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券收益率的趋势下行。权益市场全年剧烈波动。年初小盘股大幅走低，随后在主管部门强力救助下显著反弹，但各方面预期低迷，使得市场在5月以后再度转弱。关键的转折发生在2024年第三季度末。以9月24日金融监管部门的新闻发布会、9月26日政治局召开会议讨论经济问题为标志，一揽子经济政策陆续出台，这有力地驱动了房地产交易的回暖和股票市场的估值修复，并有效地提振了各方面的预期和信心。受权益敞口影响，2024年前三季度慧享净值波动较大，第三季度末一揽子政策出台后，市场回暖，产品净值有所修复。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:34.301Z","mo":"2024年第三季度的政治局会议、12月的中央经济工作会议，均高度重视搞好经济工作，一揽子政策还在陆续出台中；2025年2月，总书记主持召开民营企业家座谈会，再次强调支持民营经济的健康高质量发展。2025年春节期间，国内在软件科技、前沿制造、文化传媒等领域，也涌现出了许多的亮点，有效提振了社会各方面的信心。当然经济依然面临多方面的困难，外部的关税战、科技封锁、逆全球化，国内房地产市场调整、总需求不足。结构性的积极力量持续生长，负面的拖累力量在逐步消化，前途光明、道路曲折，这可能也会体现在全年的债券、股票、商品、房地产等资产市场上。","fund":{"_id":3000000011781,"__csrcFundId":9964,"stockCode":"011781","shortName":"泓德慧享混合(011781)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11781,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T22:58:47.408Z","status":"normal","exchange":"jj","name":"泓德慧享混合型证券投资基金","fundCollectionId":4000051070000,"inceptionDate":"2021-09-05T16:00:00.000Z","followedNum":1,"masterFundShortName":"泓德慧享混合","setUpDate":"2021-09-05T16:00:00.000Z","setUpAssetScale":200071798.34,"setUpShares":200071798.34,"pinyin":"hdhxhhxzqtzjj","managers":[{"stockCode":"db20608618","stockType":"fund_manager","exchange":"fm","tickerId":260404187340,"name":"赵端端"},{"stockCode":"db20151536","stockType":"fund_manager","exchange":"fm","tickerId":252411217360,"name":"姚学康"}]},"announcement":{"linkText":"泓德慧享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=1246341","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecec27fea5b3eb04f1517","date":"2024-09-29T16:00:00.000Z","stockId":3000000011781,"sao":"2024年9月底之前，受增长动能弱势和通缩担忧等影响，权益市场风险偏好持续走低；债券市场强势，中长债收益率显著下行，期限利差收窄。9月24日，人民银行联合证监会、金监局召开新闻发布会，宣布了针对房地产、股市和实体经济的一揽子支持性政策。存量按揭利率下调、降息、汇金股市增持资金来源、保障房收购资金支持、上市公司市值管理等等一系列市场非常关心的热点问题，都得到了决策层面的正面和积极回应。9月26日，政治局会议讨论经济形势，市场确认经济政策出现了系统性的关键调整，投资者风险偏好迅速修复，股票市场出现逼空行情，主要宽基指数在几个交易日内上涨20%以上。债市随之调整，利率、高等级信用、中低等级信用收益率先后上行。第三季度，产品维持了中性的权益头寸以及偏高的长债久期。权益市场的估值修复行情可能接近尾声，后续市场转为关注支持性政策的具体效果。债券市场上，考虑到货币政策依然宽松并可能进一步宽松，中短债的吸引力较高，中长债可能在悲观情绪缓解之后转入震荡。实体经济层面，此次政策调整，对风险偏好的提振可能比较显著，或引发一些环节的存货回补，从而对工业、制造业PMI等形成短线的支持，并与风险偏好的回升相互促进。但中期之内，经济能否改观，还需要进一步观察。地方加力化债、国有银行注资、地产止跌回稳、提振资本市场，是此轮政策调整的重要切入点，应留意其落地情况和效果。后续特别关注房地产能否在政策支持下切实回暖；关注居民预期能否改观，并推动消费在中期经济增长当中发挥更大的支撑作用；关注在供需两端和营商环境等方面综合发力后，物价低迷能否扭转。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:34.298Z","fund":{"_id":3000000011781,"__csrcFundId":9964,"stockCode":"011781","shortName":"泓德慧享混合(011781)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11781,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T22:58:47.408Z","status":"normal","exchange":"jj","name":"泓德慧享混合型证券投资基金","fundCollectionId":4000051070000,"inceptionDate":"2021-09-05T16:00:00.000Z","followedNum":1,"masterFundShortName":"泓德慧享混合","setUpDate":"2021-09-05T16:00:00.000Z","setUpAssetScale":200071798.34,"setUpShares":200071798.34,"pinyin":"hdhxhhxzqtzjj","managers":[{"stockCode":"db20608618","stockType":"fund_manager","exchange":"fm","tickerId":260404187340,"name":"赵端端"},{"stockCode":"db20151536","stockType":"fund_manager","exchange":"fm","tickerId":252411217360,"name":"姚学康"}]},"announcement":{"linkText":"泓德慧享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=1169129","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecec27fea5b3eb04f1516","date":"2024-06-29T16:00:00.000Z","stockId":3000000011781,"sao":"上半年债券市场趋势走牛。房地产销售持续走低、地方债务得到管控，这两大高杠杆部门的融资需求持续萎缩，应当是过去两年、预计也是未来一段时间内，债市基础配置力量的关键来源。CPI和PPI的持续弱势，也引发了大家的高度关注和警惕，并增强了债市的做多趋势。上半年，权益市场波动较大、板块和风格显著分化。居民部门的持续去杠杆，可能是权益市场缺乏稳定性的重要背景。年初在风格切换背景下，中小盘市场剧烈动荡。春节之后行情修复。但5月底以来再度趋弱，特别是上市公司年报发布后，投资者对大规模退市的忧虑也加剧了市场的波动。决策层面喊话沟通后，市场情绪有所缓和。经济层面，从高频数据看，年初动能是有所回暖的，这可能与外需的牵引有关联。中央经济工作会议以及两会的偏积极定调可能也对原材料存货行为产生了正向的扰动。进入第二季度，尽管专项债资金扩容、特别国债支持两重建设、设备更新、消费品以旧换新、517地产新政等系列政策轮番上场，但受制于项目匹配难度较大、地方财力紧张，各类政策落地节奏总体是偏慢的，最终经济活动未能延续回暖势头，第二季度GDP同比录得4.7%，较第一季度的5.3%回落了0.6个百分点，各方面预期转弱。上半年慧享在纯债策略层面，维持了偏高的久期。权益仓位年初仓位较高，对组合形成了拖累，而后仓位控制在较低水平上。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:34.296Z","mo":"7月中旬二十届三中全会召开，会议通过了《中共中央关于进一步全面深化改革、推进中国式现代化的决定》。7月底，第二季度政治局会议召开，要求“坚定不移完成全年经济社会发展目标任务”。这些重磅会议预计能够对各方面预期起到积极的提振。后续需要紧密跟踪现有政策的落地进展，观察这些政策能否扭转当前总需求偏弱、物价偏低的局面。在经济动能实质性改观之前，宽松货币政策和资金充裕预计还会维持。下半年，产品在纯债层面维持偏高的久期，可能是有益的；含权类资产波动较大，在策略性价比的对比上要保持紧密的跟踪，在权益类总仓位的调节上，也要保持适度的灵活。","fund":{"_id":3000000011781,"__csrcFundId":9964,"stockCode":"011781","shortName":"泓德慧享混合(011781)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11781,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T22:58:47.408Z","status":"normal","exchange":"jj","name":"泓德慧享混合型证券投资基金","fundCollectionId":4000051070000,"inceptionDate":"2021-09-05T16:00:00.000Z","followedNum":1,"masterFundShortName":"泓德慧享混合","setUpDate":"2021-09-05T16:00:00.000Z","setUpAssetScale":200071798.34,"setUpShares":200071798.34,"pinyin":"hdhxhhxzqtzjj","man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