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弱，计算机、汽车以及机器人相关板块表现较好。债券方面，在国内经济好转、资金价格边际提升的背景下，纯债收益率有所上行；可转债在供需缺口有所扩大、权益市场情绪回升的影响下，估值显著修复。考虑到国际环境的不确定性仍在放大（慕尼黑安全会议扩大了美国新政府与欧洲关系的裂痕等），尽管一季度我国受到的关税影响较小，甚至由于抢出口仍有不错的出口表现，但作为最大的贸易国，仍将受到全球经济回落带来的负面影响。同时，我们注意到政策端相对2024年4季度的积极表述出现了边际收敛，所以组合整体小幅下调了权益类资产的比例。行业配置方面，组合新增了对受益于避险情绪的黄金以及基本面好转的一线国企地产的配置比例。纯债方面，我们维持短久期高资质的票息策略；考虑到可转债的估值已经完成修复，超额收益的空间有限，我们对可转债进行了清仓。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:34.971Z","fund":{"_id":3000000001189,"stockCode":"001189","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-02T16:00:00.000Z","setUpScale":3334340000,"market":"a","tickerId":1189,"custody":"中国工商银行股份有限公司","name":"广发聚宝混合型证券投资基金","shortName":"广发聚宝混合A","fundSecondLevel":"hybrid","__csrcFundId":3816,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.415Z","masterFundFlag":1,"inceptionDate":"2015-04-08T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发聚宝混合","pinyin":"gfjbhhxzqtzjj","managers":[{"stockCode":"db20507370","stockType":"fund_manager","exchange":"fm","tickerId":122608164730,"name":"刘志辉"}]},"announcement":{"linkText":"广发聚宝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=1265818","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5267fea5b3eb04415b8","date":"2024-12-30T16:00:00.000Z","stockId":3000000001189,"sao":"2024年市场波动较大，宽基指数在春节和十一前后波动尤其大，前者主要受市场流动性修复的影响，后者主要受国内政策转向的刺激。板块间的分化相较指数更大，新技术、科创类指数表现较好，红利类的持有体验最佳。债券尽管在9月至10月受到宽信用政策预期的影响而出现短暂回调，全年大部分时间收益率都呈现震荡下行的走势，不断创下新低。可转债在8月至9月一度出现流动性风险，大部分转债跌破债底，在10月股市上涨之后，转债市场快速修复。报告期内，股票方面，基于春节前市场处于超调阶段的判断，组合在年初维持了较高的仓位，在春节后的市场修复过程中，逐步止盈、降低仓位。在4月财报季结束后，我们认为市场短期可能会在消化低预期的财报后得以修复，一度试图提升仓位，但5月至6月零售数据的下滑，显示国内经济仍待修复。8月至9月的股票市场持续缩量下跌，我们维持了中性仓位的股票资产，组合净值在这个阶段受到一定影响。在9月底、10月初的市场大幅反弹过程中，我们认为经济基本面并未发生重大变化，将持仓品种进行了止盈，股票仓位下调到中性略低的水平。行业配置方面，我们坚持低估值策略，主要配置估值便宜的行业，但事后来看，估值便宜的资产，受到行业景气度持续下行的影响，并没有呈现很好的抗跌能力。债券方面，我们在春节前清仓了所有的长债后，一直维持短久期的票息策略。考虑到可转债估值多年持续偏高，我们对可转债一直保持低配甚至空仓，在8月至9月的杀跌过程中，有相当部分的转债估值已经跌破债底，组合适当加大了对可转债的配置，但基于市场短期仍会持续筑底的判断，实际的加仓力度偏弱，导致在9月底的市场反弹过程前，可转债的配置比例偏低。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:34.968Z","mo":"2024年经济方面的亮点主要在于出口数据保持强劲，但国内的地产销售和居民消费复苏进程仍需时日，尚处于以价换量的阶段。针对国内需求复苏偏弱的问题，中央政府在2024年3季度对以旧换新等政策持续加力，并扩展了专项债的规模和使用范围。对于2025年，尽管面临特朗普政府上台带来的关税压力，但中国制造业通过全球布局以及灵活的供应链体系，已经成为全球制造效率最高的工业体系，具备加增关税后的价格转嫁能力。在机器人、AI技术加持下，中国的工业效率有望率先得以提升，进而强化中国的制造业优势。同时，国内政策已经转向，社会融资成本处于较低水平，有利于国内经济应对外部的冲击并度过阶段性的低谷，全年经济增速有底部支撑。向上的弹性主要取决于外需的可持续性，尤其是对非美出口能否维持较高增长。在中央宽信用、稳增长的政策加持下，2025年经济的下行风险基本得到解除，但总量经济的回升仍需要时间。对于资本市场而言，在社会融资成本较低的条件下，即使没有总量经济的显著修复，也能有结构性、主题性的投资机会，只是涉及的领域偏窄、延续的时长偏短，而如果总量经济显著回暖，则权益市场上涨的幅度和可持续性都将更加可观。我们认为，2025年的权益市场具备获取绝对收益的诸多条件，在AI、机械人等领域或将涌现更多的主题性机会。我们在坚持低估值投资策略的基础上，将择机参与部分主题性的机会。债券方面，在当前历史新低的收益率水平和政策环境下，系统性超额收益的空间有限，但仍具备票息价值。可转债的估值已经不便宜，尽管机会成本很低，仍需要耐心等待估值回落后的建仓机会。","fund":{"_id":3000000001189,"stockCode":"001189","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-02T16:00:00.000Z","setUpScale":3334340000,"market":"a","tickerId":1189,"custody":"中国工商银行股份有限公司","name":"广发聚宝混合型证券投资基金","shortName":"广发聚宝混合A","fundSecondLevel":"hybrid","__csrcFundId":3816,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.415Z","masterFundFlag":1,"inceptionDate":"2015-04-08T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发聚宝混合","pinyin":"gfjbhhxzqtzjj","managers":[{"stockCode":"db20507370","stockType":"fund_manager","exchange":"fm","tickerId":122608164730,"name":"刘志辉"}]},"announcement":{"linkText":"广发聚宝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=1249680","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5267fea5b3eb04415b7","date":"2024-09-29T16:00:00.000Z","stockId":3000000001189,"sao":"2024年3季度，国内外都出现了较大的变化，对资产价格带来显著影响。海外方面，美国通胀、就业等经济数据的回落带动长债利率下行，促成美联储开启降息进程，这一进程的启动让美元指数出现了显著回落，大幅缓解了人民币此前的贬值压力，国内政策的宽松空间进一步打开。国内方面，8月，上市公司半年报显示企业盈利能力仍不及预期，居民消费承压，在此背景下，关于呼吁出台进一步经济刺激政策的呼声不断放大。9月下旬，金融领域重磅新闻发布会明确了降低存量房贷利率、创设货币工具支持股市稳定发展等相关举措。随后召开的政治局会议，要求加大财政货币政策逆周期调节力度，促进房地产市场止跌回稳。政策端释放的稳增长加码信号带动股票市场大幅反弹，A股在季末创下成交量历史新高。2024年下半年以来，内需的转弱、地产和权益的下跌以及债券市场的上涨形成了很强的逻辑链条，只有通过强大的外力才能打破这条传导链条，政策层面亦明确发出了信号，带来了市场风险偏好的反转。但市场短期如此剧烈的反弹，也显然超过了大部分人的预期。对此，在报告期内，我们在反弹过程中将部分短期缺乏基本面支持或者估值已经突破历史中值的个股进行了卖出，将仓位控制在中性水平附近；同时，考虑到当前经济基本面仍处于左侧区域，市场反弹的高度与持续性存在不确定性，我们将前期买入的高溢价率的低价转债逐步进行止盈。纯债方面，尽管长债收益率有所反弹，但考虑到股票市场的反弹可能会引发债券型基金负债端的扰动，我们基于对资金结构的担忧，仍保持观望态度，维持了高资质短久期的票息策略。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:34.965Z","fund":{"_id":3000000001189,"stockCode":"001189","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-02T16:00:00.000Z","setUpScale":3334340000,"market":"a","tickerId":1189,"custody":"中国工商银行股份有限公司","name":"广发聚宝混合型证券投资基金","shortName":"广发聚宝混合A","fundSecondLevel":"hybrid","__csrcFun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进一步下沉信用资质。","fund":{"_id":3000000001189,"stockCode":"001189","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-02T16:00:00.000Z","setUpScale":3334340000,"market":"a","tickerId":1189,"custody":"中国工商银行股份有限公司","name":"广发聚宝混合型证券投资基金","shortName":"广发聚宝混合A","fundSecondLevel":"hybrid","__csrcFundId":3816,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.415Z","masterFundFlag":1,"inceptionDate":"2015-04-08T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发聚宝混合","pinyin":"gfjbhhxzqtzjj","managers":[{"stockCode":"db20507370","stockType":"fund_manager","exchange":"fm","tickerId":122608164730,"name":"刘志辉"}]},"announcement":{"linkText":"广发聚宝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=1051706","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5267fea5b3eb04415b3","date":"2023-09-29T16:00:00.000Z","stockId":3000000001189,"sao":"2023年三季度，国内政策端有较大变化，尤其是7月底政治局会议释放了稳增长政策信号，并在8月底逐步实施落地。对于全球资本风险偏好方面，最大的冲击来自于海外，包括全球原油价格持续攀升以及美债利率创出年内新高。国内经济基本面变化不大，可喜的是部分金融数据开始回升。在这样的宏观背景下，债券市场受到资金面和风险偏好的影响，收益率先下后上，整体呈现底部震荡的走势。股票市场缩量走弱，尤其在8月出现了明显回调，但由于当前市场估值和企业盈利都已经处于较低的位置，同时监管机构持续释放利好，市场持续调整的动能减弱。报告期内，权益方面，组合维持了中性略高的仓位，主要根据持仓品种的行业景气度以及估值修复情况进行动态调整，在长期需求稳定增长的行业中进行逆向布局，耐心等待估值修复后的止盈机会，包括医药、汽车零部件、光伏、航空、电力等行业。债券方面，组合延续了高资质、短久期的票息策略，耐心等待收益率反弹后的建仓机会。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:34.954Z","fund":{"_id":3000000001189,"stockCode":"001189","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-02T16:00:00.000Z","setUpScale":3334340000,"market":"a","tickerId":1189,"custody":"中国工商银行股份有限公司","name":"广发聚宝混合型证券投资基金","shortName":"广发聚宝混合A","fundSecondLevel":"hybrid","__csrcFundId":3816,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.415Z","masterFundFlag":1,"inceptionDate":"2015-04-08T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发聚宝混合","pinyin":"gfjbhhxzqtzjj","managers":[{"stockCode":"db20507370","stockType":"fund_manager","exchange":"fm","tickerId":122608164730,"name":"刘志辉"}]},"announcement":{"linkText":"广发聚宝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=983539","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5267fea5b3eb04415b2","date":"2023-06-29T16:00:00.000Z","stockId":3000000001189,"sao":"今年上半年国内经济回升，1季度快速修复，2季度环比下滑但同比增速仍维持高位，整体走出了跟海外市场一致的经济走势，即快速修复后逐步回落，但国内由于叠加房地产市场相对弱势的因素，2季度以来以地产链为代表的顺周期板块的回落速度有所加快。政策端维持宽松基调，物价指数走低、货币政策持续宽松，但信用条件受到居民预期的影响有所收紧。上半年经济基本面和政策展望都呈现了从强预期到弱现实的转变。债券市场方面，受到经济和物价逐步转弱、资金面持续宽松的影响，债券收益率震荡下行，尤其是长端和超长端利率突破了2022年低点，创下近20年的新低。股票市场走出显著的分化行情，AI等主题板块大幅上涨，传统的赛道股和周期股震荡走弱。我们认为今年上半年经济整体处于持续修复的进程中，因此在报告期内将组合的股票仓位提升到较高水平，但经济在4月份已经开始转弱，我们未能及时调整大类资产和行业配置（没有提升组合的债券久期，同时没有对部分跌幅较大的板块进行止损），导致组合净值受到一定影响。我们在5月之后逐步下调仓位到20%左右的中性水平。行业配置方面，我们清仓了银行，加仓了估值较便宜的消费电子的比例，未参与估值偏贵的主题性机会。债券方面，我们延续了高资质、短久期的票息策略。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:34.951Z","mo":"当前市场处于估值和盈利的相对底部区域，短期内大部分行业尤其是顺周期板块的景气度仍处于偏弱的趋势中，但环比减弱的速度正在放缓。我们认为下半年经济基本面或将稳步复苏，风险偏好方面可能会有一定程度的修复，具体影响因素包括：外部关系的阶段性缓和、国内新一轮的经济金融会议、人民币贬值压力的阶段性缓和、美联储加息进程的趋缓等。但也不排除会释放地产需求侧的宽松政策、推出新一轮政府投资等稳增长政策的可能性。债券资产方面，尽管从宏观和货币政策的趋势来看，债券仍处于收益率中枢震荡下行的趋势中，但考虑到当前收益率已经处于历史很低的分位数，我们认为超额收益最高的阶段已经过去，需要等收益率反弹的机会。可转债方面，整体估值仍处于偏贵的状态，我们认为仍需耐心等待。股票资产方面，我们拟延续相对低估值的策略，维持不低于中性仓位的配置水平，同时进一步拓宽行业配置，在相对估值不贵的条件下，小幅增配格局稳定、基本面逐步好转的电子、计算机、传媒等板块。","fund":{"_id":3000000001189,"stockCode":"001189","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-02T16:00:00.000Z","setUpScale":3334340000,"market":"a","tickerId":1189,"custody":"中国工商银行股份有限公司","name":"广发聚宝混合型证券投资基金","shortName":"广发聚宝混合A","fundSecondLevel":"hybrid","__csrcFundId":3816,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.415Z","masterFundFlag":1,"inceptionDate":"2015-04-08T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发聚宝混合","pinyin":"gfjbhhxzqtzjj","managers":[{"stockCode":"db20507370","stockType":"fund_manager","exchange":"fm","tickerId":122608164730,"name":"刘志辉"}]},"announcement":{"linkText":"广发聚宝混合型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=954769","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5267fea5b3eb04415b1","date":"2023-03-30T16:00:00.000Z","stockId":3000000001189,"sao":"报告期内，国内经济得到快速修复，尤其是餐饮、出行等接触式的服务类消费，基本回到了疫情前的水平，社融数据显著回升，经济整体呈现逐步回暖的良好势头。但与此同时，出口的韧性逐步弱化、三四线城市地产和汽车消费仍处于偏冷的状态。资本市场方面，宽基指数窄幅波动，但行业分化大、轮动快，主题投资可获得较好的超额收益。债券方面，资金面中性略紧，利率债收益率波动不大，信用债收益率震荡下行。本组合作为相对积极的偏债混合产品，维持了20%以上较高的权益仓位。本运作期内，组合仓位和结构变化不大，主要根据持仓品种的估值情况进行了内部调整。债券方面，组合继续控制对久期和信用风险的暴露，延续了高资质、短久期的票息策略。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:34.948Z","fund":{"_id":3000000001189,"stockCode":"001189","stockType":"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区域。可转债方面，估值水平仍然不便宜，短期缺乏配置价值。","fund":{"_id":3000000001189,"stockCode":"001189","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-02T16:00:00.000Z","setUpScale":3334340000,"market":"a","tickerId":1189,"custody":"中国工商银行股份有限公司","name":"广发聚宝混合型证券投资基金","shortName":"广发聚宝混合A","fundSecondLevel":"hybrid","__csrcFundId":3816,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.415Z","masterFundFlag":1,"inceptionDate":"2015-04-08T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发聚宝混合","pinyin":"gfjbhhxzqtzjj","managers":[{"stockCode":"db20507370","stockType":"fund_manager","exchange":"fm","tickerId":122608164730,"name":"刘志辉"}]},"announcement":{"linkText":"广发聚宝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=779789","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5267fea5b3eb04415ad","date":"2022-03-30T16:00:00.000Z","stockId":3000000001189,"sao":"2022年以来，国内外发生了诸多不利的事件，包括俄乌冲突的升级、国内部分城市疫情的加重等，引发了全球大宗商品价格的上涨以及国内经济的下滑。对于当前的困境，国内采取了相对宽松的货币政策以及信用政策，并对地产行业的政策进行了边际宽松的调整，但实际落地效果尚待观察。资本市场方面，股票市场经历了两轮下跌。春季前的下跌主要源于估值的调整，部分高估值品种调整幅度较大；3月份的下跌更多的是受到了外围政治局势的影响，对大宗原材料成本上涨以及对下游需求转弱进而伤害到大部分企业盈利能力的担忧出现，同时叠加交易层面的因素，导致调整幅度更大。债券市场方面，除了民营地产风险继续发酵外，其他资产整体表现平稳。报告期内，股票方面，本基金在市场下跌过程中调降了仓位，目前仓位处于中性略低配的水平。在行业配置层面，我们加大了对稳增长板块的配置比例，左侧布局了电子等低估值的板块和个股，同时对银行、煤炭等表现较好的板块做了部分止盈。债券方面，考虑到收益率绝对水平已经处于偏低的位置，我们将组合久期控制在较低的水平，延续高资质、短久期的票息策略。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:34.937Z","fund":{"_id":3000000001189,"stockCode":"001189","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-02T16:00:00.000Z","setUpScale":3334340000,"market":"a","tickerId":1189,"custody":"中国工商银行股份有限公司","name":"广发聚宝混合型证券投资基金","shortName":"广发聚宝混合A","fundSecondLevel":"hybrid","__csrcFundId":3816,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.415Z","masterFundFlag":1,"inceptionDate":"2015-04-08T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发聚宝混合","pinyin":"gfjbhhxzqtzjj","managers":[{"stockCode":"db20507370","stockType":"fund_manager","exchange":"fm","tickerId":122608164730,"name":"刘志辉"}]},"announcement":{"linkText":"广发聚宝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=721116","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5267fea5b3eb04415ac","date":"2021-12-30T16:00:00.000Z","stockId":3000000001189,"sao":"2021年，全球市场在疫情的反复干扰下维持低水平的修复节奏，由于疫情防控策略以及货币政策的差异，各国经济的修复节奏和程度也呈现多样化的特点。2021年上半年我国经济在基数效应的影响下，呈现同比高增长的格局，而下半年受到行业政策紧缩的影响，回落幅度有所加快。全年呈现宽货币和结构性紧信用的政策搭配格局。资产价格方面，债券收益率在年初受到大宗商品价格上行、股市上涨以及资金面阶段性紧张的影响而小幅走高后，走出了震荡下行的小牛市；股票市场分化严重，成长和主题性机会占主导，传统价值风格偏弱，且赚钱效应的持续性较差。本基金作为30%股票仓位上限的偏债混合基金，以15%至20%的股票仓位作为中枢仓位。我们全年整体维持在这个中枢区间波动，其中，4季度的仓位有所提升，主要是基于宽信用环境下，股票资产相对债券资产更具备超额收益空间的判断。债券方面，考虑到绝对收益率水平整体处于偏低的历史分位，我们在久期方面相对保守，在信用风险控制方面，我们不做信用下沉，主要是执行高资质、中短期限的票息策略。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:34.934Z","mo":"展望2022年，预计2021年底中央经济会议重申“以经济建设为中心”的背景以及全球疫情的逐步缓解，将会带动国内外经济的修复。我们预计在全球经济修复的大环境下，我国作为疫情期间制造业的安全港，出口仍将延续强势，这有助于人民币汇率的稳定进而增强国内货币政策的独立性。从国内经济恢复的角度，我们认为2022年1季度或许只能看到金融数据的触底回升，很难看到实体经济数据的好转，但两会之后，我们有望在2季度至3季度看到国内重大项目的落地带动制造业投资的回暖，在3季度至4季度看到国内疫情防控政策的调整带来居民消费的回升，共同将国内经济增速推升到5%以上。所以，从配置节奏的角度，我们认为1季度很可能是股票资产的左侧建仓期。而债券资产，其本身的收益率已经处于历史偏低的分位数，受美国进入加息周期以及国内经济修复的影响，很难看到超额收益的空间。可转债当前估值偏贵，需耐心等待估值回落后的配置机会。","fund":{"_id":3000000001189,"stockCode":"001189","stockType":"fund","areaCode":"cn","followedNum":15,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-02T16:00:00.000Z","setUpScale":3334340000,"market":"a","tickerId":1189,"custody":"中国工商银行股份有限公司","name":"广发聚宝混合型证券投资基金","shortName":"广发聚宝混合A","fundSecondLevel":"hybrid","__csrcFundId":3816,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.415Z","masterFundFlag":1,"inceptionDate":"2015-04-08T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发聚宝混合","pinyin":"gfjbhhxzqtzjj","managers":[{"stockCode":"db20507370","stockType":"fund_manager","exchange":"fm","tickerId":122608164730,"name":"刘志辉"}]},"announcement":{"linkText":"广发聚宝混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=707452","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5267fea5b3eb04415ab","date":"2021-09-29T16:00:00.000Z","stockId":3000000001189,"sao":"本季度，除了出口仍具韧性外，国内经济其他方面均出现了不同程度的下滑。其中，上游价格的快速上涨尤为明显，而这带来的成本上涨并不能通过下游需求的回暖而得到转嫁，导致大部分中游制造企业的盈利遭受挤压。同时，受到某大型地产企业资金链断裂带来的持续影响，跟地产相关的资产均出现了回调。政策方面，货币政策延续中性偏宽松的状态，财政政策的宽松信号虽有一定程度的释放，但落地的效果尚未显现。在3季度，我们增持了煤炭、化工等短期景气度好转的板块，对于估值已经回落到较低水平的医药做了左侧的布局。但持仓中绝对估值水平较低的建筑装饰、建筑建材等地产链相关板块受到景气度的冲击，尽管估值已经很便宜，但仍然出现了显著回调，我们对这类资产做了一定幅度的止损。债券方面变化不大，信用债坚持高资质的票息策略，对于长期限利率债维持谨慎的态度，可转债估值偏贵，没有持仓。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:34.931Z","fund":{"_id":30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