window.pageData = {"stock":{"_id":3000000025252,"name":"天弘稳利回报债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"025252","tickerId":25252,"shortName":"天弘稳利回报债券C","currency":"CNY","exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"inceptionDate":"2025-10-30T16:00:00.000Z","pinyin":"thwlhbzqxzqtzjj","fundCollectionId":4000050430000,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50430000","tickerId":50430000,"name":"天弘基金管理有限公司"},"managers":[{"name":"贺剑","stockType":"fund_manager","stockCode":"db20753902","exchange":"fm","tickerId":810207220}],"hotMetrics":{"fss":{"stockId":3000000025252,"type":"fss","last_data_date":"2025-12-30T16:00:00.000Z","f_ins_h_s_r":0,"f_ind_h_s_r":1,"f_h_a":1376},"fpr":{"stockId":3000000025252,"type":"fpr","f_cagr_p_r_fs_ssc":7291,"f_cagr_p_r_fs_ssrp":0.9743484224965706,"f_p_r_m1_ssc":7585,"f_p_r_m1_ssrp":0.1217035864978903,"f_p_r_fys_ssc":7464,"f_p_r_fys_ssrp":0.9650274688463084,"f_p_r_m3_ssc":7496,"f_p_r_m3_ssrp":0.9779853235490327,"f_p_r_m6_ssc":7294,"f_p_r_m6_ssrp":0.9583161936103113},"fp":{"stockId":3000000025252,"type":"fp","last_data_date":"2026-05-05T16:00:00.000Z","f_p_r_m1":0.014291506182850355,"f_p_r_fys":0.0027054108216442163,"f_cagr_p_r_fs":0.0021029441217712552,"f_p_r_m3":-0.006058800158918798,"f_p_r_m6":0.0021029441217712552},"ff":{"stockId":3000000025252,"type":"ff","f_fr_d":"2025-10-29T16:00:00.000Z","f_m_fr":0.006,"f_c_fr":0.0015,"f_mac_fr":0.0075},"f_nlacan":{"stockId":3000000025252,"type":"f_nlacan","f_nv_d":"2026-05-05T16:00:00.000Z","f_nv":1.0007,"f_nv_cr":0.0031074578989573887},"f_as":{"stockId":3000000025252,"type":"f_as","f_tas":219187647.72,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000025251,"__csrcFundId":15822,"stockCode":"025251","masterFundShortName":"天弘稳利回报债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":25251,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"天弘稳利回报债券(025251)","lastUpdated":"2026-05-01T04:37:47.831Z","name":"天弘稳利回报债券型证券投资基金","pinyin":"thwlhbzqxzqtzjj","fundCollectionId":4000050430000,"setUpAssetScale":1372464724.2,"setUpDate":"2025-10-27T16:00:00.000Z","setUpShares":1372464724.2,"inceptionDate":"2025-10-30T16:00:00.000Z"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000025251,"stockId":601229,"holdings":1112884,"marketCap":11028680,"netValueRatio":0.014,"quarterlyChange":-0.01881188118811883,"stock":{"stockCode":"601229","exchange":"sh","stockType":"company","tickerId":601229,"name":"上海银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000025251,"stockId":601318,"holdings":125500,"marketCap":7125890,"netValueRatio":0.009,"quarterlyChange":-0.1698830409356732,"stock":{"stockCode":"601318","exchange":"sh","stockType":"company","tickerId":601318,"name":"中国平安"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000025251,"stockId":601688,"holdings":344100,"marketCap":6124980,"netValueRatio":0.0078,"quarterlyChange":-0.24544298431538814,"stock":{"stockCode":"601688","exchange":"sh","stockType":"company","tickerId":601688,"name":"华泰证券"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000025251,"stockId":1979,"holdings":629800,"marketCap":5296618,"netValueRatio":0.0067,"quarterlyChange":-0.026620370370370683,"stock":{"stockCode":"001979","exchange":"sz","stockType":"company","tickerId":1979,"name":"招商蛇口"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000025251,"stockId":600760,"holdings":104200,"marketCap":5116220,"netValueRatio":0.0065,"quarterlyChange":-0.12336181417456382,"stock":{"stockCode":"600760","exchange":"sh","stockType":"company","tickerId":600760,"name":"中航沈飞"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000025251,"stockId":1000000000000670,"holdings":1514000,"marketCap":4665384,"netValueRatio":0.0059,"quarterlyChange":-0.34521575984990693,"stock":{"stockCode":"00670","exchange":"hk","stockType":"company","tickerId":670,"name":"中国东方航空股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000025251,"stockId":300498,"holdings":243000,"marketCap":4038660,"netValueRatio":0.0051,"quarterlyChange":-0.015402843601895366,"stock":{"stockCode":"300498","exchange":"sz","stockType":"company","tickerId":300498,"name":"温氏股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000025251,"stockId":300750,"holdings":9900,"marketCap":3976830,"netValueRatio":0.005,"quarterlyChange":0.09377552687469404,"stock":{"stockCode":"300750","exchange":"sz","stockType":"company","tickerId":300750,"name":"宁德时代"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000025251,"stockId":600919,"holdings":332700,"marketCap":3633084,"netValueRatio":0.0046,"quarterlyChange":0.08363455953533516,"stock":{"stockCode":"600919","exchange":"sh","stockType":"company","tickerId":600919,"name":"江苏银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000025251,"stockId":2738,"holdings":47500,"marketCap":3529250,"netValueRatio":0.0045,"quarterlyChange":-0.05410566518141391,"stock":{"stockCode":"002738","exchange":"sz","stockType":"company","tickerId":2738,"name":"中矿资源"}}],"bondHoldings":[{"_id":"69e8fc081398d79843004251","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000025251,"stockCode":"244085","stockName":"25DJYK06","holdings":700000,"marketCap":70985979,"netValueRatio":0.0901,"lastUpdated":"2026-04-22T16:49:12.493Z"},{"_id":"69e8fc081398d79843004252","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000025251,"stockCode":"115622","stockName":"23京城02","holdings":500000,"marketCap":51196506,"netValueRatio":0.065,"lastUpdated":"2026-04-22T16:49:12.497Z"},{"_id":"69e8fc081398d79843004253","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000025251,"stockCode":"242846","stockName":"铁建YK25","holdings":500000,"marketCap":51081410,"netValueRatio":0.0649,"lastUpdated":"2026-04-22T16:49:12.501Z"},{"_id":"69e8fc081398d79843004254","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000025251,"stockCode":"244033","stockName":"25GTHT16","holdings":500000,"marketCap":50680424,"netValueRatio":0.0643,"lastUpdated":"2026-04-22T16:49:12.504Z"},{"_id":"69e8fc081398d79843004255","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000025251,"stockCode":"244121","stockName":"电投KY15","holdings":500000,"marketCap":50680372,"netValueRatio":0.0643,"lastUpdated":"2026-04-22T16:49:12.509Z"}]},"list":[{"_id":"69e8ecb31398d79843fea0fa","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000025251,"sao":"1季度市场波动较大。1月份市场成交活跃，TMT、资源类上涨较快，期间受到ETF卖盘及白银剧烈波动影响，2月份市场相对清淡，3月份主要受伊朗战事影响，油气煤类资产表现较好，科技进一步收缩，整体市场有较大回撤。港股受资金面压制表现不好。从转债来看，受春季行情及小盘风格偏好影响，到1月下旬走出估值较高情况下的加速上涨，2月到3月受A股波动影响基本收回前期涨幅。债券收益率以长端为例，略有下行。从组合操作来看，年前保持了中枢以上仓位，1月份获取了较好收益，2月份有所回调，3月份受伊朗战争带来的风险偏好下降及流动性风险影响，虽然降低了仓位，组合仍有一定回撤。1季度市场最大变化是伊美以战争这个新变量，对市场风险偏好和预期影响比较大。从简单类比来看，本轮战争对油价及经济预期的影响可能达不到70年代滞胀的情况，当时美国作为最大的工业国、消费国和原油进口国，高度依赖中东原油；而今，美国本身工业能力持续萎缩，原油已经可以净出口，中国作为最大工业国，油气能源来源多样化，油气储备天数较高；能源构成中新能源占比越来越高，整个制造业也在加速往新能源和智能化方向转型，作为人类历史上前所未有的工业国家，中国对全球通胀抑制的能力不容小觑。所以，战争短期烈度和油价高度可能因为交战方的战术需求而很难预期，但中期6个月以上石油价格中枢超过100美元/桶的概率也不算太高。传统春季行情结束后，又叠加战争带来的风险偏好急剧下行，我们认为A股短期跌幅已比较大。基于基本面仍在底部往上、估值仍然可看、政策面仍然比较重视资本市场等因素，我们判断越往下机会大于风险。未来的机会仍然从PPI和CPI两条线去找。1季报结束后机会可能会比较明显。考虑到市场已上涨1年半以上，前期成长风格表现突出，后续我们认为成长价值风格会逐渐均衡，有股息的稳定增长在偏绝对收益组合中的配置价值逐步提升。指数在政策呵护下波动区间变小，意味着贝塔型机会逐渐变少，对个股挖掘的重视度要进一步提高。组合将在风险可控的前提下，稳健操作，珍惜投资人的每一分钱，为投资人谋求长期稳健的回报。","lastUpdated":"2026-04-22T15:43:47.085Z","fund":{"_id":3000000025251,"__csrcFundId":15822,"stockCode":"025251","masterFundShortName":"天弘稳利回报债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":25251,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"天弘稳利回报债券(025251)","lastUpdated":"2026-05-01T04:37:47.831Z","name":"天弘稳利回报债券型证券投资基金","pinyin":"thwlhbzqxzqtzjj","fundCollectionId":4000050430000,"setUpAssetScale":1372464724.2,"setUpDate":"2025-10-27T16:00:00.000Z","setUpShares":1372464724.2,"inceptionDate":"2025-10-30T16:00:00.000Z","managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"}]},"announcement":{"linkText":"天弘稳利回报债券型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1472746","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69cd15ae5c96f51c69ab8b0f","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-30T16:00:00.000Z","stockId":3000000025251,"sao":"基本面：2024年末到2025 年初关于中国成长的叙事密集出现，我们认为这反映了高质量发展初步见到成效；一季度核心城市地产成交维持热度，部分城市甚至出现了溢价拿地的情况；而国际方面，原先担忧的诸如西方大国换届的影响等一些问题暂时被延后。整体看市场风险偏好有所升温，不仅是国内投资人，国际资本也对再配置中国资产认真思考并开始行动。二季度开始，我们看到PPI等价格指数仍在负值区间，地产经历小阳春后开始边际走弱，可以看出这一轮库存周期仍在底部震荡，未看到明显上行趋势，但也可以说下行空间较为有限；经济进入高质量发展阶段后，以周期性行业为例，普遍存在中枢变低、高点不高、周期拉长等问题，所以我们从需求方面尤其是国内需求方面很难解释周期资源类行业的上涨，但从供给方面、海外需求及所谓“资源民族主义”则比较容易理解。贸易战初期带来了一些扰动，但因为经历2018年贸易战后我们有了应对的经验，贸易争端对中国资本市场和经济的影响在边际递减。地产方面，我们在2025年路演中反复提到一个观点，即地产刚性需求对地产底部的一个支撑，事后看半对半错，对的方面是能看到以二手房为代表的带看量及成交量一直维持在不低的位置，错的方面是价格只维持了一个季度左右的平稳略反弹，二季度后二手房价实际上下行比较多。我们认为，参考可比市场地产周期调整的长度幅度及中国人口结构的特点，未来5-10年中国地产二手加新房的成交量的底部是比较坚实的，政策端及购房群体都需要高度重视这一时间窗口期，同时地产是居民财富的重要一环，价格指标对预期的正负反馈也需要高度重视并合理引导。市场：1月份市场对2024年9.24之后的政策力度还有一些疑虑，2月份后包括国际资本在内市场风险偏好提升加快，以恒生科技为代表，短期内上涨40%左右，3月份成长板块有所回调，主要担心科技创新的接续和盈利兑现以及地产见底的真实性，除了4月份的贸易战调整，从2025年4月到9月份，指数斜率一路向上。全年而言，各类指数表现差异较大，成长、科创、小盘风格表现较好。转债受风格驱动和供需影响，表现较好，整体估值不断拔高。债券市场相对比较一般，部分原因是从2021年到2024年债市经历了过去20年里比较罕见的较长时间的下行。操作：组合成立时指数在4000点左右，考虑到市场浮盈较大，但对市场长期发展仍较乐观，采取了稳中求进的投资策略，均衡投资于周期、价值和成长，并参与了基金和转债投资。组合根据市场情况参与投资部分ETF基金，主要是作为投资风格的有效补充。","lastUpdated":"2026-04-01T12:55:10.581Z","mo":"我们认为在1到2年的时间尺度，从经济和产业的周期维度、市场估值、风险偏好来说，本轮行情还谈不上结束，整体居民资产的配置转向也只是刚刚开始。从阅兵来看，我们的科技实力和整体国力有了显著提升，而从过去2、3年比较火热的AI方向看，全球也只剩下2个TOP级选手了，我们对于高质量发展和其盈利兑现从概率上来说是比较有信心的；科技成长作为这一轮市场上扬的主线是有坚实基本面支撑的，也应该走的更长远；但是资本市场之于基本面就像主人遛的小狗，跑远了就需要把它拉回来一点；资本市场的制度建设也有力支撑了证券市场发展，我们相信，一个有涨有跌的市场才能走的比较长远。市场经过近1年的震荡上行后，突破了去年9.24高点，我们认为中长期的上行空间已经打开，展望2026年我们不悲观不恐高，回调是加快资产配置转换的机会。2025年市场涨幅主要靠估值贡献， 对2026年的走势，市场讨论较多，我们不预测也没有能力预测具体点位，在组合上仍然保有与产品定位相当的中枢仓位。我们与外部做了多次沟通，认为年末年初的市场处于从2025年的估值扩张到2026年的盈利支撑的一个转换过程中，其核心逻辑是ROE企稳后能否上行，观察指标是PPI能否开启上行趋势。应该说这种大的转换过程中会天然带来市场的高波动，而且会有转换不成功的可能性，比如2014-2015年的牛市，因为没有看到PPI的上行而带来市场之后的巨震。从市场本身而言，除了上涨较多的部分板块，A股仍有大量的标的2025年年内涨幅一般，估值也在历史较低位置，仍有绝对收益的机会，固收+长期配置的红利板块全年收益整体为负，在利率处于较低位置的情况下，具有较好的配置和修复机会。ETF市场不断壮大，在新成立的固收+产品中，我们会坚持投资，不断丰富投资范围，尽可能的为投资人争取收益。从汇金公司在ETF配置的规模和趋势来看，在2024年9月份之后，政策端对于股市下行风险有了更好的调控机制，我们有较小概率看到2022-2024年熊市走势再现。而从四中全会和十五五规划重提以经济建设为中心，我们在中长期的预期也可以更乐观一点。偏中期角度，我们会紧密观察企业盈利端的兑现，不断优化组合的风险收益比。组合将在风险可控的水平下，稳健操作，珍惜投资人的每一分钱，为投资人谋求长期稳健的回报。","fund":{"_id":3000000025251,"__csrcFundId":15822,"stockCode":"025251","masterFundShortName":"天弘稳利回报债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":25251,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"天弘稳利回报债券(025251)","lastUpdated":"2026-05-01T04:37:47.831Z","name":"天弘稳利回报债券型证券投资基金","pinyin":"thwlhbzqxzqtzjj","fundCollectionId":4000050430000,"setUpAssetScale":1372464724.2,"setUpDate":"2025-10-27T16:00:00.000Z","setUpShares":1372464724.2,"inceptionDate":"2025-10-30T16:00:00.000Z","managers":[{"stockCode":"db20753902","stockType":"fund_manager","exchange":"fm","tickerId":810207220,"name":"贺剑"}]},"announcement":{"linkText":"天弘稳利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=1455507","linkType":"PDF","source":"csrc_pdf"}}]}