window.pageData = {"stock":{"_id":3000000025463,"name":"汇添富稳健回报债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"025463","tickerId":25463,"shortName":"汇添富稳健回报债券D","currency":"CNY","exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"inceptionDate":"2025-09-14T16:00:00.000Z","pinyin":"htfwjhbzqxzqtzjj","fundCollectionId":4000050460000,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50460000","tickerId":50460000,"name":"汇添富基金管理股份有限公司"},"managers":[{"name":"吴振翔","stockType":"fund_manager","stockCode":"db20059913","exchange":"fm","tickerId":232624100070},{"name":"邵蕴奇","stockType":"fund_manager","stockCode":"db20912636","exchange":"fm","tickerId":192517231570}],"hotMetrics":{"fpr":{"stockId":3000000025463,"type":"fpr","f_cagr_p_r_fs_ssc":7262,"f_cagr_p_r_fs_ssrp":0.4701831703622091,"f_p_r_m1_ssc":7559,"f_p_r_m1_ssrp":0.14064567345858692,"f_p_r_m3_ssc":7481,"f_p_r_m3_ssrp":0.16336898395721924,"f_p_r_fys_ssc":7467,"f_p_r_fys_ssrp":0.10742030538440932,"f_p_r_m6_ssc":7253,"f_p_r_m6_ssrp":0.09362934362934362},"fp":{"stockId":3000000025463,"type":"fp","last_data_date":"2026-04-23T16:00:00.000Z","f_cagr_p_r_fs":0.030153559795254692,"f_p_r_m1":0.01040620721131913,"f_p_r_m3":0.009668886253762832,"f_p_r_fys":0.020090314256750563,"f_p_r_m6":0.02747609765153647},"ff":{"stockId":3000000025463,"type":"ff","f_fr_d":"2025-11-27T16:00:00.000Z","f_m_fr":0.004,"f_c_fr":0.001,"f_mac_fr":0.005},"f_nlacan":{"stockId":3000000025463,"type":"f_nlacan","f_nv_d":"2026-04-23T16:00:00.000Z","f_nv":1.1069,"f_nv_cr":-0.00018065215427709447},"f_as":{"stockId":3000000025463,"type":"f_as","f_tas":69404858.38080001,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000018830,"__csrcFundId":12869,"stockCode":"018830","shortName":"汇添富稳健回报债券A","masterFundShortName":"汇添富稳健回报债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18830,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.916Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"inceptionDate":"2023-08-31T16:00:00.000Z","name":"汇添富稳健回报债券型证券投资基金","setUpDate":"2023-08-31T16:00:00.000Z","setUpAssetScale":847873540.89,"setUpShares":847873540.89,"pinyin":"htfwjhbzqxzqtzjj","followedNum":2},{"_id":3000000018831,"fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"018831","tickerId":18831,"shortName":"汇添富稳健回报债券C","currency":"CNY","__csrcFundId":12869,"lastUpdated":"2025-01-04T00:32:25.305Z","fundCollectionId":4000050460000,"inceptionDate":"2023-08-31T16:00:00.000Z","exchange":"jj","name":"汇添富稳健回报债券型证券投资基金","setUpDate":"2023-08-31T16:00:00.000Z","setUpAssetScale":681237035.09,"setUpShares":681237035.09,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"htfwjhbzqxzqtzjj"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018830,"stockId":601899,"holdings":72400,"marketCap":2368928,"netValueRatio":0.01,"quarterlyChange":-0.05076878445024502,"stock":{"stockCode":"601899","exchange":"sh","stockType":"company","tickerId":601899,"name":"紫金矿业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018830,"stockId":600036,"holdings":60000,"marketCap":2359200,"netValueRatio":0.01,"quarterlyChange":-0.042075079592597375,"stock":{"stockCode":"600036","exchange":"sh","stockType":"company","tickerId":600036,"name":"招商银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018830,"stockId":601857,"holdings":191100,"marketCap":2329509,"netValueRatio":0.0098,"quarterlyChange":0.17098943323727234,"stock":{"stockCode":"601857","exchange":"sh","stockType":"company","tickerId":601857,"name":"中国石油"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018830,"stockId":300750,"holdings":5700,"marketCap":2289690,"netValueRatio":0.0097,"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":3000000018830,"stockId":600901,"holdings":182700,"marketCap":1227744,"netValueRatio":0.0052,"quarterlyChange":0.09803921568627527,"stock":{"stockCode":"600901","exchange":"sh","stockType":"company","tickerId":600901,"name":"江苏金租"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018830,"stockId":157,"holdings":142300,"marketCap":1223780,"netValueRatio":0.0052,"quarterlyChange":0.02030713750390567,"stock":{"stockCode":"000157","exchange":"sz","stockType":"company","tickerId":157,"name":"中联重科"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018830,"stockId":601009,"holdings":106800,"marketCap":1216452,"netValueRatio":0.0051,"quarterlyChange":-0.003499562554679869,"stock":{"stockCode":"601009","exchange":"sh","stockType":"company","tickerId":601009,"name":"南京银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018830,"stockId":600919,"holdings":111200,"marketCap":1214304,"netValueRatio":0.0051,"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":3000000018830,"stockId":600801,"holdings":57200,"marketCap":1212640,"netValueRatio":0.0051,"quarterlyChange":-0.1361043194784023,"stock":{"stockCode":"600801","exchange":"sh","stockType":"company","tickerId":600801,"name":"华新建材"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018830,"stockId":601006,"holdings":225200,"marketCap":1207072,"netValueRatio":0.0051,"quarterlyChange":0.03875968992248069,"stock":{"stockCode":"601006","exchange":"sh","stockType":"company","tickerId":601006,"name":"大秦铁路"}}],"bondHoldings":[{"_id":"69e8fb491398d79843003513","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018830,"stockCode":"220210","stockName":"22国开10","holdings":300000,"marketCap":32960564,"netValueRatio":0.1392,"lastUpdated":"2026-04-22T16:46:01.213Z"},{"_id":"69e8fb491398d79843003514","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018830,"stockCode":"190210","stockName":"19国开10","holdings":300000,"marketCap":32826000,"netValueRatio":0.1386,"lastUpdated":"2026-04-22T16:46:01.217Z"},{"_id":"69e8fb491398d79843003515","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018830,"stockCode":"220215","stockName":"22国开15","holdings":200000,"marketCap":21828832,"netValueRatio":0.0922,"lastUpdated":"2026-04-22T16:46:01.229Z"},{"_id":"69e8fb491398d79843003516","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018830,"stockCode":"019829","stockName":"26国债03","holdings":200000,"marketCap":20075693,"netValueRatio":0.0848,"lastUpdated":"2026-04-22T16:46:01.235Z"},{"_id":"69e8fb491398d79843003517","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018830,"stockCode":"190215","stockName":"19国开15","holdings":100000,"marketCap":10800424,"netValueRatio":0.0456,"lastUpdated":"2026-04-22T16:46:01.241Z"}]},"list":[{"_id":"69e8ec211398d79843fe9a8f","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000018830,"sao":"2026年第一季度，全球局势动荡加剧，中国经济显示出较强韧性。3月美伊冲突后，全球原油价格大幅上涨，对于全球实体经济、资本市场均产生了较大冲击。部分区域如日韩、东南亚、欧洲等对中东油气资源依赖度较高，人民生产生活均受到较大影响，甚至部分国家宣布进入国家紧急状态。而中国由于有着较大规模的原油战略库存、多元化的原油采购来源，以及有着新能源、煤化工等能源替代的优势行业，受到的影响相对较小。本次中东冲突后，中国的地缘环境、经济韧性和产业优势将进一步凸显。本基金定位为股债混合类基金，根据对宏观环境的判断，进行股债大类资产配置比例的调整，以及股债内部结构的调整，希望在较低波动率与回撤的基础上，实现长期稳健的复合收益。本季度，权益市场整体呈现宽幅震荡的特征。1-2月，市场整体稳中有涨，热点轮动较快，但3月以来，由于美伊冲突对于全球的风险偏好影响较大，A股跟随外盘同样有明显调整，但由于中国经济和股市的韧性较强，整体跌幅小于海外。我们认为虽然短期市场有波动，但中国股市的中长期投资价值仍然突出。一方面，中国的制造业全球竞争优势进一步加强，尤其是在全球局势的动荡之下，中国完善的上下游供应链、稳定的供应能力非常稀缺；另一方面，中国的利率水平较低，权益类资产的吸引力整体上升，尤其是对于低估值高股息资产，一批优质上市公司的分红、回购意愿持续提升。对于本基金的股票类资产，我们当前主要配置于以下几个方向。一是高股息红利类资产，在当前国债收益率中枢较低的背景下，我们认为股票市场上的高股息资产具有较高性价比。二是稳定消费类资产，消费类资产普遍具有健康的资产负债表、良好的自由现金流，分红及回购创造的股东回报较好，在消费刺激政策逐步发力的背景下，行业景气度也有望逐步改善。三是出海方向，中国一批优质企业持续走出去，相比于海外企业竞争力较强，市场份额持续提升，带来新的盈利增长点。四是科技创新类资产，我们认为中国在科技产业的进步速度很快，出海和国产替代的趋势明确，其中一些核心公司具备长期投资价值。五是逆向类投资，我们寻找一些行业景气度与股价均处于底部、下行风险较小的周期类资产，进行逆向布局，希望在行业及公司景气反转后实现较好的投资回报。2026年一季度，国内债券市场呈现震荡分化的运行态势，信用债表现整体优于利率债，收益率曲线陡峭化的特征明显。报告期内，资金面整体维持充裕，叠加一季度的存单净融资量同比减少，1年期AAA存单利率由1.63%左右持续下行至1.50%附近，为其它债券品种的表现打开了空间。特别是信用债市场表现较强，各期限、各评级普遍下行了10-20bp。在中低评级的信用利差普遍收窄至历史低位的同时，超长债的期限利差却持续走阔至历史较高水平，如国债30年和10年的利差由年初的40bp左右震荡走高至55bp附近。在国内市场流动性充裕、全球股票和商品市场波动加大、中东地缘形势不明的背景下，债券市场在中短端的交易相对拥挤，在超长端的分歧显著。本报告期内，本基金债券部分配置以AAA高等级信用债为主。","lastUpdated":"2026-04-22T15:41:21.948Z","fund":{"_id":3000000018830,"__csrcFundId":12869,"stockCode":"018830","shortName":"汇添富稳健回报债券A","masterFundShortName":"汇添富稳健回报债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18830,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.916Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"inceptionDate":"2023-08-31T16:00:00.000Z","name":"汇添富稳健回报债券型证券投资基金","setUpDate":"2023-08-31T16:00:00.000Z","setUpAssetScale":847873540.89,"setUpShares":847873540.89,"pinyin":"htfwjhbzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20059913","stockType":"fund_manager","exchange":"fm","tickerId":232624100070,"name":"吴振翔"},{"stockCode":"db20912636","stockType":"fund_manager","exchange":"fm","tickerId":192517231570,"name":"邵蕴奇"}]},"announcement":{"linkText":"汇添富稳健回报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=1475372","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2d97fea5b3eb053436f","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000018830,"sao":"报告期内，中国宏观经济总体延续“温和复苏但边际放缓”的格局，在“十四五”收官和“十五五”开局衔接的背景下，2025全年5%左右增速目标大概率完成，但四季度动能较上半年明显走弱，呈“前高后低”走势。结构上来看，供给端凭新质生产力与高技术制造保持韧性；需求端则消费、投资双弱，地产投资形成较大拖累；出口高位回落仍具韧性。宏观经济政策上，保持“财政积极，货币适度宽松，以调结构为主”的基调。财政端，重点支持“两重两新”等民生与消费领域，强化稳增长和调结构功能；货币端，弱化对总量宽松的强调，更多通过结构性工具和重启国债买卖操作来“做优增量、盘活存量”，提升货币政策的传导效率和资本市场稳定性。本基金定位为混合型二级债基，根据对宏观环境的判断，进行股债大类资产配置比例的调整，以及股债内部结构的调整，希望在较低波动率与回撤的基础上，实现长期稳健的复合收益。第四季度，权益市场整体维持高位震荡。中美贸易谈判缓和后，市场风险偏好修复，热点轮动较快，全球权益市场均表现活跃。我们认为中国的权益市场具有较好的中长期投资价值，一方面中国企业的全球化竞争力不断增强，AI、半导体、创新药、新能源等新兴产业内的优秀企业竞争力突出，科技创新和出海带来了强劲的成长驱动力，市场的底层资产逐步优化；另一方面，市场利率水平较低，权益类资产的吸引力整体上升，尤其是对于低估值高股息资产，一批优质上市公司的分红、回购意愿持续提升。对于本基金的股票类资产，我们当前主要配置于以下几个方向。一是高股息红利类资产，在当前国债收益率中枢较低的背景下，我们认为股票市场上的高股息资产具有较高性价比。二是稳定消费类资产，消费类资产普遍具有健康的资产负债表、良好的自由现金流，分红及回购创造的股东回报较好，在消费刺激政策逐步发力的背景下，行业景气度也有望逐步改善。三是出海方向，中国一批优质企业持续走出去，相比于海外企业竞争力较强，市场份额持续提升，带来新的盈利增长点。四是科技创新类资产，我们认为中国在科技产业的进步速度很快，出海和国产替代的趋势明确，其中一些核心公司具备长期投资价值。五是逆向类投资，我们寻找一些行业景气度与股价均处于底部、下行风险较小的周期类资产，进行逆向布局，希望在行业及公司景气反转后实现较好的投资回报。2025年四季度，债券市场整体呈现弱势震荡格局，10年国开债活跃券收益率由季初1.96%附近下探至1.86%低位后触底回升，四季度末重回1.95%附近区间。10月假期后首个交易周，贸易冲突扰动卷土重来，市场避险情绪升温驱动收益率下行。二十届四中全会落幕后，贸易领域释放积极信号，股市呈现走强态势，债市避险情绪边际收敛。10月末，央行宣布重启国债买卖操作，市场情绪显著提振，债券收益率应声大幅下行。11月，央行国债购买实际落地规模不及市场预期，叠加相关新规预期传闻持续发酵，债市情绪由暖转冷，市场随即陷入震荡整理。中美两国元首通话后，地缘博弈紧张态势有所缓和，市场避险情绪进一步消退，债券收益率顺势上行。12月，基本面与政策面均未释放更多增量信息，债市正式进入弱势震荡阶段。在此期间，资金赎回扰动持续影响市场情绪，与此同时，市场对于超长期国债供给规模及商业银行承接能力的担忧有所升温，共同制约债市走势。报告期内，本基金以持有高等级信用债与金融债为主，优化各债券品种间的配置比例，同时灵活参与市场交易。","lastUpdated":"2026-03-09T14:02:01.607Z","fund":{"_id":3000000018830,"__csrcFundId":12869,"stockCode":"018830","shortName":"汇添富稳健回报债券A","masterFundShortName":"汇添富稳健回报债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18830,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.916Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"inceptionDate":"2023-08-31T16:00:00.000Z","name":"汇添富稳健回报债券型证券投资基金","setUpDate":"2023-08-31T16:00:00.000Z","setUpAssetScale":847873540.89,"setUpShares":847873540.89,"pinyin":"htfwjhbzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20059913","stockType":"fund_manager","exchange":"fm","tickerId":232624100070,"name":"吴振翔"},{"stockCode":"db20912636","stockType":"fund_manager","exchange":"fm","tickerId":192517231570,"name":"邵蕴奇"}]},"announcement":{"linkText":"汇添富稳健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=1456936","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2d97fea5b3eb053436e","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000018830,"sao":"2025年三季度中国权益资产整体表现非常亮眼。A股主要宽基中证800指数单季度涨幅近19.83%，突破了去年三季度末上涨的高点，创近3年以来新高。国内政策方面，三季度继续保持流动性适度宽松，并提出“反内卷”治理行业无序竞争，促进落后产能出清，引导产业朝着健康方向发展。经济数据表现总体平稳，投资依然受地产较大幅度拖累，数据上来看制造业投资有一定支撑；工业生产延续放缓，但受益于经济结构转型的高技术产业增加值维持相对高增。外部环境来看，美联储于9月下旬如期降息25个基点，将联邦基金目标利率下调至4.00%-4.25%，为年内首次降息。预计后续美联储将开启降息通道，全球流动性有望改善。A股方面，三季度科技类、有色金属类、新能源类资产表现领先，信息技术的通信、电子等行业尤其突出，同时反内卷相关的电力设备、有色等板块走强。整体来看，科技创新在三季度是A股的主线。债券市场方面，三季度债券收益率不断走高，尽管期间央行呵护资金面，但股市的优秀表现，叠加“部分债券利息收入恢复征收增值税”政策的宣布，以及公募基金费率新规，推动债券利率不断走高，10年国债活跃券收益率从季初的1.64%回升到1.8%附近。报告期内，本基金以持有高等级信用债与金融债为主，优化各债券品种间的配置比例，同时灵活参与市场交易。本基金作为二级债基，旨在通过规则化的投资方式，力争为投资者提供相对稳健的投资收益结果。","lastUpdated":"2026-03-09T14:02:01.605Z","fund":{"_id":3000000018830,"__csrcFundId":12869,"stockCode":"018830","shortName":"汇添富稳健回报债券A","masterFundShortName":"汇添富稳健回报债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18830,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.916Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"inceptionDate":"2023-08-31T16:00:00.000Z","name":"汇添富稳健回报债券型证券投资基金","setUpDate":"2023-08-31T16:00:00.000Z","setUpAssetScale":847873540.89,"setUpShares":847873540.89,"pinyin":"htfwjhbzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20059913","stockType":"fund_manager","exchange":"fm","tickerId":232624100070,"name":"吴振翔"},{"stockCode":"db20912636","stockType":"fund_manager","exchange":"fm","tickerId":192517231570,"name":"邵蕴奇"}]},"announcement":{"linkText":"汇添富稳健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=1374222","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2d97fea5b3eb053436d","date":"2025-06-29T16:00:00.000Z","stockId":3000000018830,"sao":"2025年上半年，A股市场震荡较大的阶段主要是年初和4月初，其它阶段都是稳步修复性上涨态势，各宽基指数整体表现较好。风格上小盘优于大盘，成长优于价值，当前经济在结构转型阶段，市场往往也呈现出结构性特征。细分板块方面，科技、创新药等板块是阶段性市场关注焦点。宏观经济上，外部环境是全球关税政策突发、地缘冲突等不确定因素持续冲击，但国内环境还是处于政策组合效应持续释放，整体上国民经济保持总体平稳、稳中有进的发展态势。货币、财政、房地产、资本市场等一系列政策的推出，对于稳市场、稳预期发挥了重要作用。虽然有外部环境不确定性的影响，但是在政策支持、基本面改善等因素的驱动下，上半年国内经济增长仍然实现了较好的结果，经济温和修复的背景下，上市公司基本面预期表现稳健，权益资产表现也得到了较好的支撑，当前A股主要宽基指数估值适中，具有较好的投资价值。债券市场方面，一季度因宏观趋稳、资金偏紧导致收益率明显上行后，二季度在央行公开市场操作、预告买断式回购等透明化操作下，资金面明显宽松，收益率出现下行，尤其信用利差大幅压缩。报告期内，组合债券部分在信用债及利率债上均有所配置，组合将持续跟踪市场变化，及时优化持仓。汇添富稳健回报债券基金，作为二级债基，旨在通过规则化的投资方式，为投资者提供相对稳健的投资收益结果。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:01.602Z","mo":"当前外部环境出现了多方挑战，美国关税政策、地缘冲突等因素对全球的影响存在反复的可能。国内来看，2025年上半年宏观经济温和修复，预计下半年有望保持韧性，CPI数据上半年稳步增长，半年末社零数据明显走强，体现出内需修复的韧性。尽管生产端的PPI数据仍体现出一定压力，展望下半年，“反内卷”等政策有助于推进全国统一大市场建设，依法治理企业低价无序竞争，引导企业提升产品品质，相关价格条件或能有所改善。当前债券市场整体处于利率较低的环境，未来仍有一定的利率下行空间，但整体波动性会加大，这一过程中，权益市场的引入会较好的改善债券组合的风险收益特征。一来权益市场与债券市场长期保持低相关性，二来权益市场当前处于交投较为活跃阶段，随着经济环境的持续改善，市场风险偏好有望进一步提升。因此，二级债基这种产品形式是较好的中低风险投资者的选择。","fund":{"_id":3000000018830,"__csrcFundId":12869,"stockCode":"018830","shortName":"汇添富稳健回报债券A","masterFundShortName":"汇添富稳健回报债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18830,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.916Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"inceptionDate":"2023-08-31T16:00:00.000Z","name":"汇添富稳健回报债券型证券投资基金","setUpDate":"2023-08-31T16:00:00.000Z","setUpAssetScale":847873540.89,"setUpShares":847873540.89,"pinyin":"htfwjhbzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20059913","stockType":"fund_manager","exchange":"fm","tickerId":232624100070,"name":"吴振翔"},{"stockCode":"db20912636","stockType":"fund_manager","exchange":"fm","tickerId":192517231570,"name":"邵蕴奇"}]},"announcement":{"linkText":"汇添富稳健回报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=1342338","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2d97fea5b3eb053436c","date":"2025-03-30T16:00:00.000Z","stockId":3000000018830,"sao":"2025年A股市场经历年初大幅下挫之后整体震荡上行，季末再度有所回调，主要宽基季度表现基本收平。但行业、风格有着显著分化。行业主题方面，科技、消费表现突出，风格上则倾向于小盘成长类。国内经济来看，2024年9月底政治局会议决定加大财政货币政策逆周期调节力度以来，一季度稳增长政策持续落地。从阶段性政策效果看，经济数据延续去年四季度以来的回稳趋势，市场风险偏好回暖。PMI继续维持在50以上水平，考虑季节效应后出口仍维持在较高增速，工业增加值、固定资产投资同比保持平稳，生产端仍延续平稳回暖，地产销售也出现企稳。但另一方面，从社融及通胀数据看，居民及企业部门信用收缩趋势尚未结束。国内资本市场来看，一季度处于业绩相对真空阶段。政策提振稳住市场基本盘，同时新一轮AI发展带来主题聚焦。科技领域以DeepSeek及相关国产AI大模型为核心，扩散至AI端侧应用、AI应用软件及AI与医药、金融等结合的信息化领域。以AI为代表的科技发展是较为明确的国家战略方向，在生产效率提升、全球科技竞争中有着重要意义，长期来看空间广阔。债市方面，由于2024年四季度债市对于政策宽松预期过于乐观，利率下行幅度过大，今年一季度收益率回调修正。报告期内，组合在纯债上的配置适度缩减了久期，适度规避了一季度债券回调风险。展望二季度，货币政策空间尚存，债券经过回调后具有较好投资机会。组合将持续跟踪市场变化，及时优化持仓。本基金作为二级债基，旨在通过规则化的投资方式，力争为投资者提供相对稳健的投资收益结果。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:01.599Z","fund":{"_id":3000000018830,"__csrcFundId":12869,"stockCode":"018830","shortName":"汇添富稳健回报债券A","masterFundShortName":"汇添富稳健回报债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18830,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.916Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"inceptionDate":"2023-08-31T16:00:00.000Z","name":"汇添富稳健回报债券型证券投资基金","setUpDate":"2023-08-31T16:00:00.000Z","setUpAssetScale":847873540.89,"setUpShares":847873540.89,"pinyin":"htfwjhbzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20059913","stockType":"fund_manager","exchange":"fm","tickerId":232624100070,"name":"吴振翔"},{"stockCode":"db20912636","stockType":"fund_manager","exchange":"fm","tickerId":192517231570,"name":"邵蕴奇"}]},"announcement":{"linkText":"汇添富稳健回报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=1272002","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2d97fea5b3eb053436b","date":"2024-12-30T16:00:00.000Z","stockId":3000000018830,"sao":"2024年，中国经济在国内外复杂多变的背景下展现出较强的韧性。根据国家统计局的数据，全年国内生产总值（GDP）同比增长5%，国民经济运行总体平稳，稳中有进，高质量发展取得显著进展。尽管面临经济转型和外部环境快速变化的挑战，中国经济依然保持了稳定的增长态势。A股市场在2024年经历了较大幅度的震荡。年初，市场在一季度经历了快速下跌后，随后出现强势反弹。二三季度市场呈现阶段性震荡，并在9月末迎来政策助推下的预期反转行情，成交量和交易活跃度大幅提升。进入四季度，市场表现为板块分化和波动加大的状态。全年来看，A股主要宽基指数实现了上涨。国际方面，美联储自2024年9月起开启降息周期，年内累计降息三次，分别在9月、11月和12月调降50、25和25个基点，累计降息幅度达到100个基点。此外，美国四季度大选结果出炉，市场对美国2025年经济增长和通胀的预期有所调整，税收和移民政策可能出现调整，这些因素对全球市场产生了重要影响。国内政策方面，2024年政策推出节奏持续动态调整，积极适应市场变化，下半年政策发力超预期。3月两会召开，政府工作报告提出全年国内生产总值增长5%左右、居民消费价格涨幅3%左右、居民收入增长和经济增长同步等发展目标，总体政策基调坚持“稳中求进，以进促稳”。4月，《国务院关于加强监管防范风险推动资本市场高质量发展的若干意见》印发，成为资本市场第三个“国九条”。随后，证监会、交易所各项配套制度规则陆续发布，“1+N”政策体系快速推进落地。9月下旬，政治局会议政策发力超预期，央行降息降准落地，对市场信心带来逆转式提振。12月，中央政治局会议和中央经济工作会议陆续召开，提出“坚持稳中求进、以进促稳”、“实施更加积极有为的宏观政策”等，并首次出现“超常规逆周期调节”的提法，体现了更加积极的政策基调。财政政策更加积极，货币政策适度宽松，相比9月会议也有边际加力的倾向。具体领域，“大力提振消费”、“稳住楼市股市”等政策为市场信心及预期稳定提供了基础。从资本市场的表现来看，9月下旬的一系列政策对市场预期产生了较强的扭转效果，力度超过市场预期，市场情绪迅速提振，估值显著修复。然而，四季度边际改善相对有限。随着政策逐步落地，结合经济实质性修复，有望带来长期投资机遇。报告期内，债券市场收益率经历了大幅下行，利率曲线陡峭下行。从节奏上看，一季度基本面、政策面相对平稳，债市在资金面保持平稳、机构配置需求较强背景下收益率持续下行，而化债背景下安全资产有所欠缺，信用利差经历快速压缩。进入二季度后，收益率波动放大，但在信用周期收缩背景下缺资产现象突出，信用利差持续压缩。三季度，在央行及时提示市场风险背景下，利率呈现横盘震荡，信用债则小幅压缩。9月下旬起，政治局会议强调要正视当前经济运行的新情况和问题，增强责任感和紧迫感，决定加大财政货币政策的逆周期调节力度，稳增长政策的集中出台，有效提振投资者信心，市场风险偏好快速提升，资金阶段性流向权益市场的迹象明显，债券市场出现大幅波动，但后续随着资金资产再平衡行为告一段落以及市场对货币政策空间预期的提升，债市收益率重回下行，且在12月份明显加速。报告期内，组合配置以AAA信用债为主，随着市场走势进行一定程度的久期管理及杠杆操作，组合净值稳定。本基金作为二级债基，旨在通过规则化的投资方式，为投资者提供相对稳健的投资收益结果。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:01.596Z","mo":"2024年A股市场在宏观经济和政策环境的双重影响下，经历了较大幅度的震荡和调整。尽管市场波动较大，但在政策支持和市场信心的提振下，市场整体呈现稳中有进的态势。2024年12月中央政治局会议和中央经济工作会议释放大力提振内需等积极信号，消费与制造业景气度有望呈现回升态势，中国经济的中长期改善预期不变。尽管外部环境依然存在不确定性，全球竞争、国际关系、全球通胀等因素依然可能对国内经济发展带来挑战，政策方面预计将采取更加积极的财政政策和适度宽松的货币政策，加强超常规逆周期调节。随着宏观政策的不断落地显效，经济将得到有力支撑。展望未来，随着政策的进一步落实和经济的持续修复，A股市场有望迎来更多的投资机遇。债券市场来看，2025年经济仍将处于稳步复苏之中，稳增长政策有望持续发力，要实施更加积极的财政政策和适度宽松的货币政策，将适时降准降息，保持流动性充裕，债市仍然具备较好的配置价值。","fund":{"_id":3000000018830,"__csrcFundId":12869,"stockCode":"018830","shortName":"汇添富稳健回报债券A","masterFundShortName":"汇添富稳健回报债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18830,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.916Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"inceptionDate":"2023-08-31T16:00:00.000Z","name":"汇添富稳健回报债券型证券投资基金","setUpDate":"2023-08-31T16:00:00.000Z","setUpAssetScale":847873540.89,"setUpShares":847873540.89,"pinyin":"htfwjhbzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20059913","stockType":"fund_manager","exchange":"fm","tickerId":232624100070,"name":"吴振翔"},{"stockCode":"db20912636","stockType":"fund_manager","exchange":"fm","tickerId":192517231570,"name":"邵蕴奇"}]},"announcement":{"linkText":"汇添富稳健回报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=1256053","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2d97fea5b3eb053436a","date":"2024-09-29T16:00:00.000Z","stockId":3000000018830,"sao":"2024年三季度资本市场先经历震荡下行，在十一前一周迎来快速反弹行情，主要指数点位快速修复至2023年三季度左右的点位，部分大市值指数已修复至2023年上半年的点位。9月份召开的政治局会议政策发力整体超预期，提出加大财政货币逆周期调节力度。财政政策方面，支出要保证必要的财政支出，发行使用好超长期特别国债和地方政府专项债，并发挥政府投资带动作用。货币政策方面，要实施有力度的降息。会后，央行降息降准落地，并拟创设多种货币政策工具支持市场稳定发展，同时主动引导商业银行降低存量房贷利率。此次政策推出力度超过市场预期，对资本市场情绪带来显著提振，季度末市场情绪明显回暖，风险偏好提升。随着政策逐步落地，有望给A股市场带来中长期投资机遇。报告期内，债券市场利率及信用品种走势分化明显。利率债初期因央行提示市场风险呈现横盘震荡，8月后随着央行买短卖长提供流动性，走出较为快速的牛陡行情。信用债则因信用利差压缩幅度较大，以及资金脱媒现象弱化后市场需求开始不足，以及资金持续偏紧，整体呈现弱势震荡。两类品种在9月下旬稳增长政策集中出台后则出现快速下跌格局。组合配置以高信用等级债券及利率债为主，跟随市场趋势，进行适度的久期择时。汇添富稳健回报债券型证券投资基金，作为二级债基，旨在通过规则化的投资方式，为投资者提供相对稳健的投资收益结果。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:01.593Z","fund":{"_id":3000000018830,"__csrcFundId":12869,"stockCode":"018830","shortName":"汇添富稳健回报债券A","masterFundShortName":"汇添富稳健回报债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18830,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.916Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"inceptionDate":"2023-08-31T16:00:00.000Z","name":"汇添富稳健回报债券型证券投资基金","setUpDate":"2023-08-31T16:00:00.000Z","setUpAssetScale":847873540.89,"setUpShares":847873540.89,"pinyin":"htfwjhbzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20059913","stockType":"fund_manager","exchange":"fm","tickerId":232624100070,"name":"吴振翔"},{"stockCode":"db20912636","stockType":"fund_manager","exchange":"fm","tickerId":192517231570,"name":"邵蕴奇"}]},"announcement":{"linkText":"汇添富稳健回报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=1173449","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2d97fea5b3eb0534369","date":"2024-06-29T16:00:00.000Z","stockId":3000000018830,"sao":"国家统计局数据显示，2024年上半年GDP同比增长5.0%。分项来看，社会消费品零售总额同比增长3.7%；固定资产投资同比增长3.9%；货物进出口总额同比增长6.1%。报告期内，宏观经济整体呈现回升向好态势，经济运行中积极因素增多，动能持续增强，社会预期改善，高质量发展扎实推进，呈现增长较快、结构优化、质效向好的特征。但另一方面，宏观经济仍面临诸多挑战，主要是有效需求仍然不足，企业经营压力较大，重点领域风险隐患较多，国内大循环不够顺畅，外部环境复杂性、严峻性、不确定性明显上升。从各领域看，外需持续回升向好，保持较好增长；制造业投资保持较高增长；消费保持平稳但回落迹象显现；基建继续保持平稳；最大的拖累仍来自于房地产领域，尽管各地地产政策持续松绑，但效果有限，销售持续疲弱，并带来开工、施工等环节的疲弱，竣工在去年底迎来高峰后今年也开始持续下滑。而从价格指标看，内需疲弱迹象仍较为明显，企业、居民部门仍处于信用收缩期内。报告期内，权益市场以震荡行情为主。风格上来看，大中盘表现优于小微盘，小微盘股票波动程度较大；价值、红利优于成长。行业主题方面，能源、有色、银行、电力等行业表现较为稳定，相对于市场取得了较高的超额收益；多数行业仍延续调整。报告期内，债券市场迎来一轮收益率大幅下行行情，在安全资产荒背景下信用利差大幅压缩。其中一季度由于基本面、政策面相对平稳，前期政策较多出台后，一季度进入政策效果观察期，资金面平稳背景下在机构配置需求推动下收益率持续下行。二季度在央行针对资金空转适度采取措施背景下，银行间资金面宽松，资金分层现象减弱，推动利率下行，但出于金融机构风险管控等因素的考虑，对于长端利率快速下行所可能引致的风险，进行合理的风险提示，因此二季度收益率整体呈现震荡下行，波动明显放大的特征。报告期内，股票组合以指数增强策略为主，债券组合配置以高等级信用债为主，随着市场走势进行一定程度的久期管理及杠杆操作。在大幅波动的市场中，实现了相对稳定的收益率结果。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:01.591Z","mo":"展望下半年，一方面，国内经济仍处于修复期，地产销售等领域能否企稳回升，对于国内基本面有较大影响，其他分项如消费的持续性有待观察，货币政策、财政政策及相关产业政策仍有发力空间。另一方面，外部因素对于市场的影响在下半年有加大可能，美国大选、美联储政策均存在较大变数。当下，A股已体现出不错的估值性价比，随着后续市场风险偏好的改善，或有望迎来估值修复，债市在整体上仍具备较好的配置价值。作为二级债基，本基金旨在通过规则化的投资方式，为投资者提供相对稳健的投资收益结果。","fund":{"_id":3000000018830,"__csrcFundId":12869,"stockCode":"018830","shortName":"汇添富稳健回报债券A","masterFundShortName":"汇添富稳健回报债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18830,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.916Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"inceptionDate":"2023-08-31T16:00:00.000Z","name":"汇添富稳健回报债券型证券投资基金","setUpDate":"2023-08-31T16:00:00.000Z","setUpAssetScale":847873540.89,"setUpShares":847873540.89,"pinyin":"htfwjhbzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20059913","stockType":"fund_manager","exchange":"fm","tickerId":232624100070,"name":"吴振翔"},{"stockCode":"db20912636","stockType":"fund_manager","exchange":"fm","tickerId":192517231570,"name":"邵蕴奇"}]},"announcement":{"linkText":"汇添富稳健回报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=1146013","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2d97fea5b3eb0534368","date":"2024-03-30T16:00:00.000Z","stockId":3000000018830,"sao":"2024年一季度，A股市场呈现大幅的震荡走势，在经历了1月份大幅下跌后，在2、3月份大幅上涨，上证指数、沪深300、中证800在一季度整体小幅上涨。债券市场方面，在企业和居民端需求不足、一季度债券供给不及预期等多重因素影响下，10年国债利率突破2020年4月低点，30Y国债向下突破MLF利率，均创历史新低。宏观经济层面，地产继续走弱，除竣工面积外销售、施工等多环节仍在回落中；消费缓慢回升；制造业投资继续回升向好，生产、投资增速均较2023年12月数据有提升，3月的PMI数据也出现较大幅度的回升；出口在去年四季度出现改善迹象后本报告期内持续向好。经济整体呈现内外需持续修复景象。本季度召开的两会政府工作报告提出，2024年全年国内生产总值增长5%左右、居民消费价格涨幅3%左右、居民收入增长和经济增长同步等发展目标。总体政策基调依然坚持“稳中求进，以进促稳”。在全年主要工作任务中，将“大力推进现代化产业体系建设，加快发展新质生产力”放在第一位，将从产业链优化升级、培育新兴产业和未来产业、深入推进数字经济三个方面来促进社会生产力提升。科教兴国、扩大内需、深化改革等也是重要的工作任务。货币政策方面，2月央行超预期降准50bp，并定向降息，释放流动性超万亿。全年财政政策、货币政策均仍有加力空间。A股市场在风格层面，一季度也发生了剧烈的变化，无论是市值风格因子，还是价值风格因子和成长风格因子，都经历了从表现好到表现坏，或从表现坏到表现好的剧烈变化，而变化周期的时长与以往相比变短了很多。这样的市场环境下，中证800指数这样行业和风格都比较均衡的指数会更加适应。在本报告期内，本基金的权益部分采用中证800指数增强的投资策略，债券组合配置以高等级信用债为主，根据市场节奏适度调整久期及持仓结构。汇添富稳健回报债券型证券投资基金，作为二级债基，旨在通过规则化的投资方式，为投资者提供相对稳健的投资收益结果。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:01.588Z","fund":{"_id":3000000018830,"__csrcFundId":12869,"stockCode":"018830","shortName":"汇添富稳健回报债券A","masterFundShortName":"汇添富稳健回报债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18830,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.916Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"inceptionDate":"2023-08-31T16:00:00.000Z","name":"汇添富稳健回报债券型证券投资基金","setUpDate":"2023-08-31T16:00:00.000Z","setUpAssetScale":847873540.89,"setUpShares":847873540.89,"pinyin":"htfwjhbzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20059913","stockType":"fund_manager","exchange":"fm","tickerId":232624100070,"name":"吴振翔"},{"stockCode":"db20912636","stockType":"fund_manager","exchange":"fm","tickerId":192517231570,"name":"邵蕴奇"}]},"announcement":{"linkText":"汇添富稳健回报债券型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1070135","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2d97fea5b3eb0534367","date":"2023-12-30T16:00:00.000Z","stockId":3000000018830,"sao":"回顾2023年，中国宏观经济整体呈现结构性复苏态势。经济趋势温和回暖，上半年节后复工复产加快，出行链持续修复，工业生产逐步复苏；下半年宏观调控组合政策发力显效，局部数据企稳回升，经济向好的态势得到延续。经济在结构上呈现新旧动能转换态势，消费和服务业、高端制造等对经济的贡献在上升，而地产、投资、出口的贡献在下降。政策方向上坚持高质量发展，宏观调控注重精准，维持流动性合理充裕，中央财政加杠杆和提高存量政策有效性等政策思路显现。海外方面，2023年前三季度美债收益率和美元指数持续波动上涨，抑制全球风险资产表现；四季度美债利率见顶下行，美元指数走低，全球风险资产有所提振。2023年，资本市场先在经济复苏背景下显现出修复行情，但自二季度起开始震荡下行，四季度呈现成交收缩、情绪持续低迷的态势。全年市场整体震荡下行，行业和风格波动较大，各子行业和概念板块来看，AI及中特估相关板块上涨较多，地产链及消费板块跌幅靠前；风格方面，红利风格表现优异，市场整体上仍呈现小盘优于大盘、价值优于成长的特性。量化选股因子方面，质量、低波动、低估值等逆向类因子以及交易类因子仍延续之前的较好表现，与此同时，成长、预期等因子整体表现一般。相比于股票市场，债券市场表现较好，到期收益率尽管有波动，但受益于流动性好和防御性投资情绪，整体到期收益率下行明显。政策层面看，10月末召开了中央金融工作会议，12月召开了中央经济工作会议。中央金融工作会议强调金融服务实体经济的定位，以提供高质量金融服务作为发展导向目标，提出全面加强金融监管防风险。中央经济工作会议提出当前风险隐患仍然较多，2024年政策主基调需坚持稳中求进、以进促稳、先立后破。会议同时指出，积极的财政政策要适度加力、提质增效，稳健的货币政策要灵活适度、精准有效。报告期内，本基金将按照二级债基的投资要求，以量化方式构建权益组合，以风险预算的策略来进行股债投资比例的确定，以稳健的方式构建债券组合，力求实现稳健的投资目标。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:01.585Z","mo":"展望2024年，高质量发展仍是时代主题，整体宏观经济以稳为主。调控效果预计在新的一年逐步显现，三大工程相关的财政准财政支撑有望缓解地产的下滑困境，居民消费潜力仍有释放空间，这些因素有利于巩固经济回升态势。同时，随着海外通胀逐步得到控制，外部流动性有望边际宽松。经济结构性转型需要经历新旧动能切换，带来阶段性阵痛，居民就业及收入预期改善需要时间。政策基调在最近一次中央经济工作会议上明确为偏积极，有望促进市场信心稳定，加快转型出清。从政策预期来看，财政准财政政策可能成为托底经济的主导力量，同时货币政策提供适度的流动性支持，降准降息存在一定空间，总体仍然是稳总量重结构，强调政策的精准有效。尽管资本市场目前仍面临对经济信心不足、财富效应收缩的问题，A股市场估值处于历史分位点极低状态，中长期有较好的投资价值，短期角度，一旦投资者情绪发生改善，也将有较好的交易机会。在流动性宽松预期下，债券市场在2024年仍有利率下行空间，而股票和债券的组合，在一定程度上也将体现出风险分散的作用，二级债基这种产品形式在利率不断下行的阶段，对于低风险投资者来说也将具有更加突出的投资价值。作为二级债基产品，本基金将严格遵守基金合同，继续坚持既定的投资策略，积极采取有效方法实现组合构建和风险管理。","fund":{"_id":3000000018830,"__csrcFundId":12869,"stockCode":"018830","shortName":"汇添富稳健回报债券A","masterFundShortName":"汇添富稳健回报债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18830,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.916Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"inceptionDate":"2023-08-31T16:00:00.000Z","name":"汇添富稳健回报债券型证券投资基金","setUpDate":"2023-08-31T16:00:00.000Z","setUpAssetScale":847873540.89,"setUpShares":847873540.89,"pinyin":"htfwjhbzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20059913","stockType":"fund_manager","exchange":"fm","tickerId":232624100070,"name":"吴振翔"},{"stockCode":"db20912636","stockType":"fund_manager","exchange":"fm","tickerId":192517231570,"name":"邵蕴奇"}]},"announcement":{"linkText":"汇添富稳健回报债券型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1052675","linkType":"PDF","source":"csrc_pdf"}}]}