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"areaCode":"cn","market":"a","tickerId":4952,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:23:47.335Z","status":"normal","inceptionDate":"2017-09-19T16:00:00.000Z","name":"兴全恒益债券型证券投资基金","exchange":"jj","followedNum":8,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全恒益债券","pinyin":"xqhyzqxzqtzjj","managers":[{"stockCode":"8801368760","stockType":"fund_manager","exchange":"fm","tickerId":2618120090,"name":"张睿"},{"stockCode":"db20833383","stockType":"fund_manager","exchange":"fm","tickerId":241213219520,"name":"徐留明"}]},"announcement":{"linkText":"兴全恒益债券型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=871528","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec83e7fea5b3eb047a60f","date":"2022-09-29T16:00:00.000Z","stockId":3000000004952,"sao":"报告期内，国内地产销售和投资数据继续下滑，疫情散发以及持续高温天气对三季度经济恢复带来一定影响，而基建和出口保持一定的力度和韧性。国内宽货币和宽信用政策持续推进，货币市场隔夜回购利率一度回到接近1%的水平，1-5年LPR利率继续下调5-15bp，并配合推出其他支持地产需求的政策；海外市场原油价格较前期大幅回落，但欧美国家通胀仍处于高位，美联储加息不止，美元走强，人民币面临一定贬值压力，对国内货币政策后期宽松的空间也带来一定约束，同时宽货币向宽信用的传导变得更重要。从大类资产看三季度呈现债强股弱的格局，各期限债券收益率均较大幅度下行，权益市场和转债市场有所回落，但转债总体估值仍保持较高水平。在此过程中，股债相对性价亦逐步显现，权益市场中的部分优质公司的商业模式非常优秀，自由现金流也很充裕，随着这些公司的内在价值逐季增长，配置价值也在抬升。  三季度权益市场在汇率及美联储加息预期下经历一轮较为明显的回落，展望后市，我们依然较为乐观，高质量发展是全面建设社会主义现代化国家的首要任务。权益市场中部分优质公司的商业模式非常优秀，自由现金流也很充裕，尽管这些公司在三季度全球权益市场的回调下也有一定的下跌，但这些公司的内在价值每个季度都在增长，我们可以买到更多更有价值的股票，伴随优质企业持续成长。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:46.710Z","fund":{"_id":3000000004952,"__csrcFundId":4761,"stockCode":"004952","shortName":"兴全恒益债券(004952)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4952,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:23:47.335Z","status":"normal","inceptionDate":"2017-09-19T16:00:00.000Z","name":"兴全恒益债券型证券投资基金","exchange":"jj","followedNum":8,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全恒益债券","pinyin":"xqhyzqxzqtzjj","managers":[{"stockCode":"8801368760","stockType":"fund_manager","exchange":"fm","tickerId":2618120090,"name":"张睿"},{"stockCode":"db20833383","stockType":"fund_manager","exchange":"fm","tickerId":241213219520,"name":"徐留明"}]},"announcement":{"linkText":"兴全恒益债券型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=807168","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec83e7fea5b3eb047a60e","date":"2022-06-29T16:00:00.000Z","stockId":3000000004952,"sao":"报告期内，债券市场收益率震荡下行，影响市场的主线有以下两条：一是疫情对国内经济的阶段性影响，期间国内生产消费和供应链受到一定冲击；二是海外地缘冲突对原油为首的大宗商品价格造成扰动，海外通胀压力加大，美联储加息节奏加快，美债收益率大幅上行。上半年国内经济总体面临一定压力，地产投资下滑较为明显，财政政策在基建领域主动发力，出口仍保持一定韧性。国内货币政策总体保持定力“以我为主”，在房住不炒的大基调下房贷政策有所松动，1、5年期LPR利率陆续下调。资金面维持宽松，回购利率二季度下行至接近20年疫情初期时的低位水平。债券市场在资金利率低位的支撑下，中短端收益率下行幅度较为明显，收益率曲线呈现陡峭化，信用利差压缩。股票和转债资产一季度普跌，但随着疫情后复工复产和稳经济政策力度加大，二季度亦有所反弹。传统煤炭等能源板块和新能源板块均有一定景气度支持，转债估值整体处于近几年偏高水平。本基金报告期内在债券投资上采取相对中性的操作策略，以优质信用债的持有票息为主。转债估值整体偏高的前提下本基金主动降低转债仓位，自下而上筛选优质标的。基于对于中国经济长远发展的信心，本基金在市场大幅下跌阶段加仓了组合中部分商业模式优秀、长期发展前景乐观且估值处于历史低位的个股，同时布局了部分跌幅较大的新能源领域的优质个股。  2022年上半年市场面临多方面因素的大幅冲击。新冠疫情对全国经济造成较大的负面影响。国际市场方面，俄乌战争以及随之而来的全球能源价格的上涨导致海外市场通胀出现飙升，美联储加息及持续的加息预期下市场整体较为脆弱，权益市场一度呈现出无差别下跌的情形，此后市场呈现出较为迅速的反弹。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:46.708Z","mo":"展望下半年，疫情后的经济复苏和上游原材料价格压力的缓解程度是关注的重点。地产竣工有望阶段性改善，但地产投资链条的演绎仍需观察。海外加息渐入尾声，而国内货币政策总体预计仍将保持一定宽松，经济复苏亦需要资金从货币市场进入实体经济。当前债券收益率总体处于近年低位，但经济复苏未明显见效前资金面仍是债市支撑。本基金将保持中性久期和优质信用债配置，转债投资依然将自下而上在景气行业中寻找性价比品种，适当控制仓位，以绝对收益目标为主。  基于对于中国经济长远发展的信心，本基金在市场大幅下跌阶段加仓了组合中部分商业模式优秀、长期发展前景乐观且估值处于历史低位的个股，同时布局了部分跌幅较大的新能源领域的优质个股。展望未来，本基金仍将继续坚持自下而上精选个股，伴随优质企业共同成长。","fund":{"_id":3000000004952,"__csrcFundId":4761,"stockCode":"004952","shortName":"兴全恒益债券(004952)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4952,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:23:47.335Z","status":"normal","inceptionDate":"2017-09-19T16:00:00.000Z","name":"兴全恒益债券型证券投资基金","exchange":"jj","followedNum":8,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全恒益债券","pinyin":"xqhyzqxzqtzjj","managers":[{"stockCode":"8801368760","stockType":"fund_manager","exchange":"fm","tickerId":2618120090,"name":"张睿"},{"stockCode":"db20833383","stockType":"fund_manager","exchange":"fm","tickerId":241213219520,"name":"徐留明"}]},"announcement":{"linkText":"兴全恒益债券型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=788261","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec83e7fea5b3eb047a60d","date":"2022-03-30T16:00:00.000Z","stockId":3000000004952,"sao":"报告期内，债券市场呈现震荡行情，年初受稳增长的不确定性和降息等货币宽松政策兑现的利好，配置资金推动各期限收益率继续下行10-35bp，1-5年是主力品种；而春节后在1月社融数据超预期、房贷政策陆续松动、美债收益率上行的影响下，后续货币政策继续加码，宽松的预期有所放缓，同时股市大幅调整，使得净值化理财资金出现一定赎回压力，债券收益率触底反弹，几近回至年初水平。对市场而言，政策底逐步明确，但稳增长的预期形成后如何实现还是后续影响基本面的主要因素，尤其疫情再度发酵对一季度经济形成一定压力，滞胀预期有所升温。转债市场绝对价格和估值水平跟随股市调整有所回落，但整体估值依然处于近几年中性偏高水平。  股票市场在俄乌战争、新冠疫情等多重外部因素的冲击下呈现出较大压力，俄乌战争导致国际能源价格大幅上涨，新冠疫情在国内多个城市发酵预计将对经济产生一定冲击，电子、电力设备及新能源、军工等多个板块跌幅较大。部分具有良好商业模式及足够强竞争力公司在剧烈的宏观外部环境影响下出现较大调整，估值也逐渐进入近几年偏低水平，报告期内本基金股票仓位较为稳定，未来仍将继续坚持自下而上精选个股，伴随优质企业持续成长。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:46.705Z","fund":{"_id":3000000004952,"__csrcFundId":4761,"stockCode":"004952","shortName":"兴全恒益债券(004952)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4952,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:23:47.335Z","status":"normal","inceptionDate":"2017-09-19T16:00:00.000Z","name":"兴全恒益债券型证券投资基金","exchange":"jj","followedNum":8,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全恒益债券","pinyin":"xqhyzqxzqtzjj","managers":[{"stockCode":"8801368760","stockType":"fund_manager","exchange":"fm","tickerId":2618120090,"name":"张睿"},{"stockCode":"db20833383","stockType":"fund_manager","exchange":"fm","tickerId":241213219520,"name":"徐留明"}]},"announcement":{"linkText":"兴全恒益债券型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=729336","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec83e7fea5b3eb047a60c","date":"2021-12-30T16:00:00.000Z","stockId":3000000004952,"sao":"报告期内，债券市场各期限收益率震荡下行30-70bp不等，收益率曲线呈平坦化，3-5年期限以及优质主体的次级债、永续债表现较好而低资质主体信用风险继续时有发生，社融、地产销售数据等宏观指标趋于下行的环境下货币政策保持宽松基调仍是利好债券市场的主旋律。从基本面看，市场结构性特征依然显著，前三季度大宗工业品、航运等领域受供给、疫情、能耗双控等因素影响价格大幅上涨，PPI同比创新高，但下游消费整体偏弱，PPI向CPI传导不畅，工业企业利润向上游集中；全年出口增速持续超预期而基建和消费偏弱，地产销售数据持续下行，下半年受部分房企违约和调控政策影响的深化，房企整体资金链压力加大；电力新能源、汽车新能源、半导体等细分行业景气度持续较强，而医药、消费、传媒等行业表现较弱。从货币政策看，全年主要保持宽松基调，资金利率稳定在2.2%附近，并在7月和年底采取降准、降LPR等主动宽松政策，为债券收益率低位下行打开空间。转债市场年初波动较大但全年整体贡献明显的正收益，报告期内低估值债性转债一度受到流动性及信用风险担忧的冲击大幅下跌，而后逐步修复，受权益市场的结构性行情和固收+需求的支撑，转债估值创出近三年新高，周期、公用事业、新能源，汽车零部件等行业标的表现较好，中小市值转债表现活跃。本基金在债券投资上采取相对中性的操作策略，以优质信用债的持有票息为主，在转债投资上依然积极参与，对标的的选择更看重估值的安全边际以及自下而上选择优质正股标的，行业选择偏向均衡，及时兑现高价转债。  此外，报告期内，全球经济活动有所恢复，我国经济步入高质量发展时代，中国制造业在全球范围内的优势持续凸显，制造业的出口依然强劲，我们观察到了一批优质企业在全球范围内的崛起。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:46.703Z","mo":"从资产价格比较的角度看，转债价格和估值在年初达到近三年新高，无论是对正股标的上涨、转债下修还是不赎回的预期都很充分，相对股票性价比明显变差，近期随着股市回调已有所修复，但仍处偏高的水平；债券收益率处于历史1/4分位内的水平上，绝对收益回报预期进一步走低，这两类资产面对各种因素影响的波动都在加大。从市场基本面看，年初疫情反复、地产资金链压力以及海外地缘政治等问题相继出现，政策底已经较为明确，更多是如何在原材料成本压力、能耗约束、债务约束等条件下实现经济目标，以及平衡好国内货币政策宽松和海外货币政策收紧的关系。这也决定了一段时间内低利率环境以及绝对收益的需求还会对债券和转债估值形成支撑，本基金将在整体控制好仓位和久期的前提下，在债券投资上继续以优质信用债的配置价值为主，交易为辅；在转债上更注重自下而上，以及从行业层面选择安全边际和正股弹性较好的标的。  展望未来，中国经济依然韧劲十足，政策底已经较为明确，优质企业长期成长的逻辑并没有破坏，我们仍将坚持自下而上精选优质个股，以合理估值买入高品质公司并伴随这些企业持续成长，尽力为投资者创造长期价值。","fund":{"_id":3000000004952,"__csrcFundId":4761,"stockCode":"004952","shortName":"兴全恒益债券(004952)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4952,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:23:47.335Z","status":"normal","inceptionDate":"2017-09-19T16:00:00.000Z","name":"兴全恒益债券型证券投资基金","exchange":"jj","followedNum":8,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全恒益债券","pinyin":"xqhyzqxzqtzjj","managers":[{"stockCode":"8801368760","stockType":"fund_manager","exchange":"fm","tickerId":2618120090,"name":"张睿"},{"stockCode":"db20833383","stockType":"fund_manager","exchange":"fm","tickerId":241213219520,"name":"徐留明"}]},"announcement":{"linkText":"兴全恒益债券型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=714561","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec83e7fea5b3eb047a60b","date":"2021-09-29T16:00:00.000Z","stockId":3000000004952,"sao":"报告期内，债券市场收益率先下后上，整体继续下行10-30bp,收益率曲线小幅平坦化。三季度初货币政策全面降准，受资金推动债券市场再度上涨，二级资本债、永续债等品种利差压缩；尽管经济下滑的基本面对债市总体有利，但宽松的货币政策短期并未继续加码，季度末随着理财净值化要求提高等因素，收益率呈现一定幅度反弹。从基本面看，三季度上游价格延续上涨压力，煤炭紧缺且各省能耗双控加码，而下游消费及猪价等表现依然较弱，PPI继续创出新高但向CPI传导不畅；受地产政策严控影响，地产销售加速下滑，部分资质较差企业出现信用风险。权益市场及转债市场整体依然呈现结构化行情，景气度较高和价格上涨的新能源、钢铁、煤炭、有色等周期性板块表现较好，消费、医药等板块表现较弱，转债市场估值整体冲高回落。  三季度在超预期降准作用下，资金面较二季度更为宽松，A股也继续延续结构性行情的状态。和二季度相比，中小市值强于大市值的风格得以延续，但“两创”的超额收益大面积回吐。期间在宽松的货币环境下，市场日均成交额显著提高，流动性向部分中小市值股票溢出；另一方面，期间商品大幅上涨，“能耗双控”政策也使得一些高能耗行业生产受限，中小市值公司数量较多的周期行业表现较强，两者可能共同促使了三季度中小市值相对强势的表现。相对而言，经营稳健但业绩缺乏爆发力的消费板块以及受政策影响较大的“两创”板块在三季度表现一般。  历史经验告诉我们任何时期的情绪化高估值品种都会向合理水平回归。三季度“两创”类资产的表现一定程度上印证了我们的观点。从公司治理的角度而言，上市公司存在诸多利益相关者，股东只是其中之一。而不同的文化对于利益相关者之间利益分配有着不同的处理方式，并不能粗率地把股东利益最大化看成普遍原则。其中直接融资主导下的英美模式更重视股东利益，缺陷是一定程度上忽略员工等利益方的合理权益，而间接融资主导下的德国模式通过多元化监事会（来自员工、债权人的成员），有助于实现更均衡的利益分配。考虑到制度、文化因素，我们认为基于英美模式前提下单纯追寻股东利益最大化的投资策略未必完全适合中国市场，反之，需要更重视中国式ESG，综合考虑上市公司运营过程中的各种外部性影响。当然，这也并不意味着股东回报不重要。  在具体操作上，我们依然坚持在保持总体行业和风格均衡前提下的行业内相对综合价值比较的选股策略，并积极把握各种确定性的超额收益甚至绝对收益，从而尽可能在市场回落过程中降低整体组合的下方波动，同时又能在市场上升过程中紧跟市场。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:46.700Z","fund":{"_id":3000000004952,"__csrcFundId":4761,"stockCode":"004952","shortName":"兴全恒益债券(004952)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4952,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:23:47.335Z","status":"normal","inceptionDate":"2017-09-19T16:00:00.000Z","name":"兴全恒益债券型证券投资基金","exchange":"jj","followedNum":8,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全恒益债券","pinyin":"xqhyzqxzqtzjj","managers":[{"stockCode":"8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治理）。“污染防治”是十九大报告提出的三大攻坚战之一，疫情之后中央更是多次强调了要补齐环境卫生的短板。相关行业当前市场可能有所忽视、但很容易迅速形成共识。  5.在选择受益的行业及相关公司时，我们坚持综合比较估值水平、股息率以及资产状况等要素，不被概念性的外衣误导。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:46.695Z","fund":{"_id":3000000004952,"__csrcFundId":4761,"stockCode":"004952","shortName":"兴全恒益债券(004952)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4952,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:23:47.335Z","status":"normal","inceptionDate":"2017-09-19T16:00:00.000Z","name":"兴全恒益债券型证券投资基金","exchange":"jj","followedNum":8,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全恒益债券","pinyin":"xqhyzqxzqtzjj","managers":[{"stockCode":"8801368760","stockType":"fund_manager","exchange":"fm","tickerId":2618120090,"name":"张睿"},{"stockCode":"db20833383","stockType":"fund_manager","exchange":"fm","tickerId":241213219520,"name":"徐留明"}]},"announcement":{"linkText":"兴全恒益债券型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=573938","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec83e7fea5b3eb047a608","stockId":3000000004952,"sao":"报告期内，疫情的影响贯穿全年，债券市场先扬后抑，但在总体偏宽松的货币政策环境下并未呈现明显的熊市特征，全年仍有平均约2.5%的绝对回报。年初在春节前突然爆发的疫情主导了债券市场一波较大力度的行情，国内经济出现短暂停滞，避险情绪上升，积极的货币政策、财政政策陆续出台，资金回购利率大幅下降，各期限收益率在年初低位基础上陆续打破2016年的低点。但4月底也成为本轮债市收益率的拐点，首先，国内疫情得到有效控制后复工复产逐步加速，出口增速韧性较强，社融增速明显抬升；其次，海外疫情的爆发对国际大宗工业品价格短期带来极大冲击，以原油价格为例短暂出现“负值”后触底回升；最后，国内货币政策逐渐从危机模式退出，市场资金利率从1%以下的极低水平向上修复，最终导致了4月底开始的债市大幅调整，此前极度陡峭化的曲线快速走平。下半年国内经济整体呈现继续复苏态势，出口持续超预期，工业增加值和社融等数据持续修复，PPI也持续回升。货币政策从危机模式退出后趋于中性化，股债资产出现分化走势，直到债券各期限收益率分别上行70-200bp后，债券配置力量才有所回暖。四季度永煤违约事件对债市形成意外冲击，进一步打破弱资质国企信仰，带动过剩行业和弱资质企业信用利差走阔。其后中央经济工作会议指出宏观政策要保持连续性、稳定性和可持续性，货币政策不急转弯，而央行通过超量MLF投放等方式维护年底资金面平稳，使得资金利率有所回落，带动债券收益率下降。报告期内转债市场虽然整体呈现上涨，但分化极为显著，以银行、公用事业、建筑等行业为主的低价债性转债表现偏弱，而新能源、军工等行业的偏股性转债表现较好，尤其下半年转债市场整体呈现明显的股票化特征，年底因为担心信用风险问题等因素，低价债性转债受到较大冲击。  报告期内的A股市场行业分化、风格分化、个股分化格局前所未有。具体表现为新能源、消费等个别行业表现显著优于其他行业，高估值成长风格显著领先低估值价值风格，大市值板块走势与中小市值板块走势背道而驰。推动沪深300指数稳步上升的主要力量来自于高估值、大市值板块，并掩盖了大多数中小市值公司持续下跌后对指数的拖累。  本基金股票投资始终坚持价值投资、长期投资，股票资产重点配置具有估值优势的行业和公司，并加大行业内龙头公司的配置比重，以获取长期稳定的超额收益。  本基金全年仍以股票和转债配置为主，债券配置偏向短久期低配，转债投资以估值、正股弹性相对均衡的中低价转债策略为主，该策略全年依然取得较高的正回报，但在下半年部分高价股性转债结构性走强的行情里相对走弱。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:46.693Z","mo":"从资产价格比较的角度看，权益市场经过连续两年的上涨行情，部分板块的估值已经很高，对未来的乐观预期反映充分；而资金利率整体低位的环境下，债券收益率同样仍处于历史1/4-1/2分位，有一定的配置价值但并不具有绝对的吸引力。从市场基本面看，短期国内经济仍在持续复苏和PPI上升的过程中，中期海外疫情修复预期导致通胀交易有所升温，但国内货币政策偏向中性以平衡经济和债务问题的方向也逐渐明晰，社融增速逐渐拐头向下。未来预计股债资产一方面较去年相对投资价值有所平衡化，另一方面波动可能加大，仍以结构性行情为主。本基金在债券投资上将继续以配置价值和息差的思路为主，关注PPI见顶的交易机会；在转债投资上将更加关注转债估值的安全边际以及正股标的的业绩增速，规避高价高估值转债以及低价高溢价陷阱。在股票投资上要防范高估值的品种向合理水平回归。在操作上继续坚持在保持总体行业和风格均衡前提下的行业内相对综合价值比较的选股策略。并积极把握各种确定性的超额收益甚至绝对收益。","fund":{"_id":3000000004952,"__csrcFundId":4761,"stockCode":"004952","shortName":"兴全恒益债券(004952)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4952,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:23:47.335Z","status":"normal","inceptionDate":"2017-09-19T16:00:00.000Z","name":"兴全恒益债券型证券投资基金","exchange":"jj","followedNum":8,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全恒益债券","pinyin":"xqhyzqxzqtzjj","managers":[{"stockCode":"8801368760","stockType":"fund_manager","exchange":"fm","tickerId":2618120090,"name":"张睿"},{"stockCode":"db20833383","stockType":"fund_manager","exchange":"fm","tickerId":241213219520,"name":"徐留明"}]},"announcement":{"linkText":"兴全恒益债券型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=559369","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec83e7fea5b3eb047a607","stockId":3000000004952,"sao":"报告期内，股债分化明显，直到季末两类资产才重新再平衡。随着全球疫情的发酵，国内出口行业在复产赶订单后部分承接其他国家和地区的订单，三季度出口持续超预期；而疫情之后积极的货币和财政政策配合地产、基建项目的赶工也使得工业增加值和社融等数据持续修复，PPI触底后持续回升，经济整体呈现继续复苏态势。但是宽松的资金面从疫情初期的危机模式逐步纠偏，银行间隔夜回购利率从1%以下的极低水平回升至2%以上，公开市场操作也趋于中性化。本轮债市收益率在4月见底后，各期限回升幅度已达到70-200bp，纯债的配置价值明显修复。，  报告期内A股市场没有对经济复苏作出充分的回应。市场继续向极端化演绎，少数成长行业的龙头公司估值和市值继续创新高，相反因经济恢复而受益的传统行业及公司估值继续受到压制。这种结果的出现更多的是惯性思维、从众心理、趋势博弈的结果。从战术角度出发，随大流抱团的投资策略也无可厚非。但目前要充分估计极端性估值向均值回归对A股市场的影响。有必要采取逐步将配置策略从极端偏离向均衡分布转变。  报告期内转债市场基本跟随A股结构性行情，新能源、化工、汽车零部件等板块表现较好，计算机、农牧、通信等板块表现相对较弱，转债二级市场平均价格一度回到130上方，较多转债实现转股退出，转债估值水平则基本维持历史中性水平。随着债券市场连续四五个月的下跌和资金利率的回升，市场对后续经济复苏的斜率以及二次疫情等因素有所担心，三季度末股市出现一定幅度回调，转债跟随调整，股债的性价比出现一定的再平衡。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:46.690Z","fund":{"_id":3000000004952,"__csrcFundId":4761,"stockCode":"004952","shortName":"兴全恒益债券(004952)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4952,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:23:47.335Z","status":"normal","inceptionDate":"2017-09-19T16:00:00.000Z","name":"兴全恒益债券型证券投资基金","exchange":"jj","followedNum":8,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全恒益债券","pinyin":"xqhyzqxzqtzjj","managers":[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