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明显。1月，央行公布国债净买卖情况，低于市场预期。开年A股连续收涨，风险情绪升温，叠加供给前置和信贷冲量等因素，10年国债收益率一度上行至1.9%左右，超长端调整更为剧烈。整体来看，1月收益率先上后下，月初明显承压。2月，宏观数据处于空窗期，春节资金面扰动，国债收益率震荡整理，节前走势强于节后。节前，由于资金宽松、配置情绪较好，市场走势偏强，推动10年国债收益率一度下行至1.78%左右的阶段性低位。前期收益率一路下行，长端赔率相应下降，节后收益率出现回摆，市场关注两会政策情况。3月，宏观数据陆续发布，通胀数据修复，工业、投资、出口和消费等数据超出预期，国内经济成色较好。海外地缘冲突爆发，霍尔木兹海峡封闭，油价中枢明显提升，通胀担忧升温，风险情绪走弱。长端交易逻辑在避险和通胀之间切换，走势偏弱，而中短端则表现较强，曲线继续陡峭化运行。展望二季度，预计资金维持低位，货币政策延续宽松，降准预期仍在。但地缘冲突将成为不可忽视的变量，若战争烈度升级，可能导致能源价格中枢抬升、高价持续性增强，对货币政策和风险偏好形成扰动。从经济基本面来看，一季度国内经济数据偏强，但也受到春节错位、政策前置等因素干扰，后续需关注经济、出口、通胀等数据的持续性。预计整体债券市场维持震荡，中短端票息策略作为底仓仍有支撑，关注长端期限利差修复机会。转债市场一季度走势与权益市场相似，呈现先扬后抑、冲高回落的特征。期间，大量转债触发强赎条款并退出，市场存量规模进一步下降，供需矛盾依然突出。经过3月的深度调整，转债估值已得到一定压缩，当前部分个券已显现配置价值，但市场整体分化加剧，后续表现将更依赖于正股基本面，需精选个券，把握结构性机会。　　产品运作方面，本组合严控产品信用风险，主要投资于中高等级信用债，并根据市场判断，进行长端利率债波段交易，增厚组合收益。转债仓位上维持标配，在市场冲高过程中适度止盈，重点配置正股基本面扎实、估值处于合理区间的优质个券。","lastUpdated":"2026-04-21T19:53:11.851Z","fund":{"_id":3000000519186,"__csrcFundId":2853,"stockCode":"519186","shortName":"万家稳健增利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":519186,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:54.766Z","status":"normal","inceptionDate":"2009-08-11T16:00:00.000Z","name":"万家稳健增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家稳健增利债券","pinyin":"wjwjzlzqxzqtzjj","managers":[{"stockCode":"8801451106","stockType":"fund_manager","exchange":"fm","tickerId":2417175470,"name":"徐青"},{"stockCode":"db20904173","stockType":"fund_manager","exchange":"fm","tickerId":251825233170,"name":"杨若愚"},{"stockCode":"db20912637","stockType":"fund_manager","exchange":"fm","tickerId":1904239520,"name":"石东"}]},"announcement":{"linkText":"万家稳健增利债券型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1471276","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ca7cc77ecbd37c10afc05c","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000519186,"sao":"2025年，债券市场在多空因素交织下呈现显著的波动性特征，整体走势一波三折。本基金秉持稳健运作的原则，在严控信用风险的前提下，积极把握市场节奏，通过灵活的资产配置和波段操作，实现了净值的稳健增长。回顾全年，投资运作主要围绕以下几个方面展开：　　在纯债投资方面，本基金全年保持了以中高等级信用债为底仓的配置策略，确保了基础收益的稳定性。同时，积极应对市场变化，进行利率债的波段交易，以增强组合收益。上半年，市场主线清晰，我们准确判断了贸易战升级与央行超预期宽松对债市的利好影响，在4月初和5月及时增加了利率债仓位，抓住了收益率下行的机会；并在5月底中美谈判出现转机、资金面边际收敛时适时止盈，规避了后续调整风险。进入三季度，面对“反内卷”政策引发的通胀预期升温、以及风险偏好提升导致的“看股做债”交易逻辑，我们保持了相对谨慎的久期暴露，成功抵御了7-8月收益率上行的冲击；并在9月市场对基本面疲弱和央行买债预期升温时，适度参与波段机会，贡献了交易性收益。四季度，市场在政策预期、事件冲击（如基金销售新规、万科事件）和供需矛盾中反复震荡，我们采取了更为灵活的操作，在10月贸易摩擦加剧和央行重启国债买卖预期升温时增持，在11月机构止盈及12月央行买债不及预期、降息预期落空时及时降低仓位，有效控制了回撤。　　在可转债投资方面，本基金全年维持了约10%的仓位中枢，策略上结合“双低”选券与灵活择时。我们充分把握了2025年转债市场因供需错配而呈现的强势特征。在上半年权益市场V型反弹及下半年高位震荡中，转债资产表现亮眼，因其流动性溢价和正股属性（偏小盘）而展现出较强的弹性。我们及时跟进，在估值相对合理的阶段积极布局，并在市场估值创下历史新高、波动加剧时进行结构调整，兑现部分收益，保持了组合的进攻性与安全性的平衡。","lastUpdated":"2026-03-30T13:38:15.823Z","mo":"展望2026年，我们认为宏观经济与金融市场仍将面临诸多挑战与机遇，整体环境可能呈现“基本面弱复苏、政策面相机抉择、市场面结构分化”的特征。　　宏观经济方面，预计经济将延续弱复苏态势。2025年在“抢出口”和消费刺激政策拉动下，经济增长前高后低，完成全年目标压力不大，这降低了短期内强力稳增长政策的紧迫性。然而，支撑2025年增长的“抢出口”效应正在减弱，消费刺激政策效果可能出现边际递减。同时，中美贸易摩擦存在再次发酵的可能，地缘政治不确定性加剧，外需环境面临挑战。叠加2025年下半年基数较高的影响，2026年上半年经济数据可能承压。因此，宏观基本面对于债券市场而言，短期内仍构成一定支撑。　　债券市场方面，多空因素交织下，预计上半年仍将维持震荡格局。当前债券绝对收益率水平处于历史低位，一定程度上限制了其下行空间。市场的核心矛盾可能从宏观基本面转向供需结构。一方面，货币政策预计将维持“适度宽松”的基调，降准降息依然可期，资金面整体有望保持合理充裕，这为债市提供了底层支撑。但另一方面，一季度政府债券供给压力较大，而配置型机构需求可能暂时缺位，央行直接买债的规模和节奏存在不确定性，市场承接能力面临考验，供需错配可能推动收益率上行。此外，需警惕股市“春季躁动”对市场风险偏好的影响。综合来看，债市趋势性机会有限，波段操作的重要性凸显，需紧密跟踪政策信号与机构行为变化。　　可转债市场方面，我们认为其仍处于“可为阶段”，但操作难度加大。当前转债市场的绝对价格和估值均处于历史较高水平，性价比相对正股而言偏低，一定程度上透支了未来的正股涨幅，波动可能加剧。然而，支撑其强势的核心逻辑——供需错配矛盾在短期内难以根本性缓解，估值大概率易上难下。因此，对于转债投资，我们保持中性偏积极的仓位，但不宜过于激进。策略上应更加注重个券的阿尔法机会，通过精细化的择券和灵活的仓位管理来应对高估值环境下的波动风险，继续运用双低策略、条款博弈等工具挖掘结构性机会。","fund":{"_id":3000000519186,"__csrcFundId":2853,"stockCode":"519186","shortName":"万家稳健增利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":519186,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:54.766Z","status":"normal","inceptionDate":"2009-08-11T16:00:00.000Z","name":"万家稳健增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家稳健增利债券","pinyin":"wjwjzlzqxzqtzjj","managers":[{"stockCode":"8801451106","stockType":"fund_manager","exchange":"fm","tickerId":2417175470,"name":"徐青"},{"stockCode":"db20904173","stockType":"fund_manager","exchange":"fm","tickerId":251825233170,"name":"杨若愚"},{"stockCode":"db20912637","stockType":"fund_manager","exchange":"fm","tickerId":1904239520,"name":"石东"}]},"announcement":{"linkText":"万家稳健增利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=1452518","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5b07fea5b3eb055fe78","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-24T16:00:00.000Z","stockId":3000000519186,"sao":"三季度债市收益率震荡上行，收益率曲线呈“熊陡”态势，期限利差显著走阔。7月受“反内卷”政策影响，商品上涨，市场通胀预期升温，风险偏好迅速提升，债市承压，10年期国债收益率上行8bp左右。8月风险情绪高涨，股市表现强劲，虽然经济、金融数据均低于预期，资金面维持宽松，但债市对基本面利好逐渐钝化，“看股做债”成为债市交易主线，资金持续从债市流向股市，10年国债收益率上行至1.8%，期限利差逐步走阔。9月股市波动加剧，基本面持续疲弱，机构配置需求增加，叠加央行买债预期发酵，为债市带来修复动力，但受基金销售费用新规征求意见稿影响，机构行为趋于谨慎，季末赎回扰动加剧，10年国债收益率在1.75-1.83%区间震荡。　　展望后市，十四五临近收官之际，在完成全年经济目标压力不大的背景下，短期增量财政政策出台的必要性减弱，中美贸易战再次发酵，地产、消费仍疲弱，内需继续承压，叠加去年高基数影响，四季度经济基本面预计延续弱复苏态势。政府债发行四季度明显放缓，社融增速拐点或现，年底机构配置需求将提升。此外，股市高位波动加剧，贸易摩擦升级，宽货币预期或再次升温。预计四季度债市将迎来修复行情。　　三季度转债市场整体维持强势，7-8月份在股市走强、转债估值提升的背景下，转债表现亮眼，估值一度创下历史新高；8月底至今维持高位震荡，波动幅度加大，核心原因在于估值偏贵。转债市场在经历季末机构资金止盈后目前已经消化一定估值，考虑到后续转债市场供需错配矛盾仍然较为突出，转债市场仍处于可为阶段。","lastUpdated":"2026-03-09T14:14:08.471Z","fund":{"_id":3000000519186,"__csrcFundId":2853,"stockCode":"519186","shortName":"万家稳健增利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":519186,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:54.766Z","status":"normal","inceptionDate":"2009-08-11T16:00:00.000Z","name":"万家稳健增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家稳健增利债券","pinyin":"wjwjzlzqxzqtzjj","managers":[{"stockCode":"8801451106","stockType":"fund_manager","exchange":"fm","tickerId":2417175470,"name":"徐青"},{"stockCode":"db20904173","stockType":"fund_manager","exchange":"fm","tickerId":251825233170,"name":"杨若愚"},{"stockCode":"db20912637","stockType":"fund_manager","exchange":"fm","tickerId":1904239520,"name":"石东"}]},"announcement":{"linkText":"万家稳健增利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=1371914","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5b07fea5b3eb055fe77","date":"2025-06-29T16:00:00.000Z","stockId":3000000519186,"sao":"一季度债市整体出现大幅波动。1月初债市延续去年年底的牛市态势，10年国债收益率一度突破1.6%，之后央行通过多种方式提示债市风险，同时税期资金明显收紧，债市出现调整。春节期间人形机器人、AI等主题爆火，春节后主题炒作叠加政策预期，股市走强，同时银行间市场流动性环境持续收敛，资金维持高位，使得债市大幅走弱。二季度债市主要交易的焦点在贸易战和资金面。4月初特朗普宣布对等关税，幅度大超市场预期，债市明显走强，中国对等反制后，美国进一步提高税率，贸易战升级，叠加4月初宽松的流动性环境，债市情绪较强，10年国债收益率一周下行15BP左右。5月央行超预期降准降息，短端大幅下行，债市收益率曲线陡峭化。之后中美谈判结果超预期，美方对华关税大幅下调，叠加5月底资金边际收敛，债市情绪走弱。但6月开始匿名资金供给价格降至1.35%，资金面维持宽松状态，叠加下旬高频数据显示抢出口效应有所减弱，债市情绪逐步回暖。产品运作方面，本组合严控产品的信用风险，主要投资于中高等级信用债，并根据市场判断，进行利率债波段交易。本组合转债仓位中枢在10%左右，并以转债双低策略和择时策略进行选券和择时。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:14:08.468Z","mo":"展望后市，上半年经济在抢出口和消费以旧换新政策拉动下表现较强，全年完成经济目标的压力明显减缓，稳增长政策进一步加码的必要性下降。但从基本面而言，抢出口效应有所减弱，以旧换新政策额度边际递减，地产销售再度走弱，使得经济在三季度有下滑风险。因此，短期难言“债牛”趋势反转，但债券绝对收益较低，且需关注经济边际下滑后，逆周期政策发力对债市的冲击，预计下半年债市维持震荡走势。转债方面，我们认为转债仍应顺势做多：当前转债估值已经处于历史偏贵水平，转债一定程度上透支了部分正股的涨幅，但考虑到后续转债市场供需错配矛盾仍然较为突出，估值易上难下，现阶段转债仓位中枢不应过低，策略上灵活采用转债策略进行选券和择时。","fund":{"_id":3000000519186,"__csrcFundId":2853,"stockCode":"519186","shortName":"万家稳健增利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":519186,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:54.766Z","status":"normal","inceptionDate":"2009-08-11T16:00:00.000Z","name":"万家稳健增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家稳健增利债券","pinyin":"wjwjzlzqxzqtzjj","managers":[{"stockCode":"8801451106","stockType":"fund_manager","exchange":"fm","tickerId":2417175470,"name":"徐青"},{"stockCode":"db20904173","stockType":"fund_manager","exchange":"fm","tickerId":251825233170,"name":"杨若愚"},{"stockCode":"db20912637","stockType":"fund_manager","exchange":"fm","tickerId":1904239520,"name":"石东"}]},"announcement":{"linkText":"万家稳健增利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=1344027","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5b07fea5b3eb055fe76","date":"2025-03-30T16:00:00.000Z","stockId":3000000519186,"sao":"年初以来，以供给端和出口为代表的经济数据呈现出明显的“开门红”特征，大中型城市的商品房成交也延续着去年四季度以来的较高热度。部分科创领域的破局，也进一步提升了市场的风险偏好。叠加央行对“适度宽松”货币政策的再诠释，债券市场承压明显，在春节后的一个月遭遇显著调整。10Y和30Y国债在三月中旬分别调整至1.90%和2.10%的阶段性高点。此后，市场伴随着资金面的（预期）趋稳重新回归修复性下行。在此期间，组合主要依托基本面和资金面的判断进行相对稳健的操作，尽量避免在市场剧烈波动中受情绪化影响进行线性外推。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:14:08.466Z","fund":{"_id":3000000519186,"__csrcFundId":2853,"stockCode":"519186","shortName":"万家稳健增利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":519186,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:54.766Z","status":"normal","inceptionDate":"2009-08-11T16:00:00.000Z","name":"万家稳健增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家稳健增利债券","pinyin":"wjwjzlzqxzqtzjj","managers":[{"stockCode":"8801451106","stockType":"fund_manager","exchange":"fm","tickerId":2417175470,"name":"徐青"},{"stockCode":"db20904173","stockType":"fund_manager","exchange":"fm","tickerId":251825233170,"name":"杨若愚"},{"stockCode":"db20912637","stockType":"fund_manager","exchange":"fm","tickerId":1904239520,"name":"石东"}]},"announcement":{"linkText":"万家稳健增利债券型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1268587","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5b07fea5b3eb055fe75","date":"2024-12-30T16:00:00.000Z","stockId":3000000519186,"sao":"2024年不论从宏观政策角度，还是从自律监管角度来看，都是对资本市场影响深远的一年。其中，宏观政策方面，9月下旬以来的一揽子增量政策不仅让经济总量快速企稳回升，而且显著提升了市场的风险偏好和对后市的信心；自律监管方面，4月关于禁止手工补息揽储的倡议，以及12月初关于非银同业存款的自律机制，都着眼于提升资金传导效率和缓解银行的息差压力。相应的，债券收益率也在下行中不乏波动。其中，9月下旬风险偏好的提升给债券带来了显著的压力；而4月和12月自律监管的出台则为债券提供了结构性的配置行情。在此期间，本组合持续密切关注经济基本面与市场交易结构的变化，并积极利用结构性行情的特点，灵活进行债券资产的置换与轮动策略，以期最大化提升久期效力。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:14:08.463Z","mo":"展望2025年，财政对冲政策的落地、关税对出口贸易的扰动、地产止跌回稳的持续性等，都是需要关注的重要变量。总体来看，支持经济持续修复依然需要货币政策提供支持性的环境，这意味着债券市场走势反转的概率尚不大。但站在当下债券的收益率水平上，2025年债券市场或呈现出下行幅度有所收窄，但波动幅度较大的特征。即，相比于2024年，债券整体的收益风险比有所弱化。这要求组合在运作中更要着眼于确定性机会，力争在波动中获得更理想的回报。","fund":{"_id":3000000519186,"__csrcFundId":2853,"stockCode":"519186","shortName":"万家稳健增利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":519186,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:54.766Z","status":"normal","inceptionDate":"2009-08-11T16:00:00.000Z","name":"万家稳健增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家稳健增利债券","pinyin":"wjwjzlzqxzqtzjj","managers":[{"stockCode":"8801451106","stockType":"fund_manager","exchange":"fm","tickerId":2417175470,"name":"徐青"},{"stockCode":"db20904173","stockType":"fund_manager","exchange":"fm","tickerId":251825233170,"name":"杨若愚"},{"stockCode":"db20912637","stockType":"fund_manager","exchange":"fm","tickerId":1904239520,"name":"石东"}]},"announcement":{"linkText":"万家稳健增利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=1254833","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5b07fea5b3eb055fe74","date":"2024-09-29T16:00:00.000Z","stockId":3000000519186,"sao":"三季度处于今年稳增长的关键时点，大类资产的波动显著放大。具体到债券市场上：7月的降息让市场延续了前期的强势表现，但8月初央行的引导一度让市场产生波动，而此后转债的下跌带来“固收+”产品的赎回则让信用债利差明显走阔。9月份市场在存量房贷利率降低预期的引导下，主动做平利率债曲线，但9月下旬的政治局会议为经济增长注入了信心，也大幅改善了市场的风险偏好。此后理财为代表的机构端的（预防性）赎回造成了市场的“踩踏”，票息类资产再度成为被抛售的对象，相对价值也进一步提升。在此期间，组合整体从资产估值的角度考虑，兼顾短期的胜率，力争实现中期相对合意的收益。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:14:08.459Z","fund":{"_id":3000000519186,"__csrcFundId":2853,"stockCode":"519186","shortName":"万家稳健增利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":519186,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:54.766Z","status":"normal","inceptionDate":"2009-08-11T16:00:00.000Z","name":"万家稳健增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家稳健增利债券","pinyin":"wjwjzlzqxzqtzjj","managers":[{"stockCode":"8801451106","stockType":"fund_manager","exchange":"fm","tickerId":2417175470,"name":"徐青"},{"stockCode":"db20904173","stockType":"fund_manager","exchange":"fm","tickerId":251825233170,"name":"杨若愚"},{"stockCode":"db20912637","stockType":"fund_manager","exchange":"fm","tickerId":1904239520,"name":"石东"}]},"announcement":{"linkText":"万家稳健增利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=1170453","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5b07fea5b3eb055fe73","date":"2024-06-29T16:00:00.000Z","stockId":3000000519186,"sao":"2024年上半年，市场偏好情绪显著下降，从大类资产表现来看，纯债类资产持续上涨，权益类资产持续下跌，成长类风格走弱，价值类风格走强，大市值股票跑赢小市值股票。转债市场走势宽幅震荡，年初伴随正股显著下跌，2月份见底后持续反弹到5月初，随后在低价小市值转债拖累影响下持续调整到6月下旬见底。　　经济基本面保持平稳，GDP增速保持在5%左右，居民消费价格指数同比涨幅低位徘徊，货币增速进一步下降，同名义GDP增速相适应，金融稳定性加强。　　我们在2024年上半年左侧布局转债市场投资机会，2月初市场底部时组合转债仓位较年初时提高，5月初市场顶部时转债仓位较2月初下降，通过转债仓位波段操作在市场下跌时组合净值跌得比市场平均水平少，市场上涨时组合净值弹性较下跌时大。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:14:08.456Z","mo":"展望2024年下半年，我们预计经济结构继续处于调整的过程中，经济增长和通胀形势很难在短期内立刻发生较大转向，回到2018年之前的高增长状态中。过去以出口和投资为主要驱动力的增长模式难以为继，基础建设投资回报率下降，出口面临日益增长的贸易壁垒。三中全会将扩大国内需求的政策排序显著提前，标志着政策重心从供给端切换到需求端，如果能够通过出台更有效的具体措施，将刺激消费的政策落实下去，切实让市场在资源配置中起决定性作用。有利于改善市场对经济前景悲观的预期，提振市场风险偏好。　　从转债市场来看，我们相信机会是跌出来的，风险是涨出来的。转债市场的最大利好因素是价格已经足够低，如果用纯债溢价率来衡量，当前市场的估值水平已经处于历史极低水平。诚然，在过去几年的转债扩容中，市场结构发生了显著变化，低评级小市值个券占比显著提高，个券信用风险上升，非正常退市的转债数量有所增加。我们仍然认为出现信用风险的转债数量占全市场存量转债的比重较小，大多数转债发行主体在转债存续周期内信用风险可控。当前由于个别转债信用风险导致全市场转债估值大幅下降的现象，蕴含着较大的投资机会。　　我们会继续遵循绝对收益策略，以自上而下的视角，做好大类资产配置和行业轮动。从基本面出发，认真研判转债的信用资质，不随波逐流，抓住市场情绪极端波动中蕴含的投资机会，灵活进行波段操作。我们会重点配置内需相关性强的行业，如航空、快递、食品、养殖、化工等行业，在前期调降电子行业仓位的基础上，关注短线过快调整带来的波段交易机会，同时继续左侧配置汽车产业链转债。在控制回撤的基础上，力争实现净值的稳健增长。","fund":{"_id":3000000519186,"__csrcFundId":2853,"stockCode":"519186","shortName":"万家稳健增利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":519186,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:54.766Z","status":"normal","inceptionDate":"2009-08-11T16:00:00.000Z","name":"万家稳健增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家稳健增利债券","pinyin":"wjwjzlzqxzqtzjj","managers":[{"stockCode":"8801451106","stockType":"fund_manager","exchange":"fm","tickerId":2417175470,"name":"徐青"},{"stockCode":"db20904173","stockType":"fund_manager","exchange":"fm","tickerId":251825233170,"name":"杨若愚"},{"stockCode":"db20912637","stockType":"fund_manager","exchange":"fm","tickerId":1904239520,"name":"石东"}]},"announcement":{"linkTe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统一的超大规模国内市场，扩大内需将成为应对外需波动，稳定经济增长的重要政策工具，稳增长相关行业有望受益。　　债券市场收益率处于历史低位，我们需要关注总需求恢复后，对物价的影响。在疫情三年中，央行采取了中性偏宽松的货币政策，市场资金面保持较低的波动性。通货膨胀预期的变化，可能会改变这一局面，给市场收益率带来上行压力。　　股票市场经历了一年调整后，市场估值水平显著下降，叠加对经济增长信心的改善，我们预计2023年有望获得较好表现。我们会重点关注和国内需求关联较大的行业如消费、交运、化工、金融、电子等。　　转债市场波动性在加大，不同行业个券之间的估值差异也在加大，市场不再像过去几年那样表现出同涨同跌的一致性，这既蕴含着更大的风险也酝酿着更大的机会，也要求更加精细的操作。　　我们将继续遵循绝对收益策略，以自上而下的视角，做好大类资产配置和行业轮动，根据基本面和价格的边际变化，灵活进行波段操作。在控制回撤的基础上，力争实现净值的稳健增长。","fund":{"_id":3000000519186,"__csrcFundId":2853,"stockCode":"519186","shortName":"万家稳健增利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":519186,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:54.766Z","status":"normal","inceptionDate":"2009-08-11T16:00:00.000Z","name":"万家稳健增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家稳健增利债券","pinyin":"wjwjzlzqxzqtzjj","managers":[{"stockCode":"8801451106","stockType":"fund_manager","exchange":"fm","tickerId":2417175470,"name":"徐青"},{"stockCode":"db20904173","stockType":"fund_manager","exchange":"fm","tickerId":251825233170,"name":"杨若愚"},{"stockCode":"db20912637","stockType":"fund_manager","exchange":"fm","tickerId":1904239520,"name":"石东"}]},"announcement":{"linkText":"万家稳健增利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=867962","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5b07fea5b3eb055fe6c","date":"2022-09-29T16:00:00.000Z","stockId":3000000519186,"sao":"2022年三季度，超预期因素继续影响社会经济方方面面，经济增长受到显著拖累。面对经济下行压力，政府出台了一系列对冲政策，包括，加快基础设施建设，调降公开市场利率、放松房贷要求调降房贷利率等。美联储持续加息，美元持续走强，给人民币带来贬值压力，从而限制了人民银行进一步宽松货币政策的空间。  债券市场先扬后抑，存单收益率整体下行，长债收益率继续窄幅震荡。市场风险偏好下降，股票市场结束反弹震荡下行，成长和价值板块均出现回落，上证指数和创业板指数均接近4月低点，仅有能源相关行业表现略强。转债市场先扬后抑，整体表现强于正股，成长类转债表现强于价值类转债。  我们在三季度左侧加仓转债，重点关注券商、汽车、医药等行业低价转债跌出来的机会。也埋伏了一些临近到期，促转股动力强，信用风险可控的低价标的，博弈下修机会。获利了结了一些临近强赎线的高价转债，进行波段操作以增厚收益。纯债部分继续保持高评级短久期策略。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:14:08.429Z","fund":{"_id":3000000519186,"__csrcFundId":2853,"stockCode":"519186","shortName":"万家稳健增利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":519186,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:54.766Z","status":"normal","inceptionDate":"2009-08-11T16:00:00.000Z","name":"万家稳健增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家稳健增利债券","pinyin":"wjwjzlzqxzqtzjj","managers":[{"stockCode":"8801451106","stockType":"fund_manager","exchange":"fm","tickerId":2417175470,"name":"徐青"},{"stockCode":"db20904173","stockType":"fund_manager","exchange":"fm","tickerId":251825233170,"name":"杨若愚"},{"stockCode":"db20912637","stockType":"fund_manager","exchange":"fm","tickerId":1904239520,"name":"石东"}]},"announcement":{"linkText":"万家稳健增利债券型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=803031","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5b07fea5b3eb055fe6b","date":"2022-06-29T16:00:00.000Z","stockId":3000000519186,"sao":"2022年上半年，受到疫情反复和房地产市场降温影响，经济增长下行压力加大。消费和投资增速显著下行，出口继续保持较高景气度。个别行业保持较快增长，如新能源、汽车、煤炭等。服务业和地产产业链景气度持续低迷。  权益市场呈现V字形走势，先抑后扬，新能源板块表现较强。债券市场收益率震荡走低，高等级信用债和利率债收益率保持低位。民营地产债券受违约风险影响，价格大幅走低。资金利率持续下行，1年内各期限利率回到2020年2季度水平。  我们在春节前后系统性地减少了转债持仓占比，以规避权益市场系统性风险。从3月下旬开始，左侧分批建仓新能源和券商类转债。在6月下旬开始左侧分批卖出高价转债，降低转债持仓占比，增加高评级短久期信用债和逆回购占比。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:14:08.426Z","mo":"展望2022年下半年，经济继续面临下行压力，市场主体的消费和投资信心恢复尚需时日，稳增长政策能否持续落地或成为市场关注的焦点，如果能够看到不确定性消除，市场会走在经济基本面改善前面。新能源行业高景气度或将延续，行业内部将继续轮动，大宗商品价格下行将拓宽风电行业盈利空间，新能源汽车行业从电动化向智能化发展，或将带来新的主题投资机会。消费、电子、医药、金融等行业或将面临困境反转的投资机会。","fund":{"_id":3000000519186,"__csrcFundId":2853,"stockCode":"519186","shortName":"万家稳健增利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":519186,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:54.766Z","status":"normal","inceptionDate":"2009-08-11T16:00:00.000Z","name":"万家稳健增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家稳健增利债券","pinyin":"wjwjzlzqxzqtzjj","managers":[{"stockCode":"8801451106","stockType":"fund_manager","exchange":"fm","tickerId":2417175470,"name":"徐青"},{"stockCode":"db20904173","stockType":"fund_manager","exchange":"fm","tickerId":251825233170,"name":"杨若愚"},{"stockCode":"db20912637","stockType":"fund_manager","exchange":"fm","tickerId":1904239520,"name":"石东"}]},"announcement":{"linkText":"万家稳健增利债券型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=782245","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5b07fea5b3eb055fe6a","date":"2022-03-30T16:00:00.000Z","stockId":3000000519186,"sao":"2022年一季度，本土新冠疫情此起彼伏，各地纷纷提高封控等级，一线城市正常运行也受到影响，疫情对经济的拖累加剧。俄乌战争引发市场担忧供应减少，大宗商品价格大幅上涨，通胀预期上升，制造业企业利润空间被压缩。房地产调控政策出现放松迹象，包括省会城市在内多地放松限购限贷，个别房地产企业信用风险暴露，剩余的头部房企融资环境改善。银行逐步加大信贷投放力度，社会融资规模存量增速延续反弹态势。  债券市场窄幅震荡，各期限收益率保持低位，资金面保持平稳。  股票市场风格切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到国内零星爆发的疫情影响。在强劲的外需拉动下，工业保持了较高景气度，制造业企业利润保持较快增长。政策重心从稳增长转向防风险，财政支出力度放缓，基建和地产产业链景气度下滑。社融增速高位回落，企业信用环境收紧，M2增速下降。宏观上形成了宽货币和紧信用的组合。通胀指数结构分化，工业原材料价格大幅上涨，6月末PPI同比上涨8.8%，涨幅创10年新高。由于猪肉价格同比显著下降，居民价格指数同比涨幅整体保持低位，逐月有所反弹，6月末CPI同比上涨1.1%。市场对经济的看法从乐观转向悲观。年初市场对疫苗抱有很大期望，预期随着疫苗推广，世界将很快从疫情阴霾中走出。债券收益率在前两月整体上行，10年国债收益率从年初的3.14%上行到2月末3.28%。股票市场中顺周期标的在一季度跑赢市场。二季度开始，部分疫苗接种率较高的发达国家疫情出现反复，国内在珠三角疫情再起，市场对疫苗的效果产生怀疑。债券收益率开始震荡下行，截止6月末，10年国债收益率到达3.07%。股票市场中成长风格的股票跑赢周期股，新能源产业链和半导体产业链相对收益率显著高于其他行业。转债市场经历了大起大落。年初时受到信用环境恶化影响，转债市场出现非理性下跌，相当一部分基本面正常的转债价格下跌到纯债价值以下。市场成交量萎缩，供求关系严重失衡，跌出了黄金坑。伴随春节前后，部分热门赛道股瓦解，中小市值转债迎来迅速的估值修复。转债市场呈现价增量涨的局面，市场流动性恢复，转股溢价率从历史较低水平上涨到历史较高水平。我们根据市场变化，调整投资策略。在1月末，左侧建仓了一批基本面良好被市场错杀的转债。从二季度开始，我们开始逐渐获利了结，组合仓位下降，组合结构中增加低价转债占比，减少高价转债占比。增加顺周期转债占比，减少成长转债占比。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:14:08.415Z","mo":"展望2021年下半年，经济有望延续复苏的态势。政策重心再次从防风险切换回稳增长，将有利于上半年景气度交差的基建行业复苏。我国制造业部门的出口竞争力，在疫情肆虐全球的背景下，将继续保持优势，制造业部门的景气度有望维持。疫苗接种率持续上升后，之前部分限制措施或将逐步放开，我们将会逐步找到一种和病毒共存的方式。服务业部门在限制解除后，将迎来复苏。全球复苏不均衡的态势，将继续限制上游原材料的供应，供求复苏的错配将带来持续的通胀压力。并且从工业品向消费品进行传导。央行的货币政策组合或从上半年的宽货币紧信用转换到宽信用紧货币。目前转债市场整体估值处于历史高位，结构分化严重。部分热门成长股处于正股估值、转债估值双高的状态，享有流动性溢价，我们需要警惕正股趋势反转后的踩踏。部分冷门周期股处于正股估值低，转债距离债底近的特点，当疫情缓解经济复苏后，具有较高的弹性。我们会根据市场风格灵活切换组合持仓，关注低价高评级转债的配置机会，积极参与高价转债的波段交易机会。","fund":{"_id":3000000519186,"__csrcFundId":2853,"stockCode":"519186","shortName":"万家稳健增利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":519186,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:54.766Z","status":"normal","inceptionDate":"2009-08-11T16:00:00.000Z","name":"万家稳健增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家稳健增利债券","pinyin":"wjwjzlzqxzqtzjj","managers":[{"stockCode":"8801451106","stockType":"fund_manager","exchange":"fm","tickerId":2417175470,"name":"徐青"},{"stockCode":"db20904173","stockType":"fund_manager","exchange":"fm","tickerId":251825233170,"name":"杨若愚"},{"stockCode":"db20912637","stockType":"fund_manager","exchange":"fm","tickerId":1904239520,"name":"石东"}]},"announcement":{"linkText":"万家稳健增利债券型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=631438","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5b07fea5b3eb055fe66","stockId":3000000519186,"sao":"2021年一季度，经济继续复苏，环比来看，复苏的速度略有放缓。受到春节就地过年倡议的影响，服务业继续受到压制。一线城市相继出台限制购房措施，也在一定程度上削弱了投资积极性。出口部门继续一枝独秀，制造业相关产业链保持高景气度。大宗商品价格在需求拉动下，上涨至近年高位，推升了PPI快速上行。猪周期见顶回落，对冲了工业品价格上涨，消费者物价涨幅保持低位，整体通胀压力温和可控。央行通过常态化的逆回购操作向市场注入流动性，继续贯彻“保持流动性合理充裕”的货币政策基调。市场短期资金利率在一月下旬有过短暂冲高，在一季度的其余时间资金面都较为平稳，资金利率中枢较四季度环比下降。债券市场在一季度先抑后扬，收益率曲线平坦化，长端收益率持稳，短端收益率小幅上行。股票市场在一季度先扬后抑，风格发生急剧变化，在春节前以茅台为代表的大市值龙头股涨势如虹，估值急剧走高。在春节后，此前被市场抛弃的中小市值股票上涨，大市值龙头股大幅下跌。转债市场的走势同中小市值股票走势类似，2月上旬前小部分高价转债上涨，大部分转债持续下跌，市场中位数下跌到2018年以来最低水平。随后转债市场从历史低位开始强烈反弹，同期表现冠绝大类资产。我们在一季度初减仓了低评级转债，适度收缩战线，布局基本面稳健、债底坚实的中高评级转债。受到转债市场系统性风险影响，组合净值经历了一定回撤。在2月开始的转债反弹行情中，我们提高了组合仓位，重点布局金融、交运、汽车等行业前期被错杀的标的。获得了较好的回报，收复了1月以来的失地，在同类产品中也名列前茅。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:14:08.412Z","fund":{"_id":3000000519186,"__csrcFundId":2853,"stockCode":"519186","shortName":"万家稳健增利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":519186,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:54.766Z","status":"normal","inceptionDate":"2009-08-11T16:00:00.000Z","name":"万家稳健增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家稳健增利债券","pinyin":"wjwjzlzqxzqtzjj","managers":[{"stockCode":"8801451106","stockType":"fund_manager","exchange":"fm","tickerId":2417175470,"name":"徐青"},{"stockCode":"db20904173","stockType":"fund_manager","exchange":"fm","tickerId":251825233170,"name":"杨若愚"},{"stockCode":"db20912637","stockType":"fund_manager","exchange":"fm","tickerId":1904239520,"name":"石东"}]},"announcement":{"linkText":"万家稳健增利债券型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=570590","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5b07fea5b3eb055fe65","stockId":3000000519186,"sao":"2020年经济先抑后扬，受到新冠疫情影响，一季度，国民经济断崖式下滑，GDP同比增速陷入负值区间。二季度开始，随着国内疫情防控常态化，本土仅有零星散发病例，国民经济逐步恢复常态。投资发挥了中流砥柱的作用，地产、基建、制造业投资正增长，有效对冲了经济下行压力。出口逆势走强，随着疫情在全世界广泛传播，我国疫情防控效果好的优势凸现，我国出口在世界贸易中所占的份额达到近年来新高。消费受累于疫情影响最大，出行、旅游、娱乐等可选消费品低迷，线上消费、远程办公等新消费业态得到提升。2020年市场走势一波三折，市场风险偏好受疫情发展左右，在悲观和乐观之间摇摆。年初，伴随疫情爆发，市场风险偏好急剧下降，股票市场大幅下跌，回吐了2019年的大部分涨幅。央行大幅投放流动性，收益率曲线平坦化下行，10年国债收益率低见2.48%，创下2002年以来最低。在低利率环境中，高成长个股股价迅速反弹，医药、半导体、新能源、白酒等主题行情此起彼伏，创业板指数迅速抹去此前跌幅并突破19年以来高点。下半年，伴随国内疫情好转，经济复苏，央行开始逐步收回流动性，市场利率中枢逐月抬升，收益率曲线陡峭化上行。顺周期的个股，如银行、化工、建材、家电等行业开始复苏。市场风险偏好从成长逐步向周期切换。全年来看，可转债市场经历大起大落，在上半年低利率环境中，部分小市值转债受到游资追捧，转债价格脱离股价大幅上涨，转债市场整体估值抬升。下半年开始逐步消化前期过高的估值，转债开始跑输正股。到年末，受到永煤等信用违约事件冲击，转债市场出现恐慌式抛售，中小市值转债频频跌破债底，低价转债显著跑输高价转债，转债市场整体估值达到历史较低水平。我们在2020年平衡配置纯债和可转债，纯债部分获取了稳健的投资收益，转债部分以债性转债和可交换债为主，较好地控制了组合回撤。我们还择机参与了利率债和股性转债波段交易，在一季度获得了较好的弹性。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16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