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时刻关注债券市场调整带来的利率债波动交易机会，通过勤勉谨慎的操作，为份额持有人获取长期收益。立足当下，债券市场短期情绪仍弱，但中期赔率改善。短期看，债券市场关注点仍在《公开募集证券投资基金销售费用管理规定（征求意见稿）》落地影响。在机构赎回债券基金落地前，市场情绪仍难言提振。中期看，在经历了2025年三季度调整后，债市回到了2024年12月初，中央经济工作会议货币政策“适度宽松”位置，此后2025年5月央行进行了降准降息操作；考虑到今年四季度经济基本面有利于债市，叠加适度宽松的货币政策；以及目前期限利差处于2024年以来中位数至3/4分位数之间，债市利多因素逐步累积。","lastUpdated":"2026-03-09T13:34:39.783Z","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":[{"stockCode":"8801596797","stockType":"fund_manager","exchange":"fm","tickerId":41225187450,"name":"董鎏洋"}]},"announcement":{"linkText":"北信瑞丰鼎盛中短债债券型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1366799","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6f7fea5b3eb04c7dc9","date":"2025-06-29T16:00:00.000Z","stockId":3000000009196,"sao":"2025年上半年，债券市场先跌后涨，宽幅震荡，曲线走平。一季度，债券市场迎来调整。资金面预期变化是主要因素。相较于2024年12月中央经济工作会议提出“适度宽松的货币政策”，2025年初以来持续偏高的资金利率，央行暂停买入国债操作，以及边际转好的经济基本面使降息紧迫性降低，债券市场转而聚焦在两会货币政策提到的“适时降准降息”，货币政策预期发生边际变化。二季度，债券市场偏强势震荡，主要由于中美“对等关税”及资金偏宽松影响。4月初，特朗普宣布施行“对等关税”且幅度超市场预期，债市表现强势，十年国债下行18BP。随后，中央汇金进场支持股市，中美双方不断提高关税，特朗普有意谈判，债市逐步上行7-10BP。此后，债券市场在二季度维持偏强的震荡格局，十年国债在1.62%-1.72%区间震荡，试图突破前低。期间主要影响因素有：4月底关税冲击下经济预期走弱，5月中旬对等关税显著下调至34%且90天内豁免，抢出口经济数据阶段性企稳；5月央行下调政策利率0.1个百分点、降低存款准备金率0.5个百分点；6月央行对资金面呵护有加，实现平稳跨半年。从收益率曲线形态来看，曲线走平，短端上行，长端略有下行；信用利差有所压缩；从品种表现来看，长久期好于短久期，信用好于利率。报告期内，本基金积极把握利率债投资机会，灵活运用仓位进行利率债投资。在债券市场横盘调整期，未避免磨损给账户带来的损失，我们保持偏低长久期仓位，同时保持中性偏多组合久期。后续，我们将时刻关注债券市场调整带来的利率债波动交易机会，通过勤勉谨慎的操作，为份额持有人获取长期收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:39.780Z","mo":"立足当下，债券市场基本形成中性偏多的一致预期。债券市场聚焦在抢出口效应减退、国补及618消费错位、地方债发行前置以后，三季度经济数据的缓慢回落。以及跨季后、及偏弱经济预期下央行延续支持性货币政策。","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":[{"stockCode":"8801596797","stockType":"fund_manager","exchange":"fm","tickerId":41225187450,"name":"董鎏洋"}]},"announcement":{"linkText":"北信瑞丰鼎盛中短债债券型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1347670","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6f7fea5b3eb04c7dc8","date":"2025-03-30T16:00:00.000Z","stockId":3000000009196,"sao":"2025年一季度，债券市场迎来调整。资金面预期变化是主要因素。相较于2024年12月中央经济工作会议提出“适度宽松的货币政策”，2025年初以来持续偏高的资金利率，央行暂停买入国债操作，以及边际转好的经济基本面使降息紧迫性降低，债券市场转而聚焦在两会货币政策提到的“适时降准降息”，货币政策预期发生边际变化。债券收益率曲线整体上移，短端上行幅度多于长端，期限利差极低，信用利差压缩；从品种表现来看，短久期好于长久期，信用好于利率。报告期内，本基金积极把握利率债投资机会，灵活运用仓位进行利率债投资。在考虑到资金面对于债券市场造成的调整压力，报告期内我们进一步缩短了组合久期；由于产品账户特点，未能参与信用债投资。后续，我们将时刻关注债券市场调整带来的利率债波动交易机会，通过勤勉谨慎的操作，为份额持有人获取长期收益。往后看，短期险品种确定性较强，主要是在消化了原降准降息预期后，估值较为合理，如后续跨季资金转松，或实施“适时降准降息”短端收益率仍有下行机会。对于长久期品种，在经济边际好转背景下，或有一定掣肘；同时考虑到目前极低的期限利差，风险偏高。此外，也需要关注，美内需减弱、“对等关税”落地、央行降准降息、权益市场风险偏好等带来的影响。以史为鉴，立足当下，关注各类资产的性价比进行更加灵活的投资操作。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:39.776Z","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":[{"stockCode":"8801596797","stockType":"fund_manager","exchange":"fm","tickerId":41225187450,"name":"董鎏洋"}]},"announcement":{"linkText":"北信瑞丰鼎盛中短债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=1277562","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6f7fea5b3eb04c7dc7","date":"2024-12-30T16:00:00.000Z","stockId":3000000009196,"sao":"2024年中国债券市场表现亮眼，中债-新综合财富(总值)指数收益达到7.6%，10年国债下行近90BP。横向来看，2024年中国债券资产收益率仅次于比特币、黄金、美股；纵向来看，在过去20年中，年度市场表现在前20%分位以内（收益率表现近似于2008年、2014年、2015年、2018年）。究其原因，美联储降息提供了有利的外围环境，偏弱经济预期以及货币政策转向，驱动了机构投资者的一致性行为。1-4月，中国经济呈现弱修复，货币政策以稳为主，非对称降息落地，禁止手工补息存款搬家、叠加机构配置压力，利率出现明显下行。4-9月，强监管成为债券震荡的主因，监管机构高频提示长端利率风险，人民币贬值压力加大，市场不断挑战试探监管接受利率位置底线。9-10月，中央政治局会议顶层部署下，股票、房地产、货币等一揽子政策出台，股债跷跷板效应带动利率快速回调，信用债亦出现赎回负反馈。11月-12月，美国大选、美联储降息悬念落地，供给压力对市场影响低于预期，利率快速下行。特别是，12月9日，货币政策重大转向至“适度宽松”，点燃市场对于未来降准降息空间猜测，债券市场继续大涨。报告期内，本基金积极把握利率债投资机会，灵活运用仓位进行利率债投资；同时，考虑到本基金特点降低信用债投资权重，进一步规避信用风险。我们将时刻关注债券市场调整带来的利率债波动交易机会，通过勤勉谨慎的操作，为份额持有人获取长期收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:39.773Z","mo":"展望未来，债券市场核心关注点在于货币政策，以及财政政策对经济基本面的影响。货币政策方面，一方面国内经济对降准降息、支持性货币政策有需求，另一方面，汇率压力下，春节后资金价格维持偏高位置，掣肘债市上涨空间。财政政策方面，特朗普上台后中国反制对冲性政策实施、地方政府债务供给、2025年中国经济增速修复的预期差都可能对债券市场走势造成影响。目前中国债券价格处于历史高位，期限利差很窄，上述多空因素交织下预计将维持震荡格局，短期需警惕隐含降息预期延迟兑现、偏紧资金面可能带来的回调需求。","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":[{"stockCode":"8801596797","stockType":"fund_manager","exchange":"fm","tickerId":41225187450,"name":"董鎏洋"}]},"announcement":{"linkText":"北信瑞丰鼎盛中短债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=1259117","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6f7fea5b3eb04c7dc6","date":"2024-09-29T16:00:00.000Z","stockId":3000000009196,"sao":"2024年三季度，债券市场大幅上涨，但波动剧烈。1年期国债较2024年6月底下行17.1bp至1.37%，10年期国债较2024年6月底下行5.4bp至2.15%，30年国债下行7.32bp至2.355%。三季度本基金规模波动较大，债券配置以利率债为主，保证流动性需求，辅以中短久期信用债，以增厚收益。预计2024年四季度中国经济将保持温和回升态势。一揽子增量政策有望带动经济步入回升通道，但政策效果可能更多在明年上半年显现。在经济增长压力加大、财政收入与预算目标有缺口的背景下，财政政策加大力度势在必然。调增赤字率、发行特别国债、扩大专项债券使用范围等均是可能的方式，方向上将更多聚焦促消费、惠民生领域，兼顾稳地产、稳投资和化风险。货币宽松仍是当下支持经济企稳回升的必要条件，利率不具备大幅上行的基础。在债市快速调整后，是较为良好的配置机会。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:39.771Z","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":[{"stockCode":"8801596797","stockType":"fund_manager","exchange":"fm","tickerId":41225187450,"name":"董鎏洋"}]},"announcement":{"linkText":"北信瑞丰鼎盛中短债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=1181227","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6f7fea5b3eb04c7dc5","date":"2024-06-29T16:00:00.000Z","stockId":3000000009196,"sao":"2024年二季度，债券市场延续一季度以来的上涨趋势，收益率曲线较2023年底和2024年一季末均明显下行。利率债方面，截至6月30日，1年期、2年期、5年期、10年期和30年期国债的收益率分别为1.539%、1.6335%、1.9782%、2.2058%、2.2482%，较2023年底分别下行57.8bp、61.3bp、45.9bp、35.4bp和41.4bp，较2024年一季末分别下行18.4bp、26.8bp、21.9bp、8.4bp和3.1bp。信用债方面，截至6月30日，1-3年AA+级别信用债收益率分别为2.1156%、2.1726%和2.2396%，较2023年底分别下行56.0bp、60.4bp、62.7bp，较2024年一季末分别下行33.7bp、39.7bp和37.3bp。二季度，鼎盛中短债基金（A类份额）净值增长0.92%，年化收益率3.72%，最大回撤-0.11%。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:39.768Z","mo":"4月以来，央行开始密集提示长债风险。4月23日30年国债盘中接近2.4%一线，央行强烈表达对长债风险的关注，30年国债从2.4%调到2.6%附近。5月30日，30年国债盘中接近2.5%，路透发文央行将在必要时卖出国债，金融时报发文指出“10年国债”收益率合理区间在2.5-3.0%，债市连续调整两日。6月18日，30年国债向下突破2.5%。6月19日陆家嘴论坛，潘功胜行长再次提示长债风险，利率短暂调整后继续下行。7月1日，30年国债早盘再度接近2.4%关口，央行选择在午后立即发布公告，将面向一级交易商开展国债借入操作，债市随即发生调整，30年国债单日上行5bp。通过梳理近期央行操作来推测长端利率可能的“合意区间”：30年国债在2.4%-2.5%之间央行风险提示增强。除监管态度之外，市场短期赔率已经偏差，投资者对潜在风险点需要更加关注。因素一：理财方面，手工补息取消后涌入的理财资金或不稳定。因素二：供给方面，预计7月、8月政府债供给压力有所加大。因素三：7月份是政策大月，随着经济高频数据增长放缓，不排除再次推出稳经济举措的可能性。同时关注三中全会的深化改革举措，事关中国经济发展。整体来看，三季度债市的扰动因素稍有增多，在汇率扰动仍存情况下，短端利率向下打开空间的概率不大，而超长端下限较为明显，表现大概率不及二季度，呈现波动增大、空间有限特征。另一方面，债市短期有大幅度调整概率也较小。第一，央行操作的目的并非让利率快速上行，可能引发次生风险。第二，理财等诸多机构当前仍严重欠配，即便发生规模流失，影响可控。第三，当前经济的底层逻辑仍是新旧动能切换以及产能供给旺盛，再通胀空间受到制约。短期经济高频数据表现偏弱，中期地产、地方债务、中小银行和外需四个扰动因素仍未消除。总的来看，央行态度定短期利率下限，操作力度定空间，基本面定趋势。30年国债仍未摆脱2.4%-2.6%波动区间，临近下限位置赔率降低并要关注央行动态，明显调整依然是机会。","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":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M 型走势。2023年债券市场的主要交易逻辑围绕着经济修复进程以及政策预期而展开。2023年年初，在疫情防控机制优化以后，经济活动快速升温，叠加一季度的天量信贷，经济复苏的强预期+强现实对债券市场形成一定压力，10年期国债利率及1年期存单利率快速上行并维持高位震荡；进入3月以后，多项数据显示经济复苏斜率有所放缓，而货币政策宽松预期逐步升温，降准降息落地，利率持续回落；8 月下旬开始，在年内两次降息过后，市场将其视作利多出尽的信号，且财政逐步发力，增发1万亿国债以及特殊再融资债的发行带来的政府债券供给压力，以及资金面的收紧，利率转而上行；11月底以来，稳增长政策力度被市场预期逐步消化，货币政策则释放积极信号，银行存款利率的下调带来较强的MLF降息预期，10年期国债利率在年末再次下行至2.6%以下。2023年，本基金规模呈持续下降趋势，2023年底较2022年底份额减少近90%，受此影响，基金投资策略被动改变。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:39.762Z","mo":"2023年底跨年资金面整体平稳，银行间资金相对充裕。一般而言，跨年后资金利率往往呈现下行趋势，跨年后资金面转松的规律亦对债券市场形成阶段性支撑。中期看，债券市场有多项利好因素。一是开年以来国际地缘冲突频发，从区域上、时间上和烈度上都有巨大的不确定性；二是美元加息周期接近结束并逐步进入降息周期，人民币汇率所受压力有所减轻，对国内货币政策的压力亦有放松；三是国内宏观经济仍面临诸多不确定性，地产债务和地方政府债务持续承压，根据央行的相关表态，今年降准和降息均有一定空间。另一方面，债券市场经历了近三年的牛市，收益率水平明显下行，相较权益市场的性价比也显著下降，继续上涨的空间相对有限。基于以上因素，债券市场可能在较低收益率水平下，维持窄幅震荡。","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":[{"stockCode":"8801596797","stockType":"fund_manager","exchange":"fm","tickerId":41225187450,"name":"董鎏洋"}]},"announcement":{"linkText":"北信瑞丰鼎盛中短债债券型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1059046","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6f7fea5b3eb04c7dc2","date":"2023-09-29T16:00:00.000Z","stockId":3000000009196,"sao":"三季度，本基金持仓全部为利率债。四季度宏观的基准情形大概是实现全年目标无压力，地产持续改善存在不确定性，外需小幅改善，美元迎来流动性拐点。基建作为调整项，从当前观察政策发力的迫切性不高，因此10-11月可能出现“预期增强、现实走弱”的时间窗口，类似的剧本下市场如何演绎值得观察。四季度资金供需与三季度大致持平，节奏上前紧后松，10月资金价格或难以突破当前水平。短端：以资金定价短端赔率不错，下阶段找介入交易的时点。可能的路标有高频数据见顶、利率债供给高峰过去、海外加息终点确认。长端：短期内市场有一定的调整诉求，但中期看提供了入场时期，从基本面角度10Y国债2.7%以上具备配置价值。超调风险可能来自流动性及股市情绪等风险偏好冲击。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:39.760Z","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":[{"stockCode":"8801596797","stockType":"fund_manager","exchange":"fm","tickerId":41225187450,"name":"董鎏洋"}]},"announcement":{"linkText":"北信瑞丰鼎盛中短债债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=988813","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6f7fea5b3eb04c7dc1","date":"2023-06-29T16:00:00.000Z","stockId":3000000009196,"sao":"上半年，本基金在维持平稳运作的基础上，继续主动大幅降低了持仓久期和杠杆。当前持仓以利率债为主，充分保证持仓的流动性需求。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:39.757Z","mo":"受经济复苏边际放缓、降息降准政策出台等因素影响，上半年中国国债到期收益率整体下行。截至6月30日，中国3个月期、1年期、10年期国债到期收益率分别为1.6535%、1.8723%和2.6351%，较去年末分别下行39.84bp、22.46bp和20.02bp。展望下半年，中国宏观经济将开启经济复苏的第二阶段，为恢复性增长迈向扩张性增长奠定良好基础。在促消费政策、服务消费加快释放的带动下，消费有望保持温和修复，基建投资将继续较快增长，高技术产业投资对制造业投资增长带来支撑，房地产市场逐步探底修复。","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":[{"stockCode":"8801596797","stockType":"fund_manager","exchange":"fm","tickerId":41225187450,"name":"董鎏洋"}]},"announcement":{"linkText":"北信瑞丰鼎盛中短债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=966776","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6f7fea5b3eb04c7dc0","date":"2023-03-30T16:00:00.000Z","stockId":3000000009196,"sao":"一季度，本基金在维持平稳运作的基础上，主动大幅降低了持仓久期和杠杆。国内经济复苏态势明显，叠加基数效应，二季度各类经济指标读数将会较为优秀，通胀也有抬升的风险。同时，货币政策仍将保持合理宽松，保证对实体经济的支持力度。长端利率波动空间有限；短端利率可能随资金面变化有所波动，尤其在季末节点可能会有所上行。信用债的信用利差和期限利差在明显均值回归后，进一步收敛的动量有限。我们预期二季度债券市场将维持窄幅震荡。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:39.754Z","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":[{"stockCode":"8801596797","stockType":"fund_manager","exchange":"fm","tickerId":41225187450,"name":"董鎏洋"}]},"announcement":{"linkText":"北信瑞丰鼎盛中短债债券型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=884240","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6f7fea5b3eb04c7dbf","date":"2022-12-30T16:00:00.000Z","stockId":3000000009196,"sao":"本基金为中短期纯债型基金，主要参与3年以内的中短期债券投资，不参与转债、股票的投资。本产品旨在向机构和个人客户提供安全、稳健、高流动性、收益率有一定吸引力的产品。对于整体市场的把握，我们采用“核心研究”+“重点关注”的方式。“核心研究”旨在从传统的债券研究框架出发，对宏观数据、政策面、资金面、曲线结构等方面形成模块化的智能分析体系，并进行高频维护。“重点关注”旨在对市场主体全面持续性梳理，对城投、周期、租赁等重点行业深度研究，关注负面舆情和异常交易情况，充分了解各类发行主体的信用状况，持续跟踪超额收益或错杀机会。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:39.752Z","mo":"展望2023年，经济有望迎来复苏，但复苏的力度存在预期差的博弈空间。整体而言，我们看好中国经济的长期发展和中国证券市场的中长期投资机会，本基金将继续努力为持有人创造长期投资回报。","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":[{"stockCode":"8801596797","stockType":"fund_manager","exchange":"fm","tickerId":41225187450,"name":"董鎏洋"}]},"announcement":{"linkText":"北信瑞丰鼎盛中短债债券型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=874263","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6f7fea5b3eb04c7dbe","date":"2022-09-29T16:00:00.000Z","stockId":3000000009196,"sao":"本基金为中短期纯债型基金，参与3年以内的中短期债券投资，不参与转债、股票的投资。本产品旨在向机构和个人客户提供安全、稳健、高流动性、收益率有一定吸引力的产品。三季度本基金（A类份额）累计收益1.15%，折合年化收益4.64%；前三季度本基金累计收益3.84%，折合年化收益5.15%，最大回撤为0.0011。对于整体市场的把握，我们采用“核心研究”+“重点关注“的方式。”核心研究“旨在从传统的债券研究框架出发，对宏观数据、政策面、资金面、成交情况、曲线结构等方面形成模块化的智能分析体系，并进行高频维护。自上而下方面，我们从宏观经济数据和政策为出发点，对资金面以及各收益率曲线、信用利差、期限利差及各类指标的走势每日跟踪、定期展望。自下而上方面，我们对市场主体全面持续性梳理，对城投、周期、租赁等重点行业深度研究，充分了解各类发行主体的信用状况，持续跟踪超额收益或错杀机会。三季度债市先涨后跌。整体来看，三季度资金面持续宽裕，资产荒的局面持续。国内多地疫情爆发，受断贷事件影响，地产景气度仍在低位，经济复苏态势整体偏弱。8月央行超预期降息，国债收益率进一步下行至阶段低点2.58%左右。9月以来，疫情边际好转，美国如预期鹰派加息以及人民币汇率持续贬值，限制了国内货币政策的进一步宽松的空间，9下旬由于季度末和临近假期，资金面边际收紧，债市开启回调态势。自三月以来，本基金规模呈持续快速上升状态，规模增长超过4倍。受此影响，本基金的配置压力较大。我们综合考虑曲线形态、信用利差和期限利差等因素，在市场整体上涨的环境下，小幅提升组合久期至1.7-2年，同时保持组合的纺锤形态。截至三季度末，本基金平均久期约为1.85年，较二季末有所上升。持仓品种中，AAA级别债券占约77%，利率债占比约13%，其他级别占约10%。四季度，我们对国内外共六大方面进行重点关注。其中，国内有三方面关注点。一是疫情防控政策的执行力度、动态调整和基于病毒演变的执行效果；二是对于地产托底政策的政策底线、政策强度和执行效果等；三是稳增长政策组合拳的政策内容和执行效果。其中，对于地产方面，底线是交楼、稳销售，在此之外的过度托底都易引发额外的道德风险；对于稳增长，受制于汇率因素，不宜期待四季度额外的货币政策宽松，财政政策和产业政策执行效果需要观察，也暂不需进一步补充，且政策执行效果易受疫情是否出现和各地防疫强度影响，因此，重中之重是看其中的第一方面。海外方面亦有三项关注。一是美国的通胀环境和美联储的加息力度；二是欧洲和美国的潜在衰退；三是由俄乌冲突引申的全球秩序的变更。其中，通胀和加息因素最为迫切，美国通胀和核心通胀仍处高位，但加息大概率已经进入后半场，市场预期逐步收敛，博弈预期差的难度和风险很高；国际秩序的变更则是至少以十年为单位的长期因素，短期由于该因素导致的市场剧烈波动都是反向操作的良好时机。欧美衰退风险则是最大的不确定性所在。市场对于衰退的具体体现、持续时间、衰退幅度等均没有明确和稳定的预期，明年上半年，随着欧美经济下滑加速，市场预期差也会迅速变化，进而带来较大的波动。整体看，以上因素的不确定性对债券市场不会带来明显的利空因素，但七八月市场快速下行期间，价格已经大概率包含对以上方面的乐观预期，因此进一步下行的空间也十分有限。从收益率曲线结构看，在央行的呵护下，资金利率十月份重新回到低位，流动性环境宽松，但长端利率较前期低点已有一定上行，期限利差处于历史极高水平，进一步扩大的阻力较大；但信用利差仍处于历史极低水平，信用下沉的风险增大，性价比显著下降。综合收益、回撤和流动性等方面，四季度本基金将以投资利率债高等级信用债、中长久期的策略为主，通过降低杠杆保持整体久期的稳定。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:39.749Z","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":[{"stockCode":"8801596797","stockType":"fund_manager","exchange":"fm","tickerId":41225187450,"name":"董鎏洋"}]},"announcement":{"linkText":"北信瑞丰鼎盛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=809501","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6f7fea5b3eb04c7dbd","date":"2022-06-29T16:00:00.000Z","stockId":3000000009196,"sao":"本基金为中短期纯债型基金，参与3年以内的中短期债券投资，不参与转债、股票的投资。本产品旨在向机构和个人客户提供安全、稳健、高流动性、收益率有一定吸引力的产品。二季度本基金累计收益1.57%，折合年化收益6.28%；上半年本基金累计收益2.66%，折合年化收益5.32%，最大回撤为0.0011。我们团队在债券市场做了全面、高频、深入的研究。自上而下方面，我们从宏观经济数据和政策为出发点，对各收益率曲线、信用利差、期限利差及各类指标的走势每日跟踪、定期展望。自下而上方面，我们对市场主体全面持续性梳理，对城投、周期、租赁等重点行业深度研究，充分了解各类发行主体的信用状况，持续跟踪超额收益或错杀机会。二季度市场关注的内部因素主要为国内疫情的形势以及动态清零政策的具体执行方式的逐步调整，以及复产复工以来各行业恢复程度和融资意愿；外部关注点逐渐由俄乌局势向欧美等主要发达经济体的通胀和潜在的衰退可能转移。期间中国权益市场大幅下跌，但在强有力的稳增长政策下实现了较大幅度的反弹。利率债市场窄幅波动，但投机情绪浓厚；信用债市场出现“资产荒”，绝对收益和信用利差均明显收缩，对报告期内本产品收益有明显贡献，但也必然的会拉低未来的潜在收益。我们综合考虑曲线形态、信用利差和期限利差等因素，控制组合久期至1.5-1.8年，同时保持组合的纺锤形态。截至二季度末，本基金平均久期约为1.75年，较一季末有所上升。持仓品种中，AAA级别债券占约81%，利率债占比约6%，其他级别占约13%。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:39.747Z","mo":"我们预计三季度乃至下半年债券市场中性偏空。首先，随着防疫政策的精准动态调整，各个行业的生产均有效恢复，且去年三季度经济数据较弱，今年三季度的GDP等宏观数据度数较强；其次，近期猪肉价格有明显提升，且去年三季度猪肉价格处于极端低位，叠加大宗商品尤其是能源品价格上涨，三季度的通胀数据将有上升；第三，海外大幅度加息在三季度仍是基本确定性事件。但是，国内经济增长的潜在增速相对下降，由高速增长向高质量增长转变，利率债上限逐步降低，因此上行空间也有限。信用债的信用利差和期限利差较去年年底和今年一季度均明显降低，性价比整体下降，相对而言，期限利差仍处于历史中枢之上，但考虑到曲线上行风险，下半年应略微降低久期，着重短端确定性的票息。","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":[{"stockCode":"8801596797","stockType":"fund_manager","exchange":"fm","tickerId":41225187450,"name":"董鎏洋"}]},"announcement":{"linkText":"北信瑞丰鼎盛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=781223","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6f7fea5b3eb04c7dbc","date":"2022-03-30T16:00:00.000Z","stockId":3000000009196,"sao":"本基金为中短期纯债型基金，参与3年以内的中短期债券投资，不参与转债、股票的投资。本产品旨在向机构和个人客户提供安全、稳健、高流动性、收益率较有优势的产品。一季度本基金累计收益1.10%，折合年化收益4.68%；最大回撤为0.0004，两日内即收复回撤。我们团队在债券市场做了全面、高频、深入的研究。自上而下方面，我们从宏观经济数据和政策为出发点，对各收益率曲线、信用利差、期限利差及各类指标的走势每日跟踪、定期展望。自下而上方面，我们对市场主体全面持续性梳理，对城投、周期、租赁等重点行业深度研究，充分了解各类发行主体的信用状况，持续跟踪超额收益或错杀机会。一季度，债券市场对货币政策的操作预期反复波动，一月份市场快速下行，二、三月份又有所调整，我们将组合久期控制在1.5年左右，但增加了组合的纺锤形态，本期的收益较为优秀，同时明显增强了后市调整的能力。截至一季度末，本基金平均久期约为1.55年，较去年年底有所下降。持仓品种中，AAA级别债券占约77%，利率债占比约4%，其他级别占约19%。我们预计二季度乃至今年内的债券市场将窄幅波动。当前对债市的利多因素主要为稳增长的压力及因此产生的货币政策宽松预期，利空因素主要包括输入性通胀压力和美联储超预期加息等。考虑到相关因素均已存在较长时间，市场在增量信息下大幅波动的可能性不高。信用债曲线相较利率债而言，信用利差及期限利差均有所扩大，使得骑乘有更高的收益空间，但信用利差仍有进一步提升空间，因此具体操作需要观察市场走势而决定。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:39.744Z","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":[{"stockCode":"8801596797","stockType":"fund_manager","exchange":"fm","tickerId":41225187450,"name":"董鎏洋"}]},"announcement":{"linkText":"北信瑞丰鼎盛中短债债券型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=726386","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6f7fea5b3eb04c7dbb","date":"2021-12-30T16:00:00.000Z","stockId":3000000009196,"sao":"本基金为中短期纯债型基金，参与3年以内的中短期债券投资，不参与转债、股票的投资。本产品旨在向机构和个人客户提供安全、稳健、高流动性、收益率较有优势的产品。2021年债券市场整体呈慢牛趋势，若进一步分解，大致可以分为三个阶段。一季度债券市场受2020年底的“永煤事件”影响，信心较为脆弱，市场呈震荡上行，部分城投债、煤炭债和部分地方国企债券受信心冲击影响，价格短期内快速下跌，流动性亦迅速下降；二季度后，随着资金面的持续稳定、经济增长压力逐步显现，利率债见顶开始下行。信用方面，对城投政策的担忧逐步消除，以及大宗商品价格快速上涨带来的煤炭、钢铁企业基本面修复，一季度市场所恐慌的信用主体逐渐得到估值修复；下半年，货币政策开始发力，先后进行了两次降准和一次降息，并于2022年一月份进一步降息，债券市场的波动驱动力并不在于央行的具体操作，而是主要体现在对于预期差的修正。例如，三季度第一次降准时，市场并未形成明显预期，降准实施后市场快速下行；四季度第二次降准时，由于市场早已形成一致预期，甚至降准时点较预期更晚，市场在实际降准前后先快速下行，又大幅调整，直到后续降息后才重回下行趋势。市场曲线所反映的预期，较央行的实际操作，可能提前数周甚至数月。操作上，我们在债券市场做了全面、高频、深入的研究。自上而下方面，我们从宏观经济数据和政策为出发点，对各收益率曲线、信用利差、期限利差及各类指标的走势每日跟踪、定期展望。自下而上方面，我们对市场主体全面持续性梳理，对城投、周期、租赁等重点行业深度研究，充分了解各类发行主体的信用状况，持续跟踪超额收益或错杀机会。具体到投资方面，我们整体以哑铃型策略为主，分别投资一年以内到期债券和三年左右的中票，较少参与1-2年期限的债券。短端适当进行资质下沉，投资主体评级AA+/AAA的债券，长端基本只参与主体评级AAA的债券。四季度，我们把握住了降准后收益率快速下行的趋势，取得了良好的超额收益。截至2021年底，本基金平均久期约为1.6年。持仓品种中，利率债占比约5%，债项级别AAA的债券占约75%，AA+占约20%。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:39.741Z","mo":"我们对明年上半年的债券市场持中性偏空的态度。长期看，中国经济的长期增长中枢缓慢下移，对利率债的中枢带来压制。但短期看利空因素偏多，7月和12月降准、12月降低LPR利率之后，市场对后续的货币政策宽松预期有所过度，即使后续货币政策继续加码宽松，也很可能是利空出尽的前奏；PPI-CPI剪刀差处于历史高位，今年以来涨价主要集中在原材料，制造企业利润承压，未来消费品可能会出现更普遍和明显的涨价，加之猪价已基本触底，2022年CPI可能出现较大的回升；海外方面，美联储的鹰派态度超过市场预期，可能带来情绪上的整体转变。因此，未来半年利率债的收益率可能有所回调，10年国债可能回到3.0左右。信用方面，虽然以恒大为首的民营房地产企业在三季度引起了大规模的市场担忧，但实际上对于公募机构的冲击很低，因为对于境内债券机构，恒大的风险暴露已经很久，是灰犀牛而非黑天鹅。我们认为，未来主要的信用风险处于城投债的预期差，尤其是政策的预期差方面。当前中短债的信用利差已经有所修复，但城投债的利差仍在历史低位，体现市场整体对于城投的违约预期很低。我们认同这一预期，但极低的利差表明当前价格对于任何预期的转向（即使是并不严重的转向）也会有比较大的波动，尤其是对中低等级债券。操作上，我们将继续保持哑铃型策略，根据曲线变化情况适当调整组合久期和长短债券比例，力争在各种市场环境下都能取得较为稳定的收益。","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":[{"stockCode":"8801596797","stockType":"fund_manager","exchange":"fm","tickerId":41225187450,"name":"董鎏洋"}]},"announcement":{"linkText":"北信瑞丰鼎盛中短债债券型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=712949","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6f7fea5b3eb04c7dba","date":"2021-09-29T16:00:00.000Z","stockId":3000000009196,"sao":"本基金为中短期纯债型基金，参与3年以内的中短期债券投资，不参与转债、股票的投资。本产品定位为“货币+”产品，旨在向机构和个人客户提供安全、稳健、高流动性、收益率较货币基金有明显优势的产品。具体看，本基金的运作目标和产品特点包括：1.收益率有吸引力：三季度本基金累计收益1.53%，折合年化收益6.12%；2.回撤小：三季度本基金最大回撤仅为0.0001，一日内即收复回撤；3.综合费率低：本基金管理、托管费率与货币基金相当，持有超过一月即无赎回费；为实现以上前两点目标，我们团队在债券市场做了全面、高频、深入的研究。自上而下方面，我们从宏观经济数据和政策为出发点，对各收益率曲线、信用利差、期限利差及各类指标的走势每日跟踪、定期展望。自下而上方面，我们对市场主体全面持续性梳理，对城投、周期、租赁等重点行业深度研究，充分了解各类发行主体的信用状况，持续跟踪超额收益或错杀机会。三季度，我们把握住了降准后收益率快速下行的趋势，在大幅下行之前增配了部分高等级长久期债券，九月卖出了部分收益率下行幅度较大的债券，取得了良好的超额收益。截至三季度末，本基金平均久期约为1.3年，较二季度末有所提升。持仓品种中，AAA级别债券占70%，利率债占比10%，AA+级别占20%。我们对四季度和明年上半年的债券市场持中性偏空的态度。长期看，中国经济的长期增长中枢缓慢下移，对利率债的中枢带来压制。但短期看利空因素偏多，7月降准之后，市场对后续的货币政策宽松预期有所过度，即使四季度如期降准或大额续作MLF，也很难超预期放水；PPI-CPI剪刀差处于历史高位，今年以来涨价主要集中在原材料，制造企业利润承压，但未传到至居民消费，但近期大宗商品急速上涨，电价被迫调整后，消费品可能会出现更普遍和明显的涨价，加之猪价已基本触底，未来CPI可能出现明显回升；海外方面，虽然美联储的政策基本已属明牌，但可能带来情绪上的整体转变。因此，未来半年利率债的收益率可能有所回调，10年国债可能回到3.1左右。信用债市场方面，虽然以恒大为首的民营房地产企业在三季度引起了大规模的市场担忧，但实际上对于公募机构的冲击很低，因为对于境内债券机构，恒大的风险暴露已经很久，是灰犀牛而非黑天鹅。我们认为，未来主要的信用风险处于城投债的预期差，尤其是政策的预期差方面。当前中短债的信用利差已经有所修复，但城投债的利差仍在历史低位，体现市场整体对于城投的违约预期很低。我们认同这一预期，但极低的利差表明当前价格对于任何预期的转向（即使是并不严重的转向）也会有比较大的波动，尤其是对中低等级债券。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:39.738Z","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":[{"stockCode":"8801596797","stockType":"fund_manager","exchange":"fm","tickerId":41225187450,"name":"董鎏洋"}]},"announcement":{"linkText":"北信瑞丰鼎盛中短债债券型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=659393","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6f7fea5b3eb04c7db9","date":"2021-06-29T16:00:00.000Z","stockId":3000000009196,"sao":"本基金在今年三月变更基金经理，期间基金受到占基金原规模超60%的巨额赎回，对基金净值产生了重大的负面影响。在四月之后，本基金规模趋于稳定，在此基础上能够开展更有针对性的投资。本基金为中短期纯债型基金，参与3年以内的中短期债券投资，不参与转债、股票的投资。本产品定位为货币+产品，申赎费低（持有期限超过1个月则无赎回费），收益率较高，回撤小，净值较为稳定。信用债投资方面，基金经理在信评团队的支持下，对市场主体全面持续性梳理，并对城投、周期、租赁等重点行业深度研究，充分了解各类发行主体的信用状况，在此基础上跟踪超额收益或错杀机会。同时我们关注各个等级、期限、债券类别的期限利差和信用利差，以及其在各个周期中所处的利差分位数情况。选取中高等级中，期限利差或信用利差历史分位数相对较高的区间重点布局。截至二季度末，本基金平均久期约为1.1年。持仓品种中，AAA级别债券占70%，利率债占比10%，AA+级别占20%。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:39.735Z","mo":"展望三季度和下半年，宏观经济诸多指标呈现见顶迹象，但仍有可能出现脉冲式的经济反弹，PPI和CPI即使已过高点，也将一段时间内保持在高位。在美国等国外重要经济体可能收紧流动性的大环境下，央行要做到“以我为主”，在7月初降准之后，可能在四季度进一步降准。但是考虑到市场的信号意义、通胀环境及投放流动性的目的性，降息的可能性和必要性不高。下半年，信用风险仍存在暴露的风险，尤其值得注意的是境内评级机构的评级中枢下调情况。今年6月份的评级下调数量已经超过历史各个年份，而七月份预计将有更多的评级下调。被下调企业的再融资情况，以及债券市场整体的情绪变化值得关注。但在更长的周期看，宏观经济增长中枢的下移，必然是利好长端债券，本基金将保持久期在合理水平，伺机增配部分长久期、高评级债券，通过骑乘收益率曲线获得超额收益。","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":[{"stockCode":"8801596797","stockType":"fund_manager","exchange":"fm","tickerId":41225187450,"name":"董鎏洋"}]},"announcement":{"linkText":"北信瑞丰鼎盛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=631462","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6f7fea5b3eb04c7db8","stockId":3000000009196,"sao":"在报告期内，本基金采取相对稳健的操作策略。主要配置1-3年的中高等级信用债，利用期限利差机会获得一部分骑乘收益，同时通过一、二级债券市场定价差异等交易性机会增厚收益，也会在资金成本较低的时候，适当提高杠杆，获取部分超额收益。报告期内本基金出现连续巨额赎回，对基金净值有较大负面影响。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:39.731Z","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":[{"stockCode":"8801596797","stockType":"fund_manager","exchange":"fm","tickerId":41225187450,"name":"董鎏洋"}]},"announcement":{"linkText":"北信瑞丰鼎盛中短债债券型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=573888","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6f7fea5b3eb04c7db7","stockId":3000000009196,"sao":"今年年初国内爆发新冠疫情，受此影响一季度各项生产活动基本停滞。二季度随时国内疫情缓解和结束，经济缓慢恢复。但是二季度海外疫情又继续爆发，全球经济受到较大影响。伴随着衰退预期的发酵，各国央行都加大了刺激力度，全球各大央行都维持货币政策相对宽松，同时继续推出各种财政政策托底经济。我国央行在经济逐渐恢复的情况下，继续保持流动性合理充裕，但是 6 月末货币市场边际收紧。本基金在 2020 年坚持中短期配置的定位，继续保持投资组合较好的流动性和合适的剩余期限。基金投资类属配置以超短期融资券、逆回购、金融债和同业存单信用等级较高的资产为主，追求相对稳定的投资收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:39.728Z","mo":"2021年全年疫情仍会点状出现，但不会影响整个经济恢复的步伐，各项宏观经济政策都与宏观经济的恢复相匹配。货币方面，确保货币供应合理充裕，不搞急转弯；财政方面仍将坚持稳财政的政策；随着海外疫苗的接种，海外疫情会逐步得到控制，出口可期；消费仍将在内循环和外循环共同作用下进一步提升；投资会随着国内经济的恢复逐步得到提升。总体看来，收益率曲线存在上行概率较大。","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":[{"stockCode":"8801596797","stockType":"fund_manager","exchange":"fm","tickerId":41225187450,"name":"董鎏洋"}]},"announcement":{"linkText":"北信瑞丰鼎盛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=558613","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6f7fea5b3eb04c7db6","stockId":3000000009196,"sao":"今年年初国内爆发新冠疫情，受此影响一季度各项生产活动基本停滞。二季度随时国内疫情缓解和结束，经济缓慢恢复；三季度以来经济保持韧性，持续恢复；三季度海外疫情也陆续缓解，全球经济一定程度复苏。我国央行在经济逐渐恢复的情况下，继续保持流动性合理充裕，但是整体保持中性，且更注重货币政策对实体经济的支持效果。预计未来收益率曲线依旧有一定上行压力。在报告期内，本基金采取相对稳健的操作策略。主要配置信用债和利率债，利用收益率下行的机会获得一部分骑乘收益，同时通过一、二级债券市场定价差异等交易性机会增厚收益，也会在资金成本较低的时候，获取一定的杠杆收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:39.726Z","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":[{"stockCode":"8801596797","stockType":"fund_manager","exchange":"fm","tickerId":41225187450,"name":"董鎏洋"}]},"announcement":{"linkText":"北信瑞丰鼎盛中短债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=491347","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc6f7fea5b3eb04c7db5","stockId":3000000009196,"sao":"今年年初国内爆发新冠疫情，受此影响一季度各项生产活动基本停滞。二季度随时国内疫情缓解和结束，经济缓慢恢复。但是二季度海外疫情又继续爆发，全球经济受到较大影响。伴随着衰退预期的发酵，各国央行都加大了刺激力度，全球各大央行都维持货币政策相对宽松，同时继续推出各种财政政策托底经济。我国央行在经济逐渐恢复的情况下，继续保持流动性合理充裕，但是6月末货币市场边际收紧。预计未来收益率曲线上行压力较大。报告期内，本基金采取相对稳健的操作策略。主要配置1一年左右信用债，通过期限利差获取部分骑乘收益，同时通过一、二级债券市场定价差异等交易性机会增厚收益，也会在资金成本较低的时候，获取一定的杠杆收益。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:39.723Z","mo":"展望 2020 年下半年，货币政策大概率保持合理充裕，但是疫情后经济复苏节奏或有所减缓。预计市场的整体利率水平保持震荡，短端收益率曲线短期继续上行的调整压力依旧存在。","fund":{"_id":3000000009196,"__csrcFundId":7414,"stockCode":"009196","shortName":"华银鼎盛中短债(009196)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9196,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:40:37.190Z","status":"normal","inceptionDate":"2020-04-28T16:00:00.000Z","name":"华银鼎盛中短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050920000,"currency":"CNY","masterFundShortName":"华银鼎盛中短债","setUpDate":"2020-04-28T16:00:00.000Z","setUpAssetScale":219728043,"setUpShares":219728043,"pinyin":"hydszdzzqxzqtzjj","managers":[{"stockCode":"8801596797","stockType":"fund_manager","exchange":"fm","tickerId":41225187450,"name":"董鎏洋"}]},"announcement":{"linkText":"北信瑞丰鼎盛中短债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=462247","linkType":"PDF","source":"csrc_pdf"}}]}