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 ，配置不低于60%的固定收益资产（其中可转债投资比例不高于20%），剩余部分配置低波红利类股票资产，同时对股票投资部分采取灵活择时策略。（一）债券部分的投资策略： 1、基于长期利率中枢持续下行和“资产荒”的大背景，本基金选择攻守兼备的“哑铃型”策略+“票息策略”。2、本基金重视久期策略，注重久期管理，严控产品回撤。在负债端情况和资金价格较为有利的情况，适时适当运用杠杆策略增厚收益。3、城投债投资策略： （1）重点关注中高资质区域，控制债务负担较重、偿债能力较弱区域的投资比例并提高其等级要求；针对弱资质区域债券，优先投资有担保条款的债券标的；关注化债重点省份城投债的投资机会；同时重视对单个区域持仓集中度进行控制，分散风险。（2）除了关注平台所处区域外，同时关注平台的级别和重要性，主要聚焦省会级、地级市或百强县头部平台，以及地方财政部门或国资部门单一股东控股平台。（3）密切关注城投平台财务质量、银行授信变动、隐含评级变动、区域舆情变化等情况，第一时间评估其对个券信用风险和个券估值的影响。4、可转债投资策略：对可转债的选择，坚持偏债属性投资定位；低信用风险+低期权价格+高期权价值。满足公司入库制度要求基础上，遴选出相对较高TYM的可转债标的，进行信用风险研究初步排除，然后根据期权价值进行正股基本面研究，基于内在价值进行估值分析，找到低估标的（至少相对低估）。为最大可能避免可转债信用风险及其导致的较大回撤问题，我们采取了多个优化措施：首先，深入信用研究，从信用评级、企业属性、资产规模和质量等方面遴选转债，以降低信用风险。第二，尽量剔除平价较低的转债，减少偏债型转债估值波动对策略影响。第三，尽量选择到期日一年以上的转债。考虑到估值水平和遴选条件等相关因素，报告期内暂未配置可转债资产。5、公司已建立完善的信评内控流程，相关制度和风控指标建设完备，本产品始终将信用风险把控摆在固收投资首要位置。（二）股票资产的投资策略为：1、重点以红利价值类公司为主实施量化增强策略。2、量化增强策略：通过量化方法对指数成分股为主的股票进行基本面精选与估值精选两次增强。（1）第一步，基本面精选增强：对市盈率、市净率、分红率、股息率、现金流、盈利能力等基本面因子定量打分，精选150只左右的股票。基金将定期根据最新的财务指标对这些精选的股票进行更新调整。（2）第二步，估值精选增强：通过“价值投资+量化估值”，结合企业可持续竞争优势的分析，对影响企业内在价值的关键因子包括较长周期的ROE、净利润率、市场占有率、行业成长空间等进行深度研究，同时利用AI辅助研究，通过DCF模型对上述股票进行量化估值，再从中精选出50只左右具有估值性价比优势的标的进行投资。基金将定期或不定期地根据估值性价比变化对最终精选出的股票进行更新调整。3、股票资产灵活择时策略：我们根据股票的期望收益模型，根据代表性指数的历史估值分位、利润增长预期、分红预期，合理计算指数的期望收益，并结合指数的历史期望收益概率分布，设定基金股票资产的仓位水平。基金在股票市场较高估值区间保持较低的股票仓位，在较低的估值区间保持较高的股票仓位，并设立非对称的加减仓规则，目标是使组合获得超额收益的同时降低组合波动。4、行业分散化策略：基金在行业配置权重方面保持分散化，以降低组合波动。基金的量化增强策略主要是通过在细分行业内优选个股创造超额收益。5、公司投研团队秉持统一的投资理念，在研究上重点聚焦对公司可持续竞争优势、增长前景和估值的分析。基金经理与研究员均深度参与研究。公司内部建立了完善的研究讨论与分享机制。（三）重要的买入与卖出    报告期内，本基金持仓仍然以债券持仓为主，其中以利率债打底，同时配置具有一定票息优势的中高等级城投债增厚收益。与上一报告期末相比，本报告期末，一方面债券整体持仓久期有所调升；另一方面部分标的单券持仓占比有所调降。（四）“好基金+好买点”的基金投资理念    我们认为基金投资要获取较好的投资收益，需要具备“好基金+好买点”两个条件。（1）所谓“好基金”，指的是具有明确、具体、可行的投资策略，并通过重要的交易执行和一定时间长度的投资业绩验证了其相关投资策略的基金。我们努力将本基金打造成这样的基金。（2）所谓“好买点”指的是基金投资的时点选择也非常重要。因为本基金重点投资于稳健类固定收益资产、权益部分重点投资于波动性较小的低波红利类股票，同时对权益投资部分采取灵活择时策略，基金的长期波动性相对较低，因此，购买本基金无需过多考虑择时。","lastUpdated":"2026-04-22T15:36:45.336Z","fund":{"_id":3000000008757,"__csrcFundId":7746,"stockCode":"008757","name":"九泰聚鑫混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8757,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:26:02.401Z","status":"normal","exchange":"jj","inceptionDate":"2020-07-07T16:00:00.000Z","shortName":"九泰聚鑫混合(008757)","followedNum":0,"fundCollectionId":4000050980000,"currency":"CNY","masterFundShortName":"九泰聚鑫混合","setUpDate":"2020-07-07T16:00:00.000Z","setUpAssetScale":96606701.08,"setUpShares":96606701.08,"pinyin":"jtjxhhxzqtzjj","managers":[{"stockCode":"db20834322","stockType":"fund_manager","exchange":"fm","tickerId":120806215800,"name":"刘翰飞"},{"stockCode":"db20758721","stockType":"fund_manager","exchange":"fm","tickerId":250423207570,"name":"袁多武"}]},"announcement":{"linkText":"九泰聚鑫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=1481736","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbfb7fea5b3eb04bf8cd","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000008757,"sao":"本基金坚持以债券为主的投资策略。2025年四季度报告期内，在延续总体投资策略和投资理念基本不变的基础上，具体的操作管理有一定的变化。具体说明如下：（一）债券投资策略：（1）在债券投资策略上，基于长期利率中枢持续下行和“资产荒”的大背景，本基金目前选择攻守兼备的“哑铃型”策略+“票息策略”，其特点在于久期调整灵活，享有较大的凸性，有利于在收益率下行时收益较多，在收益率上行时回调较小。（2）本基金重视久期策略，注重久期管理，严控产品回撤。在负债端情况和资金价格较为有利的情况，适时适当运用杠杆策略增厚收益。报告期末，本基金持仓仍然以利率债打底，同时配置具有一定票息优势的中高等级城投债增厚收益。相对上一报告期末，利率债和中高等级城投债仍然是本基金主要持仓品种，但持仓利率债久期和产品总体久期在本报告期末较上一报告期末继续有一定幅度调降，减配了部分信用债持仓占比，缓解了收益率调整对产品收益造成的波动；与上一报告期末一样，产品并未采用杠杆策略。（二）城投债择券思路：我们仍然认为，随着国家化债决策的坚定实施，在未来较长一段时间内，城投债依然是固定收益资产中具有较高投资价值的备选。在城投债择券上，一方面，自上分析宏观利率大环境、国家财政、货币及城投相关政策，把握城投债长期趋势；另一方面，自下深入研究挖掘各区域城投债标的投资机会，寻找超额收益。具体择券思路上，我们坚持注重从(不限于)以下三个方面进行城投债择券和最大化规避信用风险：（1）重点关注中高资质区域，控制债务负担较重、偿债能力较弱区域的投资比例并提高其等级要求；针对弱资质区域债券，优先投资有担保条款的债券标的；关注化债重点省份城投债的投资机会；同时重视对单个区域持仓集中度进行控制，分散风险。（2）除了关注平台所处区域外，同时关注平台的级别和重要性，主要聚焦省会级、地级市或百强县头部平台，以及地方财政部门或国资部门单一股东控股平台。（3）密切关注城投平台财务质量、银行授信变动、隐含评级变动、区域舆情变化等情况，第一时间评估其对个券信用风险和个券估值的影响。公司已建立完善的信评内控流程，相关制度和风控指标建设完备，本产品始终将信用风险把控摆在固收投资首要位置。本报告期末，相对上一报告期末，城投债持仓有两个变化：一是城投债总体久期有所调降；二是部分城投债持仓占比有所下降。（三）我们坚定认为基金投资要获取较好的投资收益，需要具备“好基金+好买点”两个条件。（1）所谓“好基金”，指的是具有明确、具体、可行的投资策略，并通过重要的交易执行和一定时间长度的投资业绩验证了其相关投资策略的基金。我们努力将本基金打造成这样的基金。（2）所谓“好买点”指的是基金投资的时点选择也非常重要。在市场估值较低时买入基金，获得好的投资收益的概率更高。随着中国经济体量的不断增大和经济发展自有规律的作用，长期来看，潜在经济增速预计会有所下行，并大概率推动广谱利率中枢也随之趋势性下行。在此情形下，债券品种依然存在一定的资本利得空间，其仍然是重要的投资品种。同时，在国家坚定的化债决心下，城投债的信用风险得到了极大释放，尽管信用利差已大幅收窄，但化债导致的高息“资产荒”大背景下，城投债依然存在一定的挖掘空间。","lastUpdated":"2026-03-09T13:32:43.513Z","fund":{"_id":3000000008757,"__csrcFundId":7746,"stockCode":"008757","name":"九泰聚鑫混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8757,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:26:02.401Z","status":"normal","exchange":"jj","inceptionDate":"2020-07-07T16:00:00.000Z","shortName":"九泰聚鑫混合(008757)","followedNum":0,"fundCollectionId":4000050980000,"currency":"CNY","masterFundShortName":"九泰聚鑫混合","setUpDate":"2020-07-07T16:00:00.000Z","setUpAssetScale":96606701.08,"setUpShares":96606701.08,"pinyin":"jtjxhhxzqtzjj","managers":[{"stockCode":"db20834322","stockType":"fund_manager","exchange":"fm","tickerId":120806215800,"name":"刘翰飞"},{"stockCode":"db20758721","stockType":"fund_manager","exchange":"fm","tickerId":250423207570,"name":"袁多武"}]},"announcement":{"linkText":"九泰聚鑫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=1461239","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbfb7fea5b3eb04bf8cc","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000008757,"sao":"本基金坚持以纯债为主的投资策略。2025年三季度报告期内，在延续总体投资策略和投资理念基本不变的基础上，具体的操作管理有一定的变化。具体说明如下：（一）债券投资策略：（1）在债券投资策略上，基于长期利率中枢持续下行和“资产荒”的大背景，本基金目前选择攻守兼备的“哑铃型”策略+“票息策略”，其特点在于久期调整灵活，享有较大的凸性，有利于在收益率下行时收益较多，在收益率上行时回调较小。（2）本基金重视久期策略，注重久期管理，严控产品回撤。在负债端情况和资金价格较为有利的情况，适时适当运用杠杆策略增厚收益。报告期末，本基金持仓仍然以利率债打底，同时配置具有一定票息优势的中高等级城投债增厚收益。相对上一报告期末，利率债和中高等级城投债仍然是本基金主要持仓品种，但持仓利率债久期和产品总体久期在本报告期末较上一报告期末有较大幅度调降，减配了超长端期限利率债持仓占比，缓解了利率调整对产品收益造成的波动；与上一报告期末一样，产品并未采用杠杆策略。（二）城投债择券思路：我们仍然认为，随着国家化债决策的坚定实施，在未来较长一段时间内，城投债依然是固定收益资产中具有较高投资价值的备选。在城投债择券上，一方面，自上分析宏观利率大环境、国家财政、货币及城投相关政策，把握城投债长期趋势；另一方面，自下深入研究挖掘各区域城投债标的投资机会，寻找超额收益。具体择券思路上，我们坚持注重从(不限于)以下三个方面进行城投债择券和最大化规避信用风险：（1）重点关注中高资质区域，控制债务负担较重、偿债能力较弱区域的投资比例并提高其等级要求；针对弱资质区域债券，优先投资有担保条款的债券标的；关注化债重点省份城投债的投资机会；同时重视对单个区域持仓集中度进行控制，分散风险。（2）除了关注平台所处区域外，同时关注平台的级别和重要性，主要聚焦省会级、地级市或百强县头部平台，以及地方财政部门或国资部门单一股东控股平台。（3）密切关注城投平台财务质量、银行授信变动、隐含评级变动、区域舆情变化等情况，第一时间评估其对个券信用风险和个券估值的影响。公司已建立完善的信评内控流程，相关制度和风控指标建设完备，本产品始终将信用风险把控摆在固收投资首要位置。本报告期末，相对上一报告期末，城投债持仓有两个变化：一是城投债总体久期有所调降；二是更加重视配置高等级城投债，强化流动性管理。（三）我们坚定认为基金投资要获取较好的投资收益，需要具备“好基金+好买点”两个条件。（1）所谓“好基金”，指的是具有明确、具体、可行的投资策略，并通过重要的交易执行和一定时间长度的投资业绩验证了其相关投资策略的基金。我们努力将本基金打造成这样的基金。（2）所谓“好买点”指的是基金投资的时点选择也非常重要。在市场估值较低时买入基金，获得好的投资收益的概率更高。随着中国经济体量的不断增大和经济发展自有规律的作用，长期来看，潜在经济增速预计会有所下行，并大概率推动广谱利率中枢也随之趋势性下行。在此情形下，债券品种依然存在一定的资本利得空间，其仍然是重要的投资品种。同时，在国家坚定的化债决心下，城投债的信用风险得到了极大释放，尽管信用利差已大幅收窄，但化债导致的高息“资产荒”大背景下，城投债依然存在一定的挖掘空间。","lastUpdated":"2026-03-09T13:32:43.511Z","fund":{"_id":3000000008757,"__csrcFundId":7746,"stockCode":"008757","name":"九泰聚鑫混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8757,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:26:02.401Z","status":"normal","exchange":"jj","inceptionDate":"2020-07-07T16:00:00.000Z","shortName":"九泰聚鑫混合(008757)","followedNum":0,"fundCollectionId":4000050980000,"currency":"CNY","masterFundShortName":"九泰聚鑫混合","setUpDate":"2020-07-07T16:00:00.000Z","setUpAssetScale":96606701.08,"setUpShares":96606701.08,"pinyin":"jtjxhhxzqtzjj","managers":[{"stockCode":"db20834322","stockType":"fund_manager","exchange":"fm","tickerId":120806215800,"name":"刘翰飞"},{"stockCode":"db20758721","stockType":"fund_manager","exchange":"fm","tickerId":250423207570,"name":"袁多武"}]},"announcement":{"linkText":"九泰聚鑫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=1380575","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbfb7fea5b3eb04bf8cb","date":"2025-06-29T16:00:00.000Z","stockId":3000000008757,"sao":"本基金坚持以债券为主的投资策略。2025年上半年报告期内，在延续2024年确立的总体投资策略和投资理念不变的基础上，具体的操作管理有一定的变化。具体说明如下： (一)债券投资策略：(1)在债券投资策略上，基于长期利率中枢持续下行和“资产荒”的大背景，本基金目前选择攻守兼备的“哑铃型”策略+“票息策略”，其特点在于久期调整灵活，享有较大的凸性，有利于在收益率下行时收益较多，在收益率上行时回调较小。(2)本基金重视久期策略，注重久期管理，严控产品回撤。在负债端情况和资金价格较为有利的情况，适时适当运用杠杆策略增厚收益。    报告期末，本基金持仓仍然以利率债打底，同时配置具有一定票息优势的中高等级城投债增厚收益。相对2024年报告期末，利率债和中高等级城投债仍然是本基金主要持仓品种，但更加注重久期弹性管理，持仓利率债久期和总体久期在一季度末有所调降，但二季度末又有所调升，调配了超长端凸点期限利率债持仓，一定程度上增加了产品收益弹性;与2024年报告期末一样，产品并未采用杠杆策略。(二)城投债择券思路：我们仍然认为，随着国家化债决策的坚定实施，在未来较长一段时间内，城投债依然是固定收益资产中具有较高投资价值的备选。在城投债择券上，一方面，自上分析宏观利率大环境、国家财政、货币及城投相关政策，把握城投债长期趋势;另一方面，自下深入研究挖掘各区域城投债标的投资机会，寻找超额收益。具体择券思路上，我们坚持注重从(不限于)以下三个方面进行城投债择券和最大化规避信用风险：(1)重点关注中高资质区域，控制债务负担较重、偿债能力较弱区域的投资比例并提高其等级要求;针对弱资质区域债券，优先投资有担保条款的债券标的;关注化债重点省份城投债的投资机会;同时重视对单个区域持仓集中度进行控制，分散风险。(2)除了关注平台所处区域外，同时关注平台的级别和重要性，主要聚焦省会级、地级市或百强县头部平台，以及地方财政部门或国资部门单一股东控股平台。(3)密切关注城投平台财务质量、银行授信变动、隐含评级变动、区域舆情变化等情况，第一时间评估其对个券信用风险和个券估值的影响。公司已建立完善的信评内控流程，相关制度和风控指标建设完备，基金始终将信用风险把控摆在固收投资首要位置。(三)“好基金+好买点”的基金投资理念：我们坚持2024年确立的基金投资理念：我们坚信认为基金投资要获取较好的投资收益，需要具备“好基金+好买点”两个条件。    (1)所谓“好基金”，指的是具有明确、具体、可行的投资策略，并通过重要的交易执行和一定时间长度的投资业绩验证了其相关投资策略的基金。我们努力将本基金打造成这样的基金。    (2)所谓“好买点”指的是基金投资的时点选择也非常重要。在市场估值较低时买入基金，获得好的投资收益的概率更高。随着中国经济体量的不断增大和经济发展自有规律的作用，长期来看，潜在经济增速预计会有所下行，并大概率推动广谱利率中枢也随之趋势性下行。在此情形下，债券品种依然存在一定的资本利得空间，其仍然是重要的投资品种。同时，在国家坚定的化债决心下，城投债的信用风险得到了极大释放，尽管信用利差已大幅收窄，但化债导致的高息“资产荒”大背景下，城投债依然存在一定的挖掘空间。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:43.508Z","mo":"宏观经济方面，中国经济长期向好的基本趋势没有改变，支撑中国经济高质量发展的要素条件在不断积累增多。但同时，中国GDP增速从高速增长（2000-2010年均10%左右）逐步过渡到中高速（当前5%附近），中国经济发展进入了新常态。长期来看，经济体量不断变大后的自身经济规律、人口老龄化、资本回报率下降等因素也可能会压低潜在增速，并大概率推动广谱利率中枢也随之趋势性下行，这是债券市场长期有机会获得收益的基础。","fund":{"_id":3000000008757,"__csrcFundId":7746,"stockCode":"008757","name":"九泰聚鑫混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8757,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:26:02.401Z","status":"normal","exchange":"jj","inceptionDate":"2020-07-07T16:00:00.000Z","shortName":"九泰聚鑫混合(008757)","followedNum":0,"fundCollectionId":4000050980000,"currency":"CNY","masterFundShortName":"九泰聚鑫混合","setUpDate":"2020-07-07T16:00:00.000Z","setUpAssetScale":96606701.08,"setUpShares":96606701.08,"pinyin":"jtjxhhxzqtzjj","managers":[{"stockCode":"db20834322","stockType":"fund_manager","exchange":"fm","tickerId":120806215800,"name":"刘翰飞"},{"stockCode":"db20758721","stockType":"fund_manager","exchange":"fm","tickerId":250423207570,"name":"袁多武"}]},"announcement":{"linkText":"九泰聚鑫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=1344986","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbfb7fea5b3eb04bf8ca","date":"2025-03-30T16:00:00.000Z","stockId":3000000008757,"sao":"本基金坚持以债券为主的投资策略。报告期内，在坚持上一个报告期确立的总体投资策略和投资理念不变的基础上，具体的操作管理有一定的变化。（一）债券投资策略： （1）在债券投资策略上，基于长期利率中枢持续下行和“资产荒”的大背景，本基金目前选择攻守兼备的“哑铃型”策略 +“票息策略”，其特点在于久期调整灵活，享有较大的凸性，有利于在收益率下行时收益较多，在收益率上行时回调较小。 （2）本基金重视久期策略，注重久期管理，严控产品回撤。在负债端情况和资金价格较为有利的情况，适时适当运用杠杆策略增厚收益。 报告期末，本基金持仓仍然以利率债打底，获取稳健收益，同时配置具有一定票息优势的中高等级城投债增厚收益。相对上一个报告期末，利率债和中高等级城投债仍然是本基金主要持仓品种，但更加注重久期管理，利率债久期和总体久期有所调降；与上一报告期末一样，并未采用杠杆策略。 （二）城投债择券思路： 我们仍然认为，随着国家化债决策的坚定实施，在未来较长一段时间内，城投债依然是固定收益资产中具有较高投资价值的备选。在城投债择券上，一方面，自上分析宏观利率大环境、国家财政、货币及城投相关政策，把握城投债长期趋势；另一方面，自下深入研究挖掘各区域城投债标的投资机会，寻找超额收益。 具体择券思路上，我们坚持注重从（不限于）以下三个方面进行城投债择券和最大化规避信用风险： （1）重点关注中高资质区域，控制债务负担较重、偿债能力较弱区域的投资比例并提高其等级要求；针对弱资质区域债券，优先投资有担保条款的债券标的；关注化债重点省份城投债的投资机会；同时重视对单个区域持仓集中度进行控制，分散风险。 （2）除了关注平台所处区域外，同时关注平台的级别和重要性，主要聚焦省会级、地级市或百强县头部平台，以及地方财政部门或国资部门单一股东控股平台。（3）密切关注城投平台财务质量、银行授信变动、隐含评级变动、区域舆情变化等情况，第一时间评估其对个券信用风险和个券估值的影响。 公司已建立完善的信评内控流程，相关制度和风控指标建设完备，基金始终将信用风险把控摆在固收投资首要位置。 （三）“好基金+好买点”的基金投资理念：我们坚持上一个报告期内确立的基金投资理念：我们坚信认为基金投资要获取较好的投资收益，需要具备“好基金+好买点”两个条件。 （1）所谓“好基金”，指的是具有明确、具体、可行的投资策略，并通过重要的交易执行和一定时间长度的投资业绩验证了其相关投资策略的基金。我们努力将本基金打造成这样的基金。 （2）所谓“好买点”指的是基金投资的时点选择也非常重要。在市场估值较低时买入基金，获得好的投资收益的概率更高。随着中国经济体量的不断增大和经济发展自有规律的作用，长期来看，潜在经济增速预计会有所下行，并大概率推动广谱利率中枢也随之趋势性下行。在此情形下，债券品种依然存在一定的资本利得空间，其仍然是重要的投资品种。同时，在国家坚定的化债决心下，城投债的信用风险得到了极大释放，尽管信用利差已大幅收窄，但化债导致的高息“资产荒”大背景下，城投债依然存在一定的挖掘空间。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:43.503Z","fund":{"_id":3000000008757,"__csrcFundId":7746,"stockCode":"008757","name":"九泰聚鑫混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8757,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:26:02.401Z","status":"normal","exchange":"jj","inceptionDate":"2020-07-07T16:00:00.000Z","shortName":"九泰聚鑫混合(008757)","followedNum":0,"fundCollectionId":4000050980000,"currency":"CNY","masterFundShortName":"九泰聚鑫混合","setUpDate":"2020-07-07T16:00:00.000Z","setUpAssetScale":96606701.08,"setUpShares":96606701.08,"pinyin":"jtjxhhxzqtzjj","managers":[{"stockCode":"db20834322","stockType":"fund_manager","exchange":"fm","tickerId":120806215800,"name":"刘翰飞"},{"stockCode":"db20758721","stockType":"fund_manager","exchange":"fm","tickerId":250423207570,"name":"袁多武"}]},"announcement":{"linkText":"九泰聚鑫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=1276905","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbfb7fea5b3eb04bf8c9","date":"2024-12-30T16:00:00.000Z","stockId":3000000008757,"sao":"报告期内，本基金更换了基金经理，并对投资策略进行了优化。面对多空交织、复杂多变的市场环境，基于今后较长时间的经济基本面和资本市场的总体判断，相较于权益类资产，固收类资产在获取稳健收益方面更具确定性，本基金确立了以债券为主的投资策略，并将长期坚持该投资策略。（一）债券投资策略（1）在债券投资策略上，本基金基于长期利率中枢持续下行和“资产荒”的大背景，选择攻守兼备的“哑铃型”策略 +“票息策略”，其特点在于久期调整灵活，享有较大的凸性，有利于在收益率下行时收益较多，在收益率上行时回调较小。（2）本基金重视久期策略，注重久期管理，严控产品回撤。在负债端情况和资金价格较为有利的情况，适时适当运用杠杆策略增厚收益。报告期末，本基金以利率债和中高等级城投债为主要持仓品种。持仓以利率债打底，获取稳健收益，同时配置具有一定票息优势的中高等级城投债增厚收益。（二）城投债择券思路我们认为，随着国家化债决策的坚定实施，在未来较长一段时间内，城投债依然是固定收益资产中具有较高投资价值的备选。在城投债择券上，一方面，自上分析宏观利率大环境、国家财政、货币及城投相关政策，把握城投债长期趋势；另一方面，自下深入研究挖掘各区域城投债标的投资机会，寻找超额收益。具体择券思路上，我们注重从（不限于）以下三个方面进行城投债择券和最大化规避信用风险：（1）重点关注中高资质区域，控制债务负担较重、偿债能力较弱区域的投资比例并提高其等级要求；针对弱资质区域债券，优先投资有担保条款的债券标的；关注化债重点省份城投债的投资机会；同时重视对单个区域持仓集中度进行控制，分散风险。（2）除了关注平台所处区域外，同时关注平台的级别和重要性，主要聚焦省会级、地级市或百强县头部平台，以及地方财政部门或国资部门单一股东控股平台。（3）密切关注城投平台财务质量、银行授信变动、隐含评级变动、区域舆情变化等情况，第一时间评估其对个券信用风险和个券估值的影响。公司已建立完善的信评内控流程，相关制度和风控指标建设完备，基金始终将信用风险把控摆在固收投资首要位置。（三）“好基金+好买点”的基金投资理念我们认为基金投资要获取较好的投资收益，需要具备“好基金+好买点”两个条件。（1）所谓“好基金”，指的是具有明确、具体、可行的投资策略，并通过重要的交易执行和一定时间长度的投资业绩验证了其相关投资策略的基金。我们努力将本基金打造成这样的基金。（2）所谓“好买点”指的是基金投资的时点选择也非常重要。在市场估值较低时买入基金，获得好的投资收益的概率更高。随着中国经济体量的不断增大和经济发展自有规律的作用，长期来看，潜在经济增速预计会有所下行，并大概率推动广谱利率中枢也随之趋势性下行。在此情形下，债券品种依然存在一定的资本利得空间，其仍然是重要的投资品种。同时，在国家坚定的化债决心下，城投债的信用风险得到了极大释放，尽管信用利差已大幅收窄，但化债导致的高息“资产荒”大背景下，城投债依然存在一定的挖掘空间。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:43.500Z","mo":"宏观经济方面，中国经济长期向好的基本趋势没有改变，支撑中国经济高质量发展的要素条件在不断积累增多。但同时，中国GDP增速从高速增长（2000-2010年均10%左右）逐步过渡到中高速（当前5%附近），中国经济发展进入了新常态。长期来看，经济体量不断变大后的自身经济规律、人口老龄化、资本回报率下降等因素也可能会压低潜在增速，并大概率推动广谱利率中枢也随之趋势性下行。","fund":{"_id":3000000008757,"__csrcFundId":7746,"stockCode":"008757","name":"九泰聚鑫混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8757,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:26:02.401Z","status":"normal","exchange":"jj","inceptionDate":"2020-07-07T16:00:00.000Z","shortName":"九泰聚鑫混合(008757)","followedNum":0,"fundCollectionId":4000050980000,"currency":"CNY","masterFundShortName":"九泰聚鑫混合","setUpDate":"2020-07-07T16:00:00.000Z","setUpAssetScale":96606701.08,"setUpShares":96606701.08,"pinyin":"jtjxhhxzqtzjj","managers":[{"stockCode":"db20834322","stockType":"fund_manager","exchange":"fm","tickerId":120806215800,"name":"刘翰飞"},{"stockCode":"db20758721","stockType":"fund_manager","exchange":"fm","tickerId":250423207570,"name":"袁多武"}]},"announcement":{"linkText":"九泰聚鑫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=1258258","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbfb7fea5b3eb04bf8c8","date":"2024-09-29T16:00:00.000Z","stockId":3000000008757,"sao":"三季度，中国经济延续回升向好态势，经济运行总体平稳；物价水平有所回升，但依然处于相对低位。当前经济运行中的困难挑战仍然较多，特别是当前国内有效需求不足、微观主体预期不稳和信心不足的问题依旧存在。国家决策层对此较为关注，并陆续出台了相应的政策举措。尤其是9月中下旬以来，资本市场出现了一些变化，政策明显转向，首先是央行等三部委新闻发布会中，央行宣布了总量、地产、稳定资本市场三个方面的政策，力度超出市场预期，降准、降息和新工具力度较大。政治局会议罕见在开会讨论经济，体现了政策稳增长的急迫性。其次，权益市场在长期低迷后，三季度末迎来了一轮较快和较大幅度的上涨，由于股债“跷跷板”效应的存在，随着市场预期的转变，权益市场大幅反弹，债券长端和超长端收益率大幅上行。在此背景下，三季度，虽然国内利率债收益率总体下行，10年期国债收益率从二季度末的2.20%附近，下行至三季度末的2.15%附近，但振幅波动加大，并形成了大起大落的六个阶段（三个倒“V型”走势）。货币政策方面，三季度央行坚定坚持支持性立场，强化逆周期调节，优化完善货币政策框架，综合运用利率、准备金、再贷款、国债买卖等工具，加大宏观调控力度，其稳健的货币政策灵活适度、精准有效。三季度，资金和贷款市场报价利率改革成效显著，OMO和MLF政策利率均超预期调降，存款利率市场化调整机制作用有效发挥，货币政策传导效率增强，社会融资成本有所下降。虽然三季度ML续作总体有所缩量，但央行公开市场操作依然净投放超9000亿元，流动性总体保持合理充裕，短端和长端资金价格中枢在较低水平保持窄幅波动，可以说近段时间以来的资金利率走势是近6年以来最平稳的阶段。海外方面，外部环境变化带来的不确定性变多，世界经济增长动能较弱，通胀压力高位回落，主要经济体经济表现有所分化，美联储货币政策进入降息周期，其对我国货币政策约束将有效减少，即使美国通胀和就业有所反复，但从我国货币政策的定调，以及过去几年中美债市的走势看，美联储货币政策对我国债市有一定的影响，但其影响较为间接，也较为有限，市场更关注国内经济基本面和政策面。地缘政治方面，俄乌冲突胶着反复，市场关注度虽有所下降，但仍有升级可能让人难以忽视；巴以、伊以和中东冲突亦对国际地缘政治格局和全球经济构成重要影响。信用债方面，三季度信用债发行量较去年同期上升，但净融资略有下降。尤其是三季度城投债发行规模和净融资规模较2023年同期均大幅下降，净融资额大约为-2300亿元，供给导致的资产荒依然存在。从二级利差情况来看：三季度信用利差在8月初被压缩至绝对低位；此后，信用债收益率经历了1个月的上行；进入9月份后，信用债收益率虽然没有进一步下行，但在利率下行的情况下，信用利差略有被动走阔。报告期内，面对多空因素交织、复杂多变的市场环境，本基金结合产品当前规模特点和产品策略，根据当前权益市场和债券市场的不同条件进行仓位取舍，基于当前及今后较长时间的经济基本面和市场的总体判断，本基金于一季度逐步在大类资产轮动方面进行了切换，相较于权益资产，固收类资产在获取稳健收益方面更具确定性，加大了固收资产配置。在配置策略上，本产品坚持基于“资产荒“和长期利率中枢下行的大背景下，优选攻守兼备的“哑铃型“策略，以利率债打底，严控信用风险，配置中高等级信用债增厚收益，并以逆回购作为流动性资金进行择时和择券，等待和找寻超额收益；同时注重久期管理，严控产品回撤，并根据负债端情况，适当运用杠杆策略增厚收益。报告期末以中高等级城投债为主要持仓品种。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:43.497Z","fund":{"_id":3000000008757,"__csrcFundId":7746,"stockCode":"008757","name":"九泰聚鑫混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":8757,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:26:02.401Z","status":"normal","exchange":"jj","inceptionDate":"2020-07-07T16:00:00.000Z","shortName":"九泰聚鑫混合(008757)","followedNum":0,"fundCollectionId":4000050980000,"currency":"CNY","masterFundShortName":"九泰聚鑫混合","setUpDate":"2020-07-07T16:00:00.000Z","setUpAssetScale":96606701.08,"setUpShares":96606701.08,"pinyin":"jtjxhhxzqtzjj","managers":[{"stockCode":"db20834322","stockType":"fund_manager","exchange":"fm","tickerId":120806215800,"name":"刘翰飞"},{"stockCode":"db20758721","stockType":"fund_manager","exchange":"fm","tickerId":250423207570,"name":"袁多武"}]},"announcement":{"linkText":"九泰聚鑫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=1180181","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbfb7fea5b3eb04bf8c7","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