window.pageData = {"stock":{"_id":3000000018636,"name":"嘉实稳健增利6个月持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"018636","tickerId":18636,"shortName":"嘉实稳健增利6个月持有混合C","currency":"CNY","exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"inceptionDate":"2024-01-25T16:00:00.000Z","fundCollectionId":4000050080000,"pinyin":"jswjzl6gycyqhhxzqtzjj","followedNum":0,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50080000","tickerId":50080000,"name":"嘉实基金管理有限公司"},"managers":[{"name":"赖礼辉","stockType":"fund_manager","stockCode":"db20772718","exchange":"fm","tickerId":121208201870}],"hotMetrics":{"fss":{"stockId":3000000018636,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.0475,"f_ind_h_s_r":0.9525,"f_h_a":5375,"f_h_s_a":314938,"last_data_date":"2025-12-30T16:00:00.000Z","f_ind_h_s_r_c_hy":-0.03920000000000001,"f_ins_h_s_r_c_hy":0.0392,"f_ind_h_s_r_c_1y":-0.04749999999999999,"f_ins_h_s_r_c_1y":0.0475},"fpr":{"stockId":3000000018636,"type":"fpr","f_p_r_fys_ssc":9000,"f_p_r_fys_ssrp":0.6251805756195132,"f_p_r_m1_ssc":9177,"f_p_r_m1_ssrp":0.7573016564952049,"f_p_r_m3_ssc":9037,"f_p_r_m3_ssrp":0.4355909694555113,"f_p_r_m6_ssc":8759,"f_p_r_m6_ssrp":0.5846083580726193,"f_p_r_y1_ssc":8324,"f_p_r_y1_ssrp":0.7425207256998678,"f_cagr_p_r_fs_ssc":9107,"f_cagr_p_r_fs_ssrp":0.4616736217878322,"f_p_r_y2_ssc":7706,"f_p_r_y2_ssrp":0.7743024010382868},"fp":{"stockId":3000000018636,"type":"fp","f_p_r_d1":0,"f_cagr_p_r_fs":0.06180858086239982,"f_p_r_m1":0.016887387787752006,"f_p_r_m3":0.002716914986853558,"f_p_r_m6":0.02886690647481993,"f_p_r_fys":0.02243074173369064,"f_p_r_y1":0.09472777724619652,"last_data_date":"2026-04-23T16:00:00.000Z","f_p_r_y2":0.1298637171637369},"ff":{"stockId":3000000018636,"type":"ff","f_m_f_r":0.006,"f_c_f_r":0.0015,"f_m_a_c_f_r":0.0075,"f_m_c_f_d":"2024-12-23T16:00:00.000Z","f_c_f":213620,"f_m_a_c_f":1068103,"f_m_f":854483,"f_c_fr":0.0015,"f_fr_d":"2026-04-20T16:00:00.000Z","f_m_fr":0.006,"f_mac_fr":0.0075},"f_nlacan":{"stockId":3000000018636,"type":"f_nlacan","f_nv_d":"2026-04-23T16:00:00.000Z","f_nv":1.1441,"f_nv_cr":0.0005247048535197418},"f_as":{"stockId":3000000018636,"type":"f_as","f_tas":1110637704.4897,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000018635,"__csrcFundId":13320,"stockCode":"018635","masterFundShortName":"嘉实稳健增利6个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18635,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.552Z","status":"normal","exchange":"jj","shortName":"嘉实稳健增利6个月持有混合A","name":"嘉实稳健增利6个月持有期混合型证券投资基金","fundCollectionId":4000050080000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":198545644.93,"setUpDate":"2024-01-22T16:00:00.000Z","setUpShares":198545644.93,"pinyin":"jswjzl6gycyqhhxzqtzjj","followedNum":1}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018635,"stockId":1000000000001378,"holdings":263500,"marketCap":8087168,"netValueRatio":0.0042,"quarterlyChange":0.06560392397302328,"stock":{"stockCode":"01378","exchange":"hk","stockType":"company","tickerId":1378,"name":"中国宏桥"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018635,"stockId":600276,"holdings":143080,"marketCap":7900877,"netValueRatio":0.0041,"quarterlyChange":-0.07302333389289883,"stock":{"stockCode":"600276","exchange":"sh","stockType":"company","tickerId":600276,"name":"恒瑞医药"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018635,"stockId":688012,"holdings":24594,"marketCap":7535109,"netValueRatio":0.0039,"quarterlyChange":0.12342329128776686,"stock":{"stockCode":"688012","exchange":"sh","stockType":"company","tickerId":688012,"name":"中微公司"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018635,"stockId":688361,"holdings":47420,"marketCap":7210211,"netValueRatio":0.0037,"quarterlyChange":-0.006144192430878159,"stock":{"name":"中科飞测","exchange":"sh","stockType":"company","stockCode":"688361","tickerId":688361}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018635,"stockId":601318,"holdings":122100,"marketCap":6932838,"netValueRatio":0.0036,"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":3000000018635,"stockId":601899,"holdings":188300,"marketCap":6161176,"netValueRatio":0.0032,"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":3000000018635,"stockId":1000000000003347,"holdings":167700,"marketCap":6136050,"netValueRatio":0.0032,"quarterlyChange":-0.025660279823018994,"stock":{"stockType":"company","exchange":"hk","stockCode":"03347","tickerId":3347,"name":"泰格医药"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018635,"stockId":425,"holdings":585000,"marketCap":5896800,"netValueRatio":0.0031,"quarterlyChange":-0.12953367875647626,"stock":{"stockCode":"000425","exchange":"sz","stockType":"company","tickerId":425,"name":"徐工机械"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018635,"stockId":300750,"holdings":13900,"marketCap":5583630,"netValueRatio":0.0029,"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":3000000018635,"stockId":601009,"holdings":489300,"marketCap":5573127,"netValueRatio":0.0029,"quarterlyChange":-0.003499562554679869,"stock":{"stockCode":"601009","exchange":"sh","stockType":"company","tickerId":601009,"name":"南京银行"}}],"bondHoldings":[{"_id":"69e8fb421398d79843003468","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018635,"stockCode":"250208","stockName":"25国开08","holdings":1700000,"marketCap":171414400,"netValueRatio":0.0888,"lastUpdated":"2026-04-22T16:45:54.064Z"},{"_id":"69e8fb421398d79843003469","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018635,"stockCode":"230208","stockName":"23国开08","holdings":1600000,"marketCap":166763484,"netValueRatio":0.0864,"lastUpdated":"2026-04-22T16:45:54.071Z"},{"_id":"69e8fb421398d7984300346a","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018635,"stockCode":"240203","stockName":"24国开03","holdings":1000000,"marketCap":102349452,"netValueRatio":0.053,"lastUpdated":"2026-04-22T16:45:54.075Z"},{"_id":"69e8fb421398d7984300346b","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018635,"stockCode":"240208","stockName":"24国开08","holdings":600000,"marketCap":61261315,"netValueRatio":0.0317,"lastUpdated":"2026-04-22T16:45:54.078Z"},{"_id":"69e8fb421398d7984300346c","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018635,"stockCode":"250202","stockName":"25国开02","holdings":600000,"marketCap":60811578,"netValueRatio":0.0315,"lastUpdated":"2026-04-22T16:45:54.082Z"}]},"list":[{"_id":"69e8ec1c1398d79843fe9a52","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000018635,"sao":"2026年中国经济开局良好。受益于春节时点错月，1，2月数据同比高增，3月份数据或出现增速回落，1季度经济增速或在5%左右。但对市场而言，当前宏观数据已经不是核心关注点。3月份美伊冲突爆发，对全球经济与市场造成了巨大扰动。市场关注点主要在两个方面：1）油价暴涨之后带来的全球通胀压力，市场开始重新定价联储的降息节奏；2）因霍尔木兹海峡封锁，原油的供给冲击对下游生产活动造成显著扰动，相关行业开工率明显下滑。到目前为止，市场尚不能较为明确评估此次冲突的持续时间，全球经济增长前景呈现高度不确定性。　　26年1季度债市整体窄幅震荡下行，年初10年期国债收益率一度冲高至1.9%，随后缓慢回落至1.8%。随着美伊冲突爆发，市场略有担心通胀压力，10年收益率再度微幅上行。30年国债收益率则震荡上行，30年与10年的期限利差显著走阔。即使因美伊冲突市场风险偏好下行，30年收益率也没有明显下行。本报告期内，产品组合久期变动不大。考虑到信用利差偏低，组合以利率债配置为主。　　26年1季度转债冲高回落，中证转债指数下跌1.14%。转债在增量资金推动下，在1,2月份出现连续上升，但3月份随美伊冲突爆发，大幅下跌7.41%。转债在1季度整体估值偏贵，操作难度较大。本报告期内，产品保持低转债仓位，等待更好的进入时机。　　权益市场在1季度波动性明显放大。在年初市场预期中美经济共振温和复苏，在“金发女郎经济”环境下权益市场通常有较好表现。增量资金快速入市，权益在1,2月份连续上涨，中证800在1,2月份分别上涨4.49%，1.07%。随美伊冲突爆发，市场风险偏好显著下降，甚至开始担心中期全球经济衰退风险。宏观预期从温和复苏到滞涨到衰退的不断切换，导致资本市场快速轮动，投资难度增大。本报告期内，产品坚持均衡配置，优选个股，寻求收益与风险的平衡。","lastUpdated":"2026-04-22T15:41:16.926Z","fund":{"_id":3000000018635,"__csrcFundId":13320,"stockCode":"018635","masterFundShortName":"嘉实稳健增利6个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18635,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.552Z","status":"normal","exchange":"jj","shortName":"嘉实稳健增利6个月持有混合A","name":"嘉实稳健增利6个月持有期混合型证券投资基金","fundCollectionId":4000050080000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":198545644.93,"setUpDate":"2024-01-22T16:00:00.000Z","setUpShares":198545644.93,"pinyin":"jswjzl6gycyqhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20772718","stockType":"fund_manager","exchange":"fm","tickerId":121208201870,"name":"赖礼辉"}]},"announcement":{"linkText":"嘉实稳健增利6个月持有期混合型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1482464","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69caca2c40924dd8ca638f9a","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000018635,"sao":"2025年经济增速为5.0%，完成全年目标，但经济运行呈现明显分化。一方面面临新旧动能转换中旧动能依然拖累的压力，下半年地产和内需再度放缓，另外一方面新动能强劲增长，新质生产力相关行业表现出色，制造业也体现出极强的韧性。新旧动能的差异也在资本市场上得到充分体现，权益市场分化明显。　　2025年债市结束了连续两年的单边下降转为低位震荡。在2024年年末和2025年年初市场过度透支了降息预期，2025年开年收益率快速下行至全年低点之后开始反弹。4月初的关税战扰动带动收益率开启新一轮下行。但下半年机构开始进行资产配置的股债切换，叠加对基金新规的担忧，债市逐步调整。全年看10年国债呈现窄幅震荡，从最低点1.6%上调至1.9%，年底收至1.8%附近。超长端利率由于前期头寸过于拥挤调整最为显著，30与10年国债期限利差一度回到50bp。全年组合保持中性偏低久期，没有在债市过度暴露久期。　　2025年转债趋势上行，中证转债指数上涨18.7%。由于固收+规模大扩容，市场对转债的需求明显大于供给，转债在连续上涨之后，不仅呈现高绝对价格，而且溢价率也处于高位，较为明显透支了未来的收益空间，导致后期操作难度加大。本报告期内，产品逐步降低了转债持仓，等待更好的进入时机。　　2025年A股市场呈现震荡上行趋势，4月一度遭受关税战冲击引发显著波动，年中上证指数创十年新高。2025年权益市场风险偏好明显提升，成长明显跑赢价值，有色金属，通信，电子等行业涨幅显著。机构投资者在下半年显著切换大类资产配置，增配权益。个人投资者，尤其是高净值客户积极入市，两市融资余额突破2.7万亿，居民存款搬家现象显现。沪深300上涨17.7%，中证800上涨20.9%，创业板指、科创50分别涨49.6%、35.9%，而中证红利则跌1.4%。本报告期内，产品坚持均衡配置，优选个股，寻求收益与风险的平衡。","lastUpdated":"2026-03-30T19:08:28.971Z","mo":"展望2026年，权益市场震荡上行的趋势有望延续，市场会更加注重盈利能力兑现的程度。经历多年的调整，整体经济的供需矛盾有望逐步缓解，企业盈利能力有望企稳回升。流动性预期依然保持宽松，机构资产配置均衡，居民存款搬家以及结汇意愿提升有望助力权益市场流动性。考虑到流动性保持宽松，叠加经济基本面逐步企稳，债市短端风险不大。转债估值偏贵，投资性价比不足，当前时点保持谨慎。","fund":{"_id":3000000018635,"__csrcFundId":13320,"stockCode":"018635","masterFundShortName":"嘉实稳健增利6个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18635,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.552Z","status":"normal","exchange":"jj","shortName":"嘉实稳健增利6个月持有混合A","name":"嘉实稳健增利6个月持有期混合型证券投资基金","fundCollectionId":4000050080000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":198545644.93,"setUpDate":"2024-01-22T16:00:00.000Z","setUpShares":198545644.93,"pinyin":"jswjzl6gycyqhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20772718","stockType":"fund_manager","exchange":"fm","tickerId":121208201870,"name":"赖礼辉"}]},"announcement":{"linkText":"嘉实稳健增利6个月持有期混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1451377","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ca7fea5b3eb0533206","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000018635,"sao":"2025年前两个季度中国经济增速均超过了5%目标，分别为5.4%和5.2%，呈现出一定韧性。根据高频数据，生产，消费，投资出现不同程度的放缓迹象，3季度增速或将有所回落。25年3季度美国经济也呈现出韧性。在美联储降息的助力下，市场认为经济虽然当前走弱，但会在宽松的货币政策以及强劲的AI支出帮助下企稳回升。　　3季度债市震荡上行，10年期国债收益率上行约31bp，30年上行约40bp。3季度经济基本面整体偏弱，市场一度对抢出口，财政发力前置等因素有所担忧而对债市偏乐观，但债市却与宏观同步数据出现背离，反而呈现出典型的股债跷跷板效应。潜在的政策扰动也加剧了市场调整。本报告期内，产品组合久期变动不大，仍以高等级信用债作为底仓。　　3季度转债加速上涨，转债指数不断创历史新高，中证转债指数上涨9.43%。虽然转债上涨动能保持强势，但是转债估值趋贵。转债中位数价格在8月下旬一度达到136元，9月份转债市场结束了单边上涨趋势，呈现震荡消化估值的走势。本报告期内，产品整体逐步降低了转债仓位。　　权益市场同样在3季度加速上涨。Wind全A突破21年高点，3季度上涨19.5%，中证800上涨19.8%。市场风险偏好维持高位，沪深融资余额突破2.4万亿，超过15年高点，居民存款也存在搬家入权益市场现象。3季度成长性板块表现出色，AI链条相关的公司成为最强主线。通信，电子，电力设备在盈利驱动下大幅上涨，有色也因为宏观因素以及供给扰动表现出色，而另外一方面，以银行为代表的红利资产遭到明显抛售。本报告期内，产品坚持均衡配置，优选个股，寻求收益与风险的平衡。","lastUpdated":"2026-03-09T14:01:46.380Z","fund":{"_id":3000000018635,"__csrcFundId":13320,"stockCode":"018635","masterFundShortName":"嘉实稳健增利6个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18635,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.552Z","status":"normal","exchange":"jj","shortName":"嘉实稳健增利6个月持有混合A","name":"嘉实稳健增利6个月持有期混合型证券投资基金","fundCollectionId":4000050080000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":198545644.93,"setUpDate":"2024-01-22T16:00:00.000Z","setUpShares":198545644.93,"pinyin":"jswjzl6gycyqhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20772718","stockType":"fund_manager","exchange":"fm","tickerId":121208201870,"name":"赖礼辉"}]},"announcement":{"linkText":"嘉实稳健增利6个月持有期混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1382369","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ca7fea5b3eb0533205","date":"2025-06-29T16:00:00.000Z","stockId":3000000018635,"sao":"2025年上半年，宏观经济不断受到不确定性冲击。在一季度经济平稳运行之后，因4月初关税战超预期，市场对经济的担忧快速上升。在五月份，随着中美贸易谈判结果良好，抢出口缓解了对短期外需下降的担忧，市场对经济预期出现一定程度修复。　　2025年债市整体呈现震荡，年初10年国债收益率在1.60%，一季度因市场过于乐观而出现调整，10年国债收益率最高上行至1.95%，随后不断下行。4月初因关税战超预期收益率快速下行至1.62%，最终收于1.64%。30年国债也整体呈现震荡，在上半年收益率上行2bp。在利率整体震荡的环境下，信用债表现相对较好，市场不断寻找信用债的结构性机会，利差不断被压缩。本报告期内，产品在一季度在行情过于乐观时降低了仓位，在后期调整时增加了利率债持仓，提高了组合久期，获取利率下行收益，同时配置高等级信用债作为底仓。　　转债在上半年表现出色，中证转债指数在上半年上涨7.02%，转债等权指数上涨幅度更显著，上半年上涨9.11%。从去年最底部算起，转债指数已经上涨超过30%。转债在一季度上涨之后，受到关税战升级的冲击而出现剧烈调整。后期随着市场预期中美将出现缓解，转债开始修复并在季末出现加速上升。本报告期，产品在1季度适度降低了转债仓位，之后利用关税战调整时再度增加了转债仓位，获取了收益增强。　　权益市场在上半年表现良好，Wind全A已经接近去年10月份高点。市场总体呈现重个股，轻指数的特征。中证1000上涨6.69%，显著跑赢沪深300的0.03%，124个申万二级行业中涨幅超过10%的有47个。权益市场在一季度上涨之后，在2季初受关税战冲击大幅下跌，之后开始逐步修复。一方面以银行为代表的红利资产受到低风险偏好资金青睐，表现出色；另外一方面，市场风险偏好维持高位，机会层出不穷，同时板块间以及板块内部个股差异极大。在风险偏好驱动下，主题投资持续活跃。新消费，AI，创新药和军工等板块因为各自的行业驱动因素持续走强。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:46.377Z","mo":"展望未来，虽然2季度经济增速达到5.2%，略超预期，但总体价格水平依然偏弱，叠加地产高频数据出现走弱迹象，消费在连续补贴之后存在透支而回落的可能，市场对下半年经济的预期依然偏谨慎。经济仍将呈现弱复苏的特征，债市总体依然偏利多，本组合将保持信用债底仓，适度波段操作利率。因当前转债总体估值水平偏高，操作上将自下而上选择安全边际较高的转债，适度卖出部分估值偏高品种。展望未来权益市场，总体依然以结构性行情为主，产品仍将坚持均衡配置，优选个股，寻求收益与风险的平衡。","fund":{"_id":3000000018635,"__csrcFundId":13320,"stockCode":"018635","masterFundShortName":"嘉实稳健增利6个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18635,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.552Z","status":"normal","exchange":"jj","shortName":"嘉实稳健增利6个月持有混合A","name":"嘉实稳健增利6个月持有期混合型证券投资基金","fundCollectionId":4000050080000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":198545644.93,"setUpDate":"2024-01-22T16:00:00.000Z","setUpShares":198545644.93,"pinyin":"jswjzl6gycyqhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20772718","stockType":"fund_manager","exchange":"fm","tickerId":121208201870,"name":"赖礼辉"}]},"announcement":{"linkText":"嘉实稳健增利6个月持有期混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1346881","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ca7fea5b3eb0533204","date":"2025-03-30T16:00:00.000Z","stockId":3000000018635,"sao":"2025年1季度经济增长略超预期，预期1季度GDP增速约为5.2%。主要驱动力量为财政发力前置，以旧换新对如家电以及汽车等消费品的拉动，以及关税落地前出口维持较为强劲，一二线城市二手房成交活跃。3月制造业PMI上升至50.5%，但略低于季节性规律。一季度价格依然偏疲弱，说明供需矛盾仍有待改善。　　年初市场对债市过于乐观，1季度债市呈现震荡回调，10年期国债收益率上行约20bp。在经历了长期牛市之后，市场在牛市思维驱动下在去年年底抢跑严重，收益率最低时定价全年货币政策2-3次放松预期。在当前宏观数据中性，央行因其他因素影响没有兑现市场预期的货币政策放松时，市场存在调整需求。本报告期内，产品以高等级信用债配置为主，兼顾了利率波段操作。　　转债在1季度表现出色，中证转债指数上涨3.13%。经历了从去年3季度末开始的转债连续上升之后，转债的性价比也逐渐弱化。本报告期，产品自下而上选择安全边际较高的转债，适度卖出部分估值偏高品种。　　权益市场在开年调整之后稳步上涨，风险偏好维持高位，板块间以及板块内部个股差异极大。在风险偏好驱动下，主题投资表现较优，如机器人相关个股涨幅显著。而稳健类资产表现偏弱。中证800小幅下跌0.32%，而Wind全A则上涨1.9%。本报告期，产品坚持均衡配置，优选个股，寻求收益与风险的平衡。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:46.375Z","fund":{"_id":3000000018635,"__csrcFundId":13320,"stockCode":"018635","masterFundShortName":"嘉实稳健增利6个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18635,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.552Z","status":"normal","exchange":"jj","shortName":"嘉实稳健增利6个月持有混合A","name":"嘉实稳健增利6个月持有期混合型证券投资基金","fundCollectionId":4000050080000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":198545644.93,"setUpDate":"2024-01-22T16:00:00.000Z","setUpShares":198545644.93,"pinyin":"jswjzl6gycyqhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20772718","stockType":"fund_manager","exchange":"fm","tickerId":121208201870,"name":"赖礼辉"}]},"announcement":{"linkText":"嘉实稳健增利6个月持有期混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1277967","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ca7fea5b3eb0533203","date":"2024-12-30T16:00:00.000Z","stockId":3000000018635,"sao":"报告期内，债券市场资产荒延续，利率几乎单边下行，由于有效需求不足，贷款投放力度较弱，叠加债券-贷款比价效应，在机构的欠配需求和央行的调控博弈之下，最终十年期国债正式进入1%时代。权益方面，股票市场前三季度震荡偏弱，9月末政策转向之后，走出的近20年来的第四次股债双牛，指数在盈利缺乏弹性，风险偏好较低，存量资金格局难以彻底改善的背景下，沪深300实现了接近15%的正回报。结构方面，由于机构欠配以及投资者风险偏好较低，红利指数表现持续强势，三季度成长股表现出色。　　纯债方面：前三季度基本面弱修复+宽货币预期强，利率明显下行，债券市场延续此前的多头情绪。债券供给不足，欠配压力驱动长端、超长端债券持续走强。期间禁止手工补息倡议下发，成为2024年债市标志性事件，银行存款搬家至非银，非银资金充裕，带动收益率下行。9月末政治局会议央行打响政策转向第一枪，发布会上宣布降准降息、调降存量房贷利率、新设货币政策支持股市等多项工具，引发市场预期扭转，利率快速调整，债市经历了一场不小的赎回冲击，尤其信用债出现较大调整。但进入10月之后，债券市场重新评估政策力度和效果，受同业存款自律的影响，叠加机构配置压力，债券收益率快速下探，至年末10年国债收益率来到1.6%的历史低位。　　转债和权益方面：2024新年伊始，股票市场表现不佳，尤其微盘股指数大幅下调，转债也随之调整，直到2月初在央行降准呵护之下，股票市场得以企稳并反弹，转债随之上涨。然而基本面依然维持弱势，房地产下行趋势延续，6月开始股票市场重新回到弱势格局，三季度加速下行。期间由于正股价格下跌，局部信用风险爆发，转债价格大面积跌破债底，甚至引发投资者对转债信用风险扩散的担忧。9月26日，政治局会议表态较为积极提振投资者信心和风险偏好，A股强势上涨，成长股表现出色。受益于权益市场上涨，转债也表现强势。　　在本报告期，产品以优质信用债做底仓，增加了利率债持仓，获取收益率下行收益。基于不同资产估值，结合宏观与市场流动性，自上而下调整纯债，可转债与权益的仓位。基于行业景气度与个体标的对比，自下而上寻找更有性价比的投资机会。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:46.372Z","mo":"展望2025年，在财政和货币政策呵护下，经济有望回升。受益于宽松的货币政策，纯债市场收益率有望下行，但幅度或将收窄。受益于企业盈利回升以及风险偏好维持高位，转债与权益也有投资机会。","fund":{"_id":3000000018635,"__csrcFundId":13320,"stockCode":"018635","masterFundShortName":"嘉实稳健增利6个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18635,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.552Z","status":"normal","exchange":"jj","shortName":"嘉实稳健增利6个月持有混合A","name":"嘉实稳健增利6个月持有期混合型证券投资基金","fundCollectionId":4000050080000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":198545644.93,"setUpDate":"2024-01-22T16:00:00.000Z","setUpShares":198545644.93,"pinyin":"jswjzl6gycyqhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20772718","stockType":"fund_manager","exchange":"fm","tickerId":121208201870,"name":"赖礼辉"}]},"announcement":{"linkText":"嘉实稳健增利6个月持有期混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1250501","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ca7fea5b3eb0533202","date":"2024-09-29T16:00:00.000Z","stockId":3000000018635,"sao":"在三季度，市场整体对经济延续偏谨慎态度。因2季度GDP数据低于预期，市场进一步增加了对经济增长压力的担忧。三季度房地产数据偏弱运行，新开工面积降至历史低位。在地方政府化债的约束下，地方政府投资能力受限，城投净融资转负。在内需偏弱的环境下，工业品库存有所增加。社融增速维持低位，信用扩张意愿不强。美国9月份正式开启降息周期，主要因为通胀回落而经济数据走弱。但美国数据喜忧参半，尚未陷入衰退。美国开启降息周期有利于缓解人民币贬值压力，也打开了国内货币政策放松的空间。　　与偏弱的基本面相对应，三季度大部分时间权益市场承压而债券收益率持续下行。然而在9月末，随着一揽子稳定经济的政策出台，市场对未来经济的预期发生了巨大变化，股债跷跷板效应明显。　　债券市场在三季度总体仍呈现资产荒格局，尤其在7,8月份表现非常显著。利率长端下行至历史低位，10年和30年国债收益率最低一度下行至2.03%和2.14%，随后因一揽子稳增长政策发力调整至2.15%与2.35%。信用债走势跟随利率，前两个月信用利差不断压缩到历史低位。9月后半段受政策发力以及理财赎回担忧信用利差明显走阔。 三季度可转债市场出现大幅波动，季度最大跌幅达到8.65%，季末大幅反弹，全季上涨0.58%。　　权益市场呈现大幅波动。7,8月份权益市场持续调整，中证800最大跌幅达10.9%，随着维稳政策出台市场大幅反弹，三季度中证800上涨16.1%。　　在本报告期产品稳健运作，结合各类资产基本面，绝对估值与相对估值，积极把握债券，转债市场的机会。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:46.369Z","fund":{"_id":3000000018635,"__csrcFundId":13320,"stockCode":"018635","masterFundShortName":"嘉实稳健增利6个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18635,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.552Z","status":"normal","exchange":"jj","shortName":"嘉实稳健增利6个月持有混合A","name":"嘉实稳健增利6个月持有期混合型证券投资基金","fundCollectionId":4000050080000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":198545644.93,"setUpDate":"2024-01-22T16:00:00.000Z","setUpShares":198545644.93,"pinyin":"jswjzl6gycyqhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20772718","stockType":"fund_manager","exchange":"fm","tickerId":121208201870,"name":"赖礼辉"}]},"announcement":{"linkText":"嘉实稳健增利6个月持有期混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1178871","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ca7fea5b3eb0533201","date":"2024-06-29T16:00:00.000Z","stockId":3000000018635,"sao":"2024上半年经济依然处于新旧动能转换期。以地产为代表的旧经济仍在下滑过程中，但对经济的拖累有所减弱，而新质生产力为新增长模式的主要推动力量。2季度GDP增速从1季度的5.3%放缓至4.7%，略低于市场预期，指向经济增长压力有所增加，如果仍需完成全年增长目标，则需要在下半年增加逆周期稳增长力度。全球制造业上半年一度出现同向修复，外需对经济韧性做出了一定贡献。三季度随着美国大选临近，出口或将面临不确定性。　　受益于较为疲弱的基本面和债券市场资产荒，2024年上半年10年国债收益率震荡下行并创新低，最低至2.2%，上半年下行35bp。30年国债波动略大，但季末收盘也接近前期低点2.42%。在整体资产荒的背景下，市场配置压力持续存在。实体经济缺乏加杠杆的主体，债券市场发行速度低于预期，客观上也增加了资产荒的压力。在上半年信用利差被不断压缩，在中短期限信用利差被压缩至低位时，市场开始寻找长期限信用债机会。本报告期内，产品以高等级信用债配置为主，兼顾了利率波段操作。　　中证转债指数在上半年呈现大幅震荡，最终基本平盘。中证转债指数从5月20日见高点，之后部分低资质转债由于信用风险担忧跌幅巨大，进而拖累了整体转债市场。本报告期，产品自下而上选择安全边际较高的转债，受低资质转债拖累较小。　　权益市场在一季度修复了开年剧烈下行之后，在二季度整体呈现震荡特征。权益市场内部分化明显，中证800在上半年下跌1.76%，而中证2000则下跌23.28%。细分赛道来看，红利类，AI和出海类公司在上半年表现较好。本报告期，产品处于建仓期，操作较为谨慎。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:46.366Z","mo":"当前经济内生复苏动能偏弱，出口增量在三季度也可能存在变数，总体上利率偏多。转债经历了大幅调整之后，出现了明显的分层。部分转债或被错杀，在市场稳定后有望出现一定程度的估值修复。市场对宏观经济有较为充分的认知，权益资产定价也对基本面有较为充分的反应，如果后期有稳增长政策出台，权益市场也将有值得参与的机会。","fund":{"_id":3000000018635,"__csrcFundId":13320,"stockCode":"018635","masterFundShortName":"嘉实稳健增利6个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18635,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.552Z","status":"normal","exchange":"jj","shortName":"嘉实稳健增利6个月持有混合A","name":"嘉实稳健增利6个月持有期混合型证券投资基金","fundCollectionId":4000050080000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":198545644.93,"setUpDate":"2024-01-22T16:00:00.000Z","setUpShares":198545644.93,"pinyin":"jswjzl6gycyqhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20772718","stockType":"fund_manager","exchange":"fm","tickerId":121208201870,"name":"赖礼辉"}]},"announcement":{"linkText":"嘉实稳健增利6个月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=1150841","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ca7fea5b3eb0533200","date":"2024-03-30T16:00:00.000Z","stockId":3000000018635,"sao":"在一季度，市场对经济延续偏谨慎态度，但实际生产数据表现分化，总体略好于此前悲观预期。全球制造业PMI上升至50以上，与外需相关的中下游生产偏强，部分行业3,4月份排产数据环比明显回升。节后国内投资恢复偏慢，与之相关的生产疲弱。从需求角度分析，出口小幅超预期，居民消费呈现一定韧性，旺季消费略超预期。房地产销售及投资的拖累仍较大。社融方面，由于收入预期尚待改善、以及地产周期仍然偏弱，居民融资需求不强。由于稳定汇率以及打击空转等因素，货币政策放松的节奏较为克制，市场所期待的财政发力尚未在微观数据层面得到明显验证。一季度美国增长动能总体较强，降息预期阶段性延后，美元指数走高，人民币汇率呈现一定压力。　　债券市场总体仍呈现资产荒格局，债券新增供给偏弱加剧了供需矛盾，无论是信用利差还是期限利差被持续压缩。利率长端下行至历史低位，10年和30年国债收益率分别下行26BP和36BP至2.29和2.46。受权益市场拖累以及流动性挤压，中证转债指数1季度下跌0.81%。　　权益市场呈现大幅波动。1月份权益出现大幅调整，尤其是小盘股受到流动性显著冲击，中证1000指数最大跌幅27%。后随着维稳资金入场，市场逐步修复，一季度中证800上涨1.56%。　　在本报告期处于本产品建仓期，在安全垫保护不够的情况下，需要更加稳健运作，因此在一季度主要以纯债为主，适度增加部分风险资产头寸做收益增强。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:46.364Z","fund":{"_id":3000000018635,"__csrcFundId":13320,"stockCode":"018635","masterFundShortName":"嘉实稳健增利6个月持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18635,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.552Z","status":"normal","exchange":"jj","shortName":"嘉实稳健增利6个月持有混合A","name":"嘉实稳健增利6个月持有期混合型证券投资基金","fundCollectionId":4000050080000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":198545644.93,"setUpDate":"2024-01-22T16:00:00.000Z","setUpShares":198545644.93,"pinyin":"jswjzl6gycyqhhxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20772718","stockType":"fund_manager","exchange":"fm","tickerId":121208201870,"name":"赖礼辉"}]},"announcement":{"linkText":"嘉实稳健增利6个月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=1065741","linkType":"PDF","source":"csrc_pdf"}}]}