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投资逻辑，实现长期稳定的超额回报。","lastUpdated":"2026-03-31T19:59:52.947Z","mo":"我们认为，随着实质性慢牛进入崭新的阶段，单纯依赖趋势投资无法完成2026年的资产配置，组合的策略选择较2025年更为复杂。依据中国特色资产配置框架，我们认为需要认真对待以下三个不确定性：一是站在“十五五”的起步之年，传统经济的走向与随之而来的政策博弈，可能带来市场的不确定性；二是中美战略博弈进入微妙的战略相持阶段，双方倚赖高端芯片和稀土形成了双制衡，全球局势呈现新局面；三是纳斯达克较长时期处于百年最贵估值，人工智能到底是机会还是泡沫？在货币体系巨变之际，随着新的美联储主席上任，将水落石出。2026年，组合为应对以上诸多不确定性，拟在可能的新质生产力波动、可能的权益风格暂时切换、可能的黄金价格巨幅波动上下功夫。加大对优质主动型基金的挖掘，采用“重alpha轻beta”的模式降低组合波动，期待获取长期稳定的超额回报。","fund":{"_id":3000000025634,"__csrcFundId":16014,"stockCode":"025634","masterFundShortName":"鹏华易选平衡3个月持有期混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":25634,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"鹏华易选平衡3个月持有期混合（FOF）(025634)","lastUpdated":"2026-05-01T04:47:44.404Z","name":"鹏华易选平衡3个月持有期混合型基金中基金（FOF）","pinyin":"phyxph3gycyqhhxjjzjj(fof)","inceptionDate":"2025-10-30T16:00:00.000Z","managers":[{"stockCode":"8801608594","stockType":"fund_manager","exchange":"fm","tickerId":2611193070,"name":"郑科"}]},"announcement":{"linkText":"鹏华易选平衡3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=1452747","linkType":"PDF","source":"csrc_pdf"}}]}