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同样显著。全年沪深300指数上涨17.66%，上证指数上涨18.41%。而以科技成长为代表的创业板综指全年上涨40.40%，科创板50指数上涨35.92%。本基金在2025年围绕全球经济的逆全球化趋势，深刻认识到政治经济逆全球化割裂是未来的长期趋势，始终重点布局黄金类公司等风险对冲资产，以应对逆全球化背景下，全球硬资产重要性持续上升这一长期方向，取得了较好的收益。在中美贸易冲突反复考验下，中国出口表现出的韧性从事实上验证了中国企业的全球竞争力在不断加强，组合对以造船、电网设备为代表的具有全球竞争优势的中国企业进行了长期投资，我们认为超越对手的竞争优势是应对未来不确定性的最可靠保证。组合认为AI技术变革带来的产业周期影响已经超过了传统经济周期的力量，但过快和过急的上涨也是我们需要审慎应对处理的风险，为此，我们围绕AI产业周期的影响，布局在AI拉动下一些处于长期下行趋势但位置较为底部的行业公司，如铜、电网设备等行业中的龙头公司，这些公司在AI拉动下，需求出现了转折性趋势，同时，长期来看，这一趋势具有较为长期的持续性。","lastUpdated":"2026-03-30T13:28:14.811Z","mo":"展望2026年，全球逆全球化趋势将长期存在，地缘割裂以及政治经济冲突也将长期存在，组合持续重点投资的黄金类股票在2026年仍将具有较好的风险对冲特性，将继续维持超配。同时，在割裂环境下，资源的重要性在上升，我们将投资研究领域拓展到其他资源类领域，并从中寻找性价比较好的投资标的。中美2025年的反复关税冲突中，展现了中国企业的强大竞争力，也体现出尽管面临外部各种压力，中国企业在全球经济环境中的地位无可替代，为此，我们将重点关注具有强大全球竞争力的中国龙头企业，关注其对外经济领域的扩张进程，并长期投资该类公司，以分享其全球增长带来的红利。在AI产业周期影响的持续扩张下，我们对AI产业周期拉动的相关产业更为关注，尤其是资源、能源、应用等行业，这些产业在新需求的带动下，又经过长期低迷的考验，有部分企业将走出低谷，进入新的发展阶段，我们投入资源进行深入跟踪研究，及时把握这些公司的转折机会，分享其走出低谷带来的持续增长红利。","fund":{"_id":3000000002295,"stockCode":"002295","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-05T16:00:00.000Z","setUpScale":3794470000,"market":"a","tickerId":2295,"name":"广发稳安灵活配置混合型证券投资基金","shortName":"广发稳安混合A","fundSecondLevel":"hybrid","fundStatus":"normal","lastUpdated":"2026-08-26T13:18:28.481Z","inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","pinyin":"gfwalhpzhhxzqtzjj","masterFundShortName":"广发稳安混合","__csrcFundId":4477,"managers":[{"stockCode":"8801405598","stockType":"fund_manager","exchange":"fm","tickerId":2319140210,"name":"王颂"}]},"announcement":{"linkText":"广发稳安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=1449064","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6557fea5b3eb045678b","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000002295,"sao":"A股市场在三季度整体表现强劲，成交额和成交量大幅增长，科技成长类板块表现尤为突出。上证指数上涨12.73%，突破2021年以来的高点。创业板指涨幅达到50.40%，其中尤以AI相关行业表现极为突出，体现了较为显著的结构性行情。从经济基本面来看，2025年3季度，尽管美国关税政策对全球经济冲击的影响趋于缓和，但全球政治经济格局仍然处于不稳定状态中。俄乌冲突，中东冲突，以及印巴冲突均在3季度处于不稳定状态，并经常出现断续的热点问题。全球经济方面，尽管传统部门需求持续不稳定，但在各国政策刺激支持下，以及AI带来的影响下，整体经济的韧性得以保持。不过美国关税政策的影响仍然有所显现，WTO、世界银行、IMF均下调了2025年全球贸易增长预期。全球地缘格局和经济的不稳定，为黄金带来了持续上行的动力，黄金市场价格在3季度大幅上升。在地产压力影响下，国内经济则相对较为趋弱，三季度PMI持续3个月处于盈亏平衡线以下，消费需求持续疲弱。出口虽保持一定的韧性，但也显示出有下滑的迹象，而美国关税政策的不稳定，使得风险始终存在。制造业和高技术产业是经济亮点，也符合国家对经济结构转型的目标诉求。以旧换新政策推动新能源汽车、动力电池、充电桩等产业快速增长。在宽松货币环境支持下，股票市场的风险偏好大幅提升。同时，AI也为市场预期带来了长期想象空间。因此，尽管整体经济增速较为平淡，在对AI预期带来长期增长的乐观态度影响下，市场出现了较为突出的结构性行情，尤其是AI相关行业公司市场表现较为亮眼。报告期内，本基金采取了相对稳定的策略，基于对整体全球地缘和经济格局不稳定的长期判断，继续维持黄金股的超配，同时维持军工行业超配。对于军工行业，尽管其市场表现较国内市场中AI相关行业来说为滞涨，但其具有稳定的长期需求和低估值的优势。对于AI相关产业，我们认为长期而言，其前景确实具有较为良好的空间，我们非常关注相关行业公司的实际进展和估值的合理性，但相对而言，我们采取的措施更加注重拟投资公司实质上基本面的变化以及估值的安全性。因此，我们选择在估值仍然处于合理区间且其经营出现了实际变化的公司进行了布局。展望4季度，我们认为地缘冲突和逆全球化是长期趋势，多变的环境仍然是我们要着力面对和处理的问题，因此，在本基金的管理上，我们将继续维持对黄金和军工的超配。关于AI相关行业和公司，我们仍然着力在处理好估值和预期的相匹配问题，持续优化组合中相关公司的配比，使组合在承担可接受风险范围内，跟上经济体中最大动力带来的投资机会。对于目前持续处于低位的传统经济行业，基于对中国经济长期趋势的信心，我们将加大关注力度，强化跟踪调研，寻找估值有吸引力、具有较好的长期前景和较高护城河的龙头公司，寻机纳入组合。","lastUpdated":"2026-03-09T13:08:37.888Z","fund":{"_id":3000000002295,"stockCode":"002295","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-05T16:00:00.000Z","setUpScale":3794470000,"market":"a","tickerId":2295,"name":"广发稳安灵活配置混合型证券投资基金","shortName":"广发稳安混合A","fundSecondLevel":"hybrid","fundStatus":"normal","lastUpdated":"2026-08-26T13:18:28.481Z","inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","pinyin":"gfwalhpzhhxzqtzjj","masterFundShortName":"广发稳安混合","__csrcFundId":4477,"managers":[{"stockCode":"8801405598","stockType":"fund_manager","exchange":"fm","tickerId":2319140210,"name":"王颂"}]},"announcement":{"linkText":"广发稳安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=1372734","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6557fea5b3eb045678a","date":"2025-06-29T16:00:00.000Z","stockId":3000000002295,"sao":"2025年上半年，A股市场经历多轮不确定性事件冲击，给市场运行带来较大的影响。首先，1季度宏观经济在政策支持下，有初步稳定的迹象，地产下行压力也有了一定缓解的迹象。另外，国产AI模型DeepSeek在全球突破，给市场带来信心强化，A股市场有了阶段性活跃的表现。进入2季度后，特朗普全球关税战对全球经济冲击超出市场所有人的预期，尤其是对中国实施高额关税政策，对整体市场经济运行体系带来了前所未有的挑战，市场不确定性由此大幅上升。进入5月后，整体环境再次发生大幅逆转，先是美国关税政策在全球范围内的暂停和谈判，然后是中美巨额关税战的暂缓。剧烈的变化给市场带来的冲击使市场预期始终处于大幅变化的环境中，很难形成稳定预期。在地缘政治方面，外部环境的不确定性在今年上半年前所未有地加大，经历了3年的俄乌冲突，也同样经历了从预期缓解到持续增加。中东乱象也从以巴扩散到以伊。南亚冲突也突然爆发，印巴冲突突然爆发，又戏剧性地缓和。而国内经济的发展在这种动荡环境下，展现出了超预期的韧性，在关税战和地缘冲突下，中国出口表现出了显著的韧性，再次显现了中国企业在全球竞争力的强化，即使面临外部如此巨大的不确定性，其在全球经济中的地位和格局，仍是不可或缺的重要一环。地产仍然处于下行趋势中，这给经济带来了一定的压力，但在政策宽松支持下，整体经济的稳定性仍得以保持。在这种环境下，本基金始终坚持投资国内经济中有活力的科技、医药、高端制造等行业龙头公司，从而获得中国企业长期成长带来的收益；同时，面对不确定性大幅上升的现实，本基金以黄金、军工作为防范不确定性世界的重要抓手，对冲组合面临的外部环境快速大幅变动的巨大风险。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:37.885Z","mo":"展望下半年，外部多变的环境未见明显改善的迹象，风险仍然较大。而国内经济方面，在政策支持下，经济稳定有望继续保持。同时，国内企业的全球竞争力仍不断强化和提升，相信尽管面临各种巨大挑战，中国经济仍能保持稳定发展的长期格局。本基金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蓝筹龙头公司可能受到青睐，而其他缺少长期竞争壁垒、经营管理能力较弱的公司可能承受较大压力。因此，在资产配置策略上，本基金保持一定的灵活性，注意规避估值较高、景气度下降的行业和公司。结构上，本基金将在各行业内优中选优，选择真正具有长期竞争优势，且行业保持良好发展趋势的公司。","fund":{"_id":3000000002295,"stockCode":"002295","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-05T16:00:00.000Z","setUpScale":3794470000,"market":"a","tickerId":2295,"name":"广发稳安灵活配置混合型证券投资基金","shortName":"广发稳安混合A","fundSecondLevel":"hybrid","fundStatus":"normal","lastUpdated":"2026-08-26T13:18:28.481Z","inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","pinyin":"gfwalhpzhhxzqtzjj","masterFundShortName":"广发稳安混合","__csrcFundId":4477,"managers":[{"stockCode":"8801405598","stockType":"fund_manager","exchange":"fm","tickerId":2319140210,"name":"王颂"}]},"announcement":{"linkText":"广发稳安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=553699","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6557fea5b3eb0456777","stockId":3000000002295,"sao":"三季度，市场基本面维持稳定，经济持续复苏，上市公司经营环境持续改善。在资金维持相对宽松的背景下，组合的头寸基本保持稳定。结构上，组合针对A股市场估值分化较大的状况，进行了适度的再平衡操作，调减了部分高估值的科技公司，增持了估值较低、经营状况见底、业绩逐步反转的化工和有色等行业的龙头公司。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:37.832Z","fund":{"_id":3000000002295,"stockCode":"002295","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-05T16:00:00.000Z","setUpScale":3794470000,"market":"a","tickerId":2295,"name":"广发稳安灵活配置混合型证券投资基金","shortName":"广发稳安混合A","fundSecondLevel":"hybrid","fundStatus":"normal","lastUpdated":"2026-08-26T13:18:28.481Z","inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","pinyin":"gfwalhpzhhxzqtzjj","masterFundShortName":"广发稳安混合","__csrcFundId":4477,"managers":[{"stockCode":"8801405598","stockType":"fund_manager","exchange":"fm","tickerId":2319140210,"name":"王颂"}]},"announcement":{"linkText":"广发稳安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=491246","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6557fea5b3eb0456776","stockId":3000000002295,"sao":"2020年上半年机遇与风险并存，2月，国内严控疫情的措施使经济增速急剧下降，随后国外疫情也爆发，全球经济增速快速下降，风险急剧上升使股票市场快速下跌。但随着国内疫情得到有效控制，复工复产加速推进，国内经济逐步恢复正常。在货币环境整体宽松的支持下，国内消费、科技、医疗和休闲服务等行业中增长稳定的龙头公司表现良好。本基金抓住了时机，在市场风险快速释放的低位增大了权益资产的权重。在对行业公司深入调研的基础上，加大了具有核心竞争力的消费、科技和医疗等行业的龙头的投资力度。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:37.830Z","mo":"展望下半年，虽然疫情的风险仍然存在，但从近期国内疫情反复却被迅速控制的情况来看，经济再次出现上半年的急剧下降可能性不大。经济趋势预期仍将处于稳定复苏的阶段，货币环境仍将保持宽松的状态，这有益于权益市场的发展。从权益市场本身情况来看，估值处于极端分化的状态，周期类公司的估值处于相对安全的底部区间。成长类的消费和科技等公司估值虽处于历史高位，但由于行业景气度高，其高估值仍能得到支持。未来投资机会主要来源于低估值公司的估值修复和成长类公司超预期的业绩增长，这需要我们更加深入地跟踪研究公司核心竞争力、估值变化和经营状况变化，并根据估值与增长的匹配程度进行组合优化和再平衡。","fund":{"_id":3000000002295,"stockCode":"002295","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-05T16:00:00.000Z","setUpScale":3794470000,"market":"a","tickerId":2295,"name":"广发稳安灵活配置混合型证券投资基金","shortName":"广发稳安混合A","fundSecondLevel":"hybrid","fundStatus":"normal","lastUpdated":"2026-08-26T13:18:28.481Z","inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","pinyin":"gfwalhpzhhxzqtzjj","masterFundShortName":"广发稳安混合","__csrcFundId":4477,"managers":[{"stockCode":"8801405598","stockType":"fund_manager","exchange":"fm","tickerId":2319140210,"name":"王颂"}]},"announcement":{"linkText":"广发稳安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=450228","linkType":"PDF","source":"csrc_pdf"}}]}