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商品消费”向“服务及新动能消费”转型的特征。经济政策方面，财政政策与货币政策深度协同，财政政策从年初的“聚焦重点”到年中的“反内卷”、“调结构”，始终保持积极态势。货币政策重心由总量宽松预期逐步转向结构性工具与“做优增量、盘活存量”。海外方面，全球宏观环境面临整体增速放缓、贸易冲突升级、地缘风险高位与货币政策分化的复杂格局，对中国出口和宏观政策带来更高的不确定性，也倒逼中国加快推动以创新驱动和内需引领的新发展格局。在此宏观背景下，债券市场全年走出从历史低位利率起步的“震荡重定价”行情，可具体分为四个阶段。宽松抢跑期（1-3月）：年初市场对宽松预期过度定价，推动收益率下行；而后因经济数据向好和央行态度偏鹰，收益率出现反弹；2月-3月，资金面持续收敛，导致收益率大幅上行；3月中下旬资金面边际修复，市场情绪有所好转。关税冲击避险期（4-6月）：4月初因为贸易冲突，债券收益率大幅下行，几度反复后，5月中旬在贸易冲突缓和影响下，收益率有所反弹。5月中旬至6月底，市场主线回到资金面的波动，在央行呵护态度下，整体小幅震荡下行。股债再平衡期（7-9月）：权益市场持续强势叠加\"反内卷\"政策压制债市，8月经济数据走弱但债市\"利多钝化\"，超长端利率债收益率明显上行。供需结构主导期（10-12月）：10月受中美贸易冲突再起影响，市场避险情绪小幅回升，随后央行于10月底宣布恢复公开市场国债买卖操作，释放流动性和提升政策灵活度，推动收益率小幅下行。11月以后，受政策预期反复影响，叠加地产信用事件扰动，债市情绪转弱，尤其12月上旬，超长端利率债遭遇大幅抛售，30-10年国债利差走阔至近三年高位，反映市场对超长债供需失衡与来年经济政策预期的深度定价。年末随着配置盘支撑，情绪小幅修复。从结构上来看， 上半年信用利差持续压缩至历史极低分位数；三季度在理财赎回和费率改革预期的冲击下，利差经历了一波剧烈的走阔修复；四季度信用债供需结构率先好转，表现优于利率债，尤其是中高等级品种在年末展现了较好的配置防御属性。股票市场全年走出“结构性爆发”的牛市行情，可具体分为四个阶段。科技引领筑底期（1-3月）：年初DeepSeek大模型突破带动AI相关概念率先活跃，推动科技股局部爆发；而后因市场对科技概念炒作过热引发短期回调，指数震荡偏弱；2月-3月，资金逐步向算力硬件等核心赛道集中，市场情绪缓慢修复，小盘成长股率先走出独立行情。内外共振回升期（4-6月）：4月初受贸易关税冲击，指数短暂下行后快速反弹；随后内生托底政策发力叠加外部环境边际改善，市场确立AI硬件、有色金属、锂电池等核心主线；5月中旬至6月底，资金面持续宽松，叠加行业景气度兑现，指数稳步回升，结构性行情逐步扩散。景气加速扩散期（7-9月）：权益市场交投持续升温，两市成交额屡创新高，AI产业链、前沿科技、新能源等高景气赛道趋势性上涨；8月虽有部分科技板块估值过高引发的短期回调，但市场“利多延续”，资金继续向高成长领域聚集，科创50、创业板指涨幅显著领跑；9月行业轮动加快，贵金属板块同步走强，市场赚钱效应达到全年峰值。震荡整理收官期（10-12月）：10月受地缘政治扰动及部分科技板块估值消化影响，市场出现阶段性回调；11月随着央行流动性呵护及政策预期稳定，资金重新回流核心赛道，商业航天等新兴主题崛起；12月中下旬，机构调仓换股加剧，指数呈现震荡整理态势，中高景气赛道龙头表现相对稳健。指数层面，上证指数上涨18.4%，创业板指上涨49.6%。行业层面，有色、通信、电子、电力设备涨幅居前，食品饮料、煤炭跌幅最大。转债市场全年跟随股票市场节奏，走出“震荡走强、结构分化”的行情，且由于“稀缺性泡沫”，转股溢价率大幅扩张，中证转债指数全年上涨18.7%。一季度，受益于科技成长板块景气度抬升，高弹性转债凭借股性表现突出。二季度，股市震荡期，转债由于大盘价值股占比较高，因此表现好于股票指数。三季度，转债市场随股票市场同步走强，成交活跃度同步升温。由于转债指数中防御性板块占比较高，而防御性板块表现滞后，因此转股正股的涨幅低于股票指数，不过由于整体市场风险偏好上升、需求上升，共同推升转股溢价率持续上升，转股平价和转股溢价率均达到历史较高位置。四季度随着股债市场情绪逐步修复，转债市场震荡回暖，依托核心赛道的标的凭借正股景气度兑现表现优于大盘，整体呈现“高等级稳、高弹性活”的结构特征。报告期内，组合追求绝对收益。债券方面，组合久期整体回归至中性偏防御区域，投资操作以优化持仓结构为主，合理运用杠杆，重点配置高等级信用债。权益资产仓位总体平稳，坚持自下而上精选优质个股，行业和风格相对均衡，核心仓位一是经营壁垒高、长期稳健、预期回报率较好的高股息价值股；二是估值合理或低估的优质稳健成长型个股，谨慎规避估值透支的标的；三是具有巨大产业趋势的行业中优质且估值相对安全的个股，注意估值和仓位控制，以避免较大回撤。转债仓位从年初以来逐步降低，精选价格较低、信用风险较低、且有上涨弹性的标的。","lastUpdated":"2026-04-01T12:54:31.339Z","mo":"展望2026年，中国宏观经济预计将延续平稳增长态势，全年实际GDP增速目标预计仍在5%左右，在结构转型中展现韧性。其中，房地产仍是核心变量，其对需求、信用和通胀的拖累依然持续，但由于地产在GDP中占比已显著下降，其对增长的影响力正边际减弱。外需方面，随着主要经济体财政扩张，出口增速预计稳定上行，成为支撑GDP的重要力量。投资端呈现分化，制造业投资受产能利用率偏低及“反内卷”政策影响预计小幅回落，基建投资在财政发力下预计有所回升。消费端，社零增速预计仅温和回升。通胀方面，物价预计有所回升，但整体仍缺乏向上弹性，主因在于消费信心不足及政府消费维持低位。政策层面，“反内卷”将成为宏观主线之一，通过市场化手段防范恶性价格竞争，为物价托底。财政政策维持积极，预算赤字率持平或上修，重在结构优化，重点支持民生和科技。货币政策由“货币先行”转向“配合财政”，通过降准降息和国债买卖等工具维持流动性充裕，并强化对收益率曲线形态的引导 。债券市场方面，2026年债券收益率预计进入宽幅震荡期。整体供需格局趋于均衡，“资产荒”逻辑将明显弱化，保险、银行扩表约束增强，理财与公募负债端稳定性下降，叠加公募销售费率新规、债基赎回费新规等监管变化，市场波动预计放大。而市场最大的支撑可能在于资金面的稳定性，银行间流动性预计平稳充裕且波动收窄，这意味着短端利率仍有下行或稳中略降空间，而长端更受基本面与供给制约。从投资策略上来说，票息策略或将占优，组合策略上，计划维持偏防御的久期水平，提升持仓结构管理的精细度，优配高等级高流动性的优质品种，并积极把握利率债的交易机会。股票市场方面，随着经济增长保持在合理区间、流动性充裕、传统产业转型升级和出海、创新科技产业涌现，市场预计会有较多结构性机会。组合主要配置如下五类资产：一是经营壁垒高+长期稳健+股息率高+估值低的红利价值股；二是经营壁垒高+长期稳健增长+股息率中高+估值安全的稳定成长股；三是出海型公司，包括制造出海和品牌出海；四是创新科技产业机会，尤其是产业链上供给紧张的卡脖子环节；五是受益于全球流动性宽松，供需格局紧张的资源品。对于波动较大的资产，谨慎规避估值透支的标的，控制组合仓位，以避免较大回撤。转债市场方面，预计大致会随股票市场波动，不过由于当前转股溢价率处于极高水平，转债估值继续提升的空间较小；若情绪中性或偏弱，则转债估值可能下行，因此判断转债的风险收益比弱于股票。转债市场由于交易结构特点，容易出现一定波动，组合会积极在市场波动中寻找自下而上的配置机会，重点配置估值性价比、预期收益率较高的低价转债，同时关注高成长行业中的平衡性转债。若有比较明确的自上而下仓位调整的时机，组合会灵活调整转债仓位，低位逆势加仓、高位控制回撤。","fund":{"_id":3000000023455,"__csrcFundId":15312,"stockCode":"023455","masterFundShortName":"汇添富增强回报债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":23455,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"汇添富增强回报债券(023455)","lastUpdated":"2026-05-01T03:51:37.369Z","name":"汇添富增强回报债券型证券投资基金","pinyin":"htfzqhbzqxzqtzjj","fundCollectionId":4000050460000,"setUpAssetScale":481295877.79,"setUpDate":"2025-07-22T16:00:00.000Z","setUpShares":481295877.79,"inceptionDate":"2025-07-24T16:00:00.000Z","managers":[{"stockCode":"db20713018","stockType":"fund_manager","exchange":"fm","tickerId":825207960,"name":"胡奕"}]},"announcement":{"linkText":"汇添富增强回报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=1456731","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3e87fea5b3eb0542bff","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000023455,"sao":"报告期内，中国经济总体保持平稳，增速边际放缓。从结构上看，工业和服务业增长继续成为主要驱动力，高技术产业、新兴产业增长突出。投资端受制于地产投资降幅持续扩大维持低位，其中基建投资为主要支撑力量；消费端平稳，分项上服务消费、升级类商品、新动能消费持续涌现，政策提振效应加快释放；出口端延续韧性，尽管受美加征关税等扰动，但抢出口、结构优化及对非美地区出口保持较高增速。经济政策上，财政端延续“反内卷”，并从消费贷贴息、育儿补贴、设备更新再贷款等方面持续稳定经济优化结构；货币端，维持流动性适度宽松，使用定向政策工具配合财政发力。报告期内，债券市场收益率水平先下后上，总体维持弱势震荡。7月上旬市场受益于资金宽松，叠加商品有所回落，市场收益率探至低位；中旬起股市突破关键点位、科创虹吸效应显现，理财赎回触发基金降久期，利率快速反弹；8月上旬无增量政策环境下，情绪有所修复；8月下旬至9月，基金赎回费新规征求意见稿及季末资金扰动共同推升债券收益率至阶段高点。曲线呈“牛平—熊陡—熊平”切换，超长端利率波动放大，信用利差由极窄到大幅走阔。季度维度，配置盘需求仍在但交易盘久期回落，市场杠杆高位回落，利率顶部上移、底部亦抬升，进入新的震荡区间。报告期内，股票市场呈现强劲上行态势，主要指数实现显著涨幅并创下阶段性新高，市场活跃度同步大幅提升。行情走强主要受益于多重因素共振：国内 \"反内卷\" 政策加力及科技领域技术突破改善盈利预期，中美关税谈判缓和、叠加美联储 9 月首次降息带来的全球流动性宽松外溢效应，因此行情呈现结构性分化，科技、资源走强，防御性板块偏弱。报告期内，上证指数累计上涨 12.7%，创业板指上涨50.4%。分行业来看，通信、电子、电力设备、有色金属涨幅均在40%以上，银行下跌10.2%。报告期内，转债市场随股票市场同步走强，中证转债指数上涨9.2%，指数与估值均创阶段性新高，成交活跃度同步升温。由于转债指数中防御性板块占比较高，而防御性板块表现滞后，因此转股正股的涨幅低于股票指数，不过由于整体市场风险偏好上升、需求上升，共同推升转股溢价率持续上升，转股平价和转股溢价率均达到历史较高位置。报告期内，组合遵循低波动绝对收益风格的操作思路。债券方面，组合合理运用杠杆，根据市场波动积极调整久期，组合重点配置在中高等级信用债券，同时适度参与利率债的交易。权益资产仓位略微上升，坚持自下而上精选优质个股，行业和风格相对均衡，核心仓位一是经营壁垒高、长期稳健、预期回报率较好的高股息价值股；二是估值合理或低估的优质稳健成长型个股，谨慎规避估值透支的标的，以避免较大回撤；三是具有巨大产业趋势的行业中优质且估值相对安全的个股。转债仓位有所下降，精选价格接近债底、信用风险较低、且有上涨弹性的标的。","lastUpdated":"2026-03-09T14:06:32.481Z","fund":{"_id":3000000023455,"__csrcFundId":15312,"stockCode":"023455","masterFundShortName":"汇添富增强回报债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":23455,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"汇添富增强回报债券(023455)","lastUpdated":"2026-05-01T03:51:37.369Z","name":"汇添富增强回报债券型证券投资基金","pinyin":"htfzqhbzqxzqtzjj","fundCollectionId":4000050460000,"setUpAssetScale":481295877.79,"setUpDate":"2025-07-22T16:00:00.000Z","setUpShares":481295877.79,"inceptionDate":"2025-07-24T16:00:00.000Z","managers":[{"stockCode":"db20713018","stockType":"fund_manager","exchange":"fm","tickerId":825207960,"name":"胡奕"}]},"announcement":{"linkText":"汇添富增强回报债券型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1374186","linkType":"PDF","source":"csrc_pdf"}}]}