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2-30T16:00:00.000Z","declarationDate":"2026-03-26T16:00:00.000Z","stockId":3000000009849,"sao":"权益市场方面，本年度在全球流动性趋于宽松、国内政策托底预期增强的背景下，主要指数普遍实现上涨。从全年表现来看，上证指数累计上涨18.4%，创业板指大幅上涨49.6%，沪深300上涨17.7%，中证2000上涨36.4%。整体市场呈现出成长风格显著优于价值风格、中小盘指数明显强于大盘的结构性特征。这反映出，此前市场上比较显著的避险情绪和保守倾向已经在一定程度上得到扭转。而值得注意的是，企业营收、净利润的表现仍然处于弱修复的阶段，本轮股市上行更多源于极低的无风险利率与相对充裕的流动性环境所驱动的估值修复。期间，我们的主要操作包括：（1）继续以估值合理、盈利稳定的价值股为主要投资标的，主要配置板块涉及能源、地产、家电、金融、有色等。（2）本年度港股表现整体强于A股，随着行情的演绎，我们适当降低了港股在权益投资中的比例。（3）基于对个股基本面的研究，我们适当参与了化工、医药等相关标的。　　转债部分，本年度中证转债指数大幅上涨18.7%，创十年新高，转债市场表现出显著的拔估值特征。我们认为，当前的转债市场已呈现值得警惕的“非理性繁荣”现象。市场之所以演绎到当前的位置，核心原因或许在于，低利率环境和市场上行氛围里，转债已经是部分特殊的、不能直接参与股票类资产的资金，去寻求收益增厚的出口。期间，我们显著收缩了可转债资产的总体仓位、减少了标的数量。　　纯债部分，2025年债券市场全年呈现“预期修正-事件冲击-政策博弈-高位震荡”复杂走势。首先，1-3月中，因宽松预期修正，10年期国债收益率从1.6%快速回调至1.9%。3月下旬-6月，受中美关税博弈等影响，避险情绪升温，收益率快速下行后窄幅震荡。下半年，“反内卷”政策升温，债券收益率中枢上行，全年受政策预期影响与事件扰动显著。期间，我们主要配置了中短期利率债及高等级信用债，并通过慎重的择时和择券，在这部分资产上获得了较为不错的收益。","lastUpdated":"2026-03-27T05:47:31.103Z","mo":"我们认为，2026年的宏观叙事预计将由“通缩主导”向“反内卷+温和再通胀”的结构性修复进行过渡。尽管我们尚未看到企业营收增速的显著回升，但大概率已经底部企稳；同时，上市公司的资本开支增速从2024年末开始已经明显回升，显示微观主体预期逐步改善，而资本市场往往领先于基本面变化。另一方面，居民再配置的压力依然存在，2022年至今形成的超额储蓄，正在迎来集中到期，这部分资金有望通过资管产品等形式进入证券市场，包括股票和债券等资产类别。展望后市，权益市场或将从当前的“估值修复驱动”逐步转向更依赖盈利改善的“业绩驱动”，并可能呈现不同市场风格轮动占优的局面。债券市场方面，我们预计货币政策仍将维持稳健偏松的基调，短端品种具备相对较高的安全边际。","fund":{"_id":3000000009849,"__csrcFundId":7988,"stockCode":"009849","name":"安信稳健聚申一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9849,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:51.121Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-29T16:00:00.000Z","shortName":"安信稳健聚申一年持有混合A","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健聚申一年持有混合","setUpDate":"2020-09-29T16:00:00.000Z","setUpAssetScale":264636401.12,"setUpShares":264636401.12,"pinyin":"axwjjsyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信稳健聚申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=1448030","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd117fea5b3eb04d3587","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000009849,"sao":"本季度，宏观经济指标整体呈现下行态势，生产端降幅相对可控，需求端下滑趋势更加明显。资本市场围绕“反内卷”政策主线进行交易，通胀预期抬升，权益及商品市场大涨，债市行情受到压制。　　权益部分，本阶段权益市场表现较好，沪深300指数上涨17.9%，创业板指上涨50.4%，成长风格更为占优。日均成交额季度内破3万亿，市场活跃度再上台阶。恒生指数上涨11.6%，A股表现整体优于港股。期间，我们重点持有了估值合理、盈利稳定、资产负债表稳健的优质公司，且相对于港股，我们持有了更多比例的A股。　　转债部分，本季度在权益市场持续上涨以及增量资金持续流入的影响之下，转债市场表现很好，万得可转债等权指数上涨11.4%，个券估值持续抬升。期间，随着市场的不断上涨，部分标的的估值已显著脱离其基本面的支撑，我们继续收缩了可转债资产的整体仓位水平和标的数量，至季度末仅有较低比例持仓。　　纯债部分，本阶段股债“跷跷板”效应较为明显，股债行情两极分化，沪指涨12.7%至接近3900点，10年国债收益率上行21BP至1.86%。而资金面整体平稳，资金价格在低位区间温和运行，1年国债收益率上行3BP，变化幅度不大。期间，我们认为市场短期缺乏明确方向，组合整体保持较低久期和较低杠杆率水平运作。总体而言，本基金在本季度有所盈利。","lastUpdated":"2026-03-09T13:37:21.014Z","fund":{"_id":3000000009849,"__csrcFundId":7988,"stockCode":"009849","name":"安信稳健聚申一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9849,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:51.121Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-29T16:00:00.000Z","shortName":"安信稳健聚申一年持有混合A","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健聚申一年持有混合","setUpDate":"2020-09-29T16:00:00.000Z","setUpAssetScale":264636401.12,"setUpShares":264636401.12,"pinyin":"axwjjsyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信稳健聚申一年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=1372042","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd117fea5b3eb04d3586","date":"2025-06-29T16:00:00.000Z","stockId":3000000009849,"sao":"权益部分，报告期内，经济基本面呈现弱复苏态势。出口对经济的贡献仍然较高；内需方面，“以旧换新”政策效果显现，消费增速有所加快，而地产需求仍然较弱。权益市场表现分化，中小盘股显著跑赢大盘股、港股显著跑赢A股。期间，由于中美贸易冲突等事件冲击，市场产生了一定的波动和机会。期间我们的主要操作包括：（1）继续以估值合理、盈利稳定的价值股为主要投资标的，适当增持了家电、化工、汽零等板块，适当减持了银行、非银等板块。（2）适当降低了港股在权益持仓中的占比。（3）基于对个券的研究，小仓位参与了物流、医药等相关标的。（4）没有以股票形式参与本轮AI、机器人相关行情，但在可转债投资上有所涉及。　　转债部分，报告期内，中证转债指数大幅上涨7%，原因可能包括：（1）转债资产主要对应的银行股和中小盘股涨幅明显。（2）纯债收益率维持在较低水平，部分资金进入转债市场寻求收益增强。在这个过程中，转债之于股票的相对价值有所下降。期间，我们收缩了可转债资产的总体仓位、减少了标的数量。但部分个券仍有配置价值，至期末我们仍有一定比例的持仓。　　纯债部分，中短期债券经过年初以来的调整，收益率已略高于资金利率。当下期限利差和信用利差均处于历史上较低位置，中长债的相对性价比并不显著。期间，我们主要持有了短久期、高评级品种。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:21.011Z","mo":"展望后市，宏观经济总量层面保持持续增长存在一定不确定性， “反内卷”政策之下，价格层面的压力有望边际缓解。资本市场或将领先于经济基本面有所反应。债券市场方面，当前债券市场的绝对收益率仍处于偏低位置，当前期限利差的梯度仍然不够，而信用利差对部分一般信用债的信用风险定价有所不足。总体而言，我们认为中短期限利率债及高等级信用债相对具有较高的安全边际。","fund":{"_id":3000000009849,"__csrcFundId":7988,"stockCode":"009849","name":"安信稳健聚申一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9849,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:51.121Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-29T16:00:00.000Z","shortName":"安信稳健聚申一年持有混合A","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健聚申一年持有混合","setUpDate":"2020-09-29T16:00:00.000Z","setUpAssetScale":264636401.12,"setUpShares":264636401.12,"pinyin":"axwjjsyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信稳健聚申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=1338532","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd117fea5b3eb04d3585","date":"2025-03-30T16:00:00.000Z","stockId":3000000009849,"sao":"权益部分，报告期内，价值股略有回调，成长股尤其是AI和机器人概念相关标的涨幅明显，同时港股显著跑赢A股。我们认为，（1）未来几个季度，经济基本面有望在低基数的背景下逐步企稳。虽然美国政府的关税政策也许会对我们的出口有一定的扰动，但此次贸易摩擦并非仅针对中国，我们在美国总体进口中所占据的份额未必会有很大的下滑，不能简单类比2018年。我们认为价值股未来一段时间的走势可能不会有太大风险。（2）AI、机器人在未来10年应该是引领产业升级的关键领域，但在营收上短期难有立竿见影的体现，而在利润上或要等待更久，商业模式、技术应用还有很长时间的探索试错，正如本世纪初的互联网产业，其长期评估不应保守，但短期定价不宜激进。（3）港股对A股的折价有了很大修复。而考虑到分红税率、交易费用、成交活跃度等，港股相对于A股确应体现一定的折价。　　基于上述认识，我们在权益投资策略上有以下调整：（1）继续以估值合理、盈利稳定的价值股为主要投资标的，其中，适当增持了化工、地产、家电等板块的一些标的，适当减持了银行、非银、建材等板块的一些标的。（2）我们未以股票形式参与本轮AI、机器人的行情，但在可转债投资上有所涉及。（3）我们适当降低了港股在权益持仓中的占比，但仍在4成以上（基金合同规定不能超过49%）。　　转债部分，年初以来市场明显上涨，或由于以下原因：（1）纯债收益率维持低水平，为追求更高回报，纯债市场不少资金溢出到了转债市场。（2）转债资产主要对应的银行股和中小盘股，涨幅明显。对此我们认为：（1）由于纯债收益率太低而转向转债资产的资金，其波动承受力或有不足，在转债资产发生较大波动的时候，可能成为反向的力量。（2）如前所述，中小盘股行情的可持续性，能见度不高。（3）转债市场的估值保护，阶段性有所打薄。（4）不少转债品种的定价仍有吸引力，但这类标的的数量明显减少。基于上述认识，我们大幅减持了转债资产，并大幅收缩了配置的标的数量。　　纯债部分，自2024年2季度商业银行取消手工补息之后，活期存款的实际利率大幅下降，相比银行间市场的资金短债利率，有100BP以上的落差和势能，这或许是近1年来大量资金从存款账户涌入固收类资管产品的重要动因，当前这一情况也并未改变。中短期债券年初以来经过1个季度的调整，已经修复到资金利率附近，但仍略低于资金利率。长债方面，当下的市场利率和期限利差隐含两个假设，长期较低的经济增速、长期较低的通胀率。我们认为二者未必同时成立，所以我们对中长债持审慎态度。基于上述认识，我们以较多的资金从事交易所逆回购，少量配置了高等级中短债，并密切关注市场变化，择机增配。对于中长债仍决定暂时回避。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:21.008Z","fund":{"_id":3000000009849,"__csrcFundId":7988,"stockCode":"009849","name":"安信稳健聚申一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9849,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:51.121Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-29T16:00:00.000Z","shortName":"安信稳健聚申一年持有混合A","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健聚申一年持有混合","setUpDate":"2020-09-29T16:00:00.000Z","setUpAssetScale":264636401.12,"setUpShares":264636401.12,"pinyin":"axwjjsyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信稳健聚申一年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=1266591","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd117fea5b3eb04d3584","date":"2024-12-30T16:00:00.000Z","stockId":3000000009849,"sao":"权益部分，市场总体收涨，但期间波动很大，上证指数、恒生指数分别出现了2015年和2009年之后最大的振幅。这在一定程度上映射了年内基本面和政策面的起伏，但仍然显得过于剧烈了。这样一种行情，实际上非常有利于价值投资策略的主动管理产品，因为价格相对于价值过于超额的波动，会给到我们低价买入或者高价减持的机会。期间，我们配置了地产、能源、建材、家电、金融、制造业等行业，并适时进行了结构性调整，择机参与了食品饮料、新能源、家居、有色、工程等行业的若干标的，并持有至报告期末。总体上，权益部分为基金净值增长做出了重要贡献。　　转债部分，市场在2月、8-9月出现了两次大幅调整，尤其是8月份这次调整，就纯债溢价率来说，其估值之低是前所未有的。同样，转债价格相对于价值的大幅波动，也是给到我们很好的增强收益的机会。但与权益资产有所不同，可转债市场的活跃度相对较低，对于转债机会的充分把握，非常有赖于基金持有人的理解和包容。年内，本产品净值一度也出现了较大调整，但存续规模大致平稳，让我们在相对宽松的环境下更好的抓住了转债市场的机会，最终实现了比较好的收益。　　纯债部分，报告期内，我们主要配置了中短久期利率债、交易所逆回购等，力求获取相对低风险、高质量的平稳收益。","declarationDate":"2025-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:21.006Z","mo":"就已经公告或预告年度盈利情况的上市公司来看，当下实体经济低速增长时期也许并未结束。2024年3季度末，密集出台的刺激政策推动指数大幅反弹之后，权益市场对于后续政策利好的反应有所钝化，也许需要基本面的进一步确认、反馈，行情才能持续。接下来一段时间，也许仍是波动大于趋势。历史上看，金融资产的趋势转折往往提前于它所对应的实物资产和行业企业。一些经济部门的边际改善，哪怕仅是降幅的明显趋缓，对应的部分金融资产都有迎来行情的机会。我们倾向于认为，未来1年，上述情况会在金融市场的很多领域得以重演。虽然其何时能成为市场的主流，并最终推动整个指数和利率的明显上升，仍有待于观察，但就主动管理产品来说，应当是可以有所作为的一年。对于权益市场走势预期中性，不妨碍我们对于权益持仓获益态度乐观。我们对转债资产的看法也是如此。纯债方面，我们对长债持保守态度，至少认为其性价比低于很多权益资产。","fund":{"_id":3000000009849,"__csrcFundId":7988,"stockCode":"009849","name":"安信稳健聚申一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9849,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:51.121Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-29T16:00:00.000Z","shortName":"安信稳健聚申一年持有混合A","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健聚申一年持有混合","setUpDate":"2020-09-29T16:00:00.000Z","setUpAssetScale":264636401.12,"setUpShares":264636401.12,"pinyin":"axwjj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关注参与的价格、是否有其他更有吸引力的竞争性投资机会等。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:20.973Z","mo":"利率方面，我们持谨慎态度。虽然由于资本的边际产出具有长期降低的趋势，实际利率的长期趋势也应该是下行的。但是这是个长期趋势，就短期来说：1、当前绝对收益率已经位于10年以来的较低位置，进一步下行的空间可能不大。2、考虑到PPI已经位于20多年以来的高位，后期通胀可能进一步上行，叠加了通胀之后的名义利率，仍有可能在一定时期内呈现上行态势。3、美日欧等主要外部经济体，在比较大的概率上，已经处于加息进程中，中国的货币政策虽然有很好的独立性，但是这种独立性应该是有边界的，在某一个内外利差水平，这种独立性可能会受到很大的约束，导致我们不得不跟其他经济体的利率方向相向而行。  权益市场方面，虽然权益市场已经持续走强3年，但很多行业的估值水平低于历史中位数。我们仍然能找到很多愿意去重点配置的标的。我们认为未来一段时间，市场并没有大的系统性风险，结构性的行情仍有看点，港股市场很可能有更具价值的投资机会。","fund":{"_id":3000000009849,"__csrcFundId":7988,"stockCode":"009849","name":"安信稳健聚申一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9849,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:51.121Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-29T16:00:00.000Z","shortName":"安信稳健聚申一年持有混合A","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健聚申一年持有混合","setUpDate":"2020-09-29T16:00:00.000Z","setUpAssetScale":264636401.12,"setUpShares":264636401.12,"pinyin":"axwjjsyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信稳健聚申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=713864","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd107fea5b3eb04d3577","date":"2021-09-29T16:00:00.000Z","stockId":3000000009849,"sao":"纯债方面，7月初降准之后，债券收益率经历了1个月的持续下行，利率绝对水平基本位于最近10年除2020年疫情期间外，比较低的位置。我们倾向于认为，收益率短期或已略低于可持续的自然利率水平。期间，本基金纯债持仓以中短久期的利率债、AAA券商公司债为主，仅持有非常少量的一般信用债（且其中绝大部分为AAA评级）。整个3季度，基本维持较低杠杆的状态。  转债方面，3季度整个转债市场持续向好，甚至相当部分标的或有明显的高估。9月中下旬，转债市场出现了比较明显的调整，中证转债指数大约回吐了本季度涨幅的一半。前期，随着市场的上行，本基金逐步减仓了一些我们认为有高估风险的标的，整体配置更加转向了偏债性的品种，在9月中下旬的调整中，本基金转债持仓受到的影响较小。  权益方面，基于长期的判断和价值投资理念，继续重点持有金融地产、能源、家电家居、消费、建筑建材等板块的一些优质个股。本季度获得了比较好的表现。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:20.971Z","fund":{"_id":3000000009849,"__csrcFundId":7988,"stockCode":"009849","name":"安信稳健聚申一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9849,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:51.121Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-29T16:00:00.000Z","shortName":"安信稳健聚申一年持有混合A","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健聚申一年持有混合","setUpDate":"2020-09-29T16:00:00.000Z","setUpAssetScale":264636401.12,"setUpShares":264636401.12,"pinyin":"axwjjsyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信稳健聚申一年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=651362","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd107fea5b3eb04d3576","date":"2021-06-29T16:00:00.000Z","stockId":3000000009849,"sao":"固定收益方面，上半年，海内外局部地区疫情有所抬头，宏观经济基本面复苏进程有所放缓。在各种不确定性下，央行公开市场操作维持稳健，流动性整体保持宽松，仅在1月底和半年末时点前略为紧张。整体来说，上半年债券市场延续了去年四季度以来的震荡上行格局。今年一季度，可转债市场发生了大面积的下跌，投资价值显著提升。期间，我们纯债部分减持了部分信用债，进一步向利率债和优质AAA国企信用债收缩，并显著增配了中高等级可转债。总体来看，上述策略在报告期内获得了一定的收益。  权益方面，过去半年，市场表现为较强的结构化行情。我们继续坚持从价值投资理念出发，精选个股。我们认为，当前的市场估值体系结构性分化，相比年初甚至更加显著。在一部分热门股显著高估的同时，仍有诸多股票显著的低估。我们对于当前基金持仓股票组合的长期内在价值非常有信心。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:20.968Z","mo":"固收方面，中期来说，目前的通胀水平、经济增速都位于历史较低位置，我们倾向于认为，中国经济的自然利率要低于当前的市场利率。考虑到在去年新冠疫情全球降息的背景下，国内利率不降反升，即使后续外部其他经济体的利率显著上行，国内的利率仍有望维持稳定，甚至可以适当下行。就短期来说，考虑到下半年即将到期的MLF超过4万亿，即使后续有降准操作，仍有可能对冲不完全，或在时间线上出现一定阶段匹配不精确的问题。或对债券市场有一定阶段性的影响。下半年也要关注或有信用事件冲击短期流动性的问题。总体上，我们持谨慎乐观态度。  权益方面，近期市场的分化进一步加大。市场偏向追逐成长，并给予此类股票较高的溢价，相反，部分传统行业的优质公司则不断下跌，逐步浮现出投资价值。我们认为新能源、科技、电子行业确实前景很好，但是部分企业可能有所高估。目前阶段看未来一年，我们认为部分低估值优质企业，或有着较佳的风险收益比。","fund":{"_id":3000000009849,"__csrcFundId":7988,"stockCode":"009849","name":"安信稳健聚申一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9849,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:51.121Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-29T16:00:00.000Z","shortName":"安信稳健聚申一年持有混合A","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健聚申一年持有混合","setUpDate":"2020-09-29T16:00:00.000Z","setUpAssetScale":264636401.12,"setUpShares":264636401.12,"pinyin":"axwjjsyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信稳健聚申一年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=628686","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd107fea5b3eb04d3575","stockId":3000000009849,"sao":"债券方面，报告期内，本基金纯债部分适当减持了一般信用债，在信用策略上，进一步向优质AAA债券和利率债收缩。基本维持了中短久期和高评级的策略。本季度前半段，可转债市场发生了大面积的下跌，投资价值显著提升。同时，基于对权益市场大小盘股走势可能出现逆转的判断，本基金显著增配了可转债。也旨在以可转债为工具，间接介入中小盘股。总体来看，上述策略在报告期内获得了一定的收益。  权益方面，之前本基金实际上也一直持有相当部分市场所谓的“赛道股”。但在过去一段时间的“赛道股”行情中，我们认为其中部分标的陆续变得高估，甚至明显高估，故陆续进行了比较显著的减仓。同时转向了其他一些估值更为合理的标的，既包括A股也包括H股。在1季度后半段的“赛道股”回调中，本基金受到的影响非常有限。权益仓位总体上不仅没有下跌，反而贡献了一定的收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:20.965Z","fund":{"_id":3000000009849,"__csrcFundId":7988,"stockCode":"009849","name":"安信稳健聚申一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9849,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:51.121Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-29T16:00:00.000Z","shortName":"安信稳健聚申一年持有混合A","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健聚申一年持有混合","setUpDate":"2020-09-29T16:00:00.000Z","setUpAssetScale":264636401.12,"setUpShares":264636401.12,"pinyin":"axwjjsyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信稳健聚申一年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=569326","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd107fea5b3eb04d3574","stockId":3000000009849,"sao":"固收方面，2020年度，债券市场经历了疫情后2个月的短暂上涨之后，连续半年下跌，仅在4季度后半段有所回暖。年内也经历了诸如永煤、紫光等信用违约事件的冲击；低等级信用债市场一度发生了比较深度的调整。期间，本产品以利率债、高等级信用债、中高等级可转可交债为主要投资标的，尽可能的降低了信用风险。4季度后期，考虑到可转债市场的投资价值逐步显现，我们适当增加了可转债的配置。  权益方面，4季度产品成立后，我们基于价值投资理念，精选个股，配置了地产、新能源、消费医药、非银金融、能源、化工等行业的一些标的。获得了一定的收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:20.962Z","mo":"固收方面，展望2021年，我们对全年的利率走势看震荡，认为发生趋势性大幅上涨（或下跌）的概率比较小。  一方面，2021年属于疫情之后的持续恢复期，各项经济指标有望逐步回归到正常的轨道上。随着疫苗的落地推广，世界其他国家的宽松政策可能逐步退出，对于债券市场有不利的一面。  但考虑到债券市场已经预先调整，2021年初的债券收益率与2020年初疫情发生之前的水平已经大致相当，而相比2020年初，当前的经济基本面对债券市场却友好的多：通胀较低，汇率稳定，国外利率低，超储利率和MLF利率都已经明显调降。本次疫情进行中，中国国内的利率与世界其他主要经济体的利率差异，显著拉开。未来即使其他经济体的宽松政策逐步退坡，国内的利率水平也未必会被明显推升。另外，近期人民币显著升值，对外向型企业的利润形成了一定的压力，维持国内利率的相对稳定（而不是继续抬升），有利于汇率稳定。  2021年的一个重要关注点是城投债风险，如果个别城投债发生信用风险，可能引发一轮与2020年永煤事件类似的冲击。但我们认为，即使发生这种冲击，一般也不会大规模的持续扩散，反而可能带来高等级债券和利率债的一次配置机会。  权益方面，2020年整体是一个结构分化非常显著的行情，一方面，一半左右的股票并未获取可观的收益，另一方面，部分股票大幅上涨，甚至已经有泡沫化的征兆。展望2021年，就指数总体来说，我们认为风险不大；考虑到虽然部分板块或已有一定的估值泡沫，但仍能找到很多性价比非常合理的标的，基于价值投资理念，谨慎选股的话，仍有机会获得较好的收益。","fund":{"_id":3000000009849,"__csrcFundId":7988,"stockCode":"009849","name":"安信稳健聚申一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9849,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:51.121Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-29T16:00:00.000Z","shortName":"安信稳健聚申一年持有混合A","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健聚申一年持有混合","setUpDate":"2020-09-29T16:00:00.000Z","setUpAssetScale":264636401.12,"setUpShares":264636401.12,"pinyin":"axwjjsyncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信稳健聚申一年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=551704","linkType":"PDF","source":"csrc_pdf"}}]}