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三季度行情具有显著的结构性特征，市场热点高度集中在以人工智能、半导体、人形机器人等为代表的高景气科技成长赛道。三季度A股市场和港股市场、上证指数和深证成指表现不一，A股表现整体优于港股，深证成指大幅表现优于上证指数，科创板和创业板表现非常亮眼。上证指数上涨12.73%，深证成指和创业板指数分别上涨29.25%和50.40%，沪深300指数上涨17.90%，中证2000指数上涨14.31%，恒生指数上涨11.56%，恒生国企指数上涨10.11%，恒生科技指数上涨21.93%。从行业表现来看，在申万31个一级行业中，有30个行业录得上涨，只有银行板块下跌。从宏观数据来看，三季度经济在复杂外部环境下保持平稳增长，中国银行研究院等机构预估三季度GDP增速在5.0%左右，虽然增速较上半年的5.4%略有回落，但这是在政策有效托底和内需韧性支撑下实现的，特别是内需对经济增长的贡献度在提升，有效对冲了外部压力的影响。物价数据是观察经济内在活力的重要窗口。尽管8月份CPI同比小幅下降0.4%，但这主要受食品价格等短期因素影响。更值得关注的是，反映宏观经济总供求的核心CPI同比涨幅已连续四个月扩大，表明市场信心和需求正在稳步修复。同时，PPI同比降幅明显收窄，环比价格也止跌回稳，显示出工业品需求正在回暖，企业生产经营环境有所改善。报告期内，本组合的权益整体仓位维持在70-80%之间，根据宏观经济变化和地缘政治因素对总仓位进行适度的调整。纵贯整个三季度，本组合的权益配置整体结构为进攻，组合整体超配了电子、电力设备以及传媒，同时通过20-30%的债券仓位防守可能出现的股市下行风险，三季度组合主要的收益是来自于电子、传媒、电力设备、医药和计算机板块，负贡献的板块主要是低配的银行、社会服务以及食品饮料板块。报告期内，债券市场收益率水平先下后上，总体维持弱势震荡。7月上旬市场受益于资金宽松，叠加商品有所回落，市场收益率探至低位；中旬起股市突破关键点位、科创虹吸效应显现，理财赎回触发基金降久期，利率快速反弹；8月上旬无增量政策环境下，情绪有所修复；8月下旬至9月，基金赎回费新规征求意见稿及季末资金扰动共同推升债券收益率至阶段高点。超长端利率波动放大，信用利差由极窄到大幅走阔。季度维度，配置盘需求仍在但交易盘久期回落，市场杠杆高位回落，利率顶部上移、底部亦抬升，进入新的震荡区间。","lastUpdated":"2026-03-09T14:05:54.549Z","fund":{"_id":3000000022320,"__csrcFundId":14645,"stockCode":"022320","masterFundShortName":"汇添富弘瑞回报混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":22320,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"汇添富弘瑞回报混合发起式(022320)","lastUpdated":"2026-05-01T03:28:54.555Z","name":"汇添富弘瑞回报混合型发起式证券投资基金","pinyin":"htfhrhbhhxfqszqtzjj","fundCollectionId":4000050460000,"inceptionDate":"2025-01-23T16:00:00.000Z","setUpAssetScale":79695745.3,"setUpDate":"2025-01-23T16:00:00.000Z","setUpShares":79695745.3,"managers":[{"stockCode":"db20912631","stockType":"fund_manager","exchange":"fm","tickerId":2506235260,"name":"袁锋"},{"stockCode":"8801600026","stockType":"fund_manager","exchange":"fm","tickerId":2616188250,"name":"张朋"}]},"announcement":{"linkText":"汇添富弘瑞回报混合型发起式证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1374168","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3c27fea5b3eb0541252","date":"2025-06-29T16:00:00.000Z","stockId":3000000022320,"sao":"市场上半年由于地缘政治原因波动较大，但股票市场整体向上，行业轮动频繁。上半年A股市场和港股市场、上证指数和深证成指都表现不一，港股表现大幅优于A股，以银行代表的上证指数表现优于深证成指，以中证2000为代表的小盘股表现突出，其中上证指数上涨2.76%，深证成指和创业板指数分别上涨0.48%和0.53%，沪深300指数上涨仅0.03%，而中证2000指数上涨达到惊人的15.24%，恒生指数上涨20.00%，恒生国企指数上涨19.05%。从行业表现来看，在申万31个一级行业中，有20个行业录得上涨。债券市场方面，整体呈现低利率震荡走势，按驱动因素不同主要分为三个阶段。阶段一为年初至3月下旬，市场主线为降息预期的纠偏：1月初10年国债收益率下探1.60%后，因经济数据超预期、央行态度趋紧，叠加资金面收敛，收益率最高冲至1.90%附近，后随着央行态度缓和收益率回落。阶段二为4月至5月中旬，市场主线受贸易政策冲击：美国加征关税触发衰退交易，10年国债收益率快速下行至1.63%，随后中美缓和带动止盈，收益率回升至1.70%附近。阶段三为5月中旬至6月底，市场回归资金面主导的窄幅震荡：央行持续呵护流动性，短端利率大幅回落，10年国债收益率震荡下行至1.65%附近。曲线形态上看，一季度呈现极度平坦化，二季度期限利差有所走阔，曲线重新陡峭化。品种上看，信用债表现整体优于利率债，信用利差一季度震荡、二季度明显收敛。从宏观数据来看，上半年中国GDP增速达到来之不易的5.3%，最终消费支出对GDP增长的贡献率达到52%，拉动经济增长2.8%，消费增长主要得益于政策推动（如以旧换新）、结构升级（服务消费、绿色消费）和收入支撑（居民收入实际增长5.4%）。服务消费增长5.3%，假日消费如\"五一\"和端午节期间表现强劲。上半年进出口总额21.79万亿元，同比增长2.9%。特别是民营企业进出口增长7.3%，占进出口总额57.3%。出口表现出较强的韧性，主要归功于贸易多元化战略。投资方面，固定资产投资同比增长2.8%，但存在结构分化。制造业投资增长7.5%，基建投资增长4.6%，但房地产投资下跌11.2%。高技术制造业投资增长强劲，如航空、航天器及设备制造业投资增长24.2%。从企业盈利数据来看，预计全A股盈利同比增速约3.5%，非金融板块增速更高，达8.3%左右，2025年上半年A股上市公司盈利总体呈现企稳回升态势，宏观政策发力、成本优化和出口韧性为主要驱动因素，但行业分化显著，非银金融、新能源和出口相关行业领涨，地产链、部分化工板块承压。2025年上半年，政府为了支持股市推出了一系列的举措，其中最重要的就是推出“中国版平准基金”，中央汇金联合央行再贷款支持，发挥类平准基金功能，4月股市大跌后迅速托底，6月A股总市值突破100万亿元。同时扩大保险资金试点，批复600亿元权益投资额度，调降风险因子，引导“耐心资本”增配A股。报告期内，债券方面，组合合理运用杠杆，根据市场波动积极调整久期，组合重点配置在中高等级信用债券，同时适度参与利率债券的交易。权益投资方面，整个上半年处于建仓期，一季度本组合的整体权益仓位较低，季度平均仓位维持在32%，其中港股仓位占比9.6%。二季度的整体权益平均仓位从一季度的32%提升到56.73%，其中港股仓位占比23.53%。组合的整体结构为进攻，整体超配了传媒、医药、电子、计算机以及电力设备，低配了银行、非银金融以及国防军工等板块。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:54.547Z","mo":"展望下半年，债券市场方面，下半年预计维持低利率震荡的整体格局不变。节奏方面，7月在市场对资金宽松重定价完成后，市场主线有望切换至经济基本面和政策预期，9至10月财政增量政策落地及经济数据短暂改善预计对债券市场形成一定压制，但再通胀风险有限，年末可能仍然回落，稳定在低利率水平。信用债方面，中高等级利差已压缩至历史低位，进一步收窄空间不足，重点把握市场供需变化带来的结构性机会。投资策略上，久期策略在市场调整窗口可适度积极，总体优配高等级、高流动性的优质品种，适度参与利率债机会。权益市场的主线还是围绕着科技、医药、出口和金融。科技板块在AI的加持下受到投资者的追捧，海外算力需求的旺盛，导致国内跟海外算力相关的股票涨幅巨大，估值目前还没有出现泡沫化，今年和明年的盈利确定性还是比较高，随着AI应用的不断推出，科技板块相对于市场可能会有超额收益。医药里面的创新药的行情可能还没有走完，各种BD和临床数据的出来都可能支撑着医药板块上涨的行情，美国投资者都是紧盯中国的创新药，欧洲投资者还是偏爱古典医药股。金融股由于在指数里面的权重较大，高层对股市的关心导致金融股在短期下跌的风险不大，低估值和高股息支撑着金融股的持续上涨。制造业的内卷以及全球对中国可能的“倾销”的防范导致制造业在未来一段时间不太可能有较好的行情。目前投资者更加重视企业中长期利润的增长，我们会积极寻找业绩持续增长、估值适中以及在长期竞争中能胜出的公司。","fund":{"_id":3000000022320,"__csrcFundId":14645,"stockCode":"022320","masterFundShortName":"汇添富弘瑞回报混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":22320,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"汇添富弘瑞回报混合发起式(022320)","lastUpdated":"2026-05-01T03:28:54.555Z","name":"汇添富弘瑞回报混合型发起式证券投资基金","pinyin":"htfhrhbhhxfqszqtzjj","fundCollectionId":4000050460000,"inceptionDate":"2025-01-23T16:00:00.000Z","setUpAssetScale":79695745.3,"setUpDate":"2025-01-23T16:00:00.000Z","setUpShares":79695745.3,"managers":[{"stockCode":"db20912631","stockType":"fund_manager","exchange":"fm","tickerId":2506235260,"name":"袁锋"},{"stockCode":"8801600026","stockType":"fund_man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