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如何解构颐和积极FOF的持仓？　　“价值挖掘策略”“宏观对冲策略”“指数增强策略”和“纯债策略”四个子策略的组合。纯债策略主要谋求票息收益；宏观对冲策略主要是争取弹性收益；价值挖掘策略则长期持有精选的偏价值投资思路的主动管理基金；指数增强策略是跟踪中证偏股型基金指数的指数增强策略。　　2. 子策略本季度的调整和下个季度的展望　　这个季度四个子策略的配比没有发生改变。　　a. 价值挖掘策略　　本季度，价值挖掘策略继续保持4名基金经理，虽然策略底色都是价值投资，但各有擅长的方向。　　下季度，我们计划继续保持当前的组合思路。　　b. 宏观对冲策略　　本季度宏观对冲策略持仓未有太大变化，持有4%左右另类的量化对冲基金，底层虽然持有不少权益资产，但有通过衍生品对冲其持仓的波动，今年以来仍为正收益。在市场波动的过程中交易了300ETF、恒生指数和恒生科技指数相关的ETF、标普500ETF、黄金ETF和有色金属、旅游、地产相关的ETF，加总起来对净值有所贡献。　　下个季度，计划保持保持当前思路，并关注黄金资产是否有增持机会。　　c. 纯债策略　　本季度纯债策略的持仓以海外债券类基金为主，逢收益率高点增持，收益率低点减持。该部分基金的静态收益率比较高，相信未来可能仍会有不错的回报。多余资金则以货币基金和现金形式保存，等待时机向其他子策略进行转化。　　下个季度，如海外债券收益率走高则择机增持。　　d. 指数增强策略　　本季度，这个子策略相对于指数贡献了正的超额收益，符合预期。　　下个季度，将继续保持当前结构。　　3. 交流互动平台　　本季度，东方红FOF团队开辟了与投资者进行交流互动的平台，该平台的内容包含了团队公募基金产品的定期报告解读、资产配置理念和基金选择理念的相关文章，颇具可读性。期待未来能与各位委托人保持更紧密的沟通，进一步建立信任感。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:36.949Z","fund":{"_id":3000000009184,"__csrcFundId":7640,"stockCode":"009184","name":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":9184,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:40:22.424Z","status":"normal","exchange":"jj","shortName":"东方红颐和积极养老五年（FOF）(009184)","inceptionDate":"2020-06-22T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红颐和积极养老五年（FOF）","fofFundFlag":1,"setUpDate":"2020-06-22T16:00:00.000Z","setUpAssetScale":206692526.28,"setUpShares":206692526.28,"pinyin":"dfhyhjjylmbwncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20746522","stockType":"fund_manager","exchange":"fm","tickerId":32325201830,"name":"陈文扬"}]},"announcement":{"linkText":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1147344","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6c7fea5b3eb04c7a99","date":"2024-03-30T16:00:00.000Z","stockId":3000000009184,"sao":"本产品是面向客户养老资金储备需求所成立的，以75%权益类资产和25%固收及其他类资产为战略配置比例进行资产配置的基金中基金（FOF）。　　2024年一季度，本基金配置权益类基金的策略向“全市场主动管理基金指数跟踪策略”略作倾斜，根据“价值挖掘策略”配置的基金变化不大，“宏观对冲策略” 则从境内指数基金切换为港股基金。固收类基金方面继续争取从投资海外资产的债券基金中获得不错的回报。　　展望2024年二季度，我会重点关注商品类基金和港股基金。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:36.946Z","fund":{"_id":3000000009184,"__csrcFundId":7640,"stockCode":"009184","name":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":9184,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:40:22.424Z","status":"normal","exchange":"jj","shortName":"东方红颐和积极养老五年（FOF）(009184)","inceptionDate":"2020-06-22T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红颐和积极养老五年（FOF）","fofFundFlag":1,"setUpDate":"2020-06-22T16:00:00.000Z","setUpAssetScale":206692526.28,"setUpShares":206692526.28,"pinyin":"dfhyhjjylmbwncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20746522","stockType":"fund_manager","exchange":"fm","tickerId":32325201830,"name":"陈文扬"}]},"announcement":{"linkText":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1071556","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6c7fea5b3eb04c7a98","date":"2023-12-30T16:00:00.000Z","stockId":3000000009184,"sao":"本产品是面向客户养老资金储备需求所成立的，以75%权益类资产和25%固收及其他类资产为战略配置比例进行资产配置的基金中基金（FOF）。　　2023年市场继续颠簸。全年出现过两次比较大的波动，一次是所谓“中特估”行情，一次是AI产业相关的板块。从我的框架看，比较难把握这样的交易型机会，因此参与不多。值得注意的是，2023年海外资产有不错的表现，股票、债券均有涨幅。由于海外股票的静态估值较高，我对此保持谨慎，没有参与。但海外债券有不错的静态票息收入，我用部分仓位参与了相关基金，获得了一些收益。海外资产方面可以说有些收获，但投资能力还要再加强。　　2023年是产品成立以来首次净值跌破面值。另外全市场看，大部分客户由于基金产品连续两年表现不佳，情绪比较低迷。但我对此有不一样的感受：　　权益组合一贯分为“指数增强”、“价值挖掘”和“宏观对冲”三个策略。“指数增强”和“价值挖掘”是产品调整的主要原因。　　“指数增强”策略致力于通过长期持有基金，跟踪全市场主动管理基金的平均表现，是2023年产品表现不佳的主要板块。从2023年的资金偏好看，也是围绕着公募基金持仓不多的方向着力。但我对“指数增强”部分的持有是基于长期目的的，只要长期看公募主动管理基金还能创造超额收益，我就会继续持有。虽然近期市场上有不少质疑主动管理的声音，但我认为公募主动管理基金能创造超额的逻辑并没有消失，因此会积极的寻找时机扩大“指数增强”策略在组合中的比例。“价值挖掘”策略则致力于长期持有优秀的逆向投资人，同样无法规避市场整体的调整趋势，也是组合损失的一部分来源。但相对于“指数增强”，它充分体现了逆向投资人的谨慎本色，跌的比较少。　　2024年及往后，我会逐步提高“指数增强”策略在组合中的相对比例。市场经过了几年连续调整，加上基金销售的情绪低迷，此时的市场定价水平大概率是不贵的。复盘2020年到2021年，在市场热情高涨的时候，是不会有这样的好价格去购买同样的资产的。从长期持有策略的视角看，定价不贵的时候，自然要找时机加强配置。市场的调整可能让部分人情绪低落，但我看到的是同样的资产卖价越来越低，因此有完全不一样的心情。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:36.943Z","mo":"2023年经济持续复苏，但是还需要得到更多的支持。　　因为经济恢复的力度不如2022年的市场预期，市场出现了一些调整。但我看到总体的估值水平在中枢以下，且政策方面对于增长提供了很多支持。2024年及往后，我对国内权益市场会积极寻找机会加大配置力度。海外资产方面，关注固收资产的高票息。","fund":{"_id":3000000009184,"__csrcFundId":7640,"stockCode":"009184","name":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":9184,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:40:22.424Z","status":"normal","exchange":"jj","shortName":"东方红颐和积极养老五年（FOF）(009184)","inceptionDate":"2020-06-22T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红颐和积极养老五年（FOF）","fofFundFlag":1,"setUpDate":"2020-06-22T16:00:00.000Z","setUpAssetScale":206692526.28,"setUpShares":206692526.28,"pinyin":"dfhyhjjylmbwncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20746522","stockType":"fund_manager","exchange":"fm","tickerId":32325201830,"name":"陈文扬"}]},"announcement":{"linkText":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1051992","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6c7fea5b3eb04c7a97","date":"2023-09-29T16:00:00.000Z","stockId":3000000009184,"sao":"本产品是面向客户养老资金储备需求所成立的，以75%权益类资产和25%固收及其他类资产为中枢进行资产配置的基金中基金（FOF）。　　2023年三季度组合跟随大盘继续调整，但我对组合结构未作太大调整。　　四季度我的计划是：　　1. 价值挖掘策略和全市场基金指数跟踪策略两者均保持标配；　　2. 宏观策略方面继续保持防守。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:36.940Z","fund":{"_id":3000000009184,"__csrcFundId":7640,"stockCode":"009184","name":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":9184,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:40:22.424Z","status":"normal","exchange":"jj","shortName":"东方红颐和积极养老五年（FOF）(009184)","inceptionDate":"2020-06-22T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红颐和积极养老五年（FOF）","fofFundFlag":1,"setUpDate":"2020-06-22T16:00:00.000Z","setUpAssetScale":206692526.28,"setUpShares":206692526.28,"pinyin":"dfhyhjjylmbwncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20746522","stockType":"fund_manager","exchange":"fm","tickerId":32325201830,"name":"陈文扬"}]},"announcement":{"linkText":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=990103","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6c7fea5b3eb04c7a96","date":"2023-06-29T16:00:00.000Z","stockId":3000000009184,"sao":"本产品是面向客户养老资金储备需求所成立的，以75%权益类资产和25%固收类资产为战略配比进行资产配置的基金中基金（FOF）。　　原本2022年底我们判断市场已经发生了反转，进入赔率胜率双高的状态，因此组合针对经济复苏的情景进行了较为激进的配置。但结果政策比预想的要有定力，地产的复苏在一季度之后停止。市场在复苏落空后快速选定了高分红和TMT两个方向，和我们的宏观情景判断有出入。　　针对当前的市场情况，我们对权益组合进行了重构，分为三个部分：一部分是跟踪公募基金指数的底仓；另一个是擅长用价值投资思路优选个股和行业的基金经理群体，我们称之为价值挖掘部分；最后是以宏观自上而下方法进行的趋势投资部分。在这样的架构下，我们的组合会较过去几年更加的均衡。　　固收市场方面，因为赔率不好，我们继续保持防守。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:36.937Z","mo":"下半年我们在宏观经济上主要关注美国的货币政策和国内的地产销售。　　美国方面，通胀同比下行接近尾声，但在库存去化的同时，经济和劳动力市场依然表现强劲，通胀未必能顺利降低到2%以下。我们担心市场对美国货币政策的反转一旦落空，可能对全球资产价格造成冲击。　　国内方面，近期政策指明了稳定内需。但具体的力度和落地节奏还未知。在居民中长期预期有所动摇的情况下，政策的效果目前不好下判断。","fund":{"_id":3000000009184,"__csrcFundId":7640,"stockCode":"009184","name":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":9184,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:40:22.424Z","status":"normal","exchange":"jj","shortName":"东方红颐和积极养老五年（FOF）(009184)","inceptionDate":"2020-06-22T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红颐和积极养老五年（FOF）","fofFundFlag":1,"setUpDate":"2020-06-22T16:00:00.000Z","setUpAssetScale":206692526.28,"setUpShares":206692526.28,"pinyin":"dfhyhjjylmbwncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20746522","stockType":"fund_manager","exchange":"fm","tickerId":32325201830,"name":"陈文扬"}]},"announcement":{"linkText":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=963826","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6c7fea5b3eb04c7a95","date":"2023-03-30T16:00:00.000Z","stockId":3000000009184,"sao":"本产品是面向客户养老资金储备需求所成立的。　　一季度组合的净值表现相对未达预期。一方面，我们所选择的基金经理因为投资方法上的审美问题，基本上不太参与当前热门的AI等领域。另一方面，组合去年以来重仓的内需领域出现一些回撤。虽然净值表现比较相对平淡，但组合的持仓资产今年的业绩值得期待，在回调之后性价比依然突出。我们会耐心持有并期待业绩逐步兑现。　　二季度，我们关注偏内需的板块，包括地产、出行、互联网等，对AI、创新药等保持跟踪。新能源板块逐渐进入逆风期，作为一个长期发展前景良好的板块，我们会积极关注。海外方面关注固收资产和黄金。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:36.934Z","fund":{"_id":3000000009184,"__csrcFundId":7640,"stockCode":"009184","name":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":9184,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:40:22.424Z","status":"normal","exchange":"jj","shortName":"东方红颐和积极养老五年（FOF）(009184)","inceptionDate":"2020-06-22T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红颐和积极养老五年（FOF）","fofFundFlag":1,"setUpDate":"2020-06-22T16:00:00.000Z","setUpAssetScale":206692526.28,"setUpShares":206692526.28,"pinyin":"dfhyhjjylmbwncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20746522","stockType":"fund_manager","exchange":"fm","tickerId":32325201830,"name":"陈文扬"}]},"announcement":{"linkText":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=883996","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6c7fea5b3eb04c7a94","date":"2022-12-30T16:00:00.000Z","stockId":3000000009184,"sao":"本产品是面向客户养老资金储备需求所成立的，以75%权益类资产和25%其他类资产为战略配置比例进行资产配置的基金中基金（FOF）。　　总体看，2022年是权益资产的熊市年，整体看是一个适合防守的年份。权益市场全年两次比较好的机会：一次是5月反弹，我们的结构不够成长，收获不多；另一次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，追回了一部分收益。　　我们的权益组合可以分为底仓、弹性和个股三个部分。与2021年相比，我们组合的底仓部分变得更加均衡，不再明显地偏向某一类风格，主要期待基金经理创造超额收益的能力。弹性部分以“价值”和“困境反转”风格为主，起到了很好的防守作用。个股部分表现一般，但做了一些调整，降低了集中度。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:36.931Z","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":3000000009184,"__csrcFundId":7640,"stockCode":"009184","name":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":9184,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:40:22.424Z","status":"normal","exchange":"jj","shortName":"东方红颐和积极养老五年（FOF）(009184)","inceptionDate":"2020-06-22T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红颐和积极养老五年（FOF）","fofFundFlag":1,"setUpDate":"2020-06-22T16:00:00.000Z","setUpAssetScale":206692526.28,"setUpShares":206692526.28,"pinyin":"dfhyhjjylmbwncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20746522","stockType":"fund_manager","exchange":"fm","tickerId":32325201830,"name":"陈文扬"}]},"announcement":{"linkText":"东方红颐和积极养老目标五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=871257","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6c7fea5b3eb04c7a93","date":"2022-09-29T16:00:00.000Z","stockId":3000000009184,"sao":"本产品是面向客户养老资金储备需求所成立的，是可以75%权益类资产和25%固收类资产为中枢进行资产配置的基金中基金（FOF）。    三季度市场遭遇回调。组合持仓偏防守，一个是权益仓位处于下限附近，另一个是持仓比较倾向“困境反转”风格的基金。    我们依然是坚持以长期视角下的估值性价比为准绳，审慎选择资产。我们组合里的基金经理大多也是对估值的考量要重于趋势。中长期看，这样的投资方式可以提供合理的回报。虽然这些基金业绩短期没有表现，甚至可能表现不佳。但我们他们的中长期收益有充足信心，下跌反而显著提升了未来可能的收益空间。    考虑到权益资产的估值与历史相比处于比较低的位置，四季度我们继续高度关注介入的时点。积极地在房地产产业链、交运、线下消费、互联网等领域寻找合适的资产。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:36.928Z","fund":{"_id":3000000009184,"__csrcFundId":7640,"stockCode":"009184","name":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":9184,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:40:22.424Z","status":"normal","exchange":"jj","shortName":"东方红颐和积极养老五年（FOF）(009184)","inceptionDate":"2020-06-22T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红颐和积极养老五年（FOF）","fofFundFlag":1,"setUpDate":"2020-06-22T16:00:00.000Z","setUpAssetScale":206692526.28,"setUpShares":206692526.28,"pinyin":"dfhyhjjylmbwncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20746522","stockType":"fund_manager","exchange":"fm","tickerId":32325201830,"name":"陈文扬"}]},"announcement":{"linkText":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=806539","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6c7fea5b3eb04c7a92","date":"2022-06-29T16:00:00.000Z","stockId":3000000009184,"sao":"本产品是面向客户养老资金储备需求所成立的，为可以75%权益类资产和25%固收类资产为中枢进行资产配置的基金中基金（FOF）。  上半年市场出现了大波动V型走势，下跌幅度大反弹幅度也大。总体看组合防守做的不错，但进攻稍有不足。  我们依然是坚持以长期视角下的估值性价比为准绳，审慎选择资产。虽然短期没有充分表现，但我们对组合中所持有的基金和资产有充足信心。  基金方面，我们组合里的基金经理大多对估值的考量要重于短期趋势。中长期看，这样的投资方式可以提供合理的回报。资产方面，我们依然结合赔率和胜率两个角度进行筛选。  考虑到权益资产的估值与历史相比处于比较低的位置，我们认为下半年乃至明年都是布局的好时机，有较多的定价不贵的资产给我们提供投资机会。  下半年我们将在房地产产业链、交运、线下消费、互联网等领域寻找合适的资产。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:36.926Z","mo":"展望下半年，我们预期内需方面稍有压力，但会获得基建和出口需求的有利支持，整体看经济将会平稳运行。  一些符合国家大政方针的方向如新能源、军工等产业需求会继续保持稳健。  内需为主的行业有望在当前水平保持稳定。","fund":{"_id":3000000009184,"__csrcFundId":7640,"stockCode":"009184","name":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":9184,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:40:22.424Z","status":"normal","exchange":"jj","shortName":"东方红颐和积极养老五年（FOF）(009184)","inceptionDate":"2020-06-22T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红颐和积极养老五年（FOF）","fofFundFlag":1,"setUpDate":"2020-06-22T16:00:00.000Z","setUpAssetScale":206692526.28,"setUpShares":206692526.28,"pinyin":"dfhyhjjylmbwncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20746522","stockType":"fund_manager","exchange":"fm","tickerId":32325201830,"name":"陈文扬"}]},"announcement":{"linkText":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=786170","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6c7fea5b3eb04c7a91","date":"2022-03-30T16:00:00.000Z","stockId":3000000009184,"sao":"一季度我们的调整是：  1、持续的调整是不错的配置机会，我们继续提高核心基金的占比，让优秀的管理人为组合配置优质的资产。  2、继续小幅地提高港股配置比例。  3、交易性地保持对地产、基建、银行等老经济方向的侧重。  4、试探地参与过去两三年的热门成长行业。  金融市场是具有\"短期投票机，长期称重器\"特征的。从估值水平看，权益资产到了值得配置的位置。估值已经压缩不少，但后续市场还要面对上市公司盈利数据下修的压力。从历史上看，所谓值得配置的位置，都要面对即时的调整压力，这种压力不仅无法证伪，而且时间可能要长达一年以上，注定是一段难熬的时光。  只要公司（资产）在不断变\"重\"，价格的下跌其实显著提高了公司（资产）的赔率。但我们还是会尽量提高自己的择时水平，争取在更舒服的位置参与配置。  因为目标是获得良好的长期回报，所以我们提醒自己不能把关注点都放在基金的净值变化或者公司的股价变化上。而是重点关注这些基金经理持有的是什么样的公司（资产）？为什么选择这些公司（资产）？这些公司（资产）的质量有没有变\"重\"？  二季度我们将延续一季度的策略，继续寻找优秀的管理人为我们配置高赔率的资产，积极参与、积极试探。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:36.922Z","fund":{"_id":3000000009184,"__csr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产品是面向客户养老资金储备需求所成立的，以75%权益类资产和25%固收类资产为中枢进行资产配置的基金中基金（FOF）。  上半年市场经历了一次调整较为剧烈的调整，随后市场风格也出现转换。随后配置龙头为主、偏价值风格的基金表现逊色，而中小市值、偏成长风格的基金表现出色。我们产品底仓配置的主动管理型基金均以大盘、价值型风格为主，基金经理对投资标的的长期品质和合理估值较为坚持。虽然短期表现不佳，但拉长时间看，优质资产的下跌意味着组合未来预期收益率的提高，这样的投资方法更为稳健，更符合我们养老资金长期配置的需求。而对于市场的短期投资机会也不可完全错过，我们减仓了消费、增配了中证500、军工、上游周期等基金产品以均衡地度过底仓产品的逆风期。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:36.913Z","mo":"展望下半年，我们观察到固收资产的性价比进一步变差了，而权益资产总体估值相对合理。在A股，部分高品质的龙头个股开始调整，逐步进入价值区间。在港股，政策的不确定性打压了互联网龙头的估值，中长期看可能是逐步配置的机会。我们会继续以短期和长期赔率为准绳，不断调整配置，努力提升组合的未来潜在收益。","fund":{"_id":3000000009184,"__csrcFundId":7640,"stockCode":"009184","name":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":9184,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:40:22.424Z","status":"normal","exchange":"jj","shortName":"东方红颐和积极养老五年（FOF）(009184)","inceptionDate":"2020-06-22T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红颐和积极养老五年（FOF）","fofFundFlag":1,"setUpDate":"2020-06-22T16:00:00.000Z","setUpAssetScale":206692526.28,"setUpShares":206692526.28,"pinyin":"dfhyhjjylmbwncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20746522","stockType":"fund_manager","exchange":"fm","tickerId":32325201830,"name":"陈文扬"}]},"announcement":{"linkText":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=635221","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6c7fea5b3eb04c7a8d","stockId":3000000009184,"sao":"本基金是以75%权益类资产和25%固收类资产为中枢进行资产配置的养老目标FOF基金。我们的目标是通过大类资产配置和基金精选，为持有人的养老储备争取更高的长期投资回报。  一季度我们的核心配置底仓未发生太大的变化，仅交易型仓位的部分减持了顺周期方向的持仓。  展望二季度，固收和权益资产均比较难找到绝佳的投资机会。但从中长期角度看，权益资产虽然经历了剧烈调整，但上市公司的盈利趋势仍然走好，能够为估值提供良好的基本面支撑，我们倾向回调中仍然能找到有安全边际的板块，在中等市值规模的公司、保险、消费电子、顺周期领域中寻找配置机会。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:36.910Z","fund":{"_id":3000000009184,"__csrcFundId":7640,"stockCode":"009184","name":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":9184,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:40:22.424Z","status":"normal","exchange":"jj","shortName":"东方红颐和积极养老五年（FOF）(009184)","inceptionDate":"2020-06-22T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红颐和积极养老五年（FOF）","fofFundFlag":1,"setUpDate":"2020-06-22T16:00:00.000Z","setUpAssetScale":206692526.28,"setUpShares":206692526.28,"pinyin":"dfhyhjjylmbwncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20746522","stockType":"fund_manager","exchange":"fm","tickerId":32325201830,"name":"陈文扬"}]},"announcement":{"linkText":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=575041","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6c7fea5b3eb04c7a8c","stockId":3000000009184,"sao":"本基金是以75%权益类资产和25%固收类资产为中枢进行资产配置的养老目标FOF基金。我们的目标是通过大类资产配置和基金精选，为持有人的养老储备争取更高的长期投资回报。  本基金成立于2020年6月底，2020年度基本处于建仓过程中。彼时经济正处于疫情恢复期，资本市场对经济的预期比较乐观。这种乐观反映在资产价格中，体现为国内权益资产价格的抬升和固收资产价格的不断调整。虽然从性价比角度固收资产更占优，但经济增长的动能还未衰竭，权益资产的较高估值有进一步拔高的可能。  我们在建仓期快速配置了权益资产，精选了长期确定性较强的消费类基金、估值有相对优势的成长风格基金、谨守估值的价值投资风格基金作为核心持仓。这些基金产品或者所投资产在长期视角下具有相对稳健的特征，或者基金经理能秉承中长期视角配置有性价比的上市公司。两者均符合本基金以长期回报为导向的投资目标。  另外，我们以股、债和被动型基金、主题型基金作为工具构建卫星持仓，负责捕捉各类性价比合适的短、中期投资机会，以进一步增厚本基金的短、中期回报。根据短、中期预期赔率和我们对宏观经济、金融货币政策变化的判断，侧重参与了非金融板块、大消费、港股和顺周期板块。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:36.908Z","mo":"基本面角度，随着疫苗推广对疫情的遏制，2021年实体经济增长将延续复苏态势。基于谨慎考虑，各国政府为应对疫情所推出的各种财政、货币刺激政策会以慢于经济增长的节奏收缩。各行各业都将受惠于“政策+内生增长”的共振，顺周期属性的行业尤甚。预期上市公司的盈利增速较为乐观。同时，商品价格年内可能比较强势。  资产价格角度则较为复杂。虽然经济增长将继续复苏，但权益资产本身已处于较高的估值水平，价格隐含了对2021年的乐观预期。另外，强劲的商品价格会逐步引起货币当局对通货膨胀的警惕，从而加快退出刺激政策，这对资产价格有两方面影响：一方面，刺激政策的退出会带来利率上行，对固收资产不利。另一方面，权益资产继续拔高估值的空间有限，潜在盈利空间受限。  因此，无论是固收还是权益资产，2021年获取收益的难度将高于去年。如果以更长期的视角看，固收资产的未来预期回报将逐渐领先于权益资产，并在未来两年迎来值得长期配置的时点。权益资产则需要时刻注意估值，避免为市场的乐观付出过高的溢价。本基金将高度警惕货币当局刺激政策的退出节奏，以更挑剔的眼光寻找结构性的投资机会，灵活应对挑战。","fund":{"_id":3000000009184,"__csrcFundId":7640,"stockCode":"009184","name":"东方红颐和积极养老目标五年持有期混合型基金中基金（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":9184,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:40:22.424Z","status":"normal","exchange":"jj","shortName":"东方红颐和积极养老五年（FOF）(009184)","inceptionDate":"2020-06-22T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红颐和积极养老五年（FOF）","fofFundFlag":1,"setUpDate":"2020-06-22T16:00:00.000Z","setUpAssetScale":206692526.28,"setUpShares":206692526.28,"pinyin":"dfhyhjjylmbwncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20746522","stockType":"fund_manager","exchange":"fm","tickerId":32325201830,"name":"陈文扬"}]},"announcement":{"link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