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一步冲击经济，二季度GDP增速大幅降至0.4%。随着疫情的缓解，复产复工的全面推进，经济已逐步修复。通胀方面，CPI逐步小幅回升，PPI受高基数带动延续回落趋势。央行维持宽松的货币政策基调，下调公开市场操作利率、MLF利率以及LPR基准利率，M2同比增速较上年末上升2.4个百分点至11.4%，社融企稳回升。流动性宽裕，货币市场利率震荡走低，债券收益率整体维持震荡格局，信用利差不断压缩，民营房企不断暴雷。前4个月A股出现较大回调，高估值成长股回撤幅度较大，低估值稳增长板块和资源板块超额收益明显；4月26日后股票市场反弹，受益于政策支持的电力设备新能源、汽车等行业反弹力度较大。可转债跟随股市先跌后涨，估值仍处于较高水平。报告期内组合积极调整股票仓位，结合行业景气度和个股估值不断优化持股结构。维持债券高等级信用策略。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:37.695Z","mo":"海外宏观主要矛盾依然是通胀风险，美联储加息缩表被迫提速中期关注衰退风险。国内疫情缓和、经济触底。出口和工业生产仍有修复空间，基建投资是稳定器，地产投资仍较弱，消费恢复较乏力。政策将维持宽松基调以支持经济企稳复苏。债券收益率将震荡下行，关注曲线凸点的骑乘效应，以及长久期利率债波动中下行的机会，回避信用风险。权益维持中性仓位，流动性宽松的背景下成长风格或占优，行业配置方面适度均衡。结构上关注（1）受益国内外需求支撑的景气行业。例如风电、光伏、逆变器、储能和新能源车；（2）CPI走高、疫情管控逐步放松背景下，猪肉、农产品、食品饮料、出行等大消费板块个股机会；（3）估值处于历史低位的医药、TMT修复机会；（4）困境反转：关注房地产政策边际变化，带来的地产产业链修复机会。","fund":{"_id":3000000011798,"__csrcFundId":9691,"stockCode":"011798","shortName":"华安宁享6个月混合(011798)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11798,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T22:59:21.794Z","status":"normal","exchange":"jj","name":"华安宁享6个月持有期混合型证券投资基金","fundCollectionId":4000050040000,"inceptionDate":"2021-08-16T16:00:00.000Z","followedNum":0,"masterFundShortName":"华安宁享6个月混合","setUpDate":"2021-08-16T16:00:00.000Z","setUpAssetScale":111119280.56,"setUpShares":111119280.56,"pinyin":"hanx6gycyqhhxzqtzjj","managers":[{"stockCode":"db20041605","stockType":"fund_manager","exchange":"fm","tickerId":820080090,"name":"贺涛"}]},"announcement":{"linkText":"华安宁享6个月持有期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=782573","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecec57fea5b3eb04f1913","date":"2022-03-30T16:00:00.000Z","stockId":3000000011798,"sao":"一季度，英美央行收紧货币政策，俄乌危机加剧大宗商品上涨，引发市场对全球滞胀的担忧。国内经济面临需求收缩、供给冲击、预期转弱三大挑战，地产销售同比负增，局部地区疫情影响较大，社融增速温和企稳。央行下调公开市场操作利率和MLF利率。利率债收益率低位震荡，信用利差有所走高，民营房企信用风险继续发酵。2022年第一季度，A股市场出现较大回撤，高估值的成长股回撤幅度较大，电力设备、电子、国防军工等板块领跌，而稳增长板块和资源板块超额收益明显，如煤炭、房地产、建筑等行业。报告期内维持债券高等级信用策略，择机调整和优化了组合股票持仓。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:37.692Z","fund":{"_id":3000000011798,"__csrcFundId":9691,"stockCode":"011798","shortName":"华安宁享6个月混合(011798)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11798,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T22:59:21.794Z","status":"normal","exchange":"jj","name":"华安宁享6个月持有期混合型证券投资基金","fundCollectionId":4000050040000,"inceptionDate":"2021-08-16T16:00:00.000Z","followedNum":0,"masterFundShortName":"华安宁享6个月混合","setUpDate":"2021-08-16T16:00:00.000Z","setUpAssetScale":111119280.56,"setUpShares":111119280.56,"pinyin":"hanx6gycyqhhxzqtzjj","managers":[{"stockCode":"db20041605","stockType":"fund_manager","exchange":"fm","tickerId":820080090,"name":"贺涛"}]},"announcement":{"linkText":"华安宁享6个月持有期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=722860","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecec57fea5b3eb04f1912","date":"2021-12-30T16:00:00.000Z","stockId":3000000011798,"sao":"2021年新冠疫情的反复继续影响着各国经济政策和市场参与者的预期。年初随着各国疫苗接种的开启和提速，人们对经济和疫情乐观，大宗商品大涨、通胀上行，市场预期各国刺激政策将加速退出。A股市场波动加大结构分化，“通胀”+“双碳”主题受益的煤炭钢铁新能源等行业个股表现较好。债券市场围绕“不急转弯”货币政策表述的解读，由年初的谨慎逐步转为乐观，整体利率由上转下。年中，随德尔塔病毒变异全球扩散，全球供应链恢复势头被打断，而国内坚持“动态清零”，线下消费服务场景重新萎缩。政策在“跨周期调节”框架下全面降准。而受大型民企房地产商信用风险爆发的影响，国内房地产销量急剧下滑。受教培、互联网等行业理以及出台煤价行政管制措施等影响，A股市场结构分化更加极端，热点集中在新能源方向。债券市场大涨，但信用分层尤其是民营地产商信用利差迅速拉大、流动性缺失。临近年末，传染性更高的奥密克隆毒株迅速在全球大流行，但医学家逐步发现其毒性较弱且有“流感化”的趋势。欧美各国放松疫情管控并正式开启货币紧缩回归中性的进程。国内房地产投资负增长，央行再次全面降准。A股市场开始关注稳增长和疫情复苏等方向。债券市场维持牛市，利率小幅下行。全年来看， 10年国债收益率全年下行37BP、10年国开债收益率下行45BP，上证综指上涨4.8%、沪深300下跌5.2%、创业板上涨12.02%。行业之间表现分化很大，电气设备、有色金属、采掘、化工、钢铁等表现较好，而家电、非银、地产、休闲服务、食品饮料等表现较为落后。可转债在2021年表现抢眼，利率下行和国证2000持续上涨使得中小市值转债出现较大幅度上涨，各类碳中和相关转债也有很高的回报。本基金维持高等级信用债策略，在大消费、TMT和高端制造等行业自下而上选股。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:37.689Z","mo":"展望2022，俄乌冲突加剧全球金融市场动荡，增加世界经济复苏不确定，同时推升通胀水平。海外加息潮影响渐显，美联储加息和缩表的幅度和进度有可能超预期。国内宏观经济面临“供给冲击、需求收缩、预期转弱”三重压力，在逆周期和跨周期政策共同发力下，内需动能有望先后发力，经济有望企稳。货币政策将坚持以内为主，稳增长的诉求提高，流动性预计偏友好，资金利率维持低位运行。在经济承压，政策相对宽松的背景下，我们判断未来一段时间权益指数整体上涨空间有限，但结构性机会仍将层出不穷。短期内，受益政策宽松的低估值稳增长板块预计将持续反弹，中期看，当期业绩确定、长期空间较大的成长性行业有望获得超额收益。2022年A股投资需要更加注重安全边际和配置思维，并阶段性纳入择时策略。本基金权益投资下一阶段会维持均衡化配置，选股更注重安全边际，维持中性灵活仓位。","fund":{"_id":3000000011798,"__csrcFundId":9691,"stockCode":"011798","shortName":"华安宁享6个月混合(011798)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11798,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T22:59:21.794Z","status":"normal","exchange":"jj","name":"华安宁享6个月持有期混合型证券投资基金","fundCollectionId":4000050040000,"inceptionDate":"2021-08-16T16:00:00.000Z","followedNum":0,"masterFundShortName":"华安宁享6个月混合","setUpDate":"2021-08-16T16:00:00.000Z","setUpAssetScale":111119280.56,"setUpShares":111119280.56,"pinyin":"hanx6gycyqhhxzqtzjj","managers":[{"stockCode":"db20041605","stockType":"fund_manager","exchange":"fm","tickerId":820080090,"name":"贺涛"}]},"announcement":{"linkText":"华安宁享6个月持有期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=712607","linkType":"PDF","source":"csrc_pdf"}}]}