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和30年期国债收益率向下突破了关键点位2.4%和2.5%。权益市场一季度经历了较大波动，二季度逐步趋于平稳。内部的结构上，具有业绩向好和红利属性的行业表现较好。　　面对市场的分化和波动，我们通过资产结构调整，努力实现组合回报。具体操作上，纯债维持中性久期和中高等级的持仓结构。权益部分，年初通过仓位控制避免了回撤，春节期间看到明确利好后加大配置力度，并于6月再次降低仓位兑现盈利。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:05.471Z","mo":"展望下半年，三中全会提出坚定不移完成全年社会经济发展目标，全年仍然有望实现目标增速。美国通胀数据将决定美联储是否在9月降息。在政策不明确之前，美债利率仍维持高位。因此，现阶段各类资产大概率呈现盘整态势，如若美联储启动降息，美债利率下行，商品、股票等资产有望迎来上涨。　　“国九条”对A股市场具有里程碑意义，使得“股东回报”这一主线清晰。流动性方面，保险资金将是年内主要增量资金来源，其余资金更多是波段操作。增量资金决定市场风格，未来一段时间市场风格大概率受此资金结构影响较大。纯债方面，维持中性久期策略，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。","fund":{"_id":3000000014850,"__csrcFundId":11191,"stockCode":"014850","shortName":"长信稳健成长混合A","masterFundShortName":"长信稳健成长混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14850,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:35.303Z","status":"normal","exchange":"jj","name":"长信稳健成长混合型证券投资基金","inceptionDate":"2022-06-01T16:00:00.000Z","fundCollectionId":4000050260000,"followedNum":0,"setUpDate":"2022-06-01T16:00:00.000Z","setUpAssetScale":171503324.54,"setUpShares":171503324.54,"pinyin":"cxwjczhhxzqtzjj","managers":[{"stockCode":"j101020091","stockType":"fund_manager","exchange":"fm","tickerId":81303251050,"name":"胡梦承"}]},"announcement":{"linkText":"长信稳健成长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=1148639","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0fd7fea5b3eb05163ba","date":"2024-03-30T16:00:00.000Z","stockId":3000000014850,"sao":"年初以来，由于各机构配置积极性较高，且高息资产供需格局变化持续，使得无风险利率大幅下行，信用债收益率也进一步打开下行空间，信用利差被动略微走阔，大多信用债收益率创下2015年以来新低。权益市场经过1月份的调整后，市场于春节前开启大幅反弹，指数回升到3000点，市场成交额也站上万亿水平，3月后逐步进入结构性行情。　　面对市场的分化和波动，我们通过资产结构调整，努力实现组合回报。具体操作上，纯债维持中等久期和中高等级的持仓结构。权益部分，前期通过较低仓位规避年初大幅回撤，待市场企稳后逐步加大配置仓位，力争获得市场修复的投资收益。　　两会后，国内经济进入发力期，消费以旧换新和设备更新行动、发展新质生产力等增长抓手将进一步对经济形成支持。叠加出口等积极的拉动因素，最新的PMI也有回升态势。因此，在国内外一系列有力的措施之下，市场对于经济下行风险的担忧会有所缓解。国外方面，美国经济数据强劲、通胀略超预期，美元降息节点可能晚于预期。　　对于债券市场而言，目前利率下行至历史低位，在资金面、消息面和机构行为等因素的相互影响下，未来或以低位震荡行情为主。配置久期资产时，保持积极灵活，兼顾高流动性和信用评级。相对看好优质区域城投、央国企产业债，以及各品种金融债。　　对于权益市场而言，新政侧重打造公平的交易环境、增强企业对股东的回报，这些都将显著改善市场当前的供需矛盾，驱动A股走向成熟化。投资者对企业内在价值的关注将显著增加，并减少景气趋势的过度外推。此前由于多重因素被过度定价的阶段已经过去，市场步入分化震荡和基本面驱动和观察期。后续关注领域包括，成长板块主要围绕有业绩支撑的方向，如AI驱动的算力、出海的电力、机械等。还有前期回调但业绩较为稳健的部分顺周期相关子板块，如造船、上游资源品等。以及可能位于出清阶段末期的部分板块，如猪周期、化工品等。　　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":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:05.468Z","fund":{"_id":3000000014850,"__csrcFundId":11191,"stockCode":"014850","shortName":"长信稳健成长混合A","masterFundShortName":"长信稳健成长混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14850,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:35.303Z","status":"normal","exchange":"jj","name":"长信稳健成长混合型证券投资基金","inceptionDate":"2022-06-01T16:00:00.000Z","fundCollectionId":4000050260000,"followedNum":0,"setUpDate":"2022-06-01T16:00:00.000Z","setUpAssetScale":171503324.54,"setUpShares":171503324.54,"pinyin":"cxwjczhhxzqtzjj","managers":[{"stockCode":"j101020091","stockType":"fund_manager","exchange":"fm","tickerId":81303251050,"name":"胡梦承"}]},"announcement":{"linkText":"长信稳健成长混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1073607","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0fd7fea5b3eb05163b9","date":"2023-12-30T16:00:00.000Z","stockId":3000000014850,"sao":"2023年A股三大指数在12月下旬调整后迎来年末反弹。截至12月29日收盘，沪指回升收报2974.93点，全年收益率为-3.7%；深成指站上9500点，报9524.69点，全年收益率为-13.54%；创业板指全年收益率为-19.41%，报1891.37点。分行业看，电信服务、信息技术、公用事业、能源等板块受ChatGPT、“中特估”等因素推动，上半年表现强势；大金融在年中出现数轮涨势；消费板块在五一前后短暂上扬，整体在外需收缩及内需不足的环境下波动走低；医疗保健板块在后疫情时代持续下行；汽车产业链因终端市场价格战激烈，表现欠佳；房地产行业震荡下行。债券市场方面，利率全年呈现一路下行，各期限利差和信用等级利差均大幅收敛。　　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。纯债维持中等久期和中高等级的持仓结构。权益类资产在市场磨底过程中，寻找具有性价比的板块，捕捉超预期改善带来的投资机会。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:05.465Z","mo":"展望2024年，当前全球无风险利率下行，同时中央经济工作会议也提出防范风险，尤其是房地产、地方债务和中小金融机构等风险，并强调“积极稳妥化解房地产风险”，因此在一系列有力的措施之下，市场担忧会明显缓解，并且也会提升估值。我们将密切跟踪，经济实际运行情况，寻找与市场预期之间可能存在的预期差。　　随着经济数据和企业盈利情况环比持续改善，对应到风格和行业配置层面，此前偏向防御价值的风格将会更加均衡，权重和成长板块有望迎来反弹。具体来看，智能化大趋势下的泛科技链，出口链和政府开支链有望成为行业布局的重要线索。持续关注AI科技创新和出口改善叠加电子、汽车及零部件；政府开支增加和三大工程启动带来的计算机、工业金属、建材、家电等领域的投资机会。债券仍然以票息策略为主，同时关注利率调整后的性价比和金融机构资本债的投资机会。转债市场的高性价比转债标的可选性增强，在结构上可通过精选个券做出积极调整。　　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":3000000014850,"__csrcFundId":11191,"stockCode":"014850","shortName":"长信稳健成长混合A","masterFundShortName":"长信稳健成长混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14850,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:35.303Z","status":"normal","exchange":"jj","name":"长信稳健成长混合型证券投资基金","inceptionDate":"2022-06-01T16:00:00.000Z","fundCollectionId":4000050260000,"followedNu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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":"2026-03-09T13:54:05.457Z","fund":{"_id":3000000014850,"__csrcFundId":11191,"stockCode":"014850","shortName":"长信稳健成长混合A","masterFundShortName":"长信稳健成长混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14850,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:35.303Z","status":"normal","exchange":"jj","name":"长信稳健成长混合型证券投资基金","inceptionDate":"2022-06-01T16:00:00.000Z","fundCollectionId":4000050260000,"followedNum":0,"setUpDate":"2022-06-01T16:00:00.000Z","setUpAssetScale":171503324.54,"setUpShares":171503324.54,"pinyin":"cxwjczhhxzqtzjj","managers":[{"stockCode":"j101020091","stockType":"fund_manager","exchange":"fm","tickerId":81303251050,"name":"胡梦承"}]},"announcement":{"linkText":"长信稳健成长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=884777","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0fd7fea5b3eb05163b5","date":"2022-12-30T16:00:00.000Z","stockId":3000000014850,"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":"2026-03-09T13:54:05.454Z","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":3000000014850,"__csrcFundId":11191,"stockCode":"014850","shortName":"长信稳健成长混合A","masterFundShortName":"长信稳健成长混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14850,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:35.303Z","status":"normal","exchange":"jj","name":"长信稳健成长混合型证券投资基金","inceptionDate":"2022-06-01T16:00:00.000Z","fundCollectionId":4000050260000,"followedNum":0,"setUpDate":"2022-06-01T16:00:00.000Z","setUpAssetScale":171503324.54,"setUpShares":171503324.54,"pinyin":"cxwjczhhxzqtzjj","managers":[{"stockCode":"j101020091","stockType":"fund_manager","exchange":"fm","tickerId":81303251050,"name":"胡梦承"}]},"announcement":{"linkText":"长信稳健成长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=871680","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0fd7fea5b3eb05163b4","date":"2022-09-29T16:00:00.000Z","stockId":3000000014850,"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":"2026-03-09T13:54:05.451Z","fund":{"_id":3000000014850,"__csrcFundId":11191,"stockCode":"014850","shortName":"长信稳健成长混合A","masterFundShortName":"长信稳健成长混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14850,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:35.303Z","status":"normal","exchange":"jj","name":"长信稳健成长混合型证券投资基金","inceptionDate":"2022-06-01T16:00:00.000Z","fundCollectionId":4000050260000,"followedNum":0,"setUpDat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