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 报告期内，本组合坚持稳健增值的投资目标。在权益投资上，整体维持偏乐观的股票仓位，行业适当分散，综合运用个股基本面精选和量化策略选股配置权益部分的底仓。债券部分以利率债和高评级信用债为主；可转债以中低价转债为主，综合考虑转债绝对价格、估值、正股基本面和波动率情况进行性价比挖掘。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:39.232Z","mo":"展望未来，国内政策托底意愿很强，也存在较大的政策空间，对宏观经济的修复形成较强支撑。当前国际政治经济环境较为复杂，可能阶段性对风险偏好有所扰动，但伴随科技的发展，新技术引领的生产效率的提升和新业态的出现或将促进资本市场涌现出系列投资机会，总体而言权益市场机遇仍大于风险。固定收益方面，当前债券收益率隐含较强的宽松预期，收益率处于很低水平，票息保护不足，预计纯债市场波动可能加大。转债在供给偏弱、条款博弈、低机会成本作用下，预计有较多的投资机会。考虑到当前纯债收益率处于较低位置，预计转债在组合投资的重要性将明显提升，后续转债增量资金可期，关键是如何去应对中间的波动。","fund":{"_id":3000000004218,"stockCode":"004218","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-12T16:00:00.000Z","setUpScale":220879000,"market":"a","tickerId":4218,"custody":"招商银行股份有限公司","name":"前海开源裕和混合型证券投资基金","shortName":"前海开源裕和混合A","fundSecondLevel":"hybrid","__csrcFundId":1645,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.500Z","masterFundFlag":1,"inceptionDate":"2017-04-11T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源裕和混合","pinyin":"qhkyyhhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20701331","stockType":"fund_manager","exchange":"fm","tickerId":1217210990,"name":"陆琦"},{"stockCode":"db20838053","stockType":"fund_manager","exchange":"fm","tickerId":120825223230,"name":"林汉耀"}]},"announcement":{"linkText":"前海开源裕和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=1252024","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bf7fea5b3eb0470eb3","date":"2024-09-29T16:00:00.000Z","stockId":3000000004218,"sao":"三季度国内权益市场走出底部反转，九月底在美联储降息、国内货币和财政均具备政策空间的背景下，国内适时出台系列利好政策，市场风险偏好得到明显改善。股价大幅修复后，市场能否企稳并进一步向上取决于系列政策的推进落地情况和基本面能否好转。  固定收益方面，本报告期内，经济基本面、机构行为、央行态度、流动性和风险偏好对债券类资产的趋势和结构产生了很大的影响。整体上政策对经济托底意愿很强，央行于7月、9月两度降息，9月降准以压低融资成本支持经济发展，货币环境整体宽松，期间受央行态度、理财负反馈担忧、流动性转弱等扰动，债券收益率宽幅波动整体下行，信用债表现弱于利率债。随着9月底经济刺激政策密集出台，稳增长信号明显，市场对经济预期扭转，风险偏好迅速提升，叠加债券收益率处于低位，债券市场收益率有所反弹，预计后续债券市场波动将有所加大。  转债市场方面，3季度初延续弱势，受权益市场疲软、信用风险重定价、流动性冲击等因素影响，转债市场明显超跌，隐含波动率处于低位，转债期权价值明显低估，配置价值凸显。9月下旬，经济刺激政策密集出台，政策底出现，经济预期扭转，权益市场反弹，转债跟随权益上涨。  报告期内，本组合坚持稳健增值的投资目标。在权益投资上，维持偏乐观的股票仓位，行业适当分散,着重在A股各行业中优选企业经营稳健向好、估值合理的股票。债券部分以利率债和转债投资为主，考虑到转债市场超跌后投资价值凸显，本期增加转债的敞口，后续将根据实际情况调整。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:39.229Z","fund":{"_id":3000000004218,"stockCode":"004218","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-12T16:00:00.000Z","setUpScale":220879000,"market":"a","tickerId":4218,"custody":"招商银行股份有限公司","name":"前海开源裕和混合型证券投资基金","shortName":"前海开源裕和混合A","fundSecondLevel":"hybrid","__csrcFundId":1645,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.500Z","masterFundFlag":1,"inceptionDate":"2017-04-11T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源裕和混合","pinyin":"qhkyyhhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20701331","stockType":"fund_manager","exchange":"fm","tickerId":1217210990,"name":"陆琦"},{"stockCode":"db20838053","stockType":"fund_manager","exchange":"fm","tickerId":120825223230,"name":"林汉耀"}]},"announcement":{"linkText":"前海开源裕和混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1177395","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bf7fea5b3eb0470eb2","date":"2024-06-29T16:00:00.000Z","stockId":3000000004218,"sao":"2024年上半年，多项宏观和微观数据显示，国内经济依然处于恢复期。房地产市场依然处于调整进程中，高端制造中的新能源板块则处于痛苦的产能去化阶段，居民消费意愿不强。上半年的宏观政策整体以化解风险为主，更多体现为结构性政策，对经济有托底无刺激。受上述种种因素影响，权益市场情绪处于冰点，投资者更愿意选择配置在高股息等防御型板块的权重股上，以致于整个市场呈现少数大盘股稳定上涨、多数中小盘股表现欠佳的现象。  固定收益方面，上半年债市整体处于牛市环境中。1-2月，由于融资增速延续下行，且风险资产弱势，债市整体表现较为强势。进入3月，随着经济数据回暖，叠加收益率处于低位，债市由单边下行转为震荡，波动明显加大。进入2季度，银行负债成本继续压降，经济基本面延续弱复苏状态，叠加流动性宽松、机构配置需求较强等因素影响，债券收益率整体震荡下行，长端收益率创新低后回调震荡，短端收益率相对稳步下行。转债市场方面，转债年初跟随权益市场剧烈调整后企稳回升，但受制于转债估值和股市预期等问题，转债整体表现明显弱于股市。2季度初情绪修复，转债上涨，估值有所修复；但5月底以来受权益市场疲软、信用风险重定价等影响，转债市场剧烈调整，整体操作难度较大。  本报告期，本组合坚持稳健的投资目标，在权益投资上，考虑到权益资产自身的风险溢价率，仓位整体维持比较积极的比例，行业适当分散,着重在A股各行业中优选企业经营稳健向好、估值合理的股票。债券部分投资利率债和高等级信用债为主，考虑到可转债整体操作难度较大，可转债投资以稳健品种为主，后续将根据实际情况进行调整。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:39.227Z","mo":"展望2024年下半年，我们认为,三中全会的决定更多的是着眼于中长期中国经济的发展道路，然而就短期而言，整体宏观经济下半年表现依然较大程度取决于房地产市场能否企稳。如果房地产销售触底企稳，则包括地产链在内的相关产业基本面及消费者、投资者预期均能得到明显的修正，整个权益市场或能表现较好；反之，则后半年的权益市场可能还是会延续上半年的大致走势，即经营稳定且股息相对较高的板块（如银行、公用事业等），政策鼓励方向上部分成长赛道以及能够顺利出海的部分企业有望跑赢主要指数。  固定收益方面，因经济在向新的增长模式转变的过程中对融资的依赖逐步下降，债券收益率有望继续下行，但因目前债券收益率水平较低，预计市场波动可能会加大。此外，货币政策的框架正在重构，而市场仍未对货币政策框架形成较为清晰的认知，预计央行的预期引导、政策动向等边际变化将对债券市场运行具有非常重要的影响。转债市场方面，当前市场风险偏好处于低位，叠加信用风险重定价、退市等因素扰动，预计转债市场整体操作难度较大，对于择时和择券的要求明显提升。","fund":{"_id":3000000004218,"stockCode":"004218","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-12T16:00:00.000Z","setUpScale":220879000,"market":"a","tickerId":4218,"custody":"招商银行股份有限公司","name":"前海开源裕和混合型证券投资基金","shortName":"前海开源裕和混合A","fundSecondLevel":"hybrid","__csrcFundId":1645,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.500Z","masterFundFlag":1,"inceptionDate":"2017-04-11T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源裕和混合","pinyin":"qhkyyhhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20701331","stockType":"fund_manager","exchange":"fm","tickerId":1217210990,"name":"陆琦"},{"stockCode":"db20838053","stockType":"fund_manager","exchange":"fm","tickerId":120825223230,"name":"林汉耀"}]},"announcement":{"linkText":"前海开源裕和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=1146345","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bf7fea5b3eb0470eb1","date":"2024-03-30T16:00:00.000Z","stockId":3000000004218,"sao":"一季度宏观经济整体运行稳健，其中工业生产、消费、出口相对较好，地产依然弱势为最大拖累项；通货膨胀方面略有抬升，但整体仍偏弱；货币政策方面，降准为市场提供了长期资金，资金面围绕政策利率波动，相对稳健。  权益市场方面，年初小盘股受流动性衰竭影响经历极端下跌，期间红利类资产表现突出。春节前后，市场信心开始修复，市场情绪亦有所转暖，AI、人形机器人、低空经济等主题性机会交相演绎。3月国内制造业PMI重回景气区间，叠加全球PMI数据共振向上，外需高景气背景下，内需也有望进一步改善。  固定收益方面，本报告期内，经济基本面、风险偏好、流动性及机构行为是主导债券走势的关键因素。1-2月，由于融资增速延续下行，且风险资产弱势，债市整体表现较为强势。进入3月，随着经济数据回暖，叠加收益率处于低位，债市由单边下行转为震荡，波动明显加大。转债市场方面，转债1季度跟随权益市场剧烈调整后企稳回升，但受制于转债估值和股市预期等问题，转债整体表现明显弱于股市。  报告期内，本组合坚持稳健增值的投资目标。在权益投资上，维持偏乐观的股票仓位，行业适当分散,着重在A股各行业中优选企业经营稳健向好,估值合理的股票。债券部分投资中短久期高评级信用债为主，择机进行利率债波段操作；考虑到可转债性价比不如股票，本期降低转债资产的风险敞口。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:39.224Z","fund":{"_id":3000000004218,"stockCode":"004218","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-12T16:00:00.000Z","setUpScale":220879000,"market":"a","tickerId":4218,"custody":"招商银行股份有限公司","name":"前海开源裕和混合型证券投资基金","shortName":"前海开源裕和混合A","fundSecondLevel":"hybrid","__csrcFundId":1645,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.500Z","masterFundFlag":1,"inceptionDate":"2017-04-11T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源裕和混合","pinyin":"qhkyyhhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20701331","stockType":"fund_manager","exchange":"fm","tickerId":1217210990,"name":"陆琦"},{"stockCode":"db20838053","stockType":"fund_manager","exchange":"fm","tickerId":120825223230,"name":"林汉耀"}]},"announcement":{"linkText":"前海开源裕和混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072943","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bf7fea5b3eb0470eb0","date":"2023-12-30T16:00:00.000Z","stockId":3000000004218,"sao":"2023年一季度国内经济有所修复,但后续伴随宏观数据的回落，经济“强复苏”的预期基本证伪，与总量经济相关的行业有所调整，中特估、AI、人形机器人等与总量经济相关性较弱的板块交替演绎。三季度国内政策出台较为密集，市场行情主要受政策影响或事件催化。因国内经济恢复较为波折，市场期待更多扩大内需的相关政策，投资者风险偏好有所下行，四季度以来市场回调较为普遍。  固定收益方面，2023年经济弱复苏环境下，市场投资者对政策和基本面预期修正，央行整体维持货币宽松环境，“资产荒”逻辑持续演绎，债券市场整体牛市。利率曲线平坦，信用利差压缩至低位，城投债和银行“二永债”受到市场追逐，收益率和信用利差明显压缩。期间，受“宽信用”政策预期、地方特殊再融资债发行、政策关注金融空转等因素影响，债市出现阶段性调整，复盘发现每一波调整都是入场的机会。转债市场方面，2023年初市场对于经济复苏有较强预期，转债跟随权益市场上涨；随着市场对政策和经济基本面预期修正，转债市场震荡下行，内部分化较大，主题投资风格明显，小盘转债有一定的交易性机会，但资金博弈特征明显，整体操作难度较大。  本报告期，本组合坚持稳健的投资目标，在权益投资上，考虑到权益资产自身的风险溢价率，仓位整体维持比较积极的比例，行业适当分散,着重在A股各行业中优选企业经营稳健向好、估值合理的股票。纯债部分投资中短久期高评级信用债为主，择机进行利率债波段操作。可转债部分综合考虑转债绝对价格、估值、正股基本面和波动率情况进行性价比挖掘。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:39.222Z","mo":"展望新的一年，国内稳增长措施可能加码，经济基本面有望改善。权益市场方面，在经历较大幅度和较长时段的调整后，大多数指数估值已处于历史低位，市场进一步大幅调整的概率较小，且市场可能存在一些结构性投资机会。固收方面，尽管经济增长预期、流动性、风险偏好、机构行为、社融增速的变化仍可能对债市形成扰动，但考虑到2024年“资产荒”逻辑或将继续演绎，如果调整预计幅度也相对有限。当前市场整体收益率水平较低，票息资产稀缺，长久期的高等级信用债和银行“二永债”等票息资产长期来看有望继续跑赢。转债市场方面，市场风险偏好处于低位，市场风险偏好的提升预计是一个反复曲折的过程，预计2024年整体操作难度较大，考虑到当前纯债收益率水平较低，转债可以依托债底寻找结构性的交易机会。此外转债市场流动性偏弱，转债投资者方向一致性越来越强，预计2024年更加考验转债投资者的择券和择时能力，需更加精细化操作。","fund":{"_id":3000000004218,"stockCode":"004218","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-12T16:00:00.000Z","setUpScale":220879000,"market":"a","tickerId":4218,"custody":"招商银行股份有限公司","name":"前海开源裕和混合型证券投资基金","shortName":"前海开源裕和混合A","fundSecondLevel":"hybrid","__csrcFundId":1645,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.500Z","masterFundFlag":1,"inceptionDate":"2017-04-11T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源裕和混合","pinyin":"qhkyyhhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20701331","stockType":"fund_manager","exchange":"fm","tickerId":1217210990,"name":"陆琦"},{"stockCode":"db20838053","stockType":"fund_manager","exchange":"fm","tickerId":120825223230,"name":"林汉耀"}]},"announcement":{"linkText":"前海开源裕和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=1058363","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bf7fea5b3eb0470eaf","date":"2023-09-29T16:00:00.000Z","stockId":3000000004218,"sao":"三季度国内经济数据基本处于磨底阶段，但政策出台较为密集：7月底政治局会议表述超预期，后续地产政策放松、城中村改造、活跃资本市场、一揽子化债等系列政策陆续出台，顺周期方向关注度有所提升。  权益市场方面，前期强势的AI、中特估等主题均有所调整，市场行情主要受政策影响或事件催化。受政策利好刺激，大金融板块有阶段性表现；科技制造方面，受华为新品发布催化，产业链相关标的亦表现不俗。展望未来，能源革命、科技创新、高端制造等方向仍有较多投资机会，9月PMI已重回扩张区间，待压制需求的因素逐步释放后，经济复苏方向也有望迎来修复。  固定收益方面，本报告期内，政策预期、经济基本面、流动性是主导债券走势的关键因素。7月初基本面数据偏弱，且流动性较为宽松，债市延续强势。7月下旬由于地产刺激政策超预期，债市调整，信用利差扩大。8月在社融低于预期、MLF利率进一步下调及5年期LPR利率并未调整的共同作用下，债市重新走强。8月下旬，信贷投放加快，汇率也存在一定的压力，流动性边际收紧，叠加经济基本面企稳回升，债市开启调整。9月中下旬随着流动性担忧缓解，债券市场企稳。本报告期转债跟随权益市场剧烈波动，整体先涨后跌，9月份受债券市场调整和理财赎回预期影响，转债估值压缩。转债市场短期存量资金博弈特征明显，整体操作难度较大，预计后续转债市场主要矛盾是正股驱动，有一定的结构性投资机会。  报告期内，本组合权益部分维持中性偏乐观的股票仓位，行业适当分散，着重在A股各行业中优选企业经营稳健向好、估值合理的股票。我们认为市场面临较大系统性风险的概率较小，因此权益部分后续计划保持中性偏高仓位运作。固收债券部分投资中短久期高评级信用债为主，择机进行利率债波段操作；可转债方面，综合考虑转债绝对价格、估值、正股基本面和波动率情况进行性价比挖掘。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:39.219Z","fund":{"_id":3000000004218,"stockCode":"004218","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-12T16:00:00.000Z","setUpScale":220879000,"market":"a","tickerId":4218,"custody":"招商银行股份有限公司","name":"前海开源裕和混合型证券投资基金","shortName":"前海开源裕和混合A","fundSecondLevel":"hybrid","__csrcFundId":1645,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.500Z","masterFundFlag":1,"inceptionDate":"2017-04-11T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源裕和混合","pinyin":"qhkyyhhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20701331","stockType":"fund_manager","exchange":"fm","tickerId":1217210990,"name":"陆琦"},{"stockCode":"db20838053","stockType":"fund_manager","exchange":"fm","tickerId":120825223230,"name":"林汉耀"}]},"announcement":{"linkText":"前海开源裕和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=990097","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bf7fea5b3eb0470eae","date":"2023-06-29T16:00:00.000Z","stockId":3000000004218,"sao":"随着疫情达峰，一季度国内经济有所修复,但二季度伴随宏观数据的回落，经济“强复苏”的预期基本证伪。  权益市场方面，一月份北向资金天量流入，是市场的增量主力，各大指数均有所反弹。二月份起，主题投资机会逐步显现，ChatGPT点燃科技板块投资浪潮，中国特色估值体系逆市上涨，央企定价重估、国企改革等主题关注度提升。伴随着经济复苏动能转弱，与总量经济相关的行业有所调整，中特估、AI、人形机器人等与总量经济相关性较弱的板块交替演绎。  固定收益方面，经济基本面、政策预期和宏观流动性宽松是主导市场走势的关键因素。春节前市场定价宏观经济修复，债券收益率上行；春节后市场对于经济复苏强度和政策力度预期有所走弱，同时货币政策发力，宏观流动性宽松，债券收益率震荡下行。转债市场方面，春节前转债跟随权益市场上涨，赚钱效应明显；春节后转债市场整体区间震荡，但内部分化较大，主题投资风格明显，有较多的结构性机会。  报告期内，本组合坚持稳健增值的投资目标。在权益投资上，整体维持中性偏乐观的股票仓位，行业适当分散,着重在A股各行业中优选企业经营稳健向好、估值合理的股票，遗憾的是近半年权益部分投资表现不佳，给组合净值造成了小幅负贡献。纯债部分投资中短久期高评级信用债为主，择机进行利率债波段操作。可转债部分综合考虑转债绝对价格、估值、正股基本面和波动率情况进行性价比挖掘，一季度以低价策略为主，二季度适度提高持仓转债弹性，后续将根据市场情况适当调整。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:39.217Z","mo":"展望下半年，宏观经济整体可能处于弱复苏的发展趋势。由于地产及地产链在社零中的占比较高，地产复苏与否或许会成为经济基本面的胜负手。就资本市场整体来看，当前已较大程度的反应了经济低迷的预期，债券利率处于历史相对低位，股票估值处于相对低位。权益方面，能源革命、科技创新、高端制造等方向基本面依然比较景气，或存在较多投资机会。另外当前消费虽然面临压力，但部分消费股的估值已处于相对低位，考虑到优质消费股经营相对稳定，在当前位置也有比较高的配置价值。固收方面，在弱复苏的环境下，预计资金面仍然保持宽松，信用债的票息确定性相对较强；长端利率债需重点关注经济修复进度和稳增长政策的力度，结合当前长端利率债收益率水平，后续长端可以根据经济基本面和政策预期进行波段交易，但操作难度较大。转债市场方面，受益于流动性宽松，可转债参与机会成本较小，转债估值整体高位震荡，主要系债券收益率明显下行，对转债估值形成较强支撑，后续转债估值层面难以为投资者提供超额收益，更多需依赖正股的上涨。在流动性宽松环境下，中小盘有望受益，预计结构性机会较多，转债或有较多的个券投资机会。","fund":{"_id":3000000004218,"stockCode":"004218","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-12T16:00:00.000Z","setUpScale":220879000,"market":"a","tickerId":4218,"custody":"招商银行股份有限公司","name":"前海开源裕和混合型证券投资基金","shortName":"前海开源裕和混合A","fundSecondLevel":"hybrid","__csrcFundId":1645,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.500Z","masterFundFlag":1,"inceptionDate":"2017-04-11T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源裕和混合","pinyin":"qhkyyhhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20701331","stockType":"fund_manager","exchange":"fm","tickerId":1217210990,"name":"陆琦"},{"stockCode":"db20838053","stockType":"fund_manager","exchange":"fm","tickerId":120825223230,"name":"林汉耀"}]},"announcement":{"linkText":"前海开源裕和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=965476","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bf7fea5b3eb0470ead","date":"2023-03-30T16:00:00.000Z","stockId":3000000004218,"sao":"自去年末以来，随着全国新冠感染顺利渡峰，国内经济逐步恢复。一季度两会在北京顺利召开，新一届政府施政仍以经济建设为主，各项推动经济发展的举措后续有望逐步落地。然后本年度确定的GDP增长目标也印证，当前中国经济仍面临较多困难，今年对外出口存在较大压力，国内地产和地产链暂未复苏，受地缘政治影响，产业升级和高端制造依然深受“卡脖子”制约。海外方面，受持续高通胀影响，美元加息进程仍在延续，以致全球流动性仍承压。  一季度A股市场整体先扬后平。春节前受疫后复苏提振，消费板块表现较好。节后AI新技术取得突破并有可能演变成新一轮“人工智能”产业革命的情绪逐步蔓延，随即带来相关板块的大幅上涨，同时市场整体增量资金有限，消费与先进制造等板块则持续调整。  固定收益方面，本报告期市场对政策及经济的预期是主导市场走势的关键因素。10年国债收益率围绕2.9%附近震荡，信用债表现强于利率债。春节前市场定价宏观经济修复，债券收益率上行；春节后市场对于经济复苏强度和政策力度预期有所走弱，债券收益率震荡下行。一季度信贷投放强劲，银行超储有所消耗，资金面波动加大，但政策对冲意愿较强，公开市场操作投放维持合理充裕，3月份央行公告降低金融机构准备金率0.25个百分点，超预期降准呵护经济和市场信心，助力政策预期修复。本报告期中证转债录得3.53%涨幅，春节前转债跟随权益市场上涨，赚钱效应明显；春节后权益市场整体横盘，但内部分化较大，主题投资风格明显，转债先跌后涨，有较多的结构性机会。  展望后市，随着新一届政府努力发展经济的各项举措逐步推出并落实，以及能源革命和人工智能重大突破的影响，中国市场有一些正面因素值得期待。疫情之后，社会生产和人民生活正逐步恢复正常，预计今年消费板块将显著强于去年；在能源革命和人工智能技术进步的辐射下，中国高端制造业以及衍生出来的创新业态依然拥有丰富的投资机会；此外，受美国通胀情况逐步缓解和其内生经济周期阶段影响，美元加息预计将进入尾声，全球流动性有望改善，资本有望回流至新兴市场。我们认为本年度权益市场整体下行风险不大，与此同时稳增长以及中国经济转型的需要等因素依然有利于寻找到结构性的投资机会。我们认为后市的投资机会可能存在于疫情后的经济和社会活动复苏、能源革命以及高端制造等几个主线。此外国资委去年调整了国企发展考核目标，国企改革以及盈利能力、盈利质量的改善均值得期待，相关标的或有一些投资机会。债券市场则可能需要适当关注利率风险，转债预计回归正股驱动，有较多的个券投资机会。  报告期内，本组合坚持稳健增值的投资策略。在权益投资上，维持中性偏乐观的股票仓位，行业适当分散,着重在A股各行业中优选企业经营稳健向好、估值合理的股票。债券部分投资中短久期高评级信用债为主，择机进行波段操作和利差交易，可转债以低价策略为主，综合考虑转债绝对价格、估值和正股基本面和波动率情况进行性价比挖掘，总体获得相对稳定的收益。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:39.214Z","fund":{"_id":3000000004218,"stockCode":"004218","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-12T16:00:00.000Z","setUpScale":220879000,"market":"a","tickerId":4218,"custody":"招商银行股份有限公司","name":"前海开源裕和混合型证券投资基金","shortName":"前海开源裕和混合A","fundSecondLevel":"hybrid","__csrcFundId":1645,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.500Z","masterFundFlag":1,"inceptionDate":"2017-04-11T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源裕和混合","pinyin":"qhkyyhhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20701331","stockType":"fund_manager","exchange":"fm","tickerId":1217210990,"name":"陆琦"},{"stockCode":"db20838053","stockType":"fund_manager","exchange":"fm","tickerId":120825223230,"name":"林汉耀"}]},"announcement":{"linkText":"前海开源裕和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=886969","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bf7fea5b3eb0470eac","date":"2022-12-30T16:00:00.000Z","stockId":3000000004218,"sao":"2022年，市场面临较为复杂的宏观经济环境和地缘政治因素。全年大部分时候，国内疫情反复，经济基本面偏弱，但政策托底意愿较强，稳增长政策陆续出台；货币政策整体稳健偏松，流动性合理充裕。国际形势较为动荡，通胀、战争和竞争的组合下，供应链和能源安全成为各国关注焦点，欧美通胀高位运行，同时国际贸易中的不信任带来的逆全球化增加各国在应对经济困境的难度。四季度党的二十大在北京顺利召开，疫情防控措施进一步优化，政府工作重心逐步转入推动经济增长。与此同时，美国中期选举落地，中美关系有所缓和，加之美联储加息预期减弱。种种因素虽暂时未体现到经济基本面的增长确认，但市场信心得到较大提振。  香港市场方面，受海外加息和流动性收紧，国内经济增长乏力，国际关系时有紧张等多重因素影响，港股全年大部分时间均延续前一年的跌势，然而国庆之后，随着多项因素的陆续改善，港股终于迎来了较大幅度的反弹，恒生指数全年录得-15.46%的跌幅。  国内A股市场全年整体呈现一波三折的行情，在经历年初地缘政治、局部疫情爆发、海外货币政策多重影响之后，也终于在11月之后迎来反弹，上证指数全年录得-15.13%的跌幅。债市方面，整体而言债市多空因素交织，收益率宽幅震荡，受权益市场疲软、转债估值处于高位等因素影响，转债整体波动较大，本报告期中证转债指数收跌约10%。  本报告期，本组合力争实现稳健增值的目标，在权益投资上，仓位逐步增加至相对积极的比例，行业适当分散,着重在A股各行业中优选企业经营稳健向好,估值合理的股票。固收投资上，纯债部分投资中短久期高评级信用债为主，择机进行利率债波段操作。可转债以低价策略为主，2022年1季度降低可转债仓位，4季度考虑到转债估值明显压缩，转债性价比有所提升，提高转债持仓比例。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:39.212Z","mo":"展望新的一年，中国经济有一些正面因素值得期待，一方面，疫情防控措施优化之后，社会生产和人民生活将逐步恢复正常；另一方面，随着新一届政府施政，中央经济工作会议中提到稳经济稳增长的政策将逐步落地。然而在整体经济形势向好之下，经济也存在一些隐忧，如出口增速下滑，房地产销售不景气等。因此我们认为新一年的权益市场整体下行风险不大，与此同时稳增长以及中国经济转型的需要等因素依然有利于寻找到结构性的投资机会。我们认为后市的投资机会可能存在于稳增长、疫情后的经济和社会活动复苏、能源革命以及高端制造等几个主线。我们认为目前市场估值虽然已修复较多，但从股债风险溢价率来看，依然处于中枢以上的较高赔率区间。随着中国经济或逐步回暖，海外不利因素也有所缓和，后续大概率不会面临较大幅度调整，此外市场可能还存在一些结构性投资机会。此外，经济基本面的预期差可能会给债市带来一定的交易机会。可转债经历市场调整后，估值压缩，投资性价比提升，预计转债市场机会主要来自于正股驱动，有较多的个券投资机会。","fund":{"_id":3000000004218,"stockCode":"004218","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-12T16:00:00.000Z","setUpScale":220879000,"market":"a","tickerId":4218,"custody":"招商银行股份有限公司","name":"前海开源裕和混合型证券投资基金","shortName":"前海开源裕和混合A","fundSecondLevel":"hybrid","__csrcFundId":1645,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.500Z","masterFundFlag":1,"inceptionDate":"2017-04-11T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源裕和混合","pinyin":"qhkyyhhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20701331","stockType":"fund_manager","exchange":"fm","tickerId":1217210990,"name":"陆琦"},{"stockCode":"db20838053","stockType":"fund_manager","exchange":"fm","tickerId":120825223230,"name":"林汉耀"}]},"announcement":{"linkText":"前海开源裕和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=869837","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bf7fea5b3eb0470eab","date":"2022-09-29T16:00:00.000Z","stockId":3000000004218,"sao":"三季度，市场面临更为复杂的宏观经济环境和地缘政治因素。全球宏观经济的不稳定性在上升：通胀、战争和竞争的组合下，供应链和能源安全成为各国关注焦点；美国为抑制通胀进入加息周期，美元持续升值，其他货币贬值压力较大；国际贸易中的不信任带来的逆全球化，增加各国在应对经济困境的难度。国内宏观波动率有所上升，一方面宏观总量疲弱，疫情反复对经济复苏形成较大扰动，另一方面稳增长的托底政策陆续出台，如盘活专项债额度支持基础设施建设、房地产需求端刺激政策等。市场预期分歧较大，在不确定性提升的情况下，市场风险偏好降低。货币政策方面，8月份MLF和OMO超预期调降10BP；贷款市场利率跟随下调，1年期LPR下调5BP，5年期LPR下调15BP，政策逆周期调控托底意愿较强。随着美元指数强势，对国内货币政策形成较大掣肘，但预计货币政策仍然以我为主。权益市场三季度前半段分化严重，以新能源为代表的赛道行情向小盘股持续扩散，小盘股延续二季度的强势反弹并创四月底反弹以来新高，同期大盘股表现欠佳。八月下旬起受疫情局部反复、美国CPI超预期导致美联储激进加息等影响，权益市场各板块均表现不佳。整个三季度，沪深300指数下跌15.16%，按申万分类以算术平均计算，除煤炭板块勉强收涨外，各行业板块均有所回调。固收方面，本期中证转债录得-3.82%跌幅，转债在权益市场下跌过程中显现出一定的防御性。十年期国债收益率曲线从2.82%下行至2.76%。展望四季度，随着大会召开，稳增长以及中国经济转型的需要等因素依然有利于寻找到结构性的投资机会。我们认为权益市场后市的投资机会可能存在于稳增长、地产风险化解、能源革命以及高端制造等几个主线。报告期内，本组合坚持“固收+”稳健增值的投资目标。在权益投资上，维持中性的股票仓位，行业适当分散,着重在A股各行业中优选企业经营稳健向好,估值合理的股票。固收投资上，纯债部分投资中短久期高评级信用债和利率债为主，总体获取了相对稳定的收益。可转债以低价策略为主，保持较低仓位。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:39.209Z","fund":{"_id":3000000004218,"stockCode":"004218","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-12T16:00:00.000Z","setUpScale":220879000,"market":"a","tickerId":4218,"custody":"招商银行股份有限公司","name":"前海开源裕和混合型证券投资基金","shortName":"前海开源裕和混合A","fundSecondLevel":"hybrid","__csrcFundId":1645,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.500Z","masterFundFlag":1,"inceptionDate":"2017-04-11T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源裕和混合","pinyin":"qhkyyhhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20701331","stockType":"fund_manager","exchange":"fm","tickerId":1217210990,"name":"陆琦"},{"stockCode":"db20838053","stockType":"fund_manager","exchange":"fm","tickerId":120825223230,"name":"林汉耀"}]},"announcement":{"linkText":"前海开源裕和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=805226","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bf7fea5b3eb0470eaa","date":"2022-06-29T16:00:00.000Z","stockId":3000000004218,"sao":"上半年国内经济动能转换，疫情反复，海外冲突后通胀和美联储紧缩的压力，共同影响了国内证券市场的波动率。权益市场震荡下行，上证指数、创业板50和国证2000分别录得6.63%、15.27%和11.10%的跌幅，受益于能源紧缺行业上周期煤炭的表现最好。货币政策稳健，资金面宽松。1月OMO和MLF利率均下调10BP，1年期LPR下调10BP，5年期LPR下调5BP；4月份降准0.25个百分点，5月份5年期LPR下调15BP。10年期国债收益率曲线由2.78%震荡上行至2.82%，变动幅度较小。中证转债指数录得4.07%的跌幅。基金配置方面，债券部分投资中短久期高评级信用债为主，择机进行利率债波段操作，总体获取了相对稳定的收益。权益部分相对中等仓位配置沪深两市权重个股和本公司研究精选股票，并积极参与新股申购增厚收益，努力为持有人持续创造绝对收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:39.207Z","mo":"随着通胀上行和美联储紧缩逐渐影响到需求，海外从交易通胀转向交易衰退。放眼全球，国内经济周期领先于海外，前期证券市场已充分调整，同时国内新经济产业升级加速推进。相比资源型商品，我们相信制造业产品有更高的壁垒和价值，体现了中国资产的核心竞争力。通过疫情和海外冲突，我们感受更深的是稳定的社会是我国快速发展的基础，没有共产党就没有新中国。","fund":{"_id":3000000004218,"stockCode":"004218","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-12T16:00:00.000Z","setUpScale":220879000,"market":"a","tickerId":4218,"custody":"招商银行股份有限公司","name":"前海开源裕和混合型证券投资基金","shortName":"前海开源裕和混合A","fundSecondLevel":"hybrid","__csrcFundId":1645,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.500Z","masterFundFlag":1,"inceptionDat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作为管理人，我们始终保持敬畏市场和积极管理的初心，勤奋学习扩大自己的能力圈，努力为投资人取得较高收益。","fund":{"_id":3000000004218,"stockCode":"004218","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-12T16:00:00.000Z","setUpScale":220879000,"market":"a","tickerId":4218,"custody":"招商银行股份有限公司","name":"前海开源裕和混合型证券投资基金","shortName":"前海开源裕和混合A","fundSecondLevel":"hybrid","__csrcFundId":1645,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.500Z","masterFundFlag":1,"inceptionDate":"2017-04-11T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源裕和混合","pinyin":"qhkyyhhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20701331","stockType":"fund_manager","exchange":"fm","tickerId":1217210990,"name":"陆琦"},{"stockCode":"db20838053","stockType":"fund_manager","exchange":"fm","tickerId":120825223230,"name":"林汉耀"}]},"announcement":{"linkText":"前海开源裕和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=712809","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bf7fea5b3eb0470ea7","date":"2021-09-29T16:00:00.000Z","stockId":3000000004218,"sao":"2021年三季度，制造业PMI逐步回落至荣枯线附近，固定资产投资下降，消费偏弱，出口增速尚可成为仅存的亮点。从具体的9月制造业PMI分项上看，生产指数明显下降，落入紧缩区间，这可能是受地方政府严格推进能耗双控举措， 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股市在7月初大涨后维持震荡格局，单三季度沪深300指数录得+10.17%的收益；债市下跌，10年国债活跃券收益率上行超过30个基点，T2012期货下跌2.07%。基金配置方面，债券部分投资中短久期高评级信用债，以及通过杠杆套利策略获取稳定收益，权益部分相对中低仓位配置沪市两市权重个股和本公司研究精选股票，并积极参与打新增厚收益，努力为持有人持续创造绝对收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:39.189Z","fund":{"_id":3000000004218,"stockCode":"004218","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-12T16:00:00.000Z","setUpScale":220879000,"market":"a","tickerId":4218,"custody":"招商银行股份有限公司","name":"前海开源裕和混合型证券投资基金","shortName":"前海开源裕和混合A","fundSecondLevel":"hybrid","__csrcFundId":1645,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.500Z","masterFundFlag":1,"inceptionDate":"2017-04-11T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源裕和混合","pinyin":"qhkyyhhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20701331","stockType":"fund_manager","exchange":"fm","tickerId":1217210990,"name":"陆琦"},{"stockCode":"db20838053","stockType":"fund_manager","exchange":"fm","tickerId":120825223230,"name":"林汉耀"}]},"announcement":{"linkText":"前海开源裕和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=489615","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bf7fea5b3eb0470ea2","stockId":3000000004218,"sao":"固定收益方面：本报告期内，资金面及货币政策的边际变化是主导债市的核心因素。具体来看，春节后和2季度初为了对冲新冠疫情对经济的冲击，央行一度采取了超宽松的货币政策。受此影响，资金利率较春节前下台阶，4月超额存款准备金利率下调后更是呈现超宽松状态，市场对货币政策进一步放松亦有较为强烈的预期，与资金面关联较大的中短端收益率大幅下行，曲线极度陡峭化。5月后，随着融资数据和经济数据的边际改善逐步明朗，以及前期以票据--结构性存款为代表的资金空转加剧，货币政策的重心边际上开始向防风险倾斜，资金面逐步回归常态，前期受益于资金面超宽松的中短端品种调整显著，期限利差明显收窄。6月初，直达实体的货币政策推出，实体融资成本下行对银行负债成本下降的依赖降低，降息的必要性降低，货币市场重回超宽松的预期进一步下降。受此影响，债市进一步调整，曲线进一步平坦化，期限利差基本回归常态。报告期内，收益率先下后上，曲线先陡后平。操作上，固定收益方面，组合在报告期内降低了久期。由于在报告期内市场经历了较为显著的利率上行，使得组合仍经历了一定程度的回撤。未来组合将保持中性偏谨慎的久期水平，同时等待时机，在控制回撤的前提下进行一定的波段操作力争增厚组合收益。权益方面：2020年上半年疫情对国内经济有一定影响，宏观政策环境较温和，A股市场震荡上行，沪深300指数上半年上涨1.64%。本基金股票部分重点配置了医药、消费等行业的龙头公司股票。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:39.187Z","mo":"固定收益方面：展望未来，货币政策大概率仍将是主导债市的核心因素。由于疫情及外部环境仍有较大的不确定性，宽信用环境大概率延续，货币政策大幅收紧的可能性不大，债券收益率暂不具备大幅上行的基础。不过从央行创设直达实体的货币政策工具等政策措施来看，宽信用趋于精细化，宽信用过程中流动性向银行间市场大量溢出的可能性下降，资金面大概率很难回到超宽松的状态，债券收益率的下行空间也将受到制约。我们认为未来一段时间内债市大概率维持震荡格局，如果无风险利率进一步上行对信用扩张形成制约，经济可能会有一定的反复，届时债市可能会有一定的阶段性机会。权益方面：中国经济处于转型阶段，经济结构逐渐改善，宏观政策较为温和。展望2020年下半年，疫情对宏观经济造成的影响逐步减弱，全年经济走势可能前低后高，全球流动性较为宽松，A股估值有吸引力，震荡上行概率较大，结构性机会较多。本基金股票持仓将精选行业龙头公司，力争获得持续稳定的回报。","fund":{"_id":3000000004218,"stockCode":"004218","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-12T16:00:00.000Z","setUpScale":220879000,"market":"a","tickerId":4218,"custody":"招商银行股份有限公司","name":"前海开源裕和混合型证券投资基金","shortName":"前海开源裕和混合A","fundSecondLevel":"hybrid","__csrcFundId":1645,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.500Z","masterFundFlag":1,"inceptionDate":"2017-04-11T16:00:00.000Z","fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源裕和混合","pinyin":"qhkyyhhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20701331","stockType":"fund_manager","exchange":"fm","tickerId":1217210990,"name":"陆琦"},{"stockCode":"db20838053","stockType":"fund_manager","exchange":"fm","tickerId":120825223230,"name":"林汉耀"}]},"announcement":{"linkText":"前海开源裕和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=464211","linkType":"PDF","source":"csrc_pdf"}}]}