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来。","lastUpdated":"2026-03-31T13:03:30.003Z","mo":"展望后市，宏观经济预计仍K型发展：AI相关的新经济很好，需关注应用端落地，而传统的旧经济仍有压力但边际压力减轻，私人部门的信贷需求压力仍较大。重点关注出口和消费的边际走向。通胀在基数效应带动下同比会有所回升，但更关键在于环比即新涨价的走势，对应通胀回升的质量和企业盈利改善的空间。政策层面，广义赤字率预计基本平稳或小幅提升，货币政策表态将延续适度宽松、流动性保持充裕，但更强调政策精准协调。对于债市，前期股市上涨、通胀担忧、赎回潮压力、供给期限较长的担忧，债市均已压力测试；但经济预期和风险偏好的好转也让收益率很难回到前低，我们认为债市或仍将延续区间震荡、结构分化行情，一季度或是较好的配置窗口。静态看，当前超长端期限利差已处于现有收益率水平下的相对极端区间，对价格和利率上行的担忧已有较充分反映；动态看，仍需关注风险偏好、央行态度、负债端和阶段性供需匹配度。总体而言，考虑整体债务率不支持利率大幅上行，债市中长期配置价值仍在，而中短端因支持性货币政策具备较高确定性，长端与超长端更适合在严格风控框架下灵活参与博弈。股市方面，预计市场波动加大，警惕高估值和题材炒作的风险，在成长性、估值和股东回报三个维度选择优质股票进行配置。","fund":{"_id":3000000003331,"stockCode":"003331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-11T16:00:00.000Z","setUpScale":796900000,"market":"a","tickerId":3331,"custody":"招商银行股份有限公司","name":"博时乐臻定期开放混合型证券投资基金","shortName":"博时乐臻定开混合(003331)","fundSecondLevel":"hybrid","__csrcFundId":813,"fundStatus":"normal","lastUpdated":"2026-04-30T18:51:22.763Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时乐臻定开混合","pinyin":"bslzdqkfhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时乐臻定期开放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=1455075","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec72c7fea5b3eb04661d8","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000003331,"sao":"2025年三季度，债市在“反内卷”叙事带动的盈利预期好转、权益市场持续强劲带来的风险偏好回升、债基负债端担忧等多重扰动下，持续调整。其中基金配置更为集中的品种如30年国债、商业银行二永债等调整更为显著，期限利差明显走扩。全季来看，30年期国债活跃券收益率从低点最高上行40bp，最终收于2.1475%；十年期国债收益率上行15bp至1.785%；一年期国债收益率从1.33%上行至1.38%。展望后市，近期经济数据有所走弱，消费、投资、基建及社融需求均有所回落，市场担忧10月中下旬或有政策出台，但现阶段重心或在“十五五”规划编制工作上，年内政策空间或有限。关税对出口的影响、“以旧换新”政策下提前释放的消费需求、房地产市场持续的下行压力、“反内卷”对生产端的影响，都会给基本面带来一定压力。短期来看，债券市场的压力来自机构行为、监管政策和风险偏好，不过我们认为，利率中枢仍需锚定基本面和货币政策，在基本面和资金面未发生明显变化的情况下，债券收益率不具备持续上行的基础，市场更多呈现结构分化特征。且社融规模年内高点已现，后续增速或有所放缓；银行负债成本有所下降，对债券仍有较强配置需求；当前市场更关注货币政策的天平何时转向进一步宽松。债市要走出当前震荡区间，需等待核心逻辑出现转变，可能的触发因素包括：基本面继续走弱、国内降准降息及央行购债等货币宽松政策落地、公募新规落地且监管部门出台配套呵护措施。组合操作方面，本组合将继续遵循稳健投资理念，在投资策略上保持积极主动，在投资思路上坚持开放灵活，维持灵活久期、适度杠杆的操作思路。当前资金面整体平稳，信用债重点关注2-3年期的配置价值；利率债波动加大但上行空间有限，可积极把握博弈机会并加强逆向操作。三季度权益方面，市场风格极端分化，创业板指数在三季度跑赢中证红利指数接近50%，是历史上差距最大的一个季度。管理人回忆起2021年二季报时写过的一段话，市场似乎依旧是个轮回。“管理人自下而上选择了一些估值合理的优质公司进行长期持有，在二季度市场风格略显极致的情况下跑输，管理人也意识到对于高景气度行业的投资欠配，一方面在于保守，不愿意为成长支付较高的价格，另一方面也体现出认知水平还有不足。这几年的市场更注重赛道与增量，更注重成长与增长的可持续性，更注重头部企业与行业竞争格局，更注重公司的基本面与创新。管理人反思现有的投资理念没有问题，但需要在投资方法上进行一定的平衡。”","lastUpdated":"2026-03-09T13:12:12.613Z","fund":{"_id":3000000003331,"stockCode":"003331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-11T16:00:00.000Z","setUpScale":796900000,"market":"a","tickerId":3331,"custody":"招商银行股份有限公司","name":"博时乐臻定期开放混合型证券投资基金","shortName":"博时乐臻定开混合(003331)","fundSecondLevel":"hybrid","__csrcFundId":813,"fundStatus":"normal","lastUpdated":"2026-04-30T18:51:22.763Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时乐臻定开混合","pinyin":"bslzdqkfhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时乐臻定期开放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=1373504","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec72c7fea5b3eb04661d7","date":"2025-06-29T16:00:00.000Z","stockId":3000000003331,"sao":"2025年一季度，债券收益率呈现先下后上的趋势，最终在3月下旬小幅修复。年初风险偏好下降，收益率惯性下行创新低；而后在风险偏好回升、股债跷跷板、资金面持续超预期紧张等影响下，收益率迅速调整；季末央行呵护资金面，配置盘入场，市场稳住。十年期国债收益率从季初的1.67%上行至季末的1.81%，一年期国债收益率从1.08%上行至1.54%。一季度，A股在1月上旬探底之后逐步回升，春节后受DeepSeek技术突破、人形机器人等科技概念推动，人工智能、云计算、半导体等板块表现强势，形成“科技为主、小盘占优”格局。港股方面，南下资金一季度净买入4300多亿港元，超过2024全年一半以上，创下历史季度净买入新高，主要流向科技互联网和消费行业，推动恒生指数同期上涨15.25%。2025年二季度，全球贸易摩擦升级，驱动市场基本面预期和货币政策的转向，从一季度的经济预期回暖、货币收紧转向全球经济不确定加大、货币宽松，期间中国央行降准50bp、降息10bp，并引导存款挂牌利率下调，带动债券收益率整体下行。叠加信贷需求一般和金融脱媒，信用利差压缩，信用品表现优于利率。30年期国债收益率从季初的2.03%下行至季末的1.86%，十年期国债收益率从1.827%下行至1.65%，一年期国债收益率从1.54%下行至1.335%。股市方面，4月初市场快速下探后逐步震荡上行。二季度港股整体表现优于A股，休闲娱乐、创新药和金融服务板块表现突出，内需相关板块相对较弱。组合的权益部分坚持了一贯的风格，在成长性、估值和股东回报三个维度选择优质股票进行配置。转债部分波段操作。纯债部分以追求票息收益为核心。后续将密切关注市场和政策的变化，积极把握收益机会。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:12.610Z","mo":"展望后市，短期看贸易谈判的拉锯战，会带来风险偏好的不确定性和波动；即便汇率层面或阶段性掣肘我国央行，但降低负债成本支持实体经济（包括存款和同业负债）是相对确定的方向。中期看，全球民粹主义回升背景下，贸易摩擦和不确定性可能反复出现，对国内经济、就业以及结构的影响是深远的。房地产整体仍在筑底，低通胀格局很难改变，海外需求也存在变数。目前债市预期了部分下半年基本面压力及宽松的预期，叠加最新货币政策例会或表明下一次政策的宽松需等一等，短期因机构行为和博弈，债券或区间震荡为主。但市场调整压力也可控，因为信贷需求一般、低通胀环境延续。此外，本轮存款挂牌利率的调降力度较大，帮助金融机构减轻净息差压力的同时，一方面现在同业负债反而较高，需要引导下行；另一方面，或阶段性有金融脱媒的压力。中期在基本面压力下债券收益率仍有望下行，信贷需求有限背景下信用债仍需重视，关注机构行为及央行动作。股市方面，市场延续震荡格局的概率较大。在新的增量政策出台之前，市场机会可能依然在红利、资源、人工智能、创新药和出海等方面。","fund":{"_id":300000000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的久期水平，整体上依旧以偏防御的姿态安静等待市场自发构筑底部。4季度宏观景气度整体保持稳中求进，但在地产疲弱的拖累下，景气度复苏的基础依旧比较薄弱，修复的弹性和韧性也还处在较低的水平。4季度权益市场整体下跌，而债券市场保持稳定。组合在保持固收配置中性的同时，对权益部分进行了一定的调整，配置主要围绕在高股息方向和中小市值科技方向。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:12.595Z","mo":"展望后续，宏观景气度面临的压力预计还会持续一段时间，财政扩张对冲的大幕已经拉开，但政策节奏和力度短期内可能还将保持一定克制，而新旧动能转换过程中旧动能的压力还会持续较长时间。在这样的宏观场景下，预计债券市场仍将保持一定的机会，收益率水平向上的空间有明显的内生性限制。而权益市场偏向于稳定、高股息的风格预计也不会在短时间内就有所改变。组合仍将积极在股债两个方向把握绝对收益机会，同时密切关注政策节奏的变化。","fund":{"_id":3000000003331,"stockCode":"003331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-11T16:00:00.000Z","setUpScale":796900000,"market":"a","tickerId":3331,"custody":"招商银行股份有限公司","name":"博时乐臻定期开放混合型证券投资基金","shortName":"博时乐臻定开混合(003331)","fundSecondLevel":"hybrid","__csrcFundId":813,"fundStatus":"normal","lastUpdated":"2026-04-30T18:51:22.763Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时乐臻定开混合","pinyin":"bslzdqkfhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时乐臻定期开放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=1052599","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec72c7fea5b3eb04661d0","date":"2023-09-29T16:00:00.000Z","stockId":3000000003331,"sao":"3季度影响市场的因素多重而复杂。基本面在经历了2季度连续的超预期进一步下滑后，于3季度开始逐步内生性筑底。以7月底政治局会议为政策信号，自8月开始地产政策、财政政策、资本市场政策等诸多方面开始出现持续的积极信号，并且政策的实质性力度在逐步加大。这些对于稳定和改善市场基本面预期开始起作用。而9月随着美债利率进一步明显冲高、中美利差进一步拉大，汇率压力带动国内流动性环境有所收紧，从而对国内股债市场都构成压力。整体看，3季度外部压力进一步加大，而内部的基本面和政策面则逐步迎来拐点。组合在3季度降低了权益仓位，保持了固收中性偏低的久期水平，整体上依旧以偏防御的姿态安静等待市场自发构筑底部。展望4季度，外部压力目前仍未看到明显缓和的迹象，但高企的美债利率和较高的美股估值表明外部环境存在的潜在风险在加大。国内基本面底部企稳小幅改善的格局在3季度已经确立，政策面拐点也比较清晰，当前权益市场整体看性价比较高，安静等待市场给出信号。在结构上组合会以稳健高股息底仓和TMT科技成长方向为主要方向，结合短期的盈亏比分析，尽力去抓住适合组合定位的绝对收益机会。转债市场整体偏贵，在绝对收益资金带动下转债定价逻辑逐步以偏债定价为主，整体看机会不大，但局部行业和个券仍有不错的绝对收益价值值得配置。纯债上将继续保持中低久期，在加配短期限品种的同时观察长久期品种可能给出的交易性机会。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:12.592Z","fund":{"_id":3000000003331,"stockCode":"003331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-11T16:00:00.000Z","setUpScale":796900000,"market":"a","tickerId":3331,"custody":"招商银行股份有限公司","name":"博时乐臻定期开放混合型证券投资基金","shortName":"博时乐臻定开混合(003331)","fundSecondLevel":"hybrid","__csrcFundId":813,"fundStatus":"normal","lastUpdated":"2026-04-30T18:51:22.763Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时乐臻定开混合","pinyin":"bslzdqkfhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时乐臻定期开放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=987504","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec72c7fea5b3eb04661cf","date":"2023-06-29T16:00:00.000Z","stockId":3000000003331,"sao":"1季度基本面在疫后有明显的环比修复和适度回落，带动权益市场的普涨以及债市收益率的震荡。而2季度基本面景气度则出现了明显超预期的下跌，价格水平也出现了明显的环比跌幅扩大，对于基本面预期大幅下修的定价成为资本市场主线，从权益市场风格到债市收益率的大幅下行、以及商品价格的大幅下跌、包括汇率在2季度贬值压力的明显放大，都在体现这一定价主线。具体到权益市场，上证50与顺周期等与总量景气度具备强相关性的风格在2季度出现较大下跌，而TMT为代表的主题风格则相对盛行，但同时这一风格也经历剧烈的波动。总体上看2季度权益市场的赚钱效应相对1季度明显收缩。组合在2季度根据宏观景气度的变化对顺周期、高质量等受损风格进行了规避，根据市场短期情绪与盈亏比指标相对积极地参与了TMT等主题风格，6月下旬之前业绩增厚明显、而6月下旬则在TMT大幅下跌下对组合净值的回撤构成较大的影响，总体看效果一般，这表明对于短周期的市场运行轨迹依旧有多个角度值得进一步反思与总结。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:12.589Z","mo":"展望3季度，宏观景气度预期的下修在定价上已经比较充分，从价格环比走势看，预计3季度相比2季度的环比跌幅会有明显收敛，我们判断至少在短期内看到基本面预期进一步大幅下修的概率很低。同时考虑到上半年政策总体上比较克制，为下半年的政策对冲预留了较多的空间。从这些角度看，我们认为下半年的权益市场相比2季度盈亏比整体上会有所改善，而债市的机会则预计会有所收敛。当然，基本面向上的弹性会相对克制，预计下半年一条主线是修复目前过于悲观的基本面预期定价，另一条主线则依旧是围绕高质量发展在数字经济等方面开展偏主题风格的反复演绎。组合在操作上会保持固收部分中性久期的同时，根据对市场中期和短期盈亏比的指引，积极去尝试把握绝对收益机会。","fund":{"_id":3000000003331,"stockCode":"003331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-11T16:00:00.000Z","setUpScale":796900000,"market":"a","tickerId":3331,"custody":"招商银行股份有限公司","name":"博时乐臻定期开放混合型证券投资基金","shortName":"博时乐臻定开混合(003331)","fundSecondLevel":"hybrid","__csrcFundId":813,"fundStatus":"normal","lastUpdated":"2026-04-30T18:51:22.763Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时乐臻定开混合","pinyin":"bslzdqkfhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时乐臻定期开放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=962757","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec72c7fea5b3eb04661ce","date":"2023-03-30T16:00:00.000Z","stockId":3000000003331,"sao":"2023年1季度，权益市场逐步开始涌现出较多的机会，同时债券市场尤其是信用债品种开始从2022年11-12月的剧烈调整中逐步修复，整体看相比于2022年，今年的市场性价比更好。组合在1季度比较积极地进行权益市场的机会抓取，同时在债券配置上也在控制久期暴露的基础上聚焦于高评级信用品种。整体看有所收获。展望后续的市场，从基本面来看，2023年1-2季度是基本面筑底并逐步开始向上复苏的起点，企业盈利也大概率同步触底，而在经历了2021-2022年的连续估值压缩后，目前权益市场大部分宽基和产业主题方向均处在估值周期的低位或底部位置，对于权益品种来说，后续面临盈利端开始改善和估值端逐步重新扩张的双击机会，我们继续看好今年的权益市场机会，会继续放大权益的参与仓位并积极地寻找市场机会。对于债市，我们认为伴随经济的逐步修复，收益率中枢依旧面临一定幅度的上行压力，我们会继续控制久期的暴露，通过配置中短久期的高评级品种来获得债市的整体性配置价值。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:12.587Z","fund":{"_id":3000000003331,"stockCode":"003331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-11T16:00:00.000Z","setUpScale":796900000,"market":"a","tickerId":3331,"custody":"招商银行股份有限公司","name":"博时乐臻定期开放混合型证券投资基金","shortName":"博时乐臻定开混合(003331)","fundSecondLevel":"hybrid","__csrcFundId":813,"fundStatus":"normal","lastUpdated":"2026-04-30T18:51:22.763Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时乐臻定开混合","pinyin":"bslzdqkfhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时乐臻定期开放混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=887595","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec72c7fea5b3eb04661cd","date":"2022-12-30T16:00:00.000Z","stockId":3000000003331,"sao":"在疫情冲击、地产下滑、外部环境剧烈动荡的环境下，2022年资本市场整体波动较大。权益市场在盈利下滑和估值压缩的双重压力下，全年跌幅较大；债券市场依旧能够提供正回报，但在11-12月遭遇短期信用债流动性的剧烈波动冲击，大幅降低了债券特别是信用债品种的年度持有期回报。总体上，2022年是一个承受压力的年份，并不是追求收益的好年份。组合在2022年全年保持权益低仓位、机构上规避机构重仓、外资重仓、质量风格，更多偏向于高股息、低估值等方向的防御性品种。债券上以短久期信用为主要配置品种。整体看对净值的波动和最大回撤做出了较好的控制，尽力避免这样一个年份对持有人带来较大的净值损失。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:12.584Z","mo":"展望2023年，我们判断宏观景气度的中期底部已经逐步在构筑、企业盈利水平也预计将在2023年1-2季度同步筑底。而外部美债收益率上行期接近尾声，估值压力逐步体现充分。从估值角度看，当前权益市场、特别是盈利端以国内环境为主、估值端受外部环境影响较大的风格和行业，在2023年将迎来较好的机会。诚然，2022年11月以来市场已经演绎了较大幅度的反弹，但从中周期看，我们判断依旧继续存在较好的机会。当然，事物的发展路径是在曲折中前进，我们会结合中期的大势和结构判断、根据短期的盈亏比分析，在大趋势下也同时尽力去把握短周期中较好的交易和配置时点。我们对2023年权益整体乐观，同时关注2方面为主的机会：1）高质量、机构重仓、外资重仓、港股等为代表的（分子端国内、分母端海外）风格方向；2）引领高质量发展的新兴成长行业，如新一代信息技术、人工智能、生物科技等等。对于债券品种，我们认为收益率中枢具有上行的空间，但不会看到剧烈的债券大熊市，适当的久期配置结合票息依旧能够提供基础的固收资产回报水平。我们会控制久期暴露水平，同时以中短周期高评级信用为主要配置方向。","fund":{"_id":3000000003331,"stockCode":"003331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-11T16:00:00.000Z","setUpScale":796900000,"market":"a","tickerId":3331,"custody":"招商银行股份有限公司","name":"博时乐臻定期开放混合型证券投资基金","shortName":"博时乐臻定开混合(003331)","fundSecondLevel":"hybrid","__csrcFundId":813,"fundStatus":"normal","lastUpdated":"2026-04-30T18:51:22.763Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时乐臻定开混合","pinyin":"bslzdqkfhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时乐臻定期开放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=866872","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec72c7fea5b3eb04661cc","date":"2022-09-29T16:00:00.000Z","stockId":3000000003331,"sao":"3季度的核心主线是地产风险的进一步暴露，总量景气度下行的趋势并没有随着2季度后期疫情的逐步得到控制而有所改变。3季度资本市场的表现以此为主线，债市在7-8月出现一波明显的收益率下行行情，而权益市场在总量景气度下行的压力下，随着5-6月反弹带来的情绪筑顶，也在3季度出现了今年第二轮比较明显的调整。整体上，3季度资本市场的机会比较少，权益市场除煤炭、储能等能源方向外出现普遍的明显调整，而债市在9月伴随外部流动性收紧和加息的过程也在7-8月的上涨后出现调整。组合在着重参与了利率的波段操作，以及在权益上适度参与了煤炭等方向的一些行情，并着重于对净值回撤的控制。整体看取得了一定效果。展望4季度，我们认为随着3季度比较充分的调整，4季度权益市场的风险收益比明显好于3季度，我们认为4季度权益市场的机会将明显好于3季度，相比于3季度的控制回撤，4季度权益市场投资的重心将逐步转为等待市场给出信号争取机会。债市我们认为依旧处在波段操作的区间，会比较灵活地进行波段交易。对于转债，整体上性价比不如股票，但估值风险在3季度也得到了一定消化。我们会根据对市场节奏的判断做一些适度的参与，但总体上依旧认为转债不存在系统性的大机会。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:12.582Z","fund":{"_id":3000000003331,"stockCode":"003331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-11T16:00:00.000Z","setUpScale":796900000,"market":"a","tickerId":3331,"custody":"招商银行股份有限公司","name":"博时乐臻定期开放混合型证券投资基金","shortName":"博时乐臻定开混合(003331)","fundSecondLevel":"hybrid","__csrcFundId":813,"fundStatus":"normal","lastUpdated":"2026-04-30T18:51:22.763Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时乐臻定开混合","pinyin":"bslzdqkfhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时乐臻定期开放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=805939","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec72c7fea5b3eb04661cb","date":"2022-06-29T16:00:00.000Z","stockId":3000000003331,"sao":"2季度在疫情的冲击下，基本面下滑的程度和速度明显加深，也同时引发了政策更大强度的对冲。资本市场在4月集中反映了多个悲观因素的叠加，使得股票市场出现剧烈下滑并跌到最低2863。而从5月开始，随着复工复产逐步展开、疫情防控逐步见效，市场从极度悲观的预期逐步走出，在权益市场反映为开始了2个月的明显上涨，而债券市场在5月收益率底部震荡后在6月开始逐步走高，反映了对疫情后总量基本面逐步修复的预期。组合在权益配置上保持偏向于大金融和低估值的结构，在2季度获取了一定的上涨，但权益弹性不够，固收配置上久期中性，整体贡献比较平稳。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:12.579Z","mo":"展望后续，从宏观的角度看，疫情逐步得到控制对内需的修复有利，但地产的中期矛盾和下行压力依旧突出，而外需在海外通胀和流动性紧缩的双重压力下逐步将出现衰竭并可能在4季度加速下行。本轮从2021年2-3季度以来的经济下行周期，预计中期底部在22年底到23年上半年，3季度是对2季度大幅下滑基本面的环比修正，但判断并不是中期复苏周期的起点。在权益配置上，由于通胀预期的回落和流动性的持续宽松，风格可能依旧会持续偏向成长，但在5-6月的大幅上涨后，需要根据这些方向的短期盈亏比来做灵活应对，全面的趋势性行情看到的概率不高；固收上判断在年内看不到马上的债券熊市，因此在市场给出比较好的安全边际后，会择机参与一些波段交易。转债则继续保持谨慎态度。","fund":{"_id":3000000003331,"stockCode":"003331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-11T16:00:00.000Z","setUpScale":796900000,"market":"a","tickerId":3331,"custody":"招商银行股份有限公司","name":"博时乐臻定期开放混合型证券投资基金","shortName":"博时乐臻定开混合(003331)","fundSecondLevel":"hybrid","__csrcFundId":813,"fundStatus":"normal","lastUpdated":"2026-04-30T18:51:22.763Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时乐臻定开混合","pinyin":"bslzdqkfhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时乐臻定期开放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=786046","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec72c7fea5b3eb04661ca","date":"2022-03-30T16:00:00.000Z","stockId":3000000003331,"sao":"尽管1-2月的总量数据比较强，但从中微观的角度看，基本面下行的压力非常大，内需的主要压力来自于地产，目前看地产无论销售、拿地、新开工等关键环节显著下滑的趋势并没有得到缓解。预计向后传导会明显影响地产投资和相关产业链的上下游；出口目前保持韧性，但考虑到全球疫情后复苏周期已经逐步见顶，预计下半年将面临出口韧性下降的情况，内外需的趋势都指向下行。疫情对基本面的冲击更多集中在3-4月的短期影响，但是冲击的力度比较大，预计影响全年GDP至少0.5%以上。而外部地缘政治的变局则加速了全球资源品价格的中枢抬升过程。整体看，1季度基本面呈现出类似滞涨的状态，而在资本市场上体现为股债双杀。组合在1季度保持中性偏低的久期，同时在权益仓位上保持在较低的位置，尽量控制住不利市场环境下的回撤幅度，等待市场后续可能给出的机会。 展望2季度，预计基本面的压力会进一步加大，同时对应的政策的放松对冲力度也有望看到进一步加强。同时，考虑到今年是企业盈利的下行周期，市场对于估值和盈利的匹配度会明显严苛。这样的环境下，稳增长作为主线，背后映射的是对安全边际和低估值的偏好提升。权益市场将继续以低估值、高股息、金融等方向作为主要持仓方向，适度根据市场情绪进行调整，但大方向不变；固收则会根据基本面和政策的节奏适度拉长久期、以及加大对波段操作的积极性。转债在1季度已经体现了一部分的估值回落，但明显依旧处在较差的盈亏比，除纯债和低估值类转债品种外，其他转债品种继续保持警惕。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:12.576Z","fund":{"_id":3000000003331,"stockCode":"003331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-11T16:00:00.000Z","setUpScale":796900000,"market":"a","tickerId":3331,"custody":"招商银行股份有限公司","name":"博时乐臻定期开放混合型证券投资基金","shortName":"博时乐臻定开混合(003331)","fundSecondLevel":"hybrid","__csrcFundId":813,"fundStatus":"normal","lastUpdated":"2026-04-30T18:51:22.763Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时乐臻定开混合","pinyin":"bslzdqkfhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时乐臻定期开放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=725438","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec72c7fea5b3eb04661c9","date":"2021-12-30T16:00:00.000Z","stockId":3000000003331,"sao":"2021年宏观经济经历了从具备韧性到逐步显现下行压力的过程。4季度宏观经济的下滑压力凸显，民企地产出现整体性的销量大幅下跌和资金链紧张，带动地产链从销售到投资，从二级市场到土地一级市场的全面加速下滑。基本面的压力倒逼货币政策在12月进一步放松，并在中央经济工作会议上确定了“稳字当头、稳中求进”的基调。在基本面下滑压力和流动性的宽松推动下，债券市场收益率水平在4季度再次出现下行，同时伴随部分民企地产债品种出现信用风险暴露和价格的大幅下跌。而权益市场在流动性推动下，在4季度后半段迎来了流动性宽松推动下的小市值品种的普涨。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:12.574Z","mo":"对于2022年，稳增长成为政策的明确诉求，也会成为资本市场的主线。2022年宏观环境和资本市场面临比较复杂的情况。外部环境上，在确认了复苏周期后，海外货币政策的焦点转向复苏后半段的价格信号，以抑制通胀为货币政策的主要目标，利率中枢的抬升引致高估值资产的波动率抬升，并从利差和跨境流动性两个方面对国内流动性环境和资本市场形成影响。内部环境上，在稳增长基调下各类托底政策都在逐步出现，但基本面的核心矛盾在于地产行业的持续失速下行，而目前看对此的对冲力度仍显不足。围绕地产下行对基本面带来的巨大波动、以及在此基础上能够预期到的政策各类对冲的托底、缓和，将同样能够预期带来基本面和资本市场的波动率抬升。2022年将成为宏观大年，也可能是资本市场波动率明显加剧的一年，在组合管理上对于做好宏观的前瞻预判、对于组合净值的波动率控制、以及在高波动状态下为组合寻找和争取把握绝对收益机会，都提出了比较严苛的要求。 组合会保持债券部分的灵活交易以及对信用债的分散配置，在严控风险的基础上争取获得稳健的固收回报；而在权益方向则继续从盈亏比的角度进行稳健配置，争取获得有竞争力的绝对收益。","fund":{"_id":3000000003331,"stockCode":"003331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-11T16:00:00.000Z","setUpScale":796900000,"market":"a","tickerId":3331,"custody":"招商银行股份有限公司","name":"博时乐臻定期开放混合型证券投资基金","shortName":"博时乐臻定开混合(003331)","fundSecondLevel":"hybrid","__csrcFundId":813,"fundStatus":"normal","lastUpdated":"2026-04-30T18:51:22.763Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时乐臻定开混合","pinyin":"bslzdqkfhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时乐臻定期开放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=709735","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec72c7fea5b3eb04661c8","date":"2021-09-29T16:00:00.000Z","stockId":3000000003331,"sao":"3季度以来债市收益率继续下行，而权益市场的结构性机会较多，尤其体现在低估值和周期上游风格。组合在固收的基础上积极参与权益市场的绝对收益机会，在3季度获得了稳健回报。展望后市，从基本面来看，随着出口动力的减弱、以及在地产骤冷的影响下，后续基本面面临内外需共振的下滑压力，预计这一过程会持续到明年上半年。而在基本面压力逐步显现的同时，可以预见到4季度到明年上半年逐步会看到政策对冲的信号出现。 3季度以来在7月超预期降准的带动下，收益率在7月出现30左右的下行，而在8月以来债市整体呈现震荡格局。在基本面支撑下，收益率的上行空间被压制，但考虑到降准之后市场已经比较充分地提前反应了对基本面和流动性的预期，在当前位置下我们判断收益率进一步大幅下行的可能性不大。我们认为当前债市已经比较充分地反应了基本面和货币政策的利好，而对于后续的政策对冲和逐步开始边际宽信用还缺乏定价。从这个角度看，我们认为在未来一段时间债市收益率会在底部区间继续震荡，而随着年底到明年上半年宽信用的逐步展开，收益率有一定程度的上行压力。基于此，我们在久期上会比较灵活而不会大幅拉长久期，同时在信用债配置上继续严控相关信用风险。对于权益市场，随着科技成长和低估值周期在2季度和3季度的相继冲高，市场目前整体缺乏明显的结构性机会，我们会安静等待市场给出更好的性价比的结构性机会，预计在4季度中后段可能能够见到。而在转债上，我们认为当前转债整体处在较低的性价比，需要等待市场提供更好的性价比时点。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:12.571Z","fund":{"_id":3000000003331,"stockCode":"003331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-11T16:00:00.000Z","setUpScale":796900000,"market":"a","tickerId":3331,"custody":"招商银行股份有限公司","name":"博时乐臻定期开放混合型证券投资基金","shortName":"博时乐臻定开混合(003331)","fundSecondLevel":"hybrid","__csrcFundId":813,"fundStatus":"normal","lastUpdated":"2026-04-30T18:51:22.763Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时乐臻定开混合","pinyin":"bslzdqkfhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时乐臻定期开放混合型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=654435","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec72c7fea5b3eb04661c7","date":"2021-06-29T16:00:00.000Z","stockId":3000000003331,"sao":"上半年宏观景气度冲顶后逐步开始走弱，由于发达经济体成为疫情后的加杠杆主力，外需支撑国内基本面的韧性，国内继续紧信用的政策导向，严格约束地方城投平台和地产的加杠杆行为，而银行间流动性保持充裕，形成“宽货币、紧信用”的格局。这一格局下，企业盈利状况保持较为乐观，而市场的实际无风险利率下行，形成股债双牛的市场走势。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:12.569Z","mo":"展望后市，下半年经济景气度相比上半年有环比回落压力，但在出口的支撑下依旧将保持一定韧性。紧信用的政策风格还会延续，但流动性环境可能会在边际出现一定变化。从资产价格来看，无论权益市场的估值、还是债券市场对无风险收益率的定价，都暗含了对流动性比较乐观的预期，这一点在下半年可能出现的变化需要引起重视。权益上，我们认为机构重仓的各类高估值“茅”类标的依旧面临估值的回归过程，低估值、顺周期、以及符合十四五规划的高端制造业、芯片、新能源车等会有机会，其中2季度新能源车、芯片等已经出现比较明显的估值拔高过程，我们倾向于等待市场给予更好的估值介入机会。债券上，在当前宽货币紧信用的环境下收益率预计很难出现大幅的调整，我们会在市场波动中择机增加对组合久期的配置。","fund":{"_id":3000000003331,"stockCode":"003331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-11T16:00:00.000Z","setUpScale":796900000,"market":"a","tickerId":3331,"custody":"招商银行股份有限公司","name":"博时乐臻定期开放混合型证券投资基金","shortName":"博时乐臻定开混合(003331)","fundSecondLevel":"hybrid","__csrcFundId":813,"fundStatus":"normal","lastUpdated":"2026-04-30T18:51:22.763Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时乐臻定开混合","pinyin":"bslzdqkfhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时乐臻定期开放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=633590","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec72c7fea5b3eb04661c6","stockId":3000000003331,"sao":"年初以来，基本面延续了20年以来复苏的趋势，从特征上看，价格信号逐步开始成为主线，这其中既有周期性复苏的推动，也有来自于全球供求两端复苏节奏错位的影响。从资本市场的表现看，权益市场出现剧烈的风格极致化演绎和切换，从一些定量指标来看，去年下半年以来的大小盘分化在去年12月到今年春节前进入极致化演绎，极致的程度超出之前任何一次历史经验，伴随而来的是春节后骤然的风格切换和强弱转换。债市则保持在震荡的状态，收益率中枢的波动目前缺乏趋势性，信用风险的防控成为市场主线。在一季度中，组合在权益上逐步卖出各类高估值品种并切换到低估值顺周期，比较好地控制住了市场波动带来的业绩回撤，债券配置则保持了短久期突出票息收益的风格，整体而言组合运作较为稳健。展望后市，预计基本面在价格信号带动下的复苏驱动和企业盈利改善还将持续，市场比较担心并且在定价基本面后续的回落，我们认同基本面的边际强度在降低，但我们认为市场可能低估了基本面的韧性，目前无论从权益市场的周期品定价还是债市的长端定价，我们认为对于基本面的韧性、对于通胀的潜在压力、以及对于流动性边际上的进一步收紧缺乏定价。在权益上我们会继续坚决规避高估值的各类白马股，坚持安全边际之上的低估值和顺周期风格；债市则继续以防守的久期配置来等待更好的配置时点。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:12.566Z","fund":{"_id":3000000003331,"stockCode":"003331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-11T16:00:00.000Z","setUpScale":796900000,"market":"a","tickerId":3331,"custody":"招商银行股份有限公司","name":"博时乐臻定期开放混合型证券投资基金","shortName":"博时乐臻定开混合(003331)","fundSecondLevel":"hybrid","__csrcFundId":813,"fundStatus":"normal","lastUpdated":"2026-04-30T18:51:22.763Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时乐臻定开混合","pinyin":"bslzdqkfhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时乐臻定期开放混合型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=572869","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec72c7fea5b3eb04661c5","stockId":3000000003331,"sao":"2020年，疫情的冲击和修复成为宏观、政策、以及资本市场的主线驱动因素。疫情的意外冲击使得货币政策必须采用超常规的宽松方式进行对冲，流动性的异常宽松成为后续推动权益市场估值提升的主要因素，同时宽裕的流动性和悲观的基本面预期推动债券市场在前4个月走出了一波较大的行情。伴随下半年货币政策的逐步正常化，权益市场出现明显分化，流动性集中在机构重仓股进一步推升估值，而以中证1000为代表的中小市值股票则逐步走低。对于债券市场，从5月开始收益率从底部持续攀升，并且在11月后开始出现信用债市场的大幅动荡，整体看5月以后债市进入熊市。组合在2020年通过适度择时和分散配置抓取权益市场提供的绝对收益机会，的走熊对组合未能形成明显影响。组合整体净值表现稳健。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:12.563Z","mo":"展望2021年，基本面上行周期的展开将进一步明确并成为主导宏观和资本市场的主线，疫情和疫苗会有波动，但不会改变这一大的趋势。基于此，我们认为权益市场缺乏依靠流动性进行估值进一步提升的空间，市场主线将转向强调盈利增长；对于债市而言，熊市尚未结束，我们将耐心等待市场自己走出收益率的高点，给出下一轮债市走牛的久期进攻机会，当前我们依旧会耐心通过短久期强调静态票息的方式来等待机会的显现。权益市场上，我们会继续通过分散配置和适度择时来获得绝对收益增厚。","fund":{"_id":3000000003331,"stockCode":"003331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-11T16:00:00.000Z","setUpScale":796900000,"market":"a","tickerId":3331,"custody":"招商银行股份有限公司","name":"博时乐臻定期开放混合型证券投资基金","shortName":"博时乐臻定开混合(003331)","fundSecondLevel":"hybrid","__csrcFundId":813,"fundStatus":"normal","lastUpdated":"2026-04-30T18:51:22.763Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时乐臻定开混合","pinyin":"bslzdqkfhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时乐臻定期开放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=557594","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec72c7fea5b3eb04661c4","stockId":3000000003331,"sao":"3季度股票市场整体呈现震荡格局，债券市场持续调整。操作方面，组合在权益上保持高股息、高ROE品种的分散配置，同时有一定择时操作，兼顾绝对收益获取和回撤控制。债券配置上继续保持短久期高静态的结构，整体业绩比较稳健。展望后续，固收方面，我们判断债券熊市尚未走完，收益率的高点区间预计在明年上半年出现，因此我们将继续保持短久期高静态的纯债配置，作为组合稳定收益的重要来源。同时在权益上继续保持高股息、高ROE品种分散配置的结构特征，根据对市场盈亏比的判断增厚绝对收益获取的同时降低回撤幅度，继续致力于为持有人提供稳健和有竞争力的回报体验。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:12.561Z","fund":{"_id":3000000003331,"stockCode":"003331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-11T16:00:00.000Z","setUpScale":796900000,"market":"a","tickerId":3331,"custody":"招商银行股份有限公司","name":"博时乐臻定期开放混合型证券投资基金","shortName":"博时乐臻定开混合(003331)","fundSecondLevel":"hybrid","__csrcFundId":813,"fundStatus":"normal","lastUpdated":"2026-04-30T18:51:22.763Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时乐臻定开混合","pinyin":"bslzdqkfhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时乐臻定期开放混合型证券投资基金2020年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=489765","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec72c7fea5b3eb04661c3","stockId":3000000003331,"sao":"上半年权益市场整体呈现结构性行情，债券市场则在5-6月出现剧烈调整。2季度操作上，组合在权益上继续保持高股息高ROE分散配置结合适度择时的风格，债券上保持短久期高静态。组合比较好的分享了权益市场的机会，同时债市的调整对组合的负面冲击有限，整体回撤可控，风格较为稳健。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:12.558Z","mo":"展望下半年，基本面方面，全球范围的复工复产在进行当中，国内经济高频数据有企稳好转的趋势。流动性总体宽裕，投资者情绪稳定且市场活跃度较高。在全球经济低增长运行、低通胀和低利率的环境中，大类资产上权益的相对价值明显，债券品种则需要继续控制久期风险，强调票息价值。 A股资产与全球市场的情况类似，投资者在追逐盈利稳定增长品种的同时，对估值的容忍度不断提高，对于商业赛道长、盈利稳定性以及成长的确定性给与更高估值。展望后市，国内经济2季度复工进展良好以及疫情控制较为得力是近期A股持续走强的基础。虽然世界范围内疫情仍具有不确定性，但是A股目前运行在国内经济修复趋势确立，货币政策保持友好的逻辑中，权益资产在大类资产中具有相对优势。叠加在全球范围内的低增长，“资产荒”背景下海外配置资金在人民币币值稳定的预期下持续流入。在基本面或者货币环境改变前，抱团与相关板块的估值扩张可能持续，但需要密切关注可能影响市场风格切换的重要变量。组合会继续保持自上而下对高股息高ROE品种的分散配置风格，并根据对市场性价比的判断进行适度择时。 债券方面，5-6月债市调整的主因是短端重定价。经过本轮调整，在货币政策大基调依旧保持宽松的情况下，短端调整基本到位，资金价格水平预计将在2-2.3的中枢趋于稳定。长端前期蕴含的流动性过度定价风险基本得到释放，后续基本面将成为长端主要的驱动因素。目前企业依旧面临较高的库存压力和盈利压力，短期内尚看不到明显的周期扩张动力。但是伴随PPI的反弹，企业盈利能力将在4季度逐步恢复，预计在今年4季度或年底到明年上半年，可能看到一轮比较明显的周期复苏，并可能在明年推动货币政策的实质性转向。基于这样的判断，我们对久期依旧保持谨慎，组合操作上会强调票息，久期交易会比较灵活并控制仓位。","fund":{"_id":3000000003331,"stockCode":"003331","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-09-11T16:00:00.000Z","setUpScale":796900000,"market":"a","tickerId":3331,"custody":"招商银行股份有限公司","name":"博时乐臻定期开放混合型证券投资基金","shortName":"博时乐臻定开混合(003331)","fundSecondLevel":"hybrid","__csrcFundId":813,"fundStatus":"normal","lastUpdated":"2026-04-30T18:51:22.763Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时乐臻定开混合","pinyin":"bslzdqkfhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时乐臻定期开放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=458107","linkType":"PDF","source":"csrc_pdf"}}]}