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的估值比较，在此基础上进行资产配置及组合调整。资本市场生态环境重塑以及政策推动下信心逐步修复，从估值角度看，当下A股中长期胜率和赔率依然可观。基于此，我们在报告期内保持权益较高仓位，主要配置在电力设备、信息技术、公用事业、半导体等，同时关注顺周期化工等方向。债券方面相对谨慎，久期小幅下降。","lastUpdated":"2026-03-31T19:58:39.295Z","mo":"展望2026年，预计制造业投资继续发力，出口继续保持韧性提供经济增长主要贡献，政策“跨周期”思路意味着经济向上仍然弹性有限。当下地产仍有尾部出清的风险，但投资和销售的跌幅收窄，对经济的拖累边际降低。化债背景下支持性货币政策不可或缺，此外宽财政客观上需要偏松的流动性环境和偏低融资成本。过去一年我们看到资本市场风险偏好和信心得到明显改善。从投资的角度，A股股息率超过无风险收益率，2022年之后中证全指的分红率显著上行，结合新“国九条”之后对股东回报的提升，以及“反内卷”下A股可能处于盈利能力长期抬升的起点，权益市场继续保持乐观积极的看法。同时“十五五”开局年，未来的增量政策是市场继续保持信心和活力的有力支撑，将有助于风险资产的定价。权益配置上沿着确定性溢价和成长性空间的维度布局，经济向高质量发展的转型阶段，继续关注红利类资产，积极布局低估值蓝筹公司、有业绩兑现的科技龙头公司，以及处于底部的内需消费相关板块。债券市场方面，存在小幅降息空间。但反内卷推进、物价与名义增长的改善、风险偏好上升使得资产再平衡形成债市潜在扰动。在宏观环境、金融环境与政策尚未发生超预期变化，预计债市整体呈震荡走势，利率中枢面临小幅上行压力。风险偏好、行业治理政策以及储蓄搬家等扰动，债券市场波动性可能会加大。配置方面我们对债券看法偏谨慎，组合保持中短久期并根据市场情况灵活调整。未来我们将力争保障持仓品种的安全性和流动性，以获取相对稳定的票息收益为目标。","fund":{"_id":3000000020933,"__csrcFundId":14099,"stockCode":"020933","masterFundShortName":"南方尊享稳健增利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20933,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"南方尊享稳健增利债券(020933)","lastUpdated":"2026-05-01T03:00:08.634Z","name":"南方尊享稳健增利债券型证券投资基金","pinyin":"nfzxwjzlzqxzqtzjj","fundCollectionId":4000050020000,"setUpAssetScale":41678788.82,"setUpDate":"2024-07-17T16:00:00.000Z","setUpShares":41678788.82,"inceptionDate":"2024-07-18T16:00:00.000Z","managers":[{"stockCode":"j101019639","stockType":"fund_manager","exchange":"fm","tickerId":82324249460,"name":"何文欣"}]},"announcement":{"linkText":"南方尊享稳健增利债券型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1462070","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3767fea5b3eb053d8c7","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000020933,"sao":"从年内经济走势看上半年经济增速表现好于预期企稳，但三季度出现经济增长动能放缓。从资本市场表现来看，风险偏好已呈现明显回升态势，这在一定程度上反映了市场对经济边际好转的预期。当前经济中已出现部分积极信号，呈现短期内经济增长的托底效应。权益市场方面，三季度沪深指数在增量资金、反内卷的宏大叙事推动下进一步走强，上证指数从3457.75升至3882.78点。债券方面受反内卷政策对通胀预期的提升以及风险偏好的影响，三季度收益率曲线呈陡峭上行态势，长端调整幅度大于短端，10年国债从6月末的1.64%升至9月末1.79%。三季度宏观经济结构继续呈现分化。出口的多元化使外需韧性持续凸显；基建、地产投资疲弱，信贷和PMI等数据仍偏弱，内需的疲弱超过外需的波动，成为扰动经济的主要因素。产出治理是现阶段政策的主旋律，并对企业名义收益产生实质带动。海外方面，受关税摩擦、地缘冲突的影响，全球制造业PMI持续徘徊于荣枯线附近。报告期内，我们密切跟踪宏观微观层面的变化以及各类资产的估值比较，在此基础上进行资产配置及组合调整。资本市场生态环境重塑以及政策推动下信心逐步修复，从估值角度看，当下A股中长期胜率和赔率依然可观。基于此，我们在报告期内保持相对均衡的配置，主要配置能源、公用事业、电子、半导体等，同时关注顺周期等方向。债券方面相对谨慎，久期小幅下降。展望未来一个阶段，宏观环境上内外需均面临增长压力，实体经济复苏或仍相对温和。去年底以来的逆周期支持性政策出台后，市场风险偏好和信心得到改善，从投资的角度，A股分红公司的数量和比例在逐步提高，回报中枢的回升以及“反内卷”下A股可能处于盈利能力长期抬升的起点，战略上保持乐观积极的看法。同时未来的增量政策是市场继续保持信心和活力的有力支撑，将有助于风险资产的定价。目前权益市场的估值水平、宽松的流动性以及支持经济复苏的政策倾向，沿着确定性溢价和成长性空间的维度布局，经济向高质量发展转型阶段，继续积极布局低估值蓝筹公司以及有业绩兑现的科技龙头公司。债券利率中枢预计在宏观图景与政策取向尚未发生超预期变化的情况下小幅震荡，同时经济基本面的韧性对债市形成了底部约束。风险偏好、产出治理政策以及储蓄搬家等扰动，债券市场波动性可能会加大。配置方面我们对债券组合调整为偏短久期的防守型策略，择机灵活把握利率调整后的配置机会。未来我们将力争保障持仓品种的安全性和流动性，以获取相对稳定的票息收益为目标。","lastUpdated":"2026-03-09T14:04:38.980Z","fund":{"_id":3000000020933,"__csrcFundId":14099,"stockCode":"020933","masterFundShortName":"南方尊享稳健增利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20933,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"南方尊享稳健增利债券(020933)","lastUpdated":"2026-05-01T03:00:08.634Z","name":"南方尊享稳健增利债券型证券投资基金","pinyin":"nfzxwjzlzqxzqtzjj","fundCollectionId":4000050020000,"setUpAssetScale":41678788.82,"setUpDate":"2024-07-17T16:00:00.000Z","setUpShares":41678788.82,"inceptionDate":"2024-07-18T16:00:00.000Z","managers":[{"stockCode":"j101019639","stockType":"fund_manager","exchange":"fm","tickerId":82324249460,"name":"何文欣"}]},"announcement":{"linkText":"南方尊享稳健增利债券型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1382079","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3767fea5b3eb053d8c6","date":"2025-06-29T16:00:00.000Z","stockId":3000000020933,"sao":"报告期内宏观经济延续年初以来复苏企稳态势，经济结构呈现分化。消费有所改善、出口显示结构多元化趋势且保持韧性；信贷和PMI等数据仍偏弱，地产新开工和销售数据再现疲弱，经济修复有赖于政策的进一步驱动。海外方面，年初全球经济经历多年的冲击后仍保持良好的韧性，在持续的政策支持、全球供应链的阶段性修复以及蓄势待发的AI浪潮推动下，一度保持温和复苏的势头。随着美国发起的“对等关税”，使全球经济重新陷入不确定与波动的状态，全球制造业PMI持续徘徊于荣枯线附近。权益市场受关税冲击影响，上证指数先下后上在3040.69-3462.75点区间震荡。债券方面总体呈现先抑后扬的宽幅震荡行情，一季度稳汇率的需求下央行略收紧资金，债市有所调整收益率先下后上；二季度随着美国关税的影响，央行政策重心重回稳增长和降成本，收益率呈下行态势。上半年出口保持了一定韧性，关税谈判的不确定使下半年面临增速下行压力，此前增量政策的边际效应或有所减弱，实体需求仍然偏弱。权益市场情绪修复后进入震荡，从估值角度看，当下A股估值水平仍处于底部区域，中长期胜率和赔率依然可观。基于此，我们在报告期内保持相对均衡的配置，维持对于高股息的家电、公用事业、能源、电子等配置，同时关注顺周期等方向。债券方面保持中性久期。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:38.978Z","mo":"展望未来一个阶段，各国在寻求再平衡过程中给经济增加诸多不确定性，由此带来的贸易保护主义、地缘政治紧张、逆全球化等对全球增长和风险偏好有冲击和影响。国内下半年宏观环境上内外需均面临下行压力，实体经济复苏或仍相对温和。去年底以来的逆周期支持性政策出台后，市场风险偏好和信心得到改善。同时我们也看到以高端制造、智能制造和新兴产业扩张为代表的新经济，正蓄力对冲旧动能下行压力，为中国经济高质量发展注入活力。从投资的角度，A股分红公司的数量和比例在逐步提高，回报中枢的回升以及“反内卷”下A股可能处于盈利能力长期抬升的起点，战略上可以更加乐观积极。预计下半年美联储开启降息，为国内宽松的货币政策创造了环境。预期的增量政策是市场恢复信心和活力的重要支撑，将有助于风险资产的定价。目前权益市场的较低估值水平、有利的流动性以及支持经济复苏的政策倾向，沿着确定性溢价和成长性空间的维度布局，经济向高质量发展转型阶段，积极布局低估值蓝筹公司以及有业绩兑现的科技龙头公司。债券利率中枢预计在基本面修复仍待提振、货币宽松环境因素下低位窄幅震荡，关税摩擦带来的不确定性也为债券市场提供了一定的避险需求，同时经济基本面的韧性对债市形成了底部约束。低利率环境下告别单边牛市思维，市场波动性可能会进一步加大。配置方面我们对债券组合保持中性久期。未来我们将力争保障持仓品种的安全性和流动性，以获取相对稳定的票息收益为目标。","fund":{"_id":3000000020933,"__csrcFundId":14099,"stockCode":"020933","masterFundShortName":"南方尊享稳健增利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20933,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"南方尊享稳健增利债券(020933)","lastUpdated":"2026-05-01T03:00:08.634Z","name":"南方尊享稳健增利债券型证券投资基金","pinyin":"nfzxwjzlzqxzqtzjj","fundCollectionId":4000050020000,"setUpAssetScale":41678788.82,"setUpDate":"2024-07-17T16:00:00.000Z","setUpShares":41678788.82,"inceptionDate":"2024-07-18T16:00:00.000Z","managers":[{"stockCode":"j101019639","stockType":"fund_manager","exchange":"fm","tickerId":82324249460,"name":"何文欣"}]},"announcement":{"linkText":"南方尊享稳健增利债券型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1351665","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3767fea5b3eb053d8c5","date":"2025-03-30T16:00:00.000Z","stockId":3000000020933,"sao":"一季度国内经济延续去年以来的弱复苏态势，呈现政策托底、结构分化的特征。经济亮点在于财政支持下的基建投资和消费回升，但表征内需的信贷和PMI等数据仍较弱，出口和地产新开工数据显示经济仍然面临压力，经济修复仍依赖政策驱动；海外方面，主要经济体面临经济动能趋弱，全球制造业PMI指数环比回落仍处于荣枯线之下。权益市场随着稳增长政策超预期落地、科技突围提振信心，风险溢价显著改善推动指数修复至3000点以上区间震荡。债券方面面临政策预期修正、资金紧平衡和央行对长债收益率的调控，长期利率10Y上行20BP，利率曲线整体平坦上移。一季度的宏观刺激政策，提振了地产和耐用消费品销量，对实体经济复苏产生了积极影响，不过随着时间的推移，此前增量政策的边际效应或有所减弱，实体需求仍然偏弱。权益市场情绪修复后进入震荡。从估值角度看，当下A股估值水平仍处于底部区域，股债性价比处于5%左右分位的极低估值，中长期胜率和赔率依然可观。基于此，我们在报告期内保持相对均衡的配置，维持对于高股息的家电、公用事业、能源等配置，同时关注顺周期等方向。债券方面保持中性久期。展望未来一个阶段，在居民收入增速放缓背景下，消费或延续弱势，实体经济复苏或仍相对温和。去年底以来的逆周期支持性政策出台后，市场风险偏好明显改善，战略上可以更加乐观积极。预计随着政策的逐步落实和增量政策的推进，金融条件会出现明显改善。同时美联储进入降息周期，为国内宽松的货币政策创造了环境。预期的增量政策是市场恢复信心和活力的重要支撑，将有助于风险资产的定价。目前权益市场的较低估值水平、有利的流动性以及支持经济复苏的政策倾向，经济向高质量发展转型阶段，与经济相关度较高、前期跌幅较大的优质公司值得积极布局。债券利率中枢在基本面修复仍待提振、政策宽松环境以及债市需求偏强等支持下持续回落，同时贸易冲突带来的不确定性也为债券市场提供了一定的避险需求。但也要看到债市面临的汇率约束，市场波动性可能会进一步加大。目前通胀偏弱格局下，名义利率仍有下行空间。配置方面我们对债券组合保持中性久期。未来我们将力争保障持仓品种的安全性和流动性，以获取相对稳定的票息收益为目标。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:38.975Z","fund":{"_id":3000000020933,"__csrcFundId":14099,"stockCode":"020933","masterFundShortName":"南方尊享稳健增利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20933,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"南方尊享稳健增利债券(020933)","lastUpdated":"2026-05-01T03:00:08.634Z","name":"南方尊享稳健增利债券型证券投资基金","pinyin":"nfzxwjzlzqxzqtzjj","fundCollectionId":4000050020000,"setUpAssetScale":41678788.82,"setUpDate":"2024-07-17T16:00:00.000Z","setUpShares":41678788.82,"inceptionDate":"2024-07-18T16:00:00.000Z","managers":[{"stockCode":"j101019639","stockType":"fund_manager","exchange":"fm","tickerId":82324249460,"name":"何文欣"}]},"announcement":{"linkText":"南方尊享稳健增利债券型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1277634","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3767fea5b3eb053d8c4","date":"2024-12-30T16:00:00.000Z","stockId":3000000020933,"sao":"报告期是国内外局势复杂多变的一年，中国经济整体表现为强预期、弱复苏的特点。受国际形势动荡、美联储降息、地产行业收缩、消费低迷等多重因素影响，报告期内股票市场演绎了预期极致的反转，上证指数振幅达34.94%，高波动主要源于宏观和资本市场政策的重大转向。9月末一揽子政策提振市场，市场情绪的改善和政策支持的预期推动了流动性和估值的修复，上证指数和恒生指数分别上涨了12.67%和17.67%。权益市场弱势震荡的环境下，亮点的结构性的机会主要体现为科技板块强势，价值和股息策略表现优异。2024年随着国内宏观经济复苏不及预期，叠加偏宽松的货币环境，全年债券市场走牛，10年期国债收益率降至历史低点1.62%，信用债收益率中枢下移，各信用利率压缩至历史低位。本基金风格基本稳定，主要采用自上而下与自下而上相结合的框架进行投资。宏观层面上，本基金借助股债的相对估值情况以及宏观经济周期的判断自上而下进行大类资产配置。在中观层面上，本基金通过跟踪各行业的收入、利润增速，寻找景气度较高或景气度上升显著的行业进行投资。在微观层面上，本基金重点考察公司的盈利增长、净资本收益率，分析公司的商业模式、竞争优势以及可持续性，关注公司现金流情况及治理结构，选择具体投资标的。最后，本基金在构建组合时也会适当进行均衡配置，充分分散个股、行业等非系统性风险。下半年随着权益市场的探底稳步建仓，持仓标的的波动在较小幅度。2024年基于对经济底部的判断，我们对权益部分保持了较高仓位。报告期内，我们密切跟踪基本面、市场动向及各类资产的估值变化，在此基础上进行资产配置及组合调整。策略上灵活调整久期和杠杆，主要配置在高等级信用债和利率债，精选个券增厚收益。组合保持较高的流动性，在市场波动中择机参与长期利率债的波段机会。在化债背景以及适度宽松的货币环境下，债券收益率曲线整体下移，2024年底1.6%的十年国债利率水平反映了当前的经济景气度和较多的悲观预期，考虑到较低的赔率以及未来风险偏好可能的变化，组合维持中性久期，主要配置于高评级信用债和利率债，力争实现稳健的票息收入。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:38.972Z","mo":"展望2025年，宏观层面的诸多因素可能有积极变化，宏观数据可能会继续改善，实体经济复苏或仍相对温和。2024年四季度以来的逆周期支持性政策出台后，市场风险偏好明显改善，战略上可以更加乐观积极。预计随着政策的逐步落实和增量政策的推进，金融条件会出现明显改善。同时美联储进入降息周期，为国内宽松的货币政策创造了环境。增量财政资金也有望落地并形成实物工作量，积极的财政政策也将是市场恢复信心和活力的重要支撑，这都将有利于风险资产的定价。目前权益市场的较低估值水平、有利的流动性以及支持经济复苏的政策倾向，经济向高质量发展转型阶段，与经济相关度较高、前期跌幅较大的优质公司值得积极布局。从行业角度，在2025年宏观复苏的假设下，我们认为市场将回归平衡。在总量经济低位波动、高景气行业稀缺的环境下，我们重点关注：一类是具有自身产业趋势或景气靠前的行业，另一类是红利类资产。总的来看，2025年本组合股票部分将以盈利质量、估值空间、业绩增速等角度筛选优质公司进行投资。展望债券市场，在基本面修复仍待提振、货币环境适度宽松、债市需求偏强等因素下维持低利率环境，但也要看到债市面临的汇率约束以及利率债供给冲击等扰动正在加大。不过目前通胀偏弱格局下，名义利率仍有下行空间。未来我们将力争保障持仓品种的安全性和流动性，以获取相对稳定的票息收益为目标。","fund":{"_id":3000000020933,"__csrcFundId":14099,"stockCode":"020933","masterFundShortName":"南方尊享稳健增利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20933,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"南方尊享稳健增利债券(020933)","lastUpdated":"2026-05-01T03:00:08.634Z","name":"南方尊享稳健增利债券型证券投资基金","pinyin":"nfzxwjzlzqxzqtzjj","fundCollectionId":4000050020000,"setUpAssetScale":41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