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调，让市场聚焦于未来的增量政策和改革举措。随着9月下旬以来的剧烈波动，今年各行业的涨跌表现也发生很大变化。报告期内，主要宽基指数录得10%甚至20%以上涨幅。所有行业均上涨，券商、房地产、社会服务、计算机涨幅靠前，前期防守特征的煤炭、石油石化、公用事业、银行等涨幅靠后。国债收益率延续下降趋势，中证全债指数上涨1.24%，利率债高位波动。　　报告期内，基金保持稳健的投资策略。从大类资产配置看，各类资产较前期变化不大。从权益投资角度看，红利品种是基金的主要配置方向，如煤炭、公用事业、石油石化以及交通运输。政策着力于扩大有效需求，龙头消费公司处于历史估值低位，基金提升了食品饮料的权重。先进制造业也是基金关注方向，基金从景气度的角度出发选择了消费电子进行配置。基金从票息和稳健性角度出发，配置了高评级、中短久期的信用债，并少量配置了转债。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:28.407Z","fund":{"_id":3000000015012,"__csrcFundId":10877,"stockCode":"015012","shortName":"浦银安盛安弘回报一年持有混合(015012)","masterFundShortName":"浦银安盛安弘回报一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15012,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:06.634Z","status":"normal","exchange":"jj","name":"浦银安盛安弘回报一年持有期混合型证券投资基金","fundCollectionId":4000050590000,"inceptionDate":"2022-03-01T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-01T16:00:00.000Z","setUpAssetScale":152984811.44,"setUpShares":152984811.44,"pinyin":"pyasahhbyncyqhhxzqtzjj","managers":[{"stockCode":"db20277724","stockType":"fund_manager","exchange":"fm","tickerId":262508141270,"name":"褚艳辉"},{"stockCode":"db20791449","stockType":"fund_manager","exchange":"fm","tickerId":2614212760,"name":"赵楠"}]},"announcement":{"linkText":"浦银安盛安弘回报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=1180255","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1147fea5b3eb0517aec","date":"2024-06-29T16:00:00.000Z","stockId":3000000015012,"sao":"上半年，国内经济同比增长5%，增速预计在世界主要经济体中保持领先，总体看，经济运行总体平稳、稳中有进，延续回升向好态势。经济领域运行出现分化：制造业在3、4月回升至荣枯线以上，5、6月又有走弱的迹象，工业增加值和工业企业利润增速有所回落；社会消费品零售增速放缓，CPI转正，PPI的降幅收窄；出口延续较好的趋势，对经济形成有力支撑。海外来看，美国经济运行在周期高位，CPI处于较高水平，美元指数相对强势，欧央行开始降息，新兴经济体增长动能较好。受地缘政治避险情绪等影响，黄金价格表现强势。　　报告期内，市场宽幅震荡，板块表现分化较大。市场风险偏好较低，红利资产、大盘价值类板块表现较好，阶段性存在主题性投资机会，但缺乏持续性。报告期内沪深300指数上涨0.89%，创业板指下跌10.99%。板块方面，银行、煤炭涨幅较大，消费者服务、计算机等表现较差。国债收益率延续下降趋势，中证全债指数上涨4.31%。　　报告期内，基金的投资目标和投资策略保持不变。基金的行业配置维持稳健，配置了煤炭、有色金属、公用事业、石油石化等资产，一定程度上切合了市场风格。基金保持了食品饮料、高端制造的基本配置。基金关注电力设备、通信、电子等的投资机会，但因为行业轮动较快，整体表现不佳。基金从票息和稳健性角度出发，配置了高评级、中短久期的信用债，适度参与了转债投资，有一定的正贡献。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:28.404Z","mo":"展望未来，全年GDP增长的目标在5%左右。二十届三中全会顺利召开，强调进一步全面深化改革，推进中国式现代化。近期货币政策和产业政策持续出台，对于稳定内需具有重要意义。　　当前权益市场整体估值处于较低水平，在大类资产对比中具有较好性价比。海外来看，美国经济数据已经有转弱的迹象，美联储年内降息成为大概率事件，全球流动性的宽松也会对A股和港股市场有积极影响，我们对权益市场未来保持乐观。方向上相对看好盈利稳健、分红确定的个股，可以对冲全球地缘政治风险的黄金股，部分受益于全球科技浪潮的成长股。近期国内刺激政策出台较多，适当参与受益于内需政策、估值较低的消费医药等板块。我们将保持耐心，积极应对，力求给投资人带来稳健回报。","fund":{"_id":3000000015012,"__csrcFundId":10877,"stockCode":"015012","shortName":"浦银安盛安弘回报一年持有混合(015012)","masterFundShortName":"浦银安盛安弘回报一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15012,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:06.634Z","status":"normal","exchange":"jj","name":"浦银安盛安弘回报一年持有期混合型证券投资基金","fundCollectionId":4000050590000,"inceptionDate":"2022-03-01T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-01T16:00:00.000Z","setUpAssetScale":152984811.44,"setUpShares":152984811.44,"pinyin":"pyasahhbyncyqhhxzqtzjj","managers":[{"stockCode":"db20277724","stockType":"fund_manager","exchange":"fm","tickerId":262508141270,"name":"褚艳辉"},{"stockCode":"db20791449","stockType":"fund_manager","exchange":"fm","tickerId":2614212760,"name":"赵楠"}]},"announcement":{"linkText":"浦银安盛安弘回报一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=1152682","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1147fea5b3eb0517aeb","date":"2024-03-30T16:00:00.000Z","stockId":3000000015012,"sao":"一季度，国内经济延续复苏态势。制造业PMI重返扩张区间，达到50.8，这为GDP同比稳健增长奠定基础。分结构看，出口、企业固定资产投资、结构性的消费需求成为拉动经济的重点抓手。海外经济态势呈现区域性的不均衡，增长亮点在新兴经济体。美国CPI处于较高水平，支撑美元指数，经济有一定韧性，降息预期一再延后。多重因素推动资源品价格上行、黄金、石油均有表现。　　报告期内，沪深300指数上涨3.10%，创业板指下跌3.87%，中证全债指数上涨2.34%。市场整体风格偏向大盘价值、红利低波，如银行、石油石化、煤炭、家电等涨幅靠前。整体看，行业涨少跌多，主题性机会往往短暂。市场逐步消化1月流动性层面的影响。　　报告期内，基金以绝对收益作为投资目标，坚持稳健的投资策略，力争好的风险收益比。从大类资产配置角度看，基金采取了中性或略降的权益仓位，尽量减少权益市场的波动对于净值的影响。基金从高股息与红利角度，配置了煤炭、有色金属、公用事业、石油石化等资产，维持了食品饮料、电力设备等的基本配置，少量配置了高端制造、电子等。基金未参与快速轮动的主题投资，也未博弈地产链的相关变化，继续等待基本面的改善。基金从票息的角度出发配置固收资产，使组合的收益率更加扎实，基金的关注点在于高评级的信用债。基金择机关注了转债的投资机会，对组合亦有一定正贡献。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:28.401Z","fund":{"_id":3000000015012,"__csrcFundId":10877,"stockCode":"015012","shortName":"浦银安盛安弘回报一年持有混合(015012)","masterFundShortName":"浦银安盛安弘回报一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15012,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:06.634Z","status":"normal","exchange":"jj","name":"浦银安盛安弘回报一年持有期混合型证券投资基金","fundCollectionId":4000050590000,"inceptionDate":"2022-03-01T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-01T16:00:00.000Z","setUpAssetScale":152984811.44,"setUpShares":152984811.44,"pinyin":"pyasahhbyncyqhhxzqtzjj","managers":[{"stockCode":"db20277724","stockType":"fund_mana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“需求收缩、供给冲击、预期转弱”的三重压力，多地点状出现的疫情打乱了经济正常运行的节奏。为实现稳增长的目标，财政政策与货币政策发力，推出稳经济一揽子政策措施，部署稳住经济大盘工作，政策效应较快显现。4月主要经济指标深度下跌，5月降幅收窄，6月企稳回升，最终实现上半年GDP同比增长2.5%。分结构看，消费增速下降，基建投资和制造业投资的增长对冲房地产投资的下滑，进出口保持较高增长。当前看，地产销售底部企稳，社会融资规模逐渐放量且结构改善，稳增长政策进入集中发力期，专项债密集发行使得基建投资成为稳增长的抓手。全球宏观形势复杂，多个重大事件交织。俄乌冲突、欧美经济滞涨以及由此衍生的能源危机、通胀治理等问题，从多个角度波及至国内。总体而言，中国顶住全球向下的压力，稳经济的成效来之不易。  报告期内，多种负面因素在资本市场集中反映，A股走势波折反复，从震荡下跌到快速下跌，再到触底反弹后重新震荡整理。报告期内沪深300指数下跌9.22%，创业板指下跌15.41%。板块方面，受益于能源紧缺和市场对疫后复苏行业竞争格局改善的预期，煤炭板块有正收益，其余板块均下跌，电子、计算机、传媒等板块跌幅靠前。新能源产业链多个子行业弹性明显，在下跌后最先反弹，各种新技术带来主题性投资机会。对经济复苏和政策宽信用的预期波动导致国债收益率整体呈现震荡走势，中证全债指数上涨1.9%。  报告期内，基金处于建仓期。本着稳健的投资策略，基金总体投资偏谨慎，权益仓位缓步提升。尽管从大类资产配置角度看，权益资产是具备中长期投资价值的，但短期的剧烈波动却对基金净值带来损失。基金关注行业景气度与市场预期的边际变化，基金配置了光伏、锂资源、电池环节。部分产品受供需变化带来价格上涨具备投资机会。此外，汽车产业链、消费品及疫后复苏都是在当前背景下的亮点。对于债券投资，我们坚持投资高评级债券以规避信用风险可能带来的波动，延续中短久期中低杠杆的策略。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:28.382Z","mo":"展望下半年，我们主要观察国内本轮经济复苏的持续性。宏观层面看，在政策发力与流动性宽松的背景下，疫情防控科学及常态化，经济有望走出前期低谷。微观层面看，国企、民企、外企等市场主体的信心有望修复，各种政策红利远未释放，部分需求只是被延缓而不是消失。因此，尽管国内疫情影响还没有完全消除，经济持续恢复基础不稳固，但对于国内经济不宜悲观。我们需要关注外部环境的不稳定不确定、世界经济滞胀风险上升等因素及其对国内的传导。  上半年，证券市场经历了高波动阶段，下半年有望缓解。如果全球市场对于欧美等主要经济体信心不足的时候，那么流动性收紧的节奏将弱于上半年。横向对比，中国具备较好的投资机会和性价比，对于海外资金具备较强的吸引力。  从行业比较上，需要考虑经济所处阶段和行业景气度的变化。汽车及零部件、新兴消费、生物医药具备较好的竞争优势。双碳背景下，新能源汽车与光伏有着较高的景气度，产业链带动力强。高端装备、半导体、国防军工等自主可控的市场空间大。疫后复苏，新兴消费、出行方式带来的变化将是长期的。从稳健投资的角度出发，关注投资标的的估值水平，寻找更具性价比的标的。","fund":{"_id":3000000015012,"__csrcFundId":10877,"stockCode":"015012","shortName":"浦银安盛安弘回报一年持有混合(015012)","masterFundShortName":"浦银安盛安弘回报一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15012,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:06.634Z","status":"normal","exchange":"jj","name":"浦银安盛安弘回报一年持有期混合型证券投资基金","fundCollectionId":4000050590000,"inceptionDate":"2022-03-01T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-01T16:00:00.000Z","setUpAssetScale":152984811.44,"setUpShares":152984811.44,"pinyin":"pyasahhbyncyqhhxzqtzjj","managers":[{"stockCode":"db20277724","stockType":"fund_manager","exchange":"fm","tickerId":262508141270,"name":"褚艳辉"},{"stockCode":"db20791449","stockType":"fund_manager","exchange":"fm","tickerId":2614212760,"name":"赵楠"}]},"announcement":{"linkText":"浦银安盛安弘回报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=788683","linkType":"PDF","source":"csrc_pdf"}}]}