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  同时，伴随中国整体国力和制造业、出口产品竞争力将继续稳步提升，以及贸易伙伴的多样化，中国企业“出海”全球化进程加速，中国的出口韧性增强并有望打开新的增长空间。产业趋势方面，2026年也是中国经济迈向高质量发展的关键阶段起点，战略性新兴产业、科技创新和产业升级将是增长的核心驱动力。证券市场方面，尽管股票市场依然保持成交活跃、热点频出，但经历2025年大幅上涨之后，看上去整体估值已显得并不便宜，尤其是一些短期业绩无法兑现的热点行业和主题板块。2026年股票市场潜在波动风险将有所提升，投资人更需要重视业绩、竞争格局、市场份额、产业趋势拐点等基本面因素的真实改善和驱动。本组合预计将仍以消费、互联网平台、能源等资源品为主线，选择估值合理、重视股东回报的龙头公司进行配置，追求实现承担有限风险下的稳定回报目标。同时也会依托公司研究资源，密切关注有色化工、半导体、AI产业链、工程机械、锂电等重点行业的投资机会。 债券市场预计中短端有望稳定运行，但长端受经济增长和通胀预期变化的影响，波动幅度趋于收敛，虽配置价值有所提升，但仍需保持适度的警惕。","fund":{"_id":3000000020848,"__csrcFundId":14227,"stockCode":"020848","masterFundShortName":"尚正正泰平衡配置混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20848,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"尚正正泰平衡配置混合发起(020848)","lastUpdated":"2026-05-01T02:57:56.517Z","name":"尚正正泰平衡配置混合型发起式证券投资基金","pinyin":"szztphpzhhxfqszqtzjj","fundCollectionId":4000051960000,"setUpAssetScale":10218371.22,"setUpDate":"2024-11-04T16:00:00.000Z","setUpShares":10218371.22,"inceptionDate":"2024-11-07T16:00:00.000Z","managers":[{"stockCode":"db20769666","stockType":"fund_manager","exchange":"fm","tickerId":31210226150,"name":"陈列江"}]},"announcement":{"linkText":"尚正正泰平衡配置混合型发起式证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1454166","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3717fea5b3eb053d383","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000020848,"sao":"第三季度，国内经济数据小幅下滑，但整体仍呈韧性。其中工业生产和基建投资增速有所放缓，出口保持韧性，房地产投资偏弱。PPI数据受“反内卷”政策预期和低基数效应影响，呈现低位回升态势。在海外层面，中美“贸易战2.0”局势逐渐明朗化，双方关系缓步走向稳定。在货币政策方面，美联储在本季度降息25BP，国内央行则继续保持货币政策适度宽松。财政持续发力，雅江水电站和新藏铁路等大型项目陆续开工建设，对经济形成托底。本报告期内，A股市场强势向上，科技引领市场，交投情绪乐观，成交量持续放大。其中通信、电子、新能源表现突出，有色和化工等周期板块受益于“反内卷”预期也有较好表现，而银行和红利股则表现偏弱。债券市场在本季度出现较大幅度调整，受“反内卷”、股债“跷跷板”效应等多重冲击，债券收益率水平快速上行，其中短端表现明显好于长端，期限利差快速走阔，曲线上呈现“熊陡”。在纯债操作方面，鉴于国内经济数据仍不强、央行呵护资金面态度较为明确且债券市场已有较大幅度调整，我们判断长久期利率债出现较好配置机会。因此本组合增配了长久期利率债品种；在权益操作方面，组合继续保持较高权益持仓比例，部分兑现了涨幅较大的有色、化工、电子等板块的标的，增配了医疗服务。组合重点持仓估值合理、现金流稳定、重视股东回报的消费、煤炭等板块的龙头公司，以及竞争格局清晰、行业景气度向上的互联网公司。在转债方面，由于转债估值仍在历史高位，我们耐心等待市场出现调整后的投资机会。","lastUpdated":"2026-03-09T14:04:33.783Z","fund":{"_id":3000000020848,"__csrcFundId":14227,"stockCode":"020848","masterFundShortName":"尚正正泰平衡配置混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20848,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"尚正正泰平衡配置混合发起(020848)","lastUpdated":"2026-05-01T02:57:56.517Z","name":"尚正正泰平衡配置混合型发起式证券投资基金","pinyin":"szztphpzhhxfqszqtzjj","fundCollectionId":4000051960000,"setUpAssetScale":10218371.22,"setUpDate":"2024-11-04T16:00:00.000Z","setUpShares":10218371.22,"inceptionDate":"2024-11-07T16:00:00.000Z","managers":[{"stockCode":"db20769666","stockType":"fund_manager","exchange":"fm","tickerId":31210226150,"name":"陈列江"}]},"announcement":{"linkText":"尚正正泰平衡配置混合型发起式证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1376406","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3717fea5b3eb053d382","date":"2025-06-29T16:00:00.000Z","stockId":3000000020848,"sao":"上半年国内经济整体运行良好，其中工业生产表现较强，基建保持平稳，出口韧性仍在，房地产投资数据则底部震荡。从财政和货币政策看，政府债前置发力对社融数据起到强支撑，央行5月降息呵护市场态度明确，货币政策保持宽松；从外部环境看，中美“贸易战2.0”在双方几番较量后达到“斗而不破”的新平衡，关系出现阶段性“回暖”。本报告期内，A股市场稳中向好，其中上证综指涨2.76%，沪深300涨0.03%，创业板综指涨8.78%。板块分化较为明显，热点轮动较快，其中有色、银行保险、军工涨幅靠前，而煤炭、光伏等板块跌幅居前；债券市场则受到年初资金利率变动、中美贸易战谈判反复等因素影响，收益率先上后下，总体保持平稳。在纯债操作方面，鉴于目前绝对收益率水平不高，以及期限利差、信用利差等均在历史低位，本组合以短久期配置策略为主；在权益操作方面，2月底至3月初部分持仓品种由于快速上涨导致估值已不便宜。另外考虑到海外关税战的不确定性，组合进行了止盈操作，降低潜在波动风险。4月初受“关税战”影响，市场出现明显调整，组合逢低提升权益持仓比例。组合主要配置在具有较强消费刚需属性的白酒、具备强自由现金流且重视股东回报的煤炭、拥有广阔市场空间的医药、互联网、消费电子和半导体、具有优质资源禀赋的有色等行业，追求中长期配置的价值回报。受政策和短期景气低迷的影响，组合持仓较多的白酒行业报告期内下跌明显，导致组合净值出现了一定回撤；但相信随时间的推移和行业的市场化调整，龙头公司的品牌优势地位和内在价值会逐步凸显；在转债方面，考虑到转债估值在历史较高分位数，性价比不高，耐心等待调整后的投资机会。组合采取灵活配置的策略具有适应不同市场环境的特点。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:33.780Z","mo":"考虑到上半年政府债券已前置发力、出口基数不低以及企业盈利数据尚在底部等因素，下半年经济增速面临小幅下滑压力。预计货币政策将维持偏宽松格局，基建投资以稳为主。而财政政策将根据国内经济数据以及海外经济、货币环境等变化，动态调整刺激力度。A股市场预计仍以结构性机会为主。一方面，我们认为行业竞争格局稳定、现金流良好、具备强大护城河的优秀公司能穿越周期，具备长期持有价值；另一方面，在“反内卷”背景下，具备成本最左侧或资源禀赋突出的资源型公司的投资价值凸显。另外，随着国内部分企业的技术、成本、管理能力已达到世界水平，具备“国际化”布局能力的企业将拥有“第二生长曲线”，值得重点关注。债券市场方面，下半年经济增速仍有一定压力，在资金面较友好的背景下，债券市场仍有一定配置机会。但考虑到债券绝对收益率水平较低、经济失速风险不高且中美关系缓和，出口也有韧性，利率大幅下行空间也尚未打开。预计利率水平呈现“上有顶、下有底”的震荡格局。","fund":{"_id":3000000020848,"__csrcFundId":14227,"stockCode":"020848","masterFundShortName":"尚正正泰平衡配置混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20848,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"尚正正泰平衡配置混合发起(020848)","lastUpdated":"2026-05-01T02:57:56.517Z","name":"尚正正泰平衡配置混合型发起式证券投资基金","pinyin":"szztphpzhhxfqszqtzjj","fundCollectionId":4000051960000,"setUpAssetScale":10218371.22,"setUpDate":"2024-11-04T16:00:00.000Z","setUpShares":10218371.22,"inceptionDate":"2024-11-07T16:00:00.000Z","managers":[{"stockCode":"db20769666","stockType":"fund_manager","exchange":"fm","tickerId":31210226150,"name":"陈列江"}]},"announcement":{"linkText":"尚正正泰平衡配置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=1341386","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3717fea5b3eb053d381","date":"2025-03-30T16:00:00.000Z","stockId":3000000020848,"sao":"第一季度，国内经济运行平稳，制造业生产较强，房地产投资数据偏弱但销售有所回暖，PPI低位震荡。春节期间人工智能大模型“深度求索”为市场注入科技强心剂。随后高规格民营企业座谈会体现宏观政策对实体企业的呵护。国际层面，美国新政府关税2.0政策冲击全球贸易格局，并带来世界经济前景的不确定性，反衬出A股市场的投资吸引力。本季度，A股及港股市场表现活跃，但结构性分化明显。科技板块引领市场，大消费板块表现差强人意，红利板块则相对偏弱。债券市场则在本季度出现调整，由于市场前期对于央行降息预期较为强烈，债券收益率在年初快速下行至低点位置，但随后央行公布停止国债净买入，同时资金利率价格一直维持在1.8%以上的位置，导致债券收益率整体上行。在具体操作上，组合主要配置具有较强消费刚需属性的食品饮料、伴随数字经济不断深化且格局清晰稳定的互联网传媒、拥有广阔市场空间的消费电子和半导体、具备较强自由现金流且重视股东回报的能源及公用事业等行业的龙头公司。报告期间（备注：特别是2月底至3月初），部分持仓品种由于快速上涨导致估值已不便宜。另外考虑到4月海外关税战硝烟再起，秉持逆向思维和稳健投资的理念，组合进行了部分止盈操作，在锁定部分盈利的同时降低潜在波动风险；在纯债方面，鉴于2024年4季度债券市场收益率快速下行迭创新低，本组合对债券市场保持谨慎态度，采取对利率波动相对不敏感的短久期配置策略，提供稳定的收益基础和风险缓冲；在转债方面，重视转债估值的性价比，考虑到整体估值并不便宜，耐心等待调整后的投资机会。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:33.777Z","fund":{"_id":3000000020848,"__csrcFundId":14227,"stockCode":"020848","masterFundShortName":"尚正正泰平衡配置混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20848,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"尚正正泰平衡配置混合发起(020848)","lastUpdated":"2026-05-01T02:57:56.517Z","name":"尚正正泰平衡配置混合型发起式证券投资基金","pinyin":"szztphpzhhxfqszqtzjj","fundCollectionId":4000051960000,"setUpAssetScale":10218371.22,"setUpDate":"2024-11-04T16:00:00.000Z","setUpShares":10218371.22,"inceptionDate":"2024-11-07T16:00:00.000Z","managers":[{"stockCode":"db20769666","stockType":"fund_manager","exchange":"fm","tickerId":31210226150,"name":"陈列江"}]},"announcement":{"linkText":"尚正正泰平衡配置混合型发起式证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1273413","linkType":"PDF","source":"csrc_pdf"}}]}