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中枢为50%。受美国关税政策影响，我们调整了对全球通胀及经济增长预期，降低全球权益资产的配置比例。境内方面，我们超配了红利及成长类资产，维持中等固定收益资产久期。我们将持续跟踪各类资产价格与基本面的匹配度，动态微调。","declarationDate":"2025-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:14.058Z","fund":{"_id":3000000017748,"__csrcFundId":12552,"stockCode":"017748","shortName":"国投瑞银平衡养老目标三年持有期混合发起式（FOF）A","masterFundShortName":"国投平衡养老FOF","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":17748,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T21:10:39.732Z","status":"normal","exchange":"jj","name":"国投瑞银平衡养老目标三年持有期混合型发起式基金中基金（FOF）","inceptionDate":"2023-04-26T16:00:00.000Z","setUpDate":"2023-04-26T16:00:00.000Z","setUpAssetScale":52393431.34,"setUpShares":52393431.34,"pinyin":"gtryphylmbsncyqhhxfqsjjzjj(fof)","followedNum":2,"pensionTargetFlag":1,"managers":[{"stockCode":"j101019653","stockType":"fund_manager","exchange":"fm","tickerId":2508242460,"name":"杨晗"}]},"announcement":{"linkText":"国投瑞银平衡养老目标三年持有期混合型发起式基金中基金（FOF）2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1267255","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed26e7fea5b3eb052d8dc","date":"2024-12-30T16:00:00.000Z","stockId":3000000017748,"sao":"2024年，全球经济稳健运行，通胀压力减缓，美联储、欧央行、英格兰央行持续降息。国内经济展现出韧性，但物价指数依然疲弱，地产投资和销售仍处于低位。产业层面，人工智能（AI）是过去两年影响力最大、关注度最高、变化最快的领域。算力端供不应求，端侧新品层出不穷，大模型的训练成本和推理能力均有突破，AI在广告、教育、医疗等垂直类应用场景开始产生需求。权益市场方面，上证指数、深证成指、中证800、创业板指和恒生指数分别上涨12.7%、9.3%、12.2%、13.2%和17.7%，Wind偏股混合型基金指数上涨3.5%。中信一级行业中，银行、非银金融、家电、通信分别上涨42.8%、33.7%、31.4%和27.4%，而医药、农林牧渔、消费者服务等行业跌幅居前。海外市场方面，标普500、纳斯达克100、日本东证、德国DAX、英国富时100分别上涨23.3%、24.9%、17.7%、18.8%、5.7%，法国CAC40收跌2.2%。固定收益市场方面，10年期和30年期国债利率下行幅度较大，其中10年期国债利率自年初的2.5%左右跌至1.7%以下。Wind中长期纯债基金指数上涨4.6%，中证转债指数全年收涨6.1%。本基金投资于权益类资产的比例中枢为50%。报告期内，我们首次将海外资产纳入大类资产配置模型，力争通过更多低相关性资产的组合提升风险收益比。9月下旬，我们增加了对港股和转债的配置比例，并阶段性增配了成长板块。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:14.055Z","mo":"展望2025年，全球地缘和贸易政策的走向以及中国通胀能否企稳回升，将成为决定全球大类资产价格的关键因素。在当前的宏观环境下，美股仍是全球主要权益市场的风向标。尽管美股估值偏高，但基本面依然稳健。在此背景下，我们关注非美股资产的资金外溢，以及A股和港股的重估机会。从结构上看，AI及其在各行业的应用是我们重点关注的投资方向；同时，周期和红利资产在特定阶段也可能存在投资机会。随着资产价格的上涨，转债和中长期纯债的赔率正在降低，我们将根据市场变化动态调整上述资产的配置比例。在全球经济“弱复苏+通胀回落”的组合下，我们维持对海外权益资产的超配。境内方面，我们超配了港股、中小盘和成长类资产，并适度缩短了固定收益资产的久期。我们将持续跟踪各类资产价格与基本面的匹配度，并根据市场情况动态微调。","fund":{"_id":3000000017748,"__csrcFundId":12552,"stockCode":"017748","shortName":"国投瑞银平衡养老目标三年持有期混合发起式（FOF）A","masterFundShortName":"国投平衡养老FOF","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":17748,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T21:10:39.732Z","status":"normal","exchange":"jj","name":"国投瑞银平衡养老目标三年持有期混合型发起式基金中基金（FOF）","inceptionDate":"2023-04-26T16:00:00.000Z","setUpDate":"2023-04-26T16:00:00.000Z","setUpAssetScale":52393431.34,"setUpShares":52393431.34,"pinyin":"gtryphylmbsncyqhhxfqsjjzjj(fof)","followedNum":2,"pensionTargetFlag":1,"managers":[{"stockCode":"j101019653","stockType":"fund_manager","exchange":"fm","tickerId":2508242460,"name":"杨晗"}]},"announcement":{"linkText":"国投瑞银平衡养老目标三年持有期混合型发起式基金中基金（FOF）2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1253667","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed26e7fea5b3eb052d8db","date":"2024-09-29T16:00:00.000Z","stockId":3000000017748,"sao":"2024年3季度，全球经济仍具韧性，美国9月非农就业数据走强，中国CPI底部震荡。货币政策方面，美联储于9月议息会议宣布降息50基点，美欧英等主要央行均进入降息周期。全球权益资产宽幅震荡，其中美国标普500、日本东证指数和德国DAX于报告期先后触及历史新高，A股上证指数、深证成指和港股恒生指数在9月中下旬政策催化下暴力拉升。国内长端国债收益率于9月下旬触底后快速反弹。本基金投资于权益类资产的比例中枢为50%，全球经济“弱复苏+通胀回落”组合下，我们维持对全球权益资产的超配。境内方面，在权益资产“低估值+低仓位+低预期”的三低组合下，政策转向为市场提供了再定价的基础，我们显著提升了A股和H股的仓位，并将部分纯债资产调整为一二级债券资产。本轮A/H股上涨斜率陡峭，我们需要仔细评估当前价格和估值水平隐含的增长假设，以及对应的基本面实际情况。此外，资金面的变化也是本轮行情我们重点跟踪的指标。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:14.052Z","fund":{"_id":3000000017748,"__csrcFundId":12552,"stockCode":"017748","shortName":"国投瑞银平衡养老目标三年持有期混合发起式（FOF）A","masterFundShortName":"国投平衡养老FOF","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":17748,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T21:10:39.732Z","status":"normal","exchange":"jj","name":"国投瑞银平衡养老目标三年持有期混合型发起式基金中基金（FOF）","inceptionDate":"2023-04-26T16:00:00.000Z","setUpDate":"2023-04-26T16:00:00.000Z","setUpAssetScale":52393431.34,"setUpShares":52393431.34,"pinyin":"gtryphylmbsncyqhhxfqsjjzjj(fof)","followedNum":2,"pensionTargetFlag":1,"managers":[{"stockCode":"j101019653","stockType":"fund_manager","exchange":"fm","tickerId":2508242460,"name":"杨晗"}]},"announcement":{"linkText":"国投瑞银平衡养老目标三年持有期混合型发起式基金中基金（FOF）2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1169414","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed26e7fea5b3eb052d8da","date":"2024-06-29T16:00:00.000Z","stockId":3000000017748,"sao":"2024年上半年，全球经济弱复苏，欧美等发达经济体通胀温和下行，国内经济及通胀数据低位震荡，降息、设备更新、稳地产等政策陆续出台。报告期内，A股及全球大宗商品（铜铝等）价格先抑后扬，美日英法德等国股票市场震荡上行。结构上，A股市场银行、电力及公用事业等低估值、高分红资产涨幅居前，美日市场科技股表现优异。固定收益资产方面，长短端国债利率下行，各等级信用利差收敛，长端及超长端利率债涨幅较大。我们一直在思考，FOF应该如何向投资人提供有别于传统股票、混合、货币、债券型产品的收益体验。过去几年，我们希望在稳定股债配置比例的基础上适度微调，并对板块、行业和风格做出超低配，优选适配的基金经理。然而在单一资产价格下行的环境中，适度均衡、基金优选的投资策略并未提供显著差异化的净值表现。鉴于此，我们尝试扩大自己的研究范围和能力圈，结合产品合同的投资约定，在本报告期将QDII等与传统股债相关性较低的产品纳入配置模型。理论上，在长期预期收益率相似的情况下，低相关性资产的组合，净值曲线更为平滑。在我们调整了配置模型后，希望通过分散化的投资策略，力争为投资人提供不同于传统股债混合配置型策略的投资服务。报告期内，管理人增加了低相关性QDII资产的配置比例，并基于底层资产的估值、基本面和部分场内产品的折溢价率动态微调。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:14.049Z","mo":"展望下半年，全球经济未见明显衰退迹象，通胀仍处于下行通道，但地缘政治、部分国家元首及议会选举等因素或使风险资产的波动较2季度有所增加。我们将以低估值、高分红风险资产和固定收益证券为底仓，辅之以部分估值合理，兼具景气的成长型资产，并积极关注周期类资产的投资机会。本基金是一只养老目标风险基金。管理人通过自上而下的资产配置，力争获取多元化投资回报；通过分散投资于不完全相关的资产，控制组合波动风险；基于资产配置方案，自下而上优选能够获取超额收益的基金产品。","fund":{"_id":3000000017748,"__csrcFundId":12552,"stockCode":"017748","shortName":"国投瑞银平衡养老目标三年持有期混合发起式（FOF）A","masterFundShortName":"国投平衡养老FOF","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":17748,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T21:10:39.732Z","status":"normal","exchange":"jj","name":"国投瑞银平衡养老目标三年持有期混合型发起式基金中基金（FOF）","inceptionDate":"2023-04-26T16:00:00.000Z","setUpDate":"2023-04-26T16:00:00.000Z","setUpAssetScale":52393431.34,"setUpShares":52393431.34,"pinyin":"gtryphylmbsncyqhhxfqsjjzjj(fof)","followedNum":2,"pensionTargetFlag":1,"managers":[{"stockCode":"j101019653","stockType":"fund_manager","exchange":"fm","tickerId":2508242460,"name":"杨晗"}]},"announcement":{"linkText":"国投瑞银平衡养老目标三年持有期混合型发起式基金中基金（FOF）2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1147279","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed26e7fea5b3eb052d8d9","date":"2024-03-30T16:00:00.000Z","stockId":3000000017748,"sao":"2024年1季度，全球经济呈复苏态势，中欧美制造业PMI上行，中美3月数据已过50枯荣线。另一方面，中欧美通胀数据分化，中国CPI仍在寻底，欧盟2月整体CPI已回落至2.6%，美国通胀韧性较强。全球经济与通胀水平错位，各国与地区央行采取了截然不同的应对措施。中国央行、瑞士央行于1季度先后降息，日本央行放松利率曲线控制（YCC），市场预期欧央行降息时点或早于美联储。全球股票及大宗商品等风险资产普涨，日本、美国、法国、德国、越南股市表现优异，A股及港股走出“V”型反转，原油、黄金在商品中涨幅居前。国内长端利率大幅下行，30年国债一度跌至2.4%附近。全球经济处于复苏通道，股强于债，报告期内我们维持了对全球风险资产的超配，并时刻关注可能影响未来风险资产表现的关键变量。境内资产方面，随着A股和债券的上涨，我们调整了固定收益资产的久期，减配二级债基金，并积极寻找A及H股结构性投资机会。","declarationDate":"2024-04-11T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:14.046Z","fund":{"_id":3000000017748,"__csrcFundId":12552,"stockCode":"017748","shortName":"国投瑞银平衡养老目标三年持有期混合发起式（FOF）A","masterFundShortName":"国投平衡养老FOF","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":17748,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T21:10:39.732Z","status":"normal","exchange":"jj","name":"国投瑞银平衡养老目标三年持有期混合型发起式基金中基金（FOF）","inceptionDate":"2023-04-26T16:00:00.000Z","setUpDate":"2023-04-26T16:00:00.000Z","setUpAssetScale":52393431.34,"setUpShares":52393431.34,"pinyin":"gtryphylmbsncyqhhxfqsjjzjj(fof)","followedNum":2,"pensionTargetFlag":1,"managers":[{"stockCode":"j101019653","stockType":"fund_manager","exchange":"fm","tickerId":2508242460,"name":"杨晗"}]},"announcement":{"linkText":"国投瑞银平衡养老目标三年持有期混合型发起式基金中基金（FOF）2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1063152","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed26e7fea5b3eb052d8d8","date":"2023-12-30T16:00:00.000Z","stockId":3000000017748,"sao":"2023年，全球经济稳步修复，美欧韩制造业PMI探底回升，发达经济体通胀下行，欧美央行陆续停止加息。国内经济前高后低，地产仍在寻底，物价收缩。以ChatGPT为代表的通用人工智能（AGI）成为2023年最重要的技术变革，AGI或成为互联网和智能手机级别的创新产品。权益市场方面，上证指数、深证成指、中证800、创业扳指分别下跌3.7%、13.5%、10.4%、19.41%，Wind偏股混合型基金下跌13.5%，中信一级行业中通信、传媒、煤炭收涨24.8%、19.8%、13.4%，消费服务、地产、新能源跌幅靠前，分别下跌41.2%、24.8%、24.7%。受益于经济修复，标普500、日经225、德国DAX、法国CAC分别上涨24.2%、28.2%、20.3%、16.5%，在AGI革命的带动下纳斯达克指数全年上涨43.4%。固定收益市场方面，10年国债收益率高开低走，自2.9%高位下行至2.5%附近，信用利差小幅收窄。Wind中长期纯债基金指数上涨3.6%。美国10年国债收益率于4季度初上行至4.9%高位后掉头向下。报告期内，我们增配通用人工智能的硬件算力产业链，阶段性增配了铜铝金油煤等全球定价的周期型资产，减持了供需格局变弱的新能源板块。我们对大类配置方法论进行了一定调整，将投资视野扩展至全球资产，增加低相关性资产的配置，以降低基金净值波动。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:14.043Z","mo":"展望2024年，地产和宏观政策仍是国内经济最重要的观察指标，联储降息是海外宏观最重要的交易主线之一。权益方面，我们沿着高景气、底部反转、全球定价和高分红资产寻找投资机会；如国内观察指标出现变化，我们将更加关注估值低、经济敏感度高的资产。联储降息前，黄金、海外权益仍是确定性较高的配置方向，降息后美债或有交易性机会。本基金是一只养老目标风险基金，管理人将通过自上而下的资产配置控制组合的风险收益特征，保持策略的稳定性，自下而上优选可能在长期获取超额收益的基金产品。","fund":{"_id":3000000017748,"__csrcFundId":12552,"stockCode":"017748","shortName":"国投瑞银平衡养老目标三年持有期混合发起式（FOF）A","masterFundShortName":"国投平衡养老FOF","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":17748,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T21:10:39.732Z","status":"normal","exchange":"jj","name":"国投瑞银平衡养老目标三年持有期混合型发起式基金中基金（FOF）","inceptionDate":"2023-04-26T16:00:00.000Z","setUpDate":"2023-04-26T16:00:00.000Z","setUpAssetScale":52393431.34,"setUpShares":52393431.34,"pinyin":"gtryphylmbsncyqhhxfqsjjzjj(fof)","followedNum":2,"pensionTargetFlag":1,"managers":[{"stockCode":"j101019653","stockType":"fund_manager","exchange":"fm","tickerId":2508242460,"name":"杨晗"}]},"announcement":{"linkText":"国投瑞银平衡养老目标三年持有期混合型发起式基金中基金（FOF）2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1058968","li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for Longer）能够持续多久。回到国内市场，多数权益资产的价格低于二季度末，市场仍在期待更大力度的政策刺激，但债券市场对经济数据和政策的反应更加剧烈。在宏观状态没有明确变化前，我们依然沿着五个方向挖掘投资标的：1）高景气细分赛道；2）高分红板块；3）低估值、供给端受限的周期板块；4）库存周期见底或即将见底的子行业；5）自下而上的投资机会。基于资产价格和估值的变化，三季度管理人略微减少了周期类和高分红类资产的配置比例。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:14.040Z","fund":{"_id":3000000017748,"__csrcFundId":12552,"stockCode":"017748","shortName":"国投瑞银平衡养老目标三年持有期混合发起式（FOF）A","masterFundShortName":"国投平衡养老FOF","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":17748,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T21:10:39.732Z","status":"normal","exchange":"jj","name":"国投瑞银平衡养老目标三年持有期混合型发起式基金中基金（FOF）","inceptionDate":"2023-04-26T16:00:00.000Z","setUpDate":"2023-04-26T16:00:00.000Z","setUpAssetScale":52393431.34,"setUpShares":52393431.34,"pinyin":"gtryphylmbsncyqhhxfqsjjzjj(fof)","followedNum":2,"pensionTargetFlag":1,"managers":[{"stockCode":"j101019653","stockType":"fund_manager","exchange":"fm","tickerId":2508242460,"name":"杨晗"}]},"announcement":{"linkText":"国投瑞银平衡养老目标三年持有期混合型发起式基金中基金（FOF）2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=985036","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed26e7fea5b3eb052d8d6","date":"2023-06-29T16:00:00.000Z","stockId":3000000017748,"sao":"2023年上半年，国内经济随疫情放开呈脉冲式上行，3-4月经济动能有所回落，部分可选消费、必选消费和科技硬件景气较高，但地产、多数可选消费（白酒等）销售增速回落；美国通胀数据继续下行，需求端指标进入收缩区间，但就业数据依然强劲。基于上述判断，报告期管理人调整了固收部分的一二级债基配置比例，增配了成长型权益资产。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:14.037Z","mo":"我们认为地产进入了中周期下行通道后，强刺激如饮鸩止渴，但释放实际购房需求的政策有助于稳定短期地产销售，中期来看地产出清后的经济结构将更加健康有韧性。展望下半年乃至2024年，国内库存周期已进入后半程，PPI处于底部区间；美联储加息也接近尾声，美国经济周期自滞胀转向衰退，上述指标均指向超配权益资产。我们将结合市场预期、宏观政策和经济数据，选择配置时点。正如我们在二季报所说，权益市场的风格和结构，是宏观环境和产业景气的映射。每个阶段有每个阶段的核心资产：13-15年的科技与移动互联网，16-21年的高ROE，22-23年的困境反转、高分红，以及不断变换的高景气赛道。从基本面、估值水平和机构持仓结构来看，未来的市场风格和行业特征仍将有别于16-21年。绝大部分与地产强相关的板块基本面仍在寻底，新能源光伏锂电多数环节依然处于供大于求的情况，仅少量龙头公司能维持稳定盈利，医药部分细分环节基本面或能在今年3-4季度见底。未来，我们主要沿着五个方向挖掘投资标的：1）高景气细分赛道；2）高分红板块；3）低估值、供给端受限的周期板块；4）库存周期见底或即将见底的子行业；5）自下而上的投资机会。固收端，我们优选并长期持有信用研究及风险控制能力强、主投高等级信用债的纯债基金，以及具有资产配置和选股能力的一二级债券基金。","fund":{"_id":3000000017748,"__csrcFundId":12552,"stockCode":"017748","shortName":"国投瑞银平衡养老目标三年持有期混合发起式（FOF）A","masterFundShortName":"国投平衡养老FOF","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":17748,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T21:10:39.732Z","status":"normal","exchange":"jj","name":"国投瑞银平衡养老目标三年持有期混合型发起式基金中基金（FOF）","inceptionDate":"2023-04-26T16:00:00.000Z","setUpDate":"2023-04-26T16:00:00.000Z","setUpAssetScale":52393431.34,"setUpShares":52393431.34,"pinyin":"gtryphylmbsncyqhhxfqsjjzjj(fof)","followedNum":2,"pensionTargetFlag":1,"managers":[{"stockCode":"j101019653","stockType":"fund_manager","exchange":"fm","tickerId":2508242460,"name":"杨晗"}]},"announcement":{"linkText":"国投瑞银平衡养老目标三年持有期混合型发起式基金中基金（FOF）2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=960359","linkType":"PDF","source":"csrc_pdf"}}]}