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方面，在美伊局势明朗之前，国内外资产仍将面临风偏扰动。展望后市，我们对权益市场依然保持中期乐观，转债市场在估值水平整体回落后盈亏比适度提升，组合将结合正股基本面和转债估值情况精细化择券。纯债方面，经济温和修复与通胀中枢抬升背景下，债市缺乏趋势性机会，资金面与机构配置力量支撑信用债表现继续优于利率债。鉴于当前各期限信用利差已压缩至历史极低水平，组合将沿收益率曲线由短至长精准挖掘2-4年具备相对收益性价比的信用标的，以期获取确定性较高的票息收入与骑乘收益。利率债方面，适当配置3-5Y利率作为久期资产，对10年保持偏多头思维，伺机逢高参与波段交易增厚收益；同时，鉴于潜在的通胀预期升温及供需格局扰动，短期内规避超长端利率债的久期风险。","lastUpdated":"2026-04-22T15:37:55.669Z","fund":{"_id":3000000011109,"__csrcFundId":9064,"stockCode":"011109","shortName":"南方晖元6个月持有期债券(011109)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11109,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:39:08.040Z","status":"normal","name":"南方晖元6个月持有期债券型证券投资基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方晖元6个月持有期债券","setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":543596840.98,"setUpShares":543596840.98,"pinyin":"nfhy6gycyqzqxzqtzjj","managers":[{"stockCode":"db20150590","stockType":"fund_manager","exchange":"fm","tickerId":2019129150,"name":"陶铄"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方晖元6个月持有期债券型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1481971","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69cbc73f381dd95da7df4b85","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-30T16:00:00.000Z","stockId":3000000011109,"sao":"2025年，国内经济在复杂的内外部环境下，实现了量的合理增长和质的有效提升，并呈现经济结构分化、生产强于需求的特点。具体来看，外需表现出超预期韧性，在美国加征关税的背景下仍保持较高的出口增速，产业链优势与区域合作的多元化支撑明显；投资呈现前高后低态势，基建处于调整筑底阶段，房地产对经济的拖累依然显著，但高技术制造业和装备制造业增长势头领先，产业结构升级步伐稳健；消费上半年在政策刺激下表现较强，下半年补贴退坡后有所走弱；社会融资规模增速在政府债发行等因素支撑下总体趋稳，低基数、化债和存款活化共同推动M1增速回升；物价水平低位平稳，在“反内卷”等政策推动下PPI降幅逐步收窄。政策层面，宏观政策坚持“以我为主”，保持积极定力与连贯性：财政政策适度加力，围绕“两重”领域加大投入，夯实基建托底作用；货币政策保持适度宽松，加强与财政政策协同，有效支持内需恢复与流动性合理充裕。外部环境方面，美国经济增速放缓，特朗普关税政策扰动逐步减弱，美联储开启预防式降息。权益市场方面，市场整体呈现\"N\"字型表现，万得全A上涨27.6%，赚钱效应显著。结构方面存在较大分化，科技成长、高端制造和新质生产力相关板块涨幅靠前，传统周期、地产和消费表现较弱，与国内经济转型的结构趋势保持一致。债券市场走出震荡熊市，利率债方面，1年国债上行25BP、1年国开上行35BP，10年国债、10年国开分别上行17BP、27BP；信用债方面，整体表现优于同期限国开债，5年表现好于3年，低等级好于高等级。转债方面，在供需紧平衡的格局下走出由权益驱动的上涨行情，呈现出市场容量收缩、股性主导的特征。组合管理层面，我们持续致力于从大类资产配置的角度平衡股债资产的投资机会。债券部分，组合全年以中短久期、高等级及高流动性的信用债为配置底仓，把握票息收益及利差压缩的机会，并在二季度、四季度积极参与利率债的波段操作。股票部分，持续权衡景气与估值，把握科技成长、高端制造、周期金融等板块的机会，精选中期盈利逻辑顺畅、估值性价比较高的优质龙头标的。转债部分，根据权益市场走势和转债估值灵活调整仓位，通过精选个券控制整体波动，注重个券盈亏比的权衡。","lastUpdated":"2026-03-31T13:08:15.143Z","mo":"展望后续，当前已步入“十五五”规划的开局之年，总量经济预计维持平稳，结构分化延续。科技创新仍为制造业核心驱动，出口虽增速中枢下移但仍具韧性，消费在支持性政策的驱动下平稳增长，地产对经济的拖累效应减弱，货币政策为配合财政前置发力预计维持适度宽松，降息降准也值得期待。市场方面，我们对权益市场中期乐观，当前市场整体盈利底部确立。结构上，科技成长在人工智能产业趋势驱动下维持相对盈利优势；有色、化工等板块盈利同步于PPI平稳回升；先进制造板块受益于出口韧性和企业出海竞争力的提升，具备较大的个股挖掘空间；非银金融受益于市场整体活跃度的提升，盈利估值有望双升。预计市场维持相对均衡，各板块均有一定表现，同时也需警惕本轮整体盈利回升的弹性有限，在整体估值抬升后，市场波动也将加大。转债方面，由于转债本身的供需矛盾问题持续存在，相对高估值将成为新常态，转债收益获取将更加依赖对正股的判断与个券的精细挖掘。组合将自下而上配置正股基本面强劲的股性标的和盈亏比较优的平衡型标的，注重风险调整后的回报。纯债方面，在权益春季躁动、财政前置发力的背景下，利率趋势性做多动能不足，组合将继续以中短期限高等级信用债作为底仓，以获取稳健的票息和骑乘收益，同时把握超长端超调后的波段机会。","fund":{"_id":3000000011109,"__csrcFundId":9064,"stockCode":"011109","shortName":"南方晖元6个月持有期债券(011109)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11109,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:39:08.040Z","status":"normal","name":"南方晖元6个月持有期债券型证券投资基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方晖元6个月持有期债券","setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":543596840.98,"setUpShares":543596840.98,"pinyin":"nfhy6gycyqzqxzqtzjj","managers":[{"stockCode":"db20150590","stockType":"fund_manager","exchange":"fm","tickerId":2019129150,"name":"陶铄"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方晖元6个月持有期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=1461963","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece477fea5b3eb04e7dc4","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000011109,"sao":"2025年三季度，国内经济呈现结构性修复态势。分项看，工业生产保持韧性，地产投资仍处探底阶段。消费端在暑期服务消费的提振和后续“国补”资金逐步落地的支持下温和改善。“两重”领域的财政投入持续加码，对基建投资形成支撑。外部环境上，全球贸易壁垒增多，但中国外贸市场的多元化格局加速发展，非美市场增量有效弥补了对美市场的减量，出口呈现韧性。社融增速触顶回落，居民和企业部门信贷延续低位，“反内卷”政策推动PPI改善。货币政策方面，今年以来宏观调控力度加大，货币政策适度宽松，整体流动性保持充裕，推动社会综合融资成本下行。债券市场在“反内卷”政策、基金费率新规、金融债增值税征收等政策及股债跷跷板影响下表现较弱，收益率曲线陡峭化上行。权益市场受流动性充裕、政策预期与产业趋势共同驱动，经历了一轮显著上涨后进入高位震荡，科技自主可控与高端制造等新质生产力方向表现活跃，通信、电子、有色和电新行业领涨。转债市场延续强势，转债估值持续上行后高位震荡，具备较好的赚钱效应。组合管理上，债券部分侧重高等级信用债的票息收益，股票部分积极参与科技成长和自主可控的个股机会，转债部分则注重仓位管理与自下而上精选个券。展望后续，当前国内经济仍处于新旧动能转换过程中，经济短周期弹性相对有限。“反内卷”政策对价格指标的正面影响将持续显现，积极的财政政策、适度宽松的货币政策托底下行风险，决定了大类资产配置的中期方向。策略上，债券以中短久期票息策略为主，从股债平衡的视角参与长端利率的波段机会。权益市场前期累积了乐观涨幅，预计四季度波动将放大，组合将更加重视仓位管理，自下而上精选有景气趋势且估值合理的优质个股。转债投资从绝对收益视角出发，配置盈亏比较高的标的。","lastUpdated":"2026-03-09T13:42:31.481Z","fund":{"_id":3000000011109,"__csrcFundId":9064,"stockCode":"011109","shortName":"南方晖元6个月持有期债券(0111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要增配了供给稀缺的大盘低价转债和盈亏比良好的平衡型转债。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:31.474Z","mo":"展望2025年，预计货币和财政政策延续宽松，经济在政策呵护下维持平稳回升的态势，AI、机器人等领域的全球化产业趋势有显著积极的变化。组合债券部分将以中短端信用债为主，辅以中长端利率债波段，预计久期中枢有同比下降。组合股票部分将以绝对收益增强为目标，精选行业格局良好的优质个股，重点关注产业趋势、企业盈利和估值性价比的变化，提升稳健型板块的配置比例，维持权益配置的均衡性。转债部分延续均衡策略，重点在中低价平衡型转债中寻找机会。当前阶段，权益市场估值仍处于战略配置区间，产业趋势多点开花，外部环境相对稳定，组合将积极把握该收益增厚的窗口，重点关注二季度初企业盈利和宏观数据的验证时点。转债市场估值经历一轮拉升后，当前上行至历史中性偏高水平，后续主要为正股驱动的机会。组合将淡化仓位追求，精细择券，看好平衡型转债的不对称性收益和中低价转债的条款价值。","fund":{"_id":3000000011109,"__csrcFundId":9064,"stockCode":"011109","shortName":"南方晖元6个月持有期债券(011109)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11109,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:39:08.040Z","status":"normal","name":"南方晖元6个月持有期债券型证券投资基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方晖元6个月持有期债券","setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":543596840.98,"setUpShares":543596840.98,"pinyin":"nfhy6gycyqzqxzqtzjj","managers":[{"stockCode":"db20150590","stockType":"fund_manager","exchange":"fm","tickerId":2019129150,"name":"陶铄"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方晖元6个月持有期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=1258267","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece477fea5b3eb04e7dc0","date":"2024-09-29T16:00:00.000Z","stockId":3000000011109,"sao":"三季度国内经济平稳，结构仍存分化，稳增长政策加码。生产、制造、基建投资和出口维持韧性，地产投资有一定拖累，消费平稳略转弱。9月政治局会议和国新办发布会一系列稳增长政策加码，有效提振市场预期。海外方面，美国9月降息落地，通胀整体下行，全球制造业景气度略放缓。债券收益率走势分化，利率债收益下行，信用债收益率上行，信用利差扩大。权益市场波动较大，前期走势和成交量价均较弱，9月末强势反弹，季度维度来看金融、消费、TMT等板块涨幅靠前，红利低波板块表现相对较弱。转债市场受转债估值的拖累，表现弱于权益市场。组合债券部分以高等级信用债票息策略为核心，辅以中长端利率债波段，久期维持在中性水平。股票部分延续大盘股为主的均衡配置风格，维持对中游制造领域的重点配置，适度增配底部行业的优质个股。转债部分通过仓位的调节，适时参与市场机会，整体配置比例偏低。展望四季度，随着稳增长政策的落实，预计经济维持平稳回升的态势。债券市场的信用利差和期限利差均处于年内高位，受益于流动性环境的修复，后续利差有下行动力，仍然具备较好的配置价值。权益市场底部与政策底同步出现，采用震荡市思维运作，延续大盘均衡风格，精选行业格局良好的优质个股。转债当前估值偏低，具备较好的跟涨弹性，当前相对看好低价、低溢价转债的期权价值，通过仓位调节控制波动。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:31.471Z","fund":{"_id":3000000011109,"__csrcFundId":9064,"stockCode":"011109","shortName":"南方晖元6个月持有期债券(011109)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11109,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:39:08.040Z","status":"normal","name":"南方晖元6个月持有期债券型证券投资基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方晖元6个月持有期债券","setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":543596840.98,"setUpShares":543596840.98,"pinyin":"nfhy6gycyqzqxzqtzjj","managers":[{"stockCode":"db20150590","stockType":"fund_manager","exchange":"fm","tickerId":2019129150,"name":"陶铄"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方晖元6个月持有期债券型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1180757","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece477fea5b3eb04e7dbf","date":"2024-06-29T16:00:00.000Z","stockId":3000000011109,"sao":"上半年国内经济整体平稳，GDP增长5%，符合“5%左右”的目标。各部门之间存在分化，制造业投资和出口表现出较强韧性，地产投资、基建投资和社零消费偏弱。政策层面，货币政策维持宽松，存款准备金率、1年LPR、5年LPR均有调降，7月央行先后降低OMO和MLF利率，再次验证宽松基调；财政政策保持积极，但专项债发行进度较以往年份偏慢，实物工作量的转换效率有待提升；各地地产政策因城施策、持续放松，对地产销售有托底作用，边际效果有待加强。海外方面，上半年美国经济体现出韧性，美联储降息预期多次落空，但7月经济数据显示出走弱特征，市场预期9月即将降息，并逐步开启降息通道。市场层面，债券市场演绎配置荒行情，10Y国债下行约40bp，期限利差和信用利差显著压缩。权益市场波动较大，整体震荡盘整，红利低波资产占优，大盘风格显著优于小盘。在新国九条的影响下，龙头公司重新跑出超额收益，全市场分红额提升、融资额下降。转债市场趋势上跟随权益，阶段性地由于估值的波动体现出节奏上的差异，整体表现为先下后上，6月在低价转债的影响下大幅回落。操作层面，组合纯债配置中高等级信用债为主，通过信用品种和期限的选择获得票息和骑乘收益，严控信用风险。组合股票仓位维持中性，结构上延续行业均衡、大盘风格的配置，进一步增配部分受益于投资加速的中游制造领域，如电网和轨交领域。转债部分以绝对收益思路为主，整体仓位较低。由于前期对低价债性转债整体谨慎，组合未受到本轮低价债性转债的冲击，在冲击基本结束后，少量增配了报表质量和安全性较高的大盘、中高等级转债。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:31.468Z","mo":"展望下半年，预计国内宏观基本面延续弱复苏，货币政策延续宽松，债券市场不存在大幅调整的基础，但当前绝对利率水平偏低，预计维持底部窄幅震荡的格局，票息策略仍然占优。权益方面，近期重要会议释放出积极信号，在促进内需消费领域有边际增量的表述，3000亿以旧换新和设备更新政策超预期，后续观测政策对行业政策和企业盈利的实际效果。预计大盘风格延续占优，沿着业绩线择优配置，积极在中游制造领域寻找有国内投资提速和出海突破逻辑的个股机会，仓位维持中性水平。转债方面，当前转债估值、隐含波动率、平均价格、纯债溢价率等指标均回落至低位。其中转债估值接近2021年7月估值系统性抬升前的水平，转债平均价格/平均债底溢价率仅不到2%，为2017以来的最低水平。策略上，延续绝对收益思路，积极挖掘双低或平衡型转债的绝对收益机会，部分YTM较高的大盘AAA转债也具备纯债替代价值。","fund":{"_id":3000000011109,"__csrcFundId":9064,"stockCode":"011109","shortName":"南方晖元6个月持有期债券(011109)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11109,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:39:08.040Z","status":"normal","name":"南方晖元6个月持有期债券型证券投资基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方晖元6个月持有期债券","setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":5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5BP，5年期LPR 15BP，流动性整体维持在较为充裕水平上，但由于短期人民币汇率贬值的影响，货币政策的操作空间受到一定限制。市场层面，三季度债券市场收益率震荡下行，信用债整体表现好于同期限利率债。权益市场在三季度持续下跌，上证指数累计收跌-11.01%；转债市场在三季度先涨后跌，中证转债指数累计收跌-3.82%。投资运作上，组合债券类资产以配置利率债和高评级信用债为主，采取中性久期策略，在尽量降低组合信用风险暴露的前提下，通过适时的久期调整来获取债券超额收益；对于权益资产和转债资产，组合采取相对稳健的仓位选择，标的以有基本面支撑的绩优股和优质转债为主，注重风格均衡。展望未来，经济仍然受到疫情和地产等因素的影响，信用扩张节奏偏慢。海外方面，后续衰退压力较大。政策层面，房地产政策仍在放松，准财政政策持续加码。货币政策虽然受到汇率影响，但预计流动性水平边际变化不大。利率债策略：流动性依然充裕，绝对收益水平偏低，预计保持震荡走势，对利率债看法中性。信用债策略：关注地产和城投，严防信用风险。权益市场方面，重点挖掘有基本面支持的品种择优配置。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:31.450Z","fund":{"_id":3000000011109,"__csrcFundId":9064,"stockCode":"011109","shortName":"南方晖元6个月持有期债券(011109)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11109,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:39:08.040Z","status":"normal","name":"南方晖元6个月持有期债券型证券投资基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方晖元6个月持有期债券","setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":543596840.98,"setUpShares":543596840.98,"pinyin":"nfhy6gycyqzqxzqtzjj","managers":[{"stockCode":"db20150590","stockType":"fund_manager","exchange":"fm","tickerId":2019129150,"name":"陶铄"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方晖元6个月持有期债券型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=811017","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece477fea5b3eb04e7db7","date":"2022-06-29T16:00:00.000Z","stockId":3000000011109,"sao":"2022年上半年宏观环境错综复杂，3月以来国内疫情经历了由封控到逐步开放的过程，稳增长政策陆续出台，海外俄乌冲突延续，能源价格高位震荡、有色金属价格显著回落，高通胀推动美联储快速加息并启动缩表。上半年债市呈现窄幅震荡格局，银行间资金面持续宽松的背景下，利率曲线陡峭化，3-5年信用利差先升后降；国内权益市场先抑后扬，走势与海外权益市场分化较大，1-2月美联储转鹰催化市场风格调整，4-5月疫情防控成为市场主导因素，6月以来稳增长政策出台、宽信用发力进一步提振了市场情绪，成长和消费成为5月以来市场回升的主导方向；可转债市场跟随权益市场先抑后扬，一季度出现3轮明显的杀估值，二季度估值企稳回升。操作方面，保持以中高等级信用债为主的配置同时严格管理信用风险和流动性，通过利率债波段操作增厚组合收益；在权益市场深度调整和转债杀估值的过程中适当提高了股票和可转债仓位，行业结构上延续偏成长的配置，二季度陆续提高了消费的配置比例，转债部分以偏股型和平衡型为主，1-4月权益市场和转债市场调整幅度超预期，导致净值回撤幅度偏大，5-6月积极把握市场机会，净值快速回升。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:31.448Z","mo":"展望三季度，国内外经济周期错位使得金融市场走势也呈现较大的分化，欧美发达国家经济从过热走向滞胀、高通胀推动货币紧缩，国内经济从疫情冲击下逐步修复、通胀温和、政策宽松，内因是主导因素、外因是扰动因素，总体来看国内的经济政策环境有利于权益市场，债券市场面临一定的调整压力。国内权益市场预计由5-6月的系统性修复转向结构性行情，成长和消费大概率仍是市场主线，成长方向上新能源、军工估值修复已经完成，机会来自景气度进一步加速带来业绩超预期的环节和公司，估值和预期均在低位的医药和科技板块值得布局，疫后需求复苏、成本压力下降、渠道变革逐步理顺的背景下，消费可能迎来拐点性的机会，此外房地产链条上市的建材、家电、家具和出行链条上的航空可能出现显著的边际改善，赔率较优的情况下可以择机布局。可转债市场估值分化较大，大中盘转债、偏股型和平衡型转债估值相对合理，债市调整、交易监管强化的背景下小盘转债、低价高溢价率转债面临一定的估值压力。三季度，南方晖元计划保持中偏低的久期水平，严格管理信用风险和流动性，积极把握权益市场机会的同时争取更好地控制净值波动和回撤。","fund":{"_id":3000000011109,"__csrcFundId":9064,"stockCode":"011109","shortName":"南方晖元6个月持有期债券(011109)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11109,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:39:08.040Z","status":"normal","name":"南方晖元6个月持有期债券型证券投资基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方晖元6个月持有期债券","setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":543596840.98,"setUpShares":543596840.98,"pinyin":"nfhy6gycyqzqxzqtzjj","managers":[{"stockCode":"db20150590","stockType":"fund_manager","exchange":"fm","tickerId":2019129150,"name":"陶铄"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方晖元6个月持有期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=788641","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece477fea5b3eb04e7db6","date":"2022-03-30T16:00:00.000Z","stockId":3000000011109,"sao":"年初以来权益市场经历了3个阶段。第一阶段（1-2月）A股自身风格轮动，非系统性风险，到2月11日成长相对价值明显超卖，随即在2月下半月企稳回升。第二阶段（3月上半月）A股内外交困、恐慌抛售，受到俄乌冲突推升大宗商品价格、中概股退市风险发酵、2月金融数据大幅低于预期、国内新冠疫情加剧、互联网平台政策传闻等多重因素影响，A股进入恐慌抛售状态，到3月15日估值接近2018年四季度的低点。第三阶段（下半月），3月16日的金稳委会议及时回应了市场关切的问题（稳增长的决心、房地产风险的托底、中概股审计问题的解决和香港金融市场的稳定、平台经济的规范与发展等），标志着政策底的出现，市场快速反弹之后缩量回调，处于震荡磨底状态。年初以来在权益市场回调的影响下，可转债市场在2月中旬、3月上旬和3月下旬也出现3轮明显的估值调整。我们年初判断权益市场是震荡市，价值蓝筹具备估值优势，科技成长具备景气和业绩优势，全年来看相对均衡，我们保持了偏高的股票、转债仓位，结构上更偏具备业绩优势的科技成长，1-2月的市场表现在风格轮动的范围内，基金的净值表现也延续了成立以来的风格特点，3月权益市场的调整幅度显著超预期，导致净值回撤幅度明显加深；我们年初判断一季度可转债估值跟随权益市场同向波动，系统性杀估值的风险来自于二三季度债市转向，实际上权益市场的调整幅度超出预期，可转债在2-3月出现3轮明显的杀估值，导致可转债部分也给组合净值带来了较大的回撤。    展望后市，我们认为3月16日的金稳委会议标志着权益市场政策底的出现，未来2个季度市场有望在国内因素主导、海外因素助攻的驱动下走出企稳回升的行情。权益市场的核心矛盾在国内，即市场担心疫情防控不住、房地产链条风险兜不住、稳增长力度不足导致经济稳不住，我们判断上述市场担忧的问题在二季度会逐步缓解：疫情防控方面，在全面的封控和核酸抗原检测下，新增确诊病例数出现拐点并逐步实现社会面动态清零只是时间问题；房地产方面，近期多地下调房贷利率、放开限售限购，短期疫情对地产销售仍有影响，疫情过后房地产销售预计将逐步回升，房地产企业违约的负反馈链条也会被阻断；稳增长力度方面，历史上看稳增长初期社融月度数据有反复是正常的，每一轮宽信用市场都担心社融起不来，最后社融也都能够起来，并呈现先总量回升再结构改善的特征，本轮社融回升与历史的差异可能在于驱动力更多来自制造业和基建，而非房地产；综上所述，我们认为疫情防控得住、房地产链条风险兜得住、经济稳得住，上述问题逐步兑现的过程就是国内因素驱动市场回升的过程。海外方面，俄乌冲突推升大宗商品价格，美联储加息缩表预期推升美债利率，大宗商品价格和美债利率快速上行将对美国的房地产景气度、居民消费需求带来冲击，上半年美国经济仍有补库存上行动力，下半年美国经济回落压力加大，届时通胀也将见顶回落，美联储实际加息幅度和缩表力度可能低于当前市场预期，大宗商品价格和美债利率见顶回落将成为未来2个季度国内权益市场反弹的助攻因素。结构上，蓝筹价值跟随信用周期企稳向上，科技成长跟随产业周期向上和渗透率加速提升有望贡献超额收益，到下半年消费在疫情有效管控、低基数效应下有望开始跑赢。转债方面，当前估值已降至历史中性水平，不算极端便宜也已经不贵，机构配售较多的大中盘转债杀估值更加明显，处于中性偏低水平；近期上市的新券定价偏低，也表明市场情绪已经明显降温，历史上看对应的往往是买点而非卖点。考虑到权益市场中期来看已经进入高胜率高赔率阶段，我们对转债市场也相对乐观，在估值不回升的情况下也可以跟随权益市场回升走出上涨行情。基于上述市场判断，我们在一季度末适当提高了股票和转债仓位，积极把握二三季度的市场行情，行业结构上偏向科技成长方向，同时搭配稳增长受益的银行、建材、建筑，保持电力、交运、生猪产业链等底仓配置，后续计划逐步左侧布局消费；可转债方面大盘转债波段操作增厚收益，重点挖掘和配置正股有业绩或者政策催化、向上空间较大、前期估值回调充分的偏股型转债。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:31.445Z","fund":{"_id":3000000011109,"__csrcFundId":9064,"stockCode":"011109","shortName":"南方晖元6个月持有期债券(011109)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11109,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:39:08.040Z","status":"normal","name":"南方晖元6个月持有期债券型证券投资基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方晖元6个月持有期债券","setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":543596840.98,"setUpShares":543596840.98,"pinyin":"nfhy6gycyqzqxzqtzjj","managers":[{"stockCode":"db20150590","stockType":"fund_manager","exchange":"fm","tickerId":2019129150,"name":"陶铄"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方晖元6个月持有期债券型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=730661","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece477fea5b3eb04e7db5","date":"2021-12-30T16:00:00.000Z","stockId":3000000011109,"sao":"2021年经济先上后下，上半年延续疫后复苏、下半年下行压力加大，全年出口表现好于预期，消费复苏弱于预期，能耗双控限电限产带来了较大的供给冲击，四季度房地产链条快速下滑，全年货币政策由中性转向宽松，7月、12月两次全面降准。2021年债市由熊转牛，利率震荡下行，信用利差压缩，信用债表现好于同期限利率债，周期行业龙头信用债和银行二级资本债体现出明显的超额收益；权益市场结构分化显著，周期和成长板块交替表现，金融和消费较弱；可转债市场在春节前后达到估值低点，随后估值逐步抬升，全年表现好于预期。南方晖元2021年5月成立，二季度采取了稳健的建仓节奏，三季度逐步提高组合久期和权益仓位，在10月收益率阶段性高点增加了3-5年高等级信用债和银行二级资本债的配置，权益类仓位中枢基本稳定，结构上以优质成长为主，细分行业配置相对均衡。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:31.443Z","mo":"展望2022年上半年，经济面临需求收缩、供给冲击、预期转弱三重压力，中央经济工作会议定调稳增长前置发力，货币政策处于宽货币、稳信用阶段，流动性宽松整体利好股债市场。债市方面，在货币政策宽松周期市场至少不差，预计利率债震荡、信用债有结构性机会，一方面严格控制信用风险，另一方面寻找利差压缩的结构性机会。权益和转债市场去年12月以来的调整主要受到国内稳增长政策路径的分歧和美联储加息预期上升的影响，调整之后权益相对纯债的估值吸引力明显上升，前期涨幅较大的优质公司估值贵的问题也得到化解，在基本面和政策面依然向好的背景下估值也具备了较好的吸引力，后续随着国内稳信用的兑现、优质公司报表业绩兑现和美联储加息的落地，市场有望企稳回升。可转债在整体估值不低的情况下，主要寻找估值相对合理或偏低的个券。2022年上半年，南方晖元将保持相对稳定的大类资产配置结构，纯债方面重点管理好信用风险和集中度，保持整体持仓较好的流动性，积极寻找利差压缩的结构性机会；权益类方面保持仓位中枢相对稳定，积极把握市场上行阶段的机会，重点挖掘景气向上、业绩扎实、竞争格局好、估值合理的行业和个券。","fund":{"_id":3000000011109,"__csrcFundId":9064,"stockCode":"011109","shortName":"南方晖元6个月持有期债券(011109)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11109,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:39:08.040Z","status":"normal","name":"南方晖元6个月持有期债券型证券投资基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方晖元6个月持有期债券","setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":543596840.98,"setUpShares":543596840.98,"pinyin":"nfhy6gycyqzqxzqtzjj","managers":[{"stockCode":"db20150590","stockType":"fund_manager","exchange":"fm","tickerId":2019129150,"name":"陶铄"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方晖元6个月持有期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=716838","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece477fea5b3eb04e7db4","date":"2021-09-29T16:00:00.000Z","stockId":3000000011109,"sao":"2021年三季度国内经济开始回落，房地产链条下行明显，消费疲弱，在供给侧因素影响下主要商品价格再次冲高，7月初央行全面降准，政策转向宽松，受融资需求不振影响社融增速继续回落。债市方面，降准利好推动7月收益率显著下行，受到商品价格冲高、理财净值化转型交易摩擦等因素影响，8、9月收益率震荡上行，全季来看利率曲线平坦化下行，信用利差小幅上升。权益方面，三季度市场风格再次切换，顺周期行业再次跑赢，中小市值公司表现好于蓝筹白马；可转债估值先扬后抑，7、8月表现较好，9月中旬以来可转债估值跟随权益市场调整快速回落。2021年三季度，南方晖元逐步完成建仓，采取了中性略偏高的债券久期，分散配置中高等级信用债，严格把控信用风险，采取了中性偏低权益仓位，均衡布局行业和个股。    展望2021年四季度，房地产链条拖累经济下行压力进一步加大，今年底明年初出口链条也将面临下行压力，政策进入宽货币、稳信用阶段。当前市场存在较强的滞胀担忧，我们判断当前是大宗商品供需关系最紧张的阶段，后续伴随供给的逐步回升，国内、海外经济需求的相继回落，大宗商品价格供需紧张有望逐步缓解，当前上游资源品涨价主要问题来自产业政策和疫情之后供需阶段性错配，中美央行货币政策关注点在滞而非胀，在经济下行压力逐步加大的背景下，货币政策易松难紧。上述宏观背景下，利率处于下行趋势当中，短期扰动带来的收益率回升是配置机会。权益和转债市场9月中旬以来情绪快速降温，成交额和换手率逐步接近3月上旬的情绪低点，以隐含波动率/历史波动率衡量的偏股型转债估值快速回落到2017年以来的中性偏低水平，我们判断在政策宽松背景下市场中期震荡上行，9月中旬以来的调整是比较好的布局机会。结构上，除了考虑上市公司三季报业绩表现以外，四季度主要从展望2022年的角度调整行业配置，优先选择2022年相对业绩占优、政策支持的科技成长方向，同时关注消费的景气度拐点和疫情受损行业在疫情过后的修复行情，对供给侧涨价主导的顺周期保持谨慎，具备需求侧逻辑和产能扩张能力的周期成长型公司有望走得更远。2021年四季度，南方晖元将保持相对稳定的大类资产配置结构，债券部分重点把控好信用风险，管理好集中度和流动性，权益部分积极调整持仓结构，重点挖掘短期景气向上、中长期格局优、估值合理的个券机会，力争在控制好回撤的前提下获取较高的收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:31.440Z","fund":{"_id":3000000011109,"__csrcFundId":9064,"stockCode":"011109","shortName":"南方晖元6个月持有期债券(011109)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11109,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:39:08.040Z","status":"normal","name":"南方晖元6个月持有期债券型证券投资基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方晖元6个月持有期债券","setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":543596840.98,"setUpShares":543596840.98,"pinyin":"nfhy6gycyqzqxzqtzjj","managers":[{"stockCode":"db20150590","stockType":"fund_manager","exchange":"fm","tickerId":2019129150,"name":"陶铄"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方晖元6个月持有期债券型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=658916","linkType":"PDF","source":"csrc_pdf"}}]}