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2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1349628","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8fc7fea5b3eb0489649","date":"2025-03-30T16:00:00.000Z","stockId":3000000005750,"sao":"报告期内，债券市场整体偏弱，节前仅长端超长端继续跟随降息预期延续走强，中短端则由于央行开始明显收紧资金而普遍明显转弱，曲线大幅平坦化，节后市场等待的宽松也并未到来，资金紧缩程度反而有所增加，央行在货政报告、两会经济主题记者会、财经媒体等多个渠道、场合的表态均传达降息意愿不强、降准需要观察时机的态度，债市震荡走弱、曲线偏平坦化上移，3月下旬随着央行正常呵护跨季资金的操作以及确实出现的一些边际态度软化，市场再度博弈央行重新转向宽松，债市重新有所回暖但幅度有限。　　一季度权益市场在开年两天连续大跌之后震荡向上，结构上成长科技为核心主线，AI算力和机器人轮动上涨，受益于DeepSeek代表成本优势及模型平权推动AI应用预期快速发展，而汽车产业链受益于机器人、低空的产业进展催化也表现较好。进入3月中下旬后，科技主线有所降温，低位顺周期和红利板块开始有超额收益。转债市场整体保持跟正股走势相似的节奏，流动性相对充裕以及科技成长主线利好转债板块的整体行情，3月转债指数创了阶段性新高后也出现一定的估值压缩，整体呈现震荡行情。　　　　报告期内，债券部分整体保持了中性的杠杆和久期，阶段性参与长端利率的交易机会。转债部分主要优选银行等底仓品种，同时辅以双低券阶段性参与市场反弹机会。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:56.674Z","fund":{"_id":3000000005750,"__csrcFundId":5356,"stockCode":"005750","shortName":"平安双债添益债券(005750)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5750,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:48:50.715Z","status":"normal","inceptionDate":"2018-06-03T16:00:00.000Z","name":"平安双债添益债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安双债添益债券","pinyin":"pasztyzqxzqtzjj","managers":[{"stockCode":"db20576728","stockType":"fund_manager","exchange":"fm","tickerId":262412181170,"name":"曾小丽"}]},"announcement":{"linkText":"平安双债添益债券型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269662","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8fc7fea5b3eb0489648","date":"2024-12-30T16:00:00.000Z","stockId":3000000005750,"sao":"报告期，国内宏观经济维持弱修复的态势，有效需求不足，通缩压力加大，企业盈利下行，市场预期偏弱。央行维持支持性货币政策基调，加快降准降息步伐，资金面整体保持平稳，基本面和政策面的共同作用下推动了全年债券的上涨行情。过程中，虽有央行对长端利率风险的加强监管和九月底政策全面转向宽松刺激等因素的作用，导致债券市场出现了短期的震荡调整，但未能改变全年收益率大幅向下的格局。上半年在资产荒推动下，信用利差压缩至历史低位，后期有所调整。权益市场绝大多数指数全年上涨。前三季度中股指整体呈现出震荡下行的态势，先后经历了年初的急跌和“新国九条”证券改革背景下的急速反弹，再到市场持续缩量阴跌的过程。最终在九月末国内政策全面转向的背景下，整体呈现出系统性大幅上涨。高股息板块在经济增速下行期延续了近年来的出色表现，黄金、大金融、电力、人形机器人、TMT等板块表现较好，医药生物、农林牧渔、食品饮料等板块持续低迷。转债市场整体表现与权益市场大体相同，在权益市场走弱的时期，曾受到信用资质担忧和基金赎回的冲击，阶段性相对于权益市场表现出超调。　　　　报告期内，本基金债券操作相对稳健，整体维持中性偏长的久期和适度的杠杆水平，并适当参与利率债和信用债的波段交易，在获取票息收益的同时积极把握资本利得的收益增厚机会。转债投资方面，根据转债估值和权益市场情况，优选高评级、业绩稳定的行业为底仓配置，同时配置有一定成长性的优质小盘转债增加弹性。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:56.672Z","mo":"“政策前置发力、货币适度宽松、经济波动筑底”将是2025年基本面及市场的主线逻辑。政治局会议明确货币政策基调升级为“适度宽松”，与财政配合度加强，降息、降准可期；目前中央政府具备足够的加杠杆空间，且政策思路也已转向强调“超常规”逆周期政策，化债政策推进改善地方政府现金流及未来预期，表内财政、货币配合、信贷配套共同发力预计中性情形下推动基建温和走强，力度预计同样前置；消费政策也是未来政策重点发力方向，资产价格及收入端边际好转，以旧换新政策进一步加码，基本面和政策将共同支撑消费从目前的低位水平有所回暖；房地产市场目前初步开启库存主动去化，房价预期边际好转有望支撑销售增速筑底回升，但房企资金流紧张、扩张意愿疲软的特征未改，仍将制约开施工恢复力度，名义地产投资可能仅磨底；制造业面临多数行业供过于求的核心困局，供需矛盾下制造业投资易下难上，设备更新与标准提升带来托底效果，但难改下行方向；出口全年面临的高基数压力愈发加大，但抢出口有望在上半年提振，使其维持高位，下半年在关税冲击下下行压力预计加剧。　　展望2025年的债券市场，目前经济筑底回升，但弹性和可持续性不足“，政策聚焦消费和化债、短期刺激强度有限，牛市大环境未改，延续积极态度，但从赔率的角度2024年末市场已经抢跑了一定的降息空间，后续波动可能加大。信用方面，欠配现象持续，在控制好信用风险的前提下，底仓重视中短端的票息价值。我们将紧密地跟踪政策和基本面边际变化，积极把握投资机会、应对市场风险。　　展望2025年的权益市场，我们对明年行情持谨慎乐观的看法，策略方面侧重高分红+高成长的哑铃配置，同时兼顾消费板块的阶段性投资机会。主要基于以下几方面因素的考虑：1、国内经济形势维稳的压力仍然不低，宽松的货币政策确保了中长期的低利率环境，加之长期资金的引入对经营稳定性较高的红利类资产仍然形成较好的支撑；2、在资产缩水和就业形势偏弱的背景下，国内有效需求不足问题仍然突出，问题的解决仍有待相关刺激政策的持续落地效果验证；消费补贴的扩容、扩量有望伴随政策博弈促成相关消费板块的行情；3、在科技创新领域，如AI技术、机器人、智能驾驶、低空经济和卫星互联网等产业发展方兴未艾，随着技术进步和产业趋势明朗，同时在国内政策扶持的作用下，相关科技成长板块仍然会展现出众多投资机会；4、特朗普上任后，财政刺激计划和关税贸易战对美国通胀的影响，或许会降低美联储持续降息的预期，从而维持了美元强势，不利于全球风险偏好的提升；但同时国内已对明年关税贸易战做好了充分的政策应对，外贸结构也不似2018年那般脆弱，估计整体影响会比较有限。","fund":{"_id":3000000005750,"__csrcFundId":5356,"stockCode":"005750","shortName":"平安双债添益债券(005750)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5750,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:48:50.715Z","status":"normal","inceptionDate":"2018-06-03T16:00:00.000Z","name":"平安双债添益债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安双债添益债券","pinyin":"pasztyzqxzqtzjj","managers":[{"stockCode":"db20576728","stockType":"fund_manager","exchange":"fm","tickerId":262412181170,"name":"曾小丽"}]},"announcement":{"linkText":"平安双债添益债券型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1255207","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8fc7fea5b3eb0489647","date":"2024-09-29T16:00:00.000Z","stockId":3000000005750,"sao":"报告期内，“三中”全会及随后的政治局工作会议传递出稳增长的信号，后期配套政策渐进推出，但对经济的刺激效果有限。国内宏观数据显示内需持续向弱，同时面临贸易摩擦加剧的外部环境，企业盈利能力普遍下滑，信心严重不足。季末，政策出现明显转折，金融部委在金融支持经济高质量发展发布会上宣布了量化宽松及支持资本市场创新工具，同时中央政治局节前召开了经济工作会议，强调加大财政货币政策逆周期调节力度，促进房地产市场止跌回稳，努力提振资本市场，大力引导中长期资金入市。受政策利好刺激，资本市场出现较大波动。债券市场在政策转折前整体收益率水平下行，利率表现强于信用，期间虽有央行进场买卖国债的影响，但随着央行降息和广谱利率下调预期的增强，长端、超长端利率债创出年内新低。在政策转折后，出现股债翘翘板效应，债券收益率大幅度上行，报告期内信用债收益率水平整体甚至最终出现了上行的局面。权益市场则先抑后扬，前期出现了持续性的回调，于节前一周出现了大幅上涨的系统性反弹行情。在此期间红利股前期受到业绩的影响，后期则受到风格影响，整体收益相对偏弱，其余板块均强势反弹。转债市场前期出现相对于权益市场的超调，表面看是信用资质和赎回的冲击，但根本原因仍是权益市场走弱所导致。季末跟随权益市场大幅反弹。　　　　报告期内，转债仓位先在8月大幅下跌中出于回撤考虑进行了系统性减仓，9月在市场触底转债率先企稳后加仓，季末转债仓位回升至相对较高的水平。债券部分主要以信用债持仓为主，利率债阶段性参与长端波段机会，同时在30年期国债触及新低后整体降低了久期和杠杆。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:56.669Z","fund":{"_id":3000000005750,"__csrcFundId":5356,"stockCode":"005750","shortName":"平安双债添益债券(005750)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5750,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:48:50.715Z","status":"normal","inceptionDate":"2018-06-03T16:00:00.000Z","name":"平安双债添益债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安双债添益债券","pinyin":"pasztyzqxzqtzjj","managers":[{"stockCode":"db20576728","stockType":"fund_manager","exchange":"fm","tickerId":262412181170,"name":"曾小丽"}]},"announcement":{"linkText":"平安双债添益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=1170857","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8fc7fea5b3eb0489646","date":"2024-06-29T16:00:00.000Z","stockId":3000000005750,"sao":"股票方面，2024年上半年市场表现出分化明显，轮动加速的特征。上证指数下跌0.25%，大盘价值全面领涨；而中证1000全面承压，跌幅为16.837%。一月份大盘走低，小盘股一度遭遇了流动性危机，随后一系列维稳措施使得市场经历了快速反弹；二季度，新国九条等政策持续发力，大盘价值相对走强。转债方面，经历年初的V型反弹后，指数持续震荡。整体节奏与权益市场类似，区别在于4月底开始逐步有理财等增量资金增配的信号出现，溢价率开始有修复迹象。上半年中证转债指数下跌0.07%，整体表现优于部分权益指数。　　债券方面，利率债品种，1-2月实体经济通缩预期发酵，债券供需失衡，降准降息预期持续，利率不断突破前低。3月-5月，经济数据表现不错，农商行舆情发酵，利率整体震荡。6月，地产政策虽然发力，但经济边际走弱，市场对于央行的担忧逐步缓解后，利率下行至前低位置。信用债品种，供求矛盾突出，超长债供给增加依然不改高息资产短缺的局面，城投供给也在持续缩量，存款搬家导致非银成为重要的需求方。信用债上半年整体是震荡下行，信用利差持续压缩。　　报告期内，纯债部分提升了久期，增配中长期的企业中票和银行二永债，同时积极参与超长久期利率品种的交易。转债部分本基金上半年整体维持中高仓位，同时积极调整持仓结构，阶段性超配电子、化工等行业个券，同时上半年由于转债出现信用和退市风险引发的流动性冲击，基金净值出现了一定的波动。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:56.666Z","mo":"从近期跟踪的宏观经济数据观察，国内经济“内需弱、外需强”的特点较为明显。地产政策的放松并没有起到立竿见影的作用，部分地产数据边际微弱改善，但同比数据整体仍然保持低位的水平，房地产投资完成额累计同比创出新低。由于地方债务化解包袱较重和土地财政的缺失，虽然有万亿特别国债的发行，但整体基建增速也保持了下行趋势。制造业投资增速保持平稳。消费数据仍然较弱。出口数据是亮点，但与企业担心加征关税，抢出口的短期因素相关，后续能否持续值得关注。今年以来美元保持强势，人民币汇率仍然承压，国内经济基本面的稳增长诉求也依然存在，下半年“预期没有那么强，现实也没有那么弱”的经济基本面情况整体有利于资本市场的平稳表现。三中全会定调未来的发展战略，科技创新和新质生产力将成为核心关注点，有利于引导资本市场围绕科技创新提供更优的服务与支持。转债市场今年的调整始于对低价转债信用资质的担忧，是前期小微盘股退市风险的衍生，我们认为并不能彻底改变转债资产整体的估值逻辑体系。只是更加坚定了我们之前一直秉持的配置理念，在关注低价转债期权价值的同时，赋予企业经营稳健性和信用资质更多的权重。债券方面，经历了半年的上涨，目前长端和超长端利率品种均又到了历史低位，而其余品种尤其是信用债收益率水平均已创了新低。对存款补息的整顿，导致银行存款流失，但并未带来资金的紧张，“存款搬家\"通过理财进入非银金融体系，同时在经济增长乏力的背景下货币政策预计继续保持宽松，下半年降准降息仍然有空间，债券整体处在长周期下行通道中。","fund":{"_id":3000000005750,"__csrcFundId":5356,"stockCode":"005750","shortName":"平安双债添益债券(005750)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5750,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:48:50.715Z","status":"normal","inceptionDate":"2018-06-03T16:00:00.000Z","name":"平安双债添益债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安双债添益债券","pinyin":"pasztyzqxzqtzjj","managers":[{"stockCode":"db20576728","stockType":"fund_manager","exchange":"fm","tickerId":262412181170,"name":"曾小丽"}]},"announcement":{"linkText":"平安双债添益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=1152526","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8fc7fea5b3eb0489645","date":"2024-03-30T16:00:00.000Z","stockId":3000000005750,"sao":"报告期内，国内维持偏松的流动性环境和有定力的政策环境。经济的结构性特征突出，传统投资领域复工节奏偏缓，以新质生产力为代表的新兴领域在产业化进展、鼓励性政策有持续催化。市场方面，债券在偏松的货币环境下维持偏强运行。1-2月，“大行放贷、小行买债”局面持续上演，城投债继续收缩，叠加非银欠配，票息资产荒愈演愈烈，利率在LPR降息和降准预期下有所下行。3月份，债券面临资产荒持续和收益低的两难，利率品种波动频率加大，波段交易的难度也明显提高。　　权益市场年初出现恐慌性的下跌，随后在流动性注入、政策呵护下市场大幅修复。在此期间红利股整体表现相对稳定，春节后市场风险偏好修复，风格切换，小盘、成长股成交额回升，涨幅居前，机会集中于两会政策利好板块与新质生产力方面；转债整体跟随权益波动，溢价率压缩导致阶段性跟涨偏弱。　　报告期内，纯债方面基金主要增配2-3年久期永续债，同时阶段性参与长端利率的交易机会。转债方面一季度整体仓位相对年初有所下降，主要考虑转债反弹之后小幅止盈部分反弹较多的品种，结构上提升了高股息转债的配置，降低了偏价值成长的配置，最终组合结构呈现红利及价值成长相对均衡的特点。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:56.663Z","fund":{"_id":3000000005750,"__csrcFundId":5356,"stockCode":"005750","shortName":"平安双债添益债券(005750)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5750,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:48:50.715Z","status":"normal","inceptionDate":"2018-06-03T16:00:00.000Z","name":"平安双债添益债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安双债添益债券","pinyin":"pasztyzqxzqtzjj","managers":[{"stockCode":"db20576728","stockType":"fund_manager","exchange":"fm","tickerId":262412181170,"name":"曾小丽"}]},"announcement":{"linkText":"平安双债添益债券型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1068652","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8fc7fea5b3eb0489644","date":"2023-12-30T16:00:00.000Z","stockId":3000000005750,"sao":"2023年，国内经济活动在一季度总体复苏较好，但随后经济修复动能放缓，从“强预期+强现实”向“弱预期+弱现实”转向。全年维度来看，国内经济面对有效需求不足、部分行业产能过剩、社会预期偏弱等挑战。海外方面，以美国为代表的主要经济体在全年消费和投资持续超预期的情况下，衰退证伪，高利率环境持续性超出此前预期。　　债券收益率全年呈现M型走势：年初经济修复斜率较高、信贷投放旺盛且总量结构均有改善，十年国债收益率上行至2.93%；一季末两会公布GDP目标增速不及预期，三季度稳增长政策预期降温叠加银行理财规模大幅增加，收益率大幅下行至2.54%；三季度末地产优化政策密集出台、市场预期和信心有所变化、资金面边际收敛，导致债市有接近20bp的上行；临近年底随着资金面边际放松、部分银行超预期下调存款利率，市场再次预期MLF利率即将下调，十年国债收益率再次下行到2.56%附近。　　权益市场全年先涨后跌：年初在疫情政策调整、较好的一季度经济数据的推动下，整体情绪较为乐观，权益市场延续22年底以来的反弹行情；随后经济数据走弱、全A盈利预期下修、对逆周期政策预期的落空，导致权益指数持续回调。　　转债资产在23年上半年震荡上涨，8月份后开始回调，全年转债等权指数收涨0.56%，相对表现优于权益市场。主要原因是在利率走牛的背景下，对溢价率和估值形成较强支撑，表现出了抗跌特征。此外由于转债正股的整体风格与中小盘股更为贴近，转债正股等权指数全年收涨2.5%，在去年的市场风格下相对收益。　　2023年本基金在符合基金合同约定的投资范围和投资限制基础上，主要配置中短久期的中高等级信用债，致力于获取稳健的投资收益。转债投资部分，本基金整体配置均衡分散，主要配置的行业方向包括金融、养殖、交运、机械、电子等行业。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:56.661Z","mo":"展望2024年，经济基本面的压力仍然较大，货币政策有望维持相对宽松的状态，财政政策定调仍然积极。债市收益率对基本面和货币宽松已有所定价，预计后续长端收益率维持震荡格局，短端仍有跟随资金下行的空间。权益市场对经济偏弱的预期已经比较充分，资产相对债券的性价比凸显。转债资产在过去一段时间的溢价率压缩后，当前性价比较2023年底有明显提升。但权益市场信心和投资机会还需要经济和数据不断的验证。组合将维持相对均衡的配置，注重资产的安全边际。","fund":{"_id":3000000005750,"__csrcFundId":5356,"stockCode":"005750","shortName":"平安双债添益债券(005750)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5750,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:48:50.715Z","status":"normal","inceptionDate":"2018-06-03T16:00:00.000Z","name":"平安双债添益债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安双债添益债券","pinyin":"pasztyzqxzqtzjj","managers":[{"stockCode":"db20576728","stockType":"fund_manager","exchange":"fm","tickerId":262412181170,"name":"曾小丽"}]},"announcement":{"linkText":"平安双债添益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=1059469","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8fc7fea5b3eb0489643","date":"2023-09-29T16:00:00.000Z","stockId":3000000005750,"sao":"三季度，债市表现总体偏震荡，收益率先下后上。7月至8月下旬，经济依然呈现出偏弱态势，市场等待政策进一步出台落实、 资金面维持平稳偏松之下，十年国债收益率震荡下行，随后在7月经济金融 数据验证仍弱、央行超预期降息之下，债市利率进一步打开向下空间。 而 8 月下旬以来，随着房地产优化政策密集出台，市场预期和信心有所变化，叠加经济基本面继续磨底爬坡，地方债加大发行下资金面边际收敛，债市面临阶段性调整压力，叠加机构赎回，十年国债收益率总体震荡上行。　　权益和转债市场方面，三季度权益市场整体延续弱势运行的态势，主要宽基指数都出现明显回撤，创业板指跌幅最大，转债指数跌幅相对较小，但9月转债估值经历了明显的压缩。具体来看，7月中上旬市场持续缩量调整，7月24日政治局会议释放明确稳增长信号，市场在触及前低后迎来第一个政策底；而后投资者信心在多重因素影响下再度回落，汇率贬值压力加大，北向资金持续大幅净流出，指数连续下跌并创年内新低；8月27日资本市场政策“四箭齐发”，虽然此后市场再度震荡缩量回落，但市场热点的赚钱效应已经有所改善，市场等待经济修复信号明确。　　三季度本基金主要配置中短期信用债品种以获取稳健收益，增配城投债，同时通过杠杆套息、波段交易等方式增厚组合收益。转债方面，政治局会议之后转债仓位有所提高，主要增加了顺周期方向、医药、电子等行业配置。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:56.658Z","fund":{"_id":3000000005750,"__csrcFundId":5356,"stockCode":"005750","shortName":"平安双债添益债券(005750)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5750,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:48:50.715Z","status":"normal","inceptionDate":"2018-06-03T16:00:00.000Z","name":"平安双债添益债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安双债添益债券","pinyin":"pasztyzqxzqtzjj","managers":[{"stockCode":"db20576728","stockType":"fund_manager","exchange":"fm","tickerId":262412181170,"name":"曾小丽"}]},"announcement":{"linkText":"平安双债添益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=985970","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8fc7fea5b3eb0489642","date":"2023-06-29T16:00:00.000Z","stockId":3000000005750,"sao":"上半年债市总体表现较好，收益率总体呈现震荡下行态势。一方面，去年四季度的理财踩踏的影响在年初至春节前后基本得到了消化，春节后理财规模稳步增长，理财配置力量对债市走好形成支撑。另一方面，经济基本面与年初的乐观预期相比出现预期差，同时信贷投放从二季度开始出现放缓，央行也在上半年进行了降准降息的操作，基本面与资金面对债市相对友好。权益市场方面，上半年市场先涨后跌。1-3月白酒消费等核心资产表现较好，之后经济复苏偏弱，消费和顺周期等震荡下跌；同时由AI技术更新带来了TMT阶段性的板块机会。转债方面，1月转债整体估值修复行情，后续由于估值高位导致震荡调整；结构上转债整体跟随权益市场行情，顺周期价值和科技等个券均有阶段性的机会。　　　　报告期内，纯债部分以高等级信用债持仓为主，高杠杆运作，获取了较高的票息收益和资本利得。转债方面，基金整体以中低价券投资为主，结构上适度增配银行、建筑、通信和电子等板块，转债仓位对基金净值整体有正贡献。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:56.655Z","mo":"展望下半年，当前经济处于库存周期的尾部，但主动去库向被动去库的转化依然不明显，如果没有强有力的政策出台，本轮库存周期大概率是偏弱的一轮周期，海外由于美国经济的韧性，库存也处于周期的尾部位置，有希望看到库存周期的共振。国内核心的问题依然是房企资产负债表恶化后对于投资的负向拉动以及居民信心的修复问题，随着宏观政策的落地，有望看到边际的改善。货币政策方面，预计总体延续偏宽松的格局，甚至可能再度降准降息。资产方面，如果政策利率进一步下调，债市运行区间也大概率下行。但是，考虑到下半年稳增长力度可能较上半年提升，市场或出现震荡调整。权益方面，随着经济修复预期的修复，顺周期和消费等板块均存在机会。转债的估值水平依然偏高，且估值不存在继续抬升的基础，需要警惕估值压缩的风险，随着政策的推动和基本面拐点的逐步确认尤其是库存周期拐点的确认，转债资产有望跟随权益资产，但弹性大概率弱于权益资产。","fund":{"_id":3000000005750,"__csrcFundId":5356,"stockCode":"005750","shortName":"平安双债添益债券(005750)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5750,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:48:50.715Z","status":"normal","inceptionDate":"2018-06-03T16:00:00.000Z","name":"平安双债添益债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安双债添益债券","pinyin":"pasztyzqxzqtzjj","managers":[{"stockCode":"db20576728","stockType":"fund_manager","exchange":"fm","tickerId":262412181170,"name":"曾小丽"}]},"announcement":{"linkText":"平安双债添益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=964868","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8fc7fea5b3eb0489641","date":"2023-03-30T16:00:00.000Z","stockId":3000000005750,"sao":"一季度，债券市场表现较为分化，利率债收益率先上后下，信用债收益率整体下行，信用利差持续压缩。1-2月份随着消费场景的恢复，经济同环比均保持较好的修复态势，信贷大幅投放，资金面有所收紧，收益率随之上行。同时理财市场在经历去年四季度风险事件后逐步企稳，信用债收益率在配置力量的带动下表现较好。进入3月，政策定调年度经济增长目标低于市场预期，同时高频数据显示经济复苏的环比斜率有所放缓，同时资金面有所放松，中短端利率债收益率有所下行，曲线整体走平，信用债收益率3月跟随也继续下行。　　权益方面，一季度市场板块快速轮动，1月份白酒消费等核心资产表现较好，主要是受外资流入、经济恢复信心增强导致的估值修复行情。2月份之后，市场整体开始轮动，前期表现较好的板块开始调整。3月份，随着ChatGPT的问世带动数字经济板块行情走强，叠加国内产业政策频出，相关TMT板块快速上涨，由于市场整体资金有限，其他板块因此被资金分流呈现下跌的极致行情。转债市场方面，1月份转债修复了去年四季度由于纯债市场大跌和理财规模变化带来的溢价过度压缩的部分，2月之后转债市场整体进入震荡格局，一方面是由于权益市场整体结构轮动较快，且转债溢价修复到一定高位之后难以继续全面上涨，另一方面大幅领涨的TMT板块在转债市场中的相应个券供给较少，较难获取超额的回报。　　报告期内，纯债部分以高等级信用债持仓为主，获取了稳定的票息收益，适当增配2-3年期限信用债，获取了较高的资本利得收益。转债投资部分，1月份整体保持了较高的转债仓位，2月之后整体下调转债仓位同时调整个券结构至相对防守策略，同时在结构性行情中增配电子、计算等相关个券以获取结构性的行情机会。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:56.652Z","fund":{"_id":3000000005750,"__csrcFundId":5356,"stockCode":"005750","shortName":"平安双债添益债券(005750)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5750,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:48:50.715Z","status":"normal","inceptionDate":"2018-06-03T16:00:00.000Z","name":"平安双债添益债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安双债添益债券","pinyin":"pasztyzqxzqtzjj","managers":[{"stockCode":"db20576728","stockType":"fund_manager","exchange":"fm","tickerId":262412181170,"name":"曾小丽"}]},"announcement":{"linkText":"平安双债添益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=884358","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8fc7fea5b3eb0489640","date":"2022-12-30T16:00:00.000Z","stockId":3000000005750,"sao":"2022年，国内经济持续面临需求收缩、供给冲击、预期转弱三重压力，疫情反复对全年经济负面影响明显。海外来看，年初俄乌冲突爆发后，全球通胀压力持续加大，美联储加息进程加速，持续影响前三季度全球货币和资产的表现。四季度随着全球通胀压力缓解，同时国内经济政策重点转向稳增长以及防疫政策优化，宽信用和经济恢复预期开始主导市场走势。具体来看，债券收益率全年窄幅震荡，前三季度10年国债收益率始终维持在2.6%-2.85%的窄区间震荡波动，四季度随地产和防疫政策出现大幅调整，债市预期转向，叠加银行理财赎回负反馈持续强化，收益率快速大幅上行触及2.9%以上的全年高点。权益市场全年也呈现大幅波动和风格变化，一季度在海外突发冲突和国内疫情爆发的背景下市场大幅调整，二季度随着国内经济短期恢复和美联储加息预期平稳后呈现修复行情，成长相对表现较好，三季度随着地产压力和疫情反复，市场继续大幅调整，年末随着地产和疫情政策优化市场盈利修复，整体结构偏价值和消费。　　2022年本基金在符合基金合同约定的投资范围和投资限制基础上，主要配置中短久期的中高等级信用债和利率债，致力于获取稳健的投资收益。转债投资部分，本基金整体转债仓位较高，配置均衡，但由于市场大幅调整，整体对基金净值呈现负贡献。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:56.649Z","mo":"展望2023年，随着国内生产和消费的逐步正常化，经济活动逐步恢复，23年经济增速预计较2022年明显提升。货币政策在经济恢复初期预计保持稳健偏松的定调，通胀压力整体不大。预计利率债收益率可能震荡上行，信用债关注票息机会。权益市场23年整体好于去年，重点关注消费、高端制造、电子半导体、顺周期、新能源新技术等方面的机会。","fund":{"_id":3000000005750,"__csrcFundId":5356,"stockCode":"005750","shortName":"平安双债添益债券(005750)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5750,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:48:50.715Z","status":"normal","inceptionDate":"2018-06-03T16:00:00.000Z","name":"平安双债添益债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安双债添益债券","pinyin":"pasztyzqxzqtzjj","managers":[{"stockCode":"db20576728","stockType":"fund_manager","exchange":"fm","tickerId":262412181170,"name":"曾小丽"}]},"announcement":{"linkText":"平安双债添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=871941","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8fc7fea5b3eb048963f","date":"2022-09-29T16:00:00.000Z","stockId":3000000005750,"sao":"三季度，债市表现较好，收益率总体出现下行。7月、8月债市收益率逐步下行，资金利率处于较低水平，公开市场操作利率下调进一步推动现券收益率回落。9月份经济增速边际好转，且海外央行鹰派加息影响市场预期，市场出现震荡调整。权益市场在美联储持续加息预期和地缘政治风险发酵等影响下，三季度以来持续调整，其中前期反弹较多的成长板块跌幅较多，转债指数跟随权益也出现下跌。    三季度本基金纯债部分主要配置高等级信用债获取票息收益，同时7-8月通过长久期利率债提高久期获取资本利得收益。转债部分仓位三季度有一定的下降，同时调整了转债的持仓结构，降低偏股性转债的比例，提高平衡性转债和低价券的比例。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:56.647Z","fund":{"_id":3000000005750,"__csrcFundId":5356,"stockCode":"005750","shortName":"平安双债添益债券(005750)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5750,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:48:50.715Z","status":"normal","inceptionDate":"2018-06-03T16:00:00.000Z","name":"平安双债添益债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安双债添益债券","pinyin":"pasztyzqxzqtzjj","managers":[{"stockCode":"db20576728","stockType":"fund_manager","exchange":"fm","tickerId":262412181170,"name":"曾小丽"}]},"announcement":{"linkText":"平安双债添益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=801975","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8fc7fea5b3eb048963e","date":"2022-06-29T16:00:00.000Z","stockId":3000000005750,"sao":"上半年受疫情影响，经济下行压力加大，债券市场收益率整体呈区间震荡走势，短端表现好于中长端。具体来看，4月利率债期限结构走陡，短端下行，长端上行；信用债利率下降较快。当月央行虽未降低公开市场操作利率，但资金利率中枢明显下移，月度均值大幅低于此前各月，在隔夜市场表现尤为显著。5月因为票据利率再度走低，PMI数据不佳，资金面持续宽松，债券配置需求旺盛，从信用到利率，均表现为利率下行、市场走牛。6月由于PMI数据超预期，上海疫情得到控制，美联储加息预期升温，权益市场持续走好等，利率整体以窄幅震荡为主，曲线略有扁平，信用利差有所走阔。  权益市场方面，4月A股在上海疫情升级和人民币汇率快速贬值的双重打击下，所有行业和板块指数普跌，上证综指下探2900点下方，市场情绪降至冰点。随着5月疫情逐渐缓解，人民币转为高位震荡，地产基建的政策开始加快落地，市场情绪开始修复，5-6月股指连续反弹，上证指数重新回到3400点附近。整体看，上半年Wind全A上涨5.10%，创业板指上涨5.68%，沪深300上涨6.21%，中证500上涨2.04%；风格上来看，市值因子大盘风格略占优于中小盘；成长风格的表现强于价值风格。转债指数跟随权益市场波动，中证转债指数4月份下跌1.4%，5月和6月分别反弹2.26%和3.82%。    上半年本基金纯债部主要配置高等级信用债获取票息收益，同时阶段性通过长久期利率债提高久期获取资本利得收益。转债部分，一方面优选估值合理有成长性的优质个券，另一方面通过量化策略优选性价比较高的低价券进行配置。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:56.644Z","mo":"下半年预计债市总体延续向好格局。一方面，经过5月至6月份的经济修复后，预期后期经济修复斜率放缓，增长可能开始进入平台期。此外，海外经济下行压力加大，未来可能出现的外需放缓或成为新的压制因素。另一方面，在经济增长进入平台期的情况下，考虑稳增长与防风险等因素，预计货币政策总体仍然保持偏宽松的格局，尤其是在反复强调流动性合理充裕的情况下，资金面可能继续保持偏宽松的格局。定价方面，在上半年资金利率下行的情况下，现券收益率的下行相对克制，定价上仍留有一定的安全边际。因此，预计下半年的债市仍有一定支撑，在资金宽裕的情况下，收益率可能呈现震荡下行态势。  权益市场方面，一方面经济修复进入平台期，但下半年经济增长整体好于上半年；另一方面，国内货币政策保持宽松，美联储加息对国内的边际影响下降，市场总体机会大于风险。结构方面，看好高景气赛道的中长期价值，关注估值有更多安全边际的细分方向。","fund":{"_id":3000000005750,"__csrcFundId":5356,"stockCode":"005750","shortName":"平安双债添益债券(005750)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5750,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:48:50.715Z","status":"normal","inceptionDate":"2018-06-03T16:00:00.000Z","name":"平安双债添益债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安双债添益债券","pinyin":"pasztyzqxzqtzjj","managers":[{"stockCode":"db20576728","stockType":"fund_manager","exchange":"fm","tickerId":262412181170,"name":"曾小丽"}]},"announcement":{"linkText":"平安双债添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=784487","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8fc7fea5b3eb048963d","date":"2022-03-30T16:00:00.000Z","stockId":3000000005750,"sao":"2022年一季度，\"稳增长\"的政策基调维持，货币、财政、房地产投资等政策综合发力，强化跨周期和逆周期调节，维护经济平稳运行。货币宽松预期延续，由靠前发力、稳定预期，向维护信贷增长，护航\"宽信用\"过渡。1月17号政策利率降息落地，10BP的幅度和7000亿的MLF操作规模均超预期；18号国新办召开央行记者会，政策层明确传达了，政策主动作为、靠前发力的立场，并且提及防止信贷塌方。海外方面，治理通胀为美联储的首要关注目标，美国货币政策加速收紧。从市场走势看，1月降息之后利率出现一波下行， 春节之后市场主线切换至宽信用，在政策\"窗口指导\"下1月金融数据超预期，多城地产松绑消息频繁传出，市场对宽信用和稳增长的担忧升温，收益率持续调整。3月中旬开始，由于2月金融数据偏弱，金融委会议表态货币政策要主动应对、疫情影响导致经济复苏进一步被延缓甚至股市偏弱等，降准降息预期对债市形成支撑，但在2月经济数据超预期和美联储正式开启加息周期等利空影响情况下，市场表现整体震荡。转债市场方面，一季度出现较大程度的下跌，一方面是由于正股的调整带来，另一方面由于转债估值整体处于历史高位，俄乌战局升级爆发也加剧了权益资产的调整，同时固收+产品的赎回负反馈等对转债形成进一步冲击。  一季度本基金纯债部分配置一部分信用债获取票息收益，同时阶段性通过长久期利率债提高久期获取资本利得收益。转债部分，一方面优选估值合理的优质个券，另一方面通过量化策略优选性价比较高的低价券进行配置；转债仓位方面，俄乌战局升级之后整体降低转债仓位。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:56.641Z","fund":{"_id":3000000005750,"__csrcFundId":5356,"stockCode":"005750","shortName":"平安双债添益债券(005750)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5750,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:48:50.715Z","status":"normal","inceptionDate":"2018-06-03T16:00:00.000Z","name":"平安双债添益债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安双债添益债券","pinyin":"pasztyzqxzqtzjj","managers":[{"stockCode":"db20576728","stockType":"fund_manager","exchange":"fm","tickerId":262412181170,"name":"曾小丽"}]},"announcement":{"linkText":"平安双债添益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=723706","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8fc7fea5b3eb048963c","date":"2021-12-30T16:00:00.000Z","stockId":3000000005750,"sao":"四季度，经济增长持续弱势，制造业PMI指数徘徊在荣枯线附近。国内新冠疫情连绵不断，此起彼伏，大的管理政策基调仍然没有改变，还是动态清零，但是疫情的影响总体可控。通胀方面，受原材料价格上涨影响，PPI超预期，增速突破两位数，CPI增速也随之小幅抬升。货币政策方面，央行总体维持中性偏宽松状态，碳排放支持工具、年内第二次降准和LPR利率下调等相继落地。资金面相对偏松。整体来看，四季度债券市场收益率呈先上后下走势，10年期国债收益率较三季度下行10BP至2.78%；信用债收益率也有不同程度下行。  在此期间，本基金保持了投资组合的流动性，主要配置中短期限的中高等级信用债，波段操作中长期限利率债和高等级信用债，久期和杠杆水平维持在较高水平，基金净值表现良好。转债资产方面，坚持绝对收益目标，在一定安全边际保护的前提下配置景气度较高的个券，力争增强组合收益。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:56.638Z","mo":"展望2022年，本基金认为经济仍面临下行压力，其中出口增速大概率回落，但仍有韧性；基建投资将有所发力，地产投资继续下滑；消费趋于改善，但幅度有限。通胀上行风险可控，对政策约束力暂难显现。财政政策整体定调积极，节奏上前置发力；货币政策稳中偏松，降准甚至降息值得期待。在此背景之下，明年一季度之前，中短端资产受益于宽松的货币政策，整体风险可控；长端收益率的波动取决于总量货币政策和宽信用政策的角力。二季度之后，需重点观察“宽信用”效果，如果经济开始出现企稳回升迹象，债券市场可能需要转向谨慎。总体而言，本基金认为流动性较好的中短端品种仍有较高配置价值，将保持较高比例配置力度。对于长端品种，将根据经济形势和市场情况进行波段操作，以增强基金整体收益率。转债资产方面，仍将坚持绝对收益目标，在一定安全边际保护的前提下配置景气度较高的个券，力争增强组合收益。","fund":{"_id":3000000005750,"__csrcFundId":5356,"stockCode":"005750","shortName":"平安双债添益债券(005750)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5750,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:48:50.715Z","status":"normal","inceptionDate":"2018-06-03T16:00:00.000Z","name":"平安双债添益债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安双债添益债券","pinyin":"pasztyzqxzqtzjj","managers":[{"stockCode":"db20576728","stockType":"fund_manager","exchange":"fm","tickerId":262412181170,"name":"曾小丽"}]},"announcement":{"linkText":"平安双债添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=713705","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8fc7fea5b3eb048963b","date":"2021-09-29T16:00:00.000Z","stockId":3000000005750,"sao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