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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=889400","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1287fea5b3eb0518d4c","date":"2022-12-30T16:00:00.000Z","stockId":3000000015141,"sao":"2022年股票市场波动剧烈。年初至1月底A股特别是基金重仓股出现了明显的下跌：美联储的政策转向导致美国和中国的成长股出现下跌，而国内稳增长和宽信用的力度受到怀疑，基金重仓股在下跌的过程中因交易拥挤而出现踩踏。1月底至2月中旬基金重仓股开启了一段反弹行情，稳增长板块的超额收益达到过去几轮周期的高点。2月中旬至3月中旬市场出现了明显的调整，俄乌战争在朝一个比市场预期更坏的方向发展，对俄罗斯的制裁升级导致大宗商品价格飙升，强化了市场的滞胀预期，部分中下游行业因成本上行的担忧而明显下跌。3月中旬市场随着高层讲话增强信心短暂企稳，但随着上海疫情扩散和封城，再度出现了暴跌。5月初至8月中旬市场度过了一段甜蜜期，高层会议释放了政策利好叠加上海解封，高景气板块出现了快速反弹。8月中旬到10月份市场成交并不活跃，外资阶段性流出，以自主可控为主线的军工和信创等板块阶段性走出行情，同时医药板块也有不错的反弹。临近年末，防疫放松和地产三支箭带动了消费和地产链条反弹，市场风格迎来反转。全年来看，除了煤炭等少数板块表现亮眼，大多数行业收跌，对投资者来说，可以称得上相当hard的一年。2022年全年看来，债券市场呈现震荡行情，年初和年末收益率水平差距不大。其中，上半年受国内外经济形势、疫情变化的影响，利率债市场窄幅震荡；二季度经济下滑，房地产市场出现“断供”风波，随后8月超预期下调MLF利率，债券市场收益率快速下行，形成年内收益率底部。四季度，随着国内疫情防控政策的优化，地产“三支箭”政策出台，债市收益率明显上行，而理财产品净值波动引发赎回更加剧了债市调整剧烈程度，信用债收益率回调一直持续到12月中旬才有所缓和。权益类资产的操作上，我们结合组合的风险收益要求，基本上保持了股票和可转债的仓位稳定在合计不超过20%的水平，但股票的波动还是给组合带来了一定的负贡献。固收资产方面，本基金严格遵守相关法律法规，深入分析基本面、政策面、资金面，形成对市场的判断，适当运用久期策略、杠杆策略等投资策略，努力为投资人赚取与其风险偏好相匹配的收益。","declarationDate":"2023-01-16T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:48.373Z","mo":"权益市场方面，与过去三年最鲜明的区别就是中国的防疫政策变化，我们也进入了与新冠病毒共存的新时代。元旦之后我们欣喜地发现居民的消费有所复苏，机场和高铁上重新出现了那么多为事业而奔波的奋斗者。尽管统计机构预测疫情后续仍有反复，但我们认为疫情已经不再是困扰市场波动的核心变量了。海外资金对于防疫放开的经验比我们丰富，从人民币汇率和股票市场北向资金的走势看，外资也并不太担心疫情反复。伴随中国经济重启，我们判断股票市场可以进入复苏交易阶段，周期底部向上的板块众多且均衡，行业机会比22年多且分散，这里面包括但不限于受益于房地产企业困境反转的金融地产链条、受益于线下诊疗恢复的医药生物链条、受益于政策环境与盈利周期触底的TMT等等。转债方面，与以往熊市末期不同，可转债的估值并未出现以前的低点，可能与市场参与主体的大幅扩张有关，当然也从侧面反映了投资者对于后市相对比较乐观。受此影响，23年可转债估值系统性提升的机会并不显著，但我们仍能从中挖掘到一些较好的投资机会，诸如绝对价格较低的平衡型品种和转股价值处于较低水平的偏股型品种。","fund":{"_id":3000000015141,"__csrcFundId":10937,"stockCode":"015141","shortName":"华泰紫金周周购6个月滚动债发起(015141)","masterFundShortName":"华泰紫金周周购6个月滚动债发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15141,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:29:58.444Z","status":"normal","exchange":"jj","name":"华泰紫金周周购6个月滚动持有债券型发起式证券投资基金","fundCollectionId":4000051430000,"inceptionDate":"2022-03-09T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-09T16:00:00.000Z","setUpAssetScale":100370185.88,"setUpShares":100370185.88,"pinyin":"htzjzzg6gygdcyzqxfqszqtzjj","managers":[{"stockCode":"db20814918","stockType":"fund_manager","exchange":"fm","tickerId":121606219390,"name":"刘鹏飞"},{"stockCode":"db20689567","stockType":"fund_manager","exchange":"fm","tickerId":2308190020,"name":"吴晖"}]},"announcement":{"linkText":"华泰紫金周周购6个月滚动持有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=871606","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1287fea5b3eb0518d4b","date":"2022-09-29T16:00:00.000Z","stockId":3000000015141,"sao":"9月新增社融3.53万亿元，前值2.43万亿，社融规模同比增速回升0.1个点至10.6%。9月新增人民币贷款2.47万亿元，同比去年多增8108亿元，前值2.43万亿元，其中企业新增中长期贷款1.35万亿元，较为突出。从金融数据可以看出，企业部门融资偏强，信贷结构继续好转；而居民部门融资偏弱，短期与中长期贷款继续同比少增，数据指向消费与地产销售仍未有效恢复，居民负债意愿仍有待修复。9月CPI同比上涨2.8%，前值为2.5%，核心CPI同比增长0.6%，前值为0.8%。CPI同比创近期新高，主要与猪肉、鲜菜等为代表的食品价格上涨有关，在整体消费需求偏弱的情况下，后续CPI上升动能有限。9月PPI同比上升0.9%，前值2.3%，较8月回落1.4个百分点，国内部分行业市场需求仍然疲软，PPI涨幅连续11个月回落。三季度以来，债券市场收益率先下后上，7月初债市收益率开始下行，8月份央行降息后加速下行，10年国债收益率降至2.6%以下，9月中旬，MLF缩量续作，临近季末资金面开始收紧，市场对地产等稳增长政策预期不断升温，利率市场开始出现回调，回调幅度约15BP。股票市场三季度近乎于单边下行，上证指数在7月初见到本轮反弹高点之后连续下跌了3个月，临近三季度末，两市成交量也日渐回落，市场赚钱效应重回冰点。产品操作方面，固收类资产方面，资产配置仍然坚持杜绝信用风险，以中高等级信用债资产为主，并积极参与利率债波段交易，努力抓取市场波段行情，为投资者赚取收益。组合在9月初较大幅度的减持了股票和可转债资产，避免了季末净值更大幅度的下跌。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:48.370Z","fund":{"_id":3000000015141,"__csrcFundId":10937,"stockCode":"015141","shortName":"华泰紫金周周购6个月滚动债发起(015141)","masterFundShortName":"华泰紫金周周购6个月滚动债发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15141,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:29:58.444Z","status":"normal","exchange":"jj","name":"华泰紫金周周购6个月滚动持有债券型发起式证券投资基金","fundCollectionId":4000051430000,"inceptionDate":"2022-03-09T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-09T16:00:00.000Z","setUpAssetScale":100370185.88,"setUpShares":100370185.88,"pinyin":"htzjzzg6gygdcyzqxfqszqtzjj","managers":[{"stockCode":"db20814918","stockType":"fund_manager","exchange":"fm","tickerId":121606219390,"name":"刘鹏飞"},{"stockCode":"db20689567","stockType":"fund_manager","exchange":"fm","tickerId":2308190020,"name":"吴晖"}]},"announcement":{"linkText":"华泰紫金周周购6个月滚动持有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=807992","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1287fea5b3eb0518d4a","date":"2022-06-29T16:00:00.000Z","stockId":3000000015141,"sao":"今年第一季度GDP同比增长4.8%，第二季度GDP同比增0.4%，显著低于预期。回顾上半年经济走势，1-2月经济延续去年以来的恢复进程，3-4月被疫情突发所逆转，5月开始小幅改善，6月进一步改善但空间有限。内部疫情叠加外部俄乌冲突和美联储加息，企业和居民预期全面转差，经济循环受阻，房地产和消费等居民部门尤为严峻。2022年以来已有超百城调整地产政策，但效果仍不理想。5月份，央行调降了5年期LPR，降息15bp，而1年期限LPR保持不变，体现了央行继续引导房贷按揭利率下滑的意图。然而，居民部门加杠杆意愿和能力均较弱，是当前信用扩张的症结。消费方面，今年6月社会消费品零售总额同比3.1%，较5月回升9.8个百分点，显著好于市场预期的-0.5%，1-6累计同比-0.7%。随着疫情形势的好转，消费有反弹动力，但也存在较大不确定性，下半年消费不宜过高期待，居民收入改善往往滞后于企业部门改善，而消费倾向还面临多重拖累，比如：疫情的不确定使得部分消费场景无法解除限制；经济不景气使得居民就业收入预期不佳，预防性储蓄攀升；房价下跌带来的财富收缩效应。今年上半年，虽然有疫情的扰动，但是市场一直对稳增长政策有所忌惮，所以长端利率债呈现震荡局面，但是，由于央行上缴利润及集中留抵退税，货币市场资金价格在二季度呈现明显下行趋势，因此，短端资产下行幅度明显，一年期存单收益率呈现螺旋式下降。权益市场则走出了深V的形态，经历了3-4月份惨烈的杀跌，随着4月底一系列稳增长措施的出台、流动性改善、疫情缓解，市场在5-6月份走出了单边反弹的走势，其中新能源板块超额收益较为显著。受到权益市场的带动，可转债同样在5-6月份迎来了反弹行情。本基金在投资操作上除了做好日常的流动性管理外，在短端资产收益率高点时期也加大了配置力度，提高组合久期及杠杆，努力赚取与客户风险偏好相匹配的收益。此外，对持仓的股票和可转债在结构上进行了调整，并在4月中下旬适当提高了股票和可转债的仓位。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:48.367Z","mo":"展望下半年，从全球整体的增长动力看，已步入大周期放缓的轨道，但国内和海外经济周期错位，海外经济放缓是下半年的大方向，美联储货币政策紧缩抗通胀，将对全球整体经济增长动能构成限制，特别需要关注后续新兴市场的经济增长表现。而国内经济在宽松的货币环境及稳增长政策的推动下，经济斜率在向上修复，但在宽货币向宽信用的推进过程中，信贷进入实体意愿难以在短时间内明显转强，宽信用缺少资产承接，短期内流动性预计仍将保持充裕。此外，疫情仍然是经济活动恢复中最大的不确定性因素，或对经济恢复造成干扰。","fund":{"_id":3000000015141,"__csrcFundId":10937,"stockCode":"015141","shortName":"华泰紫金周周购6个月滚动债发起(015141)","masterFundShortName":"华泰紫金周周购6个月滚动债发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15141,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:29:58.444Z","status":"normal","exchange":"jj","name":"华泰紫金周周购6个月滚动持有债券型发起式证券投资基金","fundCollectionId":4000051430000,"inceptionDate":"2022-03-09T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-09T16:00:00.000Z","setUpAssetScale":100370185.88,"setUpShares":100370185.88,"pinyin":"htzjzzg6gygdcyzqxfqszqtzjj","managers":[{"stockCode":"db20814918","stockType":"fund_manager","exchange":"fm","tickerId":121606219390,"name":"刘鹏飞"},{"stockCode":"db20689567","stockType":"fund_manager","exchange":"fm","tickerId":2308190020,"name":"吴晖"}]},"announcement":{"linkText":"华泰紫金周周购6个月滚动持有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=788344","linkType":"PDF","source":"csrc_pdf"}}]}