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济开门红和资金利率偏紧影响，债市出现大幅调整；二季度，受美国关税摩擦来袭、央行降准降息等因素影响，收益率快速回落，5月央行降准0.5个百分点和降息10BP后，市场出现“利好出尽”情绪，收益率再度反弹；7-9月反内卷政策和股市上涨背景下，债券市场整体呈现调整态势；10-12月，权益市场波动幅度加大，债券市场迎来阶段性喘息，叠加10月末央行恢复公开市场国债买卖操作，十年国债收益率小幅修复。全年来看，相较于2024年底，10年期国债收益率上行17BP至1.85%，3年期、5年期信用债收益率分别上行15BP和14BP；权益市场在4月后震荡走强，全年大幅收涨，其中上证指数上涨18.41%，沪深300上涨17.66%，创业板指上涨24.21%。  本报告期内，本基金债券投资方面，以中高等级信用债为主，在管控信用风险的基础上强化类属投资能力，积极增厚底仓收益；久期操作上稳健审慎，综合考虑胜率、赔率和时机，阶段性把握交易机会。权益投资方面，继续坚持红利价值底仓配置，积极把握港股互联网头部公司和A股周期、制造方向结构性机会。  2025年，在高波动市场环境中，组合管理方面通过战略资产配置和战术调整相结合的方式，做好股债动态调整，主动管理组合波动和回撤风险。展望2026年，我们将继续做好自上而下资产配置，在国内债券、A股、港股市场继续精耕细作、稳中有进，努力在管理波动的基础上获取持续稳健回报。","lastUpdated":"2026-03-30T19:08:13.242Z","mo":"展望2026年，作为“十五五”规划开局之年，政策重心将从“防风险”进一步向“促增长、调结构”倾斜，科技创新和PPI渐进式修复是贯穿全年的重要主线。2026年实际GDP增速目标或将维持在 4.5% - 5.0% 左右，PPI渐进式修复带动名义GDP增速回升，将显著改善微观企业的利润体感。在海外非美出口保持韧性和主要发达国家财政政策持续发力支撑下，我国出口大概率仍将维持较强势头，地产链对经济的拖累逐步收窄，国内基本面总体呈现缓慢复苏态势。财政政策将继续适度发力并有所前置，配合超长期特别国债及专项债，实物工作量的落地将对周期与基建链形成支撑。  债券市场方面，在基本面渐进式修复和PPI温和抬升阶段，货币政策将更多聚焦于结构，一方面积极配合财政发力，另一方面则是为经济转型提供平稳偏松的流动性环境。在此背景下，债市预计仍将维系偏震荡格局，中短端信用债仍然具备较好的底仓配置和杠杆套息价值，在复杂市场环境中具备相对的确定性。  权益市场方面，经历了2024年9月以来的价值重估，2026年的股票市场驱动因素将逐步由估值提升转向盈利增长，其中PPI渐进回正带动企业盈利修复是重要投资主线。流动性方面，弱美元格局下海外资金回流和居民存款活化，对金融市场形成有力支撑，权益市场增量配置资金仍然充裕，我们积极看好红利资产配置价值，同时关注港股互联网头部公司和PPI渐进修复下A股周期、制造方向结构性机会。","fund":{"_id":3000000018080,"__csrcFundId":12451,"stockCode":"018080","shortName":"鹏华稳健添利债券A","masterFundShortName":"鹏华稳健添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18080,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:41.492Z","status":"normal","exchange":"jj","fundCollectionId":4000050060000,"name":"鹏华稳健添利债券型证券投资基金","inceptionDate":"2023-04-17T16:00:00.000Z","setUpDate":"2023-04-17T16:00:00.000Z","setUpAssetScale":76910914.49,"setUpShares":76910914.49,"pinyin":"phwjtlzqxzqtzjj","managers":[{"stockCode":"db20594148","stockType":"fund_manager","exchange":"fm","tickerId":603185270,"name":"方昶"}]},"announcement":{"linkText":"鹏华稳健添利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=1453028","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2977fea5b3eb052f8f4","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000018080,"sao":"2025年三季度，国内总量经济整体仍然维持韧性，科技创新领域结构性表现亮眼，以AI为代表的新质生产力整体供需两旺，但消费数据边际有所趋弱，房地产市场仍面临一定下行压力。三季度货币政策方面，流动性延续平稳偏松格局，财政政策持续加力提效，政府债券发行量有所提升。  债券市场方面，三季度收益率整体上行，其中10年期国债利率由1.65%上行至1.81%左右，高点达到1.84%。7月，中央财经委会议提及“推动落后产能有序退出”、雅江水电站项目落地，“反内卷”预期反复对债市形成冲击，推动10年期国债盘中高点突破1.75%；8月，“股债跷跷板”作用下债市持续承压，10年期国债盘中高点达到1.79%；9月，受“股债跷跷板”等利空影响，债市情绪仍偏弱，10年期国债盘中高点多次突破1.83%，央行积极维稳跨季流动性，后回落至1.81%。债券投资方面，本组合三季度在债市调整中积极做好防守，减少资本利得损失。在债券市场波动环境中，通过积极主动管理，提升组合稳定性。  权益市场方面，在美元走弱趋势下，2025年全球资本市场流动性整体充裕；国内方面，随着存款降息、无风险利率逐步下移，权益市场流动性整体充裕、风险偏好稳中有升。中期来看，在我国宏观经济企稳复苏、人工智能产业浪潮的背景下，股票市场具备较好投资机会。组合将继续坚持哑铃型操作思路，积极把握红利资产和科技创新方向投资机会。","lastUpdated":"2026-03-09T14:00:55.149Z","fund":{"_id":3000000018080,"__csrcFundId":12451,"stockCode":"018080","shortName":"鹏华稳健添利债券A","masterFundShortName":"鹏华稳健添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18080,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:41.492Z","status":"normal","exchange":"jj","fundCollectionId":4000050060000,"name":"鹏华稳健添利债券型证券投资基金","inceptionDate":"2023-04-17T16:00:00.000Z","setUpDate":"2023-04-17T16:00:00.000Z","setUpAssetScale":76910914.49,"setUpShares":76910914.49,"pinyin":"phwjtlzqxzqtzjj","managers":[{"stockCode":"db20594148","stockType":"fund_manager","exchange":"fm","tickerId":603185270,"name":"方昶"}]},"announcement":{"linkText":"鹏华稳健添利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=1372330","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2977fea5b3eb052f8f3","date":"2025-06-29T16:00:00.000Z","stockId":3000000018080,"sao":"2025年上半年，债券市场收益率先上后下，整体呈现震荡格局。春节前后至三月中旬，银行间资金利率整体偏紧，债券市场收益率较年初低位出现一定幅度调整，三月中旬资金面逐步回归平稳偏松。四月贸易战以来，市场主要矛盾发生变化，债券市场受益于流动性宽松，信用利差、期限利差、品种利差持续收窄。6月份，受买断式回购超量续作、央行加大投放等因素影响，资金中枢平稳走低，债券收益率延续下行。相较2024年底，10年期国债收益率下行3BP至1.65%，3年期、5年期信用债收益率分别下行1BP和3BP。权益市场较年初小幅上涨，其中上证指数上涨2.76%，沪深300上涨0.03%，创业板指上涨0.53%。  债券投资方面，本组合以高等级优质信用债投资和利率债投资为主，灵活运用久期、杠杆、类属策略适度增厚，在市场波动环境中力争通过积极主动管理，提升组合稳定性。权益方面，主要关注红利资产和港股市场投资机会。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:55.146Z","mo":"2025年上半年，在贸易战背景下，我国出口数据仍然呈现出较强韧性，在稳增长政策持续推进带动消费数据整体表现亮眼，地产和基建等传统方向逐步寻找新平衡。科技创新领域，以AI为代表的新质生产力取得较多突破，并带动传统产业逐步转型。新发展模式下，经济新动能对于融资需求的结构性特征较为明显，信用类资产供需格局整体仍偏有利，货币政策和流动性环境对债券市场整体偏呵护。债券市场方面，在流动性合理充裕背景下，市场风险整体可控。货币政策方面，流动性维持平稳偏松格局，对金融市场平稳运行形成有效支撑。财政政策持续加力提效，政府债券发行前置。在流动性整体偏充裕的背景下，目前债市仍有结构性机会。预计2025年下半年货币政策和流动性环境整体偏平稳，中短端利率上行空间有限，长端利率波动性或有所加大。权益市场方面，在美元走弱趋势下，2025年全球资本市场流动性整体充裕；国内方面，随着存款降息、无风险利率逐步下移，权益市场流动性整体充裕、风险偏好稳中有升。中期来看，在我国宏观经济企稳复苏、人工智能产业浪潮的背景下，股票市场具备较好投资机会。","fund":{"_id":3000000018080,"__csrcFundId":12451,"stockCode":"018080","shortName":"鹏华稳健添利债券A","masterFundShortName":"鹏华稳健添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18080,"currency":"C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