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不佳。从宏观层面也可以看出，传统经济存在一些调整压力，但是新质生产力行业的投资如火如荼。　　本基金报告期内采取”固收+”策略，债券部分采取哑铃型配置策略，含权类资产以平衡型、偏债型转债和价值股为主要配置方向。","lastUpdated":"2026-03-09T14:07:29.836Z","fund":{"_id":3000000040036,"__csrcFundId":3240,"stockCode":"040036","shortName":"华安安心收益债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40036,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:50.335Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"华安安心收益债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安心收益债券","pinyin":"haaxsyzqxzqtzjj","managers":[{"stockCode":"8801599499","stockType":"fund_manager","exchange":"fm","tickerId":262513182270,"name":"周益鸣"}]},"announcement":{"linkText":"华安安心收益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=1460366","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4217fea5b3eb054500c","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000040036,"sao":"2025年三季度债券市场收益率震荡上行，10年期国债从1.6%附近上升到1.85%附近，30年国债从1.85%附近上升到2.20附近，而短端利率则相对稳定，1年期国债基本稳定在1.3%-1.4%左右，收益率曲线呈陡峭化走势。随着三季度股票市场上涨，市场风险偏好明显提高，资金从债券市场流入股票市场，使得固收市场表现相对黯淡。可转债市场则受益于股票市场的上涨表现较强，整体价格水平有非常明显的提高，转债价格中位数一度突破135元，风格偏向于中小市值、成长风格类的转债，银行类等偏红利的转债表现相对一般。　　股票市场在三季度大幅上涨，尤其是科创和创业板，在AI带领下衍生出丰富的投资标的，有色、稀土等资源品也有较大涨幅。相比之下红利策略表现偏弱，同时中小市值个股在三季度下半段表现一般，陷入震荡，市场风格明显偏向大盘成长。　　本基金在三季度采取“固收+”策略，适当参与可转债和长久期利率债的投资。","lastUpdated":"2026-03-09T14:07:29.833Z","fund":{"_id":3000000040036,"__csrcFundId":3240,"stockCode":"040036","shortName":"华安安心收益债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40036,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:50.335Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"华安安心收益债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安心收益债券","pinyin":"haaxsyzqxzqtzjj","managers":[{"stockCode":"8801599499","stockType":"fund_manager","exchange":"fm","tickerId":262513182270,"name":"周益鸣"}]},"announcement":{"linkText":"华安安心收益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=1375697","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4217fea5b3eb054500b","date":"2025-06-29T16:00:00.000Z","stockId":3000000040036,"sao":"2025年上半年债券市场弱势震荡，10年期国债收益水平在1.6%-1.9%，较2024年末并没有进一步的下行，但部分弱资质的城投债表现相对较好，导致今年信用下沉策略相对有效，而久期策略优势并不明显，甚至会带来亏损。利率上行阶段主要是在春节之后，宏观经济表现较好，房地产成交回暖，AI和机器人等新兴产业带动市场风险偏好迅速提高，资金流入股票市场。但4月后，特朗普掀起了关税战，导致债券利率逐级下行，同时二季度房地产成交也开始逐渐降温，最终利率再次下行。　　可转债市场表现相对较好，由于上半年纯债缺乏资本利得，固收类资金谋求固收“加”的增厚，结合股票市场的上涨，大幅介入可转债。另外，市场的强势使得大量可转债达成强制赎回条款，供给端进一步减少。标的正股的上涨和转债供需不平衡共同推动了市场价格震荡上行。　　股票市场在上半年呈现V型走势，股指在年初小幅回调后逐步走强，4月在关税贸易冲击后出现短期下跌，随后一路震荡上行。板块方面，创新药、AI、机器人等成长板块表现突出，价值板块中的银行表现同样优秀。市值因子方面中小市值个股涨幅好于大市值个股。　　本基金在上半年采取固收加的投资策略，积极参与可转债市场投资，力争从含权类资产获取业绩增厚。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:29.830Z","mo":"上半年我国GDP增速达到5.3%，在错综复杂的国际环境中，取得了超预期的增长。下半年全球经济仍有一定的不确定性，美国近期数据开始走弱、美联储货币政策可能会发生转向、关税对全球经济的影响会进一步显现。国内宏观在下半年依然会延续上半年的良好势头，近期股票价格的上涨给予全社会正面向好的预期，同时反内卷政策会进一步提高发展的质量，有效遏制无序竞争，推动企业盈利改善。　　下半年债券市场可能依然维持震荡，但波幅可能会加大。从海外看，美国经济数据开始走弱，同时美联储降息的概率在逐步加大，对国内债券而言相对有利。国内方面，随着反内卷政策不断出台，遏制无序价格战，有望推动物价上行，对债券相对不利；股票的持续上涨，也会带来资金从固收类资产往权益类资产搬家。如果经济能够成功走出通缩状态，推动物价回升，房地产止跌回稳，那债券利率可能会有较大的波动。　　可转债市场目前转债价格中位数在130元附近，各项估值指标位于近几年相对较高的水平，这既是供需决定的结果，也是投资者看好后续股票市场的一种体现。但是过高溢价率也有透支未来的风险，如果股票涨幅不及预期，也可能会导致部分转债亏损。当前可转债市场双低策略和纯债替代策略已经没有足够多的标的来支持策略实施，更多的是偏股型转债，下半年会更为依赖股票市场的表现。　　下半年股票市场有望进一步上行。美联储下半年降息概率增加，为权益市场提供相对有利的外部货币环境。国内反内卷政策出台对于各个行业竞争格局会有较为明显的改善，增加企业盈利。产业趋势上，国内新兴行业依然在高速发展期，例如AI、机器人、创新药等等，已经被证明具有一定的国际竞争力。同时，传统行业中例如煤炭、地产、航空等板块整体股价还在底部区域附近，一旦供需关系改善会有一定的弹性。近期，市场风险偏好明显回升，会带动居民配置从存款、债券等固收类资产向股票类资产倾斜。","fund":{"_id":3000000040036,"__csrcFundId":3240,"stockCode":"040036","shortName":"华安安心收益债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40036,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:50.335Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"华安安心收益债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安心收益债券","pinyin":"haaxsyzqxzqtzjj","managers":[{"stockCode":"8801599499","stockType":"fund_manager","exchange":"fm","tickerId":262513182270,"name":"周益鸣"}]},"announcement":{"linkText":"华安安心收益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=1349807","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4217fea5b3eb054500a","date":"2025-03-30T16:00:00.000Z","stockId":3000000040036,"sao":"2025年一季度股票市场整体维持震荡走势，春节期间人形机器人、DEEPSEEK火爆出圈，带领市场开启反弹，整个股市围绕算力、电源配套、机器人零部件等相关板块展开。但2月份美国DOGE开启公务员裁员后，美股纳斯达克指数出现了非常明显的调整，最终使得A股市场的科技板块也略有回调。　　债券市场在一季度承压，尤其在春节之后债券利率从低位有明显反弹。由于2024年底市场对于2025年货币宽松保持非常高的预期，尤其是对于年初“降准降息”的预期，但最终这一预期出现了落空，同时资金面还有非常明显的阶段性扰动，导致债市预期和现实出现较大偏离。同时，随着股票市场的上涨，房地产市场止跌企稳，市场风险偏好有所提高，也对债券形成负面影响。可转债市场在一季度高歌猛进，可转债价格中位数不断提高，转股溢价率估值也有明显攀升，甚至出现了不少150元以上的转债。转债主要上涨板块集中在AI、机器人等科技创新领域，偏红利和价值板块的转债表现相对一般。　　本基金在一季度采取固收+的投资策略，投资方向主要以利率债+可转债为主。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:29.828Z","fund":{"_id":3000000040036,"__csrcFundId":3240,"stockCode":"040036","shortName":"华安安心收益债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40036,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:50.335Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"华安安心收益债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安心收益债券","pinyin":"haaxsyzqxzqtzjj","managers":[{"stockCode":"8801599499","stockType":"fund_manager","exchange":"fm","tickerId":262513182270,"name":"周益鸣"}]},"announcement":{"linkText":"华安安心收益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=1273265","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4217fea5b3eb0545009","date":"2024-12-30T16:00:00.000Z","stockId":3000000040036,"sao":"2024年中国宏观经济呈现U型走势，最终完成了5%的目标，尤其在四季度经济出现了明显的好转。房地产方面，无论新房还是二手房都有所回暖，部分城市的新房价格出现上升，呈现出明显的止跌企稳迹象。消费层面，下半年各地消费券和补贴力度加大，有效刺激了居民消费回升。但我们也看到，PPI和CPI仍然在相对较低的水平，尚处于温和复苏阶段；海外方面，美国经济出现一些疲态，美债利率逐级下行，特朗普当选后关税政策亦有较大的不确定性。这些因素会使得当前货币和财政政策难以出现全面收紧。　　回顾2024年金融市场，债券市场呈现持续下行的走势，超长久期利率债表现突出。短端利率下行幅度不及长端，收益率曲线进一步平坦化。可转债在2024年虽然录得正收益，但在8月份出现了信用风波，部分转债的退市对市场信心造成了较大的冲击，最终在股票的大幅反弹下，转债依靠转股价值的快速提高，扫除了无法还本付息的忧虑。　　2024年股票市场止跌回升，9月后市场预期出现了非常明显的扭转，同时中央经济工作会议大力提振了市场的信心。结构方面，随着OPENAI的横空出世以及国内大模型的发展，AI产业链带领了整个科技板块大幅上涨；红利指数则在利率大幅下行的背景下稳步上行。市值风格方面，由于宽基指数有大额的资金申购，尤其集中在大市值指数，导致大盘股表现强于小盘股。　　　　本基金在报告期内采取固收加的配置策略，积极参与股票和可转债投资。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:29.825Z","mo":"展望2025年，我们认为经济仍将处于复苏通道，尤其是人工智能和机器人等新兴行业会产生大量的投资需求，引领经济提质增效。同时，房地产也有望持续回暖，近期部分城市土地拍卖情况火热，溢价率明显走高。　　我们对2025年的股票市场持乐观的态度。首先，经济在多个方面出现了上升势头，基本面正在回暖。其次，人工智能和机器人产业出现历史性的机遇，国内企业展现出了强有力的国际竞争力，有望带动上下游一系列投资，进而产生结构性的行情。最后，2024年以来央行多次降息，提供了低利率环境，居民和金融机构在资产配置上有增加股票配置的需求，在2024年已经衍生出了红利策略，股票市场出现了筑底回升，2025年有望产生更多投资策略。　　展望债券市场，我们认为短期或将在偏低利率环境下小幅震荡，毕竟目前经济尚处于复苏初期，需要相对较为宽松的货币市场环境。下半年如果CPI和PPI有明显回暖，债券市场利率可能会有所走高。目前，收益率曲线较为平坦，短端债券品种更具吸引力。　　可转债市场自2024年8月的信用风波以来整体表现较好，无论从可转债的价格中位数还是转股溢价率都有显著的提高，背后隐含了投资者对未来股票市场的乐观预期。同时，部分发行人利用股票市场回暖的阶段下修转股价，赋予高溢价率转债新的活力，并且从2024年以来有不少下修后成功转股的案例，投资者收益颇丰，使得当前低价转债同样有增量配置需求。在可转债新增供给不足，且存量转债金额持续下降的背景下，可转债估值水平很难出现大幅下降，但高价转债最终收益会趋于其转股价值，过高的溢价率会削弱转债未来的收益。　　本基金仍将采取固收+的策略，工具适当向可转债类资产倾斜。","fund":{"_id":3000000040036,"__csrcFundId":3240,"stockCode":"040036","shortName":"华安安心收益债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40036,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:50.335Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"华安安心收益债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安心收益债券","pinyin":"haaxsyzqxzqtzjj","managers":[{"stockCode":"8801599499","stockType":"fund_manager","exchange":"fm","tickerId":262513182270,"name":"周益鸣"}]},"announcement":{"linkText":"华安安心收益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=1254716","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4217fea5b3eb0545008","date":"2024-09-29T16:00:00.000Z","stockId":3000000040036,"sao":"国内宏观经济在三季度虽然出现了短期的压力，但9月一系列的会议和新的举措大幅提振了市场的信心。债券市场在三季度以震荡为主，收益率先下后上，期间虽然监管对于利率的持续下行有过多次风险提示，但最终直到9月政治局会议提出推动房地产市场止跌企稳，债券市场利率出现较为明显的上行。可转债市场在三季度先下后上，一度经历了个别转债正股退市风险而造成的恐慌，部分转债大幅跌破面值，但最终在季末股票市场大幅反弹阶段出现了明显的修复。　　股票市场在三季度末出现了非常强劲的反弹，成交金额持续扩大，风险偏好快速上升，部分资金逐步从理财和债券等固定收益类资产撤离投入了权益类市场。强势板块由此前相对偏防守的红利板块切换至了券商、创业和科创板块。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:29.822Z","fund":{"_id":3000000040036,"__csrcFundId":3240,"stockCode":"040036","shortName":"华安安心收益债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40036,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:50.335Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"华安安心收益债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安心收益债券","pinyin":"haaxsyzqxzqtzjj","managers":[{"stockCode":"8801599499","stockType":"fund_manager","exchange":"fm","tickerId":262513182270,"name":"周益鸣"}]},"announcement":{"linkText":"华安安心收益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=1174374","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4217fea5b3eb0545007","date":"2024-06-29T16:00:00.000Z","stockId":3000000040036,"sao":"2024年上半年宏观经济整体平稳，各项经济数据在合理区间内运行，但二季度的经济数据略逊于一季度。货币政策是相对宽松的，为了降低实体经济融资成本和各类主体的还款压力，LPR不断调降。同时，上半年CPI和PPI依然在低位震荡，并没有明显的涨价趋势。在此背景之下，债券市场利率在今年上半年持续下行，尤其是30年期国债和长久期信用债，不仅下行幅度较大，并且市场活跃度显著提高。但是，短端市场利率下行力度相对较小，整条收益率曲线略显平坦化。可转债市场在上半年宽幅震荡，年初和5月份两次受到微盘股指数下跌影响，出现了明显的调整，但大市值风格的可转债表现较好，主要集中在银行、煤炭和公用事业板块。上半年股市呈现出较为明显的分化，大市值个股整体强于小市值个股，经营和分红相对稳定的红利类个股表现尤其突出，主要集中在银行、电力、公路等板块。　　报告期内，本基金继续按照“固收+”策略布局投资，仓位维持积极水平。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:29.819Z","mo":"展望2024年下半年债券市场，利率震荡概率偏大，内需强于外需。国内宏观经济和产业政策不断出台，尤其在近期的中央政治局会议之后，政策出台的速度明显加码，稳增长诉求进一步加大，因此从内需基本面角度看并不利于债券市场大幅下行。海外市场近期波动明显加大，美国就业数据不及预期，基本面有明显的转弱势头，导致股票下跌、债券收益率下行，会对中国的外需造成一些负面影响，同时美联储的降息预期不断提高，也会使得市场对于国内货币政策产生进一步的想象空间，对于债券市场相对有利。可转债市场方面，近期可转债价格中位数偏低，但由于中小市值转债面临正股退市和信用风险，整体仍有压力，但如果部分临近到期个券能够顺利兑付或者可以完成转股，会对市场产生正面影响。今年以来提议下修转股价的公司数量较高，对于后续可转债市场也是一个相对有利的因素，但最终结果仍然需要正股上涨才能完成强制赎回。　　股票市场目前整体估值较低，尤其是创业和科创板块，估值处于历史底部区域附近，因此我们认为整体机会大于风险。结构方面，可以关注几条主线：首先是设备更新条线，尤其是近期降低了更新标准，同时提出让央企主动采购国内设备；其次可以关注服务性消费板块，包括消费和旅游等等；还有宽基指数中的科创板块，估值较低，在允许并购后会形成外延式增长的机会。","fund":{"_id":3000000040036,"__csrcFundId":3240,"stockCode":"040036","shortName":"华安安心收益债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40036,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:50.335Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"华安安心收益债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安心收益债券","pinyin":"haaxsyzqxzqtzjj","managers":[{"stockCode":"8801599499","stockType":"fund_manager","exchange":"fm","tickerId":262513182270,"name":"周益鸣"}]},"announcement":{"linkText":"华安安心收益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=1152319","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4217fea5b3eb0545006","date":"2024-03-30T16:00:00.000Z","stockId":3000000040036,"sao":"股票市场在一季度经历了较大的波动，1月受多重不利因素影响下跌幅度较大，但2月开始各类指数均得到明显的纠偏和修复。站在季度维度看，中小市值个股仍然有不小的跌幅，金融、石化、电力和公路等红利板块表现突出，在偏低的利率环境下，主营业务成熟、具有较为稳定的现金流且股息率较高的公司受到市场资金的持续追捧。同时，成长板块中AI和低空经济概念表现活跃，但波动较大，更容易受到美股的影响，而近期美国降息有所预期转弱。整体而言，股市信心明显恢复，板块性行情在快速轮动。　　债券方面，今年一季度债券发行明显缩量，同时要求信贷投放不能”冲量”，所以整体社融增速有所回落。货币政策则保持相对宽松，央行降准0.5%，同时降低了5年期LPR利率，降幅较去年明显扩大，显示了支持实体经济的决心。债券市场利率在货币宽松，信贷增速下行的背景下震荡走低，长端利率下行幅度更大，收益率曲线走平。同时，信用利差也进一步压缩。尽管个别房地产企业有信用风险事件发生，但目前房企违约市场已经有充分的认识和准备，因此对信用市场的冲击和影响较小。　　可转债市场表现和股票类似，中小市值个股对应的转债整体表现较弱，导致整体可转债价格中位数震荡走低，但红利相关的转债标的表现突出，煤炭、电力和公路等转债都有赎回的标的出现。　　本基金在报告期内按照“固收+”的策略布局投资，维持积极的仓位水平。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:29.817Z","fund":{"_id":3000000040036,"__csrcFundId":3240,"stockCode":"040036","shortName":"华安安心收益债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40036,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:50.335Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"华安安心收益债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安心收益债券","pinyin":"haaxsyzqxzqtzjj","managers":[{"stockCode":"8801599499","stockType":"fund_manager","exchange":"fm","tickerId":262513182270,"name":"周益鸣"}]},"announcement":{"linkText":"华安安心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=1073314","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4217fea5b3eb0545005","date":"2023-12-30T16:00:00.000Z","stockId":3000000040036,"sao":"回顾2023年，中国经济走出新冠疫情困扰，各项经济活动都在逐步进入正轨，向常态化恢复。由于年初市场对于全年宏观上行预期过强，供给有所增加，但后续需求不及预期，宏观经济出现了持续的去库存现象。政策层面，货币政策提供了一个相对偏宽的环境，同时房地产政策有了较大的放松，大力支持刚需和改善型需求，但房地产需求扩张不明显，最终导致债券市场利率呈现震荡走低。　　股票市场在年初出现了普涨的格局，随后由于去库存导致PPI持续下行，企业盈利也出现阶段性转弱，但积极的一面是四季度宏观经济已经出现了一些企稳的迹象，红利板块和部分顺周期板块开始走强。转债市场跟随股票市场呈现前高后低的格局，但在年中存在较多的个券机会，主要集中在信创、AI、中特估等方面。　　本基金继续按照“固收+”策略布局投资，仓位维持积极水平，结构偏向于大盘价值和大盘成长。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:29.814Z","mo":"2024年宏观经济有较强的企稳向上动力。首先，海外市场环境开始向好，近期美国公布的多项经济数据显示，衰退概率在下降。其次，国内部分重要宏观指标开始拐头向上，例如M1和居民中长期贷款等等。然后，保交楼贷款有望进一步增加，各地陆续出台了一系列白名单项目，会实质性提高实物工作量。　　债券市场方面，由于央行在年初的降准和调降LPR，使得市场资金面再度宽松。同时今年更加注重每个季度的信贷投放节奏，相比以往一季度的信贷可能没有那么高，相反二三四季度的信贷或许没有那么弱，结合宽松的资金面，利率有先降后升的可能性。年内，我们要关注今年财政和房地产的发力时间点，如果财政和地产形成了较多的信贷类资产或者债券供给，那么也会对债券造成一定的压力。信用市场方面，2024年可能是宽货币宽信用的年份，外部流动性相对较为充裕，企业内生利润也可能会进一步恢复，爆发信用风险的概率偏低。　　股票市场整体估值水平已经到了历史低位，叠加较低的利率环境，使得股票的风险溢价水平接近历史高位，可见股票类资产是目前大类资产配置中极具性价比的资产。市场等待的或许是结构上的出清，或许是宏观经济面更为明确的向上信号。今年年初火爆的消费场景已经可以看到，居民是具备消费能力和消费意愿的，随着各项稳增长措施出台，有望推动经济进一步转暖。PPI、企业盈利和M1是有一定相关性的，目前M1已经看到向上拐头的迹象，未来企业盈利也有向上修复的动力。　　转债市场经历了去年下半年和年初的下跌后，价格中位数跌至110元附近，在没有信用风险的前提下，配置价值是高于纯债类资产的。并且今年以来公告提议下修的转债数量大幅增加，对于溢价率压缩非常有利，消除估值过高的问题。　　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":3000000040036,"__csrcFundId":3240,"stockCode":"040036","shortName":"华安安心收益债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40036,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:50.335Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"华安安心收益债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安心收益债券","pinyin":"haaxsyzqxzqtzjj","managers":[{"stockCode":"8801599499","stockType":"fund_manager","exchange":"fm","tickerId":262513182270,"name":"周益鸣"}]},"announcement":{"linkText":"华安安心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=1048220","linkType":"PDF","source":"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040036,"sao":"2022年上半年，随着美联储不断的加息提升市场利率，以及俄乌战争推升的全球通胀，各主要经济体都受到较大的冲击。中国经济复苏的节奏也由于突发的疫情而中断，经济运行远低于潜在增速。在此背景下，我国财政政策靠前发力，货币政策方面降准与下调LPR利率并行，并保持了较为宽松的流动性。债券市场资金成本处于近年来的低位，债券市场利率下行，曲线呈现陡峭化。信用市场两级分化，高等级债券信用利差继续缩小，低等级债券风险事件仍时有发生。权益市场也出现了较大波动，市场结构性行情较为明显，估值分化仍在持续。在一季度市场调整之后，二季度权益市场出现较大幅度的反弹，新能源相关的行业在政策预期下处于领跑位置，稳增长的相关行业也受到投资者重视。下半年，海外通胀压力仍大，美联储连续上调联邦基准利率75bp，释放控通胀决心，美债收益率大幅上行，欧美经济衰退风险加剧；俄乌冲突继续激化，地缘风险加剧。国内方面，经济下行压力加大。固定资产投资表现平稳，基建投资发力、制造业投资有韧性、地产投资继续拖累；消费受低基数带动底部修复；但疫情后一直表现韧性的出口，从8月起出现大幅回落。10月末我国优化了防疫政策，同时加大了对房地产行业的救助和刺激，使得经济修复预期有所升温，债券利率出现了一定程度的反弹。而债券市场的波动对市场投资者行为造成较大的影响，利率波动脱离了基本面，出现了一定程度的负反馈。权益市场在弱现实和强预期之间快速切换，市场波动较大，稳增长的行业仍然受到关注。可转债类产品同样受到利率上行影响，溢价率和绝对价格都出现阶段性下降。本基金在一季度调降了权益仓位，并适度拉长了债券组合的久期。二、三季度逐渐提升了权益仓位，加仓重点在新能源以及周期等板块，债券组合保持中性久期。四季度在市场出现较大波动后，权益仓位先降后升，并且增加了对科技板块的持仓，债券久期有所下降。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:29.803Z","mo":"展望2023年，外部环境仍然较为复杂。美国通胀水平居高不下，整体的利率水平有可能较长时间保持在较高水平。同时全球的供应链仍然受到地缘政治的影响，处于漫长的调整期中，供应端的不稳定也将继续给全球经济的复苏带来压力。中国的出口也将受到外部需求减弱的影响，难以维持较高的增速。为了保持中国经济的合理增速，预期在经济增长的三驾马车中将更加倚重于投资和消费。经济政策方面预期财政领域将更加积极，基建和促进消费的举措会适度加强。同进会更大力度投资于先进制造和信息技术产业，进一步提升中国的产业竞争力和国际影响力。在货币政策方面预期将保持稳健的总量政策和精准的结构性政策，总体利率水平将稳中有降。同时继续坚守不发生系统性风险的底线。我们认为权益市场将反映新一轮经济周期的大方向，国企改革、产业升级和信息技术的自主化是长期的主线。债券市场在新周期的起点预期将产生一定的波动，但市场利率中枢预期仍然会缓慢下行。本基金在2023年将会保持中性偏高的权益仓位，根据市场相对估值水平进行适度调整。行业配置以消费类、周期类、投资产业链和信息技术产业链为主。债券配置以中高等级信用债、金融债以及利率债为主，根据市场波动对长久期利率品种进行适度波段操作。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":3000000040036,"__csrcFundId":3240,"stockCode":"040036","shortName":"华安安心收益债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40036,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:50.335Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"华安安心收益债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安心收益债券","pinyin":"haaxsyzqxzqtzjj","managers":[{"stockCode":"8801599499","stockType":"fund_manager","exchange":"fm","tickerId":262513182270,"name":"周益鸣"}]},"announcement":{"linkText":"华安安心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=867289","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4217fea5b3eb0545000","date":"2022-09-29T16:00:00.000Z","stockId":3000000040036,"sao":"三季度，海外通胀压力仍大，美联储连续2次上调联邦基准利率75bp，释放控通胀决心，美债收益率再次大幅上行，欧美经济衰退风险加剧；俄乌冲突继续激化，地缘风险加剧。国内方面，经济下行压力加大。固定资产投资表现平稳，基建投资发力、制造业投资韧性、地产投资继续拖累；消费受低基数带动底部修复；疫情后一直表现韧性的出口，在8月出现大幅回落。通胀方面，CPI同比增速平稳回升，PPI快速回落。货币政策维持宽松，M2同比增速较二季末上升0.7个百分点至12.1%，央行下调OMO和MLF操作利率，同时下调LPR贷款利率，引导实体融资成本下降。金融市场流动性维持宽松，货币市场利率维持低位，利率债收益率震荡下行，信用债跟随下行，信用利差维持低位。股市受经济修复放缓和海外影响，在报告期内震荡下跌，汽车、电力设备、电子、传媒等领跌；可转债跟随股市调整，估值先收敛后抬升。本基金在3季度对权益持仓结构进行了调整，增加了对能源和公用事业等价值板块的配置，同时增加了对出行产业链以及稳增长产业链的关注。债券投资方面降低了久期，降低了杠杆和信用债的配置。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:29.801Z","fund":{"_id":3000000040036,"__csrcFundId":3240,"stockCode":"040036","shortName":"华安安心收益债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40036,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:50.335Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"华安安心收益债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050040000,"currency":"CNY","masterFundShortName":"华安安心收益债券","pinyin":"haaxsyzqxzqtzjj","managers":[{"stockCode":"8801599499","stockType":"fund_manager","exchange":"fm","tickerId":262513182270,"name":"周益鸣"}]},"announcement":{"linkText":"华安安心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=802344","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4217fea5b3eb0544fff","date":"2022-06-29T16:00:00.000Z","stockId":3000000040036,"sao":"2022年上半年，随着美联储不断的加息提升市场利率，以及俄乌战争推升的全球通胀，各主要经济体都受到较大的冲击。中国经济复苏的节奏也由于突发的疫情而中断，经济运行远低于潜在增速。在此背景下，我国财政政策靠前发力，货币政策方面降准与下调LPR利率并行，并保持了较为宽松的流动性。债券市场资金成本处于近年来的低位，债券市场利率下行，曲线呈现陡峭化。信用市场两级分化，高等级债券信用利差继续缩小，低等级债券风险事件仍时有发生。权益市场也出现了较大波动，市场结构性行情较为明显，估值分化仍在持续。在一季度市场调整之后，二季度权益市场出现较大幅度的反弹，新能源相关的行业在政策预期下处于领跑位置，稳增长的相关行业也受到投资者重视。本基金在权益投资的仓位经历了先降后升的过程，并持仓结构进行了调整，增加了对风电光伏锂电等新能源产业链的配置，同时增加了对出行产业链以及稳增长产业链的关注。债券投资方面提升了久期，降低了杠杆和信用债的配置。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:29.798Z","mo":"展望下半年，全球地缘政治局势预期仍较为动荡，货币层面预期继续紧缩。俄乌冲突对下半年的通胀预期仍形成巨大压力，美国通胀与衰退的临界点正逐渐接近，而欧洲在高能源成本的压力下经济难以很快修复。中国上半年经济下滑的尾部效应，对本国的增长以及全球的宏观也造成较大的不确定性。在此背景下，预期央行保持适度宽松的货币政策，宽信用重于宽货币，金融套利的空间缩小。利率将更多的受到基本面的影响，预期仍然保持震荡。随着稳增长政策的不断发力，信用环境将进一步改善，信用利差继续保持在较低水平，信用风险事件将造成品种利差的进一步分化。权益市场反弹后估值有所提升，在预期兑现的过程中出现震荡格局的可能性较大，预期兑现的情况将进一步加剧板块和行业的估值分化。本基金债券配置仍将以利率债和高等级信用债为主，关注基本面改善带来的信用机会。同时对长久期利率债保持波段操作。将继续保持关注权益市场的流动性和估值指标，把握市场底部加仓的机会，追求持仓品种的安全边际。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":3000000040036,"__csrcFundId":3240,"stockCode":"040036","shortName":"华安安心收益债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":40036,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:50.335Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"华安安心收益债券型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