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9月底一系列稳增长政策密集出台，四季度经济边际改善显著，增速明显回升，最终完成全年 5% 的增长目标。海外方面，美国经济延续“软着陆”叙事，就业与通胀温和降温，美联储开启降息周期，但降息幅度受限于政府财政扩张和贸易政策。受到地缘政治冲突加剧、贸易保护主义抬头以及主要经济体政策调整的影响，全球经济不确定性仍在上升。2024年债券市场整体呈现强势上涨态势，债券收益率明显下行。10年期国债收益率从年初的2.56%降至年末的1.68%，创历史新低。节奏方面，一季度央行宣布降准叠加机构配置需求集中释放，推动利率全面下行；二季度监管提示长债风险及超长期特别国债发行，收益率短暂回调后延续下行；三季度政策扰动与经济数据疲软影响，利率震荡加剧；四季度政治局会议定调“适度宽松”货币政策，机构抢跑行情推动利率大幅下行。2024年股票市场整体呈现大幅波动，上证指数上涨12.67%，创业板指上涨13.2%。前三季度，市场风险偏好明显下行，资金更倾向于红利类资产。四季度，随着9月底一系列强力稳增长政策的落地，市场情绪迅速反转，指数快速反弹，但结构分化加剧，以机器人、AI等主题投资机会涌现，科技板块表现亮眼。全年来看，市场形成了红利、科技、出海等几条主线。具体行业方面，银行、非银、通信、家电、电子涨幅靠前，医药、农林牧渔和食品饮料等跌幅靠前。2024年，转债市场大体跟随股票市场波动，信用风险和退市风险担忧加剧了市场的波动。9月底之前，中证转债指数下跌7.03%，尤其是从6月延续到三季度，市场因担心退市风险和信用风险，可转债被集中抛售，流动性冲击下约一半转债跌破债底。9月底之后随着稳增长政策出台，市场风险偏好显著修复，转债价格上涨带动到期兑付压力降低，信用风险担忧也随之缓释；随着股票市场上涨和波动率加大，看涨期权价值上升；市场上涨后，发行人下修意愿提升，主动下修比例明显提升，下修期权价值上升；四季度内转股价值和估值均有所扩张，转债表现好于股票。报告期内，债券方面，组合以提升整体久期和优化持仓结构为主，合理运用杠杆，重点配置高等级信用债，积极参与利率债机会。转债方面，组合主要配置估值具备性价比的低价转债，四季度组合增持了跌破债底的转债。股票方面，组合重点投资于估值更具性价比的港股、行业配置主要布局于上游资源、高端制造、互联网等行业。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:39.541Z","mo":"展望2025年，中国宏观经济有望延续复苏态势。从趋势上看，在政策的持续支持和经济结构调整的推动下，经济增长将保持非常强的韧性。结构上，传统产业转型升级步伐加快，新兴产业如高端制造、新能源、数字经济等将继续保持高速增长，成为经济增长的新引擎，消费结构也将进一步升级。新的一年，面临的主要挑战包括全球贸易保护主义抬头，国内房地产市场风险仍需持续化解等。政策上，货币政策将维持适度宽松，而财政政策将继续保持积极，优化支出结构，刺激内需应该会是稳经济重要的抓手。债券市场方面，预计市场进入低利率且高波动阶段，债券投资需降低收益预期，重视交易性机会。随着经济增长保持合理区间，货币政策维持适度宽松，无风险利率有望进一步降低，但债券绝对收益水平持续下降，稳增长政策及机构行为的扰动亦将有所放大。股票市场方面，从外部环境看，美债利率已经见顶，资金流出压力会大幅减轻。从国内经济看，房地产边际拖累减轻，更为积极的财政政策也利于需求的修复。从估值角度看，横向对比，A股和港股在全球都属于估值洼地。我们对市场整体不悲观，市场存在盈利改善和估值修复的正向循环可能。同时，我们会积极关注科技创新浪潮带来的投资机会。转债市场方面，整体估值已修复至历史均值以上。随着转债市场深度加大、个券分化凸显，在债券收益率持续下行后，部分转债的估值仍有性价比，组合会积极在市场波动中寻找自下而上的配置机会，重点配置估值性价比、预期收益率较高的转债。","fund":{"_id":3000000012951,"__csrcFundId":9623,"stockCode":"012951","shortName":"汇添富鑫享添利六个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12951,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.439Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-20T16:00:00.000Z","name":"汇添富鑫享添利六个月持有期混合型证券投资基金","fundCollectionId":4000050460000,"followedNum":3,"masterFundShortName":"汇添富鑫享添利六个月持有混合","setUpDate":"2021-07-20T16:00:00.000Z","setUpAssetScale":149614589.1,"setUpShares":149614589.1,"pinyin":"htfxxtllgycyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20355950","stockType":"fund_manager","exchange":"fm","tickerId":231008150580,"name":"吴江宏"},{"stockCode":"db20887766","stockType":"fund_manager","exchange":"fm","tickerId":31924225620,"name":"陈思行"}]},"announcement":{"linkText":"汇添富鑫享添利六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=1256441","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb77fea5b3eb0501230","date":"2024-09-29T16:00:00.000Z","stockId":3000000012951,"sao":"报告期内，中国宏观经济总体呈现平稳态势，稳增长政策全面出台。从结构上看，各分项均有所承压，制造业和基建仍是支撑经济的主要动力，但在三季度也面临逐渐放缓的趋势；居民消费意愿和能力不足，消费和服务业有所疲软；出口尚有支撑，但海外经济体衰退预期对中国出口持续性形成隐忧；房地产市场依然面临压力，数据尚未回暖。政策方面，货币政策先行，总量层面，九月底发布会央行宣布降准、降息、调降存量房贷利率等一系列货币政策“组合拳”。结构性政策层面，稳定资本市场、提振地产需求、缓解开发商现金流压力等方面均有举措。在随后的重要会议中，财政政策也提出要加大逆周期调节力度，使用好超长期特别国债和地方政府专项债等各项稳经济政策工具。报告期内，债券市场收益率以震荡下行为主，季末稳增长政策出台后有所上行。7月以来，长端利率债主要在降准降息的预期下震荡下行，同时在央行买卖债券的影响下有所波动，而信用债普遍在资金面紧平衡和融资成本抬升的市场环境下震荡走平，利率债与信用债表现明显分化，信用利差和评级利差均有所走扩。9月下旬，伴随货币政策财政政策等各项重要稳经济政策全面出台，风险情绪快速提升，债券收益率全面上行。报告期内，以9月底政策出台为界，股票市场显著分化。政策出台前，股票市场延续震荡下行的趋势，指数一度逼近2月初的年内低点。风格层面价值表现强于成长，大盘强于中小盘，消费、成长类资产估值继续受到压制。9月底政策出台后，股票市场最后5个交易日各指数涨幅均超过20%，上证指数冲破3300点，创下2023年4月以来新高。行业方面，消费、地产链内需相关类资产和成长类资产大幅上涨，公用事业、银行等防御板块表现相对弱势。可转债方面，三季度市场担忧个别转债的退市、信用风险，集中抛售略有瑕疵的转债，同时股票市场下跌，带动转债大幅调整，中低评级个券持续下跌，纯债YTM大幅超过同期限信用债。后续随着股票上涨和市场流动性的恢复，转债估值得到一定修复，但三季度可转债整体表现仍然弱于股票。报告期内，债券方面，组合合理运用杠杆，根据市场波动积极调整久期，组合重点配置在中高等级信用债券，同时适度参与利率债券的交易。转债方面，组合增持了信用风险可控的低价转债，减持了银行转债配置。股票方面，组合维持较高港股仓位，重点布局于上游资源、互联网、高端制造和品牌消费等行业。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:39.538Z","fund":{"_id":3000000012951,"__csrcFundId":9623,"stockCode":"012951","shortName":"汇添富鑫享添利六个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12951,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.439Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-20T16:00:00.000Z","name":"汇添富鑫享添利六个月持有期混合型证券投资基金","fundCollectionId":4000050460000,"followedNum":3,"masterFundShortName":"汇添富鑫享添利六个月持有混合","setUpDate":"2021-07-20T16:00:00.000Z","setUpAssetScale":149614589.1,"setUpShares":149614589.1,"pinyin":"htfxxtllgycyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20355950","stockType":"fund_manager","exchange":"fm","tickerId":231008150580,"name":"吴江宏"},{"stockCode":"db20887766","stockType":"fund_manager","exchange":"fm","tickerId":31924225620,"name":"陈思行"}]},"announcement":{"linkText":"汇添富鑫享添利六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=1173665","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb77fea5b3eb050122f","date":"2024-06-29T16:00:00.000Z","stockId":3000000012951,"sao":"2024年上半年国内经历了由复苏向稳态的转变。具体表现为，生产端持续修复，出口和制造业链条的增长速度较快。但国内消费需求的恢复相对缓慢，房地产投资形成一定拖累。政策方面，高质量发展的主基调下，宏观政策的逆周期调节力度有所加大，货币政策方面，适时降准降息，维持合理充裕的市场流动性。财政政策方面，超长期特别国债启动发行，国债和专项债发行速度也有所加快。债券市场方面，上半年债券市场呈现全面牛市行情，年初机构配置热情旺盛，带动收益率出现明显下行，随后银行取消手工补息、叠加信贷规模诉求下降，使得资金持续流入债券市场，进而带动期限利差、信用利差、等级利差不断压缩至低位。转债市场方面，上半年总体呈现宽幅波动行情，年初跟随权益市场出现了一波较为明显的反弹，但进入6月份后，随着低价转债退市风险的增加，转债板块出现了较大幅度的回撤。股票市场方面，上半年权益市场总体呈现结构性修复行情，其中红利风格、大盘价值风格表现较优，成长风格、小盘风格表现靠后；行业方面，银行、公用事业、上游资源行业表现突出，TMT、消费、医药等行业表现较弱；市场分化背后反映出当前投资者总体风险偏好下行，青睐经营模式稳定、估值水平较低、股东回报较好的公司，而回避估值水平较高、业绩稳定性欠佳的公司。组合操作层面，债券方面，组合合理运用杠杆，提高组合久期，重点配置高等级信用债以获取票息收益，同时对于长久期利率债积极进行配置和交易。转债方面，组合精选个券，严格把控转债信用风险，整体转债仓位保持相对稳定，结构进一步优化。股票方面，组合积极把握市场结构性机会，结合估值和基本面状况挑选个股，重点布局于低估值红利资产、上游资源品、互联网和高端制造等，总体维持了中性偏高的权益仓位，并保持了较高的港股投资比例。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:39.532Z","mo":"从经济的长期结构转型来看，过去的经济周期中，经济的修复过程主要依赖于地产和基建投资的拉动作用，地产产业链带动的整体信贷需求和乘数效应较大，同时以城投平台融资为代表的政府信用扩张也相对强劲。但在这一轮经济周期，我们明显观察到，经济边际回暖的过程中，信用的供需错配并没有得到改善，核心原因在于本轮经济修复是以制造业和出口为主要增长动力，整体经济结构和增长动能正在经历深刻的变化。我们倾向于认为，经济结构转型的演绎过程是一个长周期的过程，这一过程将使得债券的短周期逐渐淡化，进入利率中枢不断下移的长期趋势。股票市场方面，从外部环境看，无论今年联储是否降息，至少利率已经见顶，资金流出压力会大幅减轻。从国内经济看，房地产边际拖累减轻，更为积极的财政政策也利于需求的修复。从估值角度看，横向对比，A股和港股在全球都属于估值洼地。我们对市场整体不悲观，市场存在盈利改善和估值修复的正向循环可能。","fund":{"_id":3000000012951,"__csrcFundId":9623,"stockCode":"012951","shortName":"汇添富鑫享添利六个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12951,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.439Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-20T16:00:00.000Z","name":"汇添富鑫享添利六个月持有期混合型证券投资基金","fundCollectionId":4000050460000,"followedNum":3,"masterFundShortName":"汇添富鑫享添利六个月持有混合","setUpDate":"2021-07-20T16:00:00.000Z","setUpAssetScale":149614589.1,"setUpShares":149614589.1,"pinyin":"htfxxtllgycyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20355950","stockType":"fund_manager","exchange":"fm","tickerId":231008150580,"name":"吴江宏"},{"stockCode":"db20887766","stockType":"fund_manager","exchange":"fm","tickerId":31924225620,"name":"陈思行"}]},"announcement":{"linkText":"汇添富鑫享添利六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=1146667","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb77fea5b3eb050122e","date":"2024-03-30T16:00:00.000Z","stockId":3000000012951,"sao":"报告期内，宏观经济延续复苏态势。具体表现为，制造业投资增长超出预期，出口有所改善。然而，房地产市场依然面临压力，杠杆约束下地方政府投资未见起色。政策方面，总体定调以稳为主，财政政策适度加力，推动大规模设备更新，并增发特别国债以支撑基建投资。货币政策继续维持宽松，适时降准降息，推动资金成本整体下降。报告期内，债券收益率震荡下行。年初市场对经济增长的预期较为谨慎，央行货币政策表态宽松，安全资产荒格局助推收益率下行。3月初，市场收益率的绝对水平到达低位，在超长期特别国债供给预期的影响下，市场波动率显著提升。从曲线结构上看，超长端下行幅度较大，利率曲线呈现极度平坦化，到3月初才有所修复逐渐走陡。信用债方面，配置需求旺盛，整体利差呈现极致压缩。报告期内，政策维稳下股票市场回暖，沪深300指数上涨3.1%，中证500指数下跌2.64%，创业板下跌3.87%。分行业看，上游资源表现较好，公用事业、交运等传统行业因高股息受市场追捧，全球人工智能浪潮的算力基础设施大幅上涨。而房地产、消费、非银金融等顺周期行业则表现相对一般。报告期内，转债市场整体随股票波动，中证转债下跌0.81%。债券收益率持续下行，受债底支撑的低价转债表现更好，万得转债低价指数上涨0.65%。当前转债市场估值分化，低价转债隐含期权价值较低，呈现“进可攻退可守”的特性：（1）转债绝对价格处于历史中位数水平，百元溢价率处于中上水平，但债底溢价率处于历史低位，低价转债信用替代的安全边际逐渐显现，下行风险可控；（2）主要股指估值处于历史较低水平。参考过去几轮周期，股票市场拐点出现时，会出现正股上涨和转债估值扩张的双击。报告期内，债券方面，组合合理运用杠杆，重点配置高等级信用债以获取票息收益，适度参与利率债交易。转债方面，组合增加了纯债到期收益率较高的低价转债配置。股票方面，组合维持中性偏高的仓位，结构上增持了上游资源和低估值价值资产，减持了高估值的成长股。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:39.529Z","fund":{"_id":3000000012951,"__csrcFundId":9623,"stockCode":"012951","shortName":"汇添富鑫享添利六个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12951,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.439Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-20T16:00:00.000Z","name":"汇添富鑫享添利六个月持有期混合型证券投资基金","fundCollectionId":4000050460000,"followedNum":3,"masterFundShortName":"汇添富鑫享添利六个月持有混合","setUpDate":"2021-07-20T16:00:00.000Z","setUpAssetScale":149614589.1,"setUpShares":149614589.1,"pinyin":"htfxxtllgycyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20355950","stockType":"fund_manager","exchange":"fm","tickerId":231008150580,"name":"吴江宏"},{"stockCode":"db20887766","stockType":"fund_manager","exchange":"fm","tickerId":31924225620,"name":"陈思行"}]},"announcement":{"linkText":"汇添富鑫享添利六个月持有期混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1070366","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb77fea5b3eb050122d","date":"2023-12-30T16:00:00.000Z","stockId":3000000012951,"sao":"2023年宏观环境总体呈现复苏态势，考虑到经济结构转型和外部环境的复杂性，本轮经济复苏相对温和。具体而言，国内最核心矛盾在于地产增速放缓带来的总需求收缩，由于地产链条在经济中的占比依然较大，并对市场主体预期存在显著影响，尽管各地已经出台了不少地产放松政策，但政策的实际效果尚不明显；与此同时，经济新动能增长也面临阶段性矛盾，如产能投放过度、价格竞争加剧等。尽管经济增长面临诸多挑战，但我们也能看到国内经济增长所呈现出的强大韧性，工业增加值保持了较快增速，出口在高基数下继续保持正增长，GDP实现了5.2%的增长目标。这种韧性来自于大一统市场的需求潜力、完整的供应链和产业链和丰富的工程师红利。海外方面，前三季度美国经济呈现较强的韧性，通胀居高不下，美债收益率和美元指数持续波动上涨，从而抑制了全球风险资产的表现。四季度以来，美国经济活动温和放缓，通胀相对回落，美联储的表态发生了明显的“鸽派”调整，暗示本轮周期加息结束，美债利率见顶快速下行，美元指数走低，全球风险资产有所提振。债券市场方面，在流动性合理充裕和融资需求相对不足的环境下，全年债券收益率呈现明显下行态势，信用利差出现大幅压缩，无风险利率水平稳中有下。节奏方面，一季度随着理财赎回压力的缓解，收益率出现了明显向下修复；二季度货币宽松力度加码，收益率进一步下行；三季度受资金面扰动影响，市场收益率水平出现了明显抬升，短端上行幅度大于长端；四季度随着货币宽松预期的增强和机构配置需求的释放，收益率再次出现了明显回落。从全年结构性投资机会来看，城投债、金融机构次级债、超长期利率债等表现较为优秀。股票市场方面，全年呈现先扬后抑态势，报告期内上证指数下跌3.70%，创业板指下跌19.41%。2023年春节前受益于疫后复苏的强预期，宏观经济复苏强相关的板块领涨。春节后随着复苏节奏放缓，指数震荡下行，ChatGPT引领的人工智能浪潮在算力和应用等方向打开产业链的未来空间，TMT板块出现大幅上涨。6月后随着风险偏好下行，在弱宏观、低利率环境下，高股息的稳健型资产受市场追捧，成长风格资产出现较大幅度调整。组合操作层面，债券方面，组合合理运用杠杆，根据市场波动适度调节久期，重点配置高等级信用债以获取票息收益。转债方面，组合提高了转债仓位，精选价格接近债底、信用风险较低、且2-3年维度转股能力或者转股意愿强的标的。股票方面，我们认为不少优质公司的估值已经很有吸引力，组合维持了中性偏高的权益仓位。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:39.526Z","mo":"展望2024年，我们认为宏观经济将延续复苏态势，经济的高质量发展有望更进一步。首先，房地产市场在经历了过去两年的深度调整之后，对经济增长拖累最大的时期已经过去，地产投资对经济的负面拖累影响将会走弱；其次，工业部门的盈利水平有望出现改善，目前工业企业的库存水平处于历史低位，当悲观的预期发生转变，企业有望从去库转向补库，从而带动价格水平和盈利水平的回升；此外，积极的财政政策是今年实现经济企稳的主要政策发力点，中央政策加杠杆的空间还很大。债券市场方面，流动性预计仍会保持宽松态势，降息降准的概率均较大，市场利率需要率先下行来为总需求的扩张提供货币条件，因此在经济增长目标达成之前，债券市场仍将处于友好的环境之下，阶段性需要关注财政发力以及债券供给增长可能带来的扰动，把握收益率上行带来的配置机会。股票市场方面，我们对2024年股票市场持积极态度。从股债估值性价比看，沪深300股息率相比10年期国债利率有84BP的优势，处于2013年以来99.9%的分位数。股债性价比处于历史较为极端的位置，展望2024年股票市场有望进入一个“赔率很高，胜率逐步提升”的阶段。自下而上看不少优质公司的估值已经极具有吸引力，中长期具备非常好的投资价值。","fund":{"_id":3000000012951,"__csrcFundId":9623,"stockCode":"012951","shortName":"汇添富鑫享添利六个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12951,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.439Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-20T16:00:00.000Z","name":"汇添富鑫享添利六个月持有期混合型证券投资基金","fundCollectionId":4000050460000,"followedNum":3,"masterFundShortName":"汇添富鑫享添利六个月持有混合","setUpDate":"2021-07-20T16:00:00.000Z","setUpAssetScale":149614589.1,"setUpShares":149614589.1,"pinyin":"htfxxtllgycyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20355950","stockType":"fund_manager","exchange":"fm","tickerId":231008150580,"name":"吴江宏"},{"stockCode":"db20887766","stockType":"fund_manager","exchange":"fm","tickerId":31924225620,"name":"陈思行"}]},"announcement":{"linkText":"汇添富鑫享添利六个月持有期混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1053074","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb77fea5b3eb050122c","date":"2023-09-29T16:00:00.000Z","stockId":3000000012951,"sao":"报告期内，国内宏观经济主线在于稳增长政策的不断出台，期间经济数据局部显现修复迹象。具体表现为，8月以来经济数据弱改善，制造业投资和出口数据均有边际回升，服务消费继续保持较强的复苏趋势；物价数据同步改善，CPI同比回升， PPI环比由负转正；但房地产类投资依旧偏弱，对经济复苏斜率形成拖累。政策方面，对经济呵护持续加强，财政与货币政策协同发力，房地产政策优化调整落地，化债部署落地，提振资本市场信心的各项举措陆续出台。海外方面，美国经济数据仍然强劲，在更长时间保持较高利率的预期继续加强，美元指数走强，美债利率创新高，对全球风险资产表现形成一定压制。报告期内，债券市场以8月下旬为界整体收益率水平先下后上，7月以来债券市场在经济数据走弱和政策酝酿期定力较强的影响下，收益率震荡下行，随后8月中旬不对称降息超预期落地，推动收益率快速下行。8月下旬以来，降息影响逐渐消退，受稳地产政策不断加码、经济数据改善、国债供给放量等多重因素影响，叠加资金面偏紧，收益率不断攀升。曲线短端受资金影响更甚，调整幅度超过长端。报告期内，伴随稳增长和提振资本市场政策密集出台，市场悲观预期得到修正，受益于经济预期改善的资产表现较好。地缘政治风险和美债收益率持续上行则对市场形成压制。分行业看，煤炭、有色、石化等上游资源品表现靠前，TMT、光伏、新能源等成长板块表现靠后。存量资金格局下，行业分化仍然非常极致。报告期内，债券方面，组合合理运用杠杆，根据市场波动适度调节久期，重点配置高等级信用债以获取票息收益。股票方面，我们认为权益资产处于“赔率较高，胜率逐步提升”的阶段，不少优质公司的估值已经很有吸引力，组合维持了偏高的权益仓位。结构上，增持了上游资源品和医药行业，减持了供给端有所恶化的中游制造。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:39.523Z","fund":{"_id":3000000012951,"__csrcFundId":9623,"stockCode":"012951","shortName":"汇添富鑫享添利六个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12951,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.439Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-20T16:00:00.000Z","name":"汇添富鑫享添利六个月持有期混合型证券投资基金","fundCollectionId":4000050460000,"followedNum":3,"masterFundShortName":"汇添富鑫享添利六个月持有混合","setUpDate":"2021-07-20T16:00:00.000Z","setUpAssetScale":149614589.1,"setUpShares":149614589.1,"pinyin":"htfxxtllgycyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20355950","stockType":"fund_manager","exchange":"fm","tickerId":231008150580,"name":"吴江宏"},{"stockCode":"db20887766","stockType":"fund_manager","exchange":"fm","tickerId":31924225620,"name":"陈思行"}]},"announcement":{"linkText":"汇添富鑫享添利六个月持有期混合型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=988317","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb77fea5b3eb050122b","date":"2023-06-29T16:00:00.000Z","stockId":3000000012951,"sao":"2023年上半年宏观经济主线围绕疫后复苏展开，经济动能脉冲式回升后回落走弱，期间政策预期持续扰动。开年伊始经济从疫情状态中走出，前期积压的需求迅速释放，各分项快速恢复，结构上基建和制造业投资是拉动经济回升的主力，而消费修复弱于预期；但进入3月以后，经济复苏动能有所放缓，整体又回到弱现实状态，虽然基建和制造业维持韧性，消费的恢复方向持续但力度不强，而工业生产和出口双双转弱，地产销售地产投资加速下滑，对经济形成拖累。宏观政策方面，上半年财政政策定力较强，着力于结构调整；货币政策维持对稳经济的呵护力度，并适时降准降息。债券市场方面，春节前收益率延续去年趋势有所上行，节后在复苏动能不足且对货币政策进一步宽松有所期待的推动下，收益率高位持续下行，6月中旬降息后，市场对后续稳增长政策有所预期，债券收益率有所反弹并保持低位震荡格局。收益率曲线结构从平坦化走向陡峭化；结构上，4月中旬前，信用债受益于票息优势及供需格局改善而表现强劲，信用利差大幅收窄；4月中旬以后，利率债在弱预期弱现实的共振下走强，信用利差被动走扩。股票市场方面，开年北向资金快速回流带动风险偏好回升，价值类资产出现阶段性估值修复。春节后经济复苏弱于年初预期，市场担忧中国经济增长中长期前景，宽基指数出现不同幅度调整，其中经济周期相关度高的板块调整幅度相对更大。全球人工智能投资浪潮下TMT板块表现强势，芯片算力、光模块、游戏等板块成为资金追逐的对象。市场呈现非常强的资金虹吸特征，前两年表现较好的新能源、军工等延续调整，行业分化仍然非常极致。随着无风险利率下行，低估值的高股息资产表现较好。报告期内，组合二季度仓位有所降低，行业维持相对均衡，主要配置于品牌消费、互联网、高端制造和高股息价值资产等。考虑到转债估值处于历史高位，组合低配转债，自下而上挑选有安全边际标的。纯债方面，组合合理运用杠杆，根据市场波动适度调节久期，重点配置高等级信用债以获取票息收益。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:39.520Z","mo":"展望下半年，我们认为经济基本面仍处于疫后修复的阶段。首先，从库存周期的角度来看，企业主动去库存的进度较为明显，库存水平处于历史低位附近；其次，下半年稳增长的必要性有所增强，对应地产、基建及消费领域的刺激政策有望陆续出台，尽管刺激的边际效用较此前周期会偏弱；此外，随着外部通胀压力的下降，美联储货币政策有望出现转向，弱美元环境有望对新兴市场的资金流形成利好，也有助于外需的维持韧性。流动性方面，由于经济缺乏强复苏的基础，货币政策预计维持合理偏宽松的基调，流动性整体会持续宽裕。大类资产配置维度，股债性价比处于历史较为极端的位置，下半年权益资产有望进入一个“赔率较高，胜率逐步提升”的阶段。自下而上看不少优质公司的估值已经很有吸引力，中长期具备非常好的投资价值。风格方面，策略上继续保持相对均衡，适度暴露部分顺周期因子。债券市场方面，短期政策面有所扰动，整体收益率水平预期保持低位震荡格局；投资策略上，久期策略和杠杆策略仍可适度积极，对冲潜在需求不足和政策刺激低于预期。","fund":{"_id":3000000012951,"__csrcFundId":9623,"stockCode":"012951","shortName":"汇添富鑫享添利六个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12951,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.439Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-20T16:00:00.000Z","name":"汇添富鑫享添利六个月持有期混合型证券投资基金","fundCollectionId":4000050460000,"followedNum":3,"masterFundShortName":"汇添富鑫享添利六个月持有混合","setUpDate":"2021-07-20T16:00:00.000Z","setUpAssetScale":149614589.1,"setUpShares":149614589.1,"pinyin":"htfxxtllgycyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20355950","stockType":"fund_manager","exchange":"fm","tickerId":231008150580,"name":"吴江宏"},{"stockCode":"db20887766","stockType":"fund_manager","exchange":"fm","tickerId":31924225620,"name":"陈思行"}]},"announcement":{"linkText":"汇添富鑫享添利六个月持有期混合型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=962981","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb77fea5b3eb050122a","date":"2023-03-30T16:00:00.000Z","stockId":3000000012951,"sao":"报告期内，国内宏观经济处于疫后复苏的初期，复苏方向逐步确认，复苏的力度和结构有所曲折。具体表现为，去年底到今年初较快的复苏预期在一季度中后段逐渐放缓，基建和制造业投资是拉动经济回升的主力，消费修复不全面，地产趋稳偏弱，出口有所走弱。政策方面，财政政策继续加力提效，财政支出与政府债务融资显示出较明显的前置特征。货币政策维持对稳经济的呵护力度，并适时实施降准稳定金融体系流动性。海外方面，年初政策转向预期升温，随后被海外经济和通胀韧性强于预期打破，又在欧美银行危机的扰动下，资产预期反复摇摆，各类资产波动加大。报告期内，股票市场总体呈现上涨态势。年初北向资金快速回流带动风险偏好回升，价值类资产出现阶段性估值修复。春节后温和复苏和流动性宽松的宏观组合，成长板块大幅跑赢。ChatGPT是一季度最热的投资主线，从上游算力到下游应用领域，各个环节公司股价都快速上涨。行业层面，计算机、传媒和通信等行业涨幅居前。由于面临竞争格局恶化和盈利周期高点，新能源板块一季度则持续下跌。报告期内，债券市场以春节为界收益率先上后下，春节前市场主线围绕疫后复苏的强预期持续走弱，节后在复苏动能不足且对货币政策进一步宽松推动下，收益率高位下行。同时，市场显现出较为明显的分层现象，利率债由于资金价格收敛呈现熊平行情，信用债受益于利差收窄及供需格局改善而表现强劲，尤其是具备较强票息优势的中低评级品种和中长久期品种，在机构配置热情下持续下行。报告期内，组合维持较高的权益仓位，并进一步加大对港股的投资，主要增持品牌服饰、高端白酒和高股息价值类资产，减持新能源和军工等行业。债券方面，组合合理运用杠杆，根据市场波动适度调节久期，重点配置高等级信用债以获取票息收益。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:39.517Z","fund":{"_id":3000000012951,"__csrcFundId":9623,"stockCode":"012951","shortName":"汇添富鑫享添利六个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12951,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.439Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-20T16:00:00.000Z","name":"汇添富鑫享添利六个月持有期混合型证券投资基金","fundCollectionId":4000050460000,"followedNum":3,"masterFundShortName":"汇添富鑫享添利六个月持有混合","setUpDate":"2021-07-20T16:00:00.000Z","setUpAssetScale":149614589.1,"setUpShares":149614589.1,"pinyin":"htfxxtllgycyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20355950","stockType":"fund_manager","exchange":"fm","tickerId":231008150580,"name":"吴江宏"},{"stockCode":"db20887766","stockType":"fund_manager","exchange":"fm","tickerId":31924225620,"name":"陈思行"}]},"announcement":{"linkText":"汇添富鑫享添利六个月持有期混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=880776","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb77fea5b3eb0501229","date":"2022-12-30T16:00:00.000Z","stockId":3000000012951,"sao":"2022年宏观经济主线表现为国内的滞和海外的胀。国内而言，疫情的冲击和地产链的持续拖累，导致内需疲弱。分项看，基建持续发力、出口和制造业由强转弱是主要支撑项，消费低迷、地产下行是主要拖累项，需求和信心不足的问题持续发酵。政策端各项稳经济措施持续加码，整体流动性保持宽裕。海外而言，地缘政治冲突引发能源价格的大幅攀升，海外主要经济体通胀水平居高难下，全球央行进入加息周期，给全球经济和资产价格带来显著的调整压力。四季度，两条宏观主线却双双出现了现实上的延续和预期上的反转，资产价格随预期而提前反应。债券市场方面，全年收益率先下后上。前三季度受疫情反复和货币政策宽松预期的影响，收益率不断下行。具体来看，有两轮较为明显的下行行情，一轮发生在4-5月，在上海、北京等重要城市疫情冲击下，收益率震荡下行；第二轮发生在7-8月，在资金利率下台阶的背景下，地产断供风波发酵、8月超预期降息等利好频出，利率不断走低，一度创年内新低。进入四季度，市场在地产政策、防疫政策、资金成本的三重反转下快速调整，从而引发部分产品负债端的波动，循环反馈导致债券收益率曲线的剧烈熊平。全年来看，利率品种涨跌不一，总体曲线回到年初水平附近；信用品种大多上行，前期极度压缩的信用利差、评级利差、条款利差、流动性溢价等结构性利差大幅走扩。股票市场方面，受内外部多重宏观不利因素影响，股票市场全年跌幅较大，其中上证50下跌20%，沪深中证500下跌20%，创业板下跌29%。行业方面，全年仅煤炭行业小幅上涨，其他行业均有不同程度的下跌。回顾全年，国内防控疫情管控对经济活动造成了影响，需求的回落导致上市公司的经营遇到一定挑战。不过相较盈利端的下行，估值超调是市场走弱的主要原因。全球地缘政治风险，美联储提速加息进程，风险偏好回落叠加外资流出，导致整体估值调整超预期。四季度随着防疫政策和地产政策调整，市场风险偏好恢复，外资加速流入，股票市场出现显著反弹，其中港股市场反弹幅度最大。股票市场的大幅波动，给组合管理带来比较大的压力。资产配置上，上半年权益仓位中枢以下，并适时根据组合回撤情况动态调整。四季度防疫政策调整后，组合大幅提高了权益仓位，并进一步加大了港股的投资。债券方面，组合整体以中短久期的票息策略为主，合理运用杠杆，重点配置高等级信用债，适度参与利率债机会。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:39.514Z","mo":"展望 2023年，宏观主线是疫后正常化修复和稳经济政策支撑从预期走向现实的一年。中国经济内升外降，修复动力主要来自于内需。疫情对消费和服务业的制约逐步解除，财政和准财政政策积极发力，地产供需两端政策持续发力。全球货币政策收紧下海外衰退压力增加，出口可能成为拖累项，整体经济预计呈现弱复苏态势。货币政策为配合稳增长和稳就业在总量和结构上有望双重发力，但整体是稳总量重结构。货币政策对市场流动性的呵护仍在，流动性有望保持合理宽裕。债券市场方面，考虑到2023年宏观经济以修复为主，预计长端利率的收益率中枢较2022年有所抬升。但乐观情况下，参考经济复苏、通胀可控以及央行货币政策未出现加息的阶段，10年期国债利率向上偏离1年期MLF利率幅度不会太剧烈。而信用市场的结构性问题仍需要较长时间的消化，市场的信用分层会继续加大，各品种的收益率曲线会有不同程度的分化。总体而言，债券市场虽然面临一定的上行压力，但长期配置机会和结构性修复行情有望在年内出现。投资策略上，票息策略和骑乘策略优于久期策略，优配高等级、高流动性、阶段性超调的品种，优配短端确定性强的品种。股票市场方面，积极因素会持续显现：（1）估值层面，股债风险溢价接近历史低位水平，优质公司估值风险释放，股票市场处于较好风险收益区间；（2）美联储加息进入尾声，美债上行空间有限，全球资本市场的流动性有望改善；（3）随着防疫政策调整，内需会逐渐修复，同时需求刺激政策会进一步提振信心；（4）中长期来看，国内投资理财需求旺盛与优质资产供给稀缺的矛盾长期存在，经济转型的进程仍将继续，结构性投资机会将持续存在。","fund":{"_id":3000000012951,"__csrcFundId":9623,"stockCode":"012951","shortName":"汇添富鑫享添利六个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12951,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.439Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-20T16:00:00.000Z","name":"汇添富鑫享添利六个月持有期混合型证券投资基金","fundCollectionId":4000050460000,"followedNum":3,"masterFundShortName":"汇添富鑫享添利六个月持有混合","setUpDate":"2021-07-20T16:00:00.000Z","setUpAssetScale":149614589.1,"setUpShares":149614589.1,"pinyin":"htfxxtllgycyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20355950","stockType":"fund_manager","exchange":"fm","tickerId":231008150580,"name":"吴江宏"},{"stockCode":"db20887766","stockType":"fund_manager","exchange":"fm","tickerId":31924225620,"name":"陈思行"}]},"announcement":{"linkText":"汇添富鑫享添利六个月持有期混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=870554","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb77fea5b3eb0501228","date":"2022-09-29T16:00:00.000Z","stockId":3000000012951,"sao":"三季度国内需求呈现偏弱态势，出口在海外紧缩的压力下出现走弱迹象，内需则受国内疫情散发和房地产持续走弱影响下行压力较大。国内货币政策坚持“以我为主”，央行于8月份再次下调政策利率，并推动流动性进一步宽松。海外方面，美联储大幅加息、欧洲能源危机和地缘政治风险，共同指向金融市场避险情绪的上升和美元的持续升值。三季度股债跷跷板现象较为明显。债市整体表现强势，基本面走弱叠加货币政策宽松，推动收益率水平大幅下降，10年国债最低时逼近2.6%关口，部分品种如二级资本债的收益率跌破2020年低点的位置，“资产荒”现象重现。股市整体表现不佳，一方面是国内经济基本面走弱带来的盈利预期下修，另一方面是美联储大幅加息带来的风险偏好下降，使得估值和业绩层面均面临收缩压力。行业方面，仅传统能源行业表现较好，高景气赛道新能源车和光伏调整较多，消费相关行业在疫情隐忧下延续疲软态势。报告期内，组合股票行业相对均衡，一方面关注与经济增长新动能相关的行业，另一方面也会把握对具备长期竞争优势公司的左侧投资机会。组合主要配置品牌消费品、互联网、新旧能源、高端制造等行业。港股短期受美联储加息波动较大，管理人认为持仓优质港股中长期价值突出，估值极具性价比，组合维持一定比例配置。债券方面，组合维持中性久期，合理运用杠杆，主要持仓高等级信用债并严控信用风险，同时适度参与利率债波段交易。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:39.512Z","fund":{"_id":3000000012951,"__csrcFundId":9623,"stockCode":"012951","shortName":"汇添富鑫享添利六个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12951,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.439Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-20T16:00:00.000Z","name":"汇添富鑫享添利六个月持有期混合型证券投资基金","fundCollectionId":4000050460000,"followedNum":3,"masterFundShortName":"汇添富鑫享添利六个月持有混合","setUpDate":"2021-07-20T16:00:00.000Z","setUpAssetScale":149614589.1,"setUpShares":149614589.1,"pinyin":"htfxxtllgycyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20355950","stockType":"fund_manager","exchange":"fm","tickerId":231008150580,"name":"吴江宏"},{"stockCode":"db20887766","stockType":"fund_manager","exchange":"fm","tickerId":31924225620,"name":"陈思行"}]},"announcement":{"linkText":"汇添富鑫享添利六个月持有期混合型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=807659","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb77fea5b3eb0501227","date":"2022-06-29T16:00:00.000Z","stockId":3000000012951,"sao":"上半年宏观环境出现了较为明显的变化，一方面是海外通胀高企倒逼央行加速收紧货币政策，整体风险偏好受到抑制，另一方面受国内疫情影响，国内经济增速放缓，微观主体活力不足，信用收缩的压力出现加大。政策层面加大逆周期调节的力度，实施一系列稳增长政策组合拳以应对经济下行压力。债券市场方面，上半年收益率整体以下行为主，收益率曲线呈现牛陡态势，信用利差普遍压缩。有效融资需求不足引发的“资产荒”现象是上半年债券市场的主要逻辑，体现为票息资产受到市场追捧，信用利差不断压缩，同时流动性的持续宽松又明显压低了短端利率水平，而长久期品种由于政府债供给的放量以及稳增长预期的存在，表现则相对偏弱。在这种市场环境下，组合债券部分主要配置于中短久期中高等级品种，获取曲线上最为确定的回报，同时合理运用杠杆，以达到收益增强的目的。权益市场方面，上半年市场波动明显加大，1至4月份市场呈现持续下跌态势，5月后又迎来强势反弹，这给组合管理带来了较大的挑战。出于控制回撤的目的，一季度组合降低了股票仓位，5月份疫情好转稳增长政策出台之后，出于对宏观环境和持仓个股基本面的信心，我们提升了权益仓位大幅增持港股，主要买入互联网、运动服饰和油气资源类等行业。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:39.509Z","mo":"展望下半年，我们认为经济基本面总体将延续修复态势，其中地产领域的风险有望在政策干预下出现一定缓解，从而使得系统性风险出现下降，同时货币政策为了配合经济修复也将保持适度宽松的状态。债券市场方面，绝对利率水平已经很低，大量资金淤积在短端，债券市场微观结构的脆弱性有所增强，保持中短久期并配置于高流动性资产会是较优的选择。若下半年信用扩张阶段性回升带来收益率明显上行则是较好的加久期机会。长期看，随着国内基建和地产扩张的谢幕，我们对利率中枢趋势下行保持乐观。股票市场方面，流动性环境维持宽松，无风险利率也在低位区间，经济结构转型的大趋势，市场的投资机会更多来自结构性机会。随着宏观不确定因素的逐渐消散，企业盈利也将迎来修复阶段，对于有业绩支撑、估值较为合理的个股，我们会加大布局力度，力争在控制整体权益风险暴露的情况下，把握结构性机会，自下而上挖掘具备投资价值的个股。","fund":{"_id":3000000012951,"__csrcFundId":9623,"stockCode":"012951","shortName":"汇添富鑫享添利六个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12951,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.439Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-20T16:00:00.000Z","name":"汇添富鑫享添利六个月持有期混合型证券投资基金","fundCollectionId":4000050460000,"followedNum":3,"masterFundShortName":"汇添富鑫享添利六个月持有混合","setUpDate":"2021-07-20T16:00:00.000Z","setUpAssetScale":149614589.1,"setUpShares":149614589.1,"pinyin":"htfxxtllgycyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20355950","stockType":"fund_manager","exchange":"fm","tickerId":231008150580,"name":"吴江宏"},{"stockCode":"db20887766","stockType":"fund_manager","exchange":"fm","tickerId":31924225620,"name":"陈思行"}]},"announcement":{"linkText":"汇添富鑫享添利六个月持有期混合型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=785004","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb77fea5b3eb0501226","date":"2022-03-30T16:00:00.000Z","stockId":3000000012951,"sao":"一季度，经济基本面表现依然偏弱，1-2月固定资产投资增速尽管有所回升，但在地产销售持续下滑的拖累下，投资景气度依然偏弱。受新冠疫情再次爆发影响，居民消费在3月份将出现明显回落，且这一影响短期内较难消退。出口方面，疫情导致的产业链中断将使得出口的替代优势出现下降。政策层面，政府稳增长的决心依然强烈，在完成全年5.5%的增长目标的要求下，以基建为抓手的逆周期调节手段有望出现加码，同时货币政策整体基调也会延续宽松态势。海外方面，防疫管控明显放松，经济修复持续。美国失业率降至疫前，欧洲则创历史新低。俄乌冲突导致全球供应链紧张，原油和农产品价格存在上行风险。美国通胀创40年新高，欧洲已是历史最高。美联储为应对通胀采取更为鹰派的政策，流动性加速收紧，一定程度上也会影响国内货币政策工具的应用。一季度债券收益率整体呈现先下后上态势，年初在配置需求以及宽松预期的推动下，10年国债收益率最低下行至2.67%，各品种期限利差均出现明显压缩。春节后市场开始呈现反转，一方面受稳增长预期升温的影响，另一方面也受到基金赎回所造成的冲击，10年国债最多上行至2.85%附近，3-5年期信用品种调整幅度则更大，最多接近40bp。权益市场方面，受中概股退市风波、俄乌冲突、外资流出等一系列负面因素的影响，一季度市场出现较大幅度的下跌，上证指数下跌10.5%，深成指下跌18.5%，创业板下跌20%。前期受到市场追捧的半导体、新能源板块整体下跌幅度较大；受益于煤炭市场价格超预期，煤炭板块一季度涨幅较大，而稳增长相关的房地产、建筑、银行板块超额收益明显。可转债受股票大幅调整和基金赎回影响，中证转债指数下跌8.4%。报告期内，组合减持股票至中性仓位以下，适当增持估值性价比较高的港股。股票投资坚持自下而上精选高质量的龙头公司，行业和风格相对均衡，主要配置品牌消费品、优质银行、高端制造、互联网等行业，保证组合收益来源的多样性。债券方面，组合合理运用杠杆，适度拉长久期，重点配置高等级信用债以获取票息及骑乘收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:39.506Z","fund":{"_id":3000000012951,"__csrcFundId":9623,"stockCode":"012951","shortName":"汇添富鑫享添利六个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12951,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.439Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-20T16:00:00.000Z","name":"汇添富鑫享添利六个月持有期混合型证券投资基金","fundCollectionId":4000050460000,"followedNum":3,"masterFundShortName":"汇添富鑫享添利六个月持有混合","setUpDate":"2021-07-20T16:00:00.000Z","setUpAssetScale":149614589.1,"setUpShares":149614589.1,"pinyin":"htfxxtllgycyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20355950","stockType":"fund_manager","exchange":"fm","tickerId":231008150580,"name":"吴江宏"},{"stockCode":"db20887766","stockType":"fund_manager","exchange":"fm","tickerId":31924225620,"name":"陈思行"}]},"announcement":{"linkText":"汇添富鑫享添利六个月持有期混合型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=726214","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb77fea5b3eb0501225","date":"2021-12-30T16:00:00.000Z","stockId":3000000012951,"sao":"2021年宏观经济呈现典型的“外热内冷”格局。海外需求被极度宽松的货币环境所刺激，但海外生产受疫情影响，导致国内出口增速高位运行。国内需求则较为疲弱，地产投资在严厉调控下全面转负，基建投资受制于地方隐性债务管控难有起色，唯有制造业投资在产能利用率高企的情况下实现了两位数的增长。消费同样表现低迷，一方面是疫情反复抑制了居民的消费意愿，另一方面是收入增速下滑降低了居民的消费能力。政策方面，随着经济下行压力的凸显，国内货币政策的宽松倾向也逐步增强，7月份央行首次下调存款准备金率0.5个百分点，12月份又进一步下调0.5个百分点，同时政策态度也由结构宽松变为结构宽松和总量宽松相结合。2021年债券收益率全面下行，10年期国债收益率从年初的3.2%降至年末的2.8%，下行约40bp，其余各个关键期限均有相似幅度的下行。节奏方面，年初受资金面收紧及通胀预期升温影响，收益率一度出现明显上行，10年国债收益率逼近3.3%关口，但随着资金面紧张态势的缓解以及央行相对偏温和的表态，收益率开始逐步回落；年中央行超预期降准之后收益率下行速度进一步加快；三季度末，出于对稳增长和宽信用的担忧，债券收益率出现了小幅反弹，10年国债再次触及3%点位，但随后在地产风险暴露加剧以及经济数据表现不佳的影响下，债券收益率重拾下行趋势并创下年内新低。2021年股票市场延续结构性牛市行情，其中中证500上涨15.6%，创业板指上涨12%，而沪深300和上证50分别下跌5.2%和10%。风格上，中小市值风格表现更好。成长板块的较好表现主要受益于全球范围内流动性的整体宽松，使得估值扩张的过程得到了延续，但进入下半年，在美联储货币政策转向的压力下，成长股的表现也受到了相应抑制；海外经济复苏及疫情反复导致的供求错配等推动部分上游资源价格上行，相关行业在上半年亦有较好表现。行业方面，新能源、半导体、周期板块表现较好，地产、金融、食品饮料等行业则表现较弱。2021年可转债指数上涨18.5%，表现强于宽基股票指数，资金推动可转债估值结构性泡沫，股性转债估值溢价靠近历史极值。报告期内，组合遵循低波动绝对收益风格的操作思路。股票保持中枢仓位，自下而上选择高质量的龙头公司，行业和风格相对均衡，主要配置品牌消费品、新能源、互联网、高端制造等行业，保证组合收益来源的多样性。可转债估值处于历史高位，组合持续低配，主要配置有安全边际的债性转债。纯债方面，组合合理运用杠杆，适度拉长久期，重点配置高等级信用债以获取票息及骑乘收益。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:39.503Z","mo":"展望2022年，中美经济的分化仍会延续，美国消费、中国生产的格局不会有太大变化，但美国商品消费可能会因财政补贴退潮、货币政策收紧以及耐用品需求透支等因素而逐步回落，从而也带动中国出口增速回落。中美通胀也会呈现一定的分化，导致中美货币政策出现背离。2022年美国进入缩表和加息环境，而中国则会进一步维持宽松的货币政策。除了外需放缓以外，国内更大的挑战在于地产进入下行周期带来的融资需求下降和经济下行，居民部门在债务压力和收入下滑的影响下难以释放消费潜力。在此情况下，我们认为PPI会逐步高位回落，CPI也会压制在较低水平。债券市场方面，我们认为在宽信用正式见效之前，宽货币的利好仍将继续，这一过程短期内不会快速结束。但值得注意的是，当前期限利差和中高等级信用利差均已经出现较明显压缩，同时市场杠杆率水平高企，债券市场微观结构的脆弱性有所增强，且海外债券收益率水平的抬升也存在一定外溢效应，因此对于低流动性的债券资产不宜过分追涨，保持中性久期配置于高流动性券种依然会是较优的选择。长期看，随着国内基建和地产扩张的谢幕，我们对利率中枢趋势下行保持乐观。股票市场方面，受全球流动性边际收紧的影响，短期高估值资产会面临估值回归的压力，但国内货币政策以我为主，我们认为这一风险相对可控。中长期看，我们认为中国股票市场是一个结构性做多的市场：中国经济韧性较强，国内居民财富的再配置，投资理财需求旺盛与优质资产供给稀缺的矛盾长期存在。经济转型升级大背景下，行业分层、公司分层、企业家分层会越来越显著，结构性投资机会也将持续存在。","fund":{"_id":3000000012951,"__csrcFundId":9623,"stockCode":"012951","shortName":"汇添富鑫享添利六个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12951,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.439Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-20T16:00:00.000Z","name":"汇添富鑫享添利六个月持有期混合型证券投资基金","fundCollectionId":4000050460000,"followedNum":3,"masterFundShortName":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10Y国债利率快速下行近30BP。9月市场对降息预期逐步消退，短端利率已回升至7月降准前水平，期间多地能耗双控，地产产业链数据快速下行，长端利率在2.8-2.9区间内窄幅震荡，利率曲线持续走平。报告期内，1Y国债收益率下行10BP，10Y国债下行20BP收于2.88%。三季度股票结构分化演绎更极致，沪深300下跌6.85%，创业板指数下跌6.7%，中证500指数上涨4.34%，有色金属、煤炭、基础化工等周期性行业继续大幅上涨，医药、消费等成长性资产出现显著回调，市场持续成交在万亿以上。股票市场高波动可转债表现较好，资金推动可转债市场结构性泡沫化。\t建仓期内，组合逐步建仓股票，待有一定安全垫后配置至中性水平。行业和风格相对均衡，主要配置品牌消费品、优质银行、互联网、新能源、高端制造等行业，保证组合收益来源的多样性。债券方面，组合仍维持中短久期，持仓高等级信用债以获取票息收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:39.499Z","fund":{"_id":3000000012951,"__csrcFundId":9623,"stockCode":"012951","shortName":"汇添富鑫享添利六个月持有混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12951,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.439Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-20T16:00:00.000Z","name":"汇添富鑫享添利六个月持有期混合型证券投资基金","fundCollectionId":4000050460000,"followedNum":3,"masterFundShortName":"汇添富鑫享添利六个月持有混合","setUpDate":"2021-07-20T16:00:00.000Z","setUpAssetScale":149614589.1,"setUpShares":149614589.1,"pinyin":"htfxxtllgycyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20355950","stockType":"fund_manager","exchange":"fm","tickerId":231008150580,"name":"吴江宏"},{"stockCode":"db20887766","stockType":"fund_manager","exchange":"fm","tickerId":31924225620,"name":"陈思行"}]},"announcement":{"linkText":"汇添富鑫享添利六个月持有期混合型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=657059","linkType":"PDF","source":"csrc_pdf"}}]}