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我们认为，全球经济周期环境仍或有利于大宗商品资产。黄金资产或仍处于相对利好的环境中，能源及工业金属等板块或受益于全球经济复苏及海外政策不确定性收敛亦值得关注。","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"中信保诚全球商品主题证券投资基金(LOF)2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1452440","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994ef","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000165513,"sao":"本报告期内，中信保诚全球商品主题(QDII-FOF-LOF)A份额净值增长率为14.45%，同期业绩比较基准收益率为0.30%；中信保诚全球商品主题(QDII-FOF-LOF)C份额净值增长率为14.40%，同期业绩比较基准收益率为0.30%。  本基金主要投资于贵金属、原油等大宗商品相关资产。  报告期内，欧美经济显现下行压力，政府内部风险增加，国际大宗商品价格延续分化。原油、工业金属等顺周期商品横盘宽幅震荡，而资本市场避险情绪推升国际贵金属价格。  我们认为，下季度海外经济增长仍存在压力，而美国关税政策带来的通胀压力或逐渐显现，大宗商品或相对受益，但或仍处于较大幅度的震荡区间。同时，我们维持关注黄金相关资产在海外变革周期中的长期配置价值。  报告期内，基金主要持有黄金相关资产，在海外经济增长承压的环境下控制基金资产波动性。","lastUpdated":"2026-03-09T14:27:58.873Z","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"中信保诚全球商品主题证券投资基金(LOF)2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1370079","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994ee","date":"2025-06-29T16:00:00.000Z","stockId":3000000165513,"sao":"本基金主要投资于贵金属、原油等大宗商品相关资产。  报告期内，全球经济受到美国政府关税政策不确定性及地缘政治矛盾反复扰动，国际大宗商品价格走势分化。WTI原油价格和布伦特原油价格分别下跌9.2%、9.4%；国际金价上涨25.9%。  报告期内，基金主要持有黄金相关资产，追求黄金资产收益的同时控制基金资产整体波动。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.870Z","mo":"上半年海外经济受地缘风险和贸易摩擦等因素影响经历了较大起伏，各类资产也呈现出较大波动。展望下阶段，随着美国与各国陆续达成阶段贸易协定，政策不确定性下降，政治事件对于各类资产的影响或相较上半年减弱，资产走势或逐渐回归到经济周期基本面所反映的周期变化。我们认为，今年以来特朗普政府推行的一系列对内对外的改革政策的影响或逐渐体现到经济环境中，如关税或逐渐推升通胀水平、美国机构改革过程中私人部门就业或受到影响并拖累消费意愿，海外经济或显现滞胀压力，形成相对有利于大宗商品资产的投资环境；同时，地缘矛盾和海外政策不确定性反复或提升市场避险情绪，大宗商品资产或体现中长期配置价值。","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"中信保诚全球商品主题证券投资基金(LOF)2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1341268","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994ed","date":"2025-03-30T16:00:00.000Z","stockId":3000000165513,"sao":"本报告期内，中信保诚全球商品主题(QDII-FOF-LOF)A份额净值增长率为15.28%，同期业绩比较基准收益率为5.54%；中信保诚全球商品主题(QDII-FOF-LOF)C份额净值增长率为15.10%，同期业绩比较基准收益率为5.54%。  本基金主要投资于黄金、原油等大宗商品相关资产。  报告期内，海外经济复苏乏力且通胀粘性显现，美联储暂停降息；同时，特朗普推行了一系列对其国外的改革措施，造成全球经济不确定性上升，资本市场整体风险偏好回落。  我们认为，海外贸易保护主义倾向或将加剧其经济下滑压力及通胀反弹压力，而多边政策层面的不确定性或将导致资本市场维持高波动状态，且不宜根据短期事件触发的波动做线性外推的分析。  报告期内，基金主要持有黄金相关资产并优化配置其他大宗商品相关资产，控制基金整体风险，力争降低海外政策不确定性对基金资产可能造成的负面冲击。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.867Z","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"中信保诚全球商品主题证券投资基金(LOF)2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269049","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994ec","date":"2024-12-30T16:00:00.000Z","stockId":3000000165513,"sao":"本基金主要投资于贵金属、原油等大宗商品相关资产。  报告期内，全球经济增速放缓，海外通胀边际下行，美联储结束加息并开启降息周期。国际金价在海外“软着陆”周期中受益，全年上涨27.2%；供需双弱环境下，国际油价宽幅震荡，布伦特原油和WTI原油累计全年分别下跌3.1%、上涨0.1%。  报告期内，基金主要持有黄金相关资产，同时关注其他品种投资机会，并把控基金资产整体波动。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.864Z","mo":"海外经济处于周期底部，有自发修复的潜在动力，但特朗普和美国新一届政府或推行多项大规模改革措施，或对全球经济修复的节奏甚至方向产生影响，造成全球经济的不确定性增加，市场分歧加大。  我们认为，资本市场在经济周期切换和美国政府政策带来的不确定性影响下，各类资产的波动率均或抬升。黄金资产或仍处于相对利好的环境中，能源及工业金属等大宗商品或仍需关注经济上行周期开启的事件以及地缘风险反复的可能。","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"中信保诚全球商品主题证券投资基金(LOF)2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1247594","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994eb","date":"2024-09-29T16:00:00.000Z","stockId":3000000165513,"sao":"本报告期内，中信保诚全球商品主题(QDII-FOF-LOF)A份额净值增长率为9.05%，同期业绩比较基准收益率为-5.26%；中信保诚全球商品主题(QDII-FOF-LOF)C份额净值增长率为8.74%，同期业绩比较基准收益率为-5.26%。  本基金主要投资于原油、贵金属等大宗商品相关资产。  报告期内，海外经济增速放缓，美联储开启降息周期，黄金价格受益上涨，周期类商品宽幅震荡。  我们认为，随着降息周期开启，美国经济“软着陆”进入后半段。短期市场围绕降息的博弈告一段落，投机性资金或从黄金等贵金属撤出，而配置资金或逐渐增加。周期类商品则等待海外经济企稳复苏后进入上行周期。中长期来看，全球地缘矛盾或导致通胀中枢上移，商品类资产具备中长期配置价值。报告期内，基金主要持有黄金相关资产，控制基金整体波动。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.861Z","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"中信保诚全球商品主题证券投资基金(LOF)2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1170785","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994ea","date":"2024-06-29T16:00:00.000Z","stockId":3000000165513,"sao":"本基金主要投资于原油、贵金属等大宗商品相关资产。  报告期内，全球经济进入周期切换窗口，同时美联储货币政策临近拐点，国际大宗商品价格宽幅震荡。WTI原油价格和布伦特原油价格分别上涨13.8%、12.2%；;国际金价上涨12.8%。  报告期内，基金主要持有黄金相关资产，在市场缺乏趋势性收益的环境下控制基金资产波动性。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.858Z","mo":"海外经济经济数据反映出经济增速放缓和通胀缓慢回落的“软着陆”特征，市场静待经济周期切换确认以及美联储货币政策拐点。我们认为，一旦美联储开启降息，贵金属及周期类商品资产或将受益流动性宽松及通胀预期抬升，具备中长期配置价值。","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"中信保诚全球商品主题证券投资基金(LOF)2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1142812","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994e9","date":"2024-03-30T16:00:00.000Z","stockId":3000000165513,"sao":"本报告期内，中信保诚全球商品主题(QDII-FOF-LOF)A份额净值增长率为6.66%，同期业绩比较基准收益率为10.36%；中信保诚全球商品主题(QDII-FOF-LOF)C份额净值增长率为2.37%，同期业绩比较基准收益率为1.71%。  本基金主要投资于原油、贵金属等大宗商品相关资产。报告期内，受到美欧央行降息预期以及地缘风险事件影响，国际大宗商品价格上涨，国际黄金屡创历史新高。  我们认为，随着美国经济动能减弱以及国际环境不确定性增加，黄金或体现出更大的长期配置价值。  报告期内，基金主要持有黄金相关资产，受益于国际金价上涨。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.855Z","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"中信保诚全球商品主题证券投资基金(LOF)2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1068112","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994e8","date":"2023-12-30T16:00:00.000Z","stockId":3000000165513,"sao":"本基金主要投资于原油、贵金属等大宗商品相关资产。  报告期内，全球经济继续分化，美国经济在财政刺激下维持增长；产油国地区地缘矛盾长期化，叠加美联储连续加息抑制需求，全球通胀高位回落。  国际油价宽幅震荡，供需双弱的市场格局延续，报告期内WTI原油价格和布伦特原油价格分别累计下跌10.7%和10.3%；美国经济的不确定性和过度消耗的政府信用推升国际金价，报告期内黄金价格上涨13.4%。汇率方面，美元指数在100点位上方震荡，报告期内小幅下跌2.1%，人民币兑美元贬值2.8%。  报告期内国内外宏观经济波动较大，基金根据经济周期变化和市场环境调整投资策略，为基金持有人实现了正向回报。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.852Z","mo":"我们认为2024年市场趋势相较2023年或减弱，而波动性或增加。美国经济处于周期拐点，经济数据信号不确定性增加，市场对美联储货币政策的预期或也将随之反复摇摆，资本市场波动或相应增加；同时，错位的经济周期或阶段性收敛，资金对非美资产的配置意愿或有改善，前期受资本外流冲击较大的市场或迎来修复。另一方面，虽然欧美通胀较前期高点明显回落，但供应链失衡的根本问题难以在短时间内彻底解决，叠加地缘事件长期化后或反复出现事件冲击，全球或仍有二次通胀的隐忧。  大宗商品方面，原油供需双弱的格局或仍将延续，前期资本开支不足导致的供给瓶颈和刚性需求继续支撑油价波动区间下沿，全球经济需求则或限制油价波动上沿。美国货币政策转向及长期通胀中枢上移趋势下，国际黄金或维持高位波动，若美国经济进入衰退则或将开启新一轮上涨周期。","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"中信保诚全球商品主题证券投资基金(LOF)2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1049892","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994e7","date":"2023-09-29T16:00:00.000Z","stockId":3000000165513,"sao":"本报告期内，本基金份额净值增长率为6.69%，同期业绩比较基准收益率为15.98%。  本基金主要投资于原油、贵金属等大宗商品相关资产。  报告期内，国际油价大幅上涨，推升了欧美国家二次通胀担忧，继而加深了美联储维持紧缩货币政策的预期，美债长端利率和美元指数创出本轮美联储开启加息周期以来的新高，国际金价承压。  我们认为国际原油市场依然保持供需双弱的格局，美国战略库存从此前的去库回到净补库，形成原油市场边际需求，激发期货市场做多情绪，WTI非商业净多头持仓快速攀升，在基本面和投机情绪的推动下，布伦特原油价格一度突破92美元。另一方面，美国经济数据频繁超出市场预期，但边际衰退迹象逐渐显现，国际黄金价格窄幅波动。  报告期内，基金受益于原油相关资产的价格上涨，通过资产配置的调整将基金资产整体风险控制在合理区间。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.849Z","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"中信保诚全球商品主题证券投资基金(LOF)2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=984625","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994e6","date":"2023-06-29T16:00:00.000Z","stockId":3000000165513,"sao":"本基金主要投资于原油、贵金属等大宗商品相关资产。  报告期内，欧美通胀高位回落，美联储加息周期渐入尾声。欧洲能源危机缓和，市场预期欧美需求将受到高利率环境压制，国际油价中枢回落，WTI原油价格和布伦特原油价格分别下跌9.9%、8.9%。海外货币政策接近转向，且市场担忧经济出现衰退风险，国际金价受益，一度上涨超过12%，而后因美国经济韧性超出市场此前预期，金价高位调整，报告期内累计上涨5.7%。  报告期内基金应对宏观经济环境及市场环境变化，控制风险，降低基金资产波动。","declarationDate":"2023-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.846Z","mo":"近年来，各国经济周期错位导致全球复苏缓慢，周期规律失效。资产定价面临多重矛盾，如短期经济数据和中长期预期的矛盾、地缘政治矛盾转缓但未来演变不确定的矛盾、欧美经济增长乏力但又采取低效率生产方式的矛盾等。  当前原油供需矛盾处于不稳定平衡：欧美需求受到高利率环境压制，且经济衰退迹象逐渐显现，而OPEC又多次向市场表达减产意愿以控制产量支撑油价。我们认为，OPEC对油价波动下限或有较强支撑，油价短时间可能将继续处在窗口波动，但随着海外三季度的基数效应减弱，经济状况将逐渐清晰，国际油价有望出现突破从而形成新的平衡。  海外利率政策转向节奏和经济衰退程度均低于此前市场预期，黄金价格短期承压。但货币政策和经济周期仍在我们预期框架内逐渐兑现过程中，且全球长期去美元化趋势也在不断演进，我们仍看好黄金中长期的配置价值。","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"信诚全球商品主题证券投资基金（LOF）2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=954333","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994e5","date":"2023-03-30T16:00:00.000Z","stockId":3000000165513,"sao":"本报告期内，本基金份额净值增长率为-2.32%，同期业绩比较基准收益率为-4.94%。  报告期内，本基金主要投资于原油、贵金属等大宗商品相关资产。  报告期内，欧美国家通胀逐渐回落，但绝对水平仍在历史高位，欧美央行维持加息步伐。长期的利率倒挂和经济衰退压力下，金融系统压力增大，美国硅谷银行和瑞士信贷接连陷入严重债务问题，资本市场出现大幅波动。  随着美国经济进入衰退，市场对能源消耗的预期转弱，金融风险事件进一步压低了投资者风险偏好，报告期内国际油价下跌。市场预期美联储加息拐点临近，叠加避险情绪推动，国际金价冲高。报告期内国际油价震荡，布伦特原油价格和WTI原油价格分别下跌3.0%、3.5%；国际黄金价格强势反弹，上涨8.8%。汇率方面，美元指数冲高回落，人民币兑美元汇率小幅升值。  报告期内，基金调整持仓结构，应对经济周期和市场环境的变化。","declarationDate":"2023-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.843Z","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"信诚全球商品主题证券投资基金（LOF）2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=879923","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994e4","date":"2022-12-30T16:00:00.000Z","stockId":3000000165513,"sao":"本基金主要投资于原油、贵金属等大宗商品相关资产。  报告期内，全球经济经历波折，商品供应链修复缓慢及产能瓶颈推升了市场价格，地缘矛盾更进一步加剧了供需市场的割裂，造成欧美国家通胀水平达到近四十年来最高位；欧美央行为应对严峻的通胀问题进行了连续激进加息，市场流动性快速收紧，实体经济受到抑制，欧美多国经济陷入滞胀困局。  国际油价经历大幅波动，地缘事件刺激油价一度脉冲式突破2009年以来新高，随后随欧美经济逐渐进入衰退震荡回调，WTI原油价格和布伦特原油价格分别累计上涨6.7%和10.5%；美债利率快速上行叠加欧洲经济持续走弱推升美元价格，黄金价格全年承压，但在美联储11月开始放缓加息节奏后快速修复。汇率方面，美元指数上半年快速上涨后震荡回落，全年累计上涨8.2%，人民币兑美元贬值7.9%。  报告期内宏观经济及市场环境均经历了剧烈波动，基金在不同周期阶段适时应对，为基金持有人实现了正向回报。","declarationDate":"2023-01-16T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.840Z","mo":"我们认为2023年市场或仍将延续高波动性特征。经济上，国内经济复苏和欧美国家衰退的周期错位，或形成互相掣肘，经济不确定性增加；通胀虽然大概率已经从本轮高点回落，但逆全球化和地缘矛盾困局或使未来整体通胀中枢维持在高于过去二十年区间的水平上，通胀的周期变化对经济的影响作用也将更显著；在通胀不确定性增加以及货币效用边际减弱的环境下，欧美在2023年或将难以再通过单纯的货币放水来刺激经济，市场大概率不会出现流动性全面宽松。  大宗商品方面，原油或将维持供需双弱的格局，但刚性需求的特性和油气行业常年低迷的新产能投入或对油价波动下限形成较强支撑；而美联储货币政策的边际拐点、经济不确定性增大以及长期通胀担忧或对黄金形成相对的利好环境。","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"信诚全球商品主题证券投资基金（LOF）2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=872521","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994e3","date":"2022-09-29T16:00:00.000Z","stockId":3000000165513,"sao":"本报告期内，本基金份额净值增长率为-10.36%，同期业绩比较基准收益率为-10.31%。  本基金主要投资于原油、贵金属等大宗商品相关资产。  报告期内，欧美国家高通胀持续，迫使货币政策进一步收紧，欧美经济衰退风险不断加深，市场预期未来大宗商品需求将受欧美央行加息压制，能源商品价格回调；另一方面，通胀短期内难以回落，美联储加息周期的预期幅度和时间长度或超预期，美元指数攀升至近二十年新高，国际金价回落。报告期内，国际油价走弱，原油价格调整至年初水平。连续加息推升美国实际利率和美元价格，国际黄金价格回落。汇率方面，美元指数上涨、人民币兑美元贬值。  报告期内，本基金调整持仓配置，力争降低基金资产波动以应对经济和市场环境的变化。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.837Z","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"信诚全球商品主题证券投资基金（LOF）2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=803799","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994e2","date":"2022-06-29T16:00:00.000Z","stockId":3000000165513,"sao":"本基金主要投资于原油、贵金属等大宗商品相关资产。  报告期内，因全球过往产能投入不足推升了大宗商品价格，欧美对俄罗斯的多轮制裁持续推升了全球性通胀，迫使美联储激进加息抑制近四十年来最高通胀。上半年国际油价受俄乌事件影响快速冲高后进入宽幅震荡，WTI原油价格和布伦特原油价格分别累计上涨40.6%和47.6%。美债利率快速上行，欧洲经济持续走弱推升美元价格，对黄金价格产生压制，但市场风险偏好下降一定程度缓解了金价回落幅度，报告期内国际金价小幅收跌1.2 %。汇率方面，美元指数上涨9.4%，人民币兑美元贬值5.1%。  报告期内基金保持了较高的原油相关资产仓位，受益于高通胀环境中油价上涨带来的投资回报。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.835Z","mo":"我们认为持续高通胀环境对欧美国家经济的冲击正在持续体现，美联储和欧央行采取激进加息策略，通过抑制需求应对高通胀，进一步降低了市场对中短期经济增长的预期。下半年全球或将延续本轮弱经济下的货币收缩过程。  大宗商品方面，原油进入供需双弱的格局，由前期供给瓶颈定价逐步转变成需求定价，油价自高点回落后受到供给端约束形成支撑，若加息能够快速降低欧美通胀水平从而修复市场预期，油价仍将受益，同时俄乌事件不确定性仍存，或将持续对国际油价产生刺激效应。报告期内美债实际利率快速上行导致黄金价格承压，我们认为美债长期利率已较充分反映了本轮加息周期的整体水平，随着欧美经济进一步走弱，实际利率或将伴随通胀水平同步下跌，形成对黄金价格的配置窗口。我们将保持对全球经济及风险因素的关注和跟踪分析，力争在风险可控的前提下优化投资组合，为投资者获取更优回报。","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"信诚全球商品主题证券投资基金（LOF）2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=779161","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994e1","date":"2022-03-30T16:00:00.000Z","stockId":3000000165513,"sao":"本报告期内，本基金份额净值增长率为34.20%，同期业绩比较基准收益率为33.13%。  本基金主要投资于原油、贵金属等大宗商品相关资产。  2022年第一季度，海外地缘政治事件冲击了全球大宗商品市场的供需平衡，同时也大幅扰动了市场预期，国际大宗商品价格震荡冲高；而随着正面军事冲突的影响逐渐被市场消化，脉冲式波动逐渐收敛。本季度国际油价宽幅震荡，WTI原油价格单季度上涨33.3%，布伦特原油价格上涨38.7%。地缘冲突造成全球性经济损失，投资者风险偏好下降，黄金上涨6.9%。汇率方面，美元指数上涨2.8%、人民币兑美元升值0.3%。  本季度，基金适时调整基金投资策略，受益海外大宗商品价格上涨的同时，控制资产净值波动风险。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.832Z","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"信诚全球商品主题证券投资基金（LOF）2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=722974","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994e0","date":"2021-12-30T16:00:00.000Z","stockId":3000000165513,"sao":"本基金主要投资于原油、贵金属等大宗商品相关资产。  2021年度，全球延续疫情后复苏，但几轮疫情反复超出市场前期预期，同时加剧商品供应紧缺，造成全球通胀高企，抬升了海外流动性收紧预期，大宗商品价格上半年大幅上涨，进入三季度后逐渐呈现高位震荡。全年来看，国际油价较去年显著上涨，WTI原油价格和布伦特原油价格分别上涨55.0%和50.2%。美国经济强劲复苏预期下黄金高位回落3.5%，美元指数止跌回升。汇率方面，美元指数上涨6.7%，人民币兑美元升值2.7%。  基金在上半年度保持了较高的原油相关资产仓位，受益油价上涨带来的投资回报，下半年适时调整配置，降低基金资产净值波动。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.829Z","mo":"我们认为疫情对全球经济的影响逐渐减弱，2022年工业生产或将持续修复，而主要经济体在新冠疫情后的快速复苏或将边际减弱。通胀在2022年上半年有望见顶，下半年开始回落，减少对经济的压力。美联储继续为货币政策正常化过程引导市场预期，2022年海外流动性整体或将稳步收紧，对高估值高波动资产造成一定扰动，但我们预期发生系统性风险的概率较低。  当前原油价格水平维持在2014年以来价格波动上沿，供需矛盾及运力缺乏的情况依然存在。2022年若疫情进一步弱化，全球出行需求仍将稳步复苏，而供给端和运输环节的紧缺也将有所修复，但修复速度或将受到疫情及产油国意愿影响，这两个因素的不确定性较强，油价或延续区间震荡。黄金在海外流动性收紧预期较为充分反应后，或将更多受到美国经济增速影响，小幅波动。我们将保持对全球经济及风险因素的观察和跟踪分析，力争在风险可控的前提下为投资者获取更优回报。","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"信诚全球商品主题证券投资基金（LOF）2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=715678","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994df","date":"2021-09-29T16:00:00.000Z","stockId":3000000165513,"sao":"本基金主要投资于原油、贵金属等大宗商品相关资产。  2021年第三季度，全球经济延续复苏，疫情得到有效控制，生产和出行需求释放推动能源商品价格上涨。三季度国际油价震荡走高， WTI原油价格单季度上涨2.1%，布伦特原油价格上涨4.5%。美联储缩减购债预期下美债利率走高，黄金价格震荡，单季度下跌0.8%。汇率方面，美元指数上涨2.1%、人民币兑美元升值0.2%。本季度，基金保持较高的原油相关资产配置，受益于国际油价上涨。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.826Z","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"信诚全球商品主题证券投资基金（LOF）2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=656218","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994de","date":"2021-06-29T16:00:00.000Z","stockId":3000000165513,"sao":"本基金主要投资于原油、贵金属等大宗商品相关资产。  2021年上半年度，中国和美国带动全球经济从新冠疫情中复苏，对大宗商品的需求迅速回升，同时较为宽松的货币环境助推商品价格显著上涨。上半年国际油价大幅上涨，WTI原油价格和布伦特原油价格分别上涨51.4%和45.0%。美国经济强劲复苏带动美元指数止跌回升，且权益市场和商品市场的上涨促使投资者避险需求下降，黄金高位回落6.5%。汇率方面，美元指数上涨2.7%，人民币兑美元升值1.1%。  上半年，基金保持了较高的原油相关资产仓位，受益油价上涨带来的投资回报。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.823Z","mo":"我们认为全球主要经济体在新冠疫情过后的报复性修复进入尾声，随着新兴国家生产逐渐恢复，全球供需结构的或将重新寻求平衡。随着我国坚定提出“碳中和”目标，且拜登政府基建政策一再缩水，新一轮资本扩张周期的不确定性逐渐增加，传统工业商品的长期需求或将回归理性；而疫情消退后个人消费或仍有一定持续性，原油价格韧性相对更强。另一方面，随着经济走强和通胀水平抬高，疫情后各大央行进行的非常规货币宽松或将逐步退出，对金融资产估值或产生一定影响，造成资产价格波动性增大。  当前原油价格水平反弹至疫情后新高，随着疫情后出行需求的抬升，下半年油价或仍保持震荡向上的趋势，而OPEC增产的节奏或将是油价波动的最大不确定因素。黄金价格或将仍以宽幅震荡为主，疫情后全球经济强劲复苏阶段见顶，不确定因素逐渐显现，金价或将相应波动。我们将保持对全球经济及风险因素的观察和跟踪分析，力争在风险可控的前提下为投资者获取更优回报。","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"信诚全球商品主题证券投资基金（LOF）2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=628972","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994dd","stockId":3000000165513,"sao":"本基金主要投资于以原油、贵金属等为代表的大宗商品相关资产。  2021年第一季度，随着全球新冠疫情逐步缓解，国内外经济出现强劲复苏，市场对经济增持及通胀的预期推高了工业大宗商品价格，而美债利率的攀升则压制了贵金属的价格。原油价格延续疫情后的反弹趋势，布伦特原油和WTI原油价格四季度分别上涨21.4%、21.5%；黄金价格则单度下跌9.8%。汇率方面，美元指数止跌回涨3.8%，人民币兑美元贬值0.4%。  本季度，基金在控制整体资产偏离风险的前提下调整了相对资产配置结构，优化基金资产风险收益结构。  本报告期内，本基金份额净值增长率为22.30%，同期业绩比较基准收益率为13.55%。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.820Z","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"信诚全球商品主题证券投资基金（LOF）2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=569033","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994dc","stockId":3000000165513,"sao":"本基金主要投资于以原油、贵金属等为代表的大宗商品相关资产。  2020年，全球经济因新冠疫情受到巨大冲击，录得2008年金融危机以来最差表现，造成风险资产价格大幅波动；各国政府为应对疫情采取的货币宽松措施，则成为主导疫情后风险资产价格修复的重要支撑因素。  上半年，在经济停摆及沙特重启价格战的双重冲击下，国际油价创出历史新低，WTI原油5月合约价格在交易踩踏中一度跌至负值，一度引起资本市场恐慌；而后，随着疫情冲击边际减弱及各国政府采取的应对措施，油价一路反弹，并在疫苗取得突破后创出3月以来新高。黄金在疫情期间创出2011年以来最好表现，而进入四季度后，随着疫情冲击逐渐被市场消化、海外风险事件落地以及疫苗进展顺利，国际金价弱势震荡小幅回撤。全年来看，布伦特和WTI油价分别下跌14.0%和12.8%，国际金价上涨21.9%；汇率方面，美元全年走弱，美元指数下跌6.7%，人民币兑美元升值6.7%。  上半年度全球疫情发展及经济周期的不确定性较高，基金采取相对均衡的配置分散投资组合风险；在进入二季度后，基金逐渐增加了原油资产的配置，更充分获取市场对经济复苏及通胀预期修复带动的油价上涨，同时通过对黄金资产的配置增加了基金资产抵抗风险的能力。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.817Z","mo":"我们认为疫情突发对经济的最大冲击时间窗口已经过去，虽然海外疫苗的效用和普及时间仍有一些不确定性，但疫情在21年得到全面控制仍是大概率事件，全球经济有望在后疫情阶段得到显著修复，宽松的流动性在保障经济复苏的同时，或将继续利好资本市场的风险偏好。  21年美国疫情的好转或能释放民众出行和消费的潜在动力，经济活动的恢复也将提升出行频率，从而拉动对原油等商品的需求；而OPEC产能恢复的节奏仍存不确定性，或将一定程度抑制市场对油价上涨空间的预期。我们将保持对全球经济及风险因素的观察和跟踪分析，力争在风险可控的前提下为投资者获取更优回报。","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"信诚全球商品主题证券投资基金（LOF）2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=549947","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994db","stockId":3000000165513,"sao":"本基金主要投资于国际大宗商品相关资产。  2020年第三季度，新冠疫情反复导致市场对全球经济复苏的节奏产生分歧，风险资产呈现区间震荡格局。国际油价窄幅波动，后因欧洲二次疫情爆发及OPEC供给边际恢复而回调，但随后迅速触底反弹，WTI原油收于40美元上方，单季度累计上涨1.6%，布伦特原油收于42美元上方，单季度上涨1.3%。黄金震荡消化前期市场对于经济重启及再通胀的预期，单季度累计上涨4.1%。汇率方面，美元指数下跌3.6%，人民币兑美元升值4.0%。  本季度，在资产缺乏趋势性支撑的市场环境下，基金根据市场变化调整了资产风险敞口，继续优化基金资产风险收益结构。  本报告期内，本基金份额净值增长率为-4.24%，同期业绩比较基准收益率为4.61%。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.814Z","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"信诚全球商品主题证券投资基金（LOF）2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492911","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8ee7fea5b3eb05994da","stockId":3000000165513,"sao":"本基金主要投资大宗商品相关资产，主要包括贵金属、基础金属、能源、农产品、畜牧业等五个商品类别。  2020年上半年度，新冠疫情对全球经济造成巨大冲击，全球经济录得2008年金融危机以来最差表现，造成全球风险资产价格大幅波动，避险资产价格大幅抬升。在经济停摆及沙特重启价格战的双重冲击下，国际油价创出历史新低，WTI原油5月合约价格在交易踩踏中一度跌至-37.63美元；而进入5月后，随着原油输出国重新开始减产及欧美开始逐渐复工，国际油价大幅反弹回升至40美元水平。黄金受益于美联储重启的降息和QE，上半年价格大幅上涨，并创出2013年以来新高。基金所投资覆盖的五个商品板块上半年的表现如下：能源板块下跌54.0%、农产品板块下跌13.6%、基本金属板块下跌8.4%、畜牧板块下跌32.2%、贵金属上涨15.3%。汇率方面，美元指数上涨1.0%、人民币兑美元贬值1.4%。  第一季度全球疫情发展及经济周期的不确定性较高，基金采取相对均衡的配置控制与基准的偏离风险；二季度，基金在沙特开启价格战后的低油价窗口内提升了原油资产的配置，更充分获取原油上涨的收益，同时通过对黄金资产的配置增加了基金资产抵抗风险的能力。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:27:58.810Z","mo":"我们认为随着北半球进入夏季，全球疫情有望得到控制，经济将逐步复苏，而在经济走出困境进入过热阶段前，流动性环境或仍将保持宽松，有利于风险资产的回暖及商品价格的回升；另一方面，二次疫情感染及全球增长乏力下的国际博弈或将对经济复苏形成干扰和制约，影响市场预期及投资者风险偏好，加大资本市场波动。  当前原油价格反弹至今年沙特开启价格战前的水平，或已大部分反应供给端的修复，价格继续上涨仍需实体经济需求恢复来支撑，我们预计油价中枢在下半年仍有上升空间，且将依赖于经济恢复路径的微观变化而波动。同时，全球低利率环境的持续及大国博弈的宏观背景下，黄金价格也有望得到支撑。我们将保持对全球经济及风险因素的观察和跟踪分析，力争在风险可控的前提下为投资者获取更优回报。","fund":{"_id":3000000165513,"__csrcFundId":3146,"stockCode":"165513","name":"中信保诚全球商品主题证券投资基金(LOF)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":165513,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.685Z","status":"normal","exchange":"sz","shortName":"中信保诚全球商品主题(QDII-FOF-LOF)A","inceptionDate":"2011-12-19T16:00:00.000Z","followedNum":50,"fundCollectionId":4000050490000,"currency":"CNY","masterFundShortName":"中信保诚全球商品主题（QDII-FOF-LOF）","pinyin":"zxbcqqspztzqtzjj(lof)","blackenedNum":1,"memoNum":3,"lofFundFlag":1,"managers":[{"stockCode":"8801402480","stockType":"fund_manager","exchange":"fm","tickerId":2308155120,"name":"吴昊"}]},"announcement":{"linkText":"信诚全球商品主题证券投资基金（LOF）2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=454824","linkType":"PDF","source":"csrc_pdf"}}]}