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发力的政策空间，工业企业库存去化接近尾声，经济存在持续回升的内在动力。　　2024年A股反弹之后，市场估值处于合理区间，极致的风险和压力已经缓解，我们对市场保持谨慎乐观的态度。从历史规律的角度来看，美联储加息结束进入降息周期，美元指数有望持续走弱，美债实际利率有望出现趋势性下降，这期间以黄金为代表的贵金属有望出现持续的牛市行情，或是值得配置的资产。","fund":{"_id":3000000004244,"stockCode":"004244","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-07T16:00:00.000Z","setUpScale":799500000,"market":"a","tickerId":4244,"custody":"中国农业银行股份有限公司","name":"东方周期优选灵活配置混合型证券投资基金","shortName":"东方周期优选灵活配置混合(004244)","fundSecondLevel":"hybrid","__csrcFundId":1548,"fundStatus":"normal","lastUpdated":"2026-04-30T19:09:11.503Z","masterFundFlag":1,"inceptionDate":"2017-03-14T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方周期优选灵活配置混合","pinyin":"dfzqyxlhpzhhxzqtzjj","managers":[{"stockCode":"8801600850","stockType":"fund_manager","exchange":"fm","tickerId":61023182290,"name":"房建威"}]},"announcement":{"linkText":"东方周期优选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=1256649","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7c37fea5b3eb047146a","date":"2024-09-29T16:00:00.000Z","stockId":3000000004244,"sao":"三季度A股先震荡下跌，9月末开始强势拉升，各大指数分别创下今年以来的新高。根据Wind数据显示，三季度上证指数上涨12.4%、万得全A上涨17.7%、创业板指上涨29.2%。申万一级行业来看，二季度所有行业均上涨。其中，非银金融涨幅领先，达到41.7%；房地产、综合涨幅也超过30%，仅有7个行业涨幅小于10%。　　三季度，美联储开启降息周期，首次降息达到50bp，超出市场预期。贵金属持续强势，走出独立行情，COMEX黄金三季度涨幅达到13.54%，创下今年以来单季度新高，符合我们对于黄金价格趋势的判断。　　报告期内，我们根据对黄金价格趋势的判断，适当减少了小金属的配置，加大的贵金属的配置。贵金属商品价格表现强势，但是股票价格表现相对较弱，可能是A股持续回落的拖累。我们认为在贵金属价格持续强势的背景下，上市公司的盈利是可靠的，股价阶段性的强弱不会改变其盈利趋势，未来贵金属仍然是比较好的投资方向。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:43.603Z","fund":{"_id":3000000004244,"stockCode":"004244","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-07T16:00:00.000Z","setUpScale":799500000,"market":"a","tickerId":4244,"custody":"中国农业银行股份有限公司","name":"东方周期优选灵活配置混合型证券投资基金","shortName":"东方周期优选灵活配置混合(004244)","fundSecondLevel":"hybrid","__csrcFundId":1548,"fundStatus":"normal","lastUpdated":"2026-04-30T19:09:11.503Z","masterFundFlag":1,"inceptionDate":"2017-03-14T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方周期优选灵活配置混合","pinyin":"dfzqyxlhpzhhxzqtzjj","managers":[{"stockCode":"8801600850","stockType":"fund_manager","exchange":"fm","tickerId":61023182290,"name":"房建威"}]},"announcement":{"linkText":"东方周期优选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=1179335","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7c37fea5b3eb0471469","date":"2024-06-29T16:00:00.000Z","stockId":3000000004244,"sao":"上半年A股市场呈现震荡行情：一月份市场延续下行趋势，二月开始持续上行修复，5月中旬上证指数触及高点之后开始回调，并一直持续至二季度末。其中，红利和大盘风格成为上半年的主要风格行情。根据Wind数据显示，上半年上证50、沪深300分别录得3.0%、0.9%的正收益，其他市场指数下跌。申万一级行业来看，银行、煤炭、公用事业收益超过10%，综合、计算机、商贸零售等7个行业跌幅超过-20%。　　报告期内，我们从周期规律和基本面角度出发，寻找景气向上行业中具有核心竞争力的优秀公司。看好美国利率顶点之后，贵金属的投资机会。对贵金属（黄金、白银等）及部分小金属进行了重点配置。在结构上，重视矿产类公司、回避金价上涨之后可能面临压力的零售类公司。小金属方面，关注需求稳定、供给受限的品种，并阶段性参与。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:43.601Z","mo":"展望下半年，我们认为欧美发达国家的降息周期已经开始，国内货币政策空间打开，经济基本面有望逐步企稳回升。我们持续看好中国经济增长的持续性和韧性，也看好中国资本市场的未来发展。　　美联储利率政策的拐点可能尽在眼前，从历史规律的角度来看，这一阶段以黄金为代表的贵金属都是非常值得配置的资产。我们会持续重点配置这一领域，争取为投资人创造可靠的回报。","fund":{"_id":3000000004244,"stockCode":"004244","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-07T16:00:00.000Z","setUpScale":799500000,"market":"a","tickerId":4244,"custody":"中国农业银行股份有限公司","name":"东方周期优选灵活配置混合型证券投资基金","shortName":"东方周期优选灵活配置混合(004244)","fundSecondLevel":"hybrid","__csrcFundId":1548,"fundStatus":"normal","lastUpdated":"2026-04-30T19:09:11.503Z","masterFundFlag":1,"inceptionDate":"2017-03-14T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方周期优选灵活配置混合","pinyin":"dfzqyxlhpzhhxzqtzjj","managers":[{"stockCode":"8801600850","stockType":"fund_manager","exchange":"fm","tickerId":61023182290,"name":"房建威"}]},"announcement":{"linkText":"东方周期优选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=1151932","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7c37fea5b3eb0471468","date":"2024-03-30T16:00:00.000Z","stockId":3000000004244,"sao":"一季度A股呈现先抑后扬的行情，其中1月份市场普跌，上证50、沪深300等大盘指数跌幅较小，2月份市场回暖之后，3月份进入横盘震荡。根据Wind数据显示，一季度上证指数上涨2.2%、万得全A下跌2.8%、创业板指下跌3.9%；行业来看，银行、石油石化、煤炭、家用电器四个板块涨幅均超过10%，医药生物、计算机、电子、综合四个行业跌幅最大，均超过-10%。　　报告期内，我们从周期规律和基本面角度出发，寻找景气向上行业中具有核心竞争力的优秀公司，对贵金属（黄金、白银等）以及相关的贵金属零售公司进行了系统的配置。　　今年处于美联储加息的后半段，美债实际利率可能会触顶回落，从历史规律的角度来看，美联储加息结束之后，美元指数有望持续走弱，美债实际利率有望出现趋势性下降，这期间以黄金为代表的贵金属有望出现持续的牛市行情，是非常值得配置的资产。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:43.598Z","fund":{"_id":3000000004244,"stockCode":"004244","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal"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根据wind数据显示，上证综指收跌15.1%，上证50、沪深300分别收跌19.5%、21.6%，创业板指收跌29.4%；申万一级行业来看，仅煤炭、综合行业行业收涨，分别上涨10.9%、10.6%；有15个行业跌幅超过20%，其中，电子行业跌幅最大，为-36.5%。　　本基金在报告期内按照基金合同的要求，坚持较高仓位的股票投资策略，从经济发展的周期性规律出发，寻找持续景气向上的行业和个股，追求持续稳健的回报收益。　　2022年受到疫情、地缘政治、美联储加息、大国博弈等多方因素的影响，全球资本市场都在大幅波动、调整。报告期内，本基金应对市场变化积极调整，对工业金属、新材料、新能源上游锂矿及锂电材料、贵金属等领域进行了布局。从库存周期角度看，2023年国内将从宽货币紧信用的衰退后期逐步迈向宽信用稳货币的经济回暖的扩张前期，中短周期迎来上行阶段，资本市场的预期比较乐观。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:43.585Z","mo":"从宏观经济来看，2023年整体环境可能比2022年有所改观。国内疫情的影响逐渐消退；房地产政策开始缓和，稳增长、稳经济政策逐步发力，工业企业库存去化接近尾声，经济触底回升的概率提升。欧美加息进程逐步进入下半场，预期下半年逐步停止加息，外资流入可能重新进入加速通道。俄乌冲突持续演化，可能会成为今年的不确定因素。　　对于A股来说，经历去年大幅度调整之后，估值处于历史分位数较低水平，考虑到疫情政策的调整和库存周期的位置，2023年A股市场有望走出低迷。我们认为细分的行业机会需要从经济基本面的角度寻找，我们更看好经济修复的和底部周期反转的板块，比如2022年压力较大的中游制造业、半导体、贵金属等。","fund":{"_id":3000000004244,"stockCode":"004244","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-07T16:00:00.000Z","setUpScale":799500000,"market":"a","tickerId":4244,"custody":"中国农业银行股份有限公司","name":"东方周期优选灵活配置混合型证券投资基金","shortName":"东方周期优选灵活配置混合(004244)","fundSecondLevel":"hybrid","__csrcFundId":1548,"fundStatus":"normal","lastUpdated":"2026-04-30T19:09:11.503Z","masterFundFlag":1,"inceptionDate":"2017-03-14T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方周期优选灵活配置混合","pinyin":"dfzqyxlhpzhhxzqtzjj","managers":[{"stockCode":"8801600850","stockType":"fund_manager","exchange":"fm","tickerId":61023182290,"name":"房建威"}]},"announcement":{"linkText":"东方周期优选灵活配置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=864167","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7c37fea5b3eb0471462","date":"2022-09-29T16:00:00.000Z","stockId":3000000004244,"sao":"三季度，A股市场震荡回调，7-8月相对平稳，9月跌幅较大。截至季度末，根据Wind数据显示，上证综指收于3024.39点、季度跌幅10.03%，沪深300指数收于3804.89点、季度跌幅13.94%，创业板指收于2288.97点、季度跌幅17.32%，科创50指数收于939.38点、季度跌幅13.87%。  根据Wind数据显示，申万一级行业指数中只有煤炭、综合为正收益，分别上涨0.96%、0.21%；公用事业、石油石化跌幅在5%以内，分别为-4.39%、-4.93%；建筑材料跌幅最大，为-22.03%。  报告期内，我们从周期规律和基本面角度出发，寻找景气向上行业中具有核心竞争力的优秀公司。本季度股票持仓结构保持稳定，减持了部分非银金融、电子半导体、工业金属等板块股票，增持了新能源上游锂矿及相关材料等板块股票。  今年股票市场的投资是比较艰难的，疫情、地缘政治、美联储加息、大国博弈等多方因素都对全球资本市场产生重大的影响，全球资本市场都在大幅波动、调整。近期A股弱势调整，目前场内情绪进入冰点状态，主要指数接近4月份低点，估值优势开始显现；盈利的角度看，工业企业库存处于去化阶段，盈利的底部也逐渐接近。考虑到近期国家对经济、地产等方面的强力政策支持，我们并不悲观，资本市场的调整和波动是阶段性的。  展望四季度，我们继续看好景气周期板块的股价表现，企业盈利持续改善，对基建、地产等领域的刺激政策已经开始发力。另一方面，新能源、半导体等新兴板块前期调整幅度较大，未来成长空间广阔，有些细分子行业已极具投资价值。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:43.583Z","fund":{"_id":3000000004244,"stockCode":"004244","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-07T16:00:00.000Z","setUpScale":799500000,"market":"a","tickerId":4244,"custody":"中国农业银行股份有限公司","name":"东方周期优选灵活配置混合型证券投资基金","shortName":"东方周期优选灵活配置混合(004244)","fundSecondLevel":"hybrid","__csrcFundId":1548,"fundStatus":"normal","lastUpdated":"2026-04-30T19:09:11.503Z","masterFundFlag":1,"inceptionDate":"2017-03-14T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方周期优选灵活配置混合","pinyin":"dfzqyxlhpzhhxzqtzjj","managers":[{"stockCode":"8801600850","stockType":"fund_manager","exchange":"fm","tickerId":61023182290,"name":"房建威"}]},"announcement":{"linkText":"东方周期优选灵活配置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=805955","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7c37fea5b3eb0471461","date":"2022-06-29T16:00:00.000Z","stockId":3000000004244,"sao":"上半年A股经历大幅波动，1-4月持续下跌，5-6月反弹。根据WIND数据，上半年主要指数均为负收益，上证综指收跌-6.1%、万得全A跌-9.0%、创业板指跌-15.4%；申万一级行业来看，只有煤炭行业录得正收益（31.0%），13个行业跌幅超过-10%，其中，电子、计算器、传媒跌幅最大，分别为-24.6%、-23.2%、-21.3%。  上半年市场的波动体现了投资者对经济和外部环境的预期变化，疫苗在全球范围内推广增强了对经济修复的预期，也增强了对流动性收紧的预期。俄乌冲突造成全球政治经济局势紧张，原油等大宗品价格上涨，对全球经济产生冲击和更大通胀的压力。4月份受国内疫情影响，消费数据下滑，PMI回落，经济承压；美联储加息预期影响下，美股道琼斯、纳斯达克、标普均出现大幅度调整；中美利差收窄带动人民币汇率承压等多方面因素造成A股情绪降至冰点。5月之后随着疫情的逐渐稳定，上海开始复工复产，各地房地产政策逐渐放松，资本市场氛围开始缓和。尤其是5月23日国常会决定阶段性减征部分乘用车购置税600亿元；汽车央企发放的900亿元货车贷款，要银企联动延期半年还本付息；包括山东、广东等地也相继公布了促进汽车消费的相关政策。以新能源汽车为代表的成长、消费板块在政策友好的环境下，走出了持续稳健的反弹趋势。  报告期内，我们根据市场波动灵活调整了部分持仓，小幅减持了非银金融、电子、工业金属等板块股票，增持了锂电材料及上游锂矿资源等板块。本基金选股坚持从基本面出发，寻找景气向上行业中具有核心竞争力的优秀公司。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:43.580Z","mo":"我们认为，股票市场的本轮调整，更多的是受到疫情、地缘政治等短期因素的影响。中国经济增长潜力十足，即使增长速度略有回调，待经济结构优化调整之后，再次起飞毋庸置疑。稳增长政策正在不断落地，对经济的托底作用将不断加强，新动能正在加速成长。  展望下半年，我们看好A股企业盈利持续改善，看好国家对基建、地产等领域的刺激政策逐步落实。另一方面，新能源、半导体等新兴板块前期调整幅度较大，未来成长空间广阔，有些细分子行业已极具投资价值。","fund":{"_id":3000000004244,"stockCode":"004244","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-07T16:00:00.000Z","setUpScale":799500000,"market":"a","tickerId":4244,"custody":"中国农业银行股份有限公司","name":"东方周期优选灵活配置混合型证券投资基金","shortName":"东方周期优选灵活配置混合(004244)","fundSecondLevel":"hybrid","__csrcFundId":1548,"fundStatus":"normal","lastUpda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cement":{"linkText":"东方周期优选灵活配置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=706302","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7c37fea5b3eb047145e","date":"2021-09-29T16:00:00.000Z","stockId":3000000004244,"sao":"今年三季度，A股市场震荡回落。截至9月底，上证综指收于3568.17点、季度跌幅0.64%，沪深300指数收于4866.38点、季度跌幅6.85%，创业板指收于3244.65点、季度跌幅6.69%，科创50指数收于1368.72点、季度跌幅13.82%。从申万一级行业指数表现来看，市场风格极端演绎，结构分化明显，周期板块大涨，消费板块大跌。采掘、公用事业、有色金属、钢铁、化工等行业季度涨幅分别为36.60%、25.20%、23.11%、19.72%、13.70%；医药生物、休闲服务、食品饮料、传媒、家用电器等行业季度跌幅分别为13.68%、13.07%、13.00%、10.88%、10.14%。受到疫情、洪涝灾害、电力供应紧张等诸多不利因素影响，国内宏观经济面临一定压力。9月中采PMI指数为49.6%，降至临界点以下，制造业生产活动和市场需求总体放缓。8月社会消费品零售总额34395亿元、同比增长2.5%，增速环比7月下行6个百分点。1-8月份，全国固定资产投资（不含农户）346913亿元、同比增长8.9%，增速进一步回落。尽管如此，由于供给端受到的冲击更大，大宗商品价格仍在不断创新高，动力煤期货价格突破1500元/吨，WTI原油价格突破80美元/桶，LME铝价格突破3000美元/吨。我们认为，国内经济结构调整仍在进一步深化，股票投资理当顺应这一趋势。四季度我们继续看好以新能源汽车、半导体、光伏为代表的新兴产业，以及受益于产品涨价的传统周期板块。报告期内，我们随市场波动灵活调整了股票仓位，并坚持从基本面出发，寻找景气向上行业中的优秀公司。本季度股票仓位明显提升，重点减持了基础化工板块股票，增持了锂电、石化板块股票。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:43.572Z","fund":{"_id":3000000004244,"stockCode":"004244","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-07T16:00:00.000Z","setUpScale":799500000,"market":"a","tickerId":4244,"custody":"中国农业银行股份有限公司","name":"东方周期优选灵活配置混合型证券投资基金","shortName":"东方周期优选灵活配置混合(004244)","fundSecondLevel":"hybrid","__csrcFundId":1548,"fundStatus":"normal","lastUpdated":"2026-04-30T19:09:11.503Z","masterFundFlag":1,"inceptionDate":"2017-03-14T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方周期优选灵活配置混合","pinyin":"dfzqyxlhpzhhxzqtzjj","managers":[{"stockCode":"8801600850","stockType":"fund_manager","exchange":"fm","tickerId":61023182290,"name":"房建威"}]},"announcement":{"linkText":"东方周期优选灵活配置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=650876","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7c37fea5b3eb047145d","date":"2021-06-29T16:00:00.000Z","stockId":3000000004244,"sao":"今年上半年，我国经济运行持续稳定恢复，国内生产总值同比增长12.7%。二季度GDP同比增长7.9%，两年平均增长5.5%，比一季度加快0.5个百分点。经济结构持续优化，创新动能持续增强，规模以上高技术制造业增加值两年平均增长13.2%，新能源汽车、工业机器人、集成电路的产量同比都保持了较快增长。全球疫情仍在持续演变，外部不稳定因素依然较多。在此背景下，我国股票市场延续震荡向上趋势。截至6月底，上证综指收于3591.20点、涨幅3.40%，创业板指收于3477.18点、涨幅17.22%。A股市场结构分化明显，周期与科技板块领涨。从申万一级行业指数表现来看，电气设备、钢铁、化工、采掘、有色金属等行业涨幅较大，分别达到23.83%、23.62%、21.46%、17.30%、12.49%；而家电、非银金融、国防军工、房地产、农林牧渔等行业表现较差，半年跌幅分别为15.59%、14.71%、11.50%、9.01%、7.76%。报告期内，我们随市场波动灵活调整了股票仓位，并坚持从基本面出发，寻找景气向上行业中的优秀公司。本期股票仓位小幅下调，重点减持了金融、地产等板块股票，增持了有色金属、化工等板块股票。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:43.570Z","mo":"展望下半年，我们认为，受基数效应和出口增速放缓等因素的影响，国内经济增速将有所下降，但是整个经济基本面依然稳健。6月中采PMI新出口订单指数为48.1%，环比回落0.2个百分点，表明制造业国外订货量已开始回落。美欧经济将继续改善，美联储有可能在三季度释放Taper信号，但年内加息概率不大。海外疫情再起波澜，“德尔塔变异毒株”快速蔓延，一定程度上延缓了欧美发达经济体复苏进程。A股市场仍将维持震荡向上格局，以新能源汽车、半导体、光伏为代表的智能制造板块将有超额收益，前期回落幅度较大的工业金属、基础化工等顺周期板块在持续超预期的业绩支撑下有望反弹。","fund":{"_id":3000000004244,"stockCode":"004244","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-07T16:00:00.000Z","setUpScale":799500000,"market":"a","tickerId":4244,"custody":"中国农业银行股份有限公司","name":"东方周期优选灵活配置混合型证券投资基金","shortName":"东方周期优选灵活配置混合(004244)","fundSecondLevel":"hybrid","__csrcFundId":1548,"fundStatus":"normal","lastUpdated":"2026-04-30T19:09:11.503Z","masterFundFlag":1,"inceptionDate":"2017-03-14T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方周期优选灵活配置混合","pinyin":"dfzqyxlhpzhhxzqtzjj","managers":[{"stockCode":"8801600850","stockType":"fund_manager","exchange":"fm","tickerId":61023182290,"name":"房建威"}]},"announcement":{"linkText":"东方周期优选灵活配置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=627783","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7c37fea5b3eb047145c","stockId":3000000004244,"sao":"今年一季度，A股市场冲高回落。截至3月底，上证综指收于3441.91点、季度跌幅0.90%，沪深300指数收于5048.36点、季度跌幅3.13%，创业板指收于2758.50点、季度跌幅7.00%。国内宏观经济延续复苏态势，但是市场通胀忧虑上升，债券收益率上行，流动性收紧。从申万一级行业指数表现来看，市场风格切换，结构分化明显。钢铁、公用事业、银行、休闲服务、建筑装饰等行业逆势上涨，季度涨幅分别为15.66%、11.50%、10.51%、10.02%、7.60%；国防军工、非银金融、通信、计算机、传媒等行业跌幅较大，季度跌幅分别为19.26%、12.50%、11.42%、9.03%、8.52%。春节过后，前期强势的白酒、光伏、新能源汽车、医药等板块快速回调，而顺周期板块超额收益明显。我们认为，国内宏观经济运行延续了去年二季度以来的稳定恢复的态势。从统计局公布的1-2月份国民经济运行数据来看，主要指标均出现了较高的增长，固定资产投资（不含农户）同比增长35.0%，规模以上工业增加值同比增长35.1%，社会消费品零售总额同比增长33.8%。海外主要经济体在疫苗推广和刺激政策的带动下，复苏进度亦在逐步加快。我国对外出口快速增长，前两个月对东盟出口额同比增长40%以上、对美国出口额同比增长70%以上，外部需求明显改善。本轮调整并非经济下行导致的，更多的是因为抱团股估值偏高、市场结构性调整，叠加外部环境恶化。展望二季度，经济基本面将支撑股票市场震荡走高，顺周期板块盈利持续改善，估值仍处合理区间，极具投资价值。我们将坚持从基本面出发，寻找景气向上行业中的优秀公司，追求长期、稳健的投资回报。本报告期内我们重点增持了有色金属、基础化工等顺周期板块股票，减持了金融、地产等板块股票。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:43.567Z","fund":{"_id":3000000004244,"stockCode":"004244","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"st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