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改善。三是关税谈判进展凸显了国内供应链的竞争力。　　低利率环境下，股债性价比的优势，随着基本面风险的逐步解除，将成为市场共识。股票定价优于转债，组合中权益配置可以更向股票倾斜。　　上半年哑铃策略结构极端化，部分反映了投资者的风险偏好未完全恢复，尤其对顺周期的行业信心不足，但随着比价差异不断拉大，市场结构有转换的需要。","fund":{"_id":3000000020785,"__csrcFundId":13664,"stockCode":"020785","masterFundShortName":"安信长鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20785,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:56:19.762Z","status":"normal","exchange":"jj","shortName":"安信长鑫增强债券(020785)","name":"安信长鑫增强债券型证券投资基金","fundCollectionId":4000050700000,"setUpAssetScale":602934695.2,"setUpDate":"2024-03-10T16:00:00.000Z","setUpShares":602934695.2,"inceptionDate":"2024-03-14T16:00:00.000Z","pinyin":"axcxzqzqxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信长鑫增强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=1339167","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed36d7fea5b3eb053cf84","date":"2025-03-30T16:00:00.000Z","stockId":3000000020785,"sao":"今年一季度，股票市场的各主要宽基指数总体表现为震荡行情，而行业和个股层面则分化明显。AI和机器人的技术进步，推动了TMT、机械制造等相关行业个股的显著上涨，其他多数行业则表现平淡。　　投资者的风险偏好在今年一季度仍然维持高位。春节前融资余额有所下降，春节后随市场反弹则不断上升，并一度创下近一年内的新高。同步地，我们注意到，最近两个季度市场成交活跃度的中枢水平较过去几年有明显提升。　　今年一季度南向资金大量增持港股，一方面是由于港股资产估值较为便宜，另一方面是对香港上市的科技股进行了重新定价。　　总体而言，在宏观经济环境企稳、利率水平低位的背景下，投资者愿意承担一定的波动，通过投资风险资产来寻求收益。　　我们的投资组合在行业布局上较为分散，因而在一季度科技股主导的行情阶段，科技板块的配置比例不足对组合业绩是有所影响的。我们将维持当下的组合形态，一方面是通过分散持有低估值的个股，我们认为从长期视角来看该组合有望提供一个不错的回报水平，另一方面，在混合型基金产品中，我们也将权益持仓的波动率水平和潜在回撤作为重要的考量因素。　　本季度，经济基本面积极信号增多，房地产市场边际好转，企业景气度有所改善。在AI、机器人等领域事件的催化下，权益市场表现向好，市场成交额维持高位。纯债市场方面，去年四季度，市场对于货币宽松的幅度和节奏定价的过于乐观，本季度在经济基本面缓步修复、市场整体流动性边际收敛的影响之下，各期限债券均大幅回吐前期涨幅，十年国债收益率在季度初短暂下破1.6%，后一路震荡上行至1.9%附近，纯债市场整体处于逆风。本季度，本基金纯债方面保持较低仓位及较低久期水平运作，主要持有利率债和高等级信用债。总体而言，本基金在本季度整体略有盈利，同时比较好地控制了组合波动。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:29.954Z","fund":{"_id":3000000020785,"__csrcFundId":13664,"stockCode":"020785","masterFundShortName":"安信长鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20785,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:56:19.762Z","status":"normal","exchange":"jj","shortName":"安信长鑫增强债券(020785)","name":"安信长鑫增强债券型证券投资基金","fundCollectionId":4000050700000,"setUpAssetScale":602934695.2,"setUpDate":"2024-03-10T16:00:00.000Z","setUpShares":602934695.2,"inceptionDate":"2024-03-14T16:00:00.000Z","pinyin":"axcxzqzqxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信长鑫增强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=1267963","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed36d7fea5b3eb053cf83","date":"2024-12-30T16:00:00.000Z","stockId":3000000020785,"sao":"2024年，权益市场在大幅波动中见底。年初，中小盘股大幅下跌，三季度，可转债市场剧烈杀估值。以上表现，均有基本面偏弱背景下，相关品种遭遇流动性、信用压力时，市场过度反应的特征，是一种尾部风险的体现。　　9月底前，投资者的资产配置行为，兼具极低的风险偏好和过剩流动性的双重影响，因而，大类资产中，利率大幅下行，债市表现强势，而股票市场中，最类债的品种，如现金流预期稳定、股息率有吸引力的高分红个股显著跑赢。　　9月后，政策取向更为积极，推动投资者风险偏好急速回升，指数走出低迷。值得一提，股票融资余额从9月下旬的1.3万多亿，仅用两个多月的时间就升至1.8万亿以上，其背后可能代表了相当大体量的居民资金进入市场。因而，9月后的市场特征与前三季度截然不同，成交额大幅放大，个股极为活跃，小盘股、科技股跑赢。　　9月后的大类资产定价，体现了宽流动性、高风险偏好、但基本面信心尚未充分修复的组合，这一阶段，利率没有太大的上行压力，股票市场表现优异，但宏观基本面定价的个股在行情结构中并未占主导。　　从投资品种角度看，有价值支撑的品种的波动，可能仅是波动，而未必是风险；从账户管理角度看，预设空间内的波动，可能仅是波动，也未必是风险。更进一步，可控范围内的波动，很多时候代表着以更便宜的价格买入的机会。而2024年权益市场局部的流动性冲击，给投资者的启发是，尾部风险的发生，会对产品净值的波动产生重要的影响。需要对这一类风险进行界定、评估、防范，当面临尾部风险有准备时，这样的情形意味着战略性机会的到来。　　本基金持仓的股票组合，维持分散特征，不仅在于行业和个股配置，而且在风格特征上也进行了一定的平衡。股票组合、转债组合，整体上本年度均贡献了正收益。　　三季度，转债市场大幅下跌过程，我们逆向持续提升了可转债的持仓比例，并在四季度的反弹过程，显著降低了可转债的仓位暴露。　　纯债方面，2024年，国内经济在复杂的内外部环境影响下，整体仍面临较大压力。生产端，工业品价格低迷，工业企业产能利用率偏低，资本开支增速放缓；居民端，居民可支配收入增速放缓，就业压力增加。房地产市场的持续调整也对终端需求形成拖累。政策层面，货币政策维持偏宽松的态势，政策利率不断下行，流动性合理充裕。而实体经济融资需求偏弱，资金持续涌入银行理财、货币基金等“类现金”属性的资管产品，加剧了固定收益市场的“资产荒”现象。在经济基本面、政策支持以及供需结构等多重因素影响之下，纯债市场整体震荡走牛，10年国债收益率全年下行90bp，信用利差和期限利差持续压缩。报告期内，本基金纯债部分主要投资于利率债、高等级信用债、同业存单等，并根据对市场的预判，在合适的范围内适当调整组合的杠杆与久期，以较稳健的方式获取了一定的收益。","declarationDate":"2025-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:29.951Z","mo":"权益方面，我们认为2025年的表现或将优于2024年。2025年与2024年最大的区别在于，相对积极的宏观经济政策驱动下，不同于2024年前三季度的风险规避，预期投资者整体信心水平会显著改善。　　经济信心的修复，依赖于货币政策、财政政策的继续发力。经济信心的修复，决定了市场的定价力量中，流动性驱动和现金流/业绩驱动，孰轻孰重，也决定了阶段性的市场风格，是宏观基本面主导，还是资金主导。　　2024年9月，央行、金监局、证监会等陆续释放稳增长信号，政策涉及货币市场、地产、金融等多个领域，市场预期快速扭转，资金的风险偏好明显提升。展望2025年，随着逆周期调节政策在不同的领域先后、持续落地，部分领域的企业盈利可能会得到提振。当然，在经济转型的过程中，部分产能过剩领域要实现行业全面出清且趋势上行，可能需要一定的时间。政策层面，预计货币政策将维持宽松基调。当债券收益率走入“1”时代，债券资产的票息收益和资本利得空间全面压缩，纯债资产提高久期和信用下沉的风险收益比均不高。预计2025年纯债市场将呈现震荡格局。","fund":{"_id":3000000020785,"__csrcFundId":13664,"stockCode":"020785","masterFundShortName":"安信长鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20785,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:56:19.762Z","status":"normal","exchange":"jj","shortName":"安信长鑫增强债券(020785)","name":"安信长鑫增强债券型证券投资基金","fundCollectionId":4000050700000,"setUpAssetScale":602934695.2,"setUpDate":"2024-03-10T16:00:00.000Z","setUpShares":602934695.2,"inceptionDate":"2024-03-14T16:00:00.000Z","pinyin":"axcxzqzqxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信长鑫增强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=1246611","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed36d7fea5b3eb053cf82","date":"2024-09-29T16:00:00.000Z","stockId":3000000020785,"sao":"三季度，权益市场基本延续了二季度以来的低风险偏好、偏防守的交易结构，直至9月底，随着央行等部门集中释放较大力度的多项举措，投资者的风险偏好迅速扭转。　　值得一提的是，在投资者预期扭转后，资本市场的反应程度、场外资金涌入市场的速度，均以一个非常猛烈的方式展开，这在资本市场过去多年的运行历史中也不多见。　　我们认为，其背后的根本原因在于，过去两年权益市场的持续低迷，代表了住户部门的资产配置组合越来越偏离长期意向中枢，投资者普遍回避风险资产，对波动高度厌恶，同时，资金对无风险收益的追逐大幅压低了长端利率。　　因而，预期改变后，住户部门的首要需求是重新调整资产配置，且由于过去两年的积累，重配置的规模较大，速度上也较为坚决，这同时导致权益资产的迅速回暖，以及10年期国债收益率的上行。我们预计这一过程需要较长的时间消化。　　本季度，关于权益资产的投资运作，可以总结为两点，一是股票持仓比例总体保持稳定，维持相对均衡的股票组合，这样的组合并无法躲避掉市场系统性的下跌，但在弱势环境下，有助于熨平波动，二是在可转债市场恐慌的阶段，一度提高了可转债的持仓比例，相当于间接提升了权益持仓的比例。多数可转债的交易活跃度不高，叠加其投资者以机构为主，且容易受到负债端赎回的影响，导致可转债市场走弱阶段，更容易出现被动卖出带来的超调，因而在风险释放后，其隐含的风险收益比优于股票加纯债。　　纯债方面，本季度，经济基本面数据、信贷增速等表现持续弱势，市场风险偏好进一步回落，债券市场收益率整体震荡下行。资金持续涌入固定收益类市场，债市做多氛围浓厚，投资者对各类债券资产的挖掘几近极致，各期限、各品种债券收益率进一步挑战前低。尽管长端债券定价明显偏低，但10年国债收益率仍最低下行至2%左右水平。9月24日之后，央行、金监局、证监会等陆续释放稳增长信号，政策涉及货币市场、地产、金融等多个领域，市场预期快速扭转，资金的风险偏好迅速抬升，债券市场随之上演“V型”反转行情，在此后的约一周时间快速回吐本季度的绝大部分涨幅。期间，本基金主要持有了利率债以及高等级信用债，并通过国债期货对冲策略，适时调整组合的久期风险敞口。总体而言，本基金本季度以较稳健的方式获得了一定的收益，同时比较好地控制了组合波动。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:29.949Z","fund":{"_id":3000000020785,"__csrcFundId":13664,"stockCode":"020785","masterFundShortName":"安信长鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20785,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:56:19.762Z","status":"normal","exchange":"jj","shortName":"安信长鑫增强债券(020785)","name":"安信长鑫增强债券型证券投资基金","fundCollectionId":4000050700000,"setUpAssetScale":602934695.2,"setUpDate":"2024-03-10T16:00:00.000Z","setUpShares":602934695.2,"inceptionDate":"2024-03-14T16:00:00.000Z","pinyin":"axcxzqzqxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信长鑫增强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=1169780","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed36d7fea5b3eb053cf81","date":"2024-06-29T16:00:00.000Z","stockId":3000000020785,"sao":"上半年，宏观经济基本面总量表现不错，增长有所超预期，但价格表现持续低迷。从企业端来看，表现为生产端稳中偏强而需求端仍然偏弱，企业增收而不增利。　　债券市场方面，在供需结构的影响下，债券市场持续强势表现，长端利率走势不断创出历史新低，10Y国债收益率下行34BP左右，超过去年全年的涨幅。与此同时，信用债方面呈现出期限利差和信用利差均持续压缩的局面，信用债表现更优于利率债。　　权益市场结构分化非常明显，沪深300、中证500、中证1000涨跌幅分别为0.89%、-8.96%、-16.84%。各宽基指数如此大的反差，部分反映了基本面的原因，例如长端利率持续下行，抬升了稳定红利类大盘股的相对价值，部分则来自市场急跌时，流动性风险要求的收益补偿上升，如今年2月初的情形，也有来自于投资者的避险因素。上半年，权益市场的表现，是无风险利率下行，和投资者风险偏好下行，共同作用的结果。另外，今年股票市场的一个特点，是对“基本面”定价之外，也阶段性对“流动性”和“信用（质量）”分别进行定价。　　股票市场的表现也映射到了可转债市场，可转债基本与股票同方向波动。不同之处在于，6月份后，可转债市场对“信用”定价的程度相当强烈，相当一部分可转债的价格跌破了债底。恐慌背景下，我们认为一部分标的或被“错杀”。　　本基金产品成立初期，基于产品管理目标和策略考量，需着重积累安全垫。因而，直至5月份前，基本以纯债持仓为主，并少量参与可转债市场。5月份后，随着安全垫的积累，开始逐步参与权益市场，相应的，这一阶段，净值波动也有所放大。　　本基金纯债部分以高等级信用债、利率债等为主要投资工具，受益于上半年的债券市场行情，获取了一定的收益。考虑到长期的利率波动，我们控制组合的久期水平，长期在较低的组合久期范围内摆动。由于当下利率曲线相对平坦，我们通过国债期货进行了一定的对冲操作，也同步实现了久期管理。　　我们目前对权益市场的持仓以可转债为主，少量参与股票。主要是因为，6月份后，可转债的下跌，使得部分标的性价比凸显，这一阶段，我们逆向增加了可转债仓位。在债底保护下，通过谨慎排除信用风险后，尽管这一部分持仓短期可能存在“波动”，但短期波动不等于长期风险，随着市场逐步冷静下来，优质标的有希望定价逐步回归。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:29.946Z","mo":"展望后市，宏观经济总量层面保持持续增长存在一定不确定性，地产方面的政策效果也有待于进一步显现，而价格层面有望温和回升。在目前宏观经济条件偏弱的条件下，市场将围绕政策预期反复博弈，投资者信心的恢复也有赖于政策效果的显现。债券市场方面，当前债券市场的绝对收益率已经偏低，利率曲线尽管上半年有所走陡，但当前期限利差的梯度仍然不够。另一方面，信用利差对部分一般信用债的信用风险定价是不足的。总体而言，我们对中短期限的利率债以及高等级信用债持谨慎偏乐观的态度。　　下半年，我们需要跟踪权益市场的结构分化是否会收敛。首先，对经济基本面的预期能否有所改善，从而带动投资者的风险偏好上升，目前估值层面已基本反映了悲观预期，股债长期隐含的收益率差距也日益扩大，这一角度看，对股票市场不过分悲观。其次，关注长端利率会否转向，目前10年期国债收益率降至2.3以下，隐含了非常低的通胀预期，同样是当下投资者对基本面预期谨慎的反映，若这一预期有所变化，那么对锚定长期利率的红利类资产会有所抑制，从而改变市场的定价结构。","fund":{"_id":3000000020785,"__csrcFundId":13664,"stockCode":"020785","masterFundShortName":"安信长鑫增强债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20785,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:56:19.762Z","status":"normal","exchange":"jj","shortName":"安信长鑫增强债券(020785)","name":"安信长鑫增强债券型证券投资基金","fundCollectionId":4000050700000,"setUpAssetScale":602934695.2,"setUpDate":"2024-03-10T16:00:00.000Z","setUpShares":602934695.2,"inceptionDate":"2024-03-14T16:00:00.000Z","pinyin":"axcxzqzqxzqtzjj","managers":[{"stockCode":"db20796317","stockType":"fund_manager","exchange":"fm","tickerId":82319213100,"name":"黄琬舒"}]},"announcement":{"linkText":"安信长鑫增强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=1142295","linkType":"PDF","source":"csrc_pdf"}}]}