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“对等关税”政策可能落地，交易逻辑或重归基本面，同时为对冲关税对基本面的冲击，二季度降准落地的可能性较大，央行重启买债也存在一定的博弈空间，债券收益率回升后配置价值亦有所凸显，报告期内强化组合的灵活性，把握波段机会。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:53.372Z","mo":"上半年经济金融数据呈现温和修复态势，6月经济数据总体动能仍然偏强，与PMI、社融、出口等数据相互印证。由于国补6月暂时空档期，社零增速不及预期；出口支撑生产数据偏强，工增回升；投资端增速回落较为明显。往前看，三季度经济数据有一定下行压力，但总体保持平稳。由于前期“抢出口”对外需•形成透支，出口和生产可能有所回落，下半年国补继续下达，预计对消费增速维持一定韧性。投资方面，基建预计继续发挥对经济托底作用。政策层面，“反内卷”政策推动下的商品价格上涨、债券市场税制改革叠加风险偏好提升令债券市场承压，纯债基金累计收益偏低令交易结构呈现脆弱性。三季度债券市场或面临颠簸期，收益率虽有一定程度回调，但向下修复空间仍需政策助推，若债券市场调整加剧，央行或再次重启买债，同时三四季度迎来“反内卷”效果验证期，关注CPI和PPI的走势变化，利率债波段操作难度提高，机会多来自超跌反弹。","fund":{"_id":3000000006631,"__csrcFundId":5912,"stockCode":"006631","shortName":"鑫元臻利(006631)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6631,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:16:38.824Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"鑫元臻利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元臻利","pinyin":"xyzlzqxzqtzjj","managers":[{"stockCode":"db20351331","stockType":"fund_manager","exchange":"fm","tickerId":2524162650,"name":"颜昕"}]},"announcement":{"linkText":"鑫元臻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=1348669","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9e97fea5b3eb0499c7c","date":"2025-03-30T16:00:00.000Z","stockId":3000000006631,"sao":"宏观方面，一季度经济指标全面回升，工业生产扩张加速，消费需求稳步回暖，财政发力靠前助推制造业投资维持高增，地产投资降幅收窄。受关税加征预期影响，抢出口现象有所凸显。从结构看，生产好于需求，内需好于外需，供需矛盾依然突出，通胀数据依然偏弱，经济修复仍有反复。　　债券市场经历三阶段调整：春节前央行暂停国债买入，同时收紧流动性推升短端利率，市场对于“适度宽松”的货币政策理解有所纠偏；节后银行负债压力抬头，两会定调财政政策积极，经济“开门红”数据提振权益市场风险偏好，叠加科技主题催化，股债资金分流效应显著；3月下旬央行改革mlf招投标规则，对资金面有所修复，收益率小幅回落，10年期国债收益率从1.60%最高上行至1.90%，1年期国债收益率由1.02%升至1.59%，期限利差收窄至28BP。银行、保险等配置盘在利率低位阶段趋于谨慎，交易盘主导市场波段操作，加剧收益率波动。中短久期利率债因流动性压力调整明显，而超长端品种在“资产荒”背景下表现相对稳健，但在资金利率持续高位下，机构抱团超长期品种的现象也有所瓦解。　　操作上，春节后组合久期有所降低，策略上趋于防守，但考虑到4月 “对等关税”政策可能落地，交易逻辑或重归基本面，同时为对冲关税对基本面的冲击，二季度降准落地的可能性较大，央行重启买债也存在一定的博弈空间，关注市场风险偏好的变化。债券收益率回升后配置价值亦有所凸显，强化组合的灵活性，把握波段机会。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:53.369Z","fund":{"_id":3000000006631,"__csrcFundId":5912,"stockCode":"006631","shortName":"鑫元臻利(006631)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6631,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:16:38.824Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"鑫元臻利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元臻利","pinyin":"xyzlzqxzqtzjj","managers":[{"stockCode":"db20351331","stockType":"fund_manager","exchange":"fm","tickerId":2524162650,"name":"颜昕"}]},"announcement":{"linkText":"鑫元臻利债券型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1275699","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9e97fea5b3eb0499c7b","date":"2024-12-30T16:00:00.000Z","stockId":3000000006631,"sao":"经济方面，2024年全国GDP同比实现5%增速，四个季度分别为5.3%、4.7%、4.6%、5.4%。全年社会消费品零售总额同比增长3.5%。通胀数据全年维持低位。　　货币政策从稳健转向适度宽松，央行分别于7月、9月两次调降7天期逆回购利率，从1.8%调降至1.5%。5年期LPR三次调降，从年初的4.2%降至3.6%。此外，央行新增了买断式回购及国债买卖等工具，维护市场流动性。财政方面，在9月底之后更为积极。受各项经济政策持续推出刺激，经济数据在四季度出现企稳。　　债券市场方面，受益于较为宽松的货币环境及旺盛的配置需求，2024年债券市场全面走牛，收益率曲线大幅下行。各期限国债收益率普遍下行约90-110bps。信用债整体收益率下行幅度略小于利率债。上半年信用利差大幅压缩，8月份之后信用利差有所抬升。　　报告期内，本基金根据市场情况，灵活调整杠杆久期，但四季度受限于规模的变动，以流动性管理为主。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:53.366Z","mo":"展望2025年，在海外不确定性增大的背景下，外需存在较大的下行风险，内需将是支撑经济的重点，12月中央经济会议也提出了促进消费、加大财政支出力度、促进两新、两重等。从经济周期来看，2024年制造业库存周期回升，但经济下行压力仍然较大，主要受房地产周期下行拖累。在人口老龄化加剧、居民杠杆率偏高的背景下，明年房地产市场仍然面临较大的不确定性，预计仍将处于筑底阶段。总体而言，2025年经济下行拖累关注出口及地产，支撑主要体现为政策支持的消费和基建行业，通胀也处于较低位置，经济仍然在走向复苏的过程中。2024年底债市出现明显的抢跑行情，利率下行幅度已包含部分降息预期，随着明年赤字率的提高，债券供给压力有所提升，债券波动将有所放大，但随着社会融资成本的回落，债券利率中枢仍有下行空间。　　后续将保持对经济、政策、持仓标的等密切跟踪，适时调整组合杠杆、久期及持仓品类。","fund":{"_id":3000000006631,"__csrcFundId":5912,"stockCode":"006631","shortName":"鑫元臻利(006631)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6631,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:16:38.824Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"鑫元臻利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元臻利","pinyin":"xyzlzqxzqtzjj","managers":[{"stockCode":"db20351331","stockType":"fund_manager","exchange":"fm","tickerId":2524162650,"name":"颜昕"}]},"announcement":{"linkText":"鑫元臻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=1255854","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9e97fea5b3eb0499c7a","date":"2024-09-29T16:00:00.000Z","stockId":3000000006631,"sao":"三季度，经济及金融数据表明经济修复仍有一定压力。8月份，规模以上工业增加值同比增长4.5%，较上月回落0.6个百分点；社会消费品零售总额同比增长2.1%，较上月回落0.6个百分点；固定资产投资完成额累计同比增长3.4%，较上月回落0.2个百分点；房地产开发投资完成额累计同比-10.2%，与上月持平。8月份，社会融资规模存量同比增长8.1%，较上月回落0.1个百分点；M2同比增长6.3%，较上月持平；M1同比-7.3%，较上月回落0.7个百分点。央行分别于7月、9月两度调降政策利率，7天逆回购利率从1.8%调降至1.5%；9月份调降存款准备金率。9月24日，人民银行行长在国新办新闻发布会上宣布了多项货币政策，除降准降息外，还包括：降低存量房贷利率，统一房贷最低首付比例；创设结构性货币政策工具，支持资本市场等。中共中央政治局9月26日召开会议,分析研究当前经济形势。会议提及“加大财政货币政策逆周期调节力度”、“ 要降低存款准备金率，实施有力度的降息”、“ 要促进房地产市场止跌回稳，对商品房建设要严控增量、优化存量、提高质量”、“要努力提振资本市场，大力引导中长期资金入市，打通社保、保险、理财等资金入市堵点”、“要支持上市公司并购重组”等。　　债券市场方面，本季度利率债收益率呈现斜W型走势，较二季度末整体下行。同时市场分化较为显著，国债曲线陡峭化下行，国开债曲线下行相对更为平坦。9月24日央行行长宣布货币政策调整的过程中，10年国债收益率一度下行至2%附近，30年国债收益率一度下破2.1%，达到新低水平。之后至季度末，随着权益市场快速放量上涨，风险偏好快速提升，债券出现快速调整。国债与国开债走势有所分化，主要原因在于投资者结构差异，央行在8月开始进行国债买卖操作，国债曲线随之陡峭化。信用债在8月之后，受负债端影响，未能有效修复，在季度末快速调整，信用利差显著走扩。　　产品运作方面，产品趁着9月底市场调整的有利时机，大幅增持了剩余期限较短的信用债以及5年以内的利率债，获得了较好的资本利得收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:53.364Z","fund":{"_id":3000000006631,"__csrcFundId":5912,"stockCode":"006631","shortName":"鑫元臻利(006631)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6631,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:16:38.824Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"鑫元臻利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元臻利","pinyin":"xyzlzqxzqtzjj","managers":[{"stockCode":"db20351331","stockType":"fund_manager","exchange":"fm","tickerId":2524162650,"name":"颜昕"}]},"announcement":{"linkText":"鑫元臻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=1176961","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9e97fea5b3eb0499c79","date":"2024-06-29T16:00:00.000Z","stockId":3000000006631,"sao":"产品在二季度规模有明显萎缩，产品基本变成迷你产品，目前产品以少量交易所利率债为底仓，后续则视产品规模情况再决定操作策略。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:53.346Z","mo":"宏观经济方面，预计下半年中国经济仍将稳中向好，同时外部环境不确定性进一步提升，美国经济数据始终处于一种粘连状态，即便美联储在9月降息应该也是一次预防式降息，后续降息的连续性较差。债券市场收益率目前处于历史较低水平，预计后续以窄幅震荡为主，后续将保持对经济、政策、持仓标的的密切跟踪，适时调整组合持仓结构。","fund":{"_id":3000000006631,"__csrcFundId":5912,"stockCode":"006631","shortName":"鑫元臻利(006631)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6631,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:16:38.824Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"鑫元臻利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元臻利","pinyin":"xyzlzqxzqtzjj","managers":[{"stockCode":"db20351331","stockType":"fund_manager","exchange":"fm","tickerId":2524162650,"name":"颜昕"}]},"announcement":{"linkText":"鑫元臻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=1147388","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9e97fea5b3eb0499c78","date":"2024-03-30T16:00:00.000Z","stockId":3000000006631,"sao":"2024年以来，债牛延续，前两个月长端表现明显好于短端，背后上涨的逻辑主要是三方面：一是基本面尚未出现加速企稳迹象，基建不及去年同期、地产仍然偏弱；二是利率债发行进度偏慢，供给冲击减弱，缺资产难以缓解，银行间市场资金量相对充裕；三是超长端参与者日渐多元化，定价逻辑随风险偏好调整而改变。今年两会明确后续特别国债将全部以超长债形式发行，且拟连续几年发行超长期特别国债，随着超长端的供在短期内发生改变，或对债市定价仍会产生影响。3月中旬开始，债市逐步回归常态化，超长端受供给预期影响转向震荡行情，其余期限收益率纷纷下行，曲线逐渐向牛陡过渡。从后续供给节奏来看，5月与6月政府债净融资可能较高，原因在于特别国债的发行叠加债券到期量相对较低，央行表示仍有降准空间，但仍受汇率制约，预计资金保持中性，但会有货币政策配合来减缓供给增加对市场的利率冲击，因此供给冲击仍是阶段性考验；另一方面，预计二季度开始各地再度迎来房地产政策松绑潮，但仍需要强有力的总量政策拉动需求、支撑供给，但现有松绑政策仅现脉冲式短期效果，还不足以扭转地产颓势，债券市场受影响较弱。　　品种挖掘方面，目前二永债等品种利差都已较低，持有只能适当增厚收益，避免过度下沉。可以优先选择其中流动性较好的债券进行波段交易，或者逢利率调整适当增配相关品种。　　本基金在报告期内强化了利率债波段操作，灵活根据收益率曲线变动调整组合久期和结构，增厚组合收益。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:53.343Z","fund":{"_id":3000000006631,"__csrcFundId":5912,"stockCode":"006631","shortName":"鑫元臻利(006631)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6631,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:16:38.824Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"鑫元臻利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元臻利","pinyin":"xyzlzqxzqtzjj","managers":[{"stockCode":"db20351331","stockType":"fund_manager","exchange":"fm","tickerId":2524162650,"name":"颜昕"}]},"announcement":{"linkText":"鑫元臻利债券型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1074336","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9e97fea5b3eb0499c77","date":"2023-12-30T16:00:00.000Z","stockId":3000000006631,"sao":"2023年利率债市场一波三折，在震荡中走出慢牛。全年利率走势可以分为三个阶段：阶段一是从年初到3月初，市场寄望于疫后经济快速修复。在这个阶段里，信贷靠前发力，资金面相对紧张，利率震荡上行。阶段二是从3月初到8月中旬，随着年初基本面脉冲式修复落幕，内生增长动能重新开始减弱。地产、消费、外需、就业等领域的不确定性成为市场交易的逻辑；而持续宽松的货币政策（包括降准、降息、调降存贷款利率等）则推动了广义利率体系的中枢温和下降，为市场带来了持续五个月左右的慢牛。阶段三是8月下旬以来，稳增长政策持续加码（包括地产新政、上调赤字率等），政府债供给放量，市场表现出短端急跌、长端区间震荡的特征。10月中旬以前，市场主线为特殊再融资债供给冲击引发的债市供需格局失衡，利率不断上行，短端首当其冲；随后至11月中旬， 1万亿国债增发落地与跨月后资金面改善，叠加“大行缺负债，小行缺资产”在微观结构层面的支撑，利率震荡下行； 11月中旬-11月底，市场主线为稳增长预期、增发国债发行供给扰动和金融防空转监管基调，利率上行调整、曲线呈现熊平； 12月以来，伴随中央经济工作会议落地叠加银行存款利率下调，利率震荡下行，曲线牛陡。在此过程中，利率曲线呈现出历史上极高的平坦化水平，随着12月中旬存单的收益率企稳，市场出现见顶回落的收益率拐点。　　在此过程中本基金在报告期强化了利率债波段操作，灵活根据收益率曲线变动调整组合久期和结构，增厚组合收益。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:53.340Z","mo":"展望2024年，中央经济工作会议将“稳中求进、以进促稳、先立后破”作为2024年宏观政策基调。积极的财政政策和地方政府债务的风险化解将共同助推财政扩张，带动基建投资上行，拉动制造业投资带来企业部门信用扩张。同时财政加大民生支出和房地产销售的边际好转将共同拉动居民部门信用扩张，实现政府信用扩张最终拉动私人部门信用扩张的局面。　　2024年，对债市影响较大的几个确定性线索：一是海外方面，随着美联储在2024年的货币政策转向，外部因素对国内货币政策的约束有望得到明显缓解，国内债市面临的外部压力边际放松。二是作为中国经济正常化的第二年，重点关注全年增长目标，及对应的财政政策力度。中性情境下，5%的增长目标可能对应3%的预算赤字率、近4万亿元的新增专项债限额。在此背景下，2024年一季度政府债供给压力可能不会大幅高于2023年同期债市可能进入供给压力的缓和期，债券市场缺资产的行情或延续。　　2024年利率中枢有望震荡下移，为支持经济继续修复，以及缓和地方债务和居民部门债务压力，货币政策将总量“灵活适度”、结构“精准有效”，货币政策转向收紧的概率不高。出于政策早发力早见效的考虑，以及一季度基数较高，降准降息落地的概率也较高。因而一季度可能成为债市博弈货币宽松加码的一个窗口期，利率曲线有望从相对平坦的形态中修复。","fund":{"_id":3000000006631,"__csrcFundId":5912,"stockCode":"006631","shortName":"鑫元臻利(006631)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6631,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:16:38.824Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"鑫元臻利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元臻利","pinyin":"xyzlzqxzqtzjj","managers":[{"stockCode":"db20351331","stockType":"fund_manager","exchange":"fm","tickerId":2524162650,"name":"颜昕"}]},"announcement":{"linkText":"鑫元臻利债券型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1058691","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9e97fea5b3eb0499c76","date":"2023-09-29T16:00:00.000Z","stockId":3000000006631,"sao":"三季度债券市场整体先涨后跌，8月中旬受央行意外降息的利好推动，收益率下行至年内低位，10Y国债最低下行至2.54%，10Y国开债最低下行至2.65%，30Y国债最低下行至2.87%附近。但8月下旬以来，随着地产调整政策放松力度加码、个税抵扣标准提高、股票交易印花税减半等政策陆续出台，债券收益率从低位逐步反弹。从期限利差来看，8月政策利率下调后，长端下行幅度大于短端，收益率曲线走平。而8月底以来，受资金面紧张影响，短端上行幅度更大，期限利差继续缩窄，收益率曲线走平。信用债方面，7-8月受“资产荒”以及“一揽子”化债政策的推动，城投债和银行次级债信用利差继续压缩，并从高等级品种向中低等级品种演绎，在8月底降息后信用债收益率触及年内低点，随后在8月底地产放松政策进一步加码的影响下开始回调。9月上旬，理财预防性赎回基金导致信用债抛压加大，信用利差明显走扩，9月中下旬随着央行降准且加大公开市场投放，资金面担忧有所缓解，信用债配置需求也有所恢复，债券市场整体呈现弱势整理状态。　　本季度根据市场变化，通过增持短融及中票明显提升组合杠杆，维持组合较好的静态收益，并根据市场波动节奏进行利率债的波段操作，保持产品净值稳步增长。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:53.336Z","fund":{"_id":3000000006631,"__csrcFundId":5912,"stockCode":"006631","shortName":"鑫元臻利(006631)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6631,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:16:38.824Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"鑫元臻利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元臻利","pinyin":"xyzlzqxzqtzjj","managers":[{"stockCode":"db20351331","stockType":"fund_manager","exchange":"fm","tickerId":2524162650,"name":"颜昕"}]},"announcement":{"linkText":"鑫元臻利债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=988841","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9e97fea5b3eb0499c75","date":"2023-06-29T16:00:00.000Z","stockId":3000000006631,"sao":"2023年上半年，经济修复从“强预期”转向“弱现实”，资金面维持宽松，在机构“钱多”逻辑的支撑下，信用债供给不足，缺资产现象延续，债牛趋势逐渐明朗，十年期国债收益率由年初的2.84%震荡下行至2.64%附近。年初在防疫放开初期的需求回补以及节日效应带动下，经济复苏节奏快于预期叠加资金面整体收紧，短端利率上行，推动10年期国债收益率震荡上行至2.93%附近；2月至3月，增长预期缓和叠加资金放松，两会定调后配置盘加速入场，10年期国债收益率小幅下行至2.85%左右。4月至6月，基本面修复进程明显放缓，伴随大行信贷投放缩量流动性环境更加宽松，存款利率调降导致降息预期升温，叠加“钱多”的逻辑继续演绎，收益率进入加速下行阶段，至6月末，10年期国债收益率收于2.64%附近。上半年根据市场变化，通过增持短融及中票明显提升组合杠杆，维持组合较好的静态收益，并根据市场波动节奏进行利率债的波段操作，保持产品净值稳步增长。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:53.327Z","mo":"7月政治局会议召开的时间较市场预期明显提前，对宏观经济研判出现转向，从4月会议“经济增长好于预期”，转变为“经济运行面临新的困难和挑战”，稳增长政策出台紧迫性加大，提出了加大宏观政策调控力度，一定程度上提振了市场对于下半年稳增长的政策力度的信心，风险资产的价格得到一定提振。短期内需要关注扩内需的相关政策落地，一是货币政策是否在宽信用方面继续发力，二是促消费是否有新的政策出台，三是房地产相关政策能够稳定房地产投资增速下降趋势，三季度当中则需要关注生产端去库存周期是否能够出现见底回升迹象。但长期来看，国内经济动能边际走弱，主逻辑在于债务杠杆强度难以进一步提升。居民部门面临失业率高、收入增速放缓、人口总量下滑等几重问题，消费需求和能力都受到约束，地产销量也难以再走高。当下提升中央政府杠杆并配合货币政策放松是较好的选择。如果财政发力，但有货币政策配合的情况下，债券利率也会逐步走低。","fund":{"_id":3000000006631,"__csrcFundId":5912,"stockCode":"006631","shortName":"鑫元臻利(006631)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6631,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:16:38.824Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"鑫元臻利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元臻利","pinyin":"xyzlzqxzqtzjj","managers":[{"stockCode":"db20351331","stockType":"fund_manager","exchange":"fm","tickerId":2524162650,"name":"颜昕"}]},"announcement":{"linkText":"鑫元臻利债券型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=964676","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9e97fea5b3eb0499c74","date":"2023-03-30T16:00:00.000Z","stockId":3000000006631,"sao":"今年以来，利率债市场大体经历了两个阶段，整体先抑后扬。春节前后随经济预期波动，伴随1月春节前感染人数的快速下降，春节期间消费、出行快速复苏，市场对于经济修复的信心较为强劲，10年期国债一度向上接近3.1%；春节后，1月数据反应了经济修复速度或不及预期，高频经济数据有所分化，市场的预期不断修正，10年期国债随着高频数据的公布在2.9%附近窄幅波动；2月下旬，由于信贷偏强叠加央行主动调节等因素共同作用，叠加补缴税金，资金面明显偏紧；3月初两会顺利召开，5.0%这样一个位于预期下限的增长目标，配合新领导班子不搞大干快上，追求高质量发展的思路，降低了市场对经济上行斜率的预期，基本面的“强预期”被再一次修正，叠加硅谷银行倒闭等一系列风险事件带来风险偏好的迅速回落，10年期国债利率小幅下行至2.85%附近。　　从曲线来看，1-2月利率债曲线明显呈现熊平的走势，3年内政金债上行幅度在25-30BP不等，3-4年上行15-25BP，4-5年上行10-15BP，中短期限也完全抹平了骑乘收益，杠杆负效应显现；进入3月，曲线整体向下平移，受益于资金面的缓和，存单在2.75%附近企稳后小幅回落，但仍然对中短端品种的大幅下行产生一定抑制，在同样下行幅度下，利率债长端回报仍然好于中短端。　　由于信用债在去年四季度大幅回调后信用利差水平较高，叠加理财规模逐步企稳并小幅回升，在年初配置力量的推动下，信用债明显更受到市场追捧，各等级各期限利差都出现了较大幅度的压缩，持有回报远超过利率债和普通商金债品种。　　本基金在一季度抓住了市场的配置时机，以配置优质信用债获取票息策略为主，实现了净值的平稳增长。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:53.324Z","fund":{"_id":3000000006631,"__csrcFundId":5912,"stockCode":"006631","shortName":"鑫元臻利(006631)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6631,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:16:38.824Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"鑫元臻利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元臻利","pinyin":"xyzlzqxzqtzjj","managers":[{"stockCode":"db20351331","stockType":"fund_manager","exchange":"fm","tickerId":2524162650,"name":"颜昕"}]},"announcement":{"linkText":"鑫元臻利债券型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=884414","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9e97fea5b3eb0499c73","date":"2022-12-30T16:00:00.000Z","stockId":3000000006631,"sao":"整体上，2022年全年债券市场收益率从窄幅震荡走向大幅调整。　　上半年多空因素制衡，债市窄幅震荡。国内经历了宽信用预期修正、疫情封控、经济环比修复预期抬升的三阶段；海外俄乌局势突变、美联储加息缩表进程日渐推进、中美利差倒挂至“非舒适”区间并带动外资流出，多空因素制衡下，上半年10年国债最大振幅仅18BP。下半年债市开启大幅调整，超预期充裕的资金面、再度转弱的经济修复预期和8月的超预期降息共同开启了2022年内最大行情，实现10年国债利率触底到2.58%的2022年内低位。11月中旬以来，防疫措施调整+稳增长政策密集出台，债市大跌，基金和理财赎回负反馈进一步催动债市调整，10年国债利率于12月中旬触及2.92%的2022年内高点后逐渐回落。　　信用债方面，2022年前10个月结构性资产荒延续，优质信用债供需失衡，导致各品种利差大幅压缩，多数债券收益率和利差触及2022年内低点。但进入11月，地产和疫情政策调整，债市快速调整，理财负反馈效应放大债市波动，信用债收益率拉升迅速，调整幅度超过利率债。收益率和信用利差均重回2022年内高位，具备了配置价值。　　操作上，上半年利率曲线呈现箱体震荡，组合操作上以杠杆策略为主，获取较为稳定的票息收益；随着防疫措施调整预期的加强，组合在10月底逐步降低组合仓位和久期，随后在11月下旬小幅加仓，博弈市场在非理性抛压后出现的超跌反弹机会。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:53.321Z","mo":"展望2023年，宏观经济的主基调是“稳增长”，由于地产调控和疫情防控政策出现了实质的变化，所以经济恢复的方向是确定的。不过政策传导的节奏以及经济向上的空间可能仍有预期差，我们预计一季度各类经济刺激政策集中发力，二季度开始经济进入上行通道，下半年房地产企稳并小幅回升。从修复的力度来看，类似于2019年，经济增速前低后高。预计2023年全年GDP增速将达到5%以上，通胀整体温和回升。2023年的政策组合是：积极的财政政策加力提效，稳健的货币政策精准有力。总体的特点是靠前发力，上半年各种总量政策可能会集中出台。财政政策方面，我们预期广义财政支持力度将维持与去年持平的高位，中央财政加大对地方财政的转移支付，政策性金融工具将继续加量；货币政策方面，央行多次表态将保持流动性合理充裕，在消费、地产领域或加大支持力度，我们预计2023年央行也将继续使用多种货币政策工具做到精准有力。上半年，资金面在经济恢复之前继续收紧的概率不高，但下半年货币政策可能会边际收敛，总体来看，资金利率逐步向政策利率收敛并围绕政策利率波动的概率较高。基于宏观经济基本面与政策的判断，我们预计2023年债券市场的走势整体震荡偏熊，利率中枢整体较2022年抬升。10年国债收益率一季度或维持震荡，二、三季度或有所上行，四季度或维持高位震荡，预期10年期国债收益率上限在3.10%-3.20%附近。相对利率债而言，经历了2022年四季度大幅调整后的信用债品种的配置价值更优，且受益于宽信用政策的支撑，信用风险整体可控。","fund":{"_id":3000000006631,"__csrcFundId":5912,"stockCode":"006631","shortName":"鑫元臻利(006631)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6631,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:16:38.824Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"鑫元臻利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元臻利","pinyin":"xyzlzqxzqtzjj","managers":[{"stockCode":"db20351331","stockType":"fund_manager","exchange":"fm","tickerId":2524162650,"name":"颜昕"}]},"announcement":{"linkText":"鑫元臻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=871097","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9e97fea5b3eb0499c72","date":"2022-09-29T16:00:00.000Z","stockId":3000000006631,"sao":"3季度债市走势呈先下行后上行，10年国债新券最低到达2.58%附近，最高到达2.75%。7月初公开市场逆回购操作意外缩量引发市场对后续资金面边际收敛的担忧，叠加30城商品房成交面积数据周度环比继续改善，各期限品种收益率回调。但资金利率依旧维持低位以及7月政治局会议对经济增长目标或有弱化，在疫情持续发酵下，叠加地产断供风波引发市场对经济修复的担忧，收益率冲高后快速回落；影响3季度债市另一个关键节点是8月15日，7天公开市场逆回购利率和1年期MLF利率均下调了10bp，随后LPR非对称调整，8月24日国常会上部署了稳经济一揽子政策的接续政策措施，债市在低位纠结徘徊后交易逻辑也随着政策的推进，逐渐转向对稳住经济大盘的博弈；进入9月，国内房地产政策持续宽松，海外市场波动加剧，Jackson Hole会议上鲍威尔控通胀的立场尤为坚定，9月下旬10年美债收益率突破4%，欧美通胀—加息的预期形成，直至英央行被迫重启购债计划干预，全球债市才在恐慌后回稳，由此人民币汇率快速走贬，一度突破7.2的压力位，叠加9月末资金利率大幅走高，国庆前最后一周利率债各期限品种大幅上行10-15bp，部分期限几乎回吐8月以来的涨幅。  因为资产荒格局延续，3季度信用债收益率继续探底，季末有抬升迹象；各等级中票收益率下行幅度较为接近，整体看，收益率普遍下行30bp左右。相比二季度末各信用利差分位数明显降低，信用利差压缩极致。9月下旬以来市场利率整体上行，短端调整幅度偏大，期限利差保护变薄。  后续从基本面来看，今年基建投资和制造业投资表现较好，但疫情冲击及预期转弱下，居民消费意愿明显不足，预计在各地密集出台的促消费举措下，消费意愿或有所增强；在加息周期下，外需回落，衰退风险上升，净出口对GDP的拉动力将有所减弱，地产短期内仍难以看到明显的修复，基本面对债市仍有一定支撑。通胀方面，预计CPI年内破3%的概率不大；4季度的资金面料仍维持宽松但呈边际收敛倾向，在宽信用的扩张期，仍需低利率环境刺激实体融资需求；供给方面：在今年尽快形成实物工作量的背景下，4季度债券净供给或有所回落。  整体上外围高通胀，国际冲突不断，使得市场整体风险偏好降低。国内经济基本面呈弱复苏叠加稳增长政策持续发力的背景下，债券长端收益率中枢或小幅上移。预计10年期国债收益率波动区间在2.70-2.85%，策略上以利率债短线波段操作为主。  本基金在报告期内强化了利率债波段操作，灵活根据收益率曲线变动调整组合久期和结构，增厚组合收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:53.318Z","fund":{"_id":3000000006631,"__csrcFundId":5912,"stockCode":"006631","shortName":"鑫元臻利(006631)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6631,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:16:38.824Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"鑫元臻利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元臻利","pinyin":"xyzlzqxzqtzjj","managers":[{"stockCode":"db20351331","stockType":"fund_manager","exchange":"fm","tickerId":2524162650,"name":"颜昕"}]},"announcement":{"linkText":"鑫元臻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=808554","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9e97fea5b3eb0499c71","date":"2022-06-29T16:00:00.000Z","stockId":3000000006631,"sao":"2022年上半年，资本市场面临着国内外复杂多变的宏观环境：国内坚持高质量发展，宽货币与宽信用齐发力；在二季度疫情冲击之下，坚持动态清零方针，并在6月实现复工复产；海外以美联储为首的主要欧美国家加快收紧步伐导致全球债市大跌，俄乌战争爆发并陷入胶着进一步抬升通胀预期同时扰动市场风险偏好。总体来看，资本市场经历了“宽信用预期抬升”、“风险偏好回落”、“宏观经济环比复苏预期走强”的演变过程。在这样的宏观背景下，利率多次演绎“箱体震荡”，并未走出明显的趋势性行情。  一季度多空因素交织下我国债市波动并不算剧烈，充分体现了“以我为主”的运行逻辑。以春节为节点，市场先扬后抑，节前市场博弈降息预期并落地推动利率创新低，节后地产领域宽信用政策加码，海外紧缩预期进一步抬升国内宽货币预期降温。随着春节后多地在购房政策、按揭利率领域的宽松加码，以及较好的1月社融数据，债券市场宽信用预期不断抬升，收益率跟随上行，直至3月中上旬2月社融数据的出炉。总量与结构双双走弱的社融数据，以及民营房企不断出现信用风险事件，收益率随着宽信用预期的降温而回落。此后，国内多地疫情在上海集中爆发并在多地扩散，“供给冲击、需求收缩、预期转弱”的三重压力叠加外围连绵的俄乌冲突，国内经济压力进一步加大，风险偏好的持续下行也令债市相应回暖。彼时美国方面通胀数据持续高于预期，然而在确诊拐点难以探明、生产数据不断走弱的二季度初，央行兼顾“内外平衡”之下通过降准对基本面保驾护航，中美历史继十年后再度倒挂。而疫情方面持续重创风险资产，行至4月末，A股上证指数来到2,900点以下；而随着降准、财政少收多支、央行上缴利润等因素在二季度的集中落地，以及信贷投放的羸弱，流动性堰塞湖之下，银行间隔夜资金利率已来到1.30%以下。资金面也成为了此后的债券市场走牛的重要支撑，这种局面一路持续至上海宣布解封。5月底，全国召开稳住经济大盘会议，上海宣布解封，财政政策、信贷投放领域不断加码，房地产高频销售数据回暖，经济环比复苏预期不断抬升，风险偏好修复的大背景下，国内资本市场走出股涨债跌局面。临近半年末，央行公开市场操作扩量，但疫后复苏逐渐成为债市交易逻辑主线，6月末收益率回到了4月底收益率下行启动的点位。  总体来看，上半年的收益率经历了宽信用预期的修正、疫情封控、经济环比修复预期抬升三个过程，曲线先陡后平。利率品呈现箱体震荡，并未走出明显的趋势性行情。二季度根据市场变化，适度增持了部分二至三年期信用债，减持了剩余期限较短的标的，并根据市场波动节奏进行利率债的波段操作，保持产品净值稳步增长。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:53.316Z","mo":"展望下半年，6月末的大类资产价格与PMI共同确认“弱复苏”宏观经济叙事，三重压力之下“需求收缩”仍是制约经济扩张斜率的最后掣肘。随着资金价格逐步向政策利率靠拢，资金面将逐渐淡出交易逻辑主线，而疫后复苏与稳就业或是三季度交易主线。从疫后复苏路径来看，6月PMI重回荣枯线之上、地产高频销售数据改善、建筑业修复等基本面信号预示着疫后复苏过程中，供给的修复是快于需求的，投资的修复是快于消费的，政府部门杠杆的加码是强于居民部门的。下半年经济发力外围看出口，国内看基建与地产。出口方面，海外尤其是美国，仍处在被动补库存与主动去库存的边界，短期内仍具备韧性，但海外PMI指标与库存周期均指向三季度后的出口的韧性面临挑战。国内方面，基建持续发力、地产边际复苏，二者今年面临的是复苏空间的问题，核心根源是多重因素下从房屋销售贯穿至土地市场的疲软，最终体现为土地财政动能的减弱与出让金的陡降。然而，这些因素并不制约基建与地产在三季度形成实物工作量和销售金额的边际改善，从6月百强房企的销售数据中已可一窥端倪(百强房企销售数据与统计局数据、居民中长贷表现有着较强的同步指标效果)。因此宏观经济叙事或先体现弱复苏的“复苏”，后呈现弱复苏的“弱”。宏观经济U型修复的背景更加支持债市窄幅震荡的走势与利率中枢的缓慢抬升。  利率品收益率受到基本面的冲击或体现“前强后弱”的局面，三季度在数据环比转暖、资金利率逐步靠拢政策利率之下，需关注投资与交易的确定性，通过确定性较高的票息收入增强组合的回报与稳定性。","fund":{"_id":3000000006631,"__csrcFundId":5912,"stockCode":"006631","shortName":"鑫元臻利(006631)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6631,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:16:38.824Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"鑫元臻利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元臻利","pinyin":"xyzlzqxzqtzjj","managers":[{"stockCode":"db20351331","stockType":"fund_manager","exchange":"fm","tickerId":2524162650,"name":"颜昕"}]},"announcement":{"linkText":"鑫元臻利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=786972","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9e97fea5b3eb0499c70","date":"2022-03-30T16:00:00.000Z","stockId":3000000006631,"sao":"报告期内，国内方面，经济金融数据有所反复，但整体看经济或仍未看到明显改善。基数效应等各种因素作用下，1-2月经济数据整体表现尚可，而社融数据在窗口指导作用下也出现1月远超预期、2月大幅不及预期的节奏变化，但1-2月整体看社融尚属平稳。但进入3月后，随着疫情加速蔓延，多地加强封控措施，对经济影响加大。政策面则保持较强的维稳基调，金稳委、央行、国常会均强调稳增长基调。海外方面，美联储在通胀连续超预期压力下加息缩表的鹰派信号持续加码、俄乌冲突导致大宗商品、汇率大幅波动，风险偏好提升，均对市场形成较大波动。  整体看，多空因素交织之下，债市在一季度呈现横盘震荡格局。本基金在运作期内，随着债市震荡节奏，对组合进行了适度调仓，减持部分即将到期债券，置换成部分久期略长信用债。利率债适度波段交易，报告期内组合净值稳步增长。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:53.313Z","fund":{"_id":3000000006631,"__csrcFundId":5912,"stockCode":"006631","shortName":"鑫元臻利(006631)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6631,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:16:38.824Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"鑫元臻利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元臻利","pinyin":"xyzlzqxzqtzjj","managers":[{"stockCode":"db20351331","stockType":"fund_manager","exchange":"fm","tickerId":2524162650,"name":"颜昕"}]},"announcement":{"linkText":"鑫元臻利债券型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=727994","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9e97fea5b3eb0499c6f","date":"2021-12-30T16:00:00.000Z","stockId":3000000006631,"sao":"2021年债券市场表现强劲，走出一轮中型牛市行情。全年看，由于自二季度起经济增长动能开始放缓，地方政府债券发行亦持续不及预期，而央行对于市场资金面整体保持呵护姿态，基本面资金面对债市均形成较强支撑。尽管由于PPI的快速走高使得市场一度担忧通胀，但央行一季度货币政策执行报告明确表态通胀压力不大，使得压制债市最大的利空因素弱化，二季度利率出现明显下行。三季度央行出于预调微调，超市场预期下调存款准备金率，而基本面方面，房地产销售投资掉头向下，消费在疫情反复多地爆发下受到明显压制，内需方面亮点较好，经济下行压力越发加大，进入四季度后，降准降息政策继续发力。债券市场在经济回落、货币宽松但宽信用持续不及预期的状态下，利率震荡下行，全年走出牛市行情。    本基金在报告期内，持仓结构较为合理，随着市场的波动，适度调整持仓，因此报告期内净值稳步增长。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:53.310Z","mo":"展望2022年，随着经济的继续回落，以及房地产回落仍未企稳，稳增长政策仍将持续发力，一季度货币政策仍有继续放松空间。经济基本面在前期稳增长政策的累积、滞后作用下，有望逐步企稳，宽信用效果逐步显现。而二季度后，美联储加息缩表将逐步展开，届时海内外政策方向背离，国内宽松动作仍会受到一定程度的掣肘，资本市场受到的扰动会加大，届时债市面临一定的波动风险。操作上应紧密跟踪国内经济基本面情况、房地产市场表现，做好组合久期管理。","fund":{"_id":3000000006631,"__csrcFundId":5912,"stockCode":"006631","shortName":"鑫元臻利(006631)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6631,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:16:38.824Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"鑫元臻利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元臻利","pinyin":"xyzlzqxzqtzjj","managers":[{"stockCode":"db20351331","stockType":"fund_manager","exchange":"fm","tickerId":2524162650,"name":"颜昕"}]},"announcement":{"linkText":"鑫元臻利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=706253","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9e97fea5b3eb0499c6e","date":"2021-09-29T16:00:00.000Z","stockId":3000000006631,"sao":"报告期内经济转弱的迹象越发明显，仅出口继续保持强劲，但消费在国内疫情多地多次反复背景下表现疲弱，地产销售在多地调控、房贷集中度约束加强、房贷利率上行多重制约下，明显走弱。宏观政策在季度初根据经济发展形势，进行了预调微调，超预期下调准备金率，托底经济的政策逐步出台，特别是8月下旬央行信贷形式座谈会的召开，以及地方债发行节奏逐渐加快，也使得市场对于稳信用的预期逐渐升温。债市在7月初超预期降准下收益率大幅下行，8-9月则在弱经济、稳信用预期的交错影响之下横盘震荡。本产品在报告期内做了结构调整，适度拉长久期，并维持组合较高杠杆，保持产品净值稳步增长。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:53.308Z","fund":{"_id":3000000006631,"__csrcFundId":5912,"stockCode":"006631","shortName":"鑫元臻利(006631)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6631,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:16:38.824Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"鑫元臻利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元臻利","pinyin":"xyzlzqxzqtzjj","managers":[{"stockCode":"db20351331","stockType":"fund_manager","exchange":"fm","tickerId":2524162650,"name":"颜昕"}]},"announcement":{"linkText":"鑫元臻利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=655343","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9e97fea5b3eb0499c6d","date":"2021-06-29T16:00:00.000Z","stockId":3000000006631,"sao":"上半年债市走出一轮非典型慢牛，1月初延续永煤事件后央行阶段性宽松，资金宽松下市场线性外推，预期春节前后资金平稳，推动收益率下至3.1%。随着乐观情绪蔓延杠杆情况有所抬头，央行适度收紧流动性，叠加春节后原油价格上涨，通胀担忧阶段性抬升，2月份出现一轮较显著回调。进入3月后，随着央行表态鸽派，以及地方政府债供给在4/5月份连续不及预期，债市走出一轮慢牛，而5月份央行发布的一季度货币政策报告明确通胀短期无忧后，市场短期利空进一步削减，利率持续下行。本组合一季度做了适度调仓，增持利率债，减持即将到期债券。二季度根据市场变化，通过增持短融及中票明显提升组合杠杆，维持组合较好的静态收益，并根据市场波动节奏进行利率债的波段操作，保持产品净值稳步增长。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:53.305Z","mo":"进入下半年，经济复苏动能有所弱化，增长动能有所切换，出口在持续强势增长后下半年回落隐忧提升，消费、制造业投资回升仍将持续，但力度仍有待观察，房地产销售在上半年表现良好后下半年由于贷款利率回升/贷款集中度限制等因素影响下，存在回落可能。货币政策针对经济隐忧做了预调微调，下半年政策环境相对友好。整体看，债市仍有较好投资机会。","fund":{"_id":3000000006631,"__csrcFundId":5912,"stockCode":"006631","shortName":"鑫元臻利(006631)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6631,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:16:38.824Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"鑫元臻利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元臻利","pinyin":"xyzlzqxzqtzjj","managers":[{"stockCode":"db20351331","stockType":"fund_manager","exchange":"fm","tickerId":2524162650,"name":"颜昕"}]},"announcement":{"linkText":"鑫元臻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=634228","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9e97fea5b3eb0499c6c","stockId":3000000006631,"sao":"报告期内，疫苗接种进度明显加快，欧美经济复苏趋势强化，拜登政府继续推行救助计划，且推动大规模基建计划，美联储更强调就业而对通胀容忍度提升；国内经济仍在平稳复苏之中，且出口继续高增，一季度呈现较为明显的海内外复苏共振局面，夹杂着春节期间原油短期供给因素的影响，大宗商品一度出现暴涨、美债收益率短期大幅度上行，一方面引发市场通胀预期骤升，另一方面引发高估值核心资产出现一轮剧烈的价值重估。而从政策层面看，欧美处于复苏初期，监管继续保持放松支持态势，国内政策边际收缩趋势较为明确。国内债市在1月初资金面达到宽松极致时，情绪一度过于乐观，10年国债下探至3.1%水平。而在央行态度转变后纷纷解杠杆，收益率上行约20BP。进入3月，在资金面宽松、债券供给偏少支撑下，尽管经济数据持续向好，但债市利空免疫，出现一轮交易性行情。本基金在报告期内，继续坚持票息策略，净值稳定增长。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:53.302Z","fund":{"_id":3000000006631,"__csrcFundId":5912,"stockCode":"006631","shortName":"鑫元臻利(006631)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6631,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:16:38.824Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"鑫元臻利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050860000,"currency":"CNY","masterFundShortName":"鑫元臻利","pinyin":"xyzlzqxzqtzjj","managers":[{"stockCode":"db20351331","stockType":"fund_manager","exchange":"fm","tickerId":2524162650,"name":"颜昕"}]},"announcement":{"linkText":"鑫元臻利债券型证券投资基金2021年第一季度报告","linkUr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