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反复等因素影响，经济增速面临下行压力。通胀整体呈现结构分化趋势，CPI维持在较低水平，上游资源品及PPI呈现出通胀压力。政策面全年基本维持了适度宽信用和宽货币环境，下半年央行通过实施降息、降准等货币政策工具以对冲经济下行风险。市场方面，2021年10年期国债收益率下降36bp到2.78%，3年期AAA信用债收益率下降63bp到2.91%，3年期AA信用债收益率下降73bp到3.66%；中证转债指数上涨18.48%，沪深300指数下跌5.20%，结构上，以新能源为代表的成长行业全年表现较好，周期行业呈现较大波动，4季度消费行业出现部分回暖。报告期内，考虑到攻防兼备的转债资产在权益震荡行情中具备较好的配置吸引力，本组合维持了较高的转债仓位，以及中性的股票仓位，均衡配置了成长、消费、周期行业中公司基本面优良的平衡型及偏股型转债资产，以及部分股票资产，以期获得较好的超额收益。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:43.039Z","mo":"展望一季度，经济方面，随着经济维稳政策持续推进，叠加传统信用投放窗口，经济增速可能在一季度触底，后续呈现小幅回暖趋势。通胀方面，一季度预计CPI在温和区域震荡上行，PPI高位震荡回落，整体存在结构性通胀压力。市场方面，综合考虑宽信用政策对冲经济下行压力、通胀结构分化、债券供给加速等因素，预计债市将继续呈现窄幅震荡趋势，同时，信用尾部风险存在不确定性，综合来看，中短期、中高评级信用债依然是高性价比债券资产。转债及股票方面，考虑到当前资产配置环境仍有利于权益类资产，转债估值进入中等偏高区域，股票估值呈现结构分化，预计后续转债及股票估值驱动因素将更加看重公司基本面，我们将重点关注成长、消费及部分周期类龙头转债及股票资产的投资机会，重点配置1-2年内通过基本面改善可能实现促转股的优质平衡型及偏股型转债品种，并适当控制高价、高弹性转债品种仓位，以期获得相对稳定的投资回报。","fund":{"_id":3000000005246,"__csrcFundId":4966,"stockCode":"005246","shortName":"国泰可转债债券(005246)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5246,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:30:38.910Z","status":"normal","inceptionDate":"2017-12-27T16:00:00.000Z","name":"国泰可转债债券型证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰可转债债券","pinyin":"gtkzzzqxzqtzjj","managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"},{"stockCode":"j101020494","stockType":"fund_manager","exchange":"fm","tickerId":171604252460,"name":"秦培栋"}]},"announcement":{"linkText":"国泰可转债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=710343","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8777fea5b3eb047eede","date":"2021-09-29T16:00:00.000Z","stockId":3000000005246,"sao":"三季度，随着疫苗接种速度的加快，国内疫情整体得到了有效控制，但部分地区仍出现零星疫情反复情况，海外疫情呈现常态化趋势，本轮疫情对全球经济的负面影响仍在延续，国内在稳定政策及宽松资金面环境下，经济增长呈现稳中放缓趋势。通胀方面，翘尾因素叠加猪价回落导致CPI处于低位，但油价及大宗商品价格持续上涨导致PPI高位震荡，结构性通胀压力显现。市场方面，3季度资金价格整体处于较低水平，回购利率围绕DR007窄幅波动；债券收益率呈现震荡下行趋势，期间，10年期国债收益率下降20bp到2.88%，3年期AAA信用债收益率下降21bp到3.19%，3年期AA信用债收益率下降11bp到3.90%；中证转债指数上涨6.39%，沪深300指数下跌6.85%，转债指数表现相对占优，结构上，周期类行业表现较好，成长类行业窄幅震荡，消费类行业继续呈现震荡调整态势。报告期内，考虑到当前资产配置环境仍有利于权益，转债资产估值水平处于历史均值合理区域，且在震荡环境中转债波动性低于股票，本组合保持了较高的转债资产配置比例，均衡配置于成长、周期、消费领域正股基本面优良的转债资产，同时，保持中性股票仓位，分散配置了相应行业中基本面优良的龙头股票资产，以期获得较好的超额收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:43.036Z","fund":{"_id":3000000005246,"__csrcFundId":4966,"stockCode":"005246","shortName":"国泰可转债债券(005246)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5246,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:30:38.910Z","status":"normal","inceptionDate":"2017-12-27T16:00:00.000Z","name":"国泰可转债债券型证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰可转债债券","pinyin":"gtkzzzqxzqtzjj","managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"},{"stockCode":"j101020494","stockType":"fund_manager","exchange":"fm","tickerId":171604252460,"name":"秦培栋"}]},"announcement":{"linkText":"国泰可转债债券型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=657112","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8777fea5b3eb047eedd","date":"2021-06-29T16:00:00.000Z","stockId":3000000005246,"sao":"上半年，随着新冠疫苗接种速度的加快，国内疫情逐渐得到有效控制。在稳定的信贷和社融投放及宽松的资金面环境下，6月工业增加值2年平均6.5%，投资累计增速2年平均4.4%，消费2年平均增速4.9%，出口增速20.2%，经济整体保持了较好的恢复状态。通胀方面，翘尾因素叠加猪价回落、油价及大宗商品价格上涨，6月份CPI 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