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续承压；同时权益主题投资活跃，各类主题方向轮番波动。　　上半年本基金投资策略主要针对期初市场对经济复苏过度乐观的修正，从债券和股票的配置思路上前期都以这个思路为指导，但是从整个基本面的判断和策略上，对后续经济的二次探底的深度预期有所不足。从基金的运作表现看，后续的净值一定程度上有受到对于这种预期不足的拖累。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:35.359Z","mo":"每一轮经济周期底部，市场都容易放大经济短期问题，而忽视这些问题的周期性特征。但从近几个月的企业利润数据看，经济总需求正在逐步走出下行趋势，下半年经济基本面有望底部向上，同时地产政策有望边际修正，有助于加速出清节奏。基于此背景，大类资产下半年整体权益占优。行业方面，低估值顺周期行业预计在经济触底后有所修复；此外在国内产业升级过程中，高端制造业各领域预计存在更多投资机会，我们更加关注已经形成稳定格局的细分行业在产业升级趋势中进一步提升自身产品竞争力的投资标的。","fund":{"_id":3000000008726,"__csrcFundId":7588,"stockCode":"008726","shortName":"平安添裕债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8726,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:49.022Z","status":"normal","inceptionDate":"2020-06-16T16:00:00.000Z","name":"平安添裕债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安添裕债券","setUpDate":"2020-06-16T16:00:00.000Z","setUpAssetScale":2330476223.12,"setUpShares":2330476223.12,"pinyin":"patyzqxzqtzjj","managers":[{"stockCode":"db20576728","stockType":"fund_manager","exchange":"fm","tickerId":262412181170,"name":"曾小丽"}]},"announcement":{"linkText":"平安添裕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=959810","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbf37fea5b3eb04bef6a","date":"2023-03-30T16:00:00.000Z","stockId":3000000008726,"sao":"一季度，国内经济基本面处在弱复苏氛围中，前期市场预期较为乐观，但是从事后来看，实际的复苏低于预期。在此背景下，债券资产无风险利率先上后下，波动幅度较小；而信用资产在央行平稳的操作下，信用利差明显压缩；权益资产上，早期复苏交易多数证伪，而部分主题投资更多呈现低估值修复特征，后期出现新的产业趋势，相关投资热度不断攀升。　　报告期内，本基金的债券资产投资以票息收益导向为主，多配置中高等级永续债；权益资产投资上适当平衡短期市场风格和长期收益关系，进一步筛选持续性机会。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:35.356Z","fund":{"_id":3000000008726,"__csrcFundId":7588,"stockCode":"008726","shortName":"平安添裕债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8726,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:49.022Z","status":"normal","inceptionDate":"2020-06-16T16:00:00.000Z","name":"平安添裕债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安添裕债券","setUpDate":"2020-06-16T16:00:00.000Z","setUpAssetScale":2330476223.12,"setUpShares":2330476223.12,"pinyin":"patyzqxzqtzjj","managers":[{"stockCode":"db20576728","stockType":"fund_manager","exchange":"fm","tickerId":262412181170,"name":"曾小丽"}]},"announcement":{"linkText":"平安添裕债券型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=884351","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbf37fea5b3eb04bef69","date":"2022-12-30T16:00:00.000Z","stockId":3000000008726,"sao":"2022年国内市场受到经济单边下行、疫情反复扰动、地缘政治博弈加剧、海外加息等多方面影响，环境较为复杂，国内货币政策方面基调偏宽松，期间有数次降准降息。国内债券市场受益于基本面疲弱和宽松的货币政策，收益率有所下行，但鉴于社融同比增速已经基本触底，下行幅度相对有限。权益市场受制于经济基本面以及多种外部冲击，全年有明显的下跌。报告期内，债券部分投资在大部分时间内较为积极，维持中性略长的久期水平。权益部分投资虽然对于负面冲击 有所应对，但市场的波动还是给组合净值带来了一定程度上的回撤。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:35.353Z","mo":"展望2023年，考虑当下的政策和经济内生环境，今年国内经济预计呈现一个弱复苏的趋势，消费在疫情防控政策调整后趋势性恢复，地产行业销售、投资见底，制造业整体在政策支持下较为景气；从库存周期角度也有望走出去库阶段。在此背景下，债券市场收益率难以出现趋势性的下行，但考虑弱复苏的背景和收益率的位置，预计债券市场整体会以票息收益为主。权益市场在今年有望领先经济基本面迎来回暖，但在大环境背景下较难走出趋势性整体抬估值的行情，我们需要从政策导向、行业内生增长动力等维度去寻找结构性机会。","fund":{"_id":3000000008726,"__csrcFundId":7588,"stockCode":"008726","shortName":"平安添裕债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8726,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:49.022Z","status":"normal","inceptionDate":"2020-06-16T16:00:00.000Z","name":"平安添裕债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安添裕债券","setUpDate":"2020-06-16T16:00:00.000Z","setUpAssetScale":2330476223.12,"setUpShares":2330476223.12,"pinyin":"patyzqxzqtzjj","managers":[{"stockCode":"db20576728","stockType":"fund_manager","exchange":"fm","tickerId":262412181170,"name":"曾小丽"}]},"announcement":{"linkText":"平安添裕债券型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=868576","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbf37fea5b3eb04bef68","date":"2022-09-29T16:00:00.000Z","stockId":3000000008726,"sao":"3季度国内经济下行压力加大，房地产销售和投资延续弱势，工业企业利润同比转负，央行进行了降息操作。外围主要经济体加息和主要货币升值，给国内汇率带来一定压力。同时随着基建逐步发力，近期基本面短期有企稳迹象。在此背景下国内债券收益率先下后上，整体有所下行；而权益在基本面压力和国内外风险偏好压制下，有较明显跌幅。3季度本基金债券维持相对积极的仓位，并在收益率低位做了阶段性防风险的操作，整体看与市场节奏基本一致；权益方面维持稳定仓位基础上，配置方向以周期以及成长为主。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:35.346Z","fund":{"_id":3000000008726,"__csrcFundId":7588,"stockCode":"008726","shortName":"平安添裕债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8726,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:49.022Z","status":"normal","inceptionDate":"2020-06-16T16:00:00.000Z","name":"平安添裕债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterF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以PPI为主的物价上行压力，国内货币政策预计会在一定阶段有所反应。在此背景下，国内权益市场一方面有较好的经济动能支撑，另外一方面受制于通胀以及流动性的潜在边际变化，预计较难再有前两年的投资回报，在权益投资环节中，一方面需要降低收益预期，另外一方面寻找一些性价比更高，更有安全边际的投资标的，在2021年显得更为重要。而债券部位我们认为利率上行趋势仍未转变，但随着债券收益率的抬升，票息价值会逐步体现，在组合的投资中也可以进一步评估债券资产的相对价值。","fund":{"_id":3000000008726,"__csrcFundId":7588,"stockCode":"008726","shortName":"平安添裕债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8726,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:49.022Z","status":"normal","inceptionDate":"2020-06-16T16:00:00.000Z","name":"平安添裕债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安添裕债券","setUpDate":"2020-06-16T16:00:00.000Z","setUpAssetScale":2330476223.12,"setUpShares":2330476223.12,"pinyin":"patyzqxzqtzjj","managers":[{"stockCode":"db20576728","stockType":"fund_manager","exchange":"fm","tickerId":262412181170,"name":"曾小丽"}]},"announcement":{"linkText":"平安添裕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=554546","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbf37fea5b3eb04bef60","stockId":3000000008726,"sao":"三季度国内经济延续修复且态势良好，出口线条在海外订单转移至国内等因素驱动下尤其亮眼，房地产、制造业表现相对较好，消费恢复略有滞后，基建略低于预期。在此背景下货币政策回归正常，本次对冲性宽松退出时点较早，也体现出决策层对货币政策偏中性的态度的决心。在以上背景下，债券市场维持弱势，收益率整体向上，久期收益贡献整体为负，信用票息价值相对凸显。权益市场表现亮眼，受流动性、业绩推动，消费、医药、高端制造等标的录得明显涨幅，但部分标的由于估值偏高问题在三季度中后期波动也有明显加大，我们认为主要由于流动性以及其预期的波动导致。  三季度的债券市场投资策略以短久期、吃票息策略为主，权益以积极的仓位获取成长性以及确定性带来的超额回报；整体运作以相对稳健的思路为主，债券部分配置以短久期信用债为主，规避久期风险的基础上获取确定性的票息收益，权益仓位积极把握市场机会，通过灵活调整仓位占比以及积极选取优质标的获取超额收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:35.323Z","fund":{"_id":3000000008726,"__csrcFundId":7588,"stockCode":"008726","shortName":"平安添裕债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8726,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:49.022Z","status":"normal","inceptionDate":"2020-06-16T16:00:00.000Z","name":"平安添裕债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安添裕债券","setUpDate":"2020-06-16T16:00:00.000Z","setUpAssetScale":2330476223.12,"setUpShares":2330476223.12,"pinyin":"patyzqxzqtzjj","managers":[{"stockCode":"db20576728","stockType":"fund_manager","exchange":"fm","tickerId":262412181170,"name":"曾小丽"}]},"announcement":{"linkText":"平安添裕债券型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=487982","linkType":"PDF","source":"csrc_pdf"}}]}