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连续2个月在50以上，新订单和生产指数也连续两个月在50景气区间以上，供需缺口出现阶段性修复。但是，与此同时，一些结构性、前瞻性指标值得关注：一是制造业 与非制造业 PMI 的回升幅度均弱于近年季节性，特别是外生扰动较少年份。二是在制造业产需均改善的情 况下，企业预期、雇员、价格指标同步下行，企业对持续性的预期不强。三是非制造业中，服务业的改善 主要来自生产性服务业，而消费性服务业仍在持续走弱。这些情况显示当前我国经济回稳向好的基础仍需进一步巩固夯实，经济处在弱复苏的过程中。市场表现方面，由于海外关税因素和年报的披露季，对市场形成一定压制因素。 各指数一季度表现为上证指数 -0.47%、创业板指 -1.77%、沪深300指数 -1.21%。涨幅居前的前五个行业为有色金属（中信）11.34%、汽车（中信）11.3%、机械（中信）8.85%、传媒（中信）5.66%、家电（中信）4.39%。跌幅居前的五个行业为煤炭（中信）-10.7%、商贸零售（中信）-7.41%、非银金融（中信）-6.18%、石油石化（中信）-5.93%、房地产（中信）-5.51%。 产品报告期内配置在成长领域。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:07.106Z","fund":{"_id":3000000006009,"stockCode":"006009","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-05-27T16:00:00.000Z","setUpScale":253130000,"market":"a","tickerId":6009,"custody":"中国银河证券股份有限公司","name":"国融融银灵活配置混合型证券投资基金","shortName":"国融融银混合(006009)","fundSecondLevel":"hybrid","__csrcFundId":5367,"fundStatus":"normal","lastUpdated":"2026-04-30T19:57:20.266Z","masterFundFlag":1,"inceptionDate":"2018-06-06T16:00:00.000Z","fundCollectionId":4000051510000,"currency":"CNY","masterFundShortName":"国融融银混合","pinyin":"grrylhpzhhxzqtzjj","managers":[{"stockCode":"db20734276","stockType":"fund_manager","exchange":"fm","tickerId":260419201030,"name":"周德生"},{"stockCode":"j101003835","stockType":"fund_manager","exchange":"fm","tickerId":242506253810,"name":"许银丰"}]},"announcement":{"linkText":"国融融银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=1272381","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9437fea5b3eb048e5dd","date":"2024-12-30T16:00:00.000Z","stockId":3000000006009,"sao":"供给端是行业目前的核心矛盾，当前龙头企业资金储备相对充裕，但二三线企业的现金流失速度较快，我们认为行业在未来2~3个季度会看到部分尾部企业市场化出清。同时行业自律减产，我们认为硅料库存有望完成去化并实现涨价。产品2024年配置在以新能源为代表的成长领域。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:07.104Z","mo":"展望2025年，国内宏观方面，从开年的数据来看，供需季节性转弱，但从中我们仍看到一些积极的信号，价格收缩幅度放缓，库存持续去化，企业信贷1月开门红，企业融资意愿有所改善。 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速向新能源转变，拉动新能源需求快速增长。随着风光平价，以及电力价格定价机制的改革，新能源发电将迎来大发展。当前国内风光发电占比接近10%，由于其发电功率不稳定，随着占比继续提升将对电网系统造成较大冲击，大力发展储能迫在眉睫，所以我们看到21年以来国家出台发电侧强制配储、拉大峰谷价差以及十四五规划等一系列政策。20年与21年国内储能装机量分别达到1.2GWh与4GWh左右，全球储能装机量分别达到16GWh与30GWh左右，随着风光装机快速增长，以及储能渗透率提升，行业进入加速发展期。考虑到储能行业巨大的发展空间，以及装机快速增长，本产品2021年四季度开始聚焦储能行业积极布局。一季度，市场与储能板块调整较多，主要原因是美联储加息美债利率快速上升，导致权益市场估值承压。二季度，5月开始国内疫情开始好转，国内经济开始恢复，货币政策与叠加稳增长政策发力，A股开始探底回升。储能行业经过1季度下跌估值处于较低位置，叠加海外需求旺盛，相关公司业绩快速增长，5月份开始储能行业迎来快速上涨。三季度，储能行业基本面加速增长，但是受到整体市场下跌影响，板块出现一定幅度调整。展望四季度，整个市场估值处于低位，经济下行以及美联储加息负面影响四季度有望逐步减弱，23年上半年有望出现逆转，市场也有望逐步筑底回升。四季度储能行业继续加速增长，海外户用储能需求旺盛供应紧张，国内共享储能招标快速增长，随着上市公司业绩逐步兑现，股价有望震荡上行。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:07.078Z","fund":{"_id":3000000006009,"stockCode":"006009","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-05-27T16:00:00.000Z","setUpScale":253130000,"market":"a","tickerId":6009,"custody":"中国银河证券股份有限公司","name":"国融融银灵活配置混合型证券投资基金","shortName":"国融融银混合(006009)","fundSecondLevel":"hybrid","__csrcFundId":5367,"fundStatus":"normal","lastUpdated":"2026-04-30T19:57:20.266Z","masterFundFlag":1,"inceptionDate":"2018-06-06T16:00:00.000Z","fundCollectionId":4000051510000,"currency":"CNY","masterFundShortName":"国融融银混合","pinyin":"grrylhpzhhxzqtzjj","managers":[{"stockCode":"db20734276","stockType":"fund_manager","exchange":"fm","tickerId":260419201030,"name":"周德生"},{"stockCode":"j101003835","stockType":"fund_manager","exchange":"fm","tickerId":242506253810,"name":"许银丰"}]},"announcement":{"linkText":"国融融银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=806410","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9437fea5b3eb048e5d3","date":"2022-06-29T16:00:00.000Z","stockId":3000000006009,"sao":"在全球环境与气候恶化的背景下，中国与欧美率先提出碳达峰碳中和战略，引领全球能源变革。一方面汽车为代表的消费终端开始加速电动化，提升电力需求，另一方面发电端加速向新能源转变，拉动新能源需求快速增长。随着风光平价，以及电力价格定价机制的改革，新能源发电将迎来大发展。 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2、光伏风电快速增长，发展储能迫在眉睫当前国内风光发电占比接近10%，由于其发电功率不稳定，随着占比继续提升将对电网系统造成较大冲击，大力发展储能迫在眉睫，所以我们看到21年以来国家出台发电侧强制配储、拉大峰谷价差以及十四五规划等一系列政策。3、储能装机快速增长，21年四季度开始聚焦储能行业积极布局20年与21年国内储能装机量分别达到1.2GWh与4GWh左右，全球储能装机量分别达到16GWh与30GWh左右，随着风光装机快速增长，以及储能渗透率提升，行业进入加速发展期。考虑到储能行业巨大的发展空间，以及装机快速增长，本产品自2021年四季度开始聚焦储能行业积极布局。一季度，市场与储能板块调整较多，主要原因是美联储加息美债利率快速上升，导致权益市场估值承压。基于对市场以及行业发展前景的判断，本产品继续聚焦储能行业布局。展望二季度与下半年，我们认为美国经济预计在Q2-Q3进入下行周期，美债利率处于上行尾声，随着经济开始下行通胀阶段性缓解预计美联储鹰派货币政策在Q2-Q3开始边际转鸽，压制市场核心因素将出现逆转，对下半年行情比较乐观。今年储能行业订单继续保持高增长，预计随着上游碳酸锂价格出现松动以及硅料价格逐步下行，会进一步刺激行业需求，行业将继续保持高速增长。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:07.072Z","fund":{"_id":3000000006009,"stockCode":"006009","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-05-27T16:00:00.000Z","setUpScale":253130000,"market":"a","tickerId":6009,"custody":"中国银河证券股份有限公司","name":"国融融银灵活配置混合型证券投资基金","shortName":"国融融银混合(006009)","fundSecondLevel":"hybrid","__csrcFundId":5367,"fundStatus":"normal","lastUpdated":"2026-04-30T19:57:20.266Z","masterFundFlag":1,"inceptionDate":"2018-06-06T16:00:00.000Z","fundCollectionId":4000051510000,"currency":"CNY","masterFundShortName":"国融融银混合","pinyin":"grrylhpzhhxzqtzjj","managers":[{"stockCode":"db20734276","stockType":"fund_manager","exchange":"fm","tickerId":260419201030,"name":"周德生"},{"stockCode":"j101003835","stockType":"fund_manager","exchange":"fm","tickerId":242506253810,"name":"许银丰"}]},"announcement":{"linkText":"国融融银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=724869","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9437fea5b3eb048e5d1","date":"2021-12-30T16:00:00.000Z","stockId":3000000006009,"sao":"产品前三季度配置相对均衡，从四季度本产品聚焦储能行业。在全球环境与气候恶化的背景下，中国与欧美率先提出碳达峰碳中和，引领全球能源变革，随着风光平价，以及电力价格定价机制的改革，新能源发电将迎来大发展。当前国内风光发电占比接近10%，由于其发电功率不稳定，随着占比继续提升，配套储能渗透率将显著提升。考虑到2022年开始储能装机快速增长，以及未来巨大的发展前景，本产品持仓四季度开始聚焦储能行业。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:07.070Z","mo":"1、碳中和背景下，新能源迎来大发展。在全球环境与气候恶化的背景下，中国与欧美率先提出碳达峰碳中和战略，引领全球能源变革。一方面汽车为代表的消费终端开始加速电动化，提升电力需求，另一方面发电端加速向新能源转变，拉动新能源需求快速增长。随着风光平价，以及电力价格定价机制的改革，新能源发电将迎来大发展。 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