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的把握了市场投资机会。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:15.355Z","mo":"展望后市，宏观场景上有三个方面是关注的重点，一是美国启动“对等关税”调查，全球范围内施加对等关税给WTO框架下的“最惠国待遇”多边贸易体系形成较大冲击，全球贸易摩擦升级可能带来的全球总需求和总供给双弱的局面，其中中美关系又是重点；二是贸易成本增加推升通胀的潜在可能，进而对欧美流动性宽松的空间和节奏形成新的制约；三是以AI和机器人为引领的科技浪潮引发全球价值链竞争格局和产业生态变化，中国在高端制造附加值领域的优势和在供应链中的地位强化。上述宏观大背景使得权益类资产仍表现为结构性和高波动性的特征，对于债券资产而言，从当前经济和通胀的角度，宽松的流动性支持使得债券收益率上行空间有限，同时贸易冲突带来的不确定性也为债券市场提供避险需求。在组合管理上，本组合基于宏观场景和企业盈利状况，适时对风险敞口进行调整，紧密跟踪高频经济和金融数据的情况。结构上，盈利相对稳定的红利类资产、强AI浪潮下的科技板块和政策扶持的消费等会作为权益类重点关注方向，债券资产方面积极把握基本面复苏之前的反向博弈的机会。","fund":{"_id":3000000018285,"__csrcFundId":12917,"stockCode":"018285","shortName":"博时集兴配置优选6个月持有混合发起式(FOF)(018285)","masterFundShortName":"博时集兴配置优选6个月持有混合发起式(FOF)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":18285,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:54:24.579Z","status":"normal","exchange":"jj","inceptionDate":"2023-08-28T16:00:00.000Z","name":"博时集兴配置优选6个月持有期混合型发起式基金中基金(FOF)","setUpDate":"2023-08-28T16:00:00.000Z","setUpAssetScale":10903463.45,"setUpShares":10903463.45,"pinyin":"bsjxpzyx6gycyqhhxfqsjjzjj(fof)","managers":[{"stockCode":"db20875175","stockType":"fund_manager","exchange":"fm","tickerId":262323223680,"name":"张卫卫"},{"stockCode":"db20565713","stockType":"fund_manager","exchange":"fm","tickerId":2626172180,"name":"郑铮"}]},"announcement":{"linkText":"博时集兴配置优选6个月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=1251576","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ab7fea5b3eb0530ec7","date":"2024-09-29T16:00:00.000Z","stockId":3000000018285,"sao":"三季度权益市场和债券市场都表现出巨大的波动性，同时股票和债券呈现明显的负相关关系。权益市场自5月份起经历4个月的调整后于9月底走出大反转行情，本次权益市场的大幅上涨是对前期经济层面和政策层面预期的集中改善，不过总体反弹节奏和幅度超出市场预期。政策维度利好短期集中释放，估值低位、叠加情绪指标见底回升是其主要原因。924组合政策围绕货币政策、资本市场、地产政策展开，颁布一系列利好政策（央行创新结构性货币政策工具、推动中长期资金入市、促进并购重组、对市值管理指引公开征求意见），926政治局会议讨论经济议题，会议提出加大财政货币政策支撑、稳定房地产市场和提振资本市场，大幅改善市场信心，风险偏好大幅提振。本组合在三季度整体维持中性风险敞口， 季度末政策转向后，相应的提升了权益风险比重， 较好的把握了本次估值修复的机会。展望后市，市场的演绎不会一蹴而就。在估值修复阶段，情绪指标是度量市场风格演绎节奏的关键。估值修复之后市场重新开始对企业盈利层面及政策推进效果的再度观察期，高频经济数据及信贷需求仍然是影响下一阶段走势的关键，与之对应的，市场出现结构分化，具备盈利硬支撑、竞争格局良好、产业趋势高景气、符合政策引导方向的板块有望走出超额收益。海外方面，全球流动性转向宽松是大势，总体有助于风险偏好提升，但大选年局势不确定性及贸易摩擦给市场蒙上一层阴影， 同时中东地区的地缘冲突潜在升级也是不可忽视的风险事件。本组合后续紧跟政策落实效果和基本面数据情况，并结合风险事件情况，适时调整风险敞口，优化组合配置。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:15.353Z","fund":{"_id":3000000018285,"__csrcFundId":12917,"stockCode":"018285","shortName":"博时集兴配置优选6个月持有混合发起式(FOF)(018285)","masterFundShortName":"博时集兴配置优选6个月持有混合发起式(FOF)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":18285,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:54:24.579Z","status":"normal","exchange":"jj","inceptionDate":"2023-08-28T16:00:00.000Z","name":"博时集兴配置优选6个月持有期混合型发起式基金中基金(FOF)","setUpDate":"2023-08-28T16:00:00.000Z","setUpAssetScale":10903463.45,"setUpShares":10903463.45,"pinyin":"bsjxpzyx6gycyqhhxfqsjjzjj(fof)","managers":[{"stockCode":"db20875175","stockType":"fund_manager","exchange":"fm","tickerId":262323223680,"name":"张卫卫"},{"stockCode":"db20565713","stockType":"fund_manager","exchange":"fm","tickerId":2626172180,"name":"郑铮"}]},"announcement":{"linkText":"博时集兴配置优选6个月持有期混合型发起式基金中基金（FOF）2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1172522","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ab7fea5b3eb0530ec6","date":"2024-06-29T16:00:00.000Z","stockId":3000000018285,"sao":"上半年权益资产波动较大，债券资产表现相对较好。  一季度权益市场出现了风险偏好急剧下降以及流动性冲击导致的市场大幅波动，但随后“国家队”入市支撑、一系列稳增长政策、强基严管等资本市场政策的作用下，走出V型翻转结构，进入3月份之后市场呈现初高波动和快速轮动特征。债券市场依然延续较好表现，经济复苏动能仍显不足营造了相对宽松的货币市场环境，收益率进一步下行至历史低位。海外方面海外经济（美国）增长和就业数据延续韧性表现，延缓了美联储降息进程，海外权益市场整体呈现震荡上行态势。二季度权益市场整体呈现倒N字型走势， 板块和行业上依然延续高波动和快速轮动特征。5月中上旬市场风险偏好有所提升，但随着高频经济数据显示的复苏进程较弱，以及信用扩张意愿不足，市场转而进入下行趋势，顺周期类资产如消费和新能源等进一步下杀，拖累市场表现。小微市值企业估值下杀也传导到低价转债市场（信用风险发酵），引发转债市场出现较大调整。纯债债券市场表现较强，一方面相对宽松的货币市场环境提供较好流动性，另一方面资产荒背景下对票息资产配置力量增强，期限利差和信用利差压缩至历史极值附近。海外方面通胀数据粘滞效应较强，降息预期出现反复，AI科技链继续领涨市场，海外权益市场在4月下跌后继续走强；季度末受政治选举事件影响欧洲股市出现下跌。从宏观环境及产业周期出发，本基金在一季度主要围绕红利、科技以及医药等资产进行配置。本基金在二季度风险敞口总体维持中性，结构上仍然聚焦在价值、科技等资产进行配置，宁组合和茅指数受制于产业格局和消费疲软未纳入组合配置。地产新政后，小仓位参与了地产板块的投资。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:15.350Z","mo":"展望后市，首先，一系列促改革、促销费、稳增长的政策持续出台，有利于对稳定国内需求形成较好支撑；外部需求来看，应对通胀的限制性的利率环境对经济活动的抑制拖慢了补库周期进程，大选年贸易摩擦和地缘政治的影响又对出口带来了更多不确定性。 总量需求状况能否扭转有待观察。其次， 7月、8月是上市公司中报披露时间，板块和个股的业绩兑现情况有助于对产业趋势、竞争格局、国内和国外环境等形成共识扭转预期，从而可以提供更多的投资线索。再次，从估值水平上来讲，经过二季度市场震荡调整后，权益市场的风险溢价水平再次来到较高区间，叠加救市托底举措，市场非理性下跌部分有估值修复需要。另外值得一提的是美国大选和欧洲大选存在变数，欧洲右翼势力的崛起使得逆全球化浪潮再度升温。 后续组合紧密跟踪政策、高频经济数据以及企业盈利兑现数据的情况，优化配置。","fund":{"_id":3000000018285,"__csrcFundId":12917,"stockCode":"018285","shortName":"博时集兴配置优选6个月持有混合发起式(FOF)(018285)","masterFundShortName":"博时集兴配置优选6个月持有混合发起式(FOF)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":18285,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:54:24.579Z","status":"normal","exchange":"jj","inceptionDate":"2023-08-28T16:00:00.000Z","name":"博时集兴配置优选6个月持有期混合型发起式基金中基金(FOF)","setUpDate":"2023-08-28T16:00:00.000Z","setUpAssetScale":10903463.45,"setUpShares":10903463.45,"pinyin":"bsjxpzyx6gycyqhhxfqsjjzjj(fof)","managers":[{"stockCode":"db20875175","stockType":"fund_manager","exchange":"fm","tickerId":262323223680,"name":"张卫卫"},{"stockCode":"db20565713","stockType":"fund_manager","exchange":"fm","tickerId":2626172180,"name":"郑铮"}]},"announcement":{"linkText":"博时集兴配置优选6个月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=1146707","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ab7fea5b3eb0530ec5","date":"2024-03-30T16:00:00.000Z","stockId":3000000018285,"sao":"一季度权益市场出现了风险偏好急剧下降以及流动性冲击导致的市场大幅波动，但随后“国家队”入市支撑、一系列稳增长政策、强基严管等资本市场政策的作用下，走出V型翻转结构，进入3月份之后市场呈现初高波动和快速轮动特征。债券市场依然延续较好表现，经济复苏动能仍显不足营造了相对宽松的货币市场环境，收益率进一步下行至历史低位。海外方面海外经济（美国）增长和就业数据延续韧性表现，延缓了美联储降息进程，海外权益市场整体呈现震荡上行态势。从宏观环境及产业周期出发，本基金在一季度主要围绕红利、科技以及医药等资产进行配置，同时在仓位管理上有效规避了年初下跌风险，组合业绩较好，风险收益特征稳健。 展望后市，全球制造业出现新一轮补库周期的迹象，制造业景气度对全球经济走强有较好支撑，同时AI科技浪潮持续演绎，新质生产力和资源红利仍是重点，同时关注复苏进程顺周期类资产的投资机会，宁组合和茅指数类资产重新进入配置视野，二季度关注盈利兑现情况做相机抉择。债券方面目前国内面临整体利率水平和信用利差都被压制历史极低分位数，对于基本面及政策面的影响敏感性加大，依然维持中短久期操作。 同时两个风险点值得关注，一是海外方面美联储降息预期再度出现回摆，较强的经济增长，可能导致美债在极窄的区间波动，整体降息节奏或许继续延后，“Higher for Longer”成为事实性选择的概率提升；二是美大选年，新上任总统在经贸关税等方面的潜在影响。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:15.347Z","fund":{"_id":3000000018285,"__csrcFundId":12917,"stockCode":"018285","shortName":"博时集兴配置优选6个月持有混合发起式(FOF)(018285)","masterFundShortName":"博时集兴配置优选6个月持有混合发起式(FOF)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":18285,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:54:24.579Z","status":"normal","exchange":"jj","inceptionDate":"2023-08-28T16:00:00.000Z","name":"博时集兴配置优选6个月持有期混合型发起式基金中基金(FOF)","setUpDate":"2023-08-28T16:00:00.000Z","setUpAssetScale":10903463.45,"setUpShares":10903463.45,"pinyin":"bsjxpzyx6gycyqhhxfqsjjzjj(fof)","managers":[{"stockCode":"db20875175","stockType":"fund_manager","exchange":"fm","tickerId":262323223680,"name":"张卫卫"},{"stockCode":"db20565713","stockType":"fund_manager","exchange":"fm","tickerId":2626172180,"name":"郑铮"}]},"announcement":{"linkText":"博时集兴配置优选6个月持有期混合型发起式基金中基金（FOF）2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1070836","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ab7fea5b3eb0530ec4","date":"2023-12-30T16:00:00.000Z","stockId":3000000018285,"sao":"2023年是国内放开新冠疫情控制的第一年，从强复苏预期到弱复苏预期弱经济增长现实的认知转变成为影响市场走势的关键变量。 在海外流动性紧缩以及国内经济弱复苏现实的双重影响下，国内市场整体呈现债强股弱的格局。具体而言，权益市场风险偏好下降，估值出现大幅收缩；而债券市场在经济弱现实、化解地方债务、汇率稳定等影响下，收益率震荡下行，表现较好。同时A股权益市场内部不同板块之间表现出较大的差异，结构性特征更为突出，市场波动性大幅提升，尤其去年下半年以来虽然救市政策密集出台，但市场进入负向反馈模式后呈现加速下行态势，给投资操作带来较大的难度。全年来看，供需格局较优且股息较高的的煤炭能源等板块表现较好， 年内两大主题“中特估”和 “AIGC”板块虽然全年占优但下半年出现巨大回撤，其他多数板块均表现不佳。本基金成立以来，基于景气延续和困境翻转的思路，适度均衡配置了金融、电子信息、红利资产、医药等板块。考虑到产品正处在建仓期，因此我们在仓位方面自成立以来一直维持低位，较好的把握了市场反弹节奏和组合下行风险管理。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:15.344Z","mo":"展望后市，海外经济增长的韧性和通胀数据的反复对全球流动性转向宽松的节奏形成影响， 市场在10月底以来抢跑美联储降息后近期开始重新审视，就业情况和核心PCE数据仍是观察重点，但流动性拐点预计年内出现是较大概率发生的事件。国内方面，企业盈利的弱现实与资本市场对未来盈利改善的弱预期的组合，使得权益市场核心指数的估值水平下行至历史极值位置附近。我们认为资本市场大幅走在了经济曲线之前，完全计入对经济的悲观预期。从历史经验看，未来弱现实或者弱预期的边际转向都会较大的提升市场的风险偏好，从而带来估值重塑。 当前对于权益市场而言或许正处于胜率和倍率都很可观的时间节点。我们会继续紧盯信贷数据和高频经济景气数据来研判分子端盈利的改善情况，关注海外流动性变化来分析分母端折现率的边际变化，进而对股票和债券大类资产作出仓位调整；在市场节奏和板块上，信心重建的初期可能继续伴随高波动和高轮动的市场特征；结构上倾向于红利资产和高景气硬科技行业，辅以创新药等受政策影响较小同时有海外破局板块。 债券方面目前面临整体利率水平处于低位及波段空间压缩操作难度加大等困境，超额收益来源于久期及反向博弈，维持基础配置。","fund":{"_id":3000000018285,"__csrcFundId":12917,"stockCode":"018285","shortName":"博时集兴配置优选6个月持有混合发起式(FOF)(018285)","masterFundShortName":"博时集兴配置优选6个月持有混合发起式(FOF)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":18285,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:54:24.579Z","status":"normal","exchange":"jj","inceptionDate":"2023-08-28T16:00:00.000Z","name":"博时集兴配置优选6个月持有期混合型发起式基金中基金(FOF)","setUpDate":"2023-08-28T16:00:00.000Z","setUpAssetScale":10903463.45,"setUpShares":10903463.45,"pinyin":"bsjxpzyx6gycyqhhxfqsjjzjj(fof)","managers":[{"stockCode":"db20875175","stockType":"fund_manager","exchange":"fm","tickerId":262323223680,"name":"张卫卫"},{"stockCode":"db20565713","stockType":"fund_manager","exchange":"fm","tickerId":2626172180,"name":"郑铮"}]},"announcement":{"linkText":"博时集兴配置优选6个月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=1054412","linkType":"PDF","source":"csrc_pdf"}}]}