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一季度央行提升了市场隔夜资金的利率，隔夜回购利率持续维持在1.8%以上，跟多数期限的利率债形成了倒挂，债市调整也就是情理之中的事情了。权益层面，deepseek和人形机器人的爆火，使得A股相关产业链个股受到资金的追捧。但这些离产业化还有比较远的距离，在实际应用中的作用相对有限。进入3月相关板块逐步开始调整，市场情绪也开始有所回落。账户操作层面，维持了均衡的配置。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:54.748Z","fund":{"_id":3000000000526,"stockCode":"000526","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-01-19T16:00:00.000Z","setUpScale":415882000,"market":"a","tickerId":526,"custody":"中国农业银行股份有限公司","name":"国泰浓益灵活配置混合型证券投资基金","shortName":"国泰浓益灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3586,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.190Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浓益灵活配置混合","pinyin":"gtnylhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101020494","stockType":"fund_manager","exchange":"fm","tickerId":171604252460,"name":"秦培栋"},{"stockCode":"j101020680","stockType":"fund_manager","exchange":"fm","tickerId":261913255110,"name":"郑双明"}]},"announcement":{"linkText":"国泰浓益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=1271318","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1f2d4369c9c836d7de2","date":"2024-12-30T16:00:00.000Z","stockId":3000000000526,"sao":"市场回顾，2024年宏观经济复苏面临地产下行的干扰，复苏力度较弱。2024年房价延续下跌，受此拖累居民的消费支出意愿较低。宏观经济复苏面临的最大压力就是内需不足。宏观政策进行比较积极的对冲，货币政策采取了降准降息的操作，财政政策通过发行特别国债进行了加码。伴随着降准和降息，无风险利率的水平大幅下行。行至年末，十年国债向下突破1.8%，定格在了1.67%，全年下行了88bp，30年国债利率水平下行幅度更是超过10年的下行的幅度。权益市场，上证综指年内两次跌破2700点。随着9月下旬开始的一系列政策的提振，上证综指快速反弹，年末收在3351点。全年来看，伴随着无风险利率水平的大幅下行，红利股票表现较好，科技成长也在四季度收复全部失地。产品操作上，债券部分全年维持了较为积极的久期，积极配置了中长期利率债和高等级金融债。行至年末，伴随着利率债屡破新低，风险在不断累计，账户降低了组合久期。权益部分在红利方向进行了积极的配置，全年来看取得较好的成果。行至年末，组合在成长型红利方向进行了机会挖掘。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:54.743Z","mo":"展望2025年，随着地产风险释放接近尾声，地方政府的化债进入新的阶段，在积极的宏观政策的支持下，伴随着人工智能、人形机器人和低空经济逐步进入落地应用，我国宏观经济有望进一步企稳向上。当前过低的无风险利率可能存在一定的风险隐忧，利率低位进一步下行可能是由于资金的惯性，相关风险值得警惕。权益市场2025年有望继续提供正回报，关注两个链条的投资机会。一是宏观经济企稳后，PPI逐步转正带动传统企业盈利改善。二是，新兴技术（AI、智驾、低空经济、人形机器人）的逐步产业化落地带动相关公司的业绩进入快速成长期。总体而言，2025年宏观经济可能进入转机之年。","fund":{"_id":3000000000526,"stockCode":"000526","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-01-19T16:00:00.000Z","setUpScale":415882000,"market":"a","tickerId":526,"custody":"中国农业银行股份有限公司","name":"国泰浓益灵活配置混合型证券投资基金","shortName":"国泰浓益灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3586,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.190Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浓益灵活配置混合","pinyin":"gtnylhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101020494","stockType":"fund_manager","exchange":"fm","tickerId":171604252460,"name":"秦培栋"},{"stockCode":"j101020680","stockType":"fund_manager","exchange":"fm","tickerId":261913255110,"name":"郑双明"}]},"announcement":{"linkText":"国泰浓益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=1253117","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1f2d4369c9c836d7de1","date":"2024-09-29T16:00:00.000Z","stockId":3000000000526,"sao":"三季度行情基本上是单边下行行情，中间虽然因为一些原因导致债券从8月开始有所调整，但临近季末随着降准降息的落地，10年国债还是触及了2.0%的位置。随后因为权益市场快速上涨，导致风险偏好短期迅速提升，对债市构成一定干扰，临近季末债市大幅调整。 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nd":{"_id":3000000000526,"stockCode":"000526","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-01-19T16:00:00.000Z","setUpScale":415882000,"market":"a","tickerId":526,"custody":"中国农业银行股份有限公司","name":"国泰浓益灵活配置混合型证券投资基金","shortName":"国泰浓益灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3586,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.190Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浓益灵活配置混合","pinyin":"gtnylhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101020494","stockType":"fund_manager","exchange":"fm","tickerId":171604252460,"name":"秦培栋"},{"stockCode":"j101020680","stockType":"fund_manager","exchange":"fm","tickerId":261913255110,"name":"郑双明"}]},"announcement":{"linkText":"国泰浓益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=958461","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1f2d4369c9c836d7ddb","date":"2023-03-30T16:00:00.000Z","stockId":3000000000526,"sao":"今年一季度，市场总体呈现一定程度的反弹，但各行业表现差异较大。在过去七年都鲜有表现的计算机、传媒等行业，在多种因素的催化下，走出了大幅上涨的行情，而过去几年表现较好的新能源等成长股，以及和宏观经济相关度较高的大金融板块走势较弱。最终上证指数上涨5.94%，深证成指上涨6.45%，创业板指上涨2.25%。从申万一级行业来看，计算机、传媒、通信行业出现较大幅度上涨，而房地产、商贸零售、银行等行业出现一定幅度下跌。一季度在疫情防控完全放开后，国内经济恢复到一个正常的运行轨道，社融和信贷从总量到结构都比较超预期，基建投资和消费都有不错的表现。美国通胀拐点也逐步显现，十年美债收益率和美元指数在震荡中回落，美欧银行业风险暂时得到解决。在这样的外部环境下，A股也展开了持续的反弹。反弹初期表现为行业轮动，顺周期产业链、消费、新能源、数字经济都有所表现，随着OpenAI公司ChatGPT新产品的发布，行情开始出现分化，从申万一级行业来看，三月份全市场只有六个行业上涨，分别是TMT的四个行业以及建筑装饰和石油石化两个低估值行业，其余行业均出现不同程度的下跌。本基金以绝对收益策略为主，在股票方面，行业配置相对均衡，一季度增加了计算机、有色、消费医药等股票配置，减持了部分新能源，同时继续自下而上积极寻找具有自身成长逻辑的中小市值个股。债券方面，本基金主要以高等级信用债票息策略为主。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:54.709Z","fund":{"_id":3000000000526,"stockCode":"000526","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-01-19T16:00:00.000Z","setUpScale":415882000,"market":"a","tickerId":526,"custody":"中国农业银行股份有限公司","name":"国泰浓益灵活配置混合型证券投资基金","shortName":"国泰浓益灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3586,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.190Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浓益灵活配置混合","pinyin":"gtnylhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101020494","stockType":"fund_manager","exchange":"fm","tickerId":171604252460,"name":"秦培栋"},{"stockCode":"j101020680","stockType":"fund_manager","exchange":"fm","tickerId":261913255110,"name":"郑双明"}]},"announcement":{"linkText":"国泰浓益灵活配置混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=888562","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1f2d4369c9c836d7dda","date":"2022-12-30T16:00:00.000Z","stockId":3000000000526,"sao":"2022年，市场经历了两波比较大幅度的调整，全年下跌幅度在过去10年中仅次于2018年。跌幅比较大的是以中小市值为主的偏成长类行业，煤炭以及部分受益于疫情恢复的消费行业表现相对抗跌。最终上证指数下跌15.13%，深证成指下跌25.85%，创业板指下跌29.37%。从申万一级行业来看，仅煤炭、综合行业上涨，社会服务、交通运输、美容护理及商贸零售跌幅较小，而电子、建材、计算机、传媒、电力设备行业跌幅较大，下跌幅度均超过25%。2022年A股市场的表现主要是基于以下几个基本面因素的变化，一是美元加息周期，二是俄乌冲突，三是国内疫情，四是国内稳增长政策。2022年美元经历了一波大幅加息周期，10年美债收益率从年初的1.5%上升至4.3%,美股也终结了十几年的大牛市，美元指数大涨推动人民币贬值，给A股从估值、资金方面都带来比较大的压力；2月俄乌冲突爆发后，给全球大宗商品尤其是能源供给造成较大冲击，加剧了美欧通胀的上行；国内方面影响比较大的还是新冠疫情，四、五月的上海封城，下半年全国各地疫情不断散发带来的局部封控，使得生产、物流、消费都受到极大的影响；国内稳增长方面，主要是通过消费以及房地产刺激政策，对稳定经济基本盘，化解风险起到了重大作用。本基金以绝对收益策略为主，根据市场变化及时对组合资产配置进行调整，在股票方面，通过减持部分成长股，增加金融、地产、消费等行业，保持组合的行业配置相对均衡，同时继续自下而上积极寻找具有自身成长逻辑的中小市值个股。债券方面，本基金主要以高等级较短久期信用债票息策略为主。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:54.704Z","mo":"展望新的一年，我们认为经济主基调是疫后复苏的过渡之年。从海外来看，预计美元加息周期会在一季度末到二季度终结，但也未必会很快进入降息周期，外需总体偏弱；国内在防疫政策放开后，经济增长恢复到一个正常水平值得期待。二十大后人事落定，经济政策上稳定社会预期和扩大内需是首要任务，基建投资仍将是重要手段，房地产投资在一系列政策的推动下，有望出现比较大的改观；在经历了三年疫情消耗后，我们认为消费会迎来比较大的反弹，虽然不同的变异毒株仍有再次传播的可能，但难以形成大的冲击。新的一年，我们认为A股市场的主要机会来自于预期改善下的估值修复，目前市场主要指数估值均处于历史10-30%分位，金融、消费、成长、周期均有机会。金融行业我们看好保险股负债端触底回升、资产端收益率改善，银行股受益于地产风险化解；消费行业主要是疫后消费恢复正常，包括弹性较大的大众线下消费、医疗消费，以及和地产相关的家居建材消费；成长板块过去一年在大部分行业增速放缓的情况下，整体呈现估值收缩的趋势，目前已到达或趋近合理水平，但其中的新技术、新材料领域仍然有很多结构性机会，另外，计算机、传媒行业估值处于近五年底部，将迎来反转；周期板块我们看好贵金属、投资拉动的相关基本金属等。债券方面，整体收益率较去年有所回升，我们维持高评级中短久期信用债策略。","fund":{"_id":3000000000526,"stockCode":"000526","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-01-19T16:00:00.000Z","setUpScale":415882000,"market":"a","tickerId":526,"custody":"中国农业银行股份有限公司","name":"国泰浓益灵活配置混合型证券投资基金","shortName":"国泰浓益灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3586,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.190Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浓益灵活配置混合","pinyin":"gtnylhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101020494","stockType":"fund_manager","exchange":"fm","tickerId":171604252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涨，整个中游制造业成本端都形成较大压力。虽然国内出台了货币和信用的宽松政策，但短期对实体经济的传导有限。同时，美元进入加息周期，在此背景下，A股市场出现了2019年以来最大单季度跌幅。本基金以绝对收益策略为主，在股票配置方面，一季度降低了估值较高的新能源等成长类股票的配置，增加了稳增长相关的低估值股票的配置，同时继续自下而上积极选择具有自身成长逻辑的中小市值个股。债券方面，本基金主要以高等级信用债票息策略为主。在一季度市场回撤幅度较大的情况下，基金净值相对平稳。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:54.689Z","fund":{"_id":3000000000526,"stockCode":"000526","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-01-19T16:00:00.000Z","setUpScale":415882000,"market":"a","tickerId":526,"custody":"中国农业银行股份有限公司","name":"国泰浓益灵活配置混合型证券投资基金","shortName":"国泰浓益灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3586,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.190Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浓益灵活配置混合","pinyin":"gtnylhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101020494","stockType":"fund_manager","exchange":"fm","tickerId":171604252460,"name":"秦培栋"},{"stockCode":"j101020680","stockType":"fund_manager","exchange":"fm","tickerId":261913255110,"name":"郑双明"}]},"announcement":{"linkText":"国泰浓益灵活配置混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=728205","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1f2d4369c9c836d7dd6","date":"2021-12-30T16:00:00.000Z","stockId":3000000000526,"sao":"回顾2021年，市场结构分化较大。核心资产在春节前带领大盘指数冲高后一路回落，并引发市场风格切换。中小市值成长个股以及周期股开始表现，中小市值个股行情贯穿全年。最终上证指数上涨4.80%，深证成指上涨2.67%，创业板综指上涨17.93%，中证1000上涨20.52%，国证2000上涨29.19%。从申万一级行业来看，电力设备、有色金属、煤炭几个行业涨幅均达到40%左右，家用电器、非银金融、房地产等行业出现较大幅度下跌。2021年以来，国内经济呈现逐季走低的趋势。由于2020年对抗疫情投放了大量信用，2021年逐步收缩，社融增速从年初的13%降至年末的10.3%,信用政策收紧对核心资产的估值起到了压制作用。但大量传统行业中小市值个股估值偏低，迎来了估值修复行情，部分景气度较高的成长行业如电力设备与新能源，估值也在业绩的驱动下提升。同时，由于全球货币宽松叠加产能受限、运输不畅，大宗商品价格走出一波快速上涨行情。PPI指数从2020年底的负数快速上升至10月的13.5%，随后在国内的限价政策下商品价格大幅回落。煤炭、化工、有色等价格驱动型行业个股在商品价格驱动下走出大幅上涨行情。本基金以绝对收益策略为主，在股票配置方面，成长、消费、金融、周期方面相对均衡，一方面在景气行业中寻找优质标的，同时自下而上积极选择具有自身成长逻辑的中小市值个股。本基金还积极地参与科创板、创业板、主板的新股配售，债券方面主要以高等级信用债票息策略为主，取得了较好收益。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:54.684Z","mo":"12月的中央经济工作会议指出，2022年我们面临需求收缩、供给冲击、预期转弱的三重压力。在需求收缩方面，包括内需和外需都面临一定压力。消费在预期转弱的情况下，边际消费倾向不会出现大幅回升。出口受近两年海外疫情影响，中国承接了大量全球订单，表现较好，但2022年可能难以持续。固定资产投资方面，制造业投资和基建投资相对平稳，房地产投资在恒大事件后面临较大压力。虽然政策给了房地产很大的支持，但难以改变整个行业周期下行的格局。我们判断2022年上半年还是经济弱、政策松的格局，一季度货币信用会出现双宽松的局面，但指数总体波动的空间比较有限，风格方面总体偏向低估值的中小市值股票。一季度随着稳增长的预期升温，预计前期滞涨的传统经济相关股票表现会相对占优。虽然年初以来市场出现了一定幅度的调整，但全年来看，我们会继续关注光伏、风电、电动车、半导体、军工、新材料等高景气赛道的机会，如果股价调整下来，同时公司业绩增速满足我们的要求，也是比较好的布局机会。同时我们会积极关注传统行业中基本面受益于疫情恢复，有望低位回升的行业。另外我们也会结合自下而上的研究，选择有自身成长逻辑的个股。债券方面，我们继续维持配置短久期高评级信用债，采用持有到期的票息策略。","fund":{"_id":3000000000526,"stockCode":"000526","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-01-19T16:00:00.000Z","setUpScale":415882000,"market":"a","tickerId":526,"custody":"中国农业银行股份有限公司","name":"国泰浓益灵活配置混合型证券投资基金","shortName":"国泰浓益灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3586,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.190Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浓益灵活配置混合","pinyin":"gtnylhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101020494","stockType":"fund_manager","exchange":"fm","tickerId":171604252460,"name":"秦培栋"},{"stockCode":"j101020680","stockType":"fund_manager","exchange":"fm","tickerId":261913255110,"name":"郑双明"}]},"announcement":{"linkText":"国泰浓益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=710306","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1f2d4369c9c836d7dd5","date":"2021-09-29T16:00:00.000Z","stockId":3000000000526,"sao":"今年三季度以来，市场仍然维持了结构分化的趋势，周期股表现强势，消费医药下跌，从市值风格来看，中小市值股票表现较强，大市值较弱。最终上证指数微跌0.64%，深证成指下跌5.62%，创业板指下跌6.69%，中证500上涨4.34%，中证1000上涨4.54%，国证2000上涨7.61%。从申万一级行业来看，采掘、公用事业、有色金属行业涨幅较大，医药、休闲服务、食品饮料等行业出现较大幅度下跌。三季度国内政策面以“宽货币、紧信用”为主，市场保持了较好的流动性。在全球流动性充裕、产能周期导致供给受限、需求复苏的情况下，大宗商品价格出现了较大幅度的上涨，三季度国内动力煤和焦煤期货主力合约价格分别大涨86.9%和77.1%,大部分能源、化工、有色和黑色金属产品期货价格都出现了不同幅度的上涨。而且此次大宗商品价格的上涨是全球性的，不仅是中国，欧美的能源供给都出现了问题。上游原材料价格大幅上涨，给中游制造业带来较大压力，同时由于疫情的持续影响，整体消费数据表现较差，因此市场表现出了上游板块大涨，其它板块大部分下跌的情况。本基金以绝对收益策略为主，三季度对持仓结构持续进行调整，阶段性地参与了有色、煤炭、化工等周期行业个股的行情。本基金还积极地参与科创板、创业板、主板的新股配售，债券方面主要以高等级信用债票息策略为主，取得了较好收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:54.680Z","fund":{"_id":3000000000526,"stockCode":"000526","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-01-19T16:00:00.000Z","setUpScale":415882000,"market":"a","tickerId":526,"custody":"中国农业银行股份有限公司","name":"国泰浓益灵活配置混合型证券投资基金","shortName":"国泰浓益灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3586,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.190Z","masterFundFlag":1,"inceptionDate":"2014-03-03T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整优化，并积极参与科创板、主板、创业板新股申购。债券方面主要以高等级信用债票息策略为主，取得了较好收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:54.665Z","mo":"展望2021年，全球将进入经济复苏的后疫情时代。虽然有多款疫苗已经通过三期临床试验，但大规模接种预计要到下半年，疫情仍然是影响全球经济的一个最重要变量。国内经济方面，经济仍然会稳步恢复。中央经济工作会议已经明确了政策的基调，总体看来偏积极，“不急转弯”打消了市场对于货币政策回归常态化或可能导致的紧缩的担忧。虽然政策大的方向仍然是回收流动性，但总量政策将会慎用，更多的是结构的调整。通胀方面，虽然海外PPI上升较快，能源和工业金属等大宗商品价格上涨，但对于输入型的通胀靠收缩流动性不能解决问题，而且因为国内食品价格，尤其是猪肉价格上半年会在低位，CPI也很难大幅上升。对于证券市场，我们判断近几年来持续的结构化行情仍然会延续。首先，从政策角度，积极发展直接融资，引导居民储蓄进入权益市场是大方向；其次，投资者越来越倾向于通过公募基金等专业投资机构进入市场；再次，包括外资等长期投资者在市场上的占比越来越高，他们有更长的视角和持股期限，这使得市场的稳定性不断提高，我们判断这些趋势短期不会改变。2021年，在股票配置方面我们仍然延续目前思路，一方面配置估值较低，且基本面持续改善的食品饮料、家电、汽车、银行、保险等品种，另一方面配置高景气的新能源汽车、光伏、军工、有色、消费电子等行业。在债券方面仍然以高评级信用债票息策略为主。","fund":{"_id":3000000000526,"stockCode":"000526","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-01-19T16:00:00.000Z","setUpScale":415882000,"market":"a","tickerId":526,"custody":"中国农业银行股份有限公司","name":"国泰浓益灵活配置混合型证券投资基金","shortName":"国泰浓益灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3586,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.190Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浓益灵活配置混合","pinyin":"gtnylhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101020494","stockType":"fund_manager","exchange":"fm","tickerId":171604252460,"name":"秦培栋"},{"stockCode":"j101020680","stockType":"fund_manager","exchange":"fm","tickerId":261913255110,"name":"郑双明"}]},"announcement":{"linkText":"国泰浓益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=555013","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1f2d4369c9c836d7dd1","stockId":3000000000526,"sao":"三季度初，在大盘蓝筹股的带领下，市场出现了一波快速上涨，后续总体呈现宽幅振荡的表现，部分前期涨幅较大的板块出现回落。整个季度来看，上证指数上涨7.82%，深证成指上涨7.63%，创业板指上涨5.60%，行情延续了结构分化的特征。分行业来看，军工、电力设备新能源、汽车等行业涨幅较大，通信、商贸零售、计算机行业呈现一定幅度下跌。对于新冠疫情三季度国内继续保持严防死守的政策，本土病例基本清零。虽然极个别地区有小的反复，但是均实现快速控制，因此国内经济呈现稳步回升的态势，地产和制造业数据回升明显，消费回升相对缓慢。海外疫情虽然控制较差，部分国家单日新增病例创新高，但随着国内生产能力较快恢复，出口数据表现较强。三季度社融数据仍然继续保持高增长，但市场预期大概率在十月份见顶。本基金以绝对收益策略为主，三季度对股票仓位、结构进行了调整，减持了部分成长股，增加了低估值和周期股配置，并积极参与科创板、主板、创业板新股申购。债券配置以高评级信用债为主。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:54.660Z","fund":{"_id":3000000000526,"stockCode":"000526","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-01-19T16:00:00.000Z","setUpScale":415882000,"market":"a","tickerId":526,"custody":"中国农业银行股份有限公司","name":"国泰浓益灵活配置混合型证券投资基金","shortName":"国泰浓益灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3586,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.190Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浓益灵活配置混合","pinyin":"gtnylhpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101020494","stockType":"fund_manager","exchange":"fm","tickerId":171604252460,"name":"秦培栋"},{"stockCode":"j101020680","stockType":"fund_manager","exchange":"fm","tickerId":261913255110,"name":"郑双明"}]},"announcement":{"linkText":"国泰浓益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?instanceid=492079","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1f2d4369c9c836d7dd0","stockId":3000000000526,"sao":"2020年上半年，市场经历了一季度的大幅波动后二季度迎来持续反弹。最终上证指数下跌2.15%，深证成指上涨14.97%，创业板指上涨35.60%，行情结构分化突出。分行业来看，医药、食品饮料、电子、计算机涨幅居前，石油石化、煤炭、金融、地产等行业有所下跌。国内疫情在一季度末基本实现完全控制，二季度仅出现少量输入型病例，北京虽然在6月份再次出现小面积传播，但在国内严防死守，同时检测资源充足的条件下，很快得到控制。海外疫情经过阶段性控制后，随着经济活动的恢复以及部分国家检测资源严重缺乏的影响，再次大幅上升。但市场对于疫情影响已经不再担忧，一方面因为病死率较低，另一方面几大药企新冠疫苗已经取得重要阶段性成果。在各国流动性不断宽松的支持下，欧美股市持续反弹，纳斯达克指数创出历史新高。国内央行4月3日对部分银行定向降准，6月末调降再贷款再贴现利率，A股市场表现也相当强劲。本基金以绝对收益策略为主，上半年通过积极稳健的操作，取得一定收益，并积极参与科创板、主板、创业板新股申购。债券配置以高评级信用债为主。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:49:54.654Z","mo":"我们预计国内的疫情再次大面积爆发的可能性极小，经济活动稳步恢复，国内基建和房地产投资稳步回升，消费和外需温和复苏。预计三季度货币、信用环境仍然延续较宽松状态，流动性对资本市场仍有支撑。从二级市场资金层面观察，目前还是处于持续流入中。下半年的风险因素有两个，一方面是经济复苏超预期后货币政策存在收紧的可能，另一方面是美国大选前可能会发生科技和地缘政治事件。虽然上半年部分行业涨幅较大，但市场总体并未过分高估，部分行业估值仍然处于合理甚至较低水平，下半年结构化行情在经过整固后有望延续。在操作上，我们会对组合进行结构调整，减持部分高估品种。我们看好估值相对合理的部分消费、制造业和周期行业个股，看好景气持续的电子、新能源车等行业，金融股目前也具备配置价值。债券配置继续延续高评级信用债策略。","fund":{"_id":3000000000526,"stockCode":"000526","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2014-01-19T16:00:00.000Z","setUpScale":415882000,"market":"a","tickerId":526,"custody":"中国农业银行股份有限公司","name":"国泰浓益灵活配置混合型证券投资基金","shortName":"国泰浓益灵活配置混合A","fundSecondLevel":"hybrid","__csrcFundId":3586,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.190Z","masterFundFlag":1,"inceptionDate":"2014-03-03T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterF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