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50 为代表的大盘指数最先调整，期间的中小盘股保持相对强势，市场存在结构性赚钱效应，但是8月下旬以后前期强势的板块也出现了回调，使得整体市场风险偏好降低。转债市场走势呈现倒V型，8月中旬趋势见顶后随即进入下行通道。债券市场的收益率先下后上，整体有所下行。  组合股票主要配置于中长期具有竞争力的龙头公司，股票仓位保持中高水平。纯债方面，依然保持中短久期和中高等级的持仓结构，以获取确定性票息。  展望四季度，我们对国内经济和企业盈利的恢复充满信心，并且对市场的企稳回升保持乐观。目前市场底部特征比较明确，一是市场估值已经回到历次历史大底时的估值区间，二是市场情绪、投资者仓位和交易热度均已降至历史中低位。  下一阶段我们将继续保持审慎严谨的态度，密切关注经济走势和政策动向，适度调整组合权益部分的行业分布和个股集中度、债券部分的久期和仓位，加强流动性管理，严格防范信用风险，进一步优化投资组合，力争为投资者获取较好的收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:30.224Z","fund":{"_id":3000000003126,"stockCode":"003126","areaCode":"cn","stockType":"fund","tickerId":3126,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"长信易进混合型证券投资基金","shortName":"长信易进混合(003126)","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2016-12-05T16:00:00.000Z","setUpScale":202131000,"__csrcFundId":1239,"fundStatus":"normal","lastUpdated":"2026-04-30T18:46:10.922Z","market":"a","masterFundFlag":1,"inceptionDate":"2016-12-22T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信易进混合","pinyin":"cxyjhhxzqtzjj","managers":[{"stockCode":"8801373083","stockType":"fund_manager","exchange":"fm","tickerId":602120660,"name":"冯彬"},{"stockCode":"j101020091","stockType":"fund_manager","exchange":"fm","tickerId":81303251050,"name":"胡梦承"},{"stockCode":"8801362509","stockType":"fund_manager","exchange":"fm","tickerId":1216110060,"name":"李仆"}]},"announcement":{"linkText":"长信易进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=810009","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7027fea5b3eb0462f91","date":"2022-06-29T16:00:00.000Z","stockId":3000000003126,"sao":"上半年权益市场波动较大，前四个月由于受到经济增速下行和地缘冲突等因素的影响，市场呈现震荡下跌态势，仅有以煤炭为代表的能源板块，和以金融地产为代表的稳增长板块表现较好。二季度，尤其是5-6月之后，在国内疫情缓解，海外通胀等影响转弱的利好推动下，市场开始反弹且持续性超预期。债券市场方面，长端利率随着经济预期和政策预期有所波动，短端利率则在资金面宽松的推动下持续下行并且维持低位。信用利差普遍压缩至低位。  组合股票主要配置于中长期具有竞争力的龙头公司，股票仓位保持中高水平。纯债方面，依然保持中短久期和中高等级的持仓结构，以获取确定性票息。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:30.222Z","mo":"展望下半年，目前国内疫情防控已经取得阶段性成果，随着复工复产逐步推进、稳增长政策逐步落地，经济将继续向复苏过渡，整体基本面也将持续改善。流动性短期将保持宽松以支持实体经济，信贷投放和社融能否保持平稳增长是后续跟踪政策方向的关键点。海外方面，俄乌冲突导致能源价格飙升能源，叠加美国劳动力市场高企的薪资价格，共同推高海外通胀水平，联储年内加息步伐或许不会停止。 下半年市场驱动力更多转向经济基本面的实际改善，在经济复苏的过程中，流动性影响在边际减弱，而对盈利修复进入验证期。重点关注的方向包括：调整较为充分的医药板块、受益于疫后修复的消费板块、以及估值处于低位的港股。  我们将继续秉承谨慎原则，加强组合的流动性管理，在做好风险控制的同时，增加对新经济环境下信用风险的审慎判断，积极寻找权益资产的增强机会。密切关注经济走势和政策动向，紧跟组合规模变动进行资产配置，争取在流动性安全前提下，为投资者获取更好的收益。","fund":{"_id":3000000003126,"stockCode":"003126","areaCode":"cn","stockType":"fund","tickerId":3126,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"长信易进混合型证券投资基金","shortName":"长信易进混合(003126)","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2016-12-05T16:00:00.000Z","setUpScale":202131000,"__csrcFundId":1239,"fundStatus":"normal","lastUpdated":"2026-04-30T18:46:10.922Z","market":"a","masterFundFlag":1,"inceptionDate":"2016-12-22T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信易进混合","pinyin":"cxyjhhxzqtzjj","managers":[{"stockCode":"8801373083","stockType":"fund_manager","exchange":"fm","tickerId":602120660,"name":"冯彬"},{"stockCode":"j101020091","stockType":"fund_manager","exchange":"fm","tickerId":81303251050,"name":"胡梦承"},{"stockCode":"8801362509","stockType":"fund_manager","exchange":"fm","tickerId":1216110060,"name":"李仆"}]},"announcement":{"linkText":"长信易进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=786587","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7027fea5b3eb0462f90","date":"2022-03-30T16:00:00.000Z","stockId":3000000003126,"sao":"一季度由于受到疫情和地缘冲突等因素的影响，呈现震荡下跌态势，金融委会议后信心有所恢复，市场有所反弹。结构方面，各个板块之间表现分化，以煤炭为代表的能源板块，和以金融地产为代表的稳增长板块表现较好。年初在降息政策和基本面悲观预期推动下，长端利率先快速下行，春节后涨幅有所回吐。信用债收益率小幅上行，信用利差多数走阔，信用风险整体可控。  去年四季度，我们结合企业估值、宏观基本面和流动性，适度调整资产配置。具体操作上降低了权益仓位以控制回撤。纯债方面，我们维持中短久期和中高等级的持仓结构，以获取确定性票息。  二季度经济或将有所修复。虽然短期仍有疫情扰动，但我们相信随着疫情逐步得到控制，稳增长政策将明显发力，社融增速将有所提升，这些积极的因素将共同改善对宏观经济和企业盈利的预期。海外俄乌局势、等问题虽然不会快速得到解决，但不确定性正在下降，将进一步缓解投资者的担忧。因此，我们对二季度市场表现保持乐观，站在目前的位置上，我们不仅仅是看短期，更看好权益市场中长期的配置价值。同时，我们仍密切关注国内疫情发展和政策推进的情况，以及海外能源价格和联储货币政策的变化。  考虑到经济基本面和流动性对行业景气度、估值水平的影响，我们认为稳增长是目前较为迫切的环节。地产基建的新开工有望提速，新基建的相关政策和地方政府的行动或也将发力，与之相关的金融地产、建材家具、通信电力等行业将首先受益。后续若政策如期兑现，经济预期好转，则消费医药等此前需求被压制的板块，还有新能源、军工等成长板块或将也会开始表现。纯债配置维持短久期高等级的安全品种。   下一阶段我们将继续保持审慎严谨的态度，密切关注经济走势和政策动向，适度调整组合权益部分的行业分布和个股集中度、债券部分的久期和仓位，加强流动性管理，严格防范信用风险，进一步优化投资组合，力争为投资者获取较好的收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:30.219Z","fund":{"_id":3000000003126,"stockCode":"003126","areaCode":"cn","stockType":"fund","tickerId":3126,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"长信易进混合型证券投资基金","shortName":"长信易进混合(003126)","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2016-12-05T16:00:00.000Z","setUpScale":202131000,"__csrcFundId":1239,"fundStatus":"normal","lastUpdated":"2026-04-30T18:46:10.922Z","market":"a","masterFundFlag":1,"inceptionDate":"2016-12-22T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信易进混合","pinyin":"cxyjhhxzqtzjj","managers":[{"stockCode":"8801373083","stockType":"fund_manager","exchange":"fm","tickerId":602120660,"name":"冯彬"},{"stockCode":"j101020091","stockType":"fund_manager","exchange":"fm","tickerId":81303251050,"name":"胡梦承"},{"stockCode":"8801362509","stockType":"fund_manager","exchange":"fm","tickerId":1216110060,"name":"李仆"}]},"announcement":{"linkText":"长信易进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=728601","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7027fea5b3eb0462f8f","date":"2021-12-30T16:00:00.000Z","stockId":3000000003126,"sao":"2021年A股市场呈现出结构性行情的特点，市场主线包括年初核心资产的冲高回落，随后市场对于过于悲观的流动性预期进行修正，各个板块先后反弹。尤其在“十四五”规划纲要发布后，与碳中和相关的主题投资开始活跃。叠加7月上旬央行全面降准，整体市场风险偏好进一步提高，半导体、锂电等成长科技板块持续表现。三季度在PPI持续走高背景下，市场关注点全面转向上游，带动以煤炭为代表的结构性行情。进入四季度，市场盈利视角向明年切换，同时地产政策调整，此前调整较为充分的金融地产和基建板块开始反弹修复。债券市场方面，利率呈现“前高后低、中枢下行”的行情。本基金把握了市场主线，包括春季行情的顺周期，双碳目标下的新能源和传统周期。转债部分利用其资产特性，获取更多超额收益。债券市场以把握中性久期、中高等级信用债的票息收益为主。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:30.216Z","mo":"展望2022年，中央经济工作会议提出要“围绕保持经济运行在合理区间，加强和改善宏观调控”，要求“各方面要积极推出有利于经济稳定的政策，政策发力适当靠前”，这意味着上半年的宏观政策扩张力度将明显提升。财政政策方面,重点保证财政支出强度，加快支出进度，实施新的减税降费政策和适度超前开展基础设施投资。货币政策方面，强调灵活适度、合理充裕。因此，我们预计2022年国内经济大概率是一个回升的过程。对于海外市场，美国经济大概率是一个寻顶回落的过程，欧洲恢复趋势向好但是节奏或有反复。年初至今虽然市场有所调整，但是我们依然保持乐观，全年股市具有结构性投资机会，整体市场风格也会更加均衡。我们认为影响A股走势最重要的两个变量，宏观经济和货币政策都会持续向好，前者国内经济稳字当头，后者货币政策偏宽松。再结合目前的估值水平，我们会精选代表中长期产业升级的细分领域，挖掘具有竞争优势和业绩增长的优质标的。债券市场方面，利率在经济承压和政策稳增长之间波动，信用跟随利率会有滞后反应，需要精选个券并且把握好交易节奏。我们将继续秉承谨慎原则，密切关注经济走势和政策动向，配置上延续寻找盈利向上的行业和公司，积极寻找权益资产的增强机会。坚持对信用风险的严格把控，加强组合的流动性管理，紧跟组合规模变动进行资产配置，争取在保证流动安全的前提下，为投资者获取更好的收益。","fund":{"_id":3000000003126,"stockCode":"003126","areaCode":"cn","stockType":"fund","tickerId":3126,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"长信易进混合型证券投资基金","shortName":"长信易进混合(003126)","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2016-12-05T16:00:00.000Z","setUpScale":202131000,"__csrcFundId":1239,"fundStatus":"normal","lastUpdated":"2026-04-30T18:46:10.922Z","market":"a","masterFundFlag":1,"inceptionDate":"2016-12-22T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信易进混合","pinyin":"cxyjhhxzqtzjj","managers":[{"stockCode":"8801373083","stockType":"fund_manager","exchange":"fm","tickerId":602120660,"name":"冯彬"},{"stockCode":"j101020091","stockType":"fund_manager","exchange":"fm","tickerId":81303251050,"name":"胡梦承"},{"stockCode":"8801362509","stockType":"fund_manager","exchange":"fm","tickerId":1216110060,"name":"李仆"}]},"announcement":{"linkText":"长信易进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=714594","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7027fea5b3eb0462f8e","date":"2021-09-29T16:00:00.000Z","stockId":3000000003126,"sao":"三季度权益市场表现依然分化明显，整体沪市表现强于深市，沪指小幅回调0.64%，深成指回调5.62%，创业板指回调6.69%。市场热点从科技成长逐步切换至周期板块，其中能源类和公用事业涨幅领先。同时市场表现活跃，单日成交量连续突破万亿，外资保持流入，两融余额稳步上行。债市方面，7月在国常会提出全面降准后，收益率快速下行，10年期国债收益率下行20BP至2.88%，收益率绝对水平回落到历史低位，随后围绕2.8-2.9%范围窄幅波动。信用债下行幅度小于同期限国债，信用利差略微走阔。由于上半年信用利差压缩较多，三季度虽然总体债市走牛，但是多数信用利差未进一步缩窄。三季度，我们结合基本面和流动性，通过对各类资产的灵活配置来为投资者获取稳定的回报。具体操作上，跟踪行业高频数据，加大了周期板块的配置力度，积极挖掘符合政策导向的产业投资机会。纯债方面，维持中短久期和中高等级的持仓结构，获取确定性票息。展望四季度，国内经济增长有望保持平稳，货币政策维持宽松格局，各项稳信用稳增长措施开始推进，虽然近期商品价格有所扰动，但不会成为货币和信用的掣肘。后续随着政府债券发行加快，加上基数因素减弱，社融余额同比增速将有所回升，同时不排除有进一步的降准举动进行配合。海外方面，疫情恢复仍在进程中，美国居民部门充裕的超额储蓄和较低的杠杆水平有效支撑消费需求，就业方面的职位空缺情况以及薪资情况均有大幅好转。密切关注美国债务上限，新的基建计划和联储taper的动向。四季度权益市场仍然有结构性机会，我们重点关注，受益于能源价格上行，新冠特效药上市后出行需求改善的油气板块值得关注。稳增长诉求下，新能源建设，信息建设和传统基建都有望发力，成为稳增长的主要方式。此前调整较为充分的消费医疗、互联网龙头、金融地产等，随着政策预期逐步稳定，也有望企稳回升。转债市场需要把握结构，对极高估值标的进行止盈，同时加强对估值相对较低、赛道次优标的挖掘。债券票息策略仍然占优，选择信用改善的产业债和区位较好的城投债，利率债方向等待货币政策和稳信用的进一步确认。下一阶段我们将继续保持审慎严谨的态度，密切关注经济走势和政策动向，适度调整组合权益部分的行业分布和个股集中度、债券部分的久期和仓位，加强流动性管理，严格防范信用风险，进一步优化投资组合，力争为投资者获取更好的收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:30.214Z","fund":{"_id":3000000003126,"stockCode":"003126","areaCode":"cn","stockType":"fund","tickerId":3126,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"长信易进混合型证券投资基金","shortName":"长信易进混合(003126)","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2016-12-05T16:00:00.000Z","setUpScale":202131000,"__csrcFu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指数仍进一步上行。一季度，我们结合基本面和流动性，通过对各类资产的灵活配置来为投资者获取稳定的回报。具体操作上，对前期累计涨幅较大的标的部分止盈，同时挖掘行业向好，业绩改善，有安全边际的优质公司。纯债方面，保持中短久期和中高等级的持仓结构，获取确定性票息。全球新冠疫情高峰已过，后疫情时代，全球经济将会随着疫苗接种加速以及防疫手段成熟化，出现持续的回升。政策方面，由于经济复苏依然需要时间，因此全球主要国家的政策依然维持积极的基调。国内来看，中国经济复苏依然处于全球领先，同时通胀开始出现一定程度的抬头，央行明确表示“要稳字当头，保持定力，珍惜正常的货币政策空间”，因此中性的货币政策基调或将延续。海外方面，虽然美国经济数据已经显示复苏，但结构尚不均衡，消费者信心仍待修复。同时，在美联储表示不急于退出刺激的背景下，预计美债收益率上行速度将放缓。二季度权益配置的核心在于寻找性价比。部分优秀的消费、医药、科技等公司的估值需要时间和盈利来消化，这里面精选一季报继续高增长的标的。在周期、制造和金融板块中，布局景气度超预期的细分子行业，随着盈利好转带来业绩增长，有望获得超额收益。转债市场仍在扩容过程中，结合公司本身的资质以及转债的估值定价水平，精选一些优质标的进行配置。债券票息策略仍然占优，重点选择信用改善的产业债和区位较好的城投债，维持适中的杠杆水平，利率债仍以交易策略为主。下一阶段我们将继续保持审慎严谨的态度，密切关注经济走势和政策动向，适度调整组合权益部分的行业分布和个股集中度、债券部分的久期和仓位，加强流动性管理，严格防范信用风险，进一步优化投资组合，力争为投资者获取更好的收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:30.208Z","fund":{"_id":3000000003126,"stockCode":"003126","areaCode":"cn","stockType":"fund","tickerId":3126,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"长信易进混合型证券投资基金","shortName":"长信易进混合(003126)","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2016-12-05T16:00:00.000Z","setUpScale":202131000,"__csrcFundId":1239,"fundStatus":"normal","lastUpdated":"2026-04-30T18:46:10.922Z","market":"a","masterFundFlag":1,"inceptionDate":"2016-12-22T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信易进混合","pinyin":"cxyjhhxzqtzjj","managers":[{"stockCode":"8801373083","stockType":"fund_manager","exchange":"fm","tickerId":602120660,"name":"冯彬"},{"stockCode":"j101020091","stockType":"fund_manager","exchange":"fm","tickerId":81303251050,"name":"胡梦承"},{"stockCode":"8801362509","stockType":"fund_manager","exchange":"fm","tickerId":1216110060,"name":"李仆"}]},"announcement":{"linkText":"长信易进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=570098","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7027fea5b3eb0462f8b","stockId":3000000003126,"sao":"2020 是不平静的一年，受疫情冲击，全球经济前低后高。为了对冲疫情的影响，全球央行普遍采取宽松的货币政策和积极财政政策应对。由于估值的驱动，主要国家股指普遍上行。大宗商品在冲击过后，得益于全球经济逐步恢复及充足的流动性，价格普遍回暖。中国经济凭借有利的防控举措，率先走出疫情拐点，结构上亮点主要来自于投资和出口。货币政策，在年初进行了流动性投放等措施，5月以后流动性开始逐步收敛，伴随市场利率中枢抬升。权益市场的主要指数和各个行业几乎全线收涨，从涨跌幅来看，电气设备、休闲服务、食品饮料、汽车、国防军工、医药生物、电子、化工涨幅居前，本基金把握住了市场主线。转债部分利用其资产特性，获取更多超额收益。面对全年债券市场收益率震荡走势，对利率债交易较为谨慎，信用债以把握中短久期、中高等级信用债的票息收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:30.206Z","mo":"展望2021年，随着全球疫情步入拐点，全球生产经营活动趋于活跃，国际贸易投资回暖，企业盈利状况改善，资本国际间流动加快，市场将显现更多的投资机会。国内的经济复苏态势仍将延续,上半年由于低基数原因，经济实现较高增长，下半年的经济增速有望保持稳定。美国经济弱复苏的状态继续向稳定的中强度复苏好转，欧元区和日韩经济的经济回升也将持续。2021年是“十四五”规划开局之年，各项改革也将深入展开。包括积极的财政政策将提质增效、更可持续。稳健的货币政策强调灵活、精准和适度。权益市场，根据2035年远景目标明确提出“全面实行股票发行注册制，建立常态化退市机制，提高直接融资比重”。国内存量资金资产配置结构将有较大调整空间，权益市场规模的提升空间较大。债券市场，在整体经济复苏的影响下，利率债将维持震荡，信用债由于企业盈利向好，叠加一定的信用利差后，具备配置价值。我们将继续秉承谨慎原则，密切关注经济走势和政策动向，配置上延续寻找盈利向上的行业和公司，积极寻找权益资产的增强机会。并且增加对新经济环境下信用风险的审慎判断，加强组合的流动性管理，紧跟组合规模变动进行资产配置，争取在流动安全的前提下，为投资者获取更好的收益。","fund":{"_id":3000000003126,"stockCode":"003126","areaCode":"cn","stockType":"fund","tickerId":3126,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"长信易进混合型证券投资基金","shortName":"长信易进混合(003126)","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2016-12-05T16:00:00.000Z","setUpScale":202131000,"__csrcFundId":1239,"fundStatus":"normal","lastUpdated":"2026-04-30T18:46:10.922Z","market":"a","masterFundFlag":1,"inceptionDate":"2016-12-22T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信易进混合","pinyin":"cxyjhhxzqtzjj","managers":[{"stockCode":"8801373083","stockType":"fund_manager","exchange":"fm","tickerId":602120660,"name":"冯彬"},{"stockCode":"j101020091","stockType":"fund_manager","exchange":"fm","tickerId":81303251050,"name":"胡梦承"},{"stockCode":"8801362509","stockType":"fund_manager","exchange":"fm","tickerId":1216110060,"name":"李仆"}]},"announcement":{"linkText":"长信易进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=553234","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7027fea5b3eb0462f8a","stockId":3000000003126,"sao":"宏观经济方面，三季度在国内疫情得到有效控制的背景下，经济修复态势总体强劲，其中外贸持续超预期，制造业边际改善显著,消费逐步开始修复，基建在冲高后有所回落。货币政策方面,在上半年大幅宽松过后逐渐回归正常化。具体来看，7月初权益市场迎来一波强势的上涨，随着基本面的修复，市场出现价值和成长风格的切换，电气设备、汽车、化工、金融等顺周期行业涨幅居前。债券市场同时受到资金面和供给的影响，收益率震荡上行，但是中高等级信用利差仍然处于中低水平。临近季末，由于流动性有所收紧，叠加美国大选、欧美疫情反复等外部不确定性风险抬升，资产价格波动加大，权益市场有所回调。三季度中，我们顺应权益市场较好的投资机会，加大对股票仓位，结合自上而下的判断，加大对顺周期板块的配置。纯债方面，保持中短久期和中高等级的持仓结构，获取信用确定性票息。展望四季度，在我国坚持常态化疫情防控的背景下，各项经济活动有序推进有望延续，年内经济将继续修复态势。货币政策大概率维持常态，宏观流动性经历了三季度的紧平衡后，随着专项债发行放缓，资金流动性将有边际好转。此外，重点关注疫苗上市、疫情反复、地缘政治等外部事件的影响。虽然短期市场有波动，但是拉长时间来看，待不确定因素逐步消退，内部能量积蓄起来后，中国资产向好的趋势不会改变。权益市场重视业绩主线，价值风格保持延续，板块配置适度均衡。一方面，周期制造行业进入补库存周期，特别是当前处于库存周期底部区域的中游原材料、工业品会有“量”，PPI改善会带来“价”，量价齐升的格局是对这些品种盈利改善较好的阶段。另一方面，经过一段时间的调整，科技成长有望迎来下一个阶段机会，继续选择优质细分赛道，结合未来“十四五”规划，重点关注政策和基本面双升的方向。转债整体估值回到年内较低位置，在权益市场没有系统性风险情况下继续回调空间有限，把握正股优质、有安全边际的标的。债券票息策略仍然占优，重点选择信用改善的产业债和区位较好的城投债，维持适中的杠杆水平，逐步开始关注未来的利率配置拐点。下一阶段我们将继续保持审慎严谨的态度，密切关注经济走势和政策动向，适度调整组合权益部分的行业分布和个股集中度、债券部分的久期和仓位，加强流动性管理，严格防范信用风险，进一步优化投资组合，力争为投资者获取更好的收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:30.203Z","fund":{"_id":3000000003126,"stockCode":"003126","areaCode":"cn","stockType":"fund","tickerId":3126,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"长信易进混合型证券投资基金","shortName":"长信易进混合(003126)","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2016-12-05T16:00:00.000Z","setUpScale":202131000,"__csrcFundId":1239,"fundStatus":"normal","lastUpdated":"2026-04-30T18:46:10.922Z","market":"a","masterFundFlag":1,"inceptionDate":"2016-12-22T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信易进混合","pinyin":"cxyjhhxzqtzjj","managers":[{"stockCode":"8801373083","stockType":"fund_manager","exchange":"fm","tickerId":602120660,"name":"冯彬"},{"stockCode":"j101020091","stockType":"fund_manager","exchange":"fm","tickerId":81303251050,"name":"胡梦承"},{"stockCode":"8801362509","stockType":"fund_manager","exchange":"fm","tickerId":1216110060,"name":"李仆"}]},"announcement":{"linkText":"长信易进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=492898","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7027fea5b3eb0462f89","stockId":3000000003126,"sao":"回顾2020年上半年，债券收益率先下后上，半年末各期限收益率较去年年底仍有小幅下行。年初市场延续2019年债券牛市的惯性，叠加流动性整体宽松，摊余成本法基金大量建仓，5年内利率债快速下行，同时带动了长端利率往下。随后新冠疫情爆发并在全球蔓延，各国央行均采取了一定的货币宽松政策，全球债券收益率有不同幅度下行。今年以来人民银行共进行了两次降准，下调公开市场操作利率，且在四月初下调超额准备金利率，使债券收益率创近年来新低。五月经济数据环比改善，新冠疫情得到控制，央行退出特殊时期的救急模式，逐步引导短端利率重新向政策利率靠拢，债券市场开始回调。两会公布财政赤字3.6%，发行特别国债1万亿、地方专项债3.7万亿，且央行创设直达实体经济的新型货币政策工具，调控方式由数量型向价格型转型，债券收益率继续上行。在2020年上半年中，我们在保持流动性及防风险的基础上，灵活调整组合久期和杠杆，较好地把握了市场节奏，保证了组合净值的稳定增长。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:30.201Z","mo":"展望2020年下半年，在扩内需稳外需的政策诉求下，财政政策持续发力，债券供给对债市仍有制约，货币政策更加稳健，防空转进入观察期后下一步的操作需要把握基本面复苏的节奏，支持实体经济、宽信用仍在路上决定货币政策难以转向。经济恢复最快的时点已经过去，当前市场利率反映了对基本面及政策面的合理预期，短期来看债市进入宽幅震荡模式，中长期需要基本面数据来验证经济复苏的持续性，关注中美摩擦进一步发酵的可能。未来我们将严格控制信用风险，时时关注宽信用效果和市场变化，合理配置各类资产，把握债券市场调整带来的投资机会，为投资者争取更好的组合收益。","fund":{"_id":3000000003126,"stockCode":"003126","areaCode":"cn","stockType":"fund","tickerId":3126,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"长信易进混合型证券投资基金","shortName":"长信易进混合(003126)","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2016-12-05T16:00:00.000Z","setUpScale":202131000,"__csrcFundId":1239,"fundStatus":"normal","lastUpdated":"2026-04-30T18:46:10.922Z","market":"a","masterFundFlag":1,"inceptionDate":"2016-12-22T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信易进混合","pinyin":"cxyjhhxzqtzjj","managers":[{"stockCode":"8801373083","stockType":"fund_manager","exchange":"fm","tickerId":602120660,"name":"冯彬"},{"stockCode":"j101020091","stockType":"fund_manager","exchange":"fm","tickerId":81303251050,"name":"胡梦承"},{"stockCode":"8801362509","stockType":"fund_manager","exchange":"fm","tickerId":1216110060,"name":"李仆"}]},"announcement":{"linkText":"长信易进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=461647","linkType":"PDF","source":"csrc_pdf"}}]}