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PPI和CPI维持低位，海外利率见顶。市场估值目前处于历史低点，强调企业盈利质量和增长并重，选股关注自下而上和中观景气度相结合。","fund":{"_id":3000000001761,"stockCode":"001761","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-12-20T16:00:00.000Z","setUpScale":201085000,"market":"a","tickerId":1761,"custody":"中信证券股份有限公司","name":"广发安宏回报灵活配置混合型证券投资基金","shortName":"广发安宏回报混合(001761)","fundSecondLevel":"hybrid","__csrcFundId":4382,"fundStatus":"normal","lastUpdated":"2026-04-30T18:11:32.534Z","masterFundFlag":1,"inceptionDate":"2015-12-29T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发安宏回报混合","pinyin":"gfahhblhpzhhxzqtzjj","managers":[{"stockCode":"8801614011","stockType":"fund_manager","exchange":"fm","tickerId":1225190060,"name":"罗洋"}]},"announcement":{"linkText":"广发安宏回报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=1051742","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5dc7fea5b3eb044dfe8","date":"2023-09-29T16:00:00.000Z","stockId":3000000001761,"sao":"2023年三季度，沪深300下跌3.98%，其中，煤炭、石化涨幅领先，新能源、TMT跌幅较大。从经济基本面看，9月PMI指数回升至“荣枯线”之上。扩张地产需求的政策陆续出台落地，后续将持续跟踪实际效果。汽车是消费板块中需求最强的方向，新能源车渗透率进一步提升，其他消费品需求相对疲弱。出口、投资短期均面临不同程度的压力。价格指数方面，国内PPI和CPI均触底，预计未来一段时间内仍将在低位徘徊。货币与财政政策方面，尽管利率处于低位，但由于需求不振，社融总量增速不高，在美国持续加息的情况下，汇率仍有贬值压力。当前，A股总体估值处于历史较低分位，长期看市场的运行趋势符合均值回归规律，我们中长期保持积极乐观。报告期内，本基金保持较高仓位，在消费、科技、周期制造等板块中保持相对均衡的配置。看好消费品、医药、家电、银行等板块中保持较高ROE且稳定增长的龙头；科技板块中的新能源车、光伏等具有比较优势的产业，长期增长空间仍然很大，重点关注并选择竞争格局优化的环节；TMT板块中的人工智能等长期空间大，关注相关的投资机会；传统周期制造业中化工、家居、机械等细分领域的龙头，因其龙头优势不断强化，市占率有望提升，产业链或将延伸。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:36.192Z","fund":{"_id":3000000001761,"stockCode":"001761","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-12-20T16:00:00.000Z","setUpScale":201085000,"market":"a","tickerId":1761,"custody":"中信证券股份有限公司","name":"广发安宏回报灵活配置混合型证券投资基金","shortName":"广发安宏回报混合(001761)","fundSecondLevel":"hybrid","__csrcFundId":4382,"fundStatus":"normal","lastUpdated":"2026-04-30T18:11:32.534Z","masterFundFlag":1,"inceptionDate":"2015-12-29T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发安宏回报混合","pinyin":"gfahhblhpzhhxzqtzjj","managers":[{"stockCode":"8801614011","stockType":"fund_manager","exchange":"fm","tickerId":1225190060,"name":"罗洋"}]},"announcement":{"linkText":"广发安宏回报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=983476","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5dc7fea5b3eb044dfe7","date":"2023-06-29T16:00:00.000Z","stockId":3000000001761,"sao":"2023年上半年，沪深300指数下跌0.75%，其中，人工智能相关板块涨幅居前，顺周期、消费板块表现较弱。从经济基本面看，自去年底疫情结束以来，经济进入短暂的补库存阶段，2月至3月各项经济指标向好，进入4月后，经济复苏持续低于预期，6月PMI指数下行至49%，低于“荣枯线”。其中，二季度地产销售大幅低于市场预期，房价面临较大下行压力，后续仍需更强有力的政策措施来稳定需求；消费复苏进度低于预期；出口、投资均面临不同程度压力。经济增长的长期动能仍需来自于科技创新。价格指数方面，大宗商品价格高位回落，国内PPI和CPI均处于下行趋势中，预计未来一段时间内PPI仍将处于低位。货币与财政政策方面，M2快速增长，但受需求影响，社融总量增速慢于M2增速，利率维持低位，在美国持续加息的影响下，汇率面临贬值压力。报告期内，本基金仓位保持稳定，在消费、科技、周期制造等各板块中长期保持相对均衡的配置。长期配置食品饮料、医药、家电、银行等中长期保持较高ROE且稳定增长的龙头；看好科技板块中的新能源车、光伏、储能等相关产业，长期增长空间仍然很大；关注TMT板块中的人工智能等新的产业机会；关注传统周期制造业中的化工、家居、建材、有色等细分领域的龙头，因其龙头优势在不断加强，市占率有望提升，产业链或将延伸，尽管短期景气较弱，但估值处于低位，长期赔率较高。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:36.190Z","mo":"展望未来的经济基本面，短期内仍有一定的增长压力，预计下半年有一个寻底企稳的过程。货币与财政政策方面，尽管短期内汇率有一定压力，但考虑到国内目前的通胀水平和经济复苏力度，预计总体流动性仍将保持宽松。站在当前来看，A股当前总体估值水平处于低位，短期内仍面临需求不足，但长期看市场的运行趋势符合震荡上行、均值回归的规律，因此我们对市场保持积极乐观的预期，未来投资机会或更多地来源于自下而上的产业机会。","fund":{"_id":3000000001761,"stockCode":"001761","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-12-20T16:00:00.000Z","setUpScale":201085000,"market":"a","tickerId":1761,"custody":"中信证券股份有限公司","name":"广发安宏回报灵活配置混合型证券投资基金","shortName":"广发安宏回报混合(001761)","fundSecondLevel":"hybrid","__csrcFundId":4382,"fundStatus":"normal","lastUpdated":"2026-04-30T18:11:32.534Z","masterFundFlag":1,"inceptionDate":"2015-12-29T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发安宏回报混合","pinyin":"gfahhblhpzhhxzqtzjj","managers":[{"stockCode":"8801614011","stockType":"fund_manager","exchange":"fm","tickerId":1225190060,"name":"罗洋"}]},"announcement":{"linkText":"广发安宏回报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=954866","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5dc7fea5b3eb044dfe6","date":"2023-03-30T16:00:00.000Z","stockId":3000000001761,"sao":"2023年一季度，沪深300上涨4.63%，以人工智能为代表的TMT板块涨幅遥遥领先。从经济基本面看，经济正处于温和复苏的通道中，3月份PMI指数为51.9%。其中，预计3月份地产销售或将是2021年7月以来首次转正，稳增长的措施取得明显效果；汽车消费因补贴问题短期内存在一定压力，新能源车渗透率进一步提升。价格指数方面，国内PPI和CPI均处于较低水平，预计未来半年PPI仍将处于低位，美国CPI或在高位振荡。货币与财政政策方面，M2快速增长，但受需求影响，社融总量增速慢于M2增速，利率维持低位，表明经济复苏的强度和持续性仍需进一步观察。A股总体估值仍处于历史偏低水平，长期看市场的运行趋势符合均值回归的规律，因而，我们对市场保持积极乐观。报告期内，本基金的仓位维持稳定，基金经理在消费、科技、周期制造等各板块中长期保持相对均衡的配置。长期关注消费品、医药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期国外经济将进入衰退。国内PPI指数高位回落，下半年随着猪周期反转，预计CPI指标将持续走高。货币与财政政策方面，稳增长政策发力，社融总量增速较快，利率维持低位。在未来一段时间内，预计稳增长政策仍将持续。从长期看，沪深300指数的复合收益率约为10%，其中8%为资本利得，2%为分红收益，A股总体估值仍处于历史偏低水平，因此基金经理长期看好市场。报告期内，本基金大幅提升了股票仓位，加仓方向为新能源、养殖、消费龙头等。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:36.178Z","mo":"展望经济基本面，预计下半年经济企稳复苏的过程较平稳，相对而言，制造业投资优于基建投资和房地产。货币与财政政策方面，尽管下半年存在短期通胀的扰动，但预计流动性总体较为宽松。A股总体估值处于较低水平，存在结构性分化，未来的投资机会可能更多来源于自下而上的产业机会。","fund":{"_id":3000000001761,"stockCode":"001761","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-12-20T16:00:00.000Z","setUpScale":201085000,"market":"a","tickerId":1761,"custody":"中信证券股份有限公司","name":"广发安宏回报灵活配置混合型证券投资基金","shortName":"广发安宏回报混合(001761)","fundSecondLevel":"hybrid","__csrcFundId":4382,"fundStatus":"normal","lastUpdated":"2026-04-30T18:11:32.534Z","masterFundFlag":1,"inceptionDate":"2015-12-29T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发安宏回报混合","pinyin":"gfahhblhpzhhxzqtzjj","managers":[{"stockCode":"8801614011","stockType":"fund_manager","exchange":"fm","tickerId":1225190060,"name":"罗洋"}]},"announcement":{"linkText":"广发安宏回报灵活配置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=779765","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5dc7fea5b3eb044dfe2","date":"2022-03-30T16:00:00.000Z","stockId":3000000001761,"sao":"2022年一季度，国内经济疲弱，内部流动性宽松，海外通胀压力持续，面临外部流动性可能收紧的风险。而俄乌战争是新增的外部地缘风险因素，短期内推升了通胀压力，增加了中长期的不确定性，市场情绪和产品交易结构的负反馈机制进一步放大了这些风险因素，导致市场一度出现股债双杀的局面。本季度，我们继续在控制回撤的基础上积极寻找市场机会。股票方面，组合维持了中性仓位，对下跌后估值与业绩相匹配、同时长期前景看好的一些行业进行了重点配置。债券方面，组合维持了对高等级信用债的配置，同时保持了一定的利率久期，目的是综合股票和债券两类资产的特性，使组合获得相对平衡的攻守特性。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:36.176Z","fund":{"_id":3000000001761,"stockCode":"001761","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-12-20T16:00:00.000Z","setUpScale":201085000,"market":"a","tickerId":1761,"custody":"中信证券股份有限公司","name":"广发安宏回报灵活配置混合型证券投资基金","shortName":"广发安宏回报混合(001761)","fundSecondLevel":"hybrid","__csrcFundId":4382,"fundStatus":"normal","lastUpdated":"2026-04-30T18:11:32.534Z","masterFundFlag":1,"inceptionDate":"2015-12-29T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发安宏回报混合","pinyin":"gfahhblhpzhhxzqtzjj","managers":[{"stockCode":"8801614011","stockType":"fund_manager","exchange":"fm","tickerId":1225190060,"name":"罗洋"}]},"announcement":{"linkText":"广发安宏回报灵活配置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=721370","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5dc7fea5b3eb044dfe1","date":"2021-12-30T16:00:00.000Z","stockId":3000000001761,"sao":"2021年是近三年来市场情况最复杂的一年，在疫情反复的背景下，新增了很多来自行业政策的扰动因素，经济整体先上后下，与之相对应，债券市场利率在3月中旬开启下行，在7月确认进入货币宽松周期后加速下行。股市方面，与以往经济下行周期中周期行业表现不佳相反，在相关行业政策的影响下，钢铁、煤炭、化工等行业涨幅靠前，另外，电动车、光伏等高端制造板块延续了2020年的行情，表现较好，而消费、互联网等行业表现不佳。在组合操作上，股票维持中性仓位，结构上在一季度降低了涨幅较大、估值较高的行业占比，增加了周期行业配置；从三季度开始，减少了股票配置，结构上降低了周期行业的占比。债券操作方面，组合维持了以票息策略为主、久期交易为辅的策略。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:36.173Z","mo":"展望2022年，国内经济将面临下行压力已成为市场共识，预计内部流动性宽松。另一方面，美国受通胀压力影响处于加息周期，外部流动性收紧，将构成一定风险因素。但在稳增长政策陆续出台的背景下，股市机会相较2021年将趋向于均衡，沿着政策托底经济的方向，景气度修复的低估值行业、稳增长地产基建链条以及高位下跌后的高景气度赛道资产或都存在一定的机会。债券市场方面，后续预计仍有降息降准的可能，也存在一定的交易机会。我们将继续密切跟踪市场动向，从资产的风险收益性价比出发，争取为投资者获取长期稳健收益。","fund":{"_id":3000000001761,"stockCode":"001761","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-12-20T16:00:00.000Z","setUpScale":201085000,"market":"a","tickerId":1761,"custody":"中信证券股份有限公司","name":"广发安宏回报灵活配置混合型证券投资基金","shortName":"广发安宏回报混合(001761)","fundSecondLevel":"hybrid","__csrcFundId":4382,"fundStatus":"normal","lastUpdated":"2026-04-30T18:11:32.534Z","masterFundFlag":1,"inceptionDate":"2015-12-29T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发安宏回报混合","pinyin":"gfahhblhpzhhxzqtzjj","managers":[{"stockCode":"8801614011","stockType":"fund_manager","exchange":"fm","tickerId":1225190060,"name":"罗洋"}]},"announcement":{"linkText":"广发安宏回报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=707418","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5dc7fea5b3eb044dfe0","date":"2021-09-29T16:00:00.000Z","stockId":3000000001761,"sao":"本季度，央行进行超预期降准操作，投资者对此反应剧烈，7月债市收益率下行超20BP，随后债券市场再次进入窄幅震荡格局，原因在于尽管基本面走弱的趋势仍在，但财政后置、信贷政策边际调整等因素导致宽信用预期升温，此外，降准后的资金利率中枢没有出现趋势性下行，反而在局部时点出现资金面紧张的情况。股市方面，指数整体震荡，结构行情凸显，上游周期行业表现较优，小盘股表现优于大盘股。报告期内，组合维持中性略乐观的权益仓位，在注重各板块均衡配置的基础上增加了中上游顺周期行业的占比，降低了与地产、消费相关行业的占比，债券方面仍以票息策略为主。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:36.170Z","fund":{"_id":3000000001761,"stockCode":"001761","stockType":"fund","areaCode":"cn","followedNum":2,"blacke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