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质地与估值水平。我们坚信，那些真正优秀和估值合理的公司，不仅不会在行情演绎中缺席，更能在市场波动中展现出较强的防御性，有助于在市场波动时守护投资成果。2026年，我们看好AI应用、高股息、消费、黄金等方向。投资策略方面，我们始终坚持获取稳健的相对收益目标，行业配置上相对均衡，个股适度集中，继续看好具有良好竞争格局，现金流好，分红率较高的优质企业。","fund":{"_id":3000000010874,"__csrcFundId":8525,"stockCode":"010874","shortName":"泰康品质生活混合(010874)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10874,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:32:11.058Z","status":"normal","inceptionDate":"2020-12-29T16:00:00.000Z","name":"泰康品质生活混合型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000052190000,"currency":"CNY","masterFundShortName":"泰康品质生活混合","setUpDate":"2020-12-29T16:00:00.000Z","setUpAssetScale":260428860.55,"setUpShares":260428860.55,"pinyin":"tkpzshhhxzqtzjj","managers":[{"stockCode":"8801620142","stockType":"fund_manager","exchange":"fm","tickerId":191810193780,"name":"宋仁杰"}]},"announcement":{"linkText":"泰康品质生活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=1449298","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece0d7fea5b3eb04e42f5","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000010874,"sao":"宏观经济方面，三季度宏观经济数据仍有承压，经济内生动力仍有待提升，经济对政策的依赖程度仍然较高。从结构来看，出口保持较快增长，内需仍然较弱。产业持续优化，以新能源汽车、集成电路、人工智能、高新装备与设备制造等为代表的新兴产业正在快速崛起，成为经济增长的重要引擎。　　权益市场方面，三季度A股震荡上行，沪指和创业板指都创多年新高，A股成交金额连续两个月超过2万亿元，市场交投活跃度处于历史高位。经历22-24年主动权益跑输沪深300，25年主动权益重新跑赢市场，我们认为主动权益相对沪深300的超额收益有明显的周期性，25年主动基金占优是新一轮主动基金获得超额的开始。但是也要看到，目前A股部分标的估值处于历史高位，很多行业和公司虽然经营趋势较强，但是高估值难以避免出现高波动。　　权益投资方面，本基金一直立足于高质量发展的新常态，寻找真正具有长期竞争力，能受益于中国经济高质量发展的行业和优质公司。我们继续看好高股息、科技、消费、医药、出口、黄金等方向。值得一提的是，我们一直坚持获取稳健的相对收益目标，行业配置上相对均衡，个股适度集中，继续看好具有垄断地位，现金流好，分红率较高的优质企业。","lastUpdated":"2026-03-09T13:41:33.082Z","fund":{"_id":3000000010874,"__csrcFundId":8525,"stockCode":"010874","shortName":"泰康品质生活混合(010874)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10874,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:32:11.058Z","status":"normal","inceptionDate":"2020-12-29T16:00:00.000Z","name":"泰康品质生活混合型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000052190000,"currency":"CNY","masterFundShortName":"泰康品质生活混合","setUpDate":"2020-12-29T16:00:00.000Z","setUpAssetScale":260428860.55,"setUpShares":260428860.55,"pinyin":"tkpzshhhxzqtzjj","managers":[{"stockCode":"8801620142","stockType":"fund_manager","exchange":"fm","tickerId":191810193780,"name":"宋仁杰"}]},"announcement":{"linkText":"泰康品质生活混合型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1369285","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece0d7fea5b3eb04e42f4","date":"2025-06-29T16:00:00.000Z","stockId":3000000010874,"sao":"宏观经济方面，今年上半年DeepSeek横空出世，中国科技实现突破，缓解了中美科技代差焦虑，民企创新能力获得重估；512中美协议使得两国经贸硬脱钩破冰，降低了全球性贸易衰退的风险。两大事件使得国内企业家和投资者的信心都有所修复，同时随着美国政府的新政策不断推出，国际环境的不确定性有所提升。　　权益市场方面，受益于流动性充裕，国内资金收益率下降和政策托底，A股上半年震荡上涨，局部性机会此起彼伏，AI、机器人、新消费、创新药等表现亮眼，主动权益基金表现亮眼。从大盘指数整体表现上来看，上半年上证指数上涨2.76%，沪深300上涨0.03%，创业板指上涨0.53%，恒生综合指数上涨20.18%，恒生科技上涨18.68%。申万一级行业表现来看，有色金属、银行、国防军工、传媒、通信等行业表现相对较好，煤炭、食品饮料、房地产、石油石化、建筑装饰等行业表现相对落后。　　权益投资方面，本基金一直立足于高质量发展的新常态，寻找真正具有长期竞争力，能受益于中国经济高质量发展的行业和优质公司。我们认为投资大多可以从概率、赔率和效率三个维度分析，但是具体到每一笔投资，很难同时兼顾三个因素，不同的投资策略大多在三个因素中倾向有所不同。本基金在投资中坚持的基于空间和确定性的组合构建，就是主要选择投资的赔率和概率，部分舍弃了对效率的追求，这种选择可能损失产品的部分短期爆发力，但是会增加我们产品的稳健性，我们希望给投资者提供相对稳健的长期投资品种。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:33.080Z","mo":"宏观经济方面，展望下半年，“反内卷”政策如何推行，成为最大看点。宏观经济或能继续维持平稳运行的特征，出口存在一定的向下压力、但韧性犹存；财政力度或边际退坡，但如果反内卷政策能提振市场预期、有效平衡部分行业的供需格局，则有利于通缩预期的缓解。外部环境处于缓和期，为国内提供了良好的发展环境。　　权益市场方面，我们认为主动权益相对沪深300的超额收益具有明显的周期性，经历了22-24年主动权益跑输沪深300，25年上半年主动权益占优开始重新跑赢市场，是新一轮主动权益基金获得超额的开始。首先，通常来说，当经济基本面有部分行业出现明显向上趋势的时候，主动权益容易获得超额收益；其次，20-21年主动权益大幅跑赢市场，同时带来了主动基金的大额申购，其中部分申购资金在22-24年市场回撤的过程中，不断赎回，主动权益的资金面不断流出，而22-24年随着部分政策资金和ETF资金的流入，被动指数对应的规模不断扩大，但从25年开始，这种资金面的优劣势有望好转；最后，从指数的成分来看，主动权益相对沪深300超配成长，低配金融，22-24年金融行业走势较强，而当前金融行业估值相比21年底高了很多。综上所述，我们认为25年是主动权益基金重新开始跑赢指数的新开始。　　权益投资方面，本基金一直立足于高质量发展的新常态，寻找真正具有长期竞争力，能受益于中国经济高质量发展的行业和优质公司。我们继续看好高股息、科技、消费、医药、出口、黄金等方向。值得一提的是，我们一直坚持获取稳健的相对收益目标，行业配置上相对均衡，个股适度集中，继续看好具有垄断地位，现金流好，分红率较高的优质企业。","fund":{"_id":3000000010874,"__csrcFundId":8525,"stockCode":"010874","shortName":"泰康品质生活混合(010874)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10874,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:32:11.058Z","status":"normal","inceptionDate":"2020-12-29T16:00:00.000Z","name":"泰康品质生活混合型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000052190000,"currency":"CNY","masterFundShortName":"泰康品质生活混合","setUpDate":"2020-12-29T16:00:00.000Z","setUpAssetScale":260428860.55,"setUpShares":260428860.55,"pinyin":"tkpzshhhxzqtzjj","managers":[{"stockCode":"8801620142","stockType":"fund_manager","exchange":"fm","tickerId":191810193780,"name":"宋仁杰"}]},"announcement":{"linkText":"泰康品质生活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=1338271","linkType":"PDF","source":"csrc_pdf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松，但地产部门表现仍然疲弱。与此同时，出口在极低增速的背景下出现了一定反弹，PPI、工业名义库存、企业利润也从低位出现了小幅改善，PMI在9月份也回升到50上方。　　权益市场方面，进入三季度，经济增长趋弱，逆周期调节持续，信用政策持续宽松，货币整体合理充裕，财政政策持续，房地产出口消费趋弱，国际环境变化较多，中美是有管控的竞争，市场虽然在7月有短暂上涨但整体偏弱。从大盘和板块上来看，三季度上证综指下跌2.86%，沪深300下跌3.98%，创业板指下跌9.53%。板块间波动较大，其中，煤炭、银行、非银和石油石化有上涨，传媒、计算机、电力设备等下跌较多。从估值情况来看，截止2023年9月30日，万得全A等权指数PE-TTM估值处于近十年40%分位数，PB处于20%分位数。考虑到盈利能力处于历史相对底部，目前市场估值处于有性价比的阶段。　　投资方面，我们坚持以获取稳健的相对收益为目标，行业均衡，个股适度集中，主要看好的方向维持年初时的判断：一是高股息方向，二是疫后场景复苏，三是新一届政府支持的方向。考虑到市场不断修正经济增速预期，我们继续看好高股息方向的资产。本基金超配中小盘。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:33.058Z","fund":{"_id":3000000010874,"__csrcFundId":8525,"stockCode":"010874","shortName":"泰康品质生活混合(010874)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10874,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:32:11.058Z","status":"normal","inceptionDate":"2020-12-29T16:00:00.000Z","name":"泰康品质生活混合型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000052190000,"currency":"CNY","masterFundShortName":"泰康品质生活混合","setUpDate":"2020-12-29T16:00:00.000Z","setUpAssetScale":260428860.55,"setUpShares":260428860.55,"pinyin":"tkpzshhhxzqtzjj","managers":[{"stockCode":"8801620142","stockType":"fund_manager","exchange":"fm","tickerId":191810193780,"name":"宋仁杰"}]},"announcement":{"linkText":"泰康品质生活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=983339","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece0d7fea5b3eb04e42ec","date":"2023-06-29T16:00:00.000Z","stockId":3000000010874,"sao":"宏观经济在2023年上半年呈现出先复苏、再环比走弱的特征。一季度，得益于经济场景的恢复、积压需求的回补，经济呈现出复苏态势。但随着回补需求的逐步释放，居民和企业部门的信心恢复速度偏慢，外部经济和金融风险等不确定性有所发酵，内生增长动能不足的问题在二季度逐步凸显。地产、就业市场、出口等部门都呈现出一定压力，物价指数走低，库存主动去化，政策继续坚持高质量发展。　　权益市场方面，随着疫情影响的过去，今年以来国内宏观经济逐步进入复苏期，市场的主要关注点一方面在复苏进展和政策节奏，另一方面在以人工智能为代表的科技创新方向，海外重点公司英伟达和特斯拉轮番推高市场对于相关领域的发展预期。从大盘和板块上来看，上半年上证综指上涨3.65%，沪深300下跌0.75%，创业板指下跌5.61%。板块间波动较大，其中，通信、传媒、计算机上涨较多，商贸零售、房地产等板块下跌较多。　　投资操作上，年初我们考虑到政策继续坚持长期主义，更多依靠经济内生修复，不会搞大水漫灌式刺激，预计经济复苏弹性不大，整体呈现弱复苏或温和复苏的特征。基于这种判断，我们看好高股息板块，超配了运营商、铁路等高股息品种。其次，因为防疫政策的变化，本基金超配了疫后场景复苏方向。最后，我们看好新一届政府支持的数字经济方向。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:33.055Z","mo":"展望下半年，预计经济能在政策的作用下逐步筑底企稳，但缺少向上弹性。当前稳增长的政策基调越发明晰，地产政策也将逐步优化。虽然总体政策基调是在高质量发展的框架下进行的，但政策也更加直面困难，基调也比之前积极。此外，名义库存去化速度较快，工业品价格也有望筑底。往长看，本次经济修复或局限于信心筑底和库存修复，需求侧亮点有限。　　对于权益市场，考虑到盈利能力在22年处于相对底部，目前市场估值处于有性价比的阶段。从影响资本市场的几个维度来看，宏观基本面逐步回归正常。经济最差的时候已经过去，不过从上半年的经济数据来看，经济复苏力度并不强，后续还要持续跟踪经济复苏的力度。　　宏观经济方面，上半年由于政策转变，部分积压需求得到释放，年初经济出现明显复苏，一季度经济强于预期。二季度经济有所回落，经济复苏强度略低于预期。我们预计政策会继续坚持高质量发展，新的增长模式和速度会成为未来较长时间的经济状态。本基金未来将立足高质量发展寻找真正具有长期竞争力，能受益于中国经济增长和行业发展趋势的优质公司。在具体的板块上，我们看好的方向维持年初时的判断：一是高股息方向，二是新一届政府支持的方向、如数字经济，三是疫后场景复苏。","fund":{"_id":3000000010874,"__csrcFundId":8525,"stockCode":"010874","shortName":"泰康品质生活混合(010874)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10874,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:32:11.058Z","status":"normal","inceptionDate":"2020-12-29T16:00:00.000Z","name":"泰康品质生活混合型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000052190000,"currency":"CNY","masterFundShortName":"泰康品质生活混合","setUpDate":"2020-12-29T16:00:00.000Z","setUpAssetScale":260428860.55,"setUpShares":260428860.55,"pinyin":"tkpzshhhxzqtzjj","managers":[{"stockCode":"8801620142","stockType":"fund_manager","exchange":"fm","tickerId":191810193780,"name":"宋仁杰"}]},"announcement":{"linkText":"泰康品质生活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=956716","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece0d7fea5b3eb04e42eb","date":"2023-03-30T16:00:00.000Z","stockId":3000000010874,"sao":"宏观经济方面，一季度经济如市场预期开始复苏，消费和地产销售都相对强劲。　　投资方面，我们坚持以获取稳健的相对收益为目标，行业均衡，个股适度集中，主要看好三个方向的机会：一是疫后场景复苏，二是新一届政府支持的方向、如数字经济，三是高股息方向。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:33.053Z","fund":{"_id":3000000010874,"__csrcFundId":8525,"stockCode":"010874","shortName":"泰康品质生活混合(010874)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10874,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:32:11.058Z","status":"normal","inceptionDate":"2020-12-29T16:00:00.000Z","name":"泰康品质生活混合型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000052190000,"currency":"CNY","masterFundShortName":"泰康品质生活混合","setUpDate":"2020-12-29T16:00:00.000Z","setUpAssetScale":260428860.55,"setUpShares":260428860.55,"pinyin":"tkpzshhhxzqtzjj","managers":[{"stockCode":"8801620142","stockType":"fund_manager","exchange":"fm","tickerId":191810193780,"name":"宋仁杰"}]},"announcement":{"linkText":"泰康品质生活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=880438","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece0d7fea5b3eb04e42ea","date":"2022-12-30T16:00:00.000Z","stockId":3000000010874,"sao":"宏观经济方面，2022年的经济下行压力较大，在疫情和地产的冲击下表现疲弱。3月份疫情在全球扩散，国内静默地区范围加大；尽管年中前后疫情得到阶段性控制，但临近四季度，疫情的风险再度上升，静默地区比例明显上升，给经济活动造成了较大的影响。此外，尽管因城施策在逐步放松，但对于烂尾楼风险的担忧始终对房地产需求形成较大压制。基建和制造业在政策的支持下有一定表现，但不是全年主要矛盾。在年底，政府对防疫政策进行了调整，疫情快速达峰，经济活动和经济预期有望在低位中逐步企稳改善。　　权益市场方面，总体来看，2022年对市场造成巨大冲击的内外部因素，23年很难更差，甚至有改善的可能；另一方面，经济上要面对现实，外需向下、库存偏高、房地产中枢下移和制造业信心仍然是当前经济的困难。强预期和弱现实构成近期宏观市场主要观点。　　权益投资方面，我们坚持以获取稳健的相对收益为目标，行业均衡配置。在行业配置方面，我们让组合配置更加均衡，整体以消费、军工、新能源、基建、通信等为主，同时降低了整个组合的估值，整体组合向低估值品种倾斜。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:33.050Z","mo":"展望2023年，经济复苏是较为确定的趋势，后疫情时代消费场景的恢复、就业市场的改善，会逐步改善居民的消费倾向和企业的经济预期。不过，考虑到政策继续坚持长期主义，更多的依靠经济的内生修复，不会搞大水漫灌式刺激，预计经济复苏的弹性不大，总体呈现弱复苏或温和复苏的特征。通胀方面，考虑到我国所经历的疫情对劳动力的冲击可控，中国也有着强大的供应能力，当前偏高库存、偏低产能利用率的环境也不指示通胀，总体上通胀风险可控。　　权益市场方面，展望23年，经济复苏成为今年的经济主旋律，消费场景恢复带来的消费复苏可能力度超预期，我们将围绕消费场景复苏的主线精选个股。同时新一届政府大力支持数字经济，可能带来数字经济相关产业的大力发展。　　权益操作方面，全年我们仍然以获取稳健的相对收益为目标，坚持基于空间和确定性的配置和选股思路，行业均衡配置，适当增加逆向操作，围绕高股息、数字经济和经济复苏等主线进行配置，同时持续降低整个组合的估值，不断向低估值品种倾斜。","fund":{"_id":3000000010874,"__csrcFundId":8525,"stockCode":"010874","shortName":"泰康品质生活混合(010874)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10874,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:32:11.058Z","status":"normal","inceptionDate":"2020-12-29T16:00:00.000Z","name":"泰康品质生活混合型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000052190000,"currency":"CNY","masterFundShortName":"泰康品质生活混合","setUpDate":"2020-12-29T16:00:00.000Z","setUpAssetScale":260428860.55,"setUpShares":260428860.55,"pinyin":"tkpzshhhxzqtzjj","managers":[{"stockCode":"8801620142","stockType":"fund_manager","exchange":"fm","tickerId":191810193780,"name":"宋仁杰"}]},"announcement":{"linkText":"泰康品质生活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=864755","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece0d7fea5b3eb04e42e9","date":"2022-09-29T16:00:00.000Z","stockId":3000000010874,"sao":"宏观经济方面，三季度宏观经济方面，基建有所改善，消费复苏较弱，地产政策较多；美国通胀超预期，美元加息预期压制全球风险资产价格；人民币汇率出现明显下跌。  股票市场三季度整体呈现震荡下跌走势。行业方面，仅煤炭上涨，其余行业普遍下跌。  投资上，我们坚持以获取稳健的相对收益为目标，当前行业均衡配置。在行业配置方面，我们让组合配置更加均衡，整体以食品饮料、军工、新能源、基建、通信等为主，同时降低了整个组合的估值，各行业的配置都向低估值品种倾斜。同时适当偏向中小盘。  展望未来三个月，经济环比继续改善，政策也会继续落实，是当期情况的延续，但市场仍然存在一定的风险，一方面地产政策的实际效果进入观察期，政策之后居民的购买意愿至关重要。另一方面外围风险仍需要关注，美国经济放缓或拖累中国出口，通胀见顶时间推迟，国内外资本市场波动都在加大。我们在行业上继续维持相对均衡的配置，同时重点关注稳增长政策对经济的效果。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:33.047Z","fund":{"_id":3000000010874,"__csrcFundId":8525,"stockCode":"010874","shortName":"泰康品质生活混合(010874)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10874,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:32:11.058Z","status":"normal","inceptionDate":"2020-12-29T16:00:00.000Z","name":"泰康品质生活混合型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000052190000,"currency":"CNY","masterFundShortName":"泰康品质生活混合","setUpDate":"2020-12-29T16:00:00.000Z","setUpAssetScale":260428860.55,"setUpShares":260428860.55,"pinyin":"tkpzshhhxzqtzjj","managers":[{"stockCode":"8801620142","stockType":"fund_manager","exchange":"fm","tickerId":191810193780,"name":"宋仁杰"}]},"announcement":{"linkText":"泰康品质生活混合型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=806716","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece0d7fea5b3eb04e42e8","date":"2022-06-29T16:00:00.000Z","stockId":3000000010874,"sao":"宏观经济方面，上半年宏观经济受疫情影响压力较大，经济压力进一步加大，国内经历了从严格管控到有序放开的过程，政策为了对冲经济压力释放了充分的流动性，房地产和消费依然低于预期。下半年经济将环比逐步改善。   投资上，我们坚持以获取稳健的相对收益为目标，行业均衡配置。  在行业配置方面，我们让组合配置更加均衡，整体以消费、军工、新能源、基建、通信等为主，同时降低了整个组合的估值，整体组合向低估值品种倾斜。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:33.045Z","mo":"展望未来，经济环比继续改善，政策也会继续落实，是当期情况的延续，但市场仍然存在一定的风险，一方面宏观政策和市场都进入观察，继续加码的概率不高，经济环比改善是阶段性的。另一方面外围风险仍需要关注，美国经济放缓或拖累中国出口，通胀见顶时间推迟，国内外资本市场波动都在加大。  投资方面，我们在行业上继续维持相对均衡的配置，同时重点关注稳增长政策对经济的效果。在配置上，品质生活维持较多的中小市值企业配置。","fund":{"_id":3000000010874,"__csrcFundId":8525,"stockCode":"010874","shortName":"泰康品质生活混合(010874)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10874,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:32:11.058Z","status":"normal","inceptionDate":"2020-12-29T16:00:00.000Z","name":"泰康品质生活混合型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000052190000,"currency":"CNY","masterFundShortName":"泰康品质生活混合","setUpDate":"2020-12-29T16:00:00.000Z","setUpAssetScale":260428860.55,"setUpShares":260428860.55,"pinyin":"tkpzshhhxzqtzjj","managers":[{"stockCode":"8801620142","stockType":"fund_manager","exchange":"fm","tickerId":191810193780,"name":"宋仁杰"}]},"announcement":{"linkText":"泰康品质生活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=784807","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece0d7fea5b3eb04e42e7","date":"2022-03-30T16:00:00.000Z","stockId":3000000010874,"sao":"宏观经济方面，一季度宏观经济依然有较大压力，房地产和消费继续低于预期。由于海外俄乌冲突和国内疫情，经济压力进一步加大。  投资上，我们坚持以获取稳健的相对收益为目标，行业均衡配置。在行业配置方面，我们让组合配置更加均衡，整体以食品饮料、医药、新能源、轻工、计算机和互联网等为主，同时降低了整个组合的估值，各行业的配置都向低估值品种倾斜。  展望未来三个月，政府稳增长预期不断增强，相关的稳增长政策备受市场关注。同时国内疫情和防疫政策也对经济走向影响至关重要。我们在行业上继续维持相对均衡的配置，同时增加对疫情的关注，同时继续在配置上偏向中小盘。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:33.042Z","fund":{"_id":3000000010874,"__csrcFundId":8525,"stockCode":"010874","shortName":"泰康品质生活混合(010874)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10874,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:32:11.058Z","status":"normal","inceptionDate":"2020-12-29T16:00:00.000Z","name":"泰康品质生活混合型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000052190000,"currency":"CNY","masterFundShortName":"泰康品质生活混合","setUpDate":"2020-12-29T16:00:00.000Z","setUpAssetScale":260428860.55,"setUpShares":260428860.55,"pinyin":"tkpzshhhxzqtzjj","managers":[{"stockCode":"8801620142","stockType":"fund_manager","exchange":"fm","tickerId":191810193780,"name":"宋仁杰"}]},"announcement":{"linkText":"泰康品质生活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=728815","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece0d7fea5b3eb04e42e6","date":"2021-12-30T16:00:00.000Z","stockId":3000000010874,"sao":"宏观经济方面，2021年经济整体处于疫情恢复之中，但是经济恢复力度略低于市场预期，同时流动性政策宽松程度超过市场预期，我们中长期依然对权益市场乐观，中短期认为市场将继续震荡。权益市场方面，2021年市场大幅波动，过去表现靓丽的核心资产出现明显回调，以新能源为核心的成长股表现领先。投资操作上，本基金聚焦消费和新兴成长，坚持以获取稳健的相对收益为目标，行业均衡配置，个股适度集中，基于空间和确定性进行组合构建。在行业配置方面，本基金以食品饮料、家电、轻工、新能源等行业为主，但是我们在新能源行业的操作方面减持过早，错失了部分收益。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:33.039Z","mo":"展望2022年，宏观经济有望从底部逐步恢复，可能是稳增长政策逐步落地见效的过程。政策上可能更多体现为在长效机制的框架下的陆续边际放松和纠偏，力度不会很大，但在基建、地产等多个领域都会有一定程度的对冲，叠加制造业的景气，宏观经济有望见到社融率先企稳回升、工业和投资指标逐步企稳的过程。出口面临海外供需两方面较大的不确定性，但压力可能更多体现在下半年，上半年预计维持韧性，叠加政策靠前发力，经济动能有望在1-2季度缓慢恢复。权益市场方面，我们对市场的判断依然维持中长期乐观，中短期震荡的判断。从长期的角度，我们依然对国内权益市场充满信心，从宏观经济、流动性、估值和政策维度来看，中长期国内权益市场都很有吸引力。投资上，对2022年，我们认为国内依然面临经济下滑和国际关系复杂等一系列不确定性环境，短期我们认为需要多关注风险。在配置上，品质生活维持较多的中小市值企业配置。","fund":{"_id":3000000010874,"__csrcFundId":8525,"stockCode":"010874","shortName":"泰康品质生活混合(010874)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10874,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:32:11.058Z","status":"normal","inceptionDate":"2020-12-29T16:00:00.000Z","name":"泰康品质生活混合型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000052190000,"currency":"CNY","masterFundShortName":"泰康品质生活混合","setUpDate":"2020-12-29T16:00:00.000Z","setUpAssetScale":260428860.55,"setUpShares":260428860.55,"pinyin":"tkpzshhhxzqtzjj","managers":[{"stockCode":"8801620142","stockType":"fund_manager","exchange":"fm","tickerId":191810193780,"name":"宋仁杰"}]},"announcement":{"linkText":"泰康品质生活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=714676","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece0d7fea5b3eb04e42e5","date":"2021-09-29T16:00:00.000Z","stockId":3000000010874,"sao":"宏观经济方面，受疫情和政策收紧的影响，三季度经济压力较大，特别是地产投资和消费低于预期。市场表现来看，二季度新能源和周期是市场最大亮点。本基金在三季度主要聚焦消费和新兴成长，在周期上配置欠缺，对净值造成较大拖累。投资上，我们坚持以获取稳健的相对收益为目标，行业均衡配置。在行业配置方面，以食品饮料、医药、新能源、轻工和传媒等为主。展望未来三个月，房地产和经济下行风险持续发酵，经济压力需要重点关注，我们会特别关注地产销售压力。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:33.037Z","fund":{"_id":3000000010874,"__csrcFundId":8525,"stockCode":"010874","shortName":"泰康品质生活混合(010874)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10874,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:32:11.058Z","status":"normal","inceptionDate":"2020-12-29T16:00:00.000Z","name":"泰康品质生活混合型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000052190000,"currency":"CNY","masterFundShortName":"泰康品质生活混合","setUpDate":"2020-12-29T16:00:00.000Z","setUpAssetScale":260428860.55,"setUpShares":260428860.55,"pinyin":"tkpzshhhxzqtzjj","managers":[{"stockCode":"8801620142","stockType":"fund_manager","exchange":"fm","tickerId":191810193780,"name":"宋仁杰"}]},"announcement":{"linkText":"泰康品质生活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=655539","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece0d7fea5b3eb04e42e4","date":"2021-06-29T16:00:00.000Z","stockId":3000000010874,"sao":"宏观经济方面，上半年经济持续向好，但是经济恢复力度略低于市场预期，同时流动性政策宽松超过市场预期，我们中长期依然对权益市场乐观，中短期认为市场将继续震荡。权益市场方面，经过一季度市场的大幅波动，二季度市场整体呈现上涨趋势，其中以新能源、半导体和医药为代表的成长行业表现最为亮眼。投资操作上，本基金聚焦消费和新兴成长，坚持以获取稳健的相对收益为目标，行业均衡配置，个股适度集中，基于空间和确定性进行组合构建。在行业方面以食品饮料、家电、新能源、轻工和传媒等行业为主。但是在新能源和半导体行业的操作上过于保守，错失了较多机会。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:33.034Z","mo":"展望下半年，经济可能保持相对平稳的格局，总量上变化不会很大，结构上的特点更为突出。总量方面，建筑业可能面临一定的下行压力，但总体可控，有望在政策逆周期调节、以及结构性宽松的支持下所对冲，总体波动不大。结构方面，制造业成本的压制难以消退，消费和服务业面临疫情的负面影响也很难消除，可能都会呈现出在波折中缓慢恢复的局面。政策方面的结构性特征将更为显著，对地产和平台的结构性紧信用持续，但对制造业、小微企业、绿色金融等相关的宽信用加大，货币政策也致力于缓解经济的结构性问题，总体基调是在稳健中注重结构性，保持流动性合理充裕。我们对未来权益市场的判断依然维持中长期乐观，中短期震荡的判断。从长期的角度，我们依然对A股充满信心，从宏观经济、流动性、估值和政策维度来看，中长期国内权益市场都很有吸引力。我们会坚持我们基于空间和确定性的选股策略，尽职尽责，继续努力为投资者创造投资收益。","fund":{"_id":3000000010874,"__csrcFundId":8525,"stockCode":"010874","shortName":"泰康品质生活混合(010874)","fundSecondLevel":"hybrid","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