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　　组合中与石油相关的资产表现较好，与AI相关的传统制造业也表现较好。我们对组合进行了一些再平衡，继续增持了传统制造业。对于市场担忧的成本问题，我们认为核心依然是行业的供需和盈利能力所处的位置。对于长期供需接近平衡、盈利能力低位的行业，我们认为成本大概率能顺利传导。而短期需求的负向冲击，我们认为反而更有利于行业长期的供需平衡，因为需求最终会均值回归，而这个过程中部分产能反而可能退出。整体上，我们依然在积极寻找产能投放接近尾声，供需逐步向好的制造业企业。我们也依然看好跟制造业相关的银行的价值回归，背后的核心逻辑依然是制造业可以提供更稳定的资产组合，降低了银行资产质量的尾部风险。 　　对债券市场我们依然维持中性看法。","lastUpdated":"2026-04-22T15:37:16.966Z","fund":{"_id":3000000009796,"__csrcFundId":8085,"stockCode":"009796","name":"大成汇享一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9796,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:59:29.141Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"大成汇享一年持有混合(009796)","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成汇享一年持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":455049891.19,"setUpShares":455049891.19,"pinyin":"dchxyncyqhhxzqtzjj","managers":[{"stockCode":"db20153975","stockType":"fund_manager","exchange":"fm","tickerId":242408130090,"name":"徐雄晖"}]},"announcement":{"linkText":"大成汇享一年持有期混合型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1478153","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd037fea5b3eb04d2563","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000009796,"sao":"经过3季度的上涨后，4季度沪深300指数表现平稳，债券市场略有调整，但长债收益率上行幅度更大。 　　经济层面，制造业投资进一步放缓，意味着供给的压力在持续下降。我们看好制造业中的优秀公司，过去几年这些公司受行业产能持续扩张的负面影响，但随着产能投放高峰的过去，这些企业内生的能力将得到更明显的体现。即使市场担忧的原材料价格和汇率问题，在供需好转的情况下，我们认为也可以传导。我们积极寻找估值不高，但行业供需形势好转的制造业龙头。过去一段时间的赚钱效应，让市场更乐于对具有想象力的行业进行远期定价。我们认为企业价值是长期现金流的贴现，对未来的定价更多地是影响了不同时期收益率的分布，如果货币政策没有持续加大宽松力度，这种微观上的乐观情绪会受到宏观流动性的抑制。 　　总体上，我们对权益市场保持乐观。由于供给的放缓，物价会有恢复的动能，我们对债券保持中性看法。转债市场估值偏高，我们相对谨慎。","lastUpdated":"2026-03-09T13:37:07.492Z","fund":{"_id":3000000009796,"__csrcFundId":8085,"stockCode":"009796","name":"大成汇享一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9796,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:59:29.141Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"大成汇享一年持有混合(009796)","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成汇享一年持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":455049891.19,"setUpShares":455049891.19,"pinyin":"dchxyncyqhhxzqtzjj","managers":[{"stockCode":"db20153975","stockType":"fund_manager","exchange":"fm","tickerId":242408130090,"name":"徐雄晖"}]},"announcement":{"linkText":"大成汇享一年持有期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=1458172","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd037fea5b3eb04d2562","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000009796,"sao":"三季度经济保持平稳，全球贸易冲突缓解，市场大幅上涨，其中沪深300涨幅17.9%，为近5年来表现最好的一个季度。而债券市场则明显调整。 　　在整体平稳的经济背景下，我们也看到了一些重要的结构性变化：与供给高度相关的制造业投资增速3季度以来明显下降。我们观察到越来越多的行业有望进入一个供需再平衡的阶段。这种状态下，企业盈利的可持续性将大幅增强，估值和企业价值也变得更可展望。根据这一变化，本季度我们对持仓进行了较大的调整。我们从以供给为核心转向寻找供需平衡行业中的领先企业。我们增加了部分医药和化工的细分龙头公司，核心的筛选标准包括：供给增速显著下降、已验证的差异化盈利能力以及盈利的可持续性，同时估值的标准也适当从PE向PEG倾斜。 　　三季度银行板块的下跌对我们的净值造成较大负面影响，但我们对银行的长期投资价值仍充满信心，尤其是其中一些优质的中小银行。市场对银行最大的偏见之一在于“风险后置”。主流观点认为“风险后置”是极其负面的。从大数定理来看，如果这一负面判定是成立的，那在银行业漫长的经营历史中，所有的银行都会破产，但实际上我们看到银行业的发展历史并不是这样的。“风险后置”本身是中性的，它只是加大了银行之间的分化。银行的经营不可避免地会面临风险，而优秀的银行控制风险的同时，还可以在未来通过更大的规模来摊薄风险。但是单纯为了摊薄历史风险而进行的规模扩张则会导致更大的困境。我们认为这一起点是银行分化的重要原因，也是我们选择银行股的重要标准。","lastUpdated":"2026-03-09T13:37:07.490Z","fund":{"_id":3000000009796,"__csrcFundId":8085,"stockCode":"009796","name":"大成汇享一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9796,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:59:29.141Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"大成汇享一年持有混合(009796)","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成汇享一年持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":455049891.19,"setUpShares":455049891.19,"pinyin":"dchxyncyqhhxzqtzjj","managers":[{"stockCode":"db20153975","stockType":"fund_manager","exchange":"fm","tickerId":242408130090,"name":"徐雄晖"}]},"announcement":{"linkText":"大成汇享一年持有期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=1376212","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd037fea5b3eb04d2561","date":"2025-06-29T16:00:00.000Z","stockId":3000000009796,"sao":"上半年整体经济保持平稳，关税的挑战阶段性地对经济带来一定扰动，但经济依然运行在稳中有进的趋势中。除了总量的稳定，经济也不乏结构性的亮点，科技的突破提升了市场信心，市场风险偏好显著提升。年初至6月30日，沪深300指数大致持平，中证2000指数涨幅超过15%。 　　组合方面，我们大致维持了银行板块的持仓比例，但在板块内部基于管理效率、资金成本、风险管理能力三方面的考虑对持仓进行了调整。其他板块中，基于供需关系的变化，我们增持了部分传统的制造业公司。这些传统的评价，某种程度上会减少竞争，但在风险偏好提升的市场环境中，这部分行业由于缺乏需求端的想象空间，股价短期表现乏善可陈，但我们对其长期股东回报充满信心。我们一直尝试理解经济转型期的市场，但客观地说目前市场定价的复杂程度依然超出了我们的预期。尤其是其中关于边际变化与企业价值、原因与理由的关系。在定价争夺日益激烈、信息反馈更加迅速的时期，如何平衡信息的广度和深度变得更加复杂，基于此本季度我们适当降低了仓位并适度提升了持股的集中度。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:07.487Z","mo":"我们依然坚定看好银行的投资价值。在资产收益率下行的过程中，整体银行的经营确实会面临更大的挑战，但银行是一个可以差异化经营的行业。能有效降低资金成本、提升经营效率的银行可以类比于行业底部仍然可以实现稳定盈利的周期股，应该给出更高的估值溢价。 　　信息是一把双刃剑，信息的密集会带来虚幻的安全感，放大股价的波动。但逆向的选股也并不会变得简单，反而需要我们对其商业模式的变化有更深刻的理解。目前市场整体情绪较高，但是依然有大量的公司估值或者业绩处于底部区间，除了当前的持仓，我们未来计划在这些板块和个股中积极储备投资机会。在复杂的环境中，我们希望以时间来积累研究的深度、以开放的心态来拓展研究的广度，以此为基础，力争为持有人贡献长期稳健的投资回报。 　　债券方面，我们认为不能过度线性外推价格的下跌，基于此我们对债券保持中性评价。","fund":{"_id":3000000009796,"__csrcFundId":8085,"stockCode":"009796","name":"大成汇享一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9796,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:59:29.141Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"大成汇享一年持有混合(009796)","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成汇享一年持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":455049891.19,"setUpShares":455049891.19,"pinyin":"dchxyncyqhhxzqtzjj","managers":[{"stockCode":"db20153975","stockType":"fund_manager","exchange":"fm","tickerId":242408130090,"name":"徐雄晖"}]},"announcement":{"linkText":"大成汇享一年持有期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=1346164","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd037fea5b3eb04d2560","date":"2025-03-30T16:00:00.000Z","stockId":3000000009796,"sao":"一季度以来经济保持平稳，科技的突破提升了市场信心，市场风险偏好提升，中小市值个股表现更好，红利相关板块反而略有下跌。债券市场对货币宽松预期过高，本季度调整明显。我们股票部分坚持“供给总体稳定，需求长期有增长，估值不高”的选股思路。但2025年以来短期需求的波动超出了我们的预期，并对持仓部分板块的股价造成了较大的压力。我们进一步审视了持仓不同板块的长期供求关系，对并组合进行了相应的调整。银行板块我们持仓比例总体稳定，但对板块内的持仓进行了调整，核心是基于公司经营的风险与估值的评估。由于长期供求不确定性的增加，我们减持了煤炭板块。同时我们增加了部分制造业公司的投资，这些公司普遍看起来过于“传统”，但在激烈的竞争环境中依然能保持优势，而“传统”的评价似乎也会在一定程度上减少竞争。我们对转债部分持仓进行了调整，减持了部分小盘转债，更多地向偏债性的转债倾斜。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:07.485Z","fund":{"_id":3000000009796,"__csrcFundId":8085,"stockCode":"009796","name":"大成汇享一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9796,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:59:29.141Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"大成汇享一年持有混合(009796)","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成汇享一年持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":455049891.19,"setUpShares":455049891.19,"pinyin":"dchxyncyqhhxzqtzjj","managers":[{"stockCode":"db20153975","stockType":"fund_manager","exchange":"fm","tickerId":242408130090,"name":"徐雄晖"}]},"announcement":{"linkText":"大成汇享一年持有期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=1275943","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd037fea5b3eb04d255f","date":"2024-12-30T16:00:00.000Z","stockId":3000000009796,"sao":"2024年，宏观经济总体稳定，政策愈发积极，市场层面虽有波动，但股债均有良好表现。　　股票部分，我们重点关注“供给稳定、需求有一定增长、估值不高”的行业，并在这一投资框架下，降低持仓行业之间基本面的相关性，以提升组合的稳定性。本年度，我们重点增加了银行板块的持仓。我们认为随着经济的转型，银行的宏观风险溢价已经发生明显变化，部分资产配置有优势的银行长期信用风险会逐步下降，从而估值得到修复。　　从基本的金融学原理而言，银行的DCF估值有其特殊性，其现金流终值的占比显著地大于其他行业。由于这种特点，银行的定价模式更类似于债券。当经济的驱动力由房地产转向制造业之后，制造业的分散性和行业内的对冲性将显著提升银行现金流终值的稳定性，从而体现出银行估值的修复。部分资产结构好的银行估值将率先实现修复。　　2024年我们阶段性地提升了债券久期，但随着4季度以来债券收益率明显地下行，我们一定程度上降低了该部分资产在久期上的风险暴露。我们增持了部分高票息、资产负债稳健的转债，我们认为该部分资产的信用风险和期权价值均被显著低估了。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:07.482Z","mo":"展望2025年，我们认为经济大致会保持平稳，但投资上的挑战可能并不轻松。随着投资者的范围的扩大，市场的定价日益多元化和复杂化。市场中充斥着大量的信息，区分资产价格波动中的“原因”和“理性”变得更加困难。世界格局不断重塑，正如狄更斯在《双城记》中所述“这是充满信心的年代，也是疑虑重重的时期”，机遇与挑战并存。我们将以谦逊的心态去拓展研究的广度、用时间去沉淀研究的深度，以期为持有人实现长期稳健的回报。","fund":{"_id":3000000009796,"__csrcFundId":8085,"stockCode":"009796","name":"大成汇享一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9796,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:59:29.141Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"大成汇享一年持有混合(009796)","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成汇享一年持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":455049891.19,"setUpShares":455049891.19,"pinyin":"dchxyncyqhhxzqtzjj","managers":[{"stockCode":"db20153975","stockType":"fund_manager","exchange":"fm","tickerId":242408130090,"name":"徐雄晖"}]},"announcement":{"linkText":"大成汇享一年持有期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=1256948","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd037fea5b3eb04d255e","date":"2024-06-29T16:00:00.000Z","stockId":3000000009796,"sao":"上半年市场走势分化，中小市值个股跌幅明显，部分经营稳健的大市值公司股价表现稳健。宏观层面和债券供需层面对债券市场较为有利，长端利率的扰动3月以来有所增加，收益率曲线陡峭化下行。　　股票部分，我们较大幅度地增持了银行板块。我们认为随着经济的转型，银行的宏观风险溢价已经发生明显变化，部分资产配置有优势的银行信用风险会逐步下降。同时为了保持仓位的大致稳定，我们对组合内其它个股略微减持了一定的比例。总体上，我们希望选择供给稳定、需求长期有增量、估值不高的板块进行组合配置，同时保持配置板块之间一定的不相关性。债券久期中枢有所降低。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:07.479Z","mo":"展望未来，我们认为现金流创造能力、股东回报以及估值在股票定价中的权重会日益增加，价值投资的内涵会变得更为深刻。具体板块层面，我们看好银行股的价值重估，过去十几年中银行股估值持续下降，但我们并不能把过去发生的事件简单当成永恒的常态。我们认为影响银行估值的宏观因素已经发生了明显的变化，部分资产配置良好的银行将率先实现估值和盈利的提升。同时，我们认为企业价值不仅仅是由边际的利润增速决定的，企业存量的资产负债表和良好的治理也是企业价值的重要体现，后一种定价逻辑更符合经营的常识。我们对过度定价边际利润增速变化、但资产负债结构不稳定的板块保持相对谨慎。","fund":{"_id":3000000009796,"__csrcFundId":8085,"stoc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盈利能力必然会导致竞争的加剧和利润率的回归。服装和家居行业与其他消费品类在竞争格局和估值上的背离，我们认为存在较大的投资机会。风电行业里，我们观察到组件价格的大幅下调带来的风电投资回报率的上升，以及未来装机大幅增长的潜力，我们相信行业内优质公司经历了需求、产品价格和成本等不利因素的洗礼后，有望再次走上成长的轨道。  我们希望通过定期地回顾，来总结投资中的经验与教训，以保持自己在投资中的坦诚。我们无法保证对市场的全知全能，但对于错失的投资机遇我们会反思是由于过往积累的不足还是只是市场阶段性的风险偏好的变化，对于前者我们会继续加强研究的积累，对于后者我们会保持对市场的敬畏。本期服装行业的投资给我们贡献了较好的收益。  固收部分，组合在3月货币政策取向更为明朗化之后，逐渐提升了组合久期。信用债投资方面，今年规避风险事件的原则是加大发行人自身的经营情况与债务负担在信用评估中的权重，弱化战略地位、外部支持等因素对信用资质的加持。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:07.443Z","mo":"展望下半年，整体而言，经济仍趋于放缓，不过国内政策仍留有回旋余地，失速风险不大。具体来说，货币端由于正常化的较早，仍有调节空间。财政政策方面，由于上半年政府债券发行节奏较慢，预算内赤字和地方政府债务限额仍剩余较多额度，可以部分对冲房地产行业管控和地方政府债务风险管理的影响。由于上半年经济增长回落较为明显，加上大宗商品价格上涨对企业经营产生了一定影响，7月的货币政策的调整出现的较预期更早一些，但政策取向的全面调整目前还面临着很多中期约束，可结合7月底的中央政治局会议来验证。  另外，海外政策也是影响资本市场的因素之一，美国对于应对疫情的政策对资本市场流动性和估值产生了巨大的影响。今年下半年，美联储预计将释放更清晰的有关于政策路径的信息。  下半年，国内的基本面和政策背景对债券市场相对有利，波动风险主要来自于资金面波动和债券市场微观杠杆率的上升。  对于权益市场来说，关于行业和选股，市场的偏好在不断地变化中。但不管市场风格如何变化，投资的最底层逻辑永远是一致的：“好资产+好价格”。阶段性的，市场会对这两个要素各有倾向。当前的市场状态下，市场更倾向于好资产，而对价格并不敏感，这造成了公认的好资产难有好的价格。但市场公认的好资产与未来收益率的高低并没有必然的联系。  我们非常感谢基金份额持有人的信任和支持，我们将按照本基金合同和风险收益特征的要求，严格控制投资风险，积极进行资产配置，适时调整组合结构，研究新的投资品种和挖掘投资机会，力争获得与基金风险特征一致的稳定收益回报给投资者。","fund":{"_id":3000000009796,"__csrcFundId":8085,"stockCode":"009796","name":"大成汇享一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9796,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:59:29.141Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"大成汇享一年持有混合(009796)","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成汇享一年持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":455049891.19,"setUpShares":455049891.19,"pinyin":"dchxyncyqhhxzqtzjj","managers":[{"stockCode":"db20153975","stockType":"fund_manager","exchange":"fm","tickerId":242408130090,"name":"徐雄晖"}]},"announcement":{"linkText":"大成汇享一年持有期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=636597","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd037fea5b3eb04d2551","stockId":3000000009796,"sao":"一季度，国内资金面先紧后松，整体资金价格在政策利率附近波动；1-2月信贷投放量较2020年同期多增，1-2月社融增速仍处于较高水平。欧美疫苗注射进度较快，叠加新一轮财政刺激方案通过，美国经济复苏确定性高，10年美国国债收益率上行至1.7%附近。  国内市场方面，受到美国经济复苏预期、金融因素和短期供需矛盾突出的推动，商品市场表现最好；其次是长久期利率债，以30年国债为例，取得了超过1%的持有期收益；权益市场表现最差，多数宽基指数有明显下跌。  本季度，本产品出现了一定回撤，权益部分进一步控制了股票仓位，也通过调结构增强防御性。债券部分久期和比例有所提升。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:07.439Z","fund":{"_id":3000000009796,"__csrcFundId":8085,"stockCode":"009796","name":"大成汇享一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9796,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:59:29.141Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"大成汇享一年持有混合(009796)","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成汇享一年持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":455049891.19,"setUpShares":455049891.19,"pinyin":"dchxyncyqhhxzqtzjj","managers":[{"stockCode":"db20153975","stockType":"fund_manager","exchange":"fm","tickerId":242408130090,"name":"徐雄晖"}]},"announcement":{"linkText":"大成汇享一年持有期混合型证券投资基金 2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=573993","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd037fea5b3eb04d2550","stockId":3000000009796,"sao":"2020年，疫情的发展演化和政府采取的应对政策是影响资本市场的主线。年初的疫情打断了经济自2019年四季度以来改善的趋势。中国以严格高效的隔离措施在较短时间内控制住了疫情，而海外疫情则贯穿全年。在经济政策方面，国内的政策力度相对海外温和得多。宽松的货币政策在二季度疫情基本得到控制之后即逐渐退出。海外疫情基本失控，但货币政策和财政宽松的力度很大。在这样的背景下，全球流动性充裕，权益市场延续了2019年的上涨，估值明显提升。由于疫情对于经济生活的影响和受益于贴现率的下降，长期经营确定性强的企业和长期增长趋势好的行业，如新能源和新能源车，估值提升最明显。债市方面，国内债券市场波动较大，1-4月，由于货币政策宽松，收益率快速下行；5-10月，随着资金利率的抬升，收益率快速上行；11月国企债信用违约事件对市场造成很大冲击，央行短期通过宽松政策部分对冲了影响，收益率在年底有所下行，全年来看，年底收益率较年初变化不大。  具体市场表现方面，权益市场整体上涨，但行业、个股的分化也很大，宽基指数层面沪深300指数上涨27%，创业板指数上涨65%；行业层面（以申万一级行业为例），表现最好的包括休闲服务、电气设备等，表现最差的行业全年仍是负收益。中证转债指数也仅上涨5%。纯债市场整体为震荡市，中债综合指数全年上涨3%。  在2020年，本产品继续以绝对收益为主要目标，维持了一定的权益仓位，并积极参与打新，获得了较好的超额收益。纯债部分仍以中高等级信用债为主。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:07.437Z","mo":"从2020年四季度开始，随着疫苗研发方面取得明显进展和疫苗接种的铺开，市场对2021年经济增长的预期提升，开始交易后疫情时代。海外，上半年预计仍维持宽松的政策，叠加全民接种疫苗，生产活动和消费服务行业有望逐渐趋近于正常，整体经济活动较2020年改善。国内方面，“不急转弯”的表述表明宏观政策会继续走向正常化，政策退出的节奏和幅度会明显影响经济的预期和市场表现。上半年，海外宽松可以部分对冲国内政策的退出。全年来看，美债收益率由于仍在低位，有一定上行压力，这对于部分全球定价资产的估值偏不利。  组合策略方面，组合将主要基于国内政策环境的变化，并综合考虑海外环境，动态调整权益资产的比例和结构以及组合久期，并严控信用风险。  我们非常感谢基金份额持有人的信任和支持，我们将按照本基金合同和风险收益特征的要求，严格控制投资风险，积极进行资产配置，适时调整组合结构，研究新的投资品种和挖掘投资机会，力争获得与基金风险特征一致的稳定收益回报给投资者。","fund":{"_id":3000000009796,"__csrcFundId":8085,"stockCode":"009796","name":"大成汇享一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9796,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:59:29.141Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"大成汇享一年持有混合(009796)","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成汇享一年持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":455049891.19,"setUpShares":455049891.19,"pinyin":"dchxyncyqhhxzqtzjj","managers":[{"stockCode":"db20153975","stockType":"fund_manager","exchange":"fm","tickerId":242408130090,"name":"徐雄晖"}]},"announcement":{"linkText":"大成汇享一年持有期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=553386","linkType":"PDF","source":"csrc_pdf"}}]}