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中有降。    展望未来，本组合将延续稳健风格、客户利益至上，力争为投资者创造中长期持续稳健回报。","fund":{"_id":3000000011073,"__csrcFundId":8576,"stockCode":"011073","shortName":"鹏华安润混合(011073)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11073,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:37:56.922Z","status":"normal","inceptionDate":"2020-12-29T16:00:00.000Z","name":"鹏华安润混合型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华安润混合","setUpDate":"2020-12-29T16:00:00.000Z","setUpAssetScale":189088510.8,"setUpShares":189088510.8,"pinyin":"pharhhxzqtzjj","managers":[{"stockCode":"db20921485","stockType":"fund_manager","exchange":"fm","tickerId":122510230670,"name":"林艺杰"}]},"announcement":{"linkText":"鹏华安润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=1051340","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece387fea5b3eb04e738a","date":"2023-09-29T16:00:00.000Z","stockId":3000000011073,"sao":"2023年3季度，国内经济呈现底部企稳特征，其中消费保持较强韧性，出口数据整体强于预期，而前期掣肘经济修复的地产相关链条，随着支持刚需、改善型需求支撑政策落地，成交数据有所改善，但恢复进程偏慢；制造业方面，代表新兴行业景气度的EPMI数据延续修复态势，显示经济中期视角仍有较强的增长动能。但也要看到，经济修复过程中仍面临部分不利因素，一是在海外高息环境下，美国衰退压力有所加大，欧元区经济仍然相对低迷，全球经济复苏动能减弱；二是国内经济运行面临需求不足，部分企业经营困难，内需的持续修复仍然受到居民收入等因素制约。  在此背景下，考虑到基本面仍然在修复通道之中，政策后续有进一步发力空间，短期来看债券市场略偏逆风。但从中期视角来看，考虑到海外高息环境下经济边际下行压力增加，国内居民和企业需求恢复仍需时间，债券市场风险较为可控；叠加后续化债政策加速推进的背景下，货币条件维持稳健偏松的确定性较高，无风险利率中枢大幅上行概率不大。中短期限高等级信用债，逐步具备较好的配置价值。  2023年3季度债券市场收益率先下后上，中枢整体略有上行。其中10年国债收益率上行4BP至2.68%，3年期、5年期信用债收益率分别上行7BP和5BP；权益市场方面，2023年3季度股票市场整体有所调整，其中上证指数下跌2.86%，沪深300下跌3.98%，创业板指下跌9.53%。  本组合在2023年3季度整体维持中性久期，以高等级优质信用债投资为主，防范风险为先、适度逆向操作。  展望未来，本组合将延续稳健风格、客户利益至上，力争为投资者创造中长期持续稳健回报。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:16.331Z","fund":{"_id":3000000011073,"__csrcFundId":8576,"stockCode":"011073","shortName":"鹏华安润混合(011073)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11073,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:37:56.922Z","status":"normal","inceptionDate":"2020-12-29T16:00:00.000Z","name":"鹏华安润混合型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华安润混合","setUpDate":"2020-12-29T16:00:00.000Z","setUpAssetScale":189088510.8,"setUpShares":189088510.8,"pinyin":"pharhhxzqtzjj","managers":[{"stockCode":"db20921485","stockType":"fund_manager","exchange":"fm","tickerId":122510230670,"name":"林艺杰"}]},"announcement":{"linkText":"鹏华安润混合型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=986888","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece387fea5b3eb04e7389","date":"2023-06-29T16:00:00.000Z","stockId":3000000011073,"sao":"2023年上半年，宏观经济整体呈现温和复苏局面，央行货币政策维持平稳，为经济修复提供相对宽松的流动性环境。具体到债券市场来看，2023年上半年债券市场收益率整体震荡下行，其中10年国债收益率下行20BP至2.635%，5年期AA+信用债收益率下行54BP，3年期AA+信用债收益率下行53BP，1年期AA+信用债收益率下行44BP。经历2022年四季度的快速调整之后，高等级信用债在2023年初呈现出较好的配置价值，叠加资金面整体维持平稳偏松，债券市场信心逐步修复。随着3月27日降准落地，银行间流动性延续平稳偏松态势，债券市场整体表现积极。权益市场方面，2023年上半年整体表现有所分化，指数层面来看，上半年上证指数上涨3.65%至3202点，其中以中特估和AI为代表的方向整体表现较好。  本组合上半年债券投资方面，整体以高等级优质信用债投资为主，一季度组合适度拉长组合久期；权益投资方面，组合整体维持了低仓位，延续均衡配置思路，努力为投资者创造中长期持续稳健回报。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:16.328Z","mo":"展望2023年下半年，宏观经济方面，欧美需求存在高位回落压力，国内需求整体保持较强韧性，延续底部修复特征；下半年国内经济沿高质量发展方向，进一步推动经济结构深度转型升级，消费、投资呈现均呈现出较强韧性。货币政策方面，随着美国经济高位回落压力逐步加大，美联储加息逐步进入尾声阶段，国内货币政策将延续稳健偏松态势，进一步压降实体经济融资成本。  在此背景下，债券市场整体风险可控，中高等级信用债仍然有较好的配置机会。组合将继续严控信用风险，以中性久期高等级信用债作为主要配置方向，适度杠杆操作，阶段性通过波段操作提升组合收益。  组合整体将稳健操作、均衡配置，努力为投资者创造中长期持续稳健回报。","fund":{"_id":3000000011073,"__csrcFundId":8576,"stockCode":"011073","shortName":"鹏华安润混合(011073)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11073,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:37:56.922Z","status":"normal","inceptionDate":"2020-12-29T16:00:00.000Z","name":"鹏华安润混合型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华安润混合","setUpDate":"2020-12-29T16:00:00.000Z","setUpAssetScale":189088510.8,"setUpShares":189088510.8,"pinyin":"pharhhxzqtzjj","managers":[{"stockCode":"db20921485","stockType":"fund_manager","exchange":"fm","tickerId":122510230670,"name":"林艺杰"}]},"announcement":{"linkText":"鹏华安润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=961549","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece387fea5b3eb04e7388","date":"2023-03-30T16:00:00.000Z","stockId":3000000011073,"sao":"2023年1季度，国内经济呈现底部温和复苏局面，以消费、地产为代表的内需，在春节前后快速修复，地产销售出现一定程度的环比改善；2月以来，在商旅需求恢复的作用下，服务业整体维持高景气，呈现复苏接力局面；外需方面，受发达国家经济回落和对美出口份额下降影响，出口呈现出一定的压力。经济整体呈现温和复苏特征，内需修复和外需回落持续角力，分化特征明显。    2023年1季度债券市场收益率走势分化。其中10年国债收益率小幅上行1.5BP至2.85%，而3年期、5年期信用债收益率均下行37BP；权益市场方面，2023年1季度股票市场整体有所回暖，其中上证指数上涨5.94%，沪深300上4.63%，创业板指上涨2.25%。    债券投资方面，本组合在2023年1季度整体维持中性久期，以高等级优质信用债投资为主，积极寻找市场超跌之后的介入机会；权益投资方面，组合维持了低仓位。    展望未来，本组合将延续稳健风格、客户利益至上，力争为投资者创造中长期持续稳健回报。","declarationDate":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2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=804179","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece387fea5b3eb04e7385","date":"2022-06-29T16:00:00.000Z","stockId":3000000011073,"sao":"2022年上半年，债券市场整体窄幅震荡。1月央行降息10BP，货币政策态度宽松，利率明显下行。春节后至3月上旬，社融和PMI数据明显好转，地产“因城施策”放松政策频出，市场“宽信用”预期发酵，利率最高上行至2.85%。3月中旬到4月底，国内疫情再度出现反复，货币宽松预期发酵，国内利率整体呈现下行趋势。5月资金持续宽松，全国稳定经济大盘会议召开之后，市场修正二季度基本面预期至悲观，带动利率下破2.7%。6月以来，疫情整体进入收尾阶段，政策在防疫和“稳增长”中边际向后者倾斜，疫情防控边际放松，地产销量边际好转，利率明显调整。权益市场方面，1-4月受发达国家央行货币政策收紧、俄乌冲突、国内疫情反复等因素影响，市场出现较大幅度调整；5月之后，随着上海疫情逐步缓解，复工复产逐步推进，权益市场呈现出较大幅度反弹，尤其是新能源车、光伏、军工等高景气方向，走出了较强的结构性行情。  本组合上半年债券投资方面，整体以高等级优质信用债投资为主，适度拉长久期参与利率债波段交易；权益投资方面，组合年初以来整体维持了较高的仓位，在权益市场回调中，净值受到了一定拖累，站在当前时点，组合将延续均衡配置思路，努力为投资者创造中长期持续稳健回报。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:16.318Z","mo":"展望2022年下半年，宏观经济层面，国内经济在疫情逐步得到管控背景下，整体呈现出底部逐级修复倾向，地产整体仍然面临边际下行压力；外需层面，目前美欧等国通胀压力仍然较大，货币政策仍在收紧通道之中，在此背景下，国内出口企业在能源成本优势推动下，在份额端仍将维持强劲，出口层面整体仍将保持韧性，但是欧美经济总量层面四季度往后存在一定不确定性。通胀层面，下半年整体处在PPI环比回落，CPI阶段性有所上行局面之中，但考虑本轮猪周期强度明显弱于上轮，通胀层面对货币政策的掣肘有限。在此背景下，货币政策整体或维持稳健偏宽松的格局。  整体来看，展望下半年，稳健偏松的流动性环境仍然对债券市场形成支撑，而严防信用风险仍然是债券投资的核心关注点；权益市场方面，考虑到在疫情缓解背景下内需逐级弱修复，叠加市场流动性相对宽松，下半年权益市场仍然存在较好的结构性机会；但与此同时，也要认识到，基本面和流动性的持续拉锯、极度分化的市场环境对权益投资带来了更大的挑战。下半年操作上，本组合将更加注重投资的安全边际和风险收益比、更加敬畏市场，在管控好组合回撤的基础上争取为投资者创造持续稳健回报。","fund":{"_id":3000000011073,"__csrcFundId":8576,"stockCode":"011073","shortName":"鹏华安润混合(011073)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11073,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:37:56.922Z","status":"normal","inceptionDate":"2020-12-29T16:00:00.000Z","name":"鹏华安润混合型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华安润混合","setUpDate":"2020-12-29T16:00:00.000Z","setUpAssetScale":189088510.8,"setUpShares":189088510.8,"pinyin":"pharhhxzqtzjj","managers":[{"stockCode":"db20921485","stockType":"fund_manager","exchange":"fm","tickerId":122510230670,"name":"林艺杰"}]},"announcement":{"linkText":"鹏华安润混合型证券投资基金 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