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仍将保持合理宽裕，债市市场可能仍是震荡走势。但当前欧美CPI处于较高水平，加息正在进行中，美元强势人民币汇率承压，未来应谨防海外加息对国内货币政策的影响。华泰柏瑞鸿利中短债将保持较短久期的配置思路，始终保持组合的高流动性，适时调整久期。同时我们将继续坚守规避信用风险的理念，以“在保证安全性和流动性的前提下，争取获取较高收益”为该基金的运作目标。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:12.629Z","fund":{"_id":3000000009093,"__csrcFundId":7518,"stockCode":"009093","shortName":"华泰柏瑞鸿利中短债债券(009093)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9093,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:37:13.721Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"华泰柏瑞鸿利中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞鸿利中短债债券","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":191970279.82,"setUpShares":191970279.82,"pinyin":"htbrhlzdzzqxzqtzjj","managers":[{"stockCode":"db20162883","stockType":"fund_manager","exchange":"fm","tickerId":2617136060,"name":"郑青"}]},"announcement":{"linkText":"华泰柏瑞鸿利中短债债券型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=811334","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc547fea5b3eb04c5ee4","date":"2022-06-29T16:00:00.000Z","stockId":3000000009093,"sao":"2022年1-2月宏观经济在数据上呈现修复趋势，3月的新冠疫情打断了经济修复进程。二季度宏观经济在供给冲击、需求收缩、预期转弱三重压力之外，又进一步受到疫情带来的严重冲击，4月PMI创出2020年3月以来新低，5月以来随着上海疫情走向收尾、复产复工逐步开展，经济活动开始修复，在一系列稳增长政策的拉动下，6月PMI站上枯荣线以上。货币政策维持宽松，资金利率维持在低位，仅在季末受MPA考核因素影响出现明显收紧。上半年较长期限债券收益率区间震荡，而由于资金宽松，短端利率下行幅度较大。华泰柏瑞鸿利目前维持了合适的久期和杠杆水平，并坚持中高等级信用债配置。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:12.626Z","mo":"展望未来，经济复苏动能依旧偏弱，资金面整体或将维持宽松；中期来看，实体经济的逐步恢复有望使得资金淤积在银行间的状况有所转变，通胀和中美利差使得货币政策的空间受到制约，资金利率可能缓慢向政策利率回归，考虑到短端资产收益率处于低位且已经对低利率的资金有充分定价，货币市场利率有上行风险，从而可能带动长端收益率跟随调整。华泰柏瑞鸿利始终保持组合的高流动性，等待配置机会的出现，将持续关注中短久期、有信用利差的主体。同时我们将继续坚守规避信用风险的理念，以“在保证安全性和流动性的前提下，争取获取较高收益”为该基金的运作目标。","fund":{"_id":3000000009093,"__csrcFundId":7518,"stockCode":"009093","shortName":"华泰柏瑞鸿利中短债债券(009093)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9093,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:37:13.721Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"华泰柏瑞鸿利中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞鸿利中短债债券","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":191970279.82,"setUpShares":191970279.82,"pinyin":"htbrhlzdzzqxzqtzjj","managers":[{"stockCode":"db20162883","stockType":"fund_manager","exchange":"fm","tickerId":2617136060,"name":"郑青"}]},"announcement":{"linkText":"华泰柏瑞鸿利中短债债券型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=783417","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc547fea5b3eb04c5ee3","date":"2022-03-30T16:00:00.000Z","stockId":3000000009093,"sao":"2022年1-2月宏观经济在数据上呈现修复趋势，全国规模以上工业企业利润同比增速回升，投资数据在基建与制造业拉动下大增，社会消费品零售总额也回到与 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债发行进度整体较往年偏慢，上半年资金面整体平衡偏松，回购利率整体维持低位，仅在1月末和6月末几天出现资金紧张的情况。华泰柏瑞鸿利中短债始终控制组合的久期，同时注重波段震荡区间的交易型机会，把握有正收益贡献的交易性机会。面临当前复杂的信用环境，我们在信用投资方面始终坚持远离风险的理念，以高等级、高流动性为择券标准，不为获得短期的较高收益而增加组合的信用风险暴露。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:12.612Z","mo":"展望未来，经济仍处于复苏进程之中，国内通胀压力一直停留在PPI层面，并未向CPI扩散产生全面通胀压力，国内货币政策暂时不会因通胀压力而发生变化，未来需要警惕PPI向CPI非食品传导通胀压力。华泰柏瑞鸿利中短债仍将继续保持短久期的配置思路，始终保持组合的高流动性，同时我们将继续坚守规避信用风险的理念，以“在保证安全性和流动性的前提下，获取较高收益”为该基金的运作目标。","fund":{"_id":3000000009093,"__csrcFundId":7518,"stockCode":"009093","shortName":"华泰柏瑞鸿利中短债债券(009093)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9093,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:37:13.721Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"华泰柏瑞鸿利中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞鸿利中短债债券","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":191970279.82,"setUpShares":191970279.82,"pinyin":"htbrhlzdzzqxzqtzjj","managers":[{"stockCode":"db20162883","stockType":"fund_manager","exchange":"fm","tickerId":2617136060,"name":"郑青"}]},"announcement":{"linkText":"华泰柏瑞鸿利中短债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=632191","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc547fea5b3eb04c5edf","stockId":3000000009093,"sao":"2021年第一季度，积极因素增多，经济增长动能较强，出口维持强势，进口加速回升。社融尤其是企业贷款超预期，贷款流向进一步向高质量发展的领域转换。第一季度，资金面整体较为宽松，仅在1月末因央行提前收紧，出现了几天资金利率偏紧的情况。 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2.3%，是2020 年全球唯一实现经济正增长的主要经济体，也是少数实施正常货币政策的主要经济体之一。全年来看，我国货币环境整体较宽松。总量上，超预期投放流动性。在2020年1月6日下调金融机构存款准备金率0.5个百分点、释放长期资金8000多亿元基础上，2月3日金融市场开市当天和2月4日累计开展1.7万亿元逆回购操作，3月、4月两次定向降准分别释放长期资金5500亿元、4000亿元，同时还运用常备借贷便利、再贷款、再贴现等多种货币政策工具，确保金融市场流动性合理充裕。从资金价格看，央行公开市场逆回购操作和中期借贷便利中标利率各下行30个基点，1年期贷款市场报价利率（LPR）也下行30个基点。通过政策利率的下调引导贷款利率下行让利实体经济，2020 年 12 月企业贷款加权平均利率为 4.61%，较上年同期下降 0.51 个百分点，创有统计以来新低。在这样的背景之下，债券市场收益率呈现出先下后上的V型走势。1年期国债年初2.4%，4月下旬达到低点1.12%，年末回升至2.6%。5年期国债年初2.92%，4月下旬达到低点1.79%，年末回升至3.04%。10年期国债年初3.15%，4月下旬达到低点2.5%，年末回升至3.23%。华泰柏瑞鸿利中短债成立的时点恰逢2020年市场收益率的低点，面对风险较高的建仓环境，我们坚持短久期的配置思路，并结合债券市场的波动，积极进行交易以获取更好的收益，此外，面临当前复杂的信用环境，我们在信用投资方面始终坚持远离风险的理念，以高等级、高流动性为择券标准，不为获得短期的较高收益而增加组合的信用风险暴露。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:12.606Z","mo":"我国经济向常态回归，内生动能逐步增强，宏观形势总体向好，但宏观杠杆率因疫情应对出现阶段性上升，区域性金融风险隐患仍然存在。为此，国内的货币政策仍然定调稳健，要处理好恢复经济和防范风险的关系，保持宏观杠杆率基本稳定，同时根据形势变化灵活调整政策力度、节奏和重点。未来一段时间，全球宽松的货币环境、疫情演进及防控措施对供求两端的冲击，都可能对物价走势产生影响，对此我们应保持密切关注。华泰柏瑞鸿利中短债仍将继续保持短久期的配置思路，规避信用风险，在获取稳定利息收益的同时积极捕捉交易性机会。","fund":{"_id":3000000009093,"__csrcFundId":7518,"stockCode":"009093","shortName":"华泰柏瑞鸿利中短债债券(009093)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9093,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:37:13.721Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"华泰柏瑞鸿利中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞鸿利中短债债券","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":191970279.82,"setUpShares":191970279.82,"pinyin":"htbrhlzdzzqxzqtzjj","managers":[{"stockCode":"db20162883","stockType":"fund_manager","exchange":"fm","tickerId":2617136060,"name":"郑青"}]},"announcement":{"linkText":"华泰柏瑞鸿利中短债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=560440","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc547fea5b3eb04c5edd","stockId":3000000009093,"sao":"2020 年三季度，虽然国内新型冠状病毒的影响仍然在，但是对经济的负面影响在逐渐褪去。虽然包括北京新发地在内出现局部的复发，但是均被有效地扑灭。从宏观数字上，6、7、8三个月份的工业增加值同比增速分别为4.8%、4.8%、5.6%。同期地产投资同比增速分别为8.5%、11.67%、11.78%，截止8月底今年累计地产投资增速同比增幅4.57%。基建投资受到南方雨季的影响以及财政支出节奏低于预期的影响，累计同比增幅2.02%，改善相对缓慢。出口同比数据6月翻正之后7月和8月分别增长7.2%和9.5%，持续保持高增长。权益市场在7月初延续大涨，并成交量不断创新高。两市成交额最高超过1.7万亿，医药、消费、电子、非银等板块领涨大市。股市的上涨对债市形成了吸血效应，导致同期债券市场继续收益率大幅上行，10年国开利率两周时间上行40bp左右。之后股市转入震荡，债券收益率小幅下行大约15bp之后又继续创今年以来的新高。进入到8月下半月之后由于海外美国大选带来对华政策不确定增加，海外疫情二次爆发带来风险偏好回落，国内对宽信用结束的担忧等等影响共同作用下，股市经历了一轮明显的调整，上证指数8中旬最高大约3445点，到9月底一度跌穿3200点。债券收益率在震荡中上行，9月底10年国开利率大约收在3.71%。整个三季度信用债收益率也大幅上行，3年AAA中票收益率从3.2%附近上行到3.8%附近。1年期AAA短融收益率大约从2.7%上行到3.2%附近。中短债基金在3季度久期偏低，基本上久期一直在1以下，主要配置的资产为AAA和AA+评级中资质较优的中票和短融，以及利率债。在7月底之后信用债利率继续上行的过程中卖出剩余期限超过2年的信用债和利率债，适当提高了杠杆比率，在原来的基础上继续降低了久期。展望未来，虽然海外二次疫情爆发，但是死亡率大幅降低，同时从新闻报导来看，我国疫苗研发比较顺利，预计经济遭遇二次重创的概率较低。从资金的需求端看，受政府债券大量发行的影响，社会总融资增速在13%以上还会保持一段时间。经济延续修复、政府债融资扩张背景下，4季度广义财政支出依然会同比正增长，并且增速有可能高于三季度。从政策方面来看，资管新规虽然过渡期延长，但是过程中净值化的要求不变，并且会有序推进。四季度银行结构化存款会继续压降，这些政策可能会导致银行同业存单利率上行，同时资管产品对中长久期信用债需求降低，曲线也有增陡的可能。中短债基金计划在久期策略方面保持谨慎，以票息策略和杠杆策略为主。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:12.603Z","fund":{"_id":3000000009093,"__csrcFundId":7518,"stockCode":"009093","shortName":"华泰柏瑞鸿利中短债债券(009093)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9093,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:37:13.721Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"华泰柏瑞鸿利中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050440000,"currency":"CNY","masterFundShortName":"华泰柏瑞鸿利中短债债券","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":191970279.82,"setUpShares":191970279.82,"pinyin":"htbrhlzdzzqxzqtzjj","managers":[{"stockCode":"db20162883","stockType":"fund_manager","exchange":"fm","tickerId":2617136060,"name":"郑青"}]},"announcement":{"linkText":"华泰柏瑞鸿利中短债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=492362","linkType":"PDF","source":"csrc_pdf"}}]}