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　　其一，新质生产力驱动的AI技术浪潮。当前时点，以光通信为代表的算力链条持续兑现基本面景气度，而锂电储能、电网设备也在算力需求的推动下充分受益，当前时点市场整体的预期已实现较大幅度的向上修正，我们将继续挖掘其中仍然存在估值重构空间的个股机会。而向后市看，AI在软硬件应用端的变化仍然值得重点跟踪和关注，游戏、AI软件、AI眼镜、玩具等应用落地的方向一旦爆发，相关产业有可能复制上一轮消费电子周期下的成长。　　其二，出口链中的“小而美”机会。在去年的贸易争端中，中国出口显示出较强的韧性，而这份韧性背后是国内产业链结构升级带来的竞争力提升，除了原有的轻工、家电、电子以外，机械设备、汽车乃至原材料加工等领域也逐步成为出口的重要引擎，在这个趋势背后将有一批小而美的公司继续在出口链为投资人带来景气成长的收益。　　其三，周期底部产业的出清与反转。2022年以来国内地产价格出现较为显著的调整，资产价格调整带动居民财富效应的下行，传统消费在此背景下历经了三年多的调整，2026年地产价格是否能够逐步企稳，以及深度调整后的传统消费赛道中是否能够诞生适应新形势的高质量公司值得关注。我们注意到，包括食品饮料、纺织服装等方向在内的传统消费板块中，已经出现不少个股在持续的出清后迎来管理、格局等方面的改善，在大周期逐步触底的前提下，这些方向的估值重构空间值得关注。　　2026年我们将继续坚守顺势而为的趋势投资理念，但同时加强对右侧机会“赔率”的关注，积极平衡风格，加强对冷门方向机会的跟踪和挖掘，争取在部分细分方向出现基本面景气上行的时点实现投资布局。","lastUpdated":"2026-04-22T15:41:12.497Z","fund":{"_id":3000000018481,"__csrcFundId":12700,"stockCode":"018481","shortName":"中金恒新90天持有债券发起(018481)","masterFundShortName":"中金恒新90天持有债券发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18481,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:59:38.891Z","status":"normal","exchange":"jj","fundCollectionId":4000050960000,"inceptionDate":"2023-05-14T16:00:00.000Z","name":"中金恒新90天持有期债券型发起式证券投资基金","setUpDate":"2023-05-14T16:00:00.000Z","setUpAssetScale":500067500,"setUpShares":500067500,"pinyin":"zjhx90tcyqzqxfqszqtzjj","managers":[{"stockCode":"db20598079","stockType":"fund_manager","exchange":"fm","tickerId":425200800,"name":"丁杨"},{"stockCode":"db20796848","stockType":"fund_manager","exchange":"fm","tickerId":251225231110,"name":"杨力元"}]},"announcement":{"linkText":"中金恒新90天持有期债券型发起式证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1479055","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2bc7fea5b3eb0532257","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000018481,"sao":"中金恒新在有效债券资产配置的基础上，力争利用中低风险预算有效配置权益资产，实现稳健收益。中金恒新的股债大类资产配置遵循经济基本面和资产价格动量的双趋势原则，在经济和资产价格同步趋势向上的时点高配权益资产。而权益部分投资立足于对中国产业成长周期的广泛跟踪和深度研究，挖掘A股市场中基本面趋势和股价趋势的共振点，以胜率优先的思维积极投资具备坚实成长逻辑且基本面已经出现关键验证的公司，分享企业成长期在盈利和估值两端的收益。　　2025年四季度，权益市场风格相较前三季度有所调整，前期高位景气方向波动放大，中金恒新在9月中旬后持续增配出口产业链、保险、化工、游戏与AI应用等方向。从基本面的角度来看，四季度的最大预期差来源于出口产业链的韧性，宏观上，出口同比增速数据在高位持续超预期，微观上，设备、原材料等出口企业基本面持续上行，中金恒新四季度以来在电网、出口设备、建材等方向保持高配，获取了出口景气度提升带来的超额收益。　　在未来一个阶段，本基金的权益投资将继续重点关注三个方向的成长机会：　　其一，新质生产力驱动的AI技术浪潮。我们在2022年openAI大模型惊艳亮相至今，首先观察到的是全球算力链条的需求爆发和技术升级，国内企业在光模块、PCB等方向通过产能成本优势和关键技术的迭代分享了这一景气周期带来的盈利红利。而进入2026年，我们将重点观察在AI在软硬件应用端的变化，游戏、AI软件、AI眼镜、玩具等应用落地的方向一旦爆发，相关产业有可能复制上一轮消费电子周期下的成长。　　其二，出口链中的“小而美”机会。在去年的贸易争端中，中国出口显示出较强的韧性，而这份韧性背后是国内产业链结构升级带来的竞争力提升，除了原有的轻工、家电、电子以外，机械设备、汽车乃至原材料加工等领域也逐步成为出口的重要引擎，在这个趋势背后将有一批小而美的公司继续在出口链为投资人带来景气成长的收益。　　其三，周期底部产业的出清与反转。2022年以来国内地产价格出现较为显著的调整，资产价格调整带动居民财富效应的下行，传统消费在此背景下历经了三年多的调整，2026年地产价格是否能够逐步企稳，以及深度调整后的传统消费赛道中是否能够诞生适应新形势的高质量公司值得关注。除了消费板块以外，光伏产业链也在2022年产能大幅释放的过程中历经调整，去年年中以来，在多重因素的影响下，行业供需逐步走向优化，如果产业周期实现反转，其中细分的环节机会值得关注。　　展望2026年，我们将继续坚守顺势而为的趋势投资理念，但同时加强对右侧机会“赔率”的关注，积极平衡风格，加强对冷门方向机会的跟踪和挖掘，争取在部分细分方向出现基本面景气上行的时点实现投资布局。　　在债券方面，2025年四季度，外部环境复杂变化，贸易壁垒增加，全球经济增长动能不足，主要经济体经济表现有所分化，通胀走势和货币政策调整存在不确定性。美联储四季度进行了两次降息，每次降息25bps，10年期美国国债收益率年末收于4.18%，较三季度末环比上行2bps。美元兑换人民币中间价从三季度末7.11下行至7.03。国内基本面方面，12月制造业PMI为50.1%，自今年4月份以来重回扩张区间，制造业景气度上升，消费需求偏弱，出口有一定韧性，地产投资仍低迷。四季度，权益市场整体震荡偏强。货币政策方面，央行继续实施适度宽松的货币政策，积极运用公开市场操作投放流动性，流动性保持合理充裕，另外在10月底宣布重启国债买卖。四季度，DR007加权均值1.45%，环比下行5bps；R007加权均值1.50%，环比下行3bps。　　四季度，债券市场处于窄幅震荡行情。10月底，央行宣布重启买债，提振市场做多情绪，收益率整体下行。从11月份开始，央行国债买入规模偏低、公募销售新规预期反复、市场担忧超长债供给和承接能力，利率债交易情绪整体偏弱。但由于资金面整体宽松，机构对信用债配置需求较多，信用债表现较好。中债30年期国债收益率上行2bps至2.27%，10年期国债收益率下行1bps至1.85%，1年期国债收益率下行3bps至1.34%。　　中金恒新债券仓位以票息策略为主，精选中高等级、较好流动性的中短久期信用债，力争为组合提供相对稳健的底仓收益，并根据市场行情择机参与利率债的交易波段增厚组合收益。","lastUpdated":"2026-03-09T14:01:32.453Z","fund":{"_id":3000000018481,"__csrcFundId":12700,"stockCode":"018481","shortName":"中金恒新90天持有债券发起(018481)","masterFundShortName":"中金恒新90天持有债券发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18481,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:59:38.891Z","status":"normal","exchange":"jj","fundCollectionId":4000050960000,"inceptionDate":"2023-05-14T16:00:00.000Z","name":"中金恒新90天持有期债券型发起式证券投资基金","setUpDate":"2023-05-14T16:00:00.000Z","setUpAssetScale":500067500,"setUpShares":500067500,"pinyin":"zjhx90tcyqzqxfqszqtzjj","managers":[{"stockCode":"db20598079","stockType":"fund_manager","exchange":"fm","tickerId":425200800,"name":"丁杨"},{"stockCode":"db20796848","stockType":"fund_manager","exchange":"fm","tickerId":251225231110,"name":"杨力元"}]},"announcement":{"linkText":"中金恒新90天持有期债券型发起式证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1458572","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2bc7fea5b3eb0532256","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000018481,"sao":"2025年三季度，外部环境更复杂严峻，全球经济增长动能减弱，贸易壁垒增多。美联储于9月份进行了今年以来的首次降息25bps。10年美国国债收益率三季度末收于4.16%，较二季度末环比下行8bps。美元兑换人民币中间价从二季度末7.16下行至7.10附近。国内基本面方面，制造业PMI呈现上升趋势但仍低于荣枯线，消费有所复苏，出口边际转好，但信用需求偏弱、地产仍较低迷。货币政策方面，央行继续执行适度宽松的货币政策，通过积极投放逆回购、买断式回购和MLF来维持流动性充裕。资金面整体偏松，三季度DR007 加权均值1.50%，环比下行14bps；R007 加权均值1.53%，环比下行16bps。三季度，受到反内卷预期升温、权益风险偏好提升、降准降息未落地等因素影响，债券市场收益率曲线陡峭化上行，中债 30 年期国债收益率上行39bps 至2.25%，10 年期国债收益率上行 21 bps至1.86%， 1 年期国债收益率上行3bps 至 1.37%。中金恒新债券仓位以票息策略为主，精选中高等级、较好流动性的中短久期信用债，叠加骑乘、交易波段等策略增厚，力争为组合提供相对稳健的底仓收益。　　同期权益市场市场在新经济方向盈利趋势上行的推动下有所上涨，以AI算力为代表的科技方向涌现了部分结构性机会，而行业收益的结构化差距处于历史较高位置。9月以来，中金恒新根据经济趋势和资产价格趋势信号将权益仓位由高仓位逐步调整至中性仓位，同时在结构上针对部分配置的方向在市场情绪抬升下出现趋势平稳性下降的情况作了积极应对，降低了部分热门赛道的仓位，在传统赛道内积极挖掘，增配了有色、化工、保险等方向出现基本面改善的个股，使得账户权益仓位风格由上半年的偏向成长整体趋向均衡，减少后期或有的波动性。　　在未来一个阶段，本基金的权益仓位将继续重点关注三个趋势性方向下的成长机会：　　其一，增长模式转型下的新消费赛道。地产驱动的增长模式转型后，居民财富难以再借助房价的杠杆在短期内爆发式增长，而同时在国内消费整体占比较低的背景下，居民生活品质提升的需求仍在持续。从海外经验和国内实践来看，当前的经济环境正是孕育新消费商业模式的温床，时代呼唤能提供高产品品质、高情绪价值和高相对性价比的消费体验。回顾最近三年的消费产业变革，从家居、出行的新产品，到折扣零食的新渠道，再到潮牌珠宝的新品牌，新消费赛道的成长机会层出不穷，而在地产模式转型和居民消费占比提升的时代主题下，新消费赛道还有望继续产生能够贡献独立成长价值的景气周期。　　其二，新质生产力驱动的AI技术浪潮。2022年openAI大模型惊艳亮相至今，AI变革在训练和应用领域带来产业端实质的成长机会，其中不乏在短期已进入快速成长期的景气方向。我们首先观察到的是全球算力链条的需求爆发和技术升级，一方面英伟达牵动的海外算力链条持续兑现景气，国内企业在光模块、PCB等方向通过产能成本优势和关键技术的迭代正在分享这一景气周期带来的盈利红利；另一方面国产算力正在努力实现技术追赶，在海外技术约束和国内AI爆发需求的矛盾下，国产算力的景气兑现未来可期。除了前端的算力部署，我们在AI应用端也看到硬件机会也正在国内半导体、通信等产业上开花结果，AI眼镜、玩具等应用落地的方向一旦爆发，相关产业有可能复制上一轮消费电子周期下的成长。　　其三，出口链中的“小而美”机会。在美国挑起的贸易争端下，全球商品贸易额在未来数年面临整体下行的压力。但在并不乐观的宏观叙事下我们也应该认识到，中国出口优势的核心基石并不是海外的低关税，而是中国完备的制造业基础和庞大的工程师红利，2018年中美贸易争端依赖，中国的出口额不降反增，7年以来出口链条中大获成功的中国企业不胜枚举，大到工程机械、智能汽车，小到充电器、保温杯，全球化竞争环境是企业非线性成长的有力土壤。无论贸易争端的短期结果如何，我们继续对积极参与全球市场的中国优势企业保持乐观，在家电、轻工、汽车、电子等领域将有一批小而美的公司继续在出口链为投资人带来景气成长的收益。　　同时，我们也认识到伴随着市场的持续上涨，新经济的基本面预期整体交易较为充分，而周期、防御、金融等传统板块中的部分个股和细分方向也存在一定的积极变化，我们在权益投资上将继续坚守顺势而为的趋势投资理念，但同时加强对右侧机会短期“赔率”的关注，积极平衡风格，加强对冷门方向机会的跟踪和挖掘，在部分细分方向出现基本面景气上行的时点实现投资布局。","lastUpdated":"2026-03-09T14:01:32.451Z","fund":{"_id":3000000018481,"__csrcFundId":12700,"stockCode":"018481","shortName":"中金恒新90天持有债券发起(018481)","masterFundShortName":"中金恒新90天持有债券发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18481,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:59:38.891Z","status":"normal","exchange":"jj","fundCollectionId":4000050960000,"inceptionDate":"2023-05-14T16:00:00.000Z","name":"中金恒新90天持有期债券型发起式证券投资基金","setUpDate":"2023-05-14T16:00:00.000Z","setUpAssetScale":500067500,"setUpShares":500067500,"pinyin":"zjhx90tcyqzqxfqszqtzjj","managers":[{"stockCode":"db20598079","stockType":"fund_manager","exchange":"fm","tickerId":425200800,"name":"丁杨"},{"stockCode":"db20796848","stockType":"fund_manager","exchange":"fm","tickerId":251225231110,"name":"杨力元"}]},"announcement":{"linkText":"中金恒新90天持有期债券型发起式证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1379306","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2bc7fea5b3eb0532255","date":"2025-06-29T16:00:00.000Z","stockId":3000000018481,"sao":"回顾2025年上半年，市场呈“W”走势剧烈震荡，整体走高。从结构来看，港股市场表现显著好于A股，小微盘表现显著好于大中盘，主题投资表现亮眼， AI、机器人、出口链、创新药、新消费、银行、反内卷周期行业等板块阶段表现领先市场，但整体来看顺周期和红利表现落后于成长。　　在上半年波动较大的市场环境中，我们的组合业绩表现也受到影响。主要负超额来自4月初，因关税冲击扰动市场出现大幅下跌，部分受政策影响的持仓标的出现较大回撤。在市场流动性有所修复后我们积极应对，持仓配置思路仍然关注防范回撤风险、努力获取绝对收益：维持高股息、高安全边际的价值蓝筹标的和供给端确定性较强的上游资源品作为底仓，继续持有部分估值较低、业绩有望困境改善的周期成长标的，减配部分业绩确定性不足的中小市值标的，增配部分超跌的低估值成长标的。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:32.447Z","mo":"展望后续权益市场的表现，基金经理保持谨慎乐观。关税政策的变动对出口链相关行业带来深远影响，短期出口链情绪和基本面冲击过后，出海仍然是中长期具备较好增长潜力的方向，优选全球竞争力显著的绩优标的逐步配置；长债利率维持在低位叠加险资等绝对收益型资金持续配置使得红利资产关注度进一步提升，但随着股价的进一步上涨性价比已经有所下降；2025年以来内需消费、出行等经济数据整体平淡，地产数据二季度也逐步走弱，下半年出口压力和地产下行压力加剧需要内需刺激政策进一步加码来对冲，顺周期和内需消费板块上半年表现欠佳，但估值性价比有所提升，我们仍然保持积极关注；流动性宽松环境延续，产业催化不断，中期维度来看AI、机器人、自主可控等科技制造方向仍有望阶段性有所表现。","fund":{"_id":3000000018481,"__csrcFundId":12700,"stockCode":"018481","shortName":"中金恒新90天持有债券发起(018481)","masterFundShortName":"中金恒新90天持有债券发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18481,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:59:38.891Z","status":"normal","exchange":"jj","fundCollectionId":4000050960000,"inceptionDate":"2023-05-14T16:00:00.000Z","name":"中金恒新90天持有期债券型发起式证券投资基金","setUpDate":"2023-05-14T16:00:00.000Z","setUpAssetScale":500067500,"setUpShares":500067500,"pinyin":"zjhx90tcyqzqxfqszqtzjj","managers":[{"stockCode":"db20598079","stockType":"fund_manager","exchange":"fm","tickerId":425200800,"name":"丁杨"},{"stockCode":"db20796848","stockType":"fund_manager","exchange":"fm","tickerId":251225231110,"name":"杨力元"}]},"announcement":{"linkText":"中金恒新90天持有期债券型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1344824","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2bc7fea5b3eb0532254","date":"2025-03-30T16:00:00.000Z","stockId":3000000018481,"sao":"2025年一季度，国内经济数据出现边际好转，股市表现相对亮眼，债券市场出现调整。但是地产宏观层面拖累和海外关税不确定性仍然较大。　　具体来看，美国关税政策不确定性提升，海外风险偏好再生波澜，全球降息节奏或将调整；国内经济方面，稳增长政策持续加力，地产及消费温和复苏；金融数据方面，贷款延续同比增幅放缓，政府债券发行提速，社融结构性修复有限；货币政策方面，MLF（中期借贷便利）投标机制改革，政策工具灵活投放，呵护银行间流动性平稳。　　债券方面，2025年一季度，资金面边际收敛，货币政策落地预期延迟，叠加股债跷跷板效应，利率债收益率总体呈震荡上行的走势，截至一季度末，相较年初，中债国债、国开债到期收益率1年期分别上行45BPs、44BPs，10年期分别上行14BPs、11BPs，曲线平坦化上移。信用债方面，受基金赎回情绪反复扰动，信用债收益率震荡上行，季末赎回影响有所缓和，收益率下行，截至一季度末，相较年初，3年期AAA、AA+、AA信用债收益率分别上行27BPs、18BPs、17BPs。一季度，中债-综合财富（总值）指数-0.61%。　　股票方面，市场剧烈震荡，上证指数1月下跌后2月上涨，3月整体走平。结构来看，小微盘自1月上旬止跌转涨后显著跑赢大中盘并持续至3月。行业来看分化显著，在AI和机器人主题引领下汽车、机械、计算机等科技制造板块领涨，有供给侧收紧拉动涨价逻辑的有色、钢铁、化工等周期板块表现也较为突出，防御属性的家电、银行、医药也录得正收益。内需顺周期和消费板块如煤炭、地产链、商贸零售、食饮表现落后，出口链相关的轻工、纺服、电子等板块表现也靠后。　　债券方面，一季度债券市场震荡下跌，组合继续坚持信用底仓配置和高评级二永债与利率债交易策略为主。　　权益方面，在一季度波动较大的市场环境中，我们的持仓配置思路仍然关注防范回撤风险、努力获取绝对收益：继续维持银行、资源、消费和医药类标的作为底仓配置，整体红利和防御仓位有所下降；继续维持处于困境反转阶段的部分周期成长标的配置；结合景气线索适度增配展望2025年景气较佳、当前估值性价比较高的部分风电、消费电子、半导体标的。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:32.445Z","fund":{"_id":3000000018481,"__csrcFundId":12700,"stockCode":"018481","shortName":"中金恒新90天持有债券发起(018481)","masterFundShortName":"中金恒新90天持有债券发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18481,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:59:38.891Z","status":"normal","exchange":"jj","fundCollectionId":4000050960000,"inceptionDate":"2023-05-14T16:00:00.000Z","name":"中金恒新90天持有期债券型发起式证券投资基金","setUpDate":"2023-05-14T16:00:00.000Z","setUpAssetScale":500067500,"setUpShares":500067500,"pinyin":"zjhx90tcyqzqxfqszqtzjj","managers":[{"stockCode":"db20598079","stockType":"fund_manager","exchange":"fm","tickerId":425200800,"name":"丁杨"},{"stockCode":"db20796848","stockType":"fund_manager","exchange":"fm","tickerId":251225231110,"name":"杨力元"}]},"announcement":{"linkText":"中金恒新90天持有期债券型发起式证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1275487","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2bc7fea5b3eb0532253","date":"2024-12-30T16:00:00.000Z","stockId":3000000018481,"sao":"2024年我国有效应对复杂严峻的内外部挑战，全年GDP同比增长5%，顺利完成全年经济社会发展主要目标任务。央行维持支持性的货币政策立场，货币政策基调从“稳健”转向“适度宽松”，央行分别于1月24日和9月27日公告降准0.5个百分点，提供长期流动性超过2万亿元；于7月22日和9月29日分别下调7天逆回购操作利率10BP和20BP，并引导1年期及5年期以上LPR分别累计下降35BP和60BP；通过增加国债净买入和买断式回购操作投放流动性，逐步替换MLF。积极的财政政策措施精准发力，有力支持社会经济平稳健康发展，出台实施近年来力度空前的一揽子化债方案，支持地方政府缓释偿债压力，增强发展动能。　　2024年债券市场在国内外多重因素交织叠加的影响下，呈现出下行态势。利率债方面，2024年利率债收益率平坦化下行，截至12月31日，1年期、10年期国债收益率分别下行99.5BP、88.0BP至1.08%、1.68%；1年期、10年期国开债收益率分别下行99.8BP、95.3BP至1.20%、1.73%。信用债方面，高风险主体逐步出清，信用风险呈现收敛态势，收益率在资金面合理充裕、信用债供需错配等因素作用下下行，但8至10月因机构负债端阶段性波动，一度对信用债市场产生扰动。　　2024年A股摆脱自2021年以来的下行趋势，实现震荡收涨。随着政策的不断呵护，权益市场有效化解年初的流动性困境，随着基本面预期走弱，政策也择机做出了较大表述变化，对市场和基本面的预期产生较为明显的正向推动。风格来看，大盘指数跑赢小盘指数，价值板块跑赢成长板块。　　本基金债券端采取以中高评级信用债打底，同时运用高评级二永债和长久期利率债交易的主要策略。权益部分以价值投资为主要策略，追求行业均衡配置布局.","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:32.442Z","mo":"2025年稳增长政策有望对经济形成边际提振，但基本面仍有结构性隐忧，预计经济复苏延续温和态势。政策脉冲之下，楼市景气度边际回温，但量升价滞的特征未改，整体库存去化效率延续放缓，仍需关注楼市供需再平衡的节奏。全球地缘政治风险仍有不确定性，特朗普政府的关税政策对我国贸易的影响难言清晰。预计货币政策将维持宽松，但需关注贸易政策、地缘政治对人民币汇率表现、货币政策节奏的阶段性影响。　　对于债券市场而言，考虑到国内经济修复仍面临一定挑战，需要实际利率进一步下行以激发内生需求，同时，“适度宽松”的货币政策定调下，预计流动性呵护仍将延续，资金面亦有望保持平稳，叠加配置需求仍较为强劲，整体看债券市场大幅调整风险可控，仍具有一定的配置价值。 　　权益方面尽管有诸多挑战，但不应低估宏观政策对经济增长支持的意愿与能力。伴随政策端拐点信号已现，经济结构转型升级也将继续深化，新兴产业将迎来更大的发展空间。权益市场在此背景下性价比显现，转债和股票具有一定核心价值主线和配置属性。","fund":{"_id":3000000018481,"__csrcFundId":12700,"stockCode":"018481","shortName":"中金恒新90天持有债券发起(018481)","masterFundShortName":"中金恒新90天持有债券发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18481,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:59:38.891Z","status":"normal","exchange":"jj","fundCollectionId":4000050960000,"inceptionDate":"2023-05-14T16:00:00.000Z","name":"中金恒新90天持有期债券型发起式证券投资基金","setUpDate":"2023-05-14T16:00:00.000Z","setUpAssetScale":500067500,"setUpShares":500067500,"pinyin":"zjhx90tcyqzqxfqszqtzjj","managers":[{"stockCode":"db20598079","stockType":"fund_manager","exchange":"fm","tickerId":425200800,"name":"丁杨"},{"stockCode":"db20796848","stockType":"fund_manager","exchange":"fm","tickerId":251225231110,"name":"杨力元"}]},"announcement":{"linkText":"中金恒新90天持有期债券型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1248642","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2bc7fea5b3eb0532252","date":"2024-09-29T16:00:00.000Z","stockId":3000000018481,"sao":"股票市场方面，2024年1-9月，上证综指、沪深300、中证100、创业板指分别上涨12.15%、17.10%、18.34%、15.00%。债券市场方面，2024年1-9月，债券市场整体走强，收益率曲线明显下行，中债10年期国债、国开债到期收益率分别下行40bps、43bps,三季度中证转债下跌3.83%。1-8月工业增加值同比增长5.8%、固定资产投资同比增3.4%，社零同比增长3.4%,9月以来，宏观景气度继续维持低位。转债跌幅较大主要受信用风险发酵、转债正股退市的风险事件的影响，打击了转债市场的交投情绪，月末随权益市场修复，但是修复节奏较慢。　　操作方面，三季度债市收益率大幅下行后进入宽幅震荡。组合积极顺势而为，通过高评级债券和利率债适度提高了整体组合久期。权益方面三季度组合保持了中性较低的仓位，并在季度末重要会议之后小幅提高了权益仓位至中性水平。在本基金的管理中，我们始终坚持稳健低波的权益操作模式，因而在底仓构建中主要采取了类债策略和逆向布局的策略，对应了红利风格和低估值顺周期风格的持仓，同样为了分享高质量发展的红利而小仓位阶段性采取了高性价比策略，以布局有产业强逻辑的成长风格标的。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:32.439Z","fund":{"_id":3000000018481,"__csrcFundId":12700,"stockCode":"018481","shortName":"中金恒新90天持有债券发起(018481)","masterFundShortName":"中金恒新90天持有债券发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18481,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:59:38.891Z","status":"normal","exchange":"jj","fundCollectionId":4000050960000,"inceptionDate":"2023-05-14T16:00:00.000Z","name":"中金恒新90天持有期债券型发起式证券投资基金","setUpDate":"2023-05-14T16:00:00.000Z","setUpAssetScale":500067500,"setUpShares":500067500,"pinyin":"zjhx90tcyqzqxfqszqtzjj","managers":[{"stockCode":"db20598079","stockType":"fund_manager","exchange":"fm","tickerId":425200800,"name":"丁杨"},{"stockCode":"db20796848","stockType":"fund_manager","exchange":"fm","tickerId":251225231110,"name":"杨力元"}]},"announcement":{"linkText":"中金恒新90天持有期债券型发起式证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1179966","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2bc7fea5b3eb0532251","date":"2024-06-29T16:00:00.000Z","stockId":3000000018481,"sao":"债券市场上半年整体市场呈现收益率下行趋势，组合积极顺势而为，通过高评级债券和利率债适度提高了整体组合久期。权益方面一季度适度提高了权益仓位，二季度进行了适度减仓。在本基金的管理中，我们始终坚持稳健低波的权益操作模式，因而在底仓构建中主要采取了类债策略和逆向布局的策略，对应了红利风格和低估值顺周期风格的持仓，同样为了分享高质量发展的红利而小仓位阶段性采取了高性价比策略，以布局有产业强逻辑的成长风格标的。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:32.437Z","mo":"宏观环境来看，上半年经济走势仍然处于提质增效的进程之中。尽管几个一线城市相继出台了放松地产的政策，但是居民杠杆率较高，可支配收入和财产性收入没有明显趋势向上的环境下，整个地产产业链仍然难有趋势性的修复，从而可能带动整个居民端内需均面临一定压力。制造业仍然具有比较优势，在外需保持韧性的情况下，预计细分龙头仍然能够获得稳健的超额收益。因此下半年权益资产以阶段性、结构性机会为主；债券市场长端利率下行较多，但仍然保持中性乐观，未来重点关注财政发力情况的扰动，；权益市场经历修复后持续调整，后期需更大力度的稳增长举措来稳定预期。","fund":{"_id":3000000018481,"__csrcFundId":12700,"stockCode":"018481","shortName":"中金恒新90天持有债券发起(018481)","masterFundShortName":"中金恒新90天持有债券发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18481,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:59:38.891Z","status":"normal","exchange":"jj","fundCollectionId":4000050960000,"inceptionDate":"2023-05-14T16:00:00.000Z","name":"中金恒新90天持有期债券型发起式证券投资基金","setUpDate":"2023-05-14T16:00:00.000Z","setUpAssetScale":500067500,"setUpShares":500067500,"pinyin":"zjhx90tcyqzqxfqszqtzjj","managers":[{"stockCode":"db20598079","stockType":"fund_manager","exchange":"fm","tickerId":425200800,"name":"丁杨"},{"stockCode":"db20796848","stockType":"fund_manager","exchange":"fm","tickerId":251225231110,"name":"杨力元"}]},"announcement":{"linkText":"中金恒新90天持有期债券型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1152372","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2bc7fea5b3eb0532250","date":"2024-03-30T16:00:00.000Z","stockId":3000000018481,"sao":"基本面数据较为疲弱的环境下，一季度债券市场整体走牛，三月PMI小幅超预期后叠加供给担忧，给债市带来一定压力，但是资金面缓和后，进场做多动力仍然较足；权益市场一波三折，一月深度调整后二月反弹三月震荡。　　操作方面，本季度组合积极跟随债市做多；权益方面逐步建仓权益资产。债券方面适度提高久期与交易。　　月度经济数据受外需提振较多，地产数据仍然处于底部，短期看基本面全面复苏尚需进一步确认，尽管从股债性价比来看权益资产性价比持续高位，但是趋势回归需要等待基本面验证，因此大类资产方面权益仍然保持谨慎，债券阶段风险不大顺势而为胜率或更高；在股市资金压力阶段缓解后，市场存在修复需求，超跌资产以及部分结构性行业经营业绩。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:32.434Z","fund":{"_id":3000000018481,"__csrcFundId":12700,"stockCode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