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技术突破提振市场并拉动相关投资，叠加海外抢出口现象，经济企稳呈多因素驱动特征。海外美国经济数据疲软，关税及外交政策冲击市场信心，引发全球性衰退担忧。随着4月关税冲落定，内需稳定性优于外需，消费高增长、政府投资加速，外需受关税扰动呈现 “下滑 - 抢出口” 波动；但生产端开工率下滑、供需恶化，地产挂牌量新高、价格小幅下跌，整体经济依然处于寻底过程。海外在关税缓和与财政政策作用下衰退预期改善，虽美国数据仍走弱，但市场普遍定价经济 “软着陆”。进入下半年，国内经济开始转弱，外需超预期但内需下滑，居民、政府、企业投资意愿均偏弱；产能过剩行业主动收缩产能，带动PPI 同比负数收敛。海外美国就业数据走弱打开了美联储降息空间，随着政府停摆致数据缺失，市场逐步陷入纠结，且美联储人事存不确定性也为资本市场带来一定冲击，地缘、债务因素推动全球资金再平衡，弱美元格局延续，新兴市场（含中国）表现亮眼；同时全球资源品战略化趋势蔓延，开始深刻影响大宗商品供给格局。人民币对美元汇率有所波动，基本面支撑下仍有升值空间。2025年是中国债券投资史上令人难忘的一年，这一年可以说是基本确立了中国无风险利率中期的底部区域。这一年债市呈现真正的低静态下的震荡市，这一年也发生了诸多的机构行为变化。权益市场波动较大，总的来说上行为主，首先春节后以科技为代表的行业出现了大幅上涨，市场情绪火热，4月，受外部关税政策等因素影响，市场出现调整，随着一系列稳定市场的政策推出，股市再次进入缓步上涨阶段。下半年开始海外连续降息导致流动性宽松且叠加地缘风险缓和、经济预期企稳对市场情绪产生了积极影响，股市逐步上涨。全年表现较好的板块有有色、科技、创新药、军工等。截止年末，上证综指录得18.41%的涨幅，创业板上涨49.57%。本基金的主要配置资产为信用债和股票。2025年，我们严格遵照基金合同的相关约定，按照既定的投资流程进行了规范运作。在年初我们判断2025年可能是个震荡市，基于这样一个大的判断，组合整体在这一年久期上相对比较保守，整体以票息配置的思路来做组合的投资管理。组合久期整体控制在2年附近，基本没有参与利率债波段交易，在3月和三季度债市调整时，配置了2-4年信用债。此外，鉴于对于股市贝塔行情的把握，组合也参与了部分转债投资，取得了一定收益。权益部分我们整体对于有色板块维持超配，并在下半年积极参与了科技方向的投资，此外我们依然配置了部分低估值、业绩亮眼的个股作为底仓。","lastUpdated":"2026-04-01T12:47:33.789Z","mo":"2026年我们关注的焦点在全球经济复苏动能及其可能带来的价格品种上涨，此外海外央行的行为变化也是关注点之一。国内相对来说较为明晰，需求企稳，人民币升值带来的资产价格重估相对确定，更多关注结构方面的变化及技术创新。海外的不确定性相对高一些，具体看货币政策是否还有空间，经济复苏的动能在供给受限的情况下是否会催生又一波的价格弹性及其可能对货币政策的影响。此外，AI领域投资的潜在风险值得关注，全球主流经济体进入降息周期的尾声，国内的宏观经济基本面对固收类资产影响更为重要。需要密切关注2026年房地产市场能否筑底企稳。整体上，我们认为2026年债券市场可能是收益率中枢有所抬升的震荡市。","fund":{"_id":3000000009377,"__csrcFundId":7480,"stockCode":"009377","name":"招商瑞恒一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9377,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:46:34.721Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"招商瑞恒一年持有期混合(009377)","followedNum":4,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商瑞恒一年持有期混合","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1777047775.09,"setUpShares":1777047775.09,"pinyin":"zsrhyncyqhhxzqtzjj","managers":[{"stockCode":"db20166540","stockType":"fund_manager","exchange":"fm","tickerId":252506175740,"name":"余芽芳"},{"stockCode":"8801401866","stockType":"fund_manager","exchange":"fm","tickerId":2625150180,"name":"张韵"}]},"announcement":{"linkText":"招商瑞恒一年持有期混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1456919","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc9c7fea5b3eb04cb098","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000009377,"sao":"2025年三季度，经济有所转弱，虽然外需依然比预期的好，但内需有所下滑。居民的消费意愿依然偏弱，政府的投资端也是偏弱的，企业的投资意愿维持在低位。单季度来看，国内最为重要的事情莫过于“反内卷”，一些产能过剩的行业开始主动收缩产能，带动了PPI同比负增长并出现收敛。海外来看，美国的就业数据走弱使得联储有了降息的空间，这对于全球资产的定价有重要影响。地缘政治、债务空间等带来的全球资金再平衡使得弱美元状态得以持续，我们看到三季度新兴市场在弱美元和降息的环境中有非常不错的表现，当然也包括中国。此外，三季度我们观察到全球陆续开始把资源品战略化，这是一个非常重要的变化，从刚果金到印尼、缅甸等等国家，这种趋势在不断蔓延，而战略化将对未来商品的供给格局有显著影响。后续我们将继续关注美联储货币政策的变化、国内内需政策的变化以及全球经济可能出现的上行风险。本基金的主要配置资产为可转债和股票。2025年三季度，我们严格遵照基金合同的相关约定，按照既定的投资流程进行了规范运作。权益部分我们大幅超配了有色金属，其中包括贵金属、工业金属和小金属，我们看好价格端的上涨，此外也在底部增配了半导体和新能源。整个三季度，债券市场都处于震荡调整、收益率上行的阶段。尽管经济基本面和资金面对债市都是相对友好的，三季度的经济是逐月环比下行，特别是投资在7、8月出现了断崖下滑；央行对资金面整体也较为呵护。在此背景下，债市依然弱势，多种券种收益率都创年内高点，主要的原因是权益市场带来的股债跷跷板效应，以及债券市场本身受到公募基金费率改革预期影响。整体而言，是债券市场本身收益率较低，难以满足各类资产的配置需求，市场遭遇风险事件容易出现调整。我们在年初判断今年债市大概率不是单边市场，震荡为主，故组合整体是中性偏保守的策略，三季度从静态票息策略出发，适度加仓了3年附近信用债。同时，从大类资产的角度，我们看好含权资产，故组合在三季度也保持一定仓位的转债，为组合小幅增厚了收益。","lastUpdated":"2026-03-09T13:35:24.327Z","fund":{"_id":3000000009377,"__csrcFundId":7480,"stockCode":"009377","name":"招商瑞恒一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9377,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:46:34.721Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"招商瑞恒一年持有期混合(009377)","followedNum":4,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商瑞恒一年持有期混合","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1777047775.09,"setUpShares":1777047775.09,"pinyin":"zsrhyncyqhhxzqtzjj","managers":[{"stockCode":"db20166540","stockType":"fund_manager","exchange":"fm","tickerId":252506175740,"name":"余芽芳"},{"stockCode":"8801401866","stockType":"fund_manager","exchange":"fm","tickerId":2625150180,"name":"张韵"}]},"announcement":{"linkText":"招商瑞恒一年持有期混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1369905","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc9c7fea5b3eb04cb097","date":"2025-06-29T16:00:00.000Z","stockId":3000000009377,"sao":"2025年上半年宏观经济的韧性比预期中的强很多，在关税政策的扰动下，我们看到上半年进出口的数据依然是超预期，即使关税落地后的二季度，整体也是比想象中的好。虽然国别上看，对美出口有明显的下滑，但对其他国家的出口是不错的，意味着中国企业在压力下依然在努力拓展海外市场。内需方面，消费端的数据也比预期中的要稳，商品消费在补贴拉动下依然有个不错的表现，餐饮则稍弱些，基建也依然对经济有所拉动，虽然力度比想象中要弱。现在市场集中讨论的焦点问题依然在价格方面，我们看到物价水平依然有较大压力，PPI持续为负，意味着制造业的利润压力较大，CPI在0附近徘徊，主要是服务消费的价格比较坚挺，食品端压力较大。价格的问题除了供给的因素，需求疲软也是主要原因，因此如果要看到制造业企业利润的改善，需求增长是必须关注的一点。中国在科技方面的进展为未来需求端的改善带来了希望，这也主导了整体中国资产出现了一定的重估。海外方面上半年的波动很大，美国政策的不确定性在非常高的水平，导致市场信心有明显下滑，此外美国自身的经济周期也在走弱，对需求有一定拖累。整个上半年，债券市场在一季度有较大幅度的调整，此后在4月初中美贸易战之后收益率呈现较大下行后一直维持震荡横盘。一季度在央行收紧资金面和风险偏好抬升的双重影响下，债市对于全年的货币政策总量宽松有了重新修正，并伴随着收益率的上行；进入二季度，由于中美贸易战的超市场预期，收益率快速下行后横盘震荡。上半年实体经济呈现出开门红后环比走弱的节奏，货币市场流动性一季度较为紧张，二季度有所好转，特别是在6月份出现明显转松的迹象。权益市场随着deepseek的发布点燃了市场情绪，春节后以科技为代表的行业出现了大幅上涨，市场情绪火热。4月的关税政策引发市场大跌，但随着关税政策预期的逐步缓和，市场再次进入缓步上涨阶段。上半年，表现较好的板块有银行、新消费、创新药、科技、军工等。截止半年末，上证综指录得2.76%的涨幅，创业板上涨0.53%。本基金的主要配置资产为债券和股票。2025年上半年，在整个报告期内，组合固收类资产投资上，纯债部分开年相对保守，故在3月市场调整中久期有所抬升，后在6月份当经济基本面环比走弱和资金转松后进一步提升久期至市场中性水平；同时上半年组合参与了可转债交易与投资，也取得一定的贡献。权益部分我们在二季度末逐步兑现银行板块的收益，另外整体对于有色板块维持超配，此外我们依然配置了较多估值低业绩稳定的品种作为底仓。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:24.324Z","mo":"2025年下半年我们关注的焦点是政策端的变化以及海外市场货币及财政政策。对于国内来说，经济存在韧性毋庸置疑，后续需要关注的点在于需求端是否会发生变化。海外相对来说更明晰，货币政策宽松的方向很难发生改变，财政政策低于预期的可能性也较低，因此核心在于这些政策落地的时间点，而这对海外经济体需求端有正面的拉动效应，也会拉动国内的出口。展望下半年，整体上我们认为经济增长的内生压力在加大，同时货币政策整体依旧处于宽松阶段，债券市场整体处于有利的市场环境中；但是债券市场有自身静态过低的问题，缺乏赚钱效应，难以吸引资金的持续流入。故在此背景下，组合会从大类资产角度出发，更加重视大类资产估值性价比，争取下半年取得更好收益。","fund":{"_id":3000000009377,"__csrcFundId":7480,"stockCode":"009377","name":"招商瑞恒一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9377,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:46:34.721Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"招商瑞恒一年持有期混合(009377)","followedNum":4,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商瑞恒一年持有期混合","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1777047775.09,"setUpShares":1777047775.09,"pinyin":"zsrhyncyqhhxzqtzjj","managers":[{"stockCode":"db20166540","stockType":"fund_manager","exchange":"fm","tickerId":252506175740,"name":"余芽芳"},{"stockCode":"8801401866","stockType":"fund_manager","exchange":"fm","tickerId":2625150180,"name":"张韵"}]},"announcement":{"linkText":"招商瑞恒一年持有期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=1339574","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc9c7fea5b3eb04cb096","date":"2025-03-30T16:00:00.000Z","stockId":3000000009377,"sao":"2025年一季度，我们看到宏观经济有企稳的迹象，去年四季度政策的推出对于经济的拉动正在逐步体现，数据上看无论是生产端还是消费端都在企稳。此外，海外宏观不确定性的提升，也造成一季度出现抢出口的情形。房地产市场在政策不断发力下，这次反弹的韧性显著强于过去几轮，整个一季度尤其是一线城市二手房成交都维持在相对高位。更重要的是，AI方面的突破给予市场信心，也拉动了相关领域的投资需求，这一点对于投资端的拉动也不容小觑。与此同时，我们看到海外的不确定性正在快速上升，美国的经济数据开始出现疲软迹象，就业、消费者信心、PMI都开始出现低于预期的情况。除了服务业周期开始有衰退的苗头外，特朗普政府不断推出的关税及外交政策也导致市场的信心大幅受挫，后续需要关注此类政策是否会带来全球性的衰退。总而言之，一季度经济的企稳是各方面都有所贡献，并非是以往出口一枝独秀的局面，但其中哪些因素是短期的哪些是长期的，需要后续继续跟踪。市场回顾：一季度债券市场收益率持续走高，10年期国债收益率从1.6%逐步上行至1.8%。一季度股票市场开年下跌，在春节后出现反弹，截至季度末，上证综指录得0.48%的跌幅，创业板指数下跌1.77%。基金操作回顾：本基金的主要配置资产为信用债和股票。2025年一季度，我们严格遵照基金合同的相关约定，按照既定的投资流程进行了规范运作。权益部分，本基金在年初加仓了黄金、铜铝股票的配置，并且在春节后择机增配了AI相关标的并在后续逐步卖出兑现，总体配置还是以估值便宜、业绩相对稳定的白马股为主。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:24.321Z","fund":{"_id":3000000009377,"__csrcFundId":7480,"stockCode":"009377","name":"招商瑞恒一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9377,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:46:34.721Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"招商瑞恒一年持有期混合(009377)","followedNum":4,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商瑞恒一年持有期混合","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1777047775.09,"setUpShares":1777047775.09,"pinyin":"zsrhyncyqhhxzqtzjj","managers":[{"stockCode":"db20166540","stockType":"fund_manager","exchange":"fm","tickerId":252506175740,"name":"余芽芳"},{"stockCode":"8801401866","stockType":"fund_manager","exchange":"fm","tickerId":2625150180,"name":"张韵"}]},"announcement":{"linkText":"招商瑞恒一年持有期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=1268715","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc9c7fea5b3eb04cb095","date":"2024-12-30T16:00:00.000Z","stockId":3000000009377,"sao":"2024年经济与市场呈现出复杂多变的态势。开年经济处于底部震荡，虽有部分亮眼数据，如春节假期出行数据、出口链高频数据表现良好，但内需消费、基建投资较弱。PMI改善幅度超预期，外需主导行业改善明显。海外方面，欧美PMI出现拐点，就业和通胀数据超预期，联储政策变化可能性上升。但2季度开始经济压力再次显现。PMI重回荣枯线下，订单指数走弱，出口订单初现压力，生产与消费失衡，PPI和CPI剪刀差扩大。不过，房地产政策带来一定提振，一线城市二手房成交回暖。海外欧美PMI走弱，发达经济体央行逐步进入降息周期。下半年经济下行压力继续加大，地产销售在刺激后再次走弱，投资同比为负，地方财政压力增加，制造业产能过剩，就业市场压力显现，消费疲软。但政策出现积极信号，政策组合拳更为迅猛，结合海外美联储开启降息周期，对于资本市场的影响较大。随着政策对经济的影响逐渐显现，房地产二手房成交数据大幅改善，政策从倾向生产转向倾向消费，拉动了商品消费，金融业回暖对GDP也开始有贡献。市场回顾：债券市场2024年表现较好，收益率仅在政策出台时有些扰动，但基本上不用多久收益率就会继续下行。一方面的确经济有压力，其次宽松的货币政策也给收益率下行提供了保障，全年下行最快的阶段出现在11月中旬到年末。当10年期国债收益率跌破2%后，市场明显进入资产荒模式，各利差被压缩到极限位置，行情有明显过热。全年10年期国债收益率从年初的2.56%一路下行至年末的1.67%。权益市场年初即大幅下行，“国九条”等政策出台后，市场出现了一波大幅的反弹，随后在4月底地产政策刺激下再次创下高点，但5月开始经济数据走弱及微观调研反馈偏负面后，股市再次回落，随着924政策的积极出台，市场的信心开始企稳，资金开始重新流入股市。报告期内，上证指数录得12.67%的涨幅，创业板上涨13.23%。基金操作回顾：本基金的主要配置资产为债券和股票。2024年我们严格遵照基金合同的相关约定，按照既定的投资流程进行了规范运作。权益部分我们上半年超配了金属和电力，下半年增加了AI相关方向及一些低估值白马股。债券部分随着收益率的新低，我们全年逐步降低了久期和杠杆。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:24.318Z","mo":"2025年，我们认为经济的压力依然在，我们对于内需相对乐观一些，认为继续大幅下行的概率不大，但我们认为在外部的不确定下，出口这块不宜过度乐观。观测内需是否超预期可以更加关注价格端，这块会是比较好的领先指标。展望未来，我们认为更需要关注海外经济见顶的迹象及美国可能出台的一些针对性的政策，这些都可能促使国内政策发生积极变化。此外，地缘政治在今年依然可能对全球市场造成影响，尤其是大宗商品端。对于市场来说，债券收益率的大幅下行显然透支了空间，我们对于长债维持谨慎，短端我们认为年内依然会有降息空间。权益市场更多需要关注风险偏好的变化，科技进步的日新月异，密切关注产业变革中产生的机会。","fund":{"_id":3000000009377,"__csrcFundId":7480,"stoc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3季度债券市场收益率震荡下行创新低后大幅反弹，10年期国债收益率最低下行至2.04%，季末迅速反弹最高至2.25%。3季度股票市场一路下跌后季末大幅反弹，截止季度末，上证综指录得12.44%的涨幅，创业板上涨29.21%。基金操作回顾：本基金的主要配置资产为信用债和股票。2024年3季度，我们严格遵照基金合同的相关约定，按照既定的投资流程进行了规范运作。权益部分我们降低仓位并在季末政策转向后增加仓位，并且结构上减少红利资产及黄金的配置，增加新能源和科技的配置。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:24.315Z","fund":{"_id":3000000009377,"__csrcFundId":7480,"stockCode":"009377","name":"招商瑞恒一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9377,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:46:34.721Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"招商瑞恒一年持有期混合(009377)","followedNum":4,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商瑞恒一年持有期混合","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1777047775.09,"setUpShares":1777047775.09,"pinyin":"zsrhyncyqhhxzqtzjj","managers":[{"stockCode":"db20166540","stockType":"fund_manager","exchange":"fm","tickerId":252506175740,"name":"余芽芳"},{"stockCode":"8801401866","stockType":"fund_manager","exchange":"fm","tickerId":2625150180,"name":"张韵"}]},"announcement":{"linkText":"招商瑞恒一年持有期混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1169947","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc9c7fea5b3eb04cb093","date":"2024-06-29T16:00:00.000Z","stockId":3000000009377,"sao":"2024年上半年宏观经济的压力逐步增加，出口好于内需，在地产继续寻底的过程中，基建投资的进度相对弱于预期，因此体现为内需相关的数据偏弱。数据上来看，核心CPI的持续走低反映了内需疲软，亮眼的出口数据背后除了海外补库需求外还有担忧未来政策的抢出口效应。随着特别国债的发行，中央加杠杆以托举经济的意图明显，但整体资金投放的节奏偏慢。而同时地方财政的压力在土地出让金下滑的过程中今年愈发明显，这也导致了基建整体弱于预期。房地产整体的压力依然较大，限购限贷等刺激性政策的出台目前来看依然只是短期需求的释放，难言中长期的企稳，因此在地产下行的压力下宏观经济的寒意还是较为明显。企业投资方面，内需的萎靡造成企业能出海的出海，不能出海的内卷，相对来说企业在国内投资的意愿是偏弱的，因此在信贷数据挤水分后，我们看到信贷需求及M1创下了新低。虽然经济压力在增加，但我们看到财政和货币政策还是积极的，我们看到降息、降准及财政赤字率的提升，这些都对经济有正面影响。海外方面，进入二季度后，我们看到欧美经济下行的压力在逐渐增加，随着通货膨胀率的再次抬升，海外央行纷纷开始进入降息周期，这对于资产价格的影响较大。市场回顾：债券市场2024年一季度走出了牛市，二季度开始在低位窄幅震荡并创下收益率新低，收益率从2.56%最低下降到2.2%。下行最快的阶段出现在1、2月份地产下行压力大且资金欠配严重的时候，4月随着地产政策的出台及高层对经济的表态收益率有一波调整，但随着经济数据持续走弱，收益率水平再次创下新低。权益市场年初即大幅下行，2月初政府各种表态及出台“国九条”等政策后，市场出现了一波大幅的反弹，随后在4月底地产政策刺激下再次创下高点，但5月开始经济数据走弱及微观调研反馈偏负面后，股市再次回落。上半年，表现较好的板块有红利、出海等。截止半年末，上证综指录得0.25%的跌幅，创业板下跌10.99%。基金操作回顾：本基金的主要配置资产为债券和股票。2024年上半年，我们严格遵照基金合同的相关约定，按照既定的投资流程进行了规范运作。权益部分我们增加了有色金属的配置，并在高点兑现了部分收益，另外我们还增加了公用事业及出口链的配置比例。债券部分随着收益率的新低我们逐步降低久期和杠杆，认为长端利率债的性价比较低。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:24.313Z","mo":"2024年下半年我们认为经济依然面临考验，由于海外经济的走弱、政策的不确定及抢出口效应的消失，上半年对经济贡献较大的出口将面临明显压力。而内需方面，目前难言看到有改善的迹象，从地产到投资到消费，大家依然是非常谨慎的态度。由于去年同期基数较低，因此同比数据来看，经济的压力将好于感知，但环比我们依然维持谨慎。下半年的重点在于美联储的降息时点，这将对全球资产定价造成极大影响，另外海外政治的变化也是需要紧密跟踪的一个方面，总体来看不确定性依然很高。","fund":{"_id":3000000009377,"__csrcFundId":7480,"stockCode":"009377","name":"招商瑞恒一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9377,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:46:34.721Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"招商瑞恒一年持有期混合(009377)","followedNum":4,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商瑞恒一年持有期混合","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1777047775.09,"setUpShares":1777047775.09,"pinyin":"zsrhyncyqhhxzqtzjj","managers":[{"stockCode":"db20166540","stockType":"fund_manager","exchange":"fm","tickerId":252506175740,"name":"余芽芳"},{"stockCode":"8801401866","stockType":"fund_manager","exchange":"fm","tickerId":2625150180,"name":"张韵"}]},"announcement":{"linkText":"招商瑞恒一年持有期混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1150153","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc9c7fea5b3eb04cb092","date":"2024-03-30T16:00:00.000Z","stockId":3000000009377,"sao":"2024年一季度，整体来说经济呈现不温不火的状态，有亮眼的数据，也有压力大的数据。比如春节假期出行的数据很好，但客单价则相对弱；比如出口链上的高频数据表现强劲，但内需相关的消费偏弱；比如三月二手房成交上行，但价格依然没有止跌。总的来说经济依然处于底部震荡的过程中，最近我们看到了PMI的改善，即使剔除季节性因素，改善的幅度也好于预期，后续值得持续跟踪。目前看来，外需主导的行业改善迹象比较明确，而市场关注度较高的基建投资则持续低于预期，后者可能还是和资金到位情况有关。未来要关注国债和地方债的发行计划，一是会对短期资金面有扰动，二是会对基建投资有指引。海外方面，欧美PMI出现了拐点，就业和通胀数据也陆续超预期，虽然美联储的口风依然偏鸽，但政策变化的可能性在上升，需要紧密跟踪，这将对全球资产定价造成巨大影响。市场回顾：一季度债券市场收益率持续下行后在低位震荡，10年期国债收益率一度下行至2.26%，后面在2.3%附近震荡。一季度股票市场下跌后反弹，截止季度末，上证综指录得2.23%的涨幅，创业板下跌3.87%。基金操作回顾：本基金的主要配置资产为信用债和股票。2024年一季度，我们严格遵照基金合同的相关约定，按照既定的投资流程进行了规范运作。权益部分调整结构，增加了有色、电力的配置，减少了金融的比例。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:24.310Z","fund":{"_id":3000000009377,"__csrcFundId":7480,"stockCode":"009377","name":"招商瑞恒一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9377,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:46:34.721Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"招商瑞恒一年持有期混合(009377)","followedNum":4,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商瑞恒一年持有期混合","setUpDate":"2020-05-21T16:00:00.000Z","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好于预期，但随着房价的走弱及居民收入预期的回落，二季度地产下行压力逐步加大。出口在一季度供给压力解决后，二季度开始回暖，同时我们也看到海外的需求比预期的强。此外，基建今年以来表现偏弱，主要还是受制于财政收入压力及专项债发行节奏偏慢。居民在一季度有明显的出行热，但随着出行需求得到满足，在收入预期不稳定的情况下二季度出行需求也有所减弱，商品消费则一直偏弱。上半年，央行维持了宽松的货币政策，我们看到资金利率持续维持在较低水平，仅3月有所紧张。此外，通过下调LPR利率等，央行也得以引导实体融资成本下降。信贷在一季度明显放量，企业对经济乐观导致需求旺盛，二季度随着经济回落信贷的需求也出现明显下滑。海外经济比去年末市场预期的要强，我们看到美国的零售数据、就业、薪资等数据都表明美国经济依然健康，一季度美国小银行对经济的影响微乎其微，欧洲的数据开始走弱，但也还没到衰退阶段。困扰海外各央行最大的通胀问题在高基数的影响下回落，但显然回落的幅度还远远不够，因此央行们还是在加息通道中。市场回顾：债券市场在上半年表现较好，除了1月受经济复苏影响10年期国债收益率有所上行外，其余时间基本都是单边下行，收益率从2.93%下降到2.6%。下行最快的阶段出现在4月份地产销售开始走弱叠加其他经济数据也开始走弱，6月政策预期的变化对市场有所扰动。年初各行业都出现反弹，市场全面上涨，但随着经济动能的减退市场也迎来了一波下跌。二季度开始，在经济不景气的情况下各种热点主题频发，从AI到中特估、机器人、自动驾驶都迎来了一波上涨。上半年，通信、传媒、计算机受益于ChatGPT在海外的爆发表现较好，此外家电由于销售持续超预期表现也不错，其余板块总的来说偏弱。截止半年末，上证综指录得3.65%的涨幅，创业板下跌5.61%。基金操作回顾：本基金的主要配置资产为债券和股票。2023年上半年，我们严格遵照基金合同的相关约定，按照既定的投资流程进行了规范运作。权益部分我们在3月积极参与了AI，并在4月下旬逐步兑现，我们持续超配石化、黄金、保险，并在指数下跌较多后加仓了部分新能源车。债券部分我们逐步降低杠杆，认为性价比较低。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:24.302Z","mo":"2023年下半年我们认为在经历了一个季度的去库存后，经济已经在6月开始出现筑底迹象，整体下半年经济应该呈现底部企稳回升。从库存周期来看，6月是PPI的底比较明确，而PPI领先企业利润，因此下半年能看到企业开始进入补库周期，当然每个行业的节奏不一样，有些已经开始补库。此外，我们认为海外衰退的时间点可能比想象中还要往后延，因此这块下半年对我们的拖累也会晚一些到来。因此方向来看，国内是弱复苏，唯一风险点在于海外的衰退是否会提前。对于行业来说，我们看好顺周期方向，一是估值便宜，二是盈利底部改善，包括地产链、化工等。此外，下半年专项债发行节奏加快、基建也会成为经济的推手，一些基建相关的方向也会有机会。海外方面，我们认为最重要的还是跟踪美国的数据，预判衰退的拐点很难，只能仔细跟踪，美国经济的拐点对全球资产定价都会有很大影响。短期我们认为衰退的风险不大，因此在中国复苏叠加美国经济不错的状态下，原油的表现会不错。长期来看，黄金依然是买点，当软着陆叙事结束，通胀预期重来后，黄金价格会继续上涨。对于债券市场，我们认为风险在加大，目前性价比较低。","fund":{"_id":3000000009377,"__csrcFundId":7480,"stockCode":"009377","name":"招商瑞恒一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9377,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:46:34.721Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"招商瑞恒一年持有期混合(009377)","followedNum":4,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商瑞恒一年持有期混合","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1777047775.09,"setUpShares":1777047775.09,"pinyin":"zsrhyncyqhhxzqtzjj","managers":[{"stockCode":"db20166540","stockType":"fund_manager","exchange":"fm","tickerId":252506175740,"name":"余芽芳"},{"stockCode":"8801401866","stockType":"fund_manager","exchange":"fm","tickerId":2625150180,"name":"张韵"}]},"announcement":{"linkText":"招商瑞恒一年持有期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=958766","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc9c7fea5b3eb04cb08e","date":"2023-03-30T16:00:00.000Z","stockId":3000000009377,"sao":"报告期内，国内经济在三年疫情结束之后呈现恢复态势，PMI等指标显示经济逐渐进入扩张区间，虽然地产端仍然面临压力，但是行业景气度出现了一定程度的改善。后续对国内经济整体持乐观态度。海外方面，美国通胀粘性高，就业数据渐显疲态，叠加硅谷银行和欧洲瑞信事件的爆发，一方面增加了全球市场的波动，另一方面也暗示美联储加息周期的尾声。报告期内，股票市场分化较大，数字经济、人工智能、央企国资估值重塑等方面成为市场热点；传统成长板块及低估值价值方向持续下跌；债券市场先抑后扬，收益率水平变化不大。关于本基金的运作。报告期内，本基金持仓结构进行明显调整，重点持仓具有长期成长空间且估值水平相对合理的计算机应用及设备、通信、电子等行业。同时对于具有绝对价值的电力、有色金属、能源进行配置。最后对于中药、食品饮料等行业也有布局。债券部分持有高等级短久期信用债和利率债为主。报告期内，债券市场整体表现较好，特别是在银行的低息贷款压制了信用债供给，加上银行理财规模的部分回归等因素的影响下，债券市场整体出现收益率下行。报告期内，组合主要是采取了票息策略，特别是配置了在2022年四季度跌幅较大的券种。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:24.299Z","fund":{"_id":3000000009377,"__csrcFundId":7480,"stockCode":"009377","name":"招商瑞恒一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9377,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:46:34.721Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"招商瑞恒一年持有期混合(009377)","followedNum":4,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商瑞恒一年持有期混合","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1777047775.09,"setUpShares":1777047775.09,"pinyin":"zsrhyncyqhhxzqtzjj","managers":[{"stockCode":"db20166540","stockType":"fund_manager","exchange":"fm","tickerId":252506175740,"name":"余芽芳"},{"stockCode":"8801401866","stockType":"fund_manager","exchange":"fm","tickerId":2625150180,"name":"张韵"}]},"announcement":{"linkText":"招商瑞恒一年持有期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=884432","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc9c7fea5b3eb04cb08d","date":"2022-12-30T16:00:00.000Z","stockId":3000000009377,"sao":"2022年美联储超预期加息，海外地缘政治环境动荡，叠加国内因为疫情防控对宏观经济带来的潜在负面影响，A股市场开年后出现了较大幅度的调整。5月份之后国内稳增长力度明显加大，市场迎来了一次较为明显的反弹，但随着经济复苏预期在三季度被证伪，市场再次回到下跌趋势中。11月份随着疫情防控政策的优化调整，市场对宏观经济的预期再次出现改善，外资加速流入A股，以银行、白酒为代表的价值股迎来一轮显著的估值修复。操作方面，2022年市场环境的恶化对固收加产品的运作带来了严峻考验，我们继续坚持了以风险控制为前提的投资框架，在市场超预期下跌过程中，通过控制权益仓位减少回撤幅度。但从全年来看，权益部分的亏损依然拖累了组合整体净值表现。2022年全年债券市场波动较大，全年资金面整体宽松，但是债券市场最后是一个熊市。整体上，前三季度，由于资金宽松加上疫情的多点爆发和防控，经济基本面持续低于预期，债券收益率震荡下行。但是进入11月以后，不论是国内的疫情防控政策还是地产政策都做出了较大的方向性调整，市场对2023年经济复苏、生产生活正常化充满了期待，债市相应开始调整，在调整过程中银行理财也开始赎回，加剧了市场的波动，各期限收益率出现了一波快速上行。操作上，组合固定收益类资产在3月份市场“固收+”基金赎回的时候，进行了小幅加仓，此后一直保持中性的配置，一直到12月收益率快速反弹的阶段，组合加仓银行次级债，提升组合整体久期。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:24.296Z","mo":"展望2023年，国内经济在低基数的效应下迎来较快的经济增长，线下场景的恢复也会进一步推动消费的复苏，市场的风险偏好有望得到提振。但考虑到经济转型的任务依然艰巨，对于地产、基建等传统经济部门的表现不宜过于乐观，整体经济增速向上弹性有限。在此背景下，我们更加关注与经济转型相关、受到政策持续支持的数字经济、工业自动化、军工信息化等新兴成长领域，以及部分高景气度的消费子版块。考虑到2023年A股市场大概率仍然以震荡为主，难以走出趋势性的行情，且行业分化显著，我们在操作上需要更加注重持仓的有效性，淡化仓位选择，尽量保证组合有一定比例的个股贴近2023年高景气度的细分行业，争取能在市场震荡中不断累积正的权益贡献。","fund":{"_id":3000000009377,"__csrcFundId":7480,"stockCode":"009377","name":"招商瑞恒一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9377,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:46:34.721Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"招商瑞恒一年持有期混合(009377)","followedNum":4,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商瑞恒一年持有期混合","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1777047775.09,"setUpShares":1777047775.09,"pinyin":"zsrhyncyqhhxzqtzjj","managers":[{"stockCode":"db20166540","stockType":"fund_manager","exchange":"fm","tickerId":252506175740,"name":"余芽芳"},{"stockCode":"8801401866","stockType":"fund_manager","exchange":"fm","tickerId":2625150180,"name":"张韵"}]},"announcement":{"linkText":"招商瑞恒一年持有期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=866611","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc9c7fea5b3eb04cb08c","date":"2022-09-29T16:00:00.000Z","stockId":3000000009377,"sao":"报告期内，受到房地产市场低迷以及各地的高温天气影响，经济基本面走弱，加上8月中旬人民银行进行了政策利率的下调，债券市场先是出现了一波收益率较为明显的下行；伴随资金面难以进一步宽松的预期，以及保交楼政策的落地执行，三季度末自上而下地产政策的小幅放松，债券收益率又出现了上行。整体上，报告期内债券收益率创出了年内新低，随后小幅反弹。组合的固定收益类资产操作方面，报告期内，维持了中性的配置，在收益率降至较低水平时候，进行了小幅减仓。三季度宏观政策并未显著发力，经济仍在寻底徘徊阶段，成长向价值风格切换的条件还未具备，股票市场持续低迷。报告期内组合维持相对较低的权益仓位，在9月份市场快速下跌阶段小幅加仓了医药、轻工等板块。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:24.293Z","fund":{"_id":3000000009377,"__csrcFundId":7480,"stockCode":"009377","name":"招商瑞恒一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9377,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:46:34.721Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"招商瑞恒一年持有期混合(009377)","followedNum":4,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商瑞恒一年持有期混合","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1777047775.09,"setUpShares":1777047775.09,"pinyin":"zsrhyncyqhhxzqtzjj","managers":[{"stockCode":"db20166540","stockType":"fund_manager","exchange":"fm","tickerId":252506175740,"name":"余芽芳"},{"stockCode":"8801401866","stockType":"fund_manager","exchange":"fm","tickerId":2625150180,"name":"张韵"}]},"announcement":{"linkText":"招商瑞恒一年持有期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=802457","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc9c7fea5b3eb04cb08b","date":"2022-06-29T16:00:00.000Z","stockId":3000000009377,"sao":"2022年组合开年主要布局了稳增长相关的行业，包括建材、家电等。但随着美联储紧缩预期升温、海外局势动荡、国内疫情反复等负面因素的拖累，国内经济形势显著差于预期，年初以来至四月份市场经历了三轮下跌。为控制产品净值回撤，组合权益部分在市场下跌过程中进行了较大幅度的减仓。五六月股票市场反弹，组合权益仓位较低，净值修复速度相对较慢。报告期内经历了复杂多变的宏观经济环境，固定收益类资产价格也随之有所起伏。整体上，货币政策保持流动性充裕，货币市场资金维持低位，报告期内主要债券品种的收益率都出现了下行，特别是短端收益率下行更为显著。报告期内，本组合的固定收益类资产整体上以票息策略为主，在二月底三月初收益率快速上行的时候做了加仓，同时整个报告期维持了一定的久期。经过两个月反弹后，A股市场参与者开始重新关注风险因素，例如美国通胀、国内疫情、地产产业资金链等，三季度需要一个稳定的市场环境。且从横向比较看，在全球经济整体萎靡不振的大环境下，制造业的比较优势仍然推动中国出口持续超预期。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:24.291Z","mo":"综合判断，A股市场三季度以震荡为主，如市场下跌，可适当逆势操作。结构上关注中报预期的个股，以及潜在的价值股修复机会。我们认为债券收益率或将呈现震荡行情，经济难以呈现“V”型复苏制约了收益率上行的空间，而货币政策难以进一步宽松也制约了收益率向下的空间。","fund":{"_id":3000000009377,"__csrcFundId":7480,"stockCode":"009377","name":"招商瑞恒一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9377,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:46:34.721Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"招商瑞恒一年持有期混合(009377)","followedNum":4,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商瑞恒一年持有期混合","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1777047775.09,"setUpShares":1777047775.09,"pinyin":"zsrhyncyqhhxzqtzjj","managers":[{"stockCode":"db20166540","stockType":"fund_manager","exchange":"fm","tickerId":252506175740,"name":"余芽芳"},{"stockCode":"8801401866","stockType":"fund_manager","exchange":"fm","tickerId":2625150180,"name":"张韵"}]},"announcement":{"linkText":"招商瑞恒一年持有期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=780839","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc9c7fea5b3eb04cb08a","date":"2022-03-30T16:00:00.000Z","stockId":3000000009377,"sao":"年初组合着眼于稳增长大背景，以中性偏高仓位开局，主要持仓家电、建材、中游制造以及部分优质成长个股。但海外超预期的通胀叠加美联储鹰派加息立场对A股带来了下行压力，且二月份以后海外地缘政治风险、国内疫情等利空因素进一步加剧了市场的悲观情绪，A股在短时间内出现了较大幅度的调整。由于基金经理的判断与市场运行方向出现偏差，组合净值在一季度出现了较大回撤。基于风险控制机制的要求，组合在市场下跌过程中及时减仓，避免了更大程度上的波动并保留了后续加仓反击能力。2022年开局不利，展望未来市场还将面临企业盈利下修、海外流动性收紧等较多的不确定因素，在压力面前我们唯有坦然面对已经发生的错误、继续保持积极的心态并做好应对困难的准备。目前组合采取降低权益仓位、提高个股持仓集中度的办法，争取通过个股的超额正收益弥补前期的亏损。保持足够的耐心和定力，等待市场的反弹信号出现。债券方面，报告期内先是国内政策利率下调带动债券市场收益率下行，随后由于美联储的超预期鹰派加上国内银行理财以及“固收+”基金赎回等原因，收益率又有所上行，整体上一季度债券市场呈现震荡格局。组合固定收益类资产的操作上，依然坚持了票息策略，同时在3月收益率快速调整的时候进行了部分加仓。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:24.288Z","fund":{"_id":3000000009377,"__csrcFundId":7480,"stockCode":"009377","name":"招商瑞恒一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9377,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:46:34.721Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"招商瑞恒一年持有期混合(009377)","followedNum":4,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商瑞恒一年持有期混合","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1777047775.09,"setUpShares":1777047775.09,"pinyin":"zsrhyncyqhhxzqtzjj","managers":[{"stockCode":"db20166540","stockType":"fund_manager","exchange":"fm","tickerId":252506175740,"name":"余芽芳"},{"stockCode":"8801401866","stockType":"fund_manager","exchange":"fm","tickerId":2625150180,"name":"张韵"}]},"announcement":{"linkText":"招商瑞恒一年持有期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=721817","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc9c7fea5b3eb04cb089","date":"2021-12-30T16:00:00.000Z","stockId":3000000009377,"sao":"2021年权益市场相比过去两年赚钱难度明显提升，市场风格切换频繁、行业轮动速度加快。回顾全年，成长、周期、价值都出现过阶段性的上涨，但持续性较差，其中成长在2、3月份，周期在9、10月份均出现明显调整，这对机构投资者熟悉的买入并长期持有的策略提出了严峻考验。在过去的一年里，本组合坚持了“在控回撤、控波动的基础上实现绝对正收益”的投资目标，没有随市场风格的频繁变化而改变我们的选股理念，坚持从基本面和估值两个角度选择有高安全边际的个股，并根据市场的变化动态评估持仓品种的性价比、及时止盈。全年看这样的操作思路在震荡市中取得了较好的结果，尤其在前三季度组合净值表现更为突出。对于债券市场来说，2021年可以算得上是一个小牛市。主要的推动力在于：经济基本面不及市场预期、货币政策宽松叠加机构欠配的力量。全年下来，10年国债从高点接近3.3%下行至年底的2.7%附近，是较为典型的牛市行情。在投资的过程中，组合的固定收益部分取得了不错的收益，不过投资框架中还是需要有不断完善的地方，特别是经历了2021年的行情，我们在今后的投资生涯里会更加重视投资者行为对债券市场的影响。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:24.285Z","mo":"2021年第四季度在地产调控压力增大、宏观基本面下行矛盾凸显的背景下，A股市场进入了调整期。尽管政府从四季度开始逐步开启稳增长相关的调控政策，但海外通胀升温、发达国家货币政策紧缩预期发酵又给市场带来了新的下行风险点。展望2022年，由于中国与主要发达经济体在经济增速、通胀等经济基本面出现的背离走势，资本市场会持续面临内热外冷的货币政策环境，A股预计会在两种不同力量的作用下表现出更大的震荡，赚钱难度相比2021年有增无减。在2022年A股盈利增速整体下行的背景下，本组合力争通过更加严格和高标准的选股来获取超额正收益。同时在市场的大幅震荡中，尽量在下跌阶段减小回撤，保留组合的进攻实力，避免出现在市场相对底部区域止损减仓的被动局面。展望2022年，全年处于“经济走向小周期复苏+全球流动性盛宴的尾部”阶段，对债券市场而言，我们认为整体的环境并不坏，但是我们需要降低固定收益资产的整体收益率预期。","fund":{"_id":3000000009377,"__csrcFundId":7480,"stockCode":"009377","name":"招商瑞恒一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9377,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:46:34.721Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"招商瑞恒一年持有期混合(009377)","followedNum":4,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商瑞恒一年持有期混合","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1777047775.09,"setUpShares":1777047775.09,"pinyin":"zsrhyncyqhhxzqtzjj","managers":[{"stockCode":"db20166540","stockType":"fund_manager","exchange":"fm","tickerId":252506175740,"name":"余芽芳"},{"stockCode":"8801401866","stockType":"fund_manager","exchange":"fm","tickerId":2625150180,"name":"张韵"}]},"announcement":{"linkText":"招商瑞恒一年持有期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=710129","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc9c7fea5b3eb04cb088","date":"2021-09-29T16:00:00.000Z","stockId":3000000009377,"sao":"三季度初我们判断主要大宗品因供给受限将持续涨价，组合主要布局周期板块，包括化工、钢铁、建筑材料等，但随着上游涨价引起的负反馈效应逐步显现，尤其是中下游行业对成本上涨传导不畅，组合逐步兑现了周期股的收益。整体看，三季度，权益资产在市场震荡中继续取得正贡献。展望四季度，我们认为要密切关注以下三个风险：一是国内煤炭紧缺状况在进入取暖季后的演变，二是海外能源价格入冬后的走势，三是投资者通胀预期和美债利率变化。整体看四季度权益市场风险大于机会，但在上述不确定因素逐步落地后，可积极着眼于跨年春季行情布局。债券方面，我们关注到疫情后全球供应链紧张，在组合管理层面将平衡随之而来的实际产出下行和供应链涨价，聚焦政策托底效果，保持机动灵活的久期策略。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:24.280Z","fund":{"_id":3000000009377,"__csrcFundId":7480,"stockCode":"009377","name":"招商瑞恒一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9377,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:46:34.721Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"招商瑞恒一年持有期混合(009377)","followedNum":4,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商瑞恒一年持有期混合","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1777047775.09,"setUpShares":1777047775.09,"pinyin":"zsrhyncyqhhxzqtzjj","managers":[{"stockCode":"db20166540","stockType":"fund_manager","exchange":"fm","tickerId":252506175740,"name":"余芽芳"},{"stockCode":"8801401866","stockType":"fund_manager","exchange":"fm","tickerId":2625150180,"name":"张韵"}]},"announcement":{"linkText":"招商瑞恒一年持有期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=651144","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc9c7fea5b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制了组合的回撤。本季度，组合参与新股申购也对收益有较大贡献。债券投资上以票息策略为主，适度降低组合久期。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:24.268Z","fund":{"_id":3000000009377,"__csrcFundId":7480,"stockCode":"009377","name":"招商瑞恒一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9377,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:46:34.721Z","status":"normal","exchange":"jj","inceptionDate":"2020-05-21T16:00:00.000Z","shortName":"招商瑞恒一年持有期混合(009377)","followedNum":4,"fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商瑞恒一年持有期混合","setUpDate":"2020-05-21T16:00:00.000Z","setUpAssetScale":1777047775.09,"setUpShares":1777047775.09,"pinyin":"zsrhyncyqhhxzqtzjj","managers":[{"stockCode":"db20166540","stockType":"fund_manager","exchange":"fm","tickerId":252506175740,"name":"余芽芳"},{"stockCode":"8801401866","stockType":"fund_manager","exchange":"fm","tickerId":2625150180,"name":"张韵"}]},"announcement":{"linkText":"招商瑞恒一年持有期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=487765","linkType":"PDF","source":"csrc_pdf"}}]}