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半年，本基金按照既定建仓策略在流动性冲击阶段，有效规避了净值波动，完成了建仓。  在国内权益风险溢价出现历史均值上方两倍标准差，且赫斯特指数突破0.5后，本基金采用高权益仓位应对可能面临的熊牛反转。结构上，一是在年初微盘股的崩跌过程中，本基金大幅提升了对大盘因子的暴露，坚定走向了“中字头”战略配置；二是始终维持了港股的正向暴露，该策略逐渐与本基金的A股策略融合，三是基于新质生产力超额收益必然倚赖人的创造性的认知，本基金在品种选择上持续维持了对主动型权益基金的严格遴选。  2024年上半年，本基金超额收益较为显著，同类排名靠前。主要原因为：一是对“中字头”的战略投资，二是对港股和黄金的正暴露。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:33.392Z","mo":"按照分形周期分析框架，以人口金字塔为代表的长周期变量决定了未来经济增速较为有限。过去最重要的引擎在政策加持下有望成功实现管控式着陆。当人类进入人工智能时代，新质生产力的产生和发展几率大幅提升。同时，在不确定性日益加强的复杂国际环境中，内循环为主，双循环为辅的发展模式，有效夯实了资本市场的根基，我们仍然坚定认为属于A股的权益大时代即将来临。2024年2月，是可能的熊牛反转时刻。这让未来的市场更具结构性机会，市场主线凸显，并且很可能延续。地产链的平安着陆，新质生产力的产生，是衡量结构性机会是否结束的标志。结构性机会同时作用于市场风格。下半年，本基金将坚持对国内权益的超配，对黄金的超配，注重不确定性带来的回撤控制。同时，若红利策略出现泡沫，我们将密切关注风格的切换。在品种选择上，我们将逆市加大对新质生产力主动权益型品种的挖掘力度，期待用顶层的资产配置和底层的创造力，为组合创造持续的超额回报，回馈投资者的信任。","fund":{"_id":3000000019245,"__csrcFundId":13072,"stockCode":"019245","masterFundShortName":"鹏华易诚积极3个月持有期混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":19245,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:17:27.294Z","status":"normal","exchange":"jj","shortName":"鹏华易诚积极3个月持有期混合（FOF）(019245)","name":"鹏华易诚积极3个月持有期混合型基金中基金（FOF）","setUpAssetScale":35914675.71,"setUpDate":"2023-10-30T16:00:00.000Z","setUpShares":35914675.71,"inceptionDate":"2023-11-02T16:00:00.000Z","pinyin":"phycjj3gycyqhhxjjzjj(fof)","managers":[{"stockCode":"8801608594","stockType":"fund_manager","exchange":"fm","tickerId":2611193070,"name":"郑科"}]},"announcement":{"linkText":"鹏华易诚积极3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=1143653","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2f97fea5b3eb0536071","date":"2024-03-30T16:00:00.000Z","stockId":3000000019245,"sao":"一季度，主要指数的股权风险溢价高企下，市场经历了流动性危机。纵观整个宏观经济，我们认为最关键的因素是房价预期，极限预期充分并过度反映于股指，很难进一步被调低，国内权益市场很可能迎来反转。    同时，理应认识到熊牛反转的复杂性。一是因增速换挡，地产调整周期跨越了普通的牛熊周期；二是科技的突破往往在长周期维度上具有随机性；三是新质生产力的形成和科技的突破又存在一定差异。    结合当下复杂的国际情势，我们认为应当长期维持避险资产的正暴露；同时，坚持做多人民币资产。最重要的是国内权益，包含港股。投资逻辑主要分为两类，均为结构性机会：    一是战略资源投资，这是beta。微盘股逻辑的证伪，突显该类镜像资产的价值。关注中字头板块，包含关系国计民生的资源、有色、煤炭、公用事业、石化、航空、农业等。    二是新质生产力投资，这是alpha。关注人工智能生产力的落地，通过精选主动基金，实现超额收益。    一季度，本基金按既定策略躲避了市场的流动性冲击，循序渐进完成建仓，取得了一定超额收益。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:33.385Z","fund":{"_id":3000000019245,"__csrcFundId":13072,"stockCode":"019245","masterFundShortName":"鹏华易诚积极3个月持有期混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":19245,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:17:27.294Z","status":"normal","exchange":"jj","shortName":"鹏华易诚积极3个月持有期混合（FOF）(019245)","name":"鹏华易诚积极3个月持有期混合型基金中基金（FOF）","setUpAssetScale":35914675.71,"setUpDate":"2023-10-30T16:00:00.000Z","setUpShares":35914675.71,"inceptionDate":"2023-11-02T16:00:00.000Z","pinyin":"phycjj3gycyqhhxjjzjj(fof)","managers":[{"stockCode":"8801608594","stockType":"fund_manager","exchange":"fm","tickerId":2611193070,"name":"郑科"}]},"announcement":{"linkText":"鹏华易诚积极3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=1069124","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2f97fea5b3eb0536070","date":"2023-12-30T16:00:00.000Z","stockId":3000000019245,"sao":"2023年，按照百年未有之大变局的时代特征和二十大报告的施政脉络，我国在新的国际秩序展现实力。虽然俄乌冲突仍吸引众多投资者目光，但中国作为新时代重要力量在全球格局中砥砺前行。中东大外交、沙伊和解、金砖会议，都是新的全球秩序形成过程中的里程碑事件。国内疫情管控放开后，按照中国特色的资产配置框架，我们预期了地产链多项政策的陆续出台，权益市场将在2022年后，构筑市场的长期底部。    然而，市场的预期却远高于经济的表现，基于信贷收缩和人口结构等长期因素，政策结果尚未表达于经济。市场过度交易了强复苏和弱复苏的参与者预期，超出我们预判，导致2月后继续持续寻底，直到年终。结构方面，市场主线乏善可陈，全年难有持续性机会。中特估、人工智能、华为链等，仅存在长期逻辑的短期表达。    与之关联，海外权益和国内债券继续呈现牛市特征。基于全球货币体系因俄乌冲突、金砖会议出现破口，主要央行持续购入黄金，黄金价格持续新高。    2023年，产品成立后处于封闭状态，为规避市场情绪，我们暂未建仓权益资产，一定程度躲避了熊市末期的风险。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:33.382Z","mo":"按照周期视角，2024年我们认为宏观经济在货币及财政政策加持下，可能呈现较为平稳的态势。房价的预期可能因政策的持续施放而得到边际企稳，从而恢复消费信心，恢复实业信心。然而，更应得到关注的是新质生产力。制造业的全面崛起，科技上的创新突破，将成为新时代的主角，也将受益于地产链风险的施放。我们对未来发展充满信心！    国内权益的股权风险溢价已达均值上方两倍标准差，无疑在底部。赫斯特指数触及0.5，同样给出熊牛反转的信号。按照两个时代的经济，市场可能分为两个部分：一是地产链经济，对应的是财务视角的投资模式，我们认为尚处于出清过程中，边际改善有限，这可能成为市场的基本盘；二是新质生产力带来的新经济，对应的是战略投资的模式，我们认为正是机会所在。同时，延续三年的价值风格，可能掀起高潮并产生反转，2024年可能出现市场整体风格的变化。    2024年，全球将伴随较大的不确定性。俄乌冲突、哈以冲突、美国大选等等，均构成市场的不确定性。我们对海外权益保持谨慎，对黄金保持乐观，对港股保持乐观。基于强大的综合国力，每一次风险事件的发生，都将成为较好的资产配置时机。    基于以上预期差的判断，我们认为2024年市场波动将显著放大，市场机会也将显著增加。我们将进一步增强战略视角，以进攻为防守，拥抱权益大时代的来临。","fund":{"_id":3000000019245,"__csrcFundId":13072,"stockCode":"019245","masterFundShortName":"鹏华易诚积极3个月持有期混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":19245,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:17:27.294Z","status":"normal","exchange":"jj","shortName":"鹏华易诚积极3个月持有期混合（FOF）(019245)","name":"鹏华易诚积极3个月持有期混合型基金中基金（FOF）","setUpAssetScale":35914675.71,"setUpDate":"2023-10-30T16:00:00.000Z","setUpShares":35914675.71,"inceptionDate":"2023-11-02T16:00:00.000Z","pinyin":"phycjj3gycyqhhxjjzjj(fof)","managers":[{"stockCode":"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