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猪通胀带动通胀预期升温、货币政策收紧预期升温，并且中美贸易关系有所缓和。相对来说，当下经济虽复苏方向相对确定，但经济复苏的斜率在放缓，供给复苏快于需求，被动累积的库存将经历去库存过程；通胀方面，CPI整体呈现下行并于四季度左右再度回到1%左右，而PPI则全年大概率维持通缩状态；货币政策回归正常化，虽然最宽松的时候已过，但在经济恢复正常化、就业压力缓解前，年内大概率不会收紧，资金利率大幅上行的可能性有限。因此，即使年内无趋势性行情，债券收益率再度大幅上行的概率也相对较低，更大的可能是宽幅震荡。尽管经济增长受到疫情冲击压力，但A股股市在经济修复好于预期情况下表现强劲，创业板指数尤其突出。本轮牛市起源于2018年下半年科创板规划推出，政府层面高度重视科技创新进而带来后续一系列制度红利。股指上涨，一方面部分行业受益疫情高速成长，另一方面流动性宽松下，风险偏好提升下边际资金流入明显。市场追逐业绩确定性强的消费、科技和医药板块，周期性板块大幅落后。下阶段，在新股和政策产业政策托底等多项制度红利延续的情况下，预计股指进一步上行的概率较大，金融、有色、等低估值板块存在修复的机会，但经济增长压力切实存在，长期来看代表新经济增长方向特征的行业板块将会显著胜出。组合将维持偏高的权益仓位，债券资产以配置为主，配置适当比例的转债资产。","fund":{"_id":3000000001257,"__csrcFundId":3991,"stockCode":"001257","shortName":"兴业收益增强债券(001257)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":1257,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:54:09.287Z","status":"normal","inceptionDate":"2015-05-28T16:00:00.000Z","name":"兴业收益增强债券型证券投资基金","exchange":"jj","followedNum":30,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业收益增强债券","pinyin":"xysyzqzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801328988","stockType":"fund_manager","exchange":"fm","tickerId":2613093780,"name":"周鸣"},{"stockCode":"8801398576","stockType":"fund_manager","exchange":"fm","tickerId":410152570,"name":"丁进"}]},"announcement":{"linkText":"兴业收益增强债券型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=457886","linkType":"PDF","source":"csrc_pdf"}}]}