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疲软。货币政策层面，财政部实施超2万亿留抵退税，叠加央行向中央缴纳1万亿利润，4月和12月两次降准，1月和8月两次降息，资金面整体合理充裕，其中二三季度资金利率水平多数在政策利率以下，年末回归政策利率附近。全年看10年期国债收益率上行约5BP，1年期全年下行约15BP。2022年股票市场波动剧烈。年初至1月底A股特别是基金重仓股出现了明显的下跌：美联储的政策转向导致美国和中国的成长股出现下跌，而国内稳增长和宽信用的力度受到怀疑，基金重仓股在下跌的过程中因交易拥挤而出现踩踏。1月底至2月中旬基金重仓股开启了一段反弹行情，稳增长板块的超额收益达到过去几轮周期的高点。2月中旬至3月中旬市场出现了明显的调整，俄乌战争在朝一个比市场预期更坏的方向发展，对俄罗斯的制裁升级导致大宗商品价格飙升，强化了市场的滞胀预期，部分中下游行业因成本上行的担忧而明显下跌。3月中旬市场随着高层讲话增强信心短暂企稳，但随着上海疫情扩散和封城，再度出现了暴跌。5月初至8月中旬市场度过了一段甜蜜期，高层会议释放了政策利好叠加上海解封，高景气板块出现了快速反弹。8月中旬到10月份市场成交并不活跃，外资阶段性流出，以自主可控为主线的军工和信创等板块阶段性走出行情，同时医药板块也有不错的反弹。临近年末，防疫放松和地产三支箭带动了消费和地产链条反弹，市场风格迎来反转。全年来看，除了煤炭等少数板块表现亮眼，大多数行业收跌，对投资者来说，可以称得上相当hard的一年。产品操作上，纯债方面主要以利率债和高等级信用债为主，灵活控制组合久期和杠杆水平。权益类资产方面，考虑到对未来市场走势的乐观预期，维持了可转债和股票相对较高的仓位，但股票的波动是造成组合收益为负的主要原因。","declarationDate":"2023-01-16T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:40.433Z","mo":"与过去三年最鲜明的区别就是中国的防疫政策变化，我们也进入了与新冠病毒共存的新时代。元旦之后我们欣喜地发现居民的消费有所复苏，机场和高铁上重新出现了那么多为事业而奔波的奋斗者。尽管统计机构预测疫情后续仍有反复，但我们认为疫情已经不再是困扰市场波动的核心变量了。海外资金对于防疫放开的经验比我们丰富，从人民币汇率和股票市场北向资金的走势看，外资也并不太担心疫情反复。伴随中国经济重启，我们判断股票市场可以进入复苏交易阶段，周期底部向上的板块众多且均衡，行业机会比22年多且分散，这里面包括但不限于受益于房地产企业困境反转的金融地产链条、受益于线下诊疗恢复的医药生物链条、受益于政策环境与盈利周期触底的TMT等等。纯债方面，考虑到本届政府的政策定力较强，基建融资的现实约束，地产总基调仍为托而不举，认为长端利率大幅走阔的基础也并不牢固，而短端市场的表现或将更取决于市场资金的充裕程度，需要紧密跟踪。转债方面，与以往熊市末期不同，可转债的估值并未出现以前的低点，可能与市场参与主体的大幅扩张有关，当然也从侧面反映了投资者对于后市相对比较乐观。受此影响，23年可转债估值系统性提升的机会并不显著，但我们仍能从中挖掘到一些较好的投资机会，诸如绝对价格较低的平衡型品种和转股价值处于较低水平的偏股型品种。","fund":{"_id":3000000011494,"__csrcFundId":9017,"stockCode":"011494","shortName":"华泰紫金丰和偏债混合发起(011494)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11494,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:50:19.360Z","status":"normal","name":"华泰紫金丰和偏债混合型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051430000,"inceptionDate":"2021-06-28T16:00:00.000Z","currency":"CNY","masterFundShortName":"华泰紫金丰和偏债混合发起","setUpDate":"2021-06-28T16:00:00.000Z","setUpAssetScale":10913623.53,"setUpShares":10913623.53,"pinyin":"htzjfhpzhhxfqszqtzjj","managers":[{"stockCode":"8801401422","stockType":"fund_manager","exchange":"fm","tickerId":2324151780,"name":"王曦"},{"stockCode":"db20888368","stockType":"fund_manager","exchange":"fm","tickerId":121317220770,"name":"刘曼沁"},{"stockCode":"j101020216","stockType":"fund_manager","exchange":"fm","tickerId":2304254940,"name":"王焘"}]},"announcement":{"linkText":"华泰紫金丰和偏债混合型发起式证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=871554","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece8c7fea5b3eb04ed43b","date":"2022-09-29T16:00:00.000Z","stockId":3000000011494,"sao":"7月份多地疫情扩散，叠加高温干旱天气导致工业用电受阻，均对消费和生产活动造成了一定的拖累，经济在6月快速环比反弹后脚步明显放缓。“断贷停工”问题加剧了购房者对地产交付的担忧，地产需求萎靡。8月以来经济边际改善，除地产链条及贸易部门外，其他各项均有企稳的迹象，显示出政策组合工具的有效性。9月下旬美联储将加息终点提高至4.6%，鹰派的表态引发了全球资本市场波动，人民币汇率快速贬值。三季度债券市场整体走牛，特别是8月中旬央行超预期下调了逆回购及MLF利率10BP，进一步打开了中长久期债券收益率的下行空间，10年期国债收益率一度下行至2.6%。股票市场三季度近乎于单边下行，上证指数在7月初见到本轮反弹高点之后连续下跌了3个月，临近三季度末，两市成交量也日渐回落，市场赚钱效应重回冰点。产品操作层面，紧密跟踪持仓信用债的信用资质，同时对长久期利率债进行波段交易增厚了收益。但权益资产并未大规模减仓，受到了股票和可转债市场的负向冲击。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:40.430Z","fund":{"_id":3000000011494,"__csrcFundId":9017,"stockCode":"011494","shortName":"华泰紫金丰和偏债混合发起(011494)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11494,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:50:19.360Z","status":"normal","name":"华泰紫金丰和偏债混合型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051430000,"inceptionDate":"2021-06-28T16:00:00.000Z","currency":"CNY","masterFundShortName":"华泰紫金丰和偏债混合发起","setUpDate":"2021-06-28T16:00:00.000Z","setUpAssetScale":10913623.53,"setUpShares":10913623.53,"pinyin":"htzjfhpzhhxfqszqtzjj","managers":[{"stockCode":"8801401422","stockType":"fund_manager","exchange":"fm","tickerId":2324151780,"name":"王曦"},{"stockCode":"db20888368","stockType":"fund_manager","exchange":"fm","tickerId":121317220770,"name":"刘曼沁"},{"stockCode":"j101020216","stockType":"fund_manager","exchange":"fm","tickerId":2304254940,"name":"王焘"}]},"announcement":{"linkText":"华泰紫金丰和偏债混合型发起式证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=807987","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece8c7fea5b3eb04ed43a","date":"2022-06-29T16:00:00.000Z","stockId":3000000011494,"sao":"2022年上半年的市场受到宏观层面的冲击较多。俄乌冲突、三四月上海等一线城市疫情反复等原因导致了需求收缩和供给冲击，投资者对未来的预期也进一步转弱。受此影响，央行为市场提供了较为充裕的流动性，市场资金面较为宽松，二季度DR007平均利率约1.72%，较一季度下行38个基点，持续低于政策利率，这也使得短端利率债下行幅度明显，一年期存单收益率呈现螺旋式下降，长端资产受制于投资者对稳增长政策的忌惮，呈现了震荡的走势。权益市场则走出了深V的形态，经历了3-4月份惨烈的杀跌，随着4月底一系列稳增长措施的出台、流动性改善、疫情缓解，市场在5-6月份走出了单边反弹的走势，其中新能源板块超额收益较为显著。受到权益市场的带动，可转债同样在5-6月份迎来了反弹行情。产品操作方面，一方面紧密跟踪持仓信用债的信用资质，另一方面对持仓的股票和可转债在结构上进行了调整，并在4月中下旬适当提高了股票和可转债的仓位。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:40.427Z","mo":"下半年，尽管经济将继续面临下行压力，市场主体的信心尚未恢复，市场仍旧渴望稳增长的相关政策落地，但货币政策和财政政策的指标已经进入右侧区域，部分行业已经出现了企稳的态势，权益市场再度出现4月份似的恐慌性杀跌的概率不大。结构上，我们认为景气度向上、估值相对有吸引力的高端制造等行业更容易取得超额收益。同时，我们也积极关注消费、TMT、金融等行业的反转机会。","fund":{"_id":3000000011494,"__csrcFundId"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