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。本报告期内，本基金主要配置到期日接近下一开放期前的的政策性金融债及高等级商业银行金融债，杠杆提升明显。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:35.382Z","fund":{"_id":3000000004567,"__csrcFundId":7086,"stockCode":"004567","shortName":"新华安享惠泽39个月定期开放债券(004567)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4567,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:14:58.480Z","status":"normal","inceptionDate":"2020-03-11T16:00:00.000Z","name":"新华安享惠泽39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华安享惠泽39个月定期开放债券","setUpDate":"2020-03-11T16:00:00.000Z","setUpAssetScale":2700047593.4,"setUpShares":2700047593.4,"pinyin":"xhaxhz39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华安享惠泽39个月定期开放债券型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=994256","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7f77fea5b3eb0474f3c","date":"2023-06-29T16:00:00.000Z","stockId":3000000004567,"sao":"回顾2023年上半年，在基本面复苏斜率逐渐放缓并得到数据验证背景下，债市整体走强。一季度经济复苏预期较强，信贷投放持续好转，PMI数据处于扩张区间，各分项都有不同程度改善。两会设定了5%左右的经济增长目标，并且将“高质量发展”作为首要任务。在经历一季度的较快恢复后，二季度国内经济复苏动能有所减弱。需求层面，地产投资继续承压，民间投资有待提振，基建板块托而不举；消费上超额储蓄的转化还需要居民信心的配合；外贸来看，全球经济放缓背景下外需表现出一定回落压力。由于宏观经济预期由强走弱，债券收益率总体呈现先上后下走势。10年期国债由2.81%上行2.93%后，在经济数据偏弱、“资产荒”延续、降息带来流动性宽松等多重因素作用下，收益率震荡下行至2.65%。1年期AAA同业存单利率从年初2.40%上升至3月2.75%高点后，一路下行至2.31%。本报告期内，随着开放期临近，本基金资产陆续到期，基金新增配置均为到期日接近下一开放日的资产，杠杆逐步下降。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:35.379Z","mo":"展望后市，预计资金利率围绕政策利率在小范围内波动，货币政策继续保持稳健中性。年中出台的一系列调控政策一定程度扭转了大家对经济基本面的悲观预期，政策端仍然是市场关注焦点，可能有一揽子政策助力稳增长目标的实现，但政策细则的制定和落地的效果效率等仍需要观察，坚持高质量发展的长期主义方向不变，利率总体窄幅震荡格局难改。债市交易空间受限，票息策略更为稳妥但需要警惕整体经济增长中枢下行过程中的信用风险。本基金在投资策略上将继续遵循稳健投资理念，主要配置到期日在下一个开放期前的利率债及高等级商业银行金融债，以持有至到期获取稳定票息收入为主，继续使用杠杆策略同时严格控制融资成本，以增强组合收益，为持有人获取更好的投资回报。","fund":{"_id":3000000004567,"__csrcFundId":7086,"stockCode":"004567","shortName":"新华安享惠泽39个月定期开放债券(004567)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4567,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:14:58.480Z","status":"normal","inceptionDate":"2020-03-11T16:00:00.000Z","name":"新华安享惠泽39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华安享惠泽39个月定期开放债券","setUpDate":"2020-03-11T16:00:00.000Z","setUpAssetScale":2700047593.4,"setUpShares":2700047593.4,"pinyin":"xhaxhz39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华安享惠泽39个月定期开放债券型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=962617","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7f77fea5b3eb0474f3b","date":"2023-03-30T16:00:00.000Z","stockId":3000000004567,"sao":"一季度，经济阶段性复苏明显，信贷投放继续好转，2至3月份PMI数据较为亮眼，处于扩张区间，各分项都有不同程度改善。两会设定了5%左右的经济增长目标，并且将“高质量发展”作为首要任务。海外市场上，美国加息对银行的负面影响开始显现，部分银行关闭引发行业动荡，避险情绪重启。市场方面，资金市场整体维持合理充裕，但由于信贷持续多增，银行间流动性有所承压，2至3月 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年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=712977","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7f77fea5b3eb0474f35","date":"2021-09-29T16:00:00.000Z","stockId":3000000004567,"sao":"三季度，出口高于预期，但工业生产转弱，制造业PMI跌入收缩区间，总体来看宏观经济动能进一步趋缓。货币政策保持稳健中性，注重调结构和支持中小微企业，整体维持稳定连续，资金利率保持中性水平，通胀压力仍存，此前市场的宽松预期有所下降。三季度利率债整体下行但呈现先下后上的趋势，7月央行降准带动收益率下降，在8月初触及阶段性低点，而通胀压力对资金进一步宽松形成掣肘，8月至季末利率保持震荡小幅上行。具体而言，三季度末1年期国开债收益率较二季度末下行12BP至2.40%，10年期国开债收益率较二季度末下行29BP至3.20%。信用债方面，三季度净融资有所修复，整体收益率走势和利率债相近，在配置需求的推动下绝对收益和利差均处于低位，但发行人分化仍然严重，市场持续关注房地产行业负面舆情。本报告期内，本基金严控融资成本，继续持有到期日贴近下一开放日的政策金融债和商业银行金融债。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:35.361Z","fund":{"_id":3000000004567,"__csrcFundId":7086,"stockCode":"004567","shortName":"新华安享惠泽39个月定期开放债券(004567)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4567,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:14:58.480Z","status":"normal","inceptionDate":"2020-03-11T16:00:00.000Z","name":"新华安享惠泽39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华安享惠泽39个月定期开放债券","setUpDate":"2020-03-11T16:00:00.000Z","setUpAssetScale":2700047593.4,"setUpShares":2700047593.4,"pinyin":"xhaxhz39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华安享惠泽39个月定期开放债券型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=654571","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7f77fea5b3eb0474f34","date":"2021-06-29T16:00:00.000Z","stockId":3000000004567,"sao":"上半年，宏观经济延续复苏态势但动能在二季度有所趋缓，PMI保持在扩张区间，工业生产维持高位，制造业景气持续改善，出口高于预期。货币政策强调保持货币供应量与名义经济增速相匹配，在保持经济平稳增长和防控风险中取得平衡，整体维持稳定连续，资金较为宽松。利率债一季度呈现窄幅震荡，对各项基本面数据的反应相对钝化，受美债收益率的影响有所波动；二季度利率债在经济复苏动能趋弱、资金宽松、地方债发行滞后等因素影响下呈现小幅下行。整体来看，上半年1年期国开债收益率较年初下行7BP至2.51%，10年期国开债收益率较一季度末下行9BP至3.49%。信用债方面，年初以来受信用风险事件、发行政策收紧、到期量大等影响，信用债净融资大幅转负，瑕疵企业融资情况未改善；另一方面，在资金宽松和配置需求的背景下，信用债收益率整体呈现震荡下行，但内部分化严重，市场仍然保持谨慎应对。本报告期内，本基金严控融资成本，继续持有到期日贴近下一开放日的政策金融债和商业银行金融债。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:35.358Z","mo":"展望2021年下半年，经济将延续弱复苏态势，货币政策在稳定经济和防风险的背景下保持稳健中性的概率较大。全球经济修复、通胀、美联储政策转向预期以及资金面和供给因素的扰动对债券市场仍构成压力，中期经济增速下行对配置盘形成支撑，叠加机构方面普遍的偏短久期和偏低杠杆行为，收益率上行空间有限，长债或继续维持震荡格局。操作方面，窄幅波动区间内，久期策略交易机会不易把握，杠杆策略需警惕资金面的波动，票息策略更为稳妥但需要警惕打破刚兑进程中的信用风险。本基金将继续持有利率债和高等级商业银行金融债，保持较高杠杆同时严控融资成本，为持有人获取更好的投资回报。","fund":{"_id":3000000004567,"__csrcFundId":7086,"stockCode":"004567","shortName":"新华安享惠泽39个月定期开放债券(004567)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4567,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:14:58.480Z","status":"normal","inceptionDate":"2020-03-11T16:00:00.000Z","name":"新华安享惠泽39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华安享惠泽39个月定期开放债券","setUpDate":"2020-03-11T16:00:00.000Z","setUpAssetScale":2700047593.4,"setUpShares":2700047593.4,"pinyin":"xhaxhz39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华安享惠泽39个月定期开放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=629979","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7f77fea5b3eb0474f33","stockId":3000000004567,"sao":"一季度宏观经济依然呈现复苏态势，PMI延续走高，工业生产维持高位，制造业景气持续改善，出口高于预期。货币政策强调在支持经济增长和防控风险中的平衡，整体维持稳定连续，资金较为宽松。利率债一季度呈现窄幅震荡，2月受美债收益率上升影响，国内利率债收益率有所走高，随后逐步小幅下行。整体而言，长债对各项基本面数据的反应相对钝化，呈窄幅波动状态，1 年期国开债收益率较年初上行17BP至2.76%，10年期国开债收益率则回到年初的3.57%。信用债收益率变化不大，受前期信用风险事件的影响，瑕疵企业融资情况未明显改善，市场仍然保持谨慎应对。本报告期内，本基金严控融资成本，继续持有到期日贴近下一开放日的政策金融债和商业银行金融债。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:35.356Z","fund":{"_id":3000000004567,"__csrcFundId":7086,"stockCode":"004567","shortName":"新华安享惠泽39个月定期开放债券(004567)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4567,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:14:58.480Z","status":"normal","inceptionDate":"2020-03-11T16:00:00.000Z","name":"新华安享惠泽39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华安享惠泽39个月定期开放债券","setUpDate":"2020-03-11T16:00:00.000Z","setUpAssetScale":2700047593.4,"setUpShares":2700047593.4,"pinyin":"xhaxhz39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华安享惠泽39个月定期开放债券型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=572241","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7f77fea5b3eb0474f32","stockId":3000000004567,"sao":"回顾2020年，疫情是影响全球经济的主线，国外主要发达经济体经济衰退，各国央行维持宽松的货币政策，中国作为唯一实现经济正增长的主要经济体，货币政策也率先回归中性。具体而言，国内GDP增速在一季度跌入负值， PMI创下有记录以来的新低，工业增加值大幅下滑，投资和消费均转弱，货币政策和财政政策表现积极以应对经济下行风险，市场流动性维持充裕，利率债收益率趋势性下行。二季度以来随着国内复工复产逐步推进，各项经济数据逐渐好转，同时财政政策发力，债券供给上升，流动性边际趋紧，资金价格中枢开始抬升，利率债收益率从4月末的近十年低点开始回调。三季度PMI连续回升，社融高增，经济数据持续改善，流动性保持紧平衡，利率债收益率大幅上行。四季度国内经济依然呈现复苏态势，PMI延续走高，制造业景气改善，货币政策整体维持稳定性和连续性，资金利率中枢基本达到年内高位且波动有所加大，利率债收益率整体保持震荡，在达到年内高点后随着年末资金趋于宽松出现小幅下降。全年来看，年末1年期和10年期国开债较年初分别上行13BP和6BP，基本回到了年初的位置。信用债方面，整体收益率走势与利率债相近，信用利差年初被动走扩，随后逐步收窄，11月的信用事件冲击影响市场情绪使得信用利差出现趋势性上行，但高等级债券信用利差仍处于历史较低水平。本报告期内，本基金严控融资成本，继续持有到期日贴近下一开放日的政策金融债和商业银行金融债。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:35.353Z","mo":"展望2021年，经济复苏态势较为明确，预计疫苗接种、经济修复对债券市场的压力会有所显现，市场对通胀的担忧有所上升但预计整体可控。宏观调控上将会灵活有度，一方面强调保留未来政策操作空间，另一方面在追求实施正常政策的过程中刺激政策的退出会维持温和。货币政策维持中性概率较大，更注重结构性导向，总量适度背景下资金价格中枢稳定但是部分时点波动会加大，财政政策也会保持相当的支持力度。综合来看，债券市场目前缺乏明确的方向，可能会在经济修复预期和政策调整变化中演绎震荡行情，久期策略可把握交易机会，票息策略更为稳妥但需要警惕打破刚兑进程中的信用风险。本基金将继续持有利率债和高等级商业银行金融债，保持较高杠杆同时严控融资成本，为持有人获取更好的投资回报。","fund":{"_id":3000000004567,"__csrcFundId":7086,"stockCode":"004567","shortName":"新华安享惠泽39个月定期开放债券(004567)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4567,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:14:58.480Z","status":"normal","inceptionDate":"2020-03-11T16:00:00.000Z","name":"新华安享惠泽39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华安享惠泽39个月定期开放债券","setUpDate":"2020-03-11T16:00:00.000Z","setUpAssetScale":2700047593.4,"setUpShares":2700047593.4,"pinyin":"xhaxhz39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华安享惠泽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=556983","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7f77fea5b3eb0474f31","stockId":3000000004567,"sao":"回顾三季度，PMI连续回升，社融高增，基本面数据整体延续改善趋势。CPI逐步回落，PPI跌幅持续收窄。稳健的货币政策取向不变，但边际上有所收紧，资金价格中枢有所抬升。整体来看，国内债券市场三季度长短端利率均出现大幅上行，1年期、10年期国债收益率分别上行47BP、33BP，1年期、10年期国开债收益率分别上行65BP、62BP，其中10年国开债收益率回调至历史40%分位数左右。国开债和国债利差扩大，利差从低位反弹至中位数以上。  本报告期内，基金在相对合适的时点完成了主要的建仓工作并充分利用杠杆，整体杠杆水平维持在133%附近，主要投资品种以到期日贴近下一开放日的政策金融债及商业银行金融债为主。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:35.350Z","fund":{"_id":3000000004567,"__csrcFundId":7086,"stockCode":"004567","shortName":"新华安享惠泽39个月定期开放债券(004567)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4567,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:14:58.480Z","status":"normal","inceptionDate":"2020-03-11T16:00:00.000Z","name":"新华安享惠泽39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华安享惠泽39个月定期开放债券","setUpDate":"2020-03-11T16:00:00.000Z","setUpAssetScale":2700047593.4,"setUpShares":2700047593.4,"pinyin":"xhaxhz39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华安享惠泽39个月定期开放债券型证券投资基金2020年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=489358","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7f77fea5b3eb0474f30","stockId":3000000004567,"sao":"疫情是影响2020年上半年债券市场的核心主线：今年前四个月，突发的新冠疫情使得宏观经济几近停滞，其强度和持续性都超出市场预期，供需方面对经济形成重挫。为对冲疫情对经济的负面影响，全球央行推动流动性宽松政策，国内债券收益率下探至近十年地位，1年期和10年期国开债分别较年初下行 134bp和80bp至1.19%和2.79%。五月开始，尽管疫情并未完全控制，但是随着主要国家复工复产持续推进，国内宏观经济渐进修复，货币政策相应地由应对疫情的危机模式向常态化模式转变。在财政政策发力、各项经济数据逐步好转、流动性宽松边际放缓、债券供给冲击到来等因素共同作用下，资金面有所收紧，债市持续大幅调整，1年期和10年期国开债从4月底低点分别回调了99bp、30bp至2.19%和3.10%。本报告期内，本基金秉持稳健投资原则谨慎操作，在疫情冲击导致收益率快速下行阶段，资产配置以逆回购、存款为主，待收益率调整至具备配置价值区间后，完成了建仓工作并适度使用杠杆，主要投资品种以到期日贴近下一开放日的政策金融债及商业银行金融债为主。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-16T16:00:00.000Z","lastUpdated":"2026-03-09T13:15:35.348Z","mo":"展望2020年下半年，国内疫情防控向常态化转型背景下，基本面逐渐改善是大概率事件，政策重心由宽货币向宽信用的转变过程中，流动性合理充裕格局有望保持，但是资金面最宽松阶段已过。市场预期会发生相应调整，债市收益率也会经历从低点修复的过程。虽然短期内经济再失速的风险较低，但是中期来看，经济在向上恢复之后的增长中枢可能有所下降，这取决于疫情对相关行业增速的影响。基本面修复和货币政策进入观察期，债市可能会处于震荡调整阶段，基本面逐步好转、货币政策回归常态、供给压力等对债券走势不利，但中美利差及中长期经济增长动能不足问题仍然是债市支撑。本基金在投资策略上将继续遵循稳健投资理念，主要配置利率及高等级商业银行金融债，以持有至到期获取稳定票息收入为主，继续使用杠杆策略同时严格控制融资成本，以增强组合收益，为持有人获取更好的投资回报。","fund":{"_id":3000000004567,"__csrcFundId":7086,"stockCode":"004567","shortName":"新华安享惠泽39个月定期开放债券(004567)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4567,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:14:58.480Z","status":"normal","inceptionDate":"2020-03-11T16:00:00.000Z","name":"新华安享惠泽39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华安享惠泽39个月定期开放债券","setUpDate":"2020-03-11T16:00:00.000Z","setUpAssetScale":2700047593.4,"setUpShares":2700047593.4,"pinyin":"xhaxhz39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华安享惠泽39个月定期开放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=451773","linkType":"PDF","source":"csrc_pdf"}}]}