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。总体看，上半年组合收益表现较好，回撤控制能力有所提高。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:51.204Z","mo":"当前国内经济内生动能稳步复苏，预计下半年将进一步改善。疫情后资本开支增速下行，制造业产能过剩已有改观，当前反内卷政策有望进一步优化竞争格局，理顺产业链协作机制，逐步抬升企业盈利。下半年不确定性主要来自于外部，但目前看三季度中美关税争议等预期较为缓和，压力不大。对于债券市场，预计交易的主线在于物价、资金面和外部形势变化，增量财政政策出台前，利率阶段性下行趋势仍有一定延续性，临近年末则需关注经济数据的变动。对于股票市场，三季度偏稳，轻指数重结构，景气框架下的机构品种有望获得超额；四季度较乐观，流动性充裕和盈利预期上修进一步推高风险偏好。对可转债的判断适度收缩，下半年涨幅收窄，债性品种打底，平衡型券种择优。下半年股票资产仍相对占优，军工、创新药有中线逻辑，反内卷或将带动部分顺周期板块，港股机会值得期待，可转债部分估值略高，需着眼个券，债券部分中性偏低配置。本组合将努力在相对较低风险的前提下，做好大类资产配置，从中期把握转换时机，精选投资品种，保持组合灵活性，合理地承担有价值的风险，力争为持有人创造持续稳定的合理回报。","fund":{"_id":3000000017615,"stockCode":"017615","shortName":"广发安颐一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17615,"currency":"CNY","lastUpdated":"2026-08-26T13:18:27.552Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发安颐一年持有期混合型证券投资基金","inceptionDate":"2023-01-17T16:00:00.000Z","setUpDate":"2023-01-17T16:00:00.000Z","setUpAssetScale":404991910.78,"setUpShares":404991910.78,"pinyin":"gfayyncyqhhxzqtzjj","masterFundShortName":"广发安颐一年持有期混合","__csrcFundId":12168,"managers":[{"stockCode":"db20124156","stockType":"fund_manager","exchange":"fm","tickerId":1223110280,"name":"李巍"},{"stockCode":"j101021191","stockType":"fund_manager","exchange":"fm","tickerId":324266150,"name":"蔡轩"}]},"announcement":{"linkText":"广发安颐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=1341889","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2577fea5b3eb052c6cc","date":"2025-03-30T16:00:00.000Z","stockId":3000000017615,"sao":"2025年一季度，国内经济继续整固，生产方面部分数据好转，出口稳定，消费和基建方向仍需观察。春节前后，DeepSeek火爆出圈，各行各业加紧跟进，低成本高效率有助于算力平权，进一步增强中国的综合实力。此外，《哪吒2》票房获得历史性佳绩，凸显社会的文化自信。海外方面，美国采取关税措施等一系列行动加剧了全球地缘政治的复杂性，同时使得全球经济的不确定性大幅上升。在基本面的配合下，A股市场出现显著的春季躁动，科技成长顺势大涨，TMT总体占优，同时人形机器人和AI相关的汽车和机械设备等行业主题活跃，市场风险偏好明显提升，过去2年跑出超额的高股息板块走势偏弱；港股既受益于电子半导体，也受益于民企座谈会的加持，各家大厂扩大资本支出，后期还得到创新药板块的进一步推动，恒生科技成为一季度的全球热点。3月下半月，强势板块出现调整，热点向低估值和涨价板块转移，中长期的向上空间仍然确定，后续观察年报业绩和关税应对。一季度，政策处于“9.24”以来的落地推进期，新增政策有限，对债市压力不大，然而一季度债券收益率总体明显上行，主要源自央行政策宽松的节奏出现变化，资金面明显收紧，两会修正降息降准预期。一季度可转债指数上涨3%左右，相对正股有明显的优势，既受到股债两端的支持，也受益于部分上市公司积极下修转股价的正面贡献，预计全年可转债的净供给为负，总规模下行而股市仍有空间，可转债估值或仍将维持在合理的中高分位数水平。报告期内，本组合在1月至2月增加了权益敞口，积极跟进港股的投资机会，3月大幅调低了股票配置，对组合的整体风险进行适度管控。债券方面，组合维持中等偏低的久期配置，提高组合的流动性。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:51.201Z","fund":{"_id":3000000017615,"stockCode":"017615","shortName":"广发安颐一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17615,"currency":"CNY","lastUpdated":"2026-08-26T13:18:27.552Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发安颐一年持有期混合型证券投资基金","inceptionDate":"2023-01-17T16:00:00.000Z","setUpDate":"2023-01-17T16:00:00.000Z","setUpAssetScale":404991910.78,"setUpShares":404991910.78,"pinyin":"gfayyncyqhhxzqtzjj","masterFundShortName":"广发安颐一年持有期混合","__csrcFundId":12168,"managers":[{"stockCode":"db20124156","stockType":"fund_manager","exchange":"fm","tickerId":1223110280,"name":"李巍"},{"stockCode":"j101021191","stockType":"fund_manager","exchange":"fm","tickerId":324266150,"name":"蔡轩"}]},"announcement":{"linkText":"广发安颐一年持有期混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1266143","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2577fea5b3eb052c6cb","date":"2024-12-30T16:00:00.000Z","stockId":3000000017615,"sao":"2024年，在坚持高质量发展的政策指引下，一季度保持内需和外贸两手抓，二三季度外部不确定性增加。9月份政治局会议要求有效落实存量政策，加力推出增量政策，稳地产、促进房产交易，同时新增6万亿地方政府债务限额，加大对民生领域财政支出。这次重要的政策调整得到了各部委的快速积极响应，央行对降准降息做出指引，货币宽松节奏延续，也针对资本市场推出了创新工具。房地产数据开始好转，保交楼进度有所加快，一线城市新房价格小幅回升。全球贸易承压，中国相对较好且仍维持贸易顺差。国内物价水平低位运行，整体可控，社融与投资偏弱，从统计局已发布数据看，2024年实现了5%的经济增长目标。资本市场全年表现跌宕起伏，宽松格局下，债券市场收益率全年加速下行，呈现为债券的超级大牛市。股市全年整体为“W”型走势，1月份微观交易转弱，交易结构失衡，春节前得以扭转弱势，新国九条颁布，有助于资本市场行稳致远；5月底至9月底经济数据转弱，前期政策效果进入观察期，外部地缘政治冲突加剧，各国新一轮选举总体“右转”，纷纷聚焦国内，全球不安定因素增多，股市震荡走弱；9月末，中央高层会议定调，此后股市大幅上行；年末，特朗普胜选带来更大的关税博弈，国内股市震荡为主。 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