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N”的选择。  债券方面，进入2025年，国债收益率面临上行压力，此前宏观政策发力的传导效应逐步开始显现，宏观经济看到企稳迹象，流动性表现中性，债券市场承压。我们对于久期和杠杆进行了相应的控制，配置上更多倾向于信用债，调减了利率配置。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.249Z","fund":{"_id":3000000013353,"__csrcFundId":9927,"stockCode":"013353","shortName":"鹏华上华一年持有期混合(013353)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:38.709Z","status":"normal","exchange":"jj","name":"鹏华上华一年持有期混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2021-09-27T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华上华一年持有期混合","setUpDate":"2021-09-27T16:00:00.000Z","setUpAssetScale":3703472386.93,"setUpShares":3703472386.93,"pinyin":"phshyncyqhhxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华上华一年持有期混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269343","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb0506083","date":"2024-12-30T16:00:00.000Z","stockId":3000000013353,"sao":"报告期内，权益方面，本基金遵循低估值+确定性增长的选股逻辑和偏均衡的持仓策略，力图获得确定性的投资回报，但是在A股先抑后扬的背景下，业绩回报与我们的预期仍然稍有偏差。回溯全年的投资行为，我们发现从整体的投资逻辑到选股思路，乃至最终确定的持仓标的上，本是可以为我们带来一定的正回报，让我们最终有点失望的，恰恰是坚持到底的决心和信心。“耐心资本”何其可贵，而真正的“耐心资本”，是建立在对宏观大势的信心、对产业趋势的深度研判、对个股的密切研究跟踪的基础之上，但也离不开基金经理内心的坚韧和勇敢。宏观上，我们对于中美博弈的前景保持乐观，强大的制造业基础催生出的新技术快速更新迭代的能力，是我们保持乐观的基础前提；产业趋势上，新一代机器人、生成式AI、低空经济等，都将带来庞大的市场需求，政策层面春风频吹，提振消费也已经是势在必成。在此基础上，我们会更加积极地专注个股的深度研究和跟踪，坚持我们的投资架构和方法论，为持有人创造更好的回报。  债券方面，2024年10年期国债利率下行了80BP左右，债券市场呈现全年走牛的态势，本基金一直维持了较为中性偏高的久期配置，底仓配置了二永、证金债等，辅以长久期利率债的波段操作。报告期内债券贡献了相对较高的收益。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.246Z","mo":"2025年，“东升西渐”的全球主旋律还将继续演绎，中美博弈加剧，但是实质的影响趋于平滑,我们判断整体外部环境会比市场预期得宽松；国内经济在一系列政策措施的支持下，消费企稳复苏，总需求有所改善；新技术带动新需求，AI应用渗透率提升、人形机器人产业落地等行业趋势不可逆转，新质生产力成为经济新的增长点。房地产止跌企稳，最负面的影响渐行渐远，对经济的负面拉动减弱。A股市场呈现慢牛态势，中间会有波折，但是终局比较明确。债券市场我们整体看平，主要获取票息收益。消费和科技仍将是全年主线，我们仍然会精选个股以期获取超额。","fund":{"_id":3000000013353,"__csrcFundId":9927,"stockCode":"013353","shortName":"鹏华上华一年持有期混合(013353)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:38.709Z","status":"normal","exchange":"jj","name":"鹏华上华一年持有期混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2021-09-27T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华上华一年持有期混合","setUpDate":"2021-09-27T16:00:00.000Z","setUpAssetScale":3703472386.93,"setUpShares":3703472386.93,"pinyin":"phshyncyqhhxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华上华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=1249705","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb0506082","date":"2024-09-29T16:00:00.000Z","stockId":3000000013353,"sao":"报告期内，A股市场走势史无前例，经历了两个半月的持续下跌以及一周时间的巨量暴涨，这种变化的发生主要是市场预期的快速变化，以及外部资金的推动所致，而经济和公司基本面暂未发生实质性的改变。我们前一阶段采取较为保守的策略，维持了较低的权益仓位，行业配置往受宏观经济影响较小的医药等方向倾斜，选取板块内估值较低且业绩增长明确的品种构建整体组合，但是也因为低仓位部分错过了权益最迅猛的行情。后续权益市场回归平稳，我们还将聚焦低估值的高端制造和消费品，通过权益资产的挖掘力争为投资者创造稳健回报。  债券方面，在流动性持续偏松、政策利率有所下行的背景下，尽管市场也出现了一定程度的波动，但是我们还是维持较为乐观的判断，报告期内也做了一定程度的利率债波段，增厚组合收益。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.240Z","fund":{"_id":3000000013353,"__csrcFundId":9927,"stockCode":"013353","shortName":"鹏华上华一年持有期混合(013353)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:38.709Z","status":"normal","exchange":"jj","name":"鹏华上华一年持有期混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2021-09-27T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华上华一年持有期混合","setUpDate":"2021-09-27T16:00:00.000Z","setUpAssetScale":3703472386.93,"setUpShares":3703472386.93,"pinyin":"phshyncyqhhxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华上华一年持有期混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1171736","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb0506081","date":"2024-06-29T16:00:00.000Z","stockId":3000000013353,"sao":"2024年上半年，权益市场跌宕起伏，二八分化的高波动格局下，股票配置的时间窗口显得尤为重要。基金经理一直坚持“低估值”+“确定性增长”的投资框架，以期在风险可控的基础上获得年化维度的稳定回报，但是在风格极化的市场中，半年的时间还不足以使得企业内生盈利增长的能力从多重对于宏观、行业担忧的迷雾中凸显出来。在基金经理看来，市场环境唯一的确定性就是变化本身，我们难以在年度、半年度甚至季度的维度上提前预判市场风格和偏好，但是并不意味着投资本身是随机游走。市值由估值和业绩双重维度决定，所以我们对公司盈利的要求，是超越其估值所给出的隐含回报。因为我们并不能准确预期更长维度的业绩表现，所以我们会要求资产本身的久期足够长。但是从短周期来看，企业的经营无可避免受到外部因素的干扰，比如二季度的海运费价格突升，特别是集装箱一柜难求的情况再现，客观上影响了出口企业的经营节奏，也因此影响到相关上市公司的股价波动，且这种波动势必大幅超出公司内在价值的实际变化，从而产生价值修复的投资机会。所以我们也会更加客观地看待市场下跌，坚守我们的底层投资框架，积极把握交易窗口，力争实现净值的稳定增长。  债券方面，报告期内我们高等级的信用债作为底仓，积极参与利率债交易，通过适当延长的久期和提升的杠杆获取资本利得。后续将根据政策、经济形势的变化再做相应的交易层面的调整。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.237Z","mo":"宏观经济方面，基于对微观主体的调研，我们认为中国经济仍然处于复苏通道，尽管新能源和地产投资显著承压，但是整体制造业需求仍然保持平稳，表明中国经济仍然具有较强的韧性；而美国经济数据高歌猛进的背后也有隐忧；中国投资者完全没必要妄自菲薄，但打破市场的一致预期仍需要较强外部力量的冲击。A股本身我们认为至少存有结构性机会，从行业上来看，AI带动的硬件投资机会方兴未艾，更深远的变革或许还未显现，我们也会对该领域保持持续关注；医药行业的估值已经显著承压，而需要具有极强的韧性，已经进入到我们的选股框架体系当中；出口链会呈现出一定的分化，但是产品竞争力强、内部治理优秀的公司依然会脱颖而出；而集中度的提升是很多行业已经并且仍在发生的进程，存量竞争固然残酷，对投资而言也更需要仔细甄别。我们也会积极把握市场的机构性机会，选择优质品种进行投资，以期获取稳定的资本回报。","fund":{"_id":3000000013353,"__csrcFundId":9927,"stockCode":"013353","shortName":"鹏华上华一年持有期混合(013353)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:38.709Z","status":"normal","exchange":"jj","name":"鹏华上华一年持有期混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2021-09-27T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华上华一年持有期混合","setUpDate":"2021-09-27T16:00:00.000Z","setUpAssetScale":3703472386.93,"setUpShares":3703472386.93,"pinyin":"phshyncyqhhxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华上华一年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=1143513","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb0506080","date":"2024-03-30T16:00:00.000Z","stockId":3000000013353,"sao":"2024年一季度，A股市场经历了春节前的剧烈调整和春节后的快速修复，宏观基本面分歧明显，交易情绪主导下个股表现分化较大。但是基金经理始终认为，中国经济远没有市场想象得那么悲观，而大家所关注的美国经济也没有数据看起来那么美好，因此即便在市场大幅波动的背景下，本产品始终维持了较高的权益仓位。行业配置上，我们依然积极寻找优质、低估值的制造业品种，作为我们的核心配置，同时看好全球定价、供给受限的上游资源品，以及经历了21-23年估值回归之后已经符合低估值、有增长、长久期投资框架的消费类资产，整体配置相对均衡。债券部位以高等级信用债为主，择机参与长端利率债交易。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.235Z","fund":{"_id":3000000013353,"__csrcFundId":9927,"stockCode":"013353","shortName":"鹏华上华一年持有期混合(013353)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:38.709Z","status":"normal","exchange":"jj","name":"鹏华上华一年持有期混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2021-09-27T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华上华一年持有期混合","setUpDate":"2021-09-27T16:00:00.000Z","setUpAssetScale":3703472386.93,"setUpShares":3703472386.93,"pinyin":"phshyncyqhhxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华上华一年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=1069023","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb050607f","date":"2023-12-30T16:00:00.000Z","stockId":3000000013353,"sao":"1月天量信贷投放以及疫情达峰后人流出行迅速恢复，市场对经济复苏抱有很高的期待，且三支箭后地产政策预期松动，基本面和政策面共同压制债市，权益市场快速上涨。两会后市场对政策预期下修，地产销售复苏不及预期，经济转弱的信号在高频数据上得到确认，市场从交易“强预期”转向交易“弱现实”。3月央行降准0.25%，4月银行下调存款利率，6月央行降息10bp，债券收益率快速下行。权益市场由普涨转为结构行情，人工智能的催化下TMT行业走强，“中特估”相关标的也有所表现。三季度国内经济在库存周期及政策发力的共同带动下迎来改善。债券收益率先下后上，降息降准先后落地并未进一步推动收益率下行，9月资金面有所收紧带动市场出现明显调整。权益市场在政策持续催化下迎来反弹，但外资持续流出成为压制市场情绪的重要因素。四季度财政政策持续发力，地方特殊再融资债券密集发行，人大常委会批准四季度增发1万亿元国债，赤字率提升至3.8%。同时，地方化债如期推进，在“化存量”同时“遏增量”态势进一步趋严。货币政策方面，全国人大审议金融工作报告提到金融空转问题，央行货币政策报告强调基准利率的公信力。地产政策方面，北上深地产政策进一步优化，银行地产贷款“三个不低于”等多项地产金融政策出台。四季度资金利率中枢上移，存单利率一度突破2.6%。现券收益率先上而下，10月在资金面及供给的压力下收益率出现明显调整，11月国债增发落地后，债券利空出尽逐步走强，30年国债在配置盘的带动下，表现最好。权益市场整体表现不佳，结构上权重指数弱于中小盘。报告期内本基金在债券投资上以持有中高评级信用债和利率债为主，二、四季度组合明显拉长久期。股票仓位维持中性，对持有的行业和个股进行了动态调整。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.232Z","mo":"展望2024，基本面内生修复动能仍偏疲弱，弱总量格局延续。中央经济工作会议要求稳中求进、以进促稳、先立后破，政策托底可期，三大工程可能是重要抓手。货币政策预计延续宽松，美联储进入降息周期，国内降息空间打开。债券市场整体风险可控，但期限利差、信用利差都压缩到较为极致的水平，需注意交易节奏。权益市场在经历了较长时间的调整之后，估值已然偏低，随着经济持续修复存在较强的向上动能。行业上我们将持续领会学习“高质量发展”的深刻内涵，分享中国经济高质量增长的时代红利。","fund":{"_id":3000000013353,"__csrcFundId":9927,"stockCode":"013353","shortName":"鹏华上华一年持有期混合(013353)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:38.709Z","status":"normal","exchange":"jj","name":"鹏华上华一年持有期混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2021-09-27T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华上华一年持有期混合","setUpDate":"2021-09-27T16:00:00.000Z","setUpAssetScale":3703472386.93,"setUpShares":3703472386.93,"pinyin":"phshyncyqhhxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华上华一年持有期混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1051517","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb050607e","date":"2023-09-29T16:00:00.000Z","stockId":3000000013353,"sao":"三季度我们看到了宏观经济阶段性企稳，以及地产、化债方面的政策逐步出台，在商品端也看到了部分企业减缓去库的行为，长端利率品在上述背景下先下后上三季度整体震荡，短端多因素共振出现了一定的上行。展望四季度，我们认为政策预期仍在，尤其是财政端思路或出现一定的改变，对经济有正向作用；地产方面则仍未看到自发企稳，前期政策效果仍有待检验，仍然是宏观经济中较值得关注的方向；同时我们关注到离岸市场利率水平持续偏高，或对境内短端有一定干扰。预计利率投资者将在政策和现实间寻求平衡点，关注对明年的经济表述及增速目标。  权益方面，三季度权益市场表现偏弱，主要宽基指数收跌，上证指数下跌2.9%，沪深300下跌4%，创业板指下跌9.5%。三季度由于美债收益率持续上升，以及二季度以来经济复苏斜率放缓、地产市场表现低迷，叠加北上资金持续流出，压制了国内股市。但是我们看到7月的政治局会议之后，国内稳增长以及活跃资本市场的政策不断出台，包括地产政策边际放松，地方政府再融资债开始发行，股票市场降低印花税，以及在资本市场规则方面持续进行政策协调，我们认为这些积极因素在持续累积，权益市场市场情绪后续或逐步好转。同时，我们看到产业层面，积极因素在持续增加，汽车销量保持较好的水平，新能源车渗透率持续提升，同时智能化水平明显提升，新能源车的下半场智能化的大幕已经徐徐拉开；华为Mate60回归，“遥遥领先”重回各个社交媒体，国内消费电子和半导体领域迎来重大变化，对整体产业和信心都有明显的提振；AI浪潮继续在全球上演，国内大模型牌照发放，海外操作系统和办公软件的AI应用加速推进，人工智能助手成为了各家公司重点发展的方向，AI未来几年有可能深刻改变我们的生活。而三季度压制全球股市的重要因素美债收益率在国庆期间突破4.8%，美债期限利差大幅缩小，美债对于美国经济不衰退进行了充分的重定价，当前定价更加充分后，对国内股市的冲击大概率也会减小。我们看到政策、基本面、流动性都持续积极的变化，权益市场后续的行情依然可以期待。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.229Z","fund":{"_id":3000000013353,"__csrcFundId":9927,"stockCode":"013353","shortName":"鹏华上华一年持有期混合(013353)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:38.709Z","status":"normal","exchange":"jj","name":"鹏华上华一年持有期混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2021-09-27T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华上华一年持有期混合","setUpDate":"2021-09-27T16:00:00.000Z","setUpAssetScale":3703472386.93,"setUpShares":3703472386.93,"pinyin":"phshyncyqhhxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华上华一年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=986938","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb050607d","date":"2023-06-29T16:00:00.000Z","stockId":3000000013353,"sao":"2023年上半年债市行情可分为两个阶段：1-2月强数据且资金偏紧，3-6月数据边际转弱且资金宽松：1月天量的信贷投放以及疫情达峰后人流出行的迅速恢复，让市场对节后经济复苏抱有很高的期待，且三支箭后中央层面地产政策预期松动，基本面和政策面共同压制债市，利率持续调整，长端在春节前最高上行至2.93%。节后地产销售迎来小阳春，生产和消费也如期修复，但复苏预期已打得较满，债市钱多，长端在2.89%横盘震荡。3月开始通胀持续低于预期，商品下游需求走弱，地产销售环比走弱，市场交易预期转弱，期间3月27日央行全面降准0.25%，6月13日央行降息10bp，资金整体维持宽松。在基本面、资金面和政策面共振下，长端利率从2月末2.92%下行至6月末2.63%。权益方面，半年度来看，市场在春节前呈现普涨行情，其后主题投资较为活跃，权重个股情绪偏弱，市场整体波动明显，期间市场参与者对AI主题较为关注，相关行业成交量颇高，传统消费、新能源赛道出现波动。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.226Z","mo":"债券方面，由于经济修复动能的反复，叠加银行存款利率下调，二季度债券收益率普遍下行，其中短端表现更显著。我们观察到由于同比数据波动较大，债市将关注度放在环比数据上，预计这种关注重心的变化会持续全年。展望后市，我们认为从环比数据出发，三季度或较难重复二季度情况：二季度企业库存快速去化，目前库存水平已处在偏低位置上，三季度该因素对经济的拖累趋于减弱；其次，市场对宽信用政策有一定的预期，但利差保护仍不足，叠加地方债发行或在三季度放量，也会对市场形成一定扰动。综上，我们预计三季度利率品难复制二季度的流畅下行，债券市场尤其是长端或出现阶段性波动，市场有一定的概率转向票息行情。当然，市场走势的核心在政策选择和经济基本面的变化，我们保持关注。  权益方面，23年上半年以来，权益市场分化明显，科技行业和高股息资产占比较高的科创50和红利指数上涨超过4%，而沪深300和创业板指表现偏弱，小盘股表现明显好于大盘股。行业层面，科技行业表现亮眼，通信和传媒上涨超过40%，家电、石化、机械表现较强，但消费者服务、新能源、食品饮料等呈现负收益。从更长期的维度来看，我们更关注高质量发展，即从之前的经济增长模式，转向提高全要素生产率、高质量发展带动经济增长。因此，我们的投资也更加聚焦于此类领域，从各行各业继续去寻找新旧动能转换带来的机会。展望下半年，我们认为国内宏观经济预期有可能出现改善，当前国内股票相对于债券也处于更加有性价比的位置，叠加下半年联储加息周期也趋于尾声，我们整体认为股票市场处于底部区域，下半年会有更多的机会。我们会继续关注人工智能以及高端制造的机会，同时随着经济预期的改善，部分供给约束较大，需求恢复带来可能带来明显的价格弹性的顺周期行业，以及随着扩大内需，消费呈现出新业态发展的机会，我们也会阶段性的参与和配置。","fund":{"_id":3000000013353,"__csrcFundId":9927,"stockCode":"013353","shortName":"鹏华上华一年持有期混合(013353)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:38.709Z","status":"normal","exchange":"jj","name":"鹏华上华一年持有期混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2021-09-27T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华上华一年持有期混合","setUpDate":"2021-09-27T16:00:00.000Z","setUpAssetScale":3703472386.93,"setUpShares":3703472386.93,"pinyin":"phshyncyqhhxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华上华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=961656","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb050607c","date":"2023-03-30T16:00:00.000Z","stockId":3000000013353,"sao":"债券方面，春节前，强预期弱现实，债市走弱，市场对节后经济复苏抱有较高预期。年后产需数据弱改善，但对经济走势高度不确定，债市震荡。两会后，市场对当年经济目标有了清晰的认识，叠加3月中旬海外风险事件频发，避险情绪上升，3月17日央行宣告降准，市场情绪向好，利率略有下行。信用方面，明显好于利率， 信用利差在一季度全面收窄，各等级收益率曲线整体下移，机构行为主导的走势明显。后市关注机构行为、资金面情况以及金融监管。  权益方面，春节前市场收益明显，节后权益市场同样对经济走势高度出现分歧，传统价值板块及部分赛道板块震荡回落。随后海外chatgpt为首的新闻占领媒体头条，AI，数字经济为主的TMT板块大幅反弹。展望后市，一季度极致的TMT行情有望扩散，走向均衡，我们对市场维持积极乐观看法。4月开始中外友好表态频出，改善风险偏好。美债逐步企稳，外资有望重新转净流入，市场均衡反弹，叠加题材赚钱效应和经济复苏共振局面下，我们期待后续增量资金入市。行业上，TMT大概率仍是板块内轮动，财报业绩驱动有望成为二季度主线。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.224Z","fund":{"_id":3000000013353,"__csrcFundId":9927,"stockCode":"013353","shortName":"鹏华上华一年持有期混合(013353)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:38.709Z","status":"normal","exchange":"jj","name":"鹏华上华一年持有期混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2021-09-27T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华上华一年持有期混合","setUpDate":"2021-09-27T16:00:00.000Z","setUpAssetScale":3703472386.93,"setUpShares":3703472386.93,"pinyin":"phshyncyqhhxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华上华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=886704","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb050607b","date":"2022-12-30T16:00:00.000Z","stockId":3000000013353,"sao":"2022年债券市场先牛后熊，4季度出现大幅调整。前三季度，疫情和地产风险持续压制经济，政策“以稳为主”，相对淡化经济诉求，“宽信用”预期反复被证伪，财政靠前发力导致流动性淤积，央行两次降息两次降准，10年国债利率震荡下行。“资金牛”属性也愈加浓厚，非银需求旺盛，债市杠杆持续上行，期限和信用利差持续压缩。11月开始地产和防疫政策相继转向，市场预期急速扭转，债市快速调整导致理财赎回潮爆发，流动性冲击叠加基本面改善预期，信用加速下跌。整体下跌一直延续到12月中旬，理财赎回缓和叠加央行增加流动性投放，信用市场于年底明显企稳，信用利差在4季度显著走阔。全年看，10年国债上行6bp至2.84%，10年国开下行9bp至2.99%。不同评级中长端信用收益率大幅上行，全年信用利差显著走阔。  转债全年跟随权益波动，节奏上并未脱离权益约束。1-4月跟随权益下跌，4月末权益企稳反弹，转债跟随反弹至8月中旬，期间转债平价和估值双击。8月估值见顶，伴随权益震荡走弱，转债下跌。11月债市大幅调整，引发流动性危机，转债估值显著压缩。年末伴随流动性缓和，权益反弹，转债估值企稳，跟随权益上涨。中证转债指数全年下跌幅-10%。  22年权益市场下跌。全年市场受到较多负面事件冲击，美联储加息，俄乌冲突，疫情发酵等持续影响经济基本面和市场风险偏好。市场在10月人事换届和年底中央经济工作会议的预期中反复博弈，强预期和弱现实中并未出现清晰主线。全年看上证综指-15.13%，沪深300-21.63%，创业板指-29.37%，行业方面，仅煤炭、消费者服务、交通运输三个行业获得了正收益，电子、计算机、军工领跌。  报告期内本基金在债券投资上以持有中高评级信用债为主，4季度降低组合久期。股票仓位维持在中性偏高位置，并对持有的个股进行了调整。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.218Z","mo":"展望2023年，上半年经济仍处在衰退向复苏的过渡，预计货币政策维持中性略偏呵护，实体融资需求尚未明显修复，预期上半年资金对债券资产的需求仍然旺盛。但随着经济企稳，股票市场趋于回暖，地产修复也将带来涉房地产贷款的修复。  23年政策托底意愿较强，预计货币政策仍呵护，财政拖底，产业政策积极，全年社融和信贷有望反弹，带动基本面企稳复苏，企业盈利有望逐步改善，风险偏好或提升，权益市场机会大于风险，伴随稳增长政策逐步落地，基本面会逐步清晰，低估值下，市场有望修复上行。  转债方面，年末流动性冲击带动转债估值显著回落，平价和估值中枢压缩至22年4月低点位置，伴随权益企稳，债市止跌，转债独立下跌风险较低，部分标的跌出配置价值。展望23年，基本面大概率企稳复苏，收益率上行可能对转债估值形成长期的系统性压制，但也会带来部分行业的盈利改善，我们更关注这类行业的机会，平价有望对冲估值的下行压制。","fund":{"_id":3000000013353,"__csrcFundId":9927,"stockCode":"013353","shortName":"鹏华上华一年持有期混合(013353)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:38.709Z","status":"normal","exchange":"jj","name":"鹏华上华一年持有期混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2021-09-27T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华上华一年持有期混合","setUpDate":"2021-09-27T16:00:00.000Z","setUpAssetScale":3703472386.93,"setUpShares":3703472386.93,"pinyin":"phshyncyqhhxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华上华一年持有期混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=869222","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb050607a","date":"2022-09-29T16:00:00.000Z","stockId":3000000013353,"sao":"债券方面，7月政治局会议弱化经济增长目标，信用下行，利差继续压缩。8月超预期降息，收益率曲线牛平，信用略弱于利率。9月伴随资金面收敛，人民币贬值，以及宽信用政策扰动，月末收益率快速上行，信用持仓收益、波动均好于利率。整体看，Q3信用先下随后企稳，3Y期品种普遍下行20bp左右，信用利差压缩。  权益方面，宽基指均于7月初见顶后震荡回落，沪深300和上证50均跌破4月低点，单Q3季度，仅煤炭行业录得正收益。稳增长预期落空，叠加美联储激进加息，市场风险偏好在本季度回落。本轮回调后，各宽基指从股权风险溢价角度看均回落至历史极值位置附近，估值性价比凸显，中长期角度，我们认为权益市场已进入值得布局的时间窗口，短期等待诸多预期差的确认。  报告期内本基金在债券投资上以持有中高评级信用债为主，通过利率和高等级债券进行久期调整；权益进行了行业布局的调整。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.215Z","fund":{"_id":3000000013353,"__csrcFundId":9927,"stockCode":"013353","shortName":"鹏华上华一年持有期混合(013353)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:38.709Z","status":"normal","exchange":"jj","name":"鹏华上华一年持有期混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2021-09-27T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华上华一年持有期混合","setUpDate":"2021-09-27T16:00:00.000Z","setUpAssetScale":3703472386.93,"setUpShares":3703472386.93,"pinyin":"phshyncyqhhxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华上华一年持有期混合型证券投资基金 2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=804231","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb0506079","date":"2022-06-29T16:00:00.000Z","stockId":3000000013353,"sao":"2022年上半年，债券市场整体窄幅震荡。1月央行降息10BP，货币政策态度宽松，利率明显下行。春节后至3月上旬，社融和PMI数据明显好转，地产“因城施策”放松政策频出，市场“宽信用”预期发酵，利率最高上行至2.85%。3月中旬到4月底，深圳、上海和北京接连出现疫情并封城，货币宽松预期发酵，而美联储3月开始加息，对国内货币政策形成一定掣肘，央行四月降准0.25%低于预期，利率先下后上。5月资金持续宽松，总理召开全国稳定经济大盘会议，市场修正基本面预期至悲观，利率下行破2.7%。6月以来，北京和上海全面解封，疫情整体进入收尾阶段，政策在防疫和“稳增长”中边际向后者倾斜，疫情防控边际放松，5月经济数据明显修复，下旬地产销量好转，利率明显调整。  上半年权益市场大开大合。高景气的新能源和军工深跌反弹，此后维持强势；受俄乌冲突影响，能源股表现亮眼，TMT板块表现低迷。指数方面，红利指数领涨3.09%，创业板表现稍弱，跌15.41%。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.212Z","mo":"在经历了二季度的休整后，国内经济从底部修复，但受制于疫情“长尾”效应影响，经济回升的幅度偏缓，地产尤其是一二线城市地产呈现弱复苏的情况，消费因为场景制约，恢复上限不高，在此背景下财政跨周期调节将着重发力，对经济形成支撑。在这种不确定性较强的背景下，我们预计货币政策仍会维持中性略偏宽松的态度，对于权益和债券市场都会形成一定的支撑。  海外市场目前较为复杂，由于多数国家受到通胀的困扰，货币政策只得采取较为激进的收缩方式来应对，对需求产生较为明显的影响，金融市场也出现明显的波动。","fund":{"_id":3000000013353,"__csrcFundId":9927,"stockCode":"013353","shortName":"鹏华上华一年持有期混合(013353)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:38.709Z","status":"normal","exchange":"jj","name":"鹏华上华一年持有期混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2021-09-27T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华上华一年持有期混合","setUpDate":"2021-09-27T16:00:00.000Z","setUpAssetScale":3703472386.93,"setUpShares":3703472386.93,"pinyin":"phshyncyqhhxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华上华一年持有期混合型证券投资基金 2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=783080","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb0506078","date":"2022-03-30T16:00:00.000Z","stockId":3000000013353,"sao":"权益方面，一季度成长回落，以稳增长为代表的价值蓝筹走强。宏观驱动逻辑包括国内稳增长预期升温，美债收益率快速上行，地缘政治风险带来的供给扰动。经过一季度调整，成长和价值无论估值偏差还是持仓集中度方面均得到修正。各宽基指从股权风险溢价角度看均回落至历史极值位置附近，估值性价比明显抬升。短期在经济基本面和地缘政治风险扰动下，市场窄幅震荡为主。中长期角度，我们认为当前市场具备配置价值。年初以来我们对转债一直持偏空态度，源于高估值背景下，权益和利率任何一方扰动均可能导致转债杀估值回落。中证转债指数Q1下跌8.36%，系统性估值仍处于高位，但伴随市场震荡调整，转债内部也出现一些积极变化。一些标的在正股，转债价格、溢价率三个维度都出现价值，我们更关注这一类标的，在左侧位置逐渐布局，时间换空间。经过调整后，我们对转债市场不再悲观。债券方面，1月MLF利率调降，央行发言偏鸽，利率加速下行，10年国债触及本轮牛市新低2.66%。2月以来，宽信用预期升温，地产政策放松加码，叠加理财产品中含权产品出现了净值波动，引发了赎回负反馈，推动利率快速上行；随后疫情反复，再度给债券市场带来机会，后续会观察经济增长的情况再做进一步调整。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.209Z","fund":{"_id":3000000013353,"__csrcFundId":9927,"stockCode":"013353","shortName":"鹏华上华一年持有期混合(013353)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:38.709Z","status":"normal","exchange":"jj","name":"鹏华上华一年持有期混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2021-09-27T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华上华一年持有期混合","setUpDate":"2021-09-27T16:00:00.000Z","setUpAssetScale":3703472386.93,"setUpShares":3703472386.93,"pinyin":"phshyncyqhhxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华上华一年持有期混合型证券投资基金 2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=724045","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb0506077","date":"2021-12-30T16:00:00.000Z","stockId":3000000013353,"sao":"21年债券市场表现较好，以震荡下行为主，反弹调整的幅度有限。春节前小幅调整，源于央行阶段性收紧流动性。3-5月整体慢牛，资金面持续宽松，政府债发行节奏弱于预期，叠加局部信用收紧，市场阶段性“资产荒”，现券收益率震荡回落。7月降准引发小牛市，伴随全面降准落地，市场修正对基本面的预期，债市情绪高涨，并憧憬二次宽松。8-9月，市场博弈宽货币与宽信用，收益率整体处于震荡。10月中上旬经历小幅调整，期间滞涨预期发酵，下旬以来，大宗商品价格回落，地产信用风险发酵，“能耗双控”严格执行引发供给收缩，基本面明显走弱；货币政策表态更加积极，叠加12月央行再次降准，而“稳增长”政策检验仍待时日，利率震荡偏强。全年看，信用和利率收益率均呈下行趋势，表现较好。  21年转债市场实现平价和估值的“戴维斯双击”。1月受流动性压制，转债估值大幅回落，转债指数受此拖累下跌，此后，转债在平价和估值支撑下，开始反弹，涨至年末。一方面，转债成分构成偏中小盘，21年表现较好；此外，宽裕的流动性叠加新增资金和参与群体的多元化，转债估值连续提升。双向支撑下，中证转债指数年内涨幅达18.48%，转债成为年内表现最好的大类资产。  21年权益市场大开大合，整体呈现高波动，快轮动的节奏和特征。全年看，高景气的新能源和军工维持强势；受双碳和能耗双控影响，周期股强势反弹至9月中旬，随后在政策压制下杀跌回落。消费板块全年走势低迷，连续杀估值回落。科技板块间或有题材性机会，全年表现平平。受权重股支撑，创业板表现较好，年内录得涨幅12%，上证表现稍弱，年内录得涨幅4.8%。  报告期内本基金在债券投资上以持有中高评级信用债为主；股票仓位维持在计划区间的中性偏高位置，并对持有的股票个券进行了调整；可转债考虑到流动性原因，仓位偏低。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.206Z","mo":"2021年，全球经济整体处于复苏进程，但疫情反复持续形成干扰。发达国家中，美国经济率先走出疫情冲击后的衰退，受益于疫后大规模财政直接补贴和极度宽松的货币政策，美国内需成为本次全球复苏的主要拉动力量；但全球疫情防控和经济修复不均衡，导致国际供应链严重堵塞，需求在财政刺激和低利率中反而更显强劲，供需错配矛盾突出，推升全球商品价格快速攀升，海内外都经历了一轮大规模通胀。叠加全球能源结构转变过程中，传统能源供给不足，加剧了价格矛盾。货币政策方面，目前大部分发达国家高通胀已经较难忽视，迫使越来越多发达国家央行转向收紧货币政策，并不断加大收紧的力度。但是相对于海外经济体，我国情况完全不同：过去两年，我国疫情管控成功，财政、货币政策的回收有条不紊，同时我国整肃了财政纪律，严控地产非理性发展，均实现了良好效果，相应的信用派生能力阶段性下降，经济动能出现阶段性下滑。目前我国核心通胀水平较低，以我为主的导向下，政策空间充足，我们预期宽信用的政策会紧随货币宽松出台，而历史上强大的国家组织能力均能让经济目标得以实现，在政策发力阶段权益市场存在指数性机会。我们预期随着宽信用政策的推出，叠加向高端制造和新型服务领域升级转型的大方向，在出现重大技术和商业模式变革的领域，中国将能够维持快速增长，并以此带动经济修复。2022年本基金利率债部位将以波段操作为主；信用品以中高等级信用债为主，获取票息同时防控信用风险。","fund":{"_id":3000000013353,"__csrcFundId":9927,"stockCode":"013353","shortName":"鹏华上华一年持有期混合(013353)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:38.709Z","status":"normal","exchange":"jj","name":"鹏华上华一年持有期混合型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2021-09-27T16:00:00.000Z","followedNum":0,"masterFundShortName":"鹏华上华一年持有期混合","setUpDate":"2021-09-27T16:00:00.000Z","setUpAssetScale":3703472386.93,"setUpShares":3703472386.93,"pinyin":"phshyncyqhhxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华上华一年持有期混合型证券投资基金 2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=712214","linkType":"PDF","source":"csrc_pdf"}}]}