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，在AI、机器人等TMT板块带动下市场明显反弹。国内债券市场收益率快速下行后，收益率明显回升，纯债型债券基金一季度普遍下跌。美股冲高回落，纳斯达克明显回调，而德国股市表现较好。商品方面，黄金继续大涨，原油宽幅震荡，豆粕底部反弹后有所回落。组合运作方面，我们继续采取多资产、多策略分散化投资的策略，在以境内资产配置为主基础上，继续配置境外资产和商品类资产。一季度，该策略在平滑波动和分散风险方面取得了较好的效果。境外权益资产方面，配置的美股有所下跌，对组合净值有所拖累，但配置的黄金为代表的商品资产为组合贡献了正收益。境内权益资产虽然有所上涨，但波动较大，分化明显，科技成长类表现较好而价值红利类表现较弱，分散化投资平抑了较多净值波动，组合净值表现较为平稳。在权益资产方面，随着美国经济走弱，美股估值处于高位，我们继续降低了美股的配置，小幅增配了部分港股资产。在债券资产方面，我们继续采取主动债券基金打底，辅助配置以绝对收益为导向的一二级债基等固收+基金的配置。在久期方面，我们将采取中性偏防御的配置结构，在信心不足的情况下，少参与或不参与长端利率债波段操作。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:12.884Z","fund":{"_id":3000000016731,"__csrcFundId":12355,"stockCode":"016731","shortName":"南方浩升稳健优选6个月持有混合（FOF）(016731)","masterFundShortName":"南方浩升稳健优选6个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":16731,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:12:29.623Z","status":"normal","exchange":"jj","name":"南方浩升稳健优选6个月持有期混合型基金中基金（FOF）","inceptionDate":"2023-05-17T16:00:00.000Z","setUpDate":"2023-05-17T16:00:00.000Z","setUpAssetScale":104714706.7,"setUpShares":104714706.7,"pinyin":"nfhswjyx6gycyqhhxjjzjj(fof)","managers":[{"stockCode":"db20574937","stockType":"fund_manager","exchange":"fm","tickerId":122312182150,"name":"李文良"},{"stockCode":"db20883439","stockType":"fund_manager","exchange":"fm","tickerId":41325229790,"name":"戴明洋"}]},"announcement":{"linkText":"南方浩升稳健优选6个月持有期混合型基金中基金（FOF）2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1277583","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1f47fea5b3eb0526264","date":"2024-12-30T16:00:00.000Z","stockId":3000000016731,"sao":"回顾2024年，国内宏观经济经历了预期和现实的强弱交替变化，全年呈现W型，一季度上演了小V型变化，但二三季度逐步趋弱预期不停下调，四季度上演大V型变化。四季度在一系列国内财政及货币政策发力的刺激下，宏观经济数据明显提升，地产销售数据大幅攀升，以旧换新带动家电需求释放，部分城市发放消费券也明显带动了餐饮链的修复。A股市场全年也呈现W型，一季度下跌后明显反弹，二三季度震荡下行，但四季度大幅反弹。四季度市场情绪快速飙升，随后虽然交易情绪有所回落，但整体维持高位，板块和个股交易活跃并轮动较快。债券市场在预期货币宽松的情况下收益率继续快速下行，收益率曲线整体大幅下移。整体而言，2024年全年国内股债市场均有较好的表现。海外市场方面，欧美股市全年震荡上行，录得较高的涨幅；美债收益率大幅上行，美元指数全年维持强势。大宗商品方面，黄金2024年大幅上涨，国际金价维持高位；而原油价格窄幅波动，全年表现一般。组合运作方面，我们2024年全年采取多资产、多策略分散化投资的策略，在以境内资产配置为主基础上，继续配置境外资产和商品类资产。从表现来看，该策略在2024年市场波动的过程中平滑波动和分散风险方面取得了较好的效果，境内外权益市场全年收涨，但过程中波动较大，分散化投资平抑了较多净值波动，组合净值表现较为平稳。在权益资产方面，境外资产由于以ETF配置为主，结合场内ETF折溢价情况，我们进行了买卖交易，并结合美股涨跌进行了小仓位的波段交易；A股资产方面，我们配置以大盘价值和低波红利为主，阶段性配置了部分小盘和成长标的进行风格分散。在债券资产方面，我们继续采取主动债券基金打底，辅助配置以绝对收益为导向的一二级债基配置的配置，同时，小仓位参与长端利率债工具进行波动交易。整体而言，在组合运作方面，我们进行了较为积极的多资产动态管理，在2024年组合取得了较好的净值表现。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:12.881Z","mo":"展望后市，我们认为2025年政策端将继续发力，宏观经济基本面大概率继续表现平稳。虽然股票资产经历了四季度的快速上涨，估值明显修复，但整体而言A股资产配置价值依然突出，我们将持续观察政策效果和基本面反馈，若基本面得到确认，我们将在策略上进一步上调股票资产至大幅超配的策略。债券资产方面，我们认为降息降准仍有空间，但近期收益率水平大幅下行，我们认为债券资产的配置价值有限，策略上我们将适当防御，降低债券资产的配置久期，积极关注收益率变化动态调仓。境外资产方面，我们继续看好境外债高票息的配置价值，积极关注欧美股票资产由于盈利不达预期可能带来的回调，从相关性角度来看，海外资产配置价值突出，我们将继续高度关注和积极参与海外资产的多元化分散配置价值。大宗商品方面，我们继续看好黄金，铜铝、原油均维持宽幅震荡。在配置策略上，我们在2025年将继续贯彻多资产、多策略分散化投资的策略，在以境内资产配置为主基础上，适当配置境外资产和商品类资产，利用资产价格波动和估值水平积极进行再平衡。具体到A股资产方面，我们认为科技创新引领全球经济发展的趋势已然形成，科技成长今年或有非常多的机会，因此，我们将在组合中积极增加配置科技基金提供相应暴露，另外，在资金较为充裕和交易活跃度提升的背景下，我们认为小盘成长的投资机会也将大概率优于红利板块。另外，我们将观察市场动态变化，若我们观察到流动性进一步充裕，市场情绪进一步提升，我们将进一步提升小盘标的的配置；另外，若我们观察到科技创新领域在国内进一步发展，产业上有明显突破，且对海外扰动因素钝化后，我们也将进一步增配相关科技成长标的。在债券资产方面，我们认为今年在债券资产方面进攻的性价比不高，票息保护不足的情况下，收益率波动将加大债市波动，且收益预期较低，因此债券资产配置我们将采取防御的策略，长债利率工具将不再是我们的主要配置工具，我们将以主动债基和短债基金进行配置，若收益率明显回调，我们将择机采取利率工具进行收益增厚。","fund":{"_id":3000000016731,"__csrcFundId":12355,"stockCode":"016731","shortName":"南方浩升稳健优选6个月持有混合（FOF）(016731)","masterFundShortName":"南方浩升稳健优选6个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":16731,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:12:29.623Z","status":"normal","exchange":"jj","name":"南方浩升稳健优选6个月持有期混合型基金中基金（FOF）","inceptionDate":"2023-05-17T16:00:00.000Z","setUpDate":"2023-05-17T16:00:00.000Z","setUpAssetScale":104714706.7,"setUpShares":104714706.7,"pinyin":"nfhswjyx6gycyqhhxjjzjj(fof)","managers":[{"stockCode":"db20574937","stockType":"fund_manager","exchange":"fm","tickerId":122312182150,"name":"李文良"},{"stockCode":"db20883439","stockType":"fund_manager","exchange":"fm","tickerId":41325229790,"name":"戴明洋"}]},"announcement":{"linkText":"南方浩升稳健优选6个月持有期混合型基金中基金（FOF）2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1258364","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1f47fea5b3eb0526263","date":"2024-09-29T16:00:00.000Z","stockId":3000000016731,"sao":"三季度美国宏观经济基本面有所走弱，同时，通胀水平已有所控制，美联储首次降息如预期在三季度落地，降息50bp，黄金走强，美元指数走弱，RMB汇率有所走强。在此背景下，国内政策空间和时机开启。为支持宏观经济基本面走稳，扭转房地产市场颓势，9月底，国内政策面全面发力，力度空前。相应的，市场情绪和风险偏好得到大幅提振，A股和港股市场迎来大幅上涨，成交量攀升；债券市场明显回调，收益率水平明显上升，信用利差走阔。相较而言，境外股票市场表现偏弱，美股高位震荡，日本股市有所回调;在美联储首次降息落地后，美债收益率有所回升。大宗商品方面，黄金依然表现突出，铜铝也有明显反弹，而原油受地缘冲突影响下跌后快速回升，商品价格波动加大。组合运作方面，我们继续采取多资产、多策略分散化投资的策略，在以境内资产配置为主基础上，继续配置境外资产和商品类资产。三季度，该策略在平滑波动和分散风险方面取得了较好的效果，七八月份境内权益资产表现偏弱的时候海外资产上涨对净值有所保护，而月底A股资产大幅上涨对净值也有明显贡献，因此多资产配置在市场波动过程中组合净值表现整体较为平稳。在权益资产方面，随着A股市场大幅上涨，我们小幅降低了A股资产的仓位，减少了超配部分，同时，随着境外资产相关标的的场内份额的溢价降低，我们小幅增配了境外权益资产。在债券资产方面，我们继续采取主动债券基金打底，辅助配置以绝对收益为导向的一二级债基的配置。在久期方面，由于债券收益率明显回调，我们择机小幅增配了长久期利率品种。展望后市，我们认为在全面发力的政策支持下，宏观经济基本面大概率会企稳，但需观察基本面的印证。由于股票资产领先于基本面快速上涨，估值明显修复，我们将采取中性乐观的策略，维持偏中性的仓位，若基本面得到确认，我们将上调至超配的策略。债券资产方面，我们认为降息降准仍有空间，广谱利率仍然处于下降通道过程中，近期收益率水平有所调整，因此，我们看好债券资产配置价值，但我们也认为收益率继续下行幅度将有限。境外资产方面，我们继续看好境外债高票息的配置价值，积极关注欧美股票资产由于盈利不达预期可能带来的回调。大宗商品方面，我们继续看好黄金，铜铝、原油均维持宽幅震荡。总结而言，在配置策略上，我们将继续贯彻多资产、多策略分散化投资的策略，在以境内资产配置为主基础上，适当配置境外资产和商品类资产，利用资产价格波动和估值水平积极进行再平衡。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:12.879Z","fund":{"_id":3000000016731,"__csrcFundId":12355,"stockCode":"016731","shortName":"南方浩升稳健优选6个月持有混合（FOF）(016731)","masterFundShortName":"南方浩升稳健优选6个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":16731,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:12:29.623Z","status":"normal","exchange":"jj","name":"南方浩升稳健优选6个月持有期混合型基金中基金（FOF）","inceptionDate":"2023-05-17T16:00:00.000Z","setUpDate":"2023-05-17T16:00:00.000Z","setUpAssetScale":104714706.7,"setUpShares":104714706.7,"pinyin":"nfhswjyx6gycyqhhxjjzjj(fof)","managers":[{"stockCode":"db20574937","stockType":"fund_manager","exchange":"fm","tickerId":122312182150,"name":"李文良"},{"stockCode":"db20883439","stockType":"fund_manager","exchange":"fm","tickerId":41325229790,"name":"戴明洋"}]},"announcement":{"linkText":"南方浩升稳健优选6个月持有期混合型基金中基金（FOF）2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1180821","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1f47fea5b3eb0526262","date":"2024-06-29T16:00:00.000Z","stockId":3000000016731,"sao":"回顾上半年宏观经济基本面，投资和消费较预期偏弱，进出口较预期偏强，财政政策较为克制，货币政策维持宽松，通胀处于低位，社融数据较为平淡。投资继续受房地产及产业链拖累，虽然多项地产政策推出，包括下调首付比至历史新低、取消房贷利率下限和支持地方政府收储等多项举措，政策宽松力度远超市场预期，但房地产新开工及销售等数据依然较弱。消费方面，由于收入预期疲软消费降级明显，白酒批价下滑也反应高端消费疲软。进出口方面，高端制造表现突出，具备全球竞争力的企业在进出口方面取得不错的成绩，出口数据表现亮眼。反映到资本市场上，A股上半年整体偏弱，但制造业和出口相关、具备全球竞争力的上市公司表现较好，而产能利用率较低，现金流创造能力较弱的公司表现较弱，以上证50和沪深300为代表的大市值公司表现较好，而以中证500和中证1000为代表的中小市值公司表现较弱；债券市场上半年表现突出，债券收益率普遍下行，收益率水平、信用利差和期限利差都处于历史低位。境外资产方面，美股再创新高后有所回调，日本股市创出历史新高后高位震荡；在美联储降息预期不断修正背景下，美债收益率大幅波动，整体有所下行。大宗商品呈现冲高回落调整的态势，黄金依然表现突出，铜铝大幅上涨后明显回调，原油维持宽幅震荡。组合运作方面，我们继续采取多资产、多策略分散化投资的策略，在以境内资产配置为主基础上，适当配置境外资产和商品类资产。该策略在平滑波动和分散风险方面取得了较好的效果，在市场波动过程中组合净值表现整体较为平稳。在权益资产方面，我们采取小幅超配境内权益，利用低相关的境外权益资产和商品类资产来平抑波动，境内权益资产我们采取均衡偏价值、偏大盘的策略，在今年以来也取得了较好效果。在债券资产方面，我们采取主动债券基金打底，辅助配置以绝对收益为导向的一二级债基配置，在久期方面，由于债券收益率处于历史低位，我们采取了较为保守的久期策略。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:12.876Z","mo":"展望下半年宏观经济基本面，投资和消费或继续延续弱势，而出口链若在特朗普当选后或迎来压力，因此我们认为下半年政策端或有所发力。下半年美联储或迎来首次降息，外部约束将有所缓和，国内货币政策将维持宽松，不排除进一步降准降息的可能。无论是财政政策还是货币政策，政策端的发力将增强经济基本面修复的信心，这将有望带动风险资产估值的修复。A股市场经历较长时间的回调后估值处于历史低位，配置价值突出，因此我们看好A股资产的配置价值。债券资产方面，我们认为光谱利率处于下降通道过程中，但由于债券收益率水平已处于历史低位，因此，我们看好债券资产配置价值，但需降低收益率继续下行幅度的预期。境外资产方面，我们看好境外债高票息的配置价值，积极关注欧美股票资产由于盈利不达预期可能带来的回调。大宗商品方面，我们继续看好黄金，铜铝、原油均维持宽幅震荡。在配置策略上，我们将继续贯彻多资产、多策略分散化投资的策略，在以境内资产配置为主基础上，适当配置境外资产和商品类资产。","fund":{"_id":3000000016731,"__csrcFundId":12355,"stockCode":"016731","shortName":"南方浩升稳健优选6个月持有混合（FOF）(016731)","masterFundShortName":"南方浩升稳健优选6个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":16731,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:12:29.623Z","status":"normal","exchange":"jj","name":"南方浩升稳健优选6个月持有期混合型基金中基金（FOF）","inceptionDate":"2023-05-17T16:00:00.000Z","setUpDate":"2023-05-17T16:00:00.000Z","setUpAssetScale":104714706.7,"setUpShares":104714706.7,"pinyin":"nfhswjyx6gycyqhhxjjzjj(fof)","managers":[{"stockCode":"db20574937","stockType":"fund_manager","exchange":"fm","tickerId":122312182150,"name":"李文良"},{"stockCode":"db20883439","stockType":"fund_manager","exchange":"fm","tickerId":41325229790,"name":"戴明洋"}]},"announcement":{"linkText":"南方浩升稳健优选6个月持有期混合型基金中基金（FOF）2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1153860","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1f47fea5b3eb0526261","date":"2024-03-30T16:00:00.000Z","stockId":3000000016731,"sao":"回顾一季度市场表现，A股市场探底回升，1月份大幅下跌，2月份企稳大幅回升，3月份震荡上行，上证指数一季度整体收涨。债券市场今年以来表现突出，长端利率大幅下行至历史低位，信用利差也压缩至极低水平，收益率曲线非常平坦。境外资产来看，以日本和美股为代表的境外权益表现较好，上涨明显，而以美债为代表的境外债表现一般，美债收益率上行幅度较大。大宗商品在一季度表现突出，国际金价大幅上涨，铜铝等金属价格跟涨，原油价格上涨幅度较大，而铁矿石、煤炭下跌明显。南方浩升采取多资产、多策略的分散化配置策略。在资产端，配置了境内权益、境外权益、境内债券、境外债券以及大宗商品多资产，在策略上，既配置了主动品种和指数增强品种，也配置了指数工具ETF产品等，在风格端，我们既配置了价值品种，也配置了成长品种，整体风格为均衡偏价值。在多资产配置基础上，我们优选各个资产中的绩优品种构建组合，并进行跟踪和优化。通过以上策略，组合在一季度市场波动过程中净值表现平稳，回撤相对可控，并在市场反弹过程中迎来了较好的净值修复。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:12.873Z","fund":{"_id":3000000016731,"__csrcFundId":12355,"stockCode":"016731","shortName":"南方浩升稳健优选6个月持有混合（FOF）(016731)","masterFundShortName":"南方浩升稳健优选6个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":16731,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:12:29.623Z","status":"normal","exchange":"jj","name":"南方浩升稳健优选6个月持有期混合型基金中基金（FOF）","inceptionDate":"2023-05-17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