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ROE、净利润率、市场占有率、行业成长空间等进行深度研究，同时利用 AI 辅助研究，通过 DCF 模型对股票进行估值，并根据公司不同的质地等级设定不同的买入折价率。3、债券资产的投资策略：采取中性久期、低信用风险的配置策略，严格控制债券投资风险。4、公司投研团队秉持统一的投资理念，在研究上重点聚焦对公司可持续竞争优势、增长前景和估值的分析。基金经理与研究员均深度参与研究。公司内部建立了完善的研究讨论与分享机制。（二）重要的买入与卖出    报告期内，基金以固收类资产持仓为主，债券部分重点买入持有中短久期利率债，并在合适时机交易获得部分资本利得。同时持有部分中长期限利率债进行一定的久期策略相关交易。基于灵活配置策略，基金在本季度将16%的资产配置于股票资产上，重点买入了以下股票：（1）盾安环境：公司是空调阀件领域的龙头公司。公司的核心产品制造工序复杂、软硬件相结合，具有较高的行业竞争壁垒，公司的产品性能优势、成本优势和规模优势较为突出。近两年以来，随着新的控股股东入主，公司在空调阀件领域的业务恢复稳步发展，在新能源汽车热管理领域以近翻倍的速度快速发展，市场份额快速增加。在成长性上，新能源汽车热管理的单车价值量是传统燃油汽车的三倍，市场空间广阔。在这样的机遇面前，随着公司凭借自身的竞争优势，公司大概率将持续创造价值。根据我们的估值模型，在买入时公司的估值存在折价。这种折价来自于市场对家电行业景气度的过度担忧。（2）海尔智家：公司在冰箱和洗衣机等业务上具有性能领先的优势，卡萨帝品牌更是塑造了高性能高质量的品牌形象。同时，公司的成本优势和规模优势明显，不仅在长期的竞争中打败了日韩的家电企业，更是在海外市场持续拓展。目前，公司冰箱和洗衣机业务均是国内的龙一。更为重要的是，公司是国内极少数很早就走向国际化并在国际化上取得成功的企业，尤其是在收购美国GE家电业务后，整合效果良好。公司的海外业务快速发展，目前海外营收占比已经超过一半，在国际化上积累了丰富的经验。公司目前正处于在国际市场利用自身的成本优势和规模优势，进一步持续扩大自身的产品线和品牌影响力的阶段。根据我们的估值模型，在买入时公司的估值存在折价，这种折价来自于市场对美国关税以及国内家电补贴退坡影响的过度悲观预期。（3）海螺水泥：公司在国内水泥行业的龙头公司，在长期的竞争中建立了突出的成本优势，这种成本优势来自于矿山原材料优势、规模优势、T型区域布局战略等。近两年，在全行业普遍亏损的情况下，公司依靠自身的竞争优势仍能保持较好的盈利状态。当前的行业处于景气低点，使得公司的估值处于低位。根据我们的估值模型，在买入时公司的估值存在明显折价。（4）宁德时代：公司是全球领先的动力电池系统提供商，专注于新能源汽车动力电池系统、储能系统的研发、生产和销售。根据 SNE Research 发布的 2024 年全球动力电池装车量榜单，宁德时代以 37.9%的市场占有率位列全球第一，连续第八年稳居全球第一。公司通过在产品创新方面的系列专利技术，获得了产品性能领先优势。同时通过规模经济获得较高的成本优势。动力电池下游应用日趋广泛，储能大规模商用尚处于早期阶段，公司未来成长空间广阔。根据我们的估值模型测算，公司目前估值仍未充分体现公司价值。（5）淮北矿业：公司业务覆盖了煤炭开采到炼焦、甲醇生产、煤化工、煤泥矸石发电的煤炭全链条综合开发能力。公司在淮北矿区拥有丰富的优质炼焦煤储备，其开采成本处于全行业较低位置，且有距下游市场较近，水运条件好的特点。再加上当前焦煤价格处于较低位置，根据我们的估值模型测算，买入时公司的估值存在明显折价。（三）“好基金+好买点”的基金投资理念    我们认为基金投资要获取较好的投资收益，需要具备“好基金+好买点”两个条件：（1）所谓“好基金”，指的是具有明确、具体、可行的投资策略，并通过重要的交易执行和一定时间长度的投资业绩验证了其相关投资策略的基金。我们努力将本基金打造成这样的基金。（2）所谓“好买点”指的是基金投资的时点选择也非常重要。因为本基金采取灵活的资产配置策略，并对权益投资的配置采取灵活择时策略，一定程度上降低了购买时点对投资回报的影响，因此对于长期布局权益资产的投资者，配置本基金时投资收益受对择时的依赖较小。","lastUpdated":"2026-04-22T15:32:55.793Z","fund":{"_id":3000000000892,"stockCode":"000892","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-23T16:00:00.000Z","setUpScale":215045000,"market":"a","tickerId":892,"custody":"中国农业银行股份有限公司","name":"九泰天宝灵活配置混合型证券投资基金","shortName":"九泰天宝混合(000892)","fundSecondLevel":"hybrid","__csrcFundId":4207,"fundStatus":"normal","lastUpdated":"2026-04-30T17:40:58.484Z","masterFundFlag":1,"inceptionDate":"2015-07-22T16:00:00.000Z","fundCollectionId":4000050980000,"currency":"CNY","masterFundShortName":"九泰天宝混合","pinyin":"jttblhpzhhxzqtzjj","managers":[{"stockCode":"db20834322","stockType":"fund_manager","exchange":"fm","tickerId":120806215800,"name":"刘翰飞"},{"stockCode":"db20769062","stockType":"fund_manager","exchange":"fm","tickerId":2306208900,"name":"王璠"}]},"announcement":{"linkText":"九泰天宝灵活配置混合型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1481729","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec286d4369c9c836dd107","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000000892,"sao":"报告期内，本基金以债券投资为主，整体投资策略在坚持上一个报告期策略核心下，根据债券市场行情及负债端变化作了一定调整。（一）债券投资策略（1）在债券投资策略上，本基金基于2025年前三季度债市震荡行情和“资产荒”的大背景下，选择攻守兼备的“哑铃型”策略，其特点在于久期调整灵活，享有较大的凸性，有利于在收益率下行时收益较多，在收益率上行时回调较小。本基金注重久期管理，严控产品回撤。在负债端稳定和资金价格有利的情况下，将适时运用杠杆策略增厚收益。（2）本基金以中高等级城投债、利率债及逆回购为主要投资品种。四季度以来经济数据加速走弱，显示内需依然承压，股市在年末转向震荡、商品价格未见明显提振信号。截至四季度末，组合持仓根据负债端变化以短利率、逆回购及现金资产为主。鉴于四季度债市震荡偏弱，组合久期始终维持在偏低水平，本报告期内基金未采用杠杆策略。（二）城投债择券思路我们认为，随着国家化债决策的坚定实施，在未来较长一段时间内，城投债依然是固定收益资产中具有较高投资价值的备选。在城投债择券上，一方面，自上分析宏观利率大环境、国家财政、货币及城投相关政策，把握城投债长期趋势；另一方面，自下深入研究挖掘各区域城投债标的投资机会，寻找超额收益。具体择券思路上，我们注重从（不限于）以下三个方面进行城投债择券和最大化规避信用风险：（1）重点关注中高资质区域，控制债务负担较重、偿债能力较弱区域的投资比例并提高其等级要求；针对弱资质区域债券，优先投资有担保条款的债券标的；关注化债重点省份城投债的投资机会；同时重视对单个区域持仓集中度进行控制，分散风险。（2）除了关注平台所处区域外，同时关注平台的级别和重要性，主要聚焦省会级、地级市或百强县头部平台，以及地方财政部门或国资部门单一股东控股平台。（3）密切关注城投平台财务质量、银行授信变动、隐含评级变动、区域舆情变化等情况，第一时间评估其对个券信用风险和个券估值的影响。公司已建立完善的信评内控流程，相关制度和风控指标建设完备，基金始终将信用风险把控摆在固收投资首要位置。（三）“好基金+好买点”的基金投资理念我们认为基金投资要获取较好的投资收益，需要具备“好基金+好买点”两个条件。（1）所谓“好基金”，指的是具有明确、具体、可行的投资策略，并通过重要的交易执行和一定时间长度的投资业绩验证了其相关投资策略的基金。我们努力将本基金打造成这样的基金。（2）所谓“好买点”指的是基金投资的时点选择也非常重要。在市场估值较低时买入基金，获得好的投资收益的概率更高。随着中国经济体量的不断增大和经济发展自有规律的作用，长期来看，潜在经济增速预计会有所下行，并大概率推动广谱利率中枢也随之趋势性下行。在此情形下，债券品种依然存在一定的资本利得空间，其仍然是重要的投资品种。同时，在国家坚定的化债决心下，城投债的信用风险得到了极大释放，尽管信用利差已大幅收窄，但化债导致的高息“资产荒”大背景下，城投债依然存在一定的挖掘空间。","lastUpdated":"2026-03-09T12:52:22.430Z","fund":{"_id":3000000000892,"stockCode":"000892","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-23T16:00:00.000Z","setUpScale":215045000,"market":"a","tickerId":892,"custody":"中国农业银行股份有限公司","name":"九泰天宝灵活配置混合型证券投资基金","shortName":"九泰天宝混合(000892)","fundSecondLevel":"hybrid","__csrcFundId":4207,"fundStatus":"normal","lastUpdated":"2026-04-30T17:40:58.484Z","masterFundFlag":1,"inceptionDate":"2015-07-22T16:00:00.000Z","fundCollectionId":4000050980000,"currency":"CNY","masterFundShortName":"九泰天宝混合","pinyin":"jttblhpzhhxzqtzjj","managers":[{"stockCode":"db20834322","stockType":"fund_manager","exchange":"fm","tickerId":120806215800,"name":"刘翰飞"},{"stockCode":"db20769062","stockType":"fund_manager","exchange":"fm","tickerId":2306208900,"name":"王璠"}]},"announcement":{"linkText":"九泰天宝灵活配置混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1461231","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec286d4369c9c836dd106","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000000892,"sao":"报告期内，本基金以债券投资为主，整体投资策略在坚持上一个报告期策略核心下，根据债券市场行情变化作了一定调整。（一）债券投资策略（1）在债券投资策略上，本基金基于长期利率中枢持续下行和“资产荒”的大背景，选择攻守兼备的“哑铃型”策略，其特点在于久期调整灵活，享有较大的凸性，有利于在收益率下行时收益较多，在收益率上行时回调较小。本基金重视久期策略，注重久期管理，严控产品回撤。在负债端稳定和资金价格有利的情况下，将适时运用杠杆策略增厚收益。（2）本基金以中高等级城投债、利率债及逆回购为主要投资品种。三季度信用债收益率整体呈上行态势，尤其9月上行幅度较大；信用利差方面，中短期票据、企业债、城投债整体呈中短端收窄，长端走阔态势。截至三季度末，组合持仓以短久期、中高等级城投债作为底层资产，以获取稳定的票息收益和高流动性；同时对持仓中以波段交易为主的长端利率债进行减仓，以降低组合久期。鉴于三季度债市整体偏弱，组合久期始终维持在中性偏低水平，本报告期内基金未采用杠杆策略。（二）城投债择券思路我们认为，随着国家化债决策的坚定实施，在未来较长一段时间内，城投债依然是固定收益资产中具有较高投资价值的备选。在城投债择券上，一方面，自上分析宏观利率大环境、国家财政、货币及城投相关政策，把握城投债长期趋势；另一方面，自下深入研究挖掘各区域城投债标的投资机会，寻找超额收益。具体择券思路上，我们注重从（不限于）以下三个方面进行城投债择券和最大化规避信用风险：（1）重点关注中高资质区域，控制债务负担较重、偿债能力较弱区域的投资比例并提高其等级要求；针对弱资质区域债券，优先投资有担保条款的债券标的；关注化债重点省份城投债的投资机会；同时重视对单个区域持仓集中度进行控制，分散风险。（2）除了关注平台所处区域外，同时关注平台的级别和重要性，主要聚焦省会级、地级市或百强县头部平台，以及地方财政部门或国资部门单一股东控股平台。（3）密切关注城投平台财务质量、银行授信变动、隐含评级变动、区域舆情变化等情况，第一时间评估其对个券信用风险和个券估值的影响。公司已建立完善的信评内控流程，相关制度和风控指标建设完备，基金始终将信用风险把控摆在固收投资首要位置。（三）“好基金+好买点”的基金投资理念我们认为基金投资要获取较好的投资收益，需要具备“好基金+好买点”两个条件。（1）所谓“好基金”，指的是具有明确、具体、可行的投资策略，并通过重要的交易执行和一定时间长度的投资业绩验证了其相关投资策略的基金。我们努力将本基金打造成这样的基金。（2）所谓“好买点”指的是基金投资的时点选择也非常重要。在市场估值较低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增大和经济发展自有规律的作用，长期来看，潜在经济增速预计会有所下行，并大概率推动广谱利率中枢也随之趋势性下行。在此情形下，债券品种依然存在一定的资本利得空间，其仍然是重要的投资品种。同时，在国家坚定的化债决心下，城投债的信用风险得到了极大释放，尽管信用利差已大幅收窄，但化债导致的高息“资产荒”大背景下，城投债依然存在一定的挖掘空间。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:22.410Z","fund":{"_id":3000000000892,"stockCode":"000892","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-23T16:00:00.000Z","setUpScale":215045000,"market":"a","tickerId":892,"custody":"中国农业银行股份有限公司","name":"九泰天宝灵活配置混合型证券投资基金","shortName":"九泰天宝混合(000892)","fundSecondLevel":"hybrid","__csrcFundId":4207,"fundStatus":"normal","lastUpdated":"2026-04-30T17:40:58.484Z","masterFundFlag":1,"inceptionDate":"2015-07-22T16:00:00.000Z","fundCollectionId":4000050980000,"currency":"CNY","masterFundShortName":"九泰天宝混合","pinyin":"jttblhpzhhxzqtzjj","managers":[{"stockCode":"db20834322","stockType":"fund_manager","exchange":"fm","tickerId":120806215800,"name":"刘翰飞"},{"stockCode":"db20769062","stockType":"fund_manager","exchange":"fm","tickerId":2306208900,"name":"王璠"}]},"announcement":{"linkText":"九泰天宝灵活配置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=1276898","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec286d4369c9c836dd103","date":"2024-12-30T16:00:00.000Z","stockId":3000000000892,"sao":"报告期内，本基金更换了基金经理，并对投资策略进行了优化。面对多空交织、复杂多变的市场环境，基于今后较长时间的经济基本面和资本市场的总体判断，相较于权益类资产，固收类资产在获取稳健收益方面更具确定性，本基金确立了以债券为主的投资策略，并将长期坚持该投资策略。（一）债券投资策略（1）在债券投资策略上，本基金基于长期利率中枢持续下行和“资产荒”的大背景，选择攻守兼备的“哑铃型”策略 +“票息策略”，其特点在于久期调整灵活，享有较大的凸性，有利于在收益率下行时收益较多，在收益率上行时回调较小。本基金重视久期策略，注重久期管理，严控产品回撤。在负债端情况和资金价格较为有利的情况，适时适当运用杠杆策略增厚收益。（2）报告期末，本基金以利率债、逆回购和中高等级城投债为主要持仓品种。持仓以利率债和逆回购打底，获取稳健收益，同时配置具有一定票息优势的中高等级城投债增厚收益。（二）城投债择券思路我们认为，随着国家化债决策的坚定实施，在未来较长一段时间内，城投债依然是固定收益资产中具有较高投资价值的备选。在城投债择券上，一方面，自上分析宏观利率大环境、国家财政、货币及城投相关政策，把握城投债长期趋势；另一方面，自下深入研究挖掘各区域城投债标的投资机会，寻找超额收益。具体择券思路上，我们注重从（不限于）以下三个方面进行城投债择券和最大化规避信用风险：（1）重点关注中高资质区域，控制债务负担较重、偿债能力较弱区域的投资比例并提高其等级要求；针对弱资质区域债券，优先投资有担保条款的债券标的；关注化债重点省份城投债的投资机会；同时重视对单个区域持仓集中度进行控制，分散风险。（2）除了关注平台所处区域外，同时关注平台的级别和重要性，主要聚焦省会级、地级市或百强县头部平台，以及地方财政部门或国资部门单一股东控股平台。（3）密切关注城投平台财务质量、银行授信变动、隐含评级变动、区域舆情变化等情况，第一时间评估其对个券信用风险和个券估值的影响。公司已建立完善的信评内控流程，相关制度和风控指标建设完备，基金始终将信用风险把控摆在固收投资首要位置。（三）“好基金+好买点”的基金投资理念我们认为基金投资要获取较好的投资收益，需要具备“好基金+好买点”两个条件。（1）所谓“好基金”，指的是具有明确、具体、可行的投资策略，并通过重要的交易执行和一定时间长度的投资业绩验证了其相关投资策略的基金。我们努力将本基金打造成这样的基金。（2）所谓“好买点”指的是基金投资的时点选择也非常重要。在市场估值较低时买入基金，获得好的投资收益的概率更高。随着中国经济体量的不断增大和经济发展自有规律的作用，长期来看，潜在经济增速预计会有所下行，并大概率推动广谱利率中枢也随之趋势性下行。在此情形下，债券品种依然存在一定的资本利得空间，其仍然是重要的投资品种。同时，在国家坚定的化债决心下，城投债的信用风险得到了极大释放，尽管信用利差已大幅收窄，但化债导致的高息“资产荒”大背景下，城投债依然存在一定的挖掘空间。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:22.403Z","mo":"宏观经济方面，中国经济长期向好的基本趋势没有改变，支撑中国经济高质量发展的要素条件在不断积累增多。但同时，中国GDP增速从高速增长（2000-2010年均10%左右）逐步过渡到中高速（当前5%附近），中国经济发展进入了新常态。长期来看，经济体量不断变大后的自身经济规律、人口老龄化、资本回报率下降等因素也可能会压低潜在增速，并大概率推动广谱利率中枢也随之趋势性下行。","fund":{"_id":3000000000892,"stockCode":"000892","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-23T16:00:00.000Z","setUpScale":215045000,"market":"a","tickerId":892,"custody":"中国农业银行股份有限公司","name":"九泰天宝灵活配置混合型证券投资基金","shortName":"九泰天宝混合(000892)","fundSecondLevel":"hybrid","__csrcFundId":4207,"fundStatus":"normal","lastUpdated":"2026-04-30T17:40:58.484Z","masterFundFlag":1,"inceptionDate":"2015-07-22T16:00:00.000Z","fundCollectionId":4000050980000,"currency":"CNY","masterFundShortName":"九泰天宝混合","pinyin":"jttblhpzhhxzqtzjj","managers":[{"stockCode":"db20834322","stockType":"fund_manager","exchange":"fm","tickerId":120806215800,"name":"刘翰飞"},{"stockCode":"db20769062","stockType":"fund_manager","exchange":"fm","tickerId":2306208900,"name":"王璠"}]},"announcement":{"linkText":"九泰天宝灵活配置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=1258253","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec286d4369c9c836dd102","date":"2024-09-29T16:00:00.000Z","stockId":3000000000892,"sao":"三季度，中国经济延续回升向好态势，经济运行总体平稳；物价水平有所回升，但依然处于相对低位。当前经济运行中的困难挑战仍然较多，特别是当前国内有效需求不足、微观主体预期不稳和信心不足的问题依旧存在。国家决策层对此较为关注，并陆续出台了相应的政策举措。尤其是9月中下旬以来，资本市场出现了一些变化，政策明显转向，首先是央行等三部委新闻发布会中，央行宣布了总量、地产、稳定资本市场三个方面的政策，力度超出市场预期，降准、降息和新工具力度较大。政治局会议罕见在开会讨论经济，体现了政策稳增长的急迫性。其次，权益市场在长期低迷后，三季度末迎来了一轮较快和较大幅度的上涨，由于股债“跷跷板”效应的存在，随着市场预期的转变，权益市场大幅反弹，债券长端和超长端收益率大幅上行。在此背景下，三季度，虽然国内利率债收益率总体下行，10年期国债收益率从二季度末的2.20%附近，下行至三季度末的2.15%附近，但振幅波动加大，并形成了大起大落的六个阶段（三个倒“V型”走势）。货币政策方面，三季度央行坚定坚持支持性立场，强化逆周期调节，优化完善货币政策框架，综合运用利率、准备金、再贷款、国债买卖等工具，加大宏观调控力度，其稳健的货币政策灵活适度、精准有效。三季度，资金和贷款市场报价利率改革成效显著，OMO和MLF政策利率均超预期调降，存款利率市场化调整机制作用有效发挥，货币政策传导效率增强，社会融资成本有所下降。虽然三季度ML续作总体有所缩量，但央行公开市场操作依然净投放超9000亿元，流动性总体保持合理充裕，短端和长端资金价格中枢在较低水平保持窄幅波动，可以说近段时间以来的资金利率走势是近6年以来最平稳的阶段。海外方面，外部环境变化带来的不确定性变多，世界经济增长动能较弱，通胀压力高位回落，主要经济体经济表现有所分化，美联储货币政策进入降息周期，其对我国货币政策约束将有效减少，即使美国通胀和就业有所反复，但从我国货币政策的定调，以及过去几年中美债市的走势看，美联储货币政策对我国债市有一定的影响，但其影响较为间接，也较为有限，市场更关注国内经济基本面和政策面。地缘政治方面，俄乌冲突胶着反复，市场关注度虽有所下降，但仍有升级可能让人难以忽视；巴以、伊以和中东冲突亦对国际地缘政治格局和全球经济构成重要影响。信用债方面，三季度信用债发行量较去年同期上升，但净融资略有下降。尤其是三季度城投债发行规模和净融资规模较2023年同期均大幅下降，净融资额大约为-2300亿元，供给导致的资产荒依然存在。二级信用利差方面，三季度信用利差在8月初被压缩至绝对低位；此后，信用债收益率经历了1个月的上行；进入9月后，信用债收益率虽然没有进一步下行，但在利率下行的情况下，信用利差略有被动走阔。报告期内，面对多空因素交织、复杂多变的市场环境，本基金结合产品当前规模特点和产品策略，根据当前权益市场和债券市场的不同条件进行仓位取舍，基于当前及今后较长时间的经济基本面和市场的总体判断，本基金于二季度逐步在大类资产轮动方面进行了切换，相较于权益资产，固收类资产在获取稳健收益方面更具确定性，加大了固收资产配置。在配置策略上，本产品坚持基于“资产荒“和长期利率中枢下行的大背景下，优选攻守兼备的“哑铃型“策略，以利率债打底，严控信用风险，配置中高等级信用债增厚收益，并以逆回购作为流动性资金进行择时和择券，等待和找寻超额收益；同时注重久期管理，严控产品回撤，并根据负债端情况，适当运用杠杆策略增厚收益。报告期末以利率债、逆回购债券、城投债为主要持仓品种。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:22.395Z","fund":{"_id":3000000000892,"stockCode":"000892","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-23T16:00:00.000Z","setUpScale":215045000,"market":"a","tickerId":892,"custody":"中国农业银行股份有限公司","name":"九泰天宝灵活配置混合型证券投资基金","shortName":"九泰天宝混合(000892)","fundSecondLevel":"hybrid","__csrcFundId":4207,"fundStatus":"normal","lastUpdated":"2026-04-30T17:40:58.484Z","masterFundFlag":1,"inceptionDate":"2015-07-22T16:00:00.000Z","fundCollectionId":4000050980000,"currency":"CNY","masterFundShortName":"九泰天宝混合","pinyin":"jttblhpzhhxzqtzjj","managers":[{"stockCode":"db20834322","stockType":"fund_manager","exchange":"fm","tickerId":120806215800,"name":"刘翰飞"},{"stockCode":"db20769062","stockType":"fund_manager","exchange":"fm","tickerId":2306208900,"name":"王璠"}]},"announcement":{"linkText":"九泰天宝灵活配置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=1180174",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优势，本基金阶段性超配了上游，但结果不甚理想。究其原因，在于市场担心经济滞胀风险，阶段性的比较优势不可持续。在对此深刻反思的基础上，本基金可能将降低比较优势在决策中的权重，加强长期成长性、护城河加深及估值匹配度的权重。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:22.290Z","fund":{"_id":3000000000892,"stockCode":"000892","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-23T16:00:00.000Z","setUpScale":215045000,"market":"a","tickerId":892,"custody":"中国农业银行股份有限公司","name":"九泰天宝灵活配置混合型证券投资基金","shortName":"九泰天宝混合(000892)","fundSecondLevel":"hybrid","__csrcFundId":4207,"fundStatus":"normal","lastUpdated":"2026-04-30T17:40:58.484Z","masterFundFlag":1,"inceptionDate":"2015-07-22T16:00:00.000Z","fundCollectionId":4000050980000,"currency":"CNY","masterFundShortName":"九泰天宝混合","pinyin":"jttblhpzhhxzqtzjj","managers":[{"stockCode":"db20834322","stockType":"fund_manager","exchange":"fm","tickerId":120806215800,"name":"刘翰飞"},{"stockCode":"db20769062","stockType":"fund_manager","exchange":"fm","tickerId":2306208900,"name":"王璠"}]},"announcement":{"linkText":"九泰天宝灵活配置混合型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=658398","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec286d4369c9c836dd0f5","date":"2021-06-29T16:00:00.000Z","stockId":3000000000892,"sao":"2021年上半年宏观经济出现了较大变化，GDP增速、社融增速及通胀高位波动，导致了大类资产的大幅波动。本基金依旧以配置权益资产为主，并逐步加大了高景气成长性股票的权重，该策略取得了一定的效果。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:22.277Z","mo":"随着经济强势期逐渐消退，预计下半年的市场或将呈现结构性行情，本基金将继续以权益资产配置为主，努力精选符合宏观环境的优质公司进行投资。","fund":{"_id":3000000000892,"stockCode":"000892","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-23T16:00:00.000Z","setUpScale":215045000,"market":"a","tickerId":892,"custody":"中国农业银行股份有限公司","name":"九泰天宝灵活配置混合型证券投资基金","shortName":"九泰天宝混合(000892)","fundSecondLevel":"hybrid","__csrcFundId":4207,"fundStatus":"normal","lastUpdated":"2026-04-30T17:40:58.484Z","masterFundFlag":1,"inceptionDate":"2015-07-22T16:00:00.000Z","fundCollectionId":4000050980000,"currency":"CNY","masterFundShortName":"九泰天宝混合","pinyin":"jttblhpzhhxzqtzjj","managers":[{"stockCode":"db20834322","stockType":"fund_manager","exchange":"fm","tickerId":120806215800,"name":"刘翰飞"},{"stockCode":"db20769062","stockType":"fund_manager","exchange":"fm","tickerId":2306208900,"name":"王璠"}]},"announcement":{"linkText":"九泰天宝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=636678","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec286d4369c9c836dd0f4","stockId":3000000000892,"sao":"2021年一季度宏观变量波动较大，市场随之大幅波动。从年初至春节前，我们看到权益资产价格持续上升。春节后，贴现率不断上升，资产价格进行了系统性重估，A股部分龙头公司股价大幅调整，本基金在报告期内虽然进行了一定的减仓和调仓，但未进行大幅度调整，净值也遭遇了一定回撤。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:22.264Z","fund":{"_id":3000000000892,"stockCode":"000892","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-23T16:00:00.000Z","setUpScale":215045000,"market":"a","tickerId":892,"custody":"中国农业银行股份有限公司","name":"九泰天宝灵活配置混合型证券投资基金","shortName":"九泰天宝混合(000892)","fundSecondLevel":"hybrid","__csrcFundId":4207,"fundStatus":"normal","lastUpdated":"2026-04-30T17:40:58.484Z","masterFundFlag":1,"inceptionDate":"2015-07-22T16:00:00.000Z","fundCollectionId":4000050980000,"currency":"CNY","masterFundShortName":"九泰天宝混合","pinyin":"jttblhpzhhxzqtzjj","managers":[{"stockCode":"db20834322","stockType":"fund_manager","exchange":"fm","tickerId":120806215800,"name":"刘翰飞"},{"stockCode":"db20769062","stockType":"fund_manager","exchange":"fm","tickerId":2306208900,"name":"王璠"}]},"announcement":{"linkText":"九泰天宝灵活配置混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=575646","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec286d4369c9c836dd0f3","stockId":3000000000892,"sao":"2020年资本市场的震荡剧烈，年初的新冠疫情导致股票估值大面积下杀。随着中国抗疫的效果显现，依赖于人口流动与经济自由运行的行业估值显著修复，股市大幅反弹。受新冠疫情在全球大规模传播影响，在大幅震荡行情中，本基金保持定力，降低仓位，对市场投机保持警惕。进入2020年三季度后，本基金执行改进后投资策略，调仓时恰逢股市局部高点，给调仓换股造成了扰动，在及时研究市场的新情况后，选股策略中依然保持公司业务的增长持续性、竞争壁垒以及管理能力的权重。此外，本基金根据市场新特点，交易上进行适量的择时。以上两点一定程度上降低了净值波动，并取得一定增长。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:22.248Z","mo":"展望未来，中国的疫苗陆续获批并大规模接种，冬季过去后，全球有望迎来共振式复苏，补库存需求将强劲释放。基于此，本基金或将适当提高权益仓位，把握经济复苏的主线，继续精选个股，争取能分享经济复苏红利。","fund":{"_id":3000000000892,"stockCode":"000892","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-23T16:00:00.000Z","setUpScale":215045000,"market":"a","tickerId":892,"custody":"中国农业银行股份有限公司","name":"九泰天宝灵活配置混合型证券投资基金","shortName":"九泰天宝混合(000892)","fundSecondLevel":"hybrid","__csrcFundId":4207,"fundStatus":"normal","lastUpdated":"2026-04-30T17:40:58.484Z","masterFundFlag":1,"inceptio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