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型走势，结构性行情突出，赚钱效应逐步释放。在权益市场上涨、债券收益率维持低位及供需关系改善等多重因素驱动下，上半年可转债市场表现较好，中证可转债指数上涨7%。报告期内，我们继续根据宏观政策环境、以及各细分资产的风险和收益率预期变化，灵活调整持仓的结构和仓位，持续优化组合的资产配置，力争实现较为稳健的净值增长。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:31.181Z","mo":"债市经历近三个月横盘低波后，市场风险偏好悄然抬升，叠加“反内卷”的扰动，推动债券收益率波动幅度加大。但当前基本面仍表现出总需求偏弱的特点，经济增长对政策支撑的依赖性较强，内生复苏动能偏弱。叠加外围潜在不确定性仍存，货币政策收敛概率较低，且将持续为潜在冲击预留宽松空间。因此，债券市场总体仍处于相对有利环境，但整体或维持低位震荡格局。权益资产估值目前处于从修复到扩张过渡的阶段，仍维持较为乐观的判断。","fund":{"_id":3000000001547,"stockCode":"001547","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-28T16:00:00.000Z","setUpScale":207655000,"market":"a","tickerId":1547,"custody":"中国民生银行股份有限公司","name":"兴业聚惠混合型证券投资基金","shortName":"兴业聚惠混合(001547)","fundSecondLevel":"hybrid","__csrcFundId":4180,"fundStatus":"normal","lastUpdated":"2026-04-30T18:03:54.630Z","masterFundFlag":1,"inceptionDate":"2015-07-07T16:00:00.000Z","fundCollectionId":4000050810000,"memoNum":1,"currency":"CNY","masterFundShortName":"兴业聚惠混合","pinyin":"xyjhhhxzqtzjj","managers":[{"stockCode":"db20076897","stockType":"fund_manager","exchange":"fm","tickerId":32506216610,"name":"蔡艳菲"}]},"announcement":{"linkText":"兴业聚惠混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1344047","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec59b7fea5b3eb04496be","date":"2025-03-30T16:00:00.000Z","stockId":3000000001547,"sao":"报告期内，债券市场在多重因素的交织影响下呈现出显著调整态势，收益率曲线呈现 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预期不足、实体经济融资需求弱是主导债市走牛的核心因素，10Y和30Y国债收益率分别下行至2.2%和2.4%的低点附近；理财、公募基金等规模增长，债券供给节奏偏慢加剧了“资产荒”，票息策略演绎至极致，中长期限信用债表现亮眼；地产政策放松、特别国债发行及央行的预期管理形成了阶段性的扰动。转债则整体呈现宽幅震荡走势，上半年基本收平。年初受权益下跌影响，转债出现超跌；之后转债市场走出了一波修复行情，但在风险偏好下降、转债信用风险担忧等多重负面扰动下，转债出现震荡下行。上半年沪深300指数小幅上涨1.03%，大盘蓝筹表现较优，中小盘震荡走弱。红利策略仍然占优。报告期内，我们继续根据宏观政策环境、以及各细分资产的风险和收益率预期变化，主动调整持仓的结构和仓位，持续优化组合的资产配置，力争实现较为稳健的净值增长。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:31.169Z","mo":"展望下半年债券市场，我们认为债市仍处于有利环境中，收益率仍有进一步下行的空间。经济下行压力增大，价格将呈有限度的修复态势，稳增长诉求上升，货币政策宽松进入新的宽松周期，资金结构也转向理财、基金等机构，债券尚不具备反转基础。截止目前地方债发行节奏偏慢，市场预期8-10月单月潜在供给有望增大，但在实体经济融资需求偏弱、风险偏好情绪不振的背景下，安全资产仍是追逐对象，阶段性的扰动将是机会。品种方面，期限利差处于相对陡峭，中长端具有相对性价比；资金结构的转变有利于信用债配置需求的释放，信用利差大幅走阔的概率较低；转债在经历前期下跌后，投资价值提升。","fund":{"_id":3000000001547,"stockCode":"001547","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-28T16:00:00.000Z","setUpScale":207655000,"market":"a","tickerId":1547,"custody":"中国民生银行股份有限公司","name":"兴业聚惠混合型证券投资基金","shortName":"兴业聚惠混合(001547)","fundSecondLevel":"hybrid","__csrcFundId":4180,"fundStatus":"normal","lastUpdated":"2026-04-30T18:03:54.630Z","masterFundFlag":1,"inceptionDate":"2015-07-07T16:00:00.000Z","fundCollectionId":4000050810000,"memoNum":1,"currency":"CNY","masterFundShortName":"兴业聚惠混合","pinyin":"xyjhhhxzqtzjj","managers":[{"stockCode":"db20076897","stockType":"fund_manager","exchange":"fm","tickerId":32506216610,"name":"蔡艳菲"}]},"announcement":{"linkText":"兴业聚惠混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1146957","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec59b7fea5b3eb04496ba","date":"2024-03-30T16:00:00.000Z","stockId":3000000001547,"sao":"今年以来债券市场延续了去年12月以来的牛市，具体来看，超长端表现较为亮眼，30-10Y利差压缩至15BP的历史低位。30Y国债收益率下行接近40BP，突破MLF的2.5%最低至2.39%；10Y国债也下行30BP附近，最低较1YMLF利率低25BP至2.25%；中等期限利率债表现相对弱一些，收益率下行在15-20BP左右；信用债收益率则普遍下行30-45BP，信用利差也因此有所压缩。一季度沪深300整体上行3.1%，而与之相关的可转债资产小幅下跌0.81%，估值水平整体回落。报告期内，我们继续根据宏观政策环境、以及各细分资产的风险和收益率预期变化，主动调整持仓的结构和仓位，持续优化组合的资产配置，力争实现较为稳健的净值增长。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:31.162Z","fund":{"_id":3000000001547,"stockCode":"001547","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-28T16:00:00.000Z","setUpScale":207655000,"market":"a","tickerId":1547,"custody":"中国民生银行股份有限公司","name":"兴业聚惠混合型证券投资基金","shortName":"兴业聚惠混合(001547)","fundSecondLevel":"hybrid","__csrcFundId":4180,"fundStatus":"normal","lastUpdated":"2026-04-30T18:03:54.630Z","masterFundFlag":1,"inceptionDate":"2015-07-07T16:00:00.000Z","fundCollectionId":4000050810000,"memoNum":1,"currency":"CNY","masterFundShortName":"兴业聚惠混合","pinyin":"xyjhhhxzqtzjj","managers":[{"stockCode":"db20076897","stockType":"fund_manager","exchange":"fm","tickerId":32506216610,"name":"蔡艳菲"}]},"announcement":{"linkText":"兴业聚惠混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072516","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec59b7fea5b3eb04496b9","date":"2023-12-30T16:00:00.000Z","stockId":3000000001547,"sao":"报告期内，经济总体波折式复苏，有效需求不足，预期与信心偏弱，房地产销售低迷，地方债务风险边际缓释，价格水平维持低位，央行货币政策维持宽松基调，债券市场呈现牛平走势，10年期国债下行近30BP，信用利差收窄至历史低位。具体来看，年初经济复苏预期较强，信贷脉冲效应，风险偏好提振带来无风险利率提升，资金价格中枢边际收敛，债券收益率平坦化上行，10年期国债由2022年底的2.82%小幅调整最高至2.93%。受益于信用利差优势，信用债配置需求释放，信用债表现好于利率债，信用利差自高位快速收窄。3至8月中旬，经济强复苏预期被证伪，央行于3月降准0.25%，资金面压力缓解，收益率曲线陡峭化下行；央行于6月和8月份分别降息10BP和15BP，加速行情的演绎直至8月中旬，10年期国债最低下行至2.54%。8月下旬至11月底，自8月初以来，防“空转”和稳汇率导致资金价格中枢抬升，债券供给增加，债券收益率呈现平坦化上行，1年期国债最高上行近70BP，但10年期国债最高仅上行18BP，期限利差收窄至历史低位，信用债也跟随调整，但随着化债政策的落地，弱资质城投表现最佳。12月汇率压力边际缓解，以及供给冲击结束，资金面宽松，债券做多情绪释放，利率债表现优于信用债，超长债表现最佳，曲线陡峭化小幅修复，但仍处于平坦状态，10年国债也突破了2.6%的关键点位至2.58%。经济基本面偏弱，企业盈利持续下滑，私人部门信心与预期不足，风险偏好持续回落，估值持续压缩，2023年仅一季度受益于经济复苏预期带动有所上涨，随后总体呈现单边下跌态势，全年看沪深300指数下跌11.4%，高分红表现相对较好。尽管权益市场表现不佳，但受益于信用债收益率下行至低位，可转债全年仅下跌0.5%。报告期内，随着债券收益率的波动，组合灵活调整久期和杠杆水平，优化持仓结构，年底制约债券市场的因素消退，组合适度拉长久期，股票仓位保持稳定，持续优化持仓结构。未来我们将继续根据各细分资产的风险和收益率预期变化，主动调整持仓的结构和仓位，持续优化组合的资产配置，力争实现较为稳健的净值增长。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:31.159Z","mo":"展望未来，2024年宽财政加码、中美库存周期共振以及消费边际倾向维持修复，出口和消费带动总需求有限幅度的改善，通胀水平温和回升，企业盈利有望企稳修复，制造业投资维持弱修复态势，经济失速风险下降。但是，地产出清尚未完成，或将抑制信用扩张、信心与预期改善以及债务风险缓解，新动能难以抵消旧动能的增长缺口，需要加大财政支出维持基建投资适度增长。基准情形下，预计经济增速中枢依然维持在潜在增速之下运行。货币政策配合，总量与结构政策并行。为配合宽财政，通过降准、增加MLF操作等释放中长期资金存在必要，资金面总体维持合理适度。尽管中美利差高位对降息存在阶段性掣肘，但美联储进入降息周期，美债收益率见顶回落，届时降息空间打开。总之，债市总体处于偏有利环境中，10年期国债收益率存在再创新低的可能。权益市场方面，经历近3年的调整，当前整体估值水平偏低，且风险偏好有望低位改善，权益市场或有所企稳。我们会根据基本面环境和市场环境的变化，主动调整组合的资产结构，争取为基金持有人获得稳定的超额回报。","fund":{"_id":3000000001547,"stockCode":"001547","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-06-28T16:00:00.000Z","setUpScale":207655000,"market":"a","tickerId":1547,"custody":"中国民生银行股份有限公司","name":"兴业聚惠混合型证券投资基金","shortName":"兴业聚惠混合(001547)","fundSecondLevel":"hybrid","__csrcFundId":4180,"fundStatus":"normal","lastUpdate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