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值得一提的是部分商品上涨催化下，国内通缩预期有所改善。　　在宽流动性和弱经济的背景下，2025年国内资本市场股市表现强劲，债市持续调整。股市中传统经济中的有色，新兴经济中的芯片半导体、机器人、商业航天等走势较强，而地产电力煤炭周期等板块走势较弱。　　本基金操作方面，在符合基金产品合同约定的投资范围和投资比例的前提下，2025年最后两个月对本基金的持仓风格进行了切换，主要考虑到市场交易情绪较好且短时间出现了明显的错杀，因此大幅提高了转债和权益仓位的比例。方向上看好科技成长类，以机器人和商业航天为主要抓手。","lastUpdated":"2026-04-02T12:45:47.401Z","mo":"2026年宏观经济整体将好于2025年，随着CPI转正和PPI趋于转正，实体经济体感将明显好于2025年，企业盈利也会略好于2025年。宏观政策方面继续有降息降准可能。　　基于以上判断，我们继续关注2026年股票市场。结构上看，科技行业仍是2026年主线，但市场热点可能逐渐转向部分受益于实体经济改善的周期行业。到了下半年，部分持续滞胀的消费行业可能也会陆续有所表现。转债方面因估值较高，由于估计已经处于历史较高分位数，因此转债特性减弱，更多和底层权益的有关，因此对转债的挑选需要更加细致，更多从底层个股层面进行分析以及挑选，后续如果转债市场冲高至较高位置，且没有性价比较高的可选标的可能会对转债仓位进行减持。权益方面，目前仍然以科技为主，但后续随着PPI可能趋势走好以及国内地产企稳带动消费走好，仓位可能向周期和新消费进行一定倾斜。　　2026年本基金将通过行业轮动和个券层面的精细挑选争取持续为客户创造较好的收益。","fund":{"_id":3000000004005,"stockCode":"004005","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-12T16:00:00.000Z","setUpScale":224895000,"market":"a","tickerId":4005,"custody":"中国民生银行股份有限公司","name":"东方民丰回报赢安混合型证券投资基金","shortName":"东方民丰回报赢安混合(004005)","fundSecondLevel":"hybrid","__csrcFundId":1517,"fundStatus":"normal","lastUpdated":"2026-04-30T19:03:58.754Z","masterFundFlag":1,"inceptionDate":"2017-03-08T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方民丰回报赢安混合","pinyin":"dfmfhbyahhxzqtzjj","managers":[{"stockCode":"db20835832","stockType":"fund_manager","exchange":"fm","tickerId":240117224650,"name":"徐奥千"}]},"announcement":{"linkText":"东方民丰回报赢安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=1450016","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec79c7fea5b3eb046e09c","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000004005,"sao":"A股市场三季度震荡上行，成长风格相对占优，红利类表现较弱。根据WIND数据显示，上证指数上涨12.73%、深证成指上涨29.25%、创业板指上涨50.40%、沪深300上涨17.90%、中证500上涨25.31 %。分行业看，申万一级行业中表现相对较强的前五行业是通信、电子、电力设备、有色金属、综合；表现相对落后的行业分别是银行、交通运输、石油石化、公用事业、食品饮料。　　三季度市场风险偏好提升，同时为适应基金规模变化，本基金在三季度对权益、可转债和纯债的配置思路如下：1）权益资产：相较于二季度末，适当提升了权益仓位，将具备红利、低波、蓝筹特征的个股作为重要配置方向，并适度增配有色、成长股以平衡组合风格，同时提高了自下而上研究的个股投资比例；2）可转债：以低价转债为主要配置标的；3）利率债：重点配置关键期限品种。","lastUpdated":"2026-03-09T13:14:04.125Z","fund":{"_id":3000000004005,"stockCode":"004005","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-12T16:00:00.000Z","setUpScale":224895000,"market":"a","tickerId":4005,"custody":"中国民生银行股份有限公司","name":"东方民丰回报赢安混合型证券投资基金","shortName":"东方民丰回报赢安混合(004005)","fundSecondLevel":"hybrid","__csrcFundId":1517,"fundStatus":"normal","lastUpdated":"2026-04-30T19:03:58.754Z","masterFundFlag":1,"inceptionDate":"2017-03-08T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方民丰回报赢安混合","pinyin":"dfmfhbyahhxzqtzjj","managers":[{"stockCode":"db20835832","stockType":"fund_manager","exchange":"fm","tickerId":240117224650,"name":"徐奥千"}]},"announcement":{"linkText":"东方民丰回报赢安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=1376529","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec79c7fea5b3eb046e09b","date":"2025-06-29T16:00:00.000Z","stockId":3000000004005,"sao":"A股市场上半年震荡向上，同时呈现出一定的结构性特征。根据WIND数据显示，上证指数上涨2.76%、深圳成指上涨0.48%、创业板指上涨0.53%、沪深300上涨0.03%、中证500上涨3.31%。分行业看，申万一级行业相对较强的前五行业是有色、银行、军工、传媒、通信；相对落后的行业分别是煤炭、食品饮料、房地产、石油石化、建筑装饰。　　在二季度末，本基金的基金规模发生较大变动，我们相应调整了持仓结构。在配置思路上，我们仍将波动率作为重要考量因素，努力控制组合回撤风险。资产配置方面，我们主要从以下三个方向布局：1）权益资产：行业配置保持均衡，侧重配置具备红利、低波、蓝筹特征的个股，在能力圈范围内，适量参与成长股投资；2）可转债：以高评级品种和低价转债为主；3）利率债：配置关键期限品种，并适度提高久期。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:04.122Z","mo":"下半年影响国内宏观经济的一个重要变量可能是出口增速拐点是否会出现。上半年出口显示出较强的韧性，从数据看，4、5月份对美出口回落较为明显，但东南亚、拉美等地的出口增长基本对冲了对美出口的下滑。后续出口走势一方面取决于各国与美国的贸易谈判进展，这需要持续跟踪评估。目前来看，贸易谈判对证券市场的影响呈现一定的弱化趋势。另一个重要影响因素是海外库存拐点的出现时间。如果出现海外累库结束、出口回落的负面情形，就需要新的增长动能来支撑国内宏观经济，但由于缺乏相关数据，具体时间窗口尚难判断。与需求侧相比，优化供给对PPI和CPI的短期影响更为直接。“反内卷”、治理无序竞争等政策预计将持续推进，有助于改善通缩预期。目前，需求拉动仍主要依赖“两重两新”，由于出口韧性超预期，进一步刺激需求的政策可能取决于未来宏观数据的变化。外部风险——无论是经贸还是地缘政治方面，仍存在较大不确定性，对大类资产的影响较为复杂，以跟踪和动态应对为主。从市场层面来看，稳市场的政策基调未变，叠加流动性宽松，对短期市场形成一定支撑，A股市场风险偏好在未来一段时间内继续维持的概率较大。","fund":{"_id":3000000004005,"stockCode":"004005","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-12T16:00:00.000Z","setUpScale":224895000,"market":"a","tickerId":4005,"custody":"中国民生银行股份有限公司","name":"东方民丰回报赢安混合型证券投资基金","shortName":"东方民丰回报赢安混合(004005)","fundSecondLevel":"hybrid","__csrcFundId":1517,"fundStatus":"normal","lastUpdated":"2026-04-30T19:03:58.754Z","masterFundFlag":1,"inceptionDate":"2017-03-08T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方民丰回报赢安混合","pinyin":"dfmfhbyahhxzqtzjj","managers":[{"stockCode":"db20835832","stockType":"fund_manager","exchange":"fm","tickerId":240117224650,"name":"徐奥千"}]},"announcement":{"linkText":"东方民丰回报赢安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=1343115","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec79c7fea5b3eb046e09a","date":"2025-03-30T16:00:00.000Z","stockId":3000000004005,"sao":"A股市场一季度呈现震荡行情，结构性较为突出。根据WIND数据显示，上证指数下跌0.48%、深圳成指上涨0.86%、创业板指下跌1.77%、沪深300下跌1.21%、中证500上涨2.31 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"lastUpdated":"2026-03-09T13:14:04.112Z","mo":"从经济基本面来看，国内有效需求仍然偏弱，经济结构转型仍在过程中。今年上半年我国GDP实际增速5%，其中一季度5.3%，二季度4.7%，二季度增速较一季度有所回落，除天气等因素外，也显示出国内有效需求不足的问题。7月制造业PMI指数位于荣枯线以下，需求偏弱格局延续，经济驱动力的转变还需要时间。当前外部环境仍比较复杂，海外经济下行预期加大，美国降息周期临近，地缘冲突仍在延续，贸易冲突可能加大。从国内的政策支撑来看，促需求政策正在加大力度，如大规模设备更新和消费品以旧换新政策等，但是政策效应的体现需要一个过程。从A股市场层面来看，目前主要指数估值处于较低位置，结合当前宏观背景，预计下半年市场将以结构性行情为主。","fund":{"_id":3000000004005,"stockCode":"004005","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-12T16:00:00.000Z","setUpScale":224895000,"market":"a","tickerId":4005,"custody":"中国民生银行股份有限公司","name":"东方民丰回报赢安混合型证券投资基金","shortName":"东方民丰回报赢安混合(004005)","fundSecondLevel":"hybrid","__csrcFundId":1517,"fundStatus":"normal","lastUpdated":"2026-04-30T19:03:58.754Z","masterFundFlag":1,"inceptionDate":"2017-03-08T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方民丰回报赢安混合","pinyin":"dfmfhbyahhxzqtzjj","managers":[{"stockCode":"db20835832","stockType":"fund_manager","exchange":"fm","tickerId":240117224650,"name":"徐奥千"}]},"announcement":{"linkText":"东方民丰回报赢安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=1152264","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec79c7fea5b3eb046e096","date":"2024-03-30T16:00:00.000Z","stockId":3000000004005,"sao":"2024年1季度市场呈现宽幅震荡格局，各指数涨跌结构性较为突出，根据WIND数据显示，上证指数上涨2.23%、深圳成指下跌1.30%、创业板指下跌3.87%、沪深300上涨3.10%、中证500下跌2.64 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3-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:04.102Z","mo":"上半年市场经历了经济强复苏预期与弱复苏现实的再平衡过程，在这一过程中A股市场形成了一定的市场波动。从下半年国内经济增长看，内生性需求的恢复或是下半年经济主要的驱动力量，需求恢复的斜率则受到政策面的影响。在不考虑潜在促经济政策的背景下，需求恢复过程会相对缓慢。另一方面，结合政策面的表态和上半年相比较，出台相关政策的概率在边际改善。　　从主要指数的预期估值水平和股债收益比所处的位置看，目前对于宏观经济的悲观预期正在体现到资产定价当中，A股目前正在处于价值区间，具备长期投资价值。综合考虑，在企业盈利修复曲线斜率平缓背景下，A股市场有较大可能会在震荡中实现估值中枢逐步上行。","fund":{"_id":3000000004005,"stockCode":"004005","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-12T16:00:00.000Z","setUpScale":224895000,"market":"a","tickerId":4005,"custody":"中国民生银行股份有限公司","name":"东方民丰回报赢安混合型证券投资基金","shortName":"东方民丰回报赢安混合(004005)","fundSecondLevel":"hybrid","__csrcFundId":1517,"fundStatus":"normal","lastUpdated":"2026-04-30T19:03:58.754Z","masterFundFlag":1,"inceptionDate":"2017-03-08T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方民丰回报赢安混合","pinyin":"dfmfhbyahhxzqtzjj","managers":[{"stockCode":"db20835832","stockType":"fund_manager","exchange":"fm","tickerId":240117224650,"name":"徐奥千"}]},"announcement":{"linkText":"东方民丰回报赢安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=965008","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec79c7fea5b3eb046e092","date":"2023-03-30T16:00:00.000Z","stockId":3000000004005,"sao":"2023年1季度市场呈现普遍上行走势，根据WIND数据显示，上证指数上涨5.94%、深圳成指上涨6.45%、创业板指上涨2.25%、沪深300上涨4.63%、中证500上涨8.11 %。分行业看，申万一级行业相对较强的前五行业是计算机、通信、传媒、电子、建筑装饰；相对落后的行业分别是商贸零售、房地产、综合、银行、美容护理。　　一季度的投资策略维持原有的投资框架，固收方面采用高等级债券和低价转债作为配置方向。权益策略方面，在配置上适度提升了权益仓位，并保持在中等水平。在权益的结构方面，整体依然维持适度均衡的行业配置。在个股选择上，一季度提高了对安全边际的考虑权重，然后结合业绩确定性、成长空间和估值等因素筛选优质个股进行综合研究。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:04.099Z","fund":{"_id":3000000004005,"stockCode":"004005","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-12T16:00:00.000Z","setUpScale":224895000,"market":"a","tickerId":4005,"custody":"中国民生银行股份有限公司","name":"东方民丰回报赢安混合型证券投资基金","shortName":"东方民丰回报赢安混合(004005)","fundSecondLevel":"hybrid","__csrcFundId":1517,"fundStatus":"normal","lastUpdated":"2026-04-30T19:03:58.754Z","masterFundFlag":1,"inceptionDate":"2017-03-08T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方民丰回报赢安混合","pinyin":"dfmfhbyahhxzqtzjj","managers":[{"stockCode":"db20835832","stockType":"fund_manager","exchange":"fm","tickerId":240117224650,"name":"徐奥千"}]},"announcement":{"linkText":"东方民丰回报赢安混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=888087","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec79c7fea5b3eb046e091","date":"2022-12-30T16:00:00.000Z","stockId":3000000004005,"sao":"2022年A股市场震荡向下，根据WIND数据显示，上证指数下跌15.13%、深圳成指下跌25.85%、创业板指下跌29.37%、沪深300下跌21.63%、中证500下跌20.31%。分行业看，申万一级行业相对较强的前五行业是煤炭、综合、社会服务、交通运输和美容护理；跌幅较大的行业分别是建筑材料、传媒、计算机、电力设备和国防军工。　　在2022年下半年的投资策略中，把高等级债券作为基础配置，同时，初期我们重点配置可转债，在低价转债中寻找合适的标的。随着市场向下调整，市场主要指数的估值水平逐步具备吸引力，我们陆续增加股票持仓，降低了可转债仓位。在未来权益的策略上，我们继续坚持适度均衡的行业配置，并根据市场和个股估值水平阶段性调整权益的仓位。在股票选择上，未来加大对于价格安全边际的考虑权重，并结合业绩确定性、成长空间和估值等因素筛选优质个股。债券配置上，严格控制信用风险，以AAA级债券为主，并配置部分低价转债增强业绩弹性。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:04.096Z","mo":"2023年国内经济大概率自然复苏。随着新冠“乙类乙管”措施落地，疫情作为制约经济增长的重要因素之一得到缓解，结合年初各地疫情稳步下降趋势，疫情对经济的影响已经大幅度减弱。从政策面角度，地方两会在春节前集中召开，产业创新升级、消费的恢复和扩大是各地经济发展的重要方面，随着政策措施的逐步落地，对经济会起到一定的支撑作用。从流动性角度，23年稳定的概率大，但边际变化需要观察经济复苏情况持续跟踪。　　从市场估值水平看，经过2022年的大幅回落，主要指数估值水平已经处于合理区间，具备了一定的长期投资价值。叠加宏观面自然复苏的趋势，2023年市值估值中枢向上修复是大概率事件。综合判断，从今年全年的时间维度看，重点看好两条主线，一是自然复苏的主线，包括大消费、工业等领域，龙头价值受益于经济复苏带来的估值修复；另外是需求可观测的高成长主线，如新能源、科技、军工等。","fund":{"_id":3000000004005,"stockCode":"004005","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-12T16:00:00.000Z","setUpScale":224895000,"market":"a","tickerId":4005,"custody":"中国民生银行股份有限公司","name":"东方民丰回报赢安混合型证券投资基金","shortName":"东方民丰回报赢安混合(004005)","fundSecondLevel":"hybrid","__csrcFundId":1517,"fundStatus":"normal","lastUpdated":"2026-04-30T19:03:58.754Z","masterFundFlag":1,"inceptionDate":"2017-03-08T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方民丰回报赢安混合","pinyin":"dfmfhbyahhxzqtzjj","managers":[{"stockCode":"db20835832","stockType":"fund_manager","exchange":"fm","tickerId":240117224650,"name":"徐奥千"}]},"announcement":{"linkText":"东方民丰回报赢安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=864168","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec79c7fea5b3eb046e090","date":"2022-09-29T16:00:00.000Z","stockId":3000000004005,"sao":"2022年3季度市场出现较大的调整，根据WIND数据显示，上证指数下跌11.01%、深圳成指下跌16.42%、创业板指下跌18.56%、沪深300下跌15.16%、中证500下跌11.47%。分行业看，申万一级行业相对较强的前五行业是煤炭、综合、石油石化、通信、公用事业；跌幅较大的行业分别是建筑材料、汽车、钢铁、计算机、有色金属。  从大类配置角度，三季度的投资策略是把高等级债券作为基础配置，在转债和权益的配置上，优选配置了低价转债，以较慢的节奏增加权益的仓位，并把权益持仓保持在较低水平。在权益的配置方面，优先选择业绩增长稳定或潜在空间大的个股，结构上保持行业的适度均衡。经历了3季度市场较大幅度的调整后，权益资产性价比凸显。从操作策略看，我们会保持适度均衡的行业配置，阶段性提升权益的仓位，并结合业绩确定性、成长空间和估值等因素筛选优质个股。债券配置上，严格控制信用风险，以AAA级债券为主，并继续配置部分低价转债增强业绩弹性。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:04.094Z","fund":{"_id":3000000004005,"stockCode":"004005","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-12T16:00:00.000Z","setUpScale":224895000,"market":"a","tickerId":4005,"custody":"中国民生银行股份有限公司","name":"东方民丰回报赢安混合型证券投资基金","shortName":"东方民丰回报赢安混合(004005)","fundSecondLevel":"hybrid","__csrcFundId":1517,"fundStatus":"normal","lastUpdated":"2026-04-30T19:03:58.754Z","masterFundFlag":1,"inceptionDate":"2017-03-08T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方民丰回报赢安混合","pinyin":"dfmfhbyahhxzqtzjj","managers":[{"stockCode":"db20835832","stockType":"fund_manager","exchange":"fm","tickerId":240117224650,"name":"徐奥千"}]},"announcement":{"linkText":"东方民丰回报赢安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=805848","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec79c7fea5b3eb046e08f","date":"2022-06-29T16:00:00.000Z","stockId":3000000004005,"sao":"2022年上半年，根据WIND数据显示，上证指数下跌6.63%、深圳成指下跌13.20%、创业板指下跌15.41%、沪深300下跌9.22%、中证500下跌12.30%。分行业看，申万一级行业涨幅前五的是煤炭、建筑装饰、社会服务、石油石化、交通运输；跌幅较大的行业分别是计算机、电子、传媒、国防军工和环保。  新冠疫情冲击以及随后经济的修复和稳增长政策构成了影响市场的主要变量。6月以来，随着疫情的好转，货币政策、财政政策逐步发力稳定宏观经济，经济数据出现一定程度改善，从结构上看，基建投资与制造业投资仍是当前经济增长的主要驱动力。海外方面，在通胀上行压力下，美联储开启缩表并进入加息周期，后续需要观察海外通胀数据是否回落。2季度在组合构建思路上，仍以绝对收益思路出发，坚持通过企业基本面分析和严格筛选财务指标相结合的办法，筛选优质资产进行配置，力争获得中长期阿尔法收益，后续将持续跟踪其基本面变化和财务状况，力争获取较为稳健的投资收益。债券配置上，严格控制信用风险，以AAA级债券为主，并适当配置转债增强业绩弹性。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:04.091Z","mo":"从宏观面看，国内经济复苏趋势较为确定，重点关注复苏的强度和其中的结构性因素。投资方面，6月基本完成发行的专项债在3季度将支撑基建投资增速，叠加去年下半年基建投资的低基数因素，下半年基建投资的高增速将维持。消费方面，疫情常态化防控背景下，以汽车为主的消费也保持一定的复苏趋势。经济复苏趋势虽然确定，但面临几个制约因素，一是海外在通胀和衰退的压力下，国内出口增速或将承压；二是财政收支矛盾的背景下，全年财政发力或有制约；三是目前流动性仍处于相对宽松状态，在海外加息周期背景下，后续变化存在不确定性；此外，疫情反复对经济恢复仍有一定影响。整体而言，下半年经济恢复有一定的不平衡，会有结构性变量存在。因此，市场进入震荡格局概率大，下半年能够保持高增长的行业、以及盈利恢复的行业更具有韧性，如汽车以及相关产业链、基建的细分领域、受益于消费复苏的细分行业等。","fund":{"_id":3000000004005,"stockCode":"004005","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-12T16:00:00.000Z","setUpScale":224895000,"market":"a","tickerId":4005,"custody":"中国民生银行股份有限公司","name":"东方民丰回报赢安混合型证券投资基金","shortName":"东方民丰回报赢安混合(004005)","fundSecondLevel":"hybrid","__csrcFundId":1517,"fundStatus":"normal","lastUpdated":"2026-04-30T19:03:58.754Z","masterFundFlag":1,"inceptionDate":"2017-03-08T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方民丰回报赢安混合","pinyin":"dfmfhbyahhxzqtzjj","managers":[{"stockCode":"db20835832","stockType":"fund_manager","exchange":"fm","tickerId":240117224650,"name":"徐奥千"}]},"announcement":{"linkText":"东方民丰回报赢安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=787105","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec79c7fea5b3eb046e08e","date":"2022-03-30T16:00:00.000Z","stockId":3000000004005,"sao":"2022年1季度，wind显示上证综指下跌10.65%、深圳成指下跌18.44%、创业板指下跌19.96%、沪深300下跌14.53%、上证50下跌11.47%。分行业看，申万一级行业涨幅前五的是煤炭、房地产、综合、银行、建筑装饰；跌幅较大的行业分别是电子、国防军工、汽车、家用电器、食品饮料。  2022年1季度，市场普跌，在外部环境复杂化及国内需求疲弱背景下，市场情绪低迷，市场结构化行情延续，稳增长相关的周期、地产、基建等行业相对收益明显，煤炭行业涨幅超过20%，而科技、消费等行业跌幅相对靠前。  回顾一季度，国内疫情依然散发影响需求，政府工作报告提出5.5%的增长目标，但三驾马车亮点不多，供需两端都出现疲弱，经济增长仍有一定压力，央行通过释放流动性缓解压力，但货币政策端空间有限，一方面国内经济下行压力下难以急剧收紧，另一方面，PPI维持高位也制约了央行继续宽松的操作。海外市场方面，俄乌战争致使市场整体风险偏好降低，同时美国开启加息周期，流动性回流，需要警惕市场的估值收缩。全年来看，高基数下经济增速将有所回落，高端制造投资将维持高增速，消费仍是经济增长的重要拉动点，消费需求端有望改善。市场情况来看，企业盈利增速有下行压力，同时市场估值仍在相对高位，我们认为主要矛盾仍然是企业盈利和目前市场定价的再平衡，我们需要从短中长期角度对组合进行盈利估值的再平衡。因此在组合构建思路上，以绝对收益思路出发，坚持通过企业基本面分析和严格筛选财务指标相结合的办法，筛选优质资产进行配置，力争获得中长期阿尔法收益，重仓个股以稳健的龙头个股为主。后续将持续跟踪其基本面变化和财务状况，力争获取较为稳健的投资收益。宏观政策来看，未来货币政策或保持平稳，经济较弱，整体债券市场有望保持平稳，组合债券仓位上以利率债为主，力争获取稳定收益。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:04.089Z","fund":{"_id":3000000004005,"stockCode":"004005","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-12T16:00:00.000Z","setUpScale":224895000,"market":"a","tickerId":4005,"custody":"中国民生银行股份有限公司","name":"东方民丰回报赢安混合型证券投资基金","shortName":"东方民丰回报赢安混合(004005)","fundSecondLevel":"hybrid","__csrcFundId":1517,"fundStatus":"normal","lastUpdated":"2026-04-30T19:03:58.754Z","masterFundFlag":1,"inceptionDate":"2017-03-08T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方民丰回报赢安混合","pinyin":"dfmfhbyahhxzqtzjj","managers":[{"stockCode":"db20835832","stockType":"fund_manager","exchange":"fm","tickerId":240117224650,"name":"徐奥千"}]},"announcement":{"linkText":"东方民丰回报赢安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=721949","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec79c7fea5b3eb046e08d","date":"2021-12-30T16:00:00.000Z","stockId":3000000004005,"sao":"2021年全年，wind显示上证综指上涨4.8%、深圳成指上涨2.67%、创业板指上涨12.02%、沪深300下跌5.2%、上证50下跌10.06%。分行业看，申万一级行业涨幅前五的是电气设备、有色金属、煤炭、基础化工、钢铁；跌幅较大的行业分别是家用电器、非银金融、房地产、社会服务、食品饮料。2021年全年，市场出现震荡走势，指数间分化明显，其中创业板涨幅超过10%，沪深300、上证50指数持续下跌，上证50下跌超过10%，创业板涨幅明显强于主板。经历了几轮震荡以后，市场交易活跃，结构方面依然为强分化，市场以盈利驱动为主，短期高增长的顺周期、科技及新能源等板块表现不俗，而消费、金融地产等低增速个股表现不佳。回顾去年全年基本面，经济在上半年低基数效应下出现恢复，但三季度起基数效应消失，同时供需两端都出现疲弱，经济增速中枢回落，当下市场环境下，我们认为主要矛盾仍然是企业盈利和目前市场定价的再平衡，宏观层面我们处于全球滞胀环境下，未来流动性可能出现拐点，在短期可能利率上行背景下，我们需要从短中长期角度对组合进行平衡。在组合构建上，我们以绝对收益思路进行个股选择，中长期角度，我们认为“抱团”行为是基本面作用的结果，疫情加速行业格局定型，细分行业龙头在此次疫情过程中通过其强大的护城河优势进一步扩大市场份额，取得优势，因此在组合构建思路上，我们仍然维持一贯的甄选个股的投资理念，坚持通过企业基本面分析和严格筛选财务指标相结合的办法，筛选中长期优质资产进行主要核心配置，力争获得中长期阿尔法收益。我们认为消费类资产具备较好的盈利质量和增长的稳定性，特别是龙头公司具备较宽的护城河和良好的财务指标，因此优质的消费资产仍是我们长期坚守的标的。同时，我们对组合的盈利和估值进行再平衡，在组合配置上，从自下而上角度选取仍具性价比的细分领域龙头进行配置。中期角度我们选择部分新兴领域细分龙头，这类资产虽然估值偏高，但同时业绩增速明显快于传统行业，部分龙头有较强护城河，有望在长期行业竞争中脱颖而出。短期看，在稳增长背景下，传统地产、基建等低估值资产有望取得部分超额收益，同时我们认为PPI向CPI传导过程中下游企业盈利将有所改善，我们看好相关板块的投资机会。针对组合内资产，后续我们将持续跟踪其基本面变化和财务状况，力争获取较为稳健的投资收益。债券方面，以利率债为主，兼顾流动性管理。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:04.086Z","mo":"从国内宏观环境来看，在经历2021年经济恢复后供需两端出现疲弱，三驾马车亮点不多，经济有一定压力，流动性方面，在稳增长背景下，政策保持宽松，但效果仍待观察，同时PPI维持高位也制约了央行宽松的操作。未来伴随美国、欧洲经济逐步恢复，加息预期可能会成为全球流动性拐点。当下我们所处的市场环境，经历经济复苏后增速有放缓风险，企业盈利增速下行，同时市场整体估值处于高位，虽然部分行业个股通过一年盈利高增速消化部分估值，但是市场的主要矛盾依然是盈利和估值的矛盾，因此在组合个股选择上，我们需要在盈利和估值之间不断进行再平衡，重视自下而上，市场在平衡过程中将延续结构化行情。我们将平衡短中长期维度。中长期角度，高估值是长期复合收益率的“敌人”，当前市场环境估值处于较高水平，相关标的未来长期复合收益率水平将降低，但是其良好的盈利质量和稳定的增长依然是我们最看重的，因此核心资产仍是未来组合配置的主要方向，同时我们将通过有效的估值方法寻求长期复合收益率最大化的标的。我们认为消费类资产特别是龙头公司具备较宽的护城河和良好的财务指标，因此优质的消费资产仍是我们长期坚守的标的。对于债券市场而言，组合债券仓位上将保持中低仓位，以防御策略为主，力争获取稳定收益。","fund":{"_id":3000000004005,"stockCode":"004005","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-12T16:00:00.000Z","setUpScale":224895000,"market":"a","tickerId":4005,"custody":"中国民生银行股份有限公司","name":"东方民丰回报赢安混合型证券投资基金","shortName":"东方民丰回报赢安混合(004005)","fundSecondLevel":"hybrid","__csrcFundId":1517,"fundStatus":"normal","lastUpdated":"2026-04-30T19:03:58.754Z","masterFundFlag":1,"inceptionDate":"2017-03-08T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方民丰回报赢安混合","pinyin":"dfmfhbyahhxzqtzjj","managers":[{"stockCode":"db20835832","stockType":"fund_manager","exchange":"fm","tickerId":240117224650,"name":"徐奥千"}]},"announcement":{"linkText":"东方民丰回报赢安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=706437","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec79c7fea5b3eb046e08c","date":"2021-09-29T16:00:00.000Z","stockId":3000000004005,"sao":"2021年3季度，wind显示上证综指下跌0.64%、深圳成指下跌5.62%、创业板指下跌6.69%、沪深300下跌6.85%、上证50下跌8.62%。分行业看，申万一级行业涨幅前五的是采掘、公共事业、有色金属、钢铁、化工；跌幅较大的行业分别是医药生物、休闲服务、食品饮料、传媒、家用电器。2021年3季度，指数经历二季度反弹后出现回调，指数间仍然有所分化，其中上证综指表现好于其他指数，上证50仍有较大幅度的下跌。三季度行情来看，市场依然呈现强分化特征，三季度周期股全面爆发，煤炭、有色、钢铁、化工均有不俗表现，涨幅均超过10%，而消费医药板块持续回调，跌幅超过10%。 回顾三季度基本面，国内疫情常态化防控，整体可控，经济在上半年低基数效应下出现恢复，但三季度起基数效应消失，同时需求端表现不佳，三驾马车缺乏亮点，经济有一定压力，央行通过降准缓解压力，但政策端空间有限，一方面国内经济下行压力下难以急剧收紧，另一方面，PPI维持高位也制约了央行继续宽松的操作。未来伴随美国、欧洲经济逐步恢复，Taper预期可能会成为转折，需要警惕未来市场的估值收缩。当下市场环境下，我们认为主要矛盾仍然是企业盈利和目前市场定价的再平衡，我们需要从短中长期角度对组合进行平衡。中长期角度，我们认为“抱团”行为是基本面作用的结果，疫情加速行业格局定型，细分行业龙头在此次疫情过程中通过其强大的护城河优势进一步扩大市场份额，取得优势，因此在组合构建思路上，我们仍然维持一贯的甄选个股的投资理念，坚持通过企业基本面分析和严格筛选财务指标相结合的办法，筛选优质资产进行主要核心配置，力争获得中长期阿尔法收益。组合配置上仍以绝对收益思路进行配置，我们对组合的盈利和估值进行再平衡，从自下而上角度选取仍具性价比的细分领域龙头进行配置。我们认为，在新能源车行业未来确定性增长的前提下，给上游龙头零部件企业带来大量订单，业绩有望持续超预期；同时在PPI高位背景下大宗品价格有望维持高位，组合中有一定周期配置。针对组合内资产，后续我们将持续跟踪其基本面变化和财务状况，力争获取较为稳健的投资收益。宏观政策来看，未来货币政策保持平稳，需警惕信用收缩风险，组合债券仓位上将保持中低仓位，以防御策略为主，获取稳定收益。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:04.084Z","fund":{"_id":3000000004005,"stockCode":"004005","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-12T16:00:00.000Z","setUpScale":224895000,"market":"a","tickerId":4005,"custody":"中国民生银行股份有限公司","name":"东方民丰回报赢安混合型证券投资基金","shortName":"东方民丰回报赢安混合(004005)","fundSecondLevel":"hybrid","__csrcFundId":1517,"fundStatus":"normal","lastUpdated":"2026-04-30T19:03:58.754Z","masterFundFlag":1,"inceptionDate":"2017-03-08T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方民丰回报赢安混合","pinyin":"dfmfhbyahhxzqtzjj","managers":[{"stockCode":"db20835832","stockType":"fund_manager","exchange":"fm","tickerId":240117224650,"name":"徐奥千"}]},"announcement":{"linkText":"东方民丰回报赢安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=650811","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec79c7fea5b3eb046e08b","date":"2021-06-29T16:00:00.000Z","stockId":3000000004005,"sao":"2021年上半年，wind显示上证综指上涨3.4%、深圳成指上涨4.78%、创业板指上涨17.22%、沪深300上涨0.24%、上证50下跌3.9%。分行业看，申万一级行业涨幅前五的是电气设备、钢铁、化工、综合、采掘；跌幅较大的行业分别是家用电器、非银金融、国防军工、房地产、农林牧渔。2021年上半年，市场出现震荡上涨走势，经历了一季度指数下跌后二季度迎来反弹，同时指数间分化明显，其中创业板反弹力度明显强于主板，而上证50表现不佳，持续下跌。上半年来看，经历了几轮震荡后，前期个股大幅调整后，二季度市场迎来反弹，其中以电子、新能源等为代表的科技板块表现强势，单季度涨幅超过20%，其他板块也有所反弹。 2021年上半年，市场依然呈现强分化走势，中小板、创业板指数涨幅明显好于上证主板，其中创业板指数涨幅超过15%，保持强势走势，上半年行情来看，经历了几轮震荡以后，市场交易活跃，结构方面依然为强分化，当前市场仍以盈利驱动为主，短期高增长的顺周期、科技及新能源等板块表现不俗，而消费等低增速高估值等个股表现不佳。 回顾上半年，国内部分地区疫情有所反复，整体可控，经济企稳，政策保持温和，需求环比持续改善，新冠疫情对宏观经济及各行业影响是短期的，当下市场环境下，我们认为主要矛盾仍然是企业盈利和目前市场定价的再平衡，短期周期、成长有明显相对收益，两个原因，一是大宗品价格快速上涨、周期品盈利持续改善，行业景气向上资金有切换，二是经济恢复程度不及预期，国内海外流动性宽松，长端利率走低，利好成长型行业。但宏观层面我们处于一个全球滞胀环境下，未来流动性可能出现拐点，在短期可能利率上行背景下，我们需要从短中长期角度对组合进行平衡。中长期角度，我们认为“抱团”行为是基本面作用的结果，疫情加速行业格局定型，细分行业龙头在此次疫情过程中通过其强大的护城河优势进一步扩大市场份额，取得优势，因此在组合构建思路上，我们仍然维持一贯的甄选个股的投资理念，坚持通过企业基本面分析和严格筛选财务指标相结合的办法，筛选优质资产进行主要核心配置，力争获得中长期阿尔法收益。全年看，在利率上行预期和高估值背景下，我们认为全年预期收益率不会太高，因此在组合配置上以绝对收益思路进行配置，我们对组合的盈利和估值进行再平衡，从自下而上角度选取仍具性价比的细分领域龙头进行配置。我们认为，在新能源车行业未来确定性增长的前提下，给上游龙头零部件企业带来大量订单，业绩有望持续超预期，同时当前市场环境下军工企业订单持续放量，与当前估值匹配。针对组合内资产，后续我们将持续跟踪其基本面变化和财务状况，力争获取较为稳健的投资收益。宏观政策来看，未来货币政策保持平稳，经济稳步复苏，需警惕信用收缩风险，组合债券仓位上将保持中低仓位，以防御策略为主，获取稳定收益。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:04.081Z","mo":"从国内宏观环境来看，一二季度经济同比增速的恢复已经成为市场共识，下半年乃至明年，三驾马车亮点不多，经济有一定压力，流动性方面，疫情后国内政策偏中性，货币政策空间不大，一方面国内经济下行压力下难以极具收紧，另一方面，PPI维持高位也制约了央行继续宽松的操作。下半年伴随美国、欧洲经济逐步恢复，Taper预期可能会成为转折，利率上行是年内需要考虑的变量，需要警惕的是市场估值收缩。因此当前市场阶段的核心矛盾是估值和盈利间的矛盾，市场预计仍将延续结构性行情走势。在组合选择上我们以绝对收益选股为主。中长期角度，高估值是长期复合收益率的“敌人”，当前市场环境估值处于较高水平，相关标的未来长期复合收益率水平将降低，但是其良好的盈利质量和稳定的增长依然是我们最看重的，同时我们将通过有效的估值方法寻求长期复合收益率最大化的标的。短期角度，我们认为全球经济复苏背景下，顺周期相关行业将成为贯穿全年的另一条重要主线，组合将用一定比例对相关行业进行配置。","fund":{"_id":3000000004005,"stockCode":"004005","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-12T16:00:00.000Z","setUpScale":224895000,"market":"a","tickerId":4005,"custody":"中国民生银行股份有限公司","name":"东方民丰回报赢安混合型证券投资基金","shortName":"东方民丰回报赢安混合(004005)","fundSecondLevel":"hybrid","__csrcFundId":1517,"fundStatus":"normal","lastUpdated":"2026-04-30T19:03:58.754Z","masterFundFlag":1,"inceptionDate":"2017-03-08T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方民丰回报赢安混合","pinyin":"dfmfhbyahhxzqtzjj","managers":[{"stockCode":"db20835832","stockType":"fund_manager","exchange":"fm","tickerId":240117224650,"name":"徐奥千"}]},"announcement":{"linkText":"东方民丰回报赢安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=627891","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec79c7fea5b3eb046e08a","stockId":3000000004005,"sao":"2021年1季度，wind显示上证综指下跌0.9%、深圳成指下跌4.78%、中小板指下跌6.86%，创业板指下跌7%、沪深300下跌3.13%、上证50下跌2.78%。分行业看，申万一级行业涨幅前五的是钢铁、公共事业、银行、休闲服务、建筑装饰；跌幅较大的行业分别是国防军工、非银金融、通信、计算机、传媒。2021年1季度，市场先涨后跌，指数季度出现回调，指数间仍有分化，其中主板跌幅小于中小板创业板，创业板跌幅达到7%。一季度来看，春节前市场震荡上行，春节后普跌，市场结构分化，其中前期表现强势的个股回调明显，而低估值个股表现相对较好，顺周期板块有明显相对收益。回顾一季度基本面，我们认为国内疫情情况基本保持稳定，经济企稳，政策保持温和，需求环比持续改善，新冠疫情对宏观经济及各行业影响是短期的，当下市场环境下，仍然是估值和盈利的赛跑，信用收紧背景下估值中枢将下移，美债收益率持续突破诱发前期“抱团股”出现回调，盈利方面经济复苏带动整体盈利水平提升，最终核心问题是盈利提升幅度和估值收缩程度对市场价格带来的影响。在此前提下我们需要对估值和盈利进行再平衡。中长期角度，我们认为“抱团”行为是基本面作用的结果，疫情加速行业格局定型，细分行业龙头在此次疫情过程中通过其强大的护城河优势进一步扩大市场份额，取得优势，因此在组合构建思路上，我们仍然维持一贯的甄选个股的投资理念，坚持通过企业基本面分析和严格筛选财务指标相结合的办法，筛选中长期优质资产进行配置，力争获得中长期阿尔法收益。我们认为消费类资产具备较好的盈利质量和增长的稳定性，特别是龙头公司具备较宽的护城河和良好的财务指标，因此优质的消费资产仍是我们长期坚守的标的。同时，我们对组合的盈利和估值进行再平衡，从自下而上角度选取仍具性价比的细分领域龙头进行配置。后续将持续跟踪其基本面变化和财务状况，力争获取较为稳健的投资收益。行业方向上，我们持续看好消费在需求复苏下的结构性行情，选取食品饮料、家电、医药、汽车等细分领域壁垒较高的龙头公司进行中长期配置。短期角度，我们认为全球经济复苏背景下，顺周期相关行业将成为贯穿全年的另一条重要主线，组合将用一定比例对相关行业进行配置，我们相对看好化工、银行等板块的投资机会。宏观政策来看，未来货币政策保持平稳，经济稳步复苏，需警惕信用收缩风险，组合债券仓位上将保持中低仓位，以防御策略为主，获取稳定收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:04.078Z","fund":{"_id":3000000004005,"stockCode":"004005","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-12T16:00:00.000Z","setUpScale":224895000,"market":"a","tickerId":4005,"custody":"中国民生银行股份有限公司","name":"东方民丰回报赢安混合型证券投资基金","shortName":"东方民丰回报赢安混合(004005)","fundSecondLevel":"hybrid","__csrcFundId":1517,"fundStatus":"normal","lastUpdated":"2026-04-30T19:03:58.754Z","masterFundFlag":1,"inceptionDate":"2017-03-08T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方民丰回报赢安混合","pinyin":"dfmfhbyahhxzqtzjj","managers":[{"stockCode":"db20835832","stockType":"fund_manager","exchange":"fm","tickerId":240117224650,"name":"徐奥千"}]},"announcement":{"linkText":"东方民丰回报赢安混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=568258","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec79c7fea5b3eb046e089","stockId":3000000004005,"sao":"2020年是不平凡的一年，新冠疫情席卷全球，经济受到前所未有的冲击，在各国政府相关政策刺激下，市场流动性充裕。国内疫情最早爆发，但快速有效控制，经济率先复苏，在流动性宽裕及经济复苏大背景下，A股先跌后涨，全年实现较好收益。2020年全年，wind显示上证综指上涨13.87%、深圳成指上涨38.73%、中小板指上涨43.91%，创业板指上涨64.96%、沪深300上涨27.21%、上证50上涨18.85%。分行业看，申万一级行业涨幅前五的是休闲服务、电气设备、食品饮料、国防军工、医药生物，跌幅前五的行业分别是房地产、通信、建筑装饰、纺织服装、银行。2020年全年，市场呈现分化走势，中小板、创业板指数涨幅明显好于上证主板，其中创业板指数涨幅超过60%，保持强势走势，全年看，一季度国内新冠疫情影响下市场出现下跌，二季度以后国内疫情得到有效控制，需求环比有所改善，同时流动性宽松及政策带动下，市场风险偏好有所提升，市场出现普涨行情，全年各大指数均实现正收益。结构方面依然有所分化，消费、医药、新能源等板块保持强势走势，低估值蓝筹个股也有阶段性表现。在这不平凡的一年里，我们通过把握宏观环境，不断优化组合结构。同时在组合调整过程中不断完善我们的投资理念。我们认为投资是认知问题，投资中的操作及股票仓位选择都是认知的过程，每个人的认知是不同的，提高认知，才会有超额的知识，取得超额收益，这也是深度研究的意义。在市场上，认知是一个螺旋式上升的过程，先认知自我，再认知个股，再从个股上升到产业宏观高度，在跟踪个股和行业的过程中进一步认知自己的个性，逐步强化认知最终达到一个相对稳定的状态。首先投资要从自我认知开始，根据自己的风险偏好和个性确定一个适合自己的投资风格，投资是人性的映射，自身优缺点会被市场无限放大，根据本人过往研究投资经历，风格逐步确立，也在投资中形成了选股的长期目标，就是以较低风险偏好追求长期确定性能长大的优质公司，赚公司业绩增长的大钱，因此在操作上持仓更为稳定。其次是认知个股，我们对重仓行业及个股更深度的理解，这是超额收益的主要来源，我认为各行业马太效应的大趋势仍然延续，基金抱团现象是经济结构、资金结构及市场风格共同作用的结果，在我们的投资框架下，我们希望寻求中长期确定性能长大的优质龙头公司，这对公司增长速度和增长质量提出更高的要求，我们对现有上市公司ROE、商业模式、盈利增速、估值等指标筛选后最终形成我们的持仓个股，并根据行业变化进行中长期的动态调整。我们超额收益一是通过对重仓股更深度的理解来赚取长期复利，另一方面是通过挖掘新品种寻求新的赛道龙头。最后是认知行业，个人的精力总是有限的，需要在专一和全面之间做一个妥协，但俗话说投资的三个境界，见山是山，见山不是山，见山还是山，我们只有在认知全貌后才能回过头认识到自己持有个股的优秀程度，我们现有持仓主要方向集中在消费领域，是基于过往投资回报率及未来经济发展方向确定的好赛道，我们认为国内人口基数庞大背景下，消费未来将成为经济增长重要动力，各细分领域空间巨大。消费从来都不存在所谓的“躺赢”，我们仍然需要通过把握消费趋势和赛道竞争的变化不断调整组合结构，以力争选出最终的行业赢家。在持续认知消费领域的同时，我们也在不断寻求向更高境界的突破，努力学习并试图认知其他领域的优势，并与消费领域进行比较，最终强化我们的投资思路和框架。对于未来，我们认为国内疫情情况基本保持稳定，经济企稳，政策保持温和，需求环比持续改善，新冠疫情对宏观经济及各行业影响是短期的，当下市场环境下，是估值和盈利的赛跑，信用收紧背景下估值中枢将下移，同时经济复苏带动整体盈利水平提升，最终核心问题是盈利提升幅度和估值收缩程度对市场价格带来的影响。在此前提下我们更应该关注盈利弹性，因此细分行业景气度将决定收益率水平。中长期角度，疫情加速行业格局定型，细分行业龙头在此次疫情过程中通过其强大的护城河优势进一步扩大市场份额，取得优势，因此在组合构建思路上，我们仍然维持一贯的甄选个股的投资理念，坚持通过企业基本面分析和严格筛选财务指标相结合的办法，筛选中长期优质资产进行配置，力争获得中长期阿尔法收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:04.076Z","mo":"展望2021年，国内经济企稳，海外复苏，需求端有所恢复。流动性方面信用收缩已成为市场共识，因此当前市场阶段的核心矛盾是估值和盈利间的矛盾。市场预计仍将延续结构性行情走势，相关行业核心资产仍是未来组合配置的主要方向。我们认为消费类资产具备较好的盈利质量和增长的稳定性，特别是龙头公司具备较宽的护城河和良好的财务指标，且其估值仍有提升空间，因此优质的消费资产仍是我们长期坚守的标的。消费领域而言，必选消费仍将保持稳定增长，从弹性角度，可选消费环比改善空间更大。整同时需要紧密跟踪相关标的的报表变化。行业方向上，我们持续看好消费在需求复苏下的结构性行情，选取食品饮料、家电、医药、汽车等细分领域壁垒较高的龙头公司进行中长期配置。短期角度，我们认为全球经济复苏背景下，顺周期相关行业将成为贯穿全年的另一条重要主线，组合将用一定比例对相关行业进行配置，我们相对看好化工、银行等板块的投资机会。宏观政策来看，未来货币政策保持平稳，经济稳步复苏，需警惕信用收缩风险，组合债券仓位上将保持中低仓位，以防御策略为主，获取稳定收益。","fund":{"_id":3000000004005,"stockCode":"004005","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-12T16:00:00.000Z","setUpScale":224895000,"market":"a","tickerId":4005,"custody":"中国民生银行股份有限公司","name":"东方民丰回报赢安混合型证券投资基金","shortName":"东方民丰回报赢安混合(004005)","fundSecondLevel":"hybrid","__csrcFundId":1517,"fundStatus":"normal","lastUpdated":"2026-04-30T19:03:58.754Z","masterFundFlag":1,"inceptionDate":"2017-03-08T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方民丰回报赢安混合","pinyin":"dfmfhbyahhxzqtzjj","managers":[{"stockCode":"db20835832","stockType":"fund_manager","exchange":"fm","tickerId":240117224650,"name":"徐奥千"}]},"announcement":{"linkText":"东方民丰回报赢安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=550170","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec79c7fea5b3eb046e088","stockId":3000000004005,"sao":"2020年3季度，wind显示上证综指上涨7.82%、深圳成指上涨7.63%、中小板指上涨8.19%，创业板指上涨5.6%、沪深300上涨10.17%、上证50上涨9.87%。分行业看，申万一级行业涨幅前五的是休闲服务、国防军工、电气设备、汽车、食品饮料；跌幅较大的行业分别是通信、商业贸易、计算机、农林牧渔、银行。2020年3季度，市场延续上涨走势，沪深300、上证50指数涨幅好于其他指数，其中沪深300指数涨幅超过10%。三季度国内疫情基本稳定，经济数据向好，需求端环比持续改善，同时流动性适度宽松及相关政策带动下，市场资金仍然比较活跃，指数出现普涨行情。结构方面，细分行业仍然分化明显，可选消费、军工、光伏等行业个股表现好于其他大部分行业个股。我们认为国内疫情情况基本保持稳定，经济企稳，政策保持温和，流动性适度宽松，需求环比持续改善，新冠疫情对宏观经济及各行业影响是短期的，不改变细分领域中长期的景气度，同时细分行业龙头在此次疫情过程中通过其强大的护城河优势进一步扩大市场份额，取得优势，因此在组合构建思路上，我们仍然维持一贯的甄选个股的投资理念，坚持通过企业基本面分析和严格筛选财务指标相结合的办法，筛选中长期优质资产进行配置，力争获得中长期阿尔法收益。我们认为消费类资产具备较好的盈利质量和增长的稳定性，特别是龙头公司具备较宽的护城河和良好的财务指标，因此优质的消费资产仍是我们长期坚守的标的。在三季度，组合仍保持低仓位，以绝对收益为目标，重仓个股以稳健的龙头个股为主进行集中配置，结构上以环比改善明显的可选消费及大金融为主，后续将持续跟踪其基本面变化和三季报的财务状况，力争获取较为稳健的投资收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:04.073Z","fund":{"_id":3000000004005,"stockCode":"004005","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-12-12T16:00:00.000Z","setUpScale":224895000,"market":"a","tickerId":4005,"custody":"中国民生银行股份有限公司","name":"东方民丰回报赢安混合型证券投资基金","shortName":"东方民丰回报赢安混合(004005)","fundSecondLevel":"hybrid","__csrcFundId":1517,"fundStatus":"normal","lastUpdated":"2026-04-30T19:03:58.754Z","masterFundFlag":1,"inceptionDate":"2017-03-08T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方民丰回报赢安混合","pinyin":"dfmfhbyahhxzqtzjj","managers":[{"stockCode":"db20835832","stockType":"fund_manager","exchange":"fm","tickerId":240117224650,"name":"徐奥千"}]},"announcement":{"linkText":"东方民丰回报赢安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=489773","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec79c7fea5b3eb046e087","stockId":3000000004005,"sao":"2020年上半年，新冠疫情席卷全球，给各国经济发展蒙上阴影。在此背景下，多国实施了宽松的货币政策和积极的财政政策，伴随复产复工，经济有望逐步走出低谷。上半年，宽基指数分化明显，wind显示上证综指下跌2.15%、深圳成指上涨14.97%、中小板指上涨20.85%、创业板指上涨35.60%、沪深300上涨1.64%、上证50下跌3.95%。分行业看，申万一级行业涨幅前三的是医药生物、休闲服务、食品饮料；跌幅前三的行业分别是采掘、银行、非银金融。我们认为，尽管上半年新冠疫情对经济造成了较大的冲击，但不改变各行业长期发展的趋势和空间，而是节奏上有所扰动，并且龙头公司的抗风险能力更强，有望在战“疫”之后快速提升市场份额。上半年，国内疫情基本得到有效控制，基建托底、服务型消费需求出现环比改善；海外国家防控力度不足，疫情有所反复。因此，上半年我们以确定性较强的内需消费为配置的重点，在必选消费品特别是食品和医药等领域做了集中配置，其中部分龙头公司受益于疫情，业绩也出现明显改善。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdat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