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","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=867979","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74d7fea5b3eb0468883","date":"2022-09-29T16:00:00.000Z","stockId":3000000003518,"sao":"2022年3季度债券市场整体呈现先下后上走势，10年国债收益率最高2.85附近，最低2.58附近，幅度27bp。利率先在7月局部疫情反弹、地产下行、资金面显著宽松的背景下下行，后在8月央行超预期降息的推动下进一步下行。9月中下旬，利率在稳增长政策进一步加码、市场集中获利了结以及对汇率的担忧下快速上行至降息前水平附近。3季度市场运行逻辑较为清晰，行情流畅，一改前两季度的纠结状态，是今年以来最为顺畅的一段行情。根据投资范围的要求，本产品择机调整组合的久期水平，力争获取超额收益。根据产品规模的变动，动态调整杠杆、久期水平，为投资者创造了较好的收益。  展望2022年4季度，在3季度多重利好和预期已经兑现的背景下，市场将持续观察经济复苏的进程，以及货币政策相应的变化。市场已经对进一步出台稳增长政策有一定预期，但经济向上复苏的持续性仍然需要密切观察。货币政策预计仍然保持相机抉择，若有必要，预计货币政策仍将进一步加大力度以更好地支持经济向上恢复。  具体对应到债券市场方面：预计长端收益率有一定压力，但预计货币政策不会出现系统性的去杠杆的收紧动作，因此债券市场仍不具备系统性风险。并且在9月中下旬收益率已经大幅上行，可以说绝大部分压力得到了释放。中短端更多交易当期资金面，前期中短端定价并未过多透支政策利率空间，因此在目前仍较高的息差水平下仍然具有性价比。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:45.028Z","fund":{"_id":3000000003518,"__csrcFundId":1769,"stockCode":"003518","shortName":"万家鑫瑞(003518)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3518,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:00.583Z","status":"normal","inceptionDate":"2017-06-06T16:00:00.000Z","name":"万家鑫瑞纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家鑫瑞","pinyin":"wjxrczzqxzqtzjj","managers":[{"stockCode":"8801451106","stockType":"fund_manager","exchange":"fm","tickerId":2417175470,"name":"徐青"}]},"announcement":{"linkText":"万家鑫瑞纯债债券型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=803090","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74d7fea5b3eb0468882","date":"2022-06-29T16:00:00.000Z","stockId":3000000003518,"sao":"回顾来看，2022年上半年债券市场整体呈现窄幅震荡格局，10年国开收益率最高3.12附近，最低2.92附近，幅度20bp，整体波动较历史相比有一定减弱。具体来说：收益率年初在对货币政策进一步宽松以及宽信用担忧的推动下下行，后在2月份公布的金融数据大幅好于预期，各地持续推进地产放松政策的背景下逐步回升，3月又在对货币政策的憧憬、金融数据低于预期、部分城市疫情反复的推动下逐步下行。二季度来看：4月利率先在局部疫情扩散、资金面显著宽松的背景下下行，后在央行降准幅度不及预期以及局部疫情数据拐点下上行调整。5月在资金面仍维持宽松，且疫情管控仍严格的背景下利率再次逐步下行。6月随着疫情结束，市场开始预期经济复苏，利率重新上行至1季度末水平附近。整体波动仍然不大，幅度类似于1季度。根据投资范围的要求，本产品择机调整组合的久期水平，力争获取超额收益。根据产品规模的变动，动态调整杠杆、久期水平，为投资者创造了较好的收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:45.025Z","mo":"展望2022年下半年，随着疫情结束，市场将持续观察经济复苏的进程，以及货币政策相应的变化。短期经济有望对疫情期间进行“填坑”。但经济向上复苏的持续性和力度存在一定的不确定性，仍然需要密切观察。货币政策预计仍保持相对宽松以支持经济向上恢复。    具体对应到债券市场方面：市场预期将逐步与现实进行同步，长端利率可能也因预期差产生交易机会。中短端更多交易当期资金面，前期中短端定价并未过多透支政策利率空间，因此在目前仍较高的息差水平下仍然具有性价比。","fund":{"_id":3000000003518,"__csrcFundId":1769,"stockCode":"003518","shortName":"万家鑫瑞(003518)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3518,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:00.583Z","status":"normal","inceptionDate":"2017-06-06T16:00:00.000Z","name":"万家鑫瑞纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家鑫瑞","pinyin":"wjxrczzqxzqtzjj","managers":[{"stockCode":"8801451106","stockType":"fund_manager","exchange":"fm","tickerId":2417175470,"name":"徐青"}]},"announcement":{"linkText":"万家鑫瑞纯债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=782276","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74d7fea5b3eb0468881","date":"2022-03-30T16:00:00.000Z","stockId":3000000003518,"sao":"2022年1季度债券市场呈现先扬后抑，收益率先下后上。年初在对货币政策进一步宽松以及宽信用担忧的推动下收益率下行，后在一月份金融数据大幅好于预期，各地持续推进地产放松政策的背景下逐步回升，3月又在对货币政策的憧憬、金融数据低于预期、部分城市疫情反复的推动下逐步下行。回顾来看，全年10年国债收益率自年初2.78%附近逐步下行至1月低点的2.67%，后上行至3月初的高点2.85%，随后在1季度末回到2.78%，持平年初。整体波动较历史相比有一定减弱。根据投资范围的要求，本产品择机调整组合的久期水平，力争获取超额收益。根据产品规模的变动，动态调整杠杆、久期水平，为投资者创造了较好的收益。    展望2022年，2021年12月的中央经济工作会议对2022年的政策主线影响深远。主要体现在政策纠偏和主线变化，：一方面，会议对今年“双减”等多项政策力度过猛进行了纠偏和反思，“先立后破、稳扎稳打”的要求，意味着明年经济供给端的弹性会较今年明显修复，供给约束会阶段性让位需求维稳；另一方面，会议重提“逆周期调控”，尽管是要求跨周期和逆周期有机结合，但考虑到明年上半年经济压力相对更大，预计上半年仍然是逆周期相对占主导。此外，更为重要的是，会议要求各地区各部门要担负起稳定宏观经济的责任，并且明确要求各方面慎重出台有收缩效应的政策，这相当于对地方行动目标给出了明确指引。    在稳增长诉求下，货币和财政政策都具备进一步宽松的空间和弹性，财政政策为主、货币政策配合财政发力。财政方面预计支出规模会保持在当前高位，发力点主要在减税+基建。房地产方面，“房住不炒”基调没有变化，意味着放松力度难以是系统性的，但同时边际松动的方向仍然明确。    具体对应到债券市场方面：2022年逆周期与跨周期相结合的主线下，房住不炒的大定调和继续严控地方隐性债务的大背景大概率不发生大变化。因此无论是基建阶段性发力，或是地产政策的边际放松，均更多是相较于2021年政策的边际回暖，对债券市场的不利影响力度不可与历史上几轮明显的稳增长和加杠杆时期相提并论。因此这并不对应典型的债券熊市，概率更高的应该是出现震荡市。因此倾向于认为2022年波动增大，但全年利率中枢相对恒定。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:45.022Z","fund":{"_id":3000000003518,"__csrcFundId":1769,"stockCode":"003518","shortName":"万家鑫瑞(003518)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3518,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:00.583Z","status":"normal","inceptionDate":"2017-06-06T16:00:00.000Z","name":"万家鑫瑞纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家鑫瑞","pinyin":"wjxrczzqxzqtzjj","managers":[{"stockCode":"8801451106","stockType":"fund_manager","exchange":"fm","tickerId":2417175470,"name":"徐青"}]},"announcement":{"linkText":"万家鑫瑞纯债债券型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=723169","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74d7fea5b3eb0468880","date":"2021-12-30T16:00:00.000Z","stockId":3000000003518,"sao":"2021年，经济继续受到疫情反复和房地产市场降温影响，市场对经济增长的预期高开低走，映射到市场表现中，债券市场低开高走，资金市场整体平稳。股票市场震荡小幅上涨，风格更偏向于成长股，新能源板块行情贯穿全年，板块内部各子行业轮动上涨。转债市场先抑后扬，存量转债数量和规模持续增长，转债市场交易活跃度同步提升。我们在2021年采取了高评级高杠杆策略，积极参与利率债波段交易机会，在控制回撤的基础上，实现净值的稳健增长。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:45.019Z","mo":"展望2022年，疫情缓解的节奏和国际政治局势动荡，将成为影响宏观经济的两大主要变量。我们预计政府应对疫情的对策将逐步从封锁转向共存，疫情对经济的影响将逐步消退，在这个过程中局部地区疫情反复在短期内会对经济产生一定负面影响，经济整体复苏的趋势不会改变，之前受疫情影响较深的服务业各领域，景气度将显著回升。国际政治局势动荡将影响我国外贸形势，需要警惕西方国家基于意识形态差异，对我国出口商品和进口技术采取限制措施，从而影响相关产业的国际竞争力。我们预计宏观政策仍将保持适度宽松，从宽货币逐步过渡到宽信用，通过松绑房地产政策，积极推动基建项目落地，来对冲经济下行压力。同时，我们也看到，大宗商品价格上涨，将限制货币政策宽松的空间，央行或将更加倚重结构性政策。债券市场目前收益率处于历史低位，收益率波动的幅度或将增大。股票市场经历了连续三年上涨后，部分热门成长赛道估值偏高，股价对基本面边际变化十分敏感。部分价值龙头个股估值处于历史底部，风险收益比开始具有吸引力。全年来看，我们预计会经历先价值后成长的节奏，在指数整体震荡中，出现结构性机会。","fund":{"_id":3000000003518,"__csrcFundId":1769,"stockCode":"003518","shortName":"万家鑫瑞(003518)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3518,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:00.583Z","status":"normal","inceptionDate":"2017-06-06T16:00:00.000Z","name":"万家鑫瑞纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家鑫瑞","pinyin":"wjxrczzqxzqtzjj","managers":[{"stockCode":"8801451106","stockType":"fund_manager","exchange":"fm","tickerId":2417175470,"name":"徐青"}]},"announcement":{"linkText":"万家鑫瑞纯债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=710675","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74d7fea5b3eb046887f","date":"2021-09-29T16:00:00.000Z","stockId":3000000003518,"sao":"2021年三季度，受能耗双控影响，上游原材料供给收缩，市场价格大幅上涨，对中下游行业需求带来负面影响。叠加国内外疫情反复影响，服务业景气度较二季度下滑。经济在复苏的过程中有所回落，下游需求疲软，制造业企业利润受到挤压。消费者物价水平仍然处于低位，食品价格同比大幅下降，对此贡献颇多。房地产调控未见明显松动，房地产市场景气度下降，房价涨势得到遏制。7月初的降准政策，点燃了债券市场的做多热情，收益率曲线平坦化下行，市场资金面延续了宽松态势。8月下旬受到银行理财产品净值化政策影响，信用债收益率开始反弹，资金面由宽松恢复到平衡状态，7天回购利率中枢小幅上升。股票市场整体震荡，结构分化，前期涨幅较多的行业如消费、医药、电子显著下跌；受到大宗价格上涨利好的行业如能源、有色、公用事业等显著上涨。估值处于历史底部的行业如金融、交运、地产等企稳震荡。转债市场冲高回落，多数转债价格上涨，周期类转债表现尤为出色。我们在三季度保持债券仓位稳定，重点配置高评级中短久期债券。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:45.017Z","fund":{"_id":3000000003518,"__csrcFundId":1769,"stockCode":"003518","shortName":"万家鑫瑞(003518)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3518,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:00.583Z","status":"normal","inceptionDate":"2017-06-06T16:00:00.000Z","name":"万家鑫瑞纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家鑫瑞","pinyin":"wjxrczzqxzqtzjj","managers":[{"stockCode":"8801451106","stockType":"fund_manager","exchange":"fm","tickerId":2417175470,"name":"徐青"}]},"announcement":{"linkText":"万家鑫瑞纯债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=651739","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74d7fea5b3eb046887e","date":"2021-06-29T16:00:00.000Z","stockId":3000000003518,"sao":"2021年上半年，经济缓慢恢复，通胀从低位上升。新冠疫情反复仍然影响经济复苏的节奏，服务业仍然受到国内零星爆发的疫情影响。在强劲的外需拉动夏，工业保持了较高景气度，制造业企业利润保持较快增长。政策重心从稳增长转向防风险，财政支出力度放缓，基建和地产产业链景气度下滑。社融增速高位回落，企业信用环境收紧，M2增速下降。宏观上形成了宽货币和紧信用的组合。通胀指数结构分化，工业原材料价格大幅上涨，6月末PPI同比上涨8.8%，涨幅创10年新高。由于猪肉价格同比显著下降，居民价格指数同比涨幅整体保持低位，逐月有所反弹，6月末CPI同比上涨1.1%。市场对经济的看法从乐观转向悲观。年初市场对疫苗抱有很大期望，预期随着疫苗推广，世界将很快从疫情阴霾中走出。债券收益率在前两月整体上行，10年国债收益率从年初的3.14%上行到2月末3.28%。股票市场中顺周期标的在一季度跑赢市场。二季度开始，部分疫苗接种率较高的发达国家疫情出现反复，国内在珠三角疫情再起，市场对疫苗的效果产生怀疑。债券收益率开始震荡下行，截止6月末，10年国债收益率到达3.07%。股票市场中成长风格的股票跑赢周期股，新能源产业链和半导体产业链相对收益率显著高于其他行业。资金市场利率中枢整体下移。1月初资金利率显著下行，隔夜利率一度下行到1%以下。伴随着利率下行，市场杠杆水平显著上升。隔夜回购成交量从3.5万亿附近上升到4.1万亿附近。央行在1月下旬收紧流动性，令市场措手不及，隔夜回购加权平均利率在1月底见到6.5%。2月开始央行政策态度转向鸽派，在季末月末长假前等关键时间点通过公开市场操作向市场释放流动性，熨平了资金价格波动。1年存单收益率从3.15%下行到2.85%。我们根据市场变化，调整投资策略。在1月末，利用市场资金紧张时点配置了一批长久期资产。在随后资金利率下行过程中，逐步缩短组合久期，了结前期获利投资，进行高等级信用债和利率债波段交易。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:45.014Z","mo":"展望2021年下半年，经济有望延续复苏的态势。政策重心再次从防风险切换回稳增长，将有利于上半年景气度交差的基建行业复苏。我国制造业部门的出口竞争力，在疫情肆虐全球的背景下，将继续保持优势，制造业部门的景气度有望维持。疫苗接种率持续上升后，之前部分限制措施或将逐步放开，我们将会逐步找到一种和病毒共存的方式。服务业部门在限制解除后，将迎来复苏。全球复苏不均衡的态势，将继续限制上游原材料的供应，供求复苏的错配将带来持续的通胀压力。并且从工业品向消费品进行传导。央行的货币政策组合或从上半年的宽货币紧信用转换到宽信用紧货币。我们预计下半年资金利率的波动将大于上半年，在目前收益率曲线平坦化的背景下，长久期资产的性价比下降。我们将采取哑铃型的投资策略，短端以存单和短久期信用债为主，、长端积极参与利率债的波段交易机会。","fund":{"_id":3000000003518,"__csrcFundId":1769,"stockCode":"003518","shortName":"万家鑫瑞(003518)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3518,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:00.583Z","status":"normal","inceptionDate":"2017-06-06T16:00:00.000Z","name":"万家鑫瑞纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家鑫瑞","pinyin":"wjxrczzqx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