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组合在报告期内，根据市场情况，通过优化持仓结构，动态调整杠杆久期，实现净值较好上涨。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:11.559Z","fund":{"_id":3000000009091,"__csrcFundId":7265,"stockCode":"009091","shortName":"兴银汇悦定开债(009091)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9091,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:37:02.721Z","status":"normal","inceptionDate":"2020-03-09T16:00:00.000Z","name":"兴银汇悦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":"兴银汇悦定开债","setUpDate":"2020-03-09T16:00:00.000Z","setUpAssetScale":509998000,"setUpShares":509998000,"pinyin":"xyhyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20923319","stockType":"fund_manager","exchange":"fm","tickerId":82618240910,"name":"黄昭人"},{"stockCode":"db20724056","stockType":"fund_manager","exchange":"fm","tickerId":200706197830,"name":"陶国峰"}]},"announcement":{"linkText":"兴银汇悦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=811165","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc537fea5b3eb04c5dd3","date":"2022-06-29T16:00:00.000Z","stockId":3000000009091,"sao":"回顾上半年，债市呈现宽幅震荡，市场在经济下行压力较大、地产政策放松带来的宽信用预期、资金市场持续宽松的矛盾之间不断博弈。一季度经济下行压力较大，央行降息应对，利好债市，市场收益率快速下行。但春节后社融超预期回暖，地产政策边际放松，带来市场宽信用预期升温，债市震荡上行。直到3月份社融超预期回落，高频数据指向经济复苏动能不足，叠加核心城市疫情扰动，经济下行压力重现。5月份社融腰斩，稳增长会议更明确当前经济压力，带动债市持续走强。直至5月末上海解封，宏观政策对复工复产支持较大，经济复苏预期升温，债市迎来快速回调。6月份核心经济数据边际改善，经济复苏预期进一步升温，但随着资金面持续宽松，债市仍然维持震荡格局。组合在报告期内，根据市场情况，通过优化持仓结构，动态调整杠杆久期，实现净值上涨。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:11.556Z","mo":"展望后市，央行近期虽然缩量OMO，但目前宏观环境下央行无意打破当前相对宽松的资金面格局，在经济增速和核心宏观经济指标真正企稳前，政策退出的概率仍较小。另外近期持续发酵的房地产问题虽然在中央相关部门和银行机构的关注下，以及地方政府的积极作为下有所收敛，但相关支持力度或存在不足，短期问题可能缓解但中期来看仍有较大不确定性，时断时续的疫情影响对国内经济复苏也在产生叠加扰动，7月政治局会议对于后续稳增长政策较为克制，短期经济增速不作为核心关注点。外围市场方面，美联储不断加息，为控制通胀从而引致出的衰退阴影挥之不去，且已经成为西方主要发达经济体所面临的共性问题。这种衰退阴影也会对我国出口带来潜在的负面影响。综上，目前经济复苏阻力重重，宽货币仍有望在一段时间内持续，因此操作上可以在目前基础上保持相对积极，根据市场波动，适时调整组合久期和杠杆水平。","fund":{"_id":3000000009091,"__csrcFundId":7265,"stockCode":"009091","shortName":"兴银汇悦定开债(009091)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9091,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:37:02.721Z","status":"normal","inceptionDate":"2020-03-09T16:00:00.000Z","name":"兴银汇悦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":"兴银汇悦定开债","setUpDate":"2020-03-09T16:00:00.000Z","setUpAssetScale":509998000,"setUpShares":509998000,"pinyin":"xyhyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20923319","stockType":"fund_manager","exchange":"fm","tickerId":82618240910,"name":"黄昭人"},{"stockCode":"db20724056","stockType":"fund_manager","exchange":"fm","tickerId":200706197830,"name":"陶国峰"}]},"announcement":{"linkText":"兴银汇悦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=784126","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc537fea5b3eb04c5dd2","date":"2022-03-30T16:00:00.000Z","stockId":3000000009091,"sao":"一季度，债市收益率呈现区间震荡，市场对经济下行压力和宽信用政策的关注点不断切换。长端利率债与短端信用债全季度震荡下行，长端信用债震荡上行，利差走阔。从基本面来看，一月份经济压力较大，央行通过降息释放流动性，市场收益率快速下行。春节后，社融数据超预期回暖，多地地产政策开始呈现边际放松，带动市场对于宽信用预期升温，债市收益率震荡上行。直到3月中旬，社融数据超预期回落，地产基建等高频数据疲弱，叠加全国疫情扰动，再次引发市场对于经济压力的担忧。债市收益率震荡下行。 报告期期内，组合根据市场变化，在季度初少量增配CRMW资产，并着重利用利率债波段操作增厚组合收益，进入3月份后则根据3月中旬组合开放期的资金安排需要，进行了资产变现和组合流动性管理。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:11.554Z","fund":{"_id":3000000009091,"__csrcFundId":7265,"stockCode":"009091","shortName":"兴银汇悦定开债(009091)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9091,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:37:02.721Z","status":"normal","inceptionDate":"2020-03-09T16:00:00.000Z","name":"兴银汇悦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":"兴银汇悦定开债","setUpDate":"2020-03-09T16:00:00.000Z","setUpAssetScale":509998000,"setUpShares":509998000,"pinyin":"xyhyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20923319","stockType":"fund_manager","exchange":"fm","tickerId":82618240910,"name":"黄昭人"},{"stockCode":"db20724056","stockType":"fund_manager","exchange":"fm","tickerId":200706197830,"name":"陶国峰"}]},"announcement":{"linkText":"兴银汇悦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=730017","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc537fea5b3eb04c5dd1","date":"2021-12-30T16:00:00.000Z","stockId":3000000009091,"sao":"回顾全年，债券收益率呈现震荡下行。一季度受“就地过年”政策和出口偏强的拉动，生产端工业增加值表现亮眼，社融数据超预期强劲。央行阶段性收紧公开市场流动性，导致债市收益率回调。春节后，随着风险资产下跌，货币政策态度缓和，引导现券收益率震荡下行。二季度各类经济数据整体表现稳定，地产和出口韧性较强，但增速均已出现边际下行迹象。政策呈现“稳货币+紧信用”的格局，债市收益率持续震荡下行。三、四季度宏观数据开始出现整体下滑，仅出口表现较亮眼，除此之外地产和基建受政策趋紧影响，景气度持续回落，消费市场亦维持低迷，信贷需求偏弱也导致社融增速逐步走低。在稳增长压力加大的背景下，央行出台“宽货币”的组合拳，7月份及12月份两次降准，并于12月份降低1年期LPR利率。在此货币宽松大环境下，债券市场收益率持续震荡下行，10年国债全年下行37bp。组合根据市场变化，动态调整久期及杠杆，并积极配置高性价比CRMW资产，增厚组合收益，实现净值稳步上涨。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:11.551Z","mo":"展望一季度，经济基本面下行压力较大，各项经济数据均较为疲弱，消费复苏缓慢。一月份社融开门红，而信贷结构较差，后续地产市场政策约束仍在，但需关注政策边际放松和因城施策对宽信用的影响。基建对托底经济的作用有待进一步观察，经济下行压力仍在。货币政策预计将维持合理充裕，不排除进一步宽松的可能性。但需关注宽信用进程及海外市场货币收紧带来的约束。一季度债市预计宽幅波动概率较大，信用利差在震荡中小幅压缩。 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的市场风险偏好下降，经济增长的不确定性增加，疫情的影响短期仍然制约经济快速反弹，上述因素使得市场收益率难以大幅上行。后续对市场仍然维持震荡偏谨慎，组合将维持中性杠杆中性久期策略，并根据市场波动灵活调整，并继续增配信用风险缓释工具，提高组合收益。","fund":{"_id":3000000009091,"__csrcFundId":7265,"stockCode":"009091","shortName":"兴银汇悦定开债(009091)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9091,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:37:02.721Z","status":"normal","inceptionDate":"2020-03-09T16:00:00.000Z","name":"兴银汇悦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":"兴银汇悦定开债","setUpDate":"2020-03-09T16:00:00.000Z","setUpAssetScale":509998000,"setUpShares":509998000,"pinyin":"xyhyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20923319","stockType":"fund_manager","exchange":"fm","tickerId":82618240910,"name":"黄昭人"},{"stockCode":"db20724056","stockType":"fund_manager","exchange":"fm","tickerId":200706197830,"name":"陶国峰"}]},"announcement":{"linkText":"兴银汇悦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=464224","linkType":"PDF","source":"csrc_pdf"}}]}