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8月，权益市场走势走出了持续上行的趋势并不断创新高，主要指数突破前期的扭亏阻力位出现了加速上行的态势，科技板块表现亮眼；9月，随着市场上涨，止盈投资者增加，指数上行斜率有所放缓，出现震荡，科技板块龙头依旧上涨强劲，自主可控方向呈现抱团行情。　　回顾三季度操作，本基金根据市场情况，重视回撤控制，调整股债配比，通过信用债配置提高票息收益的同时，通过利率波段操作获取资本利得，在波动可控情况下，保持一定权益仓位，通过权益资产择机增厚收益，以绝对收益目标为主。","lastUpdated":"2026-03-09T13:16:00.284Z","fund":{"_id":3000000004710,"stockCode":"004710","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-09T16:00:00.000Z","setUpScale":229874000,"market":"a","tickerId":4710,"custody":"兴业银行股份有限公司","name":"民生加银鹏程混合型证券投资基金","shortName":"民生加银鹏程混合A","fundSecondLevel":"hybrid","__csrcFundId":5126,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:42.044Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鹏程混合","pinyin":"msjypchhxzqtzjj","managers":[{"stockCode":"db20883344","stockType":"fund_manager","exchange":"fm","tickerId":625225180,"name":"付裕"},{"stockCode":"db20755585","stockType":"fund_manager","exchange":"fm","tickerId":241825200210,"name":"夏荣尧"}]},"announcement":{"linkText":"民生加银鹏程混合型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1374707","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8107fea5b3eb0476d27","date":"2025-06-29T16:00:00.000Z","stockId":3000000004710,"sao":"2025年国内经济开局较好，经济增长是稳中略升，上半年GDP同比增长5.3%，前两个季度增速分别为是5.4%和5.2%，体现出经济较强的韧性。经济高质量发展的势头正得到进一步加强。　　具体而言，开年以来经济延续了去年四季度以来的良好走势，一季度经济增速达到了5.4%，超出了市场预期，主要经济指标都表现出良好的势头，二季度末开始，部分指标出现了边际弱化，但是依然处于较好水平。在消费方面，促销费政策作用显著，社会消费品中有补贴支持的品类的增速显著高于总体水平，拉动了消费总体数据；投资方面，制造业和基建投资的较高增速对冲了房地产投资下行带来的缺口，使得投资增速保持相对平稳；二季度出口受到美国贸易保护政策的冲击，出现了波动，但总体水平依然较高。　　在流动性方面，开年市场延续着去年年底的惯性思维，但自1月初以来央行通过多种渠道表达了对收益率过快下行的关注，并指出“适度宽松”不代表年内降息幅度会很大，也提出降息降准等宽松需要“择机”，资金价格持续收紧，由短端带动长端调整。随着收益率水平逐步调整到位，流动性逐步恢复了适度宽松，4月初以来中美经贸关系恶化，对等关税及反制升级，资金宽松力度有所增强。5月分央行意外“双降”，资金市场进入上半年最为宽松的阶段。　　在经济基本面和市场资金面的多重因素作用之下，以10年国债为代表，债券收益率在上半年呈现出先上后下的走势。一季度末收益率创先阶段性新高，而在二季度一度触及前期低点，但是收益率始终没有实现有效突破，箱体震荡的格局延续到年中。从持有期收益看，同期限信用债表现多数优于利率债，票息收益的重要性有所提升。　　反观权益市场，上半年权益指数经历了显著的波动与调整，整体呈现探底修复的态势。一季度，权益市场总体走出先抑后扬，震荡转弱的走势，1月份，随着2024年各类政策会议落幕及降准降息预期落空，内部政策利好兑现完毕，外部特朗普政策不确定性推升避险情绪，增量资金流入趋缓，股指震荡下挫。2月份春节前后，随着deepseek的爆发，科技股迎来一波小高潮，市场风险偏好转暖，指数探底回升，进入3月份后，随着前期获利盘了结离场、业绩兑现期逐步到来，外部环境不确定性加大，股指在高位震荡，交易量有所收缩，趋势有所走弱。4月中美关税升级后股市大跌，中央汇金等机构发挥了平准基金功能，稳定了资本市场预期，指数逐步修复跳空缺口。6月，随着政策发力、中美关税缓和以及主题热度的升温等因素影响下，市场风险偏好有所提升，交易性资金活跃度明显提升，指数逐步向上突破，小盘股和科技成长的反弹明显。　　组合主要投资于信用债和利率债，根据市场情况进行宽幅调整久期和品种，通过持有票息和波段操作等手段提升组合收益。重视回撤控制，调整股债配比，在波动可控情况下，通过配置权益资产择机增厚收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:00.281Z","mo":"2025年半年末，市场出现一些不利于债券市场的因素，债券开始新一轮的区间上行。并且在进入下半年伊始，国家就加大了“反内卷”政策的力度，这对于债券市场上涨逻辑中的“通缩逻辑”形成冲击。站在这个时点，我们认为债券市场牛市的格局尚未发生动摇，但是下半年的投资将变得更加具有挑战性。宏观经济层面，我们认为经济增速在下半年有望延续前两个季度形成的边际走弱趋势，但是很难出现去年类似的增速快速下行的局面，判断依据主要基于以下几个方面，一是与去年相比，本年政府债券发行明显前置，这也就意味着后期发行力度有所弱化，不论从财政支持力度还是供求格局来看，都会对下半年债市形成边际支撑；二是抢出口持续时间较长，海外需求有望逐步减弱，尤其是考虑到前期国际组织纷纷调低全球经济增速的背景下，国内出口面临的环境将趋于不利；三是补贴消费的政策在提升消费总量的同时，还会使消费节奏前置，这也将成为下半年消费走弱的潜在因素。虽然我们认为在高质量发展的大环境下，本次政策不能与历史政策做简单类比，但是我们仍然需要高度关注“反内卷”相关政策可能的影响，关注点包括政策力度和持续性、政策结构和传导路径，以及政策最终的效果，站在当前时点，我们无法做出准确判断，做好跟踪、加强分析、准备预案，及时反应是我们的应对之策。　　至于债券市场，我们认为在经济总体稳定，流动性相对宽松，国内信用增长没有快速提升的背景下，“资产荒”格局可能还将延续。同时高度关注权益市场的走势，这对于居民和金融机构的大类资产配置具有重要影响。权益市场指数总体或呈箱体震荡，市场风险偏好提升，将呈现结构性行情，聚焦业绩边际改善及政策支持方向。　　感谢投资者对我们的信任，本基金将在严格控制风险的基础上，继续做好投资工作，为基金投资增值做出应有的努力与贡献。","fund":{"_id":3000000004710,"stockCode":"004710","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-09T16:00:00.000Z","setUpScale":229874000,"market":"a","tickerId":4710,"custody":"兴业银行股份有限公司","name":"民生加银鹏程混合型证券投资基金","shortName":"民生加银鹏程混合A","fundSecondLevel":"hybrid","__csrcFundId":5126,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:42.044Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鹏程混合","pinyin":"msjypchhxzqtzjj","managers":[{"stockCode":"db20883344","stockType":"fund_manager","exchange":"fm","tickerId":625225180,"name":"付裕"},{"stockCode":"db20755585","stockType":"fund_manager","exchange":"fm","tickerId":241825200210,"name":"夏荣尧"}]},"announcement":{"linkText":"民生加银鹏程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=1343194","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8107fea5b3eb0476d26","date":"2025-03-30T16:00:00.000Z","stockId":3000000004710,"sao":"2025年1月份，债市开门红，长债收益率进一步下行创历史新低，但随着资金面偏紧且波动加大，市场开始纠偏对年内宽松幅度和节奏的预期，债市进入震荡调整。2月份，债市整体承压，资金面易紧难松，资金价格持续高位，“负carry”状态下，债市面临负反馈，叠加基本面有所复苏，股市“科技牛”提振风险偏好，债市呈现逆风行情。3月份，债市的波动加大，随着市场对货币政策预期转变，经济复苏预期升温，债券收益率进行大幅调整，后在央行对税期的呵护下，收益率于高点吸引配置盘入场，并叠加股市回调等因素催动，债市情绪显著回暖，但市场情绪整体较为脆弱，仍处于震荡行情中。　　一季度，权益市场总体走出先抑后扬，震荡转弱的走势，1月份，随着2024年各类政策会议落幕及降准降息预期落空下，内部政策利好兑现完毕，外部特朗普政策不确定性推升避险情绪，增量资金流入趋缓，股指震荡下挫，2月份春节前后，随着deepseek的爆发，科技股迎来一波小高潮，市场风险偏好转暖，指数探底回升，进入3月份后，随着前期获利盘了结离场,业绩兑现期逐步到来，外部环境不确定性加大，股指在高位震荡，交易量有所收缩，趋势有所走弱。　　回顾一季度操作，本基金根据市场情况，以控制回撤稳健增长为策略目标，保持相对适宜的股债配比，债券方面，以票息较优的信用债为底仓，根据市场情况调节久期和杠杆，适时地进行久期波段操作，权益方面，获利了结部分科技风格标的，后期保持较低的权益仓位水平，以红利为主。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:00.278Z","fund":{"_id":3000000004710,"stockCode":"004710","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-09T16:00:00.000Z","setUpScale":229874000,"market":"a","tickerId":4710,"custody":"兴业银行股份有限公司","name":"民生加银鹏程混合型证券投资基金","shortName":"民生加银鹏程混合A","fundSecondLevel":"hybrid","__csrcFundId":5126,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:42.044Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鹏程混合","pinyin":"msjypchhxzqtzjj","managers":[{"stockCode":"db20883344","stockType":"fund_manager","exchange":"fm","tickerId":625225180,"name":"付裕"},{"stockCode":"db20755585","stockType":"fund_manager","exchange":"fm","tickerId":241825200210,"name":"夏荣尧"}]},"announcement":{"linkText":"民生加银鹏程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=1272713","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8107fea5b3eb0476d25","date":"2024-12-30T16:00:00.000Z","stockId":3000000004710,"sao":"2024年，国内经济处于新旧动能切换的转型期，地产仍处于下行周期，对经济拖累较大，基建和出口对经济形成支撑。货币政策整体偏宽松，实体经济融资需求较弱，银行间市场资金充裕，配置需求旺盛。债券收益率曲线全年震荡下行，期限利差和信用利差压缩。股票市场前三季度延续调整趋势，9月底后受政策等因素影响大幅反弹。转债市场年中经历大幅调整后快速修复。　　前三季度组合均衡配置债券、股票和转债，并进行了波段操作，四季度市场反弹后，减持了权益仓位，增加了债券配置比例。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:00.276Z","mo":"展望2025年，国际形势复杂多变，国际贸易环境及美联储货币政策边际变化预计将带来较多扰动。国内方面，地产行业的出清尚需时日，政策上需适度发力，拉动内需，对冲外围干扰，为高质量发展赢得时间。预计财政政策将更加积极主动，货币政策仍维持相对宽松，但节奏上受汇率等因素影响。　　经济增速平稳下行寻找新的平衡点，总量上的波动预计不会太大，融资需求增长相对温和，市场配置性需求预计依然旺盛，债市总体环境依然有利，但收益率已至绝对低位，且干扰因素增多，预计债市波动可能加大。　　转型期间，行业的分化非常明显，传统行业依旧在出清的路上，但以人工智能等行业为代表的先进生产力发展日新月异，股票市场预计也将呈现结构化的特征，科技成长方向预计相对占优。在低利率背景下，优质红利资产也仍将是长期投资的良好标的。转债市场供求结构有利，预计关注度将提升，仍有挖掘机会的空间。","fund":{"_id":3000000004710,"stockCode":"004710","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-09T16:00:00.000Z","setUpScale":229874000,"market":"a","tickerId":4710,"custody":"兴业银行股份有限公司","name":"民生加银鹏程混合型证券投资基金","shortName":"民生加银鹏程混合A","fundSecondLevel":"hybrid","__csrcFundId":5126,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:42.044Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鹏程混合","pinyin":"msjypchhxzqtzjj","managers":[{"stockCode":"db20883344","stockType":"fund_manager","exchange":"fm","tickerId":625225180,"name":"付裕"},{"stockCode":"db20755585","stockType":"fund_manager","exchange":"fm","tickerId":241825200210,"name":"夏荣尧"}]},"announcement":{"linkText":"民生加银鹏程混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1247300","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8107fea5b3eb0476d24","date":"2024-09-29T16:00:00.000Z","stockId":3000000004710,"sao":"三季度市场波动较大。前两个月，在央行降息及美联储降息落地等因素推动下，收益率延续前期下行趋势。9月下旬，市场对政策预期转向，收益率上行幅度较大。受流动性欠佳及赎回等因素影响，信用债调整幅度相对较大。股票市场快速反弹，转债市场也跟随上涨。　　三季度本组合维持了股票和债券较均衡的配置，并进行了转债波段操作。行业方面，增加了非银配置比例。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:00.273Z","fund":{"_id":3000000004710,"stockCode":"004710","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-09T16:00:00.000Z","setUpScale":229874000,"market":"a","tickerId":4710,"custody":"兴业银行股份有限公司","name":"民生加银鹏程混合型证券投资基金","shortName":"民生加银鹏程混合A","fundSecondLevel":"hybrid","__csrcFundId":5126,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:42.044Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鹏程混合","pinyin":"msjypchhxzqtzjj","managers":[{"stockCode":"db20883344","stockType":"fund_manager","exchange":"fm","tickerId":625225180,"name":"付裕"},{"stockCode":"db20755585","stockType":"fund_manager","exchange":"fm","tickerId":241825200210,"name":"夏荣尧"}]},"announcement":{"linkText":"民生加银鹏程混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1175835","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8107fea5b3eb0476d23","date":"2024-06-29T16:00:00.000Z","stockId":3000000004710,"sao":"国内经济坚持高质量发展，处于新旧动能切换的过渡期，二季度经济增长依然面临多重因素影响。总体需求相对较弱，出口表现相对较好。债券市场资金充裕，配置需求较强，收益率延续下行趋势。权益方面，市场风格分化，低波红利等类债券资产表现较好。受评级调降及退市风险等因素影响，转债市场波动较大。　　二季度本组合降低了股票仓位，进行了转债的波段操作。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:00.270Z","fund":{"_id":3000000004710,"stockCode":"004710","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-09T16:00:00.000Z","setUpScale":229874000,"market":"a",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所缓解，但中长期稳定性仍是隐忧，对于中长期信用债及低流动性资产可能带来较长期影响。权益市场相对乐观，一方面企业盈利有望见底回升，另一方面，悲观预期的扭转也有望提升市场风险偏好。行业方面，重点关注信创、储能、有色、金融等行业机会。转债估值仍然偏贵，但挖掘结构性机会已有空间。　　感谢持有人对我们的信任，本基金将在严格控制风险的基础上，力争在固收资产的基础上获取增强收益，实现产品的稳健增值。","fund":{"_id":3000000004710,"stockCode":"004710","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-09T16:00:00.000Z","setUpScale":229874000,"market":"a","tickerId":4710,"custody":"兴业银行股份有限公司","name":"民生加银鹏程混合型证券投资基金","shortName":"民生加银鹏程混合A","fundSecondLevel":"hybrid","__csrcFundId":5126,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:42.044Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鹏程混合","pinyin":"msjypchhxzqtzjj","managers":[{"stockCode":"db20883344","stockType":"fund_manager","exchange":"fm","tickerId":625225180,"name":"付裕"},{"stockCode":"db20755585","stockType":"fund_manager","exchange":"fm","tickerId":241825200210,"name":"夏荣尧"}]},"announcement":{"linkText":"民生加银鹏程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=865769","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8107fea5b3eb0476d1c","date":"2022-09-29T16:00:00.000Z","stockId":3000000004710,"sao":"2022年三季度，国内疫情继续多点散发，消费数据承压，地产政策频出，但销售端尚未有明显起色，稳增长压力仍然较大。海外通胀居高不下，美联储加息进程超出市场预期，美元指数持续走高，汇率承压，全球资本市场持续调整。三季度银行间资金面继续保持宽松，收益率先下后上，信用利差进一步压缩。  展望四季度，国内疫情防控及地产销售、国外通胀走势及加息进程是影响市场的关键因素，在时间上尚需等待，到年底或明年年初形势可能更加明朗。但经过持续调整，权益市场估值已进入相对低位，中长期维度已进入布局区间。转债市场有所调整，整体估值仍偏高，但局部机会已有挖掘空间。债券市场短期或维持震荡格局，但行情可能已进入尾部阶段，随着时间的推移，需要警惕经济边际改善预期的出现。  本报告期内，本组合小幅降低了股票配置比例，增加了债券配置比例，债券方面，减少了金融债配置比例，增加了企业债和中票配置比例，增加了转债配置比例。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:00.251Z","fund":{"_id":3000000004710,"stockCode":"004710","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-09T16:00:00.000Z","setUpScale":229874000,"market":"a","tickerId":4710,"custody":"兴业银行股份有限公司","name":"民生加银鹏程混合型证券投资基金","shortName":"民生加银鹏程混合A","fundSecondLevel":"hybrid","__csrcFundId":5126,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:42.044Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鹏程混合","pinyin":"msjypchhxzqtzjj","managers":[{"stockCode":"db20883344","stockType":"fund_manager","exchange":"fm","tickerId":625225180,"name":"付裕"},{"stockCode":"db20755585","stockType":"fund_manager","exchange":"fm","tickerId":241825200210,"name":"夏荣尧"}]},"announcement":{"linkText":"民生加银鹏程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=806203","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8107fea5b3eb0476d1b","date":"2022-06-29T16:00:00.000Z","stockId":3000000004710,"sao":"2022年上半年，国际方面，美国等主要经济体经济复苏，需求集中释放叠加地缘政治冲突、供应链紊乱，通胀快速上行，美联储多次超预期大幅加息，资本市场剧烈调整。国内方面，上半年受疫情及地产调整的影响，国内面临需求收缩、供给冲击、预期转弱三重压力，经济下行压力较大。因此，上半年国内保持了相对宽松的货币环境及较为积极的财政政策。央行上半年下调存款准备金率及5年期LPR利率，地方债发行前置。5月以后，随着疫情影响缓解以及稳增长政策持续发力，经济边际上有所企稳。上半年市场资金面总体宽裕，债券市场以震荡为主，市场配置需求旺盛，信用利差大幅收窄。股票市场先下后上，波动较大，结构差异明显。转债市场表现跟随股市，估值维持高位。  报告期内，本基金一季度降低了股票仓位，二季度大幅增加了股票仓位，小幅增加了转债仓位。纯债方面，整体以票息策略为主，中短久期城投债占比较高。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:00.248Z","mo":"展望2022年下半年,国际上，美联储等央行加息进程还在继续，但市场对于衰退的预期可能逐渐升温，关注外需可能减弱的风险。下半年预计稳增长政策将继续发力，经济边际改善的趋势或将延续，但复苏的强度有待观察，需密切跟踪房地产销售数据等指标变化。货币环境预计仍将保持总体宽松，债券市场仍以震荡为主。股票市场谨慎乐观，结构可能更偏均衡，关注稳增长等方向的机会。转债整体估值偏贵，但局部机会仍有挖掘空间。","fund":{"_id":3000000004710,"stockCode":"004710","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-09T16:00:00.000Z","setUpScale":229874000,"market":"a","tickerId":4710,"custody":"兴业银行股份有限公司","name":"民生加银鹏程混合型证券投资基金","shortName":"民生加银鹏程混合A","fundSecondLevel":"hybrid","__csrcFundId":5126,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:42.044Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鹏程混合","pinyin":"msjypchhxzqtzjj","managers":[{"stockCode":"db20883344","stockType":"fund_manager","exchange":"fm","tickerId":625225180,"name":"付裕"},{"stockCode":"db20755585","stockType":"fund_manager","exchange":"fm","tickerId":241825200210,"name":"夏荣尧"}]},"announcement":{"linkText":"民生加银鹏程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=780466","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8107fea5b3eb0476d1a","date":"2022-03-30T16:00:00.000Z","stockId":3000000004710,"sao":"一季度，国内经济维持稳健的增长趋势。自从2021年底经济工作会议以来，各级政府纷纷出台稳增长政策，并且初见成效。1-2月份经济数据明显超出市场预期，尤其是新老基建投资均起到了重要的稳定作用。然而3月份以来，奥密克戎在数个重要城市出现传染，对于经济将产生一定的负面冲击。不过值得注意的是，自从2020年疫情爆发以来，中国经济在全球供应链体系的地位愈发稳定。今年以来，贸易顺差继续维持高位，展现了中国经济强大的内生韧性。  然而，与此同时，海外局势愈发复杂，对于全球，包括中国在内的资本市场的风险偏好造成较大冲击。俄乌战争以及大宗价格上涨，导致全球避险情绪增强，各国股市均不同程度出现下跌，国内市场也受到较大波及。  在市场出现波动的过程中，我们积极选择经营质量优异的企业。从投资行业来看，我们关注盈利能力相对稳定的如医药、消费等领域，拥有全球技术优势的高端制造，以及具备供需环境维持向好趋势的行业。  债券方面，一季度全球受到多重冲击，导致大宗商品价格进一步上行，通胀压力明显加大，叠加疫情对于经济的持续影响，整体进入滞胀环境。美联储启动疫情以来首次加息以应对高企的通胀，全球流动性整体仍然宽松。国内经济再度受到疫情影响，尤其对于消费和服务业，尽管有稳增长的政策不断出台，但仍存在一定下行压力。流动性整体继续保持平稳，主要工业品尤其是上游资源品价格维持高位，CPI继续处于低位震荡。  滞胀环境下对于债券较为不利，一季度债券利率先下后上，在稳增长信心仍然不足，疫情再次冲击经济的背景下，利率上行动力依然不足，以区间震荡为主。稳增长的政策取向重点已经不在于货币政策，且市场对降准降息均有充分预期，因此短期难以带来实质性利好。上行空间主要取决于基本面的修复动力，如果后期稳增长效果显现，待疫情有所缓解，叠加美联储持续加息影响，利率或有小幅上行压力。信用债整体性价比仍然较低，信用利差处于低位，择券难度依然较大。  可转债整体性价比较低，估值水平仍处于历史高位，尽管没有出现此前担心的估值显著压缩风险，但在股市尚未企稳的情况下，转债缺乏明确机会。整体估值易下难上，更多需要自下而上进行择券，过去三年出现的系统性估值提升机会难以再现。  回顾一季度操作，本基金根据市场情况，债券方面基本无新增配置，主要以净卖出为主，减持了部分信用债。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:00.245Z","fund":{"_id":3000000004710,"stockCode":"004710","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-09T16:00:00.000Z","setUpScale":229874000,"market":"a","tickerId":4710,"custody":"兴业银行股份有限公司","name":"民生加银鹏程混合型证券投资基金","shortName":"民生加银鹏程混合A","fundSecondLevel":"hybrid","__csrcFundId":5126,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:42.044Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鹏程混合","pinyin":"msjypchhxzqtzjj","managers":[{"stockCode":"db20883344","stockType":"fund_manager","exchange":"fm","tickerId":625225180,"name":"付裕"},{"stockCode":"db20755585","stockType":"fund_manager","exchange":"fm","tickerId":241825200210,"name":"夏荣尧"}]},"announcement":{"linkText":"民生加银鹏程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=728410","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8107fea5b3eb0476d19","date":"2021-12-30T16:00:00.000Z","stockId":3000000004710,"sao":"2021年国内经济一波三折，也带动整个资本市场走出与之前几年完全不同的行情。  2020年爆发的疫情对于经济的影响开始在2021年逐步发酵，这主要体现在几个层面：1、后疫情时代，随着国内刺激性宏观政策的退出，以及房地产政策的收紧，投资增长逐步回落。2、后疫情时代，不断散点爆发的疫情对于各行各业，尤其是吸收劳动力较多的第三产业产生较大负面影响，并进一步抑制消费增长。3、后疫情时代，海外持续的刺激政策以及全球供应链体系向中国转移，导致中国的净出口持续较强。净出口持续超预期成为经济“三驾马车”中为数不多的增长点。4、发达经济体的复苏叠加全球“双碳”趋势导致大宗商品价格几乎创十多年历史新高。快速上涨的原材料成本显著挤压了中下游制造业的企业利润，使得国内工业企业利润向上游转移，而许多中下游企业陷入增收不增利的困境。  在这样的宏观背景下，我们观察到上市公司的企业盈利也呈现出明显的分化，并导致股价出现相应的涨跌。1、较大范围与内需相关的上市公司企业盈利均低于年初预期。尤其是消费方面除了个别新型消费品外，大范围呈现逐季减速的趋势，面对需求不景气许多领域“内卷”现象严重，收入及利润率均面临压力。2、制造业企业进入二季度之后普遍存在上游挤压中下游的情况，而进入下半年后更是普遍出现收入和利润率双降格局。原材料成本上升不仅仅体现在传统领域的传统资源品，也体现在新兴产业，如新能源、电子等。即使在需求相对旺盛的新能源领域，我们也观察到中下游企业很难完全转移成本压力。而传统领域中，即使那些一般被认为对下游具备定价能力的优势企业，面对快速的成本上涨，也很难在短期内迅速转嫁成本。3、部分需求增长较快的新兴领域以及受益于供需错配的上游资源品是为数不多盈利增长较快的行业，并且最终在股价上获得较好收益。  面对复杂多变的经济环境，我们继续围绕从长期来看具有竞争优势的领域进行投资，并兼顾投资标的的估值合理性。我们较少配置之前估值较高的消费领域，聚焦投资于具有竞争优势的制造业以及估值相对合理的周期领域。并且在年中随着资源品缺口越来越大时逐步增持上游，减持中下游。但到接近年末时，随着许多前期质地好但估值较高的个股纷纷大幅调整，又对其逐步自下而上进行一定的增持。  债券方面，2021年全球经济继续受到新冠疫情的持续影响，尽管较2020年有不同程度恢复，但疫情反复冲击带来的影响让主要国家普遍陷入类滞胀环境。经济弱增长、低就业与高通胀组合另全球货币政策继续维持宽松水平，下半年尽管受到了通胀持续走高的考验，但主要央行中，也仅有美联储开始了taper操作，经济在疫情下的脆弱性和就业低迷，直接决定了主要经济体无力回收流动性或采取加息动作。国内经济全年四个季度呈现前高后低的走势，其中既有基数效应，也有经济本身环比动能减弱的影响。除了疫情零星爆发带来的共性影响以外，国内“双碳”政策下导致的拉闸限电，政策对于房地产企业融资和销售的影响等，都对经济构成了一定压力。全年PPI高企，企业盈利大量向上游企业转移，叠加下游终端需求较弱，导致中游制造业普遍面临较大压力。CPI全年相对平稳，并没有出现工业品价格向消费品的明显传导，背后是社会消费品零售增速持续低迷，内需不足已经不仅体现在投资端，而越来越多体现在了疫情影响下的居民消费端。货币政策全年保持相对宽松基调，下半年呈现出典型的宽货币、紧信用组合，在“房住不炒”的大背景下，信用派生短期内面临主体缺位的问题，地产融资的显著下滑，目前尚未看到有其他融资主体可以予以补充，而全年社融的逐步回落，也说明了在整体债务压力较大的环境下，进一步加杠杆的难度在持续加大。  受益于持续宽松的流动性水平和基本面的环比走弱，债券市场全年走出了一轮较为明显的牛市行情，无论利率债或是信用债，都出现了较大幅度的利率下行。房地产相关债券出现了较为剧烈和普遍的风险爆发，主要源于政策叠加下的房企流动性快速收紧，而地产企业目前风险仍未完全释放，在此轮波动后，大多数地产企业也将丧失公开市场的融资能力。  全年来看，本基金在债券方面主要以高等级信用债为主，严格防范信用风险，以获取基本票息作为底层收益为主，同时积极参与了利率债的交易机会，杠杆水平维持在较低水平。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:00.241Z","mo":"展望2022年，我们认为经济面临的压力更大，但是因此也有可能催生更多的机会。1、国内稳增长的动力更加强烈，且不断推出新的政策。尽管受制于各种因素，刺激性政策存在较多的边界，但是其方向已经确定，同时力度也可能是逐步加大。这最终将刺激投资见底企稳。2、疫情对于经济的影响有望在今年见底。随着疫苗接种的全面化以及新冠特效药的逐步进入市场，全球范围包括中国在内有望逐步解除封闭措施。经济活动有望恢复正常，这对于居民的就业以及消费都将起到正面作用，尤其对于严重受损于疫情的服务业将产生较大刺激。3、海外对中国供应链的需求可能并不会在短期内结束。尽管海外经济体也将逐步恢复原有的供应链体系，同时其刺激政策也将逐步收回，但是考虑到国内制造业在这一轮疫情中充分展现了其稳定性和高效率，过去两年转移到国内的供应链体系相当一部分可能很难重新转移出去。4、新的经济增长点依然有较强动力。“双碳”政策的长期性和广泛性，决定了产业结构的改变不会是一蹴而就的事情，新能源等相关领域的机会也将是长期而持续的。  基于此，本基金将继续基于行业景气以及估值合理性挖掘符合本基金特征的机会。我们认为可以从以下角度考虑，1、稳增长相关的行业及公司有望在今年获得较好机会。一方面相关刺激政策将会逐步展开，另一方面相关领域优质的企业在过去下行周期中也在借助自身的经营能力构建更高的壁垒并获取更大市场份额。因此有可能是兼具行业beta以及个股alpha的机会。2、具备全球供应链优势的制造业企业。随着海外的供应链逐步向国内转移，国内一大批具备全球竞争优势的企业将具有更加广阔的市场空间，同时也具备更强的议价能力。因此将具有长期的成长确定性。3、新领域中具有技术变革的机会。尽管去年在新能源等领域已经涌现出很多的投资机会，但是考虑到相关领域技术进步速度快，产业链变化迅速，因此沿着技术变革依然可能寻找到新的机会。4、成长确定性强但受到市场风格影响影响而低估的个股。  债券方面，国内经济短期仍然面临一定的下行压力，稳增长措施和力度仍有待观察，宽信用有望带来实体投资和消费数据的阶段性好转。内需中投资仍然是短期托底经济的重要力量。随着疫情的进一步好转，就业和居民消费也有望进一步恢复。PPI环比预计小幅回落，同比显著下降，CPI全年同比预计维持在3%以内，不会对货币政策构成实质压力。流动性预计全年维持宽松，政策更多转向稳增长背景下，进一步去杠杆的压力不大，有利于企业融资环境的修复和资本市场流动性。   可转债方面，鉴于转债整体估值较高，相对于股票性价比不高，因此秉持中性防守策略，以估值作为有限考量标准，包括绝对价位与溢价率水平。关注银行、农业、家具家电等正股估值处于较低水平，同时转债价格相对较低的方向，以防守品种作为核心底仓，同时积极寻找个股较为优秀，有望走出独立行情的细分标的。积极参与一级市场发行认购。  纯债方面，尽管短期收益率仍有下行，但宽信用、稳增长的政策组合下，收益率易上难下。全年收益率尽管不具备大幅度上行空间，短期可能出现利好出尽，经济在上半年可能出现小幅回暖，同时也将带来利率债的重新再配置机会。信用债性价比依然较低，且品种单一化趋势明显，可操作空间较小，操作上仅以高等级品种作为安全底仓，降低收益预期，以获取稳定票息收入。更多通过利率债的操作来调整账户久期，更多把握利率波动机会。  感谢持有人对我们的信任，本基金将在严格控制风险的基础上，力争获取固收产品基础上增强的收益，为您的财富增值做出应有的努力与贡献。","fund":{"_id":3000000004710,"stockCode":"004710","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-09T16:00:00.000Z","setUpScale":229874000,"market":"a","tickerId":4710,"custody":"兴业银行股份有限公司","name":"民生加银鹏程混合型证券投资基金","shortName":"民生加银鹏程混合A","fundSecondLevel":"hybrid","__csrcFundId":5126,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:42.044Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鹏程混合","pinyin":"msjypchhxzqtzjj","managers":[{"stockCode":"db20883344","stockType":"fund_manager","exchange":"fm","tickerId":625225180,"name":"付裕"},{"stockCode":"db20755585","stockType":"fund_manager","exchange":"fm","tickerId":241825200210,"name":"夏荣尧"}]},"announcement":{"linkText":"民生加银鹏程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=710214","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8107fea5b3eb0476d18","date":"2021-09-29T16:00:00.000Z","stockId":3000000004710,"sao":"三季度海外疫情再度反复，美欧等主要经济体复苏均不及预期，美联储虽然开始讨论taper，但距离实际实施仍有距离。国内经济整体运行平稳，局部下行压力有所增大，流动性保持整体稳定，通胀更多体现为结构性，工业品价格受到供给扰动影响较为明显，PPI短期上涨幅度较大，而CPI保持相对温和。  债券市场在7月迎来了一轮快速上涨，主要受到超预期降准的驱动，收益率快速下行一方面反映了对于经济下行的担忧，另一方面也反映了对于政策宽松的预期。尽管目前来看，对于后者可能需要重新判断，但不影响市场情绪在当时出现明显做多热情。8月份之后随着预期的修正和情绪的降温，市场再度进入窄幅震荡阶段。  债券市场四季度预计难以出现趋势性行情，尽管降准可能再次出现，但更多基于补充总量流动性和缓解实体融资压力，促进更加有效的信用派生，而非降低资金价格和补充金融体系内部流动性。短端利率没有调整的情况下，收益率曲线进一步平坦化的概率较小。利率可能处于持续震荡过程。需要密切关注信用风险尤其是地产企业风险的后续演化情况，防止出现超预期冲击。  回顾三季度操作，本基金延续了原有操作思路，在流动性较为稳定的情况下，股债仓位基本维持不变，对权益部分持仓个股进行了部分调整。转债部分由于部分持仓退市的原因，进行了再配置，择券思路继续以优质正股和低溢价率为核心思路。债券方面考虑到信用利差和绝对收益率，降低了信用债配置力度。  股票部分，三季度，经济增速继续回落，但是由于各地不断的限电政策挤压供给，叠加部分领域需求结构性向好，导致各类工业品价格此起彼伏的上涨。在这种背景下，处于中下游的制造业以及消费行业整体经营情况不佳，企业盈利向着上游集中。因此，我们重点配置了偏上游领域的板块，包括有色、化工等；同时我们立足长期，依然看好具有竞争力，能够平滑成本压力的高端制造、医药消费等个股。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:00.237Z","fund":{"_id":3000000004710,"stockCode":"004710","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-09T16:00:00.000Z","setUpScale":229874000,"market":"a","tickerId":4710,"custody":"兴业银行股份有限公司","name":"民生加银鹏程混合型证券投资基金","shortName":"民生加银鹏程混合A","fundSecondLevel":"hybrid","__csrcFundId":5126,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:42.044Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鹏程混合","pinyin":"msjypchhxzqtzjj","managers":[{"stockCode":"db20883344","stockType":"fund_manager","exchange":"fm","tickerId":625225180,"name":"付裕"},{"stockCode":"db20755585","stockType":"fund_manager","exchange":"fm","tickerId":241825200210,"name":"夏荣尧"}]},"announcement":{"linkText":"民生加银鹏程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=654801","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8107fea5b3eb0476d17","date":"2021-06-29T16:00:00.000Z","stockId":3000000004710,"sao":"2021年上半年，全球市场仍处于新冠疫情的影响之下，尽管疫苗的推出加快了经济的修复进度，但疫苗分布的不平衡，各国抗疫措施的差异等因素决定了全球在后疫情时期，经济复苏的差异较大。发达经济体整体控制得当，经济正在逐步走出低谷。其中美国较为突出，出现了经济和通胀的双回升，宽松的货币政策继续维持了美股的估值水平，而美债收益率则对基本面做出了较为明显的反映。  国内经济在上半年继续边际改善，尽管PPI出现大幅上行，但由于结构性和供给侧的原因，并未导致货币政策的相应收紧。整体上半年，流动性都保持了较为平稳的态势，一方面支持了国内经济的进一步修复，另一方面也有利于实施结构性的融资支持政策。整体货币政策的稳定程度超出了市场预期，且并没有发生超预期的风险处置事件，这构成了上半年股市和债市的最大支撑。  股市方面，春节之后的快速调整尤其自身合理性，一是优质资产的估值普遍较高，在流动性预期较为谨慎的情况下，估值的脆弱性明显上升，短期的估值回归不可避免，但这种回归并非一定回到历史均值，这一点需要从更长维度和更高层面的大类资产比价、居民可配置资产以及广义流动性来考虑；二是工业品价格上升，带动了短期周期股的一轮修复，出现了风格的明显轮动，尽管这种轮动的持续性不强，但短期内仍会带来资金的再配置结果。5月份之后，以上两种效应的影响明显减退，市场风格更趋均衡化，对于确定性的要求和对于景气度的追逐都出现了阶段性的表现机会。  债券方面，尽管货币政策没有进一步的收紧，无风险利率也出现了一轮小幅下行，但始终没有趋势性的机会，主要源于几个方面：1、市场前期对于流动性再收紧始终有所担忧；2、结构性的通胀让市场有所忌惮，尽管后期证明此类通胀并不会对政策和流动性带来威胁；3、经济边际仍在改善情况下，制约了短端利率的空间；4、美债收益率快速反弹，使得市场担忧中美利差收窄。上述因素有的已经证伪，而有的仍然存在。上半年表现最好当属信用债中的城投品种，一方面受益于机构配置行为的进一步集中化和趋同化；另一方面受益于信用风险担忧的暂时缓和。  操作方面，债券方面，考虑到全年紧信用的大环境，在新增配置上始终坚持谨慎为上，战略性放弃了地产债的配置，继续以中高等级城投为主。此外始终保持一定的长久期利率债仓位，不做过多择时，从结果来看，也取得了一定效果。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:00.235Z","mo":"展望下半年市场，整体流动性预计仍将维持相对平稳，基本面修复接近尾声，但下行压力预计有限，也难以出现政策基于基本面因素的再度相应调整。外围市场面临一定的流动性压力，主要来自于美联储逐步开展的边际收紧操作，尽管可以通过人民币汇率方式进行一定缓冲，但在海外资产出现大幅调整的情况下，仍可能对国内造成短期的情绪性冲击。此外在全年信用收缩的环境下，仍然不能排除发生超预期的风险事件，也可能会影响短期流动性和风险偏好，造成估值层面的扰动。  从自下而上的角度来看，目前市场普遍面临估值优势与优质标的不可兼得的冲突，而我们相信这种问题的存在可能并不是短期的。2018年之后的市场环境，最大的变化在于房地产，作为国内居民参与大类资产配置的重要方向，或出于严格的限购限贷措施，或出于对房价的严格限制，都使其在居民作为投资性目的的选择中，失去了配置作用。作为过去吸收非政府部门流动性最有效的大类资产，这种作用的丧失，让其他类资产直接受益，这其中包括股票和债券，包括银行理财。因此这些资产的估值水平抬升可能是一次性的。同时考虑到经济周期弹性下降后，导致的投资增速趋势性下降，供给侧改革后的工业品价格和周期股弹性普遍下降，因此过去的风格在周期与成长或者价值之间的显著切换，正在逐步变成价值与成长的二元轮动。但这两者都受益于上文所述的整体估值提升。  从选股逻辑上，我们仍将坚持对于估值的严格控制，但基于以上因素的系统性影响，我们接受部分优质个股的估值中枢提升的趋势，但不同个股的提升可接受度，需要具体分析。仅仅从估值的角度，我们也不试图期待股价在短期能够回到一个绝对的底部区域。我们坚持从三个方向去选择个股：一是确定性较高，且估值回到了与目前的流动性相匹配，或者相对而言合理的位置；二是以年度为单位，可以维持较高景气度的行业龙头，包括医药、新能源车、光伏、互联网、部分新消费等；三是中国从制造业大国迈向强国的过程中，很多细分领域涌现的隐形冠军，他们或可以逐步脱颖而出，打破国外技术垄断，逐步形成国产替代。或可以受益于国内市场的需求爆发，或行业集中度的进一步提升。或可以受益于国内需求升级带来的单位毛利率提升。我们认为在机械、化工、电气设备等诸多制造业领域，都存在这较多机会有待挖掘，我们将非常重视对于细分龙头的挖掘，尤其是新上市公司的机会。  债券市场我们仍难以看到明确的机会出现，市场近期讨论较多关于长期利率下行的问题，但要防止将长期因素短期化，更不应就此认为利率一定没有大的风险。和国外长期利率持续下行的经济体相比，国内缺少两个重要基础，一是庞大的内部债务没有过出清；二是资产价格没有短期大幅下跌的风险。这都决定了债务资源的再配置仍需要较长的一段时间调整，以增长消化债务，实现温和去杠杆的前提下，利率的下行也将是较为缓慢的一个过程。  下半年债务滚续的压力仍然较大，且地方债供给预计堆积在三季度，尽管流动性预计继续平稳，但也基本封堵了短期利率进一步下行的空间。全年债市都将受制于短端利率的坚如磐石，可做的交易基本都在于曲线的陡峭或平坦。而对于长端利率影响最大因素中，即使不考虑PPI的高位运行，除非疫情再度超预期，否则经济不具备大幅下行的条件。货币政策全年最大的特点在于，对于全年增长目标淡化的背景下，货币基本不会对短期的经济起伏予以快速明显的响应，那么以经济强弱为基础所推断的政策走势，也就很难实现。当然，长端难以大幅上行，依然源于短端利率的稳定、经济增速的前高后低以及相对稳定的政策环境，在此不多赘述。  下半年对于信用风险需要提高警惕，社融增速快速下降，持续紧信用的环境下，不排除信用资质最为边缘的主体，可能出现意外风险。在上半年风险偏好修复，信用利差被显著压缩的情况下，我们认为信用债的风险收益比在快速恶化，需要谨慎参与。  转债市场尽管存量品种较多，但作为弹性品种可供选择的优秀标的相对不多，我们坚持宁缺毋滥的标准，，转债选择上，主要以关注正股为主要方式，以优质正股的上涨和低溢价率共同推动转债的获利。同时也将积极关注一级新发品种。","fund":{"_id":3000000004710,"stockCode":"004710","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-09T16:00:00.000Z","setUpScale":229874000,"market":"a","tickerId":4710,"custody":"兴业银行股份有限公司","name":"民生加银鹏程混合型证券投资基金","shortName":"民生加银鹏程混合A","fundSecondLevel":"hybrid","__csrcFundId":5126,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:42.044Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鹏程混合","pinyin":"msjypchhxzqtzjj","managers":[{"stockCode":"db20883344","stockType":"fund_manager","exchange":"fm","tickerId":625225180,"name":"付裕"},{"stockCode":"db20755585","stockType":"fund_manager","exchange":"fm","tickerId":241825200210,"name":"夏荣尧"}]},"announcement":{"linkText":"民生加银鹏程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=631178","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8107fea5b3eb0476d16","stockId":3000000004710,"sao":"1季度，股票市场基本走了一个过山车行情，本基金前期重仓的食品饮料和机械的龙头标的在元旦过后继续加速上涨，估值进一步脱离业绩增速能够支撑的范围，市场情绪呈现明显的亢奋，管理人着手进一步进行了一定幅度的减仓，基金净值在年初的上涨中表现相对缓慢，但在随后的市场调整中也较好控制了回撤幅度。债券方面，本基金上以中短久期中高等级信用债为底仓，辅以利率债的波段操作，为基金贡献了稳健的基础性收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:00.232Z","fund":{"_id":3000000004710,"stockCode":"004710","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-09T16:00:00.000Z","setUpScale":229874000,"market":"a","tickerId":4710,"custody":"兴业银行股份有限公司","name":"民生加银鹏程混合型证券投资基金","shortName":"民生加银鹏程混合A","fundSecondLevel":"hybrid","__csrcFundId":5126,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:42.044Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鹏程混合","pinyin":"msjypchhxzqtzjj","managers":[{"stockCode":"db20883344","stockType":"fund_manager","exchange":"fm","tickerId":625225180,"name":"付裕"},{"stockCode":"db20755585","stockType":"fund_manager","exchange":"fm","tickerId":241825200210,"name":"夏荣尧"}]},"announcement":{"linkText":"民生加银鹏程混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=570553","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8107fea5b3eb0476d15","stockId":3000000004710,"sao":"2020年，股市跌宕起伏但总体有比较好的结构性机会，债市也是一波三折，收益率全年基本呈V型走势。本基金在股票投资上轻指数重个股，全年重点配置了食品饮料、机械和医药等行业，并选取到了业绩增速较快且增长确定性较强的个股，为基金贡献了较好的投资收益；债券投资上则以中短久期中高等级信用债为底仓，辅以利率债的波段操作，也为基金贡献了稳健的基础性收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:00.229Z","mo":"展望2021年，随着社融拐点出现和未来基金配置的降速，权益市场的投资难度将会加大，但经济的复苏和企业盈利的改善还是给投资者提供了通过自下而上的基本面选股来赚取收益的结构性机会。债券市场方面，随着国内经济稳定恢复，未来核心CPI有望继续回升，不过持续大幅上涨的可能性比较小，而对货币政策会适时转向的担忧也会较长时期存在，总体来讲机遇与挑战并存。我们将根据收益率位置的性价比、结合对经济增长、通胀和货币政策及流动性松紧趋势的适时判断，灵活调整久期和仓位，争取继续为基金贡献稳健的基础性收益。","fund":{"_id":3000000004710,"stockCode":"004710","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-11-09T16:00:00.000Z","setUpScale":229874000,"market":"a","tickerId":4710,"custody":"兴业银行股份有限公司","name":"民生加银鹏程混合型证券投资基金","shortName":"民生加银鹏程混合A","fundSecondLevel":"hybrid","__csrcFundId":5126,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:42.044Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鹏程混合","pinyin":"msjypchhxzqtzjj","managers":[{"stockCode":"db20883344","stockType":"fund_manager","exchange":"fm","tickerId":625225180,"name":"付裕"},{"stockCode":"db207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