window.pageData = {"stock":{"_id":3000000015978,"stockCode":"015978","shortName":"安信恒鑫增强债券A","masterFundShortName":"安信恒鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15978,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","name":"安信恒鑫增强债券型证券投资基金","inceptionDate":"2022-07-06T16:00:00.000Z","fundCollectionId":4000050700000,"followedNum":1,"setUpDate":"2022-07-06T16:00:00.000Z","setUpAssetScale":1467363029.92,"setUpShares":1467363029.92,"pinyin":"axhxzqzqxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50700000","tickerId":50700000,"name":"安信基金管理有限责任公司"},"managers":[{"name":"黄琬舒","stockType":"fund_manager","stockCode":"db20796317","exchange":"fm","tickerId":82319213100}],"hotMetrics":{"fss":{"stockId":3000000015978,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.8737,"f_ins_h_s_r_c_hy":-0.0816,"f_ind_h_s_r":0.1263,"f_ind_h_s_r_c_hy":0.0816,"f_h_a":1560,"f_h_s_a":1737672,"f_ind_h_s_r_c_1y":0.09949999999999999,"f_ins_h_s_r_c_1y":-0.09949999999999992,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000015978,"type":"fpr","f_p_r_fys_ssc":7460,"f_p_r_fys_ssrp":0.06877597533181391,"f_p_r_m1_ssc":7589,"f_p_r_m1_ssrp":0.09488666315234581,"f_p_r_m3_ssc":7505,"f_p_r_m3_ssrp":0.33462153518123666,"f_p_r_m6_ssc":7316,"f_p_r_m6_ssrp":0.1423103212576897,"f_p_r_y1_ssc":6836,"f_p_r_y1_ssrp":0.09743964886613021,"f_p_r_y2_ssc":5901,"f_p_r_y2_ssrp":0.1959322033898305,"f_cagr_p_r_fs_ssc":7291,"f_cagr_p_r_fs_ssrp":0.3898491083676269,"f_p_r_y3_ssc":4903,"f_p_r_y3_ssrp":0.17543859649122806},"fp":{"stockId":3000000015978,"type":"fp","f_p_r_fys":0.0347889773871648,"f_p_r_m1":0.01335843643535961,"f_p_r_m3":0.007577108218933981,"f_p_r_m6":0.02114012105881291,"f_cagr_p_r_fs":0.032348969202183,"f_p_r_d1":-0.0002835806787030437,"f_p_r_y1":0.06934720908230863,"f_p_r_y2":0.0793544690603516,"last_data_date":"2026-05-11T16:00:00.000Z","f_p_r_y3":0.12501244152483326},"ff":{"stockId":3000000015978,"type":"ff","f_m_f":4108908,"f_m_f_r":0.006,"f_c_f":684818,"f_c_f_r":0.001,"f_m_a_c_f":4793726,"f_m_a_c_f_r":0.007,"f_m_c_f_d":"2025-02-12T16:00:00.000Z","f_c_fr":0.001,"f_fr_d":"2025-12-30T16:00:00.000Z","f_m_fr":0.006,"f_mac_fr":0.007},"f_nlacan":{"stockId":3000000015978,"type":"f_nlacan","f_nv_d":"2026-05-11T16:00:00.000Z","f_nv":1.1303,"f_nv_cr":-0.0009722467739082807},"f_as":{"stockId":3000000015978,"type":"f_as","f_tas":444426675.31460005,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000015979,"name":"安信恒鑫增强债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","stockCode":"015979","tickerId":15979,"shortName":"安信恒鑫增强债券C","currency":"CNY","__csrcFundId":11366,"exchange":"jj","lastUpdated":"2025-01-04T00:32:18.786Z","fundCollectionId":4000050700000,"inceptionDate":"2022-07-06T16:00:00.000Z","followedNum":1,"status":"normal","setUpDate":"2022-07-06T16:00:00.000Z","setUpAssetScale":1758076418.75,"setUpShares":1758076418.75,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"axhxzqzqxzqtzjj"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015978,"stockId":1000000000000883,"holdings":709978,"marketCap":17552502,"netValueRatio":0.026,"quarterlyChange":0.3145539906103283,"stock":{"stockCode":"00883","exchange":"hk","stockType":"company","tickerId":883,"name":"中国海洋石油"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015978,"stockId":1000000000000688,"holdings":1491524,"marketCap":15210669,"netValueRatio":0.0225,"quarterlyChange":-0.057142857142856385,"stock":{"stockCode":"00688","exchange":"hk","stockType":"company","tickerId":688,"name":"中国海外发展"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015978,"stockId":333,"holdings":123683,"marketCap":9443197,"netValueRatio":0.014,"quarterlyChange":-0.023032629558541684,"stock":{"stockCode":"000333","exchange":"sz","stockType":"company","tickerId":333,"name":"美的集团"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015978,"stockId":600690,"holdings":359504,"marketCap":7686195,"netValueRatio":0.0114,"quarterlyChange":-0.1805289382905333,"stock":{"stockCode":"600690","exchange":"sh","stockType":"company","tickerId":600690,"name":"海尔智家"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015978,"stockId":601001,"holdings":419041,"marketCap":6884843,"netValueRatio":0.0102,"quarterlyChange":0.24942965779467663,"stock":{"stockCode":"601001","exchange":"sh","stockType":"company","tickerId":601001,"name":"晋控煤业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015978,"stockId":1000000000001109,"holdings":271000,"marketCap":6852963,"netValueRatio":0.0101,"quarterlyChange":0.05294117647058849,"stock":{"stockCode":"01109","exchange":"hk","stockType":"company","tickerId":1109,"name":"华润置地"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015978,"stockId":2142,"holdings":199352,"marketCap":6070268,"netValueRatio":0.009,"quarterlyChange":0.08401566393734461,"stock":{"stockCode":"002142","exchange":"sz","stockType":"company","tickerId":2142,"name":"宁波银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015978,"stockId":983,"holdings":767491,"marketCap":5126839,"netValueRatio":0.0076,"quarterlyChange":0.04049844236760092,"stock":{"stockCode":"000983","exchange":"sz","stockType":"company","tickerId":983,"name":"山西焦煤"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015978,"stockId":600985,"holdings":323578,"marketCap":4384481,"netValueRatio":0.0065,"quarterlyChange":0.21962196219621943,"stock":{"stockCode":"600985","exchange":"sh","stockType":"company","tickerId":600985,"name":"淮北矿业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015978,"stockId":1000000000001898,"holdings":281000,"marketCap":3275038,"netValueRatio":0.0048,"quarterlyChange":0.3266331658291457,"stock":{"stockCode":"01898","exchange":"hk","stockType":"company","tickerId":1898,"name":"中煤能源"}}],"bondHoldings":[{"_id":"69e7d7586201787ae12a55b0","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015978,"stockCode":"250313","stockName":"25进出13","holdings":500000,"marketCap":50361301,"netValueRatio":0.0745,"lastUpdated":"2026-04-21T20:00:24.588Z"},{"_id":"69e7d7586201787ae12a55b1","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015978,"stockCode":"250202","stockName":"25国开02","holdings":400000,"marketCap":40541052,"netValueRatio":0.06,"lastUpdated":"2026-04-21T20:00:24.592Z"},{"_id":"69e7d7586201787ae12a55b2","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015978,"stockCode":"240202","stockName":"24国开02","holdings":400000,"marketCap":40504536,"netValueRatio":0.0599,"lastUpdated":"2026-04-21T20:00:24.595Z"},{"_id":"69e7d7586201787ae12a55b3","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015978,"stockCode":"243508","stockName":"25中证G2","holdings":400000,"marketCap":40407616,"netValueRatio":0.0598,"lastUpdated":"2026-04-21T20:00:24.598Z"},{"_id":"69e7d7586201787ae12a55b4","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000015978,"stockCode":"250403","stockName":"25农发03","holdings":400000,"marketCap":39993512,"netValueRatio":0.0592,"lastUpdated":"2026-04-21T20:00:24.601Z"}],"lastFsMetrics":{"latestTurnoverRate":1.4232026495104722,"latestTurnoverRateDate":"2025-12-30T16:00:00.000Z"}},"list":[{"_id":"69e7d5896201787ae129f398","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","stockId":3000000015978,"sao":"本季度，宏观经济延续弱复苏态势，PMI指数重回扩张区间，产需两端均呈现边际改善迹象，彰显节后复工复产推进与政策托底发力的共同成效，推动经济景气度温和回升。物价指数虽有小幅修复，但整体幅度有限，尚未形成明确信号表明广义需求已进入实质性扩张周期。资本市场层面，无风险利率中枢持续维持低位，市场流动性整体偏充裕；进入3月以来，受地缘政治事件扰动，全球资本市场波动明显加剧，风险偏好有所回落。　　权益投资部分，本季度市场呈现“前期向好、后期降温”的阶段性特征，上证指数季度累计下跌1.9%，且板块内部分化格局显著。受地缘因素传导影响，全球主要资本市场均承受不同程度的调整压力。前期，我们基于基本面深度研判，重点配置了估值合理、盈利稳定性较强的石油、煤炭等板块个股，此类标的在本季度地缘事件驱动下显著受益；同时，我们结合市场波动节奏，适时开展波段操作优化持仓结构。上述持仓有效发挥了对冲作用，显著缓释了组合内其他权益资产的调整压力，为组合净值提供了有力支撑。　　可转债市场方面，本季度可转债等权指数下跌0.8%，可转债正股等权指数上涨2.6%，市场呈现明显的“杀估值”特征。从当前定价来看，我们认为可转债市场整体估值仍未回落至具备明确吸引力的区间，仍需保持谨慎。　　纯债投资部分，本季度债市整体呈现分化格局，短端品种表现偏强、长端品种相对偏弱。央行全周期坚持宽松货币政策取向，通过MLF加量续作、逆回购精准对冲季节性资金波动等操作，持续维护银行间市场资金面平稳充裕，为短端债券品种提供了坚实支撑。期间，我们重点持仓高评级短端债券，聚焦确定性较高的收益，有效规避长端利率波动风险。","lastUpdated":"2026-04-21T19:52:41.099Z","fund":{"_id":3000000015978,"__csrcFundId":11366,"stockCode":"015978","shortName":"安信恒鑫增强债券(015978)","masterFundShortName":"安信恒鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15978,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:51:19.988Z","status":"normal","exchange":"jj","name":"安信恒鑫增强债券型证券投资基金","inceptionDate":"2022-07-06T16:00:00.000Z","fundCollectionId":4000050700000,"followedNum":1,"setUpDate":"2022-07-06T16:00:00.000Z","setUpAssetScale":1467363029.92,"setUpShares":1467363029.92,"pinyin":"axhxzqzqxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信恒鑫增强债券型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1470565","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69c61a025315f995c600a7d3","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-26T16:00:00.000Z","stockId":3000000015978,"sao":"权益市场方面，本年度在全球流动性趋于宽松、国内政策托底预期增强的背景下，主要指数普遍实现上涨。从全年表现来看，上证指数累计上涨18.4%，创业板指大幅上涨49.6%，沪深300上涨17.7%，中证2000上涨36.4%。整体市场呈现出成长风格显著优于价值风格、中小盘指数明显强于大盘的结构性特征。这反映出，此前市场上比较显著的避险情绪和保守倾向已经在一定程度上得到扭转。而值得注意的是，企业营收、净利润的表现仍然处于弱修复的阶段，本轮股市上行更多源于极低的无风险利率与相对充裕的流动性环境所驱动的估值修复。期间，我们的主要操作包括：（1）继续以估值合理、盈利稳定的价值股为主要投资标的，主要配置板块涉及能源、地产、家电、金融、有色等。（2）本年度港股表现整体强于A股，随着行情的演绎，我们适当降低了港股在权益投资中的比例。（3）基于对个股基本面的研究，我们适当参与了化工、医药等相关标的。　　转债部分，本年度中证转债指数大幅上涨18.7%，创十年新高，转债市场表现出显著的拔估值特征。我们认为，当前的转债市场已呈现值得警惕的“非理性繁荣”现象。市场之所以演绎到当前的位置，核心原因或许在于，低利率环境和市场上行氛围里，转债已经是部分特殊的、不能直接参与股票类资产的资金，去寻求收益增厚的出口。期间，我们显著收缩了可转债资产的总体仓位、减少了标的数量。　　纯债部分，2025年债券市场全年呈现“预期修正-事件冲击-政策博弈-高位震荡”复杂走势。首先，1-3月中，因宽松预期修正，10年期国债收益率从1.6%快速回调至1.9%。3月下旬-6月，受中美关税博弈等影响，避险情绪升温，收益率快速下行后窄幅震荡。下半年，“反内卷”政策升温，债券收益率中枢上行，全年受政策预期影响与事件扰动显著。期间，我们主要配置了中短期利率债及高等级信用债，并通过慎重的择时和择券，在这部分资产上获得了较为不错的收益。","lastUpdated":"2026-03-27T05:47:46.149Z","mo":"我们认为，2026年的宏观叙事预计将由“通缩主导”向“反内卷+温和再通胀”的结构性修复进行过渡。尽管我们尚未看到企业营收增速的显著回升，但大概率已经底部企稳；同时，上市公司的资本开支增速从2024年末开始已经明显回升，显示微观主体预期逐步改善，而资本市场往往领先于基本面变化。另一方面，居民再配置的压力依然存在，2022年至今形成的超额储蓄，正在迎来集中到期，这部分资金有望通过资管产品等形式进入证券市场，包括股票和债券等资产类别。展望后市，权益市场或将从当前的“估值修复驱动”逐步转向更依赖盈利改善的“业绩驱动”，并可能呈现不同市场风格轮动占优的局面。债券市场方面，我们预计货币政策仍将维持稳健偏松的基调，短端品种具备相对较高的安全边际。","fund":{"_id":3000000015978,"__csrcFundId":11366,"stockCode":"015978","shortName":"安信恒鑫增强债券(015978)","masterFundShortName":"安信恒鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15978,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:51:19.988Z","status":"normal","exchange":"jj","name":"安信恒鑫增强债券型证券投资基金","inceptionDate":"2022-07-06T16:00:00.000Z","fundCollectionId":4000050700000,"followedNum":1,"setUpDate":"2022-07-06T16:00:00.000Z","setUpAssetScale":1467363029.92,"setUpShares":1467363029.92,"pinyin":"axhxzqzqxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信恒鑫增强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=1448104","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1957fea5b3eb051ff0e","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000015978,"sao":"本季度，宏观经济指标整体呈现下行态势，生产端降幅相对可控，需求端下滑趋势更加明显。资本市场围绕“反内卷”政策主线进行交易，通胀预期抬升，权益及商品市场大涨，债市行情受到压制。　　权益部分，本阶段权益市场表现较好，沪深300指数上涨17.9%，创业板指上涨50.4%，成长风格更为占优。日均成交额季度内破3万亿，市场活跃度再上台阶。恒生指数上涨11.6%，A股表现整体优于港股。期间，我们重点持有了估值合理、盈利稳定、资产负债表稳健的优质公司，且相对于港股，我们持有了更多比例的A股。　　纯债部分，本阶段股债“跷跷板”效应较为明显，股债行情两极分化，沪指涨12.7%至接近3900点，10年国债收益率上行21BP至1.86%。而资金面整体平稳，资金价格在低位区间温和运行，1年国债收益率上行3BP，变化幅度不大。期间，我们认为市场短期缺乏明确方向，组合整体保持较低久期和较低杠杆率水平运作。总体而言，本基金在本季度有所盈利。","lastUpdated":"2026-03-09T13:56:37.903Z","fund":{"_id":3000000015978,"__csrcFundId":11366,"stockCode":"015978","shortName":"安信恒鑫增强债券(015978)","masterFundShortName":"安信恒鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15978,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:51:19.988Z","status":"normal","exchange":"jj","name":"安信恒鑫增强债券型证券投资基金","inceptionDate":"2022-07-06T16:00:00.000Z","fundCollectionId":4000050700000,"followedNum":1,"setUpDate":"2022-07-06T16:00:00.000Z","setUpAssetScale":1467363029.92,"setUpShares":1467363029.92,"pinyin":"axhxzqzqxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信恒鑫增强债券型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1372039","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1957fea5b3eb051ff0d","date":"2025-06-29T16:00:00.000Z","stockId":3000000015978,"sao":"权益部分，报告期内，经济基本面呈现弱复苏态势。出口对经济的贡献仍然较高；内需方面，“以旧换新”政策效果显现，消费增速有所加快，而地产需求仍然较弱。权益市场表现分化，中小盘股显著跑赢大盘股、港股显著跑赢A股。期间，由于中美贸易冲突等事件冲击，市场产生了一定的波动和机会。期间我们的主要操作包括：（1）继续以估值合理、盈利稳定的价值股为主要投资标的，适当增持了家电、化工、汽零等板块，适当减持了银行、非银等板块。（2）适当降低了港股在权益持仓中的占比。（3）基于对个券的研究，小仓位参与了物流、医药等相关标的。（4）没有以股票形式参与本轮AI、机器人相关行情，但在可转债投资上有所涉及。　　转债部分，报告期内，中证转债指数大幅上涨7%，原因可能包括：（1）转债资产主要对应的银行股和中小盘股涨幅明显。（2）纯债收益率维持在较低水平，部分资金进入转债市场寻求收益增强。在这个过程中，转债之于股票的相对价值有所下降。期间，我们收缩了可转债资产的总体仓位、减少了标的数量。但部分个券仍有配置价值，至期末我们仍有一定比例的持仓。　　纯债部分，中短期债券经过年初以来的调整，收益率已略高于资金利率。当下期限利差和信用利差均处于历史上较低位置，中长债的相对性价比并不显著。期间，我们主要持有了短久期、高评级品种。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:37.900Z","mo":"展望后市，宏观经济总量层面保持持续增长存在一定不确定性， “反内卷”政策之下，价格层面的压力有望边际缓解。资本市场或将领先于经济基本面有所反应。债券市场方面，当前债券市场的绝对收益率仍处于偏低位置，当前期限利差的梯度仍然不够，而信用利差对部分一般信用债的信用风险定价有所不足。总体而言，我们认为中短期限利率债及高等级信用债相对具有较高的安全边际。","fund":{"_id":3000000015978,"__csrcFundId":11366,"stockCode":"015978","shortName":"安信恒鑫增强债券(015978)","masterFundShortName":"安信恒鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15978,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:51:19.988Z","status":"normal","exchange":"jj","name":"安信恒鑫增强债券型证券投资基金","inceptionDate":"2022-07-06T16:00:00.000Z","fundCollectionId":4000050700000,"followedNum":1,"setUpDate":"2022-07-06T16:00:00.000Z","setUpAssetScale":1467363029.92,"setUpShares":1467363029.92,"pinyin":"axhxzqzqxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信恒鑫增强债券型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1339108","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1957fea5b3eb051ff0c","date":"2025-03-30T16:00:00.000Z","stockId":3000000015978,"sao":"权益部分，报告期内，价值股略有回调，成长股尤其是AI和机器人概念相关标的涨幅明显，同时港股显著跑赢A股。我们认为，（1）未来几个季度，经济基本面有望在低基数的背景下逐步企稳。虽然美国政府的关税政策也许会对我们的出口有一定的扰动，但此次贸易摩擦并非仅针对中国，我们在美国总体进口中所占据的份额未必会有很大的下滑，不能简单类比2018年。我们认为价值股未来一段时间的走势可能不会有太大风险。（2）AI、机器人在未来10年应该是引领产业升级的关键领域，但在营收上短期难有立竿见影的体现，而在利润上或要等待更久，商业模式、技术应用还有很长时间的探索试错，正如本世纪初的互联网产业，其长期评估不应保守，但短期定价不宜激进。（3）港股对A股的折价有了很大修复。而考虑到分红税率、交易费用、成交活跃度等，港股相对于A股确应体现一定的折价。　　基于上述认识，我们在权益投资策略上有以下调整：（1）继续以估值合理、盈利稳定的价值股为主要投资标的，其中，适当增持了化工、地产、家电等板块的一些标的，适当减持了银行、非银、建材等板块的一些标的。（2）我们未以股票形式参与本轮AI、机器人的行情。（3）我们适当降低了港股在权益持仓中的占比，但仍在4成以上（基金合同规定不能超过5成）。　　纯债部分，自2024年2季度商业银行取消手工补息之后，活期存款的实际利率大幅下降，相比银行间市场的资金短债利率，有100BP以上的落差和势能，这或许是近1年来大量资金从存款账户涌入固收类资管产品的重要动因，当前这一情况也并未改变。中短期债券年初以来经过1个季度的调整，已经修复到资金利率附近，但仍略低于资金利率。长债方面，当下的市场利率和期限利差隐含两个假设，长期较低的经济增速、长期较低的通胀率。我们认为二者未必同时成立，所以我们对中长债持审慎态度。基于上述认识，我们适当配置了高等级中短债，并密切关注市场变化，择机增配。对于中长债仍决定暂时回避。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:37.896Z","fund":{"_id":3000000015978,"__csrcFundId":11366,"stockCode":"015978","shortName":"安信恒鑫增强债券(015978)","masterFundShortName":"安信恒鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15978,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:51:19.988Z","status":"normal","exchange":"jj","name":"安信恒鑫增强债券型证券投资基金","inceptionDate":"2022-07-06T16:00:00.000Z","fundCollectionId":4000050700000,"followedNum":1,"setUpDate":"2022-07-06T16:00:00.000Z","setUpAssetScale":1467363029.92,"setUpShares":1467363029.92,"pinyin":"axhxzqzqxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信恒鑫增强债券型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1267798","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1957fea5b3eb051ff0b","date":"2024-12-30T16:00:00.000Z","stockId":3000000015978,"sao":"权益部分，市场总体收涨，但期间波动很大，上证指数、恒生指数分别出现了2015年和2009年之后最大的振幅。这在一定程度上映射了年内基本面和政策面的起伏，但仍然显得过于剧烈了。这样一种行情，实际上非常有利于价值投资策略的主动管理产品，因为价格相对于价值过于超额的波动，会给到我们低价买入或者高价减持的机会。期间，我们配置了地产、能源、建材、家电、金融、制造业等行业，并适时进行了结构性调整，择机参与了食品饮料、新能源、家居、有色、工程等行业的若干标的，并持有至报告期末。总体上，权益部分为基金净值增长做出了重要贡献。　　纯债部分，报告期内，我们主要配置了中短久期利率债、金融债、交易所逆回购等，力求获取相对低风险、高质量的平稳收益。","declarationDate":"2025-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:37.894Z","mo":"就已经公告或预告年度盈利情况的上市公司来看，当下实体经济低速增长时期也许并未结束。2024年3季度末，密集出台的刺激政策推动指数大幅反弹之后，权益市场对于后续政策利好的反应有所钝化，也许需要基本面的进一步确认、反馈，行情才能持续。接下来一段时间，也许仍是波动大于趋势。历史上看，金融资产的趋势转折往往提前于它所对应的实物资产和行业企业。一些经济部门的边际改善，哪怕仅是降幅的明显趋缓，对应的部分金融资产都有迎来行情的机会。我们倾向于认为，未来1年，上述情况会在金融市场的很多领域得以重演。虽然其何时能成为市场的主流，并最终推动整个指数和利率的明显上升，仍有待于观察，但就主动管理产品来说，应当是可以有所作为的一年。对于权益市场走势预期中性，不妨碍我们对于权益持仓获益态度乐观。我们对转债资产的看法也是如此。纯债方面，我们对长债持保守态度，至少认为其性价比低于很多权益资产。","fund":{"_id":3000000015978,"__csrcFundId":11366,"stockCode":"015978","shortName":"安信恒鑫增强债券(015978)","masterFundShortName":"安信恒鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15978,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:51:19.988Z","status":"normal","exchange":"jj","name":"安信恒鑫增强债券型证券投资基金","inceptionDate":"2022-07-06T16:00:00.000Z","fundCollectionId":4000050700000,"followedNum":1,"setUpDate":"2022-07-06T16:00:00.000Z","setUpAssetScale":1467363029.92,"setUpShares":1467363029.92,"pinyin":"axhxzqzqxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信恒鑫增强债券型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1247504","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1957fea5b3eb051ff0a","date":"2024-09-29T16:00:00.000Z","stockId":3000000015978,"sao":"权益部分，本报告期内，虽然经济基本面面临比较大的挑战，但我们始终认为，当前权益市场的调整幅度，已经明显超过了基本面所需要体现的水平。权益市场被显著低估的标的也已经非常之多。期间，我们始终持有了基金合同所允许的较高的权益仓位。　　港股部分，我们认为，美联储降息的动作，非常有利于收窄港币和人民币利差，非常有利于改善港股的估值基础，从而非常有利于改善港股相对于A股的折价程度。期间，在基金合同的许可范围内，我们也持有了较大比例的港股。　　纯债部分，本季度债券市场一度持续走强，各关键期限收益率几乎都大幅刷新了历史新低。长期来说，我们仍然倾向于人民币会有一定幅度的温和通胀。我们认为，长债收益率对长期温和通胀的可能性定价严重不足。纯债部分，我们倾向于尽可能低的仓位、相对较短的久期、尽可能高的信用评级，甚至一度持有了一定的国债期货空头。　　本报告期末，权益市场出现了大幅上涨。但是，从2022年初本轮地产政策启动至今的效果来看，大经济体的惯性不可小觑。我们认为，从政策出台到基本面见底回升也许尚需时日，短期市场行情的大幅上涨相对于尚待验证的基本面修复来说，也许走的太快了。随着价格的上涨，投资价值的突出程度有所下降。我们在季度末最后的上涨行情中，对权益持仓做了一定幅度的止盈。　　事后来看，我们在报告期内对于A股、港股、纯债的看法大致是正确的，也从中有了很好的获益，净值创出了新高。但是，报告期内，股票、纯债的走势一度大幅偏离我们对市场的判断，这种偏离也在不断提示我们，去反复检视所秉持的观点是否站得住脚。持有上述头寸的过程，实际上也是不断检视、批判底层逻辑的过程。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:37.891Z","fund":{"_id":3000000015978,"__csrcFundId":11366,"stockCode":"015978","shortName":"安信恒鑫增强债券(015978)","masterFundShortName":"安信恒鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15978,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:51:19.988Z","status":"normal","exchange":"jj","name":"安信恒鑫增强债券型证券投资基金","inceptionDate":"2022-07-06T16:00:00.000Z","fundCollectionId":4000050700000,"followedNum":1,"setUpDate":"2022-07-06T16:00:00.000Z","setUpAssetScale":1467363029.92,"setUpShares":1467363029.92,"pinyin":"axhxzqzqxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信恒鑫增强债券型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1169937","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1957fea5b3eb051ff09","date":"2024-06-29T16:00:00.000Z","stockId":3000000015978,"sao":"上半年，权益市场总体平稳，但结构分化非常显著，万得全A下跌8.01%，沪深300上涨0.89%，红利指数上涨11.29%，恒生指数上涨3.94%。资金总体呈现出向大股票、红利股转移的态势，这也许反映了市场比较显著的避险情绪和保守倾向。这一特征在经济基本面明确复苏之前，或许很难扭转。与此相对，10年国债利率从大约2.6%下行30BP以上，超过去年全年的下行幅度，也从另一个侧面反映了市场的类似情绪。　　报告期内，本产品权益部分，我们维持了相对较高的权益仓位，主要配置了中大盘股票，其中接近一半的比例配置了港股通资产。受益于上半年大盘股和港股的行情，我们在权益部分获得了比较好的收益。　　本产品的债券部分，配置比较保守，主要集中在利率债、高等级金融债、国债等低信用风险、中短久期资产上。倾向于获取比较稳健的收益。并且运用国债期货工具，对利率风险做了一定的对冲。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:37.887Z","mo":"权益方面，我们总体上持谨慎乐观的态度。虽然当前经济基本面仍然面临一些挑战，但我们认为当前权益市场的估值水平，对此已经有了比较充分的反映。发电量上半年仍有不错的增长，但最近两个月，微观来看，部分消费企业的业务数据有了明显的下滑，也许反映了复苏尚有待时日。固收方面，相比存贷款市场，银行间市场的利率水平吸引力较好。短期来看，我们未见太大的调整风险，但中期来看，当前的利率也许没有充分反映通胀上行的可能趋势。在纯债投资方面，我们仍倾向于中短久期、高评级和低杠杆，甚至可以考虑适时的运用国债期货工具做一定的对冲。可转债资产方面，我们认为当前非常有价值，基于到期收益率来看的防守价值非常充分，而潜在的市场上行机会在定价中也许在很大程度上被忽视了。","fund":{"_id":3000000015978,"__csrcFundId":11366,"stockCode":"015978","shortName":"安信恒鑫增强债券(015978)","masterFundShortName":"安信恒鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15978,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:51:19.988Z","status":"normal","exchange":"jj","name":"安信恒鑫增强债券型证券投资基金","inceptionDate":"2022-07-06T16:00:00.000Z","fundCollectionId":4000050700000,"followedNum":1,"setUpDate":"2022-07-06T16:00:00.000Z","setUpAssetScale":1467363029.92,"setUpShares":1467363029.92,"pinyin":"axhxzqzqxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信恒鑫增强债券型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1142267","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1957fea5b3eb051ff08","date":"2024-03-30T16:00:00.000Z","stockId":3000000015978,"sao":"报告期内，权益市场总体平稳，但波动显著加大。期间，我们权益总仓位相对稳定，个券层面，结合基本面的最新变化，对地产板块的持仓做了比较大的调整，对煤炭板块的标的，也做了一定的调整。小幅增持了部分制造业标的。　　纯债部分，债券市场继续走强，无风险利率、信用利差、期限利差继续压缩。我们认为当前纯债资产的性价比有所下降，短期虽然仍有机会受益于降准降息的货币政策，但中期可能存在一定的调整风险。基于上述看法，我们降低了纯债资产的持仓，并且运用国债期货工具，做了一定的风险对冲。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:37.878Z","fund":{"_id":3000000015978,"__csrcFundId":11366,"stockCode":"015978","shortName":"安信恒鑫增强债券(015978)","masterFundShortName":"安信恒鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15978,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:51:19.988Z","status":"normal","exchange":"jj","name":"安信恒鑫增强债券型证券投资基金","inceptionDate":"2022-07-06T16:00:00.000Z","fundCollectionId":4000050700000,"followedNum":1,"setUpDate":"2022-07-06T16:00:00.000Z","setUpAssetScale":1467363029.92,"setUpShares":1467363029.92,"pinyin":"axhxzqzqxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信恒鑫增强债券型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1066292","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1957fea5b3eb051ff07","date":"2023-12-30T16:00:00.000Z","stockId":3000000015978,"sao":"纯债方面，2023年债券市场走势比较波折，年初国内经济和社会生活逐步回到正常轨道，前期被积压的需求集中释放，经济快速修复，一季度债市震荡走弱。二季度后，经济基本面超预期下行，企业盈利放缓，房地产市场表现不佳，居民消费意愿也偏低。货币政策方面通过降准、降息等一系列工具持续发力，债券市场也开启了年内最长一段时间的“走牛”。从结构上看，债券市场在2023年经历了信用利差大幅压缩和期限利差大幅压缩的过程。报告期内，本基金纯债部分主要投资于利率债、高等级商业银行金融债、券商公司债等，并根据对市场的预判，适时调整组合的杠杆与久期，致力于获取较为稳健的收益。　　权益方面，权益市场全年相对弱势，除红利、微盘股指数外，多数宽基指数有所下跌。我们重点配置了估值合理、盈利较好，且有较好分红政策的部分股票，如能源、银行、家电、建材、消费等板块。　　总体上，本基金通过相对合理的资产配置和标的选择，获取了一定的正收益。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:37.875Z","mo":"展望2024年，我们相对比较乐观，认为年内有望看到基本面磨底完成，并有所复苏。2023年已经获得恢复的行业有望持续回暖，我们已经看到全年用电量有了大几个点的同比增长，制造业复苏明显，甚至拉动总体钢铁需求量在抵掉房地产的不利影响之后，还有了小幅增长。2023年影响经济的主要是地产及相关产业，以及消费动力不足。我们认为这两者都有望在2024年获得比较明显的改善，地产的下行幅度有望边际收窄，随着居民资产负债表的逐步修复，边际消费倾向有望逐步提升。如果基本面和权益市场完成上述过程，则当前相对宽松的货币政策或有所收敛。我们认为当前权益资产的投资价值或高于固收资产，而可转债的投资价值则位于两者之间。","fund":{"_id":3000000015978,"__csrcFundId":11366,"stockCode":"015978","shortName":"安信恒鑫增强债券(015978)","masterFundShortName":"安信恒鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15978,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:51:19.988Z","status":"normal","exchange":"jj","name":"安信恒鑫增强债券型证券投资基金","inceptionDate":"2022-07-06T16:00:00.000Z","fundCollectionId":4000050700000,"followedNum":1,"setUpDate":"2022-07-06T16:00:00.000Z","setUpAssetScale":1467363029.92,"setUpShares":1467363029.92,"pinyin":"axhxzqzqxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信恒鑫增强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=1050040","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1957fea5b3eb051ff06","date":"2023-09-29T16:00:00.000Z","stockId":3000000015978,"sao":"本季度，央行连续降息、降准，但银行间流动性仍显著收紧，资金利率中枢连续抬升，叠加政策落地节奏陆续加快，债市整体震荡偏弱，其中短端调整幅度偏大。8月中旬以来，资金面供需结构发生了一定变化，大行融出规模明显下降。专项债发行有所提速或能部分解释本次资金面收敛，但值得注意的是央行近期防止资金套利和空转的态度。同时，债市始终对稳增长政策有所忌惮，地产、化债等政策对利率有一定压制。　　报告期内，权益市场小幅走弱，我们认为基本面经过一段时间的调整，未来企稳走强的基础得到进一步夯实，本产品维持了较高的权益仓位，期间有所获益。我们对利率走势持审慎态度，纯债资产以高评级、中短久期金融债为主。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:37.871Z","fund":{"_id":3000000015978,"__csrcFundId":11366,"stockCode":"015978","shortName":"安信恒鑫增强债券(015978)","masterFundShortName":"安信恒鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15978,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:51:19.988Z","status":"normal","exchange":"jj","name":"安信恒鑫增强债券型证券投资基金","inceptionDate":"2022-07-06T16:00:00.000Z","fundCollectionId":4000050700000,"followedNum":1,"setUpDate":"2022-07-06T16:00:00.000Z","setUpAssetScale":1467363029.92,"setUpShares":1467363029.92,"pinyin":"axhxzqzqxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信恒鑫增强债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=986640","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1957fea5b3eb051ff05","date":"2023-06-29T16:00:00.000Z","stockId":3000000015978,"sao":"上半年，中国经济终于从3年疫情中走出。经济恢复的进程或弱于市场预期，权益市场先扬后抑，上证指数总体上实现了3.65%的涨幅，但主要是中小盘股的行情，代表核心资产的上证50、沪深300、创业板50，分别下跌5.43%、0.75%和9.33%。利率水平持续下行，信用债涨幅显著超过利率债涨幅。　　报告期内，权益部分，我们维持了相对较高的权益仓位，其中接近一半的比例配置了港股通资产。主要配置了两个市场的中大盘股，受上半年中大盘股票走弱影响，权益资产部分略有损失，影响了组合表现。纯债部分我们严控信用风险和久期风险，主要配置了中短期利率债、高等级金融债，受益于上半年债市的行情，获取了一定的收益。组合总体有所盈利。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:37.868Z","mo":"权益方面，我们还是比较看好接下来的行情，虽然上半年的经济恢复进程或低于市场预期，但经济恢复确实正在进行中，在旅游酒店、交运物流方面都已有一定的体现，发电量也有了比较明显的增长。人民币近期的贬值虽然带来了一些影响，但是也带动出口产业链在近期的恢复。复苏的节奏也许未来仍有不确定性，但是复苏的方向是确定的。　　作为经济晴雨表的权益市场，在未来的某些时候，应该也会从中获益。固定收益方面，我们对后期的利率走势持谨慎态度。我们认为今年4季度到明年1季度很有可能看到宏观经济在一定程度上的复苏，或将引导利率有所上行。","fund":{"_id":3000000015978,"__csrcFundId":11366,"stockCode":"015978","shortName":"安信恒鑫增强债券(015978)","masterFundShortName":"安信恒鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15978,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:51:19.988Z","status":"normal","exchange":"jj","name":"安信恒鑫增强债券型证券投资基金","inceptionDate":"2022-07-06T16:00:00.000Z","fundCollectionId":4000050700000,"followedNum":1,"setUpDate":"2022-07-06T16:00:00.000Z","setUpAssetScale":1467363029.92,"setUpShares":1467363029.92,"pinyin":"axhxzqzqxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信恒鑫增强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=956148","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1957fea5b3eb051ff04","date":"2023-03-30T16:00:00.000Z","stockId":3000000015978,"sao":"报告期内，国内基本面有所回暖，但部分领域的复苏进度或低于市场预期。权益市场震荡上行，部分成长股涨幅明显。价值股则相对平稳。债券市场行情走势震荡，信用债利率有所下降，利率债收益率略有上行。　　我们认为风险与波动并非等同，风险是价值的贬损，比如债券的信用风险，业务爆雷带来的股价下跌等。波动主要指价格的变化，例如债券的利率风险、情绪引起的股价波动等。有些策略波动虽然小，但是风险未必小，例如中短久期的高收益债组合、非标资产等。有些策略波动虽然不小，但是风险未必大，比如长久期利率债组合、可转债组合、较高仓位的价值股。我们希望尽可能的规避风险，但并不排斥适时适当的承担波动。　　我们认为，当前市场情况下，价值标的有非常明显的投资价值。本产品当前维持了相对较高的权益仓位，于A股和港股两个市场，重点投资于能源、地产、金融、建材、消费、家电、化工和部分制造业。债券方面，本产品持有中短久期利率债、高等级券商债和国有大型银行商金债，致力于获取相对稳健的收益。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:37.865Z","fund":{"_id":3000000015978,"__csrcFundId":11366,"stockCode":"015978","shortName":"安信恒鑫增强债券(015978)","masterFundShortName":"安信恒鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15978,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:51:19.988Z","status":"normal","exchange":"jj","name":"安信恒鑫增强债券型证券投资基金","inceptionDate":"2022-07-06T16:00:00.000Z","fundCollectionId":4000050700000,"followedNum":1,"setUpDate":"2022-07-06T16:00:00.000Z","setUpAssetScale":1467363029.92,"setUpShares":1467363029.92,"pinyin":"axhxzqzqxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信恒鑫增强债券型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=884338","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1957fea5b3eb051ff03","date":"2022-12-30T16:00:00.000Z","stockId":3000000015978,"sao":"2022年是非常难获取收益的一年。过往经济走弱，权益资产下跌的年份，固定收益资产一般都能获取不错的收益。但2022年权益资产明显下跌的同时，债券的收益也很低，平均无风险收益率是过去10年的最低水平，债券的资本利得基本没有。　　纯债部分，考虑到静态收益率比较低，风险收益比来看，吸引力不高。而且信用债的信用利差处于历史低位，并不能很好的体现近期信用风险的提升。本基金年内主要参与了中短久期的国债、政策性银行债，以及头部券商、大型银行的中短久期债券。比较严格的控制了信用风险，并阶段性的对利率风险做了适当对冲。　　权益部分，年内权益市场一度显著走低。期间我们认为，导致市场走弱的既有长期因素，比如出生率超预期下降、外部国际环境等，也有短期因素，比如疫情影响、地产产业链的流动性问题等，但是短期因素是主要的、可恢复的。市场经过比较深的调整，很多标的已经具有明显的长期配置价值。我们在下半年保持了偏高的权益仓位，包括港股通标的的仓位。之后虽然也曾经历比较明显的回撤，但在4季度后半段的市场反弹中，净值得到了很好的恢复。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:37.862Z","mo":"利率方面，我们倾向于认为未来1年大概率上是上行的，主要由于：1、我们已经基本从3年的疫情影响中走出，经济活动和融资需求大概率将显著增长。2、如果经济得到良好恢复，继续维持宽松货币政策的必要性就大幅降低了。3、根据其他经济体的经验，疫后经济恢复过程中，大概率会伴随比较明显的通胀率上行。4、当前中国的无风险利率，仍然比较明显的低于美国等主要经济体。　　权益方面，我们看好未来1年的市场走势。如上所述，疫后经济恢复已经开始，考虑到工程复工赶工、报复性消费、前期积累的超额储蓄等因素，甚至不排除部分领域短期有超额反弹的可能。当前的估值水平仍然较低，部分行业甚至处于历史低位水平。当然，这种恢复过程带来的增长，其趋势未必有很强的可持续性。我们看好2023年权益市场的同时，也认为它不一定是特别大幅的上涨。在其中也需要掌握好节奏、参与的板块结构。","fund":{"_id":3000000015978,"__csrcFundId":11366,"stockCode":"015978","shortName":"安信恒鑫增强债券(015978)","masterFundShortName":"安信恒鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15978,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:51:19.988Z","status":"normal","exchange":"jj","name":"安信恒鑫增强债券型证券投资基金","inceptionDate":"2022-07-06T16:00:00.000Z","fundCollectionId":4000050700000,"followedNum":1,"setUpDate":"2022-07-06T16:00:00.000Z","setUpAssetScale":1467363029.92,"setUpShares":1467363029.92,"pinyin":"axhxzqzqxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信恒鑫增强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=868010","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1957fea5b3eb051ff02","date":"2022-09-29T16:00:00.000Z","stockId":3000000015978,"sao":"本季度，权益市场震荡下行，上证指数下跌11%，恒生指数下跌21%，本基金的净值也出现了一定的回撤。期间，本基金配置了地产、能源、家电、建材、金融、消费和部分制造业标的。我们看好陆港两个市场的长期价值，认为当前很多标的已经具备很大的投资价值。  本基金的纯债部分主要投资于利率债和高等级金融债。纯债部分的仓位基本呈现中短久期、低杠杆、高评级的特征。主要因为我们认为未来半年到一年，或面临一定的利率上行风险，也因此，我们对纯债和转债的纯债价值部分的利率风险做了一定的对冲。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:37.859Z","fund":{"_id":3000000015978,"__csrcFundId":11366,"stockCode":"015978","shortName":"安信恒鑫增强债券(015978)","masterFundShortName":"安信恒鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15978,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:51:19.988Z","status":"normal","exchange":"jj","name":"安信恒鑫增强债券型证券投资基金","inceptionDate":"2022-07-06T16:00:00.000Z","fundCollectionId":4000050700000,"followedNum":1,"setUpDate":"2022-07-06T16:00:00.000Z","setUpAssetScale":1467363029.92,"setUpShares":1467363029.92,"pinyin":"axhxzqzqxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信恒鑫增强债券型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=803934","linkType":"PDF","source":"csrc_pdf"}}]}