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49、49.5、49.7。货币政策方面，经历了一季度的收紧，二季度转为呵护。本产品在2025年上半年，权益部分，基于对于市场的判断，主要配置低估值、低波动、性价比高的可转债和股票；债券部分，结合对经济基本面、货币政策和债券市场行为的判断，一季度提前降低了组合久期和杠杆，二季度通过大行和股份行二永债等品种适当抬升了组合久期和杠杆。组合稳健运作，以中短久期中高等级信用债为主，主要投向国股大行发行的金融债等，同时运用久期、杠杆、波段操作等多个子策略力争提升产品收益。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:17.065Z","mo":"近期受权益表现较好，“反内卷”带动商品期货价格上涨，叠加机构出现预防性赎回等因素的影响，债市出现一定的调整。我们判断，当前经济基本面仍是弱复苏，货币政策仍是偏宽松的基调，经过近期调整后，中等、中短久期债券收益率有进一步下行的空间。权益方面，我们判断短期存在回调的可能，但是调整后继续上涨的概率较高，看好红利和科技类。站在目前时间点，需要持续跟踪后续中美关税战的演进以及对于国内经济的实际影响、接下来的财政政策、货币政策和银行间市场资金价格变化等，进而做出相应的应对。","fund":{"_id":3000000008893,"areaCode":"cn","stockType":"fund","stockCode":"008893","tickerId":8893,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","lastUpdated":"2026-04-30T21:30:45.080Z","name":"创金合信鑫利混合型证券投资基金","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2020-01-12T16:00:00.000Z","setUpScale":200481000,"shortName":"创金合信鑫利混合(008893)","__csrcFundId":7094,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-16T16:00:00.000Z","followedNum":6,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信鑫利混合","setUpDate":"2020-01-16T16:00:00.000Z","setUpAssetScale":200316136.46,"setUpShares":200316136.46,"pinyin":"cjhxxlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801432903","stockType":"fund_manager","exchange":"fm","tickerId":252506162300,"name":"闫一帆"},{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"}]},"announcement":{"linkText":"创金合信鑫利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=1338229","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc1d7fea5b3eb04c212b","date":"2025-03-30T16:00:00.000Z","stockId":3000000008893,"sao":"2025年一季度，债券市场波动较大，主要受银行间市场资金面持续紧张以及去年12月过度透支了降息预期带动的收益率快速下行等影响，其中春节前长端和超长端利率债表现较短端和中短端好，春节后长端和超长端上行幅度较大。相较2024年年底收益率位置，各期限各品种收益率均出现较大幅度上行，其中1年期大行CD由1.575%最高上行至2.025%，10年国债收益率由1.6752%最高上行至1.8957%。3月中旬受央行OMO净投放的影响，资金面出现一定缓解，收益率开始下行。经济基本面方面，在经济高质量发展的定调下，呈现弱复苏，2025年1月至3月制造业PMI逐步回升，分别为49.1、50.2、50.5。货币政策方面，虽然仍然是支持性的货币政策，但银行间市场的资金价格持续较高。站在目前时间点，需要持续跟踪贸易战对于国内经济的实际影响、接下来的财政政策出台、货币政策和银行间市场资金价格等，进而做出相应的应对。本产品在2025年一季度，基于对于权益市场的判断，除了原有的，继续增配了一些低估值、低波动、性价比高的可转债和股票。基于产品的定位，以及对经济基本面、货币政策和债券市场行为的判断，债券部分以利率债、中高等级信用债为主，主要投向区域经济发展有前景且财力还不错区域的城投债，高景气度行业的央企、国企产业债，国股大行发行的金融债等，同时运用久期、杠杆、波段操作等多个子策略力争提升产品收益。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:17.063Z","fund":{"_id":3000000008893,"areaCode":"cn","stockType":"fund","stockCode":"008893","tickerId":8893,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","lastUpdated":"2026-04-30T21:30:45.080Z","name":"创金合信鑫利混合型证券投资基金","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2020-01-12T16:00:00.000Z","setUpScale":200481000,"shortName":"创金合信鑫利混合(008893)","__csrcFundId":7094,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-16T16:00:00.000Z","followedNum":6,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信鑫利混合","setUpDate":"2020-01-16T16:00:00.000Z","setUpAssetScale":200316136.46,"setUpShares":200316136.46,"pinyin":"cjhxxlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801432903","stockType":"fund_manager","exchange":"fm","tickerId":252506162300,"name":"闫一帆"},{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"}]},"announcement":{"linkText":"创金合信鑫利混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1265036","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc1d7fea5b3eb04c212a","date":"2024-12-30T16:00:00.000Z","stockId":3000000008893,"sao":"2024年的债市，除了3月中上旬、4月下旬、8月中上旬收益率出现了一定的上行回调，以及9月下旬受政策变化使得权益表现较好、机构预防性赎回引发集中抛售导致债券市场出现较大幅度调整之外，全年整体表现超出市场年初的普遍预期，走出了债牛行情，而且长久期和超长久期利率债表现占优。一方面是因为经济基本面方面，在经济高质量发展的定调下，经济呈弱复苏态势；另一方面，货币政策整体上偏宽松，2024年降准了2次，OMO也降息了2次，央行于8月份起、10月份起开展了国债买卖、买断式逆回购操作，其中，2月5日和9月27日分别降准了0.5个百分点；7月22日和9月27日7天逆回购利率分别降息10BP、20BP至目前的1.5%。尤其是12月9日召开的中央政治局会议将连续实施了14年的“稳健的货币政策”改为“适度宽松的货币政策”，加速了长端收益率的快速下行。2024年前三季度以债券投资为主，2024年第四季度，基于对于权益市场的判断，增配了一些低估值、低波动、性价比高的可转债和股票。债券部分，基于产品的定位，以及对经济基本面、货币政策和债券市场行为的判断，主要投向区域经济发展有前景且财力还不错区域的城投债，高景气度行业的央企、国企产业债，国资控股的券商、国股大行发行的次级债、永续债等，以及利率债，通过对信用利差、行业利差、区域利差、品种利差的比较和替换，运用久期、杠杆、信用、波段操作等多个子策略提升产品收益。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:17.060Z","mo":"经济基本面方面，我们判断经济仍在复苏中，复苏进程和程度有待观察。货币政策方面，我们判断在稳增长的大背景下，大概率会中性偏宽松，但是由于“防止资金空转套利”的要求在，不会过度宽松。信用方面，我们判断，2025年信用债的整体违约风险下降，利差后续可能会分化。在目前绝对收益率和利差较低的现状下，2025年的债市可能波动会加大但也蕴含了一些波段交易性机会。在目前信用利差、期限利差较低的情况下，会以利率债、中高等级信用债为主，综合采用骑乘、杠杆、波段等策略，在合理控制风险的前提下，力争提升产品收益。","fund":{"_id":3000000008893,"areaCode":"cn","stockType":"fund","stockCode":"008893","tickerId":8893,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","lastUpdated":"2026-04-30T21:30:45.080Z","name":"创金合信鑫利混合型证券投资基金","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2020-01-12T16:00:00.000Z","setUpScale":200481000,"shortName":"创金合信鑫利混合(008893)","__csrcFund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00指数下跌22%。转债市场全年震荡下跌，中证转债指数全年下跌10%。转债市场的下跌不仅受到股票市场下跌的影响，也受到债券市场调整、理财资金撤出的影响。报告期内本基金精选基本面优质、估值较为合理的可转债和股票进行配置，整体仓位随着宏观事件变化进行调整，对投资组合也进行了一定的调整。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:17.039Z","mo":"展望2023年，国内经济预计出现修复。一方面疫情的影响已经减弱，将对消费的信心和场景都形成提振，也不会对生产端造成劳动力制约；另一方面地产在政策的刺激下，将会有所修复。受到经济提振的影响，CPI预计温和抬升。货币政策考虑到助力经济增长，将维持偏宽松的政策。展望股票市场，社融逐步改善，消费场景正常化，政策面支持力度增强，企业盈利修复具备改善空间，这将会带动市场整体有所上涨。展望转债市场，转债在流动性偏宽松的环境下，后续仍可能随着股票市场上行而继续有所表现；但可转债市场整体估值偏贵，限制了后续转债市场的收益空间，在投资上将更加重视筛选性价比较高的个券的投资机会。","fund":{"_id":3000000008893,"areaCode":"cn","stockType":"fund","stockCode":"008893","tickerId":8893,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","lastUpdated":"2026-04-30T21:30:45.080Z","name":"创金合信鑫利混合型证券投资基金","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2020-01-12T16:00:00.000Z","setUpScale":200481000,"shortName":"创金合信鑫利混合(008893)","__csrcFundId":7094,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-16T16:00:00.000Z","followedNum":6,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信鑫利混合","setUpDate":"2020-01-16T16:00:00.000Z","setUpAssetScale":200316136.46,"setUpShares":200316136.46,"pinyin":"cjhxxlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801432903","stockType":"fund_manager","exchange":"fm","tickerId":252506162300,"name":"闫一帆"},{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"}]},"announcement":{"linkText":"创金合信鑫利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=864593","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc1d7fea5b3eb04c2121","date":"2022-09-29T16:00:00.000Z","stockId":3000000008893,"sao":"2022年三季度债券市场利率整体震荡下行，信用债表现总体强于利率债，期限利差有所扩大，信用利差延续压缩。上半年债市在疫情短期反复和政策宽松刺激下，利率水平变化偏于震荡；三季度后，经济维持偏弱的状态，而货币政策为支持经济增长向常态水平修复，延续了偏宽松的银行间资金面状态，隔夜回购利率DR001保持在1.2%附近，7天回购利率DR007保持在1.6%附近。短期利率中枢水平下移，带动债券市场总体收益率曲线重新定价并下移，短端下行快于长端，期限利差扩大；而资金成本便宜，使得信用利差得以继续压缩。步入9月份，已根据偏宽松环境定价的债券市场利率，缺乏经济增长和政策宽松的更多利好，基于美联储大幅加息和人民币汇率贬值压力以及预期9月份金融数据转好，市场利率出现10bp左右的普遍上行，利率债上行幅度多于信用债。整个三季度信用债表现要强于利率债。2022年四季度债市仍将处于震荡的环境。第一，常态核酸可以相对有效应对疫情，疫情总体得控，再度出现对经济短期深度冲击的概率下降，但消费领域的恢复时间预计会有所延长；第二，经过上半年政策持续的放松，地产的恢复形势预计会比上半年要好，同时考虑基数原因，同比数据持续转好的概率提高；基建方面也有新的政策落地，如政策性金融支持等。因此，下半年的经济恢复预计是要好于上半年的。对应到货币政策而言，在经济增长向常态水平修复过程中，货币政策大概率维持总体偏宽松，短期市场利率水平预计也会相应有所抬升，DR007的均值水平预计会从当前1.6%附近的偏低水平向政策利率逐渐靠拢。通胀问题会制约货币政策过于宽松，但还不足以让货币政策因此大幅抬升。下半年通胀压力将更多来自猪价因素，而非总需求因素，核心CPI有望保持稳定。因此，鉴于经济的继续恢复和货币政策潜在的边际微调，债市缺乏明显的机会，但经济恢复并不强劲，也会限制债市的调整风险，四季度债券市场可能总体延续震荡局面。债券投资策略上需继续保持中性偏防御的状态，不宜过度激进；票息策略优于久期策略。三季度本基金延续稳健的投资风格，以配置策略为主，挖掘城投债的区域利差，获取票息收入，同时底仓信用债注重防范信用风险。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:17.036Z","fund":{"_id":3000000008893,"areaCode":"cn","stockType":"fund","stockCode":"008893","tickerId":8893,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","lastUpdated":"2026-04-30T21:30:45.080Z","name":"创金合信鑫利混合型证券投资基金","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2020-01-12T16:00:00.000Z","setUpScale":200481000,"shortName":"创金合信鑫利混合(008893)","__csrcFundId":7094,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-16T16:00:00.000Z","followedNum":6,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信鑫利混合","setUpDate":"2020-01-16T16:00:00.000Z","setUpAssetScale":200316136.46,"setUpShares":200316136.46,"pinyin":"cjhxxlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801432903","stockType":"fund_manager","exchange":"fm","tickerId":252506162300,"name":"闫一帆"},{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"}]},"announcement":{"linkText":"创金合信鑫利混合型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=803038","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc1d7fea5b3eb04c2120","date":"2022-06-29T16:00:00.000Z","stockId":3000000008893,"sao":"2022年上半年债券市场整体趋势下行，呈现信用债表现强于利率债，期限利差扩大和信用利差压缩的局面。年初基于经济下行担忧和政策宽松预期，债券市场利率明显下行；但2月份之后，经济金融数据短期表现良好，债券市场普遍出现20-30bp的上行调整；而步入4-5月份，上海等地疫情对短期国内经济形成较大的负面冲击，货币政策也跟随调整，维持偏宽松的货币市场利率水平，隔夜回购利率水平从2.1%附近下降，并持续维持在1.6%左右。资金成本的低廉、市场对收益的追逐，加之疫情冲击的短期性质和经济恢复趋势不变，导致中短期债券利率下行和信用利差压缩，而长端品种维持小幅震荡。步入6月后，上海等地疫情总体得到控制，债券市场重新回归至经济恢复的主线上，而对短期偏低的市场利率水平重新回归政策利率的预期抬升，债市出现一定幅度的利率上行。整体来看，利率债在疫情冲击和政策刺激的预期反复中表现震荡，信用债则在资金利率持续维持在低位水平下，表现强劲，信用利差总体明显压缩。    报告期内，本基金秉承稳健运作的投资风格，以信用债为主，以获得最优票息，同时严控信用风险，适度使用杠杆提升组合收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:17.033Z","mo":"2022年下半年债市仍将处于震荡的环境。第一，常态核酸可以相对有效应对疫情，疫情总体得到控制，再度出现对经济短期深度冲击的概率下降，而防控适度放松的概率在提高，这有利于消费领域的恢复；第二，由于上半年政策持续的放松，地产的恢复形势预计会比上半年要好，基建方面也有新的政策落地，如政策性金融支持等。因此，下半年的经济恢复预计是要好于上半年的。对应到货币政策而言，短期市场利率水平预计也会相应有所抬升，DR007的均值水平预计将会从当前1.6%附近的偏低水平向政策利率靠拢。通胀问题会制约货币政策过于宽松，但还不足以让货币政策因此大幅抬升。下半年通胀压力将更多来自猪价因素，而非总需求因素，核心CPI有望保持稳定。因此，鉴于经济的继续恢复和货币政策潜在的边际微调，基于短期资金利率持续偏低带动的债市行情，利率下行的可持续性仍是需要关注的。来自基本面的利多因素趋于弱化，而利空因素有可能在积累力量。债券投资策略上需继续保持中性偏防御的状态，不宜过度激进；票息策略优于久期策略。","fund":{"_id":3000000008893,"areaCode":"cn","stockType":"fund","stockCode":"008893","tickerId":8893,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","lastUpdated":"2026-04-30T21:30:45.080Z","name":"创金合信鑫利混合型证券投资基金","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2020-01-12T16:00:00.000Z","setUpScale":200481000,"shortName":"创金合信鑫利混合(008893)","__csrcFundId":7094,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-16T16:00:00.000Z","followedNum":6,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信鑫利混合","setUpDate":"2020-01-16T16:00:00.000Z","setUpAssetScale":200316136.46,"setUpShares":200316136.46,"pinyin":"cjhxxlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801432903","stockType":"fund_manager","exchange":"fm","tickerId":252506162300,"name":"闫一帆"},{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"}]},"announcement":{"linkText":"创金合信鑫利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=779828","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc1d7fea5b3eb04c211f","date":"2022-03-30T16:00:00.000Z","stockId":3000000008893,"sao":"2022年一季度债券市场利率水平呈现先下后上的震荡行情，短端利率表现相对好于长端。市场的主线是经济的筑底和政策的靠前发力刺激。面对地产销售低迷和疫情反复对经济的负面影响，国内经济总体呈现增长乏力状态；对于全年要实现5.5%GDP增长的政策目标，一季度开局的压力较为显著。因此，政策总体延续去年四季度宽松，包括财政和货币政策，甚至是有所加码的。财政方面，提前下发地方债，提升财政支出增速，央行上缴万亿利润等，财政政策成为发力的重要点；而面对持续低迷的房地产市场，因城施策推动全国多地城市实行降首付、降贷款利率等房地产放松政策，以提振房地产销售；货币政策方面，一季度也进行了降息降准，银行间流动性较为充裕。综合施力下，应该说经济下滑的态势有所稳住，1-2月经济金融数据总体表现超出预期，虽然持续性仍存疑；这也成为2月后债市出现调整的主要因素。相比之下，货币政策维持偏宽松的预期较为稳定，因此短端利率表现总体要好于长端。信用债方面，由于资金利率整体便宜且预期稳定，信用利差整体处于低位；但低等级信用品种，在地产违约持续的环境下，风险偏好仍较低，评级利差处于较高水平。最后，由于股票市场持续下跌导致固收+产品赎回压力加剧，银行类债券被迫抛售，利差扩张要大于其他品种。报告期内，本基金结合当前及未来宏观政策形势变化的判断，以债券投资为主，控制信用风险暴露情况，控制组合杠杆总体水平，以稳健的投资风格力争为投资者获取良好的投资回报。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:17.031Z","fund":{"_id":3000000008893,"areaCode":"cn","stockType":"fund","stockCode":"008893","tickerId":8893,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","lastUpdated":"2026-04-30T21:30:45.080Z","name":"创金合信鑫利混合型证券投资基金","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2020-01-12T16:00:00.000Z","setUpScale":200481000,"shortName":"创金合信鑫利混合(008893)","__csrcFundId":7094,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-16T16:00:00.000Z","followedNum":6,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信鑫利混合","setUpDate":"2020-01-16T16:00:00.000Z","setUpAssetScale":200316136.46,"setUpShares":200316136.46,"pinyin":"cjhxxlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801432903","stockType":"fund_manager","exchange":"fm","tickerId":252506162300,"name":"闫一帆"},{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"}]},"announcement":{"linkText":"创金合信鑫利混合型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=721750","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc1d7fea5b3eb04c211e","date":"2021-12-30T16:00:00.000Z","stockId":3000000008893,"sao":"2021年度，本基金立足中长期维度，以高景气行业为主要配置方向，精选龙头个股。组合中，股票的配置保持偏高的比例，个股风格偏中长期成长型。进入三季度，由于疫情的持续反复，造成全球经济秩序混乱，产业链供应链的供需失衡严重，上游原材料价格高企，逐渐挤占中下游，企业盈利开始下行，经济面临较大下行压力。此外，教育、互联网、房地产、医药、煤炭等行业陆续出台监管政策，加剧了高景气行业的拥挤度，市场博弈开始加剧，板块行情持续性变差，剧烈的风格转换造成了净值出现一定幅度的回撤。当下，在投资风格与市场发生不匹配的阶段，我们要不断反思和总结，适当均衡配置，以期为投资者提供更好的持有体验。伴随着国内经济结构化转型，行业发展持续分化，A股市场也愈加呈现显著的结构性行情。我们通过对发达国家成熟市场运行规律的研究发现，股市的长期投资收益主要来自经济和产业结构的变迁，而中短期超额收益取决于景气度的高低。因此，我们的投资方法始终坚持聚焦中长期行业景气变化及景气行业的筛选，积极把握宏观经济与产业趋势共振的结构性投资机会。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:17.028Z","mo":"债券市场方面，2021年全年债券市场利率呈现震荡下行的慢牛行情。长端方面，10年国债利率在1月初3.27%附近下行至12月末的2.77%，短端方面，全年7天回购利率DR007平均值为2.17%，与央行稳健中性的货币政策的基调相匹配。当前宏观经济仍有下行压力。经济主要下行压力仍来源于房地产市场。伴随前三个季度融资的持续压缩和市场风险偏好下降，四季度地产销售和投资出现明显下滑，四季度房地产按揭贷和开发贷虽有缓解，但未有根本转变。出口方面，疫情延续下生产替代效应和欧美刺激未完全退出，出口增速可能延续相对偏高水平。消费维持偏弱局面，仍受制于疫情局部反复，中低收入群体收入增长缓慢，压制聚餐、旅游等消费。短期来看，经济下滑最快阶段或将过去。基于防控系统性风险的角度，房地产融资在开发贷、按揭贷边际放松，可以减缓地产投资的下行压力。当前货币政策的思路主要在于稳增长和防风险的平衡。在经济偏弱、趋于下行的环境，货币政策仍需保持总体宽松的态势，但更注重结构性宽信用手段，支撑民企、小微企业、碳排放等高质量发展领域。信用利差压缩且处于低位，资金价格在低位平稳运行，高评级信用利差继续压缩，银行债券成交活跃，而低等级信用品种，包括地产和低等级城投的市场偏好仍较低。  往后展望，经济政策均有利于债市。主要配置中高等级信用债和利率债，保证组合整体流动性和控制组合波动性，久期可以维持中性偏高的状态。结合当前及未来宏观政策形势变化的判断，控制信用风险暴露情况，控制组合杠杆总体水平，以稳健的投资风格力争为投资者获取良好的投资回报。权益市场方面，回顾2021年，在总体流动性偏松的环境下，资本市场的表现可谓极具分化。从全球大类资产看，与经济复苏高度相关的原油、天然气、铜等大宗商品表现最为亮眼，而黄金、白银等在风险偏好压制下表现不佳；从全球股市看，由于经济修复的不同步，欧美市场表现尚佳，而最先修复的中国股市进入调整；从A股市场风格看，中小市值表现强劲，而大市值公司则成为拖累；从行业表现看，PPI-CPI剪刀差拉大，偏上游的钢铁、煤炭、有色等行业表现强劲，而持续低迷的消费行业则差强人意。此外，行业的阶段性表现也错综复杂。展望2022年，宏观环境将更趋严峻和复杂，不确定性增强，市场波动加剧。一方面，疫情进入尾声阶段，各国通关在即，全球经济秩序将加速恢复，在全球能源价格持续高位背景下，通胀高企将促使美国加速流动性收缩。另一方面，国内宏观经济与企业盈利依然会面临很大压力，“稳字当头”的经济主基调下，流动性相对宽松。因此，中美经济周期同政策周期错位将更加明显。我们判断权益市场的结构性行情依然是市场的主要特征。主要的投资策略大致分为两个维度，一是重点聚焦景气行业，如关注能源革命背景下的新型电力系统的投资机会，关注汽车行业由电气化向智能化转换的投资机会，以及关注大国崛起背景下的高端制造的投资机会。二是重点关注疫情影响下困境反转行业的修复性投资机会。此外，关注国企改革相关的投资机会。","fund":{"_id":3000000008893,"areaCode":"cn","stockType":"fund","stockCode":"008893","tickerId":8893,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","lastUpdated":"2026-04-30T21:30:45.080Z","name":"创金合信鑫利混合型证券投资基金","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2020-01-12T16:00:00.000Z","setUpScale":200481000,"shortName":"创金合信鑫利混合(008893)","__csrcFundId":7094,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-16T16:00:00.000Z","followedNum":6,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信鑫利混合","setUpDate":"2020-01-16T16:00:00.000Z","setUpAssetScale":200316136.46,"setUpShares":200316136.46,"pinyin":"cjhxxlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801432903","stockType":"fund_manager","exchange":"fm","tickerId":252506162300,"name":"闫一帆"},{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"}]},"announcement":{"linkText":"创金合信鑫利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=709668","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc1d7fea5b3eb04c211d","date":"2021-09-29T16:00:00.000Z","stockId":3000000008893,"sao":"债券市场方面，2021年三季度债券市场利率水平呈现先下后上的行情。长端方面，10年国债利率在央行降准操作的带动下，从7月初3.05%附近的平台下行至9月末2.85%附近的平台，短端方面，三季度7天回购利率DR007平均值为2.16%，与二季度基本持平，也与央行稳健中性的货币政策的基调相匹配。三季度债券市场行情的主要驱动力在于央行7月份意外降准的行为带动了市场宽松预期的提升，从而带来了收益率曲线的整体下行。随后则是市场在逐步修正过度宽松的货币政策预期，市场收益率逐步向上修复到合理水平附近。往后展望，四季度债券市场存在一定的分化压力，在理财净值化转型的背景下，利率债表现可能强于信用债，短债表现可能强于长债。报告期内，固收部分，本基金结合当前及未来宏观政策形势变化的判断，灵活调整组合久期水平，控制信用风险暴露情况，控制组合杠杆总体水平，以稳健的投资风格力争为投资者获取良好的投资回报。权益市场方面，三季度各大指数尽管看似平稳，实则暗流涌动。进入三季度，经济回落幅度明显超预期，生产、消费、投资、社融、就业等各项指标也全面走弱，出口成为唯一亮点。疫情恢复进入后半程，一方面，全球需求和贸易恢复带动主要制造业国家的出口；另一方面，由于各国防控节奏和力度不一致，导致经济活动尤其是生产环节的供需错配异常严重，原材料价格不断上涨，制造端的成本压力激增。叠加碳中和背景下能耗双控和拉闸限电，加剧全球能源短缺，导致短期宏观经济的不可预测，引发流动性预期混乱。受教育、互联网、医疗、房地产等行业政策及利空事件影响，行业分化加大，市场主线混乱，行业轮动快，投资行为短期化，加剧市场波动。因此，报告期内，本基金鉴于短期波动不可控，坚持基于中长期角度，以行业和基本面为出发点，积极配置趋势确定且持续的行业和业绩确实性高优质个股。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:17.025Z","fund":{"_id":3000000008893,"areaCode":"cn","stockType":"fund","stockCode":"008893","tickerId":8893,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","lastUpdated":"2026-04-30T21:30:45.080Z","name":"创金合信鑫利混合型证券投资基金","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2020-01-12T16:00:00.000Z","setUpScale":200481000,"shortName":"创金合信鑫利混合(008893)","__csrcFundId":7094,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-16T16:00:00.000Z","followedNum":6,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信鑫利混合","setUpDate":"2020-01-16T16:00:00.000Z","setUpAssetScale":200316136.46,"setUpShares":200316136.46,"pinyin":"cjhxxlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801432903","stockType":"fund_manager","exchange":"fm","tickerId":252506162300,"name":"闫一帆"},{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"}]},"announcement":{"linkText":"创金合信鑫利混合型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=653737","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc1d7fea5b3eb04c211c","date":"2021-06-29T16:00:00.000Z","stockId":3000000008893,"sao":"2021年上半年宏观经济延续恢复节奏，继续向潜在增速靠拢；中国一季度GDP同比增长18.3%，二季度GDP同比增7.9%，上半年GDP同比增长12.7%，两年复合增长5.3%。总体上，国内经济稳中运行，但结构表现仍保持分化、冷热不均，未有过热的风险，其中房地产市场和外需产业链保持较高景气度，成为经济恢复的主要力量，而消费则受疫情影响离完全恢复仍有距离。通胀仍是结构性特征，CPI受猪价大跌带动下行，核心CPI恢复但总体低位；国内外需求总体旺盛和供给约束双重作用下，PPI快速上涨，但向CPI传导尚不显著。政策方面，基于通胀的结构特征和支持经济继续恢复，上半年央行维持“稳”字当头基调，货币市场利率维持低位，流动性总体维持偏宽松状态。债券市场方面，在偏宽松流动性的支撑下，上半年债市维持偏牛格局，中间震荡主要源自资金面波动，发生于1月底和6月末。市场曲线总体呈现牛陡特征，信用利差压缩；利率债及高评级品种绝对利率和利差水平处于历史相对低位，相比之下，中低等级品种因市场信用风险偏好回归缓慢，维持相对较高利差，配置价值相对较优，但仍需要注意防范信用风险、精选个券。报告期内，固收部分，本基金结合当前及未来宏观政策形势变化的判断，灵活调整组合久期水平，控制信用风险暴露情况，控制组合杠杆总体水平，以稳健的投资风格力争为投资者获取良好的投资回报。权益市场方面，国内外环境依然错综复杂，同时病毒变异使得疫情出现不同程度的反复，加剧了经济的脆弱性。中短期流动性的边际变化将成为影响权益市场的主导变量，因此，受国内货币政策正常化以及美联储退出QE的预期判断影响，市场呈现反复震荡。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:17.023Z","mo":"展望下半年，跨周期调节仍然是宏观政策的主基调。货币政策预计将继续维持偏宽松局面以支持经济向潜在增速恢复，社融增速总体平稳回落和宏观杠杆率稳定，来自防风险的大幅收紧可能性较低。财政政策有望发力，精准施策，使得经济应对外围不利冲击的能力增强。经济增长方面，下半年宏观经济维持恢复态势，出现明显的过热风险或下行压力的概率均不高，通胀结构性压力将有所缓解，PPI预计从高位回落。尽管基数原因，经济增速呈现逐季回落，出口对经济拉动亦逐渐减弱，但制造业投资持续回升，消费逐渐改善，都将提升经济增长的质量，经济的结构性特征日益明显。对于债券市场而言，预计仍是偏震荡的局面，在当前利率和高等级品种总体水平和利差偏低的情况下，主要机会仍在中低等级信用债的信用利差压缩，但仍需防范弱资质产业主体的违约风险。对于权益市场而言，由于对流动性收缩预期的影响，波动性也将加剧。从中长期角度，本基金更多聚焦中观研究，从产业链视角，重点关注宏观经济与产业趋势共振的行业；从景气度视角，重点配置景气度向上且持续，业绩估值匹配度较高的龙头公司，充分把握市场的结构性投资机会。","fund":{"_id":3000000008893,"areaCode":"cn","stockType":"fund","stockCode":"008893","tickerId":8893,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","lastUpdated":"2026-04-30T21:30:45.080Z","name":"创金合信鑫利混合型证券投资基金","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2020-01-12T16:00:00.000Z","setUpScale":200481000,"shortName":"创金合信鑫利混合(008893)","__csrcFundId":7094,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-16T16:00:00.000Z","followedNum":6,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信鑫利混合","setUpDate":"2020-01-16T16:00:00.000Z","setUpAssetScale":200316136.46,"setUpShares":200316136.46,"pinyin":"cjhxxlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801432903","stockType":"fund_manager","exchange":"fm","tickerId":252506162300,"name":"闫一帆"},{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"}]},"announcement":{"linkText":"创金合信鑫利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=630365","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc1d7fea5b3eb04c211b","stockId":3000000008893,"sao":"2021年一季度宏观经济方面，经济仍在持续恢复，但预计全年大超预期的概率较低；在防风险的融资约束下，房地产表现今年将较2020年有所转弱，基建投资也将维持偏弱；通胀预计有所上行但可控。市场方面，利率债供给有一定压力，但发行节奏预计将较为平滑。货币政策方面，高层会议定调，政策需维持连续性、稳定性和可持续性，从基调上来说，货币政策总体是中性的，不会有大松大紧的波动，边际变化仍看经济表现和防风险之间调整。对于债券市场而言，接下来机遇与风险并存，市场波动幅度总体较2020年明显降低。    报告期内，本基金的债券投资结合当前及未来宏观政策形势变化的判断，在缺乏趋势机会的条件下，灵活调整组合久期水平，同时控制信用风险暴露情况吗，以高评级债券为主，兼顾组合流动性情况，控制组合杠杆总体水平，以稳健的投资风格力争为投资者获取良好的投资回报。债券部分：        2021年一季度债券市场可分为三个阶段：（1）信用违约事件冲击下，宽松小周期开启，1年期国债收益率最低下行至1月13日的2.29%；（2）春节前的“小钱荒”，使短端1年期国债收益率迅速上行至1月28日的的2.7%；（3）由于市场微观交易结构的原因，春节后海外再通胀交易升温以及美债的上行超预期，并未对市场带来明显利空，春节后收益率整体平稳而略有下行。   从宏观层面，经济仍在持续恢复但预计全年大超预期的概率较低；在防风险的融资约束下，房地产表现今年将较2020年有所转弱，基建投资也将维持偏弱；通胀预计有所上行但可控。市场方面，利率债供给有一定压力，但发行节奏预计将较为平滑。货币政策方面，高层会议定调，政策需维持连续性、稳定性和可持续性，从基调上来说，货币政策总体是中性的，不会有大松大紧的波动，边际变化仍看经济表现和防风险之间调整。对于债券市场而言，接下来机遇与风险并存，预计震荡幅度总体较2020年明显降低。    投资策略上，组合固收部分仍然以中高评级信用债、利率债为主要配置方向，久期保持在0.5-2年左右，追求组合流动性与收益增强的均衡。    权益部分：     回顾一季度权益市场，主要指数均出现较大幅度的波动，尤其春节后以核心资产为代表的龙头遭遇快速大幅向下调整。其中，上证指数下跌0.90%，振幅达11.61%；沪深300下跌3.13%，振幅20.10%；创业板指下跌7.00%，振幅达29.40%。产品运作方面，由于配置上以高景气行业的龙头公司为主，因此导致产品产生较大回撤。    整体上，2021年的宏观环境相比2020年更加复杂，市场将更多受外部因素影响，结构性行情特征将更为明显，投资风格也将从估值驱动转向盈利驱动。因此，投资策略上，仍然积极配置行业景气度高且业绩持续性强的优质个股，投资主线聚焦于碳中和带来巨大变革的行业，以及经济复苏受益的行业，同时关注估值合理的核心资产。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:17.020Z","fund":{"_id":3000000008893,"areaCode":"cn","stockType":"fund","stockCode":"008893","tickerId":8893,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","lastUpdated":"2026-04-30T21:30:45.080Z","name":"创金合信鑫利混合型证券投资基金","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2020-01-12T16:00:00.000Z","setUpScale":200481000,"shortName":"创金合信鑫利混合(008893)","__csrcFundId":7094,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-16T16:00:00.000Z","followedNum":6,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信鑫利混合","setUpDate":"2020-01-16T16:00:00.000Z","setUpAssetScale":200316136.46,"setUpShares":200316136.46,"pinyin":"cjhxxlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801432903","stockType":"fund_manager","exchange":"fm","tickerId":252506162300,"name":"闫一帆"},{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"}]},"announcement":{"linkText":"创金合信鑫利混合型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=573596","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc1d7fea5b3eb04c211a","stockId":3000000008893,"sao":"2020年债券市场大幅波动，1-4月利率水平大幅下行，5月之后大幅上行。新冠疫情是去年行情变化的主线。1-4月阶段：1月底新冠疫情爆发及3月海外疫情蔓延，国内封城等严厉防控措施出台，经济活动总体出现停摆并大幅下挫，逆周期政策启动，财政政策积极并额外发行一万亿特别国债，货币政策利率明显下行，隔夜回购利率最低到1%以内，债券市场利率跟随大幅下行，10年国债最低至2.5%左右；5月之后，国内疫情得控，海外疫情严重，国内经济活动快速恢复，尤其是生产和投资活动，基于防风险诉求的货币政策开始转向，回购利率重新向常态水平回归，债券市场利率重新大幅上行。回购利率回归到政策利率以上，10年国债利率最高达到3.3%。此外，7月股市大幅上涨、8-9月国债供给压力导致一级市场、11月产业国企永煤违约等，都加剧了债券市场的上行压力。直到11月底金稳会定调维稳债券市场，央行重新引导货币市场利率下行，债券市场获得短期喘息。信用债则在永煤事件之后，出现持续性的信用分化表现。报告期内，本基金秉承稳健的投资风格，注重票息策略，灵活调整久期，严控信用风险，同时在回购利率整体稳定的环境下，适当增加杠杆获取套息收益。此外，根据基金自身特性，做好信用债的信用分布，平衡好收益性、安全性和流动性，有效满足组合自身的流动性需求。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:17.017Z","mo":"向前看，2021年债券市场震荡下行的概率仍较大，信用分化仍将延续。宏观经济方面，疫情对中国出口和低端消费的影响仍在延续，但预计不会导致今年中国经济有明显的变化；在防风险的融资约束下，房地产表现今年将较2020年有所转弱，基建投资也将维持偏弱，但考虑政策的连续稳定性，这种弱势出现大幅恶化的概率较低。因此，2021年中国经济预计仍在向潜在增速复苏的路径上，过热的风险相对较低。货币政策方面，2020年中央经济会议定调，政策需维持连续性、稳定性和可持续性，不急转弯，并保持对经济恢复的支持力度，从基调上来说，货币政策总体是中性的，不会有大松大紧的波动，边际变化仍看经济表现和防风险之间调整。对于债券市场而言， 预计震荡幅度总体较2020年明显降低，在经济表现总体可能转弱的环境下，利率有一定的下行空间。信用方面，市场化改革方向决定未来产业国企的违约方向未变，而由于融资总体仍处于收缩状态，低等级城投仍存在可能的点状风险事件。本基金将继续结合宏观政策形势变化，适时进行久期调节，注重票息收益，严控信用风险，力争为投资者赚取良好的投资回报。","fund":{"_id":3000000008893,"areaCode":"cn","stockType":"fund","stockCode":"008893","tickerId":8893,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","lastUpdated":"2026-04-30T21:30:45.080Z","name":"创金合信鑫利混合型证券投资基金","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2020-01-12T16:00:00.000Z","setUpScale":200481000,"shortName":"创金合信鑫利混合(008893)","__csrcFundId":7094,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-16T16:00:00.000Z","followedNum":6,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信鑫利混合","setUpDate":"2020-01-16T16:00:00.000Z","setUpAssetScale":200316136.46,"setUpShares":200316136.46,"pinyin":"cjhxxlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801432903","stockType":"fund_manager","exchange":"fm","tickerId":252506162300,"name":"闫一帆"},{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"}]},"announcement":{"linkText":"创金合信鑫利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=552387","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc1d7fea5b3eb04c2119","stockId":3000000008893,"sao":"1. 宏观经济分析经历了上半年的巨幅震荡后，三季度全球经济进入持续修复阶段，尽管海外疫情仍有反复，但不会改变复苏的趋势。国际货币基金组织（IMF）最新一期《世界经济展望报告》预测，2020年全球经济将萎缩4.4%，大幅好于之前悲观预期。作为全球唯一正增长的经济体，凭借大国的治理效率，使疫情得到快速防控。截止三季度末，我国出口连续6个月呈现正增长。在内循环和外循环的双重作用下，随着供需两端加速回暖，工业生产将延续恢复态势，消费持续向上改善，固定资产投资和基建投资累计增速有望\"转正\"。中国经济复苏态势更加明朗，三季度GDP增速将超5%，四季度GDP增速有望高于三季度。全年经济正增长几成定局。 2. 市场回顾债券市场，三季度呈现整体上行的行情。10年国债利率整体上行33bp左右，10年国开债利率显著上行64bp，7天DR007回购利率中枢较二季度继续回升50bp左右。7月初，伴随股票市场的连续大幅上涨，在经济基本面恢复的预期下，市场对政策收紧预期的担忧加剧，债券市场利率相应大幅上行，股债跷跷板效应显著。而货币政策也伴随经济复苏，边际上有所收紧，体现为资金面总体的紧张。7月中旬后，股债跷跷板效应减弱，债市有所修复，但在资金面总体偏紧，同业存单利率同时上行的环境下，债市一级市场利率频频发高，并带动二级市场利率上行。短端市场利率，最终回归到政策利率水平附近。在此之后，市场利率总体呈现震荡形势。权益市场，在全球流动性宽松背景下，三季度权益市场先期呈现短期快速上涨后，市场随即进入宽幅震荡整理阶段。一方面，担忧流动性收紧；另一方面，外围环境及美国大选的不确定性，部分行业的受制打压，引发悲观预期。同时，大量青睐中国经济快速修复的海外资金进出频繁，加剧了市场波动。总之，市场由流动性驱动的行情也正式转为业绩驱动。 3. 市场展望及运行分析总体上，经济持续修复，政策宽松延续。货币政策主基调仍是中性偏宽松。DR007也基本围绕2.2%附近小幅波动，较为平稳。但基于\"稳增长和防风险的长期均衡\"，\"尽可能长时间实施正常货币政策\"，政策利率短期下行的可能性较小。当前债市所面临的市场环境相对温和，市场利率水平相对合理，债市趋于震荡。四季度，债券部分，本基金将保持合适的久期和杠杆比例，主要配置AA+及以上高评级信用债，在保持组合流动性的前提下增厚组合收益。全球经济已进入了后疫情时代，各方面经济活动恢复反弹，新的经济增长点加快培育。尽管外围环境仍存在不确定因素，但对市场影响在边际递减。因此权益部分，战略积极，战术稳健。对于未来一段时间，我们将更多关注全球景气共振的行业，深入研究行业发展趋势，持续跟踪产业链各个环节上市公司的行业份额及竞争优势，并结合对财务报表的分析，精选优质龙头公司。同时，关注五中全会及十四五规划，聚焦内循环，积极配置转型经济下的传统行业及新兴行业领域的核心资产。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:17.014Z","fund":{"_id":3000000008893,"areaCode":"cn","stockType":"fund","stockCode":"008893","tickerId":8893,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","lastUpdated":"2026-04-30T21:30:45.080Z","name":"创金合信鑫利混合型证券投资基金","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2020-01-12T16:00:00.000Z","setUpScale":200481000,"shortName":"创金合信鑫利混合(008893)","__csrcFundId":7094,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-16T16:00:00.000Z","followedNum":6,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信鑫利混合","setUpDate":"2020-01-16T16:00:00.000Z","setUpAssetScale":200316136.46,"setUpShares":200316136.46,"pinyin":"cjhxxlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801432903","stockType":"fund_manager","exchange":"fm","tickerId":252506162300,"name":"闫一帆"},{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"}]},"announcement":{"linkText":"创金合信鑫利混合型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=493800","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc1d7fea5b3eb04c2118","stockId":3000000008893,"sao":"1. 宏观经济分析1月底新冠疫情开始爆发，经济停摆，政策为了稳增长持续宽松；2月中下旬，国内疫情总体得控，但3月底海外疫情开始愈演愈烈的，受超预期下调超额存款准备金率和定向降准的影响，债券收益率继续大幅下行。4月中下旬开始，金融、经济数据边际改善，两会召开时间确定，并提出防范资金套利空转问题，预示着经济基本面探底回升势头良好，国内疫情防控取得较好成效，监管层开始重视宽松货币政策带来的\"后遗症\"， 央行货币政策开始进入\"观测期\"，叠加利率债供给压力，资金价格不断抬升，5月份至6月份，债市进入上行态势。二季度债市的变化核心在于央行撤出应对疫情的危机模式，更加注重保增长和防风险的平衡，货币政策出现边际收紧。2. 市场回顾2020年上半年债券市场呈现先下行后大幅上行的行情。10年国债利率整体上行5bp左右，最低下探至2.5%附近；隔夜回购利率中枢从2%以上下降到1%以内，5月后又重新上行至2%附近。上半年受国内国外疫情影响，在各国央行纷纷出台经济刺激政策背景下，全球风险资产在急跌后，出现不同程度的反弹修复。尽管IMF不断下修全球增长预期，但各国均积极推进复工复产，权益市场表现大超预期。作为率先走出疫情阴霾的中国权益市场也同样有较好表现，上证指数上涨15.75%，沪深300上涨17.58%，创业板指上涨37.41%。3. 运行分析上半年，债券部分，本基金保持合适的久期和杠杆比例，主要配置AA+及以上高评级信用债，在保持组合流动性的前提下增厚组合收益。权益部分，以行业轮动和精选个股为主要策略。宏观层面，密切跟踪经济核心指标，研判货币政策、财政政策动向及汇率走势，紧密关注国际经济政治动态，以判断股票和债券的相对风险收益比，由此调整相对仓位。中观层面，密切关注影响行业景气度的核心要素，把握行业发展动态，选择在科技、医药、消费、工业、金融地产等五大领域中，中长期确定性强、趋势向上的细分子行业，并通过调整配置比例实现行业轮动。个股层面，精选优质龙头公司，在市场水平偏低的位置坚定持有。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:17.011Z","mo":"向前看，经济延续回暖，但恢复速度有所放缓，供需不平衡继续，货币政策的宽松基调未变，稳增长仍是重要目标，政策短期难转向，但也难以回到3-4月份的宽松状态。外部方面，欧洲疫情得控和经济重启，经济表现逐渐恢复，美国疫情因重启及抗议活动，再度爆发，恢复前景暗淡。外需总体偏弱。内部方面，经济持续改善，但很可能已走过最快的复苏阶段，且疫情对餐饮旅游服务等相关领域的压制仍存在，经济仍运行在潜在增速以下。","fund":{"_id":3000000008893,"areaCode":"cn","stockType":"fund","stockCode":"008893","tickerId":8893,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","lastUpdated":"2026-04-30T21:30:45.080Z","name":"创金合信鑫利混合型证券投资基金","custody":"中国民生银行股份有限公司","fundType":null,"ipoDate":"2020-01-12T16:00:00.000Z","setUpScale":200481000,"shortName":"创金合信鑫利混合(008893)","__csrcFundId":7094,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2020-01-16T16:00:00.000Z","followedNum":6,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信鑫利混合","setUpDate":"2020-01-16T16:00:00.000Z","setUpAssetScale":200316136.46,"setUpShares":200316136.46,"pinyin":"cjhxxlhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801432903","stockType":"fund_manager","exchange":"fm","tickerId":252506162300,"name":"闫一帆"},{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"}]},"announcement":{"linkText":"创金合信鑫利混合型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=464397","linkType":"PDF","source":"csrc_pdf"}}]}