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年以来，在国内外多重因素叠加影响下，A 股市场先扬后抑，整体表现弱势。年初在国内经济疫后修复的和美联储加息放缓双重预期下，开年延续去年以来的涨势。2-3 月受美联储加息影响，A 股主要宽基指数窄幅震荡，整体小幅下跌， 4月份随着季报和年报陆续披露，对经济复苏的担心加重，市场逐步下行。后续随美债收益率持续上行，外资流出等因素影响，市场持续震荡下行。风格方面，小盘价值风格持续较好，尤其微盘股涨幅较大。而大盘成长股表现不佳。债券市场全年受益于宽松货币政策，收益较高。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:18.087Z","mo":"展望2024年，随着美国降息、全球流动性有望迎来拐点，海外风险偏好持续修复。国内稳增长政策持续发力，企业业绩迎来边际改善，为 A 股向上行情提供支撑。当前 A 股估值处于历史较低水平，具有较大修复空间。同时，中长期资金引入力度不断加大，市场情绪逐步回暖，增量资金状况有望缓步改善。风格方面，市场下行期低估值股票相对抗跌，而上行期成长有望占优。","fund":{"_id":3000000017782,"__csrcFundId":12343,"stockCode":"017782","shortName":"博时恒享债券(017782)","masterFundShortName":"博时恒享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17782,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:40:56.360Z","status":"normal","exchange":"jj","fundCollectionId":4000050050000,"name":"博时恒享债券型证券投资基金","inceptionDate":"2023-03-29T16:00:00.000Z","setUpDate":"2023-03-29T16:00:00.000Z","setUpAssetScale":160044176.41,"setUpShares":160044176.41,"pinyin":"bshxzqxzqtzjj","managers":[{"stockCode":"db20868899","stockType":"fund_manager","exchange":"fm","tickerId":2023227030,"name":"唐薇"},{"stockCode":"8801401434","stockType":"fund_manager","exchange":"fm","tickerId":242612156200,"name":"谢泽林"}]},"announcement":{"linkText":"博时恒享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=1053105","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2727fea5b3eb052dc5e","date":"2023-09-29T16:00:00.000Z","stockId":3000000017782,"sao":"三季度中债总财富指数整体上涨，近期略有回调。万得全A指数震荡下跌。回顾本季度国内宏观运行情况，工业生产持续恢复，大宗商品价格上涨，体现经济预期可能企稳回升。组合本季度行业风格配置较为均衡，保持中性略低的仓位。展望后市，我们预判经济会逐步向上，企业盈利会得以提升，权益市场有可能迎来一波震荡上行行情，我们倾向于认为机会大于风险。 而债券市场估值较高，赔率不足，因此对债市持谨慎态度。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:18.077Z","fund":{"_id":3000000017782,"__csrcFundId":12343,"stockCode":"017782","shortName":"博时恒享债券(017782)","masterFundShortName":"博时恒享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17782,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:40:56.360Z","status":"normal","exchange":"jj","fundCollectionId":4000050050000,"name":"博时恒享债券型证券投资基金","inceptionDate":"2023-03-29T16:00:00.000Z","setUpDate":"2023-03-29T16:00:00.000Z","setUpAssetScale":160044176.41,"setUpShares":160044176.41,"pinyin":"bshxzqxzqtzjj","managers":[{"stockCode":"db20868899","stockType":"fund_manager","exchange":"fm","tickerId":2023227030,"name":"唐薇"},{"stockCode":"8801401434","stockType":"fund_manager","exchange":"fm","tickerId":242612156200,"name":"谢泽林"}]},"announcement":{"linkText":"博时恒享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=988172","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2727fea5b3eb052dc5d","date":"2023-06-29T16:00:00.000Z","stockId":3000000017782,"sao":"上半年中债总财富指数上涨2.55%，中证转债指数上涨3.37%，万得全A指数上涨3.06%。回顾上半年国内宏观运行情况，可以观察到市场预期差体现在经济复苏强度方面。今年国内经济基本面经历年初“强预期”到如今“弱预期”，4月份以来增长预期持续下修，特别是5月份经济高频数据走弱进一步降低了市场的预期。6月份后对稳增长政策的讨论开始增加，经济预期可能得以企稳回升。在此背景下，上半年金融资产经历了一季度的股强债弱和二季度的债强股弱走势。具体来看，年初债券收益率普遍上行，春节后利率债处于震荡状态，信用利差开始压缩，两会后长端利率债收益率开启下行趋势，6月上旬央行调降公开市场操作方面的政策利率，如1年MLF利率下行10bp到2.65%，债券收益率超预期下行。目前10年国债收益率基本围绕1年期MLF利率窄幅波动。股市方面结构性行情很突出，人工智能和中特估成为市场阶段性的两条主线，6月份开始在稳增长政策预期的驱动下，周期相关的板块开始见底回升。在偏弱的股市环境下，转债市场自年初上涨后基本上处于横盘震荡状况，机会更依赖正股所处行业结构选择和个券挖掘。组合上半年行业风格配置较为均衡，较少参与波动偏大的人工智能领域，适度加强了交易。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:18.071Z","mo":"展望后市，我们预判经济在下半年会逐步向上，企业盈利会得以提升，当前对经济悲观预期反应较充分的权益市场是否会迎来一波震荡上行行情，我们倾向于认为机会大于风险，而债券市场所处境界较为尴尬，短期基本面相对友好但后续边际效应可能逐渐往不利方向发展，且当前债市赔率不足，因此对债市持中性态度并多一份谨慎，在调整中寻找机会。可转债市场的问题在于估值偏高，在权益上行趋势并不强的环境下，可转债的参与难度不低，策略上可以跟随权益市场风格积极挖掘个券和做板块贝塔机会，适度加强交易。","fund":{"_id":3000000017782,"__csrcFundId":12343,"stockCode":"017782","shortName":"博时恒享债券(017782)","masterFundShortName":"博时恒享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17782,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:40:56.360Z","status":"normal","exchange":"jj","fundCollectionId":4000050050000,"name":"博时恒享债券型证券投资基金","inceptionDate":"2023-03-29T16:00:00.000Z","setUpDate":"2023-03-29T16:00:00.000Z","setUpAssetScale":160044176.41,"setUpShares":160044176.41,"pinyin":"bshxzqxzqtzjj","managers":[{"stockCode":"db20868899","stockType":"fund_manager","exchange":"fm","tickerId":2023227030,"name":"唐薇"},{"stockCode":"8801401434","stockType":"fund_manager","exchange":"fm","tickerId":242612156200,"name":"谢泽林"}]},"announcement":{"linkText":"博时恒享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=963882","linkType":"PDF","source":"csrc_pdf"}}]}