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
原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧
随机图片

原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧

更新时间: 浏览次数: 702

400电话:123456(点击咨询)
原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧各观看免费《今日汇总》
原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧各热线观看免费2025已更新(2025已更新)








原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧各区点热线观看免费《今日发布》
Random Image 原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧电话








7天观看免费人工电话为您、原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧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,








原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧各观看免费《今日汇总》2025已更新(今日/推荐)








原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧电话区域:








滨州市(惠民县、博兴县、阳信县、沾化区、无棣县、邹平市、滨城区)








龙岩市(漳平市、上杭县、新罗区、武平县、长汀县、连城县、永定区)








黔西南布依族苗族自治州(安龙县、贞丰县、兴义市、兴仁市、普安县、望谟县、晴隆县、册亨县)








衢州市(开化县、衢江区、柯城区、江山市、龙游县、常山县)  毕节市(织金县、纳雍县、黔西市、威宁彝族回族苗族自治县、赫章县、七星关区、大方县、金沙县)








内蒙古自治区








珠海市(斗门区、金湾区、香洲区)








昭通市(水富市、昭阳区、威信县、永善县、绥江县、镇雄县、鲁甸县、大关县、彝良县、巧家县、盐津县)石家庄市(井陉县、裕华区、藁城区、赞皇县、无极县、鹿泉区、晋州市、辛集市、长安区、高邑县、桥西区、井陉矿区、赵县、元氏县、行唐县、灵寿县、栾城区、深泽县、新乐市、平山县、新华区、正定县)








梧州市(藤县、蒙山县、万秀区、长洲区、岑溪市、龙圩区、苍梧县)  秦皇岛市(昌黎县、青龙满族自治县、山海关区、卢龙县、北戴河区、海港区、抚宁区)








钦州市(钦南区、钦北区、浦北县、灵山县)








日照市(岚山区、莒县、东港区、五莲县)








衡水市(故城县、景县、深州市、冀州区、枣强县、桃城区、安平县、武邑县、武强县、饶阳县、阜城县)








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








娄底市(娄星区、新化县、双峰县、冷水江市、涟源市)








双鸭山市(友谊县、饶河县、集贤县、尖山区、宝山区、宝清县、岭东区、四方台区)








吉林市(丰满区、舒兰市、磐石市、桦甸市、龙潭区、船营区、蛟河市、昌邑区、永吉县)








晋中市(昔阳县、榆次区、左权县、寿阳县、祁县、介休市、灵石县、和顺县、榆社县、太谷区、平遥县)








西双版纳傣族自治州(景洪市、勐腊县、勐海县)








唐山市(路北区、丰润区、玉田县、滦南县、迁西县、乐亭县、丰南区、路南区、遵化市、开平区、古冶区、迁安市、滦州市、曹妃甸区)








山南市(贡嘎县、加查县、乃东区、琼结县、浪卡子县、洛扎县、措美县、错那市、桑日县、扎囊县、曲松县、隆子县)








白城市(通榆县、镇赉县、洮北区、洮南市、大安市)








普洱市(景谷傣族彝族自治县、澜沧拉祜族自治县、景东彝族自治县、镇沅彝族哈尼族拉祜族自治县、孟连傣族拉祜族佤族自治县、西盟佤族自治县、江城哈尼族彝族自治县、宁洱哈尼族彝族自治县、思茅区、墨江哈尼族自治县)








南昌市(青云谱区、红谷滩区、青山湖区、安义县、新建区、进贤县、南昌县、东湖区、西湖区)








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








张掖市(民乐县、临泽县、肃南裕固族自治县、甘州区、高台县、山丹县)








韶关市(始兴县、新丰县、仁化县、乳源瑶族自治县、浈江区、曲江区、翁源县、武江区、南雄市、乐昌市)








北海市(银海区、合浦县、铁山港区、海城区)








安顺市(西秀区、普定县、平坝区、紫云苗族布依族自治县、关岭布依族苗族自治县、镇宁布依族苗族自治县)
400电话:123456(点击咨询)
原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧各观看免费《今日汇总》《今日发布》
原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧各观看免费《今日汇总》(2025已更新)








原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧各观看免费《今日汇总》【2025已更新列表】
原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧电话








7天观看免费人工电话为您、原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧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,








原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧中心2025已更新(今日/推荐)








原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧电话区域:








六安市(金寨县、舒城县、霍邱县、霍山县、金安区、裕安区、叶集区)








哈尔滨市(通河县、呼兰区、方正县、巴彦县、松北区、五常市、阿城区、宾县、南岗区、木兰县、香坊区、双城区、尚志市、道里区、依兰县、道外区、平房区、延寿县)








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








柳州市(融水苗族自治县、柳江区、柳城县、鱼峰区、柳南区、鹿寨县、融安县、三江侗族自治县、城中区、柳北区)  防城港市(上思县、东兴市、防城区、港口区)








潍坊市(寿光市、昌邑市、安丘市、诸城市、奎文区、昌乐县、坊子区、潍城区、青州市、高密市、寒亭区、临朐县)








赤峰市(元宝山区、松山区、喀喇沁旗、宁城县、翁牛特旗、克什克腾旗、红山区、阿鲁科尔沁旗、巴林左旗、敖汉旗、林西县、巴林右旗)








常州市(天宁区、金坛区、钟楼区、溧阳市、新北区、武进区)乌兰察布市(察哈尔右翼前旗、卓资县、化德县、集宁区、丰镇市、察哈尔右翼后旗、四子王旗、兴和县、察哈尔右翼中旗、商都县、凉城县)








东莞市  松原市(前郭尔罗斯蒙古族自治县、扶余市、乾安县、长岭县、宁江区)








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








长春市(公主岭市、德惠市、双阳区、农安县、二道区、九台区、榆树市、南关区、朝阳区、宽城区、绿园区)








昌都市(察雅县、八宿县、左贡县、丁青县、贡觉县、卡若区、类乌齐县、江达县、边坝县、芒康县、洛隆县)绍兴市(嵊州市、诸暨市、越城区、柯桥区、上虞区、新昌县)








自贡市(自流井区、大安区、贡井区、荣县、沿滩区、富顺县)








七台河市(桃山区、勃利县、茄子河区、新兴区)








大兴安岭地区(塔河县、漠河市、呼玛县)








汕头市(澄海区、潮阳区、龙湖区、南澳县、潮南区、金平区、濠江区)








潮州市(饶平县、潮安区、湘桥区)








泸州市(纳溪区、合江县、古蔺县、泸县、江阳区、龙马潭区、叙永县)








十堰市(房县、茅箭区、竹溪县、郧西县、郧阳区、丹江口市、张湾区、竹山县)








孝感市(汉川市、应城市、云梦县、大悟县、孝昌县、孝南区、安陆市)








白山市(浑江区、长白朝鲜族自治县、靖宇县、临江市、江源区、抚松县)








开封市(通许县、龙亭区、兰考县、禹王台区、顺河回族区、鼓楼区、尉氏县、杞县、祥符区)








云浮市(云城区、郁南县、云安区、新兴县、罗定市)








揭阳市(普宁市、惠来县、揭西县、榕城区、揭东区)








盘锦市(兴隆台区、大洼区、盘山县、双台子区)








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








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








仙桃市(潜江市、神农架林区、天门市)

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 原神神里绫华开襟图片等身抱枕:让你轻松掌握成功的秘诀与技巧的相关文章
北京将迎今年以来最强大风
面对美国的网络攻击,国产软件及国产操作系统能否担起「数字主权」重任?
DeepSeek公布推理引擎开源路径
法拍房起拍 原房主是毒枭被执行死刑
人民锐评:商家招牌禁用“红蓝”,城市治理不能如此要“面子”
男子失联一天一夜同事找开锁上门
  • 友情链接:
  • 压 CPU 的螺丝钉少一个有影响吗? 双双同比多增:3月人民币贷款增3.64万亿,社融增加5.89万亿 美小企业主称加征关税将让企业猝死 三河市牌匾禁用红蓝色,视频显示市监负责人曾说:红色让人烦躁,蓝色俗 12306推出宠物托运功能

    查看更多评价 ∨