window.pageData = {"stock":{"_id":3000000011907,"name":"国泰量化收益灵活配置混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","fundStatus":"normal","stockCode":"011907","tickerId":11907,"shortName":"国泰量化收益灵活配置混合C","inceptionDate":"2021-04-08T16:00:00.000Z","exchange":"jj","followedNum":6,"fundCollectionId":4000050010000,"currency":"CNY","status":"normal","masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"gtlhsylhpzhhxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50010000","tickerId":50010000,"name":"国泰基金管理有限公司"},"managers":[{"name":"梁杏","stockType":"fund_manager","stockCode":"db20466347","exchange":"fm","tickerId":1224161300},{"name":"吴可凡","stockType":"fund_manager","stockCode":"db20906401","exchange":"fm","tickerId":231106237890}],"hotMetrics":{"fss":{"stockId":3000000011907,"type":"fss","f_s_s_d":"2023-12-30T16:00:00.000Z","f_ins_h_s_r":0.8589,"f_ind_h_s_r":0.1411,"f_h_a":250,"f_h_s_a":1519,"f_ind_h_s_r_c_1y":0.1105,"f_ind_h_s_r_c_hy":0.0761,"f_ins_h_s_r_c_1y":-0.11049999999999993,"f_ins_h_s_r_c_hy":-0.07610000000000006,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000011907,"type":"fpr","f_p_r_fys_ssc":8989,"f_p_r_fys_ssrp":0.3413440142412105,"f_p_r_m1_ssc":9236,"f_p_r_m1_ssrp":0.5602598808879263,"f_p_r_m3_ssc":9128,"f_p_r_m3_ssrp":0.47321135093678096,"f_p_r_m6_ssc":8836,"f_p_r_m6_ssrp":0.323372948500283,"f_p_r_y1_ssc":8349,"f_p_r_y1_ssrp":0.328941063727839,"f_p_r_y2_ssc":7732,"f_p_r_y2_ssrp":0.28780235415858235,"f_p_r_y3_ssc":6945,"f_p_r_y3_ssrp":0.2632488479262673,"f_cagr_p_r_fs_ssc":9177,"f_cagr_p_r_fs_ssrp":0.6611813426329556,"f_p_r_y5_ssc":4353,"f_p_r_y5_ssrp":0.4625459558823529},"fp":{"stockId":3000000011907,"type":"fp","f_p_r_fys":0.12796690135733457,"f_p_r_m1":0.0017404757300327756,"f_p_r_m3":0.015885467738772308,"f_p_r_m6":0.2261322392299192,"f_p_r_y1":0.4539670658682651,"f_cagr_p_r_fs":0.030213393461790305,"f_p_r_d1":0.0041376716193344265,"f_p_r_y2":0.6221294363256822,"f_p_r_y3":0.47746719908728297,"last_data_date":"2026-05-21T16:00:00.000Z","f_p_r_y5":0.14432989690722153},"ff":{"stockId":3000000011907,"type":"ff","f_m_f":464404,"f_m_f_r":0.01,"f_c_f":92880,"f_c_f_r":0.002,"f_m_a_c_f":557284,"f_m_a_c_f_r":0.012,"f_m_c_f_d":"2024-11-18T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2025-09-29T16:00:00.000Z","f_m_fr":0.01,"f_mac_fr":0.012},"f_nlacan":{"stockId":3000000011907,"type":"f_nlacan","f_nv_d":"2026-05-21T16:00:00.000Z","f_nv":1.554,"f_nv_cr":0.012839731473636373},"f_as":{"stockId":3000000011907,"type":"f_as","f_tas":18041248.0512,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001789,"stockId":408,"holdings":16000,"marketCap":1268320,"netValueRatio":0.0242,"quarterlyChange":-0.06078199052132749,"stock":{"stockCode":"000408","exchange":"sz","stockType":"company","tickerId":408,"name":"藏格矿业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001789,"stockId":600885,"holdings":37600,"marketCap":1043776,"netValueRatio":0.0199,"quarterlyChange":-0.08684210526315794,"stock":{"stockCode":"600885","exchange":"sh","stockType":"company","tickerId":600885,"name":"宏发股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001789,"stockId":301031,"holdings":6200,"marketCap":856964,"netValueRatio":0.0163,"quarterlyChange":0.23201711382476176,"stock":{"stockCode":"301031","tickerId":301031,"exchange":"sz","stockType":"company","name":"中熔电气"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001789,"stockId":603737,"holdings":16900,"marketCap":856830,"netValueRatio":0.0163,"quarterlyChange":0.09574238167279048,"stock":{"stockCode":"603737","exchange":"sh","stockType":"company","tickerId":603737,"name":"三棵树"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001789,"stockId":688213,"holdings":8800,"marketCap":726880,"netValueRatio":0.0139,"quarterlyChange":-0.13134924808076587,"stock":{"name":"思特威","exchange":"sh","stockType":"company","stockCode":"688213","tickerId":688213}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001789,"stockId":603379,"holdings":10600,"marketCap":653278,"netValueRatio":0.0125,"quarterlyChange":0.014986824769434914,"stock":{"stockCode":"603379","exchange":"sh","stockType":"company","tickerId":603379,"name":"三美股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001789,"stockId":603214,"holdings":39500,"marketCap":636345,"netValueRatio":0.0121,"quarterlyChange":-0.06118881118881081,"stock":{"stockCode":"603214","exchange":"sh","stockType":"company","tickerId":603214,"name":"爱婴室"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001789,"stockId":688182,"holdings":23400,"marketCap":622440,"netValueRatio":0.0119,"quarterlyChange":-0.09786495804304862,"stock":{"stockCode":"688182","tickerId":688182,"exchange":"sh","stockType":"company","name":"灿勤科技"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001789,"stockId":2787,"holdings":51500,"marketCap":619030,"netValueRatio":0.0118,"quarterlyChange":-0.03453815261044135,"stock":{"stockCode":"002787","exchange":"sz","stockType":"company","tickerId":2787,"name":"华源控股"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001789,"stockId":688625,"holdings":11400,"marketCap":606252,"netValueRatio":0.0116,"quarterlyChange":0.29077669902912673,"stock":{"stockCode":"688625","tickerId":688625,"exchange":"sh","stockType":"company","name":"呈和科技"}}],"bondHoldings":[{"_id":"69e8f8de1398d79843fffa56","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000001789,"stockCode":"019785","stockName":"25国债13","holdings":3000,"marketCap":302852,"netValueRatio":0.0058,"lastUpdated":"2026-04-22T16:35:42.222Z"}]},"list":[{"_id":"69e8ea4a1398d79843fe85a5","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000001789,"sao":"2026年一季度，美伊冲突成为扰动全球复苏叙事的最大变数，伴随霍尔木兹海峡断运、油价冲高、全球陷入滞胀担忧，市场指数从1月份春季躁动的单边上涨行情，逐渐转向横盘调整行情。具体而言，一季度市场主要沿着高景气、油价中枢抬升、低波防御三条线索交易：其一，1-2月市场围绕高景气交易，AI算力需求依然强劲、北美缺电叙事持续演绎，AI相关品种迎来行情；其二，油价中枢抬升预期下，涨价逻辑对应的油运、油气开采、煤化工等板块逆势走强，此外高能源价格带来的替代效应，新能源、煤炭等板块需求改善；其三，市场风偏降温之下，业绩受宏观经济影响较小的防御资产相对有韧性，典型如银行、公用等。","lastUpdated":"2026-04-22T15:33:30.653Z","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置混合型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1475929","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ca7a627ecbd37c10afbbbe","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000001789,"sao":"2025年一季度，特朗普2.0政策加剧全球不确定性，关税问题屡次冲击全球风险偏好，同时美国滞胀风险抬升，也对全球经济复苏叙事造成压制，A股同样多次受到冲击。国内方面，两会平稳落地、提振消费专项行动出台、召开民营经济座谈会都给市场预期带来呵护。产业端，DeepSeek横空出世，打开AI产业趋势的想象空间，也打破美国科技垄断地位，同时以宇树机器人、Manus为代表的科技成果涌现，共同助推中国资产重估。2025年二季度，关税与地缘冲突放大全球宏观的不确定性。季初特朗普再掀关税战，对等关税超预期冲击全球风险偏好，引发A股市场动荡。但这种恐慌并未持续太久，特朗普宣布暂停对等关税90天，国内面对外部挑战也迅速采取应对措施，市场恐慌情绪得到平息，指数迎来“V”型反转。5月中美和谈，全球关税逐步趋于缓和，但以印巴、伊以为代表的地缘冲突频发，依然使得全球风险偏好反复，也加剧了A股的波动。2025年三季度，基本面预期改善、海外流动性宽松、国内增量资金与赚钱效应形成正循环，驱动A股走出一轮上涨行情。具体来看，伴随7月初中央财经委员会定调“反内卷”，市场定价基本面复苏、通胀修复，7月以上游资源品为代表的周期板块商品价格与股价均迎来大幅反弹；海外流动性宽松在宏观提供宽松的货币条件，鲍威尔在Jackson Hole年会明确提及货币政策立场调整，全球宏观流动性宽松预期升温，随后9月美联储重启降息，全球股市均迎来风偏抬升；国内增量资金入市与赚钱效应形成正循环，强趋势行情下，A股低波动、高夏普不断吸引以两融、股民、基民为代表的个人资金入市。2025年四季度，指数从此前的单边上涨行情过渡到横盘震荡，主要有三点制约因素：一是微观资金面获利盘止盈压力加剧、场外资金入市放缓，二是全球宏观流动性不确定性升温，美联储降息预期在11月明显回落，美国政府关门导致数据缺失也加剧宏观不确定性，日央行加息预期带动日元大幅升值引发流动性担忧，均导致全球流动性预期偏紧，直至12月中下旬美联储暗示可能重启购债、开启技术性扩表、日央行加息落地，全球流动性才重回宽松周期。三是国内基本面压力愈发显现，部分数据不及预期。","lastUpdated":"2026-03-30T13:28:02.680Z","mo":"展望后市，A股本轮上行周期正从流动性驱动、赛道股占优的“牛市第二阶段”，向盈利驱动切换。关键观察变量是PPI的触底回升，这通常标志着企业盈利实质性改善。随着PPI回暖和总需求扩张，市场有望进入盈利驱动、顺周期板块占优的“牛市第三阶段”。投资机会将围绕两条主线展开：一是内需复苏与通胀链，关注受益于财政发力、投资回升和PPI上行的大宗商品、原材料等顺周期行业，以及伴随政策加码与经济周期回升，消费服务板块有望迎来业绩与估值修复；二是长期战略与产业趋势，在严峻外部压力和强劲内部需求下，以国产算力为核心的自主可控产业链将进入商业化加速和份额提升的关键期，是具备长期战略价值的核心主线。","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置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=1450322","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e62b","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000001789,"sao":"2025年三季度，基本面预期改善、海外流动性宽松、国内增量资金与赚钱效应形成正循环，驱动A股走出一轮上涨行情。具体来看，伴随7月初中央财经委员会定调“反内卷”、雅下水电站工程落地，市场定价基本面复苏、通胀修复，7月以上游资源品为代表的周期板块商品价格与股价均迎来大幅反弹；海外流动性宽松在宏观提供宽松的货币条件，鲍威尔在Jackson Hole年会明确提及货币政策立场调整，全球宏观流动性宽松预期升温，随后9月美联储重启降息，全球股市均迎来风偏抬升；国内增量资金入市与赚钱效应形成正循环，强趋势行情下，A股低波动、高夏普不断吸引以两融、股民、基民为代表的个人资金入市，融资余额季度内突破2.4万亿、全A成交额峰值达3.2万亿、新开户升温等迹象，均反映增量资金入市意愿强。","lastUpdated":"2026-03-09T13:06:41.533Z","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1377211","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e62a","date":"2025-06-29T16:00:00.000Z","stockId":3000000001789,"sao":"2025年一季度，特朗普2.0政策加剧全球不确定性，关税问题屡次冲击全球风险偏好，同时美国滞胀风险抬升，也对全球经济复苏叙事造成压制，A股同样多次受到冲击。国内方面，两会平稳落地、提振消费专项行动出台、召开民营经济座谈会都给市场预期带来呵护。产业端，DeepSeek横空出世，打开AI产业趋势的想象空间，也打破美国科技垄断地位，同时以宇树机器人、Manus为代表的科技成果涌现，共同助推中国资产重估。板块层面，科技、制造板块领涨，红利、顺周期板块整体偏弱。2025年二季度，关税与地缘冲突放大全球宏观的不确定性。季初特朗普再掀关税战，对等关税超预期冲击全球风险偏好，引发A股市场动荡。但这种恐慌并未持续太久，特朗普宣布暂停对等关税90天，国内面对外部挑战也迅速采取应对措施，市场恐慌情绪得到平息，指数迎来“V”型反转。5月中美和谈，全球关税逐步趋于缓和，但以印巴、伊以为代表的地缘冲突频发，依然使得全球风险偏好反复，也加剧了A股的波动。整体来看，二季度A股市场震荡抬升；从结构上来看，军工、银行、通信、医药等板块在二季度都有不俗的市场表现，而食品饮料、家电、钢铁、汽车等板块则在二季度迎来调整。","declarationDate":"2025-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.530Z","mo":"展望未来，内外宽松的流动性环境有望提供估值支撑，6月末A股延续反弹走势并迎来突破，主要宽基指数集体突破了重要点位。尽管当前国内基本面仍处于偏弱阶段但市场预期层面正在发生变化，存在博弈上行的基础。地缘冲突方面，伊以冲突快速缓和，贝森特暗示关税谈判将延期，7月关税决断或推迟，冲突加码的概率大大降低。同时，外围流动性预期同步改善, 美元指数回落、美债收益率下行，均有助于全球风险偏好修复。宏观基本面方面，预计国内经济将继续稳步恢复，政策层面的支持和市场信心的逐步修复将为A股市场提供支撑。国内政策预期持续向好。科技创新仍然会是推动经济发展的关键力量，特别是在人工智能、半导体等前沿技术领域，依然值得长期关注。“反内卷”叙事下的周期板块同样值得关注，包括钢铁、建材、建筑等板块，在政策预期与水电大基建投资驱动下，有望形成供给收缩+需求刺激的双轮驱动。","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置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=1347910","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e629","date":"2025-03-30T16:00:00.000Z","stockId":3000000001789,"sao":"海外方面，特朗普2.0政策加剧全球不确定性，关税问题屡次冲击全球风险偏好，同时美国滞胀风险抬升，也对全球经济复苏叙事造成压制，A股同样多次受到冲击。国内方面，两会平稳落地、提振消费专项行动出台、召开民营经济座谈会都给市场预期带来呵护。产业端，DeepSeek横空出世，打开AI产业趋势的想象空间，也打破美国科技垄断地位，同时以宇树机器人、Manus为代表的科技成果涌现，共同助推中国资产重估。板块层面，科技、制造板块领涨，红利、顺周期板块整体偏弱。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.527Z","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置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=1271165","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e628","date":"2024-12-30T16:00:00.000Z","stockId":3000000001789,"sao":"2024年全年，国内宏观基本面震荡筑底，年初流动性危机、年中基本面疲软导致股市两次探底，9月中央定调转向后，A股在二次探底后迎来大涨。具体而言，春节前，伴随指数下挫，流动性负反馈愈演愈烈；而到2月初流动性危机缓解，A股实现V型反弹；4-5月，4月政治局会议、517地产新政带来强预期交易，沪指向上冲击3200点，然而渐显疲态的基本面最终压制指数，股市冲高后很快走兑现行情；6月至9月中旬，国内基本面疲软叠加海外衰退预期，A股跟随基本面缩量探底；9月下旬至年末，先是中央定调转向带动强预期交易，随后美国大选结果出炉、国内政策偏稳打压预期，A股在大涨后陷入横盘震荡。2024年，沪深300指数上涨14.68%。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.525Z","mo":"展望2025年，一季度市场定价核心矛盾仍为政策力度，“两会”前后是重要的政策窗口期；而从二季度开始，核心矛盾预计将切向政策落地后的盈利兑现情况，彼时上市公司财报数据、宏观基本面数据或许将是决定市场行情的重要因素。此外，外部冲击例如地缘政治与经济博弈加剧（包括中美科技竞争加剧，AI 算力封锁、特朗普对华关税政策重启等）、美联储政策节奏的变化等仍可能给市场带来一定的波动，但国内政策也依然留有后手来应对外部冲击。从行业板块来看，科技会是25年市场关注的重点，DeepSeek、人形机器人、比亚迪智驾催化泛科技方向；此外，随着经济的逐步复苏，政策的扶持和消费需求的释放，消费板块回暖可期；而红利板块过去几年有着不俗的市场表现，其因稳定的分红和较低的估值，在25年或继续成为投资者关注的焦点。","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置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=1253105","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e627","date":"2024-09-29T16:00:00.000Z","stockId":3000000001789,"sao":"2024年三季度A股行情以9月下旬密集政策出台作为重要分水岭。前期海内外均有较多政策扰动，国内风格也快速切换。国内方面，市场7月关注三中全会政策预期，资本市场维度关注并购重组，小盘风格阶段性活跃，到8月中旬因部分经济数据不及预期，风险偏好下行，成交量明显萎缩，8月底互联网科技政策底出现，市场弱势修复。海外方面，6月底美国总统大选第一轮电视辩论完成，7月美国大选日程推进，包括共和党特朗普公布竞选纲领，民主党拜登退选并支持哈里斯，特朗普交易也阶段性影响市场结构。8月底市场开始美联储降息交易，也支持风险偏好回稳。到9月下旬伴随国内金融支持高质量发展、央行降准、政治局会议等政策组合拳出台，A股风险偏好快速上行，各类指数和行业急速上涨。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.522Z","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1175298","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e626","date":"2024-06-29T16:00:00.000Z","stockId":3000000001789,"sao":"2024年二季度，基本面渐显疲态，新房销售难企稳、基建实物工作量落地慢、制造业PMI回落到荣枯线下、消费持续不及预期，仅有出口项维持韧性，疲弱的基本面持续压制市场的表现，尽管4月下旬-5月中旬，地产供给端收储+需求端放宽给了市场较强的政策预期，但从落地效果看并没有带来房价和一二手房销售的实质性改善，政策落地后资金很快兑现。风险偏好的回落则是指数调整的另一个原因，4月、6月小微盘的两次加速下行给市场风险偏好造成了较大的冲击，前一次是“新国九条”出台，后一次是退市担忧，本质是监管收严下小微盘股的“壳价值”受到冲击。二季度我们在配置风格上维持较为均衡的投资策略。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.519Z","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置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=1147790","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e625","date":"2024-03-30T16:00:00.000Z","stockId":3000000001789,"sao":"2024年一季度A股经历深V行情。具体来看，1月权益市场表现偏弱，高股息板块的避险属性凸显，成长板块持续重挫；2月权益资产触底反弹，春节前风险偏好提升，市场明显回暖，春节后LPR降息等稳增长政策频出，市场继续上涨；3月市场结构性机会活跃，两会召开，新质生产力、设备更新改造、消费品以旧换新等政策催化不断，通胀和出口数据均超预期，海外方面以英伟达GTC大会为代表，AI技术迭代加速，国内Kimi活跃度继续提升，相关板块存在结构性机会。一季度我们在配置风格上维持较为均衡的投资策略。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.516Z","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072222","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e624","date":"2023-12-30T16:00:00.000Z","stockId":3000000001789,"sao":"从基本面来看，2023年A股盈利增速仍在负增长，地产投资、通胀数据等总体偏弱，结构上全球人工智能产业链出现重大技术创新，但相关产品/应用/服务的商业化落地仍待突破，反映到相关行业的业绩端也仍需时间，市场呈现出主题投资为主的风格。从市场表现上来看，2023年上证综指下跌3.7%，沪深300指数下跌11.4%，创业板指下跌19.4%，行业层面上，通信、传媒、计算机、电子等TMT板块涨幅居前，石油石化、煤炭等高分红资产上涨，消费以及新能源板块表现不佳。全年在配置风格上维持较为均衡的投资策略。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.513Z","mo":"当前市场底部特征明确。后续如果政策信心进一步恢复，资金端也有望迎来修复，风险偏好或能企稳回升。当前中国经济转型期的特征尤为突出，地产等传统经济动能趋弱，但新经济冉冉升起。在这样的背景下，结构上我们关注杠铃策略：一是科技产业浪潮，全球AI技术迅速迭代，算力侧需求明确，生成式AI技术进步也将带来应用端百花齐放，消费电子产品周期更新，国产手机和汽车迎来创新潮；二是高分红结构有望持续表现。此外我们也积极关注其他板块阶段性的投资机会。","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置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=1054532","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e623","date":"2023-09-29T16:00:00.000Z","stockId":3000000001789,"sao":"整体而言，三季度稳增长效果仍在验证期，人民币汇率偏弱，市场指数表现不佳，沪深300指数下跌3.98%，创业板指下跌9.53%。三季度市场风格轮动加快，市场缺乏持续的主线和热点，整体来看，顺周期板块收益相对靠前，数字经济催化剂减少，TMT板块阶段性回调。三季度我们在行业风格的配置上采取了更加均衡的投资策略，但受市场结构的影响，三季度业绩为-7.95%，业绩表现较为一般。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.510Z","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置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=989835","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e622","date":"2023-06-29T16:00:00.000Z","stockId":3000000001789,"sao":"2023年上半年，主要宽基指数先扬后抑，一季度市场风险偏好明显修复，市场普遍上涨；4月进入业绩验证期，市场开始震荡调整，5月以来，随着经济数据不及预期，地产基本面持续疲软，风险偏好明显下行，市场走弱，6月市场对稳增长政策的期待驱动市场小幅回暖。结构上全球人工智能产业链出现重大技术突破，TMT板块大幅上涨，是A股市场上半年的最大亮点。量化收益较好地把握住了上半年结构性行情的特征，实现收益4.87%，上半年沪深300指数下跌0.75%，表现强于市场。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.507Z","mo":"当前海外经济及货币政策环境仍旧复杂，美联储加息周期未完，加息结束的预期时点继续推迟，海外流动性仍有压力，国内宏观数据不及预期，短期宏观经济与企业盈利仍然仅为“弱复苏”，后续稳增长政策布局仍然值得期待。结构上，全球AI产业链发展如火如荼，考虑到技术的不断迭代，一方面提升生产和生活的效率，另一方面可能创造新的流量入口，打开资本市场的想象空间，弱复苏的市场环境下，AI产业链或会继续有所表现。此外，我们也积极关注其他板块阶段性的投资机会。","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置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=958449","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e621","date":"2023-03-30T16:00:00.000Z","stockId":3000000001789,"sao":"我们在去年年底的年报中判断今年经济将全面复苏，消费反弹，有高度，但高度可能有限。投资仍然保持较高增速，地产复苏概率较大，固定资产投资增速也较为明显。出口可能会受到海外经济下行的影响。我们在大消费板块中看好疫后复苏板块，其中重点关注医药，尤其是生物医药创新药板块。在大科技中看好自主可控的信创、芯片、军工、工业母机等板块。目前来看，判断基本正确。一季度沪深300指数涨幅4.63%，由于经济复苏，股市行业轮动较快，板块机会突出，我们比较好地把握住了结构性特征，一季度业绩7.07%，跑赢基准的3.1%。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.505Z","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置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=888549","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e620","date":"2022-12-30T16:00:00.000Z","stockId":3000000001789,"sao":"2022年全年股市遭遇了多只黑天鹅的冲击，如欧洲地缘政治、如美联储大幅加息、如疫情超预期爆发等。开年不久即暴跌，二季报我们曾经判断二季度暴涨后的科技板块三季度可能迎来调整，带来大盘的调整。三季报我们曾经判断四季度表现优于三季度，因为股市在三季度末已进入极度悲观情况。四季度的实际表现稍微弱于预期，一方面大会召开后的股市调整超出了预期，另一方面疫情政策的转向比市场整体预期提前了好几个月，不过市场还是艰难地爬坡，最终沪深300指数全年下跌21.63%。国泰量化收益前三季度保持稳定，虽然受到持续赎回抬高仓位的干扰，依然跑赢了基准。基于对四季度行情可能优于三季度的判断，尝试了新的策略，但由于大会策略和政策后的市场情绪波动，尝试效果不佳。全年基金收益率-24.48%，业绩基准-11.94%，策略的波动性较大，未来将继续调整和改进。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.502Z","mo":"2023年我们预计随着疫情政策的优化，第一驾马车消费即将有望迎来复苏。虽然当前很多人都还阳着或者阳后还在缓慢康复中，不过三亚、云南等热门旅游目的地，又已经人满为患了，北京又开始堵车了。我们看好23年消费的复苏，但也认为消费增速的反弹可能高度有限，回不到2019年没有疫情以前的增速。我们看好食品饮料、医药行业的反弹，不过食品饮料反弹幅度可能没有医药行业高。受疫情影响的旅游、影视等可选消费品也有望迎来复苏。汽车作为促消费的抓手，预计2023年也有阶段性机会。交运板块也会迎来复苏机会。第二驾马车是投资，投资可以分为房地产、基建和固定资产投资增速。我们认为由于房地产产业链在国民经济中的重要性，2023年我们可能还会看到房地产供给端和需求端持续松绑政策迭出，房地产、家电、建材等相关细分行业也有阶段性机会。基建在历史上和房地产会形成跷跷板关系，因此需要密切关注房地产修复程度的进展。固定资产投资增速从2019年开始就是持续向上的态势，预计2023年国家还将加大固定资产投资增速尤其是高端制造业投资增速的力度，不过考虑到海外重要经济体的经济增速大概率下行，受到第三驾马车出口的拖累，2023年的固定资产投资增速有可能受到扰动，因此可聚焦在关注内需的自主可控主线，芯片、信创、军工、工业母机等行业，都值得关注。碳中和主线的光伏和新能源车基本面预期仍将维持景气，但受到出口收缩影响，可能波动有所加大。流动性方面，我们认为2023年应该是整体偏宽松的。首先我们没有在2020年疫情爆发之时像美联储那样直接将基准利率直接降为了0，留出了操作的空间。其次，2023年美联储加息步伐有望放缓，可能年底开始转向降息，给国内宽松留出了一定的空间。不过也需要关注2023年通胀变化的情况，一旦通胀起来，就会制约货币宽松的空间。市场的风险偏好难以准确捕捉和衡量，主要受到盈利、事件和政策的影响。盈利和估值双提升和双下杀被市场称为戴维斯双击和戴维斯双杀。可预期的事件不可怕，突发事件容易对市场情绪造成影响，2022年就出现了多个压制市场风险偏好的黑天鹅事件。目前来看2023年的潜在风险点可能是疫情的反复感染和通胀的爆发，不知道是否还会出现其它大的黑天鹅事件。政策的影响分为宏观政策和产业政策。比如碳中和政策、二十大发展安全可控，属于宏观政策，信创产业政策属于产业政策，在相关政策的驱动下，信创板块四季度表现出色。因此2023年股市大概率优于2022年，各个行业和板块的投资机会也会层出不穷，轮动频繁，结构频出。可以适当地增加权益资产的配置，降低债券类资产的配置。","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置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=866209","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e61f","date":"2022-09-29T16:00:00.000Z","stockId":3000000001789,"sao":"2022年三季度沪深300指数继二季度的反弹之后，向下调整15.16%。上份季报我们曾经判断二季度暴涨后的科技板块三季度可能迎来调整，带来大盘的调整。但是在疫情波动、美联储持续加息、俄乌冲突升级等内外部环境的持续变化下，股市进入极度悲观阶段，沪深300指数股息率和十年国债利率比值超过2倍标准差，为2010年以来的100%分位，超过了2016年年初和2019年年初的底部阶段。国泰量化收益三季度仓位维持在相对高位，在成长风格上有所侧重，跑赢沪深300指数约5%，跑输基准约2%，赢在风格，输在仓位。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.499Z","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置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=807113","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e61e","date":"2022-06-29T16:00:00.000Z","stockId":3000000001789,"sao":"2022年上半年沪深300指数下跌9.22%，量化收益上半年下跌9.78%，表现不佳。上半年黑天鹅频出，先有俄乌冲突，后有疫情爆发，破坏了市场当下运行逻辑，导致股市出现暴跌暴涨情况，投资者体验不佳。3月16日在内外情绪不稳的情况下，政策底出现以后，股市进入磨底期，4月上海疫情加剧，影响经济，股市大跌，上证综指一度跌破3000点。后续随着复产复工预期加强，美联储加息预期放缓等利好爆发，成长股率先反弹。国泰量化收益仓位较高，一季度跟随市场下跌，二季度规模较为稳定，在成长风格上有所侧重，较好地把握了二季度的反弹机会。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.496Z","mo":"科技成长板块自4月底反弹至6月底，先锋板块涨幅已超50%，筹码也逐渐变得拥挤，有可能短期还会有行情延续，但是可能整个三季度来看的话，拥挤的筹码一般会带来调整。但是科技板块它长期还是向上的。可关注前期少涨板块。","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置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=780559","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e61d","date":"2022-03-30T16:00:00.000Z","stockId":3000000001789,"sao":"2022年一季度沪深300指数暴跌14.53%。一季度出现了黑天鹅，即俄乌战争，叠加美联储加息、中概波动和疫情反复，市场出现了信心不足，资金外流的情况，导致市场大幅走低。国泰量化收益一季度出现了投资者持续赎回的情况，导致仓位持续推高，表现跑输沪深300指数和基准。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.493Z","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置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=728234","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e61c","date":"2021-12-30T16:00:00.000Z","stockId":3000000001789,"sao":"2021年全年沪深300指数先涨后跌，最终收跌5.5%。2019年和2020年连续走好之后，我们适当降低了对2021年沪深300指数表现的预期。2021年，权重板块金融板块中银行和证券板块较为稳健，保险板块遭受资产端和负债端双面夹击，表现较差。食品饮料和医药分别受到估值调整和集采政策影响，表现同样不佳，拖累指数。国泰量化收益全年控制整体仓位，并积极参与了新股申购，取得了1.31%的收益率，同期基准表现-1.14%。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.490Z","mo":"我们认为2022年沪深300指数可能会好于2021年的表现。宏观上，虽然经济基本面或者说盈利指标相对于2021年增速下滑，但是流动性预期等政策支持可能要比2021年相对宽松一些；中观上，沪深300权重行业银行、非银、食品饮料、医药等2022年的表现也可能会比2021年好，从而带动指数整体表现可能优于2021年。","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置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=710335","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e61b","date":"2021-09-29T16:00:00.000Z","stockId":3000000001789,"sao":"2021年三季度沪深300指数震荡下行，整个三季度下跌6.85%，三季度流动性继续宽松的预期未能兑现，经济基本面上发生了对于教育和互联网行业的整顿，商品和原材料价格持续上涨，经济增速预期放缓。板块上，消费板块依旧以调整和估值消化为主，科技成长板块二季度取得了不错的表现，三季度迎来修整期，周期板块持续发力，在9月中下旬也暂停了疯狂的脚步，金融板块走势分化，证券板块受到利好驱动有所表现。国泰量化收益三季度继续控制整体仓位，并积极参与了新股申购，取得了-2.18%的收益率，同期基准表现-3.5%。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.487Z","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置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=657103","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e61a","date":"2021-06-29T16:00:00.000Z","stockId":3000000001789,"sao":"2021年上半年沪深300指数震荡反弹，整个上半年上涨0.24%。上半年开年较好，随后受流动性局部影响，迎来调整，随后进入暖和期。随着科创板推出2周年临近，科创板上市公司的科创成色逐步显现，业绩预期普遍表现出色，高景气度行业上市公司业绩预增提振了市场做多热情，市场风格二季度相较一季度发生了较大的变化，包括半导体芯片、新能源汽车、医疗等表现出色，一季度表现较好的银行等低市盈率板块表现相对逊色。国泰量化收益上半年继续控制整体仓位，并积极参与了新股申购，取得了2.88%的收益率，同期基准表现1.06%。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.484Z","mo":"随着新冠疫苗在主要经济体的逐步接种并普及，全球经济有望从新冠疫情的阴霾中逐步恢复，但由于疫情反复以及国际多边关系不断复杂化，我们预计政策依旧将继续保持温和状态。我们在今年一季报里也提到过，考虑到2019年和2020年沪深300指数已有很好的收益，我们认为沪深300指数在2021年持续取得类似前两年高收益的概率不大，投资者需要适当降低对今年股市整体的回报预期，但是结构性机会依然丰富，其中兼具行业高景气度和未来经济社会发展方向的医疗、新能源、芯片为代表的科技领域投资价值依旧值得长期关注，如与调整，反而适合分批布局。此外兼具高景气度以及为我国经济体量相匹配的军工行业也是我们中长期坚定看好的方向。","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置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=634581","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e619","stockId":3000000001789,"sao":"2021年一季度沪深300指数震荡下行，指数下跌3.13%。整个一季度股市受到流动性的阶段性干扰较大，结构分化明显，食品饮料、科技、医药等前期强势板块开始调整，钢铁煤炭等周期板块在碳中和去产能逻辑下反而录得不错收益。国泰量化收益一季度继续控制整体仓位，并参与了新股申购，取得了-0.45%的收益率，同期基准表现-1.4%。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.481Z","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置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=573188","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e618","stockId":3000000001789,"sao":"2020年沪深300指数震荡上行，全年上涨27.21%。全年股市结构分化明显，食品饮料板块维持了强势，钢铁煤炭有色等周期板块也录得不错收益，科技医药板块整体收益尚可。国泰量化收益全年继续控制整体仓位，并参与了新股申购操作，取得了18.97%的收益率，同期基准表现17.94%。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.478Z","mo":"展望2021年，考虑到2019年和2020年沪深300指数已有很好的收益，我们认为沪深300指数在2021年持续取得类似前两年高收益的概率不大，投资者需要适当降低对股市整体的回报预期，但是结构性机会依然丰富。看好新能源汽车、军工、芯片等科技类和除食品饮料以外的消费类（包括医药板块）在2021年的表现。","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=555112","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e617","stockId":3000000001789,"sao":"2020年7月初沪深300指数在证券板块的带动下迅速上涨，从7月中旬开始进入震荡整固期，整个三季度指数上涨10.17%。整个三季度，证券板块成为首当其冲的急先锋之后，科技和消费板块都处于估值较高的位置，虽然二季报和中报业绩也相对不错，但是进入估值消化期之后，持续震荡，并未承担起行情接力的作用。另外，三季度国际关系一度较为紧张，华为受到了较多的外部限制，虽然国内出台了产业扶持政策，但依然对市场情绪的提振有较大影响。国泰量化收益三季度继续控制整体仓位，并参与了新股申购操作，取得了7.28%的收益率，同期基准表现6.35%。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.474Z","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置混合型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=491987","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e17fea5b3eb044e616","stockId":3000000001789,"sao":"2020年一季度受国内外疫情影响，沪深300指数受挫下跌，二季度由于国内疫情控制良好和政策呵护实体经济，沪深300指数有所上涨，上半年沪深300指数整体涨幅1.64%。一季度国内爆发了疫情，在政府组织和人民配合下，疫情得到了迅速和全面的控制。二季度国内一方面做好疫情防控不放松，另一方面持续不断地出台各项货币、财政和产业政策，支持实体经济修复。十年国债收益率于4月持续下行，5月起经济复苏预期抬升，货币政策宽松暂时告一段落，导致债市在5月和6月出现较大幅度调整。股市则进入持续修复期，医药和芯片等科技类板块继续表现突出。国泰量化收益上半年继续控制整体仓位，并参与了新股申购操作，取得了4.01%的收益率。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:41.471Z","mo":"展望三季度，货币政策由于监管层“珍惜常规状态的货币财政政策，不搞大水漫灌”的表态，预期有所转变。然而一季度经济受疫情影响，出现大幅负增长之后，在国内疫情控制良好的情况下，二三四季度的增速有望迅速反弹。因此整体上我们认为下半年股市取得绝对收益的概率较大。我们在一季报中曾经提出出口和消费不振的情况下，如果要提振经济，尽量多地保留就业岗位，主要抓手就需要靠投资。5G、新能车、生物医药、先进医疗等新基建产业是未来发展的方向，但容纳就业人数有限。因此，老基建的相关政策仍将陆续出台。我们认为新老基建短期各有机会，长期还看新基建。下半年依然看好5G、新能车等科技板块的投资机会。","fund":{"_id":3000000001789,"stockCode":"001789","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":202160000,"market":"a","tickerId":1789,"custody":"招商银行股份有限公司","name":"国泰量化收益灵活配置混合型证券投资基金","shortName":"国泰量化收益灵活配置混合(001789)","fundSecondLevel":"hybrid","__csrcFundId":1721,"fundStatus":"normal","lastUpdated":"2026-04-30T18:12:04.455Z","masterFundFlag":1,"inceptionDate":"2017-05-18T16:00:00.000Z","fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰量化收益灵活配置混合","pinyin":"gtlhsylhpzhhxzqtzjj","managers":[{"stockCode":"db20466347","stockType":"fund_manager","exchange":"fm","tickerId":1224161300,"name":"梁杏"},{"stockCode":"db20906401","stockType":"fund_manager","exchange":"fm","tickerId":231106237890,"name":"吴可凡"}]},"announcement":{"linkText":"国泰量化收益灵活配置混合型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=462825","linkType":"PDF","source":"csrc_pdf"}}]}