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ate":"2019-03-19T16:00:00.000Z","name":"天弘弘丰增强回报债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘弘丰增强回报","pinyin":"thhfzqhbzqxzqtzjj","managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"},{"stockCode":"db20895597","stockType":"fund_manager","exchange":"fm","tickerId":804236940,"name":"胡东"}]},"announcement":{"linkText":"天弘弘丰增强回报债券型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1340605","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2f7fea5b3eb049ec2f","date":"2025-03-30T16:00:00.000Z","stockId":3000000006898,"sao":"25年一季度，本基金在转债上没有取得较好的超额收益，原因在于今年的牛市为估值端的政策牛市，和公司业绩的相关度并不是很大，过去几年的经验似乎在今年并不能很好适用，这导致在投资节奏上出现了偏差。不过，在对中国历史上的政策牛市进行深度复盘后，对未来的行情，我仍然比较有信心。我相信今年剩余的时间中，转债市场仍会取得比较好的回报，我们也将聚焦主线，争取以更优异的业绩回馈持有人。春节之后，AI的叙事逻辑主导了市场的波动，TMT的成交持续占A股成交的40-50%左右。市场是如此割裂，给AI硬件及相关应用的公司动辄10倍以上的PS；但是给其他传统的、所谓的“上一个时代的遗产”的公司，极其苛刻、便宜的估值水平。然而，并非所有的成长都创造价值，如果企业在发展的过程中不能通过各种方式形成自己的护城河，那么最终的结局一定是通过商业的残酷竞争不断被毁灭价值。对于目前被市场热捧的AI标的，有几个能够真正做到有护城河的成长，我们深表怀疑。这段时间也曾自我怀疑，完全不参与AI，究竟是对长期结局的“警醒”，还是自己不尊重市场的“傲慢”？这个答案只能交给后面的验证来回答。但一个足够强的不参与的理由是不能拿客户的钱来冒险，这个“险”指的是长期来看不可逆的回撤。因此，我们偏权益的资产都集中配置在能算得清楚回报率，且具有较强护城河的标的之中，这些标的的配置一定程度上集中在市场的“反面”，广泛分布于市场不看好的众多细分方向之中。相信随着市场由沸腾转向冷静，持有资产的折扣在收敛的过程中有望给基金创造收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:03.130Z","fund":{"_id":3000000006898,"__csrcFundId":6035,"stockCode":"006898","shortName":"天弘弘丰增强回报A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6898,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.741Z","status":"normal","inceptionDate":"2019-03-19T16:00:00.000Z","name":"天弘弘丰增强回报债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘弘丰增强回报","pinyin":"thhfzqhbzqxzqtzjj","managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"},{"stockCode":"db20895597","stockType":"fund_manager","exchange":"fm","tickerId":804236940,"name":"胡东"}]},"announcement":{"linkText":"天弘弘丰增强回报债券型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269923","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2f7fea5b3eb049ec2e","date":"2024-12-30T16:00:00.000Z","stockId":3000000006898,"sao":"2024年我们依然在既定的投资策略下运行：股票坚持优质、低估值和逆向投资的策略，转债坚持中低价转债中寻找被低估的期权的策略。所有的投资首先寻求的是不亏钱，然后才是赚钱，因此安全边际始终放在最靠前的位置。在长期尽可能不亏损的前提下，收益的兑现则依赖于公司业绩的变化以及市场先生的出价的变化。9月下旬之前的市场先生无疑是偏悲观的。很多标的的价格一次次突破我们对底线价值的评估，不断挑战持有的心态。但到了9月下旬，各部委开始联合救市的时候，市场先生则一下子进入到完全相反的乐观、亢奋状态。由于市场先生的慷慨和前期对持仓的坚持，我们实现了相对理想的绝对收益，给各位持有人至少交了一个不错的答卷。回头看，云淡风轻，但中间值得反思的地方有非常多。其中，最大的反思是隧道可能比想象的更黑更长，在逆向投资的时候需要有更苛刻的标准、更大的耐心。可转债配置方面，2024年全年来看，可转债走过了一轮波动较大的熊转牛行情。我们主要寻找具有一定弹性同时下行风险可控的转债作为配置对象，同时谨防信用风险。在9月份以前，可转债整体承压，信用风险和退市风险对转债市场造成持续资金流出压力；在9月底的政治局会议上，经济政策产生了较大的转向，这种转向将使得经济领域信用风险大大下降，转债的估值在四季度有很好的修复和支撑，同时其期权价值也得到体现。我们在这个过程中，前期以防信用风险为主，选择资产负债表和现金流量表优质的可转债，后期我们则兼顾追求低风险性和弹性。行业结构上，倾向于科技成长、消费更优。在市场快速上涨的过程中，我们将兑现一些过于高估的可转债，切换到仍处于低位的转债，以保证组合的风险可控。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:03.127Z","mo":"过去3-4年普遍偏差的宏观经济感受，主要的症结在房地产。一方面是地产销售面积从21年的峰值开始下滑，并接近腰斩，对相关产业链具有巨大的拖累作用；另一方面，房屋价格的下跌通过财富效应对居民的消费造成了负面影响。24年9月份以后，随着大规模救市政策的出来，我们看到实体经济的信心在逐步恢复，房地产行业也连续3、4个月份保持相对较好的状态。我们认为房地产行业很可能会在最近一两年摸到这一轮下行周期的底部，过去几年经济的最大拖累项或将逐步企稳。拉长时间看，我们认为好的机会应该沿着经济缓慢复苏的基准假设去自下而上挖掘和寻找，这可能是当前赔率和胜率兼具的机会。2025年，可转债市场仍然具备争取不错回报的基础。一方面，当前利率水平较低，绝对收益资金普遍会在转债市场寻找收益补充，这使得转债具有广泛的需求基础。另一方面，中国的科技创新能力让世界惊艳，预计随着AI应用的普及，今年在应用端、云算力、机器人等科技方向可能均会有不错的表现，这使得转债具备结构性行情的基础，并且若今年货币和财政政策发力时，我们预计股市或将有较好表现，届时转债或可展开具备全面行情。总体而言，我们认为25年市场下行空间可控，具备争取不错回报的基础。","fund":{"_id":3000000006898,"__csrcFundId":6035,"stockCode":"006898","shortName":"天弘弘丰增强回报A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6898,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.741Z","status":"normal","inceptionDate":"2019-03-19T16:00:00.000Z","name":"天弘弘丰增强回报债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘弘丰增强回报","pinyin":"thhfzqhbzqxzqtzjj","managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"},{"stockCode":"db20895597","stockType":"fund_manager","exchange":"fm","tickerId":804236940,"name":"胡东"}]},"announcement":{"linkText":"天弘弘丰增强回报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=1252182","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2f7fea5b3eb049ec2d","date":"2024-09-29T16:00:00.000Z","stockId":3000000006898,"sao":"9月底的政策礼包，是对逆向价值投资者的奖赏。我们前期基于极其诱人的价格相对价值的折扣，一直保持了较高的仓位，也终于迎来了收获。市场上大部分投资者都希望自己既买到折扣，又能够顺“势”。这个“势”，可以是基本面的趋势，或者股价的趋势。但这都只是如海市蜃楼般的理想。顺“势”带给投资者的心理的舒适度，必然以低折扣甚至溢价为代价，同时也承担了这个“势”的终结带来的股价的坍塌。反之，逆向投资者表面上与趋势为敌，似乎承担了巨大的风险，但实际上却是风险更小的选择。首先是由于股票下跌后带来的风险释放，更重要的是投资者去对抗市场时，所必经的严肃、独立的思考，对底线价值的充分评估。逆向给了我们正向的激励和反馈，这也是过去一个季度最大的收获。本基金主要配置优质可转债。三季度，我们主要寻找弹性较大同时下行风险可控的转债作为配置对象，同时谨防信用风险。在9月底的政治局会议上，经济政策产生了较大的转向，这种转向将使得经济领域信用风险大大下降，转债的估值将得到修复和支撑，同时其期权价值也将得到体现。行业结构上，倾向于科技成长、金融更优。在市场快速上涨的过程中，我们将兑现一些过于高估的可转债，切换到仍处于低位的转债，以保证组合的风险可控。展望Q4，国内政策底出现，可转债市场压制因素解除：1.随着“金融是国之重器”的提出，严监管政策告一段落；2.“民营企业和企业家是自己人的表态”，并且向国有大行注资并支持其扩表的举措，信用周期或将由紧信用周期过渡到宽信用周期，转债估值在这个过程中有望会得到较好的修复。并且在目前的环境中，上市公司会积极促转股，我们或将处于大概率盈利的阶段。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:03.125Z","fund":{"_id":3000000006898,"__csrcFundId":6035,"stockCode":"006898","shortName":"天弘弘丰增强回报A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6898,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.741Z","status":"normal","inceptionDate":"2019-03-19T16:00:00.000Z","name":"天弘弘丰增强回报债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘弘丰增强回报","pinyin":"thhfzqhbzqxzqtzjj","managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"},{"stockCode":"db20895597","stockType":"fund_manager","exchange":"fm","tickerId":804236940,"name":"胡东"}]},"announcement":{"linkText":"天弘弘丰增强回报债券型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1172978","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2f7fea5b3eb049ec2c","date":"2024-06-29T16:00:00.000Z","stockId":3000000006898,"sao":"市场对经济的预期相对不太乐观的。在股票上，反映在对水电、运营商、大盘红利型资产的抱团；在债券上，反映在对长久期利率债的追逐；在渠道端，反映在对任何低权益含量产品的热衷。这种一致预期往往意味着反转的可能性。因为在资本市场中最好的预测方式并非是线性的，而是带着周期性的视角，一个宏大叙事深入人心、抵达顶点，往往是衰落的开始。我们认为资本市场忽视了很多经济改善的事实，以及政策层面上的努力，即便这些改善目前表现温和，但不可否认的是政策层面对于打破经济、尤其是地产负向循环的决心。我们的组合已经陆续在减持公用事业看空内需的方向，不止是因为高的拥挤度，更是因为相关股票的价格相对于价值已经失去折扣、转为溢价状态。与之相反，我们在建材、白酒、制造业的细分利基市场的龙头等有加仓的动作。上半年的转债市场犹如我们一季报预测那样，金融监管的高压状态与退市常态化使得部分有瑕疵的低价转债市场价格不断下移，但这个过程中也有部分优质转债会被错杀。弘丰在上半年的运作中，在一季度就逐步将有瑕疵的转债逐步减仓，并提高了持仓转债的公司质量，才使得在近期低价转债大跌的行情中并没有踩雷。上半年我们重仓的转债中以银行转债和养殖转债为主，这部分转债虽然弹性不大，但也贡献了稳健的回报。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:03.122Z","mo":"展望未来，我们认为需要一定程度上独立于人群，对当前抱团的板块需要高度警惕。市场的周期性的力量往往已经在慢慢发挥作用。从供给端的角度看，对未来的一致悲观，会导致大量行业的供给扩张得到极大放缓。过去一二十年，地方政府、一二级资本市场、上市公司共同推动的产能扩张冲动，将会得到极大的缓解。大量的行业将会由极致的内卷，变得不卷，盈利逐步恢复。而股票的价值也会得到逐步的提高。所以供给端的缓慢变化，很有可能是未来非常长时间A股权益类资产的主导逻辑。寻找这种供给端调整驱动的机会将是未来一段时间的重要工作。展望下半年，若银行转债或其他AAA转债越接近强赎价格，我们可能越会逐步减持，并逐步低吸优质低价转债。同时在市场调整过程中，如果有较优质的平衡性转债落入债性转债区间，我们也会积极增持。总体而言，我们会保持低的买入成本，以保持组合的稳健性。","fund":{"_id":3000000006898,"__csrcFundId":6035,"stockCode":"006898","shortName":"天弘弘丰增强回报A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6898,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.741Z","status":"normal","inceptionDate":"2019-03-19T16:00:00.000Z","name":"天弘弘丰增强回报债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘弘丰增强回报","pinyin":"thhfzqhbzqxzqtzjj","managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"},{"stockCode":"db20895597","stockType":"fund_manager","exchange":"fm","tickerId":804236940,"name":"胡东"}]},"announcement":{"linkText":"天弘弘丰增强回报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=1145720","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2f7fea5b3eb049ec2b","date":"2024-03-30T16:00:00.000Z","stockId":3000000006898,"sao":"芒格在提出人类的多种心理偏差时，也提出来一个合奏效应（lollapaloozaeffect），即几种心理偏差有时候会叠加互相强化，产生极为强大的效应。回顾过去A股和转债的历史，在顶部、底部时刻，线性外推、损失厌恶、从众等心理偏差的合奏效应发挥得淋漓尽致。2024年的一季度，无疑是这一轮权益类资产相对悲观的时刻。所谓的大众共识和情绪一旦演绎到如此地步，反转往往不远，但需要我们真正有勇气去逆向思考和操作。这个时候我们的决策是异常清晰的，在底部需要尽可能地抓住机会去优化自己的持仓，用更低的价格购买更优秀的权益类证券。这也正是我们在2024年一季度做的事情。但坦白而言，作为基金经理，尽管总体保持住了客观和理性，但很难以完全独立的态度、内心毫无波澜地旁观人性的演绎。也许基金经理付出对抗市场的情绪价值，也是长期收益的来源。希望我们在Q1的决策，争取能够随着时间的推移而取得收获。转债层面，目前整体转债市场的估值并不高，偏债性转债面临较为确定的战略性布局机会，年报季后或是一个很好的布局时点。目前转债市场存在大面积的静态收益率比国债高的债性转债，其估值逐渐来到历史较低的区间，这意味着存在大量转债的期权价值几乎是白送的状态。在纯债资产荒的背景下，这类资产将会成为纯债资金信用下沉的对象，但在过程中，需要谨防信用风险和退市风险。由于今年金融监管持续加强，可能使得一些公司暴露负面，且退市常态化将使得部分有瑕疵的低价转债市场价格不断下移，但这个过程中也有部分优质转债会被错杀，我们将抓住市场给的机会，择机配置优质低价转债。伴随着未来可能退市标的风险的充分暴露，未来对优质低价转债越跌越买将是明智的选择，年报季后这类标的的战略性的投资机会将会更加确定。行业结构上，我倾向于科技成长、医药、养殖、银行等板块更优，科技板块对经济的依赖程度较低，其次这部分股票的波动率较大，且容易受到相关技术进步的催化，对转债而言期权价值会更明显，医药板块则经历前期大幅以及漫长的下跌，风险出清更充分，同时医药是未来中国人口结构变化过程中为数不多受益的行业。养殖或将受益于行业的困境反转，而银行或受益于其低估值和高股息的特征，在利率不断下行的宏观环境中容易得到资金青睐。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:03.119Z","fund":{"_id":3000000006898,"__csrcFundId":6035,"stockCode":"006898","shortName":"天弘弘丰增强回报A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6898,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.741Z","status":"normal","inceptionDate":"2019-03-19T16:00:00.000Z","name":"天弘弘丰增强回报债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘弘丰增强回报","pinyin":"thhfzqhbzqxzqtzjj","managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"},{"stock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：热度较低的成长板块细分领域，以及受益于消费场景再现的方向。在赔率优先的配置方向上，我们看好并布局了如生猪养殖等赔率较高的方向，忍受一段时间底部的波动，以期获得比较好的收益。","fund":{"_id":3000000006898,"__csrcFundId":6035,"stockCode":"006898","shortName":"天弘弘丰增强回报A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6898,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.741Z","status":"normal","inceptionDate":"2019-03-19T16:00:00.000Z","name":"天弘弘丰增强回报债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘弘丰增强回报","pinyin":"thhfzqhbzqxzqtzjj","managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"},{"stockCode":"db20895597","stockType":"fund_manager","exchange":"fm","tickerId":804236940,"name":"胡东"}]},"announcement":{"linkText":"天弘弘丰增强回报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=784314","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2f7fea5b3eb049ec23","date":"2022-03-30T16:00:00.000Z","stockId":3000000006898,"sao":"股票和转债市场在一季度，尤其是3月上旬，经历了无差别的下跌，市场情绪已经到了较为悲观的状态。对于俄乌的冲突，我们认为会对市场有影响，但俄乌形势的演化路径、以及造成如此快速、大幅的调整，是没有预期到的。被忽略的因素，可能是市场流动性的问题：今年以来股票基金回报普遍处于-10至-20%的区间，俄乌冲突可能直接助推、击穿了不少私募产品的清盘线，另外，银行理财、公募固收+产品、年金等因为绝对收益目标，在市场下跌的时候倾向于收缩风险资产敞口，也较大地加剧了市场的波动。往前看，当前无序杀跌的市场状态，何时会结束，坦白讲，难以预判。但审视自己的持仓，我们是有信心的。另外，自下而上看，市场也已经出现了非常多有吸引力的机会，比如高评级转债的溢价率水平已经处于历史上相当有吸引力的位置。对于股票资产，现在可以找到大量便宜、低估、优质的标的，这些标的距离其中枢利润应该给与的合理估值，隐含了非常有吸引力的回报。市场的恐慌最终都会过去，在当前弥漫的悲观情绪中，我们倾向于应该更积极地看待这个市场，不在仓位上做大的变化，保留住账户向上的弹性，并在个券上作出一些积极地调整。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:03.098Z","fund":{"_id":3000000006898,"__csrcFundId":6035,"stockCode":"006898","shortName":"天弘弘丰增强回报A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6898,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.741Z","status":"normal","inceptionDate":"2019-03-19T16:00:00.000Z","name":"天弘弘丰增强回报债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘弘丰增强回报","pinyin":"thhfzqhbzqxzqtzjj","managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"},{"stockCode":"db20895597","stockType":"fund_manager","exchange":"fm","tickerId":804236940,"name":"胡东"}]},"announcement":{"linkText":"天弘弘丰增强回报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=725074","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2f7fea5b3eb049ec22","date":"2021-12-30T16:00:00.000Z","stockId":3000000006898,"sao":"2021年整体保持了相对高的转债仓位，我们倾向于弱化择时，从自下而上角度去挑选有机会的行业和个券。全年唯一一次择时是9月上旬开始持续在做一些大的风险防范的动作，其背后的决策依据包括：① 转债估值水平偏高、且进一步提升；② 市场在中小盘转债上拥挤的状态；③ 十一之前，市场风险偏好阶段性下降的可能性。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:03.095Z","mo":"从目前市场状态来看，转债虽然处于估值高位，但在有大的产业变革的背景下，中小盘股依然可能在未来1年甚至数年保持相对强势的状态，目前没有特别强的系统性降低仓位的理由。因此组合依旧维持相对偏高的仓位状态，会花更多时间在行业和个券研究上，努力为持有人带来长期客观的回报。对于股票仓位，仍是绝对收益导向，延续优质低估值龙头、行业均衡、个股分散的思路进行配置。我们认为权益资产长期回报率将远远高于债券资产，因此权益资产仓位也会保持在上限附近。","fund":{"_id":3000000006898,"__csrcFundId":6035,"stockCode":"006898","shortName":"天弘弘丰增强回报A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6898,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.741Z","status":"normal","inceptionDate":"2019-03-19T16:00:00.000Z","name":"天弘弘丰增强回报债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘弘丰增强回报","pinyin":"thhfzqhbzqxzqtzjj","managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"},{"stockCode":"db20895597","stockType":"fund_manager","exchange":"fm","tickerId":804236940,"name":"胡东"}]},"announcement":{"linkText":"天弘弘丰增强回报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=714277","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2f7fea5b3eb049ec21","date":"2021-09-29T16:00:00.000Z","stockId":3000000006898,"sao":"三季度的7、8月份一直保持了相对高的转债仓位，9月上旬开始开始持续在做一些大的风险防范的动作，其背后的决策依据包括：①转债估值水平偏高、且进一步提升；②市场在中小盘转债上拥挤的状态；③十一之前，市场风险偏好阶段性下降的可能性。但这种防范风险的动作仅限于对仓位做一些减持，很难是完全0-1之间自由切换的，从投资决策的角度，过于极端的操作也是十分危险的。目前市场并没有足够的理由确认有系统性风险，我们倾向于认为只是拥挤状态下调整风险的释放。四季度会对前期没有表现的低估值板块进行重点关注。对于股票仓位，我们倾向于不做大的变化，依旧延续优质低估值龙头、行业均衡、个股分散的思路进行配置。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:03.091Z","fund":{"_id":3000000006898,"__csrcFundId":6035,"stockCode":"006898","shortName":"天弘弘丰增强回报A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6898,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.741Z","status":"normal","inceptionDate":"2019-03-19T16:00:00.000Z","name":"天弘弘丰增强回报债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘弘丰增强回报","pinyin":"thhfzqhbzqxzqtzjj","managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"},{"stockCode":"db20895597","stockType":"fund_manager","exchange":"fm","tickerId":804236940,"name":"胡东"}]},"announcement":{"linkText":"天弘弘丰增强回报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=655400","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2f7fea5b3eb049ec20","date":"2021-06-29T16:00:00.000Z","stockId":3000000006898,"sao":"我们坚持的投资理念是以中低价转债为客户长期获取好的绝对收益，侧重于对成长类、正股波动率较高、相对低价的转债投资，以期望去以尽可能高地概率兑现转债蕴含的期权价值。市场在一月份经历了比较大幅的杀跌，我们在年报中也阐述过背后的逻辑，到了2月初，中低价转债已经到了历史最低的估值水平，随后开启了一轮比较大的修复行情。除了估值修复的驱动，还有其他因素在发挥作用：转债下修频繁发生，信用担忧情绪在缓解，同时市场对中小盘低估值的优秀个股的关注度在不断提升。因此整个上半年整体保持了比较高的转债仓位，伴随着市场的上涨，取得了一定的正收益。股票方面依然坚持绝对收益思路，在大金融、消费、公用事业、周期成长股中，综合公司质地、增速、估值等层面，寻找收益相对确定的标的，不追求短期业绩排名，追求长期实现可观、稳定的绝对收益。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:03.088Z","mo":"股票市场风格对我们的转债持仓风格依然比较有利，资金从茅指数开始向外扩散，从披露的年报和一季报数据来看，大盘对小盘的相对业绩进一步下滑，中小盘股的盈利驱动力较强，正股估值相对合理，转债性价比处于较优区间。转债方面，低价转债的估值已经得到显著修复，我们观测的利差指标修复到接近0的水平，债性转债溢价率也修复到历史中位数附近。仓位方面，之前的转债仓位比较高，后续要陆续兑现利润，及时调整组合结构。股票方面依然坚持绝对收益思路，在大金融、消费、公用事业、周期成长股中，综合公司质地、增速、估值等层面，寻找收益相对确定的标的，不追求短期业绩排名，追求长期实现可观、稳定的绝对收益。","fund":{"_id":3000000006898,"__csrcFundId":6035,"stockCode":"006898","shortName":"天弘弘丰增强回报A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6898,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.741Z","status":"normal","inceptionDate":"2019-03-19T16:00:00.000Z","name":"天弘弘丰增强回报债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘弘丰增强回报","pinyin":"thhfzqhbzqxzqtzjj","managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"},{"stockCode":"db20895597","stockType":"fund_manager","exchange":"fm","tickerId":804236940,"name":"胡东"}]},"announcement":{"linkText":"天弘弘丰增强回报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=634411","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2f7fea5b3eb049ec1f","stockId":3000000006898,"sao":"我们坚持的投资理念是以中低价转债为客户长期获取好的绝对收益，侧重于对成长类、正股波动率较高、相对低价的转债投资，期望以尽可能高的概率兑现转债蕴含的期权价值。市场在一月份经历了程度较大的杀跌，我们在年报中也阐述过背后的逻辑，到了2月初，中低价转债已经到了历史底部的估值水平，随后开启了一轮比较大的修复行情。除了估值修复的驱动，还有其他因素在发挥作用：转债下修频繁发生，信用担忧情绪在缓解，同时市场对中小盘低估值的优秀个股的关注度在不断提升。我们认为这一修复进程并没有结束，从转债估值上看，低价转债的估值依旧在相对便宜的位置，且股票风格往低估值、中小盘风格的切换也刚刚开始，正股低估值、质地优秀、业绩增速尚可的中小盘转债，可能会是未来一段时间机会较大的转债。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:03.086Z","fund":{"_id":3000000006898,"__csrcFundId":6035,"stockCode":"006898","shortName":"天弘弘丰增强回报A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6898,"masterFundFlag":1,"la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目前市场转债的YTM与机会成本的倒挂比例或已到了历史最高的水平，对于优质转债的倒挂比例也远比以前要高。我们回顾低价券走出上涨行情的驱动因素，一般情况下是靠正股上涨走出来，但靠下修和债底修复带来的上涨的比例远远比大家想象得高。以2018年为例，当年全市场转债下修过的转债数量占年中转债存量的接近1/3左右；另外，对于很多没有下修的转债，随着流动性宽松局面的维持、信用环境的缓解，下半年也走出来了缓慢上涨的行情。目前低价转债已经到了历史最便宜的时候，我们以债性转债的YTM与5年国开的利差作为中低价转债的估值指标，这一指标已经超过2018年年中和年底两次最差的时候，也超过历史上所有的底部时期。对于优质样本的债性转债的同一指标，我们发现也已经创造了历史极值。对于优质样本的个券来说信用风险可控，因此这种杀跌是非理性的。到了现在的时刻，我们认为已经完全不必要再悲观，应该克服恐惧，坚定持有被错杀的优质低价个券。","fund":{"_id":3000000006898,"__csrcFundId":6035,"stockCode":"006898","shortName":"天弘弘丰增强回报A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6898,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.741Z","status":"normal","inceptionDate":"2019-03-19T16:00:00.000Z","name":"天弘弘丰增强回报债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘弘丰增强回报","pinyin":"thhfzqhbzqxzqtzjj","managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"},{"stockCode":"db20895597","stockType":"fund_manager","exchange":"fm","tickerId":804236940,"name":"胡东"}]},"announcement":{"linkText":"天弘弘丰增强回报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=558177","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2f7fea5b3eb049ec1d","stockId":3000000006898,"sao":"三季度，新冠疫情在国内得到有效控制，宏观经济在二季度基础上继续复苏，在地产、基建和出口的支撑下，上行趋势明显；货币政策回归正常操作框架，银行系统持续压缩结构性存款，相应的存单利率上行明显；在企稳的经济和稳健的货币政策护航下，权益和债券市场分化明显，权益市场经历了一轮快速上涨后大幅波动，债券市场收益上行明显，已回到疫情前水平。弘丰增强回报在7月中旬从策略上做了比较大的转型，目前定位于以转债为工具做绝对收益的基金。展望未来，EPS回升概率是比较大的：虽然数据上的信用的拐点已经到了，但从跟宏观经济更相关的一些指标，如未贴现的承兑汇票的同比扩张、M1等来看，宏观经济的强度依然在稳健修复的过程之中。目前市场最大的风险在于海内外宏观流动性收紧的风险，以及微观流动性的风险（散户在股票基金和炒股上开始有亏钱效应之后，后面会如何应对）。这也是我们非常警惕的事情。赔率上看，大量低价转债可能到了很好的布局期，纯债型转债平均YTM和5年国债的利差只有12个bp, 已经到了今年6月份和去年11月底的水平另外，这一轮结构性牛市中，偏顺周期的行业，如银行、化工、汽车、部分轻工等标的并没有太大表现，处在低估值+行业景区度回暖的状态，赔率上也非常合适，值得去做布局。     从操作上，我们认为在市场大幅调整以后，至少很多个券赔率上优势已经非常显著，维持了偏高的仓位，在以上看好的板块上去了积极的配置。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:03.079Z","fund":{"_id":3000000006898,"__csrcFundId":6035,"stockCode":"006898","shortName":"天弘弘丰增强回报A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6898,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.741Z","status":"normal","inceptionDate":"2019-03-19T16:00:00.000Z","name":"天弘弘丰增强回报债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘弘丰增强回报","pinyin":"thhfzqhbzqxzqtzjj","managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"},{"stockCode":"db20895597","stockType":"fund_manager","exchange":"fm","tickerId":804236940,"name":"胡东"}]},"announcement":{"linkText":"天弘弘丰增强回报债券型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492284","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2f7fea5b3eb049ec1c","stockId":3000000006898,"sao":"二季度债券市场进入牛熊转换的时点，转债市场也开始进入鸡肋时间，股票市场经历了躁动后在转债市场的映射已经开始转弱，转债估值开始变贵，市场参与者的热情开始明显的冷却，同时受到债券市场的影响，部分基金的赎回意味着转债市场开始出现明显的资金流出，转债市场表现开始变得较差，这段时间我们对转债进行了大比例的减持，但随着转债市场的估值开始重新变得中性偏低，并且部分转债估值已经处于历史较低水平，我们又重新增加了转债的比例。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:03.077Z","mo":"我们认为央行货币政策的框架明显转为了以数量为目标的政策框架，在此背景下，利率的波动将明显的上升，货币市场的舒适度将明显的下降，特别是在一些关键时间点（例如季末、税期），这种感受将更为明显，同时我们看到经济层面一些好的现象正在发生，经济正在步入正轨，出口方面也并没有因为海外疫情的严重而显著放缓，实际上还有所上升，这其中有替代效应的因素存在，但总的来说表现得并不差，这也使得货币政策后续继续宽松的空间在短期内较为有限，债券市场所面临的环境正在变得不利，久期的控制显得较为重要，但我们也看到部分品种在收益率上行后具有一定的骑乘保护，期限的选择上我们会根据骑乘保护的情况进行灵活的选择，并进行及时的调整。此外，从海外政治因素的变化现在来看，还在逐步的发酵过程之中，目前还没有在经贸领域层面显现出过多的影响，但如果持续发酵，不排除在经贸领域产生较大影响，从而对政策和市场产生较大影响，我们需要持续密切跟踪，但对此以应对的方式而不是下赌注的方式进行可能是更为适当的。","fund":{"_id":3000000006898,"__csrcFundId":6035,"stockCode":"006898","shortName":"天弘弘丰增强回报A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6898,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.741Z","status":"normal","inceptionDate":"2019-03-19T16:00:00.000Z","name":"天弘弘丰增强回报债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘弘丰增强回报","pinyin":"thhfzqhbzqxzqtzjj","managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"},{"stockCode":"db20895597","stockType":"fund_manager","exchange":"fm","tickerId":804236940,"name":"胡东"}]},"announcement":{"linkText":"天弘弘丰增强回报债券型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=461910","linkType":"PDF","source":"csrc_pdf"}}]}