window.pageData = {"stock":{"_id":3000000018586,"stockCode":"018586","shortName":"汇添富双享增利债券A","masterFundShortName":"汇添富双享增利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18586,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富双享增利债券型证券投资基金","inceptionDate":"2023-06-19T16:00:00.000Z","setUpDate":"2023-06-19T16:00:00.000Z","setUpAssetScale":270075119.86,"setUpShares":270075119.86,"pinyin":"htfsxzlzqxzqtzjj","followedNum":2,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50460000","tickerId":50460000,"name":"汇添富基金管理股份有限公司"},"managers":[{"name":"宋鹏","stockType":"fund_manager","stockCode":"db20818546","exchange":"fm","tickerId":1916210890},{"name":"孙丹","stockType":"fund_manager","stockCode":"db20905212","exchange":"fm","tickerId":1904235860},{"name":"茹奕菡","stockType":"fund_manager","stockCode":"8801466082","exchange":"fm","tickerId":182508174820},{"name":"刘通","stockType":"fund_manager","stockCode":"f100000014","exchange":"fm","tickerId":1220200890}],"hotMetrics":{"fss":{"stockId":3000000018586,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.7948999999999999,"f_ind_h_s_r":0.2051,"f_h_a":468,"f_h_s_a":396763,"f_ind_h_s_r_c_hy":0.1548,"f_ins_h_s_r_c_hy":-0.15480000000000005,"last_data_date":"2025-06-29T16:00:00.000Z","f_ind_h_s_r_c_1y":0.0701,"f_ins_h_s_r_c_1y":-0.07010000000000005},"fpr":{"stockId":3000000018586,"type":"fpr","f_p_r_fys_ssc":7464,"f_p_r_fys_ssrp":0.11764705882352941,"f_p_r_m1_ssc":7585,"f_p_r_m1_ssrp":0.09520042194092827,"f_p_r_m3_ssc":7496,"f_p_r_m3_ssrp":0.20960640426951302,"f_p_r_m6_ssc":7294,"f_p_r_m6_ssrp":0.14548196901138077,"f_p_r_y1_ssc":6833,"f_p_r_y1_ssrp":0.07494145199063232,"f_cagr_p_r_fs_ssc":7291,"f_cagr_p_r_fs_ssrp":0.12112482853223594,"f_p_r_y2_ssc":5884,"f_p_r_y2_ssrp":0.09110997790243074},"fp":{"stockId":3000000018586,"type":"fp","f_cagr_p_r_fs":0.047631818735132114,"f_p_r_d1":-0.0014223402237816263,"f_p_r_m1":0.017970593574151428,"f_p_r_m3":0.009268424367857353,"f_p_r_m6":0.020506720865081096,"f_p_r_fys":0.02195899772209553,"f_p_r_y1":0.08506385195324051,"last_data_date":"2026-04-29T16:00:00.000Z","f_p_r_y2":0.11809261362080026},"ff":{"stockId":3000000018586,"type":"ff","f_m_f_r":0.005,"f_c_f_r":0.0015,"f_m_a_c_f_r":0.006500000000000001,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_f":158797,"f_m_a_c_f":688122,"f_m_f":529325,"f_c_fr":0.0015,"f_fr_d":"2025-09-17T16:00:00.000Z","f_m_fr":0.005,"f_mac_fr":0.006500000000000001},"f_nlacan":{"stockId":3000000018586,"type":"f_nlacan","f_nv_d":"2026-04-29T16:00:00.000Z","f_nv":1.1216,"f_nv_cr":-0.0005346640527538193},"f_as":{"stockId":3000000018586,"type":"f_as","f_tas":2573069896.4022,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000018587,"name":"汇添富双享增利债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"018587","tickerId":18587,"shortName":"汇添富双享增利债券C","currency":"CNY","__csrcFundId":12742,"exchange":"jj","lastUpdated":"2025-01-04T00:32:24.793Z","fundCollectionId":4000050460000,"inceptionDate":"2023-06-19T16:00:00.000Z","setUpDate":"2023-06-19T16:00:00.000Z","setUpAssetScale":784124251.95,"setUpShares":784124251.95,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"htfsxzlzqxzqtzjj"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018586,"stockId":300750,"holdings":48299,"marketCap":19401708,"netValueRatio":0.0068,"quarterlyChange":0.09377552687469404,"stock":{"stockCode":"300750","exchange":"sz","stockType":"company","tickerId":300750,"name":"宁德时代"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018586,"stockId":1000000000000700,"holdings":45100,"marketCap":19273385,"netValueRatio":0.0067,"quarterlyChange":-0.19198664440734592,"stock":{"stockCode":"00700","exchange":"hk","stockType":"company","tickerId":700,"name":"腾讯控股"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018586,"stockId":600389,"holdings":560500,"marketCap":16271315,"netValueRatio":0.0057,"quarterlyChange":0.14833860759493578,"stock":{"stockCode":"600389","exchange":"sh","stockType":"company","tickerId":600389,"name":"江山股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018586,"stockId":601899,"holdings":496700,"marketCap":16252024,"netValueRatio":0.0057,"quarterlyChange":-0.05076878445024502,"stock":{"stockCode":"601899","exchange":"sh","stockType":"company","tickerId":601899,"name":"紫金矿业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018586,"stockId":2008,"holdings":247200,"marketCap":15148416,"netValueRatio":0.0053,"quarterlyChange":0.4877397426559853,"stock":{"stockCode":"002008","exchange":"sz","stockType":"company","tickerId":2008,"name":"大族激光"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018586,"stockId":300274,"holdings":94880,"marketCap":14304108,"netValueRatio":0.005,"quarterlyChange":-0.1185687558465861,"stock":{"stockCode":"300274","exchange":"sz","stockType":"company","tickerId":300274,"name":"阳光电源"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018586,"stockId":601318,"holdings":248400,"marketCap":14104152,"netValueRatio":0.0049,"quarterlyChange":-0.1698830409356732,"stock":{"stockCode":"601318","exchange":"sh","stockType":"company","tickerId":601318,"name":"中国平安"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018586,"stockId":300308,"holdings":20200,"marketCap":11502082,"netValueRatio":0.004,"quarterlyChange":-0.06654098360655702,"stock":{"stockCode":"300308","exchange":"sz","stockType":"company","tickerId":300308,"name":"中际旭创"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018586,"stockId":1000000000000883,"holdings":449000,"marketCap":11100447,"netValueRatio":0.0039,"quarterlyChange":0.3145539906103283,"stock":{"stockCode":"00883","exchange":"hk","stockType":"company","tickerId":883,"name":"中国海洋石油"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018586,"stockId":1000000000001378,"holdings":322000,"marketCap":9882612,"netValueRatio":0.0034,"quarterlyChange":0.06560392397302328,"stock":{"stockCode":"01378","exchange":"hk","stockType":"company","tickerId":1378,"name":"中国宏桥"}}],"bondHoldings":[{"_id":"69e8fb401398d79843003426","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018586,"stockCode":"244460","stockName":"25招证G3","holdings":1300000,"marketCap":130898203,"netValueRatio":0.0457,"lastUpdated":"2026-04-22T16:45:52.181Z"},{"_id":"69e8fb401398d79843003427","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018586,"stockCode":"250215","stockName":"25国开15","holdings":700000,"marketCap":69361178,"netValueRatio":0.0242,"lastUpdated":"2026-04-22T16:45:52.185Z"},{"_id":"69e8fb401398d79843003428","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018586,"stockCode":"019792","stockName":"25国债19","holdings":584000,"marketCap":58841024,"netValueRatio":0.0205,"lastUpdated":"2026-04-22T16:45:52.208Z"},{"_id":"69e8fb401398d79843003429","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018586,"stockCode":"137647","stockName":"22山能01","holdings":500000,"marketCap":51891986,"netValueRatio":0.0181,"lastUpdated":"2026-04-22T16:45:52.212Z"},{"_id":"69e8fb401398d7984300342a","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018586,"stockCode":"242580042","stockName":"25宁波银行永续债01","holdings":500000,"marketCap":51011547,"netValueRatio":0.0178,"lastUpdated":"2026-04-22T16:45:52.215Z"}],"lastFsMetrics":{"latestTurnoverRate":0.30871314182380327,"latestTurnoverRateDate":"2025-06-29T16:00:00.000Z"}},"list":[{"_id":"69e8ec1b1398d79843fe9a42","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000018586,"sao":"一季度，经济基本面呈现修复状态，外需超预期，内需结构性修复，通缩压力缓解。债券市场流动性宽裕的驱动下，呈现出震荡走强的格局。央行通过精准的公开市场操作维持了资金面的平稳，资金利率波动率也处于历史偏低水平，为债券市场偏强奠定了基础。同时，尽管基本面表现良好，但信贷需求尚未发生显著改变，资产荒的逻辑依然贯穿全季，配置盘成为市场的核心驱动力量。结构上来看，短端强于长端，市场在资金利率偏低且稳定的状态下，更加追逐确定性的短端，长端仍然受制于经济预期以及通胀预期的影响，呈现震荡态势。品种上来看，信用债显著强于利率债，低波动相对高票息的优势在现有的环境下体现得更加充分。A股呈现分化的走势，大盘季线收阴。1月开门红，AI大模型开源与算力基建加码，市场上涨，增量资金集中入场。2月成长主线扩散，人形机器人、低空经济、CPO 光模块等概念轮番领涨。3月中东地缘冲突升级推高油价，全球风险偏好骤降，叠加美联储降息预期推迟，市场调整，权重护盘、成长重挫。结构上，中小盘与周期板块相对抗跌，资金从成长赛道快速转向低估值与防御主线。组合操作上，债券方面，增加了信用债的配置，维持相对中性的久期水平。股票方面，组合在做了结构性调整，在价值类的金融周期标的中增持了非银及油气资源品，消费中增持了估值偏底部的白酒龙头及乳制品标的，成长中主要增持了AIDC和锂电储能标的。转债方面，随着溢价率大幅抬升，组合进行了逐步减仓操作。","lastUpdated":"2026-04-22T15:41:15.661Z","fund":{"_id":3000000018586,"__csrcFundId":12742,"stockCode":"018586","shortName":"汇添富双享增利债券(018586)","masterFundShortName":"汇添富双享增利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18586,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:02:42.298Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富双享增利债券型证券投资基金","inceptionDate":"2023-06-19T16:00:00.000Z","setUpDate":"2023-06-19T16:00:00.000Z","setUpAssetScale":270075119.86,"setUpShares":270075119.86,"pinyin":"htfsxzlzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20818546","stockType":"fund_manager","exchange":"fm","tickerId":1916210890,"name":"宋鹏"},{"stockCode":"db20905212","stockType":"fund_manager","exchange":"fm","tickerId":1904235860,"name":"孙丹"},{"stockCode":"8801466082","stockType":"fund_manager","exchange":"fm","tickerId":182508174820,"name":"茹奕菡"},{"stockCode":"f100000014","stockType":"fund_manager","exchange":"fm","tickerId":1220200890,"name":"刘通"}]},"announcement":{"linkText":"汇添富双享增利债券型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1475352","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2c67fea5b3eb0532d1c","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000018586,"sao":"四季度，经济数据逐步降温，海外出现一定扰动。受前期反内卷政策影响，生产端数据偏弱。固定投资中基建受到发力节奏的影响走弱，房地产投资增速仍在探底，社零增速有所回落、耐用品消费承压。出口波动偏大，但整体维持韧性。海外方面，中美贸易关系及海外降息预期都出现了扰动，但在中旬之后基本逐步修复。2025年四季度债券市场呈现分化走势，不同期限，不同品种的表现各异。总体来看，短端优于长端，信用优于利率，其走势的差异与资金面和供需预期有较大的关系。一方面，央行重启了国债买卖，且资金面宽松，短端表现尚可，特别是短端信用在理财的配置需求下表现较好。另一方面，市场担心超长债的供给，且担心配置盘的承接能力，因此长端特别是超长端表现较弱。具体节奏上，在经历9月的大跌以及10月初关税预期的波动下，债券市场有所修复。11月中旬开始整体市场对超长债的担忧上升，超长债持续下跌。12月后资金面持续宽松，短端信用呈现修复状态，但利率因市场交易结构以及预期偏弱，呈现震荡偏弱的局面。股票市场四季度整体偏震荡，一方面基本面偏弱、风险偏好受到贸易战扰动，另一方面，AI产业也出现了对于海外巨头融资能力和持续性的担忧导致科技板块波动较大。四季度行情呈现一定程度的高低切换，有色在供给扰动、降息预期修复的背景下表现抢眼，科技中部分增量新技术环节保持韧性，底部的石化化工受到反内卷政策的推动出现了较为明显的修复。组合操作上，债券方面，考虑到通胀上行幅度偏缓，且基本面数据偏弱，因此四季度略微抬升了久期中枢，并在利率债、高等级信用债等品种上进行了交易。股票方面，组合进行了适度的均衡，周期中主要增持了价格弹性较大的部分有色及化工标的，成长中参与了边际技术变化受益更明显且估值性价比仍较为匹配的细分板块。转债方面，考虑转债溢价率抬升性价比降低，在上涨中继续减持转债的仓位。","lastUpdated":"2026-03-09T14:01:42.156Z","fund":{"_id":3000000018586,"__csrcFundId":12742,"stockCode":"018586","shortName":"汇添富双享增利债券(018586)","masterFundShortName":"汇添富双享增利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18586,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:02:42.298Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富双享增利债券型证券投资基金","inceptionDate":"2023-06-19T16:00:00.000Z","setUpDate":"2023-06-19T16:00:00.000Z","setUpAssetScale":270075119.86,"setUpShares":270075119.86,"pinyin":"htfsxzlzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20818546","stockType":"fund_manager","exchange":"fm","tickerId":1916210890,"name":"宋鹏"},{"stockCode":"db20905212","stockType":"fund_manager","exchange":"fm","tickerId":1904235860,"name":"孙丹"},{"stockCode":"8801466082","stockType":"fund_manager","exchange":"fm","tickerId":182508174820,"name":"茹奕菡"},{"stockCode":"f100000014","stockType":"fund_manager","exchange":"fm","tickerId":1220200890,"name":"刘通"}]},"announcement":{"linkText":"汇添富双享增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=1457006","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2c67fea5b3eb0532d1b","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000018586,"sao":"三季度，消费回落和投资转弱影响下，经济动能出现一定放缓。中美经贸协议继续展期90天带来了积极信号，外需持续韧性增强经济目标实现信心。海外主要发达国家财政、货币双宽松，叠加转口、汇率、其他国家关税等因素，出口后续可能超预期。核心通胀持续回升，生产价格仍相对疲软，PPI的领先指标有所好转，物价同比增速底部已现。债券市场三季度收益率持续上行，7月初是收益率低点，7-9月每月均有不同幅度的调整，调整持续近3个月，整体市场情绪脆弱。市场波动的主要原因是权益市场强势、“反内卷”带动的通胀预期变化和基本面韧性较为超预期。进入7月以来，风险偏好提升带来股市抬升，上证指数突破10年新高，牛市特征显著，持续压制债券市场表现；“反内卷”带动大宗商品价格上涨，通胀预期发生变化；基本面韧性也使得债券资产面临重估的压力。上述因素共振作用下，债券持续调整，10年国债由1.64%上行14bp至1.78%附近，30年超长国债则由1.86%大幅上行27bp至2.13%附近。股票市场三季度表现亮眼，流动性宽松、海外降息预期提升、产业进展持续超预期，市场情绪回暖指数显著回升。科技成长板块表现较强，尤其是科技中的龙头股领涨。和AI硬件相关的通信、电子，和涨价及反内卷相关的有色金属、化工，以及科技中的游戏、机器人等板块表现较强。组合操作上，债券方面，在严控信用风险的前提下，优选高等级信用债作为底仓，保持中性偏高的久期，适度使用杠杆，适时参与波段交易。股票方面，组合积极参与了成长的行情，主要增持了业绩和估值匹配度较高、确定性较高的海外算力、先进制造、游戏等标的，周期中主要增持了受益全球流动性宽松预期且供给端有约束的有色标的。转债方面，考虑转债溢价率抬升性价比降低，在上涨中逐步减持了转债的仓位。","lastUpdated":"2026-03-09T14:01:42.153Z","fund":{"_id":3000000018586,"__csrcFundId":12742,"stockCode":"018586","shortName":"汇添富双享增利债券(018586)","masterFundShortName":"汇添富双享增利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18586,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:02:42.298Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富双享增利债券型证券投资基金","inceptionDate":"2023-06-19T16:00:00.000Z","setUpDate":"2023-06-19T16:00:00.000Z","setUpAssetScale":270075119.86,"setUpShares":270075119.86,"pinyin":"htfsxzlzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20818546","stockType":"fund_manager","exchange":"fm","tickerId":1916210890,"name":"宋鹏"},{"stockCode":"db20905212","stockType":"fund_manager","exchange":"fm","tickerId":1904235860,"name":"孙丹"},{"stockCode":"8801466082","stockType":"fund_manager","exchange":"fm","tickerId":182508174820,"name":"茹奕菡"},{"stockCode":"f100000014","stockType":"fund_manager","exchange":"fm","tickerId":1220200890,"name":"刘通"}]},"announcement":{"linkText":"汇添富双享增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=1374176","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2c67fea5b3eb0532d1a","date":"2025-06-29T16:00:00.000Z","stockId":3000000018586,"sao":"25年上半年，经济数据呈现弱修复的态势。其中，生产偏强，基建发力，制造业维持韧性，社零增速较好但内生性消费动能变化不大，地产政策效应退坡对投资销售逐步形成了压力，抢出口对于经济有支撑作用。然而产能偏过剩的格局下工业品价格仍持续走弱。考虑后续出口面临的压力，有效需求不足的格局并没有发生改变。今年上半年，在基本面企稳和流动性波动的背景下，债券收益率先上后下，各券种表现分化，总体上利率弱于信用。关键期限10年国债和30年国债均未突破1月低点，显示出在低收益环境下，债券呈现波动加大、资本利得效应减弱的特点。一季度，由于基本面开局良好叠加央行主动收紧流动性，债券有较大幅度调整，10年国债上行至1.8%附近；二季度开始，美国超预期实施对各国的关税，对风险情绪有较大影响，收益率快速下行，后续逐渐震荡。股票市场年初在政策呵护、数据回暖的背景下触底反弹，市场整体明显回暖。结构上，受益DeepSeek大模型突破、机器人产业趋势的标的表现居前，港股科技及消费龙头呈现出明显的超额收益。4月中下旬受到关税政策、年报季报披露等因素压制，市场出现波动调整，5月下旬受益于内需改善AI科技催化，市场情绪回暖指数显著回升。银行受益于资产荒逻辑、有色受益于避险需求及供给逻辑、通信受益于AI催化表现较强。组合操作上，债券和股票操作积极配合。债券方面，在严控信用风险的前提下，优选高等级信用债作为底仓，保持中性偏高的久期，适度使用杠杆，适时参与波段交易。股票方面，在金融周期中增持了盈利稳定股息率相对较高的港股大行减持了上游油气，消费中增持了估值偏底部增速稳定的互联网龙头，适度参与部分估值性价比合理且景气可持续的新消费标的，成长中主要参与了算力和先进制造标的。转债方面，以中低价策略为主，根据转债溢价率进行了适度的逆向操作。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:42.150Z","mo":"基本面角度，国内方面经济短期呈现韧性，但下行压力逐步显现。抢出口效应支持二季度GDP，预计5.2%增速，但高频指数显示经济基本面继续向下，低通胀延续。后续政策以供给侧为主要抓手，关税和贸易战仍有不确定性。政策底线思维，相机抉择。货币政策立场维持适度宽松。债券角度，展望下半年，基本面仍面临有效需求不足、向上弹性不足的特点，政策对高质量的诉求难有改变，预计政策定力将保持较强。流动性方面，在中美博弈大背景下，央行整体态度预计维持呵护。因此，综合基本面和资金面，债券仍有支撑。但需要留意，债券市场目前绝对收益和利差均处于低位，权益市场自6月下旬开启了阶段性牛市行情，后续风险偏好和赚钱效应可能引起大类资产切换。整体上，考虑绝对收益较低和基本面向上弹性不足的实际环境，债券预计仍会维持低位震荡的格局。股票角度，流动性宽松+风险偏好抬升，市场预计震荡偏强运行。海外降息临近，弱美元趋势持续。市场稳定力量（平准基金+保险+AMC等）等持续托底市场，平准基金宣布无限量流动性供应，国内政策一致性提升，提升市场信心和风险偏好。结构上看好红利+科技的结构性行情。1）红利继续看好，保险等增量资金持续流入。2）科技稀缺高景气资产：科技产业进展持续，新消费和创新药、AI均有机会。3）美元降息临近+外需触底回暖，全球定价资源品估值有望提升（铜、铝、金）。4）顺周期龙头资产在经济进一步承压时可逆向布局。转债估值进入偏高区间，整体性价比降低，控制仓位，优选性价比个券机会。","fund":{"_id":3000000018586,"__csrcFundId":12742,"stockCode":"018586","shortName":"汇添富双享增利债券(018586)","masterFundShortName":"汇添富双享增利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18586,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:02:42.298Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富双享增利债券型证券投资基金","inceptionDate":"2023-06-19T16:00:00.000Z","setUpDate":"2023-06-19T16:00:00.000Z","setUpAssetScale":270075119.86,"setUpShares":270075119.86,"pinyin":"htfsxzlzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20818546","stockType":"fund_manager","exchange":"fm","tickerId":1916210890,"name":"宋鹏"},{"stockCode":"db20905212","stockType":"fund_manager","exchange":"fm","tickerId":1904235860,"name":"孙丹"},{"stockCode":"8801466082","stockType":"fund_manager","exchange":"fm","tickerId":182508174820,"name":"茹奕菡"},{"stockCode":"f100000014","stockType":"fund_manager","exchange":"fm","tickerId":1220200890,"name":"刘通"}]},"announcement":{"linkText":"汇添富双享增利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=1342239","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2c67fea5b3eb0532d19","date":"2025-03-30T16:00:00.000Z","stockId":3000000018586,"sao":"一季度，经济基本面呈现修复状态，生产偏强、基建显著发力、制造业维持韧性、社零不弱，地产呈现以价换量的局面降幅收窄，考虑后续出口面临的压力，有效需求不足的格局并没有发生改变。债券市场收益率一季度整体大幅上行。1月收益率延续12月的强势走势，一度下行至10年国债1.6%附近的历史低位，随着市场逐渐定价基本面复苏和央行主动收紧资金面，债券开启调整，2月、3月收益率持续上行，并在3月末小幅修复，截止3月末回到10年1.8%附近的水平。整个季度来看，利率全季度负收益，信用债表现好于利率债，全季度小幅上涨。股票市场在政策呵护、数据回暖的背景下触底反弹，市场整体明显回暖。结构上，受益Deepseek大模型突破、机器人产业趋势的标的表现居前，港股科技及消费龙头呈现出明显的超额收益。组合操作上，债券方面，在严控信用风险的前提下，优选高等级信用债作为底仓，保持中性偏高的久期，适度使用杠杆，适时参与波段交易。股票方面，组合在金融周期中增持了盈利稳定股息率相对较高的港股大行，减持了上游资源品种，消费中增持了估值偏底部增速稳定的互联网龙头，成长中主要增持了国产算力和先进制造标的。转债方面，年初组合增加了转债仓位，光伏及成长板块占比较高，持仓以中低价位且正股波动率较高的个券为主，3月考虑转股溢价率回到高位性价比降低进行了适度减仓。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:42.147Z","fund":{"_id":3000000018586,"__csrcFundId":12742,"stockCode":"018586","shortName":"汇添富双享增利债券(018586)","masterFundShortName":"汇添富双享增利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18586,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:02:42.298Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富双享增利债券型证券投资基金","inceptionDate":"2023-06-19T16:00:00.000Z","setUpDate":"2023-06-19T16:00:00.000Z","setUpAssetScale":270075119.86,"setUpShares":270075119.86,"pinyin":"htfsxzlzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20818546","stockType":"fund_manager","exchange":"fm","tickerId":1916210890,"name":"宋鹏"},{"stockCode":"db20905212","stockType":"fund_manager","exchange":"fm","tickerId":1904235860,"name":"孙丹"},{"stockCode":"8801466082","stockType":"fund_manager","exchange":"fm","tickerId":182508174820,"name":"茹奕菡"},{"stockCode":"f100000014","stockType":"fund_manager","exchange":"fm","tickerId":1220200890,"name":"刘通"}]},"announcement":{"linkText":"汇添富双享增利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=1271968","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2c67fea5b3eb0532d18","date":"2024-12-30T16:00:00.000Z","stockId":3000000018586,"sao":"宏观经济方面，2024年上半年政策定调渐进式宽松，广义财政政策发力并不明显，总量上内需偏弱外需较强。部分领域产能过剩，有一定的通缩压力，实际利率处于较高水平。后续随着三季度政策组合拳落地，地产及两新领域消费有所修复。同时海外进入宽松周期，货币政策基调也从“稳健”转为“适度宽松”。债券市场方面，全年资金面整体呈现宽松态势，央行延续稳健的货币政策基调，分别在1月、9月各降准50bp，在9月调降7天逆回购操作利率20bp。流动性宽松叠加经济基本面疲弱，全年债券收益率持续下行，信用和利率品种均有不错的表现，截止至2024年年末，各期限和品种的债券收益率均创历史新低。股票市场方面，市场前低后高N型走势。一季度在政策呵护、数据回暖背景下触底反弹，整体回暖。全球定价的上游资源、出海产业链、央国企高股息、新质生产力及部分 AI 标的表现居前。二季度市场冲高回落。出海高增速和泛红利资产占优，后续顺周期核心资产修复。三季度持续调整，9 月中下旬随政策组合拳出台强势反弹。7 -8 月受海外及中报影响继续调整；9 月政策落地后，大金融、消费及科技表现较强，上游周期表现较弱。四季度国庆节大幅冲高回落，后续随政策出台、流动性宽松、风险偏好提升指数温和修复，整体看成长板块表现居前。组合操作上，债券方面，在严控信用风险的前提下，优选高等级信用债作为底仓，保持中性久期，适时使用杠杆，适度参与波段交易。股票方面，组合在上半年主要超配了中上游的油气有色龙头及高股息标的，下半年随着市场行情回暖，适度参与了成长行情。转债方面，在年初调整中适度增持了转债仓位年中减持，后续随着市场行情回暖，转债相对滞涨适度提升仓位参与成长行情。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:42.143Z","mo":"2025年外需面临下滑压力，但财政将更加积极，预算赤字和广义赤字均同比上调，货币政策有望维持支持性立场，宏观政策总体取向明显宽松。政策影响下，有望看到地产下行斜率收窄和内需修复。2025年货币宽松仍然是较为确定的主线，债券市场中期方向仍难以扭转，政策强刺激概率并不高，并且参考2018年贸易战影响，货币政策同样需要加大力度，债券市场持续上行风险并不大，政策带来的市场调整或是较好买点。政策取向仍以高质量发展为主，化债背景下安全资产荒格局并未发生扭转。综合来看，2025年债券市场波动率可能提升，但全年预计债券收益率仍是整体下行趋势，市场或将继续系统性抬升久期。在内部政策基调转向及外部关税风险的综合作用下，股票市场预计整体呈现中枢抬升的向上震荡态势，尤其是结构性机会会不断涌现，主要关注资产荒持续下的稳定类高股息资产、新质生产力相关的科技创新、部分优质内需品种的止跌温和修复。","fund":{"_id":3000000018586,"__csrcFundId":12742,"stockCode":"018586","shortName":"汇添富双享增利债券(018586)","masterFundShortName":"汇添富双享增利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18586,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:02:42.298Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富双享增利债券型证券投资基金","inceptionDate":"2023-06-19T16:00:00.000Z","setUpDate":"2023-06-19T16:00:00.000Z","setUpAssetScale":270075119.86,"setUpShares":270075119.86,"pinyin":"htfsxzlzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20818546","stockType":"fund_manager","exchange":"fm","tickerId":1916210890,"name":"宋鹏"},{"stockCode":"db20905212","stockType":"fund_manager","exchange":"fm","tickerId":1904235860,"name":"孙丹"},{"stockCode":"8801466082","stockType":"fund_manager","exchange":"fm","tickerId":182508174820,"name":"茹奕菡"},{"stockCode":"f100000014","stockType":"fund_manager","exchange":"fm","tickerId":1220200890,"name":"刘通"}]},"announcement":{"linkText":"汇添富双享增利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=1255993","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2c67fea5b3eb0532d17","date":"2024-09-29T16:00:00.000Z","stockId":3000000018586,"sao":"三季度，经济基本面呈现弱势磨底的状态。债券市场三季度波动较大，收益率先下后上，全季度小幅下行。7月市场延续上半年亢奋情绪，收益率持续走低，但进入8月之后，债券开启调整并持续至月底，9月中上旬市场情绪修复，收益率持续突破新低。9月24日，金融支持经济高质量发展会议召开；9月26日，政治局会议召开，讨论稳增长事项并表达了今年完成经济发展目标的信心。自此市场情绪迅速反转，收益率快速上行，调整持续至国庆节前。股票市场三季度先下后上，季度收涨。7月三中及政治局会议落地，定调高质量发展。而海外市场波动加大，主要受到衰退交易、特朗普交易的扰动。股票市场整体调整，中上游资源表现偏弱。8月初，海外经济数据走弱、日经大幅下跌带动全球股市调整，中下旬中报弱势的影响下，市场延续下行，周期和科技板块持续弱势。9月美国大选辩论及外部降息落地，此后内部金融支持经济高质量发展会议上降准降息、降存量按揭利率、首付调降、支持资本市场等政策组合拳落地，股票市场强势反弹，大金融、消费及科技表现较强，上游周期表现较弱。组合操作上，债券方面，在严控信用风险的前提下，优选高等级信用债作为底仓，保持中性久期，适时使用杠杆，适度参与波段交易。股票方面，组合在三季度初适度保持了中枢偏低的仓位，随着调整逐步加仓。结构上，金融周期中减持了供给不确定性增加的油气龙头，消费中继续增持了需求稳定估值偏低的互联网龙头减持了价格有一定不确定性的电力龙头，成长中增持了锂电及消费电子龙头。转债方面，针对部分资产负债表优质的转债，考虑其已经跌破债底水平，进行了适度增持。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:42.140Z","fund":{"_id":3000000018586,"__csrcFundId":12742,"stockCode":"018586","shortName":"汇添富双享增利债券(018586)","masterFundShortName":"汇添富双享增利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18586,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:02:42.298Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富双享增利债券型证券投资基金","inceptionDate":"2023-06-19T16:00:00.000Z","setUpDate":"2023-06-19T16:00:00.000Z","setUpAssetScale":270075119.86,"setUpShares":270075119.86,"pinyin":"htfsxzlzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20818546","stockType":"fund_manager","exchange":"fm","tickerId":1916210890,"name":"宋鹏"},{"stockCode":"db20905212","stockType":"fund_manager","exchange":"fm","tickerId":1904235860,"name":"孙丹"},{"stockCode":"8801466082","stockType":"fund_manager","exchange":"fm","tickerId":182508174820,"name":"茹奕菡"},{"stockCode":"f100000014","stockType":"fund_manager","exchange":"fm","tickerId":1220200890,"name":"刘通"}]},"announcement":{"linkText":"汇添富双享增利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=1173428","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2c67fea5b3eb0532d16","date":"2024-06-29T16:00:00.000Z","stockId":3000000018586,"sao":"2024年上半年，随着逆周期调节政策的逐步落地，经济数据呈现底部磨底的态势，但整体复苏弹性仍然偏弱，且需求偏弱的格局并没有发生改变。债券市场方面，在基本面和流动性的共同助力下，表现强势，各券种均有较好表现。整个流动性环境维持稳健充裕格局，加上风险偏好低迷、市场追逐安全资产等因素联合演绎，各期限和各品种的收益率持续走低，利率和信用品种均大幅下行。股票市场方面，冲高回落，股票市场年初在政策呵护、数据回暖的背景下触底反弹，市场整体明显回暖。此后随着政策进入验证期、海外降息预期回落、出海阶段性受到对外贸易政策的扰动，市场出现调整。主要呈现结构性的机会，上半年表现较好的行业集中在红利、资源、出海、科技板块，高端消费及供给压力较大的新能源板块表现持续偏弱。组合操作上，债券和股票操作积极配合。债券方面，在严控信用风险的前提下，优选高等级信用债作为底仓，保持中性久期，适时使用杠杆，适度参与波段交易。股票方面，组合年初增持偏防御的高股息、资源，减持了内需的高端消费及估值偏高的科技，阶段性参与了出海链的机会。转债方面，年初增加了中低价格的性价比品种，此后随着市场上行逐步降低了仓位。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:42.137Z","mo":"2024年下半年在政策逐步发力、改革持续推进的背景下，预期经济呈现筑底的态势。基建预期平稳，2023年特别国债资金结余至2024年或对基建投资起到一定支持，但化债对基建有压制。制造业投资方面，大规模设备更新的技改对制造业投资或有支撑。地产方面，政策效果持续性仍需观察。消费方面，收入仍然制约消费改善空间，消费信心需要进一步提振。出口方面，国际政治环境变化为国际贸易局势带来不确定性。在信贷高质量发展背景下，信贷与社融增速弹性相对有限，信贷增速明显放缓。有效需求弹性不大的情况下价格预期仍然偏弱。政策方面，稳增长诉求下财政政策大概率仍保持积极，货币政策或仍保持偏宽松的政策基调，并进一步加强与财政政策之间协调。从基本面来看，广谱利率下行趋势并未结束。从资金流向看，资金加快向非银流动，巨大的配置需求均对债券市场形成支撑。但考虑到央行对于长端利率的关注，短期内仍有政策博弈的可能性，因此会在下行过程中有调整和波动，长端利率下行幅度也可能受限。在内部需求有待政策发力、出海受到外部贸易政策变化扰动的背景下，权益市场预期以结构性机会为主，主要关注现金流稳定的高股息标的、部分估值和业绩匹配度较高的科技标的、以及部分受政策扰动较小的出海机会。转债等待优质个券调整后的机会。","fund":{"_id":3000000018586,"__csrcFundId":12742,"stockCode":"018586","shortName":"汇添富双享增利债券(018586)","masterFundShortName":"汇添富双享增利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18586,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:02:42.298Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富双享增利债券型证券投资基金","inceptionDate":"2023-06-19T16:00:00.000Z","setUpDate":"2023-06-19T16:00:00.000Z","setUpAssetScale":270075119.86,"setUpShares":270075119.86,"pinyin":"htfsxzlzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20818546","stockType":"fund_manager","exchange":"fm","tickerId":1916210890,"name":"宋鹏"},{"stockCode":"db20905212","stockType":"fund_manager","exchange":"fm","tickerId":1904235860,"name":"孙丹"},{"stockCode":"8801466082","stockType":"fund_manager","exchange":"fm","tickerId":182508174820,"name":"茹奕菡"},{"stockCode":"f100000014","stockType":"fund_manager","exchange":"fm","tickerId":1220200890,"name":"刘通"}]},"announcement":{"linkText":"汇添富双享增利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=1145968","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2c67fea5b3eb0532d15","date":"2024-03-30T16:00:00.000Z","stockId":3000000018586,"sao":"一季度，经济基本面持续弱复苏格局。高频经济数据有所改善，尤其是3月PMI超预期走强，显示经济出现回暖态势，但整体复苏弹性仍然偏弱，且需求偏弱的格局并没有发生改变。债券市场方面，一季度收益率大幅下行，1月至2月收益率延续去年12月的下行趋势，避险情绪、货币宽松预期发酵和资产荒等因素联合演绎，各期限的收益率持续突破前低，10年国债最低下行至2.3%以内，30年国债最低下行至2.5%以内，均突破历史低位。进入3月后，市场担忧特别国债供给、权益市场回暖带动风险偏好提升，收益率有所反弹。整个季度来看，利率、信用品种均有较强势的表现。股票市场在政策呵护、数据回暖的背景下触底反弹，市场整体明显回暖。结构上，全球定价的上游资源、外需主导的出海产业链、受益于利率下行央国企改善的稳定类高股息、受益政策催化的新质生产力和产业趋势仍在持续的部分AI标的表现居前。组合操作上，债券方面，在严控信用风险的前提下，优选高等级信用债作为底仓，保持中性偏高的久期，适度使用杠杆，适时参与波段交易。股票方面，组合在金融周期中增持了受益供给格局优化的油气及有色龙头、受益成本优化资产负债表改善的电力，消费中增持了估值偏底部增速稳定的白酒和互联网龙头，成长中增持了利润率底部现金流大幅改善的电新龙头、参与了海外算力供应链的超跌反弹。转债方面，考虑转债估值调整至较低位置，较纯债的机会成本进一步降低，组合增加了转债仓位，以中低价位且正股波动率较高的个券为主。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:42.134Z","fund":{"_id":3000000018586,"__csrcFundId":12742,"stockCode":"018586","shortName":"汇添富双享增利债券(018586)","masterFundShortName":"汇添富双享增利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18586,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:02:42.298Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富双享增利债券型证券投资基金","inceptionDate":"2023-06-19T16:00:00.000Z","setUpDate":"2023-06-19T16:00:00.000Z","setUpAssetScale":270075119.86,"setUpShares":270075119.86,"pinyin":"htfsxzlzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20818546","stockType":"fund_manager","exchange":"fm","tickerId":1916210890,"name":"宋鹏"},{"stockCode":"db20905212","stockType":"fund_manager","exchange":"fm","tickerId":1904235860,"name":"孙丹"},{"stockCode":"8801466082","stockType":"fund_manager","exchange":"fm","tickerId":182508174820,"name":"茹奕菡"},{"stockCode":"f100000014","stockType":"fund_manager","exchange":"fm","tickerId":1220200890,"name":"刘通"}]},"announcement":{"linkText":"汇添富双享增利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=1070115","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2c67fea5b3eb0532d14","date":"2023-12-30T16:00:00.000Z","stockId":3000000018586,"sao":"本基金成立于2023年半年末，报告期内共运作半年。2023年下半年，随着逆周期调节政策的逐步落地，经济数据呈现底部弱复苏的态势。债券市场方面，受到宽松货币政策和基本面持续低于预期的驱动，三季度收益率整体下行，四季度收益率波动较大，呈现先上后下的走势。央行维持货币政策宽松的基调，在6月和8月调降公开市场操作利率、在9月调降准备金率，债券收益率持续维持低位。8月底降印花税政策等一系列促进权益市场发展的政策落地后，债券市场开始快速调整，叠加基金赎回的负反馈，信用利差走扩，利率大幅上行。进入10月之后，资金面边际收紧，市场担忧央行\"防空转\"收紧流动性，收益率上行后弱势震荡。12月中旬，商业银行调降存款利率带动市场情绪，收益大幅下行，利率、信用品种均有较强势的表现，截止至年末基本已回到年内低点区域。股票市场方面，主要呈现结构性的机会。随着政策逐步落地，三季度的行情集中在红利和顺周期板块，行业分布在大金融、煤炭、石油石化等。而AI产业应用进入短期停滞期，成长板块迎来了季度级别的调整。四季度随着华为新机的发布，消费电子及半导体国产替代产业链相对强势，医保政策降价温和背景下医药板块季度涨幅明显。高端消费及供给压力较大的新能源板块表现持续偏弱。组合操作上，组合在三季度完成建仓，四季度基本平稳运作。债券方面，在严控信用风险的前提下，优选高等级信用债作为底仓，保持中性久期，适时使用杠杆，适度参与波段交易。股票方面，组合主要在周期及金融板块中配置了供给格局较好的上游品种如煤炭等及现金流较好的下游交运水务标的，消费板块中主要配置出口链的家电家居行业标的，科技板块中主要参与了电子半导体的机会，并逐步增加医药板块的配置。转债方面，考虑年末转债估值调整至较低位置，组合增加了转债仓位，以中低价格的性价比品种为主。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:42.131Z","mo":"2024年在财政发力、地产三大工程逐步推进的背景下，我国经济预期将保持稳健增长。我们预期2024年基建增速维持平稳、制造业投资或小幅回落、房地产行业投资预计低位小幅回升、消费后续修复斜率总体将取决于经济增长诉求、出口增速企稳回升。从金融机构座谈会与三季度货币政策执行报告的指引看，预期2024年信用增速预计维持偏平状态。政策方面，稳增长诉求下财政政策大概率仍保持积极，货币政策或仍保持偏宽松的政策基调，并进一步加强与财政政策之间协调。在经济实现高质量发展，货币政策促进社会综合融资成本稳中有降的要求下，2024年债券市场预计维持低利率状态，利率中枢较2023年将有所下行，长端收益率上行风险有限。结合信用债市场供需情况，预计未来结构性“资产荒”现象可能会长期存在，2024年两会前因稳增长政策持续发酵，信用债信用利差或有上行压力，但全年预计仍是整体下行趋势，信用债表现优于利率债的局面将延续。在内部需求企稳、出口增速平稳回升的背景下，权益市场预期以结构性机会为主，主要关注高股息资源品、具有全球比较优势的制造业出海机会、性价比消费品以及优质资产的反弹机会。","fund":{"_id":3000000018586,"__csrcFundId":12742,"stockCode":"018586","shortName":"汇添富双享增利债券(018586)","masterFundShortName":"汇添富双享增利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18586,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:02:42.298Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富双享增利债券型证券投资基金","inceptionDate":"2023-06-19T16:00:00.000Z","setUpDate":"2023-06-19T16:00:00.000Z","setUpAssetScale":270075119.86,"setUpShares":270075119.86,"pinyin":"htfsxzlzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20818546","stockType":"fund_manager","exchange":"fm","tickerId":1916210890,"name":"宋鹏"},{"stockCode":"db20905212","stockType":"fund_manager","exchange":"fm","tickerId":1904235860,"name":"孙丹"},{"stockCode":"8801466082","stockType":"fund_manager","exchange":"fm","tickerId":182508174820,"name":"茹奕菡"},{"stockCode":"f100000014","stockType":"fund_manager","exchange":"fm","tickerId":1220200890,"name":"刘通"}]},"announcement":{"linkText":"汇添富双享增利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=1052655","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2c67fea5b3eb0532d13","date":"2023-09-29T16:00:00.000Z","stockId":3000000018586,"sao":"三季度随着逆周期调节政策的逐步落地，经济数据呈现底部弱复苏的态势。债券市场方面，受到宽松货币政策和基本面持续低于预期的驱动，报告期内收益率整体下行。央行维持货币政策宽松的基调，在6月和8月调降公开市场操作利率、在9月调降准备金率，债券收益率持续维持低位。8月降息后，利率创年内新低，信用票息品种下行更快，利差压缩至年内低点。但随着稳增长政策逐步发力，尤其是8月底调降印花税政策等一系列促进权益市场发展的政策落地后，债券市场开始快速调整，叠加基金赎回的负反馈，信用利差走扩，利率大幅上行，目前已回到二季度收益水平。股票市场方面，整体表现偏弱，行业分化。随着政策逐步落地，三季度的行情集中在红利和顺周期板块，行业分布在大金融、煤炭、石油石化等。而AI产业应用进入短期停滞期，成长板块迎来了季度级别的调整。上半年弱势的新能源和军工面临基本面的进一步下修，延续调整趋势。组合操作上，组合在报告期逐步建仓。债券方面，在严控信用风险的前提下，优选高等级信用债作为底仓，保持中性久期，适时使用杠杆，适度参与波段交易。股票方面，组合在周期及金融中配置了股息率较高的红利品种，在消费中配置可选的家电、汽车，科技中主要配置电子，逐步增加医药板块的配置。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:42.129Z","fund":{"_id":3000000018586,"__csrcFundId":12742,"stockCode":"018586","shortName":"汇添富双享增利债券(018586)","masterFundShortName":"汇添富双享增利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18586,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:02:42.298Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富双享增利债券型证券投资基金","inceptionDate":"2023-06-19T16:00:00.000Z","setUpDate":"2023-06-19T16:00:00.000Z","setUpAssetScale":270075119.86,"setUpShares":270075119.86,"pinyin":"htfsxzlzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20818546","stockType":"fund_manager","exchange":"fm","tickerId":1916210890,"name":"宋鹏"},{"stockCode":"db20905212","stockType":"fund_manager","exchange":"fm","tickerId":1904235860,"name":"孙丹"},{"stockCode":"8801466082","stockType":"fund_manager","exchange":"fm","tickerId":182508174820,"name":"茹奕菡"},{"stockCode":"f100000014","stockType":"fund_manager","exchange":"fm","tickerId":1220200890,"name":"刘通"}]},"announcement":{"linkText":"汇添富双享增利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=988564","linkType":"PDF","source":"csrc_pdf"}}]}