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对2026年能否继续上涨，市场争议较多，我们不预测也没有能力预测具体点位，在组合上仍然保有与产品定位相当的中枢仓位。我们与外部做了多次沟通，认为当前市场处于从2025年的估值扩张到2026年的盈利支撑的一个转换过程中，其核心逻辑是ROE企稳后上行，观察指标是PPI能否开启上行趋势。应该说这种大的转换过程中会天然带来市场的高波动，而且会有转换不成功的可能性，比如2014-2015年的牛市，因为没有看到PPI的上行而带来市场之后的巨震。我们认为从目前的观测指标而言，尚不能说明牛市结束，更进一步的观察窗口需要等到2026年1季度。从市场本身而言，除了上涨较多的部分板块，A股仍有大量的标的年内涨幅一般，估值也在历史较低位置，仍有绝对收益的机会，红利板块整体全年收益为负，在利率处于较低位置的情况下，具有较好的配置和修复机会。从汇金公司在ETF配置的规模和趋势来看，从2024年9月份之后，政策端对于股市下行风险有了更好的调控机制，我们有较小概率看到2022-2024年熊市走势再现。而从四中全会和十五五规划重提以经济建设为中心， 政策端对股市定价中风险溢价下行有正向作用。偏中期角度，我们会紧密观察企业盈利端的兑现，不断优化组合的风险收益比。组合将在风险可控的水平下，稳健操作，珍惜投资人的每一分钱，为投资人谋求长期稳健的回报。","lastUpdated":"2026-03-09T13:59:27.929Z","fund":{"_id":3000000017421,"__csrcFundId":12285,"stockCode":"017421","shortName":"天弘安康颐睿一年持有混合(017421)","masterFundShortName":"天弘安康颐睿一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17421,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:29:45.662Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"name":"天弘安康颐睿一年持有期混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":975913633.95,"setUpShares":975913633.95,"pinyin":"thakyryncyqhhxzqtzjj","followedNum":2,"memoNum":1,"managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐睿一年持有期混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1455413","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed23f7fea5b3eb052ae7a","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000017421,"sao":"三季度权益市场行情比较好，债券市场相对比较一般，转债受制于估值偏高和风格原因，表现也不太好。当前的权益市场从4月份贸易战调整开始，一直是比较强的一个走势。当前位置已经超越了2021年调整以来的起点，未来会怎么走是市场比较关心的一个问题。今年以来的市场对于偏价值风格也是一个很大的挑战，我们的投资整体上以周期和价值为主，也在做根据市场的变化，有一些相应的调整。我们认为往1到2年的中长期维度看，不论从经济和产业的周期维度、市场估值、风险偏好来说，本轮行情还谈不上结束，整体居民资产的配置转向也只是刚刚开始。从阅兵来看，我们的科技实力和整体国力有了显著提升，而从过去2、3年比较火热的AI方向看，全球也只剩下2个TOP级选手了，我们对于高质量发展和其盈利兑现从概率上来说是比较有信心的；科技成长作为这一轮市场上扬的主线是有坚实基本面支撑的，也应该走的更长远；但是资本市场之于基本面就像主人遛的小狗，跑远了就需要把它拉回来一点；资本市场的制度建设也有力支撑了证券市场发展，我们相信，一个有涨有跌的市场才能走的比较长远。市场经过近1年的震荡上行，突破了去年9.24高点，我们认为中长期的上行空间已经打开，当前时点不应悲观，回调是加快资产配置转换的机会。从组合而言，我们前期受益于市场上行趋势和对于科创、有色等布局，组合净值有一定上涨，相关标的短期涨幅偏离基本面所能解释范围时，我们也做了适当减仓。后续我们将根据市场本身节奏与基本面和政策的变化，适时调整结构，争取尽可能抓住机会，为组合贡献稳健收益。组合将在风险可控的水平下，稳健操作，珍惜投资人的每一分钱，为投资人谋求长期稳健的回报。","lastUpdated":"2026-03-09T13:59:27.926Z","fund":{"_id":3000000017421,"__csrcFundId":12285,"stockCode":"017421","shortName":"天弘安康颐睿一年持有混合(017421)","masterFundShortName":"天弘安康颐睿一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17421,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:29:45.662Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"name":"天弘安康颐睿一年持有期混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":975913633.95,"setUpShares":975913633.95,"pinyin":"thakyryncyqhhxzqtzjj","followedNum":2,"memoNum":1,"managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐睿一年持有期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=1373892","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed23f7fea5b3eb052ae79","date":"2025-06-29T16:00:00.000Z","stockId":3000000017421,"sao":"上半年，权益市场表现跌宕起伏，呈现成交量维持较高位置、区间中枢抬高、风险偏好始终不低的状况，以微盘股、北证50、可转债等为代表的受益于风险偏好抬升的资产表现较好；过去3、4年，债券收益率下行时间长度也创过去20年之最，受债市震荡影响，过去几年表现较好的红利指数表现一般，整体红利资产缩圈到少数几个受绝对收益类资金集中配置的方向上；以万得普通股票基金指数为例，整体跑赢了沪深300、A500等指数，成长风格和整体基金的主动管理能力再次得以体现。组合在年初维持了适当的股票和转债仓位，对于股票风格，适当往有价值的成长方向倾斜，部分仓位参与了港股市场，转债以中低价作为主要持仓，整体权益类获取了合理收益，纯债类资产受市场调整影响，仅贡献票息收益略低。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:27.923Z","mo":"展望下半年，PPI/CPI等价格所隐含的市场预期仍是政策重要关注点，地产市场的变化也需要重视，我们看好中国经济的韧性及底部向上的动能；目前以沪深300为代表的权重指数以PB来看估值仍属较低位置，从股息来看也有投资价值，ROE也处于底部抬高的区间，我们对下半年的权益市场相对乐观，但我们对纯风险偏好驱动的行情比较谨慎，仍然希望寻找有坚实基本面或可预期的基本面支撑的标的，随着半年报逐渐披露完成，相关线索也逐步明晰。对于固收+产品来说，获取合理收益的时间窗口有望持续较长时间。组合将在风险可控的水平下，稳健操作，珍惜投资人的每一分钱，为投资人谋求长期稳健的回报。","fund":{"_id":3000000017421,"__csrcFundId":12285,"stockCode":"017421","shortName":"天弘安康颐睿一年持有混合(017421)","masterFundShortName":"天弘安康颐睿一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17421,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:29:45.662Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"name":"天弘安康颐睿一年持有期混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":975913633.95,"setUpShares":975913633.95,"pinyin":"thakyryncyqhhxzqtzjj","followedNum":2,"memoNum":1,"managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐睿一年持有期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=1340798","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed23f7fea5b3eb052ae78","date":"2025-03-30T16:00:00.000Z","stockId":3000000017421,"sao":"回顾1季度一些重要问题，岁末年初关于中国成长的叙事密集出现，我们认为这可能反应了高质量发展初步见到成效；核心城市地产成交维持热度，部分城市甚至出现了溢价拿地的情况；而国际方面，原先担忧的一些问题暂时被延后。整体看市场风险偏好有所升温，不仅是国内投资人，国际资本也对再配置中国资产认真思考并行动。1月份市场对前期政策力度还有一些疑虑，2月份后包括国际资本在内市场风险偏好提升加快，恒生科技为代表，短期内上涨40%左右，3月份成长板块有所回调，主要担心科技创新的接续及盈利兑现，以及地产见底的真实性。总体而言，各类指数表现差异较大，成长、科创、小盘风格表现较好。债券方面，因为过去3、4年过长的债券牛市导致市场对资金面变紧和基本面的边际变化不够敏感，在10年期国债利率到1.6以下后迅速反弹，债券类产品表现一般，半数以上负收益。转债受风格驱动和供需影响，表现较好。操作方面，保持必要权益仓位，并配置部分港股仓位，适当增配成长风格，增加转债配置比例，整体获取了与产品风险等级相匹配的收益。展望2Q,地产见底需要经受质疑，高质量发展也需要从财报中寻找线索，但经历过去3-4年熊市，我们可以保持必要乐观，中期维度维持必要的权益持仓。组合将在风险可控的水平下，以稳健为目标操作，珍惜投资人的每一分钱，力争为投资人谋求长期稳健的回报。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:27.921Z","fund":{"_id":3000000017421,"__csrcFundId":12285,"stockCode":"017421","shortName":"天弘安康颐睿一年持有混合(017421)","masterFundShortName":"天弘安康颐睿一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17421,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:29:45.662Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"name":"天弘安康颐睿一年持有期混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":975913633.95,"setUpShares":975913633.95,"pinyin":"thakyryncyqhhxzqtzjj","followedNum":2,"memoNum":1,"managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐睿一年持有期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=1270049","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed23f7fea5b3eb052ae77","date":"2024-12-30T16:00:00.000Z","stockId":3000000017421,"sao":"24年资本市场波动较大，全年看股票、转债、债券都贡献了正收益，但身处其中，就知道市场的复杂程度远超最终给出的一系列数字。换句话说，过去3-4年的资本市场，复杂程度远超过往，从最具代表性的利率债走势看出，原有的周期性大大减弱，呈现趋势型下行。30年长债收益率24年收益率也远超过去10年任何一年债市牛市的收益高点。利率特别是长债走势反映对中长期经济的预期。经济在向高质量发展转型的过程中不可避免的会经历增速下台阶的情况，从年末机器人、新一代军机、大模型等密集出现来看，高质量发展初见成效，利率下行最快的阶段可能已经过去。从股票市场来看，经历了年初和9月份的两次寻底，短周期经济的底部、低位的估值、政策的高度重视毫无疑问的已筑牢政策底、市场底，我们需要耐心等待经济的企稳回升。从组合的操作来看，我们在年初债券部分加大了比例配置和久期配置，全年贡献了一定收益；权益部分，我们坚持低估值和红利的持仓重心，牢牢控制了回撤，并在年底的反弹中有所收获，24年我们加大了对港股的投资，以港股科技股龙头和部分高股息红利股为主；对于转债，24年的大幅波动再次证明了转债策略并未失效，从组合运作的稳健性考虑，我们在2月到5月的反弹中逐步减持，并在8月底后逐步增加，取得了较好的效果。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:27.915Z","mo":"展望25年，我们认为，从长期而言，股票市场走势一定是和经济增长、企业盈利正相关的，对于部分认为A股长期3000点未能反映经济增长的质疑，可能是因为指数编制方式导致的，但整体来说，A股指数在反映中国经济增速方面可能更多反映了盈利增长，估值扩张受到抑制。A股长期走牛的影响因素当然有很多种，但我们看来过去10年影响比较大的可能是金融体系扩张，主要影响反映在地产及相关的城投、影子银行等方面。而在地产回归居住属性本源进入长期稳健发展阶段，受抑制的权益市场具有了走牛的初步动力，高质量发展成果的初步显现，将进一步催生进一步的动力。我们对25年的权益市场不悲观，展望更长一点时间，我们会更乐观一些。从长债不断新低的现实和经济已经展现的韧性来看，以2-3年维度，权益和债市胜率异位。从节奏看，我们认为对市场预期仍然要理性点，可能需要拉长周期看待。中国150万亿的资产在老龄化加速和经济高质量发展的背景下有再平衡的需求，20到21年迅速发展的固收+市场在22到24年受到了权益大幅波动的影响，未来2-3年，固收+可能重新起航。组合将在风险可控的水平下，稳健操作，珍惜投资人的每一分钱，力争为投资人谋求长期稳健的回报。","fund":{"_id":3000000017421,"__csrcFundId":12285,"stockCode":"017421","shortName":"天弘安康颐睿一年持有混合(017421)","masterFundShortName":"天弘安康颐睿一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17421,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:29:45.662Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"name":"天弘安康颐睿一年持有期混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":975913633.95,"setUpShares":975913633.95,"pinyin":"thakyryncyqhhxzqtzjj","followedNum":2,"memoNum":1,"managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐睿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=1252325","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed23f7fea5b3eb052ae76","date":"2024-09-29T16:00:00.000Z","stockId":3000000017421,"sao":"从反应企业生产活动的价格、预期及企业活力等一系列数据及大宗价格走势可以看出，经济在3季度有走弱的苗头，2季度上市公司的盈利数据也比较一般，相应权益市场也走出了一轮下行的分子端行情；我们认为之前一系列地产和相关配套政策已对经济发展中的一些问题有了充分认知，但预期的扭转相对比较困难，通缩预期一旦形成，对消费、投资等都有较大影响；因此，我们在9月底看到了系列资本市场及经济相关政策。出于对持仓公司财报的谨慎，我们在3季度大部分时间维持偏低仓位，对于转债，我们去弱留强，只保持了必要仓位；纯债部分保持积极操作。8月末后，我们观察到转债市场出现了较明显机会，9月后，我们在股票市场也看到越来越多可参与标的，考虑到组合特点，我们没有左侧加仓，在政策信号明确后，我们迅速恢复原有仓位。展望4季度，仍需观察政策和地产的进展，也要防范海外不确定因素，但对于中长期的权益市场，我们相对乐观。组合将在风险可控的水平下，稳健操作，珍惜投资人的每一分钱，为投资人谋求长期稳健的回报。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:27.912Z","fund":{"_id":3000000017421,"__csrcFundId":12285,"stockCode":"017421","shortName":"天弘安康颐睿一年持有混合(017421)","masterFundShortName":"天弘安康颐睿一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17421,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:29:45.662Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"name":"天弘安康颐睿一年持有期混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetSca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