window.pageData = {"stock":{"_id":3000000010630,"stockCode":"010630","shortName":"惠升和睿兴利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"51720000","tickerId":51720000,"name":"惠升基金管理有限责任公司"},"managers":[{"name":"孙庆","stockType":"fund_manager","stockCode":"db20663004","exchange":"fm","tickerId":1917198770},{"name":"沈亚峰","stockType":"fund_manager","stockCode":"db20901720","exchange":"fm","tickerId":192506238770}],"hotMetrics":{"fss":{"stockId":3000000010630,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.990869,"f_ins_h_s_r_c_hy":0.008498000000000006,"f_ins_h_s_r_c_1y":0.035567000000000015,"f_ind_h_s_r":0.009131,"f_ind_h_s_r_c_hy":-0.008497999999999999,"f_ind_h_s_r_c_1y":-0.035567,"f_h_a":333,"f_h_s_a":716398,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000010630,"type":"fpr","f_p_r_fys_ssc":7460,"f_p_r_fys_ssrp":0.20820485319747956,"f_p_r_m1_ssc":7589,"f_p_r_m1_ssrp":0.6706642066420664,"f_p_r_m3_ssc":7513,"f_p_r_m3_ssrp":0.9805644302449414,"f_p_r_m6_ssc":7316,"f_p_r_m6_ssrp":0.9667805878332194,"f_p_r_y1_ssc":6836,"f_p_r_y1_ssrp":0.34469641550841257,"f_p_r_y2_ssc":5902,"f_p_r_y2_ssrp":0.1145568547703779,"f_p_r_y3_ssc":4903,"f_p_r_y3_ssrp":0.5532435740514076,"f_cagr_p_r_fs_ssc":7294,"f_cagr_p_r_fs_ssrp":0.8909913615795969,"f_p_r_y5_ssc":3314,"f_p_r_y5_ssrp":0.9517054029580441},"fp":{"stockId":3000000010630,"type":"fp","f_p_r_fys":0.016961929890689786,"f_p_r_m1":0.002135760052001112,"f_p_r_m3":-0.006810233756672224,"f_p_r_m6":0.0005562766549229714,"f_p_r_y1":0.0229383886255925,"f_cagr_p_r_fs":0.014950686595255336,"f_p_r_d1":-0.0006700488178423836,"f_p_r_y2":0.10687179487179477,"f_p_r_y3":0.08812260536398453,"last_data_date":"2026-05-11T16:00:00.000Z","f_p_r_y5":0.08006405124099336},"ff":{"stockId":3000000010630,"type":"ff","f_m_f":597752,"f_m_f_r":0.007,"f_c_f":85393,"f_c_f_r":0.001,"f_m_a_c_f":683145,"f_m_a_c_f_r":0.008,"f_m_c_f_d":"2025-03-06T16:00:00.000Z","f_c_fr":0.001,"f_fr_d":"2026-03-05T16:00:00.000Z","f_m_fr":0.007,"f_mac_fr":0.008},"f_nlacan":{"stockId":3000000010630,"type":"f_nlacan","f_nv_d":"2026-05-11T16:00:00.000Z","f_nv":1.0792,"f_nv_cr":-0.0016651248843663202},"f_as":{"stockId":3000000010630,"type":"f_as","f_tas":562349765.2298,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000010633,"name":"惠升和睿兴利债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","stockCode":"010633","tickerId":10633,"shortName":"惠升和睿兴利债券C","__csrcFundId":8985,"lastUpdated":"2025-01-04T00:32:06.942Z","exchange":"jj","inceptionDate":"2021-03-22T16:00:00.000Z","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","status":"normal","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":34120902.24,"setUpShares":34120902.24,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"hshrxlzqxzqtzjj"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000010630,"stockId":1000000000001378,"holdings":100000,"marketCap":3069134,"netValueRatio":0.0048,"quarterlyChange":0.06560392397302328,"stock":{"stockCode":"01378","exchange":"hk","stockType":"company","tickerId":1378,"name":"中国宏桥"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000010630,"stockId":1000000000000883,"holdings":100000,"marketCap":2472260,"netValueRatio":0.0039,"quarterlyChange":0.3145539906103283,"stock":{"stockCode":"00883","exchange":"hk","stockType":"company","tickerId":883,"name":"中国海洋石油"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000010630,"stockId":2648,"holdings":83400,"marketCap":2303508,"netValueRatio":0.0036,"quarterlyChange":0.5622171945701355,"stock":{"stockCode":"002648","exchange":"sz","stockType":"company","tickerId":2648,"name":"卫星化学"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000010630,"stockId":1000000000000288,"holdings":250000,"marketCap":2264766,"netValueRatio":0.0036,"quarterlyChange":0.18339100346020865,"stock":{"stockCode":"00288","exchange":"hk","stockType":"company","tickerId":288,"name":"万洲国际"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000010630,"stockId":600863,"holdings":400000,"marketCap":2048000,"netValueRatio":0.0032,"quarterlyChange":0.14285714285714324,"stock":{"stockCode":"600863","exchange":"sh","stockType":"company","tickerId":600863,"name":"华能蒙电"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000010630,"stockId":600256,"holdings":300000,"marketCap":2001000,"netValueRatio":0.0032,"quarterlyChange":0.35569105691056935,"stock":{"stockCode":"600256","exchange":"sh","stockType":"company","tickerId":600256,"name":"广汇能源"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000010630,"stockId":601229,"holdings":200000,"marketCap":1982000,"netValueRatio":0.0031,"quarterlyChange":-0.01881188118811883,"stock":{"stockCode":"601229","exchange":"sh","stockType":"company","tickerId":601229,"name":"上海银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000010630,"stockId":600036,"holdings":50000,"marketCap":1966000,"netValueRatio":0.0031,"quarterlyChange":-0.042075079592597375,"stock":{"stockCode":"600036","exchange":"sh","stockType":"company","tickerId":600036,"name":"招商银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000010630,"stockId":672,"holdings":150000,"marketCap":1933500,"netValueRatio":0.0031,"quarterlyChange":-0.007698229407236856,"stock":{"stockCode":"000672","exchange":"sz","stockType":"company","tickerId":672,"name":"上峰水泥"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000010630,"stockId":601825,"holdings":200000,"marketCap":1822000,"netValueRatio":0.0029,"quarterlyChange":-0.019375672766415053,"stock":{"stockCode":"601825","tickerId":601825,"exchange":"sh","stockType":"company","name":"沪农商行"}}],"bondHoldings":[{"_id":"69e7d7456201787ae12a51e0","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000010630,"stockCode":"260401","stockName":"26农发01","holdings":500000,"marketCap":50209657,"netValueRatio":0.0792,"lastUpdated":"2026-04-21T20:00:05.197Z"},{"_id":"69e7d7456201787ae12a51e1","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000010630,"stockCode":"242580020","stockName":"25重庆三峡银行永续债01","holdings":300000,"marketCap":31009017,"netValueRatio":0.0489,"lastUpdated":"2026-04-21T20:00:05.201Z"},{"_id":"69e7d7456201787ae12a51e2","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000010630,"stockCode":"102501458","stockName":"25晋能电力MTN009","holdings":300000,"marketCap":30527329,"netValueRatio":0.0482,"lastUpdated":"2026-04-21T20:00:05.204Z"},{"_id":"69e7d7456201787ae12a51e3","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000010630,"stockCode":"212580057","stockName":"25江苏银行债04BC","holdings":300000,"marketCap":30305301,"netValueRatio":0.0478,"lastUpdated":"2026-04-21T20:00:05.208Z"},{"_id":"69e7d7456201787ae12a51e4","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000010630,"stockCode":"102485436","stockName":"24越秀集团MTN010(绿色)","holdings":300000,"marketCap":30038700,"netValueRatio":0.0474,"lastUpdated":"2026-04-21T20:00:05.212Z"}],"lastFsMetrics":{"latestTurnoverRate":0.5983751998626881,"latestTurnoverRateDate":"2025-12-30T16:00:00.000Z"}},"list":[{"_id":"69e7d57d6201787ae129f213","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","stockId":3000000010630,"sao":"一季度市场原有运行逻辑被美以伊冲突打断，超预期的战争烈度与霍尔木兹海峡的封锁对全球供应链产生了巨大扰动，进一步对物价水平、全球需求和联储货币政策的预期产生了较大扰动。但A股长牛慢牛的基础并未改变，中国先进的制造业水平、完善的产业链、多元的能源结构都提升了在全球市场中的竞争力，中国资产的吸引力在中东冲突后反而得到提升。产品权益部分主要投资于具有良好现金流水平和分红能力的上市公司股票，在波动的市场环境中展示出了一定的防御属性，并具备中长期的收益空间。","lastUpdated":"2026-04-21T19:52:29.310Z","fund":{"_id":3000000010630,"__csrcFundId":8985,"stockCode":"010630","shortName":"惠升和睿兴利债券(010630)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:57.618Z","status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","managers":[{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"},{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和睿兴利债券型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1469157","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ca7b4d7ecbd37c10afbd52","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000010630,"sao":"在经历两年的单边牛市后，2025年债市告别趋势性行情，进入宽幅震荡的新阶段。在相对低利率的环境中，全年债券收益率大致呈现“N”型走势，收益率小幅上行，10年国债收益率较2024年末上行约25bp。其中一季度市场对2024年末“适度宽松”的货币政策过度透支进行修正，叠加央行因稳汇率、防空转导致资金面收敛，短端利率上行显著。另外还有市场对宏观经济的悲观预期进行反复证伪的交易逻辑，长端利率上行至年内高点。二季度随着贸易摩擦升温及降准降息的落地，收益率快速下行，收益率下行至年内低点。三季度随着“反内卷”预期的升温还有权益市场热度上升，股债跷跷板效应明显，债市明显承压收益率进一步上行。四季度债市仍呈现弱势震荡，年末超长国债因供需矛盾及风险偏好抬升等因素影响收益率上行至年内高点。","lastUpdated":"2026-03-30T13:31:57.594Z","mo":"展望2026年，在更加积极的财政政策和适度宽松的货币政策组合下我们认为债券市场可能依旧呈现区间震荡走势。权益市场的角度，资本市场制度完善和宏观基本面的韧性有望共同支撑中国股市走入长牛慢牛。全球范围内，区域保护主义和部分主权国家的逆全球化思潮导致了局部工业品的再通胀，而国内对双碳政策、全国统一大市场的落实防止了工业品产能的扩张；产能出清的过程中，存量玩家利润提升、资本开支收窄，现金流的改善也提升了上市公司股票的资本回报能力。伴随中国经济的高质量发展和资本市场制度的完善，通过优选盈利能力优异、现金流状况良好并具备分红能力和回馈股东意愿的上市公司股票，仍有望为持有人获得稳健的投资收益。","fund":{"_id":3000000010630,"__csrcFundId":8985,"stockCode":"010630","shortName":"惠升和睿兴利债券(010630)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:57.618Z","status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","managers":[{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"},{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和睿兴利债券型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1451438","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd37fea5b3eb04e046c","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000010630,"sao":"关税事件、风险偏好等因素带来的短期风险偏好波动，实则为长期投资者提供了布局良机。本季度初，组合权益部分重点关注红利低波等机会，以期降低组合大幅波动的风险；伴随市场尾部风险得到缓释，上行趋势进一步明确，在投资布局上，后续逐渐加强对于具备长期收益空间、景气持续向上的行业的关注。","lastUpdated":"2026-03-09T13:40:35.900Z","fund":{"_id":3000000010630,"__csrcFundId":8985,"stockCode":"010630","shortName":"惠升和睿兴利债券(010630)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:57.618Z","status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","managers":[{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"},{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和睿兴利债券型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1370663","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd37fea5b3eb04e046b","date":"2025-06-29T16:00:00.000Z","stockId":3000000010630,"sao":"报告期内，组合在春节前将组合久期降至中性，并在二季度初逐步加回至中性偏高，杠杆率也加至相对高位。持仓品种以高等级信用债和超长期利率债为主，增配部分超长信用债，根据市场交易主线的变化灵活调仓，积极把握信用利差和期限利差压缩的行情，努力为投资人获得更好的收益回报。权益部分，组合在一季度控制了仓位水平，有效应对关税冲突等外部冲击；二季度以来，组合加大了权益类资产的投资，主要关注经营情况、现金流稳定、具备一定安全边际的公司。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:35.897Z","mo":"展望下半年随着基本面带动广谱利率下行，债券收益率有望打开下行空间，下半年出口增速存在回落风险，内需层面地产再度走弱，叠加近期工业品价格回落和消费价格低迷，物价压力较大，企业盈利继续承压。宽松的流动性环境下，具备较强分红能力的上市公司仍在广谱生息资产中具备估值优势和稀缺性，估值合理、经营能力和现金流稳定的品种仍是产品的主要关注方向。","fund":{"_id":3000000010630,"__csrcFundId":8985,"stockCode":"010630","shortName":"惠升和睿兴利债券(010630)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:57.618Z","status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","managers":[{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"},{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和睿兴利债券型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1342229","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd37fea5b3eb04e046a","date":"2025-03-30T16:00:00.000Z","stockId":3000000010630,"sao":"一季度利率大幅上行，起始于一月初央行四季度货币政策例会报告提到防范资金套利空转以及稳汇率相关内容。随后在二月中旬央行四季度货币政策执行报告同样指向了相同内容，并且着重谈及结构性货币政策，打击市场对降息的预期。三月两会后新闻发布会上央行行长谈及择机降息相关内容，再次推迟市场对降息时点的预期，同时整个一季度资金面始终偏紧。报告期内，债市缺乏交易机会，但组合通过灵活调节组合久期仍获得了一部分收益。权益方面，一季度A股市场高位震荡，结构性行情显著。港股录得大幅上涨，港股科技股领跑。组合一方面持续布局红利板块，另一方面通过参与AI相关板块交易机会获得了一定收益。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:35.894Z","fund":{"_id":3000000010630,"__csrcFundId":8985,"stockCode":"010630","shortName":"惠升和睿兴利债券(010630)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:57.618Z","status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","managers":[{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"},{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和睿兴利债券型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1268165","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd37fea5b3eb04e0469","date":"2024-12-30T16:00:00.000Z","stockId":3000000010630,"sao":"2024 年在基本面表现偏弱、货币政策持续放松的环境下，全年债券收益率持续下行，政金债与国债各期限收益率普遍下行约 100bp。权益市场方面，在稳定资本市场、推动经济增长的多项政策支持下，全年整体呈现上涨态势。报告期内，组合凭借长端利率债的波段交易策略，成功创造了显著的超额收益，同时通过适度仓位适时参与权益市场，也为组合净值增长做出了一定贡献。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:35.892Z","mo":"2025 年，宏观经济仍处于新旧动能切换阶段，扭转经济增速下行的局面亟需政策刺激总需求。考虑到债券市场已经对宽松货币政策有较为充分的定价，我们预计 2025 年十年期国债的运行中枢并不会比 2024 年收盘点位低太多。在权益市场方面，受益于流动性宽松，我们预计市场有望录得相对较高的整体涨幅，其中与宏观经济相关度较低且受益于政策扶持的科技板块有望领跑。","fund":{"_id":3000000010630,"__csrcFundId":8985,"stockCode":"010630","shortName":"惠升和睿兴利债券(010630)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:57.618Z","status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","managers":[{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"},{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和睿兴利债券型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1248685","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd37fea5b3eb04e0468","date":"2024-09-29T16:00:00.000Z","stockId":3000000010630,"sao":"固收方面，整个三季度由于基本面持续弱化的情况边际变化不大，市场走势主要被政策所驱动，货币政策方面，市场在7月下旬三中全会后超预期降息，在9月份大部分时间对降息预期提前交易，导致了利率可观的下行幅度，其他稳增长政策方面，之前始终处在不及预期的状态，直至9月末一系列政策组合拳集中发布，对市场产生了重大影响，引发利率快速上行，导致整个三季度利率呈现先下后上的走势。报告期内，组合通过灵活调整久期和杠杆，取得了稳定收益。权益方面，三季度市场先跌后涨，主要在于季末政策组合拳引发了未来经济复苏预期，本基金在政策组合拳出台后进行跟随加仓，取得了一定收益。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:35.889Z","fund":{"_id":3000000010630,"__csrcFundId":8985,"stockCode":"010630","shortName":"惠升和睿兴利债券(010630)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:57.618Z","status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","managers":[{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"},{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和睿兴利债券型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1170028","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd37fea5b3eb04e0467","date":"2024-06-29T16:00:00.000Z","stockId":3000000010630,"sao":"上半年宏观经济先升后降，呈现供给强、外需强、内需弱的特点，稳增长政策有进一步发力，但程度有限，且效果尚未显现，实体经济融资需求弱势与政府债供给偏慢，共同促成上半年债券市场牛市。权益市场年初在不利的宏观预期下快速下跌，但随着一系列市场支持性政策落地，走出了超跌反弹行情。报告期内，本基金通过运用久期策略、期限结构策略与个券交易策略创造了超额收益。权益方面，通过精选兼具成长性与估值水平优势的个股进行配置。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:35.886Z","mo":"宏观经济整体弱势，稳增长政策在固本培元理念指导下更加重视经济修复的质量与持续力，包括三中全会在内政策超预期概率较小，即使有所超预期，市场在学习效应下可能也并不会引发快速的预期扭转。从央行上半年与市场的沟通以及其对资金面的把控来看，下半年货币政策预计继续保持支持力度，即使测算的下半年政府债月度供给规模将比上半年翻倍，也难以引发类似去年四季度的资金面波动，为市场提供预期稳定的套息环境，银行间杠杆率有望从当前的历史低位回升，有利于全曲线利差压缩，下半年货币政策外部压力减轻确定性较大。因此我们判断下半年利率潜在上行幅度有限，下行仍有空间，利率债曲线从中端到长端有所走平。权益方面，在经济基本面现实与预期双弱格局下，难以有趋势性牛市行情，但会有超跌反弹机会以及结构性行情。","fund":{"_id":3000000010630,"__csrcFundId":8985,"stockCode":"010630","shortName":"惠升和睿兴利债券(010630)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:57.618Z","status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","managers":[{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"},{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和睿兴利债券型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1141414","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd37fea5b3eb04e0466","date":"2024-03-30T16:00:00.000Z","stockId":3000000010630,"sao":"固收方面，一季度经济基本面弱势平稳，稳增长政策中规中矩，政府债发行偏慢，资金面中性偏紧，降息降准预期强烈，农商行配置力量和其他长端利率债市场增量资金交易热情高涨，助推利率大幅下行。报告期内组合通过长端利率债灵活调节久期，获取了一部分收益。权益方面，一季度市场先跌后涨，1月下旬一度出现恐慌性抛售，随后反弹，由于经济基本面现实与预期均无明显变化，2月初开始的反弹更多属于1月大跌之后的超跌反弹，预计二季度权益市场转向震荡。报告期内组合主要在一些兼顾成长性与估值性价比的行业中进行个股挖掘。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:35.883Z","fund":{"_id":3000000010630,"__csrcFundId":8985,"stockCode":"010630","shortName":"惠升和睿兴利债券(010630)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:57.618Z","status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","managers":[{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"},{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和睿兴利债券型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1065921","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd37fea5b3eb04e0465","date":"2023-12-30T16:00:00.000Z","stockId":3000000010630,"sao":"回顾2023年行情，利率在经济基本面现实与稳增长政策带来的经济基本面预期的变化之下走出了两轮上行与两轮下行。其中，从年初到三月初为第一轮上行，主要驱动因素是全面阳康带来的经济复苏预期，22年末至2月份经济金融数据强劲回升，同时资金面收紧。从3月初两会到7月24日政治局会议为第一轮下行，主要驱动因素是两会制定经济增长目标与赤字不及预期，4月银行开始陆续下调存款利率，4月下旬开始经济数据转弱，货币政策超预期宽松。7月末政治局会议到10月末为第二轮利率上行，主要的驱动因素包括经济数据在三季度阶段性回升，7月24日政治局会议对政策定调超预期，后续一批政策推出也较为超预期，尤其是对地产的放松和1万亿特别国债，期间政府债发行提速和央行对资金套利空转的关注引起资金面超预期收紧，并引发曲线大幅走平，各期限利差被压至历史低位。10月末至年末为第二轮下行，主要驱动因素在于经济数据再次转差，跨年资金超预期宽松。股票市场则在年初疫情过后的经济复苏预期下有一轮上涨行情，之后则在宏观经济回落的大趋势下走出熊市行情。报告期内，本基金通过长端利率债交易为组合贡献了稳定的收益，并在下半年大类资产性价比偏向权益后增加了权益资产的配置。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:35.880Z","mo":"展望 2024年，利率中枢有望继续下移，主要原因在于经济动能新旧切换尚未完成的大背景下、稳增长政策注重长期、托底短期的主基调，叠加货币政策将继续宽松可能带动广谱利率下移，而过程中阶段性的稳增长政策可能对利率下行节奏产生扰动。权益市场则在整体偏弱的宏观环境下难以有持续性上涨，更多是超跌反弹行情。需要强调的是，实际投资运作过程中，应对比预测更加重要，我们将不断改进现有交易策略，继续发挥灵活优势，力争保持具有竞争力的业绩。","fund":{"_id":3000000010630,"__csrcFundId":8985,"stockCode":"010630","shortName":"惠升和睿兴利债券(010630)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:57.618Z","status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","managers":[{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"},{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和睿兴利债券型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1048643","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd37fea5b3eb04e0464","date":"2023-09-29T16:00:00.000Z","stockId":3000000010630,"sao":"三季度，利率走出先下后上的V型走势，股票市场同样先涨后跌。8月底公布的PMI连续三个月回升，9月公布的8月金融经济数据也开始边际回暖，进一步证实经济的阶段性筑底，我们在9月小幅提升了权益仓位水平。债券方面，8月降息之前我们保持偏高的组合久期，降息之后进行止盈，将组合久期下调至偏低位置。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:35.878Z","fund":{"_id":3000000010630,"__csrcFundId":8985,"stockCode":"010630","shortName":"惠升和睿兴利债券(010630)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:57.618Z","status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","managers":[{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"},{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和睿兴利债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=983270","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd37fea5b3eb04e0463","date":"2023-06-29T16:00:00.000Z","stockId":3000000010630,"sao":"上半年债市行情可以大致分为3个阶段：第一阶段从年初至2月底的“强现实强预期”阶段，1月份公布的去年12月信贷强势收官，各项高频、经济、景气数据也企稳回升，同时市场对疫情管控优化之后的经济复苏抱有很强预期，资金利率从低点向政策利率靠拢，长短端利率均明显上行。春节之后，经济复苏预期保持高位，资金利率持续收敛，短端上行更多于长端。第二阶段从3月初至4月上旬的“强现实弱预期”阶段，市场对后续进一步政策的预期减弱，期间信贷与经济数据保持强势，然而利率不上反下，3月下旬降准后，短端开始补涨。第三阶段从4月中旬至半年末的“弱现实弱预期”阶段，4月中旬开始有关存款利率调降带来的降息预期不断发酵，同时4月中下旬高频数据显示地产再度走弱，5月公布的4月及之后的经济、金融、景气数据也开始明显走弱，4月末政治局会议强调结构而非总量稳增长政策、以及后续高层对于经济复苏事态良好的多次定调，抑制市场对于政策的预期，6月降息引起利率加速下行，之后市场在新一轮稳增长政策预期和止盈需求下有所回调。上半年我们基于对宏观经济高频指标的紧密跟踪，及时察觉到经济复苏预期的转向，在两会定调今年经济增长目标后，进一步坚定对市场偏多的看法，通过高胜率的长久期债券波段交易对上半年债市行情有较好的把握。同时我们在权益市场下跌，大类资产性价比显著偏向权益之际，适度提升了权益仓位，持仓分散在计算机、医药、军工等板块。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:35.875Z","mo":"从构成经济增速各大板块来看，难以找到引发内生恢复的强劲因素。然而市场走势更取决于预期而非现实，当现实印证预期，又没有新的因素扭转预期，则行情会进一步延续，然而当新的因素足以扭转预期，则现实情况反而不再重要，当前下半年弱现实的宏观环境基本定价完成，经济增长预期将驱动市场行情延续、或是反转，而预期则主要取决于政策。对于下半年政策，地产政策的放松程度预计仍是托底属性。产业政策方面，科技创新、绿色发展、小微企业相关的政策有高概率出台，但产业政策难以扩张到全行业，在短期内难以对宏观经济产生全面影响。财政及结构性货币政策方面、预计政策性金融工具、专项债提速、PSL等政策概率较高，另外从去年至今年一季度由财政与结构性货币政策带动的基建增长对宏观经济的作用持续性并不强，同样的政策对市场和经济的冲击都将趋于减弱。货币政策方面、降息降准均可期。对于股票市场，整体宏观环境可能不利，但因为估值性价比较高，预计弱势震荡的概率最大，我们将着重关注超跌反弹机会以及行业结构性机会。","fund":{"_id":3000000010630,"__csrcFundId":8985,"stockCode":"010630","shortName":"惠升和睿兴利债券(010630)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:57.618Z","status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","managers":[{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"},{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和睿兴利债券型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=956309","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd37fea5b3eb04e0462","date":"2023-03-30T16:00:00.000Z","stockId":3000000010630,"sao":"一季度的市场可分为三个阶段，第一阶段从年初到春节前，全社会走出疫情，复苏预期上升，股市涨幅最明显，并且资金面从去年底超宽松状态回归，曲线短端到长端均上行。第二阶段以春节为起点，春节期间的数据把经济复苏预期推向顶点，股市和长端利率在春节后第一天基本同时见顶，从春节一直到3月初复苏预期处在高位横盘的状态，这个期间资金面偏紧，资金比预期紧贯穿整个2月，这一阶段短端利率上行，中长端则保持稳定，期限利差大幅压缩到2018年以来的最低。第三个阶段以两会为起点，两会扭转了市场对经济持续复苏的预期，导致中长端开启下行。以及两会前后，央行四季度货币政策执行报告以及易纲行长在新闻发布会讲话偏鸽派，再到3月中旬超量MLF和超预期降准，扭转了市场从2月以来对资金面不乐观的预期，短端开始下行，曲线走陡。报告期内组合主要通过灵活的久期策略赚取波段收益。展望下一阶段，债券方面，虽然市场对中长期经济复苏持续性和斜率的预期转弱，但鉴于当前宏观经济复苏本身的确定性，债券收益下行空间有限。权益方面，我们仍将在疫后复苏的主线下寻找投资机会，重点关注传统稳增长板块：地产、建筑、建材，以及出行链：消费、航空、酒店、旅游等。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:35.872Z","fund":{"_id":3000000010630,"__csrcFundId":8985,"stockCode":"010630","shortName":"惠升和睿兴利债券(010630)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:57.618Z","status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","managers":[{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"},{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和睿兴利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=879279","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd37fea5b3eb04e0461","date":"2022-12-30T16:00:00.000Z","stockId":3000000010630,"sao":"2022年债市整体呈现先平再涨后跌的走势，上半年市场主要在宽信用政策预期，以及落地现实所造成的预期差之间来回摇摆。三季度由于超预期的资金面宽松及地产风险事件推动市场利率下行，四季度则在资金预期收紧和防疫政策、地产政策转向的打击之下迎来显著调整，并被银行理财赎回潮所放大。权益方面，2022年美联储加息、俄乌冲突、地产风险事件、稳增长政策不及预期等多方面因素导致市场表现不佳。本报告期内本基金通过布局兼具成长性与估值性价比的板块，并运用债券策略调整组合久期一定程度上对冲了权益市场整体下跌带来的亏损。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:35.870Z","mo":"展望2023年，一季度有专项债的前置发行，制造业会受到设备更新改造等政策利好提振。流动性层面受全球经济衰退影响，美元加息周期或在一季度末之前迎来转折点，届时全球风险资产偏好或上升。但国内本次疫后修复与2020年疫后修复存在较大差异，复苏可能一波三折，2022年的疫情具有明显的长尾效应，深刻影响了居民的预期和行为，企业与居民对未来的预期和信心均不足，需要较长的时间修复。当前权益市场整体估值水平已具备较高吸引力，相对债券市场的性价比已明显上升，后市出现结构性行情的概率较大。而债券市场预计将在疫后经济复苏，以及资金面变化的来回演绎中走中枢缓慢抬升的震荡行情。","fund":{"_id":3000000010630,"__csrcFundId":8985,"stockCode":"010630","shortName":"惠升和睿兴利债券(010630)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:57.618Z","status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","managers":[{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"},{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和睿兴利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=863184","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd37fea5b3eb04e0460","date":"2022-09-29T16:00:00.000Z","stockId":3000000010630,"sao":"三季度，全球经济增速逐步放缓。俄乌冲突演变成为拉锯战、欧美通胀居不下、联储三次议息会议连续每次加息75bp、美元和美债收益率的上涨，使得全球大部分资产承压；国内经济复苏一波三折，疫情始终成为经济复苏绊脚石，房地产行业景气度持续下行，国内股市悲观气氛空前。期间国内权益市场大幅下跌，尤其半导体等成长类板块跌幅巨大。三季度以来，国内频繁出台各类稳增长政策，尤其是基建和地产政策见到了全国层面上的明显刺激，预计四季度政策效果将有所显现。对于四季度权益市场，我们仍维持谨慎乐观的看法。虽然疫情时有反复，但整体趋势趋于好转，同时市场经历大幅下跌，估值处于低位，且市场流动性充裕，一旦信心恢复，市场机会将到来。三季度，本基金权益策略风格上偏成长，期间成长类行业大幅下跌，给产品净值带来负面影响。本基金对可转债进行了结构调整，整体仓位有所降低。根据纯债市场的走势和流动性状况对部分债券进行了获利了结。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:35.867Z","fund":{"_id":3000000010630,"__csrcFundId":8985,"stockCode":"010630","shortName":"惠升和睿兴利债券(010630)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:57.618Z","status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","managers":[{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"},{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和睿兴利债券型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=811600","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd37fea5b3eb04e045f","date":"2022-06-29T16:00:00.000Z","stockId":3000000010630,"sao":"上半年，海外通胀压力持续增加，美债收益率大幅上行，国内新冠疫情反复、房地产行业投资增速下滑，叠加俄乌冲突导致的地缘政治风险以及能源危机等，资产定价受到上述因素影响而出现变化。债券市场方面，债市长短端走势分化明显，长端利率窄幅震荡，短端利率受流动性宽松影响明显下行。权益市场方面，一季度，A股市场大幅下跌，二季度在政策不断宽松信号、流动性充裕刺激下大幅反弹，但市场整体仍大幅下跌，大多数行业跌幅较大，只有能源以及新能源相关行业涨幅较大。权益操作方面，一季度，基于对市场风险的考虑，本基金降低了权益仓位，更多配置债券，一定程度上回避了市场大幅下跌的冲击。二季度我们将权益仓位提高到上限水平，在组合构建上采取稳健策略，价值和成长风格兼顾。债券操作方面，本基金债券仓位整体稳定，品种采取利率债与转债组合配置的策略，其中转债配置主要以低估值以及高分红板块为主，如银行、生猪养殖板块等。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:35.864Z","mo":"国内疫情反复仍将影响经济复苏进程，房地产行业风险仍处于持续出清状态，消费和基建将成为主要发力点。对于下半年的债券市场，需密切关注政府对经济目标实现的态度，以及增量财政工具的出台情况。宽财政需要宽货币配合，在经济恢复以及疫情得到有效控制前，货币政策难言轻易转向。我们整体对债券市场保持谨慎乐观态度，密切关注经济数据和政策变化，操作更加灵活，力争为投资者创造更多价值。对于下半年的权益市场，我们保持谨慎乐观，经济仍有一定韧性，加上政策友好、流动性充裕，A股市场的估值优势以及优秀企业的吸引力仍在。","fund":{"_id":3000000010630,"__csrcFundId":8985,"stockCode":"010630","shortName":"惠升和睿兴利债券(010630)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:57.618Z","status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","managers":[{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"},{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和睿兴利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=780265","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd37fea5b3eb04e045e","date":"2022-03-30T16:00:00.000Z","stockId":3000000010630,"sao":"本季国内宏观经济喜忧参半，社融的回升主要由政府债发行前置带动，但今年国债和地方债的计划增量相对于去年都略有减少，本季度随着12月及1月的降息以及社融的加快投放，尚存的不确定性在地产领域，后续可能仍有较大概率继续有刺激政策举措。3月以来奥密克戎影响下疫情阶段性升温，疫情升温导致防控被动升级，不仅影响到广义消费（消费和服务业），也会通过对地产销售的影响向建筑业和制造业传递。海外方面地缘政治对大宗商品和全球通胀产生影响，并在逻辑上可以通过对供应链的扰动，对全球经济复苏进程产生负面影响；乌克兰危机引发全球大宗商品飙升，叠加房地产回暖更容易形成再通胀预期，也会阶段性压制债市的做多情绪。我们对债市保持谨慎乐观的态度，整体策略以防守为主，在转债配置策略主要低估值金融板块及围绕稳增长相关的基建板块为主，部分布局弹性较大的非银金融，另外还用活跃的利率品来调节组合久期暴露以及保证组合流动性要求，为组合增厚收益。我们对权益保持谨慎态度，受上述风险因素影响，权益市场呈现明显的防御特征，A股一季度整体大幅下跌，只有少数行业如能源板块受地缘政治冲突大幅推高油价影响大幅上涨，以及稳增长受益行业如地产、建筑有正收益，其余大部分行业均大幅下跌。基于对宏观经济和市场风险的判断，本基金采取稳健偏保守的策略，低仓位运行，以平衡风格为主，选择低估值和高分红收益率方向，注重企业内在价值。经历一季度的市场大幅下跌后，我们对未来权益市场持谨慎乐观的看法。新冠疫情对经济的扰动是暂时的，疫情缓和后，经济仍然会保持增长的韧性，优秀企业的吸引力在上升，市场机会在增加。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:35.862Z","fund":{"_id":3000000010630,"__csrcFundId":8985,"stockCode":"010630","shortName":"惠升和睿兴利债券(010630)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:57.618Z","status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","managers":[{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"},{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和睿兴利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=721853","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd37fea5b3eb04e045d","date":"2021-12-30T16:00:00.000Z","stockId":3000000010630,"sao":"2021全年来看，宏观政策和疫情反复是影响各国经济增长的最重要因素，上半年受益于疫苗接种提速和各国政府推出的宽松货币政策和积极财政政策支持，全球经济复苏进程明显加快。下半年随着主要经济体逐步进入扩张周期和通货膨胀压力上升，部分国家开始逐步退出疫情期间的极度宽松政策。2021年中国经济增速8.1%，经济总体保持平稳运行。上半年经济运行积极因素较多，主要受超预期的出口增长和房地产投资增长支持；下半年面临“供给冲击、需求收缩、预期转弱”三重压力，下行压力不断加大。2021年上半年央行主要通过灵活适度的公开市场操作保持流动性合理充裕，并通过再贷款和两项直达工具，在引导货币信贷增长回到常态同时，优化信贷结构和降低融资成本。下半年，面对经济下行的三重压力，央行通过全面降准、降低公开市场政策利率、推出碳减排支持工具和清洁能源再贷款等宽松政策支持实体经济，货币市场流动性呈现偏宽松局面。2021年股票市场继续保持结构性牛市格局，但行业指数分化严重。代表大盘价值风格的上证50指数下跌10.06%，沪深300指数下跌5.20%。代表中小盘成长风格的创业板指数和中小板指数分别上涨12.02%和4.62%。报告期内，本基金权益水平维持中等，采取均衡配置策略。2021年债券市场先抑后扬，呈现牛市格局。报告期内本基金在第一季度缓步建仓，3-4月后在资金面重回宽松、债券供给不足、政策面降准降息、经济基本面持续回落等利好因素支持下，债券市场持续走强.本基金全年债券组合配置方向以高等级信用债与长久期利率债为主。进入九月份以后，对债券市场逐步转为中性，有所减持。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:35.859Z","mo":"展望2022年股票市场，预计仍是结构性行情为主，大级别指数级行情在政策没有超预期的前提下仍难以看到。展望2022年，我们对权益市场谨慎乐观。在“稳增长”政策基调下，国内政策环境对权益资产友好，权益资产的吸引力在提升。同时房地产政策微调的效果也会逐渐显现，相关产业链的投资机会也显现。我们仍采取偏均衡的行业配置策略，低估值、高分红收益率等价值风格做基础，结合景气和估值配置成长风格。近两年一直受到疫情和政策压制的“低估值”传统经济板块，譬如银行、建筑建材、家电家具与大众消费品等行业的盈利将触底恢复，同时在稳增长政策不断发力的背景下将面临较大的估值修复机会。展望2022年债券市场，西方主要央行处于加息周期，国内通货膨胀水平下半年温和回升，工业品价格虽然趋势回落但绝对水平偏高且疫情反复和地缘政治等供给冲击风险仍未消除。从经济基本面来看，如果2季度稳增长政策效果逐步显现，利率水平也存在震荡上行可能，但上升空间有限。10年国债利率回到3%以上将具备很好的长线配置价值，海外需求在通货膨胀压力下继续增长，总需求超预期的恢复将导致利率水平超预期的回升，警惕利率超预期回升带来的回调风险。信用利差方面，目前信用债券利差水平偏低，但在宽信用的政策环境和银行理财产品刚性配置需求支持下，预计信用利差仍将难以回升，如果因为流动性冲击或股票市场风险偏好回升导致信用利差回升，我们认为应该积极抓住配置窗口期。","fund":{"_id":3000000010630,"__csrcFundId":8985,"stockCode":"010630","shortName":"惠升和睿兴利债券(010630)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:57.618Z","status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","managers":[{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"},{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和睿兴利债券型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=707463","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd37fea5b3eb04e045c","date":"2021-09-29T16:00:00.000Z","stockId":3000000010630,"sao":"2021年三季度，国内经济面临一定的下行压力，外需强劲而内需相对疲软，出口为经济起到一定支撑作用，基建、投资与消费等需求仍需关注发力节奏。市场通胀方面，PPI高企而CPI保持低位，主要受目前的结构性经济特征主导，预计四季度这样的情况将有所缓解。流动性方面，同样也体现为结构性特征，产业之间分化现象较为明显。展望后续，经济结构分化将为权益市场带来一定结构性机会，市场无风险利率方面则更多可能表现震荡，后续将更关注货币与财政相关政策展开节奏。权益方面，预计整体市场的系统性风险不大，有望继续维持震荡走势，风格会更趋平衡，市场仍有结构性、细分领域和赛道的机会。特别是经历调整后，一些长期景气赛道的估值压力得以释放，投资吸引力上升。报告期内，本基金灵活管理好债券仓位和杠杆，前期增大了久期和杠杆，后期适当止盈。权益部分操作上，总体维持行业均衡配置策略，风格上兼顾了价值和成长，适度参与了上游周期品的机会，取得相对稳健的收益。后期将继续做好市场预判，为投资人带来更好的收益。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:35.856Z","fund":{"_id":3000000010630,"__csrcFundId":8985,"stockCode":"010630","shortName":"惠升和睿兴利债券(010630)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:57.618Z","status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","managers":[{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"},{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和睿兴利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=650632","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdd37fea5b3eb04e045b","date":"2021-06-29T16:00:00.000Z","stockId":3000000010630,"sao":"年初，市场对美国通胀加速形成了较强的共识，美国10年期国债利率快速上行，从年初不到1%上行到一季度末的1.75%；二季度又在多方面因素的作用下利率下行到1.4%左右，波动剧烈。国内经济在疫情期间更多的对实体经济和小微企业进行了结构性支持，同时通过金融政策对地产和地方隐形债务进行了持续的管控。因此，国内经济在我国整体疫情控制较好的基础上，一方面总量继续复苏，结构则呈现\"后疫情\"下的不平衡特征；另一方面，主要受供给的冲击，PPI不断上冲，但信用总量却不断收缩。国内无风险利率在2月份上行后逐级缓慢下行，利率债整体表现较好。报告期内，债券处于中性仓位和久期，基于新产品控制回撤风险考虑，权益仓位保持在很低水平，并以低估值高分红收益率标的为主，产品运作整体比较稳健。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:35.854Z","mo":"展望下半年，全球经济仍然处在后疫情的大背景下，美国经济继续复苏概率较大，美联储政策大概率不会急于退出，因此政策的影响可能不会有预期的大。国内经济在总量层面的修复动能和通胀预期也会边际上减弱，国内政策在美联储不会急于退出的背景下，将可能对信用总量将进行适度的对冲，结构上会进行相应的调整。因此，我们继续维持对利率债走势相对乐观的判断。下半年将逐步增加权益仓位，均衡配置，兼顾价值和成长风格。","fund":{"_id":3000000010630,"__csrcFundId":8985,"stockCode":"010630","shortName":"惠升和睿兴利债券(010630)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10630,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:24:57.618Z","status":"normal","inceptionDate":"2021-03-22T16:00:00.000Z","name":"惠升和睿兴利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和睿兴利债券","setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":181408467.16,"setUpShares":181408467.16,"pinyin":"hshrxlzqxzqtzjj","managers":[{"stockCode":"db20663004","stockType":"fund_manager","exchange":"fm","tickerId":1917198770,"name":"孙庆"},{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和睿兴利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=628093","linkType":"PDF","source":"csrc_pdf"}}]}