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配置，红利价值类产品立足防守，科创成长类产品追求适当进攻机会。　　我们会持续跟踪各类资产，做好多资产、多策略配置，力争实现长期相对稳健的收益，给投资者带来更好的持有体验。","lastUpdated":"2026-03-28T06:07:16.072Z","mo":"展望2026年，作为“十五五”规划的开局之年，中国经济预计将延续稳中有进态势，增长动能更加均衡，呈现外需韧性、内需改善、价格温和修复的特征。海外方面，2026年正值特朗普中期选举年，美国政策环境大概率保持财政与货币双宽基调。此外，地缘政治局势演变等外部风险也需保持关注。权益市场方面，流动性宽松叠加业绩改善预期催化，为A股提供相对有利的宏观环境，市场整体机遇大于风险。债市方面，当前经济基本面修复弹性有限，对债市难以构成实质性利空。同时，货币政策大概率维持宽松基调，债市利率上行空间预计相对有限，但考虑到当前利率处于历史低位，票息保护较薄，需重点关注政策预期、机构行为及股市风险偏好等对债市可能带来的波动影响。未来的投资操作上，我们会继续严密跟踪市场走势和经济形势，做好组合的风险管理，力争给投资者带来更好的持有体验。","fund":{"_id":3000000010910,"__csrcFundId":13445,"stockCode":"010910","masterFundShortName":"交银安悦平衡养老三年持有期混合发起（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10910,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-06-30T22:31:56.353Z","status":"normal","exchange":"jj","shortName":"交银安悦平衡养老三年持有期混合发起（FOF）(010910)","name":"交银施罗德安悦平衡养老目标三年持有期混合型发起式基金中基金（FOF）","setUpAssetScale":55847913.21,"setUpDate":"2024-02-04T16:00:00.000Z","setUpShares":55847913.21,"inceptionDate":"2024-02-04T16:00:00.000Z","pinyin":"jysldayphylmbsncyqhhxfqsjjzjj(fof)","followedNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20802627","stockType":"fund_manager","exchange":"fm","tickerId":1202216050,"name":"刘兵"}]},"announcement":{"linkText":"交银施罗德安悦平衡养老目标三年持有期混合型发起式基金中基金（FOF）2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1452596","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece167fea5b3eb04e4d2a","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000010910,"sao":"2025年三季度，国内经济整体放缓，需求端出口仍保持较强韧性，但内需中的投资和消费增速持续下行，供给端在反内卷政策陆续实施后也有所收缩，反映出当前经济有效需求仍未完全复苏。海外方面，美国通胀保持温和，但经济与就业数据发生显著背离，经济保持韧性，而就业市场超预期走弱，美联储九月重启降息。权益市场方面，A股在七月至八月持续上涨后，九月转入高位盘整。在此过程中，市场结构分化明显，成长板块持续保持强势表现，而银行等传统红利板块在市场风险偏好抬升和成长占优的行情下表现不佳。从行业看，除银行外其余行业均收涨，其中通信、电子、电力设备和有色领涨。债券市场方面，三季度以来，债市情绪整体偏弱，对利空因素更为敏感，收益率曲线在股市上涨、债券利息收入征收增值税、反内卷政策、基金费改新规等多项因素影响下整体上行，且长端上行幅度更大，曲线趋于陡峭化。信用债收益率亦全线震荡上行，短端中低等级品种更抗跌。　　报告期内，本基金密切关注市场动态，通过对基本面、流动性状况、波动率以及各资产性价比等关键指标的跟踪分析，灵活调整各类资产结构，以应对市场变化。固定收益资产方面，债券市场大幅调整，自七月中旬开始收益率大幅上行，我们在此期间降低了久期和中长信用债的配置。后续，我们会持续关注债券市场波动情况，做好日常风险监控，及时做好固收类资产的风险管理。权益资产方面，八月末出现止盈信号后，组合小幅降低仓位，结构上为哑铃型配置，红利价值类产品立足防守，科创成长类产品追求进攻机会。我们会持续跟踪各类资产，做好多资产、多策略配置，力争实现长期相对稳健的收益，给投资者带来更好的持有体验。　　展望2025年四季度，当前外需受制于关税影响后续修复的斜率和可持续性仍待观察，内需修复动能亦有所放缓，经济回升基础仍待巩固，后续需关注政策对冲。海外方面，在美联储降息方向基本明确的背景下，预计美元流动性仍处宽松状态，整体利好风险资产。此外，贸易摩擦及地缘政治局势的不确定性等外部风险亦需持续关注。权益市场方面，目前国内和海外流动性都较为宽松，短期来看仍是流动性宽松交易的窗口期，叠加政策层面持续呵护资本市场，为A股提供相对有利的宏观环境，整体机会大于风险。但是，考虑到基本面偏弱，若短期市场上涨斜率过快，潜在调整风险亦将相应放大，需注意防范结构性泡沫风险。债市方面，当前经济基本面修复弹性仍显不足，对债市难以构成实质性利空，同时央行态度或将继续维持宽松态度，债市上行空间或相对有限，但仍需关注政策预期升温、机构行为变化及权益市场情绪回升对长久期品种形成的潜在扰动，谨慎超调风险。","lastUpdated":"2026-03-09T13:41:42.594Z","fund":{"_id":3000000010910,"__csrcFundId":13445,"stockCode":"010910","masterFundShortName":"交银安悦平衡养老三年持有期混合发起（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":10910,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-06-30T22:31:56.353Z","status":"normal","exchange":"jj","shortName":"交银安悦平衡养老三年持有期混合发起（FOF）(010910)","name":"交银施罗德安悦平衡养老目标三年持有期混合型发起式基金中基金（FOF）","setUpAssetScale":55847913.21,"setUpDate":"2024-02-04T16:00:00.000Z","setUpShares":55847913.21,"inceptionDate":"2024-02-04T16:00:00.000Z","pinyin":"jysldayphylmbsncyqhhxfqsjjzjj(fof)","followedNum":1,"pensionTargetFlag":1,"managers":[{"stockCode":"db20802627","stockType":"fund_manager","exchange":"fm","tickerId":1202216050,"name":"刘兵"}]},"announcement":{"linkText":"交银施罗德安悦平衡养老目标三年持有期混合型发起式基金中基金（FOF）2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1380594","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece167fea5b3eb04e4d29","date":"2025-06-29T16:00:00.000Z","stockId":3000000010910,"sao":"2025年上半年，尽管关税扰动不断，国内经济在政策前置发力、工业生产提速、抢出口支撑和内需改善下实现平稳增长，上半年GDP同比增长5.3%，高于全年增速目标。但需要注意的是，当前价格和信用扩张仍偏弱运行，企业利润继续承压，微观主体活力仍有待提升。海外方面，美国政策持续扰动预期，市场一度陷入衰退和滞涨担忧，但随着美国经济数据展现较强韧性，通胀亦未显著上行，市场担忧情绪逐步缓解，风险偏好由弱转强。美联储上半年保持政策利率不变，关税带来的不确定性和通胀上行风险导致其对降息较为谨慎。权益市场方面，上半年A股走势一波三折，年初DeepSeek推动市场风险偏好阶段性上行，随后关税冲击导致市场出现大幅调整，而后在政策支持和关税缓和的背景下，市场开启反弹。全区间看，主要宽基多数收涨，风格上小盘和科技相对占优。从行业看，有色、银行、军工、传媒和通信表现较好，而煤炭、食品饮料、地产、石油石化和建筑则跌幅居前。债市方面，上半年在资金面扰动、关税博弈和风险偏好等因素影响下，债市收益率整体先上后下，其中短端上行更多，长端小幅下行，期限利差收窄。信用债方面，一季度资金收紧叠加风险偏好回升，导致信用债市场大幅回调，4月以来伴随资金转松，债市情绪转好，驱动信用债利率回落，信用利差压缩至历史低位。　　报告期内，本基金密切关注市场动态，通过对基本面、流动性状况、波动率以及各资产性价比等关键指标的跟踪分析，灵活调整各类资产结构，以应对市场变化。固定收益资产方面，市场前高后低，波动较去年加大，我们在此期间优化了债券资产持仓结构，适当做了部分波段交易。后续，我们会持续关注债券市场波动情况，做好日常风险监控，及时做好固收类资产的风险管理。权益资产方面，整体仓位变化不大，降低了主动产品配置、增加被动产品配置，期间控回撤小幅降低仓位后回补，结构上为哑铃型配置，红利价值类产品立足防守，科创成长类产品追求适当进攻机会。我们会持续跟踪各类资产，做好多资产、多策略配置，力争实现长期相对稳健的收益，给投资者带来更好的持有体验。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:42.591Z","mo":"展望2025年下半年，考虑到美国关税政策仍有反复，外需支撑或边际减退，国内经济复苏动能或更依赖于内需和价格回暖，关注潜在可能的政策对冲。海外方面，当前美联储对降息仍持中性态度，后续仍需密切跟踪美国宏观经济及联储表态，若美联储提前降息，有望释放积极信号。另一方面，后续关税风险、地缘政治局势演进等或仍将继续扰动资本市场，亦需密切跟踪相关进展。权益市场方面，当前国内基本面和外围环境不确定性仍存，但考虑到宏观流动性较为充裕，A股下行风险或相对可控，同时伴随内外部压力逐步显现下催化政策预期，可能会带来一轮风险偏好回升带来的机会。债市方面，下半年基本面和政策的边际变化对债券市场预期影响较大，拟根据预期差把握交易性机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