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涨的长期逻辑不变，但已经连续两年大幅上涨，筹码的结构随着投机力量的深入，走势会更加的复杂多变。我们会耐心寻找时机谨慎的配置。","fund":{"_id":3000000020909,"__csrcFundId":14198,"stockCode":"020909","masterFundShortName":"东方红欣和稳健3个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":20909,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"东方红欣和稳健3个月持有混合（FOF）A","lastUpdated":"2025-01-08T23:14:39.964Z","name":"东方红欣和稳健配置3个月持有期混合型基金中基金（FOF）","pinyin":"dfhxhwjpz3gycyqhhxjjzjj(fof)","setUpAssetScale":88365554.46,"setUpDate":"2024-09-18T16:00:00.000Z","setUpShares":88365554.46,"inceptionDate":"2024-09-19T16:00:00.000Z","managers":[{"stockCode":"db20746522","stockType":"fund_manager","exchange":"fm","tickerId":32325201830,"name":"陈文扬"}]},"announcement":{"linkText":"东方红欣和稳健配置3个月持有期混合型基金中基金（FOF）2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1456488","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3757fea5b3eb053d7a3","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000020909,"sao":"1.季度回顾：　　东方红欣和稳健FOF的产品定位，是希望集合东方红FOF团队及其背后的投研力量，在各类多元的资产中寻找投资机会，努力为客户创造绝对回报。　　三季度，资产价格发生了比较大的变化，一方面是权益资产走出凌厉的走势，另一方面是固收资产价格开始下跌。组合的应对主要是，在固收方面适当降低了组合久期；在权益资产方面适当增加了暴露；在商品资产上继续保有对贵金属的持仓。　　2.未来展望：　　固收资产方面，价格经过调整，性价比进一步提高，配置价值凸显。　　权益资产方面，估值经过抬升来到了中等偏上的位置，波动可能会加大。　　商品资产方面，依然看好贵金属的走势，倾向继续持有。","lastUpdated":"2026-03-09T14:04:37.617Z","fund":{"_id":3000000020909,"__csrcFundId":14198,"stockCode":"020909","masterFundShortName":"东方红欣和稳健3个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":20909,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"东方红欣和稳健3个月持有混合（FOF）A","lastUpdated":"2025-01-08T23:14:39.964Z","name":"东方红欣和稳健配置3个月持有期混合型基金中基金（FOF）","pinyin":"dfhxhwjpz3gycyqhhxjjzjj(fof)","setUpAssetScale":88365554.46,"setUpDate":"2024-09-18T16:00:00.000Z","setUpShares":88365554.46,"inceptionDate":"2024-09-19T16:00:00.000Z","managers":[{"stockCode":"db20746522","stockType":"fund_manager","exchange":"fm","tickerId":32325201830,"name":"陈文扬"}]},"announcement":{"linkText":"东方红欣和稳健配置3个月持有期混合型基金中基金（FOF）2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1376739","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3757fea5b3eb053d7a2","date":"2025-06-29T16:00:00.000Z","stockId":3000000020909,"sao":"欣和稳健FOF的产品定位，是希望集合东方红FOF团队及其背后的投研力量，在各类多元的资产中寻找投资机会，为客户创造绝对回报。　　上半年市场波动比较大，产品适度调节固收资产久期，参与一些权益市场的投资机会，总体运行稳健。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:37.615Z","mo":"下半年我们在宏观经济上主要关注美国关税政策和其经济变化对总需求的影响；在产业结构上我们关注AI相关行业的前沿发展。","fund":{"_id":3000000020909,"__csrcFundId":14198,"stockCode":"020909","masterFundShortName":"东方红欣和稳健3个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":20909,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"东方红欣和稳健3个月持有混合（FOF）A","lastUpdated":"2025-01-08T23:14:39.964Z","name":"东方红欣和稳健配置3个月持有期混合型基金中基金（FOF）","pinyin":"dfhxhwjpz3gycyqhhxjjzjj(fof)","setUpAssetScale":88365554.46,"setUpDate":"2024-09-18T16:00:00.000Z","setUpShares":88365554.46,"inceptionDate":"2024-09-19T16:00:00.000Z","managers":[{"stockCode":"db20746522","stockType":"fund_manager","exchange":"fm","tickerId":32325201830,"name":"陈文扬"}]},"announcement":{"linkText":"东方红欣和稳健配置3个月持有期混合型基金中基金（FOF）2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1344537","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3757fea5b3eb053d7a1","date":"2025-03-30T16:00:00.000Z","stockId":3000000020909,"sao":"欣和稳健的产品定位，是希望集合东方红FOF团队及其背后的投研力量，在各类多元的资产中寻找投资机会，争取以较低波动的方式为客户创造绝对回报。我认为，在国债收益率持续创出新低、权益资产波动较大的现状下，基于上述定位的投资产品能满足一大批风险偏好较低客户的投资需求。同时，基于这个定位，总体战略是先以固收类资产为基础力争积累票息收益，然后再争取以获得的收益为安全垫去参与波动比较大的风险资产的投资，从而力争达成产品的潜在收益空间大于潜在回撤空间的特征。　　2025年一季度A股市场低开高走，三月中旬起回落，小盘股和科技方向保持相对强势，大盘价值方向延续震荡，债市出现调整。其中，沪深300指数下跌1.21%、中证500指数上涨2.31%、恒生指数上涨15.25%。主动管理权益基金或取得相对收益，万得偏股混合型基金指数上涨4.65%、中长期纯债型基金指数下跌0.29%。本基金A类份额净值一季度实现上涨、进一步积累安全垫。　　如四季报所言，国内固收市场利率下行速度较快，机构出现争相配置的抢跑，2025年债市加大波动的概率较大。因此，我在国内债券上进行审慎的操作，以短久期争稳定利息收入为主（本产品持有一定的本公司管理的低风险基金，缘于购买此类产品可避免在FOF层面的双重收费、更大概率为投资人创造更好的实际回报）。由于基金规模下降，海外债券基金持仓的实际占比不断提升，因此在3月份一度带来逾0.4%的回撤。在审慎的投资思路下，本基金在4月初的资本市场震荡中维持相对稳定的表现。　　权益市场方面，本基金在初期通过震荡的债券市场积累安全垫相对较慢，因此对权益资产参与较少。DeepSeek的横空出世打破了海外在AI方面独家领先的叙事、增强了国内市场信心，科技成长板块受主题催化表现亮眼，预计仍是全年主线。4月初起，美国关税政策标志着原有国际秩序的深刻变化，给全球资本市场带来大级别的波动，这仍是后续影响市场的关键变量。去年9月24日起国内政策面持续呵护，今年2月召开民营企业家座谈会，对经济表现、内需更为关注。面对市场的调整，也有汇金公司等及时入市并及时披露、提振信心。虽然海外因素带来了错综复杂的变化、市场波动亦可预期，但我认为中国资产有自身的品质、估值优势，值得挖掘并争取创造长期回报。　　当前基金规模逐步进入稳态，我将聚焦各种资产的投资机会。我在过往管理的欣和平衡、欣和积极等两款FOF体现较强的权益资产投资能力，下一阶段将积极地加强自下而上和多资产的研究，持续努力去挖掘未来更好的公司和管理人，并以客观冷静的心态加大对权益仓位的投入，亦会积极地运用ETF等配置工具去把握市场战术机会，力求在未来通过包含权益的多元资产为持有人争取更好的回报。　　本基金成立以来，为首发持有至今的投资人带来了收益，我以能为客户带来盈利感到欣慰，也高兴地看到有一些客户慢慢建立起对我的信任、逐步申购。希望大家继续关注我的后续表现。我将持续对外输出观点，为持有人提供顾问和陪伴服务。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:37.612Z","fund":{"_id":3000000020909,"__csr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