window.pageData = {"stock":{"_id":3000000012257,"name":"安信丰穗一年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","stockCode":"012257","tickerId":12257,"shortName":"安信丰穗一年持有混合C","currency":"CNY","exchange":"jj","inceptionDate":"2022-01-20T16:00:00.000Z","fundCollectionId":4000050700000,"followedNum":0,"status":"normal","setUpDate":"2022-01-20T16:00:00.000Z","setUpAssetScale":240061053.71,"setUpShares":240061053.71,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"axfsyncyqhhxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50700000","tickerId":50700000,"name":"安信基金管理有限责任公司"},"managers":[{"name":"黄琬舒","stockType":"fund_manager","stockCode":"db20796317","exchange":"fm","tickerId":82319213100}],"hotMetrics":{"fss":{"stockId":3000000012257,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0,"f_ind_h_s_r":1,"f_h_a":394,"f_h_s_a":24935,"f_ind_h_s_r_c_1y":0.05159999999999998,"f_ind_h_s_r_c_hy":0,"f_ins_h_s_r_c_1y":-0.0516,"f_ins_h_s_r_c_hy":0,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000012257,"type":"fpr","f_p_r_fys_ssc":9005,"f_p_r_fys_ssrp":0.6159484673478454,"f_p_r_m1_ssc":9164,"f_p_r_m1_ssrp":0.950889446687766,"f_p_r_m3_ssc":9020,"f_p_r_m3_ssrp":0.4292050116420889,"f_p_r_m6_ssc":8757,"f_p_r_m6_ssrp":0.6829602558245774,"f_p_r_y1_ssc":8326,"f_p_r_y1_ssrp":0.8218618618618618,"f_p_r_y2_ssc":7708,"f_p_r_y2_ssrp":0.788763461787985,"f_p_r_y3_ssc":6888,"f_p_r_y3_ssrp":0.5256279947727602,"f_cagr_p_r_fs_ssc":9077,"f_cagr_p_r_fs_ssrp":0.5873732921992068},"fp":{"stockId":3000000012257,"type":"fp","f_p_r_fys":0.024485205052777292,"f_p_r_m1":-0.010280842527582768,"f_p_r_m3":0.011359754014349077,"f_p_r_m6":0.022450565581556114,"f_p_r_y1":0.06723749436683191,"f_cagr_p_r_fs":0.040587928290022335,"f_p_r_d1":-0.0002683363148481277,"f_p_r_y2":0.12290184921763858,"f_p_r_y3":0.14075144508670512,"last_data_date":"2026-04-19T16:00:00.000Z"},"ff":{"stockId":3000000012257,"type":"ff","f_m_f":1021508,"f_m_f_r":0.006,"f_c_f":255377,"f_c_f_r":0.0015,"f_m_a_c_f":1276885,"f_m_a_c_f_r":0.0075,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_fr":0.0015,"f_fr_d":"2025-07-17T16:00:00.000Z","f_m_fr":0.006,"f_mac_fr":0.0075},"f_nlacan":{"stockId":3000000012257,"type":"f_nlacan","f_nv_d":"2026-04-19T16:00:00.000Z","f_nv":1.1841,"f_nv_cr":-0.0010966762274338127},"f_as":{"stockId":3000000012257,"type":"f_as","f_tas":8437753.7764,"f_tas_d":"2025-12-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000012256,"__csrcFundId":10664,"stockCode":"012256","shortName":"安信丰穗一年持有混合A","masterFundShortName":"安信丰穗一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.070Z","status":"normal","exchange":"jj","name":"安信丰穗一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2022-01-20T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-20T16:00:00.000Z","setUpAssetScale":2402019965.25,"setUpShares":2402019965.25,"pinyin":"axfsyncyqhhxzqtzjj"}],"shareholdings":[{"date":"2025-12-30T16:00:00.000Z","fundId":3000000012256,"stockId":1000000000000688,"holdings":328000,"marketCap":3629137,"netValueRatio":0.0282,"declarationDate":"2026-01-20T16:00:00.000Z","quarterlyChange":-0.14666676375357335,"stock":{"stockCode":"00688","exchange":"hk","stockType":"company","tickerId":688,"name":"中国海外发展"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000012256,"stockId":1000000000000883,"holdings":148773,"marketCap":2862182,"netValueRatio":0.0223,"declarationDate":"2026-01-20T16:00:00.000Z","quarterlyChange":0.1191359874222353,"stock":{"stockCode":"00883","exchange":"hk","stockType":"company","tickerId":883,"name":"中国海洋石油"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000012256,"stockId":333,"holdings":27140,"marketCap":2120991,"netValueRatio":0.0165,"declarationDate":"2026-01-20T16:00:00.000Z","quarterlyChange":0.08242645043165098,"stock":{"stockCode":"000333","exchange":"sz","stockType":"company","tickerId":333,"name":"美的集团"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000012256,"stockId":600938,"holdings":61500,"marketCap":1856070,"netValueRatio":0.0144,"declarationDate":"2026-01-20T16:00:00.000Z","quarterlyChange":0.18475692005676136,"stock":{"name":"中国海油","exchange":"sh","stockType":"company","stockCode":"600938","tickerId":600938}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000012256,"stockId":600690,"holdings":68996,"marketCap":1800105,"netValueRatio":0.014,"declarationDate":"2026-01-20T16:00:00.000Z","quarterlyChange":0.04038108347064284,"stock":{"stockCode":"600690","exchange":"sh","stockType":"company","tickerId":600690,"name":"海尔智家"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000012256,"stockId":1000000000001109,"holdings":69000,"marketCap":1695163,"netValueRatio":0.0132,"declarationDate":"2026-01-20T16:00:00.000Z","quarterlyChange":-0.10452759765770325,"stock":{"stockCode":"01109","exchange":"hk","stockType":"company","tickerId":1109,"name":"华润置地"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000012256,"stockId":601001,"holdings":122300,"marketCap":1608245,"netValueRatio":0.0125,"declarationDate":"2026-01-20T16:00:00.000Z","quarterlyChange":-0.04433139534883612,"stock":{"stockCode":"601001","exchange":"sh","stockType":"company","tickerId":601001,"name":"晋控煤业"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000012256,"stockId":2142,"holdings":56510,"marketCap":1587365,"netValueRatio":0.0124,"declarationDate":"2026-01-20T16:00:00.000Z","quarterlyChange":0.07421909171888919,"stock":{"stockCode":"002142","exchange":"sz","stockType":"company","tickerId":2142,"name":"宁波银行"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000012256,"stockId":983,"holdings":202994,"marketCap":1303221,"netValueRatio":0.0101,"declarationDate":"2026-01-20T16:00:00.000Z","quarterlyChange":-0.07170355770178394,"stock":{"stockCode":"000983","exchange":"sz","stockType":"company","tickerId":983,"name":"山西焦煤"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000012256,"stockId":600985,"holdings":93853,"marketCap":1042706,"netValueRatio":0.0081,"declarationDate":"2026-01-20T16:00:00.000Z","quarterlyChange":-0.0989456609894569,"stock":{"stockCode":"600985","exchange":"sh","stockType":"company","tickerId":600985,"name":"淮北矿业"}}],"bondHoldings":[{"_id":"6970e45d022f6000e3fdba5e","date":"2025-12-30T16:00:00.000Z","fundId":3000000012256,"stockCode":"137650","stockName":"22银河G3","holdings":100000,"marketCap":10315534,"netValueRatio":0.0803,"lastUpdated":"2026-01-21T14:36:13.506Z","declarationDate":"2026-01-20T16:00:00.000Z"},{"_id":"6970e45d022f6000e3fdba5f","date":"2025-12-30T16:00:00.000Z","fundId":3000000012256,"stockCode":"212480005","stockName":"24光大银行债01","holdings":100000,"marketCap":10280389,"netValueRatio":0.08,"lastUpdated":"2026-01-21T14:36:13.514Z","declarationDate":"2026-01-20T16:00:00.000Z"},{"_id":"6970e45d022f6000e3fdba60","date":"2025-12-30T16:00:00.000Z","fundId":3000000012256,"stockCode":"2420013","stockName":"24北京银行01","holdings":100000,"marketCap":10277324,"netValueRatio":0.08,"lastUpdated":"2026-01-21T14:36:13.521Z","declarationDate":"2026-01-20T16:00:00.000Z"},{"_id":"6970e45d022f6000e3fdba61","date":"2025-12-30T16:00:00.000Z","fundId":3000000012256,"stockCode":"212480001","stockName":"24建行债01A","holdings":100000,"marketCap":10274610,"netValueRatio":0.08,"lastUpdated":"2026-01-21T14:36:13.533Z","declarationDate":"2026-01-20T16:00:00.000Z"},{"_id":"6970e45d022f6000e3fdba62","date":"2025-12-30T16:00:00.000Z","fundId":3000000012256,"stockCode":"240643","stockName":"24海通03","holdings":100000,"marketCap":10259479,"netValueRatio":0.0798,"lastUpdated":"2026-01-21T14:36:13.560Z","declarationDate":"2026-01-20T16:00:00.000Z"}]},"list":[{"_id":"69c619fb5315f995c600a78d","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-26T16:00:00.000Z","stockId":3000000012256,"sao":"权益市场方面，本年度在全球流动性趋于宽松、国内政策托底预期增强的背景下，主要指数普遍实现上涨。从全年表现来看，上证指数累计上涨18.4%，创业板指大幅上涨49.6%，沪深300上涨17.7%，中证2000上涨36.4%。整体市场呈现出成长风格显著优于价值风格、中小盘指数明显强于大盘的结构性特征。这反映出，此前市场上比较显著的避险情绪和保守倾向已经在一定程度上得到扭转。而值得注意的是，企业营收、净利润的表现仍然处于弱修复的阶段，本轮股市上行更多源于极低的无风险利率与相对充裕的流动性环境所驱动的估值修复。期间，我们的主要操作包括：（1）继续以估值合理、盈利稳定的价值股为主要投资标的，主要配置板块涉及能源、地产、家电、金融、有色等。（2）本年度港股表现整体强于A股，随着行情的演绎，我们适当降低了港股在权益投资中的比例。（3）基于对个股基本面的研究，我们适当参与了化工、医药等相关标的。　　转债部分，本年度中证转债指数大幅上涨18.7%，创十年新高，转债市场表现出显著的拔估值特征。我们认为，当前的转债市场已呈现值得警惕的“非理性繁荣”现象。市场之所以演绎到当前的位置，核心原因或许在于，低利率环境和市场上行氛围里，转债已经是部分特殊的、不能直接参与股票类资产的资金，去寻求收益增厚的出口。期间，我们显著收缩了可转债资产的总体仓位、减少了标的数量。　　纯债部分，2025年债券市场全年呈现“预期修正-事件冲击-政策博弈-高位震荡”复杂走势。首先，1-3月中，因宽松预期修正，10年期国债收益率从1.6%快速回调至1.9%。3月下旬-6月，受中美关税博弈等影响，避险情绪升温，收益率快速下行后窄幅震荡。下半年，“反内卷”政策升温，债券收益率中枢上行，全年受政策预期影响与事件扰动显著。期间，我们主要配置了中短期利率债及高等级信用债，并通过慎重的择时和择券，在这部分资产上获得了较为不错的收益。","lastUpdated":"2026-03-27T05:47:39.003Z","mo":"我们认为，2026年的宏观叙事预计将由“通缩主导”向“反内卷+温和再通胀”的结构性修复进行过渡。尽管我们尚未看到企业营收增速的显著回升，但大概率已经底部企稳；同时，上市公司的资本开支增速从2024年末开始已经明显回升，显示微观主体预期逐步改善，而资本市场往往领先于基本面变化。另一方面，居民再配置的压力依然存在，2022年至今形成的超额储蓄，正在迎来集中到期，这部分资金有望通过资管产品等形式进入证券市场，包括股票和债券等资产类别。展望后市，权益市场或将从当前的“估值修复驱动”逐步转向更依赖盈利改善的“业绩驱动”，并可能呈现不同市场风格轮动占优的局面。债券市场方面，我们预计货币政策仍将维持稳健偏松的基调，短端品种具备相对较高的安全边际。","fund":{"_id":3000000012256,"__csrcFundId":10664,"stockCode":"012256","shortName":"安信丰穗一年持有混合A","masterFundShortName":"安信丰穗一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.070Z","status":"normal","exchange":"jj","name":"安信丰穗一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2022-01-20T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-20T16:00:00.000Z","setUpAssetScale":2402019965.25,"setUpShares":2402019965.25,"pinyin":"axfsyncyqhhxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信丰穗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=1448350","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf2b7fea5b3eb04f818c","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000012256,"sao":"本季度，宏观经济指标整体呈现下行态势，生产端降幅相对可控，需求端下滑趋势更加明显。资本市场围绕“反内卷”政策主线进行交易，通胀预期抬升，权益及商品市场大涨，债市行情受到压制。　　权益部分，本阶段权益市场表现较好，沪深300指数上涨17.9%，创业板指上涨50.4%，成长风格更为占优。日均成交额季度内破3万亿，市场活跃度再上台阶。恒生指数上涨11.6%，A股表现整体优于港股。期间，我们重点持有了估值合理、盈利稳定、资产负债表稳健的优质公司，且相对于港股，我们持有了更多比例的A股。　　转债部分，本季度在权益市场持续上涨以及增量资金持续流入的影响之下，转债市场表现很好，万得可转债等权指数上涨11.4%，个券估值持续抬升。期间，随着市场的不断上涨，部分标的的估值已显著脱离其基本面的支撑，我们继续收缩了可转债资产的整体仓位水平和标的数量，至季度末仅有较低比例持仓。　　纯债部分，本阶段股债“跷跷板”效应较为明显，股债行情两极分化，沪指涨12.7%至接近3900点，10年国债收益率上行21BP至1.86%。而资金面整体平稳，资金价格在低位区间温和运行，1年国债收益率上行3BP，变化幅度不大。期间，我们认为市场短期缺乏明确方向，组合整体保持较低久期和较低杠杆率水平运作。总体而言，本基金在本季度有所盈利。","lastUpdated":"2026-03-09T13:46:19.875Z","fund":{"_id":3000000012256,"__csrcFundId":10664,"stockCode":"012256","shortName":"安信丰穗一年持有混合A","masterFundShortName":"安信丰穗一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.070Z","status":"normal","exchange":"jj","name":"安信丰穗一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2022-01-20T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-20T16:00:00.000Z","setUpAssetScale":2402019965.25,"setUpShares":2402019965.25,"pinyin":"axfsyncyqhhxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信丰穗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=1371703","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf2b7fea5b3eb04f818b","date":"2025-06-29T16:00:00.000Z","stockId":3000000012256,"sao":"权益部分，报告期内，经济基本面呈现弱复苏态势。出口对经济的贡献仍然较高；内需方面，“以旧换新”政策效果显现，消费增速有所加快，而地产需求仍然较弱。权益市场表现分化，中小盘股显著跑赢大盘股、港股显著跑赢A股。期间，由于中美贸易冲突等事件冲击，市场产生了一定的波动和机会。期间我们的主要操作包括：（1）继续以估值合理、盈利稳定的价值股为主要投资标的，适当增持了家电、化工、汽零等板块，适当减持了银行、非银等板块。（2）适当降低了港股在权益持仓中的占比。（3）基于对个券的研究，小仓位参与了物流、医药等相关标的。（4）没有以股票形式参与本轮AI、机器人相关行情，但在可转债投资上有所涉及。　　转债部分，报告期内，中证转债指数大幅上涨7%，原因可能包括：（1）转债资产主要对应的银行股和中小盘股涨幅明显。（2）纯债收益率维持在较低水平，部分资金进入转债市场寻求收益增强。在这个过程中，转债之于股票的相对价值有所下降。期间，我们收缩了可转债资产的总体仓位、减少了标的数量。但部分个券仍有配置价值，至期末我们仍有一定比例的持仓。　　纯债部分，中短期债券经过年初以来的调整，收益率已略高于资金利率。当下期限利差和信用利差均处于历史上较低位置，中长债的相对性价比并不显著。期间，我们主要持有了短久期、高评级品种。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:19.872Z","mo":"展望后市，宏观经济总量层面保持持续增长存在一定不确定性， “反内卷”政策之下，价格层面的压力有望边际缓解。资本市场或将领先于经济基本面有所反应。债券市场方面，当前债券市场的绝对收益率仍处于偏低位置，当前期限利差的梯度仍然不够，而信用利差对部分一般信用债的信用风险定价有所不足。总体而言，我们认为中短期限利率债及高等级信用债相对具有较高的安全边际。","fund":{"_id":3000000012256,"__csrcFundId":10664,"stockCode":"012256","shortName":"安信丰穗一年持有混合A","masterFundShortName":"安信丰穗一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.070Z","status":"normal","exchange":"jj","name":"安信丰穗一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2022-01-20T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-20T16:00:00.000Z","setUpAssetScale":2402019965.25,"setUpShares":2402019965.25,"pinyin":"axfsyncyqhhxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信丰穗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=1338549","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf2b7fea5b3eb04f818a","date":"2025-03-30T16:00:00.000Z","stockId":3000000012256,"sao":"权益部分，报告期内，价值股略有回调，成长股尤其是AI和机器人概念相关标的涨幅明显，同时港股显著跑赢A股。我们认为，（1）未来几个季度，经济基本面有望在低基数的背景下逐步企稳。虽然美国政府的关税政策也许会对我们的出口有一定的扰动，但此次贸易摩擦并非仅针对中国，我们在美国总体进口中所占据的份额未必会有很大的下滑，不能简单类比2018年。我们认为价值股未来一段时间的走势可能不会有太大风险。（2）AI、机器人在未来10年应该是引领产业升级的关键领域，但在营收上短期难有立竿见影的体现，而在利润上或要等待更久，商业模式、技术应用还有很长时间的探索试错，正如本世纪初的互联网产业，其长期评估不应保守，但短期定价不宜激进。（3）港股对A股的折价有了很大修复。而考虑到分红税率、交易费用、成交活跃度等，港股相对于A股确应体现一定的折价。　　基于上述认识，我们在权益投资策略上有以下调整：（1）继续以估值合理、盈利稳定的价值股为主要投资标的，其中，适当增持了化工、地产、家电等板块的一些标的，适当减持了银行、非银、建材等板块的一些标的。（2）我们未以股票形式参与本轮AI、机器人的行情，但在可转债投资上有所涉及。（3）我们适当降低了港股在权益持仓中的占比，但仍在4成以上（基金合同规定不能超过5成）。　　转债部分，年初以来市场明显上涨，或由于以下原因：（1）纯债收益率维持低水平，为追求更高回报，纯债市场不少资金溢出到了转债市场。（2）转债资产主要对应的银行股和中小盘股，涨幅明显。对此我们认为：（1）由于纯债收益率太低而转向转债资产的资金，其波动承受力或有不足，在转债资产发生较大波动的时候，可能成为反向的力量。（2）如前所述，中小盘股行情的可持续性，能见度不高。（3）转债市场的估值保护，阶段性有所打薄。（4）不少转债品种的定价仍有吸引力，但这类标的的数量明显减少。基于上述认识，我们大幅减持了转债资产，并大幅收缩了配置的标的数量。　　纯债部分，自2024年2季度商业银行取消手工补息之后，活期存款的实际利率大幅下降，相比银行间市场的资金短债利率，有100BP以上的落差和势能，这或许是近1年来大量资金从存款账户涌入固收类资管产品的重要动因，当前这一情况也并未改变。中短期债券年初以来经过1个季度的调整，已经修复到资金利率附近，但仍略低于资金利率。长债方面，当下的市场利率和期限利差隐含两个假设，长期较低的经济增速、长期较低的通胀率。我们认为二者未必同时成立，所以我们对中长债持审慎态度。基于上述认识，我们以较多的资金从事交易所逆回购，适当配置了高等级中短债，并密切关注市场变化，择机增配。对于中长债仍决定暂时回避。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:19.869Z","fund":{"_id":3000000012256,"__csrcFundId":10664,"stockCode":"012256","shortName":"安信丰穗一年持有混合A","masterFundShortName":"安信丰穗一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.070Z","status":"normal","exchange":"jj","name":"安信丰穗一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2022-01-20T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-20T16:00:00.000Z","setUpAssetScale":2402019965.25,"setUpShares":2402019965.25,"pinyin":"axfsyncyqhhxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信丰穗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=1267656","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf2b7fea5b3eb04f8189","date":"2024-12-30T16:00:00.000Z","stockId":3000000012256,"sao":"权益部分，市场总体收涨，但期间波动很大，上证指数、恒生指数分别出现了2015年和2009年之后最大的振幅。这在一定程度上映射了年内基本面和政策面的起伏，但仍然显得过于剧烈了。这样一种行情，实际上非常有利于价值投资策略的主动管理产品，因为价格相对于价值过于超额的波动，会给到我们低价买入或者高价减持的机会。期间，我们配置了地产、能源、建材、家电、金融、制造业等行业，并适时进行了结构性调整，择机参与了食品饮料、新能源、家居、有色、工程等行业的若干标的，并持有至报告期末。总体上，权益部分为基金净值增长做出了重要贡献。　　转债部分，市场在2月、8-9月出现了两次大幅调整，尤其是8月份这次调整，就纯债溢价率来说，其估值之低是前所未有的。同样，转债价格相对于价值的大幅波动，也是给到我们很好的增强收益的机会。但与权益资产有所不同，可转债市场的活跃度相对较低，对于转债机会的充分把握，非常有赖于基金持有人的理解和包容。年内，本产品净值一度也出现了较大调整，但存续规模大致平稳，让我们在相对宽松的环境下更好的抓住了转债市场的机会，最终实现了比较好的收益。　　纯债部分，报告期内，我们主要配置了中短久期利率债、金融债、交易所逆回购等，力求获取相对低风险、高质量的平稳收益。","declarationDate":"2025-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:19.867Z","mo":"就已经公告或预告年度盈利情况的上市公司来看，当下实体经济低速增长时期也许并未结束。2024年3季度末，密集出台的刺激政策推动指数大幅反弹之后，权益市场对于后续政策利好的反应有所钝化，也许需要基本面的进一步确认、反馈，行情才能持续。接下来一段时间，也许仍是波动大于趋势。历史上看，金融资产的趋势转折往往提前于它所对应的实物资产和行业企业。一些经济部门的边际改善，哪怕仅是降幅的明显趋缓，对应的部分金融资产都有迎来行情的机会。我们倾向于认为，未来1年，上述情况会在金融市场的很多领域得以重演。虽然其何时能成为市场的主流，并最终推动整个指数和利率的明显上升，仍有待于观察，但就主动管理产品来说，应当是可以有所作为的一年。对于权益市场走势预期中性，不妨碍我们对于权益持仓获益态度乐观。我们对转债资产的看法也是如此。纯债方面，我们对长债持保守态度，至少认为其性价比低于很多权益资产。","fund":{"_id":3000000012256,"__csrcFundId":10664,"stockCode":"012256","shortName":"安信丰穗一年持有混合A","masterFundShortName":"安信丰穗一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.070Z","status":"normal","exchange":"jj","name":"安信丰穗一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2022-01-20T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-20T16:00:00.000Z","setUpAssetScale":2402019965.25,"setUpShares":2402019965.25,"pinyin":"axfsyncyqhhxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信丰穗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=1247519","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf2b7fea5b3eb04f8188","date":"2024-09-29T16:00:00.000Z","stockId":3000000012256,"sao":"权益部分，本报告期内，虽然经济基本面面临比较大的挑战，但我们始终认为，当前权益市场的调整幅度，已经明显超过了基本面所需要体现的水平。权益市场被显著低估的标的也已经非常之多。期间，我们始终持有了本产品成立以来较高的权益仓位。　　港股部分，我们认为，美联储降息的动作，非常有利于收窄港币和人民币利差，非常有利于改善港股的估值基础，从而非常有利于改善港股相对于A股的折价程度。期间，在基金合同的许可范围内，我们也持有了较大比例的港股。　　转债部分，本季度转债市场一度大幅调整，在纯债收益率屡创历史新低的情况下，转债市场的加权平均到期收益率几乎达到历史极值，并显著高于纯债收益率。我们认为，考虑到转债内涵的期权价值不可能为负，诸多转债的价格应该是被显著低估了，转债市场具有罕见的投资价值。期间，我们在基金合同允许的范围内，尽可能多的持有了经过认真筛选的转债资产。　　纯债部分，本季度债券市场一度持续走强，各关键期限收益率几乎都大幅刷新了历史新低。长期来说，我们仍然倾向于人民币会有一定幅度的温和通胀。我们认为，长债收益率对长期温和通胀的可能性定价严重不足。纯债部分，我们倾向于尽可能低的仓位、相对较短的久期、尽可能高的信用评级，甚至一度持有了一定的国债期货空头。　　本报告期末，权益市场、转债市场出现了大幅上涨。但是，从2022年初本轮地产政策启动至今的效果来看，大经济体的惯性不可小觑。我们认为，从政策出台到基本面见底回升也许尚需时日，短期市场行情的大幅上涨相对于尚待验证的基本面修复来说，也许走的太快了。随着价格的上涨，投资价值的突出程度有所下降。我们在季度末最后的上涨行情中，对权益和转债持仓做了一定幅度的止盈。　　事后来看，我们在报告期内对于A股、港股、转债、纯债的看法大致是正确的，也从中有了很好的获益，净值创出了新高。但是，报告期内，股票、转债、纯债的走势一度大幅偏离我们对市场的判断，这种偏离也在不断提示我们，去反复检视所秉持的观点是否站得住脚。持有上述头寸的过程，实际上也是不断检视、批判底层逻辑的过程。　　报告期内的遗憾在于，期间可转债市场前所未有的大跌，打破了我们对组合风险预算的假设——我们之前认为，可转债是信用纯债和股票期权的综合体，由于期权价值不可能为负，所以可转债价格不太可能大面积跌破纯债价值。虽然后期发生了大幅的、非常迅速的修复，但是期间可转债市场的大幅波动，打破了我们之前的风险预算假设，叠加权益市场的下跌，导致我们的基金净值刷新了最大回撤，虽然本季度总体收益还是不错的，但是期间的波动，还是会给信任我们的投资人带来困扰。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:19.864Z","fund":{"_id":3000000012256,"__csrcFundId":10664,"stockCode":"012256","shortName":"安信丰穗一年持有混合A","masterFundShortName":"安信丰穗一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.070Z","status":"normal","exchange":"jj","name":"安信丰穗一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2022-01-20T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-20T16:00:00.000Z","setUpAssetScale":2402019965.25,"setUpShares":2402019965.25,"pinyin":"axfsyncyqhhxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信丰穗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=1169771","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf2b7fea5b3eb04f8187","date":"2024-06-29T16:00:00.000Z","stockId":3000000012256,"sao":"上半年，权益市场总体平稳，但结构分化非常显著，万得全A下跌8.01%，沪深300上涨0.89%，红利指数上涨11.29%，恒生指数上涨3.94%。资金总体呈现出向大股票、红利股转移的态势，这也许反映了市场比较显著的避险情绪和保守倾向。这一特征在经济基本面明确复苏之前，或许很难扭转。与此相对，10年国债利率从大约2.6%下行30BP以上，超过去年全年的下行幅度，也从另一个侧面反映了市场的类似情绪。　　报告期内，本产品权益部分，我们维持了相对较高的权益仓位，主要配置了中大盘股票，其中接近一半的比例配置了港股通资产。受益于上半年大盘股和港股的行情，我们在权益部分获得了比较好的收益。　　本产品的债券部分，以一定比例配置了偏债性和平衡性可转债。上半年中证转债指数下跌0.07%，万得可转债等权指数下跌5.21%。虽然可转债市场总体不景气，但我们通过慎重的择券、积极的择时，还是在这部分资产上获得了不错的收益。纯债部分的资产，配置比较保守，主要集中在利率债、高等级金融债、国债等低信用风险、中短久期资产上。倾向于获取比较稳健的收益。并且运用国债期货工具，对利率风险做了一定的对冲。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:19.861Z","mo":"权益方面，我们总体上持谨慎乐观的态度。虽然当前经济基本面仍然面临一些挑战，但我们认为当前权益市场的估值水平，对此已经有了比较充分的反映。发电量上半年仍有不错的增长，但最近两个月，微观来看，部分消费企业的业务数据有了明显的下滑，也许反映了复苏尚有待时日。固收方面，相比存贷款市场，银行间市场的利率水平吸引力较好。短期来看，我们未见太大的调整风险，但中期来看，当前的利率也许没有充分反映通胀上行的可能趋势。在纯债投资方面，我们仍倾向于中短久期、高评级和低杠杆，甚至可以考虑适时的运用国债期货工具做一定的对冲。可转债资产方面，我们认为当前非常有价值，基于到期收益率来看的防守价值非常充分，而潜在的市场上行机会在定价中也许在很大程度上被忽视了。","fund":{"_id":3000000012256,"__csrcFundId":10664,"stockCode":"012256","shortName":"安信丰穗一年持有混合A","masterFundShortName":"安信丰穗一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.070Z","status":"normal","exchange":"jj","name":"安信丰穗一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2022-01-20T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-20T16:00:00.000Z","setUpAssetScale":2402019965.25,"setUpShares":2402019965.25,"pinyin":"axfsyncyqhhxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信丰穗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=1142266","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf2b7fea5b3eb04f8186","date":"2024-03-30T16:00:00.000Z","stockId":3000000012256,"sao":"报告期内，权益市场总体平稳，但波动显著加大。期间，我们权益总仓位相对稳定，个券层面，结合基本面的最新变化，对地产板块的持仓做了比较大的调整，对煤炭板块的标的，也做了一定的调整。小幅增持了部分制造业标的。　　1季度，中证转债指数下跌0.8%，但振幅接近6%，转债仓位管理难度加大。期间，我们以转债为工具，重点参与了新能源、TMT、家电等行业标的，在一季度的新能源反弹行情中，有所获益。　　纯债部分，债券市场继续走强，无风险利率、信用利差、期限利差继续压缩。我们认为当前纯债资产的性价比有所下降，短期虽然仍有机会受益于降准降息的货币政策，但中期可能存在一定的调整风险。基于上述看法，我们降低了纯债资产的持仓，并且运用国债期货工具，做了一定的风险对冲。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:19.858Z","fund":{"_id":3000000012256,"__csrcFundId":10664,"stockCode":"012256","shortName":"安信丰穗一年持有混合A","masterFundShortName":"安信丰穗一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.070Z","status":"normal","exchange":"jj","name":"安信丰穗一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2022-01-20T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-20T16:00:00.000Z","setUpAssetScale":2402019965.25,"setUpShares":2402019965.25,"pinyin":"axfsyncyqhhxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信丰穗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=1066289","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf2b7fea5b3eb04f8185","date":"2023-12-30T16:00:00.000Z","stockId":3000000012256,"sao":"纯债方面，2023年债券市场走势比较波折，年初国内经济和社会生活逐步回到正常轨道，前期被积压的需求集中释放，经济快速修复，一季度债市震荡走弱。进入二季度后，经济基本面超预期下行，企业盈利放缓，房地产市场表现不佳，居民消费意愿也偏低。货币政策方面通过降准、降息等一系列工具持续发力，债券市场也开启了年内最长一段时间的“走牛”。从结构上看，债券市场在2023年经历了信用利差大幅压缩和期限利差大幅压缩的过程。报告期内，本基金纯债部分主要投资于利率债、高等级商业银行金融债、券商公司债等，并根据对市场的预判，适时调整组合的杠杆与久期，致力于获取较为稳健的收益。　　转债方面，受权益市场影响，年内大盘转债大多走弱，中小盘转债相对平稳甚至走强，总体有所下行。我们在上半年主要致力于精选个券，获取了一定的收益。下半年尤其是四季度，可转债明显走低，部分转债标的的价值明显抬升，我们在精选个券的基础上整体适当加仓，对新能源、TMT、银行、家电、化工等板块的可转债做了加强配置，在四季度末的转债反弹行情中获得了一定的收益。　　权益方面，权益市场全年相对弱势，除红利、微盘股指数外，多数宽基指数有所下跌。我们重点配置了估值合理、盈利较好，且有较好分红政策的部分股票，如能源、银行、家电、建材、消费等板块。　　总体上，本基金通过相对合理的资产配置和标的选择，获取了一定的正收益。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:19.855Z","mo":"展望2024年，我们相对比较乐观，认为年内有望看到基本面磨底完成，并有所复苏。2023年已经获得恢复的行业有望持续回暖，我们已经看到全年用电量有了大几个点的同比增长，制造业复苏明显，甚至拉动总体钢铁需求量在抵掉房地产的不利影响之后，还有了小幅增长。2023年影响经济的主要是地产及相关产业，以及消费动力不足。我们认为这两者都有望在2024年获得比较明显的改善，地产的下行幅度有望边际收窄，随着居民资产负债表的逐步修复，边际消费倾向有望逐步提升。如果基本面和权益市场完成上述过程，则当前相对宽松的货币政策或有所收敛。我们认为当前权益资产的投资价值或高于固收资产，而可转债的投资价值则位于两者之间。","fund":{"_id":3000000012256,"__csrcFundId":10664,"stockCode":"012256","shortName":"安信丰穗一年持有混合A","masterFundShortName":"安信丰穗一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.070Z","status":"normal","exchange":"jj","name":"安信丰穗一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2022-01-20T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-20T16:00:00.000Z","setUpAssetScale":2402019965.25,"setUpShares":2402019965.25,"pinyin":"axfsyncyqhhxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信丰穗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=1050218","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf2b7fea5b3eb04f8184","date":"2023-09-29T16:00:00.000Z","stockId":3000000012256,"sao":"本季度，央行连续降息、降准，但银行间流动性仍显著收紧，资金利率中枢连续抬升，叠加政策落地节奏陆续加快，债市整体震荡偏弱，其中短端调整幅度偏大。8月中旬以来，资金面供需结构发生了一定变化，大行融出规模明显下降。专项债发行有所提速或能部分解释本次资金面收敛，但值得注意的是央行近期防止资金套利和空转的态度。同时，债市始终对稳增长政策有所忌惮，地产、化债等政策对利率有一定压制。　　报告期内，权益市场小幅走弱，我们认为基本面经过一段时间的调整，未来企稳走强的基础得到进一步夯实，本产品维持了较高的权益仓位，期间有所获益。我们对利率走势持审慎态度，纯债资产以高评级、中短久期金融债为主。可转债指数小幅下跌，我们对部分投资价值有所显现的品种进行了适当加仓，转债仓位有所增长。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:19.853Z","fund":{"_id":3000000012256,"__csrcFundId":10664,"stockCode":"012256","shortName":"安信丰穗一年持有混合A","masterFundShortName":"安信丰穗一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.070Z","status":"normal","exchange":"jj","name":"安信丰穗一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2022-01-20T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-20T16:00:00.000Z","setUpAssetScale":2402019965.25,"setUpShares":2402019965.25,"pinyin":"axfsyncyqhhxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信丰穗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=986633","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf2b7fea5b3eb04f8183","date":"2023-06-29T16:00:00.000Z","stockId":3000000012256,"sao":"上半年，股票市场各宽基指数先涨后跌，这一过程伴随着投资者对经济复苏进度的预期调整。二季度后，投资者的风险偏好进一步降低，并主动调整资产配置，居民储蓄快速增长，风险资产价格表现疲弱。市场调整后，多数股票估值落至过去5-10年估值的较低百分位。　　指数波动过程中，我们的股票仓位大体稳定，随指数位置和隐含的性价比小幅摆动。股票组合的持仓也较为分散、均衡，因而在市场波动的过程中，基金净值的回撤大体可控。　　上半年，部分偏成长性的行业估值显著回落，如新能源、医药等。这部分板块我们去年涉及较少，主要限于估值因素，但今年估值回落后，从长期隐含回报率和短期风险的权衡来看，已有一定吸引力。因而，我们增持了若干认为长期确定性较强的个股。　　总的来说，在坚持估值和风险收益比的底线要求的前提下，与年初相比，所持仓组合在风格特征上变得更为均衡。　　可转债部分，上半年估值体系整体相对稳定，5月后，随正股波动及个别转债退市影响，估值小有回落。最近一年多，可转债市场的估值体系表现出较强韧性，多次外部冲击下，可转债估值仍守于历史偏高百分位。这与机构投资者对转债市场的参与深度不断加强有关，也代表了主流投资者对转债的要求回报率有所下降。我们在5月后的估值下降过程，转债仓位有所提升，仍以偏债性转债持仓为主。　　纯债部分，年初以来，国内经济复苏情况不及市场预期，而流动性环境整体充裕，资金从风险资产向避险资产处聚集。债券市场收益率整体下行，信用利差大幅收窄。本基金纯债部分以利率债和高等级信用债为主，并维持了相对偏高的高等级信用债的配置比例，受益于上半年的债券市场行情，获取了一定的收益。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:19.850Z","mo":"固收方面，当前债券市场收益率水平已逼近前期低点，机构拥挤程度也比较高。下半年稳增长政策有望出台，企业和居民的风险偏好或将回升。我们对后续债券市场的表现持偏谨慎的态度。　　权益方面，我们认为2023年下半年值得乐观，至少仓位上不宜过于保守。当下市场焦灼于经济复苏程度和政策对冲的博弈，在此情境下，短期行业配置和市场方向判断的复杂度均有提升，相应影响自上而下进行资产配置的容错性，即从胜率角度来预测短期哪类风格或哪些行业能够胜出并不容易。但自下而上思考，大量优质个股的估值水平处于多年低位，低利率环境下，股债隐含回报率差距明显，就风险收益比这个指标看，反而是配置权益资产的较佳时点。虽然估值高低并不代表着短期的股价涨跌，但无疑是长期回报率的重要决定因素。","fund":{"_id":3000000012256,"__csrcFundId":10664,"stockCode":"012256","shortName":"安信丰穗一年持有混合A","masterFundShortName":"安信丰穗一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.070Z","status":"normal","exchange":"jj","name":"安信丰穗一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2022-01-20T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-20T16:00:00.000Z","setUpAssetScale":2402019965.25,"setUpShares":2402019965.25,"pinyin":"axfsyncyqhhxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信丰穗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=955759","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf2b7fea5b3eb04f8182","date":"2023-03-30T16:00:00.000Z","stockId":3000000012256,"sao":"一季度债券市场行情走势震荡，利率债和信用债走势分化，信用债整体表现好于利率债。利率债方面，短端收益率先上后下，尤其是3月中旬宣布降准之后，收益率下行明显。信用债方面，信用债收益率震荡回落，信用利差持续收敛。报告期内，本基金适时增加了中短久期、高评级信用债的配置，同时不断寻找高等级债券的交易性机会。整体来看，本基金债券部分本季度以较稳健的方式获得了一定的收益。　　一季度股票市场继续上涨，但同时表现为明显的结构化行情，以及行业间的快速轮动。我们认为，此阶段的特征与投资者普遍认为经济处于弱复苏阶段相匹配。本基金的股票组合分两部分，一部分是基于个股估值和性价比的判断，左侧买入一个较为分散的组合，该组合季度内整体跟随市场上涨，我们择机减持了部分上涨后性价比下降的行业和个股；另一部分则是少数长期在行业中具备优势地位的公司，分布在金融、地产、能源、建材等格局较为稳定的传统行业中，本季度内基本维持配置，标的变化不大。　　可转债方面，股票市场反弹带动可转债上涨。随着估值的上升，多数可转债定价隐含的性价比略有下降。但去年四季度以来，可转债市场也表现出较为明显的结构性特征，其中，部分偏债性的中大盘转债是我们重点配置的领域。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:19.847Z","fund":{"_id":3000000012256,"__csrcFundId":10664,"stockCode":"012256","shortName":"安信丰穗一年持有混合A","masterFundShortName":"安信丰穗一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.070Z","status":"normal","exchange":"jj","name":"安信丰穗一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2022-01-20T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-20T16:00:00.000Z","setUpAssetScale":2402019965.25,"setUpShares":2402019965.25,"pinyin":"axfsyncyqhhxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信丰穗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=884226","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf2b7fea5b3eb04f8181","date":"2022-12-30T16:00:00.000Z","stockId":3000000012256,"sao":"2022年的投资环境较为动荡。股票市场整体下跌，债市在临近年末也发生了较为急速的调整。可转债跟随股市波动，但在估值层面表现出了一定的韧性。　　纯债部分，考虑到静态收益率比较低，风险收益比来看，吸引力不高。而且信用债的信用利差处于历史低位，并不能很好的体现短期信用风险的增长。本基金年内主要参与了中短久期的国债、政策性银行债，以及头部券商、大型银行的中短久期债券。虽然静态收益率不高，但很好的控制了信用风险，在4季度后期的债市下跌中也相对从容。　　我们用“低估值”、“差预期”、“宽流动性”这三个词来总结2022年的权益市场。地缘政治、通胀压力下的海外流动性收紧、国内地产行业下滑、疫情等多重因素下，投资者风险规避意识较强，资产配置倾向表现为回避风险资产，居民部门存款余额反而大幅增长。为了对冲经济压力，2022年整体流动性宽松，微观上，市场成交始终呈现出不错的活跃度，对个股估值也有一定的支撑。在持续一年的下跌后，年末不少行业和个股的估值处于历史的较低位。　　我们的股票组合由两个部分组成，一部分比较偏重于大盘价值，其特点是估值较为便宜，行业格局稳定，公司为行业龙头，长期经营预期稳定，另一部分，则是一个行业较为均衡、个股也较为分散的投资组合。两者的共性是，估值位于历史较低百分位，看重其性价比，差异在于，后一部分个股的长期确定性不足，因而只能通过分散加以应对。这类股票往往基本面遇到了阶段性的困难，因而被市场所抛弃，通过基本面的研究，我们希望尽可能地区分价值陷阱，或是阶段景气度的周期变化带来的股价低谷。某种程度上，我们强调的是个股的性价比或赔率，强调长期基本面的确定性，而淡化短期的胜率，因而我们的买入时点一般偏左侧。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:19.845Z","mo":"利率方面，我们倾向于认为未来1年大概率上是上行的，主要由于：1、我们已经基本从3年的疫情影响中走出，经济活动和融资需求大概率将显著增长。2、如果经济得到良好恢复，继续维持宽松货币政策的必要性就大幅降低了。3、根据其他经济体的经验，疫后经济恢复过程中，大概率会伴随比较明显的通胀率上行。4、当前中国的无风险利率，仍然比较明显的低于美国等主要经济体。　　权益方面，我们对2023年较为乐观。宽流动下，一旦投资者信心得以重建，我们认为股价将表现出充分的弹性。一些积极变化正在发生，海外通胀因素有望缓解，疫情对国内经济的影响快速弱化，经济稳定目标和政策更加积极。弱复苏背景下，投资者的预期从分歧犹疑到一致需要一个过程，或许也对应着股价上涨的节奏差异。2023年，我们较为关注的风险点是国内通胀的变化，海外通胀多大程度上能向国内传导。一旦通胀压力上升，可能将对流动性环境产生限制，压制估值空间。","fund":{"_id":3000000012256,"__csrcFundId":10664,"stockCode":"012256","shortName":"安信丰穗一年持有混合A","masterFundShortName":"安信丰穗一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.070Z","status":"normal","exchange":"jj","name":"安信丰穗一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2022-01-20T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-20T16:00:00.000Z","setUpAssetScale":2402019965.25,"setUpShares":2402019965.25,"pinyin":"axfsyncyqhhxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信丰穗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=865878","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf2b7fea5b3eb04f8180","date":"2022-09-29T16:00:00.000Z","stockId":3000000012256,"sao":"本季度，权益市场震荡下行，上证指数下跌11%，恒生指数下跌21%，本基金的净值也出现了一定的回撤。期间，本基金继续持有地产、能源、家电、建材、金融、消费和部分制造业标的。我们目前仍然看好陆港两个市场的长期价值，认为当前很多标的已经具备很大的投资价值。本基金的权益仓位相比季度初，有了一定的提升。  报告期内，本基金仍然持有一部分中大盘转债，致力于在获取一定的纯债收益率的同时，以相对合理的价格投资于其中隐含的期权价值。  本基金的纯债部分主要投资于利率债和高等级金融债。纯债部分的仓位基本呈现中短久期、低杠杆、高评级的特征。主要因为我们认为未来半年到一年，或面临一定的利率上行风险，也因此，我们对纯债和转债的纯债价值部分的利率风险做了一定的对冲。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:19.842Z","fund":{"_id":3000000012256,"__csrcFundId":10664,"stockCode":"012256","shortName":"安信丰穗一年持有混合A","masterFundShortName":"安信丰穗一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.070Z","status":"normal","exchange":"jj","name":"安信丰穗一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2022-01-20T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-20T16:00:00.000Z","setUpAssetScale":2402019965.25,"setUpShares":2402019965.25,"pinyin":"axfsyncyqhhxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信丰穗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=802856","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf2b7fea5b3eb04f817f","date":"2022-06-29T16:00:00.000Z","stockId":3000000012256,"sao":"从纯债部分分析，本报告期内的利率市场基本平稳，虽然前期存在震荡略下行，但6月份出现了比较明显的上行。期间，我们始终保持了比较低的杠杆、比较短的久期，并等待更好的配置机会，总体上很有效地控制住了纯债部分的波动。在信用策略上继续严控风险，绝大部分仓位为AAA金融债和利率债。  从转债部分分析，在本报告期内，前期转债市场明显下跌，中证转债指数一度发生了12.5%左右的下跌。后期市场虽然有所回暖，但在上半年中证转债指数总体上还是发生了3.7%左右的下跌。在市场较低位置，我们适当增持了一些低波动的转债品种，在后期的市场回暖过程中获得了一定的增量收益。  从权益部分分析，本报告期内的权益市场结构性分化比较显著，高估值成长股总体波动较大。我们基于价值投资的原则，构建了以能源、地产、金融、建材、消费等为主的价值股组合，上述价值股组合在上半年表现较好。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:19.839Z","mo":"对于固收市场，我们认为下半年面临着一定的挑战：1.无风险利率面临一定的上行压力。主要由于外部主要经济体纷纷加息，中国的货币政策虽然有很强的独立性，但是这种独立性在时间上和利差幅度上应该是有一定的边界，所以国内的利率水平在下半年可能发生一定的走高；2.疫情带来的经济下行压力，可能带来信用风险的抬头，近期来看，民企地产债面临的压力并未好转，甚至部分中小银行也出现了偶发的压力事件；3.我们认为由于需求不足的原因，中国的通胀水平或持续低于美欧，但仍将对利率形成一定的上行压力。下半年纯债部分的策略，我们仍倾向于中短久期、低杠杆、高等级，并继续等待更好的配置机会。  对于权益市场，虽然也受到短期经济压力的影响，但是我们认为股票作为一种长久期资产，应该更多的体现基于中长期视角的价值属性。当前市场的很多标的出现了很有吸引力的定价，对于短期反映过多，但对长期反映过少。我们当前仍倾向于持有中性偏高的仓位，关注的板块仍以价值股为主，尤其是港股市场。","fund":{"_id":3000000012256,"__csrcFundId":10664,"stockCode":"012256","shortName":"安信丰穗一年持有混合A","masterFundShortName":"安信丰穗一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.070Z","status":"normal","exchange":"jj","name":"安信丰穗一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2022-01-20T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-20T16:00:00.000Z","setUpAssetScale":2402019965.25,"setUpShares":2402019965.25,"pinyin":"axfsyncyqhhxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信丰穗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=780796","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf2b7fea5b3eb04f817e","date":"2022-03-30T16:00:00.000Z","stockId":3000000012256,"sao":"报告期内，无风险收益率略有下行，信用风险有所抬头。中证转债指数下跌8.36%。沪深300指数下跌14.5%，恒生指数下跌6%。  纯债方面，久期策略上，我们始终保持了中短久期的配置，甚至始终有一定比例的资金从事逆回购操作。当前，我们对后期的利率方向，仍然比较审慎。信用策略上，我们始终坚持高等级、高流动性策略，纯债品种持仓绝大部分为利率债、AAA金融债和AAA同业存单。  转债方面，我们主要持有一些偏债性品种。1季度后期，转债市场显著下跌，我们受到了一定的影响，但影响相对可控。  权益方面，1季度疫情有所反复，国际局势比较动荡，市场波动较大。我们的持仓以能源、地产、金融、家电消费、建材、化工制造等板块为主，期间也一度发生了较大回撤，但总体上1季度走势较好。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:19.835Z","fund":{"_id":3000000012256,"__csrcFundId":10664,"stockCode":"012256","shortName":"安信丰穗一年持有混合A","masterFundShortName":"安信丰穗一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.070Z","status":"normal","exchange":"jj","name":"安信丰穗一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2022-01-20T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-20T16:00:00.000Z","setUpAssetScale":2402019965.25,"setUpShares":2402019965.25,"pinyin":"axfsyncyqhhxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信丰穗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=722887","linkType":"PDF","source":"csrc_pdf"}}]}