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for Longer）能够持续多久。回到国内市场，多数权益资产的价格低于二季度末，市场仍在期待更大力度的政策刺激，但债券市场对经济数据和政策的反应更加剧烈。在宏观状态没有明确变化前，我们依然沿着五个方向挖掘投资标的：1）高景气细分赛道；2）高分红板块；3）低估值、供给端受限的周期板块；4）库存周期见底或即将见底的子行业；5）自下而上的投资机会。基于资产价格和估值的变化，三季度管理人略微减少了周期类和高分红类资产的配置比例。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:51.849Z","fund":{"_id":3000000006876,"stockCode":"006876","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-24T16:00:00.000Z","setUpScale":610022000,"market":"a","tickerId":6876,"custody":"中国农业银行股份有限公司","name":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)","shortName":"国投瑞银稳健养老目标一年持有混合(FOF)(006876)","fundSecondLevel":"fof","__csrcFundId":6058,"fundStatus":"normal","lastUpdated":"2026-05-31T20:21:19.262Z","masterFundFlag":1,"inceptionDate":"2019-03-24T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银稳健养老目标一年持有混合(FOF)","fofFundFlag":1,"pinyin":"gtrywjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"j101019653","stockType":"fund_manager","exchange":"fm","tickerId":2508242460,"name":"杨晗"}]},"announcement":{"linkText":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=985106","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca237fea5b3eb049e367","date":"2023-06-29T16:00:00.000Z","stockId":3000000006876,"sao":"2023年上半年，国内经济随疫情放开呈脉冲式上行，3-4月经济动能有所回落，部分可选消费、必选消费和科技硬件景气较高，但地产、多数可选消费（白酒等）销售增速回落；美国通胀数据继续下行，需求端指标进入收缩区间，但就业数据依然强劲。基于上述判断，报告期管理人调整了固收部分的一二级债基配置比例，增配了成长型权益资产。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:51.846Z","mo":"我们认为地产进入了中周期下行通道后，强刺激如饮鸩止渴，但释放实际购房需求的政策有助于稳定短期地产销售，中期来看地产出清后的经济结构将更加健康有韧性。展望下半年乃至2024年，国内库存周期已进入后半程，PPI处于底部区间；美联储加息也接近尾声，美国经济周期自滞胀转向衰退，上述指标均指向超配权益资产。我们将结合市场预期、宏观政策和经济数据，选择配置时点。正如我们在二季报所说，权益市场的风格和结构，是宏观环境和产业景气的映射。每个阶段有每个阶段的核心资产：13-15年的科技与移动互联网，16-21年的高ROE，22-23年的困境反转、高分红，以及不断变换的高景气赛道。从基本面、估值水平和机构持仓结构来看，未来的市场风格和行业特征仍将有别于16-21年。绝大部分与地产强相关的板块基本面仍在寻底，新能源光伏锂电多数环节依然处于供大于求的情况，仅少量龙头公司能维持稳定盈利，医药部分细分环节基本面或能在今年3-4季度见底。未来，我们主要沿着五个方向挖掘投资标的：1）高景气细分赛道；2）高分红板块；3）低估值、供给端受限的周期板块；4）库存周期见底或即将见底的子行业；5）自下而上的投资机会。固收端，我们优选并长期持有信用研究及风险控制能力强、主投高等级信用债的纯债基金，以及具有资产配置和选股能力的一二级债券基金。","fund":{"_id":3000000006876,"stockCode":"006876","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-24T16:00:00.000Z","setUpScale":610022000,"market":"a","tickerId":6876,"custody":"中国农业银行股份有限公司","name":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)","shortName":"国投瑞银稳健养老目标一年持有混合(FOF)(006876)","fundSecondLevel":"fof","__csrcFundId":6058,"fundStatus":"normal","lastUpdated":"2026-05-31T20:21:19.262Z","masterFundFlag":1,"inceptionDate":"2019-03-24T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银稳健养老目标一年持有混合(FOF)","fofFundFlag":1,"pinyin":"gtrywjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"j101019653","stockType":"fund_manager","exchange":"fm","tickerId":2508242460,"name":"杨晗"}]},"announcement":{"linkText":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=960310","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca237fea5b3eb049e366","date":"2023-03-30T16:00:00.000Z","stockId":3000000006876,"sao":"2023年1季度，国内经济温和复苏，地产、出行等数据边际改善；美国通胀下行，欧美经济进入收缩区间，美联储加息进入后期。经济周期定位、大类资产估值分位数等指标显示，当前权益资产的长期隐含回报较债券更高。此外，我们持续关注硅谷银行、瑞士信贷等事件可能导致的经济金融尾部风险。操作思路上，管理人通过自上而下的资产配置控制组合的风险收益特征，自下而上优选能够在长期获取超额收益的基金产品。一季度，管理人通过宏观研判和中观行业比较，调整了固收部分的增强债基配置比例，增配权益部分的成长型资产。","declarationDate":"2023-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:51.843Z","fund":{"_id":3000000006876,"stockCode":"006876","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-24T16:00:00.000Z","setUpScale":610022000,"market":"a","tickerId":6876,"custody":"中国农业银行股份有限公司","name":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)","shortName":"国投瑞银稳健养老目标一年持有混合(FOF)(006876)","fundSecondLevel":"fof","__csrcFundId":6058,"fundStatus":"normal","lastUpdated":"2026-05-31T20:21:19.262Z","masterFundFlag":1,"inceptionDate":"2019-03-24T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银稳健养老目标一年持有混合(FOF)","fofFundFlag":1,"pinyin":"gtrywjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"j101019653","stockType":"fund_manager","exchange":"fm","tickerId":2508242460,"name":"杨晗"}]},"announcement":{"linkText":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=879464","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca237fea5b3eb049e365","date":"2022-12-30T16:00:00.000Z","stockId":3000000006876,"sao":"回顾2022年，受海外冲突影响，欧美等发达经济体通胀水平持续攀升，为抑制通胀美联储全年加息幅度达450基点。全球需求疲软，叠加疫情影响，国内经济恢复力度仍弱。权益市场全年收跌。上证指数、深证成指、沪深300、创业板指分别下跌15.1%、25.9%、21.6%、29.4%。中信一级行业中仅煤炭、消费者服务、交通运输获得正收益，电子、计算机、军工等成长行业跌幅靠前。债券市场先扬后抑。10年期国债利率在2.5-3.0%区间震荡，信用利差小幅走扩。中证债券型基金指数、中证纯债债券型基金指数分别收涨1.1%、1.8%。报告期内，组合的风险资产配置比例略高于中枢，成长类基金对净值造成了拖累。基于我们的理解，许多成长行业业绩增速稳健且可持续，而估值持续下行，我们相信这类资产和所投的基金在中期依然能取得不错的回报。此外，2022年我们增加了对周期行业的研究和学习，希望在特定市场环境中为组合产生贡献。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:51.841Z","mo":"展望2023年，疫后修复和政策发力将推动国内经济走出底部区域，海外紧缩也已进入后半程，我们认为权益市场依然积极可为。我们当前维持组合的均衡配置，寻找能够自下而上挖掘细分行业和阿尔法投资机会的基金经理。本基金是一只养老目标风险基金，管理人将通过资产配置控制组合的风险收益特征，保持策略的稳定性，自下而上优选能够在长期获取超额收益的基金产品。","fund":{"_id":3000000006876,"stockCode":"006876","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-24T16:00:00.000Z","setUpScale":610022000,"market":"a","tickerId":6876,"custody":"中国农业银行股份有限公司","name":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)","shortName":"国投瑞银稳健养老目标一年持有混合(FOF)(006876)","fundSecondLevel":"fof","__csrcFundId":6058,"fundStatus":"normal","lastUpdated":"2026-05-31T20:21:19.262Z","masterFundFlag":1,"inceptionDate":"2019-03-24T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银稳健养老目标一年持有混合(FOF)","fofFundFlag":1,"pinyin":"gtrywjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"j101019653","stockType":"fund_manager","exchange":"fm","tickerId":2508242460,"name":"杨晗"}]},"announcement":{"linkText":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=865944","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca237fea5b3eb049e364","date":"2022-09-29T16:00:00.000Z","stockId":3000000006876,"sao":"2022年3季度，国内宏观数据自6月小幅回落，通胀温和可控，流动性充沛；欧美通胀处于高位，美国非农就业数据强劲，美联储3季度加息幅度及后续紧缩节奏超预期。8-9月，A股受国内经济数据和海外流动性影响持续回调，部分宽基指数估值接近历史极值。A股长期隐含收益率较固收资产更高，短期仍需关注宏观数据和影响情绪的特定事件走向，以确定价格拐点。操作思路上，管理人通过自上而下的资产配置控制组合的风险收益特征，自下而上优选能够在长期获取超额收益的基金产品。三季度，管理人通过宏观研判和中观行业比较，调整了增强债资产的配置比例，小幅减配成长并增配了大消费资产。","declarationDate":"2022-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:51.838Z","fund":{"_id":3000000006876,"stockCode":"006876","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-24T16:00:00.000Z","setUpScale":610022000,"market":"a","tickerId":6876,"custody":"中国农业银行股份有限公司","name":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)","shortName":"国投瑞银稳健养老目标一年持有混合(FOF)(006876)","fundSecondLevel":"fof","__csrcFundId":6058,"fundStatus":"normal","lastUpdated":"2026-05-31T20:21:19.262Z","masterFundFlag":1,"inceptionDate":"2019-03-24T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银稳健养老目标一年持有混合(FOF)","fofFundFlag":1,"pinyin":"gtrywjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"j101019653","stockType":"fund_manager","exchange":"fm","tickerId":2508242460,"name":"杨晗"}]},"announcement":{"linkText":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=811940","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca237fea5b3eb049e363","date":"2022-06-29T16:00:00.000Z","stockId":3000000006876,"sao":"2022年上半年，国内经济先下后上，通胀可控，流动性充沛。受俄乌冲突影响，石油、天然气、煤炭等能源品价格大幅上行，欧美通胀持续抬升，美联储及欧央行转鹰，欧美日制造业PMI逐月走低。报告期内，A股市场走势呈“V”型，1季度抗通胀大宗商品及防御型行业表现更优；4月下旬以来，宏观数据改善，风险偏好修复，各宽基指数显著上涨，汽车、新能源、有色、军工等偏成长板块涨幅居前，前期表现较好的银行、地产、建筑涨幅靠后。固定收益资产方面，长端国债利率低位区间震荡，各等级信用利差有所收敛，转债市场表现优于正股。操作思路上，管理人通过自上而下的资产配置控制组合的风险收益特征，自下而上优选能够在长期获取超额收益的基金产品。报告期内，管理人动态调整了可投转债或股票的基金比例，基于行业景气和估值调整了权益资产配置结构。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:51.835Z","mo":"展望下半年，国内经济企稳后或温和回升，CPI可控、PPI下行，流动性在经济回到潜在增速以上前不会显著收紧；美国短周期衰退进入后半程，美企业及个人资产负债表健康，潜在风险来自于欧洲加息后的债务问题。结合国内经济周期、宏观政策、大类资产估值等因素，我们认为下半年权益市场下行风险可控，在成长、消费等领域均存在结构性投资机会；利率及信用债估值均处于相对高位，需警惕流动性收紧引发的价格波动。鉴于此，我们将维持战略资产配置的权益仓位比例，结合估值水平、基本面变化和行业风格特征，进行增减配操作。本基金是一只稳健型的养老目标风险基金，管理人将通过自上而下的资产配置控制组合的风险收益特征，保持策略的稳定性，自下而上优选能够在长期获取超额收益的基金产品。","fund":{"_id":3000000006876,"stockCode":"006876","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-24T16:00:00.000Z","setUpScale":610022000,"market":"a","tickerId":6876,"custody":"中国农业银行股份有限公司","name":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)","shortName":"国投瑞银稳健养老目标一年持有混合(FOF)(006876)","fundSecondLevel":"fof","__csrcFundId":6058,"fundStatus":"normal","lastUpdated":"2026-05-31T20:21:19.262Z","masterFundFlag":1,"inceptionDate":"2019-03-24T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银稳健养老目标一年持有混合(FOF)","fofFundFlag":1,"pinyin":"gtrywjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"j101019653","stockType":"fund_manager","exchange":"fm","tickerId":2508242460,"name":"杨晗"}]},"announcement":{"linkText":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=781719","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca237fea5b3eb049e362","date":"2022-03-30T16:00:00.000Z","stockId":3000000006876,"sao":"2022年1季度，疫情影响了国内的生产、消费和投资，3月国内制造业和服务业PMI显著下滑。海外方面，欧美经济扩张速度放缓，美联储于3月启动加息，市场预期年底联邦基金利率将升至2.0-2.5%附近，联储纪要显示缩表最早将于5月开始；俄乌冲突增加了全球地缘政治的不确定性，影响能源、粮食和有色金属等大宗商品的供给，欧美通胀压力大增。受上述三重因素冲击，A股自年初以来大幅回调，军工、电子、新能源等成长股跌幅居前，价值股尤其是地产、煤炭呈现较强防御性；债券市场方面，长端利率区间震荡，短端利率小幅下行。操作思路上，管理人通过自上而下的资产配置控制组合的风险收益特征，自下而上优选能够在长期获取超额收益的基金产品。一季度，管理人减少了可转债资产的暴露，并适当增配了短债基金；根据宏观环境判断和中观行业比较，增配了基本面存在底部反转机会的权益资产。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:51.833Z","fund":{"_id":3000000006876,"stockCode":"006876","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-24T16:00:00.000Z","setUpScale":610022000,"market":"a","tickerId":6876,"custody":"中国农业银行股份有限公司","name":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)","shortName":"国投瑞银稳健养老目标一年持有混合(FOF)(006876)","fundSecondLevel":"fof","__csrcFundId":6058,"fundStatus":"normal","lastUpdated":"2026-05-31T20:21:19.262Z","masterFundFlag":1,"inceptionDate":"2019-03-24T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银稳健养老目标一年持有混合(FOF)","fofFundFlag":1,"pinyin":"gtrywjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"j101019653","stockType":"fund_manager","exchange":"fm","tickerId":2508242460,"name":"杨晗"}]},"announcement":{"linkText":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=727886","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca237fea5b3eb049e361","date":"2021-12-30T16:00:00.000Z","stockId":3000000006876,"sao":"回顾2021年，国内宏观经济增速前高后低，固定资产投资、社零增速回落，进出口强于市场预期；欧美经济强劲复苏，通胀大幅抬升。A股方面，权益市场存在结构性机会。创业板指、中证500、中证1000全年分别上涨12.0%、15.6%、20.5%，沪深300、中证800分别下跌5.2%、0.8%；新能源、中小盘和周期股大幅上涨，家电、地产、社服、消费有不同程度下跌。债券方面，长短端国债利率小幅下行，各评级信用债信用利差均有所收敛，转债价格大幅上涨，中证转债指数上涨18.5%。海外市场，美欧日主要宽基指数全年收涨。公募基金方面，中证股票基金指数、中证债券基金指数上涨5.9%、3.9%。报告期内，我们组合采取了相对积极的投资策略，维持中性偏高的权益资产配置比例，通过“核心+卫星”策略优选各类基金产品。具体而言，权益资产方面，我们配置了偏均衡成长的核心基金，以及擅长中小盘、新能源等制造业投资的卫星基金；固定收益资产方面，通过增加二级债券基金的配置获得超额收益。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:51.830Z","mo":"展望2022年，我们认为国内经济处于底部区域，政策基调转向稳增长，经济在上半年有望企稳。海外方面，美国就业数据强劲，通胀不断创出新高，我们将持续关注美联储加息幅度及节奏，以及对美国和全球经济的影响。结合国内经济周期、宏观政策、大类资产估值等因素，我们认为2022年权益市场存在结构性投资机会；转债市场溢价率处于历史高位，存在调整可能；利率长期下行趋势不变，但以季度、半年度为维度或有反复。鉴于此，我们将维持战略资产配置的权益仓位比例，结合估值水平、基本面变化和行业风格特征，进行增减配操作。本基金是一只稳健型的养老目标风险基金，管理人将通过自上而下的资产配置控制组合的风险收益特征，保持策略的稳定性，自下而上优选能够在长期获取超额收益的基金产品。","fund":{"_id":3000000006876,"stockCode":"006876","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-24T16:00:00.000Z","setUpScale":610022000,"market":"a","tickerId":6876,"custody":"中国农业银行股份有限公司","name":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)","shortName":"国投瑞银稳健养老目标一年持有混合(FOF)(006876)","fundSecondLevel":"fof","__csrcFundId":6058,"fundStatus":"normal","lastUpdated":"2026-05-31T20:21:19.262Z","masterFundFlag":1,"inceptionDate":"2019-03-24T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银稳健养老目标一年持有混合(FOF)","fofFundFlag":1,"pinyin":"gtrywjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"j101019653","stockType":"fund_manager","exchange":"fm","tickerId":2508242460,"name":"杨晗"}]},"announcement":{"linkText":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=709445","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca237fea5b3eb049e360","date":"2021-09-29T16:00:00.000Z","stockId":3000000006876,"sao":"2021年3季度，全球经济扩张速度减缓，中美欧日PMI自高点均有不同程度回落。需求抬升叠加产能受限的背景下，石油、天然气、电解铝、焦煤、动力煤等大宗商品价格大幅上行，全球主要经济体通胀不断抬升。国内方面，受疫情反复、电力供应和限产的影响，投资、消费和生产端增速有所放缓，但出口韧性较强。A股市场3季度由“涨价”逻辑主导，无论是受供给侧改革、双碳影响的煤炭、电解铝，还是供需错配的新能源电池、光伏上游有色化工品，涨幅均位居前列。债券方面，在经济和社融增速预期驱动下，长端利率呈“V”型走势。操作思路上，管理人秉承稳健投资原则，以久期管理能力、信用风险控制能力较强的债券基金为主要配置对象，力争获取稳健收益；根据权益市场基本面和风险偏好等因素变化，精选基金经理投资风格、能力优势与配置目标契合的基金来构建、优化权益类资产组合，力争获得收益增强。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:51.828Z","fund":{"_id":3000000006876,"stockCode":"006876","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-24T16:00:00.000Z","setUpScale":610022000,"market":"a","tickerId":6876,"custody":"中国农业银行股份有限公司","name":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)","shortName":"国投瑞银稳健养老目标一年持有混合(FOF)(006876)","fundSecondLevel":"fof","__csrcFundId":6058,"fundStatus":"normal","lastUpdated":"2026-05-31T20:21:19.262Z","masterFundFlag":1,"inceptionDate":"2019-03-24T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银稳健养老目标一年持有混合(FOF)","fofFundFlag":1,"pinyin":"gtrywjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"j101019653","stockType":"fund_manager","exchange":"fm","tickerId":2508242460,"name":"杨晗"}]},"announcement":{"linkText":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=658660","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca237fea5b3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10年期国债收益率回升至3.35%，收益率曲线经历了牛陡到熊平的切换；最后，监管机构宣告严厉打击恶意“逃废债”等违法违规行为，央行通过公开市场持续注入流动性，安抚了投资者情绪，债券市场逐渐回稳，继而在中央经济工作会议强调宏观政策不急转弯的背景下，高等级品种债券收益率小幅走低，到年底10年期国债收益率自高点下行20BP左右。对于国内权益市场，尽管受到国内外疫情的多次冲击，然而在充裕流动性、国内供给与需求渐次恢复的推动下，市场呈现明显的结构性机会。上半年，部分受益于抗疫行动或对疫情免疫的行业，例如医药、传媒、必需消费等行业表现较好；下半年，随着经济超预期复苏，可选消费、有色等顺周期行业表现突出，新能源行业随着全球碳中和计划的加快实施呈现盈利与估值戴维斯双击的局面。总体而言，2020年A股市场呈现风格极致化特征，市场机构化特征愈来愈明显，机构愿意给盈利确定性及成长性良好、具备核心竞争优势的公司估值予以较高溢价，使得抱团现象更为明显。在本基金的组合管理方面，管理人秉承稳健投资原则，以优质债券基金为主要配置对象，力争获取稳健收益；根据权益市场基本面和风险偏好等因素变化，精选基金经理投资风格、能力优势与配置目标契合的基金来构建、优化权益类资产组合，力争获得收益增强。2020年，基金管理人根据货币政策变化和信用风险特征对债券基金仓位结构进行了适应性调整，重点在于组合久期与信用类属分布的调整；通过把握权益市场的宏观、中观影响因素变化以及机构化主导特征，对权益类资产风格与行业进行了针对性配置。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:51.820Z","mo":"展望2021年，随着疫苗接种逐渐推广、各国对疫情管控更加严格，全球疫情有望得到有效控制，经济将延续复苏格局。国内，随着宽信用举措陆续起效，经济指标将继续得到较快修复。随着经济正常化，宽信用将逐步退出；在宏观政策不急转弯的指引下，政策进入相机抉择阶段，货币政策可能先稳后紧。宏观经济指标方面，制造业投资将随着盈利好转而逐渐复苏，社零消费增速将随着服务型消费回归常态而改善，这两者将部分弥补基建投资、房地产投资和供给替补型出口增速回落的缺口。随着双循环发展新格局的不断落实，经济结构转型继续取得成效，从而推动上市公司盈利结构的重塑。对于债券市场，随着宽信用政策退出以及违约市场化处置的发展方向，需警惕信用违约频率的上升风险，2021年债券组合的收益差距有可能主要取决于信用风险的管控水平，而不是资本利得交易能力。对于权益市场，市场正在经历从流动性驱动行情到基本面驱动行情的回归，并可能需要经历流动性局部收紧和估值回归的考验。A股市场机构化特征将助推基本面驱动行情的演绎，可持续的稳健增长公司股价可以获得较高风险溢价，但溢价需要控制在合理的度内。为此，权益投资组合需适度注重风格的均衡。长期来看，经济下行周期叠加内外部因素（例如中美竞争）形成旧经济增长模式的中期出清，新经济（新消费、新技术、新商业模式）逐渐成为经济增长的新动能，具备良好基本面的新经济领域继续成为获取超额收益的重要源泉。总体而言，对于资本市场，2021年预期仍将是一个复杂内外部因素交织驱动、充满不确定性的年份。对于管理人来说，进行前瞻性预判是一项胜率较低的工作，而正确应对可能才是胜负的关键。","fund":{"_id":3000000006876,"stockCode":"006876","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-24T16:00:00.000Z","setUpScale":610022000,"market":"a","tickerId":6876,"custody":"中国农业银行股份有限公司","name":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)","shortName":"国投瑞银稳健养老目标一年持有混合(FOF)(006876)","fundSecondLevel":"fof","__csrcFundId":6058,"fundStatus":"normal","lastUpdated":"2026-05-31T20:21:19.262Z","masterFundFlag":1,"inceptionDate":"2019-03-24T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银稳健养老目标一年持有混合(FOF)","fofFundFlag":1,"pinyin":"gtrywjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"j101019653","stockType":"fund_manager","exchange":"fm","tickerId":2508242460,"name":"杨晗"}]},"announcement":{"linkText":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=556554","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca237fea5b3eb049e35c","stockId":3000000006876,"sao":"2020年三季度，受强有力货币财政纾困政策以及全球逐步恢复经济活动推动，全球经济数据呈现“出坑”走势，主要经济体PMI、就业以及贸易等数据出现快速反弹，7、8月份欧美等国股市延续反弹走势，债券收益率低位震荡，现货黄金价格在8月初创出历史新高；进入9月，美国与欧洲疫情相继出现二次爆发迹象，叠加市场对货币财政刺激政策见顶忧虑，美股带领全球股市出现调整，大多大宗商品价格（除农产品以外）亦出现调整。受益于疫情有效管控以及房地产投资、出口、社融等经济数据的超预期表现，中国经济呈现快速复苏态势。8月社零消费增速首次实现正增长，表明消费端复苏明显滞后于生产端的态势正在逐渐改善。三季度，受前期监管机构打击资金空转套利以及社融信贷增速加快影响，银行出现结构性负债压力，超储率进入历史极低水平，使得国内债券收益率呈现震荡上行走势。受美国遏华政策升级以及流动性收紧预期影响，A股市场波动幅度逐渐加大，其中近两年来涨幅较大、估值处于历史高水平的行业出现一定程度的调整，成长风格略受抑制。在本基金的组合管理方面，管理人秉承稳健投资原则，以久期管理能力、信用风险控制能力较强的债券基金为主要配置对象，力争获取稳健收益；根据权益市场基本面和风险偏好等因素变化，精选基金经理投资风格、能力优势与配置目标契合的基金来构建、优化权益类资产组合，力争获得收益增强。三季度，基金管理人通过降低中长期债券基金配置比例，增加短期债券基金配置比例，从而较严格地控制了债券资产的平均久期；根据权益市场影响因素变化，为控制净值波动幅度，在9月对权益类资产配置比例进行了控制，并对投资风格进行了适应性调整。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:51.817Z","fund":{"_id":3000000006876,"stockCode":"006876","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-24T16:00:00.000Z","setUpScale":610022000,"market":"a","tickerId":6876,"custody":"中国农业银行股份有限公司","name":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)","shortName":"国投瑞银稳健养老目标一年持有混合(FOF)(006876)","fundSecondLevel":"fof","__csrcFundId":6058,"fundStatus":"normal","lastUpdated":"2026-05-31T20:21:19.262Z","masterFundFlag":1,"inceptionDate":"2019-03-24T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银稳健养老目标一年持有混合(FOF)","fofFundFlag":1,"pinyin":"gtrywjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"j101019653","stockType":"fund_manager","exchange":"fm","tickerId":2508242460,"name":"杨晗"}]},"announcement":{"linkText":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=490078","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca237fea5b3eb049e35b","stockId":3000000006876,"sao":"2020年上半年，疫情爆发中断了经济复苏进程，全球经济遭受供给与需求双停滞的大幅冲击，PMI、非农就业数据和各项经济增长指标遭遇断崖式下跌，并前瞻性反映到全球金融市场。3月，以美国为首的全球金融市场滑入流动性危机边缘，其中高收益债信用利差大幅走扩，黄金等避险资产一度也受到抛售，股票市场多次出现熔断，全球金融市场大幅波动。为纾解流动性危机和经济困境，各国纷纷出台力度前所未有的宽货币、宽财政等政策。例如美联储陆续推出从降息、上万亿回购与资产购买、商业票据融资机制、直至提供无限量流动性支持等举措；6月中旬美联储扩表至7万亿美元之上。在强力干预举措下，全球金融市场流动性恢复，资本市场大幅反弹，例如美国纳斯达克100指数甚至创出历史新高，大宗商品价格得到大幅修复。自5月各国重启经济活动以来，PMI、就业和消费等经济指标逐月回升。对于国内债券市场，随着疫情爆发到有效控制，货币政策经历了降息、降准等大力度宽货币政策到打击资金空转套利、创设直达实体经济的金融工具等货币政策边际收紧的两个阶段，叠加宽信用举措逐步起效，债券收益率经历了大幅走低到快速上涨的V型走势。例如10年期国债收益率从年初的3.15%下探至2.50%、然后又回复到6月底的2.90%，而国债收益率曲线经历了牛陡到熊平的切换。对于国内权益市场，尽管受到了疫情的二次冲击，但是在较为充裕流动性以及部分行业景气推动下，市场呈现显著的结构性机会以及风格极致化特征。在持续上涨后，部分行业估值水平达到历史估值的90%分位之上，例如生物医药、食品饮料、计算机等，而价值型行业或股票表现明显落后。风格极致化的主要原因包括：（1）疫情造成业绩分化，部分行业业绩对疫情免疫或者受益于疫情，另一部分行业业绩受损于疫情；（2）市场机构化特征愈来愈明显，机构愿意给盈利确定性及成长性良好、具备核心竞争优势的公司估值予以较高溢价。在本基金的组合管理方面，管理人秉承稳健投资原则，以久期管理能力、信用风险控制能力较强的债券基金为主要配置对象，力争获取稳健收益；根据权益市场基本面和风险偏好等因素变化，精选基金经理投资风格、能力优势与配置目标契合的基金来构建、优化权益类资产组合，力争获得收益增强。2020上半年，基金管理人根据货币政策变化对债券基金仓位进行了适应性调整；通过把握权益市场的宏观、中观影响因素变化以及机构化主导特征，对权益类资产风格与行业进行了针对性配置。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:51.815Z","mo":"展望下半年，宽信用举措陆续起效，经济指标将逐渐得到修复。“紧货币、宽信用”端倪已现，政策进入相机抉择阶段。货币政策将兼顾稳经济增长与防金融风险，强调精准滴灌式宽信用，创设直达实体经济的政策工具使得宽信用不再倚重于宽货币。宽信用使得经济数据正在好转，货币政策将根据未来经济复苏进程进行适应性调整，下半年货币政策边际收紧可能性逐月增加。对于债券市场，考虑到经济增长中枢长期呈下台阶趋势，目前的债券长端利率已具备一定的长期配置价值，但是需综合考虑政策取向和股债跷跷板效应等因素的影响，较为谨慎地进行资本利得交易。对于权益市场，预计随着经济复苏，宽货币、宽财政政策逐渐退出，市场将经历从流动性驱动行情到基本面驱动行情的回归。A股市场机构化特征将助推基本面驱动行情的演绎，可持续的稳健增长公司股价可以获得较高风险溢价，经济下行周期叠加内外部因素（中美争端、疫情）形成旧经济增长模式的中期出清，新经济（新消费、新技术、新商业模式）逐渐成为经济复苏的新动能，具备良好基本面的新经济领域容易获得超额收益。","fund":{"_id":3000000006876,"stockCode":"006876","stockType":"fund","areaCode":"cn","followedNum":4,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-24T16:00:00.000Z","setUpScale":610022000,"market":"a","tickerId":6876,"custody":"中国农业银行股份有限公司","name":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)","shortName":"国投瑞银稳健养老目标一年持有混合(FOF)(006876)","fundSecondLevel":"fof","__csrcFundId":6058,"fundStatus":"normal","lastUpdated":"2026-05-31T20:21:19.262Z","masterFundFlag":1,"inceptionDate":"2019-03-24T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银稳健养老目标一年持有混合(FOF)","fofFundFlag":1,"pinyin":"gtrywjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"j101019653","stockType":"fund_manager","exchange":"fm","tickerId":2508242460,"name":"杨晗"}]},"announcement":{"linkText":"国投瑞银稳健养老目标一年持有期混合型基金中基金(FOF)2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=455285","linkType":"PDF","source":"csrc_pdf"}}]}