受疫情影(ying)響，上(shang)周A股(gu)先抑后揚(yang)，市(shi)場劇烈(lie)波動。滬深(shen)(shen)300下跌(die)2.6%，上(shang)證(zheng)指數下跌(die)3.38%，深(shen)(shen)證(zheng)成(cheng)指下跌(die)0.66%，中小板指下跌(die)0.62%，創業板指上(shang)漲4.57%。截至上(shang)周五，上(shang)證(zheng)A股(gu)動態(tai)市(shi)盈率(lv)、市(shi)凈率(lv)分別為12.90倍(bei)(bei)、1.38倍(bei)(bei)，市(shi)盈率(lv)、市(shi)凈率(lv)較上(shang)期有所下降(jiang)。

　　以(yi)簡單平(ping)均(jun)方法計(ji)算，上(shang)周全部參與監(jian)測的(de)股票型(xing)(xing)(xing)基(ji)金(jin)（不含指數基(ji)金(jin)，下(xia)同）和混(hun)(hun)合(he)型(xing)(xing)(xing)基(ji)金(jin)平(ping)均(jun)倉(cang)位為67.77%，相(xiang)比上(shang)期上(shang)升(sheng)(sheng)(sheng)2.9個(ge)(ge)百(bai)(bai)分(fen)(fen)點(dian)。其中(zhong)，股票型(xing)(xing)(xing)基(ji)金(jin)倉(cang)位為90.26%，上(shang)升(sheng)(sheng)(sheng)2.43個(ge)(ge)百(bai)(bai)分(fen)(fen)點(dian)，混(hun)(hun)合(he)型(xing)(xing)(xing)基(ji)金(jin)倉(cang)位為65.02%，上(shang)升(sheng)(sheng)(sheng)2.96個(ge)(ge)百(bai)(bai)分(fen)(fen)點(dian)。從(cong)細分(fen)(fen)類型(xing)(xing)(xing)看(kan)，股票型(xing)(xing)(xing)基(ji)金(jin)中(zhong)，普通股票型(xing)(xing)(xing)基(ji)金(jin)倉(cang)位為90.26%，相(xiang)比上(shang)期上(shang)升(sheng)(sheng)(sheng)2.43個(ge)(ge)百(bai)(bai)分(fen)(fen)點(dian)；混(hun)(hun)合(he)型(xing)(xing)(xing)基(ji)金(jin)中(zhong)，靈活配置(zhi)型(xing)(xing)(xing)基(ji)金(jin)倉(cang)位上(shang)升(sheng)(sheng)(sheng)3.05個(ge)(ge)百(bai)(bai)分(fen)(fen)點(dian)，至63.15%；平(ping)衡混(hun)(hun)合(he)型(xing)(xing)(xing)基(ji)金(jin)上(shang)升(sheng)(sheng)(sheng)1.92個(ge)(ge)百(bai)(bai)分(fen)(fen)點(dian)，至54.28%；偏股混(hun)(hun)合(he)型(xing)(xing)(xing)基(ji)金(jin)倉(cang)位上(shang)升(sheng)(sheng)(sheng)3.74個(ge)(ge)百(bai)(bai)分(fen)(fen)點(dian)，至86.71%，偏債混(hun)(hun)合(he)型(xing)(xing)(xing)基(ji)金(jin)倉(cang)位上(shang)升(sheng)(sheng)(sheng)0.7個(ge)(ge)百(bai)(bai)分(fen)(fen)點(dian)，至24.05%。

　　以凈值規模加權平(ping)均的方法(fa)計算，上(shang)周股票(piao)型(xing)(xing)基金(jin)(jin)和混(hun)(hun)(hun)(hun)合(he)型(xing)(xing)基金(jin)(jin)平(ping)均估算倉(cang)(cang)位(wei)(wei)為(wei)74.31%，相比上(shang)期上(shang)升(sheng)2.29個(ge)(ge)百(bai)(bai)(bai)(bai)(bai)分(fen)(fen)點。其(qi)中(zhong)(zhong)，股票(piao)型(xing)(xing)基金(jin)(jin)倉(cang)(cang)位(wei)(wei)為(wei)90.73%，上(shang)升(sheng)1.73個(ge)(ge)百(bai)(bai)(bai)(bai)(bai)分(fen)(fen)點，混(hun)(hun)(hun)(hun)合(he)型(xing)(xing)基金(jin)(jin)倉(cang)(cang)位(wei)(wei)為(wei)72.12%，上(shang)升(sheng)2.36個(ge)(ge)百(bai)(bai)(bai)(bai)(bai)分(fen)(fen)點。從(cong)細分(fen)(fen)類型(xing)(xing)看(kan)，股票(piao)型(xing)(xing)基金(jin)(jin)中(zhong)(zhong)，普通股票(piao)型(xing)(xing)基金(jin)(jin)倉(cang)(cang)位(wei)(wei)為(wei)90.73%，相比上(shang)期上(shang)升(sheng)1.73個(ge)(ge)百(bai)(bai)(bai)(bai)(bai)分(fen)(fen)點；混(hun)(hun)(hun)(hun)合(he)型(xing)(xing)基金(jin)(jin)中(zhong)(zhong)，靈活配置型(xing)(xing)基金(jin)(jin)倉(cang)(cang)位(wei)(wei)上(shang)升(sheng)2.63個(ge)(ge)百(bai)(bai)(bai)(bai)(bai)分(fen)(fen)點，至(zhi)(zhi)62.86%；平(ping)衡混(hun)(hun)(hun)(hun)合(he)型(xing)(xing)基金(jin)(jin)上(shang)升(sheng)0.87個(ge)(ge)百(bai)(bai)(bai)(bai)(bai)分(fen)(fen)點，至(zhi)(zhi)62.19%；偏股混(hun)(hun)(hun)(hun)合(he)型(xing)(xing)基金(jin)(jin)倉(cang)(cang)位(wei)(wei)上(shang)升(sheng)2.46個(ge)(ge)百(bai)(bai)(bai)(bai)(bai)分(fen)(fen)點，至(zhi)(zhi)87.2%，偏債混(hun)(hun)(hun)(hun)合(he)型(xing)(xing)基金(jin)(jin)倉(cang)(cang)位(wei)(wei)上(shang)升(sheng)0.19個(ge)(ge)百(bai)(bai)(bai)(bai)(bai)分(fen)(fen)點，至(zhi)(zhi)21.72%。

　　從監(jian)測的所(suo)有股票型和(he)混(hun)合型基(ji)金的倉(cang)位分(fen)(fen)布來(lai)看(kan)，上周(zhou)基(ji)金倉(cang)位在九(jiu)(jiu)成(cheng)(cheng)以上的占(zhan)比(bi)32.8%，倉(cang)位在七成(cheng)(cheng)到九(jiu)(jiu)成(cheng)(cheng)的占(zhan)比(bi)32.9%，倉(cang)位在五成(cheng)(cheng)到七成(cheng)(cheng)的占(zhan)比(bi)5.5%，倉(cang)位在五成(cheng)(cheng)以下(xia)的占(zhan)比(bi)28.8%。上周(zhou)加倉(cang)超(chao)過2個(ge)(ge)百分(fen)(fen)點的基(ji)金占(zhan)比(bi)53.8%，12.5%的基(ji)金加倉(cang)幅度在2個(ge)(ge)百分(fen)(fen)點以內(nei)，16.7%的基(ji)金倉(cang)位減倉(cang)幅度在2個(ge)(ge)百分(fen)(fen)點以內(nei)，減倉(cang)超(chao)過2個(ge)(ge)百分(fen)(fen)點的基(ji)金占(zhan)比(bi)17%。短(duan)期來(lai)看(kan)，股票型基(ji)金、混(hun)合型基(ji)金倉(cang)位均(jun)有所(suo)上升(sheng)。

　　上周央(yang)(yang)行(xing)通(tong)過逆回(hui)購投放資(zi)金17000億(yi)元(yuan)，通(tong)過逆回(hui)購到期(qi)回(hui)籠資(zi)金5800億(yi)元(yuan)，周內凈(jing)投放資(zi)金11200億(yi)元(yuan)。上周央(yang)(yang)行(xing)加(jia)(jia)大公(gong)開(kai)市(shi)(shi)場投放力(li)度(du)，釋放流動(dong)性(xing)，各期(qi)限資(zi)金收(shou)益率(lv)下(xia)行(xing)，為應對(dui)疫情帶來的負面影響，預計資(zi)金面將繼續(xu)維持寬松(song)狀態。上周央(yang)(yang)行(xing)及時降息維穩市(shi)(shi)場，避免市(shi)(shi)場出現恐慌情緒(xu)導致過度(du)波動(dong)，市(shi)(shi)場避險(xian)情緒(xu)增加(jia)(jia)，債(zhai)市(shi)(shi)交投活(huo)躍，上周央(yang)(yang)行(xing)維持貨(huo)幣利率(lv)于低位，利好債(zhai)市(shi)(shi)，預計短期(qi)債(zhai)市(shi)(shi)震蕩上行(xing)。

　　上周(zhou)(zhou)A股(gu)受疫(yi)情(qing)影響，周(zhou)(zhou)一(yi)出現調整(zheng)，隨(sui)后(hou)放量(liang)回升(sheng)，申萬(wan)一(yi)級行(xing)(xing)業中(zhong)醫藥生物、計算機和傳媒行(xing)(xing)業漲幅較大(da)。上周(zhou)(zhou)市場先抑后(hou)揚，投資(zi)(zi)(zi)者避險(xian)情(qing)緒激增(zeng)，市場波動(dong)(dong)(dong)加劇；周(zhou)(zhou)一(yi)市場調整(zheng)后(hou)，A股(gu)連(lian)續反(fan)彈回升(sheng)，兩市成(cheng)交量(liang)放大(da)，同(tong)(tong)時北向(xiang)資(zi)(zi)(zi)金持(chi)續凈流(liu)入，投資(zi)(zi)(zi)者情(qing)緒逐漸(jian)修復。央行(xing)(xing)降(jiang)低(di)逆回購資(zi)(zi)(zi)金利(li)率(lv)，釋(shi)放資(zi)(zi)(zi)金流(liu)動(dong)(dong)(dong)性，維持(chi)市場穩定；北向(xiang)資(zi)(zi)(zi)金持(chi)續流(liu)入A股(gu)，凸顯(xian)A股(gu)配置價值，同(tong)(tong)時為A股(gu)帶來更多增(zeng)量(liang)資(zi)(zi)(zi)金，推動(dong)(dong)(dong)市場上漲。短(duan)期(qi)來看，疫(yi)情(qing)帶來的沖(chong)擊逐漸(jian)減弱，投資(zi)(zi)(zi)者避險(xian)情(qing)緒修復，預計市場仍(reng)有上行(xing)(xing)動(dong)(dong)(dong)力。長期(qi)來看，市場仍(reng)將(jiang)大(da)概(gai)率(lv)修復上行(xing)(xing)。

　　具體(ti)到偏股型基(ji)金(jin)配(pei)置(zhi)(zhi)(zhi)上(shang)，建議投資(zi)(zi)者堅持長(chang)(chang)期投資(zi)(zi)與價值投資(zi)(zi)的理念，把握當前A股點位較低(di)(di)且長(chang)(chang)期修(xiu)復(fu)向上(shang)的投資(zi)(zi)機會，運用均衡風格配(pei)置(zhi)(zhi)(zhi)來獲(huo)取(qu)今年市場的修(xiu)復(fu)收益，擇(ze)取(qu)配(pei)置(zhi)(zhi)(zhi)低(di)(di)估(gu)值績(ji)優股的基(ji)金(jin)并長(chang)(chang)期持有；具體(ti)到債券(quan)型基(ji)金(jin)配(pei)置(zhi)(zhi)(zhi)上(shang)，債券(quan)市場近期或繼續(xu)震蕩，建議投資(zi)(zi)者選取(qu)優質債券(quan)產品，首選配(pei)置(zhi)(zhi)(zhi)高等(deng)級(ji)信用債產品。