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2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=804036","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec55c7fea5b3eb044507c","date":"2022-06-29T16:00:00.000Z","stockId":3000000001331,"sao":"2022年上半年，新冠疫情奥密克戎变种对全球仍造成较大影响，奥密克戎进入国内以后也对国内的总供需造成了较为明显的扰动，一季度末至二季度过程中，部分大中城市都显著加强了管控措施，居民行为受到了一定限制，导致了收入水平和消费需求等方面都有较为明显的阶段性扰动。国内情况来看，总体延续了去年下半年以来的经济回落趋势，叠加疫情扰动需求大幅回落超出了政府的预期范围，同时启动了较为强烈的刺激总需求回升的相关政策，外需仍是较为稳定的因素，内需上基建投资逐步加码，房地产打压政策的逐步趋缓以及部分城市逐步落地新一轮的刺激购房需求的政策。财政政策方面，中央也在逐步拓展思路，专项债发行节奏和力度相比过往有明显的加强。金融数据方面，社融底部逐步确立，向上过程一波三折，政策仍以引导扩大融资需求为主的引导方向。  2022年上半年，权益市场整体经历回落探底及快速反弹的过程，年初即开启一轮以创业板和科创板为主导的回落走势，四月底逐步确立底部开启大幅反弹，上证50和沪深300等大市值方向虽也有所回落，但相对收益较为明显，光伏、新能源汽车等热点赛道板块经历了大幅波动。债券市场收益率以震荡为主，中短端随流动性宽松有进一步的回落，中长短并未形成明显趋势。  本基金以追求稳定收益为主要投资策略，控制基金净值回撤幅度。在操作上，保持稳健的中短久期债券资产配置，以固定收益类资产为主要方向，在严格控制整体仓位的前提下，少量参与股票二级市场投资，同时，积极参与新股、可转债、可交换债的网下申购获取增强收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:28.168Z","mo":"展望未来，我们认为随着稳经济政策的加码和逐步落地，宏观经济将延续目前景气触底回升的趋势，边际上的压力逐步缓解。其中，外需保持稳定，略有回落压力。内需方面，基建短期仍将保持主力，新开工项目和资金配合度较高，且地方政府能力和意愿都相对较强。房地产方面，需要等待刺激政策和改善供需的政策逐步落地，需求随时间逐步发酵。疫情对消费的影响不确定性仍然存在，下半年是否有疫情扰动需求仍有待观察，趋势上，需求逐步探底回升大概率在下半年至明年上半年之间发生。流动性方面，我们预计稳经济仍是下半年的主题的情况下，流动性回收的可能性较小，但进一步放松的可能性也有限，仍以总体温和和局部性缓和和放松为主。信用宽松仍将延续，但此一轮的信用扩张的高点大概率低于2021年那一轮，可持续性值得期待。  在此情况下，我们认为整体权益市场较难形成趋势性行情，震荡市仍是下半年的主要趋势，流动性对估值来讲保持中性，但企业盈利的低点和趋势性向上机会仍需等待，大概率会在下半年至明年年初过程中落地。考虑市场估值水平，沪深300、创业板指等宽基指数基本处于历史估值分位中位附近，中证500指数估值仍处于偏低水平，经济基本面驱使估值上升动力不足，仍需等待企业盈利回升同时促进估值上升动力。债券方面，目前收益率绝对水平偏低，收益率进一步下行空间非常有限，但短期流动性难以证伪，仍将维持宽松趋势，中长久期波动风险在逐步加大，暂时保持谨慎。  未来我们仍将坚持稳健的投资策略，稳步增加固定收益率资产配置，保持中高仓位、中短久期的债券配置，严控仓位情况下适当参与股票市场，并通过参与新股、可转债、可交换债网下申购等投资，追求稳定的投资收益。","fund":{"_id":3000000001331,"stockCode":"001331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-21T16:00:00.000Z","setUpScale":594129000,"market":"a","tickerId":1331,"custody":"中国建设银行股份有限公司","name":"鹏华弘信灵活配置混合型证券投资基金","shortName":"鹏华弘信混合A","fundSecondLevel":"hybrid","__csrcFundId":3968,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.692Z","masterFundFlag":1,"inceptionDate":"2015-05-24T16:00:00.000Z","fundCollectionId":4000050060000,"memoNum":1,"currency":"CNY","masterFundShortName":"鹏华弘信混合","pinyin":"phhxlhpzhhxzqtzjj","managers":[{"stockCode":"db20458337","stockType":"fund_manager","exchange":"fm","tickerId":1220160070,"name":"刘涛"}]},"announcement":{"linkText":"鹏华弘信灵活配置混合型证券投资基金 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2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=723846","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec55c7fea5b3eb044507a","date":"2021-12-30T16:00:00.000Z","stockId":3000000001331,"sao":"2021年，新冠疫情对人类生活产生的巨大影响仍在持续，无论是国内采取的严防死守还是国际上采用的有限管控模式，以及各个经济体对应开展的相关应对措施，都产生了非常巨大的宏观经济上的影响，在全社会的总供给和总需求上都有非常明显的变化。从国内经济来看，强有力的管制措施保证了社会基本运转的流畅和连续，除了旅游等非常依赖于人口流动的行业受疫情影响较大以外，内需方面基本保持稳定，但原材料端受国内外需求扰动造成的供需缺口导致价格持续快速上行，以及同时双控等政策逐步落地以后的影响叠加，导致了价格向下游传导并不顺畅，上游获利丰厚、中游价格压力较大、下游需求逐步萎缩，政府、企业和居民部门的债务扩张趋缓，在经济增长恢复过程中杠杆率有所回调。具体来看，基建保持稳定，制造业维持复苏趋势，房地产受政策严控打压以至于信用风险频发，消费恢复相对缓慢。价格方面，生活端物价保持低位稳定，工业品价格迭创新高。权益市场在连续两年上涨以后，进一步冲高至春节附近走出明显的一波调整，其后进入明显的分化之中，茅指数向宁指数交接，受益于碳达峰和双控等强有力政策的影响，新能源产业链走势较强，上游原材料也受益于供给影响大幅上涨，中下游需求前高后低，持续回落。中小盘或成长型方向的标的表现较优，低估值和价值类型的方向变现偏弱。债券市场，整体流动性维持较为宽松，但绝对收益率水平处于历史低位附近，曲线震荡下行，受房地产行业影响信用风险分化显著，民营房地产公司实质性违约风险逐步暴露。本基金以追求稳定收益为主要投资策略，控制基金净值回撤幅度。在操作上，保持稳健的中短久期债券资产配置，以固定收益类资产为主要方向，在严格控制整体仓位的前提下，少量参与股票二级市场投资，同时，积极参与新股、可转债、可交换债的网下申购获取增强收益。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:28.163Z","mo":"展望后市，新冠疫情的影响逐步减弱，虽然最新变种导致各国感染人数创出新高，但各国采用的应对措施逐步趋缓，疫苗的普及率逐步提高也导致了重症率和死亡率的明显回落，部分经济体已经逐步进入全民免疫的状况。国内仍保持对疫情的严控措施，以及对产业链的强有力保护，导致对外出口持续强势，未来出口将有所回落但产业链的完整也保证了出口整体水平维持较高水平。内需在去年三季度至四季度随地产行业的趋冷快速回落，目前政策转向方向较为明确，但政策的实操和落地过程仍有时滞，信用扩张动力虽足够，但需求意愿仍然偏弱。降准降息的宽松周期刚刚启动，预计未来需求会随着信用的逐步扩张得到一定支撑。考虑到目前政策上的积极表态和稳增长的实质性需求，未来基建、地产均有扩张的动力，财政上的发力和实体企业部门的杠杆率回升都可以期待。目前情况下，流动性进一步持续宽松，企业盈利仍在下行周期之中，但可预期在未来需求企稳回升后盈利也将有触底回升动力，信用扩张周期正在逐步开启，权益类资产的利好和利空处于高度博弈之中，考虑到目前的估值水平，我们维持权益类资产的中性判断，未来积极关注盈利触底回升的时机和信用扩张的趋势形成过程和方向。债券方面，收益率已经对需求较弱的情况和流动性宽松给予了充分预期，债券收益率水平仍处于历史低位附近，我们短期维持对债券市场中性判断，谨慎关注信用扩展对债券收益率曲线产生的冲击。未来我们仍将坚持稳健的投资策略，保持稳健的固定收益类资产配置，保持中等仓位、短久期的债券资产，严控仓位情况下适当参与股票市场，并通过参与新股、可转债、可交换债网下申购等投资，追求稳定的投资收益。","fund":{"_id":3000000001331,"stockCode":"001331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-21T16:00:00.000Z","setUpScale":594129000,"market":"a","tickerId":1331,"custody":"中国建设银行股份有限公司","name":"鹏华弘信灵活配置混合型证券投资基金","shortName":"鹏华弘信混合A","fundSecondLevel":"hybrid","__csrcFundId":3968,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.692Z","masterFundFlag":1,"inceptionDate":"2015-05-24T16:00:00.000Z","fundCollectionId":4000050060000,"memoNum":1,"currency":"CNY","masterFundShortName":"鹏华弘信混合","pinyin":"phhxlhpzhhxzqtzjj","managers":[{"stockCode":"db20458337","stockType":"fund_manager","exchange":"fm","tickerId":1220160070,"name":"刘涛"}]},"announcement":{"linkText":"鹏华弘信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=711782","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec55c7fea5b3eb0445079","date":"2021-09-29T16:00:00.000Z","stockId":3000000001331,"sao":"2021年三季度，新冠疫情在全球范围内仍处于流行状态，由于疫苗接种范围的扩大，疫情得到有效的控制，全球感染人数逐步回落，国内疫情也有小规模扩散，但管控体系运转效果良好，较快得到控制。总需求来看，海外的需求呈现稳步复苏的状况，但复苏力度较前期高点有所回落，大宗价格大幅上涨以及能源供给紧缺等因素都导致了需求受到明显抑制。国内需求也有一定回落，一方面疫情仍在持续对部分地方以及整体消费造成负面影响，另一方面社融回落以后，地产和基建信用扩张偏负面，总需求也有一定程度的回落。2021年三季度，权益市场延续震荡走势，市场仍保持存量博弈状态，上游大宗商品的上涨带动资源类权益资产表现较强，新能源、半导体等新经济维持震荡，家电、银行、保险等仍有进一步回落。债券方面，流动性维持宽松，利率水平也整体维持低位，工业品价格的大幅波动并未带动利率有明显的变化，仍处于震荡走势之中。本基金以追求稳定收益为主要投资策略，控制基金净值回撤幅度。在操作上，保持稳健的中短久期债券资产配置，以固定收益类资产为主要方向，在严格控制整体仓位的前提下，少量参与股票二级市场投资，同时，积极参与新股、可转债、可交换债的网下申购获取增强收益机会。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:28.161Z","fund":{"_id":3000000001331,"stockCode":"001331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-21T16:00:00.000Z","setUpScale":594129000,"market":"a","tickerId":1331,"custody":"中国建设银行股份有限公司","name":"鹏华弘信灵活配置混合型证券投资基金","shortName":"鹏华弘信混合A","fundSecondLevel":"hybrid","__csrcFundId":3968,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.692Z","masterFundFlag":1,"inceptionDate":"2015-05-24T16:00:00.000Z","fundCollectionId":4000050060000,"memoNum":1,"currency":"CNY","masterFundShortName":"鹏华弘信混合","pinyin":"phhxlhpzhhxzqtzjj","managers":[{"stockCode":"db20458337","stockType":"fund_manager","exchange":"fm","tickerId":1220160070,"name":"刘涛"}]},"announcement":{"linkText":"鹏华弘信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=653217","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec55c7fea5b3eb0445078","date":"2021-06-29T16:00:00.000Z","stockId":3000000001331,"sao":"2021年上半年，新冠疫情仍在全球范围内产生巨大影响，随着疫苗接种范围的逐步扩散和新变种delta的快速扩张，疫情在逐步可控的过程中仍存在着反复扰动，全球范围内的总供给和总需求都发生了较大波动。国内情况来看，宏观经济形势在去年年底复苏高点附近展现出较强的延续性，上半年整体经济运行情况良好，尤其是外需保持了较好的势头，内需方面，投资整体表现稳定，其中房地产在受政策压制的情况下整体表现较好，制造业延续反弹向上趋势，基建在低位保持稳定。消费方面，也呈现稳步复苏的趋势，居民收入受疫情影响较难消除，因此消费的恢复相比其他部分困难较大。政策方面，货币政策保持了适度的宽松趋势，近期降准继续释放流动性，整体仍维持较为稳定的状况，财政方面，中央层面保持了一定延续性，但地方政府专项债的放缓也确实超出了初始的预期，同时也为下半年内需的逐步回落预留了一些对冲的空间。金融数据方面，银行体系的信用扩张基本符合预期，伴随着政府融资节奏的调整，整体社融同比呈回落走势，目前处于近年中位数附近。2021年上半年，权益市场整体经历冲高回落的过程，春节附近是震荡高点，其后市场整体有所回落，结构上以创业板和科创板为主的板块再次冲高，新能源汽车、光伏和半导体等方向持续强势，上证50、沪深300等大权重大市值方向表现明显偏弱。债券市场整体呈现震荡略有下行的走势，流动性相对充裕，信用利差和期限利差均被明显压缩。本基金以追求稳定收益为主要投资策略，控制基金净值回撤幅度。在操作上，保持稳健的中短久期债券资产配置，以固定收益类资产为主要方向，在严格控制整体仓位的前提下，少量参与股票二级市场投资，同时，积极参与新股、可转债、可交换债的网下申购获取增强收益。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:28.158Z","mo":"展望未来，我们认为宏观经济仍将延续目前景气程度，边际上存在缓慢回落的压力，同时政策上的对冲也将稳步落地。其中，外需仍然保持较强水平，随着欧美主流经济体疫苗接种比例的进一步提高，产能利用率将进一步逐步回升，需求和供给能力都将继续向上，我国的出口将存在逐步回落的压力，但景气度仍将维持。内需方面，投资仍然是主要动力，制造业投资进一步上行趋势较为明确，基建投资也有伴随专项债放量的过程逐步有所提高的可能，房地产投资存在一定下行压力，消费需求方面，国内仍将逐步推动消费的复苏，但疫情对居民收入方面的影响对消费较长时间内存在抑制作用，但考虑到贫富分化问题，中高端消费的景气程度仍有进一步修复的空间和动力。流动性方面，我们预计也将保持相对稳定，社融同比增速有望在年底前在目前水平保持稳定略有下行，金融体系流动性伴随降准落地和央行的主动呵护，大概率保持稳定。在此情况下，我们认为整体权益市场处于中性状况，盈利预期随着经济总需求和物价的见顶有缓慢回落的可能，流动性相对宽松也给与市场一定估值上的支撑。目前全市场整体的估值水平中性，结构上中证500指数估值偏低，科创板和创业板的估值水平偏高，市场在整体大幅上行和下行可能性不大的情况下，结构上的分化可能有所变化，高估值板块由于市场集中度和充分的预期，存在波动的可能性，低估值板块配置价值的逐步显现，也有企稳的动力。债券方面，目前收益率绝对水平略微偏低，对经济回落和金融流动性的预期相对稳定，收益率水平与目前阶段的物价和经济景气程度存在一定程度的偏离，中长久期收益率进一步回落的空间相对有限，存在一定风险。未来我们仍将坚持稳健的投资策略，稳步增加固定收益率资产配置，保持中高仓位、中短久期的债券配置，严控仓位情况下适当参与股票市场，并通过参与新股、可转债、可交换债网下申购等投资，追求稳定的投资收益。","fund":{"_id":3000000001331,"stockCode":"001331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-21T16:00:00.000Z","setUpScale":594129000,"market":"a","tickerId":1331,"custody":"中国建设银行股份有限公司","name":"鹏华弘信灵活配置混合型证券投资基金","shortName":"鹏华弘信混合A","fundSecondLevel":"hybrid","__csrcFundId":3968,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.692Z","masterFundFlag":1,"inceptionDate":"2015-05-24T16:00:00.000Z","fundCollectionId":4000050060000,"memoNum":1,"currency":"CNY","masterFundShortName":"鹏华弘信混合","pinyin":"phhxlhpzhhxzqtzjj","managers":[{"stockCode":"db20458337","stockType":"fund_manager","exchange":"fm","tickerId":1220160070,"name":"刘涛"}]},"announcement":{"linkText":"鹏华弘信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=632448","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec55c7fea5b3eb0445077","stockId":3000000001331,"sao":"2021年一季度，新冠疫情在全球范围内随着各国疫苗的逐渐开始接种，从爆发期进入防治期，为了应对疫情各经济体采取的货币和财政上的应对措施，对总需求产生明显影响。国内疫情在年初稍有反复，对内需影响相对有限，房地产和基建都延续稳健复苏的状态，制造业投资随价格周期有走强趋势。海外拜登当选美国总统超预期推出居民救济方案，以及积极推进新基建规划，对全球的需求拉动进一步增大，尤其伴随美国房地产向上周期趋势，总需求增长趋势更为确定，欧洲和日本受疫情扰动以及疫苗接种速度影响，需求和供给恢复相对缓慢。  2021年一季度，权益市场以春节假期为分割线冲高回落，以茅指数为代表的近两年强势板块和赛道有明显调整，市场由明显增量市场进入存量市场。债券方面，经济总需求向上趋势和货币政策紧平衡状态，以及周期品价格上行趋势压制，收益率下行动力不足，处于小幅波动状态，波动受短期资金面扰动明显，尚未走出明显趋势，信用分层进一步增强。  本基金以追求稳定收益为主要投资策略，控制基金净值回撤幅度。在操作上，保持稳健的中短久期债券资产配置，以固定收益类资产为主要方向，在严格控制整体仓位的前提下，少量参与股票二级市场投资，同时，积极参与新股、可转债、可交换债的网下申购获取增强收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:28.155Z","fund":{"_id":3000000001331,"stockCode":"001331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-21T16:00:00.000Z","setUpScale":594129000,"market":"a","tickerId":1331,"custody":"中国建设银行股份有限公司","name":"鹏华弘信灵活配置混合型证券投资基金","shortName":"鹏华弘信混合A","fundSecondLevel":"hybrid","__csrcFundId":3968,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.692Z","masterFundFlag":1,"inceptionDate":"2015-05-24T16:00:00.000Z","fundCollectionId":4000050060000,"memoNum":1,"currency":"CNY","masterFundShortName":"鹏华弘信混合","pinyin":"phhxlhpzhhxzqtzjj","managers":[{"stockCode":"db20458337","stockType":"fund_manager","exchange":"fm","tickerId":1220160070,"name":"刘涛"}]},"announcement":{"linkText":"鹏华弘信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=571270","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec55c7fea5b3eb0445076","stockId":3000000001331,"sao":"2020年是极其特殊的一年，百年不遇的新冠疫情对经济供给和需求上都造成非常大的扰动，宏观经济一季度快速回落，其后逐季回升。政府采用强有力的政策控制疫情的同时调配宏观经济总量上的供给和需求，政府部门增加负债直接创造部分需求，适度放宽企业部门杠杆压制，企业部门杠杆率也有所回升，居民部门保持房地产负债相对稳定的情况下也在加杠杆上有所助力。具体来看，基建稳中有升、房地产保持稳定偏向积极、制造业也有复苏迹象，消费方面恢复相对偏缓。价格方面，生活品端受猪肉价格冲高回落带动趋势性下行，工业品价格受疫情全球扩散以后供需两方面的多重扰动有所上行。  权益市场在疫情冲击下出现几次显著调整，但最终回到了2019年以来的上行趋势之中。上半年疫情爆发后流动性进入宽松状况，市场交易热情稳步提升，进入下半年以后，海外供给显著受抑制，出口带动国内生产端加速复苏，企业盈利伴随工业价格上行逐步改善。上半年创业板指和科创板指表现相对较强，高估值与低估值表现差异进一步拉大，下半年市场相比较而言更加均衡。债券市场，受疫情大幅释放流动性影响收益率曲线整体快速下行，其后伴随生产恢复和流动性向均衡调整，债券市场也恢复至2019年下半年的调整趋势，下半年伴随部分信用风险的暴露，市场扰动进一步加大。  本基金以追求稳定收益为主要投资策略，控制基金净值回撤幅度。在操作上，保持稳健的中短久期债券资产配置，以固定收益类资产为主要方向，在严格控制整体仓位的前提下，少量参与股票二级市场投资，同时，积极参与新股、可转债、可交换债的网下申购获取增强收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:28.153Z","mo":"展望后市，新冠疫情的影响仍将持续，但已经从快速扩张阶段逐步进入到防治阶段，疫苗已经在大型经济体开始接种，其他国家预计也将在未来一至两年逐步接种。海外进行了大规模的财政刺激计划，直接补贴至居民端，在需求上保持相对稳定，供给上受到抑制相对较大，因此，在疫情明显控制之前，国内强大的产能供给仍可以支撑出口的持续增长。内需在社融增速仍处于同比近年较高水平的情况下，基建和地产仍可以保持稳定，制造业投资有向上动力，消费端仍有概率延续稳步复苏趋势。伴随信用扩张逐步趋缓，融资需求在进入下半年以后压力逐步增大，届时海外供给也将伴随疫苗接种有所恢复，宏观经济压力逐步显现。  在此情况下，流动性收缩之前，盈利改善的趋势仍对权益类资产起到积极正面的作用，但信用扩张的顶部区域大概率在2020年四季度，信用收缩过程中的预期扰动相对较大，我们短期仍然对权益类资产中性偏积极。债券方面，收益率已经有一定程度的回升，但全球需求扩张和经济顺周期改善趋势仍在的情况下，较难对债券过于乐观，因此，我们短期对债券类资产中性偏悲观，稍长时间来看，对债券类资产不悲观。  未来我们仍将坚持稳健的投资策略，保持稳健的固定收益类资产配置，保持中等仓位、短久期的债券资产，严控仓位情况下适当参与股票市场，并通过参与新股、可转债、可交换债网下申购等投资，追求稳定的投资收益。","fund":{"_id":3000000001331,"stockCode":"001331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-21T16:00:00.000Z","setUpScale":594129000,"market":"a","tickerId":1331,"custody":"中国建设银行股份有限公司","name":"鹏华弘信灵活配置混合型证券投资基金","shortName":"鹏华弘信混合A","fundSecondLevel":"hybrid","__csrcFundId":3968,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.692Z","masterFundFlag":1,"inceptionDate":"2015-05-24T16:00:00.000Z","fundCollectionId":4000050060000,"memoNum":1,"currency":"CNY","masterFundShortName":"鹏华弘信混合","pinyin":"phhxlhpzhhxzqtzjj","managers":[{"stockCode":"db20458337","stockType":"fund_manager","exchange":"fm","tickerId":1220160070,"name":"刘涛"}]},"announcement":{"linkText":"鹏华弘信灵活配置混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=556039","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec55c7fea5b3eb0445075","stockId":3000000001331,"sao":"2020年三季度，新冠疫情对国内影响显著受限，对全球的影响仍在持续加剧过程之中，其中北美、南美、南亚等地区较为严重，随着秋冬季临近，欧洲也逐步显现出二次爆发的迹象，但随着病毒致死率的下降，各经济体的经济活动在受限制的情况下有所恢复，尤其是需求端的稳定和供给端的收缩给中国的出口带来了较为显著的正向作用。内需来看，房地产行业是需求恢复较为明显的部门，仍展示出一定持续性，受中央政府及地方政府直接加杠杆的影响，基建投资也有较好的恢复，伴随着工业品价格触底回升，工业企业盈利能力有较为明显的提升，且制造业投资方面也有一定企稳扩张的迹象。消费方面，居民收入受疫情影响恢复程度稍弱，处于逐步修复状态。金融方面，政府的主动加杠杆意愿叠加企业部门杠杆率的回升，信贷和社融都呈现显著回升的趋势，且具备显著意义的中长期限的融资也呈现较为良好的扩张趋势。  2020年三季度，权益市场在季初呈现显著快速上行走势，其后随着海外不确定性的增加，呈现一定震荡走势，以创业板和科创板为代表的相对高估值板块与以上证50和沪深300为代表的低估值品种之间的差距在季初已经处于相对极值水平，三季度这个差距有所收敛，估值分化进一步演化的概率相对有限。债券方面，金融体系流动性回归正常化，且经济内生动力逐步恢复、融资需求持续扩张，债券收益率延续了前期的上行走势，中短端收益率趋稳，中长端收益率仍持续面临上行压力。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:28.150Z","fund":{"_id":3000000001331,"stockCode":"001331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-21T16:00:00.000Z","setUpScale":594129000,"market":"a","tickerId":1331,"custody":"中国建设银行股份有限公司","name":"鹏华弘信灵活配置混合型证券投资基金","shortName":"鹏华弘信混合A","fundSecondLevel":"hybrid","__csrcFundId":3968,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:37.692Z","masterFundFlag":1,"inceptionDate":"2015-05-24T16:00:00.000Z","fundCollectionId":4000050060000,"memoNum":1,"currency":"CNY","masterFundShortName":"鹏华弘信混合","pinyin":"phhxlhpzhhxzqtzjj","managers":[{"stockCode":"db20458337","stockType":"fund_manager","exchange":"fm","tickerId":1220160070,"name":"刘涛"}]},"announcement":{"linkText":"鹏华弘信灵活配置混合型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instancei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