window.pageData = {"stock":{"_id":3000000011536,"stockCode":"011536","shortName":"惠升惠益混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11536,"masterFundFlag":1,"status":"normal","exchange":"jj","inceptionDate":"2021-05-24T16:00:00.000Z","name":"惠升惠益混合型证券投资基金","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"masterFundShortName":"惠升惠益混合","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":104724044.79,"setUpShares":104724044.79,"pinyin":"hshyhhxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"51720000","tickerId":51720000,"name":"惠升基金管理有限责任公司"},"managers":[{"name":"陈桥宁","stockType":"fund_manager","stockCode":"8801356382","exchange":"fm","tickerId":31714112020},{"name":"徐玉良","stockType":"fund_manager","stockCode":"db20770334","exchange":"fm","tickerId":242512201810}],"hotMetrics":{"fss":{"stockId":3000000011536,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.049661,"f_ins_h_s_r_c_hy":0.011901999999999996,"f_ins_h_s_r_c_1y":0.049661,"f_ind_h_s_r":0.950339,"f_ind_h_s_r_c_hy":-0.01190200000000008,"f_ind_h_s_r_c_1y":-0.049660999999999955,"f_h_a":336,"f_h_s_a":145716,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000011536,"type":"fpr","f_p_r_fys_ssc":8981,"f_p_r_fys_ssrp":0.7248329621380847,"f_p_r_m1_ssc":9270,"f_p_r_m1_ssrp":0.5684539864063006,"f_p_r_m3_ssc":9128,"f_p_r_m3_ssrp":0.584638983236551,"f_p_r_m6_ssc":8891,"f_p_r_m6_ssrp":0.753318335208099,"f_p_r_y1_ssc":8359,"f_p_r_y1_ssrp":0.8883704235463029,"f_p_r_y2_ssc":7760,"f_p_r_y2_ssrp":0.8194354942647248,"f_p_r_y3_ssc":6984,"f_p_r_y3_ssrp":0.8449090648718316,"f_cagr_p_r_fs_ssc":9232,"f_cagr_p_r_fs_ssrp":0.848987108655617,"f_p_r_y5_ssc":4426,"f_p_r_y5_ssrp":0.7032768361581921},"fp":{"stockId":3000000011536,"type":"fp","f_p_r_fys":-0.006121134020618424,"f_p_r_m1":-0.011956869862282504,"f_p_r_m3":-0.005266552020636195,"f_p_r_m6":-0.0077195239626888235,"f_p_r_y1":0.002708559046587622,"f_cagr_p_r_fs":-0.015275324728523665,"f_p_r_d1":0.0023597554435268453,"f_p_r_y2":0.07691412613451254,"f_p_r_y3":-0.002908855850031866,"last_data_date":"2026-06-04T16:00:00.000Z","f_p_r_y5":-0.07477756672998104},"ff":{"stockId":3000000011536,"type":"ff","f_m_f":286264,"f_m_f_r":0.012,"f_c_f":35783,"f_c_f_r":0.0015,"f_m_a_c_f":322047,"f_m_a_c_f_r":0.0135,"f_m_c_f_d":"2025-03-06T16:00:00.000Z","f_c_fr":0.0015,"f_fr_d":"2026-05-29T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.0135},"f_nlacan":{"stockId":3000000011536,"type":"f_nlacan","f_nv_d":"2026-06-04T16:00:00.000Z","f_nv":0.9255,"f_nv_cr":-0.009736785790712577},"f_as":{"stockId":3000000011536,"type":"f_as","f_tas":19245387.1875,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000011537,"name":"惠升惠益混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","exchange":"jj","stockCode":"011537","tickerId":11537,"shortName":"惠升惠益混合C","__csrcFundId":9272,"lastUpdated":"2025-01-04T00:32:08.797Z","inceptionDate":"2021-05-24T16:00:00.000Z","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"status":"normal","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":115842270.76,"setUpShares":115842270.76,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"hshyhhxzqtzjj"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000011536,"stockId":601838,"holdings":21000,"marketCap":359520,"netValueRatio":0.0123,"quarterlyChange":0.06203473945409499,"stock":{"stockCode":"601838","exchange":"sh","stockType":"company","tickerId":601838,"name":"成都银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000011536,"stockId":601009,"holdings":29600,"marketCap":337144,"netValueRatio":0.0116,"quarterlyChange":-0.003499562554679869,"stock":{"stockCode":"601009","exchange":"sh","stockType":"company","tickerId":601009,"name":"南京银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000011536,"stockId":601229,"holdings":33800,"marketCap":334958,"netValueRatio":0.0115,"quarterlyChange":-0.01881188118811883,"stock":{"stockCode":"601229","exchange":"sh","stockType":"company","tickerId":601229,"name":"上海银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000011536,"stockId":600750,"holdings":12300,"marketCap":328656,"netValueRatio":0.0113,"quarterlyChange":0.15321536469572705,"stock":{"stockCode":"600750","exchange":"sh","stockType":"company","tickerId":600750,"name":"华润江中"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000011536,"stockId":600566,"holdings":12100,"marketCap":318472,"netValueRatio":0.0109,"quarterlyChange":0.0007604562737639764,"stock":{"stockCode":"600566","exchange":"sh","stockType":"company","tickerId":600566,"name":"济川药业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000011536,"stockId":601825,"holdings":33500,"marketCap":305185,"netValueRatio":0.0105,"quarterlyChange":-0.019375672766415053,"stock":{"stockCode":"601825","tickerId":601825,"exchange":"sh","stockType":"company","name":"沪农商行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000011536,"stockId":601318,"holdings":5300,"marketCap":300934,"netValueRatio":0.0103,"quarterlyChange":-0.1698830409356732,"stock":{"stockCode":"601318","exchange":"sh","stockType":"company","tickerId":601318,"name":"中国平安"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000011536,"stockId":1,"holdings":27000,"marketCap":299160,"netValueRatio":0.0103,"quarterlyChange":-0.028921998247151026,"stock":{"stockCode":"000001","exchange":"sz","stockType":"company","tickerId":1,"name":"平安银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000011536,"stockId":600502,"holdings":48900,"marketCap":275307,"netValueRatio":0.0094,"quarterlyChange":0.2258054337193518,"stock":{"stockCode":"600502","exchange":"sh","stockType":"company","tickerId":600502,"name":"安徽建工"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000011536,"stockId":600803,"holdings":12400,"marketCap":275032,"netValueRatio":0.0094,"quarterlyChange":0.06840077071290862,"stock":{"stockCode":"600803","exchange":"sh","stockType":"company","tickerId":600803,"name":"新奥股份"}}],"bondHoldings":[{"_id":"69e7d7496201787ae12a5293","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000011536,"stockCode":"018012","stockName":"国开2003","holdings":38000,"marketCap":3877497,"netValueRatio":0.1329,"lastUpdated":"2026-04-21T20:00:09.791Z"},{"_id":"69e7d7496201787ae12a5294","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000011536,"stockCode":"019735","stockName":"24国债04","holdings":23000,"marketCap":2415122,"netValueRatio":0.0828,"lastUpdated":"2026-04-21T20:00:09.794Z"},{"_id":"69e7d7496201787ae12a5295","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000011536,"stockCode":"019739","stockName":"24国债08","holdings":20000,"marketCap":2082827,"netValueRatio":0.0714,"lastUpdated":"2026-04-21T20:00:09.798Z"},{"_id":"69e7d7496201787ae12a5296","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000011536,"stockCode":"019773","stockName":"25国债08","holdings":18000,"marketCap":1823894,"netValueRatio":0.0625,"lastUpdated":"2026-04-21T20:00:09.801Z"},{"_id":"69e7d7496201787ae12a5297","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000011536,"stockCode":"019743","stockName":"24国债11","holdings":13000,"marketCap":1364997,"netValueRatio":0.0468,"lastUpdated":"2026-04-21T20:00:09.804Z"}],"lastFsMetrics":{"latestTurnoverRate":2.2744797823331506,"latestTurnoverRateDate":"2025-12-30T16:00:00.000Z"}},"list":[{"_id":"69e7d57f6201787ae129f25e","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","stockId":3000000011536,"sao":"固定收益方面，报告期组合持仓结构保持稳定。可转债方面，在报告期末，鉴于市场调整后可转债的吸引力提升，组合增加了可转债的比例，以优质企业且纯债溢价比较低的标的为主。权益方面，组合延续既定策略，以红利低波标的为主，以期降低组合波动。同时在报告期初增加油气资源的配置，后续随美以伊战争导致原油价格大涨时降低配置。","lastUpdated":"2026-04-21T19:52:31.524Z","fund":{"_id":3000000011536,"__csrcFundId":9272,"stockCode":"011536","shortName":"惠升惠益混合(011536)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11536,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:58.759Z","status":"normal","exchange":"jj","inceptionDate":"2021-05-24T16:00:00.000Z","name":"惠升惠益混合型证券投资基金","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"masterFundShortName":"惠升惠益混合","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":104724044.79,"setUpShares":104724044.79,"pinyin":"hshyhhxzqtzjj","managers":[{"stockCode":"8801356382","stockType":"fund_manager","exchange":"fm","tickerId":31714112020,"name":"陈桥宁"},{"stockCode":"db20770334","stockType":"fund_manager","exchange":"fm","tickerId":242512201810,"name":"徐玉良"}]},"announcement":{"linkText":"惠升惠益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=1469159","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69cc26631dc8b83221c66511","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000011536,"sao":"固定收益方面，报告期内组合久期有调整。一季度初，考虑各期限利率债的收益率均跌到极低的水平，债市整体情绪过于乐观，因此相应大幅降低组合久期，结构上以利率债和高等级信用债为主。这种策略维持到三季度。三季度末，考虑市场经过调整后收益率有所回升，因此增加组合久期。受组合规模限制，结构上以利率债为主。可转债方面，保持一贯思路，以优质企业且纯债溢价相对较低的标的为主。2025年权益市场虽然经历动荡，但却是多年一遇的牛市。二季度，全球市场受美国对主要经济体大幅加征关税的冲击而剧烈波动，A股权益市场也经历大幅波动。随关税冲突缓和，市场信心逐渐恢复，权益市场最终走出了关税对抗的陷阱，走出一轮可观的牛市行情。牛市的驱动因素，一方面来自政策包括货币以及流动性的宽松，另一面也来自全球新一轮以人工智能驱动的科技革命有关。报告期内，组合权益部分策略以红利低波标的为主运作。","lastUpdated":"2026-03-31T19:54:11.822Z","mo":"当前阶段，传统经济部门如地产、基建以及相关联的制造业仍处于消化过剩产能状态，但边际的影响在减弱，部分行业甚至有望走出多年低估，恢复增长动能。同时，以人工智能为代表的新一轮科技革命蓬勃发展，快速积聚力量，为经济增长提供新的动力。基于此，我们对经济保持谨慎乐观。","fund":{"_id":3000000011536,"__csrcFundId":9272,"stockCode":"011536","shortName":"惠升惠益混合(011536)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11536,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:58.759Z","status":"normal","exchange":"jj","inceptionDate":"2021-05-24T16:00:00.000Z","name":"惠升惠益混合型证券投资基金","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"masterFundShortName":"惠升惠益混合","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":104724044.79,"setUpShares":104724044.79,"pinyin":"hshyhhxzqtzjj","managers":[{"stockCode":"8801356382","stockType":"fund_manager","exchange":"fm","tickerId":31714112020,"name":"陈桥宁"},{"stockCode":"db20770334","stockType":"fund_manager","exchange":"fm","tickerId":242512201810,"name":"徐玉良"}]},"announcement":{"linkText":"惠升惠益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=1451440","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece967fea5b3eb04ee031","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000011536,"sao":"固定收益方面，报告期组合持仓有调整，一方面增加利率债的配置，另外在报告期末，适当增加组合的久期。可转债方面，鉴于估值水平大幅提升，组合大幅降低了可转债配置比例，以优质企业且纯债溢价比较低的标的为主。权益方面，组合延续前期思路，以红利低波标的为主，以期降低组合波动。三季度由于市场风格强烈偏向成长，在市场大涨的情况下出现下跌，导致组合净值下跌。","lastUpdated":"2026-03-09T13:43:50.149Z","fund":{"_id":3000000011536,"__csrcFundId":9272,"stockCode":"011536","shortName":"惠升惠益混合(011536)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11536,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:58.759Z","status":"normal","exchange":"jj","inceptionDate":"2021-05-24T16:00:00.000Z","name":"惠升惠益混合型证券投资基金","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"masterFundShortName":"惠升惠益混合","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":104724044.79,"setUpShares":104724044.79,"pinyin":"hshyhhxzqtzjj","managers":[{"stockCode":"8801356382","stockType":"fund_manager","exchange":"fm","tickerId":31714112020,"name":"陈桥宁"},{"stockCode":"db20770334","stockType":"fund_manager","exchange":"fm","tickerId":242512201810,"name":"徐玉良"}]},"announcement":{"linkText":"惠升惠益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=1370665","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece967fea5b3eb04ee030","date":"2025-06-29T16:00:00.000Z","stockId":3000000011536,"sao":"固定收益方面，我们在一季度做了比较大的调整。考虑各期限利率债的收益率均跌到极低的水平，债市整体情绪过于乐观，相应降低组合久期。结构上以利率债和金融债为主。二季度基本维持之前的持仓和策略。权益方面，上半年权益市场动荡起伏。组合方面，我们对权益市场保持乐观态度，因此保持较高的权益仓位，策略上采取相对均衡的配置。一季度由于对人工智能等科技主题配置缺乏，净值表现不佳。二季度，我们反思组合在面对关税冲突导致的市场波动中的表现，尤其是面向出口的优质企业在关税对抗下依然大幅下跌，给组合带来拖累。我们对组合策略进行了一定调整，重视分散化，无论是行业还是个股均相对分散，防止过于集中持仓导致不可预测的风险带来大的回撤。同时，我们将配置重点转向红利低波类资产，争取在控制回撤的基础上取得超额收益。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:50.146Z","mo":"当前阶段，虽然传统经济部门如地产、基建以及相关联的制造业仍处于消化过剩产能状态，增长动能不足，消费也相应受影响而显得增长乏力。但随着国家在建设统一市场的纲领下，诸多产能过剩行业有望在政策引领下逐渐走出困境，恢复增长动能。同时，以科技为代表的新质生产力业在快速积聚力量，为经济增长提供新的动力。如果经济增长的新旧动能如预期调整，尤其随统一市场建设的推进，过剩产能的逐步消化，则市场原来对经济的悲观预期会修正。基于此，组合固定收益部分维持当前较低的久期策略。同时，权益市场在基本面改善和较低的估值水平下仍具吸引力。","fund":{"_id":3000000011536,"__csrcFundId":9272,"stockCode":"011536","shortName":"惠升惠益混合(011536)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11536,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:58.759Z","status":"normal","exchange":"jj","inceptionDate":"2021-05-24T16:00:00.000Z","name":"惠升惠益混合型证券投资基金","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"masterFundShortName":"惠升惠益混合","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":104724044.79,"setUpShares":104724044.79,"pinyin":"hshyhhxzqtzjj","managers":[{"stockCode":"8801356382","stockType":"fund_manager","exchange":"fm","tickerId":31714112020,"name":"陈桥宁"},{"stockCode":"db20770334","stockType":"fund_manager","exchange":"fm","tickerId":242512201810,"name":"徐玉良"}]},"announcement":{"linkText":"惠升惠益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=1342211","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece967fea5b3eb04ee02f","date":"2025-03-30T16:00:00.000Z","stockId":3000000011536,"sao":"固定收益方面，报告期内组合持仓做了一定调整，主要是降低久期。季度中期，各期限利率债的收益率均跌到极低的水平，债市整体情绪过于乐观，我们认为市场过于乐观并因此降低组合久期。可转债方面，主要配置优质企业且纯债溢价比较低的标的。权益部分，一季度市场呈现结构分化格局，在人工智能、人形机器人等科技主题刺激下，科技板块以及港股表现突出，但沪深300指数整体呈震荡走势。权益策略仍维持相对均衡的价值和成长配置，一季度权益部分对人工智能等科技主题暴露较少，尤其是对估值与成长无法匹配、呈现情绪驱动的泡沫行情难以接受，因此权益对组合的贡献较少。当前，美国前所未有的关税政策导致全球市场剧烈动荡，市场陷入恐慌和避险模式。从长一点的时间周期看，市场最终会走出危机状态，优秀的企业也能在惊涛骇浪中继续前行，我们要做的就是保持与优秀的企业同行。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:50.143Z","fund":{"_id":3000000011536,"__csrcFundId":9272,"stockCode":"011536","shortName":"惠升惠益混合(011536)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11536,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:58.759Z","status":"normal","exchange":"jj","inceptionDate":"2021-05-24T16:00:00.000Z","name":"惠升惠益混合型证券投资基金","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"masterFundShortName":"惠升惠益混合","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":104724044.79,"setUpShares":104724044.79,"pinyin":"hshyhhxzqtzjj","managers":[{"stockCode":"8801356382","stockType":"fund_manager","exchange":"fm","tickerId":31714112020,"name":"陈桥宁"},{"stockCode":"db20770334","stockType":"fund_manager","exchange":"fm","tickerId":242512201810,"name":"徐玉良"}]},"announcement":{"linkText":"惠升惠益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=1268167","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece967fea5b3eb04ee02e","date":"2024-12-30T16:00:00.000Z","stockId":3000000011536,"sao":"2024 年，债券收益率大幅下行，信用利差也进一步压缩。在固定收益投资方面，考虑到产品规模和流动性要求，报告期内组合主要持仓利率债，整体采取了中等久期策略。在权益投资方面，基于对权益市场的看好，报告期内组合保持了较高的权益和可转债配置比例。在策略上，我们采取了价值与成长相结合的均衡配置：一方面，配置了业务稳定、基于现金流估值具有吸引力的价值类企业；另一方面，基于行业景气周期和成长前景，相应配置了部分成长类行业。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:50.138Z","mo":"展望 2025 年，对于债券市场，我们对短期内长期债券收益率的快速下行持谨慎态度，尤其是考虑到权益市场的潜在回报率，权益市场更具吸引力。在组合配置上，债券资产持仓标的力求稳健，保持适当的久期，同时增加权益和可转债仓位。","fund":{"_id":3000000011536,"__csrcFundId":9272,"stockCode":"011536","shortName":"惠升惠益混合(011536)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11536,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:58.759Z","status":"normal","exchange":"jj","inceptionDate":"2021-05-24T16:00:00.000Z","name":"惠升惠益混合型证券投资基金","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"masterFundShortName":"惠升惠益混合","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":104724044.79,"setUpShares":104724044.79,"pinyin":"hshyhhxzqtzjj","managers":[{"stockCode":"8801356382","stockType":"fund_manager","exchange":"fm","tickerId":31714112020,"name":"陈桥宁"},{"stockCode":"db20770334","stockType":"fund_manager","exchange":"fm","tickerId":242512201810,"name":"徐玉良"}]},"announcement":{"linkText":"惠升惠益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=1248687","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece967fea5b3eb04ee02d","date":"2024-09-29T16:00:00.000Z","stockId":3000000011536,"sao":"三季度宏观政策方面，财政发力整体较为谨慎，广义财政支出仍慢于往年。货币政策方面仍是支持立场不变，降准降息落地，叠加央行公开市场买入短端国债且卖出长期限国债，十年国债下行突破前低，信用利差延续低位。债券收益率三季度呈现震荡下行，曲线形态整体呈现陡峭化。固定收益方面，报告期内本基金持仓以交易所利率债为主，整体保持中性略偏高的组合久期和杠杆率，并用交易所长期限国债灵活调节组合久期增厚交易收益。权益方面，本基金逐渐增加权益和可转债的配置比例。结构上，一方面配置业务稳定、基于现金流估值有优势的价值类企业；另一方面基于行业景气周期和估值，配置部分处于周期底部、趋势向好的行业，如光伏新能源、半导体等行业。可转债配置优质、高信用评级标的。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:50.135Z","fund":{"_id":3000000011536,"__csrcFundId":9272,"stockCode":"011536","shortName":"惠升惠益混合(011536)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11536,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:58.759Z","status":"normal","exchange":"jj","inceptionDate":"2021-05-24T16:00:00.000Z","name":"惠升惠益混合型证券投资基金","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"masterFundShortName":"惠升惠益混合","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":104724044.79,"setUpShares":104724044.79,"pinyin":"hshyhhxzqtzjj","managers":[{"stockCode":"8801356382","stockType":"fund_manager","exchange":"fm","tickerId":31714112020,"name":"陈桥宁"},{"stockCode":"db20770334","stockType":"fund_manager","exchange":"fm","tickerId":242512201810,"name":"徐玉良"}]},"announcement":{"linkText":"惠升惠益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=1170010","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece967fea5b3eb04ee02c","date":"2024-06-29T16:00:00.000Z","stockId":3000000011536,"sao":"上半年市场表现分化巨大，虽然沪深300指数与年初相比基本持平，但大多数行业指数大幅下跌，尤其是中小市值个股跌幅巨大。报告期内，本基金权益、固定收益的配置比例与上期相比保持稳定。债券部分保持中性久期及杠杆率，二季度虽然基本面呈现弱复苏态势，但考虑到目前央行持续对长期限收益率的关注及风险提示，组合持仓主要以短久期标的为主。权益方面采取相对均衡的策略，价值和成长兼顾。一方面配置业务稳定、基于现金流估值有优势的价值类企业，另一方面基于行业发展周期和估值角度，较多配置了半导体等成长类行业。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:50.133Z","mo":"展望未来，站在当下时点看，尽管有各种理由导致市场信心不足，但目前权益市场整体估值处于低位，从风险溢价角度，权益市场具有吸引力。优质企业的估值并不高，市场还有大量具有成长前景的成长企业。从经济增长驱动因素角度看，科技创新是未来经济转型的关键，我们也看到一批科技企业在成长。从这个角度看，我们对市场保持相对乐观的态度。","fund":{"_id":3000000011536,"__csrcFundId":9272,"stockCode":"011536","shortName":"惠升惠益混合(011536)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11536,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:58.759Z","status":"normal","exchange":"jj","inceptionDate":"2021-05-24T16:00:00.000Z","name":"惠升惠益混合型证券投资基金","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"masterFundShortName":"惠升惠益混合","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":104724044.79,"setUpShares":104724044.79,"pinyin":"hshyhhxzqtzjj","managers":[{"stockCode":"8801356382","stockType":"fund_manager","exchange":"fm","tickerId":31714112020,"name":"陈桥宁"},{"stockCode":"db20770334","stockType":"fund_manager","exchange":"fm","tickerId":242512201810,"name":"徐玉良"}]},"announcement":{"linkText":"惠升惠益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=1141416","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece967fea5b3eb04ee02b","date":"2024-03-30T16:00:00.000Z","stockId":3000000011536,"sao":"一季度权益市场跌宕起伏，在持续的政策干预和呵护下，恐慌性下跌的趋势被止住，市场开始恢复正常功能。报告期内，组合固定收益部分在遵守契约规定基础上，增加了对优质可转债的投资。可转债标的以银行和优质制造业公司为主，结合产业分析和公司估值综合考虑。权益方面，组合重点配置了有色金属和制造业优质公司。有色金属方面主要投资贵金属和铜等受益于保值功能以及供给受限品种，此类资产在降息预期下表现良好。我们基于业务稳定性和成长性筛选优质制造业标的，部分中国企业已经在海外建立了良好的竞争优势，全球化布局的业务稳定性高，在本土市场增长受限情况下能保持持续成长。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:50.130Z","fund":{"_id":3000000011536,"__csrcFundId":9272,"stockCode":"011536","shortName":"惠升惠益混合(011536)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11536,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:58.759Z","status":"normal","exchange":"jj","inceptionDate":"2021-05-24T16:00:00.000Z","name":"惠升惠益混合型证券投资基金","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"masterFundShortName":"惠升惠益混合","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":104724044.79,"setUpShares":104724044.79,"pinyin":"hshyhhxzqtzjj","managers":[{"stockCode":"8801356382","stockType":"fund_manager","exchange":"fm","tickerId":31714112020,"name":"陈桥宁"},{"stockCode":"db20770334","stockType":"fund_manager","exchange":"fm","tickerId":242512201810,"name":"徐玉良"}]},"announcement":{"linkText":"惠升惠益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=1065923","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece967fea5b3eb04ee02a","date":"2023-12-30T16:00:00.000Z","stockId":3000000011536,"sao":"2023年A股市场主要宽基指数继上年大幅下跌后继续回撤。其原因，国内经济走势偏离年初市场整体预判，市场整体信心不足且资金面偏紧，导致A股在年初上涨后持续回落。外围环境方面，全球通胀居高不下，美国政府宽财政与居民消费韧性驱动下，通胀压力增大，致使联储持续维持鹰派立场。总体而言，市场经历国内复苏预期转弱与海外流动性冲击，并受制于资金面偏紧遭遇一定回撤，尤其以成长和中小市值板块跌幅更大。面对景气行业减少、赚钱效应缺乏、存量资金博弈，同时外部风险持续扰动的市场，2023年本基金在权益仓位上偏保守，更多配置债券和可转债。权益方面，保持均衡策略，成长和价值兼顾。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:50.128Z","mo":"2024年，虽然经济基本面的不确定性仍然存在，地缘政治、经济冲突持续，市场信心仍不足，但是，我们对权益市场的观点变得更为乐观。一方面是政策的持续呵护，无论是财政、货币还是产业政策，以及证券监管等，都不断加码以增强市场信心。如果一些涉及市场运行机制的根本问题能得到纠正，市场信心会得到极大提振。另一方面，经历持续的下跌，市场估值处于低位，上涨的概率更大。本基金一方面会增加权益仓位，另外在配置方面会结合高分红收益率标的和成长标的。","fund":{"_id":3000000011536,"__csrcFundId":9272,"stockCode":"011536","shortName":"惠升惠益混合(011536)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11536,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:58.759Z","status":"normal","exchange":"jj","inceptionDate":"2021-05-24T16:00:00.000Z","name":"惠升惠益混合型证券投资基金","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"masterFundShortName":"惠升惠益混合","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":104724044.79,"setUpShares":104724044.79,"pinyin":"hshyhhxzqtzjj","managers":[{"stockCode":"8801356382","stockType":"fund_manager","exchange":"fm","tickerId":31714112020,"name":"陈桥宁"},{"stockCode":"db20770334","stockType":"fund_manager","exchange":"fm","tickerId":242512201810,"name":"徐玉良"}]},"announcement":{"linkText":"惠升惠益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=1048645","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece967fea5b3eb04ee029","date":"2023-09-29T16:00:00.000Z","stockId":3000000011536,"sao":"三季度，宏观数据和政策均有利于权益市场。首先，宏观数据方面，PMI有触底企稳趋势，货币、固定资产投资、社零等多项经济和金融数据均有好转迹象。其次，政策方面，三季度更是以历史上少见的力度出台了一系列支持资本市场发展的政策，包括7月的政治局会议定调，8月证监会推出的系列政策等。三季度A股市场呈现震荡下行趋势，大部分指数收于年内低点。在上述强力政策刺激下，市场走出如此大反差的态势，A股历史上少见。概因长期和短期问题交织、内部和外部压力共振，导致市场信心严重不足。报告期内，基于对市场风险的考虑，本基金降低了权益仓位，加仓利率债。权益策略兼顾价值和成长，由于三季度成长行业跌幅有一定的跌幅，给基金净值带来拖累。从较长视角看，目前权益市场估值的风险溢价处于有吸引力水平，虽然市场信心匮乏，但我们相信市场终究会对基本面和估值做出反应。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:50.125Z","fund":{"_id":3000000011536,"__csrcFundId":9272,"stockCode":"011536","shortName":"惠升惠益混合(011536)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11536,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:58.759Z","status":"normal","exchange":"jj","inceptionDate":"2021-05-24T16:00:00.000Z","name":"惠升惠益混合型证券投资基金","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"masterFundShortName":"惠升惠益混合","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":104724044.79,"setUpShares":104724044.79,"pinyin":"hshyhhxzqtzjj","managers":[{"stockCode":"8801356382","stockType":"fund_manager","exchange":"fm","tickerId":31714112020,"name":"陈桥宁"},{"stockCode":"db20770334","stockType":"fund_manager","exchange":"fm","tickerId":242512201810,"name":"徐玉良"}]},"announcement":{"linkText":"惠升惠益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=983272","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece967fea5b3eb04ee028","date":"2023-06-29T16:00:00.000Z","stockId":3000000011536,"sao":"2023年上半年，我国整体宏观需求偏弱，呈现出房地产市场深度调整、工业品价格下行压力较大以及企业去库存加速等总体特征。对经济强复苏预期的落空，加上货币政策宽松，叠加通胀下行，导致权益市场表现差、债市走牛的局面。报告期内，本基金权益方面配置了计算机、新能源、化工、消费，在组合构建上采取均衡策略，价值和成长风格兼顾；债券方面，本基金重点配置了金融债和可转债。其中转债配置主要以低估值以及高分红板块为主，另外布局部部分弹性品种。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:50.122Z","mo":"展望下半年，基本面来看，经济整体有望从二季度的底部爬升。从价格指数表现来看，企业利润已经出现了一定的企稳迹象，企业利润的低点已经出现，部分行业已经开始补库。政策端来看，下半年维稳经济的宏观政策不断推出，有望对经济实现托底作用。因此我们对后续市场持有谨慎乐观看法。从估值角度来看，大部分个股估值已经到一个相对低位，具有一定安全边际。我们认为对权益市场无需过度悲观，而持谨慎乐观态度。","fund":{"_id":3000000011536,"__csrcFundId":9272,"stockCode":"011536","shortName":"惠升惠益混合(011536)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11536,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:58.759Z","status":"normal","exchange":"jj","inceptionDate":"2021-05-24T16:00:00.000Z","name":"惠升惠益混合型证券投资基金","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"masterFundShortName":"惠升惠益混合","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":104724044.79,"setUpShares":104724044.79,"pinyin":"hshyhhxzqtzjj","managers":[{"stockCode":"8801356382","stockType":"fund_manager","exchange":"fm","tickerId":31714112020,"name":"陈桥宁"},{"stockCode":"db20770334","stockType":"fund_manager","exchange":"fm","tickerId":242512201810,"name":"徐玉良"}]},"announcement":{"linkText":"惠升惠益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=956311","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece967fea5b3eb04ee027","date":"2023-03-30T16:00:00.000Z","stockId":3000000011536,"sao":"本季度整体经济呈现出温和复苏的态势，但外部地缘政治冲击仍然存在，同时美国银行业事件也给市场增加了很多不确定性。权益市场虽然呈现整体上行态势，但由于3月份经济政策刺激低于预期，同时外部仍有扰动，权益市场在2-3月份经历了小幅的回调，同时板块分化特征非常明显。从未来一个月到一个季度来看，一方面海外市场方面美国仍有加息可能，但加息接近尾声，全球风险偏好震荡中有所回升；另一方面，随着国内经济的逐步复苏，企业利润和服务业消费可能逐步恢复。展望下一阶段，债券方面，虽然市场对中长期经济复苏持续性和斜率的预期转弱，但鉴于当前宏观经济复苏本身的确定性，债券收益下行空间有限；权益市场预计在震荡中上行。本基金需要采取更加灵活积极的操作。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:50.120Z","fund":{"_id":3000000011536,"__csrcFundId":9272,"stockCode":"011536","shortName":"惠升惠益混合(011536)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11536,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:58.759Z","status":"normal","exchange":"jj","inceptionDate":"2021-05-24T16:00:00.000Z","name":"惠升惠益混合型证券投资基金","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"masterFundShortName":"惠升惠益混合","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":104724044.79,"setUpShares":104724044.79,"pinyin":"hshyhhxzqtzjj","managers":[{"stockCode":"8801356382","stockType":"fund_manager","exchange":"fm","tickerId":31714112020,"name":"陈桥宁"},{"stockCode":"db20770334","stockType":"fund_manager","exchange":"fm","tickerId":242512201810,"name":"徐玉良"}]},"announcement":{"linkText":"惠升惠益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=879281","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece967fea5b3eb04ee026","date":"2022-12-30T16:00:00.000Z","stockId":3000000011536,"sao":"回顾2022年，全球及内部宏观经济市场遭遇罕见的大幅波动情况。外部方面，美联储连续快速加息产生了强烈的收缩效应，造成全球主要金融资产价格下跌；2月，俄乌冲突爆发，大宗商品价格被快速推升并间接促成了更加强势的美元，形成对新兴市场国家进一步的压力。内部方面，几次疫情的冲击，尤其是上海疫情的爆发，打断了经济复苏的进程，各经济参与主体均明显受到压力。同时，房地产行业进入寒冬，尤其是商品房销售和房企融资等主要指标出现大幅度下滑，对上下游行业产生了明显冲击，进一步加剧了宏观经济压力。于此同时，为应对这样的宏观经济压力，积极的财政政策与稳健的货币政策均出现了较大幅度的发力，对宏观市场的压力有一定程度的缓解。进入2022年11月以后，上述因素均出现明显的改善。海外，美联储加息幅度出现确定性的放缓，俄乌冲突进入拉锯战模式。国内，疫情管控放开，地产政策明显发力，以“金融16条”和“三箭齐发”为代表的全国性政策积极辅助地产企业渡过难关，整体预期有所修复。对应到2022年权益市场，A股在1-4月表现出较大幅度的下跌，5-6月有所反弹，7-10月受预期恶化影响再次下跌，11月开始预期反转，进入反弹区间，全年主要指数整体下跌幅度在10%-30%之间。而债券市场则呈现出一季度收益率明显下行，二季度整体窄幅震荡，三季度收益率再次下行，到了11月以后，预期发生快速调整，收益率呈现出明显上行的状态。操作方面，一季度，基于对市场风险的考虑，本基金降低了权益仓位，更多配置债券，一定程度上回避了市场大幅下跌的冲击。二季度我们将权益仓位提高到上限水平，在组合构建上采取稳健策略，价值和成长风格兼顾。三季度基于对市场风险的考虑，本基金降低了权益仓位，更多配置债券。四季度产品在债市冲击初期大幅降低了债券久期和仓位，规避了后期债市的较大调整。转债则继续中性仓位布局在复苏和稳增长板块，权益策略风格上兼顾价值和成长，仓位没有大的变化。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:50.117Z","mo":"展望2023年，宏观经济市场整体上较大概率好于2022年的环境。首先是疫情因素消退后的整体经济复苏值得期待，其次是地产行业在较为友好的政策环境逐步解除危机模式，同时在外部环境方面，全球金融条件最紧缩的时刻显然已经过去，流动性更加宽松。对应的，我们对于权益市场，整体方向上保持乐观，尽管中间的波动以及幅度尚不好把握，但方向相较而言较为明确。对于债券市场而言，相对并没有权益市场那样乐观，整体上或许更多的是伴随经济逐步复苏，债券收益率将呈现震荡中重心向上的结果。因此，在资产选择和配置上，我们或许将面临和2022年截然不同的思路，权益或将优于债券，短久期资产或将优于长久期资产。","fund":{"_id":3000000011536,"__csrcFundId":9272,"stockCode":"011536","shortName":"惠升惠益混合(011536)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11536,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:58.759Z","status":"normal","exchange":"jj","inceptionDate":"2021-05-24T16:00:00.000Z","name":"惠升惠益混合型证券投资基金","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"masterFundShortName":"惠升惠益混合","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":104724044.79,"setUpShares":104724044.79,"pinyin":"hshyhhxzqtzjj","managers":[{"stockCode":"8801356382","stockType":"fund_manager","exchange":"fm","tickerId":31714112020,"name":"陈桥宁"},{"stockCode":"db20770334","stockType":"fund_manager","exchange":"fm","tickerId":242512201810,"name":"徐玉良"}]},"announcement":{"linkText":"惠升惠益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=863203","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece967fea5b3eb04ee025","date":"2022-09-29T16:00:00.000Z","stockId":3000000011536,"sao":"三季度全球经济面临衰退风险。俄乌冲突演变成为拉锯战、欧美通胀居不下、联储三次议息会议连续每次加息75bp、美元和美债收益率的上涨，使得全球大部分资产承压；国内经济复苏一波三折，地产周期的下行、海外金融条件的收缩、疫情的反复扰动等提升了复苏的难度。期间国内权益市场大幅下跌，尤其半导体等成长类板块跌幅巨大。三季度以来，国内频繁出台各类稳增长政策，尤其是地产政策见到了全国层面上的明显刺激。展望四季度，在进一步实物工作量的形成之下，经济有望延续当前的复苏趋势，并在有可能出台的其他政策下，进一步加快复苏的斜率，但相应的扰动或说担忧因素却也并没有褪去。对于四季度权益市场，我们仍维持谨慎乐观的看法。虽然疫情时有反复，但整体趋势趋于好转，同时市场经历大幅下跌，估值处于低位，且市场流动性充裕，一旦信心恢复，市场机会将到来。报告期内，基于对市场风险的考虑，本基金降低了权益仓位，更多配置债券。权益策略风格上兼顾价值和成长，由于三季度成长类行业跌幅巨大，给基金净值带来拖累。基于对股票市场和转债估值的考虑，产品对可转债仓位进行了一定的减持。根据纯债市场的走势，对部分债券进行了获利了结。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:50.115Z","fund":{"_id":3000000011536,"__csrcFundId":9272,"stockCode":"011536","shortName":"惠升惠益混合(011536)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11536,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:58.759Z","status":"normal","exchange":"jj","inceptionDate":"2021-05-24T16:00:00.000Z","name":"惠升惠益混合型证券投资基金","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"masterFundShortName":"惠升惠益混合","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":104724044.79,"setUpShares":104724044.79,"pinyin":"hshyhhxzqtzjj","managers":[{"stockCode":"8801356382","stockType":"fund_manager","exchange":"fm","tickerId":31714112020,"name":"陈桥宁"},{"stockCode":"db20770334","stockType":"fund_manager","exchange":"fm","tickerId":242512201810,"name":"徐玉良"}]},"announcement":{"linkText":"惠升惠益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=811602","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece967fea5b3eb04ee024","date":"2022-06-29T16:00:00.000Z","stockId":3000000011536,"sao":"上半年，海外通胀压力持续增加，美债收益率大幅上行，国内新冠疫情反复、房地产行业投资增速下滑，叠加俄乌冲突导致的地缘政治风险以及能源危机等，资产定价受到上述因素影响而出现变化。债券市场方面，市场在“宽信用”和“弱复苏”之间反复博弈，长端利率窄幅震荡，短端利率受流动性宽松影响下行幅度较大，长短端走势出现分化。权益市场方面，一季度，A股市场大幅下跌，二季度在政策不断宽松信号、流动性充裕刺激下大幅反弹，但市场整体仍大幅下跌，大多数行业跌幅较大，只有能源以及新能源相关行业涨幅较大。权益操作方面，一季度，基于对市场风险的考虑，本基金降低了权益仓位，更多配置债券，一定程度上回避了市场大幅下跌的冲击。二季度我们将权益仓位提高到上限水平，在组合构建上采取稳健策略，价值和成长风格兼顾。债券操作方面，本基金债券仓位整体稳定，品种采取利率债与转债组合配置的策略，其中转债配置主要以低估值以及高分红板块为主，另外布局部部分弹性品种。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:50.112Z","mo":"宏观经济仍持续受到疫情扰动，“需求收缩、供给冲击、预期转弱”三重压力仍在。对于下半年的权益市场，我们持谨慎乐观的看法。新冠疫情逐渐缓和，经济活动恢复正常，经济仍将呈现增长的韧性，加上政策友好、流动性充裕，A股市场的估值优势以及优秀企业的吸引力仍在。展望下半年债券市场，国内经济复苏仍为主要矛盾，目前经济基础尚不牢固，疫情反复、房地产行业信用风险事件散点爆发等，仍持续制约经济复苏进程。消费和基建将成为主要发力点，但能否提前使用下一年的地方政府债额度仍具有一定难度。国内经济仍面临下行压力，需密切关注对经济目标实现的态度，以及增量财政工具的出台情况。宽财政需要宽货币配合，在经济恢复以及疫情得到有效控制前，货币政策预计仍将保持流动性合理充裕。","fund":{"_id":3000000011536,"__csrcFundId":9272,"stockCode":"011536","shortName":"惠升惠益混合(011536)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11536,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:58.759Z","status":"normal","exchange":"jj","inceptionDate":"2021-05-24T16:00:00.000Z","name":"惠升惠益混合型证券投资基金","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"masterFundShortName":"惠升惠益混合","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":104724044.79,"setUpShares":104724044.79,"pinyin":"hshyhhxzqtzjj","managers":[{"stockCode":"8801356382","stockType":"fund_manager","exchange":"fm","tickerId":31714112020,"name":"陈桥宁"},{"stockCode":"db20770334","stockType":"fund_manager","exchange":"fm","tickerId":242512201810,"name":"徐玉良"}]},"announcement":{"linkText":"惠升惠益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=780065","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece967fea5b3eb04ee023","date":"2022-03-30T16:00:00.000Z","stockId":3000000011536,"sao":"一季度，国内宏观经济喜忧参半。1-2月份PMI、工业增加值、用电量等指标均显示经济平稳运行，制造业固定资产投资数据甚至超预期得好。但三月份开始，尤其进入二季度，新冠疫情风险再起，涉疫各地开始施行严厉的封控措施，对物流、供应链造成很大压力甚至局部中断。国内政策看，稳增长是主线，央行等部门也不断释放宽松的预期信号。一季度，美联储的加息预期以及俄罗斯和乌克兰的地缘政治冲突成为境外主要风险因素，对全球各类资产带来剧烈冲击。乌克兰危机引发全球大宗商品飙升，叠加房地产回暖更容易形成再通胀预期，也会阶段性压制债市的做多情绪。我们对债市保持谨慎乐观的态度，整体策略以防守为主，在转债配置策略主要低估值金融板块及围绕稳增长相关的基建板块为主，部分布局弹性较大的非银金融，另外还用活跃的利率品来调节组合久期暴露以及保证组合流动性要求，为组合增厚收益。我们对权益保持谨慎态度，受上述风险因素影响，权益市场呈现明显的防御特征，A股一季度整体大幅下跌，只有少数行业如能源板块受地缘政治冲突大幅推高油价影响大幅上涨，以及稳增长受益行业如地产、建筑有正有收益，其余大部分行业均大幅下跌。基于对宏观经济和市场风险的判断，本基金采取稳健偏保守的策略，低仓位运行，以平衡风格为主，选择低估值和高分红收益率方向，注重企业内在价值。经历一季度的市场大幅下跌后，我们对未来权益市场持谨慎乐观的看法。新冠疫情对经济的扰动是暂时的，疫情缓和后，经济仍然会保持增长的韧性，优秀企业的吸引力在上升，市场机会在增加。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:50.109Z","fund":{"_id":3000000011536,"__csrcFundId":9272,"stockCode":"011536","shortName":"惠升惠益混合(011536)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11536,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:58.759Z","status":"normal","exchange":"jj","inceptionDate":"2021-05-24T16:00:00.000Z","name":"惠升惠益混合型证券投资基金","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"masterFundShortName":"惠升惠益混合","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":104724044.79,"setUpShares":104724044.79,"pinyin":"hshyhhxzqtzjj","managers":[{"stockCode":"8801356382","stockType":"fund_manager","exchange":"fm","tickerId":31714112020,"name":"陈桥宁"},{"stockCode":"db20770334","stockType":"fund_manager","exchange":"fm","tickerId":242512201810,"name":"徐玉良"}]},"announcement":{"linkText":"惠升惠益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=722056","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece967fea5b3eb04ee022","date":"2021-12-30T16:00:00.000Z","stockId":3000000011536,"sao":"2021年中国经济增速8.1%，上半年经济运行积极因素较多，主要受超预期的出口增长和房地产投资增长支持；下半年面临\"供给冲击、需求收缩、预期转弱\"三重压力，下行压力不断加大。受地方政府运动式减碳等政策影响，中上游大宗商品供给严重不足，叠加上年低基数效应，工业品出厂价格（PPI）大幅上涨。但受城镇居民可支配收入增速回落和边际消费倾向不足影响，PPI向CPI传导并不顺畅，PPI和CPI背离不断加大，且背离持续高位时间拉长。2021年全球经济总体处于分步复苏阶段，全年来看，疫情反复和宏观政策是影响各国经济增长的最重要因素。上半年，由于供给端受疫情影响恢复较慢，而需求端在政策刺激下恢复较快，全球通货膨胀短期压力明显上升，主要体现在生产国中上游工业品价格和消费国消费品价格的大幅上涨。下半年，全球经济出现高位放缓迹象，同时受芯片短缺、海运费和上游原材料价格大涨等供给冲击因素影响，全球制造业动能不断走弱。部分发达与新兴市场国家开始加息，美联储正式宣布宽松货币政策的退出，全球主要央行进入加息周期。2021年债券市场先抑后扬，呈现牛市格局。受流动性充裕、理财产品配置需求大增、非标收缩导致等利好因素支持，信用市场整体利差明显收缩，AA+以上中高等级产业和城投债券信用利差均下降到20%的历史分位水平。受益于理财资金和固收+策略产品的强大配置需求，叠加股票市场新能源、半导体等高景气行业股价大幅上涨，中证转债指数全年大涨18.48%。本基金报告期内采取利率债与转债组合配置的策略，转债方面选择低估值品种，为组合增厚收益。报告期内，本基金权益水平维持中等，采取均衡配置策略。从行业板块来看，受益于\"碳达峰和碳中和\"等政策支持和新能源车渗透率不断提升的电力设备和新能源行业以及受益于价格大幅上涨的钢铁、基础化工、有色金属、公用事业等传统周期行业涨幅居前。受房地产政策收紧和疫情反复冲击的家用电器、非银金融、房地产、社会服务、食品饮料等行业跌幅居前。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:50.107Z","mo":"2022年中国经济受\"三重压力\"影响，经济下行压力加大，但消费物价水平较低，工业品价格在保供稳价政策出台后稳中有降，通货膨胀压力不大，经济主要矛盾是\"滞\"，宏观政策组合将转为财政货币双宽松。我们认为1季度仍面临一定的下行压力，主要是疫情反复造成的消费需求较弱和房地产市场大幅回落导致的投资需求较弱。但由于政策已经全面转向\"稳增长\"，预计随着1季度财政政策前置发力和宽松货币政策支持，经济环比数据将在2季度迎来明显提升，经济同比增长数据有望在前3季度逐季回升。全年来看，中国经济仍有望实现5%-6%的平稳增长。展望2022年权益市场，我们保持谨慎乐观的态度。在\"稳增长\"政策基调下，国内政策环境对权益资产友好，权益资产的吸引力在提升。同时房地产政策微调的效果也会逐渐显现，相关产业链的投资机会也显现。我们仍采取偏均衡的行业配置策略，低估值、高分红收益率等价值风格做基础，结合景气和估值配置成长风格。展望2022年债券市场，我们认为2022年货币政策总体基调是\"宽货币和宽信用\"，为稳定经济增长和对冲房地产企业的流动性压力，央行将继续通过公开市场操作、降息降准等政策工具保持流动性合理充裕，降低实际融资成本，提升信贷需求。信用扩张方面，我们认为上半年随着政策全面转向稳增长，预计社会融资总量增速将回升到10.5%以上，全年宏观杠杆率有望上升7%左右。地缘政治冲突方面，围绕\"乌克兰危机\"北约东扩和俄罗斯国家安全底线矛盾，中美两国全面展开激烈竞争引发的贸易、科技冲突以及潜在的金融和军事冲突风险都在不断上升，这些难以预测的风险可能给2022年的资本市场带来巨大的波动。","fund":{"_id":3000000011536,"__csrcFundId":9272,"stockCode":"011536","shortName":"惠升惠益混合(011536)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11536,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:58.759Z","status":"normal","exchange":"jj","inceptionDate":"2021-05-24T16:00:00.000Z","name":"惠升惠益混合型证券投资基金","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"masterFundShortName":"惠升惠益混合","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":104724044.79,"setUpShares":104724044.79,"pinyin":"hshyhhxzqtzjj","managers":[{"stockCode":"8801356382","stockType":"fund_manager","exchange":"fm","tickerId":31714112020,"name":"陈桥宁"},{"stockCode":"db20770334","stockType":"fund_manager","exchange":"fm","tickerId":242512201810,"name":"徐玉良"}]},"announcement":{"linkText":"惠升惠益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=707465","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece967fea5b3eb04ee021","date":"2021-09-29T16:00:00.000Z","stockId":3000000011536,"sao":"2021年3季度，美国经济在复苏过程中，通胀读数也不断挑战美联储\"暂时性\"通胀的定义，四季度Taper几成定局。全球疫情态势和供给端的约束对本季度国内经济影响重大，进出口表现强劲，投资偏弱、消费复苏乏力，生产受供给冲击受到一定影响。PPI不断上行并超过二季度高点，走势超预期。与此同时，国内地产在政策持续作用下，销售和投资端负面影响上升，个别大型房企债务风险暴露，行业偿债和融资前景不确定性急剧加大。综合来看，在美元指数维持强势的背景下，供给约束推动的价格上涨对国内债市形成了一定的扰动，但这种扰动随着时间的推移会边际减弱，直至供给约束缓解后，价格可能会以超出预期的速度回落。展望后市，国内地产的监管政策可能不会出现较大的改变，债券市场在上述扰动下迎来了较好的加仓时点。报告期内，本基金债券资产主要配置利率债，杠杆和仓位保持了较为中性的水平。权益部分，总体维持行业均衡配置策略，风格上兼顾了价值和成长，适度参与了上游周期品的机会。后期，本基金将继续从中长期角度出发，选择有成长空间的优势核心资产持有，风格上价值和成长兼顾，行业均衡配置。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:50.104Z","fund":{"_id":3000000011536,"__csrcFundId":9272,"stockCode":"011536","shortName":"惠升惠益混合(011536)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11536,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:58.759Z","status":"normal","exchange":"jj","inceptionDate":"2021-05-24T16:00:00.000Z","name":"惠升惠益混合型证券投资基金","fundCollectionId":4000051720000,"currency":"CNY","followedNum":0,"masterFundShortName":"惠升惠益混合","setUpDate":"2021-05-24T16:00:00.000Z","setUpAssetScale":104724044.79,"setUpShares":104724044.79,"pinyin":"hshyhhxzqtzjj","managers":[{"stockCode":"8801356382","stockType":"fund_manager","exchange":"fm","tickerId":31714112020,"name":"陈桥宁"},{"stockCode":"db20770334","stockType":"fund_manager","exchange":"fm","tickerId":242512201810,"name":"徐玉良"}]},"announcement":{"linkText":"惠升惠益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=650591","linkType":"PDF","source":"csrc_pdf"}}]}