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30T16:00:00.000Z","stockId":3000000022000,"sao":"（一）市场分析和展望一季度市场一波三折，开年连续回调后，市场在科技成长主线带动下持续反弹，但在3月中旬后再度回调。具体来看，1-2月份整体是成长主导、科技领先的行情，而顺周期、大消费和红利等价值类指数稍显弱势。3月成长风格回调，价值风格后来居上。行业板块角度，有色金属、汽车、机械、计算机、传媒等行业涨幅靠前，煤炭、商贸零售、非银行金融、石油石化、房地产等行业回撤较大，这反映了一季度市场的几个特点：（1）主题交易活跃，热点主题包括机器人、人工智能、智能驾驶、深海科技等；（2）红利风格部分回吐去年超额受益；（3）外部不确定性催化有色金属（尤其黄金）行情。今年以来，国内外重大事件频出，市场波动性加大。1月20日特朗普正式就任美国总统，且上台之后签署的行政令重心在美国周边地区和美国自身的相关领域，市场认为中美关系似乎比此前预期要乐观一些。但是，4月2日白宫单方面宣布“对等关税”措施，超预期的关税政策导致市场担心美国甚至全球经济衰退，全球股市因此发生巨震。然而，4月9日特朗普又称对多数国家暂停征收关税90天。整体而言，世界经济和资本市场目前都处在高度不确定性中，我们预计二季度市场波动率将维持较高状态，后续重点关注美国贸易谈判的进展。有利的因素是国内政策积极呵护，经济复苏态势延续。但是，如果美国贸易政策导致全球性衰退，那么国内上市公司（即便没有对美业务）的盈利前景仍然可能受到波及。（二）投资回顾和计划一季度本基金按“安全优先、稳步加仓”的思路继续建仓。投资策略采用了我们团队的“红利+”战略，将稳定红利资产控制在一半左右仓位，并搭配成长红利资产，把握住了一些优质的机械、电气设备、港股通公司估值合理甚至偏低的配置机会。此外，我们适当在投资组合内部增加动态组合管理，围绕估值区间波动高低切换，以增厚收益、减少波动。年初由于建仓期仓位低，净值回撤相对可控，春节后逐渐回升并跑赢了中证红利等稳健类指数。展望后市，考虑到美国推出新关税政策，全球金融市场受到大幅扰动，甚至给整个二季度带来阴霾，我们将适当调整风偏参数，在4月份采取更加谨慎的策略，等4月下旬召开政治局会议、以及关税事件进一步演绎和被市场消化后，再逐步寻找积极做多的机会。投资策略上，本基金将按照风格定位，重点关注沪深港三市红利主题股票投资机会，采用自下而上的基本面研究，再通过定量与定性相结合的分析方法，重点挖掘优质的高分红企业进行投资。并且，我们也会从组合仓位、行业占比、个股权重等维度，优化股票组合配置，管理股票资产整体波动率。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:37.202Z","fund":{"_id":3000000022000,"__csrcFundId":14341,"stockCode":"022000","masterFundShortName":"浙商汇金红利机遇混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":22000,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"浙商汇金红利机遇混合(022000)","lastUpdated":"2026-05-01T03:24:02.865Z","name":"浙商汇金红利机遇混合型证券投资基金","pinyin":"zshjhljyhhxzqtzjj","fundCollectionId":4000051020000,"setUpAssetScale":161131084.2,"setUpDate":"2024-11-07T16:00:00.000Z","setUpShares":161131084.2,"inceptionDate":"2024-11-07T16:00:00.000Z","followedNum":2,"managers":[{"stockCode":"db20739097","stockType":"fund_manager","exchange":"fm","tickerId":262303214310,"name":"周文超"},{"stockCode":"j101020663","stockType":"fund_manager","exchange":"fm","tickerId":82414256040,"name":"胡晓楠"}]},"announcement":{"linkText":"浙商汇金红利机遇混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1270696","linkType":"PDF","source":"csrc_pdf"}}]}