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，扭转了资本市场的预期，让投资者看到了多个行业率先走出通缩的可能性，因此股票市场的表现明显强于实体经济。　　我们认为“反内卷”政策的出台恰逢其时，如果能在传统行业和新兴行业同时发力推升价格，则有望通过拉动劳动力需求的方式提升收入预期，因此组合保持了与上半年相似的结构。长期战略品种方面，组合维持动力电池龙头和高端白酒龙头的配置；经营周期品种方面，组合增配了需求侧有望超预期的资源行业龙头。","lastUpdated":"2026-03-09T13:08:53.738Z","fund":{"_id":3000000002378,"stockCode":"002378","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-18T16:00:00.000Z","setUpScale":4447980000,"market":"a","tickerId":2378,"custody":"中国光大银行股份有限公司","name":"建信弘利灵活配置混合型证券投资基金","shortName":"建信弘利灵活配置混合(002378)","fundSecondLevel":"hybrid","__csrcFundId":4476,"fundStatus":"normal","lastUpdated":"2026-04-30T18:27:15.247Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050500000,"currency":"CNY","masterFundShortName":"建信弘利灵活配置混合","pinyin":"jxhllhpzhhxzqtzjj","managers":[{"stockCode":"db20830407","stockType":"fund_manager","exchange":"fm","tickerId":231211214760,"name":"王麟锴"}]},"announcement":{"linkText":"建信弘利灵活配置混合型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1371447","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6657fea5b3eb0457b0c","date":"2025-06-29T16:00:00.000Z","stockId":3000000002378,"sao":"2025年上半年，实体经济复苏依然波折，宏观流动性延续宽松。上半年沪深300指数上涨0.03%。　　实体经济层面，一季度经济出现复苏迹象，但二季度环比再度走弱。上半年消费者信心指数仍在较低位置，居民消费行为倾向于保守，国内二手房销售改善的持续性较弱，制造业面临大宗商品价格下行的压力，盈利状况低迷。　　由于上半年宏观总需求复苏较弱，流动性政策在短暂收紧后再次宽松，并外溢到股票市场，导致主题投资的特征更明显。　　虽然总需求复苏较弱，但主要是周期性的而非结构性的，因此组合保持了相对稳定的结构。组合维持了对高端白酒龙头和动力电池龙头的战略配置，我们认为长期战略品种最重要的特征就是穿越周期实现复利成长的能力，白酒需求在二季度面临冲击，但龙头白酒公司的品牌优势足以保证其实现增长。经营周期品种方面，组合基于当前消费环境对地方性名酒进行减仓，增配与当前消费环境弱相关的宠物食品龙头。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:53.735Z","mo":"展望2025年下半年的实体经济，消费需求依然较弱，通过托底性消费补贴改善消费者信心的难度较大。我们更关注建设全国统一大市场，推动要素价格回归合理位置的“反内卷”相关政策，商务消费需求有望在商品价格修复的过程中率先迎来复苏。流动性层面，伴随美联储降息预期提升，人民币汇率压力减小，国内流动性政策大概率保持宽松，继续呵护资本市场。","fund":{"_id":3000000002378,"stockCode":"002378","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-18T16:00:00.000Z","setUpScale":4447980000,"market":"a","tickerId":2378,"custody":"中国光大银行股份有限公司","name":"建信弘利灵活配置混合型证券投资基金","shortName":"建信弘利灵活配置混合(002378)","fundSecondLevel":"hybrid","__csrcFundId":4476,"fundStatus":"normal","lastUpdated":"2026-04-30T18:27:15.247Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050500000,"currency":"CNY","masterFundShortName":"建信弘利灵活配置混合","pinyin":"jxhllhpzhhxzqtzjj","managers":[{"stockCode":"db20830407","stockType":"fund_manager","exchange":"fm","tickerId":231211214760,"name":"王麟锴"}]},"announcement":{"linkText":"建信弘利灵活配置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=1345592","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6657fea5b3eb0457b0b","date":"2025-03-30T16:00:00.000Z","stockId":3000000002378,"sao":"2025年一季度，在宽松流动性环境下，实体经济出现向好迹象。一季度沪深300指数下跌1.21%。　　实体经济层面，伴随财政和货币政策的逐步落地，一季度宏观总需求环比改善。今年1-2月，我们看到一线城市的房地产成交数据持续改善，也看到居民日常出行等消费场景逐步复苏。虽然外需的波动依然较大，但国内房地产和地方债风险充分释放的当下，我们对未来内需复苏的持续性仍持相对乐观的态度。　　由于宏观总需求的改善，市场资金成本比24年年底时有所提升，但在央行适度宽松货币政策的呵护下，整体流动性仍然充裕。　　组合方面，基于总需求逐步改善的判断，我们总体保持了组合的结构。长期战略品种配置上，我们重点布局品牌竞争优势明显的白酒企业，和掌控新能源汽车产业链关键环节的电池龙头。经营周期品种配置上，我们保持了对地方性名酒的重点配置，本季度获得了较好的相对收益表现。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:53.733Z","fund":{"_id":3000000002378,"stockCode":"002378","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-18T16:00:00.000Z","setUpScale":4447980000,"market":"a","tickerId":2378,"custody":"中国光大银行股份有限公司","name":"建信弘利灵活配置混合型证券投资基金","shortName":"建信弘利灵活配置混合(002378)","fundSecondLevel":"hybrid","__csrcFundId":4476,"fundStatus":"normal","lastUpdated":"2026-04-30T18:27:15.247Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050500000,"currency":"CNY","masterFundShortName":"建信弘利灵活配置混合","pinyin":"jxhllhpzhhxzqtzjj","managers":[{"stockCode":"db20830407","stockType":"fund_manager","exchange":"fm","tickerId":231211214760,"name":"王麟锴"}]},"announcement":{"linkText":"建信弘利灵活配置混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1268424","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6657fea5b3eb0457b0a","date":"2024-12-30T16:00:00.000Z","stockId":3000000002378,"sao":"2024年国内实体经济波动较大，宏观流动性偏宽松，沪深300指数全年上涨14.68%。　　2024年实体经济的主线是“房价下跌对消费的冲击”。一季度我们从数据上看到了疫后居民消费信心的显著恢复；但进入6月后，国内各项消费数据明显弱于一季度，我们判断主因是居民资产负债表受到房价下跌的冲击，消费意愿明显减弱；下半年消费持续走弱，9月底宏观经济刺激政策逐步出台，但在年内还无法扭转低迷的总需求。　　2024年我国流动性政策整体偏宽松，核心也是政策层看到总需求走弱后，希望通过宽松的货币政策实现经济托底，年底的名义利率已经接近08年美国金融风暴冲击时的水平。　　2024年经济整体偏弱，但在宏观货币政策和财政政策配合下，宏观上基本实现了房地产的软着陆，并未出现经济要素明显错配的现象，因此组合维持了对长期战略品种和经营周期品种的持续重仓，并适当增配了具备出海竞争力的企业。虽然2024年三季度消费走弱成为市场焦点，引发消费蓝筹个股的超卖，导致我们的重仓品种下跌较多，但基于房地产周期软着陆的判断，我们认为消费蓝筹个股的估值修复不会等太久。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:53.730Z","mo":"2024年本应是疫后“疤痕效应”的恢复之年，但实际上近两年持续下行的房价被动拉升了居民部门的债务率，抑制了本轮国内消费的恢复。值得庆幸的是，政策层已经看到了当前经济运行中的问题，提出了“保持流动性充裕”的货币政策目标，以及更积极的财政政策目标。　　2025年伴随政策的全面落地，我们对实体需求改善持乐观态度，继续维持对长期战略品种和经营周期品种的配置比例，并在更大的范围中积极寻找符合我们投资框架的经营周期品种。","fund":{"_id":3000000002378,"stockCode":"002378","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-18T16:00:00.000Z","setUpScale":4447980000,"market":"a","tickerId":2378,"custody":"中国光大银行股份有限公司","name":"建信弘利灵活配置混合型证券投资基金","shortName":"建信弘利灵活配置混合(002378)","fundSecondLevel":"hybrid","__csrcFundId":4476,"fundStatus":"normal","lastUpdated":"2026-04-30T18:27:15.247Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050500000,"currency":"CNY","masterFundShortName":"建信弘利灵活配置混合","pinyin":"jxhllhpzhhxzqtzjj","managers":[{"stockCode":"db20830407","stockType":"fund_manager","exchange":"fm","tickerId":231211214760,"name":"王麟锴"}]},"announcement":{"linkText":"建信弘利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=1248186","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6657fea5b3eb0457b09","date":"2024-09-29T16:00:00.000Z","stockId":3000000002378,"sao":"2024年三季度，实体经济增速继续放缓，宏观流动性环比进一步宽松。股票市场在9下旬之前持续低迷，9月24日国内政策转向积极后开启快速反弹，整个三季度沪深300指数上涨16.07%。　　实体经济层面，二季度我们看到了国内消费者对于未来收入的担忧，打断了疫后“疤痕效应”的恢复，需求低迷持续到三季度，并从C端企业向B端企业扩散。流动性层面，由于经济增速继续放缓的压力较大，宏观流动性环比二季度进一步宽松。　　三季度股票市场的波动较大。9月下旬之前市场持续低迷，主因是流动性宽松并未带动需求复苏，短周期的需求疲弱时间过长，引发投资者对于长周期经济风险的担忧，进而集中抛售蓝筹公司股票。但9月24日国新办新闻发布会在货币政策、地产、资本市场等方面打出政策组合拳后，投资者对于长期发展的过度担心迅速纠偏，股票市场快速反弹。　　我们认为三季度的需求走弱属于良性的短周期波动，实体经济的要素配置依然保持市场化运行，长期增长动能依然清晰，因此组合继续保持对长期战略品种和经营周期品种的集中持仓。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:53.727Z","fund":{"_id":3000000002378,"stockCode":"002378","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-18T16:00:00.000Z","setUpScale":4447980000,"market":"a","tickerId":2378,"custody":"中国光大银行股份有限公司","name":"建信弘利灵活配置混合型证券投资基金","shortName":"建信弘利灵活配置混合(002378)","fundSecondLevel":"hybrid","__csrcFundId":4476,"fundStatus":"normal","lastUpdated":"2026-04-30T18:27:15.247Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050500000,"currency":"CNY","masterFundShortName":"建信弘利灵活配置混合","pinyin":"jxhllhpzhhxzqtzjj","managers":[{"stockCode":"db20830407","stockType":"fund_manager","exchange":"fm","tickerId":231211214760,"name":"王麟锴"}]},"announcement":{"linkText":"建信弘利灵活配置混合型证券投资基金2024年度第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1170564","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6657fea5b3eb0457b08","date":"2024-06-29T16:00:00.000Z","stockId":3000000002378,"sao":"2024年上半年实体经济几经波折，宏观流动性持续宽松。上半年沪深300指数上涨0.89%。　　实体经济层面，上半年经济走出“疤痕效应”的过程一波三折。一季度我们从数据上看到了居民消费信心的显著恢复，进入5月后，国内各项消费数据明显弱于一季度，消费恢复的趋势被打断。流动性层面，由于居民消费信心持续走弱，经济增速放缓的压力较大，因此宏观流动性持续宽松。　　我们认为，长期稳健的宏观环境下，股票市场的超额收益主要来自于少数超级成长股，因此将重仓长期竞争力突出的企业作为第一原则。目前组合的构成主要包括复合成长性最强的长期战略品种，及阶段性加速的经营周期品种。　　虽然上半年经济波动较大，但尚未看到长期要素错配等经济问题，宏观经济增长仍处于稳健的状态，因此组合维持了对以上两类投资机会的重仓。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:53.725Z","mo":"展望2024年下半年的实体经济，可以看到，政策层把提振国内消费摆在了更重要的位置上，并开始出台一些促进消费的积极政策，我们认为，被打断的消费信心恢复有望在下半年重回正轨，当前可能是消费行业景气的最低谷，未来可以更乐观一些。　　流动性层面，伴随美债利率见顶，全球金融资产再平衡，在当下的新兴市场中，中国权益资产显然具有更高的性价比，我们预期会在2024年下半年开启估值修复进程。","fund":{"_id":3000000002378,"stockCode":"002378","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-18T16:00:00.000Z","setUpScale":4447980000,"market":"a","tickerId":2378,"custody":"中国光大银行股份有限公司","name":"建信弘利灵活配置混合型证券投资基金","shortName":"建信弘利灵活配置混合(002378)","fundSecondLevel":"hybrid","__csrcFundId":4476,"fundStatus":"normal","lastUpdated":"2026-04-30T18:27:15.247Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050500000,"currency":"CNY","masterFundShortName":"建信弘利灵活配置混合","pinyin":"jxhllhpzhhxzqtzjj","managers":[{"stockCode":"db20830407","stockType":"fund_manager","exchange":"fm","tickerId":231211214760,"name":"王麟锴"}]},"announcement":{"linkText":"建信弘利灵活配置混合型证券投资基金2024年度中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1143083","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6657fea5b3eb0457b07","date":"2024-03-30T16:00:00.000Z","stockId":3000000002378,"sao":"2024年一季度，国内经济依旧维持弱复苏特征，整体经济韧性较强，微观层面感受较差，3月前瞻指标有所好转。在此背景下，股票市场也经历一轮深V行情，前半段极度悲观，并引发赎回、止损、量化清仓等负反馈；而春节前后在强力救市的推动下悲观预期有所修复。结构上以金银铜为代表的资源股表现强势，TMT和医药等成长板块表现较弱。　　2024年一季度，组合操作上维持部分低估值成长型个股的配置，保持新能源和硬科技的仓位，并对持仓结构进行了调整。基于行业景气度变化，小幅加仓养殖板块。基于对需求和竞争格局的担忧，降低了汽车零部件相关持仓。TMT方向看好硬科技和AI应用端的持续进步，优选部分电子和计算机领域个股进行加仓。未来继续看好制造业升级和硬科技的中长期发展。本基金的配置思路，主要是自下而上选股，结合对宏观周期阶段和行业景气度的判断，通过寻找和筛选个股的基本面趋势，争取实现组合超额收益，同时对回撤和波动性加以控制。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:53.722Z","fund":{"_id":3000000002378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方面，组合操作上维持部分低估值成长型个股的配置，新能源和汽车零部件尽管面临较强的下行贝塔，但对于长期竞争优势强、成长性突出的个股仍然保持仓位，并抓住板块回调的机会进一步加仓。TMT方向看好硬科技的中长期成长，进一步加仓了国产替代持续强化和基本面改善的电子领域个股，包括半导体设备和部分消费电子。  本基金的配置思路，主要是自下而上选股，结合对宏观周期阶段和行业景气度的判断，通过寻找和筛选高景气行业内的优质个股，把握基本面趋势，争取实现组合超额收益，同时对回撤和波动性加以控制。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:53.714Z","mo":"展望2023年下半年，我们认为国内经济最悲观的时候已经过去，随着政治局会议定调以及后续政策的陆续落地，国内经济有望逐步修复，可能存在的扰动因素在于地产恢复情况以及海外衰退程度可能给出口带来的拖累。结合经济见底预期、上市公司盈利见底回升趋势以及市场估值水平，我们认为市场有望逐步走出底部。  在此基础上，我们对市场保持乐观，看好中国具有国家竞争优势的高景气行业，看好中国具有全球竞争力的产业，制造业升级、科技创新、国产替代的逻辑不断演绎并兑现，催生出大量的投资机会。下半年，继续坚持自下而上的选股策略，不断寻找和筛选高景气行业内的优质个股，实现持续稳健的超额收益。","fund":{"_id":3000000002378,"stockCode":"002378","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-18T16:00:00.000Z","setUpScale":4447980000,"market":"a","tickerId":2378,"custody":"中国光大银行股份有限公司","name":"建信弘利灵活配置混合型证券投资基金","shortName":"建信弘利灵活配置混合(002378)","fundSecondLevel":"hybrid","__csrcFundId":4476,"fundStatus":"normal","lastUpdated":"2026-04-30T18:27:15.247Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050500000,"currency":"CNY","masterFundShortName":"建信弘利灵活配置混合","pinyin":"jxhllhpzhhxzqtzjj","managers":[{"stockCode":"db20830407","stockType":"fund_manager","exchange":"fm","tickerId":231211214760,"name":"王麟锴"}]},"announcement":{"linkText":"建信弘利灵活配置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=961904","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6657fea5b3eb0457b03","date":"2023-03-30T16:00:00.000Z","stockId":3000000002378,"sao":"2023年一季度，国内经济整体处于疫后复苏的趋势中，但整体力度偏弱，尤其是3月之后复苏斜率放缓；海外银行业出现局部危机，并引发美联储政策预期转向。在此背景下，股票市场从前半段的经济修复逻辑，转向后半段的主题炒作阶段，尤其是ChatGPT持续发酵，国内相关公司快速跟进，带动TMT板块持续大涨，而新能源、经济复苏链条则持续调整。  2023年一季度，组合操作上维持部分低估值成长型个股的配置，新能源和汽车零部件尽管面临较强的下行贝塔，但对于长期竞争优势强、成长性突出的个股仍然保持仓位。TMT方向看好硬科技的中长期成长，优选部分电子领域基本面拐点的个股进行加仓。本基金的配置思路，主要是自下而上选股，结合对宏观周期阶段和行业景气度的判断，通过寻找和筛选个股的基本面趋势，争取实现组合超额收益，同时对回撤和波动性加以控制。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:53.711Z","fund":{"_id":3000000002378,"stockCode":"002378","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-18T16:00:00.000Z","setUpScale":4447980000,"market":"a","tickerId":2378,"custody":"中国光大银行股份有限公司","name":"建信弘利灵活配置混合型证券投资基金","shortName":"建信弘利灵活配置混合(002378)","fundSecondLevel":"hybrid","__csrcFundId":4476,"fundStatus":"normal","lastUpdated":"2026-04-30T18:27:15.247Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050500000,"currency":"CNY","masterFundShortName":"建信弘利灵活配置混合","pinyin":"jxhllhpzhhxzqtzjj","managers":[{"stockCode":"db20830407","stockType":"fund_manager","exchange":"fm","tickerId":231211214760,"name":"王麟锴"}]},"announcement":{"linkText":"建信弘利灵活配置混合型证券投资基金2023年度第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=886378","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6657fea5b3eb0457b02","date":"2022-12-30T16:00:00.000Z","stockId":3000000002378,"sao":"回顾2022年，中国经济面临国内疫情扩散、房地产行业风险积聚、海外美联储加息周期等内外部多重因素影响，经济下行压力大，企业和居民生产生活均受到极大影响。12月中央着手优化疫情防控政策，并快速度过爆发阶段，同时开启逆周期调节政策，市场预期逐步修复，国内经济、生产生活回归正常化。  上半年，股票市场跟随宏观环境走出了V型走势，1-4月在国内经济下行、疫情反复、俄乌冲突、美联储加息等因素叠加影响下出现了大幅调整；4月底以来随着国内疫情改善、稳增长政策加码，A股快速反弹，调整幅度较大的成长股表现较好，新能源汽车产业链尤其是受益于智能化的汽车零部件板块反弹幅度最大。  本基金组合管理方面，上半年组合操作上维持部分低估值成长型个股的配置，随着成长板块的下跌，很多优质个股估值已跌至合理水平，在其中精选部分个股进行左侧布局，主要分布在军工、新能源和电子等领域，此外也增加了疫情控制后需求有望得到恢复的消费板块个股的仓位。  下半年，在美国加息、全球能源危机、国内疫情扰动等多重因素影响下市场震荡下行，成长和消费调整幅度较大；进入11月，市场风格快速切换，在政策预期和疫情变化的推动，消费、金融地产探底后大幅反弹，新能源、半导体、军工等硬科技板块则持续调整。本基金在四季度优选部分估值调整到位的成长类个股进行加仓。  本基金的配置思路，主要是自下而上选股，结合对宏观周期阶段和行业景气度的判断，通过寻找和筛选高景气行业内的优质个股，把握基本面趋势，争取实现组合超额收益，同时对回撤和波动性加以控制。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:53.708Z","mo":"展望2023年，随着经济走出疫情压力期并向潜在经济增速回归，中国经济基本面有望持续复苏，政策也将逐渐走向正常化。海外方面，预计美联储最晚在2023年中之前结束本轮加息周期，但由于通胀高位仍面临较大的不确定性，对国内市场仍将产生扰动。整体来看，内外部负面因素都有望持续缓解，A股市场中期向好趋势可能持续。  在此基础上，我们对市场保持谨慎乐观的态度，对于长线资金而言市场处于战略配置区间。短期疫后复工和经济修复有望持续，中长期看好中国具有全球竞争力的产业，制造业升级、科技创新、国产替代的逻辑不断演绎并兑现，催生出大量的投资机会。新的一年，继续坚持自下而上的选股策略，不断寻找和筛选高景气行业内的优质个股，实现持续稳健的超额收益。","fund":{"_id":3000000002378,"stockCode":"002378","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-18T16:00:00.000Z","setUpScale":4447980000,"market":"a","tickerId":2378,"custody":"中国光大银行股份有限公司","name":"建信弘利灵活配置混合型证券投资基金","shortName":"建信弘利灵活配置混合(002378)","fundSecondLevel":"hybrid","__csrcFundId":4476,"fundStatus":"normal","lastUpdated":"2026-04-30T18:27:15.247Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050500000,"currency":"CNY","masterFundShortName":"建信弘利灵活配置混合","pinyin":"jxhllhpzhhxzqtzjj","managers":[{"stockCode":"db20830407","stockType":"fund_manager","exchange":"fm","tickerId":231211214760,"name":"王麟锴"}]},"announcement":{"linkText":"建信弘利灵活配置混合型证券投资基金2022年度年度报告","link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021年，中国经济先后经历了复苏-滞胀-衰退三个阶段，经济下行压力逐渐加大，新冠疫情不断反复，政策端积极进行跨周期调控，并推出了一系列影响深远的改革，其中碳达峰碳中和战略推进对股票市场影响尤为显著，此外还推进对平台经济的监管、共同富裕战略、房地产行业的转型等改革措施，坚定践行高质量发展的长期要求。  上半年，市场结构分化突出，一季度受复苏交易和供给受限驱动的涨价周期品表现突出，二季度受益于流动性宽松的高景气高弹性成长板块表现最好，整体周期板块的化工、钢铁、煤炭、有色和成长板块的新能源领涨市场。  本基金组合管理方面，上半年重点配置了食品饮料、家电、轻工、免税、新能源、电子等行业；也阶段性参与了需求复苏逻辑下受益的周期行业。另外，组合积极参与了新股发行以增厚收益。  下半年，市场整体宽幅震荡，风格切换频繁，不同行业间结构分化仍然突出，涨价周期品在经济复苏和供给受限的背景下，经历一轮大幅上涨后于9月中下旬开始剧烈调整，而前期调整幅度较大的消费、金融、地产见底反弹，新能源、半导体、军工等硬科技板块则经历一波过山车行情，大幅冲高回落。  本基金三季度聚焦在具有持续内生增长的行业与公司，优化了这部分配置；另外，组合增加了先进制造业的配置比例，个股选择上综合考虑了未来景气度的变化、潜在收益空间和估值水平。同时，本基金也关注了在经济修复和供给受限背景下受益的周期行业。四季度组合操作上大幅减持了消费板块的持仓，增加了低估值成长型个股的配置，以及半导体材料等国产替代领域个股的配置，并对估值较高的新能源个股进行了减仓。  本基金的配置思路，主要是自下而上选股，结合对宏观周期阶段和行业景气度的判断，通过寻找和筛选高景气行业内的优质个股，把握基本面趋势，争取实现组合超额收益，同时对回撤和波动性加以控制。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:53.694Z","mo":"展望2022年，经济下行压力逐渐显现，政策定调“稳字当头”、“稳中求进”，并强调“以经济建设为中心”，预计稳增长将成为2022年政策主线。国内货币政策易松难紧，但美联储加息预期发酵仍会带来阶段性压力，结合A股盈利下行周期和市场估值水平，我们认为市场整体系统性下跌风险不大。  在此基础上，我们认为市场仍以结构性机会为主，看好国产替代大逻辑的扩散和持续验证，以及中国产业持续升级带来的高新技术产业和专精特新企业的快速发展。新的一年，继续坚持自下而上的选股策略，不断寻找和筛选高景气行业内的优质个股，实现持续稳健的超额收益。","fund":{"_id":3000000002378,"stockCode":"002378","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-18T16:00:00.000Z","setUpScale":4447980000,"market":"a","tickerId":2378,"custody":"中国光大银行股份有限公司","name":"建信弘利灵活配置混合型证券投资基金","shortName":"建信弘利灵活配置混合(002378)","fundSecondLevel":"hybrid","__csrcFundId":4476,"fundStatus":"normal","lastUpdated":"2026-04-30T18:27:15.247Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050500000,"currency":"CNY","masterFundShortName":"建信弘利灵活配置混合","pinyin":"jxhllhpzhhxzqtzjj","managers":[{"stockCode":"db20830407","stockType":"fund_manager","exchange":"fm","tickerId":231211214760,"name":"王麟锴"}]},"announcement":{"linkText":"建信弘利灵活配置混合型证券投资基金2021年度年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=711862","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6657fea5b3eb0457afd","date":"2021-09-29T16:00:00.000Z","stockId":3000000002378,"sao":"三季度，宏观经济总体表现为生产、消费增速双双下滑，投资整体回落，经济复苏动能减弱。PMI指数显示景气度继续回落，出口新订单指数持续下行显示外需减弱趋势。固定资产投资增速有所回落，其中制造业累计投资恢复加快，基础设施累计投资增速回落明显，房地产累计投资增速回落。三季度消费数据持续低于预期，进出口同比增速仍快。1-8月全国规模以上工业增加值同比20年增长13.1%，增速较上半年有所回落。三季度，工业品通胀较为明显，终端消费价格稳定。资金面相比上半年波动增加，但仍保持低波动、低中枢的偏宽松环境，货币政策平稳中性。三季度人民币汇率小幅贬值。  三季度，上证指数下跌0.64%；深证成指下跌5.62%，创业板指下跌6.69%。结构上,大小盘显著分化，小盘股和周期股大幅跑赢市场。7月和8月，化工、钢铁、有色、煤炭、汽车等板块表现领先；9月份，除煤炭、电力、石化等依旧表现较好外，地产、医药、食品饮料等板块有所反弹。  回顾三季度的组合管理，我们保持了较高的仓位。一些优质稳健类资产在调整后已具备较好的配置价值，我们聚焦在具有持续内生增长的行业与公司，优化了这部分配置；另外，组合增加了先进制造业的配置比例，个股选择上综合考虑了未来景气度的变化、潜在收益空间和估值水平。同时，本基金也关注了在经济修复和供给受限背景下受益的周期行业。另外，组合积极参与了转债的投资机会。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:53.690Z","fund":{"_id":3000000002378,"stockCode":"002378","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-18T16:00:00.000Z","setUpScale":4447980000,"market":"a","tickerId":2378,"custody":"中国光大银行股份有限公司","name":"建信弘利灵活配置混合型证券投资基金","shortName":"建信弘利灵活配置混合(002378)","fundSecondLevel":"hybrid","__csrcFundId":4476,"fundStatus":"normal","lastUpdated":"2026-04-30T18:27:15.247Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050500000,"currency":"CNY","masterFundShortName":"建信弘利灵活配置混合","pinyin":"jxhllhpzhhxzqtzjj","managers":[{"stockCode":"db20830407","stockType":"fund_manager","exchange":"fm","tickerId":231211214760,"name":"王麟锴"}]},"announcement":{"linkText":"建信弘利灵活配置混合型证券投资基金2021年度第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=652114","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6657fea5b3eb0457afc","date":"2021-06-29T16:00:00.000Z","stockId":3000000002378,"sao":"回顾2021年上半年，国内偶发局部疫情并未打断经济的复苏，经济复苏的韧性主要来自于出口持续高位运行对国内生产和需求的拉动，需求结构也有持续分化的特征。在低基数的支撑下，一季度GDP实际增速达到18.3%；经济修复动力在第二季度有所减弱，其中支撑去年经济快速修复的基建、地产投资增速有所收敛，消费的复苏节奏和程度也低于预期，官方制造业PMI回落，二季度GDP实际增速也下滑至7.9%。总体来看，下半年经济同比增速逐季回落，增速向中长期中枢回归。  当前宏观政策的重点在结构调整，货币政策重视薄弱环节，财政政策适度后移并为下半年预留更多的政策空间。上半年，国内PPI同比增速逐月抬升，5月PPI同比增速达到9%的高位水平。CPI则在猪肉价格的拖累下持续处于较低水平。  回顾21年上半年大类资产表现，全球资产总体呈现典型的“复苏交易”特征，大宗商品领涨，其次是股票，债券市场表现较差。国内A股市场上半年总体小幅上涨，同时结构性行情突出。上证综指上涨3.4%，沪深300上涨0.2%，创业板指上涨17.2%。分行业来看，领涨行业主要为两大板块，一方面是受复苏交易和供给受限驱动的涨价周期品，如钢铁、化工、采掘、有色；另一方面是受益于流动性宽松的高景气成长板块，如新能源汽车、电子、医药。房地产、农业、传媒、通信、商贸行业领跌。  回顾上半年的基金管理工作，组合基本保持了前期配置的结构特征，部分持仓品种快速调整对组合净值产生了一定影响，上半年本基金重点配置了食品饮料、家电、轻工、免税、新能源、电子等行业；也阶段性参与了需求复苏逻辑下受益的周期行业。另外，组合积极参与了新股发行以增厚收益。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:53.688Z","mo":"展望2021年下半年，国内外经济增长动能将有所回落，中美货币政策周期错位是市场面临的宏观大背景。预计下半年随着海外资源供应逐渐恢复、国内“稳价保供”政策影响下，PPI同比增速逐渐回落，同时PPI对CPI的传导作用将被猪肉同比拖累作用暂时抵消，但需要警惕四季度随着粮食、原油价格共振推升CPI抬升的风险。我们预计下半年国内实际GDP增长将逐季回落，随着经济增长压力逐渐放大，政策重心将从前期调结构逐渐向稳增长边际倾斜，未来一段时间宏观政策组合将会是宽货币、稳信用。国债利率年内高点基本确立，后续将震荡下行。海外方面，美联储货币政策正常化渐行渐近，需要重点关注全球流动性边际收紧对风险资产价格的影响。  对A股市场来说，21年全年盈利高增长，但下半年边际趋弱；估值在流动性中性偏宽松下仍有支撑，因此我们判断上证综指将维持现有的区间波动特征。下半年的主要风险，一是海外流动性可能的收紧带来外部市场的回调，二是国内地方政府债务处置带来阶段性信用风险暴露，但考虑到货币政策已经做出前瞻性应对，出现系统性向下风险的概率较低。  基于上述展望，我们对下半年的市场保持谨慎乐观。上半年出现明显调整的优质资产已具备一定的吸引力，组合将聚焦在具有持续内生增长的行业与公司，个股选择上重点考虑其潜在收益空间和未来景气度的变化。下半年，我们将关注持续复苏的消费品投资机会，包括食品饮料、农业、汽车、消费者服务等行业；同时我们也关注下半年新能源行业、高端制造业的景气度攀升带来的潜在收益机会。我们将全力为基金持有人创造回报。","fund":{"_id":3000000002378,"stockCode":"002378","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-18T16:00:00.000Z","setUpScale":4447980000,"market":"a","tickerId":2378,"custody":"中国光大银行股份有限公司","name":"建信弘利灵活配置混合型证券投资基金","shortName":"建信弘利灵活配置混合(002378)","fundSecondLevel":"hybrid","__csrcFundId":4476,"fundStatus":"normal","lastUpdated":"2026-04-30T18:27:15.247Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050500000,"currency":"CNY","masterFundShortName":"建信弘利灵活配置混合","pinyin":"jxhllhpzhhxzqtzjj","managers":[{"stockCode":"db20830407","stockType":"fund_manager","exchange":"fm","tickerId":231211214760,"name":"王麟锴"}]},"announcement":{"linkText":"建信弘利灵活配置混合型证券投资基金2021年度中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=632275","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6657fea5b3eb0457afb","stockId":3000000002378,"sao":"2021年一季度宏观经济保持恢复性增长，1-2月份工业和出口较快增长，投资和消费稳步恢复。从需求端看，1-2月固定资产投资增速同比增长35.0%，两年平均增速为1.7%，主要是制造业和基础设施投资稍弱，房地产投资维持较强韧性。消费层面，1-2月社会消费品零售延续了持续复苏的良好态势。进出口方面，受益于一季度海外生产快速复苏，1-2月出口持续较强。从生产端上看， 1-2月全国规模以上工业增加值累计同比增长35.1%，两年平均增长8.1%，为近年来同期较高水平。  政策方面，在退出去年疫情模式下的信用宽松以及降低中小企业融资成本的思路下，限制地产以及过剩产能行业的资源占用，以实现“碳中和”作为未来的政策目标，引导资金流向科技领域并实现国内产业结构的转型。货币政策层面，央行维持了季度内货币政策的稳健性与连续性，季度内资金面整体较为宽松。汇率方面，人民币兑美元汇率宽幅震荡，季度内先升值后贬值。  价格方面，2月份居民消费价格指数同比为-0.2%，降幅较1月收窄0.1个百分点，其中食品项的猪价持续走低是主要影响因素。2月全国工业生产者出厂价格同比上涨1.7%，主要是受到上游大宗商品价格上涨带动。  回顾一季度资本市场表现，美债收益率快速上行，引发市场对通胀的担心，过往表现优异的核心资产在春节过后出现快速调整，一季度沪深300指数下跌3.13% 收于5048.36。其中钢铁、轻工、公共事业、银行等行业表现优异，国防军工、非银金融、通信、食品饮料等行业表现靠后。  回顾一季度的基金管理工作，组合维持了核心资产的配置比例，虽然抱团品的快速调整对组合净值产生了一定影响，但中长期角度来看，部分优质资产已具备较好的配置价值。我们将聚焦在具有持续内生增长的行业与公司，个股选择上综合考虑了潜在收益空间、未来景气度的变化、以及该公司的估值水平与增长速度的匹配情况。本基金在一季度也适度关注了宏观经济修复和海外需求复苏逻辑下受益的行业。另外，组合积极参与了新股发行以增厚收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:53.685Z","fund":{"_id":3000000002378,"stockCode":"002378","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-01-18T16:00:00.000Z","setUpScale":4447980000,"market":"a","tickerId":2378,"custody":"中国光大银行股份有限公司","name":"建信弘利灵活配置混合型证券投资基金","shortName":"建信弘利灵活配置混合(002378)","fundSecondLevel":"hybrid","__csrcFundId":4476,"fundStatus":"normal","lastUpdated":"2026-04-30T18:27:15.247Z","masterFundFlag":1,"inceptionDate":"2016-02-03T16:00:00.000Z","fundCollectionId":4000050500000,"currency":"CNY","masterFundShortName":"建信弘利灵活配置混合","pinyin":"jxhllhpzhhxzqtzjj","managers":[{"stockCode":"db20830407","stockType":"fund_manager","exchange":"fm","tickerId":231211214760,"name":"王麟锴"}]},"announcement":{"linkText":"建信弘利灵活配置混合型证券投资基金2021年度第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=568636","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6657fea5b3eb0457afa","stockId":3000000002378,"sao":"回顾2020年，中国宏观经济的主要特征是新冠疫情重塑全年的经济轨迹，大致包括四个阶段，即经济高斜率修复期、平台期、二次加速期以及回归常态水平。在不同阶段中，经济修复的动力来源、供需恢复的相对增速以及内外需裂口的波动变化有一定差异。  突发疫情严重冲击一季度经济之后，经济出现“V”型反弹，表现为以基建和地产为代表的投资，以及必选消费、粘性高的服务性消费等推动经济恢复。之后，经济恢复的动力转变为包括制造业为主的投资和受疫情直接影响的服务性消费等慢变量。进入下半年之后，海外供给缺口带来中国出口超预期以及企业盈利转正，推动经济从平台期进入二次加速期。市场对于经济基本面的关注逐渐弱化，而是更加关心货币政策边际调整和企业盈利改善的持续程度，经济增速也向常态增速水平靠拢。行业视角中，食品制造、纺织、化学原料及制品、医药行业等偏消费制造行业的投资端表现较好，高新技术制造业投资依然处于较高水平。  2020年受新冠疫情冲击，国内经济波动加剧，对应财政、货币等政策也经历了极度宽松到逐渐边际收紧的过程。疫情的发展和逆周期政策的节奏是主导2020年A股市场的重要变量。全年来看，股票市场普涨，同时结构性行情突出，上证综指上涨13.86%，沪深300上涨27.21%，创业板指数上涨64.94%。行业方面，休闲服务、电气设备、食品饮料、国防军工、医药生物等板块表现优异，房地产、通信、建筑、纺织服装、银行等板块表现靠后。  回顾全年股票市场的走势，赛道投资的风格明显，经营的确定性和行业的高景气都被给予估值溢价，立足于产业趋势基础上的优质企业仍是核心选股思路，这类公司也获得显著的超额收益。本基金在年初突发疫情背景下，保持了仓位的稳定，加强了组合的结构调整，更重视依靠内需驱动且能够及时调整经营策略的行业和公司，包括医药、食品饮料、5G建设、线上教育等；随着经济的修复和疫情的逐步好转，组合增加了家电、免税、疫苗、新能源汽车和有色等行业的配置比例。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:53.682Z","mo":"2021年宏观经济以回归正常轨道为特征，向上的动能仍将持续，预计增长的主要动力将来自消费和制造业投资；但由于基数原因，经济增速将出现季度级别的逐渐回落。同时，海外疫情对全球经济的负面影响可能会因为疫苗的应用而得到明显减轻。我们认为2021年贯穿全年经济和市场的三条逻辑主线，包括工业通胀、逆周期政策退出和出口高景气的持续度。  展望2021年，考虑到国内外复苏节奏的差异，流动性将会呈现外松内稳的特征；西方社会将聚焦在经济复苏，海外不确定性有望降低。我们判断2021年二级市场将会在经济复苏和政策退出之间进行博弈。盈利角度，2021年非金融企业盈利将会延续2020年二季度以来的改善趋势，整体利润中枢上移。估值方面，考虑到信贷周期拐点出现，流动性边际偏紧，市场整体估值中枢将会下移。综合考虑下，我们认为2021年资本市场的预期回报率将会明显低于2020年。中期维度，我们认为市场投资逻辑将从总量转向结构性亮点，结构性机会依旧是未来的超额收益来源。  在2021年的组合管理过程中，我们将在“结构选择”和“仓位管理”上更加审慎，本基金仍会立足于产业趋势基础上的优质企业选股思路，紧密跟踪行业的景气度趋势变化，聚焦消费品、高端制造业等行业，尤其关注能够不断调整经营模式以适应内外部环境变化的优质公司。我们注意到，有一些中等市值公司作为所在细分行业的龙头公司，过去几年经营专注、管理优秀、营收利润增长较快，且市场份额逐步提升，我们将在2021年提升对这类公司的配置。我们同时关注复苏主线下顺周期行业的配置机会，也会关注出口行业的机会。   我们将在新的一年，勤勉尽责，尽力为基金持有人创造回报。","fund":{"_id":3000000002378,"stockCode":"002378","stockType":"fund","areaCode":"cn","followedNum":2,"blackened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