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报告期内，本基金根据市场情况灵活调整了债券仓位和久期。权益仓位先降后升，基本面和市场面给出的信号越发清晰，领先盈利的估值扩张是主旋律，结构上向出海驱动的先进制造业和创新药、创新驱动的科技倾斜。","lastUpdated":"2026-03-09T13:51:37.903Z","fund":{"_id":3000000013969,"__csrcFundId":10660,"stockCode":"013969","shortName":"华夏永利一年持有混合A","masterFundShortName":"华夏永利一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13969,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.466Z","status":"normal","exchange":"jj","name":"华夏永利一年持有期混合型证券投资基金","fundCollectionId":4000050030000,"inceptionDate":"2022-01-26T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-26T16:00:00.000Z","setUpAssetScale":1194171500.15,"setUpShares":1194171500.15,"pinyin":"hxylyncyqhhxzqtzjj","managers":[{"stockCode":"j101020237","stockType":"fund_manager","exchange":"fm","tickerId":122420251210,"name":"陆晓天"}]},"announcement":{"linkText":"华夏永利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=1379695","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0697fea5b3eb050c9fb","date":"2025-06-29T16:00:00.000Z","stockId":3000000013969,"sao":"2025年上半年，宏观经济运行节奏与过去两年较为类似，资产价格走势却因外部环境的变化而不同。债市方面，呈高波动、重交易的特征，债券收益率曲线平坦化。上半年1年期国债收益率较2024年年底上行26BP至1.34%，10年期国债收益率下行3BP至1.65%，曲线平坦化，10年期与1年期国债利差收窄29BP。一季度，宏观经济高频指标改善，资金利率中枢抬升，债市熊平。1-2月资金价格抬升，负Carry压力下，利率债和信用债收益率先后明显上行。3月上半月基本面修复预期转暖、政府债发行节奏前置，长期限债券开始补跌，期限利差走阔。3月下半月，随着10Y国债利率上行至接近1.9%，即回到2024年12月政治局会议宣布“适度宽松”之前，货币政策宽松预期被大幅修正，叠加央行净投放呵护市场，收益率回落。二季度，中美贸易战影响下风险偏好摆动，宏观经济高频指标先回落而后企稳，资金利率中枢较一季度大幅下降，债市走牛。4月，经历了关税冲击，市场对于基本面的担忧情绪推动长端利率由此前的1.80%逐步降至1.62%附近，资金价格亦小幅回落。5月央行一揽子货币政策落地，中美日内瓦会谈大幅下调双方加征关税，利多出尽叠加基本面预期显著改善，债市5月走势偏弱，利率全月冲高回落。6月的交易主线或依然围绕关税与基本面两大变量，关税缓和预期落空，基本面数据平淡，债市在流动性趋松的环境下，上演了“压利差”行情，利率曲线整体下行，曲线小幅陡峭化，利率挑战前低。权益市场方面，呈现宽幅震荡、结构轮动特征，红利、AI、机器人、新消费、创新药等板块轮番表现。指数开年延续去年年末的下跌，1月中下旬随着特朗普就任，阶段性利空消化，股市春季躁动行情开始启动，持续涨至3月。期间Deepseek技术突破，国内AI加速追赶，机器人创新催化不断，AI和人形机器人推动科技成长成为春季行情主线，科技、小盘占优，恒生科技上涨20.7%冠绝全球，大盘蓝筹则表现疲软小幅收跌。4月初的全球关税战冲击导致股市大跌，但随着美国对关税政策纠偏，全球股市逐步收复跌势，6月伊以冲突再添波澜却也较快平息，随后进入经济偏弱与联储宽松预期增强的交互中，全球风险偏好始终保持高位。二季度国内风险偏好始终不温不火，股指缓步上涨，以银行、公路、电力为代表的机构低配红利股以及高AH折价的港股涨幅突出，小票题材反复活跃。国内数据过去两年均呈现“一季度冲高、二季度回落”的态势，今年也类似，投资者对国内基本面改善信心仍较弱。报告期内，本基金调整了仓位和久期，采用稳健的票息策略并进行了灵活的波段操作。权益仓位在春季行情前增加，在二季度末降低，持仓结构以科技、红利板块为主，因外部环境的波动加大以及国内政策向基本面传导，将部分出海和电子产业链标的切至以互联网、乳业、消费服务为主的消费中，结构更加均衡。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:37.900Z","mo":"展望下半年，债市预计延续震荡偏强格局，收益率中枢有望小幅下行，10年期国债收益率低点难破1.5%，高点预计在1.7%~1.8%。判断年初低点1.6%已隐含悲观关税预期与多次降息预期，但下半年关税大幅恶化的概率降低，央行降息空间有限，而贷款等广谱利率牵制、出口不确定性及对冲政策力度有限等均构成利率上行阻力，突破1.8%的阻力位需货币政策大幅收紧或内需超预期反弹。权益市场预计是中枢逐步抬升的震荡趋势，股指能否成功突破近一年的宽幅震荡区间取决于基本面的改善强度。三季度往后政策重心在于落实和反内卷，二季度增长的放缓何时企稳回升、反内卷对通胀和企业盈利改善如何都有待观察。权益仓位上，为降低波动会随市场情绪冷热做调整，结构上维持红利和科技板块为主、其他行业较为均衡的配置，若国内基本面出现更多积极数据支撑，以内需为主的反内卷周期行业则值得加大关注。珍惜基金份额持有人的每一分投资和每一份信任，本基金将继续奉行华夏基金管理有限公司“为信任奉献回报”的经营理念，规范运作，审慎投资，勤勉尽责地为基金份额持有人谋求长期、稳定的回报。","fund":{"_id":3000000013969,"__csrcFundId":10660,"stockCode":"013969","shortName":"华夏永利一年持有混合A","masterFundShortName":"华夏永利一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13969,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.466Z","status":"normal","exchange":"jj","name":"华夏永利一年持有期混合型证券投资基金","fundCollectionId":4000050030000,"inceptionDate":"2022-01-26T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-26T16:00:00.000Z","setUpAssetScale":1194171500.15,"setUpShares":1194171500.15,"pinyin":"hxylyncyqhhxzqtzjj","managers":[{"stockCode":"j101020237","stockType":"fund_manager","exchange":"fm","tickerId":122420251210,"name":"陆晓天"}]},"announcement":{"linkText":"华夏永利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=1347287","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0697fea5b3eb050c9fa","date":"2025-03-30T16:00:00.000Z","stockId":3000000013969,"sao":"2025年一季度，随着宏观经济高频指标较去年末改善，资金利率中枢抬升，债券市场走出熊平走势。分月来看：1月上旬至1月中下旬，流动性压力初步显现，资金价格抬升，负Carry压力下，中短期限利率债收益率快速上行，短端信用利差被动收窄。1月中下旬至2月初，流动性压力未得缓解，压力从利率品种传导至信用品种，短期限信用债收益率迅速上行，短端信用利差走阔。但此时流动性冲击尚未传导至长端债券，长期及超长期限债券的期限利差反而有所缩窄，表现出较强的“韧性”。3月上半月，在基本面修复预期转暖、政府债发行节奏前置的背景下，长期限债券开始补跌，期限利差走阔；同时，长期限信用债收益率进一步攀升，信用利差也重回上行轨道。三月下半月，随着10Y国债利率上行至接近1.9%，即回到2024年12月9日政治局会议宣布“适度宽松”之前，货币政策宽松预期被大幅修正，叠加央行开始进行公开市场净投放呵护市场，收益率开始回落。权益市场方面，指数开年下跌，延续去年四季度宽幅波动趋势，1月中下旬随着特朗普就任阶段性利空消化，股市春季躁动行情启动，直至3月开始高位震荡轮动。这轮春季行情结构分化较为明显，科技、小盘整体占优，恒生科技一季度涨20.7%，中证2000涨7.1%，中证转债涨3.1%，而大盘蓝筹表现疲软，沪深300微跌1.2%，主要是Deepseek技术突破、国内AI加速追赶，机器人创新催化不断，AI和人形机器人推动科技成长成为行情主线。但随着业绩期临近和对美国关税的担忧，领涨板块出现回调，3月开始逐步轮动到低位的消费和周期板块。报告期内，本基金降低了债券仓位和久期。权益仓位在春季行情期间做了小幅调节，持仓结构以科技、红利、出海为主，出海产业链的海外扰动较多，向内需权重高的子行业做了倾斜，考虑到内部供给改革和海外供应链扰动，对周期行业略有增配。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:37.897Z","fund":{"_id":3000000013969,"__csrcFundId":10660,"stockCode":"013969","shortName":"华夏永利一年持有混合A","masterFundShortName":"华夏永利一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13969,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.466Z","status"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