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，部分城市土地招投标开始活跃；同时，尽管有特朗普政府上台后的各类扰动，但出口仍然维持韧性。受到特朗普政府短期反复摇摆的政策预期以及欧洲经济加大财政力度预期的影响，美元指数显著回落，人民币汇率压力大幅缓解。股票市场整体表现较好，行业分化有所放大，以煤炭、地产为代表的传统经济表现偏弱，计算机、汽车以及机器人相关板块表现较好。债券方面，在国内经济好转、资金价格边际提升的背景下，纯债收益率有所上行；可转债在供需缺口有所扩大、权益市场情绪回升的影响下，估值显著修复。考虑到国际环境的不确定性仍在放大（慕尼黑安全会议扩大了美国新政府与欧洲关系的裂痕等），尽管一季度我国受到的关税影响较小，甚至由于抢出口仍有不错的出口表现，但作为最大的贸易国，仍将受到全球经济回落带来的负面影响。同时，我们注意到政策端相对2024年4季度的积极表述出现了边际收敛，所以组合整体小幅下调了权益类资产的比例，对部分港股进行了止盈。行业配置方面，组合新增了对受益于避险情绪的黄金以及基本面好转的一线国企地产的配置比例。纯债方面，我们维持短久期高资质的票息策略；考虑到可转债的估值已经完成修复，超额收益的空间有限，我们对可转债进行了清仓。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:07.072Z","fund":{"_id":3000000010532,"__csrcFundId":8517,"stockCode":"010532","shortName":"广发恒信一年持有期混合(010532)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10532,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:21:47.852Z","status":"normal","name":"广发恒信一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-11T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发恒信一年持有期混合","setUpDate":"2021-01-11T16:00:00.000Z","setUpAssetScale":8260848314.34,"setUpShares":8260848314.34,"pinyin":"gfhxyncyqhhxzqtzjj","managers":[{"stockCode":"db20164897","stockType":"fund_manager","exchange":"fm","tickerId":200310120430,"name":"谭昌杰"}]},"announcement":{"linkText":"广发恒信一年持有期混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1265868","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdb77fea5b3eb04de9a8","date":"2024-12-30T16:00:00.000Z","stockId":3000000010532,"sao":"2024年市场波动较大，宽基指数在春节和十一前后波动尤其大，前者主要受市场流动性修复的影响，后者主要受国内政策转向的刺激。板块间的分化相较指数更大，新技术、科创类指数表现较好，红利类的持有体验最佳。债券尽管在9月至10月受到宽信用政策预期的影响而出现短暂回调，全年大部分时间收益率都呈现震荡下行的走势，不断创下新低。可转债在8月至9月一度出现流动性风险，大部分转债跌破债底，在10月股市上涨之后，转债市场快速修复。报告期内，股票方面，基于春节前市场处于超调阶段的判断，组合在年初维持了较高的仓位，在春节后的市场修复过程中，逐步止盈、降低仓位。在4月财报季结束后，我们认为市场短期可能会在消化低预期的财报后得以修复，一度试图提升仓位，但5月至6月零售数据的下滑，显示国内经济仍待修复。8月至9月的股票市场持续缩量下跌，我们维持了中性仓位的股票资产，组合净值在这个阶段受到一定影响。在9月底、10月初的市场大幅反弹过程中，我们认为经济基本面并未发生重大变化，将持仓品种进行了止盈，股票仓位下调到中性略低的水平。行业配置方面，我们坚持低估值策略，主要配置估值便宜的行业，但事后来看，估值便宜的资产，受到行业景气度持续下行的影响，并没有呈现很好的抗跌能力。债券方面，我们在春节前清仓了所有的长债后，一直维持短久期的票息策略。考虑到可转债估值多年持续偏高，我们对可转债一直保持低配甚至空仓，在8月至9月的杀跌过程中，有相当部分的转债估值已经跌破债底，组合适当加大了对可转债的配置，但基于市场短期仍会持续筑底的判断，实际的加仓力度偏弱，导致在9月底的市场反弹过程前，可转债的配置比例偏低。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:07.069Z","mo":"2024年经济方面的亮点主要在于出口数据保持强劲，但国内的地产销售和居民消费复苏进程仍需时日，尚处于以价换量的阶段。针对国内需求复苏偏弱的问题，中央政府在2024年3季度对以旧换新等政策持续加力，并扩展了专项债的规模和使用范围。对于2025年，尽管面临特朗普政府上台带来的关税压力，但中国制造业通过全球布局以及灵活的供应链体系，已经成为全球制造效率最高的工业体系，具备加增关税后的价格转嫁能力。在机器人、AI技术加持下，中国的工业效率有望率先得以提升，进而强化中国的制造业优势。同时，国内政策已经转向，社会融资成本处于较低水平，有利于国内经济应对外部的冲击并度过阶段性的低谷，全年经济增速有底部支撑。向上的弹性主要取决于外需的可持续性，尤其是对非美出口能否维持较高增长。在中央宽信用、稳增长的政策加持下，2025年经济的下行风险基本得到解除，但总量经济的回升仍需要时间。对于资本市场而言，在社会融资成本较低的条件下，即使没有总量经济的显著修复，也能有结构性、主题性的投资机会，只是涉及的领域偏窄、延续的时长偏短，而如果总量经济显著回暖，则权益市场上涨的幅度和可持续性都将更加可观。我们认为，2025年的权益市场具备获取绝对收益的诸多条件，在AI、机械人等领域或将涌现更多的主题性机会。我们在坚持低估值投资策略的基础上，将择机参与部分主题性的机会。债券方面，在当前历史新低的收益率水平和政策环境下，系统性超额收益的空间有限，但仍具备票息价值。可转债的估值已经不便宜，尽管机会成本很低，仍需要耐心等待估值回落后的建仓机会。","fund":{"_id":3000000010532,"__csrcFundId":8517,"stockCode":"010532","shortName":"广发恒信一年持有期混合(010532)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10532,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:21:47.852Z","status":"normal","name":"广发恒信一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-11T16:00:00.000Z","followedNum":5,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发恒信一年持有期混合","setUpDate":"2021-01-11T16:00:00.000Z","setUpAssetScale":8260848314.34,"setUpShares":8260848314.34,"pinyin":"gfhxyncyqhhxzqtzjj","managers":[{"stockCode":"db20164897","stockType":"fund_manager","exchange":"fm","tickerId":200310120430,"name":"谭昌杰"}]},"announcement":{"linkText":"广发恒信一年持有期混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1250775","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdb77fea5b3eb04de9a7","date":"2024-09-29T16:00:00.000Z","stockId":3000000010532,"sao":"2024年3季度，国内外形势的变化对资产价格带来显著影响。海外方面，美国通胀、就业等经济数据的回落带动长债利率下行，促成美联储开启降息进程，这一进程的启动让美元指数出现了显著回落，大幅缓解了人民币此前的贬值压力，国内政策的宽松空间进一步打开。国内方面，8月，上市公司半年报显示企业盈利能力仍不及预期，居民消费承压，在此背景下，关于呼吁出台进一步经济刺激政策的呼声不断放大。9月下旬，金融领域重磅新闻发布会明确了降低存量房贷利率、创设货币工具支持股市稳定发展等相关举措。随后召开的政治局会议，要求加大财政货币政策逆周期调节力度，促进房地产市场止跌回稳。政策端释放的稳增长加码信号带动股票市场大幅反弹，A股在季末创下成交量历史新高。2024年下半年以来，内需的转弱、地产和权益的下跌以及债券市场的上涨形成了很强的逻辑链条，只有通过强大的外力才能打破这条传导链条，政策层面亦明确发出了信号，带来了市场风险偏好的反转。但市场短期如此剧烈的反弹，也显然超过了大部分人的预期。对此，在报告期内，我们在反弹过程中将部分短期缺乏基本面支持或者估值已经突破历史中值的个股进行了卖出，将仓位控制在中性水平附近；同时，考虑到当前经济基本面仍处于左侧区域，市场反弹的高度与持续性存在不确定性，我们将前期买入的高溢价率的低价转债逐步进行止盈。纯债方面，尽管长债收益率有所反弹，但考虑到股票市场的反弹可能会引发债券型基金负债端的扰动，我们基于对资金结构的担忧，仍保持观望态度，维持高资质短久期的票息策略。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:07.067Z","fund":{"_id":3000000010532,"__csrcFundId":8517,"stockCode":"010532","shortName":"广发恒信一年持有期混合(010532)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10532,"masterFundFlag":1,"lastUpdated":"2026-04-30T2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