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BETA 收益和多因子模型带来的 ALPHA 收益的结合下，本报告期产品取得了一定正收益。本基金已于2023年第四季度将业绩比较基准变更为“中证 2000指数收益率×95%+银行活期存款利率(税后)×5%”，以更贴近于基金实际运作情况，未来仍将继续长期聚焦于小盘股领域。在多因子模型的大类因子配比上，本年度内主要以量价因子为主，其中尤其以高频交易数据（例如分钟级的成交、委托、盘口数据）为基础计算的量价因子占据的权重较大，其次是资金流类、舆情类因子和少量基本面类因子。在组合构建上本年度仍继续采用较为分散的持仓模式。未来本基金仍将继续使用多因子模型进行选股，力求选出未来潜在收益高的股票并持有。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:16.703Z","mo":"从今年的政府工作报告来看，我们相信未来一年中国经济仍将保持良好势头，在确保高质量发展的前提下，完成5%的GDP增速目标，居民收入也将与经济同步增长。报告也提到要“增强资本市场内在稳定性”，相信在未来一年，证券市场仍将在稳定的前提下，进一步实现健全和法治化。","fund":{"_id":3000000005616,"stockCode":"005616","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-02-04T16:00:00.000Z","setUpScale":694131000,"market":"a","tickerId":5616,"custody":"中国建设银行股份有限公司","name":"东方量化成长灵活配置混合型证券投资基金","shortName":"东方量化成长灵活配置混合(005616)","fundSecondLevel":"hybrid","__csrcFundId":5180,"fundStatus":"normal","lastUpdated":"2026-04-30T19:43:23.628Z","masterFundFlag":1,"inceptionDate":"2018-03-20T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方量化成长灵活配置混合","pinyin":"dflhczlhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20865137","stockType":"fund_manager","exchange":"fm","tickerId":230824226160,"name":"王怀勋"}]},"announcement":{"linkText":"东方量化成长灵活配置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=1059400","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8d47fea5b3eb048652a","date":"2023-09-29T16:00:00.000Z","stockId":3000000005616,"sao":"本季度内，本基金以小微市值股票为主要投资方向，以中高频调仓的多因子选股策略为主要投资策略。策略运行良好，最终在小微市值带来的BETA收益和多因子模型带来的ALPHA收益的结合下，本季度产品取得了一定正收益。　　在多因子模型的大类因子配比上，本季度内主要以量价因子为主，其中尤其以高频交易数据（例如分钟级的成交、委托、盘口数据）为基础计算的量价因子占据的权重较大，其次是资金流类、舆情类因子和少量基本面类因子。从计算方式的维度来划分，本季度内机器学习类因子相对权重有所上升，传统因子有所下降。　　在组合构建和再平衡上，本季度仍继续采用在交易成本模型控制下的中高频调仓策略，以周频定期再平衡+日频不定期再平衡相结合的方式，少量多次地调仓，目标年化换手倍数控制在10-30倍之间。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:16.701Z","fund":{"_id":3000000005616,"stockCode":"005616","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-02-04T16:00:00.000Z","setUpScale":694131000,"market":"a","tickerId":5616,"custody":"中国建设银行股份有限公司","name":"东方量化成长灵活配置混合型证券投资基金","shortName":"东方量化成长灵活配置混合(005616)","fundSecondLevel":"hybrid","__csrcFundId":5180,"fundStatus":"normal","lastUpdated":"2026-04-30T19:43:23.628Z","masterFundFlag":1,"inceptionDate":"2018-03-20T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方量化成长灵活配置混合","pinyin":"dflhczlhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20865137","stockType":"fund_manager","exchange":"fm","tickerId":230824226160,"name":"王怀勋"}]},"announcement":{"linkText":"东方量化成长灵活配置混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=989288","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8d47fea5b3eb0486529","date":"2023-06-29T16:00:00.000Z","stockId":3000000005616,"sao":"报告期内，我们继续采用以多因子选股模型进行选股，因子库包括量价因子、财报基本面因子、资金流因子、研报类因子、舆情类因子等多个大类，再经过非线性的配权模型进行合成，最终形成对未来收益的预测，经由优化器基于对未来收益、交易成本、组合风险的综合权衡生成投资组合。　　报告期内，配权模型基于对市场表现的动态拟合，在因子选择上，开始侧重于以高频量价因子为主。从最终的收益预测和组合优化结果来看，模型最终倾向于选择小市值股票，这也与当前的市场风格较为契合，同时，由于无论是理论上还是经验上来看，量价类因子在中小市值股票中往往有更高的选股胜率，当前模型的选股结果也与这一规律相契合。因而上半年总体上无论是小市值风格带来的BETA收益还是量价因子为主的多因子模型带来的ALPHA收益都比较乐观。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:16.698Z","mo":"宏观上来看，新冠带来的影响已经消退，经济的核心课题重新回到在人口、城镇化红利结束之后如何寻找新动能、新引擎上，这还需要较长时间的摸索，在宏观经济缺少主线和亮点的情况下，市场或难以再有像过去几年消费升级、防疫、新能源这样有明确基本面支撑的主线。在基本面出现新的明确方向之前，预计下半年仍会是一个情绪和交易驱动股价的阶段，基于实时发生的一些热点的追捧或反复的概念炒作可能会比较多，或更适合于量价类因子进行发挥。","fund":{"_id":3000000005616,"stockCode":"005616","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-02-04T16:00:00.000Z","setUpScale":694131000,"market":"a","tickerId":5616,"custody":"中国建设银行股份有限公司","name":"东方量化成长灵活配置混合型证券投资基金","shortName":"东方量化成长灵活配置混合(005616)","fundSecondLevel":"hybrid","__csrcFundId":5180,"fundStatus":"normal","lastUpdated":"2026-04-30T19:43:23.628Z","masterFundFlag":1,"inceptionDate":"2018-03-20T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方量化成长灵活配置混合","pinyin":"dflhczlhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20865137","stockType":"fund_manager","exchange":"fm","tickerId":230824226160,"name":"王怀勋"}]},"announcement":{"linkText":"东方量化成长灵活配置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=965189","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8d47fea5b3eb0486528","date":"2023-03-30T16:00:00.000Z","stockId":3000000005616,"sao":"本季度A股整体上涨，上证综指上涨5.94%，沪深300指数上涨4.63%，中证500指数上涨8.11%，中证1000指数上涨9.46%，创业板指上涨2.25%，科创50指数上涨12.67%，小市值指数普遍好于大市值指数。　　从风格来看，一季度内市场风格总体比较稳定，总体上1季度呈现低PB、低杠杆、小市值、低流动性。从长周期来看，自2021年初以来2年多中，多数阶段里市场都呈现了小市值、低流动性的特征。行业方面，表现最好的四个行业分别是计算机、传媒、通信、电子，其他行业除了低PB行业中间有过一段行情之外都乏善可陈。地产行业相对于沪深300指数的累计超额收益持续下行。　　目前我们判断未来半年到一年，可能仍会是小市值风格占优的几率较大，主要有以下原因：1、回顾历史，我们经过了09-16年为期7年的小市值周期、16-21年初的为期5年的大市值周期，自21年初市场进入小市值周期，目前仅有2年，还有一定空间；2、以中证1000/沪深300的比强度来看，距离2015年的高点还有很大空间，风险不大；3、当前小市值占优的背后原因主要是公募机构、外资机构增量边际资金下降甚至出现流出，导致其定价权丧失，目前来看这一趋势似乎仍将持续。本报告期内，多因子模型的最终结论偏向于看好小市值，导致组合的风格逐步偏向小市值，与主观判断相合。　　本报告期内，我们继续坚持通过多因子模型进行选股，努力获取超越基准的超额收益。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:16.696Z","fund":{"_id":3000000005616,"stockCode":"005616","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-02-04T16:00:00.000Z","setUpScale":694131000,"market":"a","tickerId":5616,"custody":"中国建设银行股份有限公司","name":"东方量化成长灵活配置混合型证券投资基金","shortName":"东方量化成长灵活配置混合(005616)","fundSecondLevel":"hybrid","__csrcFundId":5180,"fundStatus":"normal","lastUpdated":"2026-04-30T19:43:23.628Z","masterFundFlag":1,"inceptionDate":"2018-03-20T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方量化成长灵活配置混合","pinyin":"dflhczlhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20865137","stockType":"fund_manager","exchange":"fm","tickerId":230824226160,"name":"王怀勋"}]},"announcement":{"linkText":"东方量化成长灵活配置混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=888090","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8d47fea5b3eb0486527","date":"2022-12-30T16:00:00.000Z","stockId":3000000005616,"sao":"2022年全年A股整体下跌，上证综指-15.13%，沪深300指数-21.63%，中证500指数-20.31%，创业板指-29.37%，科创50指数-31.35%。回顾这一年，市场经历了诸多波澜。年初，海外流动性收紧，市场大幅下挫，低估值和稳增长板块相对表现较好；自4月底开始，市场开启一轮超跌反弹，反弹主力以新能源等高景气度赛道板块为主；8月之后，美联储加息节奏加快对人民币汇率影响较大，风险类资产承压，叠加内资地产企业信用风险凸显，市场风格再度转向，主要转向低BETA、大市值，行业方面则切换到低估值、防御性行业；进入四季度后，市场经过了外资加速净流出、防疫政策全面调整等重大事件的发生，市场走向和风格都经历了多次反复，但所幸最终在年底之前，市场三重压力都得到了大幅改善，首先是第十版疫情防控优化措施的实施，其次是以“三支箭”为代表的地产政策大幅缓和了地产信用危机，最后是美联储的加息步伐接近尾声且预期向好。　　2022年风格反转频率显著超越往年，尤其下半年市场震荡加剧。全年大的风格反转发生了4次：4月底、8月中、10月初、11月初，把全年切成5段风格区间，最短仅有1个月，尤其下半年短短6个月被切成了4个震荡区间。这样的市场风格给主动投资带来了极大困难，尤其下半年当中，全市场ALPHA收益普遍回撤。事后回顾来看，全年唯有低流动性这一种风格贯穿始末，尤其以极低换手的微盘股为典型代表，实际上是市场从风格集中化走向分散的一种体现。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:16.693Z","mo":"展望未来，我们对2023年的超额收益方面并不担忧，导致2022年市场多次反转的因素多半是由于情绪面、突发事件性的，并没有持续性，且前期错杀的板块具备较好的增值前景，量化优选个股策略在未来的胜率有望大幅度改善。另外，正如我们前面所述，压制市场的三重压力都得到了大幅改善，我们对2023年的A股beta收益也保持乐观。原因有以下几点，首先，2023年市场是否走出低谷将取决于外部环境、市场情绪、政策面引导、以及最重要的企业基本面好转。我们经历了2022年的市场宽幅震荡，各大宽基指数逐步进入近五年的估值相对低位，至少在当前时点上安全边际较高。其次，在货币政策加财政政策的引导下，政策面中长期引导实际利率下行助力经济复苏大概率是未来主要方向。防疫政策优化后，工业活动以及社会面活动有序复苏回归正常，对于资本市场情绪面是一个非常友好的信号。最后，不容否认当前市场依然处于“供给冲击、需求收缩、预期转弱”的周期环境当中，我们对于2023年的消费、出口、以及投资方面需要关注其宏观数据中的微观变化，同时美联储加息周期的速率也将影响海外流动性冲击A股市场。提升投资胜率依然是未来的主要努力方向，同时我们也不能忽视当前存在的风险项，在控制风险的前提下努力提升产品获取超额收益的能力。","fund":{"_id":3000000005616,"stockCode":"005616","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-02-04T16:00:00.000Z","setUpScale":694131000,"market":"a","tickerId":5616,"custody":"中国建设银行股份有限公司","name":"东方量化成长灵活配置混合型证券投资基金","shortName":"东方量化成长灵活配置混合(005616)","fundSecondLevel":"hybrid","__csrcFundId":5180,"fundStatus":"normal","lastUpdated":"2026-04-30T19:43:23.628Z","masterFundFlag":1,"inceptionDate":"2018-03-20T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方量化成长灵活配置混合","pinyin":"dflhczlhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20865137","stockType":"fund_manager","exchange":"fm","tickerId":230824226160,"name":"王怀勋"}]},"announcement":{"linkText":"东方量化成长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=864173","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8d47fea5b3eb0486526","date":"2022-09-29T16:00:00.000Z","stockId":3000000005616,"sao":"3季度A股整体震荡下跌，市场反弹告一段落，根据wind数据，最终上证综指-11.01%，沪深300指数-15.16%，中证500指数-11.47%，创业板指-18.56%，科创50指数-15.04%。从市场风格上分析，3季度市场完成了今年年内的第二次风格切换，8月中旬之后，市场由原本的高BETA、小市值，转向低BETA、大市值风格。从行业表现来看，4月以来以新能源、汽车、军工为代表的成长类行业风格，8月之后，转向了以煤炭、地产、石油、交运等低估值类行业风格。  当前市场震荡很大程度来源于市场存在不确定性。宏观上来看，例如海外通胀高企滞胀风险加大、国内疫情反复等变量均有一定影响，我们对此应当保持关注并及时应对；另一方面，经过一轮调整之后，A股当前整体估值较低，以沪深300指数为例，当前位于过去五年历史PE估值的10%分位左右，因此指数安全边际依然较大，对于后市我们不必过于悲观。与此同时，仍将严格控制风险，努力为投资者创造超额收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:16.691Z","fund":{"_id":3000000005616,"stockCode":"005616","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-02-04T16:00:00.000Z","setUpScale":694131000,"market":"a","tickerId":5616,"custody":"中国建设银行股份有限公司","name":"东方量化成长灵活配置混合型证券投资基金","shortName":"东方量化成长灵活配置混合(005616)","fundSecondLevel":"hybrid","__csrcFundId":5180,"fundStatus":"normal","lastUpdated":"2026-04-30T19:43:23.628Z","masterFundFlag":1,"inceptionDate":"2018-03-20T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方量化成长灵活配置混合","pinyin":"dflhczlhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20865137","stockType":"fund_manager","exchange":"fm","tickerId":230824226160,"name":"王怀勋"}]},"announcement":{"linkText":"东方量化成长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=807471","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8d47fea5b3eb0486525","date":"2022-06-29T16:00:00.000Z","stockId":3000000005616,"sao":"2022年上半年，市场的核心矛盾主要围绕着“全球性通胀、国内疫情反复、以及美联储加息缩表”展开。分阶段来看，第一阶段为年初至四月底，全球市场受成本型通胀抬升以及俄罗斯资源品出口制裁等因素的影响，大宗商品价格大幅波动对国内外市场均造成了不同程度的影响。叠加美联储加息、缩表等操作的影响，外资流动性挤压进一步加快了A股市场的估值消化过程。因此，在此期间市场整体下行，且估值较高的成长板块跌幅较大，而低估值板块相对占优，上游原材料板块表现突出。第二阶段为四月底至二季度末，A股触底反弹，高成长、高景气占优，市场风格也从价值重回成长。背后的原因我们认为有以下三点：其一，国内疫情在一季度呈现多发态势，尤其经济重镇上海受疫情影响较大，此后上海复产复工加速，新能源汽车销量超预期等因素使得市场对高景气成长板块的悲观情绪有所缓解；其二，受市场原材料价格大幅度上涨的影响，需求端增长放缓，全球发达经济体逐渐步入滞胀周期，大宗商品价格受此影响回调较大；其三，国内稳增长政策逐步加码，维稳经济基本面。但是根据社融等数据显示内需复苏依然较弱，货币政策较难突然转向。宏观流动性较为乐观且中性利率较为稳定的背景下，前期估值压缩较大的高景气度板块反弹较为显著。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:16.688Z","mo":"虽然今年上半年市场经历了宽幅调整后大幅度反弹，但是反弹主要发生在结构性板块当中，行业方面，汽车、电新、机械反弹幅度最大，仅有地产为负收益，风格和行业上的分化主要是由于高估值、高弹性的股票反弹较多，防御板块反弹力度小所致。今年整体宏观环境依然较为复杂，尤其在“供给冲击、需求收缩、预期减弱”的宏观背景下，经济下行压力较大。在此背景下，风险类资产的波动会有所放大，市场对流动性较为宽松的预期更容易引发概念类板块类的集中交易行情，从而导致板块交易过热。在权益投资方面，我们尽量规避估值抬升过高的板块，而是综合考量景气度和估值，选取更具性价比的板块，进而从中精选个股。与此同时，海外通胀预期虽然有所缓解，但是对于输入性通胀仍然需要保持警惕。今年上半年，我们发现在外部冲击较大的情况下，市场调整幅度较大，波动加剧。为避免风险类资产在此环境中出现大幅回撤，我们运用风险模型严格控制组合的风险暴露，力争获取稳定的产品超额收益。","fund":{"_id":3000000005616,"stockCode":"005616","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-02-04T16:00:00.000Z","setUpScale":694131000,"market":"a","tickerId":5616,"custody":"中国建设银行股份有限公司","name":"东方量化成长灵活配置混合型证券投资基金","shortName":"东方量化成长灵活配置混合(005616)","fundSecondLevel":"hybrid","__csrcFundId":5180,"fundStatus":"normal","lastUpdated":"2026-04-30T19:43:23.628Z","masterFundFlag":1,"inceptionDate":"2018-03-20T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方量化成长灵活配置混合","pinyin":"dflhczlhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20865137","stockType":"fund_manager","exchange":"fm","tickerId":230824226160,"name":"王怀勋"}]},"announcement":{"linkText":"东方量化成长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=787144","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8d47fea5b3eb0486524","date":"2022-03-30T16:00:00.000Z","stockId":3000000005616,"sao":"今年一季度市场波动加剧，行业集中度较高的成长板块估值消化速度加快且历时时间较长，而以周期板块为代表的低估值行业表现占优。我们认为，在市场剧烈震荡的背后可能涵盖了以下几个因素的原因。首先为通胀预期的抬升，受大宗商品价格上涨的影响，成本型通胀不断抬升，因此海外方面美联储由鸽转鹰，其连续加息、TAPER和缩表节奏超市场预期，对外资流动性造成了巨大冲击，而我国通胀水平控制相对较好，但市场的一致预期发生了一定转变，对权益类资产形成了一定的估值压制；其次为海外地缘政治引发的经济制裁，其产生的连锁反应再度推升了大宗商品价格及消费服务成本，如天然气、原油、运输物流等，欧洲受高通胀的影响下面临着经济衰退的风险，从而也将影响我国对欧盟国家的出口贸易；其三为国内流动性扩张节奏的停滞，过去两年的结构性牛市主要由新增资金推动风格不断集中所形成，自开年以来增量资金萎缩以及市场下跌造成了净赎回等影响，风格集中背后蕴含的风险开始释放，市场情绪逐渐降温，投资人相对青睐于安全边际较高的低估值资产；最后受上游原材料上涨的影响，中下游行业基本面也随即发生了变化，从而对一致预期的动态估值形成了一定压制，因此成长板块估值消化幅度较大。因此，市场受多种因素的影响而震荡加剧，但是在当前节点上我们对未来权益类资产的投资回报仍然抱有乐观预期。在经历了超过两年的结构性牛市后，风格集中化所带来的估值泡沫已经进入了快速消化通道，不少优质个股的投资性价比已经凸显，因此对于全市场选股的潜在阿尔法机会较往年更多、且纬度更广。往年高成长、高动量的风格极致市场中，选股阿尔法机会相对较少，投资收益绝大部分来自于市场贝塔，而经过一季度的风格切换后，市场结构逐渐趋于平衡，例如低估值价值类板块反弹强劲、股息率等指标重新进入大众视野等。在金稳会、国常会的会议精神指引下，为应对潜在的经济下行压力，未来货币政策及财政政策大概率会较去年更为积极，且在“稳增长”主题的配套政策支持下，基建投资方面已率先发力并初见效果，我们预计国内市场流动性压力依然可控且内外环境将得到不断改善。综上所述，在一季度错综复杂的市场环境下，具备一定性价比的投资机会也在不断浮现，虽然市场调整剧烈，但是未来我们仍将继续依靠丰富的多样化投资手段力争挖掘潜在的投资机会，为创造长期稳健的超额收益目标而持续努力。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:16.685Z","fund":{"_id":3000000005616,"stockCode":"005616","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-02-04T16:00:00.000Z","setUpScale":694131000,"market":"a","tickerId":5616,"custody":"中国建设银行股份有限公司","name":"东方量化成长灵活配置混合型证券投资基金","shortName":"东方量化成长灵活配置混合(005616)","fundSecondLevel":"hybrid","__csrcFundId":5180,"fundStatus":"normal","lastUpdated":"2026-04-30T19:43:23.628Z","masterFundFlag":1,"inceptionDate":"2018-03-20T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方量化成长灵活配置混合","pinyin":"dflhczlhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20865137","stockType":"fund_manager","exchange":"fm","tickerId":230824226160,"name":"王怀勋"}]},"announcement":{"linkText":"东方量化成长灵活配置混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=724117","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8d47fea5b3eb0486523","date":"2021-12-30T16:00:00.000Z","stockId":3000000005616,"sao":"回顾2021年，A股整体呈现结构性较为分化的行情。从中信一级行业分类来看，电力设备与新能源、基础化工、有色金属涨幅靠前，而食品饮料、家电、地产、非银、消服等表现较弱。从行业整体表现来看，新能源产业链整体表现显著，而消费行业受内需转弱等影响表现靠后，结构性行情依然持续，但行业风格较前年相比反转较大。从沪深主要指数来看，2021年中证1000指数相对表现最好，小盘成长风格占优；上证50指数表现靠后，大盘价值和大盘成长自2020年结构性行情后进入了估值调整期，大小盘市值风格分化明显。纵观全年度的经济基本面，相较于海外其他国家，我国受益于相对出色的疫情管控率先走出疫情影响，尤其在出口增速方面保持领先。并且在制造业受供需错配的影响下，上游企业基本面率先恢复，原材料价格在需求回暖的刺激下不断攀升。但相比之下，受内需持续疲软的影响，居民消费数据并不乐观，消费行业增速也受到了一定的影响。在碳中和的主题路线下，以“新基建”为代表的行业基本面成长性较为突出。与此同时，全年市场流动性整体相对宽松，股市日均交易量随着资产管理行业规模的大幅度扩张也创下历史新高，在一些热门高景气度行业当中，其估值水平抬升幅度较大。在以上众多因素的共振驱动下，部分行业领域出现了一定的估值泡沫现象，交易拥挤度也一路攀升。因此，流动性宽松的市场给予了成长板块高估值一定程度的容忍度，结构性分化愈发加剧，与低估值价值板块形成了鲜明对比。回顾过去两年，2020年正是疫情爆发最为严峻的一年，经济基本面突遭重创未来形势不容乐观，央行出台一系列政策确保金融系统流动性充裕，以大盘成长、大盘价值为代表的行业龙头公司因其逆周期属性强、确定性较高等特征受市场的一致追捧，龙头公司的平均估值亦创下了历史新高；直至2021年，疫情管控初见成效，经济基本面逐渐回暖且部分高景气度行业率先走出悲观下行的困境，其中新能源产业链的成长性尤为突出。在新能源汽车及光伏行业等下游强烈需求刺激下，上游中游公司纷纷提价扩产，高成长性成为市场一致预期的追逐焦点。结构性行情持续时间之长也创下了历史新高，但是在此之间也出现了多次风格转换，市场多变且极致的风格极大考验了资产管理人的投资风险意识，在预期收益与预期风险水平之间需要寻求更优性价比，从而达到控制组合整体波动率的最终目的。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:16.683Z","mo":"从经济基本面来看，面对2021年下半年的经济下行压力，年末中央工作会议将其定义为“需求收缩、供给冲击、预期减弱”的三重压力，展望未来，“稳增长”将成为2022年经济工作的主基调。考虑到2021年的财政资金仍有余额结转至2022年使用，因此我们预计全年实际可用资金可能反而较高。虽然在赤字率和专项债规模上大概率不会进一步扩张，但发行节奏前置等政策导向，依然显示出财政政策发力配合稳增长主线，避免经济下行压力进一步增大。伴随着后疫情时代的延续，疫情防控逐渐进入常态化，围绕着2021年全年“供需错配”的供给链紧张局势将有所缓解，上游原材料价格高企的现象可能在未来二季度后逐渐回落。与海外市场不同，我国货币政策和财政政策应对疫情冲击时稳健有序，通胀压力也已逐步缓解。在2021年12月份，央行进行降准进一步释放流动性，用以缓解中小微企业的经营压力，市场整体流动性依然较为宽松。对于权益类资产我们依然保持乐观，虽然经历了2年结构性行情，部分行业板块交易拥挤、估值过高，但全市场当中仍存在一定的超额收益机会。在疫情防控常态化、供应链供需错配逐渐恢复正常的大环境下，不少行业出现基本面触底回暖的迹象，需求恢复持续刺激制造业订单增加，使得部分企业基本面未来将逐步修正至疫情前的水平甚至更高。叠加通胀压力逐渐缓解，财政货币政策配合“稳增长”主基调等因素，基本面逐渐向好的行业估值水平大概率不会出现估值压制的情况。因此，我们根据行业景气度的微观变化，积极配置后疫情时代基本面逐渐回暖的行业及个股，寻找困境反转的机会，布局估值相对较低的优质资产，力争获取稳健的超额收益。","fund":{"_id":3000000005616,"stockCode":"005616","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-02-04T16:00:00.000Z","setUpScale":694131000,"market":"a","tickerId":5616,"custody":"中国建设银行股份有限公司","name":"东方量化成长灵活配置混合型证券投资基金","shortName":"东方量化成长灵活配置混合(005616)","fundSecondLevel":"hybrid","__csrcFundId":5180,"fundStatus":"normal","lastUpdated":"2026-04-30T19:43:23.628Z","masterFundFlag":1,"inceptionDate":"2018-03-20T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方量化成长灵活配置混合","pinyin":"dflhczlhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20865137","stockType":"fund_manager","exchange":"fm","tickerId":230824226160,"name":"王怀勋"}]},"announcement":{"linkText":"东方量化成长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=706468","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8d47fea5b3eb0486522","date":"2021-09-29T16:00:00.000Z","stockId":3000000005616,"sao":"三季度市场回顾来看，小盘指数表现明显优于大盘，总体上延续了自今年3月以来的风格，但值得注意的是这一风格在9月中旬以来发生了反转。行业方面煤炭、有色、钢铁等周期性行业涨幅居前，消费者服务、医药、食品等行业相对弱势，但值得注意的是9月中旬以来行业风格有所反转，周期行业普遍回调，必选消费反弹明显。回顾宏观层面，随着各国疫苗普及率和政策应对能力的提升，3季度疫情对于全球经济的影响逐渐衰减，随复苏而来的是全球资源品价格的上涨，尤其是能源的短缺逐渐成为全球经济共同面临的主要挑战。国内由于诸多因素导致煤供给不足，而由于缺煤、新能源出力不足、能源双控等原因共同作用导致的各地的缺电问题已经成为当前经济运行的核心矛盾。虽然随着国家层面一系列针对民生用煤、民生用电的保障措施出台，拉闸限电有所缓解，但煤价仍在不断创下新高，随着北方逐渐入冬，接下来媒、气、电的供需紧张局面可能还会加剧。相应的，高能耗产业受环保、安全，及限产等影响供给端增幅有限，且通胀由PPI向CPI传导的概率较大。通胀的陡增究其原因主要还是由于供需错配所导致，短期内此情况较难减弱。这势必还将影响到四季度的经济运行和货币政策，政策层面将面临经济下行压力与通胀压力的双重困难。对于我国生产国的结构特征，工业企业利润将受到一定程度的挤压，居民消费也主要由生产力所决定，因此短期极端的滞胀风险值得警惕。接下来一段时间，从行业角度来看，我们将重点关注能源短缺、通胀、地产企业信用风险这三条主线，寻找结构化机会和规避某些行业风险；从风格角度来看，我们将重点关注市值、动量风格当前的反转趋势，在市场重新形成明确的风格之前控制好组合风险因子的暴露，避免在风格震荡中产生回撤。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:16.680Z","fund":{"_id":3000000005616,"stockCode":"005616","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-02-04T16:00:00.000Z","setUpScale":694131000,"market":"a","tickerId":5616,"custody":"中国建设银行股份有限公司","name":"东方量化成长灵活配置混合型证券投资基金","shortName":"东方量化成长灵活配置混合(005616)","fundSecondLevel":"hybrid","__csrcFundId":5180,"fundStatus":"normal","lastUpdated":"2026-04-30T19:43:23.628Z","masterFundFlag":1,"inceptionDate":"2018-03-20T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方量化成长灵活配置混合","pinyin":"dflhczlhpzhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20865137","stockType":"fund_manager","exchange":"fm","tickerId":230824226160,"name":"王怀勋"}]},"announcement":{"linkText":"东方量化成长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=651387","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8d47fea5b3eb0486521","date":"2021-06-29T16:00:00.000Z","stockId":3000000005616,"sao":"今年上半年以春节为分界点，前后行情风格变化较大。1季度延续去年的上涨，也延续了去年的风格，市场仍然以高动量、大市值风格为主；经过春节后的市场回调后，之后市场走向窄幅震荡，风格也从高动量和大市值走向反转和小市值，同时开始呈现高贝塔、高波动的特征。从行业轮动的角度看，整个上半年除了周期股行情基本上能够贯穿始终之外，多数行业的表现则是在春节前后发生了反转。以茅台为代表的“核心资产”在春节后先是经历大幅回调，之后在2季度也表现不佳。与此相对的是以宁德时代为代表的新能源板块2季度有非常亮眼的表现，除此之外以半导体为代表的电子板块也在2季度表现较好。究其原因，本轮概念结构化行情受流动性驱动较为明显，在市场风格自一季度发生较大变化后，市场净流入板块较前期反转较大。其中，很大一部分也由于基金持仓的集中化和基金净流入流动性较为集中所导致，在高业绩弹性和流动性之间呈现出一定正反馈。这也是为什么量化指标上来看，二季度主要以高贝塔、高波动为主要特征，而大市值类股票持续调整表现相对不佳。从历史上来看，概念结构性行情往往在高弹性和高流动性之间互相作用，从而不断推高板块估值水平，市场风格较为极端。而我们秉承自下而上基本面选股的原则，在估值、成长性、流动性等多维度视角下精选个股，力争组合在一定回撤目标的风险控制下，逐步提高战胜市场基准的胜率。宏观层面，以当前的宏观经济指标来看，PMI仍处于景气度上方，CPI见顶回落预期显著，同时PPI位置较高，经济复苏态势依然较好，但不排除中小企业端受成本型通胀带来一定压力，从而进一步压缩企业利润端空间。反观疫情后期的居民消费仍需进一步提振，GDP增速由于基数问题，下半年也逐步预期回落至5%至6%附近。为持续稳定经济基本面的复苏活力，我们预期宏观流动性可能依然稳定，但不太可能出现大水漫灌的格局，股市流动性依然在相对景气的位置上。整体而言，高景气度行业基本面增速依然较好，而短中期受宏观因素影响较大的行业可能较为弱势，高估值和机构预期差之间博弈愈发加大。因此，在估值水平和基本面增速的匹配度上需审慎评估，配置安全性较高的优质资产仍为首选。","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