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年疫情初的力度，房地产政策超预期，提振了宏观预期；3）宽松落地，利好兑现，利率多进入调整和盘整期；4）支持股市的多项政策可能短期提振风险偏好。仅货币政策可能还不能逆转方向，需要多部门综合行动，政府大力呵护有效需求。　　海外方面，美国降息周期已经开启这有助于缓解内的汇率压力，对权益市场来说总量角度偏正面。 国内方面，一系列货币政策及支持资本市场有助于改善的流动性，有助于提升市场的风险偏好。同时，全市场估值已经接近历史低位目前，中长期角度来说，市场已经具备足够的安全边际，分母端的积极改善有助于支撑市场估值提升。四季度，我们可以积极的把握结构性机会，同时跟踪政策端变化带来分子新景气趋势的产生，这也是系统性大行情关键。整体上，债券市场先转入防守，权益市场逐步回升，密切关注财政政策和预期变化，以及实际落地效果。　　下一阶段我们将积极关注经济走势和政策动向，动态调整组合权益部分的行业分布和个股集中度、债券部分的久期和仓位，加强流动性管理，严格防范信用风险，进一步优化投资组合，力争为投资者获取较好的收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:48.790Z","fund":{"_id":3000000014752,"__csrcFundId":10847,"stockCode":"014752","shortName":"长信稳健增长一年持有混合A","masterFundShortName":"长信稳健增长一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14752,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:35.105Z","status":"normal","exchange":"jj","name":"长信稳健增长一年持有期混合型证券投资基金","fundCollectionId":4000050260000,"inceptionDate":"2022-03-02T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-02T16:00:00.000Z","setUpAssetScale":593796135.77,"setUpShares":593796135.77,"pinyin":"cxwjzzyncyqhhxzqtzjj","managers":[{"stockCode":"j101020091","stockType":"fund_manager","exchange":"fm","tickerId":81303251050,"name":"胡梦承"}]},"announcement":{"linkText":"长信稳健增长一年持有期混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1176671","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0ec7fea5b3eb0515239","date":"2024-06-29T16:00:00.000Z","stockId":3000000014752,"sao":"2024年上半年债市收益率总体走低，期间经历两次回调，利率曲线呈现一波行情。其中，10 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明显好转。此外，金融数据也超预期，并且结构上企业与中长期信贷恢复明显，居民信贷同比也有大幅改善。预计二季度经济将延续回升态势，工业生产、消费、地产数据仍有改善空间，内需动力将继续增强。流动性方面，预计央行将在继续做好支持实体经济工作的同时，更注重资金使用效率，货币工具调节更加合理适度。海外方面，美联储加息进程接近尾声，流动性回流压力将逐渐放缓。  4月将进入季报验证的重要窗口期，重点寻找业绩确定性高且有持续成长性方向，比如消费和医药板块，二季度低基数效应下，随着居民信心逐步恢复，带动相关需求朝着积极方向恢复。成长板块从新能源过渡到以数字经济为代表的产业投资方向，计算机领域重点信创和AI相关，半导体的算力芯片，通信领域的运营商，应用端的游戏广告均有望从中受益。另外，从中期维度上看，顺周期板块和国央企改革也是重要关注方向。转债市场在磨底过程中，高性价比转债的可选性开始增强，关注业绩较好、估值合理的相关标的。纯债方面，维持中短久期策略，力争获取稳健的票息收益。  下一阶段我们将积极关注经济走势和政策动向，动态调整组合权益部分的行业分布和个股集中度、债券部分的久期和仓位，加强流动性管理，严格防范信用风险，进一步优化投资组合，力争为投资者获取较好的收益。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:48.769Z","fund":{"_id":3000000014752,"__csrcFundId":10847,"stockCode":"014752","shortName":"长信稳健增长一年持有混合A","masterFundShortName":"长信稳健增长一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14752,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:35.105Z","status":"normal","exchange":"jj","name":"长信稳健增长一年持有期混合型证券投资基金","fundCollectionId":4000050260000,"inceptionDate":"2022-03-02T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-02T16:00:00.000Z","setUpAssetScale":593796135.77,"setUpShares":593796135.77,"pinyin":"cxwjzzyncyqhhxzqtzjj","managers":[{"stockCode":"j101020091","stockType":"fund_manager","exchange":"fm","tickerId":81303251050,"name":"胡梦承"}]},"announcement":{"linkText":"长信稳健增长一年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=884776","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0ec7fea5b3eb0515233","date":"2022-12-30T16:00:00.000Z","stockId":3000000014752,"sao":"2022年受到国内经济增速下行和海外俄乌冲突等事件影响，A股市场波动较大，各大指数均收跌，其中创业板指回调幅度大于上证综指。从板块来看，不同行业涨跌幅分化严重，煤炭板块一枝独秀，年内涨幅超过10%，大部分板块均出现不同程度的回调。值得关注的是，四季度随着国内地产和疫情防控政策的优化，市场迎来了一波猛烈的修复上涨行情，尤其以恒生科技、A50为代表的板块标的表现强势。债券市场方面，利率全年呈现震荡行情，年末快速上行，但是随着流动性恢复市场逐步企稳。  面对市场的分化和波动，本基金通过资产结构调整，积极应对行情变化。纯债维持中短久期和中高等级的持仓结构，规避了年末的市场冲击。在市场底部坚定加仓被错杀的资产，把握了后续的修复行情。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:48.766Z","mo":"展望2023年，全球经济周期或将继续错位，海外经济可能面临衰退，国内经济有望迎来低基数下的好转。地产小周期企稳，防疫政策优化促进消费向合理中枢回归，内需替代外需，消费、基建或将替代出口成为经济增长的主要推动力量。因此，2023年经济逐步复苏回暖是大概率事件，与此同时企业和居民的信心也将同步恢复，无风险利率或有上行压力，权益市场有望迎来逐级向上的行情。  经济复苏作为重要主线所包括的行业和细分领域非常丰富。我们看好三个方向：（1）和宏观经济有强相关性而且估值很低的公司，大多是在港股，尤其互联网公司面临的是政策环境改善，宏观经济和业绩改善，也就是估值和利润的双击。（2）目前市场预期不高的地产链条，后续政策的推进和终端数据随着疫情政策调整有超预期的可能性。其中建材，家居等细分领域估值便宜，行业还有供给侧出清的逻辑。（3）成长股也有和宏观经济关联度比较高的公司。消费电子受到产品周期下行，全球经济下行需求不好影响；计算机板块则是经济下行周期里企业缩减IT支出。一旦经济复苏，这些负面因素都会得到修正。  我们将继续秉承谨慎原则，密切关注经济走势和政策动向，寻找权益资产的增强机会。坚持对信用风险的严格把控，加强组合的流动性管理，紧跟组合规模变动进行资产配置，争取在保证流动安全的前提下，为投资者获取更好的收益。","fund":{"_id":3000000014752,"__csrcFundId":10847,"stockCode":"014752","shortName":"长信稳健增长一年持有混合A","masterFundShortName":"长信稳健增长一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14752,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:35.105Z","status":"normal","exchange":"jj","name":"长信稳健增长一年持有期混合型证券投资基金","fundCollectionId":4000050260000,"inceptionDate":"2022-03-02T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-02T16:00:00.000Z","setUpAssetScale":593796135.77,"setUpShares":593796135.77,"pinyin":"cxwjzzyncyqhhxzqtzjj","managers":[{"stockCode":"j101020091","stockType":"fund_manager","exchange":"fm","tickerId":81303251050,"name":"胡梦承"}]},"announcement":{"linkText":"长信稳健增长一年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=871679","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0ec7fea5b3eb0515232","date":"2022-09-29T16:00:00.000Z","stockId":3000000014752,"sao":"三季度，股票市场呈现震荡分化的行情格局，其中以上证50为代表的大盘指数最先调整，期间的中小盘股保持相对强势，市场存在结构性赚钱效应，但是8月下旬以后前期强势的板块也出现了回调，使得整体市场风险偏好降低。三季度，债券市场的收益率整体下行，一方面是因为经济增速下行压力增大，另一方面资金面始终保持宽松，政策利率再度下调。经济复苏与“宽货币”成为债市交易的主题，大量配置需求进一步加强了流动性宽松，多重因素使得利率中枢螺旋式下降。  面对市场的分化和波动，我们通过资产结构调整，努力控制组合的回撤。具体操作上逐步降低权益仓位，包括股票和可转债。结构上更加均衡，无论是行业配置还是大小盘风格方面，同时也加大了对业绩确定性和估值合理性的要求。纯债方面，维持中短久期和中高等级的持仓结构，以获取确定性票息。  展望四季度，我们对国内经济和企业盈利的恢复充满信心，并且对市场的企稳回升保持乐观。目前市场底部特征比较明确，一是市场估值已经回到历次历史大底时的估值区间，二是市场情绪、投资者仓位和交易热度均已降至历史中低位。前期由于出口延续相对强势，基建等支撑经济政策落地显得不那么急迫，随着时间的推进，政策落地效果必将逐步提升。因此，站在中长期的视角，目前市场的底部位置非常扎实，未来市场大概率将伴随着国内新一轮经济周期的开启而重新步入上行趋势中。  行业配置方面重点关注，（1）中长期产业逻辑没有变化的景气赛道，例如新能源车、风电光伏等，业绩的绝对增速并不低，而股价经过调整后相较于其他板块估值性价比更高；（2）消费，白酒、化妆品/消费医疗等，其中的龙头公司有望展现业绩的韧性；（3）三季度环比向上或有催化行业，如储能、火电、军工板块、VR相关、建材家居等。转债市场经过近一个多月的调整，整体赔率改善。后续伴随正股市场企稳反弹，以及流动性稳定的情况下，对短期业绩较优、行业景气持续且估值合适的转债标的提升关注。债券市场的资金面有望延续宽松，杠杆套息策略仍然占优。  下一阶段我们将积极关注经济走势和政策动向，动态调整组合权益部分的行业分布和个股集中度、债券部分的久期和仓位，加强流动性管理，严格防范信用风险，进一步优化投资组合，力争为投资者获取较好的收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:48.762Z","fund":{"_id":3000000014752,"__csrcFundId":10847,"stockCode":"014752","shortName":"长信稳健增长一年持有混合A","masterFundShortName":"长信稳健增长一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14752,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:35.105Z","status":"normal","exchange":"jj","name":"长信稳健增长一年持有期混合型证券投资基金","fundCollectionId":4000050260000,"inceptio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下半年市场驱动力更多转向经济基本面的实际改善，在经济复苏的过程中，流动性影响在边际减弱，而对盈利修复进入验证期。关注的方向中，光伏、新能源车、军工依然是景气较好的行业。其它板块也有边际向好，例如经济复苏，需求修复的疫后出行餐饮等，以及上涨供给约束下的能源石化、生猪养殖等。转债市场估值目前又回到历史较高水平，市场存在结构性机会，包括高景气赛道的趋势延续和底部反转且安全边际较高的方向。债券市场随着宽货币逐步向信用传导，可能呈现震荡走趋，因此配置维持中短久期高等级的安全品种。  我们将继续秉承谨慎原则，加强组合的流动性管理，在做好风险控制的同时，增加对新经济环境下信用风险的审慎判断，积极寻找权益资产的增强机会。密切关注经济走势和政策动向，紧跟组合规模变动进行资产配置，争取在流动安全前提下，为投资者获取更好的收益。","fund":{"_id":3000000014752,"__csrcFundId":10847,"stockCode":"014752","shortName":"长信稳健增长一年持有混合A","masterFundShortName":"长信稳健增长一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14752,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:35.105Z","status":"normal","exchange":"jj","name":"长信稳健增长一年持有期混合型证券投资基金","fundCollectionId":4000050260000,"inceptionDate":"2022-03-02T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-02T16:00:00.000Z","setUpAssetScale":593796135.77,"setUpShares":593796135.77,"pinyin":"cxwjzzyncyqhhxzqtzjj","managers":[{"stockCode":"j101020091","stockType":"fund_manager","exchange":"fm","tickerId":81303251050,"name":"胡梦承"}]},"announcement":{"linkText":"长信稳健增长一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=786605","linkType":"PDF","source":"csrc_pdf"}}]}