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造长期可持续的投资回报。","lastUpdated":"2026-03-09T13:58:03.337Z","fund":{"_id":3000000016660,"__csrcFundId":12291,"stockCode":"016660","shortName":"招商和惠养老目标日期2045五年持有期混合发起式(FOF)(016660)","masterFundShortName":"招商和惠养老目标日期2045五年持有期混合发起式(FOF)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":16660,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:09:29.777Z","status":"normal","exchange":"jj","fundCollectionId":4000050210000,"name":"招商和惠养老目标日期2045五年持有期混合型发起式基金中基金（FOF）","inceptionDate":"2023-03-06T16:00:00.000Z","setUpDate":"2023-03-06T16:00:00.000Z","setUpAssetScale":120146641.95,"setUpShares":120146641.95,"pinyin":"zshhylmbrq2045wncyqhhxfqsjjzjj(fof)","followedNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"j101019750","stockType":"fund_manager","exchange":"fm","tickerId":2525246600,"name":"杨宇"}]}},{"_id":"69aed1eb7fea5b3eb0525852","date":"2025-06-29T16:00:00.000Z","stockId":3000000016660,"sao":"市场回顾：上半年权益市场波动较大，年初市场风险偏好低位运行，春节前后随着DeepSeek大模型的推出，国内AI应用突破带来信息平权，港股科技成为资产重估的先锋，带动恒生指数和恒生科技快速突破去年10月的高点位置，期间内地机器人、大数据、云计算等板块同步上涨，但整体港股市场表现好于A股，AH股溢价指数快速回落。进入4月初，美国加征关税超市场预期，全球市场重挫，恒生指数、上证指数4月7日分别下跌13.22%、7.34%，之后在重要资金助力、货币政策宽松叠加关税谈判缓和的共同作用下，市场逐步迎来修复，整体情绪偏暖，A股多个指数在季末完成向上突破。风格方面，新消费、创新药、AI算力、银行等板块表现突出，投资机会相对广泛。整体看，上半年沪深300上涨0.03%，中证500上涨3.31%，中证1000上涨6.69%，恒生指数上涨20%，恒生科技上涨18.68%。债券市场方面，上半年受资金面变化、政策博弈、外部扰动及市场偏好等多空因素交织影响，债市呈现高波动震荡走势。节奏上看：年初稳汇率与防风险诉求强化，资金面维持紧平衡，叠加春节后DeepSeek提振市场风险偏好，利率震荡上行至高位；二季度初前后，随着资金面的稳定以及关税冲击，市场避险情绪升温，带动债市收益率快速下行，期间10Y、30Y国债利率回落幅度超过25bp，之后市场维持区间震荡行情，整体利率波动幅度不大。操作回顾：报告期内，本基金坚持多元资产配置的思路，在权益、债券、转债、商品、REITs等资产上均有布局，投资收益的来源更为广泛和稳定，这也是我们会持续坚持的投资理念。在细分资产方面，权益仍然是配置的核心资产，上半年宏观环境和市场风格轮换较快，我们在权益资产上维持均衡配置的同时，增加了战术层面的风格应对：一季度围绕科技创新、产业升级、内需修复等低位成长方向做了增持布局，同时季末伴随美国新一轮关税政策的逐步出台，对组合的仓位和结构进行了适当防御，以减少不确定性风险的冲击；二季度在市场逐步收复跌幅的过程中，组合增配AI算力、军工、美股科技股等成长风格基金的布局，提升组合的进攻性，整体对组合有明显正贡献，但今年在新消费方面的暴露不足，这块对组合的贡献较为有限。固收方面，在利率水平下行至历史低位后，从资产比价的角度判断国内债券会呈现收益降低波动增大的特征，所以整体低配，相应增持性价比更高的美债、REITs、转债资产进行收益补偿，风险收益比更具备优势。商品方面，我们重点配置黄金，并中长期维持稳定。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:03.334Z","mo":"股票市场方面，看好本轮权益市场的潜在表现，包括A股和H股。一方面：国内低利率环境下，对高于存款和债券票息的资产关注度在提升，我们看到权益市场的股息率仍具备配置性价比，尤其高分红资产，以中证红利指数为代表，股息率仍在4%以上；另一方面横向比较全球主要市场，相对而言A/H股经过过去2-3年的回调，估值均在偏低位置，存在估值修复的可能性。同时考虑宏观基本面，虽然传统地产、消费等内需导向的方向仍存压力，但是宽财政宽货币在持续发力，同时产业层面在创新药、美容护理、人工智能、低空经济等不同领域都有较好发展，海外竞争力在持续提升，所以我们判断未来会逐步迎来估值和基本面企稳的双修复。但过程中也需要持续关注外围市场的冲击，包括地缘政治、关税风险、美国通胀等，如果有超预期事件发生，组合层面要积极应对。债券市场方面，最核心的影响是利率在历史低位，考虑资金约束、宏观审慎监管、股市风险偏好上行等综合影响下，债市难有系统性做多机会，需要把握节奏。后续重点关注三四季度实体融资需求以及抢出口效应回落后外需承压的情况，若有调整，可适当布局。本基金的管理，我们将持续秉承多元资产配置的管理理念，通过对不同市场、不同资产的比较，寻找性价比较高的资产类别进行多元分散布局，优化组合风险收益比。同时通过策略研究力争把握产业发展和市场风格变化的中长期趋势，落实到品种选择中，追求以业绩持续性好、规模适中的基金品种为底仓。最终力争为投资者创造长期可持续的投资回报，做客户可信赖的管理人。","fund":{"_id":3000000016660,"__csrcFundId":12291,"stockCode":"016660","shortName":"招商和惠养老目标日期2045五年持有期混合发起式(FOF)(016660)","masterFundShortName":"招商和惠养老目标日期2045五年持有期混合发起式(FOF)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":16660,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:09:29.777Z","status":"normal","exchange":"jj","fundCollectionId":4000050210000,"name":"招商和惠养老目标日期2045五年持有期混合型发起式基金中基金（FOF）","inceptionDate":"2023-03-06T16:00:00.000Z","setUpDate":"2023-03-06T16:00:00.000Z","setUpAssetScale":120146641.95,"setUpShares":120146641.95,"pinyin":"zshhylmbrq2045wncyqhhxfqsjjzjj(fof)","followedNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"j101019750","stockType":"fund_manager","exchange":"fm","tickerId":2525246600,"name":"杨宇"}]}},{"_id":"69aed1eb7fea5b3eb0525851","date":"2025-03-30T16:00:00.000Z","stockId":3000000016660,"sao":"宏观经济方面，国内经济在一季度实现平稳开局，延续去年四季度以来回升态势。其中生产强于需求格局延续，抢出口、科技资本开支等对生产形成一定支撑。价格指数方面，CPI低位运行，PPI延续负增，内需修复斜率偏缓。海外不确定性显著增加，海外宏观经济由年初的“特朗普交易”逐步演化至对美国经济滞胀、甚至衰退担忧的交易。股票市场方面，一季度A股市场演绎春躁行情。1月市场风险偏好低位上行， AI应用、机器人等细分主题开始获得资金关注。春节期间DeepSeek成为爆款，国内AI应用突破带来信息平权，恒生科技成为中国资产重估先锋，科技行情演绎线索层出不穷，而偏防御的高分红板块相对跑输。3月市场关注两会提振经济预期，刺激消费和激励民企政策推进，强势行业从科技扩散至消费。3月中下旬春季行情逐步放缓，中美博弈、上市公司财报业绩等要素阶段性被定价，市场风险偏好回落，高分红板块展现出防御属性。整体来看，一季度上证指数下跌0.5%，创业板指下跌1.8%，科创50上涨3.4%。行业维度，涨幅靠前行业包括：有色金属上涨12.0%，汽车上涨11.4%，机械设备上涨10.6%。债券市场方面，一季度债券市场和权益市场呈现明显跷跷板效应。1月财政、地方债管理等增量政策总体以稳为主，资金利率处于季节性低位，防风险和稳增长诉求下市场预期财政资金有望加速使用，债券利率总体下行。春节后资金面转松预期落空，央行态度偏克制，债市投资者对流动性预期偏悲观，债市加速回调。3月债券市场先抑后扬，市场对货币政策的预期进一步修正。后续在长端国债收益率已明显回调的背景下，继续大幅收紧资金的必要性也有所下降，对短债拖累作用减弱，资金面压力逐步缓和，但当前过度平坦化的收益率曲线也表明债市可能仍未充分定价经济基本面修复预期。整体来看，一季度10年期国债利率上行近14bp，从约1.675%上行至约1.813%。报告期内，本基金在权益资产上继续维持均衡和价值型基金底仓配置，同时围绕科技创新、产业升级、内需修复等低位成长方向做了增持布局，季末伴随美国新一轮关税政策的逐步出台，我们对组合的仓位和结构进行了适当防御，以减少未来不确定性风险的冲击。固收方面，春节前债券利率水平下行至历史低位，但拥挤度偏高，同时考虑风险偏好的提升，我们减少了国内债券资产的配置，增持了性价比更高的美债及国内REITs基金，风险收益比更具备优势。未来本基金将继续秉承稳健投资理念，持续发挥FOF在资产配置方面的优势，通过更加多元的大类配置和更为有效的风险分散，力争为投资者创造长期可持续的投资回报。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:03.329Z","fund":{"_id":3000000016660,"__csrcFundId":12291,"stockCode":"016660","shortName":"招商和惠养老目标日期2045五年持有期混合发起式(FOF)(016660)","masterFundShortName":"招商和惠养老目标日期2045五年持有期混合发起式(FOF)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":16660,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:09:29.777Z","status":"normal","exchange":"jj","fundCollectionId":4000050210000,"name":"招商和惠养老目标日期2045五年持有期混合型发起式基金中基金（FOF）","inceptionDate":"2023-03-06T16:00:00.000Z","setUpDate":"2023-03-06T16:00:00.000Z","setUpAssetScale":120146641.95,"setUpShares":120146641.95,"pinyin":"zshhylmbrq2045wncyqhhxfqsjjzjj(fof)","followedNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"j101019750","stockType":"fund_manager","exchange":"fm","tickerId":2525246600,"name":"杨宇"}]}},{"_id":"69aed1eb7fea5b3eb0525850","date":"2024-12-30T16:00:00.000Z","stockId":3000000016660,"sao":"权益市场方面，全年经历了两次显著调整与反弹。年初和年中调整主要受流动性冲击、国内经济复苏偏弱以及美联储降息预期推迟等内外部因素综合影响，但随后在政策呵护与流动性注入的推动下，市场均迎来反弹。尤其是\"924\"前后，宽货币、稳楼市、提内需等一系列政策积极发力，市场预期反转，估值快速修复，推动A股大幅上涨。从风格来看，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，整体呈现典型的\"哑铃型\"结构，红利和科技交替占优。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。其中，银行、非银金融涨幅居前；算力高度相关的通信板块表现突出；家电则综合受益于消费政策、出口增长和低估值属性，表现同样亮眼。相比之下，上一轮牛市中领涨的医药、美容护理、食品饮料等板块表现仍相对疲软。债券市场方面，全年延续利率下行趋势，10年期国债收益率从2.56%下降至1.68%，创历史新低，全年呈现“波动中走牛”的特征。节奏上看，年初机构配置需求较强叠加股市下行和债券供给偏慢，驱动债市整体走强。之后年中受到央行政策调控（包括长债风险提示、买卖国债、正逆回购操作等工具）的影响，市场情绪有所扰动，但期间超预期降息重启债牛。进入9月底，在宽信用政策刺激、权益市场走强等因素影响下，债券市场受到预防性赎回，导致大幅回调，收益率呈现不同程度的上行，之后随着权益市场的回落逐步恢复平稳。运行至年末，在机构配置需求旺盛及重要会议释放宽松预期的背景下，债券市场无论时间还是下行幅度演绎都更为极致，多数利率债收益率运行至2%以下。报告期内，本基金权益仓位根据市场变化做一定幅度应对，但是中枢仓位基本维持稳定。结构上，上半年重点围绕红利价值和制造业出海方向进行配置，持仓基金以价值型和均衡稳健型为主，下半年随着市场情绪的修复，逐步增加港股、顺周期及稳健成长风格的暴露，同时调降主动基金比例，调增被动基金比例，增加组合管理的灵活性。固收方面，伴随债券利率水平下行，资产荒逻辑仍在演绎，主要配置稳健风格的纯债基金，但随着利率水平的新低，票息保护不足，同时考虑美联储降息周期的启动，美债中长期具备明显的配置价值，所以适度增配了美债类QDII及互认基金。此外，我们也将持续发挥FOF资产配置的优势，除了传统的股债资产，在商品、REITs等方面也均有配置，整体期望通过跨资产、跨地域的类别比较和多元配置，实现风险可控下的稳健收益。未来我们将继续秉持长期视角构建资产配置策略，中期视角进行组合风格和品种选择的优化，通过一定的分散投资和均衡配置，努力为投资人创造长期稳健可持续的投资回报。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:03.326Z","mo":"2024年12月中央经济工作会议定调，货币政策从“稳健”转向“适度宽松”，财政政策从“积极”转向“更加积极”。展望2025年，尽管存在海外方面的扰动，但国内经济有望在政策力度进一步加大的背景下走向温和复苏，部分行业或率先完成供给侧出清，流动性保持宽松的情况下有望驱动权益市场继续保持上行趋势，投资机会将更加广泛。同时横向比较，A股仍具备明显性价比的情况下，由于赚钱效应逐渐积累，居民通过主动或被动ETF工具进入资本市场的规模有望进一步延续。行业方面，关注政策支持、AI+大产业趋势带来的诸多结构性机会，重点覆盖科技创新、扩大内需、供给侧改革等方向。债券市场方面，当前货币政策定调仍处宽松周期，政策利率有望进一步下降，但债券市场已提前部分定价，同时随着财政政策的落地，经济基本面或边际改善，判断2025年债券市场环境可能弱于2024年。另外考虑债券绝对收益率偏低，中短端面临杠杆收益为负的情况，监管态度与资金面变化、利率债供给扰动等风险因素都会加剧债市的波动，同时权益市场向好也会明显弱化负债端结构的稳定性，所以防范风险、寻找更多稳定类资产提供收益增厚更为重要。","fund":{"_id":3000000016660,"__csrcFundId":12291,"stockCode":"016660","shortName":"招商和惠养老目标日期2045五年持有期混合发起式(FOF)(016660)","masterFundShortName":"招商和惠养老目标日期2045五年持有期混合发起式(FOF)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":16660,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:09:29.777Z","status":"normal","exchange":"jj","fundCollectionId":4000050210000,"name":"招商和惠养老目标日期2045五年持有期混合型发起式基金中基金（FOF）","inceptionDate":"2023-03-06T16:00:00.000Z","setUpDate":"2023-03-06T16:00:00.000Z","setUpAssetScale":120146641.95,"setUpShares":120146641.95,"pinyin":"zshhylmbrq2045wncyqhhxfqsjjzjj(fof)","followedNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"j101019750","stockType":"fund_manager","exchange":"fm","tickerId":2525246600,"name":"杨宇"}]}},{"_id":"69aed1eb7fea5b3eb052584f","date":"2024-09-29T16:00:00.000Z","stockId":3000000016660,"sao":"三季度宏观经济延续偏弱走势，出口形成支撑，但内需方向的投资和消费增速整体放缓，有效需求明显不足，基本面依然承压。但目前整体处于政策积极偏暖阶段，同时发力点逐渐聚焦扩张总需求，相对更符合当下的宏观预期。另外我们观察到三季度以来专项债发行显著提速，判断增量政策的储备或更进一步。权益市场方面，前期表现偏弱，但季末在政策催化下大幅反弹，估值得到快速修复。报告期内，本基金在权益资产上调降仓位，同时对持仓结构进行适度调整：一方面在市场对悲观预期演绎较为充分的情况下，将部分价值型基金切换至顺周期的弹性资产；另一方面考虑前期港股的配置性价比更高，增持了部分港股占比高的基金；同时调降主动基金比例，调增被动基金比例，增加组合管理的灵活性。固收方面，主要配置稳健风格的纯债基金，以追求获取稳定收益，同时考虑美联储降息周期开启，美债中长期具备明显的配置价值，所以适度增配了美债类QDII及互认基金。此外，我们也将持续发挥FOF资产配置的优势，除了传统的股债资产，在商品、REITs等方面也均有配置，整体期望通过跨资产、跨地域的类别比较和多元配置，实现风险可控下的稳健收益。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:03.3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引力，已进入价值投资区间。2）从经济周期维度，大方向仍处于修复的过程中：国内财政及货币政策持续发力；“三大工程”有望在明年对经济增长形成一定促进；伴随库存周期回落临近拐点，企业盈利有望逐步改善。3）从政策维度，年底中央经济工作会议体现了对当前经济问题的关切，托底意图明确，未来出现系统性风险的概率较低。4）从流动性维度，海外美联储加息拐点已现，未来海外货币宽松有利于流动性环境进一步改善。因此，权益市场从估值、盈利、流动性等维度未来有望迎来积极变化，对权益保持相对乐观。风格方面，我们认为后续市场机会来源会更加宽泛：一方面，随着未来一些创新应用的落地，围绕科技成长方向仍有较多的机会值得持续跟踪和关注；另一方面，随着中国制造业竞争力的提升，未来出海去抢占更多全球市场的机会也会层出不穷；另外，从各类资产横向对比来看，稳定收益的高股息优质资产仍具有一定稀缺性，对于价值类资产也值得长期关注。债券市场方面，当前货币政策仍处宽松周期，有助于资金利率中枢逐步下移；同时经济复苏斜率偏缓，内生增长动能较为不足，对债市基本面形成一定支撑。未来需要关注资金、政策等方面对债市的影响，保持密切跟踪。","fund":{"_id":3000000016660,"__csrcFundId":12291,"stockCode":"016660","shortName":"招商和惠养老目标日期2045五年持有期混合发起式(FOF)(016660)","masterFundShortName":"招商和惠养老目标日期2045五年持有期混合发起式(FOF)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":16660,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:09:29.777Z","status":"normal","exchange":"jj","fundCollectionId":4000050210000,"name":"招商和惠养老目标日期2045五年持有期混合型发起式基金中基金（FOF）","inceptionDate":"2023-03-06T16:00:00.000Z","setUpDate":"2023-03-06T16:00:00.000Z","setUpAssetScale":120146641.95,"setUpShares":120146641.95,"pinyin":"zshhylmbrq2045wncyqhhxfqsjjzjj(fof)","followedNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"j101019750","stockType":"fund_manager","exchange":"fm","tickerId":2525246600,"name":"杨宇"}]}},{"_id":"69aed1eb7fea5b3eb052584b","date":"2023-09-29T16:00:00.000Z","stockId":3000000016660,"sao":"三季度权益市场震荡盘整，结构分化。上半年表现较好的成长风格面临了较大回撤，价值红利风格再度占优。7月份政策表态积极，关切经济和资本市场，权益资产一度表现突出，之后政策组合拳陆续推出，但是经济数据恢复力度较缓，磨底区间拉长。宏观方面喜忧参半，海外来看，美国经济和就业数据的韧性较强导致美债利率高企，受此影响人民币汇率承压，三季度外资持续流出对A股市场造成明显负面影响；国内来看，需求不足、信心不足的问题仍有待改善，宽信用政策传导不畅，地产投资和销售仍在底部徘徊，消费方面，服务消费好于商品消费，暑期出行有所改善，但地产后周期形成拖累，近期财政开始在化债方面发力，城中村改造推进力度加大，生产价格和制造业PMI开始止跌回升，相对而言，高端制造增速较高，对投资形成一定支撑。当前A股的股权风险溢价已处于较有吸引力水平，经济基本面内生性的修复已逐步显现，过高的美债收益率带来的外部压力也不可持续，目前市场预期、估值、盈利等均处于历史低位，从较长期维度，当前仍是低位布局权益的较好时机。随着经济回暖，后续市场的机会来源会逐步增多，可以从前期超跌的成长板块中挖掘优质个股机会并增加配置。报告期内，本基金适度降低了在科技和新能源板块的配置，增加了价值型和顺周期方向基金的配置，整体风格更趋均衡。三季度成长板块普遍回调对组合业绩有一定拖累，考虑市场风格轮动较快的特点，组合适度降低了持仓集中度，提升平稳性。展望下阶段市场风格有望出现再平衡，组合将在均衡的基础上关注成长方向调整较为充分同时受益于产业景气驱动的投资机会。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:03.313Z","fund":{"_id":3000000016660,"__csrcFundId":12291,"stockCode":"016660","shortName":"招商和惠养老目标日期2045五年持有期混合发起式(FOF)(016660)","masterFundShortName":"招商和惠养老目标日期2045五年持有期混合发起式(FOF)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":16660,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:09:29.777Z","status":"normal","exchange":"jj","fundCollectionId":4000050210000,"name":"招商和惠养老目标日期2045五年持有期混合型发起式基金中基金（FOF）","inceptionDate":"2023-03-06T16:00:00.000Z","setUpDate":"2023-03-06T16:00:00.000Z","setUpAssetScale":120146641.95,"setUpShares":120146641.95,"pinyin":"zshhylmbrq2045wncyqhhxfqsjjzjj(fof)","followedNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"j101019750","stockType":"fund_manager","exchange":"fm","tickerId":2525246600,"name":"杨宇"}]}},{"_id":"69aed1eb7fea5b3eb052584a","date":"2023-06-29T16:00:00.000Z","stockId":3000000016660,"sao":"上半年宏观经济处于疫后复苏的早期阶段，总体呈现一定波动反复，体现在居民和企业的信心恢复总体偏慢，生产生活恢复常态化之后短期加杠杆动力仍不强，总需求在春节前有一波快速修复之后，到二季度再次出现疲弱，市场风险偏好进一步下行。从市场表现来看，春节前以内需修复预期推动的上涨行情演绎相对充分，北上资金大举流入，但是在春节后随着经济数据走弱、政策保持定力、地缘关系紧张等因素影响，市场行情出现震荡走弱和极致分化，以人工智能为代表的科技方向成为市场上涨的焦点，以中特估为代表的低估值板块演绎估值修复行情，除此之外其余板块遭遇持续调整。债券市场在上半年伴随相对宽松的货币环境和市场风险偏好的持续下行，居民和机构的配置意愿不断增加，演绎持续上涨行情，股债市场呈现一定跷跷板效应。本基金自成立以来至报告期末，基本完成建仓进入正常运作。产品权益中枢为70%，建仓期权益采取分步建仓，平滑市场波动，固收部分主要配置稳健的债基。考虑目前市场预期、估值、盈利等均处于历史低位，流动性相对宽松，后续稳增长政策加码可期，因此维持权益相对积极的配置。底仓部分主要配置风格稳健均衡，对今年市场适应性较强的主动型基金，同时积极配置在科技成长和高端制造等领域有较强产业研究能力和选股优势的基金，并且优选部分价值型基金以获取传统行业优质龙头公司的选股收益，总体维持相对均衡配置。考虑今年风格轮换较快，我们在管理过程中也会利用被动指数产品，参与市场阶段性的机会。本基金为养老目标日期基金，随着时间的推移，权益中枢将根据目标日期的临近逐级下移。未来我们将继续秉持长期视角构建资产配置策略，中期视角进行组合风格和品种选择的优化，通过一定的分散投资和均衡配置，努力为投资人创造长期稳健可持续的投资回报。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:03.310Z","mo":"今年宏观经济整体处于疫后复苏逐步回归常态的过程，虽然中间会有波动反复，但是总体复苏的趋势是相对确定的，当市场预期的强弱与基本面发生一定偏离时会带来市场一定波动。当前阶段，股债风险溢价处于历史较高的吸引力区间，权益估值水平和市场情绪指标均处于历史底部，市场总体下行风险相对有限。在聚焦高质量发展的背景下，未来仍有望看到较多产业支持政策出台，全年的稳增长目标也使得整体经济不会出现进一步失速风险，同时下半年对于稳增长政策加码的预期逐步加强，有望进一步提振经济和市场信心。从中长期维度看，权益的配置价值明显，下半年投资策略重在把握好投资节奏，长短结合。短期而言，在经济触底回升过程中，顺周期相关板块经历上半年的充分调整，有望率先企稳；从中长期维度，考虑经济总量修复的空间、产业结构变迁、人口结构变化等因素，我们后续会在结构上进一步聚焦，重点把握科技创新、高端制造、产业升级、医药消费等方向的投资机会。下半年，政策变化仍是影响各类资产走势的关键，如果政策层面在稳定扩大内需、化解地方债务、激发微观主体活力等方面有更多积极举措，那么权益市场将迎来更大的修复空间。同样，受到政策和经济复苏进程的影响，下半年债市可能出现一定波动，我们将结合股债性价比等各项指标，对大类资产配置结构进行适时调整，不断优化和提升基金组合的风险收益比。","fund":{"_id":3000000016660,"__csrcFundId":12291,"stockCode":"016660","shortName":"招商和惠养老目标日期2045五年持有期混合发起式(FOF)(016660)","masterFundShortName":"招商和惠养老目标日期2045五年持有期混合发起式(FOF)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":16660,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:09:29.777Z","status":"normal","exchange":"jj","fundCollectionId":4000050210000,"name":"招商和惠养老目标日期2045五年持有期混合型发起式基金中基金（FOF）","inceptionDate":"2023-03-06T16:00:00.000Z","setUpDate":"2023-03-06T16:00:00.000Z","setUpAssetScale":120146641.95,"setUpShares":120146641.95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