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国债收益率有所企稳。全年利率债收益率维持在低位窄幅震荡。流动性相对较差的信用债被大量折价抛售，信用利差快速上行，甚至超过年初高点。民生加银鑫通基金全年规模相对稳定，总体保持短久期利率债加商金债的策略，在二三季度持续加仓商金债，取得较好收益。11月份调整前进行了减仓，实操中低估了理财赎回潮带来调整压力，减仓力度偏弱，净值仍出现一定回撤。总体看全年实现较为稳健的收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:55.958Z","mo":"债市表现上，随着疫情影响消退，基本面特别是消费的改善，从预期层面料将带来利率调整压力，但如果后续政策力度或基本面表现不及预期，利率走势仍有波折。考虑到地产拖累、外需回落和消费改善的不确定性，基本面弱复苏的可能性较大。在经济确定性回归到合理增长区间之前，预计货币政策稳中偏松的基调不变，流动性环境有望延续“合理充裕”，因此利率债运行环境并不悲观。从经济增长到利率的映射看，10年期国债收益率中枢和高点预计也将明显低于2019年。相比之下，后半程随着不确定性因素增多，利率债波动和交易难度可能上升。信用债方面将更加重视流动性管理，侧重于短久期高等级品种，对弱资质或者长久期品种将更加谨慎对待。23年信用债整体投资策略以防守为主，控制久期，谨慎下沉信用资质。鑫通基金仍将以利率债及商金债为主要投资品种，控制信用风险的同时合理控制久期，以期实现较为稳健的投资收益。","fund":{"_id":3000000009256,"__csrcFundId":7431,"stockCode":"009256","shortName":"民生加银鑫通债券(009256)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9256,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:42:46.919Z","status":"normal","inceptionDate":"2020-04-14T16:00:00.000Z","name":"民生加银鑫通债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鑫通债券","setUpDate":"2020-04-14T16:00:00.000Z","setUpAssetScale":200017882,"setUpShares":200017882,"pinyin":"msjyxtzqxzqtzjj","managers":[{"stockCode":"j101020550","stockType":"fund_manager","exchange":"fm","tickerId":191210252950,"name":"宋立军"}]},"announcement":{"linkText":"民生加银鑫通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=865008","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc7f7fea5b3eb04c8f99","date":"2022-09-29T16:00:00.000Z","stockId":3000000009256,"sao":"2022年三季度宏观经济总体较二季度回暖，多数经济指标在曲折中回升，其中动能一方面是疫情后的自然修复，另一方面，稳增长政策在三季度边际加码并迅速发力，基建项目开工速度加快，成为稳定投资重要的压舱石。债券走势方面，8月份意外降息，收益率急速下行，9月份随着一系列房地产托底政策的颁布以及汇率的加速贬值，债券收益率回调明显。  2022年三季度本基金保持了相对稳定的规模，杠杆水平适中，保持一定仓位中短久期利率债，同时将部分信用债换为商金债，较好的控制了组合的信用风险，实现了较稳健的基金收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:55.955Z","fund":{"_id":3000000009256,"__csrcFundId":7431,"stockCode":"009256","shortName":"民生加银鑫通债券(009256)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9256,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:42:46.919Z","status":"normal","inceptionDate":"2020-04-14T16:00:00.000Z","name":"民生加银鑫通债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鑫通债券","setUpDate":"2020-04-14T16:00:00.000Z","setUpAssetScale":200017882,"setUpShares":200017882,"pinyin":"msjyxtzqxzqtzjj","managers":[{"stockCode":"j101020550","stockType":"fund_manager","exchange":"fm","tickerId":191210252950,"name":"宋立军"}]},"announcement":{"linkText":"民生加银鑫通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=806247","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc7f7fea5b3eb04c8f98","date":"2022-06-29T16:00:00.000Z","stockId":3000000009256,"sao":"2022 年上半年，债市收益率仍延续震荡形态，十年期国债收益率基本在“U型”底部2.7%-2.85%的区间内震荡。一季度，金融数据的成色是宽信用验证和收益率阶段性方向的主导因素；二季度以来，上海疫情走势成为重要的影响因素，债市在“宽信用”和“弱修复”之间的反复博弈，同时资金环境持续维持宽松，收益率始终未突破震荡形态。2022年上半年本基金规模较为稳定，维持中性偏短久期，配置方面以中高等级信用债为主，加仓部分股份制银行金融债，同时也保持一定杠杆水平，取得较稳健的基金收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:55.952Z","mo":"展望2022年下半年，随着高效疫情防控持续，政策将推动经济运行尽快回归正常轨道，因此下半年政策将持续围绕稳增长展开。后续政策将着力于稳岗稳就业以及绿色家电等扩消费政策，提升居民收入预期，改善居民生活质量。对于地产政策来说，预计对地产供需两端持续宽松，“保供楼”政策以及改善民营房企现金流困境是未来一段时间政策主要发力点。货币政策方面，下半年全面降准降息空间有限，将以结构性政策为主。在财政政策方面，预计下半年将主要做好当前稳增长政策的落实工作，早日形成实物工作量拉动就业与消费，对更多增量政策的出台可能较为谨慎。因此整体预计下半年将是一个“斜率平缓”的复苏，后续利率中枢水平会逐步上移，幅度取决于疫情防控政策调整和复工复产的推进速度，下半年进一步大幅降息概率很小，预计短端利率下行空间有限，维持偏谨慎配置。","fund":{"_id":3000000009256,"__csrcFundId":7431,"stockCode":"009256","shortName":"民生加银鑫通债券(009256)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9256,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:42:46.919Z","status":"normal","inceptionDate":"2020-04-14T16:00:00.000Z","name":"民生加银鑫通债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鑫通债券","setUpDate":"2020-04-14T16:00:00.000Z","setUpAssetScale":200017882,"setUpShares":200017882,"pinyin":"msjyxtzqxzqtzjj","managers":[{"stockCode":"j101020550","stockType":"fund_manager","exchange":"fm","tickerId":191210252950,"name":"宋立军"}]},"announcement":{"linkText":"民生加银鑫通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=780743","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc7f7fea5b3eb04c8f97","date":"2022-03-30T16:00:00.000Z","stockId":3000000009256,"sao":"2022年一季度债券市场走势呈先下行后上行的趋势，十年国债最低到达2.68%，最高到达2.85%。1月央行表示要把货币政策工具箱开得再大一些、靠前发力，央行下降1年期MLF和7天期OMO利率10bp，下调1年期LPR利率10bp，5年期以上LPR下调5bp。以此债市为宽货币主导的行情。2月及3月为宽信用预期逐渐加深主导的行情，MLF与LPR降息预期落空；同时房地产政策边际回暖，多地下调房贷利率。  2022年一季度本基金保持了相对稳定的规模，杠杆水平适中，主要以短久期中高等级信用债的配置为主，保持一定仓位中短久期利率债，较好的控制了组合的信用风险，实现了较稳健的基金收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:55.950Z","fund":{"_id":3000000009256,"__csrcFundId":7431,"stockCode":"009256","shortName":"民生加银鑫通债券(009256)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9256,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:42:46.919Z","status":"normal","inceptionDate":"2020-04-14T16:00:00.000Z","name":"民生加银鑫通债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鑫通债券","setUpDate":"2020-04-14T16:00:00.000Z","setUpAssetScale":200017882,"setUpShares":200017882,"pinyin":"msjyxtzqxzqtzjj","managers":[{"stockCode":"j101020550","stockType":"fund_manager","exchange":"fm","tickerId":191210252950,"name":"宋立军"}]},"announcement":{"linkText":"民生加银鑫通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=727543","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc7f7fea5b3eb04c8f96","date":"2021-12-30T16:00:00.000Z","stockId":3000000009256,"sao":"2021年利率债呈现“前高后低、中枢下行”的慢牛行情。10Y国债从年初3.14%上行到春节后高点3.28%，在央行对通胀超强定力和等不来供给的欠配逻辑下，下行到3.0%。7月初降准打开空间一路下行至8月初低点2.80%，10月再通胀交易回调至3.0%，11月地产风险发酵与紧信用加剧，经济下行压力加大，国债下行至2.80%低位。2021年本基金保持了相对稳定的规模，杠杆水平适中，主要以短久期中高等级信用债的配置为主，保持一定仓位中短久期利率债，较好的控制了组合的信用风险，实现了较稳健的基金收益。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:55.947Z","mo":"展望2022年，在基数效应影响下GDP呈现前低后高的走势，房地产下行风险仍是稳经济最大拖累项，“衰退-复苏”取决于政策对冲强度和宽信用效果，年初经济开局稳增长政策诉求较强。稳信用诉求需要稳中偏松的货币环境配合，政策组合仍为“宽货币+稳信用”，银行间流动性稳中偏宽松，预计社融同比增速10-11%，较去年修复幅度可能有限。全年看上半年在宽货币背景下债券有持续下行动力，随着宽信用的发力下半年有调整压力。","fund":{"_id":3000000009256,"__csrcFundId":7431,"stockCode":"009256","shortName":"民生加银鑫通债券(009256)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9256,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:42:46.919Z","status":"normal","inceptionDate":"2020-04-14T16:00:00.000Z","name":"民生加银鑫通债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鑫通债券","setUpDate":"2020-04-14T16:00:00.000Z","setUpAssetScale":200017882,"setUpShares":200017882,"pinyin":"msjyxtzqxzqtzjj","managers":[{"stockCode":"j101020550","stockType":"fund_manager","exchange":"fm","tickerId":191210252950,"name":"宋立军"}]},"announcement":{"linkText":"民生加银鑫通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=709841","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc7f7fea5b3eb04c8f95","date":"2021-09-29T16:00:00.000Z","stockId":3000000009256,"sao":"2021年三季度房地产投资出现加速下行、出口下行压力渐近，工业生产也在能耗双控、双碳等政策影响下出现调整，而消费在疫情点状爆发影响下一波三折，制造业投资缓慢复苏但仍面临利润分化的隐忧，整体反映三季度经济下行压力明显加大。债券走势方面7月初央行超预期降准，随后南京疫情发生，催生债券收益率快速下行。9月份因为供给回升、ppi走高、资金利率抬升等原因，债券进入震荡调整。  2021年三季度本基金保持了相对稳定的规模，杠杆水平适中，主要以短久期中高等级信用债的配置为主，保持一定仓位中短久期利率债，较好的控制了组合的信用风险，实现了较稳健的基金收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:55.944Z","fund":{"_id":3000000009256,"__csrcFundId":7431,"stockCode":"009256","shortName":"民生加银鑫通债券(009256)","fundSecondLevel":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