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00000010819,"__csrcFundId":8438,"stockCode":"010819","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10819,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:38.135Z","status":"normal","name":"安信稳健回报6个月持有期混合型证券投资基金","shortName":"安信稳健回报6个月混合(010819)","exchange":"jj","inceptionDate":"2020-12-21T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健回报6个月混合","setUpDate":"2020-12-21T16:00:00.000Z","setUpAssetScale":344491638.55,"setUpShares":344491638.55,"pinyin":"axwjhb6gycyqhhxzqtzjj","managers":[{"stockCode":"db20533239","stockType":"fund_manager","exchange":"fm","tickerId":2613170350,"name":"张明"},{"stockCode":"db20593219","stockType":"fund_manager","exchange":"fm","tickerId":2510212710,"name":"应隽"}]},"announcement":{"linkText":"安信稳健回报6个月持有期混合型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1469608","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69c619f75315f995c600a76b","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-26T16:00:00.000Z","stockId":3000000010819,"sao":"本产品的投资策略是坚持自下而上的投资选股，在充分研究公司商业模式、竞争优势、公司成长空间和行业竞争格局的背景下，结合估值水平，在“好价格”下买入并持有“好公司”，希望长期获得估值均值回归和企业内在价值增长的收益。　　2025年国内经济平稳增长，全年国内生产总值突破140万亿，同比增长5%。工业增加值同比增长5.9%，社零总额突破50万亿，同比增长3.7%。房地产市场依然相对低迷。短期中美贸易摩擦有阶段性缓和迹象，但仍需持续跟踪。物价水平方面，CPI全年持平，核心CPI同比回升，PPI同比下降。各类商品价格表现不一，黄金价格一路走高，煤炭原油震荡调整，下游猪肉价格低位震荡。10年期国债收益率全年有所上升，但仍处于相对低位，人民币兑美元汇率全年有小幅升值。　　2025年股票市场多数指数均有明显上涨，中小微和创业板表现亮眼。中证红利表现相对低迷，全年成长风格明显好于价值风格。分行业来看，有色、通信、电子等行业表现较好，食品饮料、煤炭等表现较弱。　　报告期内我们继续看好低估值、高盈利、高股息板块的投资机会。主要集中在金融、煤炭、建筑建材、纺织服饰、交运、家电等行业的公司。　　债券市场方面，2024年底至2025年初，债市利率的快速大幅下行是对货币政策宽松和基本面走弱的提前抢跑，2025年此预期有所修正，利率整体呈现“低位宽幅震荡，中枢抬升”的特点，10年期国债收益率在1.60%至1.90%区间内震荡，主要影响因素包括中美贸易谈判进程、权益市场上涨提升投资者风险偏好、“反内卷”政策推升通胀预期等。从利率债曲线形态看，10年以上品种收益率上行幅度更大。信用债方面，受益于较为稳定的资金利率和机构配置需求，2025年信用债的整体表现优于利率债，信用利差明显压缩。转债市场保持强势表现，中证转债指数全年上涨18.66%，期间屡创近10年新高，绝大多数转债取得正收益。其中，中低评级、中小盘的转债表现好于高评级、大盘的转债，股性转债表现好于债性转债。本基金的债券持仓以优质信用债和利率债为主，一季度整体久期较短，二季度伴随资金利率下行提高了产品久期，同时对上涨较多的转债进行了减仓。三季度因债券波动性大幅提升，产品适当降低了久期；转债仓位也有所降低。四季度保持较低久期，适当提高了转债占比。","lastUpdated":"2026-03-27T05:47:35.392Z","mo":"2026年的市场展望上，我们认为2026年作为十五五的开局之年，宏观经济与股票市场大概率仍将以稳为主，股票市场的投资者情绪在没有显著外力作用下可能会延续当前的趋势。从近期中央经济工作会议的公告来看，2026年政策面是继续积极的财政政策和适度宽松的货币政策。财政政策主要聚集扩大内需和鼓励科技创新为主要抓手，货币政策方面，流动性会保持适度宽松。　　从中期维度来看，当前沪深300指数PE与PB处于2011年以来平均值以上，上市公司盈利能力处于相对底部位置，部分行业优秀公司盈利未来大概率有底部修复机会。我们关注的大盘价值类股票有相当部分估值还处于历史较低位置，部分中小微盘股票估值已到偏贵位置，市场结构性分化依然明显。从PB-ROE选股框架来看，全市场样本股PB估值中位数相比于这些公司过去3年平均ROE来说已偏贵，这里隐含大家对多数上市公司未来3-5年盈利能力有相对乐观的预期。从股债收益率的比较来看，十年期国债收益率处于相对低位，而中证红利指数为代表的一批大盘价值类公司股息率仍有吸引力。港股市场经历了最近2年的上涨后，AH溢价指数有收窄，总体性价比有所降低，但部分行业由于关注度较低的原因依然有低估值价值类股票可供挖掘。　　本基金后续的债券持仓仍以优质债券为主，不进行信用下沉，保持持仓债券较好的流动性。视权益市场和转债估值情况调整可转债比例，注重标的安全边际，寻找业绩向好的行业或标的。","fund":{"_id":3000000010819,"__csrcFundId":8438,"stockCode":"010819","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10819,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:38.135Z","status":"normal","name":"安信稳健回报6个月持有期混合型证券投资基金","shortName":"安信稳健回报6个月混合(010819)","exchange":"jj","inceptionDate":"2020-12-21T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健回报6个月混合","setUpDate":"2020-12-21T16:00:00.000Z","setUpAssetScale":344491638.55,"setUpShares":344491638.55,"pinyin":"axwjhb6gycyqhhxzqtzjj","managers":[{"stockCode":"db20533239","stockType":"fund_manager","exchange":"fm","tickerId":2613170350,"name":"张明"},{"stockCode":"db20593219","stockType":"fund_manager","exchange":"fm","tickerId":2510212710,"name":"应隽"}]},"announcement":{"linkText":"安信稳健回报6个月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=1448107","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdff7fea5b3eb04e34d0","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000010819,"sao":"三季度国内经济运行保持平稳，PMI数据三季度仍低于50%区间，工业增加值同比表现稳定。房地产市场方面，一线城市限购政策有进一步放松，而地产销售继续走弱，全国层面二手房价格仍处于下行趋势。三季度各地受以旧换新补贴资金到位影响，社零消费增速有所放缓。中美马德里经贸会谈达成框架共识，出口整体由于外部冲击缓和保持一定韧性。三季度各类商品价格表现分化，其中黄金价格继续走势强劲，煤炭、碳酸锂等产品价格底部反弹，布伦特原油价格在65-70美元/桶震荡，下游猪肉价格下跌明显。　　我们的股票投资一直坚持自下而上的投资思路，在充分研究公司商业模式、竞争优势、公司成长空间和行业竞争格局的背景下，结合估值水平，在“好价格”下买入并持有“好公司”，长期获得估值均值回归和企业内在价值增长的收益。　　2025年三季度，股票市场上涨明显，创业板指数表现较好，红利类股票表现较弱。分行业来看，三季度通信、电子、电力设备、有色等行业表现较好，银行、公用事业、交运、石油石化等行业表现较差。　　从近期股票市场态势来看，我们认为市场情绪非常活跃，9月A股成交额创历史单月新高，突破50万亿元，三季度A股成交额创历史单季度新高，突破135万亿元。从中期维度来看，当前沪深300指数PE与PB已回到历史平均值以上。我们关注的一些大盘价值类股票估值还处于历史较低位置，部分中小微盘股票估值已到偏贵位置，市场结构性分化明显。从PB-ROE选股框架来看，全市场样本股PB估值中位数相比于这些公司过去3年平均ROE来说已偏贵，这里隐含大家对多数上市公司未来3-5年盈利能力相对乐观的预期。从股债收益率的比较来看，十年期国债收益率处于相对低位，而中证红利指数为代表的一批大盘价值类公司股息率仍有吸引力。　　三季度我们持仓组合的净值走势相比沪深300指数明显偏弱，我们认为主要还是市场风格因素导致的。短期大家对科技、医药、新能源等成长性板块关注较多，导致相关领域股票价格上涨明显。我们的投资框架更多基于对被投资公司底层资产的长期盈利的确定性与当前估值的匹配程度来筛选符合我们投资性价比的标的。我们关注的公司通常从一个产业周期的维度（通常是4-5年），中性预期这些公司能够给我们带来的回报相比于当前付出的成本是否划算。这种回报通常来源于2个方面，一是企业盈利带来的公司内在价值提升，二是股票市场估值的均值回归。这些回报在短期时间维度上往往具有不可预测性，但我们希望在中长期维度上具有较高确定性。　　另外，三季度港股市场也有明显上涨，其中科技互联网、医药等相关个股上涨明显。三季度AH溢价指数继续收敛，目前已处于历史平均位置。目前我们组合中依然有一批港股相对性价比好于A股，我们会按照既定框架动态调整AH股持仓比例，例如当AH两地上市的公司，如果港股折价比例明显收敛后，如果我们继续看好该公司投资价值，则会相应减少其港股投资比例并加大A股持仓。　　债券方面，三季度央行货币政策保持流动性合理充裕的基调，资金面整体均衡偏宽松。但由于治理行业内低价无序竞争的“反内卷”政策持续推进，引发通胀中枢抬升的预期。国内股市表现较好，财富效应明显，投资者的风险偏好明显提升，资金从债市转向股市，出现明显的“跷跷板”效应。转债市场三季度延续强势表现，中证转债指数上涨9.43%，多数转债表现好于正股。　　本基金债券仓位仍以利率债和优质信用债为主，三季度因债券波动性大幅提升，产品适当降低了久期；转债仓位也有所降低。展望后市，经济仍处于结构性调整阶段，修复需要时间，且四季度由于基数效应影响，稳增长压力有所提升。美联储重启降息后，我国央行货币政策的空间进一步打开，资金利率大概率延续宽松，财政政策也可能继续发力。我们将视市场风险偏好变化和资金情况动态调整产品杠杆，注重产品的流动性管理，适当加大交易性仓位比重。对债市长期走势的判断将重点关注资金利率、经济基本面的改善情况、中美贸易博弈进程等相关指标。","lastUpdated":"2026-03-09T13:41:19.262Z","fund":{"_id":3000000010819,"__csrcFundId":8438,"stockCode":"010819","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10819,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:38.135Z","status":"normal","name":"安信稳健回报6个月持有期混合型证券投资基金","shortName":"安信稳健回报6个月混合(010819)","exchange":"jj","inceptionDate":"2020-12-21T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健回报6个月混合","setUpDate":"2020-12-21T16:00:00.000Z","setUpAssetScale":344491638.55,"setUpShares":344491638.55,"pinyin":"axwjhb6gycyqhhxzqtzjj","managers":[{"stockCode":"db20533239","stockType":"fund_manager","exchange":"fm","tickerId":2613170350,"name":"张明"},{"stockCode":"db20593219","stockType":"fund_manager","exchange":"fm","tickerId":2510212710,"name":"应隽"}]},"announcement":{"linkText":"安信稳健回报6个月持有期混合型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1372053","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdff7fea5b3eb04e34cf","date":"2025-06-29T16:00:00.000Z","stockId":3000000010819,"sao":"上半年国内经济总体平稳运行，上半年GDP同比增长5.3%，总体经济动能二季度相比一季度边际有所放缓，但仍在合理区间内。制造业PMI数据二季度相比一季度有所走弱，房地产市场销售总体有所走弱。上半年社零消费总额同比增长5%，国内“618”电商消费略好于预期，上半年以旧换新消费补贴发放进度超预期。短期中美关税贸易谈判进程、中东以伊冲突等国际事件对国内股票市场依然会有阶段性冲击。我们判断下半年国内总量经济政策大概率会保持延续，维持积极的财政和适度宽松的货币政策。上半年各类商品价格表现不一，黄金价格冲高震荡，煤炭价格下跌后有企稳迹象，布伦特原油价格总体在60-70美元间震荡，下游猪肉价格低位震荡。上半年整体PPI，CPI维持在相对弱势的区间，十年期国债收益率上半年先上后下，总体处于相对低位，人民币兑美元汇率有小幅升值。　　本基金的股票投资策略是坚持自下而上的投资选股，在充分研究公司商业模式、竞争优势、公司成长空间和行业竞争格局的背景下，结合估值水平，在“好价格”下买入并持有“好公司”，希望长期获得估值均值回归和企业内在价值增长的收益。　　2025年上半年股票市场震荡分化，中证2000、微盘股指数表现相对较好，中证红利、沪深300指数表现较弱。分行业来看，上半年有色、银行、军工、传媒等行业表现较好，煤炭、食品饮料、房地产、石油石化等行业表现较差。报告期内，我们持续看好低估值、高盈利、高股息板块的投资机会，主要集中在银行、煤炭、建筑建材、纺织服饰、交运、家电等行业的公司。　　债券方面，2024年底中央经济工作会议提出“适时降准降息”，市场机构对2025年一季度持有较强的降息预期，债券利率快速下行。但一季度央行并无降准降息操作，同时资金利率一直维持在较高水平，前期“抢跑”所造成的利率下行逐步被修正，债券利率明显回调。二季度受美国加征“对等关税”影响，债券利率呈现快速下行后的震荡态势。资金利率中枢大幅下行，央行开展降准降息操作，OMO利率、1年和5年期LPR分别调降10bp，并下调金融机构存款准备金率0.5个百分点。信用债表现优于利率债，信用利差震荡收窄。转债市场上半年延续强势表现，中证转债指数上涨7.02%，期间创近10年新高，绝大多数转债取得正收益。上半年中低评级、中小市值的转债表现好于高评级、大市值的转债，债性转债表现好于股性转债。本基金债券仓位仍以利率债和优质信用债为主要投资方向，一季度整体久期较短，二季度伴随资金利率下行提高了产品久期，同时对上涨较多的转债进行了减仓。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:19.257Z","mo":"股票方面，我们总体判断市场后续仍将震荡为主，结构性机会较多。在此过程中，我们希望利用市场错误定价的机会积极捕捉投资收益。从中期维度来看，当前市场中大盘价值类股票估值总体处于历史较低位置，部分中小盘股票今年以来上涨明显，估值基本已回到中枢位置。从股债收益率的比较来看，十年期国债收益率处于历史低位，而以沪深300指数和中证红利指数为代表的一批大盘价值类公司股息率具有不错的吸引力。　　对于大小盘股票的投资价值比较，我们认为可以从估值和盈利两个维度来看。估值层面，我们看到中小微盘个股估值总体高于大盘类股票，主要得益于市场流动性相对充裕，无风险利率处于低位。盈利层面，中小微盘个股的盈利质量和稳定性由于竞争优势原因总体不如大盘类的股票，许多中小盘个股长期复合的ROE小于10%，但自下而上来看，由于中小微盘股数量众多，行业分布广泛，部分行业的中小盘股票阶段性向上盈利增速可能非常迅速，导致阶段性股票价格表现十分亮眼，而大盘类股票多数受制于宏观经济或者行业总需求向上的弹性不足影响，导致业绩短期较难看到快速增长机会。总体而言，我们对于大小盘股票间的投资比较需要平衡公司长期盈利增长前景的可持续性、可预测性和当前估值位置的安全边际去综合判断，需要更多的自下而上认知深度积累。　　另外，上半年港股市场明显上涨，其中创新药、新消费相关个股上涨明显，国内资金通过港股通继续流入港股市场。上半年AH溢价指数小幅收敛，但该指数仍处于历史平均偏高位置。我们重点关注的港股估值相比A股依然具有一定吸引力，后续我们会基于投资性价比动态调整A&H股票持仓占比。　　债券方面，从央行二季度货币政策委员会例会的表述看，货币政策基调延续“适度宽松”和“加强逆周期调节”，在降准降息落地后对于货币政策工具的表述调整为“灵活把握政策实施的力度和节奏”。基本面修复需要时间确认，政策强刺激的必要性有所减弱，继续以时间换空间，推进高质量发展的可能性提升，资金利率大概率延续宽松。我们将视资金情况动态调整产品杠杆，注重产品的流动性管理，适当加大交易性仓位比重。对债市长期走势的判断将重点关注资金利率、经济基本面的改善情况、一线房地产价格变化等相关指标。","fund":{"_id":3000000010819,"__csrcFundId":8438,"stockCode":"010819","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10819,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:38.135Z","status":"normal","name":"安信稳健回报6个月持有期混合型证券投资基金","shortName":"安信稳健回报6个月混合(010819)","exchange":"jj","inceptionDate":"2020-12-21T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健回报6个月混合","setUpDate":"2020-12-21T16:00:00.000Z","setUpAssetScale":344491638.55,"setUpShares":344491638.55,"pinyin":"axwjhb6gycyqhhxzqtzjj","managers":[{"stockCode":"db20533239","stockType":"fund_manager","exchange":"fm","tickerId":2613170350,"name":"张明"},{"stockCode":"db20593219","stockType":"fund_manager","exchange":"fm","tickerId":2510212710,"name":"应隽"}]},"announcement":{"linkText":"安信稳健回报6个月持有期混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1338553","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdff7fea5b3eb04e34ce","date":"2025-03-30T16:00:00.000Z","stockId":3000000010819,"sao":"一季度国内经济运行总体符合我们年初的预期，制造业PMI最近2个月维持在50以上，工业增加值前两个月保持稳健增长，3月两会政策延续了去年底政治局会议精神，具体表述方面GDP增长目标设定为5%左右，财政政策更加积极有为，加大逆周期调节力度，提高财政赤字率、增加特别国债发行、扩大地方政府专项债券规模等措施将有效增强政府调控能力，为经济发展提供有力的资金支持。产业政策方面继续鼓励扩大内需消费与加强人工智能等科技创新产业发展。一季度国内地产销售好于年初悲观预期，总体呈现销量走势好于价格走势、二手房好于新房销售、一线城市好于三四线。一季度海外地缘政治影响主要有两点，一是美国总统特朗普1月上任以后针对中国提高关税壁垒，符合大家之前预期，预计后续中美之间在包括贸易、科技等领域的利益博弈还将持续；二是俄乌冲突有望走向和解，可能会对全球经济特别是大宗商品、航运等产生影响。　　2025年一季度股票市场总体震荡分化，小微盘股表现较好，沪深300略有下跌，红利类股票表现较弱。分行业来看一季度有色、汽车、机械、计算机等行业表现较好，煤炭、商贸零售、石油石化、建筑装饰等行业表现较差。短期来看一季度市场指数震荡调整，但也有明显结构性亮点，以AI、机器人为代表的先进科技制造板块表现较好，我们判断主要是受益于DeepSeek横空出世以及春晚机器人的表演引发大家对这些板块未来成长前景的看好。一季度产品的股票仓位有所降低，持股上以A股及港股高股息类个股为主。近期上市公司陆续披露2024年年报，4月将披露2025年一季报，我们预计重点跟踪的公司股价与业绩关联性开始增强。从中期维度来看，当前股票市场估值总体处于历史平均偏低位置。2025年随着宏观政策的力度加大，我们能够看到有更多优秀上市公司业绩触底回升，我们继续坚持精选细分行业优秀公司，力求从考虑未来2-3年业绩增长确定性的角度来挖掘当前估值具有性价比的公司。　　债券方面，2024年底中央经济工作会议提出“适时降准降息”，市场机构对2025年一季度持有较强的降息预期，债券利率快速下行。但一季度央行并无降准降息操作，同时资金利率一直维持在较高水平，较高的资金利率中枢使得多品种债券利率低于资金利率，形成倒挂。一季度债券供给量较大，同时部分经济指标呈现企稳回升态势，市场机构的降息预期有所减弱，前期“抢跑”所造成的利率下行逐步被修正，债券利率开始上行。由于交易较为拥挤，在此过程中债市波动性明显增大，债券曲线呈平坦化上行趋势，短端利率上行幅度大于长端，利率中枢明显抬升。信用债表现优于利率债，信用利差震荡收窄。转债市场一季度表现较为强势，中证转债指数上涨3.48%，小盘转债优于大盘转债。　　本基金债券仓位仍以利率债和优质信用债为主要投资方向，一季度整体降低了久期，主要关注1-5年利率债与3年期高等级信用债的交易性机会。可转债仓位有所降低，偏向于平衡型转债。展望后市，从央行的表态来看，在经济企稳回升的过程中货币政策适度宽松基调未变，债市在修复之前的“抢跑”行情后也将逐步回归经济基本面定价。由于基本面修复需要时间确认，且过程中有反复是正常状态，因此利率可能仍有较大幅度波动。我们将视资金情况动态调整产品杠杆，注重产品的流动性管理，适当加大交易性仓位比重。对债市长期走势的判断将重点关注经济基本面的改善情况、一线房地产价格变化，以及通胀等相关指标。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:19.254Z","fund":{"_id":3000000010819,"__csrcFundId":8438,"stockCode":"010819","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10819,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:38.135Z","status":"normal","name":"安信稳健回报6个月持有期混合型证券投资基金","shortName":"安信稳健回报6个月混合(010819)","exchange":"jj","inceptionDate":"2020-12-21T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健回报6个月混合","setUpDate":"2020-12-21T16:00:00.000Z","setUpAssetScale":344491638.55,"setUpShares":344491638.55,"pinyin":"axwjhb6gycyqhhxzqtzjj","managers":[{"stockCode":"db20533239","stockType":"fund_manager","exchange":"fm","tickerId":2613170350,"name":"张明"},{"stockCode":"db20593219","stockType":"fund_manager","exchange":"fm","tickerId":2510212710,"name":"应隽"}]},"announcement":{"linkText":"安信稳健回报6个月持有期混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1266604","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdff7fea5b3eb04e34cd","date":"2024-12-30T16:00:00.000Z","stockId":3000000010819,"sao":"2024年，我国经济整体处于弱修复的进程中，稳增长政策持续发力，财政加力增效，货币积极配合。经济结构来看，整体是工业生产与对外贸易表现较好，居民消费、房地产等内需板块延续偏弱格局。9月以来，政策“稳信心”、“防风险”、“促消费”效果有所显现，制造业PMI回到荣枯线以上水平。资本市场来看，股市围绕经济复苏的力度与节奏存在不确定性波动，风格与板块之间有所轮动。债券市场则在货币政策的支持下，全年大部分时间均有相对强势的表现，仅在个别时点有所波动。全年来看，债券市场流动性整体维持在适度宽松水平，各个关键期限的国债收益率均有较大幅度的下行，1年、10年与30年国债分别下行约100bp、88bp与91bp至1.08%、1.68%与1.91%。　　债券资产方面，本基金增加3年信用债持仓，辅以利率债波段交易，维持组合流动性的同时增厚收益。含权资产方面，可转债及股票仓位有所降低，持股上以A股及港股高股息类个股为主，可转债偏向于平衡型转债。","declarationDate":"2025-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:19.251Z","mo":"展望未来一段时间，2025年中国经济有望在逆周期政策持续发力下，修复社会预期，逐步呈现企稳回升格局。预计货币政策方面货基延续支持性的取向，体现为维持适度宽松的流动性环境，降准降息均有空间。对于债券市场来说，2024年末行情有所抢跑，后续可能阶段性出现一定的反复，但仍处于广谱利率降低、广义基金扩容的阶段，收益率或维持在相对较低水平，波动率可能小幅增加，但大幅上行风险或许不大。未来组合将关注中短端中高评级利差优势更为确定的信用债，关注红利风格、先进制造业及科技类个股与平衡型转债个券。","fund":{"_id":3000000010819,"__csrcFundId":8438,"stockCode":"010819","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10819,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:38.135Z","status":"normal","name":"安信稳健回报6个月持有期混合型证券投资基金","shortName":"安信稳健回报6个月混合(010819)","exchange":"jj","inceptionDate":"2020-12-21T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健回报6个月混合","setUpDate":"2020-12-21T16:00:00.000Z","setUpAssetScale":344491638.55,"setUpShares":344491638.55,"pinyin":"axwjhb6gycyqhhxzqtzjj","managers":[{"stockCode":"db20533239","stockType":"fund_manager","exchange":"fm","tickerId":2613170350,"name":"张明"},{"stockCode":"db20593219","stockType":"fund_manager","exchange":"fm","tickerId":2510212710,"name":"应隽"}]},"announcement":{"linkText":"安信稳健回报6个月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=1246629","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdff7fea5b3eb04e34cc","date":"2024-09-29T16:00:00.000Z","stockId":3000000010819,"sao":"2024年三季度，经济基本面整体平稳运行，出口维持景气是一大亮点，但居民消费、基建与地产等内需板块延续偏弱的格局，工业品价格增速仍处于负值区间。央行有降息降准操作，并通过净买入国债操作维持了相对宽松的货币环境。债券市场整体处于充裕的流动性环境、偏弱的基本面预期，收益率震荡下行，10期年国债收益率突破历史低点。相应A股呈现了较为普遍的下跌，内需相关的个股受到国内需求较弱的影响，进一步下探。不过，在季度即将结束的最后几天，国家出台了提振经济和资本市场的重要政策，给市场注入了强大的信心，预期上市场充满了期待，上证指数出现了罕见的连续大涨，逆转了之前近一个季度的跌幅，国债收益率也从低点走高。三季度整体看1年期国债下行约17bp至1.37%，10年期国债收益率先下后上，三季度整体下行约5bp至2.15%，30年期国债相应下行约7bp至2.36%。　　债券资产方面，本基金在三季度内继续增加利率债配置和波段交易。权益资产方面，本基金仓位有所增加，结构上港股的仓位不变，继续增加了A股高股息类及金融类个股。可转债方面仓位维持，偏重于科创板各行业中平衡型转债。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:19.249Z","fund":{"_id":3000000010819,"__csrcFundId":8438,"stockCode":"010819","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10819,"masterFundFlag"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城投债券利差收窄明显。权益市场先升后降，全年下跌，整体幅度不大，但波动较大，上证指数下降3%，其中代表科技的科创50指数下跌14%，恒生科技指数下跌8%。　　组合维持均衡配置的思路，组合主要持有国债以及高等级信用债，为组合积累票息收益。权益方面组合港股资产和A股资产均衡配置，以价值型股票为主，主要配置在制造业和建筑类等行业个股上，期间有一定减仓，试图为产品在相对较低的回撤水平下保留获取收益的可能性。可转债方面则总体有少量绝对回报。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:19.233Z","mo":"展望2024年，我们认为从去年我国经济在应对较大的外部压力和化解内部风险点、堵点上取得的成绩来看，我国经济有较强的韧性，高质量发展的顶层设计和防范化解重大风险的系列举措都将继续助力经济结构的长远健康发展，整体上延续稳中有进的复苏态势。我们认为2024年政策层面会有进一步的财政、货币政策组合出台，较为宽松的货币环境仍然可期，期限利差有可能从当前较低的水平上有所扩大。不确定因素方面仍需关注美国通胀演化的进程、海外需求变化及地缘政治对我国出口的影响。　　未来组合将关注票息优势更为确定的高等级短久期信用债以及中短端期限利差优势更为确定的利率债。权益资产继续保持制造业上的配置，积极发掘优质个股，争取取得更多的超额收益。","fund":{"_id":3000000010819,"__csrcFundId":8438,"stockCode":"010819","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10819,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:38.135Z","status":"normal","name":"安信稳健回报6个月持有期混合型证券投资基金","shortName":"安信稳健回报6个月混合(010819)","exchange":"jj","inceptionDate":"2020-12-21T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健回报6个月混合","setUpDate":"2020-12-21T16:00:00.000Z","setUpAssetScale":344491638.55,"setUpShares":344491638.55,"pinyin":"axwjhb6gycyqhhxzqtzjj","managers":[{"stockCode":"db20533239","stockType":"fund_manager","exchange":"fm","tickerId":2613170350,"name":"张明"},{"stockCode":"db20593219","stockType":"fund_manager","exchange":"fm","tickerId":2510212710,"name":"应隽"}]},"announcement":{"linkText":"安信稳健回报6个月持有期混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1050245","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdff7fea5b3eb04e34c8","date":"2023-09-29T16:00:00.000Z","stockId":3000000010819,"sao":"2023年三季度债券市场呈现小幅回调格局，股票市场表现仍然相对较弱。具体来看，三季度末债券收益率震荡上行，1年国债上行29.5bp至2.17%，10年国债上行4bp至2.68%。股票方面，沪深300回报率录得-3.98%，中证500回报率录得-5.13%。　　宏观层面，国内经济景气度总体回暖，PMI连续4个月回升，工业生产边际企稳。目前地产需求偏弱，但居民消费有所恢复。政策方面持续发力，房地产优化调整与财政加力提效等政策密集发布。货币政策积极配合，央行通过降准等操作为国债发行和实体经济融资助力，体现了央行精准有力逆周期调控的特点。　　本基金操作方面，债券组合主要持有利率债和高等级信用债。权益方面本季度组合调整了个股和可转债仓位，可转债有一定的波段操作。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:19.226Z","fund":{"_id":3000000010819,"__csrcFundId":8438,"stockCode":"010819","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10819,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:38.135Z","status":"normal","name":"安信稳健回报6个月持有期混合型证券投资基金","shortName":"安信稳健回报6个月混合(010819)","exchange":"jj","inceptionDate":"2020-12-21T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健回报6个月混合","setUpDate":"2020-12-21T16:00:00.000Z","setUpAssetScale":344491638.55,"setUpShares":344491638.55,"pinyin":"axwjhb6gycyqhhxzqtzjj","managers":[{"stockCode":"db20533239","stockType":"fund_manager","exchange":"fm","tickerId":2613170350,"name":"张明"},{"stockCode":"db20593219","stockType":"fund_manager","exchange":"fm","tickerId":2510212710,"name":"应隽"}]},"announcement":{"linkText":"安信稳健回报6个月持有期混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=986117","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdff7fea5b3eb04e34c7","date":"2023-06-29T16:00:00.000Z","stockId":3000000010819,"sao":"宏观方面，上半年国内经济持续复苏。一季度在首轮疫情过峰后积压需求集中释放，消费以及服务逐渐正常化，同时金融机构信贷开门红，有效提振投资表现，各方面宏观数据得到快速修复。二季度国内经济的复苏遇到了一些阻碍。经济修复进入波折期，经济数据同比虽然受益于去年低基数，但环比较一季度偏弱，二季度国内经济呈现出复苏不均衡的特征。　　在两会设定5%经济增速目标之后，4月政治局会议延续了“稳增长、稳就业、构建新发展格局、推动高质量发展”的政策方针。货币政策方面，央行继续通过公开市场操作逆回购、MLF净投放维护银行体系流动性合理充裕。央行于6月下调公开市场操作逆回购利率10bp，同步下调1年期MLF、1年期LPR和5年期LPR 10bp。这些有助于增强市场主体信心，体现了央行稳健的货币政策精准有力逆周期调控的作用。　　本基金操作方面，债券组合主要持有国债以及高等级信用债。权益方面，本季度组合降低了个股仓位，可转债有波段操作，权益仓位基本维持不变。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:19.224Z","mo":"展望下半年，经济有望延续复苏态势。三季度后可能会有进一步的财政、货币政策组合出台。在整体流动性易松难紧的背景下，本基金拟维持杠杆比例，继续寻求期限利差优势更为确定的债券品种及估值合理的成长性类股票及相关可转债。","fund":{"_id":3000000010819,"__csrcFundId":8438,"stockCode":"010819","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10819,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:38.135Z","status":"normal","name":"安信稳健回报6个月持有期混合型证券投资基金","shortName":"安信稳健回报6个月混合(010819)","exchange":"jj","inceptionDate":"2020-12-21T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健回报6个月混合","setUpDate":"2020-12-21T16:00:00.000Z","setUpAssetScale":344491638.55,"setUpShares":344491638.55,"pinyin":"axwjhb6gycyqhhxzqtzjj","managers":[{"stockCode":"db20533239","stockType":"fund_manager","exchange":"fm","tickerId":2613170350,"name":"张明"},{"stockCode":"db20593219","stockType":"fund_manager","exchange":"fm","tickerId":2510212710,"name":"应隽"}]},"announcement":{"linkText":"安信稳健回报6个月持有期混合型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=956321","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdff7fea5b3eb04e34c6","date":"2023-03-30T16:00:00.000Z","stockId":3000000010819,"sao":"一季度国内宏观经济延续复苏进程。制造业PMI连续三月位于荣枯线以上，新房二手房销售数据大幅好于去年同期，服务消费亦逐渐向正常化复苏，基建投资托底经济。同时从1-2月金融数据上看，信贷“开门红”完成情况较好，政府债券提前发力，为经济修复提供有力支撑。3月初全国两会发布2023年GDP增速5%目标后，我们认为经济的修复斜率继续向上，但形态趋缓。海外市场，美元的货币政策预期在通胀预期下经历反复，硅谷银行事件出现后美联储激进的加息预期消退。　　债券市场一季度的表现整体来看基于经济基本面的修复而利率上行，走势呈现先上后下的窄幅区间波动行情。具体来看，1-2月因银行大量信贷投放、春节走款、地方债发行提速等消耗银行体系超储，央行通过大额公开市场操作逆回购、MLF净投放维护银行体系流动性合理充裕，但货币市场利率中枢仍显著提升，经济修复叠加流动性紧张使债券收益率持续上行。央行期间“降准”一次提供流动性支持。一季度10年国债收益率从年初2.83%上行至2.90%随后下行至2.85%；1年期国债收益率从年初2.1%上行至2.3%随后下行至2.23%附近。　　权益市场总体上涨，上证指数上涨5.94%，但市场在一季度经济恢复的预期中有所反复。具体看年初在“强预期”下录得一定涨幅，顺周期行业取得一定收益，但经济修复的斜率略低于预期后，市场热点转向计算机、电子等偏成长行业。　　本基金操作方面，报告期内债组合主要持有流动性和安全性很好的国债以及高等级信用债。权益方面本季度组合降低了个股仓位，可转债有波段操作，继续维持仓位。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:19.221Z","fund":{"_id":3000000010819,"__csrcFundId":8438,"stockCode":"010819","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10819,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:38.135Z","status":"normal","name":"安信稳健回报6个月持有期混合型证券投资基金","shortName":"安信稳健回报6个月混合(010819)","exchange":"jj","inceptionDate":"2020-12-21T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健回报6个月混合","setUpDate":"2020-12-21T16:00:00.000Z","setUpAssetScale":344491638.55,"setUpShares":344491638.55,"pinyin":"axwjhb6gycyqhhxzqtzjj","managers":[{"stockCode":"db20533239","stockType":"fund_manager","exchange":"fm","tickerId":2613170350,"name":"张明"},{"stockCode":"db20593219","stockType":"fund_manager","exchange":"fm","tickerId":2510212710,"name":"应隽"}]},"announcement":{"linkText":"安信稳健回报6个月持有期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=883904","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdff7fea5b3eb04e34c5","date":"2022-12-30T16:00:00.000Z","stockId":3000000010819,"sao":"宏观方面来看，2022年国内外经济均受到了一些突发事件的影响。俄乌冲突与防疫形势分别对国际经济与国内经济产生重要影响。俄乌冲突推动国际能源品和农产品价格上涨，叠加“长新冠”影响下劳动力供给紧张，海外通胀压力突出。国内经济复苏进程前后受到疫情反复与地产需求恶化干扰，全年实际GDP同比增长3%，经济表现总体弱于年初预期。四季度防疫政策优化和地产供给端政策落地后，核心矛盾在预期层面有所改善。　　货币政策方面，美联储全年累计加息425bp，十年期美债与美元指数高点分别达到4.25%和114.1595，全球资产价格波动较大。我国货币政策坚持“以我为主”，维持宽松支持实体经济，1月与8月两次调降MLF利率各10bp，12月再次调降金融机构存款准备金率0.25%。银行间市场流动性前三季度总体宽松，四季度边际收敛。一年期国债收益率先下后上，全年来看仍下行约15bp；十年期国债维持震荡态势，年末较年初上行约5bp。权益市场受避险情绪主导，大部分国家的股票市场表现不佳，权益资产总体下跌，上证指数下跌15%，其中代表科技的科创50指数下跌30%，恒生科技指数下跌26%。　　组合维持均衡配置的思路，组合主要持有流动性和安全性很好的国债以及高等级信用债，为组合积累票息收入。权益方面组合以价值型股票为主要仓位，同时增加了港股资产的配置，增加了成长性类股票的可转债。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:19.218Z","mo":"展望2023年，海外经济增长动能放缓，国内经济温和复苏，整体呈现内强外弱格局。海外主要经济体通胀压力缓和，各国央行加息进程步入尾声，但前期大幅加息的滞后影响将逐渐显现，经济衰退风险增加。国内来看，经济增长动能将发生切换。防疫政策对于消费、服务等场景的影响将大幅降低，房地产拖累程度改善，而净出口大概率由国内经济的强支撑项转为拖累项。总体看，全年经济增速有望回升，债券利率中枢或将有所抬升，但经济修复强度受限于内外需不同步与地产周期的缺位，温和复苏情景下收益率上行风险相对可控。具体品种而言，关注票息优势更为确定的高等级短久期信用债与期限利差优势更为确定的各期限利率债。权益方面，复苏预期下，市场对于经济前景不确定的预期已经有所改善，后续关注政策能否进一步激发经济体自身的活力，制造和消费行业相对受益。","fund":{"_id":3000000010819,"__csrcFundId":8438,"stockCode":"010819","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10819,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:38.135Z","status":"normal","name":"安信稳健回报6个月持有期混合型证券投资基金","shortName":"安信稳健回报6个月混合(010819)","exchange":"jj","inceptionDate":"2020-12-21T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健回报6个月混合","setUpDate":"2020-12-21T16:00:00.000Z","setUpAssetScale":344491638.55,"setUpShares":344491638.55,"pinyin":"axwjhb6gycyqhhxzqtzjj","managers":[{"stockCode":"db20533239","stockType":"fund_manager","exchange":"fm","tickerId":2613170350,"name":"张明"},{"stockCode":"db20593219","stockType":"fund_manager","exchange":"fm","tickerId":2510212710,"name":"应隽"}]},"announcement":{"linkText":"安信稳健回报6个月持有期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=866299","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdff7fea5b3eb04e34c4","date":"2022-09-29T16:00:00.000Z","stockId":3000000010819,"sao":"宏观层面来看，国外受劳动力供给紧张、全球能源价格上升的影响，美国通胀维持高位且有扩散的势头，美联储为抑制通胀而持续大幅加息造成全球资产价格波动较大，美元指数一度冲高至114附近，10年期美债收益率也一度上行到年内高点4%。在此期间，新兴市场资产价格普遍呈下跌状态。美联储偏紧的货币政策后续仍可能成为市场的风险因素。    国内受疫情反复、全球经济下行的影响，房地产投资继续下探，国内经济呈现底部震荡的特征。但随着疫情对于经济的冲击逐步减少，逆周期调控政策效果逐步显现，保交楼政策推动竣工迅速修复，地产市场有望企稳，我们认为国内经济将呈现稳中向好、逐步复苏的态势。    2022年三季度货币政策加大对实体支撑力度，央行降低了MLF利率10bp至2.75%，随后5年LPR调低了15bp至4.3%。债市偏震荡格局，收益率先下后上，10年国债收益率三季度整体下行7bp至2.75%。权益资产三季度整体下跌，上证综指下跌10%，恒生指数下跌19%。    报告期内,组合主要持有流动性和安全性很好的国债以及高等级信用债，为组合积累票息收入。权益方面本季度组合整体降低了股票仓位，小幅减持了港股资产的配置。可转债有波段操作，维持了一定仓位。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:19.215Z","fund":{"_id":3000000010819,"__csrcFundId":8438,"stockCode":"010819","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10819,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:38.135Z","status":"normal","name":"安信稳健回报6个月持有期混合型证券投资基金","shortName":"安信稳健回报6个月混合(010819)","exchange":"jj","inceptionDate":"2020-12-21T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健回报6个月混合","setUpDate":"2020-12-21T16:00:00.000Z","setUpAssetScale":344491638.55,"setUpShares":344491638.55,"pinyin":"axwjhb6gycyqhhxzqtzjj","managers":[{"stockCode":"db20533239","stockType":"fund_manager","exchange":"fm","tickerId":2613170350,"name":"张明"},{"stockCode":"db20593219","stockType":"fund_manager","exchange":"fm","tickerId":2510212710,"name":"应隽"}]},"announcement":{"linkText":"安信稳健回报6个月持有期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=803708","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdff7fea5b3eb04e34c3","date":"2022-06-29T16:00:00.000Z","stockId":3000000010819,"sao":"宏观上看，上半年国内外经济均受到一些突发事件的影响。俄乌冲突和奥密克戎反复分别是影响国际经济和国内经济的重要因素。  俄乌冲突带动能源品和农产品价格持续大幅上涨，影响了各国的经济增长，形成了更高的通胀预期，使得全球总需求呈现下降趋势。同时，各国央行货币政策的目标普遍转向为控制通胀，全球流动性环境有所下降。在经济和流动性的双重逆风下，全球投资者的风险偏好似乎有所下降，避险情绪升温，股票市场表现不佳，大宗商品指数显著上涨。  国内受到奥密克戎反复冲击的影响，经济增速边际上有所放缓。但我国政府果断地推出一系列逆周期调控方案，经济整体呈现触底后弱复苏的态势。  组合维持均衡配置的思路，组合主要持有流动性和安全性很好的国债以及高等级信用债，为组合积累票息收入。权益方面组合一季度增加了煤炭、房地产、白酒版块的配置；二季度组合减少了地产、煤炭板块的配置，增加了港股资产的配置，增加了成长性类股票的可转债。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:19.213Z","mo":"展望未来，国外短期面临通胀而长期面临衰退，国内的经济和就业的压力仍然较大，三季度是稳增长、稳经济、稳就业、扭转预期的关键性时间窗口，其中地产和基建的基本面走势尤为关键，特别需要观察地产基本面能否有实质恢复。我们预计国内货币政策可能不会受制于美联储，结构性宽松政策值得期待。在整体流动性宽松的背景下，我们将继续寻求具备期限利差优势的债券品种以及估值合理的成长性类股票及相关可转债。","fund":{"_id":3000000010819,"__csrcFundId":8438,"stockCode":"010819","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10819,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:38.135Z","status":"normal","name":"安信稳健回报6个月持有期混合型证券投资基金","shortName":"安信稳健回报6个月混合(010819)","exchange":"jj","inceptionDate":"2020-12-21T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健回报6个月混合","setUpDate":"2020-12-21T16:00:00.000Z","setUpAssetScale":344491638.55,"setUpShares":344491638.55,"pinyin":"axwjhb6gycyqhhxzqtzjj","managers":[{"stockCode":"db20533239","stockType":"fund_manager","exchange":"fm","tickerId":2613170350,"name":"张明"},{"stockCode":"db20593219","stockType":"fund_manager","exchange":"fm","tickerId":2510212710,"name":"应隽"}]},"announcement":{"linkText":"安信稳健回报6个月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=781084","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdff7fea5b3eb04e34c2","date":"2022-03-30T16:00:00.000Z","stockId":3000000010819,"sao":"从宏观层面来看，疫情爆发后，由于防疫政策、经济应对政策的区别，国内外经济周期呈现明显错位，而在地缘政治的扰动下，全球经济周期的分化进一步加大。具体而言，在新一轮的疫情扰动之下，出口、消费、地产等产业均有所受损，国内的政策重心继续偏向“稳增长”。但与以往周期不同的是，此次货币政策面临更多的考量因素。首先，由于美联储货币政策的重心是抗通胀，美元流动性紧缩导致的外资流出压力或成为政策考量因素之一；其次，目前央行尝试“先贷后借”等多种货币政策工具，试图保持银行间流动性平稳的同时达到“宽信用”的效果，银行间流动性未见明显宽裕。因此一季度债券市场呈现区间震荡行情，没有明显机会。  虽然我国经济受到疫情扰动，但在财政基建发力的背景下，仍然可以观察到经济企稳回升的迹象。从投资时钟角度考虑，去年四季度属于类滞胀环境，今年一季度则属于从衰退末期走向复苏的过渡阶段，因此组合选择以中等偏低的久期以应对，以中短端利率债为主，同时我们不断优化组合信用结构，提升组合流动性。  股票方面，一季度的市场走势较弱，市场受到多方面扰动因素共振。国内方面，“稳增长”背景下遭遇疫情反复冲击，对消费的影响程度较大；在上游价格高企和消费需求不足的共同冲击下，市场对于中下游企业盈利能力的担忧明显加大，风险偏好也随之下滑。海外方面，由于中美经济周期、政策周期的不同，美联储持续加速收紧货币政策导致的外资流出压力较大，也对市场风险偏好造成不利影响。从结构上看，A股中仅有煤炭和房地产行业表现较好。另外疫情相关的个股也有阶段性的表现，但持续性相对较弱。  一季度，我们的持仓以均衡配置为主，增加了偏上游板块的煤炭、以及房地产、白酒版块的配置力度。未来我们会更加专注于个股的选择与仓位的控制，使得我们的收益目标得到更好的保障。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:19.206Z","fund":{"_id":3000000010819,"__csrcFundId":8438,"stockCode":"010819","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10819,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:38.135Z","status":"normal","name":"安信稳健回报6个月持有期混合型证券投资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“轻指数、重结构”的投资策略可能依然有效。对于债券市场，伴随着稳增长政策的发力，预计经济增速下行最快阶段已经过去，加上目前期限利差、信用利差都处于低位的交易结构，2022年适宜放低对债券回报率的预期。","fund":{"_id":3000000010819,"__csrcFundId":8438,"stockCode":"010819","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10819,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:38.135Z","status":"normal","name":"安信稳健回报6个月持有期混合型证券投资基金","shortName":"安信稳健回报6个月混合(010819)","exchange":"jj","inceptionDate":"2020-12-21T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健回报6个月混合","setUpDate":"2020-12-21T16:00:00.000Z","setUpAssetScale":344491638.55,"setUpShares":344491638.55,"pinyin":"axwjhb6gycyqhhxzqtzjj","managers":[{"stockCode":"db20533239","stockType":"fund_manager","exchange":"fm","tickerId":2613170350,"name":"张明"},{"stockCode":"db20593219","stockType":"fund_manager","exchange":"fm","tickerId":2510212710,"name":"应隽"}]},"announcement":{"linkText":"安信稳健回报6个月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=713810","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdff7fea5b3eb04e34c0","date":"2021-09-29T16:00:00.000Z","stockId":3000000010819,"sao":"2021年三季度国内经济走势逐渐转弱。一方面地产产业链持续走弱，部分房企在紧缩政策之下，开始出现债务危机。目前还需要“稳预期”的政策进一步强化，从而缓和“硬着陆”的风险。另一方面，在供需两端共同作用下，大宗商品价格持续大幅上涨，对中下游企业盈利造成挤压，也增加了通胀预期。我们认为经济层面开始呈现出滞涨的局面，货币政策受限较多。整体而言，未来财政政策的必要性会更大，对合理性的要求也会更高。  在理财资金外溢的环境下，资本市场的流动性始终比较宽裕。在三季度9月中旬之前，周期类板块获得了较大的超额收益，但随着通胀预期的不断加剧，周期类板块个股并没有跟随商品继续上涨，反而出现了下跌；相应地，前期表现较差的大盘蓝筹获得了资金的青睐，企稳反弹。资金开始呈现出对未来经济不确定性的防御性心态。  在三季度，本基金严控信用风险，以利率债、中高等级信用债为主，保证组合资产的流动性和变现能力，维持了中低久期。权益方面，在9月底进行了适度减仓以降低波动风险，风格方面降低了中小盘个股的权重，力争在控制回撤的基础上获得超额收益。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:19.196Z","fund":{"_id":3000000010819,"__csrcFundId":8438,"stockCode":"010819","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10819,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:38.135Z","status":"normal","name":"安信稳健回报6个月持有期混合型证券投资基金","shortName":"安信稳健回报6个月混合(010819)","exchange":"jj","inceptionDate":"2020-12-21T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健回报6个月混合","setUpDate":"2020-12-21T16:00:00.000Z","setUpAssetScale":344491638.55,"setUpShares":344491638.55,"pinyin":"axwjhb6gycyqhhxzqtzjj","managers":[{"stockCode":"db20533239","stockType":"fund_manager","exchange":"fm","tickerId":2613170350,"name":"张明"},{"stockCode":"db20593219","stockType":"fund_manager","exchange":"fm","tickerId":2510212710,"name":"应隽"}]},"announcement":{"linkText":"安信稳健回报6个月持有期混合型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=652068","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdff7fea5b3eb04e34bf","date":"2021-06-29T16:00:00.000Z","stockId":3000000010819,"sao":"2021年上半年国内经济延续了复苏的趋势，大多数行业景气度回升，但从二季度起环比动能有所减弱。社融等数据开始见顶回落，市场对经济不确定性的担忧开始有所升温。上半年的资金面除了1月底较为紧张之外，其余时间保持了宽松的状态，加上政府类债券的发行速度较慢，在供需共同作用下上半年债券市场震荡走强。2020年底的信用违约事件在上半年依然有影响，低等级和网红债券的融资状况不理想，信用利差较去年底进一步拉大，直到二季度后半段这种趋势才得到缓和。  权益方面，板块之间的表现差异显著，在运行期内维持了均衡持仓。春节前权益市场中以“茅指数”为代表的核心资产大幅上涨，但春节后部分龙头个股出现大幅回撤；中小盘股在春节前表现不佳，在春节后具有明显的超额收益；景气度高的行业和个股在二季度股价连创新高。可转债的走势与股市走势相符，春节前后不同板块和个股之间的表现差异很大。  债券方面，组合持仓以中高等级信用债为主，杠杆和久期保持中性，并择机参与了可转债投资。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:19.192Z","mo":"展望下半年，政策的逆周期调节和财政的托底作用可能在下半年有所体现，而疫情之后国内产业的竞争力得到提升，我们预计不同行业领域间的景气度会产生分化，但整体经济的运行状况并不差。在企业盈利较好和资金依然向资本市场“搬家”的情况下，权益市场的板块和个股始终保持活跃度，结构性行情将持续。  大宗商品预计高位运行，很难出现大幅的回调，上游价格已经出现向下游传导的迹象，通胀可能维持在较高水平，而并非回落。下半年债券的供需关系不如上半年，鉴于稳杠杆的政策目标，预计货币政策很难出现持续宽松，资金面可能开始边际变紧。另一方面，市场依然面临安全资产荒。信用市场还在出清的过程中，部分低等级主体的融资持续收缩，收益率较高的安全资产依然具有投资价值。","fund":{"_id":3000000010819,"__csrcFundId":8438,"stockCode":"010819","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10819,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:38.135Z","status":"normal","name":"安信稳健回报6个月持有期混合型证券投资基金","shortName":"安信稳健回报6个月混合(010819)","exchange":"jj","inceptionDate":"2020-12-21T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健回报6个月混合","setUpDate":"2020-12-21T16:00:00.000Z","setUpAssetScale":344491638.55,"setUpShares":344491638.55,"pinyin":"axwjhb6gycyqhhxzqtzjj","managers":[{"stockCode":"db20533239","stockType":"fund_manager","exchange":"fm","tickerId":2613170350,"name":"张明"},{"stockCode":"db20593219","stockType":"fund_manager","exchange":"fm","tickerId":2510212710,"name":"应隽"}]},"announcement":{"linkText":"安信稳健回报6个月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=628689","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdff7fea5b3eb04e34be","stockId":3000000010819,"sao":"2021年一季度国内经济延续了复苏的趋势，大多数行业的景气持续回升。由于去年低基数的原因，同比数据表现出色，但环比动能有减缓趋势。2021年以来信用债融资恢复明显，在货币政策的变化下，市场对政策收紧的担忧上升。一季度债券市场整体震荡回落，波动幅度较小；春节前权益市场中的核心资产大幅上涨，但春节后大幅回撤，波动幅度较大；而中小盘股和低估值股票在春节前表现不佳，春节后有超额收益，市场风格发生剧烈的变化。  在货币和信用政策都逐渐退出宽松风格的环境下，权益市场提升估值的空间不大，需要通过业绩消化估值的压力。经济持续复苏，之前受损的部分中小企业从2020年下半年起表现出了较强的韧性，市场重新关注成长性，精选个股是重中之重。此前一些受压制的低估值板块，也保持了不错的盈利增长，可能获得超额收益。  债券方面，本基金严控信用风险，以利率债、高等级信用债、银行存款为主。在2月份债券市场较为低迷时，增加了债券的杠杆和久期，为组合提供了一定的票息收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:19.186Z","fund":{"_id":3000000010819,"__csrcFundId":8438,"stockCode":"010819","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10819,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:30:38.135Z","status":"normal","name":"安信稳健回报6个月持有期混合型证券投资基金","shortName":"安信稳健回报6个月混合(010819)","exchange":"jj","inceptionDate":"2020-12-21T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信稳健回报6个月混合","setUpDate":"2020-12-21T16:00:00.000Z","setUpAssetScale":344491638.55,"setUpShares":344491638.55,"pinyin":"axwjhb6gycyqhhxzqtzjj","managers":[{"stockCode":"db20533239","stockType":"fund_manager","exchange":"fm","tickerId":2613170350,"name":"张明"},{"stockCode":"db20593219","stockType":"fund_manager","exchange":"fm","tickerId":2510212710,"name":"应隽"}]},"announcement":{"linkText":"安信稳健回报6个月持有期混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=569332","linkType":"PDF","source":"csrc_pdf"}}]}