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"_id":"69aed2ac7fea5b3eb0530fee","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000018297,"sao":"三季度宏观经济平稳但有放缓迹象，7-9月制造业PMI均处于景气收缩区间。三季度政府债发行月度同比转向少增，社融增速开始回落，居民和企业部门信贷延续低位，依靠低基数支撑M1增速才继续改善。但投资者风险偏好和市场情绪明显进一步提振，两融余额约2.4万亿，较上季度末上行，融资买入占比也明显提升。在权益资产二季度明显反弹后，基于组合绝对收益的目标定位，组合在三季度明显降低了权益配置比例，保持了中性偏低的权益资产配置比例，且结构偏向大盘风格和价值风格，但权益市场延续明显上涨趋势，同时，结构上，成长和中小盘表现相对更优，因此组合在权益资产上获取的收益缺乏弹性。债券方面，仍因为主要境外国家的债券高票息，而相对看好境外债券资产，通过QDII和互认基金进行了配置；境内的利率债在经济明显复苏前，也没有较大的风险，其短期因为风险资产回暖而波动剧烈，但从中长期看具有一定配置价值。因此，在债券投资上，久期保持中性水平。","lastUpdated":"2026-03-09T14:01:16.450Z","fund":{"_id":3000000018297,"__csrcFundId":12590,"stockCode":"018297","shortName":"南方浩稳优选9个月持有混合（FOF）(018297)","masterFundShortName":"南方浩稳优选9个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":18297,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:54:40.820Z","status":"normal","exchange":"jj","name":"南方浩稳优选9个月持有期混合型基金中基金（FOF）","inceptionDate":"2023-05-05T16:00:00.000Z","setUpDate":"2023-05-05T16:00:00.000Z","setUpAssetScale":913322495.52,"setUpShares":913322495.52,"pinyin":"nfhwyx9gycyqhhxjjzjj(fof)","managers":[{"stockCode":"8801402265","stockType":"fund_manager","exchange":"fm","tickerId":810157720,"name":"黄俊"}]},"announcement":{"linkText":"南方浩稳优选9个月持有期混合型基金中基金（FOF）2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1382049","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ac7fea5b3eb0530fed","date":"2025-06-29T16:00:00.000Z","stockId":3000000018297,"sao":"组合在年初的下跌中，低配权益资产的操作，相对控制了回撤风险，但未能及时抓住权益市场2-3月的反弹行情；当然，在权益市场明显反弹后，基于国内经济未明显复苏，且海外不确定性因素较多，没有在权益资产的高位盲目追加仓位，因此，在3月中旬之后的市场回撤中，特别是二季度初关税战爆发的全球风险释放过程中，再次控制了组合的回撤幅度。同时，在4月初及时抓住了权益资产难得的低位窗口期，增加了权益资产的配置比例，使得净值得到较快修复。在二季度权益资产的持续上升期，保持住了较高的配置比例，有效分享了权益资产创造的收益。因此，组合在二季度实现了相对于业绩基准的超额收益。而在权益市场明显反弹后的二季度末期，下调了权益配置比例，以反映组合希望获得低回撤净值曲线的诉求。债券方面，仍因为主要境外国家的债券高票息，而相对看好境外债券资产，境内的利率债在经济明显复苏前，也没有较大的风险，具有一定配置价值。因此，在债券投资上，久期适度偏低。年初增持了一定比例的境外债券配置。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:16.447Z","mo":"展望未来，组合依然看好权益资产全年的投资机会，在投资性价比仍然较高的背景下，组合只在权益资产大幅上涨后才阶段性的考虑控制风险，同时，若权益资产发生阶段性明显回撤，都是再度增加配置比例的良机。债券方面，仍因为主要境外国家的债券高票息，而相对看好境外债券资产，境内的利率债在经济明显复苏前，也没有较大的风险，具有一定配置价值，当然久期保持中性偏低状态，只有在境内债券利率出现明显上升时，才考虑适度增加久期配置。","fund":{"_id":3000000018297,"__csrcFundId":12590,"stockCode":"018297","shortName":"南方浩稳优选9个月持有混合（FOF）(018297)","masterFundShortName":"南方浩稳优选9个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":18297,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:54:40.820Z","status":"normal","exchange":"jj","name":"南方浩稳优选9个月持有期混合型基金中基金（FOF）","inceptionDate":"2023-05-05T16:00:00.000Z","setUpDate":"2023-05-05T16:00:00.000Z","setUpAssetScale":913322495.52,"setUpShares":913322495.52,"pinyin":"nfhwyx9gycyqhhxjjzjj(fof)","managers":[{"stockCode":"8801402265","stockType":"fund_manager","exchange":"fm","tickerId":810157720,"name":"黄俊"}]},"announcement":{"linkText":"南方浩稳优选9个月持有期混合型基金中基金（FOF）2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1351635","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ac7fea5b3eb0530fec","date":"2025-03-30T16:00:00.000Z","stockId":3000000018297,"sao":"国内宏观经济一季度开局平稳，两会政策定调积极。3月PMI为50.5%，连续两月处于扩张区间，前两月生产维持韧性，消费延续复苏，基建和制造业投资偏强，地产投资降幅收窄。美国加征关税落地对一季度出口产生小幅负面影响，整体可控。通胀低位平稳，2月CPI、PPI同比分别为-0.7%、-2.2%，CPI回踩主因春节错月影响。两会政策定调积极，财政政策力度符合市场预期。海外方面，近期美国服务业PMI，消费者信心指数大幅回落，美国经济短期放缓。美国通胀延续回落，2月美国CPI和核心CPI季调同比分别为2.8%、3.1%，均较前值回落0.2个百分点。3月美联储会议维持政策利率不变，会议基调偏鸽。3月美元和美债利率同步回落。一季度国内权益市场整体呈“V”型，开年前两个交易日快速下跌，后震荡上涨。风格方面，市场风险偏好自2024年9月底以来有明显提升，成长、小盘风格依旧保持强势，中证1000等小盘指数涨幅较大。而境内中长久期利率债市场则呈现倒“V”型，年初小幅上涨，在2月之后明显下跌。组合在年初的下跌中，低配权益资产的操作，相对控制了回撤风险，但未能及时抓住权益市场的反弹行情；当然，在权益市场明显反弹后，也基于经济未明显复苏，且海外不确定性因素仍大的担忧，没有在权益资产的高位盲目追加仓位，因此，在3月中旬之后的市场回撤中，再次控制了组合的回撤幅度。展望未来，组合依然看好权益资产全年的投资机会，在投资性价比仍然较高的背景下，境内权益资产的阶段性明显回撤，是再度增加配置比例的良机。债券方面，仍因为主要境外国家的债券高票息，而相对看好境外债券资产，境内的利率债在经济明显复苏前，也没有较大的风险，具有一定配置价值。因此，在年初也择机增加了境外债券的配置。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:16.444Z","fund":{"_id":3000000018297,"__csrcFundId":12590,"stockCode":"018297","shortName":"南方浩稳优选9个月持有混合（FOF）(018297)","masterFundShortName":"南方浩稳优选9个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":18297,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:54:40.820Z","status":"normal","exchange":"jj","name":"南方浩稳优选9个月持有期混合型基金中基金（FOF）","inceptionDate":"2023-05-05T16:00:00.000Z","setUpDate":"2023-05-05T16:00:00.000Z","setUpAssetScale":913322495.52,"setUpShares":913322495.52,"pinyin":"nfhwyx9gycyqhhxjjzjj(fof)","managers":[{"stockCode":"8801402265","stockType":"fund_manager","exchange":"fm","tickerId":810157720,"name":"黄俊"}]},"announcement":{"linkText":"南方浩稳优选9个月持有期混合型基金中基金（FOF）2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1277601","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ac7fea5b3eb0530feb","date":"2024-12-30T16:00:00.000Z","stockId":3000000018297,"sao":"回顾2024年，A股市场经历了较大的波动，但最终整体呈现上涨趋势。年初权益市场触及低点，但随后，在一系列政策利好和资金面改善的推动下，市场信心逐渐修复，出现了强势反弹。特别是9月底至10月初，经济增长成为重中之重，市场快速拉升，三大指数均创下年内新高。具体来看，上证指数全年涨幅达到了12.67%，沪深300指数和中证全指也分别实现了上涨。债券方面，受货币政策维持宽松基调以及“资产荒”背景导致机构欠配等多重因素驱动，债券收益率整体呈现震荡下行态势。特别是10年期国债收益率，创下近5年历史新低，利率的波动也有所加大。基于权益资产较高的性价比，和对政策效果的坚信，在整个报告期内，组合在权益市场回撤后都增加了权益资产配置，战略看多，特别是在8月-9月配置了成立以来最高的权益仓位，并在三季度末时保持了大幅超配，组合在9月下旬开启的权益资产大幅上涨过程中，净值修复较为明显。而在5月、10月权益资产两次持续上涨后，才战术性减少权益配置，规避阶段性回撤风险。此外，在中长久期利率债持续大幅上涨后，10年期国债利率在1.7%附近时，基于性价比的担忧，也止盈了绝大部分的中长久期利率债配置，使得债券久期回归中性水平。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:16.442Z","mo":"由于稳增长政策出台及时且力度较大，因此宏观经济的持续走弱风险已经化解。但在新兴经济大规模应用落地前，经济强复苏的概率也较低，因此总体上有利于权益资产相对于债券资产获得超额收益。估值性价比上看，债券收益率明显下行后，沪深300股债风险溢价模型仍然偏向对境内权益资产有利，因此全年判断维度，仍看好权益资产的表现。但结构和节奏存在较大的相机决策空间，特别是在新兴经济板块，在盈利集中兑现之前而估值已经明显提高后，需要关注其超额收益的持续性，在其风险一定释放后，可能是更好的投资时机。另外红利低波风格2024年表现较好，政策发力支撑红利资产盈利确定性，利率下行则支撑其投资性价比，继续有投资价值；基金重仓的核心资产在经历3年多的调整后，超额收益回吐明显，整体估值位于历史底部水平，赔率也较高。在权益资产全年表现预期乐观的背景下，组合在投资策略上兼顾绝对收益的投资目标和收益弹性，因此，仓位和结构调整都将更加灵活。债券部分继续通过中等久期的持仓来适度对冲权益市场的短期波动。","fund":{"_id":3000000018297,"__csrcFundId":12590,"stockCode":"018297","shortName":"南方浩稳优选9个月持有混合（FOF）(018297)","masterFundShortName":"南方浩稳优选9个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":18297,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:54:40.820Z","status":"normal","exchange":"jj","name":"南方浩稳优选9个月持有期混合型基金中基金（FOF）","inceptionDate":"2023-05-05T16:00:00.000Z","setUpDate":"2023-05-05T16:00:00.000Z","setUpAssetScale":913322495.52,"setUpShares":913322495.52,"pinyin":"nfhwyx9gycyqhhxjjzjj(fof)","managers":[{"stockCode":"8801402265","stockType":"fund_manager","exchange":"fm","tickerId":810157720,"name":"黄俊"}]},"announcement":{"linkText":"南方浩稳优选9个月持有期混合型基金中基金（FOF）2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1258386","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ac7fea5b3eb0530fea","date":"2024-09-29T16:00:00.000Z","stockId":3000000018297,"sao":"宏观上，三季度国内宏观延续平稳偏弱、结构分化格局。一是内需和外需分化，内需偏弱，而外需维持韧性，内部经济结构上制造业偏强，而地产链疲软；二是量价分化，国内宏观数量偏强，而价格仍处于低位。9月政治局会会议和国新办会议一系列稳增长政策加码，有效提振市场预期和信心。三季度或为年内经济低点，四季度GDP增长或有明显上行。四季度核心观测后续增量政策出台，特别是潜在增量财政政策，以及政策落地实施对于经济的提振效果，具体核心关注经济生产开工类高频数据、地产销售数据是否能企稳以及信用数据的改善情况。海外方面，美国9月降息落地，全球制造业景气延续放缓。权益市场，国内方面，三季度市场大幅反弹，指数表现分化明显。具体来看，沪深300上涨16.07%，中证500上涨16.19 %，创业板指上涨29.21%。风格方面分化不大但过程中轮动明显。行业层面全部录得正收益且分化明显，非银金融、房地产、综合涨幅居前，煤炭、石油石化、公用事业涨幅最少。由于在报告期前半段，本组合保持了较低的权益仓位，因此，在权益市场回落的过程中，体现出了超额收益；但随着后半段基于估值吸引力和政策即将密集出台的判断，增加了权益仓位，导致净值波动变大，在9月中旬之前跑输业绩基准，但最终在9月下旬的权益市场快速修复过程中，收获了绝对收益和超额收益。展望四季度，短期波动或放大，中期积极看多。从近期的重要政策以及表态中，我们看到中央对于经济建设的看法与政策思路发生了明确转向，稳增长的决心显露无疑，同时持续强调投资者回报与中长期资金入市规划，也充分表达了对资本市场的重视和呵护。短期来看，国庆假期前后的走势不可持续，指数点位进入19-21年牛市的筹码密集区，可能很快会迎来波动和震荡，是围绕业绩基准做再平衡的好时期，中长期视角基于对中国经济以及资本市场长远发展的信心，后市坚定看好。基于上述观点，组合会积极寻找投资机会，同时保持对组合现有持仓的不断优化。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:16.439Z","fund":{"_id":3000000018297,"__csrcFundId":12590,"stockCode":"018297","shortName":"南方浩稳优选9个月持有混合（FOF）(018297)","masterFundShortName":"南方浩稳优选9个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":18297,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:54:40.820Z","status":"normal","exchange":"jj","name":"南方浩稳优选9个月持有期混合型基金中基金（FOF）","inceptionDate":"2023-05-05T16:00:00.000Z","setUpDate":"2023-05-05T16:00:00.000Z","setUpAssetScale":913322495.52,"setUpShares":913322495.52,"pinyin":"nfhwyx9gycyqhhxjjzjj(fof)","managers":[{"stockCode":"8801402265","stockType":"fund_manager","exchange":"fm","tickerId":810157720,"name":"黄俊"}]},"announcement":{"linkText":"南方浩稳优选9个月持有期混合型基金中基金（FOF）2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1180838","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ac7fea5b3eb0530fe9","date":"2024-06-29T16:00:00.000Z","stockId":3000000018297,"sao":"权益市场一季度市场大幅波动，在1月下跌后强势反弹，指数表现分化明显。春节前市场持续下跌，小盘、成长风格跌幅巨大，低估值、价值风格强势，春节后市场偏向前期超跌的成长风格，价值、低估值风格弹性较差。进入二季度后，市场整体呈现震荡格局，资源品及红利板块延续了去年以来的相对优势，跑赢偏成长风格。港股市场二季度表现较好，在全球主要市场中领跑。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:16.436Z","mo":"当前经济整体平稳，结构存在一定的分化。二季度地产政策效果有待进一步观察，7月财政发力节奏或进一步提速，或带动实物工作量落地加快。考虑基数效应，价格端或整体延续回暖态势。手工补息等因素预计仍会对M1等数据产生扰动。当前，实际利率仍处于偏高位置，叠加考虑化债和稳增长，货币政策预期持续保持宽松。短期来看，市场再次回调价跌量缩，情绪回落至极端低位，ETF资金开始逆势净流入。中期来看，沪深300股债风险溢价模型再次触发买入信号，即风险溢价仍然处于偏高位置，中期视角向上确定性和空间都较大；同样，参考2010年以来历史经验，在当前股息率水平，持有1-2年未来收益率为正概率较高，因此对A股看多，整体向上的弹性由宏观经济复苏的强度决定。","fund":{"_id":3000000018297,"__csrcFundId":12590,"stockCode":"018297","shortName":"南方浩稳优选9个月持有混合（FOF）(018297)","masterFundShortName":"南方浩稳优选9个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":18297,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:54:40.820Z","status":"normal","exchange":"jj","name":"南方浩稳优选9个月持有期混合型基金中基金（FOF）","inceptionDate":"2023-05-05T16:00:00.000Z","setUpDate":"2023-05-05T16:00:00.000Z","setUpAssetScale":913322495.52,"setUpShares":913322495.52,"pinyin":"nfhwyx9gycyqhhxjjzjj(fof)","managers":[{"stockCode":"8801402265","stockType":"fund_manager","exchange":"fm","tickerId":810157720,"name":"黄俊"}]},"announcement":{"linkText":"南方浩稳优选9个月持有期混合型基金中基金（FOF）2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1153878","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ac7fea5b3eb0530fe8","date":"2024-03-30T16:00:00.000Z","stockId":3000000018297,"sao":"国内宏观一季度国内经济平稳，1-2月，信贷数据整体与去年基本持平。3月PMI已回升至荣枯线以上，但受季节性推动为主。政策方面，货币宽松先行，财政支持力度还有提升空间。经济内部也呈现分化，一是制造业和地产的分化，制造业呈现韧性，地产恢复不及预期；二是实际量和价格的分化，国内宏观实际数量的增速平稳，但价格仍在偏低位置，综合显示经济企稳仍需要观察。权益市场一季度有所波动，在1月下跌后呈现持续反弹，指数表现分化明显。具体来看，高股息、大盘蓝筹表现较好，但中小盘、成长股表现较弱。基于国内权益资产估值性价比较高，一季度本组合配置了一些权益仓位，在1月份经历了市场的波动，但在2-3月的权益市场修复中保持住了权益配置仓位，因此，净值也有所恢复。从中长期来看，股债风险溢价显示国内权益资产的配置价值仍然凸显，因此，长期应保持战略乐观的判断。但结合经济复苏还需要更多进一步观察的事实，在市场情绪短期修复较多，预期从极度悲观恢复到中性乐观的背景下，若短期、特别是4月份没有看到超预期政策时，则也应阶段关注回撤控制，而这种状态下，利率债反而是较好的增配时点。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:16.433Z","fund":{"_id":3000000018297,"__csrcFundId":12590,"stockCode":"018297","shortName":"南方浩稳优选9个月持有混合（FOF）(018297)","masterFundShortName":"南方浩稳优选9个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":18297,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:54:40.820Z","status":"normal","exchange":"jj","name":"南方浩稳优选9个月持有期混合型基金中基金（FOF）","inceptionDate":"2023-05-05T16:00:00.000Z","setUpDate":"2023-05-05T16:00:00.000Z","setUpAssetScale":913322495.52,"setUpShares":913322495.52,"pinyin":"nfhwyx9gycyqhhxjjzjj(fof)","managers":[{"stockCode":"8801402265","stockType":"fund_manager","exchange":"fm","tickerId":810157720,"name":"黄俊"}]},"announcement":{"linkText":"南方浩稳优选9个月持有期混合型基金中基金（FOF）2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1077113","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ac7fea5b3eb0530fe7","date":"2023-12-30T16:00:00.000Z","stockId":3000000018297,"sao":"2023年国内经济“N型”筑底，呈现温和复苏特征，货币政策持续宽松。大类资产反映经济温和复苏，节奏与基本面波动一致：一季度地产销售明显恢复，带动景气超季节性回升，股票和黑色商品上涨，利率震荡；二季度景气略有下行，股债商汇同步下行；三季度经济企稳，黑色商品率先见底反弹，股票小幅反弹后在人民币贬值拖累下继续下探；四季度A股市场呈现普跌态势，公用事业、煤炭等高股息行业占优，大消费整体疲软。全年风格来看偏向小盘和高股息，TMT行业表现较好。债券市场继续牛市。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:16.430Z","mo":"以沪深300为代表的主要指数经过连续3年下跌，反映悲观情绪释放充分，应相对积极看多。中期来看，股债风险溢价暗示当前赔率可观：当前沪深300风险溢价再次处于极端位置，中期视角向下确定性和空间都不大。同样，参考2010年以来历史经验，在当前股息率水平，持有1-2年未来收益率为正概率较高。因此对A股战略看多，整体向上的弹性由宏观波动决定。结构方面，低估值风格强势有望延续，行业上可均衡配置低估值行业，另外应重视成长赛道中的产业投资机会。关于高股息，相比于价值、成长，其与经济周期/产业周期的相关性更低，因此绝对走势会表现得更平稳，在市场走出价值/成长的右侧趋势前，高股息仍是当下有效应对方案之一。","fund":{"_id":3000000018297,"__csrcFundId":12590,"stockCode":"018297","shortName":"南方浩稳优选9个月持有混合（FOF）(018297)","masterFundShortName":"南方浩稳优选9个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":18297,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:54:40.820Z","status":"normal","exchange":"jj","name":"南方浩稳优选9个月持有期混合型基金中基金（FOF）","inceptionDate":"2023-05-05T16:00:00.000Z","setUpDate":"2023-05-05T16:00:00.000Z","setUpAssetScale":913322495.52,"setUpShares":913322495.52,"pinyin":"nfhwyx9gycyqhhxjjzjj(fof)","managers":[{"stockCode":"8801402265","stockType":"fund_manager","exchange":"fm","tickerId":810157720,"name":"黄俊"}]},"announcement":{"linkText":"南方浩稳优选9个月持有期混合型基金中基金（FOF）2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1060369","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ac7fea5b3eb0530fe6","date":"2023-09-29T16:00:00.000Z","stockId":3000000018297,"sao":"本基金在二季度成立后，考虑权益市场已有一定幅度的回调以及其估值维度的高性价比，因此基本在二季度完成建仓，权益仓位接近于业绩基准；而债券部分，在防范稳增长政策冲击长久期利率债的背景下，以适度久期尽快完成了债券资产的配置，以获得票息收益。三季度权益市场延续偏弱状态，偏弱的累计持续时间较长，以及市场在诸多利好呈现的背景下依然没有出现上涨，使得投资者情绪低落。从各宽基指数的表现来看，三季度市场分化较为明显，其中偏超大盘、低估值风格的上证50指数表现最好，而中小创方向表现疲软。从一级行业的表现来看，相比于宽基指数，行业的分化更为明显。低估值风格的大金融、煤炭、石油石化等涨幅居前，而成长风格的电力设备、TMT、军工等板块跌幅较大。尽管经济还未明显复苏，但从政策支持力度和估值性价比角度看，权益资产都有不错的配置价值。从政策支持力度看，在已有政策已经打消了投资者对政策缺失的悲观预期，且政策效力在逐渐发挥出来，最后，如果经济和权益市场继续低迷则可能引发更多利好政策出台，因此进一步的系统性风险基本可以化解；从估值情况看，股票资产的风险溢价水平进一步上升，因此，从季度或更长的时间尺度看，当前权益资产相较于债券具备更好的潜在回报率或吸引力。综合以上因素，本组合在三季度维持了建仓时的权益仓位，所以净值也受权益市场回撤的一定拖累；而结构上也较为均衡，成长板块的回落对冲了大盘蓝筹板块方面的收益。站在三季度末的时点看，我们对四季度的预判不悲观，可以继续保持当前的权益仓位水平，直到市场认可了政策的积极影响而表现出过度乐观时，才考虑适度调低权益仓位。债券方面，在消化经济刺激政策的利空之后，利率债已经开始企稳，而中低等级信用债受益于地方政府化债措施的出台而获得利差压缩机会。鉴于经济明显强复苏的概率较低，无风险利率大幅上升的概率较低，因此，利率债和高等级信用债的配置价值再度凸显，久期也没必要做明显压缩，原先为控制债券方面回撤的偏低久期资产，亦可以在风险出清且形势较为明朗之后，转换为略偏高久期的资产；而信用方面，在信用利差明显压缩后，没必要再做小仓位的信用下沉策略，同时继续保持配置上的充分分散，抵御个券的风险。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:16.427Z","fund":{"_id":3000000018297,"__csrcFundId":12590,"stockCode":"018297","shortName":"南方浩稳优选9个月持有混合（FOF）(018297)","masterFundShortName":"南方浩稳优选9个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":18297,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:54:40.820Z","status":"normal","exchange":"jj","name":"南方浩稳优选9个月持有期混合型基金中基金（FOF）","inceptionDate":"2023-05-05T16:00:00.000Z","setUpDate":"2023-05-05T16:00:00.000Z","setUpAssetScale":913322495.52,"setUpShares":913322495.52,"pinyin":"nfhwyx9gycyqhhxjjzjj(fof)","managers":[{"stockCode":"8801402265","stockType":"fund_manager","exchange":"fm","tickerId":810157720,"name":"黄俊"}]},"announcement":{"linkText":"南方浩稳优选9个月持有期混合型基金中基金（FOF）2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=993900","linkType":"PDF","source":"csrc_pdf"}}]}