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作上，我们根据经济走势，对长期利率债券进行了积极的波段操作，获取了稳定的投资收益，但因债券久期没能长期保持“长久期”的状态，也错过了一些机会。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:36.527Z","mo":"展望2025年的权益市场，发展新质生产力不仅成为自上而下的政策主张，也体现为自下而上的自发愿望，各种新兴产业成为了经济发展的新动力，从而为市场提供了丰富的投资机会，特别是AI、机器人、智能驾驶、国产芯片、消费电子、新能源汽车等相关产业的机会将此起彼伏。同时，在国家鼓励上市公司加大分红回馈投资者的政策引导下，稳定分红的上市公司依然具有显著的投资机会。因此在操作上，我们将秉承科技+分红的哑铃型策略，努力为投资者创造良好的投资收益。债券方面，收益率处于历史新低，国内外债券利差较大，给人民币汇率的稳定带来一定的压力。为了防止汇率过度贬值，国内债券利率应该不能过低，因此国内债券利率下降空间有限。另一方面，国内“稳经济”的政策力度还不能放松，资金面还要保持宽松状态，所以债券市场也不会有系统风险。总之，预计未来债券市场将会进入一个较大波动的时期，整体上谨慎乐观，操作上应保持灵活的态度。","fund":{"_id":3000000050007,"stockCode":"050007","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2006-04-17T16:00:00.000Z","setUpScale":2364020000,"market":"a","tickerId":50007,"custody":"中国工商银行股份有限公司","name":"博时平衡配置混合型证券投资基金","shortName":"博时平衡配置混合","fundSecondLevel":"hybrid","__csrcFundId":90,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.665Z","masterFundFlag":1,"inceptionDate":"2006-05-30T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时平衡配置混合","pinyin":"bsphpzhhxzqtzjj","managers":[{"stockCode":"8801401753","stockType":"fund_manager","exchange":"fm","tickerId":191906150120,"name":"孙少锋"}]},"announcement":{"linkText":"博时平衡配置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=1251836","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4287fea5b3eb0545586","date":"2024-09-29T16:00:00.000Z","stockId":3000000050007,"sao":"三季度权益市场先抑后扬，特别是在三季度末，国家出台了一系列政策组合拳，市场出现了强势反弹。国家的政策组合拳既包括了对证券市场的流动性支持，也包括了对经济各个层面的全面支持。基于对政策发力和经济稳中向好的预期以及对高质量发展的信心，市场的顺周期板块和科技成长板块在季度末出现普涨行情。在操作层面，我们在三季度末显著增加了权益仓位，组合净值有所上涨。债券方面，2024年三季度上半段，国内各项稳定经济的政策还处在酝酿期，政策效果暂时没有显现，债券市场保持一个平稳向上的格局，超长债的到期收益率连创新低。在9.26政治局会议上，地产政策大幅放开，其它稳定经济的政策也加快出台。受此影响，权益市场大幅上涨，债券市场转向调整。债券操作方面，在三季度我们适度拉长了债券组合久期，但在9.26会议之后，又将久期逐渐恢复至中性水平。展望未来，权益市场在经过了前期快速上涨后，市场预计会等待政策的进一步落地以及经济基本面进一步向好的证据。在此期间，市场可能会从急涨变为缓涨，市场的结构和个股也可能出现分化，但整体市场仍将趋于活跃，市场机会仍然会此起彼伏。操作上，我们将维持中高仓位，积极把握市场中的阶段性和结构性机会。债券方面，随着各项稳定经济政策的出台，国内经济的数据将会有所好转，风险偏好将可能会回升。鉴于此，债券方面将继续保持中性久期，以持有到期为主，未来再根据政策变化及时调整操作策略。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:36.525Z","fund":{"_id":3000000050007,"stockCode":"050007","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2006-04-17T16:00:00.000Z","setUpScale":2364020000,"market":"a","tickerId":50007,"custody":"中国工商银行股份有限公司","name":"博时平衡配置混合型证券投资基金","shortName":"博时平衡配置混合","fundSecondLevel":"hybrid","__csrcFundId":90,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.665Z","masterFundFlag":1,"inceptionDate":"2006-05-30T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时平衡配置混合","pinyin":"bsphpzhhxzqtzjj","managers":[{"stockCode":"8801401753","stockType":"fund_manager","exchange":"fm","tickerId":191906150120,"name":"孙少锋"}]},"announcement":{"linkText":"博时平衡配置混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1172690","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4287fea5b3eb0545585","date":"2024-06-29T16:00:00.000Z","stockId":3000000050007,"sao":"2024年上半年，权益市场整体微幅收低。从节奏上看，一季度，政策托底化解了当时的流动性危机，市场出现了阶段性良好的上涨态势；二季度市场再次出现信心缺乏的情况，市场再次回落。 从结构上看，红利板块整体表现较好，尽管二季度红利板块内部也有所分化，但整个上半年仍是市场少有的亮点。从基本面来看，国内经济温和增长，但信贷数据偏弱，金融数据不及预期，房地产板块依然有所压制，消费板块整体出现显著下跌。我们整体仓位中性，适度参与了红利资产，结构整体均衡。债券方面，2024年上半年国内经济继续受到地产和基建的拖累而走弱，政府专项债发行速度低于预期，M1出现少见的负增长，银行的存贷利率不断下调，债券各期限收益率也大幅下降，平均下降幅度在30-50BP。根据市场变化，我们提高了债券整体仓位，同时，增加了中长期利率债的配置力度，择机进行了利率债的波段操作。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:36.522Z","mo":"展望下半年，股票方面，国内国外两个因素决定了市场的表现。国内方面，一看房价能否企稳回升，这对国内风险偏好和市场信心影响巨大；二看财政政策，中央政府加杠杆的力度决定了后续宽信用向上的弹性，因此国内经济基本面和政策力度决定了市场的内在上涨动能。国际方面，如果美联储失业率或通胀回落超预期带来美联储降息预期加强则有利于国内货币政策进一步宽松并进而有利于股市的表现。操作上，我们维持中性仓位并密切关注以上变量的变化。债券方面：随着三中全会的召开，国内各项改革的深化，之前地产政策松动以及专项债提速发行后叠加的影响，国内经济有可能会企稳。与此同时，9月份有可能迎来美联储的首次降息，国际环境对我国汇率的制约将有所缓解，我国利率自主性将有所提高。在上述综合影响下，国内债券中长端利率可能还会小幅下行，但向下的空间不大。相对来说，中短端利率的下降空间预计要大一些。操作上，我们将持券待涨，并根据未来经济政策变化对组合进行调整。","fund":{"_id":3000000050007,"stockCode":"050007","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2006-04-17T16:00:00.000Z","setUpScale":2364020000,"market":"a","tickerId":50007,"custody":"中国工商银行股份有限公司","name":"博时平衡配置混合型证券投资基金","shortName":"博时平衡配置混合","fundSecondLevel":"hybrid","__csrcFundId":90,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.665Z","masterFundFlag":1,"inceptionDate":"2006-05-30T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时平衡配置混合","pinyin":"bsphpzhhxzqtzjj","managers":[{"stockCode":"8801401753","stockType":"fund_manager","exchange":"fm","tickerId":191906150120,"name":"孙少锋"}]},"announcement":{"linkText":"博时平衡配置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=1144798","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4287fea5b3eb0545584","date":"2024-03-30T16:00:00.000Z","stockId":3000000050007,"sao":"2024年一季度，国内的风险偏好出现一个先抑后扬的格局。年初时国内地产数据持续恶化，一些大型房企出现财务困难，权益市场不断下跌又引发量化产品爆雷，投资者对宏观经济的预期下滑至低点。对此，银行不断下调存款利率，MLF与LPR利率随之下调，债券市场涨势不断。之后，“两会“提出今年GDP增长目标为5%，同时房地产政策方面不断出现微调，投资者信心有所恢复，股票回升，债券出现小幅调整。在上半年操作中，债券部分，本组合继续以中高等级信用债为底仓，进行利率债的波段操作，获取了稳定收益；股票部分，整体维持了中性仓位，结构上以消费、医药等为底仓，适度参加了稳健的高分红品种以及高beta的TMT行业的阶段性机会。展望下一阶段，6、7月份将迎来美联储降息的时间窗口，人民币汇率压力将会减小，国内中短期债券利率下行的制约也将有所缓解，另一方面，虽然当前房地产政策出现松动迹象，政府也出台了多项促消费、稳增长的措施，但国内的贷款增速、社融增速、货币供应量增速尚未有起色，因此二季度国内宏观基本面将存在较大的变数。反应到资本市场上，投资者的风险偏好有可能会收缩，债券市场应没有大的系统性风险。由于债券在前半年时间已涨幅较大，二季度可能处在消化前期涨幅的整理当中，上下趋势应不明显。债券操作上应相机决策，根据宏观面变化来调整债券投资策略。权益方面，我们也将根据宏观的变化相机决策，在宏观经济没有出现显著的超预期或低于预期趋势之前，我们预计市场将维持震荡，在此背景下，我们将以把握个股机会为主。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:36.519Z","fund":{"_id":3000000050007,"stockCode":"050007","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2006-04-17T16:00:00.000Z","setUpScale":2364020000,"market":"a","tickerId":50007,"custody":"中国工商银行股份有限公司","name":"博时平衡配置混合型证券投资基金","shortName":"博时平衡配置混合","fundSecondLevel":"hybrid","__csrcFundId":90,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.665Z","masterFundFlag":1,"inceptionDate":"2006-05-30T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时平衡配置混合","pinyin":"bsphpzhhxzqtzjj","managers":[{"stockCode":"8801401753","stockType":"fund_manager","exchange":"fm","tickerId":191906150120,"name":"孙少锋"}]},"announcement":{"linkText":"博时平衡配置混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1070695","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4287fea5b3eb0545583","date":"2023-12-30T16:00:00.000Z","stockId":3000000050007,"sao":"2023年，国内经济在1-2月份呈复苏态势，但进入3月之后复苏的进展和幅度均低于预期，因此权益市场虽然年初呈现出了较好的反弹格局，但全年走势较为疲弱。上证指数全年下跌3.7%，创业板下跌了17.98%和19.41%；相对而言，随着债券的走牛，股票中的高分红板块表现较为突出。在操作上，我们整体维持了中性仓位并适当参与了高分红板块，组合净值有所损失。债券方面，年初的强预期遇上弱现实。在出口下行、房地产下行、人民币贬值、美元加息等背景下，全年债券市场呈现慢牛走势，10年期国债利率下行幅度接近30BP，三年期AAA信用债利率下降了40BP左右。2023年四季度迎来基金成立的日子，组合以中低久期、高等级的信用债为底仓，并以少量仓位参与超长久期利率债的波段操作，力争为组合提供稳健收益。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:36.516Z","mo":"展望2024年，经过两年多的调整，权益市场整体估值已经处于较低位置，这反映了市场对于经济长期增速下行的担心，市场尤其担心房地产下行后整个宏观经济增速出现较大回落。我们认为，当前实际的经济增速并未如市场所担心的那样出现大幅下行，而事实上，中国的新兴产业增长正在抵消传统产业的影响，因此虽然过高的增长速度不现实，但是稳健的经济增长依然是可期的。此外，资本市场在国家经济发展中的重要地位并非发生改变，因此我们相信2024年的政策将逐渐由“救股市”到“救经济”，经济预计在下半年也将企稳，因此2024年极有可能是牛熊转换的一年。在操作上，我们不会贸然加仓，但也不会放弃机会。因此我们将总体保持中性仓位，积极把握结构性机会。当前在股债价值对比中，债券价值处于历史低点附近，市场参与机构对经济的悲观预期已较多反应在债券价格当中。当前债券的长期配置价值已较低，更多只是作为一个投机的工具。但不等于说全年债券市场就没有机会，因为经济也存在继续低于预期的可能，预计未来债券市场的波动幅度应会加大。操作中，将根据宏观经济数据和债券主体基本面的变化及时调整持仓，回避组合的信用和利率风险。","fund":{"_id":3000000050007,"stockCode":"050007","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2006-04-17T16:00:00.000Z","setUpScale":2364020000,"market":"a","tickerId":50007,"custody":"中国工商银行股份有限公司","name":"博时平衡配置混合型证券投资基金","shortName":"博时平衡配置混合","fundSecondLevel":"hybrid","__csrcFundId":90,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.665Z","masterFundFlag":1,"inceptionDate":"2006-05-30T16:00:00.000Z","fundCollectionId":4000050050000,"cu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化工、电力设备等板块的波段性的机会。债券操作这块，我们还是坚持以票息策略为主。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:36.510Z","mo":"下一阶段，在经过7月底的政治局经济定调后，将会迎来国内经济托底政策的密集出台，投资者对国内经济企稳上行的预期将会增强，再考虑到当前股债价值对比明显偏向于股票，在政策密集出台时期债券的走势可能会比较有压力。因此，在未来一段时间里，我们将积极参与股票和可转债的机会，特别是积极参与顺周期行业的可操作时间窗口；债券投资方面我们的操作上则将更加注重防守。","fund":{"_id":3000000050007,"stockCode":"050007","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2006-04-17T16:00:00.000Z","setUpScale":2364020000,"market":"a","tickerId":50007,"custody":"中国工商银行股份有限公司","name":"博时平衡配置混合型证券投资基金","shortName":"博时平衡配置混合","fundSecondLevel":"hybrid","__csrcFundId":90,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.665Z","masterFundFlag":1,"inceptionDate":"2006-05-30T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时平衡配置混合","pinyin":"bsphpzhhxzqtzjj","managers":[{"stockCode":"8801401753","stockType":"fund_manager","exchange":"fm","tickerId":191906150120,"name":"孙少锋"}]},"announcement":{"linkText":"博时平衡配置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=962305","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4287fea5b3eb0545580","date":"2023-03-30T16:00:00.000Z","stockId":3000000050007,"sao":"权益方面：进入2023年，国内疫情防控彻底放开，抑制经济的枷锁得以解除，国内经济活力明显得到释放。同时，经过2022年一年的调整，国内权益市场的估值普遍较低，股债价值比较更有利于权益，因此国内权益市场开始出现触底回升的态势，“数字中国”、“中特估”、“chatgpt”等各种主题也让市场更加活跃，板块轮动的频率几乎达到历史高位。国际上，欧美的物价居高不下，市场机构对美联储的加息次数预期有所增加，美元指数的波动也进一点引发了全球风险偏好的大幅波动。一季度末，欧美出现的银行危机，也给市场带来的一些扰动。操作上，我们主要以确定性价值成长股为主，主题投资方面少量进行了参与。债券方面，一季度债券市场呈现小幅波动，上下的幅度均很小，交易的难度增加。对于组合中的信用债、利率债方面的投资还是以持有策略为主，操作较少，更多的操作重心偏向转债波段操作，以期分享权益市场上涨的红利。权益方面：由于今年美联储将会在年中左右停止加息，美元大概率见顶回落。根据历史经验，每当美元走弱之时，人民币汇率会升，国内股票市场整体会表现较好，因此后续依然会积极进行权益的操作，以稳定的价值成长类股票为底仓，适当参与主题投资机会。债券方面：组合将增加转债这块的投资力度，板块品种上趋于均衡，风格上更倾向于平衡类和偏股类转债，力争增强组合的收益。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:36.507Z","fund":{"_id":3000000050007,"stockCode":"050007","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2006-04-17T16:00:00.000Z","setUpScale":2364020000,"market":"a","tickerId":50007,"custody":"中国工商银行股份有限公司","name":"博时平衡配置混合型证券投资基金","shortName":"博时平衡配置混合","fundSecondLevel":"hybrid","__csrcFundId":90,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.665Z","masterFundFlag":1,"inceptionDate":"2006-05-30T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时平衡配置混合","pinyin":"bsphpzhhxzqtzjj","managers":[{"stockCode":"8801401753","stockType":"fund_manager","exchange":"fm","tickerId":191906150120,"name":"孙少锋"}]},"announcement":{"linkText":"博时平衡配置混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=887350","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4287fea5b3eb054557f","date":"2022-12-30T16:00:00.000Z","stockId":3000000050007,"sao":"2022年，影响国内资本市场的主要因素有四个方面：一是美国进入快速加息通道，美元大幅升值，极大抑制了当年全球风险资产的表现；二是国内新冠疫情频发，对国内经济造成较大的冲击；三是中美关系较为紧张，国内不少依靠国外技术和零件的高科技行业受到影响；四是地产行业在“三条红线”政策的约束下，出现了深度调整，进而引发整个地产链的相关行业的调整。以上这四个方面导致了国内权益市场与债券市场均表现不佳，沪深300指数全年下跌21.6%，10年国债全年上升5BP左右，权益与债券两类资产均缺乏好的投资机会。权益投资上我们在上半年主要参与了二季度的翻转行情，且主要参与了汽车、光伏行业的底部翻转，适当参与了疫情放松主题；下半年投资上相对谨慎，因此就全年来看，在权益市场总体偏弱的情况下，控制了权益的下行风险，体现了我们在投资上攻守兼备的原则。债券投资策略上更注重防守。全年均与中短久期债券为底仓，为组合贡献了收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:36.504Z","mo":"新的一年，国内资本市场将迎来较多的机会，“股强债弱”可能是未来一段时间的博弈结果：美联储的加息周期接近尾声，美元见顶回落有益于风险资产；新冠疫情对经济的负面影响已过了高峰期，未来将迎来经济的自然修复；新一届政府上台，“稳经济”各项政策进入发力期，国内经济企稳回升可期。当然，期间也会面临一些新的挑战，比如“俄乌冲突”有可能恶化、美欧央行的连续加息有可能引爆其国内的权益市场和债务、疫情的再次爆发、国内新一届政府出台的政策力度有可能低于预期等等，这些影响因素均需要我们在实际操作中小心应对。操作上：权益上，我们在2023年总体会比2022年更加积极，主要是对政策面充满信心，同时对疫情放松后的经济复苏持乐观态度，因此全年权益中枢将明显高于2022年。结构上，总体上积极把握顺周期方向，不过在市场预期过高时在结构上也积极参与其他板块如成长板块的阶段性和个股机会。债券方面，下一阶段应继续持有中短久期债券，积极布局转债，力争为组合增厚收益。","fund":{"_id":3000000050007,"stockCode":"050007","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2006-04-17T16:00:00.000Z","setUpScale":2364020000,"market":"a","tickerId":50007,"custody":"中国工商银行股份有限公司","name":"博时平衡配置混合型证券投资基金","shortName":"博时平衡配置混合","fundSecondLevel":"hybrid","__csrcFundId":90,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.665Z","masterFundFlag":1,"inceptionDate":"2006-05-30T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时平衡配置混合","pinyin":"bsphpzhhxzqtzjj","managers":[{"stockCode":"8801401753","stockType":"fund_manager","exchange":"fm","tickerId":191906150120,"name":"孙少锋"}]},"announcement":{"linkText":"博时平衡配置混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=865024","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4287fea5b3eb054557e","date":"2022-09-29T16:00:00.000Z","stockId":3000000050007,"sao":"一、 本阶段基金运作情况股票方面：2022年三季度，A股市场出现了显著的调整，主要原因包括以下几点，第一是外围市场紧缩预期进一步增强，这主要是由于美国通胀水平居高不下，因此美联储持续释放鹰派信息，美国大幅加息的持续时间远超之前的预期；第二是国内以地产为代表的传统行业持续低迷，尽管各地出台了一定的放松政策，但地产成交量持续萎缩，这压制了宏观经济的表现；第三是疫情反复，疫情本身及相关防控政策对消费及整体经济都产生一些负面影响；第四是国庆长假效应及大会效应，市场观望情绪浓厚。操作上，我们在操作上整体维持均衡配置，并小幅降低了权益的仓位。债券方面：2022年三季度，国内经济恢复程度远低于预期，新冠疫情始终得不到根本控制，导致国内消费与生产都大受影响。虽然央行在8月份下调MLF利率，以及各地不断小幅松动地产政策，但由于国内多数加杠杆主体的缺失，已出台的各项“稳经济政策”均未产生明显效果。在国际上，俄乌冲突加剧，欧洲能源危机突显美元的避险作用，美元大幅走强，人民币汇率大幅走弱，国内权益市场出现明显调整。相对而言，国内债券市场受益于央行的宽松政策而出现小幅上涨行情。二、下一阶段展望股票方面：展望四季度，我们预计市场将处于探底过程中。首先，随着美联储加息持续，美国进入衰退的概率将逐渐增加，一旦衰退预期成立，美联储加息的节奏将有所放缓，强势美元很可能将会出现拐点；第二，国内大会之后，地方政府的疫情管控力度有望边际减弱，地方政府的积极性有望增加；第三，随着地方地产政策的逐步实施，地产成交有望出现边际改善。不过为了防止市场下跌过程中的尾部风险，我们不会很快加仓，但会保持更加积极的研究以便在市场出现机会时能够更积极地操作。债券方面：10月份将迎来二十大的召开，会后各项“稳经济政策”落地的速度将会加快，经济企稳回升的可能性很大，宏观基本面对权益市场应是较为友好的。这就为国内转债提供了良好的上涨契机，个券投资机会应该还是很多，因此在下半年我们还是会较为积极参与转债投资。同时，当前常规债券的票息处于历史低位，整体还是保持中低久期，适时进行利率的波段操作。值得注意的是，若四季度出现俄乌冲突恶化的情况，美元的强势有可能会持续，这将对国内的转债市场带来负面冲击，四季度的转债投资还是要阶段性注意控制回撤。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:36.501Z","fund":{"_id":3000000050007,"stockCode":"050007","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2006-04-17T16:00:00.000Z","setUpScale":2364020000,"market":"a","tickerId":50007,"custody":"中国工商银行股份有限公司","name":"博时平衡配置混合型证券投资基金","shortName":"博时平衡配置混合","fundSecondLevel":"hybrid","__csrcFundId":90,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.665Z","masterFundFlag":1,"inceptionDate":"2006-05-30T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时平衡配置混合","pinyin":"bsphpzhhxzqtzjj","managers":[{"stockCode":"8801401753","stockType":"fund_manager","exchange":"fm","tickerId":191906150120,"name":"孙少锋"}]},"announcement":{"linkText":"博时平衡配置混合型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=805686","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4287fea5b3eb054557d","date":"2022-06-29T16:00:00.000Z","stockId":3000000050007,"sao":"市场回顾：权益方面：市场整体先抑后扬，前期市场持续下跌，主要是受到美联储加息和缩表、国内疫情、俄乌冲突等多钟因素影响。进入四月底，随着美联储十年国债利率阶段见顶以及中国国内疫情得到缓解，市场开启了显著的反弹。反弹的主线集中在之前估值受压的成长板块以及疫情压制的消费和出行板块。操作上：我们阶段性较多的参与了消费股的疫情修复行情、部分参与了成长股的反弹行情，组合净值有所反弹。债券方面：2022年上半年，国内经济环境主要围绕着疫情的爆发与逐步消退、俄乌冲突、国际通胀加剧、美联储快速加息等重大事件展开，同时，伴随着房地产行业的整顿，国内房地产相关产业链受到严重冲击，二季度国内经济增长一度回落至零增长水平附近。受此影响，股票市场经历了先抑后扬的格局，分水岭就是3-4月份上海疫情得到控制，前期受到炒作的赛道股也同样经历了暴跌再反弹的情况。相比之下，债券市场在上半年波动较小，整体利率水平在30-40BP的区间窄幅波动。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:36.499Z","mo":"市场展望：权益方面：我们认为市场将呈现二次筑底带来的阶段性和结构性机会。经过5、6月份的大幅反弹，市场对各行业基本面均有了较为充分的预期，但是实体经济的复苏并非一蹴而就。成长股方面，新能源车、整车、汽车零部件、光伏、储能、军工等诸多赛道处于产业趋势和产业景气过程中，但由于二季度末整体上涨较多，因此需要基本面进一步超出市场预期的难度有所增大，不过好在这些行业整体趋势向好，因此依然可以把握成长类行业的阶段和个股机会。从价值来看，虽然断供等负面因素对销量产生了影响，但是我们也要看到疫情的影响确实有边际趋弱的迹象，因此实体经济仍然会有所恢复，这种恢复叠加之前的政策努力会使得经济处于缓慢的复苏进程中。因此操作上，我们将维持中性仓位，把握成长与价值两个方向的阶段性和结构性机会。债券方面：下半年将有二十大召开，各方面均以稳为主，大概率不会出台大规模刺激政策。但这对承受了两年多疫情折磨的国内经济而言，力度是不够的。仅靠小规模拉动基建等举措难以扭转国内经济运行的疲态，国内经济增长更大可能只是低位企稳而不是明显反弹。这样一来，国内利率上行的空间有限，国内利率还会是呈现一个低位徘徊的格局，债券投资暂时还不会出现系统性风险。因此在利率债投资方面，可积极考虑小幅拉长久期的操作，待经济数据出现明显好转之际再选择防守操作。此外，下半年疫情应是一个逐步好转的态势，国内诸多行业会出现明显疫情后的修复走势，同时国内“稳增长”的措施一直在实施，这就为国内转债投资提供了良好的上涨契机，个券投资机会应该还是很多，因此在下半年我们还是会积极参与转债投资。","fund":{"_id":3000000050007,"stockCode":"050007","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2006-04-17T16:00:00.000Z","setUpScale":2364020000,"market":"a","tickerId":50007,"custody":"中国工商银行股份有限公司","name":"博时平衡配置混合型证券投资基金","shortName":"博时平衡配置混合","fundSecondLevel":"hybrid","__csrcFundId":90,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.665Z","masterFundFlag":1,"inceptionDate":"2006-05-30T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时平衡配置混合","pinyin":"bsphpzhhxzqtzjj","managers":[{"stockCode":"8801401753","stockType":"fund_manager","exchange":"fm","tickerId":191906150120,"name":"孙少锋"}]},"announcement":{"linkText":"博时平衡配置混合型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=785628","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4287fea5b3eb054557c","date":"2022-03-30T16:00:00.000Z","stockId":3000000050007,"sao":"进入2022年一季度，影响市场的各种因素趋于复杂，一方面是国外滞胀环境特征明显，欧美央行都在计划大力收紧流动性和提高利率，不断上扬的外围利率对国内利率下行带来制约；另一方面，国内疫情未见明显好转，深圳、上海等重要城市爆发疫情均给当地经济增长带来明显负面冲击，当地小微企业与民企生存环境恶化，导致国内一季度GDP增长有可能不及预期，疲弱的经济增长对利率又是呈现下拉的作用。在这些复杂的多空因素作用下，市场一季度出现了明显的下跌，其中以高估值行业下跌尤为明显，特别是新能源车、光伏、军工等赛道股出现显著回调。操作上，我们总体维持了中性的仓位，但由于市场风险相对较大，因此组合也出现了一定的回撤。展望下阶段：下阶段主要影响因素依然是四个：美联储紧缩、稳增长、俄乌战争和国内疫情。在这四个因素中，我们认为二季度美联储紧缩仍然偏负面，但是我们相信稳增长一定会看到效果，我们也相信俄乌战争必然会有一个结论，同时国内的疫情防疫最艰难的时候也会过去，因此我们认为二季度市场存在波段性机会。首先在四月份市场存在反弹的窗口，主要是俄务战争边际缓解，同时国内疫情预计仍然可控；但五月份以后，市场将重回弱势，这主要是因为美联储5月份将再次召开议息会议，外围市场承压，如果5月份美联储加息较快且市场反应激烈，叠加稳增长逐渐取得成效，不排除市场在二季度末或三季度将迎来中期反弹，那时或是获得全年收益的最佳时点。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:36.496Z","fund":{"_id":3000000050007,"stockCode":"050007","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2006-04-17T16:00:00.000Z","setUpScale":2364020000,"market":"a","tickerId":50007,"custody":"中国工商银行股份有限公司","name":"博时平衡配置混合型证券投资基金","shortName":"博时平衡配置混合","fundSecondLevel":"hybrid","__csrcFundId":90,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.665Z","masterFundFlag":1,"inceptionDate":"2006-05-30T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时平衡配置混合","pinyin":"bsphpzhhxzqtzjj","managers":[{"stockCode":"8801401753","stockType":"fund_manager","exchange":"fm","tickerId":191906150120,"name":"孙少锋"}]},"announcement":{"linkText":"博时平衡配置混合型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=725169","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4287fea5b3eb054557b","date":"2021-12-30T16:00:00.000Z","stockId":3000000050007,"sao":"股票方面：2021年全年，国内政策经历了从“紧信用、稳货币”过渡到“宽信用、宽货币”的政策变化。权益市场呈现出显著地结构性特征，新兴成长赛道获得较大正收益，而以白酒为代表的传统蓝筹股整体走弱。操作上，我们坚持绝对收益的投资思路，强调回撤控制。在上半年，组合由于消费股占较高表现较弱，下半年，我们适度参与了成长股的机会，并参与了消费股的反弹，全年最终取得了一定的正收益。 债券方面：2021年全年，国内政策经历了从“紧信用、稳货币”过渡到“宽信用、宽货币”的政策变化。上半年，在紧信用的政策基调下，地产政策收紧，地方政府发债受到严控。地产公司债券出现大量违约，地产链上的各个行业均受到影响，同时，国内经济又叠加了“培训机构双减、碳减排与能耗双控”的运动，国内经济不堪重负，一路下行。此外，国内疫情没有得到根除，时不时在某地爆发，也加重了经济回调的压力。为了稳定经济增长与促进就业，央行在四季度开始降准和降息，地方政府债加速发行，稳增长措施开始实施。在这种背景下，全年债券市场出现了一轮小牛市，中长端利率下行幅度大约在50BP左右。操作上，我们采取了稳健的操作思路并以争取获取稳定的静态收益为主要目标。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:36.491Z","mo":"股票方面：下一阶段， “稳增长”的举措开始形成实物工作量，社会融资规模与贷款增速有望小幅反弹，宏观政策将会转向“宽货币与宽信用”的组合。展望2022年权益市场，市场连续几年上涨后积累了较大回撤风险，同时美国将开启加息进程，这成为制约全球风险资产表现的重要因素。操作上，我们一方面继续把握消费和成长赛道的机会，另一方面注意挖掘灰马，适当增加灰马的比例，使得组合呈现热门赛道与冷门赛道相结合的持仓结构，力争在全年获得良好的收益。 债券方面：市场流动性并不缺乏，市场机构对国内经济增速低位企稳的预期增强，转债市场结构性行情还将持续。但值得警惕的是，经过两年多的炒作，大多数转债的估值也处于历史高位，市场进入调整或者宽幅震荡的概率较大。具体操作上，将根据经济回稳情况，及时调整债券组合久期。","fund":{"_id":3000000050007,"stockCode":"050007","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2006-04-17T16:00:00.000Z","setUpScale":2364020000,"market":"a","tickerId":50007,"custody":"中国工商银行股份有限公司","name":"博时平衡配置混合型证券投资基金","shortName":"博时平衡配置混合","fundSecondLevel":"hybrid","__csrcFundId":90,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.665Z","masterFundFlag":1,"inceptionDate":"2006-05-30T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时平衡配置混合","pinyin":"bsphpzhhxzqtzjj","managers":[{"stockCode":"8801401753","stockType":"fund_manager","exchange":"fm","tickerId":191906150120,"name":"孙少锋"}]},"announcement":{"linkText":"博时平衡配置混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=709482","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4287fea5b3eb054557a","date":"2021-09-29T16:00:00.000Z","stockId":3000000050007,"sao":"股票部分：7-8月份，成长股维持了二季度的强势局面，核心资产普遍下跌；9月份，市场风格发生变化，成长股显著调整。分析背后的原因，一是政府将今年下半年调控重心放在了防风险和调结构上，再加上“能耗双控”政策、地产行业“三条红线”的严格执行，宏观环境进入“紧信用”的格局；二是受到美联储紧缩预期以及国内经济下行影响，市场风险偏好显著下降。操作上，我们以消费和科技为底仓，整体仓位变化不大。下一阶段，国内经济面临较大的下滑可能,因此存在政策放松的可能；但另一方面，全球通胀较高，美联储在下半年也有可能出台减小购债的紧缩措施,因此市场将处于震荡阶段。操作上，我们将坚持中性仓位，在消费和科技领域优选个股。债券部分：3季度以来在7月超预期降准的带动下，收益率在7月出现30左右的下行，而在8月以来债市整体呈现震荡格局。从基本面来看，随着出口动力的减弱、以及在地产骤冷的影响下，后续基本面面临内外需共振的下滑压力，预计这一过程会持续到明年上半年。在基本面支撑下，收益率的上行空间被压制，但考虑到降准之后市场已经比较充分地提前反应了对基本面和流动性的预期，在当前位置下我们判断收益率进一步大幅下行的可能性不大。而在基本面压力逐步显现的同时，可以预见到4季度到明年上半年逐步会看到政策对冲的信号出现。因此从这个角度看，我们认为当前债市已经比较充分地反应了基本面和货币政策的利好，而对于后续的政策对冲和逐步开始边际宽信用还缺乏定价。从这个角度看，我们认为在未来一段时间债市收益率会在底部区间继续震荡，而随着年底到明年上半年宽信用的逐步展开，收益率有一定程度的上行压力。基于此，我们在久期上会比较灵活而不会大幅拉长久期，同时在信用债配置上继续严控相关信用风险。转债上，我们认为当前情况下转债性价比较低，需要等待市场给出性价比更好的时点。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:36.488Z","fund":{"_id":3000000050007,"stockCode":"050007","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2006-04-17T16:00:00.000Z","setUpScale":2364020000,"market":"a","tickerId":50007,"custody":"中国工商银行股份有限公司","name":"博时平衡配置混合型证券投资基金","shortName":"博时平衡配置混合","fundSecondLevel":"hybrid","__csrcFundId":90,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.665Z","masterFundFlag":1,"inceptionDate":"2006-05-30T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时平衡配置混合","pinyin":"bsphpzhhxzqtzjj","managers":[{"stockCode":"8801401753","stockType":"fund_manager","exchange":"fm","tickerId":191906150120,"name":"孙少锋"}]},"announcement":{"linkText":"博时平衡配置混合型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=654180","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4287fea5b3eb0545579","date":"2021-06-29T16:00:00.000Z","stockId":3000000050007,"sao":"上半年宏观景气度冲顶后逐步开始走弱，由于发达经济体成为疫情后的加杠杆主力，外需支撑国内基本面的韧性，国内继续紧信用的政策导向，严格约束地方城投平台和地产的加杠杆行为，而银行间流动性保持充裕，形成“宽货币、紧信用”的格局。这一格局下，企业盈利状况保持较为乐观，而市场的实际无风险利率下行，形成股债双牛的市场走势。操作上，我们以消费等行业的蓝筹股为底仓，适当参与了成长股的机会。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:36.484Z","mo":"展望后市，下半年经济景气度相比上半年有环比回落压力，但在出口的支撑下依旧将保持一定韧性。紧信用的政策风格还会延续，但流动性环境可能会在边际出现一定变化。从资产价格来看，无论权益市场的估值、还是债券市场对无风险收益率的定价，都暗含了对流动性比较乐观的预期，这一点在下半年可能出现的变化需要引起重视。权益上，我们认为机构重仓的各类高估值“茅”类标的依旧面临估值的回归过程，低估值、顺周期、以及符合十四五规划的高端制造业、芯片、新能源车等会有机会，其中2季度新能源车、芯片等已经出现比较明显的估值拔高过程，我们倾向于等待市场给予更好的估值介入机会。债券上，在当前宽货币紧信用的环境下收益率预计很难出现大幅的调整，我们会在市场波动中择机增加对组合久期的配置。","fund":{"_id":3000000050007,"stockCode":"050007","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2006-04-17T16:00:00.000Z","setUpScale":2364020000,"market":"a","tickerId":50007,"custody":"中国工商银行股份有限公司","name":"博时平衡配置混合型证券投资基金","shortName":"博时平衡配置混合","fundSecondLevel":"hybrid","__csrcFundId":90,"fundStatus":"normal","lastUpdated":"2024-05-16T10:30:06.665Z","masterFundFlag":1,"inceptionDate":"2006-05-30T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时平衡配置混合","pinyin":"bsphpzhhxzqtzjj","managers":[{"stockCode":"8801401753","stockType":"fund_manager","exchange":"fm","tickerId":191906150120,"name":"孙少锋"}]},"announcement":{"linkText":"博时平衡配置混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=633334","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4287fea5b3eb0545578","stockId":3000000050007,"sao":"2021年一季度，以白酒和科技龙头为代表的核心资产大幅下跌，我们认为，其背后的原因是随着全球疫情有所好转，市场预期全球经济复苏同时伴随着流动性边际收紧，因此核心资产整体估值水平显著下降。操作上，我们一方面在核心资产内部坚守长期确定性的白酒、白电等龙头，另一方面适度增加了一些细分行业隐性龙头的配置，一季度整体净值有所回落。展望二季度，我们认为市场大概率处于无趋势的震荡格局，随着一季度估值压力得到一定释放，长期确定性标的的下跌空间可控，同时前两年被压制的某些中小盘个股中会产生局部的投资机会。因此二季度我们将维持中性的仓位，淡化行业、强调选股。通过选股获取超额收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:36.481Z"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