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   价格层面的变化，是一季度宏观经济方面值得重视的边际信号之一。1-2月全国居民消费价格（CPI）同比上涨0.8%，2月份受春节错位因素影响同比涨幅升至1.3%。2月，工业生产者出厂价格指数（PPI）降幅有所收窄，从-1.4%回升至-0.9%。价格数据的回升一方面源于季节性因素和低基数效应，另一方面也受到国际大宗商品价格上涨的输入性影响。从资产定价看，这种变化的含义非常重要：市场不再需要沿用“深度低通胀、名义增长持续承压”的旧框架。价格在修复，意味着企业盈利的名义环境在改善，也意味着长端利率继续大幅下行的基础在削弱。    一季度最大的“黑天鹅”事件是2月底爆发的中东地缘危机。冲突导致霍尔木兹海峡航运受阻，国际原油价格短期内暴涨，给全球带来了显著的输入型通胀压力。为此，美联储、欧洲央行等主要央行被迫重新评估货币政策路径，全球流动性收紧预期升温。中国人民银行在2026年第一季度货币政策委员会例会中提及，我国经济运行总体平稳、稳中有进，高质量发展取得新成效，但仍面临供强需弱、外部冲击等问题和挑战。反映出政策层对外部风险权重的上调。会议明确将继续实施适度宽松的货币政策，加大逆周期和跨周期调节力度，但在外部通胀压力传导下，国内货币政策的宽松空间也面临平衡考验。    债券方面，资金面依旧相对友好，短端利率稳定，机构对于中短端票息资产的配置需求并未减弱；但与此同时，财政发力前置带来了较大的政府债供给，叠加市场对物价修复和风险偏好回升的预期抬升，长端利率很难像此前那样顺畅下行。10年国债收益率一季度大体处于1.78%至1.90%的区间震荡，这表明利率下行的阻力显著增加。与利率债的震荡不同，信用债在一季度表现更为强势，收益率整体下行，信用利差普遍收窄。这主要得益于年初配置盘的集中发力、债基赎回压力缓解以及信用债在低利率环境下的配置价值凸显。从更深层的配置逻辑看，一季度债市的变化说明，市场正在逐步转向“票息优先、交易增强”的阶段。短端受益于资金宽松，仍具有较高的确定性；但长端要面对通胀预期等扰动因素，相对适合波段操作，而不是趋势性重仓拉久期。    股票市场在一季度呈现\"高开低走、极致分化\"的运行特征。年初市场一度快速上涨，随着时间进入2月和3月，市场开始面临两个新问题：一是科技成长方向短期涨幅较大，估值消化压力上升；二是业绩披露期临近，市场从讲故事逐步转向讲兑现。同时，地缘风险也在阶段性抬升，导致市场开始震荡调整，板块轮动明显加快。全季来看，上证指数报收3891.86点，下跌1.94%；深证成指报收13478.06点，下跌0.35%；创业板指报收3184.95点，下跌0.57%；中证红利指数则上涨4.07%，防御性特征凸显。    可转债也跟随权益市场，呈现先强后弱、冲高回落的特征。年初到1月下旬，权益市场受春季躁动和科技主题催化带动，转债ETF份额持续增长，转债跟随权益上涨，且在高弹性品种上表现活跃。节后，随着市场从情绪驱动转向业绩验证，高估值转债开始主动压缩估值；进入3月后，地缘风险发酵、固收+产品赎回以及财报季临近进一步压制风险偏好，转债市场出现回调。截至3月末，中证转债指数季度下跌1.14%，虽然估值相比高位已明显下降，但由于供需矛盾等支撑仍在，仍处于历史偏高水平。    在股票市场开始调整阶段，本基金净值受到了一定的影响，随后，我们果断降低了仓位，在后续市场受地缘等影响快速下跌时控制了回撤幅度。债券方面，以中短久期持仓为主，适当把握交易机会。","lastUpdated":"2026-04-22T15:41:39.973Z","fund":{"_id":3000000019673,"__csrcFundId":13748,"stockCode":"019673","masterFundShortName":"汇丰晋信慧鑫6个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19673,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:27:22.694Z","status":"normal","exchange":"jj","shortName":"汇丰晋信慧鑫6个月持有期债券(019673)","name":"汇丰晋信慧鑫六个月持有期债券型证券投资基金","fundCollectionId":4000050520000,"setUpAssetScale":107636718.67,"setUpDate":"2024-04-15T16:00:00.000Z","setUpShares":107636718.67,"inceptionDate":"2024-04-18T16:00:00.000Z","pinyin":"hfjxhxlgycyqzqxzqtzjj","managers":[{"stockCode":"j101019676","stockType":"fund_manager","exchange":"fm","tickerId":2312242420,"name":"吴刘"},{"stockCode":"j101019663","stockType":"fund_manager","exchange":"fm","tickerId":1225246560,"name":"刘洋"}]},"announcement":{"linkText":"汇丰晋信慧鑫六个月持有期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=1481384","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed31c7fea5b3eb053800c","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-20T16:00:00.000Z","stockId":3000000019673,"sao":"2025年四季度，中美关税争端进一步缓和，美联储继续降息，人民币走强，商品价格表现较强，资金风险偏好改善，资本市场普遍表现较为亮眼，债券利率有所上行。国内经济基本面边际走弱。需求端，11月社会消费品零售总额同比上升1.3%，增速持续回落。1-11月固定资产投资累计同比下降2.6%，较1-9月累计同比下降2.1pct，各分项增速皆有所下滑，房地产开发投资累计同比增速跌幅继续扩大。11月出口边际改善，增速反弹至5.9%。生产端，11月工业增加值同比上升4.8%。12月制造业PMI指数50.1，较9月上升0.3，并站上荣枯线。通胀方面，11月，CPI同比增速为0.7%，扣除食品和能源价格，核心CPI维持在1.2%，PPI同比增速降幅缩窄至-2.2%（9月值为-2.3%），通胀数据表现尚可。分资产表现来看，四季度债券市场波动较大，信用债表现好于利率债，期间中债新综合全价指数上升0.04%，中债信用债指数上升0.31%，中债金融债指数上升0.36%，中债国债指数下降0.49%；权益和转债市场总体波动，年末有所上行。沪深300指数下降0.23%，上证50指数上升1.41%，创业板指数下降1.08%，中证转债指数上升1.32%。基金操作上，股票仓位总体较为平稳，维持超配。主要通过结构调整控制基金波动，重点配置周期、金融等低位价值板块，择优配置部分股价相对低位、基本面具备支撑的科技成长股。债券部分，久期较为平稳，主要通过利率债适当把握波段交易机会。","lastUpdated":"2026-03-09T14:03:08.653Z","fund":{"_id":3000000019673,"__csrcFundId":13748,"stockCode":"019673","masterFundShortName":"汇丰晋信慧鑫6个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19673,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:27:22.694Z","status":"normal","exchange":"jj","shortName":"汇丰晋信慧鑫6个月持有期债券(019673)","name":"汇丰晋信慧鑫六个月持有期债券型证券投资基金","fundCollectionId":4000050520000,"setUpAssetScale":107636718.67,"setUpDate":"2024-04-15T16:00:00.000Z","setUpShares":107636718.67,"inceptionDate":"2024-04-18T16:00:00.000Z","pinyin":"hfjxhxlgycyqzqxzqtzjj","managers":[{"stockCode":"j101019676","stockType":"fund_manager","exchange":"fm","tickerId":2312242420,"name":"吴刘"},{"stockCode":"j101019663","stockType":"fund_manager","exchange":"fm","tickerId":1225246560,"name":"刘洋"}]},"announcement":{"linkText":"汇丰晋信慧鑫六个月持有期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=1460987","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed31c7fea5b3eb053800b","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000019673,"sao":"2025年三季度，全球关税争端缓和，美联储开启降息周期，资金风险偏好改善，资本市场普遍表现较为亮眼，债券利率有所上行。国内经济基本面维持弱复苏态势。需求端，8月社会消费品零售总额同比上涨3.4%，增速持续回落。1-8月固定资产投资累计同比增速0.5%，较1-6月累计同比下降2.3pct，制造业、房地产和基建投资增速均有回落，其中基建投资增速回落较为明显。出口增速短期有所波动，8月份出口额同比上涨4.3%。生产端，8月工业增加值同比增速5.2%，较6月下降1.6pct。9月末最新PMI指数49.8，有所回升，但仍在荣枯线以下。通胀方面，8月，CPI同比下降0.4%，扣除食品和能源价格，核心CPI较6月提升0.2pct至0.9%，PPI同比下降2.9%（6月值-3.6%），通胀数据有所改善。政策层面，7月，中共中央政治局召开会议，分析研究当前经济形势，部署下半年经济工作。8月，《中美斯德哥尔摩经贸会谈联合声明》，中美双方继续暂停实施24%的关税90天；财政部等部门出台个人消费贷款贴息和服务业经营主体贷款贴息相关政策，力图提振居民消费贷款需求和服务业信贷需求；国务院印发《关于深入实施“人工智能+”行动的意见》，提出到2027年，率先实现人工智能与6大重点领域广泛深度融合，新一代智能终端、智能体等应用普及率超70%；此外，北京、上海先后出台房地产相关的政策，进一步放宽限购和房贷等相关政策。9月，深圳发布房地产相关政策，优化放宽限购、房贷和公积金提取相关政策；财政部长在国务院新闻发布会上表示，将继续落实好一揽子化债举措，提前下达部分2026年新增地方政府债务限额；国家发展改革委召开新闻发布会，提出新型政策性金融工具规模共5000亿元，全部用于补充项目资本金；同日，中共中央政治局召开会议，讨论拟提请二十届四中全会审议的文件，并决定二十届四中全会于10月20日至23日在北京召开。政策支持经济、呵护资本市场的基调延续，市场对新的潜在支持政策保持期待。分资产表现来看，三季度债券市场表现落后，期间中债新综合全价指数下跌1.5%，中债信用债指数下跌0.57%，中债金融债指数下跌1.25%，中债国债指数下跌1.77%；权益和转债市场表现强势，呈稳步上扬态势。沪深300指数上涨17.9%，上证50指数上涨10.21%，创业板指数上涨50.4%，中证转债指数上涨9.43%。基金操作上，股票仓位保持积极，顺势而为，9月份后，市场步入震荡，结构上适当增加金融、红利等板块占比，控制净值波动。国庆长假前将股票仓位降至较低水平，规避潜在不确定性。债券部分，利率债配置为主，久期总体较为平稳，适当把握波段交易机会。","lastUpdated":"2026-03-09T14:03:08.650Z","fund":{"_id":3000000019673,"__csrcFundId":13748,"stockCode":"019673","masterFundShortName":"汇丰晋信慧鑫6个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19673,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:27:22.694Z","status":"normal","exchange":"jj","shortName":"汇丰晋信慧鑫6个月持有期债券(019673)","name":"汇丰晋信慧鑫六个月持有期债券型证券投资基金","fundCollectionId":4000050520000,"setUpAssetScale":107636718.67,"setUpDate":"2024-04-15T16:00:00.000Z","setUpShares":107636718.67,"inceptionDate":"2024-04-18T16:00:00.000Z","pinyin":"hfjxhxlgycyqzqxzqtzjj","managers":[{"stockCode":"j101019676","stockType":"fund_manager","exchange":"fm","tickerId":2312242420,"name":"吴刘"},{"stockCode":"j101019663","stockType":"fund_manager","exchange":"fm","tickerId":1225246560,"name":"刘洋"}]},"announcement":{"linkText":"汇丰晋信慧鑫六个月持有期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=1380978","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed31c7fea5b3eb053800a","date":"2025-06-29T16:00:00.000Z","stockId":3000000019673,"sao":"2025年上半年，全球经贸环境较为动荡，美国对全球加征对等关税，随后开启广泛的贸易谈判。市场对美联储的降息节奏的预期有所反复。此外，中东局势的变化影响商品价格和资金风险偏好。当前，外部环境有所改善，市场风险偏好提升，但外部环境的潜在不确定性仍需持续关注。国内方面，经济数据表现尚可。一、二季度GDP同比增速分别为5.4%、5.2%，上半年累计同比增速5.3%，为实现全年目标打下了较好的基础。需求端，在以旧换新政策补贴支持下，上半年消费表现较为稳健，6月社会消费品零售总额同比增长4.8%。固定资产投资表现一般， 1-6月固定资产投资累计同比增速2.8%，较前值回落0.9pct，边际上制造业、房地产和基建投资增速均有回落，地产投资累计增速保持在-10%左右，拖累较大。出口受外部环境影响波动较大，出口增速上半年大致呈现倒V型走势，3月份由于抢出口效应增速达12.2%，6月份出口额增速回落至5.9%。生产端，工业增加值数据走势与出口表现相近，6月工业增加值同比增速为6.8%，较3月回落0.9pct。PMI数据围绕荣枯线上下波动，6月PMI指数为49.7。通胀数据整体维持低位，6月，CPI同比增速为0.1%，扣除食品和能源价格，核心CPI 为0.7%，PPI同比增速为-3.6%，PPI跌幅有所走阔。政策层面，政府工作报告明确今年赤字率拟按4%左右安排，明确“实施适度宽松的货币政策”、“大力提振消费、提高投资效益，全方位扩大国内需求”。货币政策方面，5月，央行在与金监总局、证监会的联合发布会上，宣布推出一揽子货币政策措施，降准50bp、降息10bp。同时，六家国有大行和招商银行公示了下调人民币存款挂牌利率，不同期限下调5-25BP不等；财政政策方面，在两会会后记者会上，财政部长表示，今年将发行首批特别国债 5000 亿元，支持国有大型商业银行补充核心一级资本。以旧换新政策得到延续，并扩容至手机、平板电脑、智能手表等品类。新增以工代赈中央预算内投资计划，促进重点群体就业增收；资本市场支持政策方面，1月，金融监管总局等六部门联合印发《关于推动中长期资金入市工作的实施方案》，鼓励险资等长期资金提升A股投资比例。6月，中国证监会表示将推出进一步深化科创板改革的“1+6”政策措施，在科创板设置科创成长层，并且重启未盈利企业适用科创板第五套标准上市。政策层面呵护经济和资本市场的态度明确，经济基本面得到支撑，市场情绪得到有效提振。多方面综合影响下，上半年债券市场整体表现一般，期间中债新综合全价指数下跌0.14%，中债信用债指数上涨0.23%，中债金融债指数下跌1.11%，中债国债指数下跌0.28%；权益呈波动上行态势，年初和4月份波动较大，上半年沪深300指数上涨0.03%，上证50指数上涨1.01%，创业板指数上涨0.53%；转债市场则稳步上扬，中证转债指数上涨7.02%。本报告期内，本基金操作追求稳健，仓位选择较为谨慎，但4月初等关键时点，仓位选择较为积极。择券重视安全边际，把握个券收益风险的不对称性机会，以控制本产品的回撤，降低产品净值波动。债券部分，以利率债为主，配置久期选择相对保守，长债主要用于交易策略。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:08.647Z","mo":"经济基本面仍处于弱复苏进程中，但政策面呵护，叠加长期资金托举，伴随外部环境局势缓解，资本市场近期表现亮眼。展望未来，随着转债市场估值行至高位，但在低利率背景下，资金流入踊跃，后续有望跟随权益市场进一步上行。债券方面，基本面和货币政策继续利好债市，但资金风险偏好的变化或将给债市带来一定波动，可等待更好的买点，适当拉长久期。","fund":{"_id":3000000019673,"__csrcFundId":13748,"stockCode":"019673","masterFundShortName":"汇丰晋信慧鑫6个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19673,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:27:22.694Z","status":"normal","exchange":"jj","shortName":"汇丰晋信慧鑫6个月持有期债券(019673)","name":"汇丰晋信慧鑫六个月持有期债券型证券投资基金","fundCollectionId":4000050520000,"setUpAssetScale":107636718.67,"setUpDate":"2024-04-15T16:00:00.000Z","setUpShares":107636718.67,"inceptionDate":"2024-04-18T16:00:00.000Z","pinyin":"hfjxhxlgycyqzqxzqtzjj","managers":[{"stockCode":"j101019676","stockType":"fund_manager","exchange":"fm","tickerId":2312242420,"name":"吴刘"},{"stockCode":"j101019663","stockType":"fund_manager","exchange":"fm","tickerId":1225246560,"name":"刘洋"}]},"announcement":{"linkText":"汇丰晋信慧鑫六个月持有期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=1345932","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed31c7fea5b3eb0538009","date":"2025-03-30T16:00:00.000Z","stockId":3000000019673,"sao":"2025年一季度以来，全球宏观经济总体较为平稳。但是，美联储降息放缓，进入4月，美国“对等关税”政策明显超出市场预期，全球贸易环境变化明显，全球经济和大类资产走势的不确定性明显上升。国内方面，经济数据延续向好态势。需求端，社会消费品零售总额同比增速继续回升，1-2月份同比增速为4.0%，1-2月固定资产投资累计同比增速为4.1%，制造业和基建投资均表现较好，房地产投资降幅收窄。出口增速则有所下滑，2月份出口额同比下降3%（前值6%）。生产端，2月工业增加值同比增速为5.9%，增速仍保持在较好水平。3月PMI指数为50.5，连续2个月站到荣枯线以上。通胀方面，2月，CPI同比增速为-0.7%（前值0.5%），扣除食品和能源价格，核心CPI同比增速为-0.1%（前值0.6%），PPI同比增速为-2.2%（前值-2.3%），通胀企稳仍需政策端继续发力。政策方面，1月，以旧换新政策得到延续，并扩容至手机、平板电脑、智能手表等品类。此外，金融监管总局等六部门联合印发《关于推动中长期资金入市工作的实施方案》，明确稳步提高中长期资金投资A股规模和比例的具体安排。2月，在民营企业座谈会中提到扎扎实实落实促进民营经济发展的政策措施，坚决破除依法平等使用生产要素、公平参与市场竞争的各种障碍等方面的重点政策措施。2月，多次在国务院会议中提到，提振消费成为政策重要关注点。3月，全国两会召开，政府工作报告明确今年赤字率拟按4%左右安排，明确“实施适度宽松的货币政策”、“大力提振消费、提高投资效益，全方位扩大国内需求”。财政部长表示，今年将发行首批特别国债 5000 亿元，支持国有大型商业银行补充核心一级资本。为应对内外部可能出现的不确定性因素，中央财政预留了充足的储备工具和政策空间。央行行长表示，今年将根据国内外经济金融形势和金融市场运行情况，择机降准降息。政策支持经济的基调得到保持。多方面综合影响下，一季度债券收益率有所上行，期间中债新综合全价指数下跌1.19%，中债信用债指数下跌0.27%，中债金融债指数下跌1.59%，中债国债指数下跌1.38%；权益市场震荡为主，指数大多收跌，沪深300指数下跌1.21%，上证50指数下跌0.71%，创业板指数下跌1.77%。基金操作上，维持稳健风格，个股配置以大盘龙头为主，适当增配低估值科技股，1-2月份权益仓位有所提升，3月份逢高逐步调降了权益仓位。债券部分，以利率债为主，久期选择相对保守，长债主要用于短期交易获取收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:08.645Z","fund":{"_id":3000000019673,"__csrcFundId":13748,"stockCode":"019673","masterFundShortName":"汇丰晋信慧鑫6个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19673,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:27:22.694Z","status":"normal","exchange":"jj","shortName":"汇丰晋信慧鑫6个月持有期债券(019673)","name":"汇丰晋信慧鑫六个月持有期债券型证券投资基金","fundCollectionId":4000050520000,"setUpAssetScale":107636718.67,"setUpDate":"2024-04-15T16:00:00.000Z","setUpShares":107636718.67,"inceptionDate":"2024-04-18T16:00:00.000Z","pinyin":"hfjxhxlgycyqzqxzqtzjj","managers":[{"stockCode":"j101019676","stockType":"fund_manager","exchange":"fm","tickerId":2312242420,"name":"吴刘"},{"stockCode":"j101019663","stockType":"fund_manager","exchange":"fm","tickerId":1225246560,"name":"刘洋"}]},"announcement":{"linkText":"汇丰晋信慧鑫六个月持有期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=1277216","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed31c7fea5b3eb0538008","date":"2024-12-30T16:00:00.000Z","stockId":3000000019673,"sao":"2024年，全球政治经济形势变化较为明显。美国大选一波三折，最终特朗普胜选开启第二任总统任期。美国的对外、对内政策可能会发生较大转变，潜在的各类政策加剧了国际经济贸易的不确定性，且或将影响美联储已经开启的降息周期，进一步对全球资本市场产生广泛影响。国内方面，经济大体呈现“V”型态势，一、四季度表现较好，二、三季度表现偏弱，单季度GDP同比增速分别为5.3%、4.7%、4.6%和5.4%，全年初步核算增速5%。具体来看，消费需求表现较为低迷，社会消费品零售总额单月同比增速大多在2%-4%之间波动。固定资产投资同比增速持续走低，12月该值为3.7%。出口表现较为亮眼，增速呈现波动上行态势，12月同比增速10.7%。生产端，工业增加值数据表现相对平稳，单月增速大多在5%附近波动。PMI指数在四季度重回荣枯线上方。通胀方面，12月CPI同比增速为0.1%，扣除食品和能源价格，核心CPI同比上涨0.4%。12月PPI同比增速为-2.3%。总体来看，通胀数据边际上有所企稳，但PPI仍在负值区间，价格数据的进一步好转有待宏观需求的提升。政策层面，前三季度，货币政策方面，央行通过PSL、下调存款准备金率和LPR等方式推动社会综合融资成本稳中有降；财政政策方面，赤字率目标维持不变，地方债发行进度总体偏慢；地产政策方面，楼市新政出台了下调最低首付比例并取消房贷利率政策下限相关政策。9月，“一行一局一会”召开新闻发布会，发布了降低购房首付比例和存量房贷利率，及支持资本市场等相关的政策措施，随后央行降息、一线城市地产政策调整快速跟进。随后，9月政治局会议关注经济问题，政策基调明显转向积极。四季度，央行持续通过买断式逆回购和国债买卖等方式积极呵护市场流动性，股票增持回购再贷款、互换便利等资本市场支持政策亦陆续落地，非银同业存款利率自律管理则压降了银行负债成本。一系列政策层面的表态和落地，进一步强化了市场对决策层支持经济、呵护资本市场的预期，经济基本面预期得到改善，资本市场情绪提振明显。多方面综合影响下，2024年股债市场呈现双强格局。债券方面，中债新综合全价指数上涨4.98%，中债国债指数上涨6.84%，中债金融债指数上涨3.86%，中债信用债指数上涨2.19%；权益方面，沪深300指数上涨14.68%，上证50指数上涨15.42%，创业板指数上涨13.23%。基金操作上，作为2024年新成立的产品，成立初期本基金主要配置纯债，以期控制净值波动。9月底之后，政策基调明显更加积极，股票市场风险偏好明显提升，基金逐步逢低加仓含权资产，其中，权益重点配置大盘价值、红利，转债四季度具备明显的估值优势，本基金把握住了主要的配置时点机会。债券方面，主要把握时点机会，波段交易，以期增厚收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:08.642Z","mo":"当前市场环境趋于复杂且充满变革，全球经济走向有所分化、特朗普政府施政纲领充满不确定性，AI科技方兴未艾，国内潜在的经济支持政策有待落地，多种因素交织，预计2025年资本市场充满机遇和挑战。国内市场表现或以我为主，预计市场对海外影响因素有一定预期，影响或以波动为主，市场趋势仍需观察国内政策的着力点和强度，以及国内基本面的边际变化。国内经济弱复苏态势或将延续，叠加货币政策的稳健宽松基调，债券资产表现仍可期待。含权资产方面，国内经济支持政策有望加力，科技层面在AI、机器人等方面也取得了一定突破，部分行业基本面将先行好转，市场整体的风险偏好有望进一步提升，权益市场潜在上行空间可观。转债资产在低利率环境下有望为资金提供多元化、低波动的投资选项，或将吸引增量资金持续流入，仍具较好的配置价值。下一步，除了继续在债券的波动中寻找交易机会外，将关注权益市场的投资机会，保持一定的科技板块敞口，希望获取向上弹性。","fund":{"_id":3000000019673,"__csrcFundId":13748,"stockCode":"019673","masterFundShortName":"汇丰晋信慧鑫6个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19673,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:27:22.694Z","status":"normal","exchange":"jj","shortName":"汇丰晋信慧鑫6个月持有期债券(019673)","name":"汇丰晋信慧鑫六个月持有期债券型证券投资基金","fundCollectionId":4000050520000,"setUpAssetScale":107636718.67,"setUpDate":"2024-04-15T16:00:00.000Z","setUpShares":107636718.67,"inceptionDate":"2024-04-18T16:00:00.000Z","pinyin":"hfjxhxlgycyqzqxzqtzjj","managers":[{"stockCode":"j101019676","stockType":"fund_manager","exchange":"fm","tickerId":2312242420,"name":"吴刘"},{"stockCode":"j101019663","stockType":"fund_manager","exchange":"fm","tickerId":1225246560,"name":"刘洋"}]},"announcement":{"linkText":"汇丰晋信慧鑫六个月持有期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=1258670","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed31c7fea5b3eb0538007","date":"2024-09-29T16:00:00.000Z","stockId":3000000019673,"sao":"2024年三季度，全球宏观经济形势继续呈现波动。一方面，俄乌冲突持续，巴以冲突扩大化，拜登退选后，美国大选局势摇摆也加大了未来全球地缘政治和经济的不确定性。此外，从PMI数据来看，除印度外，各主要经济体制造业大多走弱；另一方面，美国通胀回落，开启降息周期，就业市场仍具韧性，消费维持较好表现。国内方面，经济数据表现偏弱，内需有待企稳。工业增加值、固定资产投资和社会消费品零售总额增速皆延续下行。其中，工业增加值同比增速从6月5.3%回落至8月的4.5%，固定资产投资累计同比增速从6月份的3.9%降至8月份的3.4%，地产投资继续形成较大拖累，社零同比增速2.1%与6月份相当，保持低位。而出口数据则维持稳健，7月出口额同比增速暂时回落后，8月同比增速较前值回升1.7pct至8.7%，并超过6月份增速。而9月的制造业采购经理指数（PMI）为49.8%，继续在荣枯线以下，经济企稳回升的动能有待增强。通胀方面，8月CPI同比增速为0.6%（前值0.5%），扣除食品和能源价格，核心CPI同比上涨0.3%（前值0.4%）。8月PPI同比增速为-1.8%（前值-0.8%），维持在负值区间，进一步验证了需求偏弱的状况。政策方面，二十届三中全会强调，坚定不移实现全年经济社会发展目标，7月政治局会议提出储备并适时推出一批增量政策，但同时强调“保持战略定力”。货币政策方面，央行提出新的货币政策框架，考虑以7天期逆回购操作利率为代表的短期操作利率为主要政策利率，适度收窄利率走廊的宽度，同时将二级市场国债买卖纳入货币政策工具箱；财政政策方面，政策着力点主要是推动大规模设备更新和消费品以旧换新，持续强化基本民生保障，保证必要的财政支出。9月底，“一行一局一会”召开新闻发布会，发布了降低购房首付比例和存量房贷利率，及支持资本市场等相关的政策措施，随后央行降息、一线城市地产政策调整快速跟进。同时，9月政治局会议罕见地关注经济问题，进一步强化了市场对决策层托底经济、呵护资本市场的预期，市场期待潜在政策的出台，经济基本面预期得到改善，资本市场情绪提振明显。综合影响下，三季度债市呈现波动，9月收益率快速上行后，三季度债券资产总体仍收涨。具体看，期间中债新综合全价指数上涨0.26%，中债信用债指数下跌0.32%，中债金融债指数上涨0.13%，中债国债指数上涨0.72%。权益方面，A股先跌后涨，前期受经济数据疲弱、市场情绪低迷影响， 9月底，新政策出台后，A股连续快速冲高，市场情绪明显改善。具体来看，三季度沪深300指数上涨16.07%，上证50指数上涨15.05%，创业板指数上涨29.21%。基金操作继续保持较低的各类风险敞口。权益市场持续调整，同时小盘低价转债估值压缩，转债配置聚焦中大盘双低转债。同时，债券市场波动加大，对产品久期进行了控制，并重视流动性管理，减少信用债的仓位。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:08.639Z","fund":{"_id":3000000019673,"__csrcFundId":13748,"stockCode":"019673","masterFundShortName":"汇丰晋信慧鑫6个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19673,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:27:22.694Z","status":"normal","exchange":"jj","shortName":"汇丰晋信慧鑫6个月持有期债券(019673)","name":"汇丰晋信慧鑫六个月持有期债券型证券投资基金","fundCollectionId":4000050520000,"setUpAssetScale":107636718.67,"setUpDate":"2024-04-15T16:00:00.000Z","setUpShares":107636718.67,"inceptionDate":"2024-04-18T16:00:00.000Z","pinyin":"hfjxhxlgycyqzqxzqtzjj","managers":[{"stockCode":"j101019676","stockType":"fund_manager","exchange":"fm","tickerId":2312242420,"name":"吴刘"},{"stockCode":"j101019663","stockType":"fund_manager","exchange":"fm","tickerId":1225246560,"name":"刘洋"}]},"announcement":{"linkText":"汇丰晋信慧鑫六个月持有期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=1180287","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed31c7fea5b3eb0538006","date":"2024-06-29T16:00:00.000Z","stockId":3000000019673,"sao":"2024年上半年，全球宏观局势依然复杂。俄乌冲突和巴以冲突局面未见缓和，尽管向周边地区扩散的风险相对有限，但海外地缘政治风险依然较大地影响着全球宏观和经济走势。海外市场方面，美国经济表现出一定的韧性，但进入二季度后就业市场出现降温，通胀数据也出现走弱迹象，市场对美联储年内降息预期重新回归。国内方面，经济继续呈现弱修复。上半年我国GDP同比增长5%，其中二季度增速为4.7%，低于一季度的5.3%，复苏动能有所减弱。具体看，上半年固定资产投资同比增长3.9%，其中基建投资同比增长7.7%，继续发挥着经济稳定器的作用；工业增加值同比增长5.3%，社会消费品零售总值同比增长2%，内需依然相对疲弱，随着前期各项鼓励和支持消费的政策出台落地，未来有待进一步修复。通胀方面，上半年CPI同比增速维持低位，6月CPI同比增长0.2%，其中食品价格同比下降2.1%，核心CPI同比增长0.6%。在供给修复整体好于需求的背景下，通胀增速预计仍将维持低位。政策方面，防风险和稳增长依然是上半年政策主线。货币政策方面，上半年通过重新启用PSL、下调存款准备金率、下调LPR报价等多项措施持续推动社会综合融资成本稳中有降。房地产政策上，5月楼市新政出台，涉及下调最低首付比例并取消房贷利率政策下限，截至上半年，一线城市先后完成楼市政策优化。在经济弱复苏和货币政策持续发力的背景下，2024年上半年债券市场稳步上涨。具体看，期间中债新综合全价指数上涨2.42%，中债信用债指数上涨1.49%，中债金融债指数上涨1.40%，中债国债指数上涨3.02%。权益方面，上半年A股宽幅震荡，一季度随着宏观经济数据出现改善，风险偏好提升，指数出现反弹。二季度之后经济复苏动能边际走弱，风险偏好再次回落，指数随之开始调整。具体看，上半年沪深300指数上涨0.89%，上证50指数上涨2.95%，中小板指下跌5.86%，创业板指下跌10.99%。基金操作上，4月基金成立之后，从基金定位出发，为了控制波动和回撤，主要以债券配置为主，其中信用债配置以短久期高评级品种为主。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:08.636Z","mo":"展望下半年，国内经济预计将继续稳步修复，与此同时海外经济体可能面临下行压力上升的风险，而海外地缘政治冲突仍存在持续发酵的风险，全球宏观局势或将继续呈现较大的波动。在此背景下，债券资产的配置和避险属性依然值得重视，国内权益资产目前已经具备较高的配置价值，业绩确定性高并且估值相对合理的优质成长和价值板块有望获得更好的表现。","fund":{"_id":3000000019673,"__csrcFundId":13748,"stockCode":"019673","masterFundShortName":"汇丰晋信慧鑫6个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19673,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:27:22.694Z","status":"normal","exchange":"jj","shortName":"汇丰晋信慧鑫6个月持有期债券(019673)","name":"汇丰晋信慧鑫六个月持有期债券型证券投资基金","fundCollectionId":4000050520000,"setUpAssetScale":107636718.67,"setUpDate":"2024-04-15T16:00:00.000Z","setUpShares":107636718.67,"inceptionDate":"2024-04-18T16:00:00.000Z","pinyin":"hfjxhxlgycyqzqxzqtzjj","managers":[{"stockCode":"j101019676","stockType":"fund_manager","exchange":"fm","tickerId":2312242420,"name":"吴刘"},{"stockCode":"j101019663","stockType":"fund_manager","exchange":"fm","tickerId":1225246560,"name":"刘洋"}]},"announcement":{"linkText":"汇丰晋信慧鑫六个月持有期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=1152137","linkType":"PDF","source":"csrc_pdf"}}]}