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9月央行下调了公开市场利率，后续也会下调存量住房贷款利率。债市仍然具备较好的投资价值。宏观政策短期内能有效提振信心，但见效仍要时间，权益市场也会在疯狂后恢复理性。权益市场波动率的大幅提升，对于转债市场整体的期权价值有显著的提升作用。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:34.380Z","fund":{"_id":3000000016419,"__csrcFundId":12178,"stockCode":"016419","shortName":"国泰安璟债券(016419)","masterFundShortName":"国泰安璟债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16419,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:14.810Z","status":"normal","exchange":"jj","fundCollectionId":4000050010000,"name":"国泰安璟债券型证券投资基金","inceptionDate":"2023-01-16T16:00:00.000Z","setUpDate":"2023-01-16T16:00:00.000Z","setUpAssetScale":190963975.55,"setUpShares":190963975.55,"pinyin":"gtajzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰安璟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=1175152","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1ce7fea5b3eb0523a87","date":"2024-06-29T16:00:00.000Z","stockId":3000000016419,"sao":"年初以来债券市场利率水平全线下行，各个期限的国债收益率下行30-60个基点（BP)，基本呈现单边下行趋势，期间利率波动较小。央行上半年调降一次LPR，5年期LPR调降幅度为25BP，首次来到4%以下。上半年社融增速下行比较快，上半年社融存量规模同比增速仅为8.1%。同时M2增速降至六月的6.2%，M1增速降至-5%。社会信用扩张明显放缓，一定程度上助推了整体利率水平的下行。A股上半年财富效应很弱，截止6月末，仅有少数宽基指数上半年录得正收益。市场分化非常严重，大市值的国央企上涨明显，但其余多数均下跌。组合层面积极参与了各个期限债券的交易，通过利率债的波段交易来增厚组合收益。权益方面，组合坚持分散投资，主要投资于注重股东回报的各个行业的龙头白马。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:34.377Z","mo":"展望后市，展望后市，社会信用扩张还在放缓，地产销售仍然较为低迷，社会实际利率水平仍然处于较高水平，社会利率水平有望进一步下行。A股方面，大市值央企估值处于历史相对高位，关注下半年风格切换的机会。","fund":{"_id":3000000016419,"__csrcFundId":12178,"stockCode":"016419","shortName":"国泰安璟债券(016419)","masterFundShortName":"国泰安璟债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16419,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:14.810Z","status":"normal","exchange":"jj","fundCollectionId":4000050010000,"name":"国泰安璟债券型证券投资基金","inceptionDate":"2023-01-16T16:00:00.000Z","setUpDate":"2023-01-16T16:00:00.000Z","setUpAssetScale":190963975.55,"setUpShares":190963975.55,"pinyin":"gtajzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰安璟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=1147674","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1ce7fea5b3eb0523a86","date":"2024-03-30T16:00:00.000Z","stockId":3000000016419,"sao":"一季度，宏观经济仍旧是弱复苏的状态。新质生产力相关的行业势头较好，地产相关的相对偏弱。我国经济仍旧处于新老动能交替的过程中，受地产的拖累，经济复苏相对温和，新老动能的交替可能还需要一点时间。一季度我国多数利率都出现下行，包括存贷款利率、lpr、债券市场利率。银行间回购利率下行并不明显，mlf和公开市场政策利率保持不变。债市整体呈现牛平的特征，国外发达国家在经济增速换挡期也出现过广谱利率的下行和曲线的平坦化，我国新老动能交替过程中，也存在一定的经济增速换挡。前年以来，全球多数国家饱受通胀困扰，而我国通胀相对稳定，我国债券市场表现优于多数主要经济体。一季度债券市场利率整体呈现单边下行，期限利差和信用利差不断压缩。组合层面主要加仓了中长期利率债，通过适当拉长组合久期提升组合的收益弹性。一季度权益市场明显震荡，二月初微盘股有明显的流动性压力。二月中旬开始至三月股市出现修复行情。今年以来，红利资产收益于我国广谱利率下行，表现较好。但我们观察到部分所谓红利资产，缺乏长期股东回报计划或者行业存在巨大的周期性，股息并不具备很高的确定性。红利资产被二级市场重视是市场逐渐成熟的标志，所有的成长最终都是为了获取未来的现金流。有5000多家上市企业的A股，必然有大量成熟期的企业，用股息率水平衡量这些企业的价值具有很强的合理性。今年以来，黄金代表的贵金属以及原油相关的个股表现较好。美国抗通胀不力，通胀反复，降息进度也被市场不断猜疑，导致贵金属价格大幅上行。另外，今年以来巴以冲突还呈现扩大化的趋势，美国没能有效管控巴以冲突，导致原油价格大幅上行。一季度，权益市场先跌后涨，基本走平，市场没有明显的财富效应。组合层面主要自上而下挖掘一些估值相对合理并且注重股东回报的个股，主要集中在估值较低并且有一定分红的公用事业、公路等板块。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:34.374Z","fund":{"_id":3000000016419,"__csrcFundId":12178,"stockCode":"016419","shortName":"国泰安璟债券(016419)","masterFundShortName":"国泰安璟债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16419,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:14.810Z","status":"normal","exchange":"jj","fundCollectionId":4000050010000,"name":"国泰安璟债券型证券投资基金","inceptionDate":"2023-01-16T16:00:00.000Z","setUpDate":"2023-01-16T16:00:00.000Z","setUpAssetScale":190963975.55,"setUpShares":190963975.55,"pinyin":"gtajzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰安璟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=1071924","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1ce7fea5b3eb0523a85","date":"2023-12-30T16:00:00.000Z","stockId":3000000016419,"sao":"2023年，A股市场虽然经历了上半年的小幅反弹，但下半年大部分行业回落明显，全年表现仍然不佳，年末上证指数也再次跌破3000点。TMT行业在数字经济、人工智能等多种主题因素的催化下出现阶段性大涨，成为为数不多的亮点。最终上证指数下跌3.70%，深证成指下跌13.54%，创业板指下跌19.41%。从申万一级行业来看，通信、传媒、计算机等TMT行业逆市上涨，而美容护理、商贸零售、房地产、电力设备四个行业下跌幅度超过26%。从风格来看，红利指数、国证2000表现最好，创业板指、中小100等成长性行业指数表现最差。今年A股市场主要围绕以下几条主线：一是经济复苏景气度的反复。一季度经济数据逐步走强，整个顺周期产业有所表现，但四、五月以后数据逐步走弱，尤其是房地产投资、销售数据持续较弱，房地产产业链相关公司和部分消费股，包括商贸零售、食品饮料等行业全年表现较差。二是人工智能等技术革命，人工智能主题行情在二季度进一步爆发，从通信行业的光模块，到传媒行业的AIGC应用，到计算机行业的AI芯片等，都有非常不错的表现，但下半年这些行业也出现较大幅度回撤。三是高股息或稳定类行业的表现，上半年国有大型银行、石油石化、电信等股票表现较好，下半年煤炭、纺织服装、高速公路等高股息或稳定类行业超额收益明显。同时，电力设备和新能源行业作为前几年的明星行业，需求放缓，产能出现过剩，成为基金重仓里表现最差的行业。本基金以绝对收益策略为主，在股票方面配置相对比较均衡，虽然也阶段性配置了部分表现较好的TMT行业以及高股息公司，但总体还是受到新能源行业以及其它成长股的拖累，总体业绩表现不佳。债券方面，本基金主要以高等级信用债票息策略为主。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:34.372Z","mo":"展望2024年，我们对国内经济和资本市场表现相对乐观。宏观经济方面，库存周期的回升和稳增长政策的再加码，以及地产“三大工程”的落地，将使得国内经济企稳改善。美国经济高位下行难以避免，2024年将进入降息周期，人民币汇率将保持稳定偏强。同时A股大部分行业经过过去两年的调整，行业供需关系上都得到了较大程度的改善。大部分行业估值水平也回到了历史相对较低位置。站在目前上证指数3000点以下的位置，我们认为A股市场有望出现震荡回升的走势。我们看好的方向包括以下几个方面：消费电子行业和AI硬件的创新周期，半导体行业去库存完成及国产化替代；人工智能在各行业应用带来的行业经营模式变革；医药行业中的创新药周期以及创新疫苗、耗材等；同时我们也继续看好煤炭、石化、大银行、高速公路等高股息板块表现。","fund":{"_id":3000000016419,"__csrcFundId":12178,"stockCode":"016419","shortName":"国泰安璟债券(016419)","masterFundShortName":"国泰安璟债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16419,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:14.810Z","status":"normal","exchange":"jj","fundCollectionId":4000050010000,"name":"国泰安璟债券型证券投资基金","inceptionDate":"2023-01-16T16:00:00.000Z","setUpDate":"2023-01-16T16:00:00.000Z","setUpAssetScale":190963975.55,"setUpShares":190963975.55,"pinyin":"gtajzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰安璟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=1054434","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1ce7fea5b3eb0523a84","date":"2023-09-29T16:00:00.000Z","stockId":3000000016419,"sao":"今年三季度，市场总体处于弱势调整过程中。低估值、高股息行业表现较好，电力设备、TMT行业调整幅度较大。最终上证指数下跌2.86%，深证成指下跌8.32%，创业板指下跌9.53%。从申万一级行业来看，非银、煤炭、石油石化行业表现较好，逆市上涨，而电力设备、通信、传媒及计算机行业下跌幅度超过10%。下半年经济数据走弱得到进一步验证，而美国经济表现强劲，10年美债收益率创出本轮上行新高，美元指数亦持续上行，人民币面临较大贬值压力，外资持续流出，资本市场上北向资金三季度净卖出约800亿元。7月24日政治局会议提出“要活跃资本市场，提振投资者信心”，8月27日监管层调降印花税、收紧IPO和再融资、规范减持、降低融资保证金比例“四箭齐发”，这些政策一度显著提振投资者情绪，但对市场风险偏好改善总体有限。三季度新能源电池、光伏板块在对供给过剩的担忧下出现一波快速调整，TMT行业下跌较多主要是AI相关股票在二季度大幅上涨后出现的一波回调。本基金以绝对收益策略为主，在股票方面，三季度适当降低了仓位，调低了部分成长行业股票的配置，增加了高股息品种配置比例，提高了组合的防御性。债券方面，本基金主要以高等级信用债票息策略为主。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:34.369Z","fund":{"_id":3000000016419,"__csrcFundId":12178,"stockCode":"016419","shortName":"国泰安璟债券(016419)","masterFundShortName":"国泰安璟债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16419,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:14.810Z","status":"normal","exchange":"jj","fundCollectionId":4000050010000,"name":"国泰安璟债券型证券投资基金","inceptionDate":"2023-01-16T16:00:00.000Z","setUpDate":"2023-01-16T16:00:00.000Z","setUpAssetScale":190963975.55,"setUpShares":190963975.55,"pinyin":"gtajzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰安璟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=989715","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1ce7fea5b3eb0523a83","date":"2023-06-29T16:00:00.000Z","stockId":3000000016419,"sao":"今年上半年，市场总体处于震荡调整过程中，各行业表现分化严重。TMT行业在数字经济、人工智能等多种主题因素的催化下，持续大涨，而地产产业链、消费类行业走势较弱。最终上证指数上涨3.65%，深证成指上涨0.1%，创业板指下跌5.61%。从申万一级行业来看，通信、传媒、计算机行业出现较大幅度上涨，而商贸零售、房地产、美容护理等行业出现较大幅度下跌。上半年A股市场主要围绕三条主线，一是经济复苏景气度的反复，二是人工智能等技术革命，三是银行、石化等大盘权重股重估。三月经济数据走强，整个顺周期产业有所表现，但随后四、五月的数据证实之前只是累计需求的集中释放，尤其是房地产投资、销售数据持续较弱，房地产产业链相关公司和部分消费股，包括商贸零售、食品饮料等行业逐步回落。人工智能板块行情在二季度进一步爆发，从通信行业的光模块，到传媒行业的AIGC应用，到计算机行业的AI芯片，再到和AI相关的人形机器人等行业，都有非常不错的表现。另外，银行、石化、建筑等行业的大盘权重股也走出了一波价值重估的行情。本基金以绝对收益策略为主，在股票方面，行业配置相对均衡，上半年阶段性的增加了传媒、计算机、银行石化等行业股票的配置，同时继续自下而上积极寻找具有自身成长逻辑的中小市值个股。债券方面，本基金主要以高等级信用债票息策略为主。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:34.366Z","mo":"展望下半年，我们认为国内经济复苏难超预期，但在政府持续推出的稳增长政策刺激下，下行风险有限；下半年美欧通胀逐步见顶，美元加息周期结束，紧缩预期逆转，人民币贬值趋势有望结束；同时A股估值水平在过去两年经过充分消化，已经处于相对低位。我们认为下半年A股市场仍将表现为结构化行情，指数整体仍将区间震荡，顺周期行业会有所回暖，主题投资降温，受益于全球风险偏好改善，部分消费品和核心资产有估值修复机会，部分需求走出低谷、调整比较充分的成长行业会有所表现。我们看好的方向包括光伏、储能、海风、军工、机器人、半导体设备和芯片、消费电子、汽车零部件、贵金属等行业，同时要积极关注人工智能在各行业的落地以及给行业带来的变化。","fund":{"_id":3000000016419,"__csrcFundId":12178,"stockCode":"016419","shortName":"国泰安璟债券(016419)","masterFundShortName":"国泰安璟债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16419,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:14.810Z","status":"normal","exchange":"jj","fundCollectionId":4000050010000,"name":"国泰安璟债券型证券投资基金","inceptionDate":"2023-01-16T16:00:00.000Z","setUpDate":"2023-01-16T16:00:00.000Z","setUpAssetScale":190963975.55,"setUpShares":190963975.55,"pinyin":"gtajzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰安璟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=958270","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1ce7fea5b3eb0523a82","date":"2023-03-30T16:00:00.000Z","stockId":3000000016419,"sao":"今年一季度，市场总体呈现一定程度的反弹，但各行业表现差异较大。在过去七年都鲜有表现的计算机、传媒等行业，在多种因素的催化下，走出了大幅上涨的行情，而过去几年表现较好的新能源等成长股，以及和宏观经济相关度较高的大金融板块走势较弱。最终上证指数上涨5.94%，深证成指上涨6.45%，创业板指上涨2.25%。从申万一级行业来看，计算机、传媒、通信行业出现较大幅度上涨，而房地产、商贸零售、银行等行业出现一定幅度下跌。一季度在疫情防控完全放开后，国内经济恢复到一个正常的运行轨道，社融和信贷从总量到结构都比较超预期，基建投资和消费都有不错的表现。美国通胀拐点也逐步显现，十年美债收益率和美元指数在震荡中回落，美欧银行业风险暂时得到解决。在这样的外部环境下，A股也展开了持续的反弹。反弹初期表现为行业轮动，顺周期产业链、消费、新能源、数字经济都有所表现，随着OpenAI公司ChatGPT新产品的发布，行情开始出现分化，从申万一级行业来看，三月份全市场只有六个行业上涨，分别是TMT的四个行业以及建筑装饰和石油石化两个低估值行业，其余行业均出现不同程度的下跌。本基金今年一月中旬成立，在股票方面，行业配置相对均衡，由于建仓时市场已经有了一定反弹，我们重点配置了有色、计算机、化工、消费医药等行业股票，同时继续自下而上积极寻找具有自身成长逻辑的中小市值个股。债券方面，本基金主要以高等级信用债票息策略为主。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:34.364Z","fund":{"_id":3000000016419,"__csrcFundId":12178,"stockCode":"016419","shortName":"国泰安璟债券(016419)","masterFundShortName":"国泰安璟债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16419,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:14.810Z","status":"normal","exchange":"jj","fundCollectionId":4000050010000,"name":"国泰安璟债券型证券投资基金","inceptionDate":"2023-01-16T16:00:00.000Z","setUpDate":"2023-01-16T16:00:00.000Z","setUpAssetScale":190963975.55,"setUpShares":190963975.55,"pinyin":"gtajzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20662172","stockType":"fund_manager","exchange":"fm","tickerId":131223239210,"name":"茅利伟"}]},"announcement":{"linkText":"国泰安璟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=888454","linkType":"PDF","source":"csrc_pdf"}}]}