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季度，经济基本面尚未转向，并且受特别国债和地方政府债供给节奏平滑和信贷动能不足的影响，市场流动性相对充裕，因此债市牛市得以延续。但利率在结构上呈现分化，尤其是央行在4月中上旬货币政策例会和金融时报上屡次提示长债利率风险后，长债和超长债利率下行空间受到一定限制，在此期间短端利率表现好于长端。组合在报告期内，根据市场情况，通过信用债持仓的优化调整和利率债波段操作相结合的方式，动态调整杠杆久期，利用市场收益率的波动变化进行投资，表现较好。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:23.679Z","mo":"展望下半年，债市所处的环境依然向好，预计将维持震荡偏强表现，主要原因来看，一是当前在地产下行局面尚未扭转、财政后置对基建投资的约束，以及海外制造业回流对出口的阻力将共同导致基本面依然承压；二是当前政策定位“固本培元”，反映政策端年内推出强刺激政策概率较小，市场对政策预期也相应弱化；三是商业银行信贷投放仍相对乏力，资金面整体充裕，债券资产仍处在“供小于求”的格局中，期限利差和信用利差存在继续压缩的空间；四是美国经济增速下滑后，9月份首次降息概率加大，国内货币政策约束也将相应下降。","fund":{"_id":3000000004122,"__csrcFundId":1553,"stockCode":"004122","shortName":"兴银长益定开债(004122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4122,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:06:43.983Z","status":"normal","inceptionDate":"2017-03-14T16:00:00.000Z","name":"兴银长益三个月定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银长益定开债","pinyin":"xycysgydqkfzqxzqtzjj","managers":[{"stockCode":"8801482089","stockType":"fund_manager","exchange":"fm","tickerId":62017175700,"name":"范泰奇"}]},"announcement":{"linkText":"兴银长益三个月定期开放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=1149670","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7af7fea5b3eb046fa47","date":"2024-03-30T16:00:00.000Z","stockId":3000000004122,"sao":"1月份，地产和稳定资本市场政策密集出台，包括国常会政策稳定权益市场、存款准备金率下调、一线城市地产政策逐步放松等，但市场反应偏钝化，10年期国债收益率下行12bp至2.43%。2月份，受政府债供给乏力，基本面修复斜率放缓等因素影响，中长端债市持续走强，10年期国债和30年期国债利率分别下行9bp和 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   组合在报告期内，根据市场情况，通过信用债持仓的优化调整和利率债波段操作相结合的方式，动态调整杠杆久期，利用市场收益率的波动变化增厚组合收益，使得组合季度内实现净值增长。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:23.658Z","fund":{"_id":3000000004122,"__csrcFundId":1553,"stockCode":"004122","shortName":"兴银长益定开债(004122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4122,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:06:43.983Z","status":"normal","inceptionDate":"2017-03-14T16:00:00.000Z","name":"兴银长益三个月定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银长益定开债","pinyin":"xycysgydqkfzqxzqtzjj","managers":[{"stockCode":"8801482089","stockType":"fund_manager","exchange":"fm","tickerId":62017175700,"name":"范泰奇"}]},"announcement":{"linkText":"兴银长益三个月定期开放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=810930","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7af7fea5b3eb046fa40","date":"2022-06-29T16:00:00.000Z","stockId":3000000004122,"sao":"回顾上半年，债市呈现宽幅震荡，市场在经济下行压力较大、地产政策放松带来的宽信用预期、资金市场持续宽松的矛盾之间不断博弈。一季度经济下行压力较大，央行降息应对，利好债市，市场收益率快速下行。但春节后社融超预期回暖，地产政策边际放松，带来市场宽信用预期升温，债市震荡上行。直到3月份社融超预期回落，高频数据指向经济复苏动能不足，叠加核心城市疫情扰动，经济下行压力重现。5月份社融腰斩，稳增长会议更明确当前经济压力，带动债市持续走强。直至5月末上海解封，宏观政策对复工复产支持较大，经济复苏预期升温，债市迎来快速回调。6月份核心经济数据边际改善，经济复苏预期进一步升温，但随着资金面持续宽松，债市仍然维持震荡格局。组合在报告期内，根据市场情况，通过信用债持仓的优化调整和利率债波段操作相结合的方式，动态调整杠杆久期，利用市场收益率的波动变化进行投资，表现较好。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:23.656Z","mo":"展望后市，央行近期虽然缩量OMO，但目前宏观环境下央行无意打破当前相对宽松的资金面格局，在经济增速和核心宏观经济指标真正企稳前，政策退出的概率仍较小。另外近期持续发酵的房地产问题虽然在中央相关部门和银行机构的关注下，以及地方政府的积极作为下有所收敛，但相关支持力度或存在不足，短期问题可能缓解但中期来看仍有较大不确定性，时断时续的疫情影响对国内经济复苏也在产生叠加扰动，7月政治局会议对于后续稳增长政策较为克制，短期经济增速不作为核心关注点。外围市场方面，美联储不断加息，为控制通胀从而引致出的衰退阴影挥之不去，且已经成为西方主要发达经济体所面临的共性问题。这种衰退阴影也会对我国出口带来潜在的负面影响。综上，目前经济复苏阻力重重，宽货币仍有望在一段时间内持续，因此操作上可以在目前基础上保持相对积极，根据市场波动，适时调整组合久期和杠杆水平。","fund":{"_id":3000000004122,"__csrcFundId":1553,"stockCode":"004122","shortName":"兴银长益定开债(004122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4122,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:06:43.983Z","status":"normal","inceptionDate":"2017-03-14T16:00:00.000Z","name":"兴银长益三个月定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银长益定开债","pinyin":"xycysgydqkfzqxzqtzjj","managers":[{"stockCode":"8801482089","stockType":"fund_manager","exchange":"fm","tickerId":62017175700,"name":"范泰奇"}]},"announcement":{"linkText":"兴银长益三个月定期开放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=784086","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7af7fea5b3eb046fa3f","date":"2022-03-30T16:00:00.000Z","stockId":3000000004122,"sao":"一季度，债市收益率呈现区间震荡，市场对经济下行压力和宽信用政策的关注点不断切换。长端利率债与短端信用债全季度震荡下行，长端信用债震荡上行，利差走阔。从基本面来看，一月份经济压力较大，央行通过降息释放流动性，市场收益率快速下行。春节后，社融数据超预期回暖，多地地产政策开始呈现边际放松，带动市场对于宽信用预期升温，债市收益率震荡上行。直到3月中旬，社融数据超预期回落，地产基建等高频数据疲弱，叠加全国疫情扰动，再次引发市场对于经济压力的担忧。债市收益率震荡下行。 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