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指数下跌11.38%，创业板指数下跌19.41%。本报告期内基金以持有中高评级信用债为主，组合在一季度将久期保持中性水平，5月初将久期延长至中性较长水平，在9月初再次将久期降低至中性较低水平，后在11月末将久期提升至较高水平，在2023年，本组合基金适度参与了权益类品种的投资机会。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:13.221Z","mo":"展望2024年，美国经济增长可能放缓，或将导致我国出口增长受限，同时居民收入增速放缓及杠杆过高可能使得房地产继续延续偏弱格局。整体而言，国内经济内生复苏动力不足，地产和出口仍将拖累国内经济增长，进而加大产能过剩压力，导致实体融资需求不足，货币政策有望继续宽松，债券市场整体仍处于有利格局。  信用债方面，虽然当前信用利差处于历史较低水平，但考虑到货币政策有望维持宽松格局及利率处于较低水平，资产荒格局或将继续延续，信用利差难以大幅扩大。但须注意，在经济增长压力加大背景下，低评级信用债发行主体盈利能力继续承压，其信用风险仍须警惕。投资上我们仍将重点关注中高等级短久期品种。  权益方面，虽然目前整体估值较低，但由于经济增长承压、叠加当前市场仍未有效出清，短期内股票市场难有整体上涨趋势。但中长期来看，若权益市场风险进一步释放，同时宽信用政策逐步见效，权益市场有望迎来估值修复行情。  综合而言，我们认为目前债券收益率短期上行空间有限，因此整体久期仍维持在中性略长水平。若收益率继续出现较大幅度下行，组合将择机降低久期和杠杆水平。权益方面，组合将保持合理的权益仓位，短期关注高股息板块，力争为投资者创造更高收益。","fund":{"_id":3000000009096,"__csrcFundId":7275,"stockCode":"009096","name":"鹏华安泽混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9096,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:21.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-24T16:00:00.000Z","shortName":"鹏华安泽混合(009096)","followedNum":1,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华安泽混合","setUpDate":"2020-03-24T16:00:00.000Z","setUpAssetScale":1196872844.79,"setUpShares":1196872844.79,"pinyin":"phazhhxzqtzjj","managers":[{"stockCode":"j101020057","stockType":"fund_manager","exchange":"fm","tickerId":192503246320,"name":"时赟超"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"},{"stockCode":"db20794074","stockType":"fund_manager","exchange":"fm","tickerId":41610218680,"name":"杜培俊"}]},"announcement":{"linkText":"鹏华安泽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=1051420","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc557fea5b3eb04c5f78","date":"2023-09-29T16:00:00.000Z","stockId":3000000009096,"sao":"第三季度债券市场先涨后跌。季度初至8月中下旬，由于公布的二季度宏观经济数据显示国内经济增长动能不足，叠加央行下调7天逆回购利率及MLF利率，债券收益率震荡回落。8月下旬开始，国内房地产优化政策密集出台，同时一级市场债券发行供给增多，导致资金面有所收紧，债券收益率触底回升。整体来看，第三季度债券收益率曲线呈现陡峭化上行。  第三季度所有债券财富指数均出现不同程度的下跌，其中企业债财富指数下跌幅度最大，跌幅达1.18%，国债相对跌幅较小，跌幅为0.62%。  本季度权益市场持续下跌。沪深300指数和创业板指数分别下跌3.98%和9.53%。本报告期内基金以持有中高评级信用债为主，组合期初将久期维持中性略高水平，在9月初将久期降低至中性较低水平，同时对权益市场投资进行了适度参与。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:13.219Z","fund":{"_id":3000000009096,"__csrcFundId":7275,"stockCode":"009096","name":"鹏华安泽混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9096,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:21.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-24T16:00:00.000Z","shortName":"鹏华安泽混合(009096)","followedNum":1,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华安泽混合","setUpDate":"2020-03-24T16:00:00.000Z","setUpAssetScale":1196872844.79,"setUpShares":1196872844.79,"pinyin":"phazhhxzqtzjj","managers":[{"stockCode":"j101020057","stockType":"fund_manager","exchange":"fm","tickerId":192503246320,"name":"时赟超"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"},{"stockCode":"db20794074","stockType":"fund_manager","exchange":"fm","tickerId":41610218680,"name":"杜培俊"}]},"announcement":{"linkText":"鹏华安泽混合型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=986837","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc557fea5b3eb04c5f77","date":"2023-06-29T16:00:00.000Z","stockId":3000000009096,"sao":"2023年上半年，债券收益率先上后下，收益率曲线呈现一定陡峭化。1月份，国内疫情影响明显消退，经济修复预期增强，货币政策宽松“落空”，债市情绪转弱，收益率小幅上行；2月中上旬，节后复苏未明显超预期，经济修复预期放缓，叠加权益市场震荡走弱，债市情绪有所修复，收益率震荡回落；2月下旬，资金面边际收紧，存单利率上行，收益率小幅回升；3月份，国内经济修复边际放缓，叠加海外风险事件“爆发”，国内降准政策落地，资金面边际转松，债券市场情绪走强，收益率震荡回落。4月份，跨季之后资金面边际转松，叠加通胀数据弱于预期，市场对于“通缩”担忧明显增加，以及商业银行下调存款利率触发下，债市情绪明显提振，收益率震荡下行。5月份，经济金融数据进一步放缓，市场对于降息预期明显升温，收益率延续回落趋势。6月上旬，数据继续验证基本面走弱态势，叠加降息政策“超预期”落地，收益率加速下行；6月中旬，随着降息政策落地，市场对于“宽信用”政策预期升温，止盈压力浮现，收益率快速调整；6月底，“宽信用”政策预期边际降温，叠加央行加大跨季逆回购投放，市场情绪明显修复，收益率再度回落。整体来看，上半年债券收益率整体有所回落，收益率曲线呈现一定陡峭化。从债券指数来看，不同类型债券财富指数均有不同程度上涨，其中国债财富指数上涨2.71%，企业债财富指数上涨3.96%。        上半年权益市场波动较大，整体有所下跌。沪深300指数收跌0.75%，创业板指数下跌5.61%。本报告期内基金以持有中高评级信用债为主，组合在一季度将久期保持中性水平，5月初将久期延长至中性较长水平，同时将权益仓位维持中性较低水平。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:13.215Z","mo":"展望未来，国内经济内生动能继续减弱。受制于收入增速放缓及失业率维持高位，居民端消费修复乏力。在房价上涨预期有限、且地产政策短期难以出现较大调整情况下，地产销售难以回暖，房地产投资降温趋势不变。由于目前开发商拿地和新开工意愿偏弱，导致地方卖地收入下滑，叠加地方政府债务对于财政扩张的限制，基建投资增速仍有回落压力。        在国内经济下行压力增大背景下，市场对经济政策预期有所升温，但目前宏观调控基调仍注重新经济和质的提升，更侧重经济安全，整体略偏向于底线思维和长期思维，因此短期内难以出台较大刺激政策，债券市场整体风险不大。  虽然目前债券收益率处于历史较低水平，但考虑到国内经济下行压力增大、资本回报整体下滑，国内债券收益率运行中枢仍有可能再下一个台阶，债券收益率下行过程可能仍将延续。        近期信用债收益率相对利率债回落幅度较小，导致信用利差被动走阔，同时叠加信用债短期供给较少，整体信用债性价比较之前有所回升。但由于企业盈利未有显著改善，同时市场资金较为宽松，因此我们预计未来信用债市场走势可能有所分化，资质较差主体绝对收益率和利差可能继续维持高位；但资质较好主体收益率和利差有望继续回落。        权益方面，虽然目前权益市场整体估值较低，但由于国内经济下行压力加大、企业盈利改善有限，因此权益市场短期难有系统性机会，更多的是呈现阶段性、结构性机会，因此投资上须进一步提高灵活性，及时调整仓位和结构，避免组合净值出现较大回撤。        综合而言，我们短期对债券市场仍保持乐观观点，组合暂时维持中性较长久期，品种仍以中高评级信用债为主。对于权益市场，我们认为权益市场难有系统性机会，组合将保持仓位的灵活性，避免组合净值出现较大回撤。","fund":{"_id":3000000009096,"__csrcFundId":7275,"stockCode":"009096","name":"鹏华安泽混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9096,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:21.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-24T16:00:00.000Z","shortName":"鹏华安泽混合(009096)","followedNum":1,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华安泽混合","setUpDate":"2020-03-24T16:00:00.000Z","setUpAssetScale":1196872844.79,"setUpShares":1196872844.79,"pinyin":"phazhhxzqtzjj","managers":[{"stockCode":"j101020057","stockType":"fund_manager","exchange":"fm","tickerId":192503246320,"name":"时赟超"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"},{"stockCode":"db20794074","stockType":"fund_manager","exchange":"fm","tickerId":41610218680,"name":"杜培俊"}]},"announcement":{"linkText":"鹏华安泽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=961457","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc557fea5b3eb04c5f76","date":"2023-03-30T16:00:00.000Z","stockId":3000000009096,"sao":"2023年第一季度，债券收益率先上后下。第一季度初，疫情影响明显消退，经济修复预期增强，债市情绪转弱，收益率小幅上行；第一季度中段，春节前后，国内处于数据真空期，债券市场在权益、资金面波动等因素影响下，整体呈现震荡格局；第一季度后期，经济修复强度边际放缓，叠加海外金融风险事件、国内降准政策超预期落地等因素影响下，债券市场情绪走强，收益率震荡回落。  整体来看，第一季度信用债收益率下行明显，利率债收益率略有上行，整体变动幅度相对有限，收益率曲线小幅平坦化。2023年第一季度主要债券财富指数出现不同程度的上涨，其中企业财富指数上涨幅度最大，涨幅达2.22%，金融债次之，涨幅为0.68%，国债相对落后，涨幅为0.67%。  第一季度权益市场整体走强，主要权益指数均有上涨，其中沪深300指数上涨4.63%，创业板指数上涨2.25%。  本报告期内基金以持有中高评级信用债为主，债券方面整体保持较低久期；权益方面，组合在季度初保持较高仓位，至2月进行减持，将权益仓位降至较低水平。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:13.210Z","fund":{"_id":3000000009096,"__csrcFundId":7275,"stockCode":"009096","name":"鹏华安泽混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9096,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:21.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-24T16:00:00.000Z","shortName":"鹏华安泽混合(009096)","followedNum":1,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华安泽混合","setUpDate":"2020-03-24T16:00:00.000Z","setUpAssetScale":1196872844.79,"setUpShares":1196872844.79,"pinyin":"phazhhxzqtzjj","managers":[{"stockCode":"j101020057","stockType":"fund_manager","exchange":"fm","tickerId":192503246320,"name":"时赟超"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"},{"stockCode":"db20794074","stockType":"fund_manager","exchange":"fm","tickerId":41610218680,"name":"杜培俊"}]},"announcement":{"linkText":"鹏华安泽混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=886604","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc557fea5b3eb04c5f75","date":"2022-12-30T16:00:00.000Z","stockId":3000000009096,"sao":"2022年债券收益率先下后上，全年呈现偏震荡格局。2022年初，央行调降政策利率10BP，央行官员讲话偏“鸽派”，宽松预期明显升温，收益率快速下行；2月初-3月中旬，随着经济数据改善，地产、财政政策积极，宽信用预期升温，收益率震荡攀升；3月中旬-4月初，受部分区域疫情影响，经济下行压力加大，收益率小幅回落；4月中旬，降准幅度不及预期，政策宽松预期降温，收益率小幅上行；5月中旬-5月底，经济数据恶化，北京出现局部疫情，稳大盘会议后基本面担忧加剧，收益率小幅回落；5月底至6月份，随着上海、北京等地区疫情收尾，生产生活秩序“重启”，经济修复预期有所升温，收益率再度上行；7月份，在高温、疫情等因素影响下，经济下行压力加大，叠加“断供潮”发酵，经济悲观预期抬升，收益率震荡回落；8月中旬，央行超预期调降政策利率，收益率快速下行；9月份，海外紧缩预期下，人民币汇率阶段性承压，叠加国内稳增长政策持续加码，地产放松政策密集落地，以及跨季因素下资金面持续收紧，收益率震荡调整；10月份，国内疫情频发，经济修复动能偏弱，叠加跨季之后资金面边际转松，债市情绪有所修复，收益率震荡回落；进入11月份，国内防疫政策持续优化，稳地产政策继续加码，国内经济预期明显修复，叠加理财产品赎回“负反馈”，收益率加速调整；12月中下旬，在政策层“呵护”之下，理财产品赎回冲击减弱，收益率高位有所下行。整体来看，全年债券收益率变动幅度相对有限，全年各类型债券财富指数均有所上涨，其中国债财富指数上涨3.44%，企业债财富指数上涨3.13%。  2022年权益市场指数明显下挫，其中沪深300指数下跌21.63%，创业板指数下跌29.37%。本报告期内基金以持有中高评级信用债为主，组合在1月份将久期保持较短水平，3月中旬将久期延长至中性较长水平，在6月初减持中长期品种，将久期降至中性略低水平。7月初将组合久期延长至中性较长水平，11组合减持中长期品种，将久期降至中性略低水平。在2022年，本组合基金参与了权益类品种的投资机会。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:13.204Z","mo":"展望2023年，春节后疫情影响有望趋弱，开局之年对稳增长的诉求较强，国内经济回暖方向较为确定。同时宽财政政策将继续发力，随实体融资需求修复，货币政策或增加对于通胀的权重，债券市场仍有部分调整压力。但由于2023年海外经济可能出现回落，外需存在一定压力，且国内政策不强刺激下，2023年国内经济增长或将呈弱修复格局，债券收益率虽有上行压力，但幅度有限。  信用债方面，2022年四季度信用债收益率出现较大幅度调整，信用债具有一定配置价值。但无论从时间还是空间角度来看，信用债调整仍不充分。由于国内疫情冲击结束后经济增长秩序有望恢复，债券收益率仍面临一定上行压力，信用利差也可能继续扩大。投资上将重点关注中高等级短久期品种。  权益方面，短期而言，伴随毒株变异、疫情扩散、出口加速下滑，经济仍在“二次探底”中，股市或有震荡，筑底或将持续一段时间。中期而言，中央经济会议提出扩内需和稳增长是2023年首要任务，政策面对股市有支撑，随着美联储加息放缓、地产政策放开和疫情感染达峰，前期制约股市的因素均出现积极改善，中期对股市偏乐观，配置策略上，主要关注食品饮料、免税旅游、医药及其他稳增长方向。  综合而言，我们认为目前债券收益率市场短期下行空间有限，因此整体久期仍维持在中性略低水平。若收益率继续出现较大幅度上行，组合将择机提升久期和杠杆水平。权益方面，组合将保持合理的权益仓位，力争为投资者创造更高收益。","fund":{"_id":3000000009096,"__csrcFundId":7275,"stockCode":"009096","name":"鹏华安泽混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9096,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:21.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-24T16:00:00.000Z","shortName":"鹏华安泽混合(009096)","followedNum":1,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华安泽混合","setUpDate":"2020-03-24T16:00:00.000Z","setUpAssetScale":1196872844.79,"setUpShares":1196872844.79,"pinyin":"phazhhxzqtzjj","managers":[{"stockCode":"j101020057","stockType":"fund_manager","exchange":"fm","tickerId":192503246320,"name":"时赟超"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"},{"stockCode":"db20794074","stockType":"fund_manager","exchange":"fm","tickerId":41610218680,"name":"杜培俊"}]},"announcement":{"linkText":"鹏华安泽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=869019","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc557fea5b3eb04c5f74","date":"2022-09-29T16:00:00.000Z","stockId":3000000009096,"sao":"第三季度债券小幅上涨。第三季度初，地产“断供潮”发酵，地产销售预期恶化，叠加资金面维持宽松，收益率震荡回落；8月中旬，央行超预期调降政策利率，叠加经济数据超预期回落，收益率快速下行；第三季度后半段，海外紧缩预期下，人民币汇率承压，叠加国内稳增长政策持续加码，地产政策放松落地，以及跨季因素下资金面持续收紧，收益率震荡调整。整体来看，第三季度债券收益率曲线整体有所下行。  第三季度所有债券财富指数均出现不同程度的上涨，其中企业财富指数上涨幅度最大，涨幅达1.67%，国债次之，涨幅为1.61%，金融债相对落后，涨幅为1.49%。  第三季度权益市场大幅回落，沪深300指数和创业板指数分别下跌15.16%和18.56%。  本报告期内基金以持有中高评级信用债为主，组合期初将久期维持中性略高水平，在8月末将久期降低至中性较低水平，同时对权益市场投资进行了适度参与。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:13.200Z","fund":{"_id":3000000009096,"__csrcFundId":7275,"stockCode":"009096","name":"鹏华安泽混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9096,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:21.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-24T16:00:00.000Z","shortName":"鹏华安泽混合(009096)","followedNum":1,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华安泽混合","setUpDate":"2020-03-24T16:00:00.000Z","setUpAssetScale":1196872844.79,"setUpShares":1196872844.79,"pinyin":"phazhhxzqtzjj","managers":[{"stockCode":"j101020057","stockType":"fund_manager","exchange":"fm","tickerId":192503246320,"name":"时赟超"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"},{"stockCode":"db20794074","stockType":"fund_manager","exchange":"fm","tickerId":41610218680,"name":"杜培俊"}]},"announcement":{"linkText":"鹏华安泽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=804114","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc557fea5b3eb04c5f73","date":"2022-06-29T16:00:00.000Z","stockId":3000000009096,"sao":"2022年上半年，债券收益率维持偏震荡格局，收益率曲线呈现一定陡峭化。具体来看，2022年初，央行调降政策利率10BP，叠加相关央行官员发表“超鸽派”讲话，引发市场宽松预期明显升温，收益率快速下行；2月初-3月中旬，随着1月份PMI数据好于预期、社融数据同比多增，地产政策放松加码，以及“两会”财政支出预算提升，国内宽信用预期明显升温，收益率震荡攀升；3月中旬-4月初，深圳、上海等地区疫情“爆发”，经济下行压力加大，收益率小幅回落；4月中旬，降准幅度不及预期，政策宽松预期降温，收益率小幅上行；5月中旬-5月底，4月份社融等宏观经济数据恶化，北京出现局部疫情，叠加稳大盘会议后基本面担忧加剧，收益率小幅回落；5月底以来，随着上海、北京等地区疫情收尾，生产生活秩序“重启”，经济修复预期有所升温，收益率再度上行。整体来看，上半年债券收益率总体维持偏震荡格局，收益率曲线呈现一定陡峭化。从债券指数来看，不同类型债券财富指数均有不同程度上涨，其中国债财富指数上涨1.56%，企业债财富指数上涨2.62%。       上半年权益市场波动较大，整体有所下跌。沪深300指数收跌9.22%，创业板指数下跌15.41%。本报告期内基金以持有中高评级信用债为主，组合在1月份将久期保持较短水平，3月中旬将久期延长至中性较长水平，在6月初减持中长期品种，将久期降至中性略低水平，同时对权益市场投资进行了适度参与。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:13.198Z","mo":"展望未来，从国内基本面来看，随着上海、北京等地区新一轮疫情进入“扫尾”阶段，国内“复工复产”明显加速，疫情防控政策力求“精准化”，预计其对于经济活动的约束会相对“弱化”。同时随着前期国务院稳经济一揽子政策措施的逐步落实，全国生产生活秩序有效修复，叠加地产放松政策效果略有显现，地产行业景气度有所改善，因此短期国内经济增长有望出现阶段性修复。但考虑到疫情对于居民收入、消费行为的中长期影响，居民端需求的修复或面临约束，居民消费、地产销售修复总体或偏缓，叠加出口端的趋势性走弱，地方政府债务对于财政扩张的限制，下半年国内经济修复空间也相对有限。  随着经济基本面的阶段性修复，实体融资边际改善，叠加政府债发行的集中放量，短期债券市场可能面临一定调整压力。但由于本轮稳增长政策力度相对温和，经济向上修复空间相对有限，预计债券市场调整幅度也相对可控。从略中期角度来看，随着前期稳增长政策动力的减缓，以及海外经济周期性的向下，叠加政府债供给压力的缓解，债券市场或再度迎来阶段性的投资机会。  信用市场方面，在较为宽松的流动性支持下，近期信用债表现相对较好。但从中期角度来看，三季度经济有望出现阶段性修复，短端利率或将向政策利率靠近，过剩的流动性逐步进入实体，信用债资产荒的底层逻辑逐步走弱。而且从空间来看，目前信用债绝对收益率和利差处于历史较低位置，后续难以继续压缩，后续须防范信用利差走阔的风险。  权益方面，我们预计未来经济有望出现阶段性修复，但修复力度有限，因此权益市场短期仍有望反弹，但在企业盈利难以大幅修复背景下，反弹力度也有限，同时4月至今权益市场已积累较大涨幅，因此后续风险也在逐步加大，须及时进行止盈。  综合而言，我们短期债券市场保持略谨慎观点，组合暂时维持中性较短久期，一旦债券市场出现较大幅度的调整，组合将择机延长久期，品种仍以中高评级信用债为主。对于权益市场，我们认为权益市场仍具有一定的投资机会，组合将继续参与股票投资，若上涨幅度较大，组合或将择机减持权益仓位。","fund":{"_id":3000000009096,"__csrcFundId":7275,"stockCode":"009096","name":"鹏华安泽混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9096,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:21.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-24T16:00:00.000Z","shortName":"鹏华安泽混合(009096)","followedNum":1,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华安泽混合","setUpDate":"2020-03-24T16:00:00.000Z","setUpAssetScale":1196872844.79,"setUpShares":1196872844.79,"pinyin":"phazhhxzqtzjj","managers":[{"stockCode":"j101020057","stockType":"fund_manager","exchange":"fm","tickerId":192503246320,"name":"时赟超"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"},{"stockCode":"db20794074","stockType":"fund_manager","exchange":"fm","tickerId":41610218680,"name":"杜培俊"}]},"announcement":{"linkText":"鹏华安泽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=782940","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc557fea5b3eb04c5f72","date":"2022-03-30T16:00:00.000Z","stockId":3000000009096,"sao":"2022年第一季度，债券市场小幅上涨。第一季度初，央行调降政策利率10BP，相关央行官员发表“超鸽派”讲话，引发市场宽松预期明显升温，现券收益率快速下行；2月份以来，随着1月份PMI数据好于预期、社融数据同比多增，地产政策放松加码，以及“两会”财政支出预算提升，国内宽信用预期明显升温，债券市场情绪走弱，现券收益率震荡攀升。整体来看，第一季度债券收益率曲线呈现小幅陡峭化，收益率变动幅度相对有限。      2022年第一季度所有债券财富指数均出现不同程度的上涨，其中企业财富指数上涨幅度最大，涨幅达0.89%，国债次之，涨幅为0.64%，金融债相对落后，涨幅为0.56%。      第一季度权益市场整体表现不佳，主要权益指数均有所回落，其中沪深300指数下跌14.5%，创业板指数下跌20%左右。      本报告期内基金以持有中高评级信用债为主，组合1月份将组合久期保持较短水平，3月中旬将久期延长至中性较长水平，同时对权益市场投资进行了适度参与。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:13.194Z","fund":{"_id":3000000009096,"__csrcFundId":7275,"stockCode":"009096","name":"鹏华安泽混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9096,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:21.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-24T16:00:00.000Z","shortName":"鹏华安泽混合(009096)","followedNum":1,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华安泽混合","setUpDate":"2020-03-24T16:00:00.000Z","setUpAssetScale":1196872844.79,"setUpShares":1196872844.79,"pinyin":"phazhhxzqtzjj","managers":[{"stockCode":"j101020057","stockType":"fund_manager","exchange":"fm","tickerId":192503246320,"name":"时赟超"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"},{"stockCode":"db20794074","stockType":"fund_manager","exchange":"fm","tickerId":41610218680,"name":"杜培俊"}]},"announcement":{"linkText":"鹏华安泽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=723923","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc557fea5b3eb04c5f71","date":"2021-12-30T16:00:00.000Z","stockId":3000000009096,"sao":"2021年债券市场总体偏强，收益率以震荡回落为主，阶段性调整幅度相对有限。年初至春节前，央行阶段性收紧流动性，收益率出现小幅调整；3月-5月份，资金面维持宽松，政府债发行节奏弱于预期，叠加局部信用收紧，市场呈现阶段性“资产荒”，收益率震荡回落；7月份，全面降准政策落地，债券市场情绪明显提振，收益率加速下行；10月中上旬，海内外能源价格加速上行，全球通胀预期升温，叠加国内央行表态略偏“鹰”，收益率出现小幅调整；10月下旬以来，随着国内价格调控政策加码，大宗商品价格高位回落，通胀预期有所降温，叠加12月份降准政策落地，收益率再度震荡回落。整体来看，全年债券收益率呈现平坦化回落，低等级信用债收益率回落幅度略低于中高等级品种;全年各类型债券财富指数均有所上涨，其中国债财富指数上涨5.85%，企业债财富指数上涨6.05%。      2021年权益市场指数走势略有分化，其中沪深300指数下跌5.2%，创业板指数上涨12.02%。本报告期内基金以持有中高评级信用债为主，组合久期在第一季度保持较短水平，6月开始延长久期，在10月减持部分债券，适当降低久期，目前保持中性水平。在2021年，本组合基金参与了权益类品种的投资机会。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:13.192Z","mo":"展望2022年，国内经济增长仍存在一定压力。其中在外需下降、出口份额占比提升有限等不利因素影响下，出口增速可能面临高位回落压力；内需方面：消费增速在疫情反复影响下，恢复仍有较大不确定性。此外地产下行风险尚未出清，制造业等经济修复链条也面临“见顶”的压力，而基建投资的回暖则面临地方债务管控的“长期约束”；后续经济的企稳有赖于国内政策的继续宽松。在经济走弱及政策放松的综合影响下，短期内债券市场风险不大；但由于目前债券收益率整体水平较低，后续若国内宽信用政策进一步有效出台，债券市场可能面临一定调整风险。      信用债方面，在较低利率环境下，信用债仍有一定的配置需求。但由于当前无论是绝对收益率还是信用利差均处于历史较低水平，且当前部分行业仍面临较大的资金链压力，一旦债券市场调整，信用债可能面临信用利差扩大的风险。投资上须继续规避信用资质较差主体。      权益方面，2022年国内经济增长存在一定压力，但货币政策有望保持宽松，市场流动性有望保持充裕格局，权益市场有望继续震荡上涨，但预计2022年整体收益将有所缩窄，且波动较大。      综合而言，我们认为目前债券具有一定的配置价值，组合在债券配置方面将维持中性久期，并在严格控制信用风险的前提下，保持中高评级信用产品的持仓，但期限上以中等期限为主。权益方面，组合将保持合理的权益仓位，力争为投资者创造更高收益。","fund":{"_id":3000000009096,"__csrcFundId":7275,"stockCode":"009096","name":"鹏华安泽混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9096,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:21.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-24T16:00:00.000Z","shortName":"鹏华安泽混合(009096)","followedNum":1,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华安泽混合","setUpDate":"2020-03-24T16:00:00.000Z","setUpAssetScale":1196872844.79,"setUpShares":1196872844.79,"pinyin":"phazhhxzqtzjj","managers":[{"stockCode":"j101020057","stockType":"fund_manager","exchange":"fm","tickerId":192503246320,"name":"时赟超"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"},{"stockCode":"db20794074","stockType":"fund_manager","exchange":"fm","tickerId":41610218680,"name":"杜培俊"}]},"announcement":{"linkText":"鹏华安泽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=712059","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc557fea5b3eb04c5f70","date":"2021-09-29T16:00:00.000Z","stockId":3000000009096,"sao":"第三季度债券大幅上涨。第三季度前半段，央行降准政策落地，市场乐观情绪高涨，叠加疫情、汛情等因素的影响，经济悲观预期抬升，市场乐观情绪延续，债券收益率快速下行；第三季度后半段，受海内外大宗商品价格上涨，通胀预期抬升，以及海外货币政策收紧预期等因素的影响，债券收益率略有抬升。整体来看，第三季度债券收益率曲线呈现陡峭化下行。第三季度所有债券财富指数均出现不同程度的上涨，其中国债财富指数上涨幅度最大，涨幅达2.22%，金融债次之，涨幅为1.82%，企业债相对落后，涨幅为1.78%。本季度权益市场小幅下挫。沪深300指数和创业板指数分别下跌6.85%和6.69%。本报告期内基金以持有中高评级信用债为主，组合期初将久期维持中性略高水平，在8月初将久期降低至中性较低水平，同时对权益市场投资进行了适度参与。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:13.189Z","fund":{"_id":3000000009096,"__csrcFundId":7275,"stockCode":"009096","name":"鹏华安泽混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9096,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:21.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-24T16:00:00.000Z","shortName":"鹏华安泽混合(009096)","followedNum":1,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华安泽混合","setUpDate":"2020-03-24T16:00:00.000Z","setUpAssetScale":1196872844.79,"setUpShares":1196872844.79,"pinyin":"phazhhxzqtzjj","managers":[{"stockCode":"j101020057","stockType":"fund_manager","exchange":"fm","tickerId":192503246320,"name":"时赟超"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"},{"stockCode":"db20794074","stockType":"fund_manager","exchange":"fm","tickerId":41610218680,"name":"杜培俊"}]},"announcement":{"linkText":"鹏华安泽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=653318","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc557fea5b3eb04c5f6f","date":"2021-06-29T16:00:00.000Z","stockId":3000000009096,"sao":"上半年，债券收益率先上后下，整体略有下行。具体来看，2021年开年，在资金面维持宽松的影响下，收益率小幅回落；而1月中下旬，随着权益市场、地产价格的快速上涨，引发央行“警惕”，央行公开市场阶段性收紧流动性，市场紧缩预期升温，收益率快速上行；2月中旬-5月底，资金面持续维持宽松，政府债发行节奏弱于预期，市场形成阶段性“资产荒”，现券收益率震荡回落；6月初，政府债供给担忧增加，叠加资金中枢小幅抬升，收益率小幅上行；6月中下旬，基本面数据边际趋弱，叠加美联储议息会议靴子落地，政府债供给边际缩量，收益率再度小幅回落。整体来看，上半年债券收益率总体下行。不同类型债券财富指数均有不同程度上涨，其中国债财富指数上涨2.17%，企业债财富指数上涨2.53%。      上半年权益市场波动较大，整体上涨。沪深300指数上涨0.24%，创业板指数上涨17.22%。本报告期内基金以持有中高评级信用债为主，组合1月份将久期保持较短水平，2月中旬将久期延长至中性较长水平，同时对权益市场投资进行了适度参与。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:13.187Z","mo":"展望未来，下半年国内经济增长仍存在较大隐患。随着海外财政补贴的退坡、产能的逐步修复，出口端对于国内经济拉动作用边际趋缓，叠加地产投资高位回落，消费增速恢复面临一定瓶颈，预计经济下行压力或有所加大，债券收益率仍有下行空间。但短期而言，由于7月份央行已出台降准措施，叠加国内经济增长仍保持一定韧性，货币政策短期难以再大幅宽松，债券收益率继续大幅下行空间有限。      信用市场方面，我们预期国内防风险的维稳政策仍将延续，叠加企业盈利近期有所改善，整体融资环境有望延续修复态势，下半年将会是“信用企稳+盈利高位回落+政策维稳惯性”的组合，整体信用风险仍相对可控。不过中长期来看，需警惕明年政策退坡带来的冲击，关键的信用事件以及评级调整风险也需持续关注。由于目前信用利差较低，叠加利率债收益率下行空间有限，预计未来信用债收益率将维持窄幅波动。      权益方面，我们预计下半年受经济增长下行压力加大影响，企业盈利增长将有所放缓，叠加目前权益市场整体估值较高，国内权益市场难以整体上涨，更多是结构性机会，景气度较高的新能源汽车、电子等行业可能有较大投资机会，投资上须进一步加强灵活性，要及时根据政策变化及市场情况适当调整仓位及结构。       综合而言，我们对债券市场持中性偏乐观观点，由于短期债券市场难有较大机会，组合暂时维持中性久期，一旦经济下行趋势明确，将进一步延长组合久期，品种仍以中高评级信用债为主。对于权益市场，我们认为权益市场仍具有结构性的投资机会，组合将继续参与权益投资，力争为投资者创造更高收益。","fund":{"_id":3000000009096,"__csrcFundId":7275,"stockCode":"009096","name":"鹏华安泽混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9096,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:21.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-24T16:00:00.000Z","shortName":"鹏华安泽混合(009096)","followedNum":1,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华安泽混合","setUpDate":"2020-03-24T16:00:00.000Z","setUpAssetScale":1196872844.79,"setUpShares":1196872844.79,"pinyin":"phazhhxzqtzjj","managers":[{"stockCode":"j101020057","stockType":"fund_manager","exchange":"fm","tickerId":192503246320,"name":"时赟超"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"},{"stockCode":"db20794074","stockType":"fund_manager","exchange":"fm","tickerId":41610218680,"name":"杜培俊"}]},"announcement":{"linkText":"鹏华安泽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=632542","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc557fea5b3eb04c5f6e","stockId":3000000009096,"sao":"第一季度债券市场先跌后涨。年初随着央行流动性投放的边际收紧，市场流动性出现明显收敛，叠加海外经济复苏预期的持续增强，大宗商品价格出现明显抬升，全球“再通涨”预期加强，债券收益率出现快速上行；而春节以来，在“两会”政策维稳，财政支出加速，地方债供给维持低位等因素共同影响之下，资金面维持偏宽松的格局，叠加权益市场快速下挫，以及商品价格冲高回落，全球通胀预期降温，债券收益率震荡回落。整体来看，一季度债券收益率变动略有分化，其中超长端收益率略有回落，中短端收益率略有回升，收益率曲线呈现一定“平坦化”。第一季度主要债券财富指数均出现不同程度的上涨，其中企业债总指数上涨幅度最大，涨幅达0.92%。         第一季度权益市场波动也明显加大，主要权益指数先涨后跌，整体有所回落，其中沪深300指数下跌3.13%，创业板指数下跌7%。        本报告期内基金以持有中高评级信用债为主，组合1月份将组合久期保持较短水平，2月中旬将久期延长中性水平，同时对权益市场投资进行了适度参与。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:13.184Z","fund":{"_id":3000000009096,"__csrcFundId":7275,"stockCode":"009096","name":"鹏华安泽混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9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半年，债券市场波动较大，收益率先下后上，整体略有下行。具体来看，开年在宽裕资金面影响下，收益率延续2019年末下行趋势；1月下旬开始，新冠疫情成为影响债市的核心变量，随着疫情在国内外的扩散，经济活动受到干扰，全球避险情绪升温，叠加全球主要经济体货币政策大幅宽松，推动债券收益率大幅下行，期间国内10年国债收益率突破2016年低点，创2002年以来新低。但4月底开始，在国内经济复苏背景下，央行逐步退出特殊时期货币政策，同时利率债供给放量，收益率触底回升。整体来看，上半年债券收益率总体下行。不同类型债券财富指数均有不同程度上涨，其中国债财富指数上涨2.75%，企业债财富指数上涨2.42%。        上半年权益市场波动较大，整体上涨。沪深300指数上涨1.64%，创业板指数上涨35.6%。本报告期内基金以持有中高评级信用债为主，组合久期保持中性偏短水平，对权益市场投资进行了积极参与。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:13.176Z","mo":"展望未来，虽然4月份以来债券收益率出现较大幅度上行，短期内全球疫情、外需仍存在一定不确定性，叠加国内经济修复动能边际有所趋缓，债券市场或许存在交易性机会。但从中期来看，疫情对经济活动的冲击有望逐步消退，同时全球各经济体陆续出台经济刺激政策，后续国内经济增长有望逐季修复。因此，债券市场难以出现趋势性机会。         信用市场方面，受利率债收益率调整影响，信用债收益率在二季度末出现较大幅度上行，绝对收益率已经回到2019年年底水平。但由于二季度末债券持续下跌，部分净值型理财产品出现亏损，叠加股票市场加速上涨，债券型理财产品后续可能面临较大赎回压力，信用债的信用利差难以大幅压缩，投资上仍须控制久期风险。         权益方面，随着国内经济活动逐步恢复正轨，宽信用政策效果逐步显现，我们预计权益市场有望继续上涨，但另一方面，我们也须清醒的认识到，目前国内经济增长仍存在一定隐患，全球疫情仍有反复，同时权益市场近期已出现较大幅度上涨，后期股票市场波动可能加大，投资上须进一步加强灵活性，要及时根据政策变化及市场情况适当调整仓位及结构。          综合而言，我们对债券市场持谨慎观点，虽然后期可能参与债券市场交易性机会，但组合整体维持中性略短久期，品种仍以中高评级信用债为主。对于权益市场，我们认为权益市场仍具有较大投资机会，组合将继续参与权益投资，力争为投资者创造更高收益。","fund":{"_id":3000000009096,"__csrcFundId":7275,"stockCode":"009096","name":"鹏华安泽混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9096,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:21.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-24T16:00:00.000Z","shortName":"鹏华安泽混合(009096)","followedNum":1,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华安泽混合","setUpDate":"2020-03-24T16:00:00.000Z","setUpAssetScale":1196872844.79,"setUpShares":1196872844.79,"pinyin":"phazhhxzqtzjj","managers":[{"stockCode":"j101020057","stockType":"fund_manager","exchange":"fm","tickerId":192503246320,"name":"时赟超"},{"stockCode":"j101020268","stockType":"fund_manager","exchange":"fm","tickerId":261024251190,"name":"张静娴"},{"stockCode":"db20794074","stockType":"fund_manager","exchange":"fm","tickerId":41610218680,"name":"杜培俊"}]},"announcement":{"linkText":"鹏华安泽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=464349","linkType":"PDF","source":"csrc_pdf"}}]}