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物价变化不大，降息路径有所延后，只要不讨论升息，预计都不会对市场造成太大影响。欧洲、中国则仍然属于偏向弱势的复苏，最坏的状况已经过去。海外制造业回升，地缘冲突升级，全球定价的大宗商品表现比较好，我们仍然看好上游资源行业，增加上游资源资产配置。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:58.166Z","fund":{"_id":3000000012743,"__csrcFundId":9701,"stockCode":"012743","shortName":"汇添富添福睿选稳健养老一年持有混合（FOF）(012743)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":12743,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:27:52.307Z","status":"normal","exchange":"jj","name":"汇添富添福睿选稳健养老目标一年持有期混合型基金中基金（FOF）","fundCollectionId":4000050460000,"inceptionDate":"2021-08-19T16:00:00.000Z","followedNum":4,"masterFundShortName":"汇添富添福睿选稳健养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-08-19T16:00:00.000Z","setUpAssetScale":1176223687.91,"setUpShares":1176223687.91,"pinyin":"htftfrxwjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20652354","stockType":"fund_manager","exchange":"fm","tickerId":31012187630,"name":"蔡健林"}]},"announcement":{"linkText":"汇添富添福睿选稳健养老目标一年持有期混合型基金中基金（FOF）2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1070348","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf8e7fea5b3eb04feaa0","date":"2023-12-30T16:00:00.000Z","stockId":3000000012743,"sao":"回顾全年各类资产表现，国内权益市场跌幅大，中证股票基金指数下跌12.4%；债券市场表现较好，中证纯债债基指数上涨3.4%；商品中贵金属表现突出。本基金全年下跌2.2%，表现一般。债券市场全年表现较好，三季度小幅调整。其中城投债涨幅较好，主要受益于政策配合稳妥处置化解地方债务，城投债信用利差大幅压缩。我们对债券市场的整体节奏把握较好，操作灵活积极。于2022年底债券市场低点时增持中性久期的高等级信用债基，上半年一直维持债券市场看好观点，持仓比较积极，期间参与了超长期限国债的投资，取得了较好的收益增厚。三季度债券市场有所调整，主要受到经济数据略有好转和资金成本抬升影响。受结构性的资金紧张和存单大量发行影响，债券市场收益率有所上行，尤其是短端利率上行幅度较大，存单利率一度突破并维持在MLF利率之上，我们采取保守策略应对。四季度短端利率调整到足够高的位置，观察到经济数据疲弱，通胀数据低迷，策略上重新转为乐观。权益资产对产品业绩拖累较多，下跌过程中降低二级债基持有比例，对权益基金进行分散配置，尽量跟住偏股基金指数。本基金设定有最短一年持有期，权益资产比例为15%-30%，投资策略上偏稳健，力求在合理控制风险下获得较好的绝对收益。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:58.163Z","mo":"在增速低迷的宏观环境，重视确定性收益的资产。除了基础收益的债券之外，还有低波高息权益资产和经营稳定的高票息Reits。目前经济基本面和宽松的流动性环境仍然支持债券市场表现，预计上半年表现更佳。受制于美国就业数据走弱，美联储加息预期大幅下调，美元走弱，美债利率下行，对人民币汇率和国内货币政策宽松的影响降低。国内经济数据疲软，CPI同比负增长。经济结构转型过程中，央行表示衡量信贷支持实体经济的成效，不宜过于关注新增贷款情况，预计明年财政大干快上的可能性比较低。随着地方债化债到期后的资金回流，以及央行配合特殊国债发行可能的降准、降息等宽松政策预期，债券收益率呈现平坦化下行。年末资金宽松和银行存款利率结构性下调，短端收益率大幅下行。Reits产品股息回报高，长期投资价值显著，流动性不佳导致价格波动性很大。","fund":{"_id":3000000012743,"__csrcFundId":9701,"stockCode":"012743","shortName":"汇添富添福睿选稳健养老一年持有混合（FOF）(012743)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":12743,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:27:52.307Z","status":"normal","exchange":"jj","name":"汇添富添福睿选稳健养老目标一年持有期混合型基金中基金（FOF）","fundCollectionId":4000050460000,"inceptionDate":"2021-08-19T16:00:00.000Z","followedNum":4,"masterFundShortName":"汇添富添福睿选稳健养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-08-19T16:00:00.000Z","setUpAssetScale":1176223687.91,"setUpShares":1176223687.91,"pinyin":"htftfrxwjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20652354","stockType":"fund_manager","exchange":"fm","tickerId":31012187630,"name":"蔡健林"}]},"announcement":{"linkText":"汇添富添福睿选稳健养老目标一年持有期混合型基金中基金（FOF）2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1053040","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf8e7fea5b3eb04fea9f","date":"2023-09-29T16:00:00.000Z","stockId":3000000012743,"sao":"回顾三季度，债券市场先涨后跌，整体略有上涨。其中城投债涨幅较好，主要是政策配合稳妥处置化解地方债务有关，城投债信用利差压缩较多。8月下旬以来债券市场有所调整，主要受到经济数据好转和资金成本抬升影响。季度末资金特别紧张，跨季回购利率很高，组合做了部分流动性资金管理以增厚收益。在目前低利率的环境下，需要密切关注稳增长政策落实情况，如果经济恢复的程度相比预期较强，那么长端利率有上行的风险，组合配置上我们采取债券偏防守的策略。美国实际利率持续走高，美债维持高利率和美元走强的状态将影响全球资本流动，对人民币汇率和国内货币政策有些影响，影响风险资产表现。国内权益市场整体下跌较多，其中高股息资产相对抗跌一些，上游资源品相关的资产表现突出，前期市场追捧的AI主题回撤幅度较大。权益仓位上做了一定减持和控制，持有的基金以价值型基金为主，相对跌幅小一些。Reits产品股息回报高，投资价值显著，我们做了适当比例配置。目前流动性仍然不佳，受新发供给和利率回升影响，有小幅下跌。本基金设定有最短一年持有期，权益资产比例为15%-30%，投资策略上偏稳健，力求在合理控制风险下获得较好的绝对收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:58.161Z","fund":{"_id":3000000012743,"__csrcFundId":9701,"stockCode":"012743","shortName":"汇添富添福睿选稳健养老一年持有混合（FOF）(012743)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":12743,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:27:52.307Z","status":"normal","exchange":"jj","name":"汇添富添福睿选稳健养老目标一年持有期混合型基金中基金（FOF）","fundCollectionId":4000050460000,"inceptionDate":"2021-08-19T16:00:00.000Z","followedNum":4,"masterFundShortName":"汇添富添福睿选稳健养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-08-19T16:00:00.000Z","setUpAssetScale":1176223687.91,"setUpShares":1176223687.91,"pinyin":"htftfrxwjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20652354","stockType":"fund_manager","exchange":"fm","tickerId":31012187630,"name":"蔡健林"}]},"announcement":{"linkText":"汇添富添福睿选稳健养老目标一年持有期混合型基金中基金（FOF）2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=988363","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf8e7fea5b3eb04fea9e","date":"2023-06-29T16:00:00.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15%-30%，投资策略上偏稳健，力求在合理控制风险下获得较好的绝对收益。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:58.158Z","mo":"债券市场观点分歧加大，一方面是利率处于新低位置，信用利差和长债利差都已经压缩到比较低的位置；另外一方面是担心城投债利差处于低位，如果发生局部性城投信用风险事件，就可能会引起估值上行；此外担忧经济逐渐复苏对债券市场产生影响。个人认为城投债偿还信用风险可控，只要能回避信用比较弱的平台，久期上不要太冒进，整体风险可控。理财业绩恢复和规模重新增长处于良性循环中，给债券市场带来增量配置资金。但是，在目前低利率的环境下，需要密切关注稳增长政策落实情况，如果经济恢复的程度相比预期较强，那么长端利率有上行的风险，组合配置上我们逐渐采取债券防守的策略。权益市场，除了个别热门板块之外，整体位置比较低，与债券相比，其长期投资价值较为明显。在回撤风险可控的前提下，采取防守反击策略，逐渐增持一些偏价值型基金。对一些热门的投资主题保持谨慎，回避相关净值波动巨大的基金产品。Reits产品投资价值显著，综合考虑流动性情况，逐渐做适当比例配置。","fund":{"_id":3000000012743,"__csrcFundId":9701,"stockCode":"012743","shortName":"汇添富添福睿选稳健养老一年持有混合（FOF）(012743)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":12743,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:27:52.307Z","status":"normal","exchange":"jj","name":"汇添富添福睿选稳健养老目标一年持有期混合型基金中基金（FOF）","fundCollectionId":4000050460000,"inceptionDate":"2021-08-19T16:00:00.000Z","followedNum":4,"masterFundShortName":"汇添富添福睿选稳健养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-08-19T16:00:00.000Z","setUpAssetScale":1176223687.91,"setUpShares":1176223687.91,"pinyin":"htftfrxwjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20652354","stockType":"fund_manager","exchange":"fm","tickerId":31012187630,"name":"蔡健林"}]},"announcement":{"linkText":"汇添富添福睿选稳健养老目标一年持有期混合型基金中基金（FOF）2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=962998","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf8e7fea5b3eb04fea9d","date":"2023-03-30T16:00:00.000Z","stockId":3000000012743,"sao":"回顾一季度，债券市场表现突出，信用表现优于利率，城投债利差持续压缩。资金成本较低，杠杆策略比较有效。我们维持债券市场上半年机会更大的判断。目前经济弱复苏，流动性宽松的宏观状态，债券票息行情仍然比较确定。预计债券市场转向要等到经济恢复比较强，或者有很强的财政政策预期的时候，我们对此保持重点跟踪和关注。权益市场整体上表现还可以，但是结构性差异特别大。市值风格上，中小市值风格表现更加突出。行业主题投资机会也比较多，消费恢复比较确定、国央企考核更加注重经营质量和分红意愿提升下的估值重估、半导体国产化替代加速、AI创新产品推出带动相关硬件需求和各种后端应用的产生、欧美加息周期结束和经济衰退预期下的贵金属避险价值。操作上，年初港股快速上涨过程中减持港股基金，逐渐止盈中小市值风格基金，增持处于周期底部的养殖板块。创业板指数基金下跌过程中做了重点增持，该指数受到新能源和创新药板块影响调整比较多，其核心成分股的电池龙头公司估值调整比较充分，国内电池业务保持稳定，美国电池业务拓展和储能业务高速增长具有很强的增长动力。本基金设定有最短一年持有期，权益资产比例为 15%-30%，投资策略上偏稳健，力求在合理控制风险下获得较好的绝对收益。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:58.155Z","fund":{"_id":3000000012743,"__csrcFundId":9701,"stockCode":"012743","shortName":"汇添富添福睿选稳健养老一年持有混合（FOF）(012743)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":12743,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:27:52.307Z","status":"normal","exchange":"jj","name":"汇添富添福睿选稳健养老目标一年持有期混合型基金中基金（FOF）","fundCollectionId":4000050460000,"inceptionDate":"2021-08-19T16:00:00.000Z","followedNum":4,"masterFundShortName":"汇添富添福睿选稳健养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-08-19T16:00:00.000Z","setUpAssetScale":1176223687.91,"setUpShares":1176223687.91,"pinyin":"htftfrxwjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20652354","stockType":"fund_manager","exchange":"fm","tickerId":31012187630,"name":"蔡健林"}]},"announcement":{"linkText":"汇添富添福睿选稳健养老目标一年持有期混合型基金中基金（FOF）2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=880758","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf8e7fea5b3eb04fea9c","date":"2022-12-30T16:00:00.000Z","stockId":3000000012743,"sao":"回顾全年各类资产表现，权益市场跌幅大，中证股票基金指数下跌21%；债券市场前三季度表现平稳，四季度跌幅较大，全年小幅上涨；商品中贵金属表现突出。本基金全年跑赢基准，下跌3.6%。操作上，本基金在一季度逐步减仓部分权益资产收缩风险预算；二季度基金业绩下跌较多对全年收益影响很大，主要是五六月份错失成长板块超跌反弹行情；三季度策略上偏防御；四季度策略上积极，把握住了A股大盘核心资产和港股资产被抛售后的投资机会。债券资产的配置方面，前瞻把握住了牛熊转换的节奏，九十月份逐步降仓、换短债/货币基金，并于12月中的市场底部重新增持。商品资产的配置方面，贵金属和通胀类资产有一定正贡献。本基金设定有最短一年持有期，权益资产比例为15%-30%，投资策略上偏稳健，力求在合理控制风险下获得较好的绝对收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:58.152Z","mo":"往2023年看，中国经济走出疫情影响，经济逐渐恢复和货币宽松的环境有利于权益资产表现。从全球比较来看，中国经济恢复趋势、市场整体估值水平、市场流动性状况等多个方面都更具吸引力。随着国内疫情防控政策优化，地产融资政策改善有效防止系统性风险发生，中国经济稳定度在提升，外资对中国权益资产的配置信心会重新恢复并得到提升。权益类基金以价值型和均衡型股票基金为主。结构上，我们比较看好：1、和宏观经济恢复相关的资产。2、疫情受损消费行业的复苏：白酒、食品、服装等。3、医药行业基本面趋势较好，集采政策影响在估值上已反应的比较充分。此外，看好港股估值修复行情，并保持关注欧美高通胀、高利率和经济弱衰退环境对风险资产和市场流动性的影响。债券市场也具备比较确定的投资机会，预计上半年表现更佳。债券市场经过年底的剧烈调整，基础收益抬升至比较有吸引力水平，理财抛售危机已经过去，目前经济基本面和宽松的流动性环境仍然支持债券市场表现，年初配置型机构增持债券也会带动收益率下行。","fund":{"_id":3000000012743,"__csrcFundId":9701,"stockCode":"012743","shortName":"汇添富添福睿选稳健养老一年持有混合（FOF）(012743)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":12743,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:27:52.307Z","status":"normal","exchange":"jj","name":"汇添富添福睿选稳健养老目标一年持有期混合型基金中基金（FOF）","fundCollectionId":4000050460000,"inceptionDate":"2021-08-19T16:00:00.000Z","followedNum":4,"masterFundShortName":"汇添富添福睿选稳健养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-08-19T16:00:00.000Z","setUpAssetScale":1176223687.91,"setUpShares":1176223687.91,"pinyin":"htftfrxwjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20652354","stockType":"fund_manager","exchange":"fm","tickerId":31012187630,"name":"蔡健林"}]},"announcement":{"linkText":"汇添富添福睿选稳健养老目标一年持有期混合型基金中基金（FOF）2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=870572","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf8e7fea5b3eb04fea9b","date":"2022-09-29T16:00:00.000Z","stockId":3000000012743,"sao":"回顾三季度，债券市场表现较好，权益市场表现不佳，其中，高股息资产相对收益明显，成长类资产跌幅较大。影响市场的核心因素：1、国内经济有效需求不足，企业经营业绩下滑的担忧。2、欧美应对高通胀持续不退而不断紧缩货币，对全球流动性带来很大影响；高利率和高负债环境下，经济衰退的预期越来越重。操作上，适度降低长久期类型的债券基金。以5年期银行二级资本债为例，收益率一度突破20年疫情低点，MLF利率下调后长端利率也下来了，各种利差都压缩到非常低的水平。而短端资金中枢成本已经有所抬升，杠杆套息空间缩小。9月底资金非常紧张，叠加汇率贬值压力，债券抛盘压力很重。在经济基本面比较弱和货币宽松环境下，债券收益率大幅上行的可能性不大。权益资产以价值型和均衡型股票基金为主，前期市场追捧的偏新能源的成长类基金配置很少，组合业绩相对抗跌一些。其中，黄金和通胀类资产有一定正贡献。逆向增持的医药基金有些拖累，我认为目前是左侧布局的好时机。从种植牙和脊柱集采情况来看，之前市场对医药集采政策的悲观预期应该修正；此外，医药设备采购的贴息贷款政策对国产化设备企业正面影响很大。A股前期调整比较充分，整体估值水平较低，国内宏观经济保持稳定，流动性仍然保持宽松，逐渐增加权益基金配置比例。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:58.150Z","fund":{"_id":3000000012743,"__csrcFundId":9701,"stockCode":"012743","shortName":"汇添富添福睿选稳健养老一年持有混合（FOF）(012743)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":12743,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:27:52.307Z","status":"normal","exchange":"jj","name":"汇添富添福睿选稳健养老目标一年持有期混合型基金中基金（FOF）","fundCollectionId":4000050460000,"inceptionDate":"2021-08-19T16:00:00.000Z","followedNum":4,"masterFundShortName":"汇添富添福睿选稳健养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-08-19T16:00:00.000Z","setUpAssetScale":1176223687.91,"setUpShares":1176223687.91,"pinyin":"htftfrxwjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20652354","stockType":"fund_manager","exchange":"fm","tickerId":31012187630,"name":"蔡健林"}]},"announcement":{"linkText":"汇添富添福睿选稳健养老目标一年持有期混合型基金中基金（FOF）2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=807694","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf8e7fea5b3eb04fea9a","date":"2022-06-29T16:00:00.000Z","stockId":3000000012743,"sao":"上半年，国内和海外经济基本面和政策应对呈现脱钩。国内经济总量疲弱，疫情管控加剧经济下行压力，央行流动性保持宽松；海外俄乌冲突加剧通胀压力，各国央行加快货币紧缩，国债利率大幅上行，高通胀和大幅度加息又对经济产生比较大的影响，市场预期经济周期逐渐从滞涨往衰退发展。国内货币政策积极应对疫情对经济影响，央行降准和降息，短端资金面非常宽松，债券收益率曲线呈现“牛陡”状态，信用利差持续压缩。经济预期转弱，财政政策前置且力度加大，但是稳增长的实际效果并未得到经济数据的验证。地产企业仍然受到较大监管压力，行业销售和新开工都维持疲弱状态，越来越多的地产民企发生违约。在国内经济疲弱和疫情突发、美联储加息和俄乌战争加剧全球通胀的环境下，一季度A股市场鲜有表现。战争加剧全球资源品供给短缺，行业利润大部分流向上游，能源类上游资源品表现突出。5月开始，随着上海疫情有所好转，加之上海市重点企业复工、国务院牵头解决跨地物流等措施的出台，市场重拾对生产恢复的信心，PMI数据重新回到荣枯线以上。结构上，新能源行业（光伏、电动车）复苏强劲，必选消费逐渐复苏，经济总量贡献更大的房地产和基建表现疲弱。A股市场开启结构性强劲反弹，基本面数据比较好的电动车、光伏表现突出，消费行业也有一定表现。本产品年初以来表现不佳，深表歉意。过去5年，我一直在努力学习加深对权益资产的理解，也逐渐建立起一些模型辅助跟踪、理解行业周期和公司价值。权益资产的组合管理方法也完成了五轮迭代，低估值的保守投资——>风险平价模型的量化配置——>核心资产（消费、医药等长期稳定增长的优质资产）——>按照基金风格分类的均衡配置——>基本面研判基础上有选择的均衡配置。FOF投资主要是资产配置和精选基金。资产配置是建立在底层股、债资产深入的基本面研究基础之上，通过对宏观经济和政策的理解和把握，对中观行业和微观公司的跟踪和价值判断，做出前瞻性的价值评估，最终落实到构建合适的组合。深知FOF投资更重要的是资产配置，所以这几年将更多的时间精力分配在对权益资产的研究上，对基金精选和跟踪有所忽视，在投资中也暴露了一些问题。一季度早期将部分成长型基金调整到偏价值类型基金，结果是选择了“过去的好基金”，在市场下跌中并没有呈现抗跌性，反而因为某些基金持仓风格漂移，在景气下滑的单一行业暴露过多而跌幅较大。A股市场波动性大，系统性风险控制和极端市场冲击下投资机会的把握非常重要，“恐慌中买入，亢奋中卖出”做起来其实很难，投资容易受到市场情绪和人性弱点的影响。根据资产基本面和A股市场特有的特征，建立起择时模型，为产品风险控制和机会把握提供一些客观的辅助判断。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:58.147Z","mo":"展望下半年，“保交楼”措施的出台能有效解决地产断贷问题，有助于恢复购房者信心，国内经济能保持稳定，流动性宽松预计还将持续，但是隔夜回购利率低于1%的异常宽松的资金面可能会有边际收缩。美联储加息最快的时段已经过去，能源供给紧张的格局下高通胀可能还将持续，高利率环境对企业盈利逐渐会产生影响，海外经济下修可能会对中国出口带来一定影响，企业盈利下修仍将压制美股表现。当前对A股市场有利的是流动性总体较为充沛、经济基本面逐步改善、联储加息缓和，但是经济总量疲弱，景气度高的行业比较有限且估值并不便宜。投资策略上，权益资产整体上不悲观，积极寻找结构性投资机会，跟踪择时模型预防可能的系统性风险冲击。债券资产以票息基础收益为主，并积极把握期限利差压缩的投资机会。我将继续砥砺前行，力求为持有人获取较好投资回报。衷心感谢广大投资者一如既往的理解和信任。","fund":{"_id":3000000012743,"__csrcFundId":9701,"stockCode":"012743","shortName":"汇添富添福睿选稳健养老一年持有混合（FOF）(012743)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":12743,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:27:52.307Z","status":"normal","exchange":"jj","name":"汇添富添福睿选稳健养老目标一年持有期混合型基金中基金（FOF）","fundCollectionId":4000050460000,"inceptionDate":"2021-08-19T16:00:00.000Z","followedNum":4,"masterFundShortName":"汇添富添福睿选稳健养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-08-19T16:00:00.000Z","setUpAssetScale":1176223687.91,"setUpShares":1176223687.91,"pinyin":"htftfrxwjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20652354","stockType":"fund_manager","exchange":"fm","tickerId":31012187630,"name":"蔡健林"}]},"announcement":{"linkText":"汇添富添福睿选稳健养老目标一年持有期混合型基金中基金（FOF）2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=785043","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf8e7fea5b3eb04fea99","date":"2022-03-30T16:00:00.000Z","stockId":3000000012743,"sao":"回顾一季度，国内经济疲弱、俄乌战争加剧全球通胀水平和国内疫情突发是影响市场表现的核心因素。在经济预期转弱和维持本年度较高经济增速目标的背景下，财政政策前置且力度加大，但是稳增长的实际效果并未得到经济数据的验证。地产企业仍然受到较大监管压力，行业销售和新开工都维持疲弱状态，越来越多的地产民企发生违约。俄乌战争加剧全球通胀，也间接影响了美联储紧缩幅度和进度，导致无风险利率快速大幅上行，影响全球资产定价。国内疫情突然变得严重，又进一步冲击了疲弱的经济复苏。在内外压力的环境下，市场对地产政策放松的预期越来越强，地产产业链相关的资产表现突出。战争加剧全球资源品供给短缺，行业利润大部分流向上游，中下游面临非常大的压力。光伏、风电等新能源行业仍然维持较好的行业景气度，但是无风险利率上行引起估值压缩。债券市场整体保持平稳，收益率处于底部震荡状态，期间受高通胀和稳增长政策的影响，阶段性出现小幅波动。只要能避免地产行业违约风险，基本都能获得稳定的票息收益。转债市场面临正股下跌和溢价压缩的双重压力，只有个券的投资机会。本基金是偏债混合型FOF产品，投资风格上偏保守。以债券基金等固收类资产为主，适当比例的权益基金争取获得增强收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:58.144Z","fund":{"_id":3000000012743,"__csrcFundId":9701,"stockCode":"012743","shortName":"汇添富添福睿选稳健养老一年持有混合（FOF）(012743)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":12743,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:27:52.307Z","status":"normal","exchange":"jj","name":"汇添富添福睿选稳健养老目标一年持有期混合型基金中基金（FOF）","fundCollectionId":4000050460000,"inceptionDate":"2021-08-19T16:00:00.000Z","followedNum":4,"masterFundShortName":"汇添富添福睿选稳健养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-08-19T16:00:00.000Z","setUpAssetScale":1176223687.91,"setUpShares":1176223687.91,"pinyin":"htftfrxwjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20652354","stockType":"fund_manager","exchange":"fm","tickerId":31012187630,"name":"蔡健林"}]},"announcement":{"linkText":"汇添富添福睿选稳健养老目标一年持有期混合型基金中基金（FOF）2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=726232","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf8e7fea5b3eb04fea98","date":"2021-12-30T16:00:00.000Z","stockId":3000000012743,"sao":"本基金是一只偏债混合型FOF产品，8月20日成立后逐步建仓，至2021年底上涨0.5%。本产品定位为稳健的固收+FOF，目前已经完成建仓，整体上以债券基金等固收类资产为主，适当比例的权益基金提供收益增强。权益配置采取板块和行业均衡配置，整体表现尚可，少部分的QDII基金和港股基金对业绩有些影响。另外，可转债投资有些收益贡献。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:58.142Z","mo":"随着对权益市场不断学习和积累，我对股票资产的价值判断有了更全面的认知，会从行业政策、商业模式质量、估值和行业景气度等多维度去综合评价；组合构建上也会更加注重板块和行业的均衡配置。FOF投资专注于资产配置和精选基金。资产配置是建立在底层股、债资产深入的基本面研究基础之上，通过对宏观经济和政策的理解和把握，对中观行业和微观公司的跟踪和价值判断，做出前瞻性的价值评估，最终落实到构建合适的组合。科学的基本面研究和价值判断需要建立稳定的投资框架体系，通过多维度的数据指标跟踪和逻辑验证，最终形成严谨的投资判断。展望2022年，预计海外疫情常态化、经济稳定恢复和流动性逐渐收缩，国内点状疫情仍有影响、经济动能减弱和稳增长力度加大、流动性维持宽松。随着海外生产供应恢复和商品消费逐渐到服务消费过渡，中国出口订单边际减弱，但是还将维持较高的增速，以光伏、新能源车为代表的制造业投资还将维持较高景气度。房住不炒政策基调不变，为防止系统性风险发生，行业监管政策边际上有所松动，基建投资力度加大确保经济增速稳定。如果全球疫情得到有效控制，前期因疫情影响的航空、酒店、餐饮等泛消费行业会有所恢复。债券基础收益较低，海外流动性收缩和国内稳增长政策力度可能会带来一些影响，但是在经济疲弱和未来可能的降准、降息等宽松政策利好下，一季度预计还有利率下行的资本利得投资收益。2022年继续砥砺前行，力求为持有人获取较好回报。衷心感谢广大投资者一如既往的理解和信任。","fund":{"_id":3000000012743,"__csrcFundId":9701,"stockCode":"012743","shortName":"汇添富添福睿选稳健养老一年持有混合（FOF）(012743)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":12743,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:27:52.307Z","status":"normal","exchange":"jj","name":"汇添富添福睿选稳健养老目标一年持有期混合型基金中基金（FOF）","fundCollectionId":4000050460000,"inceptionDate":"2021-08-19T16:00:00.000Z","followedNum":4,"masterFundShortName":"汇添富添福睿选稳健养老一年持有混合（FOF）","fofFundFlag":1,"setUpDate":"2021-08-19T16:00:00.000Z","setUpAssetScale":1176223687.91,"setUpShares":1176223687.91,"pinyin":"htftfrxwjylmbyncyqhhxjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20652354","stockType":"fund_manager","exchange":"fm","tickerId":31012187630,"name":"蔡健林"}]},"announcement":{"linkText":"汇添富添福睿选稳健养老目标一年持有期混合型基金中基金（FOF）2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=713717","linkType":"PDF","source":"csrc_pdf"}}]}