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相对受益，债市收益率整体震荡下行，尤其是长端和超长端利率突破2022年低点。股市方面，上半年，海外人工智能技术获得重大突破，大模型有望进入实用阶段，迭代速度较快，对算力的需求急速增长，国内快速跟进，已有多家头部企业跟进发布自己的大模型，带动相关行业应用层面的探讨，TMT成为上半年的强势板块。进入五月，TMT积累可观涨幅后进入宽幅震荡阶段，市场热点向机械设备、汽车等行业扩散，消费医药、金融周期等板块走势偏弱，股指整体先扬后抑。报告期内，组合债券部分维持了中性偏低的久期及中等杠杆水平，保持高等级信用债的基础配置。权益部分，组合总体仓位维持在偏高的水平，行业配置方面，1月至2月相对均衡，3月份后保持了对TMT的较高风险敞口，组合由此承受了较大的波动；可转债部分表现平稳。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:45.434Z","mo":"展望未来，一揽子稳增长政策相继落地，政策底或已出现，若下半年政策力度超预期，则基本面弹性可能强化。债市机会可能短期不太明显，我们考虑维持当前配置，等待债券配置价值回升的机会。股市性价比相较债市更优，二季报企业盈利偏弱的预期已经有所体现，我们仍相对积极地关注三季报盈利能够较确定回升的部分行业，对TMT板块将继续保持关注，但在具体操作上，将积极跟进行业的变化，持仓向头部企业集中。本组合将在保持相对较低风险的前提下，努力做好大类资产配置，从中期把握转换时机，精选投资品种，保持组合灵活性；合理地承担有价值的风险，力争为持有人创造持续稳定的回报。","fund":{"_id":3000000012661,"__csrcFundId":9597,"stockCode":"012661","shortName":"广发恒益一年持有期混合(012661)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12661,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:25:49.072Z","status":"normal","exchange":"jj","name":"广发恒益一年持有期混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"广发恒益一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":550726612.37,"setUpShares":550726612.37,"pinyin":"gfhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20290403","stockType":"fund_manager","exchange":"fm","tickerId":611148060,"name":"方抗"}]},"announcement":{"linkText":"广发恒益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=954977","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf817fea5b3eb04fdab9","date":"2023-03-30T16:00:00.000Z","stockId":3000000012661,"sao":"2023年一季度，市场信心随着人员流动的快速恢复有所增强，对经济增长的预期也较为乐观，两会将GDP目标定在5%，货币政策方面小幅降准，整体较为利好，但后续仍有待观察。海外市场方面，不确定因素略超年初预判，硅谷银行带来的金融风险或将提前结束美联储的加息进程；国际科技竞争格局依旧，人工智能的新进展构成重大的技术突破，成为主题投资的推动因素。在此局面下，债市总体表现为震荡，投资机会不够显著，票息策略具备性价比。股市方面，北向资金较强势，经济现实中性而政策预期略降，TMT板块表现亮眼。可转债市场呈现结构性特征，主要靠股性来带动，大盘转债表现较弱，热点个券呈现较大的投资机会和波动性。报告期内，组合债券部分采取了中性偏弱的配置策略，久期和杠杆较去年均明显下调，可转债整体高配；股票仓位相对较高，在年初总体偏均衡的布局下，后期加大了对计算机和传媒板块的配置，一季度取得较好的回报。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:45.431Z","fund":{"_id":3000000012661,"__csrcFundId":9597,"stockCode":"012661","shortName":"广发恒益一年持有期混合(012661)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12661,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:25:49.072Z","status":"normal","exchange":"jj","name":"广发恒益一年持有期混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"广发恒益一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":550726612.37,"setUpShares":550726612.37,"pinyin":"gfhyyncyqhhxzqtzjj","managers":[{"stockCode":"db20290403","stockType":"fund_manager","exchange":"fm","tickerId":611148060,"name":"方抗"}]},"announcement":{"linkText":"广发恒益一年持有期混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=879226","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf817fea5b3eb04fdab8","date":"2022-12-30T16:00:00.000Z","stockId":3000000012661,"sao":"2022年，全球经济增长放缓，通胀处于高位，美联储强势加息，叠加海外地缘冲突持续，全年资本市场大幅波动。国内经济也在出口增速趋势性减缓、疫情反复扰动的情况下承压，全年央行保持了相对宽松的资金面，着力支持实体经济。四季度防疫和地产政策的调整带来了较强的预期，对于短期数据弱势的容忍度有所提高。在此大背景下，债券市场方面，收益率先震荡下行后快速上行，大体分为三段：1月至3月，债市收益率在央行降息落地后震荡中小幅上行，体现利好兑现叠加稳增长预期；4月至10月，利率整体震荡下行，主要反映疫情对经济的影响；11月至12月，防疫政策和地产政策明显调整，市场对经济复苏的预期增强，债券价格出现回调，而后银行理财产品的赎回压力进一步放大了债市的波动。全年来看，久期和信用策略都需要在节奏上有主动调整。股票市场方面，上市公司基本面偏弱，叠加1月至4月事件性冲击较多，股市相对承压，5月实体经济在政策指引下得以提振。二季度企业盈利见底的判断增加，电力设备、新能源等行业能够观察到盈利能力的兑现，在整体反弹中成长风格获得较多的超额收益。三季度市场观望心态加重，股指出现回调。四季度疫情和地产政策转向后，消费医药等经济修复板块快速上涨，港股也迎来了较大幅度的反弹。可转债从年初的高估值状态持续下行，二、三季度反复震荡，四季度尽管有理财赎回的影响，但股性支撑较强，投资价值逐渐得到认可。报告期内，权益部分，本组合努力把握仓位调整节奏，适度进行行业和风格的转换。纯债部分，组合在前期维持了中性略强的杠杆与久期配置，随后在四季度调降了杠杆和久期；可转债则从上半年的较低仓位过渡到年末的适度偏高仓位。在全年股债承压的情形下，组合未能实现年度正收益，需要认真反思，持续完善投研框架。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:45.429Z","mo":"在全球逐步走出疫情影响的背景下，我们对于未来应该积极乐观。展望2023年，人员流动和商务活动快速恢复，经济修复具备内生动力，央企承担产业链牵引功能，重大技术攻关和“卡脖子”环节有望取得突破，扩大内需、基建托底等进一步增强信心，总体看全年产业投资和基建投资都有增长的空间，在全心全力抓经济的共同努力下，二、三季度经济数据或将明显上行；海外经济呈现弱衰退的概率较大，美联储一季度加息对资本市场仍有一定扰动，地缘政治风险事件也会带来负面影响，但我们判断弱现实强预期的市场特征最终会使得股市走在经济数据之前。从中线看，2023年多数时间保持较高的股票仓位或将较优，而在政策推动力较强、个股基本面底部回升的格局下，中观的行业配置和微观的个股优选有望带来明显的超额收益。债市部分，当前收益率涨跌的短期风险都不大，但对于3月至4月政策和数据的密集期需要左侧着眼，积极跟进，我们倾向认为债市收益率将会经历一个小幅上行的过程。本组合将努力在相对较低风险的前提下，做好大类资产配置，从中期把握转换时机，精选投资品种，保持组合灵活性，合理地承担有价值的风险，力争为持有人创造持续稳定的合理回报。","fund":{"_id":3000000012661,"__csrcFundId":9597,"stockCode":"012661","shortName":"广发恒益一年持有期混合(012661)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12661,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:25:49.072Z","status":"normal","exchange":"jj","name":"广发恒益一年持有期混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"广发恒益一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":550726612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