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行27bp至2.29%，1年期国债收益率下行36bp至1.72%，信用债走势与利率债类似，市场呈现资产荒格局；二季度资产荒延续，债券收益率总体震荡下行，10年期国债收益率下行8bp至2.21%，1年期国债收益率下行18bp至1.54%，信用债相对利率债存在票息优势，二季度信用利差压缩明显，信用债总体走势强于利率债；三季度债券收益率波动较为剧烈，绝对收益水平方面，季度末10年期国债收益率下行5bp至2.15%，1年期国债收益率下行17bp至1.37%，利率债收益率水平仍处于历史低位，信用债调整后票息优势上升，但流动性问题短期内制约了信用债的估值修复，三季度利率债走势强于信用债；四季度市场总体呈现震荡下行，并在12月表现出明显的抢跑行情，绝对收益水平方面，四季度10年期国债收益率下行47bp至1.68%，1年期国债收益率下行29bp至1.08%，利率债收益率水平连续创下历史新低，信用债利差则相应走扩，票息优势上升，但流动性问题仍是信用债的掣肘。本报告期内，本基金继续维持中性配置策略，适度提升了久期，以为投资者提供稳定回报为目标。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:47.047Z","mo":"展望2025年，目前房地产、基建数据仍弱，消费和出口数据的延续性存在一定不确定性，工业企业利润偏低，实体需求仍然疲弱，后续需要观察财政支出是否能拓展至更多领域、房地产市场成交放量后价格能否企稳、以及物价水平是否能逐步回升。目前来看，政策落地效果仍然需要时间验证，债券市场在前期收益率大幅下行之后绝对收益处于历史新低，但短期内受到风险偏好上升带来的压力也有所趋缓。具体来看，长端利率债收益率长期下行趋势仍在，但短期内可能处于震荡行情，短端利率债收益率水平暂时受到资金抑制，后续随着降准降息落地预计会打开下行空间，信用债则在利差走扩后票息性价比有所上升。本基金在投资策略上将结合市场情况和资金利率水平动态调整组合久期和杠杆，交易策略择机参与，为投资者提供稳定回报。","fund":{"_id":3000000004647,"__csrcFundId":6284,"stockCode":"004647","shortName":"新华鼎利债券(004647)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4647,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:16:27.583Z","status":"normal","inceptionDate":"2019-06-11T16:00:00.000Z","name":"新华鼎利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华鼎利债券","pinyin":"xhdlzqxzqtzjj","managers":[{"stockCode":"db20895564","stockType":"fund_manager","exchange":"fm","tickerId":122418231040,"name":"李晓然"},{"stockCode":"8801625196","stockType":"fund_manager","exchange":"fm","tickerId":1204205640,"name":"林翟"}]},"announcement":{"linkText":"新华鼎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=1259070","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8037fea5b3eb0475d2f","date":"2024-09-29T16:00:00.000Z","stockId":3000000004647,"sao":"三季度，海外地缘政治冲突延续，美联储开启降息周期，国内宏观经济企稳存在波折，总体仍然偏弱。数据上看，国内消费和出口数据较为稳定，房地产和基建数据仍然较弱，制造业PMI仍处于收缩区间，CPI低位运行，内需偏弱，汇率压力缓解。7至8月政策基调延续稳健，9月末政策取向则发生了较大变化，降准降息、降低存量房贷利率及创设新的货币政策工具落地，房地产政策也进一步放松，市场风险偏好转向，权益市场超预期上涨，股债跷跷板现象明显，债券市场波动上升，在收益率触及新低后开始回调。债券市场走势来看，随着8月央行开始公开市场国债买卖操作及9月政策取向的转变，三季度债券收益率波动较为剧烈，绝对收益水平方面，季度末10年期国债收益率下行5bp至2.15%，1年期国债收益率下行17bp至1.37%，利率债收益率水平仍处于历史低位，信用债调整后票息优势上升，但流动性问题短期内制约了信用债的估值修复，三季度利率债走势强于信用债。本报告期内，本基金继续维持中性配置策略，降低了组合仓位和久期，以力争为投资者提供稳定回报为目标。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:47.044Z","fund":{"_id":3000000004647,"__csrcFundId":6284,"stockCode":"004647","shortName":"新华鼎利债券(004647)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4647,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:16:27.583Z","status":"normal","inceptionDate":"2019-06-11T16:00:00.000Z","name":"新华鼎利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华鼎利债券","pinyin":"xhdlzqxzqtzjj","managers":[{"stockCode":"db20895564","stockType":"fund_manager","exchange":"fm","tickerId":122418231040,"name":"李晓然"},{"stockCode":"8801625196","stockType":"fund_manager","exchange":"fm","tickerId":1204205640,"name":"林翟"}]},"announcement":{"linkText":"新华鼎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=1181179","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8037fea5b3eb0475d2e","date":"2024-06-29T16:00:00.000Z","stockId":3000000004647,"sao":"回顾上半年，海外地缘政治冲突延续，美联储降息预期存在反复，国内宏观经济企稳存在波折，总体仍然偏弱。数据上看，国内消费和出口数据有所修复，房地产和基建数据仍然较弱，制造业PMI重回收缩区间，CPI低位运行，内需偏弱，汇率仍存在一定压力。目前来看，今年政策取向总体稳健，坚持稳中求进、以进促稳、先立后破，全年增长目标为5%左右，赤字率拟为3%，拟连续几年发行超长期特别国债用于国家重大项目建设，货币政策维持稳健，保持流动性合理充裕，促进社会综合融资成本稳中有降。上半年地方债发行进度较预期缓慢，超长期特别国债发行节奏平均，对债券市场的供给冲击不强。多地陆续推出房地产相关政策，住房公积金贷款利率和商业性个人住房贷款首付比例下调，有利于房地产市场的企稳。债券市场走势来看，一季度利率债快速下行，10年期国债收益率下行27bp至2.29%，1年期国债收益率下行36bp至1.72%，信用债走势与利率债类似，市场呈现资产荒格局；二季度资产荒延续，债券收益率总体震荡下行，10年期国债收益率下行8bp至2.21%，1年期国债收益率下行18bp至1.54%，利率债收益率水平已降至历史低位，信用债相对利率债存在票息优势，二季度信用利差压缩明显，信用债总体走势强于利率债。本报告期内，本基金继续维持中性配置策略，在仓位和久期上进行了适度提升，以为投资者提供稳定回报为目标。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:47.042Z","mo":"展望下半年，目前房地产、基建数据仍弱，消费和出口有所改善但延续性存在一定不确定性，高频数据环比有所改善，实体需求疲弱，房地产政策的落地效果仍需要时间验证。政策基调强调稳中求进、以进促稳、先立后破，同时防风险仍是重要目标，货币政策延续稳健，资金面预计中性偏宽松。市场仍然呈现资产荒态势，但利率债收益率已触及历史低位，央行不断提示风险且拟开展国债借入操作，预计债券收益率进一步下行不会很流畅，市场波动可能会放大，票息和久期策略需要均衡。本基金在投资策略上将结合市场情况和资金利率水平动态调整组合久期和杠杆，交易策略择机参与，为投资者提供稳定回报。","fund":{"_id":3000000004647,"__csrcFundId":6284,"stockCode":"004647","shortName":"新华鼎利债券(004647)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4647,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:16:27.583Z","status":"normal","inceptionDate":"2019-06-11T16:00:00.000Z","name":"新华鼎利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华鼎利债券","pinyin":"xhdlzqxzqtzjj","managers":[{"stockCode":"db20895564","stockType":"fund_manager","exchange":"fm","tickerId":122418231040,"name":"李晓然"},{"stockCode":"8801625196","stockType":"fund_manager","exchange":"fm","tickerId":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年第1 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年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=712980","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8037fea5b3eb0475d23","date":"2021-09-29T16:00:00.000Z","stockId":3000000004647,"sao":"2021年三季度国内经济显著回落。生产端，在疫情、灾害、限产限电等影响下，工业生产热度下滑，同时需求端的回升始终低于预期，体现为内需弱、外需强的特点。具体看，地产销售和投资增速持续下滑，制造业投资反弹但上下游分化加剧，基建投资仍旧低迷，消费在疫情反复扰动下恢复缓慢，出口受全球贸易高景气的拉动、韧性仍在。通胀方面，CPI和核心CPI均有所反复，PPI上升势头强劲，超预期创下近25年历史新高。货币政策整体中性偏宽松，银行间流动性宽裕。债券市场方面，由于经济下行压力逐渐积累，7月初在国常会超预期提及降准后，债券收益率快速下行，长久期利率债表现最佳；季中之后收益率水平有所抬升。具体看，1年期国开债收益率三季度下行12bp至2.40%，10年期国开债收益率下行29bp至3.20%，收益率曲线趋于陡峭；信用债方面，各期限、等级信用债收益率全线下行，短端中低等级信用债收益率下行更明显，长久期中低等级信用债表现较差。偏权益市场方面，万得全A指数下跌1%，表现依旧分化；其中沪深300指数下跌6.85%，中证1000指数上涨4.54%。转债表现优于同期沪深300等权益类型指数，中证转债指数上涨6.39%。本基金主打“攻守兼备”的配置特点。立足股债轮动，积极捕捉权益和债券交易机会。具体看，三季度我们持有相当比例的利率债，保证组合的流动性充足。股票投资方面，灵活调整组合的权益仓位,风格上价值因子更明显，获得了良好的投资效果。未来，本基金将更加注意股债仓位的切换以及持仓的风格。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:47.010Z","fund":{"_id":3000000004647,"__csrcFundId":6284,"stockCode":"004647","shortName":"新华鼎利债券(004647)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4647,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:16:27.583Z","status":"normal","inceptionDate":"2019-06-11T16:00:00.000Z","name":"新华鼎利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华鼎利债券","pinyin":"xhdlzqxzqtzjj","managers":[{"stockCode":"db20895564","stockType":"fund_manager","exchange":"fm","tickerId":122418231040,"name":"李晓然"},{"stockCode":"8801625196","stockType":"fund_manager","exchange":"fm","tickerId":1204205640,"name":"林翟"}]},"announcement":{"linkText":"新华鼎利债券型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=654574","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8037fea5b3eb0475d22","date":"2021-06-29T16:00:00.000Z","stockId":3000000004647,"sao":"2021年上半年，中债新综合全价指数上涨0.65%，一季度表现不及二季度；沪深300指数微涨0.24%。本基金上半年以信用套息策略进行债券配置，同时持有一定比例的股票资产。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:47.007Z","mo":"展望2021年下半年，国内经济仍将处于回归常态化的进程中，由于年内GDP设定增速为6%，实现的难度并不大。经济复苏的程度，要视消费和制造业投资的恢复情况而定。以联储为代表的发达国家央行走出宽松的大方向不会变，下半年是货币当局宝贵的政策窗口。国内货币政策既要稳健又要灵活精准，不会急转弯，且持续支持信贷流向制造业、中小微企业。债券投资方面，由于广义流动性趋于供求关系改善，通胀目前看尚不会明显超越可容忍区间高端，下半年经济增速大概率放缓，我们将持续关注久期的机会。信用债方面，央行仍把守着底线思维，中高评级信用债存在一定套息空间。本基金债券资产要保证组合流动性。股票投资方面，大分化行情中，要更加注意落袋为安和对风格均衡的观察。高景气行业估值偏高，关注度较高的环境中，对于绝对收益产品要更加注重落袋为安，积小胜为大胜；留有一定的精力关注风格均衡的可能性和进展情况。上半年可转债表现好于沪深300，不过可转债估值水平较正股更甚，是权益敞口暴露不足之时的备选品种。本基金股票资产要注重仓位管理。","fund":{"_id":3000000004647,"__csrcFundId":6284,"stockCode":"004647","shortName":"新华鼎利债券(004647)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4647,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:16:27.583Z","status":"normal","inceptionDate":"2019-06-11T16:00:00.000Z","name":"新华鼎利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华鼎利债券","pinyin":"xhdlzqxzqtzjj","managers":[{"stockCode":"db20895564","stockType":"fund_manager","exchange":"fm","tickerId":122418231040,"name":"李晓然"},{"stockCode":"8801625196","stockType":"fund_manager","exchange":"fm","tickerId":1204205640,"name":"林翟"}]},"announcement":{"linkText":"新华鼎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=629982","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8037fea5b3eb0475d21","stockId":3000000004647,"sao":"2021年一季度国内经济持续修复。生产端，工业生产热度持续上行，供给格局与出口超高速相互印证。需求端，回升仍然缓慢，其中房地产投资保持强劲，但制造业投资恢复相对迟滞，基建投资不及预期，“就地过年”影响下的消费增速略低于预期。对外贸易方面，海外经济逐步好转带动出口保持强势，远超市场预期。通胀方面，CPI持续受高基数扰动而显著回落，PPI已脱离通缩区间，触底回升后反弹势头强劲，表明在国内外需求回暖的背景下，工业品价格上行。货币政策整体中性偏宽松，银行间流动性宽裕。债券市场方面，伴随着经济的快速修复，收益率小幅上行，后期市场预期趋于一致，导致长端利率对利空免疫程度加大。由于资金价格保持在低位，信用债套息空间稳定，一季度信用债更受追捧。具体看，利率债短端上行约10bp，长端10年期国债收益率上行4bp至3.18%，10年期国开债收益率上行3bp至3.56%，估值处于历史偏低水平；信用债方面，各期限、等级信用债收益率全线下行，中低等级信用债收益率下行更明显，短端下行更快，曲线趋于陡峭。本基金主打“攻守兼备”的配置特点。立足股债轮动，以信用票息策略打底，通过杠杆和证券精选增厚收益，同时积极捕捉权益增厚和债券波段交易机会。具体看，债券投资方面，信用债相对价值更优，资金成本尚处于历史低位，短端中高等级信用债估值和安全性更具吸引力，套息空间稳定。有鉴于此，一季度我们滚动配置短久期中高等级信用债，重点持有负债情况与当地财政实力匹配的城投平台债和具备一定竞争力的国企债。股票投资方面，在产品资金负债结构正常化后，本基金适度增配了顺应周期变化和具备内在成长价值的权益标的。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:47.004Z","fund":{"_id":3000000004647,"__csrcFundId":6284,"stockCode":"004647","shortName":"新华鼎利债券(004647)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4647,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:16:27.583Z","status":"normal","inceptionDate":"2019-06-11T16:00:00.000Z","name":"新华鼎利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华鼎利债券","pinyin":"xhdlzqxzqtzjj","managers":[{"stockCode":"db20895564","stockType":"fund_manager","exchange":"fm","tickerId":122418231040,"name":"李晓然"},{"stockCode":"8801625196","stockType":"fund_manager","exchange":"fm","tickerId":1204205640,"name":"林翟"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间，复苏斜率可能弱于前期。目前各地复工复产在有序推进，生产端修复较快，制造业投资和消费需求预计后续也将显著好转。随着三季度特别国债、地方政府专项债的陆续发行，财政支持资金陆续到位，基建对经济的支撑作用将进一步体现。国内经济缓慢修复背景下，受制于疫情反复、中美摩擦升级等因素，货币政策整体上依然是保持相对宽松状态，但是在全球陷入零利率甚至负利率时代后，宽松力度再加码的空间有限；叠加支持实体经济、降低融资成本的导向，预计利率宽幅震荡，短期上有顶下有底，快速上行后关注长端交易机会。经济能否持续地超预期修复也将成为决定各类资产价格的关键因素。债券投资方面，未来一段时间还是以持有短久期信用债获取利息收益为主，关注长久期利率债的收益率出现阶段性冲高的机会，合理控制杠杆。根据大类资产的表现和比价关系，参考标的估值，适时适度参与权益市场和转债市场的机会。","fund":{"_id":3000000004647,"__csrcFundId":6284,"stockCode":"004647","shortName":"新华鼎利债券(004647)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4647,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:16:27.583Z","status":"normal","inceptionDate":"2019-06-11T16:00:00.000Z","name":"新华鼎利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华鼎利债券","pinyin":"xhdlzqxzqtzjj","managers":[{"stockCode":"db20895564","stockType":"fund_manager","exchange":"fm","tickerId":122418231040,"name":"李晓然"},{"stockCode":"8801625196","stockType":"fund_manager","exchange":"fm","tickerId":1204205640,"name":"林翟"}]},"announcement":{"linkText":"新华鼎利债券型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=451889","linkType":"PDF","source":"csrc_pdf"}}]}