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企业信心的企稳与岗位供给水平提高，最终实现经济周期整体的向上抬升。未来一段时间组合仍然计划票息策略与久期策略相结合，动态调整久期和杠杆水平，争取获得更好的投资收益。","fund":{"_id":3000000013136,"__csrcFundId":10111,"stockCode":"013136","shortName":"惠升和怡一年定开债券(013136)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13136,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:37:49.060Z","status":"normal","exchange":"jj","name":"惠升和怡一年定期开放债券型发起式证券投资基金","fundCollectionId":4000051720000,"followedNum":0,"inceptionDate":"2021-10-10T16:00:00.000Z","masterFundShortName":"惠升和怡一年定开债券","setUpDate":"2021-10-10T16:00:00.000Z","setUpAssetScale":2009999000,"setUpShares":2009999000,"pinyin":"hshyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"}]},"announcement":{"linkText":"惠升和怡一年定期开放债券型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=956333","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfd77fea5b3eb050348b","date":"2023-03-30T16:00:00.000Z","stockId":3000000013136,"sao":"一季度内债市经历了基本面强修复预期再发酵、资金面高位波动并且NCD利率持续走高、围绕增长预期的下修交易的几轮切换，收益率整体呈现倒“U”型调整。报告期内，本基金主要投资金融债及利率债，组合久期整体维持中性偏低水平，采取防守票息策略并积极关注市场主导因素的切换，根据市场情况调整久期和仓位。展望二季度在稳增长政策增量暂歇的环境下，国内经济或维持“稳复苏”节奏。随着前期宽信用工具的逐步消耗，预计信贷总量快速增长的势头也将逐步缓和，二季度宽信用对债市扰动或有所缓解。叠加海外金融风险事件发展不确定性仍存、经济衰退压力延续抬升，或通过出口端向国内传导。整体而言展望二季度我们对债市保持谨慎乐观，内部经济回升斜率偏稳、外部衰退风险发酵，宽货币可能存在潜在利好，但同时密切关注市场风险偏好的变化，组合久期根据市场情况灵活调节。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:11.998Z","fund":{"_id":3000000013136,"__csrcFundId":10111,"stockCode":"013136","shortName":"惠升和怡一年定开债券(013136)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13136,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:37:49.060Z","status":"normal","exchange":"jj","name":"惠升和怡一年定期开放债券型发起式证券投资基金","fundCollectionId":4000051720000,"followedNum":0,"inceptionDate":"2021-10-10T16:00:00.000Z","masterFundShortName":"惠升和怡一年定开债券","setUpDate":"2021-10-10T16:00:00.000Z","setUpAssetScale":2009999000,"setUpShares":2009999000,"pinyin":"hshyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"}]},"announcement":{"linkText":"惠升和怡一年定期开放债券型发起式证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=879301","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfd77fea5b3eb050348a","date":"2022-12-30T16:00:00.000Z","stockId":3000000013136,"sao":"2022年全球经济承受了通胀高企和美联储大力度紧缩货币政策的压力。叠加俄乌冲突和疫情反复带来的负面冲击，全球经济增长势能明显放缓，其中商品消费和地产市场热度快速降温。国内来看，在超预期的疫情冲击和房地产行业风险的共同影响下，2022年经济面临“需求收缩、供给冲击、预期转弱”三重压力，央行通过宽货币推进宽信用和稳增长的意愿较强，并通过财政前置和货币宽松对冲经济下行压力，全年流动性长期维持宽松。但整体来看，2022年货币宽松持续但信用扩张相对乏力，货币信用组合整体呈现“宽货币+稳信用”格局。进入四季度，美联储加息放缓，俄乌冲突进入拉锯战模式。国内疫情管控放开，以“金融16条”和“三箭齐发”为代表的全国性地产政策积极辅助地产企业渡过难关，整体预期有所修复。信用债在经过2022年末调整后，利率和分位数水平均有所提高，配置价值提升。报告期内，本基金灵活调节组合久期和杠杆，通过对商业银行金融债的高杠杆策略尽可能地为组合增加套息收益，并用活跃的利率品积极把握交易波段，为组合贡献交易收益。后期将继续做好市场预判，保持审慎乐观的态度，加强风险管理并积极关注市场可能出现的机会，为投资人带来更好的收益。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:11.995Z","mo":"展望2023年，货币紧缩、通胀高企、能源短缺的三重压力下，全球经济预期进一步趋弱。伴随着经济衰退压力进一步加大，本轮货币政策紧缩预期也将逐步迈入尾声。展望国内，今年“稳增长”诉求较强，财政发力托底经济仍有较强的必要性，主要方向可能还在基建投资、减税降费以及保就业、保民生、保市场主体等相关政策。企业和居民预期转弱需要超预期的政策支持来对冲，目前部分房地产托底政策已经出台，但政策落地效果仍有待观察。在实体融资需求偏弱的背景下，央行可能不具备主动收紧的基础，在经济明显企稳回升之前，货币政策大概率仍将维持平稳宽松，不排除有进一步加码的可能。总体来看，或许2023年将面临与2022年截然不同的宏观环境与政策预期，因此对于证券市场而言，相对应的策略也需不断调整应对变化。而本基金也将基于宏观和金融环境的不断变化，灵活运用久期和杠杆等手段，为持有人提供稳健的财富增值。","fund":{"_id":3000000013136,"__csrcFundId":10111,"stockCode":"013136","shortName":"惠升和怡一年定开债券(013136)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13136,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:37:49.060Z","status":"normal","exchange":"jj","name":"惠升和怡一年定期开放债券型发起式证券投资基金","fundCollectionId":4000051720000,"followedNum":0,"inceptionDate":"2021-10-10T16:00:00.000Z","masterFundShortName":"惠升和怡一年定开债券","setUpDate":"2021-10-10T16:00:00.000Z","setUpAssetScale":2009999000,"setUpShares":2009999000,"pinyin":"hshyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"}]},"announcement":{"linkText":"惠升和怡一年定期开放债券型发起式证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=863205","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfd77fea5b3eb0503489","date":"2022-09-29T16:00:00.000Z","stockId":3000000013136,"sao":"过去联储三次议息会议每次加息75bp，创下历史之最，对全球的资本市场造成巨大冲击，国内权益市场也受到波及。美元和美债收益率的上涨，导致全球融资难度上升和金融资源收缩，对于经济的影响将是长期且剧烈的。我们并不看好未来全球经济的增长，如何在衰退之下配置资产是未来几个季度需要考虑的深刻问题。对于国内而言，疫情反复仍持续困扰国内经济复苏进程，三季度以来各类稳增长政策加码，尤其是基建和地产政策见到了全国层面上的明显刺激，这些政策效果预计将在四季度有所显现。而不确定的则是疫情的反复、地产收缩的速度以及海外的衰退对经济的拖累有多大。综合内外因素及几个不确定变量，或许四季度经济呈现一个较弱的复苏是个较大概率的事件。报告期内，产品以利率债和高等级金融债为载体，开展了积极的买卖交易，取得了比较稳健的投资收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:11.992Z","fund":{"_id":3000000013136,"__csrcFundId":10111,"stockCode":"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场却已经开始逐步从老的逻辑中走出来，例如四季度的股票和债券对于地产政策的反应都已经比较弱了。本质上，即便地产融资有所放松，那么有多少地产公司还会积极的扩张呢？地产政策调整也许更多的关注应该在地产债上而不是权益与经济总效率上。各个主要经济部门的资产负债表的调整已经是不可逆转的，债务投融资结构逐步向非债务融资过渡，而非标准化标的（包括信贷）的投资需求则更多转向标化产品的需求。或许，未来固收类的业务量会更加庞大。流动性方面，从央行角度来看，美国的相关政策转变无疑会带来诸多的不确定性，但是如果我们观察过去两年以来我国金融体系累积的美元储备来看，随着时间的推移，央行的担忧也许会逐步减低，也就是我们可以期待更加宽松的货币政策。虽然过去两年以来央行加大了定向定点的结构性政策，但是对于货币市场来说，钱终归是钱，资本总是流动的。此外，我们需要关注的是碳减排工具的落实情况，虽然我们不知道央行碳减排工具的具体执行标准，但是从目前一些公开的数据看，未到期的绿色贷款规模可能接近20万亿，这些绿贷为未来政策的落地提供了很好的基础。整体来说，流动性在可预见的时间范围内应该比较具有持续性。对于境外的风险的免疫力非常强，境内新的流动性工具如果能够更大规模展开，那么流动性将更加好。总体来看，或许2022年将面临稍微乐观的宏观环境与政策预期，因此对于证券市场而言，相对应的策略也可静待进一步的数据确认而做抉择。本基金也将基于宏观和金融环境的不断变化，灵活运用久期和杠杆等手段，为持有人提供稳健的财富增值。","fund":{"_id":3000000013136,"__csrcFundId":10111,"stockCode":"013136","shortName":"惠升和怡一年定开债券(013136)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13136,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:37:49.060Z","status":"normal","exchange":"jj","name":"惠升和怡一年定期开放债券型发起式证券投资基金","fundCollectionId":4000051720000,"followedNum":0,"inceptionDate":"2021-10-10T16:00:00.000Z","masterFundShortName":"惠升和怡一年定开债券","setUpDate":"2021-10-10T16:00:00.000Z","setUpAssetScale":2009999000,"setUpShares":2009999000,"pinyin":"hshyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20883017","stockType":"fund_manager","exchange":"fm","tickerId":2608229780,"name":"曾华"}]},"announcement":{"linkText":"惠升和怡一年定期开放债券型发起式证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=707467","linkType":"PDF","source":"csrc_pdf"}}]}