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股债双弱，转债受到双重估值压力，11月债券赎回潮同样蔓延至转债，转债表现明显弱于正股。但全年来看中证转债指数回调10%，低于创业板的29%和沪深300的22%，仍具有显著的债底保护。报告期内本基金在严格控制风险的基础上以赚取稳定票息和骑乘收益为主，同时会动态调整久期和杠杆，以增厚组合收益。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:41.729Z","mo":"展望2023年，国内经济在各方政策的支持下进入疫后复苏的增长期，货币政策以“宽信用”为目的将维持宽松，但政策重心仍将是引导资金支持实体经济，因此金融市场的流动性难言更宽松。海外美联储加息将至尾声，美债利率见顶回落，但欧美衰退风险加大，对国内出口形成拖累。总结而言明年债市行情难言乐观，但由于面临海外衰退风险、国内经济复苏的不确定性以及较为宽松的货币环境，利率上行风险不大。经历了2022年底的债市回调信用债具备了一定的配置价值，因此票息策略优于久期策略。A股的利空因素纷纷落地，结合当前的估值以及宏观环境，在政策的配合下有望迎来反弹。","fund":{"_id":3000000014712,"__csrcFundId":10744,"stockCode":"014712","shortName":"恒生前海恒裕债券(014712)","masterFundShortName":"恒生前海恒裕债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14712,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:50.406Z","status":"normal","exchange":"jj","name":"恒生前海恒裕债券型证券投资基金","fundCollectionId":4000051280000,"inceptionDate":"2022-01-06T16:00:00.000Z","followedNum":1,"setUpDate":"2022-01-06T16:00:00.000Z","setUpAssetScale":1029993.22,"setUpShares":1029993.22,"pinyin":"hsqhhyzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101020190","stockType":"fund_manager","exchange":"fm","tickerId":260507252040,"name":"钟恩庚"}]},"announcement":{"linkText":"恒生前海恒裕债券型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=864643","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e57fea5b3eb0514aff","date":"2022-09-29T16:00:00.000Z","stockId":3000000014712,"sao":"2022年三季度债券行情经历了一波过山车行情，以8月中旬为节点10年国债收益率从季度初2.87%一路下行跌至2.6%以下，随后重新上行至季度末2.77%，整体看10年国债三季度下行10BP。复盘来看前半季度随着半年末时间点过去，资金重回宽松，银行间隔夜利率一度低至1%，而7月份的经济数据出炉后显著不及预期，反映了需求不足，经济复苏不畅。同时国内出现的房贷断供事件和民营地产的负面消息不断加剧了市场对经济基本面的悲观预期。8月中旬央行超预期下调MLF利率10BP，同时下调了OMO利率，市场的做多情绪被彻底点燃。进入9月市场的焦点再度回到美国通胀超预期，美联储加息75BP并上调了明年的利率目标。随着美元指数狂飙，美元兑人民币汇率突破7.2。海外高通胀一方面限制了国内货币宽松的空间，另一方面也引发市场对外资流出的担忧。国内疫情时有偶发，为了稳经济保交楼，政府出台一系列政策如降低首套房公积金利率、退还改善型购房者个人所得税等政策。资金面来看临近季末，银行间利率也显著走高，因此季度末10年国债利率再度上行至2.75%以上。展望四季度，随着稳经济政策的出台和实施，有望看到经济复苏态势进一步增强。尽管四季度出口数据可能弱于三季度，但消费和投资有望补足需求。债市整体面临的环境较弱，但鉴于当前宽松的货币环境依然会维持，利率上行空间有限。对投资组合而言票息策略优于久期策略。权益方面三季度由于国内国外多重因素叠加显著回调，其中上证指数跌11%，创业板跌逾18%。海外美联储超预期加息、俄乌冲突提高了通胀和衰退风险。国内疫情时有偶发，房地产、出口均下行打破了经济复苏的格局，权益市场风险偏好回落。展望四季度，当前无论从风险溢价比还是从估值来看权益市场都具备相当的配置价值，随着稳增长政策落地和疫情缓解，权益市场有望迎来反弹行情。报告期内本基金在严格控制风险的基础上以赚取稳定票息和骑乘收益为主，同时会动态调整久期和杠杆，以增厚组合收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:41.725Z","fund":{"_id":3000000014712,"__csrcFundId":10744,"stockCode":"014712","shortName":"恒生前海恒裕债券(014712)","masterFundShortName":"恒生前海恒裕债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14712,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:50.406Z","status":"normal","exchange":"jj","name":"恒生前海恒裕债券型证券投资基金","fundCollectionId":4000051280000,"inceptionDate":"2022-01-06T16:00:00.000Z","followedNum":1,"setUpDate":"2022-01-06T16:00:00.000Z","setUpAssetScale":1029993.22,"setUpShares":1029993.22,"pinyin":"hsqhhyzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"j101020190","stockType":"fund_manager","exchange":"fm","tickerId":260507252040,"name":"钟恩庚"}]},"announcement":{"linkText":"恒生前海恒裕债券型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=804547","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e57fea5b3eb0514afe","date":"2022-06-29T16:00:00.000Z","stockId":3000000014712,"sao":"2022年上半年，国际政局、金融市场风云变幻，我们也经历了国内经济近年来最困难的时刻，中国经济呈现出阶段性转弱的迹象。国内扰动因素主要是奥密克戎疫情的影响，对供需两端形成较为强烈的冲击，大幅压制了国内的消费、生产、投资、出口以及房地产市场。同时，居民和企业预期明显转弱，融资意愿严重不足，居民部门预防性储蓄上升，挤压消费，企业部门的投资活动预期也快速转弱。外部扰动因素主要是俄乌冲突推升的海外高通胀、经济衰退对国内通胀的传导以及美联储加息、中美利率倒挂等对我国货币政策的制约。国内一、二季度GDP同比增速分别为4.8%和0.4%，与年初既定的目标还是有较大差距；需求收缩、供给冲击、预期转弱的三重压力也进一步加大。但是，中国经济无惧风雨前行更显坚韧挺拔，中国政府上半年陆续出台了一揽子稳住经济大盘的政策措施，包括推进“常态化核酸检测+全面复工复产”的新一轮常态化防控组合，努力实现防控疫情与稳增长相结合；继续推进更大力度的放松，尤其是松地产、扩基建、促消费；以及最大程度补充财政缺口等。政策效果在二季度末也已初步显现，给予市场更大的信心。我们认为中国经济最困难的时候已经过去，稳步向好的趋势已然较为明确，随着积极有利因素的逐渐增多，稳增长政策效果的快速释放，三、四季度经济增速水平重回强势的概率较高，全年仍有望实现一个在全球范围看相对合理较高的增速水平。目前情况下，我们预计全年GDP增速会在4%左右。但由于内外多重掣肘因素的存在，使得本轮经济修复的速度及幅度不及2020年，如要达到年初设定的增长目标无疑还有较大空间需要努力，这将意味着更大力度的财政及货币政策的共同推进，让我们保持密切关注。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:41.722Z","mo":"上半年，疫情叠加就业压力，资金面显著宽松，资金价格便宜，空仓成本较高，且在基建稳经济的预期下，市场对城投的安全信仰加固，短端下沉评级成为市场主流策略，整体造成了短端优于长端，信用优于利率的结构性行情。信用债：由于地产行业风险事件频发，地产相关信用品种继续萎缩，而地方政府隐性债务化解压力依然较大，城投债净融资规模较低。此外，在基础流动性宽松的背景下，实体融资需求偏弱，信贷投放不理想，优质资产相对缺乏，产生了结构性资产荒行情。微观来看，信用利差普遍收窄，等级利差收窄，期限利差有所走阔。利率债：长短端走势分化，曲线整体陡峭化。由于受资金面持续宽松带动，利率债短端收益率整体下行；中长端收益率主要围绕疫情变化和经济预期的变化而展开，更多的反映了投资者在上述两个方面交易博弈的结果。期间，中长端收益率整体维持在相对窄幅的波动区间，十年期国债收益率多数时间是在2.70%至2.85%之间震荡。展望下半年，我们对债券市场整体保持谨慎乐观的态度。债券市场主要的机遇在于经济修复的速度和幅度很难超预期，央行货币政策维持总量宽松的概率较大，因此利率整体大幅上行的风险不大；然而，在国内宽信用、稳增长和海外加速收紧的利空因素共振下，长端利率上行趋势是确定性的；此外，随着信贷需求回暖，流动性淤积在银行间的现象势必缓解，短端利率回升的压力也将逐步显现，收益率曲线预计将走平。操作策略上，中短久期杠杆套息性价比仍高，依然是胜率较高的策略之一。信用债中，可从城投债、周期产业债、国企地产债中挖掘票息机会。","fund":{"_id":3000000014712,"__csrcFundId":10744,"stockCode":"014712","shortName":"恒生前海恒裕债券(014712)","masterFundShortName":"恒生前海恒裕债券","fundSecondLevel":"bond","stockType":"fund"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