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而言，资产收益率主要来自票息收益，预计受债市波动影响相对较小。　　本基金将持续积极关注市场机会，保持稳健风格，力争为持有人获取较好的投资回报。","fund":{"_id":3000000015022,"__csrcFundId":10914,"stockCode":"015022","shortName":"万家安恒纯债3个月持有期债券发起式(015022)","masterFundShortName":"万家安恒纯债3个月持有期债券发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15022,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:19.578Z","status":"normal","exchange":"jj","inceptionDate":"2022-02-15T16:00:00.000Z","name":"万家安恒纯债3个月持有期债券型发起式证券投资基金","fundCollectionId":4000050190000,"followedNum":0,"setUpDate":"2022-02-15T16:00:00.000Z","setUpAssetScale":209998000,"setUpShares":209998000,"pinyin":"wjahcz3gycyqzqxfqszqtzjj","managers":[{"stockCode":"db20574119","stockType":"fund_manager","exchange":"fm","tickerId":261723181590,"name":"周潜玮"},{"stockCode":"db20921220","stockType":"fund_manager","exchange":"fm","tickerId":191010233290,"name":"孙佳佳"}]},"announcement":{"linkText":"万家安恒纯债3个月持有期债券型发起式证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1055893","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1157fea5b3eb0517c00","date":"2023-09-29T16:00:00.000Z","stockId":3000000015022,"sao":"三季度债市整体以8月中旬降息为分界先涨后跌，曲线熊平。7月债市在政策预期和经济基本面的扰动下基本维持低幅震荡，月末政治局会议债市调整幅度较大，但至8月实质性政策出台速度偏慢，资金面宽松，在市场对降准降息预期升温的背景下，债券收益率持续下行。8月月中超预期降息，10年期国债收益率向下突破2.55%，但此后几天无增量利好债市消息，资金面趋紧，且当月月末一周一线城市地产政策略超预期，债市出现明显调整。9月以来，地产政策未见明显成效，降准后的资金面仍持续偏紧，债市整体表现偏弱。截至2023年9月末，1年、3年、10年期国债收益率分别较上月末上行30BP、14BP、4BP至2.17%、2.37%、2.68%。　　三季度本基金受信用保护资产的比例略有上升，组合久期维持在 1 年左右。剩余部分的资产主要为高评级、中短久期的商金债、券商公司债等，为组合提供流动性。展望未来，我们认为经历前期调整后，在基本面仍未发生逆转的前提下，当前债券价格已具备一定性价比。但若资金面未现宽松，预期债券可能仍维持震荡行情。对本基金而言，资产收益率主要来自票息收益，预计受债市波动影响较小。　　本基金将持续积极关注市场机会，保持稳健风格，力争为持有人获取较好的投资回报。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:29.492Z","fund":{"_id":3000000015022,"__csrcFundId":10914,"stockCode":"015022","shortName":"万家安恒纯债3个月持有期债券发起式(015022)","masterFundShortName":"万家安恒纯债3个月持有期债券发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15022,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:19.578Z","status":"normal","exchange":"jj","inceptionDate":"2022-02-15T16:00:00.000Z","name":"万家安恒纯债3个月持有期债券型发起式证券投资基金","fundCollectionId":4000050190000,"followedNum":0,"setUpDate":"2022-02-15T16:00:00.000Z","setUpAssetScale":209998000,"setUpShares":209998000,"pinyin":"wjahcz3gycyqzqxfqszqtzjj","managers":[{"stockCode":"db20574119","stockType":"fund_manager","exchange":"fm","tickerId":261723181590,"name":"周潜玮"},{"stockCode":"db20921220","stockType":"fund_manager","exchange":"fm","tickerId":191010233290,"name":"孙佳佳"}]},"announcement":{"linkText":"万家安恒纯债3个月持有期债券型发起式证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=985253","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1157fea5b3eb0517bff","date":"2023-06-29T16:00:00.000Z","stockId":3000000015022,"sao":"2023年上半年债市总体走强，十年期国债收益率十年期国债收益率从上年末的2.84%下行至6月末的2.64%。具体来看，1月份经济复苏预期升温，叠加月中MLF利率持平且净投放不及预期，利率债呈熊平走势。2月债券窄幅震荡。进入3月，GDP目标增速调降至5%，市场经济预期下调、央行超预期降准、海外银行业危机避险等驱动因素下，债券走强。4月债券利率进一步下行，主要驱动因素包括中小银行存款利率下调、月末PMI不及预期、政治局会议对经济定调偏弱，十年期国债收益率向下突破2.80%。5月上旬债市延续涨势，十年期国债收益率活跃券成交低至2.70%以下。此后债市进入震荡，月中MLF未降息出现短暂回调，但伴随资金面持续宽松等因素，5月下旬利率再度下行。6月债市整体围绕政策预期波动，上半月维持震荡，月中降息后利率大幅下行但随后又回调至降息前位置。月末一周，政策未如预期出台，利率再次下行。　　2023年上半年本基金杠杠在100~120%，平均持有约 75%的受信用保护资产，组合久期维持在 1 年左右。剩余部分的资产主要为高评级、中短久期的商金债、券商公司债等，为组合提供流动性。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:29.489Z","mo":"展望后市，我们对债市中长期仍较乐观，但当前债券价格对过去经济复苏程度偏弱预期的定价已较为充分，政策出台可能提振基本面对债市构成风险。对本产品而言，资产收益率主要来自票息收益，预计受债市波动影响相对较小。　　本基金将持续积极关注市场机会，保持稳健风格，力争为持有人获取较好的投资回报。","fund":{"_id":3000000015022,"__csrcFundId":10914,"stockCode":"015022","shortName":"万家安恒纯债3个月持有期债券发起式(015022)","masterFundShortName":"万家安恒纯债3个月持有期债券发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15022,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:19.578Z","status":"normal","exchange":"jj","inceptionDate":"2022-02-15T16:00:00.000Z","name":"万家安恒纯债3个月持有期债券型发起式证券投资基金","fundCollectionId":4000050190000,"followedNum":0,"setUpDate":"2022-02-15T16:00:00.000Z","setUpAssetScale":209998000,"setUpShares":209998000,"pinyin":"wjahcz3gycyqzqxfqszqtzjj","managers":[{"stockCode":"db20574119","stockType":"fund_manager","exchange":"fm","tickerId":261723181590,"name":"周潜玮"},{"stockCode":"db20921220","stockType":"fund_manager","exchange":"fm","tickerId":191010233290,"name":"孙佳佳"}]},"announcement":{"linkText":"万家安恒纯债3个月持有期债券型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=959905","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1157fea5b3eb0517bfe","date":"2023-03-30T16:00:00.000Z","stockId":3000000015022,"sao":"2023年一季度宏观经济始终保持在温和复苏的轨迹上，但是市场的预期在强刺激强复苏与政策后继乏力经济复苏延后之间来回摇摆，造成了资产价格的巨大振幅。春节是一季度预期波动的重要分水岭。春节前，市场延续了2022年四季度以来的乐观情绪，对全年经济复苏充满了乐观情绪。春节期间，由假期间相对较弱的地产销售数据开始发端，预期开始迅速回落。虽然节后的地产销售数据、建筑行业景气度、旅游出行数据和高频消费数据均修复较好，资本市场的表现却出现悖离，表现出了衰退期的典型状况。一方面，债券收益率持续下行，期限利差和信用利差均明显压缩；权益市场出现题材股的疯狂炒作，蓝筹大幅跑输；另外一方面，社融数据稳步回升，信贷需求好转，货币市场利率持续上行。在债券资产方面，中等久期的永续债、二级资本债和中等评级城投债的持有期收益大幅跑赢。截止季末，已经基本修复了2022年四季度的跌幅。　　基金操作方面，我们继续维持了短久期防御性策略，并积极放大产品的杠杆。本基金平均持有约75%的受信用保护资产，维持在1年左右的组合久期，120%左右的组合杠杆。剩余部分的资产为中短久期的金融债、券商公司债等金融同业机构风险的信用债。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:29.486Z","fund":{"_id":3000000015022,"__csrcFundId":10914,"stockCode":"015022","shortName":"万家安恒纯债3个月持有期债券发起式(015022)","masterFundShortName":"万家安恒纯债3个月持有期债券发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15022,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:19.578Z","status":"normal","exchange":"jj","inceptionDate":"2022-02-15T16:00:00.000Z","name":"万家安恒纯债3个月持有期债券型发起式证券投资基金","fundCollectionId":4000050190000,"followedNum":0,"setUpDate":"2022-02-15T16:00:00.000Z","setUpAssetScale":209998000,"setUpShares":209998000,"pinyin":"wjahcz3gycyqzqxfqszqtzjj","managers":[{"stockCode":"db20574119","stockType":"fund_manager","exchange":"fm","tickerId":261723181590,"name":"周潜玮"},{"stockCode":"db20921220","stockType":"fund_manager","exchange":"fm","tickerId":191010233290,"name":"孙佳佳"}]},"announcement":{"linkText":"万家安恒纯债3个月持有期债券型发起式证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=884729","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1157fea5b3eb0517bfd","date":"2022-12-30T16:00:00.000Z","stockId":3000000015022,"sao":"2022年一季度的宏观经济基本面在国内各方面因素的制约下，持续下行。春节之前，房地产行业的下滑严重压制了经济增长的势头。在金稳委会议之后，各地限购限售政策陆续放开、信贷资源充裕、民营房地产企业的风险释放较为充分，部分地区和企业的销售开始有所回暖。　　但在3月之后，上海等地的疫情爆发给经济带来了全新的压力。经济运作的主要矛盾从房地产行业的下滑转化为疫情防控带来的供应链中断。　　对于货币政策而言，更加孱弱的基本面制约了无风险利率上行的空间；宽信用政策持续加码带来的利率看涨期权和中美利差倒挂带来的资本项掣肘，也制约了无风险利率进一步下行的空间。　　2022年二季度全国疫情得以有效缓解，大型城市坚持开展的常态化核酸检验虽然增加了全社会的运行成本，但有效遏止了疫情的二度爆发。受益于管控措施的放松以及复产复市的举措，所有行业的经济活动均有较为明显的恢复。尤其是汽车产业链为代表的制造业，在政策的持续呵护下，率先走出封控的影响，一举恢复至疫情前的水平。　　房地产行业的需求端刺激政策持续出台，销售端开始出现边际好转。但是地产企业的现金流仍然承压，部分龙头民营企业配套信用衍生工具发行了信用债券，可净融资额相对有限。企业基本面仍在缓慢的筑底过程中。　　受到央行各种结构性金融政策的支持以及天量政府债券发行的配合，二季度社融增速整体企稳，宽信用的效果逐步落地实体。　　美联储大幅加息落地之后，海外经济复苏的势头开始高位钝化，影响到全球定价的大宗商品价格，波动率明显增加，尤其是石油和有色的价格，在二季度出现了显著的回落，而中国内需为代表的黑色系大宗价格仍然坚挺。猪价开始从周期底部大幅拉升。上述现象显示了中国内需回升和美欧外需走平的新环境出现。　　2022年三季度经济延续弱势复苏的态势。总体来看，外需的顶部逐渐确认，内需筑底。受到汇率压力的影响，货币政策边际略有微调，“以我为主”的宽松基调有所淡化。政策更多落地在宽信用层面。各种结构性工具开始落地。受此影响，三季度信贷数据拉动社融总体明显转好。　　2022年四季度的境内各类资产价格均出现了较为极端的行情。债券收益率前期延续了2022年总体偏牛，小幅下行的走势，到10月最低点时，期限利差及大部分投资级的信用利差均走至历史最低位附近。尤其是银行资本补充工具和城投债的品种利差创出了历史新低。从10月开始，资金成本悄然走高，最终以防疫二十条和地产十六条的发布为标志，两大领域的核心政策均出现了根本性拐点。债券市场陷入了较为罕见的单边上行行情，市场一度出现流动性枯竭迹象。下跌一直延续到12月中旬才告一段落。　　本基金按照既定策略，主要投资在配套信用缓释工具的资产上，并通过杠杆运作增厚票息收益。全年本基金基本保持了70%的中性仓位投资在配套信用衍生品的信用债券上，同时通过二级资本债、商业银行金融债和政策性金融债进行流动性和久期管理。在年底的大幅调整中，本基金提前压缩了组合久期以及二级资本债的持仓，降低了组合的利率风险以及信用利差风险。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:29.484Z","mo":"2023年是大会后的第一年，也是大疫之后的转折年份。　　在防疫进入“乙类乙管”常态化之后，困扰实体经济运行三年的疫情扰动基本退出历史舞台。复苏是2023年最核心的主线。由于低基数效应以及防控措施放松之后带来的恢复趋势，大消费相关行业的反弹弹性最大，胜率最高，持续时间最长。我们认为，部分群体的暂时性收入下降对于耐用消费品可能存在一些抑制性因素，但是对于大多数场景性消费没有影响。社会消费品零售总额增速的反弹具备极强的持续性。元旦后的高频零售数据反弹已经可以印证该趋势的起点。对于全年的消费品预期波动来说，唯一的扰动就是第二波疫情冲击。但是，我们相信，在“乙类乙管”的新环境下，第二波疫情对经济的冲击幅度和时间长度都会非常有限，不会改变全年的运作节奏，对大类资产的边际定价影响也会微乎其微。　　从中央经济工作会议的定调来看，投资是扩大内需的重要抓手，基建投资在2023年将延续托底的角色。由于2022年的一级土地开发市场下滑较大，2023年地方政府的财政压力进一步加剧。加之市场波动带来的融资平台债券净融资额下滑，额外增加了地方政府的财政负担。表内预算红线和地方债务限额也制约了两级政府通过债务扩张实现超额增长的空间。鉴于客观的财政压力，预计基建投资很难成为2023年拉动经济的主要动量，仅能保持个位数的增长水平。　　由于政策放松与防疫力度的下降，预计房地产销售将回升到正常的周期波动轨道中去。2022年中对经济带来最大超预期拖累项有望逐步消退。同时，保交楼工作量逐步落地之后，预计2023年的竣工恢复速度将快于销售端，给实体经济带来更大的实物工作量。从2023年春节后的销售势头来看，整体地产市场已经呈现企稳的态势。不确定性在于：一、金融监管对于信贷、社融增长、居民资产负债表重新扩张和房价上涨的忍耐限度；二、“十六条”全面落地之后，局部的地产风险是否仍存在爆发的风险。　　通过反思2022年，我们认为站在2023年伊始就断言地产的全面复苏为时过早。站在当下，做多地产链条复苏是2023年胜率较高的一个策略。同时，由于年初市场对于弱复苏的一致预期极强，如果后续与地产相关的风险因素均未爆发，那么地产链条向上的赔率也极高。通过观察后续政策的落地和企业的纾困情况，需要动态调整。　　站在更高一个维度展望2023年，我们判断由于国内的复苏势头很难转向，货币政策全面转向正常化，基准利率下行的概率不大，基础货币投放的节奏趋缓，但在上半年仍将以稳为主。预计中美利差将持续收窄，带动人民币定价的风险资产表现较好。由于一级土地出让市场的滞后性及结构分化，资产荒暂缓造成的融资平台净融资额下降，预计地方财政是国内市场边际上最大的风险点。遵义模式是否会从贵州扩散到其它省份，长期限展期是否会从非标和银行贷款蔓延到债券市场，均存在非常大的不确定性。由于融资平台的系统重要性，波动之后大概率会出现救助。这是2023年最大的不确定性来源，也是潜在的最大超额收益来源。","fund":{"_id":3000000015022,"__csrcFundId":10914,"stockCode":"015022","shortName":"万家安恒纯债3个月持有期债券发起式(015022)","masterFundShortName":"万家安恒纯债3个月持有期债券发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15022,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:19.578Z","status":"normal","exchange":"jj","inceptionDate":"2022-02-15T16:00:00.000Z","name":"万家安恒纯债3个月持有期债券型发起式证券投资基金","fundCollectionId":4000050190000,"followedNum":0,"setUpDate":"2022-02-15T16:00:00.000Z","setUpAssetScale":209998000,"setUpShares":209998000,"pinyin":"wjahcz3gycyqzqxfqszqtzjj","managers":[{"stockCode":"db20574119","stockType":"fund_manager","exchange":"fm","tickerId":261723181590,"name":"周潜玮"},{"stockCode":"db20921220","stockType":"fund_manager","exchange":"fm","tickerId":191010233290,"name":"孙佳佳"}]},"announcement":{"linkText":"万家安恒纯债3个月持有期债券型发起式证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=867848","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1157fea5b3eb0517bfc","date":"2022-09-29T16:00:00.000Z","stockId":3000000015022,"sao":"三季度经济延续弱势复苏的态势。总体来看，外需的顶部逐渐确认，内需筑底。受到汇率压力的影响，货币政策边际略有微调，“以我为主”的宽松基调有所淡化。政策更多落地在宽信用层面。各种结构性工具开始落地。受此影响，三季度信贷数据拉动社融总体明显转好。  本基金继续按照既定策略主要投资于受保护的高票息信用债，同时辅以政策性金融债、存单、及商业银行金融债作为流动性管理工具和杠杆增厚。本基金三季度获得了较为稳健的收益。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:29.481Z","fund":{"_id":3000000015022,"__csrcFundId":10914,"stockCode":"015022","shortName":"万家安恒纯债3个月持有期债券发起式(015022)","masterFundShortName":"万家安恒纯债3个月持有期债券发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15022,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:19.578Z","status":"normal","exchange":"jj","inceptionDate":"2022-02-15T16:00:00.000Z","name":"万家安恒纯债3个月持有期债券型发起式证券投资基金","fundCollectionId":4000050190000,"followedNum":0,"setUpDate":"2022-02-15T16:00:00.000Z","setUpAssetScale":209998000,"setUpShares":209998000,"pinyin":"wjahcz3gycyqzqxfqszqtzjj","managers":[{"stockCode":"db20574119","stockType":"fund_manager","exchange":"fm","tickerId":261723181590,"name":"周潜玮"},{"stockCode":"db20921220","stockType":"fund_manager","exchange":"fm","tickerId":191010233290,"name":"孙佳佳"}]},"announcement":{"linkText":"万家安恒纯债3个月持有期债券型发起式证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=802923","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1157fea5b3eb0517bfb","date":"2022-06-29T16:00:00.000Z","stockId":3000000015022,"sao":"一季度的宏观经济基本面在国内各方面因素的制约下，持续下行。春节之前，房地产行业的下滑严重压制了经济增长的势头。在金稳委会议之后，各地限购限售政策陆续放开、信贷资源充裕、民营房地产企业的风险释放较为充分。部分地区和企业的销售开始有所回暖。  但是，在3月之后，上海等地的疫情爆发给经济带来了全新的压力。经济运作的主要矛盾从房地产行业的下滑转化为疫情防控带来的供应链中断。  对于货币政策而言，更加孱弱的基本面制约了无风险利率上行的空间。但是宽信用政策持续加码带来的利率看涨期权和中美利差倒挂带来的资本项掣肘，也制约了无风险利率进一步下行的空间。  二季度全国疫情都得以有效缓解。大型城市坚持开展的常态化核酸检验虽然增加了全社会的运行成本，但是有效遏止了疫情的二度爆发。受益于管控措施的放松以及复产复市的影响，所有行业的经济活动均有较为明显的恢复。尤其是汽车产业链为代表的制造业，在政策的持续呵护下，率先走出封控的影响，并且一举恢复至疫情前的水平。  房地产行业的需求端刺激政策持续出台，销售端开始出现边际好转。但是地产企业的现金流仍然承压。部分龙头民营企业配套信用衍生工具发行了信用债券，但是净融资额相对有限。企业基本面仍在缓慢的筑底过程中。  受到央行各种结构性金融政策的支持以及天量政府债券发行的配合，二季度社融增速整体企稳，宽信用的效果逐步落地实体。  美联储大幅加息落地之后，海外经济复苏的势头开始高位钝化，影响到全球定价的大宗商品价格，波动率明显增加。尤其是石油和有色的价格，在二季度出现了显著的回落，而中国内需为代表的黑色系大宗价格仍然坚挺。猪价开始从周期底部大幅拉升。  显示中国内需回升和美欧外需走平的新环境出现。  我们的主策略为中短久期的优质金融同业风险的信用债配置。产品于3月迅速完成了建仓。截止二季度末，产品主要的资产配置在受信用风险缓释工具保护的信用债上，此外还配置了部分资产在优质商业银行二级资本债、证券公司债、大行存单和国债之上。产品保持较短久期，控制利率风险敞口，同时确保非金融机构类信用债资产均配套信用风险缓释工具/信用保护工具进行充分对冲。净信用风险敞口主要控制在优质城商行、优质股份行和国有大行之内。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:29.478Z","mo":"二季度经济运行的主线是疫情回落后的制造业迅速复工复产，那么三季度的主线就是总需求的缓慢恢复。  7月底召开的政治局会议为大会召开前的经济和资产走向指示了一个较为务实的方向。经济复苏的方向没有变化，但是缺少一次“空中加油”式的刺激。复苏的斜率较二季度更为平坦。  首先，本次会议在防疫、货币、财政、结构性调整方面均未提出进一步的激进刺激方案。总体偏向于延续前期政策落地和执行。并且，对于经济增长目标的淡化意味着未来3-6个月期间宽货币或宽信用政策均无特别明显的想象空间。  其次，从通稿的全文篇幅和段落排布来看，疫情防控仍然是下半年的核心议题，尤其是文中首次提到“要从政治上看、算政治账”。这意味着进入常态化疫情防控阶段后，总体策略仍然没有任何变化，只是国内的疫情大幅回落，降低了对经济活动的影响。对于餐饮、旅游和出行的抑制在短期内不会消失。如果有特大城市再度出现疫情升级的情况，二季度疫情严防控的措施仍有可能出现。常态化核酸检验之后，从高频数据的环比变化上看，餐饮和出行行业近期均有改善，但是严格的疫情防控定调限制了行业复苏的想象空间。  在结构性政策方面，部分行业的表述出现了边际变化。对房地产的表述显著转向积极，尤其是在“房住不炒”原则之前增加了“稳定房地产市场”，为多年来首次。并且在“因城施策”之后增加了“用足用好政策工具箱”。结合近期落地的房地产救助基金和地方政府购买烂尾楼等政策，预计7月保交楼事件将告一段落，对销售的影响逐步淡化。新增的“用足用好政策工具箱”意味着二线城市的限购限贷政策仍有进一步放松的空间，郑州模式的地产救助亦有可能逐步铺开。配合6月开始逐步回暖的地产销售数据，有理由相信，如无新一轮疫情的冲击，则本轮地产周期底部已经基本探明。  对于新能源和电动车的表述进一步淡化，仅提到“加大力度规划建设新能源供给消纳体系”。新能源整体仍处于景气周期中，因此无需政策进一步加码刺激。如果考虑到被点名的消纳体系建设，则可能意味着储能行业的支持政策想象空间被打开。  通稿对平台经济的表述非常友善。仅提到了“绿灯”案例，未提及红灯事项。结合近期博纳影业ipo获批，可能意味着绵延多时的互联网平台整治基本告一段落，有利于传媒等行业出清、筑底。  大类资产上看，短期避险情绪带动的无风险资产和投资级债券资产仍然跑赢。在房地产销售的右侧拐点确认之前，股市和债市仍将由较为悲观的经济增长预期所主导。配合6月以来的应激式低利率环境（隔夜回购利率显著低于政策利率），3-5年无风险或投资级资产仍有套息和骑乘空间。","fund":{"_id":3000000015022,"__csrcFundId":10914,"stockCode":"015022","shortName":"万家安恒纯债3个月持有期债券发起式(015022)","masterFundShortName":"万家安恒纯债3个月持有期债券发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15022,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:19.578Z","status":"normal","exchange":"jj","inceptionDate":"2022-02-15T16:00:00.000Z","name":"万家安恒纯债3个月持有期债券型发起式证券投资基金","fundCollectionId":4000050190000,"followedNum":0,"setUpDate":"2022-02-15T16:00:00.000Z","setUpAssetScale":209998000,"setUpShares":209998000,"pinyin":"wjahcz3gycyqzqxfqszqtzjj","managers":[{"stockCode":"db20574119","stockType":"fund_manager","exchange":"fm","tickerId":261723181590,"name":"周潜玮"},{"stockCode":"db20921220","stockType":"fund_manager","exchange":"fm","tickerId":191010233290,"name":"孙佳佳"}]},"announcement":{"linkText":"万家安恒纯债3个月持有期债券型发起式证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=782127","linkType":"PDF","source":"csrc_pdf"}}]}