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资比例，从结果看获取了稳健收益。从经济运行来看，库存周期仍在底部震荡，企业盈利底部反复，地产仍是制约经济的主要变量，价格指标上PPI底部反弹，但从社融数据上看，企业和居民等终端需求仍有压力。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:37.210Z","mo":"展望下半年，地产的核心问题，主要在于居民的收入预期和现实居民承接力的不足，但压力的时期应该已经过去，可以逐步关注地产链和消费机会，以AI为代表的新科技和调整后的新能源等成长机会逐步显现。股息策略，我们认为会长期有效也是固收+产品重要配置方向，但股息策略也是在不断演进，需要在增长和股息之间找到适当的平衡。就大类资产配置而言，固收+策略在控制并保持基本权益仓位和原有持仓的同时，更多通过动态优化调整争取超额收益。转债策略相对于纯权益策略，在基于性价比、正股替代以及部分转债特有策略的基础以上，以争取绝对收益为操作准则。组合将在风险可控的水平下，稳健操作，珍惜投资人的每一分钱，为投资人谋求长期稳健的回报。","fund":{"_id":3000000013267,"__csrcFundId":10791,"stockCode":"013267","shortName":"天弘安康颐利混合A","masterFundShortName":"天弘安康颐利混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13267,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:32.018Z","status":"normal","exchange":"jj","name":"天弘安康颐利混合型证券投资基金","fundCollectionId":4000050430000,"followedNum":0,"inceptionDate":"2022-04-14T16:00:00.000Z","setUpDate":"2022-04-14T16:00:00.000Z","setUpAssetScale":124879298.43,"setUpShares":124879298.43,"pinyin":"thakylhhxzqtzjj","managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"j101019394","stockType":"fund_manager","exchange":"fm","tickerId":231824246390,"name":"宛茹雪"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐利混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1145842","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecff17fea5b3eb0504fcb","date":"2024-03-30T16:00:00.000Z","stockId":3000000013267,"sao":"一季度权益市场波动较大，主要是交易结构和流动性上发生了负反馈，所幸政策方面及时出手，打断了这种恶性循环的链条，市场重回原有运行轨道。回顾前期年度观点，至少就上半年来看，市场总量方面，库存周期偏弱，光伏新能锂电为代表的新能源产业周期调整尚未结束，而新兴的AI虽然热点迭起，但仍处于产业爆发阶段，成为引领经济发展的方向还为时尚早。从策略角度，2024年高股息和产业主题(AI和制造业出海)仍然是比较重要的方向，从库存周期角度，会偏适当向周期价值和成长方向进行偏移。从操作来看，纯债部分稳健操作，在权益部分采用红利增强策略。组合将在风险可控的水平下，稳健操作，珍惜投资人的每一分钱，为投资人谋求长期稳健的回报。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:37.207Z","fund":{"_id":3000000013267,"__csrcFundId":10791,"stockCode":"013267","shortName":"天弘安康颐利混合A","masterFundShortName":"天弘安康颐利混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13267,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:32.018Z","status":"normal","exchange":"jj","name":"天弘安康颐利混合型证券投资基金","fundCollectionId":4000050430000,"followedNum":0,"inceptionDate":"2022-04-14T16:00:00.000Z","setUpDate":"2022-04-14T16:00:00.000Z","setUpAssetScale":124879298.43,"setUpShares":124879298.43,"pinyin":"thakylhhxzqtzjj","managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"j101019394","stockType":"fund_manager","exchange":"fm","tickerId":231824246390,"name":"宛茹雪"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐利混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1069957","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecff17fea5b3eb0504fca","date":"2023-12-30T16:00:00.000Z","stockId":3000000013267,"sao":"2023年市场及各类资产走势对偏基本面和价值分析的机构而言是比较难熬的一年；回顾来看，我们经历了年初疫情快速反转后的集体乐观，而春节后ChatGPT的爆火打开沉寂已久的人工智能想象空间，这可能是中长期一个产业级新趋势的机会；但由于疤痕效应和其他一些因素，我们随之看到了4月商品急跌，5月份经济数据不达预期；而年中的北向、汇率、屡创新高的美债也对市场风险偏好形成了较大的拖累，连续7到9个季度下滑的企业盈利也打击了市场的信心。全年来看权益市场操作难度较大，二季度出现年内高点后一直没有有力的反弹，转债指数略跌，中债总财富指数整体上涨4.688%。组合在复杂的市场波动中有部分回撤，主要回撤发生在二季度，全年市场除一季度外无明显机会，市场风格对持仓的偏机构品种较不利，沪深300跌幅较为罕见,已接近过去10年最长跌幅；转债策略在指数为负的情况下有明显超额收益，纯债部分贡献了持有收益和部分资本利得，股票部分3季度做了切换，我们新引入了量化策略，严格控制权益暴露，希望通过增强的红利策略为投资在控制波动的情况下带来较好体验。回顾市场走势和操作，我们得出的最大教训和经验是，风险总是从意想不到能力之外出现，对于二级市场机构投资人，还是要坚守能力圈和基本面，提高投资集中度，对于偏低风险的固收+产品而言，更应从配置角度在整体企业盈利下滑时控制好仓位。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:37.204Z","mo":"明年的市场总量，库存周期偏弱，光伏新能锂电为代表的新能源产业周期调整尚未结束，而新兴的AI未成为趋势。我们认为2024年高股息和产业主题仍然是比较重要的方向，会偏适当向周期价值和成长方向进行偏移。风格从中期角度小盘风格会持续，短期倾向均衡。策略上，中性仓位逆向操作，寻找结构性机会。组合将在风险可控的水平下，稳健操作，珍惜投资人的每一分钱，为投资人谋求长期稳健的回报。","fund":{"_id":3000000013267,"__csrcFundId":10791,"stockCode":"013267","shortName":"天弘安康颐利混合A","masterFundShortName":"天弘安康颐利混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13267,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:32.018Z","status":"normal","exchange":"jj","name":"天弘安康颐利混合型证券投资基金","fundCollectionId":4000050430000,"followedNum":0,"inceptionDate":"2022-04-14T16:00:00.000Z","setUpDate":"2022-04-14T16:00:00.000Z","setUpAssetScale":124879298.43,"setUpShares":124879298.43,"pinyin":"thakylhhxzqtzjj","managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"j101019394","stockType":"fund_manager","exchange":"fm","tickerId":231824246390,"name":"宛茹雪"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"ann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的每一分钱，为投资人谋求长期稳健的回报。","declarationDate":"2023-04-22T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:37.195Z","fund":{"_id":3000000013267,"__csrcFundId":10791,"stockCode":"013267","shortName":"天弘安康颐利混合A","masterFundShortName":"天弘安康颐利混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13267,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:32.018Z","status":"normal","exchange":"jj","name":"天弘安康颐利混合型证券投资基金","fundCollectionId":4000050430000,"followedNum":0,"inceptionDate":"2022-04-14T16:00:00.000Z","setUpDate":"2022-04-14T16:00:00.000Z","setUpAssetScale":124879298.43,"setUpShares":124879298.43,"pinyin":"thakylhhxzqtzjj","managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"j101019394","stockType":"fund_manager","exchange":"fm","tickerId":231824246390,"name":"宛茹雪"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐利混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=887781","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecff17fea5b3eb0504fc6","date":"2022-12-30T16:00:00.000Z","stockId":3000000013267,"sao":"2022年的市场走势，对于固收＋产品来说，无疑是一个比较大的一个挑战，我们以2018年的市场作为对比，2018年不少固收+产品仍能保持收益为正，但是2022年就比较困难；2022年的股市跌幅和2018年比较接近，但是2018年债市是一个牛市，整体指数的收益率在8%以上，2018年的转债在六七月份之后已经止跌，后面其实有比较好的一些机会，2018年的股市回头来看，给大家太多的期盼。而2022年的一个市场，对大家来说比较煎熬，市场在未知的冲击中下跌，稍微缓和后，又在预期的不确定中继续下跌。从组合的操作来看，四月份组合成立，因为疫情导致组合的权益建仓偏后，对净值形成了一定的影响。八月份之后，净值阶段性新高，我们希望能给客户再尽量多赚一些钱，但是市场的走势，特别是与我们重仓的股票相关性较高的沪深300加速下跌，2021年以来的跌幅和下跌的时间长度都处于历史上比较罕见的位置，全年来看，权益表现是不好的，尽管我们的煤炭地产养猪有明显的超额收益，但是仓位是不足的，我们看好的一些成长股调整巨大，给我们带来了深刻的教训。因为经济增速的中枢整体下行，我们可能要面对一个低回报的时代，相应来说，我们对于成长股的预期要放低一些。转债这一块我们的组合整体以中低价转债为主，应该来说在指数的下跌过程中有明显的超额收益，但是考虑到我们的账户是固收＋产品，我们学到的经验教训是在以后的操作中要把自己看的再低一些，把客户的感受考虑的再多一些，让产品的表现尽量符合客户的预期。纯债的操作，我们全年以持有为主，在年底的债市震荡中，对部分长久期的债券做了一些减持，债券仓位大幅下降，整体来看，我们获取了持有收益，没有太受到债市冲击的影响。","declarationDate":"2023-01-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:37.192Z","mo":"2023年经济预期增速整体高于2022年，因为基数原因、疫后修复和稳经济的一系列举措，2季度和4季度可能是年内的两个高点；从经济走势看，在一个同比环比上行的年份，股票市场大概率不会表现太差；回顾2022年市场表现，经济因为地缘冲突、疫情、海外加息及地产风险暴露等，同时从盈利和风险偏好上对资本市场造成了较大冲击；展望2023年，企业盈利会有一些修复，2022年压制风险偏好的因素有望成为边际提升风险偏好的因素；基于以沪深300为代表的指数极低的历史估值分位数，我们认为当前股票市场具有明显价值。考虑疫情短期的冲击，1季度经济仍有不少压力，往全年看，因欧美经济下行可能会带来出口负增长，对经济也有较大压力，股票市场走势不会一蹴而就。从整体增速来看，普遍高于2021年底对2022年的预测，20%的增速都属于相对较低，2023年不看好的板块相对较少，可能会有一个市场整体估值的提升；从相对增速、交易结构和竞争格局的角度看，看好休闲服务、交运、建材、机械、电子，新能源的汽车和电力设备相对谨慎，会有个股的机会，但板块性的机会比较难把握；权益市场在整体估值提升的同时，结构上可能存在分化的压力。因为一季报和年报之前属于数据真空期，且前期不少股票的走势已反映了部分弱现实的基本面。在疫情放开的大背景下，一季度市场属于估值修复行情。转债市场2022年表现一般，不如2018年熊市时的表现，主要源于股票市场的熊市和2021年底的高估值。转债的高估值对于转债这类资产来说具有较大杀伤力，2023年转债市场因为标的的多样性会有结构性的机会，但整体走势受权益市场走势牵引。配置转债的性价比不如对应的正股。转债的个券机会来自条款博弈和在无人问津处翻石头。一季度转债市场在11-12月较差的环境下开局，不少转债已经跌出了价值，兼具赔率与胜率，转债市场可以适度乐观。债券市场在2023年的走势会比较复杂，从对经济走势的判断看，没有充分的逻辑看好债券市场，甚至可能会因为局部政策和经济数据带来一定程度的调整；但考虑到政府追求高质量的增长，不对经济采取强刺激，以及海外经济走势会带来一定冲击，债券市场的波动中可能有一定的机会。全年粗看可能是震荡行情，波动幅度受国内经济政策和海外经济对出口影响决定。一季度经济基本面和政策没有明显波动，加上2022年底债市调整不少短端债券已有明显吸引力，可以争取相对确定的票息价值。组合将在风险可控的水平下，稳健操作，珍惜投资人的每一分钱，为投资人谋求长期稳健的回报。","fund":{"_id":3000000013267,"__csrcFundId":10791,"stockCode":"013267","shortName":"天弘安康颐利混合A","masterFundShortName":"天弘安康颐利混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13267,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:32.018Z","status":"normal","exchange":"jj","name":"天弘安康颐利混合型证券投资基金","fundCollectionId":4000050430000,"followedNum":0,"inceptionDate":"2022-04-14T16:00:00.000Z","setUpDate":"2022-04-14T16:00:00.000Z","setUpAssetScale":124879298.43,"setUpShares":124879298.43,"pinyin":"thakylhhxzqtzjj","managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"j101019394","stockType":"fund_manager","exchange":"fm","tickerId":231824246390,"name":"宛茹雪"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐利混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=870214","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecff17fea5b3eb0504fc5","date":"2022-09-29T16:00:00.000Z","stockId":3000000013267,"sao":"3季度，各类权益资产震荡下行，上证指数下跌10%，创业板指下跌17%，与半年度时预期有较大差距，上证指数再次回到3000点附近。分析原因，大致有以下几点，一是7月初的房地产断贷，对地产投资形成了拖累，前期边际放松的一些政策效果并非特别显著，二是外围通胀和加息超预期，相应的各国货币也有较大的贬值压力，三是在错综复杂国际形势和国内疫情扰动下，稳增长实际效果没有预想中的强劲。由此，最终展示出来的结果，是在4-6月底一个迅速的反弹后，A股重回沉寂。债券市场在三季度初因为稳增长的预期，利率震荡上行，断贷事件出现后又一波明显的下行，8月份随着外围加息和资金收紧，利率有个小幅上行，整体看在低位震荡。从组合操作来看，季度初较2季度有个小幅加仓，主要加在成长股上，希望能够看到稳增长背景下相关企业修复2季度的损失带来的盈利同比环比的上行；在断贷事件出现后，意识到稳增长可能没有预想的强，兑现了部分盈利但整体减仓不够；考虑到地产股特别是龙头地产股的韧性比较强，断贷事件后在估值回归到相对合理位置后做了部分加仓；8月份后对于煤炭股也做了部分加仓，主要考虑是欧洲天然气危机和国内缺电带来煤炭股确定性的上升；对于养殖股，我们以持有为主。综合来看，加仓的成长股没有带来收益，在8月份后的下跌中还带来部分损失，地产、煤炭表现尚可，养殖股由于市场对周期高度的疑虑也表现一般。债券资产以中低久期仓位持有为主。转债部分以中低价转债作为主要持仓整体仓位保持稳定。投资的三个维度无非是成长性、确定性和流动性，在热门行业的成长性被过度超预期定价的时候，确定性也在今年面临一定的考验，流动性既面临外围加息和汇率的一些制约，也面临一旦稳经济切实发力对资金的分流。在利率处于绝对低位而各类资产的胜率都不高，这也导致今年的投资较难。相应的应对方案是降低预期，从赔率出发，少亏是参与的底线。展望未来的市场，国内经济和海外经济有个错位，我们可能已经处于周期的底部，但还需要一些库存和出口数据方面最后的确认。稳增长受一些因素扰动，关注4季度环比增长的可能。整体来说，3000点附近市场受情绪和风险偏好主导，未充分反应基本面，中期来看市场具有明显价值。映射到资产维度，权益方面更多关注偏大中盘资产的机会，主要考虑到在一个不确定性的环境中，穿越周期的企业具有更强的竞争力，而之前的交易反映出来的估值位置和对未来中期的经济预期比具有较大吸引力；转债方面，在估值较高成为常态的情况下，受正股的牵引较多，在保持必要仓位的情况下，更多通过精选个券来参与；纯债方面，对固收+账户来说，短久期资产滚动持有可能是目前情况下一个较合适的选择。组合将在风险可控的水平下，稳健操作，珍惜投资人的每一分钱，为投资人谋求长期稳健的回报。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:37.189Z","fund":{"_id":3000000013267,"__csrcFundId":10791,"stockCode":"013267","shortName":"天弘安康颐利混合A","masterFundShortName":"天弘安康颐利混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13267,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:32.018Z","status":"normal","exchange":"jj","name":"天弘安康颐利混合型证券投资基金","fundCollectionId":4000050430000,"followedNum":0,"inceptionDate":"2022-04-14T16:00:00.000Z","setUpDate":"2022-04-14T16:00:00.000Z","setUpAssetScale":124879298.43,"setUpShares":124879298.43,"pinyin":"thakylhhxzqtzjj","managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"j101019394","stockType":"fund_manager","exchange":"fm","tickerId":231824246390,"name":"宛茹雪"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐利混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=805401","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecff17fea5b3eb0504fc4","date":"2022-06-29T16:00:00.000Z","stockId":3000000013267,"sao":"2022年上半年的市场复杂程度在过去10来年里都算比较突出的，对投资也形成了很大的挑战。回顾年初，我们有预期上半年的经济因为基数原因整体往下走，但我们也相信比较宽松的货币政策和管理层把工作做到前面的考虑可以对冲这种风险，因此我们的主要精力用在寻找各类细分资产的超额收益上来。因为是固收+组合，我们从比较长期的观点出发，认为保持必要的权益仓位和合理偏低的估值，组合的长期收益是能够反映出来的。但是上半年的一系列外部冲击打破了市场的正常运行轨迹。不管是地缘政治冲突还是疫情的反复，相关细节不用赘述。我们知道，历史都是由一系列的具体事件所组成，但身处其中的人却很难明了事情本身的意义和其衍生性。从2022年上半年的市场运行轨迹来看，我们深刻认识到自身的局限性，大部分基金经理的能力圈只限于资本市场本身的运行机制，而当外部运行生态受到冲击时，大部分的影响是很难避免。也因为认识到自身的局限性，更坚定了我们的信念，即努力学习自己不熟悉的领域，至少做到同步跟踪，同时尽量强化自己有相对优势的领域；正如我们一直以来的对中国资本市场的发展长期乐观的态度，我们相信保持定力，能够穿越市场的波动，争取相对合理的回报。\t从市场表现来看，波动较大，我们的一个收获是，对固收+组合来说，管理波动很重要，但高质量的确定性较强的成长价值同样重要。从组合持仓来看，整体呈现行业均衡配置、估值有一定保护。转债仓位相对稳定，主要考虑在股票和转债之间有个合理的搭配。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:37.186Z","mo":"看政策，我们能大致比较把握的是，控疫情和稳增长的重心摆布在结构上是有变化的，不管是重要领导的谈话还是对于出行政策的调整，都是很明确的信号。我们认为，疫情防控还是很复杂很有必要的事情，但也需要经济发展的物质基础支持，叠加比较复杂的国际国内形势，稳增长的重要性是不言而喻的，因为今年做好经济工作的有效时间已经过去了不少。相比于消费这种慢变量，投资端的发力是更容易见到效果。从投资端来看，制造业有赖于出口需求的维持和受疫情冲击后投资信心的恢复；从库存数据上来看，我们谨慎乐观，我们希望能有比较强的鼓励投资的政策推出；地产的数据在大量优惠政策和资金利率的支持下，销量有了环比改善，但仍有一些值得紧密跟踪的地方，相应地产产业链能否被带动起来还是有一定压力；基建发力的空间还是有的，老基建、新基建都有不少可以做的事情。整体来说，我们的经济动员机制是自上而下的，所以我们对稳增长还是要有必要的信心。\t就行业和公司而言，上半年大多数企业盈利都在往下走，下半年可能会有较大的不同。上半年基于经济本身不太强劲的增长和疫情的复杂形势，我们的仓位更多在价值和估值上有所侧重，但必须承认，这只是阶段性的防御，二级市场的投资还是要看对未来的预期，为有能力或有潜力的公司鼓掌，相应的我们的投资在往下的时间里会把更多的权重放在成长和盈利的兑现上。我们的成长和盈利并不局限于简单的新半军，对于从上游能源、养殖到下游消费，只要是在赔率和胜率这两个维度上都比较合适或组合起来比较合适的品种，都会纳入我们的框架，我们的持有期也相对较长。我们前期布局的养殖类股票近期表现较好，近期的猪价上涨一定程度上略超我们的预期，对猪周期是否见底还有一定的争论，但对养殖股来说，可能已经过了前期比较纠结的涨预期的阶段，后面的走势更多的跟周期的高度和公司自身的基本面相关。2022年商品和资源类股票也有比较大的波动，映射到A股，主要是煤炭股的涨幅比较大；下半年考虑到外围形势，PPI的担忧可能有所缓解，可以关注成本改善的相关行业的布局机会。\t展望后续市场，我们关注的问题仍聚焦于市场结构、合理的风险收益比、以及选取更加优质的公司上。\t下半年债市持震荡观点，预计收益在票息附近，纯债的机会来自于事件冲击后的收益上行或利差扩大；转债估值目前不算便宜，但仍有望能获得正收益；股票市场以长期持有预期收益较高流动性较好的优质中大盘股作为重点，主要争取业绩兑现带来的收益。组合将在风险可控的水平下，稳健操作，珍惜投资人的每一分钱，为投资人谋求长期稳健的回报。","fund":{"_id":3000000013267,"__csrcFundId":10791,"stockCode":"013267","shortName":"天弘安康颐利混合A","masterFundShortName":"天弘安康颐利混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13267,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:32.018Z","status":"normal","exchange":"jj","name":"天弘安康颐利混合型证券投资基金","fundCollectionId":4000050430000,"followedNum":0,"inceptionDate":"2022-04-14T16:00:00.000Z","setUpDate":"2022-04-14T16:00:00.000Z","setUpAssetScale":124879298.43,"setUpShares":124879298.43,"pinyin":"thakylhhxzqtzjj","managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"j101019394","stockType":"fund_manager","exchange":"fm","tickerId":231824246390,"name":"宛茹雪"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐利混合型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=785058","linkType":"PDF","source":"csrc_pdf"}}]}