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静的把投资做好，等待一个美好的未来。","lastUpdated":"2026-03-09T13:41:07.256Z","fund":{"_id":3000000010775,"__csrcFundId":8421,"stockCode":"010775","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10775,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.094Z","status":"normal","name":"博时恒旭一年持有期混合型证券投资基金","shortName":"博时恒旭一年持有期混合A","exchange":"jj","inceptionDate":"2020-12-15T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时恒旭一年持有期混合","setUpDate":"2020-12-15T16:00:00.000Z","setUpAssetScale":3152928366.27,"setUpShares":3152928366.27,"pinyin":"bshxyncyqhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时恒旭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=1454978","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdf37fea5b3eb04e28e4","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000010775,"sao":"2025年三季度，债市在“反内卷”叙事带动的盈利预期好转、权益市场持续强劲带来的风险偏好回升、债基负债端担忧等多重扰动下，持续调整。其中基金配置更为集中的品种如30年国债、商业银行二永债等调整更为显著，期限利差明显走扩。全季来看，30年期国债活跃券收益率从低点最高上行40bp，最终收于2.1475%；十年期国债收益率上行15bp至1.785%；一年期国债收益率从1.33%上行至1.38%。展望后市，近期经济数据有所走弱，消费、投资、基建及社融需求均有所回落，市场担忧10月中下旬或有政策出台，但现阶段重心或在“十五五”规划编制工作上，年内政策空间或有限。关税对出口的影响、“以旧换新”政策下提前释放的消费需求、房地产市场持续的下行压力、“反内卷”对生产端的影响，都会给基本面带来一定压力。短期来看，债券市场的压力来自机构行为、监管政策和风险偏好，不过我们认为，利率中枢仍需锚定基本面和货币政策，在基本面和资金面未发生明显变化的情况下，债券收益率不具备持续上行的基础，市场更多呈现结构分化特征。且社融规模年内高点已现，后续增速或有所放缓；银行负债成本有所下降，对债券仍有较强配置需求；当前市场更关注货币政策的天平何时转向进一步宽松。债市要走出当前震荡区间，需等待核心逻辑出现转变，可能的触发因素包括：基本面继续走弱、国内降准降息及央行购债等货币宽松政策落地、公募新规落地且监管部门出台配套呵护措施。组合操作方面，本组合将继续遵循稳健投资理念，在投资策略上保持积极主动，在投资思路上坚持开放灵活，维持灵活久期、适度杠杆的操作思路。当前资金面整体平稳，信用债重点关注2-3年期的配置价值；利率债波动加大但上行空间有限，可积极把握博弈机会并加强逆向操作。三季度权益方面，市场风格极端分化，创业板指数在三季度跑赢中证红利指数接近50%，是历史上差距最大的一个季度。管理人回忆起2021年二季报时写过的一段话，市场似乎依旧是个轮回。“管理人自下而上选择了一些估值合理的优质公司进行长期持有，在二季度市场风格略显极致的情况下跑输，管理人也意识到对于高景气度行业的投资欠配，一方面在于保守，不愿意为成长支付较高的价格，另一方面也体现出认知水平还有不足。这几年的市场更注重赛道与增量，更注重成长与增长的可持续性，更注重头部企业与行业竞争格局，更注重公司的基本面与创新。管理人反思现有的投资理念没有问题，但需要在投资方法上进行一定的平衡。”","lastUpdated":"2026-03-09T13:41:07.253Z","fund":{"_id":3000000010775,"__csrcFundId":8421,"stockCode":"010775","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10775,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.094Z","status":"normal","name":"博时恒旭一年持有期混合型证券投资基金","shortName":"博时恒旭一年持有期混合A","exchange":"jj","inceptionDate":"2020-12-15T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时恒旭一年持有期混合","setUpDate":"2020-12-15T16:00:00.000Z","setUpAssetScale":3152928366.27,"setUpShares":3152928366.27,"pinyin":"bshxyncyqhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时恒旭一年持有期混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1373413","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdf37fea5b3eb04e28e3","date":"2025-06-29T16:00:00.000Z","stockId":3000000010775,"sao":"2025年一季度，债券收益率呈现先下后上的趋势，最终在3月下旬小幅修复。年初风险偏好下降，收益率惯性下行创新低；而后在风险偏好回升、股债跷跷板、资金面持续超预期紧张等影响下，收益率迅速调整；季末央行呵护资金面，配置盘入场，市场稳住。十年期国债收益率从季初的1.67%上行至季末的1.81%，一年期国债收益率从1.08%上行至1.54%。一季度，A股在1月上旬探底之后逐步回升，春节后受DeepSeek技术突破、人形机器人等科技概念推动，人工智能、云计算、半导体等板块表现强势，形成“科技为主、小盘占优”格局。港股方面，南下资金一季度净买入4300多亿港元，超过2024全年一半以上，创下历史季度净买入新高，主要流向科技互联网和消费行业，推动恒生指数同期上涨15.25%。2025年二季度，全球贸易摩擦升级，驱动市场基本面预期和货币政策的转向，从一季度的经济预期回暖、货币收紧转向全球经济不确定加大、货币宽松，期间中国央行降准50bp、降息10bp，并引导存款挂牌利率下调，带动债券收益率整体下行。叠加信贷需求一般和金融脱媒，信用利差压缩，信用品表现优于利率。30年期国债收益率从季初的2.03%下行至季末的1.86%，十年期国债收益率从1.827%下行至1.65%，一年期国债收益率从1.54%下行至1.335%。股市方面，4月初市场快速下探后逐步震荡上行。二季度港股整体表现优于A股，休闲娱乐、创新药和金融服务板块表现突出，内需相关板块相对较弱。组合的权益部分坚持了一贯的风格，在成长性、估值和股东回报三个维度选择优质股票进行配置。转债部分波段操作。纯债部分以追求票息收益为核心。后续将密切关注市场和政策的变化，积极把握收益机会。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:07.250Z","mo":"展望后市，短期看贸易谈判的拉锯战，会带来风险偏好的不确定性和波动；即便汇率层面或阶段性掣肘我国央行，但降低负债成本支持实体经济（包括存款和同业负债）是相对确定的方向。中期看，全球民粹主义回升背景下，贸易摩擦和不确定性可能反复出现，对国内经济、就业以及结构的影响是深远的。房地产整体仍在筑底，低通胀格局很难改变，海外需求也存在变数。目前债市预期了部分下半年基本面压力及宽松的预期，叠加最新货币政策例会或表明下一次政策的宽松需等一等，短期因机构行为和博弈，债券或区间震荡为主。但市场调整压力也可控，因为信贷需求一般、低通胀环境延续。此外，本轮存款挂牌利率的调降力度较大，帮助金融机构减轻净息差压力的同时，一方面现在同业负债反而较高，需要引导下行；另一方面，或阶段性有金融脱媒的压力。中期在基本面压力下债券收益率仍有望下行，信贷需求有限背景下信用债仍需重视，关注机构行为及央行动作。股市方面，市场延续震荡格局的概率较大。在新的增量政策出台之前，市场机会可能依然在红利、资源、人工智能、创新药和出海等方面。","fund":{"_id":3000000010775,"__csrcFundId":8421,"stockCode":"010775","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10775,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.094Z","status":"normal","name":"博时恒旭一年持有期混合型证券投资基金","shortName":"博时恒旭一年持有期混合A","exchange":"jj","inceptionDate":"2020-12-15T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时恒旭一年持有期混合","setUpDate":"2020-12-15T16:00:00.000Z","setUpAssetScale":3152928366.27,"setUpShares":3152928366.27,"pinyin":"bshxyncyqhhxzqtzjj","managers":[{"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nouncement":{"linkText":"博时恒旭一年持有期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=785826","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdf37fea5b3eb04e28d6","date":"2022-03-30T16:00:00.000Z","stockId":3000000010775,"sao":"今年年初，全球经济增长减速、高通胀和流动性收紧的宏观背景下，全球权益市场面临着错终复杂的运行环境。但是当时我们对A股市场相对乐观，原因是政治局会议明确提出了稳增长的目标，重提以经济建设为中心，因此我们合理预期A股将面临着基本面回暖和流动性宽松的友好环境。但是，一季度A股市场的表现大幅低于年初预期，我们认为有以下两大主要矛盾是出乎意料的。首先，2月以来俄乌冲突持续恶化，既把全球脆弱的经济进一步推向滞胀泥潭，也卷起了新一轮逆全球化思潮，预期中美关系重归紧张。其次，2月以来国内疫情多点频发，多城相继按下暂停键，“三重压力”雪上加霜，让市场怀疑稳增长的成效。站在当下，我们认为金融委会议带来了政策底，市场最恐慌的阶段已经过去，流动性危机阶段性解除，后续可能在震荡中磨出市场底。总体来看，国内稳增长目标明确且坚定，政策工具箱和操作空间有迹可循；外部环境仍面临较大不确定性，地缘政治冲突和中美关系有所缓和但并未逆转，须等待美联储加息缩表预期落地以及地缘政治不确定性的显著好转。节奏上看，市场大反弹需要等到内外部环境显著改善，内部主要跟踪疫情恢复情况、月度经济和金融数据的改善程度；外部主要跟踪地缘政治变化及加息进程。在行业选择上，二季度稳增长仍是短期市场交易主线，但经历前期普跌，多数优质成长股也出现了明显逆势布局良机。成长方向我们仍然重视碳中和主线下的增量需求、科技创新主线下的国产化、以及高端制造主线下的专精特新。但其中我们对高估值个股会更加谨慎，我们需要谨慎甄别基本面逻辑可以进一步强化、估值和增长持续性相匹配的结构性机会。同时，我们也会积极挖掘低估值方向的投资机会，我们会重视盈利能力向上的运营类资产、稳增长背景下的新老基建地产需求、以及困境反转的相关机会。稳增长方面，总量托而不举，上游成本高企，因此我们需要寻找供给侧收缩、竞争格局改善、具有成本转嫁能力的细分环节。债券方面，尽管1-2月的总量数据比较强，但从中微观的角度看，基本面下行的压力非常大，内需的主要压力来自于地产，目前看地产无论销售、拿地、新开工等关键环节显著下滑的趋势并没有得到缓解预计向后传导会明显影响地产投资和相关产业链的上下游；出口目前保持韧性，但考虑到全球疫情后复苏周期已经逐步见顶，预计下半年将面临出口韧性下降的情况，内外需的趋势都指向下行。疫情对基本面的冲击更多集中在3-4月的短期影响，但是冲击的力度比较大，预计影响全年GDP至少0.5%以上。而外部地缘政治的变局则加速了全球资源品价格的中枢抬升过程。整体看，1季度基本面呈现出类似滞涨的状态，而在资本市场上体现为股债双杀。展望2季度，预计基本面的压力会进一步加大，同时对应的政策的放松对冲力度也有望看到进一步加强。同时，考虑到今年是企业盈利的下行周期，市场对于估值和盈利的匹配度会明显严苛。固收会根据基本面和政策的节奏适度拉长久期、以及加大对波段操作的积极性。转债在1季度已经体现了一部分的估值回落，但明显依旧处在较差的盈亏比，除纯债和低估值类转债品种外，其他转债品种继续保持警惕。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:07.217Z","fund":{"_id":3000000010775,"__csrcFundId":8421,"stockCode":"010775","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10775,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.094Z","status":"normal","name":"博时恒旭一年持有期混合型证券投资基金","shortName":"博时恒旭一年持有期混合A","exchange":"jj","inceptionDate":"2020-12-15T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时恒旭一年持有期混合","setUpDate":"2020-12-15T16:00:00.000Z","setUpAssetScale":3152928366.27,"setUpShares":3152928366.27,"pinyin":"bshxyncyqhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时恒旭一年持有期混合型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=725254","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdf37fea5b3eb04e28d5","date":"2021-12-30T16:00:00.000Z","stockId":3000000010775,"sao":"2021年，在经济复苏、疫情反复、通胀预期、流动性拐点预期等多因素的交织影响下A股市场波动加剧，由于估值的极致分化，行情在食品医药、新能源、高科技、顺周期、中小市值等多板块间进行了反复的再平衡，不同风格的投资者都面临着阶段性挑战。同时，量化基金的参与改变了市场微观交易结构，进一步加剧了市场波动和情绪起伏。2021年债券市场相对2020年少了一些波折，多了一些结构性机会，走出了一轮接近50BP的小牛市，最终结果好于年初市场的一致预期。4季度宏观经济的下滑压力凸显，民企地产出现整体性的销量大幅下跌和资金链紧张，带动地产链从销 售到投资，从二级市场到土地一级市场的全面加速下滑。基本面的压力倒逼货币政策在 12 月进一步放松， 并在中央经济工作会议上确定了“稳字当头、稳中求进”的基调。在基本面下滑压力和流动性的宽松推动下， 债券市场收益率水平在 4 季度再次出现下行，同时伴随部分民企地产债品种出现信用风险暴露和价格的大幅下跌。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:07.214Z","mo":"展望2022年，稳增长成为政策的明确诉求，预计也会成为资本市场的主线。从这个角度看，首先当前利率水平可能偏低。目前利率水平对应的是实际增速低于潜在增速的状态，而在稳增长的诉求下，预计实际增速会在2022年逐步回到潜在增速附近或者略高的位置，随之会对应利率中枢的对应性调整。尽管货币政策的宽松会持续并可能进一步加码，但由于2021年的流动性宽松已经持续并且在定价中得到了比较充分地体现，这一点对于利率水平的影响在2022年会有所减弱。其次，低增长、低利率、低通胀、资产荒的宏观条件没有明显改变，权益市场仍然面临友好的运行环境、存在结构性的投资机会。中央经济工作会议强调以经济建设为中心，对总量经济的托底态度超预期，从政策、盈利、流动性各维度都将更加利好权益市场。但12月份至今股票大幅下跌，一方面是因为基金年底考核期市场博弈加剧、部分兑现收益；另一方面因为中央政策定调，到经济基本面兑现需要时间，我们可以合理预期一季度会有密集产业政策配套出台，而这或将是超额收益的重要来源。组合会保持债券部分的灵活交易以及对信用债的分散配置，在严控风险的基础上获得稳健的固收回报；权益方面，在行业选择上，成长方向我们仍然重视碳中和主线下的增量需求、科技创新主线下的国产化、以及高端制造主线下的专精特新。但其中我们对高估值个股会更加谨慎，我们需要谨慎甄别基本面逻辑可以进一步强化、估值和增长持续性相匹配的结构性机会。另外，我们也会积极挖掘低估值方向的投资机会，我们会重视盈利能力向上的运营类资产、稳增长背景下的新老基建需求、以及困境反转的相关机会。稳增长方面，我们会积极布局传统基建的建材、以及新基建的电力、算力相关领域的投资。其中，电力的供给侧投资改造需求（比如新型电力系统、信息化等）市场演绎已经比较充分，而在电力的用户侧增量需求有待进一步挖掘。信息技术方向，相比较于5G网络，算力网络建设对运营商来说是更有吸引力的选择，我们积极关注东数西算、工业互联网等环节的投资机会。","fund":{"_id":3000000010775,"__csrcFundId":8421,"stockCode":"010775","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10775,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.094Z","status":"normal","name":"博时恒旭一年持有期混合型证券投资基金","shortName":"博时恒旭一年持有期混合A","exchange":"jj","inceptionDate":"2020-12-15T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时恒旭一年持有期混合","setUpDate":"2020-12-15T16:00:00.000Z","setUpAssetScale":3152928366.27,"setUpShares":3152928366.27,"pinyin":"bshxyncyqhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时恒旭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=709550","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdf37fea5b3eb04e28d4","date":"2021-09-29T16:00:00.000Z","stockId":3000000010775,"sao":"今年以来，在经济复苏、疫情反复、通胀预期、流动性拐点预期等多因素的交织影响下A股市场波动加剧，由于估值的极致分化，行情在食品医药、新能源、高科技、顺周期、中小市值等多板块间进行了反复的再平衡，不同风格的投资者都面临着阶段性挑战。同时，量化基金的参与改变了市场微观交易结构，进一步加剧了市场波动和情绪起伏。三季度A股行情分化非常极致，受产业政策的影响非常大。在能耗双控的政策背景下，以煤炭钢铁有色为代表的供给类资产涨幅超过20%，而以消费和制造业为代表的需求类资产则大幅下跌。同时，“双减”、反垄断、共同富裕等政策的出台，大幅降低了市场风险偏好，半导体和互联网等科技股也大幅度下跌。但我依然坚定看好A股市场，我认为A股的中长期趋势没有发生改变，包含下述几个原因。首先是国家政策红利，以科创板和北交所为例，权益市场面临蓬勃发展的黄金机遇期；权益市场肩负着增加经济活力，改变融资结构，推动经济结构转型升级的重大历史使命。其次是中国资产的全球吸引力在提高，众多行业已经涌现出了一大批具有全球竞争力、具有全球定价权的优秀企业。第三，居民资金从非标、理财、房产等方向流向股票市场的趋势在加速，同时外资加配中国也未结束。四季度而言，在低增长、低利率、低通胀、资产荒的宏观背景下，股票市场仍面临友好的运行环境、存在结构性的投资机会。但是，我认为A股躺平的机会已经过去，估值难以进一步扩张，我们要从估值扩张走向盈利驱动，聚焦盈利增速大于估值扩张逻辑的板块，整体配置走向均衡。在行业选择上，成长方向我会重视碳中和主线下的增量需求、科技创新主线下的国产化、以及高端制造主线下的专精特新；低估值方向我会重视盈利能力向上的运营类资产、以及稳增长背景下的新基建需求。债券方面，3季度以来在7月超预期降准的带动下，收益率在7月出现30左右的下行，而在8月以来债市整体呈现震荡格局。从基本面来看，随着出口动力的减弱、以及在地产骤冷的影响下，后续基本面面临内外需共振的下滑压力，预计这一过程会持续到明年上半年。在基本面支撑下，收益率的上行空间被压制，但考虑到降准之后市场已经比较充分地提前反应了对基本面和流动性的预期，在当前位置下我们判断收益率进一步大幅下行的可能性不大。而在基本面压力逐步显现的同时，可以预见到4季度到明年上半年逐步会看到政策对冲的信号出现。因此从这个角度看，我们认为当前债市已经比较充分地反应了基本面和货币政策的利好，而对于后续的政策对冲和逐步开始边际宽信用还缺乏定价。我们认为在未来一段时间债市收益率会在底部区间继续震荡，而随着年底到明年上半年宽信用的逐步展开，收益率有一定程度的上行压力。基于此，我们在久期上会比较灵活而不会大幅拉长久期，同时在信用债配置上继续严控相关信用风险。转债方面，我们认为当前情况下转债性价比较低，需要等待市场给出性价比更好的时点。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:07.211Z","fund":{"_id":3000000010775,"__csrcFundId":8421,"stockCode":"010775","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10775,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.094Z","status":"normal","name":"博时恒旭一年持有期混合型证券投资基金","shortName":"博时恒旭一年持有期混合A","exchange":"jj","inceptionDate":"2020-12-15T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时恒旭一年持有期混合","setUpDate":"2020-12-15T16:00:00.000Z","setUpAssetScale":3152928366.27,"setUpShares":3152928366.27,"pinyin":"bshxyncyqhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时恒旭一年持有期混合型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=654226","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdf37fea5b3eb04e28d3","date":"2021-06-29T16:00:00.000Z","stockId":3000000010775,"sao":"上半年宏观景气度冲顶后逐步开始走弱，由于发达经济体成为疫情后的加杠杆主力，外需支撑国内基本面的韧性，国内继续紧信用的政策导向，严格约束地方城投平台和地产的加杠杆行为，而银行间流动性保持充裕，形成“宽货币、紧信用”的格局。这一格局下，企业盈利状况保持较为乐观，而市场的实际无风险利率下行，形成股债双牛的市场走势。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:07.208Z","mo":"展望后市，下半年经济景气度相比上半年有环比回落压力，但在出口的支撑下依旧将保持一定韧性。紧信用的政策风格还会延续，但流动性环境可能会在边际出现一定变化。从资产价格来看，无论权益市场的估值、还是债券市场对无风险收益率的定价，都暗含了对流动性比较乐观的预期，这一点在下半年可能出现的变化需要引起重视。权益上，我们认为机构重仓的各类高估值“茅”类标的依旧面临估值的回归过程，低估值、顺周期、以及符合十四五规划的高端制造业、芯片、新能源车等会有机会，其中2季度新能源车、芯片等已经出现比较明显的估值拔高过程，我们倾向于等待市场给予更好的估值介入机会。债券上，在当前宽货币紧信用的环境下收益率预计很难出现大幅的调整，我们会在市场波动中择机增加对组合久期的配置。","fund":{"_id":3000000010775,"__csrcFundId":8421,"stockCode":"010775","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10775,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.094Z","status":"normal","name":"博时恒旭一年持有期混合型证券投资基金","shortName":"博时恒旭一年持有期混合A","exchange":"jj","inceptionDate":"2020-12-15T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时恒旭一年持有期混合","setUpDate":"2020-12-15T16:00:00.000Z","setUpAssetScale":3152928366.27,"setUpShares":3152928366.27,"pinyin":"bshxyncyqhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时恒旭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=633381","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdf37fea5b3eb04e28d2","stockId":3000000010775,"sao":"年初以来，基本面延续了20年以来复苏的趋势，从特征上看，价格信号逐步开始成为主线，这其中既有周期性复苏的推动，也有来自于全球供求两端复苏节奏错位的影响。从资本市场的表现看，权益市场出现剧烈的风格极致化演绎和切换，从一些定量指标来看，去年下半年以来的大小盘分化在去年12月到今年春节前进入极致化演绎，极致的程度超出之前任何一次历史经验，伴随而来的是春节后骤然的风格切换和强弱转换。债市则保持在震荡的状态，收益率中枢的波动目前缺乏趋势性，信用风险的防控成为市场主线。在一季度中，组合在权益上逐步卖出各类高估值品种并切换到低估值顺周期，比较好地控制住了市场波动带来的业绩回撤，债券配置则保持了短久期突出票息收益的风格，整体而言组合运作较为稳健。展望后市，预计基本面在价格信号带动下的复苏驱动和企业盈利改善还将持续，市场比较担心并且在定价基本面后续的回落，我们认同基本面的边际强度在降低，但我们认为市场可能低估了基本面的韧性，目前无论从权益市场的周期品定价还是债市的长端定价，我们认为对于基本面的韧性、对于通胀的潜在压力、以及对于流动性边际上的进一步收紧缺乏定价。在权益上我们会继续坚决规避高估值的各类白马股，坚持安全边际之上的低估值和顺周期风格；债市则继续以防守的久期配置来等待更好的配置时点。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:07.206Z","fund":{"_id":3000000010775,"__csrcFundId":8421,"stockCode":"010775","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10775,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.094Z","status":"normal","name":"博时恒旭一年持有期混合型证券投资基金","shortName":"博时恒旭一年持有期混合A","exchange":"jj","inceptionDate":"2020-12-15T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时恒旭一年持有期混合","setUpDate":"2020-12-15T16:00:00.000Z","setUpAssetScale":3152928366.27,"setUpShares":3152928366.27,"pinyin":"bshxyncyqhhxzqtzjj","managers":[{"stockCode":"8801418684","stockType":"fund_manager","exchange":"fm","tickerId":1016167230,"name":"静鹏"}]},"announcement":{"linkText":"博时恒旭一年持有期混合型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=572711","linkType":"PDF","source":"csrc_pdf"}}]}