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增长区间，有一定的基数效应的影响。上半年，债券收益率整体下行，信用利差有所收窄。信用债从年初开始变现好于利率债，利率债在二季度经济复苏节奏放缓之际开始大幅下行。报告期内，债券配置仍以中短久期高等级信用债为主要配置方向。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:20.998Z","mo":"展望下半年，海外方面仍需关注美联储货币政策决议以及海外经济基本面的变化及其对我国国内的影响。债券市场前期博弈的货币政策尘埃落地后，下一阶段的博弈重点将转向地产政策和财政政策。7月政治局会议释放出积极的政策信号，预计下半年市价博弈的焦点将从政策本身切换到政策效果。考虑到目前央行保持货币政策适度宽松的总基调没有改变，预计资金面能够维持平稳宽松。我们认为短久期信用债的票息策略性价比提升，推荐配置短端信用债，择机交易中长端利率品种。下半年，本基金将继续投资于中短久期高等级信用债。","fund":{"_id":3000000008904,"__csrcFundId":7176,"stockCode":"008904","shortName":"华安安腾一年定开债(008904)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8904,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:31:17.645Z","status":"normal","inceptionDate":"2020-04-21T16:00:00.000Z","name":"华安安腾一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安腾一年定开债","setUpDate":"2020-04-21T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"haatyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20604219","stockType":"fund_manager","exchange":"fm","tickerId":132424188000,"name":"马晓璇"}]},"announcement":{"linkText":"华安安腾一年定期开放债券型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=959673","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc207fea5b3eb04c2618","date":"2023-03-30T16:00:00.000Z","stockId":3000000008904,"sao":"本季度，欧美发生了硅谷银行和瑞士信贷等银行业危机，美联储反应较为及时，对于存款的全额担保及流动性支持有利于缓解市场的恐慌情绪；至目前看未有出现系统性风险。美联储在本季度两次加息，幅度共计50bp，加息速度开始放缓。即美国通胀放缓之后，就业市场也出现边际降温的迹象。国内方面，“两会”召开，确定今年的经济增速目标在5%左右。本季度的经济基本面呈现复苏状态，尤其是线下消费和房地产都有较快的恢复。1-2月消费的同比增速有负转正达到了3.5%的水平。虽然房地产投资同比增速仍旧为负增长，但是降幅大为缩小；1-2月商品房销售面积和金额也从去年底负两位数的下跌分别反弹至-0.1%和-3.6%的同比增速。央行在本季度保持货币政策适度宽松的总基调：在2月份银行间资金面紧张之际适时通过公开市场操作投放短期流动性，并且于3月降准25bp释放长期流动性，以促进信贷投放力度。监管于本季度出台新资本管理办法，将于2024年1月1日正式实施，利好信用资质较好的信用债；同时，在资本占用上体现出对同业业务有一定限制；例如：二级资本债的风险权重从100%上升到150%。报告期内，债券配置仍以中短久期高等级信用债为主要配置方向。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:20.995Z","fund":{"_id":3000000008904,"__csrcFundId":7176,"stockCode":"008904","shortName":"华安安腾一年定开债(008904)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8904,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:31:17.645Z","status":"normal","inceptionDate":"2020-04-21T16:00:00.000Z","name":"华安安腾一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安腾一年定开债","setUpDate":"2020-04-21T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"haatyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20604219","stockType":"fund_manager","exchange":"fm","tickerId":132424188000,"name":"马晓璇"}]},"announcement":{"linkText":"华安安腾一年定期开放债券型发起式证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=883518","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc207fea5b3eb04c2617","date":"2022-12-30T16:00:00.000Z","stockId":3000000008904,"sao":"2022年全球宏观围绕着通胀和加息展开。欧美各国通胀原本就维持高位，地缘政治事件使得通胀形势的不确定性进一步增加。欧美国家收紧货币政策，美元指数持续上涨，对全球市场造成冲击。美联储连续加息导致美国国债收益率曲线深度倒挂，引发了市场对美国经济衰退的担忧。国内经济自下半年开始缓慢复苏。投资方面，基建和制造业表现较好，房地产依然低迷。消费增速较前期有所回升，但是服务业PMI依然低迷。四季度，政策方面在疫情防控和房地产两方面都出现了重大转折。债券收益率因此快速调整，叠加市场赎回潮造成的负反馈效应放大了债市波动。信用利差和期限利差均大幅走廓。2022年，货币政策始终保持适度宽松——央行数次降息降准，Dr007长时间低于政策利率。M2增速大幅回升，并且领先于社融增速。全年来看，社融结构尚有待改善，主要是居民中长期贷款增长乏力。报告期内，债券配置仍以中短久期高等级信用债为主要配置方向。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:20.993Z","mo":"展望下一年度，海外方面仍需关注美联储货币政策如何在衰退和通胀之间相机抉择，以及日本央行是否会继续调整货币政策。地缘政治也是重要的变量，但是市场难以对此定价。国内方面，年末的中央经济工作会议对扩大内需的提法明显升级且更为具体，而消费在内需中处于优先位置或将首先得到提振。房地产政策方面，虽然依然是防范经济金融风险的主要领域，但若经济复苏不及预期，地产支持政策可能加码。在复苏初期和扩大内需阶段，货币政策和财政政策退坡的可能性较小。下一年度，仍旧需要关注是否存在通胀的风险。下季度，本基金将继续投资于中短久期高等级信用债。","fund":{"_id":3000000008904,"__csrcFundId":7176,"stockCode":"008904","shortName":"华安安腾一年定开债(008904)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8904,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:31:17.645Z","status":"normal","inceptionDate":"2020-04-21T16:00:00.000Z","name":"华安安腾一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安腾一年定开债","setUpDate":"2020-04-21T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"haatyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20604219","stockType":"fund_manager","exchange":"fm","tickerId":132424188000,"name":"马晓璇"}]},"announcement":{"linkText":"华安安腾一年定期开放债券型发起式证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=867181","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc207fea5b3eb04c2616","date":"2022-09-29T16:00:00.000Z","stockId":3000000008904,"sao":"三季度，欧美国家继续收紧货币政策，在加息方面不断表达鹰派态度，美元指数持续上涨，对全球市场造成冲击。俄乌冲突升级、北溪管道受损以及OPEC+的超预期减产，使得未来抑制全球通胀的前景更加黯淡。三季度，国内经济缓慢复苏。基建和制造业投资表现较好，房地产投资依然低迷。消费增速较前期有所回升，但是服务业PMI依然低迷。PPI同比有较大幅度回落，CPI尚处于平稳区间。央行在三季度保持货币政策适度宽松的总基调，下调了MLF和LPR等关键政策利率，并且运用政策性金融性工具为宽信用加码。9月末，多部委出台房地产利好政策，旨在稳定预期。三季度，利率债整体呈现出震荡行情；信用债表现较好，尤其是3-5年信用债表现更优。报告期内，债券配置仍以中短久期高等级信用债为主要配置方向。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:20.990Z","fund":{"_id":3000000008904,"__csrcFundId":7176,"stockCode":"008904","shortName":"华安安腾一年定开债(008904)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8904,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:31:17.645Z","status":"normal","inceptionDate":"2020-04-21T16:00:00.000Z","name":"华安安腾一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安腾一年定开债","setUpDate":"2020-04-21T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"haatyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20604219","stockType":"fund_manager","exchange":"fm","tickerId":132424188000,"name":"马晓璇"}]},"announcement":{"linkText":"华安安腾一年定期开放债券型发起式证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=802471","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc207fea5b3eb04c2615","date":"2022-06-29T16:00:00.000Z","stockId":3000000008904,"sao":"上半年，海外通胀维持高位，地缘政治事件使得通胀形势的不确定性进一步增加。二季度，美国通胀在短暂回落之后再次上行，对海外市场造成重大冲击。随后，美联储6月加息75bp显示其应对通胀的决心。目前，美国国债期限结构、居民消费和地产数据均暗示经济衰退的风险正在增加。上半年，国内经济受到疫情冲击。6月上海解封后复工复产有序进行，市场对经济复苏预期转好。工业生产、固定资产投资和房地产销售均出现明显改善；消费的复苏落后于投资。PPI同比有较大幅度回落，但是CPI上行压力逐步增加。货币政策在上半年始终保持适度宽松。1月份，央行调降了OMO、MLF以及LPR利率。二季度，Dr007长时间低于政策利率；5月央行再次下调5年期LPR利率。受益于退税政策，M2增速大幅回升，并且领先于社融增速。同时，社融结构依旧不理想，居民和企业的中长期贷款增长乏力。报告期内，债券配置仍以中短久期高等级信用债为主要配置方向。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:20.987Z","mo":"展望下半年，美联储本轮加息的目的是控制通胀，衰退是计划内的代价。目前美国收益率曲线已经倒挂，预示着美国经济有较大概率进入衰退阶段。未来需要关注，美联储的货币政策如何在衰退和通胀之间相机抉择。国内方面，疫情依然是影响经济复苏的主要因素。消费的恢复会在较长时间内弱于经济的其他方面。固定资产投资是今年稳增长的主要抓手，而基建投资是重中之重。下半年CPI存在较大的上行大力，需要关注货币政策是否会受到国内通胀的牵制国内债券收益率曲线大概率平坦化运行。短端的矛盾在于市场利率和政策利率何时收敛；长端的矛盾在于海外加息预期波动和国内经济复苏的斜率。下半年，本基金将继续投资于中短久期高等级信用债。","fund":{"_id":3000000008904,"__csrcFundId":7176,"stockCode":"008904","shortName":"华安安腾一年定开债(008904)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8904,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:31:17.645Z","status":"normal","inceptionDate":"2020-04-21T16:00:00.000Z","name":"华安安腾一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安腾一年定开债","setUpDate":"2020-04-21T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"haatyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20604219","stockType":"fund_manager","exchange":"fm","tickerId":132424188000,"name":"马晓璇"}]},"announcement":{"linkText":"华安安腾一年定期开放债券型发起式证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=782531","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc207fea5b3eb04c2614","date":"2022-03-30T16:00:00.000Z","stockId":3000000008904,"sao":"一季度，海外通胀维持高位，地缘政治事件使得通胀形势的不确定性进一步增加。美联储开启加息，并且把缩表提上议程。美联储加息之后，美国国债利率出现长短端利率倒挂，预示未来美国经济衰退的风险正在加大。一季度，1-2月国内经济数据整体表现较好：出口增速高位回落；生产、投资和消费的同比增速较去年年底有较大幅度的回升。3月，国内多地疫情爆发，经济活动放缓。3月制造业PMI下滑至49.5%，服务业PMI大幅下滑至46.7%。国内通胀方面，上游价格受到管控之后，PPI同比增速的拐点已经出现；CPI整体比较温和，同比增速尚处于较低水平。货币政策在一季度保持适度宽松。1月份，央行调降了OMO、MLF以及LPR利率。银行间市场流动性适度宽裕,但是资金成本并没有随着降息而进一步降低。回顾整个一季度，1年期以上的债券收益率先下后上，信用利差明显走廓。从交易结构来看，市场配置力量不足。报告期内，债券配置以中短久期高等级信用债为主要配置方向。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:20.984Z","fund":{"_id":3000000008904,"__csrcFundId":7176,"stockCode":"008904","shortName":"华安安腾一年定开债(008904)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8904,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:31:17.645Z","status":"normal","inceptionDate":"2020-04-21T16:00:00.000Z","name":"华安安腾一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安腾一年定开债","setUpDate":"2020-04-21T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"haatyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20604219","stockType":"fund_manager","exchange":"fm","tickerId":132424188000,"name":"马晓璇"}]},"announcement":{"linkText":"华安安腾一年定期开放债券型发起式证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=722818","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc207fea5b3eb04c2613","date":"2021-12-30T16:00:00.000Z","stockId":3000000008904,"sao":"上半年，全球各国积极推进新冠疫苗接种，经济出现复苏势头。下半年，海外复苏节奏一定程度上受到了多种变异病毒影响。海外通胀全年走高，美联储由“鸽”转“鹰”，Taper、加息和缩表等货币紧缩政策逐渐被各国央行提上日程。上半年，受到基数效应影响，国内经济数据同比增速下行，但是两年复合增速走势平稳。出口和房地产对经济形成了一定的支撑，基建投资弱于预期。下半年，国内经济数据整体呈现走弱态势。一是自然灾害和疫情反复对消费和工业生产造成拖累；二是地产融资受限对地产投资和销售的负面影响开始逐步显现。出口增速虽然放缓，但仍旧表现出了一定的韧性。临近年末，在政策纠偏作用下，工业生产得到一定的修复。通胀方面，CPI非食品项同比增速从4月份开始上行，但是由于受到食品价格低迷的对冲，CPI整体仍旧持较低水平。上半年，PPI同比增速受到国内外原材料价格高企和去年同期低基数效应的双重影响快速上行；直到四季度，上游价格受到管控之后，PPI同比增速出现拐点；受到基数效应、猪价低位抬升以及上下游价格传导的影响，下半年的CPI从低位上行至2.3%。货币政策上，央行全年保持适度宽松。上半年，地方债和企业债发行都低于去年同期的水平，加上地产融资政策收紧，造成社融同比增速较快回落。各期限各等级的债券收益率都有不同程度的下行，整个债券市场呈现出“宽货币，紧信用”的格局。下半年伊始，央行全面降准，债券收益率一路下行。社融增速则始终低位徘徊。12月央行再次降准并且下调了1年期LPR利率，保持5年期LPR利率不变。报告期内，债券配置以中短久期高等级信用债和中长久期利率债为主要配置方向。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:20.981Z","mo":"展望下一阶段，疫情防控形势依旧严峻，在严格的防疫措施下，消费修复的不确定性增加。各地纷纷加快房贷审批流程并且降低房贷利率，房地产因城施策效果有所显现。上游通胀压力大概率见顶，CPI温和上行的概率较大。中央经济工作会议定调稳增长之后，市场对货币政策有比较充分的预期。一季度是稳增长的窗口期，财政政策大概率会更加积极有为。美联储示货币政策的收紧进程或比预期更快；但同时海外局势复杂，避险情绪或将不时影响市场的风险偏好。国内债券利率受到稳增长和防风险的影响，或以震荡为主，波动率放大。下一阶段，本基金将继续投资于中短久期高等级信用债和中长久期利率债。","fund":{"_id":3000000008904,"__csrcFundId":7176,"stockCode":"008904","shortName":"华安安腾一年定开债(008904)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8904,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:31:17.645Z","status":"normal","inceptionDate":"2020-04-21T16:00:00.000Z","name":"华安安腾一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安腾一年定开债","setUpDate":"2020-04-21T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"haatyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20604219","stockType":"fund_manager","exchange":"fm","tickerId":132424188000,"name":"马晓璇"}]},"announcement":{"linkText":"华安安腾一年定期开放债券型发起式证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=712496","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc207fea5b3eb04c2612","date":"2021-09-29T16:00:00.000Z","stockId":3000000008904,"sao":"三季度初，海外经济的复苏节奏一定程度上受到了Delta变异病毒影响。美国经济复苏出现放缓迹象；但同时，通胀依旧维持高位。美联储Taper在即的同时对未来是否加息仍旧保持鸽派态度。三季度公布的国内经济数据整体呈现走弱态势。一是自然灾害和疫情反复对消费和工业生产造成拖累；二是地产融资受限对地产投资和销售的负面影响开始逐步显现。出口增速虽然放缓，但仍旧表现出了一定的韧性。通胀在三季度愈发成为市场焦点：由于受到食品价格低迷的影响，CPI整体仍旧持较低水平；与此同时，上游价格持续走高使得三季度PPI同比增速超出了此前市场的预期。三季度初，债券收益率受到“降准”的鼓舞，收益率一路下行直至8月初公布的7月PPI数据超预期之后，债券收益率开始震荡上行。市场逐步对央行货币政策进一步宽松的预期进行了修正。报告期内，债券配置以中短久期高等级信用债和中长久期利率债为主要配置方向。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:20.978Z","fund":{"_id":3000000008904,"__csrcFundId":7176,"stockCode":"008904","shortName":"华安安腾一年定开债(008904)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8904,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:31:17.645Z","status":"normal","inceptionDate":"2020-04-21T16:00:00.000Z","name":"华安安腾一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安腾一年定开债","setUpDate":"2020-04-21T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"haatyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20604219","stockType":"fund_manager","exchange":"fm","tickerId":132424188000,"name":"马晓璇"}]},"announcement":{"linkText":"华安安腾一年定期开放债券型发起式证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=655873","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc207fea5b3eb04c2611","date":"2021-06-29T16:00:00.000Z","stockId":3000000008904,"sao":"上半年，全球各国积极推进新冠疫苗接种。美国通胀数据走高，经济复苏形势良好，因此，关于缩减购债规模的讨论有所增加。美元指数呈V型走势，美国国债期限利差收窄。受到基数效应影响，国内经济数据同比增速下行，但是经济数据的两年复合增长率走势平稳。出口和房地产对经济形成了一定的支撑，基建投资弱于预期。通胀方面，CPI同比增速从4月份开始上行，但是由于受到食品价格低迷的影响，CPI整体仍旧持较低水平；另一方面，PPI同比增速受到国内外原材料价格高企和去年同期低基数效应的双重影响快速上行。货币政策上，一月末集中缴税之后财政投放速度不及预期，导致资金拆借利率大幅走高，现券也遭到猛烈抛售。央行在一月末表现得较为鹰派。除此之外，央行在上半年整体保持了货币政策“不急转弯”的基调，并且表态会在地方债发行高峰保持市场流动性。今年上半年，地方债和企业债发行都低于去年同期的水平，造成社融同比增速较快回落。各期限和各等级的债券收益率都有不同程度的下行。整个国债债券市场呈现出“宽货币，紧信用”的格局。报告期内，债券配置以中短久期高等级信用债和中长久期利率债为主要配置方向。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:20.975Z","mo":"展望下半年，首先要关注通胀的变化，供给中断和错位复苏造成了通胀的上半场，财政刺激下欧美国家的居民消费进一步恢复有可能会推进通胀的下半场。我国的财政刺激政策较为温和，国内通胀更多的是受到输入性通胀和环保因素的影响。经济复苏可能在放缓中显现出韧性，财政政策的收敛和地产融资的收紧或将使得“紧信用”延续。央行的意外降准或是在向市场传达货币政策“以内为主”的信号，但仍需要对海外流动性保持警惕。下半年，本基金将继续投资于中短久期高等级信用债。","fund":{"_id":3000000008904,"__csrcFundId":7176,"stockCode":"008904","shortName":"华安安腾一年定开债(008904)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8904,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:31:17.645Z","status":"normal","inceptionDate":"2020-04-21T16:00:00.000Z","name":"华安安腾一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安腾一年定开债","setUpDate":"2020-04-21T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"haatyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20604219","stockType":"fund_manager","exchange":"fm","tickerId":132424188000,"name":"马晓璇"}]},"announcement":{"linkText":"华安安腾一年定期开放债券型发起式证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=630541","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc207fea5b3eb04c2610","stockId":3000000008904,"sao":"一季度，全球各国开始加紧新冠疫苗接种。美国国债名义利率和通胀预期双双走高，美元指数自去年年底已回升约3%。拜登上任后加紧推进刺激计划，市场开始交易美联储提早缩减购债规模的预期。受到基础效应的影响，国内主要宏观经济各指标同比增速大幅走高。国内货币政策方面：一月末集中缴税之后财政投放速度不及预期，导致资金拆借利率大幅走高，现券也遭到猛烈抛售。央行在一月末表现得较为鹰派。除此之外，央行在一季度整体保持了货币政策“不急转弯”的基调。物价方面：同样受到基数的影响，CPI同比负增长，环比保持正增长。PPI同比增速继续走高。未来需要持续关注大宗商品价格的走势。一季度，债券市场现券走势主要反应了国内资金面的变化：除一月末的表现黯淡之外，其余时间内利率债和中高等级信用债收益率呈现持续下行的走势；并没有明显地受到海外的经济复苏和通胀预期走高等因素的影响。报告期内，债券配置仍以中短久期高等级信用债为主要配置方向。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:20.972Z","fund":{"_id":3000000008904,"__csrcFundId":7176,"stockCode":"008904","shortName":"华安安腾一年定开债(008904)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8904,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:31:17.645Z","status":"normal","inceptionDate":"2020-04-21T16:00:00.000Z","name":"华安安腾一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安腾一年定开债","setUpDate":"2020-04-21T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"haatyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20604219","stockType":"fund_manager","exchange":"fm","tickerId":132424188000,"name":"马晓璇"}]},"announcement":{"linkText":"华安安腾一年定期开放债券型发起式证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=569715","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc207fea5b3eb04c260f","stockId":3000000008904,"sao":"2020年，全球经济经历了前所未有的冲击。COVID-19的爆发首先使国内经济，尤其是内需按下暂停键；随后疫情在海外疫情蔓延，美联储直接降息150bp至零利率区间，并且立即开始QE，加上石油危机，海外市场剧烈动荡，出现了美元荒的情况。二季度以来，我国主要宏观经济指标呈现良好的回升迹象。固定资产投资增速由负转正，其中房地产表现出较强的韧性，制造业投资势头良好。虽然全球防疫前景仍旧面临病毒变异的双重挑战，但是随着疫苗接种率的上升，以及各国央行依旧保持流动性宽裕，全球通胀预期抬头。国内货币政策方面，央行春节后立即多举措释放流动性。在经济出现企稳迹象后，央行提出“要关注政策的“后遗症”，国内流动性宽松局面边际收敛。在货币政策的刺激下，社融和信贷都出现了快速的增长，企业和居民的中长期贷款都出现了持续的增长，成为贷款和货币增速的主要拉动力量。年初至二季度初，债券收益率曲线整体快速下移，并且呈现出愈发陡峭话的曲线形态；银行间隔夜拆借利率一度下行至1%以下。此后，由于央行对短端资金利率的指导和总量宽松政策的缺位，债券市场在二季度出现了急剧调整。三季度之后，债券收益率继续震荡上行，收益率曲线小幅走平。四季度，永煤违约事情一度造成了债券市场的紧张局面，导致无风险利率和信用溢价齐升。此后，央行超预期地进行了MLF投放；金融委也提出严厉打击“逃废债”。随后，债券收益率开始下行。年末的资金面宽松是推动债券收益率下行的主要原因，尤其是短端利率回落幅度较大，加深了收益率曲线的陡峭化程度。报告期内，债券配置仍以短久期高等级信用债为主要配置方向。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:20.969Z","mo":"2020年由于疫情的影响，逆周期政策力度加大。在这轮全球危机中，我国的政策较为收敛，仍旧保持着正常化的货币政策。未来的政策预计将更加注重结构性和“精准滴灌”。未来资金利率进一步下行空间有限，资金面宽松带动债市走强的持续性有待观察。在政策保持不急转弯的同时，社融信贷增速在一季度可能有超预期的表现。从目前的经济数据看，经济仍旧在向上的通道上运行。综合来看，未来债券收益率曲线可能继续保持陡峭化。下季度，本基金将继续投资于短久期高等级信用债。","fund":{"_id":3000000008904,"__csrcFundId":7176,"stockCode":"008904","shortName":"华安安腾一年定开债(008904)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8904,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:31:17.645Z","status":"normal","inceptionDate":"2020-04-21T16:00:00.000Z","name":"华安安腾一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安腾一年定开债","setUpDate":"2020-04-21T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"haatyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20604219","stockType":"fund_manager","exchange":"fm","tickerId":132424188000,"name":"马晓璇"}]},"announcement":{"linkText":"华安安腾一年定期开放债券型发起式证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=553870","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc207fea5b3eb04c260e","stockId":3000000008904,"sao":"三季度以来，我国主要宏观经济指标呈现继续回升的迹象。固定资产投资负增长幅度持续收窄，其中房地产和基建投资表现出较强的复苏节奏。相比之下，制造业投资恢复的节奏虽略慢于房地产和基建，但是趋势仍旧向好。全球防疫前景仍旧不容乐观，因此，各国央行依旧保持流动性宽裕。此前，由于海外疫情爆发一度引起了国内市场对于贸易的担忧，从目前数据来看，由于海外供应中断，替代效应支撑了一部分对于我国商品出口的需求，国内净出口数据好于预期国内货币政策在边际上由宽松转为中性。MLF和LPR在三季度内均保持不变。M2同比增速在三季度出现放缓，但是M1和社融存量的同比增速则继续向上。目前，央行更多采用结构性货币政策，旨在使宽松政策能直达中小微企业，避免资金在银行间市场淤积造成政策套利和“脱实向虚”。物价方面短期较为平稳，呈现出cpi下行、ppi上行的格局。未来需要持续关注大宗商品价格的走势。三季度以来，债券收益率继续震荡上行，收益率曲线小幅走平。由于央行对短端资金利率的指导和总量宽松政策的缺位，短端利率的上行幅度大于长端利率。中债总财富指数三季度下跌1.19%，超过了二季度0.82%的跌幅。报告期内，债券配置仍以短久期高等级信用债为主要配置方向。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:20.966Z","fund":{"_id":3000000008904,"__csrcFundId":7176,"stockCode":"008904","shortName":"华安安腾一年定开债(008904)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8904,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:31:17.645Z","status":"normal","inceptionDate":"2020-04-21T16:00:00.000Z","name":"华安安腾一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安腾一年定开债","setUpDate":"2020-04-21T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"haatyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20604219","stockType":"fund_manager","exchange":"fm","tickerId":132424188000,"name":"马晓璇"}]},"announcement":{"linkText":"华安安腾一年定期开放债券型发起式证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=486955","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc207fea5b3eb04c260d","stockId":3000000008904,"sao":"一季度，国内经济经历了前所未有的冲击。COVID-19的爆发首先使国内经济，尤其是内需按下暂停键；随后疫情在海外疫情蔓延，美联储直接降息150bp至零利率区间，并且立即开始QE，加上石油危机，海外市场剧烈动荡，出现了美元荒的情况。二季度以来，我国主要宏观经济指标呈现良好的回升迹象。固定资产投资负增长幅度持续收窄，其中房地产投资表现出韧性，基建投资在地方专项债等财政刺激工具的带动下表现出更强的复苏节奏。相比之下，制造业投资受到中小企业盈利恢复的影响，处于较慢的复苏进程中。国内货币政策方面，央行春节后立即将MLF利率下调10bp。二季度初，央行又调降法定存款准备金率1个百分点，同时在4月初将超额存款准备金利率从0.72%下调至0.35%。4月MLF和LPR各期限利率分别下调了20bp。此后，央行更多采用结构性货币政策，旨在使宽松政策能直达中小微企业，避免资金在银行间市场淤积造成政策套利的行为。在降准、降息以及再贷款等宽松政策的作用下，M1、M2和社融的增速都有明显的提升。企业短期和中长期贷款都出现了持续的增长，成为贷款和货币增速的主要拉动力量。在6月的陆家嘴金融论坛上，央行行长提到了“要关注政策的“后遗症”，总量要适度，并提前考虑政策工具的适时退出”，由此，可以认为官方宣告了总量货币政策边际收敛。物价方面，CPI和PPI同比数据仍旧处于下行轨道上，但是PPI环比数据有比较明显的改善；同时，南华工业品指数在二季度出现了13.75%的环比涨幅。未来PPI同比可能将进入上升区间。。年初至二季度初，债券收益率曲线整体快速下移，并且呈现出愈发陡峭话的曲线形态；银行间隔夜拆借利率一度下行至1%以下。此后，由于央行对短端资金利率的指导和总量宽松政策的缺位，债券市场出现了急剧调整，中债总财富指数二季度下跌0.82%，其中4月上涨1.54%，5月和6月分别下跌1.51%和0.84%，出现了2015年3月以来的该指数的最大单月跌幅。报告期内，本基金成立于4月中下旬，主要投资于中短久期中高等级信用债。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:20.963Z","mo":"国内货币政策自2018年一季度开始进入宽松周期，2020年由于疫情的影响，逆周期政策力度加大。目前信用宽松的局面已经形成，经济正在复苏。在这轮全球危机中，我国的政策较为收敛，仍旧保持着正常化的货币政策，目前已经开始关注政策后遗症和政策工具适时退出等问题。从易纲行长在陆家嘴论坛上的表态“展望下半年，货币政策还将保持流动性合理充裕，预计带动全年人民币贷款新增近20万亿元，社会融资规模增量将超过30万亿元。”来看，全年贷款和社融增速将低于目前的水平，不出意外的话，下半年总量政策将会有一定的收敛。债券市场利率可能出现震荡上行的趋势。本基金将继续投资于中短久期中高等级信用债。","fund":{"_id":3000000008904,"__csrcFundId":7176,"stockCode":"008904","shortName":"华安安腾一年定开债(008904)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8904,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:31:17.645Z","status":"normal","inceptionDate":"2020-04-21T16:00:00.000Z","name":"华安安腾一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安腾一年定开债","setUpDate":"2020-04-21T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"haatyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20604219","stockType":"fund_manager","exchange":"fm","tickerId":132424188000,"name":"马晓璇"}]},"announcement":{"linkText":"华安安腾一年定期开放债券型发起式证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=453426","linkType":"PDF","source":"csrc_pdf"}}]}