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年初以来在美联储加息预期上行、俄乌冲突、上海疫情等冲击，市场经历了深度调整，随着上海疫情缓解和海外风险因素的逐步钝化，以新能源为代表的高景气资产引领市场反弹。目前经济仍然处于底部，随着前期政策的逐步落地，基本面有望逐步边际改善，但受制于地产销售向投资传导，经济修复的斜率预计较为平缓。流动性方面，央行合理充裕的定调没有发生变化，但中枢有望向政策利率收敛。对于债券市场而言，前期流动性宽松和经济羸弱的定价较为充分，后期需要观察基本面企稳的节奏，整体震荡偏空；权益资产受益于宽松的流动性环境和逐步改善的基本面，整体依然健康。恒鑫未来继续关注固收资产的基础票息收益和权益资产结构性的投资机会。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:44.092Z","mo":"当前经济三大部门仍然面临一定的压力，地产虽边际改善但无论销售还是销售向投资的传导依然较弱，出口面临海外经济下行带来的下行风险，消费在收入预期和疫情扰动下弹性较小，稳就业的压力客观存在。未来流动性和政策面预计依然偏暖。债券市场当前依然面对相对友好的环境，预计整体震荡。权益资产将等待基本面的验证，短期总量震荡的基础上结构性行情主导。","fund":{"_id":3000000011175,"__csrcFundId":8617,"stockCode":"011175","shortName":"平安恒鑫混合(011175)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11175,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:41:03.361Z","status":"normal","name":"平安恒鑫混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-01T16:00:00.000Z","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安恒鑫混合","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":669001791.89,"setUpShares":669001791.89,"pinyin":"pahxhhxzqtzjj","managers":[{"stockCode":"db20548432","stockType":"fund_manager","exchange":"fm","tickerId":811190320,"name":"韩克"}]},"announcement":{"linkText":"平安恒鑫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=784513","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece547fea5b3eb04e8db2","date":"2022-03-30T16:00:00.000Z","stockId":3000000011175,"sao":"报告期内，国内依然面临较大的内生下行压力，尤其以地产为代表，稳增长成为一季度的政策主线。政策层面，稳增长的政策不断推出，货币政策维持合理充裕的状态。债券市场整体位置震荡的局面，权益市场在内生动能较弱、疫情扰动、俄乌冲突、联储加息缩表等影响下下行幅度较大。组合维持相对均衡的配置，重点关注了稳增长链条的地产、煤炭和出行链条的航空等的机会，对长久期的成长股进行了一定程度的仓位收缩","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:44.089Z","fund":{"_id":3000000011175,"__csrcFundId":8617,"stockCode":"011175","shortName":"平安恒鑫混合(011175)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11175,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:41:03.361Z","status":"normal","name":"平安恒鑫混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-01T16:00:00.000Z","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安恒鑫混合","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":669001791.89,"setUpShares":669001791.89,"pinyin":"pahxhhxzqtzjj","managers":[{"stockCode":"db20548432","stockType":"fund_manager","exchange":"fm","tickerId":811190320,"name":"韩克"}]},"announcement":{"linkText":"平安恒鑫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=723682","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece547fea5b3eb04e8db1","date":"2021-12-30T16:00:00.000Z","stockId":3000000011175,"sao":"宏观层面，经济在紧信用政策下压力逐步加大，尤其以地产为代表，融资端和销售端的收紧逐步转化为地产公司的信用风险。流动性方面在消费和制造业投资内生动能偏弱背景下一直维持相对充裕的状态。紧信用宽货币的宏观背景对长久期资产相对有利，债市和权益市场的长久期资产表现也优于短久期资产。组合在投资上相对长久期的资产配置，权益资产采取相对均衡的行业配置，避免单一风险对组合造成太大的冲击。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:44.086Z","mo":"需求收缩，供给冲击，预期转弱仍为当前的宏观背景，去年四季度开始供给压力有所缓解，往后看，预期随着调控政策的不断落地有望逐步转强，未来需求端企稳节奏和力度是影响资产节奏的关键因素。海外看，压力在胀，国内看，压力在滞，外需压力在供给释放和非常规政策退出背景下将逐步增大，内需的稳定较去年更加重要。流动性层面，货币政策合理充裕的定调没有变化，但后期随着稳增长政策的不断加码，货币政策将不断让位于财政。对证券市场而言，长久期资产面临一定的压力。纯债策略上，我们将以赚取票息和骑乘收益为主，同时适当进行波段操作，力争在保障安全性、流动性的情况下，为客户创造良好的收益。权益及转债策略上，我们将以绝对收益思路为主，维持相对均衡的配置，通过挖掘结构性机会，力增实现收益率增强。","fund":{"_id":3000000011175,"__csrcFundId":8617,"stockCode":"011175","shortName":"平安恒鑫混合(011175)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11175,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:41:03.361Z","status":"normal","name":"平安恒鑫混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-01T16:00:00.000Z","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安恒鑫混合","setUpDate":"2021-02-01T16:00:00.000Z","setUpAssetScale":669001791.89,"setUpShares":669001791.89,"pinyin":"pahxhhxzqtzjj","managers":[{"stockCode":"db20548432","stockType":"fund_manager","exchange":"fm","tickerId":811190320,"name":"韩克"}]},"announcement":{"linkText":"平安恒鑫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=713703","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece547fea5b3eb04e8db0","date":"2021-09-29T16:00:00.000Z","stockId":3000000011175,"sao":"三季度，受制于地产调整政策和上游资源品大幅上涨带来的工业生产颓势，经济增长边际有所弱化。疫情有所反复，新冠病毒的新疗法发挥作用尚需时日。通胀方面，碳中和带来的供给压缩使得大宗商品价格一路上行，推动PPI快速上行；猪肉价格作为国内通胀“压舱石”，维持CPI处于低位。货币政策方面，虽然进行了一次降准，但是总体仍是稳字当头。债券收益率先下后上。受监管政策影响，商业银行永续债和二级债品种调整幅度较大。策略上，报告期内本产品以赚取票息和套息收益为主，同时，动态调整组合久期和杠杆，适当进行波段交易以增厚组合收益。转债和股票方面，本产品以绝对收益思路为主，通过挖掘结构性机会，实现了收益率增强。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:44.084Z","fund":{"_id":3000000011175,"__csrcFundId":8617,"stockCode":"011175","shortName":"平安恒鑫混合(011175)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11175,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:41:03.361Z","status":"normal","name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