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半年明显走弱。中国经济方面，政府债券发行带动社融同比增速持续回升，出口相关行业受益加征关税引发的抢出口效应，消费行业受益以旧换新政策但持续性待观察，地产行业在一季度小阳春后销售和投资逐步走弱，央行采取降准降息措施并维持资金利率平稳偏宽松。　　债市方面，一季度受经济预期改善、资金利率小幅抬升和股市回暖影响，债市收益率震荡上行，10年国债利率从1.68%上升至1.81%；二季度受关税冲击、地产走弱、央行降息和存款利率下降带动，债市收益率全线下行，10年国债利率从1.81%降至1.65%，信用债收益率跟随下降。可转债方面，中证转债指数上半年涨幅7.0%，转债估值逐渐抬升。　　股票方面，上半年A股大幅波动，一季度机器人、国产大模型带来的产业机会带动指数上涨，二季度股指先在美国加征关税影响下重挫，随后在贸易谈判缓和、经济韧性显现等影响下开始修复回升。上半年上证指数、沪深300和创业板指数涨幅分别为2.8%、0.0%和0.5%；恒生科技指数涨幅18.7%。行业方面，申万指数里有色金属、银行、国防军工、传媒、通信等行业涨幅居前，煤炭、食品饮料、房地产、石油石化、建筑装饰等行业跌幅居前。　　投资运作方面，基金在报告期内股票仓位较为灵活，持仓兼顾景气预期改善品种、稳健品种的适度均衡，少量参与转债交易。","declarationDate":"2025-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:18.951Z","mo":"海外方面，美国经济受高利率负面影响疲态渐显，关税对物价的影响幅度和持续时间待观察，美联储三季度是否降息存在不确定性，但当前至2026年底前降息幅度将较大。同时，减税法案通过后，市场对美国财政纪律的担心持续存在，而财政和货币双宽松的政策环境可能导致美元贬值压力上升。　　中国方面，地产行业的下行速率正在放缓，消费品以旧换新效果逐渐减弱，出口增速较上半年放缓但好于年初悲观预期，总体来看中国经济虽有下行压力但韧性较强，政策发力的必要性减弱，可能会有小幅降息措施。　　债市方面，在经济增速边际放缓、反内卷政策改善物价预期的形势下，名义GDP增速有望接近触底，股市、商品等风险资产对债市的影响可能加大，预计利率债走势以震荡为主，信用债投资以票息收益为主。　　股市方面，美国经济大概率软着陆、美联储未来一年有望大幅降息，非美经济体股市估值中枢有望提升，中国股市在股市财富效应显现影响下，居民增量资金入市有望推升整体估值水平。结构来看，泛AI相关产业势进展明确，反内卷推动制造业上市公司盈利修复，预计成长和实物资产相关行业将占优。　　可转债方面，在到期转债较多、存量供给有限情况下，转债估值预计维持在较高位，结合正股机会较多来看，预计转债市场具有较好的投资价值。","fund":{"_id":3000000020600,"stockCode":"020600","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20600,"currency":"CNY","lastUpdated":"2026-08-28T13:18:02.092Z","status":"normal","exchange":"jj","shortName":"国寿安保景气优选混合发起式A","name":"国寿安保景气优选混合型发起式证券投资基金","fundCollectionId":4000050900000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":10000498.01,"setUpDate":"2024-01-25T16:00:00.000Z","setUpShares":10000498.01,"pinyin":"gsabjqyxhhxfqszqtzjj","followedNum":1,"masterFundShortName":"国寿安保景气优选混合发起式","__csrcFundId":13587,"managers":[{"stockCode":"db20382141","stockType":"fund_manager","exchange":"fm","tickerId":2323158450,"name":"吴闻"}]},"announcement":{"linkText":"国寿安保景气优选混合型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1351005","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3627fea5b3eb053c404","date":"2025-03-30T16:00:00.000Z","stockId":3000000020600,"sao":"2025年一季度，美国经济出现放缓迹象，10年美债利率小幅下降至4.2%，市场关注美国政府缩减开支、关税政策和减税进度。国内方面，中国经济出现企稳回升向好的势头，一季度政府债发行提速带动社融同比增速回升，一线城市二手房销量的持续性好于预期；不过，信贷需求、地产销量和关税存在不确定性，中国经济恢复是渐进的过程。　　债市方面，一季度受经济预期有所改善、资金利率小幅抬升和股市回暖影响，债市收益率震荡上行，10年国债利率从1.68%上升至1.81%，信用债收益率整体小幅抬升。可转债方面，在股市上涨带动下，一季度中证转债指数上涨3.1%。　　股票方面，一季度A股呈现震荡走势，上证指数、沪深300和创业板指数涨跌幅分别为-0.5%、-1.2%和-1.8%；恒生科技指数大幅上涨，主要受国产大模型的积极进展催生的信息产业机会带动。行业方面，申万指数里有色金属、汽车、机械设备、计算机、钢铁等行业涨幅居前，商贸零售、建筑装饰、房地产、非银金融、交通运输等行业跌幅居前。　　投资运作方面，基金在报告期内股票仓位较为灵活，维持军工行业持仓，减持银行、建筑等行业，增持传媒、计算机等行业，适度参与转债交易。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:18.949Z","fund":{"_id":3000000020600,"stockCode":"020600","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20600,"currency":"CNY","lastUpdated":"2026-08-28T13:18:02.092Z","status":"normal","exchange":"jj","shortName":"国寿安保景气优选混合发起式A","name":"国寿安保景气优选混合型发起式证券投资基金","fundCollectionId":4000050900000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":10000498.01,"setUpDate":"2024-01-25T16:00:00.000Z","setUpShares":10000498.01,"pinyin":"gsabjqyxhhxfqszqtzjj","followedNum":1,"masterFundShortName":"国寿安保景气优选混合发起式","__csrcFundId":13587,"managers":[{"stockCode":"db20382141","stockType":"fund_manager","exchange":"fm","tickerId":2323158450,"name":"吴闻"}]},"announcement":{"linkText":"国寿安保景气优选混合型发起式证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1274963","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3627fea5b3eb053c403","date":"2024-12-30T16:00:00.000Z","stockId":3000000020600,"sao":"2024 年美国经济和通胀数据回落，美联储开启降息周期，全球风险资产得到提振。中国经济恢复呈现波浪式发展、曲折式前进的特征，受地产链销售和投资下滑影响，前三季度经济下行压力增大；9月政治局会议财政、货币、地产、资本市场、稳民企、保民生等方面的一揽子宏观政策出台，大力提振了市场对宏观政策的预期，经济数据开始企稳。　　债市方面，在经济下行压力增大、金融机构缺资产的环境下，2024年央行多次降息，商业银行、保险公司负债成本也持续回落，债券市场迎来大牛市，各期限债券收益率大幅下行。可转债市场在债券利率下行和股市先抑后扬的影响下，迎来低位反转的交易窗口，中证转债指数全年涨幅6.1%。　　股市方面，A股市场在2024年迎来反转，全年上证指数、沪深 300 和创业板指数分别上涨12.7%、14.7%、13.2%，但行业分化显著，申万指数里银行、非银金融、通信涨幅居前，美容护理、农林牧渔、医药生物跌幅居前。　　投资运作方面，本基金成立之后的半年逐步建立股票仓位，三季度末仓位提升至高位，四季度末降至中高位，持仓以景气预期边际改善的优质公司为主。债券投资方面，报告期内基金配置了利率债并积极参与可转债交易。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:18.945Z","mo":"海外方面，受债务上限到期影响，美债上半年发行速度将放缓，美国经济将受到滞后影响，美债利率趋于回落，6-7月联储可能降息。在美债上限谈判达成后，美债发行或提速，美国经济和通胀预期可能上修。中美关系需观察美国政策优先顺序、俄乌谈判进展等方面，总体来看短期有望缓和，中期仍存风险。　　国内方面，2025年以来建筑开工低于去年同期，但一二线城市二手房成交数据和信贷数据较好，经济走势待观察。如果一二线房地产止跌回稳，全社会融资需求有望阶段性回升，货币政策进一步宽松的空间不大；如果一二线房地产仍然偏弱，主要靠政府部门提高杠杆率，那么经济内生动能仍然不足，货币政策和财政政策就有进一步宽松的空间。但是，中国经济转型升级已展现良好的效果，不仅在制造业涌现一批具有世界竞争力的企业，科技行业也在快速赶超，各方对中国经济发展的长期信心持续增强，因此总量政策大幅宽松的可能性不大。　　产业方面，国产大模型持续迭代更新，算力成本大幅下降，AI应用向各行业渗透，未来新形态的科技产品也将陆续出现，产业链将迎来快速发展。　　债市方面，在中国经济复苏动能待观察、政策基调延续宽松、美联储有望降息环境下，央行大概率仍将采取降息措施，债券市场利率仍有下行空间，短端下行幅度可能更大，久期策略仍有可为，而高等级债券票息也将提供稳健收益。　　权益方面，以沪深300和10年国债为衡量，股债收益差当前运行在具有较高性价比的区域，A 股市场具有良好的配置价值。结构角度，预计A股主线是泛AI产业驱动的科技行情，辅助的是整体增量资金入市带来的股价低位行业的估值修复。","fund":{"_id":3000000020600,"stockCode":"020600","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20600,"currency":"CNY","lastUpdated":"2026-08-28T13:18:02.092Z","status":"normal","exchange":"jj","shortName":"国寿安保景气优选混合发起式A","name":"国寿安保景气优选混合型发起式证券投资基金","fundCollectionId":4000050900000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":10000498.01,"setUpDate":"2024-01-25T16:00:00.000Z","setUpShares":10000498.01,"pinyin":"gsabjqyxhhxfqszqtzjj","followedNum":1,"masterFundShortName":"国寿安保景气优选混合发起式","__csrcFundId":13587,"managers":[{"stockCode":"db20382141","stockType":"fund_manager","exchange":"fm","tickerId":2323158450,"name":"吴闻"}]},"announcement":{"linkText":"国寿安保景气优选混合型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1257564","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3627fea5b3eb053c402","date":"2024-09-29T16:00:00.000Z","stockId":3000000020600,"sao":"2024年三季度，美国经济出现衰退迹象，就业数据低于预期，物价指数逐步回落，美联储开启降息周期并在9月首次降息50bp，目前来看美国经济软着陆概率较大。国内方面，出口保持较快增长，但地产销售和投资仍然低迷，社会消费数据逐步走弱，经济和物价下行压力继续增大。　　政策方面，政治局9月召开会议分析当前经济形势，推出包括财政、货币、房地产、资本市场、稳民企、保民生等方面的一揽子宏观政策，努力完成全年经济社会发展目标，大力提振了市场对宏观政策的预期。　　股市方面，三季度上证指数、沪深300和创业板指数分别上涨12.4%、16.1%和29.2%，其中7-8月股市延续弱势表现，9月政策利好扭转了悲观预期，A股市场大幅反弹。行业方面，申万指数里非银金融、房地产、综合、商贸零售、社会服务、计算机等行业涨幅居前。　　债市方面，利率债三季度在基本面偏弱和政策大力稳增长的双重影响下走势一波三折，长期国债收益率呈现宽幅震荡走势；信用债在赎回负反馈推动下，信用利差明显扩大，信用债收益率震荡上行；可转债7-8月受A股下跌和信用风险增加等因素影响持续下跌，9月跟随A股上涨。　　投资运作方面，本基金在报告期内提高股票仓位，积极参与股市反弹，持仓以食品饮料、非银金融、有色金属、计算机等行业优质公司为主。债券投资方面，报告期内基金配置了利率债并参与可转债交易。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:18.942Z","fund":{"_id":3000000020600,"stockCode":"020600","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20600,"currency":"CNY","lastUpdated":"2026-08-28T13:18:02.092Z","status":"normal","exchange":"jj","shortName":"国寿安保景气优选混合发起式A","name":"国寿安保景气优选混合型发起式证券投资基金","fundCollectionId":4000050900000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":10000498.01,"setUpDate":"2024-01-25T16:00:00.000Z","setUpShares":10000498.01,"pinyin":"gsabjqyxhhxfqszqtzjj","followedNum":1,"masterFundShortName":"国寿安保景气优选混合发起式","__csrcFundId":13587,"managers":[{"stockCode":"db20382141","stockType":"fund_manager","exchange":"fm","tickerId":2323158450,"name":"吴闻"}]},"announcement":{"linkText":"国寿安保景气优选混合型发起式证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1176933","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3627fea5b3eb053c401","date":"2024-06-29T16:00:00.000Z","stockId":3000000020600,"sao":"2024年上半年全球制造业PMI回升至扩张区间，但二季度开始美国制造业PMI回落、消费者信心指数持续下滑、物价数据回落、失业率上升至4.1%，美国经济增速放缓预期明显增强，市场预期美联储将于下半年降息。国内方面，中国经济恢复呈现波浪式发展、曲折式前进的特征，出口受益外需回暖超预期回升，地产销售、投资数据仍相对疲弱，制造业和基建投资增速维持较高位，货币信贷数据在规范“手工补息”后整体下行。政策方面，央行货币政策平稳偏宽松，人民币兑美元汇率总体维持震荡走势。　　　　债市方面，地产行业趋弱、金融机构缺资产的环境下，商业银行自主下调存款利率，债券市场各期限收益率大幅下行，信用利差降至低位。可转债市场分化显著，上半年中证转债指数微跌0.1%，但可转债等权指数下跌5.2%，有信用瑕疵的转债跌幅较多。　　　　股市方面，上半年上证指数、沪深300和创业板指数分别下跌0.3%、上涨0.9%和下跌11.0%，大小盘继续分化，市场风格向业绩确定性较高的大盘股倾斜。行业方面，申万指数里银行、煤炭、公用事业、家电涨幅居前，综合、计算机、商贸零售、社会服务跌幅居前。　　　　投资运作方面，报告期内本基金逐步提高股票仓位，持仓以有色、通信、公用事业、机械、银行等行业优质公司为主。债券投资方面，报告期内基金配置了利率债并积极参与可转债交易。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:18.939Z","mo":"2024年下半年宏观层面重点观察三个方面的发展变化：　　一是国内经济恢复的路径。一季度实际GDP增速5.3%、二季度4.7%，为完成全年经济社会发展目标，下半年扩大内需政策有望进一步发力，而房地产行业在经过前期销售、投资的大幅下滑后，对经济增长的负面拖累有望逐步下降。尽管经济修复是渐进、缓慢的过程，但中国经济在本轮地产周期下行过程中已显现出较强的韧性，与海外发达经济体相比也具有更高的发展质量，下半年市场对经济修复的信心有望巩固加强。　　二是美联储降息路径。随着二季度以来经济数据、通胀数据的回落和劳动力市场走向疲软，美国走入衰退的概率逐步提升，市场已经定价美联储年内多次降息的预期，实际降息节奏仍需观察。　　三是美国大选2024年11月进行，地缘政治风险可能对资本市场形成阶段性扰动。　　债券方面，在国内经济复苏动能偏弱、美联储有望连续降息的环境下，央行仍有进一步降息的空间，债券市场长端利率下行趋势并未逆转，久期策略仍然是重要回报来源，而高等级债券票息也将提供稳健收益。　　权益方面，股债收益差当前运行在具有高性价比的区域，仅从历史比较来看，A股市场具有良好的中期配置价值。结构角度，一是受益无风险利率下降且盈利稳定的红利类资产，二是受益中期趋势明确的自主可控相关行业，三是美联储降息前后金、铜等大宗商品相关行业存在不同节奏的交易机会，四是国内扩大内需政策受益的细分行业。","fund":{"_id":3000000020600,"stockCode":"020600","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20600,"currency":"CNY","lastUpdated":"2026-08-28T13:18:02.092Z","status":"normal","exchange":"jj","shortName":"国寿安保景气优选混合发起式A","name":"国寿安保景气优选混合型发起式证券投资基金","fundCollectionId":4000050900000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":10000498.01,"setUpDate":"2024-01-25T16:00:00.000Z","setUpShares":10000498.01,"pinyin":"gsabjqyxhhxfqszqtzjj","followedNum":1,"masterFundShortName":"国寿安保景气优选混合发起式","__csrcFundId":13587,"managers":[{"stockCode":"db20382141","stockType":"fund_manager","exchange":"fm","tickerId":2323158450,"name":"吴闻"}]},"announcement":{"linkText":"国寿安保景气优选混合型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1151679","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3627fea5b3eb053c400","date":"2024-03-30T16:00:00.000Z","stockId":3000000020600,"sao":"2024年一季度，全球制造业PMI回升至扩张区间，美国逐步进入补库存周期，就业数据相对较强，美联储全年降息时点可能将推后至下半年，10年美债收益率从3.9%上升至4.2%；日本央行宣布退出负利率和收益率曲线控制政策。国内方面，经济恢复呈现波浪式发展、曲折式前进的特征，出口受益外需回暖影响超预期回升，地产销售、投资数据仍相对疲弱，物价指数低位小幅回升。　　政策方面，央行一季度降低存款准备金率50bp，公开市场操作利率和MLF利率维持不变，5年期LPR下调25bp，资金面维持平稳宽松，月末资金利率波动幅度下降。汇率方面，人民币兑美元汇率小幅贬值，总体维持震荡走势。　　债市方面，在地产行业趋弱、金融机构缺资产的环境下，商业银行自主下调存款利率，利率债各期限收益率大幅下行， 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