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股市场呈现先抑后扬型走势，期间上证指数收益率为-0.48%，沪深300指数收益率为-1.21%，创业板指数收益率为-1.77%。机器人、AI等主题在一季度表现活跃。　　我们观察到，从四季度开始，我国的经济不管从宏观还是企业微观层面都出现了不同程度的好转，中国经济体现出很强的韧性。在科技创新层面，中国企业也表现出强大的爆发力，Deepseek的出现让市场对于中国科技的信心重新点燃。我们在一季度加仓了有色金属仓位，基于产能供应限制和需求提升的双重作用，我们认为电解铝企业的盈利能力和现金流创造能力将会迈进新台阶，而且过去几年资产负债表的改善也对未来的股东回报能力带来更多空间。其次，我们从去年三季度开始建仓潮玩龙头，我们认为其是少数不通过成本优势和价格竞争，在海外获得国际消费者广泛认可的中国消费品牌。过去中国消费企业出口海外一般是依靠国内较为低价的人力和原材料价格以及规模效应，通过更优的性价比来获取海外消费者，而潮玩龙头其表现出来的产品力和渠道能力，更容易获得消费者粘性和品牌溢价。第三，我们适当减持了能源持仓，基于该类公司目前的股息率处于合理水平，而在经济好转的背景下我们想提高组合的风险偏好。　　展望二季度，国际形势和宏观环境仍然充满变化。科技股方面，我们将视其未来预期收益率进行投资。消费股方面，我们仍持看好观点，不少长期现金流优异的消费股已经被低估，其股息率也并不低于传统认知的红利股，放在更长的时间维度，我们认为其能带给我们较好的回报。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:10.504Z","fund":{"_id":3000000016713,"__csrcFundId":11922,"stockCode":"016713","shortName":"长信均衡策略一年持有混合(016713)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16713,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:23:39.142Z","status":"normal","exchange":"jj","fundCollectionId":4000050260000,"name":"长信均衡策略一年持有期混合型证券投资基金","inceptionDate":"2022-12-12T16:00:00.000Z","setUpDate":"2022-12-12T16:00:00.000Z","setUpAssetScale":150108804.15,"setUpShares":150108804.15,"pinyin":"cxjhclyncyqhhxzqtzjj","masterFundShortName":"长信均衡策略一年持有混合"},"announcement":{"linkText":"长信均衡策略一年持有期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=1274235","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1f27fea5b3eb0525fbe","date":"2024-12-30T16:00:00.000Z","stockId":3000000016713,"sao":"报告期内，宏观经济平稳复苏，市场预期转强。9月底的政策给市场带来了信心和流动性，而政策的刺激并不能很快的反映在公司的业绩上。本基金仍然从基本面出发，兑现了部分因政策影响涨幅较大的收益，并且加仓了前期回调到位的高息红利标的和上游资源类标的。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:10.497Z","mo":"从春节后的二手房交易数据来看，一线城市的成交量出现了明显的回暖，政策的推动和相对低价促进了一部分买家进场。我们认为宏观经济的仍然在转暖，所以我们对市场的中期表现保持乐观态度，但对股价已经上行较多主要反应预期的股票保持谨慎。一季度我们将继续优选有中长期逻辑，估值合理，股东回报高，业绩兑现度高的标的。","fund":{"_id":3000000016713,"__csrcFundId":11922,"stockCode":"016713","shortName":"长信均衡策略一年持有混合(016713)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16713,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:23:39.142Z","status":"normal","exchange":"jj","fundCollectionId":4000050260000,"name":"长信均衡策略一年持有期混合型证券投资基金","inceptionDate":"2022-12-12T16:00:00.000Z","setUpDate":"2022-12-12T16:00:00.000Z","setUpAssetScale":150108804.15,"setUpShares":150108804.15,"pinyin":"cxjhclyncyqhhxzqtzjj","masterFundShortName":"长信均衡策略一年持有混合"},"announcement":{"linkText":"长信均衡策略一年持有期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=1248487","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1f27fea5b3eb0525fbd","date":"2024-09-29T16:00:00.000Z","stockId":3000000016713,"sao":"整体看，2024年三季度A股市场呈现调整后急速反弹的走势，期间上证指数上涨12.44%，沪深 300 指数上涨16.07%，创业板指数上涨 29.21%，创业板走势好于其他走势。　　在九月底前，本基金出于控制回撤的考虑，适当降低了仓位。但是我们仍然保持我们的观点，目前经济形势仍在政府可控范围内，经济政策也有持续释放的可能，部分商业模式优秀的公司的估值已经接近历史低点，我们对长期的消费复苏和消费升级充满信心。九月底，随着一系列刺激政策的出台，市场的流动性迅速好转，呈现出急涨的态势。　　展望四季度，我们认为在现有积极政策影响下，市场再次下探到极端位置的概率很小。由于前期市场上涨速度较快，修复了前期的预期，需要一段时间消化整理。目前整体市场估值仍然偏低，我们将严格筛选质地优秀，估值合理，经营趋势向上的个股构建组合。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:10.488Z","fund":{"_id":3000000016713,"__csrcFundId":11922,"stockCode":"016713","shortName":"长信均衡策略一年持有混合(016713)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16713,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:23:39.142Z","status":"normal","exchange":"jj","fundCollectionId":4000050260000,"name":"长信均衡策略一年持有期混合型证券投资基金","inceptionDate":"2022-12-12T16:00:00.000Z","setUpDate":"2022-12-12T16:00:00.000Z","setUpAssetScale":150108804.15,"setUpShares":150108804.15,"pinyin":"cxjhclyncyqhhxzqtzjj","masterFundShortName":"长信均衡策略一年持有混合"},"announcement":{"linkText":"长信均衡策略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=1176678","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1f27fea5b3eb0525fbc","date":"2024-06-29T16:00:00.000Z","stockId":3000000016713,"sao":"由于二季度资源和金属价格冲高，股价反应比较充分，我们适当减持了该板块的标的。另外，我们认为在市场下探期间，部分商业模式优秀的公司的估值已经接近历史低点。虽然市场对于国内消费复苏的节奏有所争议，但是我们仍然对长期的消费复苏和消费升级充满信心。其中一些调整幅度较大的消费标的股息率已经达到非常可观的地步，甚至高于一些传统意义上的红利资产。这些标的在短期经营增速上可能有所降速，但是随着资本开支周期接近尾声，未来分红比例可能提升，该类公司的未来现金流入和ROE都可能是向上的趋势，符合高质量发展的目标，带给我们低价买入优秀资产的机会，其长期的风险收益比已然较高。　　除此以外，本基金还持有了部分高股息标的获得了较好的回报。我们投资该类资产的初心，就是长期持有，获得股息后分红再投资。目前看，虽然短期股票涨幅较大，但即使在悲观预期下，我们所持有的高股息标的的股息率仍有吸引力。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:10.485Z","mo":"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，我们认为目前市场估值水平较低，我们将继续优选有中长期逻辑，估值合理，股东回报高，业绩兑现度高的标的。","fund":{"_id":3000000016713,"__csrcFundId":11922,"stockCode":"016713","shortName":"长信均衡策略一年持有混合(016713)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16713,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:23:39.142Z","status":"normal","exchange":"jj","fundCollectionId":4000050260000,"name":"长信均衡策略一年持有期混合型证券投资基金","inceptionDate":"2022-12-12T16:00:00.000Z","setUpDate":"2022-12-12T16:00:00.000Z","setUpAssetScale":150108804.15,"setUpShares":150108804.15,"pinyin":"cxjhclyncyqhhxzqtzjj","masterFundShortName":"长信均衡策略一年持有混合"},"announcement":{"linkText":"长信均衡策略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=1148647","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1f27fea5b3eb0525fbb","date":"2024-03-30T16:00:00.000Z","stockId":3000000016713,"sao":"整体看，2024 年一季度 A 股市场呈现V型走势，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%，沪深300走势好于中小板指和创业板指。我们在年初市场下探期间，察觉到部分商业模式优秀的公司的估值已经接近历史低点，长期将获得可观且确定性强的收益率，于是我们加仓了该类资产。同时，由于全球上游资本开支长期不足，海外ESG导致新建资源产能时间拉长，我们认为资源品价格将在较长时间内保持高位，因此我们在一季度加仓了有色金属和其他资源品板块。展望二季度，我们认为，房地产数据在一二线城市放松后，数据有所好转。从股票投资的角度来看，现在我们看到了政策面的持续改善，后面我们可以期待更多政策的出台，今年经济会有一个更强的表现。正如我们在四季报时所说，我们对市场的中期表现保持乐观态度。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:10.482Z","fund":{"_id":3000000016713,"__csrcFundId":11922,"stockCode":"016713","shortName":"长信均衡策略一年持有混合(016713)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16713,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:23:39.142Z","status":"normal","exchange":"jj","fundCollectionId":4000050260000,"name":"长信均衡策略一年持有期混合型证券投资基金","inceptionDate":"2022-12-12T16:00:00.000Z","setUpDate":"2022-12-12T16:00:00.000Z","setUpAssetScale":150108804.15,"setUpShares":150108804.15,"pinyin":"cxjhclyncyqhhxzqtzjj","masterFundShortName":"长信均衡策略一年持有混合"},"announcement":{"linkText":"长信均衡策略一年持有期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=1073614","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1f27fea5b3eb0525fba","date":"2023-12-30T16:00:00.000Z","stockId":3000000016713,"sao":"报告期内，宏观经济复苏。我们总体上维持均衡配置的思路，从四季度开始增配了煤炭、消费、互联网等被低估的板块。我们认为拉长到两三年的维度看，部分板块已经凸显出了非常明显的投资价值，长期风险收益比已经非常有吸引力。虽然短期我们无法判断其走势，但是我们相信其内在价值的回归。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:10.479Z","mo":"我们认为从宏观的经济指标来看，房地产数据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，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。明年我们将优选有中长期逻辑，估值合理，股东回报高，业绩兑现度高的标的。","fund":{"_id":3000000016713,"__csrcFundId":11922,"stockCode":"016713","shortName":"长信均衡策略一年持有混合(016713)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16713,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:23:39.142Z","status":"normal","exchange":"jj","fundCollectionId":4000050260000,"name":"长信均衡策略一年持有期混合型证券投资基金","inceptionDate":"2022-12-12T16:00:00.000Z","setUpDate":"2022-12-12T16:00:00.000Z","setUpAssetScale":150108804.15,"setUpShares":150108804.15,"pinyin":"cxjhclyncyqhhxzqtzjj","masterFundShortName":"长信均衡策略一年持有混合"},"announcement":{"linkText":"长信均衡策略一年持有期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=1056311","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1f27fea5b3eb0525fb9","date":"2023-09-29T16:00:00.000Z","stockId":3000000016713,"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":"2026-03-09T13:58:10.477Z","fund":{"_id":3000000016713,"__csrcFundId":11922,"stockCode":"016713","shortName":"长信均衡策略一年持有混合(016713)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16713,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:23:39.142Z","status":"normal","exchange":"jj","fundCollectionId":4000050260000,"name":"长信均衡策略一年持有期混合型证券投资基金","inceptionDate":"2022-12-12T16:00:00.000Z","setUpDate":"2022-12-12T16:00:00.000Z","setUpAssetScale":150108804.15,"setUpShares":150108804.15,"pinyin":"cxjhclyncyqhhxzqtzjj","masterFundShortName":"长信均衡策略一年持有混合"},"announcement":{"linkText":"长信均衡策略一年持有期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=994756","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1f27fea5b3eb0525fb8","date":"2023-06-29T16:00:00.000Z","stockId":3000000016713,"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":"2026-03-09T13:58:10.473Z","mo":"我们认为从宏观的经济指标来看，下半年经济指标要实现很快的反弹是有难度的，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。虽然未来几个月我们很难马上看到数据层面的改善，但从股票投资的角度来看，现在我们至少看到了政策面的改善。六月份，7天回购利率、MLF 和 LPR 都有 10 个基点的下调，其实已经非常明确地表达了政府的政策意图，后面我们可以预期其他政策（包括地产、财政和产业方面）的出台。　　当前应该是最差的时刻，主动去库存也到了尾声，政策底已经看到，下半年我们会看到经济底，明年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。今年下半年我们优选有中长期逻辑，估值合理，业绩兑现度高的标的。","fund":{"_id":3000000016713,"__csrcFundId":11922,"stockCode":"016713","shortName":"长信均衡策略一年持有混合(016713)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16713,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:23:39.142Z","status":"normal","exchange":"jj","fundCollectionId":4000050260000,"name":"长信均衡策略一年持有期混合型证券投资基金","inceptionDate":"2022-12-12T16:00:00.000Z","setUpDate":"2022-12-12T16:00:00.000Z","setUpAssetScale":150108804.15,"setUpShares":150108804.15,"pinyin":"cxjhclyncyqhhxzqtzjj","masterFundShortName":"长信均衡策略一年持有混合"},"announcement":{"linkText":"长信均衡策略一年持有期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=965172","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1f27fea5b3eb0525fb7","date":"2023-03-30T16:00:00.000Z","stockId":3000000016713,"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处于较低水平。   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":"2026-03-09T13:58:10.471Z","fund":{"_id":3000000016713,"__csrcFundId":11922,"stockCode":"016713","shortName":"长信均衡策略一年持有混合(016713)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16713,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:23:39.142Z","status":"normal","exchange":"jj","fundCollectionId":4000050260000,"name":"长信均衡策略一年持有期混合型证券投资基金","inceptionDate":"2022-12-12T16:00:00.000Z","setUpDate":"2022-12-12T16:00:00.000Z","setUpAssetScale":150108804.15,"setUpShares":150108804.15,"pinyin":"cxjhclyncyqhhxzqtzjj","masterFundShortName":"长信均衡策略一年持有混合"},"announcement":{"linkText":"长信均衡策略一年持有期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=884786","linkType":"PDF","source":"csrc_pdf"}}]}