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当高估值蕴含的极低赔率出现的时候，我们是退缩的。 “至少不亏钱”始终是我们拥有的且最重要的选项。","lastUpdated":"2026-03-09T13:38:30.454Z","fund":{"_id":3000000010118,"__csrcFundId":8244,"stockCode":"010118","shortName":"天弘多元收益债券(010118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10118,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:42.298Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"天弘多元收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘多元收益债券","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":52618332.66,"setUpShares":52618332.66,"pinyin":"thdysyzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"}]},"announcement":{"linkText":"天弘多元收益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=1455233","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd567fea5b3eb04d7f31","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000010118,"sao":"三季度，AI相关的方向热火朝天，我们的净值却基本没有太大变化。市场以老登、中登、小登来划分股票，我们眼中可能只有商业模式的优劣、护城河的深浅、价格相对于价值的溢价与折扣。当我们去仔细而苛刻地去评估以上几个因素的确定性，持仓也不可避免地落到老登的范畴。然而，事情总有两面性：这既可以说是对原则的坚持；也可以说是僵化的价值投资，在心态的开放性和包容性上出了问题，没有做到及时地进化。我们又如何保证自己是前者，而不是后者呢？也许只有时间才能告诉我们答案。如果说有什么收获，三季度对我们尤为重要的启示是商业世界演绎的复杂性和动态性，需要我们在坚守能力圈和拓展能力圈之间做到更好的平衡。希望后面能通过不断的努力，给持有人创造更多的价值。转债当前面临三高问题（高价格+高估值+高平价），在当前流动性充裕状态下，可能这种状态还会持续，我们能做的是尽量寻找相对便宜的标的机会，特别是前期因为短期风格不占优受到市场极端过热造成的超跌资产，我们会从长周期维度考虑风险和机会的平衡。当前状态，维持谨慎观点，是对长期业绩的考量，阶段性的参与也仅仅是关注市场部分超跌机会和权益拥挤度下降的机会。","lastUpdated":"2026-03-09T13:38:30.451Z","fund":{"_id":3000000010118,"__csrcFundId":8244,"stockCode":"010118","shortName":"天弘多元收益债券(010118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10118,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:42.298Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"天弘多元收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘多元收益债券","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":52618332.66,"setUpShares":52618332.66,"pinyin":"thdysyzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"}]},"announcement":{"linkText":"天弘多元收益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=1373786","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd567fea5b3eb04d7f30","date":"2025-06-29T16:00:00.000Z","stockId":3000000010118,"sao":"报告期，一直在按既有策略运行，维持高质量、强安全边际、逆向投资的特征。由于居民入市、被动基金和量化基金的发展，尾部的小盘、微盘股获得了空前的流动性，成交极为活跃，也获得了很好的回报。但市场的热闹，可能跟我们并没有太大关系。所有权的视角，我们并没有从这部分微盘股票中找到自己愿意以当前价格进行私有化持有的公司。后续预期还会保持理性和克制，按照自己的选股标准进行投资。转债市场当前主要矛盾是权益走向，在流动性比较充裕的环境下，导致了中小盘表现较强，对转债形成较强的支撑，我们认为这个位置的转债，除部分低价高YTM部位的转债有一定性价比外，其他部位的转债的估值定价太贵，从二季度以来，我们采取更多防守策略，虽阶段性的参与了反弹，但仍相对有所谨慎，我们不愿意冒险在没有基本面的高价区域转债上暴露风险太多，持仓结构也主要考虑回避不可逆的风险损失，可逆的风险相对可控且长期回报相对确定，短期交易的动量可持续性过于依赖于市场情绪，脱离投资的原有本义，我们仍会坚守转债自身长期稳定的投资理念，避免行为短期化投机化。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:30.449Z","mo":"去年到今年，我们观察到资本市场的生态可能在发生一些深刻的变化。随着经济增速的逐步下台阶，新的增长机会逐步变少，地方政府、资本市场与上市企业的互相加强的融资-投资循环正在被打破，2024年的全年股权融资规模大幅放缓；与此同时，上市公司的分红及回购注销金额则创了历史新高。从产业的角度，可能到了产能投资到富余资金进行资本再配置的拐点，这个资本再配置的行为可能包括分红、回购注销、购买股权等。此时，我们对企业家能力的考察就不再是高效率地组织生产能力，而是是否具备合理的资本配置的能力，而从我们的观察来看，具备这种能力的企业家是少数的。从居民的角度，上百万亿的居民存款，面临着极低的利率水平，普通老百姓可理解的低风险理财机会变得越来越稀缺。不理性的投资者会受短期价格波动影响，陷入频繁交易、但长期亏钱的窘境之中；理性的投资者，或转化为价值投资者，或者通过理财、保险产品等间接购买了高质量、高分红的稳定资产。前述可能是未来长期的、系统性的变化，资金会变得越来越充裕，而真正优秀的资产则是非常稀缺的，可能会不断被重估。持续去寻找这部分资产，并且以相对便宜的价格买入并持有，是我们当下最需要做的事情。预计年内仍有较大规模的转债到期、转股强赎等原因退出，转债供给收缩的情况仍会继续，需求端，场外资金对资产收益的追求，导致转债估值可能不太容易出现大幅压缩，而核心的表现仍取决于权益，展望下半年，我们认为权益市场呈现慢牛特征，结构性可能会由于流动性原因反复轮动情况继续出现，但从投资的角度而言，把握最确定性的机会才是投资应有的本义，对于转股诉求高，股价处于底部的高赔率品种，在高YTM的夹持下，可能相对胜率和赔率均不错。","fund":{"_id":3000000010118,"__csrcFundId":8244,"stockCode":"010118","shortName":"天弘多元收益债券(010118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10118,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:42.298Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"天弘多元收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘多元收益债券","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":52618332.66,"setUpShares":52618332.66,"pinyin":"thdysyzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"}]},"announcement":{"linkText":"天弘多元收益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=1340652","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd567fea5b3eb04d7f2f","date":"2025-03-30T16:00:00.000Z","stockId":3000000010118,"sao":"春节之后，AI的叙事逻辑主导了市场的波动，TMT的成交持续占A股成交的40-50%左右。市场是如此割裂，给AI硬件及相关应用的公司动辄10倍以上的PS；但是给其他传统的、所谓的“上一个时代的遗产”的公司，极其苛刻、便宜的估值水平。然而，并非所有的成长都创造价值，如果企业在发展的过程中不能通过各种方式形成自己的护城河，那么最终的结局一定是通过商业的残酷竞争不断被毁灭价值。对于目前被市场热捧的AI标的，有几个能够真正做到有护城河的成长，我们深表怀疑。这段时间也曾自我怀疑，完全不参与AI，究竟是对长期结局的“警醒”，还是自己不尊重市场的“傲慢”？这个答案只能交给后面的验证来回答。但一个足够强的不参与的理由是不能拿客户的钱来冒险，这个“险”指的是长期来看不可逆的回撤。因此，我们偏权益的资产都集中配置在能算得清楚回报率，且具有较强护城河的标的之中，这些标的的配置一定程度上集中在市场的“反面”，广泛分布于市场不看好的众多细分方向之中。相信随着市场由沸腾转向冷静，持有资产的折扣在收敛的过程中有望给基金创造收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:30.446Z","fund":{"_id":3000000010118,"__csrcFundId":8244,"stockCode":"010118","shortName":"天弘多元收益债券(010118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10118,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:42.298Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"天弘多元收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘多元收益债券","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":52618332.66,"setUpShares":52618332.66,"pinyin":"thdysyzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"}]},"announcement":{"linkText":"天弘多元收益债券型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269963","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd567fea5b3eb04d7f2e","date":"2024-12-30T16:00:00.000Z","stockId":3000000010118,"sao":"2024年我们依然在既定的投资策略下运行：股票坚持优质、低估值和逆向投资的策略，转债坚持中低价转债中寻找被低估的期权的策略。所有的投资首先寻求的是不亏钱，然后才是赚钱，因此安全边际始终放在最靠前的位置。在长期尽可能不亏损的前提下，收益的兑现则依赖于公司业绩的变化以及市场先生的出价的变化。9月下旬之前的市场先生无疑是偏悲观的。很多标的的价格一次次突破我们对底线价值的评估，不断挑战持有的心态。但到了9月下旬，各部委开始联合救市的时候，市场先生则一下子进入到完全相反的乐观、亢奋状态。由于市场先生的慷慨和前期对持仓的坚持，我们实现了相对理想的绝对收益，给各位持有人至少交了一个不错的答卷。回头看，云淡风轻，但中间值得反思的地方有非常多。其中，最大的反思是隧道可能比想象的更黑更长，在逆向投资的时候需要有更苛刻的标准、更大的耐心。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:30.443Z","mo":"过去3-4年普遍偏差的宏观经济感受，主要的症结在房地产。一方面是地产销售面积从21年的峰值开始下滑，并接近腰斩，对相关产业链具有巨大的拖累作用；另一方面，房屋价格的下跌通过财富效应对居民的消费造成了负面影响。24年9月份以后，随着大规模救市政策的出来，我们看到实体经济的信心在逐步恢复，房地产行业也连续3、4个月份保持相对较好的状态。我们认为房地产行业很可能会在最近一两年摸到这一轮下行周期的底部，过去几年经济的最大拖累项或将逐步企稳。拉长时间看，我们认为好的机会应该沿着经济缓慢复苏的基准假设去自下而上挖掘和寻找，这可能是当前赔率和胜率兼具的机会。","fund":{"_id":3000000010118,"__csrcFundId":8244,"stockCode":"010118","shortName":"天弘多元收益债券(010118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10118,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:42.298Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"天弘多元收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘多元收益债券","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":52618332.66,"setUpShares":52618332.66,"pinyin":"thdysyzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"}]},"announcement":{"linkText":"天弘多元收益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=1252215","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd567fea5b3eb04d7f2d","date":"2024-09-29T16:00:00.000Z","stockId":3000000010118,"sao":"9月底的政策礼包，是对逆向价值投资者的奖赏。我们前期基于极其诱人的价格相对价值的折扣，一直保持了较高的仓位，也终于迎来了收获。市场上大部分投资者都希望自己既买到折扣，又能够顺“势”。这个“势”，可以是基本面的趋势，或者股价的趋势。但这都只是如海市蜃楼般的理想。顺“势”带给投资者的心理的舒适度，必然以低折扣甚至溢价为代价，同时也承担了这个“势”的终结带来的股价的坍塌。反之，逆向投资者表面上与趋势为敌，似乎承担了巨大的风险，但实际上却是风险更小的选择。首先是由于股票下跌后带来的风险释放，更重要的是投资者去对抗市场时，所必经的严肃、独立的思考，对底线价值的充分评估。逆向给了我们正向的激励和反馈，这也是过去一个季度最大的收获。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:30.441Z","fund":{"_id":3000000010118,"__csrcFundId":8244,"stockCode":"010118","shortName":"天弘多元收益债券(010118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10118,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:42.298Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"天弘多元收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘多元收益债券","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":52618332.66,"setUpShares":52618332.66,"pinyin":"thdysyzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"}]},"announcement":{"linkText":"天弘多元收益债券型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1173010","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd567fea5b3eb04d7f2c","date":"2024-06-29T16:00:00.000Z","stockId":3000000010118,"sao":"市场对经济的预期相对不太乐观的。在股票上，反映在对水电、运营商、大盘红利型资产的抱团；在债券上，反映在对长久期利率债的追逐；在渠道端，反映在对任何低权益含量产品的热衷。这种一致预期往往意味着反转的可能性。因为在资本市场中最好的预测方式并非是线性的，而是带着周期性的视角，一个宏大叙事深入人心、抵达顶点，往往是衰落的开始。我们认为资本市场忽视了很多经济改善的事实，以及政策层面上的努力，即便这些改善目前表现温和，但不可否认的是政策层面对于打破经济、尤其是地产负向循环的决心。我们的组合已经陆续在减持公用事业看空内需的方向，不止是因为高的拥挤度，更是因为相关股票的价格相对于价值已经失去折扣、转为溢价状态。与之相反，我们在建材、白酒、制造业的细分利基市场的龙头等有加仓的动作。在转债资产中，市场似乎重复了每一轮信用危机+中小盘股票下跌的韵脚，这些故事在2018年，2020年12月都发生过。与前几轮不同的是，在目前的监管环境下，股票的退市风险要更大，因此我们各个组合做了一些梳理和风险的防范。但我们认为市场泥沙俱下并不合理，没有信用风险、退市风险的中小盘低价转债，依然是值得我们在里面进行定价和投资的。长期来看，这部分转债的alpha会因为环境的变化而有所削弱，但是并没有消失。现在是需要在里面积极进行挖掘和定价的时刻。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:30.438Z","mo":"展望未来，我们认为需要一定程度上独立于人群，对当前抱团的板块需要高度警惕。市场的周期性的力量往往已经在慢慢发挥作用。从供给端的角度看，对未来的一致悲观，会导致大量行业的供给扩张得到极大放缓。过去一二十年，地方政府、一二级资本市场、上市公司共同推动的产能扩张冲动，将会得到极大的缓解。大量的行业将会由极致的内卷，变得不卷，盈利逐步恢复。而股票的价值也会得到逐步的提高。所以供给端的缓慢变化，很有可能是未来非常长时间A股权益类资产的主导逻辑。寻找这种供给端调整驱动的机会将是未来一段时间的重要工作。转债资产目前的持有价值也非常突出，我们认为其获得绝对收益的难度甚至要更低。随着下修的不断推进，转债资产的向上弹性也有望会逐步修复。","fund":{"_id":3000000010118,"__csrcFundId":8244,"stockCode":"010118","shortName":"天弘多元收益债券(010118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10118,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:42.298Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"天弘多元收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘多元收益债券","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":52618332.66,"setUpShares":52618332.66,"pinyin":"thdysyzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"}]},"announcement":{"linkText":"天弘多元收益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=1145785","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd567fea5b3eb04d7f2b","date":"2024-03-30T16:00:00.000Z","stockId":3000000010118,"sao":"芒格在提出人类的多种心理偏差时，也提出来一个合奏效应（lollapaloozaeffect），即几种心理偏差有时候会叠加互相强化，产生极为强大的效应。回顾过去A股和转债的历史，在顶部、底部时刻，线性外推、损失厌恶、从众等心理偏差的合奏效应发挥得淋漓尽致。2024年的一季度，无疑是这一轮权益类资产较为悲观的时刻。所谓的大众共识和情绪一旦演绎到如此地步，反转往往不远，但需要我们真正有勇气去逆向思考和操作。这个时候我们的决策是异常清晰的，在底部需要尽可能地抓住机会去优化自己的持仓，用更低的价格购买更优秀的权益类证券。这也正是我们在2024年一季度做的事情。但坦白而言，作为基金经理，尽管总体保持住了客观和理性，但很难以完全独立的态度、内心毫无波澜地旁观人性的演绎。也许基金经理付出对抗市场的情绪价值，也是长期收益的来源。希望我们在Q1的决策，能够随着时间的推移而争取收获。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:30.435Z","fund":{"_id":3000000010118,"__csrcFundId":8244,"stockCode":"010118","shortName":"天弘多元收益债券(010118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10118,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:42.298Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"天弘多元收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘多元收益债券","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":52618332.66,"setUpShares":52618332.66,"pinyin":"thdysyzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"}]},"announcement":{"linkText":"天弘多元收益债券型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1069893","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd567fea5b3eb04d7f2a","date":"2023-12-30T16:00:00.000Z","stockId":3000000010118,"sao":"在我们的投资体系中，安全边际或者说价格相对于价值的折扣率一直扮演了最核心的决策的因素。世界是复杂而多变的，安全边际不仅是对我们认知错误、股价波动的最好的保护，同样是潜在的获利来源。在投资的世界中，聪明人太多。有人会认为自己是强者，会给与自己的判断极大的权重；另一批人会认为自己不够聪明，会始终以苛刻的标准来评估股票和转债的价值。我们认为自己属于后者。认清自己也是投资的一部分，或许是最重要的一部分。这一点认知不仅仅来自于保守的天性，同样也源自于市场最近几年给予的充分的“教育”。回顾复杂的2023年，因为大环境的不佳，我们交的答卷不能完全让自己和投资者满意。但值得庆幸的是对安全边际的苛求，使得我们获得了一定的超额，在熊市里面将已显现和潜在的损失进行了较好的控制。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:30.432Z","mo":"纵向来看，以沪深300为代表的蓝筹股的估值已经接近美国70年代大通胀，以及日本股市在2010年经历了20年下跌之后的估值，当前已经计入了太多宏大叙事的利空。横向比较A股优秀公司，与国际市场上同类型龙头公司的估值差异，市场给予A股优秀公司的估值都有巨大的折扣。人类的大脑在进化的过程中，会有非常多的心理偏差，比如线性外推、损失厌恶、从众、易被恐惧支配等。这些偏差在人类进化的过程中，是有利于个体和种群的生存的。但在投资的行业里面，这些心理偏差以及几个偏差形成的合奏效应则会造成极大的定价偏差。而当前，我认为这就是在A股正在发生的事情。投资从来都不容易，聪明人太多，量化的镰刀也悬在头上，我们每个主动管理的二级市场从业人员凭什么会有更好的收益？也许部分的alpha就是要在此刻获取，需要我们付出一些情绪价值，敢于站在市场的对立面，通过逆向思考和操作去实现。当前时刻，无论对转债还是股票，都需要保持非常乐观和积极的态度，各个组合的弹性均在历史最高附近。","fund":{"_id":3000000010118,"__csrcFundId":8244,"stockCode":"010118","shortName":"天弘多元收益债券(010118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10118,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:42.298Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"天弘多元收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘多元收益债券","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":52618332.66,"setUpShares":52618332.66,"pinyin":"thdysyzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"}]},"announcement":{"linkText":"天弘多元收益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=1053616","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd567fea5b3eb04d7f29","date":"2023-09-29T16:00:00.000Z","stockId":3000000010118,"sao":"权益市场的情绪已经到了冰点，一些积极的变化也在被无视。第一个积极的变化在于从PMI的数据来看，3季度的经济在逐月逐步回暖；第二个积极的变化在于监管层出台了一些长期对股市有利的政策，比如对股东减持的规范、鼓励分红、对股权融资行为的约束等等。对于第二点积极的变化，我们认为非常重要，可能已经在对过去十几年A股市场的顽疾对症下药。尽管市场依旧在惯性下跌，但我们认为现在是需要积极作为的时刻。被下跌带来的负面情绪所裹挟而做出不当的决策，是最危险的事情。也许，作为基金经理的职责就是替客户在市场最悲观的时刻，承受住所有的负面情绪，积极挖掘机会、主动承担风险，在严冬中去埋下一粒粒种子。2023年3季度，经济最差的时候逐步过去，货币政策逐步宽松，但是由于中美经济周期的错位，人民币出现一定程度的贬值压力，同时叠加季末地方债集中发行，对银行基础货币出现了一定的消耗，导致降息后资金利率中枢不降反升，带动债券收益率先下后上出现调整。运作期内，组合纯债部分适度降低了组合的久期，以票息策略为主。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:30.430Z","fund":{"_id":3000000010118,"__csrcFundId":8244,"stockCode":"010118","shortName":"天弘多元收益债券(010118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10118,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:42.298Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"天弘多元收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘多元收益债券","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":52618332.66,"setUpShares":52618332.66,"pinyin":"thdysyzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"}]},"announcement":{"linkText":"天弘多元收益债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=987652","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd567fea5b3eb04d7f28","date":"2023-06-29T16:00:00.000Z","stockId":3000000010118,"sao":"当前位置对权益市场非常乐观，各个组合都有进攻性的提升。在中美双重去库存的宏观背景下，经济疲弱虽是事实，但市场对经济的体感温度可能已经到了接近0度，与经济有关的板块估值已经极度便宜，不少传统行业的个股已经跌破重置成本。这意味着只要经济有预期差，这部分股票极有可能带来非常强劲的反弹。前瞻地看，就业压力驱动的稳增长政策可能是潜在的第一个期权；第二期权在于中美库存周期可能于四季度见底，而复盘库存周期与股市的关系，一般股市会略微领先于库存周期见底。因此在配置方向上，倾向于主力仓位逆势配置与经济有关的方向，包含消费电子、银行、保险、供给侧有大变化的地产链、大消费里面有较长成长属性的个股，另外基于美国地产基本面的韧性和加息周期的逐步见顶，我们也非常看好美国地产链相关的个股。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:30.427Z","mo":"当前位置对权益市场非常乐观，各个组合都有进攻性的提升。在中美双重去库存的宏观背景下，经济疲弱虽是事实，但市场对经济的体感温度可能已经到了接近0度，与经济有关的板块估值已经极度便宜，不少传统行业的个股已经跌破重置成本。这意味着只要经济有预期差，这部分股票极有可能带来非常强劲的反弹。前瞻地看，就业压力驱动的稳增长政策可能是潜在的第一个期权；第二期权在于中美库存周期可能于四季度见底，而复盘库存周期与股市的关系，一般股市会略微领先于库存周期见底。因此在配置方向上，倾向于主力仓位逆势配置与经济有关的方向，包含消费电子、银行、保险、供给侧有大变化的地产链、大消费里面有较长成长属性的个股，另外基于美国地产基本面的韧性和加息周期的逐步见顶，我们也非常看好美国地产链相关的个股。","fund":{"_id":3000000010118,"__csrcFundId":8244,"stockCode":"010118","shortName":"天弘多元收益债券(010118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10118,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:42.298Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"天弘多元收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘多元收益债券","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":52618332.66,"setUpShares":52618332.66,"pinyin":"thdysyzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"}]},"announcement":{"linkText":"天弘多元收益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=963244","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd567fea5b3eb04d7f27","date":"2023-03-30T16:00:00.000Z","stockId":3000000010118,"sao":"近期市场对经济的信心，又发生了回摆，顺周期方向的个股回调幅度较深。我们认为经济走出3年疫情的底部、修复向上的方向依然较为确定，当前脆弱的信心也会逐步得到修复。叠加当前股票估值和位置都处于偏低水平，当前需要积极承担风险，保持至少中性以上的权益仓位配置。在具体的板块方向上，我们观点并未发生变化：保险、股份制银行、泛中游的周期股、电子和计算机方向是我们重点关注的方向。","declarationDate":"2023-04-22T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:30.424Z","fund":{"_id":3000000010118,"__csrcFundId":8244,"stockCode":"010118","shortName":"天弘多元收益债券(010118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10118,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:42.298Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"天弘多元收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘多元收益债券","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":52618332.66,"setUpShares":52618332.66,"pinyin":"thdysyzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"}]},"announcement":{"linkText":"天弘多元收益债券型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=887699","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd567fea5b3eb04d7f26","date":"2022-12-30T16:00:00.000Z","stockId":3000000010118,"sao":"过去的一年是极具挑战性的一年，俄乌冲突、房地产企业暴雷、疫情对经济的影响均有体现。而权益类资产作为宏观经济的晴雨表，表现较差，经历了接近于2018年的熊市。我们在年初，为了防风险，针对转债和股票的敞口，做了积极的结构调整，主要大幅减持了成长类持仓、增配了价值类持仓。但坦白来讲，这一轮“熊市”是超过我们预期的，结构性调整在应对系统性风险时的效果是欠佳的。作为管理人，全年取得负收益，我们也是倍感压力。当前看权益资产各项估值都到了较低的水平，我们将积极应对，力争为持有人带来长期满意的回报。","declarationDate":"2023-01-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:30.421Z","mo":"当前位置对权益类资产保持高度乐观。大小盘股票的估值都到了过去10年的偏底部的位置，已经计入了相当程度的悲观预期。而随着疫情防控的放开、地产政策的不断放松，经济有望逐步走出底部。目前权益类资产无论赔率还是胜率角度，都已经比较高。但由于利率可能大概率到了长周期的拐点，转债估值会面临持续的压力，转债的性价比会弱于股票。在偏权益资产的布局上，将沿着消费场景再现、经济修复的主线，挑选安全边际充足、质地优秀的标的进行积极的布局。","fund":{"_id":3000000010118,"__csrcFundId":8244,"stockCode":"010118","shortName":"天弘多元收益债券(010118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10118,"master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转债估值水平偏高、且进一步提升；② 市场在中小盘转债上拥挤的状态；③ 十一之前，市场风险偏好阶段性下降的可能性。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:30.411Z","mo":"从目前市场状态来看，转债虽然处于估值高位，但在有大的产业变革的背景下，中小盘股依然可能在未来1年甚至数年保持相对强势的状态，目前没有特别强的系统性降低仓位的理由。因此组合依旧维持相对偏高的仓位状态，会花更多时间在行业和个券研究上，努力为持有人带来长期客观的回报。对于股票仓位，仍是绝对收益导向，延续优质低估值龙头、行业均衡、个股分散的思路进行配置。我们认为权益资产长期回报率将远远高于债券资产，因此权益资产仓位也会保持在上限附近。","fund":{"_id":3000000010118,"__csrcFundId":8244,"stockCode":"010118","shortName":"天弘多元收益债券(010118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10118,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:42.298Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"天弘多元收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘多元收益债券","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":52618332.66,"setUpShares":52618332.66,"pinyin":"thdysyzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"}]},"announcement":{"linkText":"天弘多元收益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=714450","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd567fea5b3eb04d7f21","date":"2021-09-29T16:00:00.000Z","stockId":3000000010118,"sao":"三季度的7、8月份一直保持了相对高的转债仓位，9月上旬开始开始持续在做一些大的风险防范的动作，其背后的决策依据包括：①转债估值水平偏高、且进一步提升；②市场在中小盘转债上拥挤的状态；③十一之前，市场风险偏好阶段性下降的可能性。但这种防范风险的动作仅限于对仓位做一些减持，很难是完全0-1之间自由切换的，从投资决策的角度，过于极端的操作也是十分危险的。目前市场并没有足够的理由确认有系统性风险，我们倾向于认为只是拥挤状态下调整风险的释放。四季度会对前期没有表现的低估值板块进行重点关注。对于股票仓位，我们倾向于不做大的变化，依旧延续优质低估值龙头、行业均衡、个股分散的思路进行配置。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:30.408Z","fund":{"_id":3000000010118,"__csrcFundId":8244,"stockCode":"010118","shortName":"天弘多元收益债券(010118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10118,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:42.298Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"天弘多元收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘多元收益债券","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":52618332.66,"setUpShares":52618332.66,"pinyin":"thdysyzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"}]},"announcement":{"linkText":"天弘多元收益债券型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=655441","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd567fea5b3eb04d7f20","date":"2021-06-29T16:00:00.000Z","stockId":3000000010118,"sao":"我们坚持的投资理念是以中低价转债为客户长期获取好的绝对收益，侧重于对成长类、正股波动率较高、相对低价的转债投资，以期望去以尽可能高地概率兑现转债蕴含的期权价值。市场在一月份经历了比较大幅的杀跌，我们在年报中也阐述过背后的逻辑，到了2月初，中低价转债已经到了历史最低的估值水平，随后开启了一轮比较大的修复行情。除了估值修复的驱动，还有其他因素在发挥作用：转债下修频繁发生，信用担忧情绪在缓解，同时市场对中小盘低估值的优秀个股的关注度在不断提升。因此整个上半年整体保持了比较高的转债仓位，伴随着市场的上涨，取得了一定的正收益。股票方面依然坚持绝对收益思路，在大金融、消费、公用事业、周期成长股中，综合公司质地、增速、估值等层面，寻找收益相对确定的标的，不追求短期业绩排名，追求长期实现可观、稳定的绝对收益。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:30.405Z","mo":"股票市场风格对我们的转债持仓风格依然比较有利，资金从茅指数开始向外扩散，从披露的年报和一季报数据来看，大盘对小盘的相对业绩进一步下滑，中小盘股的盈利驱动力较强，正股估值相对合理，转债性价比处于较优区间。转债方面，低价转债的估值已经得到显著修复，我们观测的利差指标修复到接近0的水平，债性转债溢价率也修复到历史中位数附近。仓位方面，之前的转债仓位比较高，后续要陆续兑现利润，及时调整组合结构。股票方面依然坚持绝对收益思路，在大金融、消费、公用事业、周期成长股中，综合公司质地、增速、估值等层面，寻找收益相对确定的标的，不追求短期业绩排名，追求长期实现可观、稳定的绝对收益。","fund":{"_id":3000000010118,"__csrcFundId":8244,"stockCode":"010118","shortName":"天弘多元收益债券(010118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10118,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:42.298Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"天弘多元收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘多元收益债券","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":52618332.66,"setUpShares":52618332.66,"pinyin":"thdysyzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"}]},"announcement":{"linkText":"天弘多元收益债券型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=634448","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd567fea5b3eb04d7f1f","stockId":3000000010118,"sao":"在多元收益的组合中，除了纯债，目前包含2个重要的头寸：①中低价转债，侧重于对成长类、较高波动、相对低价的转债投资，以期望以尽可能高的概率兑现转债蕴含的期权价值；② 低估值、优质龙头的股票，以获取绝对收益为目标，与转债的风格形成互补。对于股票部分的仓位，我们坚持了对优质、低估值龙头公司的投资策略，个股十分分散，坚持绝对收益的思路，目前持仓以银行、保险、地产、化工、机械里面的细分领域龙头公司为主，其隐含的长期股权回报率高于纯债。对于转债部分的仓位，我们坚持的投资理念是以中低价转债为客户长期获取好的绝对收益，侧重于对成长类、正股波动率较高、相对低价的转债投资，以期望以尽可能高的概率兑现转债蕴含的期权价值。转债市场在一月份经历了程度较大的杀跌，我们在年报中也阐述过背后的逻辑，到了2月初，中低价转债已经到了历史底部的估值水平，随后开启了一轮比较大的修复行情。除了估值修复的驱动，还有其他因素在发挥作用：转债下修频繁发生，信用担忧情绪在缓解，同时市场对中小盘低估值的优秀个股的关注度在不断提升。我们认为这一修复进程并没有结束，从转债估值上看，低价转债的估值依旧在相对便宜的位置，且股票风格往低估值、中小盘风格的切换也刚刚开始，正股低估值、质地优秀、业绩增速尚可的中小盘转债，可能会是未来一段时间机会较大的转债。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:30.402Z","fund":{"_id":3000000010118,"__csrcFundId":8244,"stockCode":"010118","shortName":"天弘多元收益债券(010118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10118,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:42.298Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"天弘多元收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘多元收益债券","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":52618332.66,"setUpShares":52618332.66,"pinyin":"thdysyzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"}]},"announcement":{"linkText":"天弘多元收益债券型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=574176","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd567fea5b3eb04d7f1e","stockId":3000000010118,"sao":"在多元收益的组合中，除了纯债，目前包含2个重要的头寸：①中低价转债，侧重于对成长类、较高波动、相对低价的转债投资，以期望去以尽可能高地概率兑现转债蕴含的期权价值；② 低估值、优质龙头的股票，以获取绝对收益为目标，与转债的风格形成互补。对于股票部分的仓位，我们依然坚持对优质、低估值龙头公司的投资策略，个股十分分散，坚持绝对收益的思路，目前持仓以银行、保险、地产、化工、汽车、机械里面的龙头公司为主，其隐含的长期股权回报率远高于纯债。对于转债部分的仓位，我们坚持的投资理念是以中低价转债为客户长期获取好的绝对收益，侧重于对成长类、正股波动率较高、相对低价的转债投资，以期望去以尽可能高地概率兑现转债蕴含的期权价值。这个策略在2020年11月以前运行良好，但在12月份遭遇到了巨大的挑战。中低价转债的存在3个弱点是：流动性冲击、信用风险的传染、以中证1000指数为代表的中盘股表现不佳，这三点同时在去年12月发生，导致了单月回撤幅度较大。在市场焦虑情绪较重的时候，我们需要理性看待下面两个中长期的本质问题。第一，转债的信用问题如何看待？市场上的转债的确有个例存在一定的信用风险，但对有下修空间、公司经营情况良好的转债，信用风险是相对可控的。首先转债本质是到期转给你增发的股份，大概率都会有回到100附近的机会，与信用债到期还钱的本质是不一样的；其次，信用债容易发生市场整体性对某个板块挤兑，但转债个券之间实质性的信用风险传染性很弱，遭到情绪的错杀就是机会。比如这一轮下跌中，不少负债率很低、经营情况良好的个券也被错杀，这部分个券可能存在好的投资机会，后续也会有修复。第二，在市场如此抱团的情况下，中小盘的股票是否永远没有机会？我们认为转债发行有基本财务数据的要求，里面会有很多很优质的公司走出来，比如英科医疗，中小盘股票并不等同于劣质股票。其次，中小股票能不能涨根本还是看业绩，在业绩的不断刺激下，依然会有聪明的资金去追逐。最后，如果我们回顾历史，很多转债在存续期是跑赢正股的，其背后的原因是转债可以下修，股票之前的跌幅不断归零，这在一定程度上给持有者提供了保护。12月份的中低价转债的杀跌，我们需要理性看待，中长期策略的逻辑并没有大的变化。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:30.399Z","mo":"多元收益依然会保持不超过20%的股票仓位，股票仓位选的都是低估值、顺周期的板块，对目前被市场抱团、极度高估的板块保持警惕，持仓个股基本具有低估值、且景气度上行的特征，并且有望在21年带来不错的绝对回报。 对于转债的投资，我们在年报的“投资策略”部分详细阐述了我们对转债的投资理念和策略，现在面临的短期问题是这些中低价转债会靠什么动力涨起来。我们回顾了历史上几轮大的底部，有以下几个结论：①市场底部的利率水平或流动性环境决定了每一轮转债底部的转债价格。②在市场底部，优质和劣质转债在市场底部的定价完全不一样。以优质转债来看，优质转债很少与纯债发生倒挂。③ 目前市场转债的YTM与机会成本的倒挂比例或已到了历史最高的水平，对于优质转债的倒挂比例也远比以前要高。我们回顾低价券走出上涨行情的驱动因素，一般情况下是靠正股上涨走出来，但靠下修和债底修复带来的上涨的比例远远比大家想象得高。以2018年为例，当年全市场转债下修过的转债数量占年中转债存量的接近1/3左右；另外，对于很多没有下修的转债，随着流动性宽松局面的维持、信用环境的缓解，下半年也走出来了缓慢上涨的行情。目前低价转债已经到了历史最便宜的时候，我们以债性转债的YTM与5年国开的利差作为中低价转债的估值指标，这一指标已经超过2018年年中和年底两次最差的时候，也超过历史上所有的底部时期。对于优质样本的债性转债的同一指标，我们发现也已经创造了历史极值。对于优质样本的个券来说信用风险可控，因此这种杀跌是非理性的。到了现在的时刻，我们认为已经完全不必要再悲观，应该克服恐惧，坚定持有被错杀的优质低价个券。","fund":{"_id":3000000010118,"__csrcFundId":8244,"stockCode":"010118","shortName":"天弘多元收益债券(010118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10118,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:42.298Z","status":"normal","inceptionDate":"2020-10-28T16:00:00.000Z","name":"天弘多元收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘多元收益债券","setUpDate":"2020-10-28T16:00:00.000Z","setUpAssetScale":52618332.66,"setUpShares":52618332.66,"pinyin":"thdysyzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20722436","stockType":"fund_manager","exchange":"fm","tickerId":407192060,"name":"杜广"}]},"announcement":{"linkText":"天弘多元收益债券型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=558302","linkType":"PDF","source":"csrc_pdf"}}]}