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　2-3月：两会定调GDP增速5%、赤字率4%，政策发力预期升温，风险偏好回升；叠加股市偏强、银行季末兑现浮盈、宽货币预期修正，债市大幅调整，10年国债收益率一度冲击1.9%（年内高点），30年国债季末升破2.0%关口，长端、超长端跌幅显著。　　二季度（4-6月）：外部贸易摩擦主导，宽幅震荡后低位企稳　　4月：美国对华加征“对等关税”（累计税率达54%，后升至125%），外需风险与避险情绪升温，10年国债收益率单日下行近8BP，快速回落至1.62%（年内低点）；中国反制措施进一步加剧全球资产波动，债市短期走牛。　　5-6月：中美关税缓和预期升温、5月降准降息（降准0.5%+OMO利率降10BP）利好兑现，市场情绪回归理性，债市进入1.65%-1.7%窄幅震荡；期间央行推出科技创新再贷款扩容、服务消费再贷款等工具，但货币政策克制，债市反应平淡，组合以“大哑铃结构”博弈事件性α收益。　　三季度（7-9月）：风险偏好外溢+机构负反馈，债市大幅回撤　　核心冲击：股市突破3700点，“股债跷跷板”效应导致资金分流；财政部恢复征收国债利息增值税冲击配置盘；9月被动抛售加剧波动，即便美联储降息也未能扭转趋势。　　利率表现：10年国债收益率单季上行超20BP至1.86%，30年国债上行超35BP至2.22%，曲线陡峭化显著，长端与超长端利差大幅走阔，债市进入“自发性下跌通道”。　　四季度（10-12月）：V型震荡后回归低位，年末波动加剧　　10月：特朗普关税威胁再起、央行重启国债买卖，利好释放推动长债收益率下行，30年超长端领涨；月末中美元首会晤落地+PMI偏弱，长端补涨。　　11-12月：国内经济修复预期、风险偏好抬升、财政发力预期压制债市；年末某头部房企债券展期、超长债供给扰动，信用利差先收窄后震荡；10年国债收益率回落至1.85%，30年继续上行至2.2750%，交易活跃度进一步下降，机构行为分化明显。　　关键影响因素：传统逻辑弱化，新变量凸显　　1. 传统基本面逻辑边际失效：上半年信贷/社融、地产、出口等核心因子仍有效，但下半年基本面数据与市场走势偏差扩大，股债跷跷板、“反内卷”预期、机构负债稳定性等新变量成为主导。　　2. 政策工具创新与克制平衡：全年政策以“审慎宽松”为主，降准降息力度弱于2024年，更侧重结构性工具（如科创再贷款、消费再贷款），信用债票息价值凸显，科创债受益于政策支持（2025年发行2.28万亿元，净融资1.84万亿元），信用债ETF快速扩容（年末规模4655亿元）；央行通过MLF新操作方式（固定数量+提前公布）、重启国债买卖呵护资金面，但避免过度宽松。","lastUpdated":"2026-03-27T05:47:37.317Z","mo":"结合2025年市场特征、宏观经济趋势与政策导向，2026年中国债市仍以“震荡市”为主，利率中枢小幅下移，曲线保持陡峭化，结构性机会多于趋势性机会。核心矛盾从2025年“机构负反馈+股债分流”转向“经济弱复苏与政策宽松的平衡”。居民消费需求温和回升，PPI或从通缩区间逐步修复，反内卷叙事展开和原材料价格上涨带来的输入性通胀需要重点关注。价格指数的变化或将影响债券市场年度维度波动的斜率。政策方面，经济弱复苏下，货币政策“稳增长”目标不变，预计保持“中性偏松”，“结构性优先”思路或成为主角，科创再贷款、绿色再贷款、消费再贷款等工具或进一步扩容，支持实体经济薄弱环节；央行或通过国债买卖、MLF灵活操作维持资金面平稳，降低跨季、跨年波动。　　财政政策方面，2026年广义赤字预计不会明显下降，利率债供给依然较多，但银行负债成本下行趋势延续，保险、理财等长线资金或逐步增配长端利率债，预计债券配置力量强于2025年。交易盘对政策预期、股债跷跷板的敏感度较高，大概率维持“区间震荡”思路，交易节奏或与去年形成镜像。股债关系方面2025年股市整体提升估值后，2026年权益市场或进入“盈利验证期”，带动资金入场的同时，股债跷跷板效应或边际减弱，债市压力有所缓解。海外因素方面，美联储降息周期开启，外部流动性利好，但外部冲击仍存在极大的不确定性，关税，中选、技术摩擦等都可能成为潜在风险。　　综上，预计2026年10年国债收益率大概率区间震荡；30年国债收益率曲线陡峭化趋势可能进一步拉大，超长债作为最活跃交易品种热度可能退坡。投资策略上，维持“中性久期”，避免过度拉长久端；把握利率区间震荡机会，重点关注货币政策工具落地（如降准降息）、财政供给节奏、海外降息等事件性机会，博取波段收益；避免追涨杀跌，控制交易磨损。","fund":{"_id":3000000011816,"__csrcFundId":9546,"stockCode":"011816","shortName":"融通多元收益一年持有期混合(011816)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11816,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:59:58.340Z","status":"normal","exchange":"jj","name":"融通多元收益一年持有期混合型证券投资基金","fundCollectionId":4000050130000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"融通多元收益一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":350070014.15,"setUpShares":350070014.15,"pinyin":"rtdysyyncyqhhxzqtzjj","managers":[{"stockCode":"db20872659","stockType":"fund_manager","exchange":"fm","tickerId":1903221540,"name":"石础"},{"stockCode":"j101019481","stockType":"fund_manager","exchange":"fm","tickerId":1208248690,"name":"李皓"}]},"announcement":{"linkText":"融通多元收益一年持有期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=1447596","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecec97fea5b3eb04f1d92","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000011816,"sao":"本基金权益部分，本基金保持较高股票仓位，对组合进行部分调整，减持部分养殖、顺周期消费，加配半导体、军工电子、农药、医疗器械、风电。　　当前市场环境及估值水平下，严格PB-ROE模型自上而下很难筛选出较有性价比投资板块，因此主要通过自下而上选取景气上行板块，同时对估值容忍度适度提升。科技板块中，创新型消费电子终端如眼镜、智能音箱等，在AI技术赋能后，体验感大幅提升，有望出现爆款产品，产业链中芯片设计、代加工环节估值仍合理偏低，具有较好机会。军工板块受事件冲击后，投资价值凸显，行业两年景气上行未发生实质变化，下跌后基金加配军工电子及发动机环节。医疗器械预计二季度为业绩底部，在低基数、招采持续复苏及海外市场快速增长推动下，有望迎来一年以上景气复苏，当前估值历史底部，具备较高性价比。化工中农药个别品种已持续出现涨价，在无新增供给，需求稳定、经销商主动备货影响下，价格有望持续超预期。　　2025年第三季度的中国债券市场，在宏观经济弱复苏、政策预期博弈以及内外因素交织的背景下，走出了明显的震荡调整行情。截止9月末，长债超长债利率回到去年924前期水平。　　在传统债市逻辑框架下，我们更关注基本面的走势及当前我们所在的经济周期所处的位置，所以我们更多的应用核心变量包括信贷/社融（正贡献与否）、地产（负贡献收窄）和出口（贸易战负贡献程度）等因子进行分析判断，今年上半年这样的分析也依然生效。但下半年开始，传统的基本面分析明显与短期市场走势出现偏差，复盘看三季度债市的波动并非由单一因素导致，而是多重力量共同作用的结果。大类资产配置逻辑下的股债跷跷板因素叠加“反内卷”预期的反复升温带动了债券市场价格的不断下跌以及交易热情的不断下降，从7月债市本轮牛市技术层面顶部后，当前债市市场进入到下跌通道，持续承压的一级供给严重制约了配置盘托底的力量，而性价比下降及事件性冲击使得交易盘负债稳定性和趋势预期明显转变。债市进入到自发性下跌行情，当下或较难通过自身动能摆脱下行通道。","lastUpdated":"2026-03-09T13:44:41.368Z","fund":{"_id":3000000011816,"__csrcFundId":9546,"stockCode":"011816","shortName":"融通多元收益一年持有期混合(011816)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11816,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:59:58.340Z","status":"normal","exchange":"jj","name":"融通多元收益一年持有期混合型证券投资基金","fundCollectionId":4000050130000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"融通多元收益一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":350070014.15,"setUpShares":350070014.15,"pinyin":"rtdysyyncyqhhxzqtzjj","managers":[{"stockCode":"db20872659","stockType":"fund_manager","exchange":"fm","tickerId":1903221540,"name":"石础"},{"stockCode":"j101019481","stockType":"fund_manager","exchange":"fm","tickerId":1208248690,"name":"李皓"}]},"announcement":{"linkText":"融通多元收益一年持有期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=1370300","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecec97fea5b3eb04f1d91","date":"2025-06-29T16:00:00.000Z","stockId":3000000011816,"sao":"本基金债券部分，2025年上半年债市在“预期降温+关税冲击+政策审慎宽松”框架下走出n型修复行情，但资产荒与负债成本压力之间的矛盾未能有效化解。债市做多主要集中在事件冲击带来的左侧机会，而更多时间市场呈现窄幅震荡行情。　　2025年一季度债市单边上行，对去年12月以来展开的超配及预期行情进行修复，春节前后虽然长端仍能保持强势，但随着资金面持续收紧，收益率中枢整体上移，债市收益率大幅上行。在本就不足的票息覆盖下资本利得亏损明显。　　2025年二季度债券市场收益率修复下行，整体曲线平坦化，10年期国债收益率从1.81%快速下行至1.62%附近，再次触及年初低点，随后在政策及关税反复冲击下回到1.65%上方，并在5月末反弹至1.7%附近。6月债市收益率全线下行，短端下行幅度明显好于长端，曲线走陡。6月5日尾盘央行首次提前预告开展1万亿买断式逆回购，市场对中美谈判消息反应钝化，上旬更多定价央行呵护态度和有利宽松环境，现券收益率普遍下行；中旬市场主要围绕陆家嘴论坛的货币政策预期交易定价，短债表现亮眼，后随着论坛落地、预期落空，债市回归震荡行情，“卷利差”特征明显；下旬受外部中东局势、资金跨季、股债跷跷板等反复扰动，债市呈“急跌慢涨”特征，短强长弱，曲线走陡。　　本基金权益部分，2025年上半年上证指数横盘震荡，在最后三个交易日走强，上半年收涨2.7%，分板块看，防御属性的有色、银行涨幅靠前，成长中军工、传媒、通信涨幅靠前，顺周期基建、消费跌幅靠前。上半年经济运行略有波折，高开低走，资金层面宽松，政策呵护市场意图明显，小盘股明显占优，大盘股表现较弱。　　农业养殖板块估值仍处于底部区域，根据行业规律，预期半年后行业自然触底回升，政策出台打破大企业间“内卷”式增产节奏，限制投机型资本介入，推动行业从减能繁、降体重、限二育三个方面去产能，虽然政策限制了猪价波动的幅度，但大大提高了行业持续盈利预期，行业由周期成长转为稳定温和增长，消费属性大幅增加，更加适用DCF估值方法，基于此，头部养殖企业市值有较大涨幅空间。科技顺周期板块中，功率半导体下游工业、汽车、家电等需求稳定增长，产能端释放节奏显著降低，具体表现为代工厂稼动率持续满产，个别品类如mos器件零星涨价，展望下半年景气度仍可持续，估值角度功率代工厂PB处于低位，若涨价能够持续并扩大范围，代工端业绩弹性最大，精选其中有涨价预期的公司进行配置。继续看好军工电子板块，军工电子是行业最上游，最先感知行业复苏且格局极为稳定，因此本产品去年下半年持续增配军工电子。当前高频订单回补已经出现，市场已经给与相应定价，但市场并未认可其长期成长性，从成长股投资角度，军工电子板块仍有投资机会。精细化工中如个别农药品类、光引发剂、甜味剂等小品种在价格持续下行三年后陆续出现涨价迹象，虽然大体量化工品种、农药等价格持续低迷，但供需结构较好、库存低位、价格历史低位、估值绝对底部的细分品类值得提前布局。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:41.366Z","mo":"债券部分，当前市场从基本面长逻辑出发仍呈顺风态势，资金环境中性偏松，但风险偏好有所提升。债券市场大幅下行的想象空间有限，债市行情仍以多头为主导。不过，由于缺乏增量利多因素（宽松预期受到限制），难以显著拓展行情叙事的想象空间，1.6%的前低位置仍构成较强阻力。预计10年期国债收益率或将在 1.6%-1.7%的区间内震荡运行。在震荡区间突破之前，组合会依旧维持大哑铃结构；震荡市克制交易冲动，降低交易磨损；选定方向后，应果断快速将久期调整至合意水平。　　权益部分，自下而上观察到越来越多积极因素正在出现，如部分化工顺周期品类价格逐步上涨、部分制造业产能利用率持续上行、部分消费品价格环比持平，虽然宏观数据仍未好转，但经济底部特征明显，内生动力逐步积累。股市相较实体经济提前6个月作出反应，看好下半年市场整体表现。下半年仍处于强预期、弱现实阶段，股市波动可能较大，各板块间轮动可能加快，看好其中率先复苏的细分领域并坚定持有往往是牛市中有效的方式。","fund":{"_id":3000000011816,"__csrcFundId":9546,"stockCode":"011816","shortName":"融通多元收益一年持有期混合(011816)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11816,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:59:58.340Z","status":"normal","exchange":"jj","name":"融通多元收益一年持有期混合型证券投资基金","fundCollectionId":4000050130000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"融通多元收益一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":350070014.15,"setUpShares":350070014.15,"pinyin":"rtdysyyncyqhhxzqtzjj","managers":[{"stockCode":"db20872659","stockType":"fund_manager","exchange":"fm","tickerId":1903221540,"name":"石础"},{"stockCode":"j101019481","stockType":"fund_manager","exchange":"fm","tickerId":1208248690,"name":"李皓"}]},"announcement":{"linkText":"融通多元收益一年持有期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=1338610","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecec97fea5b3eb04f1d90","date":"2025-03-30T16:00:00.000Z","stockId":3000000011816,"sao":"2025年第一季度债券市场在多空因素交织下呈现显著波动，收益率走势呈现“先抑后扬再震荡”的特征，整体波动区间扩大。“强供给、弱货币、稳需求”格局下收益率呈现震荡加剧特征，长端利率先下后上，10年期国债收益率1月初触及1.5966%的历史低点，随后反弹至1.6747%，2月底震荡回落至1.6%-1.7%区间；30年期国债收益率波动区间扩大至1.8%-2.0%。季末债市在利润诉求与股市风险偏好的共同影响下，明显上调。10年期国债触及1.9%附近，30年期国债收益率一度回升至2.15%。　　与往年不同的是开年以来资金面持续紧张导致短端债券承压更显著，1年期同业存单利率维持在1.95%左右，与长端倒挂加剧，短端利率债券收益率从年初的1.0单边上行60bp以上。　　2025开年经济数据好于预期，符合季节性规律，通胀、信贷的偏弱运行反映需求不足问题仍是约束，基本面企稳由预期→现实仍需兑现过程，弱修复趋势尚未完全转向。后续货币宽松兑现的概率提升，流动性环境或好于一季度。　　本基金债券部分，在一季度跟随市场变化积极调整持仓结构和杠杆，组合资产久期宽幅波动，春节前降低杠杆资金成本，但保持相对较高久期，适配哑铃型结构。春节后伴随资金面持续收紧现实快速降低组合久期，进入防御阶段；季末观察资金面及银行机构负债缺口变化节奏，逐步拉升组合久期，等待右侧机会。权益市场部分，增配底部复苏、景气向上的军工电子，布局估值底部，产能有望去化的养殖板块，积极寻找顺周期涨价品种投资机会。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:41.363Z","fund":{"_id":3000000011816,"__csrcFundId":9546,"stockCode":"011816","shortName":"融通多元收益一年持有期混合(011816)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11816,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:59:58.340Z","status":"normal","exchange":"jj","name":"融通多元收益一年持有期混合型证券投资基金","fundCollectionId":4000050130000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"融通多元收益一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":350070014.15,"setUpShares":350070014.15,"pinyin":"rtdysyyncyqhhxzqtzjj","managers":[{"stockCode":"db20872659","stockType":"fund_manager","exchange":"fm","tickerId":1903221540,"name":"石础"},{"stockCode":"j101019481","stockType":"fund_manager","exchange":"fm","tickerId":1208248690,"name":"李皓"}]},"announcement":{"linkText":"融通多元收益一年持有期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=1267156","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecec97fea5b3eb04f1d8f","date":"2024-12-30T16:00:00.000Z","stockId":3000000011816,"sao":"2024年市场呈现大幅波动的特征。以9月份为界限，市场从市场逐步从“弱现实、弱预期”转向“弱现实、强预期”。在此之前国内处于经济转型中，经济结构内部分化较大，呈现弱复苏的态势。而9月份之后，美联储开启降息，国内政策周期也出现拐点，财力政策开始发力，市场信心有所恢复。此背景下，债券市场全年延续2023年的牛市行情，虽然期间受监管指导、政策预期变化等因素干扰，但总体收益率下行趋势不改，受益于资产荒下机构配置力度加大，趋势性行情甚至有所加速。股市呈现“V型”反转，9月份之前延续2023年的下跌行情，结构上类债的红利表现偏强，但在9月份之后市场信心显著恢复，对应风险偏好快速提升，指数大幅反弹，结构上切换至科技占优。可转债在5-7月份，受权益市场下跌、风险暴露及机构集中卖出影响，大幅下跌至债底附近，但8月份之后跟随权益市场上涨，并在四季度进入估值抬升行情。　　本基金策略上，用债券部分获取稳定性收益，用可转债实现纯债替代的效果，用股票获取收益的弹性。债券部分总体把握住了债券的趋势性行情，整体久期水平较高，可转债用偏债型转债总体也实现了纯债替代的效果，股票部分仓位偏高但由于未能及时止盈，导致该部分收益总体跟随市场大幅波动，且未能实现预期的正向收益贡献。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:41.360Z","mo":"展望2025年，我们认为市场或有重定价的过程。过去两年其实是市场从极度乐观转向极度悲观的过程，机构行为反应的顺序上先是外资再是内资。但相较于市场情绪的大幅波动，其实国内经济转型工作是持续推进的，房地产、消费等传统经济有所企稳，而以人工智能、机器人为代表的新质生产力逐步爆发。近期以deepseek推出为代表，内外资对中国有个重新认识的过程，相应的国内资产有重定价的过程，该过程顺序上或也为外资再内资。　　债券方面，收益率下行至低位后，预计市场波动将有所加大，操作难度相应上升。从趋势上看，目前支撑债市趋势行情的因素并未发生根本变化，但由于前期对利好定价相对较充分，重点关注调整后的机会。　　股票方面，预计市场处于宽幅震荡的行情中。向下看，受托底资金呵护影响，大幅下跌的风险相对可控，但向上看，盈利并未见到拐点，上涨空间的打开需看到基本面改善或政策的催化。中期维度，政策引导的慢牛行情值得期待。重点关注红利和科技的结构性的机会。　　可转债方面，今年或有所表现。核心逻辑在于增量资金有望持续流入，相较于去年，当前债券收益率进一步下行至低位，为追求更高收益以完成收益目标，预计各类机构将加大转债配置力度，而转债市场规模不大且存续规模是收缩的。供需错配下，转债估值有提升空间。　　后续操作方面，与往年不同，预计今年股债两类资产均有操作机会，但预计股债的波动性将进一步加大。债券方面，以票息资产做底仓，在市场出现调整后，用超长债去获取资本利得，把握交易性的机会。股票方面，基于控制回撤和降低波动性考虑，整体仓位中枢设定在合理水平，重点关注自下而上的个股挖掘。可转债方面，全年机会值得重点关注，以双低转债为主，阶段性的关注看好方向的弹性高价转债的交易性机会。","fund":{"_id":3000000011816,"__csrcFundId":9546,"stockCode":"011816","shortName":"融通多元收益一年持有期混合(011816)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11816,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:59:58.340Z","status":"normal","exchange":"jj","name":"融通多元收益一年持有期混合型证券投资基金","fundCollectionId":4000050130000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"融通多元收益一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":350070014.15,"setUpShares":350070014.15,"pinyin":"rtdysyyncyqhhxzqtzjj","managers":[{"stockCode":"db20872659","stockType":"fund_manager","exchange":"fm","tickerId":1903221540,"name":"石础"},{"stockCode":"j101019481","stockType":"fund_manager","exchange":"fm","tickerId":1208248690,"name":"李皓"}]},"announcement":{"linkText":"融通多元收益一年持有期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=1246775","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecec97fea5b3eb04f1d8e","date":"2024-09-29T16:00:00.000Z","stockId":3000000011816,"sao":"2024年三季度，国内经济持续处于转型过程中，但短期基本面尤其是消费数据不断走弱，加剧了市场对经济增速下滑的担忧，悲观情绪进一步发酵。海外通胀数据显著回落，失业率有所抬升，美联储正式开启降息。临近季末，货币、财政等一系列强刺激政策落地且对未来指引明确，市场信心显著恢复。债券方面，整体三季度仍处于收益率下行趋势中，10年国债一度向下突破2%，以保险为代表的机构配置力量旺盛，超长债表现强势，季末受政策影响，收益率显著回调，止盈力量集中。权益方面，指数一度调整至前低附近，成交大幅缩量，市场情绪低迷，但伴随着政策落地，市场风险偏好显著提升，股指大幅反弹并收回季度内跌幅。转债方面，以某转债违约为标志性事件，风险仍在持续暴露中，部分标的开始按高收益债定价，整体转股溢价率出现压缩，季末跟随权益市场上涨。　　本基金债券部分，积极参与了利率债的波段交易，前期基于对债券市场的看好，久期维持偏高水平，后续逐步止盈，总体对组合收益贡献明显。股票部分，季度内仓位总体有所降低，挖掘结构性机会，但由于前期仓位仍偏高，总体股票对组合形成负向贡献。转债部分，持续增配期限在2年附近，YTM在3%左右，风险可控的标的，以替代信用债做配置使用，而在权益市场出现反弹时，该部分标的也呈现较好弹性，对组合收益总体形成正向贡献。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:41.358Z","fund":{"_id":3000000011816,"__csrcFundId":9546,"stockCode":"011816","shortName":"融通多元收益一年持有期混合(011816)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11816,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:59:58.340Z","status":"normal","exchange":"jj","name":"融通多元收益一年持有期混合型证券投资基金","fundCollectionId":4000050130000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"融通多元收益一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":350070014.15,"setUpShares":350070014.15,"pinyin":"rtdysyyncyqhhxzqtzjj","managers":[{"stockCode":"db20872659","stockType":"fund_manager","exchange":"fm","tickerId":1903221540,"name":"石础"},{"stockCode":"j101019481","stockType":"fund_manager","exchange":"fm","tickerId":1208248690,"name":"李皓"}]},"announcement":{"linkText":"融通多元收益一年持有期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=1174974","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecec97fea5b3eb04f1d8d","date":"2024-06-29T16:00:00.000Z","stockId":3000000011816,"sao":"2024年上半年，国内经济仍处于弱修复过程中，经济结构分化仍然较大，各类资产也延续前期的运行趋势。但区别于2023年，市场对国内基本面的分歧并不大，资金情况逐步成为影响市场走势的核心因素。对于债券市场，资金面总体宽松，机构配置需求旺盛，上半年收益率整体仍处于下行趋势中，尤其是一季度，长债表现非常亮眼，各类利差显著压缩。对于股票市场，上半年也曾阶段性因增量资金流入而反弹，但由于总体增量资金有限，上半年走势总体偏弱。风格上，大小盘风格切换，大盘股显著好于小盘股，方向上，红利资源类持续占优，出口链和成长方向存在阶段性交易机会，顺周期的地产消费表现偏弱。对于转债市场，5月中旬之前该类资产的涨跌不对称性开始体现，以保险为代表的增量资金持续净流入，表现总体偏强，但5月中旬之后，信用风险和退市风险的担忧显著上升，部分标的面临较大出库压力，转债市场甚至出现踩踏效应。　　本基金债券部分，除底仓性的票息资产外，基于对债券市场的看好及为了平衡股债的关系，积极参与利率债的波段交易操作，组合久期总体维持中性偏高的水平，债券对组合收益贡献明显。权益部分，以结构调整为主，但由于市场轮动较快，总体效果一般。可转债部分，组合积极灵活参与了低价转债的反弹性机会，且标的集中在风险可控的个券上，虽然市场有所波动，但仍然贡献正收益。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:41.355Z","mo":"展望2024年下半年，国内外的宏观变量较多，国内三中全会召开，有望进一步明确未来经济增长的目标、发展模式及转型方向。海外美联储有望开启降息进程，美国大选也有望落地。预计各类资产的波动率或将显著上升。　　对于债券市场，当前经济基本面和机构旺盛的配置需求对债券牛市的支撑仍然存在，但由于行情进入加速阶段，资金行为占据主导，需警惕收益率快速下行过程中潜在的风险，包括央行偏鹰的表态及行为、市场成交高拥挤度等。　　对于股票市场，由于盈利的拐点尚难看到，指数层面压力仍然较大，但由于监管呵护明显，该位置再度大幅向下空间或有限，后续行情的驱动重点关注增量资金的情况。结构的选取或更为重要，大小盘风格切换有望持续，大盘股或有望持续占优，行业上，红利资源类和新质生产力是两线主线。　　对于可转债市场，价格再度回到年初的水平，期权价值定价低，该类资产的性价比较高。但由于风险暴露，市场对其下有底的信仰被打破，机构观望情绪明显上升，预计该类资产将处于再定价的过程中，相较正股的领先性或不再。　　后续操作方面，基于统一的大类资产比较的视角，权益市场的性价比显著高于债券，但胜率仍然偏低。下半年重点关注资产演绎趋势是否会出现扭转，在此之前，债券方面以票息资产做底仓，积极把握利率债的波段交易性机会。股票方面，把握市场可能存在的阶段性反弹机会，结构上以大票为主，行业重点关注红利资产类的配置性机会和科技成长类的交易性机会。可转债方面，在权益市场出现系统性机会之前，低价转债仍是配置的重点，标的上首先防范风险，再关注纯YTM的投资、博弈下修和看涨正股带来的期权价值回归的机会。","fund":{"_id":3000000011816,"__csrcFundId":9546,"stockCode":"011816","shortName":"融通多元收益一年持有期混合(011816)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11816,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:59:58.340Z","status":"normal","exchange":"jj","name":"融通多元收益一年持有期混合型证券投资基金","fundCollectionId":4000050130000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"融通多元收益一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":350070014.15,"setUpShares":350070014.15,"pinyin":"rtdysyyncyqhhxzqtzjj","managers":[{"stockCode":"db20872659","stockType":"fund_manager","exchange":"f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实和强预期在博弈，没有走出趋势性行情。资金端利率在降息降准的影响下，前三个季度均处于历史极低水平，进入四季度后边际有所上行，但依然处于低位。这限制了长端利率债收益率的上行空间，全年看，长端利率债呈现微跌走势。银行二级资本债和永续债是波动更大的品种，收益率在四季度出现剧烈上行，显示了投资者结构变化对市场的巨大影响。  股票市场在经济承压、疫情发酵和海外冲击的多重影响下，全年呈现熊市走势，沪深300指数下跌21.63%，创业板指下跌29.37%。全年虽然出现了两波反弹，但参与难度较大，反弹的结构性特点非常明显。煤炭、交运、通信等行业表现居前，而部分此前估值较高的赛道股表现落后。  本基金在前期配置的较高收益资产逐步到期后，考虑到市场收益率来到历史极低水平，再配置资产时采用了短久期的策略。同时积极参与利率债、二级资本债、永续债的交易，增厚了部分收益。权益方面，在熊市背景下一方面注重低波动率股票的配置，另一方面对仓位进行了灵活调整。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:41.339Z","mo":"展望2023年，宏观经济多个风险因素均在缓解，有望扭转此前的不利局面。房地产“三支箭”政策的落地、疫情防控政策的优化将不同程度地提振市场信心，带来地产、消费的边际改善，并为整体经济复苏注入初始动力。接下来在较为宽松的货币政策和扩张性财政政策的支持下，过去几年被压抑的需求会逐步释放，经济有望从复苏走向良性循环。  权益方面，在经历了去年的下跌后，整体估值处于历史偏低的水平，相对债券而言其性价比是具备优势的。经济的逐步向好，会使权益估值的优势越来越明显，时间是权益资产的朋友。我们会重点跟踪经济增长中高质量的板块，力争寻找到业绩增长健康且有持续性的权益资产。同时我们还会对景气反转的板块保持关注，结合估值水平寻找投资标的。  债券方面，在经济复苏的大背景下，债券市场可能缺乏趋势性机会。在经历了去年四季度的调整后，中短端的债券收益率已经摆脱了过低水平，回到和政策利率相适应的正常状态。我们会重点关注此类资产，希望债券资产能为组合提供合理的绝对收益回报。","fund":{"_id":3000000011816,"__csrcFundId":9546,"stockCode":"011816","shortName":"融通多元收益一年持有期混合(011816)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11816,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:59:58.340Z","status":"normal","exchange":"jj","name":"融通多元收益一年持有期混合型证券投资基金","fundCollectionId":4000050130000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"融通多元收益一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":350070014.15,"setUpShares":350070014.15,"pinyin":"rtdysyyncyqhhxzqtzjj","managers":[{"stockCode":"db20872659","stockType":"fund_manager","exchange":"fm","tickerId":1903221540,"name":"石础"},{"stockCode":"j101019481","stockType":"fund_manager","exchange":"fm","tickerId":1208248690,"name":"李皓"}]},"announcement":{"linkText":"融通多元收益一年持有期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=865503","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecec97fea5b3eb04f1d86","date":"2022-09-29T16:00:00.000Z","stockId":3000000011816,"sao":"2022年三季度，利率债收益率先下后上，总体小幅下行。7月份的政治局会议表述和8月份央行的超预期降息，成为收益率下行的重要推手。9月份在收益率处于低位的情况下，利空信息占据了上风，房地产政策的边际放松、资金中枢的抬升、市场对社融数据预期的乐观都阶段性推动了收益率的小幅上行。总体看，市场依然在围绕着货币政策的宽松和不断出台逆周期政策引发的经济向好预期进行博弈。  股票市场在经历了5-6月份的反弹后，三季度再次转入下行，沪深300指数下跌15.16%，创业板指下跌18.56%。市场对未来经济表现存在担忧，风险偏好也进一步回落，消费和周期板块表现出一定的抗跌性，成长板块表现落后。  本基金在债券方面，配置上以中低久期的信用债为主，同时也适度参与了中长久期债券的交易，获取了一定的交易收益。在权益方面，由于对后市持谨慎态度，一方面适度进行均衡配置，另一方面总体降低了仓位。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:41.336Z","fund":{"_id":3000000011816,"__csrcFundId":9546,"stockCode":"011816","shortName":"融通多元收益一年持有期混合(011816)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11816,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:59:58.340Z","status":"normal","exchange":"jj","name":"融通多元收益一年持有期混合型证券投资基金","fundCollectionId":4000050130000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"融通多元收益一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":350070014.15,"setUpShares":350070014.15,"pinyin":"rtdysyyncyqhhxzqtzjj","managers":[{"stockCode":"db20872659","stockType":"fund_manager","exchange":"fm","tickerId":1903221540,"name":"石础"},{"stockCode":"j101019481","stockType":"fund_manager","exchange":"fm","tickerId":1208248690,"name":"李皓"}]},"announcement":{"linkText":"融通多元收益一年持有期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=801649","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecec97fea5b3eb04f1d85","date":"2022-06-29T16:00:00.000Z","stockId":3000000011816,"sao":"2022年上半年，货币政策维持稳健偏宽松的状态，一季度7天逆回购利率和MLF利率均有下调，二季度存款准备金率进行了下调。但债券市场表现并未呈现出单边的走强，而是围绕着货币政策的宽松和宽信用后的经济向好预期进行博弈，呈现窄幅波动走势。短端收益率在资金宽松的带动下，表现明显好于长端。资质较好的信用债受配置因素的影响，表现好于利率债。  股票市场受年初赛道股估值高和部分赛道股基本面松动的影响，在1-4月出现快速下跌，5-6月随着上海疫情的缓解和逆周期政策带来的风险偏好改善，股市出现反弹。传统能源在上半年总体表现占优，新能源在股市反弹中表现出更强弹性。上半年沪深300指数下跌9.22%，创业板指下跌15.41%。  本基金在债券方面，配置上以中短久期、高信用等级为主，参与了部分银行资本债和利率债的交易。在权益方面，较少进行仓位的选择，更多在配置上注重了价值与成长的平衡，希望在获取结构性机会的同时能控制好组合净值的波动率。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:41.333Z","mo":"我们在年初展望时，提到宏观经济面临的三重压力，包括房地产、疫情和中美政策错位。从实际运行情况看，上述因素确实或多或少制约了上半年的宏观经济表现。展望下半年，三重压力依然存在，但好在政策层面都已开始有相应的应对措施，市场层面也一定程度上反应了这些不利因素。  权益方面，选股难度在变大。宽松的流动性环境和不断出台的逆周期政策，是容易助推市场风险偏好，提升估值的。但同时现实的经济压力，对很多股票资产的基本面带来负面影响。在经历了前期的反弹后，基本面较强的股票目前估值大部分都已经不低，而估值尚处于低位的股票，其基本面大多有所瑕疵。股票投资下半年要在预期与现实中寻求平衡，在基本面与估值中寻求平衡。  债券方面，资金利率和短端利率已经下行到历史最低点附近，进一步下行空间有限，需要关注资金利率能否长时间维持在历史最低位，这是决定债券市场能否走牛的关键因素。随着高等级信用利差的不断缩窄，高等级信用债的相对价值也在变弱，而低等级信用债依然面临重重风险，很难看到反转机会。从大类资产的性价比来看，当前债市的性价比并不突出。我们更多会以交易思维来看待后续的债券市场机会。  接下来，本基金在债券配置方面将以高评级中短久期的债券为主，积极寻求中长久期债券的交易性机会。在权益方面，将重视价值和成长的平衡，积极寻找短期业绩扎实且中长期有较好增长逻辑的资产。","fund":{"_id":3000000011816,"__csrcFundId":9546,"stockCode":"011816","shortName":"融通多元收益一年持有期混合(011816)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11816,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:59:58.340Z","status":"normal","exchange":"jj","name":"融通多元收益一年持有期混合型证券投资基金","fundCollectionId":4000050130000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"融通多元收益一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":350070014.15,"setUpShares":350070014.15,"pinyin":"rtdysyyncyqhhxzqtzjj","managers":[{"stockCode":"db20872659","stockType":"fund_manager","exchange":"fm","tickerId":1903221540,"name":"石础"},{"stockCode":"j101019481","stockType":"fund_manager","exchange":"fm","tickerId":1208248690,"name":"李皓"}]},"announcement":{"linkText":"融通多元收益一年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=777979","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecec97fea5b3eb04f1d84","date":"2022-03-30T16:00:00.000Z","stockId":3000000011816,"sao":"2022年一季度，利率债收益率先下后上，整体波动幅度不大，季末相比季初长端收益率基本持平，短端收益率略有下行。市场主要在围绕着货币政策的宽松和宽信用后的经济向好预期进行博弈，没有表现出明显的趋势。同时由于收益率接近历史低位，在没有重大利好的情况下，收益率更多呈现上有顶下有底的窄幅波动状态。  股票市场在一季度出现了比较显著的下跌，沪深300指数下跌14.53%，创业板指下跌19.96%。稳增长板块表现相对较好，房地产、煤炭、银行等行业表现居前，高估值成长板块表现落后。  本基金在债券方面，配置上以中低久期的信用债为主，希望获取稳定收益，同时也适度参与了中长久期债券的交易。在权益方面，对持仓进行了有序调整，增配低估值偏防御的股票，对部分有盈利的持仓进行了减持。","declarationDate":"2022-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:41.330Z","fund":{"_id":3000000011816,"__csrcFundId":9546,"stockCode":"011816","shortName":"融通多元收益一年持有期混合(011816)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11816,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:59:58.340Z","status":"normal","exchange":"jj","name":"融通多元收益一年持有期混合型证券投资基金","fundCollectionId":4000050130000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"融通多元收益一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":350070014.15,"setUpShares":350070014.15,"pinyin":"rtdysyyncyqhhxzqtzjj","managers":[{"stockCode":"db20872659","stockType":"fund_manager","exchange":"fm","tickerId":1903221540,"name":"石础"},{"stockCode":"j101019481","stockType":"fund_manager","exchange":"fm","tickerId":1208248690,"name":"李皓"}]},"announcement":{"linkText":"融通多元收益一年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=720427","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecec97fea5b3eb04f1d83","date":"2021-12-30T16:00:00.000Z","stockId":3000000011816,"sao":"2021年除1月份资金面有较大波动外，剩余时间表现均十分平稳。货币政策更注重提前预判和精准发力，全年都体现出稳健偏松的基调。利率债收益率呈现震荡下行走势，波动不大。信用债方面，房地产债券的暴雷从年初持续到年尾，而产能过剩行业债券在上半年经历了至暗时刻后，下半年在相关产品价格上涨的推动下，基本面重回正常轨道，债券收益率也出现显著下行。总体看，基本面扎实的信用债持续受到市场追捧，而弱行业、弱区域的债券，收益率仍然维持高位。  股票市场延续了2020年的分化走势，全年沪深300指数下跌5.39%，而创业板指则上涨12.02%。以新能源、新能源汽车、半导体为代表的景气赛道一路高歌，以煤炭、钢铁、有色为代表的周期股阶段性有强劲表现，而很多传统产业的低估值股票持续走低。  本基金由于是一年持有期基金，负债稳定，因此在债券方面一定程度牺牲资产的流动性来换取收益，整体久期处于较低水平，同时积极参与利率债交易，希望能部分增厚收益。权益方面，配置上注重了价值与成长的平衡，希望在获取结构性机会的同时能控制好组合净值的波动率。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:41.328Z","mo":"2022年一开年，宏观经济就面临巨大挑战。作为过去20年中国经济引擎的房地产业正在逐渐熄火，对地方政府财政、上下游产业链造成的冲击不可忽视。2年的新冠疫情对经济造成了严重的扭曲和伤害，如果社会运转迟迟无法正常化，后遗症会逐步显现。中美经济在2022年会面临不同的主要矛盾，美联储加息箭在弦上，相应政策的错位可能会一定程度上给今年的中国带来压力。面对困难，中央经济工作会议确定了“稳字当头”的政策基调，这无疑有利于防范系统性风险的发生。  权益方面，宏观经济下行对上市公司的短期业绩带来考验，尤其是去年市场聚焦的景气赛道个股。如果个股的短期业绩一旦证伪，市场此前建立的对长期景气的信心也会受挫，这类资产可能会面临估值和业绩的双杀。不过好在目前市场整体估值水平并不贵，我们对市场的中长期走势也并不悲观，在2022年的市场环境下，还是需要在更严格的筛选条件下选择基本面扎实的个股。  债券方面，我们认为尽管美国进入加息周期，但货币政策和市场运行依然会以稳为主。在宏观经济警报解除之前，都会是利率债的表现时间，但收益率来到历史底部位置，让这类资产的性价比在变低。特定行业特定区域的信用债仍将经历考验，尽管其中蕴含着机会，但公募基金较难抓取。  接下来，本基金在债券配置方面将继续控制整体久期，根据可配置资产的收益水平来决定杠杆高低，更积极地参与利率债交易。在权益方面，将重视价值和成长的平衡，积极寻找短期业绩扎实且中长期有较好增长逻辑的资产。","fund":{"_id":3000000011816,"__csrcFundId":9546,"stockCode":"011816","shortName":"融通多元收益一年持有期混合(011816)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11816,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:59:58.340Z","status":"normal","exchange":"jj","name":"融通多元收益一年持有期混合型证券投资基金","fundCollectionId":4000050130000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"融通多元收益一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":350070014.15,"setUpShares":350070014.15,"pinyin":"rtdysyyncyqhhxzqtzjj","managers":[{"stockCode":"db20872659","stockType":"fund_manager","exchange":"fm","tickerId":1903221540,"name":"石础"},{"stockCode":"j101019481","stockType":"fund_manager","exchange":"fm","tickerId":1208248690,"name":"李皓"}]},"announcement":{"linkText":"融通多元收益一年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=709039","linkType":"PDF","source":"csrc_pdf"}}]}