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斜。　　上半年哑铃策略结构极端化，部分反映了投资者的风险偏好未完全恢复，尤其对顺周期的行业信心不足，但随着比价差异不断拉大，市场结构有转换的需要。","fund":{"_id":3000000009100,"__csrcFundId":7305,"stockCode":"009100","name":"安信稳健增利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9100,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:32.011Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-31T16:00:00.000Z","shortName":"安信稳健增利混合(009100)","followedNum":10,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健增利混合","setUpDate":"2020-03-31T16:00:00.000Z","setUpAssetScale":1046575858.09,"setUpShares":1046575858.09,"pinyin":"axwjzlhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20568102","stockType":"fund_manager","exchange":"fm","tickerId":1210173100,"name":"李君"}]},"announcement":{"linkText":"安信稳健增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=1338488","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc567fea5b3eb04c60c0","date":"2025-03-30T16:00:00.000Z","stockId":3000000009100,"sao":"权益部分，报告期内，价值股略有回调，成长股尤其是AI和机器人概念相关标的涨幅明显，同时港股显著跑赢A股。我们认为，（1）未来几个季度，经济基本面有望在低基数的背景下逐步企稳。虽然美国政府的关税政策也许会对我们的出口有一定的扰动，但此次贸易摩擦并非仅针对中国，我们在美国总体进口中所占据的份额未必会有很大的下滑，不能简单类比2018年。我们认为价值股未来一段时间的走势可能不会有太大风险。（2）AI、机器人在未来10年应该是引领产业升级的关键领域，但在营收上短期难有立竿见影的体现，而在利润上或要等待更久，商业模式、技术应用还有很长时间的探索试错，正如本世纪初的互联网产业，其长期评估不应保守，但短期定价不宜激进。（3）港股对A股的折价有了很大修复。而考虑到分红税率、交易费用、成交活跃度等，港股相对于A股确应体现一定的折价。　　基于上述认识，我们在权益投资策略上有以下调整：（1）继续以估值合理、盈利稳定的价值股为主要投资标的，其中，适当增持了化工、地产、家电等板块的一些标的，适当减持了银行、非银、建材等板块的一些标的。（2）我们未以股票形式参与本轮AI、机器人的行情，但在可转债投资上有所涉及。（3）我们适当降低了港股在权益持仓中的占比，但仍在4成以上（基金合同规定不能超过5成）。　　转债部分，年初以来市场明显上涨，或由于以下原因：（1）纯债收益率维持低水平，为追求更高回报，纯债市场不少资金溢出到了转债市场。（2）转债资产主要对应的银行股和中小盘股，涨幅明显。对此我们认为：（1）由于纯债收益率太低而转向转债资产的资金，其波动承受力或有不足，在转债资产发生较大波动的时候，可能成为反向的力量。（2）如前所述，中小盘股行情的可持续性，能见度不高。（3）转债市场的估值保护，阶段性有所打薄。（4）不少转债品种的定价仍有吸引力，但这类标的的数量明显减少。基于上述认识，我们大幅减持了转债资产，并大幅收缩了配置的标的数量。　　纯债部分，自2024年2季度商业银行取消手工补息之后，活期存款的实际利率大幅下降，相比银行间市场的资金短债利率，有100BP以上的落差和势能，这或许是近1年来大量资金从存款账户涌入固收类资管产品的重要动因，当前这一情况也并未改变。中短期债券年初以来经过1个季度的调整，已经修复到资金利率附近，但仍略低于资金利率。长债方面，当下的市场利率和期限利差隐含两个假设，长期较低的经济增速、长期较低的通胀率。我们认为二者未必同时成立，所以我们对中长债持审慎态度。基于上述认识，我们以较多的资金从事交易所逆回购，适当配置了高等级中短债，并密切关注市场变化，择机增配。对于中长债仍决定暂时回避。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:14.870Z","fund":{"_id":3000000009100,"__csrcFundId":7305,"stockCode":"009100","name":"安信稳健增利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9100,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:32.011Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-31T16:00:00.000Z","shortName":"安信稳健增利混合(009100)","followedNum":10,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健增利混合","setUpDate":"2020-03-31T16:00:00.000Z","setUpAssetScale":1046575858.09,"setUpShares":1046575858.09,"pinyin":"axwjzlhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20568102","stockType":"fund_manager","exchange":"fm","tickerId":1210173100,"name":"李君"}]},"announcement":{"linkText":"安信稳健增利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=1266584","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc567fea5b3eb04c60bf","date":"2024-12-30T16:00:00.000Z","stockId":3000000009100,"sao":"权益部分，市场总体收涨，但期间波动很大，上证指数、恒生指数分别出现了2015年和2009年之后最大的振幅。这在一定程度上映射了年内基本面和政策面的起伏，但仍然显得过于剧烈了。这样一种行情，实际上非常有利于价值投资策略的主动管理产品，因为价格相对于价值过于超额的波动，会给到我们低价买入或者高价减持的机会。期间，我们配置了地产、能源、建材、家电、金融、制造业等行业，并适时进行了结构性调整，择机参与了食品饮料、新能源、家居、有色、工程等行业的若干标的，并持有至报告期末。总体上，权益部分为基金净值增长做出了重要贡献。　　转债部分，市场在2月、8-9月出现了两次大幅调整，尤其是8月份这次调整，就纯债溢价率来说，其估值之低是前所未有的。同样，转债价格相对于价值的大幅波动，也是给到我们很好的增强收益的机会。但与权益资产有所不同，可转债市场的活跃度相对较低，对于转债机会的充分把握，非常有赖于基金持有人的理解和包容。年内，本产品净值一度也出现了较大调整，但存续规模大致平稳，让我们在相对宽松的环境下更好的抓住了转债市场的机会，最终实现了比较好的收益。　　纯债部分，报告期内，我们主要配置了中短久期利率债、金融债、交易所逆回购等，力求获取相对低风险、高质量的平稳收益。","declarationDate":"2025-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:14.867Z","mo":"就已经公告或预告年度盈利情况的上市公司来看，当下实体经济低速增长时期也许并未结束。2024年3季度末，密集出台的刺激政策推动指数大幅反弹之后，权益市场对于后续政策利好的反应有所钝化，也许需要基本面的进一步确认、反馈，行情才能持续。接下来一段时间，也许仍是波动大于趋势。历史上看，金融资产的趋势转折往往提前于它所对应的实物资产和行业企业。一些经济部门的边际改善，哪怕仅是降幅的明显趋缓，对应的部分金融资产都有迎来行情的机会。我们倾向于认为，未来1年，上述情况会在金融市场的很多领域得以重演。虽然其何时能成为市场的主流，并最终推动整个指数和利率的明显上升，仍有待于观察，但就主动管理产品来说，应当是可以有所作为的一年。对于权益市场走势预期中性，不妨碍我们对于权益持仓获益态度乐观。我们对转债资产的看法也是如此。纯债方面，我们对长债持保守态度，至少认为其性价比低于很多权益资产。","fund":{"_id":3000000009100,"__csrcFundId":7305,"stockCode":"009100","name":"安信稳健增利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9100,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:32.011Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-31T16:00:00.000Z","shortName":"安信稳健增利混合(009100)","followedNum":10,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健增利混合","setUpDate":"2020-03-31T16:00:00.000Z","setUpAssetScale":1046575858.09,"setUpShares":1046575858.09,"pinyin":"axwjzlhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20568102","stockType":"fund_manager","exchange":"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　　纯债方面，期间，本产品主要持有中短久期利率债、高等级券商债和国有大型银行商金债，致力于获取相对稳健的收益。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:14.849Z","fund":{"_id":3000000009100,"__csrcFundId":7305,"stockCode":"009100","name":"安信稳健增利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9100,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:32.011Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-31T16:00:00.000Z","shortName":"安信稳健增利混合(009100)","followedNum":10,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健增利混合","setUpDate":"2020-03-31T16:00:00.000Z","setUpAssetScale":1046575858.09,"setUpShares":1046575858.09,"pinyin":"axwjzlhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20568102","stockType":"fund_manager","exchange":"fm","tickerId":1210173100,"name":"李君"}]},"announcement":{"linkText":"安信稳健增利混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=884896","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc567fea5b3eb04c60b7","date":"2022-12-30T16:00:00.000Z","stockId":3000000009100,"sao":"2022年是非常难获取收益的一年。过往经济走弱，权益资产下跌的年份，固定收益资产一般都能获取不错的收益。但2022年权益资产明显下跌的同时，债券的收益也很低，平均无风险收益率是过去10年的最低水平，债券资本利得基本没有。可转债资产也明显下跌，中证转债指数下跌10%，是过去20年第三大跌幅，仅次于2008年和2015年。本基金全年虽然取得了正收益，但期间也一度出现了明显的净值回撤。　　纯债部分，考虑到静态收益率比较低，风险收益比来看，吸引力不高。而且信用债的信用利差处于历史低位，并不能很好的体现短期信用风险的增长。本基金年内主要参与了中短久期的国债、政策性银行债，以及头部券商、大型银行的中短久期债券。虽然静态收益率并不是很高，但很好的控制住了信用风险，在4季度后期的债市下跌中也相对从容。　　转债部分，上半年，我们认为转债资产虽然整体有所高估，但经过3月4月的调整，有部分品种具备一定的吸引力，所以还是拿出一定的仓位进行了有选择的配置。8月份之后，可转债资产持续回落，我们认为很多标的的投资价值开始逐步浮现，适当增加了可转债持仓。全年来看，在可转债资产上虽然未获取到多少收益，但也并未蒙受多少损失。　　权益部分，年内权益市场一度显著走低。期间我们认为，导致市场走弱的既有长期因素，比如出生率超预期下降、外部国际环境等，也有短期因素，比如疫情影响、地产产业链的流动性问题等，但是短期因素是主要的、可恢复的。市场经过比较深的调整，很多标的已经具有明显的长期配置价值。我们在下半年保持了比较高的权益仓位，包括港股通标的的仓位。之后虽然也曾经历比较明显的回撤，但在4季度后半段的市场反弹中，还是获取了比较不错的收益。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:14.846Z","mo":"利率方面，我们倾向于认为未来1年大概率上是上行的，主要由于：1、我们已经基本从3年的疫情影响中走出，经济活动和融资需求大概率将显著增长。2、如果经济得到良好恢复，继续维持宽松货币政策的必要性就大幅降低了。3、根据其他经济体的经验，疫后经济恢复过程中，大概率会伴随比较明显的通胀率上行。4、当前中国的无风险利率，仍然比较明显的低于美国等主要经济体。　　权益方面，我们看好未来1年的市场走势。如上所述，疫后经济恢复已经开始，考虑到工程复工赶工、报复性消费、前期积累的超额储蓄等因素，甚至不排除部分领域短期有超额反弹的可能。当前的估值水平仍然较低，部分行业甚至处于历史低位水平。当然，这种恢复过程带来的增长，其趋势未必有很强的可持续性。我们看好2023年权益市场的同时，也认为它不一定是特别大幅的上涨。在其中也需要掌握好节奏、参与的板块结构。","fund":{"_id":3000000009100,"__csrcFundId":7305,"stockCode":"009100","name":"安信稳健增利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9100,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:32.011Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-31T16:00:00.000Z","shortName":"安信稳健增利混合(009100)","followedNum":10,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健增利混合","setUpDate":"2020-03-31T16:00:00.000Z","setUpAssetScale":1046575858.09,"setUpShares":1046575858.09,"pinyin":"axwjzlhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20568102","stockType":"fund_manager","exchange":"fm","tickerId":1210173100,"name":"李君"}]},"announcement":{"linkText":"安信稳健增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=866493","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc567fea5b3eb04c60b6","date":"2022-09-29T16:00:00.000Z","stockId":3000000009100,"sao":"本季度，权益市场震荡下行，上证指数下跌11%，恒生指数下跌21%，本基金的净值也出现了一定的回撤。期间，本基金继续持有地产、能源、家电、建材、金融、消费和部分制造业标的。我们目前仍然看好陆港两个市场的长期价值，认为当前很多标的已经具备很大的投资价值。本基金的权益仓位相比季度初，有了一定的提升。  报告期内，本基金仍然持有一部分中大盘转债，致力于在获取一定的纯债收益率的基础上，以相对合理的价格投资于其中隐含的期权价值。  本基金的纯债部分主要投资于利率债和高等级金融债。纯债部分的仓位基本呈现中短久期、低杠杆、高评级的特征。主要因为我们认为未来半年到一年，或面临一定的利率上行风险，也因此，我们对纯债和转债的纯债价值部分的利率风险做了一定的对冲。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:14.843Z","fund":{"_id":3000000009100,"__csrcFundId":7305,"stockCode":"009100","name":"安信稳健增利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9100,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:32.011Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-31T16:00:00.000Z","shortName":"安信稳健增利混合(009100)","followedNum":10,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健增利混合","setUpDate":"2020-03-31T16:00:00.000Z","setUpAssetScale":1046575858.09,"setUpShares":1046575858.09,"pinyin":"axwjzlhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20568102","stockType":"fund_manager","exchange":"fm","tickerId":1210173100,"name":"李君"}]},"announcement":{"linkText":"安信稳健增利混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=803628","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc567fea5b3eb04c60b5","date":"2022-06-29T16:00:00.000Z","stockId":3000000009100,"sao":"从纯债部分分析，本报告期内的利率市场基本平稳，虽然前期存在震荡略下行，但6月份出现了比较明显的上行。期间，我们始终保持了比较低的杠杆、比较短的久期，并等待更好的配置机会，总体上很有效地控制住了纯债部分的波动。在信用策略上继续严控风险，绝大部分仓位为AAA金融债和利率债。  从转债部分分析，在本报告期内，前期转债市场明显下跌，中证转债指数一度发生了12.5%左右的下跌。后期市场虽然有所回暖，但在上半年中证转债指数总体上还是发生了3.7%左右的下跌。前期，在1-2月转债市场上涨过程中，我们逐步减持了部分的非债性转债仓位。在市场较低位置，我们适当增持了一些低波动的转债品种，在后期的市场回暖过程中获得了一定的增量收益。  从权益部分分析，本报告期内的权益市场结构性分化比较显著，高估值成长股总体波动较大。我们基于价值投资的原则，构建了以能源、地产、金融、建材、消费等为主的价值股组合，上述价值股组合在上半年表现较好。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:14.841Z","mo":"对于固收市场，我们认为下半年面临着一定的挑战：1.无风险利率面临一定的上行压力。主要由于外部主要经济体纷纷加息，中国的货币政策虽然有很强的独立性，但是这种独立性在时间上和利差幅度上应该是有一定的边界，所以国内的利率水平在下半年可能发生一定的走高；2.疫情带来的经济下行压力，可能带来信用风险的抬头，近期来看，民企地产债面临的压力并未好转，甚至部分中小银行也出现了偶发的压力事件；3.我们认为由于需求不足的原因，中国的通胀水平或持续低于美欧，但仍将对利率形成一定的上行压力。下半年纯债部分的策略，我们仍倾向于中短久期、低杠杆、高等级，并继续等待更好的配置机会。  对于权益市场，虽然也受到短期经济压力的影响，但是我们认为股票作为一种长久期资产，应该更多的体现基于中长期视角的价值属性。当前市场的很多标的出现了很有吸引力的定价，对于短期反映过多，但对长期反映过少。我们当前仍倾向于持有中性偏高的仓位，关注的板块仍以价值股为主，尤其是港股市场。","fund":{"_id":3000000009100,"__csrcFundId":7305,"stockCode":"009100","name":"安信稳健增利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9100,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:32.011Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-31T16:00:00.000Z","shortName":"安信稳健增利混合(009100)","followedNum":10,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健增利混合","setUpDate":"2020-03-31T16:00:00.000Z","setUpAssetScale":1046575858.09,"setUpShares":1046575858.09,"pinyin":"axwjzlhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20568102","stockType":"fund_manager","exchange":"fm","tickerId":1210173100,"name":"李君"}]},"announcement":{"linkText":"安信稳健增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=781413","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc567fea5b3eb04c60b4","date":"2022-03-30T16:00:00.000Z","stockId":3000000009100,"sao":"报告期内，无风险收益率略有下行，信用风险有所抬头。中证转债指数下跌8.36%。沪深300指数下跌14.5%，恒生指数下跌6%。  纯债方面，久期策略上，我们始终保持了中短久期的配置，甚至始终有一定比例的资金从事逆回购操作。当前，我们对后期的利率方向，仍然比较审慎。信用策略上，我们始终坚持高等级、高流动性策略，纯债品种持仓绝大部分为利率债、AAA金融债和AAA同业存单。  转债方面，1季度前期，随着市场上涨，我们减持了一部分高估值品种，并适当转向一些偏债性品种。1季度后期，转债市场显著下跌，我们受到了一定的影响，但影响相对可控。  权益方面，1季度疫情有所反复，国际局势比较动荡，市场波动较大。我们的持仓以能源、地产、金融、家电消费、建材、化工制造等板块为主，期间也一度发生了较大回撤，但总体上1季度走势较好。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:14.838Z","fund":{"_id":3000000009100,"__csrcFundId":7305,"stockCode":"009100","name":"安信稳健增利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9100,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:32.011Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-31T16:00:00.000Z","shortName":"安信稳健增利混合(009100)","followedNum":10,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健增利混合","setUpDate":"2020-03-31T16:00:00.000Z","setUpAssetScale":1046575858.09,"setUpShares":1046575858.09,"pinyin":"axwjzlhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20568102","stockType":"fund_manager","exchange":"fm","tickerId":1210173100,"name":"李君"}]},"announcement":{"linkText":"安信稳健增利混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=722690","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc567fea5b3eb04c60b3","date":"2021-12-30T16:00:00.000Z","stockId":3000000009100,"sao":"纯债方面，报告期内债券市场利率总体下行，10年国开债利率从年初的3.5左右下行到年末的3.1左右。本基金在年内大部分时间维持了一定的配置杠杆，但随着利率的逐步下行，也逐步降低了杠杆水平。信用策略上，本基金秉持了一贯的高评级策略，主要配置了利率债、AAA券商公司债、AAA股份制银行同业存单。我们继续致力于在低信用风险下，为客户创造收益。  转债方面，1季度转债市场显著回调，投资价值凸显，本基金显著增配了信用资质良好、期权价值可观的转债资产。3季度中期开始，随着转债市场的上涨，我们认为部分转债资产的投资价值已经有所降低，本基金逐步减持了部分可转债资产，但仍持有一定比例估值合理、发行主体业务稳健、盈利前景较好的可转债资产。总体来看，在获取收益的同时，比较好地控制了回撤风险。  权益方面，本基金重点配置了财务稳健的龙头地产公司、管理规范的传统能源企业、财富管理业务有突出竞争优势的银行、处于成长期或至少业务稳健的家电公司、产能稀缺性逐步凸显且财务稳健的建材企业、盈利模式好且行业地位稳的消费股以及部分非银金融等行业。并没有着力追逐新能源、电动车、半导体等年内热点行业。我们非常看好上述热点行业的长期前景，但是作为投资来说，我们也同样关注参与的价格、是否有其他更有吸引力的竞争性投资机会等。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:14.836Z","mo":"利率方面，我们持谨慎态度。虽然由于资本的边际产出具有长期降低的趋势，实际利率的长期趋势也应该是下行的。但是这是个长期趋势，就短期来说：1、当前绝对收益率已经位于10年以来的较低位置，进一步下行的空间可能不大。2、考虑到PPI已经位于20多年以来的高位，后期通胀可能进一步上行，叠加了通胀之后的名义利率，仍有可能在一定时期内呈现上行态势。3、美日欧等主要外部经济体，在比较大的概率上，已经处于加息进程中，中国的货币政策虽然有很好的独立性，但是这种独立性应该是有边界的，在某一个内外利差水平，这种独立性可能会受到很大的约束，导致我们不得不跟其他经济体的利率方向相向而行。  权益市场方面，虽然权益市场已经持续走强3年，但很多行业的估值水平低于历史中位数。我们仍然能找到很多愿意去重点配置的标的。我们认为未来一段时间，市场并没有大的系统性风险，结构性的行情仍有看点，港股市场很可能有更具价值的投资机会。","fund":{"_id":3000000009100,"__csrcFundId":7305,"stockCode":"009100","name":"安信稳健增利混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9100,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:37:32.011Z","status":"normal","exchange":"jj","inceptionDate":"2020-03-31T16:00:00.000Z","shortName":"安信稳健增利混合(009100)","followedNum":10,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健增利混合","setUpDate":"2020-03-31T16:00:00.000Z","setUpAssetScale":1046575858.09,"setUpShares":1046575858.09,"pinyin":"axwjzlhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20568102","stockType":"fund_manager","exchange":"fm","tickerId":1210173100,"name":"李君"}]},"announcement":{"linkText":"安信稳健增利混合型证券投资基金2021年年度报告","linkU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