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意区间，配置价值显现；考虑到外部环境存在不确定性，以及年内仍有降准降息的可能性，预计债券市场将延续宽幅区间震荡，交易型机会或大于配置型价值。本产品定位为固收加，收益风险特征与普通权益基金有较大区别，净值波动不宜太大，需尽量做到回撤可控，权益部分的构建也需要基于此进行约束。结合A股长期的风格波动特征和盈利周期，从安全边际和控制下行风险考虑，组合中配置的是相对稳健的红利组合，目前占资产净值的比例不超过15%。但代表红利类资产的中证红利指数，今年一季度录得涨幅-3.1%，从一定程度上显示，红利资产的表现与当前的泛科技牛市基本没有关系，对产品的净值也带来了小幅的负贡献。但站在更长的时间维度和更广的空间维度下，红利股的防御价值和稳健收益特征，已经得到了海内外资本市场的检验。组合中精选的高股息资产，是竞争格局稳定，现金流充沛，盈利波动较低的“现金牛”，在我国利率中枢下移的大背景下，配置价值更加凸显，对组合起着重要作用。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:17.368Z","fund":{"_id":3000000011989,"__csrcFundId":9589,"stockCode":"011989","shortName":"汇安鑫泽稳健一年持有期混合(011989)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11989,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:33.478Z","status":"normal","exchange":"jj","name":"汇安鑫泽稳健一年持有期混合型证券投资基金","fundCollectionId":4000051300000,"inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"汇安鑫泽稳健一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":974153771.65,"setUpShares":974153771.65,"pinyin":"haxzwjyncyqhhxzqtzjj","managers":[{"stockCode":"db20875837","stockType":"fund_manager","exchange":"fm","tickerId":2603223600,"name":"周冲"}]},"announcement":{"linkText":"汇安鑫泽稳健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=1276715","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceed7fea5b3eb04f4538","date":"2024-12-30T16:00:00.000Z","stockId":3000000011989,"sao":"2024年全年，A股市场呈现显著的风格切换特征，全年经历了\"估值、盈利压缩-政策驱动-信心恢复\"三个阶段。本产品基于宏观政策研判和市场微观结构的分析，在严控回撤的前提下，权益部分构建了波动较小，安全边际较高的红利组合。回顾上半年，市场整体较弱，债券较为强势，国债收益率下行。截至9月下旬，在政治局会议释放积极信号后，市场开始进入攻守转换的状态；过去三年估值压缩到极致的科技成长股，迎来转折；叠加货币政策和财政政策的进一步松绑，流动性改善下的中小市值股票迎来春天。红利组合在这样的环境下，表现相对较弱。但从中长期维度看，在国债收益率快速下行的环境下，优质资产日益稀缺，高股息资产仍具备较高的配置价值。面对成长-价值风格的快速切换，以及风险偏好的变化，本基金坚持的定量化投资框架，具备长期纪律和规则约束，能提升投资过程的理性和客观程度。在行业均衡和个股分散的前提下，构建了波动相对较低的股票组合。与此同时，本基金管理人也针对不同的宏观环境、中观结构和微观特征，积极纳入新型的数据和信息，不断地完善投资框架，改进投资策略，提升模型的适应性和生命力，进而促进公募产品的高质量发展。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:17.365Z","mo":"展望2025年，全球经济增速或将放缓，主要源于美欧等大型经济体的高基数和政策不确定性，以及流动性宽松带来的高通胀；叠加地缘摩擦不断，全球将面临着更加复杂的政治经济环境。有利的条件是，在国内财政政策与货币政策“双宽松”的带动下，全社会的融资成本降低，营商环境改善，市场的盈利预期和风险偏好有所提升，为整个宏观经济的修复提供支撑。预计呈现出\"政策托底夯实估值，产业升级重塑增长\"的螺旋驱动格局。国内视角，关注以下几个边际变化：1）特别国债的常态化发行，对基建投资带来的乘数效应，需要保持跟踪；2）在国家“保交楼”等一系列政策下，地产链的新开工面积、竣工面积、商品房销售面积、二手房成交等情况，是否开始改善，地产链的现金流是否开始改善；3）AI新范式下，对整个宏观经济、科技创新、社会的生产力及生产关系等方面，产生深远影响。4）美国总统换届周期下，大国之间的科技博弈升级，重点关注芯片半导体、医药科技等重要领域的自主创新；5）随着地缘摩擦加剧，全球供应链重构催生的\"近岸外包\"机遇，特别关注东南亚产能扩张的受益标的。","fund":{"_id":3000000011989,"__csrcFundId":9589,"stockCode":"011989","shortName":"汇安鑫泽稳健一年持有期混合(011989)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11989,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:33.478Z","status":"normal","exchange":"jj","name":"汇安鑫泽稳健一年持有期混合型证券投资基金","fundCollectionId":4000051300000,"inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"汇安鑫泽稳健一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":974153771.65,"setUpShares":974153771.65,"pinyin":"haxzwjyncyqhhxzqtzjj","managers":[{"stockCode":"db20875837","stockType":"fund_manager","exchange":"fm","tickerId":2603223600,"name":"周冲"}]},"announcement":{"linkText":"汇安鑫泽稳健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=1257220","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceed7fea5b3eb04f4537","date":"2024-09-29T16:00:00.000Z","stockId":3000000011989,"sao":"2024年三季度，社会总需求的疲软对于生产端的拖累继续显现。虽然此前PMI呈现出生产强于需求的局面，但宏观高频数据显示，产销率仍然维持低迷，导致企业的生产积极性并不高，企业的产成品库存位于高位。房地产方面，房价并未企稳，负向的财富效应进一步压缩了居民消费意愿，导致社零消费进入螺旋式下跌的困境。市场的风险偏好低迷，在此背景下，债券利率不断创下新低。转捩点出现在九月下旬召开的国务院新闻发布会上，“一行一局一会”重磅发声，联袂发布了各种金融支持经济高质量发展的举措，释放出浓浓的政策暖意。央行降准降息，同时推出针对股市的创新工具。政治局会议提到要“切实增强做好经济工作的责任感和紧迫感”，表态积极，市场的低迷快速扭转，市场应声而起来。地产方面，首次提及“要促进房地产市场止跌回稳”，市场对于房价企稳的信心有所增强，成交量大幅提高。受风险偏好提升影响，债券利率出现快速上行。债券方面，本产品主要配置了中短久期的二永债，努力在控制利率波动的同时获取相对合理的票息收益。权益方面，在这样波动极速放大、情绪极速转向的狭窄窗口期，预测的难度大、胜率低，本管理人的做法是通过判断市场当前所处的状态，采取相应的投资策略进行应对。本产品出于产品的风险收益特征考虑，在保持行业相对均衡的情况下，精选出的标的在一定程度上偏向红利，希望能分享这些优质上市公司的估值修复，在波动可控的情况下改善组合收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:17.362Z","fund":{"_id":3000000011989,"__csrcFundId":9589,"stockCode":"011989","shortName":"汇安鑫泽稳健一年持有期混合(011989)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11989,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:33.478Z","status":"normal","exchange":"jj","name":"汇安鑫泽稳健一年持有期混合型证券投资基金","fundCollectionId":4000051300000,"inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"汇安鑫泽稳健一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":974153771.65,"setUpShares":974153771.65,"pinyin":"haxzwjyncyqhhxzqtzjj","managers":[{"stockCode":"db20875837","stockType":"fund_manager","exchange":"fm","tickerId":2603223600,"name":"周冲"}]},"announcement":{"linkText":"汇安鑫泽稳健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=1178103","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceed7fea5b3eb04f4536","date":"2024-06-29T16:00:00.000Z","stockId":3000000011989,"sao":"报告期内，我国宏观经济延续了弱复苏状态，宏观经济的结构呈现出一定变化：出口表现亮眼，消费仍不够强劲，固定资产投资处于震荡状态。但值得注意的是，政策层面在不断释放积极信号，政治局会议提出要“及早发行并用好超长期特别国债，加快专项债发行使用进度”，随即政府债发行加速，对于基建起到一定支撑作用。货币政策方面，明确了实施支持性的货币政策，预计流动性有望边际改善。债券市场方面，监管自律机制要求取消手工补息后，银行存款转为非银负债，债券配置需求明显增加。债券供给方面，政府债的净融资偏慢，使得合意资产的收益率中枢不断下行，且供不应求。地产预期逐步降温后，市场避险情绪延续，利率出现持续下行。自4月底起，央行开始频繁关注长期收益率，但由于供需关系仍不平衡，具有代表性的十年期国债利率经历短期快速调整后再度创下新低。报告期内，基金组合总体维持中性的久期策略，获取了一定的债券净价收益。在股票上维持相对稳健的投资比例，以高分红的稳定类品种为核心持仓为主。可转债投资比例较低，同时根据对可转债股票基本面与信用的分析，用相对分散的策略增加了部分超调转债的持仓。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:17.360Z","mo":"展望未来，长债面临着政策压力，但由供需关系带来的基本面核心矛盾仍较为突出，场外资金的欠配压力持续，只能继续挖掘曲线凸点和品种洼地。从宏观经济的前瞻指标看，国内经济增长尚未完全复苏，仍在磨底阶段，内生修复的强度和趋势还有待进一步的观察和跟踪，后续在基数效应或有望逐级改善。在内需温和复苏和外需保持韧性的基础上，预计2024年全年的名义GDP增长前低后高，中期仍需要关注固定资产投资需求的企稳和价格的回升。乐观的迹象是，今年供给侧，需求端和政策层面都发出了积极的信号，风险因素以较为温和的方式出清；在产业结构优化的背景下，地产周期对经济增长的负面影响减弱，化债的紧缩效应也小于预期；与之对应的是，货币、财政、固定资产投资、扩内需（设备更新，家电以旧换新等）及资本市场的相关政策都更为积极，正不断为后续资本市场的表现积累信心。","fund":{"_id":3000000011989,"__csrcFundId":9589,"stockCode":"011989","shortName":"汇安鑫泽稳健一年持有期混合(011989)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11989,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:33.478Z","status":"normal","exchange":"jj","name":"汇安鑫泽稳健一年持有期混合型证券投资基金","fundCollectionId":4000051300000,"inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"汇安鑫泽稳健一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":974153771.65,"setUpShares":974153771.65,"pinyin":"haxzwjyncyqhhxzqtzjj","managers":[{"stockCode":"db20875837","stockType":"fund_manager","exchange":"fm","tickerId":2603223600,"name":"周冲"}]},"announcement":{"linkText":"汇安鑫泽稳健一年持有期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=1152059","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceed7fea5b3eb04f4535","date":"2024-03-30T16:00:00.000Z","stockId":3000000011989,"sao":"在政府推出一揽子稳增长政策和积极财政措施的刺激下,今年年初的宏观经济指标呈现出初步的好转迹象。市场普遍预计,第一季度的经济有望实现开门红。然而,受去年底以来市场情绪低迷的影响,这种悲观情绪在1-2月份依然延续。直到春节后,市场的悲观预期才出现明显的扭转。加之外部降息预期升温等利好因素,权益市场迎来触底反弹的契机。与此同时,在资金面宽松的环境下,利率在1-2月期间呈现出明显的下行趋势。本基金在第一季度基本把握住了利率下行带来的投资机会，整体维持较低的权益仓位，组合的回报波动较低，也一定程度上错失了2月以来的快速反弹。展望第二季度,债券市场方面,考虑到新增供给压力加大,宏观经济温和复苏,以及流动性维持宽松等因素,预计收益率维持低位小幅波动。可转债市场方面,市场的供需关系相对偏暖，但可转债以正股以小盘股为主，在选择标的上需更为谨慎和分散。股票市场方面,美国降息预期出现反复,国内经济复苏态势仍不稳固，组合将以继续关注高股息、受益于供需格局改善的大宗商品以及稳定消费品种，关注在有估值保护下的加仓机会。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:17.357Z","fund":{"_id":3000000011989,"__csrcFundId":9589,"stockCode":"011989","shortName":"汇安鑫泽稳健一年持有期混合(011989)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11989,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:33.478Z","status":"normal","exchange":"jj","name":"汇安鑫泽稳健一年持有期混合型证券投资基金","fundCollectionId":4000051300000,"inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"汇安鑫泽稳健一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":974153771.65,"setUpShares":974153771.65,"pinyin":"haxzwjyncyqhhxzqtzjj","managers":[{"stockCode":"db20875837","stockType":"fund_manager","exchange":"fm","tickerId":2603223600,"name":"周冲"}]},"announcement":{"linkText":"汇安鑫泽稳健一年持有期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=1074214","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceed7fea5b3eb04f4534","date":"2023-12-30T16:00:00.000Z","stockId":3000000011989,"sao":"2023年,中国经济复苏的进程可谓一波三折,年初的强劲预期逐步过渡到年中开始的增速相对缓慢的现实,这直接影响了股市和债市的走势。债市方面,年初利率水平在经济复苏预期推动下攀升,但随后受经济动力减弱和货币政策宽松的影响,利率持续下行,甚至出现\"资产荒\"。三季度利率在政策和资金面因素影响下震荡上行,但四季度经济减速,在降息预期和存款利率下调的带动下,利率继续下行。总的来说,债券市场全年表现亮眼。股市方面,年初市场在疫后复苏预期推动下整体上涨,但二季度经济放缓迹象初显,市场热点转向人工智能和高分红股票。下半年,经济下行压力加大,房地产市场持续探底,市场对总量增长有所担忧,加之海外因素影响,股市持续回调,低波动、高股息品种受青睐。本基金年初对权益市场判断偏乐观,提高了权益仓位,债券则主要采取票息策略,整体久期偏短,四季度虽然拉长久期获得了资本利得,但全年来看权益资产拖累和债券久期偏短导致整体收益低于预期。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:17.354Z","mo":"展望2024年,在经济转型过程中,市场依然存在结构性机会。在美联储即将开启新一轮降息周期和国内货币政策持续宽松的背景下,国债收益率仍存在一定的下行空间,组合将继续关注和把握货币政策宽松带来的交易机会。权益资产方面,估值和盈利有望迎来双重驱动,一方面美联储降息将提振市场风险偏好,另一方面2024年经济温和复苏的趋势有望延续,企业盈利预期将得到提振。此外,在新旧动能转换的大背景下,高端制造业和数字经济对经济的贡献将不断提升,消费结构的变化也将为明年的股市带来更多投资机遇。此外,估值已明显压缩的可转债,在低利率环境中能带来不错的投资机会。从中期来看,A股行情能否迎来彻底反转,很大程度上取决于未来政策的力度以及对上市公司盈利的传导。相比之下,在潜在的宽松货币政策环境下,债券市场的走牛空间则更加明确。总体而言,我们对2024年的市场持谨慎乐观态度,在把握下行风险的前提下,适应市场环境的变化,力争为投资者带来满意的回报。","fund":{"_id":3000000011989,"__csrcFundId":9589,"stockCode":"011989","shortName":"汇安鑫泽稳健一年持有期混合(011989)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11989,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:33.478Z","status":"normal","exchange":"jj","name":"汇安鑫泽稳健一年持有期混合型证券投资基金","fundCollectionId":4000051300000,"incept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上半年广谱债券收益率维持低位，本基金积极调控组合久期，提升组合收益。信用债方面，有效控制组合信用风险。转债方面，重点配置了平衡型及偏债型品种，积极布局优质转债标的，谨慎控制仓位。权益方面，着重均衡投资策略，在成长和价值之间均衡配置，在具有长期投资价值的板块甄选布局。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:17.337Z","mo":"展望后市，一是经济基本面仍将持续缓慢修复，外需维持相对高增，工业生产修复，在大规模减退税支持下，投资边际回暖。鉴于增速目标被明显弱化，新旧经济的结构化增速差异将继续维持。二是通胀剪刀差将继续收敛，下半年PPI预计持续高位回落，CPI逐步抬升，通胀压力向终端转移，叠加防疫常态化，可能对居民消费继续带来压力。三是货币政策或将维持当前合理偏宽松的基调，当下经济修复初始，信贷增速缓慢上行，地产脆弱性仍存，内部通胀尚未出现风险，货币政策收紧的必要性不高。四是由于美国通胀压力难以快速消退，美联储加息缩表压力持续，关注4季度美国经济衰退风险提高后美联储货币政策的转向可能。从资产配置层面展望，中国债市收益率受益于低位资金价格，上行有顶，下行有底，将延续区间波动，信用市场在地产风险犹存的情况下，分化可能持续，观察稳定房地产市场的进一步举措。股票方面，宏观流动性宽松带来市场估值修复基本到位，下半年市场定价逻辑可能较为反复和拉锯。配置方向依然将围绕景气度展开，热门赛道出现波动调整的可能性加大，但也将带来加仓机会。在4季度经济增速确定性企稳回升后，消费、地产链和大金融板块将迎来配置机会。","fund":{"_id":3000000011989,"__csrcFundId":9589,"stockCode":"011989","shortName":"汇安鑫泽稳健一年持有期混合(011989)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11989,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:33.478Z","status":"normal","exchange":"jj","name":"汇安鑫泽稳健一年持有期混合型证券投资基金","fundCollectionId":4000051300000,"inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"汇安鑫泽稳健一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":974153771.65,"setUpShares":974153771.65,"pinyin":"haxzwjyncyqhhxzqtzjj","managers":[{"stockCode":"db20875837","stockType":"fund_manager","exchange":"fm","tickerId":2603223600,"name":"周冲"}]},"announcement":{"linkText":"汇安鑫泽稳健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=784995","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceed7fea5b3eb04f452d","date":"2022-03-30T16:00:00.000Z","stockId":3000000011989,"sao":"报告期内，美联储快速的加息周期开启，缩表也将在5月开始，美债收益率大幅上行，收益率曲线出现倒挂，中美利差迅速收窄，前期受益于超级宽松货币政策的美国经济与美国股市能否软着陆存疑。俄乌冲突直接推升大宗商品价格，全球滞涨风险提升。需求收缩、供给冲击和需求减弱的三重压力在一季度均已体现，多地发生的疫情对经济活动有所扰动，一季度地产销售大幅下行，各地一城一策的政策效果尚需观察。3月16日金稳委的会议直面市场关切，有效修复了过度悲观的预期，为实现全年GDP增速目标，硬招实招次第出台，但降息空间将相对有限，指向性更强的直达实体政策或是重要抓手。广谱债券收益率呈现先下后上的V型走势，整体维持区间震荡的格局，需关注在社融增速提升、结构改善后的利率的上行风险。信用债延续分化格局，整体收益率仍处历史低位，而民营地产信用风险仍处释放期。组合合理配置利率品种与信用品种，整体维持较低久期，继续严控信用风险。转债上仍主要投资于平衡型及偏债型转债，可转债整体估值已有所回调，自下而上选券的空间得以拓宽。权益方面，保持相对低仓位，执行成长与价值相对均衡投资策略，同时自下而上的选择部分的优质标的。展望后市，海外缩表政策等待落地，而输入性通胀压力仍存，国内经济基本面面临多重压力，财政货币政策进一步支持实体经济的政策空间仍较大，信贷社融将保持企稳回升的势头，全年宏观经济前低后高为大概率事件，重点观察疫情与地产行业的进展。在债券投资上维持相对短久期策略，可转债关注低全价的龙头企业转债的投资机会，股票关注稳增长主线与有估值保护的成长股的投资机会。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:17.335Z","fund":{"_id":3000000011989,"__csrcFundId":9589,"stockCode":"011989","shortName":"汇安鑫泽稳健一年持有期混合(011989)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11989,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:33.478Z","status":"normal","exchange":"jj","name":"汇安鑫泽稳健一年持有期混合型证券投资基金","fundCollectionId":4000051300000,"inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"汇安鑫泽稳健一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":974153771.65,"setUpShares":974153771.65,"pinyin":"haxzwjyncyqhhxzqtzjj","managers":[{"stockCode":"db20875837","stockType":"fund_manager","exchange":"fm","tickerId":2603223600,"name":"周冲"}]},"announcement":{"linkText":"汇安鑫泽稳健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=724930","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceed7fea5b3eb04f452c","date":"2021-12-30T16:00:00.000Z","stockId":3000000011989,"sao":"报告期内，中国科学统筹疫情防控与经济社会发展，经济增速仍保持全球领先。但三重压力下，经济复苏逐季放缓，运行形势仍然严峻复杂。一方面，制造业投资和出口表现亮眼，但地产风险加速暴露、服务业复苏乏力、转型“双碳”节奏加快等因素，导致国内产业结构性分化明显。另一方面，全球疫情仍有不确定性、地缘政治持续演绎、主要经济体货币政策转向收紧等因素，则对我国经济复苏带来外部扰动和挑战。2021年中国CPI 同比增速为 0.9%，显示需求端修复仍旧偏慢。PPI则受供给冲击影响，下半年突破近年来高点。但很明显国内通胀回落趋势已显，市场更多在交易“滞”而非“胀”。利率债在流动性保持合理充裕、经济基本面整体偏弱背景下，利率债收益率虽有阶段性反弹，但整体呈现波动下行趋势，十年期国债年底收于2.8%左右。信用债的整体信用利差呈现收窄趋势，但分化格局亦同样明显，部分中低等级信用债在政策压力和经济周期下，违约风险有所上行；受融资严监管影响，城投债净融资额增速回落，且强弱区域信用利差极度分化；受PPI上行推动，上游产业债信用利差明显缩窄，而下游产业债信用利差则出现走阔；地产债面临发行主体流动性压力和投资机构规避态度，收益率在报告期间普遍大幅上行，但政策暖风已起，后续需要持续观察政策效果与销售情况。转债指数全年整体趋势向上，转债资产表现优于其他大类资产，但也导致年末估值整体处于历史较高分位数水平。股票市场2021年继续演绎结构性行情，从市场风格上偏向中小盘成长，从行业机会上，以“锂光军芯”等为代表高景气赛道投资获得充分演绎，同时受益于PPI上行的上游周期产业链超额受益同样明显。对于基金的具体运作，在债券方面，本基金以信用债投资为核心策略，投资于长期跟踪的具备安全边际的品种，行业包括城投融资平台、地产以及金融类企业。着力控制信用风险，为组合带来相对稳定的信用收益。可转债方面，本基金通过审慎研究，精选个券，主要对平衡型及偏债型转债标的进行布局投资，同时也适时关注景气赛道以及具备正股弹性的偏股型标的。投资策略上主要采用防守反击，在全价低时购入信用可靠、正股基本面有亮点、有质量的转债，在下行风险有限的前提下去获取正股上涨或转债估值提升的收益。股票方面，行业选择与标的选择紧紧围绕低波动稳健型固收+的产品定位。在谨慎控制仓位的基础上，平衡考量行业景气度与股票估值，深入挖掘具备持续竞争壁垒的优势企业。在组合构建上，我们风格比较平衡，持仓相对分散，关注止损止盈与回撤控制，以较低波动率和较高确定性为基金贡献收益。我们合理控制了组合中股票与可转债的投资比例，并在2021年初的调整前主动调低了权益仓位，达到了以较小的波动与回撤获取合理收益的目标。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:17.332Z","mo":"展望2022年，面对需求收缩、预期转弱、供给冲击的三重压力，政策稳增长诉求较强。但微观主体仍然面临一定的需求与成本压力，在海外流动性收紧带来外溢冲击下，上半年国内经济动能可能惯性回落。具体而言，房地产在政策边际改善下，投资增速预计仍将保持低位运行，但回落幅度可能趋于放缓；稳字当头下，新基建和制造业投资将可能持续加速；疫情影响弱化后，消费也有一定的修复动力，但人口老龄化大背景下，社零增速可能保持偏低水平；出口则大概率因为海外放开疫情管控而有所回落。目前国内外经济周期明显错位，面对周期性、结构性需求分化及供给冲击现状，判断2022年国内宏观政策将继续以我为主。我们对稳增长整体相对乐观，一是“双碳转型”、数字经济、乡村振兴等空间广阔，围绕这些新领域新业态，进行适度超前投资和补短板投资，可以为稳增长提供较好的抓手；二是2021年宏观杠杆率大幅下降约8%，给2022年的稳增长政策创造了一定的空间；三是换届年不排除地产政策小幅实质性松动，从而减缓2022年地产投资增速下行的速度。通胀方面，由于高基数及供给冲击缓解，预计2022年PPI将延续上年末回落态势，但猪周期触底及终端需求反弹，CPI可能年中出现高点。当前需警惕制裁俄罗斯导致大宗商品价格上涨的衍生风险，同时俄乌地缘政治危机等因素可能加剧全球经济前景的不确定性，加大美股下跌压力，制约美联储加息步伐。债券市场方面，维持无风险收益率在宽货币、宽信用的背景下或将维持区间震荡的判断。节奏上，上半年经济可能偏弱，利率上行空间有限，下半年在一系列稳增长政策发力下，利率可能稳中小幅下行。信用债市场仍可能出现分化，在有保有压的政策下，部分主体信用违约事件仍可能处于高发期，而部分周期性行业基本面走弱可能带动风险溢价上升。可转债市场总体估值抬升但仍有自下而上选择的标的与时机，同时市场极大扩容的情况下，仍有极为丰富的可选品种。权益市场方面，在国内稳增长、宽信用、大众消费复苏、居民资产配置从房地产向权益市场转移等大环境下，股票市场包括转债市场依然有较大配置价值。但经历过两年结构性牛市之后，2022年A股可能出现较大分化，尤其需要更为深入的基本面研究。中长期看，能源转型、制造升级、共同富裕等高景气主线值得坚守；短期看，稳增长板块可在上半年采取防御性配置，而PPI与CPI收敛下，消费复苏主线也有超额收益机会。","fund":{"_id":3000000011989,"__csrcFundId":9589,"stockCode":"011989","shortName":"汇安鑫泽稳健一年持有期混合(011989)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11989,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:33.478Z","status":"normal","exchange":"jj","name":"汇安鑫泽稳健一年持有期混合型证券投资基金","fundCollectionId":4000051300000,"inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"汇安鑫泽稳健一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":974153771.65,"setUpShares":974153771.65,"pinyin":"haxzwjyncyqhhxzqtzjj","managers":[{"stockCode":"db20875837","stockType":"fund_manager","exchange":"fm","tickerId":2603223600,"name":"周冲"}]},"announcement":{"linkText":"汇安鑫泽稳健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=713603","linkType":"PDF","source":"csrc_pdf"}}]}