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25BP。一季度债券供给偏少，市场流动性平稳充裕，收益曲线平坦化下行，超长期国债表现突出。信用利差继续压缩至历史低位。　　A股市场波动较大结构分化，红利指数上涨，万得微盘指数下跌。与正股表现相对应，银行、煤炭、电力等低价大盘转债上涨，万得可转债小盘指数下跌。　　报告期内，本基金动态调整债券久期和可转债仓位。期初积极拉长组合久期，随着利率水平走低、逐步压缩了组合久期，并增持了债性保护较好的可转债。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:23.112Z","fund":{"_id":3000000040009,"__csrcFundId":84,"stockCode":"040009","shortName":"华安稳定收益债券(040009)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40009,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:31:19.459Z","status":"normal","inceptionDate":"2008-04-29T16:00:00.000Z","name":"华安稳定收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安稳定收益债券","pinyin":"hawdsyzqxzqtzjj","managers":[{"stockCode":"db20041605","stockType":"fund_manager","exchange":"fm","tickerId":820080090,"name":"贺涛"}]},"announcement":{"linkText":"华安稳定收益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=1073187","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41b7fea5b3eb0544826","date":"2023-12-30T16:00:00.000Z","stockId":3000000040009,"sao":"2023年，海外通胀回落，美联储9月起暂停加息。国内经济经历疫情放开后的脉冲、回落和企稳，整体呈现温和复苏态势。其中，高质量发展扎实推进，出口平稳、消费持续修复，而房地产投资继续回落。CPI 0%附近波动，PPI同比负增有所收敛。货币政策保持稳健，注重跨周期和逆周期调节，降准2次、降息2次引导实体融资利率下行。财政逐步发力，下半年增发1万亿长期建设国债和1.4万亿特殊再融资地方债，有效支撑了经济的复苏以及尾部风险的化解。货币市场整体流动性先松后紧，短期限债券跟随资金面波动，而长期限债券受流动性、供给和预期等影响，收益率震荡下行；信用利差持续收敛。权益市场先扬后抑，市场先后围绕经济复苏、AI、“中特估”、高股息低波等风格展开，全年来看TMT等科技产业以及红利价值股表现较好，地产和消费产业表现相对弱势，可转债市场相对股市“抗跌”。　　本基金在报告期内维持中高等级信用策略，动态调整组合久期和转债的结构与仓位。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:23.109Z","mo":"展望2024年，海外需求或将回落，美联储将开启降息进程。国内方面，经济预计延续温和复苏。房地产投资虽仍在底部徘徊，但随着二手房活跃和三大工程稳步推进，对经济的负向拖累或将减少。积极的财政政策将适度加力、提质增效。稳健的货币政策将灵活适度、精准有效。预计市场流动性整体宽裕，利率仍将震荡下行但波动可能加大，信用利差保持低位。A股整体估值处于历史低位，经济温和复苏背景下，风险偏好或将适度修复。可转债市场整体呈现“债性”，具备“进可攻、退可守”的特性，配置价值提升。本基金将动态调整组合久期，适度提升转债仓位。","fund":{"_id":3000000040009,"__csrcFundId":84,"stockCode":"040009","shortName":"华安稳定收益债券(040009)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40009,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:31:19.459Z","status":"normal","inceptionDate":"2008-04-29T16:00:00.000Z","name":"华安稳定收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安稳定收益债券","pinyin":"hawdsyzqxzqtzjj","managers":[{"stockCode":"db20041605","stockType":"fund_manager","exchange":"fm","tickerId":820080090,"name":"贺涛"}]},"announcement":{"linkText":"华安稳定收益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=1048364","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41b7fea5b3eb0544825","date":"2023-09-29T16:00:00.000Z","stockId":3000000040009,"sao":"三季度，地产政策、信贷政策等多个政策组合拳相继出台，国内经济数据有所改善，PMI持续回升、工业生产加快修复速度，消费好转，投资出现分化，制造业、基建增速回升，而地产降幅扩大。通胀方面，CPI同比增速在0%附近徘徊，PPI同比增速跌幅收窄。货币政策维持宽松，央行降准一次、下调OMO和MLF利率0.1个百分点和0.15个百分点。市场表现方面，短端利率中枢上行，债市出现调整，长端利率先下后上。信用债尤其是城投债受到“一揽子化债”方案的推进，利差有所压缩，整体表现优于利率债。权益市场延续震荡下行，高股息低估值行业涨幅居前，前期涨幅较大的TMT行业显著回调。转债跟随正股调整，估值维持高位。本基金报告期内动态调整组合久期，积极调整可转债持仓结构，减持高价转债、增持低价转债。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:23.105Z","fund":{"_id":3000000040009,"__csrcFundId":84,"stockCode":"040009","shortName":"华安稳定收益债券(040009)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40009,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:31:19.459Z","status":"normal","inceptionDate":"2008-04-29T16:00:00.000Z","name":"华安稳定收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安稳定收益债券","pinyin":"hawdsyzqxzqtzjj","managers":[{"stockCode":"db20041605","stockType":"fund_manager","exchange":"fm","tickerId":820080090,"name":"贺涛"}]},"announcement":{"linkText":"华安稳定收益债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=984742","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41b7fea5b3eb0544824","date":"2023-06-29T16:00:00.000Z","stockId":3000000040009,"sao":"上半年，海外通胀略有回落但仍处高位，美联储维持紧缩态势。国内方面，一季度经济受“疫后补偿性消费”影响走势较强，二季度则呈现逐步回落态势，尤其是地产产业链恢复力度低于预期。制造业PMI和服务业PMI先扩张后收缩，消费修复，投资、出口有所走弱。社融和信贷一季度高增，二季度有所放缓。通胀方面，CPI低位回落，PPI转负。货币政策转向宽松，央行下调存款准备金率0.25个百分点，下调OMO和MLF利率0.1个百分点。货币市场流动性一季度偏紧、二季度转松，资金利率先上后下。长端利率债受基本面预期由强转弱影响，收益率先上后下，30年国债收益率创近年新低，信用利差收敛。权益市场先扬后抑，报告期内通信、传媒、计算机、机械设备、家用电器、电子、建筑装饰等表现较好，商贸零售、房地产、农林牧渔、食品饮料、交通运输等表现较差。万得可转债等权指数上涨5.49%，估值基本与期初持平。本基金报告期内维持中高等级信用策略，择机提升了可转债仓位，动态优化组合持仓。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:23.100Z","mo":"展望下半年，经济企稳向上的积极因素增多。政策方面，随着地产政策边际优化、地方城投平台债务风险逐步化解，经济悲观预期将发生扭转。经济基本面方面，产成品库存水平已降至历史较低水平，经济企稳回升的概率上升。商品价格方面国内大宗工业品价格5月底以来开始反弹，预示着经济正逐步出清进入新的均衡水平。预计下半年货币和财政政策将维持宽松基调。市场流动性充裕，中短期限债券仍有配置价值，中长期限债券收益率波动将有所加大。股票市场，权益资产的配置价值正在上升，一方面，下半年企业盈利增速将见底回升；另一方面，市场估值水平仍处于历史中枢下方，股票风险溢价率水平较低。策略上，债市仍可顺势而为，配置上主要关注中短端高评级信用债。股票和可转债方面，我们将积极关注低估值高分红的的价值股、国内外需求向上的高端制造业，以及数字经济等代表产业创新升级方向的成长股。本基金将秉承稳健、专业的投资理念，勤勉尽责地维护持有人的利益。","fund":{"_id":3000000040009,"__csrcFundId":84,"stockCode":"040009","shortName":"华安稳定收益债券(040009)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40009,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:31:19.459Z","status":"normal","inceptionDate":"2008-04-29T16:00:00.000Z","name":"华安稳定收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安稳定收益债券","pinyin":"hawdsyzqxzqtzjj","managers":[{"stockCode":"db20041605","stockType":"fund_manager","exchange":"fm","tickerId":820080090,"name":"贺涛"}]},"announcement":{"linkText":"华安稳定收益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=959224","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41b7fea5b3eb0544823","date":"2023-03-30T16:00:00.000Z","stockId":3000000040009,"sao":"一季度，硅谷银行和瑞信银行等欧美银行风险爆露，市场风险偏好下降，美债收益率快速回落。国内，疫情对经济的影响消散，制造业PMI连续三个月处于扩张区间，服务业PMI持续走高。出行和线下消费强劲反弹，房地产销售回暖，外需偏弱，经济整体呈现温和复苏态势。货币政策维持宽松，央行下调存款准备金率0.25个百分点，M2同比增速继续走高，社融和信贷增速见底回升。货币市场流动性整体有所收紧，资金利率持续高于OMO操作利率，短端利率走高；长端利率债受“强预期、弱现实”主导，收益率先上后下、波幅收敛；信用利差重新压缩。权益市场活跃、热点切换频繁，报告期内计算机、传媒、通信、电子等涨幅居前，房地产、银行、电力设备等表现较差；转债指数在报告期上涨3.53%，个券表现分化，TMT转债表现优异，新能源转债表现较差。本基金在报告期内维持高等级信用策略，积极调整可转债持仓，增加了TMT行业转债个券占比。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:23.098Z","fund":{"_id":3000000040009,"__csrcFundId":84,"stockCode":"040009","shortName":"华安稳定收益债券(040009)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40009,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:31:19.459Z","status":"normal","inceptionDate":"2008-04-29T16:00:00.000Z","name":"华安稳定收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安稳定收益债券","pinyin":"hawdsyzqxzqtzjj","managers":[{"stockCode":"db20041605","stockType":"fund_manager","exchange":"fm","tickerId":820080090,"name":"贺涛"}]},"announcement":{"linkText":"华安稳定收益债券型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=883360","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41b7fea5b3eb0544822","date":"2022-12-30T16:00:00.000Z","stockId":3000000040009,"sao":"2022年海外通胀压力走高，各国央行纷纷收紧货币，其中美联储加息7次，幅度425bp，欧央行加息4次，幅度250bp。叠加俄乌冲突，全球金融市场动荡，美元指数走高，各国债券收益率大幅上行、股市震荡走低。国内方面，面临“需求收缩、供给冲击、预期转弱”三大挑战，全年经济表现偏弱。其中，固定资产投资稳中略降，基建投资持续发力、制造业投资表现韧性、地产投资继续拖累；消费受场景和收入预期影响较为低迷；出口表现较强，但随着下半年海外经济走弱，出口增速持续回落。通胀方面，CPI先上后下，PPI由正转负。货币政策维持宽松，央行通过下调公开市场操作利率、下调LPR贷款基准利率以及降准等，引导实体融资成本下降，金融市场流动性整体维持宽裕。前三季度，货币市场利率快速下行、利率债区间震荡，信用利差收缩至历史低位。四季度受疫情防控和地产政策调整优化影响，市场预期经济恢复增长，货币市场利率快速走高、债市出现调整，信用利差走阔。股市受海外通胀加息、地缘危机、疫情与地产政策等多重因素影响，全年呈现”W”走势，上证指数下跌15.1%、沪深300下跌21.6%、创业板下跌29.4%，仅煤炭行业实现正收益。转债市场估值先上后下、较上年末有所抬升。本基金在报告期内动态调整组合久期，维持组合中高信用等级，优化可转债持仓。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:23.094Z","mo":"展望2023年，海外通胀风险逐步释放，美联储加息接近尾声，全球经济下行风险加大。国内经济“修养生息”将迎来恢复性回升。其中，出口因外需放缓预计个位数增长；消费随着人流、物流和场下消费场景日益修复，预计上半年将明显修复；地产销量随着政策累计效应的释放、刚需和改善性需求的入场，预计上半年同比增速逐步回正，地产投资增速同比负增幅度缩减。基建投资和制造业投资增速预计维持相对高位。通胀方面，预计CPI保持3%左右温和态势，整体风险不大。货币政策维持中性，强调精准有力。预计资金利率有所抬升、中枢回归“围绕政策利率”波动。债券市场上半年“逆风”，但无通胀复苏背景下，利率风险可控。信用债相对息差和利差水平回归至历史相对中性水平，票息策略依然可为组合带来稳健收益。权益方面，目前市场整体估值水平仍处历史相对低位，而随着经济恢复企业收入和盈利水平将不断提升。价值股在基本面修复预期下依然有投资价值，成长股经过调整后估值得到部分修复，关注TMT、医药、军工等景气改善向上的成长板块。本基金将近期将维持组合高信用等级、中短久期策略，自下而上精选可转债个券，保持一定可转债资产的配置比例。本基金将秉承稳健、专业的投资理念，勤勉尽责地维护持有人利益。","fund":{"_id":3000000040009,"__csrcFundId":84,"stockCode":"040009","shortName":"华安稳定收益债券(040009)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40009,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:31:19.459Z","status":"normal","inceptionDate":"2008-04-29T16:00:00.000Z","name":"华安稳定收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安稳定收益债券","pinyin":"hawdsyzqxzqtzjj","managers":[{"stockCode":"db20041605","stockType":"fund_manager","exchange":"fm","tickerId":820080090,"name":"贺涛"}]},"announcement":{"linkText":"华安稳定收益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=867276","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41b7fea5b3eb0544821","date":"2022-09-29T16:00:00.000Z","stockId":3000000040009,"sao":"三季度，美联储加快升息频率，2次上调联邦基准利率75bp。市场重新审视美联储打压通胀的决心，美债收益率大幅上行。国内经济筑底但向上动力较弱。其中，固定资产投资表现平稳、基建投资发力、制造业投资韧性，而出口回落、地产投资继续拖累；消费受低基数带动底部修复。CPI平稳回升，PPI快速回落。货币政策维持宽松，央行下调OMO和MLF操作利率，同时下调LPR贷款利率，引导资金进入实体经济。流动性整体宽裕，货币市场利率维持低位，债券收益率震荡下行，信用利差维持低位。报告期内股市震荡下行，建材、有色、电子、医药、电力设备、汽车等领跌；可转债跟随股市调整，估值先收敛后抬升。本基金在报告期内维持中高等级信用策略，动态调整组合久期，对超长期债券进行波段操作。择机调整转债仓位和持仓结构。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:23.088Z","fund":{"_id":3000000040009,"__csrcFundId":84,"stockCode":"040009","shortName":"华安稳定收益债券(040009)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40009,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:31:19.459Z","status":"normal","inceptionDate":"2008-04-29T16:00:00.000Z","name":"华安稳定收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安稳定收益债券","pinyin":"hawdsyzqxzqtzjj","managers":[{"stockCode":"db20041605","stockType":"fund_manager","exchange":"fm","tickerId":820080090,"name":"贺涛"}]},"announcement":{"linkText":"华安稳定收益债券型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=802327","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41b7fea5b3eb0544820","date":"2022-06-29T16:00:00.000Z","stockId":3000000040009,"sao":"上半年，海外通胀压力加大，各央行纷纷收紧货币政策，美联储连续大幅加息。国内方面，经济面临需求收缩、供给冲击、预期转弱三大挑战，3月中下旬疫情爆发进一步冲击经济，二季度GDP增速大幅降至0.4%。随着疫情的缓解，复产复工的全面推进，经济已逐步修复。通胀方面，CPI逐步小幅回升，PPI受高基数带动延续回落趋势。央行维持宽松的货币政策基调，下调公开市场操作利率、MLF利率以及LPR基准利率，M2同比增速较上年末上升2.4个百分点至11.4%，社融企稳回升。流动性宽裕，货币市场利率震荡走低，债券收益率整体维持震荡格局，信用利差不断压缩，民营房企不断暴雷。前4个月A股出现较大回调，高估值成长股回撤幅度较大，低估值稳增长板块和资源板块超额收益明显；4月26日后股票市场反弹，受益于政策支持的电力设备新能源、汽车等行业反弹力度较大。可转债跟随股市先跌后涨，估值仍处于较高水平。本基金在报告期内维持中高等级信用策略，综合正股行业景气度、个股估值、转债估值等因素，积极调整可转债持仓结构。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:23.085Z","mo":"海外宏观主要矛盾依然是通胀风险，美联储加息缩表被迫提速中期关注衰退风险。国内疫情缓和、经济触底。出口和工业生产仍有修复空间，基建投资是稳定器，地产投资仍较弱，消费恢复较乏力。政策将维持宽松基调以支持经济企稳复苏。债券收益率将震荡下行，关注曲线凸点的骑乘效应，以及长久期利率债波动中下行的机会，回避信用风险。可转债市场将按行业景气方向（风电、光伏、储能、新能源车）和行业景气度反转方向（养殖、农产品）等择券配置。本基金将维持高信用等级策略，动态优化组合持仓。","fund":{"_id":3000000040009,"__csrcFundId":84,"stockCode":"040009","shortName":"华安稳定收益债券(040009)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40009,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:31:19.459Z","status":"normal","inceptionDate":"2008-04-29T16:00:00.000Z","name":"华安稳定收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安稳定收益债券","pinyin":"hawdsyzqxzqtzjj","managers":[{"stockCode":"db20041605","stockType":"fund_manager","exchange":"fm","tickerId":820080090,"name":"贺涛"}]},"announcement":{"linkText":"华安稳定收益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=782368","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41b7fea5b3eb054481f","date":"2022-03-30T16:00:00.000Z","stockId":3000000040009,"sao":"一季度，英美央行收紧货币政策，俄乌危机加剧大宗商品上涨，引发市场对全球滞胀的担忧。国内经济面临需求收缩、供给冲击、预期转弱三大挑战，地产销售同比负增，局部地区疫情影响较大，社融增速温和企稳。央行下调公开市场操作利率和MLF利率。利率债收益率低位震荡，信用利差有所走高，民营房企信用风险继续发酵。股市出现较大调整，高估值成长股回撤幅度较大，低估值稳增长板块和资源板块超额收益明显。可转债的转股溢价率压缩，跟随股市调整。报告期组合维持了高等级信用策略，所持可转债价格调整导致净值暂时回落。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:23.082Z","fund":{"_id":3000000040009,"__csrcFundId":84,"stockCode":"040009","shortName":"华安稳定收益债券(040009)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40009,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:31:19.459Z","status":"normal","inceptionDate":"2008-04-29T16:00:00.000Z","name":"华安稳定收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安稳定收益债券","pinyin":"hawdsyzqxzqtzjj","managers":[{"stockCode":"db20041605","stockType":"fund_manager","exchange":"fm","tickerId":820080090,"name":"贺涛"}]},"announcement":{"linkText":"华安稳定收益债券型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=722621","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41b7fea5b3eb054481e","date":"2021-12-30T16:00:00.000Z","stockId":3000000040009,"sao":"2021年新冠疫情的反复继续影响着各国经济政策和市场参与者的预期。年初随着各国疫苗接种的开启和提速，人们对经济和疫情乐观，大宗商品大涨、通胀上行，市场预期各国刺激政策将加速退出。A股市场波动加大结构分化，“通胀”+“双碳”主题受益的煤炭钢铁新能源等行业个股表现较好。债券市场围绕“不急转弯”货币政策表述的解读，由年初的谨慎逐步转为乐观，整体利率由上转下。年中，随德尔塔病毒变异全球扩散，全球供应链恢复势头被打断，而国内坚持“动态清零”，线下消费服务场景重新萎缩。政策在“跨周期调节”框架下全面降准。而受大型民企房地产商信用风险爆发的影响，国内房地产销量急剧下滑。受教培、互联网等行业理以及出台煤价行政管制措施等影响，A股市场结构分化更加极端，热点集中在新能源方向。债券市场大涨，但信用分层尤其是民营地产商信用利差迅速拉大、流动性缺失。临近年末，传染性更高的奥密克隆毒株迅速在全球大流行，但医学家逐步发现其毒性较弱且有“流感化”的趋势。欧美各国放松疫情管控并正式开启货币紧缩回归中性的进程。国内房地产投资负增长，央行再次全面降准。A股市场开始关注稳增长和疫情复苏等方向。债券市场维持牛市，利率小幅下行。全年来看， 10年国债收益率全年下行37BP、10年国开债收益率下行45BP，上证综指上涨4.8%、沪深300下跌5.2%、创业板上涨12.02%。行业之间表现分化很大，电气设备、有色金属、采掘、化工、钢铁等表现较好，而家电、非银、地产、休闲服务、食品饮料等表现较为落后。可转债在2021年表现抢眼，利率下行和国证2000持续上涨使得中小市值转债出现较大幅度上涨，各类碳中和相关转债也有很高的回报。\t本基金在报告期内动态调整久期，提升组合信用等级，优化可转债持仓结构，择机进行转债和正股之间的套利。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:23.079Z","mo":"展望2022，俄乌冲突加剧全球金融市场动荡，增加世界经济复苏不确定，同时推升通胀水平。海外加息潮影响渐显，美联储加息和缩表的幅度和进度有可能超预期。国内宏观经济面临“供给冲击、需求收缩、预期转弱”三重压力，在逆周期和跨周期政策共同发力下，内需动能有望先后发力，经济有望企稳。货币政策将坚持以内为主，稳增长的诉求提高，流动性预计偏友好，资金利率维持低位运行。债券市场方面，尽管经过2021年的牛市，债券利率已下行到了一个较低的水平，但放眼2022全年，国内经济的稳增长压力仍然存在，央行货币政策导向整体仍偏松，银行理财规模持续增长，“资产荒”仍将延续，债市在整体震荡的格局中仍存阶段性机会。受经济下行、盈利下降影响，股指整体上涨空间有限，但结构性机会仍将层出不穷。短期内，受益政策宽松的地产链预计将持续反弹，中期看，当期业绩确定，长期空间又较大的成长性行业有望获得超额收益。转债市场目前估值偏高，我们将结合正股和估值精选个券。本基金将维持中高信用等级策略，动态调整组合久期和转债仓位。本基金将秉承稳健、专业的投资理念，勤勉尽责地维护持有人利益。","fund":{"_id":3000000040009,"__csrcFundId":84,"stockCode":"040009","shortName":"华安稳定收益债券(040009)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40009,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:31:19.459Z","status":"normal","inceptionDate":"2008-04-29T16:00:00.000Z","name":"华安稳定收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安稳定收益债券","pinyin":"hawdsyzqxzqtzjj","managers":[{"stockCode":"db20041605","stockType":"fund_manager","exchange":"fm","tickerId":820080090,"name":"贺涛"}]},"announcement":{"linkText":"华安稳定收益债券型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=712531","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41b7fea5b3eb054481d","date":"2021-09-29T16:00:00.000Z","stockId":3000000040009,"sao":"三季度，新冠疫情由于德尔塔病毒出现反复，海外经济复苏放缓，但通胀继续上行。美联储表示年内开启Taper，美债利率回升。国内经济下行压力渐显，受疫情影响，旅游、消费复苏受阻，居民消费意愿和能力下降；地产信用事件发酵，固定资产投资持续回落；“双限”拉闸限电拖累工业生产；而出口数据维持强劲。PPI同比增速持续走高，CPI在食品价格带动下保持低位。货币政策延续稳健基调，财政政策注重实效。报告期内货币市场利率围绕公开市场利率波动，央行通过MLF和公开市场投放流动性，并在7月进行了一次降准。资金面维持宽松，利率债收益率先下后震荡，信用利差拉大。股市在报告期内整体表现为震荡， “共同富裕” 成为市场关注焦点，行业分化巨大，上证综指下跌0.64%，沪深300下跌6.85%，创业板则下跌6.69%。行业方面，采掘、公用事业、有色金属、钢铁、化工等板块表现较好，而医药、休闲服务、食品饮料、传媒、家电等行业表现较为落后。可转债市场整体表现好于股市，周期和新能源行业转债表现较好，转债整体估值抬升。本基金保持了对利率债和高等级信用债的基本配置，动态调整转债仓位。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:23.077Z","fund":{"_id":3000000040009,"__csrcFundId":84,"stockCode":"040009","shortName":"华安稳定收益债券(040009)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40009,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:31:19.459Z","status":"normal","inceptionDate":"2008-04-29T16:00:00.000Z","name":"华安稳定收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安稳定收益债券","pinyin":"hawdsyzqxzqtzjj","managers":[{"stockCode":"db20041605","stockType":"fund_manager","exchange":"fm","tickerId":820080090,"name":"贺涛"}]},"announcement":{"linkText":"华安稳定收益债券型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=655715","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41b7fea5b3eb054481c","date":"2021-06-29T16:00:00.000Z","stockId":3000000040009,"sao":"上半年市场关心的是“价”，即“通胀预期”。其中，一季度，随着疫苗接种加速、美国财政刺激计划落地，海外经济复苏步伐加快、商品价格大涨、美国10年国债收益率迅速上扬，市场预期美联储加速缩表。二季度，欧美国家逐步解封，经济尤其线下服务业快速恢复，油价逐步抬升。但大宗工业品和农产品价格冲高回落，10年期美债收益率不升反降，反映市场开始对乐观的经济预期进行修正，通胀交易消退。上半年国内经济整体延续复苏态势。出口保持强劲，地产投资体现较强的韧性，制造业投资逐步改善，消费的恢复低于预期。在海外涨价和国内“碳中和”限产预期的扰动下，国内大宗商品价格上涨幅度较大。在政策干预和引导下，二季度大宗商品价格开始回落。PPI一路走高、CPI整体保持低位。社融增速快速下行，地方专项债发行减速。货币政策除春节前收紧导致利率大幅波动外，上半年整体维持宽松，债券市场利率震荡下行。信用市场融资量一度下降，在各地政府“化债”努力下，部分地区的信用债融资功能逐步恢复。股票市场，上半年主要指数均呈现震荡上行的走势，其中上证指数上涨3.40%，深圳成指上涨4.78%，沪深300上涨0.24%，创业板指上涨17.22%。从行业表现来看，约2/3的行业实现了正收益，其中基础化工、钢铁和新能源板块均获得了超过20%的指数涨幅，非银、家电、军工板块的指数跌幅则超过了10%，整体分化还是比较大。从风格来看，周期和成长风格涨幅领先，消费风格表现稳定，金融风格相对落后。可转债市场在整体估值修复的背景下，亦呈现结构化特征，与锂电、光伏和强周期等相关的个券纷纷触发强制转股条款。本基金上半年维持组合高等级信用策略，逐步拉长组合久期，优化可转债持仓，择机实施可转债和正股间的套利策略。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:23.074Z","mo":"下半年市场关注的焦点将重回“量”，即“经济增长”。首先海外经济复苏不均衡，美国经济依然偏强，日欧偏弱，发展中国家抗疫水平参差不齐、经济复苏之路也更加周折。其次欧美财政货币等刺激政策将逐步退出，劳动者将重返劳动市场，疫情冲击后的就业市场仍需谨慎观察。 最后，近期德尔塔等变异病毒的传播也增添了经济复苏的变数。国内经济增速将呈现回落的态势。其中出口将受到海外供需缺口缩小、替代效应下降的影响增速回落。地产投资受制于“三条红线”等政策影响增速放缓。地方专项债发行将提速，以保障经济平稳运行。PPI将在二三季度见顶，CPI年内依然处于较低水平。近期的“降准”更加体现政策“跨周期”的考量，未来若经济下行压力加大，货币政策仍有放松空间。目前整体利率处于偏低水平，信用利差相对较小。预计利率维持区间震荡走势，信用债风险防范的工作依然重要。股票市场，企业整体盈利依然在改善，降准后流动性充裕，社融将逐步企稳，预计股市整体震荡，机会依然在行业景气度向好、盈利增长方向明确的行业和个股，我们关注“碳中和”、硬科技和新消费等高景气方向。相应地可转债市场的个券挖掘工作重要程度上升。本基金将维持中高信用等级策略，动态调整组合久期和转债仓位，精选个券优化结构。本基金将秉承稳健、专业的投资理念，勤勉尽责地维护持有人利益。","fund":{"_id":3000000040009,"__csrcFundId":84,"stockCode":"040009","shortName":"华安稳定收益债券(040009)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40009,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:31:19.459Z","status":"normal","inceptionDate":"2008-04-29T16:00:00.000Z","name":"华安稳定收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安稳定收益债券","pinyin":"hawdsyzqxzqtzjj","managers":[{"stockCode":"db20041605","stockType":"fund_manager","exchange":"fm","tickerId":820080090,"name":"贺涛"}]},"announcement":{"linkText":"华安稳定收益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=630414","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41b7fea5b3eb054481b","stockId":3000000040009,"sao":"一季度，随着疫苗接种加速、以及美国财政刺激计划落地，海外经济复苏和通胀预期加速上行。商品价格大涨、美国10年国债收益率迅速上扬，市场加息预期浓厚但美联储依然维持鸽派。国内经济延续上行态势。出口数据维持强劲，制造业投资继续改善，地产投资维持高位，消费依旧偏弱。CPI走低，PPI继续回暖。货币政策春节前边际收紧、节后维持稳态，社融增速依然维持较高水平。由于国内政策退出先于海外，国内债市已先期调整，本轮并未受海外利率上行影响。整体利率水平窄幅波动轻微上行。永煤违约影响逐步消退，债券市场融资功能逐步恢复，但市场信用风险偏好极速下降，部分地区和发债主体发债依然困难。股票市场冲高回落分化加剧，报告期内上证综指小幅下跌0.9%，沪深300下跌3.13%，创业板下跌7%；转债市场跟随正股震荡，振幅逐步收敛，个券表现分化。\t本基金报告期内维持了中高等级信用策略，保持了一定转债和权益仓位，基金净值出现一定波动，暂时跑输基准。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:23.071Z","fund":{"_id":3000000040009,"__csrcFundId":84,"stockCode":"040009","shortName":"华安稳定收益债券(040009)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40009,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:31:19.459Z","status":"normal","inceptionDate":"2008-04-29T16:00:00.000Z","name":"华安稳定收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安稳定收益债券","pinyin":"hawdsyzqxzqtzjj","managers":[{"stockCode":"db20041605","stockType":"fund_manager","exchange":"fm","tickerId":820080090,"name":"贺涛"}]},"announcement":{"linkText":"华安稳定收益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=569568","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41b7fea5b3eb054481a","stockId":3000000040009,"sao":"2020年，全球经济受新冠疫情影响大幅回落，各国陆续出台大力度的货币财政刺激政策应对危机。全球金融和商品市场受此影响大幅动荡。国内经济在一季度大幅下行，实际GDP增速-6.8%，固定资产投资、消费、工业增加值均大幅负增长；随着疫情的有效控制，复产复工稳步推进，经济逐步恢复，出口表现持续好于预期，投资、消费、工业增加值明显改善，实际GDP增速持续回升，二季度3.2%、三季度4.9%、四季度6.5%。CPI在食品价格带动下持续回落，PPI则随着经济的恢复逐步回升。货币政策延续灵活适度基调，财政政策注重实效。上半年货币市场经历了持续宽松到逐步回归平衡的过程，下半年货币市场利率围绕公开市场利率波动，债券市场收益率表现为先下后上，十年国债收益率一度创下2003年以来新低，目前回到疫情前的水平。股票市场经历了上涨-下跌-上行-震荡-上行，全年总体表现为震荡上行，主要指数表现为普涨格局。转债市场跟随正股震荡上行，个券表现分化。本基金在报告期内积极调整组合持仓结构，动态调整组合久期和转债仓位，维持中高等级信用策略。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:23.068Z","mo":"展望2021年，随着疫苗接种加速，欧美疫情预计逐步受控，全球需求有望复苏，通胀预期上升。国内方面，随着海外生产恢复、出口增速将逐步回落，但仍在高位。“三四五”红线管理会抑制房企野蛮扩张，但企业盈利修复将刺激制造业投资回升。通胀温和，消费仍有修复空间，基建仍起托底作用。从全年来看，经济受基数影响将呈现前高后低走势，总体延续复苏态势。中央经济工作会议定调政策注重延续性、稳定性、可持续性和不急转弯。货币政策重心将回到控制宏观杠杆率，但收缩力度将相对温和。目前来看，货币市场利率将围绕政策利率上下波动，中长久期利率短期来看仍有调整压力，但中短久期债券收益率逐步具备配置价值。信用利差仍处历史相对低位，需警惕中低等级品种信用风险。转债市场目前估值较为合理，后续将关注正股基本面好转、盈利恢复以及政策受益景气向上的转债品种。本基金将动态调整组合杠杆水平和久期，维持中高信用等级策略，动态调整转债仓位、精选个券。本基金将秉承稳健、专业的投资理念，勤勉尽责地维护持有人利益。","fund":{"_id":3000000040009,"__csrcFundId":84,"stockCode":"040009","shortName":"华安稳定收益债券(040009)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40009,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:31:19.459Z","status":"normal","inceptionDate":"2008-04-29T16:00:00.000Z","name":"华安稳定收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安稳定收益债券","pinyin":"hawdsyzqxzqtzjj","managers":[{"stockCode":"db20041605","stockType":"fund_manager","exchange":"fm","tickerId":820080090,"name":"贺涛"}]},"announcement":{"linkText":"华安稳定收益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=553882","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed41b7fea5b3eb0544819","stockId":3000000040009,"sao":"三季度，欧美经济逐步恢复，国内经济继续反弹。美元指数快速下行，人民币汇率升值加速。国内进出口数据均转正，制造业投资预期改善。随着线下经济活动的加速恢复，消费恢复加快。CPI在食品价格带动下继续回落，PPI环比转正。央行超量续作MLF，货币政策逐步向中性回归。万亿抗疫国债平稳发行，地方债发行放量。报告期内7天回购利率围绕OMO利率波动，商业银行1年期NCD发行利率逐步向MLF利率靠拢，债券市场收益率显著上行。股票市场7月初大幅上涨，其后宽幅震荡。转债市场跟随正股波动，估值继续压缩。本基金报告期内维持组合中短久期，动态调整可转债仓位优化持仓结构。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:23.064Z","fund":{"_id":3000000040009,"__csrcFundId":84,"stockCode":"040009","shortName":"华安稳定收益债券(040009)","fund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