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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=804162","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece9c7fea5b3eb04ee87c","date":"2022-06-29T16:00:00.000Z","stockId":3000000011576,"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，深圳、上海和北京接连出现疫情并封城，货币宽松预期发酵，而美联储3月开始加息，对国内货币政策形成一定掣肘，央行四月降准0.25%低于预期，利率先下后上。5月资金持续宽松，总理召开全国稳定经济大盘会议，市场修正基本面预期至悲观，利率下行破2.7%。6月以来，北京和上海全面解封，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，5月经济数据明显修复，下旬地产销量好转，利率明显调整。  上半年权益市场大开大合。高景气的新能源和军工深跌反弹，此后维持强势；受俄乌冲突影响，能源股表现亮眼，TMT板块表现低迷。指数方面，红利指数领涨3.09%，创业板表现稍弱，跌15.41%。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:56.934Z","mo":"在经历了二季度的休整后，国内经济从底部修复，但受制于疫情“长尾”效应影响，经济回升的幅度偏缓，地产尤其是一二线城市地产呈现弱复苏的情况，消费因为场景制约，恢复上限不高，在此背景下财政跨周期调节将着重发力，对经济形成支撑。在这种不确定性较强的背景下，我们预计货币政策仍会维持中性略偏宽松的态度，对于权益和债券市场都会形成一定的支撑。  海外市场目前较为复杂，由于多数国家受到通胀的困扰，货币政策只得采取较为激进的收缩方式来应对，对需求产生较为明显的影响，金融市场也出现明显的波动。","fund":{"_id":3000000011576,"__csrcFundId":9600,"stockCode":"011576","shortName":"鹏华安诚混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11576,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:28.689Z","status":"normal","exchange":"jj","name":"鹏华安诚混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2021-09-06T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华安诚混合","setUpDate":"2021-09-06T16:00:00.000Z","setUpAssetScale":1148350324.94,"setUpShares":1148350324.94,"pinyin":"phachhxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华安诚混合型证券投资基金 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2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=723960","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece9c7fea5b3eb04ee87a","date":"2021-12-30T16:00:00.000Z","stockId":3000000011576,"sao":"21年债券市场表现较好，以震荡下行为主，反弹调整的幅度有限。春节前小幅调整，源于央行阶段性收紧流动性。3-5月整体慢牛，资金面持续宽松，政府债发行节奏弱于预期，叠加局部信用收紧，市场阶段性“资产荒”，现券收益率震荡回落。7月降准引发小牛市，伴随全面降准落地，市场修正对基本面的预期，债市情绪高涨，并憧憬二次宽松。8-9月，市场博弈宽货币与宽信用，收益率整体处于震荡。10月中上旬经历小幅调整，期间滞涨预期发酵，下旬以来，大宗商品价格回落，地产信用风险发酵，“能耗双控”严格执行引发供给收缩，基本面明显走弱；货币政策表态更加积极，叠加12月央行再次降准，而“稳增长”政策检验仍待时日，利率震荡偏强。全年看，信用和利率收益率均呈下行趋势，表现较好。21年转债市场实现平价和估值的“戴维斯双击”。1月受流动性压制，转债估值大幅回落，转债指数受此拖累下跌，此后，转债在平价和估值支撑下，开始反弹，涨至年末。一方面，转债成分构成偏中小盘，21年表现较好；此外，宽裕的流动性叠加新增资金和参与群体的多元化，转债估值连续提升。双向支撑下，中证转债指数年内涨幅达18.48%，转债成为年内表现最好的大类资产。21年权益市场大开大合，整体呈现高波动，快轮动的节奏和特征。全年看，高景气的新能源和军工维持强势；受双碳和能耗双控影响，周期股强势反弹至9月中旬，随后在政策压制下杀跌回落。消费板块全年走势低迷，估值回落。科技板块间或有题材性机会，全年表现平平。受权重股支撑，创业板表现较好，年内录得涨幅12%，上证表现稍弱，年内录得涨幅4.8%。报告期内本基金在债券投资上以持有中高评级信用债为主；股票仓位维持在计划区间的中性偏高位置，并对持有的股票个券进行了调整；可转债考虑到流动性原因，仓位偏低。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:56.928Z","mo":"2021年，全球经济整体处于复苏进程，但疫情反复持续形成干扰。发达国家中，美国经济率先走出疫情冲击后的衰退，受益于疫后大规模财政直接补贴和极度宽松的货币政策，美国内需成为本次全球复苏的主要拉动力量；但全球疫情防控和经济修复不均衡，导致国际供应链严重堵塞，需求在财政刺激和低利率中反而更显强劲，供需错配矛盾突出，推升全球商品价格快速攀升，海内外都经历了一轮大规模通胀。叠加全球能源结构转变过程中，传统能源供给不足，加剧了价格矛盾。货币政策方面，目前大部分发达国家高通胀已经较难忽视，迫使越来越多发达国家央行转向收紧货币政策，并不断加大收紧的力度。但是相对于海外经济体，我国情况完全不同：过去两年，我国疫情管控成功，财政、货币政策的回收有条不紊，同时我国整肃了财政纪律，严控地产非理性发展，均实现了良好效果，相应的信用派生能力阶段性下降，经济动能出现阶段性下滑。目前我国核心通胀水平较低，以我为主的导向下，政策空间充足，我们预期宽信用的政策会紧随货币宽松出台，而历史上强大的国家组织能力能让经济目标得以实现，在政策发力阶段权益市场存在指数性机会。我们预期随着宽信用政策的推出，叠加向高端制造和新型服务领域升级转型的大方向，在出现重大技术和商业模式变革的领域，中国将能够维持快速增长，并以此带动经济修复。2022年本基金利率债部位将以波段操作为主；信用品以中高等级信用债为主，获取票息同时防控信用风险。","fund":{"_id":3000000011576,"__csrcFundId":9600,"stockCode":"011576","shortName":"鹏华安诚混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11576,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:28.689Z","status":"normal","exchange":"jj","name":"鹏华安诚混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2021-09-06T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华安诚混合","setUpDate":"2021-09-06T16:00:00.000Z","setUpAssetScale":1148350324.94,"setUpShares":1148350324.94,"pinyin":"phachhxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华安诚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=712114","linkType":"PDF","source":"csrc_pdf"}}]}