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长债收益率也在短债调整之后有所调整。本基金采用偏稳健的方式运作，权益方面偏大盘，红利低波，债券部分及时降低了债券类资产的久期水平，努力控制市场调整对组合造成的负面影响。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:56.290Z","fund":{"_id":3000000014440,"__csrcFundId":10610,"stockCode":"014440","shortName":"博时恒鑫稳健一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14440,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:34.449Z","status":"normal","exchange":"jj","masterFundShortName":"博时恒鑫稳健一年持有期混合","name":"博时恒鑫稳健一年持有期混合型证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2022-01-24T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-24T16:00:00.000Z","setUpAssetScale":3207252840.71,"setUpShares":3207252840.71,"pinyin":"bshxwjyncyqhhxzqtzjj","managers":[{"stockCode":"8801400124","stockType":"fund_manager","exchange":"fm","tickerId":72608152420,"name":"桂征辉"},{"stockCode":"db20884819","stockType":"fund_manager","exchange":"fm","tickerId":1224225130,"name":"罗霄"}]},"announcement":{"linkText":"博时恒鑫稳健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=1270472","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0b87fea5b3eb0511d5e","date":"2024-12-30T16:00:00.000Z","stockId":3000000014440,"sao":"2024年A股市场整体呈现“先抑后扬”的走势，市场活跃度显著提升。9月底开始，受一揽子政策利好刺激，市场信心修复，指数大幅反弹，沪深两市成交额显著放大。从指数表现来看，大盘股指数如沪深300指数，科创50，上证指数等涨幅均超10%。行业方面，银行、非银金融等红利板块表现突出，通信、电子等科技板块也跑出明显超额收益。债券市场总体仍然处于牛市行情当中。一季度在去年年底的地方政府债发行高峰期过去之后，短端存单等收益率出现一波下行，带动了长久期利率债在年初也出现了快速下行。二季度末有所波动，又重回下行趋势。三季度初收益率仍创出新低，但随着中央政治局会议提出了一揽子政策，权益市场反转，债券市场短期收益率有大幅的冲高，全季度收益率的下行幅度基本被抹平。四季度则随着央行进一步的降息降准，收益率再度开启了下行之旅，且在年末加速下行，10年期和30年期国债收益率相继突破2%，进一步创出新低。全年来看，10年期国债收益率下行幅度达到88bp，30年期国债收益率下行幅度达到91bp。报告期内，本基金在股票方面，长期保持较为中性的仓位，采用量化投资策略，精选估值较低，较为稳健的个股，优化投资组合，力求在控制回撤风险的前提下实现正收益。同时采用转债轮动策略，股票对冲策略等力争为基金创造额外的收益。在债券方面，以票息收入为核心，保持组合流动性，根据市场变化灵活调整久期，积极应对市场波动，把握收益率调整带来的配置机会。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:56.287Z","mo":"2025年，国内经济有望在政策支持下延续温和复苏态势，宏观数据和PMI数据逐步向好，稳增长政策将持续发力。财政政策和货币政策的协同发力将为市场提供流动性支持。经过去年的国债收益率大幅下行，当前股票市场整体估值水平处于历史上相对低的位置，依然值得配置。就债券市场而言，收益率下行最快阶段已过，未来会逐步回归基本面定价。需要关注的重点在于地产行业政策变化、央行货币政策框架调整、特别国债和地方政府债供给节奏。从中长期的角度来看，债券市场的机会和空间犹在。","fund":{"_id":3000000014440,"__csrcFundId":10610,"stockCode":"014440","shortName":"博时恒鑫稳健一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14440,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:34.449Z","status":"normal","exchange":"jj","masterFundShortName":"博时恒鑫稳健一年持有期混合","name":"博时恒鑫稳健一年持有期混合型证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2022-01-24T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-24T16:00:00.000Z","setUpAssetScale":3207252840.71,"setUpShares":3207252840.71,"pinyin":"bshxwjyncyqhhxzqtzjj","managers":[{"stockCode":"8801400124","stockType":"fund_manager","exchange":"fm","tickerId":72608152420,"name":"桂征辉"},{"stockCode":"db20884819","stockType":"fund_manager","exchange":"fm","tickerId":1224225130,"name":"罗霄"}]},"announcement":{"linkText":"博时恒鑫稳健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=1251683","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0b87fea5b3eb0511d5d","date":"2024-06-29T16:00:00.000Z","stockId":3000000014440,"sao":"2024年上半年， 宏观方面，我国经济GDP增速较高，通胀较低，说明当前我国仍然面临供给强、需求弱的局面。中国出口韧性较强。市场方面，A股行情上半年，全A指数下跌，上证50、沪深300小幅上涨，大盘相对小盘占优，价值相对成长占优。行业方面，银行、煤炭、石油石化、家用电器、公用事业、交通运输等低估值高股息行业涨幅居前，多数行业是负收益。债市持续走牛，市场围绕“资产荒”逻辑，10年期国债收益率最低触及2.21%，30年期国债收益率最低触及2.39%，长久期利率债受到追捧。信用方面，各类型信用债收益率整体下行，票息空间狭窄，依然有较多资金配置需求。转债方面，权益大幅波动下转债震荡，“高股息”和“出海”转债表现较好。本基金保持股债的均衡配置，力争控制回撤，降低波动的同时希望给投资者带来更佳的收益。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:56.284Z","mo":"展望2024年下半年，我们期望宽松的货币政策带来信用扩张，宏观经济能逐步企稳回升，带动上市公司的盈利。当前股票市场的估值较低，而债券的票息被压缩，股票与债券的投资性价比继续拉近。股票市场整体有望从寻底阶段转为磨底企稳阶段，但可能依然以结构性机会为主。考虑到美国大选，美联储降息时点不确定等外部因素，预计权益市场延续波动。债券方面，密切关注高频数据的边际变化，把握基本面的复苏程度，另一方面，关注央行的货币政策，及其对曲线的平陡影响。充分警惕信用风险，以及弱资质转债的风险。","fund":{"_id":3000000014440,"__csrcFundId":10610,"stockCode":"014440","shortName":"博时恒鑫稳健一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14440,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:34.449Z","status":"normal","exchange":"jj","masterFundShortName":"博时恒鑫稳健一年持有期混合","name":"博时恒鑫稳健一年持有期混合型证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2022-01-24T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-24T16:00:00.000Z","setUpAssetScale":3207252840.71,"setUpShares":3207252840.71,"pinyin":"bshxwjyncyqhhxzqtzjj","managers":[{"stockCode":"8801400124","stockType":"fund_manager","exchange":"fm","tickerId":72608152420,"name":"桂征辉"},{"stockCode":"db20884819","stockType":"fund_manager","exchange":"fm","tickerId":1224225130,"name":"罗霄"}]},"announcement":{"linkText":"博时恒鑫稳健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=1144914","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0b87fea5b3eb0511d5c","date":"2024-03-30T16:00:00.000Z","stockId":3000000014440,"sao":"一季度债券市场方面保持较为强势的格局，利率曲线整体收益率均有所下行，其中1年期国债收益率下行约40bp，10年期国债收益率下行约27bp，30年期国债收益率下行约38bp。总体来看，超长端收益率下行带来的回报更加可观，主要是资金面在跨年之后转向宽松叠加市场整体风险在年前出现较大幅度下行导致。分月份来看，1月下旬央行意外宣布降准引发了收益率的快速下行；进入2月之后权益市场出现较大幅度回撤，风险偏好的急剧下降又进一步推动了超长端利率品种收益率创出新低；3月两会政策基本符合市场预期，1-2月金融数据相对不强，债券做多情绪不减，收益率整体低位徘徊。组合层面债券部分在一季度整体仍然以稳健的票息收入为主，同时适度进行了久期方面的波段操作。展望未来，经济基本面仍在温和复苏的过程当中，最新公布的宏观数据和PMI数据有逐步向好的迹象，但是整体仍然处于从宽货币走向宽信用的过程当中，因此债券市场收益率下行幅度最快的时间阶段应当已经过去。后续对于债券市场的定价将会逐步回归基本面，需要加强对于宏观经济的跟踪和研判，尤其需要重点关注地产，如果地产行业未来出现较为积极的信号，那么对于债券市场而言可能会面临阶段性的压力。组合层面未来还是以票息思路为主，在久期操作上会更加灵活，积极应对后续市场可能发生的变化。2024年一季度股票市场波动较大， 经过1月和2月初的大幅下跌，市场快速反弹，以沪深300为代表的大盘股收益为正， 以中证1000为代表的小盘股依然收益为负。 行业方面， 银行，煤炭，有色等金融周期行业涨幅领先， 医药，电子，计算机等较为落后。 在一季度，本基金始终保持股债的稳健配置，以高分红行业为主要底仓，也适当配置了一些消费和成长类股票，力争实现在较低回撤/波动下实现更好收益。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:56.281Z","fund":{"_id":3000000014440,"__csrcFundId":10610,"stockCode":"014440","shortName":"博时恒鑫稳健一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14440,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:34.449Z","status":"normal","exchange":"jj","masterFundShortName":"博时恒鑫稳健一年持有期混合","name":"博时恒鑫稳健一年持有期混合型证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2022-01-24T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-24T16:00:00.000Z","setUpAssetScale":3207252840.71,"setUpShares":3207252840.71,"pinyin":"bshxwjyncyqhhxzqtzjj","managers":[{"stockCode":"8801400124","stockType":"fund_manager","exchange":"fm","tickerId":72608152420,"name":"桂征辉"},{"stockCode":"db20884819","stockType":"fund_manager","exchange":"fm","tickerId":1224225130,"name":"罗霄"}]},"announcement":{"linkText":"博时恒鑫稳健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=1070717","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0b87fea5b3eb0511d5b","date":"2023-12-30T16:00:00.000Z","stockId":3000000014440,"sao":"在经济复苏不及预期，地产下滑、外部环境剧烈动荡的环境下，2023年资本市场整体波动下行。权益市场估值压缩，全年跌幅较大；债券市场表现较好，持续提供正回报。总体上，2023年是一个承受压力的年份，组合在2023年全年保持权益中性偏低仓位、适当规避机构重仓、外资重仓、质量风格，更多偏向于高股息、低估值等方向的防御性品种。债券上均衡配置，整体看对净值的波动和最大回撤做出了较好的控制，全年实现了正回报。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:56.279Z","mo":"展望2024年，我们判断宏观景气度的中期底部已经逐步在构筑、企业盈利水平也预计将在2024年企稳回升。外部美债收益率逐步下行，有利于风险偏好提升。从估值角度看，当前权益市场估值处于历史底部，有望在2024年迎来较好的机会。我们会结合中期的大势和结构判断、根据短期的盈亏比分析，在大趋势下也同时尽力去把握短周期中较好的交易和配置时点。我们对2024年权益整体乐观，同时关注2方面为主的机会：1）高质量、机构重仓、外资重仓、港股等为代表的（分子端国内、分母端海外）风格方向；2）引领高质量发展的新兴成长行业，如新一代信息技术、人工智能、生物科技等等。对于债券品种，我们认为收益率中枢可能略有上行的空间，但不会看到剧烈的债券大熊市，适当的久期配置结合票息依旧能够提供基础的固收资产回报水平。我们会控制久期暴露水平，同时以中短周期高评级信用为主要配置方向。","fund":{"_id":3000000014440,"__csrcFundId":10610,"stockCode":"014440","shortName":"博时恒鑫稳健一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14440,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:34.449Z","status":"normal","exchange":"jj","masterFundShortName":"博时恒鑫稳健一年持有期混合","name":"博时恒鑫稳健一年持有期混合型证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2022-01-24T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-24T16:00:00.000Z","setUpAssetScale":3207252840.71,"setUpShares":3207252840.71,"pinyin":"bshxwjyncyqhhxzqtzjj","managers":[{"stockCode":"8801400124","stockType":"fund_manager","exchange":"fm","tickerId":72608152420,"name":"桂征辉"},{"stockCode":"db20884819","stockType":"fund_manager","exchange":"fm","tickerId":1224225130,"name":"罗霄"}]},"announcement":{"linkText":"博时恒鑫稳健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=1053210","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0b87fea5b3eb0511d5a","date":"2023-09-29T16:00:00.000Z","stockId":3000000014440,"sao":"3季度影响市场的因素多重而复杂。基本面在经历了2季度连续的超预期进一步下滑后，于3季度开始逐步内生性筑底。以7月底政治局会议为政策信号，自8月开始地产政策、财政政策、资本市场政策等诸多方面开始出现持续的积极信号，并且政策的实质性力度在逐步加大。这些对于稳定和改善市场基本面预期开始起作用。而9月随着美债利率进一步明显冲高、中美利差进一步拉大，汇率压力带动国内流动性环境有所收紧，从而对国内股债市场都构成压力。整体看，3季度外部压力进一步加大，而内部的基本面和政策面则逐步迎来拐点。组合在3季度降低了权益仓位，保持了固收中性偏低的久期水平，整体上依旧以偏防御的姿态安静等待市场自发构筑底部。展望4季度，外部压力目前仍未看到明显缓和的迹象，但高企的美债利率和较高的美股估值表明外部环境存在的潜在风险在加大。国内基本面底部企稳小幅改善的格局在3季度已经确立，政策面拐点也比较清晰，当前权益市场整体看性价比较高，安静等待市场给出信号。在结构上组合会以稳健高股息底仓和TMT科技成长方向为主要方向，结合短期的盈亏比分析，尽力去抓住适合组合定位的绝对收益机会。转债市场整体偏贵，在绝对收益资金带动下转债定价逻辑逐步以偏债定价为主，整体看机会不大，但局部行业和个券仍有不错的绝对收益价值值得配置。纯债上将继续保持中低久期，在加配短期限品种的同时观察长久期品种可能给出的交易性机会。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:56.276Z","fund":{"_id":3000000014440,"__csrcFundId":10610,"stockCode":"014440","shortName":"博时恒鑫稳健一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14440,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:34.449Z","status":"normal","exchange":"jj","masterFundShortName":"博时恒鑫稳健一年持有期混合","name":"博时恒鑫稳健一年持有期混合型证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2022-01-24T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-24T16:00:00.000Z","setUpAssetScale":3207252840.71,"setUpShares":3207252840.71,"pinyin":"bshxwjyncyqhhxzqtzjj","managers":[{"stockCode":"8801400124","stockType":"fund_manager","exchange":"fm","tickerId":72608152420,"name":"桂征辉"},{"stockCode":"db20884819","stockType":"fund_manager","exchange":"fm","tickerId":1224225130,"name":"罗霄"}]},"announcement":{"linkText":"博时恒鑫稳健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=987341","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0b87fea5b3eb0511d59","date":"2023-06-29T16:00:00.000Z","stockId":3000000014440,"sao":"1季度基本面在疫后有明显的环比修复和适度回落，带动权益市场的普涨以及债市收益率的震荡。而2季度基本面景气度则出现了明显超预期的下跌，价格水平也出现了明显的环比跌幅扩大，对于基本面预期大幅下修的定价成为资本市场主线，从权益市场风格到债市收益率的大幅下行、以及商品价格的大幅下跌、包括汇率在2季度贬值压力的明显放大，都在体现这一定价主线。具体到权益市场，上证50与顺周期等与总量景气度具备强相关性的风格在2季度出现较大下跌，而TMT为代表的主题风格则相对盛行，但同时这一风格也经历剧烈的波动。总体上看2季度权益市场的赚钱效应相对1季度明显收缩。组合在2季度根据宏观景气度的变化对顺周期、高质量等受损风格进行了规避，根据市场短期情绪与盈亏比指标相对积极地参与了TMT等主题风格，6月下旬之前业绩增厚明显、而6月下旬则在TMT大幅下跌下对组合净值的回撤构成较大的影响，总体看效果一般，这表明对于短周期的市场运行轨迹依旧有多个角度值得进一步反思与总结。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:56.273Z","mo":"展望3季度，宏观景气度预期的下修在定价上已经比较充分，从价格环比走势看，预计3季度相比2季度的环比跌幅会有明显收敛，我们判断至少在短期内看到基本面预期进一步大幅下修的概率很低。同时考虑到上半年政策总体上比较克制，为下半年的政策对冲预留了较多的空间。从这些角度看，我们认为下半年的权益市场相比2季度盈亏比整体上会有所改善，而债市的机会则预计会有所收敛。当然，基本面向上的弹性会相对克制，预计下半年一条主线是修复目前过于悲观的基本面预期定价，另一条主线则依旧是围绕高质量发展在数字经济等方面开展偏主题风格的反复演绎。组合在操作上会保持固收部分中性久期的同时，根据对市场中期和短期盈亏比的指引，积极去尝试把握绝对收益机会。","fund":{"_id":3000000014440,"__csrcFundId":10610,"stockCode":"014440","shortName":"博时恒鑫稳健一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14440,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:34.449Z","status":"normal","exchange":"jj","masterFundShortName":"博时恒鑫稳健一年持有期混合","name":"博时恒鑫稳健一年持有期混合型证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2022-01-24T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-24T16:00:00.000Z","setUpAssetScale":3207252840.71,"setUpShares":3207252840.71,"pinyin":"bshxwjyncyqhhxzqtzjj","managers":[{"stockCode":"8801400124","stockType":"fund_manager","exchange":"fm","tickerId":72608152420,"name":"桂征辉"},{"stockCode":"db20884819","stockType":"fund_manager","exchange":"fm","tickerId":1224225130,"name":"罗霄"}]},"announcement":{"linkText":"博时恒鑫稳健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=962375","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0b87fea5b3eb0511d58","date":"2023-03-30T16:00:00.000Z","stockId":3000000014440,"sao":"2023年1季度，权益市场逐步开始涌现出较多的机会，同时债券市场尤其是信用债品种开始从2022年11-12月的剧烈调整中逐步修复，整体看相比于2022年，今年的市场性价比更好。组合在1季度比较积极地进行权益市场的机会抓取，同时在债券配置上也在控制久期暴露的基础上聚焦于高评级信用品种。整体看有所收获。展望后续的市场，从基本面来看，2023年1-2季度是基本面筑底并逐步开始向上复苏的起点，企业盈利也大概率同步触底，而在经历了2021-2022年的连续估值压缩后，目前权益市场大部分宽基和产业主题方向均处在估值周期的低位或底部位置，对于权益品种来说，后续面临盈利端开始改善和估值端逐步重新扩张的双击机会，我们继续看好今年的权益市场机会，会继续放大权益的参与仓位并积极地寻找市场机会。对于债市，我们认为伴随经济的逐步修复，收益率中枢依旧面临一定幅度的上行压力，我们会继续控制久期的暴露，通过配置中短久期的高评级品种来获得债市的整体性配置价值。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:56.271Z","fund":{"_id":3000000014440,"__csrcFundId":10610,"stockCode":"014440","shortName":"博时恒鑫稳健一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14440,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:34.449Z","status":"normal","exchange":"jj","masterFundShortName":"博时恒鑫稳健一年持有期混合","name":"博时恒鑫稳健一年持有期混合型证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2022-01-24T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-24T16:00:00.000Z","setUpAssetScale":3207252840.71,"setUpShares":3207252840.71,"pinyin":"bshxwjyncyqhhxzqtzjj","managers":[{"stockCode":"8801400124","stockType":"fund_manager","exchange":"fm","tickerId":72608152420,"name":"桂征辉"},{"stockCode":"db20884819","stockType":"fund_manager","exchange":"fm","tickerId":1224225130,"name":"罗霄"}]},"announcement":{"linkText":"博时恒鑫稳健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=887388","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0b87fea5b3eb0511d57","date":"2022-12-30T16:00:00.000Z","stockId":3000000014440,"sao":"在疫情冲击、地产下滑、外部环境剧烈动荡的环境下，2022年资本市场整体波动较大。权益市场在盈利下滑和估值压缩的双重压力下，全年跌幅较大；债券市场依旧能够提供正回报，但在11-12月遭遇短期信用债流动性的剧烈波动冲击，大幅降低了债券特别是信用债品种的年度持有期回报。总体上，2022年是一个承受压力的年份，并不是追求收益的好年份。组合在2022年全年保持权益低仓位、机构上规避机构重仓、外资重仓、质量风格，更多偏向于高股息、低估值等方向的防御性品种。债券上以短久期信用为主要配置品种。整体看对净值的波动和最大回撤做出了较好的控制，尽力避免这样一个年份对持有人带来较大的净值损失。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:56.268Z","mo":"展望2023年，我们判断宏观景气度的中期底部已经逐步在构筑、企业盈利水平也预计将在2023年1-2季度同步筑底。而外部美债收益率上行期接近尾声，估值压力逐步体现充分。从估值角度看，当前权益市场、特别是盈利端以国内环境为主、估值端受外部环境影响较大的风格和行业，在2023年将迎来较好的机会。诚然，2022年11月以来市场已经演绎了较大幅度的反弹，但从中周期看，我们判断依旧继续存在较好的机会。当然，事物的发展路径是在曲折中前进，我们会结合中期的大势和结构判断、根据短期的盈亏比分析，在大趋势下也同时尽力去把握短周期中较好的交易和配置时点。我们对2023年权益整体乐观，同时关注2方面为主的机会：1）高质量、机构重仓、外资重仓、港股等为代表的（分子端国内、分母端海外）风格方向；2）引领高质量发展的新兴成长行业，如新一代信息技术、人工智能、生物科技等等。对于债券品种，我们认为收益率中枢具有上行的空间，但不会看到剧烈的债券大熊市，适当的久期配置结合票息依旧能够提供基础的固收资产回报水平。我们会控制久期暴露水平，同时以中短周期高评级信用为主要配置方向。","fund":{"_id":3000000014440,"__csrcFundId":10610,"stockCode":"014440","shortName":"博时恒鑫稳健一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14440,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:34.449Z","status":"normal","exchange":"jj","masterFundShortName":"博时恒鑫稳健一年持有期混合","name":"博时恒鑫稳健一年持有期混合型证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2022-01-24T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-24T16:00:00.000Z","setUpAssetScale":3207252840.71,"setUpShares":3207252840.71,"pinyin":"bshxwjyncyqhhxzqtzjj","managers":[{"stockCode":"8801400124","stockType":"fund_manager","exchange":"fm","tickerId":72608152420,"name":"桂征辉"},{"stockCode":"db20884819","stockType":"fund_manager","exchange":"fm"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展望2季度，预计基本面的压力会进一步加大，同时对应的政策的放松对冲力度也有望看到进一步加强。同时，考虑到今年是企业盈利的下行周期，市场对于估值和盈利的匹配度会明显严苛。这样的环境下，稳增长作为主线，背后映射的是对安全边际和低估值的偏好提升。权益市场将继续以低估值、高股息、金融等方向作为主要持仓方向，适度根据市场情绪进行调整，但大方向不变；固收则会根据基本面和政策的节奏适度拉长久期、以及加大对波段操作的积极性。转债在1季度已经体现了一部分的估值回落，但明显依旧处在较差的盈亏比，除纯债和低估值类转债品种外，其他转债品种继续保持警惕。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:56.260Z","fund":{"_id":3000000014440,"__csrcFundId":10610,"stockCode":"014440","shortName":"博时恒鑫稳健一年持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14440,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:34.449Z","status":"normal","exchange":"jj","masterFundShortName":"博时恒鑫稳健一年持有期混合","name":"博时恒鑫稳健一年持有期混合型证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2022-01-24T16:00:00.000Z","followedNum":0,"setUpDate":"2022-01-24T16:00:00.000Z","setUpAssetScale":3207252840.71,"setUpShares":3207252840.71,"pinyin":"bshxwjyncyqhhxzqtzjj","managers":[{"stockCode":"8801400124","stockType":"fund_manager","exchange":"fm","tickerId":72608152420,"name":"桂征辉"},{"stockCode":"db20884819","stockType":"fund_manager","exchange":"fm","tickerId":1224225130,"name":"罗霄"}]},"announcement":{"linkText":"博时恒鑫稳健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=725179","linkType":"PDF","source":"csrc_pdf"}}]}