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5-03-30T16:00:00.000Z","stockId":3000000011572,"sao":"2025年一季度我国债券市场整体震荡调整，与上季度末相比，上证国债指数上涨0.13%，银行间中债综合财富指数下跌0.61%。由于去年底至今年初市场抢跑货币政策放松，债券利率处于偏低水平，但春节后资金利率未显著回落，降息预期落空，债券市场出现较大回调；两会前后资金面平稳，央行释放出资金面呵护态度，债市企稳反弹。  权益及可转债市场方面，股票市场整体震荡，结构性行情突出，以机器人、AI为代表的科技股表现良好，而红利、地产链等表现较差，一季度上证综指下跌0.48%，创业板指下跌1.77%；转债方面，受益于资金流入以及转债结构，一季度转债市场表现较好，中证转债指数上涨3.13%。  报告期内本基金对利率债等进行了波段操作，组合久期整体偏低。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:56.191Z","fund":{"_id":3000000011572,"__csrcFundId":9509,"stockCode":"011572","shortName":"鹏华安荣混合(011572)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11572,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:52:53.177Z","status":"normal","exchange":"jj","name":"鹏华安荣混合型证券投资基金","fundCollectionId":4000050060000,"currency":"CNY","inceptionDate":"2021-09-21T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华安荣混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":120061049.42,"setUpShares":120061049.42,"pinyin":"pharhhxzqtzjj","managers":[{"stockCode":"db20907644","stockType":"fund_manager","exchange":"fm","tickerId":110217233270,"name":"寇斌权"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"}]},"announcement":{"linkText":"鹏华安荣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=1269312","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece9c7fea5b3eb04ee78c","date":"2024-12-30T16:00:00.000Z","stockId":3000000011572,"sao":"2024年我国债券市场整体大幅上涨，与23年末相比，上证国债指数上涨8.04%，银行间中债综合财富指数上涨7.61%。二季度后经济环比走弱，央行三季度两次降息，叠加机构债券配置需求旺盛，全年债券收益率大幅下行，其中10年期国债收益率由年初2.5%左右下行至年底1.7%左右。  权益及可转债市场方面，24年权益市场先跌后涨，9月底政治局会议提振了市场信心，大部分板块出现明显反弹，全年来看，上证综指上涨12.67%，创业板指上涨13.23%，结构上，银行、非银、家电、通信等行业涨幅居前；转债市场方面，受股市及个别品种违约影响，转债市场三季度出现较大调整，9月下旬后跟随股票市场大幅反弹，全年中证转债指数上涨6.08%。  报告期内本基金以高等级债券投资为主，组合久期进行了灵活调整；此外，报告期内组合阶段性参与了权益市场投资。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:56.189Z","mo":"宏观经济方面，25年海外面临不确定性较高，但考虑到国内政策偏积极，房地产市场可能逐步企稳，经济失速风险不大。货币政策定调“适度宽松”，预计全年仍有降息降准空间，市场流动性大概率保持合理充裕。债券市场方面，考虑到政策利率仍将下调，全年来看债券仍具备较好投资价值，但考虑到市场存在一定“抢跑”，且当前利率整体水平偏低，债市波动风险加大，也可能出现阶段性较大调整。权益及转债市场方面，25年国内经济面临一定的内外部困难，内部主要体现在消费、投资信心不足，制约了经济活力的激发，因此25年政策目标可能重点围绕“提振信心”，在此背景下，资本市场信心有望持续提升，判断25年权益市场或有较好的赚钱效应，结构方面，看好金融、消费以及半导体等科技方向。转债方面，随着债券利率越来越低，转债对投资人吸引力显著增强，预计供需结构对转债市场有利。基于以上分析，未来本基金将以高评级债券投资为主，把握好久期调整节奏，减小回调风险，同时适度把握权益及可转债市场趋势性和结构性机会。本基金将继续坚持稳健投资原则，以获取中长期收益为最主要目标。","fund":{"_id":3000000011572,"__csrcFundId":9509,"stockCode":"011572","shortName":"鹏华安荣混合(011572)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11572,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:52:53.177Z","status":"normal","exchange":"jj","name":"鹏华安荣混合型证券投资基金","fundCollectionId":4000050060000,"currency":"CNY","inceptionDate":"2021-09-21T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华安荣混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":120061049.42,"setUpShares":120061049.42,"pinyin":"pharhhxzqtzjj","managers":[{"stockCode":"db20907644","stockType":"fund_manager","exchange":"fm","tickerId":110217233270,"name":"寇斌权"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"}]},"announcement":{"linkText":"鹏华安荣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=1249836","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece9c7fea5b3eb04ee78b","date":"2024-09-29T16:00:00.000Z","stockId":3000000011572,"sao":"三季度资本市场的悲观情绪依然浓厚，投资者在红利类板块抱团取暖。直到季末随着一系列超预期的政策出台，资金开始大幅流入股市。我们认为随着这次快速上涨的终结，股市也将进入一个表现更为理智、更为正常的新阶段。这次极端快速的上涨也告诉我们投资只有耐住底部无人问津的寂寞，才有资格享受资产价格上涨的喜悦。  权益方面，我们认为在经历了一季度小市值公司的流动性丧失大幅下跌和之后几次的反复下跌之后，再去强调小市值的风险意义可能不大了，其中已经出现了兼具估值优势与成长性的很多品种。三季度基金经理对组合进行了一些个股层面的调整，还是主要布局在制造、服务、电子、医药等行业，进一步提升组合集中度和整体隐含收益率。看好内需修复，主动回避红利类债资产。  债券部分，我们认为当前债券尤其是长债利率不能反映我国的潜在经济增长率，利率下行空间有限，以持有较短久期的利率债和信用债，获取票息为主。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:56.186Z","fund":{"_id":3000000011572,"__csrcFundId":9509,"stockCode":"011572","shortName":"鹏华安荣混合(011572)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11572,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:52:53.177Z","status":"normal","exchange":"jj","name":"鹏华安荣混合型证券投资基金","fundCollectionId":4000050060000,"currency":"CNY","inceptionDate":"2021-09-21T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华安荣混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":120061049.42,"setUpShares":120061049.42,"pinyin":"pharhhxzqtzjj","managers":[{"stockCode":"db20907644","stockType":"fund_manager","exchange":"fm","tickerId":110217233270,"name":"寇斌权"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"}]},"announcement":{"linkText":"鹏华安荣混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1171841","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece9c7fea5b3eb04ee78a","date":"2024-06-29T16:00:00.000Z","stockId":3000000011572,"sao":"上半年资本市场的悲观情绪依然浓厚，投资者进入红利类版块抱团取暖。但当我们抛开主观的逻辑叙事，单纯从资产长期性价比的角度看，当前显然应该更加看好权益。央行在对长久期债券喊话多次效果不显著之后，在货币制度层面上开始有所动作。  权益方面，我们看到上半年个股的收益率与公司市值基本正相关，这是过去多年很罕见的情况。如果说在对经济前景预期不明朗的状况下高分红类个股的强势有理可依，银行和煤炭等基本面和股价走势背离的版块更加令人不解。上一次小盘股大幅度跑输指数还是在2017年，当时小盘股处于2014-2015年市场泡沫的下行阶段，估值极高。当前对于小市值公司的排斥似乎已经成为市场共识，理由包括壳价值下降、流动性差、上市公司退市加快、利润不稳定等等，跟前两年对小市值的追捧截然相反。而我们认为在经历了一月份小市值公司的流动性丧失暴跌和近期几次反复下跌之后，再去强调小市值的风险意义可能没有多大了，更有价值的工作是去寻找其中被错杀的机会，即便这些工作在当下的市场环境下显得性价比不高。上半年基金经理随着行业的反复杀跌，增配了电子、医药等行业的个股。对于上半年表现较佳的出口链转为谨慎。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:56.183Z","mo":"目前权益市场延续不振，但是基金经理对未来充满信心，认为目前处于一个熊市的尾部，当前时点A股已出现明显的投资机会。信心的首先来自于极低的价格，一季度股票市场出现了罕见的极端波动，在底部区域由于量化产品流动性缺失，引发快速下跌。一季度市场各种投资者由于各种原因被迫卖出造成的亏损未来会成为我们主动承担波动风险的收益补偿。我们现在在市场上可以找到一批十来倍估值，未来几年可能有显著成长的小市值股票。资产的价格由流动性驱动，当前的流动性是充裕的，但由于过去三年市场给与的体验极差，资金对权益市场的是极端风险厌恶的。对于地产，我们能看到最剧烈的从最大基数起的斜率最大的下滑时段已经基本过去了，对经济的占比和冲击已经在快速降低。目前在很低的风险偏好下，很多权益资产的价格还在由于尾部流动性风险的冲击快速下降，尤其是一些基于增长潜力而非短期确定性进行估值的资产。低估值成长股的投资框架要求我们在越便宜的时候越加仓，因此当前这类资产对我们来说有非常大的吸引力。因此目前我们专注于对组合的结构和个股进行进一步的优化，在标的储备上做好充足的准备，发掘优质权益资产并给予定价。在风格配置上，当前我们偏向于放弃红利型和类债型的资产，更多的主动承担风险，去配置隐含收益率更高的成长股。基金经理会在新的一年里继续坚持自己的风格，寻找能够真正长大的成长股。从行业上来看，我们认为电子行业经过过去3年左右的产业自然出清，需求有自发回暖的迹象，同时AI端侧创新的演绎也可能会在未来一两年导致产品量价齐升，催动相关公司的业绩；而医药行业受医疗反腐、医保控费和消费端压力的多重影响，估值创历史新低，此时应该多关注研究相关公司的中长期的价值中枢，考虑增加配置。","fund":{"_id":3000000011572,"__csrcFundId":9509,"stockCode":"011572","shortName":"鹏华安荣混合(011572)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11572,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:52:53.177Z","status":"normal","exchange":"jj","name":"鹏华安荣混合型证券投资基金","fundCollectionId":4000050060000,"currency":"CNY","inceptionDate":"2021-09-21T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华安荣混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":120061049.42,"setUpShares":120061049.42,"pinyin":"pharhhxzqtzjj","managers":[{"stockCode":"db20907644","stockType":"fund_manager","exchange":"fm","tickerId":110217233270,"name":"寇斌权"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"}]},"announcement":{"linkText":"鹏华安荣混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1143495","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece9c7fea5b3eb04ee789","date":"2024-03-30T16:00:00.000Z","stockId":3000000011572,"sao":"一季度股票市场出现了罕见的极端波动，在底部区域由于流动性缺失，交易拥挤引发快速下跌，和春节之后的快速反弹。一季度由于各种原因被迫卖出造成的损失未来会成为我们主动承担波动风险的收益补偿。目前中小市值个股从估值和基本面来看均再次出现了非常明显的吸引力。基金经理当前看好今年出口链景气度的延续，和地产链的见底，一季度对电子、医药等行业中的成长股有所增配。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:56.180Z","fund":{"_id":3000000011572,"__csrcFundId":9509,"stockCode":"011572","shortName":"鹏华安荣混合(011572)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11572,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:52:53.177Z","status":"normal","exchange":"jj","name":"鹏华安荣混合型证券投资基金","fundCollectionId":4000050060000,"currency":"CNY","inceptionDate":"2021-09-21T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华安荣混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":120061049.42,"setUpShares":120061049.42,"pinyin":"pharhhxzqtzjj","managers":[{"stockCode":"db20907644","stockType":"fund_manager","exchange":"fm","tickerId":110217233270,"name":"寇斌权"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"}]},"announcement":{"linkText":"鹏华安荣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=1068960","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece9c7fea5b3eb04ee788","date":"2023-12-30T16:00:00.000Z","stockId":3000000011572,"sao":"回顾2023年，年初基金经理对市场中性偏乐观的展望遗憾落空，市场中全年实现盈利修复增长叠加估值扩张的公司较少，市场机会几乎都是基于主题性估值剧烈波动的风格性机会。基于对高估值资产的回避策略，组合表现优于市场指数，但也未能给投资者带来正收益。  回头看年初的几个预判，看对了消费复苏的低于预期和房地产产业链的疲弱，但政府支出和企业支出也低于预期，导致配置的相关行业和个股遭受了较大的损失。弱经济下政府支持政策的预期落空，2G和2B业务的一类公司业务需求的恢复力度低于预期，类似医疗IT之类我们认为需求较为持续和刚性的公司也受到医疗反腐的影响收入端明显承压，成长出现波折，全年业绩不及基金经理年初的预测。  全年的投资在应对能力上也有所不足。一季度在AI浪潮来的时候，比较成功的兑现了部分2022年下半年逆向布局的游戏股和计算机股。到了三季报前当年业绩展望不及预期的一批2G和2B业务公司的股价已经开始快速回落，提前反应对全年业绩不达预期的负面展望，但当时从财报上发现的更高性价比的新投资标的也很少，此时换股交易也已经价值不大，因此选择了继续持有，等待未来复苏的春暖花开。  下半年部分外资出于对经济(主要还是地产)的失望开始持续卖出，成为决定市场走势的边际力量。而市场偏弱的走势叠加经济暂时的疲弱，投资者很容易短期问题长期化，开始形成负面的叙事恐吓自己。最后年底市场再次出现了尾部风险。基金经理认为一部分投资者被迫卖出带来的收益机会，经常成为愿意主动承担向下波动的投资者的风险补偿，因此还是选择继续高仓位持有权益类成长股资产。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:56.178Z","mo":"权益市场的冬天要比想象的更加漫长和寒冷。但是基金经理对2024年全年甚至未来三年充满信心，认为目前处于一个熊市的后期，A股较为少见的投资时点已经出现。  信心的基础首先来自于极低的价格，现在的市场连续下跌，已经处于A股历史上的极值。基金经理不倾向认同“这次不一样”的宏观叙事。也不认同市场上流行的拿日本过去的三十年来对标未来，两国无论是国家规模、国民性格、发展阶段，都有太大的差异，基本不具有太多可比性。  资产的价格由流动性驱动，围绕价值波动。当市场大部分投资者都表现出悲观的时候，对应的权益资产价格大概率是过低的，此时买入并持有不会是坏事。当市场钟摆向一个方向摆过头后，我们能确定的是转折终将到来，无法确定的是它什么时候以怎样的方式到来。而一旦悲观者的叙事被证伪，市场的修复也会是暴力和迅速的。  对于市场最关注的地产，由于其巨大的产业链和派生信用，确实对经济的影响很大，也严重影响整个市场的流动性。但我们能看到最剧烈的从最大基数起的斜率最大的下滑时段已经基本过去了，对经济的占比和冲击已经快速降低。  目前在特别低的风险偏好下，很多权益资产的价格还在由于尾部流动性风险的冲击快速下降，尤其是一些基于增长潜力而非短期确定性进行估值的资产。低估值成长股的投资框架要求我们在越便宜的时候越加仓，因此当前这类资产对我们来说有非常大的吸引力。因此目前我们专注于对组合的结构和个股进行进一步的优化，在标的储备上做好充足的准备，发掘优质权益资产并给予定价。在风格配置上，当前我们偏向于放弃红利型和类债型的资产，更多的主动承担风险，去配置隐含收益率更高的成长股。  基金经理会在新的一年里继续坚持自己的风格，寻找能够真正长大的成长股。从大的投资线索上来看，我们看好:1、能够真正对发达国家或发展中国家的输出产能，填补空缺而非简单依靠成本价格优势的出口链企业；2、中游制造业下游消费服务业很多细分行业中格局好，盈利能力提升的企业；3、未来伴随美债降息的美元计价的一些港股上市的优质稳定的人民币资产。","fund":{"_id":3000000011572,"__csrcFundId":9509,"stockCode":"011572","shortName":"鹏华安荣混合(011572)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11572,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:52:53.177Z","status":"normal","exchange":"jj","name":"鹏华安荣混合型证券投资基金","fundCollectionId":4000050060000,"currency":"CNY","inceptionDate":"2021-09-21T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华安荣混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":120061049.42,"setUpShares":120061049.42,"pinyin":"pharhhxzqtzjj","managers":[{"stockCode":"db20907644","stockType":"fund_manager","exchange":"fm","tickerId":110217233270,"name":"寇斌权"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"}]},"announcement":{"linkText":"鹏华安荣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=1051275","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece9c7fea5b3eb04ee787","date":"2023-09-29T16:00:00.000Z","stockId":3000000011572,"sao":"A股市场当前依然处于弱势当中，但我们认为三季度前后的权益市场是比较明显的底部区域，当下无论是看市场估值还是上市公司盈利改善的潜在趋势，都是偏向正面的。政策的积累也在逐渐发生效用，财政政策重新变得积极，货币政策继续宽松。虽然当前复苏初期的客观事实被不一样的解读，带来不一样的情绪，但我们认为尽管复苏节奏难以把握，但经济和股市见底回升的方向是确定的。  因此我们持续保持高的仓位，投资策略与中报时没有大的调整，耐心在底部区间布局优秀公司。历史经验表明经济稳住，投资者预期好转之后，市场大概率会去积极买入下一个向上周期中的成长股。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:56.175Z","fund":{"_id":3000000011572,"__csrcFundId":9509,"stockCode":"011572","shortName":"鹏华安荣混合(011572)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11572,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:52:53.177Z","status":"normal","exchange":"jj","name":"鹏华安荣混合型证券投资基金","fundCollectionId":4000050060000,"currency":"CNY","inceptionDate":"2021-09-21T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华安荣混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":120061049.42,"setUpShares":120061049.42,"pinyin":"pharhhxzqtzjj","managers":[{"stockCode":"db20907644","stockType":"fund_manager","exchange":"fm","tickerId":110217233270,"name":"寇斌权"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"}]},"announcement":{"linkText":"鹏华安荣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=986876","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece9c7fea5b3eb04ee786","date":"2023-06-29T16:00:00.000Z","stockId":3000000011572,"sao":"基金经理在上半年没有对组合进行大的调整，减持了持仓中部分涨幅较大的TMT行业个股，当前组合整体依然偏向中游制造业，对化工、计算机、服务业也有布局，依然是从上市公司本身的未来盈利增长和竞争优势来构建。   上半年的权益市场出现结构性行情非常显著，无论是“中特估”还是chatgpt带动的人工智能，均以估值波动主导因素，这些板块价格波动巨大。但从基本面分析角度去测算，相关人工智能概念相关公司市值用三至五年后最乐观的情景测算依然显著高估。从对持有人负责的角度，对于chatgpt代表的新一代人工智能，基金经理认为要不断思考其对社会、经济、人力和各种行业带来的影响，观察并寻找未来真正能用新技术给股东带来收益的公司，摒弃热衷短期炒作、公司治理水平差的劣质标的。  上半年市场的主要矛盾还是在于今年开年投资者对疫后经济复苏速度的过高预期，以及期盼政府出台地产基建消费等方向的刺激政策，从而对未来经济的展望不明朗。  但基金经理通过自下而上的产业调研和公司调研，发现依然有很多细分行业和相关公司的经营和发展态势较好；对于一些经营压力较大的行业，部分优秀公司的竞争优势也在逆境中体现。而这些最终将体现在公司未来的报表和市值上。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:56.172Z","mo":"基金经理认为我们正处于经济新旧成长动力交替的过程中，长期来看依靠房地产的发展范式终将切换，中期来看疫情后经济需要一段时间的自然修复，但复苏终究会来到，我们应当给予一定耐心。从投资的角度，当下应该抛开对政策刺激的期待和博弈，也抛开流动性良好市场中的主题炒作，专心去寻找那些靠自身力量就能领先复苏的行业与公司。  基金经理认为当前时点是大量上市公司特别是中下游上市公司盈利的低点，即使在这个低盈利的前提下大部分行业的估值分位也不高。广义流动性呈持续宽松，唯一持续低位的是投资者的低风险偏好，而这也是容易随市场行情而改变的。我们认为随着下半年上市公司的盈利的逐步修复，投资者信心也会逐渐修复，未来相当多的行业都存在上涨机会。  当前的组合整体依然偏向中游制造业，对化工、计算机、服务业也有布局，未来或将增加医药、消费的配置。组合部分公司在上半年有比较好的表现，组合整体的价值和隐含回报率相对年初更好。因此基金经理认为未来一年有较大概率给持有人提供较为满意的回报。","fund":{"_id":3000000011572,"__csrcFundId":9509,"stockCode":"011572","shortName":"鹏华安荣混合(011572)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11572,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:52:53.177Z","status":"normal","exchange":"jj","name":"鹏华安荣混合型证券投资基金","fundCollectionId":4000050060000,"currency":"CNY","inceptionDate":"2021-09-21T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华安荣混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":120061049.42,"setUpShares":120061049.42,"pinyin":"pharhhxzqtzjj","managers":[{"stockCode":"db20907644","stockType":"fund_manager","exchange":"fm","tickerId":110217233270,"name":"寇斌权"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"}]},"announcement":{"linkText":"鹏华安荣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=961532","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece9c7fea5b3eb04ee785","date":"2023-03-30T16:00:00.000Z","stoc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2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=804164","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece9c7fea5b3eb04ee782","date":"2022-06-29T16:00:00.000Z","stockId":3000000011572,"sao":"上半年本基金出现了历史上最大回撤。俄乌冲突、新冠疫情国内再爆发等影响市场的宏观事件引发市场快速下跌，投资者风险偏好急剧降低。上半年表现相对好的包括业绩处于周期高位的能源类和期待政府托底的地产等行业，五月后市场主线又切换到了高景气高估值的新能源行业。  组合在年初的布局考虑到了今年全球的经济下行，选择了配置与宏观经济关系不大，需求比较稳定或者小幅扩张，估值在历史中低分位，符合低估值真成长特征的公司。这类标的大部分集中在制造和科技，先后连续受到俄乌冲突造成的材料能源价格上涨和国内疫情防控造成的制造业产业链停工影响，当期的公司经营业绩受损，在报告期内出现较大回撤。但这些公司从三年维度依然具较好的成长价值和估值优势，基金经理选择了继续持有，等待市场价值发现。  基金经理认为目前组合配置的资产的预期收益率相对年初时又有了显著提升，二季度的经营业绩所受冲击不是常态。因此继续保持权益类资产的较高仓位。短期或许会带来产品净值的波动，但展望下半年和明年，我们有信心为投资者创造令人满意的回报。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:56.161Z","mo":"宏观风险在上半年已经有了充分的体现。站在当前时点展望下半年，国内可以期待较为积极的财政政策和偏宽松的货币政策，国际上美国还处于加息缩表缓慢寻底的过程。  我们认为国内地产产业链在缓慢复苏，消费和服务的复苏更加缓慢还需要时间，基建受到政策提振，经营表现应当不错。能源方面考虑到需求的不确定，上游很难继续维持高位。新能源方面目前电动车处于销售高景气度，但是未来存在渗透率迅速升高，增速放缓的风险；相比之下更看好光伏和风电，作为逐渐平价的新基建，既可以承接政府加码基建的需求，在未来通胀得到抑制后产业链的盈利能力也能有比较好的恢复。另外TMT中的一些公司由于疫情影响了当期经营业绩，估值在历史低位，也出现了较好的布局时点。基金经理继续重点跟踪和关注锻炼出全球竞争力的一些优势企业和具有成长性的细分行业龙头企业。","fund":{"_id":3000000011572,"__csrcFundId":9509,"stockCode":"011572","shortName":"鹏华安荣混合(011572)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11572,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:52:53.177Z","status":"normal","exchange":"jj","name":"鹏华安荣混合型证券投资基金","fundCollectionId":4000050060000,"currency":"CNY","inceptionDate":"2021-09-21T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华安荣混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":120061049.42,"setUpShares":120061049.42,"pinyin":"pharhhxzqtzjj","managers":[{"stockCode":"db20907644","stockType":"fund_manager","exchange":"fm","tickerId":110217233270,"name":"寇斌权"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"}]},"announcement":{"linkText":"鹏华安荣混合型证券投资基金 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2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=723962","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece9c7fea5b3eb04ee780","date":"2021-12-30T16:00:00.000Z","stockId":3000000011572,"sao":"回首刚刚过去的2021年，从投资的角度看是具有诸多挑战的。这种挑战主要是表现在市场结构上，首先市场全年对前几年表现良好的核心资产们再评估和杀估值，其次政策层面坚定调结构对地产、互联网、教育等行业产生了巨大冲击；而新能源和双碳由于政策面的友好和疫情导致的供需错配成为市场的主要亮点。从基金经理的角度，对两个风险的预判较为充分并在持仓中得以体现，但对市场中出现的重大机会准备和把握也有不足。基金经理年内的投资基本上忠实反映了年初的观点。随着经济复苏和海外需求，中国制造的盈利能力有望持续，而全球央行们营造的低利率环境还将延续，因此积极投资于包括机械制造、有色、军工、可选消费等行业，同时也中长线发掘配置了竞争格局改善，竞争力足够的一些中小盘成长股。一些在报告期年内取得较好的收益，一些尚待基本面的兑现和市场的认同。市场超出基金经理预期的地方主要在于新冠疫情的强度和持续时间，造成海外的需求与供给发生较长时间的错配。叠加中美欧等主要经济体对新能源支持力度的进一步增强，在流动性相对宽裕的环境下，市场对长逻辑顺畅、短期增长又确定的非碳能源相关产业极为追捧。基金经理全年没有进行权益仓位的大幅变动，在三季报后对持仓做了部分更新，基本原则还是自下而上选择经营向上, 隐含回报率高的权益资产, 主动承担市场波动。行业上我们加强配置了未来几年将达到平价的风电产业链中各环节的优势企业，计算机行业中一些性价比合理，具有一定竞争优势的企业，制造业中一些经营稳健，出口或进口替代方面有优势的中小企业。期待继续为投资者持续创造风险可控的稳定回报。基金经理在过去一年投资体系也有所进化，对估值的认识也有所进步，逐渐转向以公司成长为主要收益来源，不期待任何估值修复和估值扩张。公司可持续的健康增长为股东创造的收益，是稀缺的也是最大的安全边际。成长股投资本质上就是找到公司的增长点所在，并用一个可接受的价格参与其中。成长股的研究最终都指向一个目的，就是预测未来的增长潜力，并判断跟踪增长是否具备可持续性，从而回避成长陷阱。债券方面，收益率上下行空间均有限，基金经理对债券的配置还是以短久期的高等级信用债为主，获取票息收益。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:56.155Z","mo":"从中央经济工作会议来看，2022年的政策基调大概率会从“调结构”向“稳增长”倾斜。在这一思路下我们可以期待较为积极的财政政策和偏宽松的货币政策，对权益市场是偏暖的；而上市公司盈利会有结构性的变化，大概率会从2021年的上游向中下游结构性转移；估值上看，以消费为主的核心资产们经过一年的调整，估值已经趋向合理；新能源行业以及中小股票们经过市场一年的发掘估值有所抬升，市场整体还是处于健康的估值分位。基金经理也依然能够从市场上找到较多隐含收益率足够的资产，因此从大类资产配置的角度，依然对权益是中性的态度，在年内市场低迷的时候进一步加强权益配置。从行业比较的角度，基金经理对地产产业链以及宏观经济强相关的方向较为谨慎，尽量配置在需求刚性甚至扩张的方向上。看风险，美国通胀压力较为明显，美联储缩表加息收紧已经开始，虽然投资者预期较为充分，这依然是2022年全球资本市场的一个重大风险点。另外我们认为中国房地产已经开启了中长期向下的拐点，相关产业链的风险会继续出现和释放。随着海外国家的逐渐放开和产能供给的恢复，出口边际上面临压力，但基金经理对出口的韧性也保持一定乐观，重点跟踪和关注在疫情中锻炼出全球竞争力并获取到更大市场份额的一批优势企业。","fund":{"_id":3000000011572,"__csrcFundId":9509,"stockCode":"011572","shortName":"鹏华安荣混合(011572)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11572,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:52:53.177Z","status":"normal","exchange":"jj","name":"鹏华安荣混合型证券投资基金","fundCollectionId":4000050060000,"currency":"CNY","inceptionDate":"2021-09-21T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华安荣混合","setUpDate":"2021-09-21T16:00:00.000Z","setUpAssetScale":120061049.42,"setUpShares":120061049.42,"pinyin":"pharhhxzqtzjj","managers":[{"stockCode":"db20907644","stockType":"fund_manager","exchange":"fm","tickerId":110217233270,"name":"寇斌权"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"}]},"announcement":{"linkText":"鹏华安荣混合型证券投资基金 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