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       操作方面，组合根据市场波动节奏及时调整组合久期及杠杆水平。具体而言，7月初大幅提升久期水平及杠杆水平，充分获取收益率下行阶段的资本利得和套息收益。政治局会议之后，逐步卖出部分债券，小幅降低久期水平。8月中旬，减持部分长期限债券并降低杠杆水平。9月份市场大幅调整，组合继续减持债券，尽可能控制回撤。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:57.434Z","fund":{"_id":3000000007563,"__csrcFundId":6382,"stockCode":"007563","shortName":"兴银汇逸定开债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7563,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:09.423Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"兴银汇逸三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银汇逸定开债","pinyin":"xyhysgydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019637","stockType":"fund_manager","exchange":"fm","tickerId":2612253390,"name":"张璐"},{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"}]},"announcement":{"linkText":"兴银汇逸三个月定期开放债券型发起式证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=989098","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecadd7fea5b3eb04aabc1","date":"2023-06-29T16:00:00.000Z","stockId":3000000007563,"sao":"2023年上半年宏观经济演绎疫情后的弱复苏行情，一季度在需求脉冲式释放下，经济增速超预期，但二季度经济内生动能不足，市场风险偏好较低导致需求疲弱，经济增长不及预期。一季度宏观经济呈现疫情后的修复行情，居民需求脉冲式释放，年初餐饮、出行、服务等消费数据快速好转，一线城市二手房景气度较高，社融结构性改善，PMI维持在50以上，市场对于经济修复信心较足；货币政策维持稳健中性，但在信贷表现较好的背景下，资金面波动加大；债券市场方面，银行理财购买力度上升，叠加当时信用债的信用利差处于较高水平，配置价值凸显，信用债收益率以下行为主，而利率债先上后下。3月以来直至二季度底，经济需求逐步呈现疲弱态势，其中海外需求疲弱导致我国出口低于预期；内需方面，居民脉冲式需求褪去，疤痕效应仍在，叠加失业率上升，地产、权益等资产价格下降等因素影响，居民出现预防性储蓄现象，需求不足；货币政策转为逆周期调节，6月央行超预期降息，市场流动性维持宽松；债券市场方面，疲弱的经济需求，叠加宽松的货币政策和欠配的理财资金，导致债券收益率整体下行。年初至今，债券收益率整体下行，1年国股存单收在2.31%，较年初下行12bp；10年国开收在2.77%，较年初下行22bp。操作方面，根据市场变化及宏观经济形势的演变，组合灵活调整杠杆和久期水平。同时，专注于商业银行金融债和利率债投资，降低信用风险暴露，在控制组合风险的基础上 适度提升组合收益。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:57.432Z","mo":"展望下半年，预计经济将维持修复态势，政策将加大逆周期调节的力度，风险偏好或有所抬升，但受限于外需、地产长周期、以及居民收入等因素制约，风险偏好抬升空间有限。根据上半年经济运行情况，如果今年经济想达到5%的增长目标，政策则需加强逆周期调节，意味着下半年将会有一揽子政策出台来扩内需、稳经济，房地产和权益市场均有出台利好政策的可能，两个板块风险偏好的提升或对债券市场的资金形成分流。但我们认为风险偏好抬升空间有限，主要原因有三个，一是外需持续疲弱，对我国出口增长形成制约；二是人口周期和城镇化率制约了地产投资向上的弹性；三是基于企业盈利较弱、居民失业率较高的背景，提高居民收入将是个漫长的过程。而市场仍需要银行体系宽松的流动性来为政策保驾护航，预计货币政策仍然维持中性偏松。下半年组合将持续维持以中高等级债券为主，并根据市场情况灵活调整杠杆和久期水平。","fund":{"_id":3000000007563,"__csrcFundId":6382,"stockCode":"007563","shortName":"兴银汇逸定开债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7563,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:09.423Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"兴银汇逸三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银汇逸定开债","pinyin":"xyhysgydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019637","stockType":"fund_manager","exchange":"fm","tickerId":2612253390,"name":"张璐"},{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"}]},"announcement":{"linkText":"兴银汇逸三个月定期开放债券型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=957102","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecadd7fea5b3eb04aabc0","date":"2023-03-30T16:00:00.000Z","stockId":3000000007563,"sao":"2023年一季度，宏观经济演绎疫情后修复行情，但修复低于市场预期，资金利率中枢抬升，债券市场整体先抑后扬，走势分化。1月春节期间消费、出行、服务等数据快速好转，市场对于经济修复信心较足，债券收益率震荡上行。2月处于数据真空期，票据利率处于相对高位，社融结构性改善，资金面波动加大，但高频数据显示经济修复低于市场预期，且银行理财购买力度上升，叠加当时信用债的信用利差处于较高水平，配置价值凸显，信用债收益率以下降为主，利率债维持震荡。3月两会定调的2023年经济增速目标略低于市场预期，同时1-2月份的宏观数据显示经济实际修复斜率仍偏弱，叠加3月份央行意外降准，资金紧张情绪较2月边际好转，债券市场整体走强。流动性方面，一季度央行公开市场操作以削峰填谷为主，受企业中长期贷款改善，以及金融市场融资规模上升影响，市场流动性整体收紧，资金利率中枢较2022年有所抬升。 操作方面，组合根据市场情况灵活调整久期及杠杆，主要专注于商业银行金融债投资，降低信用风险暴露。组合表现整体较好。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:57.429Z","fund":{"_id":3000000007563,"__csrcFundId":6382,"stockCode":"007563","shortName":"兴银汇逸定开债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7563,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:09.423Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"兴银汇逸三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银汇逸定开债","pinyin":"xyhysgydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019637","stockType":"fund_manager","exchange":"fm","tickerId":2612253390,"name":"张璐"},{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"}]},"announcement":{"linkText":"兴银汇逸三个月定期开放债券型发起式证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=889847","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecadd7fea5b3eb04aabbf","date":"2022-12-30T16:00:00.000Z","stockId":3000000007563,"sao":"2022年国内宏观经济受疫情防控变化及地产疲弱影响，经济增速在二季度探底后反弹，债券市场呈现大震荡态势。一季度央行降息维持流动性合理充裕，但市场宽信用预期较强，地产刺激政策频发，叠加年初社融数据大超预期，债券利率先下后上。3月下旬开始，上海疫情逐步发酵，长时间的疫情防控导致宏观经济走弱，4月央行降准来维持市场流动性的合理充裕，债券利率震荡向下；5月底上海宣布复工复产，6月债市回调。下半年债券市场波动变大，7月疲弱的社融和地产数据表明疫后经济反弹乏力，部分区域的地产项目出现“断贷”风险，居民部门逐步缩表，金融体系流动性充裕，债券收益率快速下行，10年国债最低至2.58%。9月开始，地产保交楼等维稳政策频出，金融数据的总量和结构均有好转，资金面波动加剧，利率债震荡向上，但信用债收益率仍在底部震荡。11月疫情防控政策出现重大调整，力度及速度均超市场预期，市场流动性收紧，净值类产品净值快速下跌所引发的理财赎回潮又继续引发市场上出现非理性抛售，信用利差、期限利差均回到近几年的较高水平。操作方面，根据市场变化及宏观经济形势的演变，组合灵活调整杠杆和久期水平。同时，优选中高等级、流动性较好信用债，有效获取骑乘及票息收益。整体风险收益比较好。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:57.426Z","mo":"展望2023年，宏观环境将切换为疫情政策优化后的经济修复。预计全年GDP增速可能在5%左右，结构方面，全年拉动经济增长的动能预计还将是“稳增长”和“扩内需”导向下的基建和制造业，其中基建在宽财政的支撑下延续韧性，制造业是扩内需和经济转型的重要增长点，两板块项目储备充裕，信贷和政策支持力度都相对较大。出口受海外需求走弱，基数偏高等影响，增速或有下行压力；消费方面，在居民收入和信心仍未完全恢复的背景下，消费修复的弹性有待观察；地产景气度偏弱的状态可能会延续，目前供给端政策已基本出尽，后续需关注需求端政策和边际变化。货币政策在稳增长和保就业目标下预计仍将保持平稳宽松态势，财政端将延续“加力提效”且“靠前发力”，预计“宽货币+宽财政”将成为贯穿全年的主逻辑。综上所述，在经济步入修复通道的背景下，债券市场利率中枢水平可能会有所上移，幅度和节奏取决于经济修复的速度和节奏。过程中会出现一致预期极致化后的阶段性扰动。在货币政策保持量宽价平的背景下，市场仍然存在结构性机会，利率债品种和信用债品种的收益率走势或将有所分化。","fund":{"_id":3000000007563,"__csrcFundId":6382,"stockCode":"007563","shortName":"兴银汇逸定开债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7563,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:09.423Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"兴银汇逸三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银汇逸定开债","pinyin":"xyhysgydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019637","stockType":"fund_manager","exchange":"fm","tickerId":2612253390,"name":"张璐"},{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"}]},"announcement":{"linkText":"兴银汇逸三个月定期开放债券型发起式证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=869393","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecadd7fea5b3eb04aabbe","date":"2022-09-29T16:00:00.000Z","stockId":3000000007563,"sao":"三季度，债券收益率先下后上，低点出现在8月中旬，10年国债到达年内低点2.58%，分界点是央行下调OMO利率。7月国内疫情反复，地产断贷风波事件发酵，投资者经济预期不佳，同时资金面非常宽松，货币市场利率创年内新低，10年国债下行到2.7%附近。8月15日人民银行意外降息，并带动LPR和存款利率下调，坚定了投资者对货币政策保持宽松的信心，8月中旬公布7月经济数据，7月金融数据和经济增长数据均明显低于预期，推动10年国债最低下行至2.58%。9月债市总体以回调为主，9月公布的8月经济和金融数据多数好于预期，央行官员表示“降低企业融资和个人信贷的成本”，市场宽信用担忧加大，受美联储激进加息以及全球央行跟进加息的外部压力下，人民币汇率加速贬值，美债收益率大幅上行，中美利差倒挂程度进一步加深，国内债券市场承压，三季度末10年国债回升到2.76%。信用债方面，信用利差收窄，等级利差分化。        流动性方面，三季度维持宽松，利率中枢下行。7月，央行等量续作MLF，并表态公开市场投放重价而非量，打消市场对于流动性收紧的顾忌，资金利率大幅走低，DR001下行至1.00%，DR007下行至1.29%。8月中旬，央行缩量续作MLF，调降MLF和逆回购利率，回笼2000亿元的中长期流动性。9月仍保持缩量续作，利率维持不变。季末最后一周，央行加大逆回购投放量，维护资金跨季平稳。        操作方面，根据市场情况灵活调整组合久期及杠杆水平，并积极参与利率债波段交易。信用方面，主要专注于商业银行金融债投资，降低信用风险暴露。整体风险收益比较好。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:57.424Z","fund":{"_id":3000000007563,"__csrcFundId":6382,"stockCode":"007563","shortName":"兴银汇逸定开债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7563,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:09.423Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"兴银汇逸三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银汇逸定开债","pinyin":"xyhysgydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019637","stockType":"fund_manager","exchange":"fm","tickerId":2612253390,"name":"张璐"},{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"}]},"announcement":{"linkText":"兴银汇逸三个月定期开放债券型发起式证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=811140","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecadd7fea5b3eb04aabbd","date":"2022-06-29T16:00:00.000Z","stockId":3000000007563,"sao":"2022年上半年，债券市场行情在“宽货币+宽信用”的背景下展开的。一季度债券市场收益率整体呈现先下后上再平稳的走势。1月份，债市行情由宽货币主导，在降息以及经济悲观预期推动下，10年期国债收益率一度向下突破2.7%。2月份，多重因素促使债市回调：一是1月金融数据明显走强；二是经过前期的连续下行，收益率已经处于相对低位；三是1-2月经济增长较去年12月走好，使得市场对宽信用预期逐渐加深。3月份，前半月债市延续调整态势，中旬债市在多重因素的作用下止跌企稳：一是2月社融信贷不及预期；二是经过一个多月的调整，债市收益率已经回到年初位置，重新具备一定的配置价值；三是俄乌战争以及各地疫情蔓延，可能对经济形成干扰，市场重启进一步宽货币的预期。        二季度，债市运行面临的宏观经济背景：一是疫情有所反复，经济明显承压，就业压力进一步加大；二是资金面显著宽松，社融总量向好，但是具体结构较差；三是海外主要经济体处于货币政策收紧期，中美利差从缩窄到倒挂，国内货币政策“以我为主，兼顾外部均衡”；四是宽财政继续发力，扩大财政支出规模，支持基建和减税降费等。在这样的宏观及政策背景下，债市空仓成本较高，需保持一定的仓位。但是，在2020年的学习效应下，市场对于拉长久期较为谨慎，于是短端下沉成为主流策略，形成了中低等级信用债利差有所收窄，期限利差有所走阔，短端优于长端，信用优于利率的结构性牛市。        操作方面，根据市场变化及宏观经济形势的演变，组合灵活调整杠杆和久期水平。同时，优选中高等级、流动性较好信用债，有效获取骑乘及票息收益。整体风险收益比较好。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:57.421Z","mo":"展望2022年下半年，稳增长仍将是下阶段的政策主线，经济趋势仍然是边际改善。当前工业生产在加速修复，但是距离完全修复尚需时日，制造业投资修复依然偏缓，地产投资对经济依然有拖累，基建投资的韧性仍在。需求方面，消费受制于本轮疫情复杂的影响或将出现修复斜率平缓、转正耗时较长的特征，出口环比动能有所趋弱，下半年出口数据存在回落压力。        因此，在经济弱复苏的背景之下，货币政策逻辑上不存在转向的条件。下半年货币政策总量空间有限，料将继续以结构性政策为主，银行间流动性预计将继续保持量宽价平的特点。在财政政策方面，预计下半年将主要做好当前稳增长政策的落实工作，早日形成实物工作量，以便拉动就业与消费，对更多增量政策的出台可能较为谨慎。        综上所述，下半年随着经济步入修复通道，债券市场利率中枢水平可能会有所上移，幅度和节奏取决于经济修复的速度和节奏。过程中会出现一致预期极致化后的阶段性扰动。但是，在货币政策保持量宽价平的背景下，市场也不存在大幅走熊的基础。","fund":{"_id":3000000007563,"__csrcFundId":6382,"stockCode":"007563","shortName":"兴银汇逸定开债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7563,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:09.423Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"兴银汇逸三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银汇逸定开债","pinyin":"xyhysgydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019637","stockType":"fund_manager","exchange":"fm","tickerId":2612253390,"name":"张璐"},{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"}]},"announcement":{"linkText":"兴银汇逸三个月定期开放债券型发起式证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=784097","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecadd7fea5b3eb04aabbc","date":"2022-03-30T16:00:00.000Z","stockId":3000000007563,"sao":"2022年年初，债券市场行情在“宽货币+宽信用”的背景下展开，一季度债券市场收益率整体呈现先下后上再平稳的走势。1月份，债市行情由宽货币主导，在降息以及经济悲观预期推动下，10年期国债收益率一度向下突破2.7%。2月份，多重因素促使债市回调：一是1月金融数据明显走强；二是经过前期的连续下行，收益率已经处于相对低位；三是1-2月经济增长较去年12月走好，使得市场对宽信用预期逐渐加深。3月份，前半月债市延续调整态势，中旬债市在多重因素的作用下止跌企稳：一是2月社融信贷不及预期；二是经过一个多月的调整，债市收益率已经回到年初位置，重新具备一定的配置价值；三是俄乌战争以及各地疫情蔓延，可能对经济形成干扰，市场重启进一步宽货币的预期。 操作方面，组合根据市场变化及时调整久期和杠杆水平，积极参与利率债波段交易，持仓资产以高等级和高流动性资产为主，整体风险收益比相对较好。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:57.419Z","fund":{"_id":3000000007563,"__csrcFundId":6382,"stockCode":"007563","shortName":"兴银汇逸定开债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7563,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:09.423Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"兴银汇逸三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银汇逸定开债","pinyin":"xyhysgydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019637","stockType":"fund_manager","exchange":"fm","tickerId":2612253390,"name":"张璐"},{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"}]},"announcement":{"linkText":"兴银汇逸三个月定期开放债券型发起式证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=729991","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecadd7fea5b3eb04aabbb","date":"2021-12-30T16:00:00.000Z","stockId":3000000007563,"sao":"2021年债券收益率整体呈现出震荡下行的走势，经济周期呈现出近似的“过热-滞胀-衰退”的快速轮动特征。上半年市场核心围绕“稳增长压力不大的窗口期”和“政策不急转弯”展开，对货币政策边际收紧有一定担忧，但实际上货币政策维持中性偏宽松，债券收益率缓慢下行。7月全面降准后，对货币政策紧缩的担忧快速消除，货币乐观预期进一步发酵。四季度地产信用问题的爆发引发了对于地产和经济下行的担忧，经济下行和稳增长预期交织，债券收益率震荡下行。随着12月二次降准、经济工作会议强调稳增长、LPR报价下调，去年底宽松预期再度升温推动利率进一步下行。 组合操作方面，全年严控信用风险，精选个券，杠杆和久期根据宏观经济和行情变化及时灵活调整，风险收益比整体较好。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:57.416Z","mo":"展望2022年，债市行情在宽货币+宽信用的大环境下展开，年初利好的因素主要有：1、经济动能整体偏弱，2、货币政策宽松；利空的因素主要有：1、债市点位偏低，2、短期内财政政策和基建投资会陆续发力，令市场情绪承压，3、美联储加息频率及节奏超出市场预期等。综合来看，短期市场预期会不断在宽信用与宽货币之间摇摆，长端利率走势偏震荡；中期走势大概率震荡偏强，过程中虽然有一致预期极致化后的阶段性扰动，但只要信用端不出现预期外风险、货币端维持偏宽松的状态，债券市场转熊的概率有限，整体还是在向好基调当中。后续需密切关注宽信用政策的落地及实施效果，将决定债券市场的长期走势方向。","fund":{"_id":3000000007563,"__csrcFundId":6382,"stockCode":"007563","shortName":"兴银汇逸定开债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7563,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:09.423Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"兴银汇逸三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银汇逸定开债","pinyin":"xyhysgydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019637","stockType":"fund_manager","exchange":"fm","tickerId":2612253390,"name":"张璐"},{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"}]},"announcement":{"linkText":"兴银汇逸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=715830","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecadd7fea5b3eb04aabba","date":"2021-09-29T16:00:00.000Z","stockId":3000000007563,"sao":"三季度宏观经济整体呈现出一定压力。从需求侧来看，新一轮的疫情反复导致疫情防控政策大范围升级，对服务消费造成了新一轮短期冲击，使得8月消费增速（两年同比）再创新低。工业品通胀在大宗商品价格飙升的背景下愈演愈烈，令基建投资的成本压力进一步加大，三季度再度疲弱。房地产调控下房市有所降温，房地产销售额同比出现快速下滑，短期房地产投资也存在一定的下行压力。从供给侧来看，能耗双控政策下，多地区限电限产，加之煤炭核定产能生产导致的供给紧张局面愈演愈烈，煤价飙升加剧煤电矛盾，三季度工业生产或成为年内最差的一个季度。货币政策方面，7月初的降准，令市场预期快速扭转，从最初的货币政策操作偏紧以回归正常化，转变为融资需求偏弱的拖累下货币政策可能会采取偏松的操作，降准降息以稳定融资需求。央行在三季度货币政策例会中，对于经济下行的担忧较此前加大，强调\"外部环境更趋严峻复杂，国内经济恢复仍然不稳固、不均衡\"等。例会还提出引导机构增加对制造业中长期贷款，推动经济高质量发展，在一定程度上向市场传达“宽信用”信号。操作方面，组合维持中高久期和中等杠杆水平操作，并根据市场情况灵活调整，同时，积极参与利率债波段交易，获得较好收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:57.413Z","fund":{"_id":3000000007563,"__csrcFundId":6382,"stockCode":"007563","shortName":"兴银汇逸定开债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7563,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:09.423Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"兴银汇逸三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银汇逸定开债","pinyin":"xyhysgydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019637","stockType":"fund_manager","exchange":"fm","tickerId":2612253390,"name":"张璐"},{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"}]},"announcement":{"linkText":"兴银汇逸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=654722","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecadd7fea5b3eb04aabb9","date":"2021-06-29T16:00:00.000Z","stockId":3000000007563,"sao":"上半年宏观经济数据在结构上呈现地产投资和出口较强，基建投资偏弱，消费和制造业投资仍处复苏通道之中的分化表现。社融增速持续回落，收敛速度略快于市场预期，主要受非标、政府债券与企业债券融资的拖累，信贷的增速和结构仍较为稳定。总体来看，宏观基本面环境对债市相对友好。流动性方面，除了1月中旬至1月底，资金面超预期收紧之外，其余时间流动性整体宽松舒适。央行货币政策继续维持稳健、合理充裕的主基调。公开市场操作利率连续数月走平，货币市场利率中枢围绕OMO利率波动，1年期NCD利率个别时点开始低于政策利率。操作方面，组合维持中等久期和中等杠杆水平操作，并根据市场情况灵活调整，同时，积极参与利率债波段交易，获得较好收益。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:57.410Z","mo":"展望下半年，经济大概率温和回落，韧性仍存。下行压力主要来自于地产方面，当前地产行业监管趋严，融资约束较大，地产投资未来面临压力较大。与此同时，各地产企业为降低资产负债表的约束，不同程度加快施工和竣工，短期内地产投资韧性仍存。当前地方债发行进度依然低于预期，财政滞后对于基建投资的支撑或走弱。制造业投资和消费依然处于复苏通道之中，尚未恢复至疫情前水平，下半年亦会温和上升。通胀预期有望温和回落。由于猪周期与经济周期错位的原因，年内CPI压力不大。PPI下半年亦可能温和回落。货币政策方面，7月初的降准确认央行中性偏松的态度。预计后续政策导向依然以稳为主，流动性整体保持合理充裕。货币市场资金价格围绕政策利率上下波动，资金利率中枢稳定。当前市场利好已经反映较为充分，债券市场短期内或转为震荡。长期来看，在经济环比回升幅度有限叠加货币环境宽松的支撑，债券收益率依然处于下行趋势之中。信用债方面，由于政策对于地方政府债务和房企债务态度趋严，若接下来持续边际收紧，部分债券估值或将承压。此部分债券投资策略宜转为防守，避免信用资质过度下沉。","fund":{"_id":3000000007563,"__csrcFundId":6382,"stockCode":"007563","shortName":"兴银汇逸定开债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7563,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:09.423Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"兴银汇逸三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银汇逸定开债","pinyin":"xyhysgydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019637","stockType":"fund_manager","exchange":"fm","tickerId":2612253390,"name":"张璐"},{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"}]},"announcement":{"linkText":"兴银汇逸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=636013","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecadd7fea5b3eb04aabb8","stockId":3000000007563,"sao":"一季度基本面表现分化，出口和社融表现较好，地产和基建增速回落。分项来看，1-2月份制造业PMI回落，3月份季节性上升，从生产经营活动预期和出厂价格对工业企业利润的影响来看，后期PMI回落概率较大。一季度专项债发行节奏明显弱于季节性，叠加年初国内局部地区疫情出现反复，受资金来源收紧和疫情影响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