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ncy":"CNY","masterFundShortName":"国联景颐6个月持有混合","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":1032046658.99,"setUpShares":1032046658.99,"pinyin":"gljy6gycyqhhxzqtzjj","managers":[{"stockCode":"db20774823","stockType":"fund_manager","exchange":"fm","tickerId":1825206140,"name":"茹昱"},{"stockCode":"db20791966","stockType":"fund_manager","exchange":"fm","tickerId":102412217440,"name":"靳晓龙"}]},"announcement":{"linkText":"国联景颐6个月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=1275831","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddf7fea5b3eb04e1141","date":"2024-12-30T16:00:00.000Z","stockId":3000000010683,"sao":"权益方面，本基金全年持仓主要集中在两个方向，一类是以低估值高股息类资产，以银行、公用事业、建筑为主，另一类是精选成长性和估值相匹配的个股作为组合的重要部分，重点配置了大消费、医药、汽车、机械制造业等板块，全年权益仓位中性偏高，低估值高股息类资产对权益资产的收益贡献显著，组合其他部分，如前三季度持仓占比较高的消费和医药板块，给组合带来了一定的收益拖累，汽车、机械制造业等板块整体对组合有一定的正面贡献。债券方面，报告期内债券收益率全面下行。具体来看利率节奏，一季度债市降息预期升温，股市大幅调整，央行降准0.5个百分点落地，政府债供给节奏缓慢，十年国债下至2.24%。4月银行理财规模超季节性增长，资产荒驱动利率下行，但央行表态对长期收益率的关注，4月底债市出现一次较大幅度的调整。5月债市降息预期升温，资产荒再次主导整体收益率下行，信用利差持续压缩。7月初30年国债下至2.40%，央行宣布借入并卖出国债。7月22日央行降息，8月初30年国债下至2.30%，央行下场卖出长期限国债并限制过度交易行为，债市大幅回调，信用债出现一波赎回负反馈冲击。9月存量房贷下调与广谱利率下降预期助推30年国债走强，9月24日央行宣布一揽子降准降息政策并创设支持股市的政策工具，9月26日中央政治局会议引发政策全面转向预期，股市风险偏好大幅抬升，债市大幅回调，信用债再次出现赎回负反馈冲击。11月初特朗普当选，财政部公布12万亿化债方案，但央行推动同业活期存款自律管理，债市配置盘在11月初也下场，长债收益率整体震荡下行。11月下旬地方债供给担忧解除，市场抢跑跨年行情并提前交易2025年降息空间。12月初非银同业存款管理引发存单利率大幅下行，10年国债下破2.0%。12月9日政治局会议提出“适度宽松的货币政策”、“加强超常规逆周期调节”，降息空间打开，市场机构一致交易至少40bp的降息空间，10年国债最低下至1.66%。债券操作方面，我们根据债券市场变化不断动态优化组合结构，以中高等级信用债票息策略为主，灵活参与利率债的波段交易，合理进行组合仓位和久期管理，保持了良好的组合流动性水平。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:47.258Z","mo":"展望2025年，我们认为中国经济将延续温和恢复态势。中性预期下，预计2025年GDP增长4.5-5.0%左右。内需作为慢变量，总体变数不大。具体来看，最终消费预计平稳增长，以旧换新政策将继续支撑消费增长，但居民杠杆率较高及收入增长预期较低，都限制了消费潜在增长的空间；基建投资有望保持较高增速，财政积极的走向已经明确，中央仍是加杠杆主力；制造业投资将保持韧性，设备更新政策与新质生产力支持政策都将构成支撑；房地产投资总体上尚未出现回暖迹象，但部分热点城市可能阶段性止跌回稳。从外需看，特朗普贸易政策存在较高不确定性，外需对总需求的影响变数较大。通胀方面，预计CPI温和回升；PPI的回升受国际因素影响，仍存不确定性。政策方面，总体政策表述更为积极，货币政策定调适度宽松，存在较大的降准降息空间；财政政策更加积极，中性预期赤字率在4%左右，政府债净融资规模或在15-16万亿左右，且发行节奏相比2024年更为提前。权益市场策略方面，从绝对收益的角度来看，我们对2025年权益市场谨慎乐观，核心的逻辑就是，政策面的持续发力，最终会带来宏观经济基本面的改善，企业盈利相对较弱的状态最终会有所改善，在经济基本面持续改善的过程中，市场会持续交易复苏的逻辑，叠加全市场整体估值处于相对较低的状态，市场的重心大概率会上移。相较于市场方向，结构分化将会是2025年权益市场的关键，过去三年偏向于防御的权益资产配置风格有可能会迎来改变，成长类资产、顺周期类资产的表现预计会出现改善，本基金会适度优化持仓结构，在以稳健类资产为核心持仓以外，会适度增配内需消费和科技成长两条主线。债市市场策略方面，低利率环境下投资者倾向于拉长久期博弈，尤其是对于央行货币宽松节奏的交易，债市总体波动将加剧，可积极把握波段操作机会。我们需要密切关注经济复苏的进程、财政政策发力效果、政府债供给与机构配置节奏的变化，观察货币政策是否出现边际变化，届时我们会灵活谨慎操作组合。","fund":{"_id":3000000010683,"__csrcFundId":8475,"stockCode":"010683","shortName":"国联景颐6个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10683,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:26.930Z","status":"normal","name":"国联景颐6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-26T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联景颐6个月持有混合","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":1032046658.99,"setUpShares":1032046658.99,"pinyin":"gljy6gycyqhhxzqtzjj","managers":[{"stockCode":"db20774823","stockType":"fund_manager","exchange":"fm","tickerId":1825206140,"name":"茹昱"},{"stockCode":"db20791966","stockType":"fund_manager","exchange":"fm","tickerId":102412217440,"name":"靳晓龙"}]},"announcement":{"linkText":"国联景颐6个月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=1246855","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddf7fea5b3eb04e1140","date":"2024-09-29T16:00:00.000Z","stockId":3000000010683,"sao":"权益方面，三季度市场先跌后涨，9月底政策面出现了明显的积极变化，9月份以前市场内市场演绎的是偏防守的投资策略，投资的主线集中在高股息的大市值公司，比如银行、石油石化、煤炭、公用事业等行业，但在9月底以创业板、科创板为代表的指数出现了大幅上涨，表现领先的行业也从过去的防御板块转向进攻板块，证券、芯片、新能源、白酒等板块表现较为突出。本基金持仓相对较为均衡，持仓的一部分集中在高股息低估值的个股上，如银行、公用事业、家电等板块的细分标的，同时自下而上选择有一定的成长型且估值相对合理的个股作为增强，在三季度适度增加了对医药板块的配置，成长方向的持仓以大消费、医药、汽车为主。四季度我们判断市场以结构性为主的机会，在经历了快速上涨过后，需要耐心等待基本面的兑现，11月份面临的外部不确定性因素仍在，我们会在市场震荡的过程中，逐步提高持仓的权益占比，同时降低防御板块的配置，提高顺周期板块的占比，使组合更加平衡，同时我们也会不断跟踪经济基本面的动态变化，及时优化组合结构。债券方面，报告期内债券收益率先下后上，波动加大，利率债表现优于信用债，高等级信用债优于低等级。具体来看利率节奏，7月初30年国债下至2.40%，央行通过宣布借入并卖出国债等手段引导长债收益率回升。7月22日央行转向全面降息，30年国债下行突破2.40%，长久期信用债受化债政策影响出现大幅下行。8月初30年国债下至2.30%，央行开始下场卖出长期限国债并限制了过度交易行为，债市大幅回调，市场活跃度减弱，公募债基负债端出现变数，信用债出现一波赎回负反馈冲击，直到8月底才稳定下来。9月债市继续交易货币宽松预期，存量房贷下调与广谱利率下降预期助推30年国债持续走强，9月24日央行突发宣布一揽子降准降息政策并创设支持股市的政策工具，9月26日中央政治局会议引发政策全面转向预期，股市风险偏好大幅抬升，债市再次大幅回调，信用债再次出现赎回负反馈冲击。债券操作方面，报告期内我们根据债券市场变化不断动态优化组合结构，配置品种以中高等级信用债、商业银行次级债为主，灵活参与了长端利率债的波段交易，合理进行组合仓位和久期管理，保持了良好的组合流动性水平。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:47.256Z","fund":{"_id":3000000010683,"__csrcFundId":8475,"stockCode":"010683","shortName":"国联景颐6个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10683,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:26.930Z","status":"normal","name":"国联景颐6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-26T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050820000,"currency":"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":"国联景颐6个月持有期混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1069733","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddf7fea5b3eb04e113d","date":"2023-12-30T16:00:00.000Z","stockId":3000000010683,"sao":"权益方面，我们年初以顺周期资产为主要持仓，二季度在基于经济复苏动能减弱的判断下，组合在行业及个股的集中度上进行了一定分散，降低市场剧烈轮动对组合的影响，更多从自下而上的角度出发优选个股，下半年继续优化组合结构，一方面以食品饮料、家电和公用事业为代表的偏价值板块，另一类是以电子、机械、医药为代表的成长板块，持仓结构相对均衡，全年仓位中性偏高。债券方面，报告期内债券收益率全面下行。具体来看，1-2月，利率品在经济复苏强预期的压力下，表现欠佳。3-6月债市在经济增长不及预期、存款利率下调、降准降息落地等因素共同推动下，表现较好。7月底政治局会议召开，总体表态超出市场预期，债市出现一定的调整。8月，资金面宽松，央行超预期降息，债市明显走强。9月，稳增长政策密集出台，特别是地产调控政策放松力度超市场预期，叠加资金利率不低、供给增量、风险偏好扰动等因素共同影响下，债市出现了一定的调整，中短端收益率上行幅度更大。10-11月，债市收益率整体震荡上行，短端收益率上行幅度大于长端，主要原因包括特殊再融资债密集式发行、财政部增发一万亿国债并上调全年财政赤字等。12月月初收益率曲线中短端压力仍大，中旬以后债市走出中短端修复行情，主要受到年底稳增长政策低于市场预期、经济金融数据走弱，央行加大净投放力度、财政资金回流、大行调降存款利率等利多因素驱动，机构抢跑“开门红”行情，各期限收益率快速下行。债券操作方面，我们根据债券市场变化不断动态优化组合结构，以中高等级信用债票息策略为主，灵活参与利率债的波段交易，合理进行组合仓位和久期管理，保持了良好的组合流动性水平。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:47.248Z","mo":"展望2024年，我们认为中国经济将延续温和修复态势，但斜率不高，预计2024年GDP增长4.5-5.0%左右。内需作为慢变量，总体变数不大，最终消费预计平稳增长，基建投资、制造业投资将保持韧性，房地产投资继续对经济形成一定程度的拖累。具体来看，消费改善预计主要依靠服务消费，居民杠杆率较高及收入增长预期较低，都限制了消费潜在增长的空间；基建投资预计增长5-6%左右，财政积极的走向已经明确，中央仍是加杠杆主力；目前地产政策效果有限，地产周期仍在下行寻底，预计地产投资下滑幅度在-10%到-5%区间。从外需看，全球制造业还在下行、目前难言反转，美国经济如何着陆的预期也存在分歧，出口恢复的不确定性较高，外需对总需求的影响变数较大。通胀方面，预计CPI温和回升，中枢有望回到1%附近；PPI的回升受国际因素影响，仍存不确定性。政策方面，政策思路预计以宽财政、货币配合、化债、金融强监管、货币防空转为主线。货币政策方面，预计降准降息均有可能，降准概率大于降息，若美联储降息超预期，则进一步双降的空间会被打开。社融预计维持10%附近的较高增速，仍以政府债作为主要支撑。权益市场方面，经过两年的市场调整，整体权益资产的估值较低，性价比突出，叠加2024偏暖的宏观政策环境，权益资产有望出现结构性机会，本基金仍然坚守自下而上选股，寻求性价比突出的个股标的。债券市场方面，从短期看，债券市场焦点集中在对货币宽松的交易，投资者倾向于拉长久期博弈，预计短期债市低位震荡、波动加剧；从中期看，目前市场对经济过于悲观，但财政发力前置，供给压力预计对债市会形成扰动；地方化债推进、复苏动力不强等主线逻辑不变，资产荒格局延续，债市仍具备较多机会，可积极把握波段操作机会。债券策略上，我们需要密切关注经济复苏的进程、稳增长落地落实效果，观察货币政策是否出现边际变化，届时我们会灵活谨慎操作债券仓位。","fund":{"_id":3000000010683,"__csrcFundId":8475,"stockCode":"010683","shortName":"国联景颐6个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10683,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:26.930Z","status":"normal","name":"国联景颐6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-26T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联景颐6个月持有混合","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":1032046658.99,"setUpShares":1032046658.99,"pinyin":"gljy6gycyqhhxzqtzjj","managers":[{"stockCode":"db20774823","stockType":"fund_manager","exchange":"fm","tickerId":1825206140,"name":"茹昱"},{"stockCode":"db20791966","stockType":"fund_manager","exchange":"fm","tickerId":102412217440,"name":"靳晓龙"}]},"announcement":{"linkText":"国联景颐6个月持有期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=1055544","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddf7fea5b3eb04e113c","date":"2023-09-29T16:00:00.000Z","stockId":3000000010683,"sao":"权益方面，三季度整体市场表现较弱，由于宏观政策相对友好，顺周期性板块整体表现有超额收益，而代表成长方向的新能源、TMT、军工机械等跌幅较大。债券市场收益率在三季度先下后上，市场预期出现变化的点在于7月24日召开的政治局会议，会议提到了加大政策调控力度、逆周期调节、房地产政策优化等内容，对于经济增长的诉求提升，政策的方向和力度开始有所变化。后续8月、9月货币政策虽然进行了降息降准的操作，但是整体并未扭转收益率震荡上行的趋势。整体上来看，短端上行幅度大于长端，曲线走平，利率债方面，1年期国债上行33bp至2.17%，10年期国债上行3bp至2.68%。本基金在三季度权益方面的行业配置相对均衡，前期以电力设备、机械、食品饮料、电子、建筑等板块持仓相对较多，季度末适度增持了食品饮料、家电等板块的持仓，四季度经济将进入到基本面验证期，经济基本面以修复为主，由于经济复苏并非一蹴而就，本基金将会适度控制仓位，持续精选具备成长潜力的细分板块和个股。固收部分三季度的操作专注以获取稳定的票息收益为目标，配置了中高等级信用债。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:47.245Z","fund":{"_id":3000000010683,"__csrcFundId":8475,"stockCode":"010683","shortName":"国联景颐6个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10683,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:26.930Z","status":"normal","name":"国联景颐6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-26T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联景颐6个月持有混合","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":1032046658.99,"setUpShares":1032046658.99,"pinyin":"gljy6gycyqhhxzqtzjj","managers":[{"stockCode":"db20774823","stockType":"fund_manager","exchange":"fm","tickerId":1825206140,"name":"茹昱"},{"stockCode":"db20791966","stockType":"fund_manager","exchange":"fm","tickerId":102412217440,"name":"靳晓龙"}]},"announcement":{"linkText":"国联景颐6个月持有期混合型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=984451","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddf7fea5b3eb04e113b","date":"2023-06-29T16:00:00.000Z","stockId":3000000010683,"sao":"今年上半年以来，经济基本面在疫情后整体呈现先强后弱的特点，权益市场整体也在年初反弹后分歧加大、震荡下行。一季度中，科技股在人工智能技术突破的背景下大幅跑赢市场，另一方面，受益于基建托底、国企估值重估等因素，央国企也迎来了显著上涨，而同时，消费、医药、新能源等板块则出现了大幅回调，体现了明显的存量资金市场下参与者对短期因素的交易行为不断增加。进入二季度后，由于经济恢复出现了一定反复，地产、居民部门、企业投资都出现一定低于预期的状况，顺周期、消费等板块出现分歧，市场对于行业、主题、政策等博弈呈现出进一步加剧的态势。股债跷跷板效应仍在存在，上半年债券市场收益率先上后下，信用利差有所压缩，表现好于利率。利率债方面，1年期国债下行23bp至1.87%，10年期国债下行20bp至2.64%，1年期国开下行14bp至2.09%，10年期国下行22bp至2.77%，曲线走平。信用债方面，以短融中票为例，1年期AAA信用债下行24bp至2.47%，3年期AAA下行39bp至2.78%。权益部分，组合在一季度中一方面基于看好中国经济在疫情放开后复苏的趋势，配置了受益于消费场景复苏的食品饮料及消费医疗等，另一方面基于投资端回升配置了部分地产链、通用机械等板块，并优选其中竞争优质较强、估值合理的个股。二季度，在基于经济复苏动能减弱的的判断下，组合在行业及个股的集中度上进行了一定分散，降低市场剧烈轮动对组合的影响，更多从自下而上的角度出发优选个股。固收部分的配置依然以票息策略为主，二季度增加了利率债的配置，提升了组合久期。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:47.242Z","mo":"权益方面三季度会适度增加政策鼓励方向的行业配置，适度增加受益于经济修复预期的个股机会，如消费，机械，汽车等领域，四季度我们将紧盯宏观数据的验证，根据具体的状况做资产和行业的配置。对于债券市场，资金面与政策取向依然影响债券走势的主要因素。短期来看，宏观经济处于复苏进程中，对长债形成压制，市场关注的重点落在增量刺激政策及效果。债券市场的趋势性行情减弱，震荡格局延续时间更长，下半年会坚持以票息策略为主的同时，关注利率债波段交易的机会。","fund":{"_id":3000000010683,"__csrcFundId":8475,"stockCode":"010683","shortName":"国联景颐6个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10683,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:26.930Z","status":"normal","name":"国联景颐6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-26T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联景颐6个月持有混合","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":1032046658.99,"setUpShares":1032046658.99,"pinyin":"gljy6gycyqhhxzqtzjj","managers":[{"stockCode":"db20774823","stockType":"fund_manager","exchange":"fm","tickerId":1825206140,"name":"茹昱"},{"stockCode":"db20791966","stockType":"fund_manager","exchange":"fm","tickerId":102412217440,"name":"靳晓龙"}]},"announcement":{"linkText":"中融景颐6个月持有期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=959594","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddf7fea5b3eb04e113a","date":"2023-03-30T16:00:00.000Z","stockId":3000000010683,"sao":"权益方面，一季度主要行业的涨跌分化较大，科技股在AI主题的的引领下表现强势，另外受益于基建回升的央国企表现也较为突出，过去几年公募基金重仓的板块如电力设备新能源、消费、医药表现则相对落后，我们相对看好中国经济向好的趋势，将更多的资产配置在和经济活动关联较为密切的行业，一方面是看好消费场景的修复，如食品饮料、消费医疗，另一方面也看好投资领域的回升，如房地产产业链、通用机械等领域，尽管这些细分行业在一季度股价并非一帆风顺，但我们认为随着中国经济的持续回升，企业的订单、销售、盈利都会迎来新的上升通道，股价阶段性影响因素比较复杂，但最终会回到企业基本面。债券方面，收益率先上后下，年初是收益率低点。1-2月市场受制于疫后经济复苏及风险偏好的抬升，进入3月，复苏斜率有所放缓，央行进行降准释放长期流动性，叠加海外银行风险事件影响，收益率震荡下行。报告期内，组合在债券方面的配置依然以票息策略为主，辅以利率债波段交易，权益方面则继续坚守价值投资的风格，在合理的价格基础上，选择具备持续高质量增长能力的公司。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:47.240Z","fund":{"_id":3000000010683,"__csrcFundId":8475,"stockCode":"010683","shortName":"国联景颐6个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10683,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:26.930Z","status":"normal","name":"国联景颐6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-26T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联景颐6个月持有混合","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":1032046658.99,"setUpShares":1032046658.99,"pinyin":"gljy6gycyqhhxzqtzjj","managers":[{"stockCode":"db20774823","stockType":"fund_manager","exchange":"fm","tickerId":1825206140,"name":"茹昱"},{"stockCode":"db20791966","stockType":"fund_manager","exchange":"fm","tickerId":102412217440,"name":"靳晓龙"}]},"announcement":{"linkText":"中融景颐6个月持有期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=884622","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddf7fea5b3eb04e1139","date":"2022-12-30T16:00:00.000Z","stockId":3000000010683,"sao":"2022年对于权益和债券市场都是较为艰难的一年，在过去一年我们看到了很多和过去经验中完全不一样的变化，比如俄乌冲突，可能是绝大多数投资者在从业经历中前所未见的国际环境，能源结构的变化，酝酿了很多潜在的风险，但期间也诞生了很多大级别的细分行情，比如光伏逆变器、储能以及油运，但这些机会并不会存在于经典书籍或者过去的经验之中，它更多地考验的是你的研究广度和深度，以及先人一步的逻辑思考。过去一年，我们身处在国内外不同步的经济周期中，海外的通胀和加息，国内经济增速的放缓，形成了较为显著的反差，期间汇率的变化，美元的周期，外资的流入流出，疫情变化给A/H股带来了很大的压力，全年除了极少数行业能够实现正收益，绝大部分行业表现不景气，从全年来看，我们在新能源、医药以及汽车行业中获得了一定的收益，但在我们相对擅长的消费品行业中，则付出了较大的代价。债券市场在过去一年的表现也具有戏剧化，利率债全年保持震荡，信用利差在最后2个月大幅走阔，表现弱于利率。过去一年，组合固收部分的操作依然以票息策略为主，同时择机进行了波段操作，较好的分享了债券市场的上涨。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:47.237Z","mo":"今年权益方面我们是相对偏乐观一些，固收部分则以提供稳健票息收益为目标。过去一年我们整体对权益的仓位压低在中等偏下一些的水平，但在2023年，我们想可能是中等偏上一些的水平，一是我们对经济是抱有积极乐观的观点，房地产行业在修复，消费也会有修复，A股市场预计仍然会有比较强的结构性机会，二是A股的估值整体是比较低的，股债相对价值方面，股票的吸引力会更强，今年整体上是一个承前启后的一年，往后预计会越来越好，我们也会坚持我们既定策略，优化资产配置，贯彻价值投资并做好风险控制，力争为投资者贡献稳健收益。","fund":{"_id":3000000010683,"__csrcFundId":8475,"stockCode":"010683","shortName":"国联景颐6个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10683,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:26.930Z","status":"normal","name":"国联景颐6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-26T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联景颐6个月持有混合","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":1032046658.99,"setUpShares":1032046658.99,"pinyin":"gljy6gycyqhhxzqtzjj","managers":[{"stockCode":"db20774823","stockType":"fund_manager","exchange":"fm","tickerId":1825206140,"name":"茹昱"},{"stockCode":"db20791966","stockType":"fund_manager","exchange":"fm","tickerId":102412217440,"name":"靳晓龙"}]},"announcement":{"linkText":"中融景颐6个月持有期混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/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5年期下行15BP。配置上，面临复杂的形势，结合产品的回撤控制，我们上半年在权益仓位和行业布局上进行了积极调整，整个上半年我们相对不利的因素是一季度整体仓位偏高一些，但我们4月份对仓位进行了调整，整个4月份运行仓位偏低，也部分降低了净值回撤，并且在4月底我们观察到国内疫情好转之时，对仓位和持仓风格都进行了优化，显著提高仓位和增加成长板块的配置权重，整个上半年风电光伏、汽车、医药对整个组合有比较大的正面贡献。债券部分依然保持了中性久期，较好的分享了市场市场上涨带来的收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:47.231Z","mo":"在国内经济大概率稳步恢复和海外经济持续下行的背景下，中国资产的性价比显著提升，我们对权益下半年的表现谨慎乐观，由于5-6月份整个权益市场演绎了显著的风险偏好提升的估值抬升行情，下半年在业绩兑现方面将会显得尤为关键，能够具备持续增长的绩优业绩公司有望在结构性行情中领先，在风格方面，预计会相对更加均衡，本基金将会坚持均衡持仓，坚持在合理估值基础上，深挖业绩能够持续增长的板块和个股，持续努力给持有人创造优良回报。","fund":{"_id":3000000010683,"__csrcFundId":8475,"stockCode":"010683","shortName":"国联景颐6个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10683,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:26.930Z","status":"normal","name":"国联景颐6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-26T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联景颐6个月持有混合","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":1032046658.99,"setUpShares":1032046658.99,"pinyin":"gljy6gycyqhhxzqtzjj","managers":[{"stockCode":"db20774823","stockType":"fund_manager","exchange":"fm","tickerId":1825206140,"name":"茹昱"},{"stockCode":"db20791966","stockType":"fund_manager","exchange":"fm","tickerId":102412217440,"name":"靳晓龙"}]},"announcement":{"linkText":"中融景颐6个月持有期混合型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=783346","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddf7fea5b3eb04e1136","date":"2022-03-30T16:00:00.000Z","stockId":3000000010683,"sao":"2022年，经济增速与政策取向博弈成为主导一季度债券市场行情的主要影响因素。债券市场收益率先下后上再下，短端表现好于中长端，曲线变陡，国债好于国开，具体来看，10年期国开上行5bp至3.04%，3年国开上行4bp至2.62%，1年国开下行5bp至2.28%。信用债整体以上行为主，略有分化，信用利差有所拉大。3年AAA上行16bp至3.11%，AA+上行18bp至3.29%，AA下行13bp在3.57%。一季度权益主要指数表现较弱，行业板块市场风格分化明显，价值风格明显优于成长，传统周期板块明显优于新兴成长板块，这是过去三年以来一次显著的风格切换，从中长期角度来看，目前主要指数板块的估值已经具备一定的吸引力，大幅下行的空间有限，但短期市场更加关注通胀问题、美国货币紧缩问题以及疫情的进展，在这些核心关注的因素未能有效好转之前，市场更倾向于一种相对低风险偏好的方式运行，我们的选股将会倾向于以下三个方面：一是和稳增长相关的行业板块，如金融、地产、建筑建材，另一方面是疫情受损板块的左侧布局机会，三是高质量的价值成长板块和个股。在配置上，一季度权益倾向于相对合理或较低估值，较为坚实的板块及个股基本面和总体仓位的合理控制，去应对目前相对复杂的全球政治经济环境。债券部分，依然以利率债和中高等级信用债为主。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:47.229Z","fund":{"_id":3000000010683,"__csrcFundId":8475,"stockCode":"010683","shortName":"国联景颐6个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10683,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:26.930Z","status":"normal","name":"国联景颐6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-26T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联景颐6个月持有混合","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":1032046658.99,"setUpShares":1032046658.99,"pinyin":"gljy6gycyqhhxzqtzjj","managers":[{"stockCode":"db20774823","stockType":"fund_manager","exchange":"fm","tickerId":1825206140,"name":"茹昱"},{"stockCode":"db20791966","stockType":"fund_manager","exchange":"fm","tickerId":102412217440,"name":"靳晓龙"}]},"announcement":{"linkText":"中融景颐6个月持有期混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=724705","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddf7fea5b3eb04e1135","date":"2021-12-30T16:00:00.000Z","stockId":3000000010683,"sao":"2021年权益市场在经济增速下行和社融增速回落的背景下，呈现了较为显著的结构性分化。全年来看，新能源、周期资源品表现相对领先，而消费、传统价值类股票表现则显著落后，本基金在2021年全年致力于均衡配置，以追求自下而上的个股超额收益为主要方向，在高端制造领域、新能源领域获得了一定的绝对回报，而消费和价值大盘类行业给组合带来了一定的负面影响。我们全年始终坚守在估值合理的基础上去追求个股和板块的回报，进而达到资产的动态平衡，在四季度显著降低了新能源及高端制造领域的仓位，去更多地将股票资产配置集中到稳增长和超跌的消费类行业上面，对于本基金来说，2021年是相对比较困难的一年，较高的市场波动水平和“固收+”类产品特性形成了强烈的冲突，我们做了很多努力去适应这种波动趋势，后续仍将继续致力达成我们的目标。债券部分,2021年收益率以下行为主, 国债1年期下行25BP左右至2.24%，3-10年曲线平均下行40bp左右，10年国债下至2.78%。信用债市场表现强于利率债，信用利差压缩，以短融中票为例，1年期AAA下行35bp，AA+下行54bp，AA下行83bp；3年期AAA下行52bp，AA+下行76bp，AA下行56bp。本基金固收部分的配置依然以利率债和中高等级信用债为主。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:47.226Z","mo":"2022年，经济增速与政策取向或将成为未来主导债市行情的影响因素，宽货币政策明确，宽信用正在路上。短期来看，宏观经济对债券市场形成增量利好较为困难，市场关注的重点落在1季度社融数据的变化和结构。进入到下半年，则需重点关注经济数据的修复情况、猪价回升带动的通胀压力、海外宽松政策退出带来的扰动，债市或进入盘整阶段。总体而言，债券市场的趋势性行情减弱，震荡格局延续时间更长，多资产策略加持依然成为2022年的投资主题。权益市场，我们认为最重要的特征是重回均衡，核心的原因在于稳增长在经济中的重要性提升，房地产、基建、消费、制造业可能都会是重要的抓手，但平衡好长期前景和短期目标难度不小，对于股票投资，更要适应好这种变化可能带来的风格修正，我们在2022年将会重点关注稳增长的一些板块，比如房地产和房地产产业链，新老基建领域中的一些偏中长期的成长标的，同时我们也相对看好消费的逐步复苏，消费场景的重建，被压抑的消费需求存在潜在释放可能会带来较多的股票基本面修复的机会，当然对于新能源领域，我们倾向于寻找更好的估值出发点，尤其是产业链中的价格如果出现了新的平衡，可能会有进一步长期的投资机会到来。","fund":{"_id":3000000010683,"__csrcFundId":8475,"stockCode":"010683","shortName":"国联景颐6个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10683,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:26.930Z","status":"normal","name":"国联景颐6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-26T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联景颐6个月持有混合","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":1032046658.99,"setUpShares":1032046658.99,"pinyin":"gljy6gycyqhhxzqtzjj","managers":[{"stockCode":"db20774823","stockType":"fund_manager","exchange":"fm","tickerId":1825206140,"name":"茹昱"},{"stockCode":"db20791966","stockType":"fund_manager","exchange":"fm","tickerId":102412217440,"name":"靳晓龙"}]},"announcement":{"linkText":"中融景颐6个月持有期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=712694","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddf7fea5b3eb04e1134","date":"2021-09-29T16:00:00.000Z","stockId":3000000010683,"sao":"三季度权益市场整体呈现出结构性行情，大宗周期、新能源板块表现相对较好，而消费表现相对落后，整个三季度的宏观环境是经济增速逐步下行状态，而货币政策则相对温和，因此我们更看重景气度环比提升的行业，这些行业在下半年的行业配置中显得尤为重要，基金将权益资产主要配置在偏成长的新能源板块和业绩改善幅度较大的周期性板块，适度降低了消费品的持仓权重，整体组合中制造业权重比例有比较显著的上升，整体调仓取得了一些阶段性的成效，但整体组合的波动性也显著增强，我们会在四季度新的形势下逐步平衡组合的风险收益比，以期望有相对较为均衡的行业配置，力求从自下而上的阿尔发的角度实现权益资产的稳健增值。债券部分，本基金依然以利率债和中高等级信用债为主。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:47.223Z","fund":{"_id":3000000010683,"__csrcFundId":8475,"stockCode":"010683","shortName":"国联景颐6个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10683,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:26.930Z","status":"normal","name":"国联景颐6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-26T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联景颐6个月持有混合","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":1032046658.99,"setUpShares":1032046658.99,"pinyin":"gljy6gycyqhhxzqtzjj","managers":[{"stockCode":"db20774823","stockType":"fund_manager","exchange":"fm","tickerId":1825206140,"name":"茹昱"},{"stockCode":"db20791966","stockType":"fund_manager","exchange":"fm","tickerId":102412217440,"name":"靳晓龙"}]},"announcement":{"linkText":"中融景颐6个月持有期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=653040","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddf7fea5b3eb04e1133","date":"2021-06-29T16:00:00.000Z","stockId":3000000010683,"sao":"经济延续稳定复苏的态势，PMI持续在荣枯线以上，外需和地产依然是主要拉动。二季度GDP增速7.9%，较一季度的5%有所回升。上半年债券市场收益率先上后下，一季度流动性前紧后松，PPI持续高企，债券市场收益率震荡上行。进入二季度，受益于财政后置，地方债发行节奏不及预期，银行间流动性相对宽松，债券市场收益率应声而下。具体来看，1年期国债较年初下行7bp至2.43%，3年期国债下行10bp，5年期下行4bp，10年期下行10bp。信用债市场在二季度也有修复，AA+至AA品种下行更为明显，其中3年AA+和AA品种均下行25bp以上，AAA 等级下行10bp。权益方面，上半年科技、周期领涨，消费则明显落后，本基金保持了相对中性的权益仓位水平，适度降低了消费和金融的配置比例，增配了新能源、周期行业，持仓以电力设备、化工、金融和部分消费行业为主。债券部分依然以利率债为主。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:47.219Z","mo":"展望下半年，我们认为权益市场仍然会有结构性机会，尤其是下半年景气度环比提升的一些细分行业将会非常稀缺，比如新能源汽车、光伏、化工等领域。预计债券市场将依然维持震荡行情，下行有底，上行有顶，但仍需警惕下半年地方债发行节奏给市场带来的冲击。我们将会继续坚持严守估值安全边际，优选竞争格局良好且具备一定成长性的细分行业个股，努力为持有人创造超额回报。","fund":{"_id":3000000010683,"__csrcFundId":8475,"stockCode":"010683","shortName":"国联景颐6个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10683,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:26.930Z","status":"normal","name":"国联景颐6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-26T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联景颐6个月持有混合","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":1032046658.99,"setUpShares":1032046658.99,"pinyin":"gljy6gycyqhhxzqtzjj","managers":[{"stockCode":"db20774823","stockType":"fund_manager","exchange":"fm","tickerId":1825206140,"name":"茹昱"},{"stockCode":"db20791966","stockType":"fund_manager","exchange":"fm","tickerId":102412217440,"name":"靳晓龙"}]},"announcement":{"linkText":"中融景颐6个月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=632955","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddf7fea5b3eb04e1132","stockId":3000000010683,"sao":"一季度经济延续稳定复苏的态势，外需和地产依然是主要拉动。具体来看，一季度PMI持续在荣枯线以上，PPI持续走高。1-2月份全国规模以上工业企业实现利润总额11140.1亿元，同比增长1.79倍，比2019年同期增长72.1%，两年平均增长31.2%。1-2月固定资产投资累计同比增长35%，比19年同期增长3.5%，两年平均增长1.7%。地产保持了较强的韧性，地产投资同比增长38.3%，两年平均增长7.6%，制造业投资累计同比增长37.3%，两年平均下降3.4%，基建投资累计同比增长36.6%，两年平均下降1.6%。流动性方面，银行间市场前紧后松，资金成本略有上行,度债券市场先上后下。权益方面一季度市场经历了先涨后跌的过程，很多个股创下了近年来的最大回撤，我们产品的一些个股也经历了这样的大幅波动，对于权益市场，回撤在所难免也难以准确预测，其关键在于如何提前做好应对策略，我们一方面是做好个股的风险收益比评估，另一方面也会尽量让持仓风格均衡化，同时也会在权益仓位水平上做适时调整。总体上一季度我们保持了相对中性的仓位和相对分散的行业个股分布，主要持仓的行业为大消费、金融和制造业，我们仍然会坚守选股的原则，即行业竞争格局和个股核心竞争力，在市场震荡期，会更加关注估值因子，力求实现资产稳健增值。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:47.215Z","fund":{"_id":3000000010683,"__csrcFundId":8475,"stockCode":"010683","shortName":"国联景颐6个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10683,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:26.930Z","status":"normal","name":"国联景颐6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-26T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联景颐6个月持有混合","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":1032046658.99,"setUpShares":1032046658.99,"pinyin":"gljy6gycyqhhxzqtzjj","managers":[{"stockCode":"db20774823","stockType":"fund_manager","exchange":"fm","tickerId":1825206140,"name":"茹昱"},{"stockCode":"db20791966","stockType":"fund_manager","exchange":"fm","tickerId":102412217440,"name":"靳晓龙"}]},"announcement":{"linkText":"中融景颐6个月持有期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=569461","linkType":"PDF","source":"csrc_pdf"}}]}