window.pageData = {"stock":{"_id":3000000021846,"name":"创金合信聚鑫债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"021846","tickerId":21846,"shortName":"创金合信聚鑫债券E","currency":"CNY","exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"inceptionDate":"2024-07-09T16:00:00.000Z","pinyin":"cjhxjxzqxzqtzjj","fundCollectionId":4000050990000,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50990000","tickerId":50990000,"name":"创金合信基金管理有限公司"},"managers":[{"name":"张贺章","stockType":"fund_manager","stockCode":"db20768518","exchange":"fm","tickerId":260826208280},{"name":"李添峰","stockType":"fund_manager","stockCode":"db20830519","exchange":"fm","tickerId":122006212410},{"name":"王先伟","stockType":"fund_manager","stockCode":"db20461024","exchange":"fm","tickerId":232423213770}],"hotMetrics":{"fss":{"stockId":3000000021846,"type":"fss","last_data_date":"2025-12-30T16:00:00.000Z","f_ins_h_s_r":0,"f_ind_h_s_r":1,"f_h_a":56,"f_ind_h_s_r_c_hy":0,"f_ins_h_s_r_c_hy":0,"f_ind_h_s_r_c_1y":0,"f_ins_h_s_r_c_1y":0},"fpr":{"stockId":3000000021846,"type":"fpr","f_p_r_fys_ssc":7460,"f_p_r_fys_ssrp":0.0698485051615498,"f_p_r_m1_ssc":7589,"f_p_r_m1_ssrp":0.031233526620980497,"f_p_r_m3_ssc":7517,"f_p_r_m3_ssrp":0.028738690792974985,"f_p_r_m6_ssc":7319,"f_p_r_m6_ssrp":0.06805138015851325,"f_cagr_p_r_fs_ssc":7294,"f_cagr_p_r_fs_ssrp":0.11956670780200192,"f_p_r_y1_ssc":6836,"f_p_r_y1_ssrp":0.08953913679590343},"fp":{"stockId":3000000021846,"type":"fp","f_p_r_d1":0,"f_cagr_p_r_fs":0.04824752050906356,"f_p_r_m1":0.02757180156657979,"f_p_r_m3":0.025109397791206467,"f_p_r_fys":0.0328574427881585,"f_p_r_m6":0.03426889519604748,"last_data_date":"2026-05-13T16:00:00.000Z","f_p_r_y1":0.07342352171067046},"ff":{"stockId":3000000021846,"type":"ff","f_m_f":126801,"f_m_f_r":0.006,"f_c_f":21133,"f_c_f_r":0.001,"f_m_a_c_f":147934,"f_m_a_c_f_r":0.007,"f_m_c_f_d":"2024-09-05T16:00:00.000Z","f_c_fr":0.001,"f_fr_d":"2026-01-20T16:00:00.000Z","f_m_fr":0.006,"f_mac_fr":0.007},"f_nlacan":{"stockId":3000000021846,"type":"f_nlacan","f_nv_d":"2026-05-13T16:00:00.000Z","f_nv":0.9839,"f_nv_cr":-0.008764859963731664},"f_as":{"stockId":3000000021846,"type":"f_as","f_tas":435494.5248,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000012317,"__csrcFundId":9243,"stockCode":"012317","shortName":"创金合信聚鑫债券(012317)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12317,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:29.992Z","status":"normal","name":"创金合信聚鑫债券型证券投资基金","followedNum":0,"exchange":"jj","fundCollectionId":4000050990000,"currency":"CNY","inceptionDate":"2021-08-11T16:00:00.000Z","masterFundShortName":"创金合信聚鑫债券","setUpDate":"2021-08-11T16:00:00.000Z","setUpAssetScale":11165.52,"setUpShares":11165.52,"pinyin":"cjhxjxzqxzqtzjj"},{"_id":3000000012318,"name":"创金合信聚鑫债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","exchange":"jj","stockCode":"012318","tickerId":12318,"shortName":"创金合信聚鑫债券C","currency":"CNY","__csrcFundId":9243,"lastUpdated":"2025-01-04T00:32:10.443Z","inceptionDate":"2021-08-11T16:00:00.000Z","fundCollectionId":4000050990000,"followedNum":0,"status":"normal","setUpDate":"2021-08-11T16:00:00.000Z","setUpAssetScale":205834516.88,"setUpShares":205834516.88,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"cjhxjxzqxzqtzjj"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000012317,"stockId":300750,"holdings":11000,"marketCap":4418700,"netValueRatio":0.02,"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":"2026-04-19T16:00:00.000Z","fundId":3000000012317,"stockId":601318,"holdings":51300,"marketCap":2912814,"netValueRatio":0.0132,"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":"2026-04-19T16:00:00.000Z","fundId":3000000012317,"stockId":601899,"holdings":83200,"marketCap":2722304,"netValueRatio":0.0123,"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":"2026-04-19T16:00:00.000Z","fundId":3000000012317,"stockId":600036,"holdings":62100,"marketCap":2441772,"netValueRatio":0.011,"quarterlyChange":-0.042075079592597375,"stock":{"stockCode":"600036","exchange":"sh","stockType":"company","tickerId":600036,"name":"招商银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000012317,"stockId":300308,"holdings":4200,"marketCap":2391522,"netValueRatio":0.0108,"quarterlyChange":-0.06654098360655702,"stock":{"stockCode":"300308","exchange":"sz","stockType":"company","tickerId":300308,"name":"中际旭创"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000012317,"stockId":300502,"holdings":5300,"marketCap":2347052,"netValueRatio":0.0106,"quarterlyChange":0.027757148161901002,"stock":{"stockCode":"300502","exchange":"sz","stockType":"company","tickerId":300502,"name":"新易盛"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000012317,"stockId":600519,"holdings":1400,"marketCap":2030000,"netValueRatio":0.0092,"quarterlyChange":0.052876167240301974,"stock":{"stockCode":"600519","exchange":"sh","stockType":"company","tickerId":600519,"name":"贵州茅台"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000012317,"stockId":600900,"holdings":74200,"marketCap":2006368,"netValueRatio":0.0091,"quarterlyChange":0.002433075036404553,"stock":{"stockCode":"600900","exchange":"sh","stockType":"company","tickerId":600900,"name":"长江电力"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000012317,"stockId":2594,"holdings":17800,"marketCap":1873450,"netValueRatio":0.0085,"quarterlyChange":0.07705689725747167,"stock":{"stockCode":"002594","exchange":"sz","stockType":"company","tickerId":2594,"name":"比亚迪"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000012317,"stockId":603259,"holdings":17900,"marketCap":1755990,"netValueRatio":0.0079,"quarterlyChange":0.08230361871138547,"stock":{"stockCode":"603259","exchange":"sh","stockType":"company","tickerId":603259,"name":"药明康德"}}],"bondHoldings":[{"_id":"69e5b1c98f1cb122fb5458a2","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000012317,"stockCode":"230305","stockName":"23进出05","holdings":700000,"marketCap":72005221,"netValueRatio":0.3252,"lastUpdated":"2026-04-20T04:55:37.171Z"},{"_id":"69e5b1c98f1cb122fb5458a3","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000012317,"stockCode":"019792","stockName":"25国债19","holdings":100000,"marketCap":10075517,"netValueRatio":0.0455,"lastUpdated":"2026-04-20T04:55:37.176Z"},{"_id":"69e5b1c98f1cb122fb5458a4","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000012317,"stockCode":"019773","stockName":"25国债08","holdings":81000,"marketCap":8207523,"netValueRatio":0.0371,"lastUpdated":"2026-04-20T04:55:37.179Z"},{"_id":"69e5b1c98f1cb122fb5458a5","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000012317,"stockCode":"250431","stockName":"25农发31","holdings":60000,"marketCap":6054152,"netValueRatio":0.0273,"lastUpdated":"2026-04-20T04:55:37.182Z"},{"_id":"69e5b1c98f1cb122fb5458a6","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000012317,"stockCode":"019790","stockName":"25国债17","holdings":24000,"marketCap":2425227,"netValueRatio":0.011,"lastUpdated":"2026-04-20T04:55:37.185Z"}]},"list":[{"_id":"69e5b1be8f1cb122fb545505","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","stockId":3000000012317,"sao":"2026年一季度，债券市场收益率整体震荡波动下行，信用债表现优于利率债，3-5年中高等级信用债整体表现较好。3月份，受美以-伊战争影响，市场担忧油价等上涨导致输入性通胀预期以及带动PPI回正节奏提前，债券市场出现一定幅度波动。经济基本面方面，呈现弱复苏，1月、2月和3月制造业PMI分别为49.3%、49%和50.4%，其中3月PMI回升至扩张区间。货币政策方面，一季度整体上偏宽松，央行1-3月短期逆回购分别净投放2678亿元、-1205亿元和-8903亿元；买断式逆回购操作分别净投放1000亿元、6000亿元、-3000亿元，MLF分别净投放7000亿元、3000亿元、500亿元；同时逐月在公开市场净买入国债1000亿元、500亿元、500亿元。一季度A股市场整体先抑后扬，波动幅度较大。1月市场上行，主要宽基指数的估值位于过去十年历史分位数的中高区域，市场估值修复阶段基本完成，市场继续上行需要宏观经济企稳回升带动企业盈利增长。2月“美以-伊”冲突爆发，全球金融市场发生较大的波动，主要国家的股票指数都发生较大的回撤，A股同步调整。风格方面，成长板块如科技等行业调整幅度较大，价值板块整体表现抗跌。基于对于权益市场的判断，本产品在一季度投资策略主要为：股票策略方面，我们采用量化多因子模型，综合考虑公司基本面、技术指标、分析师预期、事件驱动等多方面的因素，构造股票组合，借助风险模型约束股票组合相对指数在行业、风格上的主动风险暴露，在控制跟踪误差的基础上力争追求一定的超额收益；债券部分以利率债为主，同时运用久期、杠杆、波段操作等多个子策略力争提升产品收益。","lastUpdated":"2026-04-20T04:55:26.272Z","fund":{"_id":3000000012317,"__csrcFundId":9243,"stockCode":"012317","shortName":"创金合信聚鑫债券(012317)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12317,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:29.992Z","status":"normal","name":"创金合信聚鑫债券型证券投资基金","followedNum":0,"exchange":"jj","fundCollectionId":4000050990000,"currency":"CNY","inceptionDate":"2021-08-11T16:00:00.000Z","masterFundShortName":"创金合信聚鑫债券","setUpDate":"2021-08-11T16:00:00.000Z","setUpAssetScale":11165.52,"setUpShares":11165.52,"pinyin":"cjhxjxzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20830519","stockType":"fund_manager","exchange":"fm","tickerId":122006212410,"name":"李添峰"},{"stockCode":"db20461024","stockType":"fund_manager","exchange":"fm","tickerId":232423213770,"name":"王先伟"}]},"announcement":{"linkText":"创金合信聚鑫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=1467416","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ca7b7e7ecbd37c10afbdae","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000012317,"sao":"由于市场在2024年底对货币政策宽松幅度预期过度透支使得收益率下行到很低位置，叠加权益表现强势、反内卷政策、公募基金销售费用新规征求意见稿等影响，2025年，债市波动较大，整体上看，中短久期债券表现好于长久期债券，信用债表现好于利率债。分季度看，第一季度，受银行间市场资金面持续紧张以及去年12月过度透支了降息预期带动的收益率快速下行等影响，其中春节前长端和超长端利率债表现较短端和中短端较好，春节后长端和超长端上行幅度较大。第二季度，受4月初中美关税战、5月初国内降准降息等影响，债券市场整体收益率震荡下行，信用利差持续压缩，长久期表现好于短久期。第三季度，受反内卷带动商品期货价格上涨进而推升通胀预期、权益表现强势、关于国债等债券利息收入增值税政策的公告以及公募基金销售费用新规征求意见稿等影响，债券市场收益率整体上行，出现了较大幅度调整，其中长久期表现弱于短久期，同时中等资质信用债3-5年的期限利差也出现一定程度的走扩。第四季度，债券市场收益率“倒N型”震荡。经济基本面方面，制造业PMI除了2月、3月和12月处于荣枯线之上，其他月份均处于50以下，但是7月份开始的反内卷政策对于市场的预期有较大的影响。货币政策方面，除2025年一季度之外，整体上是偏宽松的状态，其中5月降准0.5个百分点，OMO降息10bp。本产品在2025年二季度定位和投资策略发生了变化，由纯债策略改为固收+策略，权益部分，二、三季度以沪深300指数股票为主，并在四季度增加了一些科技类的个股为主，债券部分以利率债为主，同时运用久期、杠杆、波段操作等多个子策略力争提升产品收益。","lastUpdated":"2026-03-30T13:32:46.140Z","mo":"经济基本面方面，判断经济仍在复苏中，但复苏进程和程度有待观察。货币政策方面，我们判断在稳增长的大背景下，大概率会中性偏宽松，但是也不会过度宽松。权益方面，仍然看好国内A股表现，但可转债目前性价比仍然较低。信用方面，我们判断，2025年发生的几起信用事件使得信用债利差后续可能会分化。随着银行理财估值方式的整改完毕，2026年的债市可能波动会加大但也蕴含了一些波段交易性机会。在目前市场情况下，债券部分会以利率债为主，综合采用骑乘、杠杆、波段等多个策略，在合理控制风险的前提下，提升产品收益。","fund":{"_id":3000000012317,"__csrcFundId":9243,"stockCode":"012317","shortName":"创金合信聚鑫债券(012317)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12317,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:29.992Z","status":"normal","name":"创金合信聚鑫债券型证券投资基金","followedNum":0,"exchange":"jj","fundCollectionId":4000050990000,"currency":"CNY","inceptionDate":"2021-08-11T16:00:00.000Z","masterFundShortName":"创金合信聚鑫债券","setUpDate":"2021-08-11T16:00:00.000Z","setUpAssetScale":11165.52,"setUpShares":11165.52,"pinyin":"cjhxjxzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20830519","stockType":"fund_manager","exchange":"fm","tickerId":122006212410,"name":"李添峰"},{"stockCode":"db20461024","stockType":"fund_manager","exchange":"fm","tickerId":232423213770,"name":"王先伟"}]},"announcement":{"linkText":"创金合信聚鑫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=1448285","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf3b7fea5b3eb04f90a4","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000012317,"sao":"2025年三季度，受反内卷带动商品期货价格上涨进而推升通胀预期、权益表现强势、关于国债等债券利息收入增值税政策的公告以及公募基金销售费用新规征求意见稿等影响，债券市场收益率整体上行，出现了较大幅度调整，其中长久期表现弱于短久期，同时中等资质信用债3-5年的期限利差也出现一定程度的走扩。其中1年期大行CD由三季度初1.6350%震荡上行至1.6650%，3年期中债隐含AA+中票收益率由1.8913%震荡上行至2.1069%，5年期中债隐含AAA-银行二级债收益率由1.8975%震荡上行至2.3028%，5年期中债隐含AA（2）城投债收益率由2.3090%震荡上行至2.6254%，10年国债活跃券收益率由1.642%震荡上行至1.794%，30年国债活跃券收益率由1.85%震荡上行至2.13%。经济基本面方面，在中美进行经贸磋商及关税延期的背景下，2025年7月制造业PMI较上月下行0.4个百分点后呈现弱复苏，7月至9月制造业PMI分别为49.3、49.4、49.8。货币政策方面，三季度整体较为平稳。站在目前时间点，需要持续跟踪后续中美关税战的演进、权益市场的表现、机构行为等，进而做出相应的应对。基于对于权益市场的判断，本产品在2025年三季度投资策略为固收+沪深300指数增强，债券部分以利率债为主，同时运用久期、杠杆、波段操作等多个子策略力争提升产品收益。","lastUpdated":"2026-03-09T13:46:35.254Z","fund":{"_id":3000000012317,"__csrcFundId":9243,"stockCode":"012317","shortName":"创金合信聚鑫债券(012317)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12317,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:29.992Z","status":"normal","name":"创金合信聚鑫债券型证券投资基金","followedNum":0,"exchange":"jj","fundCollectionId":4000050990000,"currency":"CNY","inceptionDate":"2021-08-11T16:00:00.000Z","masterFundShortName":"创金合信聚鑫债券","setUpDate":"2021-08-11T16:00:00.000Z","setUpAssetScale":11165.52,"setUpShares":11165.52,"pinyin":"cjhxjxzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20830519","stockType":"fund_manager","exchange":"fm","tickerId":122006212410,"name":"李添峰"},{"stockCode":"db20461024","stockType":"fund_manager","exchange":"fm","tickerId":232423213770,"name":"王先伟"}]},"announcement":{"linkText":"创金合信聚鑫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=1368700","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf3b7fea5b3eb04f90a3","date":"2025-06-29T16:00:00.000Z","stockId":3000000012317,"sao":"2025年上半年，债券市场波动较大，整体来看，信用债表现优于利率债。其中一季度，主要受银行间市场资金面持续紧张以及去年12月过度透支了降息预期带动的收益率快速下行等影响，各期限各品种收益率较2024年年底收益率位置均出现较大幅度上行，3月中旬受央行OMO净投放、资金面出现一定缓解，收益率开始下行；二季度受4月初中美关税战、5月初国内降准降息等影响，债券市场整体收益率震荡下行，信用利差持续压缩，长久期表现好于短久期。经济基本面方面，在经济高质量发展的定调下，呈现弱复苏，2025年1月至6月制造业PMI分别为49.1、50.2、50.5、49、49.5、49.7。货币政策方面，经历了一季度的收紧，二季度转为呵护。2025年上半年，基于对于权益市场的判断，本产品在2025年二季度定位和投资策略发生了变化，由纯债改为固收+沪深300指数增强，债券部分以利率债为主，同时运用久期、杠杆、波段操作等多个子策略力争提升产品收益。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:35.251Z","mo":"近期受权益表现较好，“反内卷”带动商品期货价格上涨，叠加机构出现预防性赎回等，债市出现一定的调整。我们判断，当前经济基本面仍是弱复苏，货币政策仍是偏宽松的基调，经过近期调整后，中等、中短久期债券收益率有进一步下行的空间。权益方面，我们判断短期存在回调的可能，但是调整后继续上涨的概率较高。站在目前时间点，需要持续跟踪后续中美关税战的演进以及对于国内经济的实际影响、接下来的财政政策、货币政策和银行间市场资金价格变化等，进而做出相应的应对。","fund":{"_id":3000000012317,"__csrcFundId":9243,"stockCode":"012317","shortName":"创金合信聚鑫债券(012317)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12317,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:29.992Z","status":"normal","name":"创金合信聚鑫债券型证券投资基金","followedNum":0,"exchange":"jj","fundCollectionId":4000050990000,"currency":"CNY","inceptionDate":"2021-08-11T16:00:00.000Z","masterFundShortName":"创金合信聚鑫债券","setUpDate":"2021-08-11T16:00:00.000Z","setUpAssetScale":11165.52,"setUpShares":11165.52,"pinyin":"cjhxjxzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20830519","stockType":"fund_manager","exchange":"fm","tickerId":122006212410,"name":"李添峰"},{"stockCode":"db20461024","stockType":"fund_manager","exchange":"fm","tickerId":232423213770,"name":"王先伟"}]},"announcement":{"linkText":"创金合信聚鑫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=1338219","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf3b7fea5b3eb04f90a2","date":"2025-03-30T16:00:00.000Z","stockId":3000000012317,"sao":"一季度中国经济延续企稳回升，政策协同发力支持基建、制造业升级和消费复苏，工业与服务业生产稳步修复，消费市场在政策刺激下温和回暖，但房地产投资仍处缓慢修复通道，内需动能需进一步强化。面对美国关税威胁及外部摩擦，中国加速转向扩大内需、强化内循环，降低贸易顺差依赖以重塑平衡大国定位。A股市场呈现结构性分化，科技成长主线（如人工智能、高端装备）受政策与技术创新驱动持续强势，资金抱团效应显著；传统周期板块受需求压制相对滞涨，市场风格在“高景气”与“高股息”间反复切换，中小盘成长股弹性占优，外资配置加速向新兴产业倾斜。债券市场收益率呈“V型震荡”，10年期国债从年初1.6%反弹至季末1.8%，信用利差分化走阔。信用债受资金面紧张冲击，利差一度大幅扩大，后随政策调整逐步改善，市场策略转向短久期防御与波段交易，信用分层现象加剧。转债市场受益于正股上涨与估值提升双轮驱动，偏股型及平衡型品种表现突出，科技类转债跟随正股弹性释放显著，下修条款触发推动低价标的估值修复。供给偏紧叠加债券市场资金外溢，转债估值维持高位，但分化加剧，低价低评级个券风险仍存。产品主要投资高流动性利率债资产，保持资产的高流动性。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:35.248Z","fund":{"_id":3000000012317,"__csrcFundId":9243,"stockCode":"012317","shortName":"创金合信聚鑫债券(012317)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12317,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:29.992Z","status":"normal","name":"创金合信聚鑫债券型证券投资基金","followedNum":0,"exchange":"jj","fundCollectionId":4000050990000,"currency":"CNY","inceptionDate":"2021-08-11T16:00:00.000Z","masterFundShortName":"创金合信聚鑫债券","setUpDate":"2021-08-11T16:00:00.000Z","setUpAssetScale":11165.52,"setUpShares":11165.52,"pinyin":"cjhxjxzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20830519","stockType":"fund_manager","exchange":"fm","tickerId":122006212410,"name":"李添峰"},{"stockCode":"db20461024","stockType":"fund_manager","exchange":"fm","tickerId":232423213770,"name":"王先伟"}]},"announcement":{"linkText":"创金合信聚鑫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=1265011","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf3b7fea5b3eb04f90a1","date":"2024-12-30T16:00:00.000Z","stockId":3000000012317,"sao":"回顾2024年，中国经济整体呈现出稳健复苏的态势，并成功实现了全年GDP增长目标。经济走势呈现出鲜明的“U型”特征：一季度GDP增速保持较高水平，随后在二、三季度略有放缓。然而，自9月底以来，一系列稳增长政策密集出台，有力推动了四季度经济的企稳回升。在财政政策方面，政府维持了积极的姿态，全年发行了1万亿元的特别国债，为重点项目建设提供了有力支持。而在货币政策方面，央行先后实施了两次降准和降息操作，市场利率显著下降，全年资金状况保持平稳。在资本市场方面，2024年A股市场走势经历了先抑后扬的波折，整体呈现出震荡上行的趋势。特别是在9月24日之后，随着一系列重磅政策的密集推出，A股市场迅速回暖。科技成长板块，如半导体、人工智能等，在新一轮技术革命的推动下表现尤为突出，成为市场的主要增长动力。同时，2024年债券市场整体表现向好，10年期国债收益率更是一路下探，正式步入了“1时代”。全年债市利率呈现单边下行趋势，这主要得益于经济修复的波浪式运行以及货币政策的宽松周期，市场流动性保持合理充裕。信用债市场在化债政策利好和机构配置力量的推动下，收益率不断刷新低点。然而，可转债市场在2024年却经历了一波三折的行情。期间信用风波频发，低价券的调整范围更广、幅度更大、持续时间更长。同时，2024年也是可转债下修的大年，本轮下修的主要动机在于规避风险和促进转股。受发行放缓、大规模可转债转股以及发行人强赎意愿提升等多重因素影响，可转债市场供给收缩，对投资者的研究和判断能力提出了更高要求。产品2024年上半年投资较高仓位权益资产，下半年调整产品策略，主要投资利率债资产。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:35.246Z","mo":"展望2025年，A股市场有望迎来盈利增长的改善拐点。随着宏观政策的积极定调和经济基本面的逐步复苏，市场预期有望得到显著改善，市场风险偏好也可能随之抬升。而债券市场则可能处于牛市的尾声阶段，虽然胜率犹存，但债券收益率进一步下行需要更多催化剂的推动。在利率债方面，预计利率中枢将继续下移，但随着一揽子政策的出台和经济尾部风险的降低，利率债的赔率将显著下降。信用债方面，受地产周期缺位、实体有效融资需求不足等因素影响，机构投资者配置需求较强，这对债市构成了利好。而在转债方面，随着经济基本面的逐步复苏，转债有望受益于市场风险偏好的抬升。在供给方面，预计转债新发放量可能性不大，而到期和转股规模可能较大，整体呈现供给收缩的局面，这可能对转债估值的抬升起到一定作用。","fund":{"_id":3000000012317,"__csrcFundId":9243,"stockCode":"012317","shortName":"创金合信聚鑫债券(012317)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12317,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:29.992Z","status":"normal","name":"创金合信聚鑫债券型证券投资基金","followedNum":0,"exchange":"jj","fundCollectionId":4000050990000,"currency":"CNY","inceptionDate":"2021-08-11T16:00:00.000Z","masterFundShortName":"创金合信聚鑫债券","setUpDate":"2021-08-11T16:00:00.000Z","setUpAssetScale":11165.52,"setUpShares":11165.52,"pinyin":"cjhxjxzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20830519","stockType":"fund_manager","exchange":"fm","tickerId":122006212410,"name":"李添峰"},{"stockCode":"db20461024","stockType":"fund_manager","exchange":"fm","tickerId":232423213770,"name":"王先伟"}]},"announcement":{"linkText":"创金合信聚鑫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=1246163","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf3b7fea5b3eb04f90a0","date":"2024-09-29T16:00:00.000Z","stockId":3000000012317,"sao":"回顾三季度，经济基本面上，三季度经济延续缓慢修复的态势，经济结构上，外需、制造业投资和基建投资保持增长，但消费、通胀继续存在压力，三季度对全年经济实现5%左右增长的支撑力度比较小。货币政策方面，继续宽松支持态势，降准和降息落地有望提振总需求。三季度债市具有呈现慢涨急跌的形态，交易主线是监管调控力度，季度内出现过数次债市收益率快速上行，其中7-8月均为调控措施阶段，9月底则是因为宏观政策出现较大的调整。但在基本面偏弱和货币宽松政策支持的情形下，债市其他时间处于缓慢上涨的阶段。权益市场则在9月底之前延续下行趋势，随后在9月24日三部委新闻发布会及政治局会议公布了一系列超预期政策后，市场风险偏好大幅提升，股市大幅上涨。组合三季度以利率债为主要投资方向，主要保持较为短久期，后续债券市场进入震荡区间，组合关注利率债和信用债的投资机会。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:35.243Z","fund":{"_id":3000000012317,"__csrcFundId":9243,"stockCode":"012317","shortName":"创金合信聚鑫债券(012317)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12317,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:29.992Z","status":"normal","name":"创金合信聚鑫债券型证券投资基金","followedNum":0,"exchange":"jj","fundCollectionId":4000050990000,"currency":"CNY","inceptionDate":"2021-08-11T16:00:00.000Z","masterFundShortName":"创金合信聚鑫债券","setUpDate":"2021-08-11T16:00:00.000Z","setUpAssetScale":11165.52,"setUpShares":11165.52,"pinyin":"cjhxjxzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20830519","stockType":"fund_manager","exchange":"fm","tickerId":122006212410,"name":"李添峰"},{"stockCode":"db20461024","stockType":"fund_manager","exchange":"fm","tickerId":232423213770,"name":"王先伟"}]},"announcement":{"linkText":"创金合信聚鑫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=1169173","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf3b7fea5b3eb04f909f","date":"2024-06-29T16:00:00.000Z","stockId":3000000012317,"sao":"上半年，国内经济呈现企稳态势，但房地产市场与居民消费需求显现疲态，通胀水平维持低位，而出口与制造业投资则成为亮点。反观海外，美国经济整体表现强劲，就业市场稳固，核心通胀高企，美联储维持加息立场未变。货币环境整体稳定，未现流动性分化现象。资本市场方面，股市分化加剧，上证指数微幅下跌，多数指数遭遇半年度下滑，特别是全A指数跌幅显著，资源、电力等板块成为少数亮点。转债市场方面，受中小市值股票承压影响，转债表现亦不佳，受流动性、信用评级及面值退市等多重因素冲击，市场经历多次大幅波动，中证转债指数基本持平，但整体转债算术平均跌幅超过5%。在报告期内，产品保持中等的股票仓位和转债仓位，股票持仓根据市场有所变动，转债更多投资于偏债型转债，债券主要投资利率债和券商信用债券。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:35.240Z","mo":"展望下半年，地方债发行速度预计会有所加快，但基建进度有拉升可能性，如果地产数据持续低迷，预计地产政策会继续出台托底。在政策推动下，经济预计逐步从低位企稳，地产拖累或逐步减轻。通胀方面，随着食品和出行价格缓慢提升，三、四季度预计将逐步回升。预计三季度资金面整体持稳，政府债供给、信贷投放、财政政策都可能会给资金价格带来比较大的影响。债券供给上，地方政府专项债以及特别国债在下半年加速发行，这可能会对债市形成阶段性冲击。产品将根据未来经济情况变化，调整产品组合结构。","fund":{"_id":3000000012317,"__csrcFundId":9243,"stockCode":"012317","shortName":"创金合信聚鑫债券(012317)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12317,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:29.992Z","status":"normal","name":"创金合信聚鑫债券型证券投资基金","followedNum":0,"exchange":"jj","fundCollectionId":4000050990000,"currency":"CNY","inceptionDate":"2021-08-11T16:00:00.000Z","masterFundShortName":"创金合信聚鑫债券","setUpDate":"2021-08-11T16:00:00.000Z","setUpAssetScale":11165.52,"setUpShares":11165.52,"pinyin":"cjhxjxzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20830519","stockType":"fund_manager","exchange":"fm","tickerId":122006212410,"name":"李添峰"},{"stockCode":"db20461024","stockType":"fund_manager","exchange":"fm","tickerId":232423213770,"name":"王先伟"}]},"announcement":{"linkText":"创金合信聚鑫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=1142080","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf3b7fea5b3eb04f909e","date":"2024-03-30T16:00:00.000Z","stockId":3000000012317,"sao":"回顾一季度，国内经济继续温和复苏，制造业复苏相对较好，工业库存也开始有所回升。但是地产销售仍然较弱，但是受到二手房成交复苏影响，地产相关消费有所好转。出口情况转暖，电子类进口增速较高。由于受到春节和天气影响，CPI大幅回升，与之对应工业生产相对放缓， PPI同比降幅略有扩大。政府工作报告对于财政支出的规模较为克制，更看重高质量发展。一季度央行超预期降准降息，5年期LPR下降25bp，资金面整体较为平稳。展望后市，债券4个月以来的单边牛市已经转为震荡为主，库存周期在好转，企业盈利持续改善，现在主要问题在于地产和居民收入，但目前市场预期较为消极，边际改善会显得尤为超出预期。权益市场更多受到上市公司一季报和年报的检验，现在还有汇率对市场冲击也需要加以考虑。转债目前性价比高，无论是绝对价格或者是转股溢价率都在2022年以来的较低分位数。等年报和一季报披露，转债信用风险得到释放后，转债可能会迎来今年行情加速阶段。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:35.237Z","fund":{"_id":3000000012317,"__csrcFundId":9243,"stockCode":"012317","shortName":"创金合信聚鑫债券(012317)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12317,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:29.992Z","status":"normal","name":"创金合信聚鑫债券型证券投资基金","followedNum":0,"exchange":"jj","fundCollectionId":4000050990000,"currency":"CNY","inceptionDate":"2021-08-11T16:00:00.000Z","masterFundShortName":"创金合信聚鑫债券","setUpDate":"2021-08-11T16:00:00.000Z","setUpAssetScale":11165.52,"setUpShares":11165.52,"pinyin":"cjhxjxzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20830519","stockType":"fund_manager","exchange":"fm","tickerId":122006212410,"name":"李添峰"},{"stockCode":"db20461024","stockType":"fund_manager","exchange":"fm","tickerId":232423213770,"name":"王先伟"}]},"announcement":{"linkText":"创金合信聚鑫债券型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1066518","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf3b7fea5b3eb04f909d","date":"2023-12-30T16:00:00.000Z","stockId":3000000012317,"sao":"从基本面上看，2023年经济整体在修复，消费总体增速较好，但地产相关消费增速较慢。投资上，基建也保持较高增速，但地产及地产相关产业链依然比较弱，对于整体经济拖累比较大。而出口增速中枢下移，优势产业链还是保持了比较的增速。2023年全年通胀处于低位，CPI同比增速下行至-0.5%，同时PPI领先于CPI回升。从货币政策看，2023年央行两度降息和降准，总体偏宽松。央行通过MLF投放、 降准以及再贷款再贴现等总量和结构性政策工具释放资金，保证政府债券发行期间的流动性需求。在报告期内，产品保持了中等的股票仓位，比较高的转债仓位，纯债主要以券商和城投类债券为主。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:35.234Z","mo":"展望2024年，经济预计继续修复，我们处于高质量发展的换挡期，新兴经济动能仍然需要时间来提速，传统经济过渡也需要时间，预计经济修复还需要一定的耐心。考虑到要完成的经济增速目标，基建投资预计需要保持比较高的增速。地产应该是24年最大的变量，如果新开工和销售继续不及预期，那将会对经济带来比较大的拖累。产品会根据经济形势的变化，适时调整组合的结构。","fund":{"_id":3000000012317,"__csrcFundId":9243,"stockCode":"012317","shortName":"创金合信聚鑫债券(012317)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12317,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:29.992Z","status":"normal","name":"创金合信聚鑫债券型证券投资基金","followedNum":0,"exchange":"jj","fundCollectionId":4000050990000,"currency":"CNY","inceptionDate":"2021-08-11T16:00:00.000Z","masterFundShortName":"创金合信聚鑫债券","setUpDate":"2021-08-11T16:00:00.000Z","setUpAssetScale":11165.52,"setUpShares":11165.52,"pinyin":"cjhxjxzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20830519","stockType":"fund_manager","exchange":"fm","tickerId":122006212410,"name":"李添峰"},{"stockCode":"db20461024","stockType":"fund_manager","exchange":"fm","tickerId":232423213770,"name":"王先伟"}]},"announcement":{"linkText":"创金合信聚鑫债券型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1049639","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf3b7fea5b3eb04f909c","date":"2023-09-29T16:00:00.000Z","stockId":3000000012317,"sao":"回顾三季度，经济开始慢慢转暖，经济拐点或将出现。投资增速依然有所下滑，制造业增速则有所提升,制造业PMI也开始回升，显示经济有拐点的迹象；另外，除了地产外的消费类数据有所上行。从通胀来看，8月CPI和PPI均上行，这显示经济动能开始恢复。三季度，多项政策陆续发布和落实，这也显现政府对稳经济的决心。三季度央行超预期降息后资金面由偏宽转向偏中性，在资金面偏紧时又及时投放资金，维护流动性合理充裕，这形成紧而不缺的局面。报告期内本基金精选基本面优质、估值较为合理的可转债和股票进行配置，整体仓位随着市场变化有所波动。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:35.232Z","fund":{"_id":3000000012317,"__csrcFundId":9243,"stockCode":"012317","shortName":"创金合信聚鑫债券(012317)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12317,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:29.992Z","status":"normal","name":"创金合信聚鑫债券型证券投资基金","followedNum":0,"exchange":"jj","fundCollectionId":4000050990000,"currency":"CNY","inceptionDate":"2021-08-11T16:00:00.000Z","masterFundShortName":"创金合信聚鑫债券","setUpDate":"2021-08-11T16:00:00.000Z","setUpAssetScale":11165.52,"setUpShares":11165.52,"pinyin":"cjhxjxzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20830519","stockType":"fund_manager","exchange":"fm","tickerId":122006212410,"name":"李添峰"},{"stockCode":"db20461024","stockType":"fund_manager","exchange":"fm","tickerId":232423213770,"name":"王先伟"}]},"announcement":{"linkText":"创金合信聚鑫债券型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=983636","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf3b7fea5b3eb04f909b","date":"2023-06-29T16:00:00.000Z","stockId":3000000012317,"sao":"债市方面，上半年收益率下行，经济数据预期较高，但实际数据存在预期差。同时资金面方面，持续保持流动性合理充裕，MLF和LPR双降使得资金价格维持在低位。理财市场年规模恢复增长，存贷利率均下调后，债券价值吸引更多资金进入。国际方面，海外加息或已逐步进入尾声，但利率短期仍处高位，通胀风险尚未解除。权益市场，上半年出现结构化行情，AI相关产业的景气度爆发，吸引市场大部分注意力。转债市场，虽然权益市场整体偏弱势，但在纯债市场的拉动下，转债溢价率维持在高位，转债上半年整体表现尚可。本基金报告期内，精选基本面优质、估值较为合理的可转债和股票进行配置，各类别资产仓位调整幅度不大。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:35.229Z","mo":"展望下半年，经济在低利率低通胀环境下会逐步有所表现，政策发力预期逐步增强。而货币政策预计维持偏宽松，对债市形成一定保护。但目前收益率对现阶段数据的反映较为充分，同时银行间杠杆水平处于高位，且下半年库存周期趋于上行，也会给债券市场带来一定压力。而股票市场大部分股票估值处于较为底部区域，在潜在的政策催化下预计会有所表现。转债方面，根据上述逻辑，偏股型转债性价比将会优于偏债型转债。","fund":{"_id":3000000012317,"__csrcFundId":9243,"stockCode":"012317","shortName":"创金合信聚鑫债券(012317)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12317,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:29.992Z","status":"normal","name":"创金合信聚鑫债券型证券投资基金","followedNum":0,"exchange":"jj","fundCollectionId":4000050990000,"currency":"CNY","inceptionDate":"2021-08-11T16:00:00.000Z","masterFundShortName":"创金合信聚鑫债券","setUpDate":"2021-08-11T16:00:00.000Z","setUpAssetScale":11165.52,"setUpShares":11165.52,"pinyin":"cjhxjxzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20830519","stockType":"fund_manager","exchange":"fm","tickerId":122006212410,"name":"李添峰"},{"stockCode":"db20461024","stockType":"fund_manager","exchange":"fm","tickerId":232423213770,"name":"王先伟"}]},"announcement":{"linkText":"创金合信聚鑫债券型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=957166","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf3b7fea5b3eb04f909a","date":"2023-03-30T16:00:00.000Z","stockId":3000000012317,"sao":"一季度，债券收益率在上行后回落到年初位置，维持窄幅震荡状态。基本面看，经济有所修复，地产有所好转，但是出口数据略低，经济复苏低于预期。货币政策方面，资金利率中枢有所上涨，资金价格围绕政策利率波动，但是货币总量维持宽松，央行通过降准，超量MLF等方式提供长期的流动性来支持实体经济发展。一季度，股票市场震荡上涨，但后期出现比较大的分化，季度涨幅大的主版块集中在计算机板块，通信板块以及游戏传媒等板块。一季度，由于纯债收益率波动不大，转债跟随股票上涨有一定的涨幅，中证转债指数一季度上涨3.5%。转债现阶段溢价率还是维持在高位，但溢价率可能不再是转债投资主要参考指标，未来比较长的一段时间溢价率可能都会维持在高位。报告期内，本基金精选基本面优质、估值较为合理的可转债和股票进行配置，整体仓位随着市场估值变化进行调整，对投资组合中各个大类资产比例也进行一定的调整。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:35.227Z","fund":{"_id":3000000012317,"__csrcFundId":9243,"stockCode":"012317","shortName":"创金合信聚鑫债券(012317)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12317,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:29.992Z","status":"normal","name":"创金合信聚鑫债券型证券投资基金","followedNum":0,"exchange":"jj","fundCollectionId":4000050990000,"currency":"CNY","inceptionDate":"2021-08-11T16:00:00.000Z","masterFundShortName":"创金合信聚鑫债券","setUpDate":"2021-08-11T16:00:00.000Z","setUpAssetScale":11165.52,"setUpShares":11165.52,"pinyin":"cjhxjxzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20830519","stockType":"fund_manager","exchange":"fm","tickerId":122006212410,"name":"李添峰"},{"stockCode":"db20461024","stockType":"fund_manager","exchange":"fm","tickerId":232423213770,"name":"王先伟"}]},"announcement":{"linkText":"创金合信聚鑫债券型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=881910","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf3b7fea5b3eb04f9099","date":"2022-12-30T16:00:00.000Z","stockId":3000000012317,"sao":"回顾2022年，国内经济承受压力，全年增长放缓。疫情是2022年最重要的宏观变量与超预期因素；各地房地产政策趋于放松，销售有所提升但复苏斜率不高；通胀总体低位可控；国内消费情况受到比较大的冲击；外部方面，海外通胀高企，美联储处于加息周期；货币政策方面，央行基于应对疫情、房地产下行等因素，采用包括降息降准等措施，维持流动性整体偏宽松；全年债市多空因素交织，收益率先下后上，呈现震荡走势。股票市场由于美联储加息、俄乌冲突、疫情、房地产销售等原因震荡向下，沪深300指数下跌22%。转债市场全年震荡下跌，中证转债指数全年下跌10%。转债市场的下跌不仅受到股票市场下跌的影响，也受到债券市场调整、理财资金撤出的影响。报告期内本基金精选基本面优质、估值较为合理的可转债和股票进行配置，整体仓位随着宏观事件变化进行调整，对投资组合也进行了一定的调整。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:35.224Z","mo":"展望2023年，国内经济预计出现修复。一方面疫情的影响已减弱，将对消费的信心和场景都形成提振，也不会对生产端造成劳动力制约；另一方面地产在政策的刺激下，将会有所修复。受到经济提振的影响，CPI预计温和抬升。货币政策考虑到助力经济增长，将维持偏宽松的政策。展望股票市场，社融逐步改善，消费场景正常化，政策面支持力度增强，企业盈利修复具备改善空间，这将会带动市场整体有所上涨。展望转债市场，转债在流动性偏宽松的环境下，后续仍可能随着股票市场上行而继续有所表现；但可转债市场整体估值偏贵，限制了后续转债市场的收益空间，在投资上将更加重视筛选性价比较高的个券的投资机会。","fund":{"_id":3000000012317,"__csrcFundId":9243,"stockCode":"012317","shortName":"创金合信聚鑫债券(012317)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12317,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:29.992Z","status":"normal","name":"创金合信聚鑫债券型证券投资基金","followedNum":0,"exchange":"jj","fundCollectionId":4000050990000,"currency":"CNY","inceptionDate":"2021-08-11T16:00:00.000Z","masterFundShortName":"创金合信聚鑫债券","setUpDate":"2021-08-11T16:00:00.000Z","setUpAssetScale":11165.52,"setUpShares":11165.52,"pinyin":"cjhxjxzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20830519","stockType":"fund_manager","exchange":"fm","tickerId":122006212410,"name":"李添峰"},{"stockCode":"db20461024","stockType":"fund_manager","exchange":"fm","tickerId":232423213770,"name":"王先伟"}]},"announcement":{"linkText":"创金合信聚鑫债券型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=864568","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf3b7fea5b3eb04f9098","date":"2022-09-29T16:00:00.000Z","stockId":3000000012317,"sao":"股市方面，三季度沪深300下跌15.16%，创业板指下跌18.56%；从行业表现上来看，中信一级行业中，仅煤炭取得10.11%的正收益，其余行业均收跌。三季度债市收益率总体下行。8月中旬，央行下调MLF利率，10年期国债一度下行至2.6%附近；9月，随着国内疫情的边际好转以及经济的逐步修复，债市有所回调。四季度，债市影响因素主要有：第一，在持续的放松政策下，地产销售预计会逐步恢复；第二，疫情预计仍将制约消费的恢复；第三，财政、基建方面也在不断发力。整体来说，下半年的经济可能好于上半年。市场利率水平不排除会逐步有所抬升。核心CPI有望保持稳定。但海外通胀、加息以及汇率压力，对国内货币政策有一定制约。下半年债市预计震荡为主，机会可能更多来自于短期过度调整带来的超调机会。接下来，在股票方面，产品将继续从中长期维度择机配置低估行业的龙头公司；债券方面，本基金结合当前及未来宏观政策形势变化的判断，控制信用风险暴露情况，并在控制风险的前提下积极参与转债投资，以稳健的投资风格力争为投资者获取良好的投资回报。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:35.221Z","fund":{"_id":3000000012317,"__csrcFundId":9243,"stockCode":"012317","shortName":"创金合信聚鑫债券(012317)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12317,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:29.992Z","status":"normal","name":"创金合信聚鑫债券型证券投资基金","followedNum":0,"exchange":"jj","fundCollectionId":4000050990000,"currency":"CNY","inceptionDate":"2021-08-11T16:00:00.000Z","masterFundShortName":"创金合信聚鑫债券","setUpDate":"2021-08-11T16:00:00.000Z","setUpAssetScale":11165.52,"setUpShares":11165.52,"pinyin":"cjhxjxzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20830519","stockType":"fund_manager","exchange":"fm","tickerId":122006212410,"name":"李添峰"},{"stockCode":"db20461024","stockType":"fund_manager","exchange":"fm","tickerId":232423213770,"name":"王先伟"}]},"announcement":{"linkText":"创金合信聚鑫债券型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=802988","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf3b7fea5b3eb04f9097","date":"2022-06-29T16:00:00.000Z","stockId":3000000012317,"sao":"2022年上半年，债市多空因素交织；疫情是重要的宏观变量与超预期因素；尤其上海疫情，对国内经济形成较大的负面冲击。各地房地产政策趋于放松，销售有所提升但复苏斜率不高；通胀总体低位可控；防疫政策有所边际放松，对于消费有所提振但作用尚待观察；外部方面，海外通胀高企，美联储处于加息周期；货币政策方面，央行基于应对疫情、支持地方债发行等因素，采用包括降息降准等措施，维持流动性整体偏宽松。债市方面，由于宽松的资金面，上半年尤其是二季度短期债券利率下行较大，信用利差有所压缩；由于市场对于基本面复苏情况的不确定与分歧，长端在6月底前整体维持震荡。股市方面，由于美联储加息、俄乌冲突、上海疫情等，A股市场在一季度持续回调，二季度先抑后扬。二季度，产品在股票方面，积极从中长期维度配置低估行业的龙头公司；债券方面，本基金结合当前及未来宏观政策形势变化的判断，控制信用风险暴露情况，并在控制风险的前提下积极参与转债投资，以稳健的投资风格力争为投资者获取良好的投资回报。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:35.218Z","mo":"下半年，全球经济增长放缓、通胀高位运行，地缘政治冲突持续，外部环境更趋复杂严峻，国内经济恢复基础尚需稳固；但经济总体在恢复阶段，最差的阶段可能已过去，随着基建发力、房地产及消费逐步恢复，经济数据可能会逐步回升；通胀预计在可控区间，下半年通胀压力更多来自猪价因素，而非总需求因素，核心CPI有望保持稳定；货币政策方面，在8月中旬超预期降低政策利率后，央行短期内预计仍会维持偏宽松货币环境。对于债市而言，市场对于资金面边际收紧的担忧有所缓和，可能有助于收益率曲线期限利差的压缩。股市方面，随着经济的恢复，前期超跌板块可能会反弹。","fund":{"_id":3000000012317,"__csrcFundId":9243,"stockCode":"012317","shortName":"创金合信聚鑫债券(012317)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12317,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:29.992Z","status":"normal","name":"创金合信聚鑫债券型证券投资基金","followedNum":0,"exchange":"jj","fundCollectionId":4000050990000,"currency":"CNY","inceptionDate":"2021-08-11T16:00:00.000Z","masterFundShortName":"创金合信聚鑫债券","setUpDate":"2021-08-11T16:00:00.000Z","setUpAssetScale":11165.52,"setUpShares":11165.52,"pinyin":"cjhxjxzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20830519","stockType":"fund_manager","exchange":"fm","tickerId":122006212410,"name":"李添峰"},{"stockCode":"db20461024","stockType":"fund_manager","exchange":"fm","tickerId":232423213770,"name":"王先伟"}]},"announcement":{"linkText":"创金合信聚鑫债券型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=779815","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf3b7fea5b3eb04f9096","date":"2022-03-30T16:00:00.000Z","stockId":3000000012317,"sao":"2022年一季度债券市场利率水平呈现先下后上的震荡行情，短端利率表现相对好于长端。市场的主线是经济的筑底和政策的靠前发力刺激。面对地产销售低迷和疫情反复对经济的负面影响，国内经济总体呈现增长乏力状态；对于全年要实现5.5%GDP增长的政策目标，一季度开局的压力较为显著。因此，政策总体延续去年四季度宽松，包括财政和货币政策，甚至是有所加码的。财政方面，提前下发地方债，提升财政支出增速，央行上缴万亿利润等，财政政策成为发力的重要点；而面对持续低迷的房地产市场，因城施策推动全国多地城市实行降首付、降贷款利率等房地产放松政策，以提振房地产销售；货币政策方面，一季度也进行了降息降准，银行间流动性较为充裕。综合施力下，应该说经济下滑的态势有所稳住，1-2月经济金融数据总体表现超出预期，虽然持续性仍存疑,这也成为2月后债市出现调整的主要因素。相比之下，货币政策维持偏宽松的预期较为稳定，因此短端利率表现总体要好于长端。信用债方面，由于资金利率整体便宜且预期稳定，信用利差整体处于低位；但对于低等级信用品种，在地产违约持续的环境下，机构风险偏好仍较低，评级利差处于较高水平。最后，由于股票市场持续下跌导致固收+产品赎回压力加剧，银行类债券被迫抛售，利差扩张要大于其他品种。权益市场方面，宏观不确定性加剧，具体表现：其一，随着美联储加息启动，美债利率的快速上行；其二，能源安全背景下，煤炭和农产品等大宗商品价格大幅上涨推动整体通胀；其三，疫情的反复使得经济的下行压力预期加大，国内“以我为主”的货币宽松与美国偏鹰派的货币收紧导致中美经济周期同政策周期错位将更加明显。从市场表现出的结构看，高成长板块的估值压制与稳增长政策预期加强，加剧了市场博弈，跷跷板效应较为明显。近期由于俄乌战争、中概股事件、疫情加剧等因素更是导致市场加速下跌。3月16日，国务院金融委专题会议的召开，六部委联合发声维护资本市场的稳定发展，意味着政策底逐步开始明朗化。展望后续，可进一步积极跟踪经济企稳的信号。而从目前已公布的上市公司业绩看，很多高成长行业的龙头公司估值水平已经调整到相对合理的区间，极具配置价值。立足中长期趋势，中国经济高质量发展进入实质性阶段。权益市场的结构性行情依然是市场的主要特征。本产品的投资策略始终坚持聚焦中长期行业景气变化及景气行业的筛选，积极把握宏观经济与产业趋势共振的结构性投资机会。积极配置业绩具备确定性、持续性的龙头方向或行业。本年度投资策略大致分为两个维度，一是重点聚焦景气行业，如关注能源革命背景下的新型电力系统的投资机会，关注汽车行业由电气化向智能化转换的投资机会，以及关注大国崛起背景下的高端制造的投资机会。二是重点关注疫情影响下困境反转行业的修复性投资机会。此外，关注国企改革相关的投资机会。产品运作方面，通过不断的反思和总结，努力使投资风格与市场变化相匹配，并通过适当的均衡配置以控制波动和回撤。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:35.215Z","fund":{"_id":3000000012317,"__csrcFundId":9243,"stockCode":"012317","shortName":"创金合信聚鑫债券(012317)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12317,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:29.992Z","status":"normal","name":"创金合信聚鑫债券型证券投资基金","followedNum":0,"exchange":"jj","fundCollectionId":4000050990000,"currency":"CNY","inceptionDate":"2021-08-11T16:00:00.000Z","masterFundShortName":"创金合信聚鑫债券","setUpDate":"2021-08-11T16:00:00.000Z","setUpAssetScale":11165.52,"setUpShares":11165.52,"pinyin":"cjhxjxzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20830519","stockType":"fund_manager","exchange":"fm","tickerId":122006212410,"name":"李添峰"},{"stockCode":"db20461024","stockType":"fund_manager","exchange":"fm","tickerId":232423213770,"name":"王先伟"}]},"announcement":{"linkText":"创金合信聚鑫债券型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=721784","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf3b7fea5b3eb04f9095","date":"2021-12-30T16:00:00.000Z","stockId":3000000012317,"sao":"2021年度，本基金立足中长期维度，以高景气行业为主要配置方向，精选龙头个股。组合中，股票的配置保持偏高的比例，个股风格偏中长期成长型。进入三季度，由于疫情的持续反复，造成全球经济秩序混乱，产业链供应链的供需失衡严重，上游原材料价格高企，逐渐挤占中下游，企业盈利开始下行，经济面临较大下行压力。此外，教育、互联网、房地产、医药、煤炭等行业陆续出台监管政策，加剧了高景气行业的拥挤度，市场博弈开始加剧，板块行情持续性变差，剧烈的风格转换造成了净值出现一定幅度的回撤。当下，在投资风格与市场发生不匹配的阶段，我们要不断反思和总结，适当均衡配置，以期为投资者提供更好的持有体验。伴随着国内经济结构化转型，行业发展持续分化，A股市场也愈加呈现显著的结构性行情。我们通过对发达国家成熟市场运行规律的研究发现，股市的长期投资收益主要来自经济和产业结构的变迁，而中短期超额收益取决于景气度的高低。因此，我们的投资方法始终坚持聚焦中长期行业景气变化及景气行业的筛选，积极把握宏观经济与产业趋势共振的结构性投资机会。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:35.212Z","mo":"债券市场方面，2021年全年债券市场利率呈现震荡下行的慢牛行情。长端方面，10年国债利率在1月初3.27%附近下行至12月末的2.77%，短端方面，全年7天回购利率DR007平均值为2.17%，与央行稳健中性的货币政策的基调相匹配。当前宏观经济仍有下行压力。经济主要下行压力仍来源于房地产市场。伴随前三个季度融资的持续压缩和市场风险偏好下降，四季度地产销售和投资出现明显下滑，四季度房地产按揭贷和开发贷虽有缓解，但未有根本转变。出口方面，疫情延续下生产替代效应和欧美刺激未完全退出，出口增速可能延续相对偏高水平。消费维持偏弱局面，仍受制于疫情局部反复，中低收入群体收入增长缓慢，压制聚餐、旅游等消费。短期来看，经济下滑最快阶段或将过去。基于防控系统性风险的角度，房地产融资在开发贷、按揭贷边际放松，可以减缓地产投资的下行压力。当前货币政策的思路主要在于稳增长和防风险的平衡。在经济偏弱、趋于下行的环境，货币政策仍需保持总体宽松的态势，但更注重结构性宽信用手段，支撑民企、小微企业、碳排放等高质量发展领域。信用利差压缩且处于低位，资金价格在低位平稳运行，高评级信用利差继续压缩，银行债券成交活跃，而低等级信用品种，包括地产和低等级城投的市场偏好仍较低。往后展望，经济政策均有利于债市。主要配置中高等级信用债和利率债，保证组合整体流动性和控制组合波动性，久期可以维持中性偏高的状态。结合当前及未来宏观政策形势变化的判断，控制信用风险暴露情况，控制组合杠杆总体水平，以稳健的投资风格力争为投资者获取良好的投资回报。权益市场方面，回顾2021年，在总体流动性偏松的环境下，资本市场的表现可谓极具分化。从全球大类资产看，与经济复苏高度相关的原油、天然气、铜等大宗商品表现最为亮眼，而黄金、白银等在风险偏好压制下表现不佳；从全球股市看，由于经济修复的不同步，欧美市场表现尚佳，而最先修复的中国股市进入调整；从A股市场风格看，中小市值表现强劲，而大市值公司则成为拖累；从行业表现看，PPI-CPI剪刀差拉大，偏上游的钢铁、煤炭、有色等行业表现强劲，而持续低迷的消费行业则差强人意。此外，行业的阶段性表现也错综复杂。展望2022年，宏观环境将更趋严峻和复杂，不确定性增强，市场波动加剧。一方面，全球经济秩序将加速恢复，在全球能源价格持续高位背景下，通胀高企将促使美国加速流动性收缩。另一方面，国内宏观经济与企业盈利依然会面临很大压力，“稳字当头”的经济主基调下，流动性相对宽松。因此，中美经济周期同政策周期错位将更加明显。我们判断权益市场的结构性行情依然是市场的主要特征。主要的投资策略大致分为两个维度，一是重点聚焦景气行业，如关注能源革命背景下的新型电力系统的投资机会，关注汽车行业由电气化向智能化转换的投资机会，以及关注大国崛起背景下的高端制造的投资机会。二是重点关注疫情影响下困境反转行业的修复性投资机会。此外，关注国企改革相关的投资机会。","fund":{"_id":3000000012317,"__csrcFundId":9243,"stockCode":"012317","shortName":"创金合信聚鑫债券(012317)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12317,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:15:29.992Z","status":"normal","name":"创金合信聚鑫债券型证券投资基金","followedNum":0,"exchange":"jj","fundCollectionId":4000050990000,"currency":"CNY","inceptionDate":"2021-08-11T16:00:00.000Z","masterFundShortName":"创金合信聚鑫债券","setUpDate":"2021-08-11T16:00:00.000Z","setUpAssetScale":11165.52,"setUpShares":11165.52,"pinyin":"cjhxjxzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20830519","stockType":"fund_manager","exchange":"fm","tickerId":122006212410,"name":"李添峰"},{"stockCode":"db20461024","stockType":"fund_manager","exchange":"fm","tickerId":232423213770,"name":"王先伟"}]},"announcement":{"linkText":"创金合信聚鑫债券型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=709644","linkType":"PDF","source":"csrc_pdf"}}]}