window.pageData = {"stock":{"_id":3000000008384,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合A","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50140000","tickerId":50140000,"name":"银华基金管理股份有限公司"},"managers":[{"name":"冯帆","stockType":"fund_manager","stockCode":"db20782835","exchange":"fm","tickerId":606200150}],"hotMetrics":{"fss":{"stockId":3000000008384,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0,"f_ins_h_s_r_c_hy":0,"f_ins_h_s_r_c_1y":0,"f_ind_h_s_r":1,"f_ind_h_s_r_c_hy":0,"f_ind_h_s_r_c_1y":0,"f_h_a":776,"f_h_s_a":93072,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000008384,"type":"fpr","f_p_r_fys_ssc":8993,"f_p_r_fys_ssrp":0.7581183274021353,"f_p_r_m1_ssc":9202,"f_p_r_m1_ssrp":0.8892511683512662,"f_p_r_m3_ssc":9077,"f_p_r_m3_ssrp":0.6494050242397532,"f_p_r_m6_ssc":8790,"f_p_r_m6_ssrp":0.7004209807714188,"f_p_r_y1_ssc":8330,"f_p_r_y1_ssrp":0.8674510745587706,"f_p_r_y2_ssc":7719,"f_p_r_y2_ssrp":0.8664161699922259,"f_p_r_y3_ssc":6925,"f_p_r_y3_ssrp":0.7380127094165222,"f_cagr_p_r_fs_ssc":9144,"f_cagr_p_r_fs_ssrp":0.7250355463195888,"f_p_r_y5_ssc":4303,"f_p_r_y5_ssrp":0.5432357043235704},"fp":{"stockId":3000000008384,"type":"fp","f_p_r_fys":0.014465408805031554,"f_p_r_m1":0.0075852222023915505,"f_p_r_m3":0.005521417757591962,"f_p_r_m6":0.017757346313322486,"f_p_r_y1":0.045462962962962816,"f_cagr_p_r_fs":0.021530409635551306,"f_p_r_d1":-0.00009285051067775552,"f_p_r_y3":0.08192794174013018,"f_p_r_y2":0.07206608431447026,"last_data_date":"2026-05-05T16:00:00.000Z","f_p_r_y5":0.0997370215252753},"ff":{"stockId":3000000008384,"type":"ff","f_m_f":446672,"f_m_f_r":0.006,"f_c_f":74445,"f_c_f_r":0.001,"f_m_a_c_f":521117,"f_m_a_c_f_r":0.007,"f_m_c_f_d":"2025-02-17T16:00:00.000Z","f_c_fr":0.001,"f_fr_d":"2025-12-30T16:00:00.000Z","f_m_fr":0.006,"f_mac_fr":0.007},"f_nlacan":{"stockId":3000000008384,"type":"f_nlacan","f_nv_d":"2026-05-05T16:00:00.000Z","f_nv":1.1291,"f_nv_cr":0.0009751773049646584},"f_as":{"stockId":3000000008384,"type":"f_as","f_tas":79793381.44299999,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000008385,"name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","fundStatus":"normal","stockCode":"008385","tickerId":8385,"shortName":"银华汇益一年持有期混合C","__csrcFundId":8042,"lastUpdated":"2025-01-04T00:32:02.420Z","exchange":"jj","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","status":"normal","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":162297280.21,"setUpShares":162297280.21,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"yhhyyncyqhhxzqtzjj"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000008384,"stockId":600887,"holdings":26900,"marketCap":708815,"netValueRatio":0.0062,"quarterlyChange":-0.07867132867132876,"stock":{"stockCode":"600887","exchange":"sh","stockType":"company","tickerId":600887,"name":"伊利股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000008384,"stockId":600036,"holdings":13500,"marketCap":530820,"netValueRatio":0.0046,"quarterlyChange":-0.042075079592597375,"stock":{"stockCode":"600036","exchange":"sh","stockType":"company","tickerId":600036,"name":"招商银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000008384,"stockId":300750,"holdings":1200,"marketCap":482040,"netValueRatio":0.0042,"quarterlyChange":0.09377552687469404,"stock":{"stockCode":"300750","exchange":"sz","stockType":"company","tickerId":300750,"name":"宁德时代"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000008384,"stockId":601318,"holdings":5400,"marketCap":306612,"netValueRatio":0.0027,"quarterlyChange":-0.1698830409356732,"stock":{"stockCode":"601318","exchange":"sh","stockType":"company","tickerId":601318,"name":"中国平安"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000008384,"stockId":601166,"holdings":15400,"marketCap":289828,"netValueRatio":0.0025,"quarterlyChange":-0.07953466286799638,"stock":{"stockCode":"601166","exchange":"sh","stockType":"company","tickerId":601166,"name":"兴业银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000008384,"stockId":600690,"holdings":9600,"marketCap":205248,"netValueRatio":0.0018,"quarterlyChange":-0.1805289382905333,"stock":{"stockCode":"600690","exchange":"sh","stockType":"company","tickerId":600690,"name":"海尔智家"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000008384,"stockId":601816,"holdings":40000,"marketCap":202400,"netValueRatio":0.0018,"quarterlyChange":-0.017475728155339265,"stock":{"stockCode":"601816","tickerId":601816,"exchange":"sh","stockType":"company","name":"京沪高铁"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000008384,"stockId":601899,"holdings":5800,"marketCap":189776,"netValueRatio":0.0017,"quarterlyChange":-0.05076878445024502,"stock":{"stockCode":"601899","exchange":"sh","stockType":"company","tickerId":601899,"name":"紫金矿业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000008384,"stockId":600795,"holdings":36600,"marketCap":177144,"netValueRatio":0.0015,"quarterlyChange":-0.039682539682538986,"stock":{"stockCode":"600795","exchange":"sh","stockType":"company","tickerId":600795,"name":"国电电力"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000008384,"stockId":725,"holdings":42700,"marketCap":166957,"netValueRatio":0.0015,"quarterlyChange":-0.07125890736342011,"stock":{"stockCode":"000725","exchange":"sz","stockType":"company","tickerId":725,"name":"京东方A"}}],"bondHoldings":[{"_id":"69e7d73a6201787ae12a4f89","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000008384,"stockCode":"240202","stockName":"24国开02","holdings":100000,"marketCap":10126134,"netValueRatio":0.0881,"lastUpdated":"2026-04-21T19:59:54.975Z"},{"_id":"69e7d73a6201787ae12a4f8a","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000008384,"stockCode":"115347","stockName":"23华泰G9","holdings":50000,"marketCap":5252678,"netValueRatio":0.0457,"lastUpdated":"2026-04-21T19:59:54.982Z"},{"_id":"69e7d73a6201787ae12a4f8b","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000008384,"stockCode":"232280007","stockName":"22工行二级资本债05A","holdings":50000,"marketCap":5225047,"netValueRatio":0.0454,"lastUpdated":"2026-04-21T19:59:54.988Z"},{"_id":"69e7d73a6201787ae12a4f8c","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000008384,"stockCode":"2228014","stockName":"22交通银行二级01","holdings":50000,"marketCap":5100732,"netValueRatio":0.0444,"lastUpdated":"2026-04-21T19:59:54.991Z"},{"_id":"69e7d73a6201787ae12a4f8d","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000008384,"stockCode":"242887","stockName":"25皖交01","holdings":50000,"marketCap":5072214,"netValueRatio":0.0441,"lastUpdated":"2026-04-21T19:59:54.994Z"}],"lastFsMetrics":{"latestTurnoverRate":0.12723185272386536,"latestTurnoverRateDate":"2025-12-30T16:00:00.000Z"}},"list":[{"_id":"69e7d5766201787ae129f139","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","stockId":3000000008384,"sao":"回顾2026年一季度，美伊地缘冲突持续演绎，全球风险资产波动率显著抬升，国内股、债市场均呈现高波动、快轮动特征。权益市场震荡上行后阶段性调整，大小市值风格频繁切换，行业轮动加速；纯债市场在开年回暖后遭遇资金兑现压力，叠加政策预期与滞胀担忧，收益率区间震荡、期限利差走阔。　　报告期内，我们继续围绕资产配置、类属增强、回撤管理三位一体的策略框架运作，始终坚持规则化、定量的决策体系，跳出短期事件情绪扰动，立足胜率与赔率维度把握市场定价机会。资产配置层面，现阶段对权益整体保持积极定位，暂未系统性降低含权敞口，同时注重组合均衡性，在Beta空间有限的市场环境下，向细分策略挖掘超额收益。权益资产方面，延续类属增强策略，力争稳步积累超额。纯债资产方面保持中性定位，以获取底仓Carry收益为基础，对久期交易保持审慎，关注波动率与相关性的动态变化。　　展望下一季度，地缘冲突的短期情绪冲击有望逐步钝化，市场定价将回归经济基本面、流动性环境与估值本身。本基金将继续坚持稳健增值、严控波动、注重持有体验的核心定位，强调股债平衡、回撤约束与持有周期匹配，不追求高弹性博弈，专注于中长期稳健收益积累。操作上，我们将保持资产配置结构的相对稳定，继续以纯债打底、权益适度增强的配置思路：权益端维持均衡分散；债券端坚守稳健底仓，把握短端与中高等级信用品种的配置价值，灵活应对利率波动。整体而言，我们将淡化短期宏大叙事博弈，以规则化、系统化应对市场不确定性，在严格控制组合波动与回撤的前提下，力争为持有人实现稳健、可持续的投资回报。","lastUpdated":"2026-04-21T19:52:22.512Z","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1469368","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69c76fff69b11a867413e08b","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-27T16:00:00.000Z","stockId":3000000008384,"sao":"2025年，尽管存在关税冲突等扰动，全球资本市场在宏观政策取向积极、风险偏好抬升的背景下总体强势。国内方面，随着名义经济增速的企稳改善、新兴产业趋势的建立以及资本市场定位的持续优化，权益市场同样表现积极，同时结构性机会轮番活跃。转债在跟随正股表现的同时，估值经历了从修复到高估的全过程，参与难度逐渐增大。债券市场结束了过去几年的单边下行行情，进入“低利率、低利差、高波动”阶段，部分品种利差开始走阔。　　操作上，我们整体围绕产品定位展开运作，继续完善从资产配置、类属增强到组合回撤管理的完整策略体系。资产配置层面，保持一定的权益资产敞口，不做基于短期情绪波动的频繁交易；类属资产管理层面，将重心放在具有定价优势和超额能力的细分策略挖掘上。与此同时，做好事前、事中、事后的全流程波动与回撤管理，力求实现投资组合的稳健运行。","lastUpdated":"2026-03-28T06:06:55.355Z","mo":"展望2026年，对于投资组合管理而言，重要的是资产排序，而非单一资产的牛熊预判。目前，我们的排序依然是股票>转债>纯债。三类资产最大的差异在于，当β定价均不舒适时，谁在α层面有相对更优的定价区分度与细分策略超额空间。不过，考虑到各类资产均已不同程度经历了估值端的修正，2026年资产间的相对差距存在收敛可能，或许不再像2025年如此泾渭分明。对此，我们需要摈弃单边思维，做好每个阶段的资产结构匹配与细分策略超额。　　对于股票而言，2025年已然经历了估值逻辑的上半场，2026年则将走入估值逻辑的下半场和盈利逻辑的上半场。因此，结构特征也将更趋平衡。对于转债而言，核心是不要“越级决策”——首先需要从资产配置维度去看待它作为权益敞口的配置价值，然后再结合高估值的整体状态做资产排序和择券优化。2026年将是不同转债策略之间分化拉大的一年，我们的择券规则始终基于期权属性，参与“时间+波动率”的游戏，赚品种特性的钱。对于纯债而言，低利率、低利差、高波动的收益率环境下，以逸待劳，赚确定性收益，不失为更好的选择。在短信用打底、低久期运作策略下，留出风险预算，则可以在利率脉冲向上的阶段进行逆向交易。","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1449710","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9b7fea5b3eb04b8d20","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000008384,"sao":"回顾三季度，尽管短期宏观经济表现略有放缓，但新兴产业亮点层出，同时外围环境趋于缓和。国内政策对于结构优化、产业发展、资本市场健康运行保持呵护力度，微观预期持续改善。在此背景下，权益市场震荡上行，同时结构性机会轮番活跃。转债在跟随正股表现的同时，估值持续攀升至历史高位。债券市场则受到风险偏好强势、负债端持续波动等不利因素影响，收益率再度上行，且利差逐步拉开。　　操作上，我们整体围绕产品定位展开运作，继续完善从资产配置、类属增强到组合回撤管理的完整策略体系。资产配置层面，保持一定的权益资产敞口，不做基于短期情绪波动的频繁交易；类属资产管理层面，将重心放在具有定价优势和超额能力的细分策略挖掘上。　　展望四季度，“低利率、低利差、高波动”的收益率环境下，全社会固收类资金的向外迁移，是本轮权益行情的核心驱动力量。不过，从投资视角看，忌用长期逻辑去合理化短期行情。随着各类资产表现的分化加剧，接下来资产配置的操作重心是平衡上行收益与价格波动。这种平衡主要体现在:　　一是基于资产配置逻辑，继续保持一定的转债持仓比例，作为权益敞口存在。对于转债资产整体所面临的估值较高问题，在结构上进行更加聚焦、精细化的择券应对。　　二是在细分资产的持仓结构上基于安全边际进行再平衡，转债的“折价买不对称性”思路即体现了这一点。本质上，我们在量化策略的构建逻辑上，就是在不断通过个股/个券的比较与置换，始终保持持仓结构处于具有概率优势的状态。　　三是随着债券资产的持续调整，关注久期类资产对于平衡整体组合风险的价值修复。从胜率与赔率维度综合来看，当期基本面与流动性仍在利好状态，而长端品种对于远期名义增速的改善已进行了一定的定价修正，同时机构行为也逐渐告别“高久期、低分歧”的拥挤状态。尽管这不是能够精准指导交易的思路，但从组合配置视角出发，需对债券资产的再平衡价值予以一定关注。","lastUpdated":"2026-03-09T13:31:07.858Z","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1370763","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9b7fea5b3eb04b8d1f","date":"2025-06-29T16:00:00.000Z","stockId":3000000008384,"sao":"回顾25年上半年，以关税战和地缘冲突为代表的外围风险事件主导了全球资本市场的波动。4月初，特朗普政府宣布针对多个国家及地区征收“对等关税”，力度大超此前普遍预期，一度引发全球市场震动。但随着后续关税博弈的反复拉锯，以及美国自身在财政空间、通胀压力以及国内政治压力等方面的多方掣肘，关税事件的实际影响逐步弱化，全球风险资产普遍修复上涨。国内方面，在有力应对关税挑战的同时，各项产业政策、资本市场优化政策也在积极推出，带来市场信心与风险偏好的持续改善。相应地，股票市场收复4月初的下跌并创出年内新高，结构上热点轮动；债券市场在货币流动性充裕下温和上涨，但长久期资产总体未能摆脱窄幅震荡区间；转债跟随股票表现的同时，供需缺口放大了估值弹性，定价水平有所走高。　　操作上，我们整体围绕产品定位展开运作，努力搭建从资产配置、类属增强到组合回撤管理的完整策略体系。上半年一方面保持一定的权益资产敞口，另一方面将重心放在具有定价优势和超额能力的细分策略挖掘上。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:07.855Z","mo":"展望25年下半年，我们总体对权益类资产继续保持积极可为的判断。一方面在于，当前经济已处于周期筑底阶段，下行风险与资产定价敏感性均逐渐钝化，上行弹性与资产定价敏感性不断上升，相应带来中期视角下盈亏比的改善。因此，在保持一定配置水平的前提下，通过深入挖掘细分策略将有望带来组合收益的有效增厚。债券资产则在收益率以及信用利差整体偏低的水平下，回归底仓配置策略，类属上继续通过利差轮动进行边际优化。","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1341555","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9b7fea5b3eb04b8d1e","date":"2025-03-30T16:00:00.000Z","stockId":3000000008384,"sao":"回顾2025年一季度，年初在经济基本面与宏观政策缺乏明确主线的背景下，资本市场总体波动加大，市场交易逻辑偏向微观结构性因素。其中，股票市场科技与红利间的裂口持续扩大，债券市场短上长下走出“混合式平坦化”行情，转债市场则在固收资金向固收加的外溢过程中实现了估值层面的持续抬升。春节后，国内权益市场在DeepSeek驱动下演绎成长风格主导的春季躁动；债市则在资金面持续偏紧的影响下，负carry带动国债收益率曲线熊平式调整；转债估值高位松动，结构性机会逐渐占据主导。3月特别是下半月起，在海外关税等不确定性之下，叠加国内经济复苏与资本市场定价之间的节奏差异，各类资产价格总体从分化走向收敛，既体现在股债大类之间，也体现在权益资产的内部风格与行业之间。　　我们在一季度继续围绕“组合管理+类属增强”的投资思路展开。资产配置层面适度根据估值水平进行了一定的逆向操作，细分资产层面则是结合策略体系进行超额收益的持续积累。总体持仓风格分散均衡，同时注重估值维度下的资产轮动。　　展望下一季度，我们认为权益积极可为，债券逐步具备配置价值，转债则同样可关注品种优势下的机会。权益方面，尽管当前存在对于关税冲击与经济阶段性脉冲回落的担心，但一致预期的问题往往在于，资产定价也已计入了相当程度，进而沿着一致预期交易的盈亏比下降，存在较大的反向预期差。现阶段，宏观基本面层面的一些领先性、结构性指标的改善幅度或持续性均已逐渐开始向好。从周期的角度来说，当前无论是地产周期、信用周期、库存周期，都处于下行末端。时间站在有利的一边，我们重点关注名义经济增速的上行预期差。权益资产当中，转债作为天然的左侧品种，并且估值与价格均自高点有所回落，接下来需要更多关注机会。节奏上，先结构后整体，个券层面的机会往往先于系统性机会出现。　　纯债方面，在经济企稳改善的初期，货币政策仍有望保持适度宽松状态。同时随着年初以来的调整，一些品种与期限已逐步恢复较好的配置价值，我们将保持中高等级信用为主的底仓配置思路，同时趁市场情绪回暖，对持仓结构进行优化，并积极捕捉市场阶段性定价错误的机会。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:07.853Z","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1267599","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9b7fea5b3eb04b8d1d","date":"2024-12-30T16:00:00.000Z","stockId":3000000008384,"sao":"2024年基本面方面整体呈现先下后上的走势，四个季度GDP读数分别为5.3%、4.7%、4.6%和5.4%，全年经济增速达到5%的目标增速。全年地产拖累明显，外需好于内需，通胀表现偏弱，2024年9月底政治局会议推出一揽子政策后，四季度微观主体预期和信心有所提升。货币政策总体基调偏宽松，央行降准、降息保持流动性合理充裕。　　2024年，债券收益率大幅下行，全年10年国债到期收益率下行88BP。股票市场分别在2月初及9月下旬经历两轮上涨，全年沪深300指数上涨14.68%。　　2024年，本基金根据规模变动情况调整大类资产的配置。股票方面以结构调整为主。转债方面，挖掘行业及个券机会。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:07.850Z","mo":"展望2025年，外部市场存在不确定性，可能对出口产生扰动，关注政策落地及经济基本面修复情况；关注经济结构调整情况，以及市场流动性和投资者结构的变化，寻找投资机会。　　基于以上分析，2025年，本基金在债券方面关注市场预期差带来的投资机会，严格控制信用风险。股票方面积极寻找投资机会。转债方面，挖掘行业及个券机会。","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1250147","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9b7fea5b3eb04b8d1c","date":"2024-09-29T16:00:00.000Z","stockId":3000000008384,"sao":"2024年三季度，经济基本面仍然较为平淡，大部分数据延续前期偏弱的状态。9月下旬货币政策、资本市场政策及政治局会议均出现更加积极的信号，对股、债市场也产生了较大的影响。　　2024年三季度，资金配债需求仍然较大，债券收益率先呈现震荡下行的态势，此后在9月下旬出现大幅上行调整。股票市场先跌后涨，9月下旬在积极政策刺激下呈现出大幅普涨的局面。　　2024年三季度，本基金根据规模变动情况，灵活调整大类资产的配置。9月下旬，增加股票仓位，转债方面，挖掘行业及个券机会。　　展望2024年四季度，关注政策落地及经济基本面修复情况，同时关注经济结构调整情况，寻找投资机会。综合来看，债券市场及股票市场可能均面临波动加大的态势。　　基于以上分析，2024年四季度，本基金在债券方面关注市场预期差带来的投资机会，严格控制信用风险。股票方面积极寻找投资机会，重点关注行业龙头公司。转债方面，挖掘行业及个券机会。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:07.847Z","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1172051","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9b7fea5b3eb04b8d1b","date":"2024-06-29T16:00:00.000Z","stockId":3000000008384,"sao":"2024年上半年，经济基本面处于复苏过程中。一季度经济数据好于市场预期，二季度经济数据较为平淡，其中出口表现持续偏强，地产表现不及预期，经济短期弱势，基建与消费方面数据较为平淡。通胀数据平稳，维持在低位。流动性水平充裕。　　2024年上半年，资金配债需求较大，债券收益率震荡下行。股票市场经历较大波动，1月股市跌幅较大，2月上旬至5月中下旬持续反弹，此后再次下跌调整；结构上，经营稳健、股息率较高的板块总体占优，中大市值标的表现优于小微市值标的。　　2024年上半年，本基金在债券方面通过票息、利差交易、波段交易等策略获取收益。股票方面，根据市场波动情况调整股票仓位。转债方面，根据资产比价关系灵活调整仓位。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:07.845Z","mo":"展望2024年下半年，重点关注地产修复情况、广义财政发力情况，观察经济复苏力度，同时关注经济结构调整情况，寻找投资机会。此外，美联储是否降息也需要重点关注。综合来看，债券市场可能面临波动加大的态势。股票市场可能仍然呈现结构分化或板块间轮动的特征。　　基于以上分析，2024年下半年，本基金在债券方面关注市场预期差带来的投资机会，寻找品种利差、期限利差的投资机会，严格控制信用风险。股票方面寻找结构性机会，重点关注行业龙头公司。以增厚性策略看待转债资产，灵活调整仓位，挖掘行业及个券机会。","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1154059","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9b7fea5b3eb04b8d1a","date":"2024-03-30T16:00:00.000Z","stockId":3000000008384,"sao":"2024年一季度，经济基本面处于复苏过程中。1-2月经济数据好于市场预期，其中生产数据、地产数据、出口表现偏强；基建投资可能受年初财政拨付节奏及专项债进度偏慢影响而弱于预期，但考虑到上半年基建资金来源相对充裕，总体不担心基建投资表现；制造业和消费数据基本符合预期，制造业投资维持韧性，社零有一定修复，且体现出假日消费的特点。通胀数据维持平稳。流动性水平相对充裕。　　2024年一季度，债券收益率震荡下行。股票市场先跌后反弹，沪深300指数上涨3.1%，总体上看，中大市值标的表现优于小微市值标的。　　2024年一季度，本基金根据规模变动情况，在债券方面通过品种利差、期限利差或债性转债等策略增厚收益。股票方面，1月及2月初，维持低仓位，股票结构以防守为主，2月中下旬提升股票仓位。转债方面，根据资产比价关系灵活调整仓位。　　展望2024年二季度，重点从地产修复程度、广义财政发力情况等方面观察经济复苏力度。此外，美联储是否降息也需要重点关注。综合来看，债券市场仍然存在投资机会，但可能面临波动加大的态势。股票市场可能仍然呈现结构分化或板块间轮动的特征。　　基于以上分析，2024年二季度，本基金在债券方面关注市场预期差带来的投资机会，灵活操作，寻找品种利差、期限利差的投资机会，严格控制信用风险。股票方面寻找结构性机会。以增厚性策略看待转债资产，灵活调整仓位，挖掘行业及个券机会。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:07.842Z","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1069337","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9b7fea5b3eb04b8d19","date":"2023-12-30T16:00:00.000Z","stockId":3000000008384,"sao":"2023年经济基本面在防疫及地产政策调整后呈现弱修复状态。全年来看，一季度经济快速恢复，此后有所波动。其中地产投资在一季度后影响最为明显。海外方面，美联储暂停加息。　　2023年，债券收益率震荡下行。债券市场首先反映2022年末理财规模变动冲击后的利差修复行情，此后受经济动能弱化影响，收益率呈震荡下行态势。股票市场先涨后跌，年初普遍反弹，再呈现结构分化特征，AI为首的TMT板块表现较好，5月、6月经济动能弱化后股市出现震荡调整，下半年华为主题投资较为活跃，全年来看沪深300指数下跌11.4%。　　2023年，本基金根据规模变动情况，在债券方面通过品种利差、期限利差或债性转债等策略增厚收益。股票方面，考虑市场波动性、结构特征等对风格、行业进行相对灵活的调整。转债方面，根据资产比价关系灵活调整仓位。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:07.839Z","mo":"展望2024年，经济基本面的复苏程度取决于政策力度、信贷投放情况、地产修复情况等，关注广义财政发力的力度和方式。此外，美联储是否降息也需要重点关注。债券市场可能呈现震荡态势。股票市场可能继续呈现结构分化或板块间轮动的特征。　　基于以上分析，2024年，本基金在债券方面关注市场预期差带来的投资机会，寻找品种利差、期限利差的投资机会，严格控制信用风险。股票方面寻找结构性机会。以增厚性策略看待转债资产，灵活调整仓位，挖掘行业及个券机会。","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1057656","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9b7fea5b3eb04b8d18","date":"2023-09-29T16:00:00.000Z","stockId":3000000008384,"sao":"2023年三季度，政策逐步发力，经济基本面呈现弱修复态势。7月底开始，伴随政策逐步发力，经济基本面边际有所修复，各项指标增速环比提升，具体包括经济金融数据改善、通胀触底回升、出口跌幅收窄、PMI连续3个月回升等，经济整体处在筑底回暖阶段。但经济修复为弱修复，修复持续性有待观察：从19年同比角度看，除制造业投资外，其余指标8月上行幅度尚不足以弥补7月下行的幅度；而从9月高频数据看，除基建外，地产销售、人流出行、黑色水泥、发电量等多项高频数据的月化同比较8月未明显好转，稳增长和地产政策对内生动能带来的修复效果仍需要进一步观察。　　2023年三季度，债券收益率先下行后上行，呈震荡态势。8月下旬以来，资金面出现收敛，同时一系列活跃资本市场政策和地产放松政策加速出台，债券收益率持续回升。股票市场弱势调整，沪深300指数下跌近4%。　　2023年三季度，本基金对债券保持中性观点，通过品种利差、期限利差、债性转债等策略增厚收益。股票方面，总体上降低仓位，维持偏均衡的配置。转债方面，根据资产比价关系灵活调整仓位。　　展望2023年四季度，经济基本面的复苏程度取决于政策力度、信贷投放情况、地产修复情况等。此外，美国通胀、美联储是否仍要加息等也是影响资本市场的重要因素。债券市场可能呈现震荡态势，若收益率上行，可能再次迎来配置机会。股票市场增量资金有限，普涨或普跌的概率均较小，可能继续呈现结构分化或板块间轮动的特征。　　基于以上分析，2023年四季度，本基金在债券方面保持中性配置，关注市场预期变化，寻找品种利差、期限利差的投资机会，严格控制信用风险。股票方面寻找结构性机会，用相对灵活的交易策略应对。以增厚性策略看待转债资产，灵活调整仓位，挖掘行业及个券机会。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:07.837Z","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=985465","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9b7fea5b3eb04b8d17","date":"2023-06-29T16:00:00.000Z","stockId":3000000008384,"sao":"2023年上半年，经济基本面在防疫及地产政策调整后经历快速修复、此后环比动能弱化的过程。年初，投资、消费数据普遍超预期，生产表现也不差，出口表现出一定韧性。二季度以来，经济动能环比有所弱化，其中地产方面拖累最为明显。海外方面，美联储加息放缓。　　上半年，债券收益率震荡下行。债券市场首先反映2022年末理财规模变动冲击后的利差修复行情，此后受经济动能弱化影响，收益率呈下行态势。股票市场年初反弹，再呈现结构分化特征，AI为首的TMT板块表现较好，5月、6月经济动能弱化后股市出现震荡调整。　　上半年，本基金对债券相对乐观，通过品种利差、期限利差或债性转债等策略增厚收益。股票方面，考虑市场波动性、结构特征等对风格、行业进行相对均衡的配置。转债方面，根据资产比价关系灵活调整仓位。","declarationDate":"2023-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:07.833Z","mo":"展望2023年下半年，经济基本面的复苏程度取决于政策力度、信贷投放情况、地产修复情况等。此外，美联储加息情况及美国经济基本面情况也是影响资本市场的重要因素。债券市场可能呈现震荡下行态势。股票市场增量资金有限，可能继续呈现结构分化或板块间轮动的特征。　　基于以上分析，2023年下半年，本基金在债券方面关注市场预期差带来的投资机会，寻找品种利差、期限利差的投资机会，严格控制信用风险。股票方面寻找结构性机会。以增厚性策略看待转债资产，灵活调整仓位，挖掘行业及个券机会。","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=956030","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9b7fea5b3eb04b8d16","date":"2023-03-30T16:00:00.000Z","stockId":3000000008384,"sao":"2023年一季度，防疫政策和地产政策调整后，经济基本面多方面均处于复苏状态。1-2月数据来看，投资普遍超预期，其中地产回升幅度最为明显、也最为超预期，基建和制造业也在政策支持下维持很强的韧性，消费表现同样超预期，生产表现稍弱但剔除基数效应后也并不差，信贷大幅多增，失业率仅温和地季节性上行。海外方面，欧美银行业风险爆发，关注其对美联储加息力度的影响。　　2023年一季度，债券收益率呈震荡态势，信用债表现好于利率债。银行理财规模变动、资金面水平、经济基本面预期等成为影响市场的重要因素。股票市场先呈现疫后复苏的反弹修复，大部分行业均有一定程度的反弹，再呈现结构分化的特征，数字经济、AI+为首的TMT板块一枝独秀，中特估板块表现尚可，其余大部分板块出现较为明显的回落。　　2023年一季度，本基金债券方面保持中性久期，通过品种利差、期限利差等策略增厚收益。股票方面，考虑市场波动性、结构特征等适当调整仓位水平。转债方面，根据资产比价关系灵活调整仓位。　　展望2023年二季度，总体上经济仍然处于逐步恢复过程中，恢复程度取决于信贷投放情况、地产修复情况、政策落地进展以及疫情发展形势等。此外，美联储加息情况及美国经济基本面情况也是影响资本市场的重要因素。债券市场短端品种是收益确定性更高的品种。股票市场能否有增量资金进入影响较大，若没有增量资金，股市可能继续呈现结构分化或板块间轮动的特征。中长期看，TMT板块具备政策支持、安全替代、AI+的大产业逻辑，值得重点关注。　　基于以上分析，2023年二季度，本基金在债券方面关注市场预期变化，寻找品种利差、期限利差的投资机会，严格控制信用风险。股票方面更注重对组合的配置进行优化，适度分散配置。以增厚性策略看待转债资产，灵活调整仓位，挖掘行业及个券机会。","declarationDate":"2023-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:07.831Z","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=880065","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9b7fea5b3eb04b8d15","date":"2022-12-30T16:00:00.000Z","stockId":3000000008384,"sao":"2022年，经济基本面呈现出受疫情影响较大，政策端托底经济的显著特征，四季度，防疫政策、地产政策等均出现明显的转变，也成为影响资本市场的重要因素。全年来看，四个季度实际GDP增速分别为4.8%、0.4%、3.9%和2.9%。出口逐步走弱、消费受疫情影响较大、地产投资成为明显的拖累项。外部环境方面，经历2022年上半年海外通胀高企、美联储快速加息到四季度通胀边际放缓、加息预期回落的重要变化。全年来看，在国外货币政策收紧的情况下，国内货币政策维持了相对宽松的状态，央行对MLF利率及公开市场操作利率均做了下调。　　2022年，债券市场呈震荡走势。降息预期、疫情状况及其影响下的经济基本面预期、资金面情况、投资者结构等成为影响债市走势的重要因素。特别是2022年11月防疫政策、地产政策明显转变后，债市经历快速大幅的下跌，叠加理财产品赎回影响，放大了债券市场的波动。股票市场在内外利空拖累下，大部分时间赚钱效应较弱。全年来看，二季度是超跌反弹窗口期，但真正的政策底、市场底在四季度初才开始出现。风格及行业轮动方面，一季度除个别高分红行业有一定防御效果外，基本是泥沙俱下；二季度受疫情拖累较大的行业，尤其是成长方向反弹更胜一筹；三季度基本是利好兑现，静待政策底部的休整时间；四季度开始，经济复苏预期逐步强化，大金融、大消费率先企稳反弹，成长大部分表现不佳。　　2022年，本基金债券方面保持中性久期，控制信用风险，通过品种利差、期限利差等策略增厚收益。股票方面操作上偏稳健，以控制回撤为主要目标，进攻性有一些不足。一季度下跌过程中降仓较多，二季度的反弹受益不明显，但在下半年尤其是四季度初期开始大金融和大消费比例有所提升，同时继续保持对成长方向高景气赛道的配置比例，总体来看为2023年做好了仓位和结构的铺垫。转债方面，维持偏低仓位，寻找结构上和个券上的机会。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:07.828Z","mo":"展望2023年，防疫政策调整后的经济基本面复苏力度、稳增长政策将影响资本市场走势，此外海外通胀及美联储加息情况、中美博弈政策等也是重要影响因素。总体看对债券市场相对谨慎，随着经济基本面的复苏，债券市场有调整压力，但在结构上和节奏上也存在投资机会。股票市场对利好会更为敏感，各个方向在2022年回调后均释放了一定的风险，股票性价比改善。大逻辑看，2023年股票市场估值压制边际缓解，分子端盈利开始触底回升，总体上市场机会将变得更加多样化。这一点在2022年最后一个月已开始体现，风险偏好修复后的春季躁动概率上升。股市结构上，2023年基本面预期触底的板块将有估值修复机会，而盈利保持高增长的板块，尤其是内需相关度高的，业绩兑现确定性也将变的更高。尤其是在2023年一季度，市场正在对以上逻辑进行边际定价。　　基于以上分析，2023年，本基金在债券方面关注市场预期变化，关注理财产品规模变动及产品结构的变动，寻找细分品种机会，重点关注中短端品种的投资机会，在严格控制信用风险的前提下，对组合固收类资产的配置进行优化调整。股票方面保持中等偏高的仓位和积极进攻的配置结构，2023年一季度末到二季度初可能是面临再次选择的窗口期。转债方面，以增厚性策略看待转债资产，灵活调整仓位，挖掘行业及个券机会，充分利用转债风险收益特征，在控制波动的同时增厚收益。","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=873489","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9b7fea5b3eb04b8d14","date":"2022-09-29T16:00:00.000Z","stockId":3000000008384,"sao":"2022年三季度，经济基本面修复进程放缓。疫情扰动、地产个别交付事件、高温缺电等对经济修复形成干扰；叠加海外通胀高企、美联储继续大幅加息，经济数据中除基建投资表现较好外，其他数据亮点不多。财政、货币等政策继续托底经济，政策性开发性金融工具的投放、央行降息、地产阶段性宽松政策的出台有利于经济的修复。  2022年三季度，债券收益率总体明显下行。经济基本面偏弱、资金面持续高度宽松、央行降息使得债券收益率在7、8月持续下行；9月经历资金面波动、多地放松地产政策、美联储大幅加息等的影响，债券收益率震荡上行。股票市场对复工复产及自上而下刺激政策的反应告一段落，整体进入震荡消化阶段。结构上能源安全、自主可控表现仍较为坚挺，但股价也反映了市场相对充分的预期；地产行业暴露了个别交付风险事件，但总体可控，8-9月出现边际拐点迹象；大消费方向阶段性消化旺季不旺的预期，也出现企稳信号。转债跟随股市表现，但跌幅明显小于股票，估值高位钝化、压缩幅度有限。  三季度，本基金债券方面保持中性久期，通过品种利差、期限利差等策略增厚收益。股票方面仓位变化不大，配置结构略做微调。适当加配了自主可控和能源链条，降低了可选消费。转债资产性价比偏低，操作难度较大，维持偏低仓位，行业配置更加均衡。  展望2022年四季度，稳增长政策中，关注财政政策及结构性政策发力情况、货币政策宽松情况及地产政策放松力度。政策拉动经济的效果、海外通胀及美联储加息情况、国内疫情将继续扰动市场，并也为投资带来机会。总体看债券市场可能呈现震荡走势；股票市场中期来看，利空出尽且明年有望迎来拐点的行业关注度将上升，同时科技方向渗透率偏低的、自主份额偏低的细分领域景气度有望提升；转债估值接近历史高点，与股市弱势格局略有不符，利率震荡也可能对转债估值形成压制。  基于以上分析，四季度，本基金在债券方面关注市场预期变化，寻找细分品种机会，在严格控制信用风险的前提下，对组合固收类资产的配置进行优化调整。股票方面更注重对组合的配置进行优化，对乐观预期较满的高位行业适度谨慎，而对前期回调较多且有望出现边际改善的板块更加关注。转债方面，控制仓位，等待股市企稳/反转的机会；择券更加看重估值，灵活交易适当参与反弹。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:07.825Z","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=802682","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9b7fea5b3eb04b8d13","date":"2022-06-29T16:00:00.000Z","stockId":3000000008384,"sao":"2022年上半年，经济基本面偏弱，且二季度受疫情影响较大，政策端托底经济，发力明显，一、二季度实际GDP增速分别为4.8%和0.4%。基建投资受益于稳增长政策发力表现较好，出口表现出相对韧性，其他方面均面临一定下行压力或修复较为缓慢，其中地产投资下滑幅度大。海外通胀高企、美联储快速加息背景下，国内通胀水平保持平稳，货币政策相对宽松，央行对MLF利率及公开市场操作利率均做了下调。  2022年上半年，债券市场呈震荡走势。降息预期、疫情状况及其影响下的经济基本面预期、资金面情况、投资者结构等成为影响债市走势的重要因素。A股市场先抑后扬。开年受多重因素影响，市场整体趋势性下跌，其中成长风格受到估值和业绩前景双重压制，调整幅度较消费、金融和周期风格更深。但5月开始，各种不利因素出现缓和迹象，市场出现成长、消费、金融、周期先后轮动及扩散上涨的迹象。  上半年，本基金债券方面保持中性久期，控制信用风险，通过品种利差、期限利差等策略增厚收益。股票方面仓位先降后升，但配置结构变化不大，还是集中在消费、成长和金融方向。转债方面，2022年初转债估值不断抬升接近历史高点，本基金谨慎看待该类资产，大幅降低仓位，基本规避了后续市场波动对组合净值的拖累，此后维持中性偏低仓位。","declarationDate":"2022-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:07.822Z","mo":"展望2022年下半年，稳增长政策将持续发力，更需关注财政政策及结构性政策发力情况。政策拉动经济的效果、海外通胀及美联储加息情况、国内疫情将继续扰动市场，并也为投资带来机会。总体看股债难有趋势性行情，债券市场可能仍呈震荡走势，股票市场可能波动加大、呈结构分化的局面。  基于以上分析，下半年，本基金在债券方面关注市场预期变化，寻找细分品种机会，在严格控制信用风险的前提下，对组合固收类资产的配置进行优化调整。股票方面将对组合的配置进行优化，结合经济数据实际变化的节奏，对各板块的配置结构进行动态再平衡，对前期回调较多且有望出现边际改善的板块更加关注。转债方面，仍以增厚性策略看待转债资产，灵活调整仓位，挖掘行业及个券机会，充分利用转债风险收益特征，在控制波动的同时增厚收益。","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=779520","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9b7fea5b3eb04b8d12","date":"2022-03-30T16:00:00.000Z","stockId":3000000008384,"sao":"2022年一季度呈现经济基本面弱、政策发力的局面。工业生产方面，上游、中游表现相对积极，地产相关的黑色、建材等行业表现不佳，小型企业仍然存在一定压力。投资方面，企业主动扩张意愿仍然受到制约，基建投资是发力重点，地产投资能否有效改善仍需观察。消费表现符合预期，但空间上限受收入增速恢复的限制，目前看不到加速改善迹象。出口表现仍然较强，但持续性有待观察。通胀方面，CPI处于低位，PPI高位运行，通胀表现需要长期关注。1月中旬，央行下调MLF和公开市场7天逆回购利率10BP，总体看1-2月金融数据表现并不算差，反映出货币政策支持经济的意愿。  2022年一季度，债券市场呈震荡走势，债券收益率先下后上。1月债券收益率随降息预期下行，春节后公布的金融数据表现较好，债券收益率转为上行。一季度，10年国开债收益率总体下行5BP。股市方面，受部分行业个股估值较高及俄乌事件影响，股票市场呈下跌走势，煤炭、地产、银行表现尚可，成长类行业普遍垫底。  一季度，本基金债券方面保持中性久期，控制信用风险，通过品种利差、期限利差等策略增厚收益。股票方面依据市场及产品情况做出调整，总体配置仍偏均衡。2022年初转债估值不断抬升接近历史高点，本基金谨慎看待该类资产，大幅降低仓位，基本规避了后续市场波动对组合净值的拖累。  展望2022年二季度，稳增长政策将持续发力，货币政策易松难紧，需观察具体政策举措及实际效果。俄乌事件、通胀情况、国内疫情将继续扰动市场，并也为投资带来机会。总体看股债难有趋势性行情，债券市场可能仍呈震荡走势，股票市场呈结构分化的局面。  基于以上分析，二季度，本基金在债券方面关注市场预期变化，寻找细分品种机会，在严格控制信用风险的前提下，对组合固收类资产的配置进行优化调整。股票方面根据市场情况进行调整。转债方面，仍以增厚性策略看待转债资产，灵活调整仓位，挖掘行业及个券机会，充分利用转债风险收益特征，在控制波动的同时增厚收益。","declarationDate":"2022-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:07.820Z","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=720768","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9b7fea5b3eb04b8d11","date":"2021-12-30T16:00:00.000Z","stockId":3000000008384,"sao":"2021年经济基本面经历新冠疫情后的恢复逐步回落，政策转向经济增长与经济结构调整并进，四个季度实际GDP增速分别为18.3%、7.9%、4.9%和4.0%。基建投资全年偏弱；房地产投资上半年表现较好，下半年在民企地产债务出现问题后，地产投资快速下滑；制造业投资比较平稳。社消零售表现较弱，疫情散点爆发常态化、收入结构变化对消费构成持续影响。出口韧性强、表现好，海外生产恢复始终慢于预期，驱动出口表现强劲。通胀方面，CPI处于低位，但PPI大幅上涨，尤其三季度煤炭价格高企，电力短缺，对生产构成一定影响，年末在供给约束缓解后主要原材料价格多数出现回落，PPI高位见顶。在经济下行压力逐步体现后，央行于下半年两次降准，总体流动性平稳偏松。  2021年股票市场经历了较大的波动，不同行业之间的分化明显。基金重仓的消费股一季度大幅上涨后快速下跌，二季度有一波快速反弹，但在三季度又大幅下跌。新能源板块在业绩驱动和政策支持的背景下，下半年涨幅惊人。周期品全年收益不错，但在下半年也经历了大涨和大跌的巨幅波动。此外，小市值个股在2021年赢得了很高的超额收益。2021年债券收益率全年震荡下行，10年国开债收益率下行约45BP。转债方面，2021年中证转债上涨18.5%，跑赢大多数宽基指数，结构来看大盘权重表现较弱、高弹性小票涨幅较高，转债估值不断抬升至历史高位。2021年转债赚钱效应较好，一方面与股市风格相关，另一方面，债市牛市支撑了转债的估值，“固收+”产品的扩张为转债市场提供了充足的资金来源又进一步抬升了估值水位，投资者享受了较高的估值溢价。  本基金在股票方面Q1保持低仓位，Q2起开始逐步加仓，方向上科技占到主要部分，消费也有一定配置比例。Q3周期股的表现超出市场预期，也不在我们的能力圈内，因此配置相对较少。Q4开始逐步平衡稳增长和成长的比例，我们对金融板块的配置比例提升。债券方面，总体保持中性久期，逐步提升杠杆水平，控制信用风险，寻找品种、期限上更具性价比的债券进行配置。转债方面，相对积极看待转债资产，小幅抬升仓位，结合品种特点自下而上选取风险收益比较高的标的，以获取一定增厚收益。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:07.817Z","mo":"展望2022年，稳增长政策意图明显，基建可能是主要抓手，持续观察政策效果。股票方面，市场定价将更多取决于自上而下大类资产选择及行业比较，可以适度淡化自下而上个股选择。此外，投资不只是预测，更需要应对。2022年以来，市场对于海外紧缩的预期已快速反应，同时叠加国内稳增长预期强化，成长风格出现持续暴跌，但如果把时间维度拉长，渗透率提升和自主份额提升仍在持续兑现，中国优秀制造业的产业地位也在继续强化，业绩兑现后的动态估值已经相对便宜，此刻应以时间换空间。债券方面，经济基本面呈现出下行压力，货币政策易松难紧，有利于债券收益率下行，但目前债券收益率处于较低水平，需持续关注央行货币政策操作及市场预期的变化。转债方面，转债估值已经达到2016年以来的最高水平，转债资产性价比弱化，需要压低预期收益并提防估值波动风险。目前转债存量及待发标的市值接近万亿，已覆盖绝大部分行业及概念板块，市场波动中估值也有阶段性收敛的可能，因此全年看转债市场仍存在结构性机会。  基于以上分析，本基金在股票方面将更加重视安全边际，组合的配置也将更加均衡化。债券方面关注市场预期变化，寻找细分品种机会，在严格控制信用风险的前提下，对组合固收类资产的配置进行优化调整。转债方面以增厚性策略的思路看待转债资产，灵活调整仓位，积极探索多种策略，挖掘行业及个券机会，充分利用转债风险收益特征在控制波动的同时增厚收益。","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=708756","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9b7fea5b3eb04b8d10","date":"2021-09-29T16:00:00.000Z","stockId":3000000008384,"sao":"2021年三季度经济整体表现出下行压力，工业生产下滑，社零数据不及预期，PPI高位继续上涨。具体来看，工业生产连续下滑，出口链条保持了一定韧性。制造业投资修复较为温和，受终端需求偏弱、盈利分化等条件制约。基建投资仍然偏弱，可能与新增专项债发行速度偏慢有关，不过后续地方债发行将提速。地产投资小幅回落，房企资金来源受限，地产投资下行压力将逐步显现。社消零售表现较弱，仍然受到疫情散点爆发的影响。出口表现符合预期，仍有一定韧性。通胀方面，CPI处于低位；PPI高位继续上涨，持续关注原材料价格上涨压制中下游企业盈利的风险。流动性方面，央行降准，总体流动性平稳偏松。三季度整体来看，经济整体表现出下行压力，除了经济内生动能偏弱的周期性因素外，疫情和极端天气等外生因素也有一定拖累，同时，缺煤限电、隐性债务化解等也对经济产生一定约束。  2021年三季度，股票市场结构性机会延续。风格上看，消费类继续下跌、成长类横盘、周期类显著跑赢。受部分政策影响，互联网、教育以及其他一些消费细分行业，股价冲击较大。碳中和背景下，新能源、电力运营轮动上涨；周期品则进入限产涨价阶段，股价表现最为亮眼。债券市场方面，7月央行降准，债券收益率明显下行，8月、9月总体呈震荡走势。  三季度，本基金在股票结构上，依然坚持较长期的打法，消费和科技持仓相对较多，没有转而追逐热门的周期类股票，短期相对收益表现一般。债券方面保持中性久期，控制信用风险，寻找品种、期限上更具性价比的债券进行调整、配置。  展望2021年四季度，流动性稳健已经是一致预期，未来一个季度股票市场走势更加取决于经济基本面变化状况，前期市场多数板块已有所上涨，且临近年底可能出现部分投资者止盈，需要适当注意市场风险。另外，市场的配置逻辑开始向明年切换，中长线资金也大概率会再次轮动回长期景气赛道，Q4环比、2022年同比改善趋势更为重要。债券市场方面，经济基本面呈现出下行压力，有利于债券收益率下行，但PPI高企、经济结构分化，也对央行总量货币政策边际继续宽松形成一定制约，需持续关注央行货币政策操作。  基于以上分析，四季度，权益操作将继续基于行业基本面动态节奏和中长期趋势展望做比较，组合总体将保持攻防平衡，相对更看好价值类和中长期逻辑通顺且短期悲观预期已反应相对充分的消费和科技赛道。债券方面寻找细分品种机会，在严格控制信用风险的前提下，对组合固收类资产的配置进行优化调整。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:07.814Z","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=652883","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9b7fea5b3eb04b8d0f","date":"2021-06-29T16:00:00.000Z","stockId":3000000008384,"sao":"2021年上半年，经济基本面处在恢复过程中。二季度实际GDP增速7.9%，两年平均增速5.5%，较一季度的5.0%进一步恢复，基本回到潜在产出附近。结构上看，工业生产表现好于消费。上半年出口与地产投资表现相对较好，出口虽然有所波动，但总体表现较好，地产投资保持了韧性，绝对水平不低；制造业投资在恢复过程中，但可能受上游涨价及对长期经济预期偏弱影响，整体水平不高；基建投资与社消零售表现偏弱，基建投资偏弱可能与新增专项债发行速度偏慢有关，社消零售恢复较慢。通胀方面，上游大宗商品价格上涨且维持高位运行，推动PPI回升到高位，未来需要重点关注；但价格传导链条不畅，CPI低位运行。流动性方面，银行间资金面在1月下旬快速收紧，此后转松，在2、3月及二季度基本保持平稳。2021年上半年，股债资产价格波动较大。股市经历年初快速上涨，春节后快速下跌，后企稳反弹的过程，且结构分化。上半年，沪深300指数上涨0.24%，创业板指数上涨17.22%。债券收益率经历年初快速下行，在1月下旬资金面快速收紧时，债券收益率快速上行，此后在资金面恢复平稳的状态下，债券收益率震荡下行。10年国开债收益率下行约5bp，3年高等级信用债收益率下行约14bp。上半年，本基金根据市场及规模变动情况对资产配置做出调整。股票方面，寻找中长期基本面较好标的进行配置，同时考虑标的业绩与估值的平衡。债券方面，比较债券各细分品种间的利差，在不同品种间进行轮动操作，运用骑乘策略增厚收益，在严格控制信用风险的前提下，选择优质性价比债券进行配置。","declarationDate":"2021-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:07.812Z","mo":"展望2021年下半年，短期经济或处于磨顶阶段，基本面高点过后，可能不会明显转弱，而是个缓慢下行的过程。关注外需的强度，国内顺周期变量的修复进度以及信用条件收敛的力度，另外，需关注美联储政策及通胀预期的变化。基于以上分析，本基金将继续寻找基本面优质个股进行配置，债券方面寻找细分品种机会，在严格控制信用风险的前提下，对组合固收类资产的配置进行优化调整。","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=632778","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9b7fea5b3eb04b8d0e","stockId":3000000008384,"sao":"2021年一季度经济数据受年初疫情及就地过年扰动，总体看短期经济可能尚有韧性。1-2月工业增加值增速35.1%，生产表现强劲，主要或受就地过年政策支撑。1-2月固定资产投资增速35.0%，短期看剔除基数影响制造业投资存在向好的基础，基建投资表现偏弱，房地产投资表现尚可。1-2月社消零售增速33.8%，剔除基数影响整体表现偏弱。出口方面，1-2月出口（以美元计）同比60.6%，好于预期。通胀方面，CPI处于低位，PPI方面，石油相关行业和国际金属类大宗商品相关行业价格继续上涨，推动1、2月PPI连续回升。流动性方面，银行间资金面在1月下旬快速收紧，此后转松后在2、3月基本保持平稳。2021年一季度股债资产价格均经历较大波动。债市方面，10年国开债收益率上行约3bp，3-5年高等级信用债收益率上行约3-5bp。股市方面，沪深300指数下跌约3.13%。一季度，本基金根据市场及规模变动情况对股票、债券配置做出调整。保持适度久期，在严格控制信用风险的前提下，择机配置固收类资产。展望2021年二季度，疫情后的复苏和信用的收敛可能是影响经济基本面的主线，短期经济或处于冲高磨顶阶段，需持续观察经济动能的变化。基于以上分析，本基金将维持适度久期，在严格控制信用风险的前提下，对组合固收类资产的配置进行优化调整。根据股市情况，适当调整股票配置。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:07.809Z","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=569499","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9b7fea5b3eb04b8d0d","stockId":3000000008384,"sao":"2020年，新冠疫情成为扰动经济基本面及政策的重要因素。国内疫情经历爆发、控制、清零阶段，后偶有零星散发，但基本未再对国内经济生产产生大的影响。2020年3月以来海外疫情持续爆发，至今未能得到有效控制。国内经济从2、3月的冻结状态逐步向正常状态回归，2020年四个季度实际GDP增速分别为-6.8%、3.2%、4.9%和6.5%。经济恢复初期，工业生产恢复较快，基建投资、房地产投资表现相对较好，制造业投资、消费恢复较慢；2020年下半年，消费和制造业投资进一步回升，房地产和基建逐渐转为贡献韧性。海外生产受制于疫情影响而受阻，使得国内出口增速持续超预期，出口成为2020年经济快速恢复的重要推力。通胀方面，CPI高位回落，PPI低位震荡，不是影响政策的核心因素。政策方面从托底经济向正常化逐步回归。货币政策方面，央行通过降准、调降公开市场操作利率等方式释放流动性，银行间资金水平经历4月极度宽松状态后，5、6月开始边际收紧，并向常态化回归。债市方面，债券收益率先下行后上行，十年国开债收益率整年变动不大。股市方面，沪深300指数先跌后涨，全年上涨约27%。本基金于2020年8月成立，逐步完成建仓及结构调整，根据市场及规模变动情况对股票、债券配置做出调整。保持适度久期，在严格控制信用风险的前提下，择机配置固收类资产。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:07.806Z","mo":"展望2021年，经济基本面短期可能延续修复状态，整年看，疫情后的复苏和信用的收敛可能是影响经济基本面的主线，需持续观察经济动能的变化。基于以上分析，本基金将维持适度久期，在严格控制信用风险的前提下，对组合固收类资产的配置进行优化调整。根据股市情况，适当调整股票配置。","fund":{"_id":3000000008384,"__csrcFundId":8042,"stockCode":"008384","name":"银华汇益一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8384,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:13:48.053Z","status":"normal","exchange":"jj","shortName":"银华汇益一年持有期混合(008384)","inceptionDate":"2020-08-23T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华汇益一年持有期混合","setUpDate":"2020-08-23T16:00:00.000Z","setUpAssetScale":2724604912.76,"setUpShares":2724604912.76,"pinyin":"yhhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20782835","stockType":"fund_manager","exchange":"fm","tickerId":606200150,"name":"冯帆"}]},"announcement":{"linkText":"银华汇益一年持有期混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=552027","linkType":"PDF","source":"csrc_pdf"}}]}