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3月11日至3月底，临近四月年报披露期，预期偏弱叠加日历效应拖累，同时前期主题降温，转债有所回调。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:22.759Z","fund":{"_id":3000000007683,"__csrcFundId":8116,"stockCode":"007683","shortName":"华商转债精选债券(007683)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7683,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:51:39.793Z","status":"normal","inceptionDate":"2020-09-28T16:00:00.000Z","name":"华商转债精选债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050510000,"currency":"CNY","masterFundShortName":"华商转债精选债券","setUpDate":"2020-09-28T16:00:00.000Z","setUpAssetScale":99906306.97,"setUpShares":99906306.97,"pinyin":"hszzjxzqxzqtzjj","managers":[{"stockCode":"db20923326","stockType":"fund_manager","exchange":"fm","tickerId":2606238110,"name":"张飞"}]},"announcement":{"linkText":"华商转债精选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=1274697","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaf67fea5b3eb04acb2c","date":"2024-12-30T16:00:00.000Z","stockId":3000000007683,"sao":"权益市场波动相对较大，全年上证指数上涨12.67%，但震荡区间达34.94%，两次触底反弹走出W型行情：年初至2月小盘、微盘股受雪球产品敲入、DMA业务被限制卖出的恐慌影响剧烈下跌，之后在政策呵护叠加经济读数较好的情况下开启一轮反弹行情；更大的转折发生在9月，在一揽子增量政策接连发力下，A股自9月24日起迎来大幅反弹，至10月8日，上证指数盘中创下年内最高点3674.40点，此后A股在3300点附近展开震荡行情。可转债市场经历了年初的小盘股流动性冲击、6-8月份的低价券冲击，负债端冲击明显强于前几年，资金流出压力更是伴随了整年，同时转债中也出现了包括红利底仓整体性修复，出海链方向的业绩驱动，大规模下修带来的机会，股市极速反转带来的修复性机会，最终全年取得正收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:22.756Z","mo":"展望2025年，权益市场可能逐步受益低利率环境带来的估值修复和盈利提升，或许值得深入挖掘。转债市场在流动性充裕的环境下，股市的上涨向转债的传递会更加通畅，在资产荒背景下的配置价值进一步凸显。","fund":{"_id":3000000007683,"__csrcFundId":8116,"stockCode":"007683","shortName":"华商转债精选债券(007683)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7683,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:51:39.793Z","status":"normal","inceptionDate":"2020-09-28T16:00:00.000Z","name":"华商转债精选债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050510000,"currency":"CNY","masterFundShortName":"华商转债精选债券","setUpDate":"2020-09-28T16:00:00.000Z","setUpAssetScale":99906306.97,"setUpShares":99906306.97,"pinyin":"hszzjxzqxzqtzjj","managers":[{"stockCode":"db20923326","stockType":"fund_manager","exchange":"fm","tickerId":2606238110,"name":"张飞"}]},"announcement":{"linkText":"华商转债精选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=1255638","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaf67fea5b3eb04acb2b","date":"2024-09-29T16:00:00.000Z","stockId":3000000007683,"sao":"2024年三季度，国内经济基本面延续弱复苏，宏观流动性整体充裕，可转债市场整体跟随正股走势，先下跌后上涨，二季度中证转债指数累计小幅上涨0.58%。具体来看，7月权益市场情绪不佳，带动转债市场持续下跌，同时在信用风险扰动下，转债估值收敛明显，低评级的小盘转债表现更弱。8月权益市场继续下跌，转债信用风险继续发酵引发市场担忧，负面情绪下部分机构减持转债，转债市场进一步下跌。9月末稳增长政策密集出台，首先央行公告降息、降准、降房贷利率三管齐下，紧接着政治局会议超预期召开，传递出明确的稳经济、稳市场、稳预期信号，有效扭转了市场情绪。在超预期政策利好推动下，A股市场各行业板块呈普涨之势，转债市场也随之迎来触底反弹。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:22.754Z","fund":{"_id":3000000007683,"__csrcFundId":8116,"stockCode":"007683","shortName":"华商转债精选债券(007683)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7683,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:51:39.793Z","status":"normal","inceptionDate":"2020-09-28T16:00:00.000Z","name":"华商转债精选债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050510000,"currency":"CNY","masterFundShortName":"华商转债精选债券","setUpDate":"2020-09-28T16:00:00.000Z","setUpAssetScale":99906306.97,"setUpShares":99906306.97,"pinyin":"hszzjxzqxzqtzjj","managers":[{"stockCode":"db20923326","stockType":"fund_manager","exchange":"fm","tickerId":2606238110,"name":"张飞"}]},"announcement":{"linkText":"华商转债精选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=1178543","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaf67fea5b3eb04acb2a","date":"2024-06-29T16:00:00.000Z","stockId":3000000007683,"sao":"2024年上半年，在纯债市场走牛、权益市场震荡趋弱的态势下，转债市场波动较大，整体跟随正股走势，先抑后扬再震荡回落。具体来看，1月权益市场情绪较弱，带动转债市场持续下跌，中证转债指数2月5日达到年内低点，较2023年底跌幅超过5%。2月以来，宽松的货币政策带动市场流动性改善，权益市场投资者情绪明显修复，转债市场也随之迎来反弹行情，2月中证转债指数上涨2.73%。进入3月，权益市场进一步企稳回升后进入震荡行情，转债市场也小幅震荡，中证转债指数在震荡中小幅补涨0.55%。4月以来随着新“国九条”等重磅措施出台引导资本市场健康持续发展，市场情绪明显提振，4月初至5月20日中证转债指数上涨4.24%。5月下旬以来，权益市场震荡回落，投资者避险情绪升温，转债市场整体下跌，投资者对信用扰动的敏感度提升。上半年末，中证转债指数收于390.52点，较年初基本持平，不同风格的转债表现有所分化，低评级的小盘转债整体偏弱，中高评级的大盘转债表现相对更好。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:22.751Z","mo":"展望后市，从宏观层面来看，国内经济基本面仍处于温和修复的进程中，稳增长政策有望持续发力，货币政策大概率维持稳健宽松，同时海外可能开启降息进程，内外部因素逐渐向好。虽然内需复苏和风险偏好提升仍是一个缓慢的过程，但长期来看资本市场向下的空间有限，而短期要做的是固本培元，先稳后进，可筛选业绩稳健、估值合理、信用风险较低的转债标的进行配置。","fund":{"_id":3000000007683,"__csrcFundId":8116,"stockCode":"007683","shortName":"华商转债精选债券(007683)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7683,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:51:39.793Z","status":"normal","inceptionDate":"2020-09-28T16:00:00.000Z","name":"华商转债精选债券型证券投资基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