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，春节后跟随市场反弹逐步加仓。结构上，看对了以光模块为代表的AI算力投资机会，取得了一定成果，如当时加大配置力度，还可以进一步扩大收益。所关注的卫星互联网板块跟着市场反弹涨了一波，第二波再次介入时由于催化事件延后，板块调整较多。7、8月份A股以震荡调整为主，机会不多，相应地降低了仓位。进入9月份，由于红利类权重股补跌，带动上证指数加速下跌，9月18日、19日连续两个交易日盘中跌破2700点后收涨。这个位置接近2月初低点，市场表现出反弹迹象。9月24日，国务院新闻办公室举行新闻发布会，金融、地产等多项重磅政策同时推出。资本市场方面，央行宣布创设股票回购增持再贷款，创设证券、基金、保险公司互换便利，获取的资金只能用于投资股市。9月26日政治局会议进一步指出，要抓住重点、主动作为，有效落实存量政策，加力推出增量政策，进一步提高政策措施的针对性、有效性，努力完成全年经济社会发展目标任务。连续超预期的政策扭转了预期，股票和债券价格双双走强。权益市场经历9月下旬的暴涨后，受实体经济复苏预期较为温和及上市公司盈利预期偏低的影响，四季度整体是震荡格局，但结构性机会突出。9月下旬，我们感受到了市场触底反弹的迹象，部分个股也发出了看多信号，但加仓不及时，错过了前几天的涨幅，随后果断跟进，才没有错过后面的上涨。这波操作来看，主要是执行力不够，如果在底部时根据交易信号逐步加仓，市场大涨时就不会那么被动。另外，个股选择上弹性也不足，体现在净值表现上就是阶段性落后。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:03.864Z","mo":"12月中旬的中央经济工作会议指出：我国将进一步实施积极有为的宏观政策，扩大国内需求，优化财政政策，提振消费，并整治内卷式竞争。展望2025年，在加强逆周期调节的背景下，中国经济有望在新旧动能转换、新周期开启以及政策发力的共同支持下，重回复苏轨道。政治局会议、中央经济工作会议均强调稳住楼市、股市。政策加力给力，经济回暖可期，我们看好后续A股市场表现。投资操作上在控制好回撤的前提下把握住向上的弹性机会，在时点的把握和操作规则的执行力层面还要继续提高。个股选择层面，我们强调公司质量以及估值和增速的匹配。但对于少部分卡位好、壁垒高、竞争力强的类独角兽公司可以适当放宽估值限制。","fund":{"_id":3000000002145,"stockCode":"002145","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-25T16:00:00.000Z","setUpScale":4974340000,"market":"a","tickerId":2145,"custody":"中国银行股份有限公司","name":"诺安景鑫灵活配置混合型证券投资基金","shortName":"诺安景鑫混合","fundSecondLevel":"hybrid","__csrcFundId":2565,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:38.932Z","masterFundFlag":1,"inceptionDate":"2015-12-07T16:00:00.000Z","fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安景鑫混合","pinyin":"najxlhpzhhxzqtzjj","managers":[{"stockCode":"8801395449","stockType":"fund_manager","exchange":"fm","tickerId":122512150730,"name":"李玉良"}]},"announcement":{"linkText":"诺安景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=1253908","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6337fea5b3eb0453f15","date":"2024-09-29T16:00:00.000Z","stockId":3000000002145,"sao":"从三季度已经公布的数据来看，经济恢复尚不稳固。8月社零同比增长2.1%，低于市场预期。8月居民消费再次不及预期，核心的原因还在于居民实际收入增速下降、资产负债表调整之下消费意愿的不足。8月固定资产投资增速略微好转，同比增长2.0%，低于前7个月累计值的3.6%。价格来看，受市场需求不足及部分国际大宗商品价格下行等因素影响，9月全国PPI同比-2.8%，环比-0.6%，同比、环比均下降。财政收入跌幅加大。8月份，一般公共预算收入同比下降2.8%，较7月同比跌幅1.9%扩大。其中，税收收入同比下降5.2%，较7月跌幅4%扩大。3季度以来，经济增速下行压力加大，给财政收入带来下行压力；而财政支出下滑反过来制约经济企稳回升。金融数据来看，8、9月新增社融规模同比下降，在实体融资需求较弱的背景下，政府债券成为主要支撑项。同时居民户信贷需求急剧下滑，或与收入预期和房地产市场表现有关，提前偿债的现象仍在延续。9月M1同比增速-7.4%，已经连续6个月负增长，且降幅逐月扩大，或意味着金融数据在继续“挤水分”，另一方面也反映当前资金活性较低，货币流通速度较慢的现实。M2同比增速6.8%，较上月提升0.5个百分点，M2-M1剪刀差逐步扩大。市场来看，7、8月份A股以震荡调整为主。进入9月份，由于红利类权重股补跌，带动上证指数加速下跌，9月18、19连续两个交易日盘中跌破2700点后收涨。这个位置接近2月初低点，市场表现出反弹迹象。9月24日，国务院新闻办公室举行新闻发布会，金融、地产等多项重磅政策同时推出。资本市场方面，央行宣布创设股票回购增持再贷款、创设证券基金保险公司互换便利，获取的资金只能用于投资股市。9月26日政治局会议进一步指出，要抓住重点、主动作为，有效落实存量政策，加力推出增量政策，进一步提高政策措施的针对性、有效性，努力完成全年经济社会发展目标任务。连续超预期的政策扭转了预期，引爆了A股市场。政策加力给力，经济回暖可期，我们看好后续A股市场表现。本基金采用多种手段对市场主要风格指数进行择时判断，并在市场下行过程中控制了权益资产仓位。整体来看，在调仓的时点选择上还有优化的空间。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:03.861Z","fund":{"_id":3000000002145,"stockCode":"002145","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-25T16:00:00.000Z","setUpScale":4974340000,"market":"a","tickerId":2145,"custody":"中国银行股份有限公司","name":"诺安景鑫灵活配置混合型证券投资基金","shortName":"诺安景鑫混合","fundSecondLevel":"hybrid","__csrcFundId":2565,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:38.932Z","masterFundFlag":1,"inceptionDate":"2015-12-07T16:00:00.000Z","fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安景鑫混合","pinyin":"najxlhpzhhxzqtzjj","managers":[{"stockCode":"8801395449","stockType":"fund_manager","exchange":"fm","tickerId":122512150730,"name":"李玉良"}]},"announcement":{"linkText":"诺安景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=1174268","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6337fea5b3eb0453f14","date":"2024-06-29T16:00:00.000Z","stockId":3000000002145,"sao":"2024年上半年，GDP同比增长5%。分季度看，一季度同比增长5.3%，二季度增长4.7%，经济增长总体平稳。CPI同比上涨0.1%，其中二季度上涨0.3%，物价水平温和回升。社会消费品零售总额同比增长3.7%；全国固定资产投资同比增长3.9%，扣除房地产开发投资，增长8.5%；货物进出口总额同比增长6.1%，进出口规模创历史同期新高。进出口增速逐季加快，外贸向好势头得到进一步巩固。一系列扩内需促消费政策持续发力，消费潜力不断释放，最终消费支出对经济增长贡献率为60.5%，拉动GDP增长3个百分点。资本市场方面，A股大幅震荡，大盘风格相对占优，小盘风格跌幅较大。行业板块来看，以银行、电力为代表的红利类资产以及石油、煤炭等资源类板块表现较好。本基金采用多种手段对市场主要风格指数进行判断，同时注重把握行业、概念板块结构性机会。本基金重点关注的还是成长板块的机会。操作上来看，年初随着市场调整相应降低了仓位，春节后跟随市场反弹逐步加仓。结构上，看对了以光模块为代表的AI算力投资机会，取得了一定成果，如当时配置的力度进一步加强，还可以进一步扩大收益。所关注的卫星互联网板块跟着市场反弹涨了一波，第二波再次介入时由于催化事件延后，板块调整较多。后期将在止盈止损上进一步精细化操作。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:03.858Z","mo":"欧元区已经开始降息，英国通胀降温为其降息打下基础，美联储降息的可能性也在提高。人民币汇率压力有望减轻，为进一步宽松的货币政策打开空间。下半年存在降息、降准的可能性。财政政策来看，上半年进度偏慢，下半年财政仍有较大空间，政府债券发行节奏有所加快，财政支出增速有望回升。地产政策方面，当前市场需求仍在持续下行，但政策的决心已经越来越明显，房地产去库存的趋势和力度有望持续加强。出口在下半年仍将维持韧性。目前，海外制造商处于补库周期，库存处于低位；欧美制造业PMI逐步好转，有利于我国中间品的出口。但同时，我们也应看到诸多不利因素：欧洲右翼势力崛起，贸易保护主义抬头；美国总统大选特朗普上台的可能性在提高，声称要大幅提高关税水平。对于资本市场来说，要更注重把握结构性机会。","fund":{"_id":3000000002145,"stockCode":"002145","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-25T16:00:00.000Z","setUpScale":4974340000,"market":"a","tickerId":2145,"custody":"中国银行股份有限公司","name":"诺安景鑫灵活配置混合型证券投资基金","shortName":"诺安景鑫混合","fundSecondLevel":"hybrid","__csrcFundId":2565,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:38.932Z","masterFundFlag":1,"inceptionDate":"2015-12-07T16:00:00.000Z","fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安景鑫混合","pinyin":"najxlhpzhhxzqtzjj","managers":[{"stockCode":"8801395449","stockType":"fund_manager","exchange":"fm","tickerId":122512150730,"name":"李玉良"}]},"announcement":{"linkText":"诺安景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=1147457","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6337fea5b3eb0453f13","date":"2024-03-30T16:00:00.000Z","stockId":3000000002145,"sao":"2024年一季度，我国经济整体实现较好开局，公布的前两月主要数据除消费外均呈现回升态势。规模以上工业增加值同比增长7.0%。固定资产投资同比增长4.2%，增速比2023年加快1.2个百分点。其中，制造业投资增长9.4%，基础设施投资增长6.3%。地产投资跌幅虽有所收窄，但难言乐观。社会消费品零售总额同比增长5.5%，有所回落。政策来看，一季度监管部门发布了多项政策文件，从发行准入、上市公司持续监管、中介机构监管等各方面系统性提出政策措施。聚焦提高上市公司质量和保护投资者合法权益，进一步完善加强市场监管。这些有针对性的政策措施无疑能够提振投资者信心，也有利于资本市场长期健康稳定发展。市场来看，大盘呈V型走势，大盘价值风格相对占优。行业板块主要是石油石化、家电、银行、煤炭、有色金属等高股息类、资源类板块涨幅居前，综合、医药、电子、房地产等跌幅较大。  本基金采用多种手段对市场主要风格指数进行风格判断，对市场主要风格指数进行风格择时，同时注重把握行业、概念板块结构性机会。  展望二季度，经济有望延续复苏势头，A股上市公司盈利增速有望提升。随着美元结束加息、降息预期升温，人民币汇率压制因素解除，国内货币政策空间打开，北向资金有望重新流入。当前A股市场估值处于历史较低位置。多重积极因素叠加，我们对二季度A股市场相对乐观。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:03.856Z","fund":{"_id":3000000002145,"stockCode":"002145","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-25T16:00:00.000Z","setUpScale":4974340000,"market":"a","tickerId":2145,"custody":"中国银行股份有限公司","name":"诺安景鑫灵活配置混合型证券投资基金","shortName":"诺安景鑫混合","fundSecondLevel":"hybrid","__csrcFundId":2565,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:38.932Z","masterFundFlag":1,"inceptionDate":"2015-12-07T16:00:00.000Z","fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安景鑫混合","pinyin":"najxlhpzhhxzqtzjj","managers":[{"stockCode":"8801395449","stockType":"fund_manager","exchange":"fm","tickerId":122512150730,"name":"李玉良"}]},"announcement":{"linkText":"诺安景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=1073367","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6337fea5b3eb0453f12","date":"2023-12-30T16:00:00.000Z","stockId":3000000002145,"sao":"经历了三年疫情考验，2023年我国经济开始逐步修复，全年实际GDP增长5.2%，但名义GDP增速只有4.6%，价格因素对经济拖累明显。节奏上看修复过程较为波折。一季度，随着疫情防控政策调整，国内积压需求释放，经济脉冲式反弹；二季度外需回落、政策效应传导偏慢，经济超预期下行；三季度稳增长政策陆续出台，主要经济数据明显好转；四季度需求边际下行使得经济修复再度放缓。市场来看，由于经济复苏缓慢，房价下跌导致居民资产负债表受损，买入风险资产能力、意愿不足，美元持续加息、人民币汇率压力加大、北向资金外流等多重不利因素共同影响导致A股下行。全年来看中证全指下跌7.04%。行业表现分化显著，通信、传媒、煤炭涨幅居前，消费者服务、房地产、电力设备及新能源、建材能跌幅较大。  本基金采用多种手段对市场主要风格指数进行风格判断，对市场主要风格指数进行风格择时，同时注重把握行业、概念板块结构性机会。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:03.853Z","mo":"展望2024年，经济有望逐步复苏，库存周期进入主动补库阶段，A股盈利增速有望提升。随着美元结束加息、降息预期升温，人民币汇率压制因素解除，国内货币政策空间打开，北向资金有望重新流入。当前A股市场估值历史低位。多方积极因素叠加，我们对2024年的A股市场相对乐观。","fund":{"_id":3000000002145,"stockCode":"002145","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-25T16:00:00.000Z","setUpScale":4974340000,"market":"a","tickerId":2145,"custody":"中国银行股份有限公司","name":"诺安景鑫灵活配置混合型证券投资基金","shortName":"诺安景鑫混合","fundSecondLevel":"hybrid","__csrcFundId":2565,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:38.932Z","masterFundFlag":1,"inceptionDate":"2015-12-07T16:00:00.000Z","fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安景鑫混合","pinyin":"najxlhpzhhxzqtzjj","managers":[{"stockCode":"8801395449","stockType":"fund_manager","exchange":"fm","tickerId":122512150730,"name":"李玉良"}]},"announcement":{"linkText":"诺安景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=1055008","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6337fea5b3eb0453f11","date":"2023-09-29T16:00:00.000Z","stockId":3000000002145,"sao":"三季度各类政策密集发布，诸多重磅政策出台。7月24日政治局会议指出“要活跃资本市场，提振投资者信心”。一个月后终于等来了重磅政策：财政部、税务总局8月27日发布公告,为活跃资本市场、提振投资者信心,自8月28日起,证券交易印花税实施减半征收。同时，证监会射出三支箭：“收紧IPO及再融资”“规范大股东减持”“调降融资保证金比例”；引入长线投资者，提高险资权益配置比例；地产政策继续优化，核心城市陆续放开限购，房贷新政出台，进一步降低存量房贷利率等。当前，国内经济基本面改善，在工业生产、居民消费等方面已有体现。  市场来看，万得全A下跌4.33%，全A等权下跌3.22%，风格上小盘略占优。分行业来看，煤炭、非银行金融、石油石化、银行等涨幅靠前；传媒、计算机、电力设备及新能源等行业跌幅较大。  本基金采用多种手段对市场主要风格指数进行风格判断，同时注重把握行业、概念板块结构性机会。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:03.850Z","fund":{"_id":3000000002145,"stockCode":"002145","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-25T16:00:00.000Z","setUpScale":4974340000,"market":"a","tickerId":2145,"custody":"中国银行股份有限公司","name":"诺安景鑫灵活配置混合型证券投资基金","shortName":"诺安景鑫混合","fundSecondLevel":"hybrid","__csrcFundId":2565,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:38.932Z","masterFundFlag":1,"inceptionDate":"2015-12-07T16:00:00.000Z","fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安景鑫混合","pinyin":"najxlhpzhhxzqtzjj","managers":[{"stockCode":"8801395449","stockType":"fund_manager","exchange":"fm","tickerId":122512150730,"name":"李玉良"}]},"announcement":{"linkText":"诺安景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=990397","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6337fea5b3eb0453f10","date":"2023-06-29T16:00:00.000Z","stockId":3000000002145,"sao":"上半年我国经济同比增长5.5%，总体保持恢复性向好态势。分结构来看，消费对经济增长的贡献不断加大，对经济增长的贡献率升至77.2%。固定资产投资同比增长3.8%，其中基建投资同比增长7.2%，房地产开发投资同比持续下探至7.9%，地产投资仍是目前经济增长的主要拖累项。进出口贸易总额20.1万亿元，同比增长2.1%，其中附加值较高的一般贸易进出口占比上升，贸易结构持续优化。受内需不足和高基数影响，上半年物价处于较低水平，上半年CPI同比上涨0.7%，PPI同比下降3.1%。宏观政策协同发力，央行降准降息发挥逆周期调节作用。财政政策加力提效，专项债前置发力、减税降费等举措支持实体经济发展。资本市场方面，结构性行情特征突出，人工智能和中特估是上半年主线，消费者服务及房地产板块跌幅较大。  本基金采用多种手段对市场主要风格指数进行风格判断，对市场主要风格指数进行风格择时，同时注重把握行业、概念板块结构性机会。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:03.848Z","mo":"美联储加息接近尾声。6月美联储给加息按下了“暂停”键，7月底将召开下半年的首次会议，联邦基金利率期货显示，7月加息25个基点已经完全定价，但是否存在第二次加息尚不明朗。下半年随着货币政策滞后效应的显现，经济放缓和需求减弱将进一步打压通胀，美联储政策决定将更加谨慎。总之7月加息后本轮加息周期接近尾声，人民币汇率压力有望减轻。  下半年宏观政策调控力度有望加大，扩大消费、积极有力的财政政策、稳健的货币政策有望密集出台。产业政策方面，数字经济、人工智能等相关支持政策出台节奏有望得到提升。房地产供需两端的政策都有可能改善。我们对下半年的市场持乐观态度。","fund":{"_id":3000000002145,"stockCode":"002145","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-25T16:00:00.000Z","setUpScale":4974340000,"market":"a","tickerId":2145,"custody":"中国银行股份有限公司","name":"诺安景鑫灵活配置混合型证券投资基金","shortName":"诺安景鑫混合","fundSecondLevel":"hybrid","__csrcFundId":2565,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:38.932Z","masterFundFlag":1,"inceptionDate":"2015-12-07T16:00:00.000Z","fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安景鑫混合","pinyin":"najxlhpzhhxzqtzjj","managers":[{"stockCode":"8801395449","stockType":"fund_manager","exchange":"fm","tickerId":122512150730,"name":"李玉良"}]},"announcement":{"linkText":"诺安景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=964842","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6337fea5b3eb0453f0f","date":"2023-03-30T16:00:00.000Z","stockId":3000000002145,"sao":"2023年一季度我国经济在疫情影响消退的情况下，前期被抑制的部分服务消费得到集中释放，消费呈现出良好增长势头，但汽车消费因购置税减半政策到期增速下滑较为明显，对总体消费增长形成一定制约。固定资产投资实现较快增长，尤其基建投资增速加快。受全球经济增速放缓影响，我国外贸出口呈现出负增长，但跌幅较去年底有所收窄。海外来看，美联储加息态度经历了从偏鸽到偏鹰再回偏鸽的转变。2月初美联储议息会议决议加息25BP符合预期，鲍威尔偏鸽言论引发市场预期美联储将很快结束加息，且强化下半年降息预期。紧接着公布的非农就业数据、美国PPI数据超预期，多位联储官员放鹰，美联储加息预期再度强化。随着美欧部分银行流动性危机的爆发，市场预期加息次数和力度都有所放缓，甚至只要通胀能得到控制不排除年底重启降息周期。资本市场来看，一季度大盘震荡上行，小盘风格略占优，行业板块分化较大。计算机、通信、电子、传媒等板块在政策加持及人工智能概念带动下表现亮眼。反观新能源，由于年初硅料降价不及预期，以及对后续产业链各环节供给过剩的担忧，光伏板块调整较大。  本基金采用多种手段对市场主要风格指数进行风格判断，对市场主要风格指数进行风格择时，同时注重把握行业、概念板块结构性机会。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:03.845Z","fund":{"_id":3000000002145,"stockCode":"002145","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-25T16:00:00.000Z","setUpScale":4974340000,"market":"a","tickerId":2145,"custody":"中国银行股份有限公司","name":"诺安景鑫灵活配置混合型证券投资基金","shortName":"诺安景鑫混合","fundSecondLevel":"hybrid","__csrcFundId":2565,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:38.932Z","masterFundFlag":1,"inceptionDate":"2015-12-07T16:00:00.000Z","fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安景鑫混合","pinyin":"najxlhpzhhxzqtzjj","managers":[{"stockCode":"8801395449","stockType":"fund_manager","exchange":"fm","tickerId":122512150730,"name":"李玉良"}]},"announcement":{"linkText":"诺安景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=888927","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6337fea5b3eb0453f0e","date":"2022-12-30T16:00:00.000Z","stockId":3000000002145,"sao":"2022年初，国内经济面临下行压力，新增社融、M2同比等数据双双低于市场预期。随着国内疫情超预期发展，俄乌冲突、供应链断裂导致全球滞胀的担忧进一步加剧，市场情绪逐级回落。市场呈现单边下跌趋势，反弹无力，至4月下旬创年度最低点。随着疫情形势逐步好转，物流和供应链开始修复，稳增长政策持续加码，经济步入复苏阶段，加之宽信用政策环境修复市场信心，A股呈现触底反弹态势，上半年收盘整体修复至3月初区域疫情前水平。三季度，俄乌冲突持续未见缓和迹象，国际能源、粮食价格高涨，通货膨胀高企，全球经济衰退风险加剧。美联储强势加息、人民币延续贬值趋势，时隔两年再次破七，加重了市场对资本流出及流动性宽松空间的担忧。国内地产投资仍旧延续下行趋势，制造业投资增速相较二季度有所放缓。外需疲弱导致出口增速大幅下滑，实体经济依旧承压，市场情绪低迷。10月份国内较大范围爆发疫情，对宏观经济带来了比较明显的冲击。在部分权重股业绩不及预期、制造业PMI再度回落至荣枯线以下、人民币贬值、外资加速外流等因素影响下，市场延续前期颓势，上证指数跌破2900点。进入11月份，A股积累了一定的反弹动能，同时人民币快速升值、外资回流推动A股风险偏好修复。进一步优化防控工作的二十条措施公布，防疫政策边际放松，极大提振市场情绪，市场进入一波反弹行情，价值板块表现好于成长板块。  本基金采用多种手段对市场主要风格指数进行风格判断，对市场主要风格指数进行风格择时，同时注重把握行业、概念板块结构性机会。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:03.843Z","mo":"展望2023年，我们预计美联储加息步伐放缓并转向降息的概率较大。从长期来看，美国政府高额债务与高利率水平的组合不可持续。目前来看，美国经济的前瞻性指标像PMI等已经亮起“红灯”，美国经济进入衰退的概率很高，美联储下半年转向降息周期的可能性很大。总体上看，外部的流动性环境较大概率是边际改善的。国内来看，随着防疫政策放开经济有望复苏。受欧美衰退的影响，从外需转向内需是大的趋势，消费重启的速度或超过较为乐观的预测。制造业投资有望随着经济重启而逐级向上。房地产投资在供给侧、需求侧多重政策支持下也有望出现明显改善。我们认为2023年股市机会大概率好于去年。","fund":{"_id":3000000002145,"stockCode":"002145","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-25T16:00:00.000Z","setUpScale":4974340000,"market":"a","tickerId":2145,"custody":"中国银行股份有限公司","name":"诺安景鑫灵活配置混合型证券投资基金","shortName":"诺安景鑫混合","fundSecondLevel":"hybrid","__csrcFundId":2565,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:38.932Z","masterFundFlag":1,"inceptionDate":"2015-12-07T16:00:00.000Z","fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安景鑫混合","pinyin":"najxlhpzhhxzqtzjj","managers":[{"stockCode":"8801395449","stockType":"fund_manager","exchange":"fm","tickerId":122512150730,"name":"李玉良"}]},"announcement":{"linkText":"诺安景鑫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=871121","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6337fea5b3eb0453f0d","date":"2022-09-29T16:00:00.000Z","stockId":3000000002145,"sao":"2022年三季度受国内外诸多因素影响，市场普跌。沪深300、中证500等主要风格指数跌幅均超过两位数；30个中信一级行业除煤炭外其他29个行业均下跌，其中18个行业指数跌幅超过10%。俄乌冲突持续未见缓和迹象，国际能源、粮食价格高涨，通货膨胀高企，全球经济衰退风险加剧。美联储强势加息、人民币延续贬值趋势，时隔两年再次破七，加重了市场对资本流出及流动性宽松空间的担忧。国内地产投资仍旧延续下行趋势，制造业投资增速相较二季度有所放缓。外需疲弱导致出口增速大幅下滑，实体经济依旧承压。疫情多点散发，市场情绪低迷。  本基金采用多种手段对市场主要风格指数进行风格判断，对市场主要风格指数进行风格择时，同时注重把握行业、概念板块结构性机会。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:03.840Z","fund":{"_id":3000000002145,"stockCode":"002145","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-25T16:00:00.000Z","setUpScale":4974340000,"market":"a","tickerId":2145,"custody":"中国银行股份有限公司","name":"诺安景鑫灵活配置混合型证券投资基金","shortName":"诺安景鑫混合","fundSecondLevel":"hybrid","__csrcFundId":2565,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:38.932Z","masterFundFlag":1,"inceptionDate":"2015-12-07T16:00:00.000Z","fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安景鑫混合","pinyin":"najxlhpzhhxzqtzjj","managers":[{"stockCode":"8801395449","stockType":"fund_manager","exchange":"fm","tickerId":122512150730,"name":"李玉良"}]},"announcement":{"linkText":"诺安景鑫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=806683","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6337fea5b3eb0453f0c","date":"2022-06-29T16:00:00.000Z","stockId":3000000002145,"sao":"上半年，A股先抑后扬，大盘一度回撤超过20%，4月底各风格指数开始大幅反弹。分季度看，一季度国民经济运行数据好于预期，但新增社融、M2同比等数据双双低于市场预期。随着国内疫情超预期发展，俄乌冲突、供应链断裂导致全球滞胀的担忧进一步加剧。市场情绪逐级回落，呈现单边下跌趋势，反弹无力。主要风格指数跌幅均达到两位数，跌幅较大的创业板跌幅接近20%。行业板块方面，仅煤炭、房地产、银行等三个行业取得正收益，超过半数的行业跌幅达到两位数，电子、国防军工等行业跌幅居前。二季度受国内外诸多因素影响，A股市场呈现深V走势。美联储保持紧缩政策，随着6月中旬披露的超预期通胀数据，美联储将联邦基金利率目标区间上调75个基点，这是近28年以来加息幅度首次达到75个基点，凸显美联储收紧货币政策的紧迫性。在美联储紧缩的过程中，中国央行保持宽松，4月中旬开始降准。4月份上海疫情未平，北京疫情又起，市场跌幅扩大。5月对疫情影响的预期逐步稳定，国内经济预期好转，风险资产吸引力增大，资金流入A股市场，市场开始回升。各主流风格指数均有不错表现，其中创业板指从底部反弹超过30%。  本基金采用多种手段对市场主要风格指数进行风格判断，对市场主要风格指数进行风格择时，同时注重把握行业、概念板块结构性机会。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:03.837Z","mo":"我们预计下半年中国经济会从低位回升，GDP增速在5.5%的潜在增速左右，叠加上半年2.5%的增速，全年实现4%左右的增速。政策方面以维稳为主，更有针对性，预计不会有太激进的政策出台，要为明后年各种潜在的困难环境预留出政策空间。房地产方面，压实地方政府责任，“保交楼、稳民生”的要求有望遏制住近期的断贷风波，防止风险进一步向金融系统蔓延。下半年的权益市场大概率仍以结构性机会为主，看好业绩超预期个股的相对收益。","fund":{"_id":3000000002145,"stockCode":"002145","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-25T16:00:00.000Z","setUpScale":4974340000,"market":"a","tickerId":2145,"custody":"中国银行股份有限公司","name":"诺安景鑫灵活配置混合型证券投资基金","shortName":"诺安景鑫混合","fundSecondLevel":"hybrid","__csrcFundId":2565,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:38.932Z","masterFundFlag":1,"inceptionDate":"2015-12-07T16:00:00.000Z","fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安景鑫混合","pinyin":"najxlhpzhhxzqtzjj","managers":[{"stockCode":"8801395449","stockType":"fund_manager","exchange":"fm","tickerId":122512150730,"name":"李玉良"}]},"announcement":{"linkText":"诺安景鑫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=786009","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6337fea5b3eb0453f0b","date":"2022-03-30T16:00:00.000Z","stockId":3000000002145,"sao":"2022年一季度，从公布的短期经济数据看，国民经济运行数据好于预期，但新增社融、M2同比等数据双双低于市场预期。随着国内疫情超预期发展，俄乌冲突、供应链断裂导致全球滞胀的担忧进一步加剧。市场情绪逐级回落。市场呈现单边下跌趋势，反弹无力。主要风格指数跌幅均达到两位数，跌幅较大的创业板跌幅接近20%。行业板块方面，仅煤炭、房地产、银行等三个行业取得正收益，超过半数的行业跌幅达到两位数，电子、国防军工等行业跌幅居前。  本基金采用多种手段对市场主要风格指数进行风格判断，对市场主要风格指数进行风格择时，同时注重把握行业、概念板块结构性机会。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:03.834Z","fund":{"_id":3000000002145,"stockCode":"002145","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-25T16:00:00.000Z","setUpScale":4974340000,"market":"a","tickerId":2145,"custody":"中国银行股份有限公司","name":"诺安景鑫灵活配置混合型证券投资基金","shortName":"诺安景鑫混合","fundSecondLevel":"hybrid","__csrcFundId":2565,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:38.932Z","masterFundFlag":1,"inceptionDate":"2015-12-07T16:00:00.000Z","fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安景鑫混合","pinyin":"najxlhpzhhxzqtzjj","managers":[{"stockCode":"8801395449","stockType":"fund_manager","exchange":"fm","tickerId":122512150730,"name":"李玉良"}]},"announcement":{"linkText":"诺安景鑫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=727732","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6337fea5b3eb0453f0a","date":"2021-12-30T16:00:00.000Z","stockId":3000000002145,"sao":"2021年一季度，经济继续修复，通胀仍在低位，但预期有所抬升，资金面较为宽松。二季度，经济筑顶，基建、地产等现边际转弱迹象，PPI虽高但向CPI传导不强，利率全面下行。三季度，降准落地规模超预期，经济数据多数较弱，证实经济下行压力。四季度，公布的经济数据持续弱势，降准和降低LPR利率落地，利率继续下行。  权益市场方面，年初各主要板块惯性冲高。在美债收益率快速上行及通胀预期升温下快速杀估值，特别是2020年涨幅较大的光伏、新能车、白酒等板块调整幅度较大。经过二、三月份的调整，二季度以创业板为代表的成长板块大幅反弹。三、四季度市场延续了二季度的风格特征，小盘风格表现更好。分行业看，电力设备、基础化工、有色金属、煤炭、钢铁等板块涨幅居前，消费类板块跌幅较大排名靠后。  本基金采用多种手段对市场主要风格指数进行风格判断，对市场主要风格指数进行风格择时，同时注重把握行业、概念板块结构性机会。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:03.832Z","mo":"2022年，我国经济发展正面临需求收缩、供给冲击、预期转弱三重压力，政策定调须稳定全年宏观经济大盘，未来宽信用与宽货币大概率齐发力。降息已于1月落地。判断总量性质的货币政策给的还是会相对保守，以及稳经济的政策在加速推进，在政策发力适当靠前的作用下，往后看中长期利率存上行压力。  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