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生指数分别上涨17.7%、49.6%、27.8%，各宽基指数间的分化非常大，主要原因是2025年是科技驱动的成长股行情。　　权益方面，本基金2025年的主要操作，股票仓位相对保持稳定，虽然各指数有所上涨，但我们所持仓股票组合相对债券组合，仍然有非常明显的隐含回报率优势，因此仅对个股比例动态调整，而未在上涨后明显降低仓位比例；而年度内，我们显著降低了可转债的持仓比例，主要原因是，可转债的估值中枢明显上升，性价比变差，部分转债的性价比甚至大幅弱于其正股，尽管短期内，股市上涨行情预期下，我们并不认为转债估值会有向下压力，但站在长期角度，性价比本身是我们更重视的因素。　　行业和个股配置层面，我们年内增加了原油、煤炭等行业和个股的持仓。从现金流、估值、企业盈利周期角度看，其处于比较好的击球点。整体而言，我们的股票组合仍然比较偏向于价值风格。　　债市本年度结束22年以来单边债市上涨行情，市场风险偏好提升，利率波动加剧，10年期国债收益率全年上行25BP，而超长端在供给端压力及交易盘负反馈下出现一定踩踏，大幅上行40bp。报告期间，本基金债券配置方面主要以中短久期优质国股、大行金融债及券商债及利率债为主，以较为稳健的方式取得了盈利。","lastUpdated":"2026-03-27T05:47:39.812Z","mo":"展望后市，我们认为宏观经济在2026年会继续温和复苏。一是上市公司代表的实体经济部门，自2024年以来的资本开支就处于压缩过程，已经持续两年，二是反内卷政策进一步加快了部分行业的产能出清。因此，2026年将有望看到供需缓解，PPI或将低位企稳上行。　　短期内，低利率的环境，若叠加企业商品价格的企稳，2026年将有望进入盈利上行期，一方面，意味着股票资产或仍将优于债券资产，另一方面，股票市场行情的推动力，或许有机会从科技扩张到顺周期板块。　　债市的调整本质上是对去年年底以来市场对于货币政策空间的过于乐观的修复性定价。往后看，全市场风偏提升，叠加供给端放量后，资产荒已经有所缓解，且随着反内卷政策的推进，明年物价有望温和回升，前期支持利率长期下行的主要逻辑已经有所松动。因此我们对于长端依旧维持谨慎。但基本面羸弱条件下，目前货币政策利率维持低位的确定性较高，因此短端利率及信用品种仍有较高的性价比。","fund":{"_id":3000000012701,"__csrcFundId":9779,"stockCode":"012701","shortName":"安信民安回报一年持有混合(012701)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12701,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:26:46.063Z","status":"normal","exchange":"jj","name":"安信民安回报一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2021-09-06T16:00:00.000Z","followedNum":0,"masterFundShortName":"安信民安回报一年持有混合","setUpDate":"2021-09-06T16:00:00.000Z","setUpAssetScale":101792929.19,"setUpShares":101792929.19,"pinyin":"axmahbyncyqhhxzqtzjj","managers":[{"stockCode":"db20568102","stockType":"fund_manager","exchange":"fm","tickerId":1210173100,"name":"李君"}]},"announcement":{"linkText":"安信民安回报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=1447949","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf877fea5b3eb04fe283","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000012701,"sao":"三季度，沪深300、创业板指、恒生指数涨幅分别为17.9%、50.4%、11.6%，其特征，成长优于价值、A股优于港股，代表投资者风险偏好的进一步提升。缘由：　　（1）中美关税风险得以缓解；（2）国内科技产业进步获得共识；（3）债券市场平淡，居民资产再配置动力较强等等。　　另外，股票市场融资余额从二季度末的1.83万亿，增加至三季度末的2.38万亿，单季度增加5500亿左右，市场乐观情绪浓厚，部分行业估值高企。全市场最新市盈利中位数27倍左右，市净率中位数3倍左右。　　基于以上，我们持仓组合更加集中于能源、金融、家电、轻工、消费等偏低估值的行业。短期而言，由于投资者普遍对传统行业复苏信心不足，相关板块估值仍处在历史低位。投资上的选择，我们始终要对短周期的景气度和长周期的估值性价比进行权衡。当下，低估值传统板块，尤其是其中具备稳定自由现金流、较高股息率的优质公司，我们认为被相对低估，是具备长期吸引力的投资标的。　　可转债市场8月底前加速上涨，部分是正股驱动，部分是资金配置因素推动估值。三季度，本基金的可转债持仓保持较低水平。主要是考虑到与股票相比，随着估值抬升，可转债性价比在变弱，这一阶段，权益资产中更偏向配置股票。　　纯债部分，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。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":"2026-03-09T13:47:51.632Z","fund":{"_id":3000000012701,"__csrcFundId":9779,"stockCode":"012701","shortName":"安信民安回报一年持有混合(012701)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12701,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:26:46.063Z","status":"normal","exchange":"jj","name":"安信民安回报一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2021-09-06T16:00:00.000Z","followedNum":0,"masterFundShortName":"安信民安回报一年持有混合","setUpDate":"2021-09-06T16:00:00.000Z","setUpAssetScale":101792929.19,"setUpShares":101792929.19,"pinyin":"axmahbyncyqhhxzqtzjj","managers":[{"stockCode":"db20568102","stockType":"fund_manager","exchange":"fm","tickerId":1210173100,"name":"李君"}]},"announcement":{"linkText":"安信民安回报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=1371348","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf877fea5b3eb04fe282","date":"2025-06-29T16:00:00.000Z","stockId":3000000012701,"sao":"2025年上半年，A股、港股均震荡上行，港股表现更优于A股。过去几年持续下跌至较低的估值起点是港股表现较佳的根本前提，另外，今年有两个重要的催化，一是国内科技的快速进步吸引海外资本对中国资产的重估，二是南向资金大幅流入增配低估值的红利股。A股各宽基指数稳步上涨，尤其是4月初的关税冲击后，进入了低波上行阶段。　　可转债市场表现相当亮眼。一方面是因为其正股主要覆盖银行股和部分中小盘股，这一正股组合在上半年表现胜于沪深300，另一方面，涌入可转债策略的资金也推动了估值的抬升。　　本基金股票仓位相对稳定，但随可转债估值上升，我们对可转债持仓比例相应下调。本基金重点持仓能源、家电、金融、地产等行业个股。上半年，组合的股票集中度略有下降，我们对组合中的金融股（包含银行转债）有所减持，主要是考虑其隐含回报率的下降，但优质银行股的绝对估值仍然具备吸引力。我们择机低位少量增持了白酒、化工等行业龙头，认为股价较为充分地反映了负面预期。另外，我们也增持了部分制造业个股，原因是这些龙头公司的全球化产能布局已卓有成效，关税战威胁下，此类公司在各自行业的竞争地位反而可能上升，短期冲击带来了较好的买入机会。　　上半年，港股对本基金净值有显著贡献。但AH溢价率在上半年显著下降，两地上市的同一企业，从估值角度看，A股的相对优势有边际改善，对这类公司，我们提升了A股的持仓比例，对港股的比例相应调降。　　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":"2026-03-09T13:47:51.629Z","mo":"宏观经济环境看到一些积极信号。一是产能周期见到尾声。从上市公司公布的资本开支数据来看，实体部门已经连续多个季度出现固定资产支出的负增长，叠加“反内卷”的政策指引，有助供给出清。二是地产行业的实物工作量虽然未见起色，但主要开发商在核心城市的新获项目利润率已有所改善。三是关税谈判进展凸显了国内供应链的竞争力。　　低利率环境下，股债性价比的优势，随着基本面风险的逐步解除，将成为市场共识。股票定价优于转债，组合中权益配置可以更向股票倾斜。　　上半年哑铃策略结构极端化，部分反映了投资者的风险偏好未完全恢复，尤其对顺周期的行业信心不足，但随着比价差异不断拉大，市场结构有转换的需要。","fund":{"_id":3000000012701,"__csrcFundId":9779,"stockCode":"012701","shortName":"安信民安回报一年持有混合(012701)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12701,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:26:46.063Z","status":"normal","exchange":"jj","name":"安信民安回报一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2021-09-06T16:00:00.000Z","followedNum":0,"masterFundShortName":"安信民安回报一年持有混合","setUpDate":"2021-09-06T16:00:00.000Z","setUpAssetScale":101792929.19,"setUpShares":101792929.19,"pinyin":"axmahbyncyqhhxzqtzjj","managers":[{"stockCode":"db20568102","stockType":"fund_manager","exchange":"fm","tickerId":1210173100,"name":"李君"}]},"announcement":{"linkText":"安信民安回报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=1338849","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf877fea5b3eb04fe281","date":"2025-03-30T16:00:00.000Z","stockId":3000000012701,"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":"2026-03-09T13:47:51.626Z","fund":{"_id":3000000012701,"__csrcFundId":9779,"stockCode":"012701","shortName":"安信民安回报一年持有混合(012701)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12701,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:26:46.063Z","status":"normal","exchange":"jj","name":"安信民安回报一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2021-09-06T16:00:00.000Z","followedNum":0,"masterFundShortName":"安信民安回报一年持有混合","setUpDate":"2021-09-06T16:00:00.000Z","setUpAssetScale":101792929.19,"setUpShares":101792929.19,"pinyin":"axmahbyncyqhhxzqtzjj","managers":[{"stockCode":"db20568102","stockType":"fund_manager","exchange":"fm","tickerId":1210173100,"name":"李君"}]},"announcement":{"linkText":"安信民安回报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=1268656","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf877fea5b3eb04fe280","date":"2024-12-30T16:00:00.000Z","stockId":3000000012701,"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":"2026-03-09T13:47:51.624Z","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":3000000012701,"__csrcFundId":9779,"stockCode":"012701","shortName":"安信民安回报一年持有混合(012701)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12701,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:26:46.063Z","status":"normal","exchange":"jj","name":"安信民安回报一年持有期混合型证券投资基金","fundCollectionId":4000050700000,"inceptionDate":"2021-09-06T16:00:00.000Z","followedNum":0,"masterFundShortName":"安信民安回报一年持有混合","setUpDate":"2021-09-06T16:00:00.000Z","setUpAssetScale":101792929.19,"setUpShares":101792929.19,"pinyin":"axmahbyncyqhhxzqtzjj","managers":[{"stockCode":"db20568102","stockType":"fund_manager","exchange":"fm","tickerId":1210173100,"name":"李君"}]},"announcement":{"linkText":"安信民安回报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=1247989","linkType":"PDF","source":"c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