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我们积极增配了优质黄金公司和有色资源标的，以及高端制造板块，低配消费和房地产相关板块，增配了少量低估值转债。伴随股市的上涨，三季度债券出现调整，10年期国债收益率从1.65%上行至1.81%，机构和理财资金普遍降低配置久期，并从一级债基转向配置二级债基，为股市上涨提供了增量资金。","lastUpdated":"2026-03-09T13:47:32.409Z","fund":{"_id":3000000012576,"__csrcFundId":9708,"stockCode":"012576","shortName":"富国诚益回报12个月持有期混合(012576)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12576,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:23:19.964Z","status":"normal","exchange":"jj","name":"富国诚益回报12个月持有期混合型证券投资基金","fundCollectionId":4000050100000,"inceptionDate":"2021-08-19T16:00:00.000Z","followedNum":3,"masterFundShortName":"富国诚益回报12个月持有期混合","setUpDate":"2021-08-19T16:00:00.000Z","setUpAssetScale":1020794523.75,"setUpShares":1020794523.75,"pinyin":"fgcyhb12gycyqhhxzqtzjj","managers":[{"stockCode":"db20233016","stockType":"fund_manager","exchange":"fm","tickerId":252617170390,"name":"易智泉"},{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国诚益回报12个月持有期混合型证券投资基金二0二五年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1379732","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf747fea5b3eb04fca97","date":"2025-06-29T16:00:00.000Z","stockId":3000000012576,"sao":"2025年开年，债市继续演绎24年底货币宽松逻辑下的行情，收益率连破新低。央行在1月中旬决定暂停在公开市场买入国债，加上年初信贷投放高增导致商业银行资负矛盾突出，银行间流动性趋紧，短端收益率快速上行。春节后科技领域的成果提升资本市场风险偏好，股强债弱格局下长端收益率也步入回调。10年国债从最低1.60%附近调整到最高1.90%左右，一季度债券收益率整体调整幅度达到30bp。4月初全球贸易摩擦升级，避险情绪驱动债券收益率快速下行，10年期国债回落到1.70%以内。在全球贸易秩序受到冲击，资本市场面临不确定性的环境下，国内宏观政策层面总体保持定力，财政政策靠前发力，货币政策积极配合。5月7日，央行降准降息落地，资金成本较一季度显著下行，银行间流动性充盈，随后中美贸易谈判缓和贸易紧张情绪，权益市场乐观情绪升温，多空因素交织下债券收益率维持低位窄幅震荡，曲线形态稍有陡峭化。在组合管理上，我们整体上保持较低的债券仓位，采取哑铃型配置策略。上半年股市呈现银行股与成长股双轨结构性牛市特征，中证银行指数上涨12.98%，港股通银行指数则上涨24.8%，港股恒生科技指数上涨 18.68%，A 股人工智能指数上涨 20.17%，而传统行业估值持续承压。A股市场走势呈现极致的“哑铃”型分化特征，成长风格（人工智能、机器人、智能汽车、医药等）与高股息资产（银行、公用事业）各自美丽，新消费和有色金属板块阶段性占优。北证50指数涨近40%，A股微盘股指数创年内新高。港股市场则呈现资金驱动型行情，由南向资金主导A/H溢价率收窄，金融、新消费及医药板块走势强劲，虽然各自逻辑有所不同。4月份经历了美国加征特别关税事件的冲击，A股市场出现短期大幅调整，随后市场逐渐消化关税利空，行业走势出现分化，传统出海企业估值继续压缩，而新兴产业如科技、医药、新消费等行业快速修复并创下新高，A、H股市场成交额均明显放大，投资者风险偏好显著回升。此外，黄金价格上半年上涨25%，推动 A 股贵金属板块（+35.91%）领涨。在监管层面，今年政府工作报告首次将“稳住楼市股市”写入总体要求，强调深化资本市场改革，推动中长期资金入市。A股IPO募资规模373.55亿元，同比大幅下降，但北交所申报企业达191家，成为IPO主力。港股市场走势强劲，恒生指数上半年累计涨幅19.11%，恒科指数涨18.68%，南向资金净流入7311.9亿港元，创历史新高。受益于市场回暖，港股IPO募资总额1067亿港元，位居全球第一。上半年以来，本组合把握市场主脉络，积极调整持仓结构，在原有的红利资产基础上，增配了新消费、创新药等成长性标的，并增配优质黄金公司和港股优质公司。4月份以来，美国提出对中国商品征收高达145%的非理性关税，对市场造成较大负面冲击，在此期间，组合净值也有一定回撤，在贸易前景未明的情况下，本组合对相关个股进行了调整，降低对出口和宏观经济风险的暴露度。回头来看，我们高估了特朗普政策的硬度和持续性，其虚张声势的成份对我们的组合投资造成了干扰。在此之后，本组合重点关注红利资产、黄金资产、创新药、AI和新消费等标的，在此基础上构建组合，持续优化。在组合构建中，我们兼顾当前基本面有重要变化的标的和中长期潜力较大品种，在投资久期上构建合理梯度，行业配置适当集中，个股持仓适当分散，对组合的抗风险能力和获取收益能力进行再平衡，取得了较好的收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:32.406Z","mo":"展望未来，“反内卷”从主题走向主线，股债商汇均会演绎各自在主线逻辑下的边际变化。从基本面环境来看，预期下半年信贷需求偏弱，且上半年GDP完成度较好，下半年快速出台刺激政策的必要性不强，这使得债市调整的向上空间也比较有限。供需环境来看，今年债市整体上驱动收益率向下的配置力量不及2024年，市场参与机构再投资再配置的需求呈现均衡态势。因此，维持震荡市行情的判断，预计下半年10年国债中枢围绕1.70%。宏观上，我们密切关注中美贸易谈判进展，中美财政政策和货币政策动向。如果中美贸易谈判最终结果好于预期，则出海链板块可能提供下半年的重要机会。产业方面，我们重点关注AI应用商业化进展，验证科技巨头资本开支高增长是否持续和形成商业闭环。此外，国家医保局推出丙类医保目录，并为高价值创新药提供价格保护期，新政策改善了创新药企业研发投入的潜在ROI预期，同期国内多家药企的创新药授权出海合同爆发式增长，创新药行业蕴含丰富的投资机会。总体来看，成长预期明确的板块包括AI、创新药、新消费等资产仍将处于结构性牛市，整体涨幅可能弱于上半年，但仍有一定空间。我们认为，贝塔行情可能演变为个股机会，具备技术壁垒与出海能力的优质企业或将提供最好的投资收益。从全球资本流动格局来看，过去全球资本显著超配美国资产，尤其是科技资产，随着美国债务压力愈发凸显，部分海外资金正在从美国资本市场撤离，如欧洲、日韩和香港都迎来了资金回流。今年以来香港股市也显著强于A股表现。国内资本市场的重要因素或是保险、银行理财等超级买家的资金动向，由于债券市场回报率持续下降，10年期国债收益率仅为1.7%左右，负债端压力驱动保险和银行理财资金继续提高对优质权益资产的配置比例。在此基础上，我们合理推测优质红利资产将继续迎来增量资金，上涨空间可观。","fund":{"_id":3000000012576,"__csrcFundId":9708,"stockCode":"012576","shortName":"富国诚益回报12个月持有期混合(012576)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12576,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:23:19.964Z","status":"normal","exchange":"jj","name":"富国诚益回报12个月持有期混合型证券投资基金","fundCollectionId":4000050100000,"inceptionDate":"2021-08-19T16:00:00.000Z","followedNum":3,"masterFundShortName":"富国诚益回报12个月持有期混合","setUpDate":"2021-08-19T16:00:00.000Z","setUpAssetScale":1020794523.75,"setUpShares":1020794523.75,"pinyin":"fgcyhb12gycyqhhxzqtzjj","managers":[{"stockCode":"db20233016","stockType":"fund_manager","exchange":"fm","tickerId":252617170390,"name":"易智泉"},{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国诚益回报12个月持有期混合型证券投资基金二0二五年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1350714","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf747fea5b3eb04fca96","date":"2025-03-30T16:00:00.000Z","stockId":3000000012576,"sao":"一季度影响经济的主要变量与上季度变化不大，宏观流动性保持充裕，但Deepseek等国产人工智能大模型的突破超出了全世界的预期，加上其他领域国内企业的突破，极大地改善了市场的风险偏好，因此一季度债券市场先涨后跌，与股市出现一定的负相关性，A股和H股出现结构性行情,科技股结构性过热。本组合在研判市场后及时调整了组合结构，增加对人工智能、恒生科技、创新药和贵金属等板块的配置比例，组合配置更加均衡，整体取得了较好的投资收益。    展望后市，美国大幅提高关税导致国内经济受外需冲击，但国内有望出台宏观对冲政策，托底经济和股市，债券市场再次预期降准降息。本组合将密切跟踪内外部经济环境变化，优化资产配置结构和权益资产结构，一方面我们仍然认为中国优质制造业产能被系统性低估，关税壁垒有可能导致中国制造业产能的一次出清，或曰外部筛选，而通过这一轮压力测试的优质企业有望脱颖而出，成为全球公认的优质资产。另一方面，全球金融资产动荡，美元作为货币的可信度下降，美国债务安全性存疑，贵金属及蕴藏贵金属资源的企业是最好的避风港。本组合将在各类资产中做好平衡配置，降低组合的风险暴露，努力为投资人创造回报。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:32.404Z","fund":{"_id":3000000012576,"__csrcFundId":9708,"stockCode":"012576","shortName":"富国诚益回报12个月持有期混合(012576)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12576,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:23:19.964Z","status":"normal","exchange":"jj","name":"富国诚益回报12个月持有期混合型证券投资基金","fundCollectionId":4000050100000,"inceptionDate":"2021-08-19T16:00:00.000Z","followedNum":3,"masterFundShortName":"富国诚益回报12个月持有期混合","setUpDate":"2021-08-19T16:00:00.000Z","setUpAssetScale":1020794523.75,"setUpShares":1020794523.75,"pinyin":"fgcyhb12gycyqhhxzqtzjj","managers":[{"stockCode":"db20233016","stockType":"fund_manager","exchange":"fm","tickerId":252617170390,"name":"易智泉"},{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国诚益回报12个月持有期混合型证券投资基金二0二五年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1276517","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf747fea5b3eb04fca95","date":"2024-12-30T16:00:00.000Z","stockId":3000000012576,"sao":"债券市场层面，2024年全球经济在增长和通胀问题上面临诸多挑战。美国经济保持韧性，24年9月份美联储开启降息之后通胀压力反弹。国内经济在面临外部压力加大的背景下，全年完成5%的GDP增速水平，国内通胀水平保持在低位，CPI同比上涨0.2%，PPI全年同比下降2.2%。国内货币政策围绕防风险与稳增长，内外部均衡展开。随着银行息差水平下降，以及保险行业面临利差损的问题日益突出，央行全年通过降准降息，存款市场化改革以及货币政策工具改革等多项举措推动广谱利率下行，从最终结果上债券市场出现了一轮贯穿全年的牛市行情，并且收益率不断突破历史低位。 2024年一季度的主线逻辑是传统经济增长抓手的地产和基建不达预期，居民继续早偿按揭贷款，二手房成交冷却，债市整体出现快速下行走势。以降低实体融资成本，维护金融市场稳定，保护息差水平为逻辑出发点，央行在2024年开启了贯穿全年的存款利率改革，而存款利率全年降幅超过100bp的这条隐线是带动广谱利率下行的重要逻辑。二季度之后，理财、养老金、保险等传统配置盘短时间出现大量的配置需求，驱动票息资产收益率下行，信用利差收窄成为年中阶段占优策略。但快速下行的长端收益率水平可能引发金融系统不稳定风险，央行在存款监管之后立刻推出国债买卖这一新货币政策工具，并对之后的债市行情强力指导。4月底至8月初之间10年国债中枢围绕2.30%中枢波动。9月24日政治局会议则是全年行情当中的一个较为重大的转折点，在此之前多方关注“通缩”风险，“抗通缩”也在这场会议之后成为了政策合力点。在10月份短暂的因为风险偏好提升导致股债汇市场大幅波动之后，财政政策加力，置换债发行提速，货币政策配合宽松成为市场共识，债券收益率重拾下行走势，债券收益率在年末以陡峭下行收尾。从债券市场回报来看，30年国债和10年信用无疑是全场焦点，久期、杠杆和下沉策略中，久期策略提供了全年最显著的超额收益。我们在2024年全年保持了组合相对积极的久期和杠杆水平，并且根据市场情绪和流动性环境，不断优化持仓。在维持投资级信用债风格的同时，加大了利率债配置和交易的灵活度，报告期内净值有所增长。股票市场层面，2024年A股跌宕起伏，年初，在雪球产品敲入压力下小盘股急跌，带动大盘整体下挫，随后于2月份触底反弹，随后以银行股和电信运营商等权重红利股扛起指数一路上行至上半年末，然而5、6月份内需经济数据转弱，通缩预期严重，全市场风险偏好恶化，外资流出，三季度即使银行股继续强势上涨也未能阻挡沪深300指数的跌势，国债收益率持续下行，达到2%重要心理关口，海外对中国资产的叙事悲观到极点。直到9月末中央出台一揽子稳增长政策，有效提振了风险偏好，权益市场成交活跃度明显修复。在9月底快速反弹之后，A股市场走势显著分化，沪深300指数相对走势平稳，而小盘股极度活跃，换手率极高。管理人重新研判市场，流动性显著改善，但风险偏好在不同板块和行业间继续扭曲，医药板块继续遭遇集采等不利政策打压，持续下跌，出海产业链受中美关税提高预期而受到压制，估值反应了对关税的悲观预期。美股人工智能科技巨头带动纳斯达克指数指数创新高，国内部分为美股科技巨头配套的公司受潜在订单预期影响，走势较强，而已经获得大额订单的光模块公司股价却不涨反跌，体现了A股投资者在科技行业围绕预期的过度博弈。对于AI产业的发展，我们观察到，美国科技巨头发展AI业务更多出于担忧丢失竞争优势的恐慌心理，其投资高度依赖于天价的GPU集群，金额呈指数级增长，但实用价值只有线性增长或更少，美国科技巨头无法通过大模型来获得相称的回报。在这种模式下AI产业将成为一个巨大的泡沫，因此我们此前对这一轮AI浪潮持谨慎观望态度。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:32.401Z","mo":"债券市场：2024年四季度以来，一揽子宏观增量政策效果显现，科技创新驱动市场信心企稳回升，但是国内经济依旧面临着内外部多重制约和压力。2025年更加积极的财政政策，适度宽松的货币政策，以及维持在低位通胀水平组合，对债市依旧有利。展望未来，进入收益率历史大底之后，债券市场低回报高波动环境何去何从值得深思。虽然内外部基本面依旧对债市形成有力支撑，债券市场参与者的一致行为又可能会带来市场波动加大的风险。我们将着重管理组合流动性风险，并且在久期杠杆以及信用风险管理上保持过往的风格。股票市场：在中美经济、金融对抗博弈的大背景下，叠加国内房地产周期性下行，美国策动AI投资泡沫和美联储维持美元强势，跨国资本流速很快，国内方面，A股自9月底以来引入了一些杠杆资金和新入市股票交易者，对A股市场定价体系的影响很大，传统上从基本面来对股票进行定价的方法出现短期失效的迹象，资本流动解释股价走势的比例在变大，这是价值投资者最痛苦的阶段。我们尊重并接受市场的扭曲状态，坚信优秀企业的价值终究会得到市场的认可，特别是实现了全球供应链布局的优秀制造业企业，有望迎来盈利水平和估值水平的双重提升。随着中国开源大模型的突破性发展，我们对美国科技巨头恐慌式投资AI产业的疑虑得到了应证，AI产业的发展逻辑转向低成本、普及化，终于不再违背常识。整个行业将从巨头垄断的格局转变为巨头云服务+分散化本地部署+垂直行业应用的格局，投资机会将分散化，并且更有利于反应快速的中国企业。随着中国AI大模型在海外被认可，中国资产迎来了重新叙事，无论是传统制造业、先进制造业、还是AI产业，中国企业都有全世界最优秀的代表。当海外基金开始讨论“去全球化估值模型”时，中国企业的高效工程化能力和高性价比，反而成为对冲全球碎片化的稀缺筹码。无论是欧美电动汽车产业还是新兴的机器人产业，都深度依赖中国供应链，离开中国厂商，这些新兴产业将无法取得成功。对比中美核心资产，美国科技资产的“高溢价”建立在全球流动性宽松、技术垄断和各种政治制裁基础之上，但科技竞争格局的改变和美国债务的压力正在动摇这一根基。当前中国优秀制造业和科技股的市盈率普遍低于海外同行30%-50%，在全球资本配置的天平上，中美比例发生反转，中国资产价格将迎来修复机会。","fund":{"_id":3000000012576,"__csrcFundId":9708,"stockCode":"012576","shortName":"富国诚益回报12个月持有期混合(012576)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12576,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:23:19.964Z","status":"normal","exchange":"jj","name":"富国诚益回报12个月持有期混合型证券投资基金","fundCollectionId":4000050100000,"inceptionDate":"2021-08-19T16:00:00.000Z","followedNum":3,"masterFundShortName":"富国诚益回报12个月持有期混合","setUpDate":"2021-08-19T16:00:00.000Z","setUpAssetScale":1020794523.75,"setUpShares":1020794523.75,"pinyin":"fgcyhb12gycyqhhxzqtzjj","managers":[{"stockCode":"db20233016","stockType":"fund_manager","exchange":"fm","tickerId":252617170390,"name":"易智泉"},{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国诚益回报12个月持有期混合型证券投资基金二0二四年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1257523","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf747fea5b3eb04fca94","date":"2024-09-29T16:00:00.000Z","stockId":3000000012576,"sao":"2024年三季度，制造业PMI保持在荣枯线以下，金融数据延续挤水分，CPI同比增速偏低，PPI同比负增加深，房地产市场在短暂回暖后再度走弱，经济增长动能不足。三季度债券供给节奏始终偏慢，叠加存款监管加压，配置需求进一步增加，总体上债券收益率呈现下行走势。分阶段来看，进入三季度以后，基本面和机构行为驱动债券收益率在历史低位进一步下探，尤其是7月份央行意外降息操作更加触发交易盘做多情绪。央行国债买卖在8月初进入到实操阶段，债券投资者情绪波动较为强烈，债券收益率阶段性大幅震荡。此外，8月以后美联储降息交易开启，利率敏感型资产表现较好。美元走势偏弱，人民币兑美元汇率升值幅度可观，央行在汇率上逆周期调节压力缓解，货币政策空间得以释放。9月美联储降息50bp落地之后，国内债券市场在强烈的货币政策宽松预期下收益率进一步下探至年内低点。直到央行在9月24日召开发布会，宣布一系列帮助稳定预期的货币宽松政策，做多权益市场的热情引发股债两市资金流向逆转，债市再度经历猛烈调整。2024年三季度基本面趋势和市场情绪交织之下，债券收益率宽幅波动向下，中长端利率债表现依旧突出。我们在三季度主要保持了中长期利率债的仓位，并适度参与高等级信用债交易，争取资本利得。权益市场在持续回调三个月之后，于季度末出现快速反弹，组合在反弹过程中反应较慢，增配了低估值的银行、超跌的港股互联网和医药资产，并将进一步增配具有绝对收益空间的优质标的。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:32.398Z","fund":{"_id":3000000012576,"__csrcFundId":9708,"stockCode":"012576","shortName":"富国诚益回报12个月持有期混合(012576)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12576,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:23:19.964Z","status":"normal","exchange":"jj","name":"富国诚益回报12个月持有期混合型证券投资基金","fundCollectionId":4000050100000,"inceptionDate":"2021-08-19T16:00:00.000Z","followedNum":3,"masterFundShortName":"富国诚益回报12个月持有期混合","setUpDate":"2021-08-19T16:00:00.000Z","setUpAssetScale":1020794523.75,"setUpShares":1020794523.75,"pinyin":"fgcyhb12gycyqhhxzqtzjj","managers":[{"stockCode":"db20233016","stockType":"fund_manager","exchange":"fm","tickerId":252617170390,"name":"易智泉"},{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国诚益回报12个月持有期混合型证券投资基金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"date":"2022-03-30T16:00:00.000Z","stockId":3000000012576,"sao":"年初以来，我国经济面临新的下行压力，不确定因素增多。房地产行业快速去杠杆持续了3个季度导致信用较为明显的收缩。中央“不走老路，高质量发展”的目标经坚定而清晰，这对过去严重依赖投融资平台政信扩张和土地财政的发展模式提出了严峻的考验。但是全球通胀高企和主要发达经济体进入加息通道制约人民银行货币政策宽松，而中央对隐性债务的控制又制约财政发力宽信用的空间。与此同时，不断反复的新冠疫情对经济活动的连续性和有效性带来了较大的冲击。债券市场在年初央行宽货币的引导下引来了一波较为明显的收益率下行，但是春节后的理财资金被动赎回和海外加息潮小幅推高了国内债券市场各类收益率水平。整个一季度，债券市场收益率呈现出宽幅震荡向上的特征。本基金策略上大幅降低了债券部分的利率久期和信用债持仓比例。同时，在权益市场带动可转债大幅下跌的过程中，适度增持了部分债性较强的可转债。整体上，债券部分一季度仍然贡献了一定的正收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:32.371Z","fund":{"_id":3000000012576,"__csrcFundId":9708,"stockCode":"012576","shortName":"富国诚益回报12个月持有期混合(012576)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12576,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:23:19.964Z","status":"normal","exchange":"jj","name":"富国诚益回报12个月持有期混合型证券投资基金","fundCollectionId":4000050100000,"inceptionDate":"2021-08-19T16:00:00.000Z","followedNum":3,"masterFundShortName":"富国诚益回报12个月持有期混合","setUpDate":"2021-08-19T16:00:00.000Z","setUpAssetScale":1020794523.75,"setUpShares":1020794523.75,"pinyin":"fgcyhb12gycyqhhxzqtzjj","managers":[{"stockCode":"db20233016","stockType":"fund_manager","exchange":"fm","tickerId":252617170390,"name":"易智泉"},{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国诚益回报12个月持有期混合型证券投资基金二0二二年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=729315","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf747fea5b3eb04fca89","date":"2021-12-30T16:00:00.000Z","stockId":3000000012576,"sao":"2021年是宏观经济形势较为复杂的年份之一，主导资本市场走势的核心要素取决于通胀预期、信用收缩和经济复苏力度。为了应对新冠疫情，全球主要经济体均在2020年实施了较为宽松的货币政策，市场流动性充裕。中国央行率先退出了刺激政策，国内外货币政策的步调不一致。年初市场普遍对经济复苏抱有较强的期望，相应地对可能的高通胀亦较担心。但我们始终认为贯穿全年的主线仍然是刺激政策逐步退出之后的信用收缩。全年，无风险利率震荡走低，呈现出小牛市的格局。在信用收缩的大背景下，信用事件爆发的频率和烈度明显超过往年。投资操作上，本基金债券投资中始终坚持严控信用资质下沉，主要聚焦于利率债、地方债和高等级信用债，积极调整组合久期，尽量控制杠杆水平，报告期内对组合净值贡献较好。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:32.367Z","mo":"展望2022年，房地产在持续的宏观调控下如何实现软着陆将成为年度市场主线。信用扩张和经济增长的节奏取决于房地产供需何时回到相对稳定的均衡。国外主要经济体的央行是否会采取较为激进的货币退出方式仍然存在较大的不确定性。我们预计在房地产行业实现软着陆之前，国内仍将“以我为主”采取相对温和的货币政策确保市场流动性充裕且维持广谱利率水平在相对较低的水平。考虑到中央对高质量发展的长期坚持，财政政策仍然以结构性支持为主，不会出现大规模财政刺激。对债券市场来说，无风险利率仍将呈现出宽幅震荡的格局，中低评级信用债将持续面临较大的利差走阔和信用事件冲击压力。本基金债券投资方面将继续侧重利率债和高等级信用债，根据市场变化调整久期，力争为持有人获得长期可持续的投资回报。","fund":{"_id":3000000012576,"__csrcFundId":9708,"stockCode":"012576","shortName":"富国诚益回报12个月持有期混合(012576)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12576,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:23:19.964Z","status":"normal","exchange":"jj","name":"富国诚益回报12个月持有期混合型证券投资基金","fundCollectionId":4000050100000,"inceptionDate":"2021-08-19T16:00:00.000Z","followedNum":3,"masterFundShortName":"富国诚益回报12个月持有期混合","setUpDate":"2021-08-19T16:00:00.000Z","setUpAssetScale":1020794523.75,"setUpShares":1020794523.75,"pinyin":"fgcyhb12gycyqhhxzqtzjj","managers":[{"stockCode":"db20233016","stockType":"fund_manager","exchange":"fm","tickerId":252617170390,"name":"易智泉"},{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国诚益回报12个月持有期混合型证券投资基金二0二一年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=716568","linkType":"PDF","source":"csrc_pdf"}}]}