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CPI 温和回升， PPI 高位缓慢回落，货币政策或维持中性。疫苗接种继续推动服务业开放，美欧经济的改善幅度高于中国，下半年中美经济增长差预计将恶化，或形成一定的外资流出压力。全球通胀超预期，但压力最大阶段已过，下半年美联储货币政策或迎来拐点。A股市场在货币政策难以系统性宽松的预期下，预计市场整体上行空间有限。下半年市场大概率处于区间震荡状态。资金面回暖，业绩与盈利能力反弹可持续，总体对市场持谨慎乐观的判断，关注高景气度的赛道，相对看好成长风格及中小盘风格。","fund":{"_id":3000000000844,"__csrcFundId":3727,"stockCode":"000844","name":"南方绝对收益策略定期开放混合型发起式证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":844,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T17:40:14.077Z","status":"normal","exchange":"jj","shortName":"南方绝对收益策略定开混合发起(000844)","inceptionDate":"2014-11-30T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方绝对收益策略定开混合发起","pinyin":"nfjdsycldqkfhhxfqszqtzjj","managers":[{"stockCode":"db20906653","stockType":"fund_manager","exchange":"fm","tickerId":240712237410,"name":"许公磊"},{"stockCode":"db20773619","stockType":"fund_manager","exchange":"fm","tickerId":202404237410,"name":"唐小东"}]},"announcement":{"linkText":"南方绝对收益策略定期开放混合型发起式证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=636742","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec273d4369c9c836dc92c","stockId":3000000000844,"sao":"2021年1季度，本基金投资主要包括量化对冲操作及现金管理。量化对冲部分：使用包括风格趋势模型及量化基本面模型选股构建多头组合，同时使用沪深300股指期货为空头，对冲市场系统性风险。债券投资：高等级信用债。现金管理部分：交易所回购。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:03.424Z","fund":{"_id":3000000000844,"__csrcFundId":3727,"stockCode":"000844","name":"南方绝对收益策略定期开放混合型发起式证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":844,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T17:40:14.077Z","status":"normal","exchange":"jj","shortName":"南方绝对收益策略定开混合发起(000844)","inceptionDate":"2014-11-30T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方绝对收益策略定开混合发起","pinyin":"nfjdsycldqkfhhxfqszqtzjj","managers":[{"stockCode":"db20906653","stockType":"fund_manager","exchange":"fm","tickerId":240712237410,"name":"许公磊"},{"stockCode":"db20773619","stockType":"fund_manager","exchange":"fm","tickerId":202404237410,"name":"唐小东"}]},"announcement":{"linkText":"南方绝对收益策略定期开放混合型发起式证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=575746","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec273d4369c9c836dc92b","stockId":3000000000844,"sao":"2020年，本基金投资主要包括量化对冲操作及现金管理。量化对冲部分：使用包括风格趋势模型及量化基本面模型选股构建多头组合，同时使用沪深300股指期货为空头，对冲掉市场系统性风险。债券投资：高等级信用债。现金管理部分：交易所回购。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:03.417Z","mo":"展望2021年，新冠疫情控制与疫苗接种仍稳步推进，经济重启与增速反弹确定性强。尽管全球流动性大幅扩张，但就业与需求不足产能利用率低，全球通胀预计将温和反弹。全球货币政策预计边际收紧，美国长端利率小幅上行。美国可能再推一万亿美元左右新财政刺激计划，欧盟复兴法案亦将逐步落地，为全球经济托底。中国货币政策不急转弯，全年或保持中性偏紧。当前 A 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