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月，受海外地缘政治局势反复以及国际油价上涨等因素影响，全球通胀与流动性预期发生变化，市场风险偏好有所回落，主要的宽基指数回吐前期涨幅。展望二季度，预计地缘政治紧张格局短期内仍难以显著缓和，油价中枢维持相对高位的可能性较大，全球通胀预期存在抬升的风险，由此可能对主要经济体的货币政策及全球流动性环境形成一定约束。在此背景下，市场波动水平或有所抬升，尤其对估值处于较高水平的板块，其估值水平与盈利预期面临阶段性压力。从整体来看，当前市场估值已处于历史区间的中高水平，但行业和风格之间的结构性分化仍然较为明显。后续市场走势仍需重点关注地缘政治演变及其对通胀与流动性的影响。在此环境下，估值具备一定安全边际、风险收益比较为合理，且基本面出现边际企稳或改善迹象的方向，具备获取相对收益的潜在机会。在这一轮相对宽松的环境下，不同类型的投资者都在自己擅长的领域用自己擅长的方式捕捉alpha。我们秉持“定性+定量”的框架，通过对不同beta收益的主动管理，力求持续、稳健地超越基金指数。作为一个市场主流参与者的总体刻画，基金指数隐含了不同时间维度、不同风险偏好、不同信息优势的资金在市场里各自找到的最自洽的定价逻辑，是多维价格发现机制共同作用的结果，也更能代表市场参与者的长期收益水平，给我们提供了很好的观察和学习样本。由于这个beta所代表的风格是多元的，我们也相应地开发多个不同风格的底层策略。在底层策略的开发环节，我们始终坚持“可解释性强的beta+独创性的alpha”的原则，并强调alpha的挖掘是基于不同beta所代表的不同空间维度下的股票定价方法的研究。具体地，我们细致辨析估值的波动和盈利的波动对于股价的不同影响程度和时变特征，探究估值、盈利背后驱动股价变动的高阶导因素，并将其系统性地纳入收益预测模型，以增强策略的前瞻性和适应性。在多策略投资组合构建过程中，定量分析得到的风险调整后的风格预期收益以及集成了宏观和中观信息源所隐含的非结构化预期收益，都将成为我们进行beta配置与动态管理的依据。最终，我们希望通过对多个低相关的、具有不同收益风险特征的底层策略进行优化配置，在组合层面实现系统化的风险收益管理以及对基金指数的稳健超额。一季度，我们实现了相对基金指数较好的跟踪误差控制，未来我们将继续深耕alpha的挖掘。尽管市场波动率可能阶段性提升，但是我们相信不同类型的投资者依然能够在市场里找到各自的“定价锚”，通过价格发现的多频叠加来共同维护市场的韧性。","lastUpdated":"2026-04-22T15:39:39.111Z","fund":{"_id":3000000014734,"__csrcFundId":10980,"stockCode":"014734","shortName":"广发睿合混合(014734)","masterFundShortName":"广发睿合混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14734,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:36.624Z","status":"normal","exchange":"jj","name":"广发睿合混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2022-03-24T16:00:00.000Z","followedNum":5,"setUpDate":"2022-03-24T16:00:00.000Z","setUpAssetScale":705239939.64,"setUpShares":705239939.64,"pinyin":"gfrhhhxzqtzjj","managers":[{"stockCode":"8801398534","stockType":"fund_manager","exchange":"fm","tickerId":122518150010,"name":"林英睿"},{"stockCode":"db20821664","stockType":"fund_manager","exchange":"fm","tickerId":2519211790,"name":"叶帅"}]},"announcement":{"linkText":"广发睿合混合型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1471208","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ca7bb07ecbd37c10afbe1d","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000014734,"sao":"2025年，A股市场整体表现较好。在流动性充裕的背景下，市场交易资金活跃，科技板块在AI叙事的带动下整体实现了戴维斯双击，有色金属在全球供给收缩、地缘扰动、去美元化、通胀预期等的带动下也表现突出，传统经济领域则表现相对疲软。在一个相对宽松的环境下，不同类型的投资者都可以在自己擅长的领域用自己擅长的方式捕捉alpha。我们秉持“定性+定量”的框架，通过对不同beta收益的主动管理，力求持续、稳健地超越基金指数。作为一个市场主流参与者的总体刻画，它隐含了不同时间维度、不同风险偏好、不同信息优势的资金在市场里各自找到的最自洽的定价逻辑，是多维价格发现机制共同作用的结果，也更能代表市场参与者的长期收益水平，给我们提供了很好地观察和学习的样本。由于这个beta所代表的风格是多元的，我们也相应地开发多个不同风格的底层策略。在底层策略的开发环节，我们始终坚持“可解释性强的beta+独创性的alpha”的原则，并强调alpha的挖掘是基于不同beta所代表的不同空间维度下的股票定价方法的研究。具体地，我们细致辨析估值的波动和盈利的波动对于股价的不同影响程度和时变特征，探究估值、盈利背后驱动股价变动的高阶导因素，并将其系统性地纳入收益预测模型，以增强策略的前瞻性和适应性。在多策略投资组合构建过程中，定量分析得到的风险调整后的风格预期收益、以及集成了宏观和中观信息源所隐含的非结构化预期收益，都将成为我们进行beta配置与动态管理的依据。最终，我们希望通过对多个低相关的、具有不同收益风险特征的底层策略进行优化配置，在组合层面实现系统化的风险收益管理以及对基金指数的稳健超额。","lastUpdated":"2026-03-30T13:33:36.712Z","mo":"经历了2025年的整体上涨之后，A股市场的估值水平已从前期的历史低位明显修复。从主要宽基指数来看，估值分位数均已回升至历史区间的中等偏高水平，市场整体已不再处于“普遍低估”的阶段。然而，估值修复并非均匀发生，市场内部的结构性分化依然显著。一方面，以人工智能为核心的科技成长主线在2025年持续演绎，海外算力、半导体、AI应用等相关产业链在业绩预期和资金偏好的共同推动下，估值中枢明显上移。部分龙头公司在高景气预期下，其估值水平已接近甚至超过历史高位区间，对未来盈利兑现能力和行业景气持续性的要求显著提高。这类资产的波动性和分化程度未来可能进一步加大，投资回报将更多依赖于个股层面的业绩兑现，而非单纯的估值扩张。需要注意的是，部分投资者容易被阶段性强势行情所吸引，并线性外推，误认为短期高收益低回撤意味着未来可持续的高夏普比。但实际上，这种“伪高夏普”往往建立在当前高估值高预期的脆弱平衡之上，一旦市场情绪或业绩兑现出现偏差，其波动和回撤幅度可能远超预期，最终带来低夏普甚至亏损的投资结果。另一方面，传统周期板块的估值仍然处于相对低位。尽管其景气度不及新兴科技产业，但在供给格局趋稳、需求边际改善、成本压力缓解等因素推动下，部分细分行业的盈利能力正在逐步触底回升。当前这些板块的定价仍然隐含了较为悲观的预期，一旦基本面出现边际改善，估值修复和盈利修复有望形成共振，从而带来较好的风险收益比。在此背景下，我们认为，尽管市场整体估值已不具备普遍意义上的“低估优势”，但结构性机会依然丰富，A股市场中仍然蕴含着较高性价比的投资标的。随着稳增长政策持续发力、产业政策逐步落地，以及部分行业库存周期、供需格局的改善，越来越多细分领域的基本面正在出现积极变化。这种变化有望逐步反映到企业盈利预期和股价表现之中。展望2026年，随着基本面改善的行业范围逐步扩大，市场风格的极端分化有望边际收敛。一方面，高估值成长板块将更多依赖业绩兑现来消化估值；另一方面，估值处于低位、但基本面出现改善迹象的行业和个股，其吸引力将逐步提升。在这一过程中，市场的投资机会将从单一主线的集中演绎，向更加多元、更加均衡的结构性行情演变。","fund":{"_id":3000000014734,"__csrcFundId":10980,"stockCode":"014734","shortName":"广发睿合混合(014734)","masterFundShortName":"广发睿合混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14734,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:36.624Z","status":"normal","exchange":"jj","name":"广发睿合混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2022-03-24T16:00:00.000Z","followedNum":5,"setUpDate":"2022-03-24T16:00:00.000Z","setUpAssetScale":705239939.64,"setUpShares":705239939.64,"pinyin":"gfrhhhxzqtzjj","managers":[{"stockCode":"8801398534","stockType":"fund_manager","exchange":"fm","tickerId":122518150010,"name":"林英睿"},{"stockCode":"db20821664","stockType":"fund_manager","exchange":"fm","tickerId":2519211790,"name":"叶帅"}]},"announcement":{"linkText":"广发睿合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=1448871","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e97fea5b3eb0514ef3","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000014734,"sao":"2025年三季度，A股市场趋势上行，但延续了上半年结构性分化的特征。产业基本面验证叠加宽裕流动性成为定价的核心驱动力。市场交易者在二季度业绩验证的基础上，进一步加强“创新逻辑”主导的市场叙事：科技成长板块继续领跑，受益于政策支持和全球科技周期共振，人工智能、半导体与新能源赛道表现尤为突出；而传统周期性板块与红利价值类资产则因需求复苏节奏放缓而表现相对疲软，市场风格分化进一步加剧。但随着股价上行，市场对基本面验证的需求日益强烈，部分高估值成长股面临业绩兑现压力，在流动性的加持下，市场叙事也逐渐从对“业绩兑现的科技成长”的挖掘衍生到更为宽泛的“想象空间逻辑”。展望四季度，市场在完成对三季报的审视后，目光将更多投向对2026年宏观经济的展望上去，市场风格可能在“业绩确定性”和“远期成长性”之间寻求新的平衡。我们的持仓结构保持稳定，当前高频数据的曙光已经出现，我们将继续保持审慎乐观的态度，耐心等待市场价值的真正回归，以实现长期稳健的投资回报。","lastUpdated":"2026-03-09T13:53:45.403Z","fund":{"_id":3000000014734,"__csrcFundId":10980,"stockCode":"014734","shortName":"广发睿合混合(014734)","masterFundShortName":"广发睿合混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14734,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:36.624Z","status":"normal","exchange":"jj","name":"广发睿合混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2022-03-24T16:00:00.000Z","followedNum":5,"setUpDate":"2022-03-24T16:00:00.000Z","setUpAssetScale":705239939.64,"setUpShares":705239939.64,"pinyin":"gfrhhhxzqtzjj","managers":[{"stockCode":"8801398534","stockType":"fund_manager","exchange":"fm","tickerId":122518150010,"name":"林英睿"},{"stockCode":"db20821664","stockType":"fund_manager","exchange":"fm","tickerId":2519211790,"name":"叶帅"}]},"announcement":{"linkText":"广发睿合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=1372713","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e97fea5b3eb0514ef2","date":"2025-06-29T16:00:00.000Z","stockId":3000000014734,"sao":"2025年上半年A股在“政策托底+产业突破+资金优化”驱动下夯实底部，结构性行情主导市场。在流动性充裕的情况下，各类市场参与者开始寻找各种盈利的可能性。以保险为代表的大体量长久期资金持续加仓低估值高股息资产，其定价核心是“股息率-无风险利率”框架，一定程度锁定了宽基大市值部分的下行风险；以公募私募为代表的基本面景气定价思路，在各类新兴产业突破的背景下，重新找回了部分行业的定价权；量化资金以及短线游资等在两融不断上升，成交量不断向上的背景下，对于短期市场情绪进行活跃交易。不同时间尺度的信息在盘面同时存在，使得任何单一估值框架都无法独占话语权——价值投资者关注股息，成长资金关注赛道期权，短线资金关注筹码结构。当不同时间维度、不同风险偏好、不同信息优势的资金能够在市场里找到各自的“定价锚”，指数就能在震荡中抬升走出慢牛。相对于过去几年里略显单调甚至一家独大的定价模型，市场的多样性在很大程度上维护着市场的韧性，价格发现的多频叠加是市场更加健康的一种表现。整体而言，2025年上半年A股的核心矛盾，是弱复苏环境下的“资产荒”（高股息底仓）与科技产业革命（成长进攻）的双轨并行，叠加全球美元体系松动带来的避险（黄金）与区域资产重估（港股、A股科技）。市场对前面确定性方向给了高溢价，对内需等含有不确定性的领域给了高折价。定价本身没有对错，它是一个预期与现实在资金流动中的结果。我们坚持的困境反转策略，在上半年处于窄幅波动状态，其相对收益处于中长周期的底部。正如我们之前的总结，专业的困境反转策略的本质是在有黑天鹅应对机制的前提下，通过承担有限损失去捕获非线性收益。虽然说困境反转策略处于困境的时候，往往是最好的投资时机。但我们提倡的并不是无畏的死扛，而是通过高频的基本面检查清单，通过系统优势让“坚持”能够转化为中长期的超额收益，而不会面临“中道崩殂”。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:45.400Z","mo":"展望下半年，随着业绩期持续到来以及更多中高频经济数据的呈现，市场可能会更加关注加力政策的出台和落地情况以及基本面的业绩验证，市场风格可能从“估值修复”转向“业绩驱动”，我们已经观察到景气策略的有效性在回归。2025 年上半年，我们的持仓结构保持相对稳定，将继续保持审慎乐观的态度，耐心等待市场价值的真正回归，以期实现长期稳健的投资回报。","fund":{"_id":3000000014734,"__csrcFundId":10980,"stockCode":"014734","shortName":"广发睿合混合(014734)","masterFundShortName":"广发睿合混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14734,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:36.624Z","status":"normal","exchange":"jj","name":"广发睿合混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2022-03-24T16:00:00.000Z","followedNum":5,"setUpDate":"2022-03-24T16:00:00.000Z","setUpAssetScale":705239939.64,"setUpShares":705239939.64,"pinyin":"gfrhhhxzqtzjj","managers":[{"stockCode":"8801398534","stockType":"fund_manager","exchange":"fm","tickerId":122518150010,"name":"林英睿"},{"stockCode":"db20821664","stockType":"fund_manager","exchange":"fm","tickerId":2519211790,"name":"叶帅"}]},"announcement":{"linkText":"广发睿合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=1342044","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e97fea5b3eb0514ef1","date":"2025-03-30T16:00:00.000Z","stockId":3000000014734,"sao":"2025年一季度，A股市场呈现出显著的结构性分化和震荡回暖特征，政策支持与流动性改善成为主要驱动因素。市场交易者在延续2024年第四季度的交易模式，对过去一两年的定价进行反思和重新评判：科技成长板块引领市场，而红利价值类别出现小幅的下跌，参与者在推动市场叙事从“宏观叙事逻辑”转向“创新逻辑”。市场的定价权仍然掌握在风险偏好较高的活跃资金手里，一方面因为流动性足够充裕，另一方面基本面的验证尚需时日，这也一定程度导致市场的结构分化以及基金的业绩分化明显扩大。展望二季度，随着业绩期到来以及更多中高频经济数据的呈现，市场可能会更加关注政策落地节奏与基本面的业绩验证，市场风格可能从“估值修复”转向“业绩驱动”。2025年一季度，我们的持仓结构保持稳定，将继续保持审慎乐观的态度，耐心等待市场价值的真正回归，以期实现长期稳健的投资回报。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:45.397Z","fund":{"_id":3000000014734,"__csrcFundId":10980,"stockCode":"014734","shortName":"广发睿合混合(014734)","masterFundShortName":"广发睿合混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14734,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:36.624Z","status":"normal","exchange":"jj","name":"广发睿合混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2022-03-24T16:00:00.000Z","followedNum":5,"setUpDate":"2022-03-24T16:00:00.000Z","setUpAssetScale":705239939.64,"setUpShares":705239939.64,"pinyin":"gfrhhhxzqtzjj","managers":[{"stockCode":"8801398534","stockType":"fund_manager","exchange":"fm","tickerId":122518150010,"name":"林英睿"},{"stockCode":"db20821664","stockType":"fund_manager","exchange":"fm","tickerId":2519211790,"name":"叶帅"}]},"announcement":{"linkText":"广发睿合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=1266231","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e97fea5b3eb0514ef0","date":"2024-12-30T16:00:00.000Z","stockId":3000000014734,"sao":"2024年大类资产定价的核心逻辑围绕“政策变化”的主题展开，市场交易主体就中国经济刺激政策和美联储货币政策的预期变化反复博弈，情绪定价在大类资产的剧烈波动中极致呈现。A股全年80%的时间处于震荡下行，在9月底政策反转后以强势上涨的动作完成对长周期下跌的终结。伴随而来的是风格和行业的极致变化，红利价值以及出海概念在连续占优大半年后，在2024年的最后两个月被成长以及内需概念反超。在2024年，我们继续保持着一贯的逆向投资框架和思路：从市场主流极致情绪中抽离出来，独立思考并寻找被市场忽视或低估的投资机会，利用市场的非理性波动实现超额收益。我们的持仓结构仍然保持稳定，仍然相信周期的规律，仍然坚持相信“耐心是一种美德”，特别是在基本面不断验证前期假设的情况下。我们将继续保持审慎乐观的态度，耐心等待市场价值的真正回归，以实现长期稳健的投资回报。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:45.394Z","mo":"2024年市场的核心矛盾在于政策的有无，而2025年A股的核心机遇或藏于市场共识的裂缝之中：如政策落地的滞后效应与市场预期的领先性的差异，产业光明前景与实际业绩呈现的差异，行业供需错配的结构性问题与宏观经济状态的周期性问题的并存等等。当大多数人紧盯预期时，真正的超额收益往往源于预期之外的反身性裂变。","fund":{"_id":3000000014734,"__csrcFundId":10980,"stockCode":"014734","shortName":"广发睿合混合(014734)","masterFundShortName":"广发睿合混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14734,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:36.624Z","status":"normal","exchange":"jj","name":"广发睿合混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2022-03-24T16:00:00.000Z","followedNum":5,"setUpDate":"2022-03-24T16:00:00.000Z","setUpAssetScale":705239939.64,"setUpShares":705239939.64,"pinyin":"gfrhhhxzqtzjj","managers":[{"stockCode":"8801398534","stockType":"fund_manager","exchange":"fm","tickerId":122518150010,"name":"林英睿"},{"stockCode":"db20821664","stockType":"fund_manager","exchange":"fm","tickerId":2519211790,"name":"叶帅"}]},"announcement":{"linkText":"广发睿合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=1252094","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e97fea5b3eb0514eef","date":"2024-06-29T16:00:00.000Z","stockId":3000000014734,"sao":"在2024上半年，A股市场经历了反弹后震荡调整的过程，整体波动率上升，不同风格指数的差异较大，其中大盘价值风格特别是红利风格表现优异。上半年整个公募资金的流入主要集中在被动指数，QDII和固收基金。本报告期内，我们的持仓结构仍然保持稳定，仍然相信周期的规律。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:45.391Z","mo":"一般而言，市场会从不同角度去评估经济的现状和未来，但这种评判往往带有中短期的基本面动量成分，然后在情绪动量的推动下走向极致。过程的长短在每个周期不太一样，但在极致的时点，人们的反应往往是一样的：一致地认为某件事情（策略，方法）是未来很长一段时间唯一正确的，其他都是错误的。我们一直认为，短期的市场表现往往充满随机性和噪音，从这些短期数据中推断出长期的投资趋势或得出稳定的投资决策是不合理的。然而长期确实是由时时刻刻构成的，当你对了三个月或者半年，跟你说长期应该这样做，你会很自然地相信；而当错了三个月或者半年，跟你说长期，大概率就成了“狡辩”。可是，之前对了三个月或者错了三个月，对于长期该怎么做并不一定有指导意义。接下来我们仍然坚持相信“耐心是一种美德”，特别是在基本面不断验证前期假设的情况下。我们将继续保持审慎乐观的态度，耐心等待市场价值的真正回归，以实现长期稳健的投资回报。","fund":{"_id":300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力度和海外通胀的粘性。对于这两点，我们倾向于认为会有较强的刺激以及通胀会有较长的持续性。不过，对于该类问题，保持跟踪显然比预判更重要。2022年市场跌宕起伏，2023年应该也不会简单，市场上总是发生着从来没发生过的事情。我们保持期待，也做好准备。","fund":{"_id":3000000014734,"__csrcFundId":10980,"stockCode":"014734","shortName":"广发睿合混合(014734)","masterFundShortName":"广发睿合混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14734,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:36.624Z","status":"normal","exchange":"jj","name":"广发睿合混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2022-03-24T16:00:00.000Z","followedNum":5,"setUpDate":"2022-03-24T16:00:00.000Z","setUpAssetScale":705239939.64,"setUpShares":705239939.64,"pinyin":"gfrhhhxzqtzjj","managers":[{"stockCode":"8801398534","stockType":"fund_manager","exchange":"fm","tickerId":122518150010,"name":"林英睿"},{"stockCode":"db20821664","stockType":"fund_manager","exchange":"fm","tickerId":2519211790,"name":"叶帅"}]},"announcement":{"linkText":"广发睿合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=864963","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e97fea5b3eb0514ee8","date":"2022-09-29T16:00:00.000Z","stockId":3000000014734,"sao":"2022年三季度，市场整体处于一个下行趋势，各类指数均有一定的跌幅。在海外货币政策收紧、地缘政治紧张以及国内经济周期底部震荡和疫情散发等多重影响下，市场情绪比较悲观。与过往一样，在周期上行的时候，我们会把成长的久期定价到永远，而在周期下行的时候，我们也会把困难的程度放大到无穷。目前市场估值处于历史底部区域，特别是以大盘价值风格为代表的资产已经具备历史级别的性价比。过去一个季度，我们不断提高股票仓位，在未来较长一段时间内都可能会维持较高仓位，因此净值波动率较之前也会有一定提升。在过去一年多的时间里，我们一直在提醒持有人注意结构性的高估值风险并降低预期收益率。在现在这个时点，我们认为，负债端没有流动性约束的投资者可以积极起来，适当提升未来两年的预期收益率。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:45.371Z","fund":{"_id":3000000014734,"__csrcFundId":10980,"stockCode":"014734","shortName":"广发睿合混合(014734)","masterFundShortName":"广发睿合混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14734,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:36.624Z","status":"normal","exchange":"jj","name":"广发睿合混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2022-03-24T16:00:00.000Z","followedNum":5,"setUpDate":"2022-03-24T16:00:00.000Z","setUpAssetScale":705239939.64,"setUpShares":705239939.64,"pinyin":"gfrhhhxzqtzjj","managers":[{"stockCode":"8801398534","stockType":"fund_manager","exchange":"fm","tickerId":122518150010,"name":"林英睿"},{"stockCode":"db20821664","stockType":"fund_manager","exchange":"fm","tickerId":2519211790,"name":"叶帅"}]},"announcement":{"linkText":"广发睿合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=805759","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e97fea5b3eb0514ee7","date":"2022-06-29T16:00:00.000Z","stockId":3000000014734,"sao":"2022年上半年是跌宕起伏的半年，市场风格在正负一两个标准差之间迅速切换，再次验证了我们之前对底层资产蕴含高波动性的判断。4月底，A股触底反弹后，景气投资从一季度的彷徨中走了出来，再次证明了自己并成为市场最受关注的“主角”。从市场表现和投资者行为来看，未来的广阔空间、当下的高频正面数据与股价动量不断交叉验证，阶段性的相关关系被解读为因果关系。对于尾部风险，一般正确的处理方式是购买“保险”（例如衍生品等），但这对公募基金而言并不适用。因此，我们在4-6月依然采取保持关注但并不参与的策略。理查德.费曼曾说过：“我能带着疑问、不确定性和无知活着。比起知道一些可能错误的答案，还是不知道答案的生活更有趣。我们有些近似的答案，对于各种问题也有些确定程度或高或低的合理信念，但我们不会绝对相信任何事情。”对于最近一段时间发生的小概率事件，实事求是地讲，我们不太理解。在投资上，对于两三个标准差之外的事件，最正确的处理方式是什么我们也不太确定，但大概率不正确的事情是在极端位置火上浇油。我们并不会因为最近一个季度发生的事情而改变之前置信度更高的一些想法和做法。报告期内，本基金仍处于建仓期，我们根据看好行业的估值变化进行有节奏地买入。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:45.368Z","mo":"这几年定期报告的观点，除了想说清楚我们的投资框架和策略，还想反复传递的观点是——匹配的重要性：“我们希望组合的资产端和负债端能更加匹配。财富管理行业发展空间巨大，在权益市场有非常多长期表现好并且相关性不高的策略，条条大路通罗马。我们会坚持当前的策略，也希望投资者能够认知和理解我们的做法，从而做出选择。”这是我们在2021年基金三季报中提到的，关于资产端和负债端的匹配。2021年四季报里对资产端的管理思路再一次做了清晰的阐述：“面临着市场的变化以及不同的约束条件，我们需要做的是不断的优化迭代，在保持策略核心的稳定性的同时，不断增加策略的适应性，不漂移也不躺平，力求给持有人更好的投资体验。”投资方法要尽量和自己的性格匹配，资产端和负债端要尽量匹配，预期收益率要和能承担的波动匹配等等。在百千万人参与的活动里，一般很难说只有一条唯一正确的路，无论是社会学还是金融学。最后，我们想提请投资者再次审视自己的风险特征，留意自己获得的收益率和承担的波动之间是否真正匹配。","fund":{"_id":3000000014734,"__csrcFundId":10980,"stockCode":"014734","shortName":"广发睿合混合(014734)","masterFundShortName":"广发睿合混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14734,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:36.624Z","status":"normal","exchange":"jj","name":"广发睿合混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2022-03-24T16:00:00.000Z","followedNum":5,"setUpDate":"2022-03-24T16:00:00.000Z","setUpAssetScale":705239939.64,"setUpShares":705239939.64,"pinyin":"gfrhhhxzqtzjj","managers":[{"stockCode":"8801398534","stockType":"fund_manager","exchange":"fm","tickerId":122518150010,"name":"林英睿"},{"stockCode":"db20821664","stockType":"fund_manager","exchange":"fm","tickerId":2519211790,"name":"叶帅"}]},"announcement":{"linkText":"广发睿合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=780012","linkType":"PDF","source":"csrc_pdf"}}]}