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　　2025年三季度权益继续上行，中期亦有韧性。主要宽基指数交易活跃度普遍提升，科技成长风格及周期有色板块表现尤为突出，科创50、创业板指等指数交易热度显著上升，新兴行业和主题投资表现突出。行业层面，资金继续向科技成长、有色、高端制造等方向集中，电子半导体、通信、有色金属、电力设备等行业涨幅居前，银行等传统防御板块则出现回落。展望四季度，对权益市场保持谨慎乐观，在国内宽货币、强政策面、海外进入宽松周期等多因素支撑下，科技成长和主题风格预计继续占优。日历效应上，往年四季度潜在的风格切换行情，目前尚缺乏相关的驱动条件。中期来看，外部贸易环境将在波折中走向稳定，企业盈利拐点亦将逐步清晰，在预期和资金的共同驱动下，权益市场中期维度有望继续展现较强韧性。　　2025年三季度债券市场收益率整体上行。2025年三季度受反内卷走出通胀预期、股票市场明显走强等原因，债券收益率明显上行，10年国债到期收益率从6月30日1.65%一路上行15BP至1.80%附近，30年上行幅度更为明显，从1.85%上行30BP至2.15%附近，收益率曲线明显走陡。展望四季度，经济修复动能仍需巩固，需要政策进一步托底，货币政策预计将继续维持宽松；在反内卷预期仍在的背景下，下行空间也有限；债券市场整体预计仍将维持震荡走势。2025年三季度转债市场继续上行。目前转债整体平价水平处于历史高位，整体/偏债转债YTM水平均处于几乎历史最低，转债整体性价比有所下降，后期精选个券将是转债配置的主要思路，品种上以偏股型为主。　　本报告期内，本基金在策略构建上，将回撤保持在相对可控的范围内，基于自下而上的选股择券逻辑，侧重对中观行业景气度的跟踪与个股的深度研究，组合超额收益将更依赖于选股择券与行业轮动。权益持仓结构将维持均衡偏成长风格，聚焦科技成长，阶段性参与周期蓝筹资产的投资机会，强业绩与科技成长仍将是组合配置重点。转债市场，在三季度持续上涨后性价比偏低，偏股型转债个券将是组合后续配置的重点。纯债部分，三季度优化持仓结构，以稳定组合总体收益。","lastUpdated":"2026-03-09T13:25:22.656Z","fund":{"_id":3000000006973,"stockCode":"006973","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-18T16:00:00.000Z","setUpScale":229908000,"market":"a","tickerId":6973,"custody":"招商银行股份有限公司","name":"太平睿盈混合型证券投资基金","shortName":"太平睿盈混合(006973)","fundSecondLevel":"hybrid","__csrcFundId":6055,"fundStatus":"normal","lastUpdated":"2026-04-30T20:27:55.419Z","masterFundFlag":1,"inceptionDate":"2019-03-24T16:00:00.000Z","fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平睿盈混合","pinyin":"tpryhhxzqtzjj","managers":[{"stockCode":"j101019496","stockType":"fund_manager","exchange":"fm","tickerId":1903242680,"name":"邵闯"},{"stockCode":"8801364279","stockType":"fund_manager","exchange":"fm","tickerId":192507110090,"name":"史彦刚"}]},"announcement":{"linkText":"太平睿盈混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1377806","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca427fea5b3eb04a00c2","date":"2025-06-29T16:00:00.000Z","stockId":3000000006973,"sao":"2025年上半年中国经济保持平稳增长，GDP同比增长5.3%（一季度5.4%、二季度5.2%），内需成为主要支撑：其中消费拉动GDP增长2.72个百分点，社会消费品零售总额累计24.55万亿元、同比增长5.0%；固定资产投资累计同比增速2.8%，其中制造业投资增长7.5%，高技术领域表现突出。工业生产持续恢复，规模以上工业增加值同比增长6.4%，装备制造业和出口交货值增长显著。价格方面，CPI同比由负转正至0.11%（6月），PPI同比降幅扩大至3.6%，工业品通缩压力仍存。外贸韧性显现，出口总额同比增长7.2%，但对美贸易同比下降10.4%。政策层面，财政赤字率目标4%，专项债发行加速，货币政策维持宽松基调，6月社会融资规模存量达430.22万亿元。房地产市场仍承压，1-6月开发投资同比下降11.2%，但信贷支持政策下房企资金面边际改善。　　本报告期内，本基金保持相对适中的权益仓位，风格保持均衡配置，转债仓位下降较大，主要因整体估值上升较多，性价比明显下降；纯债方面继续以中短久期信用债套息策略为主。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:22.654Z","mo":"2025年下半年中国经济将延续稳中向好的趋势，但增长动能仍需政策支持。从当前经济数据来看，二季度GDP当季同比增速为5.2%，累计同比增速为5.3%，略高于预期目标，但边际上已出现放缓迹象。出口方面由于上半年关税摩擦导致的抢出口效应，下半年对美出口仍承压，但对东盟、印度等地区的出口增速显著，展现出一定的韧性。消费端仍然面临一定的有效需求不足的情况，需要政策继续支持。　　在政策层面，财政政策将继续保持积极，特别是通过专项债和特别国债的投放，推动“两新”“两重”项目落地，以提振投资和消费。同时近期各个行业出台的“反内卷”政策，将有效改善产能过剩带来的通缩压力，有望率先提升上游企业的盈利能力。货币政策方面，央行将维持适度宽松的取向，通过多种工具保持流动性合理充裕，同时需要密切关注M2同比增速的变化。　　资本市场在政策预期升温与经济修复之间寻找平衡，结构性机会将更为突出。A股市场整体风险偏好较去年已经有所改善，随着政策逐步落地，企业盈利将迎来修复，外资对A股上市公司的估值重估也将带来增量资金，但同时需关注外围政策和地缘扰动带来的波动风险。债券市场由于目前整体风险偏好提升出现一定的震荡，同时“反内卷”带来了一定的通胀预期抬升，但最终债券走势还是由基本面决定。在经济数据没有确认“通缩”转向“通胀”前，在央行的适度宽松货币政策环境下，债券仍有一定的配置价值。","fund":{"_id":3000000006973,"stockCode":"006973","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-18T16:00:00.000Z","setUpScale":229908000,"market":"a","tickerId":6973,"custody":"招商银行股份有限公司","name":"太平睿盈混合型证券投资基金","shortName":"太平睿盈混合(006973)","fundSecondLevel":"hybrid","__csrcFundId":6055,"fundStatus":"normal","lastUpdated":"2026-04-30T20:27:55.419Z","masterFundFlag":1,"inceptionDate":"2019-03-24T16:00:00.000Z","fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平睿盈混合","pinyin":"tpryhhxzqtzjj","managers":[{"stockCode":"j101019496","stockType":"fund_manager","exchange":"fm","tickerId":1903242680,"name":"邵闯"},{"stockCode":"8801364279","stockType":"fund_manager","exchange":"fm","tickerId":192507110090,"name":"史彦刚"}]},"announcement":{"linkText":"太平睿盈混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1348312","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca427fea5b3eb04a00c1","date":"2025-03-30T16:00:00.000Z","stockId":3000000006973,"sao":"2025年一季度，中国经济延续了2024年四季度的复苏态势，展现出“稳中向好、后劲充足”的特点，消费、投资、产业升级等领域表现积极，产业结构持续优化，第三产业主导增长，服务业（如金融、零售）拉动作用显著；工业与制造业表现强劲，装备制造业和高技术制造业成为亮点，新能源汽车、工业机器人等产品产量实现较高增长。同时需警惕外部环境的不确定性，受全球经济下行和贸易摩擦影响，出口增速可能回落，但对GDP影响较低。　　2025年一季度A股市场整体呈现结构性分化特征，尽管主要指数波动较小，但个股活跃度显著提升，新兴行业和主题投资表现突出。科技成长股、政策受益板块（如机器人、AI）领跑，而传统周期行业承压。领涨行业：汽车（+17.01%）、机械设备（+16.38%）、有色金属（+15.26%）涨幅居前，主要受益于机器人、新能源车产业链、人工智能设备需求提升。　　2025年一季度债券市场收益率整体震荡上行，主要因为年初以来在央行引导下资金利率持续走高，带动债券利率反弹；经济基本面边际好转，推动长端利率明显上行。以10Y国债为例，收益率从年初1.60%附近上升至1.80%附近。　　本报告期内，本基金保持相对适中的权益仓位，保持均衡配置，转债继续获利了结部分仓位；纯债方面季度末增加信用债配置。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:22.651Z","fund":{"_id":3000000006973,"stockCode":"006973","stockType":"fund","areaCode":"cn","followedNum":1,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　　转债调整结构6月末加仓部分转债；纯债方面继续以中短久期信用债套息策略为主。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:22.643Z","mo":"展望下半年，我们判断宏观经济大概率仍将延续弱复苏态势，复苏动力仍不宜高估。　　从经济各分项来看：1、出口回暖趋势或将延续，但下半年海外不确定性因素较多；2、消费对经济回暖有支撑，但收入和风险偏好压制下同比增幅不会太快；3、地产链条对于经济的拖累仍在，重点在于对政策效果的观察；4、政策支持下的基建和制造业投资仍将为基本面的重要支撑。　　债券市场仍未出现明显拐点，但估值愈发极致下市场波动或将加剧，应密切关注可能导致情绪变动的风险因素。　　股票市场预计仍机会与风险并存，结构性行情概率较大。持续关注低利率环境下红利板块的长期配置价值，以及美联储降息后带来的外资回流机会。","fund":{"_id":3000000006973,"stockCode":"006973","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-18T16:00:00.000Z","setUpScale":229908000,"market":"a","tickerId":6973,"custody":"招商银行股份有限公司","name":"太平睿盈混合型证券投资基金","shortName":"太平睿盈混合(006973)","fundSecondLevel":"hybrid","__csrcFundId":6055,"fundStatus":"normal","lastUpdated":"2026-04-30T20:27:55.419Z","masterFundFlag":1,"inceptionDate":"2019-03-24T16:00:00.000Z","fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平睿盈混合","pinyin":"tpryhhxzqtzjj","managers":[{"stockCode":"j101019496","stockType":"fund_manager","exchange":"fm","tickerId":1903242680,"name":"邵闯"},{"stockCode":"8801364279","stockType":"fund_manager","exchange":"fm","tickerId":192507110090,"name":"史彦刚"}]},"announcement":{"linkText":"太平睿盈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=1146220","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca427fea5b3eb04a00bd","date":"2024-03-30T16:00:00.000Z","stockId":3000000006973,"sao":"2024年一季度我国经济数据呈现企稳改善趋势，3月制造业PMI为50.8%（前值49.1%），延续了1-2月的环比改善。但是，近期部分事件性因素，如汇率波动、中美关系等在前期指数持续上行一段时间后仍对投资者风险偏好带来一定影响。结构上看，出口和基建是主要驱动力，与日常生活需求有关的服务行业景气度和地产依然偏弱。随着积极的广义赤字水平，财政、基建、消费等政策的加快推进，通胀企稳概率较大，经济阶段性改善仍将延续。　　　　股票市场一季度先抑后扬，上证指数、沪深300年初至今实现正收益，风格方面大盘表现好于小盘。尤其红利指数前期表现较好，一季度后半段有色金属板块在黄金大涨的带动下涨幅明显。科技板块中AI相关也有所表现但前期跌幅较多，汽车板块受益于政策刺激以及新车上市市场关注度较高。　　　　债券市场一季度表现强劲，尤其超长端利率债收益率下行幅度明显。两会将全年经济增长目标定在“5%左右”，赤字率3%配合3.8万亿专项债加上1万亿长期特别国债，财政整体稳健。由于一季度整体债券供给偏少，叠加市场整体风险偏好较低，银行保险机构对于债券需求强劲，货币政策宽松，配置压力和交易盘共同推动收益率曲线整体下行。二季度债市存在一些中短期扰动因素：一是特别国债二季度带来供给压力；二是经济阶段性改善；三是地产政策的优化调整。　　　　本报告期内，本基金保持相对较高的权益仓位，风格相对均衡，一季度持仓以经济复苏+泛科技概念为主的均衡风格，转债加仓部分平衡型转债；纯债方面继续以中短久期信用债套息策略为主。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:22.640Z","fund":{"_id":3000000006973,"stockCode":"006973","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-18T16:00:00.000Z","setUpScale":229908000,"market":"a","tickerId":6973,"custody":"招商银行股份有限公司","name":"太平睿盈混合型证券投资基金","shortName":"太平睿盈混合(006973)","fundSecondLevel":"hybrid","__csrcFundId":6055,"fundStatus":"normal","lastUpdated":"2026-04-30T20:27:55.419Z","masterFundFlag":1,"inceptionDate":"2019-03-24T16:00:00.000Z","fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平睿盈混合","pinyin":"tpryhhxzqtzjj","managers":[{"stockCode":"j101019496","stockType":"fund_manager","exchange":"fm","tickerId":1903242680,"name":"邵闯"},{"stockCode":"8801364279","stockType":"fund_manager","exchange":"fm","tickerId":192507110090,"name":"史彦刚"}]},"announcement":{"linkText":"太平睿盈混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1071191","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca427fea5b3eb04a00bc","date":"2023-12-30T16:00:00.000Z","stockId":3000000006973,"sao":"2023年经济运行回升向好，GDP同比增长5.2%，圆满实现经济增长5%预期目标。扣除基数影响的GDP两年复合增速为4.1%，对应中央经济工作会议所总结的“经济恢复发展的一年”，经济初步走出谷底但尚未完全修复潜在增长水平。2023年年初市场对于经济复苏预期较高，但二季度后出现有效需求不足的问题，社会预期转弱。到三季度后随着数据表现持续不足预期，“宽信用”政策密集落地，稳地产政策不断加码、特殊再融资债、万亿特别国债发行、PSL重启等修复市场对于经济偏弱预期。　　股票市场2023年全年表现较弱，整体与市场经济预期相匹配。年初由于市场预期较高且经济恢复较好，此阶段整体上行；春节后经济数据逐渐走弱，但投资者预期仍然较为积极，市场整体有所波动但仍有支撑；下半年政策不断出台，但投资者预期不断转弱，外资持续流出，市场表现较弱。从结构上看全年以小盘风格为主，TMT中特估、高股息、低估值风格均有出现阶段性行情。　　债券市场2023年全年表现较好，上半年市场主线从“强预期”转向“弱修复”，下半年从“宽货币”转向“宽信用”再转向“”资金面充裕” ，利率债收益率曲线走势呈现“M”型，而信用债受益于特殊再融资债对城投债形成明显基本面支撑，整体信用利差压缩明显。　　本组合2023年净值出现一定的回撤，主要由于权益和可转债仓位较高，但整体组合风格相对均衡，权益仓位主要配置在经济复苏相关板块和硬科技两个方向。转债部分主要以平衡型转债为主；纯债方面以中短久期信用债套息策略为主。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:22.637Z","mo":"2024年中国经济面临一些积极的因素，如“稳增长”政策支持和新经济动能的推动，也有一些挑战，包括内外需压力、制造业疲软、地产下行等，整体预计维持继续向上修复的态势，处于弱复苏状态。另一方面，货币政策继续维持流动性供给充裕，以配合财政政策，共同促进经济增长，加之，全球经济下行压力下，高利率环境难以维持，中美经济周期错位得到缓解，外部对于国内货币政策的制约将下降。　　2024年债券市场在经济恢复需要持续支持、配合地方政府化债、汇率贬值压力也减轻的情况下，央行后续流动性投放保持积极的概率较大，如果资金水平未持续回落到偏松状态，后续降准降息或者其他货币政策工具有较大概率落地，当下多数债券期限利差均处于2018年以来最低水平，预计2024年曲线相对2023年会出现走陡。　　2024年权益市场我们认为将迎来明显改善，首先内外部市场环境有望迎来改善，其次市场整体估值已处于历史低位。市场的结构性机会将显著增加，主要看好两条主线机会：一是科技成长主线，以TMT行业和汽车行业为代表，以AI产业为技术引领的整个科技条线有望持续吸引资金流入；二是低波红利主线，在经历过去一段时间深度调整后，不少进入成熟经营期公司持续分红的股息率相较债券资产已经极具吸引力，将吸引更多的长期稳健型资金流入。","fund":{"_id":3000000006973,"stockCode":"006973","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-18T16:00:00.000Z","setUpScale":229908000,"market":"a","tickerId":6973,"custody":"招商银行股份有限公司","name":"太平睿盈混合型证券投资基金","shortName":"太平睿盈混合(006973)","fundSecondLevel":"hybrid","__csrcFundId":6055,"fundStatus":"normal","lastUpdated":"2026-04-30T20:27:55.419Z","masterFundFlag":1,"inceptionDate":"2019-03-24T16:00:00.000Z","fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平睿盈混合","pinyin":"tpryhhxzqtzjj","managers":[{"stockCode":"j101019496","stockType":"fund_manager","exchange":"fm","tickerId":1903242680,"name":"邵闯"},{"stockCode":"8801364279","stockType":"fund_manager","exchange":"fm","tickerId":192507110090,"name":"史彦刚"}]},"announcement":{"linkText":"太平睿盈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=1058120","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca427fea5b3eb04a00bb","date":"2023-09-29T16:00:00.000Z","stockId":3000000006973,"sao":"2023年三季度，经济基本面趋于复苏。8月底一线城市陆续出台地产支持政策，上市房企迎来再融资政策支持，地方政府 “一揽子化债方案”推出落地实施，特殊再融资地方债已于9月底开启发行，8月27日财政部、证监会等多部门就减半征收印花税、优化IPO与再融资节奏、规范减持等做出部署，上述政策不仅有助于短期内提振市场情绪，对于中长期资本市场的发展同样有较为重要的意义。综合来看，当前政策环境较为积极。 　　　　权益市场在8月底迎来一系列利好，预计后续以题材性行情为主；债券市场经历了降息降准等利好，随着活跃资本市场政策工具对权益市场的提振，叠加季末资金面紧张和特殊再融资地方债的出炉，收益率延续反弹。　　　　本报告期内，本基金保持相对较高的权益仓位，风格相对均衡，三季度整体上已经调整为经济复苏+硬科技概念的均衡风格，将前期中特估仓位调整至消费电子和芯片产业链，一方面我们继续看好经济的长期修复趋势，另一方面积极参与新技术以及国产替代带来的市场机会，转债继续加仓部分平衡型转债；纯债方面继续以中短久期信用债套息策略为主。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:22.634Z","fund":{"_id":3000000006973,"stockCode":"006973","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-18T16:00:00.000Z","setUpScale":229908000,"market":"a","tickerId":6973,"custody":"招商银行股份有限公司","name":"太平睿盈混合型证券投资基金","shortName":"太平睿盈混合(006973)","fundSecondLevel":"hybrid","__csrcFundId":6055,"fundStatus":"normal","lastUpdated":"2026-04-30T20:27:55.419Z","masterFundFlag":1,"inceptionDate":"2019-03-24T16:00:00.000Z","fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平睿盈混合","pinyin":"tpryhhxzqtzjj","managers":[{"stockCode":"j101019496","stockType":"fund_manager","exchange":"fm","tickerId":1903242680,"name":"邵闯"},{"stockCode":"8801364279","stockType":"fund_manager","exchange":"fm","tickerId":192507110090,"name":"史彦刚"}]},"announcement":{"linkText":"太平睿盈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=987880","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca427fea5b3eb04a00ba","date":"2023-06-29T16:00:00.000Z","stockId":3000000006973,"sao":"2023上半年本基金保持相对较高的权益仓位，风格相对均衡，一季度整体上调整为经济复苏+泛科技概念的均衡风格，一方面继续看好经济的长期修复趋势，一方面积极参与新技术带来的市场机会，转债加仓部分顺周期平衡型转债；纯债方面继续以中短久期信用债套息策略为主。一季度经济基本面在疫情冲击消退后平稳复苏，但市场的“强复苏”预期有所弱化。一季度权益市场整体上涨，结构上分化较，在这个阶段本基金整体表现较好。进入二季度后经济延续一季度末弱复苏趋势，二季度GDP同比增速受益于去年同期低基数，但从月度数据来看环比增长动能有所放缓。二季度以来商品房销售边际转弱，信贷增速放缓，给固定资产投资造成拖累，消费同比数据受益于去年低基数有较大增长，但在基数恢复常态后增速正常回落，同时消费高频数据呈现出“高频低价”服务性消费倾向，显示疫情带来的收入影响仍在。权益市场整体表现较弱，多个宽基指数在季末创出年内新低。国内市场受海外波动影响较小的中小市值活跃度明显好于权重类的板块，结构性活跃是市场的主要特征，二季度以算力为代表的人工智能板块表现尤其突出。因此二季度本基金更加细化调整组合中泛科技概念仓位，更加集中在以人工智能算力和数据要素为主的细分方向上，同时将组合分为经济复苏+中特估+科技三部分的均衡风格策略。组合虽然在二季度出现一定回调，但总体上控制了回撤幅度。　　转债方面，2023年上半年组合采取了相对防守的投资策略，转债主要仓位集中在债性转债和平衡性转债上，在二季度增加较多仓位在债性转债上替代纯债。整体转债部分波动较小。　　纯债方面，本组合一直坚持相对稳健的中短久期高评级信用债套息策略，为组合提供相对稳定的票息收益。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:22.631Z","mo":"展望下半年，经济复苏的脚步虽然放缓但仍将延续，从高频数据来看尤其是地产链下半年稳增长的压力仍然较大，因此可以对政策多一份期待。同时经济活动将逐渐走出疫情的影响，下半年A股的盈利将会走出谷底，这将带动估值和指数继续修复，目前A股主要指数的估值和风险溢价均处于性价比很高的水平。外部美联储加息压力逐渐减小，人民币汇率在二季度经历过一波贬值后风险已经释放目前压力也相对较小，外资流出压力在下半年逐渐降低。方向上我们仍然认为一方面经济复苏方向上存在较好的机会，一些公司回调后估值处在历史低位同时盈利水平较2022年明显修复，安全边际较高；另外一方面以人工智能为代表的硬科技行业景气度不断提升，无论从未来业绩增速和产业政策都值得期待，预计仍将是下半年市场主线。　　转债市场整体估值仍然不低，因此我们仍然采取相对谨慎的投资策略，以债性转债和平衡性转债为主，关注部分新券和条款博弈的机会。　　债券市场我们认为在取得了不错的上半年表现后，下半年仍将维持震荡格局。一方面，经济内生动能有继续下行的压力，债券调整风险不大。居民消费需求、买房需求下行，企业投资需求走弱，经济仍然处于主动去库存周期，内生动能向下；经济可能会在下半年弱企稳，但考虑到地产销售偏弱，企稳的幅度会弱于2016年年初和2019年下半年。另一方面，货币政策仍有降息的空间，维持资金宽松。稳定的资金环境以及较小的供给压力对债市或偏利好，然而当前收益率水平仍处低位，并且稳增长政策预期和最终效果也可能对市场带一定程度的影响，预计债市或呈现震荡行情。","fund":{"_id":3000000006973,"stockCode":"006973","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-18T16:00:00.000Z","setUpScale":229908000,"market":"a","tickerId":6973,"custody":"招商银行股份有限公司","name":"太平睿盈混合型证券投资基金","shortName":"太平睿盈混合(006973)","fundSecondLevel":"hybrid","__csrcFundId":6055,"fundStatus":"normal","lastUpdated":"2026-04-30T20:27:55.419Z","masterFundFlag":1,"inceptionDate":"2019-03-24T16:00:00.000Z","fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平睿盈混合","pinyin":"tpryhhxzqtzjj","managers":[{"stockCode":"j101019496","stockType":"fund_manager","exchange":"fm","tickerId":1903242680,"name":"邵闯"},{"stockCode":"8801364279","stockType":"fund_manager","exchange":"fm","tickerId":192507110090,"name":"史彦刚"}]},"announcement":{"linkText":"太平睿盈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=962694","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca427fea5b3eb04a00b9","date":"2023-03-30T16:00:00.000Z","stockId":3000000006973,"sao":"2023年一季度经济基本面在疫情影响消退后平稳复苏，但市场的“强复苏”预期有所弱化。制造业、非制造业PMI已连续3个月位于扩张区间，表明疫后经济内生动能正在逐步修复，但海外需求面临较大不确定性，内需将是后续经济修复的主动力，出口承压的背景下国内政策将延续呵护。3月27日央行降准正式落地，降准幅度不大，但信号意义较强，反映政策呵护经济平稳增长的态度，后续国内宏观流动性有望维持合理充裕。　　2023年一季度权益市场整体上涨，结构上分化较大，从宽基指数表现来看小盘股表现较好，中证1000指数明显跑赢上证50与沪深300；从风格来看，以科创50，TMT为首的成长板块表现明显优于价值板块。价值风格中“中特估”为代表的的高股息国央企表现较好，与“人工智能”为代表的计算机板块形成交相辉映的两大市场主线亮点。　　2023年一季度债券市场主要经历了疫情影响消退后基本面强修复预期再发酵、资金面高位波动而同业存单利率持续高增、围绕稳增长预期以及经济数据成色交易再到超预期降准触发的收益率下行的几轮主线切换，整体而言利率呈现前上后下的倒U型走势。　　本报告期内，本基金保持相对较高的权益仓位，风格相对均衡，一季度整体上已经调整为经济复苏+泛科技概念的均衡风格，一方面继续看好经济的长期修复趋势，一方面积极参与新技术带来的市场机会，转债加仓部分顺周期平衡型转债；纯债方面继续以中短久期信用债套息策略为主。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:22.628Z","fund":{"_id":3000000006973,"stockCode":"006973","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2019-02-18T16:00:00.000Z","setUpScale":229908000,"market":"a","tickerId":6973,"custody":"招商银行股份有限公司","name":"太平睿盈混合型证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