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退市风险而造成的恐慌，部分转债大幅跌破面值，但最终在季末股票市场大幅反弹阶段出现了明显的修复。　　股票市场在三季度末出现了非常强劲的反弹，成交金额持续扩大，风险偏好快速上升，部分资金逐步从理财和债券等固定收益类资产撤离投入了权益类市场。强势板块由此前相对偏防守的红利板块切换至了券商、创业和科创板块。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:02.883Z","fund":{"_id":3000000012433,"__csrcFundId":9424,"stockCode":"012433","shortName":"华安添和一年债券(012433)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12433,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:18:56.019Z","status":"normal","exchange":"jj","name":"华安添和一年持有期债券型证券投资基金","fundCollectionId":4000050040000,"inceptionDate":"2021-07-12T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"华安添和一年债券","setUpDate":"2021-07-12T16:00:00.000Z","setUpAssetScale":3611386294.61,"setUpShares":3611386294.61,"pinyin":"hathyncyqzqxzqtzjj","managers":[{"stockCode":"8801390080","stockType":"fund_manager","exchange":"fm","tickerId":260313141490,"name":"朱才敏"},{"stockCode":"8801599499","stockType":"fund_manager","exchange":"fm","tickerId":262513182270,"name":"周益鸣"}]},"announcement":{"linkText":"华安添和一年持有期债券型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1174326","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf567fea5b3eb04faa0a","date":"2024-06-29T16:00:00.000Z","stockId":3000000012433,"sao":"2024年上半年宏观经济整体平稳，各项经济数据在合理区间内运行，但二季度的经济数据略逊于一季度。货币政策是相对宽松的，为了降低实体经济融资成本和各类主体的还款压力，LPR不断调降。同时，上半年CPI和PPI依然在低位震荡，并没有明显的涨价趋势。在此背景之下，债券市场利率在今年上半年持续下行，尤其是30年期国债和长久期信用债，不仅下行幅度较大，并且市场活跃度显著提高。但是，短端市场利率下行力度相对较小，整条收益率曲线略显平坦化。可转债市场在上半年宽幅震荡，年初和5月份两次受到微盘股指数下跌影响，出现了明显的调整，但大市值风格的可转债表现较好，主要集中在银行、煤炭和公用事业板块。上半年股市呈现出较为明显的分化，大市值个股整体强于小市值个股，经营和分红相对稳定的红利类个股表现尤其突出，主要集中在银行、电力、公路等板块。　　报告期内，本基金继续按照“固收+”策略布局投资，仓位维持积极水平。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:02.880Z","mo":"展望2024年下半年债券市场，利率震荡概率偏大，内需强于外需。国内宏观经济和产业政策不断出台，尤其在近期的中央政治局会议之后，政策出台的速度明显加码，稳增长诉求进一步加大，因此从内需基本面角度看并不利于债券市场大幅下行。海外市场近期波动明显加大，美国就业数据不及预期，基本面有明显的转弱势头，导致股票下跌、债券收益率下行，会对中国的外需造成一些负面影响，同时美联储的降息预期不断提高，也会使得市场对于国内货币政策产生进一步的想象空间，对于债券市场相对有利。可转债市场方面，近期可转债价格中位数偏低，但由于中小市值转债面临正股退市和信用风险，整体仍有压力，但如果部分临近到期个券能够顺利兑付或者可以完成转股，会对市场产生正面影响。今年以来提议下修转股价的公司数量较高，对于后续可转债市场也是一个相对有利的因素，但最终结果仍然需要正股上涨才能完成强制赎回。　　股票市场目前整体估值较低，尤其是创业和科创板块，估值处于历史底部区域附近，因此我们认为整体机会大于风险。结构方面，可以关注几条主线：首先是设备更新条线，尤其是近期降低了更新标准，同时提出让央企主动采购国内设备；其次可以关注服务性消费板块，包括消费和旅游等等；还有宽基指数中的科创板块，估值较低，在允许并购后会形成外延式增长的机会。","fund":{"_id":3000000012433,"__csrcFundId":9424,"stockCode":"012433","shortName":"华安添和一年债券(012433)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12433,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:18:56.019Z","status":"normal","exchange":"jj","name":"华安添和一年持有期债券型证券投资基金","fundCollectionId":4000050040000,"inceptionDate":"2021-07-12T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"华安添和一年债券","setUpDate":"2021-07-12T16:00:00.000Z","setUpAssetScale":3611386294.61,"setUpShares":3611386294.61,"pinyin":"hathyncyqzqxzqtzjj","managers":[{"stockCode":"8801390080","stockType":"fund_manager","exchange":"fm","tickerId":260313141490,"name":"朱才敏"},{"stockCode":"8801599499","stockType":"fund_manager","exchange":"fm","tickerId":262513182270,"name":"周益鸣"}]},"announcement":{"linkText":"华安添和一年持有期债券型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1152083","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf567fea5b3eb04faa09","date":"2024-03-30T16:00:00.000Z","stockId":3000000012433,"sao":"债券方面，今年一季度债券发行明显缩量，同时要求信贷投放不能”冲量”，所以整体社融增速有所回落。货币政策则保持相对宽松，央行降准0.5%，同时降低了5年期LPR利率，降幅较去年明显扩大，显示了支持实体经济的决心。债券市场利率在货币宽松，信贷增速下行的背景下震荡走低，长端利率下行幅度更大，收益率曲线走平。同时，信用利差也进一步压缩。尽管个别房地产企业有信用风险事件发生，但目前房企违约市场已经有充分的认识和准备，因此对信用市场的冲击和影响较小。　　可转债市场表现和股票类似，中小市值个股对应的转债整体表现较弱，导致整体可转债价格中位数震荡走低，但红利相关的转债标的表现突出，煤炭、电力和公路等转债都有赎回的标的出现。　　股票市场在一季度经历了较大的波动，1月受多重不利因素影响下跌幅度较大，但2月开始各类指数均得到明显的纠偏和修复。站在季度维度看，中小市值个股仍然有不小的跌幅，金融、石化、电力和公路等红利板块表现突出，在偏低的利率环境下，主营业务成熟、具有较为稳定的现金流且股息率较高的公司受到市场资金的持续追捧。同时，成长板块中AI和低空经济概念表现活跃，但波动较大，更容易受到美股的影响，而近期美国降息有所预期转弱。整体而言，股市信心明显恢复，板块性行情在快速轮动。　　本基金在报告期内按照“固收+”的策略布局投资，维持积极的仓位水平。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:02.878Z","fund":{"_id":3000000012433,"__csrcFundId":9424,"stockCode":"012433","shortName":"华安添和一年债券(012433)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12433,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:18:56.019Z","status":"normal","exchange":"jj","name":"华安添和一年持有期债券型证券投资基金","fundCollectionId":4000050040000,"inceptionDate":"2021-07-12T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"华安添和一年债券","setUpDate":"2021-07-12T16:00:00.000Z","setUpAssetScale":3611386294.61,"setUpShares":3611386294.61,"pinyin":"hathyncyqzqxzqtzjj","managers":[{"stockCode":"8801390080","stockType":"fund_manager","exchange":"fm","tickerId":260313141490,"name":"朱才敏"},{"stockCode":"8801599499","stockType":"fund_manager","exchange":"fm","tickerId":262513182270,"name":"周益鸣"}]},"announcement":{"linkText":"华安添和一年持有期债券型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1073188","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf567fea5b3eb04faa08","date":"2023-12-30T16:00:00.000Z","stockId":3000000012433,"sao":"回顾2023年，中国经济走出新冠疫情困扰，各项经济活动都在逐步进入正轨，向常态化恢复。由于年初市场对于全年宏观上行预期过强，供给有所增加，但后续需求不及预期，宏观经济出现了持续的去库存现象。政策层面，货币政策提供了一个相对偏宽的环境，同时房地产政策有了较大的放松，大力支持刚需和改善型需求，但房地产需求扩张不明显，最终导致债券市场利率呈现震荡走低。　　股票市场在年初出现了普涨的格局，随后由于去库存导致PPI持续下行，企业盈利也出现阶段性转弱，但积极的一面是四季度宏观经济已经出现了一些企稳的迹象，红利板块和部分顺周期板块开始走强。转债市场跟随股票市场呈现前高后低的格局，但在年中存在较多的个券机会，主要集中在信创、AI、中特估等方面。　　本基金继续按照“固收+”策略布局投资，仓位维持积极水平，结构偏向于大盘价值和大盘成长。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:02.875Z","mo":"2024年宏观经济有较强的企稳向上动力。首先，海外市场环境开始向好，近期美国公布的多项经济数据显示，衰退概率在下降。其次，国内部分重要宏观指标开始拐头向上，例如M1和居民中长期贷款等等。然后，保交楼贷款有望进一步增加，各地陆续出台了一系列白名单项目，会实质性提高实物工作量。　　债券市场方面，由于央行在年初的降准和调降LPR，使得市场资金面再度宽松。同时今年更加注重每个季度的信贷投放节奏，相比以往一季度的信贷可能没有那么高，相反二三四季度的信贷或许没有那么弱，结合宽松的资金面，利率有先降后升的可能性。年内，我们要关注今年财政和房地产的发力时间点，如果财政和地产形成了较多的信贷类资产或者债券供给，那么也会对债券造成一定的压力。信用市场方面，2024年可能是宽货币宽信用的年份，外部流动性相对较为充裕，企业内生利润也可能会进一步恢复，爆发信用风险的概率偏低。　　股票市场整体估值水平已经到了历史低位，叠加较低的利率环境，使得股票的风险溢价水平接近历史高位，可见股票类资产是目前大类资产配置中极具性价比的资产。市场等待的或许是结构上的出清，或许是宏观经济面更为明确的向上信号。今年年初火爆的消费场景已经可以看到，居民是具备消费能力和消费意愿的，随着各项稳增长措施出台，有望推动经济进一步转暖。PPI、企业盈利和M1是有一定相关性的，目前M1已经看到向上拐头的迹象，未来企业盈利也有向上修复的动力。　　转债市场经历了去年下半年和年初的下跌后，价格中位数跌至110元附近，在没有信用风险的前提下，配置价值是高于纯债类资产的。并且今年以来公告提议下修的转债数量大幅增加，对于溢价率压缩非常有利，消除估值过高的问题。　　本基金将秉承稳健、专业的投资理念，勤勉尽责地维护持有人的利益。","fund":{"_id":3000000012433,"__csrcFundId":9424,"stockCode":"012433","shortName":"华安添和一年债券(012433)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12433,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:18:56.019Z","status":"normal","exchange":"jj","name":"华安添和一年持有期债券型证券投资基金","fundCollectionId":4000050040000,"inceptionDate":"2021-07-12T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"华安添和一年债券","setUpDate":"2021-07-12T16:00:00.000Z","setUpAssetScale":3611386294.61,"setUpShares":3611386294.61,"pinyin":"hathyncyqzqxzqtzjj","managers":[{"stockCode":"8801390080","stockType":"fund_manager","exchange":"fm","tickerId":260313141490,"name":"朱才敏"},{"stockCode":"8801599499","stockType":"fund_manager","exchange":"fm","tickerId":262513182270,"name":"周益鸣"}]},"announcement":{"linkText":"华安添和一年持有期债券型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1048215","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf567fea5b3eb04faa07","date":"2023-09-29T16:00:00.000Z","stockId":3000000012433,"sao":"回顾2023年三季度，宏观经济有明显企稳的迹象，企业盈利在边际上也有明显改善。针对房地产市场，出台了一系列宽松政策，支持鼓励刚需和改善性需求，房地产市场开始缓慢复苏。同时，财政政策明显发力，出台了一系列针对金融市场、个人收入、房地产交易等领域的减税免税政策，极大提振了市场的信心。股票市场和基本面出现阶段性背离，小幅震荡走低。债券市场利率先下后上，短期经济失速风险解除后，债券利率失去了下行空间，同时房地产市场出台了一系列刺激政策，地方政府债务也获得了再融资债的支持，金融市场潜在风险得到妥善处置，市场对于经济预期有所转暖，导致利率震荡上行。可转债溢价率随着利率的上行有所降低，接近年内低位，同时正股表现偏弱，因此可转债类资产有小幅回撤。报告期内，本基金继续按照“固收+”策略布局投资，仓位维持积极水平，风格相对偏价值。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:02.872Z","fund":{"_id":3000000012433,"__csrcFundId":9424,"stockCode":"012433","shortName":"华安添和一年债券(012433)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12433,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:18:56.019Z","status":"normal","exchange":"jj","name":"华安添和一年持有期债券型证券投资基金","fundCollectionId":4000050040000,"inceptionDate":"2021-07-12T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"华安添和一年债券","setUpDate":"2021-07-12T16:00:00.000Z","setUpAssetScale":3611386294.61,"setUpShares":3611386294.61,"pinyin":"hathyncyqzqxzqtzjj","managers":[{"stockCode":"8801390080","stockType":"fund_manager","exchange":"fm","tickerId":260313141490,"name":"朱才敏"},{"stockCode":"8801599499","stockType":"fund_manager","exchange":"fm","tickerId":262513182270,"name":"周益鸣"}]},"announcement":{"linkText":"华安添和一年持有期债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=984907","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf567fea5b3eb04faa06","date":"2023-06-29T16:00:00.000Z","stockId":3000000012433,"sao":"上半年，中国宏观经济走出疫情的困扰，在一季度有明显的反弹，步入二季度受到去年拿地相对较少的拖累，经济略有压力，但整体看投资、消费和进出口都处于相对合理的区间内。海外宏观经济相对平稳，虽然有一些风险事件的爆发（例如SVB事件等），但没有出现显著的系统性问题。在美国就业市场上，由于居民资产负债状况相对较好，需求没有明显转弱，非农就业数据一直处于较强的水平，推动美债利率有所上行。美联储在上半年维持加息步伐，但由于通胀压力有所缓解，市场对于后续货币政策预期有所转松。债券市场利率在上半年整体处于下行通道，其中30年国债创出近几年的新低，信用利差维持在相对中性的水平。部分地区城投平台的估值虽然有所波动，但并未产生实质性的信用风险事件。可转债受低利率环境的支撑，转股溢价率维持在相对高位，但二季度股票市场整体有所回调，制约了可转债的表现。股票市场方面，上半年指数冲高回落，但结构性机会凸显。AI产业链为首的数字经济板块出现大幅上涨，中特估值板块也有过阶段性行情，但消费和地产链条个股表现较差。市场走势同宏观经济和产业政策契合度高，显示市场对于中国经济转型有强烈的诉求，新老经济动能正在持续的转换。报告期内，本基金继续按照“固收+”策略布局投资，仓位维持积极水平，风格维持均衡，积极寻求结构性机会。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:02.870Z","mo":"展望下半年，宏观经济有利因素将进一步增加。6月的PMI指标已经有所好转，工业企业利润降幅收窄，预示着本轮去库周期接近尾声。政策方面，国常会强调必须采取更加有力的措施，增强发展动能，优化经济结构，推动经济持续回升向好，而6月末央行降低MLF和LPR利率意味着政策工具箱已经被打开。下半年宏观经济本身有自然见底的迹象，同时叠加房地产、消费等刺激政策的出台，有望迎来较为全面的复苏。债券市场利率目前处于相对低位，虽然从货币政策层面看有利于利率下行，但如果房地产和财政方面有进一步的宽松举措，可能会不利于债券市场，因此我们倾向于认为债券利率将在下一阶段维持震荡，不易出现上半年单边下行的行情。对于股票市场，我们认为下跌空间有限，有很强的配置价值。一方面，企业盈利增速可能在下半年有所提高；另一方面，当前市场的估值水平在历史中枢下方，且和债券收益率相比，股票的风险溢价率水平非常有吸引力。我们关注到近期政策进一步强调消费对于经济增长的重要意义，出台了新能源车购置税减免政策，同时还将出台对家居消费的刺激计划，因此下一阶段的市场风格可能会趋于平衡，成长和消费板块都有机会。在低利率环境下，可转债的溢价率水平会在高位维持震荡，收益的来源依然来自于股票的上涨。我们会积极关注一些原本是传统制造业的公司，如果能够依靠AI、机器人和新能源等行业性机会完成转型，或者发现新的业务增长点，那股票和转债的估值都会有提高的空间。同时，金融类转债在宏观经济上行阶段，叠加相对较低的溢价率，可能也会有不错的表现，但部分品种需要关注强赎的风险。本基金将秉承稳健、专业的投资理念，勤勉尽责地维护持有人的利益。","fund":{"_id":3000000012433,"__csrcFundId":9424,"stockCode":"012433","shortName":"华安添和一年债券(012433)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12433,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:18:56.019Z","status":"normal","exchange":"jj","name":"华安添和一年持有期债券型证券投资基金","fundCollectionId":4000050040000,"inceptionDate":"2021-07-12T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"华安添和一年债券","setUpDate":"2021-07-12T16:00:00.000Z","setUpAssetScale":3611386294.61,"setUpShares":3611386294.61,"pinyin":"hathyncyqzqxzqtzjj","managers":[{"stockCode":"8801390080","stockType":"fund_manager","exchange":"fm","tickerId":260313141490,"name":"朱才敏"},{"stockCode":"8801599499","stockType":"fund_manager","exchange":"fm","tickerId":262513182270,"name":"周益鸣"}]},"announcement":{"linkText":"华安添和一年持有期债券型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=959739","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf567fea5b3eb04faa05","date":"2023-03-30T16:00:00.000Z","stockId":3000000012433,"sao":"回顾今年一季度，债券市场利率整体是先上后下的走势，与之对应的是市场对于宏观经济的判断在强预期和弱现实之间摇摆。春节之前，随着北京等地出行消费的恢复，市场对于全年的经济预期有所上调，利率在此期间小幅走高，但节后随着消费数据并没有超预期上行，同时部分城市二手房带看量和成交在3月有所下降，导致利率走势重新回归到弱现实的轨道上。由于去年四季度信用债调整幅度较大，今年以来信用利差得以压缩，因此一季度信用债表现整体强于利率债。可转债类资产在一季度有不错的表现，受益于股市的上涨而上行，同时转股溢价率并没有出现明显的压缩，维持在相对高位，我们认为支撑溢价率高位震荡的重要因素是相对偏低的利率环境。股票市场整体在一季度有所上涨，结构分化非常明显，中小市值个股表现略强，且以TMT为首的成长类个股表现非常突出。价值板块也有机会，尤其是中国特色估值体系相关的大央企，成为市场新的投资方向。本基金在一季度采取“固收+”的策略，适当配置可转债和股票来增厚基金收益。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:02.867Z","fund":{"_id":3000000012433,"__csrcFundId":9424,"stockCode":"012433","shortName":"华安添和一年债券(012433)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12433,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:18:56.019Z","status":"normal","exchange":"jj","name":"华安添和一年持有期债券型证券投资基金","fundCollectionId":4000050040000,"inceptionDate":"2021-07-12T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"华安添和一年债券","setUpDate":"2021-07-12T16:00:00.000Z","setUpAssetScale":3611386294.61,"setUpShares":3611386294.61,"pinyin":"hathyncyqzqxzqtzjj","managers":[{"stockCode":"8801390080","stockType":"fund_manager","exchange":"fm","tickerId":260313141490,"name":"朱才敏"},{"stockCode":"8801599499","stockType":"fund_manager","exchange":"fm","tickerId":262513182270,"name":"周益鸣"}]},"announcement":{"linkText":"华安添和一年持有期债券型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=883556","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf567fea5b3eb04faa04","date":"2022-12-30T16:00:00.000Z","stockId":3000000012433,"sao":"2022年，疫情中投放的大量货币、劳动力市场供需紧张、地缘危机等多种因素共同推升海外通胀压力走高，各央行纷纷收紧货币，其中美联储加息7次，幅度达到425bp，欧央行加息4次，幅度250bp。通胀和加息节奏是影响海外金融市场的最主要因素，美元指数先上后下，国债利率震荡上行，股市震荡走低。\t国内方面，经济面临需求收缩、供给冲击、预期转弱三大挑战，疫情反复对消费、生产等均造成了较大影响。全年来看，GDP同比增长3%，固定资产投资稳中略降，基建投资持续发力、制造业投资表现韧性、地产投资继续拖累；消费受场景和收入预期影响，增长较为低迷；随着海外经济逐步走弱，出口也在持续回落。通胀方面，CPI先上后下，PPI持续走低。货币政策维持宽松，M2同比增速较上年末上升2.8个百分点至11.8%，央行下调OMO和MLF操作利率，下调LPR贷款利率，引导实体融资成本下降。金融市场流动性整体维持平稳，货币市场利率先下后上；在前三季度，利率债区间震荡，信用债收益率震荡下行，信用利差处于历史低位，四季度受疫情防控政策放开、地产政策放松加码等影响，市场对经济增长预期升温，债市出现调整，引发银行理财赎回负反馈，信用债调整幅度大于利率债，信用利差明显走阔。股市受海外通胀加息、地缘危机、疫情反复、地产政策以及疫情修复等多重因素反复影响，经历“下跌-反弹-下跌-反弹”，全年来看，上证指数下跌15.1%、沪深300下跌21.6%、创业板下跌29.4%，仅煤炭行业实现正收益。转债市场估值先上后下、较上年末有所抬升，行业、个券表现跟随正股波动。本基金在报告期内积极调整组合持仓结构，采取中高等级信用策略，动态调整组合久期和杠杆水平，动态调整股票仓位及持仓结构。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:02.864Z","mo":"展望2023年，海外通胀风险下降，俄乌冲突趋于长期化，联储加息接近尾声，海外经济下行风险加大。国内经济受疫情冲击目前处于底部区间，展望未来一段时间，受外需走弱影响，出口预计较22年趋弱，但内需将呈现如下积极因素：1）疫情影响逐步过去，人流、物流和场下消费场景日益修复，消费预计会有持续、明显修复；2）随着地产放松政策的陆续出台和发力，地产销售、投资增速将逐步企稳，基建投资和制造业投资预计仍将保持相对较高的水平，支撑投资增速维持较高水平。通胀方面，预计CPI先上后下，整体风险不大。流动性预计仍维持平稳，资金利率中枢有所上升，利率债长端或小幅走高，信用利差大幅走阔的风险不大。权益方面，目前估值仍处于较低水平，指数下跌空间有限，价值股在基本面修复预期下投资价值较高，成长股经过调整后，估值得到部分修复，关注稳增长政策发力的地产链相关行业、消费修复相关行业、景气度向上的高端制造行业等。转债市场将跟随正股表现。本基金将动态调整组合杠杆水平和久期，维持中高信用等级策略，动态调整权益仓位和结构。本基金将秉承稳健、专业的投资理念，勤勉尽责地维护持有人利益。","fund":{"_id":3000000012433,"__csrcFundId":9424,"stockCode":"012433","shortName":"华安添和一年债券(012433)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12433,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:18:56.019Z","status":"normal","exchange":"jj","name":"华安添和一年持有期债券型证券投资基金","fundCollectionId":4000050040000,"inceptionDate":"2021-07-12T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"华安添和一年债券","setUpDate":"2021-07-12T16:00:00.000Z","setUpAssetScale":3611386294.61,"setUpShares":3611386294.61,"pinyin":"hathyncyqzqxzqtzjj","managers":[{"stockCode"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