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　　1）中国在2026年的物价指数回升幅度或将比之前预期快，名义GDP或将会有所反弹。　　2）中东地缘冲突对我国经济的影响，会远小于其他部分国家。核心原因在于我国具备三大优势：一是煤炭储量全球第一，二是制造业产业链完备度全球领先，三是新能源规模全球第一，且多年来坚持能源安全战略。　　3）判断2026年的市场，我们觉得还是值得期待，2024年9月以来市场估值水平经历的较大修复，今年的指数收益率和企业盈利增速相匹配或会更加合理。","lastUpdated":"2026-04-22T15:46:34.727Z","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势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=1477554","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ca7cdd7ecbd37c10afc06e","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000519994,"sao":"整体看，2025年A股市场呈现整体上涨的走势，期间上证指数上涨18.41%，沪深300指数上涨17.66%，中小板指数上涨29.48%，创业板指数上涨49.57%，创业板中小板好于上证指数的表现。2025年本基金股票持仓比例保持中高仓位。","lastUpdated":"2026-03-30T13:38:37.953Z","mo":"1）中国经济在2026年的物价或会温和回升，名义GDP或将会有所反弹。　　2）商业化前景将是AI叙事的重要考验，但AI无疑还是投资上重要和不容忽视的主题，AI产业链的结构很可能走向分化，2026年AI主线可能会大波动和大分化。　　3）判断2026年的市场，我们觉得还是值得期待。2024年9月以来市场估值水平经历了较大修复，今年的指数收益率和企业盈利增速相匹配或会更加合理。","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势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=1451590","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb056534e","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000519994,"sao":"整体看，2025年三季度A股市场呈现上涨的走势，期间上证指数上涨12.73%，沪深300指数上涨17.9%，中小板指数上涨28.37%，创业板指数上涨50.4%，上证指数弱于中小板创业板的表现。2025年三季度本基金股票持仓比例保持中高仓位。 　　我们预期，在2025年四季度，一方面货币财政政策会保持平稳和底线思维，2026年是十五五规划第一年，大家对2026年会开始憧憬。另一方面，市场将进一步强化自主可控、科技强国。从市场风格来看，A股可能逐步开始交易十五五规划等预期。红利也可能会作为稳健的市场品种受到一些长期资金的关注。接下来我们会优选有中长期逻辑，估值合理，业绩靠谱度高的标的。","lastUpdated":"2026-03-09T14:15:23.593Z","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势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=1378749","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb056534d","date":"2025-06-29T16:00:00.000Z","stockId":3000000519994,"sao":"整体看，2025年上半年A股市场呈现先回调后上涨的走势，期间上证指数上涨2.76%，沪深300指数上涨0.03%，中小板指数上涨2.29%，创业板指数上涨0.53%，上证指数好于中小板创业板的表现。2025年上半年本基金股票持仓比例保持中等到中高仓位。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.585Z","mo":"我们预期，在2025年下半年，一方面货币财政政策会保持平稳和底线思维，可能会适度加力，另一方面将进一步强化科技立国、自主可控。回到市场，从市场风格来看，A股可能逐步开始交易科技立国、自主可控、反内卷、提振消费等预期。红利也可能会作为稳健的市场品种受到一些长期资金的关注。接下来我们会优选有中长期逻辑，估值合理，业绩靠谱度高的标的。","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势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=1344163","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb056534c","date":"2025-03-30T16:00:00.000Z","stockId":3000000519994,"sao":"整体看，2025年一季度A股市场呈现震荡的走势，期间上证指数收益率为-0.48%，沪深300指数收益率为-1.21%，中小板指数上涨2.95%，创业板指数收益率为-1.77%，中小板创业板的表现好于上证指数。2025年一季度本基金股票持仓比例保持中等到中高仓位。 　　我们预期，在2025年二季度，一方面会增加逆周期调节力度，另一方面将进一步强化自主可控、科技立国。回到市场，从市场风格来看，A股可能逐步开始交易扩大内需、科技立国自主可控等预期。红利也可能会成为稳健的市场品种。接下来我们会优选有中长期逻辑，估值合理，业绩靠谱度高的标的。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.581Z","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势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=1274158","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb056534b","date":"2024-12-30T16:00:00.000Z","stockId":3000000519994,"sao":"整体看，2024年A股市场呈现先调整后涨的走势，期间上证指数上涨12.67%，沪深300指数上涨14.68%，中小板指数上涨6.01%，创业板指数上涨13.23%。2024年本基金股票持仓比例保持中等到中高仓位。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.578Z","mo":"2025年股票市场或是流动性驱动为主的市场，缘于：　　1）从外部环境来看，美联储将已转入降息周期，会打开我们的货币政策空间。　　2）更加积极的财政政策和适度宽松的货币政策是过去十年来的较大一次政策基调变化，其中货币政策的宽松弹性更大，但货币资金真正到实体经济中需要时间，决定了2025年是流动性驱动为主的市场。　　3）判断2025年的市场，市场非常活跃，大成长板块中景气行业或会变多，资金会在里面不断的参与。顺周期板块或有阶段性机会。　　我们对市场的中期表现保持偏乐观态度，接下来我们会优选有中长期逻辑，估值合理，业绩靠谱度高的标的。　　。","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势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=1248356","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb056534a","date":"2024-09-29T16:00:00.000Z","stockId":3000000519994,"sao":"整体看，2024年3季度A股市场呈现先调整后涨的走势，期间上证指数上涨12.44%，沪深300指数上涨16.07%，中小板指数上涨14.86%，创业板指数上涨29.21%，创业板的涨幅高于沪深300。2024年三季度本基金股票持仓比例保持中等到中高仓位。 　　展望2024年四季度，我们认为股票市场有一定的结构性机会，缘于：　　1）从外部环境来看，美联储大幅度降息已经开始，打开了我们的货币政策空间，货币政策进一步放松。　　2）提出了加大财政货币政策逆周期调节力度，政策发力可以持续期待。　　3）我们认为在经济预期的拐点发生之前，景气成长风格或占优。随着经济预期的提升，与经济关联度高的板块也会有一定弹性。　　我们对市场的中期表现保持偏乐观态度，接下来我们会优选有中长期逻辑，估值合理，业绩靠谱度高的标的。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.575Z","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势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=1176584","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb0565349","date":"2024-06-29T16:00:00.000Z","stockId":3000000519994,"sao":"整体看，2024年半年度A股市场呈现分化的走势，期间上证指数收益率为-0.25%，沪深300指数上涨0.89%，中小板指数收益率为-5.86%，创业板指数收益率为-10.99%。2024年半年度本基金股票持仓比例保持中等仓位。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.572Z","mo":"展望2024年下半年，我们认为股票市场或有一定的结构性机会，缘于：　　1）从外部环境来看，美联储下半年大概率会有降息的动作，可能会打开我们的货币政策空间。　　2）可以期待政策发力。　　3）我们认为在经济预期的拐点发生之前，景气成长风格或占优，红利也会是市场重点关注的方向。在经济的预期提升之后，与经济关联度高的板块将会有一定反弹。　　我们对市场的中期表现保持偏乐观态度。今年我们会优选有中长期逻辑，估值合理，业绩靠谱度高的标的。","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势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=1148531","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb0565348","date":"2024-03-30T16:00:00.000Z","stockId":3000000519994,"sao":"整体看，2024年1季度A股市场呈现先调整后上涨的走势，期间上证指数上涨2.23%，沪深300指数上涨3.1%，中小板指数收益率为-3.78%，创业板指数收益率为-3.87%。2024年一季度本基金股票持仓比例保持较高仓位。 　　展望2024年二季度，我们认为股票市场或有一定的结构性机会，缘于：　　1）从外部环境来看，美联储会逐步进入降息周期，可能会打开我们的货币政策空间。　　2）可以期待政策发力。　　3）从全年维度来看，我们认为在经济预期的拐点发生之前，成长风格或占优。对经济的预期提升之后，与经济关联度高的价值风格可能会有一定弹性。过去几年表现较好的红利风格，高股息率持续性强的标的可能仍然会有机会。　　我们对市场的中期表现保持偏乐观态度。今年我们会优选有中长期逻辑，估值合理，业绩靠谱度较高的标的。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.558Z","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势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=1073532","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb0565347","date":"2023-12-30T16:00:00.000Z","stockId":3000000519994,"sao":"整体看，2023年A股市场呈现调整的走势，期间上证指数收益率为-3.7%，沪深300指数收益率为-11.38%，中小板指数收益率为-17.98%，创业板指数收益率为-19.41%。2023年本基金股票持仓比例保持较高仓位。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.554Z","mo":"展望2024年，我们认为：　　1）从外部环境来看，美联储将从加息周期逐步转入降息周期，会打开我们的货币政策空间。　　2）可以期待财政发力。　　3）全年维度来看，我们认为在经济预期的拐点发生之前，成长风格或占优。对经济的预期提升之后，与经济关联度高的价值风格将可能会有一定弹性，会迎来业绩预期和估值的双重修复。过去几年表现较好的红利风格，高股息率持续性强的标的可能仍然会有机会。　　我们对市场的中期表现保持偏乐观态度。今年我们会优选有中长期逻辑，估值合理，业绩靠谱度高的标的。","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1056204","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb0565346","date":"2023-09-29T16:00:00.000Z","stockId":3000000519994,"sao":"整体看，2023年三季度A股市场呈现下跌的走势，期间上证指数下跌2.86%，沪深300指数下跌3.98%，中小板指数下跌10.86%，创业板指数下跌9.53%，中小板和创业板的跌幅高于沪深300。　　我们认为从宏观的经济指标来看，房地产数据在一二线城市放松后，有所好转但幅度不大。从股票投资的角度来看，现在我们看到了政策面的改善，后面我们可以期待更多政策的出台。　　当前主动去库存也到了尾声，明年经济会有一个更强的表现，所以我们对市场的中期表现保持乐观态度。今年四季度我们将优选有中长期逻辑，估值合理，业绩兑现度高的标的。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.550Z","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势混合型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=994676","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb0565345","date":"2023-06-29T16:00:00.000Z","stockId":3000000519994,"sao":"整体看，2023年上半年A股市场呈现下跌的走势，期间上证指数上涨3.65%，沪深300指数下跌0.75%，中小板指数下跌1.84%，创业板指数下跌5.61%，中小板和创业板的跌幅高于沪深300。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.547Z","mo":"我们认为从宏观的经济指标来看，特别是房地产数据在近两月掉的有些快，按目前的情况，房地产出现V 型反弹的可能性很小。同时，六月份，7天回购利率、MLF 和 LPR 都有 10 个基点的下调。　　当前主动去库存可能也到了尾声，明年或会有一个更强的表现。关于投资 AI，硬件后期需跟踪美国“链长”的情况，目前投资AI领域对应用层面的度量比较困难。科技领域本身面临半导体周期的拐点，类似去年出行链困境反转。消费股的核心在于下半年预期是否好转。今年下半年我们将优选有中长期逻辑，估值合理，业绩兑现度高的标的。","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势混合型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=965078","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb0565344","date":"2023-03-30T16:00:00.000Z","stockId":3000000519994,"sao":"整体看，2023年一季度A股市场呈现上涨走势。期间上证指数上涨5.94%，沪深300指数上涨4.63%，中小板指数上涨5.89%，创业板指数上涨2.25%。2023年一季度本基金股票持仓比例较为平稳，变化不大。   2023年经济增速提升来自于低基数、疫情防控政策优化以及财政货币政策的进一步发力。在GDP三架马车中，反映外需的出口增速或放缓，反映内需的投资有望继续保持稳中略升，而消费比较可能获得修复。  经济的回升会带动企业盈利的回暖，叠加全年二季度低基数，预计今年二季度企业盈利增速弹性可能较大，估值也会有所修复，增强市场的上行动力。投资策略上，我们仍将延续均衡配置，优选业绩和估值相匹配的标的。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.544Z","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势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=884680","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb0565343","date":"2022-12-30T16:00:00.000Z","stockId":3000000519994,"sao":"整体看，2022年A股市场呈现回调走势。期间上证指数回调15.13%，沪深300指数回调21.63%，中小板指数回调26.49%，创业板指数回调29.37%。2022年本基金股票持仓比例较为平稳，变化不大。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.541Z","mo":"我们预期，2023年经济增速会回升，增速提升来自于低基数、疫情防控政策逐步优化以及财政货币政策的进一步发力。在GDP三架马车中，反映外需的出口增速或放缓，反映内需的投资有望继续保持稳中略升，而消费比较可能获得修复。  经济的回升会带动企业盈利的回暖，企业盈利增速或将会见底反弹，估值也会有所修复，增强市场的上行动力。投资策略上，我们仍将延续均衡配置，优选业绩和估值相匹配的标的。","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势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=871513","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb0565342","date":"2022-09-29T16:00:00.000Z","stockId":3000000519994,"sao":"整体看，2022年三季度A股市场呈现回调的走势。期间上证指数下跌11.01%，沪深300指数下跌15.16%，中小板指数下跌16.73%，创业板指数下跌18.56%，中小板和创业板的跌幅高于沪深300。2022年三季度本基金股票持仓比例微幅下降。  四季度，房地产政策和疫情是市场关注的焦点。展望第四季度，开发性政策性支持工具、各类专项再贷款和中长期低息贷款等政策支持下，基建、制造业等领域信用扩张确定性较强；同时，随着房地产供给侧和需求侧支持政策进一步加码，资金到位后有望加速施工进程，建安和竣工数据有望在第四季度起有所体现，拉动地产后周期景气度提升。  当前的市场，各板块具有较强的估值吸引力。投资策略方面，我们看好顺周期品种，对风险收益比高，中期逻辑顺的成长股也会加大关注力度。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.537Z","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势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=809907","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb0565341","date":"2022-06-29T16:00:00.000Z","stockId":3000000519994,"sao":"整体看，2022年上半年A股市场有所回调。期间上证指数下跌6.63%，沪深300指数下跌9.22%，中小板100指数下跌11.56%，创业板指数下跌15.41%，中小板和创业板跌幅高于沪深300。2022年上半年本基金股票持仓比例保持平稳。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.529Z","mo":"2022年下半年经济有望回归到潜在增速的水平。我们看到二季度以来，货币政策先做了降息，对商业银行的信贷也做了鼓励。  随着经济恢复到正常水平，企业盈利的改善可能会比大家想的强硬一些。三季度的这个改善幅度应该会比较强，有点类似于2020年新冠疫情发生之后。今年下半年走势仍然可以期待，企业盈利改善有利于A股市场呈现上行趋势。  由于我们对市场略偏乐观，在配置上，我们会增加顺周期行业的配置，而对于成长板块，我们会考虑业绩增速和估值的匹配度来进行配置。","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势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=786519","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb0565340","date":"2022-03-30T16:00:00.000Z","stockId":3000000519994,"sao":"整体看，2022年一季度上证指数下跌10.65%，沪深 300 指数下跌14.53%，中小板 100 指数下跌18.64%，创业板指数下跌19.96%，中小板和创业板跌幅大于沪深 300。  2022 年未来几个季度，我们认为，中国经济会有所好转，美国经济步入复苏下半场，整体的海内外宏观环境可以概括如下：  海外环境：  1、2022 年上半年美国经济持续复苏，主动补库存，下半年高位企稳。  2、2022 年收紧货币的预期会逐渐增强。  国内环境：  1、货币政策或将会宽货币和宽信用。  2、一季度经济受疫情等因素有所承压，下半年会好转。  基于以上我们对海内外经济、宏观流动性的分析，我们认为这样的宏观环境下：  1、央行有望维持货币偏松的局面，流动性宽裕是市场的重要支撑；  2、A 股业绩预期可能会先下调后改善。  因此，整体来看，在此环境下，市场资金会逐步聚焦景气高企的成长赛道。  今年我们优选有中长期逻辑，估值中等甚至偏低，业绩稳健的标的，把整体持仓的估值水位适当降低。今年高估值的股票需要有明显超预期的业绩才有超额收益，而低估值的股票杀估值的风险较低，业绩如超预期，相较会有良好表现。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.527Z","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势混合型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=728534","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb056533f","date":"2021-12-30T16:00:00.000Z","stockId":3000000519994,"sao":"整体看，2021年上证指数上涨4.8%，沪深300指数下跌-5.2%，中小板100指数上涨4.62%，创业板指数上涨12.02%，中小板和创业板涨幅好于沪深300。2021年本基金股票持仓比例保持平稳。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.524Z","mo":"2022年，我们认为，中国经济整体稳中趋缓，美国经济步入复苏下半场，整体的海内外宏观环境可以概括如下：海外环境：1、2022年上半年美国经济持续复苏，主动补库存，下半年高位企稳。2、2022年收紧货币的预期会逐渐增强。国内环境：1、货币政策或将会宽货币和宽信用。2、经济稳中趋缓。基于以上我们对海内外经济、宏观流动性的分析，我们认为这样的宏观环境下：1、央行在上半年有望维持货币偏松的局面，流动性宽裕是市场的重要支撑；2、A股业绩预期可能会逐渐下调。因此，整体来看，在此环境下，市场资金会聚焦景气高企的成长赛道。今年我们优选有中长期逻辑，估值中等甚至偏低，业绩稳健的标的，把整体持仓的估值水位适当降低。今年高估值的股票需要有明显超预期的业绩才有超额收益，而低估值的股票杀估值的风险较低，业绩如超预期，相较会有良好表现。","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=714516","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb056533e","date":"2021-09-29T16:00:00.000Z","stockId":3000000519994,"sao":"整体看，2021年三季度A股市场有所回调。期间上证指数回调0.64%，沪深300指数回调6.85%，中小板100指数回调4.98%，创业板指数回调6.69%，中小板和创业板回调和沪深300相差不大。2021年三季度本基金股票持仓比例保持平稳。 2021年四季度，我们认为，中国经济整体稳中趋缓，美国经济步入复苏下半场，整体的海内外宏观环境可以概括如下：海外环境：1、2021年下半年美国经济步入下半场，主动补库存。美国GDP、利率、美元指数、物价或出现前低后高的情况。2、2021年下半年收紧货币的预期会逐渐增强。3、四季度实际利率或将继续上升，在某些阶段压制股市高估值板块。利率上升将吸引资金流入美国。国内环境：1、四季度货币政策或将会宽货币和宽信用。2、GDP或将会有所回落，但货币政策应不会收紧。基于以上我们对海内外经济、宏观流动性的分析，我们认为这样的宏观环境下：1、央行在下半年有望维持货币偏松的局面，流动性宽裕是市场的重要支撑；2、A股业绩预期可能会逐渐下调。3、A股部分核心资产和赛道股的估值又到了偏高的位置。因此，整体来看，在此环境下，市场资金会逐渐减仓顺周期品种，聚焦景气高企的成长赛道。今年我们优选有中长期逻辑，估值中等甚至偏低，业绩稳健的标的，把整体持仓的估值水位适当降低。今年高估值的股票需要有明显超预期的业绩才有超额收益，而低估值的股票杀估值的风险较低，业绩如超预期，相较会有良好表现。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.521Z","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势混合型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=656711","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb056533d","date":"2021-06-29T16:00:00.000Z","stockId":3000000519994,"sao":"整体看，2021年半年度A股市场呈现上涨的走势。期间上证指数上涨3.40%，沪深300指数上涨0.24%，中小板100指数上涨3.66%，创业板指数上涨17.22%。2021年本基金股票持仓比例保持平稳。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.517Z","mo":"2021年下半年，我们认为整体的海外宏观环境可以概括如下：1、2021年美国经济步入下半场，主动补库存。美国GDP、利率、美元指数、物价或出现前低后高的情况。2、2021年下半年市场对收紧货币的预期将愈发强烈，10年国债收益率朝2%方向迈进。3、三季度实际利率、通胀预期或将继续上升，在某些阶段打击股市高估值板块。利率的上升或将吸引资金流入美国。国内货币政策宽货币紧信用在下半年或将持续。基于以上我们对海内外经济、宏观流动性的分析，我们认为这样的宏观环境下：1、央行在下半年有望维持货币不松不紧的局面，流动性宽裕是市场的重要支撑；2、A股中报业绩、三季度业绩不达预期的情况可能会上升。3、A股部分核心资产和赛道股自3月底反弹，到半年末逐渐创新高，估值又到了偏高的位置。因此，整体来看，在此环境下，市场资金或会逐渐减仓顺周期品种，聚焦景气高企的成长赛道。今年我们优选有中长期逻辑，估值中等甚至偏低，业绩稳健的标的，把整体持仓的估值水位适当降低。今年高估值的股票需要有明显超预期的业绩才有超额收益，而低估值的股票杀估值的风险较低，业绩如超预期，相较会有良好表现。","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=634282","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb056533c","stockId":3000000519994,"sao":"整体看，2021年一季度A股市场小幅回调。上证指数下跌0.9%，沪深300指数下跌3.13%，中小板指数下跌6.86%，创业板指数下跌7%，中小板和创业板的跌幅高于沪深300。2021年一季度本基金股票持仓比例有所下降。 春节以来，核心资产调整幅度较大，市场对于核心资产的分歧也在加大。我们认为，目前来看，核心资产最大的压力在于估值压力。由于过去两年流动性宽松，核心资产白马的估值到了偏高的水平，有些股票的估值达到屡创新高。2021年以来，随着流动性环境的逐渐收缩，高估值积累的压力需要释放，我们认为主要有三种方式：一是用时间换空间，核心资产维持高景气度甚至持续超预期来降低估值压力，到下半年的时候看2022年的估值时让当前的股价变得更加合理。二是二季度流动性继续收紧，让这些股票的估值水平回到以往历史估值区间的上沿。三是核心资产的景气度基本面走弱，出现戴维斯双杀。从当前的经济基本面来看，第三种情况即戴维斯双杀的概率较低，但个别细分行业已有这种情况出现，说明核心资产间的分化加大。因此，前两种情况出现的概率都比较大，我们倾向于认为，部分景气非常“硬”的核心资产可以时间换空间，而只是符合预期的核心资产还有估值下杀的风险。今年我们优选有中长期逻辑，估值中等甚至偏低，业绩稳健的标的，把整体持仓的估值水位适当降低。今年高估值的股票需要有明显超预期的业绩才有超额收益，而低估值的股票杀估值的风险较低，只要业绩略超预期，就容易有良好表现。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.514Z","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=570190","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb056533b","stockId":3000000519994,"sao":"整体看，2020年A股市场呈现大幅上涨的走势。期间上证指数上涨13.87%，沪深300指数上涨27.21%，中小板指数上涨43.91%，创业板指数上涨64.96%，中小板和创业板的涨幅远高于沪深300。202O年本基金股票持仓比例相对积极。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.511Z","mo":"2020年宏观杠杆率有所抬升。我们预期2021年宏观经济政策将围绕稳杠杆、降风险展开，但稳杠杆是一个长期的过程，不可能一年内实现。我们认为，2021年整个实体部门的宏观杠杆率将先升后降，整体小幅抬升，类似于2010年。受2020年基数影响，2021年GDP将同比前高后低。2021年，全球大宗商品（原油、基本金属）价格将上涨，并向国内传导。预计2021年PPI同比逐渐攀升，全年平均2.4%，其中低基数贡献了0.4%。预期2020年CPI同比2.6%，2021年全年CPI同比是1.7%，其中翘尾因素贡献0.7%。核心CPI也会反弹，但不会高过2017年，也不会因为物价上涨而导致货币政策收紧。预计2021年工业增加值前高后低，制造业投资增速反弹幅度较大，房地产投资、基建投资增速小幅低于2020年。出口增速、进口增速反弹较为显著。2021年美国货币政策可能将继续宽松。目前美国库制造业和批发库存很低，房地产库存也很低，2021年有望开启新一轮景气周期。欧洲、日本货币政策也都将继续宽松。到2021年下半年甚至四季度，市场可能才会开始讨论美国货币政策收紧的问题。2021年初中国货币政策收紧，国外宽松，美元贬值，人民币对美元升值，国际资本将继续向中国流动。但2021第二季度之后，美元或将有升值趋势，资本可能逐步回流美国。2020年股市收益率远高于预期，我们认为这和新冠疫情发生后政策宽松有很大关系。展望2021年，流动性不太可能继续宽松，赚估值的钱将变难。但由于2021年属于复苏后半段，利润对股市也有一定的支撑，类似于2010、2013和2017年。可以总结为2021年A股市场将是业绩潮起，估值潮落。2021年行业间的分化会较过去两年有所收敛。行业配置方面我们的持仓会较为均衡，会以基本面为核心，注重风险收益比来优选投资标的。","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=553332","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb056533a","stockId":3000000519994,"sao":"整体看，2020年三季度A股市场呈现上涨的走势。期间上证指数上涨7.82%，沪深300指数上涨10.17%，中小板指数上涨8.19%，创业板指数上涨5.6%，中小板和创业板的涨幅小于沪深300。202O年三季度本基金股票持仓比例相对积极。 货币政策略有收紧，但信贷需求仍处于上升通道，这会令顺周期的低估值板块内部会出现轮动。三季度化工建材等周期品的股价随着经济复苏已经明显反弹，最近汽车股和金融地产也有些异动。我们认为，顺周期品种扩散到金融地产是符合逻辑的。金融地产之前受到保费低迷和地产政策收紧等压制，目前看利空已经出尽。保险股近期迎来了国债收益率上升和保险龙头企业积极布局明年开门红的双重利好。地产股近期也有变化，央行住建部的三条杠融资监管政策将推动地产行业的供给侧改革，会加速行业集中度进一步提升，并令利润率下行幅度放缓，利好杠杆率较低的龙头。今年以来市场风格明显，我们认为随着经济的持续复苏，行业间的分化会有所收敛。行业配置方面我们的持仓会较为均衡，以基本面为核心，注重风险收益比来优选投资标的。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.508Z","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势混合型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492831","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5fb7fea5b3eb0565339","stockId":3000000519994,"sao":"整体看，2020年上半年A股市场呈现有涨有跌的走势。期间上证指数下跌2.15%，沪深300指数上涨1.64%，中小板指数上涨20.85%，创业板指数上涨35.6%，中小板和创业板的涨幅显著大于沪深300。202O年上半年本基金股票持仓比例相对积极。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:15:23.505Z","mo":"中国经济潜在增速下台阶是难以逆转的趋势，新兴行业方兴未艾，新基建和新消费将是科技和消费领域的亮点，市场焦点集中在这些领域将是长期趋势而非短期炒作，里面孕育了很多细分行业和细分龙头会是市场公认的好赛道、好公司，估值也容易高企。好赛道里的好公司估值不是最重要的，拉长来看这些会是时间的朋友；而传统行业逐渐从增量经济过渡到存量经济，我们要去发掘传统行业中竞争格局相对好的细分行业，这些行业的优秀白马将在未来继续扩大领先优势，保持较高的盈利能力和较好的现金流。当我们遇到“中赛道、好公司、低估值”这样的白马，也应该拾起来，成为提高组合的稳健性的重要标的。 随着核酸检测全面铺开和疫苗的加快研发，新冠疫情终会过去。今年下半年，我们会看到中国经济回归正常化。展望明年，海外国家将会迎来疫情高峰后的恢复期。中美关系虽然回不到过去，但也没法完全脱钩。华为受制会加速中国科技出现更多“后浪”。最后还是重复一下，对于中国经济和中国股市，我们认为，越过这几座山丘，会看到更宽阔的路。上半年的市场风格演绎得较为极致，我们认为下半年随着经济的持续复苏，行业间的分化会有所收敛。行业配置方面我们的持仓会较为均衡，以基本面为核心，注重风险收益比来优选投资标的。","fund":{"_id":3000000519994,"stockCode":"519994","stockType":"fund","areaCode":"cn","followedNum":16,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2006-03-26T16:00:00.000Z","setUpScale":613081000,"market":"a","tickerId":519994,"name":"长信金利趋势混合型证券投资基金","shortName":"长信金利趋势混合(519994)","fundSecondLevel":"hybrid","__csrcFundId":418,"fundStatus":"normal","lastUpdated":"2026-07-24T21:23:39.216Z","masterFundFlag":1,"inceptionDate":"2006-05-11T16:00:00.000Z","fundCollectionId":4000050260000,"currency":"CNY","memoNum":2,"pinyin":"cxjlqshhxzqtzjj","masterFundShortName":"长信金利趋势混合"},"announcement":{"linkText":"长信金利趋势混合型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=461580","linkType":"PDF","source":"csrc_pdf"}}]}