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国内方面，1季度的信贷与社融数据偏强，PMI数据有较大改善，但从工业增加值等一系列指标看，经济尚处于复苏早期。判断全年经济复苏的斜率将相对和缓，因企业家投资信心、居民收入预期、消费倾向和购房倾向的修复均需要一个过程，另一方面，决策层更强调经济的高质量发展。预计货币市场利率将维持基本平稳，全年通胀压力不大，伴随海外经济体衰退甚至有一定的通缩压力，整体货币环境将保持相对宽松格局。报告期内，本基金在债券投资上维持较保守的短久期策略，因信用息差处于低位，相对减少了信用债的投资比例。权益方面，年初经济活动场景全面恢复正常，组合相应提高了权益仓位。春节后在强预期与弱现实交织下，与经济活动密切关联的大消费与周期板块步入调整，而与人工智能和独立自主相关的TMT板块、以及中国特色估值体系板块成为结构性行情的主角，景气度边际下行且产能快速增长的新能源板块则下跌明显。展望二季度，结构性行情为主的格局或将继续，但预期炽热又缺乏落地基础的部分TMT标的将迎来调整，行情的扩散与分化将共存。大消费板块估值已合理，本轮消费复苏虽斜率偏缓和但方向确定，经历史检验的消费龙头仍具较高配置价值。中国特色估值体系的重估尚处早期，标的与数字中国、基建和地产复苏等主题亦有紧密联系，有望成为贯穿全年的主线。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:44.434Z","fund":{"_id":3000000007315,"__csrcFundId":8470,"stockCode":"007315","shortName":"汇安嘉盈一年持有期债券(007315)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7315,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:39:22.191Z","status":"normal","inceptionDate":"2021-02-01T16:00:00.000Z","name":"汇安嘉盈一年持有期债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安嘉盈一年持有期债券","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":196148646.19,"setUpShares":196148646.19,"pinyin":"hajyyncyqzqxzqtzjj","managers":[{"stockCode":"db20809506","stockType":"fund_manager","exchange":"fm","tickerId":100806217420,"name":"金鸿峰"}]},"announcement":{"linkText":"汇安嘉盈一年持有期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=887125","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca947fea5b3eb04a64a2","date":"2022-12-30T16:00:00.000Z","stockId":3000000007315,"sao":"2022年受到疫情冲击、海外加息、俄乌冲突等超预期事件的影响，债券市场走势一波三折，股票市场整体疲弱且波动率提升。债券市场全年多空因素反复，整体窄幅震荡，年末因地产政策密集出台、管控举措大幅优化，收益率大幅提升，引发理财产品赎回潮。信用债总体走势跟随利率产品，地产债在前所未有的行业压力下，波动尤其剧烈，城投融资平台风险逐步点状呈现。股票市场波动同样剧烈，盈利端主要受国内经济下行影响，估值端主要受海外货币紧缩影响，市场热点转换迅速，缺乏贯穿全年的主线。年末在经济复苏预期明确，叠加海外加息节奏缓和下，市场整体明显回暖。报告期内，本基金在组合中适当降低了组合的久期，通过把握利率趋势，及时判断收益率大的拐点，在低频波段交易中增厚组合收益。同时鉴于信用债分化，地产债收益率普遍大幅上行，本基金及时降低信用债投资比例，避免了信用债估值回调对组合收益的大幅拖累。权益方面，本组及时把握四月份市场反弹，在科技制造板块坚定加仓股票和可转债，取得阶段性较好收益。但随着下半年宏观经济走弱且预期不明朗，市场风险偏好整体回落，权益资产大幅波动调整，组合收益受到显著拖累。尽管报告期内市场大幅波动，我们仍然严格遵循我们的投资框架，因此年末疫情管控放开前后，我们逐步加仓权益资产，力争在2023年给投资人带来较为良好的投资体验。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:44.431Z","mo":"2023年的宏观主题可概括为中国复苏和海外衰退。疫情对经济的压制解除，确保房地产行业平稳发展的政策逐步显现效果，2023年中国宏观经济复苏的方向确定，但在中国经济转型期、国内宏观杠杆率偏高、居民收入预期回暖较慢叠加出口压力下，2023年的经济复苏路径亦会出现反复。由于国内通胀压力整体较小，人民币汇率展现较强韧性，稳中求进的宏观政策取向将贯穿全年，货币政策和财政政策有效配合，国内权益和债券市场均处于友好的政策环境中。海外市场主要矛盾和观察点是通胀的韧性与消退、经济衰退会否发生以及烈度、紧缩性货币政策转向的快与慢。当前在大宗商品价格回落以及房地产市场活动转弱后，通胀压力收敛，但劳动力市场仍维持紧平衡，通胀若要回落到政策目标下方，则需要经济活跃度的进一步减弱。前期加息的累积效果已经触发了财务状况薄弱的部分金融企业的流动性危机，在政府与私营部门共同的救助手段下，或许能切断危机的传染链条，但信贷与金融环境的收紧可能加速经济衰退的到来。货币政策或在就业市场出现明显下行压力时出现方向性变化，从而提振海外风险资产市场。展望2023年，在中国经济的稳步复苏与海外可能的经济减速或衰退共同作用下，大宗商品价格或整体维持平稳。债券收益率或保持区间震荡格局，而信用利差整体处于低位，城投融资平台的风险今年仍主要体现为尾部风险。组合在债券投资上将控制久期，严格控制信用风险，保持组合的流动性与灵活性。国内公司的盈利增速逐季向上，利率水平保持相对稳定，风险溢价仍有进一步压缩的空间，海外资金流入与国内居民资产配置也将逐步边际改善市场的资金面，组合在权益资产的布局上将维持乐观进取的策略。重点关注并相对平衡地配置于：1）受益于疫后复苏，盈利增速确定性高的大消费板块；2）具备持续政策红利与行业发展红利的高增长标的，包括半导体、信创、人工智能等子板块；3）虽行业景气度边际下降，但具备进入壁垒与持续竞争优势且估值合理的太阳能、风电、电动车行业的细分龙头；4）在中国特色估值体系下，有望受益于新一轮国企改革的央企龙头。","fund":{"_id":3000000007315,"__csrcFundId":8470,"stockCode":"007315","shortName":"汇安嘉盈一年持有期债券(007315)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7315,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:39:22.191Z","status":"normal","inceptionDate":"2021-02-01T16:00:00.000Z","name":"汇安嘉盈一年持有期债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安嘉盈一年持有期债券","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":196148646.19,"setUpShares":196148646.19,"pinyin":"hajyyncyqzqxzqtzjj","managers":[{"stockCode":"db20809506","stockType":"fund_manager","exchange":"fm","tickerId":100806217420,"name":"金鸿峰"}]},"announcement":{"linkText":"汇安嘉盈一年持有期债券型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=870842","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca947fea5b3eb04a64a1","date":"2022-09-29T16:00:00.000Z","stockId":3000000007315,"sao":"报告期内，国内经济曲折弱复苏，结构分化明显，国内经济维持韧性的一方面来自外需支撑下的出口，另一方面来自稳增长一揽子政策逐步落地下的基建和制造业投资。地产和消费三季度对经济仍有掣肘，其中房地产企业新增投资在保交楼压力持续回落，但三季度地产销售和竣工数据或已基本探明底部。居民消费受散发疫情影响相对疲软，预防性储蓄增加较快。美国在持续通胀压力下货币政策紧缩程度大幅超预期，催生强势美元。俄乌冲突进入新阶段，欧洲能源危机继续发酵，全球金融市场的不确定性进一步加大，人民币汇率亦面对一定压力。报告期内，流动性是债市的确定性利好，信用利差大幅压缩。短端宽松的确定性和长端的不确定性交织，拉动期限结构显著陡峭化。转债方面，继续平衡型及偏债型转债方面布局，并及时控制组合风险敞口，三季度转债估值有所调整，将积极布局被市场错杀的优质转债标的。权益方面，着重在成长和价值之间均衡配置，控制组合权益整体仓位，在具有长期投资价值的板块甄选布局。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:44.429Z","fund":{"_id":3000000007315,"__csrcFundId":8470,"stockCode":"007315","shortName":"汇安嘉盈一年持有期债券(007315)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7315,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:39:22.191Z","status":"normal","inceptionDate":"2021-02-01T16:00:00.000Z","name":"汇安嘉盈一年持有期债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollection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上半年广谱债券收益率维持低位，本基金积极调控组合久期，提升组合收益。信用债方面，有效控制组合信用风险。转债方面，重点配置了平衡型及偏债型品种，积极布局优质转债标的，谨慎控制仓位。权益方面，着重均衡投资策略，在成长和价值之间均衡配置，在具有长期投资价值的板块甄选布局。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:44.426Z","mo":"展望后市，一是经济基本面仍将持续缓慢修复，外需维持相对高增，工业生产修复，在大规模减退税支持下，投资边际回暖。鉴于增速目标被明显弱化，新旧经济的结构化增速差异将继续维持。二是通胀剪刀差将继续收敛，下半年PPI预计持续高位回落，CPI逐步抬升，通胀压力向终端转移，叠加防疫常态化，可能对居民消费继续带来压力。三是货币政策或将维持当前合理偏宽松的基调，当下经济修复初始，信贷增速缓慢上行，地产脆弱性仍存，内部通胀尚未出现风险，货币政策收紧的必要性不高。四是由于美国通胀压力难以快速消退，美联储加息缩表压力持续，关注4季度美国经济衰退风险提高后美联储货币政策的转向可能。从资产配置层面展望，中国债市收益率受益于低位资金价格，上行有顶，下行有底，将延续区间波动，信用市场在地产风险犹存的情况下，分化可能持续，观察稳定房地产市场的进一步举措。股票方面，宏观流动性宽松带来市场估值修复基本到位，下半年市场定价逻辑可能较为反复和拉锯。配置方向依然将围绕景气度展开，热门赛道出现波动调整的可能性加大，但也将带来加仓机会。在4季度经济增速确定性企稳回升后，消费、地产链和大金融板块将迎来配置机会。","fund":{"_id":3000000007315,"__csrcFundId":8470,"stockCode":"007315","shortName":"汇安嘉盈一年持有期债券(007315)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7315,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:39:22.191Z","status":"normal","inceptionDate":"2021-02-01T16:00:00.000Z","name":"汇安嘉盈一年持有期债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安嘉盈一年持有期债券","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":196148646.19,"setUpShares":196148646.19,"pinyin":"hajyyncyqzqxzqtzjj","managers":[{"stockCode":"db20809506","stockType":"fund_manager","exchange":"fm","tickerId":100806217420,"name":"金鸿峰"}]},"announcement":{"linkText":"汇安嘉盈一年持有期债券型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=784938","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca947fea5b3eb04a649f","date":"2022-03-30T16:00:00.000Z","stockId":3000000007315,"sao":"报告期内，美联储快速的加息周期开启，缩表也将在5月开始，美债收益率大幅上行，收益率曲线出现倒挂，中美利差迅速收窄，前期受益于超级宽松货币政策的美国经济与美国股市能否软着陆存疑。俄乌冲突直接推升大宗商品价格，全球滞涨风险提升。需求收缩、供给冲击和需求减弱的三重压力在一季度均已体现，多地发生的疫情对经济活动有所扰动，一季度地产销售大幅下行，各地一城一策的政策效果尚需观察。3月16日金稳委的会议直面市场关切，有效修复了过度悲观的预期，为实现全年GDP增速目标，硬招实招次第出台，但降息空间将相对有限，指向性更强的直达实体政策或是重要抓手。广谱债券收益率呈现先下后上的V型走势，整体维持区间震荡的格局，需关注在社融增速提升、结构改善后的利率的上行风险。信用债延续分化格局，整体收益率仍处历史低位，而民营地产信用风险仍处释放期。组合合理配置利率品种与信用品种，整体维持较低久期，继续严控信用风险。转债上仍主要投资于平衡型及偏债型转债，可转债整体估值已有所回调，自下而上选券的空间得以拓宽。权益方面，保持相对低仓位，执行成长与价值相对均衡投资策略，同时自下而上的选择部分的优质标的。展望后市，海外缩表政策等待落地，而输入性通胀压力仍存，国内经济基本面面临多重压力，财政货币政策进一步支持实体经济的政策空间仍较大，信贷社融将保持企稳回升的势头，全年宏观经济前低后高为大概率事件，重点观察疫情与地产行业的进展。在债券投资上维持相对短久期策略，可转债关注低全价的龙头企业转债的投资机会，股票关注稳增长主线与有估值保护的成长股的投资机会。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:44.423Z","fund":{"_id":3000000007315,"__csrcFundId":8470,"stockCode":"007315","shortName":"汇安嘉盈一年持有期债券(007315)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7315,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:39:22.191Z","status":"normal","inceptionDate":"2021-02-01T16:00:00.000Z","name":"汇安嘉盈一年持有期债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安嘉盈一年持有期债券","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":196148646.19,"setUpShares":196148646.19,"pinyin":"hajyyncyqzqxzqtzjj","managers":[{"stockCode":"db20809506","stockType":"fund_manager","exchange":"fm","tickerId":100806217420,"name":"金鸿峰"}]},"announcement":{"linkText":"汇安嘉盈一年持有期债券型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=724909","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca947fea5b3eb04a649e","date":"2021-12-30T16:00:00.000Z","stockId":3000000007315,"sao":"报告期内，由于各个国家地区疫苗接种进度的不一致，各经济体经济恢复程度不均衡。在美联储持续向市场注入流动性的同时，供需不匹配带来的大宗商品价格推升了全球通胀。在失业率维持下降趋势且通胀率不断走高的背景下，美联储加快了taper的进程并引导加息预期，而中美经济却进入了不同周期，中国央行在基本面下行压力下开展二次降准且继续释放流动性合理充裕信号。通胀层面，PPI与CPI的剪刀差于10月达到近期历史新高后震荡回落。债券市场伴随着基本面下行、准备金政策的落地及流动性充裕，广谱收益率全年呈现普遍下行的走势，十年期国债年底收于2.8%左右。本基金持续运用处于低位的资金，采取套息策略提升基础收益，并根据利率趋势，及时把握收益率拐点及市场预期差，通过利率债波段交易增厚组合收益。信用债延续分化格局，整体信用利差压缩至历史极低水平。但地产债收益率在期间普遍大幅上行，当中既有部分发行主体遭遇现实的流动性压力，也有投资机构普遍对地产行业的规避态度。随地产政策与基本面渐次探明底部，应蕴含自下而上的投资机会。本基金合理分散化投资债券标的，紧密跟踪持仓主体的信用基本面，基于前期严谨稳健的信用投研流程，有效控制了信用风险，持续为组合创造稳定的信用收益。转债指数四季度整体趋势向上，转股溢价率接近历史较高分位数，本基金通过精选景气赛道以及具备正股弹性的标的，主要对平衡型及偏债型转债标的进行布局投资。股票市场继续演绎结构性行情，高景气赛道投资获得充分演绎，前期持续受压的消费核心赛道逐步回暖，大金融板块能否估值回归则仍存分歧。投资的核心永远是平衡胜率与赔率，本基金在谨慎控制仓位的基础上，平衡考量行业景气度与股票估值，深入挖掘具备持续竞争壁垒的优势企业。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:44.421Z","mo":"展望2022年，海内外经济周期不同步，面对周期性、结构性及供给侧的现状，国内宏观政策将以我为主，维持稳中求进，货币政策推动信用增长的稳定性，财政政策积极提质增效，预计社融增速将逐步企稳回升。债券市场方面，无风险收益率在宽货币、宽信用的背景下或将维持震荡行情，防控信用风险仍将是债市投资的重中之重。股票市场在宏观政策偏宽松，居民资产配置向权益市场转移的趋势不变，发达国家货币政策正常化的影响相对有限，大宗商品价格有望回归正常，房地产产业链寻底过程中对传统周期行业盈利造成压力，而以“双碳”和安全为主线的行业仍将维持高景气。","fund":{"_id":3000000007315,"__csrcFundId":8470,"stockCode":"007315","shortName":"汇安嘉盈一年持有期债券(007315)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7315,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:39:22.191Z","status":"normal","inceptionDate":"2021-02-01T16:00:00.000Z","name":"汇安嘉盈一年持有期债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安嘉盈一年持有期债券","setUpDate":"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  政策面上，货币政策维持灵活精准、合理适度，尽管美联储引导taper预期的脚步渐近，但中国央行仍旧保持政策定力，以我为主，保持流动性合理充裕，资金价格维持相对低位，随着增强信贷总量增长的稳定性的政策实施，社融增速及M2的下行速率将减缓并触底回升。当前政策端将强调跨周期设计，以国内经济状况和物价走势为重心，货币政策将在维持宏观杠杆率基本稳定的同时给予实体经济以充裕的货币支持，财政政策在继续提质增效的同时将更为积极，产业政策加强供给端结构性调节，纾解当前经济运行中遭遇的供应瓶颈，经济的类滞胀特征将有所缓和。   报告期内，债券市场收益率呈现先下后上的V型走势，本基金积极利用处于低位的资金利率，采用套息策略提升组合收益。个别房地产公司资金链接近断裂，配置资金转向安全品种，包括受益于大宗商品价格上涨的周期性行业，信用债市场分层加剧，本基金一贯坚持以信用基本面精选个券的策略，仍可在严控信用风险的前提下获取合理回报。转债市场因债券无风险利率处于低位而体现相对优势，转债整体估值抬升至历史相对高位，本季度转债指数表现大幅好于沪深300指数，本基金将继续侧重投资于偏债型和平衡型转债，精选个券，在控制下行风险的前提下获取收益。权益市场延续结构性行情，持续过万亿的日成交量下热点切换频繁，大宗商品价格上涨趋势下周期板块表现突出，以大消费为代表的核心资产正逐步进入价值区间，同时先进制造业中仍有不少估值合理的可选标的，本基金延续均衡的股票配资风格，兼顾政策鼓励与产业发展方向、企业核心竞争力与景气度、市值空间与当前估值水平，从追求稳健收益的投资目的出发，谨慎控制整体权益仓位，相对均衡的配置于不同风格与行业，并更加注重自下而上发现超额收益的投资机会。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:44.418Z","fund":{"_id":3000000007315,"__csrcFundId":8470,"stockCode":"007315","shortName":"汇安嘉盈一年持有期债券(007315)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7315,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:39:22.191Z","status":"normal","inceptionDate":"2021-02-01T16:00:00.000Z","name":"汇安嘉盈一年持有期债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安嘉盈一年持有期债券","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":196148646.19,"setUpShares":196148646.19,"pinyin":"hajyyncyqzqxzqtzjj","managers":[{"stockCode":"db20809506","stockType":"fund_manager","exchange":"fm","tickerId":100806217420,"name":"金鸿峰"}]},"announcement":{"linkText":"汇安嘉盈一年持有期债券型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=653523","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca947fea5b3eb04a649c","date":"2021-06-29T16:00:00.000Z","stockId":3000000007315,"sao":"报告期内，由于各个国家地区疫苗接种进度的不一致，各经济体经济恢复程度不均衡。在美联储持续向市场注入流动性的同时，供需不匹配带来的大宗商品价格推升了全球通胀，通胀是否为短期现象成为市场争论的焦点，在大宗商品价格的普遍快速上涨得到放缓后，需要重点观察发达国家的核心通胀是否会持续超预期。国内经济基本面持续修复，一方面，中国在全球产业链中的出口份额疫后持续位于高位，带动了工业生产的高增长；尽管受到三条红线、土地集中供应、商业银行房地产贷款融资上限等管控，地产投资依旧在保持高位的销售数据下体现出一定韧性。另一方面，今年财政政策正常化后，财政支出的显著退坡使得基建投资保持在一个较温和增长的低位；消费中社会零售商品总额的两年平均增速依旧显著低于疫情前三年均值；在消费修复较慢的背景下，制造业投资的低增速也拖累了固定资产投资。由于大宗商品带动的PPI高增和快于预期下行的猪肉批发价带动的CPI低增，通胀的上下游剪刀差逐步扩大至近年新高。货币政策稳字当头，对经济提供必要的支持，大部分时间通过持续低于公开市场逆回购操作利率的DR007和以较快速度下行的社融存量增速，表明宽货币与紧信用并存，带动整体国债收益率温和下行。信用债市场分化持续，总体信用息差持续处于低位。权益市场一季度宽幅波动后，在二季度整体呈逐步回暖态势，成长和科技继续成为聚集资金的最主要赛道，房地产产业链相关公司出现明显下跌，已处于相对高位的核心资产亦处于盘整状态。本基金在报告期内，合理把握宽货币下的低位资金价格，通过资金杠杆提升套息收益；积极布局流动性拐点和基本面的预期差，把握利率债波段增厚收益；继续严格控制信用风险，深入挖掘主体信用资质，选择具有性价比的信用债获取合理票息收入；可转债估值从2月初的极低水平有明显反弹，通过转债打新，综合正股基本面、转债溢价率等方面，部分的把握了偏债型和平衡型转债的投资机会；权益配置方面，一季度波动市中及时降低了权益仓位，在市场调整中基金净值下跌较小，上半年平衡布局绝对价值优势和长期核心竞争力的大金融板块以及消费、医药等具备核心优势、盈利趋势向好的细分行业龙头，基于下行风险保护不足的原因，并未有参与高成长高估值赛道，但市场情绪的钟摆始终会呈周期性波动，美国收缩购债规模渐行渐近，将冲击全球的风险偏好产生，而具备估值优势和真实盈利能力的核心龙头资产总会出现价值回归。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:44.415Z","mo":"展望后市，一是经济基本面的不均衡或将收敛，一方面体现在随着海外产业链的不断恢复，高增的出口或逐步下行，受融资政策拖累，地产增速也难保持高增长，另一方面消费尤其是可选消费将逐步抬升，结构性的信贷政策将引导资金支持制造业投资的修复。牵引经济增长的动能将从外需缓慢转向内需。二是通胀剪刀差或将缓慢回落，下半年PPI预计维持高位，CPI四季度将从低位回升，通胀压力将有结构性转变。三是宽货币或将维持，流动性合理充裕依旧是政策主线，而降低准备金率使得信用总量或在下半年触底反弹，预计拉动社融规模的主力将是人民币信贷。四是财政政策正常化依旧延续，受财政资金使用绩效管理的约束，财政支出的退坡和政府债发行低于预期将并存。五是美联储的Taper预期引导将加强，但其流动性将保持宽松，主因是就业数据的不稳定，同时叠加部分国家地区疫情的反复带来的全球暂时宽松的流动性或给我国经济政策应对外需向内需转型留出时间窗口。人民币汇率或保持略偏强的双向波动。六是中国债市处于相对高位的收益率依旧是全球固收类资金配置首选，同时利率上行有顶，下行受限，或将延续区间波动。信用市场分化持续，关注爆发尾部信用风险事件的可能性。七是股票市场结构性行情持续，成长和价值的估值差或会收敛。","fund":{"_id":3000000007315,"__csrcFundId":8470,"stockCode":"007315","shortName":"汇安嘉盈一年持有期债券(007315)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7315,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:39:22.191Z","status":"normal","inceptionDate":"2021-02-01T16:00:00.000Z","name":"汇安嘉盈一年持有期债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安嘉盈一年持有期债券","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":196148646.19,"setUpShares":196148646.19,"pinyin":"hajyyncyqzqxzqtzjj","managers":[{"stockCode":"db20809506","stockType":"fund_manager","exchange":"fm","tickerId":100806217420,"name":"金鸿峰"}]},"announcement":{"linkText":"汇安嘉盈一年持有期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=635490","linkType":"PDF","source":"csrc_pdf"}}]}