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 权益市场方面，2025年上半年A股市场震荡上行，整体呈“N型”走势。年初至3月中旬，DeepSeek与宇树机器人引领科技热潮，带动了中国资产价值重估，市场风格偏成长，A股市场震荡上行。3月下旬至4月上旬，美关税政策扰动国际金融市场，重要会议定调部署“要持续稳定股市”，市场风格偏防御，A股市场震荡调整。4月中旬至年中，国内政策积极发力，中美关系缓和，市场情绪持续回暖，市场风格再度偏成长，三大指数震荡回升。  在此期间，受全球贸易战、降息预期以及地缘政治影响，金价继续走高并在高位震荡。稀土由于海外供应收缩，国内新能源、家电需求良好，因而价格稳中向好，叠加反制情绪催化，对应稀土股票表现良好。组合管理上，本基金维持对稀土永磁和黄金资源板块的重点配置。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:08.041Z","mo":"展望2025年下半年，经济仍面临较大压力，修复动能缓慢。出口方面，由于关税政策的逐步落地和前期“抢出口”的透支效应，下半年出口压力较大。内需方面，房地产景气度仍然较弱，消费回升乏力。因此，下半年经济仍需政策端的持续支持，国内稳增长政策加码的力度以及后续政策实施效果将对市场产生较大影响，需持续观察。板块方面，继续看好金价和稀土价格的上涨。","fund":{"_id":3000000003304,"stockCode":"003304","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-05T16:00:00.000Z","setUpScale":260253000,"market":"a","tickerId":3304,"custody":"交通银行股份有限公司","name":"前海开源沪港深核心资源灵活配置混合型证券投资基金","shortName":"前海开源沪港深核心资源混合A","fundSecondLevel":"hybrid","__csrcFundId":852,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:40.514Z","masterFundFlag":1,"inceptionDate":"2016-10-16T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深核心资源混合","memoNum":4,"pinyin":"qhkyhgshxzylhpzhhxzqtzjj","managers":[{"stockCode":"8801401767","stockType":"fund_manager","exchange":"fm","tickerId":230717156900,"name":"吴国清"}]},"announcement":{"linkText":"前海开源沪港深核心资源灵活配置混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1341286","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7287fea5b3eb0465c1f","date":"2025-03-30T16:00:00.000Z","stockId":3000000003304,"sao":"2025年一季度，得益于去年“924”政策发力后的持续影响延伸到了春节前生产和春节期间消费，今年1-2月经济增长整体平稳，其中生产增速好于预期，投资增速低位回升，消费方面增速改善。2月和3月PMI连续改善，重回扩张区间，表现好于预期，但同时大型企业和中小企业的景气存在分化。往后看，国内经济正在修复的进程中，宽货币和宽财政在路上，流动性宽松的趋势不会改变，我们将继续观察宽松的政策传导至实体的效果。  权益市场方面，回顾2025年一季度，市场总体呈倒V型走势。一月份，美元指数创下新高，市场流动性收紧，A股震荡走弱；进入二月份，受益于春节期间DS大模型影响扩散，叠加货币政策宽松加码，市场流动性明显改善，AI逻辑重构下科技成长赛道领涨市场；三月份，伴随着财报季来临，叠加全球关税摩擦升级，科技题材热度回落，市场资金转向“确定性交易”，市场风格有所平衡。总体看，一季度市场呈现倒V型走势。  在此期间，受美国政府关税政策、降息预期、美股回调以及地缘政治影响，金价继续走高。稀土的需求端表现较好，但是行业产能过剩及竞争分化格局未改，稀土价格仍处于磨底阶段。组合管理上，本基金维持对稀土永磁和黄金资源板块的重点配置。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:08.038Z","fund":{"_id":3000000003304,"stockCode":"003304","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-05T16:00:00.000Z","setUpScale":260253000,"market":"a","tickerId":3304,"custody":"交通银行股份有限公司","name":"前海开源沪港深核心资源灵活配置混合型证券投资基金","shortName":"前海开源沪港深核心资源混合A","fundSecondLevel":"hybrid","__csrcFundId":852,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:40.514Z","masterFundFlag":1,"inceptionDate":"2016-10-16T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深核心资源混合","memoNum":4,"pinyin":"qhkyhgshxzylhpzhhxzqtzjj","managers":[{"stockCode":"8801401767","stockType":"fund_manager","exchange":"fm","tickerId":230717156900,"name":"吴国清"}]},"announcement":{"linkText":"前海开源沪港深核心资源灵活配置混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1270268","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7287fea5b3eb0465c1e","date":"2024-12-30T16:00:00.000Z","stockId":3000000003304,"sao":"2024年宏观经济整体稳中有进，GDP全年增速5%，完成年初既定目标，分季度看，一、四季度较强，二、三季度较弱；分三大需求对经济拉动作用来看，一季度主要靠消费，二季度资本形成拉动较大，三四季度出口拉动较强而消费相对较弱；全年来看，工业生产保持强势，出口也相对较好，尤其是四季度，而房地产在政策拉动下略有起色但对经济依然拖累较大，消费整体增速下滑，代表居民消费意愿及消费能力皆受到一定压制；在消费相对乏力的情况下，通胀表现一般，CPI维持小幅正数，而PPI除二季度小幅反弹外，全年维持负数，对企业利润造成巨大压力。货币政策方面，全年通过降准降息维持流动性合理充裕，各政策基准利率下行。金融市场方面，在弱势的经济走势预期及宽松的货币政策预期下，债券收益率大幅下行，全年债券表现优异。  权益市场方面，回顾2024年，“924”政策组合拳后，风险偏好迅速回升，推动市场“V”型反转。市场呈现行业轮动加速、主题投资活跃度上升等特点。具体来看，2024年前三季度市场疲弱，在三季度末政策组合拳推出后，市场信心显著修复。2024年前三季度，国内经济处于弱复苏趋势，上市公司企业盈利回升不畅，同时叠加美国美债利率维持高位等因素影响，国内10年期国债利率走低，“资产荒”环境下红利风格占优；9月24日多重政策“组合拳”推出以来，政策拐点显现，市场开启反弹。进入四季度，海外风险事件压制风险偏好，国内政策持续加码，主要的宽基指数窄幅震荡。  在此期间，受美元信用下降、地缘政治冲突频发以及美联储启动降息影响，2024年国际金价大幅上涨。稀土价格受国内宏观经济弱势以及缅甸闭关影响，价格也在底部区间小幅震荡。组合管理上，本基金维持对稀土永磁和黄金资源板块的重点配置。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:08.035Z","mo":"展望2025年，伴随特朗普上台，外部环境越发不明晰，出口不确定性将提高，而房地产需持续观察年底的托底及刺激政策对市场拉动作用的可持续性，稳经济预计更多将从提振信心、刺激国内消费以及政策托底出发。在整体宏观不强、通胀不振的情况下，货币政策易松难紧，预计将对债券市场形成直接利好，宽松的货币也有利于提升风险偏好进而对权益形成利好。","fund":{"_id":3000000003304,"stockCode":"003304","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-05T16:00:00.000Z","setUpScale":260253000,"market":"a","tickerId":3304,"custody":"交通银行股份有限公司","name":"前海开源沪港深核心资源灵活配置混合型证券投资基金","shortName":"前海开源沪港深核心资源混合A","fundSecondLevel":"hybrid","__csrcFundId":852,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:40.514Z","masterFundFlag":1,"inceptionDate":"2016-10-16T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深核心资源混合","memoNum":4,"pinyin":"qhkyhgshxzylhpzhhxzqtzjj","managers":[{"stockCode":"8801401767","stockType":"fund_manager","exchange":"fm","tickerId":230717156900,"name":"吴国清"}]},"announcement":{"linkText":"前海开源沪港深核心资源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=1251997","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7287fea5b3eb0465c1d","date":"2024-09-29T16:00:00.000Z","stockId":3000000003304,"sao":"三季度工业生产、投资和消费等方向增长仍有压力，出口仍是亮点，核心通胀水平处于低位，社融和M1等金融数据有待改善。7月份经济状况总体偏弱，生产、投资、消费承压，8月份整体经济状况仍然偏弱。在此背景下，9月底政策密集出台，包括央行降准降息、调降存量房贷利率、下调二套房首付比例等，旨在增加市场流动性，降低企业和居民的融资成本；同时，央行也创设了一批支持资本市场的工具，以增强市场的活力。后续政策的执行落地和增量财政政策的出台，将是未来经济稳定增长的关键。  A股市场在7月和8月持续低迷，9月24日，随着国新办一系列政策推出，叠加政治局会议提到房价止跌回暖，财政增量政策，“干字当头”，从盈利端、流动性和风险偏好层面，三因素共振提振股市信心。A股市场“V型”反弹，截至9月30日，市场成交额放量至约26125亿元创历史新高，上证指数站上3300点上方。三大指数三季度均保持两位数增长，创业板指数上涨29.21%，上证指数上涨12.44%，深证成指上涨19.00%。结构上，券商股领涨，前期跌幅较大的地产链、顺周期、消费和科技板块均纷纷修复估值，其中非银金融（+41.67%）、房地产（+33.05%）、综合（+31.20%）、商贸零售（+27.50%）、社会服务（+25.43%）等行业涨幅靠前。  三季度，受益于降息落地、地缘政治以及美元信用下降等利好因素推动，国际黄金价格继续走高，接近2700美元/盎司。稀土价格在底部迎来小幅反弹。在此期间，本基金维持对稀土永磁和黄金资源板块的重点配置。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:08.033Z","fund":{"_id":3000000003304,"stockCode":"003304","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-05T16:00:00.000Z","setUpScale":260253000,"market":"a","tickerId":3304,"custody":"交通银行股份有限公司","name":"前海开源沪港深核心资源灵活配置混合型证券投资基金","shortName":"前海开源沪港深核心资源混合A","fundSecondLevel":"hybrid","__csrcFundId":852,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:40.514Z","masterFundFlag":1,"inceptionDate":"2016-10-16T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深核心资源混合","memoNum":4,"pinyin":"qhkyhgshxzylhpzhhxzqtzjj","managers":[{"stockCode":"8801401767","stockType":"fund_manager","exchange":"fm","tickerId":230717156900,"name":"吴国清"}]},"announcement":{"linkText":"前海开源沪港深核心资源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=1177374","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7287fea5b3eb0465c1c","date":"2024-06-29T16:00:00.000Z","stockId":3000000003304,"sao":"2024年上半年，国内宏观总量预期进一步走弱，投资、消费偏弱，出口超预期，地产在政策推动下单边下行趋势有所好转。整体宏观经济表现为需求不足，GDP同比增速持续走弱，M1和M2剪刀差持续扩大和社会融资增速持续不及预期。上半年，A股跌宕起伏，成交萎缩，红利资产占优。银行、煤炭和公共事业领涨，成长消费弱势，市场避险求稳的情绪较高。  上半年，受益于降息预期、二次通胀预期以及美元信用下降等利好因素，国际黄金价格逐步走高，每盎司价格从2000美元涨至2400美元。稀土价格仍然较为疲弱，主要是由于需求未见明显复苏，但是供给仍然延续宽松态势所致。在此期间，本基金维持了前期对黄金和稀土永磁板块的配置比例和结构。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:08.030Z","mo":"下半年来看，初步预计宏观经济仍是震荡偏弱，关注改革带来的新机遇。三季度，预计高股息资产仍将是重要主线；同时，关注科技外延并购可能启动带来的投资机会，政策方面关注三中全会改革对制度层面的建设变化。同时，继续看好金价的上涨趋势。","fund":{"_id":3000000003304,"stockCode":"003304","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-05T16:00:00.000Z","setUpScale":260253000,"market":"a","tickerId":3304,"custody":"交通银行股份有限公司","name":"前海开源沪港深核心资源灵活配置混合型证券投资基金","shortName":"前海开源沪港深核心资源混合A","fundSecondLevel":"hybrid","__csrcFundId":852,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:40.514Z","masterFundFlag":1,"inceptionDate":"2016-10-16T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深核心资源混合","memoNum":4,"pinyin":"qhkyhgshxzylhpzhhxzqtzjj","managers":[{"stockCode":"8801401767","stockType":"fund_manager","exchange":"fm","tickerId":230717156900,"name":"吴国清"}]},"announcement":{"linkText":"前海开源沪港深核心资源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=1146277","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7287fea5b3eb0465c1b","date":"2024-03-30T16:00:00.000Z","stockId":3000000003304,"sao":"2024年1季度，国内市场经历了深V反弹。年初市场对中国经济展望略显悲观，叠加市场筹码结构并未出清，市场经历了剧烈的流动性冲击。2月管理层通过一系列资金和政策稳定市场预期，市场超跌反弹后迎来春季躁动。3月基本面和政策预期演绎相对稳定，市场趋于平稳。  报告期内，黄金实物价格和股票价格整体呈现上涨态势，主要是由于美联储降息预期升温以及央行持续购入黄金推动金价大幅上涨所致。稀土价格仍然较为疲弱，主要是由于需求未见明显复苏，但是供给仍然延续宽松态势所致。在此期间，本基金基本维持了前期对黄金和稀土永磁板块的配置比例和结构。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:08.027Z","fund":{"_id":3000000003304,"stockCode":"003304","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-05T16:00:00.000Z","setUpScale":260253000,"market":"a","tickerId":3304,"custody":"交通银行股份有限公司","name":"前海开源沪港深核心资源灵活配置混合型证券投资基金","shortName":"前海开源沪港深核心资源混合A","fundSecondLevel":"hybrid","__csrcFundId":852,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:40.514Z","masterFundFlag":1,"inceptionDate":"2016-10-16T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深核心资源混合","memoNum":4,"pinyin":"qhkyhgshxzylhpzhhxzqtzjj","managers":[{"stockCode":"8801401767","stockType":"fund_manager","exchange":"fm","tickerId":230717156900,"name":"吴国清"}]},"announcement":{"linkText":"前海开源沪港深核心资源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=1072922","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7287fea5b3eb0465c1a","date":"2023-12-30T16:00:00.000Z","stockId":3000000003304,"sao":"2023年，国内宏观经济中地产风险扩散，A股基本面趋势下行。开年以来，疫后复苏从预期到兑现，市场演绎完美春季躁动。3-4月，经济复苏弹性预期下修，市场横盘震荡。国内经济数据验证偏弱，美欧银行业危机发酵，衰退担忧影响国内复苏预期。5-6月，地产风险发酵，市场博弈降息兑现。三季度政策不及预期，同时原油价格、美债利率冲高，美联储加息威胁持续；国庆后巴以冲突爆发，全球风险偏好承压，A股继续下挫。四季度中美领导人会晤事件落地，美债利率下行带来的分母端利好已经有限，市场矛盾重回国内，经济数据和政策力度弱于市场预期，市场又一次开启回调。  整体而言，2023年市场整体延续2022年的下行趋势。结构方面，一季度海外ChatGPT引燃AI行情，TMT领涨一季度。4月TMT板块交易拥挤度大幅上升，TMT整体大幅回落，同时硅谷银行暴雷，黄金和工业金属板块较为强势，4月到7月随着国企改革获得进展，中特估整体上行，同时海外AI催化继续导致TMT行业再次冲高。8月以来，房地产风险加剧，拖累整体经济预期，大盘整体持续下行，其中房地产领跌，而煤炭领涨。  报告期内，金价整体呈现上涨态势，主要是由于美联储加息周期逐步临近尾声，美债利率逐步见顶回落所致。稀土价格较为疲弱，主要是由于需求疲弱，供给过于宽松态势所致。在此期间，本基金维持了对黄金和稀土永磁板块的配置。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:08.025Z","mo":"展望2024年，A股预计整体仍是震荡市、结构市：1）2023年末和2024年初经济短期改善，但经济转型的线索不清晰、房地产投资下半年面临较大内生压力，2024年预计仍难有持续改善。2）A股市场总量供需格局偏弱。全A两非固定资产增速预计2024年2季度到达高点，后续供给压力或逐步缓和，但2024年需求增速可能同样偏弱。3）中国经济新范式的确立缺少清晰线索。房地产长期弹性中枢下降是共识，但新经济暂时缺乏明确的产业趋势。4）美债收益率可能难以大幅下行，美国经济韧性仍在、原油供给阶段性收缩仍有可能。  黄金价格有望随着美联储加息结束和后续的降息开启，迎来一波上涨机会。","fund":{"_id":3000000003304,"stockCode":"003304","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-05T16:00:00.000Z","setUpScale":260253000,"market":"a","tickerId":3304,"custody":"交通银行股份有限公司","name":"前海开源沪港深核心资源灵活配置混合型证券投资基金","shortName":"前海开源沪港深核心资源混合A","fundSecondLevel":"hybrid","__csrcFundId":852,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:40.514Z","masterFundFlag":1,"inceptionDate":"2016-10-16T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深核心资源混合","memoNum":4,"pinyin":"qhkyhgshxzylhpzhhxzqtzjj","managers":[{"stockCode":"8801401767","stockType":"fund_manager","exchange":"fm","tickerId":230717156900,"name":"吴国清"}]},"announcement":{"linkText":"前海开源沪港深核心资源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=1058265","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7287fea5b3eb0465c19","date":"2023-09-29T16:00:00.000Z","stockId":3000000003304,"sao":"2023年3季度，国内政策端开始发力。7月，央行宣布支持房地产市场政策期限将延长至2024年末，政治局会议提出活跃资本市场，提振投资者信心；月末，发改委发布恢复和扩大消费二十条措施，7月上证指数前期震荡后期走高，市场博弈以政策预期为主。8月，海外经济压力走高，美债危机发酵，利率快速上行导致全球风险偏好下跌；月中，7月社融和人民币贷款均低于预期，市场交易偏冷；月末，证监会发布重磅利好政策，包括阶段性收紧IPO、规范股东减持、降低融资保证金比例等，市场高开低走，情绪偏弱。9月，美债利率一路走高，外资风险偏好持续下行，加速撤离权益市场。尽管8月政策端和经济端均有部分亮点，如上海和北京等宣布“认房不认贷”刺激楼市，制造业PMI自6月起连续改善回到荣枯线以上，但市场震荡走弱。整体而言，2023年3季度，市场整体缺乏向上弹性，成交量持续走低，板块轮动速度加快，北向资金持续流出，市场仍在承压蓄力中。  报告期内，受到美债供需失衡导致利率快速飙升以及美联储加息预期犹存等因素影响，国际金价承受较大压力，国内金价由于人民币汇率贬值创下新高。稀土价格受到需求缓慢复苏以及供给增长放缓等因素影响略有上涨。在此期间，我们降低了黄金的配置，加大了稀土永磁板块的配置。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:08.022Z","fund":{"_id":3000000003304,"stockCode":"003304","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-05T16:00:00.000Z","setUpScale":260253000,"market":"a","tickerId":3304,"custody":"交通银行股份有限公司","name":"前海开源沪港深核心资源灵活配置混合型证券投资基金","shortName":"前海开源沪港深核心资源混合A","fundSecondLevel":"hybrid","__csrcFundId":852,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:40.514Z","masterFundFlag":1,"inceptionDate":"2016-10-16T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深核心资源混合","memoNum":4,"pinyin":"qhkyhgshxzylhpzhhxzqtzjj","managers":[{"stockCode":"8801401767","stockType":"fund_manager","exchange":"fm","tickerId":230717156900,"name":"吴国清"}]},"announcement":{"linkText":"前海开源沪港深核心资源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=990077","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7287fea5b3eb0465c18","date":"2023-06-29T16:00:00.000Z","stockId":3000000003304,"sao":"2023年上半年，国内宏观经济从弱复苏走向再回调，A股基本面预期边际下修，结构性行情告一段落。1月中央经济工作会议定调提振信心促进居民支出，美联储加息尾声预期强化，人民币升值趋势明朗，“中强美弱”驱动市场复苏。2月弱复苏逐渐成为市场共识，美国非农数据超预期，美元、美债反弹动摇联储加息前景，指数进入震荡格局。3月地产销售等数据验证不佳，美欧银行业危机发酵，衰退担忧冲击国内复苏预期，新兴市场博弈加强。4月市场延续震荡调整，数字AI等主题投资冲高回落，央行流动性边际收紧，主力资金转向流入低估值国企，板块总体表现低迷。5月人民币贬值加速，主题炒作持续降温，悲观情绪放大带动公用事业板块逆势上涨。6月AI再次冲高回落，月中市场对稳经济政策预期逐步提高，核心资产和成长赛道板块上涨，月末市场对数字板块二季报兑现存疑，数字板块快速回落。  报告期内，受到美联储加息临近尾声但节奏仍有反复影响，黄金价格先抑后扬。稀土板块受到稀土需求疲弱以及供给增加等影响继续维持弱势。在此期间，我们维持前期对黄金和稀土永磁板块的配置。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:08.019Z","mo":"展望下半年，海外美联储加息还在继续，预计全球宏观经济还会进一步承压。国内房地产困局仍是中短期中国经济的主要问题，稳增长政策大概率能防住经济下行风险，但可能很难带来强复苏效果。市场当前期待值较高的库存周期有效向上的领先指标是库销比见顶回落，中期主动补库周期启动的线索仍不清晰，更可能出现在2024年。整体方向上，国内经济复苏仍需等待，震荡市延续。预计主题投资将继续主导市场，继续看好央企价值重估、数字经济、一带一路以及贵金属的投资机会。","fund":{"_id":3000000003304,"stockCode":"003304","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-05T16:00:00.000Z","setUpScale":260253000,"market":"a","tickerId":3304,"custody":"交通银行股份有限公司","name":"前海开源沪港深核心资源灵活配置混合型证券投资基金","shortName":"前海开源沪港深核心资源混合A","fundSecondLevel":"hybrid","__csrcFundId":852,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:40.514Z","masterFundFlag":1,"inceptionDate":"2016-10-16T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深核心资源混合","memoNum":4,"pinyin":"qhkyhgshxzylhpzhhxzqtzjj","managers":[{"stockCode":"8801401767","stockType":"fund_manager","exchange":"fm","tickerId":230717156900,"name":"吴国清"}]},"announcement":{"linkText":"前海开源沪港深核心资源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=965438","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7287fea5b3eb0465c17","date":"2023-03-30T16:00:00.000Z","stockId":3000000003304,"sao":"2023年1季度，国内宏观经济逐步复苏，A股基本面预期改善，市场演绎春季躁动。1月国内刚经历了疫情防控政策的转变，各地人流加速恢复。中央经济工作会议定调提振居民信心促进居民支出，消费跑赢科技成长。海外美联储加息接近尾声预期强化，人民币升值，外资看多中国经济，单月陆股通净流入超千亿，“中强美弱”预期驱动市场上台阶。2月份迎来经济数据验证空窗期，弱复苏和慢复苏逐步成为市场共识，资金流入信心不足，指数上行缺乏持续性。海外方面，美国非农数据超预期，加息结束再受扰动，美元、美债反弹，流动性预期回归中性。地缘政治扰动再起，“气球”事件以及中伊联合声明等牵动投资者风险偏好，指数进入震荡格局。3月份地产销售等高频数据验证不佳，经济复苏预期下修；海外美欧银行业危机进一步发酵，加息预期剧烈摇摆，衰退担忧进一步冲击国内复苏预期，新兴市场博弈加强。主题方面，数字经济和中特估的“较量”中，TMT连续催化，算力、模型、数据三线齐头并进，空中接力。央企主题与数字经济、一带一路外交成果共振，格调越来越高，不过股价波动同步加剧。  整体而言，2023年1季度分别经历了经济复苏方向明确，复苏程度出现分歧、信心不足，数字经济和“中特估”主题密集表现这三个阶段。计算机、传媒、通信、电子在ChatGPT和国内数字经济政策催化下迎来爆发，而新能源在欧洲本土化法案以及筹码消化等多重因素下连续下跌，银行、地产因市场对经济刺激政策预期落空表现同样落后。  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 整体而言，2022年市场波动显著放大。上证综指全年下跌15.13%，万得全A全年下跌18.66%。结构方面，一季度国内稳增长预期，叠加俄乌冲突使大宗商品供给偏紧，三季度再通胀交易发酵，煤炭全年表现占优。年末防疫政策优化，疫后复苏预期升温，线下服务消费板块社会服务、美容护理、商贸零售四季度反弹，全年跌幅较小，相对表现同样靠前。  报告期内，本基金主要配置黄金和稀土板块，取得了较好的效果。后续操作中，我们仍将精选具备长期增长潜力、拥有核心竞争力、估值与成长相匹配的优质个股，努力为投资者创造可持续的投资回报。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:08.014Z","mo":"展望2023年，权益市场收益率预计边际改善。2023年中国内需周期与欧美需求周期明显分化，将为权益市场带来收益率边际改善的机会，仍需积极布局。节奏上，全年盈利增速预计较为温和，中途基本面改善的验证过程难免波折，春季躁动、以及三季度经济数据真正改善，将为市场带来战术配置机会。  当前市场仍处于春季行情中，分子端，春节人流消费恢复得到验证，基本面改善确定；分母端，美联储加息尾声预期上行，外资战术性回流A股。继续看好春季行情，指数仍有上行空间。结构方面，短期消费难以验证强复苏，外资回流可能边际放缓，消费可能钝化，科技成长有望成为占优风格。进入二季度，经济的实际复苏情况或将成为影响行情的主要矛盾，美国经济一旦确认衰退，外需回落将给国内经济基本面带来压力，A股基本面难免承压，市场可能转向调整。而进入三季度，复苏期投资启动，经济开始真正复苏，而彼时海外经济大概率仍处于衰退期，预计A股率先迎来机会。","fund":{"_id":3000000003304,"stockCode":"003304","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-05T16:00:00.000Z","setUpScale":260253000,"market":"a","tickerId":3304,"custody":"交通银行股份有限公司","name":"前海开源沪港深核心资源灵活配置混合型证券投资基金","shortName":"前海开源沪港深核心资源混合A","fundSecondLevel":"hybrid","__csrcFundId":852,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:40.514Z","masterFundFlag":1,"inceptionDate":"2016-10-16T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深核心资源混合","memoNum":4,"pinyin":"qhkyhgshxzylhpzhhxzqtzjj","managers":[{"stockCode":"8801401767","stockType":"fund_manager","exchange":"fm","tickerId":230717156900,"name":"吴国清"}]},"announcement":{"linkText":"前海开源沪港深核心资源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=869812","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7287fea5b3eb0465c15","date":"2022-09-29T16:00:00.000Z","stockId":3000000003304,"sao":"2022年三季度，国内宏观经济表现疲软，而海外紧缩预期升温。市场国内经济整体弹性不足，房地产刺激放松加码政策陆续出台，但实际效果仍未显现，地产销售依旧走弱；疫情散发扰动，消费场景的恢复相对疲软；海外经济衰退预期逐步确认，外需回落压力逐步增加；基建是为数不多的亮点，稳增长落地带动基建投资高增。海外经济方面，多重事件催化下，欧洲四季度能源危机预期加剧，美联储表态依旧偏鹰，借衰退平抑通胀的态度更加坚定。三季度市场构建“圆弧顶”。内需弹性不足、外需出口超预期回落，叠加海外地缘政治风险频发，中期国内外宏观环境展望偏悲观，市场风险偏好再度下行，回调兑现。整体而言，上证综指三季度下跌11%，万得全A三季度下跌13%。结构方面，9月基本面超预期未获验证，新能源产业链的电力设备、汽车跌幅居前；再通胀交易升温、叠加8月缺电事件发酵，按申万分类以算术平均计算，煤炭为三季度唯一获得绝对收益的行业，石油石化、公用事业板块相对抗跌。报告期内，黄金价格受到美联储紧缩政策影响有小幅调整。稀土价格受需求疲弱影响也有回落。在此期间，我们维持前期对黄金和稀土板块的配置。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:08.011Z","fund":{"_id":3000000003304,"stockCode":"003304","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-05T16:00:00.000Z","setUpScale":260253000,"market":"a","tickerId":3304,"custody":"交通银行股份有限公司","name":"前海开源沪港深核心资源灵活配置混合型证券投资基金","shortName":"前海开源沪港深核心资源混合A","fundSecondLevel":"hybrid","__csrcFundId":852,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:40.514Z","masterFundFlag":1,"inceptionDate":"2016-10-16T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深核心资源混合","memoNum":4,"pinyin":"qhkyhgshxzylhpzhhxzqtzjj","managers":[{"stockCode":"8801401767","stockType":"fund_manager","exchange":"fm","tickerId":230717156900,"name":"吴国清"}]},"announcement":{"linkText":"前海开源沪港深核心资源灵活配置混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=805220","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7287fea5b3eb0465c14","date":"2022-06-29T16:00:00.000Z","stockId":3000000003304,"sao":"宏观经济方面，上半年国内经济增长动能经历了先回落后复苏的过程。其中，4月国内疫情蔓延，生产停滞、消费受限下，经济增长各项指标全面回落，直到5月疫情缓释后才逐步复苏。整体来看，出口在海外需求仍强的背景下维持韧性，财政支出加速支撑基建投资高增，制造业则在留抵退税和出口拉动下表现同样较强。消费端受疫情影响明显，上半年整体增长较弱，地产投资增速则持续下行。权益市场方面，指数在上半年也走出了先抑后扬的表现，海外高通胀、俄乌冲突和国内疫情相继对市场造成冲击。年初市场延续了对信用风险、稳增长不足的担忧，叠加海外通胀超预期引发流动性紧缩担忧，成长风格同步大幅调整。此后俄乌冲突爆发并导致能源价格上涨，同时美联储加息、美债利率快速上行，避险情绪抬升，全球风险资产进一步下行。4月国内疫情蔓延，防控措施扰乱了经济预期，A股再度下跌，资金高度拥挤甚至导致局部踩踏，红利指数则相对稳健。随着5月国内疫情逐步缓释，加上一系列稳增长政策支持，市场企稳反弹，前期跌幅较大、但景气上修最为确定的新能源链反弹幅度最大。经济复苏确定加强后，地产链、消费也相继修复。报告期内，一季度黄金板块受益于高通胀和地缘政治冲突影响，表现比较强势，二季度受到美联储紧缩政策影响和市场整体走势影响有所补跌。稀土板块跟随市场整体走势，先跌后反弹。在此期间，我们维持前期对黄金和稀土板块的配置。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:08.009Z","mo":"展望下半年，本轮经济修复不同于2020年，将是一个相对缓慢的过程。海外方面，全球流动性不断收紧，高通胀削弱需求增长，库存偏高制约补库需求，导致我国出口动能及份额双双承压。国内方面，疫情之前已有“被动补库存”特征，在地产链转弱的带动下，经济呈现弱衰退迹象。因而，当下复工复产不等于经济复苏，需警惕经济在周期惯性下二次探底的可能。对于资产价格而言，基本面利率下行依然是下半年较为确定的利好，因而长久期资产将更为受益，包括债券，以及以科技、消费为代表的成长股；最后，未来随着融资和经济相继见底，利率中枢将再度迎来回升，届时价值蓝筹有望重新崛起。黄金板块在海外紧缩预期有所放松后有望走强。","fund":{"_id":3000000003304,"stockCode":"003304","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-05T16:00:00.000Z","setUpScale":260253000,"market":"a","tickerId":3304,"custody":"交通银行股份有限公司","name":"前海开源沪港深核心资源灵活配置混合型证券投资基金","shortName":"前海开源沪港深核心资源混合A","fundSecondLevel":"hybrid","__csrcFundId":852,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:40.514Z","masterFundFlag":1,"inceptionDate":"2016-10-16T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深核心资源混合","memoNum":4,"pinyin":"qhkyhgshxzylhpzhhxzqtzjj","managers":[{"stockCode":"8801401767","stockType":"fund_manager","exchange":"fm","tickerId":230717156900,"name":"吴国清"}]},"announcement":{"linkText":"前海开源沪港深核心资源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=784051","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7287fea5b3eb0465c13","date":"2022-03-30T16:00:00.000Z","stockId":3000000003304,"sao":"一季度，在外围风险扰动、国内经济承压的背景下，市场避险情绪急剧上升。同时热门板块交易拥挤，资金负反馈放大了市场波动，A股市场经历持续调整。整体上，稳增长方向表现较好，成长风格则出现明显下跌。1月国内延续了房企信用风险环境，稳增长压力仍大，部分投资者担忧基建难以支撑地产投资的下行，而稳增长政策则在另一方面稳定市场信心，导致资金在稳增长和成长风格之间来回切换。此外，美联储加息预期阶段，资金情绪谨慎，而俄乌冲突则加剧了避险情绪的上升。进入2月，俄乌冲突继续升级，欧美通胀接连创新高，但在美联储加息预期有所消化、国内宽信用逐步落地的环境下，市场止跌企稳。然而，本轮宽信用一波三折，2月社融数据低于预期，1-2月经济数据回暖又使得市场担忧政策边际收紧，市场再度陷入悲观。油价高涨推动通胀预期上行、人民币汇率快速贬值下的外资流出等外围风险则触发了第二轮下跌，同时，理财产品的止损和赎回压力加剧了资金的负反馈效应。直至两会、金融委稳定市场信心后，市场逐步企稳修复。展望后续，外围风险扰动或将减小，国内宽信用仍将持续推进，政策依然保持宽松，但需警惕疫情反复以及海外滞胀带来的风险蔓延。在此期间，本基金主要配置黄金以及稀土相关个股，由于金价受益于美国通胀高企以及俄乌危机的避险需求走高，组合表现相对较好。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:08.003Z","fund":{"_id":3000000003304,"stockCode":"003304","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-05T16:00:00.000Z","setUpScale":260253000,"market":"a","tickerId":3304,"custody":"交通银行股份有限公司","name":"前海开源沪港深核心资源灵活配置混合型证券投资基金","shortName":"前海开源沪港深核心资源混合A","fundSecondLevel":"hybrid","__csrcFundId":852,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:40.514Z","masterFundFlag":1,"inceptionDate":"2016-10-16T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深核心资源混合","memoNum":4,"pinyin":"qhkyhgshxzylhpzhhxzqtzjj","managers":[{"stockCode":"8801401767","stockType":"fund_manager","exchange":"fm","tickerId":230717156900,"name":"吴国清"}]},"announcement":{"linkText":"前海开源沪港深核心资源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=724990","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7287fea5b3eb0465c12","date":"2021-12-30T16:00:00.000Z","stockId":3000000003304,"sao":"从中国的宏观情况来看，2021年中国宏观经济呈现前高后低的走势，四季度经济数据有企稳迹象；具体来看，生产、消费数据回升，出口增速依旧保持高位，但投资对经济拉动作用依旧较低。基数效应叠加需求转弱，但托底政策将加大力度。2021年A股指数在3400点至3700点区间宽幅波动，港股则自30000点一线下行至23000点左右，全年下跌14%左右。报告期内，本基金采取了自上而下选择板块，自下而上精选个股的投资策略。股票部分维持较高仓位，行业主要配置了黄金、工业金属和煤炭等行业。黄金价格全年表现疲弱，工业金属、稀土和煤炭受益于价格上涨表现较好，因此整体基金的净值表现较好。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:08.000Z","mo":"展望2022年，预计全球疫情大概率好转，考虑到海外大型经济体如美国的通胀进展以及就业率回升等因素，美国的缩表加息进程已经较为明确，在利率上行的背景下我们需要观察实体经济增长是否可以同步，若如此则金融市场或可逐步消解加息进程。国内中央经济工作会议定调增长面临较大下行压力，“稳字当头、发力靠前”，跨周期调节政策将发力。A股市场部分传统经济板块处于估值低位，另外包括香港市场的部分金融、互联网、制造类标的经过长期反复的向下调整也处于估值较低水平，所以我们认为未来市场整体大幅度下行概率较小，市场或继续呈现结构性机会。","fund":{"_id":3000000003304,"stockCode":"003304","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-05T16:00:00.000Z","setUpScale":260253000,"market":"a","tickerId":3304,"custody":"交通银行股份有限公司","name":"前海开源沪港深核心资源灵活配置混合型证券投资基金","shortName":"前海开源沪港深核心资源混合A","fundSecondLevel":"hybrid","__csrcFundId":852,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:40.514Z","masterFundFlag":1,"inceptionDate":"2016-10-16T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深核心资源混合","memoNum":4,"pinyin":"qhkyhgshxzylhpzhhxzqtzjj","managers":[{"stockCode":"8801401767","stockType":"fund_manager","exchange":"fm","tickerId":230717156900,"name":"吴国清"}]},"announcement":{"linkText":"前海开源沪港深核心资源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=712801","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7277fea5b3eb0465c11","date":"2021-09-29T16:00:00.000Z","stockId":3000000003304,"sao":"三季度宏观经济延续下行趋势。制造业PMI从6月份的50.9下降至9月份的49.6，前期支撑经济的因素出现走弱迹象，叠加德尔塔毒株入境，以及强降水、缺电限电、钢铁等高耗能产业限产力度加大等影响因素，预计经济增速相比二季度会进一步走弱。其中，房地产销售面积、购置土地面积、新开工面积、施工面积当月增速均有明显放缓。由于强降水影响工程施工，7、8月基建投资单月增速转为负增长。8 月变异毒株入境影响了企业家投资信心，制造业单月投资增速回落。8月、9月我国出口新订单PMI指数也滑出近年同期波动区间，出口企业接单量已开始走弱。PPI受到煤炭等大宗商品价格上涨影响进一步走高。PPI持续走高，CPI 偏弱运行，上游资源品及中游原材料业盈利大幅增长，原材料价格高企叠加消费偏弱拖累下游一般消费品行业利润。回顾三季度国内金融市场表现，权益市场板块出现明显分化，周期行业受到价格上涨驱动表现最好，消费行业由于需求疲弱整体回调。在此期间，本基金主要配置黄金和稀土等资源品，其中黄金股由于金价疲弱表现一般，稀土股受益于价格上涨影响表现较好。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:07.998Z","fund":{"_id":3000000003304,"stockCode":"003304","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-05T16:00:00.000Z","setUpScale":260253000,"market":"a","tickerId":3304,"custody":"交通银行股份有限公司","name":"前海开源沪港深核心资源灵活配置混合型证券投资基金","shortName":"前海开源沪港深核心资源混合A","fundSecondLevel":"hybrid","__csrcFundId":852,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:40.514Z","masterFundFlag":1,"inceptionDate":"2016-10-16T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深核心资源混合","memoNum":4,"pinyin":"qhkyhgshxzylhpzhhxzqtzjj","managers":[{"stockCode":"8801401767","stockType":"fund_manager","exchange":"fm","tickerId":230717156900,"name":"吴国清"}]},"announcement":{"linkText":"前海开源沪港深核心资源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=655746","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7277fea5b3eb0465c10","date":"2021-06-29T16:00:00.000Z","stockId":3000000003304,"sao":"2021年上半年，受去年疫情爆发的影响下，有一个较大幅度的低基数推升效应，中国经济增长在一季度达到了同比 18.3%的历史高位。从全球经济来看，上半年美欧中日等主要经济体制造业 PMI 指数连续多月站上荣枯线，约占世界经济总量40%的中美经济高增长奠定了世界经济整体走势，因此世界经济复苏在二季度迎来高点，中国经济增长在二季度也达到了 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12 月底以来，辽宁、北京、河北、黑龙江等省市相继发生局部疫情，给宏观经济的恢复带来了新的不确定性和风险。展望2021年，我们认为，经济复苏的主要驱动力在内而不在外：一是在盈利持续改善，贷款利率维持低位而信贷持续多增的背景下，制造业投资有望持续回升。二是在就业保持稳定的大背景下，随着居民收入增速的持续回升，以及居民边际消费倾向的逐渐恢复，居民消费，尤其是可选消费，将有望迎来改善。同时，地产公司的拿地、新开工同比增速双双回升，指向需求旺盛对地产投资仍有支撑，地产仍是支撑固定资产投资的主要力量，但未来或将在政策的驱动下将缓步趋冷。流动性方面，2021年经济量上复苏趋势确定，价格或成扰动因素。去年海外货币超发，随着市场乐观情绪，大宗商品价格已经启动通胀交易。海外大宗商品价格上涨将对我国造成输入性通胀，对经济复苏造成障碍。市场方面，在连续几年持续大幅上涨之后，A股核心资产的估值已经处于高位，未来进一步提升的空间有限，需要注意下调风险。2021年宏观流动性可能面临边际收紧的态势，这也会给整体市场估值带来压力。在此背景下，2021年市场整体收益率预计会低于前几年，更需要精选板块和个股。","fund":{"_id":3000000003304,"stockCode":"003304","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-05T16:00:00.000Z","setUpScale":260253000,"market":"a","tickerId":3304,"custody":"交通银行股份有限公司","name":"前海开源沪港深核心资源灵活配置混合型证券投资基金","shortName":"前海开源沪港深核心资源混合A","fundSecondLevel":"hybrid","__csrcFundId":852,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:40.514Z","masterFundFlag":1,"inceptionDate":"2016-10-16T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深核心资源混合","memoNum":4,"pinyin":"qhkyhgshxzylhpzhhxzqtzjj","managers":[{"stockCode":"8801401767","stockType":"fund_manager","exchange":"fm","tickerId":230717156900,"name":"吴国清"}]},"announcement":{"linkText":"前海开源沪港深核心资源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=559140","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7277fea5b3eb0465c0d","stockId":3000000003304,"sao":"2020年第三季度，国内经济受疫情的影响逐渐减弱，需求加速回暖。8月必需消费和可选消费的累计环比为正、同比为负，且当月环比大幅回弹。可选消费当月值基本恢复到接近疫情前水平，必选消费当月值仍大幅低于疫情前水平。8月工业增加值同比为5.6%，较7月抬升0.8 个百分点；8 月固定资产投资同比-0.3%，较7月抬升1.3 个百分点；8 月社会消费品零售总额同比为0.5%，较7月抬升1.6 个百分点；9月新出口订单指数和进口指数分别环比上升1.7 和1.4 个百分点至50.8%和50.4%，均为今年以来首次升至荣枯线以上。9月官方制造业PMI 51.5%，环比回升0.5个百分点。房地产与基建投资自6月以来累计同比增长转负为正，延续上升趋势。而制造业投资完成额累计同比仍为负值，疫情影响尚未消散，回升趋势不如基建与地产，受此拖累，总固定资产投资完成额同比增速依然为负。流动性方面，在央行9月大规模净投放后紧张的局面得到了一定程度缓解。市场方面，第三季度A股市场所有指数均出现小幅的上涨，尤其是前期滞涨的行业开始补涨。其中，上证指数上涨7.82%，创业板指上涨5.6%，中小板指上涨8.19%。分行业来看，休闲服务上涨32.97%、国防军工上涨30.11%、电气设备上涨26.01%、汽车上涨21.23%、食品饮料上涨19.34%，表现亮眼涨幅靠前，而计算机、商业贸易和通信均有小幅下跌，其他行业均有小幅上涨。在此期间，本基金仓位维持较高水平，仍然主要配置黄金股。由于三季度金价出现先扬后抑的走势，基金净值也呈现出相应的冲高回落的态势。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:07.987Z","fund":{"_id":3000000003304,"stockCode":"003304","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-05T16:00:00.000Z","setUpScale":260253000,"market":"a","tickerId":3304,"custody":"交通银行股份有限公司","name":"前海开源沪港深核心资源灵活配置混合型证券投资基金","shortName":"前海开源沪港深核心资源混合A","fundSecondLevel":"hybrid","__csrcFundId":852,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:40.514Z","masterFundFlag":1,"inceptionDate":"2016-10-16T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深核心资源混合","memoNum":4,"pinyin":"qhkyhgshxzylhpzhhxzqtzjj","managers":[{"stockCode":"8801401767","stockType":"fund_manager","exchange":"fm","tickerId":230717156900,"name":"吴国清"}]},"announcement":{"linkText":"前海开源沪港深核心资源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=489608","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7277fea5b3eb0465c0c","stockId":3000000003304,"sao":"2020年上半年，国内经济持续受疫情影响，从1月份疫情开始爆发、2月份加深到三月份才趋于稳定，随后进入了经济修复期逐渐向正常方向靠拢。其中，工业生产1、2月份大幅下滑，3、4 月份生产恢复非常快，5 月工业增加值同比为4.4%，同比增速较4 月抬升0.5 个百分点；5 月固定资产投资同比增3.9%，较4 月抬升3.2 个百分点；5 月社会消费品零售总额同比为-2.8%，较4 月抬升4.7 个百分点；5 月出口同比增1.4%，较4 月回落6.7 个百分点；5 月进口同比为-12.7%，较4 月回落2.5 个百分点。6月财新制造业PMI为51.2，为今年以来最高，连续两个月处于扩张区间。受基数影响，汽车同比大幅回落。地产景气继续上行，6月30日当日30大中城市成交面积为119万平米，今年首次单日成交突破100万平米。流动性方面，财政政策宽松，再贷款和降息同时利好中小银行和中小企业。5月央行的M2同比增速为11.1%，是2017年以来的最高值。市场方面，2020年上半年，A股市场年初受疫情影响震荡下跌，3月底开始缓慢修复，2季度涨幅可观并创下年内新高。2020年上半年，上证指数涨跌幅为-2.15%，中小板指上涨20.85%，创业板指上涨35.60%。分行业来看，涨幅靠前的有：医药生物上涨40.28%，休闲服务上涨30.07%，电子上涨24.49%，食品饮料上涨23.28%，计算机上涨21.75%。而钢铁、交通运输、非银金融、银行和采掘下跌十个点以上，跌幅较大。在此期间，本基金主要配置黄金股，在全球流动性再次宽松的大背景下，金价上涨明显，因此本基金获得了较好的收益率。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:07.984Z","mo":"展望下半年，我们对市场持谨慎乐观态度。在2季度市场快速上涨之后，市场将面临估值提升过快和资金短期获利了结的压力。同时今年经济在疫情和国际政治博弈等影响下，仍处于比较疲弱的状态，也不支持股市继续大幅上涨。但是在中国率先走出疫情，经济转型不断推进和深入，综合国力不断增强，外资不断流入中国市场，以及居民财富配置和国家重视资本市场的大背景下，我们仍然看好股市的中长期背景。","fund":{"_id":3000000003304,"stockCode":"003304","stockType":"fund","areaCode":"cn","followedNum":77,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-05T16:00:00.000Z","setUpScale":260253000,"market":"a","tickerId":3304,"custody":"交通银行股份有限公司","name":"前海开源沪港深核心资源灵活配置混合型证券投资基金","shortName":"前海开源沪港深核心资源混合A","fundSecondLevel":"hybrid","__csrcFundId":852,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:40.514Z","masterFundFlag":1,"inceptionDate":"2016-10-16T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源沪港深核心资源混合","memoNum":4,"pinyin":"qhkyhgshxzylhpzhhxzqtzjj","managers":[{"stockCode":"8801401767","stockType":"fund_manager","exchange":"fm","tickerId":230717156900,"name":"吴国清"}]},"announcement":{"linkText":"前海开源沪港深核心资源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=463879","linkType":"PDF","source":"csrc_pdf"}}]}