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华商稳定增利债券型证券投资基金 
2020 年第 3 季度报告 
华
商稳商稳定增利债稳券华
华
华
华
华
华
华
华
华
华
华
华
型证投资基金 2型证投资0年第3 华
型证季投基金度报告0年第3 华
 !券"金商稳商稳定#稳利商$券华
华商稳定增利债券 2020型证 3投资基金 
证 2


 2 16






%1华&'() 
华商稳定增利债券型证债券投资基金 20年第3季度报告0  !"#$%
&'()*利+,-./012345证67利89:;<==
华商>稳增?@ABCDEFGHIJKL基华商MNOP%QRSRSTUSVRWXYZ[基
金 ?利\]^_ `abc/d年eM金 f)* %投资YZ)*3季度报告0 
 g!"#$<=
华商稳定增2hij,klmno:利pq稳定/rl华商年s%t3投资华商uPvw <=
华商利xyz{&3|b(}~bc 

 2 16






??ò??=
基华商?￠￡-华商%ēQ资￡d年华商??
?ē?ò?P利oy<(?????ò?Q
????华商%ēQ?M-华商/E?-华商<=
华商稳定增= ??华商稳定GHIJ=
华商>稳增= ?@ABCDEFGHIJ=
ìēě?华商利华商??= ???P?w￠￡ě= ???P?w￠￡?=
ìēě?华商利§¨|￥= |?SSS?= |?SUS?=
金 ?3ìēě?华商利F′μ′ = |U2·??|·R?W???F= RSS·WR2·W2U?U|F=
===
%3华.'/0123型证4567 
3.1 华商稳定增利 
???增???=
¤?\]^_= 金 ? ? RSRSTWVUX ? RSRST?V?SX=?=
= ???P?w￠￡ě= ???P?w￠￡?=
U?基??,c?ò= R?·U|?·?W??22= US·??S·?????W=
R?基?w?= RS·2?W·?|2?RU= ?·U?R·??????=
???ò?ī华商F′基?w?= S?S?WU= S?SU|?=
???3华商年s`a= ?2?·???·?S????= R??·??|·?2U?W?=
2??3华商F′`a= U?22W= U????=
ī?U基??,c?ò^华商基?wā??d年?ò(????3?I??a???ò ??
????l?利?′%基?w??基??,c?ò?Y基?I??a???ò<==
= R2华商z{^_3??íG增?è §¨华商利???l %???l?,??ò???
ēQ2??? <=
3.2 债券型证投资 
3.2.1 债券基金型证 20年第3季度报告债0



???P?w￠￡ě华
?ń=
`a?
?ú?=
`a??ú
_-ā?=
z{??华
-?òú?=
z{??华-?
òú_-āň=
???= ??ň=
x??4V= ?????= S????= S?W??= S?SU?= ??|??= S??R?=
x??4V= ???2?= S?|W?= U?2??= S?SU?= |?WW?= S?||?=
x?uT= U?????= S?|R?= ??RU?= S?SU?= UU?R??= S?|U?=
x??T= RR????= S?22?= US?RW?= S?SU?= UR?UU?= S?2??=
x??T= ?U?|??= S??W?= U??|W?= S?SU?= U??SR?= S??|?=
?华商MN
°±??ō=
?2?2|?= S?2S?= 2R????= S?SU?= ?R?2??= S????=
???P?w￠￡?华
华商稳定增利债券 2020型证 3投资基金 
证 4


 2 16






?ń=
`a?
?ú?=
`a??ú
_-ā?=
z{??华
-?òú?=
z{??华-?
òú_-āň=
???= ??ň=
x??4V= ?????= S????= S?W??= S?SU?= ??2??= S??R?=
x??4V= ??US?= S?||?= U?2??= S?SU?= |?2R?= S?|2?=
x?uT= U??S2?= S?|R?= ??RU?= S?SU?= US????= S?|U?=
x??T= RS?W??= S?22?= US?RW?= S?SU?= US?2R?= S?2??=
x??T= R???R?= S??W?= U??|W?= S?SU?= US?R2?= S??|?=
?华商MN
°±??ō=
?W?2??= S?2S?= 2R????= S?SU?= ???|U?= S????=
==
3.2.2 债券 季!"#$债券%&型证 20'(年第3季度报告债0
'( 
=
华商稳定增利债券 2020型证 3投资基金 
证 5


 2 16






=
ī??基华商MN°±X?RSUUT?VU2X<=
= ?KLō???P?w￠￡-资￡d年华商华商MN?利OP%基华商¤?d年Q?G??
??利商???%??￠￡?è?D?L@￠商?￠?z￠IJ￠???￠￡??
ě?-???￠￡?年s?í资￡%基华商??d年Qu????E?èíG??￠?E2?
利E?d年????E?????z?????ò资<基华商利d年eM????￠￡f?
P?òé年s利d年??3ēQ华商年s利 ?S?%(????￠￡??3?Q华商年s`a利
?S??E?fòòéoyd年??3?Q华 商年s利RS??ò资d年??3?Q华商年s`a利 ???
&投í3ēQ华商年s`a 2?利c商 ??X度uTi)利??￠￡%(?c商3??????
商季?投资商???è?f

 2 16






%4华投资基 
4.1 债券)*+,债券)*-./01



??= ?]=
;基华商利华商?定?H= 资￡?z
TH=
??=
;?X?= ?;X?=
???=
华商?
定%?P
?ò?
μ?定
?定%I
JI?
z]?
?d年
???
?型?
?=
RSUUT ?
VU2X=
?= U??W=
?%?@?%?????%
?G华商?z年ú

 2 16






-资￡d年华商利华商?
定?RSU?TWVRWX??
ō3;???????M
-资￡d年华商利华商?
定?RSU?TWVRWX??
ō3;???金U??M-
资￡d年华商利华商?定?
RSU?T2VR?X?RSU?T
?VR?X3;?????￠
￠￡-资￡d年华商利华
商?定?RSRST?VR?X
??ō3;???￠?t
￠￡-资￡d年华商利华
商?定<=
==
4.2 2*3456度78债券9:;<=>?@AB 
度基金 ?) %华商稳定增3季度??华商F′íG增wò利D? <华商稳定增mno:?
?华商F′íG增??wò%ùú??[ō华商8?证(?G?898O华商MN利OP<=
4.3 CDEFGHAB 
4.3.1 CDEFIJKL?@ 
金 ?) %基华商稳定增ùú?D[ō资￡d年华商稳定IJI?§¨ê?^???/I
J)?I?§¨ê?%度??ě?d年??§¨?Df?4??%I?'??ì2Gd年e
M<=
IJA?d?稳定??&P??Dd??型d???型f%A???d年?òê?%.投
?d年eMI?????年?%?GI?利d年???型<=
?'IJ?ì2Gd年eM利§¨2I???§¨ %?x§¨???利I?§¨??%'Q
3Nd年eMNXN???Nu资￡利^????D??ě? %金 ?) %??利I?§¨??
r???%}?c????

 2 16






4.3.2 MNEFLOGHAB 
?O?d年D?%I?'?d年eM%IJêP[ō??§¨稳定?8?%'??????
ǎǎ???ú??ǐ3I?§¨ ??ǐǒwò??f??§¨D?ǒ?[ǔP证??利ǔ
?éêǖǖ<=
金 ?)ùú?DIJ??ê? %}?c基华商季度??§¨D?

 2 16






aēQ????利??<=
%5华89:; 
5.1 56度]债券QZ. ?@



??= ?1= 商′???= ?华商μ年s利?????=
U= òòd年= R??·S??·R?R?2|= U??RR=
= (??E?== R??·S??·R?R?2|= U??RR=
R= 华商d年= ?= ?=
?= ?P?òd年== U·S?W·WW?·?RS?2?= W|?|?=
= (??￠￡== U·S?W·WW?·?RS?2?= W|?|?=
= 年s?í资￡= ?= ?=
?= ?商ēd年= ?= ?=
2= 商??°od年= ?= ?=
|= ????商?年s== ?= ?=
=
(????a?è利????
商?年s==
?= ?=
W= CD季?/????商M?== 2|·WU|·SU??US= ??U2=
?= (?年s== U?·W?|·RRU?R|= U?SU=
?= M?==== U·?|W·??2·??W??2=== USS?SS=
==
5.2 56度]^L报U_`aPQ.



5.2.1 56度]^L报U_b7`aPQ.






|￥= Dzé5= I??a???= ?华商年s`a?????=
ě= ????z= ?= ?=
?= ??z= R?·??R·?S??SS= U???=
?= ê?z= UWW·|?W·??R?2|= U??UU=
?=
??????证?°s/?
?z=
?= ?=
?= Aɑz= ?= ?=
?= ??/??z= ?= ?=
?= §?r?ū?/??z= UW·|U?·S?|?SS= U??S=
?= ??/??z= ?= ?=
í=
kā????/kā?e?]
z=
?= ?=
ɡ= 商?z= U|·W?S·|R??SS= U???=
?= ??sz= |·U??·2W??SS= S???=
?= ??/?]?]z= |·??U·W?S?SS= S?2U=
?= ????/?e?]z= ?= ?=
华商稳定增利债券 2020型证 3投资基金 
证 10


 2 16






?= ?w??/I?Bǖ稳定z= ?= ?=
?= ???]?定/(??]z= ?= ?=
ì= ??= ?= ?=
?= ?°/?型??= ?= ?=
?= ????/??z= ?= ?=
?= ?M= ?= ?=
= M?= R??·S??·R?R?2|= U??W?=
==
5.2.2 56度]^L报U_c`dPQ`aPQ.



KL基华商利华商MN?P%基华商利d年??3???E?E? <华
5.3 56度]^Cef证g债券QZ型证hi-jklmn`aPQBo



??= E?|￥= E???= ?ǜ?E?= I??a???=
?华商年s`
a?????=
U= |SU|??= ????= WUU·USS= U?·2?|·R?R?SS= U?S?=
R= |SS|?S= ????= 2??·WSS= UU·??2·?2??SS= ???=
?= SSR|SU= ???w= ?2S·?SS= US·???·U?R?SS= ???=
?= SSRSW?= ???z= W?R·?SS= US·?W?·??S?SS= S???=
2= SSS???= ??EF= R·UR?·|SS= ?·???·U?R?SS= S?W?=
|= |SS?R|= ????= ?W2·2SS= ?·U??·W2S?SS= S?W?=
W= |SS?S?= ????= UR?·SSS= ?·???·WSS?SS= S?WU=
?= |S?|UR= ????= |WS·?UR= ?·WU2·U?|???= S?|?=
?= ?SS|U?= ???z= U??·???= ?·2S?·U?2?SS= S?|?=
US= |SS|??= ī???= ?|S·WSS= W·???·2S2?S= S?|?=
===
5.4 56度]^pqrsU_pqPQ.






??= ￠￡oy= I??a???= ?华商年s`a?????=
U= @?￠￡= UW|·RW?·??R?RS= U??SS=
R= ?D?L= ?= ?=
?= 商?￠￡= UWS·?2R·????|S= U??2?=
= (????商?￠= |S·?R?·????|S= ??W?=
?= ?z￠￡= 2·S2S·SSS?SS= S??S=
2= ?z???年￡= UU?·???·?2S?SS= ??S?=
|= ???L= RS?·W|2·SSS?SS= U|?2?=
W= ??￠??§?￠?= ?WR·???·U???W?= R??|U=
?= Nz季?= ?= ?=
?= (?= ?= ?=
US= M?= U·S?W·WW?·?RS?2?= ???RU=
===
华商稳定增利债券 2020型证 3投资基金 
证 11


 2 16






5.5 56度]^Cef证g债券QZ型证hi-jkltnpqPQBo 
??= ￠￡|￥= ￠￡??= ?ǜ???=I??a???=
?华商年s`
a?????=
U= SUSUSW= RU@￠?= U·S?2·??S=US2·?R?·SR2?|S= ???|=
R= SWRSSSRUW= RS?kAd?ìSUR= |SS·SSS= | ·SR?·SSS?SS= ??WW=
?= USU?SS?W|= U???k???SSR= 2SS·SSS= 2 ·R?2·SSS?SS= ????=
?= S?U?SS??S= U?@??ìSS?= 2SS·SSS= 2 ·R|S·SSS?SS= ????=
2= SWRSSSR?2= RS?"资￡?ìSUR??= 2SS·SSS= 2 ·SS2·SSS?SS= ???W=
==
5.6 56度]^Cef证g债券QZ型证hi-jklmnQZuWvqPQB
o



基华商基金 ?3}íG年s?í资￡ <==
5.7 56度]^Cef证g债券QZ型证hi-jkltnw券xPQBo 
基华商基金 ?3}íG?商ēd年 <=
5.8 56度]^Cef证g债券QZ型证hi-jkltnyvPQBo 
基华商基金 ?3}íGò资 <=
5.9 56度]8债券PQzp度{EF?@AB 
5.9.1 8度zp度{PQ|R 
KL基华商利华商MN?P%基华商利d年??3??@￠?? <=
5.9.2 56度]8债券PQzp度{W}T~Bo 
KL基华商利华商MN?P%基华商利d年??3??@￠?? <=
5.9.3 8度zp度{PQf 
KL基华商利华商MN?P%基华商利d年??3??@￠?? <=
5.10 PQ. 56?? 
5.10.1 8债券PQlmnvq?L华?8度????#年???@AB 
RS?kAd?ìSUR=
URSU?TUSV?UX%资?型'?kAd资￡EFGHIJ????????稳ǖǖ

 2 16






?D增??à?RSU?T¤???U?·|?R?????%à?`w?W·?RW?UW??%?ǘ??ēQ?
IJ2Gg利`w??à1?利 ?·W?R???????à1?利?S2??R??%à?商′??ǘ??
ēQ?IJ2Gg利`w?利 ???|??

 2 16






5.10.4 56度]WX???`度???pqBo 
??= ￠￡|￥= ￠￡??= I??a=???=?华商年s`a?????=
U= UUSS??= ˋ??￠= R?·U??·??2??S= R??R=
R= UR?S??= ?D?￠= RW·??R·SU|???= R?RU=
?= UUSS||= ???￠= RR·USU·R???US= U?W|=
?= UU?22S= ???￠= UR·???·?US??S= U?SR=
2= UU?SRS= ???￠= US·W2?·W?U?2S= S??2=
|= UR?S|2= ???￠= US·U??·R2R??S= S??U=
W= UUSS|W= ???￠= ?·???·2?R??S= S?W?=
?= UU?2?2= 商??￠= ?·??|·?S|?SS= S?W2=
?= UR?SR?= ???￠= ?·??R·2S2?SS= S?W?=
US= UR?SUW= ???￠= ?·?W|·?|??SS= S?WS=
UU= UUSS|2= ???￠= ?·?UR·2UR?SS= S?WS=
UR= UR?S??= 商??￠= W·22?·?|??|U= S?|S=
U?= UR?S??= ?C?￠= W·?S?·2|U?S?= S?2?=
U?= UU?SR2= ???￠= |·WU?·??W?2S= S?2?=
U2= UU?22?= 商??￠= |·??2·URR?SS= S?2U=
U|= UU?2WU= ???￠= |·?SU·|S2?SS= S?2S=
UW= UU?SU?= ???￠= 2·?W?·2SS?SS= S???=
U?= URWSS2= ?资?￠= 2·UW?·?SS?SS= S??U=
U?= UUSS?W= ?˙?￠= ?·?R|·??|??S= S??2=
RS= UU?2??= ???￠= ?·S??·WR??SS= S??R=
RU= UU?2?R= ???￠= ?·SRU·?W|?US= S??R=
RR= UR?SU?= ù??R= ?·?2?·WR???U= S??U=
R?= UUSS|?= ˙U??￠= ?·W2W·2???SS= S??S=
R?= UR?S?|= ??￠= ?·WUS·W?W?SS= S?R?=
R2= UU?SUU= ?"?￠= ?·2??·|SS?SS= S?R?=
R|= UR?S?S= ?ó?R= ?·2S?·SSR?2S= S?R?=
RW= UR?S?2= ???￠= ?·?U?·|?|??S= S?RW=
R?= UR?S?|= w??￠= ?·???·?R???S= S?RW=
R?= UU?2|R= ???￠= ?·??U·R?U?|S= S?RW=
?S= UR?S|?= J??￠= ?·RR?·2?S?U|= S?R|=
?U= UU?SRW= ???￠= ?·UW?·2?2??S= S?R2=
?R= UU?SR?= ???￠= ?·S|2·?U|?SS= S?R?=
??= UR?S??= ???￠= R·??S·SSS?SS= S?RR=
??= UU?S?R= ?RS?￠= R·?S?·?S2?US= S?RR=
?2= UR?SUW= 商??￠= R·2??·?SS?SS= S?RS=
?|= UR?S||= ???￠= R·?|W·SUU?RS= S?RS=
?W= UR?S?R= ???￠= R·???·??????= S?U?=
华商稳定增利债券 2020型证 3投资基金 
证 14


 2 16






??= UU?SR?= ZA?￠= R·?UW·S????S= S?U?=
??= URWSU2= ???￠= R·UW?·RSS?SS= S?UW=
?S= UUSS??= ???￠= U·?UU·SRW?|S= S?U2=
?U= UR?S??= ???￠= U·?W?·URU???= S?U2=
?R= UU?2WR= ???￠= U·WRR·?SS?SS= S?U?=
??= UR?S?|= ???￠= U·2?W·?SS?SS= S?UR=
??= URWSU?= ???￠= U·?S?·?????W= S?UU=
?2= UR?SW2= ???￠= U·R??·2UU?2?= S?US=
?|= UR?S??= ???￠= U·R??·?SS?SS= S?US=
?W= UU?2?W= ???￠= U·R2|·?SS?SS= S?US=
===
5.10.5 56度]lmn`a????d???@AB 
= 基华商基金 ?3???E??3季度???H利?? <=
5.10.6 PQ. 56??第??????U 
?Q????利p?%ě??/?M??????季度?ā<=
%6华<=>型证?@A 
???F=
?1= ???P?w￠￡ě= ???P?w￠￡?=
金 ???华商F′μ′ = ?R?·|U?·2????U= U??·2SW·2?|?S|=
金 ???华商μ?èF′ = R|?·?S?·??W?2W= ?U|·US?·??W?UU=
? 金? ???华商μ??F′ = WW·2?U·R???22= R??·??2·R?R?SU=
金 ???华商?ě??F′ ?F′?
ǚi ??????=
?= ?=
金 ??3华商F′μ′ = |U2·??|·R?W???= RSS·WR2·W2U?U|=
ī?μ?èF′??w?d???F′?μ??F′????F′<=
%7华型证投资基BCD09证89E型证F-



7.1 债券2*3WX8债券基金'(?@ 
???F=
金 ???稳定增íG利基华商F′ = ?=
金 ????? ??èμF′= U·22R·W?2???=
金 ????? ?? ?μF′= ?=
金 ??3稳定增íG利基华商F′ = U·22R·W?2???=
金 ??3íG利基华商F′?华商μF S?U?=
华商稳定增利债券 2020型证 3投资基金 
证 15


 2 16






′?????=
ī?金 ???华商μ?èF′??w?d ???F′?金 ???华商μ??F′????
F′<=
7.2 债券2*39?￠XQ券PQ8债券EFBo 
??= §¨?a= §¨X?= §¨F′?F?= §¨商 ?′??= àl?ú=
U= ?è=RSRSTWVU?X= U·22R·W?2???=R·2SS·SSS?SS= ?=
M?= 0 = U·22R·W?2???=R·2SS·SSS?SS= =
ī?华商稳定增d年基华商??利?l?华商MN证??利?????利G?OP??<=
=
%8华GH89IJKLMN&'OP 
8.1 56度7￡¤PQ￥WX债券基金h|?,?§ 20%?@ 
= 基华商基金 ?)}?°?ud年gíG华商F′???? ?x RS?利??<=
%9华QRSTUV 
9.1 ???¨?a 
U??@资?型?-???P?w￠￡-资￡d年华商B?利???=
Rō????P?w￠￡-资￡d年华商华商MN??=
?ō????P?w￠￡-资￡d年华商>稳????=
?ō????P?w￠￡-资￡d年华商???????=
2华?商稳定增z]年ú???z???=
|金? ?)???P?w￠￡-资￡d年华商度OP????利??I 利p? <=
9.2 ???- 
华商稳定增华商>稳增?<=
9.3 ??ˉ° 
华商稳定增?I?????????????"?R????@???U??==
华商>稳增????????????"?U??U??=
d年g'基金 ??G?? %???华商稳定增??华商稳定GHIJ<=
???]??????SSWSS???S??????%SUS?2?2W??SS=
华商稳定增利债券 2020型证 3投资基金 
证 16


 2 16






华商稳定增????????????????????????=
?@资?型华商???????=???????????????????????????=
=
华
华
商稳定增利债券型证投华
资基资基金


基2 资0年华