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除，市场会走在经济基本面改善前面。新能源行业高景气度或将延续，行业内部将继续轮动，大宗商品价格下行将拓宽风电行业盈利空间，新能源汽车行业从电动化向智能化发展，或将带来新的主题投资机会。消费、电子、医药、金融等行业或将面临困境反转的投资机会。","fund":{"_id":3000000011243,"__csrcFundId":9358,"stockCode":"011243","shortName":"万家惠裕回报6个月持有期混合(011243)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11243,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:42:59.854Z","status":"normal","exchange":"jj","name":"万家惠裕回报6个月持有期混合型证券投资基金","fundCollectionId":4000050190000,"inceptionDate":"2021-06-27T16:00:00.000Z","currency":"CNY","followedNum":1,"masterFundShortName":"万家惠裕回报6个月持有期混合","setUpDate":"2021-06-27T16:00:00.000Z","setUpAssetScale":648761888.13,"setUpShares":648761888.13,"pinyin":"wjhyhb6gycyqhhxzqtzjj","managers":[{"stockCode":"8801467373","stockType":"fund_manager","exchange":"fm","tickerId":31025179080,"name":"陈佳昀"}]},"announcement":{"linkText":"万家惠裕回报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=782174","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece5f7fea5b3eb04e9ca6","date":"2022-03-30T16:00:00.000Z","stockId":3000000011243,"sao":"2022年一季度，本土新冠疫情此起彼伏，各地纷纷提高封控等级，一线城市正常运行也受到影响，疫情对经济的拖累加剧。俄乌战争引发市场担忧供应减少，大宗商品价格大幅上涨，通胀预期上升，制造业企业利润空间被压缩。房地产调控政策出现放松迹象，包括省会城市在内多地放松限购限贷，个别房地产企业信用风险暴露，剩余的头部房企融资环境改善。银行逐步加大信贷投放力度，社会融资规模存量增速延续反弹态势。  债券市场窄幅震荡，各期限收益率保持低位，资金面保持平稳。  股票市场风格切换，过去两年年表现较好的成长股跌幅居前，医药、半导体、新能源板块估值出现显著回落；过去两年表现落后的价值股相对收益明显，大金融、地产、能源板块走出估值修复行情。  在一季度，由于产品规模出现波动，我们被动加仓了股票，产品净值出现一定回撤。我们在一季度末用转债仓位代替了部分股票仓位。调整了打新策略，使得权益类仓位调整更加灵活。纯债部分我们保持了高评级短久期的策略。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:55.577Z","fund":{"_id":3000000011243,"__csrcFundId":9358,"stockCode":"011243","shortName":"万家惠裕回报6个月持有期混合(011243)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11243,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:42:59.854Z","status":"normal","exchange":"jj","name":"万家惠裕回报6个月持有期混合型证券投资基金","fundCollectionId":4000050190000,"inceptionDate":"2021-06-27T16:00:00.000Z","currency":"CNY","followedNum":1,"masterFundShortName":"万家惠裕回报6个月持有期混合","setUpDate":"2021-06-27T16:00:00.000Z","setUpAssetScale":648761888.13,"setUpShares":648761888.13,"pinyin":"wjhyhb6gycyqhhxzqtzjj","managers":[{"stockCode":"8801467373","stockType":"fund_manager","exchange":"fm","tickerId":31025179080,"name":"陈佳昀"}]},"announcement":{"linkText":"万家惠裕回报6个月持有期混合型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=723097","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece5f7fea5b3eb04e9ca5","date":"2021-12-30T16:00:00.000Z","stockId":3000000011243,"sao":"2021年，经济继续受到疫情反复和房地产市场降温影响，市场对经济增长的预期高开低走，映射到市场表现中，债券市场低开高走，资金市场整体平稳。股票市场震荡小幅上涨，风格更偏向于成长股，新能源板块行情贯穿全年，板块内部各子行业轮动上涨。转债市场先抑后扬，存量转债数量和规模持续增长，转债市场交易活跃度同步提升。我们在2021年左侧布局了绿电、券商、建筑、航空等板块个股，积极参与打新策略。我们在纯债部分采取了高评级短久期的策略。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:55.574Z","mo":"展望2022年，疫情缓解的节奏和国际政治局势动荡，将成为影响宏观经济的两大主要变量。我们预计政府应对疫情的对策将逐步从封锁转向共存，疫情对经济的影响将逐步消退，在这个过程中局部地区疫情反复在短期内会对经济产生一定负面影响，经济整体复苏的趋势不会改变，之前受疫情影响较深的服务业各领域，景气度将显著回升。国际政治局势动荡将影响我国外贸形势，需要警惕西方国家基于意识形态差异，对我国出口商品和进口技术采取限制措施，从而影响相关产业的国际竞争力。我们预计宏观政策仍将保持适度宽松，从宽货币逐步过渡到宽信用，通过松绑房地产政策，积极推动基建项目落地，来对冲经济下行压力。同时，我们也看到，大宗商品价格上涨，将限制货币政策宽松的空间，央行或将更加倚重结构性政策。债券市场目前收益率处于历史低位，收益率波动的幅度或将增大。股票市场经历了连续三年上涨后，部分热门成长赛道估值偏高，股价对基本面边际变化十分敏感。部分价值龙头个股估值处于历史底部，风险收益比开始具有吸引力。全年来看，我们预计会经历先价值后成长的节奏，在指数整体震荡中，出现结构性机会。我们在2022年将做好固收+策略，在债券和股票中，灵活摆布仓位，做好波段操作。在控制回撤的基础上，力争实现净值的稳健增长。","fund":{"_id":3000000011243,"__csrcFundId":9358,"stockCode":"011243","shortName":"万家惠裕回报6个月持有期混合(011243)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11243,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:42:59.854Z","status":"normal","exchange":"jj","name":"万家惠裕回报6个月持有期混合型证券投资基金","fundCollectionId":4000050190000,"inceptionDate":"2021-06-27T16:00:00.000Z","currency":"CNY","followedNum":1,"masterFundShortName":"万家惠裕回报6个月持有期混合","setUpDate":"2021-06-27T16:00:00.000Z","setUpAssetScale":648761888.13,"setUpShares":648761888.13,"pinyin":"wjhyhb6gycyqhhxzqtzjj","managers":[{"stockCode":"8801467373","stockType":"fund_manager","exchange":"fm","tickerId":31025179080,"name":"陈佳昀"}]},"announcement":{"linkText":"万家惠裕回报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=710577","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece5f7fea5b3eb04e9ca4","date":"2021-09-29T16:00:00.000Z","stockId":3000000011243,"sao":"2021年三季度，受能耗双控影响，上游原材料供给收缩，市场价格大幅上涨，对中下游行业需求带来负面影响。叠加国内外疫情反复影响，服务业景气度较二季度下滑。经济在复苏的过程中有所回落，下游需求疲软，制造业企业利润受到挤压。消费者物价水平仍然处于低位，食品价格同比大幅下降，对此贡献颇多。房地产调控未见明显松动，房地产市场景气度下降，房价涨势得到遏制。7月初的降准政策，点燃了债券市场的做多热情，收益率曲线平坦化下行，市场资金面延续了宽松态势。8月下旬受到银行理财产品净值化政策影响，信用债收益率开始反弹，资金面由宽松恢复到平衡状态，7天回购利率中枢小幅上升。股票市场整体震荡，结构分化，前期涨幅较多的行业如消费、医药、电子显著下跌；受到大宗价格上涨利好的行业如能源、有色、公用事业等显著上涨。估值处于历史底部的行业如金融、交运、地产等企稳震荡。转债市场冲高回落，多数转债价格上涨，周期类转债表现尤为出色。我们在三季度重点布局了券商类和公用事业类股票，获得了较好的投资回报。积极参与新股申购和转债配售，增厚了组合收益。我们配置的高评级短久期债券，提供了稳定的底仓收益。","declarationDate":"2021-10-2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