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中国无风险利率中期的底部区域。这一年债市呈现真正的低静态下的震荡市，这一年也发生了诸多的机构行为变化。在年初我们判断2025年可能是个震荡市，基于这样一个大的判断，组合整体在这一年久期上相对比较保守，整体以票息配置的思路来做组合的投资管理。组合久期整体控制在2年附近，基本没有参与利率债波段交易，在3月和三季度债市调整时，配置了2-4年信用债。此外，鉴于对于股市贝塔行情的把握，组合也参与了部分转债投资，取得了一定收益。回顾2025年，国内经济平稳发展、政策延续稳定导向；外部政治经济环境在上半年经过充分博弈摊牌，从二季度末也逐步进入缓和稳定状态。全球的宏观环境在下半年有所缓和，但市场对政治经济格局的认知开始显著转变，带动具有金融和资源属性的有色商品在2025年大幅上涨。新兴产业方面，全球人工智能产业在2025年继续快速发展，技术进步让市场对其未来前景持续乐观，算力硬件相关的资本开支继续大幅增长，带动通信和电子等TMT产业链公司的收入和利润快速增长。海外人工智能的发展对宏观经济的很多部门已经造成外溢影响，例如对能源的需求提升已经开始造成海外电力短缺，传统电力设备的景气周期上行，新能源的发电和储能需求也在海外快速增长。人工智能的乐观情绪也带动其衍生产业的投资热情，比如人形机器人、商业航天等。国内人工智能产业在对标追赶海外的道路上快速前进，带动国内的半导体、电子材料、数据中心等行业的景气向上。在投资方法论上，我们一直坚持宏观行业自上而下和个股自下而上相结合的投资策略；基于宏观经济所处周期阶段，以及市场风格偏好，我们会动态调整持仓。针对市场风格业偏好的变化，组合主要配置在机械、电子、电力设备、化工、通信、交运和汽车等板块，基金的股票投资策略将坚持在发展前景良好的行业中精选竞争优势显著、业绩确定的个股。后续我们会持续跟踪经济趋势的变化和市场风格变化，动态调整持仓。","lastUpdated":"2026-03-31T13:09:04.458Z","mo":"展望2026年，国际环境中的贸易不确定性有所下降，全球主流经济体进入降息周期的尾声，国内的宏观经济基本面对固收类资产影响更为重要。需要密切关注房地产市场能否筑底企稳。整体上，我们认为2026年债券市场可能是收益率中枢有所抬升的震荡市。展望2026年，国内出口产业及在海外布局的轻工、机械等竞争力强的出海企业仍存在机会，利好国内出口产业及在海外布局的轻工、机械等竞争力强的出海企业；但长期来看国际的政治和贸易前景仍面临风险因素，我们需要持续关注跟踪。随着外部环境的缓和，政策会更加关注国内，提振消费和反内卷等系列政策今年将继续发力，促进经济的底部平稳回升。新兴产业方面，人工智能、人形机器人、商业航天、固态电池等产业的技术发展和市场应用的进展，将引领市场对科技行业持续关注，同时在传统行业在经济回升背景和反内卷政策的加持下，预计盈利将得到修复。由此我们对2026年A股市场持谨慎乐观判断；慢牛成为市场共识预期，流动性充足的背景下，结构性行情可能成为主要趋势。我们保持对两类资产的注意力，一类是引领经济长期发展的新兴科技产业，另一类是受益竞争缓解，基本面改善，盈利向上的传统产业；最后关注市场的波动风险。","fund":{"_id":3000000012443,"__csrcFundId":10299,"stockCode":"012443","shortName":"招商瑞鸿6个月持有期混合(012443)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12443,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:19:15.647Z","status":"normal","exchange":"jj","name":"招商瑞鸿6个月持有期混合型证券投资基金","fundCollectionId":4000050210000,"masterFundShortName":"招商瑞鸿6个月持有期混合","followedNum":1,"inceptionDate":"2021-12-20T16:00:00.000Z","setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":2047263232.41,"setUpShares":2047263232.41,"pinyin":"zsrh6gycyqhhxzqtzjj","managers":[{"stockCode":"db20880224","stockType":"fund_manager","exchange":"fm","tickerId":252525220140,"name":"阳宜洋"},{"stockCode":"j101019099","stockType":"fund_manager","exchange":"fm","tickerId":121010264430,"name":"李晶晶"}]},"announcement":{"linkText":"招商瑞鸿6个月持有期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=1456813","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf597fea5b3eb04fac72","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000012443,"sao":"整个三季度，债券市场都处于震荡调整、收益率上行的阶段。尽管经济基本面和资金面对债市都是相对友好的，三季度的经济是逐月环比下行，特别是投资在7、8月出现了断崖下滑；央行对资金面整体也较为呵护。在此背景下，债市依然弱势，多种券种收益率都创年内高点，主要的原因是权益市场带来的股债跷跷板效应，以及债券市场本身受到公募基金费率改革预期影响。整体而言，是债券市场本身收益率较低，难以满足各类资产的配置需求，市场遭遇风险事件容易出现调整。我们在年初判断今年债市大概率不是单边市场，震荡为主，故组合整体是中性偏保守的策略，三季度从静态票息策略出发，适度加仓了3年附近信用债。同时，从大类资产的角度，我们看好含权资产，故组合在三季度也保持一定仓位的转债，为组合小幅增厚了收益。国内经济稳定；国际政经环境经历二季度的剧烈波动后进入平稳期，美国对全球主要国家的关税水平基本在市场预期内，同时中美之间的谈判进展较为顺利，关系得到缓和。美国的大模型产业发展对算力硬件的需求逐步上修，国内互联网巨头对大模型的硬件投入也在快速推进。市场风险偏好上升，基本面推动国内外大模型产业链相关板块公司股价继续上行，也带动国产自主的半导体板块股价上涨。市场情绪乐观背景下，风电，储能等基本面向好的板块股价也有较好上涨，三季度成长板块的上涨行情成为市场主线。针对市场风格业偏好的变化，组合主要配置在电力设备，机械，电子，化工，交运，有色和传媒等板块，基金的股票投资策略将坚持在发展前景良好的行业中精选竞争优势显著、业绩确定的个股。后续我们会持续跟踪经济趋势的变化和市场风格变化，动态调整持仓。","lastUpdated":"2026-03-09T13:47:05.237Z","fund":{"_id":3000000012443,"__csrcFundId":10299,"stockCode":"012443","shortName":"招商瑞鸿6个月持有期混合(012443)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12443,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:19:15.647Z","status":"normal","exchange":"jj","name":"招商瑞鸿6个月持有期混合型证券投资基金","fundCollectionId":4000050210000,"masterFundShortName":"招商瑞鸿6个月持有期混合","followedNum":1,"inceptionDate":"2021-12-20T16:00:00.000Z","setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":2047263232.41,"setUpShares":2047263232.41,"pinyin":"zsrh6gycyqhhxzqtzjj","managers":[{"stockCode":"db20880224","stockType":"fund_manager","exchange":"fm","tickerId":252525220140,"name":"阳宜洋"},{"stockCode":"j101019099","stockType":"fund_manager","exchange":"fm","tickerId":121010264430,"name":"李晶晶"}]},"announcement":{"linkText":"招商瑞鸿6个月持有期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=1370137","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf597fea5b3eb04fac71","date":"2025-06-29T16:00:00.000Z","stockId":3000000012443,"sao":"整个上半年，债券市场在一季度有较大幅度的调整，此后在4月初中美贸易战之后收益率呈现较大下行后一直维持震荡横盘。一季度在央行收紧资金面和风险偏好抬升的双重影响下，债市对于全年的货币政策总量宽松有了重新修正，并伴随着收益率的上行；进入二季度，由于中美贸易战的超市场预期，收益率快速下行后横盘震荡。上半年实体经济呈现出开门红后环比走弱的节奏，货币市场流动性一季度较为紧张，二季度有所好转，特别是在6月份出现明显转松的迹象。在整个报告期内，组合固收类资产投资上，纯债部分开年相对保守，故在3月市场调整中久期有所抬升，后在6月份当经济基本面环比走弱和资金转松后进一步提升久期至市场中性水平；同时上半年组合参与了可转债交易与投资，也取得一定的贡献。股票方面，回顾2025年上半年，一季度国内以人工智能大模型和人形机器人为代表的新兴科技行业的突破进展引发市场信心的迅速提升，两大主题带动市场迅速反弹，市场热情让相关产业链公司的估值提前反映了产业未来的进展。二季度，国际经济政治环境经历了剧烈的波动，美国对中国及全球其他国家的“对等关税”政策的反复对全球经济趋势和二级市场预期产生较大扰动。二季度整个股票市场的走势就是从4月初的极度悲观然后逐步修复反弹的过程。前期处于热门的机器人和国内大模型产业链震荡调整，各种新热点不断出现，前期超跌的股票逐步反弹，市场处于主题快速轮动状态。在投资方法论上，我们一直坚持宏观行业自上而下和个股自下而上相结合的投资策略；基于宏观经济所处周期阶段，以及市场风格偏好，我们会动态调整持仓。针对市场风格偏好的变化，组合主要配置在电力设备、电子、机械设备、化工、消费和银行等板块，基金的股票投资策略将坚持在发展前景良好的行业中精选竞争优势显著、业绩确定的个股。后续我们会持续跟踪经济趋势的变化和市场风格变化，动态调整持仓。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:05.234Z","mo":"债券方面，展望下半年，整体上我们认为经济增长的内生压力在加大，同时货币政策整体依旧处于宽松阶段，债券市场整体处于有利的市场环境中；但是债券市场有自身静态过低的问题，缺乏赚钱效应，难以吸引资金的持续流入。故在此背景下，组合会从大类资产角度出发，更加重视大类资产估值性价比，争取下半年取得更好收益。股票方面，展望下半年，地缘政治环境相比上半年风险明显缓解，外部贸易前景不确定性有所下降；由于上半年的抢出口因素，下半年外贸情况相比上半年可能有所减弱，长期来看国际的政治和贸易前景仍面临风险因素。随着外部环境的缓和，以及去年系列支持政策效果的体现，对国内刺激政策的预期逐步降温，预计整体宏观经济处于缓慢复苏的趋势中。由于债券收益率下行，存款利率下降，权益市场的资产配置性价比显著提升。展望下半年，人工智能，人形机器人，固态电池的国内外技术发展和市场应用的进展，预计将引领市场对新兴科技行业持续关注，同时在传统行业领域，反内卷政策的实施，会带动传统产业的盈利得到修复。由此我们对下半年A股市场持谨慎乐观判断，预计市场的注意力将在两类资产上面，一类是引领经济长期发展的新兴科技产业，另一类是受益竞争缓解，基本面改善，盈利向上的传统产业。最后，市场的波动性可能上升，我们保持对相关风险的关注。","fund":{"_id":3000000012443,"__csrcFundId":10299,"stockCode":"012443","shortName":"招商瑞鸿6个月持有期混合(012443)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12443,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:19:15.647Z","status":"normal","exchange":"jj","name":"招商瑞鸿6个月持有期混合型证券投资基金","fundCollectionId":4000050210000,"masterFundShortName":"招商瑞鸿6个月持有期混合","followedNum":1,"inceptionDate":"2021-12-20T16:00:00.000Z","setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":2047263232.41,"setUpShares":2047263232.41,"pinyin":"zsrh6gycyqhhxzqtzjj","managers":[{"stockCode":"db20880224","stockType":"fund_manager","exchange":"fm","tickerId":252525220140,"name":"阳宜洋"},{"stockCode":"j101019099","stockType":"fund_manager","exchange":"fm","tickerId":121010264430,"name":"李晶晶"}]},"announcement":{"linkText":"招商瑞鸿6个月持有期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=1339074","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf597fea5b3eb04fac70","date":"2025-03-30T16:00:00.000Z","stockId":3000000012443,"sao":"进入2025年，国际经济政治环境的不确定性增大，国内政策也处于真空期，加上刚经历去年四季度的上涨，年初市场进入调整状态。春节期间，国内新兴科技行业的突破进展引发市场信心的迅速提升，两大主题带动市场迅速反弹，国产开源大语言模型的发展引爆市场对国产人工智能上下游全产业链研究和关注，人形机器人硬件产业链包含的机械、汽车、电新板块相关公司也有明显上涨。市场热情让相关产业链公司的估值提前反应了产业未来的进展，进入3月份以后市场再次开始调整；后续我们会持续跟踪新兴科技行业的进展，以及相关产业链公司的投资机会。一季度纯债市场整体呈现震荡下跌的态势，开年以后延续2024年底的多头情绪，10年国债收益率一度下行至1.6%附近，随后央行在货币市场上回收流动性，加上权益市场表现较好，2月至3月中旬纯债市场持续调整，3月底收益率有所回落。针对市场风格业偏好的变化，组合主要配置在电力设备、电子、机械设备、化工、消费和通信等板块，基金的股票投资策略将坚持在发展前景良好的行业中精选竞争优势显著、业绩确定的个股。后续我们会持续跟踪经济趋势的变化和市场风格变化，动态调整持仓。组合的固收类资产操作上，整体组合以低久期、低杠杆的保守配置开年，在3月纯债市场调整期间适度加仓3年左右信用债；同时配置了大盘银行转债。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:05.231Z","fund":{"_id":3000000012443,"__csrcFundId":10299,"stockCode":"012443","shortName":"招商瑞鸿6个月持有期混合(012443)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12443,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:19:15.647Z","status":"normal","exchange":"jj","name":"招商瑞鸿6个月持有期混合型证券投资基金","fundCollectionId":4000050210000,"masterFundShortName":"招商瑞鸿6个月持有期混合","followedNum":1,"inceptionDate":"2021-12-20T16:00:00.000Z","setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":2047263232.41,"setUpShares":2047263232.41,"pinyin":"zsrh6gycyqhhxzqtzjj","managers":[{"stockCode":"db20880224","stockType":"fund_manager","exchange":"fm","tickerId":252525220140,"name":"阳宜洋"},{"stockCode":"j101019099","stockType":"fund_manager","exchange":"fm","tickerId":121010264430,"name":"李晶晶"}]},"announcement":{"linkText":"招商瑞鸿6个月持有期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=1266689","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf597fea5b3eb04fac6f","date":"2024-12-30T16:00:00.000Z","stockId":3000000012443,"sao":"2024年全年，债券市场出现收益率的明显下行，特别是在一季度和四季度，全年来看，10年期国债下行近90bp，30年期国债下行近100bp。其中，主要是经济数据不达预期、资产荒以及年末的机构提前布局等多方面因素推动。报告期内，一季度组合在固定收益类资产上整体保持中性的配置，在二季度以后进行了两次久期和仓位的调整，分别是二季度初和10月份债券市场出现较大幅度调整的时候，适度拉长了久期，全年来看组合固定收益类资产为组合积累了良好的安全垫。2024年宏观经济整体还是处于触底修复、缓慢回升的趋势，一季度开局良好，二三季度有所放缓，四季度在政策推动下明显回升。全年地产对经济仍有拖累，内需表现一般，外需表现超预期。为刺激国内需求，二三季度国务院和相关部委出台大规模设备更新和消费品以旧换新的补贴政策，国内汽车、家电、3C电子、家居等消费数据得到明显改善。各项提需求稳增长政策有效缓解经济下行风险，对经济形成有力托底。针对A股市场监管机构也出台了不少利好政策，4月初颁布新国九条，聚焦投资端，以投资者为中心，肯定资本市场增加居民财产性收入的机会，恢复了市场信心，9月末央行、金融监管局和证监会联合推出“924”政策组合，包括降准、降息、化债支持等，触发了市场大幅反弹。在投资方法论上，我们一直坚持宏观行业自上而下和个股自下而上相结合的投资策略；基于宏观经济所处周期阶段，以及市场风格偏好，我们会动态调整持仓。全年来看，我们主要选择两类标的，一是发展前景良好的行业中精选竞争优势显著、估值合理的公司，二是符合当前市场风险偏好、盈利稳定的高股息、低估值公司；组合的配置主要在机械设备、电力设备、电子、通信、轻工、建筑、化工和银行等行业。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:05.229Z","mo":"展望2025年，固定收益类资产的票息收益已经相对较低，低静态下，市场的波动有可能会加大。在整体低静态、高波动的市场环境中，组合固定收益类资产将以票息为基础，同时在市场波动的时候适度参与波段交易，尽可能的为组合贡献一定程度的绝对收益。股票方面，地缘政治环境相比2024年风险可能上升，外部贸易前景的不确定性在增大，但国内去年四季度以来的各项刺激政策效果将在今年落地，整体宏观经济仍处于缓慢复苏的趋势中。去年924以来，市场显著反弹，市场信心得到明显恢复。年初以来，机器人，国产开源大模型deepseek的火爆，引发市场对新兴科技行业的乐观情绪；市场看到国内前沿科技产业和国外的领先技术水平的差距在快速缩小，产业化进展持续推进，除了给海外产业配套外，国内产业的生态系统在迅速成长，后续会涌现很多优秀的产业链公司，值得跟踪、研究和投资。在宏观经济出现明确的拐点信号前，我们预计市场的注意力将维持在两类资产上面，一类是低估值、经营稳健、高股息的资产，另一类是引领经济长期发展的新兴科技产业，同时市场的波动性可能比2024年有所上升。","fund":{"_id":3000000012443,"__csrcFundId":10299,"stockCode":"012443","shortName":"招商瑞鸿6个月持有期混合(012443)","fundSecondLevel":"hybrid","stockType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率，强化国内产业链的全球优势；前沿产业的涌现也会催生新的经济增长点，AI人工智能产业促进国内大模型研发，算力中心建设，AI应用的拓展。同时，战略性新兴产业、产业链薄弱环节、绿色、科技等高端产业也会继续得到政策的大力支持。我们认为下半年的市场环境将好于上半年，市场信心有望不断增强。","fund":{"_id":3000000012443,"__csrcFundId":10299,"stockCode":"012443","shortName":"招商瑞鸿6个月持有期混合(012443)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12443,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:19:15.647Z","status":"normal","exchange":"jj","name":"招商瑞鸿6个月持有期混合型证券投资基金","fundCollectionId":4000050210000,"masterFundShortName":"招商瑞鸿6个月持有期混合","followedNum":1,"inceptionDate":"2021-12-20T16:00:00.000Z","setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":2047263232.41,"setUpShares":2047263232.41,"pinyin":"zsrh6gycyqhhxzqtzjj","managers":[{"stockCode":"db20880224","stockType":"fund_manager","exchange":"fm","tickerId":252525220140,"name":"阳宜洋"},{"stockCode":"j101019099","stockType":"fund_manager","exchange":"fm","tickerId":121010264430,"name":"李晶晶"}]},"announcement":{"linkText":"招商瑞鸿6个月持有期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=960085","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf597fea5b3eb04fac68","date":"2023-03-30T16:00:00.000Z","stockId":3000000012443,"sao":"疫情防控政策优化后后国内经济呈现温和复苏的节奏，两会工作报告对今年经济增长目标定调在5%，我们认为2023年宏观经济面临的内部不利条件得到明显改善，经济在逐季稳步复苏，下半年将比上半年表现更强。报告期内，A股市场整体呈现出上涨趋势，经过1月份的普涨后，2月和3月市场表现非常分化。海外ChatGPT人工智能大模型的成功引发市场对人工智能的热情，带领TMT板块大幅上涨，市场涨幅前四行业被TMT行业包揽。报告期内，债券市场整体表现较好，特别是在银行的低息贷款压制了信用债供给，加上银行理财规模的部分回归等因素的影响下，债券市场整体出现收益率下行。固收类资产主要是增加了成长类公司转债的持仓。报告期内，组合主要是采取了票息策略，特别是配置了在2022年四季度跌幅较大的券种。一季度，针对经济复苏预期和市场行业偏好的改变，组合调整了数字经济和AI相关的部分持仓，同时保持在新能源，化工，医药等行业的核心持仓标的。后续我们会持续跟踪经济趋势的变化和市场风格变化，动态调整持仓。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:05.196Z","fund":{"_id":3000000012443,"__csrcFundId":10299,"stockCode":"012443","shortName":"招商瑞鸿6个月持有期混合(012443)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12443,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:19:15.647Z","status":"normal","exchange":"jj","name":"招商瑞鸿6个月持有期混合型证券投资基金","fundCollectionId":4000050210000,"masterFundShortName":"招商瑞鸿6个月持有期混合","followedNum":1,"inceptionDate":"2021-12-20T16:00:00.000Z","setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":2047263232.41,"setUpShares":2047263232.41,"pinyin":"zsrh6gycyqhhxzqtzjj","managers":[{"stockCode":"db20880224","stockType":"fund_manager","exchange":"fm","tickerId":252525220140,"name":"阳宜洋"},{"stockCode":"j101019099","stockType":"fund_manager","exchange":"fm","tickerId":121010264430,"name":"李晶晶"}]},"announcement":{"linkText":"招商瑞鸿6个月持有期混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=885190","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf597fea5b3eb04fac67","date":"2022-12-30T16:00:00.000Z","stockId":3000000012443,"sao":"2022年国内市场受到国内外较多不利因素影响，欧美主要经济体进入加息周期压制需求增长，国际政治矛盾引发俄乌冲突，能源价格高企，推高全球通胀；国内疫情反复扰乱了正常的经济活动。宏观面的疲弱导致A股整体表现不佳，主要指数跌幅较多，行业指数仅有煤炭，消费者服务，交通运输录得上涨。根据我们对市场的理解，全年账户操作中，组合行业的构成做到分散均衡，重点精选个股。后续，我们会坚持宏观行业自上而下和个股自下而上相结合的投资策略，持仓重点在发展前景良好的行业中精选竞争优势显著、业绩确定的标的；同时，基于宏观经济的周期性，我们也会关注中观行业的景气周期循环，并对持仓结构进行动态调整。2022年全年债券市场波动较大，全年资金面整体宽松，但是债券市场最后表现不理想。整体上，前三季度，由于资金宽松加上疫情的多点爆发和防控，经济基本面持续低于预期，债券收益率震荡下行。但是进入11月以后，不论是国内的疫情防控政策还是地产政策都做出了较大的方向性调整，市场对2023年经济复苏、生产生活正常化充满了期待，债市相应开始调整，在调整过程中银行理财也开始赎回，加剧了市场的波动，各期限收益率出现了一波快速上行。操作上，组合固定收益类资产在3月份市场“固收+”基金赎回的时候，进行了小幅加仓，此后一直保持中性的配置，一直到12月收益率快速反弹的阶段，组合加仓银行次级债，提升组合整体久期。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:05.193Z","mo":"展望未来，我们认为中国经济中的新兴产业部门，比如新能源车和光伏等行业，全球竞争优势稳固，仍然维持良好发展趋势。去年12 月中旬召开的中央经济工作会议提出要加大宏观政策调控力度，加强各类政策协调配合，形成共促高质量发展合力。预计 2023 年货币政策仍将维持稳健偏宽松基调，与战略性新兴产业、产业链薄弱环节、绿色、科技等相关的高端制造业有望得到更多政策支持。针对前期受到疫情影响，自身也处于下行周期的地产行业，2022年底前央行和银保监联合发布了新的金融政策，对地产行业进行托底。展望 2023 年，我们认为整个宏观经济面临的不利条件得到极大改善，2023 年经济复苏趋势确定性较强，股票市场基本面向好。美联储有望在2023年达到加息终点，外围紧缩的货币环境会有所改善；而国内随着生产生活的正常化，经济会有一个自然的修复过程。在国内货币政策保持稳健的背景下，我们认为债券市场在未来一段时间或将呈现震荡的格局，我们将继续以票息策略为主，择机进行久期和仓位的增强操作。","fund":{"_id":3000000012443,"__csrcFundId":10299,"stockCode":"012443","shortName":"招商瑞鸿6个月持有期混合(012443)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12443,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:19:15.647Z","status":"normal","exchange":"jj","name":"招商瑞鸿6个月持有期混合型证券投资基金","fundCollectionId":4000050210000,"masterFundShortName":"招商瑞鸿6个月持有期混合","followedNum":1,"inceptionDate":"2021-12-20T16:00:00.000Z","setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":2047263232.41,"setUpShares":2047263232.41,"pinyin":"zsrh6gycyqhhxzqtzjj","managers":[{"stockCode":"db20880224","stockType":"fund_manager","exchange":"fm","tickerId":252525220140,"name":"阳宜洋"},{"stockCode":"j101019099","stockType":"fund_manager","exchange":"fm","tickerId":121010264430,"name":"李晶晶"}]},"announcement":{"linkText":"招商瑞鸿6个月持有期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=868377","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf597fea5b3eb04fac66","date":"2022-09-29T16:00:00.000Z","stockId":3000000012443,"sao":"报告期内，受到房地产市场低迷以及各地的高温天气影响，经济基本面走弱，加上8月中旬人民银行进行了政策利率的下调，债券市场先是出现了一波收益率较为明显的下行；伴随资金面难以进一步宽松的预期，以及保交楼政策的落地执行，三季度末自上而下地产政策的小幅放松，债券收益率又出现了上行。整体上，报告期内债券收益率创出了年内新低，随后小幅反弹。组合的固定收益类资产操作方面，报告期内，维持了中性的配置，在收益率降至较低水平时候，进行了小幅减仓。三季度宏观政策并未显著发力，经济仍在寻底徘徊阶段，成长向价值风格切换的条件还未具备，股票市场持续低迷。报告期内组合维持相对较低的权益仓位，在9月份市场快速下跌阶段小幅加仓了医药、轻工等板块。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:05.191Z","fund":{"_id":3000000012443,"__csrcFundId":10299,"stockCode":"012443","shortName":"招商瑞鸿6个月持有期混合(012443)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12443,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:19:15.647Z","status":"normal","exchange":"jj","name":"招商瑞鸿6个月持有期混合型证券投资基金","fundCollectionId":4000050210000,"masterFundShortName":"招商瑞鸿6个月持有期混合","followedNum":1,"inceptionDate":"2021-12-20T16:00:00.000Z","setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":2047263232.41,"setUpShares":2047263232.41,"pinyin":"zsrh6gycyqhhxzqtzjj","managers":[{"stockCode":"db20880224","stockType":"fund_manager","exchange":"fm","tickerId":252525220140,"name":"阳宜洋"},{"stockCode":"j101019099","stockType":"fund_manager","exchange":"fm","tickerId":121010264430,"name":"李晶晶"}]},"announcement":{"linkText":"招商瑞鸿6个月持有期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=803919","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf597fea5b3eb04fac65","date":"2022-06-29T16:00:00.000Z","stockId":3000000012443,"sao":"2022年组合开年主要布局了稳增长相关的行业，包括建材、家电等。但随着美联储紧缩预期升温、海外局势动荡、国内疫情反复等负面因素的拖累，国内经济形势显著差于预期，年初以来至四月份市场经历了三轮下跌。为控制产品净值回撤，组合权益部分在市场下跌过程中进行了较大幅度的减仓。五六月股票市场反弹，组合权益仓位较低，净值修复速度相对较慢。报告期内经历了复杂多变的宏观经济环境，固定收益类资产价格也随之有所起伏。整体上，货币政策保持流动性充裕，货币市场资金维持低位，报告期内主要债券品种的收益率都出现了下行，特别是短端收益率下行更为显著。报告期内，本组合的固定收益类资产整体上以票息策略为主，在二月底三月初收益率快速上行的时候做了加仓，同时整个报告期维持了一定的久期。经过两个月反弹后，A股市场参与者开始重新开始关注风险因素，例如美国通胀、国内疫情、地产产业资金链等，三季度国内有重大会议，需要一个稳定的市场环境。且从横向比较看，在全球经济整体萎靡不振的大环境下，制造业的比较优势仍然推动中国出口持续超预期。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:05.188Z","mo":"综合判断，A股市场三季度以震荡为主，如市场下跌，可适当逆势操作。结构上关注中报预期的个股，以及潜在的价值股修复机会。我们认为债券收益率或将呈现震荡行情，经济难以呈现“V”型复苏制约了收益率上行的空间，而货币政策难以进一步宽松也制约了收益率向下的空间。","fund":{"_id":3000000012443,"__csrcFundId":10299,"stockCode":"012443","shortName":"招商瑞鸿6个月持有期混合(012443)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12443,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:19:15.647Z","status":"normal","exchange":"jj","name":"招商瑞鸿6个月持有期混合型证券投资基金","fundCollectionId":4000050210000,"masterFundShortName":"招商瑞鸿6个月持有期混合","followedNum":1,"inceptionDate":"2021-12-20T16:00:00.000Z","setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":2047263232.41,"setUpShares":2047263232.41,"pinyin":"zsrh6gycyqhhxzqtzjj","managers":[{"stockCode":"db20880224","stockType":"fund_manager","exchange":"fm","tickerId":252525220140,"name":"阳宜洋"},{"stockCode":"j101019099","stockType":"fund_manager","exchange":"fm","tickerId":121010264430,"name":"李晶晶"}]},"announcement":{"linkText":"招商瑞鸿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=782390","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf597fea5b3eb04fac64","date":"2022-03-30T16:00:00.000Z","stockId":3000000012443,"sao":"年初组合着眼于稳增长大背景，以中性偏高仓位开局，主要持仓家电、建材、中游制造以及部分优质成长个股。但海外超预期的通胀叠加美联储鹰派加息立场对A股带来了下行压力，且二月份以后海外地缘政治风险、国内疫情等利空因素进一步加剧了市场的悲观情绪，A股在短时间内出现了较大幅度的调整。由于基金经理的判断与市场运行方向出现偏差，组合净值在一季度出现了较大回撤。基于风险控制机制的要求，组合在市场下跌过程中及时减仓，避免了更大程度上的波动并保留了后续加仓反击能力。2022年开局不利，展望未来市场还将面临企业盈利下修、海外流动性收紧等较多的不确定因素，在压力面前我们唯有坦然面对已经发生的错误、继续保持积极的心态并做好应对困难的准备。目前组合采取降低权益仓位、提高个股持仓集中度的办法，争取通过个股的超额正收益弥补前期的亏损。保持足够的耐心和定力，等待市场的反弹信号出现。债券方面，报告期内先是国内政策利率下调带动债券市场收益率下行，随后由于美联储的超预期鹰派加上国内银行理财以及“固收+”基金赎回等原因，收益率又有所上行，整体上一季度债券市场呈现震荡格局。组合固定收益类资产的操作上，依然坚持了票息策略，同时在3月收益率快速调整的时候进行了部分加仓。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:05.185Z","fund":{"_id":3000000012443,"__csrcFundId":10299,"stockCode":"012443","shortName":"招商瑞鸿6个月持有期混合(012443)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12443,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:19:15.647Z","status":"normal","exchange":"jj","name":"招商瑞鸿6个月持有期混合型证券投资基金","fundCollectionId":4000050210000,"masterFundShortName":"招商瑞鸿6个月持有期混合","followedNum":1,"inceptionDate":"2021-12-20T16:00:00.000Z","setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":2047263232.41,"setUpShares":2047263232.41,"pinyin":"zsrh6gycyqhhxzqtzjj","managers":[{"stockCode":"db20880224","stockType":"fund_manager","exchange":"fm","tickerId":252525220140,"name":"阳宜洋"},{"stockCode":"j101019099","stockType":"fund_manager","exchange":"fm","tickerId":121010264430,"name":"李晶晶"}]},"announcement":{"linkText":"招商瑞鸿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=723796","linkType":"PDF","source":"csrc_pdf"}}]}