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3月份，制造业采购经理指数（PMI）为50.5%，制造业景气水平继续回升。从市场估值水平看，一季度末各主要指数估值水平与去年末相比基本持平。报告期内，本基金维持了较为灵活的投资策略，以取得稳健的收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:02.659Z","fund":{"_id":3000000004724,"stockCode":"004724","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-06T16:00:00.000Z","setUpScale":202873000,"market":"a","tickerId":4724,"custody":"中国邮政储蓄银行股份有限公司","name":"先锋聚元灵活配置混合型证券投资基金","shortName":"先锋聚元(004724)","fundSecondLevel":"hybrid","__csrcFundId":4841,"fundStatus":"normal","lastUpdated":"2026-04-30T19:18:25.745Z","masterFundFlag":1,"inceptionDate":"2017-11-16T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋聚元","pinyin":"xfjylhpzhhxzqtzjj","managers":[{"stockCode":"db20762757","stockType":"fund_manager","exchange":"fm","tickerId":191225201590,"name":"孙连玉"}]},"announcement":{"linkText":"先锋聚元灵活配置混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1273442","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8127fea5b3eb0477000","date":"2024-12-30T16:00:00.000Z","stockId":3000000004724,"sao":"2024年，我国国内生产总值增速5.0%。分季度看，一季度国内生产总值同比增长5.3%，二季度增长4.7%，三季度增长4.6%，四季度增长5.4%。一季度，主要依靠外需和国内政策对基建、制造业投资的支撑；二、三季度消费放缓，内生动能不足是主要原因；四季度稳增长政策效应显现。2024年证券市场走出较为波折的走势，在9月下旬之前整体呈现调整态势，在9月下旬政策发力后大幅反弹。    报告期内，本基金维持了较为灵活的投资策略，以取得稳健的收益。","declarationDate":"2025-01-15T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:02.656Z","mo":"从宏观来看，2024年美联储已开始降息，2025年降息进程预期有所放缓，外部流动性将在一定程度上得到改善，国内经济在政策支持下，预计维持复苏态势。    从证券市场来看，2025年A股上市公司盈利有望得到修复，内需发力、库存回补或是盈利修复的主要驱动因素。货币政策“适度宽松”，使得市场风险偏好可能有所提升，市场存在结构性机会。    从行业来看，继续关注科技和制造业领域。科技方面，当前科技产业正处在新一轮向上周期中，以人工智能为代表的新一代信息技术正在各个领域加快落地。制造业方面，我国供需优势明显，景气度有望延续。我们将继续关注计算机、通信、传媒、电子以及汽车、机械等领域。","fund":{"_id":3000000004724,"stockCode":"004724","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-06T16:00:00.000Z","setUpScale":202873000,"market":"a","tickerId":4724,"custody":"中国邮政储蓄银行股份有限公司","name":"先锋聚元灵活配置混合型证券投资基金","shortName":"先锋聚元(004724)","fundSecondLevel":"hybrid","__csrcFundId":4841,"fundStatus":"normal","lastUpdated":"2026-04-30T19:18:25.745Z","masterFundFlag":1,"inceptionDate":"2017-11-16T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋聚元","pinyin":"xfjylhpzhhxzqtzjj","managers":[{"stockCode":"db20762757","stockType":"fund_manager","exchange":"fm","tickerId":191225201590,"name":"孙连玉"}]},"announcement":{"linkText":"先锋聚元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=1254348","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8127fea5b3eb0476fff","date":"2024-09-29T16:00:00.000Z","stockId":3000000004724,"sao":"三季度，国内经济缓慢复苏。从经济数据来看：1-8月，社会消费品零售总额同比增长3.4%，低于前值3.5%；1-8月，规模以上工业增加值累计同比增长5.8%，低于前值5.9%；1-8月，全国固定资产投资（不含农户）同比增长3.4%，较前值回落0.2个百分点。9月份，制造业采购经理指数（PMI）为49.8，比上月上升0.7个百分点，制造业景气度有所回升。从政策面来看，9月政策端迎来重要变化，稳经济、稳地产、稳预期意图明确。从市场估值水平来看，三季度末各主要指数估值水平比二季度有所回升。报告期内，本基金维持了较为灵活的投资策略，以取得稳健的收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:02.653Z","fund":{"_id":3000000004724,"stockCode":"004724","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-06T16:00:00.000Z","setUpScale":202873000,"market":"a","tickerId":4724,"custody":"中国邮政储蓄银行股份有限公司","name":"先锋聚元灵活配置混合型证券投资基金","shortName":"先锋聚元(004724)","fundSecondLevel":"hybrid","__csrcFundId":4841,"fundStatus":"normal","lastUpdated":"2026-04-30T19:18:25.745Z","masterFundFlag":1,"inceptionDate":"2017-11-16T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋聚元","pinyin":"xfjylhpzhhxzqtzjj","managers":[{"stockCode":"db20762757","stockType":"fund_manager","exchange":"fm","tickerId":191225201590,"name":"孙连玉"}]},"announcement":{"linkText":"先锋聚元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=1174825","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8127fea5b3eb0476ffe","date":"2024-06-29T16:00:00.000Z","stockId":3000000004724,"sao":"上半年，国内生产总值同比增长5.0%，持平5%的增长目标，其中主要拉动来自第二产业，其同比增速高于整体增加值。二季度国内生产总值同比增长4.7%，较一季度回落0.6个百分点。上半年，全国规模以上工业增加值同比增长6.0%；服务业增加值同比增长4.6%；社会消费品零售总额同比增长3.7%；全国固定资产投资（不含农户）同比增长3.9%，扣除房地产开发投资，全国固定资产投资增长8.5%；货物进出口总额同比增长6.1%。整体来看，上半年国民经济运行总体平稳。从市场估值水平看，二季度末市场整体估值水平仍处于低位。报告期内，本基金维持了较为灵活的投资策略，以取得稳健的收益。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:02.650Z","mo":"从宏观来看，下半年随着美联储降息预期逐步增强，外部流动性有望得到改善，国内经济在一系列稳经济、稳民生政策加力的前提下，预计经济增长动能将有所抬升。从证券市场来看，下半年资金面和基本面或有望迎来积极变化。资金面方面，A股长期的稳定型外资还存在明显的入市空间。下半年，海外环境改善或也有助于推动外资回流。基本面方面，4月份政治局会议以来地产政策加速落地。往后看，随着稳增长存量政策的落实和增量政策的逐渐推出，预计下半年国内基本面将逐渐修复。综合来看，在基本面和资金面得到改善的情况下，市场有望震荡上行。从行业来看，下半年重点关注科技和中高端制造领域。科技方面，技术革新以及政策支持双重驱动，使得科技有望引领新质生产力发展。中高端制造方面，中高端制造相关行业基本面占优，盈利增速超过整体水平，展望未来，中高端制造需求空间广阔，景气度有望延续。我们将关注的重点，聚焦在电子、通信、计算机、传媒以及机械、家电、汽车等领域。","fund":{"_id":3000000004724,"stockCode":"004724","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-06T16:00:00.000Z","setUpScale":202873000,"market":"a","tickerId":4724,"custody":"中国邮政储蓄银行股份有限公司","name":"先锋聚元灵活配置混合型证券投资基金","shortName":"先锋聚元(004724)","fundSecondLevel":"hybrid","__csrcFundId":4841,"fundStatus":"normal","lastUpdated":"2026-04-30T19:18:25.745Z","masterFundFlag":1,"inceptionDate":"2017-11-16T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋聚元","pinyin":"xfjylhpzhhxzqtzjj","managers":[{"stockCode":"db20762757","stockType":"fund_manager","exchange":"fm","tickerId":191225201590,"name":"孙连玉"}]},"announcement":{"linkText":"先锋聚元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=1148085","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8127fea5b3eb0476ffd","date":"2024-03-30T16:00:00.000Z","stockId":3000000004724,"sao":"一季度，宏观经济有所回暖。从经济数据来看：生产端，1-2 月工业增加值同比增长7.0%，其中高技术制造业增加值增长7.5%；投资端，1-2 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50%的荣枯线以下，服务业走势亦持续低迷。国内经济受到疫情冲击，内需修复受到一定压制，复苏缓慢， 全年经济增速3%，产出缺口较大，就业压力抬升，稳增长的必要性迫在眉睫。报告期内，本基金维持了较为稳健的投资策略，上半年对景气度向上的行业进行了重点配置，下半年对成长性的行业和部分低估值的行业进行配置，以取得稳健的收益。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:02.631Z","mo":"从宏观来看，四季度中央经济工作会议提出“我国经济韧性强、潜力大、活力足，各项政策效果持续显现，明年经济运行有望总体回升。要坚定做好经济工作的信心”， “努力实现明年经济发展主要预期目标”， “突出做好稳增长、稳就业、稳物价工作，推动经济运行整体好转”，可见在明年全球经济走弱的预期下，会议对我国明年经济增速回升是充满信心的。我们认为2023年宏观经济逐步走向复苏。从证券市场来看，在预期美国逐步退出紧缩政策的背景下，在国内宽松政策延续，企业营收增速有望向上的预期下，权益市场有望保持震荡向上的节奏。另一方面，居民资产配置向权益迁移趋势已成，A股市场仍有望继续获得增量资金青睐，可积极寻找机会进行布局。从行业来看，科技类和高端制造类资产有望在2023年中表现出色。二十大报告强调加快发展数字经济，促进数字经济和实体经济深度融合，打造具有国际竞争力的数字产业集群。同时也提出推动制造业高端化、智能化、绿色化发展，提升产业链韧性和安全。我们将大类板块内部比较的重点，聚焦在科技和高端制造两大方向上，重点关注计算机、传媒、电子、通信、军工和智能制造等领域。","fund":{"_id":3000000004724,"stockCode":"004724","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-06T16:00:00.000Z","setUpScale":202873000,"market":"a","tickerId":4724,"custody":"中国邮政储蓄银行股份有限公司","name":"先锋聚元灵活配置混合型证券投资基金","shortName":"先锋聚元(004724)","fundSecondLevel":"hybrid","__csrcFundId":4841,"fundStatus":"normal","lastUpdated":"2026-04-30T19:18:25.745Z","masterFundFlag":1,"inceptionDate":"2017-11-16T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋聚元","pinyin":"xfjylhpzhhxzqtzjj","managers":[{"stockCode":"db20762757","stockType":"fund_manager","exchange":"fm","tickerId":191225201590,"name":"孙连玉"}]},"announcement":{"linkText":"先锋聚元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=872954","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8127fea5b3eb0476ff7","date":"2022-09-29T16:00:00.000Z","stockId":3000000004724,"sao":"三季度，疫情反复下生产端的工业在保产业链供应链等政策支撑下表现尚可。需求端没有合力，出口在外需支撑下仍保持较高增速。稳增长一揽子政策逐步落地，基建和制造业投资体现出韧性。而房地产行业景气度仍较弱，尤其三线城市更甚，保交楼压力增加下房地产企业新增投资增速加快回落。居民消费总体疲软。工业品价格涨幅持续回落，消费者物价水平呈上行趋势，央行对通胀的关注度也有提升，但当前通胀水平仍温和可控，处于年度目标之内，短期仍未对宏观决策带来制约，央行核心目标仍是稳增长。金融数据在市场主体信心不强的拖累下，长期和短期贷款、企业和居民贷款表现分化。展望四季度，中国经济总体复苏的态势不变，复苏过程可能较为温和。报告期内，本基金维持了较为均衡的投资策略，对于景气度向上的行业和具备稳健投资价值的行业进行了配置，以取得性价比较高的收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:02.629Z","fund":{"_id":3000000004724,"stockCode":"004724","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-06T16:00:00.000Z","setUpScale":202873000,"market":"a","tickerId":4724,"custody":"中国邮政储蓄银行股份有限公司","name":"先锋聚元灵活配置混合型证券投资基金","shortName":"先锋聚元(004724)","fundSecondLevel":"hybrid","__csrcFundId":4841,"fundStatus":"normal","lastUpdated":"2026-04-30T19:18:25.745Z","masterFundFlag":1,"inceptionDate":"2017-11-16T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋聚元","pinyin":"xfjylhpzhhxzqtzjj","managers":[{"stockCode":"db20762757","stockType":"fund_manager","exchange":"fm","tickerId":191225201590,"name":"孙连玉"}]},"announcement":{"linkText":"先锋聚元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=808148","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8127fea5b3eb0476ff6","date":"2022-06-29T16:00:00.000Z","stockId":3000000004724,"sao":"上半年，全球经济增速预期下修，各国经济周期分化、普遍面临滞胀甚至衰退的风险挑战。外部环境叠加3月以来我国部分重点城市疫情规模性反弹的不利情况，中国经济表现出了较大压力，导致上半年经济增速与年初既定的目标差距显著。但是，中国经济也显示出越是困难越向前的坚韧，政府出台了一揽子稳住经济大盘的政策措施，我们认为，这些政策措施针对性强、力度大、持续性好，政策效果已初步显现。报告期内，本基金维持了较为稳健的投资策略，对于景气度向上的行业进行了重点配置，以取得性价比较高的收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:02.626Z","mo":"下半年，随着各项政策逐步落实，常态化核酸检测的铺开，疫情防控与经济增长之间的统筹将会做得更好，一揽子稳增长政策将充分释放出效果。随着积极有利因素逐渐增多，中国经济下半年将会急起直追，努力把上半年的经济损失尽可能地补回来，我们预计，二季度是年内经济低点，下半年经济将拾级而上，三、四季度单季经济增速水平将重回强势，全年仍有望实现一个在全球范围看相对合理较高的增速水平。从中长期视角来看，证券市场目前估值处于合适区间，对未来保持积极乐观。继续关注景气度向上的科技类、高端制造等行业，同时也关注受益于经济复苏的大消费行业。","fund":{"_id":3000000004724,"stockCode":"004724","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-06T16:00:00.000Z","setUpScale":202873000,"market":"a","tickerId":4724,"custody":"中国邮政储蓄银行股份有限公司","name":"先锋聚元灵活配置混合型证券投资基金","shortName":"先锋聚元(004724)","fundSecondLevel":"hybrid","__csrcFundId":4841,"fundStatus":"normal","lastUpdated":"2026-04-30T19:18:25.745Z","masterFundFlag":1,"inceptionDate":"2017-11-16T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋聚元","pinyin":"xfjylhpzhhxzqtzjj","managers":[{"stockCode":"db20762757","stockType":"fund_manager","exchange":"fm","tickerId":191225201590,"name":"孙连玉"}]},"announcement":{"linkText":"先锋聚元灵活配置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=784477","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8127fea5b3eb0476ff5","date":"2022-03-30T16:00:00.000Z","stockId":3000000004724,"sao":"一季度，受海外地缘局势动荡、中概股调整和外资大幅流出、国内区域疫情扩散等内外部综合因素影响，市场情绪较弱。当前引发调整的部分因素已迎来政策层面的积极应对，包括房地产领域相关的支持政策更加积极，金融委会议和国常会均表明避免收缩性政策或者不利于市场预期的政策出台。“稳增长”政策更有针对性地发力可能也将逐渐带来基本面预期的改善。初步预计经济上半年慢慢寻底，下半年有望触底复苏。国内的通胀压力相对可控，“稳增长”政策空间相对充足，结合当下估值水平处于底部区间，对未来可以保持积极的态度。报告期内，本基金继续维持了较为稳健的投资策略，对于景气度向上的行业和防御性低估值行业，进行了均衡配置，以取得稳健的收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:02.623Z","fund":{"_id":3000000004724,"stockCode":"004724","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"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1-7 月新增地方政府专项债发行进度仅为 36.1%，明显慢于之前两年。我们判断，接下来预算内投资和新增地方政府专项债发行进度会明显加快，推动今年底明年初基建投资形成实物工作量。这意味着下半年基建投资有可能小幅提速，年末两年平均增速有可能升至疫情前 2019 年 3.8%的增长水平（上半年该指标为 2.4%）。结合下半年国际油价及国内煤、钢等工业品价格走势来看，年底前 PPI 同比仍将保持在 6.0%左右的高位，而 CPI 同比则将控制在2.5%左右。这样来看，未来一段时间 PPI 和 CPI 之间的\"剪刀差\"仍将较为明显。报告期内，本基金全年维持了较为稳健的投资策略，对于景气度向上的行业进行了集中配置，以取得性价比较高的超额收益。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:02.617Z","fund":{"_id":3000000004724,"stockCode":"004724","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-06T16:00:00.000Z","setUpScale":202873000,"market":"a","tickerId":4724,"custody":"中国邮政储蓄银行股份有限公司","name":"先锋聚元灵活配置混合型证券投资基金","shortName":"先锋聚元(004724)","fundSecondLevel":"hybrid","__csrcFundId":4841,"fundStatus":"normal","lastUpdated":"2026-04-30T19:18:25.745Z","masterFundFlag":1,"inceptionDate":"2017-11-16T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋聚元","pinyin":"xfjylhpzhhxzqtzjj","managers":[{"stockCode":"db20762757","stockType":"fund_manager","exchange":"fm","tickerId":191225201590,"name":"孙连玉"}]},"announcement":{"linkText":"先锋聚元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=657352","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8127fea5b3eb0476ff2","date":"2021-06-29T16:00:00.000Z","stockId":3000000004724,"sao":"上半年经济修复动力较强，在财政收入大增的同时，支出增速明显偏低，而 1-7 月新增地方政府专项债发行进度仅为 36.1%，明显慢于之前两年。我们判断，接下来预算内投资和新增地方政府专项债发行进度会明显加快，推动今年底明年初基建投资形成实物工作量。这意味着下半年基建投资有可能小幅提速，年末两年平均增速有可能升至疫情前 2019 年 3.8%的增长水平（上半年该指标为 2.4%）。结合下半年国际油价及国内煤、钢等工业品价格走势来看，年底前 PPI 同比仍将保持在 6.0%左右的高位，而 CPI 同比则将控制在2.5%左右。这样来看，未来一段时间 PPI 和 CPI 之间的\"剪刀差\"仍将较为明显。为缓解下游小微企业面临的成本压力。报告期内，本基金全年维持了较为稳健的投资策略，对于景气度向上的行业进行了集中配置，以取得性价比较高的超额收益。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:02.614Z","mo":"生产方面，基数效应逐步消退，科技医药设备行业保持高增速。上中游原材料行业中煤炭、化工值得关注。煤炭行业生产增长不及下游的电力及钢铁行业，煤炭价格有支撑，7 月煤炭价格继续走高，行业景气度较高。化工行业连续 3个月两年复合增速上行，且现在下游需求相对稳定。从价格角度看，6 月PPI 录得 8.8%，根据7月数据，我们预测7月PPI 将突破5月高点，达到9.1%。价格因素将继续支撑上游行业利润走高。从具体品种来看，石油、铁矿、 煤炭、精炼石油、基础化工原料、玻璃、钢铁、有色涨幅超过 30%。中游行业成本压力依然较大，随着大宗商品继续筑顶，中游行业将迎来成本高点。6 月工业企业利润累计增长 66.9%，两年复合增速 20.6%。由于大宗商品价格较为强势，上中游原材料行业利润继续带动整个工业企业利润上行，但工业内部行业利润分化格局未改，上游原料行业利润增速中枢最高，科技医药行业次之，中游材料行业第三。除上中游原材料行业外，科技（计算机通信电子）、医药表现较好，专用设备和电气机械（包含电新）利润走弱，受成本抬升影响较多。后续，科技、医药、专用设备和电气机械行业符合国家长期发展方向，下半年仍将是除原材料行业外，基本面较好的行业，但是科技、专用设备和电气机械的有可能将进一步回落。","fund":{"_id":3000000004724,"stockCode":"004724","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-06T16:00:00.000Z","setUpScale":202873000,"market":"a","tickerId":4724,"custody":"中国邮政储蓄银行股份有限公司","name":"先锋聚元灵活配置混合型证券投资基金","shortName":"先锋聚元(004724)","fundSecondLevel":"hybrid","__csrcFundId":4841,"fundStatus":"normal","lastUpdated":"2026-04-30T19:18:25.745Z","masterFundFlag":1,"inceptionDate":"2017-11-16T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋聚元","pinyin":"xfjylhpzhhxzqtzjj","managers":[{"stockCode":"db20762757","stockType":"fund_manager","exchange":"fm","tickerId":191225201590,"name":"孙连玉"}]},"announcement":{"linkText":"先锋聚元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=633096","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8127fea5b3eb0476ff1","stockId":3000000004724,"sao":"回顾2021年一季度，通胀预期和实际利率交替推动美债长端利率上行、疫苗接种和经济特质影响的相对基本面推动美元指数反弹。全球权益资金流向两个方向：填补疫情减压较晚的欧洲洼地、回流相对基本面弹性大的美国，而A股和港股核心资产的负债成本与机会成本均有所抬升。美国、中国、欧洲PPI同比均大幅回升、均处于主动补库存阶段，中国工业量价同比齐升、产能利用率处于2013年以来的最高位，美国与欧洲制造业产能利用率向疫情前水平爬升。受疫情影响，今年一季度不同国家、供给与需求、投资与消费、商品与服务之间仍存节奏和斜率差异，美英修复节奏快于欧盟、全球供给修复斜率低于需求、投资修复斜率高于消费、服务修复节奏晚于商品而斜率高于商品。节奏差异使得微观信号可能阶段性的强于或弱于趋势，比如美元指数强于趋势、原材料价格传导能力弱于趋势等。从市场走势看，一季度指数先扬后抑，以2月中旬春节为界，市场前后风格切换明显。从一月初至春节，市场延续2020年的上涨行情，主要是全球货币宽松对核心资产的估值提升，市场风格由2020年的估值驱动转换为业绩驱动股价上涨，资金抱团的高估值的白酒、新能源、科技等板块均出现较大幅度回落，而低估值、高股息的银行、顺周期等板块则表现出了较强的安全边际，市场整体回落情况下出现上涨。随着财报季来临，市场交易重心由分母端向分子端切换。漂亮50经验表明，大幅杀估值阶段，核心资产整体并未显著跑输大盘，且内部分化显著。估值泡沫不大且具备业绩兑现能力的核心资产，仍有不错的超额收益。但利率上行趋势下持有抱团股的预期收益空间收窄、个股分化，部分高景气的中小市值个股性价比提升。年报一季报景气来看，业绩在Q4大幅改善的，主要是受益于疫情中段海外消费需求大幅提升的消费品（家电等），受益于生产端逐步修复的上中游设备和原材料（机械、电气设备、有色等），以及业绩基数低、景气底部改善的TMT（传媒、计算机）。Q1业绩大幅改善的主要是疫情受损板块（交运、商贸等）和供给端因素共振的周期板块（钢铁、煤炭等）。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:02.611Z","fund":{"_id":3000000004724,"stockCode":"004724","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-06T16:00:00.000Z","setUpScale":202873000,"market":"a","tickerId":4724,"custody":"中国邮政储蓄银行股份有限公司","name":"先锋聚元灵活配置混合型证券投资基金","shortName":"先锋聚元(004724)","fundSecondLevel":"hybrid","__csrcFundId":4841,"fundStatus":"normal","lastUpdated":"2026-04-30T19:18:25.745Z","masterFundFlag":1,"inceptionDate":"2017-11-16T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋聚元","pinyin":"xfjylhpzhhxzqtzjj","managers":[{"stockCode":"db20762757","stockType":"fund_manager","exchange":"fm","tickerId":191225201590,"name":"孙连玉"}]},"announcement":{"linkText":"先锋聚元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=573360","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8127fea5b3eb0476ff0","stockId":3000000004724,"sao":"回顾第四季度，大盘在经历了区间震荡后于年底创下指数年内新高，12月31日市场成交额达到9615亿元，从宏观流动性来看，2020年12月29日召开的央行四季度货币政策例会落地边际宽松的信号，提出要保持货币政策的连续性、稳定性、可持续性；实际上央行自12月中旬以来通过MLF超额续作、逆回购操作等加大流动性投放，十年期国债利率自2020年11月3.35%左右的年内高点波动回落至年底的3.14%。全球疫苗加快推进落地强化经济修复预期，相对利好风险资产表现。虽然目前英、日、韩、美等多国每日新增病例数再创新高，但疫苗的推广应用有助于强化经济修复预期、提振市场风险偏好。国内方面，国药疫苗于2020年12月31日正式获得上市审批，有效性接近80%，并且后续将逐步实现全民免费接种，预计服务业及线下消费有望进一步回暖。外需改善保持韧性，出口数据维持强势。我国出口同比增长持续受益于全球经济复苏过程中我国生产能力的优先修复，反映出外需改善的韧性。结构上看，服装、家具、灯具照明、玩具等劳动密集型产业出口持续改善，显示海外消费逐步恢复；机电等资本密集型产业出口维持扩张态势。中期来看，我国出口仍将受益于抗疫常态化下，国内产业链优化、全球经济逐渐修复的向好趋势。展望2021年一季度，认为全球将迎来经济复苏的加快。一是当前全球疫苗接种加快推进，尽管可能存在病毒变异和接种进度等不确定性的扰动，但是经济向上修复趋势不变；二是美国财政刺激计划落地出台，加大对于美国经济的提振力度；三是中欧投资协定谈判超预期落地带来全球经贸环境的复苏改善。整体来看，我们认为风险资产的配置性价比强于避险资产；其中，权益市场和商品更具配置价值，特别是权益市场的顺周期品种，和商品的铜和大豆。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-30T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:02.608Z","fund":{"_id":3000000004724,"stockCode":"004724","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-06T16:00:00.000Z","setUpScale":202873000,"market":"a","tickerId":4724,"custody":"中国邮政储蓄银行股份有限公司","name":"先锋聚元灵活配置混合型证券投资基金","shortName":"先锋聚元(004724)","fundSecondLevel":"hybrid","__csrcFundId":4841,"fundStatus":"normal","lastUpdated":"2026-04-30T19:18:25.745Z","masterFundFlag":1,"inceptionDate":"2017-11-16T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋聚元","pinyin":"xfjylhpzhhxzqtzjj","managers":[{"stockCode":"db20762757","stockType":"fund_manager","exchange":"fm","tickerId":191225201590,"name":"孙连玉"}]},"announcement":{"linkText":"先锋聚元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=559642","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8127fea5b3eb0476fef","stockId":3000000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4月已经转正（3.9%），且高频的耗煤量增速、发电量、高炉开工率等指标均在持续好转；工业品出厂价格环比也开始出现改善，预计后续通缩压力将逐渐减小。第二，国内需求有显著改善，尤其地产和汽车表现亮眼。30个大中城市商品房成交5月同比已转正；乘联会公布的乘用车日均销售增速已恢复到疫情之前的水平，其中批发增速已创出两位数的阶段性新高。第三，出口表现好于预期。5 月份单月货物贸易顺差已创历史同期新高，再加上疫情导致的服务贸易逆差收窄，二季度净出口对 GDP 的贡献将显著增加。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-09T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:02.603Z","mo":"展望未来当前低利率环境下，高资产价格和高市场波动的态势大概率延续，在经济有望延续缓慢修复的主线下，权益资产性价比相对较高，A 股相比于海外市场更具吸引力；宽信用政策呵护下，信用债相比利率债更具配置价值；货币宽松周期和全球不确定性抬升的背景下，战略看多黄金等贵金属。具体到 A股市场，三季度市场风格可能渐趋均衡。目前 A 股市场整体具有底部支撑，下半年企业盈利有望缓慢修复，资本市场改革提速有助于提升市场活跃度，整体市场流动性有一定保障；但行业估值结构差异过大给后续市场运行带来一定的不确定性，三季度市场风格预计将更趋均衡，传统行业龙头具有估值修复机会。消费板块估值接近历史极值，但未到极端水平，中信金融指数相对上证综指的PE估值之比为0.59，接近2013年以来的最低点0.54；消费指数相对上证综指的PE估值之比为2.2，也接近2013年以来的最高点2.7，因金融和消费板块估值均未到极端水平，7月中报季消费板块业绩确定性较高，可能仍对消费风格有一定支撑，但往后看，金融板块开始具备明显的配置价值，结合3月份至今反弹涨幅来看，消费者服务、食品饮料、医药估值提升更为明显，家电、汽车、通信、计算机及地产、银行非银可能有补涨机会。","fund":{"_id":3000000004724,"stockCode":"004724","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-06T16:00:00.000Z","setUpScale":202873000,"market":"a","tickerId":4724,"custody":"中国邮政储蓄银行股份有限公司","name":"先锋聚元灵活配置混合型证券投资基金","shortName":"先锋聚元(004724)","fundSecondLevel":"hybrid","__csrcFundId":4841,"fundStatus":"normal","lastUpdated":"2026-04-30T19:18:25.745Z","masterFundFlag":1,"inceptionDate":"2017-11-16T16:00:00.000Z","fundCollectionId":4000051390000,"currency":"CNY","masterFundShortName":"先锋聚元","pinyin":"xfjylhpzhhxzqtzjj","managers":[{"stockCode":"db20762757","stockType":"fund_manager","exchange":"fm","tickerId":191225201590,"name":"孙连玉"}]},"announcement":{"linkText":"先锋聚元灵活配置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=451137","linkType":"PDF","source":"csrc_pdf"}}]}