window.pageData = {"stock":{"_id":3000000023978,"name":"天弘安康颐睿一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"023978","tickerId":23978,"shortName":"天弘安康颐睿一年持有混合D","currency":"CNY","exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"inceptionDate":"2025-04-23T16:00:00.000Z","pinyin":"thakyryncyqhhxzqtzjj","fundCollectionId":4000050430000,"followedNum":1,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50430000","tickerId":50430000,"name":"天弘基金管理有限公司"},"managers":[{"name":"贺剑","stockType":"fund_manager","stockCode":"db20753902","exchange":"fm","tickerId":810207220},{"name":"陈敏","stockType":"fund_manager","stockCode":"db20891745","exchange":"fm","tickerId":313220480}],"hotMetrics":{"fss":{"stockId":3000000023978,"type":"fss","last_data_date":"2025-06-29T16:00:00.000Z","f_ins_h_s_r":0,"f_ind_h_s_r":1,"f_h_a":1},"fpr":{"stockId":3000000023978,"type":"fpr","f_cagr_p_r_fs_ssc":9086,"f_cagr_p_r_fs_ssrp":0.5684094661529995,"f_p_r_m1_ssc":9170,"f_p_r_m1_ssrp":0.8536372559712073,"f_p_r_m3_ssc":9020,"f_p_r_m3_ssrp":0.5966293380640869,"f_p_r_m6_ssc":8757,"f_p_r_m6_ssrp":0.7389218821379625,"f_p_r_fys_ssc":9005,"f_p_r_fys_ssrp":0.7738782763216349},"fp":{"stockId":3000000023978,"type":"fp","last_data_date":"2026-04-20T16:00:00.000Z","f_cagr_p_r_fs":0.044438259578809536,"f_p_r_m1":0.004819707247411431,"f_p_r_m3":-0.00565271153506508,"f_p_r_m6":0.010501750291713297,"f_p_r_fys":0.006706608244656076},"ff":{"stockId":3000000023978,"type":"ff","f_fr_d":"2026-02-11T16:00:00.000Z","f_m_fr":0.008,"f_c_fr":0.002,"f_mac_fr":0.01},"f_nlacan":{"stockId":3000000023978,"type":"f_nlacan","f_nv_d":"2026-04-20T16:00:00.000Z","f_nv":1.1258,"f_nv_cr":0.0013341634794983293},"f_as":{"stockId":3000000023978,"type":"f_as","f_tas":164670872.69930002,"f_tas_d":"2025-12-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000017421,"__csrcFundId":12285,"stockCode":"017421","shortName":"天弘安康颐睿一年持有混合A","masterFundShortName":"天弘安康颐睿一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17421,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:40.228Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"name":"天弘安康颐睿一年持有期混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":975913633.95,"setUpShares":975913633.95,"pinyin":"thakyryncyqhhxzqtzjj","followedNum":2,"memoNum":1},{"_id":3000000017422,"name":"天弘安康颐睿一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","stockCode":"017422","tickerId":17422,"shortName":"天弘安康颐睿一年持有混合C","currency":"CNY","__csrcFundId":12285,"exchange":"jj","lastUpdated":"2025-01-04T00:32:22.206Z","fundCollectionId":4000050430000,"inceptionDate":"2023-02-27T16:00:00.000Z","status":"normal","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":697931710.27,"setUpShares":697931710.27,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"thakyryncyqhhxzqtzjj","followedNum":0}],"shareholdings":[{"date":"2025-12-30T16:00:00.000Z","fundId":3000000017421,"stockId":601229,"holdings":3918900,"marketCap":39580890,"netValueRatio":0.0118,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.16297946239806627,"stock":{"stockCode":"601229","exchange":"sh","stockType":"company","tickerId":601229,"name":"上海银行"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000017421,"stockId":601899,"holdings":1089800,"marketCap":37565406,"netValueRatio":0.0112,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.1708559782608703,"stock":{"stockCode":"601899","exchange":"sh","stockType":"company","tickerId":601899,"name":"紫金矿业"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000017421,"stockId":1000000000000700,"holdings":44900,"marketCap":24292192,"netValueRatio":0.0072,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":-0.0965309200603317,"stock":{"stockCode":"00700","exchange":"hk","stockType":"company","tickerId":700,"name":"腾讯控股"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000017421,"stockId":601688,"holdings":808000,"marketCap":19060720,"netValueRatio":0.0057,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.09099283655681001,"stock":{"stockCode":"601688","exchange":"sh","stockType":"company","tickerId":601688,"name":"华泰证券"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000017421,"stockId":1000000000009988,"holdings":133200,"marketCap":17180111,"netValueRatio":0.0051,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":-0.1932203389830507,"stock":{"exchange":"hk","stockType":"company","stockCode":"09988","tickerId":9988,"name":"阿里巴巴-W"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000017421,"stockId":1000000000001109,"holdings":635000,"marketCap":15600415,"netValueRatio":0.0046,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":-0.10452759765770325,"stock":{"stockCode":"01109","exchange":"hk","stockType":"company","tickerId":1109,"name":"华润置地"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000017421,"stockId":933,"holdings":553300,"marketCap":15199151,"netValueRatio":0.0045,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.37281359320339913,"stock":{"stockCode":"000933","exchange":"sz","stockType":"company","tickerId":933,"name":"神火股份"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000017421,"stockId":601009,"holdings":1309800,"marketCap":14971014,"netValueRatio":0.0045,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.07423384983052905,"stock":{"stockCode":"601009","exchange":"sh","stockType":"company","tickerId":601009,"name":"南京银行"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000017421,"stockId":300750,"holdings":40500,"marketCap":14874030,"netValueRatio":0.0044,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":-0.08641791044776159,"stock":{"stockCode":"300750","exchange":"sz","stockType":"company","tickerId":300750,"name":"宁德时代"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000017421,"stockId":1000000000001171,"holdings":1642000,"marketCap":14267299,"netValueRatio":0.0042,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":-0.05634677744636174,"stock":{"stockCode":"01171","exchange":"hk","stockType":"company","tickerId":1171,"name":"兖矿能源"}}],"bondHoldings":[{"_id":"69723b491987889646e71c60","date":"2025-12-30T16:00:00.000Z","fundId":3000000017421,"stockCode":"250215","stockName":"25国开15","holdings":1400000,"marketCap":137676767,"netValueRatio":0.0409,"lastUpdated":"2026-01-22T14:59:21.853Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723b491987889646e71c61","date":"2025-12-30T16:00:00.000Z","fundId":3000000017421,"stockCode":"250011","stockName":"25附息国债11","holdings":1100000,"marketCap":108790759,"netValueRatio":0.0323,"lastUpdated":"2026-01-22T14:59:21.861Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723b491987889646e71c62","date":"2025-12-30T16:00:00.000Z","fundId":3000000017421,"stockCode":"232480008","stockName":"24中行二级资本债02A","holdings":800000,"marketCap":83175184,"netValueRatio":0.0247,"lastUpdated":"2026-01-22T14:59:21.869Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723b491987889646e71c63","date":"2025-12-30T16:00:00.000Z","fundId":3000000017421,"stockCode":"524472","stockName":"25广发09","holdings":700000,"marketCap":70469145,"netValueRatio":0.021,"lastUpdated":"2026-01-22T14:59:21.876Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723b491987889646e71c64","date":"2025-12-30T16:00:00.000Z","fundId":3000000017421,"stockCode":"242380013","stockName":"23建行永续债01","holdings":600000,"marketCap":62894538,"netValueRatio":0.0187,"lastUpdated":"2026-01-22T14:59:21.879Z","declarationDate":"2026-01-21T16:00:00.000Z"}]},"list":[{"_id":"69aed23f7fea5b3eb052ae7b","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000017421,"sao":"从2024年9月24日开始，市场有一波较大涨幅，特别是2025年4月以来到9月份，指数斜率一路向上，我们对4000点浮盈较多带来的波动加大已经有一定预期，在操作上也做了相关调整，我们对持仓品种做了部分调整，从整体的持仓风格上更偏价值也更集中，对浮盈较大的品种也做了部分减持。但难以避免的是，组合现有权益仓位带来的波动和回撤。2025年市场涨幅主要靠估值贡献， 对2026年能否继续上涨，市场争议较多，我们不预测也没有能力预测具体点位，在组合上仍然保有与产品定位相当的中枢仓位。我们与外部做了多次沟通，认为当前市场处于从2025年的估值扩张到2026年的盈利支撑的一个转换过程中，其核心逻辑是ROE企稳后上行，观察指标是PPI能否开启上行趋势。应该说这种大的转换过程中会天然带来市场的高波动，而且会有转换不成功的可能性，比如2014-2015年的牛市，因为没有看到PPI的上行而带来市场之后的巨震。我们认为从目前的观测指标而言，尚不能说明牛市结束，更进一步的观察窗口需要等到2026年1季度。从市场本身而言，除了上涨较多的部分板块，A股仍有大量的标的年内涨幅一般，估值也在历史较低位置，仍有绝对收益的机会，红利板块整体全年收益为负，在利率处于较低位置的情况下，具有较好的配置和修复机会。从汇金公司在ETF配置的规模和趋势来看，从2024年9月份之后，政策端对于股市下行风险有了更好的调控机制，我们有较小概率看到2022-2024年熊市走势再现。而从四中全会和十五五规划重提以经济建设为中心， 政策端对股市定价中风险溢价下行有正向作用。偏中期角度，我们会紧密观察企业盈利端的兑现，不断优化组合的风险收益比。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。","lastUpdated":"2026-03-09T13:59:27.929Z","fund":{"_id":3000000017421,"__csrcFundId":12285,"stockCode":"017421","shortName":"天弘安康颐睿一年持有混合A","masterFundShortName":"天弘安康颐睿一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17421,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:40.228Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"name":"天弘安康颐睿一年持有期混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":975913633.95,"setUpShares":975913633.95,"pinyin":"thakyryncyqhhxzqtzjj","followedNum":2,"memoNum":1,"managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐睿一年持有期混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1455413","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed23f7fea5b3eb052ae7a","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000017421,"sao":"三季度权益市场行情比较好，债券市场相对比较一般，转债受制于估值偏高和风格原因，表现也不太好。当前的权益市场从4月份贸易战调整开始，一直是比较强的一个走势。当前位置已经超越了2021年调整以来的起点，未来会怎么走是市场比较关心的一个问题。今年以来的市场对于偏价值风格也是一个很大的挑战，我们的投资整体上以周期和价值为主，也在做根据市场的变化，有一些相应的调整。我们认为往1到2年的中长期维度看，不论从经济和产业的周期维度、市场估值、风险偏好来说，本轮行情还谈不上结束，整体居民资产的配置转向也只是刚刚开始。从阅兵来看，我们的科技实力和整体国力有了显著提升，而从过去2、3年比较火热的AI方向看，全球也只剩下2个TOP级选手了，我们对于高质量发展和其盈利兑现从概率上来说是比较有信心的；科技成长作为这一轮市场上扬的主线是有坚实基本面支撑的，也应该走的更长远；但是资本市场之于基本面就像主人遛的小狗，跑远了就需要把它拉回来一点；资本市场的制度建设也有力支撑了证券市场发展，我们相信，一个有涨有跌的市场才能走的比较长远。市场经过近1年的震荡上行，突破了去年9.24高点，我们认为中长期的上行空间已经打开，当前时点不应悲观，回调是加快资产配置转换的机会。从组合而言，我们前期受益于市场上行趋势和对于科创、有色等布局，组合净值有一定上涨，相关标的短期涨幅偏离基本面所能解释范围时，我们也做了适当减仓。后续我们将根据市场本身节奏与基本面和政策的变化，适时调整结构，争取尽可能抓住机会，为组合贡献稳健收益。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。","lastUpdated":"2026-03-09T13:59:27.926Z","fund":{"_id":3000000017421,"__csrcFundId":12285,"stockCode":"017421","shortName":"天弘安康颐睿一年持有混合A","masterFundShortName":"天弘安康颐睿一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17421,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:40.228Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"name":"天弘安康颐睿一年持有期混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":975913633.95,"setUpShares":975913633.95,"pinyin":"thakyryncyqhhxzqtzjj","followedNum":2,"memoNum":1,"managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐睿一年持有期混合型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1373892","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed23f7fea5b3eb052ae79","date":"2025-06-29T16:00:00.000Z","stockId":3000000017421,"sao":"上半年，权益市场表现跌宕起伏，呈现成交量维持较高位置、区间中枢抬高、风险偏好始终不低的状况，以微盘股、北证50、可转债等为代表的受益于风险偏好抬升的资产表现较好；过去3、4年，债券收益率下行时间长度也创过去20年之最，受债市震荡影响，过去几年表现较好的红利指数表现一般，整体红利资产缩圈到少数几个受绝对收益类资金集中配置的方向上；以万得普通股票基金指数为例，整体跑赢了沪深300、A500等指数，成长风格和整体基金的主动管理能力再次得以体现。组合在年初维持了适当的股票和转债仓位，对于股票风格，适当往有价值的成长方向倾斜，部分仓位参与了港股市场，转债以中低价作为主要持仓，整体权益类获取了合理收益，纯债类资产受市场调整影响，仅贡献票息收益略低。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:27.923Z","mo":"展望下半年，PPI/CPI等价格所隐含的市场预期仍是政策重要关注点，地产市场的变化也需要重视，我们看好中国经济的韧性及底部向上的动能；目前以沪深300为代表的权重指数以PB来看估值仍属较低位置，从股息来看也有投资价值，ROE也处于底部抬高的区间，我们对下半年的权益市场相对乐观，但我们对纯风险偏好驱动的行情比较谨慎，仍然希望寻找有坚实基本面或可预期的基本面支撑的标的，随着半年报逐渐披露完成，相关线索也逐步明晰。对于固收+产品来说，获取合理收益的时间窗口有望持续较长时间。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":3000000017421,"__csrcFundId":12285,"stockCode":"017421","shortName":"天弘安康颐睿一年持有混合A","masterFundShortName":"天弘安康颐睿一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17421,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:40.228Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"name":"天弘安康颐睿一年持有期混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":975913633.95,"setUpShares":975913633.95,"pinyin":"thakyryncyqhhxzqtzjj","followedNum":2,"memoNum":1,"managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐睿一年持有期混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1340798","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed23f7fea5b3eb052ae78","date":"2025-03-30T16:00:00.000Z","stockId":3000000017421,"sao":"回顾1季度一些重要问题，岁末年初关于中国成长的叙事密集出现，我们认为这可能反应了高质量发展初步见到成效；核心城市地产成交维持热度，部分城市甚至出现了溢价拿地的情况；而国际方面，原先担忧的一些问题暂时被延后。整体看市场风险偏好有所升温，不仅是国内投资人，国际资本也对再配置中国资产认真思考并行动。1月份市场对前期政策力度还有一些疑虑，2月份后包括国际资本在内市场风险偏好提升加快，恒生科技为代表，短期内上涨40%左右，3月份成长板块有所回调，主要担心科技创新的接续及盈利兑现，以及地产见底的真实性。总体而言，各类指数表现差异较大，成长、科创、小盘风格表现较好。债券方面，因为过去3、4年过长的债券牛市导致市场对资金面变紧和基本面的边际变化不够敏感，在10年期国债利率到1.6以下后迅速反弹，债券类产品表现一般，半数以上负收益。转债受风格驱动和供需影响，表现较好。操作方面，保持必要权益仓位，并配置部分港股仓位，适当增配成长风格，增加转债配置比例，整体获取了与产品风险等级相匹配的收益。展望2Q,地产见底需要经受质疑，高质量发展也需要从财报中寻找线索，但经历过去3-4年熊市，我们可以保持必要乐观，中期维度维持必要的权益持仓。组合将在风险可控的水平下，以稳健为目标操作，珍惜投资人的每一分钱，力争为投资人谋求长期稳健的回报。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:27.921Z","fund":{"_id":3000000017421,"__csrcFundId":12285,"stockCode":"017421","shortName":"天弘安康颐睿一年持有混合A","masterFundShortName":"天弘安康颐睿一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17421,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:40.228Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"name":"天弘安康颐睿一年持有期混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":975913633.95,"setUpShares":975913633.95,"pinyin":"thakyryncyqhhxzqtzjj","followedNum":2,"memoNum":1,"managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐睿一年持有期混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1270049","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed23f7fea5b3eb052ae77","date":"2024-12-30T16:00:00.000Z","stockId":3000000017421,"sao":"24年资本市场波动较大，全年看股票、转债、债券都贡献了正收益，但身处其中，就知道市场的复杂程度远超最终给出的一系列数字。换句话说，过去3-4年的资本市场，复杂程度远超过往，从最具代表性的利率债走势看出，原有的周期性大大减弱，呈现趋势型下行。30年长债收益率24年收益率也远超过去10年任何一年债市牛市的收益高点。利率特别是长债走势反映对中长期经济的预期。经济在向高质量发展转型的过程中不可避免的会经历增速下台阶的情况，从年末机器人、新一代军机、大模型等密集出现来看，高质量发展初见成效，利率下行最快的阶段可能已经过去。从股票市场来看，经历了年初和9月份的两次寻底，短周期经济的底部、低位的估值、政策的高度重视毫无疑问的已筑牢政策底、市场底，我们需要耐心等待经济的企稳回升。从组合的操作来看，我们在年初债券部分加大了比例配置和久期配置，全年贡献了一定收益；权益部分，我们坚持低估值和红利的持仓重心，牢牢控制了回撤，并在年底的反弹中有所收获，24年我们加大了对港股的投资，以港股科技股龙头和部分高股息红利股为主；对于转债，24年的大幅波动再次证明了转债策略并未失效，从组合运作的稳健性考虑，我们在2月到5月的反弹中逐步减持，并在8月底后逐步增加，取得了较好的效果。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:27.915Z","mo":"展望25年，我们认为，从长期而言，股票市场走势一定是和经济增长、企业盈利正相关的，对于部分认为A股长期3000点未能反映经济增长的质疑，可能是因为指数编制方式导致的，但整体来说，A股指数在反映中国经济增速方面可能更多反映了盈利增长，估值扩张受到抑制。A股长期走牛的影响因素当然有很多种，但我们看来过去10年影响比较大的可能是金融体系扩张，主要影响反映在地产及相关的城投、影子银行等方面。而在地产回归居住属性本源进入长期稳健发展阶段，受抑制的权益市场具有了走牛的初步动力，高质量发展成果的初步显现，将进一步催生进一步的动力。我们对25年的权益市场不悲观，展望更长一点时间，我们会更乐观一些。从长债不断新低的现实和经济已经展现的韧性来看，以2-3年维度，权益和债市胜率异位。从节奏看，我们认为对市场预期仍然要理性点，可能需要拉长周期看待。中国150万亿的资产在老龄化加速和经济高质量发展的背景下有再平衡的需求，20到21年迅速发展的固收+市场在22到24年受到了权益大幅波动的影响，未来2-3年，固收+可能重新起航。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，力争为投资人谋求长期稳健的回报。","fund":{"_id":3000000017421,"__csrcFundId":12285,"stockCode":"017421","shortName":"天弘安康颐睿一年持有混合A","masterFundShortName":"天弘安康颐睿一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17421,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:40.228Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"name":"天弘安康颐睿一年持有期混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":975913633.95,"setUpShares":975913633.95,"pinyin":"thakyryncyqhhxzqtzjj","followedNum":2,"memoNum":1,"managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐睿一年持有期混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1252325","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed23f7fea5b3eb052ae76","date":"2024-09-29T16:00:00.000Z","stockId":3000000017421,"sao":"从反应企业生产活动的价格、预期及企业活力等一系列数据及大宗价格走势可以看出，经济在3季度有走弱的苗头，2季度上市公司的盈利数据也比较一般，相应权益市场也走出了一轮下行的分子端行情；我们认为之前一系列地产和相关配套政策已对经济发展中的一些问题有了充分认知，但预期的扭转相对比较困难，通缩预期一旦形成，对消费、投资等都有较大影响；因此，我们在9月底看到了系列资本市场及经济相关政策。出于对持仓公司财报的谨慎，我们在3季度大部分时间维持偏低仓位，对于转债，我们去弱留强，只保持了必要仓位；纯债部分保持积极操作。8月末后，我们观察到转债市场出现了较明显机会，9月后，我们在股票市场也看到越来越多可参与标的，考虑到组合特点，我们没有左侧加仓，在政策信号明确后，我们迅速恢复原有仓位。展望4季度，仍需观察政策和地产的进展，也要防范海外不确定因素，但对于中长期的权益市场，我们相对乐观。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":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:27.912Z","fund":{"_id":3000000017421,"__csrcFundId":12285,"stockCode":"017421","shortName":"天弘安康颐睿一年持有混合A","masterFundShortName":"天弘安康颐睿一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17421,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:40.228Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"name":"天弘安康颐睿一年持有期混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":975913633.95,"setUpShares":975913633.95,"pinyin":"thakyryncyqhhxzqtzjj","followedNum":2,"memoNum":1,"managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐睿一年持有期混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1173091","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed23f7fea5b3eb052ae75","date":"2024-06-29T16:00:00.000Z","stockId":3000000017421,"sao":"从资产配置上看，根据市场情况相比年初加大权益仓位，转债和纯债投资比例相对稳定，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":"2026-03-09T13:59:27.910Z","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":3000000017421,"__csrcFundId":12285,"stockCode":"017421","shortName":"天弘安康颐睿一年持有混合A","masterFundShortName":"天弘安康颐睿一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17421,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:40.228Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"name":"天弘安康颐睿一年持有期混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":975913633.95,"setUpShares":975913633.95,"pinyin":"thakyryncyqhhxzqtzjj","followedNum":2,"memoNum":1,"managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐睿一年持有期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=1145878","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed23f7fea5b3eb052ae74","date":"2024-03-30T16:00:00.000Z","stockId":3000000017421,"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，纯债部分整体提升了仓位，在权益部分的大小盘上做了相对均衡，但受制于市场较为剧烈的波动和持有期打开，调仓较为困难，小盘股的影响较难排除，高股息、资源股上配置相对较多，表现较好，一季度转债较弱，主要受相关度较高的小盘股行情影响，年前认为2024年大小盘会相对均衡，当前位置充分调整后的转债从绝对价格看具有了绝对收益的可能，相对纯债，也具有相对价值，而1季度同比大增的下修数目也表征2024年条款博弈会成为重要的收益来源之一，对二季度转债表现整体看好。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":"2026-03-09T13:59:27.907Z","fund":{"_id":3000000017421,"__csrcFundId":12285,"stockCode":"017421","shortName":"天弘安康颐睿一年持有混合A","masterFundShortName":"天弘安康颐睿一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17421,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:40.228Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"name":"天弘安康颐睿一年持有期混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":975913633.95,"setUpShares":975913633.95,"pinyin":"thakyryncyqhhxzqtzjj","followedNum":2,"memoNum":1,"managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐睿一年持有期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=1070039","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed23f7fea5b3eb052ae73","date":"2023-12-30T16:00:00.000Z","stockId":3000000017421,"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后，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正收益，纯债部分贡献了持有收益和部分资本利得，股票部分以低估值有股息资产为主，但在二季度后的市场里也表现一般。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":"2026-03-09T13:59:27.904Z","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":3000000017421,"__csrcFundId":12285,"stockCode":"017421","shortName":"天弘安康颐睿一年持有混合A","masterFundShortName":"天弘安康颐睿一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17421,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:40.228Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"name":"天弘安康颐睿一年持有期混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":975913633.95,"setUpShares":975913633.95,"pinyin":"thakyryncyqhhxzqtzjj","followedNum":2,"memoNum":1,"managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐睿一年持有期混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1053825","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed23f7fea5b3eb052ae72","date":"2023-09-29T16:00:00.000Z","stockId":3000000017421,"sao":"3季度股市和债市均处于震荡状态，股市因为政策提振市场和经济的预期，中间冲高后回落，红利指数继续跑赢全市场，债市整体获取票息收益；从操作来看，权益保持仓位稳定，结构上增加上游低估值周期和电子类相关仓位，减少中游制造行业仓位，债券部分维持中低久期，转债部分保持中低价配置。当前市场处于磨底阶段，配置价值较高。经过七个季度的下滑，我们认为库存周期有可能回升。权益部分以调结构为主，具体方向：在周期方向，优先上游，主要考虑供给刚性和宏观预期的转向；关注半导体中的存储、被动元器件。现在暂未看到国内需求全面复苏，而从国外的库存和库存周期来看，更多的看好中游出口链相关。消费方向，今年居民收入预期的下行，消费表现疲弱。我们认为消费股当前处于价值筑底和估值切换的过程。高股息板块内轮换。转债方面，供给端存在潜在的配置机会，目前重点防风险、控价格，等待机会。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。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:27.901Z","fund":{"_id":3000000017421,"__csrcFundId":12285,"stockCode":"017421","shortName":"天弘安康颐睿一年持有混合A","masterFundShortName":"天弘安康颐睿一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17421,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:40.228Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"name":"天弘安康颐睿一年持有期混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":975913633.95,"setUpShares":975913633.95,"pinyin":"thakyryncyqhhxzqtzjj","followedNum":2,"memoNum":1,"managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐睿一年持有期混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=987739","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed23f7fea5b3eb052ae71","date":"2023-06-29T16:00:00.000Z","stockId":3000000017421,"sao":"1月份市场延续2022年10月底以来的反弹，到1月底大部分股票已修复到比较合理的位置，阶段涨幅较大；2月份的市场热点纷呈但操作难度较大，短期内业绩真空和微观调研的反馈让部分资金有兑现的冲动，而外围加息及国际地缘政治扰动对风险偏好和外资的持续流入有一定的影响；年初以来银行体系信贷的加速投放也对整个资金面有一定扰动。从资金供给来说，前期外资有一定程度的影响，但市场反弹并未看到内资的大量跟进，整体市场仍在修复过程中。进入3月份后，政策方向逐渐明朗。我们从政府经济目标可以大致判断，在当前比较复杂的国内外形势下，强刺激政策是不太现实的，经济更大可能是在去年低基数上的一个修复。去年经济受到疫情等的较大影响，人流物流都不太畅通。今年人流物流逐渐恢复正常，前面春节期间也看到部分地区景点人流量激增，给了大家较高的预期；春节回来后，因为疫情影响的一些需求延期释放，在家居等方面有了明显体现；但综合多方调研来看，很难说这种需求会持续多久。我们也知道疫情期间居民资产负债表没有受到太大影响，但是居民财富向需求的转化可能还是需要一些时间，而从政府相关政策和新闻角度，政府对经济的信心是比较足的，企业和居民信心还需要进一步提升。映射到经济活动中，可能国央企和基建会是后续拉动经济的重要性抓手，政策相关的数字经济等也需要给予重视。回顾我们前期比较看好的复苏链，从3月份二手房挂牌量开始迅速累积后，一连串的经济金融数据都不及预期，4月份之后，商品短期内大幅下跌，一定程度上体现了需求和预期的脆弱。观察北向资金，从1月份之后，进出都不太明显；而市场比较期待的居民资金入市，也没有看到。在组合成立后，根据账户中低风险固收+产品的特点，整体保持了必要权益仓位，结构上以疫后修复的传统行业和部分TMT作为配置的主要方向，债券部分保持中低久期以票息为主要收益来源，根据组合特点用部分债性转债替代纯债适当采用杠杆。整体来说，我们的产品权益暴露适中，符合它的定位。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:27.898Z","mo":"从不少股票本身来看，6月份最差时已跌到去年10月份的位置，而整体指数以沪深300为例，也再次回到历史上性价比较高的位置，股票仓位维持；债券利率目前已到了比较低的位置，除非出现新的超预期数据和事件，当前位置债券易上难下，以中短久期高等级信用为主。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":3000000017421,"__csrcFundId":12285,"stockCode":"017421","shortName":"天弘安康颐睿一年持有混合A","masterFundShortName":"天弘安康颐睿一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17421,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:40.228Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"name":"天弘安康颐睿一年持有期混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":975913633.95,"setUpShares":975913633.95,"pinyin":"thakyryncyqhhxzqtzjj","followedNum":2,"memoNum":1,"managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"},{"stockCode":"db20891745","stockType":"fund_manager","exchange":"fm","tickerId":313220480,"name":"陈敏"}]},"announcement":{"linkText":"天弘安康颐睿一年持有期混合型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=963362","linkType":"PDF","source":"csrc_pdf"}}]}