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心证伪这些因素，我们会反向下注，从而在这些黑天鹅发生时从中获益。　　总体看，2022年权益资产表现较弱，固收资产也在年底发生负面冲击，整体看是一个适合防守的年份，也是典型的体现我们产品投资特点的一年。权益市场全年两次比较好的机会：一次是5月反弹，我们因为安全垫不够，只能先行防守，再束手束脚地反击；另一次是11-12月的反弹，正是我们从2、3季度就开始布局的高赔率机会，我们全力进攻，获得了不少收益。固收市场方面，因为我们规避赔率不好的资产，一直很防守，所以能躲过12月的调整。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:34.519Z","mo":"2022年底以来，影响经济的几大因素基本已经逆转，市场对经济改善很有信心，并带动了一波估值修复。但是政策的展开方式、力度、持续性还需要再观察，并不是一蹴而就。　　因为总体的估值水平还在中枢以下且复苏还没有体现到业绩上，我们对2023年的权益市场期望较高。在安全垫足够的前提下，我们倾向保持比较高的仓位，积极进攻。细分结构上，地产链、交运、互联网、医药和TMT等领域值得关注。相反的，对国内固收资产，无论是信用还是久期我们都继续保持谨慎。转债资产在性价比合适时我们择机参与。　　海外资产方面，我们会比较关注固收资产，相对高的静态票息收益非常的吸引人。海外权益资产也有投资机会，但可能更适合用来交易。","fund":{"_id":3000000009174,"__csrcFundId":7642,"stockCode":"009174","name":"东方红颐和稳健养老目标两年持有期混合型基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":9174,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-03-31T21:51:55.473Z","status":"normal","exchange":"jj","shortName":"东方红颐和稳健养老两年（FOF）A","inceptionDate":"2020-06-23T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红颐和稳健养老两年（FOF）","fofFundFlag":1,"setUpDate":"2020-06-23T16:00:00.000Z","setUpAssetScale":214884595.47,"setUpShares":214884595.47,"pinyin":"dfhyhwjylmblncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20746522","stockType":"fund_manager","exchange":"fm","tickerId":32325201830,"name":"陈文扬"}]},"announcement":{"linkText":"东方红颐和稳健养老目标两年持有期混合型基金中基金（FOF）2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=871260","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6a7fea5b3eb04c7776","date":"2022-09-29T16:00:00.000Z","stockId":3000000009174,"sao":"本基金是可以配置75%以上的固收类资产并佐以10%-25%比例权益类资产的养老目标FOF基金。我们的目标是通过大类资产配置和基金精选，力争在控制回撤的前提下，为持有人的养老储备争取稳健的投资回报。    三季度，市场遭遇回调，组合持仓偏防守，权益仓位处于下限附近，持仓偏向“低波动高分红”和“困境反转”两类风格的基金，因此整体回撤尚可接受。    考虑到权益资产的估值与历史相比处于比较低的位置，四季度，我们会继续寻找布局的时机，在房地产产业链、交运、线下消费、互联网等领域寻找合适的资产，力争增厚组合收益 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