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年上半年，本基金主要以短久期利率债为底层配置资产，阶段性交易长久期国债。转债市场方面，本基金降低了可转债仓位。展望下半年，当前利率已经处于较低水平，短期市场从赔率看空间有限。但是总体看，基本面仍然偏弱，市场资金缺乏合意收益率的资产，资金面较为稳定，利率也很难很快大幅上行。随着央行借入操作以及适度缩窄利率走廊等，货币政策新框架有所演进。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:33.460Z","mo":"展望后市，债券市场收益率波动可能有所增加，配置上把握久期策略，同时积极把握波段性的交易机会。在上半年偏弱的市场环境下，转债估值整体有所压缩，加上信用风险事件的催化，评级下调较多，性价比和吸引力相比此前有所改善。在总体供给收缩之下，供需环境整体尚可。后续密切关注权益市场和风险偏好变化，以方向为主，以总体仓位为辅，进行灵活操作。","fund":{"_id":3000000016412,"__csrcFundId":11629,"stockCode":"016412","shortName":"兴合安平六个月持有期债券A","masterFundShortName":"兴合安平六个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16412,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:38.279Z","status":"normal","exchange":"jj","fundCollectionId":4000052010000,"name":"兴合安平六个月持有期债券型证券投资基金","followedNum":0,"inceptionDate":"2022-09-06T16:00:00.000Z","setUpDate":"2022-09-06T16:00:00.000Z","setUpAssetScale":547725539.44,"setUpShares":547725539.44,"pinyin":"xhaplgycyqzqxzqtzjj","managers":[{"stockCode":"j101019940","stockType":"fund_manager","exchange":"fm","tickerId":172406244120,"name":"祁晓菲"}]},"announcement":{"linkText":"兴合安平六个月持有期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=1141122","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1cd7fea5b3eb052398f","date":"2024-03-30T16:00:00.000Z","stockId":3000000016412,"sao":"2024年1月，受降准、降息预期影响，债市收益率快速下行，尤其在1月24日降准后，收益率进一步下行，整体上利率曲线牛平。进入2月份，伴随权益市场受政策支持，股票市场反弹，债市收益率略有回调，后续在LPR超预期调降25BP刺激下，10年期国债收益率进一步向下突破2.3%，期间利率曲线向下平移。3月份，在央行地量公开市场操作及国债供给超预期影响下，债市出现较大幅度的回调，10年期国债收益率再次接近2.35%，不过，货币政策宽松预期仍在，基本面数据表现仍然偏弱，债市收益率随后重新回落。股票市场在1月单边大跌，可转债市场跟随下跌，2月份在政策支持下，股票及转债开始反弹，投资者情绪明显回暖。进入到月底，股票市场上行动力不足，市场开始回调。一季度本基金债券主要以短久期利率债为底层配置资产，适当配置长久期国债。3月底，本基金择机降低了可转债仓位。展望2024年二季度，预计货币政策及宏观层面对债券市场投资较有利，不过债券供给将对市场产生扰动，基金将择机调整债券久期。可转债市场上涨短期乏力，待可转债调整至更为有利的估值水平，本基金将加大转债投资力度，力争为投资者实现好的回报。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:33.457Z","fund":{"_id":3000000016412,"__csrcFundId":11629,"stockCode":"016412","shortName":"兴合安平六个月持有期债券A","masterFundShortName":"兴合安平六个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16412,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:38.279Z","status":"normal","exchange":"jj","fundCollectionId":4000052010000,"name":"兴合安平六个月持有期债券型证券投资基金","followedNum":0,"inceptionDate":"2022-09-06T16:00:00.000Z","setUpDate":"2022-09-06T16:00:00.000Z","setUpAssetScale":547725539.44,"setUpShares":547725539.44,"pinyin":"xhaplgycyqzqxzqtzjj","managers":[{"stockCode":"j101019940","stockType":"fund_manager","exchange":"fm","tickerId":172406244120,"name":"祁晓菲"}]},"announcement":{"linkText":"兴合安平六个月持有期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=1070901","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1cd7fea5b3eb052398e","date":"2023-12-30T16:00:00.000Z","stockId":3000000016412,"sao":"2023年年初，资本市场对疫后经济的恢复预期呈现高度一致，市场普遍认为2023年股票市场将延续2022年底走势，而对债券市场保持相对谨慎。分阶段看，年初1-2月，债券市场以震荡为主，这一阶段经济数据和信贷数据强劲改善，但复苏预期并未进一步强化。 进入3月份，经济基本面和货币政策对债市先后出现利好，央行3月和9月降准、6月和8月超预期降息，债市收益率基本单边下行，10Y期国债收益率最低下行至2.54%，国债收益率曲线呈“牛陡”状。进入9月份，在汇率承压和资金空转因素驱动下，叠加政策开启稳增长，债券供给也开始增加，债市迎来阶段性调整，市场进入“熊平”阶段。11月份开始，宏观通胀数据低于预期，银行下调存款利率成为触发市场转好的重要催化剂，资金面也转松，债市收益率再度进入下行通道。全年看，国债1年期收益率较2022年末上行11bp，但其他期限收益率均下行，5-10年期下行23～27bp，3年期下行11bp。2023年股票市场在上半年短暂反弹后进一步走熊，跌幅相比2022年全年收窄。全年看，2023年万得全A指数在5月之前在疫情退潮，经济修复强预期主导持续反弹。5月公布的金融和物价数据的接连低于预期，强预期的反弹和弱现实局面下，股票市场开始下行。6月以来政府陆续出台了一系列托底经济的政策，市场出现反弹。进入8月后，经济数据现实再度走弱，中美货币政策周期差异，导致中美债券利差倒挂加深，人民币汇率持续承压，北向资金加速流出，股票市场于8月、10月和12月三度探底，WIND全A全年下跌5.19%。转债市场从指数走势上看，转债跟随正股先后呈现较强反弹、震荡走弱、二次反弹、横盘震荡、快速下行、触底企稳的形态。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:33.454Z","mo":"2023年中国宏观杠杆率大幅攀升，其中居民部门和企业部门同比增长6.9%和9.1%，整体宏观杠杆率全年上升13.5个百分点，从2022年末的274.3%上升至287.8%。居民部门收入增速放缓和债务杠杆偏高，将制约居民的购房和消费能力。中国经济或仍面临产能过剩的压力，国内工业品价格可能延续下滑，从而导致融资需求偏弱，通胀低位，债券投资环境偏友好。同时，美国利率下降和美元走弱，国内货币政策制约因素也会缓解。在工业品价格走弱、资产荒延续、货币政策进一步放松等因素的推动下，预计2024年国内债券利率仍有下行空间，全年10年国债收益率或将围绕政策利率MLF上/下20bp波动。投资运作方面，本基金在2024年度以利率债为主要投资品种，择机交易利率债。可转债层面，本基金将加大转债市场配置力度，积极布局2024年的机会，希望在2024年抓住转债估值优势及政策环境改善带来的机会，给投资人做出业绩。","fund":{"_id":3000000016412,"__csrcFundId":11629,"stockCode":"016412","shortName":"兴合安平六个月持有期债券A","masterFundShortName":"兴合安平六个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16412,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:38.279Z","status":"normal","exchange":"jj","fundCollectionId":4000052010000,"name":"兴合安平六个月持有期债券型证券投资基金","followedNum":0,"inceptionDate":"2022-09-06T16:00:00.000Z","setUpDate":"2022-09-06T16:00:00.000Z","setUpAssetScale":547725539.44,"setUpShares":547725539.44,"pinyin":"xhaplgycyqzqxzqtzjj","managers":[{"stockCode":"j101019940","stockType":"fund_manager","exchange":"fm","tickerId":172406244120,"name":"祁晓菲"}]},"announcement":{"linkText":"兴合安平六个月持有期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=1058317","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1cd7fea5b3eb052398d","date":"2023-09-29T16:00:00.000Z","stockId":3000000016412,"sao":"三季度债券市场先扬后抑，10年期国债在2.54%到2.67%区间低位窄幅震荡。7月下旬政治局会议提到“加强逆周期调节和政策储备”，债券市场大跌，10年期国债25日大幅上行7BP。8月公布的金融数据明显偏弱，社融增速再创新低，叠加7月经济数据再次全线走弱，在央行二度降息后，点燃债市做多热情，10年期国债一度下行至2.54%。8月中旬资金利率开始边际收紧，且政策呵护资本市场意图明显上升，住房信贷政策和住房贷款利率也做出放松调整，债券市场情绪再度受到压制，加上PMI、金融数据和经济数据陆续好转，债券市场开始回调。三季度以来，主要股票指数震荡下跌，市场仅有的反弹来自7月末和8月末的政策利好，整个三季度中证可转债指数下跌0.52%，相对股票指数较为抗跌，转股溢价率整体抬升，后续受正股回暖以及债券市场收益率上升影响，转股溢价率有所回落。展望后市，宏观经济低位企稳，股票市场经过调整后，估值优势更为明显，市场情绪也处在底部区域。目前转债估值处于性价比较为合适的位置，转债供给则受到再融资相关政策影响而有所减缓。三季度本基金主要以利率债为底仓，赚取票息收益为主，辅之以波段交易。目前，权益资产和转债资产估值处在相对低位，经济边际好转，本基金将积极参与可转债资产投资。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:33.452Z","fund":{"_id":3000000016412,"__csrcFundId":11629,"stockCode":"016412","shortName":"兴合安平六个月持有期债券A","masterFundShortName":"兴合安平六个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16412,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:38.279Z","status":"normal","exchange":"jj","fundCollectionId":4000052010000,"name":"兴合安平六个月持有期债券型证券投资基金","followedNum":0,"inceptionDate":"2022-09-06T16:00:00.000Z","setUpDate":"2022-09-06T16:00:00.000Z","setUpAssetScale":547725539.44,"setUpShares":547725539.44,"pinyin":"xhaplgycyqzqxzqtzjj","managers":[{"stockCode":"j101019940","stockType":"fund_manager","exchange":"fm","tickerId":172406244120,"name":"祁晓菲"}]},"announcement":{"linkText":"兴合安平六个月持有期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=988801","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1cd7fea5b3eb052398c","date":"2023-06-29T16:00:00.000Z","stockId":3000000016412,"sao":"2023年上半年，疫情逐步淡出经济主线，宏观经济开始复苏，但复苏步伐略显乏力。具体来看，上半年国内需求收缩、供给冲击、预期转弱三重压力得到一定缓解，经济呈现“先上后下”的特征。债券市场则围绕疫后复苏、经济基本面和政策预期，大致经历四个阶段。年初到春节期间，受到防疫政策放开和地产放松政策影响，市场形成经济复苏一致预期，叠加债券类理财产品赎回冲击，10年国债收益率快速上行，从年初2.82%上行至2.93%。春节过后到3月初，一方面市场对经济复苏有所预期，另一方面，居民端购房贷款持续低迷，多空交织下，债券市场横盘窄幅震荡整理。3月初开始到6月中旬，经济增长数据和通胀数据均显示经济开始走弱，复苏力度不及市场预期，宏观经济政策基调以稳为主，此外，银行开始下调存款利率，这一期间，债券市场收益率缓步下行，幅度达到21bp。随后，在经济复苏力度疲弱，债券市场围绕降息和稳增长交易，央行降息利好兑现后，市场出现止盈压力。不过，后续的财政及信用扩张刺激力度有限，市场情绪有所恢复。2023年上半年，国内宏观经济的复苏过程一波三折，经济在出现反弹后，消费和地产回落相对较快，消费者信心有所不足，出口增速也有所回落。受此影响，年初以来，权益市场主要围绕TMT和中特估两条主线展开交易。随着1季度经济数据逐步落地，及政策稳增长力度有限，投资者乐观情绪逐步消退，市场逐步回归理性，主要股票指数开始震荡下跌，可转债市场跟随权益市场波动。2023年上半年，本基金主要以中短期信用类债券和利率债为底仓，赚取票息收益，辅之以波段交易。同时，考虑到经济复苏背景之下，企业盈利逐步恢复，权益市场整体估值水平处在历史较低水平，本基金积极配置可转债资产，力争为投资者做出业绩。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:33.449Z","mo":"2023年下半年，债券市场预计将围绕经济基本面和稳增长政策展开交易。后续宏观经济方面，整体失业率处在较高位置，居民消费信心不足，居民部门的高杠杠仍会制约其购房支出能力，在房地产销售未企稳之前，宏观经济仍有走弱的压力。5%的GDP经济增长目标之下，预计出台强刺激政策概率较低，资产荒的配置需求压力仍有望支撑债市走强。从股票市场角度看，股票市场估值处在较低位置，伴随权益市场的进一步下跌，估值压力得到释放，股票市场价格对经济悲观预期进行了较为充分定价。展望未来，权益及转债市场下半年可能具备一定投资机会。","fund":{"_id":3000000016412,"__csrcFundId":11629,"stockCode":"016412","shortName":"兴合安平六个月持有期债券A","masterFundShortName":"兴合安平六个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16412,"currency":"CNY","masterFu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