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9月以后政策边际上有转向趋势，权益市场表现较为极致，一定程度上透支了部分未来的涨幅，但稳增长政策的陆续发力有望扭转权益长期低迷的情绪。配置方向上，短期政策出台仍需时间，外部事件的冲击影响尚未落地，市场仍将偏谨慎，防御属性的逆周期板块仍将作为主要配置方向。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:47.832Z","fund":{"_id":3000000001226,"stockCode":"001226","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-26T16:00:00.000Z","setUpScale":204595000,"market":"a","tickerId":1226,"custody":"中国农业银行股份有限公司","name":"中邮稳健添利灵活配置混合型证券投资基金","shortName":"中邮稳健添利灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":3896,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.490Z","masterFundFlag":1,"inceptionDate":"2015-05-04T16:00:00.000Z","fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮稳健添利灵活配置混合","pinyin":"zywjtllhpzhhxzqtzjj","managers":[{"stockCode":"db20744920","stockType":"fund_manager","exchange":"fm","tickerId":252503202760,"name":"闫宜乘"}]},"announcement":{"linkText":"中邮稳健添利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=1180419","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5337fea5b3eb04425fa","date":"2024-06-29T16:00:00.000Z","stockId":3000000001226,"sao":"二季度经济延续了弱复苏的态势，出口表现较为超预期，投资相关仍然偏弱，传统模式向“新质生产力”转型的过程中经济增长结构变化导致阶段性的增长乏力，市场信心依然不足，叠加外部局势较为动荡，市场整体风险偏好较低。从权益市场的表现看，电力、公用事业为代表的逆周期板块和具备全球竞争优势的出口行业，如家电、输变电设备、船舶、商用车等领域持续走强，而传统的顺周期板块，如地产相关表现较弱，成长风格中新能源、医药、军工表现较差。　　产品仓位维持偏高运行，配置方向为两类：第一类为逆周期防御板块，包括高速、公用事业、黄金等行业；第二类为中长期看好科技板块的长期趋势。目前第一类和第二类比较均衡，持仓较为分散。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:47.830Z","mo":"2024年下半年，内部基本面仍将延续弱复苏的格局，出口预计仍然偏强，消费修复略差，基建和地产的改善仍需要等待政策方向的变化，外部关系相比上半年仍有较大不确定性，整体来看复苏的强度会相较上半年有所减弱，政策发力需等待外部环境进一步明朗化。具体到市场风格层面，我们判断货币政策仍将保持宽松，债券市场延续强势，四季度若出现明显外部政策冲击则政策有逐步发力的可能，权益市场短期仍将以主题性的结构性行情为主，存量资金博弈下较难出现指数级别的整体上行，行业选择上仍将以红利为主。","fund":{"_id":3000000001226,"stockCode":"001226","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-26T16:00:00.000Z","setUpScale":204595000,"market":"a","tickerId":1226,"custody":"中国农业银行股份有限公司","name":"中邮稳健添利灵活配置混合型证券投资基金","shortName":"中邮稳健添利灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":3896,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.490Z","masterFundFlag":1,"inceptionDate":"2015-05-04T16:00:00.000Z","fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮稳健添利灵活配置混合","pinyin":"zywjtllhpzhhxzqtzjj","managers":[{"stockCode":"db20744920","stockType":"fund_manager","exchange":"fm","tickerId":252503202760,"name":"闫宜乘"}]},"announcement":{"linkText":"中邮稳健添利灵活配置混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1150207","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5337fea5b3eb04425f9","date":"2024-03-30T16:00:00.000Z","stockId":3000000001226,"sao":"一季度市场整体先跌后涨，从走势节奏上看，一月市场大幅回调，二月初市场超跌反弹，三月市场整体震荡。风格方面，价值风格表现优于成长风格，大盘优于中盘、中盘优于小盘。行业板块方面，煤炭、银行、家用电器、通信、石油石化等板块涨幅靠前，综合、医药生物、电子、环保、国防军工等板块跌幅靠前。主题概念方面，Kimi、黄金、贵金属、东风汽车、央企传媒等概念涨幅居前，半导体、创新药、先进封装、锂电池、卫星互联网等概念跌幅居前。回顾一季度，一月市场主要围绕流动性负反馈展开，除红利指数外，其余宽基指数均明显下跌。雪球产品随着市场的回调而进入密集敲入期，同时融资盘的强制平仓也再度加剧市场的流动性风险，流动性的负反馈引发市场快速回调，煤炭、公用事业等高股息行业因具备防守属性而涨幅靠前。在央行的超预期降准、证监会的积极回应、长线资金入场、春节出行和消费数据增长明显、社融和信贷实现“开门红”等多重利好的支撑下，市场迅速“V”型反转，演绎超跌反弹逻辑，此前跌幅明显的TMT板块上涨最多。进入二月，“两会”基本符合预期，虽然超长期特别国债超市场预期，但对于地产和低通胀并没有提出明确有效的解决方案，市场对于基本面的预期再度陷入分歧，高股息风格因过热而进入调整，但顺周期板块也未有明显涨幅，反而是有AI行情催化和美联储降息预期的传媒、通信板块涨幅靠前。　　产品仓位中性偏低，维持四季度配置情况，配置方向为两类：第一类为稳增长受益的方向，包括有色、航运、消费等行业；第二类为中长期看好科技板块的长期趋势。目前第一类和第二类比较均衡，持仓较为分散。　　下阶段我们重点在两个方向挖掘机会：寻找分红提升的投资机会和重点布局新质生产力相关的机会。　　近年来高股息风格跑赢受到部分结构性趋势和周期性因素共同影响：1）盈利预期调整，成长领域基本面均处于阶段调整；2）资金面紧平衡，机构渠道缺少增量资金；3）资产收益率预期中枢的整体下行。我们认为这些分母端的支持因素已得到较多反映，如前期长端国债利率的下行和股市相对极端的估值，并且市场风险偏好、资金面、结构性机会等因素发生边际变化，未来分子端稳定性可能是高股息的选股重点逻辑。如果企业通过提升分红力度实现股息率提升，或者周期型行业在业绩下降时维持较高的分红水平，释放稳定的回报预期，将有助于在当前基础上凸显估值的吸引力，股息率的风险补偿有望下降并再度带来超额收益。　　今年两会明确指出发展“新质生产力”是今年首要任务。我们认为“新质生产力”主要蕴含两个投资方向：一，传统生产力升级催生的战略性新兴产业比如新能源、先进制造、电子信息、低空经济等；二，科技革命主导的产业革命，颠覆性创新催生的未来产业。比如AI、人形机器人等。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:47.827Z","fund":{"_id":3000000001226,"stockCode":"001226","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-26T16:00:00.000Z","setUpScale":204595000,"market":"a","tickerId":1226,"custody":"中国农业银行股份有限公司","name":"中邮稳健添利灵活配置混合型证券投资基金","shortName":"中邮稳健添利灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":3896,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.490Z","masterFundFlag":1,"inceptionDate":"2015-05-04T16:00:00.000Z","fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮稳健添利灵活配置混合","pinyin":"zywjtllhpzhhxzqtzjj","managers":[{"stockCode":"db20744920","stockType":"fund_manager","exchange":"fm","tickerId":252503202760,"name":"闫宜乘"}]},"announcement":{"linkText":"中邮稳健添利灵活配置混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1076658","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5337fea5b3eb04425f8","date":"2023-12-30T16:00:00.000Z","stockId":3000000001226,"sao":"2023年上半年市场的变化主要受到三个因素的影响：一是春节后投资者对中国经济的复苏强度进行了修正；二是人工智能的算力需求和相关应用快速发展；三是外部美联储加息预期起伏波动。上半年这些因素有利于科技股的表现。AI、中特估的上涨，主要体现在估值层面。春节后，经济高频数据逐步走弱，市场对于经济复苏的强度开始重新定价，且央行支持实体经济的政策导向尚未改变，股市整体剩余流动性充足，工业企业利润仍在寻底过程中，在大部分股票缺乏基本面支撑的情况下，“拔估值”行情有其存在的合理性。ChatGPT的横空出世让大家看到了AI应用的无限潜力，“中特估”行情也让市场对央国企未来经营治理上的显著改善有了明确期待，而一些优秀的央国企本身估值较低，分红确定性高，“类债”属性也令其在经济趋弱的环境下具有显著比较优势，自然这两个板块便成为了“拔估值”行情中的主力军。         自上而下看，后续其板块性行情延续性首先取决于经济弱复苏的状态能否延续，经济复苏的强度将从股市剩余流动性和行业比较优势两方面影响“拔估值”行情。自下而上看，中国AI大模型的成熟还需要一段时间，但我们的优势从来都在于技术应用的落地，未来在此过程中，AI板块肯定能跑出数个赢家，我们可以在行业格局更加清晰的时候去参与，其确定性必将更高。科技是我们2023年重点配置的板块之一。2022年科技板块跌幅较大，基本面的原因是2022年半导体进入景气下行周期；国内的入境政策影响了很多厂商新产品在大陆的产品落地；能源价格一路向上，挤压了居民消费中如电子等可选消费品的比例。估值端的原因是中美科技战在半导体领域的持续发酵；美联储加息的超预期影响估值端；机构大票表现普遍较差，21年四季度半导体机构持仓创历史新高。这些不利的因素在2023年都进入反转之年。我们配置科技板块关注如下几个细分方向：顺周期类标的，以半导体设计类标的为主，聚焦从库存周期拐点到需求创新增量；安全角度，科技制裁背景下加速构建底层安全内外循环产业链；创新和产业升级的核心方向：如人工智能、元宇宙等。回顾2023年的操作，我们年初对经济的复苏过于乐观，且对美国通胀的回落也过于乐观，一季度末减持顺周期和消费类的标的不够坚决，对于AI标的的操作也没有十分理想，7月政治局会议释放明确稳增长信号后，我们又加仓部分稳增长类标的，使得组合趋向均衡，10月底后再度增配科技股。从持仓风格上，我们持有大量大盘蓝筹标的，在外资大幅流出的背景下，也很难获取绝对收益。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:47.825Z","mo":"2023年四季度，中央经济工作会议对明年经济政策的取向较为明确，相较于2023年未发生重大转变，但在具体方式上出现了变化。在会议召开前，市场关注的焦点是政策层面对明年经济增长的诉求是否更强？是否会出台较大力度的刺激政策？本次会议基本上明确回答这两个问题——稳增长诉求边际加强，但不会强刺激。会议强调“聚焦经济建设这一中心工作”，与二十大报告中提到的“坚持以经济建设为中心”和去年底中央经济工作会议提到的“坚持发展是党执政兴国的第一要务”异曲同工。在部署工作要求的内容中，会议明确提出“切实增强做好经济工作的责任感使命感，抓住一切有利时机，利用一切有利条件，看准了就抓紧干，能多干就多干一些，努力以自身工作的确定性应对形势变化的不确定性”，相比去年底会议，展现出来对经济增长诉求的紧迫性。同时，会议强调了“必须把坚持高质量发展作为新时代的硬道理、必须坚持高质量发展和高水平安全良性互动、明年要围绕推动高质量发展，突出重点，把握关键，扎实做好经济工作”，并未放松对高质量发展的要求，坚持高质量发展是新时代的硬道理。在会议提到的9个重点工作中，“以科技创新引领现代化产业体系建设”放在首位（可能意味着政策在科技创新方面的发力将进一步加强），而作为去年底会议中位于首位的“着力扩大国内需求”2023年放在了第二位。，我们非常看好下阶段科技股的行情：全球半导体周期进入尾声，我们认为2024年全球半导体周期和国产替代进展以及以人工智能，元宇宙为代表的科技创新领域将迎来三者的向上共振。从产业趋势角度，我们认为2024年也必定是异彩纷呈的一年，智能手机新机陆续上市，人工智能硬件终和新应用端陆续亮相，人形机器人的进展，元宇宙设备和精彩内容，智能陆续发布，智能驾驶的普及等等事件，都将为科技板块带来连续不断的催化剂。","fund":{"_id":3000000001226,"stockCode":"001226","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-26T16:00:00.000Z","setUpScale":204595000,"market":"a","tickerId":1226,"custody":"中国农业银行股份有限公司","name":"中邮稳健添利灵活配置混合型证券投资基金","shortName":"中邮稳健添利灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":3896,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.490Z","masterFundFlag":1,"inceptionDate":"2015-05-04T16:00:00.000Z","fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮稳健添利灵活配置混合","pinyin":"zywjtllhpzhhxzqtzjj","managers":[{"stockCode":"db20744920","stockType":"fund_manager","exchange":"fm","tickerId":252503202760,"name":"闫宜乘"}]},"announcement":{"linkText":"中邮稳健添利灵活配置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=1051554","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5337fea5b3eb04425f7","date":"2023-09-29T16:00:00.000Z","stockId":3000000001226,"sao":"权益市场方面，三季度政策底虽已现但国内基本面继续走弱，人民币汇率贬值下外资持续流出，大盘指数整体进一步下探。国内方面，三季度经济数据下滑，中报盈利大幅走弱，政策陆续出台但尚未明显改变市场预期。海外方面，美国加息预期放缓，欧美经济分化导致美元走强、美债利率上行，北向资金大幅净流出A股。在此背景下，权益市场风险偏好维持低迷，大盘指数继续下行，顺周期板块走强，科技、新能源等成长回落。节奏上，7月市场主要围绕政策博弈而窄幅震荡，一方面国内经济数据相对较弱，海外就业强劲、美联储加息预期反复，另一方面民营经济、地产等方面政策陆续出台对风险偏好有所支撑，因此7月A股整体小幅上行。结构主要以地产链、消费等顺周期板块为主，TMT、电新等成长板块调整。进入8月，在政策不及预期、经济数据继续走弱的环境下，北向资金大幅净流出，拖累市场风险偏好。政治局会议后，房企风险和出口回落等事件带动市场下跌，而随后的经济指标全面下滑则进一步有所拖累。月底活跃资本市场、地产政策进一步放开后，大盘迎来超跌反弹，期间华为发布新机和地产政策利好分别带动科技股和地产链相关公司反弹。9月，欧洲基本面下行、美国经济坚韧的情况下，美元进一步走强，同时美国通胀的反弹也推动美联储11月加息预期升温，人民币贬值、外资流出压力仍存。另一方面，国内经济、金融数据表现企稳，但社融结构有待改善，央行降准后情绪并未得到强化，高股息风格开始跑赢大盘，成长风格依然回撤较大。我们认为下阶段稳增长依然是政策目标的重心，未来政策围绕消费，房地产，化解地方债务落地，同时活跃资本市场的政策仍然非常值得期待，市场的政策底已经出现，但从政策吹风到切实的经济数据好转，仍需要一定的传递时间,市场底通常会晚于政策底一段时间，对于部分周期，可能市场底在经济底之后出现。目前经济已经出现企稳回升的迹象诸多积极因素在逐渐显现，包括8月PMI已接近枯荣线的水平，CPI同比转正出口降幅继续收窄，三季度到四季度中美库存周期有望迎来共振，经济增长动能正在积蓄，企业盈利底部逐渐显现；从投资者行为看，从政策落地到政策效果显现虽然需要一段时间，但是风险偏好改善，在情绪与资金支撑下，市场逐渐构筑底部。投资角度，中央发力稳增长后，3100点附近应为今年的市场底部区域，产品仓位中性偏高，配置主要方向为科技股、出口产业链标的以及部分稳增长类标的。我们非常看好下阶段科技股的行情：全球半导体周期进入尾声，我们认为2024年全球半导体周期和国产替代进展以及以人工智能，元宇宙为代表的科技创新领域将迎来三者的向上共振，而2023年四季度是较好的布局期。四季度，我们将把稳增长类仓位逐步向科技类标的切换。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:47.822Z","fund":{"_id":3000000001226,"stockCode":"001226","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-26T16:00:00.000Z","setUpScale":204595000,"market":"a","tickerId":1226,"custody":"中国农业银行股份有限公司","name":"中邮稳健添利灵活配置混合型证券投资基金","shortName":"中邮稳健添利灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":3896,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.490Z","masterFundFlag":1,"inceptionDate":"2015-05-04T16:00:00.000Z","fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮稳健添利灵活配置混合","pinyin":"zywjtllhpzhhxzqtzjj","managers":[{"stockCode":"db20744920","stockType":"fund_manager","exchange":"fm","tickerId":252503202760,"name":"闫宜乘"}]},"announcement":{"linkText":"中邮稳健添利灵活配置混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=991363","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5337fea5b3eb04425f6","date":"2023-06-29T16:00:00.000Z","stockId":3000000001226,"sao":"今年上半年市场的变化主要受到三个因素的影响：一是春节后投资者对中国经济的复苏强度进行了修正；二是人工智能的算力需求和相关应用快速发展；三是外部美联储加息预期起伏波动。上半年这些因素有利于科技股的表现。AI、中特估的上涨，主要体现在估值层面。春节后，经济高频数据逐步走弱，市场对于经济复苏的强度开始重新定价，且央行支持实体经济的政策导向尚未改变，股市整体剩余流动性充足，工业企业利润仍在寻底过程中，在大部分股票缺乏基本面支撑的情况下，“拔估值”行情有其存在的合理性。ChatGPT的横空出世让大家看到了AI应用的无限潜力，“中特估”行情也让市场对央国企未来经营治理上的显著改善有了明确期待，而一些优秀的央国企本身估值较低，分红确定性高，“类债”属性也令其在经济趋弱的环境下具有显著比较优势，自然这两个板块便成为了“拔估值”行情中的主力军。            自上而下看，后续其板块性行情延续性首先取决于经济弱复苏的状态能否延续，经济复苏的强度将从股市剩余流动性和行业比较优势两方面影响“拔估值”行情。   自下而上看，中国AI大模型的成熟还需要一段时间，但我们的优势从来都在于技术应用的落地，未来在此过程中，AI板块肯定能跑出数个赢家，我们可以在行业格局更加清晰的时候去参与，其确定性必将更高。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:47.820Z","mo":"下阶段宏观政策和产业政策的变化值得密切关注，近期国务院常务会议指出，需要采取更加有力的措施推动经济持续回升向好,6-7月是政策落地的重要时间窗口，这既包括逆周期的宏观政策，也包括与扩大内需和做强做优实体经济相关的产业政策，这些政策可能对市场的风险偏好和结构分化产生重要影响。如果节奏偏快，复苏条线的企业受关注度会逐级上升。从估值端看，除少数热门板块外，绝大多数板块的估值都在2010年以来的50%分位数以下。从库存周期的角度来看，目前国内已经进入主动去库存到被动去库存的过渡阶段，意味着后续需求弱、生产更弱的局面或将改变，价格下行也基本进入尾声。从盈利周期的角度来看，工业企业库销比已经筑顶，企业盈利压力最大的时刻可能已经过去，后续各行业的盈利恢复强弱主要由需求端改善幅度来决定，需要对二至三季度上市公司业绩端进行密切关注。我们采取均衡策略，目前组合中高仓位水平，配置景气向上，行业触底反弹以及去库存接近尾声的周期板块，以及部分未来政策发力的主要方向：电力、AI（算力和终端以及部分应用类标的），底部的半导体和养殖方向，以及部分受益未来政策发力的房地产和建筑建材龙头标的。","fund":{"_id":3000000001226,"stockCode":"001226","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-26T16:00:00.000Z","setUpScale":204595000,"market":"a","tickerId":1226,"custody":"中国农业银行股份有限公司","name":"中邮稳健添利灵活配置混合型证券投资基金","shortName":"中邮稳健添利灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":3896,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.490Z","masterFundFlag":1,"inceptionDate":"2015-05-04T16:00:00.000Z","fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮稳健添利灵活配置混合","pinyin":"zywjtllhpzhhxzqtzjj","managers":[{"stockCode":"db20744920","stockType":"fund_manager","exchange":"fm","tickerId":252503202760,"name":"闫宜乘"}]},"announcement":{"linkText":"中邮稳健添利灵活配置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=965856","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5337fea5b3eb04425f5","date":"2023-03-30T16:00:00.000Z","stockId":3000000001226,"sao":"今年一季度，A股市场整体表现较好，但是结构分化较为严重。当下景气度高但是未来预期不明确的新能源、军工等传统成长板块表现较弱，市场主要围绕国企价值重估和人工智能两条新的主线进行演绎。展望未来，美联储加息渐缓，国内经济不断复苏，整个经济复苏链条和受益于全球流动性边际放松的品种确定性更高，市场行业及风格的分化现象可能会逐步收敛，整体有望重回盈利驱动的环境。风格上来看，本季度价值风格占优，成长风格落后于市场；受益于流动性宽松，小市值风格明显强于大市值风格及机构资金重仓风格；动量反转角度，市场整体呈现长期反转、短期动量的特点。本季度本基金主要投资方向聚焦在具有长期增长潜力的行业，投资重点放在行业内未来业绩确定性高、成长速度快的优秀公司。本基金会通过定量的方式优化股票组合的行业配置比例及风格暴露，在控制净值波动的情况下努力获取超越基准的收益率。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:47.817Z","fund":{"_id":3000000001226,"stockCode":"001226","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-26T16:00:00.000Z","setUpScale":204595000,"market":"a","tickerId":1226,"custody":"中国农业银行股份有限公司","name":"中邮稳健添利灵活配置混合型证券投资基金","shortName":"中邮稳健添利灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":3896,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.490Z","masterFundFlag":1,"inceptionDate":"2015-05-04T16:00:00.000Z","fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮稳健添利灵活配置混合","pinyin":"zywjtllhpzhhxzqtzjj","managers":[{"stockCode":"db20744920","stockType":"fund_manager","exchange":"fm","tickerId":252503202760,"name":"闫宜乘"}]},"announcement":{"linkText":"中邮稳健添利灵活配置混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=888983","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5337fea5b3eb04425f4","date":"2022-12-30T16:00:00.000Z","stockId":3000000001226,"sao":"今年市场经历了“W型”行情，个股波动明显比前两年增大。前4个月受到全球流动性收缩以及国内经济预期走弱的影响，股票市场出现了连续性、大幅度的下跌；4月底以来随着疫情形势逐步缓解，“稳增长”政策不断落地，经济复苏预期走强，市场迎来了较大幅度的反弹。三季度到四季度初，全球流动性超预期收缩，美联储及欧洲央行大幅加息，全球经济衰退风险加大，而国内受到疫情影响，经济修复较弱，A股又出现了一轮持续的下跌。12月起，疫情防控放松，美联储加息节奏减缓，投资者对经济的修复及消费的复苏预期回升，市场主要指数均有所反弹，尤以前期跌幅较大的消费板块反弹较多。全年来看，价值风格明显占优，成长风格大幅落后于估值低盈利好的低估值风格；小市值风格强于中大市值风格，一致预期较强的股票弱于市场关注度较低的股票。本基金今年维持了较高的股票仓位，行业及股票权重配置上较为分散。股票选择方面，本基金对业绩不断超预期、盈利增速快、估值相对合理的股票进行重点投资；另外，通过定性结合定量的方式优化股票组合的行业配置比例及风格暴露，在控制净值波动的情况下努力获取超越市场的收益率。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:47.815Z","mo":"展望2023年，我们认为疫情对经济生活的影响逐步弱化，中国经济有望实现可观的增长，随着消费场景逐步正常化，全社会消费也将迎来复苏。但另一方面，过去几年疫情对市场主体的资产负债表影响较大，大家对未来的收入预期普遍下调，叠加处在高位的上游原材料价格所带来的高成本，造成市场主体的投资信心较弱，经济修复难以一蹴而就，需要较长的时间来增强信心，恢复到既往的轨道上来。从货币政策来看，全年有望维持相对宽松的环境，利率维持在偏低位置，市场中短期内的流动性无忧；我们对全年的股票市场相对乐观，在经历了去年的大幅下跌之后，大多数的股票估值得到了一定的压缩，部分板块及个股的估值性价比已经很高，但从整个市场来看，今年盈利压力仍然较大，难有大的全面行情，更多的是局部机会，所以今年对阿尔法的挖掘要胜过对贝塔的把握。","fund":{"_id":3000000001226,"stockCode":"001226","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-26T16:00:00.000Z","setUpScale":204595000,"market":"a","tickerId":1226,"custody":"中国农业银行股份有限公司","name":"中邮稳健添利灵活配置混合型证券投资基金","shortName":"中邮稳健添利灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":3896,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.490Z","masterFundFlag":1,"inceptionDate":"2015-05-04T16:00:00.000Z","fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮稳健添利灵活配置混合","pinyin":"zywjtllhpzhhxzqtzjj","managers":[{"stockCode":"db20744920","stockType":"fund_manager","exchange":"fm","tickerId":252503202760,"name":"闫宜乘"}]},"announcement":{"linkText":"中邮稳健添利灵活配置混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?in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但大盘蓝筹风格表现弱势；三季度后半段，市场又出现风格反转，在大盘风格波动较小的情况下，多数中小股票出现了连续调整，前期涨幅较多的股票回调更为剧烈，整个三季度市场呈现了严重的分化格局。四季度下半段，本基金调整了投资思路，以成长投资为主线，核心是投资处于快速成长期并具有一定估值优势的上市公司，通过定量选股策略为主并结合定性分析的方法选择股票，具体来看，本基金采用自下而上的方法，主要选择业绩不断超预期、盈利处于快速增长阶段、估值具有相对优势、受机构资金青睐的股票进行重点投资。本基金在四季度末维持了较高的股票仓位，行业及股票权重配置上尽量分散化，股票选择方面，本基金对业绩不断超预期、盈利增速快、估值相对合理的股票进行重点投资；另一方面，通过定性结合定量的方式优化股票组合的行业配置比例及风格暴露，在控制净值波动的情况下努力获取超越市场的收益率。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:47.805Z","mo":"展望2022年，我们认为经济增长放缓的压力不断增大，货币政策整体趋于宽松，利率仍会维持在偏低位置，中短期内市场流动性无忧；另一方面，“疫情”对经济社会的影响会逐步下降，全球经济贸易逐步恢复。我们认为今年的股票市场会更趋于均衡，近年来大幅上涨的景气板块面临估值高的压力比较大，板块内个股会有较大分化，没有持续增长的业绩支撑的个股可能面临较大回调压力，业绩不断兑现的股票仍有机会不断上涨；而前几年受“疫情”影响较大的板块今年会迎来一定的修复，同时估值受压制的低估值板块今年也有望受到资金青睐，市场风格会面临一定的回归。","fund":{"_id":3000000001226,"stockCode":"001226","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-26T16:00:00.000Z","setUpScale":204595000,"market":"a","tickerId":1226,"custody":"中国农业银行股份有限公司","name":"中邮稳健添利灵活配置混合型证券投资基金","shortName":"中邮稳健添利灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":3896,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.490Z","masterFundFlag":1,"inceptionDate":"2015-05-04T16:00:00.000Z","fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮稳健添利灵活配置混合","pinyin":"zywjtllhpzhhxzqtzjj","managers":[{"stockCode":"db20744920","stockType":"fund_manager","exchange":"fm","tickerId":252503202760,"name":"闫宜乘"}]},"announcement":{"linkText":"中邮稳健添利灵活配置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=702693","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5337fea5b3eb04425ef","date":"2021-09-29T16:00:00.000Z","stockId":3000000001226,"sao":"三季度上半段，市场风险偏好处在高位，受益于涨价的顺周期股票大幅上涨，多数中小股票亦涨幅可观，但大盘蓝筹风格表现弱势；三季度后半段，市场又出现风格反转，在大盘风格波动较小的情况下，多数中小股票出现了连续调整，前期涨幅较多的股票回调更为剧烈，整个三季度市场呈现了严重的分化格局。本基金在三季度维持了较高的股票仓位，行业配置及股票选择方面，本基金对业绩和分红政策稳定的行业和股票进行重点投资，并挖掘兼具估值优势和高成长性的投资标的；另一方面，本基金通过定性结合定量的方式优化股票组合的行业配置比例及风格暴露，在控制净值波动的情况下努力获取超越基准的收益率。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:47.802Z","fund":{"_id":3000000001226,"stockCode":"001226","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-26T16:00:00.000Z","setUpScale":204595000,"market":"a","tickerId":1226,"custody":"中国农业银行股份有限公司","name":"中邮稳健添利灵活配置混合型证券投资基金","shortName":"中邮稳健添利灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":3896,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.490Z","masterFundFlag":1,"inceptionDate":"2015-05-04T16:00:00.000Z","fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮稳健添利灵活配置混合","pinyin":"zywjtllhpzhhxzqtzjj","managers":[{"stockCode":"db20744920","stockType":"fund_manager","exchange":"fm","tickerId":252503202760,"name":"闫宜乘"}]},"announcement":{"linkText":"中邮稳健添利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=657831","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5337fea5b3eb04425ee","date":"2021-06-29T16:00:00.000Z","stockId":3000000001226,"sao":"2021年上半年，本基金延续既定的投资逻辑和投资策略，重点投资股息率较高、估值合理、行业地位稳定的龙头股票。一季度，股票市场大幅波动，2月中旬之前，在“核心资产”等龙头股的带领下，各主要股票指数大幅上涨，但大多数中小股票表现一般；2月中旬之后，估值较高的行业龙头股出现了“杀估值”的行情，从而带动市场出现了大幅度的下跌。进入二季度，市场风险偏好提升，波动率有所下降，但个股之间分化进一步加大，部分热门板块和行业涨幅较大，估值处在高位，而部分低估值但业绩不理想的股票反弹较弱甚至不断下跌，整体来看，上半年市场淡化了估值，偏好中短期业绩爆发性强的板块，回避中短期行业无边际改善的板块。本基金在上半年维持了较高的股票仓位，行业配置及股票选择方面，本基金对业绩和分红政策稳定的行业和股票进行重点投资，并挖掘兼具估值优势和业绩中长期不断改善的投资标的；另一方面，本基金通过定性结合定量的方式优化股票组合的行业配置比例及风格暴露，在控制净值波动的情况下努力获取超越基准的收益率。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:47.799Z","mo":"展望下半年，我们认为经济增长不断趋缓是大方向，因此货币政策短期难以收紧，利率仍会维持在偏低位置，市场流动性无忧；另一方面，国内外的不确定性较多，首先是“疫情”的不断反复，影响了全球的有效需求，从而影响经济的恢复，其次国际贸易摩擦仍然会时不时对市场风险偏好造成较大的扰动。资金方面，在当前低利率的大环境下，叠加资金进入房地产市场长期受到压制，权益市场仍是相对具有性价比的投资去处，居民资金有望延续入市趋势，另一方面国内经济恢复较好，A股市场相对估值较低，吸引力突出，外资也将继续大幅度流入。","fund":{"_id":3000000001226,"stockCode":"001226","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-26T16:00:00.000Z","setUpScale":204595000,"market":"a","tickerId":1226,"custody":"中国农业银行股份有限公司","name":"中邮稳健添利灵活配置混合型证券投资基金","shortName":"中邮稳健添利灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":3896,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.490Z","masterFundFlag":1,"inceptionDate":"2015-05-04T16:00:00.000Z","fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮稳健添利灵活配置混合","pinyin":"zywjtllhpzhhxzqtzjj","managers":[{"stockCode":"db20744920","stockType":"fund_manager","exchange":"fm","tickerId":252503202760,"name":"闫宜乘"}]},"announcement":{"linkText":"中邮稳健添利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=635670","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5337fea5b3eb04425ed","stockId":3000000001226,"sao":"2021年一季度，本基金延续既定的投资逻辑和投资策略，重点投资股息率较高、估值合理的行业龙头。一季度，股票市场大幅波动，2月中旬之前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