Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82
科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!
随机图片

科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!

更新时间: 浏览次数: 308

400电话:123456(点击咨询)
科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!各观看免费《今日汇总》
科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!各热线观看免费2025已更新(2025已更新)








科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!各区点热线观看免费《今日发布》
Random Image 科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!电话








7天观看免费人工电话为您、科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!团队在调度中心的统筹调配下,线下专业及各地区人员团队等专属,整个报修流程规范有序,后期同步跟踪查询公开透明。








所有团队均经过专业培训、持证上岗,所用产品配件均为原厂直供,








科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!各观看免费《今日汇总》2025已更新(今日/推荐)








科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!电话区域:








淄博市(高青县、周村区、张店区、博山区、淄川区、沂源县、临淄区、桓台县)








无锡市(滨湖区、锡山区、新吴区、江阴市、宜兴市、惠山区、梁溪区)








白山市(抚松县、江源区、临江市、长白朝鲜族自治县、浑江区、靖宇县)








滁州市(天长市、南谯区、定远县、全椒县、琅琊区、来安县、明光市、凤阳县)  庆阳市(华池县、庆城县、环县、西峰区、宁县、正宁县、镇原县、合水县)








临沂市(沂南县、沂水县、临沭县、费县、莒南县、平邑县、罗庄区、郯城县、河东区、兰山区、蒙阴县、兰陵县)








咸阳市(礼泉县、杨陵区、淳化县、三原县、武功县、彬州市、渭城区、旬邑县、乾县、秦都区、长武县、泾阳县、永寿县、兴平市)








乌兰察布市(卓资县、凉城县、丰镇市、化德县、集宁区、商都县、察哈尔右翼前旗、察哈尔右翼中旗、兴和县、四子王旗、察哈尔右翼后旗)








邯郸市(广平县、馆陶县、磁县、永年区、武安市、邯山区、临漳县、丛台区、涉县、曲周县、鸡泽县、魏县、复兴区、邱县、峰峰矿区、大名县、肥乡区、成安县)  拉萨市(尼木县、当雄县、林周县、城关区、达孜区、曲水县、堆龙德庆区、墨竹工卡县)








塔城地区(和布克赛尔蒙古自治县、沙湾市、乌苏市、托里县、额敏县、塔城市、裕民县)








枣庄市(薛城区、台儿庄区、市中区、峄城区、滕州市、山亭区)








甘孜藏族自治州(石渠县、乡城县、泸定县、康定市、巴塘县、丹巴县、道孚县、甘孜县、炉霍县、九龙县、得荣县、新龙县、稻城县、色达县、白玉县、德格县、雅江县、理塘县)








肇庆市(封开县、四会市、广宁县、鼎湖区、端州区、怀集县、德庆县、高要区)








昌都市(洛隆县、卡若区、类乌齐县、察雅县、丁青县、芒康县、贡觉县、边坝县、八宿县、左贡县、江达县)








银川市(西夏区、兴庆区、金凤区、灵武市、永宁县、贺兰县)








宜宾市(长宁县、兴文县、筠连县、珙县、翠屏区、南溪区、叙州区、高县、屏山县、江安县)








大连市(西岗区、金州区、瓦房店市、中山区、庄河市、沙河口区、长海县、旅顺口区、甘井子区、普兰店区)








昭通市(水富市、盐津县、巧家县、鲁甸县、彝良县、威信县、大关县、镇雄县、绥江县、昭阳区、永善县)








台州市(仙居县、黄岩区、三门县、温岭市、临海市、天台县、椒江区、玉环市、路桥区)








承德市(隆化县、双滦区、鹰手营子矿区、平泉市、围场满族蒙古族自治县、滦平县、双桥区、宽城满族自治县、丰宁满族自治县、承德县、兴隆县)








呼伦贝尔市(新巴尔虎左旗、鄂伦春自治旗、阿荣旗、满洲里市、新巴尔虎右旗、莫力达瓦达斡尔族自治旗、根河市、扎兰屯市、牙克石市、扎赉诺尔区、鄂温克族自治旗、额尔古纳市、陈巴尔虎旗、海拉尔区)








邢台市(襄都区、广宗县、临城县、沙河市、内丘县、隆尧县、南和区、巨鹿县、柏乡县、威县、平乡县、任泽区、信都区、新河县、南宫市、宁晋县、临西县、清河县)








苏州市(姑苏区、相城区、常熟市、吴中区、太仓市、虎丘区、吴江区、昆山市、张家港市)








锡林郭勒盟(镶黄旗、正蓝旗、正镶白旗、锡林浩特市、苏尼特左旗、东乌珠穆沁旗、阿巴嘎旗、二连浩特市、太仆寺旗、多伦县、西乌珠穆沁旗、苏尼特右旗)








阳泉市(城区、矿区、盂县、平定县、郊区)








保定市(顺平县、竞秀区、徐水区、高阳县、容城县、易县、定州市、曲阳县、望都县、阜平县、定兴县、唐县、安新县、清苑区、高碑店市、涞水县、莲池区、满城区、博野县、涞源县、安国市、蠡县、雄县、涿州市)








吐鲁番市(高昌区、鄯善县、托克逊县)








海北藏族自治州(祁连县、海晏县、刚察县、门源回族自治县)
400电话:123456(点击咨询)
科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!各观看免费《今日汇总》《今日发布》
科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!各观看免费《今日汇总》(2025已更新)








科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!各观看免费《今日汇总》【2025已更新列表】
科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!电话








7天观看免费人工电话为您、科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!团队在调度中心的统筹调配下,线下专业及各地区人员团队等专属,整个报修流程规范有序,后期同步跟踪查询公开透明。








所有团队均经过专业培训、持证上岗,所用产品配件均为原厂直供,








科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!中心2025已更新(今日/推荐)








科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!电话区域:








本溪市(明山区、南芬区、桓仁满族自治县、溪湖区、本溪满族自治县、平山区)








平顶山市(汝州市、郏县、叶县、石龙区、湛河区、卫东区、舞钢市、鲁山县、新华区、宝丰县)








怒江傈僳族自治州(泸水市、福贡县、贡山独龙族怒族自治县、兰坪白族普米族自治县)








佳木斯市(前进区、汤原县、抚远市、郊区、向阳区、桦南县、同江市、桦川县、东风区、富锦市)  定西市(临洮县、陇西县、渭源县、通渭县、安定区、岷县、漳县)








澳门特别行政区








郑州市(中原区、中牟县、荥阳市、新郑市、登封市、新密市、上街区、管城回族区、金水区、二七区、巩义市、惠济区)








遵义市(道真仡佬族苗族自治县、正安县、桐梓县、余庆县、播州区、汇川区、习水县、仁怀市、湄潭县、红花岗区、凤冈县、赤水市、绥阳县、务川仡佬族苗族自治县)白城市(镇赉县、通榆县、大安市、洮北区、洮南市)








来宾市(兴宾区、武宣县、忻城县、金秀瑶族自治县、合山市、象州县)  延边朝鲜族自治州(龙井市、敦化市、图们市、安图县、延吉市、和龙市、汪清县、珲春市)








伊犁哈萨克自治州(昭苏县、特克斯县、新源县、奎屯市、巩留县、伊宁县、霍尔果斯市、伊宁市、霍城县、尼勒克县、察布查尔锡伯自治县)








宁夏回族自治区








天津市(北辰区、滨海新区、宝坻区、宁河区、东丽区、河北区、南开区、红桥区、蓟州区、和平区、河西区、津南区、静海区、河东区、西青区、武清区)大庆市(林甸县、红岗区、肇源县、让胡路区、肇州县、萨尔图区、杜尔伯特蒙古族自治县、龙凤区、大同区)








日喀则市(亚东县、桑珠孜区、定日县、拉孜县、白朗县、仲巴县、岗巴县、仁布县、南木林县、江孜县、定结县、昂仁县、萨迦县、萨嘎县、康马县、谢通门县、聂拉木县、吉隆县)








甘南藏族自治州(迭部县、舟曲县、卓尼县、合作市、碌曲县、夏河县、临潭县、玛曲县)








自贡市(荣县、沿滩区、大安区、自流井区、富顺县、贡井区)








中卫市(沙坡头区、中宁县、海原县)








衢州市(开化县、龙游县、柯城区、江山市、衢江区、常山县)








贵阳市(白云区、开阳县、南明区、乌当区、清镇市、观山湖区、息烽县、花溪区、云岩区、修文县)








武威市(天祝藏族自治县、古浪县、民勤县、凉州区)








保山市(隆阳区、昌宁县、腾冲市、施甸县、龙陵县)








榆林市(定边县、清涧县、子洲县、米脂县、榆阳区、吴堡县、绥德县、横山区、佳县、府谷县、靖边县、神木市)








巴中市(南江县、通江县、平昌县、巴州区、恩阳区)








泸州市(古蔺县、江阳区、叙永县、合江县、泸县、龙马潭区、纳溪区)








深圳市(宝安区、坪山区、龙华区、龙岗区、盐田区、南山区、罗湖区、福田区、光明区)








长治市(潞州区、壶关县、襄垣县、长子县、潞城区、武乡县、上党区、沁源县、黎城县、沁县、平顺县、屯留区)








阿拉善盟(阿拉善左旗、阿拉善右旗、额济纳旗)








湘潭市(湘乡市、韶山市、湘潭县、雨湖区、岳塘区)








辽源市(东辽县、西安区、龙山区、东丰县)
  数据来源:Wind陈书玉/制表图虫创意/供图

  证券时报记者陈书玉

  近期,受美国加征关税等事件的影响,A股市场开启震荡行情。在此背景下,兼具控制波动与追求弹性双重属性的“固收+”策略产品再度受到市场广泛关注。Wind数据显示,截至4月18日,超六成“固收+”基金稳步快跑,年内单位净值增长率为正。此外,近200只基金的单位净值在4月创出成立以来新高。

  展望后市,多位基金经理认为,“固收+”策略有望继续斩获收益,基金管理人将进一步加强产品布局,产品规模有望持续扩容。

  近200只产品净值创新高

  从业绩表现来看,Wind数据显示,截至4月18日,超六成“固收+”基金年内单位净值增长率为正。其中,富国久利稳健配置净值增长率超9%,工银聚享净值增长率超8%,格林鑫利六个月持有、兴全汇吉一年持有净值增长率超7%,富国优化增强A、国泰双利债券A等多只基金涨幅超5%。

  此外,国联安添益增长A、大成安享得利六个月持有A、中信保诚安鑫回报A、汇添富稳乐回报A、东兴兴福一年定开A、平安鑫惠90天持有A等27只基金,截至4月18日净值创出成立以来新高,如果将时间拉长,有近200只基金在4月净值创出新高。

  民生加银基金固定收益部总监谢志华认为,从目前情况来看,“固收+”策略有望继续斩获收益。当前资本市场的活跃是由多方面因素合力共同促成的,经济弱企稳、技术革新、大国博弈韧性等因素对国内资产的价值再发现过程的推进有望持续,这将为“固收+”策略基金提供良好收益基础。此外,债券票息也能为“固收+”策略基金提供较稳定的基础收益。对于风险偏好适中,追求长期稳健投资的投资者而言,“固收+”策略基金是非常适合的投资品种。随着市场好转,“固收+”策略基金受到的关注度和认可度将有所提高,基金管理人也将其作为重要布局方向,产品规模有望扩容。

  权益资产对净值贡献较大

  需要注意的是,目前市场观点普遍认为,债券利率已经下行至非常低的位置,债券资产未来能为投资者贡献的收益有限,对权益资产的配置成为“固收+”基金的重要一环。

  根据已披露的基金一季报,对股票和可转债资产配置较多的基金取得较好回报。如一季度净值上涨超6%的中欧可转债,一季度转债资产占基金净资产比例达到99%。该基金一季报表示,受益于权益市场风险偏好的提升,一季度转债市场整体震荡上行,中证转债指数和等权指数上涨3%—4%,整体表现是不错的。转债今年的贝塔价值可以从两个方面来理解:债券端,纯债在当前利率环境下波动加大,带来的是夏普比率的下降。这意味着固收资金今年可能较难单纯依靠纯债满足自身负债端的需求,无论从收益增强还是风险分散的角度,转债或都有很强的配置价值。股票端,今年小票+科技的风格持续活跃,和转债底层的股票风格相契合。本质上就是在人工智能的产业趋势下,分享流动性和风险偏好推动的估值行情。因此今年从股债两端来看,转债的底层需求或都有较强支撑。

  安信聚利增强一季度权益资产占基金净资产比例为16.85%,转债占比32.61%,该基金一季报表示,投资策略方面,增加了偏成长方向的配置,降低了周期类资产的配置。对AI相关产业链给经济可能带来的持续性改变持乐观积极态度。转债配置思路仍然是“低价高弹”,并且强调其债底的安全性,不能有信用风险。另外,增加了纯债的配置,原因是债券下跌之后配置价值显著增加。

  金信民旺一季报表示,春节后DeepSeek、机器人等科技板块情绪上涨,转债和权益明显上行,转债估值也被拉升至相对高位。3月18日后,AI等板块热度退却,临近业绩披露期,权益风险偏好下降,小盘股波动更大。转债受小盘风格和前期估值高位拖累,部分机构采取止盈操作。整体来看,转债市场当季仍取得较好回报,权益方面小盘和科技表现相对较好。

  多资产协同能力要求更高

  在目前震荡市下,“固收+”基金受到越来越多的关注,基金公司也在加强布局。一个明显的趋势是,为更好地发挥“固收+”基金中“+”的优势,多只产品新增了主动权益基金经理管理“+”的部分。

  如年内新发的二级债基西部利得裕丰回报,由盛丰衍和易圣倩两位基金经理共同管理,这是主动权益投资出身的盛丰衍首次管理“固收+”基金。此外,永赢基金首席权益投资官、基金经理高楠自2023年12月28日起管理二级债基永赢稳健增强,截至4月3日,其任职回报为11.53%。国泰基金权益基金经理张容赫自2024年初开始管理偏债混合基金国泰招享添利6个月持有。

  高楠认为,管理“固收+”基金,主动权益基金经理的优势在于选股能力,能够在把握结构性机会时更具穿透力。难点在于需重构绝对收益思维,不仅要把握权益仓位动态调整的节奏,对多资产协同能力也有更高要求,在保持权益组合锐度的同时,要兼顾固收底仓的稳定性。高楠表示,具备跨资产配置框架以及绝对收益投资能力的权益基金经理相对更具优势,这个领域最终比拼的是风险调整后的收益获取能力。综合来看,能否在股债两端持续创造阿尔法收益,或成为“固收+”基金下一阶段的核心竞争力。

  展望后市,张容赫认为,从基本面的角度来看,经济周期同步指标仍有阶段性压力,信贷脉冲的领先指标有抬升之势,而传导至经济周期仍有半年以上时滞。海外方面,面临非周期性风险,政治风险加速了财政风险的暴露,欧美全面加速右转,财政宽松后遗症开始加速暴露。因此,国内经济的底部和企业盈利的底部,很可能与潜在的海外负面冲击重合于2025年的年中。财政是本轮政策的重心,驱动政策转向的焦点在于杠杆率的被动抬升以及应该如何去扭转。因此,资产波动背后隐含的财富效应或成为政策的关注点。

  市场方面,张容赫预计A股市场会重新回归以内为主,在政策不断加力的背景下,整体形成先稳后升之势。港股市场走势健康,基本面展望积极,但必须警惕可能出现的海外衰退氛围下美元流动性稀缺造成的流动性压力。权益方面,从行业配置角度讲,政策端提振内需优先级明显抬升,优先关注消费服务板块的机会,同时关注周期底部的工业、制造业,最后配置部分公用事业作为平衡。固收方面,一直以来重视信用品类的资质和收益率,利率部分则继续维持了中短久期。

  本版导读

“固收+”稳步快跑近200只产品净值创新高2025-04-21人形机器人再度火出圈多只概念股获基金经理增持2025-04-21MACD金叉信号形成,这些股涨势不错!

  周一日本股市下跌,因美国关税及其经济影响的不确定性持续。日经225指数下跌0.5%,报34570.37点。电子和银行股领跌。TDK下跌1.7%,村田制作所下跌1.6%,瑞穗金融集团下跌1.3%,ResonaHoldings下跌1.5%。美元兑日元报141.40日元,较上周五东京股市收盘时的142.33日元大幅下跌。投资者正密切关注与美国关税相关的任何进展,国内财报季将于本周晚些时候开始。

科大智能300222_体验茶的魅力,分享独特的品茶心得与故事!的相关文章 李家超批美滥施关税:算术都算错了的相关文章
订婚强奸案男方母亲被训诫:侵犯隐私
中国将坚持“握手”而非“挥拳”
金饰价格涨至1007元
特朗普要叫停英伟达对华特供版
《编辑部的故事》牛大姐扮演者去世
日本为何对美国发出“最强硬警告”
王艺迪说能赢球也能接受输球
林诗栋晋级澳门世界杯16强
谷歌推出Veo2 生成8秒超逼真视频
中央巡视组已进驻6省区 组长亮相
间谍竟想重金买回被发现的窃密装置
习近平访越 最全图集来了
  • 友情链接:
  • 三河回应“警徽改色”:适配墙体 基因相似度0%意味着什么 越南是唯一一个庆祝猫年的国家 原来小孩子没有腰是避谶 三星电机将向比亚迪供应汽车零部件 法拍房起拍 原房主是毒枭被执行死刑 山姆放量超10万瓶平价茅台 演员张檬临近生产 全家陪产 儿子出车祸 父亲去施救双双遇难 花1400打独享顺风车 司机拼了7个人

    查看更多评价 ∨