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26-03-09T14:12:38.916Z","mo":"从经济基本面来看，国内有效需求仍然偏弱，经济结构转型仍在过程中。今年上半年我国GDP实际增速5%，其中一季度5.3%，二季度4.7%，二季度增速较一季度有所回落，除天气等因素外，也显示出国内有效需求不足的问题。7月制造业PMI指数位于荣枯线以下，需求偏弱格局延续，经济驱动力的转变还需要时间。当前外部环境仍比较复杂，海外经济下行预期加大，美国降息周期临近，地缘冲突仍在延续，贸易冲突可能加大。从国内的政策支撑来看，促需求政策正在加大力度，如大规模设备更新和消费品以旧换新政策等，但是政策效应的体现需要一个过程。从A股市场层面来看，目前主要指数估值处于较低位置，结合当前宏观背景，预计下半年市场将以结构性行情为主。","fund":{"_id":3000000400013,"stockCode":"400013","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2011-03-14T16:00:00.000Z","setUpScale":1868370000,"market":"a","tickerId":400013,"custody":"中国邮政储蓄银行股份有限公司","name":"东方成长收益灵活配置混合型证券投资基金","shortName":"东方成长收益灵活配置A","fundSecondLevel":"hybrid","__csrcFundId":3068,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:46.500Z","masterFundFlag":1,"inceptionDate":"2011-04-13T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方成长收益灵活配置","pinyin":"dfczsylhpzhhxzqtzjj","managers":[{"stockCode":"db20578741","stockType":"fund_manager","exchange":"fm","tickerId":2602183750,"name":"张博"}]},"announcement":{"linkText":"东方成长收益灵活配置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=1153611","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5567fea5b3eb0559877","date":"2024-03-30T16:00:00.000Z","stockId":3000000400013,"sao":"2024年1季度市场呈现宽幅震荡格局，各指数涨跌结构性较为突出，根据WIND数据显示，上证指数上涨2.23%、深圳成指下跌1.30%、创业板指下跌3.87%、沪深300上涨3.10%、中证500下跌2.64 %。分行业看，申万一级行业相对较强的前五行业是银行、石油石化、煤炭、家用电器、有色金属；相对落后的行业分别是医药生物、计算机、电子、综合、房地产。　　本基金延续了此前的配置，整体变动不大，持仓集中在各行业优质龙头企业，经营追求稳健，力争在具备一定防御性的同时分享企业价值的成长。未来，若出现可带来经济显著增长的政策组合，则可能考虑对于组合做出进一步调整。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:12:38.913Z","fund":{"_id":3000000400013,"stockCode":"400013","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2011-03-14T16:00:00.000Z","setUpScale":1868370000,"market":"a","tickerId":400013,"custody":"中国邮政储蓄银行股份有限公司","name":"东方成长收益灵活配置混合型证券投资基金","shortName":"东方成长收益灵活配置A","fundSecondLevel":"hybrid","__csrcFundId":3068,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:46.500Z","masterFundFlag":1,"inceptionDate":"2011-04-13T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方成长收益灵活配置","pinyin":"dfczsylhpzhhxzqtzjj","managers":[{"stockCode":"db20578741","stockType":"fund_manager","exchange":"fm","tickerId":2602183750,"name":"张博"}]},"announcement":{"linkText":"东方成长收益灵活配置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=1076488","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5567fea5b3eb0559876","date":"2023-12-30T16:00:00.000Z","stockId":3000000400013,"sao":"2023年市场全年震荡下行走势，根据WIND数据显示，上证指数下跌3.70%、深圳成指下跌13.54%、创业板指下跌19.41%、沪深300下跌11.38%、中证500下跌7.42%。分行业看，申万一级行业相对较强的前五行业是通信、传媒、计算机、电子、石油石化；相对落后的行业分别是美容护理、商贸零售、房地产、电力设备、建筑材料。　　报告期内，本基金延续了一致的策略，集中在各行业优质龙头企业，着眼于长期经营稳健，在具备一定防御性的同时分享企业价值的成长。未来，若出现可带来经济显著增长的政策组合，则可能考虑对于组合做出进一步调整。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:12:38.910Z","mo":"宏观经济方面，2024年一季度基本延续了去年下半年的趋势，1、2月份制造业PMI指数仍显示制造业需求较弱的局面。宏观弱复苏的格局也传递到了A股企业盈利，企业盈利预期的改变还需要未来实际好转的数据来支撑，或出台能够改善总需求的政策。流动性角度，从央行的公开资料判断，目前更倾向于盘活存量、提升效能等思路，未来大概率会在这一思路上延续。对证券市场而言，从估值水平上，一方面A股估值水平体现一定的长期投资价值；另一方面，弱宏观预期背景下，市场对24年度盈利增长的判断分歧较大，这可能会放大A股底部估值区间，形成一定的波动。","fund":{"_id":3000000400013,"stockCode":"400013","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2011-03-14T16:00:00.000Z","setUpScale":1868370000,"market":"a","tickerId":400013,"custody":"中国邮政储蓄银行股份有限公司","name":"东方成长收益灵活配置混合型证券投资基金","shortName":"东方成长收益灵活配置A","fundSecondLevel":"hybrid","__csrcFundId":3068,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:46.500Z","masterFundFlag":1,"inceptionDate":"2011-04-13T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方成长收益灵活配置","pinyin":"dfczsylhpzhhxzqtzjj","managers":[{"stockCode":"db20578741","stockType":"fund_manager","exchange":"fm","tickerId":2602183750,"name":"张博"}]},"announcement":{"linkText":"东方成长收益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=1059969","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5567fea5b3eb0559875","date":"2023-09-29T16:00:00.000Z","stockId":3000000400013,"sao":"2023年3季度市场延续震荡下行走势，根据WIND数据显示，上证指数下跌2.86%、深圳成指下跌8.32%、创业板指下跌9.53%、沪深300下跌3.98%、中证500下跌5.13%。分行业看，申万一级行业相对较强的前五行业是非银金融、煤炭、石油石化、钢铁、银行；相对落后的行业分别是电力设备、传媒、计算机、通信、国防军工。　　本基金延续了此前的配置，主要原因在于我们认为国内经济相对平稳，本基金在行业配置上相对均衡，同时集中在各行业优质龙头企业，经营追求稳健，能够在市场出现调整时，具备一定防御性；同时科创类龙头公司往往是技术创新的引领者，因此未来若再度出现科创行情，或可同样受益。未来若出现可带来经济显著增长的政策组合，则可能考虑对于组合做出进一步调整。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:12:38.908Z","fund":{"_id":3000000400013,"stockCode":"400013","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2011-03-14T16:00:00.000Z","setUpScale":1868370000,"market":"a","tickerId":400013,"custody":"中国邮政储蓄银行股份有限公司","name":"东方成长收益灵活配置混合型证券投资基金","shortName":"东方成长收益灵活配置A","fundSecondLevel":"hybrid","__csrcFundId":3068,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:46.500Z","masterFundFlag":1,"inceptionDate":"2011-04-13T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方成长收益灵活配置","pinyin":"dfczsylhpzhhxzqtzjj","managers":[{"stockCode":"db20578741","stockType":"fund_manager","exchange":"fm","tickerId":2602183750,"name":"张博"}]},"announcement":{"linkText":"东方成长收益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=991116","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5567fea5b3eb0559874","date":"2023-06-29T16:00:00.000Z","stockId":3000000400013,"sao":"2023年上半年，wind显示上证综指上涨3.65%、深圳成指上涨0.09%、创业板指下跌5.61%、沪深300下跌0.75%、上证50下跌5.43%、科创50上涨4.71%。分行业看，申万一级行业涨幅前五的是通信、传媒、计算机、机械设备、家用电器；跌幅较大的行业分别商贸零售、房地产、美容护理、建筑材料、综合。　　2023年上半年，市场宽指涨跌互现，但行情出现明显结构化特征，创业板指、上证50指数跌幅较大，而科创50出现明显上涨，其中主题热点不断，AI算力相关的光模块、游戏、等相关主题轮动，涨幅较大，而复苏主线下的顺周期相关行业表现较差。 　　回顾上半年，二季度起海外以美国为代表的经济体通胀压力略有缓解，但强劲的就业数据预示着美国加息由放缓到转向降息所需时间可能超过市场此前预期，因此海外暂时难言宽松。国内方面，二季度经济动能偏弱。我们认为主要原因在于一方面房地产销售重回低迷，相关上下游产业链整体景气度回落，对于传统三驾马车中的投资产生较大负面影响；消费方面，由于近年来居民收入增速不高，且部分家庭资产负债表可能受损，导致总体居民消费放缓；临近季度末，出口数据在美元升值背景下同样出现低于预期，未来将可能同样面临较大压力。　　本基金在上半年延续了此前的配置变化不大，主要原因在于我们认为国内经济相对平稳，本基金在行业配置上相对均衡，同时集中在各行业优质龙头企业，经营追求稳健，能够在市场出现调整时，具备一定防御性；同时科创类龙头公司往往是技术创新的引领者，因此未来若再度出现科创行情，或可同样受益，总体看我们的的组合属于进可攻、退可守。未来若出现可带来经济显著增长的政策组合，则可能考虑对于组合做出进一步调整。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:12:38.905Z","mo":"展望未来，我们认为，内需修复仍将是经济增长主要动力。下半年市场在流动性相对宽裕的情况下仍然有结构性行情，后续我们认为需要经济基本面的支撑。结构上看，下半年复苏主线有望兑现，同时经济结构转型仍然是重点，流动性方面，整体流动性有望保持持续宽松，国内通胀相对温和，下半年来看阻力方向边际有所好转，同时叠加政策端支持，我们认为国内经济整体有望环比企稳改善。","fund":{"_id":3000000400013,"stockCode":"400013","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2011-03-14T16:00:00.000Z","setUpScale":1868370000,"market":"a","tickerId":400013,"custody":"中国邮政储蓄银行股份有限公司","name":"东方成长收益灵活配置混合型证券投资基金","shortName":"东方成长收益灵活配置A","fundSecondLevel":"hybrid","__csrcFundId":3068,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:46.500Z","masterFundFlag":1,"inceptionDate":"2011-04-13T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方成长收益灵活配置","pinyin":"dfczsylhpzhhxzqtzjj","managers":[{"stockCode":"db20578741","stockType":"fund_manager","exchange":"fm","tickerId":2602183750,"name":"张博"}]},"announcement":{"linkText":"东方成长收益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=966220","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5567fea5b3eb0559873","date":"2023-03-30T16:00:00.000Z","stockId":3000000400013,"sao":"2023年一季度，市场总体上涨其中上证指数上涨5.94%、深圳成指上涨6.45%、创业板指上涨2.25%、沪深300上涨4.63%、上证50上涨1.01%。分行业看，申万一级行业中计算机上涨36.78%涨幅第一，传媒上涨34.24%位居第二，通信上涨29.51%位居第三；跌幅方面房地产下跌6.11%跌幅最大，商贸零售下跌5.11%跌幅第二，银行下跌2.7%位居第三。总体看市场成长风格表现优于低估值蓝筹风格的特征。　　回顾一季度操作，我们认为国内方面，随着一季度疫后过渡期的结束，年内经济脉络初见端倪，房地产风险已基本化解，随着一季度一二线城市房地产市场量价齐升，同时带动部分三线城市成交出现活跃迹象，主流开发商现金流状况出现大幅改善，部分城市热门地块已出现封顶摇号现象，表明房地产行业整体性风险已然消除，国内经济下行风险已得到控制。但地产销售的回暖也代表政策在当前时点进一步出台更有力措施的必要性降低，相应的我们略降低了房地产行业的持仓。　　我们认为消费将持续恢复，因此维持了该板块的配置。从国外经验看，消费的恢复通常滞后于疫情管制放开6-9个月，原因在于经历过疫情冲击后的经济复苏需要居民受雇企业先行恢复正常运转经营，随后带动居民收入重回正轨，然后才可传导至居民消费信心的恢复，同时释放此前的超额储蓄，因此也就见到了尽管今年春节期间的各地消费火爆场景以及此后三月份的各种微观调研数据不及预期带来的波动。但我们认为对于消费应保持信心以及耐心，恢复趋势的确定性属于时间的增函数，因此我们仍然看好全年消费板块的恢复趋势。从行业上看，我们认为受益于商务需求复苏的白酒、以及大众消费恢复的啤酒确定性更好。同时看好受益于二手房交易放量的C端家居家居行业：由于家装市场的季节性，每年通常一、四季度为旺季，但2022年四季度受到疫情影响，成交遇冷，该部分装修需求伴随二手房成交一起平移到了2023年，因此可见到主流家具家居企业销售端一季度成交额在去年高基数基础上均出现了较好的前端增速，但由于行业工厂端订单的滞后性，上市公司业绩将在二季度体现，预计前端工序中C段占比高的企业以及最后端的软体家居业绩或将率先体现出增长趋势，因此我们维持了相关行业的配置比例。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:12:38.897Z","fund":{"_id":3000000400013,"stockCode":"400013","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2011-03-14T16:00:00.000Z","setUpScale":1868370000,"market":"a","tickerId":400013,"custody":"中国邮政储蓄银行股份有限公司","name":"东方成长收益灵活配置混合型证券投资基金","shortName":"东方成长收益灵活配置A","fundSecondLevel":"hybrid","__csrcFundId":3068,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:46.500Z","masterFundFlag":1,"inceptionDate":"2011-04-13T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方成长收益灵活配置","pinyin":"dfczsylhpzhhxzqtzjj","managers":[{"stockCode":"db20578741","stockType":"fund_manager","exchange":"fm","tickerId":2602183750,"name":"张博"}]},"announcement":{"linkText":"东方成长收益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=888723","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5567fea5b3eb0559872","date":"2022-12-30T16:00:00.000Z","stockId":3000000400013,"sao":"2022年全年，根据wind数据显示，沪深300下跌21.63%、上证指数下跌15.13%、创业板指下跌29.37%、中小板指下跌26.46% 、科创50则下跌31.35%，市场全年呈单边下跌走势，大盘、价值风格抗跌性优于小盘、成长风格。从时间维度上看，一、三季度因疫情扩散等因素大幅下跌，二、四季度则受到疫情缓解推动出现小幅反弹。行业层面看，按照申万一级行业分类，仅煤炭上涨10.95%、综合上涨10.56%，其他行业均出现下跌。其中电子下跌36.53%领跌，建筑建材下跌26.13%,传媒下跌26.07%位居第三。　　2022年初市场出现快速下跌，一方面进入2022年美国加息预期提升，带动全球流动性出现收紧预期；同时国内方面房地产公司出现交付延期以及债券违约等事件；二月底俄乌冲突意外爆发，市场风险偏好大幅降低，仅受益于能源价格上涨的能源行业以及受益于政策转向的房地产行业表现较好。由于我们在2021年底已经对于房地产政策转向进行了判断，因此地产行业持仓比例较多，一季度净值下跌幅度较小。二季度下半段全国疫情出现缓解，生产、消费逐渐回补，汽车、食品饮料、医美表现亮眼，但以房地产行业为代表的地产链整体下跌，本基金也因重点配置了地产板块导致净值表现不佳。三四单季度市场呈现快速单边下跌走势，各行业均未能表现出显著超额收益。四季度临近年底随着政策出现显著调整转向，市场对于未来经济预期向好，叠加人民币升值，市场出现了一波快速反弹行情，本基金也在该阶段保持了相对高仓位，净值得到了一定程度修复。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:12:38.894Z","mo":"展望未来行情，我们认为国内经济已度过最艰难阶段，进入2023年应总体保持积极乐观。一方面疫情已基本结束，经济逐渐回归到正常轨迹，从春节期间国内景区、餐饮消费数据来看居民消费信心逐步恢复，预计此前持续增加的居民储蓄有望逐渐释放，对于总体消费行业形成增量贡献，因此我们相对看好具备消费场景的行业，如出行、餐饮、白酒等相关行业在此阶段具备较好向上弹性。第二随着2022年末各部委对于房地产行业政策的集体转向，金融部门也出台了“金融十六条”以支持开发商恢复融资功能以便顺利进行保交楼任务。因此我们认为国内经济最大的灰犀牛地产风险已经出现了明确拐点，未来随着更多鼓励居民购房政策的出台落地，以一线城市为代表的房地产市场或将率先出现回暖，并有望出现明确上行趋势，由此带动二线复苏、三四线城市企稳，以此化解交付延期等民生问题以及土地出让等地方财政问题。受此影响我们认为地产下游消费建材产业链或将更为受益，主要因2022年下半年疫情对于居民装修进度产生影响，同时开发商交付节奏延期，导致部分需求后移，叠加未来二手房交易量回升，预计将在2023年集中释放，对于产业链上公司业绩产生正面影响。第三我们对于国企改革相对乐观，近期新一轮央企改革重在提升盈利质量，上市公司经营效率有望提升，企业盈利可能出现新一轮增长。","fund":{"_id":3000000400013,"stockCode":"400013","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2011-03-14T16:00:00.000Z","setUpScale":1868370000,"market":"a","tickerId":400013,"custody":"中国邮政储蓄银行股份有限公司","name":"东方成长收益灵活配置混合型证券投资基金","shortName":"东方成长收益灵活配置A","fundSecondLevel":"hybrid","__csrcFundId":3068,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:46.500Z","masterFundFlag":1,"inceptionDate":"2011-04-13T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方成长收益灵活配置","pinyin":"dfczsylhpzhhxzqtzjj","managers":[{"stockCode":"db20578741","stockType":"fund_manager","exchange":"fm","tickerId":2602183750,"name":"张博"}]},"announcement":{"linkText":"东方成长收益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=863771","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5567fea5b3eb0559871","date":"2022-09-29T16:00:00.000Z","stockId":3000000400013,"sao":"2022年三季度，wind显示上证综指下跌11.01%、深圳成指下跌16.42%、创业板指下跌18.56%、沪深300下跌15.16%、上证50下跌14.66%。分行业看，申万一级行业仅煤炭微涨0.9%，其他跌幅较小的行业是综合跌1.11%、公用事业跌4.54%、石油石化跌4.91%、通信跌6.41%；跌幅较大的行业分别是建材跌24%、电力设备跌18%、电子跌17.58%、汽车跌17.1%、传媒跌16.64%。  2022年三季度，市场出现单边下跌，一方面国内受到高温干旱影响，来水量不足，对于水电发电量产生较大影响，同时高温导致居民用电量大增，对于工业生产生了较大影响，其中尤其以高耗能原材料加工类行业影响较大，对于三季度经济增速产生一定影响。另一方面，海外美联储加息落地，但同时传递出的鹰派言论超出市场预期，美元指数大幅上涨，导致全球股债双杀，也对于国内二级市场产生较大负面影响。  三季度我们总体操作思路遵循了年初的判断，一方面认为地产行业危机将快速发酵，对于产业链带来风险，但对于自身则产生转机；而国内经济下行压力加大，海外进入滞胀阶段，国内作为对冲手段的基建将进行发力，保持了新基建领域的配置比例，同时对于生猪养殖行业保持了持续跟踪，并适时增加了配置比例。  首先针对处置防范房地产板块风险带来的机会，随着2021年以来的地产行业的持续调控，大量民营房企出险暴雷，整体房企放缓拿地、开工、投资，对于经济已产生重大风险，我们认为本轮地产政策的基调将是通过政策转向化解行业风险，进而消化金融系统风险，同时缓解地方政府财政压力，政府持续出台针对行业的帮扶刺激政策，且行业估值低，具备较好的风险收益比，因此在三季度我们加大了对于国企央企地产公司的配置比例。  其次是稳增长压力下的新基建投资，我们更看好电网相关的新基建领域，一方面，随着国内经济规模的持续扩大，无论居民用电或是生产性用电量都较此前出现大幅提升，过去的电网设备已无法和当前的发、用电两端匹配，具备超前投资的基础条件；另一方面，电网设备在产业链中点多线长，具备通过投资拉动整体制造业投资增速同时创造更多就业岗位的能力；且电网投资多为财政资金支持，具备充足的资金来源可切实落地反映至上市公司订单、业绩中。  三是我们关注到出现困境反转的养殖行业存在投资机会，生猪价格经过前期长时间、大幅度的调整，当前能繁母猪显著下降，产能去化已初见成效，生猪价格具备上行条件，因此我们预计行业盈利已在二季度出现拐点，三季度环比将出现持续改善，相关企业盈利能力将得到快速修复。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:12:38.892Z","fund":{"_id":3000000400013,"stockCode":"400013","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2011-03-14T16:00:00.000Z","setUpScale":1868370000,"market":"a","tickerId":400013,"custody":"中国邮政储蓄银行股份有限公司","name":"东方成长收益灵活配置混合型证券投资基金","shortName":"东方成长收益灵活配置A","fundSecondLevel":"hybrid","__csrcFundId":3068,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:46.500Z","masterFundFlag":1,"inceptionDate":"2011-04-13T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方成长收益灵活配置","pinyin":"dfczsylhpzhhxzqtzjj","managers":[{"stockCode":"db20578741","stockType":"fund_manager","exchange":"fm","tickerId":2602183750,"name":"张博"}]},"announcement":{"linkText":"东方成长收益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=806191","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5567fea5b3eb0559870","date":"2022-06-29T16:00:00.000Z","stockId":3000000400013,"sao":"2022年上半年，wind显示上证综指下跌6.63%、深圳成指下跌13.2%、创业板指下跌15.41%、沪深300下跌9.22%、上证50下跌6.59%。分行业看，申万一级行业仅煤炭上涨31.38%，其他跌幅较小的行业是交运跌0.71%、综合跌1.46%、美容护理跌1.81%、房地产跌2.32%；跌幅较大的行业分别是电子-24.46%、计算机-23.63%、传媒-22.25%、军工-20.05%、环保-16.42%。  2022年上半年，市场出现先抑后扬走势，年初受到疫情、美国加息节奏超预期等事件影响，一季度市场表现低迷；伴随市场估值调至合理区间，同时国内疫情逐渐得到控制，复工复产有序推进，市场风险偏好大幅提升，带来5-6月市场大幅反弹，市场结构化行情延续，前期跌幅较大的新能源、消费等核心赛道企稳反弹，而前期表现优异的稳增长相关的地产等行业出现一定回调。  本基金在上半年组合配置和操作聚焦于三大方向：  上半年我们总体操作思路遵循了年初的判断，一方面认为地产行业危机将快速发酵，对于产业链带来风险，但对于自身则产生转机；同时国内经济下行压力加大，海外进入滞胀阶段，强周期行业受损，减持了相关行业；同时作为对冲手段的基建将进行发力，保持了新基建领域的配置比例。  首先针对处置防范房地产板块风险带来的机会，随着2021年以来的地产行业的持续调控，大量民营房企出险暴雷，整体房企放缓拿地、开工、投资，对于经济已产生重大风险，我们认为本轮地产政策的基调将是通过政策转向化解行业风险，进而消化金融系统风险，同时缓解地方政府财政压力，因此政府持续出台针对行业的帮扶刺激政策，且行业估值低，具备较好的风险收益比。  其次是稳增长压力下的新基建投资，春节后受到疫情影响，东部沿海及京津区域生产陷入停滞，使单季度经济增长面临极大挑战，考虑到经济增速放缓将对于创造更多就业岗位产生负面影响，通过投资拉动经济使其重回上升通道成为当务之急，我们认为基建或将是达成目标较为行之有效的方法，但考虑到当前传统基建建设已然冗余，且需要地方政府出资，而地方政府财政收支两端均承压，财务上不具备能力，因此我们更看好电网相关的新基建领域，一方面，目前电网投资计划为十年前制定，随着国内经济规模的持续扩大，无论居民用电或是生产性用电量都较此前出现大幅提升，过去的电网设备已无法和当前的发、用电两端匹配，具备超前投资的基础条件；另一方面，电网设备在产业链中点多线长，具备通过投资拉动整体制造业投资增速同时创造更多就业岗位的能力；且电网投资多为财政资金支持，具备充足的资金来源可切实落地反映至上市公司订单、业绩中。  三是强周期行业，国内经济受到自身运行周期以及疫情多次冲击影响，传统强周期行业业绩或将逐渐承压，同时海外美国可能逐渐从滞胀走向衰退，相关行业估值承压，因此我们在年初对于相关行业进行了规避。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:12:38.889Z","mo":"展望下半年，我们认为，随着美联储加息提速的趋势得到确立，海外市场的不确定性下降，相应的市场将从此前的滞胀交易转为衰退交易，美债收益率持续上行带来的边际冲击将减小，对于整体全球市场的估值压力将减小。  国内方面，三季度经济迎来反弹，季节性补库叠加疫后恢复性生产，以及上游原材料价格回落，中游企业盈利有望出现修复，相关下游需求较好的行业如化工、有色新材料相关行业表现有望超预期。但同时也警惕，四季度经济下行压力仍然较大，主要来自于地产链的冲击以及疫情带来的服务业冲击，将对于整体就业产生不利影响。本轮地产危机对于开发企业资产负债表产生较大冲击，行业整体将失去投资扩张能力，对于上游产业链如钢铁水泥等建材以及下游家具家居总体需求将出现下降，为对冲这一趋势，我们认为一方面下半年基建尤其电网相关方面将进一步发力用以对冲地产带来的负面影响，同时地产行业本身将出台更多的需求端刺激政策，通过刺激销售，形成对于开发商的输血，通过价格上涨，化解房价下跌带来的交付以及债务危机。因此地产行业未来仍具备限购取消带来的估值修复行情。  另外下半年我们关注到出现困境反转的养殖行业存在投资机会，生猪价格经过前期长时间、大幅度的调整，当前能繁母猪量显著下降，产能去化已初见成效，生猪价格具备上行条件，因此我们预计行业盈利或许已在二季度出现拐点，下半年整体商品价格回升可持续，相关企业盈利能力有望得到快速修复。  总体看我们认为下半年，更多稳经济、促就业政策出台概率较大，经济底部企稳，企业盈利或已处于底部区域，但市场整体估值提升空间受限，关注低估值盈利底部反转型行业。","fund":{"_id":3000000400013,"stockCode":"400013","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2011-03-14T16:00:00.000Z","setUpScale":1868370000,"market":"a","tickerId":400013,"custody":"中国邮政储蓄银行股份有限公司","name":"东方成长收益灵活配置混合型证券投资基金","shortName":"东方成长收益灵活配置A","fundSecondLevel":"hybrid","__csrcFundId":3068,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:46.500Z","masterFundFlag":1,"inceptionDate":"2011-04-13T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方成长收益灵活配置","pinyin":"dfczsylhpzhhxzqtzjj","managers":[{"stockCode":"db20578741","stockType":"fund_manager","exchange":"fm","tickerId":2602183750,"name":"张博"}]},"announcement":{"linkText":"东方成长收益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=787392","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5567fea5b3eb055986f","date":"2022-03-30T16:00:00.000Z","stockId":3000000400013,"sao":"2022年一季度，根据wind数据统计，市场整体出现下跌，沪深300下跌14.53%，中小板指下跌16.36%，创业板指下跌19.96%。行业层面结构性分化加剧，申万行业指数中，受益于海外局势动荡、能源价格上涨，煤炭行业在一季度上涨22.62%位居第一，地产则因行业政策出现转向，估值大幅修复，行业上涨7.27%；另一方面，美国加息落地，美债收益率上行，成长类板块估值承压，其中电子下跌25.46%跌幅第一，军工下跌23.3%位居第二，汽车下跌21.4%位居第三。总体看，一季度行情呈现为低估值高股息行业表现较好，高估值板块表现欠佳。  本基金在一季度持仓结构变化不大，主要看好两条主线：一方面继续持有地产行业，我们此前判断地产企业持续出险，中央对于行业政策出现边际变化已经得到验证，行业底部得到确认，同时，我们认为本轮地产政策变化的基调是防风险而非促投资，而化解风险的有效手段就是促销售，因此我们认为未来行业仍将持续针对需求端出台刺激性政策，行业未来或仍将具备超额收益的机会；另一方面从稳增长的角度看好电网相关标的：一季度全国疫情频发，对于东部沿海地区经济产生较大冲击，稳增长必要性进一步上升，但受制于地方政府财政收入，我们认为传统基建缺乏资金支持，以电网投资为代表的新基建或将成为重要抓手，参照上一轮周期经验，电网投资具有规划周期长、投资周期长、资金确定性高的特点，尤其在经历了2021年下半年的持续电荒后，作为基础设施的电网更急需补足短板，因此我们认为该板块在未来或将可见投资额持续增长，也将逐渐反应在上市公司业绩中，同样具备超额收益的机会。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:12:38.886Z","fund":{"_id":3000000400013,"stockCode":"400013","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2011-03-14T16:00:00.000Z","setUpScale":1868370000,"market":"a","tickerId":400013,"custody":"中国邮政储蓄银行股份有限公司","name":"东方成长收益灵活配置混合型证券投资基金","shortName":"东方成长收益灵活配置A","fundSecondLevel":"hybrid","__csrcFundId":3068,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:46.500Z","masterFundFlag":1,"inceptionDate":"2011-04-13T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方成长收益灵活配置","pinyin":"dfczsylhpzhhxzqtzjj","managers":[{"stockCode":"db20578741","stockType":"fund_manager","exchange":"fm","tickerId":2602183750,"name":"张博"}]},"announcement":{"linkText":"东方成长收益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=722900","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5567fea5b3eb055986e","date":"2021-12-30T16:00:00.000Z","stockId":3000000400013,"sao":"2021年全年，根据wind数据统计，沪深300下跌5.2%，上证综指上涨4.8%，创业板指上涨12.02%，中小板指上涨4.62%，科创50上涨0.37%。可以看出风格之间、行业之间表现差异明显，市场整体呈现出强烈的结构分化行情。从时间维度上看，全年各行业板块之间也表现出快速的轮动行情，年初一月份以“茅指数”为代表的龙头白马类公司出现一波快速上涨，但此后美国十年期国债收益率上行，相关公司股价出现大幅调整；春节后开工旺季来临，上游周期行业产品价格出现了因被动补库带来的价格上涨，推动相关行业股票在一季度出现显著超额收益。二季度受到监管部门对于商品价格出现管制影响，周期行业股价大幅回调；而新能源汽车相关板块因销量持续超预期则领跑市场。本基金在二季度市场调整时判断后续仍会出现相关周期行业的二次主动补库行情，因此对于自身持仓在整体方向不变情况下，结构上更加契合补库行情的特点，因此也在三季度的周期板块上涨中获取了较好的收益。进入四季度我们观察到房地产行业基本面出现快速恶化，因此判断，一方面地产行业政策出现拐点将边际发生宽松，同时地产滑落将带动上游行业基本面恶化，因此我们相应减持了上游周期板块，增配了地产基建等逆周期行业。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:12:38.883Z","mo":"展望未来行情，我们认为市场整体波动将显著加大，结构性分化将进一步增强,稳增长防风险将是主线。首先，海外疫情趋于平稳，经济复苏强劲且开始进入通胀螺旋，出现典型的过热走向滞胀的特征，同时联储加息提速，美债收益率上行，对于长久期资产的贴现率将产生较大影响。国内方面，尽管双控放开，短期因春节假期错位以及冬奥因素带来库存反季节波动，但我们认为目前并未看到政策对于需求端出现显著变化，因此判断未来需求将显著走弱。对于强周期而言我们认为需谨慎油价短期冲高回落后对于周期股带来的压力。地产方面债务问题影响开始扩散，销售端购房者观望情绪较强，同时地产离岸市场融资功能基本丧失，尽管监管层对于地产公司融资进行了有条件的放松，但在不改变现有行业政策的前提下依然无法扭转上半年整体地产投资开工下行的趋势，因此我们认为行业未来或将面临降息、放松限购、房产税短期淡化等多重正向利好，房地产板块将以“防风险”的姿态出现，行业或将具备超额收益。在稳地产的同时仍然需要创造新的增长动能，我们认为这一阶段或需通过投资拉动经济，因此我们认为以电网投资代表的新基建或将复制上一个十年的路径，成为新一轮基建投资的重要抓手。","fund":{"_id":3000000400013,"stockCode":"400013","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2011-03-14T16:00:00.000Z","setUpScale":1868370000,"market":"a","tickerId":400013,"custody":"中国邮政储蓄银行股份有限公司","name":"东方成长收益灵活配置混合型证券投资基金","shortName":"东方成长收益灵活配置A","fundSecondLevel":"hybrid","__csrcFundId":3068,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:46.500Z","masterFundFlag":1,"inceptionDate":"2011-04-13T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方成长收益灵活配置","pinyin":"dfczsylhpzhhxzqtzjj","managers":[{"stockCode":"db20578741","stockType":"fund_manager","exchange":"fm","tickerId":2602183750,"name":"张博"}]},"announcement":{"linkText":"东方成长收益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=706442","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5567fea5b3eb055986d","date":"2021-09-29T16:00:00.000Z","stockId":3000000400013,"sao":"2021年三季度，尽管沪深300下跌6.85%，但实际市场表现为强烈的结构性分化，受益于中游二次补库的周期类行业大幅上涨，其中申万行业中，采掘上涨36.6%位居第一，公用事业受到电价改革预期影响上涨25.2%，有色上涨23.1%。但同时因需求复苏低于预期影响，消费行业整体出现下跌，其中医药下跌13.67%、休闲服务下跌13.07%,食品饮料下跌13%，跌幅较多。本基金在三季度对于经济走势做出了较好的预判，持仓结构整体上契合了中游二次补库推动PPI冲顶这一市场主线，持仓集中在钢铁、煤炭、化工、有色等板块，减持了消费板块，对于净值增长起到了较好贡献。同时临近三季度末，我们观测到国内“双碳”叠加“能耗双控管制”有愈演愈烈迹象，将导致经济阶段性出现减速风险；同时海外随着疫苗接种率提升，经济复苏如期推进，国家间交流日渐恢复，居民出行需求复苏将推动石油需求增加，带来油价上涨，可能导致国内输入型通胀，整体经济在四季度面临滞胀风险。另一方面，随着地产调控政策逐渐落地，部分龙头房企可能出现流动性风险，货币政策和行业政策有调整放松空间，因此我们在三季度增配了经营稳健或将受益于未来行业政策转向的龙头地产公司。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:12:38.880Z","fund":{"_id":3000000400013,"stockCode":"400013","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2011-03-14T16:00:00.000Z","setUpScale":1868370000,"market":"a","tickerId":400013,"custody":"中国邮政储蓄银行股份有限公司","name":"东方成长收益灵活配置混合型证券投资基金","shortName":"东方成长收益灵活配置A","fundSecondLevel":"hybrid","__csrcFundId":3068,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:46.500Z","masterFundFlag":1,"inceptionDate":"2011-04-13T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方成长收益灵活配置","pinyin":"dfczsylhpzhhxzqtzjj","managers":[{"stockCode":"db20578741","stockType":"fund_manager","exchange":"fm","tickerId":2602183750,"name":"张博"}]},"announcement":{"linkText":"东方成长收益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=652814","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5567fea5b3eb055986c","date":"2021-06-29T16:00:00.000Z","stockId":3000000400013,"sao":"2021年上半年，wind显示上证综指上涨3.4%、深圳成指上涨4.78%、创业板指上涨17.22%、沪深300上涨0.24%、上证50下跌3.9%。分行业看，申万一级行业涨幅前五的是电气设备、钢铁、化工、综合、采掘；跌幅较大的行业分别是家用电器、非银金融、国防军工、房地产、农林牧渔。2021年上半年，市场出现震荡上涨走势，经历了一季度指数下跌后二季度迎来反弹，同时指数间分化明显，其中创业板反弹力度明显强于主板，而上证50表现不佳，持续下跌。上半年来看，经历了几轮震荡后，前期个股大幅调整后，二季度市场迎来反弹，其中以电子、新能源等为代表的科技板块表现强势，单季度涨幅超过20%，其他板块也有所反弹。2021年上半年，市场依然呈现强分化走势，中小板、创业板指数涨幅明显好于上证主板，其中创业板指数涨幅超过15%，保持强势走势，上半年行情来看，经历了几轮震荡以后，市场交易活跃，结构方面依然为强分化，当前市场仍以盈利驱动为主，短期高增长的顺周期、科技及新能源等板块表现不俗，而消费等低增速高估值等个股表现不佳。本基金在上半年对于持仓结构进行了一定程度调整，一季度我们认为此前持有的消费类龙头白马公司尽管公司质地优秀，但短期估值和业绩增速并不匹配，因此对于这类公司进行了一定幅度的减持，转而配置在了估值低位、业绩增速环比持续提升的周期类行业，一定程度上降低了一季度净值的回撤。二季度我们基于对国内经济复苏的整体看好认为PPI等价格指数将创出新高，因此进一步增配了周期类中的黑色、化工、能源板块使得净值取得了进一步的增长。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:12:38.877Z","mo":"展望下半年我们认为，疫后复苏进入下半场，全球进入补库共振周期，需求主导将由上半年的关注国内地产+出口，转而变成关注海外需求复苏主导。随着以美欧日为代表的发达国家疫苗接种率逐渐提升，服务业市场将逐渐恢复，尤其以出行需求为首的航空、自驾需求复苏强劲，交通需求将成为重要增量，而原油的供应恢复速度慢于需求，因此我们认为未来油价仍然具备上行动能，看好能化产业链。而美国地产营建周期启动，推升铜为代表的基本金属需求，因此看好基本金属，同时针对国内供需错配看好黑色、农化、基础化工板块。","fund":{"_id":3000000400013,"stockCode":"400013","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2011-03-14T16:00:00.000Z","setUpScale":1868370000,"market":"a","tickerId":400013,"custody":"中国邮政储蓄银行股份有限公司","name":"东方成长收益灵活配置混合型证券投资基金","shortName":"东方成长收益灵活配置A","fundSecondLevel":"hybrid","__csrcFundId":3068,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:46.500Z","masterFundFlag":1,"inceptionDate":"2011-04-13T16:00:00.000Z","fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方成长收益灵活配置","pinyin":"dfczsylhpzhhxzqtzjj","managers":[{"stockCode":"db20578741","stockType":"fund_manager","exchange":"fm","tickerId":2602183750,"name":"张博"}]},"announcement":{"linkText":"东方成长收益灵活配置混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=627913","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5567fea5b3eb055986b","stockId":3000000400013,"sao":"2021年1季度，wind显示上证综指下跌0.9%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