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2024年三季度，A股市场在一揽子政策利好下走出超跌反弹的行情。7月、8月市场避险情绪较强，A股市场震荡回调，业绩稳定的红利风格表现相对较好。9月稳增长政策密集出台，首先央行公告降息、降准、降房贷利率三管齐下，紧接着政治局会议超预期召开，传递出明确的稳经济、稳市场、稳预期信号，有效扭转了市场情绪。A股指数整体收涨，其中上证指数上涨12.44%，深证成指上涨19.00%，创业板上涨29.21%。转债市场方面，2024年三季度，可转债市场整体跟随正股走势，先抑后扬。具体来看，7月和8月，权益市场延续回调，转债市场跟随下行，在部分弱资质转债信用风险的扰动下，转债市场担忧情绪加剧，估值亦有压缩。9月稳增长政策密集出台，带动权益市场大幅反弹，转债市场也随之超跌反弹，三季度中证转债指数小幅收涨0.58%。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:00.943Z","fund":{"_id":3000000016641,"__csrcFundId":12349,"stockCode":"016641","shortName":"华商稳健泓利一年持有混合(016641)","masterFundShortName":"华商稳健泓利一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16641,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:08:56.365Z","status":"normal","exchange":"jj","fundCollectionId":4000050510000,"name":"华商稳健泓利一年持有期混合型证券投资基金","inceptionDate":"2023-05-15T16:00:00.000Z","setUpDate":"2023-05-15T16:00:00.000Z","setUpAssetScale":255476852.57,"setUpShares":255476852.57,"pinyin":"hswjhlyncyqhhxzqtzjj","followedNum":0,"managers":[{"stockCode":"j101020157","stockType":"fund_manager","exchange":"fm","tickerId":262504256410,"name":"张雨迪"}]},"announcement":{"linkText":"华商稳健泓利一年持有期混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1178704","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1e87fea5b3eb05255a9","date":"2024-06-29T16:00:00.000Z","stockId":3000000016641,"sao":"债券市场方面，2024年上半年，债券市场在流动性充裕、机构配置需求旺盛、政府债发行进度缓慢等利好因素的共同作用下，整体呈现牛市格局，10年国债利率从2.56%下行至2.20%附近，1年期国债利率从2.12%下行至1.54%附近，期限利差有所走扩。信用债收益率也跟随利率下行，各评级信用债的信用利差均进一步收窄。权益市场方面，2024年上半年，A股市场波动较大，大盘深V反弹后又再度回落，上半年上证指数小幅收跌0.25%。具体来看，1月权益市场情绪不佳，上证指数最低下探至2635点附近。2月以来随着经济预期边际改善、LPR超预期下调、维稳政策持续发力、新“国九条”出台，市场情绪大幅提振。在国内工业生产态势逐步向好的过程中，上证指数震荡上行至3174点附近。5月中下旬以来，随着社融等数据不及预期，A股市场整体回调。市场风格上大盘相对小盘占优，价值相对成长占优。转债市场方面，2024年上半年，可转债市场波动较大，先下跌后上涨再回调，上半年末，中证转债指数收于390.52点，较年初基本持平。1月份，权益市场情绪不佳，上证指数最低下探至2635点附近，带动转债市场持续下跌，中证转债指数最大回撤达到5%以上。2月以来，部分经济数据超预期修复，降准落地带动市场流动性改善，叠加稳增长政策密集出台，转债市场的上涨动能也进一步提升。5月下旬以来，基本面数据略有反复，市场风险偏好下降，投资者情绪偏谨慎，A股震荡回调为主，转债跟随权益震荡调整。与此同时，转债进入评级披露期，信用扰动有所增加，低评级的小盘转债表现偏弱。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:00.941Z","mo":"展望后市，从宏观层面来看，国内经济基本面仍处于温和修复的进程中，稳增长政策有望持续发力，货币政策大概率维持稳健宽松，同时海外可能开启降息进程，内外部因素逐渐向好。债券市场方面，在宽松的货币政策下，市场流动性较为充裕，债市的供需格局短期内较难扭转，债市整体处于相对有利的外部环境，可以积极寻求配置机会。权益市场方面，虽然内需复苏和风险偏好提升仍是一个缓慢的过程，但长期来看资本市场向下的空间有限，而短期要做的是固本培元，先稳后进，可筛选业绩稳健、估值合理的个股和转债标的进行配置。","fund":{"_id":3000000016641,"__csrcFundId":12349,"stockCode":"016641","shortName":"华商稳健泓利一年持有混合(016641)","masterFundShortName":"华商稳健泓利一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16641,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:08:56.365Z","status":"normal","exchange":"jj","fundCollectionId":4000050510000,"name":"华商稳健泓利一年持有期混合型证券投资基金","inceptionDate":"2023-05-15T16:00:00.000Z","setUpDate":"2023-05-15T16:00:00.000Z","setUpAssetScale":255476852.57,"setUpShares":255476852.57,"pinyin":"hswjhlyncyqhhxzqtzjj","followedNum":0,"managers":[{"stockCode":"j101020157","stockType":"fund_manager","exchange":"fm","tickerId":262504256410,"name":"张雨迪"}]},"announcement":{"linkText":"华商稳健泓利一年持有期混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1149523","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1e87fea5b3eb05255a8","date":"2024-03-30T16:00:00.000Z","stockId":3000000016641,"sao":"债券市场方面，2024年一季度，债券市场整体走牛，10年国债收益率从去年末的2.56%下行至3月末的2.29%。具体来看， 1月至2月初债市主要对货币宽松政策进行博弈，在1月15日之前10年国债围绕2.50%窄幅震荡， 1月24日央行宣布降准，10年国债迅速向下突破至2.4%附近。春节后5年LPR超预期下调25BP，再叠加多地城商行存款利率调降，债市做多情绪强劲，10年国债一路顺畅下行至2.26%附近。3月中旬以来，债市止盈需求增加，多空力量不断博弈，10年国债围绕2.30%附近窄幅波动。权益市场方面，2024年一季度，A股市场呈现先抑后扬态势。1月权益市场整体较为低迷，1月上证指数下跌6.27%，深圳成指下跌13.77%。2月初以来在稳增长政策发力、资本市场改革预期背景下，权益市场投资情绪大幅好转，A股市场快速反弹，2月上证指数上涨8.13%，深圳成指上涨13.61%。3月随着出口、PMI等经济数据的边际好转，权益市场进一步企稳回升，截至一季度末，上证指数上涨2.23%，深证成指下跌1.3%，大盘蓝筹股表现整体强于中小盘股。2024年一季度，转债市场整体先抑后扬，跟随正股走势形成V型反转。1月份，权益市场情绪不佳，带动转债市场持续下跌，中证转债指数最大回撤达到5%以上。2月以来，部分经济数据超预期修复，降准落地带动市场流动性改善，权益市场投资者情绪明显改善，转债市场也随之迎来反弹行情，但反弹力度不及正股市场，2月中证转债指数上涨2.73%。进入3月，权益市场进一步企稳回升后进入震荡行情，转债市场也小幅震荡，中证转债指数在震荡中小幅补涨0.55%。截至一季度末，中证转债指数小幅下跌0.81%，各板块间分化较大，石油石化、银行、有色等顺周期行业表现较好，医药、计算机、房地产等行业表现较弱。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:00.938Z","fund":{"_id":3000000016641,"__csrcFundId":12349,"stockCode":"016641","shortName":"华商稳健泓利一年持有混合(016641)","masterFundShortName":"华商稳健泓利一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16641,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:08:56.365Z","status":"normal","exchange":"jj","fundCollectionId":4000050510000,"name":"华商稳健泓利一年持有期混合型证券投资基金","inceptionDate":"2023-05-15T16:00:00.000Z","setUpDate":"2023-05-15T16:00:00.000Z","setUpAssetScale":255476852.57,"setUpShares":255476852.57,"pinyin":"hswjhlyncyqhhxzqtzjj","followedNum":0,"managers":[{"stockCode":"j101020157","stockType":"fund_manager","exchange":"fm","tickerId":262504256410,"name":"张雨迪"}]},"announcement":{"linkText":"华商稳健泓利一年持有期混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1073962","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1e87fea5b3eb05255a7","date":"2023-12-30T16:00:00.000Z","stockId":3000000016641,"sao":"债券市场方面，2023年利率债整体呈现牛市行情，10年期国债收益率在波动中震荡下行。一季度高频经济数据表现亮眼，春节期间消费、出行快速复苏，地产销售阶段性复苏，市场对于经济修复的信心较为强劲，债市整体偏弱，10年期国债一度向上接近3.1%，整体围绕2.9%附近窄幅波动。3月至8月中旬，经济复苏斜率放缓，央行于6月、8月两次降息，流动性较为充裕，投资者对债市预期大幅好转，配置情绪火热，10年国债收益率从2.8%持续下行至2.54%的年内低点。8月下旬至11月，央行提及“防空转”，资金面边际收紧，地产政策密集出台，地方政府债加速发行，这些因素共同压制债市做多情绪，债市收益率持续上行，其中短端上行幅度更为明显。进入12月，中央经济工作会议落地，整体符合市场预期，同时银行存款利率下调，债市情绪大幅好转，机构配置需求强烈，债市收益率呈“牛陡”走势全线下行，10年期国债到期收益率下行至2.55%附近的年内较低点。权益市场方面，2023年股市整体表现不佳。上半年A股市场走势较为震荡，一季度高频经济数据表现亮眼，投资者对经济复苏预期较高， A股市场1月表现较为强势，2月和3月窄幅震荡。4月中上旬，A股市场呈现明显结构性行情，计算机、传媒、通信等板块涨势较好，上证综指一度涨至3418点的年内高点。但5月以后，随着高频经济数据的边际放缓，投资者对稳增长政策的期待也有所下降，权益市场整体震荡下行，仅在出现稳增长政策利好的7月末和10月末出现阶段性行情，但持续时间均不长。全年上证综指收跌3.7%，其他主要宽基指数也以收跌为主。转债市场方面，2023年转债市场在债市走牛和股市下跌的共同作用下，呈现震荡下跌的态势。一季度转债市场迎来阶段性行情，1月份转债市场跟随权益市场开启普涨行情， 2月和3月市场开启震荡阶段，4月份权益市场在人工智能带动下有阶段性上涨，转债市场热度同样有所上升，中证转债指数一度上涨5%。4月下旬至7月，随着权益市场下行，转债市场也震荡下跌，但在债市走牛的基础上波动相对较小。7月政治局会议释放稳增长信号，转债阶段性录得弱收益，但随着后续股市、债市表现均不佳，8月以后转债整体下跌，仅在10月末阶段性反弹，成交量也整体收缩。在纯债情绪较好的背景下，转债相比正股呈现出一定的抗跌属性，全年中证转债指数下跌0.48%。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:00.935Z","mo":"展望2024年，中国经济有望延续复苏的趋势。货币政策大概率维持稳健宽松，政策利率可能仍有一定调整空间。财政总量有进一步释放的空间和潜力，地产宽松政策持续推进，消费仍处于逐步修复的过程。随着稳增长政策的持续发力，2024年国内经济运行有望进一步好转。落实到微观企业盈利层面，在经济回暖的背景下，预计A股盈利将有所改善，当前A股的估值处于历史偏低水平，可积极寻求配置机会。债券方面，当前货币政策维持宽松，宏观经济延续弱复苏，债券仍有一定的配置价值，但前期债券利率下行较快，收益空间相对有限。转债方面，转债市场有望跟随权益资产的复苏迎来结构性配置机会，可以结合行业景气度、个券绝对价格和估值水平，筛选具备性价比的转债标的。","fund":{"_id":3000000016641,"__csrcFundId":12349,"stockCode":"016641","shortName":"华商稳健泓利一年持有混合(016641)","masterFundShortName":"华商稳健泓利一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16641,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:08:56.365Z","status":"normal","exchange":"jj","fundCollectionId":4000050510000,"name":"华商稳健泓利一年持有期混合型证券投资基金","inceptionDate":"2023-05-15T16:00:00.000Z","setUpDate":"2023-05-15T16:00:00.000Z","setUpAssetScale":255476852.57,"setUpShares":255476852.57,"pinyin":"hswjhlyncyqhhxzqtzjj","followedNum":0,"managers":[{"stockCode":"j101020157","stockType":"fund_manager","exchange":"fm","tickerId":262504256410,"name":"张雨迪"}]},"announcement":{"linkText":"华商稳健泓利一年持有期混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1057830","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1e87fea5b3eb05255a6","date":"2023-09-29T16:00:00.000Z","stockId":3000000016641,"sao":"债券市场方面，三季度债市收益率先下后上，整体呈现出平坦化上行的态势，短端上行幅度大于长端。具体来看，7月资金利率较为宽松，国内宏观经济数据边际下滑，驱动债市收益率下行，7月底政治局会议释放逆周期政策信号，债市阶段性调整后回归下行趋势。8月中旬央行非对称降息，引发市场对信贷扩张和防止资金空转的预期，叠加后续多部门密集推出政策组合拳，包括“认房不认贷”、下调存量首套房贷利率、推进特殊再融资债发行等，共同压制债市做多情绪。9月份以来经济数据边际好转，资金利率维持偏紧，债市持续上行，其中短端上行幅度更为明显。权益市场方面，三季度以来主要权益指数震荡下行，仅在7月末和8月末因政策利好出现两轮反弹。具体来看，7月经济金融数据偏弱，权益市场整体情绪一般，整体呈现震荡态势，成交量小幅收缩。7月24日政治局会议释放利好的政策信号，市场情绪明显提振，权益指数出现大幅反弹，非银板块领涨，周期、消费均有不错的表现。8月政策兑现后止盈情绪较浓，权益市场出现较大调整，随后8月底调降印花税、暂缓发行等政策组合拳落地，权益市场短期反弹，但持续时间不长，9月整体仍震荡下行。转债市场方面，三季度转债市场同样呈现出震荡下行的走势，但跌幅和回撤程度较权益指数仍有优势，三季度中证转债下跌0.52%，呈现明显抗跌性。分阶段来看，7月和8月转债市场窄幅震荡并录得弱收益，9月以后在宽地产政策落地、资金利率预期偏紧之下，机构止盈情绪浓厚，叠加利率债调整，转债整体下跌，成交量收缩，此后处于反复震荡筑底阶段。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:00.932Z","fund":{"_id":3000000016641,"__csrcFundId":12349,"stockCode":"016641","shortName":"华商稳健泓利一年持有混合(016641)","masterFundShortName":"华商稳健泓利一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16641,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:08:56.365Z","status":"normal","exchange":"jj","fundCollectionId":4000050510000,"name":"华商稳健泓利一年持有期混合型证券投资基金","inceptionDate":"2023-05-15T16:00:00.000Z","setUpDate":"2023-05-15T16:00:00.000Z","setUpAssetScale":255476852.57,"setUpShares":255476852.57,"pinyin":"hswjhlyncyqhhxzqtzjj","followedNum":0,"managers":[{"stockCode":"j101020157","stockType":"fund_manager","exchange":"fm","tickerId":262504256410,"name":"张雨迪"}]},"announcement":{"linkText":"华商稳健泓利一年持有期混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=993119","linkType":"PDF","source":"csrc_pdf"}}]}