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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":"2026-03-09T13:53:47.306Z","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":3000000014742,"__csrcFundId":11037,"stockCode":"014742","shortName":"恒生前海恒源嘉利债券(014742)","masterFundShortName":"恒生前海恒源嘉利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14742,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:51.137Z","status":"normal","exchange":"jj","fundCollectionId":4000051280000,"name":"恒生前海恒源嘉利债券型证券投资基金","followedNum":1,"inceptionDate":"2022-05-19T16:00:00.000Z","setUpDate":"2022-05-19T16:00:00.000Z","setUpAssetScale":362453.84,"setUpShares":362453.84,"pinyin":"hsqhhyjlzqxzqtzjj","managers":[{"stockCode":"j101020190","stockType":"fund_manager","exchange":"fm","tickerId":260507252040,"name":"钟恩庚"}]},"announcement":{"linkText":"恒生前海恒源嘉利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=868806","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0eb7fea5b3eb0515079","date":"2022-09-29T16:00:00.000Z","stockId":3000000014742,"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":"2026-03-09T13:53:47.303Z","fund":{"_id":3000000014742,"__csrcFundId":11037,"stockCode":"014742","shortName":"恒生前海恒源嘉利债券(014742)","masterFundShortName":"恒生前海恒源嘉利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14742,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:51.137Z","status":"normal","exchange":"jj","fundCollectionId":4000051280000,"name":"恒生前海恒源嘉利债券型证券投资基金","followedNum":1,"inceptionDate":"2022-05-19T16:00:00.000Z","setUpDate":"2022-05-19T16:00:00.000Z","setUpAssetScale":362453.84,"setUpShares":362453.84,"pinyin":"hsqhhyjlzqxzqtzjj","managers":[{"stockCode":"j101020190","stockType":"fund_manager","exchange":"fm","tickerId":260507252040,"name":"钟恩庚"}]},"announcement":{"linkText":"恒生前海恒源嘉利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=808264","linkType":"PDF","source":"csrc_pdf"}}]}