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场波动显著放大，尤其前期强势的科技行业和中小盘品种自3月中旬起即遭遇抛压。一季度内，本基金债券组合久期在1.7年左右，可转债在中低仓位（6%左右），可转债配置结构上也比较稳健，以中高评级或低溢价率品种为主，因此整体净值走势较为稳健。展望后市，随着收益率的上行，短期限债券投资价值已经恢复，目前2年期左右债券已经具备一定的投资价值。可转债方面，短期内，A股市场仍有调整可能，但A股内部“高低切”也在进行中，近期低估值高股息品种逆势上涨，而基于对今年财政政策发力，经济企稳的判断，我仍然看好可转债跟涨A股的趋势，本基金也将在风险可控前提下，积极持有符合投资风格的标的。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:58.273Z","fund":{"_id":3000000022395,"__csrcFundId":14544,"stockCode":"022395","masterFundShortName":"国泰海通稳健添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22395,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"国泰海通稳健添利债券(022395)","lastUpdated":"2026-05-01T03:30:48.536Z","name":"国泰海通稳健添利债券型证券投资基金","pinyin":"gthtwjtlzqxzqtzjj","fundCollectionId":4000052120000,"setUpAssetScale":87776586.54,"setUpDate":"2024-12-23T16:00:00.000Z","setUpShares":87776586.54,"inceptionDate":"2024-12-26T16:00:00.000Z","managers":[{"stockCode":"db20833094","stockType":"fund_manager","exchange":"fm","tickerId":2525239820,"name":"杨勇"},{"stockCode":"db20835195","stockType":"fund_manager","exchange":"fm","tickerId":2625210030,"name":"朱莹"}]},"announcement":{"linkText":"国泰君安稳健添利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=1272861","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3c67fea5b3eb054149b","date":"2024-12-30T16:00:00.000Z","stockId":3000000022395,"sao":"2024年以来，中国经济增速逐步企稳，一至四季度，实际GDP同比增速分别为5.3%、4.7%、4.6%和5.4%，全年增长达5.0%。但是，宏观经济“量价分化”特点同样突出：产量、销量等实物工作量类的指标表现较强，但价格类指标表现较弱，实体经济以降价换销量的特征非常明显。全年PPI涨幅为负，CPI涨幅不足1%，考虑物价变动的名义GDP增速低于实际增速，这也是造成经济体感弱于经济数据的主要原因。在此过程中，债券市场呈现出广谱利率持续下行的特点，而每逢经济增长动力减弱，货币政策都会进一步作一定的宽松，比如2024年，央行实施了两次降准和三次降息，累计降准100个基点，同时，1年期贷款市场报价利率（LPR）下调35bp至3.1%，5年期LPR下调60bp至3.6%。9月，进一步调整存量房贷利率。这些一系列宽松政策，都能使得债券直接受益，因此整体而言，过去数年债券市场处于长期牛市之中。身处这一市场环境，本基金作为纯债型基金，会持续以各类高等级债券为投资对象。2024年年底，本基金方才成立，恰逢债券情绪高涨阶段，为控制风险，本基金初期以投资于货币市场为主，规避市场可能的阶段性回调。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:58.271Z","mo":"展望后市，我们认为2025年经济转型过程仍在持续和加速，而随着新动能的持续发展，以及房地产市场，即旧动能的逐步见底，尤其是24年9月末以来，货币、财政、产业政策协同发力，加大规模，我们预计2025年整体经济增速有望继续企稳，后续进一步的债券投资，应聚焦观察实体经济融资需求的恢复情况。我们判断，随着经济转型的深入、随着金融服务实体经济能力的增强，每单位经济增量所需的货币信贷资源投入是降低的，而重新寻找高收益（另一方面对实体经济而言则是高成本）的资产难度仍将增大，存量的高息债券资产仍具有比价意义上突出的投资价值。本基金也将一如既往，积极挖掘市场尚未重视的价值来源，尽力获取合理的投资回报。但是，随着利率整体走低，债券市场获取超额回报的难度在加大，而在财政发力、经济企稳的背景下，阶段性的利率回升也可能在2025年内出现，对于债券投资而言，需要防范利率波动的风险。总体而言，我们认为债券市场仍具备投资价值，但波动性可能较2024年有所加大。而股票市场投资环境将较2024年有整体改善，可积极把握投资机会。结构上，本基金将投资于可转债资产，积极挖掘高股息同时具备业绩提升或改善潜力的行业与个券，以期获取更高回报。","fund":{"_id":3000000022395,"__csrcFundId":14544,"stockCode":"022395","masterFundShortName":"国泰海通稳健添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22395,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"国泰海通稳健添利债券(022395)","lastUpdated":"2026-05-01T03:30:48.536Z","name":"国泰海通稳健添利债券型证券投资基金","pinyin":"gthtwjtlzqxzqtzjj","fundCollectionId":4000052120000,"setUpAssetScale":87776586.54,"setUpDate":"2024-12-23T16:00:00.000Z","setUpShares":87776586.54,"inceptionDate":"2024-12-26T16:00:00.000Z","managers":[{"stockCode":"db20833094","stockType":"fund_manager","exchange":"fm","tickerId":2525239820,"name":"杨勇"},{"stockCode":"db20835195","stockType":"fund_manager","exchange":"fm","tickerId":2625210030,"name":"朱莹"}]},"announcement":{"linkText":"国泰君安稳健添利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=1252951","linkType":"PDF","source":"csrc_pdf"}}]}