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望迎来良好表现。","fund":{"_id":3000000007729,"__csrcFundId":6746,"stockCode":"007729","name":"招商普盛全球配置证券投资基金（QDII）","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7729,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:53:00.339Z","status":"normal","exchange":"jj","shortName":"招商普盛全球配置（QDII）(007729)","inceptionDate":"2020-01-18T16:00:00.000Z","followedNum":8,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商普盛全球配置（QDII）","setUpDate":"2020-01-18T16:00:00.000Z","setUpAssetScale":210430713.37,"setUpShares":210430713.37,"pinyin":"zspsqqpzzqtzjj(qdii)","managers":[{"stockCode":"8801623020","stockType":"fund_manager","exchange":"fm","tickerId":60717197560,"name":"范刚强"},{"stockCode":"j101020193","stockType":"fund_manager","exchange":"fm","tickerId":2410257290,"name":"谢今"}]},"announcement":{"linkText":"招商普盛全球配置证券投资基金（QDII）2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1459413","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaff7fea5b3eb04ad618","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000007729,"sao":"三季度，随着主要国家关税谈判的逐步落地，市场对美国经济及美元信用的担忧有所缓解，叠加美国、欧洲和日本等主要国家相继开启财政宽松，全球风险资产价格上行。报告期内，MSCI全球指数上涨7.29%，其中MSCI发达市场指数上涨6.96%;MSCI新兴市场指数上涨10.08%。报告期内，美国对各主要国家的关税税率相继落定，但受前期抢进口累计库存以及对国内消费韧性信心不足的影响，进口商向消费者进行价格传导的节奏相对缓慢，关税对通胀影响未超市场预期。同时，受驱逐移民以及前期关税政策不确定性的影响，劳动力市场供需两弱，非农就业数据大幅下滑。货币政策方面，通胀可控叠加就业数据走弱，为联储9月重启降息步伐扫清了障碍。欧洲方面，虽然欧洲财政宽松仍在推进中，但欧元升值、美国关税以及中国对欧出口的增加等均在一定程度上压制了欧洲的经济基本面。日本方面，石破茂受民意支持率下滑、党内压力等因素的影响辞职，市场对继任首相推行宽松财政政策抱有较大的期待，在一定程度上提振了权益市场。报告期内，MSCI美国指数上涨7.81%，MSCI欧洲指数上涨3.29%，MSCI日本上涨7.16%。新兴市场方面，虽然美元指数有所企稳，但美元长期走弱的叙事仍在，叠加全球流动性充沛，新兴市场风险资产价格继续修复。报告期内，MSCI新兴市场指数上涨10.08%。报告期内，组合减持了欧洲同时增加了美国市场的配置比例，同时增加了对利率较为敏感的资产如地产建筑商等;债券方面，组合逐步增加了一些长久期工具的配置。报告期内，本基金A类份额净值增长率为3.72%，同期业绩基准增长率为3.04%，C类份额净值增长率为3.61%，同期业绩基准增长率为3.04%，D类份额净值增长率为1.68%，同期业绩基准增长率为1.76%。","lastUpdated":"2026-03-09T13:28:31.391Z","fund":{"_id":3000000007729,"__csrcFundId":6746,"stockCode":"007729","name":"招商普盛全球配置证券投资基金（QDII）","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7729,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:53:00.339Z","status":"normal","exchange":"jj","shortName":"招商普盛全球配置（QDII）(007729)","inceptionDate":"2020-01-18T16:00:00.000Z","followedNum":8,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商普盛全球配置（QDII）","setUpDate":"2020-01-18T16:00:00.000Z","setUpAssetScale":210430713.37,"setUpShares":210430713.37,"pinyin":"zspsqqpzzqtzjj(qdii)","managers":[{"stockCode":"8801623020","stockType":"fund_manager","exchange":"fm","tickerId":60717197560,"name":"范刚强"},{"stockCode":"j101020193","stockType":"fund_manager","exchange":"fm","tickerId":2410257290,"name":"谢今"}]},"announcement":{"linkText":"招商普盛全球配置证券投资基金（QDII）2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1370227","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaff7fea5b3eb04ad617","date":"2025-06-29T16:00:00.000Z","stockId":3000000007729,"sao":"上半年，美国经济软数据有所走弱，叠加特朗普激进的关税政策极大的冲击了市场情绪，一度引发市场对美国衰退的担忧，去美元叙事甚嚣尘上。随着特朗普关税政策的边际愈发清晰，市场对关税的敏感度下降，资产定价也趋于稳定，风险资产快速收回失地。报告期内，MSCI全球指数上涨9.10%，其中MSCI发达市场指数上涨8.59%；MSCI新兴市场指数上涨13.7%。报告期内，关税税率走高，但暂未观察到进口商品的大幅涨价行为，关税对居民消费和通胀的影响不大。另外，二季度减税法案快速推动，经过调整后的财政赤字缺口较去年市场的预期大幅缩小，考虑到关税增收的抵减，财政赤字小幅增加，缓解了市场对美国财政持续性的担忧。货币政策方面，美联储政策利率维持不变，稳固的劳动力市场增加了鲍威尔按兵不动的底气，但预计随着关税的落地及传导，三季度美联储有望重启降息。欧洲方面，在美国的反复要求下，欧盟开启宽财政之路，欧盟与德国先后表态提升军费开支及基建投入，提升了欧洲市场的风险偏好。日本方面，能源和食品价格的上涨推动了通胀的提升，但劳动力市场稳固，叠加日央行对于紧缩货币政策的克制，均在一定程度上提振了权益市场。报告期内，MSCI美国指数上涨5.64%，MSCI欧洲指数上涨20.67%，MSCI日本上涨10.53%。新兴市场方面，全球配置资金对冲美元头寸的需求推动了美元指数的持续回落，在一定程度上带动了新兴市场国家资产价格的修复。报告期内，MSCI新兴市场指数上涨13.7%。报告期内，组合对权益资产进行了更分散的配置，增加了欧洲、港股等市场的配置比例；债券方面，随着四月份收益率的下行，逐步缩短了债券久期，增加了货币基金、浮息债券基金等的配置。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:31.389Z","mo":"下半年，左右市场的关税和美债发行两个不确定因素预计会落地，虽然我们认为通胀会因为关税的影响冲高，但目前市场不具备通胀蔓延的条件，通胀会快速冲高后回落；同时美债发行仍会主要集中于短端，影响有限。在经济基本面相对稳健的阶段，预期内的冲击对市场往往不会构成负面影响。另一方面，关税对通胀的影响明晰后，反倒为美联储的降息扫清障碍，美联储有望重启降息，下半年债券及权益资产的表现都值得期待。","fund":{"_id":3000000007729,"__csrcFundId":6746,"stockCode":"007729","name":"招商普盛全球配置证券投资基金（QDII）","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7729,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:53:00.339Z","status":"normal","exchange":"jj","shortName":"招商普盛全球配置（QDII）(007729)","inceptionDate":"2020-01-18T16:00:00.000Z","followedNum":8,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商普盛全球配置（QDII）","setUpDate":"2020-01-18T16:00:00.000Z","setUpAssetScale":210430713.37,"setUpShares":210430713.37,"pinyin":"zspsqqpzzqtzjj(qdii)","managers":[{"stockCode":"8801623020","stockType":"fund_manager","exchange":"fm","tickerId":60717197560,"name":"范刚强"},{"stockCode":"j101020193","stockType":"fund_manager","exchange":"fm","tickerId":2410257290,"name":"谢今"}]},"announcement":{"linkText":"招商普盛全球配置证券投资基金（QDII）2025年中期报告","linkU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for longer”的担忧，叠加经济活动的韧性以及本轮美联储在货币政策方面展示的灵活性，进一步增强了市场投资者对美国经济软着陆的信心。对于欧洲经济来说，通胀下滑，但经济基础疲软，近几年欧洲的经济增长一直在接近衰退的水平附近徘徊，叠加其更多的卷入到地缘政治冲突中以及更多的面临中国竞争的影响，欧洲的经济前景并不明朗。报告期内，MSCI美国指数上涨14.08%，MSCI欧洲指数上涨3.72%。新兴市场方面，报告期内出于对经济政策转向的期待叠加估值较低，中国港股资产估值有所修复，同时受益于中国产业链的外溢，印度等其他新兴市场国家权益资产表现也较为出色。报告期内，MSCI新兴市场指数上涨6.11%。报告期内，本基金继续维持超配权益资产。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:31.381Z","mo":"下半年，随着通胀重回降温通道，叠加劳动力市场也可能处于拐点时刻，美联储预防式降息的可能性较大。但考虑到美国经济的韧性，短期内美联储就此步入降息周期的概率并不大。另外，大选临近，新一任总统的政策倾向也会随着大选格局的逐步明晰化而被市场反复交易，但无论两党谁上台，其政策倾向都不改变短期经济增长前景，区别只是在于对通胀的影响不同以及支持的行业不同。在此基础上我们倾向于认为美国权益市场仍会有相对较好的表现，但波动会放大且板块分化的现象会有所收敛。","fund":{"_id":3000000007729,"__csrcFundId":6746,"stockCode":"007729","name":"招商普盛全球配置证券投资基金（QDII）","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7729,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:53:00.339Z","status":"normal","exchange":"jj","shortName":"招商普盛全球配置（QDII）(007729)","inceptionDate":"2020-01-18T16:00:00.000Z","followedNum":8,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商普盛全球配置（QDII）","setUpDate":"2020-01-18T16:00:00.000Z","setUpAssetScale":210430713.37,"setUpShares":210430713.37,"pinyin":"zspsqqpzzqtzjj(qdii)","managers":[{"stockCode":"8801623020","stockType":"fund_manager","exchange":"fm","tickerId":60717197560,"name":"范刚强"},{"stockCode":"j101020193","stockType":"fund_manager","exchange":"fm","tickerId":2410257290,"name":"谢今"}]},"announcement":{"linkText":"招商普盛全球配置证券投资基金（QDII）2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1147637","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaff7fea5b3eb04ad613","date":"2023-12-30T16:00:00.000Z","stockId":3000000007729,"sao":"2023年，受益于疫后经济的修复、微观经济主体良好的资产负债表结构及资本品增值带来的财富效应，欧美发达国家居民需求仍然较为强劲。供给方面，发达国家在去风险的叙事下推动全球产业链重置，叠加地缘政治冲突的影响，全球贸易壁垒增多，产能区域错配现象开始显现，产能过剩和产能短缺在不同地区并存。货币政策方面，美联储在经过快速大幅加息后，联邦基金利率已创近二十年新高，暂停加息后美联储仍积极采取鹰派的预期管理，金融条件持续维持在较大力度的紧缩状态，但四季度美联储开始淡化“higher for longer”标志着货币政策慢转弯的开始。通胀方面，持续紧缩的货币政策在压制通胀方面产生了一定的效果，美国通胀水平冲高回落，但在良好的经济基本面及强劲的就业市场支撑下通胀水平韧性十足。资产价格方面，美联储对通胀的管理举措密切影响着市场投资者对经济前景及资本市场的展望，虽然二三季度风险资产短暂因美联储释放出的鹰派表态有所回调，但随着四季度美联储态度的软化又重回上升通道。报告期内，为规避二三季度回调风险，本基金在合同许可范围之内减持了权益资产的持仓水平，并于四季度开始逐步增持权益资产以捕捉市场波动带来的投资机会。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:31.378Z","mo":"2024年，随着超额储蓄的消耗，美国居民消费意愿下行，就业、薪资水平也在向正常水平回归，若无供给端的突发冲击事项，美国通胀水平也会继续良性“退烧”。货币政策方面，随着通胀水平的回落，实际利率将会继续走高，为减缓实际利率过高对经济产生的抑制效应，美联储也有望进一步从观望转向预防性降息，在此基础上美国经济软着陆的概率更大，风险资产仍有望能继续带来资本增值。","fund":{"_id":3000000007729,"__csrcFundId":6746,"stockCode":"007729","name":"招商普盛全球配置证券投资基金（QDII）","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7729,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:53:00.339Z","status":"normal","exchange":"jj","shortName":"招商普盛全球配置（QDII）(007729)","inceptionDate":"2020-01-18T16:00:00.000Z","followedNum":8,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商普盛全球配置（QDII）","setUpDate":"2020-01-18T16:00:00.000Z","setUpAssetScale":210430713.37,"setUpShares":210430713.37,"pinyin":"zspsqqpzzqtzjj(qdii)","managers":[{"stockCode":"8801623020","stockType":"fund_manager","exchange":"fm","tickerId":60717197560,"name":"范刚强"},{"stockCode":"j101020193","stockType":"fund_manager","exchange":"fm","tickerId":2410257290,"name":"谢今"}]},"announcement":{"linkText":"招商普盛全球配置证券投资基金（QDII）2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1057173","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaff7fea5b3eb04ad612","date":"2023-06-29T16:00:00.000Z","stockId":3000000007729,"sao":"上半年，全球商品供应链开始逐步正常化，商品通胀有所缓解，美国通胀水平有一定的缓和。但受部分劳动力永久退出劳动市场的影响，劳动参与率难以迅速恢复至疫情前水平，劳动力市场始终处于偏紧张的状态；同时，高企的按揭利率导致居民不愿轻易置换房屋，二手房市场供给非常有限，导致房价以及租金价格的高企。以上两方面因素对通胀又形成了一定的支撑，使得美国通胀虽然有一定缓和但仍然韧性十足。联储方面，上半年继续收紧金融条件，连续加息三次将联邦目标基金利率提升至5.25%。欧洲与美国类似，疫后强劲的需求支撑了经济，通胀水平也韧性十足，报告期内欧央行也持续收紧货币政策。从资本市场表现来看，经济韧性、投资者对经济软着陆的预期，支撑了风险资产价格的上涨。报告期内，MSCI全球上涨12.8%，其中MSCI发达市场上涨13.39%；MSCI新兴市场上涨3.46%。报告期内，跟随市场的变化，基金权益资产先增后减以捕捉全球风险资产价格上涨所带来的机会，目前本基金在合同许可的范围内仍保留了一定的可调整空间，为后续投资机会留足头寸。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:31.376Z","mo":"紧张的劳动力市场及供给紧缺的住房市场在短期内仍会支撑通胀展现韧性，通胀压力仍在，下半年联储可能会继续保持偏紧的货币政策及鹰派表态来压制并管理通胀预期。同时，经济的韧性也会继续提升投资者对经济软着陆的预期，下半年风险资产可能还会有一定的表现。","fund":{"_id":3000000007729,"__csrcFundId":6746,"stockCode":"007729","name":"招商普盛全球配置证券投资基金（QDII）","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7729,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:53:00.339Z","status":"normal","exchange":"jj","shortName":"招商普盛全球配置（QDII）(007729)","inceptionDate":"2020-01-18T16:00:00.000Z","followedNum":8,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商普盛全球配置（QDII）","setUpDate":"2020-01-18T16:00:00.000Z","setUpAssetScale":210430713.37,"setUpShares":210430713.37,"pinyin":"zspsqqpzzqtzjj(qdii)","managers":[{"stockCode":"8801623020","stockType":"fund_manager","exchange":"fm","tickerId":60717197560,"name":"范刚强"},{"stockCode":"j101020193","stockType":"fund_manager","exchange":"fm","tickerId":2410257290,"name":"谢今"}]},"announcement":{"linkText":"招商普盛全球配置证券投资基金（QDII）2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=958764","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaff7fea5b3eb04ad611","date":"2022-12-30T16:00:00.000Z","stockId":3000000007729,"sao":"2022年，俄乌冲突爆发，欧美国家启动对俄罗斯能源出口的制裁，俄罗斯能源出口受限给全球能源供需平衡造成较大冲击，导致全球能源价格的快速大幅上涨；同时俄乌冲突也对乌克兰粮食出口供给产生了一定的影响，全球农产品也随之上行；另外，国内疫情的爆发及中美科技竞争也对全球供应链产生了一定的扰动。需求层面，全球主要发达国家相继走出疫情的影响，经济、生活逐步正常化支撑需求维持强劲态势。供给的短缺叠加需求强劲共同推动了欧美通货膨胀的快速上升，六月份美国CPI同比攀升至近四十年来的最高点9.1%。下半年，随着货币紧缩政策效果的释放及供给问题的边际缓解美国CPI同比触顶回落，但仍处于相对较高的水平。货币政策方面，基于强劲的经济数据及对长期通胀的担忧，美联储持续收紧货币政策并保持相对较为鹰派的表态，但随着下半年通胀水平的回落，市场对终端利率的预期也逐渐收敛，预期内的紧缩对市场的影响也逐步减弱。资产价格方面，前三季度在地缘政治冲突及紧缩货币政策的双重压制下，全球主要国家权益资产价格大幅下行，但随着四季度通胀水平的回落，市场对货币政策转向的预期不断强化，市场触底反弹，前期回撤幅度较大的欧洲市场领涨全球。报告期内，为防范货币政策收紧对市场造成冲击的风险，本基金在合同许可范围之内保持了相对较低的权益持仓水平，持有部分现金以捕捉市场可能调整带来的投资机会。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:31.371Z","mo":"2023年，随着紧缩货币政策效果的逐步释放及能源供需的再平衡，主要发达国家通胀水平有望持续回落，但考虑到地缘政治及各国对供应链重构和备份的影响，通胀中枢很难再回到疫情前的水平。经济增长方面，主要发达国家微观主体资产负债表仍然处于健康水平，且疫后企业并未出现大规模产能扩张，发达国家经济有望实现软着陆，在此基础上，风险资产有望迎来新一轮的投资机会。","fund":{"_id":3000000007729,"__csrcFundId":6746,"stockCode":"007729","name":"招商普盛全球配置证券投资基金（QDII）","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7729,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:53:00.339Z","status":"normal","exchange":"jj","shortName":"招商普盛全球配置（QDII）(007729)","inceptionDate":"2020-01-18T16:00:00.000Z","followedNum":8,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商普盛全球配置（QDII）","setUpDate":"2020-01-18T16:00:00.000Z","setUpAssetScale":210430713.37,"setUpShares":210430713.37,"pinyin":"zspsqqpzzqtzjj(qdii)","managers":[{"stockCode":"8801623020","stockType":"fund_manager","exchange":"fm","tick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