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　　海外方面，1-2月非美区域股市表现强于美国，美股受软件板块拖累。但中东地缘冲突爆发后，能源进口依赖度更高的日本、韩国受冲击更大，美国股市体现韧性。2026年一季度，标普500指数下跌4.6%，德国DAX指数下跌7.4%，日经225指数上涨1.4%。美债方面，10年期美国国债收益率上行12bp至4.30%。 　　回顾基金在2026年一季度的操作，大类资产配置上降低海外权益配置幅度，主要是亚太与欧洲区域。增加A股配置比例，风格相对均衡。小幅增加商品基金的配置，中东地缘冲突爆发后，组合配置的商品基金，与成本推升型通胀呈正相关关系，能够在一定程度上起到丰富收益来源与对冲组合波动的作用。债券基金方面，组合久期低于债券资产部分基准指数的久期，阶段性以长债ETF做组合久期调节，参与利率下行的机会。产品在运作期间，围绕投资目标，动态调整、优化组合配置结构。　　展望二季度，中东地缘冲突形势对经济与市场的影响或仍存在较大变数。传导链条上，油价上涨推升通胀的幅度、通胀对增长的抑制以及各国央行货币政策如何在多个目标间做出平衡，均存在不确定性。冲突拖延越久、中东原油供给损失越多，对全球经济增长的拖累幅度可能越大。届时，各国权益市场也或将需要更长的时间来修复。A股配置上，前期已降低超配幅度，同时降低高贝塔板块的配置，超配消费为主。密切关注霍尔木兹海峡的通航进展，或有调整后增配A股的机会。　　海外权益方面，在中东地缘政治风险缓和前，或延续低配。结构上，相对看好港股，因前期对资金面、盈利方面的负面担忧已有所反映，估值更具优势，且有望受益于中国经济的相对韧性。　　另类资产方面，或维持能化与农产品基金的配置。短期有望受益于油价上涨，长期有望受益于国内价格水平温和回升。后续考虑更分散地配置到更广泛的、受益于价格上涨的标的上。　　国内债券方面，短期或将进入震荡期。来自油价上行的冲击将加速价格指标寻得底部的过程。组合在债券基金的部分预期仍以关注中短债策略为主，后续结合增长预期与风险偏好变化，阶段性考虑以长久期债券ETF参与波段性机会。","lastUpdated":"2026-04-22T15:43:33.040Z","fund":{"_id":3000000024695,"__csrcFundId":15514,"stockCode":"024695","masterFundShortName":"摩根盈元稳健三个月持有期混合(FOF)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":24695,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"摩根盈元稳健三个月持有期混合(FOF)(024695)","lastUpdated":"2026-05-01T04:22:05.062Z","name":"摩根盈元稳健三个月持有期混合型基金中基金(FOF)","pinyin":"mgyywjsgycyqhhxjjzjj(fof)","setUpAssetScale":1198963776.9,"setUpDate":"2025-08-05T16:00:00.000Z","setUpShares":1198963776.9,"inceptionDate":"2025-08-07T16:00:00.000Z","managers":[{"stockCode":"db20076864","stockType":"fund_manager","exchange":"fm","tickerId":230310220420,"name":"吴春杰"},{"stockCode":"db20831693","stockType":"fund_manager","exchange":"fm","tickerId":52408223590,"name":"恩学海"}]},"announcement":{"linkText":"摩根盈元稳健三个月持有期混合型基金中基金(FOF)2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1480905","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4047fea5b3eb0543daf","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000024695,"sao":"2025年四季度，国内权益市场震荡走平，中证800指数区间涨跌幅为0%，上游资源、成长中的通信、军工涨幅居前。四季度经济基本面延续内需偏弱、出口具有韧性的结构特征，价格指标CPI、PPI同比均较三季度有所回升，核心CPI同比回到1%以上，通缩担忧存在逐步扭转的迹象。12月中央经济工作会议定调明年“实施更加积极有为的宏观政策”，强调科技创新的同时，内需政策的优先排序上升。国内债券市场方面，四季度初股市调整带来风险偏好小幅回落叠加央行重启买债，推动债券收益率小幅下行，随后由于担忧政府债券发行缺乏承接资金，收益率转而上行。整个四季度，债券收益率先下后上但波动总体较窄，季末10年期国债收益率收于1.85%，较上季度末回落1BP。　　海外方面，美股小幅走高，四季度标普500指数上涨2.3%。美国政府关门导致部分宏观数据延迟发布或缺失，市场对经济数据的置信度边际下降。美联储12月如期降息25BP，同时市场对于下一任美联储主席大概率偏鸽的预期对权益市场形成支撑。受益于日本新任首相积极的财政政策主张、较为乐观的26年“春斗”薪资涨幅预期，日经225指数上涨12%。欧洲方面，德国DAX指数上涨2.6%。美债方面，10年期美国国债收益率在3.9%-4.2%区间震荡收于4.18%，较上季度末上行2BP。 　　回顾基金在四季度的操作，产品在季度中完成均衡、稳健的建仓过程，截至12月底，在大类资产配置上超配高风险资产。债券基金部分，组合久期低于纯债债基指数运行。在基金选择上，结合定量与定性的研究，优选长期有超额收益的基金标的。产品在运作期间，围绕投资目标，动态调整、优化组合配置结构。　　展望一季度，外部因素方面，中美贸易摩擦处在缓和阶段，对全球权益市场的风险偏好的压制阶段性解除。美国经济将因利率下调和财政刺激而重拾增长动能，经济周期存在延长的空间。美股盈利增长依然稳健，待ETF溢价率回归合理水平后可择机增配。2026年，日本、德国及部分面对关税威胁的新兴市场国家将在财政政策上采取积极行动，全球增长存在上行潜力。区域配置上，相对更看好新兴市场与日本，其潜在政策刺激与估值相对其他区域更具吸引力。港股中期有望受益于国内经济的企稳回升、科技创新增强与美联储降息周期的延续等。　　国内债券方面，短期进入震荡期。后续债市潜在的扰动因素主要来自于国内经济基本面的恢复，包括持续低迷的价格指标能否寻得底部；潜在的积极因素，主要来自于美联储降息继续兑现、外部中美利差制约的减少。一季度组合在债券基金部分预期仍以关注中短债策略为主。","lastUpdated":"2026-03-09T14:07:00.714Z","fund":{"_id":3000000024695,"__csrcFundId":15514,"stockCode":"024695","masterFundShortName":"摩根盈元稳健三个月持有期混合(FOF)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":24695,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"摩根盈元稳健三个月持有期混合(FOF)(024695)","lastUpdated":"2026-05-01T04:22:05.062Z","name":"摩根盈元稳健三个月持有期混合型基金中基金(FOF)","pinyin":"mgyywjsgycyqhhxjjzjj(fof)","setUpAssetScale":1198963776.9,"setUpDate":"2025-08-05T16:00:00.000Z","setUpShares":1198963776.9,"inceptionDate":"2025-08-07T16:00:00.000Z","managers":[{"stockCode":"db20076864","stockType":"fund_manager","exchange":"fm","tickerId":230310220420,"name":"吴春杰"},{"stockCode":"db20831693","stockType":"fund_manager","exchange":"fm","tickerId":52408223590,"name":"恩学海"}]},"announcement":{"linkText":"摩根盈元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=1459243","linkType":"PDF","source":"csrc_pdf"}}]}