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　　本基金着重于通过多种风险管理手段以增强对投资策略的下行保护。因此，本基金在二季度将积极运用我们各类量化工具进行组合风险监测与识别，以在风险可控的原则下执行投资策略，并保持风格与大类行业的均衡配置。","lastUpdated":"2026-04-22T15:34:35.417Z","fund":{"_id":3000000004608,"stockCode":"004608","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-09-29T16:00:00.000Z","setUpScale":206874000,"market":"a","tickerId":4608,"custody":"交通银行股份有限公司","name":"长信乐信灵活配置混合型证券投资基金","shortName":"长信乐信混合(004608)","fundSecondLevel":"hybrid","__csrcFundId":4900,"fundStatus":"normal","lastUpdated":"2026-04-30T19:15:28.728Z","masterFundFlag":1,"inceptionDate":"2017-12-06T16:00:00.000Z","fundCollectionId":4000050260000,"memoNum":1,"currency":"CNY","masterFundShortName":"长信乐信混合","pinyin":"cxlxlhpzhhxzqtzjj","managers":[{"stockCode":"db20783486","stockType":"fund_manager","exchange":"fm","tickerId":306208850,"name":"程放"},{"stockCode":"j101019707","stockType":"fund_manager","exchange":"fm","tickerId":261923249560,"name":"张思韡"}]},"announcement":{"linkText":"长信乐信灵活配置混合型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1477601","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69cac86b40924dd8ca638dcf","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000004608,"sao":"2025年在投资计划制定和投资执行上，我们致力于形成一套使得风险收益比可持续优化的投资策略，追求中等波动率，控制下行风险，并保持一定的向上弹性。","lastUpdated":"2026-03-30T19:00:59.661Z","mo":"展望2026年，我们认为市场总体仍将保持向上趋势，但同时更加关注市场总体性价比回落的事实，以及结构性再平衡需求增加的风险。另一方面，我们也紧密关注海外人工智能产业技术发展与资本支出之间的矛盾，以及美联储货币政策取向的潜在变化可能。　　因此，本基金在投资计划上采取中性乐观策略，并保持灵活机动性，以应对市场可能增多的短期波动。行业配置方面，我们从安全边际和向上赔率综合考虑，将增加对供需关系改善且估值性价比更为占优的中游制造业的配置力度，同时积极挖掘ROE长周期拐点向上的优质消费公司的底部投资机会。","fund":{"_id":3000000004608,"stockCode":"004608","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-09-29T16:00:00.000Z","setUpScale":206874000,"market":"a","tickerId":4608,"custody":"交通银行股份有限公司","name":"长信乐信灵活配置混合型证券投资基金","shortName":"长信乐信混合(004608)","fundSecondLevel":"hybrid","__csrcFundId":4900,"fundStatus":"normal","lastUpdated":"2026-04-30T19:15:28.728Z","masterFundFlag":1,"inceptionDate":"2017-12-06T16:00:00.000Z","fundCollectionId":4000050260000,"memoNum":1,"currency":"CNY","masterFundShortName":"长信乐信混合","pinyin":"cxlxlhpzhhxzqtzjj","managers":[{"stockCode":"db20783486","stockType":"fund_manager","exchange":"fm","tickerId":306208850,"name":"程放"},{"stockCode":"j101019707","stockType":"fund_manager","exchange":"fm","tickerId":261923249560,"name":"张思韡"}]},"announcement":{"linkText":"长信乐信灵活配置混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1451771","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7fc7fea5b3eb0475556","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000004608,"sao":"今年以来权益市场受到外部影响波动加大，但市场整体韧性较强。低估值、新消费、创新药等相关板块均体现出持续性结构性机会，市场风险偏好在外部影响后逐步回升。就中美两个世界大国的宏观经济而言，三季度中国经济数据的度数边际走弱，美国就业市场疲软，9月份美联储开启新一轮降息周期，权益市场的交易主线和超额收益在三季度得到确认，科技、有色等行业指数以及各大宽基指数在三季度均录得不错的超额收益。全球资本市场在世界格局的新常态下，一方面在憧憬美联储降息带来的新机遇，另一方面也在告别过往被大家熟知的“确定性交易”。那些过往曾是共识的经济增长主流叙事逻辑，教科书中的国际贸易体系和地缘政治格局，在过去的一段时间都进行了重塑，我们的资产配置框架也需要不断迭代，去适应逐步变化的宏观背景。　　站在当下，我们认为拥抱主线，寻找在当下不确定的市场环境中相对确定性的机会，可能是后续能够获得超额收益的方向。风险类资产经过年初以来的上涨，整体估值水位偏高，在组合层面需要平衡好动量趋势仓位和低位低估值仓位的占比。就四季度而言，部分资金也会开始布局明年的权益市场主线，低位板块整体胜率相对较高。但当前AI为代表的科技创新产业主线和有色为代表的逆全球化交易，整体共识仍相对较高，赔率空间更大。对于组合而言，我们认为需要在相对合适的估值位置，平衡好主线机会和低位板块机会。　　在风险偏好情绪大幅抬升的背景下，市场选择忽视内需经济动能变化，同时对货币流动性预期“由松转紧”逐步调整，整体收益率曲线震荡抬升，票息策略相对占优。基于经济整体的状态和外部影响，今年以来纯债类资产波动加剧，超额收益回落。立足于市场底层逻辑变化和不断迭代的适应性交易体系，组合今年债券资产收益主要来自于转债资产。三季度遵循“顺大势逆小势”的交易策略和波段性止损止盈，通过贴近主线行情主观选券和量化策略辅助的方式，组合在7-8月份转债资产大幅上涨阶段获取了回撤可控的超额收益。　　对于组合的债券类资产所贡献的底仓收益，我们认为风险可控的策略不止一种，我们更加追求的是体系的自恰和风险收益比是否合适。　　最后，展望四季度，我们对于四季度的定调是结构均衡，等待主线的再次入场机会。权益仓位的具体操作上，我们将在控制仓位的基础上，增加部分内需、机械等行业的配置。纯债类资产需要结合大类资产估值和风险偏好的情况动态调整估值锚点，转债类资产需要观测市场如何消化估值水位。整体而言，一方面考虑按照“顺大势逆小势”的原则调整组合久期和杠杆，另一方面考虑股债之间通过对冲的方式平滑组合净值曲线，力争为持有人创造稳健回报。　　。","lastUpdated":"2026-03-09T13:15:40.625Z","fund":{"_id":3000000004608,"stockCode":"004608","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-09-29T16:00:00.000Z","setUpScale":206874000,"market":"a","tickerId":4608,"custody":"交通银行股份有限公司","name":"长信乐信灵活配置混合型证券投资基金","shortName":"长信乐信混合(004608)","fundSecondLevel":"hybrid","__csrcFundId":4900,"fundStatus":"normal","lastUpdated":"2026-04-30T19:15:28.728Z","masterFundFlag":1,"inceptionDate":"2017-12-06T16:00:00.000Z","fundCollectionId":4000050260000,"memoNum":1,"currency":"CNY","masterFundShortName":"长信乐信混合","pinyin":"cxlxlhpzhhxzqtzjj","managers":[{"stockCode":"db20783486","stockType":"fund_manager","exchange":"fm","tickerId":306208850,"name":"程放"},{"stockCode":"j101019707","stockType":"fund_manager","exchange":"fm","tickerId":261923249560,"name":"张思韡"}]},"announcement":{"linkText":"长信乐信灵活配置混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=137879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beta因子策略相结合的方式，获取相对稳健的权益仓位收益。个股层面，我们延续关注考虑盈利和现金流较好的价值风格股票，更加关注个股估值安全边际，同时考虑在行业层面均衡配置。整体组合业绩表现上半年优于下半年，后续需要关注在权益风格大幅切换后的权益策略应对。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:40.617Z","mo":"我们认为经济的复苏更有可能是震荡向上的，因此和总量经济相关的资产上半年波动可能会有所加大。　　这也是我们在当前阶段更加关注权益仓位各类因子适度对冲的原因。展望未来一段时间，我们更多关注资产的确定性收益而非景气度意外抬升带来的偏主题性机会。考虑通过对于红利、价值、成长、小盘等几类smart beta因子进行均衡配置，来应对总量经济复苏路线不确定阶段的市场环境。　　转债和纯债方面，2025年的走势预计都是估值抬升的阶段。整体市场收益率处于偏低水平，波动会有所加大。转债转股收益率当前也处于相对偏高区间，择券需要在确定性和波动性之间进行取舍。在转债估值整体提升的阶段，除了延续关注低价券和平衡型转债，我们也会考虑右侧参与一些偏股型转债，应对市场波动。","fund":{"_id":3000000004608,"stockCode":"004608","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-09-29T16:00:00.000Z","setUpScale":206874000,"market":"a","tickerId":4608,"custody":"交通银行股份有限公司","name":"长信乐信灵活配置混合型证券投资基金","shortName":"长信乐信混合(004608)","fundSecondLevel":"hybrid","__csrcFundId":4900,"fundStatus":"normal","lastUpdated":"2026-04-30T19:15:28.728Z","masterFundFlag":1,"inceptionDate":"2017-12-06T16:00:00.000Z","fundCollectionId":4000050260000,"memoNum":1,"currency":"CNY","masterFundShortName":"长信乐信混合","pinyin":"cxlxlhpzhhxzqtzjj","managers":[{"stockCode":"db20783486","stockType":"fund_manager","exchange":"fm","tickerId":306208850,"name":"程放"},{"stockCode":"j101019707","stockType":"fund_manager","exchange":"fm","tickerId":261923249560,"name":"张思韡"}]},"announcement":{"linkText":"长信乐信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=1248433","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7fc7fea5b3eb0475552","date":"2024-09-29T16:00:00.000Z","stockId":3000000004608,"sao":"报告期内，国内宏观经济整体复苏，金融数据逐步进入新常态区间，PMI指数仍在50%区间以下，整体国内经济仍在走高质量发展道路，“量增价弱”的情况仍比较明显。9月末，高层会议直面宏观经济中面临的各项问题，有效的提振了市场参与者信心，整体看，权益市场出现较大幅度上涨，债券市场宽幅震荡后出现一定调整。　　组合管理层面，我们整体淡化大幅择时，更关注行业的胜率而非赔率。根据投资框架定位，报告期整体关注大盘价值和低估值因子，同时逐步根据市场情况加仓了一些我们认为估值已经调整幅度较大的行业龙头个股。我们认为低估值、自由现金流优异、业绩稳定增长的行业，更加适合在复苏初期获得确定性收益。在权益市场中，部分成长风格个股估值调整至较低水平，我们看好估值回到相对正常的状态。当前位置权益市场下行空间有限，但跟随行业景气度和高频数据进行切换的难度加大。　　债券资产方面，后续货币政策或仍会保持相对宽松。我们认为虽然当前收益率水平处于相对低位，债券资产仍具备一定投资机会，组合管理中保持中性偏高久期，维持中高等级信用债配置。可转债方面，市场在报告期内转股溢价率已经压缩至相对偏低水平。组合坚持对于可转债资产绝对收益增强思路，在转债市场整体回调过程中整体回撤较小，在市场下行过程中逐步加仓偏债型品种，同时适度参与部分平衡型转债的投资机会。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:40.615Z","fund":{"_id":3000000004608,"stockCode":"004608","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-09-29T16:00:00.000Z","setUpScale":206874000,"market":"a","tickerId":4608,"custody":"交通银行股份有限公司","name":"长信乐信灵活配置混合型证券投资基金","shortName":"长信乐信混合(004608)","fundSecondLevel":"hybrid","__csrcFundId":4900,"fundStatus":"normal","lastUpdated":"2026-04-30T19:15:28.728Z","masterFundFlag":1,"inceptionDate":"2017-12-06T16:00:00.000Z","fundCollectionId":4000050260000,"memoNum":1,"currency":"CNY","masterFundShortName":"长信乐信混合","pinyin":"cxlxlhpzhhxzqtzjj","managers":[{"stockCode":"db20783486","stockType":"fund_manager","exchange":"fm","tickerId":306208850,"name":"程放"},{"stockCode":"j101019707","stockType":"fund_manager","exchange":"fm","tickerId":261923249560,"name":"张思韡"}]},"announcement":{"linkText":"长信乐信灵活配置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=1176636","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7fc7fea5b3eb0475551","date":"2024-06-29T16:00:00.000Z","stockId":3000000004608,"sao":"回顾上半年，国内宏观经济整体复苏，经济数据读数低个位数上涨，金融数据逐步进入新常态区间，PMI指数在3月份冲高至50.8%后，回落至50%区间以下。　　对于风险资产来讲，我们整体淡化择时，延续一直以来的投资策略，组合管理中更关注行业的胜率而非赔率。根据投资框架定位，报告期继续关注大盘价值和低估值因子，并在个股投资层面适度集中。我们认为低估值、自由现金流优异、业绩稳定增长的行业，更加适合在复苏初期获得确定性收益。同时，存量资金环境中，内部分化和行业轮动加剧，我们认为当前位置权益市场下行空间有限，但跟随行业景气度和高频数据进行切换的难度加大，因此整体考虑坚持持有估值较低、基本面业绩有韧性的银行、行业景气度整体改善的电力和公用事业，以及部分公司治理良好且股息率稳定的资源品公司。　　债券资产方面，预计后续货币政策或仍会保持相对宽松。我们认为虽然当前收益率水平处于相对低位，债券资产仍具备一定投资机会，组合管理中保持适度久期，维持中高等级信用债配置。可转债方面，市场在报告期内整体波动加大，在6月份市场调整后估值进一步降低。组合坚持对于可转债资产绝对收益增强思路，在转债市场整体回调过程中整体回撤较小，且在市场回调中逢低增持部分银行转债、债性转债品种，同时适度参与部分平衡型转债的投资机会。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:40.612Z","mo":"我们认为宏观经济仍在适应房地产投资增速变化后的新常态，预计未来一段时间仍将平稳运行。货币政策方面，流动性保持合理充裕，金融市场整体波动性降低。与之对应的，稳健是未来一段时间组合管理的主旋律。　　展望2024年三季度，我们认为债券市场或呈现震荡偏强的格局。经济动能方面，鉴于出口保持韧性，政府债发行提速以拉动基建投资，经济有望延续回升向好态势，关注政策发力节奏对市场预期的影响。流动性方面，预计政策发力点仍在宽信用，流动性的主基调仍然是以稳为主，为债市提供一定的支撑。　　权益市场方面，股票市场在上半年出现明显回调。在当前经济复苏且宏观流动性维持温和偏松的环境下，我们当前整体观点维持偏积极，组合持有的低估值、红利类资产在当前市场环境中仍然具备一定吸引力。　　后续，我们会关注政策和新产业趋势共振的一些领域，整体延续关注高胜率资产稳健投资的策略。我们认为高波动资产和高胜率资产可能天然存在一定风格层面的互斥，这对于持有人的风险偏好和预期收益需要有一定要求。对于上半年表现超出我们预期的一些资产，我们基于平抑波动的考虑会增加一些收益兑现频次，但我们整体认为稳健类资产整体估值尚未进入泡沫化，同时我们也会对一些估值进入合理区间的成长类资产予以关注，整体力图提高组合的夏普比和持有体验。","fund":{"_id":3000000004608,"stockCode":"004608","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-09-29T16:00:00.000Z","setUpScale":206874000,"market":"a","tickerId":4608,"custody":"交通银行股份有限公司","name":"长信乐信灵活配置混合型证券投资基金","shortName":"长信乐信混合(004608)","fundSecondLevel":"hybrid","__csrcFundId":4900,"fundStatus":"normal","lastUpdated":"2026-04-30T19:15:28.728Z","masterFundFlag":1,"inceptionDate":"2017-12-06T16:00:00.000Z","fundCollectionId":4000050260000,"memoNum":1,"currency":"CNY","masterFundShortName":"长信乐信混合","pinyin":"cxlxlhpzhhxzqtzjj","managers":[{"stockCode":"db20783486","stockType":"fund_manager","exchange":"fm","tic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看，股市和债市整体处于历史中性区间，基于此本基金维持中性的资产配置比例，个券选择上以防风险为第一要务。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:40.577Z","fund":{"_id":3000000004608,"stockCode":"004608","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-09-29T16:00:00.000Z","setUpScale":206874000,"market":"a","tickerId":4608,"custody":"交通银行股份有限公司","name":"长信乐信灵活配置混合型证券投资基金","shortName":"长信乐信混合(004608)","fundSecondLevel":"hybrid","__csrcFundId":4900,"fundStatus":"normal","lastUpdated":"2026-04-30T19:15:28.728Z","masterFundFlag":1,"inceptionDate":"2017-12-06T16:00:00.000Z","fundCollectionId":4000050260000,"memoNum":1,"currency":"CNY","masterFundShortName":"长信乐信混合","pinyin":"cxlxlhpzhhxzqtzjj","managers":[{"stockCode":"db20783486","stockType":"fund_manager","exchange":"fm","tickerId":306208850,"name":"程放"},{"stockCode":"j101019707","stockType":"fund_manager","exchange":"fm","tickerId":261923249560,"name":"张思韡"}]},"announcement":{"linkText":"长信乐信灵活配置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=570102","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7fc7fea5b3eb0475543","stockId":3000000004608,"sao":"疫情毫无疑问是2020年的资本市场影响最大的预期外变量，随着而来的国内外货币政策、实体经济趋势的迅速变化造成了资本市场的一波三折的走势，对于资产配置的挑战较大。本基金报告期内尽可能基于可观测、可把握的宏观变量，以应对重于预测的投资框架，尽力优化基金的风险收益特征。股票市场2020年风格分化进一步加大，优质白马公司估值显著扩张。除了因为优质公司投资理念的不断深入人心，外资流入等资金结构因素也进一步强化了风格分化。此外，疫情带来经济预期的变化也带来了周期性板块的投资机会，市场由上半年的防御转向下半年的进攻，核心还是经济超出预期，尤其是出口为代表。本基金报告期内坚持自下而上的选股理念，坚守优质公司，结合宏观、行业景气以及估值因素，在优质公司构成的投资池中不断优化组合配置。债券市场同样呈现一波三折的走势，国债利率的两次转向，信用市场市场化程度不断加深，都带来市场的扰动。本基金坚持风险控制为先，恪守信用风险的暴露，尽可能获取稳健的票息收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:40.574Z","mo":"随着海外疫苗的接种，2021年海外经济有望逐步恢复，而国内房地产市场整体热度较高，对短期经济支撑作用明显，出口走强也有利于劳动人口的收入提升，整体上看经济复苏确定性较高。随之而来的通胀风险也需要关注，国内传统大宗商品的产能经历了长时间的收缩，商品价格存在超预期可能，进而影响货币政策的方向。股票市场需要关注盈利弹性的行业和个股，债券市场目前处于中性位置，宏观预期趋向一致，但疫苗的进度和保护效力仍然会有较大影响，操作难度较大。","fund":{"_id":3000000004608,"stockCode":"004608","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-09-29T16:00:00.000Z","setUpScale":206874000,"market":"a","tickerId":4608,"custody":"交通银行股份有限公司","name":"长信乐信灵活配置混合型证券投资基金","shortName":"长信乐信混合(004608)","fundSecondLevel":"hybrid","__csrcFundId":4900,"fundStatus":"normal","lastUpdated":"2026-04-30T19:15:28.728Z","masterFundFlag":1,"inceptionDate":"2017-12-06T16:00:00.000Z","fundCollectionId":4000050260000,"memoNum":1,"currency":"CNY","masterFundShortName":"长信乐信混合","pinyin":"cxlxlhpzhhxzqtzjj","managers":[{"stockCode":"db20783486","stockType":"fund_manager","exchange":"fm","tickerId":306208850,"name":"程放"},{"stockCode":"j101019707","stockType":"fund_manager","exchange":"fm","tickerId":261923249560,"name":"张思韡"}]},"announcement":{"linkText":"长信乐信灵活配置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=553238","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7fc7fea5b3eb0475542","stockId":3000000004608,"sao":"无论是经济高频数据还是商品走势都在确认国内经济复苏的趋势，经济复苏的强度也值得期待。海外市场短期变量在美国大选，中期变量核心还是新冠疫苗的研发进度，由于相关时间节点临近，整体看海外市场波动明显加大，这可能会短期压制国内资本市场的风险偏好。我们倾向于股票市场呈现震荡走势，波动有所加大，但个股仍有不少机会，尤其是受益经济复苏同时估值合理的公司，这是我们配置的重点。我们对于基本面的要求会更加严格。至于债券市场，在经济复苏背景下难有趋势性机会，但市场也有所反映，后续需要进一步观察经济复苏力度，耐心等待更好的投资机会。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:40.571Z","fund":{"_id":3000000004608,"stockCode":"004608","stockType":"fund","areaCode":"cn","followedNum":5,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-09-29T16:00:00.000Z","setUpScale":206874000,"market":"a","tickerId":4608,"custody":"交通银行股份有限公司","name":"长信乐信灵活配置混合型证券投资基金","shortName":"长信乐信混合(004608)","fundSecondLevel":"hybrid","__csrcFundId":4900,"fundStatus":"normal","lastUpdated":"2026-04-30T19:15:28.728Z","masterFundFlag":1,"inceptionDate":"2017-12-06T16:00:00.000Z","fundCollectionId":4000050260000,"memoNum":1,"currency":"CNY","masterFundShortName":"长信乐信混合","pinyin":"cxlxlhpzhhxzqtzjj","managers":[{"stockCode":"db20783486","stockType":"fund_manager","exchange":"fm","tickerId":306208850,"name":"程放"},{"stockCode":"j101019707","stockType":"fund_manager","exchange":"fm","tickerId":261923249560,"name":"张思韡"}]},"announcement":{"linkText":"长信乐信灵活配置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=492879","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7fc7fea5b3eb0475541","stockId":3000000004608,"sao":"疫情成为了国内外资本市场的走势全新的重要变量，市场的不确定性大幅增加，在此背景下，基金整体保持资产配置的稳定性，以调整股票和债券资产内部结构应对外部环境的快速变化。具体来看，在一季度国内外疫情相继爆发后，股票组合由进攻转向保守，大幅增加稳定类行业以及低估值价值股的配置比例。二季度随着国内疫情的稳定，国内经济显著进入复苏通道，股票组合转向以经济复苏为代表的进攻仓位。债券市场上半年整体波动较大，操作上难度较大，本基金在市场下跌过程中适度拉长久期，以形成对股票进攻性仓位的对冲，保持整体组合的稳健性。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:40.568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