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底部反弹18BP至3.28%；第二阶段，2月下旬央行重申“公开市场操作价格比数量更重要”稳定市场预期，3-6月份“资金走低+债券供给少”驱动10Y国债收益率重新下探至3.09%；第三阶段，7月央行超预期降准，彻底扭转市场对于货币政策的悲观预期，长端收益率快速下行接近30bp；第四阶段，在基本面疲弱以及宽信用预期的拉锯下，债市整体呈震荡走势，年末，央行再次降准驱动长端收益率成功突破前低，下探至2.78%。报告期内，本基金严格遵照基金合同的相关约定规范运作，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":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:34.098Z","mo":"展望2022年，宏观数据的基数扰动仍然明显，在剔除掉基数效应后，出口回落确定性较强、投资大概率底部温和修复、消费“耐克型”修复。节奏上，当前经济整体处于“底部已现、静待反弹”的阶段，预计上半年经济阶段性复苏的概率较大。不过考虑到2022年财政只是节奏前置，总量层面加码幅度实则有限，这其实意味着全年来看经济增长动能未必很足，基准假设下，我们预计下半年某一阶段，基本面又会重新转弱，主要的不确定性在于，稳增长诉求下，下半年地产调控政策是否会进一步松动。通胀层面，CPI持续回升、PPI快速下行，整体来看，不会构成货币政策的掣肘，除非经济增速上行动能明显增强。综上，预计债券整体呈区间震荡走势。本基金将保持中性久期，积极参与波段交易机会。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":3000000005213,"__csrcFundId":5051,"stockCode":"005213","shortName":"华夏鼎旺三个月定期开放债券(005213)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5213,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:29:30.857Z","status":"normal","inceptionDate":"2018-01-31T16:00:00.000Z","name":"华夏鼎旺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":"华夏鼎旺三个月定期开放债券","pinyin":"hxdwsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019992","stockType":"fund_manager","exchange":"fm","tickerId":232317240520,"name":"武文琦"}]},"announcement":{"linkText":"华夏鼎旺三个月定期开放债券型发起式证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=711395","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86e7fea5b3eb047e434","date":"2021-09-29T16:00:00.000Z","stockId":3000000005213,"sao":"三季度，内需在国内偏紧的财政及地产政策影响下压力显现，叠加delta病毒对消费需求压制，能耗双控也一定影响到工业生产，尽管外需保持相对强劲，但整体经济下行压力相对于上半年有所加大，7月份政治局会议中，也并未再强调“当前处于稳增长压力较小的窗口期”。货币政策体现了一定前瞻性，及时预判应对，7月份全面降准释放流动性对冲，扭转了上半年以来市场一直存在的“不急转弯”预期，并让市场对经济下行、货币放松形成了相对一致的预期判断。在此基础上，上半年债券市场慢牛格局有所加速，7月份国债期货大幅走牛，收益率曲线陡峭化下行；8月、9月市场整体回归震荡，短端利率对较为强烈的放松预期有所修正。报告期内，本基金严格遵照基金合同的相关约定规范运作，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":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:34.095Z","fund":{"_id":3000000005213,"__csrcFundId":5051,"stockCode":"005213","shortName":"华夏鼎旺三个月定期开放债券(005213)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5213,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:29:30.857Z","status":"normal","inceptionDate":"2018-01-31T16:00:00.000Z","name":"华夏鼎旺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":"华夏鼎旺三个月定期开放债券","pinyin":"hxdwsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019992","stockType":"fund_manager","exchange":"fm","tickerId":232317240520,"name":"武文琦"}]},"announcement":{"linkText":"华夏鼎旺三个月定期开放债券型发起式证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=652623","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86e7fea5b3eb047e433","date":"2021-06-29T16:00:00.000Z","stockId":3000000005213,"sao":"2021年上半年，债券市场利率窄幅震荡。1、3、10年期国开债利率分别下行4BP、上行2BP、下行5BP。年初新冠疫情在国内再次多点爆发，央行保持资金价格宽松，债券利率下行。但行至1月20日左右，央行公开市场投放力度明显减弱，货币市场利率迅速攀升，债券收益率曲线平坦化上行。春节后，大宗商品价格维持高位，通胀预期升温，债券利率继续承压。进入3月份，资金面平稳且地方债发行迟缓，供求关系较好，债券市场整体震荡。二季度，资金面均衡偏宽松，加之社融增速如期放缓、大宗商品价格大幅回调，债市利率下行。报告期内，本基金严格遵照基金合同的相关约定规范运作，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":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:34.093Z","mo":"展望下半年的市场，降准后，虽然收益率曲线显著下行，但同时也代表了通胀仍然难以形成对当前货币政策的约束，资金价格维稳的时间长度需重新评估，进而对年内债券市场行情更为乐观，主要理由是： 第一、从季度经济走势看，Q2数据确认本轮复苏高点已过。第二，货币政策具有惯性和趋势性，不排除再度降准置换MLF 的可能性。第三，从供需格局看，地方债发行进度仍偏慢，金融机构的欠配情况仍有待缓解。策略方面，下半年本基金将维持一定的杠杆水平，择机进行长端利率债的波段操作。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":3000000005213,"__csrcFundId":5051,"stockCode":"005213","shortName":"华夏鼎旺三个月定期开放债券(005213)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5213,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:29:30.857Z","status":"normal","inceptionDate":"2018-01-31T16:00:00.000Z","name":"华夏鼎旺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":"华夏鼎旺三个月定期开放债券","pinyin":"hxdwsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019992","stockType":"fund_manager","exchange":"fm","tickerId":232317240520,"name":"武文琦"}]},"announcement":{"linkText":"华夏鼎旺三个月定期开放债券型发起式证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=631859","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86e7fea5b3eb047e432","stockId":3000000005213,"sao":"1月份新冠疫情在国内再次多点爆发，央行保持资金价格宽松，债券利率下行。但行至1月20日左右，央行公开市场投放力度明显减弱，货币市场利率迅速攀升，债券收益率曲线平坦化上行。春节后，10年期美债收益率逐步上行至1.7%上方，大宗商品价格维持高位，通胀预期升温，债券利率继续承压。进入3月份，资金面平稳且地方债发行迟缓，供求关系较好，债券市场整体震荡。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。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:34.090Z","fund":{"_id":3000000005213,"__csrcFundId":5051,"stockCode":"005213","shortName":"华夏鼎旺三个月定期开放债券(005213)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5213,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:29:30.857Z","status":"normal","inceptionDate":"2018-01-31T16:00:00.000Z","name":"华夏鼎旺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":"华夏鼎旺三个月定期开放债券","pinyin":"hxdwsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019992","stockType":"fund_manager","exchange":"fm","tickerId":232317240520,"name":"武文琦"}]},"announcement":{"linkText":"86华夏鼎旺三个月定期开放债券型发起式证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=569944","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86e7fea5b3eb047e431","stockId":3000000005213,"sao":"2020年对于资本市场是跌宕起伏的一年，新冠疫情影响了货币政策、财政政策并由此深刻影响了资产价格走势。央行三次下调金融机构存款准备金率，并下调超额存款准备金利率，支持经济恢复发展。5月份以后，随着国内疫情逐步回落，复工复产有序进行，经济活动陆续恢复正常，各项宏观数据也出现了企稳反弹的趋势，货币政策逐渐回归正常化。债券市场收益率先下后上，信用利差走阔，2020年1~4月，国债收益率持续下行，此后有所反弹，2020年末1年期和10年期国债收益率较上年末分别上升11个和1个基点，3年期 AAA和 AA级中短期票据信用利差较2019年末分别走阔3个和52个基点。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:34.087Z","mo":"展望2021年，经济恢复性增长进程继续，宏观数据在基数效应下会大幅走高，工业品价格和房地产价格存在一定的上行压力。但宏观经济景气度的绝对水平并不高，货币和财政政策在 2021 年“不急转弯”以继续支持经济增长，但总体来看，我们预期 2021年的债券市场将充满波动，趋势性行情的深度有限。本基金将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。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":3000000005213,"__csrcFundId":5051,"stockCode":"005213","shortName":"华夏鼎旺三个月定期开放债券(005213)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5213,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:29:30.857Z","status":"normal","inceptionDate":"2018-01-31T16:00:00.000Z","name":"华夏鼎旺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":"华夏鼎旺三个月定期开放债券","pinyin":"hxdwsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019992","stockType":"fund_manager","exchange":"fm","tickerId":232317240520,"name":"武文琦"}]},"announcement":{"linkText":"107华夏鼎旺三个月定期开放债券型发起式证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=555965","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86e7fea5b3eb047e430","stockId":3000000005213,"sao":"7月以来，债券利率整体大幅上行。1、3、5、10年期国开债分别上行60BP、53BP、52BP、59BP，债券收益率曲线平坦化上行。7月初，股指大涨，在股债跷跷板效应下，债券下跌。7月中下旬，股指震荡调整加之中美大使馆事件冲突使得市场对中美摩擦升级担忧加重，风险偏好回落，债券利率阶段性下行。但进入8月份之后，随着经济金融数据持续向好、存单利率步步走高，1年期AAA存单从6月底的2.4%附近飙升至3.0%附近，市场对流动性担忧加剧，对经济也形成了持续性回升的一致预期，债券市场缺乏利好，利率脉冲式上行。报告期内，本基金注重保持组合资产的流动性，根据市场情况调整了久期和仓位。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:34.085Z","fund":{"_id":3000000005213,"__csrcFundId":5051,"stockCode":"005213","shortName":"华夏鼎旺三个月定期开放债券(005213)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5213,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:29:30.857Z","status":"normal","inceptionDate":"2018-01-31T16:00:00.000Z","name":"华夏鼎旺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":"华夏鼎旺三个月定期开放债券","pinyin":"hxdwsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019992","stockType":"fund_manager","exchange":"fm","tickerId":232317240520,"name":"武文琦"}]},"announcement":{"linkText":"华夏鼎旺三个月定期开放债券型发起式证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=488436","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec86e7fea5b3eb047e42f","stockId":3000000005213,"sao":"2020年上半年，新冠疫情是影响经济和资本市场最重要的因素。伴随疫情的演绎，经济和债券市场利率均出现典型的V型走势。2月下旬以前，疫情主要在国内爆发，在国内疫情扩散的带动下，10年期国债从年初的3.15%降至2月20日的2.8%附近，随后，疫情在国内得到控制，但在海外却快速扩散，海外股市大幅下跌，中国10年期国债收益率进一步下行，且突破了2016年的低点。从经济的角度看，在疫情阴霾下，2月份制造业PMI 降至35.7%，创下自2005年正式发布以来的最低纪录。4月3日，央行下调超额存款准备金率，带动银行间融资利率的下移，并开启了4月份中短久期利率债波澜壮阔的利率下行行情。曲线形态显著陡峭化。进入5月份，随着经济数据的边际好转，央行的货币政策边际收紧，体现为资金价格从极度宽松状态向中性宽松回归。但由于市场之前对超低的融资回购利率产生的长期预期，因此，当预期发生改变时，债市也出现了激烈回调。6月底，利率基本上回到了2月初的水平，收益率曲线平坦化上行。报告期内，本基金在保持组合流动性和严控信用风险的基础上积极进行利率债波段操作。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:34.078Z","mo":"下半年，随着经济和货币政策逐步恢复常态，预计债券市场难以再出现上半年的大幅趋势性机会，趋势减弱，波动加强，对交易层面的操作提出更高要求，本基金将视市场情况，灵活调整久期和杠杆水平。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":3000000005213,"__csrcFundId":5051,"stockCode":"005213","shortName":"华夏鼎旺三个月定期开放债券(005213)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5213,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:29:30.857Z","status":"normal","inceptionDate":"2018-01-31T16:00:00.000Z","name":"华夏鼎旺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":"华夏鼎旺三个月定期开放债券","pinyin":"hxdwsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019992","stockType":"fund_manager","exchange":"fm","tickerId":232317240520,"name":"武文琦"}]},"announcement":{"linkText":"华夏鼎旺三个月定期开放债券型发起式证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=462789","linkType":"PDF","source":"csrc_pdf"}}]}