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信用利差和期限利差继续被压缩，长端信用债表现突出。转债市场虽然整体上跟随股市节奏，但在6月对信用风险和退市风险的担忧引发了低价转债的抛售，不少低价转债跌幅在10%以上且跌破纯债价值。报告期内，本基金坚持以股性转债为核心仓位，从自下而上的个股挖掘、自上而下的行业选择两个角度，寻找基本面持续验证的成长标的，做相对长期的配置，适当提高了低估值平衡型转债的占比。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:07.900Z","fund":{"_id":3000000006482,"__csrcFundId":5663,"stockCode":"006482","shortName":"广发可转债债券(006482)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6482,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:11:43.233Z","status":"normal","inceptionDate":"2018-11-01T16:00:00.000Z","name":"广发可转债债券型发起式证券投资基金","exchange":"jj","followedNum":48,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发可转债债券","pinyin":"gfkzzzqxfqszqtzjj","memoNum":1,"managers":[{"stockCode":"db20744495","stockType":"fund_manager","exchange":"fm","tickerId":2304204820,"name":"吴敌"}]},"announcement":{"linkText":"广发可转债债券型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1146276","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9bb7fea5b3eb0496f6d","date":"2024-03-30T16:00:00.000Z","stockId":3000000006482,"sao":"2024年一季度，股市有较大波动，上证指数先深度回踩，然后以更快的速度反弹，结构上小盘股在调整和反弹初期偏弱，中证2000指数最大跌幅达到37%，春节后小盘股补涨，截至一季度末年内收益仍大幅落后于已经翻红的上证50、沪深300等大盘指数。债市收益率先大幅下行，2月长端利率创下历史新低，随后转为窄幅震荡。转债跟随股市，且转债估值与正股同向变化，放大了转债波动，万得可转债等权指数最大跌幅达到12%，截至季末跌幅收窄至4%。报告期内，本组合坚持以股性转债为核心仓位，从自下而上的个股挖掘、自上而下的行业选择两个角度，寻找基本面持续验证的成长标的，做相对长期的配置。具体操作方面，组合在原先哑铃型策略的基础上，适度止盈了部分高股息底仓品种和涨幅较高的小盘成长品种，置换为相对低价、低估值的底部品种。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:07.897Z","fund":{"_id":3000000006482,"__csrcFundId":5663,"stockCode":"006482","shortName":"广发可转债债券(006482)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6482,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:11:43.233Z","status":"normal","inceptionDate":"2018-11-01T16:00:00.000Z","name":"广发可转债债券型发起式证券投资基金","exchange":"jj","followedNum":48,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发可转债债券","pinyin":"gfkzzzqxfqszqtzjj","memoNum":1,"managers":[{"stockCode":"db20744495","stockType":"fund_manager","exchange":"fm","tickerId":2304204820,"name":"吴敌"}]},"announcement":{"linkText":"广发可转债债券型发起式证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1065354","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9bb7fea5b3eb0496f6c","date":"2023-12-30T16:00:00.000Z","stockId":3000000006482,"sao":"2023年，权益市场先上后下，上半年AI与中特估表现亮眼，但二季度末开始大幅回撤；下半年哑铃型策略占优，高股息的红利价值股、资金博弈推动的微盘股是逆势而上的两个亮点，而其他风格和行业普遍回撤较大。全年来看，上证指数和万得全A分别下跌3.70%、5.19%，但万得基金重仓指数下跌15.67%，偏股混合型基金净值平均下跌13.52%。债市收益率整体震荡下行，仅8月至10月在地产和财政政策加码时出现阶段性上行，此后重回下行趋势，到年底利率重回全年低位。转债主要跟随股市方向，中证转债指数全年下跌0.48%，转债基金业绩中位数-3.15%，跌幅小于主要股指和偏股型基金，原因一方面是转债正股的主要结构契合哑铃型策略，即“价值+微盘股”；另一方面大部分转债价格在130元以下，债底和期权价值支撑使得转债下跌弹性小于股票。本基金坚持以股性转债为核心仓位，从自下而上的个股挖掘、自上而下的行业选择两个角度，寻找基本面持续验证的成长标的，做相对长期的配置。报告期内，组合在上半年积极参与了市场主线行情，二季度中旬适度降低了股票和股性转债仓位，并于三季度末回补仓位。转债持仓以平衡型转债为主，行业和个券集中度较低。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:07.894Z","mo":"展望2024年，经济预期有望在年内企稳，地产回落的影响逐渐被其他部门对冲，经济实现再平衡。分部门看，地产政策在需求端放开限制，对经济拖累有所弱化，财政政策适度发力支持稳增长；海外美债收益率下降后，外需有望带动出口率先回暖；房价下降放缓后，地产与消费的替代效应逐渐体现，消费可能先于地产实现增速回升。尽管经济仍存在阶段性压力，但股市的估值已经很低，具备较高赔率，一旦基本面拐点信号出现，估值修复有望实现较大涨幅。货币政策偏松、投资需求中长期下降的背景不变，债市预计维持偏强态势。从更长期视角看，经济模式的变化可能改变权益投资范式，要求投资者更具前瞻性、精细化管理。我们持续关注三类机会，包括（1）高质量、可持续的需求增长，主要关注消费医药、公用事业方向的低估值资产；（2）局部高景气的方向，以科技为主，还包括部分出口链；（3）供给侧格局和利润率改善的方向，如部分成熟制造业和上游资源行业。本基金将保持相对分散的行业和个股个券集中度，仓位适度灵活、逆向操作，转债在结构上继续提高平衡型和低价转债比例，以改善在权益磨底期的风险收益比，择券上参考量化定价和量化策略。","fund":{"_id":3000000006482,"__csrcFundId":5663,"stockCode":"006482","shortName":"广发可转债债券(006482)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6482,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:11:43.233Z","status":"normal","inceptionDate":"2018-11-01T16:00:00.000Z","name":"广发可转债债券型发起式证券投资基金","exchange":"jj","followedNum":48,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发可转债债券","pinyin":"gfkzzzqxfqszqtzjj","memoNum":1,"managers":[{"stockCode":"db20744495","stockType":"fund_manager","exchange":"fm","tickerId":2304204820,"name":"吴敌"}]},"announcement":{"linkText":"广发可转债债券型发起式证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1052351","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9bb7fea5b3eb0496f6b","date":"2023-09-29T16:00:00.000Z","stockId":3000000006482,"sao":"本季度，权益市场先扬后抑，主要股指下跌。7月下旬股指的快速反弹使市场对政策加码寄予过高、过快的预期，而后开始调整预期，股指连续回调；8月下旬政策再度集中发力，国内经济预期企稳，迎来二次反弹，但随后美债收益率上行创下了2008年以来的新高，在中美利差和汇率的压力下，北向资金持续抛售，指数再度回调，但跌势已经趋缓。债券市场先强后弱，以8月央行超预期降息为转折点，随后收益率开始上行。转债市场方面，受到股、债两方面影响，8月跟随正股下跌后，9月又受到债市调整影响出现溢价压缩，因此8月至9月中旬转债指数跌幅较大，季末企稳并小幅反弹。报告期内，本组合坚持以股性转债为核心仓位，从自下而上的个股挖掘、自上而下的行业选择两个角度，寻找基本面持续验证的成长标的，做相对长期的配置。本季度组合分步回补股票和转债仓位，特别是8月中旬和9月中下旬在市场低位加速回补仓位，结构上较为均衡，增配了医药等消费属性的行业，转债的底仓品种增配了银行，以部分置换高股息品种。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:07.892Z","fund":{"_id":3000000006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顺周期仓位，择券中加大了对中小盘成长型正股标的的挖掘，同时在收益率预期下降的背景下，积极关注负溢价、下修等交易性机会。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:07.864Z","fund":{"_id":3000000006482,"__csrcFundId":5663,"stockCode":"006482","shortName":"广发可转债债券(006482)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6482,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:11:43.233Z","status":"normal","inceptionDate":"2018-11-01T16:00:00.000Z","name":"广发可转债债券型发起式证券投资基金","exchange":"jj","followedNum":48,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发可转债债券","pinyin":"gfkzzzqxfqszqtzjj","memoNum":1,"managers":[{"stockCode":"db20744495","stockType":"fund_manager","exchange":"fm","tickerId":2304204820,"name":"吴敌"}]},"announcement":{"linkText":"广发可转债债券型发起式证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=568286","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9bb7fea5b3eb0496f60","stockId":3000000006482,"sao":"2020年资本市场跌宕起伏，一季度的恐慌过后，疫情后复苏成为市场主线，中国经济展现了很强的韧性，供应链完备的优势凸显，同时很多行业出现了集中度提升，龙头公司能更有力地把握复苏机会，上市公司作为龙头经济的代表，很多公司呈现了优秀的增长业绩，在流动性较宽松的环境下，股市整体上涨，且头部效应加强。转债分享股市上涨红利，但进入权益上行周期的中后段，转债整体涨幅开始显著落后于股票。本基金延续此前的配置思路，以股性转债为核心仓位，精选正股估值合理的成长标的，辅以低价转债的阶段性配置，行业上偏重高端制造、新能源、消费。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:07.861Z","mo":"全球经济仍处于复苏主线中，但国内和国外、供给和需求恢复的错位还会带来阶段性扰动，造成市场一致预期的反复。在经济和政策的拐点出现前，股票的预期收益仍高于债券，但较前两年显著下降。随着股市提估值进入尾声，成长标的的股性转债投资难度逐渐加大，同时赎回潮使得可投范围进一步缩小，本基金积极关注新券机会，跟踪存量品种的正股估值。另一方面，股市的大小分化行情在转债市场被进一步放大，造成转债局部估值已经偏低，虽然难言系统性机会，但不乏可以挖掘的个券，本基金将加大对该领域的关注，结合基本面和量化估值指标精选品种，发掘正股和转债估值合理的中小市值成长标的。","fund":{"_id":3000000006482,"__csrcFundId":5663,"stockCode":"006482","shortName":"广发可转债债券(006482)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6482,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:11:43.233Z","status":"normal","inceptionDate":"2018-11-01T16:00:00.000Z","name":"广发可转债债券型发起式证券投资基金","exchange":"jj","followedNum":48,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发可转债债券","pinyin":"gfkzzzqxfqszqtzjj","memoNum":1,"managers":[{"stockCode":"db20744495","stockType":"fund_manager","exchange":"fm","tickerId":2304204820,"name":"吴敌"}]},"announcement":{"linkText":"广发可转债债券型发起式证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=553709","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9bb7fea5b3eb0496f5f","stockId":3000000006482,"sao":"本季度，债市收益率震荡上行，货币政策回归中性，资金利率预期的变化是驱动市场波动的主线。权益市场方面，则同时受到分子端企业盈利复苏的利多、分母端利率和风险偏好的利空影响，进入阶段性震荡行情。转债方面，相对于正股的整体估值，转债估值同样在略高于历史中枢的水平震荡；但结构上，部分优质标的前期居高不下的溢价逐渐被消化，开始具备配置性价比。本季度，本基金继续以股性转债为主要配置方向，精选有基本面支持的品种。在标的挑选上，更加强调正股估值与业绩增速的匹配性，控制行业和个券的集中度以降低波动。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:07.859Z","fund":{"_id":3000000006482,"__csrcFundId":5663,"stockCode":"006482","shortName":"广发可转债债券(006482)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6482,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:11:43.233Z","status":"normal","inceptionDate":"2018-11-01T16:00:00.000Z","name":"广发可转债债券型发起式证券投资基金","exchange":"jj","followedNum":48,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发可转债债券","pinyin":"gfkzzzqxfqszqtzjj","memoNum":1,"managers":[{"stockCode":"db20744495","stockType":"fund_manager","exchange":"fm","tickerId":2304204820,"name":"吴敌"}]},"announcement":{"linkText":"广发可转债债券型发起式证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=490969","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9bb7fea5b3eb0496f5e","stockId":3000000006482,"sao":"上半年转债市场的整体估值冲高回落，转折点在5月，由于债市、股市相继调整，转债估值经历了较为剧烈的压缩；此后股性转债的估值回到历史中枢水平，且各评级的转债估值差异较年初显著收窄，反映转债市场日趋成熟、投资者类型更加丰富，而组合收益愈发取决于持仓转债的正股表现。本基金在二季度将配置重点转向股性转债，尤其关注负溢价转债，在其中精选有基本面支持的品种，同时控制集中度以降低风险。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:07.856Z","mo":"下半年转债有望继续受益于正股带来的机会，可继续深入挖掘成长板块的个股；价值股与成长股的估值分化可能出现收敛，细分行业的龙头企业可能逐渐获得市场认可。本基金的配置将继续以基本面优质的股性转债为主，所选转债正股保持一定的行业均衡性。","fund":{"_id":3000000006482,"__csrcFundId":5663,"stockCode":"006482","shortName":"广发可转债债券(006482)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6482,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:11:43.233Z","status":"normal","inceptionDate":"2018-11-01T16:00:00.000Z","name":"广发可转债债券型发起式证券投资基金","exchange":"jj","followedNum":48,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发可转债债券","pinyin":"gfkzzzqxfqszqtzjj","memoNum":1,"managers":[{"stockCode":"db20744495","stockType":"fund_manager","exchange":"fm","tickerId":2304204820,"name":"吴敌"}]},"announcement":{"linkText":"广发可转债债券型发起式证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=450480","linkType":"PDF","source"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