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2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1448421","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0497fea5b3eb050a735","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-24T16:00:00.000Z","stockId":3000000013765,"sao":"三季度，全球经济增长呈现出分化态势，主要发达经济体在经历了前期的政策紧缩后，经济增速普遍放缓，通胀压力有所缓解但仍具粘性。在此背景下，中国宏观经济延续了“温和复苏、结构优化”的主基调，政策组合拳的效果逐步显现。然而，外部需求的不确定性依然对出口构成挑战，同时，房地产市场的筑底企稳过程仍在持续，对相关产业链的传导影响依然存在。货币政策方面，央行维持了稳健偏松的货币政策基调，旨在为实体经济提供充足的流动性支持。财政政策方面，积极的财政政策持续发力，成为稳定宏观经济大盘的关键力量。地方政府专项债券的发行和使用进度明显加快，资金重点投向“新基建”、先进制造业、绿色能源等国家战略支持的关键领域，不仅对短期投资形成有效支撑，也为经济的长期高质量发展注入了新动能。　　三季度，债券市场整体表现稳健。在经济温和复苏和流动性合理充裕的共同作用下，利率债收益率呈现区间震荡、重心略有上移的态势。长端利率受到宏观修复预期的扰动，而短端利率则受益于宽松的资金面。信用债方面，市场风险偏好保持谨慎，中短端信用债继续受到青睐，信用利差维持在历史较低水平，但不同资质主体之间的分化有所加剧。　　三季度A股市场整体在对经济数据和政策预期的博弈中震荡上行，但也呈现出明显的结构性分化特征。一方面，受益于产业政策扶持和技术突破预期的科技创新板块，如人工智能、半导体、高端装备制造等，获得了市场的持续关注，表现相对活跃。另一方面，与宏观经济关联度较高的传统周期性行业，以及部分消费板块，则因基本面修复斜率不及预期而面临一定压力。市场风格在成长与价值之间频繁轮动，主题性投资机会频现，对投资者的选股能力提出了更高要求。　　在此期间，本基金保持了投资组合的流动性，债券资产主要配置中短端信用债，以获取票息收入为主，波段操作高等级信用债和中长端利率债。权益资产总体仓位保持中性，采取自上而下的选股思路，重点布局了符合国家战略发展方向、具备核心竞争力且估值合理的优质企业，并对组合结构进行了动态优化。","lastUpdated":"2026-03-09T13:51:05.925Z","fund":{"_id":3000000013765,"__csrcFundId":10645,"stockCode":"013765","shortName":"平安恒泰1年持有混合(013765)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13765,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:55:42.386Z","status":"normal","exchange":"jj","masterFundShortName":"平安恒泰1年持有混合","name":"平安恒泰1年持有期混合型证券投资基金","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-02-22T16:00:00.000Z","setUpDate":"2022-02-22T16:00:00.000Z","setUpAssetScale":321602922.87,"setUpShares":321602922.87,"pinyin":"paht1ncyqhhxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安恒泰1年持有期混合型证券投资基金 2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1371786","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0497fea5b3eb050a734","date":"2025-06-29T16:00:00.000Z","stockId":3000000013765,"sao":"2025年上半年，我国宏观经济运行总体平稳，延续了企稳回升的态势。一季度GDP增速在去年同期基数效应下表现亮眼，二季度虽增速有所放缓，但结构性亮点突出。工业生产稳步增长，政策支持与内生增长动力形成共振，成为拉动经济的重要引擎。消费市场呈现温和复苏，服务消费持续回暖，但大宗商品消费恢复相对偏慢，显示出居民消费信心仍处于逐步修复阶段。货币政策方面，央行继续实施“稳健偏松”的货币政策，保持了市场流动性合理充裕。财政政策方面，中央政府强调“积极有为”，政策重心聚焦于扩大有效投资和优化结构。上半年，债券市场整体呈现区间震荡走势。在经济温和复苏和货币政策宽松的宏观组合下，债券收益率保持区间震荡。10年期国债收益率一度触及历史低位，反映了市场对未来经济增长和通胀的谨慎预期，以及“资产荒”背景下配置需求的旺盛。权益市场方面，上半年A股市场整体表现为“结构性”行情，指数层面呈现宽幅震荡。市场的主要驱动力来自于政策预期和产业趋势。　　上半年本基金保持了投资组合的流动性，债券资产主要配置中短期限的中高等级信用债，波段操作长端利率债和高等级信用债；权益资产均衡配置于偏稳增长逻辑的周期股，阶段性参与了成长板块，以及部分风险收益较好的可转债标的。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:05.922Z","mo":"展望下半年，本基金认为债市收益率有望保持区间震荡。一方面国内宏观经济仍在温和修复，反内卷以价格为抓手有望推动PPI走出颓势，对债市收益率下行存在一定制约；另一方面，经济修复需要宽松的流动性环境，社会融资成本下行有望持续，收益率即使短期存在一些扰动，但总体上行空间不大。不过当前利率已处历史较低水平，债券市场的波动或将加大。我们将灵活调整组合久期，根据市场进行波段操作，力争获取稳健的投资收益。　　权益市场方面，我们认为中国经济将继续高质量发展，宏观政策预计将保持连续性和稳定性，为资本市场提供有力支撑，结构性行情仍将是市场主旋律。我们将继续围绕“新质生产力”和“高股息”两大主线进行布局，重点关注有技术壁垒的科技企业、受益于国内需求复苏的消费品牌以及具备长期分红能力的价值蓝筹等。","fund":{"_id":3000000013765,"__csrcFundId":10645,"stockCode":"013765","shortName":"平安恒泰1年持有混合(013765)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13765,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:55:42.386Z","status":"normal","exchange":"jj","masterFundShortName":"平安恒泰1年持有混合","name":"平安恒泰1年持有期混合型证券投资基金","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-02-22T16:00:00.000Z","setUpDate":"2022-02-22T16:00:00.000Z","setUpAssetScale":321602922.87,"setUpShares":321602922.87,"pinyin":"paht1ncyqhhxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安恒泰1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=1339497","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0497fea5b3eb050a733","date":"2025-03-30T16:00:00.000Z","stockId":3000000013765,"sao":"2025年一季度，国内延续了去年四季度以来的回升态势。一方面，生产端持续恢复，多项高频工业指标已超越去年同期水平；另一方面，需求端呈现结构性分化，以汽车为代表的消费链明显回暖，带动相关制造业增加值高增，不过，投资链条相对偏弱，受房地产和基建类需求尚未完全企稳影响，建材能源等领域恢复稍缓。外需方面，低基数叠加“抢出口”效应令短期出口仍有韧性，对GDP增长形成短期拉动。通胀水平维持低位，货币政策相对稳健，但资金利率维持紧平衡，主要原因可能是央行对资金空转的担忧。这一担忧源于存款利率下行导致居民存款流向非银金融机构，进而可能引发金融风险。因此，央行减少对银行的资金融出，导致资金利率持续偏高。　　一季度债市呈现区间震荡格局。在经济企稳回升和政策发力的背景下，央行继续实施稳健的货币政策，资金利率维持紧平衡。国债收益率曲线小幅上行，信用债市场表现相对稳健。　　一季度股市和转债市场经历了显著调整后逐步企稳。市场信心的修复得益于多项政策组合拳的出台，其中央行对中央汇金提供流动性支持、汇金公司持续增持ETF等措施起到了积极作用。市场结构分化明显，AI、机器人和国防军工等符合国家战略方向的板块表现较为抗跌。随着经济基本面改善和政策效应逐步显现，市场估值水平具备较好的配置价值。　　　　在此期间，本基金保持了投资组合的流动性，债券资产主要配置中短期限的中高等级信用债，波段操作高等级信用债和中长端利率债。权益资产总体仓位相对中性，重点参与部分估值较低的高股息行业、估值相对合理的科技行业，以及部分平衡型的可转债标的等。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:05.919Z","fund":{"_id":3000000013765,"__csrcFundId":10645,"stockCode":"013765","shortName":"平安恒泰1年持有混合(013765)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13765,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:55:42.386Z","status":"normal","exchange":"jj","masterFundShortName":"平安恒泰1年持有混合","name":"平安恒泰1年持有期混合型证券投资基金","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-02-22T16:00:00.000Z","setUpDate":"2022-02-22T16:00:00.000Z","setUpAssetScale":321602922.87,"setUpShares":321602922.87,"pinyin":"paht1ncyqhhxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安恒泰1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=1269653","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0497fea5b3eb050a732","date":"2024-12-30T16:00:00.000Z","stockId":3000000013765,"sao":"报告期，国内宏观经济维持弱修复的态势，有效需求不足，通缩压力加大，企业盈利下行，市场预期偏弱。央行维持支持性货币政策基调，加快降准降息步伐，资金面整体保持平稳，基本面和政策面的共同作用下推动了全年债券的上涨行情。过程中，虽有央行对长端利率风险的加强监管和九月底政策全面转向宽松刺激等因素的作用，导致债券市场出现了短期的震荡调整，但未能改变全年收益率大幅向下的格局。上半年在资产荒推动下，信用利差压缩至历史低位，后期有所调整。权益市场绝大多数指数全年上涨。前三季度中股指整体呈现出震荡下行的态势，先后经历了年初的急跌和“新国九条”证券改革背景下的急速反弹，再到市场持续缩量阴跌的过程。最终在九月末国内政策全面转向的背景下，整体呈现出系统性大幅上涨。高股息板块在经济增速下行期延续了近年来的出色表现，黄金、大金融、电力、人形机器人、TMT等板块表现较好，医药生物、农林牧渔、食品饮料等板块持续低迷。转债市场整体表现与权益市场大体相同，在权益市场走弱的时期，曾受到信用资质担忧和基金赎回的冲击，阶段性相对于权益市场表现出超调。　　　　报告期内，本基金债券操作相对稳健，整体维持中性偏长的久期和适度的杠杆水平，并适当参与利率债和信用债的波段交易，在获取票息收益的同时积极把握资本利得的收益增厚机会。权益方面坚持行业分散化原则，偏好低估值、稳定现金流的行业和个股，同时优选行业格局稳定、有一定成长性、估值合理的优质成长企业。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:05.916Z","mo":"“政策前置发力、货币适度宽松、经济波动筑底”将是2025年基本面及市场的主线逻辑。政治局会议明确货币政策基调升级为“适度宽松”，与财政配合度加强，降息、降准可期；目前中央政府具备足够的加杠杆空间，且政策思路也已转向强调“超常规”逆周期政策，化债政策推进改善地方政府现金流及未来预期，表内财政、货币配合、信贷配套共同发力预计中性情形下推动基建温和走强，力度预计同样前置；消费政策也是未来政策重点发力方向，资产价格及收入端边际好转，以旧换新政策进一步加码，基本面和政策将共同支撑消费从目前的低位水平有所回暖；房地产市场目前初步开启库存主动去化，房价预期边际好转有望支撑销售增速筑底回升，但房企资金流紧张、扩张意愿疲软的特征未改，仍将制约开施工恢复力度，名义地产投资可能仅磨底；制造业面临多数行业供过于求的核心困局，供需矛盾下制造业投资易下难上，设备更新与标准提升带来托底效果，但难改下行方向；出口全年面临的高基数压力愈发加大，但抢出口有望在上半年提振，使其维持高位，下半年在关税冲击下下行压力预计加剧。　　展望2025年的债券市场，目前经济筑底回升，但弹性和可持续性不足，政策聚焦消费和化债、短期刺激强度有限，牛市大环境未改，延续积极态度，但从赔率的角度2024年末市场已经抢跑了一定的降息空间，后续波动可能加大。信用方面，欠配现象持续，在控制好信用风险的前提下，底仓重视中短端的票息价值。我们将紧密地跟踪政策和基本面边际变化，积极把握投资机会、应对市场风险。　　展望2025年的权益市场，我们对明年行情持谨慎乐观的看法，策略方面侧重高分红+高成长的哑铃配置，同时兼顾消费板块的阶段性投资机会。主要基于以下几方面因素的考虑：1、国内经济形势维稳的压力仍然不低，宽松的货币政策确保了中长期的低利率环境，加之长期资金的引入对经营稳定性较高的红利类资产仍然形成较好的支撑；2、在资产缩水和就业形势偏弱的背景下，国内有效需求不足问题仍然突出，问题的解决仍有待相关刺激政策的持续落地效果验证；消费补贴的扩容、扩量有望伴随政策博弈促成相关消费板块的行情；3、在科技创新领域，如AI技术、机器人、智能驾驶、低空经济和卫星互联网等产业发展方兴未艾，随着技术进步和产业趋势明朗，同时在国内政策扶持的作用下，相关科技成长板块仍然会展现出众多投资机会；4、特朗普上任后，财政刺激计划和关税贸易战对美国通胀的影响，或许会降低美联储持续降息的预期，从而维持了美元强势，不利于全球风险偏好的提升；但同时国内已对明年关税贸易战做好了充分的政策应对，外贸结构也不似2018年那般脆弱，估计整体影响会比较有限。","fund":{"_id":3000000013765,"__csrcFundId":10645,"stockCode":"013765","shortName":"平安恒泰1年持有混合(013765)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13765,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:55:42.386Z","status":"normal","exchange":"jj","masterFundShortName":"平安恒泰1年持有混合","name":"平安恒泰1年持有期混合型证券投资基金","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-02-22T16:00:00.000Z","setUpDate":"2022-02-22T16:00:00.000Z","setUpAssetScale":321602922.87,"setUpShares":321602922.87,"pinyin":"paht1ncyqhhxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安恒泰1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=1245752","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0497fea5b3eb050a731","date":"2024-09-29T16:00:00.000Z","stockId":3000000013765,"sao":"报告期内，“三中”全会及随后的政治局工作会议传递出稳增长的信号，后期配套政策渐进推出，但对经济的刺激效果有限。国内宏观数据显示内需持续向弱，同时面临贸易摩擦加剧的外部环境，企业盈利能力普遍下滑，信心严重不足。季末，政策出现明显转折，金融部委在金融支持经济高质量发展发布会上宣布了量化宽松及支持资本市场创新工具，同时中央政治局节前召开了经济工作会议，强调加大财政货币政策逆周期调节力度，促进房地产市场止跌回稳，努力提振资本市场，大力引导中长期资金入市。受政策利好刺激，资本市场出现较大波动。债券市场在政策转折前整体收益率水平下行，利率表现强于信用，期间虽有央行进场买卖国债的影响，但随着央行降息和广谱利率下调预期的增强，长端、超长端利率债创出年内新低。在政策转折后，出现股债翘翘板效应，债券收益率大幅度上行，报告期内信用债收益率水平整体甚至最终出现了上行的局面。权益市场则先抑后扬，前期出现了持续性的回调，于节前一周出现了大幅上涨的系统性反弹行情。在此期间红利股前期受到业绩的影响，后期则受到风格影响，整体收益相对偏弱，其余板块均强势反弹。转债市场前期出现相对于权益市场的超调，表面看是信用资质和赎回的冲击，但根本原因仍是权益市场走弱所导致。季末跟随权益市场大幅反弹。　　　　报告期内，权益部分持仓行业主要分布在煤炭、银行、机械、家电等行业，9月末市场出现大幅反转，小幅增配了部分超跌的医药、建材等行业。转债整体调降了仓位。债券部分主要以信用债持仓为主，利率债阶段性参与长端波段机会，同时在30年期国债触及新低后整体降低了久期和杠杆。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:05.913Z","fund":{"_id":3000000013765,"__csrcFundId":10645,"stockCode":"013765","shortName":"平安恒泰1年持有混合(013765)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13765,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:55:42.386Z","status":"normal","exchange":"jj","masterFundShortName":"平安恒泰1年持有混合","name":"平安恒泰1年持有期混合型证券投资基金","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-02-22T16:00:00.000Z","setUpDate":"2022-02-22T16:00:00.000Z","setUpAssetScale":321602922.87,"setUpShares":321602922.87,"pinyin":"paht1ncyqhhxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安恒泰1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=1170996","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0497fea5b3eb050a730","date":"2024-06-29T16:00:00.000Z","stockId":3000000013765,"sao":"股票方面，2024年上半年市场表现出分化明显，轮动加速的特征。上证指数下跌0.25%，大盘价值全面领涨；而中证1000全面承压，跌幅为16.837%。一月份大盘走低，小盘股一度遭遇了流动性危机，随后一系列维稳措施使得市场经历了快速反弹；二季度，新国九条等政策持续发力，叠加年报、一季度报的发布验证，部分高景气行业得到验证，大盘价值相对走强。转债方面，经历年初的V型反弹后，指数持续震荡。整体节奏与权益市场类似，区别在于4月底开始逐步有理财等增量资金增配的信号出现，溢价率开始有修复迹象。上半年中证转债指数下跌0.07%，整体表现优于部分权益指数。　　债券方面，利率债品种，1-2月实体经济通缩预期发酵，债券供需失衡，降准降息预期持续，利率不断突破前低。3月-5月，经济数据表现不错，农商行舆情发酵，利率整体震荡。6月，地产政策虽然发力，但经济边际走弱，市场对于央行的担忧逐步缓解后，利率下行至前低位置。信用债品种，供求矛盾突出，超长债供给增加依然不改高息资产短缺的局面，城投供给也在持续缩量，存款搬家导致非银成为重要的需求方。信用上半年整体是震荡下行，信用利差持续压缩。　　报告期内，纯债部分提升了久期，减持了短久期的商金和二永信用债，增配中长期的企业中票和银行二永债，同时积极参与超长久期利率品种的交易，收获了一些资本利得收益。权益部分基本维持了年初的仓位水平，持仓结构方面发生明显的调整，主要提升了红利股的配置，降低了偏价值成长的配置。主要增持的行业包括煤炭、有色、化工、船舶制造、公用事业等，减持的行业主要包括电子、医药生物和汽车。转债在年初市场下跌中增加了仓位，之后以调整结构为主，主要增配了钢铁、电池、汽零、化工等行业转债品种，减持了包括煤炭、养殖以及一些涨幅较好的公用事业、电网设备等品种。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:05.910Z","mo":"从近期跟踪的宏观经济数据观察，国内经济“内需弱、外需强”的特点较为明显。地产政策的放松并没有起到立竿见影的作用，部分地产数据边际微弱改善，但同比数据整体仍然保持低位的水平，房地产投资完成额累计同比创出新低。由于地方债务化解包袱较重和土地财政的缺失，虽然有万亿特别国债的发行，但整体基建增速也保持了下行趋势。制造业投资增速保持平稳。消费数据仍然较弱。出口数据是亮点，但与企业担心加征关税，抢出口的短期因素相关，后续能否持续值得关注。今年以来美元保持强势，人民币汇率仍然承压，国内经济基本面的稳增长诉求也依然存在，下半年“预期没有那么强，现实也没有那么弱”的经济基本面情况整体有利于资本市场的平稳表现。三中全会定调未来的发展战略，科技创新和新质生产力将成为核心关注点，有利于引导资本市场围绕科技创新提供更优的服务与支持。转债市场今年的调整始于对低价转债信用资质的担忧，是前期小微盘股退市风险的衍生，我们认为并不能彻底改变转债资产整体的估值逻辑体系。只是更加坚定了我们之前一直秉持的配置理念，在关注低价转债期权价值的同时，赋予企业经营稳健性更多的权重。债券方面，经历了半年的上涨，目前长端和超长端利率品种均又到了前低的位置水平，而其余品种尤其是信用债收益率水平均已创了新低。对存款补息的整顿，导致银行存款流失，但并未带来资金的紧张。得益于信贷需求不强，债券供给压力不大，资金保持了相对宽裕的局面。若未来货币政策有短期变化，或今年以来发行低于预期的地方债突击发行，有可能会对资金面产生一定的压力，对债券市场形成短期的冲击。但就大的经济环境来讲，基本面仍然对债券构成实质利好。","fund":{"_id":3000000013765,"__csrcFundId":10645,"stockCode":"013765","shortName":"平安恒泰1年持有混合(013765)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13765,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:55:42.386Z","status":"normal","exchange":"jj","masterFundShortName":"平安恒泰1年持有混合","name":"平安恒泰1年持有期混合型证券投资基金","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-02-22T16:00:00.000Z","setUpDate":"2022-02-22T16:00:00.000Z","setUpAssetScale":321602922.87,"setUpShares":321602922.87,"pinyin":"paht1ncyqhhxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安恒泰1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=1142905","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0497fea5b3eb050a72f","date":"2024-03-30T16:00:00.000Z","stockId":3000000013765,"sao":"报告期内，国内维持偏松的流动性环境和有定力的政策环境。经济的结构性特征突出，传统投资领域复工节奏偏缓，以新质生产力为代表的新兴领域在产业化进展、鼓励性政策有持续催化。市场方面，债券在偏松的货币环境下维持偏强运行。1-2月，“大行放贷、小行买债”局面持续上演，城投债继续收缩，叠加非银欠配，票息资产荒愈演愈烈，利率在LPR降息和降准预期下有所下行。3月份，债券面临资产荒持续和收益低的两难，利率品种波动频率加大，波段交易的难度也明显提高；权益市场年初出现恐慌性的下跌，随后在流动性注入、政策呵护下基本修复。在此期间红利股整体表现相对稳定，节后市场风险偏好修复，风格切换，小盘、成长股成交额回升，涨幅居前，机会集中于两会政策利好板块与新质生产力方面；转债整体跟随权益，溢价率压缩导致阶段性跟涨偏弱。　　报告期内，基金年初减持低久期商金债，增配中长期的企业中票，期末减持了永续企业中票，降低了组合的杠杆。权益组合仓位相对年初明显降低，主要提升了红利股的配置，降低了偏价值成长的配置，最终组合结构呈现红利及价值成长相对均衡的特点。主要增持的行业包括煤炭、石油石化、有色、银行。减持的行业包括医药生物、电力设备、食品饮料、传媒出版等。转债在年初市场下跌中增加了仓位，之后调整了结构，减持了包括煤炭、养殖以及一些春节后持续反弹较好的弹性品种，增持了公用事业、钢铁、高低压设备等品种。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:05.907Z","fund":{"_id":3000000013765,"__csrcFundId":10645,"stockCode":"013765","shortName":"平安恒泰1年持有混合(013765)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13765,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:55:42.386Z","status":"nor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较好，之后经济复苏偏弱，消费和顺周期等震荡下跌；同时由AI技术更新带来了TMT阶段性的板块机会。转债方面，1月转债整体估值修复行情，后续由于估值高位导致震荡调整；结构上转债整体跟随权益市场行情，顺周期价值和科技等个券均有阶段性的机会。　　报告期内，纯债部分以高等级信用债持仓为主，同时积极参与中长久期利率品种的交易，获取了较高的票息收益和资本利得。权益部分期初维持了较低的仓位，报告期后期明显加大了权益仓位的配置，基金坚持分散投资原则，主要配置了半导体、建筑、计算机应用等板块。转债方面，以少量中低价转债投资为主。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:05.899Z","mo":"展望下半年，当前经济处于库存周期的尾部，但主动去库向被动去库的转化依然不明显，如果没有强有力的政策出台，本轮库存周期大概率是偏弱的一轮周期，海外由于美国经济的韧性，库存也处于周期的尾部位置，有希望看到库存周期的共振。国内核心的问题依然是房企资产负债表恶化后对于投资的负向拉动以及居民信心的修复问题，随着宏观政策的落地，有望看到边际的改善。货币政策方面，预计总体延续偏宽松的格局，甚至可能再度降准降息。资产方面，如果政策利率进一步下调，债市运行区间也大概率下行。但是，考虑到下半年稳增长力度可能较上半年提升，市场或出现震荡调整。权益方面，随着经济修复预期的修复，顺周期和消费等板块均存在机会。转债的估值水平依然偏高，且估值不存在继续抬升的基础，需要警惕估值压缩的风险，随着政策的推动和基本面拐点的逐步确认尤其是库存周期拐点的确认，转债资产有望跟随权益资产，但弹性大概率弱于权益资产。","fund":{"_id":3000000013765,"__csrcFundId":10645,"stockCode":"013765","shortName":"平安恒泰1年持有混合(013765)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13765,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:55:42.386Z","status":"normal","exchange":"jj","masterFundShortName":"平安恒泰1年持有混合","name":"平安恒泰1年持有期混合型证券投资基金","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-02-22T16:00:00.000Z","setUpDate":"2022-02-22T16:00:00.000Z","setUpAssetScale":321602922.87,"setUpShares":321602922.87,"pinyin":"paht1ncyqhhxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安恒泰1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=956596","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0497fea5b3eb050a72b","date":"2023-03-30T16:00:00.000Z","stockId":3000000013765,"sao":"一季度，债市表现分化，利率债收益率总体小幅上行，信用债收益率有所下行。理财市场在经历去年四季度风险事件后逐步企稳，同时信用债收益率在去年底今年初处于性价比较高的水平，在此情况下，一季度信用债表现较好。而在经济呈现疫后修复的情况下，利率债收益率出现小幅上行。　　一季度本基金主要配置中短期品种以获取稳健收益，同时通过杠杆套息等方式增厚组合收益。权益投资上，在市场趋势性行情尚不明确的情况下，总体偏防御。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:05.896Z","fund":{"_id":3000000013765,"__csrcFundId":10645,"stockCode":"013765","shortName":"平安恒泰1年持有混合(013765)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13765,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:55:42.386Z","status":"normal","exchange":"jj","masterFundShortName":"平安恒泰1年持有混合","name":"平安恒泰1年持有期混合型证券投资基金","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-02-22T16:00:00.000Z","setUpDate":"2022-02-22T16:00:00.000Z","setUpAssetScale":321602922.87,"setUpShares":321602922.87,"pinyin":"paht1ncyqhhxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安恒泰1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=884507","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0497fea5b3eb050a72a","date":"2022-12-30T16:00:00.000Z","stockId":3000000013765,"sao":"2022年债市总体呈现震荡态势。2022年1-10月受疫情影响，经济增速下滑，货币政策总体维持相对宽松态势，收益率逐步下行至历史较低水平。2022年11-12月，在疫情管控政策调整的情况下，市场预期发生较大变化，收益率出现明显上行。本基金固收资产方面主要配置中短期品种以获取稳健收益，同时通过杠杆套息、波段操作等方式增厚组合收益。权益投资方面，组合上半年阶段性保持中高仓位，下半年则权益仓位较低。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:05.894Z","mo":"2023年预计债市总体呈震荡格局。一方面，经济增速大概率出现修复性回升，随着疫情防控政策的调整以及稳增长政策的推进，经济企稳向好的趋势很可能延续。但与此同时，今年海外经济体增速放缓、美国可能陷入衰退等因素使得外需面临较大压力，在国内外经济周期错位的情况下，经济修复的过程可能仍有波折。另一方面，对货币政策而言，目前市场资金利率已基本回归政策利率，考虑到全年通胀压力不大，货币政策进一步收紧的可能性不大。同时，就债市的市场定价来看，当前市场水平已一定程度计入了经济正常修复的预期。因此，我们预计今年债市就全年而言可能呈现偏震荡市的格局，收益率全年趋势性上行或下行的可能均偏低，年内或为波段运行态势。　　　　权益市场方面，今年预计机会与风险并存。机会方面可能呈现结构性分化：价值方向上，可能的机会主要来自年内经济恢复超预期的阶段；成长方向上，主要考虑在长期前景较好的方向上等待有安全边际的位置进行布局。而风险方面，大概率来自海外，当前海外市场对美国经济可能的衰退定价不足，同时对美联储货币政策可能的转向过于乐观，后期全球市场或经历风险偏好下降的阶段，当然若出现冲击也意味着投资机会的酝酿。","fund":{"_id":3000000013765,"__csrcFundId":10645,"stockCode":"013765","shortName":"平安恒泰1年持有混合(013765)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13765,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:55:42.386Z","status":"normal","exchange":"jj","masterFundShortName":"平安恒泰1年持有混合","name":"平安恒泰1年持有期混合型证券投资基金","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-02-22T16:00:00.000Z","setUpDate":"2022-02-22T16:00:00.000Z","setUpAssetScale":321602922.87,"setUpShares":321602922.87,"pinyin":"paht1ncyqhhxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安恒泰1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=864058","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0497fea5b3eb050a729","date":"2022-09-29T16:00:00.000Z","stockId":3000000013765,"sao":"三季度，债市表现较好，收益率总体出现下行。7月、8月债市收益率逐步下行，资金利率处于较低水平，公开市场操作利率下调进一步推动现券收益率回落。9月份经济增速边际好转，且海外央行鹰派加息影响市场预期，市场出现震荡调整。权益市场则在增长与估值两方面承压，指数总体震荡回落。  三季度本基金在7月至8月份债市较好的情况下增加了债券仓位，9月则减仓了大部分持仓现券。季末固收投资主要配置存款与回购类资产，在震荡调整的市场环境下获取稳定收益。权益投资上，在市场总体承压的情况下，卖出了前期持仓的股票仓位。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:05.891Z","fund":{"_id":3000000013765,"__csrcFundId":10645,"stockCode":"013765","shortName":"平安恒泰1年持有混合(013765)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13765,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:55:42.386Z","status":"normal","exchange":"jj","masterFundShortName":"平安恒泰1年持有混合","name":"平安恒泰1年持有期混合型证券投资基金","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-02-22T16:00:00.000Z","setUpDate":"2022-02-22T16:00:00.000Z","setUpAssetScale":321602922.87,"setUpShares":321602922.87,"pinyin":"paht1ncyqhhxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安恒泰1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=801985","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0497fea5b3eb050a728","date":"2022-06-29T16:00:00.000Z","stockId":3000000013765,"sao":"上半年债市呈现区间震荡的态势。稳增长政策不断发力，但期间被疫情反复打断，而货币政策总体偏宽松，突发因素较多，市场主逻辑不断切换，收益率呈现不断反复的区间震荡走势。权益市场走势跌宕起伏，4月底之前总体震荡下跌，其后强势反弹。  上半年本基金在固收类资产上主要配置纯债、存款与回购类资产。权益方面，组合在4-5月份总体保持高仓位与均衡配置的思路，考虑到成长股上涨较多，估值明显提升，组合在5月末降低了权益仓位，持仓偏价值方向。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:05.887Z","mo":"下半年预计债市总体延续向好格局。一方面，经过5月至6月份的经济修复后，预期后期经济修复斜率放缓，增长可能开始进入平台期。此外，海外经济下行压力加大，未来可能出现的外需放缓或成为新的压制因素。另一方面，在经济增长进入平台期的情况下，考虑稳增长与防风险等因素，预计货币政策总体仍然保持偏宽松的格局，尤其是在反复强调流动性合理充裕的情况下，资金面可能继续保持偏宽松的格局。定价方面，在上半年资金利率下行的情况下，现券收益率的下行相对克制，定价上仍留有一定的安全边际。因此，预计下半年的债市仍有一定支撑，在资金宽裕的情况下，收益率可能呈现震荡下行态势。    权益市场方面，下半年预计机会与风险并存。考虑到经济修复进入平台期，机会方面可能呈现结构性分化：价值方向上，主要考虑困境反转类的机会；成长方向上，主要考虑在长期前景较好的方向上等待有安全边际的位置进行布局。而风险方面，主要关注海外经济可能由滞胀阶段进入衰退阶段形成的全球冲击，当然若出现冲击也意味着投资机会的酝酿。","fund":{"_id":3000000013765,"__csrcFundId":10645,"stockCode":"013765","shortName":"平安恒泰1年持有混合(013765)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13765,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:55:42.386Z","status":"normal","exchange":"jj","masterFundShortName":"平安恒泰1年持有混合","name":"平安恒泰1年持有期混合型证券投资基金","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-02-22T16:00:00.000Z","setUpDate":"2022-02-22T16:00:00.000Z","setUpAssetScale":321602922.87,"setUpShares":321602922.87,"pinyin":"paht1ncyqhhxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安恒泰1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=778722","linkType":"PDF","source":"csrc_pdf"}}]}