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调整时间，但最终在2月下旬开始了较为猛烈的调整，整体调整幅度处于过去5年较高水平。组合操作层面，维持高杠杆。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:27.892Z","fund":{"_id":3000000008478,"__csrcFundId":7610,"stockCode":"008478","shortName":"天弘鑫意39个月定开债(008478)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8478,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:15:54.177Z","status":"normal","inceptionDate":"2020-07-01T16:00:00.000Z","name":"天弘鑫意39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘鑫意39个月定开债","setUpDate":"2020-07-01T16:00:00.000Z","setUpAssetScale":7999473541.47,"setUpShares":7999473541.47,"pinyin":"thxy39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20528641","stockType":"fund_manager","exchange":"fm","tickerId":32320172080,"name":"柴文婷"}]},"announcement":{"linkText":"天弘鑫意39个月定期开放债券型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269939","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbaf7fea5b3eb04ba320","date":"2024-12-30T16:00:00.000Z","stockId":3000000008478,"sao":"2024年，债券市场的主线在于引导实体融资成本下降，央行2次降准2次降低公开市场利率，打击“手工补息”，规范同业存款报价，都实实在在降低了实体的融资成本，也带来了债券市场的大行情。产品操作上，维持了高杠杆，组合取得了与产品风险等级相匹配的收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:27.889Z","mo":"展望2025年，宏观经济整体偏弱，实体融资需求不强，不足以对债券市场形成明显利空；货币政策较难收紧，但需要关注汇率压力。综合上述情况，我们认为今年债市或将处于低位高波的状态，操作难度明显增加，融资策略需要更加细致。","fund":{"_id":3000000008478,"__csrcFundId":7610,"stockCode":"008478","shortName":"天弘鑫意39个月定开债(008478)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8478,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:15:54.177Z","status":"normal","inceptionDate":"2020-07-01T16:00:00.000Z","name":"天弘鑫意39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘鑫意39个月定开债","setUpDate":"2020-07-01T16:00:00.000Z","setUpAssetScale":7999473541.47,"setUpShares":7999473541.47,"pinyin":"thxy39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20528641","stockType":"fund_manager","exchange":"fm","tickerId":32320172080,"name":"柴文婷"}]},"announcement":{"linkText":"天弘鑫意39个月定期开放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=1252194","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbaf7fea5b3eb04ba31f","date":"2024-09-29T16:00:00.000Z","stockId":3000000008478,"sao":"本年三季度债券市场跌宕起伏，整体收跌。具体来看，7月在货币政策预期宽松，经济筑底的逻辑下，债券收益率震荡下行，8月初则由于央行以实际行动开展卖债带来了较为明显的市场调整，大致持续两周后市场逐渐消化这一新推出的货币政策工具，随后利率债率先企稳，信用债调整时间及幅度高于利率债。9月初至最后一个工作周前，基于经济恢复仍需时间，货币政策宽松预期不减，高质量发展定力较强，债券收益率继续延续下行，利率债持续修复，十年国债触及年内最低点，信用利差则逐步修复，但在最后一周由于政策表态转向以及权益市场超预期大幅上涨的背景下，债券市场迎来大幅调整，利率债基本回吐7月中旬以来涨幅，信用利差则快速走阔。展望四季度，债券市场走向重点落在宏观政策力度以及权益市场上涨的持续性，警惕严重的赎回负反馈，提高组合流动性，右侧交易优于左侧。组合层面，三季度整体根据产品定位制定相适宜的投资策略，获取与产品风险等级相匹配的收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:27.887Z","fund":{"_id":3000000008478,"__csrcFundId":7610,"stockCode":"008478","shortName":"天弘鑫意39个月定开债(008478)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8478,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:15:54.177Z","status":"normal","inceptionDate":"2020-07-01T16:00:00.000Z","name":"天弘鑫意39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘鑫意39个月定开债","setUpDate":"2020-07-01T16:00:00.000Z","setUpAssetScale":7999473541.47,"setUpShares":7999473541.47,"pinyin":"thxy39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20528641","stockType":"fund_manager","exchange":"fm","tickerId":32320172080,"name":"柴文婷"}]},"announcement":{"linkText":"天弘鑫意39个月定期开放债券型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1172990","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbaf7fea5b3eb04ba31e","date":"2024-06-29T16:00:00.000Z","stockId":3000000008478,"sao":"一季度市场风险偏好下降带动权益走弱债市走强。二季度在停止手工补息的影响下，票息资产被追捧，信用债收益率大幅下行，央行关注国债收益率后，利率债下行程度不如信用债。操作上以配置为主。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:27.884Z","mo":"展望下半年的债券市场，随着政策发力，经济会进一步回升向好，同时监管趋严，央行关注收益率曲线的形态，关注债券市场期限错配的风险，操作上我们会更加谨慎稳健，我们将更加注重债券的票息价值。","fund":{"_id":3000000008478,"__csrcFundId":7610,"stockCode":"008478","shortName":"天弘鑫意39个月定开债(008478)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8478,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:15:54.177Z","status":"normal","inceptionDate":"2020-07-01T16:00:00.000Z","name":"天弘鑫意39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘鑫意39个月定开债","setUpDate":"2020-07-01T16:00:00.000Z","setUpAssetScale":7999473541.47,"setUpShares":7999473541.47,"pinyin":"thxy39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20528641","stockType":"fund_manager","exchange":"fm","tickerId":32320172080,"name":"柴文婷"}]},"announcement":{"linkText":"天弘鑫意39个月定期开放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4月以后，得益于国内外疫情错位，供需错位，我国出口开始强势复苏并持续至今，直接带动国内经济深V反弹。在坚持不大水漫灌的框架下，除疫情期间短时超预期宽松外，4月过后，伴随经济复苏，国内政策逐步向常态化回归。其中，紧货币先行，过程中仍维持定向宽信用。资本市场表现看，各大类资产跟随疫情及政策走势跌宕起伏，其中债券市场受疫情悲观预期影响，一季度收益率快速下行，4月过后，在货币政策急剧收紧的背景下，走出了史上最快熊市，年底，受信用风险事件影响，货币政策转向偏宽松，债市收益率小幅下行。全年来看，总体债券市场回报较为有限，久期、杠杆、信用下沉等策略在全年不同时间段轮番失效，总体呈现损失较大，收益较小的特征。组合操作层面，整体维持票息策略，为投资者创造了与风险相匹配的收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:27.836Z","mo":"展望2021年，受2020年基数影响，经济数据总体表现前高后低，央行的政策调控思路也出现较大变化，在流动性偏紧的框架下，资金利率较难长时间低于中枢水平。鉴于今年政策较去年相对收紧，叠加大量债券到期，信用风险仍不容忽视。组合总体依旧维持杠杆仓位，以力争赚取票息收益。","fund":{"_id":3000000008478,"__csrcFundId":7610,"stockCode":"008478","shortName":"天弘鑫意39个月定开债(008478)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8478,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:15:54.177Z","status":"normal","inceptionDate":"2020-07-01T16:00:00.000Z","name":"天弘鑫意39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘鑫意39个月定开债","setUpDate":"2020-07-01T16:00:00.000Z","setUpAssetScale":7999473541.47,"setUpShares":7999473541.47,"pinyin":"thxy39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20528641","stockType":"fund_manager","exchange":"fm","tickerId":32320172080,"name":"柴文婷"}]},"announcement":{"linkText":"天弘鑫意39个月定期开放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=558209","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbaf7fea5b3eb04ba30f","stockId":3000000008478,"sao":"3季度，国内经济继续呈现恢复式增长态势，其中，供给端修复较快，已经接近甚至超过疫情前水平，需求端相对缓慢，但在逐月好转通道中，总体呈现受逆周期调节的地产、基建等部分恢复较好，内生性的消费恢复相对缓慢的特征，合乎逻辑。货币政策从前期偏宽松状态向常态回归，总体表现为边际收紧，边际收紧从银行间市场向信用市场延展，债券市场一方面受资金中枢抬升影响，一方面受基本面预期好转影响，一方面受供需矛盾影响，总体延续弱势，收益率继续呈现单边上行态势，市场心态较为脆弱。组合操作层面，继续维持高杠杆策略，组合总体平稳运行。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:27.833Z","fund":{"_id":3000000008478,"__csrcFundId":7610,"stockCode":"008478","shortName":"天弘鑫意39个月定开债(008478)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8478,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:15:54.177Z","status":"normal","inceptionDate":"2020-07-01T16:00:00.000Z","name":"天弘鑫意39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘鑫意39个月定开债","setUpDate":"2020-07-01T16:00:00.000Z","setUpAssetScale":7999473541.47,"setUpShares":7999473541.47,"pinyin":"thxy39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20528641","stockType":"fund_manager","exchange":"fm","tickerId":32320172080,"name":"柴文婷"}]},"announcement":{"linkText":"天弘鑫意39个月定期开放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=492340","linkType":"PDF","source":"csrc_pdf"}}]}