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","market":"a","tickerId":7705,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-03-31T21:02:48.051Z","status":"normal","exchange":"jj","inceptionDate":"2020-06-02T16:00:00.000Z","shortName":"长城恒康稳健养老一年混合（FOF）A","followedNum":3,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城恒康稳健养老一年混合FOF","fofFundFlag":1,"setUpDate":"2020-06-02T16:00:00.000Z","setUpAssetScale":572722341.17,"setUpShares":572722341.17,"pinyin":"cchkwjylmbyncyqhhxfqsjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20895813","stockType":"fund_manager","exchange":"fm","tickerId":241208237050,"name":"徐力恒"}]},"announcement":{"linkText":"长城恒康稳健养老目标一年持有期混合型发起式基金中基金（FOF）2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269161","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecafa7fea5b3eb04acf99","date":"2024-12-30T16:00:00.000Z","stockId":3000000007705,"sao":"全年来看，国内股债市场都取得了不错的表现，利率下行基本上是贯穿全年的主线。这样的环境下，久期的长短决定了债券端的收益；而股票配置上，利率下行既可能凸显高股息的配置价值，也可能从估值端对长久期的成长股（现金流更靠后）产生正向的影响，也就是市场常说的“杠杆型”配置，一头是配置红利，一头是配置新的成长性方向，并且随着时间的推移，市场似乎也愿意向后者倾斜。　　资产配置方面，组合全年维持了一定的权益仓位，一般是在25%左右，一度也达到30%——逆向地对抗了市场下跌。因此，对于回撤的控制，仍然是组合全年面临的最大考验。市场的周期性摆动，常常造成意料之外的波动，这既是投资经验的一部分，也促使我们反思投资策略中的不足——如何通过更具系统化的方式来控制回撤。通过优化策略，我们更有信心面对未来市场的挑战。　　标的选择方面，这一年被动基金蓬勃发展，似乎大有取代主动基金的意味。但从投资端，我们其实并不想陷入主被动基金孰优孰劣的争论，不同类型的基金都有自身的特点，也有适应自身的市场环境。经过这几年的市场洗礼，我们反倒是更加珍视主动基金的Alpha，因此也适当对一些具备“稀缺性”的成长股基金经理进行了逆向布局。未来，我们将始终平等对待主被动基金，建立更为全面的能力。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:26.259Z","mo":"利率经历快速下行，让我们真切地感受到了低利率的环境，这既是挑战，也是机会。　　机会意味着越来越多的资产或策略或受到市场的关注。过去利率整体趋势性下行，使得债券资产体现了很高的性价比，而随着低利率的来临，有机会让更多的资产或策略崭露头角，比如说一些类固收资产、绝对收益策略，以及海外资产等；与此同时，利率下行，也势必对股票的中期定价产生积极影响，有必要更加关注股票内部存在的机会。这些都为组合进行适度多元化配置创造了条件。　　挑战意味着预期收益可能不断降低。建立合理的预期回报率，始终是组合运作成功的前提。毫无疑问，随着利率的下行，我们对于预期收益的估计也是下降的。但是，通过提升我们自身的资产定价能力与系统化运作能力，仍然有机会为投资者实现稳健回报。","fund":{"_id":3000000007705,"__csrcFundId":7637,"stockCode":"007705","name":"长城恒康稳健养老目标一年持有期混合型发起式基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":7705,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-03-31T21:02:48.051Z","status":"normal","exchange":"jj","inceptionDate":"2020-06-02T16:00:00.000Z","shortName":"长城恒康稳健养老一年混合（FOF）A","followedNum":3,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城恒康稳健养老一年混合FOF","fofFundFlag":1,"setUpDate":"2020-06-02T16:00:00.000Z","setUpAssetScale":572722341.17,"setUpShares":572722341.17,"pinyin":"cchkwjylmbyncyqhhxfqsjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20895813","stockType":"fund_manager","exchange":"fm","tickerId":241208237050,"name":"徐力恒"}]},"announcement":{"linkText":"长城恒康稳健养老目标一年持有期混合型发起式基金中基金（FOF）2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1257007","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecafa7fea5b3eb04acf98","date":"2024-09-29T16:00:00.000Z","stockId":3000000007705,"sao":"本季度的大部分时间，权益市场都延续了年初以来颇为保守的风格，直至季末转折。对于本次转折，或许离不开三点因素：第一，估值便宜。资产价格反映的增长预期甚至显得有些悲观，相当比例的个股的估值跌到了10倍左右的位置，可以说是很便宜；第二，政策提供了外力。一揽子的政策试图扭转预期，避免经济中的价格陷入螺旋式的下行，且政策可能具备连续性；第三，资金形成了合力。无论是内资还是外资，信心受到了鼓舞，在信息媒介高度发达的时代，场外资金更是迅速响应，而ETF等投资工具为资金入市创造了便捷渠道。　　　　快速适应市场新的变化，对于任何一个管理人来说都是挑战。每个管理人都有自己的性格，有匹配自身性格的投资方法论，因此在不同市场环境中的受益程度是不一样的。作为一个以FOF为运作形式的组合，通过配置一篮子基金，包容不同管理人的“个性”，使得在不同市场环境下，都可能有表现比较突出的管理人。在保持组合多元性与均衡性的基础上，再适当体现一些我们自身的“个性”。　　　　尽管本季度组合净值上涨是以一种短期快速的方式，但不应陷入“速胜论”。权益市场从一开始的估值修复，到后一阶段的基本面驱动，或许仍会经历一个过程，但选股的作用会是逐步突出的。对我们来说，更有持续性的工作仍是识别真正具备个股定价能力的管理人。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:26.256Z","fund":{"_id":3000000007705,"__csrcFundId":7637,"stockCode":"007705","name":"长城恒康稳健养老目标一年持有期混合型发起式基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":7705,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-03-31T21:02:48.051Z","status":"normal","exchange":"jj","inceptionDate":"2020-06-02T16:00:00.000Z","shortName":"长城恒康稳健养老一年混合（FOF）A","followedNum":3,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城恒康稳健养老一年混合FOF","fofFundFlag":1,"setUpDate":"2020-06-02T16:00:00.000Z","setUpAssetScale":572722341.17,"setUpShares":572722341.17,"pinyin":"cchkwjylmbyncyqhhxfqsjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20895813","stockType":"fund_manager","exchange":"fm","tickerId":241208237050,"name":"徐力恒"}]},"announcement":{"linkText":"长城恒康稳健养老目标一年持有期混合型发起式基金中基金（FOF）2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1171265","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecafa7fea5b3eb04acf97","date":"2024-06-29T16:00:00.000Z","stockId":3000000007705,"sao":"权益市场估值中枢经历系统性下移。过去估值上的乐观大体来源于两个方面：要么是时间长，企业能够实现更为永续的经营（或一定增长）；要么是空间大，企业有望保持高增速从而兑现其空间。这种乐观带来过去核心资产普遍不低的估值。当估值中枢逐步从原本的30倍下行至20倍甚至10来倍时，股价就承担很大压力，即使有一些盈利增长，也无法完全抵消这种影响。估值中枢的下移，既反映了短期现实环境的压力，也是由投资者心理变化带来——大家转向了保守。　　　　股票的定价方式也随之发生了一些变化。市场更加流行“红利”乃至“深度价值”投资。这种投资诠释了某一类型的价值投资：本身更加注重底线价值与安全边际，采用合理乃至谨慎的假设，以接近现金流贴现的视角进行资产定价，评估投资的预期回报率（或回报周期）。反过来，定价方式的变化也促使我们的资本市场思考是否应该以持续提升股东回报为根本目的，而不仅仅是满足融资需求，经历这样的思考，相信我们的资本市场会更加成熟。　　　　投资端需要适时反思：　　首先，我们是否过于乐观？资产配置上我们相信均值回复，而市场某种意义上寻求了角点解：越来越便宜的股票、不断下行的国内利率、看似越涨越有“吸引力”的海外资产。周期的钟摆并没有回归。或许是我们对均值的设定有一些偏差，某种意义上源于我们对中国长期的乐观态度。纵使乐观，对于底层的假设还是需要足够谨慎，这样或许要适当调整对价值区间的判定。　　其次，我们是否过于追求均衡？跟我们一以贯之的方法论有关，我们对市场基准的偏离会有一个限度，即使在红利资产确定性比较高的阶段，组合也保留了包括成长股、顺周期等资产的配置。或许需要在均衡性与确定性之中再做一些取舍，但判断本身并不容易。　　再者，我们是否过于规避共识？在我们的投资框架中，会有意识的规避一些“市场共识”，造成操作比较逆向，因此需要对交易做出一些优化。这种态度也反映在我们对大市值公司的态度上，那些业已长大的公司，往往蕴含了太多“市场共识”，某些时候也构成风险点，也是需要深入的研究才行。我们始终把不同市值的公司放在平等地位进行研究与对待，但事实上，上半年小市值对组合构成的伤害更大一些。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:26.253Z","mo":"宏观方面，名义增长率能否回升仍然是关键因素。名义增长里面除了有实际增长之外，还有价格因素。事实上，与收入更相关的是名义增长率。如果未来名义增长能够回升，并且带动企业盈利与居民收入形成向好的预期，权益市场也就更加具备上行的条件。 　　资产配置方面，如果权益市场进一步调整，组合将适当增加权益仓位，因为估值体现的增长预期已经有些保守，部分股票资产甚至可以用“便宜”来形容。与此同时，组合仍将保持一定的国内长久期利率头寸，并非博弈利率下行，而是对冲经济下行风险，信用端则保持短久期操作。此外，组合关注美国利率相关的交易机会，包括美债、黄金以及部分行业的美股，主因美国实际利率仍高。　　基金选择方面，保持组合整体的均衡性和稳定性是首要出发点，组合仍将配置那些投资风格清晰、行业持仓均衡、管理规模仍然适中的管理人。另外一点则是对“稀缺性”的适度追求，过去一段时间某一基金经理的成功，的确可能有60~70%可以用风格或者赛道的因素解释，剩下的则取决于其特质，经过这两年的市场洗礼，真正具备一定特质的成长股基金经理变得稀缺，适当对其进行逆向布局。","fund":{"_id":3000000007705,"__csrcFundId":7637,"stockCode":"007705","name":"长城恒康稳健养老目标一年持有期混合型发起式基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":7705,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-03-31T21:02:48.051Z","status":"normal","exchange":"jj","inceptionDate":"2020-06-02T16:00:00.000Z","shortName":"长城恒康稳健养老一年混合（FOF）A","followedNum":3,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城恒康稳健养老一年混合FOF","fofFundFlag":1,"setUpDate":"2020-06-02T16:00:00.000Z","setUpAssetScale":572722341.17,"setUpShares":572722341.17,"pinyin":"cchkwjylmbyncyqhhxfqsjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20895813","stockType":"fund_manager","exchange":"fm","tickerId":241208237050,"name":"徐力恒"}]},"announcement":{"linkText":"长城恒康稳健养老目标一年持有期混合型发起式基金中基金（FOF）2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1154300","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecafa7fea5b3eb04acf96","date":"2024-03-30T16:00:00.000Z","stockId":3000000007705,"sao":"本季度，组合管理方面，我们继续进行“查漏补缺”。 过去很多年里市场并不缺乏成长性的机会，如今这样的机会似乎变的相对稀缺，基于行业景气度的投资方式或许会失效，也需要接受以相对保守的方式来给企业估值。这种变化一定程度上能够使用流行的“红利投资”来概括，即企业的价值除了通过盈利增长来实现以外，也可以通过持续提高股东回报。关键是能够找到那些商业模式简单清晰、行业格局稳定、经营质量提高、现金流改善的公司，这些公司自然也更加具备回报投资者的基础，当然最好股价还是比较便宜的，这样未来的预期收益会高一些。 　　　　作为一个以 FOF为运作形式的组合，无疑给投资者的理解又增加了一点难度，简单而言，FOF绝大部分比例都投资基金（股票基金、债券基金等），与直接投资股票或者债券有些不同，但本质上没有区别，因为最终底层要买的东西是一致的。运用FOF的投资形式创造了两个额外条件：第一，FOF 面临更多的投资工具选择，除了国内股债之外，还有海外股债、商品以及另类资产等，这些投资工具正变得越来越丰富，如果运用得当，能够有效拓宽资产配置的边界，提升投资的效果；第二，FOF或许能够弥补个人能力的局限，特别是在一个 Alpha（超额收益）变得稀缺的时候，需要找到一些基金经理，帮助实现更为专业化的底层资产管理，毕竟个人的能力和视野范围总是非常局限的。相信通过我们持之以恒的努力，最终能为投资者实现良好回报。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:26.250Z","fund":{"_id":3000000007705,"__csrcFundId":7637,"stockCode":"007705","name":"长城恒康稳健养老目标一年持有期混合型发起式基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":7705,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-03-31T21:02:48.051Z","status":"normal","exchange":"jj","inceptionDate":"2020-06-02T16:00:00.000Z","shortName":"长城恒康稳健养老一年混合（FOF）A","followedNum":3,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城恒康稳健养老一年混合FOF","fofFundFlag":1,"setUpDate":"2020-06-02T16:00:00.000Z","setUpAssetScale":572722341.17,"setUpShares":572722341.17,"pinyin":"cchkwjylmbyncyqhhxfqsjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20895813","stockType":"fund_manager","exchange":"fm","tickerId":241208237050,"name":"徐力恒"}]},"announcement":{"linkText":"长城恒康稳健养老目标一年持有期混合型发起式基金中基金（FOF）2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1075008","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecafa7fea5b3eb04acf95","date":"2023-12-30T16:00:00.000Z","stockId":3000000007705,"sao":"过去一年里，市场以高热情开局，这既是对疫情后经济快速复苏的美好期待，也是对资本市场能够取得理想回报的期许，但理想与现实存在距离，特别是经济复苏的节奏与原本预期并不一致，导致预期不断下调，最终映射到权益资产的整体表现上。　　　　当然，我们显得比市场平均还要更乐观一些。当市场估值逐步进入合理甚至是略偏保守的区间，我们逐步提升了权益仓位，从25%一直到30%，于是，当市场趋于更为保守时，组合运作就开始承担很大的压力，这在8月至12月体现的尤为明显。当然，权益仓位较高并非解释组合表现欠佳的唯一因素，如果我们能够舍弃那些确信度不够高的机会——往往更依赖于市场情绪的带动，那么结果会有改善，但这方面我们做的不够坚决。　　　　尽管如此，我们认为过去一年的市场仍然发生着积极的变化，也启示了未来的组合管理。市场既积极拥抱了未来可能改变我们生活的新技术（例如AI等），也乐于重估一部分的“价值股”。特别是后者，主要来源于市场定价方式的变化，在这种定价框架下，并非要遍历市场所有可能的机会，也并非要理解驱动市场变化的各种因素，而是扎实的回到企业经营本身，基于其能够被理解的生意模式，以更靠近现金流贴现的视角去评估预期回报。基于这样的视角，框选能够满足我们收益要求的标的，找到一些运用这种框架的管理人（选基金），最终完善组合。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:26.247Z","mo":"过去一段时间，高预期被不断修正，市场预期逐步靠近更加合理的位置，因此未来市场也就更容易对积极的变化做出反映，从这个角度上讲，我们对未来市场是偏乐观的。短期，国内的无风险利率逐步下行至与当前经济周期更为匹配的位置，凸显了部分股指的股息率；中长期，长期限资金会因为投资去向的减少（例如过去流向流动性并不算太高的房产等）而被进一步释放，而与这些资金更加匹配的是在长期限内回报相对稳定且可预测的资产，这为价值标的重估提供了一定支撑。　　　　大类资产方面，进一步坚持多元化配置。除了发挥传统的股债跷跷板效应之外，适当以海外及另类资产作为补充，在不牺牲组合预期收益的同时，增加组合稳定性。　　　　权益资产方面，进一步提升持仓效率。国内权益仍然是组合波动的主要来源，组合力求保持弹性，但并非通过堆砌仓位实现，而是精简持仓，以性价比为衡量标准，放弃确信度不够高或者性价比不够突出的机会。从这个维度上讲，我们的操作是更谨慎的。　　　　基金选择方面，适当追求“稀缺性”。全市场基金数目增多，并不意味着选择范围必然增多了，往往基金经理特质（方法论、价值观、个人经历等）构成了其稀缺性，因此难以被替代，这是我们选择基金所追求的，否则考虑工具化基金（如ETF等）。","fund":{"_id":3000000007705,"__csrcFundId":7637,"stockCode":"007705","name":"长城恒康稳健养老目标一年持有期混合型发起式基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":7705,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-03-31T21:02:48.051Z","status":"normal","exchange":"jj","inceptionDate":"2020-06-02T16:00:00.000Z","shortName":"长城恒康稳健养老一年混合（FOF）A","followedNum":3,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城恒康稳健养老一年混合FOF","fofFundFlag":1,"setUpDate":"2020-06-02T16:00:00.000Z","setUpAssetScale":572722341.17,"setUpShares":572722341.17,"pinyin":"cchkwjylmbyncyqhhxfqsjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20895813","stockType":"fund_manager","exchange":"fm","tickerId":241208237050,"name":"徐力恒"}]},"announcement":{"linkText":"长城恒康稳健养老目标一年持有期混合型发起式基金中基金（FOF）2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1056946","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecafa7fea5b3eb04acf94","date":"2023-09-29T16:00:00.000Z","stockId":3000000007705,"sao":"本季度，权益市场整体下跌，同时全市场偏股基金平均来看较难战胜市场。本基金权益仓位较高，同时配置主动管理基金的比例较高，因此组合表现受到压制。之所以形成这样的配置，首先我们认为当前权益市场处于底部区域，保持较高权益仓位较为合适，尽管市场调整的时间极致地考验着管理人以及持有人的耐心；其次，我们认为主动管理基金未来创造超额收益具备可能性，当前经济环境下各行各业的竞争都是激烈的，因此特别需要基金经理的独特眼光，找到其中真正具备竞争力的公司。    经济增长中枢下移，而经济结构持续发生着深刻变化，促使我们越来越多地从“供给”端的视角来审视组合。举例来说，行业选择层面，格局是必须考量的因素，我们特别担心因行业供给不受约束导致供需失衡，使得行业整体回报率降低；选择公司层面，关注公司竞争力的动态变化，特别是当其处于同质化产品行业时，只有具备不断降本增效的能力，保持成本优势，才能不断取得市场份额；选择基金经理的层面，更多地去理解基金经理独特的“价值”观，考察其方法论的可行性与稳定性，而不是过于在意他们具体配置了什么个股。    下一阶段，市场风格的变化仍将对组合表现产生一定的影响。简单而言，我们认为，随着对中国经济和权益市场信心的重塑，权益中的长久期资产估值维度更具弹性，核心资产（面向未来而非过去）将是我们下一阶段的核心配置。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:26.241Z","fund":{"_id":3000000007705,"__csrcFundId":7637,"stockCode":"007705","name":"长城恒康稳健养老目标一年持有期混合型发起式基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":7705,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-03-31T21:02:48.051Z","status":"normal","exchange":"jj","inceptionDate":"2020-06-02T16:00:00.000Z","shortName":"长城恒康稳健养老一年混合（FOF）A","followedNum":3,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城恒康稳健养老一年混合FOF","fofFundFlag":1,"setUpDate":"2020-06-02T16:00:00.000Z","setUpAssetScale":572722341.17,"setUpShares":572722341.17,"pinyin":"cchkwjylmbyncyqhhxfqsjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20895813","stockType":"fund_manager","exchange":"fm","tickerId":241208237050,"name":"徐力恒"}]},"announce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股债配比方面，本基金股票仓位的中枢为25%，最高不超过30%，最低不少于15%，本季度股票仓位逐步稳定到中枢水平，主要因为股票资产估值吸引力较高，且未来整体盈利大概率往上。  第二、 股票方面，在尊重基准的基础上，形成有限偏离。本季度略超配成长风格，以信息技术、生物制药等板块为主，这些板块不仅可能开启自身行业周期的上行，而且亦可能受益于市场折现率的下行（主要指美债利率以及国内的风险溢价的下行）；也逐步关注经济复苏受益的板块，如可选消费、中游制造等，在原本预期并不低的情况下，更需衡量空间与弹性。  第三、 债券方面，以获取稳定现金流为根本目标，首先是避违约风险，主要配置以利率债和中高等级信用债，其次保持短久期，主要因为当前阶段拉长久期的性价比不高，最后是规避交易的磨损，尽可能选择负债端更具稳定性的债基进行配置。  第四、 基金方面，严格参照合同的约束，采用主被动结合的模式，对于可能具备整体性机会的板块，优先采用被动方式参与，以提升投资效率；对于可能具备结构性机会的板块，优先考虑主动型基金，以发挥底层管理人的选股能力。    本基金作为稳健型养老目标基金，长期是保持财富的购买力水平，对抗通胀；短期则要将长期目标进行拆解，尽可能保持各个阶段净值增长的稳定性。稳健收益意味着既要控制好组合的下行风险，又要能够敢于把握较高确定性的机会。要达成这一投资目标，管理人将始终专注于对底层资产以及投资工具的价值判断。未来管理人将继续根据市场环境的变化，不断对组合做出调整优化。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:26.235Z","fund":{"_id":3000000007705,"__csrcFundId":7637,"stockCode":"007705","name":"长城恒康稳健养老目标一年持有期混合型发起式基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":7705,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-03-31T21:02:48.051Z","status":"normal","exchange":"jj","inceptionDate":"2020-06-02T16:00:00.000Z","shortName":"长城恒康稳健养老一年混合（FOF）A","followedNum":3,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城恒康稳健养老一年混合FOF","fofFundFlag":1,"setUpDate":"2020-06-02T16:00:00.000Z","setUpAssetScale":572722341.17,"setUpShares":572722341.17,"pinyin":"cchkwjylmbyncyqhhxfqsjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20895813","stockType":"fund_manager","exchange":"fm","tickerId":241208237050,"name":"徐力恒"}]},"announcement":{"linkText":"长城恒康稳健养老目标一年持有期混合型发起式基金中基金（FOF）2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=885420","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecafa7fea5b3eb04acf91","date":"2022-12-30T16:00:00.000Z","stockId":3000000007705,"sao":"2022年，宏观经济取得一定的增长，结构持续优化，通胀水平较低。  2022年，股票市场的主要宽基指均录得负收益，其中，中小市值风格表现相对较好。细分板块来看，能源，主要消费和公用事业板块表现较好；原材料，工业和信息技术板块表现落后。固收部分，2022年债券利率波动较大，整体先下后上。与去年底相比，短期限利率和长期限利率有所下行，中间期限利率略有上行。  2022年，尽管市场波动较大，我们冷静应对，在保持适当仓位的同时，逢低合理加仓高性价比品种，逢高适当减仓低性价比的品种，不断优化组合持仓，有效降低了组合净值的回撤幅度，同时继续挖掘有长期投资价值的品种，为组合净值的持续增长做好布局。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:26.232Z","mo":"展望2023年1季度，预计宏观经济平稳向好，同时内需逐步恢复。  2023年1季度，预计高拥挤度高估值的权益品种可能面临较大波动，继续关注长期竞争力强估值合理偏低的投资标的。资金面可能将有所收紧，同时警惕通胀持续上行的风险，短久期固收资产有一定的配置价值。  2023年1季度，我们将坚持投资纪律和长期投资策略，继续挖掘合适的投资标的对组合进行优化，及时进行重平衡，并适时对持仓进行前瞻性的调整为组合净值的长期增长做好布局。","fund":{"_id":3000000007705,"__csrcFundId":7637,"stockCode":"007705","name":"长城恒康稳健养老目标一年持有期混合型发起式基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":7705,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-03-31T21:02:48.051Z","status":"normal","exchange":"jj","inceptionDate":"2020-06-02T16:00:00.000Z","shortName":"长城恒康稳健养老一年混合（FOF）A","followedNum":3,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城恒康稳健养老一年混合FOF","fofFundFlag":1,"setUpDate":"2020-06-02T16:00:00.000Z","setUpAssetScale":572722341.17,"setUpShares":572722341.17,"pinyin":"cchkwjylmbyncyqhhxfqsjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20895813","stockType":"fund_manager","exchange":"fm","tickerId":241208237050,"name":"徐力恒"}]},"announcement":{"linkText":"长城恒康稳健养老目标一年持有期混合型发起式基金中基金（FOF）2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=872788","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecafa7fea5b3eb04acf90","date":"2022-09-29T16:00:00.000Z","stockId":3000000007705,"sao":"2022年3季度，宏观经济运行平稳，通胀水平可控。  2022年3季度，股票市场的主要宽基指数均录得负收益，其中中小市值风格表现相对较好。细分板块来看，能源，公用事业和主要消费表现较好；医药卫生，信息技术和工业表现落后。固收部分，3季度债券利率先下行然后有所反弹。与6月底相比，9月底的利率曲线整体下行。  2022年3季度，我们严守投资纪律，坚持长期策略。前期市场情绪高涨时，适当减仓受情绪驱动的高估品种；后期市场低迷时，合理加仓低估的高性价比品种。同时不断优化组合持仓，继续挖掘有长期投资价值的品种，提高整个组合穿越周期的持续增长潜力。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:26.229Z","fund":{"_id":3000000007705,"__csrcFundId":7637,"stockCode":"007705","name":"长城恒康稳健养老目标一年持有期混合型发起式基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":7705,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-03-31T21:02:48.051Z","status":"normal","exchange":"jj","inceptionDate":"2020-06-02T16:00:00.000Z","shortName":"长城恒康稳健养老一年混合（FOF）A","followedNum":3,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城恒康稳健养老一年混合FOF","fofFundFlag":1,"setUpDate":"2020-06-02T16:00:00.000Z","setUpAssetScale":572722341.17,"setUpShares":572722341.17,"pinyin":"cchkwjylmbyncyqhhxfqsjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20895813","stockType":"fund_manager","exchange":"fm","tickerId":241208237050,"name":"徐力恒"}]},"announcement":{"linkText":"长城恒康稳健养老目标一年持有期混合型发起式基金中基金（FOF）2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=809312","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecafa7fea5b3eb04acf8f","date":"2022-06-29T16:00:00.000Z","stockId":3000000007705,"sao":"2022年上半年，经济景气度快速反弹，生产端恢复情况要好于需求端，同时上游大宗商品价格上涨压力有所降低。  2022年上半年权益部分，主要宽基指数均录得负收益，其中大市值风格表现较好。对于具体的行业，能源，主要消费和可选消费行业表现较好；信息技术，通信业务和医药卫生行业表现较差。固收部分，2022年上半年债券利率波动较大。与去年底相比，短期限利率下行幅度比较大，长期限利率略有下行，中间期限利率略有上行。  2022年上半年，我们无惧市场波动，在市场低迷时进行合理加仓，之后反弹时适当减仓低性价比的品种，不断优化组合持仓，同时继续挖掘有长期投资价值的品种，有效降低了组合净值的回撤幅度，为组合净值的持续增长做好布局。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:26.22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受经济基本面改善以及货币政策正常化等因素的影响，债券市场3季度继续调整，利率水平整体上行。与此同时，权益市场在季度初上涨之后，便进入了震荡调整期。尽管如此，主要的股票指数3季度均录得了正收益。3季度，我们稳步加仓，合理安排权益和固收资产的比例，不断优化底层资产，在尽量控制净值波动的基础上，基金净值取得一定的增长。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:26.194Z","fund":{"_id":3000000007705,"__csrcFundId":7637,"stockCode":"007705","name":"长城恒康稳健养老目标一年持有期混合型发起式基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":7705,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-03-31T21:02:48.051Z","status":"normal","exchange":"jj","inceptionDate":"2020-06-02T16:00:00.000Z","shortName":"长城恒康稳健养老一年混合（FOF）A","followedNum":3,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城恒康稳健养老一年混合FOF","fofFundFlag":1,"setUpDate":"2020-06-02T16:00:00.000Z","setUpAssetScale":572722341.17,"setUpShares":572722341.17,"pinyin":"cchkwjylmbyncyqhhxfqsjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20895813","stockType":"fund_manager","exchange":"fm","tickerId":241208237050,"name":"徐力恒"}]},"announcement":{"linkText":"长城恒康稳健养老目标一年持有期混合型发起式基金中基金（FOF）2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492640","linkType":"PDF","source":"csrc_pdf"}}]}