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表现较好，高分红板块走势强劲。整体而言，二季度经济数据尚待修复，部分行业如消费在季初较好，中途也出现走弱迹象，整体数据如PMI偏弱，一季度GDP超预期，弱化政策干预预期，经济后续还要依靠自我修复能力。二季度债券市场整体较好，收益率下行，出现几次波动，在经济弱复苏阶段债券回调风险有限，继续看好债券市场。转债方面，4-5月低价转债表现较为稳健，低溢价率转债通过捕捉波段机会也取得一定收获，而6月以来低价转债发生退市危机和评级下调风险，债底保护失效，低价转债集体大幅下挫，本基金精选了风险可控的低价转债，但因持仓较多，仍然受到冲击，也是近期净值波动的一大因素，高价转债表现较好，后续本基金认为低价转债的危机将过去，价值将迎来修复。本基金在二季度采取中性略偏高久期和中高杠杆策略，积极提升仓位，可转债发生了一定波动，权益市场采取价值策略，对于超涨的部分主体进行换仓，整体波动小于市场，二季度整体收益符合预期。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:38.649Z","fund":{"_id":3000000012334,"__csrcFundId":10081,"stockCode":"012334","shortName":"上银慧尚6个月持有期混合(012334)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12334,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:56.207Z","status":"normal","exchange":"jj","name":"上银慧尚6个月持有期混合型证券投资基金","fundCollectionId":4000050850000,"followedNum":0,"inceptionDate":"2021-12-08T16:00:00.000Z","masterFundShortName":"上银慧尚6个月持有期混合","setUpDate":"2021-12-08T16:00:00.000Z","setUpAssetScale":481351654.49,"setUpShares":481351654.49,"pinyin":"syhs6gycyqhhxzqtzjj","managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"},{"stockCode":"db20730725","stockType":"fund_manager","exchange":"fm","tickerId":302201380,"name":"陈博"},{"stockCode":"j101020205","stockType":"fund_manager","exchange":"fm","tickerId":260818253340,"name":"张和睿"}]},"announcement":{"linkText":"上银慧尚6个月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=1148734","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf3e7fea5b3eb04f943d","date":"2024-03-30T16:00:00.000Z","stockId":3000000012334,"sao":"一季度权益市场波动较大，一度小市值经历V型超跌反弹，高分红低估值板块呈现抗跌，一季度债券市场经历快速下行，主要发生在一季度初，3月债券市场在低位波动加大，一季度经济整体弱于预期，部分产业较为亮眼，地产仍然偏弱，市场流动性整体宽松，因此基本面和流动性整体对债券有利。信用债整体利差收窄。转债方面，债底保护发挥作用，转债在一季度整体低估，受此影响，持仓的转债一度也有小幅下跌，导致一季度净值有一定波动。本基金转债持仓以低价偏债型为主，股票以高分红低估值为主，在一季度相对抗跌，在3月反弹中弹性有限，固收方面一季度仓位有所提升，久期和杠杆有一定提高，同时卖出部分持仓应对赎回，一季度收益相较于市场符合预期，波动符合预期。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:38.641Z","fund":{"_id":3000000012334,"__csrcFundId":10081,"stockCode":"012334","shortName":"上银慧尚6个月持有期混合(012334)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12334,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:56.207Z","status":"normal","exchange":"jj","name":"上银慧尚6个月持有期混合型证券投资基金","fundCollectionId":4000050850000,"followedNum":0,"inceptionDate":"2021-12-08T16:00:00.000Z","masterFundShortName":"上银慧尚6个月持有期混合","setUpDate":"2021-12-08T16:00:00.000Z","setUpAssetScale":481351654.49,"setUpShares":481351654.49,"pinyin":"syhs6gycyqhhxzqtzjj","managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"},{"stockCode":"db20730725","stockType":"fund_manager","exchange":"fm","tickerId":302201380,"name":"陈博"},{"stockCode":"j101020205","stockType":"fund_manager","exchange":"fm","tickerId":260818253340,"name":"张和睿"}]},"announcement":{"linkText":"上银慧尚6个月持有期混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1071372","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf3e7fea5b3eb04f943c","date":"2023-12-30T16:00:00.000Z","stockId":3000000012334,"sao":"2023年债券市场震荡下行，上证指数下跌3.7%，沪深300下跌11.4%，创业板指下跌19.4%。结构上消费较差，稳定、金融、周期取得正收益。第一季度由于疫情放开和信贷数据较好影响出现调整，股市从较高预期开始，随现实走弱，债券随后企稳，地产销量在一季度较好，后续随基本面逐步走弱。三季度地产销售出现大幅下降，股市四季度下跌，尤其在四季度政策不及预期后，弱现实强预期转为弱现实弱预期。本基金在2023年整体维持中性股票仓位，随市场下行逐步加仓，同时仓位转向价值和国企，债券久期维持中性，以保持流动性提供票息为主，转债采取低价策略结合进攻弹性相结合，基金净值增长符合预期。本基金根据宏观研究、结合政策分析和产业研究，企业财务分析来选择组合管理，目标是合理管控风险和提供合理的净值增长。本基金2023年整体业绩符合预期。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:38.638Z","mo":"展望2024年，宏观经济增速处于L型复苏，消费还需要刺激，地产销售有待企稳，财政仍可能对经济托而不举但会根据情况适度发力，赤字率有望适度提升，地方债发行可能加量。总量预计仍然维持稳定，以高质量发展为主。货币政策方面，在经济企稳阶段，央行通常会呵护流动性，资金面预计维持相对宽松，降准降息还有一定空间，债券整体基本面偏有利。海外市场方面，美国加息进入尾声，后续何时降息值得观察，有望降低汇率压力，减缓对股债的压制。策略上，由于基本面偏弱，因此曲线有望进一步扁平化，陡峭化的时机在于央行的短端宽松措施，本基金将维持中性配置策略，以价值的股票和偏低价转债配置为主，辅以中性久期的债券投资策略，获取较为合理的票息收益和适度资本利得。","fund":{"_id":3000000012334,"__csrcFundId":10081,"stockCode":"012334","shortName":"上银慧尚6个月持有期混合(012334)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12334,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:56.207Z","status":"normal","exchange":"jj","name":"上银慧尚6个月持有期混合型证券投资基金","fundCollectionId":4000050850000,"followedNum":0,"inceptionDate":"2021-12-08T16:00:00.000Z","masterFundShortName":"上银慧尚6个月持有期混合","setUpDate":"2021-12-08T16:00:00.000Z","setUpAssetScale":481351654.49,"setUpShares":481351654.49,"pinyin":"syhs6gycyqhhxzqtzjj","managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"},{"stockCode":"db20730725","stockType":"fund_manager","exchange":"fm","tickerId":302201380,"name":"陈博"},{"stockCode":"j101020205","stockType":"fund_manager","exchange":"fm","tickerId":260818253340,"name":"张和睿"}]},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，A股下跌，9月在国内地产与活跃资本市场等利好落地下，A股高开低走，整体维持弱势调整。三季度债券市场呈现先涨后跌，在房地产疲软，民企地产债券违约风险上升的情况下，7-8月央行多次采取宽松的货币政策，包括降准和降低存款利率等措施，利好债券，7月下旬的政治局会议为经济增长提供了一些支持政策的指引，政策于8月下旬至9月初密集出台，这波政策包括核心城市的限购放松和房贷利率调整，对市场的预期产生影响，债券市场出现调整，走势呈现微缩版的去年四季度走势。但是地产高频数据显示购房热情有一定减弱，债券市场重回原先节奏，9月下旬资金收紧，美债收益率上行，对汇率产生压力。本基金在三季度整体采取中性的权益仓位，7-8月适度做多A股受阻后减仓股票，改为配置平衡型转债，利用转债下有债底保护上有弹性的特点低位埋伏，9月维持该策略，转债估值较为稳定，为本基金在三季度净值做了贡献；债券方面持仓久期较短，票息良好，继续为本基金提供固收底仓收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:38.636Z","fund":{"_id":3000000012334,"__csrcFundId":10081,"stockCode":"012334","shortName":"上银慧尚6个月持有期混合(012334)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12334,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:56.207Z","status":"normal","exchange":"jj","name":"上银慧尚6个月持有期混合型证券投资基金","fundCollectionId":4000050850000,"followedNum":0,"inceptionDate":"2021-12-08T16:00:00.000Z","masterFundShortName":"上银慧尚6个月持有期混合","setUpDate":"2021-12-08T16:00:00.000Z","setUpAssetScale":481351654.49,"setUpShares":481351654.49,"pinyin":"syhs6gycyqhhxzqtzjj","managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"},{"stockCode":"db20730725","stockType":"fund_manager","exchange":"fm","tickerId":302201380,"name":"陈博"},{"stockCode":"j101020205","stockType":"fund_manager","exchange":"fm","tickerId":260818253340,"name":"张和睿"}]},"announcement":{"linkText":"上银慧尚6个月持有期混合型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=987968","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf3e7fea5b3eb04f943a","date":"2023-06-29T16:00:00.000Z","stockId":3000000012334,"sao":"上半年国内经济环比前高后低，同比方面由于去年二季度数据偏弱，因此经济增长同比尚可。一季度信贷较好，随经济二季度走弱后，银行信贷需求下降；出口受美国加息影响，海外需求下降，出口在二季度开始走弱；房地产在一季度积压需求释放后景气度下降；消费上，五一和端午的旅游显示人次恢复，但金额未恢复，体现出购买力不足；海外美国度过了硅谷银行暴雷引发的银行危机，后续的就业仍然强劲，通胀未大幅下降，职位空缺较高，原材料，原油天然气价格同比下降，环比处于震荡，后续预期2023年美国加息见顶但年内降息机会不大，国内利率偏低，两国利差不利于人民币汇率，人民币汇率压力上升，汇率下跌。今年上半年权益市场走势整体波折，其中一季度在国内经济疫后修复和美联储加息放缓双重预期下，股票市场整体上涨，节奏上1月国内疫情放开经济预期较高，海外加息放缓，外资带动A股快速反弹，2月美国通胀韧性较强，加息预期升温，国内经济数据斜率放缓，市场震荡偏弱，3月海外银行风险暴露，美联储加息预期放缓。二季度国内经济数据斜率放缓，经济恢复尚不牢固，经济预期转弱下市场开始回调，具体来看，4月上中旬权益市场小幅上涨，呈现明显结构性行情，4月下旬-6月上旬权益市场震荡下行，6月中旬以来市场对政策预期向好，端午节附近资金避险情绪升温，但总体有所回暖。风格上看，一方面小盘和高股息价值风格占优，另一方面以TMT及中特估相关主题表现良好。转债市场表现好于股票市场，整体估值有所上升，主要经济预期转弱，流动性宽松叠加降息环境下债券收益率下行，对转债估值有所提升。基金在上半年中，股票在年初延续去年四季度以来乐观的策略，2月份以后维持偏谨慎的操作思路，整体压降了权益和可转债的仓位，债券以低久期提供底仓收益的策略为主。未来，我们仍然相信后续中国经济会在下半年企稳后股市会有所表现，后续本基金将根据基本面分析加强研判，保持稳定的投资风格，合理配置权益仓位，目标是获取净值合理增长。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:38.633Z","mo":"当前经济较弱，市场对政策预期较高，我们预计后续政策不会对当前经济没有反应，同时也会继续坚持高质量发展的策略，中期而言，房地产等行业不宜预期太高，自主可控的行业得到政策的机会更大。经济整体呈现，增长平稳，结构改善的特征。在这种情况下，利率在中长期存在良好机会；短期内需要注意政策变化带来的预期变化，如A股等风险资产受此影响上涨，那市场风险偏好将不利于债券，下半年此类风险有所上升，当前利差偏低，绝对利率水平也较低，一旦出现反弹可能幅度较大。权益市场则由于处于低位，受政策预期影响正面，转债受益于正股驱动仍积极可为。转债估值目前虽然在相对高位，但流动性宽松下预计将继续维持高估值，不会对转债价格形成拖累。而正股方面，当前处于底部区间，后续上行概率更大。因此整体策略是短期看好股市，中期看好债券，债券短期需要控制波动，权益资产则需要在政策和经济数据改善周期中有所作为，积累一定涨幅后有序退出，债券在市场出现一定调整后可逐步波段接入，适度争取合理盈利和配置的机会。","fund":{"_id":3000000012334,"__csrcFundId":10081,"stockCode":"012334","shortName":"上银慧尚6个月持有期混合(012334)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12334,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:56.207Z","status":"normal","exchange":"jj","name":"上银慧尚6个月持有期混合型证券投资基金","fundCollectionId":4000050850000,"followedNum":0,"inceptionDate":"2021-12-08T16:00:00.000Z","masterFundShortName":"上银慧尚6个月持有期混合","setUpDate":"2021-12-08T16:00:00.000Z","setUpAssetScale":481351654.49,"setUpShares":481351654.49,"pinyin":"syhs6gycyqhhxzqtzjj","managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"},{"stockCode":"db20730725","stockType":"fund_manager","exchange":"fm","tickerId":302201380,"name":"陈博"},{"stockCode":"j101020205","stockType":"fund_manager","exchange":"fm","tickerId":260818253340,"name":"张和睿"}]},"announcement":{"linkText":"上银慧尚6个月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=964156","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf3e7fea5b3eb04f9439","date":"2023-03-30T16:00:00.000Z","stockId":3000000012334,"sao":"一季度国内经济方面，信贷1-2月较好，旅游消费地产项目加速修复，地产整体恢复斜率较好，3月末地产恢复有所放缓。海外美国加息在一季度呈现市场和美联储对峙的局面，3月上旬凭借强劲的数据结合联储鹰派表态，市场走向今年加息超预期的逻辑，随后硅谷银行暴雷，引发银行危机，瑞信后续被瑞银收购，后续预期2023年美国加息见顶甚至有降息的机会，人民币汇率压力下降，汇率企稳。美债利率走低引发全球风险偏好上升，利好成长股，也有利于我国货币政策自主性。基金在本季度股票在1月延续四季度以来乐观的策略，2月后在市场上涨后逐步降低仓位，3月上中旬维持较低仓位，至下旬加仓，可转债也同步操作，债券以低久期提供底仓收益的策略为主。展望后市，二季度美联储加息有望见顶下半年有望回落，国内稳增长政策后续可以期待，各项经济修复仍在进行中，后市较为乐观，权益资产上本基金将在行情中积极寻找配置机会，债券资产将维持低久期的配置，争取获得高于基准的收益。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:38.630Z","fund":{"_id":3000000012334,"__csrcFundId":10081,"stockCode":"012334","shortName":"上银慧尚6个月持有期混合(012334)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12334,"currency":"CNY","masterFundFlag":1,"lastUpdated":"202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