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从性价比角度考虑适当进行结构优化。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:32.846Z","mo":"股票市场方面，看好本轮权益市场的潜在表现，包括A股和H股。一方面：国内低利率环境下，对高于存款和债券票息的资产关注度在提升，我们看到权益市场的股息率仍具备配置性价比，尤其高分红资产，以中证红利指数为代表，股息率仍在4%以上；另一方面横向比较全球主要市场，相对而言A/H股经过过去2-3年的回调，估值均在偏低位置，存在估值修复的可能性。同时考虑宏观基本面，虽然传统地产、消费等内需导向的方向仍存压力，但是宽财政宽货币在持续发力，同时产业层面在创新药、美容护理、人工智能、低空经济等不同领域都有较好发展，海外竞争力在持续提升，所以我们判断未来会逐步迎来估值和基本面企稳的双修复。但过程中也需要持续关注外围市场的冲击，包括地缘政治、关税风险、美国通胀等，如果有超预期事件发生，组合层面要积极应对。债券市场方面，最核心的影响是利率在历史低位，考虑资金约束、宏观审慎监管、股市风险偏好上行等综合影响下，债市难有系统性做多机会，需要把握节奏。后续重点关注三四季度实体融资需求以及抢出口效应回落后外需承压的情况，若有调整，可适当布局。本基金的管理，我们将持续秉承多元资产配置的管理理念，通过对不同市场、不同资产的比较，寻找性价比较高的资产类别进行多元分散布局，优化组合风险收益比。同时通过策略研究力争把握产业发展和市场风格变化的中长期趋势，落实到品种选择中，追求以业绩持续性好、规模适中的基金品种为底仓。最终力争为投资者创造长期可持续的投资回报，做客户可信赖的管理人。","fund":{"_id":3000000020835,"__csrcFundId":14214,"stockCode":"020835","masterFundShortName":"招商进取策略优选3个月持有期混合发起式（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":20835,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"招商进取策略优选3个月持有期混合型发起式（FOF）A","lastUpdated":"2026-04-10T20:42:06.179Z","name":"招商进取策略优选3个月持有期混合型发起式基金中基金（FOF）","pinyin":"zsjqclyx3gycyqhhxfqsjjzjj(fof)","setUpAssetScale":30571103.46,"setUpDate":"2024-09-18T16:00:00.000Z","setUpShares":30571103.46,"inceptionDate":"2024-09-19T16:00:00.000Z","managers":[{"stockCode":"j101019750","stockType":"fund_manager","exchange":"fm","tickerId":2525246600,"name":"杨宇"}]},"announcement":{"linkText":"招商进取策略优选3个月持有期混合型发起式基金中基金（FOF）2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1339080","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3707fea5b3eb053d273","date":"2025-03-30T16:00:00.000Z","stockId":3000000020835,"sao":"一季度国内经济基本面逐步企稳，以人工智能为主线的新一轮科技进步取得新的突破，股票市场呈现明显的结构性行情，宽基指数窄幅震荡，AI、智能驾驶、人形机器人等方向热点纷呈，涨幅较大。沪深300指数、上证50指数和科创50指数的季度涨跌幅分别为-1.21%、-0.71%%和3.42%。报告期内，组合管理秉持长期视角，在资产配置上标配权益资产，维持一定比例固定收益资产的配置；在品种选择上，坚持以长期稳健品种为底仓，在风险可控前提下适度参与科技成长投资机会。主要操作有：1、优化科技成长风格基金的持仓，更好适应市场特点；2、利用ETF基金阶段性参与科技成长细分方向的投资；3、增配港股基金；4、减持性价比下降的转债基金；5、降低债券型基金的整体久期；6、增持具有稳定收益特点的REITs基金。本基金的管理，追求以业绩持续性好、规模适中的基金品种为底仓，通过策略研究力争把握产业发展和市场风格变化的中长期趋势，落实到品种选择中；同时关注不同市场、不同资产的投资机会。我们希望通过多策略手段，力争为投资者创造长期可持续的超额收益，做客户可信赖的管理人。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:32.843Z","fund":{"_id":3000000020835,"__csrcFundId":14214,"stockCode":"020835","masterFundShortName":"招商进取策略优选3个月持有期混合发起式（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":20835,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"招商进取策略优选3个月持有期混合型发起式（FOF）A","lastUpdated":"2026-04-10T20:42:06.179Z","name":"招商进取策略优选3个月持有期混合型发起式基金中基金（FOF）","pinyin":"zsjqclyx3gycyqhhxfqsjjzjj(fof)","setUpAssetScale":30571103.46,"setUpDate":"2024-09-18T16:00:00.000Z","setUpShares":30571103.46,"inceptionDate":"2024-09-19T16:00:00.000Z","managers":[{"stockCode":"j101019750","stockType":"fund_manager","exchange":"fm","tickerId":2525246600,"name":"杨宇"}]},"announcement":{"linkText":"招商进取策略优选3个月持有期混合型发起式基金中基金（FOF）2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1266694","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3707fea5b3eb053d272","date":"2024-12-30T16:00:00.000Z","stockId":3000000020835,"sao":"2024年由于地产下行、内需不振，多数时间A股市场走势较为低迷，9月底随着中央稳定股市、楼市的一系列逆周期调节政策出台，市场一改颓势，快速回升。全年沪深300指数上涨14.68%，中证500指数上涨5.46%，创业板指数上涨13.23%。从结构上看，银行、非银、通信、家电等行业表现较好，食品饮料、医药生物等行业表现不佳，全年仍为负收益。债市方面，收益率持续走低，中债总财富指数全年上涨8.32%。本基金在9月下旬开始投资运作伊始即遇到政策推动的市场大幅上涨。出于对权益类资产配置价值的认同，本基金加快了建仓节奏，在短时间内加到中性偏高仓位。初始阶段配置较多A股、港股ETF基金，在10月份市场进入震荡期之后，加大了管理能力突出的主动型基金配置。固定收益类资产配置了内部绩优债基品种，考虑到债券持仓收益率绝对水平过低，存在一定波动风险，其中搭配了一部分短债基金。在市场振荡期，转债基金性价比较好，组合做了适当配置。本基金的管理，以选人、选品种为基础，我们认为市场上各类风格的优秀基金经理是稀缺的，拉长时间他们是能够创造超额收益的。当然放在一个具体年份，市场风格对权益投资的结果影响较大，我们通过定量分析和策略研究力争把握市场风格演变的趋势并对组合做前瞻性和适应性调整，提升业绩稳定性。同时我们关注不同市场、不同资产的投资机会，希望通过多策略手段，为投资者创造稳定较好投资回报，做客户可信赖的管理人。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:32.838Z","mo":"展望后市，我们对2025年权益市场持积极态度，全年获取绝对收益的概率大：1）A股宽基指数从股权风险溢价的角度看仍然具有吸引力，随着无风险利率走低，权益资产相对价值凸显。2）从政策维度看，目前阶段是少有的财政政策、货币政策双积极，中央鼓励民营经济发展的政策进一步增强市场信心。3）从经济基本面看，地产下行的影响减弱，扩内需成为各级政府重要工作，经济数据有望边际改善，更重要的是经济结构转型的效果逐步显现，将提升市场对中长期发展的信心。4）以DeepSeek为代表的人工智能领域的技术突破，推动国内AI领域各项应用的落地和相关投资的扩大，同时推动对中国科技公司的价值重估。5）海外方面，美联储降息节奏虽然放缓，但方向仍然明确，人民币汇率压力减轻。在新的科技进步引领下，人形机器人、汽车智能化等产业蓬勃发展，2025年的上市公司盈利有望走出长时间的底部徘徊，为股票市场企稳回升提供支撑。","fund":{"_id":3000000020835,"__csrcFundId":14214,"stockCode":"020835","masterFundShortName":"招商进取策略优选3个月持有期混合发起式（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":20835,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"招商进取策略优选3个月持有期混合型发起式（FOF）A","lastUpdated":"2026-04-10T20:42:06.179Z","name":"招商进取策略优选3个月持有期混合型发起式基金中基金（FOF）","pinyin":"zsjqclyx3gycyqhhxfqsjjzjj(fof)","setUpAssetScale":30571103.46,"setUpDate":"2024-09-18T16:00:00.000Z","setUpShares":30571103.46,"inceptionDate":"2024-09-19T16:00:00.000Z","managers":[{"stockCode":"j101019750","st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