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济增长目标大概率能够完成。结构上看，四季度各个增长动力仍旧处于放缓阶段中，读数上大多与市场预期略有差距，一方面是需求端特别是内需方面并未看到太多亮点，另一方面可能是体现了政策端对于经济增长读数的态度，“追求实实在在、没有水分的增长”。总量政策在四季度也并未明显加力，各个重要会议的定调也体现出了政策定力，下一个重要的政策窗口可能在26年“两会”前后。四季度，债券市场走势的核心仍旧并非当期经济读数，机构行为、资金流向的影响更加重要，赎回费新规等结构性因素不断扰动市场，债券收益率先下后上。具体操作上，四季度继续维持组合的中性偏低久期水平。权益市场方面，2025年四季度A股宽基指数整体呈现“先抑后扬、震荡上行”的节奏：10月中旬先跌、四中全会前后快速反弹，11月中下旬出现一轮“权重与成长同步回撤”的调整，12月“先跌后涨”，多数宽基指数收涨，其中以中证500与创业板指的阶段性弹性更强，而红利与微盘相对偏弱；行业层面，10月下旬TMT强势回归、周期材料跟随走强，11月广泛回撤后，12月国防军工、通信与材料再度领涨，消费（尤其食品饮料）相对偏弱；至年末，主流宽基估值分位普遍较上年末抬升，反映市场情绪与风险偏好的修复。具体操作上，组合在季度内权益资产配置上略高于基准，并且在季度内进行了两次较大的择时；行业配置上高配有色，电子，基础化工等方向，同时操作过程中关注组合回撤的风险管理，通过个股止盈止损操作实现整体组合的回撤控制。","lastUpdated":"2026-03-09T13:36:49.367Z","fund":{"_id":3000000009718,"__csrcFundId":8363,"stockCode":"009718","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9718,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:57:17.501Z","status":"normal","name":"招商增浩混合型证券投资基金","shortName":"招商增浩混合(009718)","exchange":"jj","inceptionDate":"2020-11-30T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商增浩混合","setUpDate":"2020-11-30T16:00:00.000Z","setUpAssetScale":433196315.43,"setUpShares":433196315.43,"pinyin":"zszhhhxzqtzjj","managers":[{"stockCode":"8801407407","stockType":"fund_manager","exchange":"fm","tickerId":250610167270,"name":"姚飞军"},{"stockCode":"db20911870","stockType":"fund_manager","exchange":"fm","tickerId":1219232680,"name":"林澍"}]},"announcement":{"linkText":"招商增浩混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1457391","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccf17fea5b3eb04d113f","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000009718,"sao":"宏观经济读数在三季度逐步下行，相较于上半年的表现显著趋弱，如果按照三季度经济增长读数线性外推，达成今年全年的经济增长目标并非毫无压力。拆分结构来看，虽然也存在不少结构性亮点，但整体上“三驾马车”均呈现出边际放缓的迹象，中美贸易摩擦不确定性持续存在，房地产销售与投资再度承压，多项补贴政策支撑消费数据相对平缓，政府债券发行也并未全部转化为实物工作量，年内再度加码总量政策的必要性在提升。具体在债券市场上，债券表现并未充分反映经济基本面的变化，影响收益率走势的更多是机构行为、资金流向等因素，三季度整体收益率水平处于震荡调整过程中，特别是长端收益率向上突破了数个关键整数关口，目前来看，考虑到股债“跷跷板”效应、“反内卷”的通胀预期、基金行业费率税率改革预期等，短期内债券市场较难再度回归至趋势性牛市状态，更可能围绕当前中枢做区间震荡。具体操作上，三季度大致维持了组合的中性偏低久期水平，转债部分随着过去一段时间的上涨逐步降低了仓位。权益市场方面，三季度宽基指数大幅上涨，深圳成指单季度上涨29.25%，市场在科技，有色，创新药等板块的带动下，呈现出很好的赚钱效应，投资机会明显；具体操作上，组合在权益资产配置上略高于基准，行业配置上超配科技和有色等方向，对组合有超额贡献；同时操作过程中关注组合回撤的风险管理，通过个股止盈止损操作实现整体组合的回撤控制。","lastUpdated":"2026-03-09T13:36:49.365Z","fund":{"_id":3000000009718,"__csrcFundId":8363,"stockCode":"009718","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9718,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:57:17.501Z","status":"normal","name":"招商增浩混合型证券投资基金","shortName":"招商增浩混合(009718)","exchange":"jj","inceptionDate":"2020-11-30T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商增浩混合","setUpDate":"2020-11-30T16:00:00.000Z","setUpAssetScale":433196315.43,"setUpShares":433196315.43,"pinyin":"zszhhhxzqtzjj","managers":[{"stockCode":"8801407407","stockType":"fund_manager","exchange":"fm","tickerId":250610167270,"name":"姚飞军"},{"stockCode":"db20911870","stockType":"fund_manager","exchange":"fm","tickerId":1219232680,"name":"林澍"}]},"announcement":{"linkText":"招商增浩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=1369855","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccf17fea5b3eb04d113e","date":"2025-06-29T16:00:00.000Z","stockId":3000000009718,"sao":"在“抢出口”等因素的支撑下，二季度国内GDP增速维持在5%以上，上半年表现高于全年目标，结合中美目前仍旧处于谈判的关键阶段，国内财政政策短期内仍有必要保持定力，而货币政策在此前超预期降准降息之后，短期内预计也将观察后续经济走势以及美联储未来几个月的操作节奏，整体上看政策的边际变化将更大程度受到外部环境的影响。对债券而言，收益率目前大体上处于低位震荡区间中枢附近，在基本面以及政策下一步变动之前，整体上缺乏趋势，波动因素更多受到资金面、机构行为、权益市场波动等因素影响。具体操作上，二季度在利率略有上行期间小幅增加了久期，但还是继续维持中性偏低水平；转债部分底仓均衡配置，含权资产的性价比相对更高，积极参与成长板块的结构性行情。权益方面，报告期内市场大幅波动，最终在指数上录得不错的上涨；结构上看，有色金属、创新药、机器人等方向都出现了比较好的投资机会；在具体操作方面，基金相对业绩基准整体上保持中等偏低的权益比例，在市场轮动过程中，进行轮动操作，电子、通信、医药生物、有色、银行为报告期内组合前五大持仓行业；整体上保持绝对收益投资思路，对组合进行严格止盈止损操作。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:49.362Z","mo":"展望下半年，房地产以及出口等方面成为经济增长的潜在压力点，政策对冲力度受到多方面因素的影响，但得益于上半年较好的增速表现，下半年完成增长目标的压力并不大，叠加央行可能再度操作降准降息，债券收益率或仍有一定下行空间，但更重要的可能是把握交易的节奏，久期中枢将保持中性偏低水平。可转债部分，经历过去一段时间的上涨之后，性价比有所降低，同样需要根据对权益市场的判断进行仓位调整与高低切换。权益方面，对下半年保持偏乐观的态度，虽然指数空间可能不大，但结构性机会可能仍然层出不穷；创新药、顺周期、人工智能、有色金属等方面仍然是组合重点关注的投资方向；在具体操作方面，组合继续保持中等仓位，行业配置上均衡配置，并且以绝对收益思路参与市场的投资。","fund":{"_id":3000000009718,"__csrcFundId":8363,"stockCode":"009718","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9718,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:57:17.501Z","status":"normal","name":"招商增浩混合型证券投资基金","shortName":"招商增浩混合(009718)","exchange":"jj","inceptionDate":"2020-11-30T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商增浩混合","setUpDate":"2020-11-30T16:00:00.000Z","setUpAssetScale":433196315.43,"setUpShares":433196315.43,"pinyin":"zszhhhxzqtzjj","managers":[{"stockCode":"8801407407","stockType":"fund_manager","exchange":"fm","tickerId":250610167270,"name":"姚飞军"},{"stockCode":"db20911870","stockType":"fund_manager","exchange":"fm","tickerId":1219232680,"name":"林澍"}]},"announcement":{"linkText":"招商增浩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=1338872","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccf17fea5b3eb04d113d","date":"2025-03-30T16:00:00.000Z","stockId":3000000009718,"sao":"今年以来，宏观经济有较为明显的企稳迹象，主要是去年四季度政策的推出对于经济的拉动正在逐步显现效果。另外，一季度出现抢出口的情形也在经济数据上有所体现，国内房地产市场在政策不断发力下，反弹的韧性显著强于过去几轮，整个一季度尤其是一线城市二手房成交都维持在相对高位。更重要的是，AI方面的突破给予市场信心，也拉动了相关领域的投资需求，这一点对于投资端的拉动也不容小觑。与此同时，我们看到海外的不确定性正在快速上升，美国的经济数据开始出现疲软迹象，就业、消费者信心、PMI都开始出现低于预期的情况。除了服务业周期开始有衰退的苗头外，特朗普政府不断推出的关税及外交政策也导致市场的信心大幅受挫，后续需要关注此类政策是否会带来全球性的衰退。总而言之，一季度经济的企稳是各方面都有所贡献，但其中哪些因素是短期的，哪些是真正长期可持续的，需要后续几个季度数据上进行观察。市场回顾：一季度债券市场收益率持续走高，10年期国债收益率从1.6%逐步上行至1.8%。一季度股票市场开年下跌，在春节后出现反弹，截至季度末，上证综指录得0.48%的跌幅，创业板指数下跌1.77%。基金操作回顾：2025年1季度，在组合操作上我们严格按照基金合同进行投资，权益与债券配置比例上以业绩基准作为锚定点进行相应的调整。权益部分，本基金在年初以红利加科技作为基本配置，并且在春节后择机增配了AI相关标的并在后续逐步卖出兑现，总体配置还是以寻找具备产业景气的行业作为主要投资方向，并注意止盈止损操作。债券部分，我们择机配置短久期的利率债和信用债，并进行部分资金的回购操作进行流动性管理。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:49.360Z","fund":{"_id":3000000009718,"__csrcFundId":8363,"stockCode":"009718","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9718,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:57:17.501Z","status":"normal","name":"招商增浩混合型证券投资基金","shortName":"招商增浩混合(009718)","exchange":"jj","inceptionDate":"2020-11-30T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商增浩混合","setUpDate":"2020-11-30T16:00:00.000Z","setUpAssetScale":433196315.43,"setUpShares":433196315.43,"pinyin":"zszhhhxzqtzjj","managers":[{"stockCode":"8801407407","stockType":"fund_manager","exchange":"fm","tickerId":250610167270,"name":"姚飞军"},{"stockCode":"db20911870","stockType":"fund_manager","exchange":"fm","tickerId":1219232680,"name":"林澍"}]},"announcement":{"linkText":"招商增浩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=1266831","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccf17fea5b3eb04d113c","date":"2024-12-30T16:00:00.000Z","stockId":3000000009718,"sao":"报告期内，宏观经济整体呈现“V\"字的格局。第一、二季度由于政策靠前发力，整体经济稳中向好，第三季度经济面临较大压力，在9月推出重大政策后四季度GDP超预期增长，全年实现GDP5%的目标。整体货币政策稳健偏宽松，全年降准降息落地，支持实体企业融资利率下降。消费保持一定韧性，投资较为平稳，出口结构有新的变化，房地产对经济的拖累依然较为明显。报告期内股票市场上涨明显，沪深300指数全年上涨14.68%。2024年的股票市场呈现出复杂多变的态势。在全球经济环境不确定性增加以及国内经济结构调整的大背景下，市场波动较为剧烈。尽管期间部分板块和个股有着亮眼表现，但整体市场的运行逻辑较为曲折，投资难度显著提升。债券市场全年走牛，受到降息影响，广谱利率进一步下行，全年十年期国债收益率从2.56%下降至1.68%。关于本基金的运作，本组合在运作过程中，一季度股票持仓相对业绩比较基准低配，同时在权益市场大幅下跌阶段进行小幅加仓；行业方向上在金、铜、原油等上游资源品、公用事业、工程机械及创新药等方向进行较重配置；二季度的资本市场，股票市场先涨后跌，万得全A下跌5.32%，上证指数下跌2.43%、红利指数上涨1.06%，大类操作上保持相对业绩基准更高仓位，主要是观察到市场的风险偏好从前期低点正慢慢修复；在行业配置上，增配红利、黄金、电子通信，类杠铃策略进行配置；三季度的资本市场，股票市场先跌后涨，且涨幅较大，万得全A上涨17.68%，上证指数上涨12.44%、红利指数上涨4.10%，基于组合一惯性绝对收益的角度考虑，组合在大涨之后降低了权益配置；具体配置方向上，银行、电子、家电和有色方向是组合配置主方向，组合整体上偏向均衡策略，取得相对稳健的效果；四季度万得全A上涨1.62%，上证指数上涨0.46%、红利指数下跌-1.21%，由于权益市场经过大幅上涨，整体对于后续市场判断为震荡整理，组合权益仓位季度内中性偏低，并且在季度末适当降低权益配置。债券部分，由于资产荒的逻辑长期存在，组合以高等级信用债作为基础配置，同时综合运用久期策略和杠杆策略来提升组合收益。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:49.357Z","mo":"展望2025年，整体经济运行仍然平稳，“以旧换新”政策对消费形成支撑，一线城市房地产销售有所修复，高科技行业取得重大突破。未来的贸易政策可能对出口形成压制，但是中国制造业的优势较为明显，可以对冲部分影响。股票市场在去年有着不错表现，今年的预期仍然偏乐观。基于对市场的判断，在2025年的组合操作上，我们将继续秉持绝对收益的投资理念，权益仓位整体保持中性偏高，并根据市场变化灵活调整。在行业配置方面，我们将采取均衡配置与重点布局相结合的策略。一方面，持续关注科技、消费、周期等核心赛道，挖掘其中的优质投资机会；另一方面，积极关注新兴产业的发展动态，如人工智能应用场景拓展、新能源汽车智能化升级、生物医药创新等领域，提前布局具有成长潜力的细分行业。在行业轮动操作上，我们将密切跟踪宏观经济数据、政策导向和行业基本面变化，把握行业轮动的节奏。当某个行业的基本面出现拐点或政策利好时，及时加大配置比例；当行业估值过高或基本面出现恶化迹象时，果断减持或退出。同时，更加注重操作过程中的止盈策略，设定合理的止盈目标，在达到目标时及时锁定收益，避免因市场回调导致收益回吐。 债券部分，在控制信用风险的前提下，积极进行信用债的配置，利用各种可能有的利差来增强组合的收益率，现阶段短端性价比优于长端，长端的波段价值大于配置价值。","fund":{"_id":3000000009718,"__csrcFundId":8363,"stockCode":"009718","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9718,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:57:17.501Z","status":"normal","name":"招商增浩混合型证券投资基金","shortName":"招商增浩混合(009718)","exchange":"jj","inceptionDate":"2020-11-30T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商增浩混合","setUpDate":"2020-11-30T16:00:00.000Z","setUpAssetScale":433196315.43,"setUpShares":433196315.43,"pinyin":"zszhhhxzqtzjj","managers":[{"stockCode":"8801407407","stockType":"fund_manager","exchange":"fm","tickerId":250610167270,"name":"姚飞军"},{"stockCode":"db20911870","stockType":"fund_manager","exchange":"fm","tickerId":1219232680,"name":"林澍"}]},"announcement":{"linkText":"招商增浩一年定期开放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=1248921","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccf17fea5b3eb04d113b","date":"2024-09-29T16:00:00.000Z","stockId":3000000009718,"sao":"报告期内，美联储降息落地；国内方面，央行释放宽松预期，降准降息降低存量房贷利率，一线城市限购限售政策进一步优化。回顾三季度的资本市场，股票市场先跌后涨，且涨幅较大，万得全A上涨17.68%，上证指数上涨12.44%、红利指数上涨4.10%。报告期内，基于组合追求绝对收益的考虑，组合保持相对低比例的权益配置，在季度末权益市场出现大幅上涨异动时，组合进行了小幅加仓；具体配置方向上，银行、电子、家电和有色方向是组合的主要配置方向；组合管理上，整体上偏向较为均衡策略，同时进行及时的止盈和止损策略，取得先对稳健的效果。债券投资方面，由于市场风险偏好提升，债券利率受到影响上行，尤其是信用债受到季末资金面收紧和赎回的双重影响，调整幅度更大。组合在报告期内主动压缩久期，保证组合流动性。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:49.354Z","fund":{"_id":3000000009718,"__csrcFundId":8363,"stockCode":"009718","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9718,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:57:17.501Z","status":"normal","name":"招商增浩混合型证券投资基金","shortName":"招商增浩混合(009718)","exchange":"jj","inceptionDate":"2020-11-30T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商增浩混合","setUpDate":"2020-11-30T16:00:00.000Z","setUpAssetScale":433196315.43,"setUpShares":433196315.43,"pinyin":"zszhhhxzqtzjj","managers":[{"stockCode":"8801407407","stockType":"fund_manager","exchange":"fm","tickerId":250610167270,"name":"姚飞军"},{"stockCode":"db20911870","stockType":"fund_manager","exchange":"fm","tickerId":1219232680,"name":"林澍"}]},"announcement":{"linkText":"招商增浩一年定期开放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=1169514","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccf17fea5b3eb04d113a","date":"2024-06-29T16:00:00.000Z","stockId":3000000009718,"sao":"2024年上半年股票市场波动较大，市场在不同风格之间出现严重分化。上半年经济亮点主要在出口和部分上游大宗品，消费和房地产板块疲软，后续需要等待拐点出现。在此期间我们整体上保持股票仓位中等偏下位置，其中2月份之前考虑到市场的不确定性，持仓处于低配；2月份市场探底之后，我们大幅提高仓位；在结构上我们把握住了有色金属与电网设备等板块的机会，取得较好效果。需要检讨的是，低利率及经济转型调整导致高分红板块出现了波澜壮阔的投资机会，而我们在这部分配置有所不足。2024年上半年利率持续下行，长债赚钱效应明显，优质信用债的利率下行幅度大于利率债。在流动性持续宽松和资产荒的大背景下，市场对优质资产的追逐情绪高涨。组合在严控组合债券违约风险的前提下，对优质资产进行重点配置，同时利用期限利差和同品种债券不同类型的配置提升了组合整体的静态收益率。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:49.352Z","mo":"展望下半年，国内坚持走高质量发展道路，房地产表述积极，保交楼仍是主要任务，防止房价过快下行造成的尾部风险。国内的货币政策仍然维持宽松，短端利率维持低位。国外降息预期提升，大选结果初定，美国对华关税提升成为较大的风险点。股票市场方面：经济机构性调整导致市场呈现波动较大特点，结构性投资机会持续存在，因此结构选择重要性远大于仓位的高低；我们会考虑股票持仓保持在中性状态，努力寻找结构机会，同时在组合管理过程中以绝对收益思路应对，寻找高风险调整后收益的机会，进行严格的止盈止损操作；具体方向选择上还是高分红与科技方向作为配置基本盘，同时关注总量经济方面的变化。债券市场方面：由于资金面的预期仍然比较稳定，所以短端的资金利率还会维持低位。因为债券市场的资产荒局面还在加剧，因此安全系数比较高的资产还会持续被市场青睐。未来要紧跟货币政策，谨防货币政策转向的风险。","fund":{"_id":3000000009718,"__csrcFundId":8363,"stockCode":"009718","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9718,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:57:17.501Z","status":"normal","name":"招商增浩混合型证券投资基金","shortName":"招商增浩混合(009718)","exchange":"jj","inceptionDate":"2020-11-30T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商增浩混合","setUpDate":"2020-11-30T16:00:00.000Z","setUpAssetScale":433196315.43,"setUpShares":433196315.43,"pinyin":"zszhhhxzqtzjj","managers":[{"stockCode":"8801407407","stockType":"fund_manager","exchange":"fm","tickerId":250610167270,"name":"姚飞军"},{"stockCode":"db20911870","stockType":"fund_manager","exchange":"fm","tickerId":1219232680,"name":"林澍"}]},"announcement":{"linkText":"招商增浩一年定期开放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=1147473","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccf17fea5b3eb04d1139","date":"2024-03-30T16:00:00.000Z","stockId":3000000009718,"sao":"报告期内，美国经济和通胀数据超预期，使得美国降息预期再次降温，带动美债利率上升；国内方面，央行超预期降低LPR，MLF维持不动，汇率维持稳定，进出口数据持续向好，制造业投资旺盛，PMI数据升至荣枯线以上。回顾一季度的资本市场，股票市场先跌后涨，万得全A下跌2.85%、上证指数上涨2.23%、红利类指数表现亮眼。报告期内，股票持仓相对业绩比较基准低配，同时在权益市场大幅下跌阶段进行小幅加仓；行业方向上在金、铜、原油等上游资源品，公用事业，工程机械及创新药等方向进行较重配置。债券投资方面，由于央行超预期降息，加上一季度债券供给较少，债券需求旺盛，利率出现了比较大幅度的下行，信用利差也进一步压缩，组合在报告期内利用信用债的配置来获得债券收益。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:49.349Z","fu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，前期净值有较好表现，但市场巨大波动导致在从六月开始净值出现较为明显的回撤；整个组合在运作过程中，本质上是以绝对收益思路进行投资，因此对于大类仓位配置，行业均衡性，个股止损止盈都进行较为细致的考虑。2023年上半年债券市场先跌后涨，随着居民储蓄规模和理财规模的不断扩大，债券市场收益率稳步下行，组合在报告期内通过提高组合的静态收益率和提高组合杠杆来提高组合收益率。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:49.341Z","mo":"展望2023年下半年，将继续实施积极的财政政策和稳健的货币政策，积极扩大内需，大力推动现代化产业体系建设，对经济形成有力支撑。股票市场方面：权益市场下半年相对上半年将处于更为有利的位置，相对于上半年投资主线单一的情况，下半年的市场将更为均衡。在投资策略上，下半年权益仓位将更为积极，三季度机会更多来源于总量经济方向，而四季度更看好成长方向的机会。债券市场方面：由于上半年债券的赚钱效应很好，下半年机构有强烈的止盈冲动，叠加经济预期稳中向好，可以阶段性的降低杠杆和久期，为利率调整后的加仓做准备。","fund":{"_id":3000000009718,"__csrcFundId":8363,"stockCode":"009718","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9718,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:57:17.501Z","status":"normal","name":"招商增浩混合型证券投资基金","shortName":"招商增浩混合(009718)","exchange":"jj","inceptionDate":"2020-11-30T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商增浩混合","setUpDate":"2020-11-30T16:00:00.000Z","setUpAssetScale":433196315.43,"setUpShares":433196315.43,"pinyin":"zszhhhxzqtzjj","managers":[{"stockCode":"8801407407","stockType":"fund_manager","exchange":"fm","tickerId":250610167270,"name":"姚飞军"},{"stockCode":"db20911870","stockType":"fund_manager","exchange":"fm","tickerId":1219232680,"name":"林澍"}]},"announcement":{"linkText":"招商增浩一年定期开放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=958564","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccf17fea5b3eb04d1135","date":"2023-03-30T16:00:00.000Z","stockId":3000000009718,"sao":"报告期内，美国爆发硅谷银行风险事件，美联储加息预期放缓；国内方面，经济疫后修复效果明显，央行继续降准释放宽松信号。回顾一季度的资本市场，债券市场在资产荒、货币宽松预期的情况下，利率有所下行，其中信用债的下行幅度大于利率债。股票市场，板块机会突出，万得全A上涨6.47%，上证指数上涨5.94%、通信、传媒、计算机板块涨超30%。报告期内，基于对权益宽基指数震荡整理的判断，组合权益仓位整体保持中性；行业配置上，整体上保持较为均衡态势，对于季度内出现的“中特估”与人工智能相关板块的投资机会，组合进行一定比例的超配，取得了较好的超额收益。债券投资方面，报告期内组合通过靠提高静态来提高组合收益率。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:49.338Z","fund":{"_id":3000000009718,"__csrcFundId":8363,"stockCode":"009718","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9718,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:57:17.501Z","status":"normal","name":"招商增浩混合型证券投资基金","shortName":"招商增浩混合(009718)","exchange":"jj","inceptionDate":"2020-11-30T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商增浩混合","setUpDate":"2020-11-30T16:00:00.000Z","setUpAssetScale":433196315.43,"setUpShares":433196315.43,"pinyin":"zszhhhxzqtzjj","managers":[{"stockCode":"8801407407","stockType":"fund_manager","exchange":"fm","tickerId":250610167270,"name":"姚飞军"},{"stockCode":"db20911870","stockType":"fund_manager","exchange":"fm","tickerId":1219232680,"name":"林澍"}]},"announcement":{"linkText":"招商增浩一年定期开放混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=882288","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccf17fea5b3eb04d1134","date":"2022-12-30T16:00:00.000Z","stockId":3000000009718,"sao":"2022年股票市场震荡下行，宽基指数和部分行业虽然有阶段性投资机会，但从整体上看全年各宽基指数都录得较大负收益。我们在上下半年采取不同的资产配置策略，上半年整体上保持较低权益仓位运作，下半年整体上中性偏高仓位进行运作。其中一季度采取震荡下行式波段操作策略，取得较好效果；而四月份到六月份，市场开启了大幅反弹行情，组合继续以小幅反弹对待，仓位没有提升，导致反弹时的表现较为一般；三季度开始，股票市场持续下跌，管理人在市场下跌过程中增加对权益资产配置，最终在大类资产配置上有一定的超额收益。行业选择方面，管理人在管理期内采用相对均衡策略，从回顾看，这是2022年组合操作上存在问题的地方，熊市市场本源上看可以提供给投资者的行业机会及有效投资时间是非常有限的，因此在熊市阶段选择均衡投资策略也是低概率和低胜率的策略。在个股选择方面，组合有相对的超额收益。值得反思的地方是：我们对于权益资产在上半年较低仓位，下半年仓位有所提升，整体判断是熊市市场，但在行业配置上又采用了明显与熊市判断相背离的行业均衡策略，在策略考虑方面存在一定的瑕疵。2022年可转债市场全年下跌，中证转债指数下跌10.02%，组合转债仓位全年维持在低位，主要是由于前期转债估值较高导致转债的配置价值下降。2022年债券市场先涨后跌，2022年四季度理财的大幅度赎回给债券市场造成了较大冲击。银行理财重仓的银行永续债和二级资本债利率大幅度上行，银行表内资金偏好的利率债波动相对较小。组合在四季度加仓银行永续债和二级资本债，提高组合的静态收益率。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:49.336Z","mo":"展望2023年，2022年底政策出台的力度超预期，可以支撑2023年经济缓慢复苏。国内的货币政策仍然维持宽松，货币政策仍可期待。国外方面，美国衰退预期持续，美联储年内是否降息仍需观察。地缘形势仍然复杂，谨防黑天鹅事件发生。股票市场方面：展望2023年，市场的涨跌幅及波动情况可能是2022年的镜像，这种状况客观上来源于宏观政策的持续加码以及企业业绩边际改善但又受到复苏力度的边际约束。宏观政策会推动市场形成不断上涨脉冲，而基本面的复苏压力又会导致市场剧烈波动。在具体行业层面，我们认为股票市场上很难出现单行业的持续强势状态，更多是不同行业在不同阶段的轮番表现。在组合操作上我们偏向以绝对收益的思路操作，权益仓位整体保持中性偏高，在不同阶段会考虑进行行业轮动操作，同时更注重在操作过程中的止盈。可转债方面：转债的性价比有所提升，但是估值水平仍然较高。由于板块间的分化加大，要注重个券挖掘。债券市场方面：由于今年经济弱复苏的进程会持续全年，长端利率债难有趋势性机会，有利率过调后的交易性机会。与此同时，由于部分信用债有很高的性价比，所以高票息加杠杆仍然是较优的策略。","fund":{"_id":3000000009718,"__csrcFundId":8363,"stockCode":"009718","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9718,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:57:17.501Z","status":"normal","name":"招商增浩混合型证券投资基金","shortName":"招商增浩混合(009718)","exchange":"jj","inceptionDate":"2020-11-30T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商增浩混合","setUpDate":"2020-11-30T16:00:00.000Z","setUpAssetScale":433196315.43,"setUpShares":433196315.43,"pinyin":"zszhhhxzqtzjj","managers":[{"stockCode":"8801407407","stockType":"fund_manager","exchange":"fm","tickerId":250610167270,"name":"姚飞军"},{"stockCode"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与此同时，国内投资、消费事实上尚未完全恢复，政策使用也是非常克制，存在发力和改善的空间。鉴于以上判断，我们认为下半年政策环境相比于上半年有一定收紧的风险，尤其是美债实际利率的回升可能改变全球资产定价的水位，高估值资产将面临压力。具体到A股市场，我们认为今年整体涨盈利、杀估值，震荡市、结构市的格局不变。核心矛盾在于成长风格相对于价值风格、部分行业相对于全市场、龙头公司相对于行业其他公司的估值溢价在历史最高位附近，隐含的中长期预期较为充分，在宏观环境出现边际变化时，难免出现大幅波动。本组合下半年在权益方面主要关注两个方向，第一个方向是可能的宏观边际收紧导致现有核心资产下跌所带来的波段性机会，这一块的投资机会需要个券的选择及耐心的等待；第二个方向为符合国家政策导向的科技，智能制造等方向推动所形成的投资机会。债券方面，三季度的资金面预期分歧较大，同时由于三季度地方债供给会上升，因此债券市场的不确定因素在增多。长期来看，优质资产的稀缺仍然是主要矛盾，所以对债券市场并不悲观。整体上看，组合仍然以高信用资质的品种配置为主。","fund":{"_id":3000000009718,"__csrcFundId":8363,"stockCode":"009718","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9718,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:57:17.501Z","status":"normal","name":"招商增浩混合型证券投资基金","shortName":"招商增浩混合(009718)","exchange":"jj","inceptionDate":"2020-11-30T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商增浩混合","setUpDate":"2020-11-30T16:00:00.000Z","setUpAssetScale":433196315.43,"setUpShares":433196315.43,"pinyin":"zszhhhxzqtzjj","managers":[{"stockCode":"8801407407","stockType":"fund_manager","exchange":"fm","tickerId":250610167270,"name":"姚飞军"},{"stockCode":"db20911870","stockType":"fund_manager","exchange":"fm","tickerId":1219232680,"name":"林澍"}]},"announcement":{"linkText":"招商增浩一年定期开放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=631218","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccf17fea5b3eb04d112d","stockId":3000000009718,"sao":"今年以来，全球经济继续从疫情冲击中逐步恢复，美国的刺激政策进一步提高了通胀预期，进而抬高利率中枢。中国经济继续改善，政策回归中性，总体上内外形势均有利于盈利改善而不利于估值提升。股票方面，随市场预期无风险收益率上行，我们对组合标的相应进行调整，按以下三条主线进行布局：一是继续坚守好公司尤其是低PEG的成长型公司，二是受益于经济活动恢复的板块，如航空、酒店等；三是受益于再通胀和利率回升的防御板块，如银行等。转债方面，估值整体缺乏债底保护，策略上更多从自下而上选择转股溢价率合理的个券。债券方面，资金面在春节前出现了阶段性的紧张，春节后整体充裕，债券市场的短端利率下行较快，长端利率偏震荡。同时受到信用事件的影响，机构对信用资质的审查更加严格，所以信用利差的扩大仍在继续。本组合在策略上采用中短久期高评级的策略，在信用风险可控的前提下为组合带来更好的收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:49.318Z","fund":{"_id":3000000009718,"__csrcFundId":8363,"stockCode":"009718","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9718,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:57:17.501Z","status":"normal","name":"招商增浩混合型证券投资基金","shortName":"招商增浩混合(009718)","exchange":"jj","inceptionDate":"2020-11-30T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商增浩混合","setUpDate":"2020-11-30T16:00:00.000Z","setUpAssetScale":433196315.43,"setUpShares":433196315.43,"pinyin":"zszhhhxzqtzjj","managers":[{"stockCode":"8801407407","stockType":"fund_manager","exchange":"fm","tickerId":250610167270,"name":"姚飞军"},{"stockCode":"db20911870","stockType":"fund_manager","exchange":"fm","tickerId":1219232680,"name":"林澍"}]},"announcement":{"linkText":"招商增浩一年定期开放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=571527","linkType":"PDF","source":"csrc_pdf"}}]}