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调，银行股仍具有底部防御属性。同时，在潜在投资回报率不断下移的大趋势下，分红和盈利相对稳定的银行仍然是较好的高股息红利资产。　　券商方面，当前券商板块估值仍处于历史相对低位，后续并购整合进展有望不断落地，我们主要沿着这一主线布局优质标的。保险2023年年报业绩整体表现不佳，估值回落至历史低位水平，较为充分地反映了目前已有的悲观预期，进一步下行空间有限。后续主要关注资产端的向上机会，即寿险估值有望跟随权益市场、长端利率的上行而迎来反弹。　　基于以上的判断，我们一方面配置高股息、高分红品种；另一方面，我们也在关注政策边际效果显现，经济平稳向上的拐点，提前布局了券商、保险、金融科技等受益于这个方向的标的。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:49.556Z","fund":{"_id":3000000014040,"__csrcFundId":11424,"stockCode":"014040","shortName":"民生加银金融优选混合(014040)","masterFundShortName":"民生加银金融优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14040,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:02:30.488Z","status":"normal","exchange":"jj","name":"民生加银金融优选混合型证券投资基金","fundCollectionId":4000050610000,"inceptionDate":"2022-08-01T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-01T16:00:00.000Z","setUpAssetScale":41258411.66,"setUpShares":41258411.66,"pinyin":"msjyjryxhhxzqtzjj","managers":[{"stockCode":"db20893088","stockType":"fund_manager","exchange":"fm","tickerId":41103230400,"name":"邓凯成"},{"stockCode":"j101020915","stockType":"fund_manager","exchange":"fm","tickerId":61925260400,"name":"冯嵩越"}]},"announcement":{"linkText":"民生加银金融优选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=1071406","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0757fea5b3eb050d675","date":"2023-12-30T16:00:00.000Z","stockId":3000000014040,"sao":"2023年，金融作为经济之母，受到了不小的拖累。在这种情况下，股票市场出现调整，金融板块也走势羸弱。一方面，我们配置高股息、高分红品种，具体而言就是大型国有银行。我们认为随着中国经济的成熟，以国有大行为代表的一批公司，他们经营稳健，削减资本开支，具备强大的自由现金流，价值正在不断凸显出来。所以我们看到，在广谱利率下行的当前环境下，高股息、高分红品种必然继续受到资金的青睐。另一方面，我们也在关注政策边际效果显现，经济平稳向上的拐点，提前布局了券商、保险、金融科技等受益于这个方向的标的，我们相信胜利属于乐观者，感谢所有持有人在2023年，尤其是4季度陪我们穿越阶段性的困难，我们继续全力以赴为交付一份稳健的收益而努力！","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:49.553Z","mo":"2023年全年，国内地产基建等传统的拉动力走弱，出口等外向经济由于海外加息衰退迹象愈发明显的影响也遇拖累，新经济的增长点也并未形成显著的拉动。资本市场方面，叠加国内复苏预期转弱与海外流动性冲击，并受制于资金面偏紧遭遇震荡走弱。从节奏上来看，1-4月随着地产和防疫政策转向，叠加宏观经济金融数据迎来“开门红”，以及AI产业事件催化下，核心资产、TMT和“中特估”先后演绎，带动A股上涨。2023年5月以来，经济恢复呈现“波浪式发展、曲折式前进”的特征，同时美联储坚持鹰派论调，市场情绪处于低位，A股持续震荡调整。从风格上来看，“哑铃型”配置相对占优，小微盘股和低波红利板块表现突出。展望2024年，国内经济延续复苏态势，但向好基础仍需政策宽松加强巩固。海外方面，2023年11月以来美国一系列经济数据相比于三季度边际放缓，叠加美联储转鸽，全球流动性或于2024年迎来拐点。基于此，在一系列强前提条件下，A股市场有望较2023年有所修复。","fund":{"_id":3000000014040,"__csrcFundId":11424,"stockCode":"014040","shortName":"民生加银金融优选混合(014040)","masterFundShortName":"民生加银金融优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14040,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:02:30.488Z","status":"normal","exchange":"jj","name":"民生加银金融优选混合型证券投资基金","fundCollectionId":4000050610000,"inceptionDate":"2022-08-01T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-01T16:00:00.000Z","setUpAssetScale":41258411.66,"setUpShares":41258411.66,"pinyin":"msjyjryxhhxzqtzjj","managers":[{"stockCode":"db20893088","stockType":"fund_manager","exchange":"fm","tickerId":41103230400,"name":"邓凯成"},{"stockCode":"j101020915","stockType":"fund_manager","exchange":"fm","tickerId":61925260400,"name":"冯嵩越"}]},"announcement":{"linkText":"民生加银金融优选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=1054050","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0757fea5b3eb050d674","date":"2023-09-29T16:00:00.000Z","stockId":3000000014040,"sao":"三季度，国内权益市场整体疲弱，上证指数下跌2.86%，市场在情绪和资金的扰动中艰难行进。　　7月以来，监管各部门在政治局会议的框架下，围绕“扩大内需、提振信心、防范风险”出台多项稳增长政策，包括货币、财政、地产、消费等方面。　　我们看到PMI、通胀、社融、出口、地产等多项宏观指标在8月出现一定幅度的改善，预期9月数据也将会持续。尽管复苏之路并非一蹴而就，但仍会曲折中向上，总体我们维持之前对经济相对乐观的判断。　　从我们重点关注的行业看，当前经济发达地区的小微信贷需求已边际修复，后续可继续关注复苏动能和政策传导成效。其次，关注已出台的稳地产、稳定经济、活跃资本市场等刺激政策，用真招实策提振市场主体信心。此外，我们也看到了保险保费收入持续增长。我们仍然看好大金融板块的结构性机会。　　在报告期内，我们结合自身的判断，以积极的态度布局未来的机会。适当聚焦中长期优质标的，同时也在密切调研关注边际变化，把握拐点。　　感谢各位持有人在近期市场波动加大，净值回撤过程中给予我们的信任，后续我们将继续秉持持有人利益第一的原则，审慎投资，立足中长期跟随优秀企业共同成长。谢谢大家！","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:49.550Z","fund":{"_id":3000000014040,"__csrcFundId":11424,"stockCode":"014040","shortName":"民生加银金融优选混合(014040)","masterFundShortName":"民生加银金融优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14040,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:02:30.488Z","status":"normal","exchange":"jj","name":"民生加银金融优选混合型证券投资基金","fundCollectionId":4000050610000,"inceptionDate":"2022-08-01T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-01T16:00:00.000Z","setUpAssetScale":41258411.66,"setUpShares":41258411.66,"pinyin":"msjyjryxhhxzqtzjj","managers":[{"stockCode":"db20893088","stockType":"fund_manager","exchange":"fm","tickerId":41103230400,"name":"邓凯成"},{"stockCode":"j101020915","stockType":"fund_manager","exchange":"fm","tickerId":61925260400,"name":"冯嵩越"}]},"announcement":{"linkText":"民生加银金融优选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=988084","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0757fea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几个看法。　　第1、工程师红利，虽然出生人口出现了一定下滑，但每一年毕业的高等教育人才相比过去有了巨大的增长，人口结构背后的质量提高了，基础科研和应用也会在一定的积累时间后有所收获。　　第2、先发优势，中国经济的相对优势仍然被全球投资人认可。这种相对优势来源于完整的供应链、人口结构和资本的有效管理。中国不管是粮食、能源、工业的产业链其自给自足的程度和能力都是一些国家难以比拟的。这是产业集群和统一市场的经济学原理决定的。中国在通胀管理和流动性管理上也积累了足够的经验，海外政策收紧很难对中国形成大的冲击。　　第3、结构升级的机会，大多数的行业仍然有集中度提高的空间，大企业在规模优势、研发投入上会越来越强，仍然能保持有质量的增长，在一些行业中国已经有了全球竞争力，国际化会打破过去收入利润的天花板，在一些过去中国需要进口的“卡脖子”领域也在向前走，我们也看好进口替代，从中低端走向更高端的产品升级的机会。　　长期来看我们对中国经济有信心，对政府强有力的管理能力、效率有信心，把客户利益放在第一位是我们始终牢牢记着的信念，本基金将继续勤勉努力，注重质量注重长期，控制回撤，为持有人实现稳定的盈利，谢谢大家的信任。","fund":{"_id":3000000014040,"__csrcFundId":11424,"stockCode":"014040","shortName":"民生加银金融优选混合(014040)","masterFundShortName":"民生加银金融优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14040,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:02:30.488Z","status":"normal","exchange":"jj","name":"民生加银金融优选混合型证券投资基金","fundCollectionId":4000050610000,"inceptionDate":"2022-08-01T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-01T16:00:00.000Z","setUpAssetScale":41258411.66,"setUpShares":41258411.66,"pinyin":"msjyjryxhhxzqtzjj","managers":[{"stockCode":"db20893088","stockType":"fund_manager","exchange":"fm","tickerId":41103230400,"name":"邓凯成"},{"stockCode":"j101020915","stockType":"fund_manager","exchange":"fm","tickerId":61925260400,"name":"冯嵩越"}]},"announcement":{"linkText":"民生加银金融优选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=865888","linkType":"PDF","source":"csrc_pdf"}}]}