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月异的科技浪潮引领和国内结构转型的背景下，活跃的流动性带动市场风格呈现“成长强于价值、小盘强于大盘”的特征。人工智能是2025年不能绕开的一环，模型快速迭代或在未来带来数十万亿甚至百万亿的市场，很多板块都是围绕着人工智能展开的，从海外算力链、国内硬科技、机器人、商业航天，再到数据中心建设所需的电力设备，甚至与全球宏观共振的各类有色品种。相比于价格，守住下一场产业革命的门票似乎是最好的交易策略。我们仍然本着以确定性和预期收益率相结合的方式构建组合，在各个细分赛道为组合精选值得投资的标的。今年组合整体一方面被内需消费、红利资产等拖累，另外过度的关注一些风险，以及对于终局的思考，拉长投资的久期，而错失了高景气赛道的机会，导致整体表现较为平淡。报告期内我们增加了对于石化、交运配置，减少了医药、机械的配置。债券部分，由于债券配置价值下降，组合主动收缩久期，以获得稳定的票息收入，避免造成资本利得的损失。","lastUpdated":"2026-04-01T12:54:01.848Z","mo":"展望2026年，十五五的开局之年，国内经济依然会保持相对平稳，在反内卷的大旗下，各行业结构转型带动高质量发展，PPI&CPI交易经过几年的低迷后有望在今年成为较好的方向。海外脉冲式的风险在上升，新世界秩序体系下地缘冲突频发，贸易摩擦使得产业链安全性被放在了更重要的位置。AI发展对于全球经济的影响已经不容忽视，需要紧密的关注是否出现叙事的变化，特别是爆款应用及企业端付费新的进展。A股的估值已经连续抬升了2年，高预期下盈利能力的兑现在今年显得尤为重要。我们将继续均衡构建组合，挑选合理回报的优质企业，为投资人持续争取更好的风险调整后收益。债券部分，债券收益率上行的幅度尚未进入具备明显配置价值的区间，叠加短期风险偏好仍然较高，债券仍然以短久期配置为主，主要收益来源是票息收益。同时可以根据降息的时间点判断和央行购债行为做阶段性波段操作。","fund":{"_id":3000000022044,"__csrcFundId":14327,"stockCode":"022044","masterFundShortName":"招商安宁债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22044,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"招商安宁债券(022044)","lastUpdated":"2026-05-01T03:25:03.520Z","inceptionDate":"2024-10-24T16:00:00.000Z","name":"招商安宁债券型证券投资基金","setUpAssetScale":310483042.91,"setUpDate":"2024-10-23T16:00:00.000Z","setUpShares":310483042.91,"pinyin":"zsanzqxzqtzjj","fundCollectionId":4000050210000,"managers":[{"stockCode":"8801447294","stockType":"fund_manager","exchange":"fm","tickerId":2324162320,"name":"吴潇"},{"stockCode":"db20528633","stockType":"fund_manager","exchange":"fm","tickerId":252408170180,"name":"尹晓红"}]},"announcement":{"linkText":"招商安宁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=1459827","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3b37fea5b3eb0540be6","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000022044,"sao":"2025年三季度，海外经济数据走弱，美联储降息如期落地，全球风险资产和大宗金属上行。国内经济数据整体平稳，投融资和消费都有走弱迹象，但进出口韧性十足，债市收益率没有更多的下行动能，随着股票市场的上涨而展现出跷跷板的效应。权益市场三季度出现大幅的上涨，沪深300上涨17.9%，创业板指上涨50.4%，其中创业板创下单季度的涨幅仅次于2015年一季度的表现。各类成长板块轮动上涨，军工、创新药、人工智能、新能源等产业链表现突出，而传统经济的消费、地产和偏价值的红利资产则受到较弱的经济影响出现了明显的滞涨。报告期内我们增加了对于化工、交运配置，减持了部分有色。债券投资方面，由于股票市场表现较好，导致大类资产配置再平衡的需求强烈，债券市场出现了大幅度调整。组合在报告期内降低久期和杠杆，主要以票息收益作为主要的收益来源。","lastUpdated":"2026-03-09T14:05:39.031Z","fund":{"_id":3000000022044,"__csrcFundId":14327,"stockCode":"022044","masterFundShortName":"招商安宁债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22044,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"招商安宁债券(022044)","lastUpdated":"2026-05-01T03:25:03.520Z","inceptionDate":"2024-10-24T16:00:00.000Z","name":"招商安宁债券型证券投资基金","setUpAssetScale":310483042.91,"setUpDate":"2024-10-23T16:00:00.000Z","setUpShares":310483042.91,"pinyin":"zsanzqxzqtzjj","fundCollectionId":4000050210000,"managers":[{"stockCode":"8801447294","stockType":"fund_manager","exchange":"fm","tickerId":2324162320,"name":"吴潇"},{"stockCode":"db20528633","stockType":"fund_manager","exchange":"fm","tickerId":252408170180,"name":"尹晓红"}]},"announcement":{"linkText":"招商安宁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=1369607","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3b37fea5b3eb0540be5","date":"2025-06-29T16:00:00.000Z","stockId":3000000022044,"sao":"上半年，国内经济数据虽然受到关税战阶段性扰动的影响，但整体平稳，工业增加值、社零稳步增长，固定资产投资受到房地产拖累依然较弱，社融温和扩张，价格指数压力较大，PPI仍在负值区间，CPI略微下降。债券市场在经历了去年的大幅上涨后，今年整体震荡为主，宏观筑底和流动性较为宽松的环境下，上下空间都较为有限。权益市场持续回暖，结构性机会很多，上证指数上涨2.76%，创业板指数上涨0.53%。银行作为权重带动指数持续上行，机器人、AI、新消费、创新药、算力等新兴景气行业在不断的产业催化中轮动上涨。制造业也不乏亮点，部分出口链业绩预告远超美国加征关税后下修的悲观预期。可以看到的明显的趋势是，市场风险偏好在逐步的抬升，对于不确定性的折价收窄，港股受到流动性的增强影响，H/A折价整体下降，甚至出现了溢价的情况。报告期内我们增加了对于有色的配置，减仓了农业、医药。债券方面，2025年上半年利率持续震荡下行，一季度资金面偏紧加上风险偏好提升，债券市场调整，二季度随着资金面缓解和避险情绪影响下，债券利率下行，信用利差也进一步压缩。组合在严控组合债券违约风险的前提下，对优质资产进行重点配置，同时利用期限利差和同品种债券不同类型的配置提升了组合整体的静态收益率。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:39.029Z","mo":"展望下半年，高质量发展叠加反内卷调控加速了经济的结构转型，供给侧的变化是否会传导到需求端，仍需观察。美联储较大概率继续降息，内需政策也有望陆续推出，总的来看经济稳步前行。灰犀牛风险依然存在，世界处于新的秩序更迭期，竞争和冲突是难以避免的，但中国作为全球最完整产业链，最高的制造业效率的相对优势长期存在，股票市场在极低的利率水平以及全社会投资回报率下降的背景下，估值中枢抬升是持续的，未来很长一段时间内，中国的资产价格会被全球的资本重新定价。我们将继续为投资人在各个行业精选优质的企业，均衡配置，争取为持有人继续创造更好的风险调整后收益。债券市场方面：由于债券的绝对利率水平较大，下行空间受阻，因此债券资产的绝对吸引力下降，未来债券的配置仍然以票息收益为主，同时收缩久期，降低杠杆，避免发生资本利得损失。","fund":{"_id":3000000022044,"__csrcFundId":14327,"stockCode":"022044","masterFundShortName":"招商安宁债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22044,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"招商安宁债券(022044)","lastUpdated":"2026-05-01T03:25:03.520Z","inceptionDate":"2024-10-24T16:00:00.000Z","name":"招商安宁债券型证券投资基金","setUpAssetScale":310483042.91,"setUpDate":"2024-10-23T16:00:00.000Z","setUpShares":310483042.91,"pinyin":"zsanzqxzqtzjj","fundCollectionId":4000050210000,"managers":[{"stockCode":"8801447294","stockType":"fund_manager","exchange":"fm","tickerI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