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一季度海外股票呈现“先稳后弱”特征，年初受强劲基本面驱动，全球股市上行广度一度扩散，1-2月非美股票指数整体表现优于美股；进入三月后，受中东地缘冲突迅速升级引发的“全球通胀上行、增长放缓、金融条件恶化”等担忧的影响，全球股票资产均出现明显回调。商品方面的波动率同样显著放大，黄金在年初一度创下新高，但随后在金融条件收紧预期和技术面因素的共同驱动下出现大幅回落；能源类资产则受地缘冲突风险溢价影响在高位震荡。固定收益方面，中国债券在一季度整体表现出明显的避险属性，尽管受通胀预期升温扰动，但季度内仍维持低波特征，在3月权益市场大幅回调期间，人民币债券录得小幅正回报。一季度本基金的资产配置总体呈现超配中国、标配全球、标配商品、低配债券的思路。全球各经济体盈利整体稳健，其中中国的成长类资产以AI为叙事主线，超额收益分布在硬件、能源、有色等赛道上，我们用不超过3%的超额仓位表达对中国股市的看好。海外总体盈利良好，但美国科技为主的公司估值较贵，所以我们以美国股票基金为底仓，将剩余海外资产头寸配置在日本、欧洲、香港和部分新兴市场类股票基金上。黄金基金短期波动较大，但我们坚持标准配置，长期看依旧是对冲宏观尾部风险的资产，长期信用周期的投资逻辑没有动摇。展望未来，当前的地缘冲突似乎朝着“强制性结算”的阶段演进，双方均处于“通过升级促成降级”的微妙平衡中，尽管市场情绪未出现进一步恶化，我们认为当前的环境仍然隐含显著尾部风险，短期波动率或继续维持高位，当前的宏观环境加强了全球经济向更加分散和多极化方向发展的长期趋势，灵活的多元资产配置和多样化的收益来源在应对不确定性时显得尤为重要。另一方面，当前的周期上行动能尚未遭受显著破坏，经历3月的调整，部分风险资产的估值压力得到不同程度释放，因此中长期我们依然看好由基本面驱动的权益投资逻辑；黄金资产短期经过回调，中长期风险对冲逻辑依然成立；如果短期内冲突各方能够最终达成解决方案，美联储仍然可能回到降息路径。本组合会积极观察事件发展，并力争在风险缓释到来时积极捕捉资产价格反弹的投资机会。","lastUpdated":"2026-04-22T15:42:50.221Z","fund":{"_id":3000000023028,"__csrcFundId":14634,"stockCode":"023028","masterFundShortName":"富达任远稳健三个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":23028,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"富达任远稳健三个月持有混合（FOF）(023028)","lastUpdated":"2026-05-01T03:41:07.810Z","name":"富达任远稳健三个月持有期混合型基金中基金（FOF）","pinyin":"fdrywjsgycyqhhxjjzjj(fof)","setUpAssetScale":183234863.59,"setUpDate":"2025-01-14T16:00:00.000Z","setUpShares":183234863.59,"followedNum":1,"inceptionDate":"2025-01-16T16:00:00.000Z","managers":[{"stockCode":"db20682219","stockType":"fund_manager","exchange":"fm","tickerId":2617192710,"name":"赵强"}]},"announcement":{"linkText":"富达任远稳健三个月持有期混合型基金中基金（FOF）2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1477538","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3db7fea5b3eb0542297","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000023028,"sao":"进入第四季度市场波动显著提升，一方面美股估值处于高位、美国通胀不稳定性叠加地缘风险升温，全球权益资产反复震荡。另一方面A股市场经历二三季度估值水平较快上行，市场开始由资金驱动向盈利驱动的投资逻辑切换，板块轮动明显，波动也出现放大；本基金继续遵循稳健为先的原则，通过动态优化资产配置结构力争获取稳健投资回报。  截至2025年12月31日，本基金A/C份额四季度分别获得0.34%/0.24%回报。权益资产部分：组合在四季度适当调整权益配置结构，海外股票基金配置部分，继续减配高估值美股类基金并转向偏价值类非美股基金资产；A股部分逐渐向具有业绩支撑板块切换，以提升组合盈利韧性；  债券资产部分：四季度在国内通胀逐步复苏的环境下， 10年期国债在1.80%附近窄幅波动，并呈先稳后升的态势。本基金维持人民币债基为底仓的结构，并逐步压缩久期以应对通胀进一步持续上行的风险；海外债券基金配置部分，基金回避了利率波动敏感性高的QDII与互认债基资产，但受美元走弱影响该部分在四季度为组合提供的回报有限。商品资产部分：四季度黄金受技术面的影响波动放大，但央行增配黄金资产的趋势并未改变，组合仍将黄金基金作为核心的商品基金配置。  我们认为全球资本市场机遇与挑战并存，通过多元化的配置仍会是获取稳健投资回报的理想方式。A股方面，我们继续看好A股的持续表现，并认为市场正在由资金牛向业绩牛切换，且估值具备全球吸引力；海外股票资产部分美股业绩有支撑但估值较高，会继续考虑该类基金仓位的管理，并适当用非美股票基金资产平衡风险与收益；商品部分长期看好黄金的投资逻辑，其具备对冲经济尾部风险与美元货币走弱的“双重保护”属性；在“美元走弱+AI资本开支扩张“的环境下，有色金属资产具备中长期基本面支撑；下一阶段，我们对人民币债券维持谨慎看法，在通胀可能有进一步上行的环境下，当前收益率水平性价比较低；海外债券资产部分继续保持谨慎观点，虽名义收益率较高，但目前OAS仍处在历史较贵区间，对风险保护不足，且美元有继续走弱风险，基金后续会考虑择机调整海外债券基金资产仓位。","lastUpdated":"2026-03-09T14:06:19.831Z","fund":{"_id":3000000023028,"__csrcFundId":14634,"stockCode":"023028","masterFundShortName":"富达任远稳健三个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":23028,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"富达任远稳健三个月持有混合（FOF）(023028)","lastUpdated":"2026-05-01T03:41:07.810Z","name":"富达任远稳健三个月持有期混合型基金中基金（FOF）","pinyin":"fdrywjsgycyqhhxjjzjj(fof)","setUpAssetScale":183234863.59,"setUpDate":"2025-01-14T16:00:00.000Z","setUpShares":183234863.59,"followedNum":1,"inceptionDate":"2025-01-16T16:00:00.000Z","managers":[{"stockCode":"db20682219","stockType":"fund_manager","exchange":"fm","tickerId":2617192710,"name":"赵强"}]},"announcement":{"linkText":"富达任远稳健三个月持有期混合型基金中基金（FOF）2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1453529","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3db7fea5b3eb0542296","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000023028,"sao":"2025年第三季度，全球宏观环境整体温和，经济周期保持上行，全球基准利率中枢在通胀可控的背景下稳步下移，为全球风险资产提供了有利的支撑。报告期内，全球权益类资产延续上行趋势，尤其在美元走弱的背景下，新兴市场及中国A股表现亮眼。本基金在积极的全球市场环境中，通过前瞻性的跨区域、跨资产调仓，把握了中国市场复苏的机遇，同时有效管理了单一市场的集中度风险，实现了净值的稳健增长。截至2025年9月30日，本基金A类份额单位净值为1.0266元，三季度累计回报约为2.12%，超越业绩比较基准约0.75%。本报告期内，本基金的投资策略与运作分析如下：权益端根据市场环境适时优化调整：在国内经济复苏信号增强、流动性充裕的推动下，A股市场表现强劲，万得全A指数当季回报达20%，本基金适度提高中国股票配置比例，当前已相对基准实现超配。同时，为规避美股估值高位与财政可持续性风险，逐步减持部分纳斯达克成长股仓位，锁定收益，并将资金转向更具估值吸引力的非美市场——如沙特、德国等价值型板块，以及受益于降息周期的生物科技领域。固收端以稳为主，寻找票息增厚的配置：国内债券市场受经济预期改善影响，中债综合全价指数小幅回调，海外债券市场方面，亚洲高收益美元债与高等级美元债市场均录得超过2%的正回报；组合仍维持人民币利率债为核心底仓，发挥其低波动、控回撤的稳定器作用，同时继续利用互认及QDII债基参与海外债券资产的投资，作为票息增厚的工具。商品资产强化尾部风险对冲与收益来源分散：黄金在美元走弱、地缘风险持续的环境下表现亮眼，继续作为组合中低相关性的核心对冲工具。黄金与股债资产的相关性维持低位，有效提升组合在极端情景下的韧性。本季度组合整体操作体现“防守为先、择机进攻”原则，在A股强势上涨中把握结构性机会，同时主动降低高估值、高政策不确定性的美股敞口，优化多元资产的配置效率。展望2025年四季度及未来，我们认为全球资本市场机遇与挑战并存，多元化配置的策略价值将更加凸显。本基金将继续以控制风险为首要目标，力争在不确定的环境中为投资者提供长期稳健的回报。宏观经济展望： 我们预计全球经济将延续温和复苏的态势，但增长分化可能加剧。美联储虽已开启降息，但其后续路径及对通胀的影响仍需密切关注。美国财政的可持续性问题将持续对长端利率构成扰动。在国内，随着各项政策的落地见效，经济修复的动能有望进一步增强，为A股市场提供基本面支撑。权益市场展望：中国股票： 我们持续看好中国股票的中长期投资机会。尽管市场在短期积累了显著涨幅后波动可能放大，但盈利改善的核心逻辑未变。我们将继续围绕这一主线，挖掘结构性机会。海外股票： 我们对美国股票维持中性观点，“美国例外论”面临挑战，政策不确定性较高。欧洲市场在估值和汇率方面面临一定压力。因此，我们将继续在全球范围内寻找更具性价比的投资机会。债券市场展望：国内债券： 在基本面和政策面没有出现超预期反转的情况下，人民币债券作为组合的稳定器依然具备配置价值。海外债券： 美元走弱的趋势利好新兴市场债券。我们将在审慎评估风险的情况下，继续保持海外债券基金的配置，提供更优化的固定收益资产的配置结构。商品及其他资产展望： 我们长期看好黄金的配置价值。在弱美元周期和地缘政治风险常态化的背景下，黄金作为重要的避险资产，能够有效分散组合风险，提升组合的稳健性。综上所述，本基金将继续坚持全球多元资产配置的核心策略。下一阶段，将重点关注中国政策落地节奏、美联储降息路径及地缘风险演化，动态优化资产权重。同时灵活运用债券和商品等资产，积极防范潜在的全球经济、地缘政治与通胀尾部风险。本基金将坚持纪律性的多元分散配置，不追逐单一市场短期风口，通过全球多元资产的低相关性配置，在不确定环境中构建可持续、可穿越周期的稳健回报体系。","lastUpdated":"2026-03-09T14:06:19.828Z","fund":{"_id":3000000023028,"__csrcFundId":14634,"stockCode":"023028","masterFundShortName":"富达任远稳健三个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":23028,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"富达任远稳健三个月持有混合（FOF）(023028)","lastUpdated":"2026-05-01T03:41:07.810Z","name":"富达任远稳健三个月持有期混合型基金中基金（FOF）","pinyin":"fdrywjsgycyqhhxjjzjj(fof)","setUpAssetScale":183234863.59,"setUpDate":"2025-01-14T16:00:00.000Z","setUpShares":183234863.59,"followedNum":1,"inceptionDate":"2025-01-16T16:00:00.000Z","managers":[{"stockCode":"db20682219","stockType":"fund_manager","exchange":"fm","tickerId":2617192710,"name":"赵强"}]},"announcement":{"linkText":"富达任远稳健三个月持有期混合型基金中基金（FOF）2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1372580","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3db7fea5b3eb0542295","date":"2025-06-29T16:00:00.000Z","stockId":3000000023028,"sao":"1. 基金成立初期运作策略本基金于2025年1月中成立，运作初期全球资本市场环境相对温和。全球资产在一季度表现良好，包括国内权益、海外权益和贵金属等资产普遍呈现上行趋势。期间，全球经济处于理想的类“金发姑娘”状态（通胀下行+增长稳健）。基金在建仓阶段按照参考基准中枢进行配置，重点布局风险收益平衡的资产。2. 4月市场波动回顾与基金应对操作4月初，特朗普政府关税政策引发全球市场“极端”波动，此举导致全球股债汇商多类资产同步下跌，纳指在4月2日至7日回撤超-15%，VIX指数飙升近3倍，全球流动性一度紧张，黄金发生流动性卖出，债券市场波动加剧。A股在清明节后首日（4月7日）上证指数暴跌7.34%，恒生科技指数跌幅达17%。由于该事件发生在国内“清明小长假”期间，基金在假期无法交易；为降低市场极端风险对基金组合的进一步影响，节后首个交易日组合果断降低风险仓位，减少成长性和中小盘资产敞口，保留业绩有长期支撑的纳斯达克ETF。3. 市场恢复期与策略调整5-6月随着关税尾部风险缓释，全球资本市场风险偏好显著改善，基金净值快速修复，其中权益资产在基本面支撑和风险偏好改善下反弹，美股从4月低点稳步回升。组合也在波动率回归合理区间时适时增配黄金ETF，我们认为 “去美元化+债务货币化”将在中长期支撑黄金资产的基本面，组合将黄金作为资产配置的工具可以有效分散风险，契合本基金多元配置分散风险的策略理念。该阶段债券部分继续稳健布局，维持国内债券型基金为底仓，并利用互认类债基提供票息增厚。4. 半年度组合绩效与风险管理回顾回顾组合半年度运行，风险管理的理念贯穿组合运作始终，4月市场出现波动后，组合初期通过降仓管理控制回撤，在市场回归正常状态后，组合以“杠铃策略”（高股息+科技）平衡风险。公募基金新规强调业绩基准锚定，避免非理性波动；考虑到关税政策反复的可能性仍在（如7月美国对14国发送关税函）、国内房地产超预期走弱等潜在风险，本基金在具体操作上做出如下应对：在国内权益方面，沪深300指数小幅上涨，基金在节后选择降仓，但在市场反弹期间增加了对科技板块的配置，主要受基本面改善和政策宽松的影响。在海外权益部分，保留纳斯达克指数基金，其经历了回撤后出现大幅反弹。黄金ETF方面，COMEX黄金价格大幅上涨，基金在波动率回落期间增加了黄金配置，主要驱动因素是黄金的避险属性以及去美元化的趋势。国内债券市场整体呈现宽幅震荡走势，基金主要配置国内债基和互认债基，背后的原因包括票息增厚和低波动特性。在风险控制方面，VIX指数从高位回落，基金在节后降低了风险仓位，以应对潜在的尾部风险并进行对冲。 在4月出市场波动的两周后，全球资本市场受基本面预期好转和政策宽松的驱动恢复积极的风险偏好，组合净值也在此环境稳步反弹。其中纳斯达克100指数年内回报8.42%，黄金现货上涨27.86%，为主要回报来源，而债券部分受益于国内票息稳定和互认类债基的票息，提供了低波稳健的总回报。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:06:19.825Z","mo":"本基金的策略定位仍然坚持多元分散构建投资组合，贯彻通过全球配置分散单一区域或资产层面的系统性风险，力争为客户提供穿越周期的长期稳健收益。整体来看，基金上半年运作主要应对关税战导致的资本市场极端变动，精力放在了控制风险的同时进行净值恢复。未来需密切监控关税政策演进和全球流动性变化。展望下半年，我们认为机会与风险并存：预计美联储Q3降息，美元走弱支撑新兴市场资产；但地缘政治仍是主要风险。基金将继续以\"攻守兼备\"策略为主，以国内债券资产为底仓，全球股市和商品为增强。核心策略方面，组合的债券部分维持票息增厚，关注国内政策变量（如中长期资金入市）；权益端优化为\"内需+中国优势\"双主线。","fund":{"_id":3000000023028,"__csrcFundId":14634,"stockCode":"023028","masterFundShortName":"富达任远稳健三个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":23028,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"富达任远稳健三个月持有混合（FOF）(023028)","lastUpdated":"2026-05-01T03:41:07.810Z","name":"富达任远稳健三个月持有期混合型基金中基金（FOF）","pinyin":"fdrywjsgycyqhhxjjzjj(fof)","setUpAssetScale":183234863.59,"setUpDate":"2025-01-14T16:00:00.000Z","setUpShares":183234863.59,"followedNum":1,"inceptionDate":"2025-01-16T16:00:00.000Z","managers":[{"stockCode":"db20682219","stockType":"fund_manager","exchange":"fm","tickerId":2617192710,"name":"赵强"}]},"announcement":{"linkText":"富达任远稳健三个月持有期混合型基金中基金（FOF）2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1345358","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3db7fea5b3eb0542294","date":"2025-03-30T16:00:00.000Z","stockId":3000000023028,"sao":"一季度海外市场呈现较明显的波动特征，1、2月美国经济基本面保持稳健，制造业、服务业PMI均达阶段新高，核心通胀基本稳定，海外市场延续“美国再通胀交易”，美股续创新高，10年美债收益率则在总体稳定的通胀环境下小幅回落；国内方面，1月A股先抑后扬，DeepSeek的出现带动中国科技股票在春节前后启动一轮幅度较大上行行情；国内债券则受流动性及24年末利率下行过快影响面临压力。进入3月，在特朗普政府政策不确定性、地缘政治冲突、以及中国AI技术崛起的背景影响下，美股科技板块大幅下挫，全球风险资产普遍承压；国内A股在两会前后风格轮动明显，但整体情绪持续活跃，债券则继续表现不佳，国内股票和债券出现“跷跷板效应”。一季度黄金资产续创新高，在政策不确定的环境下为传统资产提供了很好的低相关回报。组合自1月成立后开始逐步建仓，坚持多元资产、全球配置的组合方式，债券部分略低配人民币债券基金资产，力争尽量减少国内债券调整的影响，同时持有部分海外债基作为票息补充，风险资产则同时持有海外股票、中国股票、黄金等资产，捕捉阶段性回报，并以稳健为目标灵活应对市场波动。展望下一阶段，随着特朗普政府“对等关税”政策的出台，全球可能正进入由极端事件引发的不确定性阶段，市场波动加大，各类资产的相关性短期会超预期升高，本基金仍将坚持以控风险为首要目标，在极端事件冲击下谨慎管理风险敞口以应对市场的波动。展望后期，关税对不同区域产生的影响会有较大差异，在此环境下不同资产（股票、债券、商品等）会在更长的时间维度体现出分散的风险收益特征及低相关性。本基金仍会坚持多地域多资产的分散配置，力争在不确定的环境下利用低相关的资产提供稳健的投资回报。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:06:19.822Z","fund":{"_id":3000000023028,"__csrcFundId":14634,"stockCode":"023028","masterFundShortName":"富达任远稳健三个月持有混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":23028,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"富达任远稳健三个月持有混合（FOF）(023028)","lastUpdated":"2026-05-01T03:41:07.810Z","name":"富达任远稳健三个月持有期混合型基金中基金（FOF）","pinyin":"fdrywjsgycyqhhxjjzjj(fof)","setUpAssetScale":183234863.59,"setUpDate":"2025-01-14T16:00:00.000Z","setUpShares":183234863.59,"followedNum":1,"inceptionDate":"2025-01-16T16:00:00.000Z","managers":[{"stockCode":"db20682219","stockType":"fund_manager","exchange":"fm","tickerId":2617192710,"name":"赵强"}]},"announcement":{"linkText":"富达任远稳健三个月持有期混合型基金中基金（FOF）2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1274199","linkType":"PDF","source":"csrc_pdf"}}]}