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，10年国债收益率在8月初一度下破2.10%。随后央行逐步公布丰富货币政策工具箱的具体内容，包括设立临时正逆回购机制、开展公开市场国债买卖等操作。此外，大行连续抛售中长期国债、交易商协会调查国债违规交易，债券收益率低位大幅反弹。政策影响下，机构观望情绪浓厚，活跃利率品种流动性大幅减弱。理财预防性赎回、基金为应对可能的流动性压力大幅抛售债券引发赎回负反馈，信用债更是面临流动性枯竭，回调压力更甚。9月份以来，在资金面转松的帮助下，市场逐渐回归理性。受央行买短卖长的操作影响，曲线陡峭性下行。直至9月末一揽子增量政策的公布，债券市场再次面临强烈回调压力。  伴随经济复苏概率的逐步抬升，组合在三季度更加注重权益资产的仓位和结构布局。结构上，组合坚持对高股息资产作为底仓的逢低配置。此外，随经济周期拐点逐渐明朗，我们看好更具有顺周期弹性的各细分行业。债券层面，市场剧烈波动情况下，组合逐步抬升利率债和高等级信用债仓位，一方面保证组合流动性，另一方面也是因为弱流动性信用债在市场波动中回调压力更大而跟涨能力不足。另外，组合仍将灵活运用利率、二永等流动性品种把握市场波段交易机会。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:40.284Z","fund":{"_id":3000000010900,"__csrcFundId":8514,"stockCode":"010900","shortName":"中欧生益稳健一年混合(010900)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10900,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:33:03.957Z","status":"normal","name":"中欧生益稳健一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-11T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧生益稳健一年混合","setUpDate":"2021-01-11T16:00:00.000Z","setUpAssetScale":1887650838.71,"setUpShares":1887650838.71,"pinyin":"zosywjyncyqhhxzqtzjj","managers":[{"stockCode":"db20526841","stockType":"fund_manager","exchange":"fm","tickerId":808179610,"name":"黄华"}]},"announcement":{"linkText":"中欧生益稳健一年持有期混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1179103","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece147fea5b3eb04e4a6e","date":"2024-06-29T16:00:00.000Z","stockId":3000000010900,"sao":"权益市场在上半年经历了较大波动，年初市场下跌，随后在预期和流动性改善的作用下大幅回调。而进入二季度中后期，市场再度出现波动。整体表现上结构性分化严重，市场整体风险偏好下降，更多以寻找确定性较高的避险资产为主。受此影响，红利风格中稳定商业模式和优质现金流的高股息资产为主要的上涨方向。债券收益率则呈现出明显的单边趋势性下行行情，久期或成为决定债券收益的胜负手。当前宏观环境决定了相对宽松和平稳的资金面行情。受市场风险偏好影响，债券市场主要参与机构负债相对较为稳定。在资产荒影响下，伴随市场对相对高收益资产的追逐，久期偏好也逐渐抬升。10年和30年国债收益率稳定下行。  资产配置方面，我们认为资产价格走势或难有大幅转向，因此股票仓位上仍选择平配。后续更多关注北向资金动向，外资持续流入或是行情转向的重要条件。从股票风格角度，红利/价值风格仍然占优。中美利差相对年度均线偏离幅度明显收窄，对于偏质量风格的股票或形成支撑。长久期国债收益率进一步下行，显示资产荒的环境依旧没有改变。从增量资金的角度来看，资产荒背景下，保险以及高净值人群等配置型资金未来对红利类资产的配置需求仍然较大。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:40.275Z","mo":"展望下半年，市场信心的恢复预计会是一个渐进且长期的过程，机构投资者可能仍然会更加注重收益的稳定性和风险的可控性，即会追求具有稳定的风险收益特征的资产。在上述背景下，在后续的产品管理运作上，权益投资方面，我们将继续关注红利板块。除此之外，综合考虑到中美利率差异和北向资金流向等因素，后续我们将更加重视具有高质量风格的大盘股的潜在投资机会。在固定收益投资方面，我们将继续坚持高等级信用债作为核心底仓的投资策略，并灵活把握利率债和永续债等流动性强的品种的投资机会。具体来说，在当前较低的利率环境下，我们将通过积极的交易策略，力求为投资组合增加额外的收益。","fund":{"_id":3000000010900,"__csrcFundId":8514,"stockCode":"010900","shortName":"中欧生益稳健一年混合(010900)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10900,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:33:03.957Z","status":"normal","name":"中欧生益稳健一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-11T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧生益稳健一年混合","setUpDate":"2021-01-11T16:00:00.000Z","setUpAssetScale":1887650838.71,"setUpShares":1887650838.71,"pinyin":"zosywjyncyqhhxzqtzjj","managers":[{"stockCode":"db20526841","stockType":"fund_manager","exchange":"fm","tickerId":808179610,"name":"黄华"}]},"announcement":{"linkText":"中欧生益稳健一年持有期混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1152970","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece147fea5b3eb04e4a6d","date":"2024-03-30T16:00:00.000Z","stockId":3000000010900,"sao":"一季度整体基本面修复，但强度仍稍显不足，整体反应到利率行情上，我们判断上行空间可能比较有限。但处在当前时点，趋势性下行也缺少更多的催化因素。具体来说，需求端在一季度的表现明显可圈可点。制造业投资回升、基建投资小幅回升，库存周期筑底反弹的趋势较为明朗。但地产对经济也持续形成拖累，一手房销售数据低迷，二手房带看数量有所反弹，成交数据仍有待观察其持续性。政策方面，仍然延续了以稳为主，以进促稳的基本基调，并更加注重新质生产力对于经济发展的重要作用。货币政策方面，一季度央行超预期降准降息，带动资金面在合理充裕水平中整体平稳运行。流动性分层也较去年年底有所缓和，整体而言一季度流动性压力并不明显。    债券市场一季度以来，收益率持续下行。市场对基本面温和复苏的预期较为一致，叠加保险等长期资产配置机构的配置压力较大，长端下行幅度明显高于短端，曲线牛平。随绝对收益的快速下行，机构对高票息的被迫追逐也导致信用利差快速压缩，等级利差和品种利差均处在历史低位区间。因此组合操作上，一季度更加注重对于久期的把控，组合仓位以哑铃型为主，长端参与包括30Y国债、10年利率债以及3-5年产业永续和二级资本债的波段交易机会。短端则前期以票息资产为主，随收益率快速下行，仓位上有所减持。    权益市场一季度仍然延续了高波动的态势，在开年的连续下跌过程中，对组合回撤把控和仓位选择都提出了更高要求。随后春节前后指数快速反弹，收复失地，但反弹过程中结构性分化极为明显。组合在经历一月份的回调后，行业选择上以高股息品种为主，尤其是商业模式较为稳定、现金流更为优质、分红率较高的个股是我们的主要选择方向。鉴于此，组合在一季度看好资源品行业、运营商。通过组合层面有效的偏离，在权益组合中取得一定的效果。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:40.269Z","fund":{"_id":3000000010900,"__csrcFundId":8514,"stockCode":"010900","shortName":"中欧生益稳健一年混合(010900)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10900,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:33:03.957Z","status":"normal","name":"中欧生益稳健一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-11T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧生益稳健一年混合","setUpDate":"2021-01-11T16:00:00.000Z","setUpAssetScale":1887650838.71,"setUpShares":1887650838.71,"pinyin":"zosywjyncyqhhxzqtzjj","managers":[{"stockCode":"db20526841","stockType":"fund_manager","exchange":"fm","tickerId":808179610,"name":"黄华"}]},"announcement":{"linkText":"中欧生益稳健一年持有期混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1075093","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece147fea5b3eb04e4a6c","date":"2023-12-30T16:00:00.000Z","stockId":3000000010900,"sao":"2023年权益市场震荡走低，表现相对低迷，市场流动性则保持宽松。受春节前市场预期影响，权益市场提前定价经济复苏，大盘风格领涨。但随春节后消费数据不及预期，银行贷款融出节奏放缓、高频数据显示经济修复曲线斜率温和，市场风险偏好随即回落。上半年，市场对于稳增长政策诉求较强，但实际政策上又较有定力。两会制订了较为温和的GDP增速目标、欧美银行业风险事件的发酵、市场在缺乏增量资金和复苏主线的情况下，明显呈现结构性行情。一季度人工智能受到市场强烈关注，在此影响下TMT板块表现亮眼。而二季度以来，高股息、估值偏低的红利品种作为权益资产中的避险品种，受到市场追捧。三四季度则是政策密集出台期，无论是一二线城市的地产限购放松政策，亦或是中央政治局会议提出的一揽子化债政策，宏观政策底基本探明。但市场见底仍然表现出一定滞后性，在宏观经济预期的影响下，权益市场在小幅反弹后重新进入下跌区间。转债市场方面，受制于权益市场的表现，转债市场全年波动向下，但相对权益仍然表现出了较强的韧性和抗跌属性，整体表现更优。  债券市场则一方面受宏观预期的基本面影响，另一方面受资金流动性保持合理充裕的加持，全年表现强势。长端利率先下后上随后保持震荡的格局，直到年底再次迎来顺畅下行。春节前收益率触顶后受高频数据不及预期影响转而下行，随后则是对降息预期的定价和修正，直至降息落地后，收益率才逐渐表现为利多出尽。8月后，随货币政策边际收紧，长端利率进入震荡区间。而11月，随资产荒的进一步演进，市场机构抢筹明显，收益率再次快速下行。短端利率伴随资金利率收敛-转松-警惕资金空转的变化而呈现V型走势。机构行为方面，银行等机构在资产荒背景下倾向于配置长久期债券，交易盘跟随，带动全年整体收益率曲线下移。下半年政治局会议提出的一揽子化债方案打消了市场对于尾部城投出风险的担忧，点燃一波弱资质城投债的独立下行行情。  账户操作上，组合仍然坚持大类资产配置的理念，自上而下的把握好权益和债券在仓位和久期上的匹配，通过仓位和久期择时表达我们对于宏观方向的研判。债券方面，组合在2023年增加了交易仓位的比重，通过品种的轮动为组合增厚收益。例如，组合在金融次级上进行了品种分散化投资，在2023年增加了对于券商、保险等次级的关注，在不牺牲票息的基础上，通过轮动挖掘信用利差高点，也通过分散化投资的方式降低债券组合的波动率。权益层面，组合在宏观基本面的把握上确定仓位，在权益资产内部，更多从行业景气度和估值匹配角度出发，超配高股息的红利品种，获得了一定的效果。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:40.262Z","mo":"展望后市，我国经济正处在向高质量发展转型的关键过渡时期，在经历了2023年一整年的布局和调整后，今年有望在货币和财政政策的合力下，经济稳中向好平稳发展。权益市场在经过前期估值的下杀和情绪的释放后，目前处在低估位置，赔率性价比高。而转债从年初的高估值区间已经调整至左侧配置区间内，组合将逢低逐步布局。此外，我们认为在复苏初期货币政策或将持续保驾护航，保持适度稳健宽松的基调，今年可能会面临多次降息的机会，这也对债券市场更为有利。年初的资产荒格局或将延续，伴随无风险利率的趋势性下移，抢筹行情的发生概率可能也将提升。而随着市场对长久期品种的追逐，曲线也可能在较长时间内保持平坦，信用利差、期限利差在一段时间内可能保持现在的较低位置。","fund":{"_id":3000000010900,"__csrcFundId":8514,"stockCode":"010900","shortName":"中欧生益稳健一年混合(010900)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10900,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:33:03.957Z","status":"normal","name":"中欧生益稳健一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-11T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧生益稳健一年混合","setUpDate":"2021-01-11T16:00:00.000Z","setUpAssetScale":1887650838.71,"setUpShares":1887650838.71,"pinyin":"zosywjyncyqhhxzqtzjj","managers":[{"stockCode":"db20526841","stockType":"fund_manager","exchange":"fm","tickerId":808179610,"name":"黄华"}]},"announcement":{"linkText":"中欧生益稳健一年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=1057505","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece147fea5b3eb04e4a6b","date":"2023-09-29T16:00:00.000Z","stockId":3000000010900,"sao":"从宏观角度来看，近1-2个月公布的数据显示国内库存去化已经接近尾声，经济在不断磨底过程中已经逐步显现向上拐头的动力。三季度政策也相应的不断出台，无论是一二线城市放松限购的地产政策，抑或是7月会议提出的一揽子化债政策，一定程度扭转了先前市场对经济的悲观预期。在复苏预期不断强化的过程中，债券市场表现较为谨慎和克制，尤其是长端品种，对经济复苏预期给出了一定的定价。权益市场风险偏好仍然有所压制，市场见底表现出一定程度的滞后性。  具体来看，债券层面，部分受到汇率的掣肘，资金面三季度以来前松后紧，带动短端收益在9月中下旬大幅上行，曲线极为平坦。长端则受到政策预期博弈的影响，7月份10年国债一度下探到2.60%下方，而随后伴随经济刺激政策不断落地、叠加市场机构止盈需求，长端利率收益不断上行至2.70%临界位置。在一揽子化债政策逐步进入实质性落地阶段，信用债，尤其是短久期票息资产，表现不俗。在整体债券市场偏谨慎的格局下，信用票息更受到机构青睐，信用利差不断压缩。  权益层面，受宏观经济预期的影响，偏红利、价值板块表现较好，例如煤炭、交运等低估值高股息方向较为亮眼。而前期大幅领涨的TMT板块，由于市场风险偏好的压制，出现大幅回调。其他成长弹性板块，也在三季度震荡走低。  组合债券部分更多的采用票息策略，在保证流动性的前提下，于震荡行情中寻找确定性更高的票息品种。相较上季度，组合调降了利率、二级资本债及永续债等弹性较大的类利率品种，也因此降低了组合的久期和杠杆。权益层面，在对标指数均衡配置的基础上，组合更强调对红利等高股息品种的配置，降低了对新能源等成长板块的布局。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:40.259Z","fund":{"_id":3000000010900,"__csrcFundId":8514,"stockCode":"010900","shortName":"中欧生益稳健一年混合(010900)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10900,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:33:03.957Z","status":"normal","name":"中欧生益稳健一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-11T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧生益稳健一年混合","setUpDate":"2021-01-11T16:00:00.000Z","setUpAssetScale":1887650838.71,"setUpShares":1887650838.71,"pinyin":"zosywjyncyqhhxzqtzjj","managers":[{"stockCode":"db20526841","stockType":"fund_manager","exchange":"fm","tickerId":808179610,"name":"黄华"}]},"announcement":{"linkText":"中欧生益稳健一年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=993327","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece147fea5b3eb04e4a6a","date":"2023-06-29T16:00:00.000Z","stockId":3000000010900,"sao":"上半年国内的宏观经济经历了从强预期到弱现实的转变过程。开年宏观经济层面呈现明显回升态势，尤其以消费和地产数据改善更为明显，基建和制造业投资也保持较高增速。受此影响，A股在春节前表现强势，且以大盘风格占优。而春节后的市场则逐渐受到弱现实的冲击，风险偏好有所压制。在缺乏复苏主线的情况下，市场更多表现为存量资金博弈，行情明显呈现结构性分化。3月份以来，人工智能带动下的TMT板块一枝独秀，并带动科创50指数表现强势。二季度以来，CPI和PPI持续低位表明内生动力仍然不足，需求仍然处在相对低位。受到经济悲观预期影响，上证指数在5月份出现明显回调，6月份回落至年初水平。行业层面，股息率较高、估值偏低的品种受到青睐，而复苏强相关板块则缺乏上涨动力。  债券层面，市场上半年可以分为两个阶段：第一阶段：宏观从强复苏预期转向弱现实，债券市场短端表现优于长端，信用债表现强于利率债，短久期票息策略占优。第二阶段，市场强刺激落空，叠加货币持续宽松，债券市场走出趋势性下行行情，长端表现明显强于短端，超长利率债表现最优，久期策略占优。  操作上，组合坚持大类资产配置理念，根据股债性价比、估值、情绪等指标调整组合股债配置，在配置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债券方面，我们仍坚持高等级信用债的配置原则，前期适度采用杠杆套息策略，从4月底开始恢复至中性久期配置，力争为组合贡献骑乘收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:40.226Z","mo":"后市观点来看，市场对中期经济基本面的发展态势出现了一定分歧，主要是三个方面：地产、出口和库存。一是在地产，谨慎观点认为当前居民加杠杆的行为开始出现改变，地产不具备像过去几轮周期一样快速复苏的基础，今年有可能是我国经济结构迈向高端智能制造转型的元年。乐观观点则认为房贷利率若下行仍然会带动地产出现复苏，对于后续需求复苏抱有乐观的态度。二是在出口。过去一年强势的出口让机构产生了明显的分歧，随着美联储加息进程的逐渐推进，市场对海外需求的预期逐渐悲观。持出口继续强势观点的理由大多是全球生产持续修复，尤其是工业用品的出口会比较强势。持出口弱势的理由则是注意到了美国零售商库存基本已经达到历史高位，下半年出口可能会由超预期变成不及预期。三是在库存。目前不仅是美国零售商库存达到历史高位，中国工业企业库存也在历史的高位附近，基本上除了少数如新能源等景气度高的行业外，目前许多行业都面临去库存的压力。V型观点投资者大多认为政策刺激加经济的内生需求足以消化高库存的利空，再加上上游资源行业资本开支不足，库存压力相对容易化解。展望下一阶段，本组合在债券仓位将紧密跟踪宏观经济指标和政策走向，辅以部分利率债仓位操作，灵活调整组合的久期和杠杆。权益仓位方面，我们仍致力于在剧烈震荡过程中寻找个股机会，以适度分散、动态调整、优化结构的目标构建权益持仓。持续关注估值和成长性匹配度较好的公司，以及在高端制造转型过程中，具备技术壁垒的公司。我们将会保持审慎不失灵活的态度，力争为持有人实现资产的稳健增值。","fund":{"_id":3000000010900,"__csrcFundId":8514,"stockCode":"010900","shortName":"中欧生益稳健一年混合(010900)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10900,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:33:03.957Z","status":"normal","name":"中欧生益稳健一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-11T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧生益稳健一年混合","setUpDate":"2021-01-11T16:00:00.000Z","setUpAssetScale":1887650838.71,"setUpShares":1887650838.71,"pinyin":"zosywjyncyqhhxzqtzjj","managers":[{"stockCode":"db20526841","stockType":"fund_manager","exchange":"fm","tickerId":808179610,"name":"黄华"}]},"announcement":{"linkText":"中欧生益稳健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=787483","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece147fea5b3eb04e4a65","date":"2022-03-30T16:00:00.000Z","stockId":3000000010900,"sao":"债券市场方面，一季度长端利率走出V型走势：年初至1月下旬，经济下行压力叠加稳增长政策定调下，宽货币预期升温，利率整体下行。1月17日降息落地,提振债市做多情绪，24日10年期国债收益率触及当季低点；1月25日起，长端利率开始反弹，后续整体波动上行，其中主要的调整发生在2月。引发调整的原因主要有二：①1月份社融数据超预期，宽信用得到阶段性印证，叠加地产相关利好政策频出，进一步强化宽信用预期，触发债市调整；②外围通胀高企，海外发达经济体的货币政策皆在逐步收缩，美债收益率飙升，也对国内债市情绪产生压制。进入3月，宏观变量逐渐复杂化。一是超出预期的前两月经济数据和国内疫情反复的拉锯；二是稳增长的推进实施需要一定程度宽货币宽信用为背景,与市场担忧美联储加息制约我国货币政策空间的权衡；三是俄乌冲突带来的避险情绪升温和大宗商品通胀风险加剧的交织。多空因素反复合力下，3月债市呈现震荡行情，长端利率波动小幅走低——核心仍是随着疫情的反复，经济下行压力加剧，而5.5%的GDP增速目标使得宽货币宽信用预期有所升温。全季看，季末10年期国债收益率与年初基本持平。股票市场方面，开年以来A股市场经历了较大幅度的调整，尤其是3月上半旬，受俄乌局势紧张、美联储加息逼近、中概股暴跌及国内疫情多地扩散等利空叠加的影响，悲观情绪蔓延，市场出现非理性下杀。之后，金融委会议表态给市场带来极大的信心提振，市场逐步筑底回升。分行业来看，截至2022年一季度末，煤炭板块涨幅22.63%居首，房地产板块涨幅7.27%，综合行业及银行板块分别上涨3.45%、1.66%。其他板块皆飘绿，电子、食品饮料、家用电器、汽车、国防军工板块跌幅均超20%，机械设备、传媒、电力设备、计算机板块也大幅下跌。一季度组合权益配置比重围绕中枢调降。债券层面仍坚持高等级信用债的配置原则，在2月份逐步调降久期，采用杠杆套息策略。权益层面，组合持续关注A股市场的结构性行情，提前布局业绩确定性相对较高的相关标的，力争增厚组合收益。展望下一阶段，本组合在债券仓位将紧密跟踪宏观经济指标和政策走向，辅以部分利率债仓位操作，灵活调整组合的久期和杠杆。权益仓位方面，我们认为整体而言，当前股市估值已具备较好投资性价比，货币政策宽松信号持续释放，考虑到疫情局部爆发对经济的拖累，后续可能出台更多产业利好政策。当前可能一方面坚持“稳增长”主线，一方面积极观察并重新介入前期超跌且符合产业结构转型升级方向的成长板块。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:40.216Z","fund":{"_id":3000000010900,"__csrcFundId":8514,"stockCode":"010900","shortName":"中欧生益稳健一年混合(010900)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10900,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:33:03.957Z","status":"normal","name":"中欧生益稳健一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-11T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧生益稳健一年混合","setUpDate":"2021-01-11T16:00:00.000Z","setUpAssetScale":1887650838.71,"setUpShares":1887650838.71,"pinyin":"zosywjyncyqhhxzqtzjj","managers":[{"stockCode":"db20526841","stockType":"fund_manager","exchange":"fm","tickerId":808179610,"name":"黄华"}]},"announcement":{"linkText":"中欧生益稳健一年持有期混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=728628","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece147fea5b3eb04e4a64","date":"2021-12-30T16:00:00.000Z","stockId":3000000010900,"sao":"回顾2021年，基本面处于疫情初步恢复后，经济增速再度回落的阶段。从各类资产的表现来看，债市震荡慢牛格局、股市则经历结构性行情。具体来看：1）2021年经济整体表现为“前高后低”，出口相对较强，消费依旧疲弱，基建地产投资下行。通胀方面，虽然大宗商品价格在三季度有阶段性飙升，但下游生产和居民需求持续偏弱，年末伴随行政控价措施的陆续出台，大宗价格开始回落。整体来看，国内通胀压力不大，经济逐季下行；货币政策转向宽松态势，2021年下半年央行两次降准，流动性是驱动全年股债行情的重要因素。2）全年利率债的主要因素是货币政策，回顾2021年，一季度利率市场保持震荡，整体波动不大。二季度流动性逐步宽松，利率震荡中小幅下行。随着7月份降准，政策宽松态势明确，10年期国债收益率最低下行至2.8%左右。但四季度初降准预期落空，收益率小幅上涨，年末二次降准后，10年期国债收益率向下突破2.8%。整体来看，由于经济的疲弱和货币政策的宽松，利率债2021年整体表现良好。3）信用债在2021年收益率和利差均为下行趋势，节奏上来看，2021年年初市场情绪从永煤违约事件中逐步修复，配合资金面平稳，信用利差明显收窄，7月初央行降准后信用债收益率跟随利率债大幅下行。之后由于利率债回调、房地产信用风险抬升，信用债收益率略有上行。四季度随着降准的落地，信用债收益率再次下行。全年来看，在结构性资产荒下背景下，资金涌向高评级的信用资产，其中银行二级资本债成为了全年债券配置品种的胜负手。4）股市方面，21年是比较极致的结构性行情。年初核心资产大幅下跌，市场经历短暂调整后，二季度进入修复期，风格上，小盘股逐渐脱颖而出；2021年流动性宽松，利好小盘股与成长风格。行业上，新能源成为全年主线，与之相关的板块，如电力设备新能源、化工、有色、电力等行业的相关公司的业绩增长明显，同时估值也出现抬升。而之前上涨较多的医药、消费蓝筹板块等整体表现较差，股市呈现比较极致的分化行情。","declarationDate":"2022-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:40.213Z","mo":"展望2022年，股票方面，我们仍着力于政策发力稳增长和景气成长两条主线布局。板块具体包括：1、碳中和政策背景下，光伏、风电、储能等产业链中供给格局较好，需求持续增长，业绩不断兑现的公司；2、基本面预期处于相对低位的品种，重点关注受成本问题压制的中游制造在商品价格见顶后的配置机会和疫情修复标的； 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盈盘涌现，债券收益率开始反弹。春节后受制于海外大宗商品大涨及通胀预期，中长期收益率上行明显，3月以来在货币政策\"不急转弯\"定调下对利空反应逐渐钝化，震荡回落。本基金在债券配置上精选债券细分品种，规避信用风险，积极挖掘期限利差和流动性溢价，力争获取稳定的收益。权益市场方面，从市场走势看，一季度指数先扬后抑，以2月中旬春节为界，市场前后风格切换明显。从一月初至春节，市场延续2020年的上涨行情，主要是全球货币宽松对核心资产的估值提升；而节后市场风格由2020年的估值驱动转换为业绩驱动股价上涨，前期机构持仓较高的白酒、新能源、科技等板块均出现较大幅度回落，而低估值、高股息的银行、顺周期等板块则表现出了较强的防御性，在市场整体回落情况下出现上涨。本基金权益部分仓位有所降低，结构上增配了低估值大金融和部分周期制造业以降低高估值板块回调带来的波动。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:40.196Z","fund":{"_id":3000000010900,"__csrcFundId":8514,"stockCode":"010900","shortName":"中欧生益稳健一年混合(010900)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10900,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:33:03.957Z","status":"normal","name":"中欧生益稳健一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-01-11T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧生益稳健一年混合","setUpDate":"2021-01-11T16:00:00.000Z","setUpAssetScale":1887650838.71,"setUpShares":1887650838.71,"pinyin":"zosywjyncyqhhxzqtzjj","managers":[{"stockCode":"db20526841","stockType":"fund_manager","exchange":"fm","tickerId":808179610,"name":"黄华"}]},"announcement":{"linkText":"中欧生益稳健一年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=575240","linkType":"PDF","source":"csrc_pdf"}}]}