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低，债券市场收益率整体陡峭化下行，截至年末10年期国债收益率持平于2.78%，下行36BP。上半年出口、地产、消费三项表现均较强，但下半年受疫情及地产景气度下行影响，宏观经济下行压力较大，央行先后两次采取降准政策，债券市场乐观情绪不断得到提振。本基金在报告期内维持追求绝对收益的配置思路，重点配置短久期的高等级信用债和利率债，灵活利用市场波动机会进行交易增厚收益，全年看来较好地完成了投资目标。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:27.259Z","mo":"2022 年我们预计随着海外经济恢复和房地产销售进一步放缓，国内经济增长压力将进一步显现。预计随着地方债的提速发行，基建投资将为经济提供一定托底作用，同时保供政策的出台将有利于抑制过高的大宗商品价格，有利于制造业和下游需求的进一步恢复，经济维持高质量增长仍属大概率。考虑到目前中短期信用债收益率收益已明显低于贷款利率，未来一级市场供给可能会有所增加，我们将谨慎操作，把握一二级市场各类债券投资机会，为账户创造更好收益。","fund":{"_id":3000000006985,"__csrcFundId":6003,"stockCode":"006985","shortName":"兴全恒裕债券(006985)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6985,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:28:27.337Z","status":"normal","inceptionDate":"2019-03-11T16:00:00.000Z","name":"兴全恒裕债券型证券投资基金","exchange":"jj","followedNum":8,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全恒裕债券","pinyin":"xqhyzqxzqtzjj","managers":[{"stockCode":"8801592694","stockType":"fund_manager","exchange":"fm","tickerId":2319189490,"name":"王帅"}]},"announcement":{"linkText":"兴全恒裕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=715706","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca477fea5b3eb04a0546","date":"2021-09-29T16:00:00.000Z","stockId":3000000006985,"sao":"三季度受央行降准刺激，市场收益率快速下行，但随着资金面并未进一步放松，市场对央行进一步放松的预期有所转变，债券市场收益率整体呈现陡峭化震荡之势。本基金积极优选配置了高等级信用债，为组合贡献了部分收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:27.255Z","fund":{"_id":3000000006985,"__csrcFundId":6003,"stockCode":"006985","shortName":"兴全恒裕债券(006985)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6985,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:28:27.337Z","status":"normal","inceptionDate":"2019-03-11T16:00:00.000Z","name":"兴全恒裕债券型证券投资基金","exchange":"jj","followedNum":8,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全恒裕债券","pinyin":"xqhyzqxzqtzjj","managers":[{"stockCode":"8801592694","stockType":"fund_manager","exchange":"fm","tickerId":2319189490,"name":"王帅"}]},"announcement":{"linkText":"兴全恒裕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=657253","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca477fea5b3eb04a0545","date":"2021-06-29T16:00:00.000Z","stockId":3000000006985,"sao":"2021年上半年，新冠疫情继续冲击全球经济增长，各国央行大多维持宽松的货币政策。受益于良好的持续疫情控制，国内两年综合经济增长率仍领先全球，但较疫情前增长水平仍有不小差距，同时边际下滑压力开始显现。国内货币政策整体呈现略松货币略紧信用的特征，债券收益率整体陡峭化下行，信用利差有所收债。整体来看，货币市场利率围绕政策利率2.20%上下窄幅波动，截至半年末10年期国债收益率下行6BP至3.08%。  本基金在报告期内维持追求绝对收益的配置思路，重点配置中短久期的高等级信用债和利率债，灵活调整组合久期和杠杆，较好把握了本轮债券市场机会，并适当了参与小量转债交易，较好地完成了投资目标。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:27.251Z","mo":"2021年下半年，我们预计随着海外经济恢复和房地产销售进一步放缓，国内经济增长压力将进一步显现。预计随着地方债的提速发行，基建投资将为经济提供一定托底作用，同时保供政策的出台将有利于抑制过高的大宗商品价格，有利于制造业和下游需求的进一步恢复，经济维持高质量增长仍属大概率。  考虑到目前中短期信用债收益率收益已明显低于贷款利率，未来一级市场供给可能会有所恢复，我们将谨慎操作，把握一二级市场各类纯债投资机会，并仔细挖掘部分风险较低的转债投资机会，为账户创造更好收益。","fund":{"_id":3000000006985,"__csrcFundId":6003,"stockCode":"006985","shortName":"兴全恒裕债券(006985)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6985,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:28:27.337Z","status":"normal","inceptionDate":"2019-03-11T16:00:00.000Z","name":"兴全恒裕债券型证券投资基金","exchange":"jj","followedNum":8,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全恒裕债券","pinyin":"xqhyzqxzqtzjj","managers":[{"stockCode":"8801592694","stockType":"fund_manager","exchange":"fm","tickerId":2319189490,"name":"王帅"}]},"announcement":{"linkText":"兴全恒裕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=635347","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca477fea5b3eb04a0544","stockId":3000000006985,"sao":"一季度市场资金面除一月末受缴税因素影响极度紧张外整体平稳宽松，利率债收益率整体呈现陡峭化震荡之势，高等级信用债收益率整体下行，信用利差明显收窄；转债市场有所分化，低估值品种受到青睐。本基金从基本面出发，积极优选配置了中短久期高等级信用品种，并对利率债进行了高抛低吸操作，为组合贡献了部分超额收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:27.247Z","fund":{"_id":3000000006985,"__csrcFundId":6003,"stockCode":"006985","shortName":"兴全恒裕债券(006985)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6985,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:28:27.337Z","status":"normal","inceptionDate":"2019-03-11T16:00:00.000Z","name":"兴全恒裕债券型证券投资基金","exchange":"jj","followedNum":8,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全恒裕债券","pinyin":"xqhyzqxzqtzjj","managers":[{"stockCode":"8801592694","stockType":"fund_manager","exchange":"fm","tickerId":2319189490,"name":"王帅"}]},"announcement":{"linkText":"兴全恒裕债券型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=574138","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca477fea5b3eb04a0543","stockId":3000000006985,"sao":"兴全恒裕基金主要投资于低风险资产。从全年来看，纯债市场机会不多，同时收益率呈现大幅波动，给投资带来极大的难度。上半年，随着疫情发酵，增加了久期，给组合带来了较好的回报。下半年，随着经济回暖，组合降低久期。但是市场调整幅度明显超预期，给组合造成了压力。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:27.244Z","mo":"2020新冠疫情的爆发使全球经济陷入衰退。为应对疫情冲击，全球均出台大规模财政与货币刺激政策托底经济，是影响经济与市场的最重要因素。中国疫情首先得到控制，也率先从冲击中走出，经济恢复最快，4月份工业增加值即转正。而海外国家从疫情走出的时点明显落后于中国。  债券市场随着疫情的爆发，收益率出现显著下行。随着疫情得到控制，经济重启，央行也开始推行货币政策正常化，打击空转套利，债券收益率也迅速反弹。从全年来看，10年国开年初收益率为3.59%，到4月底最低下探到2.78%，而到年底又回到3.53%，呈现出巨大波动，也是债券市场牛熊转换最快的一年。三季度利率债供给压力巨大，市场所预期的降准对冲发行压力一直没有兑现，同时，银行系统还面临压降结构化存款压力，负债压力使得债券配置力量疲弱，供需失衡导致发行利率越走越高。11月份永煤事件使得市场产生了恐慌情绪，央行为缓解信用紧缩压力有所放松货币，债券市场随即出现一波行情。","fund":{"_id":3000000006985,"__csrcFundId":6003,"stockCode":"006985","shortName":"兴全恒裕债券(006985)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6985,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:28:27.337Z","status":"normal","inceptionDate":"2019-03-11T16:00:00.000Z","name":"兴全恒裕债券型证券投资基金","exchange":"jj","followedNum":8,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全恒裕债券","pinyin":"xqhyzqxzqtzjj","managers":[{"stockCode":"8801592694","stockType":"fund_manager","exchange":"fm","tickerId":2319189490,"name":"王帅"}]},"announcement":{"linkText":"兴全恒裕债券型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=558952","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca477fea5b3eb04a0542","stockId":3000000006985,"sao":"债券收益率4月底见底后，出现明显调整，其幅度和时间都超出预期。3季度债市加速下跌，以十年国开为例，收益率从7月初的3.12%上行到9月底的3.72%，上行60BP，远高于2季度的31bp。从基本面看，经济复苏特征越来越显著，社融增速持续回升。基本面对债市形成明显压制。从资金面看，超储率偏低，银行压降结构性存款后负债压力显现。从供需面看，国债和地方债密集发行，市场对债券的承接能力疲弱。按照社融口径，8月份政府债券新增1.38万亿，是今年最大供给月，供需矛盾进一步推升收益率。  国内经济经历了2,3季度最快速的改善之后，环比改善速度有所放缓。在房地产调控升级的背景下，地产企业加速去杠杆，土地市场已经出现降温迹象。社融增速将在4季度见到高点，之后将逐步回落。从基本面看，对债市的制约因素将减弱。  当前债券收益率已经回升到高于年初的水平，出现一定的配置价值。3季度制约市场的流动性和供需矛盾在4季度将有所弱化。货币政策无意进一步收紧流动性，MLF超量续发有利于缓解银行负债压力。4季度财政存款投放上升有助于超储率回升。同时，4季度利率债的供需矛盾也会出现缓解。但是在经历了大幅调整之后，市场情绪非常脆弱，在基本面没有明显利多之前，收益率下行空间不大，做多意愿不足。从估值上看，短端的相对确定性更强。  兴全恒裕基金在3季度进一步降低了组合久期与杠杆，但也随市场调整出现了较大幅度的回撤。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:27.242Z","fund":{"_id":3000000006985,"__csrcFundId":6003,"stockCode":"006985","shortName":"兴全恒裕债券(006985)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6985,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:28:27.337Z","status":"normal","inceptionDate":"2019-03-11T16:00:00.000Z","name":"兴全恒裕债券型证券投资基金","exchange":"jj","followedNum":8,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全恒裕债券","pinyin":"xqhyzqxzqtzjj","managers":[{"stockCode":"8801592694","stockType":"fund_manager","exchange":"fm","tickerId":2319189490,"name":"王帅"}]},"announcement":{"linkText":"兴全恒裕债券型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=491399","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca477fea5b3eb04a0541","stockId":3000000006985,"sao":"在2019年年底，市场还在期待着2020年上半年库存周期的复苏。然而在疫情的冲击下，全球经济和金融市场的脆弱性得到了淋漓尽致的体现。对疫情的恐慌引发了市场的崩溃，资本市场在流动性挤兑的冲击下波动性急速放大，VIX攀升至2008年金融危机时的水平，随后在央行投放的充裕流动性帮助下市场恐慌情绪和流动性危机得到缓解。在对疫情的恐慌以及流动性危机等快变量逐步缓和之后，基本面数据的改善开始逐步显现，这个因素主导了二季度风险资产的逆转。对国内而言，疫情是决定基本面和市场的核心变量。疫情逐步得到控制，复工生产活动也开始推进，经济呈现逐渐复苏的态势。虽然后期疫情仍有反复，但是对市场的影响逐步弱化。随着国内货币与财政政策开始配合发力，中国作为早周期国家率先从疫情冲击中走出来，海外主要国家疫情相继见顶之后也开始陆续复工，增长也将在更后期的时间恢复。5月初疫情，经济与政策拐点基本同步出现。货币政策率先退出，开始将重心转向关注空转套利，债市基本面与资金面再定价导致债券收益率出现显著上行。陡峭的收益率曲线并未给债市提供保护，债市先出现熊陡，然后熊平，债市调整的幅度与速度都达到历史较高水平。随着股市热度提升，居民财富再配置对债券市场造成了新一轮冲击。兴全恒裕基金在1季度收获了较好的收益。在二季度，债市牛熊逆转，产品出现了较大幅度的调整。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:27.239Z","mo":"当前宏观经济依然在修复的通道中，基建是托底经济的核心抓手，同时房地产也体现出非常强的韧性，消费复苏略显缓慢。从经济同比增速上看，到明年一季度将逐级往上。从最新政治局会议定调来看，随着对经济复苏的信心增强，政策对货币与信用扩张的诉求也有所下降，都开始向常态化政策收敛。对资本市场更重要的经济环比复苏力度可能将有所放缓，信用扩张也将出现二阶导变化。在这种宏观背景下，总体基本面对债市偏空，对权益市场利多。但是经历了2季度股债逆转之后，在流动性的推升下市场远走在基本面前面。无论是债市利空还是权益的利多都得到了一定程度的释放，股债慢慢趋于均衡。对本产品而言，债市短端定价已经较为合理，充分把握当前短端收益，等待长端较好的介入机会。","fund":{"_id":3000000006985,"__csrcFundId":6003,"stockCode":"006985","shortName":"兴全恒裕债券(006985)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6985,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:28:27.337Z","status":"normal","inceptionDate":"2019-03-11T16:00:00.000Z","name":"兴全恒裕债券型证券投资基金","exchange":"jj","followedNum":8,"fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全恒裕债券","pinyin":"xqhyzqxzqtzjj","managers":[{"stockCode":"8801592694","stockType":"fund_manager","exchange":"fm","tickerId":2319189490,"name":"王帅"}]},"announcement":{"linkText":"兴全恒裕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=466284","linkType":"PDF","source":"csrc_pdf"}}]}