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rich, income poor”特征。特朗普政府推出大美丽法案之后，美国在财政政策上也处于相当宽松的态度。因此，我们认为2025年美国主导的财政货币双宽松是引起市场定价的一条重要逻辑脉络。另一条重要脉络是AI的较大规模应用，通过跟踪我们可以发现AI相关的TOKEN使用量仍然处于迅速增长的状态，大模型的应用范围由文生文，到文生图，再到文生视频，由此带来了大量的相关产业链的投资机会。因此，从宏观和中观层面上来看，财政货币双宽松和AI的产业发展，使得市场风险偏好有所提升，呈现股强债弱特征。","lastUpdated":"2026-03-27T05:47:30.816Z","mo":"展望2026年，我们认为从宏观经济情况上来看，需要重视的是美国财政货币双宽松带来的结果。从货币主义视角看，通胀在长期是一种货币现象。虽然短期的供需对于商品的价格起到了短期的影响，但是在某个时间点，由于货币的发行量变多，使得商品和货币的比值关系会趋于修复。这种修复的过程是以何种形式进行在历史上来看是不确定的，有可能是在经济景气周期配合供需关系进行上涨修复，也有可能是经济景气下行阶段呈现滞胀特征修复。有可能是以一种相对迅速的方式修复，也可能呈现持续数年的持续修复过程。但在目前的节点上，我们认为需要关注美国财政货币双宽松带来的通胀会以什么方式进行呈现。从产业景气视角来看，我们认为AI在2025年已经在海外有了较大程度的进展。我们国内的大模型相对于海外的模型来说，在成本端有巨大的优势。成本优势是产业可以进行大规模应用的一个重要因素。因此，我们认为国内的AI或有可能在2026年进一步发展，我们会关注国内大模型的进展和相关应用的落地。　　从投资组合上来看，我们仍然坚持价值投资的思路，通过均衡的配置和自下而上选股力图为投资者创造更好的回报。同时，我们也非常关注海外宏观环境的改变，通过资产的配置对这种通胀的可能性进行一些提前应对。债券方面，我们仍然优选信用债和利率债的组合，为组合提供基础收益。","fund":{"_id":3000000009766,"__csrcFundId":8010,"stockCode":"009766","name":"安信平稳双利3个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9766,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:58:31.971Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"安信平稳双利3个月持有混合(009766)","followedNum":1,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信平稳双利3个月持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":594762773.61,"setUpShares":594762773.61,"pinyin":"axpwsl3gycyqhhxzqtzjj","managers":[{"stockCode":"db20819426","stockType":"fund_manager","exchange":"fm","tickerId":120226210260,"name":"梁冰哲"},{"stockCode":"j101019538","stockType":"fund_manager","exchange":"fm","tickerId":30425248390,"name":"柴迪伊"}]},"announcement":{"linkText":"安信平稳双利3个月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=1447923","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfc7fea5b3eb04d1d1c","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000009766,"sao":"三季度，债券市场情绪整体偏弱，对利空因素较为敏感，债券收益率震荡上行，10年期国债收益率较二季度末上行约22bp，收益率曲线也呈现陡峭化趋势。7月反内卷政策进一步落地，商品期货强势上行，后续涨价预期导致债市明显上行；8月股市强势上行、不断突破前高，股债跷跷板效应压制债市情绪；同时8月工业企业利润表现不错、中美谈判进展、跨季资金价格高企也不断给债券市场带来压力。　　权益方面，三季度股票市场上涨明显，创业板指数表现较好，红利类股票表现较弱。上证指数上涨12.73%，深圳成指上涨29.25%，创业板指上涨50.40%。分行业来看，三季度通信、电子、电力设备、有色等行业表现较好，银行、公用事业、交运、石油石化等行业表现较差。　　三季度国内经济运行保持平稳，全社会用电量数据总体好于二季度，PMI数据三季度仍低于50%区间，工业增加值同比表现稳定。房地产市场方面，一线城市限购政策有进一步放松，而地产销售继续走弱，全国层面二手房价格仍处于下行趋势。三季度各地受以旧换新补贴资金到位影响，社零消费增速有所放缓。中美马德里经贸会谈达成框架共识，出口整体由于外部冲击缓和保持一定韧性。从中期维度来看，当前沪深300指数PE与PB已回到历史平均值以上。一些大盘价值类股票估值还处于历史较低位置，部分中小微盘股票估值已到偏贵位置，市场结构性分化明显。全市场样本股PB估值中位数相比于这些公司过去3年平均ROE来说已偏贵，这里隐含大家对多数上市公司未来3-5年盈利能力相对乐观的预期。　　本基金三季度持仓以利率债为主，保持适中久期。权益方面，相对均衡地配置了银行、黄金、化工、消费、建材等行业。","lastUpdated":"2026-03-09T13:37:00.021Z","fund":{"_id":3000000009766,"__csrcFundId":8010,"stockCode":"009766","name":"安信平稳双利3个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9766,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:58:31.971Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"安信平稳双利3个月持有混合(009766)","followedNum":1,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信平稳双利3个月持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":594762773.61,"setUpShares":594762773.61,"pinyin":"axpwsl3gycyqhhxzqtzjj","managers":[{"stockCode":"db20819426","stockType":"fund_manager","exchange":"fm","tickerId":120226210260,"name":"梁冰哲"},{"stockCode":"j101019538","stockType":"fund_manager","exchange":"fm","tickerId":30425248390,"name":"柴迪伊"}]},"announcement":{"linkText":"安信平稳双利3个月持有期混合型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1371871","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfc7fea5b3eb04d1d1b","date":"2025-06-29T16:00:00.000Z","stockId":3000000009766,"sao":"2025年上半年国内经济总体平稳运行，上半年GDP同比增长5.3%，总体经济动能二季度相比一季度边际有所放缓，但仍在合理区间内。制造业PMI数据二季度相比一季度有所走弱，房地产市场销售总体有所走弱。债券市场在资金面前紧后松、美国对华关税政策反复等因素影响下，10年期国债收益率先上后下，上半年总体下行约3bp。具体来看，1-2月份在宽货币预期降低、资金面持续偏紧、宏观数据较好及股债跷跷板效应影响下，短端和长端利率先后上行，曲线平坦化；3月份降准降息预期反复博弈、央行提及债券市场风险，央行呵护流动性态度后期转暖，国债利率先上后下。4月初，在美国加征关税超预期的影响下，长端利率快速下行；后在资金利率波动、政府债供给加大等因素综合影响下小幅震荡，5月份降准降息利好落地、中美关税谈判取得实质进展、政府债集中发行推动长端利率持续上行，6月份央行提前投放买断式逆回购资金等一系列呵护措施推动资金预期外宽松，市场对后续流动性乐观，长端利率全月震荡下行。上半年信用债情绪好于利率债，信用利差显著收窄。　　上半年市场震荡分化，中证2000、微盘股指数表现相对较好，中证红利、沪深300指数表现较弱。主要指数来看，上证指数上涨2.76%，深圳成指上涨0.48%，创业板指上涨0.53%。分行业来看，上半年有色、银行、军工、传媒等行业表现较好，煤炭、食品饮料、房地产、石油石化等行业表现较差。我们一直坚持自下而上的投资思路，在充分研究公司商业模式、竞争优势、公司成长空间和行业竞争格局的背景下，结合估值水平，在“好价格”下买入并持有“好公司”，长期获得企业内在价值增长的收益。　　本基金上半年债券资产以利率债为主，保持适中偏长的久期。权益方面，相对均衡地配置了银行、黄金、化工、消费、建材等行业。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:00.018Z","mo":"展望未来，近期经济增速回落、地产尚未见底、全球贸易放缓和美国关税政策反复等情况反映出当前经济运行中的困难挑战仍然较多。但从基本面看、从中长期看，经济稳定运行、长期向好的基本面没有改变，高质量发展的大势没有改变。下半年，预计将加大逆周期调节力度，扩大总需求，同时破除‘内卷式’竞争，促进供需平衡。货币政策预计保持适度宽松的支持性政策，加大对实体经济支持力度。若美联储降息落地，国内货币政策有更多的灵活空间。综合来看，预计下半年债券利率震荡下行，但下行幅度放缓，后续债券整体收益率曲线下行幅度或依赖降息和资金利率的下行。　　权益方面，我们总体判断市场后续仍将震荡为主，结构性机会较多。在此过程中，我们希望利用市场错误定价的机会积极捕捉投资收益。从中期维度来看，当前市场中大盘价值类股票估值总体处于历史较低位置，部分中小盘股票今年以来上涨明显，估值基本已回到中枢位置。从股债收益率的比较来看，十年期国债收益率处于历史低位，而以沪深300指数和中证红利指数为代表的一批大盘价值类公司股息率具有不错的吸引力。","fund":{"_id":3000000009766,"__csrcFundId":8010,"stockCode":"009766","name":"安信平稳双利3个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9766,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:58:31.971Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"安信平稳双利3个月持有混合(009766)","followedNum":1,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信平稳双利3个月持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":594762773.61,"setUpShares":594762773.61,"pinyin":"axpwsl3gycyqhhxzqtzjj","managers":[{"stockCode":"db20819426","stockType":"fund_manager","exchange":"fm","tickerId":120226210260,"name":"梁冰哲"},{"stockCode":"j101019538","stockType":"fund_manager","exchange":"fm","tickerId":30425248390,"name":"柴迪伊"}]},"announcement":{"linkText":"安信平稳双利3个月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=1339145","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfc7fea5b3eb04d1d1a","date":"2025-03-30T16:00:00.000Z","stockId":3000000009766,"sao":"一季度，10年期国债收益率整体呈现震荡上行趋势，较去年末上行约14bp，收益率曲线整体平坦化。1月份在宽货币预期降低、资金面持续偏紧等因素影响下长端利率先下后上、短端快速上行，曲线平坦化；2月份宏观数据较好、资金面超预期持续偏紧及股债跷跷板效应，长端国债上行明显，短端继续走弱。3月份债券市场反复博弈降准降息预期，上半月两会期间央行领导提及关注债券市场风险后市场情绪快速走弱，下半月央行增加公开市场投放、流动性转松后债券市场转暖，全月国债利率先上后下、整体震荡上行。　　权益方面，一季度市场总体震荡分化，小微盘股表现较好：上证指数下跌0.48%，深圳成指上涨0.86%，创业板指下跌1.77%。分行业来看有色、汽车、机械、计算机等行业表现较好，煤炭、商贸零售、石油石化、建筑装饰等行业表现较差。　　一季度国内经济运行总体平稳，工业增加值前2月保持稳健增长，3月两会政策延续了去年底政治局会议精神，具体表述方面GDP增长目标设定为5%左右，财政政策更加积极有为，加大逆周期调节力度，提高财政赤字率、增加特别国债发行、扩大地方政府专项债券规模等措施将有效增强政府调控能力，为经济发展提供有力的保障支持。2025年随着宏观政策的力度加大，我们能够看到有更多优秀上市公司业绩触底回升，我们继续坚持精选细分行业优秀公司，力求从考虑未来2-3年业绩增长确定性的角度来挖掘当前估值具有性价比的公司。　　本基金一季度以利率债为主，保持中等久期、降低债券仓位，保持较高的组合流动性。权益方面，相对均衡地配置了银行、黄金、化工、消费等行业。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:00.015Z","fund":{"_id":3000000009766,"__csrcFundId":8010,"stockCode":"009766","name":"安信平稳双利3个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9766,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:58:31.971Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"安信平稳双利3个月持有混合(009766)","followedNum":1,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信平稳双利3个月持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":594762773.61,"setUpShares":594762773.61,"pinyin":"axpwsl3gycyqhhxzqtzjj","managers":[{"stockCode":"db20819426","stockType":"fund_manager","exchange":"fm","tickerId":120226210260,"name":"梁冰哲"},{"stockCode":"j101019538","stockType":"fund_manager","exchange":"fm","tickerId":30425248390,"name":"柴迪伊"}]},"announcement":{"linkText":"安信平稳双利3个月持有期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=1267966","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfc7fea5b3eb04d1d19","date":"2024-12-30T16:00:00.000Z","stockId":3000000009766,"sao":"回顾2024年，债市表现强劲，利率债和信用债主要品类收益率显著下行，主要影响因素包括经济基本面恢复较慢、货币政策持续宽松以及结构性资产荒。2024年1-2月延续上年年底强势行情，降准降息提高货币宽松预期，债市情绪高涨；3月份汇率承压、预期外超长期特别国债发行计划等冲击使得止盈情绪升温，债券市场出现短暂震荡。4月至7月在“禁止手工补息”、央行下调政策利率及基本面延续弱修复态势等利好因素的影响下债券市场仍延续了上涨势头，期间特别国债供给和监管提示长债利率下行过快风险等利空因素也带来债市的短暂调整；8月至11月在多空因素交织影响下，债券市场宽幅震荡，利空因素主要有央行卖出长债、股市情绪转向、理财预防式赎回等，利多因素主要有经济基本面弱修复、货币政策延续宽松、政府债集中供给冲击弱于预期等。11月下旬至12月底，非银同业存款自律倡议落地、货币政策表态转为“适度宽松”，一系列利好推动收益率重拾下行趋势。全年来看，10年期国债收益率年末收于1.68%、全年下行88bp，为近十年来下行幅度最大的年份。　　权益方面，2024年股票市场震荡上行，主要指数都取得了2位数的涨幅。沪深300指数全年上涨14.68%，结束了连续3年的下跌。分行业来看，全年银行、非银金融、通信、家电等行业表现较好，医药、农业、美容护理、食品饮料等行业表现较差。　　本基金2024年债券资产以高流动性利率债为主，年末增加了部分中长期利率债配置比例。权益方面，相对均衡地配置了建筑、银行、黄金、消费等行业。","declarationDate":"2025-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:00.012Z","mo":"宏观经济与政策展望方面，预期宏观经济在2025年会温和回升，2024年底中央政治局会议和中央经济工作会议定调2025年政府会实施更加积极的财政政策和适度宽松的货币政策，这表明财政政策2025年大概率会加大力度，会议提到加强超常规逆周期调节，要大力提振消费，提高投资效益，全方位扩大国内需求。会议提到货币政策要“适度宽松”，这是2011年以来首次提到，我们预计2025年货币政策在利率端和总量端还有操作空间。从中长期维度来看，当前股票市场估值总体处于历史平均偏低位置。2025年随着宏观政策的落地，我们能够看到陆续有更多优秀上市公司业绩触底回升，我们还是坚持精选细分行业优秀公司，力求从考虑未来2-3年业绩增长确定性的角度来挖掘当前估值具有性价比的公司。　　债券方面，宽货币周期叠加流动性合理充裕，我们预计低利率环境下债市强势逻辑仍将延续，各期限品种利率仍有下行空间，但政策加码下基本面修复的持续性、宽信用修复成色以及国际环境变化引起的阶段性汇率压力仍是影响债券定价的关键变量，需关注政府债供给、机构配置力量、债市增量资金等方面的边际变化，债市双向波动及调整幅度预料有所加大。","fund":{"_id":3000000009766,"__csrcFundId":8010,"stockCode":"009766","name":"安信平稳双利3个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9766,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:58:31.971Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"安信平稳双利3个月持有混合(009766)","followedNum":1,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信平稳双利3个月持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":594762773.61,"setUpShares":594762773.6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MLF定价，10Y国债围绕2.5%窄幅震荡；2月后在权益市场下行和债券供给偏慢的背景下，债券市场对基本面“脱敏”，“资产荒”成为行情主线，收益率快速下行。4月后围绕“禁止手工补息”和“特别国债”供给的博弈展开，10Y国债一路下行至2.23%。4月下旬后央行多次提及长债风险，带来收益率上行调整；随后特别国债供给节奏偏缓、地产政策出台，市场处于政策观察期，债券市场的谨慎情绪逐步好转，半年末延续下行趋势。　　上半年权益市场震荡分化，中证红利、沪深300指数表现相对较好，创业板指、中证500指数表现较弱，微盘股指数跌幅明显。分行业来看，上半年银行、煤炭、公用事业、家电、石油石化等行业表现较好，计算机、商贸零售、社服、传媒、医药等行业表现较差。我们一直坚持自下而上的投资思路，在充分研究公司商业模式、竞争优势、公司成长空间和行业竞争格局的背景下，结合估值水平，在“好价格”下买入并持有“好公司”，长期获得企业内在价值增长的收益。具体来看，我们继续看好低估值、高盈利、高股息板块的投资机会，主要集中在银行、煤炭、建筑建材、纺织服饰、交运、家电等行业的公司。　　本基金上半年债券资产维持中长久期、高流动性的配置结构。权益方面看好的企业集中在银行、家电、建筑和黄金等行业。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:00.007Z","mo":"短期来看，近期经济增速回落受极端天气、雨涝灾害多发等短期因素的影响，也反映出当前经济运行中的困难挑战有所增多，特别是国内有效需求不足的问题比较突出，国内大循环不够顺畅等。但从基本面看、从中长期看，经济稳定运行、长期向好的基本面没有改变，高质量发展的大势没有改变。下半年，预计将加大逆周期调节力度，扩大总需求。财政政策持续发力，有必要支出力度，优化“化债”政策。货币政策预计保持合理充裕的支持性政策导向，加大对实体经济支持力度，若美联储降息时间提前，国内货币政策有更多的灵活空间。在资产荒、需求偏弱的情况下，国内债券利率下半年或仍有下行的空间，后续债券整体收益率曲线下行空间的幅度或依赖降息和资金利率的下行。　　权益方面，我们维持年初的判断，认为当下依然很可能是未来3-5年股票投资很好的时点，无论是沪深300指数还是中证红利指数的估值依然处于历史相对低位。上半年市场大幅波动过程中，我们积极坚持自下而上找寻优质股票错误定价的机会。自下而上来看，多个行业均有十分优秀的公司，其竞争优势依然显著、市场份额有机会持续提升，这一部分企业的投资价值值得我们把握，例如银行、纺织服饰、煤炭、建筑建材、交运、家电等行业的优秀公司。港股方面我们继续看好估值较低而预计今明两年业绩还能保持平稳的公司，主要集中在金融、交运等行业。","fund":{"_id":3000000009766,"__csrcFundId":8010,"stockCode":"009766","name":"安信平稳双利3个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9766,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:58:31.971Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"安信平稳双利3个月持有混合(009766)","followedNum":1,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信平稳双利3个月持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":594762773.61,"setUpShares":594762773.61,"pinyin":"axpwsl3gycyqhhxzqtzjj","managers":[{"stockCode":"db20819426","stockType":"fund_manager","exchange":"fm","tickerId":120226210260,"name":"梁冰哲"},{"stockCode":"j101019538","stockType":"fund_manager","exchange":"fm","tickerId":30425248390,"name":"柴迪伊"}]},"announcement":{"linkText":"安信平稳双利3个月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=1142640","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfc7fea5b3eb04d1d16","date":"2024-03-30T16:00:00.000Z","stockId":3000000009766,"sao":"2024年一季度，10年期国债收益率下行约26bp，曲线整体平坦化、中长端信用利差收窄。前两个月，债券市场延续了去年12月的强势行情，政策定力较强下市场参与机构对经济增长预期平缓，降准降息提高货币政策宽松预期、交易情绪高涨，同时在结构性资产荒的综合影响下债券收益率单边下行。3月份，在超长债利率和期限利差处于绝对低位的情形下，宏观数据超预期、稳汇率压力制约了货币宽松空间、预期外的超长期特别国债发行计划冲击使得止盈情绪较强，十年期国债在2.30%附近小幅震荡。　　权益方面，一季度市场震荡分化，其中中证红利、上证和沪深300指数表现较好，分别上涨8.27%、2.23%、3.10%，中证500、创业板指数表现较弱，涨幅为-2.64%、-3.87%。分行业来看，一季度银行、石油石化、煤炭、家电等行业表现较好，医药、计算机、电子、房地产等行业表现较差。　　短期来看，我们认为开年以来市场波动明显，各个指数之间也有明显分化，个股之间的相对投资性价比快速变化，这给了我们自下而上找寻部分优质股票错误定价的机会。拉长来看，虽然近期市场有所反弹，但是从潜在回报率角度，无论是沪深300指数还是中证红利指数的估值还处在历史较低位置，眼下依然是未来3年股票投资很好的投资时点。债券市场方面，资产荒逻辑目前仍然存在，经济基本面修复情况仍有待进一步观察，货币和资金面预计维持整体均衡宽松的格局，利率大幅上行的风险不大，预计在偏低位置区间震荡。　　本基金一季度以中长期利率债和中高评级短期信用债为主，维持中长久期高流动性的组合结构。权益方面，相对均衡地配置了黄金、建筑、银行和化工等行业。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:00.004Z","fund":{"_id":3000000009766,"__csrcFundId":8010,"stockCode":"009766","name":"安信平稳双利3个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9766,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:58:31.971Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"安信平稳双利3个月持有混合(009766)","followedNum":1,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信平稳双利3个月持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":594762773.61,"setUpShares":594762773.61,"pinyin":"axpwsl3gycyqhhxzqtzjj","managers":[{"stockCode":"db20819426","stockType":"fund_manager","exchange":"fm","tickerId":120226210260,"name":"梁冰哲"},{"stockCode":"j101019538","stockType":"fund_manager","exchange":"fm","tickerId":30425248390,"name":"柴迪伊"}]},"announcement":{"linkText":"安信平稳双利3个月持有期混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1068019","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfc7fea5b3eb04d1d15","date":"2023-12-30T16:00:00.000Z","stockId":3000000009766,"sao":"回顾2023年，债券市场在经历年初两个月短期震荡后，呈现出倒N字型走势。2023年3月至8月经济基本面和货币政策先后出现超预期利好，央行两次下调公开市场操作逆回购利率及MLF利率，债券收益率基本为单边下行的“牛陡”行情；2023年9月至10月底在稳汇率、防资金空转及地方债供给超预期等因素的影响下，资金面超预期收紧，债券市场迎来“熊平”的调整阶段；最后两个月，通胀低于预期叠加超预期下调存款利率，宽松货币政策预期升温，资金面同期边际转松，债券收益率短时间再度快速下行。全年来看，10年期国债收益率年末收于2.55%、全年下行27bp，10年国债与1年国债期限利差收窄23bp至0.48%。　　权益方面，2023年全年市场主要指数多数下跌，其中沪深300指数和创业板指数跌幅相对明显，全年分别下跌11.38%和19.41%，而中证2000指数、中证红利指数表现相对较好。分行业来看， TMT、煤炭、石油石化等行业全年表现较好，美容护理、商贸零售、房地产等行业表现较差。　　本基金2023年债券资产维持中短久期高流动性的配置结构，年末增加利率债占比及久期。权益方面看好的企业集中在建筑、银行、黄金、消费等行业。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:00.001Z","mo":"2023年整体经济复苏力度弱于市场预期，我们认为短期存在居民资产负债表修复需要时间的问题，展望2024年我们对中国后续复苏前景保持乐观。自下而上来看，我们发现无论A股还是港股，多个行业均有十分优秀的公司估值处于历史低位，未来这些公司的竞争优势依然显著，市场份额有机会持续提升，这一部分企业的投资价值值得我们把握。　　债券方面，我们预计2024年资金面受汇率扰动的影响将减弱，受财政支出等宽信用因素的影响将增强，资金利率和政策利率的差值有望收窄，10Y国债收益率围绕中期借贷便利政策利率区间小幅波动，国债收益率曲线或复刻前两年先“牛陡”后“熊平”走势，我们认为仍需重点关注四季度的波动。信用债方面，我们预计化债仍是将来一段时间内的重点工作，城投债短期违约风险降低，但需要深入挖掘。","fund":{"_id":3000000009766,"__csrcFundId":8010,"stockCode":"009766","name":"安信平稳双利3个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9766,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:58:31.971Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"安信平稳双利3个月持有混合(009766)","followedNum":1,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信平稳双利3个月持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":594762773.61,"setUpShares":594762773.61,"pinyin":"axpwsl3gycyqhhxzqtzjj","managers":[{"stockCode":"db20819426","stockType":"fund_manager","exchange":"fm","tickerId":120226210260,"name":"梁冰哲"},{"stockCode":"j101019538","stockType":"fund_manager","exchange":"fm","tickerId":30425248390,"name":"柴迪伊"}]},"announcement":{"linkText":"安信平稳双利3个月持有期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=1050533","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfb7fea5b3eb04d1d14","date":"2023-09-29T16:00:00.000Z","stockId":3000000009766,"sao":"三季度，10年期国债收益率整体呈现先下后上、区间震荡的趋势，较二季度末上行约4bp，曲线整体平坦化、信用利差小幅走阔。7月份以来，经济基本面延续弱修复态势，货币政策方面央行下调政策利率，债券收益率持续下行。 8月中旬债券收益率下行至年内低位，10年期国债最低下行至2.55%。8月下旬以来，多项稳增长政策陆续落实，地产放松贷款利率下限、首套房认定标准及限购等政策陆续出台，地方债发行提速，同时流动性边际收紧且价格中枢显著上移，债券收益率从低位逐步反弹，短端利率上行快于长端利率、收益率曲线呈现平坦化走势，季末10年期国债收益率为2.67%，较低点上行约12bp。　　权益方面，三季度市场继续震荡调整，上证指数下跌2.86%，沪深300指数下跌3.98%，中证500指数下跌5.13%，创业板指数下跌9.53%。分行业来看，三季度煤炭、非银金融、石油石化、银行等行业表现较好，电力设备、传媒、计算机等行业表现较差。　　我们认为7月的政治局工作会议对稳经济和稳预期有重要意义，后续出台了许多促进经济增长和活跃资本市场的举措。随着各项政策陆续见效，我们对中国后续经济前景和资本市场保持乐观。当前无论是沪深300指数还是中证红利指数的估值都已经处于历史低位，特别是中证红利指数目前PB约0.65倍，股息率大约6%，已经反映了较多悲观预期，我们继续看好低估值板块的投资机会。三季度港股市场也有所下跌，我们逐步提高了一些港股的关注，主要集中在低估值、高盈利、高股息的一些个股。　　本基金三季度以利率债和中高评级信用债为主，维持短久期高流动性的组合结构。权益方面，相对均衡地配置了建筑、银行、黄金、消费等行业。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:59.999Z","fund":{"_id":3000000009766,"__csrcFundId":8010,"stockCode":"009766","name":"安信平稳双利3个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9766,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:58:31.971Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"安信平稳双利3个月持有混合(009766)","followedNum":1,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信平稳双利3个月持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":594762773.61,"setUpShares":594762773.61,"pinyin":"axpwsl3gycyqhhxzqtzjj","managers":[{"stockCode":"db20819426","stockType":"fund_manager","exchange":"fm","tickerId":120226210260,"name":"梁冰哲"},{"stockCode":"j101019538","stockType":"fund_manager","exchange":"fm","tickerId":30425248390,"name":"柴迪伊"}]},"announcement":{"linkText":"安信平稳双利3个月持有期混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=986735","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfb7fea5b3eb04d1d13","date":"2023-06-29T16:00:00.000Z","stockId":3000000009766,"sao":"2023年上半年，在防疫放开后经济复苏先强后弱、经济基本面修复预期转弱、结构性资产荒和资金面转松等因素综合影响下，债券市场总体走强，债券市场收益率曲线陡峭化下行。年初至两会前，债券市场主要受疫后复苏强劲、资金面季节性收敛和信贷投放加速等影响，债市利率总体上行；两会至6月底，政府工作报告对经济增速目标等设定均低于市场预期，二季度经济基本面修复预期转弱、结构性资产荒重演和信贷增速回落，资金面宽松、降息等宽货币预期利好落地，在上述因素共同影响下债券市场经历了一轮牛市行情。　　上半年权益市场先涨后跌，上证指数涨幅3.65%，深证指数涨幅0.10%，创业板指数跌幅5.61%，市场结构分化；一季度计算机、传媒、通信等行业表现较好，房地产、商贸零售、银行等行业表现较差；二季度通信、家电、公用事业等行业表现较好，商贸零售、食品饮料、农业等行业表现较差。　　今年国内经济复苏方向确定，但是复苏力度低于去年底今年初的乐观预期。在没有进一步的地产强刺激的假设条件下经济缓慢复苏力度低于预期的情况或将延续，流动性环境仍维持相对宽松，上市公司盈利增速见底回升但弹性不足，过往经验看“价值搭台+成长唱戏”是这种环境下典型的结构特征。　　本基金上半年债券资产维持中短久期高流动性的配置结构。权益方面看好的企业集中在建筑、银行、黄金、消费等细分行业。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:59.996Z","mo":"我国经济长期向好的基本面没有改变，我国疫情平稳转段刚半年左右，经济循环和居民收入、消费等已出现积极好转，我国内在发展潜力较强。今年以来CPI同比涨幅震荡回落，主要是需求恢复时滞和基数效应导致的阶段性现象，随着政策效果不断显现，供需缺口将进一步弥合，后续CPI有望开始逐步上行，预计全年CPI总体走势呈U型。预期下半年经济增长的主要贡献来自消费、基建投资以及制造业投资，房地产和进出口或仍面临一定压力，重点关注年内消费的复苏态势延续性、政策工具支持下基建投资增速能否持续回升以及房地产和出口能否有所改善等方面的变化。　　权益方面，目前A股估值处于历史偏低的位置，已经反映了较多悲观预期。展望未来，中国经济的韧性还是比较强，后续预计各项政策工具还有很多可以发力的地方，不必过分悲观。从选股角度，无论是A股还是港股，都能找到一些行业地位较强，经营风险可控，静态股息率超过6%甚至7%的投资机会，这一部分红利价值型股票的投资机会值得把握，流动性与增长两个维度有机会阶段性步入共振期。","fund":{"_id":3000000009766,"__csrcFundId":8010,"stockCode":"009766","name":"安信平稳双利3个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9766,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:58:31.971Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"安信平稳双利3个月持有混合(009766)","followedNum":1,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信平稳双利3个月持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":594762773.61,"setUpShares":594762773.61,"pinyin":"axpwsl3gycyqhhxzqtzjj","managers":[{"stockCode":"db20819426","stockType":"fund_manager","exchange":"fm","tickerId":120226210260,"name":"梁冰哲"},{"stockCode":"j101019538","stockType":"fund_manager","exchange":"fm","tickerId":30425248390,"name":"柴迪伊"}]},"announcement":{"linkText":"安信平稳双利3个月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=955961","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfb7fea5b3eb04d1d12","date":"2023-03-30T16:00:00.000Z","stockId":3000000009766,"sao":"一季度，10年期国债收益率上行约2bp，整体呈现窄幅区间震荡的走势，曲线整体平坦化、信用利差收窄。一季度在防疫放开、感染迅速达峰后，市场对经济预期由强势复苏转为缓慢复苏，政策及金融经济数据喜忧参半，政府工作报告对经济增速目标及财政赤字率、专项债额度的设定均低于市场预期，以及资金利率向政策利率收敛，在上述综合因素影响下债券市场小幅震荡。　　权益方面，一季度市场震荡上涨，上证指数上涨5.94%，沪深300指数上涨4.63%，中证500指数上涨8.11%，创业板指数上涨2.25%。分行业来看，计算机、传媒、通信等行业表现较好，房地产、商贸零售、银行等行业表现较差。　　我们看到市场估值仍处于历史相对较低位置，依然有一批不错的投资标的可供布局，具体来看，我们继续看好低估值稳增长板块的投资机会。金融板块的估值仍处于较低位置，后续经济复苏背景下预计还会逐步修复，消费板块的公司预计今年经营业绩会进入复苏回升期，部分公司估值依然较低，值得关注。　　本基金一季度以利率债和中高评级信用债为主，维持短久期高流动性的组合结构。权益方面，本基金相对均衡地配置了建筑、银行、黄金、消费等行业。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:59.994Z","fund":{"_id":3000000009766,"__csrcFundId":8010,"stockCode":"009766","name":"安信平稳双利3个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9766,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:58:31.971Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"安信平稳双利3个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增长为主。目前国内经济开始显现边际好转迹象，各项政策逐步发力，我们预计下半年经济大概率将逐步好转，结构性工具持续发力，预期货币政策存在有限宽松空间、快速收紧的概率较小。当前债券收益率水平处于相对较低位置、资金流动性较为宽松，若经济呈现连续复苏态势，则进一步降准降息的可能性减弱，债券市场下行空间有限，经济复苏态势明确后将面临上行风险，预计可能出现V形走势。  权益方面，上半年A股市场经历了下跌后触底反弹，投资者的信心也逐步恢复。目前市场整体估值还处于历史平均偏低的水平，从3年的维度来看，现在依然有不错的投资标的可供布局，部分优秀公司预计能获得估值盈利双升的机会。","fund":{"_id":3000000009766,"__csrcFundId":8010,"stockCode":"009766","name":"安信平稳双利3个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9766,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:58:31.971Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"安信平稳双利3个月持有混合(009766)","followedNum":1,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信平稳双利3个月持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":594762773.61,"setUpShares":594762773.61,"pinyin":"axpwsl3gycyqhhxzqtzjj","managers":[{"stockCode":"db20819426","stockType":"fund_manager","exchange":"fm","tickerId":120226210260,"name":"梁冰哲"},{"stockCode":"j101019538","stockType":"fund_manager","exchange":"fm","tickerId":30425248390,"name":"柴迪伊"}]},"announcement":{"linkText":"安信平稳双利3个月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=781187","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfb7fea5b3eb04d1d0e","date":"2022-03-30T16:00:00.000Z","stockId":3000000009766,"sao":"2022年一季度初，降息叠加投资者对经济的悲观预期，十年期国债快速下行。但春节后，受俄乌战争、美联储加息等海外扰动影响，以及国内经济数据超预期、央行未进一步降准降息等原因，收益率逐渐上升回去年年底水平。虽然金稳会的召开对于流动性的担忧暂时解除，但市场情绪仍然偏弱。目前，国内疫情反复成为影响市场走势的核心因素，后续还要关注央行是否会加大货币政策的宽松力度以实现稳增长的目标。  权益方面，一季度市场明显下行，经过调整后，我们发现有更多股票表现出不错的投资价值。虽然今年的宏观经济形势面临各种短期因素的冲击，但是在这种冲击中，我们能够更好认清企业的商业模式和竞争优势。优秀公司往往能在行业遇到经营困境时逆势提高自身份额，扩大自身的竞争优势，然后等到下一轮行业周期起来时，甩开与对手的差距，这是值得我们重点关注的。  本基金一季度债券方面保持短久期高流动性配置；权益方面适当增加了地产、金融、轻工等行业的投资，减少了医药、家电、汽车等行业的投资。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:59.983Z","fund":{"_id":3000000009766,"__csrcFundId":8010,"stockCode":"009766","name":"安信平稳双利3个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9766,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:58:31.971Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"安信平稳双利3个月持有混合(009766)","followedNum":1,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信平稳双利3个月持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":594762773.61,"setUpShares":594762773.61,"pinyin":"axpwsl3gycyqhhxzqtzjj","managers":[{"stockCode":"db20819426","stockType":"fund_manager","exchange":"fm","tickerId":120226210260,"name":"梁冰哲"},{"stockCode":"j101019538","stockType":"fund_manager","exchange":"fm","tickerId":30425248390,"name":"柴迪伊"}]},"announcement":{"linkText":"安信平稳双利3个月持有期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=722962","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfb7fea5b3eb04d1d0d","date":"2021-12-30T16:00:00.000Z","stockId":3000000009766,"sao":"回顾2021年，债市整体呈现收益率窄幅波动下行的走势，十年国债和国开收益率分别下行约39BP和46BP。春节后受央行缩量操作的影响，利率有一波上行。下半年经济下行和通胀上行的压力加大，财政政策方面谨慎发力，货币政策方面央行两次降准置换MLF以维护流动性，随后利率开始快速下行。  权益方面，2021年全年市场震荡分化，上证指数上涨4.8%，沪深300指数下跌5.2%，中证500指数上涨15.58%，创业板指数上涨12.02%。分行业来看，电力设备、有色金属、煤炭等行业涨幅居前，家电、非银、房地产等行业下跌明显。  本基金债券方面全年维持原有的高评级短久期配置。权益方面，上半年加大了对中型公司的投资价值的研究，根据市场情况适当地调节了持仓，下半年适当增加了家用电器、轻工制造和建筑装饰板块的投资。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:59.981Z","mo":"展望2022年，宏观经济将经历一个增速前低后高的过程，货币政策将从边际宽松转向重回中性，利率大方向可能先下后上。目前，美联储何时加息是市场关注的焦点，但是由于我国与美国经济周期错位等因素，发达经济体政策调整对我国影响有限，我国的货币政策的出发点始终会是国内经济的发展需求。但是由于货币政策的“前瞻性”，如果下半年经济出现转强势头，货币政策也会提前边际收紧，利率拐点可能会在年中出现。权益方面，目前A股市场整体估值处于历史平均水平，但有一批公司的估值处于历史极高水平，同时又有一批公司处于历史极低状态。面临这种局面，展望未来2-3年，A股市场的这种分化或将收敛，高估值的公司的未来没有大家想的那么好，低估值公司也没有大家想的那么差。","fund":{"_id":3000000009766,"__csrcFundId":8010,"stockCode":"009766","name":"安信平稳双利3个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9766,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:58:31.971Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"安信平稳双利3个月持有混合(009766)","followedNum":1,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信平稳双利3个月持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":594762773.61,"setUpShares":594762773.61,"pinyin":"axpwsl3gycyqhhxzqtzjj","managers":[{"stockCode":"db20819426","stockType":"fund_manager","exchange":"fm","tickerId":120226210260,"name":"梁冰哲"},{"stockCode":"j101019538","stockType":"fund_manager","exchange":"fm","tickerId":30425248390,"name":"柴迪伊"}]},"announcement":{"linkText":"安信平稳双利3个月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=713760","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfb7fea5b3eb04d1d0c","date":"2021-09-29T16:00:00.000Z","stockId":3000000009766,"sao":"三季度以来资金市场整体处于窄幅波动状态，利率债受降准、疫情导致的避险情绪升温等因素的影响持续下行，收益率绝对水平回落到历史低位，国开和国债利差进一步缩窄。信用债收益率下行幅度小于同期限国债，信用利差有所走阔。  权益方面，受限电、能耗双控等政策影响，经济复苏动能有所减弱，上游周期品价格持续抬升。地产行业销售与投资明显转弱，行业下行压力较大。三季度采掘、公用事业、钢铁、有色等行业涨幅居前，医药、纺织服装、食品饮料等行业涨幅靠后。  本基金三季度债券方面保持短久期高评级配置；权益方面我们加大了对一些今年春节以来跌幅较大的股票关注力度，例如医药、交运、保险、传媒等。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:59.978Z","fund":{"_id":3000000009766,"__csrcFundId":8010,"stockCode":"009766","name":"安信平稳双利3个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9766,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:58:31.971Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"安信平稳双利3个月持有混合(009766)","followedNum":1,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信平稳双利3个月持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":594762773.61,"setUpShares":594762773.61,"pinyin":"axpwsl3gycyqhhxzqtzjj","managers":[{"stockCode":"db20819426","stockType":"fund_manager","exchange":"fm","tickerId":120226210260,"name":"梁冰哲"},{"stockCode":"j101019538","stockType":"fund_manager","exchange":"fm","tickerId":30425248390,"name":"柴迪伊"}]},"announcement":{"linkText":"安信平稳双利3个月持有期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=651785","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfb7fea5b3eb04d1d0b","date":"2021-06-29T16:00:00.000Z","stockId":3000000009766,"sao":"2021年上半年，利率债收益率先上后下，一季度上行主要受春节前资金紧张的影响 ，二季度虽然宏观经济复苏延续、通胀上行，但利率然缓慢下行，主要受利率债供给偏慢、机构欠配等因素的影响。信用利差分化，中短票据中高等级品种先下后上、低等级品种波动下行，企业债各品种波动下行后上行，城投债各品种整体呈现波动下行的趋势。  权益方面，2021年上半年市场震荡上涨，上证指数上涨3.4%，沪深300指数上涨0.24%，中证500指数上涨6.93%，创业板指数上涨17.22%。分行业来看，今年以来钢铁、电气设备、化工、采掘等行业涨幅居前，非银、家电、军工、农业等行业涨幅靠后。  本基金上半年债券方面保持短久期高评级配置。权益方面长期看好的公司集中在建筑、轻工、家电、地产等细分行业的优秀公司。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:59.976Z","mo":"当前国内工业生产依然较强，消费偏弱，投资继续分化，经济数据面临继续下行的压力，且下半年国债和地方债供给预计加速，将对债券收益率形成扰动。此外，海外货币政策收紧也会对国内货币政策产生一定影响，但实际存款利率的压低叠加降准预期，有助于债券利率的下行空间打开；权益方面，目前沪深300指数依然处于历史平均偏高一点的水平，而行业间估值分化巨大的背景下，站在三年的维度，依然有部分行业的优秀公司的内在价值没有得到市场认可，不断挖掘此类公司的投资机会是我们未来收益实现的重要途径。","fund":{"_id":3000000009766,"__csrcFundId":8010,"stockCode":"009766","name":"安信平稳双利3个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9766,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:58:31.971Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"安信平稳双利3个月持有混合(009766)","followedNum":1,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信平稳双利3个月持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":594762773.61,"setUpShares":594762773.61,"pinyin":"axpwsl3gycyqhhxzqtzjj","managers":[{"stockCode":"db20819426","stockType":"fund_manager","exchange":"fm","tickerId":120226210260,"name":"梁冰哲"},{"stockCode":"j101019538","stockType":"fund_manager","exchange":"fm","tickerId":30425248390,"name":"柴迪伊"}]},"announcement":{"linkText":"安信平稳双利3个月持有期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=628824","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfb7fea5b3eb04d1d0a","stockId":3000000009766,"sao":"一季度初，由于资金面宽松，十年期国债收益率在3.1%-3.2%区间波动震荡，期限利差和信用利差都开始收窄；随后受公开市场投放不及预期影响，资金利率快速上行，叠加美债收益率大幅上行等因素，十年期国债收益率快速冲高；季末资金持续宽松，收益率震荡下行。  权益方面，一季度市场大幅震荡，上证指数下跌0.9%，沪深300指数下跌3.13%，中证500指数下跌1.78%，创业板指数下跌7.0%。分行业来看，本期钢铁、公用事业、银行、休闲服务等行业涨幅居前，国防、非银、通信、计算机等行业涨幅靠后。  本基金一季度债券方面保持短久期高评级配置；权益方面适当增加了建筑、地产、采掘等行业的投资，减少了食品饮料、家电、电力设备与新能源等行业的投资。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:59.973Z","fund":{"_id":3000000009766,"__csrcFundId":8010,"stockCode":"009766","name":"安信平稳双利3个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9766,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:58:31.971Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"安信平稳双利3个月持有混合(009766)","followedNum":1,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信平稳双利3个月持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":594762773.61,"setUpShares":594762773.61,"pinyin":"axpwsl3gycyqhhxzqtzjj","managers":[{"stockCode":"db20819426","stockType":"fund_manager","exchange":"fm","tickerId":120226210260,"name":"梁冰哲"},{"stockCode":"j101019538","stockType":"fund_manager","exchange":"fm","tickerId":30425248390,"name":"柴迪伊"}]},"announcement":{"linkText":"安信平稳双利3个月持有期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=570614","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccfb7fea5b3eb04d1d09","stockId":3000000009766,"sao":"回顾2020年，债市呈现“V”型走势。年初由于疫情原因，债市走出快牛行情，节后第一个交易日央行下调利率10bp，10年期国债突破2.8%，AAA级3年期突破3.2%。二季度随着高频数据反弹和经济回升，流动性超预期收紧，隔夜从最低0.8%的水平在1个月内快速上行至2.2%，市场开始回调。进入7月，股市快速升温，债基被赎回导致大量债券开始抛售，信用债两周内大幅上行了60bp，信用利差大幅走阔50bp。年末受永煤违约事件冲击，债市急跌。   本基金成立于2020年9月3日，债券方面逐步建仓，以利率债和高评级短久期信用债为主；权益方面，以价值投资为理念，不断地挖掘优秀公司。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:59.970Z","mo":"展望2021年，海外疫情仍有不确定性，如果逐步受控，全球刺激政策力度会开始减弱，我国债券配置优势明显。预计货币政策维持中性基调，流动性可能总体适中。利率债方面，还需关注海外经济复苏强劲、贸易协议签订带动出口超预期、通胀上行加快等因素，预计全年收益率中枢难以大幅抬升，呈现前高后低的走势。信用债方面，目前广义流动性的分化继续延展，信用利差可能会延续分化的态势，还需要谨慎等待机会。","fund":{"_id":3000000009766,"__csrcFundId":8010,"stockCode":"009766","name":"安信平稳双利3个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9766,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T21:58:31.971Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-02T16:00:00.000Z","shortName":"安信平稳双利3个月持有混合(009766)","followedNum":1,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信平稳双利3个月持有混合","setUpDate":"2020-09-02T16:00:00.000Z","setUpAssetScale":594762773.61,"setUpShares":594762773.61,"pinyin":"axpwsl3gycyqhhxzqtzjj","managers":[{"stockCode":"db20819426","stockType":"fund_manager","exchange":"fm","tickerId":120226210260,"name":"梁冰哲"},{"stockCode":"j101019538","stockType":"fund_manager","exchange":"fm","tickerId":30425248390,"name":"柴迪伊"}]},"announcement":{"linkText":"安信平稳双利3个月持有期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=551733","linkType":"PDF","source":"csrc_pdf"}}]}