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组合以稳健收益为投资目标，权益部分分散化投资于反映了经济长期增长的蓝筹股。在综合考虑了核心资产估值较贵以及经济复苏等因素的基础上，组合在结构上增加了低估值品种配置。在一季度市场震荡加大的背景下，组合净值表现相对平稳。组合将继续保持结构稳定，密切关注更有安全边际的投资机会。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:08.432Z","fund":{"_id":3000000004750,"stockCode":"004750","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-19T16:00:00.000Z","setUpScale":402782000,"market":"a","tickerId":4750,"custody":"华夏银行股份有限公司","name":"广发鑫和灵活配置混合型证券投资基金","shortName":"广发鑫和混合(004750)","fundSecondLevel":"hybrid","__csrcFundId":4986,"fundStatus":"normal","lastUpdated":"2026-04-30T19:18:57.371Z","masterFundFlag":1,"inceptionDate":"2017-12-28T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发鑫和混合","pinyin":"gfxhlhpzhhxzqtzjj","managers":[{"stockCode":"db20745147","stockType":"fund_manager","exchange":"fm","tickerId":2304207110,"name":"吴迪"}]},"announcement":{"linkText":"广发鑫和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=568302","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8187fea5b3eb0477601","stockId":3000000004750,"sao":"2020年，债券市场波动较大，收益率总体呈“V”型走势，年底市场情绪有所好转。本年度大体可以分为三个阶段：1月至4月，疫情的意外冲击使2019年四季度开始的周期复苏迹象中断，全球债券市场交易衰退，债券利率大幅下行，权益市场大幅度下跌，市场对政策维持宽松应对的一致预期较为强烈；5月至11月，国内凭借制度优势率先控制住疫情，预期的出口崩溃并未出现，整体基本面持续改善（尤其是出口项超预期增长），地产率先复苏，权益反弹，货币政策向常态化宽松回摆修正，驱使债市收益率从牛陡转向熊平；12月以来，在超预期信用事件冲击下，货币政策短期维稳，短端资金利率较为宽松、多因素共振，债券市场终于走出一波技术性反弹，收益率出现了5月以来最大幅度的一轮下行。权益市场在2季度反弹后，呈现结构性牛市特征。组合的固收部分在2020年维持了配置高等级品种偏票息的策略；权益部分一直保持平稳配置，整体仓位维持在20%左右。结构上，组合按照景气程度和估值两个维度综合考虑进行配置，以稳定类行业龙头为主要配置品种。当前，我们认为总需求进一步上升的概率较高，组合增加了较低估值的银行、地产等品种配置。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:08.429Z","mo":"展望2021年，需要关注总需求复苏的支柱力量：地产和出口。综合来看，短期内市场仍然以震荡走势为主，票息价值的确定性更高。复苏能否顺利转化为繁荣，是决定债市和股市全年走势的关键力量。具体到估值层面，债市和股市都面临估值较高的局面。债市收益率在2020年“V”型反转之后，依然位于历史较低分位，反映较悲观的宏观预期。而权益市场已经持续两年牛市，特别是景气程度高的行业龙头，估值屡创新高。组合坚持“固收+”的稳健配置思路，债券配置方面保持高等级、中性偏防御的思路。权益配置方面，维持20%左右的配置比例，结构上以稳定类行业龙头为主，坚持偏价值的思路，后期将不追涨、不杀跌，根据基本面的研究，利用市场波动的机会进行调仓。","fund":{"_id":3000000004750,"stockCode":"004750","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-19T16:00:00.000Z","setUpScale":402782000,"market":"a","tickerId":4750,"custody":"华夏银行股份有限公司","name":"广发鑫和灵活配置混合型证券投资基金","shortName":"广发鑫和混合(004750)","fundSecondLevel":"hybrid","__csrcFundId":4986,"fundStatus":"normal","lastUpdated":"2026-04-30T19:18:57.371Z","masterFundFlag":1,"inceptionDate":"2017-12-28T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发鑫和混合","pinyin":"gfxhlhpzhhxzqtzjj","managers":[{"stockCode":"db20745147","stockType":"fund_manager","exchange":"fm","tickerId":2304207110,"name":"吴迪"}]},"announcement":{"linkText":"广发鑫和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=553438","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8187fea5b3eb0477600","stockId":3000000004750,"sao":"本季度，债市收益率震荡上行。7月上旬股市的明显上涨为债市带来负面冲击，在资金利率预期的主导下，现券收益率曲线平坦化上移，信用债总体表现仍好于利率债，信用利差压缩至较低的历史分位水平。权益资产总体表现强劲，内部结构轮动明显。本季度，组合债券资产的久期都维持在较为谨慎的水平，以票息策略为主，适度进行了杠杆套息；权益资产保持了相对均衡的配置。展望下季度，国内外消息面的驱动将较为明显，基本面的主线依然将围绕经济正常化的方向演进，但考虑到当前股、债资产相对价值的再平衡，组合将保持灵活交易，择机增配债券票息资产，精选个股。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:08.427Z","fund":{"_id":3000000004750,"stockCode":"004750","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-10-19T16:00:00.000Z","setUpScale":402782000,"market":"a","tickerId":4750,"custody":"华夏银行股份有限公司","name":"广发鑫和灵活配置混合型证券投资基金","shortName":"广发鑫和混合(004750)","fundSecondLevel":"hybrid","__csrcFundId":4986,"fundStatus":"normal","lastUpdated":"2026-04-30T19:18:57.371Z","masterFundFlag":1,"inceptionDate":"2017-12-28T16:00:00.000Z","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发鑫和混合","pinyin":"gfxhlhpzhhxzqtzjj","managers":[{"stockCode":"db20745147","stockType":"fund_manager","exchange":"fm","tickerId":2304207110,"name":"吴迪"}]},"announcement":{"linkText":"广发鑫和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=490911","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8187fea5b3eb04775ff","stockId":3000000004750,"sao":"上半年，在疫情冲击下，全球资产价格波动加剧，国内股市与债市呈现出跷跷板效应，权益先跌后涨，债券先涨后跌。本报告期内，组合密切跟踪市场动向，保持资产配置结构的稳定，优先配置龙头个股，灵活调整债券品种、组合杠杆和久期分布。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:08.424Z","mo":"国内经济经历了上半年的宽幅波动之后，逆周期政策进入观察期，国内资产的驱动力重回基本面主线，政策将在保增长与防风险之间维持平衡。展望下半年，市场环境可能呈现出国内弱恢复、货币政策有保有压、外围不确定性较高的态势。组合将继续保持股债资产的平衡配置，提高操作的灵活性，精选个股，保持适度的杠杆操作。","fund":{"_id":3000000004750,"stockCode":"004750","stockType":"fund","areaCode":"cn","followedNum"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