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替代共振，使其成为权益增强部分最具性价比的选择。潜在的风险，我们认为需要重点观察两个方面：一方面外部的不确定性仍然存在并将长期存在，全球经济波动、地缘政治与科技博弈可能阶段性扰动风险偏好，海外顶尖GPU是否解除禁售、国产GPU是否能缩小与海外顶尖GPU差距，光刻机与GPU芯片依旧是科技方向的核心变量。二是内部转型过程中的结构摩擦尚未完全消除，部分传统行业盈利承压、地方财政修复节奏偏慢，可能对市场情绪形成掣肘。但总体来看，这些风险更多影响市场节奏，而非改变中期方向。在这样的宏观背景下，我们认为2026年权益市场依旧存在丰富的结构性机会，我们预计市场风格呈现出明显的轮动特征。一方面，成长风格仍是主线，尤其是围绕AI及其产业扩散形成的科技成长方向。结构上，成长内部将持续出现大盘成长与小盘成长之间的轮动。随着国内科技公司的技术突破与全球竞争力的不断增强，大盘成长会继续延续25年的强势；而当大盘成长在阶段性出现拥挤时，资金往往会向小盘成长板块切换，AI向各行业渗透的过程，恰恰为大量小市值公司提供了稳定而持续的Alpha来源。另一方面，成长板块自身波动率较高，我们预期轮动效应会通过成长与均衡风格的大中盘宽基，取代成长与价值的轮动。","fund":{"_id":3000000015256,"__csrcFundId":11564,"stockCode":"015256","shortName":"鹏华畅享债券A","masterFundShortName":"鹏华畅享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:36.082Z","status":"normal","exchange":"jj","fundCollectionId":4000050060000,"name":"鹏华畅享债券型证券投资基金","followedNum":2,"inceptionDate":"2022-09-28T16:00:00.000Z","setUpDate":"2022-09-28T16:00:00.000Z","setUpAssetScale":193033179.71,"setUpShares":193033179.71,"pinyin":"phcxzqxzqtzjj","managers":[{"stockCode":"db20907644","stockType":"fund_manager","exchange":"fm","tickerId":110217233270,"name":"寇斌权"},{"stockCode":"db20921485","stockType":"fund_manager","exchange":"fm","tickerId":122510230670,"name":"林艺杰"}]},"announcement":{"linkText":"鹏华畅享债券型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1453004","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1377fea5b3eb0519b0d","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000015256,"sao":"2025年三季度债券市场收益率有所上行，信用利差走阔。债券收益率上行主要是因为“反内卷”政策对通胀预期形成一定的扰动；权益市场走强使得风险偏好提升，股债跷跷板效应加剧债市压力；公募基金费率新规征求意见稿也引发了市场对基金赎回压力的担忧。展望2025年四季度，由于前期刺激政策效果有所消退、抢出口因素带来的支撑减弱，经济基本面仍有一定的下行压力，央行货币政策存在进一步宽松的可能，再考虑到经历了三季度的调整之后债券资产吸引力有所提升，预计债券市场存在阶段性的收益率下行机会。不过考虑到后续稳增长政策、“反内卷”政策仍有较大不确定性，市场对明年的货币政策定调也存在分歧，对后续债券收益率的下行空间也不宜过于乐观。  权益市场方面，三季度处于罕见的慢牛行情中，整体表现良好。市场处于高度活跃的状态中，成交量多次突破3万亿，投资者的风险偏好逐步加大，成长大幅跑赢价值。而随着增量资金的快速流入，一些个股的事件驱动效应也在资金催化下被显著放大，市场风格上从小盘成长过渡到大盘成长风格。海外市场大模型的升级迭代以及其对芯片、电力的充沛需求，对于国内相关产业链不管是出海方向或自主替代方向均形成利好，是短期确定性最高的方向；国内方面DeepSeek新一代模型的成本优化，对于国内大模型在应用端突破算力瓶颈给予了乐观预期。成长板块软硬件轮动有望延续。  展望后续市场，短期看随着中美关税博弈问题再度升级，与之高度相关的行业板块的波动会再度放大，波动幅度会相比于4月有所减小。芯片产业链作为博弈的主要板块，受到资金面、情绪面和政策面影响而共振放大。我们继续看好AI特别是大模型方面的持续进步和突破，基座模型和推理模型的能力不断提升，对各个行业带来的技术升级、产业变革机会；而随着成长板块整体估值的推高，我们预计后续市场的整体波动幅度会加大，均衡风格的投资性价比会有所提升。  报告期内本基金在债券部分主动防守，维持了偏低的久期，对持仓的信用债结构也进行了调整。后续计划在债市调整过后择机增配高性价比信用债个券，并通过利率债波段交易积极把握潜在的债市修复行情。权益方面，在股债风险平价的配置中枢附近进行小幅择时，在科技成长风格占优时进行了积极的动态配置。我们继续坚持分散化投资、股债波动率匹配的仓位管理来降低组合的波动特征。","lastUpdated":"2026-03-09T13:55:03.016Z","fund":{"_id":3000000015256,"__csrcFundId":11564,"stockCode":"015256","shortName":"鹏华畅享债券A","masterFundShortName":"鹏华畅享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:36.082Z","status":"normal","exchange":"jj","fundCollectionId":4000050060000,"name":"鹏华畅享债券型证券投资基金","followedNum":2,"inceptionDate":"2022-09-28T16:00:00.000Z","setUpDate":"2022-09-28T16:00:00.000Z","setUpAssetScale":193033179.71,"setUpShares":193033179.71,"pinyin":"phcxzqxzqtzjj","managers":[{"stockCode":"db20907644","stockType":"fund_manager","exchange":"fm","tickerId":110217233270,"name":"寇斌权"},{"stockCode":"db20921485","stockType":"fund_manager","exchange":"fm","tickerId":122510230670,"name":"林艺杰"}]},"announcement":{"linkText":"鹏华畅享债券型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1372437","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1377fea5b3eb0519b0c","date":"2025-06-29T16:00:00.000Z","stockId":3000000015256,"sao":"2025年上半年债券市场收益率先升后降，信用债跑赢利率债。一季度货币环境有所趋紧，资金利率驱动债券市场收益率上行；二季度在中美互相加征关税背景下，中国宏观经济面临的不确定性增加，央行引导短端资金利率下降，且在5月份进行降息，推动了债券市场收益率的下行。  债券部位方面，本基金年初久期较短，3月份开始提升组合久期，二季度保持了中等偏长期限的久期，对持仓的个券进行了调整。  权益方面，在股债风险平价的配置中枢附近进行小幅择时，在科技成长风格占优时进行了积极的动态配置。我们继续坚持看好高成长性属性的中小盘股，通过分散化投资、股债波动率匹配的仓位管理来降低组合的波动特征。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:03.010Z","mo":"债券市场方面，从基本面和政策角度来看，三季度经济基本面有可能受到出口和地产链走弱的拖累，而货币政策收紧的可能性也相对较低，债券市场整体转向风险仍然较低；短期来看，市场主体信心有所增强，风险偏好有所抬升，宏观经济失速风险也较低，货币政策进一步宽松的可能性暂时不大，债券市场收益率向下的空间也较为有限。权益市场方面，上半年，尽管由于海外市场政策的不确定性阶段性对权益市场造成了一定冲击，但权益市场整体表现相对较为良好。在AI、机器人、创新药、国防尖端装备等新兴科技或高端装备行业，国内与海外的技术差距大幅缩小甚至部分细分领域反超海外市场，一方面带动了国内和海外投资者对于中国科技企业的风险偏好大幅上升，港股市场的估值修复对A股市场形成积极利好；另一方面市场从基本面为重转为兼顾挖掘结构性机会、带来了细分板块良性的轮动效应，也充分利好小盘成长板块风格。除去二季度初受关税问题影响、A股市场出现的冲击性调整,市场整体波动率处于下行状态，而不同风险偏好、不同配置周期的资金逐步增加A股权益端配置，A股权益市场有望进入长期、稳步抬升整体估值通道。展望后续市场。短期来看最大的不确定性还是来自于中美关税问题，这种不确定性的冲击性作用在宏观维度逐步趋弱，而对细分板块例如芯片产业链等的影响还是会持续性的出现阶段性扰动，对中长期趋势影响可能会逐步回归国内宏观基本面是否出现显著的积极信号。我们预计后续市场整体的上行和下行空间均有限的情况还会延续一段时间，继续看好AI特别是大模型方面的持续进步和突破，基座模型和推理模型的能力不断提升，对各个行业带来的技术升级、产业变革机会，相对利好科技成长风格。","fund":{"_id":3000000015256,"__csrcFundId":11564,"stockCode":"015256","shortName":"鹏华畅享债券A","masterFundShortName":"鹏华畅享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15256,"currency":"CN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格因子收益修复、逐步回到期初仓位。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:02.990Z","fund":{"_id":3000000015256,"__csrcFundId":11564,"stockCode":"015256","shortName":"鹏华畅享债券A","masterFundShortName":"鹏华畅享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:36.082Z","status":"normal","exchange":"jj","fundCollectionId":4000050060000,"name":"鹏华畅享债券型证券投资基金","followedNum":2,"inceptionDate":"2022-09-28T16:00:00.000Z","setUpDate":"2022-09-28T16:00:00.000Z","setUpAssetScale":193033179.71,"setUpShares":193033179.71,"pinyin":"phcxzqxzqtzjj","managers":[{"stockCode":"db20907644","stockType":"fund_manager","exchange":"fm","tickerId":110217233270,"name":"寇斌权"},{"stockCode":"db20921485","stockType":"fund_manager","exchange":"fm","tickerId":122510230670,"name":"林艺杰"}]},"announcement":{"linkText":"鹏华畅享债券型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1069010","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1367fea5b3eb0519b06","date":"2023-12-30T16:00:00.000Z","stockId":3000000015256,"sao":"2023年债券市场表现较好。2023年一季度经济经历了疫后需求的集中释放，二季度经济修复力度有所减缓，货币政策整体宽松，债券市场收益率自2月到8月总体呈现下行走势；7月政治局会议释放了较强的稳增长信号，短端债券收益率见底回升，在8月多地取消部分房地产领域限制措施后，经济企稳的预期进一步增强，长端债券收益率开始上行；12月政治局会议和经济工作会议提出的政策基调以稳为主，债券市场收益率重回下行走势。  2023年股票市场整体下跌，行业分化较大。由于复工复产速度快于预期，一季度股票市场整体上涨；二季度经济修复力度有所减缓，周期、消费等行业有所调整；具备产业逻辑的行业如通信、传媒等行业表现较好；三、四季度股票市场整体下跌，在7月政治局会议后，市场对宏观经济见底回升的预期增强，市场一度反弹，但后续随着经济回落、政策趋于谨慎，市场再次下跌。  2023年转债市场小幅下跌。转债市场在1月份表现较好，2至8月基本持平，8月之后转债市场跟随股票市场下跌，且由于债券市场资金面趋紧，转债估值也有所压缩。全年来看，可转债市场受益于债券市场收益率下行，估值相对稳定，表现要好于股票市场。  报告期内本基金以持有中高评级信用债和股票为主。本基金在2023年久期中性偏低，有所错失2023年上半年债券市场的行情，在12月份拉长了久期；股票方面，本基金在2023年维持了中等的股票仓位，持仓股票偏向于成长风格，由于成长风格在2023年表现相对较弱，导致股票部位对组合造成亏损。12月开始，在市场多次探底、风险充分释放之后策略从防御性策略切换到兼具科技、成长与中小盘风格属性的科创板块，考虑到科创板块波动相对较大，先维持中等偏低仓位运作。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:02.987Z","mo":"宏观经济方面，2024年经济内生复苏动力可能偏弱，地产和出口可能拖累2024年经济增速。政策是影响2024年宏观经济的关键因素，政府制定的经济增速目标可能相对较高，后续稳增长政策可能会加大实施力度，对应宏观经济可能呈现先下后上的走势；欧美央行可能在2024年下半年开始降息，也可能改善后续的外需状况。  债券市场在2024年可能呈现先下后上的走势。由于经济复苏动能偏弱，货币政策有进一步宽松的可能，债券市场收益率有下行动力；如果后续稳增长政策加码、经济见底回升，债券市场在收益率相对偏低的水平下可能会面临一定的调整压力。  股票市场2024年全年可能先抑后扬。受到经济复苏动能偏弱、市场增量资金不足影响，股票市场短期向上动能偏弱；但股票市场估值已处于历史低位，向上空间较大；如果后续政策加大对经济的支持力度，市场参与者预期明显改善，股票市场将迎来转折。  转债市场2024年可能跟随股票市场先抑后扬。转债市场的方向由股票市场决定，后续股票市场企稳回升将带动转债市场上涨；另一方面，转债市场在经过了2023年下半年的估值消化之后，性价比已经明显改善，配置价值上升。","fund":{"_id":3000000015256,"__csrcFundId":11564,"stockCode":"015256","shortName":"鹏华畅享债券A","masterFundShortName":"鹏华畅享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:36.082Z","status":"normal","exchange":"jj","fundCollectionId":4000050060000,"name":"鹏华畅享债券型证券投资基金","followedNum":2,"inceptionDate":"2022-09-28T16:00:00.000Z","setUpDate":"2022-09-28T16:00:00.000Z","setUpAssetScale":193033179.71,"setUpShares":193033179.71,"pinyin":"phcxzqxzqtzjj","managers":[{"stockCode":"db20907644","stockType":"fund_manager","exchange":"fm","tickerId":110217233270,"name":"寇斌权"},{"stockCode":"db20921485","stockType":"fund_manager","exchange":"fm","tickerId":122510230670,"name":"林艺杰"}]},"announcement":{"linkText":"鹏华畅享债券型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1051208","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1367fea5b3eb0519b05","date":"2023-09-29T16:00:00.000Z","stockId":3000000015256,"sao":"2023年三季度债券市场收益率整体上行，短端利率上行幅度大于中长端。7月政治局会议释放了较强的稳增长的信号，之后银行间资金面开始偏紧，短端债券收益率见底回升；在8月多地取消部分房地产领域限制措施后，经济企稳的预期进一步增强，长端债券收益率也开始上行。展望四季度，经济有望进一步企稳向上，幅度可能较为温和，债券市场收益率可能呈现震荡格局。  2023年三季度股票市场整体下跌，行业表现有所分化。在7月政治局会议后，稳增长政策持续推出，市场对宏观经济见底回升的预期增强，低估值的金融、上游周期股实现上涨，但偏成长属性的新能源、信息技术等行业下跌幅度较大。展望四季度，当前经济已经实现底部企稳，后续随着稳增长政策的落地，经济基本面和企业盈利有望继续改善，股票市场总体估值水平较低，潜在收益大于风险。  2023年三季度转债市场小幅下跌，中证转债指数三季度下跌0.52%。转债市场表现好于股票市场的原因仍然为债券市场相对平稳，转债市场的供需状况好于股票市场。展望四季度，转债市场有望跟随股票市场有所表现，但考虑到债券市场可能呈现震荡格局，转债市场估值扩张难度增加，转债市场向上的弹性可能会有所减弱。  报告期内本基金以持有中高评级信用债和股票为主，股票维持在中等仓位，对个股进行了调整。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:02.984Z","fund":{"_id":3000000015256,"__csrcFundId":11564,"stockCode":"015256","shortName":"鹏华畅享债券A","masterFundShortName":"鹏华畅享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:36.082Z","status":"normal","exchange":"jj","fundCollectionId":4000050060000,"name":"鹏华畅享债券型证券投资基金","followedNum":2,"inceptionDate":"2022-09-28T16:00:00.000Z","setUpDate":"2022-09-28T16:00:00.000Z","setUpAssetScale":193033179.71,"setUpShares":193033179.71,"pinyin":"phcxzqxzqtzjj","managers":[{"stockCode":"db20907644","stockType":"fund_manager","exchange":"fm","tickerId":110217233270,"name":"寇斌权"},{"stockCode":"db20921485","stockType":"fund_manager","exchange":"fm","tickerId":122510230670,"name":"林艺杰"}]},"announcement":{"linkText":"鹏华畅享债券型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=986923","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1367fea5b3eb0519b04","date":"2023-06-29T16:00:00.000Z","stockId":3000000015256,"sao":"2023年上半年债券市场表现较好。2023年一季度债券市场收益率表现分化，短端资金利率和利率债收益率上行，但中长端信用债收益率下行较多，主要是由于2022年四季度信用债市场受到理财赎回基金产品的冲击导致过度调整，一季度随着理财产品负债端压力缓解，信用债收益率得到明显修复。市场整体利率水平在3月尤其是3月中旬开始有更为明显的下行，主要原因可能为央行超预期降准，改善了市场对未来资金供需的展望。二季度债券市场收益率整体下行，短端利率下行幅度略大于中长端。一季度经济经历了疫后需求的集中释放，二季度经济修复力度有所减缓，信贷增长也有所降温，融资需求增速放缓；另一方面，货币政策整体宽松，央行在6月降息，商业银行调降存款利率，短端资金利率下行，导致了中长端债券收益率的下行。  2023年股票市场小幅上涨但行业分化较大。一季度股票市场整体上涨，由于疫情对经济的影响较为短暂，复工复产速度快于预期，股票市场在一月份明显反弹，在二、三月受海外银行危机事件扰动有所调整。行业方面，信息技术相关行业受到数据要素改革、人工智能发展等主题催化，在一季度表现亮眼，地产、新能源、部分消费板块表现落后。二季度股票市场整体下跌，行业表现继续分化。由于经济在二季度修复力度有所减缓，导致大部分周期、消费等行业有所调整；具备产业逻辑的行业如通信、传媒等行业表现较好，另外逆周期的公用事业股票也表现较好。  2023年转债市场整体上涨。转债市场在一月份表现较好，二三月份呈现震荡走势，整体估值有所上升，主要是由于信用债券收益率整体下行，对转债市场估值有提振。二季度转债市场基本持平，虽然股票市场有所下跌，但受益于债券市场的上涨，转债的估值水平有抬升，抵消了正股的下跌，因此转债市场表现好于股票市场。  报告期内本基金以持有中高评级信用债和股票为主；股票维持在中等仓位，行业配置相对均衡。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:02.982Z","mo":"宏观经济方面，经济短期企稳的概率有所增加，整体动能仍处于恢复期。在经历了一季度需求释放、二季度回落以后，三季度的总需求有望回归常态，在央行降息的带动下、叠加后续可能的稳增长措施的继续推出，经济有望逐步企稳。  债券市场可能在下半年维持低位震荡的格局。由于经济逐步企稳、需求回归常态，债券市场收益率继续向下的难度较高；但货币政策依然保持宽松基调，短端资金利率可能依然维持低位，因此债券市场整体可能维持震荡格局。  股票市场下半年表现可能会好于上半年。上半年除了宏观经济的波动制约了股票市场的表现以外，美联储的持续加息也对股票市场造成了负面影响。下半年一方面宏观经济逐步企稳，另一方面美联储紧缩的货币政策也逐步进入尾声，股票市场的表现可能会好转。  转债市场下半年仍有投资机会。随着经济的企稳，股票市场的表现可能好转，带动转债的转股价值上升，驱动转债市场的上涨。虽然转债估值处于高位，会削弱转债市场的上涨弹性，但目前转债市场个券数量较多，自下而上的结构性机会也会较多。","fund":{"_id":3000000015256,"__csrcFundId":11564,"stockCode":"015256","shortName":"鹏华畅享债券A","masterFundShortName":"鹏华畅享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:36.082Z","status":"normal","exchange":"jj","fundCollectionId":4000050060000,"name":"鹏华畅享债券型证券投资基金","followedNum":2,"inceptionDate":"2022-09-28T16:00:00.000Z","setUpDate":"2022-09-28T16:00:00.000Z","setUpAssetScale":193033179.71,"setUpShares":193033179.71,"pinyin":"phcxzqxzqtzjj","managers":[{"stockCode":"db20907644","stockType":"fund_manager","exchange":"fm","tickerId":110217233270,"name":"寇斌权"},{"stockCode":"db20921485","stockType":"fund_manager","exchange":"fm","tickerId":122510230670,"name":"林艺杰"}]},"announcement":{"linkText":"鹏华畅享债券型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=961615","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1367fea5b3eb0519b03","date":"2023-03-30T16:00:00.000Z","stockId":3000000015256,"sao":"2023年一季度债券市场收益率表现分化，短端资金利率和利率债收益率上行，但中长端信用债收益率下行较多，背后的原因可能是2022年四季度信用债市场受到理财赎回基金产品的冲击导致过度调整，一季度随着理财产品负债端压力缓解，信用债收益率得到明显修复。市场整体利率水平在3月尤其是3月中旬开始有更为明显的下行，主要原因可能为央行超预期降准，改善了市场对未来资金供需的展望。债券市场在二季度可能呈现区间震荡的走势，债券市场收益率下行的制约在于经济整体处于复苏过程中，资金利率中枢难以明显下行；债券市场收益率上行的制约在于外需偏弱、国内需求恢复较为温和，货币政策暂时边际收紧的可能不大。  2023年一季度股票市场整体上涨，行业间分化较大。由于疫情对经济的影响较为短暂，复工复产速度快于预期，股票市场在一月份明显反弹，在二、三月受海外银行危机事件扰动有所调整。行业方面，信息技术相关行业受到数据要素改革、人工智能发展等主题催化，在一季度表现亮眼，地产、新能源、部分消费板块表现落后。二季度企业盈利在低基数下同比增速会提升，欧美银行危机导致的避险情绪下降，股票市场有可能会延续上涨。  2023年一季度转债市场上涨，中证转债指数上涨3.53%。转债市场在一月份表现较好，二三月份呈现震荡走势，整体估值有所上升，主要是由于信用债券收益率整体下行，对转债市场估值有提振。二季度债券市场可能呈现震荡走势，转债市场估值可能相对稳定；股票市场有可能继续上涨，转债市场也会有一定的表现。  报告期内本基金以持有中高评级信用债和股票为主，年初对股票进行建仓，总体股票仓位维持在中等水平。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:02.979Z","fund":{"_id":3000000015256,"__csrcFundId":11564,"stockCode":"015256","shortName":"鹏华畅享债券A","masterFundShortName":"鹏华畅享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:36.082Z","status":"normal","exchange":"jj","fundCollectionId":4000050060000,"name":"鹏华畅享债券型证券投资基金","followedNum":2,"inceptionDate":"2022-09-28T16:00:00.000Z","setUpDate":"2022-09-28T16:00:00.000Z","setUpAssetScale":193033179.71,"setUpShares":193033179.71,"pinyin":"phcxzqxzqtzjj","managers":[{"stockCode":"db20907644","stockType":"fund_manager","exchange":"fm","tickerId":110217233270,"name":"寇斌权"},{"stockCode":"db20921485","stockType":"fund_manager","exchange":"fm","tickerId":122510230670,"name":"林艺杰"}]},"announcement":{"linkText":"鹏华畅享债券型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=886689","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1367fea5b3eb0519b02","date":"2022-12-30T16:00:00.000Z","stockId":3000000015256,"sao":"2022年，债券市场在前三季度表现较好，四季度债券市场收益率快速上行。22年3月开始疫情对经济的负面影响加大，央行增加货币政策宽松力度，叠加后续房地产企业基本面继续恶化，债券市场收益率持续下行；9月开始，人民币汇率贬值对央行继续宽松货币形成掣肘，债券市场收益率逐步见底，11月防疫政策优化、对经济的悲观预期扭转，债券市场快速调整，理财产品遭遇赎回压力加剧了市场的调整幅度。  2022年股票市场以下跌为主，5-7月有所反弹，11月市场开始企稳。受国内经济下行、地产风险发酵、俄乌冲突爆发、国内疫情蔓延、美联储加息等因素影响，权益市场自年初开始持续下跌，随着4月底政治局会议的召开，市场开始企稳反弹，但随着疫情影响持续、地产企业基本面继续恶化，权益市场在三季度继续下跌。随着11月防疫政策调整措施出台，对未来经济的预期改善，股票市场开始企稳。  2022年可转债市场也随股票市场下跌。8月份之前，可转债市场在债券市场资金较为充裕的环境下相比股票市场更为抗跌，可转债市场估值的上升部分抵消了可转债转股价值下跌的冲击；但8月份之后，随着债券市场收益率开始见底回升，可转债市场的估值有所压缩，叠加股票市场的下跌，转债市场表现较差。  2022年本基金以持有债券为主，久期保持在中等偏低的水平。由于债券市场在11月出现了一定的调整，导致组合净值有所亏损。后续组合计划逐步增加股票仓位。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:02.975Z","mo":"展望2023年的宏观经济，制约经济增长最主要的两个矛盾疫情防控和地产风险都出现了转机。防疫政策放松的大方向确定，在经历2022年冬季到明年春季的疫情高峰期后，疫后复苏有望加快，带动消费端改善；地产信用风险随着保主体政策的加码而缓释，地产链条有望底部企稳，此外基建端在宽财政的基调下仍有支撑作用。不过需考虑到明年海外经济衰退压力较大，出口端的下滑会拖累经济复苏的力度，预计明年经济基本面整体改善，但幅度和节奏偏温和。此外如果明年疫情放松的步伐超预期，居民消费出行恢复带来的通胀压力需要持续地关注。  债券市场方面，由于防疫政策放松，地产链条企稳，经济基本面将有所修复，虽然经济复苏力度不宜高估，但债券收益率可能仍有一定上行压力。投资策略上，债券投资可先维持偏短久期，待市场对经济修复、货币政策回归中性预期较为充分之后，再次参与中长端债券的交易机会。  股票市场方面，在宏观经济可能企稳改善的背景下，2023年的企业盈利也有较大概率出现复苏；2022年受制于疫情和地产行业景气下行，内生融资疲软，2023年随着市场信心的恢复，这一局面很可能扭转，有望带动股票市场估值上行；当前权益市场估值仍然不贵，有一定的提升空间。综合来看，股票市场在2023年可能会有不错的表现，在投资上会保持相对偏高的股票仓位。  转债市场方面，在股票市场可能有不错表现的情况下，转债市场也会有所表现；转债的估值水平仍然偏高，考虑到债券市场在明年可能会有所调整，转债市场的估值可能会随之压缩。综合来看，转债市场虽然明年表现可能会弱于股票市场，但还是可能跟随股票市场上涨。","fund":{"_id":3000000015256,"__csrcFundId":11564,"stockCode":"015256","shortName":"鹏华畅享债券A","masterFundShortName":"鹏华畅享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15256,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:36.082Z","status":"normal","exchange":"jj","fundCollectionId":4000050060000,"name":"鹏华畅享债券型证券投资基金","followedNum":2,"inceptionDate":"2022-09-28T16:00:00.000Z","setUpDate":"2022-09-28T16:00:00.000Z","setUpAssetScale":193033179.71,"setUpShares":193033179.71,"pinyin":"phcxzqxzqtzjj","managers":[{"stockCode":"db20907644","stockType":"fund_manager","exchange":"fm","tickerId":110217233270,"name":"寇斌权"},{"stockCode":"db20921485","stockType":"fund_manager","exchange":"fm","tickerId":122510230670,"name":"林艺杰"}]},"announcement":{"linkText":"鹏华畅享债券型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=869203","linkType":"PDF","source":"csrc_pdf"}}]}