window.pageData = {"stock":{"_id":3000000002016,"stockCode":"002016","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2016,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合C","fundSecondLevel":"hybrid","fundStatus":"normal","inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"nfrglhpzhhxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50020000","tickerId":50020000,"name":"南方基金管理股份有限公司"},"managers":[{"name":"郑迎迎","stockType":"fund_manager","stockCode":"8801372480","exchange":"fm","tickerId":262525130720}],"hotMetrics":{"fss":{"stockId":3000000002016,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.41490000000000005,"f_ind_h_s_r":0.5851,"f_h_a":31584,"f_h_s_a":10046,"f_ind_h_s_r_c_1y":-0.06030000000000013,"f_ind_h_s_r_c_hy":0.17329999999999995,"f_ins_h_s_r_c_1y":0.06030000000000002,"f_ins_h_s_r_c_hy":-0.1733,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000002016,"type":"fpr","f_p_r_fys_ssc":8937,"f_p_r_fys_ssrp":0.592882721575649,"f_p_r_m1_ssc":9352,"f_p_r_m1_ssrp":0.5898834349267458,"f_p_r_m3_ssc":9165,"f_p_r_m3_ssrp":0.5539065910082933,"f_p_r_m6_ssc":8939,"f_p_r_m6_ssrp":0.5305437458044305,"f_p_r_y1_ssc":8425,"f_p_r_y1_ssrp":0.6911206077872745,"f_p_r_y2_ssc":7790,"f_p_r_y2_ssrp":0.8622416228013866,"f_p_r_y3_ssc":7005,"f_p_r_y3_ssrp":0.6641918903483723,"f_p_r_y5_ssc":4548,"f_p_r_y5_ssrp":0.3765119859247856,"f_cagr_p_r_fs_ssc":9311,"f_cagr_p_r_fs_ssrp":0.5084854994629431,"f_p_r_y10_ssc":1437,"f_p_r_y10_ssrp":0.6636490250696379},"fp":{"stockId":3000000002016,"type":"fp","f_p_r_fys":0.010403511936977194,"f_p_r_m1":-0.0008919545697808617,"f_p_r_m3":0.0022667621092815615,"f_p_r_m6":0.004123588119285149,"f_p_r_y1":0.05163672779620598,"f_p_r_y3":0.10539473684210554,"f_p_r_y5":0.1508219178082184,"f_cagr_p_r_fs":0.04997081125218328,"f_p_r_d1":-0.0008290816326531614,"f_p_r_y2":0.07053201656578456,"last_data_date":"2026-07-09T16:00:00.000Z","f_p_r_y10":0.652114060963616,"f_i_d":"2015-11-18T16:00:00.000Z"},"ff":{"stockId":3000000002016,"type":"ff","f_m_f":2090100,"f_m_f_r":0.006,"f_c_f":348350,"f_c_f_r":0.001,"f_m_a_c_f":2438450,"f_m_a_c_f_r":0.007,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_fr":0.001,"f_fr_d":"2026-03-17T16:00:00.000Z","f_m_fr":0.006,"f_mac_fr":0.007},"f_nlacan":{"stockId":3000000002016,"type":"f_nlacan","f_nv_d":"2026-07-09T16:00:00.000Z","f_nv":1.6802,"f_nv_cr":-0.002138021142653601},"f_as":{"stockId":3000000002016,"type":"f_as","f_tas":514236479.491,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000002015,"stockId":601988,"holdings":2983300,"marketCap":17511971,"netValueRatio":0.0149,"quarterlyChange":0.02443280977312412,"stock":{"stockCode":"601988","exchange":"sh","stockType":"company","tickerId":601988,"name":"中国银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000002015,"stockId":600547,"holdings":326000,"marketCap":13121500,"netValueRatio":0.0111,"quarterlyChange":0.03978300180831873,"stock":{"stockCode":"600547","exchange":"sh","stockType":"company","tickerId":600547,"name":"山东黄金"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000002015,"stockId":601939,"holdings":1018600,"marketCap":9829490,"netValueRatio":0.0084,"quarterlyChange":0.039870689655172376,"stock":{"stockCode":"601939","exchange":"sh","stockType":"company","tickerId":601939,"name":"建设银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000002015,"stockId":300274,"holdings":51400,"marketCap":7749064,"netValueRatio":0.0066,"quarterlyChange":-0.1185687558465861,"stock":{"stockCode":"300274","exchange":"sz","stockType":"company","tickerId":300274,"name":"阳光电源"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000002015,"stockId":600230,"holdings":274200,"marketCap":5100120,"netValueRatio":0.0043,"quarterlyChange":0.21887287024901636,"stock":{"stockCode":"600230","exchange":"sh","stockType":"company","tickerId":600230,"name":"沧州大化"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000002015,"stockId":600309,"holdings":56800,"marketCap":4512760,"netValueRatio":0.0038,"quarterlyChange":0.036124152321334924,"stock":{"stockCode":"600309","exchange":"sh","stockType":"company","tickerId":600309,"name":"万华化学"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000002015,"stockId":2440,"holdings":286200,"marketCap":3225474,"netValueRatio":0.0027,"quarterlyChange":0.508701472556893,"stock":{"stockCode":"002440","exchange":"sz","stockType":"company","tickerId":2440,"name":"闰土股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000002015,"stockId":600352,"holdings":240900,"marketCap":3134109,"netValueRatio":0.0027,"quarterlyChange":0.22045028142589018,"stock":{"stockCode":"600352","exchange":"sh","stockType":"company","tickerId":600352,"name":"浙江龙盛"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000002015,"stockId":688256,"holdings":2870,"marketCap":2821210,"netValueRatio":0.0024,"quarterlyChange":-0.27483309357825236,"stock":{"stockCode":"688256","tickerId":688256,"exchange":"sh","stockType":"company","name":"寒武纪"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000002015,"stockId":688041,"holdings":11522,"marketCap":2422615,"netValueRatio":0.0021,"quarterlyChange":-0.06273993694950597,"stock":{"name":"海光信息","exchange":"sh","stockType":"company","stockCode":"688041","tickerId":688041}}],"bondHoldings":[{"_id":"69e8f8e51398d79843fffb03","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000002015,"stockCode":"250215","stockName":"25国开15","holdings":2300000,"marketCap":227901013,"netValueRatio":0.1936,"lastUpdated":"2026-04-22T16:35:49.516Z"},{"_id":"69e8f8e51398d79843fffb04","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000002015,"stockCode":"243281","stockName":"电投KY04","holdings":400000,"marketCap":40346730,"netValueRatio":0.0343,"lastUpdated":"2026-04-22T16:35:49.520Z"},{"_id":"69e8f8e51398d79843fffb05","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000002015,"stockCode":"232380069","stockName":"23建行二级资本债02A","holdings":300000,"marketCap":31736153,"netValueRatio":0.027,"lastUpdated":"2026-04-22T16:35:49.533Z"},{"_id":"69e8f8e51398d79843fffb06","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000002015,"stockCode":"148780","stockName":"24长城03","holdings":300000,"marketCap":30629720,"netValueRatio":0.026,"lastUpdated":"2026-04-22T16:35:49.537Z"},{"_id":"69e8f8e51398d79843fffb07","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000002015,"stockCode":"019827","stockName":"26国债01","holdings":305000,"marketCap":30580528,"netValueRatio":0.026,"lastUpdated":"2026-04-22T16:35:49.540Z"}]},"list":[{"_id":"69e8ea511398d79843fe85f7","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000002015,"sao":"2026年一季度的全球经济在科技进步和AI失业潮的矛盾中，增长预期有所下修。加上以伊冲突升级为战争，海外风险资产有所调整。但国内A股由于受益于上游原材料涨价，结构性机会较多。债券市场则因为PPI上修提前，利率有所震荡调整。组合管理上，债券维持前期配置，我们不认为一季度的原油上涨在短期内会形成输入性通胀，采取密切跟踪的策略，维持对债券资产拥有票息价值的观点。在权益资产1月大幅上涨后，降低了成长和周期股的持仓，并且在油价突破100美金后，对持仓中的制造板块进行了梳理和减持，对油价受益标的进行了止盈。整体以避免流动性风险的降仓为目标。我们在2025年年报中提到的通胀预期抬头，对全球风险资产估值产生较大估值压力的情景，在以伊战争后出现。我们认为中东地区的地缘冲突升级是一种表现，深层次的还是在疫情后，科技革命对能源安全和能源总量需求都有了更高的要求。因此在逆全球化背景下，这种能源分布不平衡的全球矛盾才会激化升级。以原油为代表的大宗商品价格在2026年中枢上移，将是较为确定的事件，这对全球供应链将产生长期的影响。并且我们认为战争前线存在较大信息不对称，并且区域性的原油价格与二级市场交易的价格存在很大的偏差，这些都对我们进行产业研究、资产研究带来很大的信息缺失。在油价中枢稳定之前，组合整体将以防御性结构为主。","lastUpdated":"2026-04-22T15:33:37.623Z","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光灵活配置混合型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1481842","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69cd12ed5c96f51c69ab88be","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-30T16:00:00.000Z","stockId":3000000002015,"sao":"2025年是全球经济格局进一步割裂，全球经济增速继续下行的一年。然而以美欧为代表的经济体，因通胀回落，央行流动性宽松，引发全球风险资产大幅上涨。再加上大宗商品的牛市延续；在AI的推动下，基本金属也出现新的需求，在原油和黄金之后，也进入牛市。全球债市却在这一年纷纷陷入货币的流动性陷阱，货币宽松的背景下，利率均维持在高位。整体资本市场还在宏观经济的大框架内运行，然而市场表现却落入与以往周期较大差异的场景。国内的资本市场趋势与海外一致，节奏上有先后，但也出现了股市和大宗的牛市。国内债券收益率则在低位震荡，主要受益于2025年的财政和化债推动。过去一年的组合管理，实行的是先观望，后提高风险预算的过程。在4月之后逐步开始增配风险资产的操作，大类资产上重权益轻固收。在全球预期科技拉动经济增长的背景下，我们认为更多的投资机会来自于微观结构的优化，而非宏观总量的改善。因此在二三季度选取了成长和周期板块的股票进行配置；在四季度略微下调了组合的风险预算，增配了债券和价值股。","lastUpdated":"2026-04-01T12:43:25.604Z","mo":"展望2026年，当AI为代表的科技进步成为全球经济增长的第一变量，我们认为今年风险资产的推动因素应当是盈利基本面，而非流动性推动的估值提升。并且我们对今年全球流动性的判断，将整体弱于2025年，甚至还有收缩风险。虽然美国的降息周期还未结束，但我们认为通胀的风险并没有完全消除。首先，从数据结构看，中间品的价格数据其实并未降温。其次，美国对全球的关税战还在继续，美国法律对此的裁决一再延后。另外，局部地缘冲突也在继续发生（近期如伊朗和委内瑞拉），非美元计价的原油价格实际正在上涨。加上今年美国政府将增加对可选消费的补贴，这些政策的一系列效应都需要密切跟踪观察。如果通胀预期抬头，全球风险资产将面临比较大的估值压力。","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光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=1461833","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb0452541","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000002015,"sao":"三季度是过去两年全球宏观基本面利好较多的一个季度，首先是七月美国通过了大漂亮法案，短期对美国国内形成了新一轮的减税和财政扩表，对美关税的部分谈判结果和三季度美国通胀数据也都好于四月的预期。其次是北美大厂AI算力投资在三季度超预期，AI相关业务也逐月贡献盈利。因此全球市场对科技提振未来经济，和美国经济软着陆的信心重新恢复，市场风险偏好得到较大提升。同时，由于海外市场认为九月美联储降息较为确定，利好短期流动性，海外股债、黄金和稳定币等各类资产齐涨；流动性外溢到国内，也促成了国内算力、苹果产业链和机器人等映射资产的估值联动。叠加上市公司财报季，无论是海外算力还是国产算力相关的A股公司，均出现了业绩支撑，使得大科技板块出现了估值提升的情况。组合运作上，三季度在AI投资出现重大变化时，增配了科技板块，同时增配黄金和有色板块进行对冲，整体权益风险敞口较二季度有大幅提高；在美联储降息落地后略有降低。债券部分，三季度债市受宏观基本面影响出现调整，组合在调整中增加配置，但依然谨慎。在美联储如期降息后，美股科技板块继续加速上涨，与黄金的“滞胀”交易相悖。相反，国内科技股没有联动，而是小幅调整，我们认为这是较为健康的表现。对于海外市场，虽然降息的环境依然有利，但我们认为未来对业绩的敏感度会越来越高；而国内市场目前依然较为健康，且以机构定价为主，我们将密切关注三季报情况，挖掘权益资产的结构性机会。","lastUpdated":"2026-03-09T13:07:39.938Z","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光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=1381838","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb0452540","date":"2025-06-29T16:00:00.000Z","stockId":3000000002015,"sao":"2025年上半年，全球市场均出现较大震荡，均出现不同程度的调整和反弹。全球经济预期在反复无常的美国全面关税政策下，出现较大幅度的下修；同时各国关税也在4月新的行政令后出现普遍上调。此前我们推测贸易壁垒对美国通胀的压力，并不构成美国逆全球化政策放缓的参考。6月在中东发生的以伊冲突就印证了这一点，油价的短期脉冲，依然是美国通胀的第一影响因素。而整个上半年美国各项经济数据均较为健康，二季度关税提升对通胀数据的传导也没有体现。在此背景下，美联储坚持货币政策独立性，坚持不降息，导致美债和美元呈现出较大压力。由于“美国例外论”持续了三年的长周期，导致全球资管行业对美元资产都是超配状态，因此二季度开始，“去美元化”和全球资产分散配置，成为全球市场的主要旋律。美元资产的避险属性开始被欧元资产、黄金，甚至亚洲资产所替代，任何一个经济体债务出现压力，都开始引发美元资产的抛售。国内市场在该宏观环境下，也大幅震荡，但是由于经济复苏短期没有受制于关税，因此权益市场结构性机会频现，在调整后走势出现分化。债券市场则由于长期对经济不确定的担忧依然存在，整体维持较低利率，但是震荡相较去年大幅提升，尤其是美联储不降息和汇率的传导，使得资金紧平衡成为年初以来的常态。组合运作上，债券配置相较去年仓位有所降低，权益的配置基于宏观不确定和今年贸易战升级的假设，因此没有受到关税政策反复的影响。在4月权益市场大幅调整中，我们也等来了性价比较高的机会，适当增加了权益配置，主要集中在我们一直看好的黄金股，以及在市场全面下跌中被错杀的一些板块。因此二季度开始权益资产为组合贡献较大收益，整个上半年组合较好的控制住了回撤，净值稳步增长。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.935Z","mo":"展望下半年，关税谈判进展由于受到美国司法流程的限制，将进入一个漫长和多轮反复的过程，预计会对全球市场产生一定扰动。我们认为“去美元化”会持续，直到汇率、各国债券利率以及关税三者进入一个博弈后的平衡阶段。下半年的通胀压力会逐步体现，但是不会给海外居民的资产负债表带来太大压力，美国政府的资产负债表压力会继续持续，因此我们依然看好黄金的长期趋势，并且认为权益市场也会因此继续出现结构性机会。","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光灵活配置混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1351425","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb045253f","date":"2025-03-30T16:00:00.000Z","stockId":3000000002015,"sao":"一季度全球宏观发生很大变化，美国通胀短期降温，一方面使得美联储对市场的降息预期按下了暂停键，另一方面也使得新政府开始加快推进逆全球化的贸易政策。海外市场对于贸易政策是否会引发美国经济衰退发生了分歧，而美联储重新定位的独立性，又向市场传递了货币政策将不再托底股市房市，而是回归单一通胀目标，这导致了全球股市的大幅波动。    国内经济的一季度数据弱于去年同期，但是以deepseek为代表的科技产业却产出了超预期的革命和增长空间，预计未来对消费拉动和社会降本，会有超预期贡献。在此背景下，我们对2025年全年的国内经济没有过度悲观。    在此宏观变化下，一季度A股和港股反而独立于其他市场，整体呈现震荡上行。与美债下行相反，国内的债券市场在资金紧平衡下，则出现大幅震荡调整。整体一季度国内市场走势与海外相反，也蕴含了不同的经济基本面逻辑。组合运作上，我们在年初对债券以减仓为主，用类固收的价值股替代了一部分债券的配置，因此在后续的调整中，组合能保持一定灵活度和较低的久期，从而降低资产波动对组合的影响。从去年四季度开始，我们已经将组合配置的重心由债券转向权益。但是在一季度这部分配置并没有体现出进攻性，而是较为保守，我们正在等待后续性价比更高的机会。    对于股债之外的另类资产，我们在一季度对黄金股进行了配置和波段操作。并且坚持2024年年报展望中的观点：我们推测贸易壁垒对美国通胀的压力，并不构成美国逆全球化政策放缓的参考，贸易战在2025年大概率升级。2025年的通胀压力将不会给海外居民的资产负债表带来太大压力，但是会对美国政府资产负债表产生很大压力，这是我们看好黄金长期趋势的底层逻辑。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.932Z","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光灵活配置混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1277359","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb045253e","date":"2024-12-30T16:00:00.000Z","stockId":3000000002015,"sao":"在去年的年报中，我们提到2024年的市场会受更多外生变量的影响。实际我们看到了美国新总统的一系列政策转向，看到了美联储面对新环境对其货币政策目标的调整，以及国内政策的提前预备。海外市场的表现，也反映了这些新变化。整个上半年美国经济先行指标出现一定风险，因此美联储一直暂缓降息，使得美债大幅上行，而黄金资产则创出历史新高，体现了市场对于美国债务问题的担忧。而下半年，美国经济表现出韧性，新政府提出增加石油供给政策，美联储开启降息，美债利率先下后上，大幅震荡。由于全年经济和就业数据较为健康，美股全年依然保持一个牛市状态。我们的配置，主要也是基于这些情况，挖掘了资源股和国内债券市场的机会。在2024年的市场走势方面，国内市场则超出年初我们基于基本面的设想。2024年的国内货币政策更多的不是表现在公开市场的操作，而是针对存款利率改革，推出了一系列政策用以降低社会融资成本。这也间接带动债券市场利率不断下行，国内债市延续了牛市的节奏。另一方面，在美国大选落地前，国内也开始主动推进一系列化债和拉动经济的政策，因此债市开始大幅波动，股票市场则对政策表现出很高期待，估值大幅修复，并且在流动性推动下出现结构性的牛市表现。由于这些变化，没有很快转化到具体经济数据上，我们还是维持了前期的基本配置。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.929Z","mo":"通过去年一年的跟踪和观察，我们对美国经济的理解，是新政府不希望通过压制本国消费需求来降低通胀，而要从能源供给端寻求解决方式。那么一方面，全球能源价格中枢有下移风险，因此我们认为油价较难维持在最近一年的价格区间。另一方面，我们推测贸易壁垒对美国通胀的压力，并不构成美国新关税政策放缓节奏的参考，贸易战在2025年大概率升级。因此我们认为2025年通胀压力将不会给海外居民资产负债表带来太大压力，但是对美国政府资产负债表会有所影响，这也是黄金和比特币为代表的资产屡创新高的原因。在2025年，国内的利率、汇率和贸易额三者的定价，面对新的国际环境，变得更加交叉复杂。我们将继续跟踪和挖掘各个市场的机会。","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光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=1257858","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb045253d","date":"2024-09-29T16:00:00.000Z","stockId":3000000002015,"sao":"三季度国内外经济环境均出现较大变化，首先是美国经济经过半年的持续降温后，在第三季度通胀数据回落到适宜央行降息的区间，因此降息预期的扭转，叠加美国大选的预期升温，海外市场各类资产（股，债，商）均出现了震荡，缺乏赚钱效应。在复杂的海外环境下，国内的货币政策也出现了很大的变化，一方面降准和降低lpr以缓解实体流动性，降低居民利息支出；另一方面，债券市场利率水平开始稳定在一个政策区间内，既有利于化债，也符合经济基本面的方向。因此，三季度债券市场呈现区间震荡的走势，股票市场先调整后反弹。组合操作上，债券部分维持原有配置，股票市场和大宗相关资产，均根据宏观环境和市场节奏，做了结构调整。资产配置上，临近季末考虑到国内推出了新的政策计划，长期配置方向有了改变；但是结合估值的快速提升，对于所有资产均采取了阶段性的减仓，在四季度将根据新的配置方向，择机重新进行配置。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.927Z","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光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=1180607","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb045253c","date":"2024-06-29T16:00:00.000Z","stockId":3000000002015,"sao":"上半年整体国内经济没有太多波澜，货币政策在一季度较为宽松，到了二季度央行认为长债利率已经到达一个较低区间，没有进一步的行动。海外市场在上半年波澜起伏，由于连续加息后的高利率维持了较长时间，美国的房地产和服务业在上半年先后出现了降温甚至下滑，通胀最终给经济带来了压力。因此宏观模型的可预测性开始下降，美国的就业和经济数据开始出现矛盾，二级市场从交易降息转变为交易经济衰退。组合操作上，由于上半年国内外的宏观基本没有太超预期的地方，因为我们在操作上更关注的是美联储实际降息的时点，而非降息预期；因此上半年组合整体的债券部分维持了较高风险敞口，以海外通胀为主线的资源类股票是我们主要配置的方向。当然在不确定性较大的环境下，我们也有意识地控制了组合的整体风险敞口，为组合腾挪一定的策略容错率。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.924Z","mo":"如2022年所有人都认为美国经济会衰退一样，2023年也所有人认为今年美联储会开启降息，然而这些都没有发生。宏观的预测和展望似乎已经成为了不可操作的事情，那么我们也在思考，我们究竟要预测什么，组合如何在不确定中获取收益。我们认为在中国经济与全球经济周期联动性加强的趋势下，在不确定的宏观中去做预测，是为了了解风险的来源，出现意外的概率，从而提前做好风控，而非按照预测的结果去布局。","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光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=1153645","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb045253b","date":"2024-03-30T16:00:00.000Z","stockId":3000000002015,"sao":"一季度国内经济较为平稳，春节消费数据相比去年持续回暖，但节后企业复工和资本开支意愿依然未快速恢复，二季度有待观察。海外方面，美国的数据并不完全稳固，使得降息的预期有所下调，降息时点开始出现分歧，前期滞涨的黄金价格得以快速修复。股票市场中，与大宗商品挂钩的品种也因此表现较好。流动性层面，央行分别下调了一次存款准备金率和五年期LPR利率，保证流动性平稳。财政方面，1万亿特别国债和常态化发行30年国债，使得未来宽信用得到一定支撑。债市在此宏观环境下，表现较好。    组合操作上，宏观走势与前期判断基本一致，因此也基本维持前期配置，只是在降准后对债券部分略做了短期增减仓的交易。一季度股债对组合均有贡献，其中股票的贡献略高一些。总体上过去一个季度，我们认为并没有超预期的事件发生，因此市场只是根据实际情况的变化做动态调整，我们也坚持多看少动。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.921Z","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光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=1076845","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb045253a","date":"2023-12-30T16:00:00.000Z","stockId":3000000002015,"sao":"去年年报中，我们曾提到“2022年是全球宏观和资本市场较为复杂和特殊的一年”，而2023年却是更为复杂和特殊的一年。我们最后发现：经济的资本开支周期，被疫情和地缘政治拉长，导致除了美国以外，全球各国经济体在2023年都没有迎来强复苏。国内经济在上半年出现了一轮景气的恢复和回落，加上上半年美联储持续加息，给全球资本市场均带来了压力，股债市场到二季度有了一定转向。下半年国内经济和信贷数据平稳，政策也不断发力，宽货币使得债券市场收益率不断新低。全年的组合操作在对市场的敬畏中，跟随经济环境变化作出调整。坚持不追高，在资产比较的估值框架下，做资产配置。虽然对全球经济的判断出现了一些偏差，但由于坚持选券的质量，因此在贝塔不太有利的情况下，权益部分并没有损失太多收益。债券部分对组合收益贡献较大。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.919Z","mo":"展望2024年，将会有更多的外生变量去影响市场，因此抛开固有思路、敬畏和紧密跟踪市场，保持开放心态，将会比分析预判更加重要。过去五年本基金的运作，同时见证了股债市场的迭代，以及基金经理自身多资产投资框架的修正和“柔性化”过程。资产配置因子的研究和实践，已经纳入海外市场成熟的投资体系，但在国内还属于萌芽阶段。要理解清楚中国的宏观经济运行，需要对中国产业链和公司成长有非常亲身的调研和跟踪，这样才能捕捉“经济结构转型”，才能让投资体系不断调适于“低利率环境”。“自上而下”和‘’自下而上‘’的结合点，是市场一直较为忽视的阿尔法。随着市场深度的增加，参与者结构的多元化，以及未来资产品类的丰富，其中的挖掘价值会越来越大。","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光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=1060135","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb0452539","date":"2023-09-29T16:00:00.000Z","stockId":3000000002015,"sao":"三季度的市场和经济走势，相比二季度更加值得回顾。夏季高温，使得国内制造业开工进入传统的淡季，如预期之中，受价格和成本下降因素推动，国内的经济指标环比回暖。然而市场并没有如二季度那样，对数据同步做出反应，长期预期依然低迷。股指在低位震荡，然后许多个股，尤其是过去两年的绩优股，跌幅较大。与之对应，债市维持高位震荡，在季末受汇率压力，有所调整。组合操作相较二季度，有所纠偏：在止盈部分估值修复的类固收股票后，对债券部分适度加仓。整体权益仓位依然有所控制，在个股估值上更为严格的坚守止盈止损的投资原则。同时，由于高温天数少于去年，导致能源和资源类库存偏高，市场对于能源价格的预期此前急转直下，导致大宗价格在夏初短期超跌。然而非经济因素，如地缘利益、通胀导致的罢工，以及对局部战争的预期等，使得最近两个月能源价格中枢又回到去年夏季的水平。这对于欧美通胀和货币政策收紧，重新产生压力。虽然2023年只过去了三个季度，然而今年距今为止，对于海外经济的误判，是以往多个周期都不曾发生过的。比如美国经济的衰退周期比我们预计的延后了至少一年，甚至可能更长的时间；比如欧洲的通胀和衰退压力，比我们去年预期的要短暂等等。这些都说明疫情对于海外经济体的影响也是巨大的，许多过去几百年在发达经济体已经稳定的经济变量，重新开始出现变化。这些变化对我们的投资带来了很大的挑战，因为他们不仅影响整个全球宏观经济的运行，也渗透至我们的产业发展变化，需要我们投入更多的跟踪和调研观察。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.916Z","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光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=993675","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb0452538","date":"2023-06-29T16:00:00.000Z","stockId":3000000002015,"sao":"上半年经济呈现缓慢复苏状态，限于海外的复杂环境，加上疫后返工的滞后，消费的预期和企业资本开支情况，恢复相对较慢，并且二季度景气度有一定回落。海外方面，美联储持续加息，但是银行业在长期加息中出现压力，使得经济和金融环境更加复杂。货币政策方面，央行二季度降低公开市场操作利率10BP，流动性环境维持充裕。组合操作方面，较为逆势，债券收益下行一定时间和幅度后，采取短久期高杠杆的配置，持续滚动票息。另一方面，权益市场在二季度出现了调整，转债增加了顺周期和新能源的持仓，股票自下而上选取了周期向上，但是估值还没有抬升很高的板块和个股。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.913Z","mo":"展望后市，预计国内宏观政策依然会更加积极，经济将继续运行在合理区间。海外加息虽然放缓，但是金融环境更加复杂，也对经济带来一定影响，预计后续外需回落的压力仍然较大。","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光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=966943","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb0452537","date":"2023-03-30T16:00:00.000Z","stockId":3000000002015,"sao":"经济在新的一年进入了缓慢复苏阶段，工业企业在春节前后补库存明显；但是限于海外的复杂环境，加上疫后返工的滞后，消费的预期和企业资本开支情况，恢复相对较慢。市场方面，一季度受益于经济的恢复，股票市场反弹明显；债市由于理财流动性危机的消除，也有所修复，整体股债都有不错的表现。投资运作上，组合由于2022年四季度的提前布局，股债均有一定收益贡献。债券部分，在收益率回落后，仓位有所下降。权益部分，根据周期结构的分化，以调结构为主。后续，将密切关注美国银行业在持续一年加息后的报表质量，因为金融体系的稳定对欧美经济的财富效应和经济增长有较大的影响，海外消费和工业的复苏将间接影响国内复苏的速度。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.911Z","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光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=890076","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb0452536","date":"2022-12-30T16:00:00.000Z","stockId":3000000002015,"sao":"2022年可谓是全球宏观和资本市场非常特殊的一年，全年的复杂性和特殊性使得投资者会去对比70年代石油危机，对比2008年全球金融危机。立足于国内市场，作为基金经理，也会不断复盘2018-2019，2016-2017等小周期。由于中国资本市场还处于高速成长期，尤其投资者结构和市场估值中枢仍处于不断变化阶段，就近复盘，以及对海外宏观新变量的研究，在这一年对投资贡献较大。    回顾2022年全年，A股市场对全球宏观变量的反应较为滞后和钝化，上半年才开始反映滞胀，下半年同步于海外企业需求下降和四季报低于预期。债券市场较为敏感，但是由于货币政策偏中性，也没有给组合带来太高的收益贡献。总体资产配置上，组合上半年重债轻股，下半年重股轻债，有较大的超额贡献，但是所获收益有限。    投资运作上，一季度对股票市场系统性风险的规避，以及对债市的高仓位配置，基本锁定了全年正收益。但是三四季度，在股票资产的配置上，受制于疫情的反复，以及制造业海外需求的下降，择股没有太多贡献。债券部分操作较为顺利，下半年一直保持低仓位，四季度在流动性预期变化时，顺势调整了信用债结构，为来年收益做一定储备。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.908Z","mo":"展望2023年，预计经济小周期慢复苏将加速。2022年四季度的一系列政策变化，如地产再融资等产业政策推出，再如疫情管控政策的变化等，都将保证经济复苏的速度和方向。同时，也预示着资本市场流动性的转向，以及结构的变化。新的一年，整体环境对与经济相关度高的权益资产较为有利。如果复苏节奏如期而至，将对持续三年的低利率环境带来压力，固收资产将有调整压力。","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光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?instanceid=873645","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb0452535","date":"2022-09-29T16:00:00.000Z","stockId":3000000002015,"sao":"三季度海外经济衰退预期增强，夏季高温加剧了能源结构的问题，电价等成本进一步抬升，导致英美央行加息超预期。国内经济小周期较为独立，相对平稳，市场也比较平淡。债市小幅震荡上行，股市小幅震荡调整，社会活动在6月大幅恢复后，活跃度进入平稳期。组合投资运作上，股债配置维持不变，股票结构上有微调，主要增加了受益社会活动恢复的品种。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.905Z","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光灵活配置混合型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=810868","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb0452534","date":"2022-06-29T16:00:00.000Z","stockId":3000000002015,"sao":"上半年国内外宏观环境复杂，受寒冷季节和俄乌战争影响，大宗商品价格高位运行。海外进入实质加息阶段，经济衰退预期也越来越强烈，对国内相关产业链产生影响。国内疫情突发，使得经济下行压力加大，后又温和复苏。同时国内货币整体维持宽松状态，但是信贷结构始终不佳，企业投资意愿不足，主要还是受到地产链和影子银行收缩的拖累。在此背景下，整体市场呈现债券小牛市的特征，股票市场先跌后小幅反弹。投资运作上，组合主要交易宏观变量，根据宏观的变化，策略也进行了较大调整。总体思路重债轻股，上半年对股市较为谨慎，结构上围绕通胀和经济复苏配置。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.903Z","mo":"展望下半年，宏观变量依旧复杂，重点关注欧美主要经济体大幅度加息后，大宗商品价格走势，以及对全球经济的扼制程度。国内的利率和经济周期有一定独立性，密切关注产业政策和经济政策，据此调整资产配置。","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光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=788477","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb0452533","date":"2022-03-30T16:00:00.000Z","stockId":3000000002015,"sao":"一季度经济结构依旧不佳，体现在信贷结构上，企业投资意愿不足，主要还是地产链和影子银行收缩的影响。海外受寒冷季节的影响，大宗商品呈现上涨压力；3月意外爆发俄乌战争，通胀出现了脉冲式的冲击，引发海外央行进一步加息。美联储也是在3月加息之外表现出对二季度更加鹰派的计划，例如缩表提前和加息50bp。外部地缘政治形势恶化的同时，国内疫情也开始出现扩散，经济出现了内需放缓，叠加外部输入性通胀的压力。在复杂的宏观背景下，一季度市场震荡和变化都比较剧烈，在3月甚至经历股债双杀。投资运作上，组合主要交易宏观变量，根据宏观的变化，策略也进行了较大调整。总体思路重债轻股，并且在3月调整中增加了债券仓位；股票和转债仓位较四季度有所下降，止盈为主，结构上偏向于稳增长，3月以后偏向于大宗相关标的。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.900Z","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光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=730428","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb0452532","date":"2021-12-30T16:00:00.000Z","stockId":3000000002015,"sao":"2021年全球宏观环境反复变化，上半年国内经济维持复苏，但是随着美国经济复苏进入加速期，供应链的外需开始下降，国内经济的复苏动能减弱。地产调控和降低地方债务率的局部紧信用，也使得全年社融环比一直在下降；加上三季度的双碳减排要求，国内经济在下半年加速下行。海外经济则受制于通胀压力，加息预期在经济复苏和通胀间徘徊，美债收益率在年初急剧上升到1.8%之后，又拐头向下，美联储继续维持货币宽松。四季度疫情升级，供应链涨价进一步加剧，新兴市场纷纷加息，发达经济体中英国也率先加息，使得市场对美国加息预期提前，美债重新回到年初高点，全球股市高位大幅震荡。投资运作上，组合在上半年重债轻股，下半年重股轻债。因此一季度防守较好，但是二季度对流动性宽松的预估有所保守，三季度对股市的结构性机会把握不足，转债仓位也较低，四季度做了较大调整，各类资产均有收益。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.897Z","mo":"展望未来，国内经济依然存在下行风险，内需的压力主要体现在地产投资下行压力较大。而美国随着加息的进行，预计供应链问题将逐步缓解，重新进入复苏轨道，我国外需可能面临见顶压力。因此未来一年，对国内股市的压力较大，美债利率上行会对利率敏感行业估值造成压力，内外需下降影响上市公司盈利。但是由于利率周期与海外不同步，稳健中性的货币政策，依然有利于股市和债市，预计股市的结构性行情将继续，而债市要继续谨防信用风险，对利率债和高等级信用债相对乐观。","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光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=716681","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb0452531","date":"2021-09-29T16:00:00.000Z","stockId":3000000002015,"sao":"三季度经济有所回落，1-8月工业增加值累计同比增长下降至13.1%，房地产景气度下降，消费受疫情影响继续回落。受供给瓶颈影响，上游工业品价格继续带动PPI上涨，但是猪价下行使得CPI压力不大。因此在货币政策保持中性的情况下，央行在7月初意外降准。在此背景下，债市三季度小幅上涨，股市依旧呈现结构分化，周期涨价品种表现较好，还有就是流动性宽松推动的小盘股。投资运作上，债券部分操作不多，流动性管理为主，季末开了期货对冲，错过一定涨幅，但是认为这个阶段的债券收益性价比不如一季度确定，还是重股轻债的思路。股票部分结构选择不佳，大盘白马股估值有所拖累，其中消费和医药有所调整，对组合有一定负贡献。其他品种和转债贡献较为正面。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.894Z","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光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=658640","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb0452530","date":"2021-06-29T16:00:00.000Z","stockId":3000000002015,"sao":"上半年经济维持复苏，但是复苏动能在减弱，PIM和社融环比有所下降。美债收益率在急剧上升到1.8%之后，又拐头向下，美联储和国内央行均在二季度确立了相对宽松的货币环境，推动资本市场的各个市场均出现上涨。投资运作上，组合一季度防守较好，但是二季度对流动性宽松的预估有所保守。整个上半年组合有一定正收益，但是相比去年收益率较低；结构上，对债市机会的捕捉多于股市。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.891Z","mo":"展望未来，经济复苏进入了相对平稳期，通胀短期高点或已出现。预计降准后，货币政策维持稳健中性，流动性维持平稳，着力点是宽信用方面。股市债市均在交易经济弱、流动性充裕的宏观因素，预计还将延续一段时间。","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光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=636760","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb045252f","stockId":3000000002015,"sao":"2021年1-2月经济继续修复，工业增加值同比增长35.1%，地产景气度高于基建和制造业，消费修复略不及预期。工业品价格带动PPI上行，大宗商品价格均创09年以来新高。CPI价格平稳，国内央行货币政策保持中性，但是美债连续上行，突破1.5%，接近去年疫情前的水平。在经济复苏和通胀的交织下，债市在一季度宽幅震荡，股市则在冲高后出现了大幅调整。投资运作上，组合在春节后止盈了部分估值泡沫较大的个股，降低了权益仓位；同时阶段性参与了债市小反弹。因此一季度维持了正收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.889Z","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光灵活配置混合型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=575778","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb045252e","stockId":3000000002015,"sao":"2020年是资本市场较为跌宕起伏的一年，伴随着全球疫情这一突发事件冲击，全球资本市场都经历了经济面恶化和流动性危机引发的巨幅下跌，以及各国央行超宽松货币政策激发的剧烈反弹。在此过程中，我国的货币政策较为领先，经济复苏的节奏也较快，债市经历了先涨后跌，而股市经历了急跌后的结构性牛市。投资运作上，组合在疫情后没有改变大类资产配置的方向，认为突发事件冲击不改经济长期走势，依然坚持了经济大周期复苏的观点，债券始终保持较低仓位，没有追涨。而权益仓位在海外流动性危机初期清仓后，跟随国内经济复苏节奏加仓。股票仓位的结构也做了大幅调整，主要围绕业绩的确定性选股。先是用业绩受益疫情的医药消费类行业替代了年初看好的周期性板块，到了下半年又逐步将周期复苏的行业和个股重新调入，充分享受基本面和估值修复的股价双重提升。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.886Z","mo":"展望2021年，宏观背景的跌宕预计依然是全球的主要基调，而全球央行的货币空间已经非常有限，这对资本市场来说，控制风险保住收益，远比获取收益本身更为重要。我们预计经济复苏的趋势依然不变，只是影响复苏幅度和节奏的影响因素，变得更多、更加复杂。在此背景下，无论是对资产配置、仓位调整，还是个股的选择，就需要紧密围绕宏观判断进行，力争为持有人控制波动，获取高夏普比的收益。","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光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=561673","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb045252d","stockId":3000000002015,"sao":"2020年三季度经济继续修复，国内货币政策提前转向，导致三季度大类资产配置跟二季度相比发生了扭转，债市调整，而权益市场大幅反弹。1-8月工业增加值同比增长0.4%，较二季度有显著修复，投资端地产和基建修复节奏领先制造业，消费修复相对缓慢。三季度受气候因素影响，食品价格波动较大，CPI趋于回落，PPI逐步修复。美联储三季度维持利率和购债计划不变，国内央行三季度未进行降准降息操作，货币政策转向中性，资金利率有所上行，引发了国内债市的调整。三季度债券市场收益率大幅上行，曲线扁平化。而权益市场出现了结构性的估值提升，业绩稳定和冲击后恢复较快的板块有了大幅的反弹。投资运作上，组合在三季度根据宏观和月度跟踪情况，逐步调整权益仓位的结构，到9月调整完毕，并且逐步对债券进行基础配置。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.883Z","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光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=494044","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec61b7fea5b3eb045252c","stockId":3000000002015,"sao":"2020年上半年经济探底后逐渐回暖。1-6月工业增加值同比下滑1.3%，但二季度同比已经正增长；地产和基建反弹节奏显著领先制造业，消费修复相对缓慢。1-6月CPI平均增长3.8%，上半年呈现不断回落的趋势。美联储一季度连续下调联邦基金利率至0，二季度无进一步降息操作。国内方面，央行下调公开市场操作利率，调降超额存款准备金利率，同时配合了定向降准、再贷款等操作，维护了国内流动性的稳定和信贷的合理增长。市场层面，上半年利率债收益率先下后上，曲线扁平化，信用债整体表现不及同期限国开债。投资运作上，纯债部分在严格控制信用风险的前提下，坚持以获取信用债持有收益为主的策略，适当利用杠杆提高组合收益，同时尽力控制好持仓的集中度和流动性。股票部分一季度受疫情和海外金融市场动荡影响波动较大，二季度大幅加仓了股票仓位，是组合收益的主要来源。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:39.880Z","mo":"展望未来，下半年经济将在内需发力和外需波动之中缓慢修复，修复的过程存在一定不确定性。利率债方面，当前收益率已经回到了相对合理的水平，预计整体以震荡为主。权益市场方面，重点挖掘有基本面支持的品种择优配置。","fund":{"_id":3000000002015,"stockCode":"002015","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":1254160000,"market":"a","tickerId":2015,"custody":"中国工商银行股份有限公司","name":"南方荣光灵活配置混合型证券投资基金","shortName":"南方荣光灵活配置混合(002015)","fundSecondLevel":"hybrid","__csrcFundId":4335,"fundStatus":"normal","lastUpdated":"2026-04-30T18:18:29.574Z","masterFundFlag":1,"inceptionDate":"2015-11-18T16:00:00.000Z","fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方荣光灵活配置混合","pinyin":"nfrglhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801372480","stockType":"fund_manager","exchange":"fm","tickerId":262525130720,"name":"郑迎迎"}]},"announcement":{"linkText":"南方荣光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=465914","linkType":"PDF","source":"csrc_pdf"}}]}