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%。分行业看，申万一级行业相对较强的前五行业是计算机、通信、传媒、电子、建筑装饰；相对落后的行业分别是商贸零售、房地产、综合、银行、美容护理。　　报告期内，在各类资产的配置策略方面：债券配置以利率债和中短久期的较高等级信用债为主；可转债投资保持谨慎策略，优先选择低估值转债品种，并适当降低了可转债的投资占比；股票投资方面，一季度适当提高了权益仓位，并进一步平衡了行业结构。未来我们继续坚持适度均衡的行业配置，根据市场估值水平会阶段性提升权益的仓位。股票选择上，一季度加大对于价格安全边际的考虑权重，并结合业绩确定性、成长空间和估值等因素筛选优质个股。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:45.853Z","fund":{"_id":3000000009937,"__csrcFundId":8048,"stockCode":"009937","name":"东方欣益一年持有期偏债混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9937,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:04:30.606Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-01T16:00:00.000Z","shortName":"东方欣益一年持有期混合(009937)","followedNum":0,"fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方欣益一年持有期混合","setUpDate":"2020-09-01T16:00:00.000Z","setUpAssetScale":1455541894.16,"setUpShares":1455541894.16,"pinyin":"dfxyyncyqpzhhxzqtzjj","managers":[{"stockCode":"db20578741","stockType":"fund_manager","exchange":"fm","tickerId":2602183750,"name":"张博"}]},"announcement":{"linkText":"东方欣益一年持有期偏债混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=888233","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd297fea5b3eb04d5179","date":"2022-12-30T16:00:00.000Z","stockId":3000000009937,"sao":"2022年A股市场震荡向下，根据WIND数据显示，上证指数下跌15.13%、深圳成指下跌25.85%、创业板指下跌29.37%、沪深300下跌21.63%、中证500下跌20.31%。分行业看，申万一级行业相对较强的前五行业是煤炭、综合、社会服务、交通运输和美容护理；跌幅较大的行业分别是建筑材料、传媒、计算机、电力设备和国防军工。　　在2022年投资策略方面，债券投资部分，信用债方面以中短久期的高等级债券为主，在可转债方面通过自下而上的研究选择个券进行组合配置。权益投资中，2022年下半年我们在降低权益仓位至中性后基本保持稳定，在结构方面，降低了持股集中度，并在行业配置方面更加均衡。在未来权益的策略上，在自然复苏的经济背景下，我们将根据市场和个股估值水平阶段性调整提升权益的仓位，并继续坚持适度均衡的行业配置。在股票选择上，未来加大对于价格安全边际的考虑权重，并结合业绩确定性、成长空间和估值等因素筛选优质个股。债券配置上，严格控制信用风险，以AAA级债券为主，并根据自下而上的研究配置转债标的增强业绩弹性。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:45.850Z","mo":"2023年国内经济大概率自然复苏。随着新冠“乙类乙管”措施落地，疫情作为制约经济增长的重要因素之一得到缓解，结合年初各地疫情稳步下降趋势，疫情对经济的影响已经大幅度减弱。从政策面角度，地方两会在春节前集中召开，产业创新升级、消费的恢复和扩大是各地经济发展的重要方面，随着政策措施的逐步落地，对经济会起到一定的支撑作用。从流动性角度，23年稳定的概率大，但边际变化需要观察经济复苏情况持续跟踪。　　从市场估值水平看，经过2022年的大幅回落，主要指数估值水平已经处于合理区间，具备了一定的长期投资价值。叠加宏观面自然复苏的趋势，2023年市值估值中枢向上修复是大概率事件。综合判断，从今年全年的时间维度看，重点看好两条主线，一是自然复苏的主线，包括大消费、工业等领域，龙头价值受益于经济复苏带来的估值修复；另外是需求可观测的高成长主线，如新能源、科技、军工等。","fund":{"_id":3000000009937,"__csrcFundId":8048,"stockCode":"009937","name":"东方欣益一年持有期偏债混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9937,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:04:30.606Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-01T16:00:00.000Z","shortName":"东方欣益一年持有期混合(009937)","followedNum":0,"fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方欣益一年持有期混合","setUpDate":"2020-09-01T16:00:00.000Z","setUpAssetScale":1455541894.16,"setUpShares":1455541894.16,"pinyin":"dfxyyncyqpzhhxzqtzjj","managers":[{"stockCode":"db20578741","stockType":"fund_manager","exchange":"fm","tickerId":2602183750,"name":"张博"}]},"announcement":{"linkText":"东方欣益一年持有期偏债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=864150","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd297fea5b3eb04d5178","date":"2022-09-29T16:00:00.000Z","stockId":3000000009937,"sao":"2022年3季度市场出现较大的调整，根据WIND数据显示，上证指数下跌11.01%、深圳成指下跌16.42%、创业板指下跌18.56%、沪深300下跌15.16%、中证500下跌11.47 %。分行业看，申万一级行业中相对较强的前五行业是煤炭、综合、石油石化、通信、公用事业；跌幅较大的行业分别是建筑材料、汽车、钢铁、计算机、有色金属。  报告期内，在各类资产的配置策略方面：债券配置以中短久期的较高等级信用债为主；可转债投资保持谨慎策略，优先选择低估值转债品种；股票投资方面，略微降低了股票仓位，并使行业结构更加平衡。在权益选股思路上，重视自下而上的个股选择，坚持以投资资产的角度进行研判，优选估值和增长相对匹配的公司。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:45.848Z","fund":{"_id":3000000009937,"__csrcFundId":8048,"stockCode":"009937","name":"东方欣益一年持有期偏债混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9937,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:04:30.606Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-01T16:00:00.000Z","shortName":"东方欣益一年持有期混合(009937)","followedNum":0,"fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方欣益一年持有期混合","setUpDate":"2020-09-01T16:00:00.000Z","setUpAssetScale":1455541894.16,"setUpShares":1455541894.16,"pinyin":"dfxyyncyqpzhhxzqtzjj","managers":[{"stockCode":"db20578741","stockType":"fund_manager","exchange":"fm","tickerId":2602183750,"name":"张博"}]},"announcement":{"linkText":"东方欣益一年持有期偏债混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=806824","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd297fea5b3eb04d5177","date":"2022-06-29T16:00:00.000Z","stockId":3000000009937,"sao":"年初宽松政策持续，10年国债利率持续下行至一月底最低2.67%（根据wind数据，下同）；2月份疲弱的经济数据和稳增长政策成为市场关注焦点，10年国债利率回升。3月债市总体小幅震荡。随着美联储加息预期的提升，10年美债利率从上月末的1.83%快速攀升至最高的2.5%以上，美债利率大幅攀升导致中美利差收窄，中美10年国债利差目前也仅有40bps左右，接近历史低位。二季度国内收到疫情影响，消费和PMI出现不同程度回落，美国经济延续刺激政策后期的强势，4月11日中美10年期国债收益率出现自2010年6月以来首次倒挂，5月中上旬，10年美债收益率稳于中债利率上方。我国货币政策适度靠前发力，4月份全面降准0.25百分点，5月份多措并举降低社会综合融资成本，加强金融服务实体经济的力度，经历4-5月震荡之后，6月份债市震荡收窄，截至季末，10年国债收于2.82%。  上半年A股经历大幅波动，1-4月持续下跌，5-6月反弹。根据WIND数据，上半年主要指数均为负收益，上证综指收跌-6.1%、万得全A跌-9.0%、创业板指跌-15.4%；申万一级行业来看，只有煤炭行业录得正收益（31.0%），13个行业跌幅超过-10%，其中，电子、计算器、传媒跌幅最大，分别为-24.6%、-23.2%、-21.3%。  报告期内，本产品仍然保持较为谨慎的债券配置策略，以较高等级、较短久期的思路进行配置；可转债方面采取谨慎策略，在仓位和持股选择上进行一定调整，优选低估值、上游转债品种。股票投资上，本基金应对市场的剧烈调整和变化，采取相对保守的投资策略、谨慎的仓位管理，对过去两年收益较高的个股、板块进行收益确认，在上游采掘、有色等资源品、航空等方面加大投资比例，对高估值、高预期个股进行收缩，使整个组合更加平衡、稳健。在选股思路上，坚持以投资资产的角度进行研判，优选更好的产业公司，争取为投资人带来稳健的回报。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:45.845Z","mo":"展望下半年，我们认为4月份疫情、地缘政治、流动性三重危机的环境可能已经不存在，今年整体宏观环境最严峻的阶段已经过去。随着基建、地产、制造业等刺激政策相继出台，消费的限制也逐渐解除，国内经济有望进入持续修复阶段。我们持续看好中国经济增长的持续性和韧性，资本市场也可能逐渐走出上半年的低迷。","fund":{"_id":3000000009937,"__csrcFundId":8048,"stockCode":"009937","name":"东方欣益一年持有期偏债混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9937,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:04:30.606Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-01T16:00:00.000Z","shortName":"东方欣益一年持有期混合(009937)","followedNum":0,"fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方欣益一年持有期混合","setUpDate":"2020-09-01T16:00:00.000Z","setUpAssetScale":1455541894.16,"setUpShares":1455541894.16,"pinyin":"dfxyyncyqpzhhxzqtzjj","managers":[{"stockCode":"db20578741","stockType":"fund_manager","exchange":"fm","tickerId":2602183750,"name":"张博"}]},"announcement":{"linkText":"东方欣益一年持有期偏债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=787796","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd297fea5b3eb04d5176","date":"2022-03-30T16:00:00.000Z","stockId":3000000009937,"sao":"2022年初宽松政策持续，根据wind数据显示，10年国债利率持续下行至1月底最低2.67%；2月份疲弱的经济数据和稳增长政策成为市场关注焦点，10年国债利率回升；3月债市总体小幅震荡。随着美联储加息预期的提升，10年美债利率从1月初的1.52%快速攀升至2月中旬最高的2%以上，美债利率攀升导致中美利差收窄。  一季度A股整体以下跌和调整为主旋律，其中1月份和3月上旬急速下跌，2月份和3月下旬为调整后的小幅反弹和震荡。根据wind数据显示，从指数来看，上证综指跌10.6%、万得全A跌13.9%、创业板指跌20.0%；行业来看，只有四个行业为正收益（煤炭领涨22.6%），电子、国防军工等五个行业跌幅超过20%。  报告期内，本产品仍然保持较为谨慎的债券配置策略，以较高等级、较短久期的思路进行配置；可转债方面采取谨慎策略，在仓位和持股选择上进行一定调整，优选低估值、上游转债品种。股票投资上，本基金应对市场的剧烈调整和变化，采取相对保守的投资策略、谨慎的仓位管理，对过去两年收益较高的个股、板块进行收益确认，在上游采掘、有色等资源品方面加大投资比例，对高估值、高预期个股进行收缩，使整个组合更加平衡、稳健。在选股思路上，坚持以投资资产的角度进行研判，优选更好的产业公司，争取为投资人带来稳健的回报。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:45.842Z","fund":{"_id":3000000009937,"__csrcFundId":8048,"stockCode":"009937","name":"东方欣益一年持有期偏债混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9937,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:04:30.606Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-01T16:00:00.000Z","shortName":"东方欣益一年持有期混合(009937)","followedNum":0,"fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方欣益一年持有期混合","setUpDate":"2020-09-01T16:00:00.000Z","setUpAssetScale":1455541894.16,"setUpShares":1455541894.16,"pinyin":"dfxyyncyqpzhhxzqtzjj","managers":[{"stockCode":"db20578741","stockType":"fund_manager","exchange":"fm","tickerId":2602183750,"name":"张博"}]},"announcement":{"linkText":"东方欣益一年持有期偏债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=721989","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd297fea5b3eb04d5175","date":"2021-12-30T16:00:00.000Z","stockId":3000000009937,"sao":"投资策略上，本基金坚持绝对收益的投资思路：保持较为谨慎的债券配置策略，以较高等级、较短久期的思路进行配置；可转债方面逐步布局看好的产业方向，仓位基本维持稳定。股票投资上，选择值得长期持有的公司，基于更优的生意模式为长期考量的出发点，关注各行业龙头公司的竞争优势，选择相对更优质的公司。在行业配置上，重点布局低估值价值蓝筹、消费及部分先进制造、新能源、周期等，积极优化持仓组合，寻求更好的收益回报和风险控制。在具体投资运作上，固定收益部分：年初债市震荡磨顶阶段加大了利率债的配置比例，6-7月经济下滑、降准超预期之后利率快速下行，三季度调整了利率债的比例，并在信用债、可转债部分有所增加。股票部分，上半年本基金进行了适当的再平衡调整，适当降低了组合的估值和集中度，二季度对地产后周期产业链进行了部分的获利了结，对新兴行业中高壁垒、高成长性的优质个股进行了加仓；下半年调整了部分消费个股的持仓，在周期、风电等领域加大投资，并取得良好的收益。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:45.839Z","mo":"根据两会政府工作报告，2022年GDP增速目标为5.5%左右，预计政策环境或偏积极，助力经济实现稳增长。虽然赤字率下调至2.8%左右安排，但从财政支支出规模来看，较去年扩大2万亿元以上。今年新增专项债在1-2月发行规模已超70%，实际专项债规模高于去年。预计全年退税减税约2.5万亿元，1.5万亿元为留抵退税，将有效改善企业流动性压力，尤其是制造业企业。海外货币政策不确定性对我国“稳增长”预期形成扰动，但总体看央行货币政策坚持稳字当头、“以我为主”，预计俄乌冲突对中国市场中长期影响或有限。考虑到国内经济压力和政策的延续性，利率下行的趋势可能还没有结束，而海外市场将迎来加息周期，2022年国内可能是先低后平的利率走势。股票市场来看，经历2019~2021年的慢牛行情，整体估值回升到合理中枢上方，经济的压力和流动性的压力将是今年重要的考验。年初以来市场经历一些调整，避险情绪造成红利、低估值板块相对占优，高估值、高成长板块回撤较大。全年来看，经济的压力会投射到上市公司盈利上，盈利增长能力会稍有回落，估值的匹配度显得更重要一些。美联储加息的进度和幅度也会一定程度上影响A股市场，值得重点关注。","fund":{"_id":3000000009937,"__csrcFundId":8048,"stockCode":"009937","name":"东方欣益一年持有期偏债混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":9937,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:04:30.606Z","status":"normal","exchange":"jj","inceptionDate":"2020-09-01T16:00:00.000Z","shortName":"东方欣益一年持有期混合(009937)","followedNum":0,"fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方欣益一年持有期混合","setUpDate":"2020-09-01T16:00:00.000Z","setUpAssetScale":1455541894.16,"setUpShares":1455541894.16,"pinyin":"dfxyyncyqpzhhxzqtzjj","managers":[{"stockCode":"db20578741","stockType":"fund_manager","exchange":"fm","tickerId":2602183750,"name":"张博"}]},"announcement":{"linkText":"东方欣益一年持有期偏债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=706327","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd297fea5b3eb04d5174","date":"2021-09-29T16:00:00.000Z","stockId":3000000009937,"sao":"疫情后时代的经济复苏逐渐进入后半程，PPI开始回落，内需偏弱，全球大宗商品价格提升，类滞涨的格局出现。央行维持稳健姿态，7月初超预期的降准对市场形成较大影响，利率快速下行，8-9月维持在低位徘徊。碳中和、共同富裕的政策背景下，大宗商品的价格难以大幅回落，中游制造业和下游消费行业的成本转嫁压力较大，国内经济形势面临压力，债市可能仍处于比较有利的格局中。 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