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的正面影响，但实质政策效果及其持续性仍待数据验证。债券市场方面，上半年流动性环境整体充裕，债券收益率震荡下行，信用利差持续压缩。各个关键期限的国债收益率均有明显下行，但在央行警示利率风险的时点有所波动。股票市场在国内需求弱现实、海外需求弱预期的双重压制下，主要指数均出现调整，仅在红利与AI等不多的方面有较好的持续性表现。　　债券资产方面，本基金持续优化持仓结构，整体减配信用债，增加利率债波段交易，改善组合流动性。权益资产方面，仓位先减后增，偏重于房地产、金融、耐用品消费等行业。可转债方面偏重于各行业中平衡型转债。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:23.748Z","mo":"展望下半年，经济复苏的方向依然明确，但新旧动能转换期间，新动能仍待培育，旧困难尚待解决。后续一段时间，我们重点关注社融“挤水分”之后，真实融资需求的企稳、居民收入预期与消费意愿的改善。政策方面，持续观察货币政策的空间、广义财政的力度以及地产政策的落实效果。对应到资产表现，短期内经济基本面与市场风险偏好均未发生明显变化，广义基金的规模扩张仍对债券相对有利，但在信用利差已大幅压缩的情况下，利率债与高评级信用债的性价比更为明显。债券资产方面，组合预计保持中性久期，寻找短期确定性更强的个券标的。权益资产方面，我们相对坚定红利和出海的方向，也会在相关标的上保持深度的思考和跟踪，做好风险防范。期待国内需求刺激政策的进一步出台落地，关注相关内需龙头个股。","fund":{"_id":3000000016826,"__csrcFundId":12041,"stockCode":"016826","shortName":"安信稳健启航一年持有混合A","masterFundShortName":"安信稳健启航一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16826,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:39.066Z","status":"normal","exchange":"jj","fundCollectionId":4000050700000,"name":"安信稳健启航一年持有期混合型证券投资基金","inceptionDate":"2022-12-27T16:00:00.000Z","setUpDate":"2022-12-27T16:00:00.000Z","setUpAssetScale":179717453.41,"setUpShares":179717453.41,"pinyin":"axwjqhyncyqhhxzqtzjj","managers":[{"stockCode":"db20440520","stockType":"fund_manager","exchange":"fm","tickerId":2523165830,"name":"袁玮"},{"stockCode":"db20275652","stockType":"fund_manager","exchange":"fm","tickerId":2320153940,"name":"王涛"}]},"announcement":{"linkText":"安信稳健启航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=1142410","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1ff7fea5b3eb0526e68","date":"2024-03-30T16:00:00.000Z","stockId":3000000016826,"sao":"2024年以来，经济基本面呈现弱复苏态势，工业生产与对外贸易表现较好，但居民消费、基建与地产等内需板块延续偏弱的格局，工业品价格增速仍处于负值区间。央行总体延续了稳健的政策思路，虽未有调降政策利率，但通过降准与积极的公开市场操作维持了合理充裕的货币环境。财政方面，或受到上年度特别国债与地方化债政策影响，今年地方债发行进度偏慢，城投融资也有放缓。债券市场整体在充裕的流动性环境、偏弱的基本面预期与收缩的债券供给背景下演绎出“资产荒”行情，收益率震荡下行，10年国债收益率突破疫情期限低点，弱资质城投债信用利差持续压缩。期间，1年期国债下行35bp至1.72%，10年期国债下行27bp至2.29%，30年期国债下行37bp至2.46%。上证指数今年一季度整体呈现先抑后扬，年初至今实现正收益，风格方面受流动性冲击影响大盘表现好于小盘。　　债券资产方面，组合在一季度持续优化持仓结构，整体减配中低评级个券，增配利率债与高等级二级资本债，提高组合流动性。权益资产方面，组合仓位有所降低。转债在结构上集中于具有科技创新预期驱动的制造业领域个券，但转债与小盘股关联较大，表现弱于股票。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:23.745Z","fund":{"_id":3000000016826,"__csrcFundId":12041,"stockCode":"016826","shortName":"安信稳健启航一年持有混合A","masterFundShortName":"安信稳健启航一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16826,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:39.066Z","status":"normal","exchange":"jj","fundCollectionId":4000050700000,"name":"安信稳健启航一年持有期混合型证券投资基金","inceptionDate":"2022-12-27T16:00:00.000Z","setUpDate":"2022-12-27T16:00:00.000Z","setUpAssetScale":179717453.41,"setUpShares":179717453.41,"pinyin":"axwjqhyncyqhhxzqtzjj","managers":[{"stockCode":"db20440520","stockType":"fund_manager","exchange":"fm","tickerId":2523165830,"name":"袁玮"},{"stockCode":"db20275652","stockType":"fund_manager","exchange":"fm","tickerId":2320153940,"name":"王涛"}]},"announcement":{"linkText":"安信稳健启航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=1067260","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1ff7fea5b3eb0526e67","date":"2023-12-30T16:00:00.000Z","stockId":3000000016826,"sao":"2023年国内经济总体平稳运行，外部环境依旧复杂多变，我国处在产业结构转型的过渡期，有效需求不足是现阶段困扰国内经济的核心问题。　　海外方面，全球经济在2023年面临诸多挑战。地缘政治事件频发推升能源品价格，多国央行相继加息，美欧等国银行业曾爆发危机。各国在疫情后周期的经济走势呈现分化：欧元区在高息环境下对经济增长的抑制明显；泰国、马来西亚等国受益于疫后服务消费需求的集中释放、经济增长表现较好；美国经济突显韧性但已显现降温迹象，通胀压力持续放缓，美联储连续暂停加息，市场定价本轮加息周期结束。美元指数全年反复震荡，四季度见顶回落。　　国内方面，一季度防疫全面放开、房地产政策放松，商品消费和房地产的积压需求集中释放，带动经济数据显著改善，从二季度起，受内生动能不足和房地产市场低迷的影响，经济修复的动能趋缓，PMI持续在荣枯线附近徘徊。国内通胀年内持续走低，CPI由正转负、呈下行态势，PPI处于低位、全年负增长。政策方面，政府针对经济形势采用积极的应对措施，央行年内两次下调存款准备金率，两次下调LPR利率，在人民币汇率承压的阶段，央行持续传递稳定汇率的决心，但操作上有所受限，四季度贬值压力缓解、重新向市场释放了中长期流动性；同时2023年财政投放的力度加大，在7月经济数据大幅走弱的阶段，政治局会议确定稳经济方向，年内特殊再融资债落地、万亿国债增发，通过更为积极的财政政策为经济托底。　　2023年债券市场走势分为四个阶段，第一个阶段年初至2月底，市场在政策放开后延续偏强的经济预期，叠加理财资金赎回，债券收益率上行后在高位震荡。第二阶段3月初至8月中旬，两会对全年经济目标设定略低于市场预期，并强调“不要有大干快上的冲动”，市场对后续政策预期显著转弱，叠加经济数据环比走弱、央行超预期的降准降息，债券收益率持续下行。第三阶段8月下旬至10月底，经济数据环比企稳但依然偏弱，政治局会议后“一揽子”政策相继出台和落地，汇率承压、政府债发行提速、央行有意打击资金空转，导致流动性边际收紧，债券收益率一路上行，特别是短期限债券上行较快，信用利差显著拉宽。11月之后，随着政府债发行高峰结束、美联储暂停加息，流动性压力缓解，债券收益率回落。截至年底，1年及以上期限各类型的债券收益率较年初均有所下行。　　2023年，A股和H股市场持续调整，但整体跌幅相对2022年有所收敛。结构上看，红利股和微盘股表现较好，机构重仓的蓝筹股则表现较差。这样的结构反映了市场对未来一段时间的经济运行缺乏足够的信心，因而采取了比较极端的防御性投资策略。随着机构重仓股的持续下跌，很多优质蓝筹股的估值都跌至了具有长期吸引力的位置。　　债券投资方面，由于2023年初我们对于疫情放开后的经济复苏有所期待，账户持仓品种相对保守，持仓以利率债和高等级信用债为主，维持在中短久期。二季度以后提高了组合的杠杆水平、取得稳定的套息收益，并阶段性通过波段交易增厚组合收益。三四季度在市场风险偏好下降的时点逐步提高组合久期和杠杆水平。　　权益投资方面，我们利用红利股不断上涨的机会，对持仓中的高红利个股进行了适当的减仓，并对估值具备吸引力的顺周期个股进行了逢低的加仓。考虑到市场的彻底转折还言之过早，我们的具体操作是比较谨慎、平缓的，但同时也使坚定的、可持续的。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:23.742Z","mo":"展望2024年，预计宏观经济将呈现前低后高的态势，政策着力扩大内需，整体利率中枢较2023年略有上行。　　宏观经济方面，现阶段我国在2023年逐步从疫后经济修复第一阶段(即上半年居民出行)恢复向第二阶段(即企业、居民的资产负债表改善)转变，需求不足是国内经济现阶段的核心矛盾，经济修复的可持续性仍需观察。预计2024年上半年国内经济将在经济底部阶段震荡、下半年有望看到政策落地效果逐渐显现、经济走向复苏。具体来看，2024年全球经济增速预计继续放缓，我国出口依然承压，但在全球贸易的结构性机会下相较2023年将有所回升；投资方面依然存在分化，制造业和基建投资在政策影响下稳健增长，地产投资或将延续负增长、降幅有望小幅收敛。消费动能预计在政策引导下延续修复。政策方面，在国内经济尚未明显修复时，预计不会看到货币政策的转向，流动性环境整体仍有望维持中性偏宽松状态。因此短期来看债券市场快速下跌的风险不大，仍以震荡行情为主，但全年来看债券收益率的中枢将小幅上行。权益市场方面，我们相信，接下来的一年，各行各业都将在弊病破除后，进入更加良性和开阔的发展道路，市场的信心也或将出现拐点。因此，我们对未来的市场不能盲目悲观，投资的策略也需要更加积极进取。","fund":{"_id":3000000016826,"__csrcFundId":12041,"stockCode":"016826","shortName":"安信稳健启航一年持有混合A","masterFundShortName":"安信稳健启航一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16826,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:39.066Z","status":"normal","exchange":"jj","fundCollectionId":4000050700000,"name":"安信稳健启航一年持有期混合型证券投资基金","inceptionDate":"2022-12-27T16:00:00.000Z","setUpDate":"2022-12-27T16:00:00.000Z","setUpAssetScale":179717453.41,"setUpShares":179717453.41,"pinyin":"axwjqhyncyqhhxzqtzjj","managers":[{"stockCode":"db20440520","stockType":"fund_manager","exchange":"fm","tickerId":2523165830,"name":"袁玮"},{"stockCode":"db20275652","stockType":"fund_manager","exchange":"fm","tickerId":2320153940,"name":"王涛"}]},"announcement":{"linkText":"安信稳健启航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=1050092","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1ff7fea5b3eb0526e66","date":"2023-09-29T16:00:00.000Z","stockId":3000000016826,"sao":"2023年三季度国内经济修复的动能边际改善，经济数据表现强于二季度、弱于一季度，人民币汇率先升后贬，期间多数宏观指标强于市场预期。　　海外方面，在油价大幅涨价的压力下美国经济通胀数据连续反弹，美联储于7月加息25bp、9月暂停加息并释放鹰派言论，市场加息预期升温，美元指数大幅上涨。国内方面，9月PMI重新回到荣枯线上方，结构上外需的修复快于内需，生产端的修复持续强于服务业，在稳增长“一揽子”政策的托举下经济边际修复，进一步的落地效果有待四季度验证。具体看，投资同比增速有所放缓，三季度政府债发行提速对基建投资构成支撑，房地产投资仍疲弱，政策放松后销售数据环比改善、传导至投资端尚待时日；出口增速在高基数下仍为负，但在外需改善的支撑下韧性较强；消费持续回暖，社零同比增速今年以来均为正。社融触底回升，呈现总量改善、结构仍待优化的特征。通胀数据维持在低位，PPI和CPI的剪刀差倒挂幅度持续收敛。货币政策方面，央行8月降息、9月降准均超市场预期，为实体经济发展、银行获得低成本资金、地方债化债等提供了合理充裕的流动性。三季度债券收益率先下后上，收益率曲线呈现平坦化趋势，利率债收益率上行幅度大于信用债，信用利差较二季度末有所收窄，超短期限和低评级品种收窄更为明显。三季度权益市场整体延续弱势调整，传统行业蓝筹股表现相对抗跌，基金重仓的成长股跌幅较大，为数不多的亮点也处于快速轮动之中，成交量进一步萎缩，仍呈现存量博弈的特征，市场信心有待恢复。　　本基金操作方面，三季度在国内经济边际修复、权益市场情绪回落较多的时点，小幅增加股票和可转债仓位，同时降低了债券仓位。杠杆水平在7月有所提高，取得较为稳定的套息收益，8月降息后通过卖债逐步降低组合的杠杆水平，临近季末消除了杠杆。期间通过利率债波段交易增厚组合收益，并在季末时点资金利率和跨月现金类品种收益率快速上行的阶段，增加了同业存单和回购的比例。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:23.739Z","fund":{"_id":3000000016826,"__csrcFundId":12041,"stockCode":"016826","shortName":"安信稳健启航一年持有混合A","masterFundShortName":"安信稳健启航一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16826,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:39.066Z","status":"normal","exchange":"jj","fundCollectionId":4000050700000,"name":"安信稳健启航一年持有期混合型证券投资基金","inceptionDate":"2022-12-27T16:00:00.000Z","setUpDate":"2022-12-27T16:00:00.000Z","setUpAssetScale":179717453.41,"setUpShares":179717453.41,"pinyin":"axwjqhyncyqhhxzqtzjj","managers":[{"stockCode":"db20440520","stockType":"fund_manager","exchange":"fm","tickerId":2523165830,"name":"袁玮"},{"stockCode":"db20275652","stockType":"fund_manager","exchange":"fm","tickerId":2320153940,"name":"王涛"}]},"announcement":{"linkText":"安信稳健启航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=985823","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1ff7fea5b3eb0526e65","date":"2023-06-29T16:00:00.000Z","stockId":3000000016826,"sao":"2023年上半年国内经济复苏动能先升后降，一季度受疫情管控政策放开和专项债前置的影响，国内经济保持高速修复，二季度内需不足叠加外需回落压力，国内经济复苏态势有所放缓，经济数据表现弱于一季度，汇率持续贬值，期间多数宏观指标低于市场预期。海外方面，美国就业数据超预期，通胀数据虽持续下行但核心服务通胀仍在高位，加息预期出现反复。国内方面，基建投资和制造业投资仍对经济起到支撑作用，但二季度以来增速低于预期；房地产投资的疲弱受制于供需双方信心不足，房企偏向“保交楼”，在疫情积压的需求集中释放后，销售数据由强转弱；消费有所修复但幅度不高，与居民收入增长放缓、储蓄向消费的转化较慢有关；出口好于预期，但在复杂的国际环境下持续承压。上半年社融增量和新增人民币贷款均创同期新高，结构上呈现企业强、居民弱的分化特征，但“M2-M1剪刀差”走扩显示企业资金活化程度偏弱，融资需求能否持续有待验证。　　权益方面，上半年顺周期、消费、新能源都遇到了阶段性的困境，地产基建投资不及预期对下游顺周期行业的影响，居民收入预期下降对消费信心的冲击，新能源产能扩充过快导致格局恶化等。资金面总体宽松，宽货币政策环境持续，但市场表现反应为对于经济的长期增长动能缺乏信心，风险偏好显著下行。债券方面，收益率先上后下，逐步接近去年低点水平，收益率曲线较去年末呈平坦化趋势，中长端下行幅度略高于短端。在机构配置需求的支撑下信用债与利率债的利差大幅收窄，低评级收窄幅度大于高评级，短端收窄幅度大于长端。　　本产品年初先降低了债券组合久期，在二季度增加了债券组合久期，持续增加信用债的仓位比例，持仓以短久期和中高评级信用债为主。一季度末临近跨季时将杠杆消除，二季度逐步增加组合的杠杆水平，取得较为稳定的套息收益。在5月末和半年末时点资金利率和短期债券收益率快速上行的阶段，增加了高流动性债券的交易性仓位。　　权益方面，维持相对稳定的股票仓位，小幅增加了可转债仓位。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:23.736Z","mo":"展望下半年，美国加息进入尾声，经济韧性或有所衰减，全球经济增长动能趋于放缓。国内经济复苏动能有望在政策托底下边际有所回升。出口方面，随着美联储加息效果显现，外需或将减弱，出口对经济的拉动效应可能有所放缓；投资方面，基建投资可能成为政策发力的方向，地产投资或延续负增长，整体投资增速将有所放缓。消费方面，在相关政策的促进下，下半年相较二季度将有所改善。政策方面，预计货币政策延续宽松，地方债发行较二季度有望提速。下半年债券收益率的波动幅度可能小于上半年，大幅上行的风险较低。权益市场的悲观情绪有望改善，部分标的的估值已具备长期投资价值。","fund":{"_id":3000000016826,"__csrcFundId":12041,"stockCode":"016826","shortName":"安信稳健启航一年持有混合A","masterFundShortName":"安信稳健启航一年持有混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":16826,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:39.066Z","status":"normal","exchange":"jj","fundCollectionId":4000050700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