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复居民资产负债表的一系列政策出台，对于地方债务问题和楼市股市资产价格的担忧减弱，市场信心明显恢复。外部环境上美国在下半年正式进入降息周期，全年降息3次合计75个基点。市场风格在三季度出现了明显的切换，上半年市场偏好高分红、人工智能、海外出口等主线，9月之后市场明显转向成长股。　　在组合管理上，在市场过于悲观的时候我们看到了中国强劲的产业升级力量，在过于乐观的时候需要处理好市场情绪的颠簸。站在当下，我们认为A股持续了几年的“哑铃型”结构可能会发生变化。开年以来，A股结构性行情主要体现在人工智能、人形机器人、自动驾驶等新兴产业上，AI行情如火如荼。我们认为除了高科技行情，在部分供需逆转的传统行业也有望出现结构性机会。决定A股高度的核心因素是高科技行业的进展和经济的恢复高度。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:29.716Z","mo":"展望未来，我们认为2025年A股有望取得正收益的投资回报。赚钱和财富效应的齿轮是否正向滚动、产业技术升级带来的效率改进可能会成为股票市场定价的核心变量。公司层面上，进取的企业家精神、良好的竞争格局卡位才能保证其超额的利润回报。　　本基金后续将平衡好组合波动性，尽力为投资者创造长期回报。","fund":{"_id":3000000014639,"__csrcFundId":10690,"stockCode":"014639","shortName":"兴全合衡三年持有混合(014639)","masterFundShortName":"兴全合衡三年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14639,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:17:58.765Z","status":"normal","exchange":"jj","name":"兴全合衡三年持有期混合型证券投资基金","fundCollectionId":4000050310000,"followedNum":5,"inceptionDate":"2022-01-12T16:00:00.000Z","setUpDate":"2022-01-12T16:00:00.000Z","setUpAssetScale":5597190402.23,"setUpShares":5597190402.23,"pinyin":"xqhhsncyqhhxzqtzjj","managers":[{"stockCode":"j101020621","stockType":"fund_manager","exchange":"fm","tickerId":260310258020,"name":"张传杰"}]},"announcement":{"linkText":"兴证全球合衡三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=1255768","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0d97fea5b3eb0513e1e","date":"2024-09-29T16:00:00.000Z","stockId":3000000014639,"sao":"三季度股票市场先抑后扬，A股9月中旬市场反弹之前保持单边下行态势，诸多宽基指数收盘价一度低于24年2月份的最低点，市场情绪极度低迷。受美联储降息以及国内政策逆周期调节的影响，9月下旬开始股票市场大幅快速反弹，市场信心得以扭转。　　展望未来，随着一系列支持政策的出台，政府致力于修复居民资产负债表的态度明确，美国总体进入降息周期，A股再次出现类似于三季度熊市的概率很低，国内经济的走势仍是未来市场走势的核心因素，未来市场的机会预计会以结构性机会为主，这中间可能的机会包括持续产能过剩行业供需逆转带来的机会、监管层倡导的并购重组带来的机会、经济见底回升带来的周期成长股机会等。随着未来国内利率中枢的下行，股权资产在居民资产配置比例有望提升，赚钱效应是能否撬动这一齿轮的最重要因素。　　本基金将持续努力，积极把握市场机会，努力为投资人创造良好回报。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:29.713Z","fund":{"_id":3000000014639,"__csrcFundId":10690,"stockCode":"014639","shortName":"兴全合衡三年持有混合(014639)","masterFundShortName":"兴全合衡三年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14639,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:17:58.765Z","status":"normal","exchange":"jj","name":"兴全合衡三年持有期混合型证券投资基金","fundCollectionId":4000050310000,"followedNum":5,"inceptionDate":"2022-01-12T16:00:00.000Z","setUpDate":"2022-01-12T16:00:00.000Z","setUpAssetScale":5597190402.23,"setUpShares":5597190402.23,"pinyin":"xqhhsncyqhhxzqtzjj","managers":[{"stockCode":"j101020621","stockType":"fund_manager","exchange":"fm","tickerId":260310258020,"name":"张传杰"}]},"announcement":{"linkText":"兴证全球合衡三年持有期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=1177530","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0d97fea5b3eb0513e1d","date":"2024-06-29T16:00:00.000Z","stockId":3000000014639,"sao":"2024年上半年A股大幅波动，经历了开年的大幅下跌，受益于新国九条等制度安排，A股在2月到4月明显反弹，随着国内经济走弱，从5月下旬开始A股重拾跌势。回顾上半年，港股表现优于A股，A股红利指数、上证50指数明显跑赢创业板指数和科创板指数，投资者避险情绪浓厚。　　从市场结构来看，各类资产都以波动性机会为主，红利资产不断缩圈，海外科技映射和出口产业链也出现明显波动。在本人有限的投资生涯中，当下是市场共识最为一致的时刻，我们无法用简单的勇气和鲁莽来挑战市场共识，但世界的发展一定是曲折而不是线性的，每个国家的历史都不能简单比较。站在当下A股底部的估值和一致的预期也许是最大的机会所在。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:29.706Z","mo":"展望未来，国内经济状态是改变市场走势和风格的最重要变量，积极因素包括国内库存处于低位，下半年财政有望发力，国内货币政策来自美国的掣肘变小。　　本基金将持续努力为投资者创造回报。","fund":{"_id":3000000014639,"__csrcFundId":10690,"stockCode":"014639","shortName":"兴全合衡三年持有混合(014639)","masterFundShortName":"兴全合衡三年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14639,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:17:58.765Z","status":"normal","exchange":"jj","name":"兴全合衡三年持有期混合型证券投资基金","fundCollectionId":4000050310000,"followedNum":5,"inceptionDate":"2022-01-12T16:00:00.000Z","setUpDate":"2022-01-12T16:00:00.000Z","setUpAssetScale":5597190402.23,"setUpShares":5597190402.23,"pinyin":"xqhhsncyqhhxzqtzjj","managers":[{"stockCode":"j101020621","stockType":"fund_manager","exchange":"fm","tickerId":260310258020,"name":"张传杰"}]},"announcement":{"linkText":"兴证全球合衡三年持有期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=1153226","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0d97fea5b3eb0513e1c","date":"2024-03-30T16:00:00.000Z","stockId":3000000014639,"sao":"24年一季度指数呈现先跌后涨的走势，年初的大幅下跌令人错愕，微盘股指数经过几年的大涨后在一季度迎来大幅下跌，AI、资源品和高分红方向仍然是市场中最为强势的方向。　　展望未来，我们认为经济预期是市场风格的决定性因素，对经济的谨慎展望使得很多投资者收缩至高分红、AI等经济低敏感领域。高分红符合当下的时代特征，但在现有高分红方向突飞猛进的同时，新的投资方向也在孕育新芽，我们将保持持续观察。从偏长期维度看，我们观察到A股上市门槛大幅提高，地方政府在新的财政约束下对产业发展的影响减弱，这使得新能源等很多产能过剩行业的供需局面有望在未来出现扭转，隐性提高现有上市公司的潜在回报。经历了连续几年的负收益，A股的回报率有望好转。　　本基金将从中长期的角度持续努力为投资人创造回报。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:29.703Z","fund":{"_id":3000000014639,"__csrcFundId":10690,"stockCode":"0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长股。电动智能车行业将发生从产品形态、竞争格局到产业链重构的巨大变革，并且中国在电动化和智能化的基本要素竞争优势有望外溢到其他工业产品。国内从材料、零部件到终端产品的进口替代仍如火如荼。中国企业在新能源领域的全球变革中扮演领导角色。从中短期维度，国内外形势仍复杂多变，但我们认为判断中国这样一个大国的资本市场运行，关键在于国内的经济和流动性情况。  往后看几个季度，海外经济逐渐步入衰退的情势更加明显，对中国经济的复苏会形成掣肘，我们对国内经济的韧性和潜力充满信心，但也难以出现经济特别乐观的情形，同时，股市投资者的风险偏好也可能再次受到内外环境不稳定的冲击，A股将呈现“波动的但能赚钱的市场”的特征。  本基金将从中长期更加风险收益比的角度，持续努力为持有人创造回报，不辜负投资人的三年托付。","fund":{"_id":3000000014639,"__csrcFundId":10690,"stockCode":"014639","shortName":"兴全合衡三年持有混合(014639)","masterFundShortName":"兴全合衡三年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14639,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:17:58.765Z","status":"normal","exchange":"jj","name":"兴全合衡三年持有期混合型证券投资基金","fundCollectionId":4000050310000,"followedNum":5,"inceptionDate":"2022-01-12T16:00:00.000Z","setUpDate":"2022-01-12T16:00:00.000Z","setUpAssetScale":5597190402.23,"setUpShares":5597190402.23,"pinyin":"xqhhsncyqhhxzqtzjj","managers":[{"stockCode":"j101020621","stockType":"fund_manager","exchange":"fm","tickerId":260310258020,"name":"张传杰"}]},"announcement":{"linkText":"兴证全球合衡三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=788299","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0d97fea5b3eb0513e14","date":"2022-03-30T16:00:00.000Z","stockId":3000000014639,"sao":"本基金一季度建仓期出现一定回撤。2022年一季度除了经济下滑、美国加息等在2021年年底可以明确预期的因素，俄乌战争带来的国际规则破坏，使得“主权风险”这一过去几十年很少被投资人重视的因素，阶段性成为市场的主要矛盾，对A股特别是香港市场带来了明显的风险偏好下降。上海疫情在一季度末愈演愈烈。以上两个因素是一季度股票市场跌幅超预期的直接因素。  一季度行情的演绎，虽然有偶然性因素但也有内在长期因素，使得我们对A股和港股的波动性有了全新认识，在未来的投资中当以此为戒。疫情和俄乌战争都属于资本市场中的事件冲击，它们对短期市场冲击很大，但不影响企业的中长期价值。在纷扰的内外形势中，我们仍认为国内经济是A股的决定性力量，当下A股估值已处在历史低位，未来国内经济的企稳上行，将成为A股年内表现的分水岭。  本基金将继续努力为持有人创造回报。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:29.682Z","fund":{"_id":3000000014639,"__csrcFundId":10690,"stockCode":"014639","shortName":"兴全合衡三年持有混合(014639)","masterFundShortName":"兴全合衡三年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14639,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:17:58.765Z","status":"normal","exchange":"jj","name":"兴全合衡三年持有期混合型证券投资基金","fundCollectionId":4000050310000,"followedNum":5,"inceptionDate":"2022-01-12T16:00:00.000Z","setUpDate":"2022-01-12T16:00:00.000Z","setUpAssetScale":5597190402.23,"setUpShares":5597190402.23,"pinyin":"xqhhsncyqhhxzqtzjj","managers":[{"stockCode":"j101020621","stockType":"fund_manager","exchange":"fm","tickerId":260310258020,"name":"张传杰"}]},"announcement":{"linkText":"兴证全球合衡三年持有期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=729497","linkType":"PDF","source":"csrc_pdf"}}]}