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"stockId":3000000011991,"sao":"2025年一季度，全球贸易环境面临挑战，特朗普2.0政策带来的关税威胁加剧了全球贸易摩擦，国内宏观经济仍处于弱复苏阶段。宏观数据整体偏弱，地产投资仍是拖累因素，出口在未来或将受到逆全球化趋势的冲击。然而，从结构性亮点来看，国内经济已展现出积极信号。消费方面，《哪吒2》票房表现亮眼，新消费品牌加速崛起，财政政策持续加码，以旧换新等促消费举措稳步推进。地产市场方面，商品房价格跌速趋缓，二手房成交活跃，部分城市供地力度加大，地价屡创新高。“反内卷”政策的提出，有望改善过度竞争行业的盈利能力，推动价格回暖。民营企业座谈会的召开，提振企业家信心，增强市场活力。科技领域亦表现突出，DeepSeek和人形机器人技术突破，展现出科技创新的自信与产业升级的前景。权益市场方面，一季度市场风险偏好先升后降。科技板块受DeepSeek及人形机器人主题催化表现突出，但至3月，受关税政策及年报临近影响，市场回归基本面，风格向价值/红利切换。整体来看，上证综指下跌0.48%，沪深300下跌1.21%，中证1000上涨4.51%。可转债市场随股市上行，中证转债指数上涨3.13%，估值一度攀升至历史高位，3月末回落至历史均值附近。鉴于转债估值修复，组合在一季度降低可转债配置，配置中偏向低估值偏债型标的，同时增加股票仓位，优化资产配置。债券市场方面，一季度整体波动较大，绝对收益水平较低。市场对降准降息的预期持续修正，资金利率的抬升，叠加央行对长债利率的关注，债市出现明显调整。当前债券收益率下行空间有限，组合维持较低久期，静待合适配置时机。展望未来，国内经济数据有望逐步验证年初的复苏力度，而外部环境的不确定性仍存。我们保持审慎乐观，灵活应对市场变化，优化资产配置，以实现长期稳健回报。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:17.813Z","fund":{"_id":3000000011991,"__csrcFundId":9100,"stockCode":"011991","shortName":"汇安泓利一年持有期混合(011991)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11991,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:36.384Z","status":"normal","name":"汇安泓利一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-05-05T16:00:00.000Z","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安泓利一年持有期混合","setUpDate":"2021-05-05T16:00:00.000Z","setUpAssetScale":646028926.2,"setUpShares":646028926.2,"pinyin":"hahlyncyqhhxzqtzjj","managers":[{"stockCode":"j101019796","stockType":"fund_manager","exchange":"fm","tickerId":2610245290,"name":"张靖"}]},"announcement":{"linkText":"汇安泓利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=1276716","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceed7fea5b3eb04f45b6","date":"2024-12-30T16:00:00.000Z","stockId":3000000011991,"sao":"2024年，A股市场行情错综复杂，波动特征显著，两次探底后在政策助力下形成反转。年初，受雪球产品、量化基金等因素影响，小微盘风格指数快速下跌。9月下旬，政策出现重大转向，市场成交活跃度迅速提升，市场信心和整体风险偏好得到显著增强。从整体涨幅来看，各大指数表现亮眼，上证指数全年涨幅达12.67%，深证成指上涨9.34%，沪深300指数实现了14.68%的涨幅。全年市场风格切换频繁，大盘价值股在这一过程中展现出了强劲的优势。行业表现方面，银行、非银金融、通信和家用电器等行业表现尤为突出，成为市场的重要支撑力量。可转债市场走势波折起伏，全年呈现出先抑后扬的态势。中证转债指数年内累计涨幅为6.08%。年初至2月，受经济预期较弱、市场信心不足的影响，转债市场随权益市场一同下行，但在这一过程中，其估值有所升高，相较于正股展现出较强的防御抗跌属性。2月至5月，转债市场开始缓慢修复。然而，5月至9月，由于经济数据表现不佳，随着国九条发布、信用风险事件频发，对退市和信用风险担忧加剧，转债市场遭遇大幅调整，破面破底的转债数量大幅增加，市场陷入极度悲观的行情，估值也出现大幅压缩，至历史极低水平。9月底起，一系列增量政策陆续出台，市场信心得到提振，转债市场开始震荡上扬，估值逐渐修复。债券市场走出了一轮牛市行情，利率大幅下行。以10年期国债为例，年初利率为2.56%，年末降至1.68%，全年累计下行88bps，下行幅度为2014年以来最大。这一年债市走势可划分为多个阶段。年初，受信贷增速放缓、政府债供给节奏偏慢的影响，资产荒加剧，利率快速下行。4-9月，央行多次提示长债风险，同时稳增长政策发力，利率虽有震荡，但整体仍保持下行趋势。年末，同业存款自律机制落地，货币政策基调转为适度宽松，进一步推动利率急速下行。债市牛市行情主要受实体融资需求不足、居民资产配置结构变化以及货币政策转向适度宽松等因素驱动。本基金年初对权益市场的判断较为谨慎，全年仓位保持在中低水平。下半年，随着可转债市场深度调整，我们积极把握投资机会，增加了可转债类资产的配置。债券方面，全年主要保持中等久期水平，获得了一定的资本利得，在四季度债券收益率触及历史新低后，久期调整至较低水平，避免未来债券市场调整的风险。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:17.810Z","mo":"展望2025年，国内方面，中美关系、政策和经济的实际恢复程度将成为关键变量。财政政策预计将更加积极，赤字率可能提高，特别国债和地方专项债规模有望扩大，以推动经济增长和化解债务风险；货币政策将保持适度宽松，降准降息仍存在一定空间，为经济发展提供流动性支持。海外方面，美国经济虽仍具有一定韧性，但面临边际放缓的压力，财政赤字缩减困难，美联储的降息路径也较为复杂。贸易冲突，科技竞争，地缘政治风险、石油价格波动以及日本政策调整等因素，都将为市场带来不确定性。在政策支持和经济预期改善的背景下，A股市场从中长期来看具有看多的基础，但短期仍需保持谨慎乐观的态度。2-4月市场或迎来修复阶段，两会后的政策表态以及下半年经济数据的验证将是关键。从当前风险溢价的角度来看，A股市场具有一定的投资性价比。可转债市场估值已经逐步修复，当前转债价格并未显著低于理论价格，已经度过了性价比最佳的时期，需要更加仔细地甄别品种，进行精细化投资。但另一方面，展望2025年，转债供给预计偏紧，而需求不减，加上存量转债到期等因素，将对估值形成支撑，因此可转债仍具备不错的投资机会。当前利率市场定价较为充分，长债收益率无论是在我国历史数据对比还是国际比较中，均处于极低水平，未来下降空间有限。","fund":{"_id":3000000011991,"__csrcFundId":9100,"stockCode":"011991","shortName":"汇安泓利一年持有期混合(011991)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11991,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:36.384Z","status":"normal","name":"汇安泓利一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-05-05T16:00:00.000Z","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安泓利一年持有期混合","setUpDate":"2021-05-05T16:00:00.000Z","setUpAssetScale":646028926.2,"setUpShares":646028926.2,"pinyin":"hahlyncyqhhxzqtzjj","managers":[{"stockCode":"j101019796","stockType":"fund_manager","exchange":"fm","tickerId":2610245290,"name":"张靖"}]},"announcement":{"linkText":"汇安泓利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=1257221","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceed7fea5b3eb04f45b5","date":"2024-09-29T16:00:00.000Z","stockId":3000000011991,"sao":"三季度以来，美联储开启降息，国内基本面压力依然存在，但政策已呈现出明显的转向趋势，市场风险偏好显著上升，权益市场短期内大幅反弹，市场情绪快速升温。具体而言，三季度消费延续疲软态势，社会消费品零售总额同比增速持续下滑；基建投资增速逐月放缓；地产对经济和财政收入的负面影响仍在发酵。不过，制造业投资和出口仍显示出一定的韧性。政策端在九月下旬出现显著转向，九月底的货币政策实施了降准降息，并推出了两项创新工具，政策力度超出市场预期。此外，政治局会议罕见地讨论了经济议题，政策目标由“防风险”转向“稳增长”，地产方面也提出“促进房地产市场止跌回稳”的目标。市场普遍预期未来仍有增量政策出台，推动风险偏好迅速上升，A股市场随之展开一轮反弹，债市则出现明显回调。本轮风险偏好上升主要受到政策预期和资金面的推动，后续行情的持续性有待政策落地的验证、上市公司业绩的改善以及基本面的确实企稳。报告期内，本基金在债券配置方面维持中性久期，杠杆水平保持较低。展望未来，在经济基本面改善、宽信用措施取得成效之前，组合将继续维持中等久期的配置策略。在权益配置方面，二季度末以来，转债市场持续调整，转债估值已处于历史低位，展现出较好的投资性价比。基于严控信用风险的前提，组合逐步增加了转债类资产的配置，相应地降低了股票持仓比例，以保持组合的整体权益仓位水平。展望未来，组合将继续坚持绝对收益的运作思路，控制整体组合波动和回撤，并根据股票与转债的相对性价比灵活调整权益仓位。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:17.807Z","fund":{"_id":3000000011991,"__csrcFundId":9100,"stockCode":"011991","shortName":"汇安泓利一年持有期混合(011991)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11991,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:36.384Z","status":"normal","name":"汇安泓利一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-05-05T16:00:00.000Z","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安泓利一年持有期混合","setUpDate":"2021-05-05T16:00:00.000Z","setUpAssetScale":646028926.2,"setUpShares":646028926.2,"pinyin":"hahlyncyqhhxzqtzjj","managers":[{"stockCode":"j101019796","stockType":"fund_manager","exchange":"fm","tickerId":2610245290,"name":"张靖"}]},"announcement":{"linkText":"汇安泓利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=1178104","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceed7fea5b3eb04f45b4","date":"2024-06-29T16:00:00.000Z","stockId":3000000011991,"sao":"上半年经济基本面保持平稳，经济金融数据逐季度走弱，整体呈现出供给强于需求、外需强于内需的特点。生产端保持稳定，工业企业营收和工业增加值持续增长。需求端，二季度出台了放松限购、去库存、降低融资成本和首付比例等多项支持房地产的举措，但未能实质扭转房地产市场下行的趋势，房地产销售和投资仍处于下滑态势，房产价格的下降对居民资产负债表造成了损伤，居民消费出现走弱趋势。基建方面，由于化解债务任务叠加地方债发行进度偏慢，基建投资受到一定制约。经济内生动力恢复仍面临压力，居民、企业信心和资产负债表仍有待修复。在权益市场方面，上半年整体赚钱效应不佳，市场参与者避险情绪升温。从结构上看，中小市值公司表现较弱，高股息品种和上游行业表现相对突出。自5月以来，可转债市场出现明显回调，部分发行人的信用问题逐渐受到市场重视，可转债内嵌期权的估值也调整至历史较低水平。在债券市场方面，由于供需和基本面等因素影响，债券收益率震荡下行，多次调整后创下新低。同时，央行也多次发声表示关注长期收益率过低的问题，未来要关注央行对长端收益率的态度以及实质动作。报告期内，基金组合债券端维持中性久期策略。股票和转债方面适当降低仓位，在品种选择上也注重防御属性，降低了组合的波动，在市场调整过程中规避了部分损失。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:17.804Z","mo":"展望下半年，海外政治、经济不确定性增强，国内需求恢复仍然面临一定压力，后续需要更加有力的政策支持，需要改善居民资产负债表和收入预期。外需或因海外局势以及需求回落等因素影响放缓。组合未来纯债部分继续保持中性久期配置，关注利率波段机会；股票方面主要以低波红利为主，控制组合波动；可转债主要配置偏债型和平衡型品种，充分利用债底保护，控制组合向下风险。","fund":{"_id":3000000011991,"__csrcFundId":9100,"stockCode":"011991","shortName":"汇安泓利一年持有期混合(011991)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11991,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:36.384Z","status":"normal","name":"汇安泓利一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-05-05T16:00:00.000Z","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安泓利一年持有期混合","setUpDate":"2021-05-05T16:00:00.000Z","setUpAssetScale":646028926.2,"setUpShares":646028926.2,"pinyin":"hahlyncyqhhxzqtzjj","managers":[{"stockCode":"j101019796","stockType":"fund_manager","exchange":"fm","tickerId":2610245290,"name":"张靖"}]},"announcement":{"linkText":"汇安泓利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=1152060","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceed7fea5b3eb04f45b3","date":"2024-03-30T16:00:00.000Z","stockId":3000000011991,"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":"2026-03-09T13:45:17.801Z","fund":{"_id":3000000011991,"__csrcFundId":9100,"stockCode":"011991","shortName":"汇安泓利一年持有期混合(011991)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11991,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:36.384Z","status":"normal","name":"汇安泓利一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-05-05T16:00:00.000Z","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安泓利一年持有期混合","setUpDate":"2021-05-05T16:00:00.000Z","setUpAssetScale":646028926.2,"setUpShares":646028926.2,"pinyin":"hahlyncyqhhxzqtzjj","managers":[{"stockCode":"j101019796","stockType":"fund_manager","exchange":"fm","tickerId":2610245290,"name":"张靖"}]},"announcement":{"linkText":"汇安泓利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=1074260","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceed7fea5b3eb04f45b2","date":"2023-12-30T16:00:00.000Z","stockId":3000000011991,"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":"2026-03-09T13:45:17.798Z","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":3000000011991,"__csrcFundId":9100,"stockCode":"011991","shortName":"汇安泓利一年持有期混合(011991)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11991,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:36.384Z","status":"normal","name":"汇安泓利一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-05-05T16:00:00.000Z","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安泓利一年持有期混合","setUpDate":"2021-05-05T16:00:00.000Z","setUpAssetScale":646028926.2,"setUpShares":646028926.2,"pinyin":"hahlyncyqhhxzqtzjj","managers":[{"stockCode":"j101019796","stockType":"fund_manager","exchange":"fm","tickerId":2610245290,"name":"张靖"}]},"announcement":{"linkText":"汇安泓利一年持有期混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1059210","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceed7fea5b3eb04f45b1","date":"2023-09-29T16:00:00.000Z","stockId":3000000011991,"sao":"报告期内，美联储加息节奏有所放缓，但市场担忧加息将持续更长时间，10年美债利率创下2007年以来新高。国内方面，市场风险偏好的降低带动长债收益率下行。8月PMI及工业企业利润好转，CPI及PPI在消费缓慢复苏及商品价格上涨的带动下见底，基本面修复初现，长债收益率持续上行。由于地方专项债在8-9月集中发行，资金利率中枢系统性上移，带动短端利率大幅上行，并在一定程度上导致收益率曲线整体上移。权益市场方面，报告期内迎来政策密集期，超预期降息、降低存量房贷、降低印花税、认房不认贷等一系列有力措施出台，对于地产和资本市场的支持力度不断加大。但由于市场此前预期较强，在政策兑现后走出利好落地后的下跌，对于政策落地效果不确定性的担忧，使得风险偏好未持续提升。展望后市，流动性方面，10月专项债使用可能加快，跨季后恰逢大量逆回购到期，特殊再融资债加速发行，资金面存在不确定性。美国经济韧性超出市场预期，我国出口有望得到支撑，商品带动下的价格指标有望继续企稳回升。常规的地产拉动对经济的贡献在不断减弱，地产销售分化较为明显，M1增速依旧较低，经济复苏的方向确定但斜率或低于预期，进一步稳增长的政策有望出台。宏观经济与资本市场在探明底部后可次第回升，居民信心和风险偏好得到修复，从而带动权益市场的表现。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:17.796Z","fund":{"_id":3000000011991,"__csrcFundId":9100,"stockCode":"011991","shortName":"汇安泓利一年持有期混合(011991)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11991,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:36.384Z","status":"normal","name":"汇安泓利一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-05-05T16:00:00.000Z","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安泓利一年持有期混合","setUpDate":"2021-05-05T16:00:00.000Z","setUpAssetScale":646028926.2,"setUpShares":646028926.2,"pinyin":"hahlyncyqhhxzqtzjj","managers":[{"stockCode":"j101019796","stockType":"fund_manager","exchange":"fm","tickerId":2610245290,"name":"张靖"}]},"announcement":{"linkText":"汇安泓利一年持有期混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=988676","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceed7fea5b3eb04f45b0","date":"2023-06-29T16:00:00.000Z","stockId":3000000011991,"sao":"报告期内，考虑到国内经济和地产弱复苏的情况，权益部分配置有所下降，保留具备自下而上的竞争优势、盈利稳定性和合理估值的标的。在债券上，由于银行存款利率下调引发收益率下行，适当拉长了组合久期，由于杠杆可带来的效用极有限，谨慎使用杠杆。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:17.793Z","mo":"国内前瞻性指标出现部分企稳，通胀仍在磨底阶段，贷款结构出现好转，但企业投资意愿依然偏弱，内生修复速度较为缓慢，后续在基数效应减弱下同比有望改善。货币政策维持宽松，财政依靠新一批专项债额度发行，有望持续发力基建投资以对冲地产压力。美联储加息周期已接近结束，美国经济在新房销售高增和制造业回流、投资大幅增加的情况下，美国经济体现韧性，下半年软着陆或轻微衰退为基准情形，中国整体的外需环境不必过度悲观。展望三季度，专项债集中发行可能对资金面有短期扰动，在政策预期下，利率难有大幅下行的空间，继续关注票息策略。权益方面，政治局会议后，多部门相继推出政策措施，涉及延续财政补贴、防范城投风险、优化地产政策和活跃资本市场等多个方面，市场情绪有所好转，后续将根据预期变化对权益仓位和行业配置灵活调整，自上而下与自下而上相结合，争取获取较好收益。","fund":{"_id":3000000011991,"__csrcFundId":9100,"stockCode":"011991","shortName":"汇安泓利一年持有期混合(011991)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11991,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:36.384Z","status":"normal","name":"汇安泓利一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-05-05T16:00:00.000Z","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安泓利一年持有期混合","setUpDate":"2021-05-05T16:00:00.000Z","setUpAssetScale":646028926.2,"setUpShares":646028926.2,"pinyin":"hahlyncyqhhxzqtzjj","managers":[{"stockCode":"j101019796","stockType":"fund_manager","exchange":"fm","tickerId":2610245290,"name":"张靖"}]},"announcement":{"linkText":"汇安泓利一年持有期混合型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=962233","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceed7fea5b3eb04f45af","date":"2023-03-30T16:00:00.000Z","stockId":3000000011991,"sao":"海外方面，欧美银行业点状危机爆发，在监管部门的果决干预措施下，危机的传染链条基本被截断。但对宏观经济而言，金融机构、特别是中小银行的信用创造功能明显受损，商业地产相关风险和存款流失风险将进一步限制银行的放贷能力，今年海外经济衰退的机率大增。债券市场已部分反映了经济衰退和下半年货币政策逆转的预期，股票市场则尚未反映盈利下降的冲击，海外经济体可能的衰退无疑增加了23年中国出口的压力。 国内方面，1季度的信贷与社融数据偏强，PMI数据有较大改善，但从工业增加值等一系列指标看，经济尚处于复苏早期。判断全年经济复苏的斜率将相对和缓，因企业家投资信心、居民收入预期、消费倾向和购房倾向的修复均需要一个过程，另一方面，决策层更强调经济的高质量发展。预计货币市场利率将维持基本平稳，全年通胀压力不大，伴随海外经济体衰退甚至有一定的通缩压力，整体货币环境将保持相对宽松格局。报告期内，本基金在债券投资上维持较保守的短久期策略，因信用息差处于低位，相对减少了信用债的投资比例。权益方面，年初经济活动场景全面恢复正常，组合相应提高了权益仓位。春节后在强预期与弱现实交织下，与经济活动密切关联的大消费与周期板块步入调整，而与人工智能和独立自主相关的TMT板块、以及中国特色估值体系板块成为结构性行情的主角，景气度边际下行且产能快速增长的新能源板块则下跌明显。展望二季度，结构性行情为主的格局或将继续，但预期炽热又缺乏落地基础的部分TMT标的将迎来调整，行情的扩散与分化将共存。大消费板块估值已合理，本轮消费复苏虽斜率偏缓和但方向确定，经历史检验的消费龙头仍具较高配置价值。中国特色估值体系的重估尚处早期，标的与数字中国、基建和地产复苏等主题亦有紧密联系，有望成为贯穿全年的主线。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:17.790Z","fund":{"_id":3000000011991,"__csrcFundId":9100,"stockCode":"011991","shortName":"汇安泓利一年持有期混合(011991)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11991,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:36.384Z","status":"normal","name":"汇安泓利一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-05-05T16:00:00.000Z","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安泓利一年持有期混合","setUpDate":"2021-05-05T16:00:00.000Z","setUpAssetScale":646028926.2,"setUpShares":646028926.2,"pinyin":"hahlyncyqhhxzqtzjj","managers":[{"stockCode":"j101019796","stockType":"fund_manager","exchange":"fm","tickerId":2610245290,"name":"张靖"}]},"announcement":{"linkText":"汇安泓利一年持有期混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=887152","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceed7fea5b3eb04f45ae","date":"2022-12-30T16:00:00.000Z","stockId":3000000011991,"sao":"2022年受到疫情冲击、海外加息、俄乌冲突等超预期事件的影响，债券市场走势一波三折，股票市场整体疲弱且波动率提升。债券市场全年多空因素反复，整体窄幅震荡，年末因地产政策密集出台、管控举措大幅优化，收益率大幅提升，引发理财产品赎回潮。信用债总体走势跟随利率产品，地产债在前所未有的行业压力下，波动尤其剧烈，城投融资平台风险逐步点状呈现。股票市场波动同样剧烈，盈利端主要受国内经济下行影响，估值端主要受海外货币紧缩影响，市场热点转换迅速，缺乏贯穿全年的主线。年末在经济复苏预期明确，叠加海外加息节奏缓和下，市场整体明显回暖。报告期内，组合采取相对保守的久期策略，守住了信用风险的底线，在波动的权益市场中动态调整股票和可转债的仓位水平与行业配置，但对信用债估值风险和权益市场的波动风险仍预判不足，组合在债券估值与股票转债投资上均形成了负收益。未来将进一步加强对全球宏观经济趋势与国内行业政策的研判工作，更有效的把握机会和防范应对灰犀牛、黑天鹅类型市场风险。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:17.788Z","mo":"2023年的宏观主题可概括为中国复苏和海外衰退。疫情对经济的压制解除，确保房地产行业平稳发展的政策逐步显现效果，2023年中国宏观经济复苏的方向确定，但在中国经济转型期、国内宏观杠杆率偏高、居民收入预期回暖较慢叠加出口压力下，2023年的经济复苏路径亦会出现反复。由于国内通胀压力整体较小，人民币汇率展现较强韧性，稳中求进的宏观政策取向将贯穿全年，货币政策和财政政策有效配合，国内权益和债券市场均处于友好的政策环境中。海外市场主要矛盾和观察点是通胀的韧性与消退、经济衰退会否发生以及烈度、紧缩性货币政策转向的快与慢。当前在大宗商品价格回落以及房地产市场活动转弱后，通胀压力收敛，但劳动力市场仍维持紧平衡，通胀若要回落到政策目标下方，则需要经济活跃度的进一步减弱。前期加息的累积效果已经触发了财务状况薄弱的部分金融企业的流动性危机，在政府与私营部门共同的救助手段下，或许能切断危机的传染链条，但信贷与金融环境的收紧可能加速经济衰退的到来。货币政策或在就业市场出现明显下行压力时出现方向性变化，从而提振海外风险资产市场。展望2023年，在中国经济的稳步复苏与海外可能的经济减速或衰退共同作用下，大宗商品价格或整体维持平稳。债券收益率或保持区间震荡格局，而信用利差整体处于低位，城投融资平台的风险今年仍主要体现为尾部风险。组合在债券投资上将控制久期，严格控制信用风险，保持组合的流动性与灵活性。国内公司的盈利增速逐季向上，利率水平保持相对稳定，风险溢价仍有进一步压缩的空间，海外资金流入与国内居民资产配置也将逐步边际改善市场的资金面，组合在权益资产的布局上将维持乐观进取的策略。重点关注并相对平衡地配置于：1）受益于疫后复苏，盈利增速确定性高的大消费板块；2）具备持续政策红利与行业发展红利的高增长标的，包括半导体、信创、人工智能等子板块；3）虽行业景气度边际下降，但具备进入壁垒与持续竞争优势且估值合理的太阳能、风电、电动车行业的细分龙头；4）在中国特色估值体系下，有望受益于新一轮国企改革的央企龙头。","fund":{"_id":3000000011991,"__csrcFundId":9100,"stockCode":"011991","shortName":"汇安泓利一年持有期混合(011991)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11991,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:36.384Z","status":"normal","name":"汇安泓利一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-05-05T16:00:00.000Z","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安泓利一年持有期混合","setUpDate":"2021-05-05T16:00:00.000Z","setUpAssetScale":646028926.2,"setUpShares":646028926.2,"pinyin":"hahlyncyqhhxzqtzjj","managers":[{"stockCode":"j101019796","stockType":"fund_manager","exchange":"fm","tickerId":2610245290,"name":"张靖"}]},"announcement":{"linkText":"汇安泓利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=870922","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceed7fea5b3eb04f45ad","date":"2022-09-29T16:00:00.000Z","stockId":3000000011991,"sao":"报告期内，国内经济曲折弱复苏，结构分化明显，国内经济维持韧性的一方面来自外需支撑下的出口，另一方面来自稳增长一揽子政策逐步落地下的基建和制造业投资。地产和消费三季度对经济仍有掣肘，其中房地产企业新增投资在保交楼压力持续回落，但三季度地产销售和竣工数据或已基本探明底部。居民消费受散发疫情影响相对疲软，预防性储蓄增加较快。美国在持续通胀压力下货币政策紧缩程度大幅超预期，催生强势美元。俄乌冲突进入新阶段，欧洲能源危机继续发酵，全球金融市场的不确定性进一步加大，人民币汇率亦面对一定压力。报告期内，流动性是债市的确定性利好，信用利差大幅压缩。短端宽松的确定性和长端的不确定性交织，拉动期限结构显著陡峭化。转债方面，继续平衡型及偏债型转债方面布局，并及时控制组合风险敞口，三季度转债估值有所调整，将积极布局被市场错杀的优质转债标的。权益方面，着重在成长和价值之间均衡配置，控制组合权益整体仓位，在具有长期投资价值的板块甄选布局。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:17.785Z","fund":{"_id":3000000011991,"__csrcFundId":9100,"stockCode":"011991","shortName":"汇安泓利一年持有期混合(011991)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11991,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:36.384Z","status":"normal","name":"汇安泓利一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-05-05T16:00:00.000Z","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安泓利一年持有期混合","setUpDate":"2021-05-05T16:00:00.000Z","setUpAssetScale":64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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":"2026-03-09T13:45:17.782Z","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":3000000011991,"__csrcFundId":9100,"stockCode":"011991","shortName":"汇安泓利一年持有期混合(011991)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11991,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:36.384Z","status":"normal","name":"汇安泓利一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-05-05T16:00:00.000Z","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安泓利一年持有期混合","setUpDate":"2021-05-05T16:00:00.000Z","setUpAssetScale":646028926.2,"setUpShares":646028926.2,"pinyin":"hahlyncyqhhxzqtzjj","managers":[{"stockCode":"j101019796","stockType":"fund_manager","exchange":"fm","tickerId":2610245290,"name":"张靖"}]},"announcement":{"linkText":"汇安泓利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=784996","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceed7fea5b3eb04f45ab","date":"2022-03-30T16:00:00.000Z","stockId":3000000011991,"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":"2026-03-09T13:45:17.778Z","fund":{"_id":3000000011991,"__csrcFundId":9100,"stockCode":"011991","shortName":"汇安泓利一年持有期混合(011991)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11991,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:36.384Z","status":"normal","name":"汇安泓利一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-05-05T16:00:00.000Z","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安泓利一年持有期混合","setUpDate":"2021-05-05T16:00:00.000Z","setUpAssetScale":646028926.2,"setUpShares":646028926.2,"pinyin":"hahlyncyqhhxzqtzjj","managers":[{"stockCode":"j101019796","stockType":"fund_manager","exchange":"fm","tickerId":2610245290,"name":"张靖"}]},"announcement":{"linkText":"汇安泓利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=724931","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceed7fea5b3eb04f45aa","date":"2021-12-30T16:00:00.000Z","stockId":3000000011991,"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":"2026-03-09T13:45:17.775Z","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":3000000011991,"__csrcFundId":9100,"stockCode":"011991","shortName":"汇安泓利一年持有期混合(011991)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11991,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:36.384Z","status":"normal","name":"汇安泓利一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-05-05T16:00:00.000Z","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安泓利一年持有期混合","setUpDate":"2021-05-05T16:00:00.000Z","setUpAssetScale":646028926.2,"setUpShares":646028926.2,"pinyin":"hahlyncyqhhxzqtzjj","managers":[{"stockCode":"j101019796","stockType":"fund_manager","exchange":"fm","tickerId":2610245290,"name":"张靖"}]},"announcement":{"linkText":"汇安泓利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=713521","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceed7fea5b3eb04f45a9","date":"2021-09-29T16:00:00.000Z","stockId":3000000011991,"sao":"报告期内，国内经济基本面呈现类滞胀特征，一方面，内需相对疲软，受疫情、自然灾害及可支配收入增幅较低的影响，社会零售消费品总额两年平均增幅低于往年同期水平，同时，地产投资及销售出现下滑拐点，基建投资呈现托而不举的特征，外向型制造业相对较强，但整体制造业投资增速维持低位；另一方面，全球疫情和碳减排背景下形成了明显的供给瓶颈，部分大宗商品和海运价格不断冲击高位，挤压国内中下游企业的盈利，但整体物价水平的传导或仍缓慢。   政策面上，货币政策维持灵活精准、合理适度，尽管美联储引导taper预期的脚步渐近，但中国央行仍旧保持政策定力，以我为主，保持流动性合理充裕，资金价格维持相对低位，随着增强信贷总量增长的稳定性的政策实施，社融增速及M2的下行速率将减缓并触底回升。当前政策端将强调跨周期设计，以国内经济状况和物价走势为重心，货币政策将在维持宏观杠杆率基本稳定的同时给予实体经济以充裕的货币支持，财政政策在继续提质增效的同时将更为积极，产业政策加强供给端结构性调节，纾解当前经济运行中遭遇的供应瓶颈，经济的类滞胀特征将有所缓和。   报告期内，债券市场收益率呈现先下后上的V型走势，本基金积极利用处于低位的资金利率，采用套息策略提升组合收益。个别房地产公司资金链接近断裂，配置资金转向安全品种，包括受益于大宗商品价格上涨的周期性行业，信用债市场分层加剧，本基金一贯坚持以信用基本面精选个券的策略，仍可在严控信用风险的前提下获取合理回报。转债市场因债券无风险利率处于低位而体现相对优势，转债整体估值抬升至历史相对高位，本季度转债指数表现大幅好于沪深300指数，本基金将继续侧重投资于偏债型和平衡型转债，精选个券，在控制下行风险的前提下获取收益。权益市场延续结构性行情，持续过万亿的日成交量下热点切换频繁，大宗商品价格上涨趋势下周期板块表现突出，以大消费为代表的核心资产正逐步进入价值区间，同时先进制造业中仍有不少估值合理的可选标的，本基金延续均衡的股票配资风格，兼顾政策鼓励与产业发展方向、企业核心竞争力与景气度、市值空间与当前估值水平，从追求稳健收益的投资目的出发，谨慎控制整体权益仓位，相对均衡的配置于不同风格与行业，并更加注重自下而上发现超额收益的投资机会。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:17.772Z","fund":{"_id":3000000011991,"__csrcFundId":9100,"stockCode":"011991","shortName":"汇安泓利一年持有期混合(011991)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11991,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:36.384Z","status":"normal","name":"汇安泓利一年持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-05-05T16:00:00.000Z","followedNum":0,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安泓利一年持有期混合","setUpDate":"2021-05-05T16:00:00.000Z","setUpAssetScale":646028926.2,"setUpShares":646028926.2,"pinyin":"hahlyncyqhhxzqtzjj","managers":[{"stockCode":"j101019796","stockType":"fund_manager","exchange":"fm","tickerId":2610245290,"name":"张靖"}]},"announcement":{"linkText":"汇安泓利一年持有期混合型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=653532","linkType":"PDF","source":"csrc_pdf"}}]}