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等市场资金利率难以持续、显著低于政策利率，另外限制了短端品种的下行空间，收益率曲线整体呈现平坦化。报告期内组合持仓均以信用债为主，组合在报告期内均维持较高久期运作，杠杆率中性偏高水平。权益方面，在经济增长有所恢复，但价格仍然负增长和资金流出的背景下，市场先跌后涨，总体表现为震荡和分化走势，其中红利指数和大商品相关行业表现较好。本基金在保持中性仓位的同时，重点配置了红利指数和部分制造业。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:59.232Z","fund":{"_id":3000000009763,"__csrcFundId":7828,"stockCode":"009763","shortName":"惠升和悦债券(009763)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9763,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:58:22.671Z","status":"normal","inceptionDate":"2020-07-06T16:00:00.000Z","name":"惠升和悦债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和悦债券","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":159948361.91,"setUpShares":159948361.91,"pinyin":"hshyzqxzqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"},{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"}]},"announcement":{"linkText":"惠升和悦债券型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1065917","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfb7fea5b3eb04d1c05","date":"2023-12-30T16:00:00.000Z","stockId":3000000009763,"sao":"2023年，中国经济增长5.2%，超出年初目标5%,但对权益市场影响较大的名义经济增速只有4.6%左右，权益市场的走势低于年初的预期。长期价值投资在2023年也经历了较大的挑战，从公司到赛道，再到估值的三维投资体系，也被不断挑战。站在中国经济金融发展的新阶段，在债券利率震荡下行的背景下，红利投资成为2023年获利的主要来源。本基金权益部分全年保持了较低的仓位，并灵活操作，虽然阶段性的把握了红利、顺周期和中小盘的投资机会，但在仓位调整上还可以再做优化，持续为投资人获得更好收益努力。本基金债券部分自二季度保持较高的组合久期，杠杆全年在高位运行。组合整体运作思路在信用方面坚持不做信用下沉，保持组合持仓的灵活度，在不同券种中做利差切换，为组合做收益增厚。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:59.229Z","mo":"展望2024年我们认为债市利率整体或呈现低位窄幅震荡走势，2024年或进入新一轮宽财政开启周期，预计明年政府加杠杆或更积极，广义财政也有望适度加力，但经济修复过程中或有曲折，货币政策和财政政策的配合度将继续提升，广谱利率仍有望继续下降，结构性的资产荒或延续，地产和出口方面或还有压力，虽然积极的政策将提振市场情绪，强化市场的预期，但是现实与预期的博弈还将继续，债市走势或偏震荡，关注经济和宽信用的兑现抓手路径和修复成色。组合将根据市场变化进行不同策略的调整，灵活应对，努力为投资人获得更好收益回报。全球经济增速难以大幅回升，美国经济仍然保持韧性但有下行风险，美国降息和降息预期的差异会继续影响市场走势。特别国债的资金投放和使用能否对上半年经济产生一定的拉动作用，将直接影响市场走势。总体来看，货币政策和财政政策双宽松的局面有利于上半年权益市场的走势。本基金将更加积极灵活地调整权益仓位，积极把握中国制造业技术更新的投资机会并关注低估值高分红的持有机会。","fund":{"_id":3000000009763,"__csrcFundId":7828,"stockCode":"009763","shortName":"惠升和悦债券(009763)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9763,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:58:22.671Z","status":"normal","inceptionDate":"2020-07-06T16:00:00.000Z","name":"惠升和悦债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和悦债券","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":159948361.91,"setUpShares":159948361.91,"pinyin":"hshyzqxzqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"},{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"}]},"announcement":{"linkText":"惠升和悦债券型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1048639","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfb7fea5b3eb04d1c04","date":"2023-09-29T16:00:00.000Z","stockId":3000000009763,"sao":"回顾三季度各项稳增长政策相继出台，债券市场也迎来调整。7月政治局会议释放政策加力的信号，并对房地产市场定调发生改变，抬升了市场对于地产政策放松的预期。8月在货币政策发力，央行超预期降息带动下债券收益率出现一波快速下行，其后进入9月，房地产需求端放松政策密集出台，三季度地方债发行提速，一揽子化债方案讨论落地，财政政策加力提效也为债市带来情绪压制，收益回落至与三季度初接近的点位。报告期内本基金整体组合久期变化不大，操作思路以利差切换为主，配置部分具有票息策略且骑乘效果明显债券。转债仓位有所增加，新增银行，非银金融，电力设备，公用事业，交通运输等行业，减少了电子行业。权益灵活进行仓位调整，分别在6月底低点加仓，在9月初大幅降低仓位。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:59.227Z","fund":{"_id":3000000009763,"__csrcFundId":7828,"stockCode":"009763","shortName":"惠升和悦债券(009763)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9763,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:58:22.671Z","status":"normal","inceptionDate":"2020-07-06T16:00:00.000Z","name":"惠升和悦债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和悦债券","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":159948361.91,"setUpShares":159948361.91,"pinyin":"hshyzqxzqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"},{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"}]},"announcement":{"linkText":"惠升和悦债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=983266","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfb7fea5b3eb04d1c03","date":"2023-06-29T16:00:00.000Z","stockId":3000000009763,"sao":"一季度，虽然整体经济不断恢复，但外部地缘政治冲击仍在，同时美国银行业事件也给市场增加了不确定性，整体经济呈现出温和复苏的态势，权益市场走势呈现整体上行态势，但由于3月份经济政策刺激低于预期，同时外部仍有扰动，权益市场在2-3月份经历了小幅的回调，同时板块分化特征非常明显。二季度，国内经济增速环比下行，虽然到6月份经济环比下行速度有所放缓，但工业企业利润仍然维持负增长，负增长幅度有所收窄但仍不及预期。从国外经济来看，美国经济好于预期，美联储上调了经济增长预期和加息幅度。货币政策维持宽松，并再次超预期降息，这有利于后期地产的企稳和经济的探底回升。操作方面，本基金债券方面总体保持中低久期，利用高等级信用债灵活开展交易获取骑乘收益，并保持适度的杠杆水平；转债方面从宏观、行业、估值、正股和转债等方面综合分析，多维度挖掘投资机会；权益方面，报告期内灵活调整仓位，二季度初逐步降低权益仓位，随着市场在6月份逐步调整到位，到月末把仓位提高到中高水平，行业以食品饮料、金融、机械设备、医药生物、电力设备和农林牧渔等行业为主。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:59.224Z","mo":"展望三季度，随着美国高管访华，中美关系可能短期有所改善，同时国内经济刺激措施有望逐步出台，对市场信心形成较为有利的支撑。因此，在各类型政策宽松的背景下，看好三季度权益市场走势；在经济尚未恢复或者刺激政策没有大规模出台的情况下，债券价格短期维持震荡，后续关注政策出台的冲击。在操作上，本基金将积极把握三季度权益和可转债的投资机会，操作上将更加注重止盈操作和板块轮动，寻找前期估值保护较好的行业和品种；债券市场方面，逐步降低期限，寻找中短期、高等级债券的票息机会。","fund":{"_id":3000000009763,"__csrcFundId":7828,"stockCode":"009763","shortName":"惠升和悦债券(009763)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9763,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:58:22.671Z","status":"normal","inceptionDate":"2020-07-06T16:00:00.000Z","name":"惠升和悦债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和悦债券","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":159948361.91,"setUpShares":159948361.91,"pinyin":"hshyzqxzqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"},{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"}]},"announcement":{"linkText":"惠升和悦债券型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=956305","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfb7fea5b3eb04d1c02","date":"2023-03-30T16:00:00.000Z","stockId":3000000009763,"sao":"本季度，虽然整体经济不断恢复，但外部地缘政治冲击仍在，同时美国银行业事件也给市场增加了不确定性，整体经济呈现出温和复苏的态势。权益市场走势，和我们去年底判断的基本一致，呈现整体上行态势，但由于3月份经济政策刺激低于预期，同时外部事件扰动，从未来一个月到一个季度走势来看，一方面海外市场美国仍有加息可能，但加息接近尾声，全球风险偏好震荡中有所回升；另一方面，随着国内经济的逐步复苏，企业利润和服务业消费可能逐步恢复，权益市场重心可能有所上行但仍在震荡区间，需要对品种、行业有更加灵活、积极的操作。债券方面，未来货币政策总体维持宽松，但3月份降准后再次降准的可能性较小，债券利率维持窄幅震荡的概率较大，如果经济修复对债券利率有冲击，则可能迎来短期的交易时点。操作方面，债券方面总体保持中低久期，利用高等级信用债灵活开展交易，并保持适度的杠杆水平；转债多维度挖掘投资机会，从宏观、行业、估值、正股和转债等方面综合分析；权益方面，本季度仓位灵活调整，行业以食品饮料、金融、机械设备、医药生物、电力设备和农林牧渔等行业为主。未来在继续看好市场的情况下，操作上将更加注重止盈操作和板块轮动，寻找前期估值保护较好的行业和品种。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:59.222Z","fund":{"_id":3000000009763,"__csrcFundId":7828,"stockCode":"009763","shortName":"惠升和悦债券(009763)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9763,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:58:22.671Z","status":"normal","inceptionDate":"2020-07-06T16:00:00.000Z","name":"惠升和悦债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和悦债券","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":159948361.91,"setUpShares":159948361.91,"pinyin":"hshyzqxzqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"},{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"}]},"announcement":{"linkText":"惠升和悦债券型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=879275","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfb7fea5b3eb04d1c01","date":"2022-12-30T16:00:00.000Z","stockId":3000000009763,"sao":"2022年的债券市场受多种因素的作用，整体呈现“慢牛”的上涨特征，但疫情反复和政策扰动使得牛市进程一波三折，受疫情放开后叠加理财赎回的影响，四季度债券市场出现了大幅回调。从当前时点来看，2023年宏观政策维持宽松，各种产业政策、财政政策和社会政策持续出台，权益市场可能迎来较好的内部环境，随着经济恢复、政策推动，权益市场未来两年有望迎来较好的投资窗口。但美国加息尚未结束，外部仍然受到一定冲击，同时国内企业盈利改善，尤其是个人资产负债表的修复可能还需要时间，因此如果经济复苏不达预期，权益市场仍然有波动的可能。债券市场利率经过2022年底的调整，部分品种回到了年初的水平，高等级信用债的持有收益明显提升。报告期内，本基金通过对宏观经济、货币政策和市场供求的分析，债券总体保持了一定的久期，并在四季度债券市场调整中适当降低了久期暴露。目前，债券组合部分整体上保持了中性久期，配置品种主要集中在高等级信用类债券，并持有部分利率品种，进行灵活交易。权益方面，由于全年权益市场的下跌，尤其是成长类行业在下半年跌幅较大，给组合净值带来较大回撤压力。四季度，本基金权益组合积极进行了风格调整，年底主要持有家用电器、食品饮料、非银金融和医药生物等行业。展望2023年，在疫情政策放开、财政和货币政策宽松、产业和社会政策积极等因素的共同推动下，债券市场利率经过去年四季度的大幅调整，部分中短期品种具有较好的配置价值，权益市场总体保持乐观，但由于居民资产负债表的修复可能需要较长时间，权益市场总体看好的同时也可能出现一定的波动，看好消费复苏和制造业的中长期机会。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:59.219Z","mo":"疫情给世界经济发展带来了重要影响。欧美经济体通胀压力不断加大，美联储的货币政策走在了通胀数据的后面，当前加息和货币政策退出的压力急剧增加。和历史相比，本次疫情期间，美元流动性并未在新兴经济体中大幅蔓延，有待改变的政策对美国国内金融资产的影响更大。受多方面因素影响，国内经济短期稳增长的压力加大，相应的政策将主要围绕这一诉求展开，在宽货币不断推进的同时，信用环境也将不断改善，短期内将对债券市场形成压力。不过，考虑到影响经济中长期增长的因素，比如潜在经济增速的下台阶、政府财务预算的较严格的管控及“房住不炒”的长期要求等条件，无风险收益的中枢不可避免地仍处于缓慢下行过程中。基于此，实际市场中的利率走势在信用扩张的初期上行压力增加，在信用扩张势能受到制约的时候，将迎来阶段性利率的高点，全年利率呈现震荡走势的可能性比较大。2023年的A股市场不悲观。但是，稳增长政策的空间和效果仍然需要逐步验证观察。再加上外围环境如美联储加息，地缘政治等都对市场的风险偏好产生影响，所以2023年的投资难度有所增加。债券方面，2023年本基金将基于宏观和金融环境的不断变化，灵活运用久期和杠杆等手段，为持有人提供稳健的财富增值。权益方面，稳增长受益行业以及受宏观经济运行影响较小的新能源，高端制造等行业将具有明显的结构性机会。本基金将继续秉持绝对收益的初衷，投资优势企业，力争为基金持有人创造持续稳定收益。","fund":{"_id":3000000009763,"__csrcFundId":7828,"stockCode":"009763","shortName":"惠升和悦债券(009763)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9763,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:58:22.671Z","status":"normal","inceptionDate":"2020-07-06T16:00:00.000Z","name":"惠升和悦债券型证券投资基金","exchange":"jj","followedNum":1,"fundCol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债券维持在中性仓位和久期，权益仓位保持在中等水平，行业配置偏均衡，以低估值高分红收益率标的为基础，包括银行、公用事业等行业，产品运作整体比较稳健。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:59.202Z","mo":"展望下半年，全球经济仍然处在后疫情的大背景下，美国经济继续复苏概率较大，美联储政策大概率不会急于退出，因此政策的影响可能不会有预期的大。国内经济在总量层面的修复动能和通胀预期也会边际上减弱，国内政策在美联储不会急于退出的背景下，将可能对信用总量将进行适度的对冲，结构上会进行相应的调整。因此，我们继续维持对利率债走势相对乐观的判断。下半年，权益仓位整体维持稳定，但在配置结构方面，会增加成长类的比例，重点在消费、医疗和电子行业。","fund":{"_id":3000000009763,"__csrcFundId":7828,"stockCode":"009763","shortName":"惠升和悦债券(009763)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9763,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:58:22.671Z","status":"normal","inceptionDate":"2020-07-06T16:00:00.000Z","name":"惠升和悦债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和悦债券","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":159948361.91,"setUpShares":159948361.91,"pinyin":"hshyzqxzqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"},{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"}]},"announcement":{"linkText":"惠升和悦债券型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=628089","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfb7fea5b3eb04d1bfa","stockId":3000000009763,"sao":"2021年1季度，国外发达经济体疫苗接种不断推进，特别是美国的情况比预期更好，新任总统上台后财政刺激政策的推出助长了经济快速复苏的预期。美国10年国债在一季度上行超过70个bp，利率如此快速大幅地上行对资产价格产生了重大影响。国内经济延续去年4季度以来的良好态势，受益于全球疫情不断控制后的需求共振，外需表现抢眼。内需方面，房地产体现了一定的韧性，基建温和回落，消费缓慢恢复。宏观政策的重点一方面是继续支持实体经济恢复，如结构性信贷支持政策实现了延期；另一方面是对疫情期间快速上行的宏观杠杆率进行控制。社融数据整体收缩幅度低于预期，体现了不急转弯的特点。国内无风险利率从长期看已经体现一定的配置价值，债券市场后期要重点关注通胀预期的演进与信用相对收缩的力度和节奏。权益市场在充分考虑估值和盈利前景后，结构性机会值得期待。报告期内，本基金债券资产主要配置利率债和高等级信用债，权益部分仓位逐渐增加到中等水平，配置方向主要为低估值和高分红收益率标的，包括银行、公用事业、医药等行业。后期将继续做好市场预判，加强风险管理并积极关注市场可能出现的机会，为投资人带来更好的收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:59.200Z","fund":{"_id":3000000009763,"__csrcFundId":7828,"stockCode":"009763","shortName":"惠升和悦债券(009763)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9763,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:58:22.671Z","status":"normal","inceptionDate":"2020-07-06T16:00:00.000Z","name":"惠升和悦债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和悦债券","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":159948361.91,"setUpShares":159948361.91,"pinyin":"hshyzqxzqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"},{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"}]},"announcement":{"linkText":"惠升和悦债券型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=568133","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfb7fea5b3eb04d1bf9","stockId":3000000009763,"sao":"2020年的债券市场是跌宕起伏的一年。1季度，国内疫情形式非常严峻，央行分别两次下调了公开市场操作利率，债券市场收益率大幅下行，10年国开利率一举突破3%，至季度末，国内疫情初步得到控制，海外疫情却不断爆发。4月7日，央行宣布降低超额准备金利率，债券收益率再次大幅度下行。5月份资金利率开始抬升，6月份政策基调转向--从保增长切换至保增长和防风险有效平衡。7月初，客户大量赎回债基和货币基金，债券收益率全面上行。10月底，一年期同业存单利率持续上行，比一年MLF的利率高了将近25bp，随后在永煤事件影响下11月份升至最高点。随着央行在11月30日令人意外的2000亿MLF操作，债券收益率才掉头向下。疫情的冲击和影响贯穿全年，国内外疫情发展的不同态势决定了宏观经济的基本图景。更为重要的是，国内外管理层不同政策的选择和应对也放大了不同市场走势的差异。报告期内，考虑市场风险，权益部分仓位保持较低水平，配置方向主要为低估值和高分红收益率标的，包括银行、地产、能源等行业。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:59.197Z","mo":"世界主要经济体疫情在2021年中期可能将大大缓解，主要经济体名义经济增长率会有一个相对快速地修复过程，美国国债将面临重新定价，整体上，这也是一个期限溢价走阔的过程，因此，年内美债整体将呈现利率上行的特征。考虑到美债的全球金融资产定价基准的影响，相关市场也将面临估值重估。共振复苏意味着各国之间的需求乘数效应增加，对经济增长的支持作用也会比以往更强。国内的疫情控制得更好，政策和利率正常化也较早。疫情期间宏观杠杆率大幅增加，在名义经济增长快速反弹的今年，信用环境面临整体收缩的压力。由于国内在疫情期间的主要政策是用信贷的手段支持实体经济，货币投放的内生性较强，因此在信用整体收缩的背景下，整体通胀的压力将明显小于美国。尽管如此，名义GDP的同比大幅回升和PPI的冲击也可能对债券市场造成一定的负面影响。整体上，我们认为这种变化对市场的影响是边际递减的，从更长的时间看，金融周期收缩的力量将占据更重要的作用。债券市场也将在利率上升的过程中面临更好的配置时机。2021年，本基金将基于宏观和金融环境的不断变化，灵活运用久期和杠杆等手段，为持有人提供稳健的财富增值。","fund":{"_id":3000000009763,"__csrcFundId":7828,"stockCode":"009763","shortName":"惠升和悦债券(009763)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9763,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:58:22.671Z","status":"normal","inceptionDate":"2020-07-06T16:00:00.000Z","name":"惠升和悦债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和悦债券","setUpDate":"2020-07-06T16:00:00.000Z","setUpAssetScale":159948361.91,"setUpShares":159948361.91,"pinyin":"hshyzqxzqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"},{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"}]},"announcement":{"linkText":"惠升和悦债券型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instanc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