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“政策底”，抢跑“基本面底”。与此同时，自8月开始，地方债、国债的发行节奏也有所加快，配合地产政策陆续松动、信贷力度加码、一线城市陆续放开“认房不认贷”等，资金面也出现收敛，以DR007为衡量指标，9月月均值相比7月和8月有所提升。海外方面，三季度，海外通胀虽有下降但核心通胀依然较为坚挺，以美联储为代表的海外央行当下以控制通胀为主要目标，并在三季度继续加息，直接推升了海外债券利率的上行。在上述因素的共同影响下，虽然债券收益率在8月15日央行降息后迎来了短暂下行，但趋势上整体呈现上行态势，曲线形态走平。信用债方面，在理财季末回表和赎回因素的共同影响下，表现弱于利率，信用利差有所走阔。报告期内，本基金维持了适度的久期和杠杆，并进行了长端利率债的波段交易。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:40.266Z","fund":{"_id":3000000004921,"__csrcFundId":4799,"stockCode":"004921","shortName":"华夏鼎瑞三个月定期开放债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4921,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.323Z","status":"normal","inceptionDate":"2017-10-16T16:00:00.000Z","name":"华夏鼎瑞三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏鼎瑞三个月定期开放债券","pinyin":"hxdrsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20787017","stockType":"fund_manager","exchange":"fm","tickerId":1223210210,"name":"刘薇"}]},"announcement":{"linkText":"华夏鼎瑞三个月定期开放债券型发起式证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=986448","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8387fea5b3eb0479da3","date":"2023-06-29T16:00:00.000Z","stockId":3000000004921,"sao":"一季度处于疫情后的复苏阶段，市场对于经济复苏的预期较为一致，利率债走熊。3月中下旬开始，经济数据环比走弱，显示经济修复节奏放缓。需求不足为经济的核心矛盾，基本面对债市形成支撑。长短端收益率下行，10Y国债收益率由2.88%降至2.67%，累计下行21bp。信用债方面，赎回潮后信用债市场情绪逐渐修复，后续基本面修复斜率放缓逐步得到数据验证，货币政策维持平稳宽松，“钱多”逻辑主导下配置盘力量维持高位，而信用债供给有限，供需失衡下，“资产荒”行情再现，信用债收益率整体大幅下行，信用利差显著压缩。报告期内，本基金维持了偏高的杠杆水平和中性偏高的久期，并进行了波段交易。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:40.264Z","mo":"当前利率下行已经接近4个月,目前进入均衡的阶段。7月份的政治局会议对下半年的政策方向给出指引，需要密切关注政策动向。同时，下半年货币政策仍然具有降准降息的可能性，总量货币政策将延续宽松。从这个角度看，下半年债券偏强的走势可能得以延续。珍惜基金份额持有人的每一分投资和每一份信任，本基金将继续奉行华夏基金管理有限公司“为信任奉献回报”的经营理念，规范运作，审慎投资，勤勉尽责地为基金份额持有人谋求长期、稳定的回报。","fund":{"_id":3000000004921,"__csrcFundId":4799,"stockCode":"004921","shortName":"华夏鼎瑞三个月定期开放债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4921,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.323Z","status":"normal","inceptionDate":"2017-10-16T16:00:00.000Z","name":"华夏鼎瑞三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏鼎瑞三个月定期开放债券","pinyin":"hxdrsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20787017","stockType":"fund_manager","exchange":"fm","tickerId":1223210210,"name":"刘薇"}]},"announcement":{"linkText":"华夏鼎瑞三个月定期开放债券型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=957704","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8387fea5b3eb0479da2","date":"2023-03-30T16:00:00.000Z","stockId":3000000004921,"sao":"2023年1季度，欧美继续加息进程，但随着海外银行开始爆出流动性问题，避险情绪升温，金融条件转紧，美国3月加息幅度从预期的50bp降低到25bp。国内方面，疫情过峰后，稳地产政策效果开始显现，地产销售企稳；叠加年初基建项目集中落地，国内经济弱复苏。市场方面，由于货币政策退出疫情时期的极度宽松状态，叠加一季度信贷投放较快，存单、中短期限利率债收益明显上行；由于经济尚未脱离弱复苏局面，且5%的经济目标降低了刺激政策出台的预期，长债收益率窄幅震荡。整体来看收益率曲线平坦化上行。信用债方面，随着理财产品发行恢复正常，存量理财规模企稳，去年底因赎回踩踏而走高的信用利差和等级利差逐渐修复，现已回落至正常水平。由于修复节奏不同，一季度银行二级资本债、银行和产业永续债表现好于高等级普通信用债。报告期内，本基金适当增加了信用债的配置，维持了中性的久期和杠杆水平。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:40.261Z","fund":{"_id":3000000004921,"__csrcFundId":4799,"stockCode":"004921","shortName":"华夏鼎瑞三个月定期开放债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4921,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.323Z","status":"normal","inceptionDate":"2017-10-16T16:00:00.000Z","name":"华夏鼎瑞三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏鼎瑞三个月定期开放债券","pinyin":"hxdrsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20787017","stockType":"fund_manager","exchange":"fm","tickerId":1223210210,"name":"刘薇"}]},"announcement":{"linkText":"华夏鼎瑞三个月定期开放债券型发起式证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=881024","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8387fea5b3eb0479da1","date":"2022-12-30T16:00:00.000Z","stockId":3000000004921,"sao":"2022年，受疫情、地产链等因素影响，经济动能持续走弱，财政支出加快托底经济。但在房住不炒、地方政府严格限制新增隐债的框架约束下，内需向上的弹性较小，信贷脉冲主要跟随财政发力的节奏（专项债前置发行使用、调增政策性银行信贷额度等），居民部门信贷持续走弱，前三季度利率整体上震荡下行，受益于理财规模的扩张，信用利差持续压缩。在土地出让金大幅下滑、防疫难度的上升背景下，地方财政紧张的矛盾在下半年越发突出。11月后，防疫和地产政策发生了U型反转，使得市场对稳增长加码的预期极速升温，叠加资金面收紧，利率出现了快速的大幅上行，理财在此过程中出现了下跌-赎回的负反馈，使得信用利差也大幅走阔。报告期内，本基金积极关注市场主导因素的切换，根据市场情况调整久期和仓位，并严格控制信用风险。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:40.259Z","mo":"展望2023年，在防疫措施大幅优化,政策对地产、平台经济等行业的态度也发生了积极转变后，经济有望走向正常化。但从经济工作会议的表态上来看，对财政可持续的要求并未放松，房住不炒的坚持没有变，是有节制的稳增长。扩大内需方面强调有收入支撑的消费需求、有合理回报的投资需求、有本金和债务约束的金融需求，宏观政策上出台强刺激的可能性较低。货币政策方面，通胀目前不构成掣肘，海外央行加息尚未结束，国内货币政策的发力点可能还是结构性的货币政策工具为主。本基金将维持底仓久期中性，关注长端利率债的交易机会。珍惜基金份额持有人的每一分投资和每一份信任，本基金将继续奉行华夏基金管理有限公司“为信任奉献回报”的经营理念，规范运作、审慎投资，勤勉尽责地为基金份额持有人谋求长期、稳定的回报。","fund":{"_id":3000000004921,"__csrcFundId":4799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