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"2024-12-30T16:00:00.000Z","stockId":3000000002415,"sao":"2024年市场呈现大幅波动的特征。以9月份为界限，市场从市场逐步从“弱现实、弱预期”转向“弱现实、强预期”。在此之前国内处于经济转型中，经济结构内部分化较大，呈现弱复苏的态势。而9月份之后，美联储开启降息，国内政策周期也出现拐点，财力政策开始发力，市场信心有所恢复。此背景下，债券市场全年延续2023年的牛市行情，虽然期间受监管指导、政策预期变化等因素干扰，但总体收益率下行趋势不改，受益于资产荒下机构配置力度加大，趋势性行情甚至有所加速。股市呈现“V型”反转，9月份之前延续2023年的下跌行情，结构上类债的红利表现偏强，但在9月份之后市场信心显著恢复，对应风险偏好快速提升，指数大幅反弹，结构上切换至科技占优。可转债在5-7月份，受权益市场下跌、风险暴露及机构集中卖出影响，大幅下跌至债底附近，但8月份之后跟随权益市场上涨，并在四季度进入估值抬升行情。　　本基金积极参与可转债和股票的行情交易中。组合以可转债为底仓，重点投向高资质的偏债型转债，该部分总体获取了稳定的收益，实现了纯债替代的效果。股票部分，基于对权益市场的看好，仓位维持了中等偏高的水平，且重点投资方向为红利和科技。但四季度尤其是国庆后，组合做了结构性调整，该效果短期尚未体现，导致股票部分并未能贡献预期的收益。未来股票部分将以绝对收益为导向，重点投向中长期看好的标的，以获取预期的回报。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:03.021Z","mo":"展望2025年，我们认为市场或有重定价的过程。过去两年其实是市场从极度乐观转向极度悲观的过程，机构行为反应的顺序上先是外资再是内资。但相较于市场情绪的大幅波动，其实国内经济转型工作是持续推进的，房地产、消费等传统经济有所企稳，而以人工智能、机器人为代表的新质生产力逐步爆发。近期以DeepSeek推出为代表，内外资对中国有个重新认识的过程，相应的国内资产有重定价的过程，该过程顺序上或也为外资再内资。　　股票方面，预计市场处于宽幅震荡的行情中。向下看，受托底资金呵护影响，大幅下跌的风险相对可控，但向上看，盈利并未见到拐点，上涨空间的打开需看到基本面改善或政策的催化。中期维度，政策引导的慢牛行情值得期待。重点关注红利和科技的结构性的机会。　　可转债方面，今年或有所表现。核心逻辑在于增量资金有望持续流入，相较于去年，当前债券收益率进一步下行至低位，为追求更高收益以完成收益目标，预计各类机构将加大转债配置力度，而转债市场规模不大且存续规模是收缩的。供需错配下，转债估值有提升空间。　　后续操作方面，重点把握可转债和股票市场的机会，两者侧重取决于相对性价比关注。可转债方面，重点关注低价转债的配置性机会，这里面规避有信用瑕疵的标的，此外关注基本面较好的弹性高价转债博弈性机会。股票方面，该基金为灵活配置型基金，仓位调整可相对灵活，重点关注权益市场调整后的机会。结构方面，重点关注三条线：一是红利类资产，该部分做底仓配置，获取类债的稳定收益，重点行业包括银行、交运等；二是基本面改善的行业景气方向，主要为内需补贴和出口链，重点行业包括家电、消费电子；三是科技方向，重点关注有产业趋势进展的行业，重点行业包括AI、人形机器人等。","fund":{"_id":3000000002415,"stockCode":"002415","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-02-21T16:00:00.000Z","setUpScale":1045270000,"market":"a","tickerId":2415,"custody":"中国建设银行股份有限公司","name":"融通通盈灵活配置混合型证券投资基金","shortName":"融通通盈灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":4527,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.317Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通盈灵活配置混合","pinyin":"rttylhpzhhxzqtzjj","managers":[{"stockCode":"j101020335","stockType":"fund_manager","exchange":"fm","tickerId":1211250250,"name":"李可"}]},"announcement":{"linkText":"融通通盈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=1247465","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66f7fea5b3eb045857b","date":"2024-09-29T16:00:00.000Z","stockId":3000000002415,"sao":"2024年三季度，国内经济持续处于转型过程中，但短期基本面尤其是消费数据不断走弱，加剧了市场对经济增速下滑的担忧，悲观情绪进一步发酵。海外通胀数据显著回落，失业率有所抬升，美联储正式开启降息。临近季末，货币、财政等一系列强刺激政策落地且对未来指引明确，市场信心显著恢复。债券方面，整体三季度仍处于收益率下行趋势中，10年国债一度向下突破2%，以保险为代表的机构配置力量旺盛，超长债表现强势，季末受政策影响，收益率显著回调，止盈力量集中。权益方面，指数一度调整至前低附近，成交大幅缩量，市场情绪低迷，但伴随着政策落地，市场风险偏好显著提升，股指大幅反弹并收回季度内跌幅。转债方面，以某转债违约为标志性事件，风险仍在持续暴露中，部分标的开始按高收益债定价，整体转股溢价率出现压缩，季末跟随权益市场上涨。　　本基金为灵活配置型产品，积极参与股债券、股票和可转债的交易中。债券部分，前期基于对债券市场的看好，久期维持偏高水平，后续逐步止盈，总体对组合收益贡献明显。股票部分，季度内仓位总体有所降低，挖掘结构性机会，但由于前期仓位仍偏高，总体股票对组合形成负向贡献。转债部分，持续增配期限在2年附近，YTM在3%左右，风险可控的标的，以替代信用债做配置使用，而在权益市场出现反弹时，该部分标的也呈现较好弹性，对组合收益总体形成正向贡献。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:03.018Z","fund":{"_id":3000000002415,"stockCode":"002415","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-02-21T16:00:00.000Z","setUpScale":1045270000,"market":"a","tickerId":2415,"custody":"中国建设银行股份有限公司","name":"融通通盈灵活配置混合型证券投资基金","shortName":"融通通盈灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":4527,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.317Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通盈灵活配置混合","pinyin":"rttylhpzhhxzqtzjj","managers":[{"stockCode":"j101020335","stockType":"fund_manager","exchange":"fm","tickerId":1211250250,"name":"李可"}]},"announcement":{"linkText":"融通通盈灵活配置混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1173382","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66f7fea5b3eb045857a","date":"2024-06-29T16:00:00.000Z","stockId":3000000002415,"sao":"2024年上半年，国内经济仍处于弱修复过程中，经济结构分化仍然较大，各类资产也延续前期的运行趋势。但区别于2023年，市场对国内基本面的分歧并不大，资金情况逐步成为影响市场走势的核心因素。对于债券市场，资金面总体宽松，机构配置需求旺盛，上半年收益率整体仍处于下行趋势中，尤其是一季度，长债表现非常亮眼，各类利差显著压缩。对于股票市场，上半年也曾阶段性因增量资金流入而反弹，但由于总体增量资金有限，上半年走势总体偏弱。风格上，大小盘风格切换，大盘股显著好于小盘股，方向上，红利资源类持续占优，出口链和成长方向存在阶段性交易机会，顺周期的地产消费表现偏弱。对于转债市场，5月中旬之前该类资产的涨跌不对称性开始体现，以保险为代表的增量资金持续净流入，表现总体偏强，但5月中旬之后，信用风险和退市风险的担忧显著上升，部分标的面临较大出库压力，转债市场甚至出现踩踏效应。　　本基金权益部分，以结构调整为主，但由于市场轮动较快，总体效果一般，对组合收益形成拖累。债券部分，积极参与利率债的波段交易操作，对组合收益贡献明显。可转债部分，组合积极灵活参与了低价转债的反弹性机会，且标的集中在风险可控的个券上，虽然市场有所波动，但仍然贡献正收益。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:03.014Z","mo":"展望2024年下半年，国内外的宏观变量较多，国内三中全会召开，有望进一步明确未来经济增长的目标、发展模式及转型方向。海外美联储有望开启降息进程，美国大选也有望落地。预计各类资产的波动率或将显著上升。　　对于债券市场，当前经济基本面和机构旺盛的配置需求对债券牛市的支撑仍然存在，但由于行情进入加速阶段，资金行为占据主导，需警惕收益率快速下行过程中潜在的风险，包括央行偏鹰的表态及行为、市场成交高拥挤度等。　　对于股票市场，由于盈利的拐点尚难看到，指数层面压力仍然较大，但由于监管呵护明显，该位置再度大幅向下空间或有限，后续行情的驱动重点关注增量资金的情况。结构的选取或更为重要，大小盘风格切换有望持续，大盘股或有望持续占优，行业上，红利资源类和新质生产力是两线主线。　　对于可转债市场，价格再度回到年初的水平，期权价值定价低，该类资产的性价比较高。但由于风险暴露，市场对其下有底的信仰被打破，机构观望情绪明显上升，预计该类资产将处于再定价的过程中，相较正股的领先性或不再。　　后续操作方面，基于统一的大类资产比较的视角，权益市场的性价比显著高于债券，但胜率仍然偏低。下半年重点关注资产演绎趋势是否会出现扭转，在此之前，债券方面以票息资产做底仓，积极把握利率债的波段交易性机会。股票方面，把握市场可能存在的阶段性反弹机会，结构上以大票为主，行业重点关注红利资产类的配置性机会和科技成长类的交易性机会。可转债方面，在权益市场出现系统性机会之前，低价转债仍是配置的重点，标的上首先防范风险，再关注纯YTM的投资、博弈下修和看涨正股带来的期权价值回归的机会。","fund":{"_id":3000000002415,"stockCode":"002415","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-02-21T16:00:00.000Z","setUpScale":1045270000,"market":"a","tickerId":2415,"custody":"中国建设银行股份有限公司","name":"融通通盈灵活配置混合型证券投资基金","shortName":"融通通盈灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":4527,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.317Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通盈灵活配置混合","pinyin":"rttylhpzhhxzqtzjj","managers":[{"stockCode":"j101020335","stockType":"fund_manager","exchange":"fm","tickerId":1211250250,"name":"李可"}]},"announcement":{"linkText":"融通通盈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=1142275","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66f7fea5b3eb0458579","date":"2024-03-30T16:00:00.000Z","stockId":3000000002415,"sao":"2024年一季度，与此前相似的是国内经济仍处于弱修复区间，结构分化仍然较大。但与去年最大的不同是，自去年12月份的中央经济工作会议以来市场对“是否有强复苏、强刺激政策”这一问题从有分歧开始走向一致，并逐步认识到政策层推动经济转型的决心。在此背景下，市场的风险偏好显著下降，债券市场进入收益率下行趋势中，长端收益率显著下行，尤其是30年期限，收益率曲线呈现牛平的特征，期限利差、信用利差等各类型利差也显著压缩。股票市场呈现“V”型走势，背后核心是资金行为出现大的变化，结构上大盘股表现显著好于小盘股，行业方面“红利+AI”成为两条主线。可转债市场跟随正股波动，转股溢价率呈现小幅压缩。　　本基金属于灵活配置型基金，从大类资产配置的角度，积极参与股、债两类资产中的投资机会。债券部分，底仓仍以票息资产为主，获取稳定收益，此外基于对债券市场的看好以及为了平衡股债的关系，积极的参与了利率债的波段交易操作，久期和杠杆水平有所提升，对组合收益贡献明显。权益市场部分，积极参与了此轮反弹性的行情，并向结构性占优方向做出了调整，此外增加了对可转债尤其是高性价比的低价转债配置，也为组合也贡献了部分的收益。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:03.011Z","fund":{"_id":3000000002415,"stockCode":"002415","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-02-21T16:00:00.000Z","setUpScale":1045270000,"market":"a","tickerId":2415,"custody":"中国建设银行股份有限公司","name":"融通通盈灵活配置混合型证券投资基金","shortName":"融通通盈灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":4527,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.317Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通盈灵活配置混合","pinyin":"rttylhpzhhxzqtzjj","managers":[{"stockCode":"j101020335","stockType":"fund_manager","exchange":"fm","tickerId":1211250250,"name":"李可"}]},"announcement":{"linkText":"融通通盈灵活配置混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1065951","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66f7fea5b3eb0458578","date":"2023-12-30T16:00:00.000Z","stockId":3000000002415,"sao":"2023年是不断修正预期的过程。年初阶段，市场一致预期国内经济将从疫情中开启复苏，地产有望企稳，而海外受加息影响，或有出现衰退的风险。2023年1-4月，实际的基本面数据和市场的表现确实按上述逻辑演绎，但5月份之后，国内经济的复苏进度开始低于预期，对应的地产销售增速和社零增速见到全年的高点，通胀数据也走弱，整体经济数据偏弱，而海外经济维持韧性。此背景下，债券市场走出一波顺畅的收益率下行趋势，长端走势显著好于短端，收益率曲线呈现牛平特征，期限利差、信用利差等各种利差压缩至历史低位。股市在5月份见到全年高点后开启下行，小盘股表现显著大盘股，高股息资产总体相对收益明显。可转债跟随股票市场下跌，转债的估值转股溢价率压缩至年内的最低位。　　本基金在债券部分，仍以票息策略为主，阶段性的参与了利率债的波段交易操作，债券部分贡献了稳定的收益。权益资产方面，考虑到市场整体处于低位，基于中长期对权益市场的看好，仓位维持在偏高的水平，导致在市场调整的过程中负贡献明显。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:03.009Z","mo":"展望2024年，中央强调稳中求进、以进促稳、先立后破。对于未来国内经济转型的效果，我们坚定不移的充满信心。万物皆周期，于经济、于市场，目前均处于周期的底部区域。从基金管理角度，我们需重拾信心再出发，做好自身的投研工作，同时也需警惕尾部风险，做好风险管控。　　债券方面，从趋势上看，债券市场仍处于牛市的趋势中，基本面对债市的支撑仍未发生改变。目前面临的客观问题在于收益率的下行空间不足和高拥挤度的问题。后续关注央行的操作和基本面的变化能否再度打开收益率的下行空间。　　权益方面，市场所担心的基本面问题尚未发生实质性改变，但从大类资产比较的维度看，目前权益市场的配置价值凸显。此外监管层已针对股票市场的调整做出积极的回应和应对。因此反弹性行情值得期待，反转性行情仍需观察等待。风格上，中期维度看，大小票股的风格切换或已开始。　　可转债资产值得重点关注，其“涨跌不对称”的特性有望发挥。目前可转债市场的平均价格低，债底支撑下行空间已非常有限，期权价格便宜。目前可转债的百元平价拟合溢价率处于2019年的中枢，近两年的最低位，后续若权益市场出现上涨行情，甚至有可能出现溢价率的主动拉升。　　后续操作方面，基于统一的大类资产比较的视角，权益资产的性价比总体高于债券，股债的跷跷板效应明显，但两者的趋势尚未扭转。因此债券方面，总体维持长债的底仓配置，以对冲权益市场的风险，此基础上积极把握波段交易性机会。股票方面，积极把握反弹性的机会，关注市场是否可能出现反转的可能。可转债资产需积极关注，重点关注低价转债的配置性机会，这里面规避有信用瑕疵的标的，此外关注基本面较好的弹性高价转债博弈性机会。","fund":{"_id":3000000002415,"stockCode":"002415","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-02-21T16:00:00.000Z","setUpScale":1045270000,"market":"a","tickerId":2415,"custody":"中国建设银行股份有限公司","name":"融通通盈灵活配置混合型证券投资基金","shortName":"融通通盈灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":4527,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.317Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通盈灵活配置混合","pinyin":"rttylhpzhhxzqtzjj","managers":[{"stockCode":"j101020335","stockType":"fund_manager","exchange":"fm","tickerId":121125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率债投资为主，做好流动性管理。在权益方面，将做好行业景气比较，在权衡好景气度与估值的基础上，选择个股进行配置。","fund":{"_id":3000000002415,"stockCode":"002415","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-02-21T16:00:00.000Z","setUpScale":1045270000,"market":"a","tickerId":2415,"custody":"中国建设银行股份有限公司","name":"融通通盈灵活配置混合型证券投资基金","shortName":"融通通盈灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":4527,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.317Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通盈灵活配置混合","pinyin":"rttylhpzhhxzqtzjj","managers":[{"stockCode":"j101020335","stockType":"fund_manager","exchange":"fm","tickerId":1211250250,"name":"李可"}]},"announcement":{"linkText":"融通通盈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=777874","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66e7fea5b3eb0458571","date":"2022-03-30T16:00:00.000Z","stockId":3000000002415,"sao":"2022年一季度，利率债收益率先下后上，整体波动幅度不大，季末相比季初长端收益率基本持平，短端收益率略有下行。市场主要在围绕着货币政策的宽松和宽信用后的经济向好预期进行博弈，没有表现出明显的趋势。同时由于收益率接近历史低位，在没有重大利好的情况下，收益率更多呈现上有顶下有底的窄幅波动状态。  股票市场在一季度出现了比较显著的下跌，沪深300指数下跌14.53%，创业板指下跌19.96%。稳增长板块表现相对较好，房地产、煤炭、银行等行业表现居前，高估值成长板块表现落后。  本基金在一季度有持续赎回，债券方面，以卖券为主，确保组合流动性平稳。在权益方面，随着赎回我们被动提升了仓位，配置上多保留偏防御的低估值股票。","declarationDate":"2022-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:02.989Z","fund":{"_id":3000000002415,"stockCode":"002415","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-02-21T16:00:00.000Z","setUpScale":1045270000,"market":"a","tickerId":2415,"custody":"中国建设银行股份有限公司","name":"融通通盈灵活配置混合型证券投资基金","shortName":"融通通盈灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":4527,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.317Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通盈灵活配置混合","pinyin":"rttylhpzhhxzqtzjj","managers":[{"stockCode":"j101020335","stockType":"fund_manager","exchange":"fm","tickerId":1211250250,"name":"李可"}]},"announcement":{"linkText":"融通通盈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=720431","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66e7fea5b3eb0458570","date":"2021-12-30T16:00:00.000Z","stockId":3000000002415,"sao":"2021年除1月份资金面有较大波动外，剩余时间表现均十分平稳。货币政策更注重提前预判和精准发力，全年都体现出稳健偏松的基调。利率债收益率呈现震荡下行走势，波动不大。信用债方面，房地产债券的暴雷从年初持续到年尾，而产能过剩行业债券在上半年经历了至暗时刻后，下半年在相关产品价格上涨的推动下，基本面重回正常轨道，债券收益率也出现显著下行。总体看，基本面扎实的信用债持续受到市场追捧，而弱行业、弱区域的债券，收益率仍然维持高位。  股票市场延续了2020年的分化走势，全年沪深300指数下跌5.39%，而创业板指则上涨12.02%。以新能源、新能源汽车、半导体为代表的景气赛道一路高歌，以煤炭、钢铁、有色为代表的周期股阶段性有强劲表现，而很多传统产业的低估值股票持续走低。  本基金在债券方面配置短久期高评级信用债，力图获取波动市下的稳定票息收益，同时利率债的交易也贡献了比较稳定的收益。权益方面，配置上注重了价值与成长的平衡，希望在获取结构性机会的同时能控制好组合净值的波动率。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:02.986Z","mo":"2022年一开年，宏观经济就面临巨大挑战。作为过去20年中国经济引擎的房地产业正在逐渐熄火，对地方政府财政、上下游产业链造成的冲击不可忽视。2年的新冠疫情对经济造成了严重的扭曲和伤害，如果社会运转迟迟无法正常化，后遗症会逐步显现。中美经济在2022年会面临不同的主要矛盾，美联储加息箭在弦上，相应政策的错位可能会一定程度上给今年的中国带来压力。面对困难，中央经济工作会议确定了“稳字当头”的政策基调，这无疑有利于防范系统性风险的发生。  权益方面，宏观经济下行对上市公司的短期业绩带来考验，尤其是去年市场聚焦的景气赛道个股。如果个股的短期业绩一旦证伪，市场此前建立的对长期景气的信心也会受挫，这类资产可能会面临估值和业绩的双杀。不过好在目前市场整体估值水平并不贵，我们对市场的中长期走势也并不悲观，在2022年的市场环境下，还是需要在更严格的筛选条件下选择基本面扎实的个股。  债券方面，我们认为尽管美国进入加息周期，但货币政策和市场运行依然会以稳为主。在宏观经济警报解除之前，都会是利率债的表现时间，但收益率来到历史底部位置，让这类资产的性价比在变低。特定行业特定区域的信用债仍将经历考验，尽管其中蕴含着机会，但公募基金较难抓取。  接下来，本基金将根据规模变化情况调整债券和权益的比例，在债券配置方面将控制整体久期和杠杆水平，考虑更积极地参与利率债交易。在权益方面，将重视价值和成长的平衡，积极寻找短期业绩扎实且中长期有较好增长逻辑的资产。","fund":{"_id":3000000002415,"stockCode":"002415","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-02-21T16:00:00.000Z","setUpScale":1045270000,"market":"a","tickerId":2415,"custody":"中国建设银行股份有限公司","name":"融通通盈灵活配置混合型证券投资基金","shortName":"融通通盈灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":4527,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.317Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通盈灵活配置混合","pinyin":"rttylhpzhhxzqtzjj","managers":[{"stockCode":"j101020335","stockType":"fund_manager","exchange":"fm","tickerId":1211250250,"name":"李可"}]},"announcement":{"linkText":"融通通盈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=709314","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66e7fea5b3eb045856f","date":"2021-09-29T16:00:00.000Z","stockId":3000000002415,"sao":"2021年三季度，央行超预期降准，彻底扭转了市场对流动性的悲观预期，同时强化了对经济未来会走弱的悲观预期，市场收益率出现显著下行。在此期间，市场开始出现一些大型地产公司还款困难的消息，使市场对民营地产公司信用风险的关注再次提升。  股票市场整体在三季度呈现震荡走弱的走势，但结构分化依然较为明显。由于供给受限而需求同时在平稳增长，以煤炭、天然气为代表的能源板块，表现出淡季不淡的特征。市场预期供需格局偏紧的状况可能会延续到四季度，相关板块走出较强的表现。三季度沪深300指数下跌6.85%，创业板指下跌6.69%。  本基金在债券方面，考虑到市场流动性较为宽松，加大了利率债交易的力度。在权益方面，我们着力控制好组合波动，配置上平衡了低估值品种和高估值成长板块，平衡好基金的风险与收益。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:02.983Z","fund":{"_id":3000000002415,"stockCode":"002415","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-02-21T16:00:00.000Z","setUpScale":1045270000,"market":"a","tickerId":2415,"custody":"中国建设银行股份有限公司","name":"融通通盈灵活配置混合型证券投资基金","shortName":"融通通盈灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":4527,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.317Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通盈灵活配置混合","pinyin":"rttylhpzhhxzqtzjj","managers":[{"stockCode":"j101020335","stockType":"fund_manager","exchange":"fm","tickerId":1211250250,"name":"李可"}]},"announcement":{"linkText":"融通通盈灵活配置混合型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=650836","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66e7fea5b3eb045856e","date":"2021-06-29T16:00:00.000Z","stockId":3000000002415,"sao":"2021年1月，受财政存款变动的影响，资金面经历了从极松到极紧的变化，利率债短端收益率出现较为明显的上行。从2月份开始，流动性表现出超预期的平稳，期间经历4月和5月的财政缴款大月均波澜不惊。受此影响，上半年债券市场收益率对大宗商品价格走高、经济恢复等利空因素均未做出强烈反应，收益率不断走出下行走势。  股票市场在春节后出现大幅波动，以抱团股为代表的一大批大市值个股出现剧烈回撤，资金寻求避险，进入前期并未过热的低估值板块和部分中小市值个股，使之前的估值分化一定程度上得以收敛。3月份之后，市场逐步企稳反弹，反弹的主线在以新能源汽车、半导体为代表的高科技、高成长板块，低估值的价值板块在二季度承压。上半年沪深300指数上涨0.24%，创业板指上涨17.22%，分化态势明显。  本基金在债券配置上以高评级信用债为主，并加大了利率债操作的力度，贡献了一定的收益。权益方面，我们适度进行了置换，将前期涨幅较大对未来透支较多的股票置换为涨幅较小且估值较低的蓝筹，配置上平衡了高估值和低估值板块，取得了较为稳健的收益。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:02.979Z","mo":"上半年超预期的流动性环境说明货币政策的运行机制可能发生了不同于以往的变化，一方面货币政策有可能变得更为前瞻了，另一方面在双支柱的调控体系下，宏观审慎管理发挥出重要作用，货币政策需要应对的目标可能正在变得更为纯粹和简单。按照这样的思路，下半年的货币政策有可能继续在原有的稳健轨道上运行。  权益方面，流动性稳定的市场环境下，风险将大为降低。但下半年出口有回落压力，经济动能存在不确定性，海外货币政策对市场预期造成的影响也较难评估，市场仍面临一些不稳定因素，整体依然是多空交织的局面。我们预计市场以结构性机会为主，要加大自下而上挖掘的力度。  债券方面，市场收益率尤其是短端利率已经下行到央行基准利率附近，进一步下行空间的打开依赖于央行利率政策，这存在较大不确定性。我们将继续挖掘利率期限结构上的机会，争取找出有相对优势的期限和品种进行配置，为组合贡献稳定收益。  接下来，本基金在债券配置方面将以高评级信用债为主，并积极参与利率债交易。在权益方面，将平衡配置价值板块和成长板块，加大自下而上的选股力度，多维度比较来优化资产配置。","fund":{"_id":3000000002415,"stockCode":"002415","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-02-21T16:00:00.000Z","setUpScale":1045270000,"market":"a","tickerId":2415,"custody":"中国建设银行股份有限公司","name":"融通通盈灵活配置混合型证券投资基金","shortName":"融通通盈灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":4527,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.317Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通盈灵活配置混合","pinyin":"rttylhpzhhxzqtzjj","managers":[{"stockCode":"j101020335","stockType":"fund_manager","exchange":"fm","tickerId":1211250250,"name":"李可"}]},"announcement":{"linkText":"融通通盈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=628477","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66e7fea5b3eb045856d","stockId":3000000002415,"sao":"2021年1月，受财政存款变动的影响，资金面经历了从极松到极紧的变化，利率债短端收益率出现较为明显的上行。2月到3月，市场流动性恢复正常，但商业银行明显加大了对长期限负债的吸收，1年期同业存单利率走高，导致利率债短端收益率回落缓慢。整个一季度，尽管受到了资金利率大幅波动、经济恢复动力较强、大宗商品价格冲高等多重不利因素的影响，利率债长端收益率依然表现超预期平稳，一定程度上显示了市场配置力量的强劲。  股票市场在一季度经历了较大幅度的波动，尤其是春节后，以抱团股为代表的一大批大市值个股出现剧烈回撤，市场赚钱效应迅速减弱。资金寻求避险，进入前期并未过热的低估值板块和部分中小市值个股，使之前的估值分化一定程度上得以收敛。最终全季度沪深300指数下跌3.13%，创业板指下跌7%。  本基金在债券方面，维持低久期配置，着重获取信用债的票息收益，并适度进行了利率债波段交易。在权益方面，我们着力控制好组合波动，配置上以低估值品种为主，平衡好基金的风险与收益，在春节后的股市回调中体现出了相对优势。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:02.977Z","fund":{"_id":3000000002415,"stockCode":"002415","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-02-21T16:00:00.000Z","setUpScale":1045270000,"market":"a","tickerId":2415,"custody":"中国建设银行股份有限公司","name":"融通通盈灵活配置混合型证券投资基金","shortName":"融通通盈灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":4527,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.317Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通盈灵活配置混合","pinyin":"rttylhpzhhxzqtzjj","managers":[{"stockCode":"j101020335","stockType":"fund_manager","exchange":"fm","tickerId":1211250250,"name":"李可"}]},"announcement":{"linkText":"融通通盈灵活配置混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=569144","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66e7fea5b3eb045856c","stockId":3000000002415,"sao":"在前所未见的疫情影响下，2020年宏观经济表现跌宕起伏。市场各方都缺乏应对疫情的经验，市场预期随着疫情的摆动和政策的调整而不断变化。全年债券市场利率呈现V形走势，波动率相比2019年明显放大。前4个月，疫情下的全球宽松政策引导市场利率不断走低。进入5月，官方对经济定调为恢复情况好于预期，货币政策开始逐步转向正常化，债券市场开始步入调整。11月，债券兑付危机导致信用市场迅速冻结，为防范可能的系统性金融风险，央行加大了公开市场投放力度，保证市场流动性的平稳宽裕，债券收益率结束了之前的上行走势，转而缓慢平稳下行。全年看，利率债短端收益率有所上行，长端收益率基本持平，信用债遭受较大冲击，敏感区域、敏感行业和敏感主体的信用利差出现较大幅度的上升。  股票市场延续了2019年的强走势，在短暂地经历了2月和3月的疫情冲击后，指数重新走回上升趋势，全年沪深300指数上涨27.21%，创业板指上涨64.96%。结构分化是2020年的关键词，这不仅表现在行业层面，也表现在同一行业中的龙头和非龙头之间。行业方面，新能源和新能源汽车、军工、医药表现较为领先。  本基金在投资上以绝对收益为目标，债券方面配置短久期高评级信用债，获取波动市下的稳定票息收益。权益方面，配置以低估值的大盘蓝筹为主，并根据行业景气度进行适度的轮换。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:02.974Z","mo":"权益方面，在经历了2018-2019年连续两年的上涨后，随着无风险利率的回升，权益市场的风险是在累积的。尤其是大量机构抱团的龙头股，虽然上涨有其合理性，但大部分估值都已经来到很高的水平，未来需要业绩的不断印证来维持其估值，很多在当前位置的性价比已经不高。另一方面，我们看到目前市场中，依然存在着一些行业，基本面在改善而估值依然处于较低水平，这些行业具备攻守兼备的特征。我们还看到在某些行业中，中型公司从业绩和估值的匹配来说，相对龙头具备更优的性价比。因此，我们认为在结构严重分化的格局下，应淡化对股市整体的判断，重点放在寻找结构性机会上。  债券方面，我们认为疫苗接种后经济复苏和伴随的央行货币政策正常化是方向性的，期间可能会有一些小的反复扰动，但都不会改变这一进程。在这一判断下，债券市场缺乏趋势性的机会，更多还要立足于防风险上。2021年有两大风险是值得关注的，一是经济逐步正常化后，前期全球央行货币大投放会不会带来通胀风险，二是国内信用风险的演化。  接下来，本基金在债券配置方面将控制整体久期和杠杆水平，考虑更积极地参与利率债交易。在权益方面，将继续重视低估值、低波动、高分红的资产，根据权益资产和债券资产的相对价值，灵活调整权益仓位。","fund":{"_id":3000000002415,"stockCode":"002415","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-02-21T16:00:00.000Z","setUpScale":1045270000,"market":"a","tickerId":2415,"custody":"中国建设银行股份有限公司","name":"融通通盈灵活配置混合型证券投资基金","shortName":"融通通盈灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":4527,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.317Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通盈灵活配置混合","pinyin":"rttylhpzhhxzqtzjj","managers":[{"stockCode":"j101020335","stockType":"fund_manager","exchange":"fm","tickerId":1211250250,"name":"李可"}]},"announcement":{"linkText":"融通通盈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=552677","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66e7fea5b3eb045856b","stockId":3000000002415,"sao":"2020年三季度，货币政策的边际变化进一步被确认，市场的资金利率不断抬升，债券市场持续处于调整状态。尽管期间还有摊余成本法基金的建仓和海外配债资金的流入，但给债券市场带来暖意有限。  股票市场在经历了三季度初的快速上涨后，三季度接下来的时间进入了宽幅震荡。市场多空因素交织，相对前期而言，中美关系的不确定性、对货币政策收紧的担忧都一定程度抑制了市场的风险偏好。三季度沪深300指数上涨10.17%，创业板指上涨5.6%，结构分化有所收敛。  本基金在债券方面，维持低久期配置，着重获取信用债的票息收益。在权益方面，我们适度降低了股票仓位，配置上以低估值品种为主，平衡好基金的风险与收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:02.971Z","fund":{"_id":3000000002415,"stockCode":"002415","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-02-21T16:00:00.000Z","setUpScale":1045270000,"market":"a","tickerId":2415,"custody":"中国建设银行股份有限公司","name":"融通通盈灵活配置混合型证券投资基金","shortName":"融通通盈灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":4527,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.317Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通盈灵活配置混合","pinyin":"rttylhpzhhxzqtzjj","managers":[{"stockCode":"j101020335","stockType":"fund_manager","exchange":"fm","tickerId":1211250250,"name":"李可"}]},"announcement":{"linkText":"融通通盈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=486818","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec66e7fea5b3eb045856a","stockId":3000000002415,"sao":"2020年上半年，收益率呈现V形走势，疫情和复苏是影响市场的关键词。在1到4月份，随着国内外新冠疫情的发展，实体经济层面内外需同时承压，国内逆周期政策不断出台，货币政策灵活稳健，市场流动性极度宽裕。短端利率不断下移的同时，带动长端利率下行，部分期限品种收益率创出2005年以来的历史新低。5月份以后，随着经济逐步复苏，央行前期应对疫情的巨量货币投放开始产生负面作用，监管层开始加强对空转套利的打击，市场资金价格持续抬升，此前的市场定价基准和逻辑被破坏，收益率出现了较为快速的上行。  股票市场受国内和海外两波疫情的冲击，经历了较为剧烈的波动，上半年沪深300指数上涨1.64%，创业板指上涨35.60%，结构分化十分突出。消费和科技板块表现较好，而以银行、地产为代表的金融周期板块表现相对低迷。  本基金在债券配置上以信用债为主，并保持了组合一定的流动性以备股票投资的需要。权益方面，考虑到相对债券更优的价值，投资上以低估值的大盘蓝筹为主。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:02.968Z","mo":"权益方面，全球央行为应对疫情持续货币宽松，为资产价格上涨提供了一个良好的环境。国内的资本市场制度建设不断取得进展，新证券法、注册制、加大违法处罚力度等都有助于吸引长期资金入市。而随着资管新规的推进以及近期债券市场的大幅调整，银行理财产品开始出现阶段性的亏损现象，这有利于全市场无风险利率的下降，也有利于居民资产更多向权益配置转移。短期看，后续在疫情得到有效控制的前提下，经济的逐步复苏也会带来定价分子端的改善。总体来说，可以对权益资产保持乐观的态度。  债券方面，4月份在多重利好刺激下利率债收益率所达到的点位，大概率是年内收益率的最低水平。上半年为应对疫情，央行投放了较多的货币，但过宽的货币不一定能顺利传导到实体层面，反而可能带来监管套利，催生资产泡沫。监管层对此有清醒的认识，并采取了行动。随着货币政策向正常化的回归，债券市场也需要向常态回归，投资者应做好相应的风险管理。  接下来，本基金在债券配置方面将控制整体久期，重点配置信用债券，寻找债券中的价值洼地。在权益方面，将继续重视低估值、低波动、高分红的资产，根据权益资产和债券资产的相对价值，灵活调整权益仓位。","fund":{"_id":3000000002415,"stockCode":"002415","stockType":"fund","areaCode":"cn","followedNum":14,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-02-21T16:00:00.000Z","setUpScale":1045270000,"market":"a","tickerId":2415,"custody":"中国建设银行股份有限公司","name":"融通通盈灵活配置混合型证券投资基金","shortName":"融通通盈灵活配置混合","fundSecondLevel":"hybrid","__csrcFundId":4527,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.317Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通盈灵活配置混合","pinyin":"rttylhpzhhxzqtzjj","managers":[{"stockCode":"j1010203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