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
淑容第二次上船阅读:相互吸引中的甜蜜与心动
随机图片

淑容第二次上船阅读:相互吸引中的甜蜜与心动

更新时间: 浏览次数: 745

400电话:123456(点击咨询)
淑容第二次上船阅读:相互吸引中的甜蜜与心动各观看免费《今日汇总》
淑容第二次上船阅读:相互吸引中的甜蜜与心动各热线观看免费2025已更新(2025已更新)








淑容第二次上船阅读:相互吸引中的甜蜜与心动观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








淑容第二次上船阅读:相互吸引中的甜蜜与心动观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




淑容第二次上船阅读:相互吸引中的甜蜜与心动各区点热线观看免费《今日发布》
Random Image 淑容第二次上船阅读:相互吸引中的甜蜜与心动电话








7天观看免费人工电话为您、淑容第二次上船阅读:相互吸引中的甜蜜与心动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,








淑容第二次上船阅读:相互吸引中的甜蜜与心动各观看免费《今日汇总》2025已更新(今日/推荐)








淑容第二次上船阅读:相互吸引中的甜蜜与心动电话区域:








那曲市(安多县、色尼区、嘉黎县、双湖县、班戈县、申扎县、巴青县、比如县、索县、尼玛县、聂荣县)








迪庆藏族自治州(德钦县、香格里拉市、维西傈僳族自治县)








连云港市(灌云县、灌南县、海州区、赣榆区、东海县、连云区)








大兴安岭地区(呼玛县、漠河市、塔河县)  忻州市(偏关县、原平市、繁峙县、代县、五寨县、五台县、岢岚县、神池县、静乐县、保德县、河曲县、定襄县、宁武县、忻府区)








延边朝鲜族自治州(安图县、延吉市、珲春市、敦化市、龙井市、图们市、和龙市、汪清县)








锦州市(义县、古塔区、凌河区、凌海市、太和区、黑山县、北镇市)








太原市(晋源区、迎泽区、万柏林区、尖草坪区、清徐县、阳曲县、古交市、杏花岭区、小店区、娄烦县)三门峡市(渑池县、义马市、灵宝市、陕州区、湖滨区、卢氏县)








嘉兴市(海宁市、嘉善县、秀洲区、南湖区、海盐县、平湖市、桐乡市)  衡阳市(衡东县、祁东县、石鼓区、衡南县、珠晖区、常宁市、衡山县、南岳区、蒸湘区、衡阳县、雁峰区、耒阳市)








海东市(民和回族土族自治县、互助土族自治县、平安区、乐都区、循化撒拉族自治县、化隆回族自治县)








龙岩市(新罗区、漳平市、连城县、永定区、长汀县、武平县、上杭县)








舟山市(普陀区、定海区、嵊泗县、岱山县)








盐城市(射阳县、盐都区、建湖县、东台市、响水县、大丰区、滨海县、亭湖区、阜宁县)








新乡市(凤泉区、红旗区、获嘉县、辉县市、卫滨区、新乡县、卫辉市、封丘县、原阳县、牧野区、延津县、长垣市)








松原市(长岭县、扶余市、宁江区、乾安县、前郭尔罗斯蒙古族自治县)








黄山市(黄山区、歙县、祁门县、屯溪区、徽州区、黟县、休宁县)








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








随州市(广水市、曾都区、随县)








遂宁市(蓬溪县、射洪市、船山区、安居区、大英县)








芜湖市(繁昌区、鸠江区、镜湖区、湾沚区、无为市、弋江区、南陵县)








长沙市(天心区、开福区、浏阳市、岳麓区、雨花区、宁乡市、长沙县、芙蓉区、望城区)








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








株洲市(攸县、炎陵县、荷塘区、醴陵市、芦淞区、天元区、石峰区、茶陵县、渌口区)








酒泉市(玉门市、瓜州县、肃州区、阿克塞哈萨克族自治县、敦煌市、金塔县、肃北蒙古族自治县)








佳木斯市(桦川县、郊区、桦南县、同江市、前进区、东风区、富锦市、向阳区、抚远市、汤原县)








四平市(梨树县、双辽市、铁东区、铁西区、伊通满族自治县)








临沧市(临翔区、双江拉祜族佤族布朗族傣族自治县、镇康县、沧源佤族自治县、永德县、耿马傣族佤族自治县、凤庆县、云县)








佛山市(南海区、顺德区、高明区、三水区、禅城区)
400电话:123456(点击咨询)
淑容第二次上船阅读:相互吸引中的甜蜜与心动各观看免费《今日汇总》《今日发布》
淑容第二次上船阅读:相互吸引中的甜蜜与心动各观看免费《今日汇总》(2025已更新)








淑容第二次上船阅读:相互吸引中的甜蜜与心动观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








淑容第二次上船阅读:相互吸引中的甜蜜与心动观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




淑容第二次上船阅读:相互吸引中的甜蜜与心动各观看免费《今日汇总》【2025已更新列表】
淑容第二次上船阅读:相互吸引中的甜蜜与心动电话








7天观看免费人工电话为您、淑容第二次上船阅读:相互吸引中的甜蜜与心动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,








淑容第二次上船阅读:相互吸引中的甜蜜与心动中心2025已更新(今日/推荐)








淑容第二次上船阅读:相互吸引中的甜蜜与心动电话区域:








海西蒙古族藏族自治州(格尔木市、天峻县、德令哈市、乌兰县、茫崖市、都兰县)








喀什地区(岳普湖县、塔什库尔干塔吉克自治县、麦盖提县、伽师县、巴楚县、叶城县、喀什市、疏勒县、莎车县、英吉沙县、泽普县、疏附县)








南阳市(镇平县、内乡县、宛城区、邓州市、卧龙区、唐河县、淅川县、社旗县、西峡县、新野县、方城县、桐柏县、南召县)








新疆维吾尔自治区  青岛市(李沧区、城阳区、莱西市、市北区、平度市、即墨区、胶州市、崂山区、黄岛区、市南区)








阿勒泰地区(富蕴县、阿勒泰市、吉木乃县、福海县、青河县、布尔津县、哈巴河县)








黄冈市(罗田县、红安县、黄州区、黄梅县、蕲春县、麻城市、英山县、团风县、武穴市、浠水县)








辽源市(东丰县、龙山区、东辽县、西安区)南京市(雨花台区、江宁区、高淳区、浦口区、鼓楼区、建邺区、六合区、溧水区、栖霞区、秦淮区、玄武区)








本溪市(溪湖区、平山区、本溪满族自治县、南芬区、桓仁满族自治县、明山区)  重庆市(璧山区、开州区、合川区、渝中区、九龙坡区、北碚区、綦江区、潼南区、奉节县、巫溪县、沙坪坝区、巫山县、荣昌区、酉阳土家族苗族自治县、石柱土家族自治县、万州区、永川区、大渡口区、丰都县、垫江县、铜梁区、黔江区、忠县、彭水苗族土家族自治县、云阳县、涪陵区、江津区、秀山土家族苗族自治县、江北区、渝北区、长寿区、南川区、巴南区、南岸区、城口县、武隆区、大足区、梁平区)








焦作市(解放区、孟州市、博爱县、马村区、武陟县、沁阳市、中站区、山阳区、修武县、温县)








黔南布依族苗族自治州(三都水族自治县、都匀市、龙里县、长顺县、福泉市、惠水县、贵定县、独山县、瓮安县、荔波县、平塘县、罗甸县)








三亚市(海棠区、天涯区、吉阳区、崖州区)苏州市(常熟市、昆山市、相城区、太仓市、吴江区、虎丘区、吴中区、姑苏区、张家港市)








梧州市(苍梧县、藤县、万秀区、蒙山县、岑溪市、长洲区、龙圩区)








徐州市(新沂市、丰县、贾汪区、铜山区、睢宁县、云龙区、泉山区、鼓楼区、邳州市、沛县)








楚雄彝族自治州(姚安县、双柏县、南华县、大姚县、武定县、元谋县、牟定县、楚雄市、永仁县、禄丰市)








博尔塔拉蒙古自治州(阿拉山口市、精河县、温泉县、博乐市)








湖州市(长兴县、吴兴区、德清县、南浔区、安吉县)








大庆市(红岗区、大同区、龙凤区、肇州县、肇源县、林甸县、萨尔图区、杜尔伯特蒙古族自治县、让胡路区)








鹤壁市(淇滨区、鹤山区、山城区、淇县、浚县)








上海市(虹口区、松江区、青浦区、静安区、普陀区、宝山区、奉贤区、闵行区、浦东新区、徐汇区、崇明区、金山区、嘉定区、黄浦区、长宁区、杨浦区)








乌海市(海南区、乌达区、海勃湾区)








鸡西市(鸡东县、密山市、恒山区、滴道区、虎林市、麻山区、梨树区、城子河区、鸡冠区)








张家界市(武陵源区、慈利县、永定区、桑植县)








绥化市(兰西县、安达市、望奎县、海伦市、绥棱县、明水县、庆安县、青冈县、肇东市、北林区)








桂林市(叠彩区、七星区、全州县、恭城瑶族自治县、永福县、龙胜各族自治县、临桂区、雁山区、资源县、荔浦市、灵川县、秀峰区、平乐县、灌阳县、阳朔县、象山区、兴安县)








宁德市(柘荣县、蕉城区、寿宁县、福鼎市、周宁县、屏南县、霞浦县、古田县、福安市)








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








白城市(镇赉县、通榆县、洮南市、大安市、洮北区)

凯立新材4月20日公告,2025年第一季度实现营业收入6.26亿元,同比增长105.25%;归属于上市公司股东的净利润2189.96万元,同比增长90.48%;基本每股收益0.17元。

  在重挫的交易日里,主动权益类产品若能保持清仓甚至空仓,基民或将十分“庆幸”,而灵活配置基金的合同规定则赋予此类产品更加收放自如的仓位控制,个别产品凭借着较小的规模在年内数次行情转换中择时得当,取得了不错的超额收益。

  虽然长期投资在公募行业被奉为圭臬,但“择时之辩”依旧是横亘在投资端经久不衰的话题。极少数基金经理坦承自己愿意通过择时平滑净值曲线,有公募人士坦承“择时是很困难的事情”,对基金经理的能力要求较高,而且会受制于产品类型的约束。且择时需要快进快出,对持仓个股亦有流动性要求。

  “老基金”空仓躲过大跌

  4月7日A股巨震,在2900余只个股跌停的背景下,多只主动权益类产品跌幅超过10%,仅有20余只基金业绩收正,而益民服务领先盘后披露的净值让基民“虚惊一场”,该基金当日净值变化为0,成功“躲过”大跌。

  从净值曲线来看,年内,益民服务领先这只产品显然在仓位控制上做了斟酌——截至去年末,该基金股票仓位仅有0.89%,但从年初开始,随着行情升温,该基金亦同步拉升,涨幅一度高达近20%,这意味着基金经理在一季度内迅速将仓位抬升到高位。

  但在3月末至4月7日大跌当日,基金的净值曲线拉成一条直线,基金经理无疑采取了空仓措施安然度过了重挫;但在随后反弹的行情中,该基金的净值再度与行情共振,在仓位数次极致切换过程中,该基金年内涨幅已高达19.22%。

  值得一提的是,作为一只灵活配置型产品,益民服务领先在此前多个季度中变成了一只“固收”基金,在2023年6月后至去年末,该基金的净值为一条几无波澜的直线,且从季报数据来看,基金资产投向被银行存款和债券基金包揽。基金经理在多次季报中均有雷同表述:“基于宏观经济及国内各行业基本面判断,本基金目前仍以观望为主。”

  但在去年年报中,该基金经理转变话锋明确表示将加仓:目前积极的政策表态以及更多元化的资本市场鼓励政策会给股票市场形成强有力的支撑。同时,债券方面目前10年期国债收益率在1.6%附近徘徊,尽管仍有进一步下行的趋势,但是从空间上来讲性价比在逐渐降低,幅度有限速度放缓,因此本基金在年末增加了权益资产的配置,并且在2025年将主要配置方向调整为权益资产。

  灵活配置属性“加持”

  得益于灵活配置型基金的属性,益民服务领先的仓位可高可低。华南某公募人士指出,这类产品对市场的短期波动更加敏感,这使得基金经理的仓位进攻和防守,往往发生在较短的时间内,尤其对于许多本身资产规模并不大的小型灵活配置型基金,在操作上来无影去无踪的特点更具优势。

  此前,因净值波动平稳,益民服务领先在多个季度内并无生存压力,但在去年“924”行情之后,该基金平稳的优势无疑不再,因此截至去年末的规模考验如期而至,该基金单季度合计份额从8.89亿份锐减至1.37亿份。

  虽然灵活配置型基金产品的股票仓位可空仓,也可接近满仓,但基于投资安全和产品风格,市场中的灵活配置型产品往往采取中性仓位策略,40%至60%之间的股票仓位较为常见。“但在基金业绩排名压力较大时,尤其是基金高收益吸引力决定基金资产规模大小,甚至影响产品的存续风险时,越来越多的灵活配置型基金基于通过调整仓位放大净值弹性。”前述公募人士表示。

  择时之辩

  从益民服务领先年内的表现不难发现,在震荡市中如若能够完成灵活的仓位转变,将给基金累积不错的超额收益,亦给基民提供更好的投资体验,但“择时之辩”依旧是横亘在投资端经久不衰的话题。

  如富国基金朱少醒曾表示,他属于自下而上的选股型选手,先个股选择,再做配置,基本上放弃择时。他认为,应该把精力集中在耐心收集具有远大前景的优秀公司上,等待公司自身创造价值的实现和市场情绪在未来某个时点的周期性回归。此外,业内相当比例的基金经理在年报“小作文”都会强调“择时是一件很难的事情”,所以这些基金经理承认择时的困难,同时放弃择时,永远选择高仓位运作,努力地寻找好企业去捕捉阿尔法。

  长期投资固然被无数投研大佬奉为圭臬,但从数据来看,选对入场时机也尤为重要。如德邦高端装备成立于今年3月14日,成立不久后这只产品即重仓了包括绿的谐波、浙江荣泰以及兆威机电等人形机器人个股,但囿于近期行情走低,该基金一个多月以来跌幅已经超过22%。然而,基金经理陆阳参与管理的另一只德邦鑫星价值自去年“924”行情以来涨幅逼近四成,其间更有翻倍的表现,“师出同门”的两只基金,因择时不同从而导致了净值的云泥之别。

  前海开源基金经理杨德龙表示,对于基金经理而言,应主要通过两种方式应对市场波动:一是通过仓位控制管理回撤;二是在基金合同允许范围内进行调仓换股,规避冲高回落板块并捕捉新兴机会。“但这对基金经理的能力要求较高,而且会受制于产品类型的约束,例如主题基金的投资范围受合同严格限定,无法进行跨板块操作以避免风格漂移。”

  国投瑞银基金经理綦缚鹏是为数不多的强调“择时”的基金经理,他曾表示:“我的投资目标是力求在市场涨的时候跟得上,市场跌的时候能控制住回撤,让组合净值能够不断创出新高。”他坦承,首先是做大的择时,自上而下考虑市场环境,决定组合的权益仓位,并在市场高位时压缩组合弹性,在市场低位时增加组合弹性。在权益仓位基本确定后,才会做行业配置,最后才选择个股权重。

新闻结尾 淑容第二次上船阅读:相互吸引中的甜蜜与心动的相关文章
#外援坠亡后比赛照常中超是否业余#
女教师上海街头怒怼“偷拍老法师”
#外援坠亡后比赛照常中超是否业余#
上海海港4-1送津门虎赛季首败
卡塔尔与黎巴嫩两国领导人举行会谈
泼天流量为何砸向敦煌网
  • 友情链接:
  • 记者晒NBA最佳阵容选票内容 美股三大指数低开 英伟达跌近7% 金饰价格涨至1007元 居文君击败谭中怡卫冕棋后头衔

    查看更多评价 ∨