window.pageData = {"stock":{"_id":3000000016424,"stockCode":"016424","shortName":"广发集汇债券A","masterFundShortName":"广发集汇债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16424,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发集汇债券型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":845947558.19,"setUpShares":845947558.19,"followedNum":1,"pinyin":"gfjhzqxzqtzjj","fundCollection":{"_id":4000050300000,"exchange":"jjgs","stockType":"fund_collection","stockCode":"50300000","tickerId":50300000,"name":"广发基金管理有限公司"},"managers":[{"_id":7002517146100,"name":"姚秋","gender":"m","educationCode":"001001","resume":"姚秋：男，经济学博士，持有中国证券投资基金业从业证书。现任广发基金管理有限公司混合资产投资部联席总经理，兼任固定收益研究部总经理、广发鑫裕灵活配置混合型证券投资基金基金经理（自2022年5月31日起任职）、广发恒悦债券型证券投资基金基金经理（自2022年5月31日起任职）、广发成长优选灵活配置混合型证券投资基金基金经理（自2022年6月2日起任职）、广发集汇债券型证券投资基金基金经理（自2022年11月8日起任职）、广发稳润一年持有期混合型证券投资基金基金经理（自2023年1月18日起任职）。曾任中国建设银行北京分行投资银行部债券研究员；中国工商银行资产管理部固定收益投资经理；新华基金管理股份有限公司总经理助理、基金经理；广发基金管理有限公司债券投资部总经理。","tickerId":2517146100,"stockType":"fund_manager","areaCode":"cn","stockCode":"db20285141","exchange":"fm","cnInfoCode":"db20285141","lastUpdated":"2025-10-29T15:40:59.287Z","followedNum":0,"currency":"CNY","workingDate":"2014-07-17T16:00:00.000Z","fundCompanyId":4000050300000,"fundManagerSecondLevel":"bond","pinyin":"yq","appointmentDate":"2022-11-07T16:00:00.000Z"},{"_id":7002304207110,"name":"吴迪","gender":"f","educationCode":"001002","resume":"吴迪：女，2014年10月30日加入广发基金管理有限公司，历任金融工程与风险管理部研究员、固定收益管理总部研究员、固定收益管理总部总经理助理、固定收益管理总部副总经理，现任广发基金管理有限公司特定策略投资部总经理。","tickerId":2304207110,"stockType":"fund_manager","areaCode":"cn","stockCode":"db20745147","exchange":"fm","cnInfoCode":"db20745147","lastUpdated":"2025-05-08T14:33:00.526Z","followedNum":0,"currency":"CNY","workingDate":"2020-05-06T16:00:00.000Z","fundCompanyId":4000050300000,"fundManagerSecondLevel":"bond","pinyin":"wd","appointmentDate":"2025-11-24T16:00:00.000Z"}],"hotMetrics":{"fss":{"stockId":3000000016424,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.6225,"f_ind_h_s_r":0.3775,"f_h_a":613,"f_h_s_a":94175,"f_ind_h_s_r_c_hy":-0.5780000000000001,"f_ins_h_s_r_c_hy":0.5780000000000001,"f_ind_h_s_r_c_1y":-0.5116,"f_ins_h_s_r_c_1y":0.5116,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000016424,"type":"fpr","f_p_r_fys_ssc":7473,"f_p_r_fys_ssrp":0.544566381156317,"f_p_r_m1_ssc":7539,"f_p_r_m1_ssrp":0.8848500928628283,"f_p_r_m3_ssc":7468,"f_p_r_m3_ssrp":0.9215213606535423,"f_p_r_m6_ssc":7244,"f_p_r_m6_ssrp":0.07110313406047218,"f_p_r_y1_ssc":6780,"f_p_r_y1_ssrp":0.0890986871219944,"f_p_r_y2_ssc":5786,"f_p_r_y2_ssrp":0.11443388072601555,"f_cagr_p_r_fs_ssc":7238,"f_cagr_p_r_fs_ssrp":0.3227856846759707,"f_p_r_y3_ssc":4856,"f_p_r_y3_ssrp":0.2906282183316169},"fp":{"stockId":3000000016424,"type":"fp","f_p_r_fys":0.007458662832494634,"f_p_r_m1":-0.003289473684210509,"f_cagr_p_r_fs":0.03402265580842867,"f_p_r_m3":0.0006247768654050745,"f_p_r_d1":-0.0004725897920604405,"f_p_r_m6":0.026084568918176787,"f_p_r_y1":0.07508630609896438,"f_p_r_y2":0.1058394160583942,"last_data_date":"2026-04-07T16:00:00.000Z","f_p_r_y3":0.10824436536180304},"ff":{"stockId":3000000016424,"type":"ff","f_m_f":529809,"f_m_f_r":0.007,"f_c_f":113530,"f_c_f_r":0.0015,"f_m_a_c_f":643339,"f_m_a_c_f_r":0.0085,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_fr":0.0015,"f_fr_d":"2025-12-30T16:00:00.000Z","f_m_fr":0.007,"f_mac_fr":0.0085},"f_nlacan":{"stockId":3000000016424,"type":"f_nlacan","f_nv_d":"2026-04-07T16:00:00.000Z","f_nv":1.1211,"f_nv_cr":0.005561036864292657},"f_as":{"stockId":3000000016424,"type":"f_as","f_tas":101603312.6472,"f_tas_d":"2025-12-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000016425,"name":"广发集汇债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","stockCode":"016425","tickerId":16425,"shortName":"广发集汇债券C","currency":"CNY","__csrcFundId":11818,"exchange":"jj","lastUpdated":"2025-01-04T00:32:19.869Z","fundCollectionId":4000050300000,"inceptionDate":"2022-11-07T16:00:00.000Z","status":"normal","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":455605558.94,"setUpShares":455605558.94,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"gfjhzqxzqtzjj"}],"shareholdings":[{"date":"2025-12-30T16:00:00.000Z","fundId":3000000016424,"stockId":300750,"holdings":2800,"marketCap":1028328,"netValueRatio":0.0086,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":-0.08641791044776159,"stock":{"stockCode":"300750","exchange":"sz","stockType":"company","tickerId":300750,"name":"宁德时代"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000016424,"stockId":300308,"holdings":800,"marketCap":488000,"netValueRatio":0.0041,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.5127359458295337,"stock":{"stockCode":"300308","exchange":"sz","stockType":"company","tickerId":300308,"name":"中际旭创"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000016424,"stockId":300502,"holdings":900,"marketCap":387792,"netValueRatio":0.0032,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.17800803783798513,"stock":{"stockCode":"300502","exchange":"sz","stockType":"company","tickerId":300502,"name":"新易盛"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000016424,"stockId":300059,"holdings":12200,"marketCap":282796,"netValueRatio":0.0024,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":-0.14528023598820095,"stock":{"stockCode":"300059","exchange":"sz","stockType":"company","tickerId":300059,"name":"东方财富"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000016424,"stockId":688256,"holdings":200,"marketCap":271110,"netValueRatio":0.0023,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.023056603773585538,"stock":{"stockCode":"688256","tickerId":688256,"exchange":"sh","stockType":"company","name":"寒武纪"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000016424,"stockId":300274,"holdings":1400,"marketCap":239456,"netValueRatio":0.002,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.06266528886240819,"stock":{"stockCode":"300274","exchange":"sz","stockType":"company","tickerId":300274,"name":"阳光电源"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000016424,"stockId":688981,"holdings":1839,"marketCap":225884,"netValueRatio":0.0019,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":-0.12345679012345656,"stock":{"stockCode":"688981","tickerId":688981,"exchange":"sh","stockType":"company","name":"中芯国际"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000016424,"stockId":688041,"holdings":799,"marketCap":179303,"netValueRatio":0.0015,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":-0.11159936658749081,"stock":{"name":"海光信息","exchange":"sh","stockType":"company","stockCode":"688041","tickerId":688041}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000016424,"stockId":300476,"holdings":600,"marketCap":172548,"netValueRatio":0.0014,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.007285464098073513,"stock":{"stockCode":"300476","exchange":"sz","stockType":"company","tickerId":300476,"name":"胜宏科技"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000016424,"stockId":300124,"holdings":1700,"marketCap":128061,"netValueRatio":0.0011,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":-0.10128847530422314,"stock":{"stockCode":"300124","exchange":"sz","stockType":"company","tickerId":300124,"name":"汇川技术"}}],"bondHoldings":[{"_id":"69723b3f1987889646e71937","date":"2025-12-30T16:00:00.000Z","fundId":3000000016424,"stockCode":"250202IB","stockName":"25国开02","holdings":400000,"marketCap":40327134,"netValueRatio":0.3366,"lastUpdated":"2026-01-22T14:59:11.787Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723b3f1987889646e71938","date":"2025-12-30T16:00:00.000Z","fundId":3000000016424,"stockCode":"2500002IB","stockName":"25超长特别国债02","holdings":300000,"marketCap":27654362,"netValueRatio":0.2308,"lastUpdated":"2026-01-22T14:59:11.790Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723b3f1987889646e71939","date":"2025-12-30T16:00:00.000Z","fundId":3000000016424,"stockCode":"220208IB","stockName":"22国开08","holdings":100000,"marketCap":10301660,"netValueRatio":0.086,"lastUpdated":"2026-01-22T14:59:11.793Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723b3f1987889646e7193a","date":"2025-12-30T16:00:00.000Z","fundId":3000000016424,"stockCode":"149558","stockName":"21国信06","holdings":100000,"marketCap":10223089,"netValueRatio":0.0853,"lastUpdated":"2026-01-22T14:59:11.796Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723b3f1987889646e7193b","date":"2025-12-30T16:00:00.000Z","fundId":3000000016424,"stockCode":"115828","stockName":"23海通15","holdings":100000,"marketCap":10140587,"netValueRatio":0.0846,"lastUpdated":"2026-01-22T14:59:11.799Z","declarationDate":"2026-01-21T16:00:00.000Z"}],"lastFsMetrics":{"latestTurnoverRate":0.2906094590140775,"latestTurnoverRateDate":"2025-12-30T16:00:00.000Z"},"profile":{"m":{"date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","managers":[{"name":"姚秋","d":"本基金的基金经理；广发鑫裕灵活配置混合型证券投资基金的基金经理；广发恒悦债券型证券投资基金的基金经理；广发成长优选灵活配置混合型证券投资基金的基金经理；广发稳润一年持有期混合型证券投资基金的基金经理；广发稳信六个月持有期混合型证券投资基金的基金经理；混合资产投资部联席总经理，兼任固定收益研究部总经理","wy":16,"md":"姚秋先生，中国籍，经济学博士，持有中国证券投资基金业从业证书。曾任中国建设银行北京分行投资银行部债券研究员；中国工商银行资产管理部固定收益投资经理；新华基金管理股份有限公司总经理助理、基金经理；广发基金管理有限公司债券投资部总经理。","ad":"2022-11-07T16:00:00.000Z"},{"name":"吴迪","d":"本基金的基金经理；广发聚源债券型证券投资基金(LOF)的基金经理；广发景丰纯债债券型证券投资基金的基金经理；广发鑫和灵活配置混合型证券投资基金的基金经理；广发中债7-10年期国开行债券指数证券投资基金的基金经理；广发景益债券型证券投资基金的基金经理；广发集瑞债券型证券投资基金的基金经理；广发恒祥债券型证券投资基金的基金经理；广发稳信六个月持有期混合型证券投资基金的基金经理；广发汇元纯债定期开放债券型发起式证券投资基金的基金经理助理；广发汇佳定期开放债券型发起式证券投资基金的基金经理助理；特定策略投资部总经理","wy":11,"md":"吴迪女士，中国籍，理学硕士，FRM，持有中国证券投资基金业从业证书。曾任广发基金管理有限公司金融工程与风险管理部研究员、固定收益管理总部研究员、固定收益管理总部总经理助理、固定收益管理总部副总经理、广发理财年年红债券型证券投资基金基金经理(自2020年6月12日至2024年12月20日)、广发中债0-2年政策性金融债指数证券投资基金基金经理(自2023年12月19日至2025年3月11日)、广发集丰债券型证券投资基金基金经理(自2020年5月7日至2025年5月7日)、广发集富纯债债券型证券投资基金基金经理(自2021年4月8日至2025年5月7日)、广发安泽短债债券型证券投资基金基金经理(自2024年3月21日至2025年11月26日)。","ad":"2025-11-24T16:00:00.000Z"},{"name":"郎振东","d":"本基金的基金经理助理；广发聚安混合型证券投资基金的基金经理；广发中债1-3年国开行债券指数证券投资基金的基金经理；广发汇成一年定期开放债券型发起式证券投资基金的基金经理；广发汇吉3个月定期开放债券型发起式证券投资基金的基金经理；广发汇安18个月定期开放债券型证券投资基金的基金经理；广发添盈180天持有期债券型证券投资基金的基金经理；广发汇达纯债3个月定期开放债券型发起式证券投资基金的基金经理；广发景宏债券型证券投资基金的基金经理；广发添福60天滚动持有债券型证券投资基金的基金经理；广发中债1-5年国开行债券指数证券投资基金的基金经理；广发鑫裕灵活配置混合型证券投资基金的基金经理助理；广发趋势优选灵活配置混合型证券投资基金的基金经理助理；广发恒信一年持有期混合型证券投资基金的基金经理助理；广发成长优选灵活配置混合型证券投资基金的基金经理助理；广发恒悦债券型证券投资基金的基金经理助理；广发稳润一年持有期混合型证券投资基金的基金经理助理","wy":13,"md":"郎振东先生，中国籍，经济学硕士，持有中国证券投资基金业从业证书。曾任广发基金管理有限公司基金会计部基金会计、固定收益管理总部债券交易员、广发安享灵活配置混合型证券投资基金基金经理助理(自2021年4月19日至2024年4月10日)、广发安盈灵活配置混合型证券投资基金基金经理助理(自2021年11月29日至2024年4月10日)、广发集瑞债券型证券投资基金基金经理(自2021年4月9日至2024年12月30日)、广发睿享稳健增利混合型证券投资基金基金经理(自2021年4月9日至2025年3月3日)。","ad":"2022-12-01T16:00:00.000Z"}]}}},"list":[{"_id":"69ca7bcb7ecbd37c10afbe4e","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000016424,"sao":"2025年股票市场整体趋势上涨，上证指数一度突破4000点，创下近10年新高。经济修复向上、政策提振投资者风险偏好、海内外AI算力科技催化、美联储开启降息周期等多重利好因素叠加，股市上演双创指数引领的牛市行情。结构上，市场热点轮动扩散，全年科技成长主线明朗，计算机、创新药、机器人、半导体及军工军贸等热门概念轮番大涨，通信和有色金属行业跑赢市场。风格上，成长强于价值，小盘优于大盘。转债市场震荡向上，估值维持高位。上半年受宏观事件驱动的正股行情传导，可转债维持向上趋势，三季度受“反内卷”行情和科技主体升温催化以及机构赎回拖累，可转债先上升后震荡，估值泡沫得以消化，四季度正股市场动能转弱，可转债震荡上行，指数宽幅波动。债券市场整体上行后震荡，收益率曲线呈现熊陡状态，信用利差先走阔后震荡收窄，信用债整体表现较好。一季度，资金价格持续抬升打破利率单边下行惯性，叠加风险偏好走强、机构持续卖券行为导致债市回调至年内高点，赎回扰动导致信用利差先走阔后收窄；二季度，受关税摩擦和降准降息落地等因素影响，市场风险偏好显著承压，债市收益率再下台阶，信用债ETF快速扩容，成份券走出独立行情推动信用利差主动收窄；三季度，“反内卷”政策升温叠加公募基金新规预期影响，股债跷板效应下债市面临调整压力，信用利差再度主动走阔；四季度，央行虽重启买债但力度不及预期，监管新规持续影响债市，市场普遍担忧超长债供给，30年国债与10年国债间的利差走阔明显。报告期内，组合秉承“固收+多策略”的投资理念，在权益资产中投入使用和持续优化迭代量化Alpha策略模型，同时对权益个股进行了优化调整，在较好地控制住回撤的基础上提高了投资回报。债券方面，组合主要持仓信用债、利率债，通过灵活久期操作波段增厚组合收益。","lastUpdated":"2026-03-30T13:34:03.903Z","mo":"展望2026年，A股业绩拐点得以验证，负债端或进一步驱动股票行情，权益市场向上仍值得期待，债券市场或维持区间震荡。股票市场负债端配置需求依然较强，居民定存到期的涓滴效应将提供新的边际增量，结构上关注以科技创新为代表的成长赛道和“反内卷”政策受益的优势行业，以及与宏观基本面企稳相关的板块修复机会，此外随着财富效应累积，价值有望接力科技实现估值修复，关注顺周期板块的配置机会；转债市场在配置需求旺盛与供给稀缺的共同驱动下，可转债估值或维持高位震荡，结构性机会或集中于前期超跌的中低价品种。组合未来将优化各类投资策略，权益投资方面主动与被动并行，使组合更加适应不同的市场环境，为投资人带来更好的回报体验。债券市场或仍以区间震荡为主，需持续关注通胀回暖超预期对债市形成抑制、权益市场上涨引发大类资产再配置压力、财政政策集中供给扰动以及货币政策宽松不及预期带来的调整压力等。组合将持续跟踪基本面修复、机构配置需求等信号以及微观经济数据表征以灵活应对，重视流动性和负债端稳定性，在震荡市场中需要把握票息高位的配置机会，关注季节性、轮动性和赎回波动带来的配置窗口。","fund":{"_id":3000000016424,"__csrcFundId":11818,"stockCode":"016424","shortName":"广发集汇债券A","masterFundShortName":"广发集汇债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16424,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:38.303Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发集汇债券型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":845947558.19,"setUpShares":845947558.19,"followedNum":1,"pinyin":"gfjhzqxzqtzjj","managers":[{"stockCode":"db20285141","stockType":"fund_manager","exchange":"fm","tickerId":2517146100,"name":"姚秋"},{"stockCode":"db20745147","stockType":"fund_manager","exchange":"fm","tickerId":2304207110,"name":"吴迪"}]},"announcement":{"linkText":"广发集汇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=1448965","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1cf7fea5b3eb0523b40","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000016424,"sao":"2025年三季度以来，宏观经济增速整体表现稳健，内需方面，受益于政府补贴的家电、家居、汽车等品类短期边际增速有一定回落，地产及地产产业链表现较为疲弱，部分必选消费品表现较好，部分新消费赛道景气度仍维持在高位。外需方面，在二季度关税扰动后展现出超预期韧性。债券市场收益率明显上行，十年期国债收益率累计上行约20BP；权益市场延续年初以来的活跃态势，沪深300、创业板指等多数主流指数表现较好，涨幅明显；转债市场活跃度较好，但波动幅度有所加大。报告期内，我们密切跟踪宏观、微观基本面变化以及各类资产的估值变化，在此基础上进行资产配置及组合调整。债券部分，考虑到当前以十年期国债为代表的标杆利率依然在2%以下，其余期限的利率债与高等级信用债收益率水平依然处于历史低位附近，我们维持低利率风险暴露，组合持仓以短久期利率债或高评级信用债为主。相较于债券类资产，当前权益类资产整体估值水平虽然有一定抬高，但仍然具有较好的性价比。不可否认，在局部新兴领域，随着市场热情的高涨，估值水平已经处于偏高位置，对已经出现的结构性风险应予以重视。三季度，我们维持在内需泛消费、泛制造领域的较高配置比例。规模庞大的内需市场和与之共生的高效制造体系是我国经济的两大优势。从内需视角出发，很多消费品的人均消费量相较于发达国家依然有较大差距，这既包括实物消费品，也包括服务消费品。与此同时，消费品中的洗牌也在持续进行，拥有功能差异性、口味差异性、品牌差异性的产品和拥有生产成本优势、营销渠道优势的企业有望不断保持或扩大附加值、获取增量利润；相反，同质化产品附加值萎缩和非优势企业利润率下降的趋势仍将延续。从制造优势视角出发，与其他国家相比，即便在全球贸易保护盛行的背景下，我国当前的泛制造相关产业仍然具有较强的比较优势，出口抢份额、进口替代等趋势依然有望延续。对于受益于信心修复的大金融板块，我们仍维持一定的配置比例。对于AI相关产业以及可能带来的颠覆性变革，我们保持密切关注，但在投资操作中，我们不对尚未发生的变革给与过于乐观的预期。","lastUpdated":"2026-03-09T13:57:35.064Z","fund":{"_id":3000000016424,"__csrcFundId":11818,"stockCode":"016424","shortName":"广发集汇债券A","masterFundShortName":"广发集汇债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16424,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:38.303Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发集汇债券型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":845947558.19,"setUpShares":845947558.19,"followedNum":1,"pinyin":"gfjhzqxzqtzjj","managers":[{"stockCode":"db20285141","stockType":"fund_manager","exchange":"fm","tickerId":2517146100,"name":"姚秋"},{"stockCode":"db20745147","stockType":"fund_manager","exchange":"fm","tickerId":2304207110,"name":"吴迪"}]},"announcement":{"linkText":"广发集汇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=1372846","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1cf7fea5b3eb0523b3f","date":"2025-06-29T16:00:00.000Z","stockId":3000000016424,"sao":"2025年初以来，宏观经济增速整体表现稳健，一季度增速较快，二季度边际增速有所减弱。内需延续复苏态势，家电、汽车等耐用品销售数据延续同比增长，地产投资与地产产业链上游景气度改善不明显，地产销售数据一季度有所走高、二季度有所走弱。与此同时，部分新消费领域景气度较高，内需进一步呈现结构性变化。二季度初，美国对全球加征所谓的“对等关税”对出口形成小幅扰动，上半年国内出口数据整体维持增长态势，对美出口有所下滑，但对非美地区的出口表现出较强的韧性，总体上对总量增速仍有正贡献。一季度债券收益率总体上行，二季度转为下行，债券市场表现活跃。权益市场延续2024年四季度以来的活跃态势，主流指数表现有一定分化，报告期内沪深300录得小幅正收益，转债市场活跃度较好且有一定的赚钱效应。报告期内，我们密切跟踪宏微观基本面变化以及各类资产的估值变化，在此基础上进行资产配置及组合调整。债券部分，我们维持短久期高评级的防守型策略，等待收益率实质性上行后的配置机会。权益部分，我们的主要配置领域仍维持在内需方向，并围绕经济的结构性变化和部分子领域的景气度变化，对泛消费领域的持仓进行了调整，加大了服务消费领域的配置力度。此外，我们维持了对部分受益于信心修复和尾部风险下降的行业和标的的配置，这部分标的主要集中在传统制造、大金融、TMT等领域。对于出口与新兴制造相关标的，我们仍保持重点关注，并跟踪海外产业发展与关税政策对部分公司的影响。随着市场的活跃，部分高股息标的、小市值领域已经出现了结构性高估，我们对相关领域进行了减仓。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:35.061Z","mo":"展望2025年下半年，全球经济环境依然存在较多的不确定性，美国关税策略依然无法准确预期。相比之下，国内经历了三年的地产下行期后，地产及相关产业对宏观经济的拖累已经大幅降低。与此同时，财政与产业政策的着力点和力度更为明确，广义财政支出增速年初以来延续高增长，民生保障等领域得到重点倾斜。总体来看，国内经济弱复苏基调有望持续，经济的尾部风险较此前大幅降低。上市公司盈利情况总体稳定，但短期内尚难看到整体性的向上弹性，与此同时，在较低的权益估值水平下和较低的债券收益率下，权益市场的风险偏好有望继续修复。下半年，我们将密切关注地产及地产产业链的变化，密切关注大众商品消费与服务消费相关行业的变化，尤其是其中供给格局较好、需求有望边际改善的标的。在2021年以来的制造业资本开支大幅增长过后，化工、机械等传统制造领域以及新能源相关的新兴制造领域均出现了产能过剩和资本开支收缩，我们也将密切关注相关领域的供给侧变革。债券部分，考虑到利率债与高等级信用债收益率水平仍处于历史低位附近，在此位置的窄幅上行和下行对投资价值均无显著影响，我们倾向于维持低利率风险和低信用风险暴露。相较于债券类资产，当前权益类资产整体估值水平仍然具有较好的性价比，同时我们也密切关注局部领域已经出现的结构性风险。内需泛消费领域仍然具备较大的成长空间，我们将从需求的结构性变化和供给格局变化两方面出发，寻找投资机会。","fund":{"_id":3000000016424,"__csrcFundId":11818,"stockCode":"016424","shortName":"广发集汇债券A","masterFundShortName":"广发集汇债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16424,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:38.303Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发集汇债券型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":845947558.19,"setUpShares":845947558.19,"followedNum":1,"pinyin":"gfjhzqxzqtzjj","managers":[{"stockCode":"db20285141","stockType":"fund_manager","exchange":"fm","tickerId":2517146100,"name":"姚秋"},{"stockCode":"db20745147","stockType":"fund_manager","exchange":"fm","tickerId":2304207110,"name":"吴迪"}]},"announcement":{"linkText":"广发集汇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=1346918","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1cf7fea5b3eb0523b3e","date":"2025-03-30T16:00:00.000Z","stockId":3000000016424,"sao":"2025年开年以来，宏观经济延续企稳态势，工业生产、消费与出口等相关数据表现稳健，新房与二手房合计的地产销售数据好于2024年同期。中长久期利率债收益率震荡上行，权益市场延续2024年四季度以来的活跃态势，主流指数表现有一定分化，截至一季度末沪深300录得小幅负收益。转债市场活跃度较好且有一定的赚钱效应。报告期内，我们密切跟踪宏微观基本面变化以及各类资产的估值变化，在此基础上进行资产配置及组合调整。我们关注到来自基本面层面的变化，一是资产价格的止跌回稳：新房与二手房价格的跌幅在收窄，部分区域的房价出现了温和回升；权益市场连续两个季度呈现交投活跃状态，资产价格的回稳有望消除负向财富效应对消费的负面影响。二是政策对需求端的重视程度好于过去两年，包括消费品以旧换新的延续、生育补贴政策的酝酿等，都将对后续的消费形成支撑。消费的企稳为经济提供了坚实的底部支撑。从估值角度看，权益类资产具有很好的吸引力，纵向比较处于合理水平，横向比较国内其他资产或海外资产，也处于较低分位水平。从基本面和估值叠加来看，我们仍然倾向于维持债券部分的低敞口暴露，维持权益部分的适度敞口。具体而言，我们在债券部分以严控风险、获取稳定票息收益为配置思路，维持了短久期组合结构，不进行信用下沉。权益配置上，我们坚持分散配置、不押注赛道，在标的选择和组合构建的过程中坚持以质量和估值安全为先，远离题材炒作类标的。我们相信基于质量过关的前提下的估值衡量是投资的可靠标尺。距离估值底部比较近的资产，给组合带来永久性损失的概率会比较低。我们从三个方向出发进行权益配置：一是内需企稳受益的行业，在尾部风险降低、负向财富效应减弱的背景下，食品饮料、家具家电、轻工纺服等行业优质公司的阿尔法会较好地体现出来；二是供给侧发生明显变化的行业，包括传统的工程机械、部分通用机械、造纸、新兴制造及部分地产后端等领域的供给格局均呈现一定程度的优化，在需求走稳的情况下，这些行业中部分优秀公司的利润率有望稳定或提升；三是出海方向，例如中游制造、资源品、消费品甚至饲料行业中的部分标的都在明显地受益于出海带来的收入与利润提升，这是一个中期一直有机会的方向，能够真实地反映在业绩上，我们在热度不高时择机布局。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:35.059Z","fund":{"_id":3000000016424,"__csrcFundId":11818,"stockCode":"016424","shortName":"广发集汇债券A","masterFundShortName":"广发集汇债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16424,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:38.303Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发集汇债券型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":845947558.19,"setUpShares":845947558.19,"followedNum":1,"pinyin":"gfjhzqxzqtzjj","managers":[{"stockCode":"db20285141","stockType":"fund_manager","exchange":"fm","tickerId":2517146100,"name":"姚秋"},{"stockCode":"db20745147","stockType":"fund_manager","exchange":"fm","tickerId":2304207110,"name":"吴迪"}]},"announcement":{"linkText":"广发集汇债券型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1266179","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1cf7fea5b3eb0523b3d","date":"2024-12-30T16:00:00.000Z","stockId":3000000016424,"sao":"2024年年初以来，消费者物价指数与生产者物价指数均处于低位运行状态，以实际GDP衡量的经济总量处于温和增长状态，名义GDP增速略显乏力。全年来看，二、三季度经济景气度较低，制造业PMI等指标低于全年平均水平，而四季度在政府支出加速、消费品以旧换新等政策的支持下，经济景气度回升明显。线下与线上消费均边际改善，地产销售阶段性转好。全年出口数据继续保持韧性。报告期内，中长久期利率债收益率下行至历史新低，权益市场前三个季度表现较为低迷，在九月底大幅反弹后呈现震荡局面，转债市场跟随权益回升，市场风险偏好较前三个季度有一定提升。报告期内，我们密切跟踪基本面和市场动向以及各类资产的估值变化，在此基础上，综合考虑了各类资产的胜率和赔率，进行资产配置及组合调整。在地产销售、地产投资等数据持续低迷较长时间后，居民储蓄仍在大幅增长，风险偏好处于低位，此时宏观经济具有增速边际提升的基础，收益率处于历史低位的债券类资产的短期胜率较难确定，但赔率明显不足。我们认为，中长期债券收益率水平充分定价了当下经济景气度，且反映了对未来的预期。权益类资产相对估值位于较低位置，运用现金流折现方法计算估值时的折现因子与利率债收益率同向变动，因此也位于低位。企业盈利有望跟随经济增速温和企稳。综合上述条件，权益类资产具有较好的赔率，中期胜率也较佳。在债券的投资操作上，考虑到较低的赔率和未来风险偏好可能的变化，我们全年维持较短的组合久期，组合持仓以短久期利率债或高评级信用债为主，未进行信用下沉。对于权益类资产，我们维持较高的持仓比例，重点配置于受益于经济温和复苏的行业和供给出清较为充分的领域。我们主要配置于内需型行业、装备制造业中韧性强、供给格局好的部分标的。对风险偏好敏感型行业，我们在前三季度进行了小幅增配，在第四季度进行了小幅减配，对计算机、传媒等行业的持仓结构进行了适度调整，行业配置和标的配置层面均维持适度均衡与分散。对于出口产业链中具有独特优势、且海外渗透率仍有提升空间的标的，以及部分新兴制造行业供给侧格局变化带来的投资机会，我们持续关注。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:35.056Z","mo":"展望2025年，国内经济温和复苏基调有望持续，尾部风险降低，风险偏好有望继续修复。展望全球经济环境，依然存在较多的不确定性。我们只做少量的预判，更多进行密切跟踪与情景分析，以此作为投资决策的依据。过去两年，海外通胀水平展现出了较高的粘性，未来是否能够明显缓解，需求侧与供给侧因素均不可忽视。一方面，高利率本身会对需求形成一定的抑制，也会提高部分经济与金融活动的机会成本；另一方面，贸易壁垒是趋于加剧还是缓解，将对供给侧形成截然不同的影响。对于国内权益市场中出口与出海相关标的，我们关注企业与产品本身的竞争力，同时也高度关注海外经济体贸易政策带来的直接影响与间接影响。过去两年，国内物价水平保持低位运行，核心原因在于需求不足，其中既有结构性因素，也有周期性因素。在2025年，我们对国内物价运行态势不进行趋势外推，但也不做乐观判断。我们将密切关注地产及地产产业链的变化，密切关注大众消费与生活服务业的变化，尤其是其中部分行业中供给格局较好、需求有望边际改善的标的。当前长久期债券的收益率水平处于历史低位，其中隐含着对未来的经济预期，也反映出市场风险偏好水平处于较低位置。后续随着经济复苏逐渐被市场所认可，债券收益率下行的动力有望减弱。对于权益市场，在较低的估值水平下，当下展现出较好的配置价值。我们将更多地关注标的本身的质地与估值水平，进行权益组合的构建与维护。","fund":{"_id":3000000016424,"__csrcFundId":11818,"stockCode":"016424","shortName":"广发集汇债券A","masterFundShortName":"广发集汇债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16424,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:38.303Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发集汇债券型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":845947558.19,"setUpShares":845947558.19,"followedNum":1,"pinyin":"gfjhzqxzqtzjj","managers":[{"stockCode":"db20285141","stockType":"fund_manager","exchange":"fm","tickerId":2517146100,"name":"姚秋"},{"stockCode":"db20745147","stockType":"fund_manager","exchange":"fm","tickerId":2304207110,"name":"吴迪"}]},"announcement":{"linkText":"广发集汇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=1252112","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1cf7fea5b3eb0523b3c","date":"2024-09-29T16:00:00.000Z","stockId":3000000016424,"sao":"2024年三季度以来，各类经济指标表现不一，以水泥为代表的部分工业品价格呈现一定的企稳迹象，与企业生产、居民消费相关的部分数量型指标有所承压。报告期内，中长久期利率债收益率表现为下行后再度上行，权益市场则呈现先跌后涨，市场风险偏好在季度末有所提升。我们密切跟踪基本面和市场动向以及各类资产的估值变化，在此基础上进行资产配置及组合调整。现阶段，中长期债券收益率水平与当下的经济增速以及物价水平相匹配，但考虑到未来有可能的风险偏好提升，我们仍维持较短的组合久期，组合持仓以短久期利率债或高评级信用债为主。对于权益类资产，我们维持较高的仓位，重点配置受益于经济弱复苏的食品饮料与家电家居等泛消费行业、机械与化工等传统制造业、保险与券商等金融行业中的优势企业，以及计算机、传媒等行业中的优质标的，行业配置和标的配置层面均维持适度分散。我们也在关注出口产业链中具有独特优势、且海外渗透率仍有提升空间的标的，以及关注部分新兴制造行业供给侧格局变化带来的投资机会。在投资者信心逐步恢复的过程中，上述行业中的优势标的有望获得价值重估。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:35.054Z","fund":{"_id":3000000016424,"__csrcFundId":11818,"stockCode":"016424","shortName":"广发集汇债券A","masterFundShortName":"广发集汇债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16424,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:38.303Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发集汇债券型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":845947558.19,"setUpShares":845947558.19,"followedNum":1,"pinyin":"gfjhzqxzqtzjj","managers":[{"stockCode":"db20285141","stockType":"fund_manager","exchange":"fm","tickerId":2517146100,"name":"姚秋"},{"stockCode":"db20745147","stockType":"fund_manager","exchange":"fm","tickerId":2304207110,"name":"吴迪"}]},"announcement":{"linkText":"广发集汇债券型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1176186","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1cf7fea5b3eb0523b3b","date":"2024-06-29T16:00:00.000Z","stockId":3000000016424,"sao":"2024年上半年，经济延续弱复苏局面，物价指数处于较低位置，宏观经济表现出一定“量稳价软”的特征，出口表现较好，发电量、用电量等电力相关指标显示经济活动较为活跃，消费相关指标则处于较为温和的状态。六月地产销售数据有一定幅度的好转，地产产业链整体仍处于承压状态。报告期内，中长久期利率债收益率呈现波动下行局面，权益市场表现为宽幅震荡，市场风险偏好仍较低。我们密切跟踪基本面和市场动向，在此基础上进行资产配置及组合调整。考虑到中长期债券收益率水平处于历史低位附近，我们维持较短的组合久期，组合主要持有了短久期利率债或高评级信用债。对于权益类资产，我们继续看好整体低估状况下的投资机会，但同时也注重其中的结构性机会与风险。报告期内，我们增配了部分受益于经济复苏与风险偏好修复的食品饮料与家电家居等泛消费行业、机械与化工等传统制造业、保险与券商等金融行业中的优势企业，适度减持了在部分新兴行业中竞争格局有恶化趋势的个股，行业配置和标的配置层面均维持适度分散，同时维持一定比例的港股配置。我们也在重点关注出口链中海外渗透率仍有提升空间的标的以及部分新兴制造行业供给侧格局有一定出清的品种。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:35.051Z","mo":"展望2024年下半年，在海外主要经济体受到持续通胀和美国换届等因素带来的经济波动、政治动荡、贸易政策调整背景下，外需的不确定因素有所增多，出口对经济的贡献度不宜过于乐观；内需方面，随着地产救助政策的推进和财政政策的发力，居民资产负债表有望得到修复，大众消费、出行消费、地产及地产产业链等相关行业有望实现弱复苏，从而改善市场的风险偏好。下半年，政府支出力度有望增强，政府相关的投资和消费有望维持一定水平的增长。在“先立后破”的政策指引下，传统投资和消费预计将保持温和增长，新质生产力相关行业仍将维持较快增速。大类资产层面，中长久期债券收益率水平位于历史低位，当前位置胜率较难判定但赔率较低，我们仍将维持中短久期、高评级的配置思路；权益类资产整体估值偏低，但预计仍将呈现分化局面，我们基于当前的估值与基本面的对比，对权益市场整体保持乐观，对前期跟随债券收益率下行而表现较好的“红利稳定类”资产持谨慎态度，而对短期景气度不高、但中期能见度在逐渐提升的“高质量”资产保持密切关注，对曾经享受高利润率但受损于经济转型升级的部分“旧核心资产”保持谨慎。","fund":{"_id":3000000016424,"__csrcFundId":11818,"stockCode":"016424","shortName":"广发集汇债券A","masterFundShortName":"广发集汇债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16424,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:38.303Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发集汇债券型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":845947558.19,"setUpShares":845947558.19,"followedNum":1,"pinyin":"gfjhzqxzqtzjj","managers":[{"stockCode":"db20285141","stockType":"fund_manager","exchange":"fm","tickerId":2517146100,"name":"姚秋"},{"stockCode":"db20745147","stockType":"fund_manager","exchange":"fm","tickerId":2304207110,"name":"吴迪"}]},"announcement":{"linkText":"广发集汇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=1147070","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1cf7fea5b3eb0523b3a","date":"2024-03-30T16:00:00.000Z","stockId":3000000016424,"sao":"2024年以来，经济弱复苏局面延续，与地产相关的需求仍处于修复期，与出口、基建相关的需求较好，与之形成一定对冲。在此背景下，安全资产与类债资产的稀缺性进一步显现，中长久期利率债与高等级信用债收益率有明显下行，超长期国债得到更多资金关注。权益类资产呈现探底回升走势，但市场风险偏好仍处于低位，目前估值水平仍具有较强的投资吸引力。报告期内，组合密切跟踪市场动向，对持仓债券券种结构进行了适当调整，考虑到高等级债券收益率水平处于历史低位附近，我们进一步压缩了组合久期，组合持仓以短久期利率债或高评级信用债为主。对于权益类资产，我们看好整体低估状况下的投资机会，但同时也注重其中的结构性机会与风险。我们增配了部分泛消费领域的标的。在经济存量规模达到一定体量、经济增速换挡的背景下，消费相关的需求展现出较强的内生性特征，而不再过多依附于其他需求。消费渠道的变革以及消费者心智的变化使得消费品的相对价值也发生了明显变化。性价比消费、悦己型消费取代了很大一部分展示型、奢侈型消费，这也对应着产品提供者生存状态的此消彼长。此外，我们也增配了部分短期业绩增长仍然乏力但中长期空间较为可观的部分标的，相关标的主要分布在大金融、TMT等领域。随着2024年以来稳定经济、提振投资者信心措施的出台，相关标的具备较大的估值提升空间。对于出口与新兴制造相关标的，我们仍保持重点关注，并跟踪海外产业发展与关税政策对部分公司的影响。在高股息类标的中，我们对业绩或分红比例不可持续、股息率已不再具有吸引力的标的保持谨慎。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:35.048Z","fund":{"_id":3000000016424,"__csrcFundId":11818,"stockCode":"016424","shortName":"广发集汇债券A","masterFundShortName":"广发集汇债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16424,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:38.303Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发集汇债券型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":845947558.19,"setUpShares":845947558.19,"followedNum":1,"pinyin":"gfjhzqxzqtzjj","managers":[{"stockCode":"db20285141","stockType":"fund_manager","exchange":"fm","tickerId":2517146100,"name":"姚秋"},{"stockCode":"db20745147","stockType":"fund_manager","exchange":"fm","tickerId":2304207110,"name":"吴迪"}]},"announcement":{"linkText":"广发集汇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=1065506","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1cf7fea5b3eb0523b39","date":"2023-12-30T16:00:00.000Z","stockId":3000000016424,"sao":"2023年，经济呈现温和复苏局面，随着消费场景的放开，居民消费倾向缓慢修复，出口呈现出一定韧性，地产相关产业景气度冲高回落。债券市场到期收益率全年表现为区间震荡，部分信用债收益率下行明显。权益市场整体震荡下行，风险偏好处于较低水平。报告期内，我们密切跟踪市场动向，适度对持仓债券券种结构进行调整，考虑到收益率水平依然缺乏足够安全性，我们仍维持以中短久期、高评级债券为主的配置。权益部分，大部分大市值标的全年估值水平处于较为合理或偏低位置，我们持续关注市场调整中涌现出的投资机会。全年来看，我们适时增配了一些基本面优良、与宏观经济关联度较低的弱周期标的；对周期性偏强的标的以及与年内涌现出的各类概念有较高相关度的标的进行了适度减仓。总体上，权益方面，我们全年维持了中高水平的仓位，在消费、TMT等受益于经济弱复苏的行业中进行重点配置，同时逐步加配了新能源、军工等估值已经大幅下调的高端制造类行业。事后来看，我们股票投资所运用的“在高质量标的中寻找低估”的投资框架受到了一定挑战。2023年，Chat-GPT等人工智能浪潮的出现对A股TMT行业整体的业绩贡献有限，我们也对此保持冷静，及时对预期过高且估值偏高的标的进行了减持，从而一定程度上规避了回撤，但对部分制造业行业产能过剩情况、地产行业景气度回落带来的负面影响等情况估计不足，导致组合内部分持仓品种表现不佳，对组合业绩形成了较大拖累。为此，我们从2023年下半年开始，重新审视“高质量”的内涵：某个企业过往的稳定增长可能源于某一宏观因子一段时间内的稳定，这也可以定义成一种自上而下的贝塔，而非该企业具有真正意义上的阿尔法。为此，我们力争更客观、更准确地区分企业竞争力的来源，并在此基础上寻找真正意义上的“低估”。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:35.046Z","mo":"展望2024年，海外高通胀局面有望延续缓解态势，海外主要经济体的紧缩性货币政策有望边际缓和。内需方面，财政政策处于发力阶段，四季度增发的特别国债有望从2024年一季度开始逐步形成实物工作量。国内物价指数在2023年低基数的情况下，有望迎来温和反弹。从名义GDP增速看，2024年有望延续温和复苏势头，进而对微观主体的盈利形成推动，宏观环境对债市的支撑减弱。当前长久期利率债的收益率水平处于历史低位，其中隐含着较为悲观的经济预期，也反映出市场风险偏好水平处于较低位置。后续随着经济复苏逐渐被市场所认可，债券收益率下行的动力也可能会随之减弱。对于权益市场，在较低的估值水平下，当下展现出较好的配置价值。我们将从供给和需求两个方面，寻找低估标的。部分传统行业资本开支较为克制，需求仍有望维持一定增速，利润率水平有望维持稳定，我们着力在其中寻找高质量、稳定类标的；部分新兴行业过去几年资本开支金额较大，短期面临竞争格局恶化，但中长期需求增长较为确定，我们将在这些行业里着重选择具有持续成本和研发优势且经营相对稳健的公司，作为高弹性标的进行适当配置。","fund":{"_id":3000000016424,"__csrcFundId":11818,"stockCode":"016424","shortName":"广发集汇债券A","masterFundShortName":"广发集汇债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16424,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:38.303Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发集汇债券型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":845947558.19,"setUpShares":845947558.19,"followedNum":1,"pinyin":"gfjhzqxzqtzjj","managers":[{"stockCode":"db20285141","stockType":"fund_manager","exchange":"fm","tickerId":2517146100,"name":"姚秋"},{"stockCode":"db20745147","stockType":"fund_manager","exchange":"fm","tickerId":2304207110,"name":"吴迪"}]},"announcement":{"linkText":"广发集汇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=1052929","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1cf7fea5b3eb0523b38","date":"2023-09-29T16:00:00.000Z","stockId":3000000016424,"sao":"2023年三季度，债市整体表现为先强后弱的震荡走势，资金面变化、稳增长政策、国债发行规模、海外通胀预期以及美债收益率变化等因素均给国内债市带来了一定影响。权益市场呈现出一定的结构分化，股票的新发和增发、股东增持与减持、外资及国内各类机构的动向等供需因素对股价形成边际影响。报告期内，组合密切跟踪市场动向，根据估值水平与基本面的对比情况，对持仓结构进行了微调。对于债券市场，考虑到尽管收益率水平已有一定上行，但中长期限到期收益率依然缺乏足够安全性，我们继续主要持有了中短久期、高评级信用债，对部分持仓品种做了置换处理。对于权益市场，我们维持了中高水平的仓位，持仓结构总体维持均衡，重点配置于泛消费、泛制造等受益于经济温和复苏的行业中估值合理的标的，以及部分与金融、地产相关的强周期行业中竞争力较强且估值偏低的标的；同时，对于光伏组件、锂电产业链等估值已经大幅下降、基本面虽有转弱但中长期竞争优势明显的领域，我们重点关注其中的投资机会，并进行了适度配置。此外，本产品对基本面优秀且估值偏低的港股进行了一定配置。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:35.043Z","fund":{"_id":3000000016424,"__csrcFundId":11818,"stockCode":"016424","shortName":"广发集汇债券A","masterFundShortName":"广发集汇债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16424,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:38.303Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发集汇债券型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":845947558.19,"setUpShares":845947558.19,"followedNum":1,"pinyin":"gfjhzqxzqtzjj","managers":[{"stockCode":"db20285141","stockType":"fund_manager","exchange":"fm","tickerId":2517146100,"name":"姚秋"},{"stockCode":"db20745147","stockType":"fund_manager","exchange":"fm","tickerId":2304207110,"name":"吴迪"}]},"announcement":{"linkText":"广发集汇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=984226","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1cf7fea5b3eb0523b37","date":"2023-06-29T16:00:00.000Z","stockId":3000000016424,"sao":"2023年上半年，宏观经济景气度从明显复苏转向复苏趋缓，市场对未来经济增速的预期也从乐观转为谨慎，地产相关行业数据阶段性冲高后明显回落，出口有所转弱，而线下消费、服务相关行业表现出较强的韧性。上半年债券收益率整体下行，权益市场主要指数震荡。报告期内，考虑到债券市场较低的到期收益率水平，我们继续主要持有了中短久期、高评级的信用债，等待更好的配置时点。对于权益市场，我们从估值水平与中长期基本面考虑，将权益仓位维持在中高水平，重点配置了消费、TMT等受益于经济弱复苏的行业，以及部分与金融、地产相关但估值偏低的强周期行业，持仓结构总体维持均衡。同时，我们密切关注新能源、军工等估值已经大幅下降、基本面虽有转弱但景气度仍有相对优势的领域的投资机会，并进行了少量配置。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:35.040Z","mo":"展望下半年，一方面，在库存周期的作用和稳增长政策的护航下，宏观经济景气度有望边际改善。高频数据显示经济增速的下行趋势已有一定缓解，从经济活动恢复到居民消费信心修复可能会经历一个传导过程，但这也意味着本轮经济复苏的持续性可能会超过以往的经济周期。另一方面，从风险防范角度出发，我们需要密切关注美国通胀的韧性、国际地缘政治的演变、国内地产行业的修复进程以及地方政府债务的化解进度，这些变量或将明显影响经济的总量和结构。对于债券市场，我们认为目前的收益率水平已经反映了较为悲观的经济预期，较低的票息以及较为扁平的收益率曲线，使得拉长久期的赔率不足。对于权益市场，在经济增长引擎发生变化的情况下，高经济敏感性行业的表现将可能进一步分化。对于地产、建筑、建材等板块，总量层面多数是受损的，即便政策有刺激，总体景气度也难以回到2021年之前的水平。因此，我们在投资操作上将回避受损比例过高的领域、同时重视行业有一定出清的领域。对于地产敏感度不高但经济敏感度较高的领域，例如食品饮料、传媒等行业，在经济波动中有望展现出较强的业绩韧性。新能源、军工、半导体等前期高景气板块，行业长期需求较为确定，与经济关联度低。如果由于短期景气度下降或阶段性因素扰动导致估值进一步压缩，将会带来较好的配置机会。","fund":{"_id":3000000016424,"__csrcFundId":11818,"stockCode":"016424","shortName":"广发集汇债券A","masterFundShortName":"广发集汇债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16424,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:38.303Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发集汇债券型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":845947558.19,"setUpShares":845947558.19,"followedNum":1,"pinyin":"gfjhzqxzqtzjj","managers":[{"stockCode":"db20285141","stockType":"fund_manager","exchange":"fm","tickerId":2517146100,"name":"姚秋"},{"stockCode":"db20745147","stockType":"fund_manager","exchange":"fm","tickerId":2304207110,"name":"吴迪"}]},"announcement":{"linkText":"广发集汇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=955421","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1cf7fea5b3eb0523b36","date":"2023-03-30T16:00:00.000Z","stockId":3000000016424,"sao":"2023年一季度，经济延续了2022年年底以来的复苏势头，线下实物消费和服务消费明显修复，地产销售有边际改善，二手房销量增幅大于新房。一季度，债券收益整体呈现先冲高再回落的过程，季末利率债收益率与年初时点相比变化较小，信用债收益率则明显下行。权益市场风格切换明显且迅速，计算机、电子等与人工智能相关的标的涨幅较大，而新能源产业链相关标的跌幅较大。报告期内，我们坚持从估值与中长期基本面相结合的角度出发。债券方面，本组合维持了中短久期、高等级信用债策略，杠杆水平保持在较低位置，严格控制组合的信用风险。权益方面，本组合主要配置于计算机、金融、必选与可选消费、医药、化工等行业，根据新能源领域的供需格局变化，我们对相关行业持仓进行了内部结构的调整。总体而言，我们维持了相对分散且均衡的持仓结构，精选各领域内确定性高、估值合理的标的进行配置，避免在单一方向上有过多的风险暴露。此外，我们对转债的投资机会保持持续关注。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:35.038Z","fund":{"_id":3000000016424,"__csrcFundId":11818,"stockCode":"016424","shortName":"广发集汇债券A","masterFundShortName":"广发集汇债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16424,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:38.303Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发集汇债券型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":845947558.19,"setUpShares":845947558.19,"followedNum":1,"pinyin":"gfjhzqxzqtzjj","managers":[{"stockCode":"db20285141","stockType":"fund_manager","exchange":"fm","tickerId":2517146100,"name":"姚秋"},{"stockCode":"db20745147","stockType":"fund_manager","exchange":"fm","tickerId":2304207110,"name":"吴迪"}]},"announcement":{"linkText":"广发集汇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=879522","linkType":"PDF","source":"csrc_pdf"}}]}