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DR007对同业存单下行形成制约，而同业存单价格对10年期甚至30年期国债价格也会形成制约。展望四月，逆回购到期量减小，MLF到期量也处于年内较低水平，流动性缺口不明显，货币供给端不会对市场形成太大压力，主要关注政府债融资与公开市场操作等方面。从政策方面来看，两会GDP增速5%的目标、赤字率3%+万亿国债、3.9万亿地方政府专项债，并未超预期。促进耐用消费品以旧换新以及大规模设备更新还要看后续的落实效果（设备更新更多是供给政策，需求拉动效果可能不大）。稳健的货币政策大方向未变，但目前比较尴尬的是美国通胀粘性强，甚至有所抬升，国内价格指标持续低位。我们一方面强调\"大国货币\"，保汇率意图非常明显，另一方面强调防止资金空转套利，广谱利率调降概率不大，更多是结构性货币政策，比如再贴现、再贷款等。降准相对可期，3月21日国新办新闻发布会主要内容：我国法定存款准备金率对比其他发达国家依然有调降空间。2季度债券供应量或会抬升，对冲债券供给给流动性带来的扰动，降准有必要。还有近期讨论的央行购债，也将为市场提供长久期、稳定的流动性。当前长端利率已经隐含市场对基本面的悲观预期，10年期活跃券在2.3%附近震荡，30年期在2.5%附近。机构交易抱团严重，交易盘集中在几只活跃券种上。机构的交易行为对波动性有放大作用。从机构配置行为来看，保险和商业银行在超长端贴近2.45%附近配置量大幅度减少，逐渐增持的品种是票息更高的长期地方政府债。总结来看月度金融和经济数据对长期债市走势指向性不强，但短期扰动不可忽视。交易结构驱动行情，市场对信息敏感度提升，保险、银行等长端配置资金会结合负债端成本调整配置节奏。10年期国债收益率年内低点在2.26%附近，30年期在2.42%附近，市场学习效应很强，在接近低点的位置会提前有止盈盘出现，在无超预期因素情况下突破前期低点概率不大。后市大概率继续呈现窄幅震荡但日内波动较大的态势。目前债市关注点主要是二季度超长国债的供给、经济高频数据、风险偏好抬升的持续性等。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:42.785Z","fund":{"_id":3000000003845,"stockCode":"003845","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-01-08T16:00:00.000Z","setUpScale":200086000,"market":"a","tickerId":3845,"custody":"上海浦东发展银行股份有限公司","name":"汇安丰恒灵活配置混合型证券投资基金","shortName":"汇安丰恒混合(003845)","fundSecondLevel":"hybrid","__csrcFundId":1543,"fundStatus":"normal","lastUpdated":"2026-04-30T19:01:17.434Z","masterFundFlag":1,"inceptionDate":"2017-03-12T16:00:00.000Z","fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安丰恒混合","pinyin":"hafhlhpzhhxzqtzjj","managers":[{"stockCode":"db20809506","stockType":"fund_manager","exchange":"fm","tickerId":100806217420,"name":"金鸿峰"}]},"announcement":{"linkText":"汇安丰恒灵活配置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=1074170","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7867fea5b3eb046c649","date":"2023-12-30T16:00:00.000Z","stockId":3000000003845,"sao":"2023年经济呈现曲折修复态势，一季度经济反弹，二季度超预期下行，三季度修复，四季度小幅度回落。CPI、PPI低位运行，PMI连续三个月回落，经济数据和金融数据出现反复，内需不足的问题较为突出。财政政策后置发力，货币政策整体偏宽，资金价格维持低位，但中枢高于2022年。债券市场全年走牛。节奏上来看，一季度信用债收益率在中小银行配置盘推动下率先下行，春节前后资金面超预期收紧，资金价格中枢抬升，利率债收益率整体抬升。二季度基本面超预期回落，资金价格中枢回落，利率债快速走牛，呈现出趋势性行情。三季度金融和经济数据修复，降息利好因素落地，地产政策超预期，地方债发行加速，宽信用预期大幅度抬升，叠加资金走紧，债市有所回调。四季度万亿国债增发，叠加央行强调防止资金空转以及地产政策预期升温，利率震荡上行。但随着Q3货币政策报告带动资金面预期缓解，叠加基本面不及预期，以及年内第三次调降存款利率，收益率再度下行。利率债操作策略结合基本面、政策面和资金面，对久期和杠杆等进行调整，配置盘和交易盘相配合。市场整体活跃度较高时，加大交易盘的操作比例，活跃度降低时减少交易盘操作。趋势性行情较为明确时减少交易盘配置，同时加大杠杆。2023年在债市呈现出牛平的局面中，大幅度提高长端和超长端的操作比例，为产品增加收益。信用债方面，二级永续债等产品作为利率放大器，交易属性凸显，尤其是资质较好的二级永续债，活跃度整体较高，是交易盘的优选品种。在城投债的选择上依然以中高等级城投债为主，短久期的适当下沉，在资产荒的背景下依然可以获得不错的收益。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:42.782Z","mo":"当前利好因素有所累计，但经济和金融数据反复，基本面修复或呈现波浪式修复。海外补库以及全球消费电子周期和汽车、船舶产业链优势使得出口有一定韧性，但持续性不确定。实体经济内生动能不足，地产销售和投资还在修复的过程中。基建是经济的主要支撑力。目前企业和居民杠杆水平不低，但随着企业投资回报率和企业盈利的改善，投、融资将会有所修复。居民可支配收入缓慢增加以及边际消费倾向改善，消费有望提升。整体基建>制造业>出口>消费>地产。后续更需要依靠政府部门，特别是中央加杠杆。稳增长政策依然有空间，货币政策如何配合是关键。海外政策风险下降，加息周期尾声，资本外逃和人民币贬值压力降低，货币政策空间打开。数量工具和价格工具相结合，降准、降息、存贷款利率进一步下调可期。整体环境目前还是利于债市更多一些，潜在增速下行，中央引导实体经济降低融资成本，资金淤积在金融市场内，利率长期向下趋势未变。信用债在高息资产逐渐退出市场、供需博弈环境和化债背景下，配置力量持续存在。市场回调就是阶段性买点。城投防风险政策下，短期有利于改善地方政府收支，城投债风险短期得到缓解。高等级城投拉长久期，短久期可适当信用下沉。产业债和城投债配置策略一致，优质企业可考虑拉长久期。二级永续债交易属性较强，具有利率放大属性，活跃券可参与波段操作，配置盘可关注经济较发达地区的AA+及以上城农商行。","fund":{"_id":3000000003845,"stockCode":"003845","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-01-08T16:00:00.000Z","setUpScale":200086000,"market":"a","tickerId":3845,"custody":"上海浦东发展银行股份有限公司","name":"汇安丰恒灵活配置混合型证券投资基金","shortName":"汇安丰恒混合(003845)","fundSecondLevel":"hybrid","__csrcFundId":1543,"fundStatus":"normal","lastUpdated":"2026-04-30T19:01:17.434Z","masterFundFlag":1,"inceptionDate":"2017-03-12T16:00:00.000Z","fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安丰恒混合","pinyin":"hafhlhpzhhxzqtzjj","managers":[{"stockCode":"db20809506","stockType":"fund_manager","exchange":"fm","tickerId":100806217420,"name":"金鸿峰"}]},"announcement":{"linkText":"汇安丰恒灵活配置混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1059141","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7867fea5b3eb046c648","date":"2023-09-29T16:00:00.000Z","stockId":3000000003845,"sao":"经济基本面依然处于待修复状态，但从通胀、制造业PMI、工业增加值、固定资产投资以及社零，还有部分高频数据来看，环比继续改善。9月PMI重回容枯线上，制造业和非制造业景气度均有所改善。投资再季度末存在冲量效应，从转贴现票价上升至6月水平来看，9月信贷数据恐不差，10月再融资债/地方专项债等发行对信贷和社融依然有支撑。长假期间消费大幅度提升（旅游收入和人次均超过2019年同期），但地产销售疲弱，后续还要借助政策，稳增长政策需要持续输出（需要继续关注特殊再融资债）。资金面有望从9月偏紧逐渐回到中性态势。10月财政资金进入支出阶段，跨季和双节扰动过后，存款回流理财。另外需求不足（从9月PMI数据分项有体现），经济仍待修复的阶段货币政策不具备收紧基础，央行节前例会强调政策逆周期，因此判断货币政策不会出现转向。假期美股表现一波三折，欧亚股市整体收跌，美元飙升拖累大宗表现，多数大宗商品价格收跌，地缘局势紧张等，投资者风险偏好较低，债市的配置力量依然存在。进入四季度股票市场信心或有所提振，股债性价比更偏向股市，配置行业重点集中在银行、家居、能源、华为产业链。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:42.779Z","fund":{"_id":3000000003845,"stockCode":"003845","stockType":"fund","areaCode":"cn","followedNum":0,"blackened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上行，曲线呈现陡峭化；利率债曲线则呈现出曲线平坦化局面。一季度央行启动降息，货币政策整体呈现宽松态势，前两个月经济数据显示偏强，三月份数据则整体偏弱。资金面季初宽松程度好于季度中，受权益市场调整、固收+遭到赎回等原因，活跃利率债遭到抛售的情况时有发生，因此降低久期、降低杠杆为一季度主要策略，利率债波段操作以快进快出为主。地产板块虽然政策边际有所放松，但整体环境改善依然需要时间，因此地产债依然是规避的主要标的。  四月数据大概率依旧延续三月疲弱的态势，当前国内国际各方面都对经济发起挑战：国内疫情局势严峻，各地区防控措施都有不同程度的升级，对经济发展产生严重制约；俄乌冲突加剧风险资产波动，推升全球商品价格上涨，通胀预期加强；欧美国家加息进程加快且态度偏鹰派，美债和中国十年期国债收益率不断缩窄；地缘冲突导致出口对经济拉动作用在持续削弱等。因此当前经济增速下行压力加强，为了达成全年经济增速5.5%的目标，国内宽松政策依然是有基础的。特别是四月若疫情能够得到控制，则财政支出和货币政策的放松会加快，至少目前市场预期是比较强烈的；固收+赎回压力得到缓解；俄乌冲突若逐渐弱化，商品价格回落等均对债市形成一定程度的利好。从以往历史经验来看欧美国家加息进程中，我国实现宽松的渠道更倾向于降准而非降息。通过降准降低银行负债端成本，从而引导市场利率走低，但此次何时落实降准还存在诸多不确定性，利率下行趋势更多基于经济基本面承压。二季度相对看好信用债，信用利差目前处于历史中位数附近。地产债二季度处于观察期，可择机而动。其他产业债方面可选择高等级的主体，久期适当拉长，同时可加杠杆。城投债选择经济存量、增量、财政自给能力相对较好的地区，同时兼顾当地的金融、产业等资源，对这类地区可适当下沉主体资质，而对本身负债率较高的地区则要保持谨慎态度。二月开始存单收益率持续上行，目前处于阶段性企稳的状态，对于9-12个月期限的存单可考虑适当配置。利率债方面，经济下行压力加大，国内宽松政策相对确定，但由于现在疫情严重，对宽松政策的落实形成掣肘，大概率宽松政策需要等到疫情相对可控再发力，因此利率债有可能会呈现前低后高的局面，因此要注意阶段性止盈和杠杆的调整。股票方面：地产政策边际放松，对于上下产业链的版块也惊喜挑选，同时重视银行板块的价值。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:42.763Z","fund":{"_id":3000000003845,"stockCode":"003845","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-01-08T16:00:00.000Z","setUpScale":200086000,"market":"a","tickerId":3845,"custody":"上海浦东发展银行股份有限公司","name":"汇安丰恒灵活配置混合型证券投资基金","shortName":"汇安丰恒混合(003845)","fundSecondLevel":"hybrid","__csrcFundId":1543,"fundStatus":"normal","lastUpdated":"2026-04-30T19:01:17.434Z","masterFundFlag":1,"inceptionDate":"2017-03-12T16:00:00.000Z","fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安丰恒混合","pinyin":"hafhlhpzhhxzqtzjj","managers":[{"stockCode":"db20809506","stockType":"fund_manager","exchange":"fm","tickerId":100806217420,"name":"金鸿峰"}]},"announcement":{"linkText":"汇安丰恒灵活配置混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=724881","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7867fea5b3eb046c641","date":"2021-12-30T16:00:00.000Z","stockId":3000000003845,"sao":"2021年年末，经济数据偏弱，从分类项来看，基建、房地产、制造业、消费和出口都环比偏弱，内生动能不足。从12月的金融数据来看，信贷数据依然处在底部，但稍有起色，不论是稳增长还是信贷企稳都还需要后续的进一步观察。年初央行降息，MLF和OMO同时调降10BP，基本符合市场预期，进一步体现了稳增长的急迫性，在此之后央行明确“把货币政策工具开得再大一些”“政策靠前发力”等论调，再次增强市场对宽货币和宽信用的预期，2021年4季度到2022年1月中旬的利率债收益率下行的主因就在于此。信用债整体利差压缩，但持续分化，地产债调整尤其剧烈。目前宽货币政策已经确定，虽然宽信用的预期还在，房地产政策边际调整，专项债加速发行，2022年有望尽快形成实物工作量，但要看具体的落实进程。2022年债市整体上半年或好于下半年，短端或好于长端，重点关注2季度。后续重点观测信贷数据、金融数据等情况，不仅要从宏观视角观察经济基本面的边际变化、政策动向等，同时还要从微观视角关注个体的信用风险，随时调整产品投资策略，选取合适的标的。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:42.760Z","mo":"2022年大概率财政前置，1月地方政府债超季节性，社融同比增速持续回升。制造业PMI需求指数依然偏弱，目前内需不强，外需回落。贷款需求持续下行，尤其是企业中长贷整体处于季节性偏弱的水平，表明实体融资需求依然偏弱。居民的加杠杆空间和能力都有限，融资需求可持续性不强。地产领域作为拉动GDP的重要抓手，虽然政策边际有所放松，但是具体的效果还有待进一步验证，房地产投资的恢复依然需要时间。货币政策角度来看，宽货币的方向已经确定，但是宽信用依然处于市场预期层面，地产和基建从历史上来看是宽信用大抓手，但是目前地产疲软宽信用缺乏明显抓手，虽然财政前置确定，但是基建发力进程如何仍有待观察。社融目前已经有所企稳，但是经济和金融数据持续偏弱，下行趋势依然未见改善。从大类资产配置来看，利率债的收益上半年大概率好于下半年，短端好于长端。信用方面继续挖掘资质较好的城投平台，持续关注银行二级资本债等。","fund":{"_id":3000000003845,"stockCode":"003845","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-01-08T16:00:00.000Z","setUpScale":200086000,"market":"a","tickerId":3845,"custody":"上海浦东发展银行股份有限公司","name":"汇安丰恒灵活配置混合型证券投资基金","shortName":"汇安丰恒混合(003845)","fundSecondLevel":"hybrid","__csrcFundId":1543,"fundStatus":"normal","lastUpdated":"2026-04-30T19:01:17.434Z","masterFundFlag":1,"inceptionDate":"2017-03-12T16:00:00.000Z","fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安丰恒混合","pinyin":"hafhlhpzhhxzqtzjj","managers":[{"stockCode":"db20809506","stockType":"fund_manager","exchange":"fm","tickerId":100806217420,"name":"金鸿峰"}]},"announcement":{"linkText":"汇安丰恒灵活配置混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=713450","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7867fea5b3eb046c640","date":"2021-09-29T16:00:00.000Z","stockId":3000000003845,"sao":"地产调控政策收紧，三季度房地产市场降温，销售额和投资额存在下行压力，用地产推动经济的概率不大。煤炭供给短缺推升煤炭价格，能耗双控、限电限产引发市场对能源短缺的关注；同时今年大概率会出现冷冬，对能源的需求将进一步抬升，供需缺口拉大将导致能源价格再度抬升，这会在一定程度上推升PPI和CPI，但是上游价格上涨，成本上升，价格压力又很难向下游传导，因此PPI和CPI分化会加剧。跨周期调节，专项债加速发行都将有助于基建发力，但也需要观察原材料的价格走势，如果原材料价格上涨过多，基建盈利性走弱也会减缓实物工作量的形成节奏。疫情反复虽然对经济增长有所抑制，但考虑到国家对疫情有效控制，因此疫情对经济的抑制作用比较有限。人民币近期对美元保持稳定，总体在6.45上下波动。人民币走强，短期对经济冲击不大，中长期来看，人民币走强，中国出口价格上涨，出口将承压。央行三季度调查问卷：企业家调查显示国内订单指数回落至51.1，出口订单指数回落至49.4，内外需都出现了放缓的趋势。居民可支配收入无上涨态势，消费整体疲弱，进一步提升的可能性不高。总体上经济稳增长的节奏放缓，宽信用预期加强，全球商品价格上涨加强通胀压力，上述因素将导致风险偏好进一步提升，债市重回底部的可能性较低，债券收益率将呈现区间震荡格局，信用债以持有到期为主，但是需要时时关注持仓主体的信用情况，重点关注债务压力、债务的滚续能力等，要注意防范个体风险。利率债可以根据市场情况调整配置策略，市场有回调的时候可以考虑买入，以获取资本利得。股市有合适机会可以适当买入。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:42.757Z","fund":{"_id":3000000003845,"stockCode":"003845","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-01-08T16:00:00.000Z","setUpScale":200086000,"market":"a","tickerId":3845,"custody":"上海浦东发展银行股份有限公司","name":"汇安丰恒灵活配置混合型证券投资基金","shortName":"汇安丰恒混合(003845)","fundSecondLevel":"hybrid","__csrcFundId":1543,"fundStatus":"normal","lastUpdat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稳定是根本，降低社会波动率可能是未来一段时间宏观调控政策的重要出发点。(2) 畅通“内循环”本质是改善投入产出和收入分配关系，我们提示，可以从居民部门储蓄率和消耗储蓄方式(房地产/工业制成品消费)的变化入手，跟踪“内循环”优化进程。(3) “内循环”与“外循环”联动，关键在于增强中国内需对海外产出的拉动能力，提升中国对产业链的引领能力。战略机遇期已至，长期看好A股判断不变；但过程难免曲折，心向光明，脚踏实地。2021年我们会关注以下行业配置：沿着景气复苏布局三条主线——复苏服务业、优势制造及出口链、科技成长主线。① 从疫情中梯队式恢复的服务业：航空、影视、餐饮旅游、金融、医疗服务等。从盈利弹性角度，关注：（1）受益于飞机供给增速收缩、航司集中度提升、时刻供给结构优化等因素的航空、航运；（2）在限流的背景下国庆档期仍实现近40亿票房收入的影院；（3）恢复趋势明显提速叠加消费回流的景区和演艺；（4）盈利冲击最大时段可能已经过去并且估值修复空间大的银行；疫情解除后低基数叠加开门红以及受益于长端利率上行的保险。② 构建双循环体系叠加国内经济率先复苏下的制造业：高端制造链条、优势出口链条、工业金属等。构建双循环体系需要内部和外部、制造和需求共同发力。随着国内经济率先恢复，国内优势制造业龙头一方面受到国内需求回暖带动，另外一方面切入海外供应链占领全球份额。（1）高端制造领域，关注新能源车及光伏产业链。新能源车政策、新车型双周期共振，海内外需求拐点已至，关注锂电材料、锂电设备、汽车整车等。非化石能源占比提升叠加成本绝对优势，光伏装机规模有望大幅增长，关注玻璃硅料、光伏设备及组件等；（2）全球经济恢复叠加疫情仍未消退，国内出口优势企业持续收获订单，过去几年低需求下供给侧持续优化，关注化工、轻工、家电、机械及器械等；（3）经济恢复带动制造业持续复苏，叠加国外潜在的大规模刺激政策，工业金属价格有望持续上升，关注铜、铝。③ 科技成长是长期主线。顶层设计、高质量发展需求驱动、降低融资难度，多因素推动科技成长进入长期向上通道。短期关注业绩持续释放的消费电子、5G应用、军工等，中长期关注“十四五”推动下“卡脖子”环节的国产替代，比如半导体链条、新材料等。","fund":{"_id":3000000003845,"stockCode":"003845","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-01-08T16:00:00.000Z","setUpScale":200086000,"market":"a","tickerId":3845,"custody":"上海浦东发展银行股份有限公司","name":"汇安丰恒灵活配置混合型证券投资基金","shortName":"汇安丰恒混合(003845)","fundSecondLevel":"hybrid","__csrcFundId":1543,"fundStatus":"normal","lastUpdated":"2026-04-30T19:01:17.434Z","masterFundFlag":1,"inceptionDate":"2017-03-12T16:00:00.000Z","fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安丰恒混合","pinyin":"hafhlhpzhhxzqtzjj","managers":[{"stockCode":"db20809506","stockType":"fund_manager","exchange":"fm","tickerId":100806217420,"name":"金鸿峰"}]},"announcement":{"linkText":"汇安丰恒灵活配置混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=559561","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7867fea5b3eb046c63c","stockId":3000000003845,"sao":"本基金在三季度中维持上一季度的资产配置结构。三季度宏观经济持续恢复，个别指标甚至有所超过预期。由于7月初市场出现一波急涨，创业板IPO亦在7月开始落地，市场的流动性被较为平稳而持续的引导到实体经济，而留存在二级市场的资金有趋紧的倾向。因而市场在整个季度延续了横盘整理的特征，并在中后期呈现震荡区间下调的现象。我们判断这种震荡的态势仍会有所持续，直到国际国内经济环境有所改变，或者宏观对流动性的政策有所调整；传统行业的大部分公司估值水平依然不高，仍然有估值修复的空间，同时中小成长股经过两年的泡沫消化，已经具备中长期投资价值。我们将继续秉承价值投资的理念，寻找估值合理、相对低估的股票进行投资，辅以定量工具和指标精选标的、精确化管理组合的风险，力争实现基金资产中长期的稳健增值。本基金本季度维持积极的管理模式，结合7月初市场的走势，本基金在三季度整体运作和表现稳健。本基金对权益市场的参与以配置目的为主，辅以上述投资决策方法调整对组合的收益进行提升。基于此，本基金的净值在三季度稳中有升。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:42.741Z","fund":{"_id":3000000003845,"stockCode":"003845","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-01-08T16:00:00.000Z","setUpScale":200086000,"market":"a","tickerId":3845,"custody":"上海浦东发展银行股份有限公司","name":"汇安丰恒灵活配置混合型证券投资基金","shortName":"汇安丰恒混合(003845)","fundSecondLevel":"hybrid","__csrcFundId":1543,"fundStatus":"normal","lastUpdated":"2026-04-30T19:01:17.434Z","masterFundFlag":1,"inceptionDate":"2017-03-12T16:00:00.000Z","fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安丰恒混合","pinyin":"hafhlhpzhhxzqtzjj","managers":[{"stockCode":"db20809506","stockType":"fund_manager","exchange":"fm","tickerId":100806217420,"name":"金鸿峰"}]},"announcement":{"linkText":"汇安丰恒灵活配置混合型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=491691","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7867fea5b3eb046c63b","stockId":3000000003845,"sao":"新冠疫情已演变为全球大流行传染病，欧洲和美国成为疫情新震中，局面全面受控尚需一段时间。严峻的疫情下，各国先后采取了隔离与暂停非必需经济活动的措施，全球经济全面急速冻结。包括股票、债券、货币、短期资金市场在内的国际金融市场前期均爆发史诗级波动，各国迅速采取了多种超常规措施，规模普遍超过了2008年国际金融危机时期的市场与经济救助计划，金融市场方才摆脱极端恐慌。疫情进程尚有较大不确定性，造成的严重失业、供应链阻塞、有效需求不足、经济部门去杠杆的连锁反应开始逐步体现，海外经济在2020年步入严重衰退已无悬念。中国以果决的手段控制住了疫情的蔓延，复工复产已步入正轨，但居民日常生活与服务业的全面复原则仍需等待。海外需求的锐减对国内出口的影响已显现，并对国内产业链造成强烈扰动。国内推出一系列针对性政策，在保持流动性整体充裕下，着力扶持受疫情冲击严重的中小企业，开启新基建的同时严格执行房住不炒的政策。相比其他国家，中国在疫情防控上已占据主动，拥有较充分的政策空间与强大执行力，依托中国经济韧性，中国经济可率先步入复苏进程。债券收益率曲线陡峭化下移，和国外主要经济体相比，长端国债利率仍有下行空间。预计短端利率维持低位，杠杆操作有一定获利空间。在经济下行期，信用风险加大，对信用品种的选择需更为谨慎。权益市场预期以结构性行情为主，立足国内需求、财务稳健和高分红率的公司相对受益。本基金在二季度中在基本延续上一季度的资产配置的基础上结合对持有人的风险偏好的理解，适度谨慎地对权益市场进行了浅度参与。二季度宏观经济指标保持稳健，市场利率有所抬升，A股市场出现明显分化的结构性行情。我们判断市场继续下行的空间并不大：传统行业的大部分公司估值水平依然不高，仍然有估值修复的空间，同时中小成长股经过两年的泡沫消化，已经具备中长期投资价值。我们将继续秉承价值投资的理念，寻找估值合理、相对低估的股票进行投资，辅以定量工具和指标精选标的、精确化管理组合的风险，力争实现基金资产中长期的稳健增值。本基金对权益市场的参与以配置目的为主，辅以上述投资决策方法调整对组合的收益进行提升。基于此，本基金的净值在二季度稳中有升。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:42.738Z","mo":"2020年的后半年是我国的后疫情时代，由于疫情已被较为平稳的控制，各行业均稳步的进入复苏阶段，此时应兼顾衡量疫情对各行业的短期冲击、长期影响以及政策面相应的应对。此外，全球经济和国际局势仍受疫情和中美关系等因素影响存在较大不确定性，是为后续投资决策中需要密切关注的方向。","fund":{"_id":3000000003845,"stockCode":"003845","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-01-08T16:00:00.000Z","setUpScale":200086000,"market":"a","tickerId":3845,"custody":"上海浦东发展银行股份有限公司","name":"汇安丰恒灵活配置混合型证券投资基金","shortName":"汇安丰恒混合(003845)","fundSecondLevel":"hybrid","__csrcFundId":1543,"fundStatus":"normal","lastUpdated":"2026-04-30T19:01:17.434Z","masterFundFlag":1,"inceptionDate":"2017-03-12T16:00:00.000Z","fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安丰恒混合","pinyin":"hafhlhpzhhxzqtzjj","managers":[{"stockCode":"db20809506","stockType":"fund_manager","exchange":"fm","tickerId":100806217420,"name":"金鸿峰"}]},"announcement":{"linkText":"汇安丰恒灵活配置混合型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=463389","linkType":"PDF","source":"csrc_pdf"}}]}