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断改善。债券市场结束了单边下行的趋势，三季度债市出现了明显的调整。十年期国债最高向上突破1.8%。在权益市场的影响下，转债估值（转股溢价率）一度突破历史高位，极高的转股溢价率一定程度上透支了正股的上涨潜力，这也导致转债指数最近跑输股票指数。展望后市，宏观经济新动能不断强化，地产的拖累边际弱化，宏观经济向好的趋势不变。债市经过一段时间的调整，我们认为风险得到一定程度的释放，进一步调整空间有限。A股虽然近期涨幅可观，随着新动能的不断增强，我们持续看好A股中长期的表现。","lastUpdated":"2026-03-09T13:36:42.652Z","fund":{"_id":3000000009691,"__csrcFundId":7871,"stockCode":"009691","name":"国泰浩益混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9691,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:50.808Z","status":"normal","exchange":"jj","shortName":"国泰浩益混合A","inceptionDate":"2020-08-10T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浩益混合","setUpDate":"2020-08-10T16:00:00.000Z","setUpAssetScale":718388429.67,"setUpShares":718388429.67,"pinyin":"gthyhhxzqtzjj","managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰浩益混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1377196","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccea7fea5b3eb04d099b","date":"2025-06-29T16:00:00.000Z","stockId":3000000009691,"sao":"上半年，宏观经济运行基本平稳，上半年GDP增速落得5.3%。通胀保持低位，PPI相对偏低。债券市场运行基本保持平稳，利率在一个窄通道内进行波动。虽然经历了关税的干扰，但是在抢出口的效应下，二季度出口维持了高增。权益市场虽然经历了关税战的短期冲击，但稳步走高。","declarationDate":"2025-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:42.650Z","mo":"下半年市场关注反内卷、统一大市场等政策的推进，有望提振PPI，改善部分企业的盈利空间。全世界AI的发展非常迅速，我们或许处于新一轮技术爆发的前夜。短期内，关税战对下半年的宏观经济仍然有一些负面影响。下半年债市预计继续维持窄幅震荡，权益市场维持表现优于债券市场。另外我们也要继续关注反内卷和权益市场风险偏好变化对于债市的负面影响。","fund":{"_id":3000000009691,"__csrcFundId":7871,"stockCode":"009691","name":"国泰浩益混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9691,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:50.808Z","status":"normal","exchange":"jj","shortName":"国泰浩益混合A","inceptionDate":"2020-08-10T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浩益混合","setUpDate":"2020-08-10T16:00:00.000Z","setUpAssetScale":718388429.67,"setUpShares":718388429.67,"pinyin":"gthyhhxzqtzjj","managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰浩益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=1347813","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccea7fea5b3eb04d099a","date":"2025-03-30T16:00:00.000Z","stockId":3000000009691,"sao":"一季度，deepseek的出现，带动提振了A股的整体市场情绪和市场的风险偏好。权益市场成长风格总体占优，但大盘指数一季度整体微跌。债券市场震荡上行。宏观经济有企稳向好的可能，但利率处于历史低位，操作层面一季度整体缩短了久期。 一季度央行提升了市场隔夜资金的利率，隔夜回购利率持续维持在1.8%以上，跟多数期限的利率债形成了倒挂，债市调整也就是情理之中的事情了。权益层面，deepseek和人形机器人的爆火，使得A股相关产业链个股受到资金的追捧。但这些离产业化还有比较远的距离，在实际应用中的作用相对有限。进入3月相关板块逐步开始调整，市场情绪也开始有所回落。账户操作层面，维持了均衡的配置。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:42.647Z","fund":{"_id":3000000009691,"__csrcFundId":7871,"stockCode":"009691","name":"国泰浩益混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9691,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:50.808Z","status":"normal","exchange":"jj","shortName":"国泰浩益混合A","inceptionDate":"2020-08-10T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浩益混合","setUpDate":"2020-08-10T16:00:00.000Z","setUpAssetScale":718388429.67,"setUpShares":718388429.67,"pinyin":"gthyhhxzqtzjj","managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰浩益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=1271139","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccea7fea5b3eb04d0999","date":"2024-12-30T16:00:00.000Z","stockId":3000000009691,"sao":"市场回顾，2024年宏观经济复苏面临地产下行的干扰，复苏力度较弱。2024年房价延续下跌，受此拖累居民的消费支出意愿较低。宏观经济复苏面临的最大压力就是内需不足。宏观政策进行比较积极的对冲，货币政策采取了降准降息的操作，财政政策通过发行特别国债进行了加码。伴随着降准和降息，无风险利率的水平大幅下行。行至年末，十年国债向下突破1.8%，定格在了1.67%，全年下行了88bp，30年国债利率水平下行幅度更是超过10年的下行的幅度。权益市场，上证综指年内两次跌破2700点。随着9月下旬开始的一系列政策的提振，上证综指快速反弹，年末收在3351点。全年来看，伴随着无风险利率水平的大幅下行，红利股票表现较好，科技成长也在四季度收复全部失地。产品操作上，债券部分全年维持了较为积极的久期，积极配置了中长期利率债和高等级金融债。行至年末，伴随着利率债屡破新低，风险在不断累计，账户降低了组合久期。权益部分在红利方向进行了积极的配置，全年来看取得较好的成果。行至年末，组合在成长型红利方向进行了机会挖掘。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:42.644Z","mo":"展望2025年，随着地产风险释放接近尾声，地方政府的化债进入新的阶段，在积极的宏观政策的支持下，伴随着人工智能、人形机器人和低空经济逐步进入落地应用，我国宏观经济有望进一步企稳向上。当前过低的无风险利率可能存在一定的风险隐忧，利率低位进一步下行可能是由于资金的惯性，相关风险值得警惕。权益市场2025年有望继续提供正回报，关注两个链条的投资机会。一是宏观经济企稳后，PPI逐步转正带动传统企业盈利改善。二是，新兴技术（AI、智驾、低空经济、人形机器人）的逐步产业化落地带动相关公司的业绩进入快速成长期。总体而言，2025年宏观经济可能进入转机之年。","fund":{"_id":3000000009691,"__csrcFundId":7871,"stockCode":"009691","name":"国泰浩益混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9691,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:50.808Z","status":"normal","exchange":"jj","shortName":"国泰浩益混合A","inceptionDate":"2020-08-10T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浩益混合","setUpDate":"2020-08-10T16:00:00.000Z","setUpAssetScale":718388429.67,"setUpShares":718388429.67,"pinyin":"gthyhhxzqtzjj","managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰浩益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=1253035","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccea7fea5b3eb04d0998","date":"2024-09-29T16:00:00.000Z","stockId":3000000009691,"sao":"三季度行情基本上是单边下行行情，中间虽然因为一些原因导致债券从8月开始有所调整，但临近季末随着降准降息的落地，10年国债还是触及了2.0%的位置。随后因为权益市场快速上涨，导致风险偏好短期迅速提升，对债市构成一定干扰，临近季末债市大幅调整。 9月末随着提振经济和信心的各种政策陆续出台，权益市场一扫往日阴霾，大幅上涨，转债也随之提振。 9月央行下调了公开市场利率，后续也会下调存量住房贷款利率。债市仍然具备较好的投资价值。宏观政策短期内能有效提振信心，但见效仍要时间，权益市场也会在疯狂后恢复理性。权益市场波动率的大幅提升，对于转债市场整体的期权价值有显著的提升作用。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:42.642Z","fund":{"_id":3000000009691,"__csrcFundId":7871,"stockCode":"009691","name":"国泰浩益混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9691,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:50.808Z","status":"normal","exchange":"jj","shortName":"国泰浩益混合A","inceptionDate":"2020-08-10T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浩益混合","setUpDate":"2020-08-10T16:00:00.000Z","setUpAssetScale":718388429.67,"setUpShares":718388429.67,"pinyin":"gthyhhxzqtzjj","managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰浩益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=1175221","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccea7fea5b3eb04d0997","date":"2024-06-29T16:00:00.000Z","stockId":3000000009691,"sao":"年初以来债券市场利率水平全线下行，各个期限的国债收益率下行30-60个基点（BP)，基本呈现单边下行趋势，期间利率波动较小。央行上半年调降一次LPR，5年期LPR调降幅度为25BP，首次来到4%以下。上半年社融增速下行比较快，上半年社融存量规模同比增速仅为8.1%。同时M2增速降至六月的6.2%，M1增速降至-5%。社会信用扩张明显放缓，一定程度上助推了整体利率水平的下行。A股上半年财富效应很弱，截止6月末，仅有少数宽基指数上半年录得正收益。市场分化非常严重，大市值的国央企上涨明显，但其余多数均下跌。组合层面积极参与了各个期限债券的交易，通过利率债的波段交易来增厚组合收益。权益方面，组合坚持分散投资，主要投资于注重股东回报的各个行业的龙头白马。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:42.639Z","mo":"展望后市，展望后市，社会信用扩张还在放缓，地产销售仍然较为低迷，社会实际利率水平仍然处于较高水平，社会利率水平有望进一步下行。A股方面，大市值央企估值处于历史相对高位，关注下半年风格切换的机会。","fund":{"_id":3000000009691,"__csrcFundId":7871,"stockCode":"009691","name":"国泰浩益混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9691,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:50.808Z","status":"normal","exchange":"jj","shortName":"国泰浩益混合A","inceptionDate":"2020-08-10T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浩益混合","setUpDate":"2020-08-10T16:00:00.000Z","setUpAssetScale":718388429.67,"setUpShares":718388429.67,"pinyin":"gthyhhxzqtzjj","managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰浩益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=1147717","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccea7fea5b3eb04d0996","date":"2024-03-30T16:00:00.000Z","stockId":3000000009691,"sao":"2024年一季度，A股市场在快速下跌后出现V型反弹。到二月初，上证指数最大跌幅达到9.2%，中证500最大跌幅17.9%，中证2000最大跌幅33.3%。到季末大中盘风格指数最终收涨或略有下跌，小盘和微盘风格指数以及科创板指数仍有10%以上下跌。分行业来看，石油石化、家电、银行、煤炭涨幅居前，医药、电子、房地产跌幅居前。今年开年到春节前一个多月，市场经历了一轮快速下跌，主要有几方面的原因。一是市场对经济基本面尤其是房地产依然缺乏信心，二是权益市场持续负收益，而同期30年国债不断创出新高，理财类资金回流债券，减仓权益形成负反馈，还有就是部分绝对收益资金以及量化资金被动减仓，最终对A股市场形成较大流动性冲击。春节后，随着消费数据的好转以及投资者信心逐步恢复，市场迎来快速反弹。从国际市场来看，美联储表态年内开启降息周期也对市场形成提振，北上资金显著回流，黄金、原油等大宗商品价格表现较好。一季度总体来看，银行、石油石化、煤炭等高股息行业持续表现较好，而军工、TMT、有色等几个行业由于有基本面的变化，前期跌幅较大，后期反弹幅度也比较大。尤其是TMT行业在全球AI浪潮带动下，部分通信、算力、AI大模型相关公司大幅上涨。本基金以绝对收益策略为主，在股票方面配置相对均衡，一月份对整体仓位进行了下调，减持了部分高贝塔股票，避免了更进一步的净值回撤，在反弹过程中，加仓较多有色、石化行业股票，对净值贡献较好。债券方面，本基金主要以高等级信用债票息策略为主。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:42.637Z","fund":{"_id":3000000009691,"__csrcFundId":7871,"stockCode":"009691","name":"国泰浩益混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9691,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:50.808Z","status":"normal","exchange":"jj","shortName":"国泰浩益混合A","inceptionDate":"2020-08-10T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浩益混合","setUpDate":"2020-08-10T16:00:00.000Z","setUpAssetScale":718388429.67,"setUpShares":718388429.67,"pinyin":"gthyhhxzqtzjj","managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰浩益混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072150","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccea7fea5b3eb04d0995","date":"2023-12-30T16:00:00.000Z","stockId":3000000009691,"sao":"2023年，A股市场虽然经历了上半年的小幅反弹，但下半年大部分行业回落明显，全年表现仍然不佳，年末上证指数也再次跌破3000点。TMT行业在数字经济、人工智能等多种主题因素的催化下出现阶段性大涨，成为为数不多的亮点。最终上证指数下跌3.70%，深证成指下跌13.54%，创业板指下跌19.41%。从申万一级行业来看，通信、传媒、计算机等TMT行业逆市上涨，而美容护理、商贸零售、房地产、电力设备四个行业下跌幅度超过26%。从风格来看，红利指数、国证2000表现最好，创业板指、中小100等成长性行业指数表现最差。今年A股市场主要围绕以下几条主线：一是经济复苏景气度的反复。一季度经济数据逐步走强，整个顺周期产业有所表现，但四、五月以后数据逐步走弱，尤其是房地产投资、销售数据持续较弱，房地产产业链相关公司和部分消费股，包括商贸零售、食品饮料等行业全年表现较差。二是人工智能等技术革命，人工智能主题行情在二季度进一步爆发，从通信行业的光模块，到传媒行业的AIGC应用，到计算机行业的AI芯片等，都有非常不错的表现，但下半年这些行业也出现较大幅度回撤。三是高股息或稳定类行业的表现，上半年国有大型银行、石油石化、电信等股票表现较好，下半年煤炭、纺织服装、高速公路等高股息或稳定类行业超额收益明显。同时，电力设备和新能源行业作为前几年的明星行业，需求放缓，产能出现过剩，成为基金重仓里表现最差的行业。本基金以绝对收益策略为主，在股票方面配置相对比较均衡，虽然也阶段性配置了部分表现较好的TMT行业以及高股息公司，但总体还是受到新能源行业以及其它成长股的拖累，总体业绩表现不佳。债券方面，本基金主要以高等级信用债票息策略为主。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:42.634Z","mo":"展望2024年，我们对国内经济和资本市场表现相对乐观。宏观经济方面，库存周期的回升和稳增长政策的再加码，以及地产“三大工程”的落地，将使得国内经济企稳改善。美国经济高位下行难以避免，2024年将进入降息周期，人民币汇率将保持稳定偏强。同时A股大部分行业经过过去两年的调整，行业供需关系上都得到了较大程度的改善。大部分行业估值水平也回到了历史相对较低位置。站在目前上证指数3000点以下的位置，我们认为A股市场有望出现震荡回升的走势。我们看好的方向包括以下几个方面：消费电子行业和AI硬件的创新周期，半导体行业去库存完成及国产化替代；人工智能在各行业应用带来的行业经营模式变革；医药行业中的创新药周期以及创新疫苗、耗材等；同时我们也继续看好煤炭、石化、大银行、高速公路等高股息板块表现。","fund":{"_id":3000000009691,"__csrcFundId":7871,"stockCode":"009691","name":"国泰浩益混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9691,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:50.808Z","status":"normal","exchange":"jj","shortName":"国泰浩益混合A","inceptionDate":"2020-08-10T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浩益混合","setUpDate":"2020-08-10T16:00:00.000Z","setUpAssetScale":718388429.67,"setUpShares":718388429.67,"pinyin":"gthyhhxzqtzjj","managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰浩益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=1054469","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccea7fea5b3eb04d0994","date":"2023-09-29T16:00:00.000Z","stockId":3000000009691,"sao":"今年三季度，市场总体处于弱势调整过程中。低估值、高股息行业表现较好，电力设备、TMT行业调整幅度较大。最终上证指数下跌2.86%，深证成指下跌8.32%，创业板指下跌9.53%。从申万一级行业来看，非银、煤炭、石油石化行业表现较好，逆市上涨，而电力设备、通信、传媒及计算机行业下跌幅度超过10%。下半年经济数据走弱得到进一步验证，而美国经济表现强劲，10年美债收益率创出本轮上行新高，美元指数亦持续上行，人民币面临较大贬值压力，外资持续流出，资本市场上北向资金三季度净卖出约800亿元。7月24日政治局会议提出“要活跃资本市场，提振投资者信心”，8月27日监管层调降印花税、收紧IPO和再融资、规范减持、降低融资保证金比例“四箭齐发”，这些政策一度显著提振投资者情绪，但对市场风险偏好改善总体有限。三季度新能源电池、光伏板块在对供给过剩的担忧下出现一波快速调整，TMT行业下跌较多主要是AI相关股票在二季度大幅上涨后出现的一波回调。本基金以绝对收益策略为主，在股票方面，三季度适当降低了仓位，调低了部分成长行业股票的配置，增加了高股息品种配置比例，提高了组合的防御性。债券方面，本基金主要以高等级信用债票息策略为主。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:42.632Z","fund":{"_id":3000000009691,"__csrcFundId":7871,"stockCode":"009691","name":"国泰浩益混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9691,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:50.808Z","status":"normal","exchange":"jj","shortName":"国泰浩益混合A","inceptionDate":"2020-08-10T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浩益混合","setUpDate":"2020-08-10T16:00:00.000Z","setUpAssetScale":718388429.67,"setUpShares":718388429.67,"pinyin":"gthyhhxzqtzjj","managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰浩益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=989762","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccea7fea5b3eb04d0993","date":"2023-06-29T16:00:00.000Z","stockId":3000000009691,"sao":"今年上半年，市场总体处于震荡调整过程中，各行业表现分化严重。TMT行业在数字经济、人工智能等多种主题因素的催化下，持续大涨，而地产产业链、消费类行业走势较弱。最终上证指数上涨3.65%，深证成指上涨0.1%，创业板指下跌5.61%。从申万一级行业来看，通信、传媒、计算机行业出现较大幅度上涨，而商贸零售、房地产、美容护理等行业出现较大幅度下跌。上半年A股市场主要围绕三条主线，一是经济复苏景气度的反复，二是人工智能等技术革命，三是银行、石化等大盘权重股重估。三月经济数据走强，整个顺周期产业有所表现，但随后四、五月的数据证实之前只是累计需求的集中释放，尤其是房地产投资、销售数据持续较弱，房地产产业链相关公司和部分消费股，包括商贸零售、食品饮料等行业逐步回落。人工智能板块行情在二季度进一步爆发，从通信行业的光模块，到传媒行业的AIGC应用，到计算机行业的AI芯片，再到和AI相关的人形机器人等行业，都有非常不错的表现。另外，银行、石化、建筑等行业的大盘权重股也走出了一波价值重估的行情。本基金以绝对收益策略为主，在股票方面，行业配置相对均衡，上半年阶段性的增加了传媒、计算机、银行石化等行业股票的配置，同时继续自下而上积极寻找具有自身成长逻辑的中小市值个股。债券方面，本基金主要以高等级信用债票息策略为主。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:42.629Z","mo":"展望下半年，我们认为国内经济复苏难超预期，但在政府持续推出的稳增长政策刺激下，下行风险有限；下半年美欧通胀逐步见顶，美元加息周期结束，紧缩预期逆转，人民币贬值趋势有望结束；同时A股估值水平在过去两年经过充分消化，已经处于相对低位。我们认为下半年A股市场仍将表现为结构化行情，指数整体仍将区间震荡，顺周期行业会有所回暖，主题投资降温，受益于全球风险偏好改善，部分消费品和核心资产有估值修复机会，部分需求走出低谷、调整比较充分的成长行业会有所表现。我们看好的方向包括光伏、储能、海风、军工、机器人、半导体设备和芯片、消费电子、汽车零部件、贵金属等行业，同时要积极关注人工智能在各行业的落地以及给行业带来的变化。","fund":{"_id":3000000009691,"__csrcFundId":7871,"stockCode":"009691","name":"国泰浩益混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9691,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:50.808Z","status":"normal","exchange":"jj","shortName":"国泰浩益混合A","inceptionDate":"2020-08-10T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浩益混合","setUpDate":"2020-08-10T16:00:00.000Z","setUpAssetScale":718388429.67,"setUpShares":718388429.67,"pinyin":"gthyhhxzqtzjj","managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰浩益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=958348","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccea7fea5b3eb04d0992","date":"2023-03-30T16:00:00.000Z","stockId":3000000009691,"sao":"今年一季度，市场总体呈现一定程度的反弹，但各行业表现差异较大。在过去七年都鲜有表现的计算机、传媒等行业，在多种因素的催化下，走出了大幅上涨的行情，而过去几年表现较好的新能源等成长股，以及和宏观经济相关度较高的大金融板块走势较弱。最终上证指数上涨5.94%，深证成指上涨6.45%，创业板指上涨2.25%。从申万一级行业来看，计算机、传媒、通信行业出现较大幅度上涨，而房地产、商贸零售、银行等行业出现一定幅度下跌。一季度在疫情防控完全放开后，国内经济恢复到一个正常的运行轨道，社融和信贷从总量到结构都比较超预期，基建投资和消费都有不错的表现。美国通胀拐点也逐步显现，十年美债收益率和美元指数在震荡中回落，美欧银行业风险暂时得到解决。在这样的外部环境下，A股也展开了持续的反弹。反弹初期表现为行业轮动，顺周期产业链、消费、新能源、数字经济都有所表现，随着OpenAI公司ChatGPT新产品的发布，行情开始出现分化，从申万一级行业来看，三月份全市场只有六个行业上涨，分别是TMT的四个行业以及建筑装饰和石油石化两个低估值行业，其余行业均出现不同程度的下跌。本基金以绝对收益策略为主，在股票方面，行业配置相对均衡，一季度增加了计算机、有色、消费医药等股票配置，减持了部分新能源，同时继续自下而上积极寻找具有自身成长逻辑的中小市值个股。债券方面，本基金主要以高等级信用债票息策略为主。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:42.626Z","fund":{"_id":3000000009691,"__csrcFundId":7871,"stockCode":"009691","name":"国泰浩益混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9691,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:50.808Z","status":"normal","exchange":"jj","shortName":"国泰浩益混合A","inceptionDate":"2020-08-10T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浩益混合","setUpDate":"2020-08-10T16:00:00.000Z","setUpAssetScale":718388429.67,"setUpShares":718388429.67,"pinyin":"gthyhhxzqtzjj","managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰浩益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=888484","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccea7fea5b3eb04d0991","date":"2022-12-30T16:00:00.000Z","stockId":3000000009691,"sao":"2022年，市场经历了两波比较大幅度的调整，全年下跌幅度在过去10年中仅次于2018年。跌幅比较大的是以中小市值为主的偏成长类行业，煤炭以及部分受益于疫情恢复的消费行业表现相对抗跌。最终上证指数下跌15.13%，深证成指下跌25.85%，创业板指下跌29.37%。从申万一级行业来看，仅煤炭、综合行业上涨，社会服务、交通运输、美容护理及商贸零售跌幅较小，而电子、建材、计算机、传媒、电力设备行业跌幅较大，下跌幅度均超过25%。2022年A股市场的表现主要是基于以下几个基本面因素的变化，一是美元加息周期，二是俄乌冲突，三是国内疫情，四是国内稳增长政策。2022年美元经历了一波大幅加息周期，10年美债收益率从年初的1.5%上升至4.3%,美股也终结了十几年的大牛市，美元指数大涨推动人民币贬值，给A股从估值、资金方面都带来比较大的压力；2月俄乌冲突爆发后，给全球大宗商品尤其是能源供给造成较大冲击，加剧了美欧通胀的上行；国内方面影响比较大的还是新冠疫情，四、五月的上海封城，下半年全国各地疫情不断散发带来的局部封控，使得生产、物流、消费都受到极大的影响；国内稳增长方面，主要是通过消费以及房地产刺激政策，对稳定经济基本盘，化解风险起到了重大作用。本基金以绝对收益策略为主，根据市场变化及时对组合资产配置进行调整，在股票方面，通过减持部分成长股，增加金融、地产、消费等行业，保持组合的行业配置相对均衡，同时继续自下而上积极寻找具有自身成长逻辑的中小市值个股。债券方面，本基金主要以高等级较短久期信用债票息策略为主。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:42.624Z","mo":"展望新的一年，我们认为经济主基调是疫后复苏的过渡之年。从海外来看，预计美元加息周期会在一季度末到二季度终结，但也未必会很快进入降息周期，外需总体偏弱；国内在防疫政策放开后，经济增长恢复到一个正常水平值得期待。二十大后人事落定，经济政策上稳定社会预期和扩大内需是首要任务，基建投资仍将是重要手段，房地产投资在一系列政策的推动下，有望出现比较大的改观；在经历了三年疫情消耗后，我们认为消费会迎来比较大的反弹，虽然不同的变异毒株仍有再次传播的可能，但难以形成大的冲击。新的一年，我们认为A股市场的主要机会来自于预期改善下的估值修复，目前市场主要指数估值均处于历史10-30%分位，金融、消费、成长、周期均有机会。金融行业我们看好保险股负债端触底回升、资产端收益率改善，银行股受益于地产风险化解；消费行业主要是疫后消费恢复正常，包括弹性较大的大众线下消费、医疗消费，以及和地产相关的家居建材消费；成长板块过去一年在大部分行业增速放缓的情况下，整体呈现估值收缩的趋势，目前已到达或趋近合理水平，但其中的新技术、新材料领域仍然有很多结构性机会，另外，计算机、传媒行业估值处于近五年底部，将迎来反转；周期板块我们看好贵金属、投资拉动的相关基本金属等。债券方面，整体收益率较去年有所回升，我们维持高评级中短久期信用债策略。","fund":{"_id":3000000009691,"__csrcFundId":7871,"stockCode":"009691","name":"国泰浩益混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9691,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:50.808Z","status":"normal","exchange":"jj","shortName":"国泰浩益混合A","inceptionDate":"2020-08-10T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浩益混合","setUpDate":"2020-08-10T16:00:00.000Z","setUpAssetScale":718388429.67,"setUpShares":718388429.67,"pinyin":"gthyhhxzqtzjj","managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰浩益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=866338","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccea7fea5b3eb04d0990","date":"2022-09-29T16:00:00.000Z","stockId":3000000009691,"sao":"今年三季度，市场在经历了5、6月份的反弹后再次出现调整。调整幅度较大的板块除了反弹较多的新能源、电子等成长股外，房地产产业链相关的建材、有色、钢铁跌幅也较大。最终上证指数下跌11.01%，深证成指下跌16.42%，创业板指下跌18.56%。从申万一级行业来看，煤炭、综合、公用事业行业表现较好，其中煤炭是唯一上涨的行业，上涨0.97%，而建筑材料、电力设备、电子等行业下跌幅度达到或接近20%。三季度对市场影响较大的主要是以下几个因素，一是美国通胀高企、美元持续加息、美元指数和美债收益率不断创新高打压全球市场估值，人民币持续贬值也对国内货币政策独立性形成挑战；二是经济恢复缓慢，房地产销售数据大幅下滑，新冠疫情在全国各地散发对消费产生较大影响；三是中报之后，市场预期高景气的行业下半年业绩增速难以保持；四是俄乌冲突、美国对中国科技产业制裁等不确定因素对市场情绪形成冲击。本基金以绝对收益策略为主，在股票方面，行业配置相对均衡，三季度增加了地产、医药等股票配置，同时继续自下而上积极寻找具有自身成长逻辑的中小市值个股。债券方面，本基金主要以高等级信用债票息策略为主。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:42.621Z","fund":{"_id":3000000009691,"__csrcFundId":7871,"stockCode":"009691","name":"国泰浩益混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9691,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:50.808Z","status":"normal","exchange":"jj","shortName":"国泰浩益混合A","inceptionDate":"2020-08-10T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050010000,"currency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从2020年底的负数快速上升至10月的13.5%，随后在国内的限价政策下商品价格大幅回落。煤炭、化工、有色等价格驱动型行业个股在商品价格驱动下走出大幅上涨行情。本基金以绝对收益策略为主，在股票配置方面，成长、消费、金融、周期方面相对均衡，一方面在景气行业中寻找优质标的，同时自下而上积极选择具有自身成长逻辑的中小市值个股。本基金还积极地参与科创板、创业板、主板的新股配售，债券方面主要以高等级信用债票息策略为主，取得了较好收益。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:42.614Z","mo":"12月的中央经济工作会议指出，2022年我们面临需求收缩、供给冲击、预期转弱的三重压力。在需求收缩方面，包括内需和外需都面临一定压力。消费在预期转弱的情况下，边际消费倾向不会出现大幅回升。出口受近两年海外疫情影响，中国承接了大量全球订单，表现较好，但2022年可能难以持续。固定资产投资方面，制造业投资和基建投资相对平稳，房地产投资在恒大事件后面临较大压力。虽然政策给了房地产很大的支持，但难以改变整个行业周期下行的格局。我们判断2022年上半年还是经济弱、政策松的格局，一季度货币信用会出现双宽松的局面，但指数总体波动的空间比较有限，风格方面总体偏向低估值的中小市值股票。一季度随着稳增长的预期升温，预计前期滞涨的传统经济相关股票表现会相对占优。虽然年初以来市场出现了一定幅度的调整，但全年来看，我们会继续关注光伏、风电、电动车、半导体、军工、新材料等高景气赛道的机会，如果股价调整下来，同时公司业绩增速满足我们的要求，也是比较好的布局机会。同时我们会积极关注传统行业中基本面受益于疫情恢复，有望低位回升的行业。另外我们也会结合自下而上的研究，选择有自身成长逻辑的个股。债券方面，我们继续维持配置短久期高评级信用债，采用持有到期的票息策略。","fund":{"_id":3000000009691,"__csrcFundId":7871,"stockCode":"009691","name":"国泰浩益混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9691,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:50.808Z","status":"normal","exchange":"jj","shortName":"国泰浩益混合A","inceptionDate":"2020-08-10T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浩益混合","setUpDate":"2020-08-10T16:00:00.000Z","setUpAssetScale":718388429.67,"setUpShares":718388429.67,"pinyin":"gthyhhxzqtzjj","managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰浩益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=710417","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccea7fea5b3eb04d098c","date":"2021-09-29T16:00:00.000Z","stockId":3000000009691,"sao":"今年三季度以来，市场仍然维持了结构分化的趋势，周期股表现强势，消费医药下跌，从市值风格来看，中小市值股票表现较强，大市值较弱。最终上证指数微跌0.64%，深证成指下跌5.62%，创业板指下跌6.69%，中证500上涨4.34%，中证1000上涨4.54%，国证2000上涨7.61%。从申万一级行业来看，采掘、公用事业、有色金属行业涨幅较大，医药、休闲服务、食品饮料等行业出现较大幅度下跌。三季度国内政策面以“宽货币、紧信用”为主，市场保持了较好的流动性。在全球流动性充裕、产能周期导致供给受限、需求复苏的情况下，大宗商品价格出现了较大幅度的上涨，三季度国内动力煤和焦煤期货主力合约价格分别大涨86.9%和77.1%,大部分能源、化工、有色和黑色金属产品期货价格都出现了不同幅度的上涨。而且此次大宗商品价格的上涨是全球性的，不仅是中国，欧美的能源供给都出现了问题。上游原材料价格大幅上涨，给中游制造业带来较大压力，同时由于疫情的持续影响，整体消费数据表现较差，因此市场表现出了上游板块大涨，其它板块大部分下跌的情况。本基金以绝对收益策略为主，三季度对持仓结构持续进行调整，阶段性地参与了有色、煤炭、化工等周期行业个股的行情。本基金还积极地参与科创板、创业板、主板的新股配售，债券方面主要以高等级信用债票息策略为主，取得了较好收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:42.611Z","fund":{"_id":3000000009691,"__csrcFundId":7871,"stockCode":"009691","name":"国泰浩益混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9691,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:50.808Z","status":"normal","exchange":"jj","shortName":"国泰浩益混合A","inceptionDate":"2020-08-10T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰浩益混合","setUpDate":"2020-08-10T16:00:00.000Z","setUpAssetScale":718388429.67,"setUpShares":718388429.67,"pinyin":"gthyhhxzqtzjj","managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰浩益18个月封闭运作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=657194","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccea7fea5b3eb04d098b","date":"2021-06-29T16:00:00.000Z","stockId":3000000009691,"sao":"上半年沪深两市冲高回落后，展开反弹，继续保持了明显的结构性差异，中小市值风格明显占优。最终上证指数上涨3.4%，深证成指上涨4.78%，创业板指上涨17.22%。从申万一级行业来看，电气设备、钢铁、化工行业涨幅较大，家电、非银金融、军工、房地产等几个行业跌幅明显。上半年经济延续了“稳货币、紧信用”的政策，市场保持了较好的流动性，银行间DR007保持在2.2%左右，这是支持市场走强的一个基本要素。我们认为，由于全球范围内疫情的反复，各国短期内难以收缩流动性，同时全球通胀的上行，部分源于疫情造成的供给收缩，也不支持欧美的政策转向。二季度10年美债收益率从1.74%回调到1.47%,也反映了短期市场流动性难以收缩的预期。支持市场走强的另一个因素，我们认为还是中国的比较优势。在疫情的影响下，中国的新能源车、光伏、半导体等行业得到了更快的发展；同时，疫情影响了化工、有色等周期行业的供给，叠加行业自身周期，使产品价格快速上涨，企业利润大幅增长。本基金以绝对收益策略为主，上半年对持仓结构持续进行调整，主要增持了光伏、锂电池、疫苗、半导体等行业个股，同时阶段性的配置了煤炭、化工等价格驱动型股票。本基金还积极地参与科创板、创业板、主板的新股配售，债券方面主要以高等级信用债票息策略为主，取得了较好收益。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:42.608Z","mo":"展望下半年，一个确定性的事情是中国和欧美主要国家的新冠疫苗接种将达到较高的比例，那么其经济增长也会进一步恢复，流动性收紧的预期又会加强，美联储Taper和加息预期可能又会起来，10年美债收益率可能再次回升。但我们判断，经济修复是一个缓慢的过程，政策收缩的节奏也是一个渐进的过程，对市场的冲击应该也是阶段性的。7月初，央行下调了存款准备金率0.5个百分点，显示了短期对于经济恢复仍然不乐观。从A股市场来看，虽然经过上半年的估值修复，行业之间的差距仍然巨大，我们判断后续仍然会呈现结构性的行情。但由于部分景气行业和个股二季度涨幅较大，已经透支了未来2-3年的盈利预期，我们也要谨慎对待。基于以上判断，我们下半年权益仓位继续保持稳定，继续自下而上寻找景气行业和个股机会，规避估值脱离基本面的品种。在新能源车、光伏、半导体等行业，行业整体景气度较高，但部分公司股价已经反应了其基本面变化，需要寻找预期差较大品种以及紧密跟踪其变化；在风格上，我们判断中证500仍然会强于沪深300。债券方面，我们维持配置短久期高评级信用债，采用持有到期的票息策略。","fund":{"_id":3000000009691,"__csrcFundId":7871,"stockCode":"009691","name":"国泰浩益混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9691,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:50.808Z","status":"normal","exchange":"jj","shortName":"国泰浩益混合A","inceptionDate":"2020-08-10T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050010000,"currenc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