受AI产业进展超预期影响，人工智能主题带动整个信息科技板块涨幅领先。本基金在23年一季度操作中，股票仓位相比22年四季度基本持平，行业配置上提升了计算机、电子等行业的比例，降低了非银、银行、电新板块的权重。5月初美联储再次加息25个基点，十年期美债利率升至3.9水平，人民币汇率同步走弱至7.26。国内经济修复趋缓，存款利率和LPR再次下调；相较于短期刺激而言，宏观政策层面仍保持定力。之后政策利好吹拂有助于市场风险偏好的提振。本基金在23年二季度操作中，股票仓位相比23年一季度基本持平，行业配置上提升了银行、电子、非银等行业的比例，降低了医药、食品饮料、家电板块的权重。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:22.797Z","mo":"展望下半年，美元加息周期临近尾声，但美债利率预计仍将在高位震荡，美国经济的韧性对于国内机械等制造业出口的拉动大概率仍能持续。7月底的重要会议释放了较为明显的提振经济的信号，对于地产行业的表述“适应我国房地产市场供求关系发生重大变化的新形势，适时调整优化房地产政策”定调了下一步的政策方向，观察后续地产销售的恢复对于经济的稳定作用；存量房贷利率将陆续下调、公积金提取政策的放宽，对于居民收入的增厚效应预计将会在消费端有所体现；下半年财政端的发力对于经济的作用也值得期待。当前市场整体估值不高，年初以来行业板块轮动快速，人工智能作为中长期提升要素生产力的重要变量，在应用端的机会值得挖掘；大金融板块作为权益市场的重要组成部分，从估值和分红角度具有吸引力；消费板块在调整之后，预期普遍处于低位，具有一定的配置价值；医药板块在集中整治之后，相信真正有核心竞争力和创新能力的公司也将脱颖而出。本基金将围绕人口老龄化主题，在各个板块内相对均衡配置，除了关注经济修复主线之外，对于数字经济和人工智能等科技板块也将予以适当关注。","fund":{"_id":3000000000589,"stockCode":"0005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季度累计加息150bp，十年期美债利率突破4%区间，创了2010年以来的新高；美国经济衰退预期上升，全球风险资产出现较大波动。7月局部零星地区的楼盘延迟交付事件加剧了对于地产下行的担忧，8月开始，新一轮稳增长政策进一步发力，包括通过政策性银行“保交楼”，9月底央行、银保监会放宽部分城市首套住房贷款利率下限，各地的地产政策也在继续放松。国内货币层面继续宽松，8月LPR非对称降息、9月下调定期存款利率，在美元大幅走强背景下，人民币汇率突破7.2。市场方面，在多个内外部因素的扰动之下，三季度整体市场持续走弱。整体来看，三季度沪深300指数下跌15.2%，创业板指数下跌18.6%。行业板块走势分化，煤炭、电力公用事业、石油石化、地产等板块表现较好，建材、电子、传媒、医药等行业表现落后。本基金在22年三季度操作中，股票仓位相比22年二季度有所提升，行业配置上提升了非银、银行、计算机等行业的比例，降低了电子、医药、有色板块的权重。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:22.782Z","fund":{"_id":3000000000589,"stockCode":"000589","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-03-30T16:00:00.000Z","setUpScale":315569000,"market":"a","tickerId":589,"name":"光大保德信银发商机主题混合型证券投资基金","shortName":"光大保德信银发商机混合A","fundSecondLevel":"hybrid","fundStatus":"normal","lastUpdated":"2026-09-02T01:48:03.651Z","inceptionDate":"2014-04-28T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","pinyin":"gdbdxyfsjzthhxzqtzjj","masterFundShortName":"光大保德信银发商机混合","__csrcFundId":3610,"managers":[{"stockCode":"8801396361","stockType":"fund_manager","exchange":"fm","tickerId":304155890,"name":"陈栋"}]},"announcement":{"linkText":"光大保德信银发商机主题混合型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=806170","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec20ed4369c9c836d9256","date":"2022-06-29T16:00:00.000Z","stockId":3000000000589,"sao":"央行于1月再度下调1年期LPR和5年期以上LPR。2月下旬爆发的俄乌冲突及欧美对俄制裁显著影响了全球原油金属和谷物等大宗商品价格，也对市场的风险偏好造成较大影响。3月份开始经济迎来较大挑战，在稳增长的导向之下，国内多个城市的地产政策开始放松；而美联储则在3月启动自2018年底停止加息周期后的首次加息，十年期美债利率触及2.5%的高位。市场方面，去年表现亮眼的部分高估值板块出现一定幅度调整，稳增长相关的低估值板块相对收益明显。本基金在22年一季度操作中，股票仓位相比21年四季度略有上升，行业配置上提升了银行、计算机、电力设备等行业的比例，降低了电子、医药、非银板块的权重。4月虽然国内多地经济仍面临较大挑战，但随着月底 “稳增长“信号明确释放，5月之后复工复产有序推进；美联储议息会议则打消了市场对于激进加息的担忧，十年期美债利率在6月中旬触及3.5%的高位后回落至3%以下。二季度强势的美元指数则在4-5月对人民币汇率构成阶段性的扰动。市场方面，在相对宽松的国内流动性环境支撑下，二季度整体市场呈现探底回升的走势。本基金在22年二季度操作中，股票仓位相比22年一季度基本持平，行业配置上提升了食品饮料、计算机、电子等行业的比例，降低了银行、电力设备、家电板块的权重。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:22.777Z","mo":"展望下半年，美联储加息缩表仍在推进，但对市场的边际影响趋于减弱，美国经济的衰退预期成为海外市场的主要矛盾。国内流动性环境仍较为宽松，超预期的社融总量和结构验证了经济复苏的进程，预计稳增长相关的基建和地产还会有阶段性机会，但以数字化和碳中和为主的科技成长或仍会是中长期的投资主线。市场层面，前期从制造业修复到消费复苏都已得到较为充分的演绎，热门的赛道板块交易开始变得拥挤；同时经济复苏预期摇摆，预计市场将进入震荡休整阶段。宏观层面需要关注地产的减速、海外需求回落对经济的影响，以及国内流动性和信用的边际变化。本基金将围绕人口老龄化主题，在科技、消费、金融板块内相对均衡配置，适当关注国内稳增长链条，重点关注科技、消费医药板块在调整后的机会。","fund":{"_id":3000000000589,"stockCode":"000589","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-03-30T16:00:00.000Z","setUpScale":315569000,"market":"a","tickerId":589,"name":"光大保德信银发商机主题混合型证券投资基金","shortName":"光大保德信银发商机混合A","fundSecondLevel":"hybrid","fundStatus":"normal","lastUpdated":"2026-09-02T01:48:03.651Z","inceptionDate":"2014-04-28T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","pinyin":"gdbdxyfsjzthhxzqtzjj","masterFundShortName":"光大保德信银发商机混合","__csrcFundId":3610,"managers":[{"stockCode":"8801396361","stockType":"fund_manager","exchange":"fm","tickerId":304155890,"name":"陈栋"}]},"announcement":{"linkText":"光大保德信银发商机主题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=784774","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec20ed4369c9c836d9255","date":"2022-03-30T16:00:00.000Z","stockId":3000000000589,"sao":"央行于1月再度下调1年期LPR和5年期以上LPR。2月下旬爆发的俄乌冲突及欧美对俄制裁显著影响了全球原油金属和谷物等大宗商品价格，也对市场的风险偏好造成较大影响。3月份国内多地新冠疫情超预期，给经济带来较大挑战；在稳增长的导向之下，国内多个城市的地产政策开始放松；而美联储则在3月启动自2018年底停止加息周期后的首次加息，十年期美债利率触及2.5%的高位。市场方面，去年表现亮眼的部分高估值板块出现一定幅度调整，稳增长相关的低估值板块相对收益明显。整体来看，一季度沪深300指数下跌14.5%，创业板指数则下跌20%。行业板块走势分化，煤炭、地产、银行、农业等板块表现较好，电子、军工、汽车、家电等行业表现落后。本基金在22年一季度操作中，股票仓位相比21年四季度略有上升，行业配置上提升了银行、计算机、电力设备等行业的比例，降低了电子、医药、非银板块的权重。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:22.772Z","fund":{"_id":3000000000589,"stockCode":"000589","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-03-30T16:00:00.000Z","setUpScale":315569000,"market":"a","tickerId":589,"name":"光大保德信银发商机主题混合型证券投资基金","shortName":"光大保德信银发商机混合A","fundSecondLevel":"hybrid","fundStatus":"normal","lastUpdated":"2026-09-02T01:48:03.651Z","inceptionDate":"2014-04-28T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","pinyin":"gdbdxyfsjzthhxzqtzjj","masterFundShortName":"光大保德信银发商机混合","__csrcFundId":3610,"managers":[{"stockCode":"8801396361","stockType":"fund_manager","exchange":"fm","tickerId":304155890,"name":"陈栋"}]},"announcement":{"linkText":"光大保德信银发商机主题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=727154","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec20ed4369c9c836d9254","date":"2021-12-30T16:00:00.000Z","stockId":3000000000589,"sao":"2021年春节前的市场延续了2020年底以来的强势表现，以“茅指数成分股”为代表的各行业龙头屡创新高；节后则出于对全球通胀预期、美债长端利率快速上行的担忧，A股和港股市场均出现一轮快速下跌，前期被抱团的高估值“核心资产”跌幅明显。整体上一季度A股市场呈现冲高回落的走势，但结构上较为分化，周期和金融板块表现较优，消费和科技板块相对较弱。二季度美债长端利率逐月回落，对新兴市场权益资产估值的压制有所减小，同时美元指数也整体走弱，人民币阶段性压力缓解；同期国内政策环境相对温和，微观流动性较为充裕，通胀预期也随着大宗商品价格的回落而有所缓解。A股市场在前期的快速下跌之后迎来反弹，但结构上分化明显，以创业板为代表的成长风格表现亮眼。三季度的十年期美债利率先降后升，季度末再次回到1.5%以上。国内三季度初的教育“双减”政策引发市场对于后续政策不确定性的担忧，8月份医药和白酒板块也再次受到政策层面的影响，同时国内多地疫情的反复也给经济和市场带来一定的负面影响。三季度市场整体呈窄幅震荡走势，但结构分化明显，受益于短期供需错配的周期板块表现亮眼，而受政策影响的消费板块普遍下跌。四季度美联储议息会议显示加息缩表有可能提前，十年期美债利率在1.5%附近窄幅震荡；国内方面则随着经济下行压力有所加大，12月份央行降准快速落地，国家重提“六稳六保”政策，其后的中央经济工作会议也释放出较为明确的“稳增长”信号。市场方面，10-11月份市场风格延续了年度景气趋势板块，12月份前期强势板块出现一定幅度回调，而基建和地产相关板块开始企稳回升。全年来看，沪深300指数下跌5.2%，创业板指数上涨12%，但行业和板块间分化明显。本基金在操作上，一季度股票仓位相比20年四季度略有提升，行业配置上提升了家电、食品饮料、医药、银行等行业的比例，降低了电力设备、地产、非银板块的权重。二季度股票仓位相比一季度略有提升，行业配置上提升了医药、电子、计算机等行业的比例，降低了家电、银行、电力设备板块的权重。三季度股票仓位相比二季度略有下降，行业配置上提升了计算机、电力设备、机械等行业的比例，降低了电子、银行、食品饮料板块的权重。四季度股票仓位相比三季度略有下降，行业配置上提升了计算机、银行、食品饮料等行业的比例，降低了电子、家电、机械板块的权重。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T12:50:22.767Z","mo":"展望2022年，海外经济快速复苏，美国CPI创下近40年来新高，美联储激进加息预期上升，十年期美债利率突破2%，叠加地缘政治风险压制风险偏好，需要留意海外市场的调整对国内市场的潜在扰动。国内方面，随着经济下行压力有所加大，中央经济工作会议释放出较为明确的“稳增长”信号，央行再度下调1年期LPR和5年期以上LPR，预计2022年整体会有相对宽松的财政和货币政策。市场风格方面预计相比2021年或会趋于平衡，稳增长相关的基建和地产会可能有阶段性机会，但以数字化和碳中和为主的科技成长还会是中长期的投资主线。宏观层面需要关注政策的调控信号，以及流动性和信用的边际变化。个股的选择上需要平衡好产业前景与估值水平。本基金将围绕人口老龄化主题，在科技、消费、金融板块内相对均衡配置，适当关注国内稳增长的主线，逐步布局科技、消费医药板块在调整后的机会。","fund":{"_id":3000000000589,"stockCode":"000589","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-03-30T16:00:00.000Z","setUpScale":315569000,"market":"a","tickerId":589,"name":"光大保德信银发商机主题混合型证券投资基金","shortName":"光大保德信银发商机混合A","fundSecondLevel":"hybrid","fundStatus":"normal","lastUpdated":"2026-09-02T01:48:03.651Z","inceptionDate":"2014-04-28T16:00:00.000Z","fundCollectionId":4000050360000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