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局面应当是大概率事件。但从经济工作会议、地方两会等政策表态来看，追求高质量发展、构建新发展格局的政策精神不变，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。组合将围绕指数配置、同时略偏谨慎，关注市场复苏交易和刺激预期波动后的长端利率债的交易机会。","fund":{"_id":3000000007186,"__csrcFundId":6367,"stockCode":"007186","shortName":"华夏中债3-5年政金债指数A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7186,"masterFundFlag":1,"lastUpdated":"2026-03-31T20:44:47.854Z","status":"normal","inceptionDate":"2019-07-11T16:00:00.000Z","name":"华夏中债3-5年政策性金融债指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏中债3-5年政金债指数","pinyin":"hxzz3-5nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20815230","stockType":"fund_manager","exchange":"fm","tickerId":1912219230,"name":"孙蕾"}]},"announcement":{"linkText":"华夏中债3-5年政策性金融债指数证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=866962","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca767fea5b3eb04a3d45","date":"2022-09-29T16:00:00.000Z","stockId":3000000007186,"sao":"三季度，国际局势不安因素有所增加，发达经济体通胀韧性超预期，欧美央行鹰派态度升温，远期联邦基金利率抬升，持续时长更长。美元指数进一步上行，美债利率走高，在此背景下，全球金融资产承压，负贝塔效应明显。各类资产最终表现，取决于负贝塔和其本身基本面的叠加。国内方面，疫情波折不短，地产短贷风波拖累销售表现迟迟难见改善，广义财政发力力度不减，但整体来看，内需仍然相对疲弱。在基本面相对利好支撑下，尽管汇率承压，资金流出担忧不减，但在国内政策呵护下，债券市场仍然有所上涨。信用债表现较好，易涨难跌，季度超额收益明显，利率品种曲线平坦化下行，1年内货币市场利率限制了中短端收益下行空间。报告期内，组合围绕指数配置，中性久期、中性偏高杠杆水平，阶段性参与了疫情带来交易性机会。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:14.753Z","fund":{"_id":3000000007186,"__csrcFundId":6367,"stockCode":"007186","shortName":"华夏中债3-5年政金债指数A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7186,"masterFundFlag":1,"lastUpdated":"2026-03-31T20:44:47.854Z","status":"normal","inceptionDate":"2019-07-11T16:00:00.000Z","name":"华夏中债3-5年政策性金融债指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏中债3-5年政金债指数","pinyin":"hxzz3-5nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20815230","stockType":"fund_manager","exchange":"fm","tickerId":1912219230,"name":"孙蕾"}]},"announcement":{"linkText":"华夏中债3-5年政策性金融债指数证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=803376","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca767fea5b3eb04a3d44","date":"2022-06-29T16:00:00.000Z","stockId":3000000007186,"sao":"上半年，全球整体仍处于疫后恢复期，增长高点已过但下行较慢，俄乌冲突、供应链重塑为过去积累的货币放松带来的经济通胀隐患火上浇油；发达市场货币政策面临着降通胀和防衰退的走钢丝境地，金融市场交易围绕着“紧缩交易”和“衰退交易”两条主线，整体表现股债均弱，美元走强，商品强势。国内方面，宏观政策转向稳增长保内需，但疫情的再度冲击打乱宏观政策和经济本身的节奏，财政支出力度较强，但面临着缺口不低的隐患；地产政策因城施策放松不止，销售恢复较为缓慢，地产主体危机难言结束，再次拿地扩张动力疲弱，对经济整体拖累仍将持续。货币政策中性偏松，金融市场流动性较为充裕，短端货币市场利率下行明显，但受到2020年教训，债市对3年以上品种始终保持了相对谨慎态度，收益率曲线较年初陡峭化下行，3年以上基本维持；债市波动较小，杠杆票息占优。报告期内，组合维持了偏中性的组合配置，中性久期、保持和基准指数相近或略高的杠杆水平，阶段性参与了疫情带来交易性机会。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:14.751Z","mo":"展望下半年，外围通胀降温缓慢，货币收紧持续，经济增长端压力更甚，欧日美可能相继进入经济增速快速回落期，全球经济面临进一步压力。国内逐步走出奥密克戎影响，整体仍处于修复阶段，经济增速上行确定；但也需要看到出口、地产的持续压力，财政端受制于中期防风险政策定力，也面临一定的预算缺口，整体对经济的拉动作用恐怕有限；经济政策主要的着力点在于稳就业、稳物价。财政政策预计以落实前期政策效果为主，货币政策维持合理充裕略偏多，债市风险有限，震荡略偏多。预计组合仍会以偏积极心态应对下半年市场，保持一定的杠杆水平，中性偏高久期，并将密切关注长端利率债的交易性机会。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":3000000007186,"__csrcFundId":6367,"stockCode":"007186","shortName":"华夏中债3-5年政金债指数A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7186,"masterFundFlag":1,"lastUpdated":"2026-03-31T20:44:47.854Z","status":"normal","inceptionDate":"2019-07-11T16:00:00.000Z","name":"华夏中债3-5年政策性金融债指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏中债3-5年政金债指数","pinyin":"hxzz3-5nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20815230","stockType":"fund_manager","exchange":"fm","tickerId":1912219230,"name":"孙蕾"}]},"announcement":{"linkText":"145华夏中债3-5年政策性金融债指数证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=781527","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca767fea5b3eb04a3d43","date":"2022-03-30T16:00:00.000Z","stockId":3000000007186,"sao":"一季度，国外宏观驱动因素较为复杂，俄乌战争加大了国际关系复杂性，也为原本就高企的通胀预期火上浇油；欧美央行采取了更加鹰派的姿态强压通胀预期，联储年内加息预期飙升至8次以上，受此影响，股债汇商波动较大。国内方面，宏观政策的发力如期而至，货币宽松降准降息先行，财政政策带动基建投资反弹明显，但地产政策在房住不炒的底线下，因城施策带来的改观尚不明显、仍需观察。债券收益率先下后上，以春节为分水岭，节前宽货币兑现收益率陡峭化下行，节后宽信用发酵，收益率平坦化上行；整体来看，年初以来各债券指数表现不佳，收益率低于静态贡献，表现出了震荡偏熊的特征。报告期内，组合维持了接近指数偏中性的组合配置，与指数相近久期、中性偏低杠杆水平，收益率上行的资本利损对票息产生一定侵蚀。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:14.748Z","fund":{"_id":3000000007186,"__csrcFundId":6367,"stockCode":"007186","shortName":"华夏中债3-5年政金债指数A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7186,"masterFundFlag":1,"lastUpdated":"2026-03-31T20:44:47.854Z","status":"normal","inceptionDa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急性质的临时性货币政策也在考虑逐步退出，而中国也成为上半年全球唯一实现正增长的经济体。上半年国内债券市场受疫情和政策的影响波动巨大，起初为了应对疫情爆发，央行向市场投入巨量流动性，并降低了政策利率，导致货币资金市场极度宽松，债券收益率明显下行，曲线陡峭化下行，5月之后随着疫情被有效控制央行在货币政策取向上更加偏向防风险，货币市场利率逐步抬升，叠加巨大的利率债一级市场供给，短期市场供需出现失衡，债券市场出现了比较明显的下跌，信用利差被动有所收窄，各期限债券收益率基本回到了年初疫情前的水平。权益市场受疫情影响同样波动率明显上升，内部结构极端分化，科技、消费和医药板块成为上半年表现最好的板块，同时跟经济活动相关度较高的周期和金融地产板块表现落后。报告期内，本基金跟随指数配置。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:14.730Z","mo":"展望2020年下半年，市场的重心将从应对疫情向经济恢复转变，在疫情没有大规模二次爆发的情况下，预计国内经济年底之前可以恢复到疫情前水平，目前需要密切关注经济恢复的强度以及受疫情冲击最大的服务类行业的恢复情况，此外中美之间的对抗在下半年美国大选之前预计会更加频繁出现，也会对市场造成一定的扰动。在经济基本面大方向向上的背景下，预计债券市场下半年总体机会有限，虽然二季度债券市场经历了比较剧烈的调整，但从整个下半年维度看债券作为大类资产配置的价值仍偏低，此外还需要警惕的风险来自如果美元指数趋势性下行导致大宗商品超预期的上涨，随之带来PPI可能的超预期上行风险。虽然权益市场上半年表现较好，但从经济周期、企业盈利以及估值水平的角度看，权益市场相对债券市场依然有不错的投资价值，伴随经济复苏进程加快，前期受抑制的周期类板块有望获得一定的估值修复的机会，从而体现出比上半年更加均衡的市场表现。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":3000000007186,"__csrcFundId":6367,"stockCode":"007186","shortName":"华夏中债3-5年政金债指数A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7186,"masterFundFlag":1,"lastUpdated":"2026-03-31T20:44:47.854Z","status":"normal","inceptionDate":"2019-07-11T16:00:00.000Z","name":"华夏中债3-5年政策性金融债指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏中债3-5年政金债指数","pinyin":"hxzz3-5nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20815230","stockType":"fund_manager","exchange":"fm","tickerId":1912219230,"name":"孙蕾"}]},"announcement":{"linkText":"华夏中债3-5年政策性金融债指数证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=462979","linkType":"PDF","source":"csrc_pdf"}}]}