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53.5%，大幅高于制造业整体水平，新质生产力领域已成为驱动制造业复苏的核心引擎。　　报告期内，债券市场资金面持续宽松，得益于财政支出前置、再贷款投放节奏偏快、资本市场风险偏好下降等因素，一季度，1年国债收益率下行11bp至1.22%，10年国债收益率下行4bp至1.82%。权益市场方面，一季度风险偏好先扬后抑，上证指数季度下跌1.94%。　　报告期内，债券投资方面，我们仍以持有短久期高等级信用债获取稳健票息收益为主要策略，年初观察到资金持续宽松的迹象，少量参与了高等级长久期银行次级债的交易机会。股票投资方面，我们清仓了因上游涨价直接受损的部分公用事业标的及受益于金价短期涨幅剧烈的黄金珠宝类消费标的，持续优化组合的行业分布，增配了部分全球领先的高端先进制造业龙头公司，对部分商业模式优秀或改善确定性强、资产久期清晰，虽受短期宏观周期扰动但业绩已初现拐点的标的进行了初步的布局。　　年初以来，地缘扰动持续，全球经济展望不确定性增加，内需向上的趋势流畅性和幅度仍有待观察，市场的风险偏好有所收敛。我们认为，能源价格扰动对全球经济的影响其持续性有待观察，乐观的角度看待中长期的影响，以油为代表的成本端上升对国内经济而言未必是完全的利空。过去五年间，中国始终处于通胀下行的进程中，这背后既源于产能出清的节奏持续偏缓，过剩产能未能及时消化，也受制于市场需求的整体不振，供需两端的失衡制约了经济活力的释放，而能源、物流及原材料等环节的成本上涨，有可能演变为倒逼成本控制能力弱、抗风险水平低的落后产能加速退出市场，优化过去一直制约通胀的供需格局问题；与此同时，成本端的压力也会逐步向终端传导，推动市场价格中枢温和上移，进而加快通胀回暖的进程，为经济走出通缩压力、实现供需格局的再平衡创造有利条件。更值得关注和期待的是，中国头部制造企业会否利用规模效应及成本优势，化解短期成本端的扰动和能源供应的不稳定因素等危机，借机进一步提升全球市场份额，再次展现化危为机的超凡能力和韧性。　　展望债券市场，短期在通胀没有确认回升之前还将以区间震荡为主，一旦确认通胀有所回暖，债券收益率则面临的实质性的上行风险。我们仍将以持有短久期高等级信用债获取稳健票息收益为主要策略，综合考虑市场资金面因素、宏观经济数据现实与预期、期限利差等因素适时参与利率债的波段交易。展望权益市场，估值及风险偏好在不同行业中结构性分化更趋严重，代表最前沿的某些科技创新领域的标的估值大幅抬升，甚至出现明显泡沫化定价，而在本轮牛市中还不乏估值没有明显抬升，且长期性价比显著优于债券的优质资产标的，遵循“长期竞争格局改善、公司治理向好、股东回报有提升潜力”的方向，我们依然可以寻找到一些长期可投标的，我们将持续围绕这条线索布局股票资产。转债方面，整体估值较前期有所下降，但中枢依然偏高，我们仍将谨慎参与，伺机增配正股及行业有向好边际变化的转债标的。","lastUpdated":"2026-04-21T19:52:41.141Z","fund":{"_id":3000000016005,"__csrcFundId":11696,"stockCode":"016005","shortName":"红土创新添利债券(016005)","masterFundShortName":"红土创新添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16005,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:52:09.668Z","status":"normal","exchange":"jj","fundCollectionId":4000050970000,"name":"红土创新添利债券型证券投资基金","followedNum":1,"inceptionDate":"2022-09-20T16:00:00.000Z","setUpDate":"2022-09-20T16:00:00.000Z","setUpAssetScale":98160260.39,"setUpShares":98160260.39,"pinyin":"htcxtlzqxzqtzjj","managers":[{"stockCode":"db20037158","stockType":"fund_manager","exchange":"fm","tickerId":31810080070,"name":"陈若劲"}]},"announcement":{"linkText":"红土创新添利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=1470183","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1997fea5b3eb0520357","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000016005,"sao":"报告期内，国内经济延续底部企稳态势。四季度，制造业PMI环比增长0.3个百分点至50.1%，非制造业PMI环比增长0.2个百分点至50.2%，CPI同比连续3个月正增，12月同比至0.8%，PPI连续4个月告别环比负增长，“深入整治内卷式竞争”效果进一步夯实。年末经济数据展现出更多的积极信号，值得持续观察。政策方面，12月中央经济工作会议召开，将“坚持内需主导，建设强大国内市场”摆在首位，充分说明当前扩大内需的重要性。　　报告期内，债券收益率区间震荡，10月由于央行重启购债预期升温债市有所回暖，但后因货币政策宽松预期的修正、资本市场风险偏好的持续抬升及基金费率新规引发的债基赎回担忧，债券收益率再次向上移动。四季度，1年国债收益率下行2.8bp至1.34%，10年国债收益率下行1.3bp至1.85%。权益市场方面，四季度强势延续，结构分化，上证指数季度上涨2.22%，沪深300季度收益为-1.69%，创成长季度上涨5.03%，科技成长方向依然是市场的核心引擎，大消费及防御性板块表现相对弱势，分行业看，有色金属、电子、通信及机械设备涨幅居前。　　报告期内，债券方面，我们仍以持有短久期高等级信用债获取稳健票息收益为主要策略，股票方面，我们持续提升组合的分散度和均衡度，适当减配了水电及医药标的，并增配了A股及港股泛消费标的以及部分商业模式改善、有估值提升潜力的公用事业标的。　　我们认为当前投资者信心及风险偏好从前期的缓慢修复已经过渡到加速提升的进程，但基本面数据改善的进程及幅度尚未与之匹配。未来消费信心（表现形式主要是物价抬升）能否持续提升是关键。我们理解，内需在中央经济工作会议、十五五规划中均被置于突出重要的位置，反内卷最终落脚点也在于通过缓解社会各主体的过度竞争，释放企业创新与居民消费的双重活力，进而夯实内需增长的内生动力。权益市场持续、健康的向上行情需要实体经济强有力的佐证，随着通缩预期缓解、社会财富将进一步向权益市场再平衡，债券收益率中长期可能会迎来一个缓慢的、震荡回升的过程。下阶段，债券方面，我们仍将以持有短久期高等级信用债获取稳健票息收益为主要策略，股票方面，在目前整体权益估值中枢已明显抬升的背景下，我们将更加注重标的的安全边际和组合的再平衡；转债方面，相较正股的性价比普遍偏贵，我们将谨慎的参与转债市场的投资机会。","lastUpdated":"2026-03-09T13:56:41.565Z","fund":{"_id":3000000016005,"__csrcFundId":11696,"stockCode":"016005","shortName":"红土创新添利债券(016005)","masterFundShortName":"红土创新添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16005,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:52:09.668Z","status":"normal","exchange":"jj","fundCollectionId":4000050970000,"name":"红土创新添利债券型证券投资基金","followedNum":1,"inceptionDate":"2022-09-20T16:00:00.000Z","setUpDate":"2022-09-20T16:00:00.000Z","setUpAssetScale":98160260.39,"setUpShares":98160260.39,"pinyin":"htcxtlzqxzqtzjj","managers":[{"stockCode":"db20037158","stockType":"fund_manager","exchange":"fm","tickerId":31810080070,"name":"陈若劲"}]},"announcement":{"linkText":"红土创新添利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=1460713","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1997fea5b3eb0520356","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000016005,"sao":"报告期内，国内经济延续底部企稳态势，三季度，制造业PMI上升0.1pct至49.8%，非制造业PMI下降0.5pct至50.0%。政策方面，7月，中央财经委第六次会议强调，“依法依规治理企业低价无序竞争，引导企业提升产品品质，推动落后产能有序退出”，各行业出台实施了一系列反内卷政策举措。　　报告期内，资金面整体宽松，债券收益率陡峭化上行，主要源于资本市场风险偏好的持续抬升以及监管政策（增值税新规及基金费率新规）的扰动，三季度，1年国债收益率上行2.5bp至1.37%，10年国债收益率上行13.6bp至1.78%。权益市场方面，三季度表现强势，上证指数上涨12.73%。一方面，多项反内卷相关政策出台，旨在治理低价无序竞争、推动价格企稳，另一方面，以 AI 为代表的科技产业催化层出不穷，中美科技巨头接连提高资本开支指引，产业景气度持续抬升，算力、芯片等科技成长相关行业成为市场热点，此外，8月美联储重启降息周期，联邦基金目标利率下调25bp至4.0%-4.25%，也对风险偏好及大宗商品的中枢抬升有推动作用。分行业看，有色、通信、电子、电力设备等行业涨幅居前，红利板块相对弱势。　　报告期内，债券方面，我们仍以持有短久期高等级信用债获取稳健票息收益为主要策略；股票方面，我们仍坚持长期投资，均衡配置A股及港股估值合理、对宏观经济敏感性弱、国家政策支持的公用事业和医药行业标的，部分持仓标的随市场风格偏好变化表现较弱，但长期基本面稳定向好，其安全边际及长期回报率反而得以提升，对部分估值接近合理上限的标的进行了动态调整。转债方面，仍少量配置部分估值安全边际较高、行业或标的有边际向好预期的转债。　　我们认为当前投资者信心及风险偏好已经处于较高的水平，但基本面数据尚未见明显改善。展望债市，经济内生动能修复仍有待提振，货币政策环境仍需要保持支持性，债券收益率中枢持续抬升概率暂时不高，但随着时间推移，通缩缓解、社会财富将进一步向资本市场再平衡，债券收益率中长期可能会迎来一个缓慢的、震荡回升的过程。对权益市场来说，新一轮指数级别的向上行情需要基本面数据的支撑。下阶段，债券方面，我们仍将以持有短久期高等级信用债获取稳健票息收益为主要策略，股票方面，在目前整体权益估值中枢已明显抬升的市场环境下，我们将更加注重标的的安全边际和组合的再平衡，转债方面，我们将主要考虑企业盈利改善之后或有的正股弹性，更加注重估值的安全边际，寻找可投转债优质标的。","lastUpdated":"2026-03-09T13:56:41.562Z","fund":{"_id":3000000016005,"__csrcFundId":11696,"stockCode":"016005","shortName":"红土创新添利债券(016005)","masterFundShortName":"红土创新添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16005,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:52:09.668Z","status":"normal","exchange":"jj","fundCollectionId":4000050970000,"name":"红土创新添利债券型证券投资基金","followedNum":1,"inceptionDate":"2022-09-20T16:00:00.000Z","setUpDate":"2022-09-20T16:00:00.000Z","setUpAssetScale":98160260.39,"setUpShares":98160260.39,"pinyin":"htcxtlzqxzqtzjj","managers":[{"stockCode":"db20037158","stockType":"fund_manager","exchange":"fm","tickerId":31810080070,"name":"陈若劲"}]},"announcement":{"linkText":"红土创新添利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=1375884","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1997fea5b3eb0520355","date":"2025-06-29T16:00:00.000Z","stockId":3000000016005,"sao":"2025年上半年，我国实现实际GDP同比增速5.3%，为实现全年5%的目标打下良好基础。受美国关税政策影响，二季度经济表现稍弱于一季度。4月，中国PMI快速下降至49%，之后随着中美开启经贸谈判，PMI逐步回升至6月的49.7%。内需方面，投资端，固定资产投资累计同比增长2.8%，处于近三年低位。消费端，“国补”政策支持下，上半年社零累计同比增长5%，明显高于2024年同期的3.7%；不过，受禁酒令、“国补换挡”等影响，6月社零同比回落至4.8%，为3月以来最低点。内生动能回温趋势仍需验证。　　政策面方面，一季度，央行延续“适度宽松”货币政策基调，但更侧重“防空转”“稳汇率”“稳利率”。二季度，关税扰动进行时，货币政策转向“稳增长”目标：5月央行降低OMO政策利率10bp，降低存款准备金率0.5个百分点。伴随6月大行注资落地，二季度流动性环境较一季度更加友好。　　海外方面，上半年美国经济边际回落、韧性仍在，美联储降息预期相对稳定，但美元走势却与美国经济及美联储降息出现脱钩现象。报告期内，美元指数下行10.7%至96.77，全球去美元化进程加速，COMEX黄金期货于4月快速冲破3000美元大关，并在3300美元附近震荡。　　　　报告期内，债券收益率先上后下，主要驱动因素是资金面，一季度资金面异常紧张，二季度逐步转松。整个上半年，1年国债收益率上行26bp至1.34%，10年国债收益率下行3bp至1.65%。权益市场方面，一方面，Deep Seek大模型的出世及一揽子政策持续发力有利于投资者风险偏好的好转，另一方面，国家队积极给市场注入流动性，维护资本市场平稳运行，上半年权益市场偏强运行，上证指数上涨2.76%。 　　　报告期内，债券方面，收益率低位震荡，我们以持有短久期高等级信用债获取稳健票息收益为主要策略;股票方面，我们依然主要配置估值合理、对宏观经济敏感性弱、国家政策支持的公用事业行业标的，长逻辑符合人口老龄化的医药优质标的，并持续增配了部分消费标的及港股公用事业标的;囿于本基金合同约定转债资产需与股票资产合并计算为权益资产，且权益资产占净资产比例上限不能高于30%，相较配置股票而言，转债性价比不显著占优，因此转债的配置依然保持较低的仓位。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:41.559Z","mo":"展望未来，宏观政策保持积极、流动性合理充裕，投资者信心及风险偏好仍有进一步企稳回升的基础。近期政策开始综合整治“内卷式”竞争，我们认为对中长期经济可持续发展意义重大，有利于通胀的修复，重新建立“价格-经济”良性循环机制。对债券市场来说，虽然“反内卷”政策使得通胀有向上抬头的预期，但经济内生动能修复仍有待提振是现实，短期债券收益率持续大幅上行为时尚早，但中期有缓步向上回归的压力。股票方面，我们将继续严判上市公司的半年报情况，审视我们的组合持仓标的，并适当提高组合的均衡度。转债方面，将持续比较股票资产与转债资产的性价比，更加广泛的寻找可投转债优质标的。","fund":{"_id":3000000016005,"__csrcFundId":11696,"stockCode":"016005","shortName":"红土创新添利债券(016005)","masterFundShortName":"红土创新添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16005,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:52:09.668Z","status":"normal","exchange":"jj","fundCollectionId":4000050970000,"name":"红土创新添利债券型证券投资基金","followedNum":1,"inceptionDate":"2022-09-20T16:00:00.000Z","setUpDate":"2022-09-20T16:00:00.000Z","setUpAssetScale":98160260.39,"setUpShares":98160260.39,"pinyin":"htcxtlzqxzqtzjj","managers":[{"stockCode":"db20037158","stockType":"fund_manager","exchange":"fm","tickerId":31810080070,"name":"陈若劲"}]},"announcement":{"linkText":"红土创新添利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=1346489","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1997fea5b3eb0520354","date":"2025-03-30T16:00:00.000Z","stockId":3000000016005,"sao":"报告期内，经济总体出现企稳回升的迹象， 3月EPMI（战略新兴产业PMI）大幅回升至59.6%，较去年12月大幅上升9.3pct，创25个月以来的新高，带动3月制造业PMI较去年末回升0.4pct至50.5%，新质生产力对经济增长信心的激发作用可窥一斑。政策方面，政府工作报告将经济增速目标定在5%左右、赤字率按4%安排、新增4.4万亿专项债及1.8万亿特别国债，财政政策发力加码，并留有充足的储备工具应对外部不利影响。　　报告期内，货币政策整体维持宽松基调，但狭义流动性没有显著宽松，资金中枢小幅上移。债券方面，在资金面收敛及基本面数据企稳的压力下，债券收益率回吐了大部分前期涨幅，一季度，10年国债收益率最高上行22bp至1.89%，1年国债最高上行50bp至1.58%。权益市场方面，Deep Seek大模型的出世及一揽子政策持续发力明显提振了投资者风险偏好，但基本面数据的改善有待持续验证，一季度上证指数小幅下跌0.48%。 　　报告期内，债券方面，我们年初调降了组合的久期，以持有超短久期高等级信用债获取稳健票息收益为主要策略，3月开始逐步加仓中短久期的高等级信用债；股票方面，我们逐步增配了A股及港股市场中估值合理、对宏观经济敏感性弱、国家政策支持的公用事业行业标的，适当增配部分安全边际较高的医药及消费标的；转债方面，一季度转债溢价率明显上升，我们降低了组合转债的整体仓位，但挑选了部分估值合理、性价比高的转债进行增配。　　4月开始，美国宣布新一轮加征关税措施，其范围之广、力度之大均超市场预期。外部冲击对我国宏观经济中出口部分的影响，进而通过就业市场传导至居民部门，对宏观经济及进一步通缩的冲击需要持续关注，美国政策的反复多变，各国的应对措施及中国的沉着应对等前所未有之复杂局面均对宏观研判、中观行业及微观企业中长期价值判断构成新课题。债券方面，我们认为，贸易摩擦的持续升级使得经济向下波动压力明显加大，央行着力于政策整体的宏观稳增长目标更需要降准降息等一直引而不发的政策尽快落地，债券资产的胜率明显上升，我们将择机逐步提高组合久期，更加积极的通过久期策略增强组合收益。股票方面，我们认为在市场流动性充裕、管理层积极稳定市场的背景下，市场冲破前期低点的概率不大，但外部环境波诡云谲，市场波动必定风高浪急，我们的应对策略更强调选择行业长期逻辑能穿越经济周期，公司基本面稳定向好或持续平稳，公司治理优秀持续释放回报股东的善意公司。转债方面，我们将择机逐步加仓估值合理正股有弹性的平衡型转债，更加广泛的寻找可投转债优质标的。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:41.557Z","fund":{"_id":3000000016005,"__csrcFundId":11696,"stockCode":"016005","shortName":"红土创新添利债券(016005)","masterFundShortName":"红土创新添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16005,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:52:09.668Z","status":"normal","exchange":"jj","fundCollectionId":4000050970000,"name":"红土创新添利债券型证券投资基金","followedNum":1,"inceptionDate":"2022-09-20T16:00:00.000Z","setUpDate":"2022-09-20T16:00:00.000Z","setUpAssetScale":98160260.39,"setUpShares":98160260.39,"pinyin":"htcxtlzqxzqtzjj","managers":[{"stockCode":"db20037158","stockType":"fund_manager","exchange":"fm","tickerId":31810080070,"name":"陈若劲"}]},"announcement":{"linkText":"红土创新添利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=1272644","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1997fea5b3eb0520353","date":"2024-12-30T16:00:00.000Z","stockId":3000000016005,"sao":"报告期内，宏观经济外部压力加大，内生需求仍偏弱，制造业PMI全年有7个月运行在50%荣枯线以下，核心CPI从23年年末的0.6%下降至24年年末的0.3%，随着一揽子增量政策的出台，去年四季度至今，经济出现企稳回升的迹象，可持续性仍需观察。政策方面，扩张政策持续加码，12月政治局会议通稿中提及“更加积极的财政政策和适度宽松的货币政策” “充实完善政策工具箱，加强超常规逆周期调节”“要大力提振消费、提高投资效益，全方位扩大国内需求”等，市场对25年财政及货币政策力度的期待明显提升。　　报告期内，货币政策持续宽松，为股债两个市场均营造了充裕的流动性环境。债券方面，宽货币的现实与持续宽货币的预期始终同在，24年全年OMO政策利率降低30bp，年末中央政治局会议提及要实施“适度宽松的货币政策”，市场对25年宽货币预期提前抢跑。全年，10年国债收益率下行88bp至1.68%，1年国债下行100bp至1.08%。权益市场方面，前三季度表现较低迷，但四季度在一揽子政策出台的背景下，风险偏好显著好转，全年红利与新兴产业的投资机会并存，上证指数全年上涨12.7%。 　　报告期内，债券方面，我们在四季度阶段性提升了组合久期，大多时间以持有中短久期高等级信用债获取稳健票息收益为主要策略，股票方面，我们依然主要配置估值合理、对宏观经济敏感性弱、国家政策支持的公用事业行业标的以及部分港股标的，择机逐步增配了不同行业注重股东回报且估值合理的标的；转债方面，我们持续增配估值合理、性价比高的转债。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:41.554Z","mo":"展望未来，AI大模型的广泛运用，各领域新质生产力方兴未艾及一揽子政策持续发力见效有助于提升国内投资者信心，流动性环境仍有望保持充裕，我们认为投资者风险偏好有进一步企稳回升的基础。债券方面，我们在四季报中已提及当时债券市场预期已经大幅领先于货币政策实际行动，近期十年期国债收益率波动显著加大，目前绝对收益水平仍然偏低，性价比不显著为优；中长期看，2025年是大规模地方债置换隐债的第二年，在大规模化债背景下，央行货币政策宽松以降低政府债券融资成本是应有之义，且当前实际利率仍在较高位徘徊，即使考虑到CPI小幅回升的可能性，名义利率也还有下降的必要性，在化债推进过程中、内生经济动能回升之前，全年来看债市转熊的风险依然较小。目前债券收益率曲线仍较为平坦，我们将以持有短久期债券获取稳定票息为主要策略，择机参与长端利率债的波段交易。股票方面，我们认为宏观政策协同发力+DS提升市场信心后，尾部风险明显降低，我们将根据上市公司财报情况，审视组合持仓标的，谨慎乐观的参与权益市场的投资机会，整体组合配置会更趋于平衡。转债方面，整体估值较前期抬升较多，我们的配置思路仍然以债底保护为主，兼顾企业盈利改善之后或有的正股弹性，积极拓展可投优质转债标的的深度及广度，全方位多策略增强组合收益。","fund":{"_id":3000000016005,"__csrcFundId":11696,"stockCode":"016005","shortName":"红土创新添利债券(016005)","masterFundShortName":"红土创新添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16005,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:52:09.668Z","status":"normal","exchange":"jj","fundCollectionId":4000050970000,"name":"红土创新添利债券型证券投资基金","followedNum":1,"inceptionDate":"2022-09-20T16:00:00.000Z","setUpDate":"2022-09-20T16:00:00.000Z","setUpAssetScale":98160260.39,"setUpShares":98160260.39,"pinyin":"htcxtlzqxzqtzjj","managers":[{"stockCode":"db20037158","stockType":"fund_manager","exchange":"fm","tickerId":31810080070,"name":"陈若劲"}]},"announcement":{"linkText":"红土创新添利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=1255500","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1997fea5b3eb0520352","date":"2024-06-29T16:00:00.000Z","stockId":3000000016005,"sao":"报告期内，国内经济仍在处在蓄积回升力量的阶段，制造业PMI从去年年末的49%回升至今年6月末的49.5%。二季度以来，经济结构特征出现一定变化，4-6月PMI生产分项下降2.3pct至50.6%，新订单分项下降1.6pct至49.5%，前期生产端持续强于需求端的格局发生变化，或指向近期产能去化节奏加快，7月政治局会议也提到“要强化市场优胜劣汰机制，畅通落后低效产能退出渠道”，未来我们将密切关注落后产能出清节奏。地产方面，5月以来，房地产政策进一步优化，央行明确取消全国层面房贷利率下限、下调房贷首付比例和公积金贷款利率，推出保障性住房再贷款，核心一二线城市相继跟进，地产数据有所起色但仍在较低水位运行。政策方面，货币政策维持稳健宽松基调，银行间流动性持续稳定，财政政策总体积极但发行与使用进度偏缓。海外市场方面，二季度美国经济数据持续回落，7月美国制造业PMI与非农数据出现较大幅度的回踩引发了市场对全球经济硬着陆的担忧，同时日元加息加大了全球市场的波动。　　报告期内，一方面，政府债券发行节奏较缓、债券供需错位，另一方面，银行存款利率下行节奏较快，市场对政策利率下调的预期也始终存在，债券收益率曲线陡峭化下行。上半年10年国债收益率共下行35bp至2.21%，1年国债收益率下行55bp至1.53%。权益市场行情较为波折，上半年上证指数回落0.25%。　　报告期内，债券方面，我们仍以持有中短久期高等级信用债获取稳健票息收益为主要策略；股票方面，我们依然主要配置估值合理、对宏观经济敏感性弱、国家政策支持的公用事业行业标的，以及长逻辑符合人口老龄化的医药优质标的，并增配了部分安全边际较高的港股标的；转债方面，我们以配置估值合理、性价比高的转债为主要策略，适当增配了部分信用资质较好的具备债底保护的转债。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:41.543Z","mo":"展望未来，宏观政策保持积极、流动性合理充裕、高质量发展定力仍在，投资者信心及风险偏好仍有进一步企稳回升的基础。债券方面，在经济结构的加快转型、房地产供求关系的重大变化的背景下，我们维持债券收益率向上波动的风险相对有限的观点，继续持有获取票息仍是不错的策略。股票方面，我们将继续依据上市公司的半年报情况，审视我们的组合持仓标的，谨慎乐观的参与权益市场的投资机会。转债方面，我们将以债底保护为主要考量，兼顾企业盈利改善之后或有的正股弹性，更加广泛的寻找可投转债优质标的。","fund":{"_id":3000000016005,"__csrcFundId":11696,"stockCode":"016005","shortName":"红土创新添利债券(016005)","masterFundShortName":"红土创新添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16005,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:52:09.668Z","status":"normal","exchange":"jj","fundCollectionId":4000050970000,"name":"红土创新添利债券型证券投资基金","followedNum":1,"inceptionDate":"2022-09-20T16:00:00.000Z","setUpDate":"2022-09-20T16:00:00.000Z","setUpAssetScale":98160260.39,"setUpShares":98160260.39,"pinyin":"htcxtlzqxzqtzjj","managers":[{"stockCode":"db20037158","stockType":"fund_manager","exchange":"fm","tickerId":31810080070,"name":"陈若劲"}]},"announcement":{"linkText":"红土创新添利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=1150043","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1997fea5b3eb0520351","date":"2024-03-30T16:00:00.000Z","stockId":3000000016005,"sao":"报告期内，国内经济平稳运行，制造业PMI从去年12月的49%回升至3月的50.8%，其中外需贡献较为显著，新出口订单PMI分项从45.8%上升至51.3%，1-3月我国出口金额累计同比+1.5%，相比去年末的-4.7%显著上升，出口成为一季度经济的亮点之一。地产方面，1-3月地产销售仍未见明显起色。政策端，一季度两会政策落地，财政扩张仍在加强，今年预计增发1万亿超长期特别国债用于国家重大战略实施和重点领域安全能力建设；货币政策维持稳健宽松基调，1月降准50bp，2月调降5年期LPR25bp。海外市场方面，美国经济和通胀数据有所回弹，美联储年内降息节奏不确定性增加。　　报告期内，一方面，政府债券发行较缓、债券配置盘配置需求较大，债券供需错位，另一方面，市场对货币政策的宽松预期仍在，一季度债券收益率较快下行，10年国债收益率下行26bp至2.29%，1年国债收益率下行36bp至1.72%。权益市场信心逐步恢复，一季度上证指数回升2.23%。 　　债券方面，我们以持有1年以内的AAA国企信用债为主要策略，力争获取稳健的票息收益；股票方面，我们仍坚持长期投资价值投资，主要配置估值合理、对宏观经济敏感性弱、国家政策支持的公用事业和医药行业标的。转债方面，我们以配置估值合理、性价比高的转债为主要策略。　　展望未来，宏观政策保持积极、流动性合理充裕、高质量发展定力仍在，投资者信心及风险偏好仍有进一步企稳回升的基础。债券市场方面，中长期来看，在房地产市场供求关系发生重大变化、地方政府债务无序扩张时代结束、经济转型升级寻找新动能的新形势下，债券收益率向上波动的空间有限，继续以持有获取票息仍是不错的策略；短期来看，二季度随着地方债供给的放量和超长期特别国债的发行，供需失衡的现象或将一定程度缓解，债券收益率可能有一定回调的压力，我们将密切跟踪债券收益率的变化，适时调整久期策略。权益市场方面，我们将根据上市公司的年报和一季报情况，审视我们的组合持仓标的，并更广泛的寻找经营稳健、公司治理结构良好、注重投资者回报的估值合理的优质标的。转债方面，我们将沿着债底保护和企业盈利改善之后的正股弹性筛选更多的可投转债标的。未来我们将持续关注宏观和行业高频数据的变化，谨慎乐观的参与权益市场的投资机会。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:41.540Z","fund":{"_id":3000000016005,"__csrcFundId":11696,"stockCode":"016005","shortName":"红土创新添利债券(016005)","masterFundShortName":"红土创新添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16005,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:52:09.668Z","status":"normal","exchange":"jj","fundCollectionId":4000050970000,"name":"红土创新添利债券型证券投资基金","followedNum":1,"inceptionDate":"2022-09-20T16:00:00.000Z","setUpDate":"2022-09-20T16:00:00.000Z","setUpAssetScale":98160260.39,"setUpShares":98160260.39,"pinyin":"htcxtlzqxzqtzjj","managers":[{"stockCode":"db20037158","stockType":"fund_manager","exchange":"fm","tickerId":31810080070,"name":"陈若劲"}]},"announcement":{"linkText":"红土创新添利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=1072753","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1997fea5b3eb0520350","date":"2023-12-30T16:00:00.000Z","stockId":3000000016005,"sao":"报告期内，经历了一季度的经济脉冲式修复后，全年国内宏观经济呈现弱复苏态势。一季度，国内经济先经历了疫后的快速修复，二季度随着经济脉冲动能释放，经济有所放缓，三季度开始，稳增长政策逐步发力，经济小幅企稳好转，四季度新一轮化债约束地方政府支出、海外制造业有所回踩，经济再度逐月放缓。地产销售投资全年低位徘徊。政策方面，从6月末央行降息开始，国内扩张政策明显增多，地产政策持续优化、活跃资本市场、一揽子化债、国债增发等一系列政策相继落地，中央财政加码的信号更加明晰。海外市场方面，前三季度美国经济和通胀维持韧性，美联储表态鹰派；四季度开始，美国通胀压力有所缓解，在此背景下，美联储在12月议息会议释放了加息结束的信号，海外流动性环境边际缓和。　　报告期内，随着经济修复力度偏弱，政策利率不断下调，债券收益率平坦化下行，10年国债收益率共下行28bp至2.55%；资金面宽松程度相对有限，1年国债收益率下行幅度较小，全年下行2bp至2.08%。受经济复苏动能转弱的影响，股票市场表现相对疲软，全年万得全A指数下跌5.2%。 　　债券方面，我们以持有短久期利率债和高等级信用债获取稳健票息收益为主要策略；股票方面，我们仍主要配置估值合理、对宏观经济敏感性弱、国家政策支持的公用事业行业标的，适当增配了部分医药和消费行业优质标的。转债方面，我们长期配置部分估值合理、性价比高的转债。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:41.537Z","mo":"展望未来，宏观政策更为积极、流动性保持合理充裕、高质量发展定力仍在，投资者信心及风险偏好有进一步企稳回升的基础。债券市场方面，在房地产市场供求关系发生重大变化、地方政府债务无序扩张时代结束、经济转型升级寻找新动能的新形势下，继续以持有高评级信用债以获取稳健票息仍是基础策略，适时考虑久期的增减。权益市场方面，我们将审视更多的行业，主要选择那些行业基本面稳健，自身估值合理，治理结构完善，注重股东回报的标的。未来我们将持续关注宏观和行业高频数据的变化，谨慎乐观的参与权益市场的投资机会。","fund":{"_id":3000000016005,"__csrcFundId":11696,"stockCode":"016005","shortName":"红土创新添利债券(016005)","masterFundShortName":"红土创新添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16005,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:52:09.668Z","status":"normal","exchange":"jj","fundCollectionId":4000050970000,"name":"红土创新添利债券型证券投资基金","followedNum":1,"inceptionDate":"2022-09-20T16:00:00.000Z","setUpDate":"2022-09-20T16:00:00.000Z","setUpAssetScale":98160260.39,"setUpShares":98160260.39,"pinyin":"htcxtlzqxzqtzjj","managers":[{"stockCode":"db20037158","stockType":"fund_manager","exchange":"fm","tickerId":31810080070,"name":"陈若劲"}]},"announcement":{"linkText":"红土创新添利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=1056328","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1997fea5b3eb052034f","date":"2023-09-29T16:00:00.000Z","stockId":3000000016005,"sao":"报告期内，国内经济呈现弱复苏态势，房地产和消费行业表现较差，成为拖累经济的主要因素，但经济存在一定的内生韧性，高端制造业在政策鼓励下体现出较强竞争力，经济结构的转型继续推进。大宗商品方面，以原油为代表的上游资源品价格重新上行，海外市场通胀压力仍然较大。　　报告期内，受困于汇率压力，债券收益率整体有所上行。 10年期国债收益率上行4bp左右，1年期国债收益率上行30bp左右，债市陷入调整。 　　报告期内，债券市场方面，我们以持有1年以内的短久期高等级信用债为主，力争获取稳健的票息收益，适当增配了部分短久期利率债。股票市场方面，我们较多的配置了估值合理、分红较优、基本面长期稳健的国企标的，适当增配了部分受益于技术进步的医药行业。转债市场方面，我们少量持有部分估值合理正股确定性高的转债。　　展望后市，我们认为国内经济企稳复苏的概率较大，政策态度积极友好，流动性仍然保持充裕，投资者对经济的信心和风险偏好有望慢慢回升。债券市场方面，我们认为短期面临经济复苏和政策发力的压力，但在房地产供需关系出现巨大变化的背景下，利率调整的空间相对有限，持有获取票息仍是不错的投资策略。权益市场方面，随着宏观经济的企稳回升，部分行业的盈利将率先改善，支持权益市场发展的政策密切出台，整体来看，权益性价比处于较优区间，我们将更加积极的参与权益市场的运作，同时择机参与一级市场的新股投资。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:41.534Z","fund":{"_id":3000000016005,"__csrcFundId":11696,"stockCode":"016005","shortName":"红土创新添利债券(016005)","masterFundShortName":"红土创新添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16005,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:52:09.668Z","status":"normal","exchange":"jj","fundCollectionId":4000050970000,"name":"红土创新添利债券型证券投资基金","followedNum":1,"inceptionDate":"2022-09-20T16:00:00.000Z","setUpDate":"2022-09-20T16:00:00.000Z","setUpAssetScale":98160260.39,"setUpShares":98160260.39,"pinyin":"htcxtlzqxzqtzjj","managers":[{"stockCode":"db20037158","stockType":"fund_manager","exchange":"fm","tickerId":31810080070,"name":"陈若劲"}]},"announcement":{"linkText":"红土创新添利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=988790","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1997fea5b3eb052034e","date":"2023-06-29T16:00:00.000Z","stockId":3000000016005,"sao":"报告期内，国内经济呈现弱复苏态势，以消费为代表的强宏观行业在一季度出现了部分的回补，二季度有所回落，房地产相关行业表现较差，成为拖累经济的主要因素。但经济存在一定的内生韧性，高端制造业发展在政策鼓励下体现出较强竞争力，经济结构的转型继续推进。大宗商品方面，以原油为代表的上游资源品价格均有所回调，有利于缓解制造业企业的成本压力。海外市场方面，美国通胀数据存在一定韧性，市场预期较为反复。　　报告期内，在流动性宽松的背景下，债券收益率整体均有所下行。 10年期国债收益率下行20bp左右，1年期国债收益率下行22bp左右，债市全面走牛。 　　报告期内，债券市场方面，我们以持有1年以内的中短久期高等级信用债为主，力争获取稳健的票息收益。股票市场方面，我们较多的配置了估值合理、分红较优、基本面长期稳健的国企标的，适当配置了部分受益于经济和场景复苏的医药和消费行业，逐渐提高了权益仓位。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:41.531Z","mo":"展望后市，我们认为国内经济企稳复苏的概率较大，政策态度积极友好，流动性仍然保持充裕，投资者对经济的信心和风险偏好都有望企稳回升。债券市场方面，我们认为短期面临经济复苏的压力，但在房地产大周期拐点向下的背景下，利率调整的空间相对有限，持有获取票息仍是不错的投资策略。权益市场方面，随着宏观经济的企稳回升，整体盈利将有明显改善，整体来看，权益性价比处于较优区间，我们将更加积极的参与权益市场的运作。","fund":{"_id":3000000016005,"__csrcFundId":11696,"stockCode":"016005","shortName":"红土创新添利债券(016005)","masterFundShortName":"红土创新添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16005,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:52:09.668Z","status":"normal","exchange":"jj","fundCollectionId":4000050970000,"name":"红土创新添利债券型证券投资基金","followedNum":1,"inceptionDate":"2022-09-20T16:00:00.000Z","setUpDate":"2022-09-20T16:00:00.000Z","setUpAssetScale":98160260.39,"setUpShares":98160260.39,"pinyin":"htcxtlzqxzqtzjj","managers":[{"stockCode":"db20037158","stockType":"fund_manager","exchange":"fm","tickerId":31810080070,"name":"陈若劲"}]},"announcement":{"linkText":"红土创新添利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=965777","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1997fea5b3eb052034d","date":"2023-03-30T16:00:00.000Z","stockId":3000000016005,"sao":"报告期内，国内经济呈现企稳回升态势，金融数据总量和结构均明显改善，经济数据缓慢爬升。大宗商品方面，以原油为代表的上游资源品价格均有所回调，有利于缓解制造业企业的成本压力。海外市场方面，随着美国通胀缓慢降低，市场开始预期美联储进入加息尾声。　　报告期内，在流动性宽松的背景下，债券收益率整体均有所下行。 10年期国债收益率下行2bp左右，1年期国债收益率下行13bp左右，曲线呈现出一定的牛陡特征。 　　报告期内，债券市场方面，我们以持有1年以内的中短久期高等级信用债为主，力争获取稳健的票息收益。股票市场方面，我们较多的配置了估值合理、分红较优、基本面长期稳健的国企标的，适当配置了部分受益于经济和场景复苏的医药和消费行业。　　展望后市，我们认为国内经济企稳复苏的概率较大，政策态度积极友好，流动性仍然保持充裕，投资者对经济的信心和风险偏好都有望企稳回升。债券市场方面，我们认为短期面临经济复苏的压力，但在房地产大周期拐点向下的背景下，利率调整的空间相对有限，持有获取票息仍是不错的投资策略。权益市场方面，随着宏观经济的企稳回升，整体盈利将有明显改善，整体来看，权益性价比处于较优区间，我们将更加积极的参与权益市场的运作。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:41.529Z","fund":{"_id":3000000016005,"__csrcFundId":11696,"stockCode":"016005","shortName":"红土创新添利债券(016005)","masterFundShortName":"红土创新添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16005,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:52:09.668Z","status":"normal","exchange":"jj","fundCollectionId":4000050970000,"name":"红土创新添利债券型证券投资基金","followedNum":1,"inceptionDate":"2022-09-20T16:00:00.000Z","setUpDate":"2022-09-20T16:00:00.000Z","setUpAssetScale":98160260.39,"setUpShares":98160260.39,"pinyin":"htcxtlzqxzqtzjj","managers":[{"stockCode":"db20037158","stockType":"fund_manager","exchange":"fm","tickerId":31810080070,"name":"陈若劲"}]},"announcement":{"linkText":"红土创新添利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=881807","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1997fea5b3eb052034c","date":"2022-12-30T16:00:00.000Z","stockId":3000000016005,"sao":"报告期内，国内经济在众多不利因素的影响下逐渐探底企稳，消费和房地产成为经济的主要拖累项，政府出台了较多有利于拉动经济的政策，政策效果将在未来逐渐显现。大宗商品方面，以原油为代表的上游资源品在俄乌冲突的影响下出现了较为剧烈的上涨，下半年价格有所回落。海外央行纷纷开启了货币正常化的步伐，海外债券收益率均出现了较大幅度的上行，海外流动性状况明显收紧。　　　报告期内，央行全年均维持了较为宽松的货币政策，利率呈现出底部震荡的走势。在流动性宽松和投资者风险偏好较低的情况下， 1年期国债收益率下行14bp左右，10年期国债收益率上行6bp左右。在投资者对经济来年预期转好的背景下，四季度债券市场收益率出现了较为明显的上行。 　　　报告期内，债券市场方面，我们以持有3个月左右的短久期AAA信用债为主，以获取稳健的票息收益。权益市场方面，我们持谨慎的态度，少量择机参与。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:41.526Z","mo":"展望后市，我们认为国内经济企稳复苏的概率较大，政策态度积极友好，流动性仍然保持充裕，投资者对经济的信心和风险偏好都有望企稳回升。债券市场方面，我们认为短期面临经济和通胀的压力，但在房地产大周期拐点向下的背景下，利率调整的空间相对有限，持有获取票息仍是不错的投资策略，我们将适当拉长久期，增持部分1年期左右的AAA信用债。权益市场方面，随着防控政策的改变，前两年基本面估值双杀的行业将更加具备反转弹性，大部分行业将受益于宏观经济的整体修复盈利也将有所改善，整体来看，权益性价比处于较优区间，我们将在积累安全垫的同时，择机积极参与。","fund":{"_id":3000000016005,"__csrcFundId":11696,"stockCode":"016005","shortName":"红土创新添利债券(016005)","masterFundShortName":"红土创新添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16005,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:52:09.668Z","status":"normal","exchange":"jj","fundCollectionId":4000050970000,"name":"红土创新添利债券型证券投资基金","followedNum":1,"inceptionDate":"2022-09-20T16:00:00.000Z","setUpDate":"2022-09-20T16:00:00.000Z","setUpAssetScale":98160260.39,"setUpShares":98160260.39,"pinyin":"htcxtlzqxzqtzjj","managers":[{"stockCode":"db20037158","stockType":"fund_manager","exchange":"fm","tickerId":31810080070,"name":"陈若劲"}]},"announcement":{"linkText":"红土创新添利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=873444","linkType":"PDF","source":"csrc_pdf"}}]}