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机会来自于4月初因“关税战”带来的短暂的恐慌性交易机会，后续随着权益市场流动性稳定，波动率加大，夏普比相较前期大幅降低。从权益市场大类因子风格来看，成长、动量和高贝塔风格全年表现优异，而红利风格的超额回撤创近几年的历史极值，体现了市场风险偏好强有力的修复。行业层面分化也非常明显，通信和有色金属显著跑赢市场均值，产业逻辑显著影响着市场的定价。总体来看，2025年的市场是风险偏好反转修复，股债夏普比剪刀差和成长与红利低波超额剪刀差大幅均值回归的一年。回顾本产品全年的运作节奏，我们在“股债风险均衡和权益风格均衡”的投资框架基础上，叠加主动管理，严控回撤。债券层面，我们较好地抓住了全年为数不多的一至两次交易机会，债券端贡献显著。权益端，我们的均衡配置组合全年表现中规中矩，在市场集中定价科技成长、有色金属以及非红利低波资产的背景下，绝对超额有限。后续，我们力争在风格和行业轮动上提供一些弹性，以期提高本产品的夏普比和卡玛比。","lastUpdated":"2026-04-01T18:43:57.241Z","mo":"展望未来，我们对股债两类资产的中长期预期收益的积极态度不变。宏观层面来看，国内流动性维持充裕以及通胀水平温和合理的大背景或维持稳定，股债两类资产依然具备显著跑赢现金的配置属性，股债混合产品依然是居民端实现资产长期保值增值的必要工具，居民端“存款搬家”的趋势也将继续。市场层面，我们预期单一风格和板块的极致定价行情持续时间不会太久，整体维持风格均衡进行必要的分散化将提升组合的整体持有体验。但同时，我们也将持续迭代完善我们的组合阿尔法体系，阶段性重视研发质量和ESG属性的标的。","fund":{"_id":3000000014944,"__csrcFundId":11452,"stockCode":"014944","shortName":"蜂巢润和六个月持有期混合(014944)","masterFundShortName":"蜂巢润和六个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14944,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:25:40.393Z","status":"normal","exchange":"jj","name":"蜂巢润和六个月持有期混合型证券投资基金","fundCollectionId":4000051420000,"inceptionDate":"2022-08-08T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-08T16:00:00.000Z","setUpAssetScale":71564911.62,"setUpShares":71564911.62,"pinyin":"fcrhlgycyqhhxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"},{"stockCode":"j101019814","stockType":"fund_manager","exchange":"fm","tickerId":122614240350,"name":"李铮男"}]},"announcement":{"linkText":"蜂巢润和六个月持有期混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1460373","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed10b7fea5b3eb0517248","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000014944,"sao":"2025年三季度整体呈现风险偏好上行的行情特点。具体来说，大类资产呈现股强债弱的特点，中证全指季度涨幅18.59%，中债新综合（总值）指数季度跌幅-0.93%。从板块上来看，科创板、创业板涨幅明显，而红利风格回调较大，小微盘经历了上半年的积极行情后，在本季度后期呈现滞涨特点，季度期间整体行情从红利+小微盘代表的“哑铃型”策略过渡到大盘成长风格的核心资产和景气投资方法论下的“赛道”板块。值得一提的是，转债资产的底层标的一定程度体现了“哑铃型”策略的映射，在哑铃策略高位踩踏的背景下，转债资产也在八月底迎来系统性的估值下修。产品运作维度来看，本产品权益仓位基本维持在中枢偏高的水平，风格上依然维持量化多策略增强方案，在多策略配置的基础上，风格上略偏向成长，本季度风格的小幅偏离为正贡献。转债方面，我们在八月中旬识别转债估值来到历史极值的位置，将前期配置的转债系统性降低仓位，有效的降低了八月底的回撤。债券方面，我们季度初期降低久期至产品久期中枢之下，尊重周期力量和风险偏好的上行，从结果来看，久期的防守也为产品回撤控制有着显著贡献。我们将持续优化产品投资运作的框架和细节，持续优化投资人的持有体验。","lastUpdated":"2026-03-09T13:54:19.338Z","fund":{"_id":3000000014944,"__csrcFundId":11452,"stockCode":"014944","shortName":"蜂巢润和六个月持有期混合(014944)","masterFundShortName":"蜂巢润和六个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14944,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:25:40.393Z","status":"normal","exchange":"jj","name":"蜂巢润和六个月持有期混合型证券投资基金","fundCollectionId":4000051420000,"inceptionDate":"2022-08-08T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-08T16:00:00.000Z","setUpAssetScale":71564911.62,"setUpShares":71564911.62,"pinyin":"fcrhlgycyqhhxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"},{"stockCode":"j101019814","stockType":"fund_manager","exchange":"fm","tickerId":122614240350,"name":"李铮男"}]},"announcement":{"linkText":"蜂巢润和六个月持有期混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1369145","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed10b7fea5b3eb0517247","date":"2025-06-29T16:00:00.000Z","stockId":3000000014944,"sao":"2025年上半年呈现股强债弱的行情。权益市场经历了年初DeepSeek带动的中国科技资产重估行情，于4月初经历了关税冲击的尾部风险行情，4月7日单日下跌幅度创近几年历史极值，而后又见证了政策资金大规模注入的估值快速修复行情，政策资金有力并及时地修复了市场的信心，打破了一直以来A股稳定长期资金不足的刻板印象，并于六月底大资金拉升的行情中再次打消了市场走弱的自发趋势，开启了技术性牛市的走势，引领市场再度情绪上行。值得一提的是，上半年来看，A股的风格分化较大，小市值和预期成长是主流风格因子中表现最好的大类因子，而低波动、红利、价值类、大市值则相对超额较差，因此不同风格的投资人面对今年的行情体感或有温差。而债券市场整体呈现“看股做债”的特点，尤其长端利率债受权益市场的波动影响最大，中短端表现相对长端更好。仅从上半年债券市场体现的风险收益比来看，持有体验相比前两年显著下降，我们在产品投资运作中收紧了债券择时的敞口。从风险收益比角度来看，相比前两年，权益市场的夏普比显著提升，这一点在4月初关税冲击后政策资金快速有效的呵护得到了再次确认。权益资产的夏普比影响因素较多，包括不限于政策导向明确、制度完备、交易者结构等。今年以来，这些因素都有显著提升，因此我们认为，中长期权益资产的配置价值和持有体验将获得显著提升。产品运作维度，我们依然坚持“股债风险均衡和权益风格均衡”的投资框架，并维持产品中波动的定位。回顾上半年，本产品中波动的定位相比低波动固收+产品的走势和持有体验更为优异，更好地获取了上半年含权资产的风险调整收益。权益风格上依然长期维持均衡，叠加小幅度短期风格择时，并择机配置港股资产和转债资产，整体效果较好。对于短期风格分化的行情，我们认为均衡配置依然是长期最优解之一，低频低相关策略的风险溢价来源之一是对短期单一策略的回撤认知与长期坚持。我们将持续优化产品投资运作的框架和细节，持续优化投资人的持有体验。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:19.335Z","mo":"展望后续，我们认为权益市场触及前期高位后波动将有所放大，而中长期在政策预期清晰、制度与监管机制更加完善和交易者结构更加合理等多因素共振下，交易与配置价值相比前期都将上一个台阶。债券市场在通胀风险不存在显著高位的合理预期下，不存在大幅上行的基础，但我们会持续关注后续基本面、政策面与预期的匹配程度进行合理的调整。整体而言，股债两类资产依然存在较好的对冲效果，可以较好的熨平现阶段市场关于经济增长因子的预期波动。","fund":{"_id":3000000014944,"__csrcFundId":11452,"stockCode":"014944","shortName":"蜂巢润和六个月持有期混合(014944)","masterFundShortName":"蜂巢润和六个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14944,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:25:40.393Z","status":"normal","exchange":"jj","name":"蜂巢润和六个月持有期混合型证券投资基金","fundCollect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预期的政策落地，但是短期兑现难度较大，四季度各类资产预计将进入区别波动态势。","declarationDate":"2024-10-22T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:19.327Z","fund":{"_id":3000000014944,"__csrcFundId":11452,"stockCode":"014944","shortName":"蜂巢润和六个月持有期混合(014944)","masterFundShortName":"蜂巢润和六个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14944,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:25:40.393Z","status":"normal","exchange":"jj","name":"蜂巢润和六个月持有期混合型证券投资基金","fundCollectionId":4000051420000,"inceptionDate":"2022-08-08T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-08T16:00:00.000Z","setUpAssetScale":71564911.62,"setUpShares":71564911.62,"pinyin":"fcrhlgycyqhhxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"},{"stockCode":"j101019814","stockType":"fund_manager","exchange":"fm","tickerId":122614240350,"name":"李铮男"}]},"announcement":{"linkText":"蜂巢润和六个月持有期混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1168665","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed10b7fea5b3eb0517243","date":"2024-06-29T16:00:00.000Z","stockId":3000000014944,"sao":"上半年，在经济脱离传统周期特征之下，虽然按进度完成半年度经济增长计划，但是平减指数持续为负，实际利率高企对基本面压制力度较大，出口部门的刚性需求和制造业投资较高增速是少有的支撑结构性经济转型的亮点。债券市场方面，收益率强势下行，非银资管机构负债扩张推动债券再配置需求叠加基本面弱势持续压低各类债券品种的期限利差和品种利差。权益资产在危机模式下反弹后开始进入震荡期，并且在地产政策效应释放后开始重新进入调整阶段。本产品坚持在资产配置上执行风险均衡的思路，并利用底层资产低相关性策略，以对冲思路降低组合回撤。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:19.325Z","mo":"在海外多个国家已经在通胀水平边际走弱的背景下开始降息，以及国内政策定调适度转向稳增长的基调下，预期三季度开始，全球流动性将在美联储降息的背景下得到改善，国内市场在前两个季度较为弱势的背景下可能会迎来政策边际力度增加，推动周期性弱反弹的可能，政策着力点在于持续调降金融体系负债成本，从而达到降低实体实际融资利率的目的，推动信用端适度扩张。","fund":{"_id":3000000014944,"__csrcFundId":11452,"stockCode":"014944","shortName":"蜂巢润和六个月持有期混合(014944)","masterFundShortName":"蜂巢润和六个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14944,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:25:40.393Z","status":"normal","exchange":"jj","name":"蜂巢润和六个月持有期混合型证券投资基金","fundCollectionId":4000051420000,"inceptionDate":"2022-08-08T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-08T16:00:00.000Z","setUpAssetScale":71564911.62,"setUpShares":71564911.62,"pinyin":"fcrhlgycyqhhxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"},{"stockCode":"j101019814","stockType":"fund_manager","exchange":"fm","tickerId":122614240350,"name":"李铮男"}]},"announcement":{"linkText":"蜂巢润和六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=1144103","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed10b7fea5b3eb0517242","date":"2024-03-30T16:00:00.000Z","stockId":3000000014944,"sao":"一季度，各类市场表现较为均衡。国内基本面处于底部盘整状态，传统总量经济部门仍然持续调整，地产销量在托底政策持续出台的背景下表现依然弱势，但是出口部门意外改善提升和制造业部门投资增长表现对冲了总量的下滑，为结构性经济增长目标提供了实践支撑，预计一季度整体增长符合全年目标进度。在资产表现上则对应的是权益资产超跌后反弹，修正了年初的悲观预期，债券收益率大幅下行，期限利差和信用利差都显著收敛。在海外货币政策的外溢影响下，国内货币市场利率保持平稳。一季度债券收益率在大幅下行后基本上市场整体的组合杠杆率都较为低下，骑乘和短久期套息策略暂时失效，但是长久期债券在机构配置力量的推动下大幅下行，城投化债和财政扩张力度克制导致机构资产稀缺，收益率曲线走平明显。本产品坚持在资产配置上执行风险均衡的思路，并利用底层低相关性策略获得权益资产收益的稳定表现，整体策略表现在一季度较为可观。展望二季度，关注两会定调下财政支出计划落地对信用扩张的支持力度，以及持续的外围需求对国内出口的提振；预期权益市场仍然表现为结构性机会，债券收益率维持底部盘整态势。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:19.322Z","fund":{"_id":3000000014944,"__csrcFundId":11452,"stockCode":"014944","shortName":"蜂巢润和六个月持有期混合(014944)","masterFundShortName":"蜂巢润和六个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14944,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:25:40.393Z","status":"normal","exchange":"jj","name":"蜂巢润和六个月持有期混合型证券投资基金","fundCollectionId":4000051420000,"inceptionDate":"2022-08-08T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-08T16:00:00.000Z","setUpAssetScale":71564911.62,"setUpShares":71564911.62,"pinyin":"fcrhlgycyqhhxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"},{"stockCode":"j101019814","stockType":"fund_manager","exchange":"fm","tickerId":122614240350,"name":"李铮男"}]},"announcement":{"linkText":"蜂巢润和六个月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=1071568","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed10b7fea5b3eb0517241","date":"2023-12-30T16:00:00.000Z","stockId":3000000014944,"sao":"2023年基本面在一季度初延续疫情后修复势头略有改善，市场对各类资产在经济复苏预期上表现出“强预期、弱现实”的现象，但是进入二季度各类基本面代理变量出现快速的调整，尤其是社融信贷数据经过一季度的快速上涨后，在二季度开始进入休整模式。海外则在美债十年利率冲高导致硅谷银行事件冲击后，进入了科技股带动下的风险情绪从局部到全面的改善，叠加美国财政支出的发力，推动了超预期的经济景气度在2023年的持续上行。三季度海外流动性的冲击对国内资产的扰动表现为自8月底开始的境内融资成本抬升，继而导致各类资产表现均差强人意。体现在国内的债券市场上，则是收益率曲线被动压窄，离岸人民币市场货币收紧传导至在岸市场，资金面持续超预期紧张推动短久期债券收益率快速反弹，叠加信贷数据改善，地产政策、地方化债等稳增长措施边际力度不断增加，共同推动债券收益率反弹较多，但是曲线整体仍然走平为主，市场对经济持续扩张的预期较弱。进入四季度虽然海外压力减轻，但是伴随美元指数下跌，国内债券市场在12月初利空出尽，市场预期年底资金面会出现较大缓和的判断下，央行大量公开市场投放和机构抢跑配置力量，推动收益率快速下行，曲线适度走陡修正，权益市场则在经济增长预期弱势的情况下继续调整。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:19.320Z","mo":"展望未来，在去地产化的结构性调整之中，目前国内经济仍然处于经济增长动力的切换期，在需求动力不足的情况下，总量的政策空间有限，但针对结构性重点方向的信用支持政策不断出台，基本面因此将表现出逐步弱式震荡复苏的状态。本产品将坚持大类资产风险均衡配置的思路，除个别极端情况下，权益部分将按照各类低相关性策略均衡配置，债券部分将结合信用配置和利率久期操作，根据对市场环境的变化灵活调整配置思路。","fund":{"_id":3000000014944,"__csrcFundId":11452,"stockCode":"014944","shortName":"蜂巢润和六个月持有期混合(014944)","masterFundShortName":"蜂巢润和六个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14944,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:25:40.393Z","status":"normal","exchange":"jj","name":"蜂巢润和六个月持有期混合型证券投资基金","fundCollectionId":4000051420000,"inceptionDate":"2022-08-08T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-08T16:00:00.000Z","setUpAssetScale":71564911.62,"setUpShares":71564911.62,"pinyin":"fcrhlgycyqhhxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"},{"stockCode":"j101019814","stockType":"fund_manager","exchange":"fm","tickerId":122614240350,"name":"李铮男"}]},"announcement":{"linkText":"蜂巢润和六个月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=1050590","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed10b7fea5b3eb0517240","date":"2023-09-29T16:00:00.000Z","stockId":3000000014944,"sao":"3季度基本面压力较大，7月政治局会议对经济进行了定调，并要求提振资本市场、化解地方政府债务风险、优化房地产政策，有关政策在8、9月逐步出台，基本面复苏的步伐逐步加快，9月制造业PMI回到荣枯线以上，十一期间出行消费相比19年达到正增长水平，不过由于政策力度可控，主要以政策松绑为主，没有叠加大幅扩大财政支出和政府消费的政策，所以经济复苏斜率提升的不大，重要的房地产市场在松绑之后也并没有报复性反弹，总体都比较温和。海外因素对人民币资产总体带来较大压力，美联储9月如预期跳过加息，但大幅上调了对今明年经济增长的预期，以及利率将在高位维持更长的时间，市场从交易利率的higher到longer，人民币汇率承压，在3季度持续贬值，离岸汇率一度最高逼近7.37，北向资金持续流出，成为压制市场的主要负面因素。市场方面，3季度债券和股票都呈现倒V的走势，阶段性呈现正相关性，债券市场收益率在大部分政策落地的8月中旬后开始上行，与商品指数的上涨共振，体现了对经济复苏的预期。权益市场本也应该因此而上涨，但由于结构性问题，市场资金持续缩量，而北向资金持续性大量净卖出，作为边际定价的资金压制权益市场，导致权益市场在震荡中继续下跌，与债市、商品的表现形成背离，从大类资产结果看，股票资产的风险溢价到了近年来极高的位置，显示了权益资产在大类资产中的性价比突出。我们在3季度坚持基于风险平价模型的大类资产配置策略和精选个券策略，维持较低的权益仓位，权益内部选择业绩和估值匹配的成长股、价值股均衡分配，债券方面及时跟随市场情况进行个券的配置，降低了二永债的配置比例和组合的久期。展望4季度，如上文分析，大类资产之间的性价比显示权益的性价比更高，而基本面方面，海外美联储加息接近尾声，国内基本面复苏进程有望加快，从宏观展望看也是更偏权益，我们将进一步优化持仓。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:19.317Z","fund":{"_id":3000000014944,"__csrcFundId":11452,"stockCode":"014944","shortName":"蜂巢润和六个月持有期混合(014944)","masterFundShortName":"蜂巢润和六个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14944,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:25:40.393Z","status":"normal","exchange":"jj","name":"蜂巢润和六个月持有期混合型证券投资基金","fundCollectionId":4000051420000,"inceptionDate":"2022-08-08T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-08T16:00:00.000Z","setUpAssetScale":71564911.62,"setUpShares":71564911.62,"pinyin":"fcrhlgycyqhhxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"},{"stockCode":"j101019814","stockType":"fund_manager","exchange":"fm","tickerId":122614240350,"name":"李铮男"}]},"announcement":{"linkText":"蜂巢润和六个月持有期混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=990419","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed10b7fea5b3eb051723f","date":"2023-06-29T16:00:00.000Z","stockId":3000000014944,"sao":"2023年一季度，基本面的复苏趋势较为明确，消费先行，房地产、基建、出口等高频数据回暖较慢，乐观的情绪在3月份后逐步得到修正。事后来看，突破潜在经济增速的增长没那么容易，一季度主要是去年滞后的需求得到了一次性的释放，带来短期的经济活力提升，而后经济又逐步向潜在增速靠拢，我们认为潜在增速其实不低，但市场此前的预期过于饱满。进入二季度，高频数据和总量数据上自4月份开始掉头往下，基本面在一季度强势改善背景下出现了快速调整，房地产、社融信贷、社消等数据相比1季度的下行超出预期，故市场反而对政策的期待持续提升。央行通过降息和保持流动性宽松来适当对冲边际走弱的宏观压力，7月政治局会议定调“适时优化调整房地产政策”，市场对于内循环信心有所提升，目前等待政策的逐步落地。就市场而言，市场主线主要是围绕基本面由强到弱的走势展开，伴随预期的波动，带动债券收益率先上后下，股票走势先上后下，大类资产呈现较为明显的负相关性，权益内部结构分化较大。蜂巢润和作为偏债混合型基金，整体更加偏进攻性，我们在上半年应用基于修正的风险预算模型的大类资产配置策略和精选个券策略，动态调整权益和债券的仓位配置，权益方面选择业绩和估值匹配的成长股、价值股均衡分配；债券方面优选高等级优质信用债进行底仓配置，利率敞口在两会之前整体采取偏防守策略，久期偏低，两会后逐步增加久期获取超额收益。总体看，本组合通过债券的收益对冲了权益的下跌，在上半年取得了收益和波动之间的较好平衡。","declarationDate":"2023-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:19.314Z","mo":"展望3季度，海外方面，由于美国的基本面，特别是通胀和就业持续强势，下半年美联储仍然有可能加息，对资本市场造成压力，并通过利差和资本流动传递到我国市场，汇率承压，并掣肘货币政策进一步宽松的空间。展望国内基本面，我们目前经济处于转型期，追求高质量发展，不再通过房地产刺激经济，短期将会承受房地产产业链萎缩的阵痛，看似表观经济增速下降，实际上是优化产业结构和修复居民企业资产负债表的必备过程，不过，房地产的过快衰退也可能造成风险，7月政治局会议定调“适时优化调整房地产政策”，对政策进行优化，有望进一步缓释风险并增进经济活力，我们目前等待政策的逐步落地。总体看，在房地产政策优化的基础上，3季度我国工业去库存阶段有望接近结束，叠加PPI等基数降低，经济增速有望回升，大类资产债强股弱的情况会逐步修正。目前债券定价较为充分，权益市场则比较悲观，我们认为3季度需要重视经济库存见底后经济重新走强的预期差，我们将持续优化持仓。","fund":{"_id":3000000014944,"__csrcFundId":11452,"stockCode":"014944","shortName":"蜂巢润和六个月持有期混合(014944)","masterFundShortName":"蜂巢润和六个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14944,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:25:40.393Z","status":"normal","exchange":"jj","name":"蜂巢润和六个月持有期混合型证券投资基金","fundCollectionId":4000051420000,"inceptionDate":"2022-08-08T16:00:00.000Z","followedNum":0,"setUp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