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新领域的想象，这类板块如果能够逐步呈现出完整的商业逻辑，或将在年内反复活跃。另一条则是业绩主线，在经历2025年的估值修复行情以后，2026年对于新兴行业，投资者将开始更多地关注公司及行业基本面的变化，不同业绩表现的公司预计将呈现股价的K型分化。　　转债方面，尽管当前的转债市场估值较贵，但受益于供需矛盾，估值仍可能在高位维持一段时间。在此背景下，合理控制仓位、重视结构调整，可能是较优的转债投资策略。低转股溢价率的偏股型转债可能会更好地跟随权益市场的表现，拥有更好地收益表现。但值得注意的是，如果转债市场的供需结构开始向平衡恢复，转债市场可能会出现斜率较陡的调整。　　纯债市场在2026年依然面临挑战。一方面权益和商品市场的火热对债市的资金有一定的分流效应；另一方面，通胀也有较大可能触底回升，从而在基本面上给债券带来估值压力。因此，纯债投资仍需保持适度谨慎，重视流动性管理。但好的方面在于，金融机构的负债端成本在逐步下降，与当前债券市场的利差缺口在逐渐弥合，这使得债券利率的上行空间有限，债券的整体持有体验或好于去年。","fund":{"_id":3000000020746,"__csrcFundId":14016,"stockCode":"020746","masterFundShortName":"泰信添安增利九个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20746,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"泰信添安增利九个月持有期债券(020746)","lastUpdated":"2026-05-01T02:55:22.018Z","name":"泰信添安增利九个月持有期债券型证券投资基金","fundCollectionId":4000050270000,"pinyin":"txtazljgycyqzqxzqtzjj","inceptionDate":"2024-06-06T16:00:00.000Z","setUpAssetScale":26536887.97,"setUpDate":"2024-06-06T16:00:00.000Z","setUpShares":26536887.97,"managers":[{"stockCode":"db20787350","stockType":"fund_manager","exchange":"fm","tickerId":260107212270,"name":"张安格"},{"stockCode":"j101020988","stockType":"fund_manager","exchange":"fm","tickerId":2625267460,"name":"周易"}]},"announcement":{"linkText":"泰信添安增利九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=1453300","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed36b7fea5b3eb053cd38","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-23T16:00:00.000Z","stockId":3000000020746,"sao":"三季度国内权益市场涨幅较大，AI、半导体、黄金、有色、储能等板块均有不错的表现。科技成长板块热点较多，赚钱效应较好，红利价值板块相对沉寂。各大指数的内部结构也比较分化，少数权重标的涨幅较大，对指数的涨幅贡献较多。　　三季度债券市场出现了明显的调整，原因主要有：（1）权益及商品市场赚钱效应较好、投资者风险偏好提升，部分资金从债券市场流出；（2）三季度宏观及贸易环境相对稳定，货币政策未进一步宽松，债市整体利好有限；（3）债券利率已在低位维持较长时间，固收类产品的绝对收益率吸引力明显下降，票息对价格波动的保护不足，也使得固收类产品的持有体验不如之前，债市增量资金较少。　　三季度，本基金股票仓位大致保持不变，但对持仓标的做了积极调整。转债部分随着转债市场上涨逐步清仓，待转债估值回归合理后再做配置。纯债部分则做了一些利率债波段交易。","lastUpdated":"2026-03-09T14:04:27.814Z","fund":{"_id":3000000020746,"__csrcFundId":14016,"stockCode":"020746","masterFundShortName":"泰信添安增利九个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20746,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"泰信添安增利九个月持有期债券(020746)","lastUpdated":"2026-05-01T02:55:22.018Z","name":"泰信添安增利九个月持有期债券型证券投资基金","fundCollectionId":4000050270000,"pinyin":"txtazljgycyqzqxzqtzjj","inceptionDate":"2024-06-06T16:00:00.000Z","setUpAssetScale":26536887.97,"setUpDate":"2024-06-06T16:00:00.000Z","setUpShares":26536887.97,"managers":[{"stockCode":"db20787350","stockType":"fund_manager","exchange":"fm","tickerId":260107212270,"name":"张安格"},{"stockCode":"j101020988","stockType":"fund_manager","exchange":"fm","tickerId":2625267460,"name":"周易"}]},"announcement":{"linkText":"泰信添安增利九个月持有期债券型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1368961","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed36b7fea5b3eb053cd37","date":"2025-06-29T16:00:00.000Z","stockId":3000000020746,"sao":"2025年上半年，国内经济运行平稳，尽管有关税的冲击，但GDP增长仍略超预期。CPI、PPI总体仍处于负增长区间，社会总需求仍具有较大的改善空间。分结构来看，新经济及高端制造行业表现较好，传统制造业仍面临价格和盈利的压力；大型企业较小型企业展现出更强的经营韧性和更乐观的运营信心。在全球经济面临关税扰动及未来预期不确定性增加的背景下，上半年国内仍坚定而稳妥地进行着经济结构的调整，从问题的根源出发，积极推动消费尤其是内需的增长，以改善经济增长模式；并旗帜鲜明地提出反内卷理念，纠正无序竞争，努力推动生产和消费价格的企稳回升，以期推动CPI、PPI重回合理增长区间。　　上半年权益市场热点较多，轮动明显。年初Deepseek、机器人等硬科技的亮相带动产业链相关公司股价明显上涨，并带动市场风险偏好有所回升。契合年轻人喜好的潮玩消费、宠物经济，以及金价上涨背景下的黄金珠宝新风尚消费等概念也表现亮眼。受海外BD事件不断催化的创新药企业在经历了估值长期调整后迎来了股价上涨。而另一边，以银行为代表的红利股则在低利率环境下不断获得长线资金的青睐，股价稳步上涨。受益于整个权益市场信心的改善及风险偏好的提升，部分低位周期股也开始出现资金进场布局、静待反转的迹象。　　债券市场在2025年上半年一波三折。首先是年初资金面的收紧带动中短端债券利率上行，长久期债券起初虽调整不多，但期限利差和资金利差已然极度逼仄，调整压力积聚。随后，在权益市场回暖的背景下，长端利率债的多头阵营瓦解，出现明显调整。待债券的估值风险释放后，央行及时出手，呵护银行间市场流动性、平抑资金价格，带动债券收益率下行。4月初。突如其来的关税挑战瞬间点燃债市做多情绪，债券收益率在短短两三个交易日内大幅下行，随后进入窄幅震荡区间。　　2025年上半年，本基金逐步增持权益类资产，降低纯债类资产的占比，股票部分主要以均衡成长风格为主，债券部分则逐步降低信用债持仓，以利率债持仓为主，增加利率债波段交易。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:27.811Z","mo":"展望未来，我们认为低利率时代，纯债类资产能够提供的静态收益率较低，更多的需要投资者通过波段交易去获取资本利得。但交易本身也是双刃剑，可能会放大投资组合的净值波动，因此在未来一段时间内，我们很可能会看到债券投资组合的收益风险比弱于历史表现。在这样的背景下，多资产的组合就显得尤为重要，可以在一定程度上优化投资组合的收益风险比。我们认为，未来权益类资产的表现更值得期待。一方面，我们认为经济基本面有韧性，国内经济总量在政策的支持下增长有保障。且当前反内卷等政策的出台直击问题根源，能够改善经济运行效率，带动行业优胜劣汰，在整体层面实现企业盈利能力的优化，这对于上市企业的股价将形成正面影响。另一方面，从资产比价的角度来看，权益类资产的估值性价比更高，伴随着投资者教育的普及和风险偏好的逐步提升，我们认为在未来一段时间内，居民财富很可能会从低风险资产向以权益类资产为代表风险资产做适当转移，这一趋势也将促使权益资产的价格表现更好。而在股票市场的内部结构方面，我们认为三大类标的有望呈现较好的表现，一是能够吸引长线资金做底仓配置的红利价值股；二是能够实现技术突破、契合最新科技发展趋势的从事先进生产的企业；三是经历过长期调整，估值处于低位，基本面可能迎来反转的部分周期类企业。","fund":{"_id":3000000020746,"__csrcFundId":14016,"stockCode":"020746","masterFundShortName":"泰信添安增利九个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20746,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"泰信添安增利九个月持有期债券(020746)","lastUpdated":"2026-05-01T02:55:22.018Z","name":"泰信添安增利九个月持有期债券型证券投资基金","fundCollectionId":4000050270000,"pinyin":"txtazljg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