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春节后，以DeepSeek为代表的中国AI大模型、以宇树科技为代表的人形机器人引领中国科技和智造资产重估，以恒生科技、A股汽车、机械、AI应用为代表的科技板块表现亮眼。  本季度主要收益来自于港股互联网、A股制造业的配置。从收益来源拆分来看，本季度主要得益于市场风险偏好提升带来的估值扩张，个股业绩回报仍待后续验证。本基金仍然以均衡配置为主，展望后市，全球市场在4月美国全面对等关税政策下巨震，本基金将重新审慎决策，适当增加内需板块的配置。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:48.884Z","fund":{"_id":3000000007811,"stockCode":"007811","areaCode":"cn","stockType":"fund","tickerId":7811,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"淳厚信泽灵活配置混合型证券投资基金","shortName":"淳厚信泽(007811)","custody":"中信证券股份有限公司","fundType":null,"ipoDate":"2019-08-07T16:00:00.000Z","setUpScale":501289000,"__csrcFundId":6485,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:38.823Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-08-20T16:00:00.000Z","followedNum":11,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚信泽","pinyin":"chxzlhpzhhxzqtzjj","managers":[{"stockCode":"j101020383","stockType":"fund_manager","exchange":"fm","tickerId":260207258110,"name":"朱宝国"}]},"announcement":{"linkText":"淳厚信泽灵活配置混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1274721","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb107fea5b3eb04aed13","date":"2024-12-30T16:00:00.000Z","stockId":3000000007811,"sao":"2024年全年上证50、沪深300和中证500分别上涨15.42%、14.68%和5.46%，市场在9月后迎来普涨。本基金全年收益符合预期，取得超越沪深300的收益率。回顾全年，本基金上半年超额收益更为显著。本基金始终坚持“自下而上选择优质股票，以合理估值买入并持有”的投资策略，在组合层面本基金一直坚持行业均衡、估值均衡的配置思路。本人希望坚持长期投资理念的同时，不断完善自己的方法论，希望每年可以有一定的进步，以此来持续提升获取超额收益的能力。回顾全年在选股层面依然发挥了自己的优势，选股优势主要体现在上半年。三季度市场情绪从极度风险厌恶到风险偏好迅速提升，在此过程中，本基金及时调整配置，符合本人一贯左侧加仓的投资理念，本人希望通过持续积累个股及产业研究来扩大能力圈，通过全方位对比来寻找风险收益比最佳的配置。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:48.881Z","mo":"我们预计国内经济政策以稳增长为主基调，中央财政仍有发力空间。海外经济体进入降息通道，虽然国际贸易政策仍有不确定性，但整体全球经济、金融环境有所改善。展望后市，我们认为A股估值已经较低，积极看好后市表现，可转债市场也呈现了较好的配置价值。DeepSeek等黑马的出现，亦让全球重新评估了中国科技资产的价值。我们看好全年市场风险偏好提升，同时期待在财政与货币政策加持下迎来基本面的拐点。","fund":{"_id":3000000007811,"stockCode":"007811","areaCode":"cn","stockType":"fund","tickerId":7811,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"淳厚信泽灵活配置混合型证券投资基金","shortName":"淳厚信泽(007811)","custody":"中信证券股份有限公司","fundType":null,"ipoDate":"2019-08-07T16:00:00.000Z","setUpScale":501289000,"__csrcFundId":6485,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:38.823Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-08-20T16:00:00.000Z","followedNum":11,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚信泽","pinyin":"chxzlhpzhhxzqtzjj","managers":[{"stockCode":"j101020383","stockType":"fund_manager","exchange":"fm","tickerId":260207258110,"name":"朱宝国"}]},"announcement":{"linkText":"淳厚信泽灵活配置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=1254638","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb107fea5b3eb04aed12","date":"2024-09-29T16:00:00.000Z","stockId":3000000007811,"sao":"2024年第三季度权益市场呈现普涨，沪深300在本季度上涨16.07%，创业板指数涨幅达到29.2%，港股方面恒生国企指数上涨18.6%，恒生科技指数上涨33.68%。行业层面，非银、地产等行业涨幅领先，成长板块中TMT、新能源亦有优秀表现。本基金始终坚持“自下而上选择优质股票，以合理估值买入并持有”的投资策略。本季度市场上涨集中在9月24日开始的5个交易日，市场情绪加速演绎，行情使市场的贝塔收益远超选股的阿尔法收益。本基金在季度末净值接近历史新高，本基金长期选股有效性依然可以验证。展望后市，我们认为A股估值合理偏低，市场短期情绪演绎结束后，有望转变为结构性行情，本基金继续保持自下而上个股挖掘优势，同时继续完善投资体系，争取为投资人创造更好的回报。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:48.878Z","fund":{"_id":3000000007811,"stockCode":"007811","areaCode":"cn","stockType":"fund","tickerId":7811,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"淳厚信泽灵活配置混合型证券投资基金","shortName":"淳厚信泽(007811)","custody":"中信证券股份有限公司","fundType":null,"ipoDate":"2019-08-07T16:00:00.000Z","setUpScale":501289000,"__csrcFundId":6485,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:38.823Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-08-20T16:00:00.000Z","followedNum":11,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚信泽","pinyin":"chxzlhpzhhxzqtzjj","managers":[{"stockCode":"j101020383","stockType":"fund_manager","exchange":"fm","tickerId":260207258110,"name":"朱宝国"}]},"announcement":{"linkText":"淳厚信泽灵活配置混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1174724","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb107fea5b3eb04aed11","date":"2024-06-29T16:00:00.000Z","stockId":3000000007811,"sao":"2024年上半年，国内内需表现较弱，房地产行业仍在调整，居民消费能力和意愿仍待提振，基建投资和制造业投资呈现一定韧性；外需方面出口上半年表现可圈可点，欧美发达经济体补库存带动出口阶段性恢复增长，一带一路国家经过持续开拓后贡献了更为持续的出口增长。上半年A股主要指数涨跌互现， wind全A下跌8.02%，沪深300上涨0.89%，中证500下跌8.96%，中证1000下跌16.84%，中证2000下跌23.28%，相对而言，整体大市值股票表现远好于中小市值股票。恒生综指上半年上涨3.39%。行业层面，银行、煤炭、公用事业、家电、石化为代表的大盘红利表现较好。资金面角度，宽基ETF上半年累计净申购4000亿左右，主要集中在以沪深300为代表的权重指数，这部分增量资金解释了市场结构的分化。上半年市场呈现高波动，行情波动跟随经济基本面修复预期波动，但是又远大于基本面反馈。本基金始终坚持“自下而上选择优质股票，以合理估值买入并持有”的投资策略，上半年取得了一定的超额收益。归因分析来看，选股仍然是本基金最重要的超额收益来源，我们从2023年开始加强了对行业比较的研究投入，希望在保持选股优势的同时提升行业配置能力。上半年在产品业绩上有一定反馈，这是年初基于行业比较做出的配置调整。在成长的配置方向上，本基金加大了对出海板块的研究力度。本基金的投资策略始终希望找到的是估值合适的成长股，所以我们长期更大的投研精力放在长期可以有增长的领域。本基金在组合层面仍将坚持均衡配置的理念，我们将市场分为三大板块：泛消费、泛成长、泛周期，以往我们的研究和基金的配置主要在消费和成长两个方向上，未来一段时间我们会适当提升周期板块的研究力度。长期来看，本基金将坚持高质量的成长才是最持续的超额收益来源，努力挖掘高质量增长个股，以合理的估值买入并持有。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:48.876Z","mo":"展望下半年，宏观层面国内需求会有一定程度恢复，高质量发展大背景下，整体宏观经济以稳为主，映射到二级市场投资，可能仍然呈现的是结构机会较多的状态。下半年，美联储将开启较为确定的降息周期，国内流动性仍会边际宽松，在无风险收益率持续走低的状态下，市场风险偏好或将缓慢回升。展望下半年我们已经逐步看到了“以旧换新”等促进内需政策的落地，同时我们期待后续能有持续的稳定内需政策。在稳增长政策力度加强的前提下，市场的结构性机会可能会更加多样化，上半年较为极致的风格可能会有所收敛。同时参考在国内目前长期国债利率，希望投资者适当调整大类资产收益目标，关注长期可持续的收益。展望后市，市场估值水平处于历史较低位置，我们继续保持自下而上个股挖掘优势，中长期完善投资体系，争取为投资人创造更好的回报。","fund":{"_id":3000000007811,"stockCode":"007811","areaCode":"cn","stockType":"fund","tickerId":7811,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"淳厚信泽灵活配置混合型证券投资基金","shortName":"淳厚信泽(007811)","custody":"中信证券股份有限公司","fundType":null,"ipoDate":"2019-08-07T16:00:00.000Z","setUpScale":501289000,"__csrcFundId":6485,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:38.823Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-08-20T16:00:00.000Z","followedNum":11,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚信泽","pinyin":"chxzlhpzhhxzqtzjj","managers":[{"stockCode":"j101020383","stockType":"fund_manager","exchange":"fm","tickerId":260207258110,"name":"朱宝国"}]},"announcement":{"linkText":"淳厚信泽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=1153283","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb107fea5b3eb04aed10","date":"2024-03-30T16:00:00.000Z","stockId":3000000007811,"sao":"2024年一季度市场宽幅震荡，上证综指+2.23%，创业板指-3.87%，沪深300指数+3.10%，中证500指数-2.64%，恒生指数-2.97%，市场在经历一月份快速下跌后，二月份大幅反弹，三月份震荡走平，行情波动超过经济基本面的反馈。市场波动来源于微盘股的流动性危机，本基金去年底出于估值性价比原因调整了小盘股的配置，但产品依然面临了一定的回撤压力。小盘股在2月初经历流动性危机后，出现了较好的配置机会，本基金力争优中选优，调整了部分配置。行业配置中家电板块的表现在一季度较为理想，选股层面延续了去年的策略，本基金始终希望配置估值合适的成长股。展望后市，我们认为A股估值合理偏低，全年仍谨慎乐观，本基金继续保持自下而上个股挖掘优势，同时继续完善投资体系，争取为投资人创造更好的回报。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:48.873Z","fund":{"_id":3000000007811,"stockCode":"007811","areaCode":"cn","stockType":"fund","tickerId":7811,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"淳厚信泽灵活配置混合型证券投资基金","shortName":"淳厚信泽(007811)","custody":"中信证券股份有限公司","fundType":null,"ipoDate":"2019-08-07T16:00:00.000Z","setUpScale":501289000,"__csrcFundId":6485,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:38.823Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-08-20T16:00:00.000Z","followedNum":11,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚信泽","pinyin":"chxzlhpzhhxzqtzjj","managers":[{"stockCode":"j101020383","stockType":"fund_manager","exchange":"fm","tickerId":260207258110,"name":"朱宝国"}]},"announcement":{"linkText":"淳厚信泽灵活配置混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1073494","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb107fea5b3eb04aed0f","date":"2023-12-30T16:00:00.000Z","stockId":3000000007811,"sao":"23年全年上证50、沪深300和中证500分别下跌11.73%、11.38%和7.42%。；下半年市场轮动加快，风格上超大盘和超小盘有较好的超额收益。本基金始终坚持“自下而上选择优质股票，以合理估值买入并持有”的投资策略，在组合层面本基金一直坚持行业均衡、估值均衡的配置思路。本人希望坚持长期投资理念的同时，不断完善自己的方法论，希望每年可以有一定的进步，来持续提升获取超额收益的能力。回顾23年在选股层面，依然发挥了自己的优势，下半年在市场轮动较快的节奏中，本人增加了一些短期配置。未来在选股过程中会更加看重公司核心竞争力和估值匹配程度。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:48.871Z","mo":"我们预计国内经济政策以稳增长为主基调，中央财政仍有发力空间，房地产市场在经历去年下半年大幅下滑后环比有望逐步企稳。海外经济在经历23年美债利率高企后，通胀开始逐步下行，美国实际利率已经为正，今年某个时点可能进入降息通道。展望后市，我认为A股估值目前相对较低，积极看好后市表现，可转债市场也呈现了较好的配置价值，权益市场目前风险偏好极低，预计风险偏好将逐步回升。我们继续保持自下而上个股挖掘优势，同时继续完善投资体系，争取为投资人创造更好的回报。","fund":{"_id":3000000007811,"stockCode":"007811","areaCode":"cn","stockType":"fund","tickerId":7811,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"淳厚信泽灵活配置混合型证券投资基金","shortName":"淳厚信泽(007811)","custody":"中信证券股份有限公司","fundType":null,"ipoDate":"2019-08-07T16:00:00.000Z","setUpScale":501289000,"__csrcFundId":6485,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:38.823Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-08-20T16:00:00.000Z","followedNum":11,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚信泽","pinyin":"chxzlhpzhhxzqtzjj","managers":[{"stockCode":"j101020383","stockType":"fund_manager","exchange":"fm","tickerId":260207258110,"name":"朱宝国"}]},"announcement":{"linkText":"淳厚信泽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=1060633","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb107fea5b3eb04aed0e","date":"2023-09-29T16:00:00.000Z","stockId":3000000007811,"sao":"2023年第三季度权益市场有所回调，沪深300和中证500在本季度分别下跌3.98%和5.13%，港股方面恒生国企指数下跌4.3%。行业层面，煤炭、石油石化等上游涨幅领先，金融板块亦有正回报，成长板块中TMT、新能源领跌。本基金始终坚持“自下而上选择优质股票，以合理估值买入并持有”的投资策略。回顾三季度,宏观政策以稳定增长预期为基调，同时提出“活跃资本市场”，其后推出了一系列货币、产业政策，尤其是地产、金融政策频出。本基金在三季度调整了部分持仓结构，增加了港股、金融股的配置。展望后市，我们认为A股估值合理偏低，全年仍谨慎乐观，本基金继续保持自下而上个股挖掘优势，同时继续完善投资体系，争取为投资人创造更好的回报。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:48.868Z","fund":{"_id":3000000007811,"stockCode":"007811","areaCode":"cn","stockType":"fund","tickerId":7811,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"淳厚信泽灵活配置混合型证券投资基金","shortName":"淳厚信泽(007811)","custody":"中信证券股份有限公司","fundType":null,"ipoDate":"2019-08-07T16:00:00.000Z","setUpScale":501289000,"__csrcFundId":6485,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:38.823Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-08-20T16:00:00.000Z","followedNum":11,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚信泽","pinyin":"chxzlhpzhhxzqtzjj","managers":[{"stockCode":"j101020383","stockType":"fund_manager","exchange":"fm","tickerId":260207258110,"name":"朱宝国"}]},"announcement":{"linkText":"淳厚信泽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=991725","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb107fea5b3eb04aed0d","date":"2023-06-29T16:00:00.000Z","stockId":3000000007811,"sao":"2023年上半年宏观层面国内呈现了强预期弱现实的局面，年初市场对经济复苏预期展望乐观，然而实际复苏进程较为波折，二季度市场逐步开始修正乐观预期。海外美国经济在上半年呈现较强韧性，美联储维持持续加息，产业方面以chatGPT为代表的生成式AI为市场带来新增亮点。上半年主要指数涨跌互现，代表其市场的wind全A上涨3%，沪深300下跌0.74%，创业板指下跌5.6%，国证2000指数上涨7%。行业层面亦呈现涨跌互现，成长类板块中TMT行业一枝独秀，泛消费板块中家电、纺服表现较好，泛周期板块中建筑、石油石化表现良好。港股在去年Q4大幅反弹后上半年有一定的回调，恒生指数下跌4%，恒生科技指数下跌5%。本基金始终坚持“自下而上选择优质股票，以合理估值买入并持有”的投资策略，上半年取得了较好的超额收益。归因分析来看，选股仍然是本基金最重要的超额收益来源。从个人总结而言主要是去年Q4的配置在今年上半年得到了较好的成果，在看好今年结构性行情的前提下，去年底本基金将股票持仓加至比较高的仓位，同时增加了可转债配置；在行业、个股配置上本基金一直坚持行业均衡、估值均衡的配置思路，去年Q4增配的计算机和家电板块内个股为产品贡献了良好的超额收益，同时因为强调估值性价比，本基金对部分个股做了止盈，后续布局其他更具性价比的成长股。精选估值合适的成长股是本基金长期坚持的主要策略，本人仍将不断提升对成长股的关注学习，以开放的态度学习新生事物、新商业模式，广泛对比开拓视野；买入时审慎决策，精挑细选更优秀的商业模式、更可持续的竞争优势，等待具备安全边际的买入时机。但不可否认，在学习精选的过程中，本人一样可能会犯错，因此在组合管理上本人会考虑容错率，会阶段性采取个股分散的配置策略。本人希望不犯重复的错误，在历次错误的决策中吸取经验，持续提升胜率，而后提升个股集中度。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:48.865Z","mo":"展望下半年，宏观层面国内内需增长信心将有所恢复，关注海外是否会从滞涨走向衰退。我们认为市场仍有结构性机会，无风险收益率在低位，市场风险偏好或将缓慢回升，行业表现的分化可能会有所收敛。希望投资者放低预期收益目标，关注长期可持续的收益。  下一阶段我们继续保持自下而上个股挖掘优势，中长期完善投资体系，争取为投资人创造更好的回报。中国有足够大的经济总量，本基金希望能够在不同细分领域找到足够优秀的上市公司进行投资。","fund":{"_id":3000000007811,"stockCode":"007811","areaCode":"cn","stockType":"fund","tickerId":7811,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"淳厚信泽灵活配置混合型证券投资基金","shortName":"淳厚信泽(007811)","custody":"中信证券股份有限公司","fundType":null,"ipoDate":"2019-08-07T16:00:00.000Z","setUpScale":501289000,"__csrcFundId":6485,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:38.823Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-08-20T16:00:00.000Z","followedNum":11,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚信泽","pinyin":"chxzlhpzhhxzqtzjj","managers":[{"stockCode":"j101020383","stockType":"fund_manager","exchange":"fm","tickerId":260207258110,"name":"朱宝国"}]},"announcement":{"linkText":"淳厚信泽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=965202","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb107fea5b3eb04aed0c","date":"2023-03-30T16:00:00.000Z","stockId":3000000007811,"sao":"2023年第一季度全球权益市场企稳反弹，本季度，国内主要指数都出现了上涨，沪深300上涨4.63%，中证500上涨8.1%，创业板指上涨2.25%。港股方面恒生指数上涨3.12%，恒生科技指数上涨4.23%。行业层面，除金融地产外多数行业上涨，但本季度行业分化较大，以计算机传媒通讯为代表TMT板块表现一枝独秀，大消费板块表现中规中矩，成长板块中的新能源行业表现较弱。  本基金始终坚持“自下而上选择优质股票，以合理估值买入并持有”的投资策略，本基金一季度的表现符合个人预期，去年四季度加仓的收益在一季度有所体现，尤其是加仓的计算机板块个股表现优异，在消费板块中也取得了较好的超额收益。本基金在1-2月的超额收益更为显著，进入3月份，短期超额收益有所弱化。3月份以来海外金融风险事件带来市场整体波动率上升，本基金略微降低了股票仓位，其次3月份行业表现分化极大，在AI带动下TMT行业遥遥领先，其他行业普遍下跌。个人虽然长期看好AI的变革给各行各业带来的效率提升，然而技术的进步和商业模式的演变不是一蹴而就的，在落地的过程中也要看到风险的所在。  展望后市，我们认为A股估值合理偏低，全年仍谨慎乐观，本基金继续保持自下而上个股挖掘优势，同时继续完善投资体系，争取为投资人创造更好的回报。","declarationDate":"2023-04-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:48.863Z","fund":{"_id":3000000007811,"stockCode":"007811","areaCode":"cn","stockType":"fund","tickerId":7811,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"淳厚信泽灵活配置混合型证券投资基金","shortName":"淳厚信泽(007811)","custody":"中信证券股份有限公司","fundType":null,"ipoDate":"2019-08-07T16:00:00.000Z","setUpScale":501289000,"__csrcFundId":6485,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:38.823Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-08-20T16:00:00.000Z","followedNum":11,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚信泽","pinyin":"chxzlhpzhhxzqtzjj","managers":[{"stockCode":"j101020383","stockType":"fund_manager","exchange":"fm","tickerId":260207258110,"name":"朱宝国"}]},"announcement":{"linkText":"淳厚信泽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=888626","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb107fea5b3eb04aed0b","date":"2022-12-30T16:00:00.000Z","stockId":3000000007811,"sao":"2022年全年上证50、沪深300和中证500分别下跌19.52%、21.63%和20.31%，全球权益市场在2022年都面临较大的压力。本基金全年收益未达到年初预期，全年两位数负收益。回顾全年，本基金一季度回撤压力显著，主要3月份国内外都出现了不可控因素。在二季度的反弹行情中本基金积极抓住了反弹机会。三季度在宏观不确定性加强的情况下，本基金在一季度的基础上改善了回撤管理方式，主动降低股票仓位，产品波动率有所改善。四季度在市场下跌的过程中本基金积极加仓，期待获取更好的长期回报。本基金始终坚持“自下而上选择优质股票，以合理估值买入并持有”的投资策略，在组合层面我们一直坚持行业均衡、估值均衡的配置思路。2022年本基金在投资策略上提升了仓位管理的权重，主要考虑当年宏观环境的不确定性，全年仓位变动较以往年度更明显，未来在正常的市场环境下本基金仍将重点以选股和组合管理为主要投资策略。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:48.860Z","mo":"我们预计国内经济重点为市场复苏，政策以稳增长为主基调，整体投资环境较好。海外经济仍有不确定性，在经历2022年大幅加息后，欧美经济面临一定的衰退压力，好在海外通胀开始逐步下行，金融环境有所改善。展望后市，我们认为A股估值已经偏低，积极看好后市表现，本基金已经将权益仓位加至上限，同时增加了可转债的配置。我们继续保持自下而上个股挖掘优势，同时继续完善投资体系，争取为投资人创造更好的回报。","fund":{"_id":3000000007811,"stockCode":"007811","areaCode":"cn","stockType":"fund","tickerId":7811,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"淳厚信泽灵活配置混合型证券投资基金","shortName":"淳厚信泽(007811)","custody":"中信证券股份有限公司","fundType":null,"ipoDate":"2019-08-07T16:00:00.000Z","setUpScale":501289000,"__csrcFundId":6485,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:38.823Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-08-20T16:00:00.000Z","followedNum":11,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚信泽","pinyin":"chxzlhpzhhxzqtzjj","managers":[{"stockCode":"j101020383","stockType":"fund_manager","exchange":"fm","tickerId":260207258110,"name":"朱宝国"}]},"announcement":{"linkText":"淳厚信泽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=873006","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb107fea5b3eb04aed0a","date":"2022-09-29T16:00:00.000Z","stockId":3000000007811,"sao":"2022年第三季度全球市场普跌，基于通胀压力美联储加息和缩表节奏超预期，俄乌冲突的延续加深了通胀的复杂性以及全球金融市场的不稳定性，欧美市场债券收益率大幅上行，美元指数持续走强，其他货币贬值压力加大。本季度主要指数均出现了较大幅度的调整，沪深300下跌15.16%，中证500下跌11.46%，创业板指下跌18.56%。行业层面，多数行业板块下跌，大消费及成长类板块电子、新能源等调整幅度较大，所有行业中唯有煤炭收涨。港股在低位继续调整，恒生指数下跌21.21%，恒生科技指数下跌29.16%。本基金始终坚持“自下而上选择优质股票，以合理估值买入并持有”的投资策略，但不可否认本季度本基金面临了较大的净值下跌压力。在组合层面，我们一直坚持行业均衡、估值均衡的配置思路。在过往产品管理上，我们更注重选股来把握结构性机会，通过均衡配置来控制回撤，产品仓位变化不大。本季度在坚持选股策略的基础上，我们适当提升了仓位管理策略。在一季报的时候，我们反思了阶段性防守效果不如人意的原因，提出未来如果再次面临复杂局面时需继续完善投资策略，在本季度国内外经济环境更趋复杂的情况下，我们加强了本基金的仓位管理，从8月份开始主动降低仓位，到9月的时候是本基金成立以来仓位偏低的一个阶段。 展望后市，我们认为A股估值已经偏低；战略层面，我们认为市场已经具备良好的长期投资价值；战术层面，四季度我们拟在下跌过程中逐步加仓，结合战略和战术把握长期超额收益、提升基金持有人体验。下一阶段，我们继续保持自下而上个股挖掘优势，同时继续完善投资体系，争取为投资人创造更好的回报。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:48.857Z","fund":{"_id":3000000007811,"stockCode":"007811","areaCode":"cn","stockType":"fund","tickerId":7811,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"淳厚信泽灵活配置混合型证券投资基金","shortName":"淳厚信泽(007811)","custody":"中信证券股份有限公司","fundType":null,"ipoDate":"2019-08-07T16:00:00.000Z","setUpScale":501289000,"__csrcFundId":6485,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:38.823Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-08-20T16:00:00.000Z","followedNum":11,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚信泽","pinyin":"chxzlhpzhhxzqtzjj","managers":[{"stockCode":"j101020383","stockType":"fund_manager","exchange":"fm","tickerId":260207258110,"name":"朱宝国"}]},"announcement":{"linkText":"淳厚信泽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=810265","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb107fea5b3eb04aed09","date":"2022-06-29T16:00:00.000Z","stockId":3000000007811,"sao":"2022年上半年全球宏观环境呈现复杂局面，年初在通胀压力之下美联储加息和缩表节奏超预期，俄乌冲突又加深了通胀的复杂性以及全球金融市场的不稳定性。进入二季度，内需压力在季初显现，进入6月份伴随国内疫情控制取得显著成果，经济活力开始稳步恢复。  上半年主要指数都有一定幅度的调整，沪深300下跌9.22%，中证500下跌12.3%，创业板指下跌15.41%。行业层面，多数行业板块下跌，成长类板块军工、电子、计算机等调整幅度较大，传统行业中煤炭、交运收涨。港股在低位继续调整，恒生指数下跌6.57%，恒生科技指数下跌14.11%。  本基金始终坚持“自下而上选择优质股票，以合理估值买入并持有”的投资策略，但不可否认本基金在上半年面临了较大的回撤压力。在组合层面我们一直坚持行业均衡、估值均衡的配置思路，但均衡策略阶段性呈现的回撤管理效果不尽如人意。反思原因在于市场的结构性机会较差，主要指数、行业、A股/港股面临普跌的局面。本基金在一季度主动小幅降低了股票仓位，在4月份市场悲观情绪下，逐步加仓至产品最高股票仓位80%，并增加了可转债配置，这部分仓位管理为产品带来了一定收益。在持仓结构上，本基金依然坚持均衡配置的思路，精选估值合适的成长股是本基金长期坚持的主要策略，在市场下跌的过程中我们看到了成长股更舒适的配置机会。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:48.853Z","mo":"展望下半年，宏观层面内需增长将有所恢复，警惕海外从滞涨走向衰退。我们认为市场仍有结构性机会，伴随内需企稳回升，我们将在内需板块上加大研究力度与机会把握。同时我们将继续加强对专精特新个股的研究，中国有足够大的经济总量，不同细分领域都有足够优秀的上市公司值得投资。  下一阶段，我们继续保持自下而上个股挖掘优势，中长期继续完善投资体系，争取为投资人创造更好的回报。","fund":{"_id":3000000007811,"stockCode":"007811","areaCode":"cn","stockType":"fund","tickerId":7811,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"淳厚信泽灵活配置混合型证券投资基金","shortName":"淳厚信泽(007811)","custody":"中信证券股份有限公司","fundType":null,"ipoDate":"2019-08-07T16:00:00.000Z","setUpScale":501289000,"__csrcFundId":6485,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:38.823Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-08-20T16:00:00.000Z","followedNum":11,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚信泽","pinyin":"chxzlhpzhhxzqtzjj","managers":[{"stockCode":"j101020383","stockType":"fund_manager","exchange":"fm","tickerId":260207258110,"name":"朱宝国"}]},"announcement":{"linkText":"淳厚信泽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=788438","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb107fea5b3eb04aed08","date":"2022-03-30T16:00:00.000Z","stockId":3000000007811,"sao":"2022年开年第一季度市场形势尤为复杂，基于通胀压力美联储加息和缩表节奏超预期，俄乌冲突又加深了通胀的复杂性以及全球金融市场的不稳定性，国内又面临疫情的多地扩散带来的供应链不稳定和经济增长压力。本季度主要指数都出现了较大幅度的调整，沪深300指数下跌14.53%，中证500指数下跌14.06%，创业板指数下跌19.96%。行业层面，多数行业板块下跌，大消费及成长类板块军工、电子、新能源等调整幅度较大，传统行业中煤炭、地产、银行收涨。港股在低位继续调整，恒生指数下跌5.99%，恒生科技指数下跌19.63%。本基金始终坚持“自下而上选择优质股票，以合理估值买入并持有”的投资策略，但不可否认本季度本基金面临了较大的回撤压力，回撤幅度超过了2020年疫情刚爆发阶段。在组合层面我们一直坚持行业均衡、估值均衡的配置思路，但本季度均衡策略阶段性呈现的回撤管理效果不佳，原因在于本季度市场的结构性机会较差，主要指数、行业、A股/港股面临普跌的局面。虽然年初本基金已经开始调整部分仓位至防守型配置，然阶段性防守效果不如人意，反思未来如果再次面临复杂局面时需继续完善投资策略。展望后市，我们认为A股估值已经合理偏低，战略层面我们认为市场已经具备良好的投资价值，值得长期投资；战术层面在二季度积极应对市场短期仍存的一些不确定性因素，结合战略和战术把握长期超额收益、提升持有人体验。港股市场部分优质股票估值已经具备充分的安全边际，我们考虑择机适当增加港股配置比例。下一阶段我们继续保持自下而上个股挖掘优势，同时继续完善投资体系，争取为投资人创造更好的回报。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:48.851Z","fund":{"_id":3000000007811,"stockCode":"007811","areaCode":"cn","stockType":"fund","tickerId":7811,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"淳厚信泽灵活配置混合型证券投资基金","shortName":"淳厚信泽(007811)","custody":"中信证券股份有限公司","fundType":null,"ipoDate":"2019-08-07T16:00:00.000Z","setUpScale":501289000,"__csrcFundId":6485,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:38.823Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-08-20T16:00:00.000Z","followedNum":11,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚信泽","pinyin":"chxzlhpzhhxzqtzjj","managers":[{"stockCode":"j101020383","stockType":"fund_manager","exchange":"fm","tickerId":260207258110,"name":"朱宝国"}]},"announcement":{"linkText":"淳厚信泽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=727324","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb107fea5b3eb04aed07","date":"2021-12-30T16:00:00.000Z","stockId":3000000007811,"sao":"2021年新冠疫情在全球范围内持续肆虐，各国通过接种疫苗和研发新冠药品等方式来构建抗疫屏障，全球经济秩序逐步恢复中。由于疫情期间海外的持续宽松政策导致大宗商品原材料价格高企、通胀压力不断增加，全球逐步开始退出过度宽松的货币政策。中国保持了行之有效的疫情防控政策，上半年经济增长恢复势头良好，下半年经济下行压力加大，央行进行了两次降准，货币政策稳中有松。权益市场方面，2021年欧美市场整体表现强于亚洲市场，A股在2月创年内新高后进入宽幅震荡行情，全年小幅收涨；港股则受到多重因素压制，领跌全球。本基金始终坚持\"自下而上选择优质股票，以合理估值买入并持有\"的投资策略，在2021年度取得了较为良好的业绩。回顾业绩归因，今年最大超额收益来自于对专精特新类优秀个股的挖掘，我们一直希望发挥自身优势提升个股挖掘的能力，长期坚持做难而正确的事。分阶段来看，本基金下半年业绩表现优于上半年，这正是我们2021年初挖掘的个股在下半年得到了更好的市场检验。在组合层面，我们一直坚持行业均衡、估值均衡的配置思路，在我们看好的智能制造、科技创新、医药医疗、大消费等多个板块进行了均衡配置。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:48.848Z","mo":"2021年中国GDP增速呈现前高后低的走势，上半年疫情防控较为平稳，国内外需求恢复良好，出口保持快速增长，消费回暖，投资活跃，GDP实现双位数增长。下半年开始经济增长动能减弱，疫情呈不断散发状态，大宗原材料价格高企逐步向下游传导，CPI在四季度呈现抬头趋势，同时能源革命向深层次推进，政策层面强化部分行业的规范和监管，使得下半年经济呈现\"类滞胀\"情况，GDP增速逐季回落。展望2022年，全球新冠疫情何时结束尚无定论，海外经济和政治形势错综复杂，但全球货币政策边际收紧已成定势。国内在经济下行压力较大的背景下，\"稳增长\"或成为上半年主基调，政策层面或将更加积极，持续增强经济增长动能。A股整体估值仍然较为合理，展望后市，我们并不悲观，权益市场仍是可为的，但相比过去三年把握结构性机会的难度有所加大。我们认为机会将来自于前期受损于疫情的行业盈利能力逐步恢复，后疫情时代下企业顺势而为带来的护城河提升，以及能源革命深入推进方向、专精特新类成长型标的。港股市场在经历了大幅调整后，市场处在底部区域，我们考虑择机适当增加港股配置比例。我们相信，在注册制持续推进以及资本市场不断开放的背景下，A股及港股长期依然具备较好的结构性机会。我们将一如既往以兢兢业业、满怀责任的态度做好投资研究工作，为投资人创造更好的投资回报。","fund":{"_id":3000000007811,"stockCode":"007811","areaCode":"cn","stockType":"fund","tickerId":7811,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"淳厚信泽灵活配置混合型证券投资基金","shortName":"淳厚信泽(007811)","custody":"中信证券股份有限公司","fundType":null,"ipoDate":"2019-08-07T16:00:00.000Z","setUpScale":501289000,"__csrcFundId":6485,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:38.823Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-08-20T16:00:00.000Z","followedNum":11,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚信泽","pinyin":"chxzlhpzhhxzqtzjj","managers":[{"stockCode":"j101020383","stockType":"fund_manager","exchange":"fm","tickerId":260207258110,"name":"朱宝国"}]},"announcement":{"linkText":"淳厚信泽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=710508","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb107fea5b3eb04aed06","date":"2021-09-29T16:00:00.000Z","stockId":3000000007811,"sao":"回顾三季度，主要指数中沪深300下跌6.85%，中证500上涨4.34%，上证50出现8.62%下跌。央行在本季度初下调了准备金率0.5%，应对宏观经济下行压力，对权益市场流动性形成一定的支撑。本季度大宗食品价格在能耗双控等供给侧改革的短期压力下呈现了较大的上涨压力，对权益市场形成了一定的影响，市场形成了一定的通胀预期，对中游行业压力显著。从行业来看，三季度行业表现分化剧烈，传统周期行业表现突出，包括并不限于煤炭、有色、钢铁，公用事业，大消费板块表现垫底，成长性行业新能源表现好于军工、TMT。港股在本季度出现大幅调整，恒生科技股指数跌幅超过25%。    本基金始终坚持\"自下而上选择优质股票，以合理估值买入并持有的投资策略\"。本季度产品面临一定的选股压力，在组合层面我们一直以来坚持均衡配置思路，坚持行业均衡、估值均衡，本季度A股的结构收益主要在传统周期行业，大消费板块和港股的配置在本季度面临较大的调整，行业均衡配置策略在本季度面临一定的压力。我们在坚持均衡配置的基础上，加大自下而上的专精特新个股的挖掘。    展望后市，我们认为A股、港股市场总体估值合理，但市场对经济短期呈现的滞胀局面有所疑虑，大宗商品价格仍在高位，地产销售在经济调结构的政策下迅速转冷，经济下行压力有所加大。下一阶段我们将重点关注大宗价格变化及能源短缺问题的持续性，尤其是这两大因素对货币政策和财政政策的影响，同时加大自下而上在专精特新领域个股挖掘的优势，争取为投资人创造更好的投资回报。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:48.845Z","fund":{"_id":3000000007811,"stockCode":"007811","areaCode":"cn","stockType":"fund","tickerId":7811,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"淳厚信泽灵活配置混合型证券投资基金","shortName":"淳厚信泽(007811)","custody":"中信证券股份有限公司","fundType":null,"ipoDate":"2019-08-07T16:00:00.000Z","setUpScale":501289000,"__csrcFundId":6485,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:38.823Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-08-20T16:00:00.000Z","followedNum":11,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚信泽","pinyin":"chxzlhpzhhxzqtzjj","managers":[{"stockCode":"j101020383","stockType":"fund_manager","exchange":"fm","tickerId":260207258110,"name":"朱宝国"}]},"announcement":{"linkText":"淳厚信泽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=654222","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb107fea5b3eb04aed05","date":"2021-06-29T16:00:00.000Z","stockId":3000000007811,"sao":"2021年上半年，全球经济在低基数的效应下呈现出恢复性增长。同时，为了应对疫情影响，各国仍普遍延续了宽松的货币政策和积极的财政政策，使得整体需求的增速快于供给的恢复，带来大宗商品出现了较大幅度的上涨，阶段性通胀压力有所显现。上半年主要权重指数沪深300上涨0.24%，中证500上涨6.53%，上证50出现3.9%下跌。其中一季度在通胀压力升温国内外流动性收缩预期的影响下，市场呈现宽幅震荡态势；进入二季度后，伴随着经济增速回落和国内外长期国债利率逐步下行，市场呈现较丰富的结构性机会。从行业来看，上游化工、钢铁、煤炭、有色等资源品表现较好；成长属性的新能源、半导体、医药在二季度呈现明显超额收益；表现较弱的板块包括传统中游制造业和大消费及金融地产板块。港股整体表现不如A股，恒生科技股指数上半年下跌3.21%，国企指数下跌0.7%。本基金始终坚持自下而上选择优质股票，以合理估值买入并持有的投资策略。总体上在上半年取得了符合预期的回报，在组合层面我们一直以来坚持均衡配置思路，坚持行业均衡、估值均衡，六月份之后A股的结构分化更加显著，行业均衡配置策略在六月以后面临一定的压力。我们在坚持均衡配置的基础上，加大自下而上的个股挖掘力，努力平衡好组合的风险和收益。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:48.843Z","mo":"展望后市，我们认为宏观经济基本稳定，货币政策和财政政策仍会较为宽松，A股、港股市场总体估值合理，市场仍存在投资机会。但目前市场结构分化巨大，部分行业的结构性风险有所加大，市场阶段性过度放大了短期行业景气度效应，淡化了对中长期商业模式和竞争格局的研判。下一阶段我们仍将谨慎应对后疫情时代市场可能出现的变化，比如行业政策调整等，同时维持自下而上个股挖掘的优势，争取为投资人创造更多价值。","fund":{"_id":3000000007811,"stockCode":"007811","areaCode":"cn","stockType":"fund","tickerId":7811,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"淳厚信泽灵活配置混合型证券投资基金","shortName":"淳厚信泽(007811)","custody":"中信证券股份有限公司","fundType":null,"ipoDate":"2019-08-07T16:00:00.000Z","setUpScale":501289000,"__csrcFundId":6485,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:38.823Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-08-20T16:00:00.000Z","followedNum":11,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚信泽","pinyin":"chxzlhpzhhxzqtzjj","managers":[{"stockCode":"j101020383","stockType":"fund_manager","exchange":"fm","tickerId":260207258110,"name":"朱宝国"}]},"announcement":{"linkText":"淳厚信泽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=630818","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb107fea5b3eb04aed04","stockId":3000000007811,"sao":"回顾一季度，沪深300收跌3.13%，中证500收跌1.78%。股票市场在春节前后出现了非常明显的分水岭，节前市场情绪火热，部分股票在估值不低的基础上出现一波快速上涨，节后此类个股又出现快速调整。市场一般分析解释将其归为美债收益率上行带来估值调整压力，个人认为本质是部分个股过高的估值无法支撑其合理回报预期。本基金始终坚持自下而上选择优质股票，以合理估值买入并持有的投资策略。总体上在一季度取得了符合预期的回报，同时避免了组合净值的大幅波动。在组合层面我们一直以来坚持均衡配置思路，坚持攻守均衡、估值均衡，未来本基金仍将聚焦在合理估值的高确定性优质成长公司。展望后市，我们认为A股、港股市场总体估值合理，结构性高估的现象也得到了一定程度消化，以自下而上的视角，已经能在市场中找到中长期不少有合理预期回报率的优质投资标的。但从流动性角度看，疫情带来的全球超量流动性投放可能会趋于放缓，市场会呈现波动较大的特征。下一阶段我们仍将谨慎应对市场可能出现的变化，争取为投资人创造更多价值。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:48.840Z","fund":{"_id":3000000007811,"stockCode":"007811","areaCode":"cn","stockType":"fund","tickerId":7811,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"淳厚信泽灵活配置混合型证券投资基金","shortName":"淳厚信泽(007811)","custody":"中信证券股份有限公司","fundType":null,"ipoDate":"2019-08-07T16:00:00.000Z","setUpScale":501289000,"__csrcFundId":6485,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:38.823Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-08-20T16:00:00.000Z","followedNum":11,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚信泽","pinyin":"chxzlhpzhhxzqtzjj","managers":[{"stockCode":"j101020383","stockType":"fund_manager","exchange":"fm","tickerId":260207258110,"name":"朱宝国"}]},"announcement":{"linkText":"淳厚信泽灵活配置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=570212","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb107fea5b3eb04aed03","stockId":3000000007811,"sao":"新冠疫情是2020年最大关键词，年初受疫情影响，全球正常经济生活被打乱，随后各国政府纷纷实行宽松的货币政策及积极的财政政策。权益市场一季度在疫情笼罩下出现了大幅波动，市场主要指数在3月份均创出低点，二季度后随着国内疫情好转宽松政策落地，全年市场稳步震荡上行，个股呈现出丰富的投资机会。本基金在疫情爆发初期，全面梳理了持仓结构，增加了受疫情影响较小的必选消费、医药、互联网板块的配置，同时在3月份市场大跌的过程中增加了港股的配置比例， 这部分配置在二季度为产品创造了良好的超额收益。进入下半年市场行情结构开始转变，部分优质龙头标的在流动性宽松局面下呈现加速上涨，这部分个股基本面确有一定的恢复但收益更多来自于估值的提升。本基金在下半年增加了顺周期及新能源板块的配置，然而仍然坚持均衡配置以及合理估值的投资理念，产品在下半年的超额收益不如上半年显著。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:48.837Z","mo":"经济方面，2020年中国是全球唯一保持GDP正增长的国家，得益于年初疫情的果断遏制和二季度迅速开始的复工复产，供给的恢复不仅保障了国内经济的内生增长，更获益于全球出口份额的提升。进入2021年全球经济在疫苗作用下有望迎来恢复性增长，国内经济在自身韧性和海外需求提升的基础上仍将维持较好的增长。物价方面，2021年再通胀是市场关注的焦点，主要集中于PPI上行的担忧，本轮商品价格的上行主要是受益于需求恢复和低库存两个因素的叠加，物价的上行将对全球流动性宽松的退出节奏形成影响。展望2021年，在国内货币政策不急转弯的基调下，权益市场的风险与机会并存。风险来自于受流动性影响较大的高估值板块，机会将来自于经济增速恢复后企业盈利的持续改善。在全年的配置结构中，本基金将始终关注估值和盈利增速的匹配程度，增加去年受损的顺周期板块配置，挖掘盈利增长与估值匹配度更好的细分行业龙头。同时港股市场仍然是我们重点关注的投资方向之一，港股相比A股整体估值更低，部分新经济龙头质地更佳。我们相信，在注册制持续推进以及资本市场的不断开放的背景下，A股及港股依然充满了结构性机会，只是结构的方向可能相较于去年会有变化。","fund":{"_id":3000000007811,"stockCode":"007811","areaCode":"cn","stockType":"fund","tickerId":7811,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"淳厚信泽灵活配置混合型证券投资基金","shortName":"淳厚信泽(007811)","custody":"中信证券股份有限公司","fundType":null,"ipoDate":"2019-08-07T16:00:00.000Z","setUpScale":501289000,"__csrcFundId":6485,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:38.823Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-08-20T16:00:00.000Z","followedNum":11,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚信泽","pinyin":"chxzlhpzhhxzqtzjj","managers":[{"stockCode":"j101020383","stockType":"fund_manager","exchange":"fm","tickerId":260207258110,"name":"朱宝国"}]},"announcement":{"linkText":"淳厚信泽灵活配置混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=552468","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb107fea5b3eb04aed02","stockId":3000000007811,"sao":"由于疫情控制得当，国内经济三季度呈现持续复苏态势，中国制造业整体产业链呈现出非常强的竞争优势，出口端持续超预期；与此同时，国内消费、投资亦稳中有升，总体上国内经济基本面不断改善态势明显。与之对应的，十年期国债收益率不断上行。由于经济基本面的不断改善，流动性层面不再继续改善。股票市场在基本面改善，而流动性预期变化的背景下，整体呈现出宽幅震荡走势，投资机会的把握难度相比二季度明显增加。本基金对投资组合进行了适当调整，增加了部分受益经济复苏的标的的配置，对前期受益于疫情的医药板块降低了配置。在持仓调整的过程中，依然坚持了对优秀商业模式的偏好，对投资标的的质量依然维持了高标准要求，同时理性评估持仓个股估值的合理性，希望以合理的风险承担获取收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:48.834Z","fund":{"_id":3000000007811,"stockCode":"007811","areaCode":"cn","stockType":"fund","tickerId":7811,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"淳厚信泽灵活配置混合型证券投资基金","shortName":"淳厚信泽(007811)","custody":"中信证券股份有限公司","fundType":null,"ipoDate":"2019-08-07T16:00:00.000Z","setUpScale":501289000,"__csrcFundId":6485,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:38.823Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-08-20T16:00:00.000Z","followedNum":11,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚信泽","pinyin":"chxzlhpzhhxzqtzjj","managers":[{"stockCode":"j101020383","stockType":"fund_manager","exchange":"fm","tickerId":260207258110,"name":"朱宝国"}]},"announcement":{"linkText":"淳厚信泽灵活配置混合型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=489167","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb107fea5b3eb04aed01","stockId":3000000007811,"sao":"2020年上半年A股及港股市场呈现大幅波动，疫情在全球范围爆发，造成了全球经济阶段性下滑，一季度权益市场出现明显下跌；进入二季度后，各国陆续出台经济刺激方案，疫情亦得到一定的控制，尤其是国内对疫情控制良好复工复产节奏加快，二季度市场出现触底反弹。本基金在疫情爆发后，通过评估疫情对具体公司、行业的影响，将仓位结构调整为内需为主的持仓结构，同时在三月底增加了港股资产的配置，港股部分个股由于受到内外两个因素影响，优质个股出现了更便宜的买入价格，基于评价部分个股短期影响可控长期可能受益的逻辑我们积极做了配置。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:48.831Z","mo":"进入下半年，国内经济将延续二季度以来的复苏态势，上市公司盈利状况明显改善，我们对市场整体持乐观态度。随着经济复苏，流动性边际收缩，市场利率有一定的上行，整体仍然维持宽松。市场结构可能出现一定的变化，部分行业个股估值有一定的透支，需要时间消化其静态高估值，部分低估值行业个股有望在经济复苏的进程中呈现出其业绩弹性。本基金始终不断动态平衡持仓结构，希望整体持仓能够维持在一个合理的估值水平。本基金仍将以自下而上选股，以合理的估值买入优秀的商业模式及优质的治理结构为核心投资理念，在组合层面做到均衡配置，为投资者创造可持续的回报。","fund":{"_id":3000000007811,"stockCode":"007811","areaCode":"cn","stockType":"fund","tickerId":7811,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"淳厚信泽灵活配置混合型证券投资基金","shortName":"淳厚信泽(007811)","custody":"中信证券股份有限公司","fundType":null,"ipoDate":"2019-08-07T16:00:00.000Z","setUpScale":501289000,"__csrcFundId":6485,"fundStatus":"normal","lastUpdated":"2026-04-30T20:55:38.823Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-08-20T16:00:00.000Z","followedNum":11,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚信泽","pinyin":"chxzlhpzhhxzqtzjj","managers":[{"stockCode":"j101020383","stockType":"fund_manager","exchange":"fm","tickerId":260207258110,"name":"朱宝国"}]},"announcement":{"linkText":"淳厚信泽灵活配置混合型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=465462","linkType":"PDF","source":"csrc_pdf"}}]}