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市场方面，上半年国内债券收益率呈现先上后下小幅回落的走势。截止6月30日，1Y国债下行5BP至2.43%，10Y国债下行7BP至3.08%。利率走势可以大致分为两阶段：第一阶段，1-2月份“资金收紧+通胀预期”驱动上行。1月下旬资金超预期收紧，叠加春节海外商品暴涨提前推升通胀预期，收益率曲线大幅平坦化上行，10Y国债从底部反弹18BP至3.28%。第二阶段：2月下旬央行重申“公开市场操作价格比数量更重要”稳定市场预期，3-6月份“资金走低+债券供给少”驱动收益率下探至新低，截止6月底，10Y国债高位回落20BP至3.08%。权益市场上半年整体同样呈现震荡格局，但内部分化明显。全A小幅上涨5.45%，沪深300指数仅上涨0.24%，创业板指大幅上涨17.22%。市场聚焦在高景气度、高盈利增速的新能源、半导体、上游资源品等赛道。可转债跟随权益市场波动，6月末转债市场整体估值处于历史中位水平。报告期内，本基金保持了相对中性的债券久期和仓位，权益仓位总体中性。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:30.036Z","mo":"展望下半年，出口预期小幅回落，地产、消费等同比增速窄幅波动，经济增长小幅向上或向下取决于财政支出增速能否回升，中性假设下预期继续平稳。通胀层面，下半年是个问题，PPI中枢高位难下，核心CPI持续回升，但难以驱动货币政策发生明显的变化，除非经济增速上行动能增强。因此，债券预期继续窄幅波动，以持有收益为主，信用风险仍是未来一年内需要谨慎的点。权益市场，则受益于社融同比增速下半年平台震荡、房住不炒后资产再配置的大格局，仍将震荡向好，但还是结构性行情突出。本基金将保持久期中性，并积极关注权益类资产的结构性交易机会。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":3000000008947,"__csrcFundId":7149,"stockCode":"008947","shortName":"华夏鼎源债券(008947)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8947,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:32:21.410Z","status":"normal","inceptionDate":"2020-05-19T16:00:00.000Z","name":"华夏鼎源债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏鼎源债券","setUpDate":"2020-05-19T16:00:00.000Z","setUpAssetScale":1372213411.52,"setUpShares":1372213411.52,"pinyin":"hxdyzqxzqtzjj","managers":[{"stockCode":"j101019992","stockType":"fund_manager","exchange":"fm","tickerId":232317240520,"name":"武文琦"}]},"announcement":{"linkText":"华夏鼎源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=631786","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc2a7fea5b3eb04c306b","stockId":3000000008947,"sao":"今年1季度，各国陆续推进新冠疫苗接种，全球日新增确诊病例见顶回落，尽管疫情影响尚未消退，但在大量的财政刺激政策和疫情好转等影响下，欧美经济数据均表现良好。国内经济环比有所弱化，外需持续强劲，内需主要是消费和投资数据则有所走弱。对于投资数据的走弱，需要细化分析：制造业投资大幅滑落缺乏高频和行业数据支撑，不排除数据扰动；基建持续回落，与财政支出节奏、降低政府杠杆率的目标等匹配，更多体现了政府稳增长期权在节奏上的摆布；房地产新开工以及投资双双下行，与地产销售数据存在偏差，预计不影响全年地产投资数据的平稳。通胀方面，1-2月CPI同比转负，主要是受春节错位以及节前国内疫情防控再次收紧的临时性影响。PPI同比快速上升至+1.7%，结构上，各行业呈普涨状态，考虑到后续基数较低，本轮PPI高点可能会达到5%以上，工业品通胀风险值得中期关注。市场方面，一季度债券收益率中枢有所抬升，呈现震荡走势。1月资金主导债市波动，上旬受去年永煤事件影响，资金延续宽松，曲线陡峭化下探；下旬随着公开市场回笼，资金波动率骤升，DR007最高偏离政策利率95BP，收益率曲线大幅平坦化上行。2月央行重申公开市场“价格比数量投放更重要”，稳定了资金预期，短端有所回落；但春节期间海外商品快速大幅走高，带动通胀预期提升，长端上行。3月市场受低融资成本、供给担忧缓解等因素影响，窄幅下行。可转债跟随权益市场波动，今年以来股票市场风格轮动迅速，年初抱团行情火热，创成长涨幅最高达+21%，之后在流动性收紧预期下，高估值股票出现大幅调整，截止目前各类宽基指数年初以来的累计收益均转为负值。转债同样风格转换剧烈，年初在信用风险事件的作用下低价偏债类个券大幅下跌，之后在权益市场转为下跌时，偏债类个券又出现明显反弹。目前转债市场整体估值处于历史中位略偏低水平。报告期内，本基金维持了基本的债券持仓，适当降低了权益仓位。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:30.034Z","fund":{"_id":3000000008947,"__csrcFundId":7149,"stockCode":"008947","shortName":"华夏鼎源债券(008947)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8947,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:32:21.410Z","status":"normal","inceptionDate":"2020-05-19T16:00:00.000Z","name":"华夏鼎源债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏鼎源债券","setUpDate":"2020-05-19T16:00:00.000Z","setUpAssetScale":1372213411.52,"setUpShares":1372213411.52,"pinyin":"hxdyzqxzqtzjj","managers":[{"stockCode":"j101019992","stockType":"fund_manager","exchange":"fm","tickerId":232317240520,"name":"武文琦"}]},"announcement":{"linkText":"147华夏鼎源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=570993","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc2a7fea5b3eb04c306a","stockId":3000000008947,"sao":"2020年在突如其来的新冠疫情下，原有的经济运行节奏被打乱，各类资产价格出现大幅波动。年初至4月，疫情持续发酵，全球经济陷入阶段性衰退，货币政策大幅宽松，利率大幅下行，债市呈现牛陡行情。之后国内率先走出疫情阴霾，复工复产顺利，各项经济数据持续改善，货币政策边际调整，债市转为熊平。最后年末永煤事件后，流动性宽松再次推动债市出现小幅牛陡。权益市场，2020年1月持续开门红行情，春节后首日受疫情冲击大幅下跌，之后在宽松的流动性和复苏的基本面作用下持续上涨。转债基本跟随正股走势，市场规模持续扩容至4000亿以上。报告期内，本基金保持了相对中性的债券久期、较高的权益仓位。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:30.031Z","mo":"展望2021年，随着疫苗接种不断推进，预计海外宏观经济将逐渐复苏，但海外央行货币政策未来1年内收紧的可能性较小。国内基本面最热的阶段已过，社融增速同比拐点已现，但经济韧性仍然较强，经济增速环比预计呈现先走弱再走强的节奏。通胀方面，核心CPI预计走高，整体CPI在猪价回落的压制下预计高点不会超过3%。随着商品价格回升，PPI预计也将由负转正。叠加房价趋于上行，2021年广义通胀压力加大，因此货币政策预计较2020年边际收紧一些，但节奏上上半年更倾向于观察期，可能有适当的警告，但不会直接转向，下半年需要关注通胀抬头、产出缺口中枢转正情境下央行收紧的可能性。策略方面，上半年债券利率预计呈现窄幅震荡走势，操作将以持有收益为主要方向，期限结构看短端围绕利率走廊波动，长端上半年压力较小；下半年谨慎关注广义通胀压力，相对不确定性较大。信用债方面，最近3年的违约规模都在1000亿元以上，且呈现环比扩大的局面。随着永煤事件对国企信仰的冲击，后期的信用风险将是未来几年的核心焦点。随着社融增速的下行，弱资质主体将会是“信用分层、期限分层、类属分层”，策略上必须规避，因为当前的弱资质主体并没有被充分定价。而随着违约主体的增加和扩散，违约债权的处理方式后续如何演变影响深远，也许未来会出现更多的展期，不明朗的信用环境需要我们提高对信用的门槛，除非本身就是定位高风险的高收益债券产品。股票和转债方面，经过两年的牛市，在宏观基本面稳定、流动性边际收紧的大背景下，2021年预计是业绩消化估值的一年，股市波动相对较大，更具有结构性行情特征。转债预计跟随正股呈现震荡走势，需注重结构和择券。本基金将在坚守信用底线的基础上维持基本的债券持仓，适当参与权益类资产的波段操作，力争达到控制波动率基础上的收益目标。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":3000000008947,"__csrcFundId":7149,"stockCode":"008947","shortName":"华夏鼎源债券(00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