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2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1447979","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed12c7fea5b3eb0519121","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-24T16:00:00.000Z","stockId":3000000015168,"sao":"回顾2025年第三季度，债券市场整体表现偏弱，主要原因为：1、相对积极的宏观政策以及偏暖的权益市场对债市形成一定压制；2、债市较薄的票息收益引发部分存量资金向风险类资产转移；3、中美贸易战有所放缓，市场风险偏好提升。　　但从经济基本面来看，宏观经济数据虽有见底企稳迹象，但并未大幅改善，需求未见明显复苏，预计宏观经济仍处于弱复苏过程中。此外，美联储开启降息周期，打开国内降息降准空间。短期来看，债券市场继续下跌的空间有限，已逐步进入高性价比区间。　　后续，将密切关注全球贸易摩擦的最新动态、美债收益率变化、美联储降息预期、国内宏观经济数据等。具体到操作层面，当前阶段维持相对积极的久期结构，预计短期内10Y国债收益率将在1.75%-1.85%附近震荡，逢低加仓逢高止盈，把握波段操作节奏。　　权益方面，继续保持中性偏乐观，不乏结构性机会，但短期涨幅略大略快，近期波动可能加大，需要把握交易节奏。　　风格行业层面，重点关注：1、具备估值性价比的汽车、家电、通用机械；2、具备估值弹性且近期滞涨的创新药、医疗器械、券商；3、光伏、锂矿、煤炭、化工、白酒、地产等可能受益于反内卷或其它宏观政策的品种，把握波段操作节奏；4、股息率较高的港股红利。　　A、H股比较来看，在美联储降息周期启动的宏观背景下，预计港股市场流动性边际改善更加明显，且估值、股息率吸引力均优于A股，对港股更乐观一些。　　本季度，组合以中短债为底仓，适当增加中长债基金、美债基金以及A、H权益基金配置，阶段性参与黄金基金和QDII权益基金。　　未来，组合将继续保持债基打底，A、H权益基金+全球多元资产增强的运作方式。本基金管理人将在严格控制回撤的前提下，积极把握不同类别资产的投资机会，稳健为主，力争稳中有进。","lastUpdated":"2026-03-09T13:54:52.118Z","fund":{"_id":3000000015168,"__csrcFundId":10994,"stockCode":"015168","shortName":"平安盈瑞六个月持有债券（FOF）(015168)","masterFundShortName":"平安盈瑞六个月持有债券（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":15168,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:30:41.208Z","status":"normal","exchange":"jj","name":"平安盈瑞六个月持有期债券型基金中基金（FOF）","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-05-05T16:00:00.000Z","fofFundFlag":1,"setUpDate":"2022-05-05T16:00:00.000Z","setUpAssetScale":181759486.08,"setUpShares":181759486.08,"pinyin":"payrlgycyqzqxjjzjj(fof)","managers":[{"stockCode":"8801615879","stockType":"fund_manager","exchange":"fm","tickerId":725192380,"name":"高莺"},{"stockCode":"j101020375","stockType":"fund_manager","exchange":"fm","tickerId":232425251680,"name":"吴心洋"}]},"announcement":{"linkText":"平安盈瑞六个月持有期债券型基金中基金（FOF） 2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1370792","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed12c7fea5b3eb0519120","date":"2025-06-29T16:00:00.000Z","stockId":3000000015168,"sao":"回顾2025年上半年，债券市场表现中性，截至2025年6月30日，中债总财富总值指数涨0.74%，其中1-3年期上涨0.4%，3-5年期上涨0.34%，5-7年期上涨0.62%，7-10年期上涨0.85%，久期较长品种表现更加突出。债券市场表现亮眼主要原因为：1、央行二季度增加了逆回购等债券市场流动性的投放；2、降息降准如期落地；3、贸易战和伊以冲突虽有放缓迹象但依然有一定不确定性；4、国内的宏观经济数据尤其是地产数据依然存在一定压力。　　回顾上半年操作，组合小幅降低了中短久期仓位，小幅增配中长债、含权资产（港股、二级债等）、美债、黄金等，在严格防范风险的同时，丰富收益来源，增厚了组合收益。　　当前，组合仍以中短久期为主，长久期为辅，少量持有含权资产及其它多元资产，未来，将保持债基打底、权益+多元资产增强的核心+卫星模式。本基金管理人将在严格控制组合回撤的前提下，积极把握胜率和赔率机会，稳健为主，力争稳中有进。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:52.115Z","mo":"展望后市，在没有明显外力改变的情况下，预计区间震荡仍将持续。后续，将密切关注中美贸易战、美债日债收益率变化、美联储降息预期、国内宏观经济数据等。若贸易战加剧，国内债市可能继续上涨，但空间有限；若美债利率进一步上行，可能对国内债市构成压力，但同样空间有限。从国内宏观经济数据来看，经济复苏的进程预计较难一蹴而就，债市大幅回调风险较小，密切关注未来2-3个月的经济数据能否有所修复。　　具体到操作层面，当前阶段维持中性的久期结构，预计10Y国债收益率将在1.58%-1.75%附近震荡，逢低加仓逢高止盈，把握波段操作节奏。后续，我们将密切关注影响债市的上述因素，择机调整投资策略。","fund":{"_id":3000000015168,"__csrcFundId":10994,"stockCode":"015168","shortName":"平安盈瑞六个月持有债券（FOF）(015168)","masterFundShortName":"平安盈瑞六个月持有债券（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":15168,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:30:41.208Z","status":"normal","exchange":"jj","name":"平安盈瑞六个月持有期债券型基金中基金（FOF）","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-05-05T16:00:00.000Z","fofFundFlag":1,"setUpDate":"2022-05-05T16:00:00.000Z","setUpAssetScale":181759486.08,"setUpShares":181759486.08,"pinyin":"payrlgycyqzqxjjzjj(fof)","managers":[{"stockCode":"8801615879","stockType":"fund_manager","exchange":"fm","tickerId":725192380,"name":"高莺"},{"stockCode":"j101020375","stockType":"fund_manager","exchange":"fm","tickerId":232425251680,"name":"吴心洋"}]},"announcement":{"linkText":"平安盈瑞六个月持有期债券型基金中基金（FOF） 2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1339503","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed12c7fea5b3eb051911f","date":"2025-03-30T16:00:00.000Z","stockId":3000000015168,"sao":"回顾2025年第一季度，债券市场表现不佳，截至2025年3月30日，中债总财富总值指数跌0.78%，其中1-3年期跌0.3%，3-5年期跌0.67%，5-7年期跌0.7%，7-10年期跌0.83%，久期较长品种下跌相对更多。债券市场表现不佳主要原因为：1、央行通过暂停国债买入、稳汇率、减少逆回购投放、投放较高利率的14天逆回购等方式，对短期较热的债券市场进行了降温；2、市场对适度宽松货币政策过于积极解读的修正；3、市场期待的降息降准一季度未落地。　　短期来看，我们认为债券市场在经历良性的回调后，暂时进入区间震荡阶段，央行对债市的态度、流动性释放的程度、降息降准政策的落地节点、特朗普关税政策的实施方式、美联储降息节奏等，对后续债市走势有较大影响。在中性预期下，预计10Y国债收益率将在1.7%-1.85%附近震荡，风险机会并存，需要把握波段操作节奏。中长期而言，需要密切跟踪观察宏观经济修复情况，若宏观数据不及预期，央行降息降准预期提升，债市可能仍有下行动力，若宏观经济复苏超预期，则需警惕债市进一步下跌的可能。　　具体到操作层面，当前阶段维持中性略偏多的久期结构，若10Y国债收益率达到较合适区间，则及时止盈，等待更合适的进场机会，反之，则考虑积极加仓或拉长久期。后续，我们将密切关注前述提到的关注点，择机灵活调整对止盈和加仓位置的判断。　　本季度，组合以中短久期基金为主，长久期基金为辅，少量持有含权资产以及美债基金，未来，将保持债基打底、权益+多元资产增强的核心+卫星模式。本基金管理人将在严格控制组合回撤的前提下，积极把握胜率和赔率机会，稳健为主，力争稳中有进。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:52.112Z","fund":{"_id":3000000015168,"__csrcFundId":10994,"stockCode":"015168","shortName":"平安盈瑞六个月持有债券（FOF）(015168)","masterFundShortName":"平安盈瑞六个月持有债券（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":15168,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:30:41.208Z","status":"normal","exchange":"jj","name":"平安盈瑞六个月持有期债券型基金中基金（FOF）","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-05-05T16:00:00.000Z","fofFundFlag":1,"setUpDate":"2022-05-05T16:00:00.000Z","setUpAssetScale":181759486.08,"setUpShares":181759486.08,"pinyin":"payrlgycyqzqxjjzjj(fof)","managers":[{"stockCode":"8801615879","stockType":"fund_manager","exchange":"fm","tickerId":725192380,"name":"高莺"},{"stockCode":"j101020375","stockType":"fund_manager","exchange":"fm","tickerId":232425251680,"name":"吴心洋"}]},"announcement":{"linkText":"平安盈瑞六个月持有期债券型基金中基金（FOF）2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269637","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed12c7fea5b3eb051911e","date":"2024-12-30T16:00:00.000Z","stockId":3000000015168,"sao":"回顾2024年全年，债券市场表现亮眼，截至2024年12月31日，中债总财富总值指数涨8.32%，其中1-3年期上涨3.91%，3-5年期上涨6.09%，5-7年期上涨8.08%，7-10年期上涨9.90%，久期较长品种表现更加突出。债券市场表现亮眼主要原因为：1、市场对宏观经济预期偏谨慎；2、地产实际数据偏弱；3、对降息降准政策期待较多；4、市场流动性较为充裕，但资产荒持续。12月，政治局会议提出适度宽松的货币政策，债券市场走出一波显著上涨行情。　　回顾全年，1-2月债市短期上涨较多，3月初降低组合久期，较好防范了4月底债市小回调；5-6月拉长久期，7-8月降低久期，较好防范了8月债市的中级别回调；9月底由于政策转向速度较快，未及时进一步降低久期暴露，组合产生一定回撤但总体可控；10月择机拉长久期，并在四季度跑出一定超额收益。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:52.108Z","mo":"展望后市，我们认为债券市场在积累较大涨幅之后，暂时需要逐步消化和整理，央行对债市的态度，以及流动性释放的程度，对后续债市走势有较大影响。短期来看，在中性预期下，预计10Y国债收益率将在1.6%-1.7%区间震荡，风险机会并存，需要把握波段操作节奏。中长期而言，需要密切跟踪观察宏观经济修复情况，若宏观数据不及预期，央行降息降准预期提升，债市可能仍有下行动力，若宏观经济复苏超预期，则需警惕债市较大回调的可能。　　具体到操作层面，当前阶段短久期资产下跌较多，长久期资产相对坚挺，组合将维持以中短久期为主的思路，若债市进一步调整且逻辑未证伪，则会逐步增加仓位，若10Y国债收益率接近前低的位置，则及时止盈，等待更合适的进场机会。此外，我们将密切关注央行公开市场操作、特别国债发行节奏及数量、宏观经济数据等，择机调整投资策略。　　本基金管理人将保持短债打底+多元资产增强的核心+卫星模式，在严格控制组合回撤的前提下，积极把握各类资产的投资机会，稳健为主，力争稳中有进。","fund":{"_id":3000000015168,"__csrcFundId":10994,"stockCode":"015168","shortName":"平安盈瑞六个月持有债券（FOF）(015168)","masterFundShortName":"平安盈瑞六个月持有债券（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":15168,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:30:41.208Z","status":"normal","exchange":"jj","name":"平安盈瑞六个月持有期债券型基金中基金（FOF）","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-05-05T16:00:00.000Z","fofFundFlag":1,"setUpDate":"2022-05-05T16:00:00.000Z","setUpAssetScale":181759486.08,"setUpShares":181759486.08,"pinyin":"payrlgycyqzqxjjzjj(fof)","managers":[{"stockCode":"8801615879","stockType":"fund_manager","exchange":"fm","tickerId":725192380,"name":"高莺"},{"stockCode":"j101020375","stockType":"fund_manager","exchange":"fm","tickerId":232425251680,"name":"吴心洋"}]},"announcement":{"linkText":"平安盈瑞六个月持有期债券型基金中基金（FOF）2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1245956","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed12c7fea5b3eb051911d","date":"2024-09-29T16:00:00.000Z","stockId":3000000015168,"sao":"回顾2024年第三季度，债券市场表现亮眼，中债总财富总值指数涨1.05%，其中1-3年期上涨0.62%，3-5年期上涨0.94%，5-7年期上涨1.02%，7-10年期上涨1.05%，久期较长品种表现更加突出。债券市场上行的主要原因为：1、市场对宏观经济现实情况偏谨慎；2、地产实际数据偏弱；3、市场对降息降准政策期待较多；4、市场流动性较为充裕，但资产荒延续。924政策组合拳以来，基于宏观经济乐观预期和股债跷跷板效应，债券市场调整较多。　　本季度，组合以短久期资产为主，并持有美债基金，924政策组合拳后，小幅配置含权资产，未来，将继续保持短债打底、纯债及含权增强的核心+卫星模式。　　短期来看，我们认为风险已逐步释放，短期风险机遇并存，我们将保持中性略偏短久期，若债券市场继续调整，则择机拉长组合久期。中长期来看，降息降准给出了利率空间，叠加流动性充裕背景，对债市形成利好支撑，债券市场有望继续温和上行，中短久期性价比或将优于长久期。　　本基金管理人将在严格控制组合回撤的前提下，积极把握胜率和赔率机会，稳健为主，力争稳中有进。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:52.105Z","fund":{"_id":3000000015168,"__csrcFundId":10994,"stockCode":"015168","shortName":"平安盈瑞六个月持有债券（FOF）(015168)","masterFundShortName":"平安盈瑞六个月持有债券（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":15168,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:30:41.208Z","status":"normal","exchange":"jj","name":"平安盈瑞六个月持有期债券型基金中基金（FOF）","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-05-05T16:00:00.000Z","fofFundFlag":1,"setUpDate":"2022-05-05T16:00:00.000Z","setUpAssetScale":181759486.08,"setUpShares":181759486.08,"pinyin":"payrlgycyqzqxjjzjj(fof)","managers":[{"stockCode":"8801615879","stockType":"fund_manager","exchange":"fm","tickerId":725192380,"name":"高莺"},{"stockCode":"j101020375","stockType":"fund_manager","exchange":"fm","tickerId":232425251680,"name":"吴心洋"}]},"announcement":{"linkText":"平安盈瑞六个月持有期债券型基金中基金（FOF）2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1170911","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed12c7fea5b3eb051911c","date":"2024-06-29T16:00:00.000Z","stockId":3000000015168,"sao":"回顾2024年上半年，债券市场表现亮眼，截至2024年6月30日，中债总财富总值指数涨3.83%，其中1-3年期上涨2.01%，3-5年期上涨2.89%，5-7年期上涨3.78%，7-10年期上涨4.31%，久期较长品种表现更加突出。债券市场表现亮眼主要原因为：1、市场对宏观经济预期仍偏谨慎；2、地产实际数据仍偏弱；3、市场对后续政策期待较多；4、市场流动性较为充裕，但资产荒延续。　　上半年，组合以短久期资产为主，择机配置了中等久期和长久期资产，并持有美债利率债基金及少量含权资产。未来，将保持短债打底+纯债及另类资产增强的核心+卫星模式。　　本基金管理人将在严格控制组合回撤的前提下，积极把握资产的胜率机会和赔率机会，稳健为主，力争稳中有进。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:52.103Z","mo":"展望后市，宏观经济短期未见明显复苏，降息降准等政策仍值得期待，流动性充裕和资产荒局面预计仍将延续。对应到债券市场，长期来看，受益于政策利率空间较大，债券市场有望继续温和上行，各类期限预计均有良好的投资机会。","fund":{"_id":3000000015168,"__csrcFundId":10994,"stockCode":"015168","shortName":"平安盈瑞六个月持有债券（FOF）(015168)","masterFundShortName":"平安盈瑞六个月持有债券（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":15168,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:30:41.208Z","status":"normal","exchange":"jj","name":"平安盈瑞六个月持有期债券型基金中基金（FOF）","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-05-05T16:00:00.000Z","fofFundFlag":1,"setUpDate":"2022-05-05T16:00:00.000Z","setUpAssetScale":181759486.08,"setUpShares":181759486.08,"pinyin":"payrlgycyqzqxjjzjj(fof)","managers":[{"stockCode":"8801615879","stockType":"fund_manager","exchange":"fm","tickerId":725192380,"name":"高莺"},{"stockCode":"j101020375","stockType":"fund_manager","exchange":"fm","tickerId":232425251680,"name":"吴心洋"}]},"announcement":{"linkText":"平安盈瑞六个月持有期债券型基金中基金（FOF）2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1142897","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed12c7fea5b3eb051911b","date":"2024-03-30T16:00:00.000Z","stockId":3000000015168,"sao":"回顾2024年一季度，债券市场表现亮眼，中债总财富总值指数涨2.05%，中债总财富7-10年指数涨2.35%，中债总财富1-3年指数涨0.99%，久期较长品种表现更加突出。债券市场表现亮眼主要原因为：1、市场对宏观经济预期仍偏谨慎；2、地产实际数据仍偏弱；3、市场对后续政策期待较多；4、市场流动性较为充裕，但资产荒延续。　　展望后市，宏观经济谨慎预期已基本充分计入，未来有望呈现边际好转局面，与此同时，政策空间仍较大，降息降准政策值得期待，流动性充裕和资产荒局面短期预计将延续。对应到债券市场，短期来看，如果宏观经济逐步企稳，市场可能有所震荡，利率进一步下行空间可能会受限，但中长期来看，受益于政策利率空间较大，债券市场有望继续温和上行，短端性价比或将优于长端。　　本季度，组合在3月初对涨幅较大的长久期债券资产进行了减配，增配短久期资产，3月中旬小幅参与美债利率债，并继续保持信用债打底+利率债增强的核心+卫星配置模式。本基金管理人将在严格控制组合回撤的前提下，积极把握高胜率高赔率资产的投资机会，稳健为主，力争稳中有进。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:52.100Z","fund":{"_id":3000000015168,"__csrcFundId":10994,"stockCode":"015168","shortName":"平安盈瑞六个月持有债券（FOF）(015168)","masterFundShortName":"平安盈瑞六个月持有债券（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":15168,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:30:41.208Z","status":"normal","exchange":"jj","name":"平安盈瑞六个月持有期债券型基金中基金（FOF）","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-05-05T16:00:00.000Z","fofFundFlag":1,"setUpDate":"2022-05-05T16:00:00.000Z","setUpAssetScale":181759486.08,"setUpShares":181759486.08,"pinyin":"payrlgycyqzqxjjzjj(fof)","managers":[{"stockCode":"8801615879","stockType":"fund_manager","exchange":"fm","tickerId":725192380,"name":"高莺"},{"stockCode":"j101020375","stockType":"fund_manager","exchange":"fm","tickerId":232425251680,"name":"吴心洋"}]},"announcement":{"linkText":"平安盈瑞六个月持有期债券型基金中基金（FOF）2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1068024","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed12c7fea5b3eb051911a","date":"2023-12-30T16:00:00.000Z","stockId":3000000015168,"sao":"2023年，国内资本市场总体呈现债牛股弱的局面，过程跌宕起伏。全年沪深300下跌了11.38%，Wind全A指数下跌5.19%，行业方面，由于受上半年人工智能浪潮催化，TMT行业上涨最多，高分红的能源行业全年看也取得了较好的股价表现，新能源以及房地产相关行业表现较弱。债券市场方面，10年期国债收益率下降约25bps，短端1年期国债收益率变动较小，全年信用利差明显收窄，各类纯债基金普遍取得较好收益。 　　　　组合操作：债券资产全年基本稳定。权益部分投资操作的调整较多，权益仓位围绕中枢多次摆布，结构上也有过明显偏离均衡水平，从事后效果看，有对亦有错，其中效果不好，特别值得反思的几组操作包括：1、年初时，考虑到疫情后续冲击以中长期结构性压力，基金经理担心宏观经济景气持续性，组合低配了权益资产，踏空了1月权益市场反弹；2、因对中期盈利确定性的担忧，踏空了AI产业趋势机会；3、下半年，特别是7月24日后，政策环境对权益市场比较友好，而权益市场弥漫悲观情绪，组合做过几次加仓尝试，特别是11月初的加仓，给组合净值带来了明显回撤。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:52.097Z","mo":"展望未来，市场仍有担心宏观经济基本面情况，但政策利好也在不断的累计，考虑股市估值也在合理范畴之内。居民配置的替代性资产有限，随着美国加息周期大概率可能结束，全球流动性环境还有改善，从资产配置逻辑出发不应过度减少权益配置。预计组合将视市场情况逐步增加权益仓位。债券类资产看法中性偏乐观，固收持仓拟大致保持稳定。","fund":{"_id":3000000015168,"__csrcFundId":10994,"stockCode":"015168","shortName":"平安盈瑞六个月持有债券（FOF）(015168)","masterFundShortName":"平安盈瑞六个月持有债券（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":15168,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:30:41.208Z","status":"normal","exchange":"jj","name":"平安盈瑞六个月持有期债券型基金中基金（FOF）","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-05-05T16:00:00.000Z","fofFundFlag":1,"setUpDate":"2022-05-05T16:00:00.000Z","setUpAssetScale":181759486.08,"setUpShares":181759486.08,"pinyin":"payrlgycyqzqxjjzjj(fof)","managers":[{"stockCode":"8801615879","stockType":"fund_manager","exchange":"fm","tickerId":725192380,"name":"高莺"},{"stockCode":"j101020375","stockType":"fund_manager","exchange":"fm","tickerId":232425251680,"name":"吴心洋"}]},"announcement":{"linkText":"平安盈瑞六个月持有期债券型基金中基金（FOF）2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1050516","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed12c7fea5b3eb0519119","date":"2023-09-29T16:00:00.000Z","stockId":3000000015168,"sao":"报告期内，债券市场利率先降后升，期限结构明显变化，标杆十年期国债利率上升4bps，而短端一年期国债利率下降20个bps，万得债券型基金指数上涨0.25%。三季度内，一系列宏观经济政策对权益市场构成利好，7月末政治局会议定调了宏观经济政策方向，各地放松、提振地产市场需求的各项举措陆续出台，8月底降低印花税，优化减持等组合政策提振了市场信心，但由于宏观经济预期总体偏悲观等原因，权益市场的表现低于预期，三季度wind全A指数下跌了4.33%，结构上看能源、券商等板块逆势上涨，而TMT、电新等成长标签更鲜明的板块领跌。 　　报告期内主要受权益资产拖累，组合投资效果不佳，期间债券部分资产相对稳定，权益部分策略相对比较灵活，平时保持中低仓位，在特定时点加仓博取收益，结构上偏向成长。在7月末政治局会议之后，组合显著提升了权益仓位，但后期权益市场表现羸弱，为控制回撤，组合重新减仓。8月28日，证监会出台系列提振市场信心的措施后，组合又尝试提高仓位，8月末的加仓同样没有取得较好的结果，截止季度末，和过往平均权益仓位相比，当前组合权益持仓中等偏低。 　　　　展望未来，我们对股债两个市场都不悲观，虽然投资者对宏观经济景气度仍有担心，但政策利好也在不断累计，短期经济数据也有企稳复苏迹象，实际的政策底已完全探明。投资者普遍有把长期问题短期化的倾向，对经济的悲观预期已经追上甚至赶上实际情况，资本市场的估值又在合理范畴之内。站在投资者立场，替代性资产有限，且普遍潜在收益不高，权益市场深度价值股票和强趋势产业仍可能提供基础回报。从资产配置逻辑出发也应增加权益资产配置。未来一段时间，组合拟根据市场变化，再逐步增加或者置换一些有阿尔法潜力的个股或者权益基金。固收持仓拟大致保持稳定，继续对可转债持规避态度。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:52.094Z","fund":{"_id":3000000015168,"__csrcFundId":10994,"stockCode":"015168","shortName":"平安盈瑞六个月持有债券（FOF）(015168)","masterFundShortName":"平安盈瑞六个月持有债券（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":15168,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:30:41.208Z","status":"normal","exchange":"jj","name":"平安盈瑞六个月持有期债券型基金中基金（FOF）","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-05-05T16:00:00.000Z","fofFundFlag":1,"setUpDate":"2022-05-05T16:00:00.000Z","setUpAssetScale":181759486.08,"setUpShares":181759486.08,"pinyin":"payrlgycyqzqxjjzjj(fof)","managers":[{"stockCode":"8801615879","stockType":"fund_manager","exchange":"fm","tickerId":725192380,"name":"高莺"},{"stockCode":"j101020375","stockType":"fund_manager","exchange":"fm","tickerId":232425251680,"name":"吴心洋"}]},"announcement":{"linkText":"平安盈瑞六个月持有期债券型基金中基金（FOF）2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=986029","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed12c7fea5b3eb0519118","date":"2023-06-29T16:00:00.000Z","stockId":3000000015168,"sao":"报告期内，债券市场收益率普遍下降，标杆十年期国债利率下降约20bps，短端一年期国债利率下降也达到了20bps，万得中长期纯债指数上涨2.11%，权益市场大幅波动，一月份，经济复苏的预期支撑了权益市场的上涨， 2月后经济景气的现实落后于市场预期，权益市场震荡下行到半年末，但结构分化较大，以人工智能为代表的TMT科技方向成为市场焦点。上半年代表wind偏股混合型基金指数下跌1.48%，权益市场整体赚钱效应较差。　　本组合在风险收益特征上参考低波公募二级债基。报告期内组合债券部分资产相对稳定，权益方面，由于基金经理在年初认为资本市场对宏观经济复苏的预期过高，组合低配了权益资产，组合结构上偏向和宏观经济景气关联度较小的军工等行业，低配且组合结构不符合市场节奏，导致组合错过了1月权益市场的大幅上涨，业绩较为落后，进入2月后，为控制业绩继续落后的风险，组合增加权益配置且结构上往均衡方向调整，以减少和行业平均水平的偏离。5月后，组合又主动压缩权益仓位，以控制组合波动。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:52.092Z","mo":"展望未来，当前宏观经济景气偏弱，市场对宏观经济的悲观预期不断发酵，投资者普遍有把长期问题短期化的倾向，对经济可能过于悲观。　　我们倾向于认为1、经济现实和预期之间，悲观预期可能已经追上现实，中国经济的韧性不容低估，管理层手中仍有较多政策工具；2、宏观经济景气不完全等同于股票市场的涨跌，底线价值逻辑和强趋势产业仍可能提供基础回报。对权益市场过于悲观的风险可能更大。　　本基金后续拟市场情况逐步增加一些有阿尔法潜力的个股或者权益基金。 　　固收部分组合拟大致保持稳定。","fund":{"_id":3000000015168,"__csrcFundId":10994,"stockCode":"015168","shortName":"平安盈瑞六个月持有债券（FOF）(015168)","masterFundShortName":"平安盈瑞六个月持有债券（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":15168,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:30:41.208Z","status":"normal","exchange":"jj","name":"平安盈瑞六个月持有期债券型基金中基金（FOF）","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-05-05T16:00:00.000Z","fofFundFlag":1,"setUpDate":"2022-05-05T16:00:00.000Z","setUpAssetScale":181759486.08,"setUpShares":181759486.08,"pinyin":"payrlgycyqzqxjjzjj(fof)","managers":[{"stockCode":"8801615879","stockType":"fund_manager","exchange":"fm","tickerId":725192380,"name":"高莺"},{"stockCode":"j101020375","stockType":"fund_manager","exchange":"fm","tickerId":232425251680,"name":"吴心洋"}]},"announcement":{"linkText":"平安盈瑞六个月持有期债券型基金中基金（FOF）2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=956196","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed12c7fea5b3eb0519117","date":"2023-03-30T16:00:00.000Z","stockId":3000000015168,"sao":"一季度，中债总财富指数上涨0.95%，结构上，和2022年4季度的情况相反，2023年一季度信用债资产表现明显优于利率债。权益资产方面，一季度权益市场环境较好，万得全A上涨6.47%，沪深300上涨4.63%，中证1000上涨9.46%，但指数的上涨主要发生在1月，2、3月以震荡和结构性行情为主，人工智能主题相关的股票上涨幅度较大。 　　报告期内，债券类资产变动不大，债基收益为组合提供基础回报。报告期初，本基金权益资产占比较低，在一月权益市场上涨行情中受益不多，且结构上偏向军工等和宏观经济景气度关联较小的行业，基金经理计划看到更多宏观经济复苏确定性信号后再增加权益资产占比，2、3月中，组合提升了权益资产占比。和组合成立以来的平均权益仓位相比，本季度末，组合权益仓位属中性偏高水平，且结构上也更加均衡。 　　展望二季度，基金经理认为宏观经济景气度虽然有一定压力，但预计下行风险不大，债券市场预计较平稳，权益市场的总体环境偏积极。人工智能主题等热门板块交投活跃，对提升权益市场热度有帮助，可能吸引更多资金进入资本市场，从而可能构成A股的正向催化剂。组合倾向保持当前的运作策略。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:52.089Z","fund":{"_id":3000000015168,"__csrcFundId":10994,"stockCode":"015168","shortName":"平安盈瑞六个月持有债券（FOF）(015168)","masterFundShortName":"平安盈瑞六个月持有债券（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":15168,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:30:41.208Z","status":"normal","exchange":"jj","name":"平安盈瑞六个月持有期债券型基金中基金（FOF）","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-05-05T16:00:00.000Z","fofFundFlag":1,"setUpDate":"2022-05-05T16:00:00.000Z","setUpAssetScale":181759486.08,"setUpShares":181759486.08,"pinyin":"payrlgycyqzqxjjzjj(fof)","managers":[{"stockCode":"8801615879","stockType":"fund_manager","exchange":"fm","tickerId":725192380,"name":"高莺"},{"stockCode":"j101020375","stockType":"fund_manager","exchange":"fm","tickerId":232425251680,"name":"吴心洋"}]},"announcement":{"linkText":"平安盈瑞六个月持有期债券型基金中基金（FOF）2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=884519","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed12c7fea5b3eb0519116","date":"2022-12-30T16:00:00.000Z","stockId":3000000015168,"sao":"2022年一季度和四月份，伴随美联储加息预期升温，俄乌冲突，疫情爆发，连续的利空对权益市场形成较大压力，权益市场大幅下跌。4月中下旬，上海新增感染数开始下降，市场企稳后出现回升。5月开始，在新能源车板块的带领下，市场情绪好转，指数大幅反弹。但8月开始，市场对房企流动性担忧升温，指数快速下调。10月二十大后，包括互联网、防疫在内的一系列政策开始出现调整，尤其是防疫政策大幅调整，港股市场率先出现反弹，A股市场也逐步企稳。债券市场方面：2022 年债券市场在经济复苏预期与证伪的过程中反复震荡，波动幅度在30BP左右，年初降息带动一波利率下行，但春节后，市场对于宽信用的预期升温，10年期国债收益率在3月中旬一度升至 2.85%。资金面宽松叠加经济数据的进一步回落，10 年期国债收益率在 5月末再度降至 2.7%以下。6-8 月上海解封后经济复苏预期的证伪叠加降息的推动，10 年期国债的波动区间在 2.6%-2.85%。进入4季度后，随着地产政策的放松及防疫措施的优化，特别是11 月受理财资金赎回等因素触发，现实与预期共振推动 10 年期国债利率突破 2.9%。　　　　组合操作：平安盈瑞成立于5月初，定位低波固收加基金，组合成立后权益资产配置比例不高，前期依靠市场反弹，后期依靠组合结构，组合净值在波动中上涨。进入11月后，组合继续了低仓位高弹性策略，重点配置军工等和宏观经济关联较小的资产，但由于未能识别到疫情防控政策优化对权益市场的重大的利好，四季度组合表现落后。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:52.086Z","mo":"2023年展望：疫情影响减小后，政策重心将全面转向稳增长。目前国内经济压力较大，预计今年是政府投资大年。去年的地产政策主要在于解决企业流动性风险，刺激需求端的政策有望在今年出台。同时，随着人们正常生活的恢复，消费预计也将逐季改善。国内经济有望在下半年企稳回升。海外方面，随着通胀的回落，本轮加息周期已接近尾声，明年将重新进入降息周期，全球流动性将重新趋于宽松，对市场形成利好。长期看我们看好权益资产机会，会逐步提升权益资产占比，短期略担心部分板块的预期领先现实，市场可能有波动，总体上会控制加仓节奏，尽量使组合净值保持平稳。","fund":{"_id":3000000015168,"__csrcFundId":10994,"stockCode":"015168","shortName":"平安盈瑞六个月持有债券（FOF）(015168)","masterFundShortName":"平安盈瑞六个月持有债券（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":15168,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:30:41.208Z","status":"normal","exchange":"jj","name":"平安盈瑞六个月持有期债券型基金中基金（FOF）","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-05-05T16:00:00.000Z","fofFundFlag":1,"setUpDate":"2022-05-05T16:00:00.000Z","setUpAssetScale":181759486.08,"setUpShares":181759486.08,"pinyin":"payrlgycyqzqxjjzjj(fof)","managers":[{"stockCode":"8801615879","stockType":"fund_manager","exchange":"fm","tickerId":725192380,"name":"高莺"},{"stockCode":"j101020375","stockType":"fund_manager","exchange":"fm","tickerId":232425251680,"name":"吴心洋"}]},"announcement":{"linkText":"平安盈瑞六个月持有期债券型基金中基金（FOF）2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=864075","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed12c7fea5b3eb0519115","date":"2022-09-29T16:00:00.000Z","stockId":3000000015168,"sao":"三季度，债券市场收益率下行，中债综合总财富指数上涨1.47%，而权益市场大幅下跌，沪深300指数三季度跌幅达到15.16%，中证1000跌幅为12.45%。  作为一只固收+属性的基金，平安盈瑞尽量在收益和风险之间保持平衡，三季度中，为减少组合波动，组合严格控制权益资产仓位，组合净值小幅上升。   截至三季度末，基金权益仓位偏低，权益部分基金持仓配置方向整体较为均衡稍偏向成长，权益部分还还保留少量个股持仓，个股持仓主要是和宏观经济关联相对较小的公司。报告期内，固收部分配置稳定。组合以纯债配置型基金为主要持仓，底层资产方面，基本不参与转债，少参与利率波段，获取稳定温和票息作为组合收益的基础。  展望未来，宏观经济的不确定性还未完全消除，受地产销售不振以及疫情影响，宏观经济景气继续承压。而地产产业链影响极大，消费、财政、就业和地产市场均高度相关。新冠疫情也给经济活动带来不小干扰。  我们担心宏观经济下滑的幅度和宏观经济困难的持续时间可能将超出市场的预期。当然，资本市场的走势和宏观经济未必完全一致。如果后期经济景气度能明显转好，对权益市场有提振效果，如果经济景气继续呈现低迷状态，由于权益市场已经释放了一定风险，在各类政策的呵护下，权益市场也未必会一定出现大幅下滑。  但为了减少基金净值的波动，本基金会严格控制权益资产比例。短期内，权益仓位偏低，而且在底层配置方向上继续聚焦和宏观经济关联相对较小的行业、公司。长期看，我们对中国经济的活力、长期发展前景从不怀疑，承担一点的波动，权益市场可以为本基金提供收益增强，中长期，本基金拟保持中性甚至略偏高的权益资产敞口，以获得固收+的业绩弹性，配置方向拟均衡略偏成长。  固收部分组合会保持稳定，继续对可转债持规避态度。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:52.083Z","fund":{"_id":3000000015168,"__csrcFundId":10994,"stockCode":"015168","shortName":"平安盈瑞六个月持有债券（FOF）(015168)","masterFundShortName":"平安盈瑞六个月持有债券（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":15168,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:30:41.208Z","status":"normal","exchange":"jj","name":"平安盈瑞六个月持有期债券型基金中基金（FOF）","fundCollectionId":4000050640000,"followedNum":0,"inceptionDate":"2022-05-05T16:00:00.000Z","fofFundFlag":1,"setUpDate":"2022-05-05T16:00:00.000Z","setUpAssetScale":181759486.08,"setUpShares":181759486.08,"pinyin":"payrlgycyqzqxjjzjj(fof)","managers":[{"stockCode":"8801615879","stockType":"fund_manager","exchange":"fm","tickerId":725192380,"name":"高莺"},{"stockCode":"j101020375","stockType":"fund_manager","exchange":"fm","tickerId":232425251680,"name":"吴心洋"}]},"announcement":{"linkText":"平安盈瑞六个月持有期债券型基金中基金（FOF）2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=803939","linkType":"PDF","source":"csrc_pdf"}}]}