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将更好地推动设备更新和消费品的以旧换新，从而拉动经济增长；人民币汇率相对稳定是货币政策的大前提，随着下半年美联储可能进入降息周期，人民币汇率压力可能迎来边际下降，货币政策的空间也有望随之打开。国内经济依然要做好两大循环，对内扩大内需，提振消费，同时支持新兴产业和未来产业；对外，在推动国内企业“走出去”的同时，也要加速落实“引进来”的政策，当然，下半年的美国大选依旧扑朔迷离，中美贸易也仍有较大的不确定性，外循环的挑战倍增。当前位置，我们长期看好量化投资的价值，新技术的不断涌现也让行业焕发生机，我们也会不断学习，并努力迭代出更好的深度学习模型，力争为投资者创造价值。","fund":{"_id":3000000002801,"stockCode":"002801","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-05-15T16:00:00.000Z","setUpScale":847530000,"market":"a","tickerId":2801,"custody":"中国工商银行股份有限公司","name":"泓德泓信灵活配置混合型证券投资基金","shortName":"泓德泓信混合(002801)","fundSecondLevel":"hybrid","__csrcFundId":2749,"fundStatus":"normal","lastUpdated":"2026-04-30T18:38:43.548Z","masterFundFlag":1,"inceptionDate":"2016-05-31T16:00:00.000Z","fundCollectionId":4000051070000,"currency":"CNY","masterFundShortName":"泓德泓信混合","pinyin":"hdhxlhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20646441","stockType":"fund_manager","exchange":"fm","tickerId":122601238010,"name":"李子昂"}]},"announcement":{"linkText":"泓德泓信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=1142015","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6c77fea5b3eb045ea0a","date":"2024-03-30T16:00:00.000Z","stockId":3000000002801,"sao":"报告期内，权益市场大幅波动，特别是过去两年表现较好的中小市值股票在本次回调中受伤惨重，量化策略的蓬勃发展，在为市场提供流动性的同时，也在某种程度上强化了趋势，而受雪球、DMA等场外创新产品风险的波及，暴露小市值风格的股票多头策略出现了巨大回撤，而非线性市值风格的暴露更是加剧了超额回撤的幅度。面对大幅的波动和回撤，我们循序渐进地采取了降低风格敞口暴露、缩减选股域、增加成份股比例等措施，在一定程度上降低了超额回撤。一季度市场分化明显，石油石化、银行、煤炭等高股息板块表现亮眼，而医药、电子等板块表现较弱，指数层面，上证50和科创50也走出了相反的行情。开年国内经济平稳起步，推动经济积极向好的因素在逐渐积累，我们有理由对中国经济保持乐观。随着风险逐渐释放，量化策略的配置价值又逐渐显现。我们将继续对深度学习模型进行迭代，努力挖掘全市场股票数据中蕴含的Alpha特征，力争获取更稳健的超额收益。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:31.929Z","fund":{"_id":3000000002801,"stockCode":"002801","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-05-15T16:00:00.000Z","setUpScale":847530000,"market":"a","tickerId":2801,"custody":"中国工商银行股份有限公司","name":"泓德泓信灵活配置混合型证券投资基金","shortName":"泓德泓信混合(002801)","fundSecondLevel":"hybrid","__csrcFundId":2749,"fundStatus":"normal","lastUpdated":"2026-04-30T18:38:43.548Z","masterFundFlag":1,"inceptionDate":"2016-05-31T16:00:00.000Z","fundCollectionId":4000051070000,"currency":"CNY","masterFundShortName":"泓德泓信混合","pinyin":"hdhxlhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20646441","stockType":"fund_manager","exchange":"fm","tickerId":122601238010,"name":"李子昂"}]},"announcement":{"linkText":"泓德泓信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=1065897","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6c77fea5b3eb045ea09","date":"2023-12-30T16:00:00.000Z","stockId":3000000002801,"sao":"报告期内，经济复苏相对较弱，地产销售、投资和新开工均大幅调整，我国经济面临转型压力，出口虽有所恢复，但对美欧等发达经济体回落显著，产业链重构趋势有所加强，新能源车出口成为较大亮点，此外，受居民可支配收入增速放缓和消费意愿下降等原因，消费增速出现回落。股票市场，A股整体表现乏善可陈，低波红利和AI主题是为数不多的亮点，小市值和微盘表现出较好超额收益，“哑铃型”配置结构获得较多青睐。二季度开始，我们使用机器学习的方法构建量化选股模型，挖掘更多量价特征和基本面因子中隐含的Alpha信息，并取得了较好效果。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:31.925Z","mo":"2024年初，A股市场再现较大波动，特别是中小市值风格出现较大回撤，也让市场认识到风格暴露带来的收益可能存在一定的不确定性，并重新审视风险敞口的设定。展望全年，影响A股市场的积极因素正在逐渐积累，经历了过去3年的下跌，A股的整体估值相对较低，而政策持续发力也使得宏观基本面向好改善，行业景气程度和企业盈利预期也有望得到改善。海外方面，美联储有望开启降息周期，外部压力也将得到缓解，市场风险偏好有望得到改善。随着风险的逐渐出清，我们依然看好量化投资的长期价值，也将不断迭代修改神经网络模型，力争实现更稳健的超额收益。","fund":{"_id":3000000002801,"stockCode":"002801","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-05-15T16:00:00.000Z","setUpScale":847530000,"market":"a","tickerId":2801,"custody":"中国工商银行股份有限公司","name":"泓德泓信灵活配置混合型证券投资基金","shortName":"泓德泓信混合(002801)","fundSecondLevel":"hybrid","__csrcFundId":2749,"fundStatus":"normal","lastUpdated":"2026-04-30T18:38:43.548Z","masterFundFlag":1,"inceptionDate":"2016-05-31T16:00:00.000Z","fundCollectionId":4000051070000,"currency":"CNY","masterFundShortName":"泓德泓信混合","pinyin":"hdhxlhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20646441","stockType":"fund_manager","exchange":"fm","tickerId":122601238010,"name":"李子昂"}]},"announcement":{"linkText":"泓德泓信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=1050047","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6c77fea5b3eb045ea08","date":"2023-09-29T16:00:00.000Z","stockId":3000000002801,"sao":"报告期内，我们运用多因子分析模型和机器学习模型构建投资组合，同时优化组合交易并严格控制组合风险，实现一定的超额收益。展望四季度，国内PPI和库存周期拐点可能已经确立，经济向好趋势明确，A股估值底、政策底、情绪底、盈利底有望依次显现，从中长期视角下毫无疑问投资的胜率和赔率都在大幅提升。我们将持续不断地对以使用机器学习的方法构建的投资模型进行深化和丰富，力争以更有效的方式输出稳定的超额收益。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:31.922Z","fund":{"_id":3000000002801,"stockCode":"002801","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-05-15T16:00:00.000Z","setUpScale":847530000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2021年的市场表现应该属于特定的宏观及中观产业环境下市场基于个股“性价比”的一种合理体现。作为一名以广度投资为基础的量化背景基金经理如何在投资中保持高胜率的“广度”投资，如何保持投资框架的不断“进化”，如何客观评估个股和投资组合的“性价比”问题，这些是2022年我需要不断思考的。","declarationDate":"2022-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:31.903Z","mo":"2022年预计市场出现系统性大熊市以及系统性大牛市的概率都不大，更多可能还是比去年更加稀缺的结构性行情，而且个股“广度”层面大概率会比2021年有所收缩，选对赛道躺赢的难度也会比去年大很多。“稳增长搭台、高成长唱戏”，方向上，我们依然看好新能源、电动车、新材料等景气板块，经过了去年的演绎今年的投资更需要平衡量价与市场扩张的矛盾，机会还是在于寻找哪些依然处于最佳成长阶段。我们也高度重视必选消费、医药的盈利韧性，作为组合配置的基石这些资产合理估值下的防御能力是我们看重的；稳增长作为2022年最大的宏观变量，定向宽松政策背景下新增的投资机会我们更加关注的是风险充分定价下的地产企业以及具备中长期成长逻辑的产业链相关标的。另外，2022年我们还需要做好两方面的下沉：一是要做逻辑的下沉，在市场非充分预期的领域“翻更多石头”以拓展投资的广度；二是要做估值的下沉，高度重视热门高估值标的估值体系重构的可能，做好投资组合的估值保护。本基金会保持一贯的均衡配置风格，在充分合理利用公司研究资源的基础上强化个人投研能力在投资组合层面的体现，努力提升客户的投资体验。","fund":{"_id":3000000002801,"stockCode":"002801","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-05-15T16:00:00.000Z","setUpScale":847530000,"market":"a","tickerId":2801,"custody":"中国工商银行股份有限公司","name":"泓德泓信灵活配置混合型证券投资基金","shortName":"泓德泓信混合(002801)","fundSecondLevel":"hybrid","__csrcFundId":2749,"fundStatus":"normal","lastUpdated":"2026-04-30T18:38:43.548Z","masterFundFlag":1,"inceptionDate":"2016-05-31T16:00:00.000Z","fundCollectionId":4000051070000,"currency":"CNY","masterFundShortName":"泓德泓信混合","pinyin":"hdhxlhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20646441","stockType":"fund_manager","exchange":"fm","tickerId":122601238010,"name":"李子昂"}]},"announcement":{"linkText":"泓德泓信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=709378","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6c77fea5b3eb045ea00","date":"2021-09-29T16:00:00.000Z","stockId":3000000002801,"sao":"报告期内市场大幅频繁波动、风格各种快速转换。面对小盘股与大盘股，传统周期与优质赛道，基本面深度投资与量化广度投资，作为量化背景的权益基金经理我对自身投资框架进行了一些反思和再认识：哪些投资范式需要矢志不渝的坚持，而哪些属于霍华德·马克斯先生的《投资最重要的事》中提到\"偏见周期\"下的投资偏见而需要克服。权益投资赚钱无非来自三个方面：公司（基本面价值创造的钱）、股价（基于绝对估值、行业轮动或者量价策略做交易赚的钱）、组合（承担某种行业或者风格赚的钱）。基金经理都是在自身能力圈以及平台优势的基础上，构建自己的投资体系，有独立主见，扬长避短的追求上述三个方面的收益。具体到本人的投资框架还是坚持\"基本面\"+\"量化\"双擎驱动，朝两个优秀的方向去学习和进化--拥抱主动投资的基本面深度和拥抱量化投资能容纳的广度，通过时间错配在两种投资方法中取长补短，追求高质量成长型企业的长周期基本面alpha和量化投资的短周期量价alpha，组合层面则坚持持仓风格的适当均衡。中长期来看市值是公司现金流创造的折现，我还是坚持寻找能够持续提升内在价值的高质量成长型企业（高质量--公司治理优秀，盈利质量高，符合经济发展趋势或产业升级转型方向；成长性--具有较大的成长空间、成长确定性及持续性强），只不过要发挥自己广度投资的优势，需要拓展高质量成长型企业的投资范围，比如行业隐形冠军、共识度低的优质次新股。持股策略方面，不能做简单的优质公司持股型策略，既要重视个股的安全边际和赔率，更要在量化多因子模型和组合优化模型的支撑下让投资组合体现出应有的灵活性，持续的去优化持股组合的性价比，改善持有体验。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:31.900Z","fund":{"_id":3000000002801,"stockCode":"002801","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-05-15T16:00:00.000Z","setUpScale":847530000,"market":"a","tickerId":2801,"custody":"中国工商银行股份有限公司","name":"泓德泓信灵活配置混合型证券投资基金","shortName":"泓德泓信混合(002801)","fundSecondLevel":"hybrid","__csrcFundId":2749,"fundStatus":"normal","lastUpdated":"2026-04-30T18:38:43.548Z","masterFundFlag":1,"inceptionDate":"2016-05-31T16:00:00.000Z","fundCollectionId":4000051070000,"currency":"CNY","masterFundShortName":"泓德泓信混合","pinyin":"hdhxlhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20646441","stockType":"fund_manager","exchange":"fm","tickerId":122601238010,"name":"李子昂"}]},"announcement":{"linkText":"泓德泓信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=653809","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6c77fea5b3eb045e9ff","date":"2021-06-29T16:00:00.000Z","stockId":3000000002801,"sao":"春节之前市场延续去年了风格和上涨态势，而节后在宏观流动性紧缩预期扰动下交易拥挤的高估值股票出现剧烈的调整，我们持仓的大多数股票也释放了相当部分的估值溢价风险。二季度以后之前的所谓核心资产内部开始出现明显分化，其中具备高景气、高增长特征的个股创出了调整以来的新高，而行业景气度转弱的个股则出现了滞胀或者不断创出调整以来的新低。投资各方面优秀的核心资产并无可厚非，只是核心资产是不断在变化的！报告期内产品持仓组合估值和盈利的匹配度并没有出现明显恶化，因此产品的股票仓位始终维持在了较高水平。尽管期间产品净值出现了一定幅度的回撤，但是由于组合持有公司的盈利具备相当强的确定性，估值合理的情况下具备较强的时间价值，二季度以后产品净值的回撤逐步得到了相当程度的修复。报告期内产品净值较大的回撤，让我们深刻体会到了“规模”、“收益”与“波动”的不可能三角，我们也不断的反思在追求产品高收益的情况下，如何尽可能去控制回撤。我想，在不可能三角之下我们需要去客观面对和承担一定的正常波动，需要做的更多的还是控制组合不要出现永久或者较长时间的回撤。在当下这个机遇（优秀企业很多）和挑战（结构性估值高企）并存的市场环境下，一个均衡配置组合内的企业就像错落有致的树上的花一样随着时间依次绽放穿越周期和风格，我们相信这样的组合更有利于投资者中长期的投资体验（控制回撤风险，提升净值修复能力）。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:31.897Z","mo":"展望未来，决定股价上涨的不再是估值而是企业业绩增长，而业绩高增长的驱动力并不会来自宏观层面，随着经济增速向中枢回归和宏观波动的下降，我们还是需要高度关注中国原本的内在长期结构性趋势。这需要我们聚焦可以决定企业长期业绩的一些更长期、更稳定、能穿越周期的基本面长期变量——比如，商业模式、竞争格局、竞争优势、治理结构与管理层等，也只有这样才能使得我们的投资组合呈现出部分逆向投资属性，中长期我们也才能获得更好的超额收益。如今的资本市场广度和深度都有了极大提升，行业、个股差异化带来的机会丰富度给未来的组合管理和结构优化创造了很多的可能。站在报告期末，我们认为未来市场整体面临的风险有限，特别是我们组合里面一批优秀的公司，比如互联网、金融地产、化工建材等在报告期内并没有出现大幅上涨，很多公司具备良好的成长性与持续性，估值消化逐步充分，市场波动带来的下跌都属于长期投资买入的良机。我们的整个投资框架不变，仍将坚持面向未来中国内在长期结构性趋势（消费、医药、科技、光伏、电动智能车、周期成长）进行均衡配置，通过优质企业+绝对估值安全边际+多因子模型驱动的组合性价比优化，追求企业层面确定性的高盈利增长，并积极利用市场波动实现逆向投资，实现中长期更好的超额收益。","fund":{"_id":3000000002801,"stockCode":"002801","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-05-15T16:00:00.000Z","setUpScale":847530000,"market":"a","tickerId":2801,"custody":"中国工商银行股份有限公司","name":"泓德泓信灵活配置混合型证券投资基金","shortName":"泓德泓信混合(002801)","fundSecondLevel":"hybrid","__csrcFundId":2749,"fundStatus":"normal","lastUpdated":"2026-04-30T18:38:43.548Z","masterFundFlag":1,"inceptionDate":"2016-05-31T16:00:00.000Z","fundCollectionId":4000051070000,"currency":"CNY","masterFundShortName":"泓德泓信混合","pinyin":"hdhxlhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20646441","stockType":"fund_manager","exchange":"fm","tickerId":122601238010,"name":"李子昂"}]},"announcement":{"linkText":"泓德泓信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=626865","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6c77fea5b3eb045e9fe","stockId":3000000002801,"sao":"春节以后产品净值的回撤，让我们深刻体会到了\"规模\"、\"收益\"与\"波动\"的\"不可能三角\"，这段时间我们也不断的反思在追求产品高收益的情况下，如何尽可能去控制回撤。我想，在\"不可能三角\"之下我们需要去客观面对和承担一定的正常波动，需要做的更多的还是控制组合不要出现永久或者较长时间的回撤。报告期内我们保持了较高仓位，期间未做仓位调整的主要原因是我们认为持仓个股经过调整之后已经释放了相当部分的估值溢价风险，在这个背景下，我们需要做的更多的还是调整组合的投资性价比--优质企业+绝对估值安全边际+组合性价比优化=高风险收益比。我们相信通过高仓位持有一个具备强时间价值的投资组合更容易让我们的产品净值走出低谷。如去年底以来一直提到的2021年市场的四个特征--盈利驱动、板块均衡、个股分化、波动加剧，在这样的市场环境下，构造一个估值和盈利匹配度良好的投资组合是组合管理的最优目标，而板块均衡和精选个股是实现重要手段，波动则是今年不得不面对的现实。如何在波动市场下做高胜率的投资应对，我们的建议很简单：坚持自己认为有效的长期策略，不轻易做风格漂移。在投资上如何应对，我认为：首先，追求优质企业长期盈利上的确定性--兼具\"坚固的护城河+优秀的管理层+持续成长\"和\"估值合理\"。投资最重要的是企业本身，过去优质公司的资本回报是远高于社会平均回报的，并能够很好地穿越市场波动周期。长期来看，估值变动改变的只是盈利在股价上反映的节奏，市场不可能长期漠视成功的企业，也不可能长期追捧平庸的企业。立足中长期，中国三个突出的优势：相对完整的产业结构、巨大的本土市场、实用主义的政策体系，这使得中国经济和社会更具韧性。经济转型背景下代表未来产业升级和消费升级方向的企业只能靠市场化竞争出来，其中公司治理、竞争优势才是胜负手，同时这些也决定了优质企业估值波动的下限是不断抬升的。其次，策略上利用均衡组合尽可能降低投资的不确定性，但是个股分化背景下考验公司研究的深度和确定性。2021年我们需要管理好波动与回撤，方法上，一是板块均衡，二是精选个股，我们致力于通过每一个细分赛道的优质企业创造穿越风格和周期的超额价值，同时降低犯错概率和回撤风险。我们还是相信在经济内生增长动能提升的背景下，能够构建一个有不错企业盈利回报的投资组合，只需关注估值与成长确定性的匹配度。事实上，从目前我们实际持仓组合的估值和盈利成长的匹配度来看，2021年组合的盈利增长已经足以消化当下组合静态估值至其历史趋势线以下。从这个角度来讲，尽管短期不确定性依然存在，但对于一个未来具备良好盈利确定性的组合而言，中长期已经具备较好的安全边际，甚至基于组合明年不错的盈利增速预期,反映到估值层面还可以逐步乐观起来。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:31.895Z","fund":{"_id":3000000002801,"stockCode":"002801","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-05-15T16:00:00.000Z","setUpScale":847530000,"market":"a","tickerId":2801,"custody":"中国工商银行股份有限公司","name":"泓德泓信灵活配置混合型证券投资基金","shortName":"泓德泓信混合(002801)","fundSecondLevel":"hybrid","__csrcFundId":2749,"fundStatus":"normal","lastUpdated":"2026-04-30T18:38:43.548Z","masterFundFlag":1,"inceptionDate":"2016-05-31T16:00:00.000Z","fundCollectionId":4000051070000,"currency":"CNY","masterFundShortName":"泓德泓信混合","pinyin":"hdhxlhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20646441","stockType":"fund_manager","exchange":"fm","tickerId":122601238010,"name":"李子昂"}]},"announcement":{"linkText":"泓德泓信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=574598","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6c77fea5b3eb045e9fd","stockId":3000000002801,"sao":"报告期内的投资运作中，基于市场不存在大的系统性风险的判断，基金经理一直以高仓位的形式通过选择优秀的公司和组合投资的方式来获得超越市场的投资回报。报告期内基金经理主要采用Top-down结合Bottom-up的选股方式，从\"管理，商业模式，赛道\"三个维度来挖掘优秀的公司；Top-down是基于全球视野，精选中国十年5～10倍行业赛道，并以Bottom-up视角深挖企业所处行业\"生意模式\"的本质，挑选兼具\"高格局、诚信为本\"管理层及\"好文化、强执行\"组织的优秀企业。基于以上投资理念，通过持续坚持深度研究驱动的基本面投资为客户带来不错的价值回报。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:31.892Z","mo":"从历史数据统计下来发现，在相对市场能够获取一定超额收益的情形下，产品保持七成左右的仓位，持有半年或以上，其风险收益特征是最好的。结合本产品更为稳健的风险收益定位，我们将长期保持七成左右的均衡仓位，并致力于在市场下跌出现投资价值确定性比较高的时候，阶段性把仓位加到相对高位。一旦市场上升到合理偏高估的状态(不必达到泡沫化时)，我们会把仓位降至均衡水平。展望2021年，我们认为市场将大概率呈现以下四个特征，这决定了我们的风险收益认知及投资布局--用均衡的组合应对不确定的未来：第一个特征是\"盈利驱动\"，简单持有高确定性的龙头资产，如果其没有较好的企业价值创造，投资性价比或许并不太高；在经济内生增长动能提升的背景下，能够构建一个有不错企业盈利回报的投资组合，只需关注估值与成长确定性的匹配度。第二个特征是\"板块均衡\"，不同于去年的赛道致胜，经过两年的上涨，市场基本上已经对不同赛道、不同确定性的企业给予了相对合理的定价反映；今年我们面临的情形将是，高景气高确定的标的需要靠盈利穿越高估值，存在某些瑕疵的标的中也已经存在着一些相对不错投资性价比的投资选择；第三个特征是\"分化依旧\"，尽管板块表现可能均衡，但是各个板块内部依然将是\"结构牛\"。一方面估值高企的所谓核心资产将面临基本面的验证，交易结构拥挤的背景下考验研究的深度和确定性；另一方面，具备一定相对性价比的顺周期资产，往往处在一些缺乏总量增长的行业，这里面只存在结构性竞争优势下的结构性投资机会；第四个特征是\"波动加剧\"，随着估值整体合理化及局部高估，股价对基本面及流动性边际变化更加敏感，组合的波动风险比前两年会略有增大；市场出现大幅波动将是践行价值投资理念和方法的难得机遇，是调整组合性价比的好时机。我们将重点关注：①随着中国经济结构转型而不断扩张的（消费、医药、科技）、②中国具备产业优势并向全球扩张的（先进制造）、③受益于经济复苏且市场份额能逐步扩大的（周期成长）、④具备安全边际顺周期低估值的（金融地产）。在\"定量识别\"+\"定性归因\"结合的方式下选择具备良好治理结构、竞争优势且基本面预期稳定的企业作为投资对象，在严守绝对估值安全边际的前提下，利用多因子模型更理性和客观地进行不同股票间的投资性价比的比较和组合风险收益比优化。我们将一如既往致力于在平衡收益与回撤的基础上，追求长期业绩优秀，并以年度为阶段性目标，努力去为投资人创造持续稳定的超额收益。","fund":{"_id":3000000002801,"stockCode":"002801","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-05-15T16:00:00.000Z","setUpScale":847530000,"market":"a","tickerId":2801,"custody":"中国工商银行股份有限公司","name":"泓德泓信灵活配置混合型证券投资基金","shortName":"泓德泓信混合(002801)","fundSecondLevel":"hybrid","__csrcFundId":2749,"fundStatus":"normal","lastUpdated":"2026-04-30T18:38:43.548Z","masterFundFlag":1,"inceptionDate":"2016-05-31T16:00:00.000Z","fundCollection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