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政策预期的强化，对全球风险资产定价产生重要影响。整体来看，2024年市场围绕政策支持和经济修复展开，政策的及时应对成为市场波动的核心驱动因素，全年经历了两次显著调整与反弹。全年大盘价值和红利风格领涨，而以科创50和创业板指为代表的成长风格受益于AI产业趋势和市场情绪回暖，也取得不错表现。行业层面，市场主要围绕低估值高股息板块以及AI受益的相关领域展开。上证指数全年上涨12.67%，深证成指上涨9.34%，创业板指上涨13.23%。基金操作回顾：2024年，我们严格遵照基金合同的相关约定，按照既定的投资流程进行了规范运作。2024年市场波动较大，组合积极寻找结构性机会。基金的操作上，以“政策驱动”和“确定性”为核心，侧重布局了电力设备、新能源、轨交设备、算力、消费电子等领域，并根据市场变化阶段性的调整持仓结构；在年末观察到泛AI方向的积极变化，对持仓结构进行了较大幅度的调整，加仓了AI端侧应用等相关标的。本基金在12月回撤幅度较大，主要系10月份集中加仓的光伏板块经历了大幅调整，光伏在政府部门的指导和行业协会的协调下是能够看到积极变化的，但需要较长的时间，价格的变化还需匹配库存去化进度和正常的淡旺季。反思持仓结构，在市场波动剧烈、板块和主题快速轮动的时候，在同一个板块布局过于集中的操作思路在短期面临较大挑战，在后续的组合构建中管理人将增加对这一方面的考量权重。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:49.105Z","mo":"2025年全球经济增长面临诸多不确定性，海外下行风险加大，内需方面预计继续下行的概率不大，但在外部存在不确定性情况下，对出口不宜过度乐观。国内消费有望在政策支持和居民收入预期改善下进一步复苏，基建投资可能在优质项目挖掘和资金使用效率提升下发力，高技术产业、战略性新兴产业和现代服务业将成为经济新增长点。此外，地缘政治在今年依然可能对全球市场造成影响，尤其是大宗商品端。国内方面，消费有望在政策支持和居民收入预期改善下进一步复苏，成为经济增长重要支撑。投资方面，基建投资可能在优质项目挖掘和资金使用效率提升下发力，制造业投资继续保持活力，房地产投资降幅有望收窄。货币政策将保持适度宽松，为经济增长提供适宜的货币金融环境。财政政策更加积极，在稳增长、调结构、惠民生等方面发挥更大作用。产业结构持续优化升级，高技术产业、战略性新兴产业和现代服务业将成为经济新增长点，推动经济向高质量发展迈进。2025年仍需继续关注风险关注风险偏好的变化，科密切关注产业变革中产生的机会。","fund":{"_id":3000000000126,"stockCode":"000126","stockType":"fund","areaCode":"cn","followedNum":40,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-04-15T16:00:00.000Z","setUpScale":4270320000,"market":"a","tickerId":126,"custody":"中国银行股份有限公司","name":"招商安润灵活配置混合型证券投资基金","shortName":"招商安润灵活配置混合(000126)","fundSecondLevel":"hybrid","__csrcFundId":3376,"fundStatus":"normal","lastUpdated":"2026-04-30T17:21:26.803Z","masterFundFlag":1,"inceptionDate":"2013-04-18T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","memoNum":3,"masterFundShortName":"招商安润灵活配置混合","pinyin":"zsarlhpzhhxzqtzjj","managers":[{"stockCode":"db20884073","stockType":"fund_manager","exchange":"fm","tickerId":132525226080,"name":"孟焱毅"}]},"announcement":{"linkText":"招商安润灵活配置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=1249240","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec175d4369c9c836d2470","date":"2024-09-29T16:00:00.000Z","stockId":3000000000126,"sao":"2024年三季度，经济下行的压力逐渐加大，地产销售在二季度的刺激后再次走弱并且成交萎缩明显。此外，除出口外的制造业面临产能过剩的格局，因此也较难通过投资来拉动经济，同时收入预期的下滑直接体现为消费的疲软。虽然经济明显面临压力，但好的是我们看到政策出现了积极的信号。海外方面也如预期般的出现变化，美联储开启降息周期对于全球资产定价影响显著，后续需要继续跟踪美国的经济数据来看货币政策如何应对。三季度股票市场一路下跌后季末大幅反弹，截止季度末，上证综指录得12.44%的涨幅，创业板上涨29.21%。基金操作回顾：2024年三季度，我们严格遵照基金合同的相关约定，按照既定的投资流程进行了规范运作。三季度持仓结构较二季度调整如下：兑现了苹果产业链相关公司超额收益；随着中报披露节奏陆续增配了电网设备，同时对于出海的持仓品种进行了调整；加仓半导体设备、国产算力相关个股。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:49.102Z","fund":{"_id":3000000000126,"stockCode":"000126","stockType":"fund","areaCode":"cn","followedNum":40,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-04-15T16:00:00.000Z","setUpScale":4270320000,"market":"a","tickerId":126,"custody":"中国银行股份有限公司","name":"招商安润灵活配置混合型证券投资基金","shortName":"招商安润灵活配置混合(000126)","fundSecondLevel":"hybrid","__csrcFundId":3376,"fundStatus":"normal","lastUpdated":"2026-04-30T17:21:26.803Z","masterFundFlag":1,"inceptionDate":"2013-04-18T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","memoNum":3,"masterFundShortName":"招商安润灵活配置混合","pinyin":"zsarlhpzhhxzqtzjj","managers":[{"stockCode":"db20884073","stockType":"fund_manager","exchange":"fm","tickerId":132525226080,"name":"孟焱毅"}]},"announcement":{"linkText":"招商安润灵活配置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=1171145","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec175d4369c9c836d246f","date":"2024-06-29T16:00:00.000Z","stockId":3000000000126,"sao":"2024年上半年，经济增长在一季度好于市场预期后，4-5月的数据显示修复过程仍有波折。年初，国内物价、房价下行压力显性化，投资者对于政策发力存在较高预期，2月初以来，国内稳增长、稳预期、稳市场政策举措积极出台并落地，部分领域改革预期抬升，伴随3月全国两会顺利召开，各项政策进入落实期。2024年二季度，经济在经历了一季度的修复后压力再次逐渐显现，PMI再次回到荣枯线下，且有领先意义的订单指数持续走弱，过去较为亮眼的出口订单数据也初现压力。从生产端的数据也可以看到，生产持续好于消费，这体现在PPI和CPI的剪刀差是在扩大的，CPI尤其核心部分创下了新低。整个上半年，我们看到政策是在持续推出的，总的来说，经济确有压力，但政策的出台也相应缓解了部分压力。从市场表现来看，一季度A股主要指数先下后上，二季度股票市场5月上旬见到这波反弹高点随后回落。截止6月30日，上证综指录得0.25%的跌幅，沪深300上涨0.89%，创业板下跌10.99%。操作回顾：本基金在一季度增配了能源金属、电气设备出海、算力相关个股；阶段性布局工程机械；并对光伏、锂电和医药的持仓结构进行了调整，卖出MR主题以及生猪养殖板块相关个股。二季度继续增配电力设备但倾向于国内电网投资标的，并增配了轨交设备、消费电子相关公司；二季度减配了能源金属、医药、光伏组件。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:49.098Z","mo":"经济的增长修复仍需稳增长政策加码。近期经济数据显示在外需和设备更新等支撑下，制造业投资增速维持韧性，但房价及地产投资增速较为疲弱，物价和金融数据也缓于预期。当下增长修复过程中仍面临有效需求和企业盈利有待改善、经营压力凸显等多方面挑战，下半年重点关注国内政策和改革信号,近期关于推动高水平对外开放、支持国民企发展、财税体制改革、电力体制改革、资本市场制度完善等市场关注度较高，我们认为相关领域有望受益于改革预期提振。外部环境上，今年是全球政治大年，美国总统大选、欧洲议会选举等等都加大了宏观冲击，需要密切关注。随着美国大选辩论进行，美联储降息预期有所反复。美联储降息节奏影响全球风险资产表现，对国内货币政策和股票市场走向均较为关键。结合当前经济情况，在下半年的配置上我们将更加重视“确定性”，继续关注铁路设备、国内电网投资等国内投资方向。此外，考虑外部环境变化，加大对“自主可控”方向的重视度。","fund":{"_id":3000000000126,"stockCode":"000126","stockType":"fund","areaCode":"cn","followedNum":40,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-04-15T16:00:00.000Z","setUpScale":4270320000,"market":"a","tickerId":126,"custod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调整。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:49.076Z","mo":"宏观经济表现来看，2023年好的一面是2022年的担忧会出现改善，对经济的基本假设是修复性增长，不足之处在于总量增长缺乏内生动力，因此需要靠政策来加分。在财政继续加力提效的假设下，名义GDP很有可能是L型增长，总量的影响会有所削弱，结构性因素作用上升。此外，我们持续对利率保持关注，利率的变化会是我们修正对全年经济假设的关键因素。股票市场方面，2022年11月市场在疫情防控政策不断优化、地产政策持续发力等因素的影响下已经有所反弹，进入2023年1月，市场在经济复苏预期的支撑下表现优异。我们认为悲观情绪和估值的修复已经告一段落，后续需要重视在强政策预期背景下基本面的实质修复情况、企业盈利能力的修复情况。","fund":{"_id":3000000000126,"stockCode":"000126","stockType":"fund","areaCode":"cn","followedNum":40,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-04-15T16:00:00.000Z","setUpScale":4270320000,"market":"a","tickerId":126,"custody":"中国银行股份有限公司","name":"招商安润灵活配置混合型证券投资基金","shortName":"招商安润灵活配置混合(000126)","fundSecondLevel":"hybrid","__csrcFundId":3376,"fundStatus":"normal","lastUpdated":"2026-04-30T17:21:26.803Z","masterFundFlag":1,"inceptionDate":"2013-04-18T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","memoNum":3,"masterFundShortName":"招商安润灵活配置混合","pinyin":"zsarlhpzhhxzqtzjj","managers":[{"stockCode":"db20884073","stockType":"fund_manager","exchange":"fm","tickerId":132525226080,"name":"孟焱毅"}]},"announcement":{"linkText":"招商安润灵活配置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=866564","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec175d4369c9c836d2468","date":"2022-09-29T16:00:00.000Z","stockId":3000000000126,"sao":"市场回顾2022年第三季度，在内外部因素影响下，权益市场整体表现偏弱。在五、六月市场走出连续的单边反弹之后，市场从“单边上涨”切换至“双向波动”，并在海外通胀压力持续、货币环境紧缩、汇率等全球资产价格波动、地缘冲突担忧加剧等因素影响下逐步走弱，避险情绪下市场成交也逐渐收缩，总的来看，三季度A股市场主要宽基指数普跌。A股上市公司中报披露结果显示，在上半年国际地缘形势及国内局部疫情等内外部多重因素挑战背景下，A股上市公司实现盈利小幅正增长。多重因素扰动下二季度A股上市公司盈利仍能实现正增长、ROE保持稳定且资本开支企稳实属难得，但上下游盈利分化进一步扩张，上游行业盈利高增长对整体盈利贡献较大，中下游盈利增长仍然偏弱。往未来看，上市公司业绩的修复仍面临较多挑战，仍需政策进一步发力。操作回顾在2022年金融市场充斥着各种各样的变化，对于权益投资来说也是充满了挑战。在这样的背景下，在今年的组合构建中我们高度关注“确定性”三字，对“短、中、长”期经济背景、行业变化、公司基本面综合考量，多看少动，谨慎调仓：（1）关于确定性：在全球高能源价格的背景下，广义新能源方向具备高确定性的高增长，这一点在三季度并没有发生变化，因此在组合构建上，三季度仍广义新能源行业为重点配置方向。（2）关于调仓：从披露的截止三季度末的本基金前十大持仓中，可以看到增加了汽车智能化相关标的。在本基金的二季报和中报中，我持有的观点是“今年下半年有望成为智能驾驶正式起步的重要时点”，智能驾驶是汽车行业不可阻挡的趋势，这是一个基于长期深度研究基础上深思熟虑的投资结论，目前我们依然坚持这样的观点。一个行业从初见雏形到进入真正的成长期，必然是面临着各种各样的挑战，短期的扰动是不可避免的，发生短期扰动造成二级市场股价波动时，也许正是我们从中长期角度去增加这个方向配置的好时点。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:49.073Z","fund":{"_id":3000000000126,"stockCode":"000126","stockType":"fund","areaCode":"cn","followedNum":40,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-04-15T16:00:00.000Z","setUpScale":4270320000,"market":"a","tickerId":126,"custody":"中国银行股份有限公司","name":"招商安润灵活配置混合型证券投资基金","shortName":"招商安润灵活配置混合(000126)","fundSecondLevel":"hybrid","__csrcFundId":3376,"fundStatus":"normal","lastUpdated":"2026-04-30T17:21:26.803Z","masterFundFlag":1,"inceptionDate":"2013-04-18T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","memoNum":3,"masterFundShortName":"招商安润灵活配置混合","pinyin":"zsarlhpzhhxzqtzjj","managers":[{"stockCode":"db20884073","stockType":"fund_manager","exchange":"fm","tickerId":132525226080,"name":"孟焱毅"}]},"announcement":{"linkText":"招商安润灵活配置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=804013","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec175d4369c9c836d2467","date":"2022-06-29T16:00:00.000Z","stockId":3000000000126,"sao":"市场回顾：2022年上半年，经济政策在内外部挑战中“稳增长”。上半年海外经济波动明显加剧，金融市场发生较大调整。内部环境方面，今年上半年，稳增长政策力度加大，但少数地区疫情反弹，上半年由于疫情的影响，企业与家庭在投资和消费上更倾向于观望，消费者储蓄倾向上升。4月底以来，疫情修复预期推动A股市场反弹，5、6月表现独立于全球主要市场，市场日成交金额从最低略超7000亿元回升至万亿元之上，市场情绪明显回恢复。基金操作回顾：本基金在一季度适当降低了仓位，我们保持对市场的密切跟踪以便及时调整判断。整体来看，4月份市场对疫情带来的负面影响反应得较为充分，同时我们观察到部分行业，比如光伏、储能的基本面持续超预期，叠加新能源汽车相关的部分企业由于情绪宣泄，短期扰动跌出了长期价值，因此在4月底开始加仓。此外，6月份增加了智能驾驶方向的配置。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:49.069Z","mo":"下半年在行业和个股选择上，将持续关注行业长期成长空间的确定性、竞争格局和技术迭代方向，企业的整体经营管理情况，以及股价水平的风险收益比。在投资方向上， 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归中性的意愿比较充足。也因为风险事件的产生，导致信用风险的担忧会持续存在，因此低等级的信用债还需要谨慎参与。未来来看，利率债仍然是主要的配置方向。","fund":{"_id":3000000000126,"stockCode":"000126","stockType":"fund","areaCode":"cn","followedNum":40,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-04-15T16:00:00.000Z","setUpScale":4270320000,"market":"a","tickerId":126,"custody":"中国银行股份有限公司","name":"招商安润灵活配置混合型证券投资基金","shortName":"招商安润灵活配置混合(000126)","fundSecondLevel":"hybrid","__csrcFundId":3376,"fundStatus":"normal","lastUpdated":"2026-04-30T17:21:26.803Z","masterFundFlag":1,"inceptionDate":"2013-04-18T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","memoNum":3,"masterFundShortName":"招商安润灵活配置混合","pinyin":"zsarlhpzhhxzqtzjj","managers":[{"stockCode":"db20884073","stockType":"fund_manager","exchange":"fm","tickerId":132525226080,"name":"孟焱毅"}]},"announcement":{"linkText":"招商安润灵活配置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=554380","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec175d4369c9c836d2460","stockId":3000000000126,"sao":"三季度随着全球经济的进一步复苏和新冠疫苗取得进展，市场对未来经济的信心不断变强，与此同时对全球货币政策边际收紧的担心，也压制了成长板块的估值进一步提升，使得三季度周期和金融的表现整体要好于医药和科技，另外光伏、新能源车板块因为政策和行业基本面都较为强劲，表现也较为突出。三季度我们主要抓住了新能源车、疫苗、建材和消费电子的一些机会，超额收益较为明显。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:49.045Z","fund":{"_id":3000000000126,"stockCode":"000126","stockType":"fund","areaCode":"cn","followedNum":40,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-04-15T16:00:00.000Z","setUpScale":4270320000,"market":"a","tickerId":126,"custody":"中国银行股份有限公司","name":"招商安润灵活配置混合型证券投资基金","shortName":"招商安润灵活配置混合(000126)","fundSecondLevel":"hybrid","__csrcFundId":3376,"fundStatus":"normal","lastUpdated":"2026-04-30T17:21:26.803Z","masterFundFlag":1,"inceptionDate":"2013-04-18T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","memoNum":3,"masterFundShortName":"招商安润灵活配置混合","pinyin":"zsarlhpzhhxzqtzjj","managers":[{"stockCode":"db20884073","stockType":"fund_manager","exchange":"fm","tickerId":132525226080,"name":"孟焱毅"}]},"announcement":{"linkText":"招商安润灵活配置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=487711","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec175d4369c9c836d245f","stockId":3000000000126,"sao":"上半年新冠疫情的爆发一度造成了全球股票市场的大幅下跌，但随着全球央行的集体货币宽松和疫情的逐步缓解，市场后来又出现了单边上涨，整体来说上半年权益市场波动较大。投资上我们坚持一贯的策略，精选一些可持续的高景气细分行业进行主要布局，另外再把握一些业绩确定性比较高的白马龙头，总体来说组合的超额收益比较明显。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:49.041Z","mo":"新冠疫情未来仍有反复的可能，因此下半年的经济和股票市场还存在比较大的不确定性，所以我们会紧密跟踪疫情以及主要国家的货币政策这两个最重要的市场影响因素，并适时调整组合，做出应对。","fund":{"_id":3000000000126,"stockCode":"000126","stockType":"fund","areaCode":"cn","followedNum":40,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2013-04-15T16:00:00.000Z","setUpScale":4270320000,"market":"a","tickerId":126,"custody":"中国银行股份有限公司","name":"招商安润灵活配置混合型证券投资基金","shortName":"招商安润灵活配置混合(000126)","fundSecondLevel":"hybrid","__csrcFundId":3376,"fundStatus":"normal","lastUpdated":"2026-04-30T17:21:26.803Z","masterFundFlag":1,"inceptionDate":"2013-04-18T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","memoNum":3,"masterFundShortName":"招商安润灵活配置混合","pinyin":"zsarlhpzhhxzqtzjj","managers":[{"stockCode":"db20884073","stockType":"fund_manager","exchange":"fm","tickerId":132525226080,"name":"孟焱毅"}]},"announcement":{"linkText":"招商安润灵活配置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=454260","linkType":"PDF","source":"csrc_pdf"}}]}