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相信当一个经济体能够提供的，具有性价比的能源总量不断上升的情况下，人们的福利水平会下降，这不符合基本常识。所以我们的选择是在这个大背景下选择最优性价比的股票资产。（3）\t前述三重因素影响了几乎所有中下游公司，但重压之下，不同的公司表现是不一样的，这给了我们更多的视角、案例、数据等来判断哪些行业、哪些公司的抗打击能力更强，经营业绩和经营质量的稳定性更强、确定性更高，经历风雨之后，如果他们的业务禀赋本身能够跟随名义GDP增长，创造更好一些的业绩大概率就会是水到渠成的事情。所以基于这一点，我们需要的是更勤奋的工作，不断的筛选出这一类资产。","fund":{"_id":3000000001250,"stockCode":"001250","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-26T16:00:00.000Z","setUpScale":6069230000,"market":"a","tickerId":1250,"custody":"中国邮政储蓄银行股份有限公司","name":"天弘新活力灵活配置混合型发起式证券投资基金","shortName":"天弘新活力混合(001250)","fundSecondLevel":"hybrid","__csrcFundId":3878,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:53.400Z","masterFundFlag":1,"inceptionDate":"2015-04-28T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘新活力混合","pinyin":"thxhllhpzhhxfqszqtzjj","managers":[{"stockCode":"j101019562","stockType":"fund_manager","exchange":"fm","tickerId":122608242500,"name":"龙智浩"}]},"announcement":{"linkText":"天弘新活力灵活配置混合型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1145499","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec53d7fea5b3eb044301a","date":"2024-03-30T16:00:00.000Z","stockId":3000000001250,"sao":"过去三年来：（1）\t中下游公司所面临的总量需求受到地产基本需求见顶所带来的趋势性影响，这是以往我们所没有经历过的；（2）\t不少行业的产品价格上受到产能扩张后不得不打价格战来优胜劣汰，新兴产业更是如此，这一点我们经历过多次。这是市场经济下的必然现象，每一次产能扩张与之后的淘汰，产业结构就上一个台阶，产业升级的历程就是这么走过来的，这是我们所经历过的；（3）\t营业成本上受到上游资源价格抬升所带来的较为全面的成本冲击，这并不鲜见，2007-2008年，2011-2013年都是如此，这也是我们所经历过的。（1）和（2）导致营业收入遭遇不利挑战，（3）导致营业成本不断抬升，三者叠加下对中下游公司利润的冲击，是我们没有经历过的。权益市场正是在2021年的较高估值下，中下游公司盈利与估值迎来了持续三年的双杀。而公司利润或没有受损，且估值处于合理甚至偏低的上游与公用事业公司，迎来了虽然有所波折，但持续三年的牛市。已经过去的事实梳理，是我们理解中国经济与A股市场发生了什么，哪里有机会，哪里有风险的基础。当前的事实梳理是：（1）\t中下游公司的盈利本身就受到了三重冲击下静态估值，已经有不少公司的经过现金流调整后的估值是相对便宜的。（2）\t前述的三重冲击，地产冲击在逐步进入尾声，量价调整在一、二线城市已经非常充分；产能扩张下的价格战，已经开始全面约束企业资本开支，部分行业价格战的终点隐约在望；上游资源尤其是能源价格的中枢，在新能源投资所产生的能源产能会形成清洁能源占比持续上升，这将使得能源价格进一步上行的空间很有限。基于上述事实的合理推测是：中下游公司的盈利修复将逐步到来。另外，部分服务业公司在全行业进行了长时间的能力积累和网络建设之后，又宽又深的护城河已经构筑，稳健而持续的价值创造能力将会带来企业利润的上升，这是市场经济对长时间做正确事情的行业与公司的奖赏。因此，权益市场在中下游公司，尤其是下游和服务业公司，是存在大量具有高性价比的机会，这是重点配置方向，是争取产品稳健而又持续收益的来源。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:57.706Z","fund":{"_id":3000000001250,"stockCode":"001250","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-26T16:00:00.000Z","setUpScale":6069230000,"market":"a","tickerId":1250,"custody":"中国邮政储蓄银行股份有限公司","name":"天弘新活力灵活配置混合型发起式证券投资基金","shortName":"天弘新活力混合(001250)","fundSecondLevel":"hybrid","__csrcFundId":3878,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:53.400Z","masterFundFlag":1,"inceptionDate":"2015-04-28T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘新活力混合","pinyin":"thxhllhpzhhxfqszqtzjj","managers":[{"stockCode":"j101019562","stockType":"fund_manager","exchange":"fm","tickerId":122608242500,"name":"龙智浩"}]},"announcement":{"linkText":"天弘新活力灵活配置混合型发起式证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1070486","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec53d7fea5b3eb0443019","date":"2023-12-30T16:00:00.000Z","stockId":3000000001250,"sao":"2023年，A股市场随着经济预期与产业趋势的起伏呈现出较强的波动性：一季度，疫情解封、经济报复性回升的预期驱动着市场的盈利预判和风险偏好高企，同时人工智能等新兴产业呈现强劲的破坏性创新趋势，A股市场呈现消费、中特估、主题全线强势的小阳春；二季度，报复性消费结束后的弹性乏力与内外需的疲软，以及伴随而来的其他经济数据的偏弱，使市场进入了逆向情绪修正，同时前期受AI产业趋势拉动高度活跃的高新技术主题类投资逐渐开始熄火；进入三季度，对地产风险的担忧逐渐成为市场的主要矛盾之一，进而引申至对整体宏观经济的谨慎，同时，在种种因素的影响下，外资开始加速流出A股市场，带来进一步下跌；时至四季度，宏观政策体现出了较强的定力，使部分试图博弈政策的资金逐渐退场，外资流出的趋势持续，导致A股核心指数陆续跌破重要关口，呈现加速下跌，仅在年末几个交易日出现技术性反弹。本产品在一季度积极布局了中特估与数据要素、消费复苏方向的资产，并保持了相对较高的仓位，随着市场的上涨获得了一定绝对收益；进入二季度，针对市场情绪的迅速消退的现状，略微降低了总仓位的同时，将投资组合的总体估值水平略微调低，但仍无法避免跟随市场调整；三季度，我们进一步降低了组合总仓位，同时开始布局一带一路、国央企改革等能够超脱出经济增长框架的方向与品种，同时布局了部分上游资源类品种，避免中游经济与周期风险暴露过大；四季度早期，在短暂地尝试低位加仓收效不佳后，我们迅速建立了对政策刺激预期谨慎的框架，在四季度中前期加大了仓位的防御性，虽然未能完全避免净值随市场的下行，但整体的仓位与结构调整还是减缓了回撤的速度。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:57.704Z","mo":"展望2024年，经过连续两年的下跌，A股市场虽然不能说黄金满地，但长周期优质公司处于估值低位的现象也绝不鲜见，基于长周期和大视野，我们认为此刻继续悲观的意义已经并不大，只要对内能够保持对经济复苏节奏不确定性的足够敬畏之心以及对产品回撤风险的捍卫之心，外部的市场环境其实逐渐到了我们可以“在正确的方向上慢慢加仓”的位置，站在这个基础之上，有理由比2022年更加积极。当然，各行业间估值分位数与交易拥挤度的分化、投资者对2024年预期的集中也预示着市场的结构性与节奏性风险或许与机会一样不稀缺；地产相关链条在不出现强力政策刺激的基础上，我们认为未来暂时看不到太多亮点，但这也恰与经济转型、成长换擎的大周期特点契合；高新技术产业需求仍有确定性，整体上需要解决阶段性产能过剩、竞争失序的现象，优先体现改善的细分方向将先体现投资价值；居民的超额储蓄是消费行业的回暖基础，只待预期改善，或许有机会展示出超越市场预期的景气。统而言之，2024年的投资机会具有一定复杂性，多数行业与方向并不存在非黑即白的简单结论，更多是在筛选和对比各行业、赛道、细分方向的积极因素与负面因素，不断寻找积极因素超越负面因素的方向进行配置。","fund":{"_id":3000000001250,"stockCode":"001250","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-26T16:00:00.000Z","setUpScale":6069230000,"market":"a","tickerId":1250,"custody":"中国邮政储蓄银行股份有限公司","name":"天弘新活力灵活配置混合型发起式证券投资基金","shortName":"天弘新活力混合(001250)","fundSecondLevel":"hybrid","__csrcFundId":3878,"fundStatus":"normal","lastUpd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仓，截止到3季度全年贡献较好收益。展望后续市场，我们对全年市场并不悲观，而需要处理的问题仍聚焦于市场结构、合理的风险收益比、以及选取更加优质的公司上。下半年债市持震荡观点，预计收益在票息附近，纯债的机会来自于事件冲击后的收益上行或利差扩大；转债估值目前不算便宜，但仍能获得正收益；股票市场没有系统性机会，以长期持有预期收益较高、流动性较好的优质中大盘股作为重点，主要争取业绩兑现带来的收益。21年市场波动较大，肩负投资者的信任，最后一个季度，组合将更看重基本面和估值的匹配度，力争为投资者获取稳健收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:57.677Z","fund":{"_id":3000000001250,"stockCode":"001250","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-26T16:00:00.000Z","setUpScale":6069230000,"market":"a","tickerId":1250,"custody":"中国邮政储蓄银行股份有限公司","name":"天弘新活力灵活配置混合型发起式证券投资基金","shortName":"天弘新活力混合(001250)","fundSecondLevel":"hybrid","__csrcFundId":3878,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:53.400Z","masterFundFlag":1,"inceptionDate":"2015-04-28T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘新活力混合","pinyin":"thxhllhpzhhxfqszqtzjj","managers":[{"stockCode":"j101019562","stockType":"fund_manager","exchange":"fm","tickerId":122608242500,"name":"龙智浩"}]},"announcement":{"linkText":"天弘新活力灵活配置混合型发起式证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=655327","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec53d7fea5b3eb044300f","date":"2021-06-29T16:00:00.000Z","stockId":3000000001250,"sao":"2季度权益市场在1Q的震荡后，迎来震荡向上的机会窗口，但基金重仓股代表的茅指数分化较大。消费股比较疲软，有较高成长预期的股票表现较好，周期制造类个股分化较大。从市值来看，以国证2000为代表的中小盘股表现亮眼，反映在没有明确趋势的情况下，市场在交易波动率。从操作上来看，组合的权益投资主要受益于均衡的配置和持有具有长期核心竞争力的股票，根据组合特点也积极参与了新股投资。债券方面，我们的纯债部分贡献了稳定的票息收益，转债部分以较稳定的持仓获取了一定的收益，主要是抓住了上半年转债市场的主要矛盾，正股为国证2000的大量转债表现较好。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:57.675Z","mo":"展望后续市场，我们对全年市场并不悲观，而需要处理的问题仍聚焦于市场结构、合理的风险收益比、以及选取更加优质的公司上。下半年债市持震荡观点，预计收益在票息附近，纯债的机会来自于事件冲击后的收益上行或利差扩大；转债估值目前不算便宜，但仍有望能获得正收益；股票市场难有系统性机会，以长期持有确定性较高流动性较好的优质中大盘股作为重点，主要争取业绩兑现带来的收益。组合将在风险可控的水平下，稳健操作，珍惜投资人的每一分钱，力争为投资人谋求长期稳健的回报。","fund":{"_id":3000000001250,"stockCode":"001250","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-26T16:00:00.000Z","setUpScale":6069230000,"market":"a","tickerId":1250,"custody":"中国邮政储蓄银行股份有限公司","name":"天弘新活力灵活配置混合型发起式证券投资基金","shortName":"天弘新活力混合(001250)","fundSecondLevel":"hybrid","__csrcFundId":3878,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:53.400Z","masterFundFlag":1,"inceptionDate":"2015-04-28T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘新活力混合","pinyin":"thxhllhpzhhxfqszqtzjj","managers":[{"stockCode":"j101019562","stockType":"fund_manager","exchange":"fm","tickerId":122608242500,"name":"龙智浩"}]},"announcement":{"linkText":"天弘新活力灵活配置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=634341","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec53d7fea5b3eb044300e","stockId":3000000001250,"sao":"1季度权益市场波动较大，操作难度变大，整体在消化去年的高估值和拥挤交易。1月份基金重仓股代表的茅指数在走出较佳行情后大幅震荡，中低价股的代表中证1000指数在经历近半年的震荡下行后逐步企稳，我们认为这背后的逻辑是尽管基本面趋势大致是往上，但较高的估值或已经透支了茅指数为代表的个股的未来收益空间。投资需要考虑未来，同时较为长远的未来假设或忽视了部分经济和市场周期波动。底部时我们需要多一点乐观，市场高估状态下可能需要的更多的是常识。从操作上来看，组合的权益投资主要收益来源于均衡的配置和偏周期制造的特点，根据组合特点也积极参与了新股投资。展望后续市场，我们对全年市场并不悲观，而需要处理的问题主要在结构、合理风险收益比以及选取更加优质的公司上。债券方面，我们的纯债部分贡献了一定的票息收益，转债部分整体机会减少，操作难度也在加大，我们今年会更看重个券的机会。组合将在风险可控的水平下，稳健操作，珍惜投资人的每一分钱，力争为投资人谋求长期稳健的回报。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:57.672Z","fund":{"_id":3000000001250,"stockCode":"001250","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-26T16:00:00.000Z","setUpScale":6069230000,"market":"a","tickerId":1250,"custody":"中国邮政储蓄银行股份有限公司","name":"天弘新活力灵活配置混合型发起式证券投资基金","shortName":"天弘新活力混合(001250)","fundSecondLevel":"hybrid","__csrcFundId":3878,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:53.400Z","masterFundFlag":1,"inceptionDate":"2015-04-28T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘新活力混合","pinyin":"thxhllhpzhhxfqszqtzjj","managers":[{"stockCode":"j101019562","stockType":"fund_manager","exchange":"fm","tickerId":122608242500,"name":"龙智浩"}]},"announcement":{"linkText":"天弘新活力灵活配置混合型发起式证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=573869","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec53d7fea5b3eb044300d","stockId":3000000001250,"sao":"2020年资本市场最大的主题是疫情，我们在2019年的年底，很难想象2020是如此波澜起伏，我们既没有猜到开头，也没有猜到结局；我们与大众一起，见证了疫情的残酷和人性的光辉与卑劣，站在年尾，我们相信，疫情终将过去，而经过疫情考验的中国经济也充分展现了他的韧性与底色。全年资本市场的走势，无论是国际还是国内，紧密围绕疫情展开；为了应对疫情，全球主要经济体大放水，而中国则保持了相对克制和货币政策较早的回归正常。在流动性的推动下，全球主要股票市场基本均收红结局，中国市场走出了连续第二年的结构性牛市，围绕消费医疗和新能源，市场展开了一轮轰轰烈烈的行情，或许在这轮行情中也孕育了中国未来大周期视角下经济的动力和方向。20年股票市场有巨大的分化；沪深300指数连续第二年收红，上涨27%，偏股型基金平均收益更远高于此，但仍有近一半的股票是负收益；伴随经济发展增速和质量的深刻变化，A股投资模式也在不断走向成熟市场；随着居民大类资产配置的长期转换，我们对市场的长期发展充满信心。从20年的组合收益操作来看，我们及时把握了疫情前后市场的变化，整体维持了价值股为主的基础仓位，有效分享了权益市场的上涨收益；我们也积极参与了科创板、创业板等的新股机会，为组合贡献了稳定收益。在债券层面，久期摆布和资产配置上也大体正确，为组合贡献了绝对收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:57.669Z","mo":"如果说2020市场交易的是疫情和流动性，2021年市场的主题可能是复苏和估值。经历连续2年的大幅上涨，从指数来看，我们刚刚回到2018年初，但就不少个股而言，早就轻舟已过万重山，股价不断创历史新高。我们认可市场有其自身的逻辑，我们也相信资本市场是有万有引力的，常识与逻辑并不矛盾。我们长期看好中国资本市场的发展，与中国经济一起并肩前行，但在具体挑选标的时，我们会考虑估值能否支撑企业的长期基本面。21年随着疫苗的逐步推出，整体经济的复苏逐级而上，相对而言，因为疫情控制较好，中国的复苏靠前，21年国内经济数据和外围经济数据可能存会在时间差，对此的认知可能是把握市场节奏的关键。疫情改变了世界，也改变了我们对世界和自己的认知；就基金经理而言，除了对市场的认知进一步深化，更增加了对市场的敬畏。在越来越复杂的市场中，我们肩负投资者的信任，戮力前行，争取为组合贡献更好的收益。","fund":{"_id":3000000001250,"stockCode":"001250","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-26T16:00:00.000Z","setUpScale":6069230000,"market":"a","tickerId":1250,"custody":"中国邮政储蓄银行股份有限公司","name":"天弘新活力灵活配置混合型发起式证券投资基金","shortName":"天弘新活力混合(001250)","fundSecondLevel":"hybrid","__csrcFundId":3878,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:53.400Z","masterFundFlag":1,"inceptionDate":"2015-04-28T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘新活力混合","pinyin":"thxhllhpzhhxfqszqtzjj","managers":[{"stockCode":"j101019562","stockType":"fund_manager","exchange":"fm","tickerId":122608242500,"name":"龙智浩"}]},"announcement":{"linkText":"天弘新活力灵活配置混合型发起式证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=558112","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec53d7fea5b3eb044300c","stockId":3000000001250,"sao":"三季度，新冠疫情在国内得到有效控制，宏观经济在二季度基础上继续复苏，在地产、基建和出口的支撑下，上行趋势明显；货币政策回归正常操作框架，银行系统持续压缩结构性存款，相应的存单利率上行明显；在企稳的经济和稳健的货币政策护航下，权益和债券市场分化明显，权益市场经历了一轮快速上涨后大幅波动，债券市场收益上行明显，已回到疫情前水平。组合对权益类的投资机会做了较好的参与，对于纯债部分也以低久期中低仓位应对。展望四季度，经济继续走在复苏的路上，相对前期的复苏缓慢，我们认为以汽车等为代表的消费类可能逐步跟上，权益市场从前期对于流动性和预期变化的参与逐步过渡到对企业盈利和估值的关注，利率债大幅调整后已初步具有参与价值，由于结构性存款仍需在四季度进一步压缩，我们判断银行类机构的买债力度仍未看到明显的改善。但相应的我们也看到，伴随10年国债重新回到3.1附近，相对外围市场和银行其他配置资产，国债等利率债已具有了一定的配置价值，中短久期高等级信用债也具有较好的票息收益和骑乘价值。我们认为后续债券市场整体属于震荡格局，等待配置的时机。转债市场在反复波动后再次出现投资机会。对于权益市场，我们坚持长期投资的理念保持长期仓位，更看重企业盈利切实的复苏和在新冠疫情后竞争力的变化。组合将在风险可控的水平下，稳健操作，珍惜投资人的每一分钱，为投资人谋求长期稳健的回报。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:57.667Z","fund":{"_id":3000000001250,"stockCode":"001250","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-26T16:00:00.000Z","setUpScale":6069230000,"market":"a","tickerId":1250,"custody":"中国邮政储蓄银行股份有限公司","name":"天弘新活力灵活配置混合型发起式证券投资基金","shortName":"天弘新活力混合(001250)","fundSecondLevel":"hybrid","__csrcFundId":3878,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:53.400Z","masterFundFlag":1,"inceptionDate":"2015-04-28T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘新活力混合","pinyin":"thxhllhpzhhxfqszqtzjj","managers":[{"stockCode":"j101019562","stockType":"fund_manager","exchange":"fm","tickerId":122608242500,"name":"龙智浩"}]},"announcement":{"linkText":"天弘新活力灵活配置混合型发起式证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492201","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec53d7fea5b3eb044300b","stockId":3000000001250,"sao":"上半年新冠疫情爆发并蔓延至全球，对经济增长和社会生活带来巨大冲击，资本市场也大幅震荡。我们在疫情初期即积极行动，观察疫情的发展和影响，在组合层面提高债券部分的杠杆和久期；二季度，新冠疫情在国内初步得到有效控制，在较为宽松的货币政策和财政政策护航下，从数据层面我们看到经济恢复趋势明显。我们观察到债券市场对资金的宽松预期走到了现实前面，市场高度亢奋；考虑到债券市场的极低估值，组合整体保持谨慎，将债券组合逐步调整成短久期结构，并在5月债券市场出现拐点后进一步降低组合久期仓位；我们观察到5月份转债市场在正股上涨的同时出现了一波较大的下跌，基于我们对转债配置的判断，整体提高了转债仓位配置。权益方面，我们根据组合特点，在精选股票的情况下保持了一定仓位，并积极参与新股申购。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:57.664Z","mo":"未来，经济复苏的趋势比较明确，货币政策边际利好较少，宽货币有望切换到宽信用，在相对较低的机会成本下，整体环境对权益类资产较为有利。在资产排序上，我们认为股票好于转债好于纯债。在股票的投资上，我们继续坚持精选个股长期投资的理念；可转债相对纯债具有配置价值，我们拟保持一定可转债仓位；纯债整体偏向谨慎，拟继续降低杠杆和久期。组合将在风险可控的水平下，稳健操作，珍惜投资人的每一分钱，为投资人谋求长期稳健的回报。","fund":{"_id":3000000001250,"stockCode":"001250","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-04-26T16:00:00.000Z","setUpScale":6069230000,"market":"a","tickerId":1250,"custody":"中国邮政储蓄银行股份有限公司","name":"天弘新活力灵活配置混合型发起式证券投资基金","shortName":"天弘新活力混合(001250)","fundSecondLevel":"hybrid","__csrcFundId":3878,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:53.400Z","masterFundFlag":1,"inceptionDate":"2015-04-28T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘新活力混合","pinyin":"thxhllhpzhhxfqszqtzjj","managers":[{"stockCode":"j101019562","stockType":"fund_manager","exchange":"fm","tickerId":122608242500,"name":"龙智浩"}]},"announcement":{"linkText":"天弘新活力灵活配置混合型发起式证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=461498","linkType":"PDF","source":"csrc_pdf"}}]}