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　　基金投资运作上，由于基金重仓股和大盘成长板块仍然表现较弱，传统消费周期类资产也未完全修复，组合整体保持在基金重仓权重配置上的相对稳定状态。目前我们保持相对中性的权益仓位，后续需观察政策力度和基本面的复苏情况再择机进行左侧的仓位调整。 　　展望二季度，内部挑战持续下需要做好逆周期调节，结合近期央行多次表态货币政策有充足的政策空间，二季度或有进一步降准降息的可能。另一方面，在我国经济基本面较弱、利率对于经济数据表现钝化的环境下，央行或控制长端利率进一步下行，采取防止资金空转、有效引导市场预期等措施。股市方面，科技、绿色和数字金融五篇大文章或为年内主线，对于科技创新和技术改造的再贷款、以及对大规模设备更新和消费品以旧换新的金融支持，或将进一步推动加快发展新质生产力。二季度来看，虽然制造业外需回升，但消费层面显示世界经济增长动能或后继不足，外部通胀仍具粘性且发达国家利率或将保持高位，增长动能及可持续性依然存疑，面临高基数期，制造业持续修复或有承压。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:31.819Z","fund":{"_id":3000000017453,"__csrcFundId":12655,"stockCode":"017453","shortName":"浦银安盛颐璇平衡养老目标三年混合（FOF） (017453)","masterFundShortName":"浦银安盛颐璇平衡养老目标三年混合（FOF） 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  基金投资运作上，我们保持市场水平的行业及板块配置，在基金权重股不占优势的情况下，以产品的中枢权益仓位应对当下市场。三季度季报期有望确定本轮盈利周期底部，进而可能推动市场底的形成与市场上行趋势的确认，但在外部流动性环境持续偏紧的背景下，市场整体估值压力依然存在，价值投资的回归仍然是大势所趋。   国内经济金融数据同步改善、宏观基本面向好，四季度A股有望呈现震荡上行的基调。三季度，在内部强政策刺激与弱经济现实的双重影响下，A股估值承压，而债市同步回调，但内外因素影响边际弱化，展望四季度，利空渐少、利好渐多，大盘上涨概率加大。当下，还要面临多重外部压力，预期指数短期内或难实现较大突破，在宏观修复斜率出现显著改善之前主要寻找结构性机会。展望四季度，由经济强相关板块上修业绩到抬升估值实现的双击年内较难实现，而流动性预期依然呈现为典型的衰退式宽松状态。当前经济环境下对于当期业绩相对弱化而重视中长期市场空间的主题投资吸引力较强；受益于前期政策落地的非银金融和地产也具备相应交易机会。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:31.814Z","fund":{"_id":3000000017453,"__csrcFundId":12655,"stockCode":"017453","shortName":"浦银安盛颐璇平衡养老目标三年混合（FOF） (017453)","masterFundShortName":"浦银安盛颐璇平衡养老目标三年混合（FOF） 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