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呈现\"稳中有进\"的复苏态势。全年GDP增速达5%，在房地产市场探底与社零增速下滑的背景下，依靠出口与投资发力对经济形成有力支撑。三季度末，各项政策“组合拳”出台，货币政策与财政政策共同发力，经济景气进入扩张区间，对市场影响积极。海外来看，全球经济增速不均衡加大。美国通胀水平下降缓慢，国债收益率高位震荡，美联储三次降息，全球流动性缓解，美国新政走向趋于不明朗。　　全年来看，权益市场宽幅震荡，板块表现分化较大，不同区间内市场风格亦有较大差异。上半年，市场风险偏好较低，确定性成本投资主线，大盘价值、红利低波是投资方向。在风险偏好下降的情况下，银行、公用事业、有色、石油石化、煤炭等涨幅靠前。9月下旬，一系列重要会议与政策之后，市场预期快速扭转，成交量快速上行，市场风险偏好有所回暖，高波动性特征开始体现。全年看，沪深300指数上涨14.68%，创业板指上涨13.23%。板块方面，银行、非银金融涨幅较大，医药、农林牧渔等表现较差。国债收益率延续下降趋势，中证全债指数上涨8.83%。　　报告期内，基金保持稳健的投资策略应对波动的权益市场。从大类资产配置角度看，基金保持权益资产和固收资产的基本稳定。从中观行业与结构上，基金一方面沿着红利低波进行配置，石油石化、煤炭、金铜有色、公用事业是主要持仓行业，一定程度上切合了市场风格，另一方面关注了电子、高端装备、汽车等，对于消费品也保持了基本的配置。随着三季度末市场风格的变化，基金积极应对，适度增配一些弹性资产。在个股选择上，基金筛选业绩增速稳定、估值合理的细分行业龙头公司，相信它们穿越周期的能力，现金流与ROE是重要的观察指标。对于债券投资，在债券收益率下行的背景下，基金坚持投资高评级债券以规避信用风险可能带来的波动，保持了中短久期，使组合的稳定性增强。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:31.207Z","mo":"展望2025年，国内经济有望保持稳定增长。财政、货币政策发力的效果持续体现，经济复苏的信心有望进一步恢复。较大规模的化债方案有利于化解地方债务风险，地方政府有更多资源投入到民生、投资等领域。大规模设备更新和消费品以旧换新扩大内需，利于经济高质量发展。经济有望在深化改革、优化结构、应对内外部挑战等方面见到更多举措落地。海外来看，美国通胀数据有韧性，特朗普新政下的关税政策不利于通胀水平的下降，美联储降息节奏预测难度加大，大宗商品走势复杂。其他经济体也面临自身经济周期与美国政策扩散的多重影响。　　对于证券市场而言，我们相信中国资产在全球看来重要性不断提升，估值水平、新经济的结构性亮点、未来的成长空间成为重要的配置因素。监管机构鼓励布局优质权益资产、大力推动中长期资金入市、促进资本市场高质量发展。资本市场有望在做好金融“五篇大文章”中发挥积极作用。从投资角度看，风险溢价率、股息率等指标显示，权益资产越来越具备投资价值，而PE\\PB已经处于历史低位，考虑到政策落地与经济企稳回升，ROE与现金流的改善也值得期待。我们对权益投资的信心进一步提升。　　从行业角度看，上游资源品中，全球定价的大宗商品要面临各自经济周期、供求关系影响，国内的煤炭行业需求平稳，更多从分红角度去看；中游的制造业分化较大，受下游新兴产业拉动、进口替代的细分行业值得重点关注，包括半导体、消费电子、机器人、电气设备等领域景气度较高；消费品中，我们关注电动车产业链、新兴消费等；在全球科技浪潮下，中国新兴势力不容小觑，AI大模型、算力建设产业链处于大规模、快速投入期；对于周期品和房地产产业链，我们观察各自的量价关系、需求拐点等因素进行跟踪。　　整体来看，面对国内证券市场的新变化，基金将积极把握权益资产的投资机会，同时做好大类资产配置，力求使组合运作更加稳健。","fund":{"_id":3000000012299,"__csrcFundId":9797,"stockCode":"012299","shortName":"浦银安盛安裕回报一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12299,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.158Z","status":"normal","exchange":"jj","name":"浦银安盛安裕回报一年持有期混合型证券投资基金","fundCollectionId":4000050590000,"inceptionDate":"2021-08-30T16:00:00.000Z","followedNum":0,"masterFundShortName":"浦银安盛安裕回报一年持有期混合","setUpDate":"2021-08-30T16:00:00.000Z","setUpAssetScale":1029697520.31,"setUpShares":1029697520.31,"pinyin":"pyasayhbyncyqhhxzqtzjj","managers":[{"stockCode":"db20277724","stockType":"fund_manager","exchange":"fm","tickerId":262508141270,"name":"褚艳辉"}]},"announcement":{"linkText":"浦银安盛安裕回报一年持有期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=1256080","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf377fea5b3eb04f8c9c","date":"2024-09-29T16:00:00.000Z","stockId":3000000012299,"sao":"三季度，市场走势跌宕起伏波动加大。受经济数据影响，7、8月市场震荡下行，避险情绪为主，投资方向集中在大盘价值、红利高股息类资产。9月下旬以后，政策积极发力，市场预期快速扭转，成交量快速上行。监管机构关于金融支持经济高质量发展的表态、特别是政治局会议的定调，让市场聚焦于未来的增量政策和改革举措。随着9月下旬以来的剧烈波动，今年各行业的涨跌表现也发生很大变化。报告期内，主要宽基指数录得10%甚至20%以上涨幅。所有行业均上涨，券商、房地产、社会服务、计算机涨幅靠前，前期防守特征的煤炭、石油石化、公用事业、银行等涨幅靠后。国债收益率延续下降趋势，中证全债指数上涨1.24%，利率债高位波动。　　报告期内，基金保持稳健的投资策略。从大类资产配置看，各类资产较前期变化不大。从权益投资角度看，红利品种是基金的主要配置方向之一，如煤炭、公用事业、石油石化以及部分银行。在各类资产预期回报率下行的背景下，通过高股息获取稳健收益是一个较优的选择。政策着力于扩大有效需求，龙头消费公司处于历史估值低位，基金提升了食品饮料、轻工家居的权重。制造业升级换代、政策鼓励“硬科技”、部分下游行业景气度较好，因此先进制造业也是基金关注方向，在消费电子和电力设备领域进行挖掘。政策调整对于房地产以及周期产业链的影响，基金将保持观察，若高频数据得以验证，则估值有望修复。基金从票息和稳健性角度出发，配置了高评级、中短久期的信用债。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:31.204Z","fund":{"_id":3000000012299,"__csrcFundId":9797,"stockCode":"012299","shortName":"浦银安盛安裕回报一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12299,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.158Z","status":"normal","exchange":"jj","name":"浦银安盛安裕回报一年持有期混合型证券投资基金","fundCollectionId":4000050590000,"inceptionDate":"2021-08-30T16:00:00.000Z","followedNum":0,"masterFundShortName":"浦银安盛安裕回报一年持有期混合","setUpDate":"2021-08-30T16:00:00.000Z","setUpAssetScale":1029697520.31,"setUpShares":1029697520.31,"pinyin":"pyasayhbyncyqhhxzqtzjj","managers":[{"stockCode":"db20277724","stockType":"fund_manager","exchange":"fm","tickerId":262508141270,"name":"褚艳辉"}]},"announcement":{"linkText":"浦银安盛安裕回报一年持有期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=1180251","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf377fea5b3eb04f8c9b","date":"2024-06-29T16:00:00.000Z","stockId":3000000012299,"sao":"上半年，国内经济同比增长5%，增速预计在世界主要经济体中保持领先，总体看，经济运行总体平稳、稳中有进，延续回升向好态势。经济领域运行出现分化：制造业在3、4月回升至荣枯线以上，5、6月又有走弱的迹象，工业增加值和工业企业利润增速有所回落；社会消费品零售增速放缓，CPI转正，PPI的降幅收窄；出口延续较好的趋势，对经济形成有力支撑。海外来看，美国经济运行在周期高位，CPI处于较高水平，美元指数相对强势，欧央行开始降息，新兴经济体增长动能较好。受地缘政治避险情绪等影响，黄金价格表现强势。　　报告期内，市场宽幅震荡，板块表现分化较大。市场风险偏好较低，红利资产、大盘价值类板块表现较好，阶段性存在主题性投资机会，但缺乏持续性。报告期内沪深300指数上涨0.89%，创业板指下跌10.99%。板块方面，银行、煤炭涨幅较大，消费者服务、计算机等表现较差。国债收益率延续下降趋势，中证全债指数上涨4.31%。　　报告期内，基金的投资目标和投资策略保持不变。基金的行业配置维持稳健，配置了煤炭、有色金属、公用事业、石油石化等资产，一定程度上切合了市场风格。基金保持了食品饮料、高端制造的基本配置。基金关注电力设备、通信、电子等的投资机会，但因为行业轮动较快，整体表现不佳。基金从票息和稳健性角度出发，配置了高评级、中短久期的信用债，适度参与了转债投资，有一定的正贡献。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:31.201Z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“需求收缩、供给冲击、预期转弱”的三重压力，多地点状出现的疫情打乱了经济正常运行的节奏。为实现稳增长的目标，财政政策与货币政策发力，推出稳经济一揽子政策措施，部署稳住经济大盘工作，政策效应较快显现。4月主要经济指标深度下跌，5月降幅收窄，6月企稳回升，最终实现上半年GDP同比增长2.5%。分结构看，消费增速下降，基建投资和制造业投资的增长对冲房地产投资的下滑，进出口保持较高增长。当前看，地产销售底部企稳，社会融资规模逐渐放量且结构改善，稳增长政策进入集中发力期，专项债密集发行使得基建投资成为稳增长的抓手。全球宏观形势复杂，多个重大事件交织。俄乌冲突、欧美经济滞涨以及由此衍生的能源危机、通胀治理等问题，从多个角度波及至国内。总体而言，中国顶住全球向下的压力，稳经济的成效来之不易。  报告期内，多种负面因素在资本市场集中反映，A股走势波折反复，从震荡下跌到快速下跌，再到触底反弹后重新震荡整理。报告期内沪深300指数下跌9.22%，创业板指下跌15.41%。板块方面，受益于能源紧缺和市场对疫后复苏行业竞争格局改善的预期，煤炭板块有正收益，其余板块均下跌，电子、计算机、传媒等板块跌幅靠前。新能源产业链多个子行业弹性明显，在下跌后最先反弹，各种新技术带来主题性投资机会。对经济复苏和政策宽信用的预期波动导致国债收益率整体呈现震荡走势，中证全债指数上涨1.9%。  报告期内，基金的投资理念和投资策略未发生变化，但股票市场的大幅波动对投资管理带来很大挑战，基金未能实现绝对收益的目标。尽管从大类资产配置角度看，权益资产是具备中长期投资价值的，但短期的剧烈波动却对基金净值带来损失。一季度，基金在电力设备与新能源、消费、医药上的配置较多，随后，基金关注行业景气度与市场预期的边际变化，调整了行业占比，通过分散与均衡的配置来熨平市场带来的波动。基金配置了光伏、锂资源、电池环节。部分产品受供需变化带来价格上涨具备投资机会。此外，汽车产业链、消费品及疫后复苏都是在当前背景下的亮点。以上策略有利于基金净值修复。对于债券投资，我们坚持投资高评级债券以规避信用风险可能带来的波动，延续中短久期中低杠杆的策略。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:31.179Z","mo":"展望下半年，我们主要观察国内本轮经济复苏的持续性。宏观层面看，在政策发力与流动性宽松的背景下，疫情防控科学及常态化，经济有望走出前期低谷。微观层面看，国企、民企、外企等市场主体的信心有望修复，各种政策红利远未释放，部分需求只是被延缓而不是消失。因此，尽管国内疫情影响还没有完全消除，经济持续恢复基础不稳固，但对于国内经济不宜悲观。我们需要关注外部环境的不稳定不确定、世界经济滞胀风险上升等因素及其对国内的传导。  上半年，证券市场经历了高波动阶段，下半年有望缓解。如果全球市场对于欧美等主要经济体信心不足的时候，那么流动性收紧的节奏将弱于上半年。横向对比，中国具备较好的投资机会和性价比，对于海外资金具备较强的吸引力。  从行业比较上，需要考虑经济所处阶段和行业景气度的变化。汽车及零部件、新兴消费、生物医药具备较好的竞争优势。双碳背景下，新能源汽车与光伏有着较高的景气度，产业链带动力强。高端装备、半导体、国防军工等自主可控的市场空间大。疫后复苏，新兴消费、出行方式带来的变化将是长期的。从稳健投资的角度出发，关注投资标的的估值水平，寻找更具性价比的标的。","fund":{"_id":3000000012299,"__csrcFundId":9797,"stockCode":"012299","shortName":"浦银安盛安裕回报一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12299,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.158Z","status":"normal","exchange":"jj","name":"浦银安盛安裕回报一年持有期混合型证券投资基金","fundCollectionId":4000050590000,"inceptionDate":"2021-08-30T16:00:00.000Z","followedNum":0,"masterFundShortName":"浦银安盛安裕回报一年持有期混合","setUpDate":"2021-08-30T16:00:00.000Z","setUpAssetScale":1029697520.31,"setUpShares":1029697520.31,"pinyin":"pyasayhbyncyqhhxzqtzjj","managers":[{"stockCode":"db20277724","stockType":"fund_manager","exchange":"fm","tickerId":262508141270,"name":"褚艳辉"}]},"announcement":{"linkText":"浦银安盛安裕回报一年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=788655","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf377fea5b3eb04f8c92","date":"2022-03-30T16:00:00.000Z","stockId":3000000012299,"sao":"一季度，国内经济面临“需求收缩、供给冲击、预期转弱”三重压力。房地产销售数据大幅下滑，居民中长期贷款首次负增长，PMI跌落至荣枯线以下等，表明经济修复需要时间。疫情的多点出现对消费和出行影响较大。国内生产总值增长预期目标是5.5%左右，政策将围绕稳增长展开。影响市场的外部增量因素是俄乌地缘冲突以及美联储的紧缩政策。  报告期内，影响市场的内外部因素发生剧烈且深刻的变化，各类资产价格均出现下跌。沪深300指数下跌14.53%，创业板指数下跌19.96%，中证转债指数下跌8.36%，十年期国债在2.6%-2.9%区间震荡。权益市场上，煤炭板块一枝独秀，受益于稳增长和宽松预期的地产、银行也有一定表现，其余板块尽皆下跌。高贝塔属性的电子、军工、汽车等跌幅靠前，食品饮料、家电、电力设备与新能源也有较大跌幅。  报告期内，基金的投资理念和投资策略未发生变化，但股债两类资产下跌，基金未能实现绝对收益的目标。从股债性价比与股票估值角度看，权益市场相对占优，因此基金的权益资产占比基本稳定。前期，基金在电力设备与新能源、消费、医药上的配置较多，这在报告期内的市场环境下遇到较大压力，基金净值受到拖累。基金关注行业景气度与市场预期的边际变化，在后期调整了行业占比，通过分散与均衡的配置来熨平市场带来的波动。此外，考虑到经济与政策的变化，稳增长成为一条配置主线。对于债券投资，我们坚持投资高评级债券以规避信用风险可能带来的波动。基金积极调整组合结构以应对市场变化，但整体还是受到了市场大幅下跌的影响表现不佳。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:31.176Z","fund":{"_id":3000000012299,"__csrcFundId":9797,"stockCode":"012299","shortName":"浦银安盛安裕回报一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12299,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.158Z","status":"normal","exchange":"jj","name":"浦银安盛安裕回报一年持有期混合型证券投资基金","fundCollectionId":4000050590000,"inceptionDate":"2021-08-30T16:00:00.000Z","followedNum":0,"masterFundShortName":"浦银安盛安裕回报一年持有期混合","setUpDate":"2021-08-30T16:00:00.000Z","setUpAssetScale":1029697520.31,"setUpShares":1029697520.31,"pinyin":"pyasayhbyncyqhhxzqtzjj","managers":[{"stockCode":"db20277724","stockType":"fund_manager","exchange":"fm","tickerId":262508141270,"name":"褚艳辉"}]},"announcement":{"linkText":"浦银安盛安裕回报一年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=730322","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf377fea5b3eb04f8c91","date":"2021-12-30T16:00:00.000Z","stockId":3000000012299,"sao":"2021年，国内经济逐季回落，向中长期潜在增速回归。分解三大驱动因素，出口是拉动经济的主要动力，消费与投资力度偏弱，房地产新开工和固定资产投资下行。中央经济工作会议定调后，政策开始发力稳增长，货币政策降准降息保持流动性宽松，财政政策发力前置开展基建投资。反观海外，主要经济体面临问题更加复杂，疫情高发、经济失衡叠加通胀高企，央行意图收紧货币政策以控制通胀压力。  报告期内，A股走势宽幅震荡，市场机会体现为阶段性与结构性，成长风格显著跑赢价值风格，沪深300指数下跌5.20%，创业板指数上涨12.02%。板块方面，“碳达峰、碳中和”政策推进，光伏装机增长、新能源汽车销量超预期等推动电力设备和新能源板块成为年度涨幅第一；部分工业品在供给受限、需求增长的背景下价格上涨，化工、有色金属、煤炭等周期板块涨幅较大。由于出行限制、疫情反复以及房地产政策调控等原因，休闲服务、家电、地产等板块跌幅较大，食品饮料、医药等整体表现一般。经济预期回落，货币政策宽松，国债收益率震荡下行，中证全债指数上涨5.65%。  本基金于8月末成立，建仓期内，采取绝对收益的投资目标和稳健的投资策略。基金资产中权益占比总体不高，动态微调。总体看，2021年权益市场发生了与往年较大的差异。面对市场风格变化与行业板块轮动加快的状况，基金保持“以稳为主、适度弹性”。投资方向主要在消费、医药、新能源、高端装备制造等。权益投资很大程度上体现出基金的风格特征，因此，基金在个股选择上既看重远期空间，也注重短期估值和盈利的匹配程度，尽量减少高波动个股对组合的影响。对于债券投资，基金选择投资高评级债券以规避信用风险可能带来的波动，采取中短久期。新股发行定价改革后，网下参与新股的收益率下行；流动性总体宽松，资金市场价格整体较低。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:31.171Z","mo":"展望2022年，国内经济发展质量整体向好，经济有望运行在合理区间，虽然面临需求收缩、供给冲击、预期转弱三重压力，但横向、纵向比较之后，我们并不悲观。国内政策“以稳为主”，消费平稳增长，政策发力适度提前，财政和货币政策更加积极有为，地方政府专项债与减税降费效果将发挥作用。海外市场复杂多变，面临着货币政策趋紧、地缘安全问题凸显、疫情高发等问题。  在新形势下，我国资本市场的内外部环境得到完善，权益资产的重要性日益凸显，全面注册制有望推出。经济结构转型带来产业趋势变化，权益资产投资逻辑也需要更新，更加聚焦于行业与赛道。金融市场开放，外资连续多年净流入，预计这一趋势有望延续。也要看到，影响证券市场的因素是复杂的，可能会阶段性导致市场的大幅回撤，因此，长期投资、价值投资、逆向投资就更显得难能可贵。  从行业比较的角度看，我们偏好依靠内需的大消费行业，大众消费品、消费升级等具备较大的空间。“双碳”背景下，光伏与电动车长期投资逻辑顺畅，部分公司具备全球竞争力。体现中国优势的高端装备制造、军工安全等行业有望延续较高的景气度。“稳增长”背景下，新老基建有望共同发力托底经济，也将是一条投资主线。我们关注行业供需格局与价格趋势，把握新兴产业的“微笑曲线”带来的投资机会。当然，最终的落脚点就是以合理的估值选出好的投资标的。在宏观环境保持积极稳定的情况下，权益和债券市场均具有结构性的机会，我们将发挥主动管理能力积极应对，力争为净值增长做出贡献。","fund":{"_id":3000000012299,"__csrcFundId":9797,"stockCode":"012299","shortName":"浦银安盛安裕回报一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12299,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.158Z","status":"normal","exchange":"jj","name":"浦银安盛安裕回报一年持有期混合型证券投资基金","fundCollectionId":4000050590000,"inceptionDate":"2021-08-30T16:00:00.000Z","followedNum":0,"masterFundShortName":"浦银安盛安裕回报一年持有期混合","setUpDate":"2021-08-30T16:00:00.000Z","setUpAssetScale":1029697520.31,"setUpShares":1029697520.31,"pinyin":"pyasayhbyncyqhhxzqtzjj","managers":[{"stockCode":"db20277724","stockType":"fund_manager","exchange":"fm","tickerId":262508141270,"name":"褚艳辉"}]},"announcement":{"linkText":"浦银安盛安裕回报一年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=715781","linkType":"PDF","source":"csrc_pdf"}}]}