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改善边际后，二季度受制于消费疲弱，地产新政效果欠佳等因素，复苏态势再度小幅回落。尽管上半年政策不断释放包括超长国债、降息等积极信号，但市场对政策效果有所存疑。海外方面，美国通胀数据边际回落，但经济信号反复，美联储维持鹰派，降息预期大幅波动。从资产表现看，上半年股弱债强。利率债方面，上半年收益率曲线呈牛陡走势，长端国债收益率波动降至历史低位。信用债方面，开年以来供需结构失衡，资产荒下，拉久期+信用下沉策略成为主力策略。可转债方面整体先上后下，春节后随着权益市场触底反弹，并在4-5月资产荒叠加年报后不确定性降低等因素下，赚钱效应阶段性回暖，但6月份又遭遇评级下调和短暂的流动性挤兑，可转债指数下跌明显。股票方面上半年呈现倒V走势，低波红利风格成为主线。上半年本组合总体维持了中性的久期策略，取得了一定的债券净价受益。在股票上维持相对稳健的投资比例，以高分红的稳定品种为核心持仓。可转债投资比例相对较低，在剧烈调整过程中得以规避一部分损失。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:57.156Z","mo":"展望下半年，预计政策仍有余力，经济呈现波浪式复苏仍是主线，仍需要观测政策的强度和基本面的兑现程度。海外方面，美国经济信号预计维持好坏参半，短期通胀大概率仍处于下行区间，但预计美联储仍然偏鹰，但不排除防御式降息。同时美国大选和地缘政治局势仍有不确定性。股票走势将可能持续分化，新质生产力等方向或有较大机会，可转债预计底部反弹，纯债收益率可能保持较低水平震荡。组合将继续保持纯债票息策略，把握波段性机会，可转债方面以回撤控制为主，执行债性和平衡型策略，股票延续低波红利风格为主。","fund":{"_id":3000000014803,"__csrcFundId":11405,"stockCode":"014803","shortName":"汇安添利18个月持有期混合(014803)","masterFundShortName":"汇安添利18个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14803,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:22:19.572Z","status":"normal","exchange":"jj","name":"汇安添利18个月持有期混合型证券投资基金","fundCollectionId":4000051300000,"inceptionDate":"2022-08-09T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-09T16:00:00.000Z","setUpAssetScale":121055526.75,"setUpShares":121055526.75,"pinyin":"hatl18gycyqhhxzqtzjj","managers":[{"stockCode":"db20823490","stockType":"fund_manager","exchange":"fm","tickerId":251108215290,"name":"杨坤河"},{"stockCode":"j101019796","stockType":"fund_manager","exchange":"fm","tickerId":2610245290,"name":"张靖"}]},"announcement":{"linkText":"汇安添利18个月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=1152043","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0f57fea5b3eb0515bef","date":"2024-03-30T16:00:00.000Z","stockId":3000000014803,"sao":"在政府推出一揽子稳增长政策和积极财政措施的刺激下,今年年初的宏观经济指标呈现出初步的好转迹象。市场普遍预计,第一季度的经济有望实现开门红。然而,受去年底以来市场情绪低迷的影响,这种悲观情绪在1-2月份依然延续。直到春节后,市场的悲观预期才出现明显的扭转。加之外部降息预期升温等利好因素,权益市场迎来触底反弹的契机。与此同时,在资金面宽松的环境下,利率在1-2月期间呈现出明显的下行趋势。本基金在第一季度基本把握住了利率下行带来的投资机会，整体维持较低的权益仓位，组合的回报波动较低，也一定程度上错失了2月以来的快速反弹。展望第二季度,债券市场方面,考虑到新增供给压力加大,宏观经济温和复苏,以及流动性维持宽松等因素,预计收益率维持低位小幅波动。可转债市场方面,市场的供需关系相对偏暖，但可转债以正股以小盘股为主，在选择标的上需更为谨慎和分散。股票市场方面,美国降息预期出现反复,国内经济复苏态势仍不稳固，组合将以继续关注高股息、受益于供需格局改善的大宗商品以及稳定消费品种，关注在有估值保护下的加仓机会。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:57.153Z","fund":{"_id":3000000014803,"__csrcFundId":11405,"stockCode":"014803","shortName":"汇安添利18个月持有期混合(014803)","masterFundShortName":"汇安添利18个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14803,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:22:19.572Z","status":"normal","exchange":"jj","name":"汇安添利18个月持有期混合型证券投资基金","fundCollectionId":4000051300000,"inceptionDate":"2022-08-09T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-09T16:00:00.000Z","setUpAssetScale":121055526.75,"setUpShares":121055526.75,"pinyin":"hatl18gycyqhhxzqtzjj","managers":[{"stockCode":"db20823490","stockType":"fund_manager","exchange":"fm","tickerId":251108215290,"name":"杨坤河"},{"stockCode":"j101019796","stockType":"fund_manager","exchange":"fm","tickerId":2610245290,"name":"张靖"}]},"announcement":{"linkText":"汇安添利18个月持有期混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1074265","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0f57fea5b3eb0515bee","date":"2023-12-30T16:00:00.000Z","stockId":3000000014803,"sao":"2023年,中国经济复苏的进程可谓一波三折,年初的强劲预期逐步过渡到年中开始的增速相对缓慢的现实,这直接影响了股市和债市的走势。债市方面,年初利率水平在经济复苏预期推动下攀升,但随后受经济动力减弱和货币政策宽松的影响,利率持续下行,甚至出现\"资产荒\"。三季度利率在政策和资金面因素影响下震荡上行,但四季度经济减速,在降息预期和存款利率下调的带动下,利率继续下行。总的来说,债券市场全年表现亮眼。股市方面,年初市场在疫后复苏预期推动下整体上涨,但二季度经济放缓迹象初显,市场热点转向人工智能和高分红股票。下半年,经济下行压力加大,房地产市场持续探底,市场对总量增长有所担忧,加之海外因素影响,股市持续回调,低波动、高股息品种受青睐。本基金年初对权益市场判断偏乐观,提高了权益仓位,债券则主要采取票息策略,整体久期偏短,四季度虽然拉长久期获得了资本利得,但全年来看权益资产拖累和债券久期偏短导致整体收益低于预期。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:57.150Z","mo":"展望2024年,在经济转型过程中,市场依然存在结构性机会。在美联储即将开启新一轮降息周期和国内货币政策持续宽松的背景下,国债收益率仍存在一定的下行空间,组合将继续关注和把握货币政策宽松带来的交易机会。权益资产方面,估值和盈利有望迎来双重驱动,一方面美联储降息将提振市场风险偏好,另一方面2024年经济温和复苏的趋势有望延续,企业盈利预期将得到提振。此外,在新旧动能转换的大背景下,高端制造业和数字经济对经济的贡献将不断提升,消费结构的变化也将为明年的股市带来更多投资机遇。此外,估值已明显压缩的可转债,在低利率环境中能带来不错的投资机会。从中期来看,A股行情能否迎来彻底反转,很大程度上取决于未来政策的力度以及对上市公司盈利的传导。相比之下,在潜在的宽松货币政策环境下,债券市场的走牛空间则更加明确。总体而言,我们对2024年的市场持谨慎乐观态度,在把握下行风险的前提下,适应市场环境的变化,力争为投资者带来满意的回报。","fund":{"_id":3000000014803,"__csrcFundId":11405,"stockCode":"014803","shortName":"汇安添利18个月持有期混合(014803)","masterFundShortName":"汇安添利18个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14803,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:22:19.572Z","status":"normal","exchange":"jj","name":"汇安添利18个月持有期混合型证券投资基金","fundCollectionId":4000051300000,"inceptionDate":"2022-08-09T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-09T16:00:00.000Z","setUpAssetScale":121055526.75,"setUpShares":121055526.75,"pi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