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年中国债市步入 M 型高波动震荡，10 年期国债收益率中枢 1.7%-1.9%，市场结构分化显著。宏观面 GDP 增长符合政府预期，呈外需强、内需温和格局，CPI 温和回升，PPI 降幅收窄。一级市场规模扩容，国债、专项债供给加码，科创债发行突破 1.7 万亿元；机构行为上，银行理财、公募基金增配短久期高等级品种，保险增加了权益资产配置。资金面整体宽松，回购利率逐步走低，股市自4月以来的上涨引发股债资金阶段性切换，两融余额创历史新高，债市资金出现短期分流，二级市场超长债收益率上行 40bp，短端信用债票息策略占优。本基金在2025年整体仍看好债券市场，一、三季度受到股市带来的风险偏好变化影响，造成了一些阶段性净值波动。","lastUpdated":"2026-04-01T12:43:38.301Z","mo":"2026 年宏观经济预期将温和修复，GDP 增速预计5%附近，通胀中枢抬升，财政保持积极、货币延续宽松。债市大概率区间震荡，短端偏稳、长端承压，10 年期国债收益率中枢上移，期限利差进一步走阔。资金面整体充裕，居民理财搬家带来增量资金，信用债短端票息仍具吸引力，但股债跷跷板效应仍显著。核心关注财政供给、通胀预期与央行操作，中短久期债券为主，聚焦高等级品种，把握票息机会。","fund":{"_id":3000000002486,"stockCode":"002486","shortName":"上银慧添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2486,"lastUpdated":"2026-10-11T22:05:10.218Z","status":"normal","inceptionDate":"2016-03-15T16:00:00.000Z","name":"上银慧添利债券型证券投资基金","exchange":"jj","followedNum":11,"fundCollectionId":4000050850000,"currency":"CNY","pinyin":"syhtlzqxzqtzjj","memoNum":1,"masterFundShortName":"上银慧添利债券","__csrcFundId":4531,"managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"}]},"announcement":{"linkText":"上银慧添利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=1458012","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec67d7fea5b3eb04595e5","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000002486,"sao":"三季度债券市场遭遇一定程度压力，反内卷和股市的上涨带动风险偏好对债券市场形成影响，市场下跌造成了资管产品的负债稳定性下降，进一步推动了信用债的利差上行。本基金在三季度逐步从乐观预期改为谨慎预期，久期逐步下降，减少了长期债券的仓位，重新回到以中短久期为主的策略中。","lastUpdated":"2026-03-09T13:09:17.214Z","fund":{"_id":3000000002486,"stockCode":"002486","shortName":"上银慧添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2486,"lastUpdated":"2026-10-11T22:05:10.218Z","status":"normal","inceptionDate":"2016-03-15T16:00:00.000Z","name":"上银慧添利债券型证券投资基金","exchange":"jj","followedNum":11,"fundCollectionId":4000050850000,"currency":"CNY","pinyin":"syhtlzqxzqtzjj","memoNum":1,"masterFundShortName":"上银慧添利债券","__csrcFundId":4531,"managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"}]},"announcement":{"linkText":"上银慧添利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=1376546","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec67d7fea5b3eb04595e4","date":"2025-06-29T16:00:00.000Z","stockId":3000000002486,"sao":"上半年国内债券市场波动加大，趋势性下降，具体来看一季度初市场走牛，在2月中旬市场步入调整，3月下旬市场逐步恢复，在外部冲击下二季度市场转暖，债券收益率逐步恢复，但二季度中4-5月也有外部冲击缓和的影响，6月下旬也有资金的扰动导致回调。权益市场上半年相对走好，虽然在外部冲击中下跌但逐步修复。权益市场的上涨带来了股债跷跷板。本基金在上半年整体看好债券市场。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:17.212Z","mo":"下半年国内经济预计呈现弱复苏的局面，消费补贴将继续推进，有利于稳定内需，地产还处于止跌企稳阶段，部分城市的压力较大，外部冲击不确定性仍存，但缓和的希望更大。权益市场点位上升，估值吸引力不如上半年，企业盈利有望改善。货币政策预计仍以支持性为主，下半年债券市场预计将震荡下行，可能受到权益和财政刺激政策影响，但整体看还是震荡下行。","fund":{"_id":3000000002486,"stockCode":"002486","shortName":"上银慧添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2486,"lastUpdated":"2026-10-11T22:05:10.218Z","status":"normal","inceptionDate":"2016-03-15T16:00:00.000Z","name":"上银慧添利债券型证券投资基金","exchange":"jj","followedNum":11,"fundCollectionId":4000050850000,"currency":"CNY","pinyin":"syhtlzqxzqtzjj","memoNum":1,"masterFundShortName":"上银慧添利债券","__csrcFundId":4531,"managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"}]},"announcement":{"linkText":"上银慧添利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=1345200","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec67d7fea5b3eb04595e3","date":"2025-03-30T16:00:00.000Z","stockId":3000000002486,"sao":"一季度债券市场波动较大，基本面有结构性改善，股市表现较好，对风险偏好有提振，对债券不利。债券市场出现回调。具体看，1月初市场一度快速上涨，1月中旬至3月中旬连续下跌，3月下旬走出调整，开始修复。我们对全年的债券仍然乐观，今年市场波动较大，但整体债券仍然有机会，本基金一季度采取中等杠杆和中性久期，受到一定波动，一季度下旬重新加仓。未来将持续看好市场，在风险可控范围内力争获取更多收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:17.209Z","fund":{"_id":3000000002486,"stockCode":"002486","shortName":"上银慧添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2486,"lastUpdated":"2026-10-11T22:05:10.218Z","status":"normal","inceptionDate":"2016-03-15T16:00:00.000Z","name":"上银慧添利债券型证券投资基金","exchange":"jj","followedNum":11,"fundCollectionId":4000050850000,"currency":"CNY","pinyin":"syhtlzqxzqtzjj","memoNum":1,"masterFundShortName":"上银慧添利债券","__csrcFundId":4531,"managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"}]},"announcement":{"linkText":"上银慧添利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=1274382","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec67d7fea5b3eb04595e2","date":"2024-12-30T16:00:00.000Z","stockId":3000000002486,"sao":"2024年全年市场呈现收益率前高后低的牛市特征，全年久期策略占优，本基金在2024年全年看好债券市场，在保持稳健的信用组合上，动态调整利率的配置，全年利率久期和走势相符合，取得较好的收益。具体来看，一季度债券在经济弱复苏的情况下，市场流动性整体宽松，因此整体对债券有利，信用利差收窄，本基金配置信用债较多，因此获益。二季度收益率快速下行，本基金保持适度久期和较高杠杆，取得较好效果。三季度市场波动加大，市场在8月中旬转向，本基金择机降低久期，在三季度平衡了收益和风险。四季度债券在经历调整后快速下行，本基金及时参与波段，捕捉了一定的机会。回顾全年，本基金收益符合预期。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:17.207Z","mo":"2025年市场走势预计较2024年更复杂，全年经济较2024年更强，对债券投资提出更高要求。展望2025年，全年经济将在高质量发展下产生效果，新兴行业如人工智能，新能源汽车，文化行业等影响力和竞争力预计大幅提升，新旧动能转换将取得效果。新动能对资金的需求不如以前行业那么密集，因此固定收益市场的资产供给仍有稀缺性，同时我们预计央行仍然维持适度宽松的支持性货币政策，全年环境有利于债券，但节奏上要注意避免和热点市场行情发生冲突，这是因为在新动能成果刺激下，预计市场风险偏好将发生一定时间的转变，同时复苏的环境下利率也不会过低，需要采取灵活的波段策略以提升收益。","fund":{"_id":3000000002486,"stockCode":"002486","shortName":"上银慧添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2486,"lastUpdated":"2026-10-11T22:05:10.218Z","status":"normal","inceptionDate":"2016-03-15T16:00:00.000Z","name":"上银慧添利债券型证券投资基金","exchange":"jj","followedNum":11,"fundCollectionId":4000050850000,"currency":"CNY","pinyin":"syhtlzqxzqtzjj","memoNum":1,"masterFundShortName":"上银慧添利债券","__csrcFundId":4531,"managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"}]},"announcement":{"linkText":"上银慧添利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=1255335","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec67d7fea5b3eb04595e1","date":"2024-09-29T16:00:00.000Z","stockId":3000000002486,"sao":"3季度债券市场利率波动较大，7-8月中旬市场对经济预期偏弱，但央行对市场有所引导，后续央行调控和经济政策出现调整，市场波动增加。3季度经济数据偏弱，符合新旧动能转换的特征，经济温和修复还需要时间，在8-9月政策转向，短期和长期兼顾，市场预期变化。海外美联储降息，为国内政策带来空间。展望后市，政策落地力度是重点观察对象。本基金在3季度采取了中性偏高久期的策略，在前期取得较好效果，在后续回撤中受到影响，并逐渐减仓。本基金3季度的收益符合预期，波动略偏高，后续本基金将逐步平衡收益和风险。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:17.204Z","fund":{"_id":3000000002486,"stockCode":"002486","shortName":"上银慧添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2486,"lastUpdated":"2026-10-11T22:05:10.218Z","status":"normal","inceptionDate":"2016-03-15T16:00:00.000Z","name":"上银慧添利债券型证券投资基金","exchange":"jj","followedNum":11,"fundCollectionId":4000050850000,"currency":"CNY","pinyin":"syhtlzqxzqtzjj","memoNum":1,"masterFundShortName":"上银慧添利债券","__csrcFundId":4531,"managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"}]},"announcement":{"linkText":"上银慧添利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=1178158","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec67d7fea5b3eb04595e0","date":"2024-06-29T16:00:00.000Z","stockId":3000000002486,"sao":"2024年上半年宏观经济整体处于弱复苏，宏观调控以温和修复为主，权益市场处于蛰伏状态，债券市场整体亢奋，表现较为强势。具体来看，一季度初债券市场经历快速下行，3月债券市场在低位波动加大，4月市场因流动性充足，曲线陡峭化，而后长端下行，5月中房地产政策出台，一线城市放松，股市拉升，地产板块活跃，地产债券涨幅较大，后续高频数据显示地产热度有限，债券市场重回弱复苏逻辑。6月资金宽松，跨季周资金面整体温和，市场对跨季后乐观。整个上半年，风险偏好较低，资金偏松，整体对债券有利，利率下行，信用也出现下行信用债整体利差收窄，尤其是低评级低资质利差收窄力度更大。相对而言，短端高等级信用的利差就历史水平而言比其他信用利差横向对比来说更高。本基金在上半年整体采取中高久期和中高杠杆策略，根据基本面积极提升仓位，通过逢回调加仓，积极配置信用等策略提升收益，采取了一定的防御措施降低波动，整体取得较好效果。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:17.201Z","mo":"国内经济预计延续分化式复苏，经济总量5%左右增速修复的预期会相对稳定，市场对此已计入较充分预期。具体来看，整体房价仍将处于下行周期，上半年开启的新一轮政策拉动地产投资和信贷作用有限，地产仍在磨底阶段；居民加杠杆属于顺周期行为，在房价下行、收入预期波动的环境下，居民消费总额将逐步筑底，大幅回升较难；制造业、出口依旧是贯穿Q3-Q4的主要支撑，基建投资有望受益资金和项目提升速度。全年通胀压力不大，预计下半年同比预计能温和抬升，不会对债券形成压力。出口是我国经济亮点，在全球地缘政治紧张的情况下，下半年面临美国大选和衰退风险等因素，出口可能面临压力。政策方面，因经济还处于弱复苏状态，下半年货币政策预计以稳为主，对国内关注利率，对国际关注汇率，可能通过稳定短期政策利率稳住短端市场利率；防范长端利率过度变化；政策空间取决于汇率和利率的平衡。整体而言，本基金预计下半年债券市场整体有利，但需要关注央行对长端利率的调控风险。","fund":{"_id":3000000002486,"stockCode":"002486","shortName":"上银慧添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2486,"lastUpdated":"2026-10-11T22:05:10.218Z","status":"normal","inceptionDate":"2016-03-15T16:00:00.000Z","name":"上银慧添利债券型证券投资基金","exchange":"jj","followedNum":11,"fundCollectionId":4000050850000,"currency":"CNY","pinyin":"syhtlzqxzqtzjj","memoNum":1,"masterFundShortName":"上银慧添利债券","__csrcFundId":4531,"managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"}]},"announcement":{"linkText":"上银慧添利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=1148796","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec67d7fea5b3eb04595df","date":"2024-03-30T16:00:00.000Z","stockId":3000000002486,"sao":"一季度债券市场经历快速下行，主要发生在一季度初，3月债券市场在低位波动加大，一季度经济整体弱于预期，部分产业较为亮眼，地产仍然偏弱，市场流动性整体宽松，因此基本面和流动性整体对债券有利。信用债整体利差收窄，尤其是低评级低资质利差收窄更为彻底，相对而言，短端高等级信用的利差就历史水平而言比其他信用利差横向对比来说更高。本基金在一季度采取加仓提升久期和杠杆的策略，产生较好的效果，随后适度降低仓位，最终维持中等久期和中高杠杆，一季度收益超出预期，波动符合预期。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:17.199Z","fund":{"_id":3000000002486,"stockCode":"002486","shortName":"上银慧添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2486,"lastUpdated":"2026-10-11T22:05:10.218Z","status":"normal","inceptionDate":"2016-03-15T16:00:00.000Z","name":"上银慧添利债券型证券投资基金","exchange":"jj","followedNum":11,"fundCollectionId":4000050850000,"currency":"CNY","pinyin":"syhtlzqxzqtzjj","memoNum":1,"masterFundShortName":"上银慧添利债券","__csrcFundId":4531,"managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"}]},"announcement":{"linkText":"上银慧添利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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顶甚至有降息的机会，人民币汇率压力下降，汇率企稳。本基金在一季度采取平稳的操作，1月积极参与波段并退出，在3月利率回落后降低仓位，维持偏高的杠杆和适中的久期，因持仓的信用债收益率大幅下行，基金净值涨幅较大，后续本基金将根据基本面和政策面择机调整久期，谨慎挖掘信用的投资价值，目标是获取净值合理增长。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:17.188Z","fund":{"_id":3000000002486,"stockCode":"002486","shortName":"上银慧添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2486,"lastUpdated":"2026-10-11T22:05:10.218Z","status":"normal","inceptionDate":"2016-03-15T16:00:00.000Z","name":"上银慧添利债券型证券投资基金","exchange":"jj","followedNum":11,"fundCollectionId":4000050850000,"currency":"CNY","pinyin":"syhtlzqxzqtzjj","memoNum":1,"masterFundShortName":"上银慧添利债券","__csrcFundId":4531,"managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"}]},"announcement":{"linkText":"上银慧添利债券型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=888943","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec67d7fea5b3eb04595da","date":"2022-12-30T16:00:00.000Z","stockId":3000000002486,"sao":"2022年债券市场先扬后抑，前三季度由于疫情冲击，居民购买力下降，消费旅游等行业受影响，地产在三季度出现危机，该阶段经济预期不乐观，央行维持整体偏松的流动性基调，股市也震荡走低，风险偏好下降，整体收益率下行，对债券较为有利。四季度在二十大后，疫情防控，地产调整出现政策调整，市场对后市经济转乐观，股市反弹，资金市场出现波动，11-12月部分时期资金价格较高，债券出现调整，尤其信用债调整幅度较大，引发理财净值下降，导致更多信用的抛盘，债券市场调整剧烈。本基金在2022年整体久期逐步降低，一季度久期最高，后续随市场利率下行逐步降低，持仓的信用债在四季度遭受市场冲击，估值利率上行，对净值有一定影响。本基金根据宏观政策研究结合产业，企业财务分析来选择组合久期管理，信用风险管理，目标是合理管控风险和提供合理的净值增长。本基金2022年整体业绩有一定波动，收益仍处合理水平。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:17.185Z","mo":"2023年由于疫情影响减弱，消费、旅游逐步复苏，此外地产政策有所松绑，对经济有正面影响；相对而言，疫情三年中得益于成功的防控和完善的产业链，我国出口较为坚挺，2022年开始的全球央行紧缩可能导致2023年全球需求下降，使得出口面临冲击。即便如此，2023年经济整体好于2022年仍然是市场共识，预期差和政策力度成为2023年影响市场走势的关键。预计一季度经济逐步改善，受基数效应影响二季度预计出现年内数据高点，三、四季度预期走弱，如出现支持经济增长的政策则会影响上述判断。在全年经济预期好于2022年的前提下，债券市场整体风险大于机会，适合采取稳健的策略，本基金计划在2023年采取中性的久期，充分利用2022年四季度调整剧烈的信用债的机会和现有持仓，将较高的收益率转化为业绩；此外在风险可控的情况下，还将根据市场的预期差积极把握交易机会，以期增加收益。","fund":{"_id":3000000002486,"stockCode":"002486","shortName":"上银慧添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2486,"lastUpdated":"2026-10-11T22:05:10.218Z","status":"normal","inceptionDate":"2016-03-15T16:00:00.000Z","name":"上银慧添利债券型证券投资基金","exchange":"jj","followedNum":11,"fundCollectionId":4000050850000,"currency":"CNY","pinyin":"syhtlzqxzqtzjj","memoNum":1,"masterFundShortName":"上银慧添利债券","__csrcFundId":4531,"managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"}]},"announcement":{"linkText":"上银慧添利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=872662","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec67d7fea5b3eb04595d9","date":"2022-09-29T16:00:00.000Z","stockId":3000000002486,"sao":"3季度债券市场整体下行，7月发生房贷断供，地产行业受冲击，经济下行压力加大，央行采取宽松的流动性政策，流动性充裕，资金价格偏低，债券收益率下行，8月到9月初延续该行情，9月后外围市场债券收益率上行较多，人民币汇率承压，国内资金面有波动，资金价格有一定上行，利率波动加大，有所上行。本基金在三季度逐步减仓，久期和杠杆随收益率下行逐步止盈，本轮行情整体策略正确，业绩平稳，后续本基金将在严控信用风险的情况下合理挖掘信用的投资价值，根据基本面择机管控久期风险，目标是获取净值合理增长。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:17.183Z","fund":{"_id":3000000002486,"stockCode":"002486","shortName":"上银慧添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2486,"lastUpdated":"2026-10-11T22:05:10.218Z","status":"normal","inceptionDate":"2016-03-15T16:00:00.000Z","name":"上银慧添利债券型证券投资基金","exchange":"jj","followedNum":11,"fundCollectionId":4000050850000,"currency":"CNY","pinyin":"syhtlzqxzqtzjj","memoNum":1,"masterFundShortName":"上银慧添利债券","__csrcFundId":4531,"managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"}]},"announcement":{"linkText":"上银慧添利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=809504","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec67d7fea5b3eb04595d8","date":"2022-06-29T16:00:00.000Z","stockId":3000000002486,"sao":"过去半年中，受到俄乌冲突、疫情爆发、散发、全球通胀等影响，经济增速经历增长、下行和恢复，股市维持结构性行情，在疫情后上涨，全球供应链存在问题，我国产业链完整度较高，出口较为强劲，是经济的一个亮点，受疫情等影响居民消费意愿下降，消费承压。债券收益率经历年初下行后随信贷数据上升、通胀等因素而上行，因疫情爆发下行，在防控措施调整、经济大部分走出疫情影响后再度上行。本基金在过去半年采取较为积极的固收久期和信用策略，使用中性偏高杠杆策略，整体享受到较低资金利率的好处，获得了适当的净值增长。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:17.180Z","mo":"展望后市，经济复苏预计仍能持续，经济数据环比改善，外围美国通胀超预期，联储预期紧缩引发经济衰退预期，这对出口持续强劲形成压力，中期看经济仍取决于稳增长政策的力度，债券中期仍然有良好机会。短期看后续对市场影响较大的因素是流动性，预计经济环比改善的情况下，央行的流动性可能逐步回收，资金利率向政策中枢靠拢，债券利率有上行风险，但随着经济这波复苏过去，经济整体不会超预期向好，债券有望再获得下行空间。如央行超预期维持流动性宽松和较低资金价格，对债券会持续利好。","fund":{"_id":3000000002486,"stockCode":"002486","shortName":"上银慧添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2486,"lastUpdated":"2026-10-11T22:05:10.218Z","status":"normal","inceptionDate":"2016-03-15T16:00:00.000Z","name":"上银慧添利债券型证券投资基金","exchange":"jj","followedNum":11,"fundCollectionId":4000050850000,"currency":"CNY","pinyin":"syhtlzqxzqtzjj","memoNum":1,"masterFundShortNam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技行业，还是严控房地产与基建增量，坚持“房住不炒”底线思维，均是选择优质的低增长的过程，随着海外疫情缓解，经济活动复苏，我国下半年出口或将受到冲击，故内生经济增长压力较大。此外，美国内部通胀压力尽显，但疫情仍然存在反复，美联储收缩货币政策的速度与力度有待观察。展望后市，适度宽松并且预期稳定的货币政策将支持各项利差与溢价收缩，包括但不限于信用利差、期限利差、流动性溢价等，债券市场在下半年将迎来较好的时期。整体上，该产品将保持对债市中性偏多的策略以中高等级信用资产进行配置，坚决杜绝不合理的信用下沉，同时在资金面无忧的大背景下，适度提高杠杆水平，以获取合理的投资回报。","fund":{"_id":3000000002486,"stockCode":"002486","shortName":"上银慧添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2486,"lastUpdated":"2026-10-11T22:05:10.218Z","status":"normal","inceptionDate":"2016-03-15T16:00:00.000Z","name":"上银慧添利债券型证券投资基金","exchange":"jj","followedNum":11,"fundCollectionId":4000050850000,"currency":"CNY","pinyin":"syhtlzqxzqtzjj","memoNum":1,"masterFundShortName":"上银慧添利债券","__csrcFundId":4531,"managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"}]},"announcement":{"linkText":"上银慧添利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=636348","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec67d7fea5b3eb04595d3","stockId":3000000002486,"sao":"2021年一季度中，债券收益率整体呈箱体震荡的走势，利率曲线以短端上行的方式逐步平坦化。1月，债券收益率呈过山车走势，上半月市场延续较为宽松的流动性水平，市场情绪向好，收益率快速下行。而后受到缴税及月末因素影响，流动性趋紧，融资成本大幅攀升导致债券收益率快速反弹，临近月末更是完全回补年初涨幅。2月，因春节因素影响，市场整体交投较为清淡，机构多观望，债券收益率高位震荡。3月，市场流动性恢复宽松，短期回购成本在2.00%一线震荡运行，致使短端利率相对固化，在基本面相对稳定的情况下，国开-国债利差、长短期限利差、高等级信用债信用利差等均出现明显收窄。整个一季度来看，收益率呈箱体震荡走势，市场情绪相对谨慎。具体来看，国债1年和10年分别上行11bp和5bp，国开债1年和10年分别上行20bp和4bp。期间，信用环境继续分化，高等级信用债信用利差明显收窄，而资质较差品种市场鲜有问津。本基金在报告期内整体维持中低久期和中低杠杆的投资策略，在发挥中高等级信用债的票息优势的同时，严控信用风险与市场风险，并且积极排布组合负债结构，力争基金净值合理增长，获取较好的投资业绩。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:17.166Z","fund":{"_id":3000000002486,"stockCode":"002486","shortName":"上银慧添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2486,"lastUpdated":"2026-10-11T22:05:10.218Z","status":"normal","inceptionDate":"2016-03-15T16:00:00.000Z","name":"上银慧添利债券型证券投资基金","exchange":"jj","followedNum":11,"fundCollectionId":4000050850000,"currency":"CNY","pinyin":"syhtlzqxzqtzjj","memoNum":1,"masterFundShortName":"上银慧添利债券","__csrcFundId":4531,"managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"}]},"announcement":{"linkText":"上银慧添利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=575289","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec67d7fea5b3eb04595d2","stockId":3000000002486,"sao":"2020年，突如其来的新冠疫情打乱债券市场原先运行的节奏。回顾全年，10年期国债收益率低点出现在4月为2.50%，年内高点出现在11月为3.35%，整体波动较大，呈先下后上的V型走势。全年利率走势大致可分为四个阶段：第一阶段1-4月：我国疫情于春节前后爆发，境外疫情于3月份爆发。我国采用速冻式的抗疫方式，在有效阻断疫情前暂停一切非必要的经济生产活动。在对经济的悲观预期及央行的流动性支持下，债券作为优质避险品种，收益率出现大幅下行，并突破2016年的低点位置。第二阶段5-8月：基于我国卓越的疫情防控能力，全国各地逐步重启完毕，经济生产活动恢复，央行临时性货币政策逐步退出，债券收益率见底反弹，期间伴随权益市场大涨对债券市场的挤兑影响，10年期国债由4月低点反弹近55BP。第三阶段9-10月：市场进入震荡整理时期，债券收益率高位盘整，虽然经济复苏动能依旧强劲，但大幅单边上行后，市场情绪好转，多空势利较为均衡。第四阶段11-12月：连锁信用事件爆发，债券收益率先陡峭化上行，而后在央行释放流动性后出现回调，10年期国债在两个月的时间内完成上下近20BP的巨幅震荡调整。报告期内，本基金在严控流动性、信用等风险的前提下，灵活调整资产比例及组合久期，同时通过主动管理，积极提升信用策略及杠杆策略的效果，以获取合理的回报。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:17.163Z","mo":"过去一年中，新冠疫情的发展情况影响着全球各类金融资产价格的变动，而随着疫苗在全球范围内的大规模生产与接种，疫情对中国经济与全球经济的负面影响将逐步消散，因疫情而临时施行的各项经济刺激政策已将逐步退出，全球经济走势将重回正轨运行。鉴于我国卓越的疫情防控能力与疫苗研发生产能力，我国将不仅是全球第一个恢复正增长的主要经济体，也将可能成为第一个退出临时刺激政策的主要经济体。故后疫情时代下的经济基本面将逐步重归常态化，而作为“十四五”的开局之年，挑战与机会共存，增长与风险伴生。三驾马车中，投资方面，“房住不炒”精神下各项政策仍将抑制地产投资过热，增长将主要集中在基建与补短板行业；消费方面，今年仍具有较大增长潜力，因疫情影响原出境旅游消费需求将继续向境内消费需求转移，对消费增长形成有效支撑；出口方面，去年疫情下我国生产活动快速恢复，而境外受疫情肆虐生产活动停滞，致使2020年下半年部分生产需求向我国转移，受产业链粘滞效应影响，该部分增量出口规模仍将支撑我国出口高速增长，但效应将逐步减弱。对于资金面而言，疫情下的临时性货币政策或将于上半年有序退出，货币政策将重回中性，适度，进退有度的状态，待未来国内外经济局势超预期变化时，灵活调整。展望后市，中性的货币政策与调整的信用环境意味着债券市场或将保持震荡运行的状态，影响市场的核心因素也将从流动性松紧逐步转化成对后疫情时代中国经济增长的预期。整体上，本基金将保持对债市偏中性的策略，关注中高等级信用资产，坚决杜绝不合理的信用下沉，同时将在资金面无忧的大背景下，适度调整杠杆水平，力争获取合理的投资回报。","fund":{"_id":3000000002486,"stockCode":"002486","shortName":"上银慧添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2486,"lastUpdated":"2026-10-11T22:05:10.218Z","status":"normal","inceptionDate":"2016-03-15T16:00:00.000Z","name":"上银慧添利债券型证券投资基金","exchange":"jj","followedNum":11,"fundCollectionId":4000050850000,"currency":"CNY","pinyin":"syhtlzqxzqtzjj","memoNum":1,"masterFundShortName":"上银慧添利债券","__csrcFundId":4531,"managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"}]},"announcement":{"linkText":"上银慧添利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=561218","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec67d7fea5b3eb04595d1","stockId":3000000002486,"sao":"三季度债券收益率整体大幅上行。7月份债券市场走势颇为曲折，7月1日-7月13日，股票市场快速上涨，“股债跷跷板”效应导致债券收益率快速上行；7月14日-7月23日，由于经济数据整体弱于预期，叠加上股市热情有所缓和以及中美关系恶化，债券收益率略有下行；8-9月，债券收益率基本呈现单边上行的走势，此阶段基本面持续回暖已成市场共识，而资金利率在货币政策保持定力、政府债券供给压力及结构性存款压降等多重压力下趋于上行，尤其是同业存单及Shibor利率大幅上行，商业银行由于缺“长钱”，配置力量不足，多方因素共同导致债券收益率持续缓慢上行。整个三季度看，收益率曲线熊市走平，国债1年和10年分别上行47bp和33bp，国开债1年和10年分别上行65bp和62bp。期间，信用债在宽信用发力及广义基金配置力量的推动下整体表现好于利率债，信用利差整体被动压缩。本基金在报告期内整体维持中低久期和中等杠杆的投资策略，充分发挥中高等级信用债的票息优势，关注性价比较高的信用债，收益率曲线大幅抬升中基金净值合理增长，获取较好的投资业绩。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:17.161Z","fund":{"_id":3000000002486,"stockCode":"002486","shortName":"上银慧添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2486,"lastUpdated":"2026-10-11T22:05:10.218Z","status":"normal","inceptionDate":"2016-03-15T16:00:00.000Z","name":"上银慧添利债券型证券投资基金","exchange":"jj","followedNum":11,"fundCollectionId":4000050850000,"currency":"CNY","pinyin":"syhtlzqxzqtzjj","memoNum":1,"masterFundShortName":"上银慧添利债券","__csrcFundId":4531,"managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"}]},"announcement":{"linkText":"上银慧添利债券型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492584","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec67d7fea5b3eb04595d0","stockId":3000000002486,"sao":"上半年债券市场走势颇为波折，1-4月份，由于受新冠疫情冲击，国内乃至全球经济增速均大幅下行，货币政策受此影响持续宽松，央行多次降准降息并调降超额存款准备金利率，债券收益率在疫情、基本面、政策及风险偏好推动下大幅下行；截止4月30日，10年国开债到期收益率较去年年底下行近80bp。5-6月份，伴随国内疫情得到控制，基本面修复力度超出市场预期，货币政策逐步回归至常态，叠加天量利率债供给，债市开启快速调整，在此期间，10年国开债到期收益率上行近30bp。本基金在报告期内重点关注中高等级信用债等投资标的，并且根据市场情况适度调整了组合久期及杠杆，在一季度整体提升了杠杆和久期水平，二季度有所调降，组合在报告期内获取了较好的投资回报。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:17.158Z","mo":"从基本面角度看，下半年国内经济大概率延续缓慢修复的态势，基建增速继续提升、房地产投资维持高韧性、制造业和消费缓慢修复、外需仍存不确定性但伴随海外主要经济体逐步复工边际向好。政策角度看，下半年稳货币稳信用的格局仍相对明确，非常规的货币政策退出后进一步降准降息的可能性很低但仍将继续维持流动性的合理充裕，预计资金面和资金利率仍然相对平稳。整体上，下半年的宏观环境对债券市场的影响偏中性，债市预计会维持震荡走势，但伴随中美关系及基本面数据可能出现的阶段性变化仍会存在交易性机会。策略选择上，下半年将以票息策略为主，保持适度杠杆，并关注城投债相关领域标的。","fund":{"_id":3000000002486,"stockCode":"002486","shortName":"上银慧添利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2486,"lastUpdated":"2026-10-11T22:05:10.218Z","status":"normal","inceptionDate":"2016-03-15T16:00:00.000Z","name":"上银慧添利债券型证券投资基金","exchange":"jj","followedNum":11,"fundCollectionId":4000050850000,"currency":"CNY","pinyin":"syhtlzqxzqtzjj","memoNum":1,"masterFundShortName":"上银慧添利债券","__csrcFundId":4531,"managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"}]},"announcement":{"linkText":"上银慧添利债券型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=463426","linkType":"PDF","source":"csrc_pdf"}}]}