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50 为代表的大盘指数最先调整，期间的中小盘股保持相对强势，市场存在结构性赚钱效应，但是8月下旬以后前期强势的板块也出现了回调，使得整体市场风险偏好降低。三季度，债券市场的收益率整体下行，一方面是因为经济增速下行压力增大，另一方面资金面始终保持宽松，政策利率再度下调。经济复苏与“宽货币”成为债市交易的主题，大量配置需求进一步加强了流动性宽松，多重因素使得利率中枢螺旋式下降。  面对市场的分化和波动，我们通过资产结构调整，努力控制组合的回撤。具体操作上逐步降低权益仓位，包括股票和可转债。结构上更加均衡，无论是行业配置还是大小盘风格方面，同时也加大了对业绩确定性和估值合理性的要求。纯债方面，维持中短久期和中高等级的持仓结构，以获取确定性票息。  展望四季度，我们对国内经济和企业盈利的恢复充满信心，并且对市场的企稳回升保持乐观。目前市场底部特征比较明确，一是市场估值已经回到历次历史大底时的估值区间，二是市场情绪、投资者仓位和交易热度均已降至历史中低位。前期由于出口延续相对强势，基建等支撑经济政策落地显得不那么急迫，随着时间的推进，政策落地效果必将逐步提升。因此，站在中长期的视角，目前市场的底部位置非常扎实，未来市场大概率将伴随着国内新一轮经济周期的开启而重新步入上行趋势中。  行业配置方面重点关注，（1）中长期产业逻辑没有变化的景气赛道，例如新能源车、风电光伏等，业绩的绝对增速并不低，而股价经过调整后相较于其他板块估值性价比更高；（2）消费，白酒、化妆品/消费医疗等，其中的龙头公司有望展现业绩的韧性；（3）三季度环比向上或有催化行业，如储能、火电、军工板块、VR相关、建材家居等。转债市场经过近一个多月的调整，整体赔率改善。后续伴随正股市场企稳反弹，以及流动性稳定的情况下，对短期业绩较优、行业景气持续且估值合适的转债标的提升关注。债券市场的资金面有望延续宽松，杠杆套息策略仍然占优。  下一阶段我们将积极关注经济走势和政策动向，动态调整组合权益部分的行业分布和个股集中度、债券部分的久期和仓位，加强流动性管理，严格防范信用风险，进一步优化投资组合，力争为投资者获取较好的收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:22.223Z","fund":{"_id":3000000009606,"__csrcFundId":7812,"stockCode":"009606","name":"长信稳健精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9606,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:53:52.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-07-15T16:00:00.000Z","shortName":"长信稳健精选混合(009606)","followedNum":0,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信稳健精选混合","setUpDate":"2020-07-15T16:00:00.000Z","setUpAssetScale":465224214.71,"setUpShares":465224214.71,"pinyin":"cxwjjxhhxzqtzjj","managers":[{"stockCode":"db20567402","stockType":"fund_manager","exchange":"fm","tickerId":1210200050,"name":"刘婧"}]},"announcement":{"linkText":"长信稳健精选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=810011","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd67fea5b3eb04cf16f","date":"2022-06-29T16:00:00.000Z","stockId":3000000009606,"sao":"上半年权益市场波动较大，前四个月由于受到经济增速下行和地缘冲突等因素的影响，市场呈现震荡下跌态势，仅有以煤炭为代表的能源板块，和以金融地产为代表的稳增长板块表现较好。二季度，尤其是5-6月之后，在国内疫情核心矛盾缓解，海外通胀等影响转弱的利好推动下，市场开始反弹且持续性超预期。债券市场方面，长端利率随着经济预期和政策预期有所波动，短端利率则在资金面宽松的推动下持续下行并且维持低位。信用利差普遍压缩至低位。  我们年初降低了权益仓位，在随后的市场企稳反弹行情中，我们积极调整资产结构，把握住了相关的投资机会。纯债类资产，主要配置中高等级、流动性好的品种，获取确定性的票息收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:22.220Z","mo":"展望下半年，目前国内疫情防控已经取得阶段性成果，随着复工复产逐步推进、稳增长政策逐步落地，经济将继续向复苏过渡，整体基本面也将持续改善。流动性短期将保持宽松以支持实体经济，信贷投放和社融能否保持平稳增长是后续跟踪政策方向的关键点。海外方面，俄乌冲突导致能源价格飙升能源，叠加美国劳动力市场高企的薪资价格，共同推高海外通胀水平，联储年内加息步伐或许不会停止。 下半年市场驱动力更多转向经济基本面的实际改善，在经济复苏的过程中，流动性影响在边际减弱，而对盈利修复进入验证期。关注的方向中，光伏、新能源车、军工依然是景气较好的行业。其它板块也有边际向好，例如经济复苏，需求修复的疫后出行餐饮等，以及上涨供给约束下的能源石化、生猪养殖等。转债市场估值目前又回到历史较高水平，市场存在结构性机会，包括高景气赛道的趋势延续和底部反转且安全边际较高的方向。债券市场随着宽货币逐步向信用传导，可能呈现震荡走趋，因此配置维持中短久期高等级的安全品种。  我们将继续秉承谨慎原则，加强组合的流动性管理，在做好风险控制的同时，增加对新经济环境下信用风险的审慎判断，积极寻找权益资产的增强机会。密切关注经济走势和政策动向，紧跟组合规模变动进行资产配置，争取在流动安全前提下，为投资者获取更好的收益。","fund":{"_id":3000000009606,"__csrcFundId":7812,"stockCode":"009606","name":"长信稳健精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9606,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:53:52.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-07-15T16:00:00.000Z","shortName":"长信稳健精选混合(009606)","followedNum":0,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信稳健精选混合","setUpDate":"2020-07-15T16:00:00.000Z","setUpAssetScale":465224214.71,"setUpShares":465224214.71,"pinyin":"cxwjjxhhxzqtzjj","managers":[{"stockCode":"db20567402","stockType":"fund_manager","exchange":"fm","tickerId":1210200050,"name":"刘婧"}]},"announcement":{"linkText":"长信稳健精选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=786589","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd67fea5b3eb04cf16e","date":"2022-03-30T16:00:00.000Z","stockId":3000000009606,"sao":"一季度由于受到疫情和地缘冲突等因素的影响，呈现震荡下跌态势，3月中上旬更是出现了一轮加速调整，金融委会议后信心有所恢复，市场有所反弹。结构方面，各个板块之间表现分化，以煤炭为代表的能源板块，和以金融地产为代表的稳增长板块表现较好。债券市场年初在降息政策和基本面悲观预期推动下，长端利率先快速下行，春节后涨幅有所回吐。信用债收益率小幅上行，信用利差多数走阔，信用风险整体可控。  去年四季度，我们结合企业估值、宏观基本面和流动性，适度调整过资产配置。具体操作上降低了权益仓位以控制回撤。纯债方面，我们维持中短久期和中高等级的持仓结构，以获取确定性票息。  二季度经济或将有所修复。虽然短期仍有疫情扰动，但我们相信随着疫情逐步得到控制，稳增长政策将明显发力，社融增速将有所提升，这些积极的因素将共同改善对宏观经济和企业盈利的预期。海外俄乌局势等问题虽然不会快速得到解决，但不确定性正在下降，将进一步缓解投资者的担忧。因此，我们对二季度市场表现保持乐观，站在目前的位置上，我们不仅仅是看短期，更看好权益市场中长期的配置价值。同时，我们仍密切关注国内疫情发展和政策推进的情况，以及海外能源价格和联储货币政策的变化。  考虑到经济基本面和流动性对行业景气度、估值水平的影响，我们认为稳增长是目前较为迫切的环节。地产基建的新开工有望提速，新基建的相关政策和地方政府的行动或也将发力，与之相关的金融地产、建材家具、通信电力等行业将首先受益。后续若政策如期兑现，经济预期好转，则消费医药等此前需求被压制的板块，还有新能源、军工等成长板块也或将会开始表现。转债方面，经过一季度的连续调整，高估值问题有所缓解，整体标的可选择性大幅改善。关注调整到位的优质标的，以及高性价比的绝对收益品种。纯债配置维持短久期高等级的安全品种。  下一阶段我们将继续保持审慎严谨的态度，密切关注经济走势和政策动向，适度调整组合权益部分的行业分布和个股集中度、债券部分的久期和仓位，加强流动性管理，严格防范信用风险，进一步优化投资组合，力争为投资者获取较好的收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:22.217Z","fund":{"_id":3000000009606,"__csrcFundId":7812,"stockCode":"009606","name":"长信稳健精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9606,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:53:52.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-07-15T16:00:00.000Z","shortName":"长信稳健精选混合(009606)","followedNum":0,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信稳健精选混合","setUpDate":"2020-07-15T16:00:00.000Z","setUpAssetScale":465224214.71,"setUpShares":465224214.71,"pinyin":"cxwjjxhhxzqtzjj","managers":[{"stockCode":"db20567402","stockType":"fund_manager","exchange":"fm","tickerId":1210200050,"name":"刘婧"}]},"announcement":{"linkText":"长信稳健精选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=728603","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd67fea5b3eb04cf16d","date":"2021-12-30T16:00:00.000Z","stockId":3000000009606,"sao":"本基金2021年积极把握了股票市场的结构性机会，在严控信用风险的前提下，以信用债提供票息收益，并注重对利率债以及转债交易性机会的把握。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:22.214Z","mo":"中央经济工作会议定调稳增长，反映出政策端或更为积极。所以2022年PPI可能进入趋势性下滑，CPI有所回升，总体通胀风险可控。作为稳增长的先行举措，宽货币不会缺席，这一点是债券市场的支撑因素。但是由于2021年利率经过了较大幅度的下行，2022年可能多数时间处于震荡区间，做好短期波段的重要性显著提升。2022年对债市的负面冲击可能主要来自基建发力力度超预期，以及货币政策因某些意料之外的原因出现收紧。目前判断负面冲击可能会带来市场的短期调整，但总体影响程度有限，全年大概是震荡略偏强的走势。","fund":{"_id":3000000009606,"__csrcFundId":7812,"stockCode":"009606","name":"长信稳健精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9606,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:53:52.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-07-15T16:00:00.000Z","shortName":"长信稳健精选混合(009606)","followedNum":0,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信稳健精选混合","setUpDate":"2020-07-15T16:00:00.000Z","setUpAssetScale":465224214.71,"setUpShares":465224214.71,"pinyin":"cxwjjxhhxzqtzjj","managers":[{"stockCode":"db20567402","stockType":"fund_manager","exchange":"fm","tickerId":1210200050,"name":"刘婧"}]},"announcement":{"linkText":"长信稳健精选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=714598","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd67fea5b3eb04cf16c","date":"2021-09-29T16:00:00.000Z","stockId":3000000009606,"sao":"三季度因央行超预期降准，利率债及高等级信用债各期限收益率均较半年末下行，信用利差小幅走阔，转债价格上涨较多。股票市场出现一定的分化，部分板块受益于高景气度以及流动性宽松，出现了较好的结构性机会。本基金三季度积极把握了股票市场的结构性机会，同时在严控信用风险的前提下，适度增配了信用债，在以信用债提供票息收益的基础上，注重对利率债交易性机会的把握，另外以一定的仓位参与了转债市场，以获得稳健的投资收益。展望四季度，要重点关注货币政策是否会因工业品超预期通胀而出现收紧。目前倾向于认为，由于多重政策目标的制约以及疫情的长尾效应，今年超预期的通胀或终将回落，货币政策更加关注内生性弱增长的问题，同时注重底线思维和防范系统性风险的发生，这决定了保持流动性合理充裕的货币政策基调很难发生大的变化。股票市场及债券市场在四季度仍然有较多机会可以把握，我们将继续保持审慎严谨的态度，密切关注经济走势和政策动向，适度调整组合权益部分的行业分布和个股集中度、债券部分的久期和仓位，加强流动性管理，严格防范信用风险，进一步优化投资组合，力争为投资者获取更好的收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:22.212Z","fund":{"_id":3000000009606,"__csrcFundId":7812,"stockCode":"009606","name":"长信稳健精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9606,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:53:52.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-07-15T16:00:00.000Z","shortName":"长信稳健精选混合(009606)","followedNum":0,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信稳健精选混合","setUpDate":"2020-07-15T16:00:00.000Z","setUpAssetScale":465224214.71,"setUpShares":465224214.71,"pinyin":"cxwjjxhhxzqtzjj","managers":[{"stockCode":"db20567402","stockType":"fund_manager","exchange":"fm","tickerId":1210200050,"name":"刘婧"}]},"announcement":{"linkText":"长信稳健精选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=656764","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd67fea5b3eb04cf16b","date":"2021-06-29T16:00:00.000Z","stockId":3000000009606,"sao":"上半年通胀数据逐月走高，但受益于宽松的资金面，以及部分经济数据的环比走弱，债券市场行情较好，利率债各期限收益率均较去年底有所下行，信用利差收窄，转债价格也上涨较多。股票市场出现一定的分化，部分板块受益于高景气度以及流动性宽松，出现了较好的结构性机会。本基金上半年积极把握了股票市场的结构性机会，同时在严控信用风险的前提下，适度增配了信用债，在以信用债提供票息收益的基础上，注重对利率债交易性机会的把握，另外以一定的仓位参与了转债市场，以获得稳健的投资收益。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:22.209Z","mo":"展望下半年，由于变异毒株的影响，海外疫情仍然在扩散中，国内疫情也在散点式爆发，疫情的长期存在制约了内需的恢复速度。由于去年的高基数效应，下半年的出口增速可能回落，但疫情导致的全球产业链再分配给我国带来的优势仍存，出口整体仍有望维持在高位。经济增长模式的转型大方向较为明确，地产投资有韧性无亮点。受制于对隐性债务的治理，基建增速大概率仍然维持在低位。制造业投资有可能存在预期差，取决于海外疫情的恢复情况，与出口的联动效应较强。由于海内外宏观环境的复杂性和不确定性，货币政策在下半年预计仍将保持平稳宽松，助力经济恢复和就业改善。股票市场及债券市场在下半年或仍然有较多机会可以把握，我们将继续保持审慎严谨的态度，密切关注经济走势和政策动向，适度调整组合权益部分的行业分布和个股集中度、债券部分的久期和仓位，加强流动性管理，严格防范信用风险，进一步优化投资组合，力争为投资者获取更好的收益。","fund":{"_id":3000000009606,"__csrcFundId":7812,"stockCode":"009606","name":"长信稳健精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9606,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:53:52.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-07-15T16:00:00.000Z","shortName":"长信稳健精选混合(009606)","followedNum":0,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信稳健精选混合","setUpDate":"2020-07-15T16:00:00.000Z","setUpAssetScale":465224214.71,"setUpShares":465224214.71,"pinyin":"cxwjjxhhxzqtzjj","managers":[{"stockCode":"db20567402","stockType":"fund_manager","exchange":"fm","tickerId":1210200050,"name":"刘婧"}]},"announcement":{"linkText":"长信稳健精选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=634386","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd67fea5b3eb04cf16a","stockId":3000000009606,"sao":"受到经济面及通胀上行等潜在利空的制约，叠加一月份资金面波动的影响，市场对货币政策收紧的担忧一直未有明显缓解，导致2021年一季度债券市场表现为震荡行情，总体票息策略占优。1-2月份社融同比增速稳定在13%附近，受大宗商品价格上涨的影响，PPI同比上行至4.4%。一季度银行间7天质押式回购平均成本为2.4%，较去年四季度下降了10BP左右，成本抬升主要集中于1月份，2-3月份资金面明显转松。截至2021年3月31日，1年国债、3年国债、5年国债、10年国债分别较去年底上行10BP、上行5BP、上行3BP和上行5BP，1年AA中票、3年AA中票、5年AA中票分别较去年底下行27BP、下行8BP和下行13BP。权益类资产先涨后跌，截至3月31日，沪深300指数较去年底下跌3.1%。转债方面，一季度为震荡行情，中证转债指数较去年底下跌0.40%。一季度组合保持了一定的权益仓位，同时增持了高等级中短久期信用债，并参与了利率债的波段交易。展望二季度，市场的核心矛盾在于通胀读数继续上行是否会影响货币政策。由于本轮通胀主要是外生性变量居多，并非全面的通胀，预计对货币政策的影响有限，另外需要关注的核心变量是出口是否会存在预期差，这一点可能带来中长端债券的交易性机会。总体上看经济基本面仍然在渐进修复，央行货币政策主基调仍然保持以稳为主，短端资金利率预计将维持稳定，中短久期债券仍较为安全。投资策略方面，结合宏观环境及资金面，信用债以中短久期加杠杆获取票息收益仍然是纯债操作中较为可取的策略，中长久期利率债的交易价值逐渐显现，可适当参与交易性机会。转债方面，由于从大类资产配置的视角来看，转债是目前固收类资产中与宏观环境较为贴合的品种，可适度博取权益市场的收益，组合仍会保持一定的转债仓位，立足绝对收益精选个券。股票方面，以把握结构性机会为主，重点是跟踪业绩兑现情况及行业趋势，寻找高景气度板块及优秀个股进行配置。下一阶段我们将继续保持审慎严谨的态度，密切关注经济走势和政策动向，适度调整组合权益部分的行业分布和个股集中度、债券部分的久期和仓位，加强流动性管理，严格防范信用风险，进一步优化投资组合，力争为投资者获取更好的收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:22.206Z","fund":{"_id":3000000009606,"__csrcFundId":7812,"stockCode":"009606","name":"长信稳健精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9606,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:53:52.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-07-15T16:00:00.000Z","shortName":"长信稳健精选混合(009606)","followedNum":0,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信稳健精选混合","setUpDate":"2020-07-15T16:00:00.000Z","setUpAssetScale":465224214.71,"setUpShares":465224214.71,"pinyin":"cxwjjxhhxzqtzjj","managers":[{"stockCode":"db20567402","stockType":"fund_manager","exchange":"fm","tickerId":1210200050,"name":"刘婧"}]},"announcement":{"linkText":"长信稳健精选混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=570131","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd67fea5b3eb04cf169","stockId":3000000009606,"sao":"截至2020年底，10年国债到期收益率水平基本持平于2019年底，但因新冠疫情影响，看全年利率波动较大。10年国债全年最低点触及2.48%，最高点触及3.35%，振幅达到85BP。受到利率上行及永煤违约事件的冲击，信用利差经历了三轮走阔的过程，3年AA+中短期票据到期收益率与10年国债到期收益率之差最低触及0.03%，最高触及0.95%。无论是利率债还是信用债，全年均呈现出很高的波动性。股票市场在2020年收益较为可观，万得全A指数全年上涨25.62%，中证转债指数全年上涨5.26%，食品饮料、医药生物、国防军工、光伏新能源等行业均录得较为可观的涨幅。本基金在2020年顺应了市场环境，股票部分以较高仓位运作，债券部分以中短久期信用债为主，严控了信用风险，以获取稳健的持有收益为投资目标。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:22.203Z","mo":"展望2021年，预计经济仍将延续复苏态势，由于基数效应，全年GDP预估在8%~9%，但经济环比走势更为重要。宏观波动将收敛，货币政策在通胀压力未出现大幅超预期的情况下预计也会保持平稳，需要密切跟踪是否出现引起央行关注的全面通胀信号，可能引起货币政策的定性变化。总体上看，宏观经济处于复苏走向过热的阶段，大环境仍然是有利于权益类资产以及商品的表现，但是由于通胀掣肘，股债的趋势性机会都比较难以见到，风险偏好的阶段性回落可能带来债券的交易性机会，看全年会比较考验大类资产轮动能力。投资策略方面，在货币政策保持平稳的阶段，信用债以中短久期加杠杆获取票息收益仍然是纯债操作中较为可取的策略，中长久期利率债可以以适当的仓位参与，设置好止盈止损点。转债方面，由于从大类资产配置的视角来看，转债是目前固收类资产中与宏观环境较为贴合的品种，可适度博取权益市场的收益，组合仍会保持一定的转债仓位，立足绝对收益精选个券。股票方面，重点是跟踪业绩兑现情况及行业趋势，寻找高景气度板块及优秀个股进行配置。下一阶段我们将继续保持审慎严谨的态度，密切关注经济走势和政策动向，适度调整组合债券的久期、结构和仓位，加强流动性管理，严格防范信用风险，进一步优化投资组合，力争为投资者获取更好的收益。","fund":{"_id":3000000009606,"__csrcFundId":7812,"stockCode":"009606","name":"长信稳健精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9606,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:53:52.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-07-15T16:00:00.000Z","shortName":"长信稳健精选混合(009606)","followedNum":0,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信稳健精选混合","setUpDate":"2020-07-15T16:00:00.000Z","setUpAssetScale":465224214.71,"setUpShares":465224214.71,"pinyin":"cxwjjxhhxzqtzjj","managers":[{"stockCode":"db20567402","stockType":"fund_manager","exchange":"fm","tickerId":1210200050,"name":"刘婧"}]},"announcement":{"linkText":"长信稳健精选混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=553275","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd67fea5b3eb04cf168","stockId":3000000009606,"sao":"宏观经济方面，三季度在国内疫情得到有效控制的背景下，经济修复态势总体强劲，其中外贸表现强势，消费修复相对缓慢，基建有所回落。货币政策方面，在上半年大幅宽松过后逐渐回归正常化。具体来看，7月初权益市场迎来一波强势的上涨，随着基本面的修复，市场出现价值和成长风格的切换，电气设备、汽车、化工、金融等顺周期行业涨幅居前。债券市场同时受到资金面和供给的影响，收益率震荡上行，但是中高等级信用利差仍然处于中低水平。临近季末，由于流动性有所收紧，叠加美国大选、欧美疫情反复等外部不确定性风险抬升，资产价格波动加大，权益市场有所回调。三季度，我们结合自上而下的判断，加大对股票和转债的仓位，重点是对顺周期板块的配置，参与部分高景气行业的交易机会，整体配置结构均衡。纯债方面，保持中短久期和中高等级的持仓结构，获取确定性票息。展望四季度，在我国坚持常态化疫情防控的背景下，各项经济活动有序推进有望延续，年内经济将继续修复态势。货币政策大概率维持常态，宏观流动性经历了三季度的紧平衡后，随着专项债发行放缓，资金流动性将有边际好转。此外，重点关注疫苗上市、疫情反复、地缘政治等外部事件的影响。     虽然短期市场有波动，但是拉长时间来看，待不确定因素逐步消退，内部能量积蓄起来后，中国资产向好的趋势不会改变。权益市场重视业绩主线，价值风格保持延续，板块配置适度均衡。一方面，周期制造行业进入补库存周期，特别是当前处于库存周期底部区域的中游原材料、工业品会有“量”，PPI改善会带来“价”，量价齐升的格局是对这些品种盈利改善较好的阶段。另一方面，经过一段时间的调整，科技成长有望迎来下一个阶段机会，继续选择优质细分赛道，结合未来“十四五”规划，重点关注政策和基本面双升的方向。转债整体估值回到年内较低位置，在权益市场没有系统性风险情况下继续回调空间有限，把握正股优质、有安全边际的标的。债券票息策略仍然占优，重点选择信用改善的产业债和区位较好的城投债，维持适中的杠杆水平，逐步开始关注未来的利率配置拐点。下一阶段我们将继续保持审慎严谨的态度，密切关注经济走势和政策动向，适度调整组合权益部分的行业分布和个股集中度、债券部分的久期和仓位，加强流动性管理，严格防范信用风险，进一步优化投资组合，力争为投资者获取更好的收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:22.201Z","fund":{"_id":3000000009606,"__csrcFundId":7812,"stockCode":"009606","name":"长信稳健精选混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9606,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:53:52.283Z","status":"normal","exchange":"jj","inceptionDate":"2020-07-15T16:00:00.000Z","shortName":"长信稳健精选混合(009606)","followedNum":0,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信稳健精选混合","setUpDate":"2020-07-15T16:00:00.000Z","setUpAssetScale":465224214.71,"setUpShares":465224214.71,"pinyin":"cxwjjxhhxzqtzjj","managers":[{"stockCode":"db20567402","stockType":"fund_manager","exchange":"fm","tickerId":1210200050,"name":"刘婧"}]},"announcement":{"linkText":"长信稳健精选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=492955","linkType":"PDF","source":"csrc_pdf"}}]}