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压力将逐步显现。消费支撑也取决于补贴力度能否持续，需要观察消费数据的进一步变化。当前“反内卷”政策密集出台，对于物价企稳有一定帮助，但需求的复苏程度将影响物价回升幅度。整体来看，下半年经济回升压力仍在，需要关注是否存在进一步财政加码对冲经济压力。货币政策方面，当前政策文件定调仍维持“维持适度宽松的货币政策、保持流动性充裕”提法，对债市相对友好。但当前风险偏好有所提升，政策密集出台对于股票市场信心提振，股债跷跷板效应带动债市波动加大，需关注是否有进一步货币政策加码，引导债市收益率中枢下行。","fund":{"_id":3000000008406,"__csrcFundId":6927,"stockCode":"008406","shortName":"兴银汇裕定开债(008406)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8406,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:14:09.338Z","status":"normal","inceptionDate":"2019-12-11T16:00:00.000Z","name":"兴银汇裕一年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":"兴银汇裕定开债","setUpDate":"2019-12-11T16:00:00.000Z","pinyin":"xyhyyndqkfzqxfqszqtzjj","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":"兴银汇裕一年定期开放债券型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1348464","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecba07fea5b3eb04b9187","date":"2025-03-30T16:00:00.000Z","stockId":3000000008406,"sao":"2025年一季度，虽然开年机构做多情绪较强，但在1-2月份经济修复斜率改善、流动性偏紧等因素影响下，债市收益率整体上行。1月上旬央行宣布暂停国债买入，短久期资产在杠杆套息空间收窄影响下，收益率有所上行，但中长端利率市场情绪仍相对偏强。2月份至3月中旬，市场预期的宽货币政策并未落地，叠加经济数据边际改善，各类资产利率水平全面上行。3月下旬，随着大行净融出恢复，资金面有所改善，债市走出一轮修复行情。结构上看，当季收益率曲线走出熊平表现，信用债表现略弱于同期限利率债。组合在报告期内，根据市场变化，通过优化持仓结构和利率债波段操作相结合的方式，动态调整杠杆久期，实现组合净值稳步增长。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:12.198Z","fund":{"_id":3000000008406,"__csrcFundId":6927,"stockCode":"008406","shortName":"兴银汇裕定开债(008406)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8406,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:14:09.338Z","status":"normal","inceptionDate":"2019-12-11T16:00:00.000Z","name":"兴银汇裕一年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":"兴银汇裕定开债","setUpDate":"2019-12-11T16:00:00.000Z","pinyin":"xyhyyndqkfzqxfqszqtzjj","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":"兴银汇裕一年定期开放债券型发起式证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1274458","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecba07fea5b3eb04b9186","date":"2024-12-30T16:00:00.000Z","stockId":3000000008406,"sao":"2024年，经济走势一波三折，在地产销售持续走弱、企业信贷需求尚未复苏、居民存款持续增加的背景下，债券市场全年围绕资产荒进行定价，收益率全面下行，利率曲线呈现牛陡走势。分时间段来看，一季度，地产行业持续出台需求端放松政策、金融行业持续出台稳定资本市场政策、央行货币政策端全面降准50bp并降低支农支小再贷款利率25bp，共同带动一季度经济增速提升至5.3%。但实际政策效果来看，地产3-4月“小阳春”成交量略低于市场预期，资本市场风险偏好并未大幅提升，居民存款一季度持续增加，驱动金融机构不断增加债券配置，债市呈现收益率快速下行。二季度，经济基本面改善尚不明显，两会对于稳经济政策保持定力，为债市提供了相对偏暖的交易环境。需求端来看，监管叫停“手工补息”，使得部分理财产品降低高息存款投资规模，资金进一步流入债券市场加剧资产荒。但监管对于“长期国债收益率总体会运行在与长期经济增长预期相匹配的合理区间内”的表态，制约长端债券收益率下行空间，带动曲线呈现牛陡走势。三季度，监管机构对于债市收益率管控力度进一步加强，叠加9月份重要会议召开，多部委联合出台经济刺激政策，带动权益市场走强、地产销量脉冲式上升，全市场风险偏好抬升，上述因素带动债券收益率从下行趋势转向宽幅震荡。四季度，经济基本面仍然呈现偏弱状态，地产销售高频数据在年末有所回落。随着权益市场走势回归稳定、监管严格落实“存款自律机制”、年末重要会议对货币政策定调更加积极，债券市场在11月下旬提前开启跨年抢跑行情。全年信用债及利率走势均表现较好，其中信用债涨幅优于利率债。组合在报告期内，根据市场变化不断动态调整杠杆久期，通过优化债券持仓结构和利率债波段操作相结合的方式，实现了组合净值的稳步增长。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:12.196Z","mo":"展望2025年，虽然在财政加码的背景下，债券供给量有所提升，但在城投化债政策延续及信贷需求尚未恢复的背景下，市场仍然处于票息类资产缺乏的环境。基本面来看，经济仍面临诸多压力，一是海外局势不确定性增加，中美贸易摩擦可能带动出口增速承压；二是目前仍处于新旧动能转换期，在高质量发展要求下，宽财政主要针对化债、地产收储和补充银行资本金来发力，短期内对经济增速的拉动有限，经济修复仍然面临一定波折；三是当前居民收入增长预期不强，短期维持高储蓄率现状难以改变，债市配置需求仍在。整体上，2025年债市在经济新旧动能切换和货币政策继续宽松的背景下，收益率仍将保持低位运行，但利率下行的区间仍取决于降息幅度，且在监管持续关注下，债市波动可能增加。","fund":{"_id":3000000008406,"__csrcFundId":6927,"stockCode":"008406","shortName":"兴银汇裕定开债(008406)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8406,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:14:09.338Z","status":"normal","inceptionDate":"2019-12-11T16:00:00.000Z","name":"兴银汇裕一年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":"兴银汇裕定开债","setUpDate":"2019-12-11T16:00:00.000Z","pinyin":"xyhyyndqkfzqxfqszqtzjj","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":"兴银汇裕一年定期开放债券型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1251090","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecba07fea5b3eb04b9185","date":"2024-09-29T16:00:00.000Z","stockId":3000000008406,"sao":"2024年三季度，经济基本面修复节奏继续放缓，经济结构上出口和制造业有一定支撑，但地产、基建和消费下滑幅度扩大，在全年GDP增速努力实现5%左右目标之下，经济压力仍相对较大。9月制造业采购经理人指数 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二个阶段为4月至8月，这一阶段上海疫情爆发，各类经济数据大幅低于预期，7月份民营房企“断贷”事件发酵，经济动能继续下修，央行超预期降息，资金面持续宽松影响下，债市明显走强。十年期国债利率从2.79%逐步下行至8月末的2.62%，1年期存单利率从4月初的2.54%下行至8月末1.94%。第三个阶段是9月至10月，资金面持续宽松，基本面延续弱势，但地产“保交楼”等政策开始落地，预期逐步企稳，此前做多情绪到极致的债市开始出现回调，整体呈现震荡走势。长端利率在2.60%-2.75%之间波动，1年期存单利率也维持在1.90%-2.02%间窄幅波动。第四个阶段是11月至12月，期间疫情防控政策调整，稳增长预期进一步升温，银行存单发行提价，债市继续调整，期间理财“负反馈”催化了这一进程，信用利差大幅上行。其中长端利率从11月初的2.69%持续上行至年末2.84%，1年期存单利率从11月初的2.04%持续攀升至年末的2.42%。组合在2022年整体保持中性的久期和杠杆，并适度进行波段操作以应对事件性行情。在四季度的债市调整中，组合有效控制住了回撤，收益表现相对稳定。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:12.168Z","mo":"展望2023年，债券市场预计将呈现震荡上行走势。随着防疫措施的优化，经济正在逐步回归正轨，各地的稳增长措施持续推出，房地产市场逐步企稳，经济活力预计持续恢复。伴随下半年可能出现的库存周期的上行，债券市场利率可能呈现波动向上的走势。","fund":{"_id":3000000008406,"__csrcFundId":6927,"stockCode":"008406","shortName":"兴银汇裕定开债(008406)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8406,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:14:09.338Z","status":"normal","inceptionDate":"2019-12-11T16:00:00.000Z","name":"兴银汇裕一年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":"兴银汇裕定开债","setUpDate":"2019-12-11T16:00:00.000Z","pinyin":"xyhyyndqkfzqxfqszqtzjj","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":"兴银汇裕一年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=869394","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecba07fea5b3eb04b917d","date":"2022-09-29T16:00:00.000Z","stockId":3000000008406,"sao":"2022年三季度，债市收益率呈现先下后上走势。7-8月份受资金面持续宽松、地产风险事件发酵和央行超预期下调MLF利率等因素影响，债市走出阶段性牛市，10年期国债收益率从7月初的2.82%持续下行至8月末的2.61%。9月份地产保交楼专项借款落地、高频数据好转、叠加人民币大幅贬值对市场情绪的扰动，利空因素频出，长端利率上行至月末的2.76%。存单收益率与10年期国债收益率走势较为类似，1年期存单收益率从7月初的2.28%震荡下行至8月中旬的1.90%，至9月末，存单收益率上升至2.00%附近。产品于7月份市场利率快速下行后，逐步缩短久期。基于对利率低位的判断，组合在8月份久期整体保持平稳，在9月份的利率调整中表现较好。在利率调整高点，组合适当参与了波段交易，适度提升组合收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:12.165Z","fund":{"_id":3000000008406,"__csrcFundId":6927,"stockCode":"008406","shortName":"兴银汇裕定开债(008406)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8406,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:14:09.338Z","status":"normal","inceptionDate":"2019-12-11T16:00:00.000Z","name":"兴银汇裕一年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":"兴银汇裕定开债","setUpDate":"2019-12-11T16:00:00.000Z","pinyin":"xyhyyndqkfzqxfqszqtzjj","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":"兴银汇裕一年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=811154","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecba07fea5b3eb04b917c","date":"2022-06-29T16:00:00.000Z","stockId":3000000008406,"sao":"今年上半年，债券收益率总体呈现震荡下行趋势。今年一季度，受年初市场对“宽货币”升温和2-3月份“宽信用”预期的走强影响下，债市收益率呈现先下后上。随后，进入二季度，伴随上海等地疫情爆发，经济增长预期下修，叠加资金面的超预期宽松，债券收益率开始逐步震荡下行，呈现阶段性牛市。6月份受上海解封和地产等高频数据边际改善影响，经济复苏预期有所升温，债市出现小幅回调。整体来看，上半年10年国债收益率在2.70-2.85%之间震荡。受上半年资金宽松影响下，存单市场表现整体偏强。1年期AAA存单的收益率在从年初的2.61%震荡下行至6月末的2.28%附近，下行幅度高达33bp。组合总体维持中等久期，以利率债波段交易适度增厚组合收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:12.162Z","mo":"展望2022年下半年，随着经济逐步复苏，名义增长率开始企稳回升。一方面基建持续发力，从建筑业PMI及基建相关高频数据来看，自疫情后，基建投资热度持续保持较高水平。消费在汽车购置优惠政策的推动下也将逐步回升。地产虽然对宏观经济造成了一定程度的拖累，但在政策的动态调整中，失控的风险在下降。另一方面，随着猪肉价格的上行以及旅游、航空等领域的回暖，CPI将会有所上行。整体而言，名义增长率在下半年将逐步上行。流动性方面，资金利率已低于政策利率，预计随着“宽信用”的持续推进，流动性将边际收敛，虽然不至于收紧，但亦将对当前债市利率构成上行压力。综合来看，我们预计债券收益率在下半年将有上行压力，但由于经济总体复苏力度平稳，收益率上行的幅度总体有限，预计债市将保持平稳。","fund":{"_id":3000000008406,"__csrcFundId":6927,"stockCode":"008406","shortName":"兴银汇裕定开债(008406)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8406,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:14:09.338Z","status":"normal","inceptionDate":"2019-12-11T16:00:00.000Z","name":"兴银汇裕一年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":"兴银汇裕定开债","setUpDate":"2019-12-11T16:00:00.000Z","pinyin":"xyhyyndqkfzqxfqszqtzjj","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":"兴银汇裕一年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=784100","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecba07fea5b3eb04b917b","date":"2022-03-30T16:00:00.000Z","stockId":3000000008406,"sao":"2022年1季度债市收益率呈现先下后上。1月份受降息利好影响，10年国债利率从1月初的2.79%下行至1月下旬的2.70%附近。此后，宽信用预期逐步升温，债券收益率开始逐步震荡上行。3月上旬10年国债利率最高升至2.85%，3月份基本面走弱和中美利差大幅收窄等多空因素共同影响下，收益率在2.73-2.83%之间震荡。 与此走势相似，货币市场收益率也是先降后升。1年期国股存单的收益率先从1月初的2.61%降至1月末低点，接近2.40%。此后收益率小幅上行，至3月下旬基本维持在2.60%附近。 组合于1月份一年封闭期满开放，在开放期中，组合整体保持持仓的稳定。开放期结束后，基于对市场的判断，组合总体保持了中性略低的久期和杠杆，适度参与了利率债的交易机会。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:12.160Z","fund":{"_id":3000000008406,"__csrcFundId":6927,"stockCode":"008406","shortName":"兴银汇裕定开债(008406)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8406,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:14:09.338Z","status":"normal","inceptionDate":"2019-12-11T16:00:00.000Z","name":"兴银汇裕一年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":"兴银汇裕定开债","setUpDate":"2019-12-11T16:00:00.000Z","pinyin":"xyhyyndqkfzqxfqszqtzjj","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":"兴银汇裕一年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=729998","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecba07fea5b3eb04b917a","date":"2021-12-30T16:00:00.000Z","stockId":3000000008406,"sao":"2021年债券市场迎来了基本面走弱和政策利好下的牛市。回顾2021年全年，利率中枢逐步下行，信用利差收窄，前高后低走势明显，整体处于一个震荡慢牛行情，全年利率走势大致可分为三个阶段。 第一个阶段为年初至2月中旬，春节前流动性缺口形成的“钱荒”导致债市情绪悲观，叠加大宗商品价格快速上涨致使通胀预期升温，市场利率于2月18日达到年内债市利率高点3.28%。1年期存单价格在由年初的2.83%持续上行至2月末的3.10%。 第二个阶段为3月至8月末，这一阶段央行宽松政策频出，包括4月份央行金融数据发布会的利好表述以及7月份的超预期降准，叠加国内经济数据走弱，债券走出牛市行情。10年期国债收益率在9月初下探至2.82%，1年期存单收益率持续降至8月末的2.66%。 第三个阶段是9月份至年末，在此阶段经济动能持续偏弱，12月份迎来二次降准，但受信用事件、理财新规和美联储Taper影响，债市多空交织，收益率走势呈现先上后下，宽幅震荡格局。10年期国债收益率先上至10月中旬的3.04%，随后回落至年末的2.78%。1年期存单价格走势相似，10月中旬的2.78%为此阶段高点。 组合在年初收益率高点提升了久期和高点，并维持至下半年，使得组合收益表现较好。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:12.157Z","mo":"展望2022年，债券市场预计将呈现震荡格局。一方面，“宽信用”的进度和力度仍在观察中，相关政策的推出及数据的发布，会引起债市较大的波动；另一方面，对于财政政策的发力程度也在观察中。因此债券收益率预计维持宽幅震荡。","fund":{"_id":3000000008406,"__csrcFundId":6927,"stockCode":"008406","shortName":"兴银汇裕定开债(008406)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8406,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:14:09.338Z","status":"normal","inceptionDate":"2019-12-11T16:00:00.000Z","name":"兴银汇裕一年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":"兴银汇裕定开债","setUpDate":"2019-12-11T16:00:00.000Z","pinyin":"xyhyyndqkfzqxfqszqtzjj","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":"兴银汇裕一年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=715832","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecba07fea5b3eb04b9179","date":"2021-09-29T16:00:00.000Z","stockId":3000000008406,"sao":"今年三季度，受经济下行和7月初央行超预期降准影响，债券市场总体呈现偏强的格局，长端利率在9月初达到低点。此后，资金面季节性收敛，债券收益率开始逐步震荡上行。10年国债收益率三季度最低降至2.82%，降准后整体在2.82-2.95%之间震荡。于此走势相似，货币市场收益率也是先降后升。1年期国股存单的收益率从7月初的2.83%降至9月初低点，接近2.66%。此后收益率小幅上行，至9月下旬基本维持在2.75%附近。结合上述的市场情况，我们认为降准后或是市场流动性最宽松的阶段，随着时间的推移，宽松将有所收敛。因此，我们在降准后整体保持了较低的杠杆和久期，以应对后续可能的收益率调整。展望四季度，我们预计债券收益率将会有所调整。尽管经济增长在下半年将会面临压力，但社融也将逐步扩张，资金的供求关系在需求层面出现增长，收益率在低位面临向上压力。因此，债券市场总体仍然友好，但收益率边际上行的压力有所提升。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:12.154Z","fund":{"_id":3000000008406,"__csrcFundId":6927,"stockCode":"008406","shortName":"兴银汇裕定开债(008406)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8406,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:14:09.338Z","status":"normal","inceptionDate":"2019-12-11T16:00:00.000Z","name":"兴银汇裕一年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":"兴银汇裕定开债","setUpDate":"2019-12-11T16:00:00.000Z","pinyin":"xyhyyndqkfzqxfqszqtzjj","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":"兴银汇裕一年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=654726","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecba07fea5b3eb04b9178","date":"2021-06-29T16:00:00.000Z","stockId":3000000008406,"sao":"今年上半年，债券收益率总体呈现下行趋势。今年1季度，受经济的强劲增长以及对通货膨胀的担忧，债券市场总体呈现高位震荡的格局，在二月份达到收益率高点。随后，进入2季度，伴随流动性的超预期宽松，债券收益率开始逐步震荡下行。至6月末，伴随着对跨季资金面收紧的担忧，债券收益率未能进一步下行，10年国债收益率在3.06-3.12%之间震荡。与此走势相似，货币市场收益率也是前高后低。1年期国股存单的收益率在2月份达到了高点，接近3.12%。此后收益率快速下行，至6月末基本维持在2.9%附近。组合在1季度维持了较高的久期和杠杆。进入2季度，随着债券收益率的持续下行，组合逐步缩短久期。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:12.151Z","mo":"展望下半年，我们预计债券收益率将会维持底部震荡的格局。经济增长在下半年将会面临一定压力，在财政预算约束及房地产调控政策下，整体的社融扩张也会受到影响。通胀总体维持高位震荡，边际向下。因此，债券市场总体环境良好。但在当前收益率水平下，需要关注地方政府债券及专项债发行的提速，可能带来债券收益率的波动。","fund":{"_id":3000000008406,"__csrcFundId":6927,"stockCode":"008406","shortName":"兴银汇裕定开债(008406)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8406,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:14:09.338Z","status":"normal","inceptionDate":"2019-12-11T16:00:00.000Z","name":"兴银汇裕一年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":"兴银汇裕定开债","setUpDate":"2019-12-11T16:00:00.000Z","pinyin":"xyhyyndqkfzqxfqszqtzjj","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":"兴银汇裕一年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=636035","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecba07fea5b3eb04b9177","stockId":3000000008406,"sao":"2021年1季度，债券市场收益率呈现了先上后下的走势。10年国开债收益率在2月份突破了3.6%上行至最高3.77%，至3月末又回到了年初水平，在3.6%附近震荡。与此走势相近，3年期AAA企业债的中债估值也在2月份从年初的3.5%附近上行至最高3.73%，而后又逐步回落至3.55%左右。考虑收益率走势背后的原因，我们认为主要是春节后大宗商品价格的大幅上行导致了市场对通胀上行和央行收紧货币政策的担忧。随后，随着一季度经济数据的低于预期，以及流动性的平稳，通胀担忧有所缓和，收益率开始下行。与债券市场收益率走势略有不同，货币市场的存单价格在1月底由于资金的收紧达到高点后，开始逐步下行，短端资产的收益率下行更为明显。3个月存单的收益率从最高接近3.1%下降至2.6%附近，1年期存单的收益率则相对稳定，维持在3.0-3.1%的区间。结合上述的市场走势，基于年初对通胀及经济数据较为准确的判断，组合保持了较高的久期和一定的杠杆，为组合在一季度获取较好的收益奠定了基础。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:12.148Z","fund":{"_id":3000000008406,"__csrcFundId":6927,"stockCode":"008406","shortName":"兴银汇裕定开债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推进也会制约资金市场的流动性。资金和存单价格将逐步向正常化的水平回归，债券收益率在前期调整后大概率维持高位震荡。","fund":{"_id":3000000008406,"__csrcFundId":6927,"stockCode":"008406","shortName":"兴银汇裕定开债(008406)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8406,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:14:09.338Z","status":"normal","inceptionDate":"2019-12-11T16:00:00.000Z","name":"兴银汇裕一年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":"兴银汇裕定开债","setUpDate":"2019-12-11T16:00:00.000Z","pinyin":"xyhyyndqkfzqxfqszqtzjj","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":"兴银汇裕一年定期开放债券型发起式证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=464205","linkType":"PDF","source":"csrc_pdf"}}]}