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%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":"2026-03-09T13:41:23.139Z","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":3000000010834,"__csrcFundId":9084,"stockCode":"010834","shortName":"国泰同益18个月持有期混合(010834)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10834,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:57.563Z","status":"normal","inceptionDate":"2021-04-27T16:00:00.000Z","name":"国泰同益18个月持有期混合型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰同益18个月持有期混合","setUpDate":"2021-04-27T16:00:00.000Z","setUpAssetScale":134859899.36,"setUpShares":134859899.36,"pinyin":"gtty18gycyqhhxzqtzjj","managers":[{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"},{"stockCode":"j101020421","stockType":"fund_manager","exchange":"fm","tickerId":2625257620,"name":"张嫄"}]},"announcement":{"linkText":"国泰同益18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/disclose/instance_show_pdf_id.do?instanceid=866370","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece037fea5b3eb04e3817","date":"2022-09-29T16:00:00.000Z","stockId":3000000010834,"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":"2026-03-09T13:41:23.136Z","fund":{"_id":3000000010834,"__csrcFundId":9084,"stockCode":"010834","shortName":"国泰同益18个月持有期混合(010834)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10834,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:57.563Z","status":"normal","inceptionDate":"2021-04-27T16:00:00.000Z","name":"国泰同益18个月持有期混合型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰同益18个月持有期混合","setUpDate":"2021-04-27T16:00:00.000Z","setUpAssetScale":134859899.36,"setUpShares":134859899.36,"pinyin":"gtty18gycyqhhxzqtzjj","managers":[{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"},{"stockCode":"j101020421","stockType":"fund_manager","exchange":"fm","tickerId":2625257620,"name":"张嫄"}]},"announcement":{"linkText":"国泰同益18个月持有期混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=807218","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece037fea5b3eb04e3816","date":"2022-06-29T16:00:00.000Z","stockId":3000000010834,"sao":"今年上半年，市场在内外部多重因素冲击下出现了大幅度调整。电子、军工、电力设备等成长行业最大跌幅达到40%左右，主要宽基指数最大下跌幅度也达到20-25%。5月以后，随着国内疫情逐步缓解，市场迎来反弹。最终上证指数下跌6.63%，深证成指下跌13.2%，创业板指下跌15.4%。从申万一级行业来看，煤炭、交通运输、综合行业表现较好，其中煤炭是唯一上涨的行业，涨幅达30%，而电子、计算机、传媒等行业下跌幅度超过20%。一季度美元加息预期和俄乌冲突对市场情绪形成较大冲击，俄乌冲突爆发后，上证指数在半个月内下跌了12%，二季度新冠疫情在上海出现大规模传播，上海实施严格的封控措施，大部分制造业停工停产，对长三角乃至全国的制造业供应链形成较大冲击。4月份上证指数最大跌幅超过10%，创业板指和科创50指数最大跌幅在20%左右。随着上海新增病例在4月底明显减少，以及重点企业开始有序复工，市场企稳并触底反弹。一方面，经过调整后很多行业和个股估值水平趋于合理，另一方面，部分景气行业基本面表现强劲。二季度新能源汽车、光伏、风电行业表现亮眼，能源汽车销量在4月份受到疫情较大影响的情况下，上半年累计仍然出现翻番增长，风电招标量出现翻番增长，光伏电池组件出货量亦大幅增长，因此相关产业链公司表现优异。从国内货币政策来看，基于对抗疫情影响，货币和信用政策都相对宽松，金融市场流动性充裕。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，在市场相对低位加仓了部分新能源行业个股，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。上半年本基金净值小幅下跌。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:23.134Z","mo":"展望下半年，我们认为影响市场的几个主要变量是以下几个因素：新冠疫情、通胀水平、稳增长政策以及房地产市场。上海的疫情虽然已经基本清零，但国内局部地区时有小规模发生，动态清零的防疫政策仍然不能放松，同时疫情对服务业人群影响较大，我们预计消费活动整体仍然受到负面影响，短期难以恢复到疫情前水平。通胀方面，在全球能源价格高企，通胀居高不下的情况下，国内通胀水平或在目前基础上进一步走高，这样会对宽松的货币政策形成掣肘，如果流动性转向，会对市场估值形成压力。稳增长方面，国内对于基建、地产、消费等一系列政策下半年会陆续落地。7月以来，部分地区房地产市场出现烂尾楼“断供”事件，对资金链比较紧张的民营房地产公司以及银行信贷资产都产生较大影响。基于以上判断，我们认为下半年市场难以出现单边趋势性行情。新能源等成长股反弹幅度较大，后续需要持续强劲的基本面数据进一步验证，消费相关行业要看国内疫情进展以及消费恢复情况，目前来看恢复相对缓慢。稳增长政策下，“新基建”投资相对空间较大。而房地产断供事件，解决过程会比较复杂，需要政府强力介入，通过注入资金、保交楼等组合措施来解决。下半年来看，自下而上的个股机会可能对组合贡献较好收益，我们会继续关注光伏、风电、电动车、半导体、军工、新材料等成长股、以及部分恢复较好消费行业投资机会，同时积极挖掘自下而上的个股投资机会。债券方面，由于通胀上行概率较大，目前利率水平易上难下，我们维持较短久期信用债策略。","fund":{"_id":3000000010834,"__csrcFundId":9084,"stockCode":"010834","shortName":"国泰同益18个月持有期混合(010834)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10834,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:57.563Z","status":"normal","inceptionDate":"2021-04-27T16:00:00.000Z","name":"国泰同益18个月持有期混合型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰同益18个月持有期混合","setUpDate":"2021-04-27T16:00:00.000Z","setUpAssetScale":134859899.36,"setUpShares":134859899.36,"pinyin":"gtty18gycyqhhxzqtzjj","managers":[{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"},{"stockCode":"j101020421","stockType":"fund_manager","exchange":"fm","tickerId":2625257620,"name":"张嫄"}]},"announcement":{"linkText":"国泰同益18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=780674","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece037fea5b3eb04e3815","date":"2022-03-30T16:00:00.000Z","stockId":3000000010834,"sao":"今年一季度以来，市场经历了较大幅度的回调。从风格来看，高估值的科技成长类板块跌幅较大，绝对低估值的板块表现较好。最终上证指数下跌10.65%，深证成指下跌18.44%，创业板指下跌19.96%，国证2000下跌11.82%。从申万一级行业来看，煤炭、房地产、银行等绝对低估值的行业表现较好，煤炭行业逆市上涨幅度高达22.65%，而电子、国防军工、汽车、家用电器等成长或中游制造行业跌幅较大。一季度以来，国内经济面临多重压力。从内部来看，大型民营房地产企业资金链断裂对地产投资形成一定压力，新冠疫情频发，并在上海和吉林大规模传播，国内的各种封控措施对消费形成压力。从外部来看，俄乌冲突对上游原材料行业供给形成较大冲击，推动大宗商品价格大幅上涨，整个中游制造业成本端都形成较大压力。虽然国内出台了货币和信用的宽松政策，但短期对实体经济的传导有限。同时，美元进入加息周期，在此背景下，A股市场出现了2019年以来最大单季度跌幅。本基金以绝对收益策略为主，在股票配置方面，一季度降低了估值较高的新能源等成长类股票的配置，增加了稳增长相关的低估值股票的配置，同时继续自下而上积极选择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。在一季度市场回撤幅度较大的情况下，基金净值相对平稳。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:23.131Z","fund":{"_id":3000000010834,"__csrcFundId":9084,"stockCode":"010834","shortName":"国泰同益18个月持有期混合(010834)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10834,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:57.563Z","status":"normal","inceptionDate":"2021-04-27T16:00:00.000Z","name":"国泰同益18个月持有期混合型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰同益18个月持有期混合","setUpDate":"2021-04-27T16:00:00.000Z","setUpAssetScale":134859899.36,"setUpShares":134859899.36,"pinyin":"gtty18gycyqhhxzqtzjj","managers":[{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"},{"stockCode":"j101020421","stockType":"fund_manager","exchange":"fm","tickerId":2625257620,"name":"张嫄"}]},"announcement":{"linkText":"国泰同益18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=728337","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece037fea5b3eb04e3814","date":"2021-12-30T16:00:00.000Z","stockId":3000000010834,"sao":"回顾2021年，市场结构分化较大。核心资产在春节前带领大盘指数冲高后一路回落，并引发市场风格切换。中小市值成长个股以及周期股开始表现，中小市值个股行情贯穿全年。最终上证指数上涨4.80%，深证成指上涨2.67%，创业板综指上涨17.93%，中证1000上涨20.52%，国证2000上涨29.19%。从申万一级行业来看，电力设备、有色金属、煤炭几个行业涨幅均达到40%左右，家用电器、非银金融、房地产等行业出现较大幅度下跌。2021年以来，国内经济呈现逐季走低的趋势。由于2020年对抗疫情投放了大量信用，2021年逐步收缩，社融增速从年初的13%降至年末的10.3%,信用政策收紧对核心资产的估值起到了压制作用。但大量传统行业中小市值个股估值偏低，迎来了估值修复行情，部分景气度较高的成长行业如电力设备与新能源，估值也在业绩的驱动下提升。同时，由于全球货币宽松叠加产能受限、运输不畅，大宗商品价格走出一波快速上涨行情。PPI指数从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":"2026-03-09T13:41:23.128Z","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":3000000010834,"__csrcFundId":9084,"stockCode":"010834","shortName":"国泰同益18个月持有期混合(010834)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10834,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:57.563Z","status":"normal","inceptionDate":"2021-04-27T16:00:00.000Z","name":"国泰同益18个月持有期混合型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰同益18个月持有期混合","setUpDate":"2021-04-27T16:00:00.000Z","setUpAssetScale":134859899.36,"setUpShares":134859899.36,"pinyin":"gtty18gycyqhhxzqtzjj","managers":[{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":1219252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