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BP、16BP、6BP、13BP、25BP。权益资产方面，在政策预期持续改善与新兴技术突破的双重驱动下，市场走出了一轮主题鲜明、结构分明的牛市行情。市场风格呈现明显轮动特征：年初小盘股表现活跃，年中逐步转向成长风格主导，科技与先进制造板块则成为贯穿全年的投资主线。相较于以往“牛短熊长、波动剧烈”的格局，本轮行情初步展现出“慢牛”特征，其基础主要来自三方面结构性改善：一是制度环境持续优化，监管积极回应市场关切。针对以往备受关注的热点炒作、融券做空、股东减持、量化交易等问题，监管部门推出了一系列针对性举措，强化全过程监管，市场秩序与投资者信心得到系统性修复。二是增量资金结构改善，长期资金稳步入场。在低利率环境下，权益资产的配置价值凸显。保险、年金等大型机构资金积极增配A股，并在关键时点发挥了市场“稳定器”作用，推动投资行为向“长期持有、价值投资”转变。三是产业结构加快转型，盈利基础趋于扎实。随着地产链下行压力逐步缓解，经济结构持续优化，资源品、高端制造、数字经济等板块的业绩实现有效增长，部分新兴产业已具备可持续的盈利能力，为市场提供了基本面向上的有力支撑。此外，政策保持稳健宽松，流动性整体充裕，股市日成交额多维持在万亿元以上，融资余额也处于相对高位。尽管市场受到外部环境波动、板块轮动加快等因素影响，情绪有所反复，但在政策托底与长期资金护航下，主要指数整体呈现震荡上行态势。综合全年来看，A股市场在制度建设、资金结构、产业动能三个维度发生深刻变化，逐步构建起更加健康、可持续的市场生态，为中长期行情的延续奠定了坚实基础。权益投资方面，本基金重点配置板块：非银金融，在市场活跃度提升与政策利好驱动下，配置了估值修复空间的券商及保险龙头；有色金属，受益于全球能源转型加速及供需格局重塑，聚焦锂、铝、稀土等战略性资源标的。通过行业优选与动态调整，组合实现了可观收益增强。转债方面，本基金聚焦“低价+低溢价”转债提供安全垫，同时布局行业景气反转的成长标的，博弈下修条款、周期反弹等事件驱动，根据半导体、新能源等行业数据轮动仓位，在控制信用与波动风险的前提下，通过行业轮动和条款博弈增厚收益。","lastUpdated":"2026-03-30T13:28:50.085Z","mo":"展望2026年，中国经济基本面将进一步修复。随着前期系列宏观政策持续发力，国内经济数据呈现逐步修复态势。货币政策维持适度宽松取向，财政政策有望延续积极基调，共同推动信用周期企稳回升。更为关键的是，作为培育新质生产力的关键年份，在战略性新兴产业与未来产业上的政策聚焦，将为经济增长注入持续的结构性动力。企业盈利层面，考虑到库存周期、产能周期与地产周期的演进，自2021年下半年开启的产能下行周期或渐近尾声，部分受内需与供给侧压力压制已久的消费及制造板块，具备困境反转的潜力。预计全年A股企业盈利增速将实现回升，有望构成市场最坚实的支撑。市场结构与风格方面，预计将呈现多线索并行的格局。首先，PPI同比有望转正，标志着经济需求端的进一步回暖。行业景气度将呈现扩散态势，业绩改善的行业数量有望增加。第二，在经历过去数年深刻的供给侧调整后，部分供需格局趋于优化的传统行业，其相对表现有望提升；而2025年表现抢眼的成长板块，其相对优势可能随自身估值消化和中下游盈利改善而有所收敛，市场的风格表现将更为均衡。估值与策略应对层面，当前A股及港股市场整体估值在全球范围内仍具吸引力，但市场情绪已呈现回暖迹象，部分结构性板块估值处于历史较高分位。在此环境下，投资策略应在控制估值的前提下更加注重行业景气度的比较与公司盈利质量的甄别。展望2026年股债投资，核心判断为宏观主线从“供需矛盾突出”转向“供需再平衡”，且改善呈渐进、局部特征。“十五五”开局之年的第一年，预计市场情绪偏高的整体局面没有变，有望继续推动股票市场整体持续“慢牛”，企业盈利在政策加码、新旧发展动能切换的驱动下同比回升，股票市场流动性仍宽松，但较此前边际回落。但或因一些重要时间节点或事件发生有限的、结构性的调整，或按板块分化、波动加剧，重点关注基本面稳健、估值合理、现金流充裕的公司。债市方面，2026年基本面因素的重要性有所回归，市场生态改变，机构行为或是主要波动源。当前内需还有待改善，并且物价绝对增速水平还偏低，作为“十五五”开局之年，2026年已奠定政策支持性基调，因而货币政策仍有宽松空间，结构性货币工具的使用有望使货币与财政的配合向更多领域扩展。相对合理的期限利差与信用利差也将给债券配置带来更多的机会。总的来看，对于债券市场，我们认为当前整体运行态势健康，关键期限利差已恢复至合理区间，尽管超长期利率债供给可能带来一定压力，但在央行呵护市场保持较低资金成本、财政政策稳健配合的背景下，市场仍具备支撑基础。预计随着机构配置需求的逐步调整，相关投资机会将逐步显现。对于权益市场，我们继续保持乐观。尽管短期市场可能受政策节奏、海外流动性变化等因素影响出现波动，但经济复苏与产业结构升级的中期趋势，将为市场提供基本支撑。","fund":{"_id":3000000003655,"stockCode":"003655","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":200033000,"market":"a","tickerId":3655,"custody":"招商银行股份有限公司","name":"信澳新财富灵活配置混合型证券投资基金","shortName":"信澳新财富混合(003655)","fundSecondLevel":"hybrid","__csrcFundId":970,"fundStatus":"normal","lastUpdated":"2026-04-30T18:57:50.315Z","masterFundFlag":1,"inceptionDate":"2016-11-09T16:00:00.000Z","fundCollectionId":4000050550000,"currency":"CNY","masterFundShortName":"信澳新财富混合","pinyin":"xaxcflhpzhhxzqtzjj","managers":[{"stockCode":"j101020519","stockType":"fund_manager","exchange":"fm","tickerId":121102252100,"name":"李可博"}]},"announcement":{"linkText":"信澳新财富灵活配置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=1449145","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7657fea5b3eb046a268","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000003655,"sao":"基金在本季度运作中延续前期策略，即自上而下的宏观驱动为主，叠加货币、信用周期和产业、库存周期的判断进行辅助，并综合投资标的性价比和未来趋势判断，进行决策。在本策略框架下，三季度是酝酿希望（风偏提升）的时光：宏观经济总量数据尚还看不到特别明显的改善；价格指标趋稳；同期外部无新增风险。从宏观数据看，国内宏观经济还待回暖：1、PMI在三季度走低又回升，还是在50以内，工增有走弱至5.2%；2、社融增速趋稳，M1延续改善至7.2%；3、出口对经济的支撑延续，消费和投资维持转弱。从通胀数据，9月PPI同比-2.3%、CPI同比-0.3%，相应的PPI环比和核心CPI也均在回升中，故从M1和通胀来看，宏观经济呈现出企稳走强的可能性。再从产业、库存、货币信用周期等中观维度去观察，总体也是预期先行。从产业链的盈利分布看，中游的盈利有所改善，其中成长股背后的经济新动能部分表现亮眼；从库存和企业经营来看，最新的库存周期延续主动去库特征，工业企业营收和利润平稳，企业总体经营还是偏谨慎；从货币周期来看，当下依旧处于宽货币向宽信用传导的前期，政府债发行是社融的重要支撑；从股市风格来看，三季度明显是成长和创业板的强势区间，市场总体风险偏好提升。落实到3季度的投资上，股债等投资标的呈现如下特征：1、债券在3季度熊陡，期限、信用利差走阔；2、股市成长表现强势，且题材迭出、轮动上涨；3、核心资产宽基大盘表现也尚可，仅红利和消费地产等表现较弱。总体来看，三季度是进一步风偏提升、成长股强势、悲观情绪转弱的阶段。 综合上面的分析，基金积极调整应对，季度积极增配可转债；权益积极进攻，季度增加了非银等股票的配置。对于后市，认为四季度股债均存在胜率模糊、赔率不足的困顿。从权益角度来看，结构性积累的涨幅已经可观，基本面盈利数据还待跟进，风险偏好提升和筹码进一步加速进场难度大；从债券角度来看，年内达成宏观目标的可能性较大，增量的货币宽松政策还待观察。后续将密切关注外部环境变化和内部增量政策，近期关注整体资产配置的均衡和控回撤。","lastUpdated":"2026-03-09T13:13:09.136Z","fund":{"_id":3000000003655,"stockCode":"003655","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":200033000,"market":"a","tickerId":3655,"custody":"招商银行股份有限公司","name":"信澳新财富灵活配置混合型证券投资基金","shortName":"信澳新财富混合(003655)","fundSecondLevel":"hybrid","__csrcFundId":970,"fundStatus":"normal","lastUpdated":"2026-04-30T18:57:50.315Z","masterFundFlag":1,"inceptionDate":"2016-11-09T16:00:00.000Z","fundCollectionId":4000050550000,"currency":"CNY","masterFundShortName":"信澳新财富混合","pinyin":"xaxcflhpzhhxzqtzjj","managers":[{"stockCode":"j101020519","stockType":"fund_manager","exchange":"fm","tickerId":121102252100,"name":"李可博"}]},"announcement":{"linkText":"信澳新财富灵活配置混合型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1369191","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7657fea5b3eb046a267","date":"2025-06-29T16:00:00.000Z","stockId":3000000003655,"sao":"基金在上半年采取的策略是：自上而下的宏观驱动为主，叠加货币、信用周期和产业、库存周期的判断进行辅助，并综合投资标的性价比和未来趋势判断，进行决策。上半年是混沌而又波动的阶段：宏观经济总量数据尚可，分项之间隐忧仍存；关键的价格指标并没有看到改善，在很大程度上也表征了经济的内生动能、风险偏好尚待修复；同期外部不确定的扰动也对中长期增加不确定性。从宏观数据看，国内宏观经济季度内惯性持续：1、尽管官方PMI在近几个月反复至50以下，但工增推升到6%以上；2、社融增速缓步回升至8.9%，M1也在改善中；3、消费增速5月回升到6.4%，出口对经济的支撑延续。但是从通胀数据，6月PPI同比-3.6%、CPI同比0.1%，相应经济的周期部门，投资地产等还难有起色；考虑到国补和抢出口在2季度中的支撑作用，下半年有较大不确定。再从产业、库存、货币信用周期等中观维度去观察，总体也是预期先行。从产业链的盈利分布看，除了部分上游和产业成长逻辑外，上市公司层面盈利增速还是趋弱，顺周期和中下游消费较弱；从库存和企业经营来看，最新的库存周期呈现出主动去库特征，工业企业营收和利润累计同比近期恶化，企业总体经营还是偏谨慎；从货币周期来看，当下依旧处于宽货币向宽信用传导的前期，政府债发行是社融的重要支撑；从股市风格来看，2季度明显是银行和微盘股的强势区间，哑铃型的走势分别体现了不同资金的应对策略。落实到上半年的投资上，股债等投资标的呈现如下特征：1、债券V型震荡走牛，期限、信用利差压缩；2、股市银行和成长小盘表现强势，且题材迭出、轮动加速；3、核心资产、注重业绩的板块总体表现一般。总体来看，上半年是惯性下的强现实弱预期，股债表现较多的都是筹码交易特征。 综合上面的分析，基金积极调整应对，上半年择机增加可转债持仓；权益防守胜过进攻，适当减持了周期消费，增加了大金融板块配置。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:09.133Z","mo":"对于后市，认为下半年股债均存在胜率高、赔率不足的困顿。从权益角度来看，结构性积累的涨幅已经可观，基本面盈利数据的进一步挖掘难度高，风险偏好的提升还待观察；从债券角度来看，年内达成宏观目标的可能性较大，增量的货币宽松政策还待观察。后续将密切关注外部环境变化和内部增量政策，近期将重点跟踪反内卷的潜在机会。","fund":{"_id":3000000003655,"stockCode":"003655","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":200033000,"market":"a","tickerId":3655,"custody":"招商银行股份有限公司","name":"信澳新财富灵活配置混合型证券投资基金","shortName":"信澳新财富混合(003655)","fundSecondLevel":"hybrid","__csrcFundId":970,"fundStatus":"normal","lastUpdated":"2026-04-30T18:57:50.315Z","masterFundFlag":1,"inceptionDate":"2016-11-09T16:00:00.000Z","fundCollectionId":4000050550000,"currency":"CNY","masterFundShortName":"信澳新财富混合","pinyin":"xaxcflhpzhhxzqtzjj","managers":[{"stockCode":"j101020519","stockType":"fund_manager","exchange":"fm","tickerId":121102252100,"name":"李可博"}]},"announcement":{"linkText":"信澳新财富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=1341656","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7657fea5b3eb046a266","date":"2025-03-30T16:00:00.000Z","stockId":3000000003655,"sao":"1、投资策略 基金在本季度运作中延续前期策略，即自上而下的宏观驱动为主，叠加货币、信用周期和产业、库存周期的判断进行辅助，并综合投资标的性价比和未来趋势判断，进行决策。在本策略框架下，一季度宏观基本面和金融市场表现分化较大：宏观经济弱企稳，但股债波动分化加大，成长价值风格劈叉、债市波动加剧而又压缩利差；海外不确定性显著提升，美国股债汇关键指标均走出过山车行情，叠加政治乱局、关税战阴影。从宏观数据看，国内宏观经济季度内惯性缓慢企稳上行，但持续性待观察：1、官方PMI在1月回落至49.1后，2-3月突破50切稳步上行，M1尽管提升幅度不大，但同比为正；2、社融增速2月上行至8.2%，政府债券发行支撑之外，能看到经济信用扩张的苗头；3、消费增速回升到4%，投资企稳改善，一二线地产交投亮眼，出口对经济的支撑减缓。看3月通胀数据，PPI同比-2.5%、CPI同比-0.1%，总体来看，宏观经济还是处于以价换量阶段，但短期热点事件、科技突破和地产交投表征的趋势转好明确。再从产业、库存、货币信用周期等中观维度去观察，总体也是预期先行。从产业链的盈利分布看，上市公司层面盈利增速还是趋弱，中下游等收入、盈利等略有改善，但总体不明显；从库存和企业经营来看，截止2月库存周期又呈现被动补库的短期特征，工业企业营收和利润累计同比有所改善；从货币周期来看，当下依旧处于宽货币向宽信用传导的前期，尽管1季度债券市场收益率总体上行，但更多仅能表征货币当局的多重目标约束；从股市风格来看，1季度明显是成长股和中小票相对强势，大盘宽基尤其是红利股表现较差，理解还是更多体现为风偏和情绪下的风格变化，也不否认有部分关于经济转好的线性外推。落实到1季度的投资上，股债等投资标的呈现如下特征：1、债券在1季度乐极生悲，行情演绎较超出市场传统认知；2、股市成长、小盘表现强势，且轮动加速；3、24年相对占优的防守风格总体跑输。总体来看，权益表现偏乐观有领先，而债券当下受到掣肘较多。综合上面的分析，基金积极调整应对，季度内债券敞口较低；权益风格调整较大，年初减持红利，增配了科技成长和消费地产，进入3月份后又适当降低了权益仓位。2、运作分析基金一季度表现中规中矩，相对排名稳定。1月份之后，规模变化对投资有一定影响，但还是保持操作，努力在权益市场中捕捉机会。对于后市，认为在4月的关税战后，股票和债券的未来演绎被大大加速了。从权益角度来看，贸易部门的利润短期不确定性大大增强，相应内需、安全可控等方面的重要性迅速提升；从债券角度来看，基本面还没有太大风险，但中美脱钩后演绎后，基础货币投放将更多依赖于自主投放，且国内货币政策有望进一步增加独立性（美元弱势演绎）。后续将密切关注外部环境变化和内部增量政策，即认为关税事件冲击，可明确作为我们前面反复提及转型三步曲中，逐步从地产脱敏，到中美脱钩和长期内外双循环过渡的标志性事件；或者说我们将不得不进入到提升内需以作为解决内部矛盾和外部矛盾的唯一办法的阶段。基于一季度的资产表现、即将面对的复杂的外部环境和内部政策变化，我们还是认为短期不悲观、长期不侥幸。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:09.130Z","fund":{"_id":3000000003655,"stockCode":"003655","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":200033000,"market":"a","tickerId":3655,"custody":"招商银行股份有限公司","name":"信澳新财富灵活配置混合型证券投资基金","shortName":"信澳新财富混合(003655)","fundSecondLevel":"hybrid","__csrcFundId":970,"fundStatus":"normal","lastUpdated":"2026-04-30T18:57:50.315Z","masterFundFlag":1,"inceptionDate":"2016-11-09T16:00:00.000Z","fundCollectionId":4000050550000,"currency":"CNY","masterFundShortName":"信澳新财富混合","pinyin":"xaxcflhpzhhxzqtzjj","managers":[{"stockCode":"j101020519","stockType":"fund_manager","exchange":"fm","tickerId":121102252100,"name":"李可博"}]},"announcement":{"linkText":"信澳新财富灵活配置混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1266408","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7657fea5b3eb046a265","date":"2024-12-30T16:00:00.000Z","stockId":3000000003655,"sao":"基金在2024年采取的策略是：自上而下的宏观驱动为主，叠加货币、信用周期和产业、库存周期的判断进行辅助，并最终综合投资标的性价比和未来趋势判断，进行决策。全年来看，宏观经济呈V型走势，自2季度有明显放缓后，在9月末的政策定调后，4季度经济动能有所修复。结合最新的数据看：1、官方PMI在下半年略持稳在50以上，M1增速在四季度连续3个月同比上行；2、财政顺周期压力较大，基建投资累计增速全年缓降，制造业投资也缓降至9.2%，地产投资缺口延续，但边际上近月地产有企稳端倪；3、消费在下半年补贴政策下，增速回升，出口全年表现亮眼。再叠加通胀数据，PPI年末同比-2.3%，CPI年末同比0.1%，GDP平减指数连续7个季度负增长。总结来看24年，经济处于偏通缩的环境中，但自9月以来，政策积极发力，边际企稳向上的可能性大幅提升。在此大的宏观环境下，从产业链的盈利来看，中下游（制造、消费）等收入、盈利表现一般，已经较长期限无新增产能投资的上游和牌照类行业表现较好；从产业周期来看，成长板块以机器人、AI等为代表的行业空间较广；从信用扩张维度看，新旧生产力代表的债权、股权活跃度差异较大；从货币周期来看，当下货币当局大概率还是维持较宽松的货币环境。具体落实到24年的投资上：1、债券全年趋势走强，其背后是有较为坚实的基本面支撑的，但与此同时，期限利差、信用利差和绝对收益率水平也压缩到极低的水平；2、股票全年N型波动，9月份出现了转折，风格上也轮动加速；3、截止目前来看，24年的资产轮动有可能契合经济触底企稳的节奏，即从债券和红利股到成长股、周期消费类，后续还待观察。综合上面的分析，基金积极调仓，3季度后积极提升仓位。基金24年收益表现相对欠佳，尽管规模对业绩有一定扰动，但后市还需努力。总体来看产品后续还需在成长股趋势把握和仓位锐度上积极提升。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:09.127Z","mo":"对于后市，认为自24年9月政治局会议定调以来，内外部都出现了较大的变化。国内经济基本面来看，中央稳经济诉求确定提升，但控债务、提新质生产力、保障民生、防范外部政治波动及人民币稳健的多重目标兼顾平衡着实难度较大。但这半年以来，也出现了诸多趋势转好的信号，也和我们之前提到的近期、中期和长期的博弈点相契合，即地产脱敏、外需重铸和内需大循环的三个重大叙事。基于上述考虑，认为25年可能是资产配置的转折之年：即尽管短期债券收益率大幅上行可能性不高，但趋势下行的空间也越发逼仄；股票在近月的成长风格后，不排除向消费、周期的扩散，或者阶段性红利类资产的风格回摆。而在长期，地产稳固、科技突破、消费复苏和人民币国际化为背景的外需重铸也渐可期但注定曲折。核心总结，我们的展望还是长期不悲观、短期不侥幸。","fund":{"_id":3000000003655,"stockCode":"003655","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":200033000,"market":"a","tickerId":3655,"custody":"招商银行股份有限公司","name":"信澳新财富灵活配置混合型证券投资基金","shortName":"信澳新财富混合(003655)","fundSecondLevel":"hybrid","__csrcFundId":970,"fundStatus":"normal","lastUpdated":"2026-04-30T18:57:50.315Z","masterFundFlag":1,"inceptionDate":"2016-11-09T16:00:00.000Z","fundCollectionId":4000050550000,"currency":"CNY","masterFundShortName":"信澳新财富混合","pinyin":"xaxcflhpzhhxzqtzjj","managers":[{"stockCode":"j101020519","stockType":"fund_manager","exchange":"fm","tickerId":121102252100,"name":"李可博"}]},"announcement":{"linkText":"信澳新财富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=1246224","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7657fea5b3eb046a264","date":"2024-09-29T16:00:00.000Z","stockId":3000000003655,"sao":"1、投资策略 基金在本季度运作中延续前期策略，即自上而下的宏观驱动为主，叠加货币、信用周期和产业、库存周期的判断进行辅助，并综合投资标的性价比和未来趋势判断，进行决策。在本策略框架下，3季度基金运作面临的局面较复杂，市场从弱现实、弱预期，切换到了弱现实、强预期。从宏观数据看，国内宏观经济增长的动能延续放缓：1、官方PMI在9月小幅改善至49.8，依旧处于景气水平之下，M1同比进一步下行至-7.4%；2、社融增速也下行至8%，主要支撑来自于政府债券的加快发行，在政府债同比16.4%的高增速背后，是企业债券和信贷增速均转弱；3、消费和投资在8月延续转弱，国内经济出口支撑明显。看9月通胀数据，PPI同比-2.8%、CPI0.4%，总体来看，宏观经济暂未从数据上证实改善。再从产业、库存、货币信用周期等中观维度去观察，总体也是预期先行。从产业链的盈利分布看，中下游（制造、消费）等收入、盈利驱动的行业表现一般，盈利分布依旧倾向于上游；从库存和企业经营来看，截止8月维持累库存和经营偏弱；从货币周期来看，当下依旧处于宽货币向款信用传导的前期，且实际利率总体依旧偏高；从上市公司的3季度盈利预期来看，也是电子、通信等偏成长行业占优。落实到3季度的投资上，股债等投资标的呈现如下特征：1、债券在9月份创下较低的绝对收益水平，且同时期限利差、尤其是信用利差压缩到历史极低水平；2、9月政策调整前，股票ERP打到2倍标准差、且成交缩量；3、9月政策调整公布后，市场剧烈波动。总体来看，风险资产在9月走完了较剧烈的估值修复过程，同期债券调整并利差走阔。综合上面的分析，基金总体还是以权益类资产持仓为主，在仓位结构上进行了均衡优化。 2、运作分析基金三季度资产配置上还是积极操作，但行情演绎过于迅速，交易层面还有改进空间。对于后市，认为股票和债券的判断操作、都将进入混沌、困难期。从权益角度来看，估值已修复、业绩未改善、行业轮动加速、海外风险加剧；从债券角度来看，实际资金成本迟迟高于基准利率、货币当局稳经济诉求强、居民资产配置波动放大。后续，短期将密切关注外部环境变化和内部财政政策落地，中期还是要回归到地产“企稳”成色、外部的贸易货币环境和内部自循环的信心上；而上述三方面，也是我们一直关注的时间维度上近、中、长期的博弈点；即过去的地产脱敏、当下的经济体间脱钩和长期内外双循环后的人民币国际化脱锚。基于近期的密集政策公布，总体可以确定当局诉求已转向；但同样，面对复杂的外部环境和内部政策落地、评估和反馈再改进的过程，将是一个漫长的过程。而我们的展望，依旧是长期不悲观、短期不侥幸。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:09.125Z","fund":{"_id":3000000003655,"stockCode":"003655","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":200033000,"market":"a","tickerId":3655,"custody":"招商银行股份有限公司","name":"信澳新财富灵活配置混合型证券投资基金","shortName":"信澳新财富混合(003655)","fundSecondLevel":"hybrid","__csrcFundId":970,"fundStatus":"normal","lastUpdated":"2026-04-30T18:57:50.315Z","masterFundFlag":1,"inceptionDate":"2016-11-09T16:00:00.000Z","fundCollectionId":4000050550000,"currency":"CNY","masterFundShortName":"信澳新财富混合","pinyin":"xaxcflhpzhhxzqtzjj","managers":[{"stockCode":"j101020519","stockType":"fund_manager","exchange":"fm","tickerId":121102252100,"name":"李可博"}]},"announcement":{"linkText":"信澳新财富灵活配置混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1169311","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7657fea5b3eb046a263","date":"2024-06-29T16:00:00.000Z","stockId":3000000003655,"sao":"2024年在稳增长、渐复苏的希冀中开局，债券市场延续上年末顺风行情，经济基本面“开门红”成色有待验证，货币宽松预期升温，收益率进入下行区间。期间虽有受到CPI环比回正、社融总量高增、长债供给放量传闻等因素扰动，但是权益市场走弱以及地产销售尚未企稳压制市场风险偏好。总体来看，债券市场占优。同期权益市场的预期和信心仍有待修复修复，前两个月市场流动性收缩并形成系列负反馈，上证综指在2月初下探至2635点，成长风格和中小市值板块调整幅度较大。随着稳定资本市场和严监管工作的推进，春节前市场下跌态势得到扭转并连续反弹，上证综指向上收复关键点位，春节后市场情绪持续升温，进入3月份之后温和震荡。整体上，一季度大盘风格和价值风格表现优于成长风格和中小盘风格。二季度初市场对于经济和风险偏好的预期不断修复，市场在3000点以上位置延续温和上行的趋势，一度达到年内高点。风格轮动速度较快，周期、金融地产、TMT、医药等风格曾阶段性领先。5月中旬，在地产政策和产业政策的催化下，市场在金融地产及“科特估”双主线之间轮动。进入6月，政策效果进入观察期，资金观望氛围浓厚，叠加海外因素多变，市场走势震荡回落。上半年海外形势复杂升级，在多重挑战下国内经济整体运行平稳，市场风险偏好降低，权益市场整体震荡，上证指数在2600-3200点区间波动，上半年累计下跌0.25%，沪深300累计上涨0.89%，而科创50、创业板指累计分别下跌16.42%、10.99%。从行业来看，上半年煤炭、银行等低估值、高分红、防御属性的行业涨幅靠前，“出海”概念、航运概念、“新质生产力”相关行业各有阶段性表现，而以计算机、商贸零售及社会服务为代表的成长及消费方向则较为靠后。综合看，宏观经济动能自2季度有明显放缓，经济处于通缩色彩且走弱的格局中。在此β环境下，从产业链的盈利分布和产业周期来看，中下游（制造、消费）等收入、盈利驱动的行业总体表现一般，已经较长期限无新增产能投资的上游和牌照类行业表现较好；从信用扩张维度看，上半年成长、中小盘板块，弱于价值红利大盘；从货币周期来看，当下货币当局大概率还是维持较宽松的货币环境。基金上半年收益不佳，后市还需努力提升收益。基金主要波动还是暴露在权益仓位上，操作上基金上半年权益仓位中枢较前期略有调降，风格上配置也有调整，从成长向价值均衡，从中小盘向的大盘均衡。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:09.122Z","mo":"对于后市，认为对于消费领域的重视需保持关注。映射到国内经济基本面，控债务稳杠杆的表述不改、外部政治波动带来的出口隐忧，确实扩大内部消费是长期、稳健，固本培元的经济思路。同样，也和之前关注的近期、中期和长期的博弈点相契合；即地产脱敏、外需重铸和内需大循环的三个重大叙事中，内需大循环才是最核心的主要矛盾。基于上述考虑，认为债券、红利公用等价值股总体占优，债券相对股票占优；但长期还是适度保持前瞻，对于内需消费、核心资产保持跟踪关注。核心总结，我们的展望还是长期不悲观、短期不侥幸。","fund":{"_id":3000000003655,"stockCode":"003655","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":200033000,"market":"a","tickerId":3655,"custody":"招商银行股份有限公司","name":"信澳新财富灵活配置混合型证券投资基金","shortName":"信澳新财富混合(003655)","fundSecondLevel":"hybrid","__csrcFundId":970,"fundStatus":"normal","lastUpdated":"2026-04-30T18:57:50.315Z","masterFundFlag":1,"inceptionDate":"2016-11-09T16:00:00.000Z","fundCollectionId":4000050550000,"currency":"CNY","masterFundShortName":"信澳新财富混合","pinyin":"xaxcflhpzhhxzqtzjj","managers":[{"stockCode":"j101020519","stockType":"fund_manager","exchange":"fm","tickerId":121102252100,"name":"李可博"}]},"announcement":{"linkText":"信澳新财富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=1148553","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7657fea5b3eb046a262","date":"2024-03-30T16:00:00.000Z","stockId":3000000003655,"sao":"2024年一季度，宏观方面，黄金、铜、铝等大宗商品价格上涨，美国经济韧性较强，美联储降息预期推迟，美债收益率回升高位，目前美联储的关注点可能在于失业率，通胀预期平稳。国内宏观经济整体预期较差，一季度地产销售数据表现较差，二手房价格继续同比下滑，整体消费一般，假期消费景气度较高，出口增速在高基数下数据一般。流动性层面，一季度以来人民币汇率保持平稳，货币政策温和，地方债发行低于预期，经济悲观预期下长久期国债收益率大幅下行。权益市场波动较大，年初流动性风险引发市场大幅下跌，节后随着托底政策推出，市场流动性改善，市场V型反弹，煤炭、原油、有色等纯上游资源行业表现较好，新能源、半导体、AI等行业波动较大。本基金股票配置策略为价值优先兼顾成长，根据市场情况适度调整整体组合估值，行业持仓较为分散，单一行业风险暴露较小。一季度股票持仓维持较高仓位，前期由于市场下跌较快，仓位变动较难，净值承担较大波动，行业上面，基本维持前期仓位不动，增加部分上游资源行业的配置。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:09.119Z","fund":{"_id":3000000003655,"stockCode":"003655","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-06T16:00:00.000Z","setUpScale":200033000,"market":"a","tickerId":3655,"custody":"招商银行股份有限公司","name":"信澳新财富灵活配置混合型证券投资基金","shortName":"信澳新财富混合(003655)","fundSecondLevel":"hybrid","__csrcFundId":970,"fundStatus":"normal","lastUpdated":"2026-04-30T18:57:50.315Z","masterFundFlag":1,"inceptionDate":"2016-11-09T16:00:00.000Z","fundCollectionId":4000050550000,"currency":"CNY","masterFundShortName":"信澳新财富混合","pinyin":"xaxcflhpzhhxzqtzjj","managers":[{"stockCode":"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