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","pinyin":"hlggdllhcllhpzhhxzqtzjj","managers":[{"stockCode":"j101020824","stockType":"fund_manager","exchange":"fm","tickerId":32404260170,"name":"陈旭东"}]},"announcement":{"linkText":"泰达宏利改革动力量化策略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=491580","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec4fa7fea5b3eb043dbe7","stockId":3000000001017,"sao":"上半年对市场影响最大的因素是新冠疫情，对全球各国均产生深远影响，其对经济影响之大，持续时间之长，蔓延性之广，乃至对地缘政治的影响均超出预期。全球股票市场伴随新冠疫情爆发在一季度均表现不佳。而为应对疫情对经济冲击，全球各国的宽松货币政策带来的对股票市场的向上冲击也在二季度超出预期。二季度随着国内疫情率先得到控制，影响逐渐降低，各地陆续复工复产，各项经济指标均有所恢复，叠加相对宽松的货币环境，A股整体持续上行。从结构上看，外资青睐的大消费行业、受益国外疫情的医疗设备行业、受益国家经济转型的科技股涨幅较大，而低估值股票持续滞涨。从全球来看，资本市场给予确定性增长的消费、高景气度的科技很高的溢价，已经达到历史极值水平，越来越多的投资者认为持续高景气可以摆脱估值的束缚。    本基金在操作中，采用量化投资方法，均衡配置组合。在投资风格上以当前市场占有率较高，具有较高盈利的，并具备进一步通过改革释放潜力的公司为主。本报告期内，本基金增加了医药行业、电力设备行业及新能源行业、钢铁行业的配置，减少了家电行业、计算机行业、电子行业的配置。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:02:50.597Z","mo":"展望未来，在资产配置上，我们维持当前是A股非常好的长期买点的观点。根据wind数据统计，目前沪深300市盈率仅13倍，在历史上看中性偏低，而中国仍是世界上经济增速最快的国家之一，龙头企业ROE仍保持在15%以上。而债券资产当前收益率较低，相对排序在股票之后。目前债券收益率已经开始上行，有所反弹。风格上，我们仍维持相对看好绩优蓝筹股的观点，其核心支撑仍来自于外资的流入改善A股资金结构，促进估值修正。我们尤其提示关注传统低估值行业在年底的投资机会。根据研究，当前无论中美，高估值新兴行业对低估值传统行业的估值差都到了历史极值位置，随时可能酝酿短期尖锐的估值反转，极端情形可能类似2012或2014年底，通常此类风格切换发生在四季度。在过去两年，低估值策略持续跑输高盈利和高成长行业。同过往几个季度季报观点相同，我们重申A股主要风险来自美股过高的估值下杀带来的潜在金融危机风险，这一情况已经在一季度有所展现，未来预计此风险会逐渐缓释。但我们必须关注，即使在下跌之后，美股估值依然不低。结合风格转换的观点，往往风格转换发生在市场的短期拐点上。从下半年角度看，看好的顺序依次是低估值股票、高盈利消费、科技成长行业；就长期看，看好顺序为高盈利消费、科技成长行业、低估值股票，其中科技成长类受技术进步和风险偏好影响，有较大的不确定性。    基于基金合同与投资观点，我们的配置偏向于受益于改革背景的优质蓝筹股票。本基金在持仓上相对分散，以平衡组合风险。","fund":{"_id":3000000001017,"stockCode":"001017","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-01-25T16:00:00.000Z","setUpScale":1931210000,"market":"a","tickerId":1017,"custody":"中国银行股份有限公司","name":"宏利改革动力量化策略灵活配置混合型证券投资基金","shortName":"宏利改革动力混合 (001017)","fundSecondLevel":"hybrid","__csrcFundId":3781,"fundStatus":"normal","lastUpdated":"2026-04-30T17:45:02.715Z","masterFundFlag":1,"inceptionDate":"2015-02-12T16:00:00.000Z","fundCollectionId":4000050170000,"currency":"CNY","masterFundShortName":"宏利改革动力混合 ","pinyin":"hlggdllhcllhpzhhxzqtzjj","managers":[{"stockCode":"j101020824","stockType":"fund_manager","exchange":"fm","tickerId":32404260170,"name":"陈旭东"}]},"announcement":{"linkText":"泰达宏利改革动力量化策略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=459129","linkType":"PDF","source":"csrc_pdf"}}]}