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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。转债一季度表现较弱，中证转债涨幅-0.8%，更多因为转债中中证1000和中证2000的发行主体占比大，跟随正股下行较多。展望后市，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":"2026-03-09T13:07:54.275Z","fund":{"_id":3000000002101,"__csrcFundId":4334,"stockCode":"002101","shortName":"创金合信转债精选债券(002101)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2101,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:19:42.938Z","status":"normal","inceptionDate":"2015-11-18T16:00:00.000Z","name":"创金合信转债精选债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信转债精选债券","pinyin":"cjhxzzjxzqxzqtzjj","managers":[{"stockCode":"db20180412","stockType":"fund_manager","exchange":"fm","tickerId":80804191800,"name":"黄浩东"}]},"announcement":{"linkText":"创金合信转债精选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=1068782","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec62a7fea5b3eb04532c5","date":"2023-12-30T16:00:00.000Z","stockId":3000000002101,"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高的增速。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。操作上，产品报告期大部分时间全仓转债，分散投资于高弹性的、相对低价的标的。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:54.273Z","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。产品会根据经济发展的情况，适时调整策略，预计将更多关注偏股型的转债标的。","fund":{"_id":3000000002101,"__csrcFundId":4334,"stockCode":"002101","shortName":"创金合信转债精选债券(002101)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2101,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:19:42.938Z","status":"normal","inceptionDate":"2015-11-18T16:00:00.000Z","name":"创金合信转债精选债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信转债精选债券","pinyin":"cjhxzzjxzqxzqtzjj","managers":[{"stockCode":"db20180412","stockType":"fund_manager","exchange":"fm","tickerId":80804191800,"name":"黄浩东"}]},"announcement":{"linkText":"创金合信转债精选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=1049725","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec62a7fea5b3eb04532c4","date":"2023-09-29T16:00:00.000Z","stockId":3000000002101,"sao":"回顾三季度的经济数据，可以发现中国经济开始慢慢转暖，经济拐点或将出现。具体而言，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，这展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，本基金保持转债高仓位运行，产品主要采取分散化投资策略，精选投资转债标的。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:54.270Z","fund":{"_id":3000000002101,"__csrcFundId":4334,"stockCode":"002101","shortName":"创金合信转债精选债券(002101)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2101,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:19:42.938Z","status":"normal","inceptionDate":"2015-11-18T16:00:00.000Z","name":"创金合信转债精选债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信转债精选债券","pinyin":"cjhxzzjxzqxzqtzjj","managers":[{"stockCode":"db20180412","stockType":"fund_manager","exchange":"fm","tickerId":80804191800,"name":"黄浩东"}]},"announcement":{"linkText":"创金合信转债精选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=983688","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec62a7fea5b3eb04532c3","date":"2023-06-29T16:00:00.000Z","stockId":3000000002101,"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。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，保持转债高仓位运行，综合考虑各类转债性价比，采取转债标的分散化策略。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:54.268Z","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":3000000002101,"__csrcFundId":4334,"stockCode":"002101","shortName":"创金合信转债精选债券(002101)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2101,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:19:42.938Z","status":"normal","inceptionDate":"2015-11-18T16:00:00.000Z","name":"创金合信转债精选债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信转债精选债券","pinyin":"cjhxzzjxzqxzqtzjj","managers":[{"stockCode":"db20180412","stockType":"fund_manager","exchange":"fm","tickerId":808041918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