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年债券市场收益率走出全年上行的行情，但年末各期限国债收益率水平仍处于历史低位区间，债券市场整体仍保持着低利率的运行格局。本基金债券组合维持稳健的久期和信用策略，股票组合维持低波策略，在全年债券和股市波动均较大的背景下维持了较好的最大回撤和波动率，并依靠股票收益增厚了回报。","lastUpdated":"2026-03-31T13:02:16.630Z","mo":"权益部分：展望2026，我们认为尽管当前市场情绪不错，但居安思危，十五五开局之年，经济仍有压力，结合情绪和经济基本面，市场在这个时点倾向于寻求上半年业绩能看到确定增量的标的，物以稀为贵，这类标的一旦被发掘和认同，超额收益都是可观的。这类品种往往集中于过去几年市占率还是保持上升的细分行业。  因此总体上更多坚持以公司的产业竞争力出发，毕竟未来的环境的不确定性仍然较大，波动率的控制可能更需要一批面对下跌后敢放心买的公司去支撑。即指数低波背景下，增量上多做低位票，多做有产业竞争力逻辑的票。  固收部分：展望2026年债市后市，宏观政策层面将延续积极财政与稳健宽松货币的搭配格局，积极财政政策力度预计保持稳定，发力方向聚焦实体经济复苏与重点领域支持，货币政策则将维持流动性合理充裕、精准滴灌的基调，为经济平稳运行保驾护航。与此同时，随着经济基本面逐步修复、市场信心持续提振，整体风险偏好有望进一步回升，权益市场的吸金效应与资金面的边际变化，或将对债券市场形成阶段性估值与配置压力。考虑到当前债券市场绝对收益率仍处于历史偏低区间，利差空间相对有限，本基金将秉持灵活稳健的投资思路，紧密跟踪宏观经济、政策导向与资金面的边际变化，动态调整组合久期与杠杆水平，优化持仓结构，在严控风险的前提下把握市场交易性机会，力争为持有人实现稳定可持续的投资收益。","fund":{"_id":3000000001359,"stockCode":"001359","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-25T16:00:00.000Z","setUpScale":406208000,"market":"a","tickerId":1359,"custody":"交通银行股份有限公司","name":"国联安添鑫灵活配置混合型证券投资基金","shortName":"国联安添鑫灵活配置混合(001359)","fundSecondLevel":"hybrid","__csrcFundId":4014,"fundStatus":"normal","lastUpdated":"2026-04-30T17:58:05.397Z","masterFundFlag":1,"inceptionDate":"2015-06-01T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安添鑫灵活配置混合","pinyin":"glatxlhpzhhxzqtzjj","managers":[{"stockCode":"8801370755","stockType":"fund_manager","exchange":"fm","tickerId":2412120700,"name":"薛琳"},{"stockCode":"8801592324","stockType":"fund_manager","exchange":"fm","tickerId":2308176640,"name":"王欢"},{"stockCode":"j101019655","stockType":"fund_manager","exchange":"fm","tickerId":251903245080,"name":"俞善超"}]},"announcement":{"linkText":"国联安添鑫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=1456200","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5657fea5b3eb044592b","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000001359,"sao":"权益部分：三季度市场整体持续上涨，上涨的主线在科技方向。今年市场明显的大指数层级的波动率下降，而个股波动和结构分化依旧。在指数低波化的基础之上，我们认为市场寻求科技成长板块是符合人性的选择，但这些板块兼具进攻性和高波动性，结合考虑我们追求稳健收益的组合策略，我们也更多利用了今年指数的低波性去做波动缓冲。  因此在大的结构上，我们既配置了相对看好且熟悉的先进制造板块及其中的成长主题，比如汽车、机器人和军工；又配置了相当比例的代表大指数波动率的银行和有色。  中线方向还是坚持以公司的产业竞争力出发，毕竟未来的环境的不确定性仍然较大，波动率的控制可能更需要一批面对下跌后敢放心买的公司去支撑。即指数低波背景下，增量上多做低位票，多做有产业竞争力逻辑的票。  固收部分：2025年三季度，国内债券市场整体呈现调整态势，收益率曲线经历熊陡变化。宏观层面，经济呈稳中有进的弱复苏态势，内需结构性分化，核心CPI在政策提振下小幅回升，但PPI受中下游需求疲弱影响持续为负。期间，反内卷政策推升通胀预期，权益市场走强对债市形成压制。货币政策保持适度宽松，央行通过三季度例会强调落实落细已出台政策，并持续通过逆回购等工具精细化调控流动性。  本基金在三季度维持中性久期，优化持仓结构。利率债方面，适度增持中长期利率债以把握波段机会。信用债方面，继续深耕高资质区域城投债，严控信用下沉；配置上偏向能源、交通等中高等级产业债，期限集中于3-5年。展望四季度，债券市场预计延续区间震荡格局，重点关注财政增量政策出台节奏与海外利率环境变化。","lastUpdated":"2026-03-09T13:04:37.000Z","fund":{"_id":3000000001359,"stockCode":"001359","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-25T16:00:00.000Z","setUpScale":406208000,"market":"a","tickerId":1359,"custody":"交通银行股份有限公司","name":"国联安添鑫灵活配置混合型证券投资基金","shortName":"国联安添鑫灵活配置混合(001359)","fundSecondLevel":"hybrid","__csrcFundId":4014,"fundStatus":"normal","lastUpdated":"2026-04-30T17:58:05.397Z","masterFundFlag":1,"inceptionDate":"2015-06-01T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安添鑫灵活配置混合","pinyin":"glatxlhpzhhxzqtzjj","managers":[{"stockCode":"8801370755","stockType":"fund_manager","exchange":"fm","tickerId":2412120700,"name":"薛琳"},{"stockCode":"8801592324","stockType":"fund_manager","exchange":"fm","tickerId":2308176640,"name":"王欢"},{"stockCode":"j101019655","stockType":"fund_manager","exchange":"fm","tickerId":251903245080,"name":"俞善超"}]},"announcement":{"linkText":"国联安添鑫灵活配置混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1375168","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5647fea5b3eb044592a","date":"2025-06-29T16:00:00.000Z","stockId":3000000001359,"sao":"权益部分：上半年市场先抑后扬，到了二季度我们观察到今年市场的一个比较重要的变化，即明显的大指数层级的波动率下降，而个股波动和结构分化依旧。在指数低波化的基础之上，我们认为市场会去寻求成长和新兴板块，这些板块兼具进攻性和高波动性。考虑我们追求稳健收益的组合策略，我们更多利用了今年指数的低波性去做波动缓冲。因此在结构上，本基金在上半年既配置了相对看好且熟悉的先进制造板块，比如汽车、机器人和军工；又配置了相当比例的代表大指数波动率的银行。同时不断在熟悉的板块里更多去操作收益兑现和新品种挖掘，取得了预期的效果。固收部分：2025年1-5月，全国一般公共预算收入同比下降0.3%，税收收入降幅收窄至1.6%，非税收入增长6.2%；政府性基金收入受土地出让收入下滑（-11.9%）拖累，整体下降6.9%。支出端，一般公共预算支出增长4.2%，社保、教育、科技等重点领域保障有力；政府性基金支出增长16%，反映专项债等资金加速落地。本基金固定收益部分在上半年保持稳健配置，重点持有高等级信用债及利率债，适度拉长久期至中长端，把握利率下行窗口增厚收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:36.998Z","mo":"权益部分：市场指数的低波性使得A股的投资价值提高，同时观察到市场持续担心的数据和贸易战等负面因素，已经有所脱敏，在波动性已经下降、低利率环境和负面因素较为充分反映的情况下，我们市场具备了逐步向上的基础，下半年我们相对更看好权益市场的估值修复。固收部分：展望下半年，专项债剩余额度约2.24万亿元，叠加政策性金融工具支持，基建投资有望维持韧性。土地市场受房企现金流约束仍显低迷，1-5月土地出让收入下降11.9%，但保障性住房建设加速或部分对冲压力。经济动能或延续制造业升级，装备制造业税收增长与出口链改善，消费端受就业数据边际好转支撑或温和复苏。债市方面，流动性合理充裕环境下，收益率曲线陡峭化延续，中短端品种仍具配置价值，需关注财政政策落地节奏对长端利率的扰动。","fund":{"_id":3000000001359,"stockCode":"001359","stockType":"fund","areaCode":"cn","followedNum":1,"bla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M1余额同比下降1.4%，降幅较上月收窄2.3个百分点，流动性环境边际改善；M2余额同比增长7.3%，增速较前值小幅回升0.2个百分点，金融体系对实体经济的支持力度持续增强。回顾2024年，海外经济体加息周期临近尾声，国内经济呈现波浪式修复特征，消费温和复苏但出口仍存压力，地产政策优化效果有限，经济内生动能整体偏弱。在此背景下，货币政策维持稳健宽松基调，财政政策通过专项债扩容、特殊再融资债发行等工具加力提效，推动社融增速企稳回升。本基金固收部分秉承“低波动、严控回撤”的投资理念，报告期内主要配置高等级信用债、利率债及政策性金融债等优质资产，并通过灵活的久期管理和杠杆操作优化组合收益风险比。组合久期维持在中短水平，有效规避了利率波动风险，同时通过精选个券，全年实现净值稳步增长，为投资者提供了可持续的收益回报。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:36.992Z","mo":"展望2025年，中国经济将延续“稳增长、调结构”的主线。财政政策方面，预计赤字率将进一步提升，特别国债与新增专项债规模有望扩大，政府债券仍将成为社融增长的核心支撑。货币政策将兼顾“稳增长”与“防风险”，通过MLF、结构性工具等灵活调节流动性，资金利率中枢或维持平稳，但需关注银行资金获取成本边际抬升及流动性分层现象对债市的潜在扰动。债券市场方面，当前收益率处于历史低位，但经济名义增长率下行背景下，利率债仍具备配置价值；信用债需警惕资质分化，重点关注高等级品种的补涨机会。本基金将继续以利率债及高评级信用债为核心持仓，动态调整久期与杠杆水平，严控信用风险敞口，同时把握政金债、超长债等品种的交易性机会。对实体经济的观察显示，企业盈利预期改善仍需时间，居民消费与地产销售回暖的持续性待验证。在此环境下，债券市场或呈现窄幅震荡格局，需紧密跟踪财政发力节奏、货币政策边际变化及海外流动性转向的影响，灵活应对市场波动，力争为持有人创造长期稳健收益。","fund":{"_id":3000000001359,"stockCode":"001359","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-25T16:00:00.000Z","setUpScale":406208000,"market":"a","tickerId":1359,"custody":"交通银行股份有限公司","name":"国联安添鑫灵活配置混合型证券投资基金","shortName":"国联安添鑫灵活配置混合(001359)","fundSecondLevel":"hybrid","__csrcFundId":4014,"fundStatus":"normal","lastUpdated":"2026-04-30T17:58:05.397Z","masterFundFlag":1,"inceptionDate":"2015-06-01T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安添鑫灵活配置混合","pinyin":"glatxlhpzhhxzqtzjj","managers":[{"stockCode":"8801370755","stockType":"fund_manager","exchange":"fm","tickerId":2412120700,"name":"薛琳"},{"stockCode":"8801592324","stockType":"fund_manager","exchange":"fm","tickerId":2308176640,"name":"王欢"},{"stockCode":"j101019655","stockType":"fund_manager","exchange":"fm","tickerId":251903245080,"name":"俞善超"}]},"announcement":{"linkText":"国联安添鑫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=1253994","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5647fea5b3eb0445927","date":"2024-09-29T16:00:00.000Z","stockId":3000000001359,"sao":"2024年9月，制造业采购经理指数为49.8%，环比上升0.7个百分点；非制造业商务活动指数为50.0%，环比下降0.3个百分点；综合PMI产出指数为50.4%，环比上升0.3个百分点。制造业的需求仍待改善，价格指数止跌回稳。9月制造业PMI虽连续5个月处于收缩区间，但表现明显强于季节性。9月下旬，在政策组合拳的鼓舞下，市场风险偏好大幅提振，A股大涨，债市行情短期承压，交易盘开始避险式减持债券，各期限债市收益率均一度遭遇较大幅度上行。但在基本面与货币政策方向未改变的背景下，债券利率下行趋势不会出现系统性扭转，如有超调仍为加仓机会。本基金固定收益部分在三季度采取稳健的投资风格，主要投资标的为高等级中票以及利率债等优质资产，适当拉长了各组合久期，力争为投资人创造理想的投资回报。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:36.989Z","fund":{"_id":3000000001359,"stockCode":"001359","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-25T16:00:00.000Z","setUpScale":406208000,"market":"a","tickerId":1359,"custody":"交通银行股份有限公司","name":"国联安添鑫灵活配置混合型证券投资基金","shortName":"国联安添鑫灵活配置混合(001359)","fundSecondLevel":"hybrid","__csrcFundId":4014,"fundStatus":"normal","lastUpdated":"2026-04-30T17:58:05.397Z","masterFundFlag":1,"inceptionDate":"2015-06-01T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安添鑫灵活配置混合","pinyin":"glatxlhpzhhxzqtzjj","managers":[{"stockCode":"8801370755","stockType":"fund_manager","exchange":"fm","tickerId":2412120700,"name":"薛琳"},{"stockCode":"8801592324","stockType":"fund_manager","exchange":"fm","tickerId":2308176640,"name":"王欢"},{"stockCode":"j101019655","stockType":"fund_manager","exchange":"fm","tickerId":251903245080,"name":"俞善超"}]},"announcement":{"linkText":"国联安添鑫灵活配置混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1177291","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5647fea5b3eb0445926","date":"2024-06-29T16:00:00.000Z","stockId":3000000001359,"sao":"权益部分：2024年上半年，市场经历了显著的震荡行情。在这一时期，主要市场指数的表现呈现出不同的特点。沪深300指数实现了小幅上涨，显示出一定的抗跌性和稳定性，而中证1000指数则表现疲弱，反映了市场中小市值公司面临的压力和挑战。在宏观经济方面，整体呈现稳步复苏态势，但复苏进程中的不确定性因素依然较多。国内经济增长速度虽然有所回升，但受全球经济环境、国内产业结构调整以及政策变化等多重因素影响，复苏步伐相对缓慢。在投资者信心方面，由于市场震荡行情的持续以及宏观经济复苏的不确定性，投资者普遍保持谨慎态度。尽管有部分投资者对经济复苏的前景持乐观预期，但整体而言，市场信心仍然不足。投资者在等待经济数据的进一步回暖以确认复苏的可持续性，同时也密切关注国内外政策变化和市场动态。报告期内，本基金坚持采用自上而下的投资方式，通过基本面模型选择合适的资产配置比例和个股配置比例。此外，通过定量化的方式精挑细选优质上市公司，以期获得超越市场的超额收益。固收部分：2024年上半年，全国一般公共预算收入115913亿元，同比下降2.8%，扣除去年同期中小微企业缓税入库抬高基数，及去年年中出台的减税政策翘尾减收等特殊因素影响后，可比增长1.5%左右。上半年广义财政收入预算完成进度为46%，仅略高于2022年同期，政府性基金收入预算完成度28%、为近年最低水平；广义财政支出预算完成进度为42%，为近年最低。政府性基金支出进度拖累明显，上半年预算完成度约30%。本基金在上半年采取追求稳健的投资风格。主要投资标的为高等级中票以及利率债等优质资产，维持组合久期在中段期限，努力为投资人创造较为理想的投资回报。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:36.986Z","mo":"权益部分：2024年下半年，中国经济预计维持温和复苏态势，下半年增长或优于上半年。出口在全球制造业回暖的带动下，全年有望实现超预期增长，成为经济增长重要驱动力。消费随政策提振和高基数效应减弱，增速有望逐步回升。投资方面，制造业受益于出口提振，基建投资在专项债提速支持下加速，地产市场虽在调整中但政策空间犹存。财政与货币政策将继续协同发力，财政政策仍然有充裕空间，货币政策灵活创新，引导实体经济融资成本下降。市场风险偏好或随经济复苏及政策利好逐步提升，权益市场以结构性行情为主，债券市场面临短期调整但长期仍具配置价值。固收部分：展望下半年，地方新增专项债有 2.4 万亿元额度待发行，叠加万亿特别国债，或将支撑后续广义财政支出发力。而房企拿地意愿偏弱，多地依据库存控制供地节奏，或使土地出让收入短期较难改善。中短期内经济修复或延续出口-制造业拉动的模式，叠加财政加码发力，基建投资或继续改善。但在居民收入及就业预期提振乏力下，内需消费可能仍有一定的增长压力，包括地方销售端能否持续改善仍待观察，整体而言经济修复仍面临一定挑战。短期内如果风险偏好没有根本性逆转，债市需求强于供给的格局或仍会延续。不过在期限上，降息推动叠加央行对长债利率指引仍在，短期仍关注中短期限为主，收益率曲线或延续趋陡。","fund":{"_id":3000000001359,"stockCode":"001359","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-25T16:00:00.000Z","setUpScale":406208000,"market":"a","tickerId":1359,"custody":"交通银行股份有限公司","name":"国联安添鑫灵活配置混合型证券投资基金","shortName":"国联安添鑫灵活配置混合(001359)","fundSecondLevel":"hybrid","__csrcFundId":4014,"fundStatus":"normal","lastUpdated":"2026-04-30T17:58:05.397Z","masterFundFlag":1,"inceptionDate":"2015-06-01T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安添鑫灵活配置混合","pinyin":"glatxlhpzhhxzqtzjj","managers":[{"stockCode":"8801370755","stockType":"fund_manager","exchange":"fm","tickerId":2412120700,"name":"薛琳"},{"stockCode":"8801592324","stockType":"fund_manager","exchange":"fm","tickerId":2308176640,"name":"王欢"},{"stockCode":"j101019655","stockType":"fund_manager","exchange":"fm","tickerId":251903245080,"name":"俞善超"}]},"announcement":{"linkText":"国联安添鑫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=1145658","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5647fea5b3eb0445925","date":"2024-03-30T16:00:00.000Z","stockId":3000000001359,"sao":"权益部分：2024年一季度，世界地缘冲突仍在不断加剧，带动黄金价格继续上涨，国际通货膨胀也处于较高水平，美联储加息达到阶段性高点，年中降息预期有所增强；国内方面，一季度A股市场先跌后张，在经历了一月份快速回落后，春节之后的A股市场迅速反弹，整体反应投资者信心正在修复。经济复苏是否能达到预期仍然是决定市场走势的关键。风格方面，大小盘轮动频率加剧，市场波动性有所增加。报告期内，本基金经过一系列定量与定性结合的方法，选择合适的资产配置比例和个股配置比例，精选市场基本面优秀的上市企业，以期获得超越基准的超额收益。本基金将继续坚持现有的投资策略，努力为投资者创造理想的投资回报。固收部分：中国3月官方制造业PMI为50.8，高于临界点，制造业景气回升，前值49.1；综合PMI产出指数为52.7，高于临界点，表明我国企业生产经营活动扩张加快。从企业规模看，大、中、小型企业PMI分别为51.1%、50.6%和50.3%，比上月上升0.7、1.5和3.9个百分点，均高于临界点。从分类指数看，在构成制造业PMI的5个分类指数中，生产指数、新订单指数和供应商配送时间指数高于临界点，原材料库存指数和从业人员指数低于临界点。生产指数为52.2%，比上月上升2.4个百分点，表明制造业企业生产活动加快。新订单指数为53.0%，比上月上升4.0个百分点，表明制造业市场需求景气水平回升。原材料库存指数为48.1%，比上月上升0.7个百分点，表明制造业主要原材料库存量降幅收窄。从业人员指数为48.1%，比上月上升0.6个百分点，表明制造业企业用工景气度有所改善。供应商配送时间指数为50.6%，比上月上升1.8个百分点，表明制造业原材料供应商交货时间有所加快。官方制造业PMI超季节性反弹，短期对估值偏高的债市形成压力。当前宏观图景和政策环境下，中长期视角看，债市利率下行趋势未改。但阶段性看，基本面数据有边际改善迹象、汇率波动至“临界点位”、央行“防空转”诉求、政府债放量在即等多因素共振下，二季度债市波动率或有所提升。本基金在一季度采取稳健的投资风格，主要投资标的为高等级中票以及利率债等优质资产，维持组合久期中短期限，努力为投资人创造较为理想的投资回报。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:36.984Z","fund":{"_id":3000000001359,"stockCode":"001359","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-25T16:00:00.000Z","setUpScale":406208000,"market":"a","tickerId":1359,"custody":"交通银行股份有限公司","name":"国联安添鑫灵活配置混合型证券投资基金","shortName":"国联安添鑫灵活配置混合(001359)","fundSecondLevel":"hybrid","__csrcFundId":4014,"fundStatus":"normal","lastUpdated":"2026-04-30T17:58:05.397Z","masterFundFlag":1,"inceptionDate":"2015-06-01T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安添鑫灵活配置混合","pinyin":"glatxlhpzhhxzqtzjj","managers":[{"stockCode":"8801370755","stockType":"fund_manager","exchange":"fm","tickerId":2412120700,"name":"薛琳"},{"stockCode":"8801592324","stockType":"fund_manager","exchange":"fm","tickerId":2308176640,"name":"王欢"},{"stockCode":"j101019655","stockType":"fund_manager","exchange":"fm","tickerId":251903245080,"name":"俞善超"}]},"announcement":{"linkText":"国联安添鑫灵活配置混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072098","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5647fea5b3eb0445924","date":"2023-12-30T16:00:00.000Z","stockId":3000000001359,"sao":"权益部分：2023年，沪深 300 指数整体下跌 11.38%，本基金下跌 10.75%。报告期内，本基金延续一贯的资产配置策略，重视个股的选择，行业上保持均衡配置。本基金通过精选个股以及配置时机的选择，将风险控制在了一个相对稳定的范围之内，力争取得较理想的回报。固收部分：2023年12月，社融增速较11月上行0.1个百分点至9.5%，连续第五个月走高；狭义货币（M1）暂时止住2023年5月以来的回落趋势，持平于1.3%；广义货币（M2）则继续下行0.3个百分点至9.7%。回顾2023年，外需回落，国内经济逐步复苏，宏观政策偏积极但货币与财政合力不足，地产政策不断调整优化然而效果有限，三季度价格出现筑底信号。但中长期潜在增速下滑和外部环境担忧下，居民预期改善有限，经济内生驱动较弱，复苏持续性不足，四季度经济动能再度转弱。本基金固收部分秉持稳健的投资风格，主要投资标的为高等级中票以及利率债等优质资产，维持组合久期较短期限，力争为投资人创造较为理想的投资回报。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:36.981Z","mo":"权益部分：2023年，市场整体仍然呈现下行趋势，沪深300出现了罕见了连续三年下跌。全年表现波动较大，电力设备、房地产、食品饮料等行业跌幅居前，传媒、煤炭等行业涨幅居前。展望2024年，国内外形势依然错综复杂。海外方面，美元利率走势和美国大选是最大不确定因素。美元利率回落，可能使得资金回流新兴市场国家。国内方面，影响市场的决定性因素是经济恢复程度及速度，经济数据的逐步改善将逐步提升市场中投资者的信心，让更多的资金重新回到权益类市场。预计2024年，市场整体将是先抑后扬走势，全年的整体收益可能较过去几年有较好的表现。固收部分：展望未来，预计2024年或实施适度加力的财政政策。除财政自身收入外，或安排一定规模的赤字，并从预算稳定调节基金、其他政府预算调入一部分资金，确保财政总的支出规模有所增加，更好地发挥拉动国内需求、促进经济循环的作用，形成对经济社会发展的必要支撑。货币政策方面，央行对资金供给结构与使用效率尤为关注，目的或在于实现平衡资金面稳定与避免资金脱实向虚的目标。预计中期借贷便利（MLF）以及各类结构性工具替代降准、公开市场操作（OMO）作为货币供给主要方式或引起银行资金获取边际成本的抬升，资金利率中枢难以大幅下行，流动性分层现象持续。","fund":{"_id":3000000001359,"stockCode":"001359","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-25T16:00:00.000Z","setUpScale":406208000,"market":"a","tickerId":1359,"custody":"交通银行股份有限公司","name":"国联安添鑫灵活配置混合型证券投资基金","shortName":"国联安添鑫灵活配置混合(001359)","fundSecondLevel":"hybrid","__csrcFundId":4014,"fundStatus":"normal","lastUpdated":"2026-04-30T17:58:05.397Z","masterFundFlag":1,"inceptionDate":"2015-06-01T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安添鑫灵活配置混合","pinyin":"glatxlhpzhhxzqtzjj","managers":[{"stockCode":"8801370755","stockType":"fund_manager","exchange":"fm","tickerId":2412120700,"name":"薛琳"},{"stockCode":"8801592324","stockType":"fund_manager","exchange":"fm","tickerId":2308176640,"name":"王欢"},{"stockCode":"j101019655","stockType":"fund_manager","exchange":"fm","tickerId":251903245080,"name":"俞善超"}]},"announcement":{"linkText":"国联安添鑫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=1054065","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5647fea5b3eb0445923","date":"2023-09-29T16:00:00.000Z","stockId":3000000001359,"sao":"固收投资部分：2023年国家统计局公布最新中国采购经理指数：9月制造业PMI环比上升0.5个百分点至50.2%，连续第4个月反弹，并时隔半年重回扩张区间。其中生产分项环比上升0.8个百分点至52.7%，环比改善幅度高于同期0.3个百分点。9月工业增加值同比增长4.3%，对应四年复合增速为5.1%，较8月的4.9%改善。从分项指数来看，供给的改善是拉动9月PMI综合指数回升的主要原因，而需求端外需明显好于内需。四季度化债、地产和资本市场政策预计继续发力，机构行为扰动增多。预计四季度资金面将回归中性水平，市场利率有望回到政策利率附近。本基金在三季度采取追求稳健的投资风格。主要投资标的为高等级中票以及利率债等优质资产，维持组合久期较短期限，努力为投资人创造较为理想的投资回报。权益投资部分：三季度，多个城市出台了认房不认贷或是取消限购等地产调控放松的政策，央行也明确下调存量房贷利率；股市方面，证券交易印花税实施减半征收，同时阶段性收紧新股发行的节奏，体现了国家活跃资本市场，促进内需的决心。华为宣布Mate60全面开售，表明国产半导体芯片技术的一定程度的突破，对于消费者与投资者来说，都是信心的一大提振。当下宏观经济处于一个相对困难的时期，国际政局也存在很大的不确定性，短期内股市可能依旧存在较大波动的可能性。但是长期来看，估值水平已处于历史较低位置，相信在政策的刺激下，内需将逐步恢复；以半导体为首的高科技行业也将逐步实现科技突破，从而实现进口替代，长期投资价值值得关注。报告期内，本基金经过一系列定量和定性相结合的方法，选择了合适的资产配置比例和个股配置比例，精选出了市场中优秀的基本面上市企业，以期获得超越市场的超额收益。我们将继续坚持现有的投资策略，努力为投资者创造理想的投资回报。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:36.978Z","fund":{"_id":3000000001359,"stockCode":"001359","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-25T16:00:00.000Z","setUpScale":406208000,"market":"a","tickerId":1359,"custody":"交通银行股份有限公司","name":"国联安添鑫灵活配置混合型证券投资基金","shortName":"国联安添鑫灵活配置混合(001359)","fundSecondLevel":"hybrid","__csrcFundId":4014,"fundStatus":"normal","lastUpdated":"2026-04-30T17:58:05.397Z","masterFundFlag":1,"inceptionDate":"2015-06-01T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安添鑫灵活配置混合","pinyin":"glatxlhpzhhxzqtzjj","managers":[{"stockCode":"8801370755","stockType":"fund_manager","exchange":"fm","tickerId":2412120700,"name":"薛琳"},{"stockCode":"8801592324","stockType":"fund_manager","exchange":"fm","tickerId":2308176640,"name":"王欢"},{"stockCode":"j101019655","stockType":"fund_manager","exchange":"fm","tickerId":251903245080,"name":"俞善超"}]},"announcement":{"linkText":"国联安添鑫灵活配置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=990190","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5647fea5b3eb0445922","date":"2023-06-29T16:00:00.000Z","stockId":3000000001359,"sao":"固收部分：2023年上半年，全国一般公共预算收入119203亿元，同比增长13.3%；全国一般公共预算支出133893亿元，同比增长3.9%；全国政府性基金预算收入23506亿元，同比下降16%；全国政府性基金预算支出43222亿元，同比下降21.2%。低基数促进一般公共预算收入回升，卖地收入继续低迷扰动基建，专项债加速发行难以完全满足资金缺口，后续关注政策性金融工具等准财政工具发力。经济动能高点已过，需求侧仍处弱修。下半年财政领域的关注点在于基建、地产、债务，三个领域是否有增量政策破局比较关键。本基金固定收益部分在上半年采取稳健的投资风格，主要投资标的为高等级中票以及利率债等优质资产，维持组合久期在较短期限，努力为投资人创造理想的投资回报。权益部分：二季度，市场震荡下行，投资者对于经济复苏的前景仍然处于观望状态。PMI指数虽然低于50%，但已经开始逐步上行，表明经济增长预期已逐步好转。人民币贬值短期不利于资产价格，但中长期看对出口会有正贡献。市场目前主要关注点仍然在于经济复苏的程度能否超预期，相信超预期的经济数据会较大提振当前的市场信心。在行业方面，一些质量较高、成长性较强的科技、新兴产业板块仍然值得关注。高科技板块国产替代进程正进入攻坚阶段，有望取得实质性突破。 报告期内，本基金坚持采用定量和定性相结合的投资方式，通过基本面模型选择合适的资产配置比例和个股配置比例，并通过量化的方式精选基本面优秀上市企业，以期待获得超越市场的超额收益。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:36.975Z","mo":"固收部分：展望下半年，年初政府工作报告设定的全年GDP增速目标为5%左右，可以推算出下半年GDP同比增速至少要达到4.6%，全年经济目标的实现难度并不算大。从近期释放的政策信号看，由于基本面复苏存在压力，随着7月政治局会议临近，逆周期政策力度边际有所强化，短期债市需要关注政策预期变化带来的扰动，关注点包括房地产政策调整、政府债发行节奏、新一轮政策性金融工具、消费刺激等。近期基本面进一步走弱，流动性持续宽松，而政策不确定性有望在本月下旬落地，从经验来看，这将带来利率新的下行可能。权益部分：展望下半年，我们预计经济将继续修复性增长。投资方面，房地产行业有望出台更多的支持政策，助力地产行业投资情绪的恢复。内需仍然是经济增长最重要的支柱，整体经济活动有望进一步恢复，食品饮料等消费行业在业绩数据边际上或大大改善。外需方面，虽然面临欧美贸易政策的限制，但人民币贬值有望使得出口总量有所增加。从资本市场情绪来看，目前市场整体低迷情绪已经进入底部区域，相信任何经济数据的改善和支持政策的出台都有望提振市场信心，使得市场回到上升轨道。目前市场整体的估值已经进入合理配置区间，A股中长期投资价值已显现。","fund":{"_id":3000000001359,"stockCode":"001359","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-25T16:00:00.000Z","setUpScale":406208000,"market":"a","tickerId":1359,"custody":"交通银行股份有限公司","name":"国联安添鑫灵活配置混合型证券投资基金","shortName":"国联安添鑫灵活配置混合(001359)","fundSecondLevel":"hybrid","__csrcFundId":4014,"fundStatus":"normal","lastUpdated":"2026-04-30T17:58:05.397Z","masterFundFlag":1,"inceptionDate":"2015-06-01T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安添鑫灵活配置混合","pinyin":"glatxlhpzhhxzqtzjj","managers":[{"stockCode":"8801370755","stockType":"fund_manager","exchange":"fm","tickerId":2412120700,"name":"薛琳"},{"stockCode":"8801592324","stockType":"fund_manager","exchange":"fm","tickerId":2308176640,"name":"王欢"},{"stockCode":"j101019655","stockType":"fund_manager","exchange":"fm","tickerId":251903245080,"name":"俞善超"}]},"announcement":{"linkText":"国联安添鑫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=962501","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5647fea5b3eb0445921","date":"2023-03-30T16:00:00.000Z","stockId":3000000001359,"sao":"固收投资部分：根据国家统计局公布的数据，3月制造业PMI指数较2月小幅回落0.7%至51.9%。其中多个分项指数出现不同程度的回落，但仍然运行在扩张区间，经济的修复趋势不变，只是斜率有所放缓。生产指数、新订单指数分别回落0.5%和2.1%，分别至54.6%以及53.6%。产成品库存回落至收缩区间，采购量连续两月维持在近年较高水平。同时，非制造业修复加速，服务业PMI指数升至近年新高。后续债市或对基本面利空影响持续钝化而资金面利多可能进一步兑现，债市环境相对友好，长债利率或维持偏强震荡的态势。本基金在一季度采取稳健的投资风格。固定收益部分主要投资标的为高等级中票以及利率债等优质资产，维持组合久期较短期限，努力为投资人创造理想的投资回报。权益投资部分：一季度，市场表现先扬后抑。宏观经济方面，展望2023年，经济增长的动力仍面临各种挑战和压力，预计生产基础设施的全球短缺依然会对全球产业链造成一定的影响。另外，贸易摩擦和地缘政治风险等不稳定因素也在不断影响着市场情绪。在行业方面，需要注意的是，一些质量较高、成长性较强的科技、新兴产业板块的投资机会增多。此外，基础设施建设、环保节能等领域业绩向好，也值得关注。一季度，本基金坚持采用定量和定性相结合的投资方式，通过基本面模型选择合适的资产配置比例和个股配置比例。我们通过量化的方式精选基本面优秀上市企业，以期待获得超越市场的超额收益。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:36.972Z","fund":{"_id":3000000001359,"stockCode":"001359","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-25T16:00:00.000Z","setUpScale":406208000,"market":"a","tickerId":1359,"custody":"交通银行股份有限公司","name":"国联安添鑫灵活配置混合型证券投资基金","shortName":"国联安添鑫灵活配置混合(001359)","fundSecondLevel":"hybrid","__csrcFundId":4014,"fundStatus":"normal","lastUpdated":"2026-04-30T17:58:05.397Z","masterFundFlag":1,"inceptionDate":"2015-06-01T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安添鑫灵活配置混合","pinyin":"glatxlhpzhhxzqtzjj","managers":[{"stockCode":"8801370755","stockType":"fund_manager","exchange":"fm","tickerId":2412120700,"name":"薛琳"},{"stockCode":"8801592324","stockType":"fund_manager","exchange":"fm","tickerId":2308176640,"name":"王欢"},{"stockCode":"j101019655","stockType":"fund_manager","exchange":"fm","tickerId":251903245080,"name":"俞善超"}]},"announcement":{"linkText":"国联安添鑫灵活配置混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=888814","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5647fea5b3eb0445920","date":"2022-12-30T16:00:00.000Z","stockId":3000000001359,"sao":"固收部分：2022年12月，全国居民消费价格指数环比下降0.3%；同比上涨1.5%，涨幅较上月下降0.8个百分点。工业生产者出厂价格指数环比下降1.2%；同比上涨10.3%，涨幅较上月下降2.6个百分点。2022年四季度，GDP同比增速延续回落态势，工业生产及出口维持较高增长，但国内投资、消费需求仍疲软，是增速回落的主要拖累项。当前通胀预期有所缓解，在经济稳增长初期阶段，市场对货币政策发出再宽松信号可以有更多期待。本基金固定收益部分采取稳健的投资风格，主要投资标的为高等级中票以及利率债等优质资产，维持组合久期较短期限，努力为投资人创造较为理想的投资回报。权益部分：报告期内，本基金延续一贯的资产配置策略，行业上保持均衡配置。本基金通过精选个股以及配置时机的选择，将风险控制在了一个相对稳定的范围之内，并争取在此基础上获得超额收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:36.970Z","mo":"固收部分：展望未来，2023年中国经济增长预计将加速。随着防疫政策的优化以及利好经济措施的采取，预计未来一段时间国内消费需求也会上涨。当前的利率点位已具有较大的安全边际，央行对货币政策的定调以及实际操作均体现出关注流动性合理充裕的决心，预计宽货币政策还将继续为经济修复保驾护航。此外，随着美联储加息放缓而人民币汇率企稳，我国后续宽货币空间相对充足。权益部分：2022年，因国际局势变动和疫情扰动等原因，市场经历过去几年少见的单边下行。四季度随着疫情管控放松，市场有所回暖，行业表现方面，社会服务、传媒、医药生物等整体表现较好，体现出投资者对经济短期担忧但长期仍然看好的信心。年底成长板块表现不佳，市场资金仍然偏好于前期跌幅较多、受疫情政策影响较大的社会服务、消费、地产等低估值板块。展望2023年，未来整体的不确定性仍然存在，但随着疫情政策的逐步明朗化，未来整体的经济活力正在恢复。我们认为投资者对于经济的信心在2023年会逐步上升，特别需要关注前期受疫情影响较大、跌幅较深的消费类、社会服务类板块。对于业绩较好的成长性板块，随着之前高估值的逐渐消化，相信在2023年也会有较好的表现。在报告期内，本基金坚持采用定量和定性相结合的投资方式，通过基本面模型选择合适的资产配置比例和个股配置比例，通过量化的方式精选基本面优秀上市企业，以期待获得超额收益。","fund":{"_id":3000000001359,"stockCode":"001359","stockType":"fund","areaCode":"cn","followedNum":1,"blackened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业生产的影响持续体现。流动性总体宽松的背景下，各行业监管政策有所收紧。总体上，本基金在配置上保持了相对均衡。景气高且被高度认同的新能源、半导体行业，由于估值也处于绝对高位，本基金并未激进配置；而对于顺周期相关，即使中周期向上仍有难度，但由于估值在绝对低位，经济对冲稍有托底，股票就有较强企稳可能，具备配置价值；我们更多的采取自下而上的视角，分析竞争格局、行业地位，来减少公司选择上犯错的可能，分析估值和景气的匹配，来减少买入时机犯错的可能，用中长期视角为投资者创造价值。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:36.948Z","fund":{"_id":3000000001359,"stockCode":"001359","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-25T16:00:00.000Z","setUpScale":406208000,"market":"a","tickerId":1359,"custody":"交通银行股份有限公司","name":"国联安添鑫灵活配置混合型证券投资基金","shortName":"国联安添鑫灵活配置混合(001359)","fundSecondLevel":"hybrid","__csrcFundId":4014,"fundStatus":"normal","lastUpdated":"2026-04-30T17:58:05.397Z","masterFundFlag":1,"inceptionDate":"2015-06-01T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安添鑫灵活配置混合","pinyin":"glatxlhpzhhxzqtzjj","managers":[{"stockCode":"8801370755","stockType":"fund_manager","exchange":"fm","tickerId":2412120700,"name":"薛琳"},{"stockCode":"8801592324","stockType":"fund_manager","exchange":"fm","tickerId":2308176640,"name":"王欢"},{"stockCode":"j101019655","stockType":"fund_manager","exchange":"fm","tickerId":251903245080,"name":"俞善超"}]},"announcement":{"linkText":"国联安添鑫灵活配置混合型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=653963","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5647fea5b3eb044591a","date":"2021-06-29T16:00:00.000Z","stockId":3000000001359,"sao":"2021年上半年受去年基期因素影响，财政收入增速较快，收入进度达到全年预算的59.25%。上半年全国一般公共预算收入117116亿元，同比增长21.8%，两年复合增速4.21%，与对应的全年财政预算目标增速相比，上半年已超额达标。同样受上年基数影响，二季度GDP同比增速下滑，增长水平略低于市场预期。在当季出口超预期增长背景下，内需中的消费和投资增长动能相对较缓，是拖累经济增长不及预期的主要原因。不过，二季度经济修复进程继续推进，两年复合GDP增速升至5.5%，继续向潜在经济增长水平靠拢，且当季GDP环比加快。从经济增长动力上看，出口高增仍是支撑二季度经济增长的主导力量。本基金在上半年采取稳健的投资风格，主要投资标的为高等级中票以及利率债等优质资产，维持组合久期在3年内的较短期限，同时关注了可转债的投资机会，为投资人创造了较为理想的投资回报。上半年，市场震荡加大，结构性特点突出。二季度后，经济基本面增速下行，和宏观经济强相关的资产业绩预期下休，估值承压，我们在这个阶段，结合估值和盈利预期，对组合进行了调整。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:36.945Z","mo":"展望未来，下半年财政收入增速预计会受基期数据拉高而放缓，但受全年经济基本面向好影响，判断增速仍将保持相对高位。受基数波动影响，三季度经济增速将回落到6.2%左右，以两年平均增速衡量的经济修复将继续推进。其中，经济增长动能将进一步向消费切换，投资增长动力也有望温和增强。央行7月全面降准客观上会对下半年的稳增长起到重要支撑作用，下半年稳增长压力不大。展望下半年，经济增速大概率高点已过，全年前高后低态势较为明显。尽管有通胀压力，但流动性受疫情影响，宽松阶段或会长于预期。市场总体上是弱基本面、宽流动性的组合，经济强相关的行业可能暂时蛰伏。针对此，我们组合上保持相对均衡，也适当增加了与经济相关性不大、或当前仍维持高景气的品种，除此之外，更多地寻找自下而上的机会。","fund":{"_id":3000000001359,"stockCode":"001359","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-25T16:00:00.000Z","setUpScale":406208000,"market":"a","tickerId":1359,"custody":"交通银行股份有限公司","name":"国联安添鑫灵活配置混合型证券投资基金","shortName":"国联安添鑫灵活配置混合(001359)","fundSecondLevel":"hybrid","__csrcFundId":4014,"fundStatus":"normal","lastUpdated":"2026-04-30T17:58:05.397Z","masterFundFlag":1,"inceptionDate":"2015-06-01T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安添鑫灵活配置混合","pinyin":"glatxlhpzhhxzqtzjj","managers":[{"stockCode":"8801370755","stockType":"fund_manager","exchange":"fm","tickerId":2412120700,"name":"薛琳"},{"stockCode":"8801592324","stockType":"fund_manager","exchange":"fm","tickerId":2308176640,"name":"王欢"},{"stockCode":"j101019655","stockType":"fund_manager","exchange":"fm","tickerId":251903245080,"name":"俞善超"}]},"announcement":{"linkText":"国联安添鑫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=633230","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5647fea5b3eb0445919","stockId":3000000001359,"sao":"固收部分：2021年3月份中国制造业PMI为51.9%，比2月上升1.3个百分点；非制造业商务活动指数为56.3%，比2月上升4.9个百分点；综合PMI产出指数为55.3%，比2月上升3.7个百分点。PMI指标显示工业需求和生产依旧向好。企业对于经营和出口订单的乐观预期也会在很大程度上支撑制造业投资。目前来看，制造业的风险点可能在于进口原材料和终端消费品价格的矛盾，以及下半年出口的不确定性。3月制造业和非制造业PMI均在低基数效应下显著回升，反映制造业和非制造业继续扩张，扩张速度有所加快。央行3月以来公开市场操作稳健，持续维持百亿元操作规模，央行操作表明短期稳健中性态度坚决，预计未来货币政策中性取向为主。4月随着地方债进入密集发行期，仍要密切关注央行流动性调控态度变化。本基金在一季度采取稳健的投资风格。主要投资标的为利率债等优质资产，维持组合久期在3年内的较短期限，同时关注了可转债的投资机会，努力为投资人创造较为理想的投资回报。权益部分：春节前后，股票市场呈现不同特点。春节前，股市在“核心资产”的带领下创出新高，而节后则出现了显著回调。在回调前期，我们减配了一些浮盈很大，估值极高的品种，一定程度上降低了回撤幅度。我们认为，基本面长期趋势很难改变，即各个行业从自由竞争走向集中，龙头往往会胜出，这也是过去几年投资的重要主线，但我们也在价值挖掘过程中加入了趋势投资的成分。从优质公司的估值来看，仍处合理偏高的位置。春节前沪深300的ERP处于过去十年5%的分位，龙头公司为甚。在短期急跌后，我们预期市场会企稳甚至反弹，但由于其所处位置，我们判断“核心资产”的估值受到外在因素扰动会比较显著，会通过个股分化、指数震荡来消化估值问题。一方面，核心资产估值单边提升的进程很难持续，另一方，获益的来源应更多来自估值和盈利能力的匹配，这点也包括核心资产以外，其他有竞争力的公司。核心资产是一个动态的变化过程，而不止是一个符号。总体上，我们将基于中长期的角度，在不做强假设的去前提下，从估值和盈利能力出发，寻找实现合意复合收益概率较大的品种。对于盈利能力未来的预期，将通过基本面的动态变化不断修正。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:36.942Z","fund":{"_id":3000000001359,"stockCode":"001359","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-25T16:00:00.000Z","setUpScale":406208000,"market":"a","tickerId":1359,"custody":"交通银行股份有限公司","name":"国联安添鑫灵活配置混合型证券投资基金","shortNa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2020年1月至8月全国规模以上工业企业实现利润总额为37166.5亿元，同比下降4.4%，降幅比前7个月收窄3.7个百分点。2020年8月份，规模以上工业企业实现利润总额6128.1亿元，同比增长19.1%，增速比7月份回落0.5个百分点。8月份，随着国内疫情防控取得重大成果，企业生产经营状况好转，供需循环逐步改善，工业企业利润稳定增长。工业利润快速反弹主要是工业增加值、PPI、工业企业营收利润率均明显改善的共同结果，反映了当前我国经济快速修复的态势。以此来看，当前我国工业生产已恢复至去年同期水平。央行三季度跨季对冲力度强于二季度， 9月资金利率波动枢涨跌互现，市场对未来资金面预期开始有所好转。本基金在三季度采取稳健的投资风格。固定收益部分主要投资标的为优质债券资产，维持久期在较短期限，同时关注了可转债的投资机会，并进行了逆回购等资金操作，争取为投资人创造较为理想的投资回报。权益部分：三季度，市场在冲高之后，热度有所下降，强势股票轮流调整，一些后进行业或因为基本面有变化，更主要是股价处于低位，有所表现。从流动性来看，流动性从宽松回归到正常宽松，本基金判断并没有很强的理由支持流动性收到偏紧。从经济本身来看，国内经济向好态势较为确定，房地产和汽车销售总体不错，符合经济周期回升的早期特点，但仍待进一步观察。国外疫情暂未缓解，对我国的出口也有一定帮助。从估值来看，整体估值压力略有释放，而估值分化格局并没有较大改变，市场的交易活跃程度处于中等程度。本季度，一方面，本基金沿着“消费、科技和中高端制造”的投资主线选股；另一方面，本基金沿着“优良跑道，健康两表”进行投资，努力获取稳健收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:36.936Z","fund":{"_id":3000000001359,"stockCode":"001359","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-25T16:00:00.000Z","setUpScale":406208000,"market":"a","tickerId":1359,"custody":"交通银行股份有限公司","name":"国联安添鑫灵活配置混合型证券投资基金","shortName":"国联安添鑫灵活配置混合(001359)","fundSecondLevel":"hybrid","__csrcFundId":4014,"fundStatus":"normal","lastUpdated":"2026-04-30T17:58:05.397Z","masterFundFlag":1,"inceptionDate":"2015-06-01T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安添鑫灵活配置混合","pinyin":"glatxlhpzhhxzqtzjj","managers":[{"stockCode":"8801370755","stockType":"fund_manager","exchange":"fm","tickerId":2412120700,"name":"薛琳"},{"stockCode":"8801592324","stockType":"fund_manager","exchange":"fm","tickerId":2308176640,"name":"王欢"},{"stockCode":"j101019655","stockType":"fund_manager","exchange":"fm","tickerId":251903245080,"name":"俞善超"}]},"announcement":{"linkText":"国联安添鑫灵活配置混合型证券投资基金2020年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=489424","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5647fea5b3eb0445916","stockId":3000000001359,"sao":"2020年上半年国内生产总值456614亿元，按可比价格计算，同比下降1.6%。分季度看，一季度同比下降6.8%，二季度同比增长3.2%。分产业看，第一产业增加值26053亿元，同比增长0.9%；第二产业增加值172759亿元，同比下降1.9%；第三产业增加值257802亿元，同比下降1.6%。从环比看，二季度国内生产总值增长11.5%。总的来看，上半年我国经济逐步克服疫情带来的不利影响，经济运行呈恢复性增长和稳步复苏态势，发展韧性和活力进一步彰显。同时也要看到，部分指标仍在下降，疫情冲击损失尚需弥补。当前全球疫情依然在蔓延扩散，疫情对世界经济的巨大冲击将继续发展演变，外部风险挑战明显增多，国内经济恢复仍面临压力。上半年，新冠疫情成为最大的黑天鹅，对国内外经济冲击很大，一度导致人流、物流的停摆，打断了经济运行的既定轨道。春节后全球市场曾出现历史级的调整，并带动A股出现显著波动。但二季度开始，随着全球货币宽松以及疫情后国内经济的持续复苏，国内A股市场出现了持续的上涨。上半年是对宏观经济和微观企业的一次压力测试，加快了各行业的出清。健康的资产负债表和现金流量表，成为决胜的关键，为行业龙头奠定了较为长期的优势，加速主要行业走向集中。本基金上半年乃至今后的投资思路，很大程度就是选“优等生”，选中长跑冠军。具体来看，就是如下两个角度的交汇。一方面，本基金沿着“消费、科技和中高端制造”的投资主线选股；另一方面，沿着“优良跑道，健康报表”进行投资。本基金不投资超出理解范围的公司，跑道看不清、业务模式看不懂的公司绝对不投资；在分散走向集中的过程中，优势公司或者用当期的业绩增长体现了优势，或者挖掘了更深的护城河可以看的更远，再考虑无风险利率的长期下行趋势，或需要对静态估值进行一定程度的放松。本基金不会去盲目追捧估值过分昂贵的资产。本基金在上半年采取稳健的投资风格。固定收益部分：主要投资标的为优质债券资产，维持久期在中低期限。组合权益部分：把握权益类资产的绝对收益型投资机会，努力为投资人创造较为理想的投资回报。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:36.934Z","mo":"固收部分：展望下半年，预计经济数据继续修复但节奏放缓。货币政策由紧急状态向常态回归，稳货币，宽信用。政策基调从“扩总量”转为“总量适度”。下半年政策利率调降空间不大，操作可能取决于央行对于适度宽松节奏的把握。财政政策发力保民生，财政资金进入支持基建高增，减税减负和保民生保就业成为下半年财政工作重点。下半年利率债仍有交易机会，信用债市场环境或好于利率品种，但仍需注意防范信用风险。权益部分：展望下半年，中国经济有望进入持续复苏，一方面疫情后的复工复产将助推经济回到合理增长中枢；另一方面本基金观察到信用扩张的趋势已经确立；随着美联储无限量宽的启动，全球货币环境处于极度宽松的水平，尽管国内的货币政策保持了良好的定力，微观流动性仍非常充裕。从估值来看，尽管部分行业和公司出现“极化特征”，但整体仍处于合理范围。结合无风险利率长期下行，及居民资产再配置的长期趋势，本基金认为股市仍存在较大的机会。","fund":{"_id":3000000001359,"stockCode":"001359","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-25T16:00:00.000Z","setUpScale":406208000,"market":"a","tickerId":1359,"custody":"交通银行股份有限公司","name":"国联安添鑫灵活配置混合型证券投资基金","shortName":"国联安添鑫灵活配置混合(001359)","fundSecondLevel":"hybrid","__csrcFundId":4014,"fundStatus":"normal","lastUpdated":"2026-04-30T17:58:05.397Z","masterFundFlag":1,"inceptionDate":"2015-06-01T16:00:00.000Z","fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安添鑫灵活配置混合","pinyin":"glatxlhpzhhxzqtzjj","managers":[{"stockCode":"8801370755","stockType":"fund_manager","exchange":"fm","tickerId":2412120700,"name":"薛琳"},{"stockCode":"8801592324","stockType":"fund_manager","exchange":"fm","tickerId":2308176640,"name":"王欢"},{"stockCode":"j101019655","stockType":"fund_manager","exchange":"fm","tickerId":251903245080,"name":"俞善超"}]},"announcement":{"linkText":"国联安添鑫灵活配置混合型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=460045","linkType":"PDF","source":"csrc_pdf"}}]}