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产的收益率系统性下降仍然支持债市进入一个短期比较理想的配置区间。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:21.167Z","fund":{"_id":3000000016801,"__csrcFundId":11892,"stockCode":"016801","shortName":"创金合信怡久回报债券(016801)","masterFundShortName":"创金合信怡久回报债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16801,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:14:49.514Z","status":"normal","exchange":"jj","fundCollectionId":4000050990000,"name":"创金合信怡久回报债券型证券投资基金","inceptionDate":"2022-12-14T16:00:00.000Z","setUpDate":"2022-12-14T16:00:00.000Z","setUpAssetScale":64447766.25,"setUpShares":64447766.25,"pinyin":"cjhxyjhbzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20875181","stockType":"fund_manager","exchange":"fm","tickerId":82408222100,"name":"黄小虎"}]},"announcement":{"linkText":"创金合信怡久回报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=1169146","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1fd7fea5b3eb0526b80","date":"2024-06-29T16:00:00.000Z","stockId":3000000016801,"sao":"国内经济在上半年更多的会体现为去年的延续，内生经济修复动能不足，叠加一定的价格风险，1-3月份高频数据已经出现了阶段性好转，3月PMI升至荣枯线以上，但进入二季度经济基本面逐渐有所转弱，近期数据显示制造业景气度不佳，消费品价格下滑，消费需求回落，同时地产大环境仍然偏弱，6月一线城市销售成为难得的亮点，但房价、地产投资、开工、竣工等指标仍无起色。5月份一系列政策出台后，目前处于边走边看效果的节奏，从政策相对强弱关系看，货币化投放>解决地产企业流动性危机>降低贷款利率>首付比例/购房条件等其他政策，当前政策力度马上扭转房价下跌预期不太现实，后续如果成交/房价数据下滑，可对后续进一步增量政策予以期待。市场在经历了1月至2月风险偏好的快速下杀后伴随经济面转好出现超跌反弹，5月份上半月在政策刺激预期下，指数都出现明显涨幅，市场阶段性有偏热/投机倾向，后续在基本面跟踪验证中，高频数据出现持续放缓，市场开始担心二季度的制造业景气度更多是一轮小级别补库周期，叠加海外关税+制裁风险，市场同步回落。产品一季度产品主要配置于贵金属、整车及汽车零部件、AIGC及衍生方向、消费电子、半导体、公路、军工、大众消费品等；二季度减配铜、煤、aipc及衍生、大众消费品，增配水电、黄金、半导体设备、化工。全年维度看好科技、有色金属及高股息的投资机会。债券方面，整体上半年延续震荡下行趋势，基本面压力和流动性合理充裕的预期会对中期利率走势形成支撑，但需关注资金面扰动、政策预期以及介入操作等带来可能的市场风险因素，整体判断为短多长空，固收组合整体维持中性偏低久期，保持一定杠杆套息水平。上半年债券牛市行情是对基本面情况的一种客观定价，但近期交易成分中资金推动的定价占比因素明显提升，需对市场的反身性保持警惕。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:21.164Z","mo":"宏观层面，2024年国内外两个方向都处于复杂且充满挑战的状态。美国在经历了快速加息周期后，今年的主要方向将进入降息周期，但由于本身美国经济的韧性以及美联储的预期管理方式，整体降息的节奏的变化对大宗商品以及风险资产的定价会造成较大的波动。此外美国2024年进入大选年，在脱钩的大背景下，大选年地缘政治和贸易摩擦有进一步升级的风险，在组合配置中将予以关注。国内目前房地产整体系统性风险已得到了较大程度的控制，LPR等政策利率的下调以及其他相关政策会适当缓解房价下降的压力，但房价及衍生行业景气程度仍处于下行通道中；制造业普遍仍存在一定的供给过剩压力，这是21年在国际供需格局错配下进一步加深的产业后遗症，整体需要时间以及拓展加深贸易出口方来进行消化，同时有望看到类似供给侧改革的宏观政策加速出清的过程。今年7月三中全会召开，是对中期政治经济脉络影响比较深远的一次会议，除了明确了全面深化改革、构建高质量发展体制机制等重要内容以外，在这个会议上也提到了将坚定不移地完成全年经济工作任务的短期目标，反映了政策制定者也对经济趋势提升了关注。上半年从数据反应的经济增长成色上看不太乐观，在一季度制造业和出口相对景气的情况下，二季度经济数据出现了下滑，下半年压力有可能会更大，可以预料到下半年经济上的逆周期调节节奏和力度上会比上半年有所加强，这里面中央财政可能是目前最有效的加码途径之一。最近另一件对资本市场影响较大的宏观因素是日元加息，我们倾向于把它作为一个中期的变量理解，而不是作为一次性的冲击考虑。虽然波动来源于资金负债端，AI、科技行业景气度和海外宏观基本面并未确定性地发生明显转向，但作为全球资本的主要杠杆负债来源，全球carry trade体量在过去持续性的上涨中增加到了非常高的水平，本次日元回流的影响幅度很有可能超过预期，造成短时间内市场的剧烈波动，对应的对市场中相关存在映射关系的标的需要谨慎对待。","fund":{"_id":3000000016801,"__csrcFundId":11892,"stockCode":"016801","shortName":"创金合信怡久回报债券(016801)","masterFundShortName":"创金合信怡久回报债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16801,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:14:49.514Z","status":"normal","exchange":"jj","fundCollectionId":4000050990000,"name":"创金合信怡久回报债券型证券投资基金","inceptionDate":"2022-12-14T16:00:00.000Z","setUpDate":"2022-12-14T16:00:00.000Z","setUpAssetScale":64447766.25,"setUpShares":64447766.25,"pinyin":"cjhxyjhbzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20875181","stockType":"fund_manager","exchange":"fm","tickerId":82408222100,"name":"黄小虎"}]},"announcement":{"linkText":"创金合信怡久回报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=1142363","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1fd7fea5b3eb0526b7f","date":"2024-03-30T16:00:00.000Z","stockId":3000000016801,"sao":"宏观层面，2024年国内外两个方向整体仍是处于较为复杂和充满挑战的状态。美国在经历了快速加息周期后，今年的主要方向将进入降息周期，但由于本身美国经济的韧性以及美联储的预期管理方式，整体降息的节奏的变化对大宗商品以及风险资产的定价会造成较大的波动，不宜过分乐观。此外美国2024年进入大选年，在脱钩的大背景下，大选年地缘政治和贸易摩擦有进一步升级的风险，在组合配置中要予以关注。国内经济在上半年更多的会体现去年范式的延续，内生经济修复动能不足，叠加一定的价格风险，但趋势上有望逐步企稳，3月份高频数据已经出现了明显好转，需重点关注后续持续性。目前房地产整体系统性风险已得到了较大程度的控制，但房价及衍生行业景气程度仍处于下行通道，LPR等政策利率的下调以及其他的相关政策会适当缓解房价下降的压力。制造业普遍仍存在一定的供给过剩压力，这是21年在国际供需格局错配下进一步加深的产业后遗症，整体需要时间以及我国主要贸易出口方的复苏开启或持续强化来进行消化，但同时有望看到类似供给侧改革的宏观政策加速出清的过程。整体24年股票市场大概率会呈现结构性机会，二季度对指数层面的判断相对积极，风格上仍相对看好成长及高股息的投资机会。债券方面，整体仍然会延续震荡下行趋势，基本面压力和流动性合理充裕的预期会对中期利率走势形成支撑，但需关注资金空转、资金面扰动、政策预期等可能的潜在市场风险。产品组合管理主要关注组合的风险管控，识别资产的底层风险逻辑，降低单一风险暴露，向风险回报比具有优势的资产进行配置，权益配置相对均衡，精选个股。股票配置上，一季度产品主要配置于贵金属、整车及零部件、AIGC及衍生方向、消费电子、半导体、军工等。二季度将主要聚焦几个方向：1、大宗商品，包括铜、黄金、生猪、钢铁等；2、防御类资产高股息，以交运、电力为主；3.成长空间较高的优质成长标的，以AIGC及衍生方向等；4、以工程机械为代表的出口型企业。债券方面整体配置以金融债、高等级信用债为主，适时调整组合优化产品久期和配置结构，全年整体以利率震荡下行作为基本判断，并在利率快速下行期进行一定的获利了结和久期减配，在利率调整期进行增配。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:21.161Z","fund":{"_id":3000000016801,"__csrcFundId":11892,"stockCode":"016801","shortName":"创金合信怡久回报债券(016801)","masterFundShortName":"创金合信怡久回报债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16801,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:14:49.514Z","status":"normal","exchange":"jj","fundCollectionId":4000050990000,"name":"创金合信怡久回报债券型证券投资基金","inceptionDate":"2022-12-14T16:00:00.000Z","setUpDate":"2022-12-14T16:00:00.000Z","setUpAssetScale":64447766.25,"setUpShares":64447766.25,"pinyin":"cjhxyjhbzqxzqtzjj","managers":[{"stockCode":"db20768518","stockType":"fund_manager","exchange":"fm","tickerId":260826208280,"name":"张贺章"},{"stockCode":"db20875181","stockType":"fund_manager","exchange":"fm","tickerId":82408222100,"name":"黄小虎"}]},"announcement":{"linkText":"创金合信怡久回报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=1066494","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1fd7fea5b3eb0526b7e","date":"2023-12-30T16:00:00.000Z","stockId":3000000016801,"sao":"固收方面，2023年虽出现过一定的阶段性调整，但整体债券利率呈震荡下行走势。开年初受资金面偏紧、地产政策扰动、信贷开门红预期等因素叠加影响，债市小幅回调。春节后虽然受资金面收敛市场稍有影响，但信用债供求关系出现好转，信用债表现优于利率债。随后二季度经济出现明显环比走弱趋势，出口下行压力加大，地产链的困境进一步凸显，利率开始显著下行。随后央行在6月超预期降息，市场在快速反应后开始担心后续政策组合拳的力度，市场开始进入博弈阶段并一直持续到月底，但伴随着二次降息市场在8月底摸到了全年底部。后续伴随以地产为主的放松政策正式出台，债市进入调整期；后续受资金面收紧，政府债券集中供给，以及增发国债等因素影响，债券市场的调整一直持续到11月。随后伴随经济数据回落、存款利率下调、央行公开市场投放积极等一系列有利债市因素出现，债市以一波快速下行对2023年进行了收尾。股票方面，去年的股票市场整体仍然是较弱态势，全年沪深300下跌12%，如果刨除一月份的指数涨幅的话，后11个月的整体下跌幅度更加剧烈。从结构来看，除了AIGC为代表的通讯传媒、以煤炭石油等传统能源为代表的高股息等几个少数板块以外，多数行业板块也都出现下跌。整体来看，在经济承压期，市场对强力经济刺激政策都有一些偏惯性的期许，但全年政策维度整体体现出较强的定力；同时经济基本面呈现的是一种较弱现实，反映在价格和数量因子上的就是我们看到物价与资产价格整体下跌，企业盈利与居民收入预期下降，以及居民、企业部门呈现去杠杆趋势。产品组合管理主要关注组合的风险管控，识别资产的底层风险逻辑，降低单一风险暴露，向风险回报比具有优势的资产进行配置，权益配置相对均衡，精选个股。股票配置上，在一季度较为行业相对均衡，二季度以后组合适度进行一定配置上的集中，主要聚焦几个方向：1、大宗商品，包括石油、铜、黄金等。2、防御类资产高股息，以交运、电力为主。3.成长空间较高的优质成长标的，以AIGC及衍生方向、汽车及零部件、军工、医药为主。债券方面整体配置以金融债、高等级信用债为主，适时调整组合优化产品久期和配置结构，全年整体以利率震荡下行作为基本判断，并在利率快速下行期进行一定的获利了结和久期减配，在利率调整期进行增配。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:21.158Z","mo":"宏观层面，2024年国内外两个方向整体仍是处于较为复杂和充满挑战的状态。美国在经历了快速加息周期后，今年的主要方向将进入降息周期，但由于本身美国经济的韧性以及美联储的预期管理方式，整体降息的节奏的变化对大宗商品以及风险资产的定价会造成较大的波动。此外美国2024年进入大选年，在脱钩的大背景下，大选年地缘政治和贸易摩擦有进一步升级的风险，在组合配置中要予以关注。国内经济在上半年更多的会体现去年范式的延续，内生经济修复动能不足，叠加一定的价格风险，但趋势上有望逐步企稳。LPR等政策利率的下调会适当缓解房价下降的压力，制造业普遍仍存在一定的供给过剩压力，这是21年在国际供需格局错配下进一步加深的产业后遗症，整体需要时间以及全球降息周期的开启进行消化，但同时有望看到类似供给侧改革的宏观政策加速出清的过程。整体24年股票市场大概率会呈现结构性机会，全年对指数层面的判断相对积极，风格上相对看好成长、贵金属及高股息的投资机会。债券方面，整体仍然会延续震荡下行趋势，基本面压力和流动性合理充裕的预期会对中期利率走势形成支撑，但需关注资金空转、资金面扰动、政策预期等可能的潜在市场风险。","fund":{"_id":3000000016801,"__csrcFundId":11892,"stockCode":"016801","shortName":"创金合信怡久回报债券(016801)","masterFundShortName":"创金合信怡久回报债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16801,"currency":"CNY","m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AIGC 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