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 物价方面，PPI、CPI呈现低位震荡态势，总体通胀压力不大。美债利率高位震荡，中美利差倒挂程度加深。人民币兑美元汇率小幅贬值，保持了基本稳定。  报告期内，长端利率震荡下行，长久期利率债表现较好。信用利差先下后上，全年来看变化不大。可转债市场受权益市场和资金面宽松双重影响，总体小幅上涨。  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 三季度，债券市场呈现震荡行情，无风险利率变化不大。信用利差先下后上，信用债表现一般。权益市场探底回升，成长优于价值。可转债市场小幅上涨，表现弱于权益。  报告期内，基金投资上，利率债小幅波段操作，久期总体较为稳定。信用债投资上，以中短期限高等级债为主，严格控制信用风险，并适度使用套息策略。可转债方面，坚持绝对收益增强思路，继续持有并逢低增持以银行转债为代表的低估值品种，并少量分散参与了平衡型转债。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:24.585Z","fund":{"_id":3000000005159,"__csrcFundId":4845,"stockCode":"005159","shortName":"华泰保兴尊合债券(005159)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5159,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:28.173Z","status":"normal","inceptionDate":"2017-11-20T16:00:00.000Z","name":"华泰保兴尊合债券型证券投资基金","exchange":"jj","followedNum":15,"fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴尊合债券","pinyin":"htbxzhzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801444927","stockType":"fund_manager","exchange":"fm","tickerId":2620170240,"name":"张挺"}]},"announcement":{"linkText":"华泰保兴尊合债券型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1175920","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8647fea5b3eb047d822","date":"2024-06-29T16:00:00.000Z","stockId":3000000005159,"sao":"2024年上半年，国内经济运行总体仍处于复苏态势，但是受房地产市场偏弱影响，经济的回升动力仍需巩固。实际GDP增速一季度为5.3%，二季度回落至4.7%。融资方面，社融增速从2023年底的9.5%略回落至8.1%，M2增速则从去年底的9.7%回落至6.2%，融资增速的合理回落是符合新时代经济高质量发展要求的，因而可能是未来中国经济的一种新常态。货币政策保持流动性较为充裕，回购利率总体处于低位稳定。  物价方面，PPI、CPI呈现低位震荡态势，总体通胀压力不大。美债利率高位震荡，中美利差依然倒挂。人民币兑美元汇率小幅贬值，保持了基本稳定。  报告期内，长端利率震荡下行，利率债表现较好。信用利差大幅压缩，中长期限的信用债表现尤为亮眼。可转债市场受权益市场和资金面宽松双重影响，总体小幅下跌。  报告期内，基金投资上，小幅增持利率债，但力度有所不足，久期总体中性。信用债持仓保持稳定，以中短期限高等级信用债为主，适度使用套息策略，同时注意规避信用风险。可转债方面，坚持绝对收益增强思路，继续持有银行转债为代表的低估值品种，并控制仓位少量分散参与平衡型转债。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:24.582Z","mo":"展望2024年下半年，预计国内经济将延续复苏态势，但是地产投资预计仍将较为低迷，同时居民资产负债表需要修复，因此仍需宽松政策支撑。同时海外持续加息之后，需要关注外需下滑的压力。物价方面，预计通胀压力仍较可控。总体上，货币政策可能进入宽松期，利率可能仍处于小幅下行态势，但是考虑到稳增长政策逐步出台，经济总体趋向复苏，所以中期仍需关注利率上行风险，基金管理需更注重流动性。信用方面，目前信用利差较低，仍将严控信用风险，择机配置中短期限高等级信用债，适度使用套息策略增强收益。可转债总体看好，权益市场中长期投资性价比高，转债估值水平目前中等偏低，仍将保持绝对收益增强思路，在控制整体回撤风险的前提下，逢低增持，投资低估值且资质较好转债。","fund":{"_id":3000000005159,"__csrcFundId":4845,"stockCode":"005159","shortName":"华泰保兴尊合债券(005159)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5159,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:28.173Z","status":"normal","inceptionDate":"2017-11-20T16:00:00.000Z","name":"华泰保兴尊合债券型证券投资基金","exchange":"jj","followedNum":15,"fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴尊合债券","pinyin":"htbxzhzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801444927","stockType":"fund_manager","exchange":"fm","tickerId":2620170240,"name":"张挺"}]},"announcement":{"linkText":"华泰保兴尊合债券型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1147583","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8647fea5b3eb047d821","date":"2024-03-30T16:00:00.000Z","stockId":3000000005159,"sao":"一季度，国内经济运行进一步趋向复苏。1-2月工业增加值增速上行至7%， 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报告期内，基金投资上，增持利率债，小幅提高久期。信用债保持稳定，仍以高等级信用债为主，适度使用套息策略。可转债方面，保持绝对收益增强思路，适度调整结构，逢低增持银行转债为代表的大盘价值品种，同时控制仓位少量分散参与了偏股型转债。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:24.579Z","fund":{"_id":3000000005159,"__csrcFundId":4845,"stockCode":"005159","shortName":"华泰保兴尊合债券(005159)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5159,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:28.173Z","status":"normal","inceptionDate":"2017-11-20T16:00:00.000Z","name":"华泰保兴尊合债券型证券投资基金","exchange":"jj","followedNum":15,"fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴尊合债券","pinyin":"htbxzhzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801444927","stockType":"fund_manager","exchange":"fm","tickerId":2620170240,"name":"张挺"}]},"announcement":{"linkText":"华泰保兴尊合债券型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1077523","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8647fea5b3eb047d820","date":"2023-12-30T16:00:00.000Z","stockId":3000000005159,"sao":"2023年，国内经济运行呈现稳步复苏态势，受房地产市场信心不足影响，经济的回升动力有待进一步巩固。GDP增速上半年抬升，下半年稳定。融资方面，社融增速先下后上，保持稳健增长，M2增速则小幅回落。货币政策保持流动性较为充裕，回购利率总体处于低位。  物价方面，PPI、CPI呈现低位震荡态势，总体通胀压力不大。美债利率高位震荡，中美利差大幅倒挂。人民币汇率小幅贬值，保持了基本稳定。  报告期内，长端利率震荡下行，利率债表现较好。信用利差大幅压缩，信用债表现强于利率债。可转债市场受权益市场和资金面宽松双重影响，总体表现好于权益。  报告期内，基金投资上，小幅增持利率债，久期提升至中性水平。信用债持仓保持稳定，以投资高等级信用债为主，严格规避信用风险。可转债方面，坚持绝对收益增强思路，主要投资于银行、交运转债为代表的低估值品种，下半年逢低加仓，并少量分散参与了平衡型转债。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:24.577Z","mo":"展望2024年，预计国内经济将延续稳步复苏态势，房地产市场将逐步趋于稳定，由于宏观杠杆率之前有所上升，为化解风险，预计地方政府的新增债务可能会受到较为严格控制，海外持续加息之后，需要关注外需下滑的压力。物价方面，虽然工业品库存有所去化，但是需求偏弱情况下，预计通胀压力仍较可控。总体上，货币政策可能适度宽松，利率可能仍处于小幅下行态势，但是考虑到稳增长政策逐步出台，经济总体趋向复苏，所以中期仍需关注利率上行风险，基金管理需更注重流动性。信用方面，信用利差处于低位水平，仍将严控信用风险，择机配置中短期限高等级信用债。可转债较为看好，目前权益市场投资性价比较高，且可转债估值水平整体回落，操作上仍将保持绝对收益增强思路，在控制整体回撤风险的前提下，逢低增持，投资低估值且质地较好的可转债，追求基金收益的中长期增厚，同时少量分散参与平衡型转债的投资机会。","fund":{"_id":3000000005159,"__csrcFundId":4845,"stockCode":"005159","shortName":"华泰保兴尊合债券(005159)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5159,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:28.173Z","status":"normal","inceptionDate":"2017-11-20T16:00:00.000Z","name":"华泰保兴尊合债券型证券投资基金","exchange":"jj","followedNum":15,"fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴尊合债券","pinyin":"htbxzhzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801444927","stockType":"fund_manager","exchange":"fm","tickerId":2620170240,"name":"张挺"}]},"announcement":{"linkText":"华泰保兴尊合债券型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1054337","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8647fea5b3eb047d81f","date":"2023-09-29T16:00:00.000Z","stockId":3000000005159,"sao":"三季度，国内经济运行仍处于复苏状态。工业增加值增速较为平稳，PMI指数回升至50以上，9月为50.2。货币信贷方面，M2增速有所回落，社融增速低位稳定，实体经济融资需求偏弱。三季度房地产销售依然较弱，同时房价指数同环比均为下跌。央行货币政策方面，保持较为宽松，资金利率有所下行。  三季度，债券市场维持震荡，无风险利率先下后上，总体变化不大，信用利差较为稳定，城投债表现较好。权益市场总体有所下跌，风格偏向价值。可转债市场跌幅小于权益市场，市场估值水平上行。  报告期内，基金投资上，小幅增持利率债，久期总体保持稳定。逐步配置中短期限高等级信用债，适度使用套息策略，以获取稳定票息收益，同时继续严控信用风险。可转债方面，坚持绝对收益增强思路，继续持有银行、交运转债为代表的低估值品种，并少量分散参与平衡型转债。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:24.571Z","fund":{"_id":3000000005159,"__csrcFundId":4845,"stockCode":"005159","shortName":"华泰保兴尊合债券(005159)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5159,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:28.173Z","status":"normal","inceptionDate":"2017-11-20T16:00:00.000Z","name":"华泰保兴尊合债券型证券投资基金","exchange":"jj","followedNum":15,"fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴尊合债券","pinyin":"htbxzhzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801444927","stockType":"fund_manager","exchange":"fm","tickerId":2620170240,"name":"张挺"}]},"announcement":{"linkText":"华泰保兴尊合债券型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=990449","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8647fea5b3eb047d81e","date":"2023-06-29T16:00:00.000Z","stockId":3000000005159,"sao":"2023年上半年，国内经济运行总体处于复苏态势，但是受房地产市场偏弱影响，经济的回升动力仍待进一步巩固。GDP增速一季度为4.5%，二季度回升至6.3%。融资方面，社融增速从2021年底的9.6%略回落至9%，M2增速则从去年底的11.8%回落至11.3%，总体变化不大。货币政策保持流动性较为充裕，回购利率总体处于低位稳定。  物价方面，PPI、CPI呈现低位震荡态势，总体通胀压力不大。美债利率高位震荡，中美利差大幅倒挂。人民币汇率小幅贬值，保持了基本稳定。  报告期内，长端利率震荡下行，利率债表现较好。信用利差大幅压缩，信用债表现强于利率债。可转债市场受权益市场和资金面宽松双重影响，总体表现好于权益。  报告期内，基金投资上，小幅增持利率债，但力度有所不足，久期总体仍较短。信用债持仓保持稳定，适度使用套息策略，以获取稳定票息收益，同时注意规避信用风险。可转债方面，坚持绝对收益增强思路，继续持有银行、交运转债为代表的低估值品种。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:24.568Z","mo":"展望2023年下半年，预计国内经济将延续复苏态势，但是地产投资预计仍将较为低迷，同时居民资产负债表修复需要时间，因此复苏的速度暂时不会太快。同时海外持续加息之后，需要关注外需下滑的压力。物价方面，虽然工业品库存有所去化，但是需求偏弱情况下，预计通胀压力仍较可控。总体上，货币政策可能进入宽松期，利率可能仍处于小幅下行态势，但是考虑到稳增长政策逐步出台，经济总体趋向复苏，所以中期仍需关注利率上行风险，基金管理需更注重流动性。信用方面，信用债套息价值仍存，仍将严控信用风险，择机配置中短期限高等级信用债，适度使用套息策略增强收益。可转债总体仍看好，权益市场投资性价比较高，但是转债估值水平整体仍偏贵，仍将保持绝对收益增强思路，在控制整体回撤风险的前提下，逢低增持，投资低估值且资质较好转债。","fund":{"_id":3000000005159,"__csrcFundId":4845,"stockCode":"005159","shortName":"华泰保兴尊合债券(005159)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5159,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:28.173Z","status":"normal","inceptionDate":"2017-11-20T16:00:00.000Z","name":"华泰保兴尊合债券型证券投资基金","exchange":"jj","followedNum":15,"fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴尊合债券","pinyin":"htbxzhzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801444927","stockType":"fund_manager","exchange":"fm","tickerId":2620170240,"name":"张挺"}]},"announcement":{"linkText":"华泰保兴尊合债券型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=964953","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8647fea5b3eb047d81d","date":"2023-03-30T16:00:00.000Z","stockId":3000000005159,"sao":"一季度，国内经济运行增速触底回升，工业增加值增速有所上行，PMI指数回升至50以上，3月为51.9。货币信贷方面，M2增速继续上行，社融增速探底回升，金融支持实体力度较稳固。一季度房地产销售走强，同时房价指数环比转为正增长。央行货币政策方面，保持适度宽松，资金利率总体保持稳定。  一季度，债券市场总体上涨，无风险利率窄幅震荡，信用利差大幅收窄，信用债表现优于利率债。权益市场总体小幅上涨，风格较为均衡。可转债市场跟随权益有所上涨，市场估值水平上行。  报告期内，基金投资上，利率债保持短久期策略。信用债持仓保持稳定，适度使用套息策略，以获取稳定票息收益，同时注意规避信用风险。可转债方面，坚持绝对收益增强思路，继续持有银行、交运转债为代表的低估值品种。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:24.566Z","fund":{"_id":3000000005159,"__csrcFundId":4845,"stockCode":"005159","shortName":"华泰保兴尊合债券(005159)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5159,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:28.173Z","status":"normal","inceptionDate":"2017-11-20T16:00:00.000Z","name":"华泰保兴尊合债券型证券投资基金","exchange":"jj","followedNum":15,"fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴尊合债券","pinyin":"htbxzhzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801444927","stockType":"fund_manager","exchange":"fm","tickerId":2620170240,"name":"张挺"}]},"announcement":{"linkText":"华泰保兴尊合债券型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=883856","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8647fea5b3eb047d81c","date":"2022-12-30T16:00:00.000Z","stockId":3000000005159,"sao":"2022年，国内经济主要受疫情反复和房地产投资放缓影响，虽然基建投资有所发力，但总体经济增速仍有一定下行压力。GDP增速一季度为4.8%，二季度回落至0.4%，三季度回升至3.9%，四季度再度回落至2.9%。融资方面，社融增速从2021年底的10.3%回落至9.6%，M2增速则从去年底的9%回升至11.8%，表明居民和企业融资态度较为谨慎。货币政策保持流动性充裕，回购利率前三季度下行，四季度小幅回升，总体处于低位稳定。  物价方面，CPI呈现低位震荡态势，总体通胀压力不大，PPI逐步回落，四季度转为负值。美债利率大幅上行，中美利差明显倒挂。人民币汇率小幅贬值。  报告期内，利率债区间窄幅震荡，波动不大。信用利差前三季度有所压缩，四季度受理财波动影响，大幅上行。可转债市场受权益市场和资金面宽松双重影响，全年有所下跌，总体表现好于权益，差于债券。  报告期内，利率债操作上总体控制久期，四季度疫情政策优化后进一步降低久期。信用债仍以中短期限高等级债为主，适度使用套息策略，规避信用风险，未受到地产债违约影响。基金投资上，可转债坚持绝对收益的投资思路，增持了基本面较好、估值较低的银行转债，但由于权益市场跌幅较大，可转债投资未能带来明显收益贡献。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:24.563Z","mo":"展望2023年，随着疫情政策的优化，预计国内经济将呈现复苏态势，但是地产投资预计仍将较为低迷，同时居民资产负债表需要修复，因此复苏的速度也不能过于乐观。海外持续加息之后，需要关注外需下滑的压力。物价方面，服务价格可能会随着疫情政策优化有所上涨，但是因为居民资产负债表仍待修复，预期通胀较为温和可控。总体上，货币政策可能进入观望期，既不会进一步宽松，也不会贸然收紧，利率可能短期仍处于震荡态势，但是考虑到经济总体是逐步复苏的，所以中期仍需关注利率上行风险，基金管理上需注重持仓流动性。信用方面关注理财规模变化及混合估值法基金发行的影响，由于资金中枢仍较稳定，信用债套息价值仍存，但是个别城投平台债务压力较大，因此，信用下沉方面仍会保持谨慎，严控信用风险，择机配置中短期限高等级信用债，适度使用套息策略增强收益。可转债总体仍看好，有望受权益市场带动上涨，但是转债估值水平整体仍偏贵，仍将保持绝对收益增强思路，在控制整体回撤风险的前提下，逢低增持，主要投资低估值且信用资质较好转债。","fund":{"_id":3000000005159,"__csrcFundId":4845,"stockCode":"005159","shortName":"华泰保兴尊合债券(005159)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5159,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:28.173Z","status":"normal","inceptionDate":"2017-11-20T16:00:00.000Z","name":"华泰保兴尊合债券型证券投资基金","exchange":"jj","followedNum":15,"fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴尊合债券","pinyin":"htbxzhzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801444927","stockType":"fund_manager","exchange":"fm","tickerId":2620170240,"name":"张挺"}]},"announcement":{"linkText":"华泰保兴尊合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=862411","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8647fea5b3eb047d81b","date":"2022-09-29T16:00:00.000Z","stockId":3000000005159,"sao":"三季度，国内经济运行继续小幅回升，无论是工业增加值增速还是中采PMI，均呈现小幅改善态势。货币信贷方面，M2增速与社融增速均保持平稳，信用环境较为稳定。同时，部分地产商资金压力仍较大，全国房价指数环比涨幅趋于回落，房地产销售情况趋冷，各地陆续出台稳定地产政策，地产销售边际有好转迹象，持续性待观察。央行货币政策方面，维持中性偏松态度，资金利率总体保持低位稳定，季末时点略有波动。  三季度，债券市场呈现震荡行情，无风险利率总体先下后上，波动较小。信用利差下行，信用债总体表现优于利率债。权益市场继续下跌，价值优于成长。可转债市场跟随权益市场出现下跌，市场估值水平仍较高。  报告期内，基金投资上，利率债小幅波段操作，久期总体保持稳定。信用债投资上，以中短期限高等级债为主，适度使用套息策略，以获取票息收益，并严格控制信用风险。可转债方面，继续持有银行、交运转债为代表的低估值品种，坚持绝对收益增强思路，规避估值过高品种。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:24.560Z","fund":{"_id":3000000005159,"__csrcFundId":4845,"stockCode":"005159","shortName":"华泰保兴尊合债券(005159)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5159,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:28.173Z","status":"normal","inceptionDate":"2017-11-20T16:00:00.000Z","name":"华泰保兴尊合债券型证券投资基金","exchange":"jj","followedNum":15,"fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴尊合债券","pinyin":"htbxzhzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801444927","stockType":"fund_manager","exchange":"fm","tickerId":2620170240,"name":"张挺"}]},"announcement":{"linkText":"华泰保兴尊合债券型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=806849","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8647fea5b3eb047d81a","date":"2022-06-29T16:00:00.000Z","stockId":3000000005159,"sao":"2022年上半年，国内经济运行受疫情和房地产投资放缓影响，面临一定下行压力。一季度GDP增速为4.8%，二季度GDP增速回落至0.4%，二季度经济增速明显放缓。融资方面，社融增速从去年底的10.3%回升至10.8%，M2增速亦从去年底的9%回升至11.4%，货币政策保持流动性合理充裕，回购利率一季度总体较去年四季度小幅下行，个别时点略有波动，二季度继续明显下行并保持稳定。  物价方面，CPI受猪肉反弹影响，呈现底部温和回升态势，总体仍较可控，PPI逐步回落， 6月回落至6.1%。美债利率大幅上行，中美利差明显压缩。人民币汇率小幅贬值，总体较为稳定。  报告期内，利率债区间窄幅震荡，波动不大。信用利差有所压缩，高等级信用债整体表现优于利率债。可转债市场受权益市场和资金面宽松双重影响，总体表现好于权益，差于债券。  报告期内，基金投资上，由于可转债市场整体估值水平较高，本基金坚持绝对收益的投资思路，仍然以投资基本面较好、估值较低的银行转债为主。权益市场下跌过程中小幅增持了可转债。利率债总体控制久期，小幅波段操作，信用债方面以中短期限高等级债为主，适度使用套息策略，严控信用风险。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:24.557Z","mo":"展望2022年下半年，地产投资预计仍面临下行压力，消费的回暖需要看疫情发展，存在不确定性，制造业投资和基建投资有一定韧性，总体经济可能存在小幅回落压力。海外美联储加息预计进入后半段。在此背景下，预计货币政策仍将保持适度宽松，利率债有一定交易机会，但当前债券绝对收益率较低，配置价值有限，基金管理需更加注重流动性。信用利差处于历史低位，且经济基本面偏弱，因此，信用下沉方面仍会保持谨慎，严控信用风险，视利差水平择机配置中短期限高等级信用债，适度使用套息策略增强收益。可转债估值分化明显，继续保持绝对收益增强思路，相对看好大盘低估值品种。","fund":{"_id":3000000005159,"__csrcFundId":4845,"stockCode":"005159","shortName":"华泰保兴尊合债券(005159)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5159,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:28.173Z","status":"normal","inceptionDate":"2017-11-20T16:00:00.000Z","name":"华泰保兴尊合债券型证券投资基金","exchange":"jj","followedNum":15,"fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴尊合债券","pinyin":"htbxzhzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801444927","stockType":"fund_manager","exchange":"fm","tickerId":2620170240,"name":"张挺"}]},"announcement":{"linkText":"华泰保兴尊合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=778886","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8647fea5b3eb047d819","date":"2022-03-30T16:00:00.000Z","stockId":3000000005159,"sao":"一季度，国内经济运行随着稳增长政策的发力，较去年四季度有所回升，但3月份因为疫情的影响，下行压力再度加大，中采PMI指数2月回升至50.2，3月降低至49.5。货币信贷方面，M2增速略有回升，社融增速依然稳定在10%左右，信用环境保持稳定。同时，部分地产商资金压力仍较大，全国房价指数环比涨幅趋于回落，房地产销售情况趋冷，各地陆续开始因城施策，放松地产政策。央行货币政策方面，维持中性偏松态度，资金利率总体保持稳定，季末时点略有波动。  一季度，债券市场呈现震荡行情，无风险利率总体先下后上，信用利差保持稳定。权益市场大幅下跌，风格偏向价值。可转债市场跟随权益市场出现明显下跌，市场估值水平有所回落。  报告期内，基金投资上，利率债小幅波段操作，久期先降后升，总体保持稳定。信用债投资上，仍以中短期限高等级债为主，适度使用套息策略，以获取稳定票息收益，同时严格控制信用风险。可转债方面，继续持有银行、交运行业转债为代表的低估值且信用面稳健品种，小幅减持前期涨幅较大、估值较高的品种。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:24.554Z","fund":{"_id":3000000005159,"__csrcFundId":4845,"stockCode":"005159","shortName":"华泰保兴尊合债券(005159)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5159,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:28.173Z","status":"normal","inceptionDate":"2017-11-20T16:00:00.000Z","name":"华泰保兴尊合债券型证券投资基金","exchange":"jj","followedNum":15,"fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴尊合债券","pinyin":"htbxzhzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801444927","stockType":"fund_manager","exchange":"fm","tickerId":2620170240,"name":"张挺"}]},"announcement":{"linkText":"华泰保兴尊合债券型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=727962","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8647fea5b3eb047d818","date":"2021-12-30T16:00:00.000Z","stockId":3000000005159,"sao":"2021年，国内经济运行呈现前高后低走势。一季度受基数效应影响，GDP增速冲高至18.3%，二季度GDP增速回落至7.9%，三季度、四季度继续分别回落至4.9%、4.0%，下半年经济下行压力有所加大。融资方面，社融增速从去年底的13.3%回落至10.3%，M2增速亦从去年底的10.1%回落至9%，下半年略有回升。货币政策保持流动性合理宽裕，回购利率总体低位稳定，个别时点略有波动。  物价方面，CPI呈现底部略有回升，力度较为温和，PPI大幅冲高，10月份达到13.5%的高点，四季度小幅回落。美债利率一季度冲高，二三季度震荡，四季度继续走高，中美利差下行。人民币汇率先贬后升，总体较为稳定。  报告期内，长端利率震荡下行，长期限债券表现优于短期限债券。信用利差有所压缩，但分化较大，年初煤炭、年末地产等行业债券信用违约风险上升。可转债市场受权益市场和资金面宽松带动，总体涨幅较大。  报告期内，基金投资上，可转债坚持绝对收益的投资思路，增持了基本面较好、估值较低的银行和交运行业转债，周期类转债在大幅上涨后逐步止盈。利率债总体久期保持稳定，信用债仍以中短期限高等级债为主，适度使用套息策略，规避信用风险。","declarationDate":"2022-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:24.552Z","mo":"展望2022年，上半年地产投资下行压力较大，消费的回暖仍然受到疫情的压制，因此经济稳增长压力凸显。预计上半年央行仍将保持稳健的货币政策，保持资金面合理充裕，以配合稳增长政策。下半年若宏观经济趋于稳定，则需要关注利率上行风险。利率债上半年可能仍存在一定交易机会，但当前债券绝对收益率较低，配置价值有限，相对更看好中短期限利率债。资金中枢趋于稳定背景下，信用债套息价值仍存，但是总体仍处于紧信用环境，因此，信用下沉方面仍需保持谨慎，严格控制信用风险，配置中短期限高等级信用债，追求稳定票息收益。可转债整体市场估值较高，分化和波动大概率加剧，继续保持绝对收益增强思路，在控制整体回撤风险的前提下，积极把握低估值品种的投资机会。","fund":{"_id":3000000005159,"__csrcFundId":4845,"stockCode":"005159","shortName":"华泰保兴尊合债券(005159)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5159,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:28.173Z","status":"normal","inceptionDate":"2017-11-20T16:00:00.000Z","name":"华泰保兴尊合债券型证券投资基金","exchange":"jj","followedNum":15,"fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴尊合债券","pinyin":"htbxzhzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801444927","stockType":"fund_manager","exchange":"fm","tickerId":2620170240,"name":"张挺"}]},"announcement":{"linkText":"华泰保兴尊合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=706773","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8647fea5b3eb047d817","date":"2021-09-29T16:00:00.000Z","stockId":3000000005159,"sao":"三季度，国内经济运行呈现增速下行态势，工业增加值增速持续回落，PMI指数从6月的50.9逐月下降至9月的49.6。货币信贷方面，M2增速低位稳定，社融增速继续下行，信用环境依然偏紧。与此同时，随着地产调控政策的推进，全国房价指数环比涨幅趋于回落，房地产销售情况趋冷。央行货币政策方面，降准之后保持中性态度，资金利率总体保持稳定，季末时点略有收紧。  三季度，债券市场总体上涨，无风险利率有所下行，信用利差保持稳定，长久期利率债表现优于信用债。权益市场总体下跌，风格偏向小盘。可转债市场大幅上涨，市场估值水平明显抬升。  报告期内，基金投资上，利率债小幅波段操作，久期总体略有下降。信用债增持中短期限高等级债，同时注意规避信用风险。可转债方面，总体仓位保持稳定，坚持绝对收益增强思路，增持低估值且信用面稳健品种，减持估值提升较快品种，规避信用资质较差品种。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:24.549Z","fund":{"_id":3000000005159,"__csrcFundId":4845,"stockCode":"005159","shortName":"华泰保兴尊合债券(005159)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5159,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:28.173Z","status":"normal","inceptionDate":"2017-11-20T16:00:00.000Z","name":"华泰保兴尊合债券型证券投资基金","exchange":"jj","followedNum":15,"fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴尊合债券","pinyin":"htbxzhzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801444927","stockType":"fund_manager","exchange":"fm","tickerId":2620170240,"name":"张挺"}]},"announcement":{"linkText":"华泰保兴尊合债券型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=651165","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8647fea5b3eb047d816","date":"2021-06-29T16:00:00.000Z","stockId":3000000005159,"sao":"2021年上半年，国内经济运行呈现冲高回落走势。一季度受基数效应影响，GDP增速冲高至18.3%，二季度GDP增速回落至7.9%，二季度经济略有走弱迹象，总体仍处于较高增速。融资方面，社融增速从去年底的13.3%回落至11%，M2增速亦从去年底的10.1%回落至8.6%，货币政策保持流动性合理宽裕，回购利率一季度总体较低，个别时点波动略大，二季度进一步下行且保持稳定。  物价方面，CPI呈现底部略有回升，总体仍在低位，PPI大幅冲高，5月达到9%的高位，6月小幅回落至8.8%。美债利率冲高回落，中美利差较为稳定。人民币汇率先贬后升，总体较为稳定。  报告期内，利率债先跌后涨，波动不大。信用利差有所压缩，高等级信用债整体表现优于利率债。可转债市场受权益市场和资金面宽松带动，总体表现较好。  报告期内，基金投资上，可转债坚持绝对收益的投资思路，增持了基本面较好、估值较低的银行转债。利率债总体控制久期，信用债仍以中短期限高等级债为主，适度使用套息策略，规避信用风险。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:24.546Z","mo":"展望2021年下半年，基建和地产投资有回落压力，消费的回暖需要看疫情发展，存在不确定性，制造业投资仍将保持回升态势，总体经济可能存在小幅回落压力。同时，房地产市场调控持续推进，房价涨幅趋于稳定。在此背景下，预计货币政策仍将保持适度宽松，利率债有一定交易机会，但当前债券绝对收益率较低，配置价值有限，基金管理将更加注重保持流动性。信用利差压缩主要由于资金中枢趋于稳定，信用债套息价值仍存，但是总体仍处于紧信用环境，因此，信用下沉方面仍会保持谨慎，严控信用风险，择机配置中短期限高等级信用债。可转债估值有所提升，但权益市场整体点位不高，流动性充裕，总体仍看好，继续保持绝对收益增强思路，在控制整体回撤风险的前提下，逢低增持，分散投资低估值转债，涨幅较大品种逐步逢高减持。","fund":{"_id":3000000005159,"__csrcFundId":4845,"stockCode":"005159","shortName":"华泰保兴尊合债券(005159)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5159,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:28.173Z","status":"normal","inceptionDate":"2017-11-20T16:00:00.000Z","name":"华泰保兴尊合债券型证券投资基金","exchange":"jj","followedNum":15,"fundCollectionId":4000051250000,"currency":"CNY","masterFundShortName":"华泰保兴尊合债券","pinyin":"htbxzhzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801444927","stockType":"fund_manager","exchange":"fm","tickerId":2620170240,"name":"张挺"}]},"announcement":{"linkText":"华泰保兴尊合债券型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=630174","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8647fea5b3eb047d815","stockId":3000000005159,"sao":"一季度，国内经济增速总体延续去年下半年以来的恢复态势，PMI指数虽略有回落，但企业利润情况较好。货币信贷方面，M2、社融增速见顶回落，表明信用周期趋于下行，但政策表态不急转弯，金融对实体支持力度仍然较大。与此同时，从统计局公布的房价数据来看，一季度房价走势偏强，房地产销售面积同比走势也较强。货币政策方面，1月末资金面短暂收紧，但之后流动性总体保持充裕，央行货币政策较为中性。海外方面，随着疫苗接种的展开，经济复苏预期增强，叠加美国财政刺激计划，导致美债利率出现陡峭化上行。  一季度，债券市场较为平稳，无风险利率先上后下，整体变化不大。信用债情绪仍较低迷，部分高负债国企受永煤事件影响，再融资压力较大。权益市场先涨后跌，风格从消费成长转向价值和周期，低估值的标的相对表现较好。可转债市场先跌后涨，总体波动不大，但风格随权益市场有所切换。  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