window.pageData = {"stock":{"_id":3000000019659,"stockCode":"019659","masterFundShortName":"万家养老目标2045三年持有混合发起式（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":19659,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"万家养老目标2045三年持有混合发起式（FOF）","name":"万家养老目标日期2045三年持有期混合型发起式基金中基金（FOF）","setUpAssetScale":10002154.52,"setUpDate":"2023-11-14T16:00:00.000Z","setUpShares":10002154.52,"inceptionDate":"2023-11-16T16:00:00.000Z","pinyin":"wjylmbrq2045sncyqhhxfqsjjzjj(fof)","followedNum":1,"pensionTargetFlag":1,"managers":[{"name":"王宝娟","stockType":"fund_manager","stockCode":"db20668329","exchange":"fm","tickerId":230210212320}],"hotMetrics":{"fss":{"stockId":3000000019659,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.9843999999999999,"f_ind_h_s_r":0.015600000000000001,"f_h_a":19,"f_h_s_a":1010211,"last_data_date":"2025-06-29T16:00:00.000Z","f_ind_h_s_r_c_hy":0.0023,"f_ins_h_s_r_c_hy":-0.0023000000000000798,"f_ind_h_s_r_c_1y":0.005500000000000001,"f_ins_h_s_r_c_1y":-0.00550000000000006},"fpr":{"stockId":3000000019659,"type":"fpr","f_p_r_fys_ssc":1367,"f_p_r_fys_ssrp":0.4670571010248902,"f_p_r_m1_ssc":1454,"f_p_r_m1_ssrp":0.4253269098417068,"f_p_r_m3_ssc":1395,"f_p_r_m3_ssrp":0.5416068866571019,"f_p_r_m6_ssc":1296,"f_p_r_m6_ssrp":0.4640926640926641,"f_p_r_y1_ssc":1127,"f_p_r_y1_ssrp":0.4351687388987567,"f_cagr_p_r_fs_ssc":1443,"f_cagr_p_r_fs_ssrp":0.24826629680998613,"f_p_r_y2_ssc":946,"f_p_r_y2_ssrp":0.491005291005291},"fp":{"stockId":3000000019659,"type":"fp","f_cagr_p_r_fs":0.09595191922363222,"f_p_r_d1":0.0053923928743380145,"f_p_r_m1":0.04797325532804031,"f_p_r_fys":0.04613716002002333,"f_p_r_m3":0.014071977355438747,"f_p_r_m6":0.048323718752612654,"f_p_r_y1":0.20787978036797994,"last_data_date":"2026-05-05T16:00:00.000Z","f_p_r_y2":0.2702866984094823},"ff":{"stockId":3000000019659,"type":"ff","f_m_f_r":0.008,"f_c_f_r":0.0015,"f_m_a_c_f_r":0.0095,"f_m_c_f_d":"2024-10-18T16:00:00.000Z","f_c_f":6309,"f_m_a_c_f":44775,"f_m_f":38466,"f_c_fr":0.0015,"f_fr_d":"2025-12-03T16:00:00.000Z","f_m_fr":0.008,"f_mac_fr":0.0095},"f_nlacan":{"stockId":3000000019659,"type":"f_nlacan","f_nv_d":"2026-05-05T16:00:00.000Z","f_nv":1.2539,"f_nv_cr":0.01629113308477881},"f_as":{"stockId":3000000019659,"type":"f_as","f_tas":12374651.975799998,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000019659,"stockId":568,"holdings":800,"marketCap":83744,"netValueRatio":0.0068,"quarterlyChange":-0.08936379167505171,"stock":{"stockCode":"000568","exchange":"sz","stockType":"company","tickerId":568,"name":"泸州老窖"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000019659,"stockId":2895,"holdings":2000,"marketCap":79040,"netValueRatio":0.0064,"quarterlyChange":0.07801418439716357,"stock":{"stockCode":"002895","exchange":"sz","stockType":"company","tickerId":2895,"name":"川恒股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000019659,"stockId":1000000000000670,"holdings":16000,"marketCap":49303,"netValueRatio":0.004,"quarterlyChange":-0.34521575984990693,"stock":{"stockCode":"00670","exchange":"hk","stockType":"company","tickerId":670,"name":"中国东方航空股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000019659,"stockId":688484,"holdings":1200,"marketCap":41244,"netValueRatio":0.0033,"quarterlyChange":-0.1546974913920317,"stock":{"name":"南芯科技","exchange":"sh","stockType":"company","stockCode":"688484","tickerId":688484}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000019659,"stockId":2028,"holdings":200,"marketCap":40400,"netValueRatio":0.0033,"quarterlyChange":0.30668219160359755,"stock":{"stockCode":"002028","exchange":"sz","stockType":"company","tickerId":2028,"name":"思源电气"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000019659,"stockId":2738,"holdings":500,"marketCap":37150,"netValueRatio":0.003,"quarterlyChange":-0.05410566518141391,"stock":{"stockCode":"002738","exchange":"sz","stockType":"company","tickerId":2738,"name":"中矿资源"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000019659,"stockId":1000000000002601,"holdings":1000,"marketCap":28148,"netValueRatio":0.0023,"quarterlyChange":-0.0943181818181823,"stock":{"stockCode":"02601","exchange":"hk","stockType":"company","tickerId":2601,"name":"中国太保"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000019659,"stockId":605338,"holdings":1000,"marketCap":25150,"netValueRatio":0.002,"quarterlyChange":-0.19699872286079168,"stock":{"stockCode":"605338","tickerId":605338,"exchange":"sh","stockType":"company","name":"巴比食品"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000019659,"stockId":300737,"holdings":4000,"marketCap":24840,"netValueRatio":0.002,"quarterlyChange":0.12909090909090915,"stock":{"stockCode":"300737","exchange":"sz","stockType":"company","tickerId":300737,"name":"科顺股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000019659,"stockId":1000000000000981,"holdings":500,"marketCap":22382,"netValueRatio":0.0018,"quarterlyChange":-0.2904128761371586,"stock":{"stockCode":"00981","exchange":"hk","stockType":"company","tickerId":981,"name":"中芯国际"}}],"lastFsMetrics":{"latestTurnoverRate":0.015135096222726966,"latestTurnoverRateDate":"2025-06-29T16:00:00.000Z"}},"list":[{"_id":"69e7d58e6201787ae129f478","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","stockId":3000000019659,"sao":"在养老目标系列基金中本基金设定为中等风险属性的养老目标日期基金，大类资产配置比例遵循合同约定的下滑曲线比例，本年度的权益类资产基准比例为55%，股票、股票型基金、偏股混合型基金等权益类资产投资合计占基金资产的比例为40%-60%。整体操作思路以平衡收益与风险为主，在承担适度的波动风险下，通过定量及定性相结合的方法，构建可获得持续超越各类型基金指数表现的公募基金组合。再透过战术资产配置的方式，基于市场宏观、中观和微观情况定期和不定期对投资组合进行调整。此外，传统锚定目标中枢的股债二元配置结构，收益和风险来源较为集中，在单一资产大幅波动时暴露出一定局限，与养老目标基金持续稳健运作、长期保值增值的目标并不完全匹配，因此后续我们也将持续拓宽资产覆盖范围、增加研究深度、提升投研转化效率，通过多资产、多策略的配置来实现养老基金投资目标。　　一季度的投资运作方面，主要配置A股及港股权益基金、二级债基、纯债基金等，并增配了部分能化类基金以对冲中东战争风险。此外，基于对持仓基金业绩及管理人的跟踪，对个别子基金进行了调整。","lastUpdated":"2026-04-21T19:52:46.974Z","fund":{"_id":3000000019659,"__csrcFundId":13314,"stockCode":"019659","masterFundShortName":"万家养老目标2045三年持有混合发起式（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":19659,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:26:49.392Z","status":"normal","exchange":"jj","shortName":"万家养老目标2045三年持有混合发起式（FOF）(019659)","name":"万家养老目标日期2045三年持有期混合型发起式基金中基金（FOF）","setUpAssetScale":10002154.52,"setUpDate":"2023-11-14T16:00:00.000Z","setUpShares":10002154.52,"inceptionDate":"2023-11-16T16:00:00.000Z","pinyin":"wjylmbrq2045sncyqhhxfqsjjzjj(fof)","followedNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20668329","stockType":"fund_manager","exchange":"fm","tickerId":230210212320,"name":"王宝娟"}]}},{"_id":"69aed31b7fea5b3eb0537ec7","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-20T16:00:00.000Z","stockId":3000000019659,"sao":"在养老目标系列基金中本基金设定为中等风险属性的养老目标日期基金，大类资产配置比例遵循合同约定的下滑曲线比例，本年度的权益类资产基准比例为55%，股票、股票型基金、偏股混合型基金等权益类资产投资合计占基金资产的比例为40%-60%。整体操作思路以平衡收益与风险为主，在承担适度的波动风险下，通过定量及定性相结合的方法，构建可获得持续超越各类型基金指数表现的公募基金组合。再透过战术资产配置的方式，基于市场宏观、中观和微观情况定期和不定期对投资组合进行调整。此外，传统锚定目标中枢的股债二元配置结构，收益和风险来源较为集中，在单一资产大幅波动时暴露出一定局限，与养老目标基金持续稳健运作、长期保值增值的目标并不完全匹配，因此后续我们也将持续拓宽资产覆盖范围、增加研究深度、提升投研转化效率，通过多资产、多策略的配置来实现养老基金投资目标。　　四季度权益市场在前期大幅上涨后经历了两个月左右的震荡调整，12月PMI超预期，经济与市场再次共振向上，A股强于港股；商品除原油外普涨；美股及其他QDII权益小幅上涨；债券表现平淡。展望明年，美国就业走弱而通胀暂不构成主要矛盾，美联储政策目标预计向就业倾斜，美元仍处于宽松周期，风险资产有望继续上行。国内PPI持续回升，内需一方面补贴继续发力，另一方面免签带动入境增长，对消费服务形成正向拉动。权益结构方面，景气版块与底部赔率型版块机会并存。债券收益空间较窄，仍以固收+基金作为替代配置。","lastUpdated":"2026-03-09T14:03:07.108Z","fund":{"_id":3000000019659,"__csrcFundId":13314,"stockCode":"019659","masterFundShortName":"万家养老目标2045三年持有混合发起式（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":19659,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:26:49.392Z","status":"normal","exchange":"jj","shortName":"万家养老目标2045三年持有混合发起式（FOF）(019659)","name":"万家养老目标日期2045三年持有期混合型发起式基金中基金（FOF）","setUpAssetScale":10002154.52,"setUpDate":"2023-11-14T16:00:00.000Z","setUpShares":10002154.52,"inceptionDate":"2023-11-16T16:00:00.000Z","pinyin":"wjylmbrq2045sncyqhhxfqsjjzjj(fof)","followedNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20668329","stockType":"fund_manager","exchange":"fm","tickerId":230210212320,"name":"王宝娟"}]}},{"_id":"69aed31b7fea5b3eb0537ec6","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-24T16:00:00.000Z","stockId":3000000019659,"sao":"在养老目标系列基金中本基金设定为中等风险属性的养老目标日期基金，大类资产配置比例遵循合同约定的下滑曲线比例，本年度的权益类资产基准比例为55%，股票、股票型基金、偏股混合型基金等权益类资产投资合计占基金资产的比例为40%-60%。整体操作思路以平衡收益与风险为主，在承担适度的波动风险下，通过定量及定性相结合的方法，构建可获得持续超越各类型基金指数表现的公募基金组合。再透过战术资产配置的方式，基于市场宏观、中观和微观情况定期和不定期对投资组合进行调整。此外，传统锚定目标中枢的股债二元配置结构，收益和风险来源较为集中，在单一资产大幅波动时暴露出一定局限，与养老目标基金持续稳健运作、长期保值增值的目标并不完全匹配，因此后续我们也将持续拓宽资产覆盖范围、增加研究深度、提升投研转化效率，通过多资产、多策略的配置来实现养老基金投资目标。　　三季度外部环境在关税冲击后继续趋于缓和，经济预期平稳，上市公司盈利预期改善，资本市场风险偏好回升，风险资产表现较好。产品固收部分以持有中高波含权债基为主，权益部分结构有所调整，对短期涨幅过高的科技版块进行了减仓，增配了高端制造、资源、交运等顺周期版块配置。","lastUpdated":"2026-03-09T14:03:07.083Z","fund":{"_id":3000000019659,"__csrcFundId":13314,"stockCode":"019659","masterFundShortName":"万家养老目标2045三年持有混合发起式（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":19659,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:26:49.392Z","status":"normal","exchange":"jj","shortName":"万家养老目标2045三年持有混合发起式（FOF）(019659)","name":"万家养老目标日期2045三年持有期混合型发起式基金中基金（FOF）","setUpAssetScale":10002154.52,"setUpDate":"2023-11-14T16:00:00.000Z","setUpShares":10002154.52,"inceptionDate":"2023-11-16T16:00:00.000Z","pinyin":"wjylmbrq2045sncyqhhxfqsjjzjj(fof)","followedNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20668329","stockType":"fund_manager","exchange":"fm","tickerId":230210212320,"name":"王宝娟"}]}},{"_id":"69aed31b7fea5b3eb0537ec5","date":"2025-06-29T16:00:00.000Z","stockId":3000000019659,"sao":"在养老目标系列基金中本基金设定为中等风险属性的养老目标日期基金，大类资产配置比例遵循合同约定的下滑曲线比例，本年度的权益类资产基准比例为55%，股票、股票型基金、偏股混合型基金等权益类资产投资合计占基金资产的比例为40%-60%。整体操作思路以平衡收益与风险为主，在承担适度的波动风险下，通过定量及定性相结合的方法，构建可获得持续超越各类型基金指数表现的公募基金组合。再透过战术资产配置的方式，基于市场宏观、中观和微观情况定期和不定期对投资组合进行调整。此外，传统锚定目标中枢的股债二元配置结构，收益和风险来源较为集中，在单一资产大幅波动时暴露出一定局限，与养老目标基金持续稳健运作、长期保值增值的目标并不完全匹配，因此后续我们也将持续拓宽资产覆盖范围、增加研究深度、提升投研转化效率，通过多资产、多策略的配置来实现养老基金投资目标。　　上半年的投资运作方面，春节后2-3月份权益持仓结构向成长方向调整，固收部分向中高波二级债基调整；3月中下旬市场情绪阶段性过热，权益部分进行了一定的减仓，对于4月份的调整我们有一定预期，但市场在关税冲击之前反应不足，之后则有一定程度的反应过度，我们在4月初关税冲击之后进行了加仓，此后根据市场反弹节奏对创新药、新消费等版块进行了兑现，季度末小幅增配科技成长，同时保留一定现金，维持结构积极、仓位保守的配置，以兼顾获取收益并应对未来潜在的市场波动。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:07.048Z","mo":"展望未来，下半年美联储可能再次开启降息，为全球风险资产提供了一个较为宽松的流动性环境，美国在全球的GDP占比、企业利润占比与美债、美股在全球资产配置中的市值占比是不匹配的，全球资产配置再平衡与国内长期宏观叙事改善共振，可能带来港股及A股中期投资机会；长期来看，上市公司整体资本开支下降、供需格局改善、盈利能力提升带来长期投资价值，同时整个社会财富积累到了一定水平，资金比较充裕，居民资产配置权益较少，大量集中在房产、存款，低利率环境下为风险资产提供了一个潜在较大的蓄水池，制度安排方面引导上市公司注重股东回报、鼓励机构长期投资，逐渐向成熟市场靠拢，未来权益投资体感可能长期改善。黄金价格以发达国家普通劳动力报酬来衡量，短期有所高估，上半年央行购金相较去年减少，预计下半年将以金融投资需求为主导，波动加大。铜价运行在实物属性决定的下限和金融属性决定的上限之间，在美元宽松周期可能仍具备上行空间。10年国债利率预计1.6%-1.8%区间震荡，含权债基相较纯债更具配置价值。","fund":{"_id":3000000019659,"__csrcFundId":13314,"stockCode":"019659","masterFundShortName":"万家养老目标2045三年持有混合发起式（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":19659,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:26:49.392Z","status":"normal","exchange":"jj","shortName":"万家养老目标2045三年持有混合发起式（FOF）(019659)","name":"万家养老目标日期2045三年持有期混合型发起式基金中基金（FOF）","setUpAssetScale":10002154.52,"setUpDate":"2023-11-14T16:00:00.000Z","setUpShares":10002154.52,"inceptionDate":"2023-11-16T16:00:00.000Z","pinyin":"wjylmbrq2045sncyqhhxfqsjjzjj(fof)","followedNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20668329","stockType":"fund_manager","exchange":"fm","tickerId":230210212320,"name":"王宝娟"}]}},{"_id":"69aed31b7fea5b3eb0537ec4","date":"2025-03-30T16:00:00.000Z","stockId":3000000019659,"sao":"在养老目标系列基金中本基金设定为中等风险属性的养老目标日期基金，大类资产配置比例遵循合同约定的下滑曲线比例，本年度的权益类资产基准比例为55%，股票、股票型基金、偏股混合型基金等权益类资产投资合计占基金资产的比例为40%-60%。整体操作思路以平衡收益与风险为主，在承担适度的波动风险下，通过定量及定性相结合的方法，构建可获得持续超越各类型基金指数表现的公募基金组合。再透过战术资产配置的方式，基于市场宏观、中观和微观情况定期和不定期对投资组合进行调整。此外，过往近三年权益市场持续下跌，暴露出单一资产配置存在较大局限，与养老目标基金持续稳健运作、长期保值增值的目标并不完全匹配，因此后续我们也将持续拓宽资产覆盖范围、增加研究深度、提升投研转化效率，通过多资产、多策略的配置来实现养老基金投资目标。　　本季度经济方面实现了较好开局，M1、PMI、地产成交等反应边际变化的数据继续好转，货币政策节奏放缓，财政以及民生领域的结构化政策继续发力，市场方面权益尤其港股表现较好，债券短期承压，商品中黄金持续上涨，工业及能源金属震荡，原油较弱。但4月初关税落地超预期，预计将对经济产生一定影响，未来需要观察出口、制造、投资等受影响的程度，以及内需方向的政策能否有力对冲。产品操作方面，权益部分年初对持仓结构进行了一定调整，减仓防御类型基金，增配港股、消费及均衡成长型基金，3月份减仓权益尤其港股基金，保留较高的现金仓位，4月份关税冲击之后将择机加回；固收部分减仓纯债，增配二级债基。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:07.045Z","fund":{"_id":3000000019659,"__csrcFundId":13314,"stockCode":"019659","masterFundShortName":"万家养老目标2045三年持有混合发起式（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":19659,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:26:49.392Z","status":"normal","exchange":"jj","shortName":"万家养老目标2045三年持有混合发起式（FOF）(019659)","name":"万家养老目标日期2045三年持有期混合型发起式基金中基金（FOF）","setUpAssetScale":10002154.52,"setUpDate":"2023-11-14T16:00:00.000Z","setUpShares":10002154.52,"inceptionDate":"2023-11-16T16:00:00.000Z","pinyin":"wjylmbrq2045sncyqhhxfqsjjzjj(fof)","followedNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20668329","stockType":"fund_manager","exchange":"fm","tickerId":230210212320,"name":"王宝娟"}]}},{"_id":"69aed31b7fea5b3eb0537ec3","date":"2024-12-30T16:00:00.000Z","stockId":3000000019659,"sao":"在养老目标系列基金中本基金设定为中等风险属性的养老目标日期基金，大类资产配置比例遵循合同约定的下滑曲线比例，本年度的权益类资产基准比例为55%，股票、股票型基金、偏股混合型基金等权益类资产投资合计占基金资产的比例为40%-60%。整体操作思路以平衡收益与风险为主，在承担适度的波动风险下，通过定量及定性相结合的方法，构建可获得持续超越各类型基金指数表现的公募基金组合。再透过战术资产配置的方式，基于市场宏观、中观和微观情况定期和不定期对投资组合进行调整。此外，过往近三年权益市场持续下跌，暴露出单一资产配置存在较大局限，与养老目标基金持续稳健运作、长期保值增值的目标并不完全匹配，因此后续我们也将持续拓宽资产覆盖范围、增加研究深度、提升投研转化效率，通过多资产、多策略的配置来实现养老基金投资目标。　　本年度的投资运作方面，自2024年初我们对权益市场即调整为较为积极的态度，从最后的结果来看，本年度确实是转换之年，从过去两年经济和市场整体承压、绝对收益机会较为匮乏，转向政策积极、投资机会开始丰富、取得正收益的基金数量占比也大幅提升，然而期间过程之跌宕起伏却远超我们年初预期，市场机会以上半年红利类资产的高胜率、低赔率和下半年科技成长类资产的低胜率、高赔率方式交叉呈现，演绎都较为极致，对于我们以均衡型基金为配置主体、重视持有体验的组合管理目标带来一定挑战，如何实现短期目标与长期目标的取舍也考验着我们的定力，在这样的环境下，产品本年度的投资运作仍然大致遵循并延续了既定策略，并未因为短期市场机会集中在红利或科技、就向特定风格大幅偏离，而是继续持有一个分布更为广泛和均衡的组合，其中既包括已经迎来了价值回归的资产，如港股、A股科技成长，也包括一部分尚在蛰伏、但我们认为其价值是低估的，如A股的医药、消费、制造业、地产链等，从相对收益来看，后一类资产对于整体组合的年内表现是有一定拖累的，但我们认为值得给予多一些耐心等待其价值回归。对于红利、资源类等在过往两三年表现较好、但并不具备长期成长性的资产，我们认为其性价比在当下是较低的，逐渐进行了减仓至清仓的操作。固收部分继续增配了二级债基，并且将中低波二级债基逐渐向中高波进行了调整。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:07.027Z","mo":"展望未来，在政策转向、科技突破触发了泛中国资产估值修复的第一波机会之后，A股可能继续演绎一段时间的结构化机会，港股的机会则更加全面扩散，国内利率债配置价值仍然较低，海外债投资在动荡的国际环境下较为难以把握，含权债基确定性较高。我们将超配港股、关注部分场内折价基金的套利机会、积极把握A股结构化机会、以含权债基作为固收部分的主要配置，力争在未来一年为投资人获取较高的超额收益。","fund":{"_id":3000000019659,"__csrcFundId":13314,"stockCode":"019659","masterFundShortName":"万家养老目标2045三年持有混合发起式（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":19659,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:26:49.392Z","status":"normal","exchange":"jj","shortName":"万家养老目标2045三年持有混合发起式（FOF）(019659)","name":"万家养老目标日期2045三年持有期混合型发起式基金中基金（FOF）","setUpAssetScale":10002154.52,"setUpDate":"2023-11-14T16:00:00.000Z","setUpShares":10002154.52,"inceptionDate":"2023-11-16T16:00:00.000Z","pinyin":"wjylmbrq2045sncyqhhxfqsjjzjj(fof)","followedNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20668329","stockType":"fund_manager","exchange":"fm","tickerId":230210212320,"name":"王宝娟"}]}},{"_id":"69aed31b7fea5b3eb0537ec2","date":"2024-09-29T16:00:00.000Z","stockId":3000000019659,"sao":"在养老目标系列基金中本基金设定为中等风险属性的养老目标日期基金，大类资产配置比例遵循合同约定的下滑曲线比例，本年度的权益类资产基准比例为55%，股票、股票型基金、偏股混合型基金等权益类资产投资合计占基金资产的比例为40%-60%。整体操作思路以平衡收益与风险为主，在承担适度的波动风险下，通过定量及定性相结合的方法，构建可获得持续超越各类型基金指数表现的公募基金组合。再透过战术资产配置的方式，基于市场宏观、中观和微观情况定期和不定期对投资组合进行调整。此外，过往近三年权益市场持续下跌，暴露出单一资产配置存在较大局限，与养老目标基金持续稳健运作、长期保值增值的目标并不完全匹配，因此后续我们也将持续拓宽资产覆盖范围、增加研究深度、提升投研转化效率，通过多资产、多策略的配置来实现养老基金投资目标。　　本季度的投资运作方面，从宏微观两方面来看，制造业投资和拿地增速放缓，上市公司资本开支持续缩减，进入一个产能不断去化、供需格局改善、经营质量提升的过程。在这个过程中，龙头企业经营韧性较强，扩张放缓之后自由现金流改善，在新国九条导向之下能够更加注重股东回报，季度内大部分时候定价也合理偏低，因此从中长期配置角度对该类型资产做了增配，包括港股和A股。从短期的角度，9月24日政策转向积极，对科创创业50等高波动资产进行了一定的Gamma型交易，并已获利了结。固收方面，增配了美元债基。此外基于日常对持仓基金的跟踪，对个别品种进行了调整。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:07.016Z","fund":{"_id":3000000019659,"__csrcFundId":13314,"stockCode":"019659","masterFundShortName":"万家养老目标2045三年持有混合发起式（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":19659,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:26:49.392Z","status":"normal","exchange":"jj","shortName":"万家养老目标2045三年持有混合发起式（FOF）(019659)","name":"万家养老目标日期2045三年持有期混合型发起式基金中基金（FOF）","setUpAssetScale":10002154.52,"setUpDate":"2023-11-14T16:00:00.000Z","setUpShares":10002154.52,"inceptionDate":"2023-11-16T16:00:00.000Z","pinyin":"wjylmbrq2045sncyqhhxfqsjjzjj(fof)","followedNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20668329","stockType":"fund_manager","exchange":"fm","tickerId":230210212320,"name":"王宝娟"}]}},{"_id":"69aed31b7fea5b3eb0537ec1","date":"2024-06-29T16:00:00.000Z","stockId":3000000019659,"sao":"在养老目标系列基金中本基金设定为中等风险属性的养老目标日期基金，大类资产配置比例遵循合同约定的下滑曲线比例，本年度的权益类资产基准比例为55%，股票、股票型基金、偏股混合型基金等权益类资产投资合计占基金资产的比例为40%-60%。整体操作思路以平衡收益与风险为主，在承担适度的波动风险下，通过定量及定性相结合的方法，构建可获得持续超越各类型基金指数表现的公募基金组合。再透过战术资产配置的方式，基于市场宏观、中观和微观情况定期和不定期对投资组合进行调整。此外，过往近三年权益市场持续下跌，暴露出单一资产配置存在较大局限，与养老目标基金持续稳健运作、长期保值增值的目标并不完全匹配，因此后续我们也将持续拓宽资产覆盖范围、增加研究深度、提升投研转化效率，通过多资产、多策略的配置来实现养老基金投资目标。　　上半年的投资运作方面，由于本基金成立于23年11月份，年末年初小微盘已经处于泡沫化区域，因此建仓之初适度规避了小微盘敞口较大的基金；二季度从性价比角度，增加了一些大盘质量风格基金。固收类保留部分QDII债基持仓；此外基于日常对持仓基金的跟踪，对个别品种进行了调整。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:07.008Z","mo":"展望未来，从宏微观两方面来看，制造业投资和拿地增速放缓，上市公司资本开支持续缩减，进入一个产能不断去化、供需格局改善、经营质量提升的过程。在这个过程中，龙头企业经营韧性较强，扩张放缓之后自由现金流改善，在新国九条导向之下能够更加注重股东回报，目前定价也较为合理，中长期投资价值在提升。当然，从负债端资金行为来看，目前该类型的资产仍然面临一些资金流出的压力，尤其是外资的流出，并非完全是基于投资价值的判断，而是有外部环境、金融条件、地缘政治等多方面原因，短期难免承压。我们也将审慎评估这些变化，采取渐进的方式调整组合。","fund":{"_id":3000000019659,"__csrcFundId":13314,"stockCode":"019659","masterFundShortName":"万家养老目标2045三年持有混合发起式（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":19659,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:26:49.392Z","status":"normal","exchange":"jj","shortName":"万家养老目标2045三年持有混合发起式（FOF）(019659)","name":"万家养老目标日期2045三年持有期混合型发起式基金中基金（FOF）","setUpAssetScale":10002154.52,"setUpDate":"2023-11-14T16:00:00.000Z","setUpShares":10002154.52,"inceptionDate":"2023-11-16T16:00:00.000Z","pinyin":"wjylmbrq2045sncyqhhxfqsjjzjj(fof)","followedNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20668329","stockType":"fund_manager","exchange":"fm","tickerId":230210212320,"name":"王宝娟"}]}},{"_id":"69aed31a7fea5b3eb0537ec0","date":"2024-03-30T16:00:00.000Z","stockId":3000000019659,"sao":"在养老目标系列基金中本基金设定为中等风险属性的养老目标日期基金，大类资产配置比例遵循合同约定的下滑曲线比例，本年度的权益类资产基准比例为55%，股票、股票型基金、偏股混合型基金等权益类资产投资合计占基金资产的比例为40%-60%。整体操作思路以平衡收益与风险为主，在承担适度的波动风险下，通过定量及定性相结合的方法，构建可获得持续超越各类型基金指数表现的公募基金组合。再透过战术资产配置的方式，基于市场宏观、中观和微观情况定期和不定期对投资组合进行调整。　　本季度投资运作方面，本基金于2023年11月成立，本季度1月份完成建仓，持仓结构以主动权益基金、二级债基为主。由于建仓时微盘股已经处在泡沫化区域，本基金建仓即适度规避了小微盘暴露大的基金。季度内调整不多。在2023年末回顾市场时，即发现全市场除微盘股局部泡沫化，其余整体估值很低、估值层面的风险接近出清，经历微盘股暴跌，倾向于认为全市场已经跌透甚至超跌，即便经济维持现状，后续也将进入机会大于风险阶段，如果经济有改善，潜在回报会更具吸引力。后续将积极寻找业绩有改善的行业版块机会，深挖个基，力争实现超越基准的回报。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:06.996Z","fund":{"_id":3000000019659,"__csrcFundId":13314,"stockCode":"019659","masterFundShortName":"万家养老目标2045三年持有混合发起式（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":19659,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:26:49.392Z","status":"normal","exchange":"jj","shortName":"万家养老目标2045三年持有混合发起式（FOF）(019659)","name":"万家养老目标日期2045三年持有期混合型发起式基金中基金（FOF）","setUpAssetScale":10002154.52,"setUpDate":"2023-11-14T16:00:00.000Z","setUpShares":10002154.52,"inceptionDate":"2023-11-16T16:00:00.000Z","pinyin":"wjylmbrq2045sncyqhhxfqsjjzjj(fof)","followedNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20668329","stockType":"fund_manager","exchange":"fm","tickerId":230210212320,"name":"王宝娟"}]}}]}