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高且更不稳定的资金面。按照常理来讲这个资金面情况是不利于信用利差收缩的，然而2023年的行情始终贯穿着信用利差的收缩，特别是中低等级信用利差收缩的幅度更加明显。然后从期限利差来看，2023年上半年曲线结构缓慢变陡，然而从三季度中开始到年底快速变平，全年来看曲线还是趋于平坦化。至于负债端的担忧则完全没有出现，广义基金中配置债券资产的负债经历过2022年底的调整之后逐渐变得稳定且扩张，这也正是推动过往信用行情的重要因素。现在回头看组合操作，对于全年信用债的行情仅在一季度把握住，从一季度末开始直至年底趋势性增加金融债资产的占比，而四季度长久期资产的行情则没有参与，组合久期始终维持在中低水平。策略与行情背离有预期差的原因，但更多的是个人在策略构建上的逻辑和目的。我们对本基金的资产配置思路是根据负债情况来定策略，更注重基本面因素，更倾向于获取配置收益和品种间利差变动的收益，尽量减少交易盘的比重以避免因判断错误而造成的净值异常波动。本基金持有人结构中零售个人客户占比高，本身对于定位于一个工具型产品的账户来说，在产品的运作周期中，净值的稳定性比收益、排名、规模等其他指标要更重要一些。换位试想一下，一个开放式的流动性管理工具，投资者申购进来就连续跌，跌到要着急用钱不得不赎回的时候还是亏损的，这对于个人投资者来说会是一种什么样的体验。在最近四年时间里，我们遇到过三次短时间内市场大幅下跌的情况。前两次分别是2020年6月和11月，这两次大幅下跌过程中本基金调减仓位比较及时，并且减仓和杠杆的配合应对赎回比例搭配的比较好，关键是这两次市场发生调整前组合的久期和杠杆均处于不高的水平。2020年6月份那次主要是因为此前收益率下行过快，在这个过程中考虑到短期风险的快速积累和债券收益率性价比的缺失，主动对仓位进行了提前调减；2020年11月份则是因为经充分调整后短久期债券的绝对收益水平完全能够满足配置需求，可以在短端构建相对安全且具有一定收益的组合，因此在随后的调整过程中，本基金这两次的回撤幅度还在可控范围内。第三次是2022年11月，在当年因为持续了三个季度的地产债信用事件，使得全市场的信用风险加剧，在此背景下为了降低组合的潜在风险暴露，在配置上逐渐增加了利率债和金融债的占比，但由于对地产债在四季度迎来反转行情的估计不足，未能提前将利率债和金融债的久期降下来，同时对于调整过程中流动性风险的过度忧虑，全部依靠卖出资产应对赎回，造成了较大回撤。正是由于本次回撤，事后复盘总结经验，在构建2023年组合策略时组合久期的考量偏向于防守。信用方面，回看整个2023年，最受欢迎的债基是大比例投资于城投债的基金，真正意义上实现了高收益、低（甚至无）回撤、高流动性的不可能三角，客户体验感，特别是个人客户体验感极佳，这类债基也为大量的个人投资者在权益市场动荡的2023年创造了可观的收益。但是我们并没有选择这个策略，主要是因为城投债的行情恰恰是和城投基本面背离的，地产的下滑直接影响地方政府卖地收入，民生、市政等刚性支出又无法大幅缩减，而化债背景下城投的发债审核收紧，更进一步加剧了城投公司的压力，开不了源，节流有限，基本面来看并不理想。但化债这个思路确实在明面上就有利于标准化债券，相当于就是政府、非标、贷款“负重前行”，债券“岁月静好”，逻辑上讲得通但确实与基本面有一定的背离。但“存在即合理”我们认为只要负债端支持，这个策略在化债背景下可以说是准确把握住了市场和监管的脉络，是近年来债券市场比较成功的典型案例。信用下沉本身是一个中性词，在合适的环境和时间去做下沉是需要持续深入研究和敏锐的决策体系加持的。之所以我们没有选择去做信用下沉，是因为在我们的思路当中对于基本面因素的占比较高，加上这个账户的负债对于回撤的敏感性是经历过多轮市场验证的，如果判断失误哪怕是造成短期内估值的大幅波动，对于存量客户的伤害性是会违背整体的产品定位和投资策略构建框架的。因此在整个基本面下行的背景下，组合在2023年持续降低信用风险敞口，较大比例增加了低风险金融类债券的持仓占比。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:13.295Z","mo":"2024年开年这段时间长债和超长债走出了非常亮眼的行情，短债的表现则平平，曲线还是趋于平坦化。信用方面利差虽然收缩了很多，但城投债的行情依然还在。当前虽然长端收益率下行过快，短期内可能会有调整的压力，比如说权益市场可能出一些政策短时间刺激一下，会造成债券的调整压力，但整体从基本面来看当前环境还是偏有利于长端债券，再拉长一点来看如果长端债券遇到明显调整，则也许是买入的机会，当然这也需要负债能够容忍一定的波动。短端资产则略显尴尬，静态收益率太低、资金分层压力仍在、赚钱效应不如长债等等，但下沉逻辑依然存在，从绝对收益去看短端去做下沉买入还有一定空间。今年的对债券的风险我们认为主要是防空转和资本新规后续影响，防空转的定调很高，一定程度上可能会影响到一些信用类资产的增量需求，但同时因为供给在减少，目前来看这个影响可能就是落在边际上，以及对于资金分层的影响；资本新规在一季度末面临第一次上报监管，这个影响则不好判断，参照当年资管新规理财净值型的影响，也就是碰到了2022年市场调整才显现出真正的威力来，也许这次资本新规对于银行风险权重和衍生关联业务的影响还需要时间去慢慢验证。综合来看今年债券市场整体风险不大，长端利率债的性价比要高于短端，如果有调整，无论是长端利率的调整还是短端品种利差的调整，都应该会是增加对应品种持仓的机会。关于策略方面，我们还是希望能够坚持不下沉的配置风格，现在组合中金融债占比高、久期短的特征确实在收益和排名上面临很大压力，但汲取过往的经验教训，净值稳定性的考量还是被放在首位，我们会把更多的精力用在低风险品种利差的监控和发掘上，争取能够多把握住一些机会。","fund":{"_id":3000000005601,"__csrcFundId":6669,"stockCode":"005601","shortName":"汇安中短债债券(005601)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5601,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:42:36.624Z","status":"normal","inceptionDate":"2019-09-16T16:00:00.000Z","name":"汇安中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安中短债债券","pinyin":"hazdzzqxzqtzjj","managers":[{"stockCode":"db20722480","stockType":"fund_manager","exchange":"fm","tickerId":81011195560,"name":"黄济宽"}]},"announcement":{"linkText":"汇安中短债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=1059154","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8d17fea5b3eb0486096","date":"2023-09-29T16:00:00.000Z","stockId":3000000005601,"sao":"三季度中旬起债券市场受房地产政策放松、资金面偏紧以及政府债供给影响，收益率出现明显反弹。虽然从基本面因素来看尚未对债券资产造成压力，但市场层面的因素正在增加债市的不确定性。报告期内本基金因赎回因素导致组合久期和杠杆均有一定程度的提升，资产组合方面也进行了相应的调整，增加了部分流动性资产占比。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:13.292Z","fund":{"_id":3000000005601,"__csrcFundId":6669,"stockCode":"005601","shortName":"汇安中短债债券(005601)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5601,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:42:36.624Z","status":"normal","inceptionDate":"2019-09-16T16:00:00.000Z","name":"汇安中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安中短债债券","pinyin":"hazdzzqxzqtzjj","managers":[{"stockCode":"db20722480","stockType":"fund_manager","exchange":"fm","tickerId":81011195560,"name":"黄济宽"}]},"announcement":{"linkText":"汇安中短债债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=988606","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8d17fea5b3eb0486095","date":"2023-06-29T16:00:00.000Z","stockId":3000000005601,"sao":"上半年债券市走强，收益率接近去年调整前的低点附近。这一阶段债券市场不受任何因素的扰动，收益率单方向快速下行，预期的改变起到了至关重要的作用。当弱预期和弱现实相互叠加时，进一步加强市场对于经济的担忧。报告期内，随着收益率持续下行，本基金对持仓进行部分替换，以金融债和其他高流动性资产代替票息类资产。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:13.289Z","mo":"站在当前时点往回看，去年年报当中提到的对于今年经济措施的看法，当下基本落空，从上半年出台的政策来看，除了货币政策配合度尚可，其余方面只能说聊胜于无，我们并没有看到短期内运用高效的资源配置去托底经济的措施。站在当前时点往前看，在强大的定力之下，也许我们的经济将会走出一条不同寻常的寻底回升道路，又或许是当面对的压力大到不得不采取措施的时候，会有一系列托底经济的政策出台。当前债券收益率无论是绝对收益还是相对收益，均回到了调整前的低点，但在基本面因素的支持下，收益率的大幅反弹风险被大大降低了，债券本身在这个时点上有些食之无味而弃之可惜。","fund":{"_id":3000000005601,"__csrcFu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"sao":"报告期内，国内经济基本面呈现类滞胀特征，一方面，内需相对疲软，受疫情、自然灾害及可支配收入增幅较低的影响，社会零售消费品总额两年平均增幅低于往年同期水平，同时，地产投资及销售出现下滑拐点，基建投资呈现托而不举的特征，外向型制造业相对较强，但整体制造业投资增速维持低位；另一方面，全球疫情和碳减排背景下形成了明显的供给瓶颈，部分大宗商品和海运价格不断冲击高位，挤压国内中下游企业的盈利，但整体物价水平的传导或仍缓慢。政策面上，货币政策维持灵活精准、合理适度，尽管美联储引导taper预期的脚步渐近，但中国央行仍旧保持政策定力，以我为主，保持流动性合理充裕，资金价格维持相对低位，随着增强信贷总量增长的稳定性的政策实施，社融增速及M2的下行速率将减缓并触底回升。当前政策端将强调跨周期设计，以国内经济状况和物价走势为重心，货币政策将在维持宏观杠杆率基本稳定的同时给予实体经济以充裕的货币支持，财政政策在继续提质增效的同时将更为积极，产业政策加强供给端结构性调节，纾解当前经济运行中遭遇的供应瓶颈，经济的类滞胀特征将有所缓和。报告期内，本基金以发行人基本面为基础精选信用债个券，考虑到信用利差处于低位，本基金采取短久期策略构建投资组合，并通过适度杠杆增厚收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:13.272Z","fund":{"_id":3000000005601,"__csrcFundId":6669,"stockCode":"005601","shortName":"汇安中短债债券(005601)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5601,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:42:36.624Z","status":"normal","inceptionDate":"2019-09-16T16:00:00.000Z","name":"汇安中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安中短债债券","pinyin":"hazdzzqxzqtzjj","managers":[{"stockCode":"db20722480","stockType":"fund_manager","exchange":"fm","tickerId":81011195560,"name":"黄济宽"}]},"announcement":{"linkText":"汇安中短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=653510","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8d17fea5b3eb048608d","date":"2021-06-29T16:00:00.000Z","stockId":3000000005601,"sao":"报告期内，由于各个国家地区疫苗接种进度的不一致，各经济体经济恢复程度不均衡。在美联储持续向市场注入流动性的同时，供需不匹配带来的大宗商品价格推升了全球通胀，通胀是否为短期现象成为市场争论的焦点，在大宗商品价格的普遍快速上涨得到放缓后，需要重点观察发达国家的核心通胀是否会持续超预期。国内经济基本面持续修复，一方面，中国在全球产业链中的出口份额疫后持续位于高位，带动了工业生产的高增长；尽管受到三条红线、土地集中供应、商业银行房地产贷款融资上限等管控，地产投资依旧在保持高位的销售数据下体现出一定韧性。另一方面，今年财政政策正常化后，财政支出的显著退坡使得基建投资保持在一个较温和增长的低位；消费中社会零售商品总额的两年平均增速依旧显著低于疫情前三年均值；在消费修复较慢的背景下，制造业投资的低增速也拖累了固定资产投资。由于大宗商品带动的PPI高增和快于预期下行的猪肉批发价带动的CPI低增，通胀的上下游剪刀差逐步扩大至近年新高。货币政策稳字当头，对经济提供必要的支持，大部分时间通过持续低于公开市场逆回购操作利率的DR007和以较快速度下行的社融存量增速，表明宽货币与紧信用并存，带动整体国债收益率温和下行。信用债市场分化持续，总体信用息差持续处于低位。权益市场一季度宽幅波动后，在二季度整体呈逐步回暖态势，成长和科技继续成为聚集资金的最主要赛道，房地产产业链相关公司出现明显下跌，已处于相对高位的核心资产亦处于盘整状态。本基金在报告期内，合理把握宽货币下的低位资金价格，通过资金杠杆提升套息收益；继续严格控制信用风险，深入挖掘主体信用资质，选择具有性价比的信用债获取合理票息收入。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:13.269Z","mo":"展望后市，一是经济基本面的不均衡或将收敛，一方面体现在随着海外产业链的不断恢复，高增的出口或逐步下行，受融资政策拖累，地产增速也难保持高增长，另一方面消费尤其是可选消费将逐步抬升，结构性的信贷政策将引导资金支持制造业投资的修复。牵引经济增长的动能将从外需缓慢转向内需。二是通胀剪刀差或将缓慢回落，下半年PPI预计维持高位，CPI四季度将从低位回升，通胀压力将有结构性转变。三是宽货币或将维持，流动性合理充裕依旧是政策主线，而降低准备金率使得信用总量或在下半年触底反弹，预计拉动社融规模的主力将是人民币信贷。四是财政政策正常化依旧延续，受财政资金使用绩效管理的约束，财政支出的退坡和政府债发行低于预期将并存。五是美联储的Taper预期引导将加强，但其流动性将保持宽松，主因是就业数据的不稳定，同时叠加部分国家地区疫情的反复带来的全球暂时宽松的流动性或给我国经济政策应对外需向内需转型留出时间窗口。人民币汇率或保持略偏强的双向波动。六是中国债市处于相对高位的收益率依旧是全球固收类资金配置首选，同时利率上行有顶，下行受限，或将延续区间波动。信用市场分化持续，关注爆发尾部信用风险事件的可能性。七是股票市场结构性行情持续，成长和价值的估值差或会收敛。","fund":{"_id":3000000005601,"__csrcFundId":6669,"stockCode":"005601","shortName":"汇安中短债债券(005601)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5601,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:42:36.624Z","status":"normal","inceptionDate":"2019-09-16T16:00:00.000Z","name":"汇安中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安中短债债券","pinyin":"hazdzzqxzqtzjj","managers":[{"stockCode":"db20722480","stockType":"fund_manager","exchange":"fm","tickerId":81011195560,"name":"黄济宽"}]},"announcement":{"linkText":"汇安中短债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=635444","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8d17fea5b3eb048608c","stockId":3000000005601,"sao":"报告期内，随着疫苗的推广使用，欧美经济体部分产业链修复，美国非农就业数据连超预期，美元指数低点反弹，10年期美债收益率已回到疫情爆发前的水平，而TIPS通胀保护债券收益率有所反弹但仍为负值，美债市场隐含的通胀走高，10年期美债收益率的走高部分主因是对美债需求减弱同时经济复苏预期增强，考虑美国当前的就业人数仍比疫情前下降了900万人，美联储仍坚持宽松的立场，并将继续为美国政府庞大的经济纾困与基础建设计划提供融资，美国债券收益率上升速率最快的阶段或已过去，经济指标仍落后于潜在产出，出现全面通胀的风险较低，流动性更可能在股票、房地产等资产市场和部分供需紧平衡的大宗商品中体现。国内经济继续延续修复趋势，出口、房地产投资相对较强，制造业投资、基建投资相对较弱，总体经济增长态势不悲观。猪肉价格持续走低，CPI通胀的压力有限。两会上提出2021年的经济增长目标在6%以上，市场普遍预计今年的宏观政策重点将落在补短板，稳杠杆和调结构上。中国央行强调货币政策的常态化操作，以稳为主，保持货币政策的灵活精准、合理适度，银行间资金面个别时点波动加大，但整体仍处于相对较低的水位。期间国内利率债收益率区间窄幅震荡为主，并未跟随美债收益率大幅波动。信用债市场的分化进一步加剧，部分高杠杆的过剩产能企业和地产企业已很难通过债券市场再融资实现债务滚动，在严控信用风险的前提下，市场也出现了部分风险收益比极佳的投资机会。本基金在债券投资上，继续以严格的标准投资信用债，合理利用处于低位的资金价格，采用套息策略增厚收益，同时积极寻找市场上可能被错杀的品种。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:13.267Z","fund":{"_id":3000000005601,"__csrcFundId":6669,"stockCode":"005601","shortName":"汇安中短债债券(005601)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5601,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:42:36.624Z","status":"normal","inceptionDate":"2019-09-16T16:00:00.000Z","name":"汇安中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安中短债债券","pinyin":"hazdzzqxzqtzjj","managers":[{"stockCode":"db20722480","stockType":"fund_manager","exchange":"fm","tickerId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报告期内本基金以投资中短期中高评级信用债为主。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:13.262Z","fund":{"_id":3000000005601,"__csrcFundId":6669,"stockCode":"005601","shortName":"汇安中短债债券(005601)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5601,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:42:36.624Z","status":"normal","inceptionDate":"2019-09-16T16:00:00.000Z","name":"汇安中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安中短债债券","pinyin":"hazdzzqxzqtzjj","managers":[{"stockCode":"db20722480","stockType":"fund_manager","exchange":"fm","tickerId":81011195560,"name":"黄济宽"}]},"announcement":{"linkText":"汇安中短债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=492920","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8d17fea5b3eb0486089","stockId":3000000005601,"sao":"2020年上半年来看，一季度受新冠肺炎疫情影响，国内宏观经济生产侧、需求侧均出现明显收缩，债市收益率整体下行。进入二季度宏观经济总体快速复原，PMI连续3个月处于扩张区间、工业增加值持续同比为正，地产、汽车销售近期同比已转正，基建发力确定性较高，线上消费维持高增速，国外需求下滑对出口的影响尚未充分显现。猪肉价格有所反弹，大宗商品价格基本收复了疫情造成的下跌，CPI和PPI环比降幅已收窄，通缩压力有所下降。 截至6月的M2和社融存量同比增速达到11.1%和12.8%，不搞大水漫灌是政策基调，前期偏宽松的货币政策已边际调整，保存货币政策空间，打击资金套利和确保资金直达实体成为重要政策考量。  债券收益率从5月份开始出现明显调整，十年期国债收益率已回到疫情爆发前水平，期间信用息差变动较小，信用债收益率随国债收益率相应提升。但目前经济主要以边际修复为主，且政府降低社会融资成本的要求将压制债券收益率的上升空间。报告期内，组合在债券投资方面主要以甄选短久期信用品种为主，适度使用杠杆增加收益，并利用债券市场调整时机增加信用债配置，以提高组合的静态收益率。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:13.259Z","mo":"展望后市，一方面，复工复产的加快和产业链的逐步恢复，叠加财政和货币政策加大逆周期调节力度，将促进生产侧的稳步提高，近期的高炉开工率都在复苏中，但另一方面，海外疫情的不断扩散和防控力度的不足，将从需求侧对外需、出口产生影响，外需的走弱会影响外向型制造业。在宏观经济波动加大的过程中，将关注收益率震荡回调的投资机会。","fund":{"_id":3000000005601,"__csrcFundId":6669,"stockCode":"005601","shortName":"汇安中短债债券(005601)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5601,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:42:36.624Z","status":"normal","inceptionDate":"2019-09-16T16:00:00.000Z","name":"汇安中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安中短债债券","pinyin":"hazdzzqxzqtzjj","managers":[{"stockCode":"db20722480","stockType":"fund_manager","exchange":"fm","tickerId":81011195560,"name":"黄济宽"}]},"announcement":{"linkText":"汇安中短债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=463540","linkType":"PDF","source":"csrc_pdf"}}]}