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5月份，利率自律机制下调通知存款以及协定存款利率加点上限，市场宽松预期升温。6月中旬，央行下调OMO和MLF利率10BP，十年国债快速下行至年内低点2.61%附近。随着5年期LPR利率跟随政策利率同步下调10BP后，市场对宽信用预期弱化，收益率先上后下。总体来看，上半年经济弱复苏叠加宽松货币环境，债券表现强势，银行理财回流，信用利差大幅压缩。投资操作上，本基金注重大类资产配置，择机优化权益持仓，适时调整组合久期和信用债持仓，适当运用杠杆，报告期内净值有所调整。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:49.456Z","mo":"展望下半年，我们认为今年经济最艰难的时刻或已过去，宏观调控力度继续加码，市场信心有望进一步修复，下半年经济环比增速有望稳步回升，全年可实现年初制定的经济增速目标。上半年市场整体呈存量博弈特征，随着政治局会议定调超预期，政策有望加码，市场风险偏好有望提升，整体对风险资产更为有利。本基金将继续侧重大类资产配置，根据市场变化调整仓位，适当运用杠杆，力争为持有人获得长期可持续的投资回报。","fund":{"_id":3000000003877,"stockCode":"003877","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-27T16:00:00.000Z","setUpScale":654367000,"market":"a","tickerId":3877,"custody":"中国建设银行股份有限公司","name":"富国久利稳健配置混合型证券投资基金","shortName":"富国久利稳健配置混合型(003877)","fundSecondLevel":"hybrid","__csrcFundId":1248,"fundStatus":"normal","lastUpdated":"2026-04-30T19:02:05.044Z","masterFundFlag":1,"inceptionDate":"2016-12-26T16:00:00.000Z","fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国久利稳健配置混合型","pinyin":"fgjlwjpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801445695","stockType":"fund_manager","exchange":"fm","tickerId":32508165080,"name":"蔡耀华"},{"stockCode":"db20515735","stockType":"fund_manager","exchange":"fm","tickerId":252402164830,"name":"俞晓斌"}]},"announcement":{"linkText":"富国久利稳健配置混合型证券投资基金二0二三年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=965668","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec78d7fea5b3eb046cde4","date":"2023-03-30T16:00:00.000Z","stockId":3000000003877,"sao":"一季度国内经济温和复苏：疫情防控政策优化后，复工扩产有序进行，社零数据回暖，固定资产投资略超预期，社会融资需求回升。今年政府确定的经济增长目标为5%，并提出要“要坚持稳字当头、稳中求进，保持政策连续性针对性，加强各类政策协调配合，形成共促高质量发展合力”，我们认为制定这一目标的出发点是强调高质量与结构，保持政策连续性。货币政策强调“精准有力”，总量精准与有力的定向工具相结合，为经济高质量增长保驾护航。市场对经济复苏的信心提升，股市触底反弹，债券收益率窄幅震荡，信用利差收缩。海外方面，一季度海外经济有所走弱，通胀压力缓解，联储加息处于尾声，美元指数走弱，美债收益率整体下行。投资操作上，本基金注重大类资产配置，择机优化权益持仓，适时调整组合久期和杠杆，报告期内净值有所增长。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:49.454Z","fund":{"_id":3000000003877,"stockCode":"003877","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-27T16:00:00.000Z","setUpScale":654367000,"market":"a","tickerId":3877,"custody":"中国建设银行股份有限公司","name":"富国久利稳健配置混合型证券投资基金","shortName":"富国久利稳健配置混合型(003877)","fundSecondLevel":"hybrid","__csrcFundId":1248,"fundStatus":"normal","lastUpdated":"2026-04-30T19:02:05.044Z","masterFundFlag":1,"inceptionDate":"2016-12-26T16:00:00.000Z","fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国久利稳健配置混合型","pinyin":"fgjlwjpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801445695","stockType":"fund_manager","exchange":"fm","tickerId":32508165080,"name":"蔡耀华"},{"stockCode":"db20515735","stockType":"fund_manager","exchange":"fm","tickerId":252402164830,"name":"俞晓斌"}]},"announcement":{"linkText":"富国久利稳健配置混合型证券投资基金二0二三年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=885632","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec78d7fea5b3eb046cde3","date":"2022-12-30T16:00:00.000Z","stockId":3000000003877,"sao":"2022年在多重因素下无论股债震荡都有所加剧，年初外部由于俄乌战争和美国制裁中概股，导致外资出现显著抛压，随后国内疫情风险有所上升，导致上市公司经营承压。在上海风险解除后，权益市场出现强劲反弹，但由于中周期上企业盈利仍在下行阶段，导致反弹高度不足，最终权益市场又逐渐走低。年底在政策刺激下顺周期板块在管理层呵护预期下有良好表现，又带动指数有一定反弹。与权益市场相对的，债券市场对于经济基本面的预期经历了先下后上，再下最终扭转向上的过程，但绝对利率水平较低可能加剧了年底的波动程度，特别是理财净值波动导致的赎回加剧了负反馈效应，进一步提升了债券资产的波动性。回顾2022年，组合管理在债券上节奏较好，但在权益方面却未能抓住基本面带来的机遇，同时也未能躲避阶段性风险。究其原因，一方面确实对于基本面风险估计不足，特别是黑天鹅事件不断叠加，加大了基本面回落的空间和持续性；另一方面则是在宏观风险提升之时，对个股估值压缩的空间准备不足，虽然很多标的选择之初阶段性估值低点，但最终其震荡边界达到了历史级别。通过2022年的学习，未来投资方面需要进一步提升对宏观风险的把握，这将决定估值中枢水平的研判；其次市场参与主体的多元化也应影响到了市场形态，特别在关键位置的止损上市场变得更为坚决，时刻保持警惕性是必要的；最后不同行业板块之间是存在轮动性和阶段性分化，这种分化源于各个行业或产业链上下游的利润迁移，既提供了轮动机遇，也蕴含着节奏风险，这可能需要提升在产业链研究上的深度，甚至不能放弃季节性效应。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:49.451Z","mo":"展望2023年，经济基本面有望也正在向良好的方向运行，国内顺利的度过了疫情冲击，且大大超越此前预期时间，导致消费快速修复。同时政策端也暖风尽出，无论是总量政策还是产业政策，都不断加大刺激力度，希望激发企业和民间活性，表明管理层对经济增长的较强诉求。我们认为国民仍然具有向往美好生活的动力，虽然人口老龄化、外部压力、近年来收入下降等问题依然存在，但这种欲望动能一旦被释放，经济增长的潜力依然巨大。具体来看，国内经济增长存在两方面修复，一方面是实际经济增长弱于潜在增长数年后可能出现向上反弹的动能，另一方面则是在政策刺激带动下，新增势能的出现可能加剧这一向上力量。如果宏观经济向上确立，则此前较为悲观的经济预期可能被扭转，特别对于权益市场而言，此前被压制的估值就有修复的可能。当然这种修复不可能一蹴而就，将会是渐进的，持续时间较长的，这种节奏性的变化可能将在今年主导股债β方向的波动，当市场对经济增速预期过高时，可能就要适当谨慎，反之则需要相对乐观。在具体行业选择上，今年相对看好国内复苏，特别是制造类和消费类，制造类如电子、通信、计算机，传媒，机械、化工等，去年受到情绪压制较为显著，但今年可能迎来估值和盈利的双重拐点，消费类如家电、汽车、食品饮料、社会服务等，今年经济活跃度的提升，其盈利能力将有较强保证。与权益资产相比，转债仍然具有较好的配置价值，无论从绝对价格和溢价率水平来看，在今年这种向上空间较好，期间存在波动的环境下，转债的安全保护无疑更佳，其期权价值有望进一步被市场关注。总体而言，经济基本面向上确定性正在加强，虽然高度和持续性仍有待验证，但各类资产的方向已经较为确定，组合内需要把握的，就是期间预期和现实节奏的变化。","fund":{"_id":3000000003877,"stockCode":"003877","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-27T16:00:00.000Z","setUpScale":654367000,"market":"a","tickerId":3877,"custody":"中国建设银行股份有限公司","name":"富国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   债券市场表现的是强势的，正是在不断验证着这种静态假设下的环境，目前还没有确凿的证据表明这些因素会改变。但正如历史上数次对国内经济较为悲观预期的修正一样，很难判断政策端是否会因为具体问题的变化也出现相应的调整，这种调整的程度进而带动市场预期向另一个方向转变。由于目前所能做出的推论结果，其假设条件的改变将造成这种结果向相反的方向发展，甚至这种波动是剧烈的，所有我们可能很难在任何一个方向上去压足我们的筹码。所以中性微调的策略我们仍会坚持，只有观察到的变量出现显著改变后才会做更多的动作。    权益市场表现是割裂的，短期新能源、汽车领域的强势，反应的是政策端已成型的确定性，能源革命可能恰恰是生长在逆全球化浪潮中各国对安全性的诉求，所开出的靓丽之花。当然正因为它的独特性，以及其他各领域正深陷泥潭，就显得这株鲜花的耀眼。我们看到他的确定性正快速被市场认可，并出现向周边蔓延的态势，我们不确定这种预期和具体企业资质是否具有完全匹配性，但起码预期差在变得更少。需要警惕的是，当其他领域摆脱泥潭后，这种相对的优势就可能被扭转，当然泥土也需要等待更广泛的雨露，可以确定的是，泥土中是存在优良的种子的。经历了外资冲击、行业政策迁移、经济波动等多轮冲击后，国内各个领域都广泛存在优秀的公司，均具有抵御风险的能力。当然我们暂时还会伫立在这朵鲜花之旁，但也开始环顾四周，去发现新的花蕊的出现。","fund":{"_id":3000000003877,"stockCode":"003877","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-27T16:00:00.000Z","setUpScale":654367000,"market":"a","tickerId":3877,"custody":"中国建设银行股份有限公司","name":"富国久利稳健配置混合型证券投资基金","shortName":"富国久利稳健配置混合型(003877)","fundSecondLevel":"hybrid","__csrcFundId":1248,"fundStatus":"normal","lastUpdated":"2026-04-30T19:02:05.044Z","masterFundFlag":1,"inceptionDate":"2016-12-26T16:00:00.000Z","fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国久利稳健配置混合型","pinyin":"fgjlwjpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801445695","stockType":"fund_manager","exchange":"fm","tickerId":32508165080,"name":"蔡耀华"},{"stockCode":"db20515735","stockType":"fund_manager","exchange":"fm","tickerId":252402164830,"name":"俞晓斌"}]},"announcement":{"linkText":"富国久利稳健配置混合型证券投资基金二0二二年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=787679","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec78d7fea5b3eb046cde0","date":"2022-03-30T16:00:00.000Z","stockId":3000000003877,"sao":"报告期内股债市场均出现较大幅度调整，特别是权益市场年初以来经历了三波下跌，分别由盈利预期不佳、俄乌战争和中概股流动性危机造成。期间绝对收益账户的止损也是无法忽视的。从基本面来看，今年下行趋势是确定的，但政策的对冲力度也是确定的，央行不断的降准降息，希望通过较为宽松的政策稳住经济增长，进而达到5.5%的全年增长目标。但现实的挑战是超过2020年的，今年同样出现了疫情的蔓延，但境内外疫情管控差异导致全球复苏节奏并不对国内有利，俄乌冲突不能在短期内得到结论令大宗商品价格持续在高位运行，此外美联储加息操作导致美债利率快速上行，中美利差已经收缩至近10年低位水平。总体而言，年初市场在政策对冲力度不断强化作用下对股债均存在一定预期，但现实基本面恶化程度是超出对冲力度的。在此期间，组合初期此下而上，配置去年以来跌幅较多，基本面较好的个券，期待博取政策宽松预期，但市场走出下跌行情。期间组合主要是对结构上进行调整处理，一是降低业绩增速尚可但预期存在一定不确定性的标的，二是在转债调整后增加可转债的配置力度，三是降低久期水平，防止股债均调整过程中，组合受到两类资产共同的冲击。展望未来，目前市场估值水平已经合理，且政策不确定性已经逐渐消除，未来优质标的成长性仍然可期。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:49.443Z","fund":{"_id":3000000003877,"stockCode":"003877","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-27T16:00:00.000Z","setUpScale":654367000,"market":"a","tickerId":3877,"custody":"中国建设银行股份有限公司","name":"富国久利稳健配置混合型证券投资基金","shortName":"富国久利稳健配置混合型(003877)","fundSecondLevel":"hybrid","__csrcFundId":1248,"fundStatus":"normal","lastUpdated":"2026-04-30T19:02:05.044Z","masterFundFlag":1,"inceptionDate":"2016-12-26T16:00:00.000Z","fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国久利稳健配置混合型","pinyin":"fgjlwjpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801445695","stockType":"fund_manager","exchange":"fm","tickerId":32508165080,"name":"蔡耀华"},{"stockCode":"db20515735","stockType":"fund_manager","exchange":"fm","tickerId":252402164830,"name":"俞晓斌"}]},"announcement":{"linkText":"富国久利稳健配置混合型证券投资基金二0二二年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=729141","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec78d7fea5b3eb046cddf","date":"2021-12-30T16:00:00.000Z","stockId":3000000003877,"sao":"2021年，对个人是一个巨大的挑战，再次验证了没有任何一种策略是能够穿越所有时间周期的，市场自身不断强化的学习效应，会在短时间内将阶段性取得超额收益的策略演绎到极致，进而达到交易拥挤的程度，其后果是超额逐渐消失，随之而来的是过度交易后的负效应涌现，负反馈伴随着进一步的反身性冲击，短时间内就可能将长期累积的回报擦除。年初的茅指数，年中的周期与中证500，以及后续的新能源领域均出现类似现象。    个人风格上一直以自上而下与自下而上相互结合来综合评定组合架构，自上而下包含有宏观周期、政策趋势与相关资产的比价效应等。自下而上则包含有板块价值判断，个股成长性与估值水平，交易拥挤度分析等。应该说年初的操作是成功的，正是基于自上而下收益率曲线陡峭化的判断得出了长久期资产风险上升，随后从交易拥挤度与估值水平分析，最终得出了茅指数阶段性达到高点，周期与中证1000、国证2000等中小盘指数价值凸显的结论，这一结果明显使得自身能够从年初的波动中全身而退。但这种框架在9月份受到了极大挑战，首先估值水平与相关资产性价比显著支持周期类标的所具有的安全性，但政策端的谨慎与交易拥挤度的提升则给出了相反的结论。相互矛盾的结论对于策略的指导出现了背离，但同期其他类资产又无法有显性的盈利支撑给予组合调整的动力与逻辑支持。结果来看，框架出现了阶段性失效，周期股的下跌超出了价值判断的范畴，从个人而言，也阶段性陷入了矛盾之中，各类研判指标到底何为首要，何为次要？目前来看，能够形成的结论是，可能在增量资金不断上升的市场中，交易因子的重要性并不强，但在存量市场环境下，交易因子的重要性就变得极为关键。此外，对于个人而言，可能需要提高对于突发情况的修正能力，要敢于从客观理性的角度对自我进行否定。回顾来看，2021年海内外市场跌宕起伏，年初中美利率小幅上行，对未来通胀有所预期，对于长久期资产形成一定杀伤。随着时间推移，通胀被逐渐验证，以国内动力煤期货和海外原油期货为代表的商品价格出现显著上涨。同时，新冠疫情仍然在全球肆虐，由此引发的长期增长担忧也在资本市场蔓延。一种前所未有的滞胀担忧弥漫在情绪中，这种情绪一直蔓延至3、4季度之交，周期类标的大幅跑赢市场。与此同时，自上而下对商品价格的打压也相应出现，短时间内国内商品价格大幅波动，进而带动相关资产出现显著回撤。在商品价格回落后，政策端对于稳增长的决心方向上更加确定，年末货币政策在量与价的方面均有所动作。综合来看，单从权益市场而言，风格上的分离达到了历史级别，上中下游资产、大盘蓝筹与中小盘成长之间多数时间段内走出反向趋势。转债市场由于对应标的更加偏重上游和小盘成长，总体上在今年是受益的，同时流动性宽松助推了转债溢价率的提升，使其成为全年唯一持续取得超额回报的资产。在债券方面，虽然阶段性存在通胀隐忧，但政策端的呵护令总体利率水平并未出现大幅波动，全年来看走出下行趋势。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:49.440Z","mo":"展望2022年，全球性通胀已经甚嚣尘上，美国通胀水平大概率触及近10年来高位，美联储收紧货币政策也进入到实质性阶段。与境外市场不同的是，国内经济下行压力正在加大，稳增长诉求不断增强，货币政策与财政政策在方向性上仍保持一致。当然这种境内外政策背离是值得关注的，当然国内外经济周期所处环境的背离是造成这一局面的核心要素。至于背离的持续性和持续空间，汇率又是关键变量，当人民币汇率处于强势阶段时，中外货币政策的分离并不需要过多担忧，但一旦汇率出现大幅度贬值，这种隐含风险就将显著上升。从国内基本面的角度来看，由于疫情管控已经两年有余，部分中下游行业受到一定扰动，特别是终端需求在缺乏外力支持下可能短期难以看到复苏迹象。但国内制造业近两年的成长是耀眼的，一批优秀的公司在全球范围内取得领先地位，特别是在新能源、新材料、消费电子制造、5G建设等领域。从宏观面放松与优质制造业企业蓬勃迈进的背景下，预计资金仍然会更加偏好产业端的优胜者，M2与借贷利率之间巨大的流动性差会给予上述企业更丰厚的奖励。当然应该注意的是估值风险是持续存在的，一是赛道类板块的相对高估值，另一个是短期盈利无法见到拐点的科技类标的，但随着增长持续性的验证，估值将在今明两年可预期的被大幅压缩，进而达到合理水平。我们也将从估值、潜在政策支持方向、企业资质等角度多维度综合筛选优质标的，作为我们今年投资的主力方向。在转债方面，我们认为估值风险是最为核心的矛盾，目前转债估值水平处于历史极值位置，其脆弱性显著提升，未来需要密切关注利率水平的变化来进行调整。如未来利率水平出现阶段性收紧，对于转债价格的影响可能是巨大的，当然如果利率水平未大幅上行，可能也并不会出现转债估值极端压缩的悲观局面。类似固收加等产品的快速发展也为转债市场提供了充足的流动性。在纯债层面，短期利率水平相对较低，宽信用与宽货币的争论会持续存在与市场上，我们认为短期仍然会偏重于宽货币，但信贷与社融数据如果出现两个月以上的逆转，则可能出现一定风险。综合来看，2022年复杂度可能更甚于2021年，组合会从更长维度考虑，拥抱优质资产，阶段性调整转债仓位和久期水平，尽力将组合架构在相对合理的配置方向上。","fund":{"_id":3000000003877,"stockCode":"003877","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-27T16:00:00.000Z","setUpScale":654367000,"market":"a","tickerId":3877,"custody":"中国建设银行股份有限公司","name":"富国久利稳健配置混合型证券投资基金","shortName":"富国久利稳健配置混合型(003877)","fundSecondLevel":"hybrid","__csrcFundId":1248,"fundStatus":"normal","lastUpdated":"2026-04-30T19:02:05.044Z","masterFundFlag":1,"inceptionDate":"2016-12-26T16:00:00.000Z","fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国久利稳健配置混合型","pinyin":"fgjlwjpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801445695","stockType":"fund_manager","exchange":"fm","tickerId":32508165080,"name":"蔡耀华"},{"stockCode":"db20515735","stockType":"fund_manager","exchange":"fm","tickerId":252402164830,"name":"俞晓斌"}]},"announcement":{"linkText":"富国久利稳健配置混合型证券投资基金二0二一年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=716427","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec78d7fea5b3eb046cdde","date":"2021-09-29T16:00:00.000Z","stockId":3000000003877,"sao":"三季度以来，商品价格大幅度上涨，其中能源品上涨幅度达到历史级别水平。与此同时国内正经历疫情复苏后经济增速逐渐斜率向下的过程，与全球正处于疫情复苏后的高增长阶段，国内比较优势有所弱化。从消费数据以及对应的工业增加值数据来看，总体并不乐观，主要依靠海外出口，而新出口订单逐渐走低则预示出口项对经济增长的支持可能会逐渐弱化。综合来看，一方面价格与需求的背离可能持续，另一方面产业利润正在经历从下游向上游的转移阶段。根据时间推演，临近季末，供需缺口的矛盾愈演愈烈，特别是能源匮乏已经成为全球性难题，中上游高能耗企业被动进入到限电模式。根据基本面的变化，我们在组合上调整到倾向于中上游板块，特别是在大幅度增加权益风险暴露的情况下，向中上游倾斜。但对于与权益相关联的转债标的，由于溢价率水平较高，同时安全边际不足，相对性价比已经较为劣势，总体上是采取降低仓位的做法。对于纯债资产，由于未来不确定性加大，降低纯债久期成为主要投资方向。    总体而言，市场前期演进与我们较早研判相符，但后续市场迅速出现反转，商品价格与对应标的走出反向行情，市场更担忧未来的长期需求，我们认为这种短期波动是存在的，同时市场可能低估了上游企业未来将获得的长期政策支持，这种政策支持是在碳中和限制产能的背景之下的。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:49.438Z","fund":{"_id":3000000003877,"stockCode":"003877","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-27T16:00:00.000Z","setUpScale":654367000,"market":"a","tickerId":3877,"custody":"中国建设银行股份有限公司","name":"富国久利稳健配置混合型证券投资基金","shortName":"富国久利稳健配置混合型(003877)","fundSecondLevel":"hybrid","__csrcFundId":1248,"fundStatus":"normal","lastUpdated":"2026-04-30T19:02:05.044Z","masterFundFlag":1,"inceptionDate":"2016-12-26T16:00:00.000Z","fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国久利稳健配置混合型","pinyin":"fgjlwjpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801445695","stockType":"fund_manager","exchange":"fm","tickerId":32508165080,"name":"蔡耀华"},{"stockCode":"db20515735","stockType":"fund_manager","exchange":"fm","tickerId":252402164830,"name":"俞晓斌"}]},"announcement":{"linkText":"富国久利稳健配置混合型证券投资基金二0二一年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=659005","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec78d7fea5b3eb046cddd","date":"2021-06-29T16:00:00.000Z","stockId":3000000003877,"sao":"上半年是一个较为艰难的阶段，特别是权益市场在经历了调整之后，投资人信心遭遇较大打击。就基本面而言，关于是滞还是胀的讨论一直在进行中，初期包括黑色金属、农业品、原油等国内外价格快速上涨，进一步提升了市场对全球货币政策收紧的担忧。但随后发改委工信部等多部委联合对于大宗商品进行警示行动，国内主要商品价格从高位回落20%左右，释放了市场对于通胀风险的担忧情绪。期间权益市场风格从规避成长到拥抱成长，货币政策成为影响市场的主导因素。在债券市场层面，在面对基本面变化中则相对稳定，并没有出现跟随性的大幅波动，流动性仍然充裕，中短端利率水平震荡下行，中长端利率虽然阶段性有所反复，但总体仍然在下行通道中。面对并不清晰的基本面环境，本组合初期采取相对保守的操作策略，一是控制权益仓位，债券部分则维持一定仓位和久期，获取稳定收益，二是在通胀上行阶段中增配周期类标的，三是在周期见顶了部分降低周期类标的持仓，但仍然以能够提供稳定分红比例的标的作为主要持仓方向，并适当增配长期业绩确定性相对较高标的。总体来看，虽然在市场波动中并没有完全踩准节奏，但也并未有较大偏差，组合仍然保持相对稳定的结构，并阶段性获取一定绝对收益。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:49.435Z","mo":"下半年预计复杂度会进一步上升，首先经济在经历了去年以来疫情冲击的修复之后，逐渐进入到下行压力通道之中；其次在于前期全球性宽松政策开始发酵，疫情管控不平衡导致全球供需缺口进一步扩大，通胀持续高位表明这一风险并非是短期化和脉冲式，而是具有中期风险的；再次经济修复在全球性的不平衡，导致政策节奏出现显著分歧，进而加剧国际间资本流动，政策独立性也受到一定挑战；最后是目前全球仍在受到疫情冲击，特别是新型变种病毒在多国开始蔓延，国内也正在受到该病毒的侵扰。综合来看，政策端在经济衰退和通胀压力两方面抉择的难度更大了，同时能够兼顾的可能性也在降低。我们预计未来政策仍会阶段性聚焦一点，即如果通胀压力过大，则适当降低政策宽松的力度，或加大行政手段来进行价格调控，而如果经济下行压力较大，则政策宽松力度加强，辅助托底的政策也会更加多元化。在两者之间如果考虑疫情因素仍未消退的话，预计政策宽松的力度和概率仍然会高于紧缩力度。面对这种复杂程度，相对追求胜率的重要性就更高，适当降低总体的风险敞口仍然是未来投资的主要策略，同时在各类风险中，注重相互对冲性，降低整体组合受到意外事件的冲击也会作为核心考虑之一。当然，波动的市场环境也存在相应的机会，未来会进一步发挥灵活性，在综合考虑资产潜在收益和下行可能之间做出决策，动态构建组合，发现反转机会。","fund":{"_id":3000000003877,"stockCode":"003877","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-27T16:00:00.000Z","setUpScale":654367000,"market":"a","tickerId":3877,"custody":"中国建设银行股份有限公司","name":"富国久利稳健配置混合型证券投资基金","shortName":"富国久利稳健配置混合型(003877)","fundSecondLevel":"hybrid","__csrcFundId":1248,"fundStatus":"normal","lastUpdated":"2026-04-30T19:02:05.044Z","masterFundFlag":1,"inceptionDate":"2016-12-26T16:00:00.000Z","fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国久利稳健配置混合型","pinyin":"fgjlwjpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801445695","stockType":"fund_manager","exchange":"fm","tickerId":32508165080,"name":"蔡耀华"},{"stockCode":"db20515735","stockType":"fund_manager","exchange":"fm","tickerId":252402164830,"name":"俞晓斌"}]},"announcement":{"linkText":"富国久利稳健配置混合型证券投资基金二0二一年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=636153","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec78d7fea5b3eb046cddc","stockId":3000000003877,"sao":"年初市场仍然在权益热度的带动下，各类含权资产涨幅巨大，同时含权类资管产品发行迅猛。但由于全球新冠疫苗接种进入实质性阶段，全球性结构化复苏不断深化，导致大宗商品价格存在向上波动风险，由此带动的利率预期提升对于权益资产未来的盈利贴现构成一定冲击。组合在结合了当时市场估值水平与未来潜在不确定性，同时考虑到已经具有一定浮盈的情况下，以控制净值波动出发，对含权类资产进行了减仓操作，同时将部分仓位置换到短期盈利更加确定的红利指数与周期板块中。与此同时，对于利率品的操作也进行了曲线结构上的调整，一是看到供需端在超长债存在利好，另一方面看到中段曲线过低，故选择采取哑铃型操作，在绝对收益与波动性上寻求平衡。时间进入到3月末后，权益市场阶段性调整较为充分，同时超长端利率也已经达到预期位置，故对组合进行了二次调整。在不过度放大组合风险暴露的情况下，适当增加了优质权益和转债的配置，但总体仓位提升不多，同时降低超长端债券持仓占比，转而部分买入中短端资产。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:49.433Z","fund":{"_id":3000000003877,"stockCode":"003877","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-27T16:00:00.000Z","setUpScale":654367000,"market":"a","tickerId":3877,"custody":"中国建设银行股份有限公司","name":"富国久利稳健配置混合型证券投资基金","shortName":"富国久利稳健配置混合型(003877)","fundSecondLevel":"hybrid","__csrcFundId":1248,"fundStatus":"normal","lastUpdated":"2026-04-30T19:02:05.044Z","masterFundFlag":1,"inceptionDate":"2016-12-26T16:00:00.000Z","fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国久利稳健配置混合型","pinyin":"fgjlwjpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801445695","stockType":"fund_manager","exchange":"fm","tickerId":32508165080,"name":"蔡耀华"},{"stockCode":"db20515735","stockType":"fund_manager","e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标基本能够达到预期。在经济基本面和政策面的扰动下，各类市场表现也呈现高波动性。首先债券市场在初期刺激政策的引导下，利率大幅下行，特别是银行间回购利率一度达到1%以下水平，带动市场人气不断攀升，除10年期品种以外，许多品种创下2015年以来的新低水平。但随后在基本面逐渐好转，政策宽松边际下降的影响下，债券利率也迅速出现反弹，截止到半年末，无风险利率水平基本回到甚至超过疫情前水平。权益市场则出现了两次高波动，一次是国内疫情爆发，市场在单日大幅下跌后在政策刺激的带领下迅速修复，指数创出新高；另一次则是海外疫情超预期蔓延，全球经济预期转向极度悲观，导致风险偏好下降，指数也刷新了由国内疫情风险带来的低点水平，不过国内经济韧性慢慢体现出来，市场最终走向修复。截止二季度末，权益市场重新转向乐观，特别是代表科技创新的创业板和深成指，已经刷新前期高点，表现更佳。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:49.425Z","mo":"从上半年各类资产波动来看，基本面仍然是指引市场走向的关键因素。展望未来，从上市公司给出的业绩指引来看，有望延续2季度良好的经济反弹态势，特别是行业内领先企业，其盈利增长率更是超出行业平均水平，一些国内具有自主品牌，同时更具有竞争优势的企业在不断巩固其产业地位。此外由于全球复工进度的差异化，国内企业在全球制造业中的份额也有阶段性提升。虽然中美经贸政治关系前景的不确定性在不断上升，展望未来在美国大选以前进一步升级的概率仍然较大，但企业竞争力在全球再分配体系下的属性并未被阻挡。在这种竞争力属性被广泛认可的环境下，外部资金正在不断涌入，今年上半年海外资金流入A股市场超千亿，其持仓市值已经接近国内公募基金水平。与此同时，国内公募基金业绩连续两年超市场基准水平，也逐渐得到投资人认可，随着理财净值化时代的来临，资金流向专业化机构的步伐逐渐加快，整个上半年公募基金总体规模增长迅速，其中混合基金规模增长更是接近1万亿。在政策端，习总书记确立了政策立足国内经济发展，鼓励创新领域的方向，预计总量刺激政策未来出台的概率较低，但针对高新技术、中小企业的减税降费力度有望进一步扩大，结构化改革深入程度会进一步加深。在这种基本面和政策面的环境背景下，我们认为权益市场未来阶段性表现可能会好于固定收益品种，同时市场的结构化倾向不会因为整体情绪的转向而转向，具有行业优势的标的会有相对超额表现。债券市场方面虽然基本面趋势并不有利，但由于从4月份以来已经出现了较大幅度调整，基本回归到了合理定价水平，如果未来不出现通胀，则当前利率水平已经具有可配置价值。转债品种目前绝对价格水平已经呈现显著股性特征，但好在转债发行端在逐渐友好，一批相对优质的主体正在填补市场，未来转债可供投资选择的空间也较为可观。总体上我们认为未来一段时间内市场的波动可能仍然无法避免，但权益资产的长期收益可期，纯债品种特别是中短端品种的配置价值已经显现，未来整体资产的回报率有望进一步提升。","fund":{"_id":3000000003877,"stockCode":"003877","stockType":"fund","areaCode":"cn","followedNum":8,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-11-27T16:00:00.000Z","setUpScale":654367000,"market":"a","tickerId":3877,"custody":"中国建设银行股份有限公司","name":"富国久利稳健配置混合型证券投资基金","shortName":"富国久利稳健配置混合型(003877)","fundSecondLevel":"hybrid","__csrcFundId":1248,"fundStatus":"normal","lastUpdated":"2026-04-30T19:02:05.044Z","masterFundFlag":1,"inceptionDate":"2016-12-26T16:00:00.000Z","fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国久利稳健配置混合型","pinyin":"fgjlwjpzhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801445695","stockType":"fund_manager","exchange":"fm","tickerId":32508165080,"name":"蔡耀华"},{"stockCode":"db20515735","stockType":"fund_manager","exchange":"fm","tickerId":252402164830,"name":"俞晓斌"}]},"announcement":{"linkText":"富国久利稳健配置混合型证券投资基金二0二0年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=464701","linkType":"PDF","source":"csrc_pdf"}}]}