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 操作上，我们根据个股的业绩跟踪进行一些波段操作。 后市，对于2026年的美元降息进程，市场还有分歧；明面上新的美联储主席上台，会执行宽松的货币政策，但是也担心美国的通胀情况及悬挂在头上的巨额财政赤字，以及相关的军事霸权行为可能带来的后果。结合当前市场环境及政策预期，从市场分析角度来看，总体不动产信托资产或有望优于2025年。 截至报告期末基金份额净值为1.209元，本报告期内基金份额净值增长率为-3.82%，同期业绩比较基准收益率为-2.95%。","lastUpdated":"2026-03-09T14:11:58.604Z","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1457890","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb0557045","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000320017,"sao":"本季度，全球不动产信托指数仍然在区间范围内盘整震荡，9月份的美元降息没有给市场带来太多的预期和变化。细分板块来看，医疗地产、酒店和娱乐地产信托、零售地产板块表现最好，均有两位数的涨幅；多样化地产板块和工业板块表现次之，也有个位数的上扬；电信塔信托、多户住宅和独栋住宅板块表现落后，数据中心和自助仓库板块表现持平。  操作上，本基金减少频繁操作，耐心等待。 后市，美元开始降息，市场预期四季度仍有机会再次降息两次，我们预期整体资产的机会可能会在明年，年内维持盘整态势。截至报告期末基金份额净值为1.257元，本报告期内基金份额净值增长率为0.16%，同期业绩比较基准收益率为1.19%。","lastUpdated":"2026-03-09T14:11:58.601Z","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1377037","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb0557044","date":"2025-06-29T16:00:00.000Z","stockId":3000000320017,"sao":"一季度，欧洲斯托克全球1800不动产信托指数呈现阶梯攀升，反映市场对美元利率变化的预期，暗示下调利率，REIT资产开始触底回升。不动产信托资产在美联储自2024年9月开始兑现降息后，资产价格不断下跌，直至年底。  二季度开始，由于美国对全球提高贸易关税，中国和欧盟分别采取反制措施，市场对于贸易前景和经济出现担忧；另外，美联储官员仍然坚持维持利率不变，再次推翻了投资者对美元降息的提前预期，导致全球资本市场因失望而回调，其中欧洲斯托克不动产指数快速回调，跌幅达双位数。后续随着市场的逐步稳定而反弹，有望回到一季度的水平并维持到季度末。  操作上，我们对于美元利率的下调预期比较审慎，因此整体上适当减持了仓位，各细分板块的个别个股也根据业绩情况进行动态调整。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.598Z","mo":"后市，全球资本市场仍处于不确定性很强的阶段，地缘冲突局势的后续发展也在困扰着投资者，不动产信托类资产更有可能会处于一种盘整状态，等待市场的进一步明朗后决定未来的方向。","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1343154","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb0557043","date":"2025-03-30T16:00:00.000Z","stockId":3000000320017,"sao":"基金业绩指标斯托克全球1800不动产信托指数一季度呈现阶梯攀升，并在末期有所回落，主要反映市场对美元利率变化的预期，在特朗普上台前，市场预期他会整顿美联储，暗示下调利率，REITs资产开始触底回升。操作上，我们减持办公板块和数据库板块，适当增持了零售和医疗板块。一季度，不动产信托资产在美联储自2024年9月开始降息，随后在11月和12月各降息25个基点的趋势影响下，价格逐步上扬。季度表现最好的板块依次为工业、医疗、零售和电信塔细分板块。后市，投资者对于美元未来利率的变化未有明确方向，也影响着REITs资产价格的波动；我们维持中性的判断，静观其变。  截至报告期末基金份额净值为1.314元，本报告期内基金份额净值增长率为-1.50%，同期业绩比较基准收益率为3.36%。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.595Z","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1273433","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb0557042","date":"2024-12-30T16:00:00.000Z","stockId":3000000320017,"sao":"2024年上半年，富时发达市场不动产信托基金（REITs）指数表现为震荡并下修，主要受美元降息预期的变化，由乐观预期美元大幅降息到美国经济数据韧性很强，甚至有再通胀的危险。不能排除由于利率高企，成本传导至商业地产而导致中小不动产信托出现再融资风险甚至暴雷的事件发生。下半年开始，市场投资者开始预期美联储降息而配置不动产信托基金，叠加二季度业绩整体好于预期，全球REITs、发达市场REITs、美国REITs指数涨幅均超过10%。美元如期在9月中降息后，海外不动产信托基金资产整个四季度的上半期都在回调价格，直到11月美元再次降息后，整个REITs的资产价格见底回升，形成一个下降的W型；12月，美联储今年最后一次降息并表现出鹰派态度，改变了市场对于明年的降息预期；加上市场对于特朗普上台后针对贸易竞争的加税及提高政府效率等因素存在不确定性，不动产信托板块大幅回调近10%，基本回到年初水平。我们年初基于对联邦利率维持在高位会对板块内公司的再融资及财务成本造成压力的判断，而陆续减持一些获利的个股；然后在季度末逐步回补仓位；二季度仓位基本不变；直至三季度，美元开始降息后，随着申购的增加而加仓；并在四季度随着美元的降息预期突然转变而减仓。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.592Z","mo":"后市我们维持审慎中性观点，认为仍需观察美元利率的走向，大趋势是发达市场逐步进入降息周期，利好此类资产；不过美国国内政治局面的变化和全球地缘政治事件的演变给市场带来不确定性。","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1254417","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb0557041","date":"2024-09-29T16:00:00.000Z","stockId":3000000320017,"sao":"自7月开始，海外REITs开始交易美联储降息，叠加二季度业绩期，两个月左右时间全球REITs、发达市场REITs、美国REITs指数涨幅均超过10%；特种、住宅、医疗、零售REITs涨幅相对更多。二季度REITs业绩公布，整体好于预期，零售、特种、医疗REITs业绩增速相对较快。美联储9月份降息之日则是REITs指数价格见顶之日，之后逐步回落。后市我们认为市场需要消化前期的降息预期，后续美元的降息幅度有待进一步确定，更多关注低估的零售、办公、住宅和特种板块。  截至报告期末基金份额净值为1.525元，本报告期内基金份额净值增长率为10.59%，同期业绩比较基准收益率为14.30%。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.590Z","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1174012","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb0557040","date":"2024-06-29T16:00:00.000Z","stockId":3000000320017,"sao":"一季度，富时发达市场REITs指数表现为震荡并下修幅度，主要受美元降息预期的变化，由乐观预期美元大幅降息到美国经济数据韧性很强，甚至有再通胀的危险。不能排除由于利率高企，成本传导至商业地产而导致中小不动产信托出现再融资风险甚至暴雷的事件发生。由于此类资产对于利率的变化更为敏感，后续还要看美国货币政策的变化。全球发达市场的不动产信托市场在二季度经历了一个震荡的态势。4-5月，业绩指数走了一个深V形态，主要受对利率预期的变化引起以及数家REIT公司公布业绩低于预期；养老院板块在本年度表现好于其他板块；公寓板块净收入增长率慢于去年，增幅约2.9%；零售购物中心板块表现出现分化，部分表现较好，出租率基本回到疫情前水平；部分净收入增长低于过往的平均水平；办公板块继续承压，出租率仅88%，低于其他板块96%的平均水平；工业类的成交量仍然低迷；物流板块加快资产周转速度；公寓类的成交量增加，融资利率基本稳定，暗示价格可能稳定；办公室板块有可能接近底部，REIT价格比实物地产价格跌幅更大，暗示已经把最坏预期反映在价格里。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.587Z","mo":"REIT资产对于利率的预期更加敏感，我们倾向于中性偏宽松的看法。往后看美联储货币政策对海外REIT市场的影响有望逐步减弱，美联储已基本宣布本轮加息周期结束，短期市场对利率周期变化交易将使得REIT指数弹性增加。尽管美联储真正启动降息的时点或与市场预期存在偏差，但当前美国利率下行周期基本确定。REIT在利率上行周期期间调整明显，主要受其债券属性和股票属性共同影响，使得REIT表现远落后于股票资产表现。未来随着利率下行周期开启，将同时利好REIT资产的股票属性和债券属性，利率下行将使得REIT有望获得比股票资产更大的上行弹性。","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1147429","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb055703f","date":"2024-03-30T16:00:00.000Z","stockId":3000000320017,"sao":"本季度，富时发达市场REITs指数表现为震荡并下修幅度，主要受美元降息预期的变化，市场投资者从乐观预期美元大幅降息，演变成目前的看到美国经济数据韧性很强，担心有可能出现再通胀的风险。不能排除由于利率高企，成本传导至商业地产而导致中小不动产信托出现再融资风险甚至暴雷的事件发生。由于此类资产对于利率的变化更为敏感，后续还要看美国货币政策的变化。市场展望，美联储已基本宣布本轮加息周期结束，短期市场对利率周期变化交易将使得REITs指数弹性增加。尽管美联储真正启动降息的时点或与市场预期存在偏差，但当前美国利率下行周期基本确定。REITs在利率上行周期期间调整明显，主要受其债券属性和股票属性共同影响，使得REITs表现远落后于股票资产表现。未来随着利率下行周期开启，将同时利好REITs资产的股票属性和债券属性，利率下行将使得REITs有望获得比股票资产更大的上行弹性。  截至报告期末基金份额净值为1.399元，本报告期内基金份额净值增长率为-2.03%，同期业绩比较基准收益率为-1.40%。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.584Z","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072178","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb055703e","date":"2023-12-30T16:00:00.000Z","stockId":3000000320017,"sao":"富时发达市场不动产指数全年在对美元利率的预期不断的变化当中宽幅震荡，最后以振幅的上限收盘全年。我们在二季度进行了减仓和补仓的波段操作，四季度开始，指数开始快速反弹。由于仓位未能及时赶上，基金表现相对滞后。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.581Z","mo":"REITs既有股票属性，也有债券属性；2023年发达市场股票上涨21%，发达市场REITs上涨10%，主要由于债券属性拖累了REITs相对表现；2024年在美联储降息背景下，REITs股性与债性共振；REITs有望跑出比股票市场更好的表现。","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1055003","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb055703d","date":"2023-09-29T16:00:00.000Z","stockId":3000000320017,"sao":"7月富时发达REITs指数上涨4%，美国市场占富时发达REITs指数的71%，本月收益为4.17%。美国房地产数据较为强劲，尽管4、5月新房开工数、建筑许可数连续两月回升、6月数据回落，但销售价格上行，而且待售住宅去化周期仅为3个月左右水平，呈供给弱于需求局面，因此销售价格保持强劲。细分看，公寓、零售、办公交易数量仍处于下行趋势，而工业有已经出现回暖迹象。各类REITs资本利率仍处于高位。  8月富时发达REITs指数下跌5.20%，各行业均为负收益，按表现排序依次为工业、特种、住宅、办公、医疗、零售、酒店及娱乐。  从数据看，美国新房建筑许可、新房开工以及新房销售数据都有从底部回暖的态势，二手房销售数据持续走弱；美联储加息后美国房价一度回落，但今年以来仍保持坚挺，高企的抵押贷利率未影响新房数据，主要由于新房库存处于相对低位。  9月富时发达REITs指数下跌4.43%，各行业板块均为负收益，按表现排序依次为酒店及娱乐、医疗、零售、住宅、特种、工业、办公。估值较高和业绩较差板块调整最多。数据方面，美国8月新宅开工指数为128.3万套，大幅低于预期143.9万套和前值144.7万套，但新宅建筑许可保持韧性，8月154.3万套，高于预期和前值144万套。  后市工业、住宅板块相对值得关注，办公、零售、工业仍需等待机会。  截至报告期末基金份额净值为1.330元，本报告期内基金份额净值增长率为-6.93%，同期业绩比较基准收益率为-7.24%。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.578Z","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=989289","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb055703c","date":"2023-06-29T16:00:00.000Z","stockId":3000000320017,"sao":"一季度，富时发达市场REITs指数先涨后跌，指数累计上涨1.7%。从不同市场看，英国、加拿大、新加坡REITs收益有相对优势，美国、日本、澳洲均收跌。按不同板块，特种、工业、酒店、住宅类REITs有相对收益，但是医疗、零售、办公类REITs是拖累项。业绩方面， 2022年四季度业绩较好的板块依次是酒店娱乐、特种、工业，但办公、零售类业绩相对较弱；如果从全年业绩看，相对较好的行业则依次为零售、特种、工业。REITs指数在经历完2022年的估值收缩后，一季度各行业REITs走势基本与公布的业绩情况相符。除了业绩影响外，一季度海外REITs走势也与美国经济数据、货币政策变化及海外银行金融风波密切相关。  一季度基金仓位维持中性偏谨慎的仓位，源于以下判断：1）认为美国通胀在劳动力偏紧的背景下仍有粘性，美联储目标利率走势起码在上半年不会发生扭转；2）目标利率仍在逐步抬高或维持高位的背景下，会影响REITs公司的融资、资本开支、收并购行为，从而影响未来成长性；3）美国货币政策面临通胀与经济衰退的尴尬局面，而通胀下行需要在需求端让步，意味着REITs业绩有下行压力。行业层面，基金在对业绩、估值以及未来基本面变化的综合判断上，超配了特种、酒店娱乐行业。相对谨慎的判断使得基金1月仓位较低、错过了年初市场上涨的行情，2月份逐步加仓，但3月迎来海外银行金融风波，叠加人民币兑美元的升值，基金净值表现落后于指数。一季度基金单位净值下跌3.82%。  二季度，美国市场首月收益为-1.05%，日本、英国、澳洲、新加坡市场有正收益。行业层面，住宅、医疗、工业有相对收益，但特种类REITs、尤其是仓储REITs跌幅较大。  五月，银行风波再起、美国债务上限临近等问题使得美债利率再一次上行，并带动欧洲、日本利率上行，对整体REITs市场形成压制。但美国经济数据仍具韧性，尤其是消费服务行业PMI仍处于扩张区域，消费者信心指数较4月上行，相对制造业有优势。市场表现看，美国市场本月收益为-4%，日本、英国REITs均为负收益。行业层面，除了数据中心、酒店娱乐REITs外，其他行业REITs均收跌。   六月美联储不加息，欧洲、英国维持鹰派加息。美国市场本月收益为3.46%，日本、英国REITs均为负收益。行业层面，本月住宅、医疗、零售、办公等行业有相对收益。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.575Z","mo":"后市展望，美国经济预期有机会迈入衰退阶段，但货币政策调整滞后，总体偏谨慎。美国经济复苏的启动需看到：通胀有下降至均衡水平的可能，美国利率开始下行，复苏最早在今年下半年。基于宏观经济判断，美国REITs或提前反应，先从板块结构性机会开始，逐步演绎为全面的复苏行情。","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=964313","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb055703b","date":"2023-03-30T16:00:00.000Z","stockId":3000000320017,"sao":"一季度富时发达市场REITs指数先涨后跌，走势与发达市场股票指数相仿。上涨行情从年初至2月2号，累计上涨12.7%，同期MSCI发达市场股票指数上涨9.4%，REITs跑赢股票；2月2日至3月23日富时发达市场REITs指数持续下跌，跌幅15.3%，而发达市场股票下跌5.3%；3月末REITs指数反弹。一季度富时发达市场REITs指数累计上涨1.7%，MSCI发达市场股票指数上涨7.3%。从不同市场看，英国、加拿大、新加坡REITs收益有相对优势，美国、日本、澳洲均收跌。按不同行业看，富时发达REITs中，特种、工业、酒店、住宅类REITs有相对收益，但是医疗、零售、办公类REITs是拖累项。业绩方面，从指数公布业绩的成分股情况看，2022年四季度业绩较好的板块依次是酒店娱乐、特种、工业，但办公、零售类业绩则相对较弱；如果从全年业绩看，相对较好的行业则依次为零售、特种、工业。REITs指数在经历完2022年的估值收缩后，一季度各行业REITs走势基本与公布的业绩情况相符。除了业绩影响外，一季度海外REITs走势也与美国经济数据、货币政策变化、3月以来海外银行金融风波密切相关。  一季度基金仓位维持中性偏谨慎的仓位，主要基于以下判断：1）认为美国通胀在劳动力偏紧的背景下仍有粘性，美联储目标利率走势起码在上半年不会发生扭转；2）目标利率仍在逐步抬高或维持高位的背景下，会影响REITs公司的融资、资本开支、收并购行为，从而影响未来成长性；3）美国货币政策面临通胀与经济衰退的尴尬局面，而通胀下行需要在需求端让步，意味着REITs业绩有下行压力。结构上，基金主要持有美国上市REITs，富时发达市场REITs指数中美国占比70%，基金与指数的地区配置约有20%的偏差；行业层面，基金在对业绩、估值以及未来基本面变化的综合判断上，超配了特种、酒店娱乐行业。相对谨慎的判断使得基金1月仓位较低，错过了年初市场上涨的行情，2月份逐步加仓，但3月迎来海外银行金融风波，叠加人民币兑美元的升值，基金净值表现落后于指数。   二季度，美元加息的进程仍有不确定性，以及对于经济衰退的担忧会对办公类板块造成影响，我们中性审慎看待二季度。  截至报告期末基金份额净值为1.360元，本报告期内基金份额净值增长率为-3.82%，同期业绩比较基准收益率为0.33%。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.573Z","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=888585","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb055703a","date":"2022-12-30T16:00:00.000Z","stockId":3000000320017,"sao":"回顾全年，海外发达市场REITS板块从年初即高点，价格一路拾级而下，分别在每个季度末出现反弹，最后以小幅反弹结束全年，反映出板块投资者对加息的强烈预期和经济衰退的担忧。指数全年跌幅达两位数。  其中以特种地产板块，住宅地产板块和办公地产板块回撤幅度最大，接近中低两位数的跌幅。酒店及娱乐地产板块、工业地产板块和零售地产板块相对比较温和，也有低两位数的回调幅度。  操作上我们在二季度进行了较大幅的减仓和补仓的波段操作，以及在三季度中再次大幅减仓，但是四季度开始，指数开始反弹。我们没有及时补仓，导致表现落后于基金业绩比较基准。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.570Z","mo":"展望未来，美联储货币政策对海外不动产信托市场的影响有望逐步减弱，但途中仍曲折迂回，包括联储对明年经济增长与通胀的判断,终极目标利率的上调和市场预期调整,以及近期日本央行政策的调整。此外不动产信托公司仍面临业绩下修的阴霾。随着12月联储加息落地及偏鹰派的表态，短期不动产信托指数反弹走势可能趋弱。板块层面，结合对联储货币政策的变化及不动产信托业绩基本面判断，下一轮行情中首选对利率敏感以及估值调整充分、具备较高成长性行业；其次为劳动力重回市场、CPI见顶、消费需求有望得到支撑的消费类不动产信托。从全年的维度看，我们预期下半年发达市场的通胀会见顶回落，REITS市场会提前反应预期，建议关注本版块。","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=870775","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb0557039","date":"2022-09-29T16:00:00.000Z","stockId":3000000320017,"sao":"三季度，富时全球发达市场不动产信托指数受到发达市场央行加息的影响，在震荡中继续下滑。   7月，组合上涨9%左右；从细分业态来看，酒店及娱乐地产板块表现最好，涨幅达14.12%；工业REITs次之，涨近13%；零售业和住宅板块也有两位数的涨幅，12%和10.3%；特种地产涨幅9%；办公楼板块涨幅最少，也有5.6%。  8月由于美国通胀数据超过市场预期，9月通胀数据维持高位，其他经济数据如非农就业人口，失业率和失业申请数据均显示劳动市场需求仍然较强，经济失速或者衰退的兑现仍有一段时间。但是联储的加息步伐不会停止，并且被动偏鹰的迹象越来越明显。组合在后两个月回调近13%，其中特种房地产板块回调近5%；工业和办公板块分别调3%和2%；酒店及娱乐地产和住宅板块表现最具防御性，表现基本持平。  四季度，美国货币政策加快收紧或将对整体REITs形成压力。后续海外REITs市场仍面临通胀及加息等宏观因素影响；优选受加息影响相对较小、物价成本传导能力较强的板块；并关注更多劳动力重回市场、CPI见顶、消费需求有望得到支撑的消费类REITs；此外，市场预期四季度美国的通胀率不会低，11月的议息会议也被预期偏鹰派的加息步伐。整体看，各板块对美元加息的进程都有较充分的反应，我们期待后续整个资产板块的盘整和寻底。  基金运作上，我们根据市场再次较大幅度的降低了仓位，减缓净值回撤的风险。    截至报告期末基金份额净值为1.360元，本报告期内基金份额净值增长率为-5.03%，同期业绩比较基准收益率为-5.79%。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.567Z","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=806888","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb0557038","date":"2022-06-29T16:00:00.000Z","stockId":3000000320017,"sao":"报告期内，富时发达市场REITs指数从年初即开始调整。主要源自美元加息预期在逐渐强化，欧美地区疫情反复，新增确诊人数暴增；但由于多国普遍认为Omicron毒性弱于delta病毒，欧美防疫措施略有收紧但未发生明显转向，此外美联储超预期鹰派，市场或更担心流动性收紧。三月份，富时发达市场REITs指数全面反弹，工业、数据中心等去年涨幅较大、估值扩张相对明显的板块出现下调；去年受疫情影响明显的办公、零售、酒店等板块则在近期防疫政策放松后获得相对收益。四月份，不动产指数在美国好坏参半的经济数据中再次快速下跌，跌幅超过20%，直到6月中旬才触底反弹。四月底，我们大幅调低了仓位，应对市场的不确定性；但是，五月份我们对通胀的程度及市场反应过于乐观，又逐步把仓位回补，未躲过六月份的进一步下跌。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.564Z","mo":"展望下半年，近期美国货币政策加快收紧或将对整体REITs形成压制。  住宅类REITs，目前新住宅库存仍偏低，开发商仍在积极新开工补库，加息使得借贷利率上行，对房屋销售压力影响逐步显现，但短期风险可控。工业及特种类REITs，经过了前期调整后板块具备中长期投资价值，可寻找产业方向明确、具成长性标的加以关注。酒店及娱乐类REITs，近期下跌明显，或受美国新增确诊人数抬升影响，美国7天平均新增确诊数本周反弹19%，但从目前就业水平看板块仍具修复空间，而且伴随夏季假期及出行高峰来临，在疫情未发生明显变化情景下仍可积极布局。在未见通胀压力和加息预期有明显改善的情况下，我们倾向于维持保守配置仓位。","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=786218","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb0557037","date":"2022-03-30T16:00:00.000Z","stockId":3000000320017,"sao":"年初以来，富时全球发达市场REITS指数伴随市场对于通胀数据的担忧及联储加息的计划而出现明显回落。这个与市场预期的随着疫情逐步过去，经济慢慢恢复，公寓、养老和办公室板块均会受益于增长的需求大相径庭。季度内，大部分细分液态板块均有所回落，仅办公室板块表现为正收益。其中特种地产板块回落的幅度最大，接近20%；零售地产和工业地产板块亦有接近两位数的回调；住宅地产板块基本持平；办公地产板块获得个位数的增长。  基金运作上，我们逐步调减工业和特种地产板块，增加办公室和公寓地产板块。    截至报告期末基金份额净值为1.659元，本报告期内基金份额净值增长率为-8.70%，同期业绩比较基准收益率为-4.11%。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.561Z","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=726745","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb0557036","date":"2021-12-30T16:00:00.000Z","stockId":3000000320017,"sao":"2021年，全球发达市场REITS基本围绕低利率+复苏逻辑单边向上运行。工业类的地产信托包括自助仓库板块、无线通信基础设施、工业地产、数据中心和零售板块等子行业领涨，接近年底，美联储减少购买债券计划落地，omicron新版病毒再出扰动，市场出现调整，其中酒店、办公室、购物中心以及公寓等受疫情防控影响较大的REITs调整幅度尤其明显；而像工业、仓储等REITs则仍维持上行趋势。进入12月后，担忧情绪有所收敛，全球发达市场REITs指数再次上行，以年内最高点收盘。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.558Z","mo":"展望2022年，我们认为发达市场的不动产信托市场会随着疫情的恢复，出租率的提升和现金流的好转，以及地产价值的提升而进一步向好。过去一年工业类地产有很好的表现，明年更多的关注在养老地产，零售地产和办公室地产板块。对于前景，我们保持积极的乐观态度。  长期来看，海外的不动产基金不失为国内投资者的理财和家庭资产配置的一个分散风险、获取相对稳定收益的工具品种，值得大家积极关注。","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=715033","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb0557035","date":"2021-09-29T16:00:00.000Z","stockId":3000000320017,"sao":"报告期内全球REITS指数先是延续了前期的上行趋势，但9月份出现调整。前期对利率水平更为敏感的住宅板块以及中长期发展趋势相对确定的数据中心、发射塔等特种REITS板块表现相对更好。但由于市场对美联储提前收紧货币政策有所担忧，使得前期累积了较多涨幅的工业、住宅、特种REITS板块出现调整。而前期受疫情反复压制的酒店、购物中心等偏出行消费等板块则在9月份跑出了相对收益。基金运作上，报告期间仍主要持有特种、工业、办公等板块，尽管正确预判美国居民出行将出现更为确定的好转，但仓位的调整相对滞后，使得基金9月的表现落后于指标业绩比较基准。截至报告期末诺安全球收益不动产（QDII）基金份额净值为1.603元，本报告期内，基金份额净值增长率为-2.26%，同期业绩比较基准收益率为0.27%。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.556Z","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=655572","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb0557034","date":"2021-06-29T16:00:00.000Z","stockId":3000000320017,"sao":"报告期内，全球REITS得益于欧美市场逐步从疫情中恢复，宽松的货币政策环境会继续存在，逐步收回去年的跌幅，富时发达市场REITS指数一季度涨7.5%，几乎回到了2020年海外疫情爆发前的高点。股价恢复最大的几个细分子行业为零售、购物中心、公寓住宅、自助仓库板块；办公楼、无线通信基础设施、工业地产等子行业次之，也获得了近10%的正收益。二季度涨幅最大的为自助仓库板块、数据中心和零售板块，涨幅均接近20%。涨幅滞后的为混合类地产、冷冻链物流。尽管市场对于通胀的担忧有所增加，我们相信流动性在近期不会有太大的改变。后续随着疫情的恢复，办公室板块会有更好的表现。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.553Z","mo":"展望下半年，市场开始担心美联储后续的流动性收缩步伐。从目前来看，市场也逐步接受通胀压力没有年初预期的大，受到全球各地陆续出现的变异病毒及疫情反复爆发的情况影响，流动性的收缩不会马上到来。房地产信托基金（REITS）的表现一般在利率环境没有发生大的预期改变的时候，都会体现出一种稳定增长的态势。","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=634694","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb0557033","stockId":3000000320017,"sao":"一季度，富时发达市场房地产指数随着海外市场的逐步复苏，维持自去年一季度以来的反弹态势，当季上扬了7.5%，几乎回到了去年海外疫情爆发前的高点。今年以来，股价恢复最大的几个细分子行业为零售、购物中心、公寓住宅、自助仓库板块；办公楼、无线通信基础设施、工业地产等子行业次之，也获得了近两位数的正收益。今年预期欧美市场将逐步从疫情中恢复，宽松的货币政策环境会继续存在，后市我们维持对于不动产基金的乐观态度。截至报告期末，诺安全球收益不动产（QDII）基金份额净值为1.507元，本报告期内，基金份额净值增长率为9.28%，同期业绩比较基准收益率为8.28%。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.549Z","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=572448","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb0557032","stockId":3000000320017,"sao":"一季度，全球受新冠疫情影响冲击，各国经济遭受严重影响，但各国及时出台货币政策及财政政策应对以尽可能维持经济稳定；基金投资在一季度疫情爆发初期主动下降仓位，并转而配置了美国基建、数据中心等与受经济相关较弱、又有较强发展潜力的板块。二季度全球经济逐渐从疫情影响下走出，全球制造业PMI从5月开始回升，资本市场的运行主要围绕复工复产开展，但REITS回升幅度较股票市场弱，相比年初仍下跌了约20%。二季度随着经济复工，仓位向工业、办公等板块偏移。三季度，全球发达市场REITS指数基本持平。季度内基金适当减持医疗、仓库等涨幅可观的子行业，关注办公、酒店、商场等子行业的恢复机会。四季度，富时发达市场房地产指数在十月底由于白宫放弃大选前推出刺激方案，并且美国十月的消费信心指数回落，指数有所下调。十一月份，大选局势逐步明朗，市场气氛逐步乐观，指数陆续走高，接近下半年指数的高位收盘，结束了2020年。基金全年操作基本上在各细分子行业进行局部调仓。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.546Z","mo":"展望2021年，欧美市场走入复苏阶段，全球货币政策仍将维持宽松。不动产信托基金（REITs）作为具有稳定租金收入和长期分红特征的另类资产，在经济后周期中相比其他资产拥有更高吸引力，并且目前持续的宽松货币政策有利于REITs。在复工复产逻辑延续下，工业、办公等板块继续值得关注，同时美国疫情已出现缓和地区可增加关注零售、公寓；5G建设也将成为美国发展重点，基建、数据中心等未来具有较强潜力的板块值得长期布局。我们维持审慎乐观态度。","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=559550","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb0557031","stockId":3000000320017,"sao":"随着二季度全球经济逐渐从疫情中恢复，整个三季度，发达市场的不动产指数基本上处于盘整状态；在季度末受到欧美的疫情二次爆发急挫后重新逐步攀升。全季度来看，全球发达市场REITS指数基本持平。季度内基金适当减持医疗、仓库等涨幅可观的子行业，关注办公、酒店、商场等子行业的恢复机会。展望四季度，美国总统大选、地缘政治事件、欧美疫情的反复以及可能的长期化、疫苗的延迟推出等因素可能会给市场带来一些波动。但总体来说，美国经济数据相对上半年还是逐步向好。我们维持对四季度审慎乐观态度。截至报告期末,本基金份额净值为1.330元。本报告期基金份额净值增长率为-4.52%,同期业绩比较基准收益率为-2.16%。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.544Z","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=490897","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed52e7fea5b3eb0557030","stockId":3000000320017,"sao":"报告期内，全球先是受新冠疫情影响冲击，各国经济遭受严重影响，但各国及时出台货币政策及财政政策应对以尽可能维持经济稳定；二季度全球经济逐渐从疫情影响下走出，全球制造业PMI从5月开始回升，资本市场的运行主要围绕复工复产开展，但REITS回升幅度较股票市场弱，相比年初仍下跌了约20%。基金投资在一季度疫情爆发初期主动下降仓位，并转而配置了美国基建、数据中心等与经济相关较弱、又有较强发展潜力的板块；二季度随着经济复工，仓位向工业、办公等板块偏移。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:58.541Z","mo":"展望下半年，全球宏观经济增速相比上半年好转，疫情仍会扰动经济重启的节奏及力度，在此背景下，全球货币政策仍将维持宽松，并不断地出台各种刺激经济的财政方案至疫情对经济的影响逐渐消退。不动产信托基金（REITs）作为具有稳定租金收入和长期分红特征的另类资产，在经济后周期中相比其他资产拥有更高吸引力，并且目前持续的宽松货币政策有利于REITs。在复工复产逻辑延续下，工业、办公等板块继续值得关注，同时美国疫情已出现缓和地区可增加关注零售、公寓；5G建设也将成为美国发展重点，基建、数据中心等未来具有较强潜力的板块值得长期布局。","fund":{"_id":3000000320017,"__csrcFundId":3115,"stockCode":"320017","name":"诺安全球收益不动产证券投资基金","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":320017,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-05-01T07:13:45.284Z","status":"normal","exchange":"jj","shortName":"诺安全球收益不动产（QDII）(320017)","inceptionDate":"2011-09-22T16:00:00.000Z","followedNum":12,"fundCollectionId":4000050330000,"currency":"CNY","masterFundShortName":"诺安全球收益不动产（QDII）","pinyin":"naqqsybdczqtzjj","managers":[{"stockCode":"db20891057","stockType":"fund_manager","exchange":"fm","tickerId":2003229000,"name":"唐晨"}]},"announcement":{"linkText":"诺安全球收益不动产证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=461168","linkType":"PDF","source":"csrc_pdf"}}]}