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1.6%-1.9%之间宽幅震荡。上半年，中债-新综合财富（总值）指数上涨1.05%。　　操作上，判断债市收益率以震荡行情为主，票息策略相对较优，策略上增配了中短久期的信用债，维持中性的久期和杠杆水平，根据市场做相应的调整，力争为组合带来相对确定和稳定的投资回报。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:43.911Z","mo":"从基本面来看，反内卷持续优化产业结构，工业品价格回暖或边际改善企业扩产意愿，然而出口高增面临回落压力，需求偏弱也对消费有所制约，加之地产和基建政策预期或逐步向现实层面回归，经济基本面修复成色待考。从资金面来看，公开市场操作（OMO）在税期、月末、季末等关键时点加量投放，也体现出央行呵护资金面的态度，基本面温和复苏的格局下，预计资金面收紧的概率有限。综合来看，通胀回温或将推升经济修复预期，但需求偏弱仍为主要掣肘，政策显效需要时间，基本面回温效果有待观察，预计货币政策仍将持续保持稳健，债市收益率大幅上行风险可控；但政策面的脉冲周期或在边际上对债券市场形成一定扰动，密切关注基本面的修复情况以及资金面的变化。","fund":{"_id":3000000009450,"__csrcFundId":7686,"stockCode":"009450","shortName":"中金新辉1年","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9450,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:16.718Z","status":"normal","inceptionDate":"2020-06-18T16:00:00.000Z","name":"中金新辉1年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金新辉1年","setUpDate":"2020-06-18T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"zjxh1ndqkfzqxfqszqtzjj","managers":[{"stockCode":"8801609356","stockType":"fund_manager","exchange":"fm","tickerId":41919195700,"name":"董珊珊"},{"stockCode":"db20558788","stockType":"fund_manager","exchange":"fm","tickerId":250806191890,"name":"尹海峰"}]},"announcement":{"linkText":"中金新辉1年定期开放债券型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1344760","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccaf7fea5b3eb04cc54a","date":"2025-03-30T16:00:00.000Z","stockId":3000000009450,"sao":"2025年一季度，海外经济方面，地缘政治局势复杂，美国关税政策不确定性提升，海外风险偏好再生波澜，全球降息节奏或将调整；国内经济方面，稳增长政策持续加力，地产及消费温和复苏；金融数据方面，贷款延续同比增幅放缓，政府债券发行提速，社融结构性修复有限；货币政策方面，MLF（中期借贷便利）投标机制改革，政策工具灵活投放，呵护银行间流动性平稳。　　整体而言，一季度债券市场利率债收益率总体呈震荡上行的走势。截至一季度末，中债国债、国开债到期收益率较去年四季度末相比，1年期分别+45BPs、+44BPs；3年期分别+42BPs、+32BPs；5年期分别+24BPs、+26BPs；10年期+14BPs、+11BPs。1月，资金利率高位震荡，而全球关税政策预期升温，收益率曲线演绎牛平；2月，春节复工以来银行融出有限，资金面持续收敛，加之权益市场强势上修，收益率有所上行；3月，资金利率没有明显回落，股市持续强劲，收益率曲线走出熊陡，而税期OMO（公开市场操作）由收转投，资金面有所缓解，全月收益率先上后下。一季度，中债-综合财富（总值）指数-0.61%。　　操作上，判断债市收益率以震荡行情为主，票息策略相对较优，策略上配置了中短久期的信用债和中长久期利率债，维持中性的久期和杠杆水平，根据市场做相应的调整，力争为组合带来相对确定和稳定的投资回报。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:43.908Z","fund":{"_id":3000000009450,"__csrcFundId":7686,"stockCode":"009450","shortName":"中金新辉1年","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9450,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:16.718Z","status":"normal","inceptionDate":"2020-06-18T16:00:00.000Z","name":"中金新辉1年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金新辉1年","setUpDate":"2020-06-18T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"zjxh1ndqkfzqxfqszqtzjj","managers":[{"stockCode":"8801609356","stockType":"fund_manager","exchange":"fm","tickerId":41919195700,"name":"董珊珊"},{"stockCode":"db20558788","stockType":"fund_manager","exchange":"fm","tickerId":250806191890,"name":"尹海峰"}]},"announcement":{"linkText":"中金新辉1年定期开放债券型发起式证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1275475","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccaf7fea5b3eb04cc549","date":"2024-12-30T16:00:00.000Z","stockId":3000000009450,"sao":"2024年，债券市场整体震荡走强，收益率曲线向下平移。1-2月，基本面持续偏弱，权益市场情绪较低迷，叠加OMO（公开市场操作）逐步加量，现券收益率曲线走平；3-4月，受两会政策预期、超长期特别国债供给担忧，以及监管机构规范城农商行超长债交易行为影响，叠加OMO 进一步缩量，现券收益率宽幅震荡，收益率曲线显著上移30BPs；5-6月，政治局会议推升双降预期，资金面整体平稳，债市基本面支撑仍在，但银行取消手工补息持续发酵、季末流动性因素及税期等因素的压力仍在，边际扰动持续，债券市场持续震荡；7-8月，央行宣布将开展国债借入操作，加之监管多次发声警示关注长债交易风险、强化区域性基金投资监管，债市做多情绪明显承压，但意外降息落地，交易商协会发声提振市场情绪，在人民币汇率升值、资金面持续均衡偏紧的状态下，收益率曲线持续平坦化下行；9月，组合政策出台，叠加重要会议提前讨论经济议题，权益脉冲行情压制债市做多，收益率曲线快速上移20-30BPs；10月，新一轮存款利率下调落地，住建部会议内容未超预期，稳增长博弈情绪降温，但财政政策预期持续扰动债市表现，现券收益率持续震荡；11月，化债政策正式落地，债券市场走出利空出尽的利多行情，叠加银行同业存款自律倡议实施向银行间释放更多货基资金，以及货币政策工具持续投放，资金面持续平稳，收益率持续震荡下行。截至2024年末，中债10年期国债到期收益率录得1.68%。　　全年来看，2024年中债1年期、10年期国债到期收益率较2023年末分别下行99.5BPs、88BPs，收益率曲线整体向下平移，中债新综合指数全年上涨7.60%。从债券的细分品种看，利率债回报优于信用债，长端回报优于短端，中低等级信用品种回报优于中高等级。　　报告期内，本基金以3年以内中高等级信用债及骑乘较好的利率债为主，维持中性的久期和中性略高的杠杆水平，根据市场及组合规模变化做相应的调整，力争为组合带来相对确定和稳定的投资回报。此外，组合还适时进行利率债波段操作以增强收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:43.905Z","mo":"展望2025年，稳增长政策有望持续发力，中央财政预计维持积极，且全球流动性宽松也有助于外需共振修复，预计国内经济延续温和复苏。货币政策方面，综合楼市库存去化、降低实际利率、提振融资需求等方面的考量，加之12月政治局会议定调货币政策“适度宽松”，货币宽松周期预计仍将延续。整体来看，考虑到地产周期短期仍难有明显改善，实际利率维持高位，地方债务压力仍需化解，加之海外经济体政策端的不确定性，国内货币宽松难言完结，降准降息均有落地空间，配置盘的配置需求仍然旺盛，债券市场中期或仍是顺风逻辑。","fund":{"_id":3000000009450,"__csrcFundId":7686,"stockCode":"009450","shortName":"中金新辉1年","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9450,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:16.718Z","status":"normal","inceptionDate":"2020-06-18T16:00:00.000Z","name":"中金新辉1年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金新辉1年","setUpDate":"2020-06-18T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"zjxh1ndqkfzqxfqszqtzjj","managers":[{"stockCode":"8801609356","stockType":"fund_manager","exchange":"fm","tickerId":41919195700,"name":"董珊珊"},{"stockCode":"db20558788","stockType":"fund_manager","exchange":"fm","tickerId":250806191890,"name":"尹海峰"}]},"announcement":{"linkText":"中金新辉1年定期开放债券型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1248634","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccaf7fea5b3eb04cc548","date":"2024-09-29T16:00:00.000Z","stockId":3000000009450,"sao":"2024年三季度，海外经济方面，地缘政治紧张局势加剧，大宗商品价格先跌后涨，美国降息落地，通胀逐步修复，后续降息节奏难言顺畅；国内经济方面，组合政策落地，短期楼市边际回暖，但有效需求持续偏弱，社零修复斜率有限，政策效果有待观察；金融数据方面，债券供给持续增加，社融同比增长有限，票据规模占比较高，信贷有效需求仍待提升；货币政策方面，公开市场操作（OMO）重要时点加量投放，体现出政策对基本面持续呵护。　　整体而言，三季度债券市场利率债收益率总体呈先下后上的走势。截至三季度末，中债国债、国开债到期收益率较二季度末相比，1年期分别变动-17BPs、-4BPs；3年期分别变动-23BPs、-6BPs；5年期分别变动-14BPs、-8BPs；10年期分别变动-5BPs、-5BPs。7月，央行预告将开展国债借入操作，全品种收益率快速上行，而三中全会内容稳中求进，叠加降息超预期落地，债券收益率震荡下行；8月，保险利率调降，而央行开展国债买卖操作，资金面有所反复，全月收益率震荡上行；9月，基本面修复有限，官宣降准仍有空间，上旬收益率重回下行通道，但下旬组合政策出台，权益脉冲情绪压制债市情绪，收益率快速回调。三季度，中债-综合财富（总值）指数上涨0.90%。 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2.20%-2.56%之间波动。上半年，中债-新综合财富（总值）指数上涨 3.77%。　　操作上，判断债市收益率以震荡行情为主，票息策略相对较优，策略上增配了中短久期的信用债，维持中性的久期和中性略高的杠杆水平，根据市场做相应的调整，力争为组合带来相对确定和稳定的投资回报。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:43.899Z","mo":"从基本面来看，修复成色有待观察。财政政策预计仍将保持积极，外部约束松动有助于国内出口和制造业表现，预计国内经济有望温和修复，但楼市政策松动，地产周期表现仍需观察。　　从资金面来看，公开市场操作（OMO）在税期、月末、季末等关键时点加量投放，也体现出央行呵护资金面的态度，基本面温和复苏的格局下，预计资金面收紧的概率有限。　　综上，稳增长权重或将提升，但需求偏弱掣肘经济修复，政策显效需要时间，基本面回温效果有待观察，货币政策预计持续保持稳健，债市收益率大幅上行风险可控；但政策面的脉冲周期或在边际上对债券市场形成一定扰动，密切关注基本面的修复情况以及资金面的变化。","fund":{"_id":3000000009450,"__csrcFundId":7686,"stockCode":"009450","shortName":"中金新辉1年","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9450,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:16.718Z","status":"normal","inceptionDate":"2020-06-18T16:00:00.000Z","name":"中金新辉1年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金新辉1年","setUpDate":"2020-06-18T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"zjxh1ndqkfzqxfqszqtzjj","managers":[{"stockCode":"8801609356","stockType":"fund_manager","exchange":"fm","tickerId":41919195700,"name":"董珊珊"},{"stockCode":"db20558788","stockType":"fund_manager","exchange":"fm","tickerId":250806191890,"name":"尹海峰"}]},"announcement":{"linkText":"中金新辉1年定期开放债券型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1152373","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccaf7fea5b3eb04cc546","date":"2024-03-30T16:00:00.000Z","stockId":3000000009450,"sao":"2024年一季度，海外经济方面，地缘政治局势复杂多变，大宗商品价格持续走高，美国通胀持续强劲，美联储降息时点或将晚于市场预期；国内经济方面，基建地产持续边际修复，订单增加带动出口回温，但有效需求持续偏弱，消费增速也有所放缓，经济基本面持续偏弱复苏；金融数据方面，社融信贷总量尚可，但结构改善有限，贷款需求不高，企业扩产意愿偏弱；货币政策方面，公开市场操作（OMO）重回常态化操作，中期借贷便利（MLF）减量续作，叠加降准仍有一定空间，政策对基本面持续呵护。　　整体而言，一季度债券市场利率债收益率总体呈震荡下行的走势。截至一季度末，中债国债、国开债到期收益率较四季度末相比，1年期分别-36BPs、-36BPs；3年期分别-26BPs、-17BPs；5年期分别-20BPs、-22BPs；10年期-27BPs、-27BPs。1月，年初资金面先紧后松，但基本面持续偏弱，现券收益率平坦化下行；2月，春节后资金面均衡，稳增长政策效果有限，现券收益率震荡下行、由平走陡；3月，两会目标温和，但超长期特别国债供给担忧升温，现券收益率快速上行，长端表现弱于短端，但资金面持续平稳，债券供给弱于往年同期，叠加经济修复斜率温和，现券收益率重回震荡下行。一季度，中债-综合财富（总值）指数上涨1.99%。　　操作上，判断债市收益率以震荡行情为主，票息策略相对较优，策略上增配了中短久期的信用债，维持中性的久期和中性略高的杠杆水平，根据市场做相应的调整，力争为组合带来相对确定和稳定的投资回报。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:43.897Z","fund":{"_id":3000000009450,"__csrcFundId":7686,"stockCode":"009450","shortName":"中金新辉1年","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9450,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:16.718Z","status":"normal","inceptionDate":"2020-06-18T16:00:00.000Z","name":"中金新辉1年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金新辉1年","setUpDate":"2020-06-18T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"zjxh1ndqkfzqxfqszqtzjj","managers":[{"stockCode":"8801609356","stockType":"fund_manager","exchange":"fm","tickerId":41919195700,"name":"董珊珊"},{"stockCode":"db20558788","stockType":"fund_manager","exchange":"fm","tickerId":250806191890,"name":"尹海峰"}]},"announcement":{"linkText":"中金新辉1年定期开放债券型发起式证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1074546","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccaf7fea5b3eb04cc545","date":"2023-12-30T16:00:00.000Z","stockId":3000000009450,"sao":"2023年，债券市场整体震荡走强，收益率曲线持续走平。年初，中期借贷便利（MLF）等价超额续作，降准降息预期落空，加之税期和春节季节性效应，资金面边际收敛，收益率曲线向上走平；3月以来，两会目标设定整体温和，先后降准落地、银行存款基准利率下调，资金面持续平稳，加之企业利润偏弱，基本面修复斜率有限，债券市场整体走强，收益率震荡下行；6月上旬，降息落地，债市收益率快速下行，而中下旬税期走款+季末因素扰动显现，资金面有所收敛，债市收益率小幅向上调整，但随着央行净投放逐步加量，资金面收敛有所缓解，债市收益率由上转下；进入三季度，基本面仍对债券市场有一定支撑，降息超预期落地+税期资金面收敛，收益率曲线平坦化下行；9月，楼市政策加力+人民币汇率承压，收益率震荡上行；10月，节后资金面先紧后松，现券收益率先上后下；11月，资金面均衡偏紧，经济数据偏弱，基本面修复斜率偏低，现券收益率曲线平坦化下行；12月，穆迪下调中国评级展望，政治局会议符合市场预期，加之中期借贷便利（MLF）超续对冲税期扰动、跨年公开市场操作（OMO）加量投放、存款基准利率下调，资金面整体平稳，现券收益率曲线下移，短端表现好于中长端。截至2023年末，中债10年期国债到期收益率录得2.56%。　　全年来看，2023年中债1年期国债到期收益率、中债10年期国债到期收益率较2022年末分别下行2BPs、下行28BPs，收益率曲线整体呈震荡走平，中债新综合指数全年上涨4.77% 。从债券的细分品种看，信用债回报优于利率债，长端回报优于短端，中低等级信用品种回报优于中高等级。　　报告期内，本基金以3年以内中高等级信用债及骑乘较好的利率债为主，维持中性的久期和中性略高的杠杆水平，根据市场及组合规模变化做相应的调整，力争为组合带来相对确定和稳定的投资回报。此外，组合还适时进行利率债波段操作以增强收益。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:43.894Z","mo":"展望2024年，考虑到中央财政预计维持积极，且外部约束松动有助于国内出口和制造业表现，预计国内经济有望延续修复。货币政策方面，在财政更加积极、三大工程改造稳步推进的背景下，加之美联储有望结束紧缩周期，全年降准降息仍有望持续发力，PSL、再贷款等结构性货币政策工具也有加码空间。我们预判2024年债券收益率震荡下行，整体来看，考虑到中央财政预计维持积极，且外部约束松动有助于国内出口和制造业表现，预计国内经济有望温和修复，但地产周期短期仍难有明显改善，且目前国内实际利率偏高，预计国内货币政策维持宽松，降准、降息等工具均有落地空间，债券收益率中枢有望下移。","fund":{"_id":3000000009450,"__csrcFundId":7686,"stockCode":"009450","shortName":"中金新辉1年","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9450,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:16.718Z","status":"normal","inceptionDate":"2020-06-18T16:00:00.000Z","name":"中金新辉1年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金新辉1年","setUpDate":"2020-06-18T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"zjxh1ndqkfzqxfqszqtzjj","managers":[{"stockCode":"8801609356","stockType":"fund_manager","exchange":"fm","tickerId":41919195700,"name":"董珊珊"},{"stockCode":"db20558788","stockType":"fund_manager","exchange":"fm","tickerId":250806191890,"name":"尹海峰"}]},"announcement":{"linkText":"中金新辉1年定期开放债券型发起式证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1056618","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccaf7fea5b3eb04cc544","date":"2023-09-29T16:00:00.000Z","stockId":3000000009450,"sao":"2023年三季度，海外经济方面，地缘政治局势动荡，大宗商品价格震荡上行，美联储持续小幅加息，通胀有所降温；国内经济方面，基金维持高位，地产景气度边际提升，消费有所改善，但内需持续偏弱，拿地意愿有限，加之海外局势复杂，外部需求不确定性进一步走高，出口修复斜率有限，经济基本面持续偏弱复苏；金融数据方面，社融信贷总量尚可，但结构有所不足，贷款需求不高，财政支出偏缓；货币政策方面，降准降息连续意外落地，央行持续灵活投放公开市场操作（OMO），政策基调仍保持稳健。　　整体而言，三季度债券市场利率债收益率总体呈先下后上的走势。截至三季度末，中债国债、国开债到期收益率较二季度末相比，1年期分别+30BPs、+16BPs；3年期分别+15BPs、+8BPs；5年期分别+10BPs、+4BPs；10年期+4BPs、-3BPs。7月，资金面宽松+基本面温和复苏，债市收益率持续震荡下行，而月末重要会议召开，稳增长预期升温，收益率曲线有所上移；8月，降息超预期落地+税期资金面收敛，收益率曲线平坦化下行；9月，楼市政策加力叠加人民币汇率承压，收益率震荡上行。三季度，中债-综合财富（总值）指数上涨0.68%。　　操作上，判断债市收益率以震荡行情为主，票息策略相对较优，策略上调降了中短久期信用债仓位，维持中性的久期和中性略高的杠杆水平，根据市场做相应的调整，力争为组合带来相对确定和稳定的投资回报。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:43.891Z","fund":{"_id":3000000009450,"__csrcFundId":7686,"stockCode":"009450","shortName":"中金新辉1年","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9450,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:16.718Z","status":"normal","inceptionDate":"2020-06-18T16:00:00.000Z","name":"中金新辉1年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金新辉1年","setUpDate":"2020-06-18T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"zjxh1ndqkfzqxfqszqtzjj","managers":[{"stockCode":"8801609356","stockType":"fund_manager","exchange":"fm","tickerId":41919195700,"name":"董珊珊"},{"stockCode":"db20558788","stockType":"fund_manager","exchange":"fm","tickerId":250806191890,"name":"尹海峰"}]},"announcement":{"linkText":"中金新辉1年定期开放债券型发起式证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=990910","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccaf7fea5b3eb04cc543","date":"2023-06-29T16:00:00.000Z","stockId":3000000009450,"sao":"2023年上半年，宏观经济方面，基本面温和复苏。年初疫后修复，地产销售逐步回温，消费有所好转，经济出现复苏迹象；两会确定全年经济增长目标，但需求偏弱，掣肘基本面复苏。从结构来看，基建持续高增，疫后消费、楼市销售等积压需求有所释放，但社融、信贷同比逐步走弱，地产持续低迷，加之海外需求不佳，出口修复斜率有限，经济基本面持续偏弱复苏。　　资金面方面，为配合稳增长政策逐步显效，央行3月降准、6月降息，并在缴税、月末季末等关键时点灵活投放公开市场操作（OMO）呵护市场流动性，货币政策持续保持稳健。　　债券市场方面，年初疫后修复需求集中释放，基本面有所回暖，随后内需偏弱+外需不佳制约经济复苏，上半年债券市场走势持续震荡，中债10年期国债到期收益率整体在 2.61%-2.93%之间波动。上半年，中债-新综合财富（总值）指数上涨 2.63%。　　操作上，判断债市收益率以震荡的行情为主，以票息策略为主要运作思路，策略上调增了中短久期信用债仓位水平、调降了利率债仓位水平，维持中性的久期和中性略高的杠杆水平，根据市场做相应的调整，力争为组合带来相对确定和稳定的投资回报。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:43.888Z","mo":"从基本面来看，修复成色有待观察。从最新PMI来看，随着前期降息落地，叠加扩内需促消费等政策陆续出台，制造业PMI略好于前值，但读数仍位于荣枯线以下，或也表明国内需求环比有所修复、但整体仍相对偏弱；新出口订单景气度进一步回落，结合全球经济现状来看，或也表明海外通胀高企制约外需表现。当前供给端政策有所加码，传导至需求端尚需时间，经济改善仍具有一定不确定性。　　从资金面来看，公开市场操作（OMO）在税期、月末、季末等关键时点加量投放，也体现出央行呵护资金面的态度，基本面温和复苏的格局下，预计资金面收紧的概率有限。　　综上，下半年稳增长权重或将提升，但需求偏弱掣肘经济修复，政策显效需要时间，基本面回温效果有待观察，加之政治局会议定调下半年经济稳中求进，货币政策仍将持续保持稳健，债市收益率大幅上行风险可控；但政策面的脉冲周期或在边际上对债券市场形成一定扰动，密切关注基本面的修复情况以及资金面的变化。","fund":{"_id":3000000009450,"__csrcFundId":7686,"stockCode":"009450","shortName":"中金新辉1年","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9450,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:16.718Z","status":"normal","inceptionDate":"2020-06-18T16:00:00.000Z","name":"中金新辉1年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金新辉1年","setUpDate":"2020-06-18T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"zjxh1ndqkfzqxfqszqtzjj","managers":[{"stockCode":"8801609356","stockType":"fund_manager","exchange":"fm","tickerId":41919195700,"name":"董珊珊"},{"stockCode":"db20558788","stockType":"fund_manager","exchange":"fm","tickerId":250806191890,"name":"尹海峰"}]},"announcement":{"linkText":"中金新辉1年定期开放债券型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=965060","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccaf7fea5b3eb04cc542","date":"2023-03-30T16:00:00.000Z","stockId":3000000009450,"sao":"2023年一季度，海外经济方面，地缘政治局势复杂，银行流动性风险事件发酵，大宗商品价格有所回落，美联储加息节奏放缓；国内经济方面，“两会”确定经济增长目标，稳增长政策陆续显效，基建持续高增，地产销售逐步回温，消费有所好转，但工业企业利润仍面临考验，拿地低迷掣肘地产景气修复，加之海外需求疲软，出口持续回落，经济基本面偏弱复苏；金融数据方面，社融信贷总量持续走强，结构有待改善，居民储蓄仍在高位，中长期贷款需求修复尚需时间；货币政策方面，降准意外落地，中期借贷便利（MLF）超量续做，加之央行灵活投放公开市场操作（OMO）持续呵护资金面平稳，政策基调保持稳健。　　整体而言，一季度债券市场利率债收益率呈现先上后下、总体震荡上行的走势，而受年初以来债券供给较少、配置需求旺盛的影响，信用债收益率震荡下行。截至一季度末，中债国债、国开债到期收益率较去年四季度末相比，1年期分别+14BPs、+16BPs；3年期分别+10BPs、+12BPs；5年期分别+4BPs、-1BP；10年期+2BPs、+3BPs。1月，中期借贷便利（MLF）等价超额续作，降准降息预期落空，加之税期+春节季节性效应，资金面边际收敛，债市收益率震荡上行；2月，春节后高频数据温和回暖，税期扰动+银行超储偏低+中期借贷便利（MLF）超额续作规模有限，资金面波动加剧，债市收益率震荡上行；3月，两会目标设定整体温和，叠加中期借贷便利（MLF）等价超额续作+降准意外落地+公开市场操作（OMO）灵活投放，债市收益率震荡下行。一季度，中债-综合财富（总值）指数上涨1.00%。　　操作上，判断债市收益率以震荡行情为主，票息策略相对较优，策略上配置了中短久期的信用债、调降了利率债仓位，维持中性的久期和中性略高的杠杆水平，根据市场做相应的调整，力争为组合带来相对确定和稳定的投资回报。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:43.885Z","fund":{"_id":3000000009450,"__csrcFundId":7686,"stockCode":"009450","shortName":"中金新辉1年","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9450,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:16.718Z","status":"normal","inceptionDate":"2020-06-18T16:00:00.000Z","name":"中金新辉1年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金新辉1年","setUpDate":"2020-06-18T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"zjxh1ndqkfzqxfqszqtzjj","managers":[{"stockCode":"8801609356","stockType":"fund_manager","exchange":"fm","tickerId":41919195700,"name":"董珊珊"},{"stockCode":"db20558788","stockType":"fund_manager","exchange":"fm","tickerId":250806191890,"name":"尹海峰"}]},"announcement":{"linkText":"中金新辉1年定期开放债券型发起式证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=883367","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccaf7fea5b3eb04cc541","date":"2022-12-30T16:00:00.000Z","stockId":3000000009450,"sao":"2022年，债券市场整体持续震荡。年初，降息落地，现券收益率快速下行；随后跨春节资金面边际收敛，俄乌战争爆发，两会定调经济增长目标，叠加市场出现赎回负反馈，现券收益率持续震荡上行；4月以来，多地疫情散发，对经济形成一定拖累，现券收益率有所下行；5月末开始，疫情逐步转好，复工复产有序推进，加之稳增长政策持续发力，现券收益率震荡向上；进入三季度，地产风险担忧升温，政治局会议确认经济下行压力增加，叠加超预期降息落地，现券收益率震荡下行；9月，美国通胀走高，人民币汇率快速贬值，加之地产政策再度发力，PMI回到荣枯线之上，现券收益率震荡上行；10月，人民币汇率贬值压力缓解，宏观数据平平，基本面仍持续偏弱运行，现券收益率震荡下行；11月中上旬，防疫20条+地产第二支箭，资金面收敛+市场赎回负反馈再起，现券收益率快速大幅上行，截至11月16日，中债10年期国债到期收益率较月初上升17BPs至2.83%；11月下旬至年末，降准落地+央行加量投放跨年资金，年末资金面逐步转松，加之美联储加息放缓，现券收益率有所下行。截至2022年末，中债10年期国债到期收益率录得2.84%。　　全年来看，2022年中债1年期国债到期收益率、中债10年期国债到期收益率较2021年末分别下行15BPs、上行6BPs，收益率曲线整体呈震荡走势，中债新综合指数全年上涨3.30%，回报率高于股票。从债券的细分品种看，利率债回报优于信用债，短端回报优于长端，中低等级信用品种回报优于中高等级。　　报告期内，本基金以3年以内中高等级信用债及中短久期利率债为主，维持中性的久期和中性略高的杠杆水平，根据市场及组合规模变化做相应的调整，力争为组合带来相对确定和稳定的投资回报。此外，组合还适时进行利率债波段操作以增强收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:43.883Z","mo":"展望2023年，地产周期走势、海外通胀扰动均存在较大不确定性，但国内疫情防控政策持续优化，产需逐渐回温，预计经济延续温和修复。货币政策方面，在国内经济基本面逐步修复、稳增长方向相对明确的背景下，资金环境整体上或仍将宽松,而波动或将加大。二季度后，还需关注“稳增长”政策的实际效果、信贷数据的结构改善、地产景气度的修复成色、以及市场对货币宽松预期的态度变化所带来的影响。我们预判2023年债市整体偏震荡，分期限看，稳增长政策持续发力，长端利率或有一定波动；而在货币政策维持稳健的环境下，中短端或仍是确定性更强的品种。信用债方面，2022年地产风险事件频发，叠加市场赎回负反馈持续扰动，信用债收益率整体有所上行，2023年仍需防范信用违约风险及市场赎回带来的螺旋效应，重点关注部分区域弱资质平台债务接续进展。","fund":{"_id":3000000009450,"__csrcFundId":7686,"stockCode":"009450","shortName":"中金新辉1年","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","mar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2.68%-2.85%之间波动。上半年，中债-新综合财富（总值）指数上涨 1.83%。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:43.877Z","mo":"从国内宏观经济基本面来看，基本面将持续修复，成色有待观察。国内生产动能边际转弱，海外通胀高企制约外需复苏，随着稳增长存量政策逐步落地，需求端回温仍有一定空间，经济内生动能修复可期。  从资金面方面来看，7月以来央行频繁调整公开市场操作（OMO）规模，更多是引导市场优先关注资金价格变化，基本面弱复苏格局下，预计资金面收紧概率不大。  综上，下半年经济逐步回温，资金面持续宽松，债市收益率快速上行风险不大。从政策层面来看，政治局会议定调下半年经济以稳为主，流动性宽松变盘概率较小；从债券供给来看，今年专项债已集中发行完毕，供给侧对债市影响可控。但仍需警惕对债市扰动的因素出现，比如银行间资金价格逐步回升，地产行业低迷显著改善等。整体上看，预计债券市场仍将持续震荡，密切关注基本面的修复效果以及资金面的变化。","fund":{"_id":3000000009450,"__csrcFundId":7686,"stockCode":"009450","shortName":"中金新辉1年","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9450,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:16.718Z","status":"normal","inceptionDate":"2020-06-18T16:00:00.000Z","name":"中金新辉1年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金新辉1年","setUpDate":"2020-06-18T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"zjxh1ndqkfzqxfqszqtzjj","managers":[{"stockCode":"8801609356","stockType":"fund_manager","exchange":"fm","tickerId":41919195700,"name":"董珊珊"},{"stockCode":"db20558788","stockType":"fund_manager","exchange":"fm","tickerId":250806191890,"name":"尹海峰"}]},"announcement":{"linkText":"中金新辉1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=786624","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccaf7fea5b3eb04cc53e","date":"2022-03-30T16:00:00.000Z","stockId":3000000009450,"sao":"2022年一季度，海外经济方面，俄乌战争爆发，全球大宗商品价格上涨，海外通胀担忧升温，美国进入加息周期，并多次表态后续加快加息节奏，美债收益率快速上行，出现中短期限收益率倒挂长期限的现象，中美利差有所收窄。国内经济方面，“两会”确定经济增长目标，定调稳增长方向，但部分地区疫情超预期扩散，PMI（采购经理指数）均回落至荣枯线以下，经济总体景气水平有所回落，原材料价格及出厂价格边际上涨，企业成本压力仍未缓解，新订单数量下降，经济基本面修复步伐放缓。金融数据方面，社融信贷总量强、结构弱，居民贷款同比减少体现需求端尚待改善；货币政策方面，央行调降MLF及LPR利率，并通过每日公开市场操作以及月末季末的加量投放逆回购，释放了保持流动性整体宽松的信号，资金利率水平整体保持平稳。  整体而言，一季度债券市场收益率下行后呈现震荡上行的态势。1月开年以来，主要受央行降息的影响，债券收益率曲线整体下移，1年期中债国债到期收益率月末收于1.95%,较上月末下行29.2BPs，10年期中债国债到期收益率月中最低收于2.67%；2月，社融信贷同比数据超预期增长，楼市政策松动初显稳增长信号，加之俄乌冲突抬升大宗商品价格，全球通胀担忧升温，债市收益率有所上行；3月，降准降息预期落空，宏观数据超预期增长，股市大幅调整，银行理财净值下跌，债市收益率中短端有所上行、长端变化较小。一季度，中债-综合财富（总值）指数上涨0.77%。  操作上，判断债市收益率以震荡的行情为主，策略上增配了中短久期信用债，减持中长久期利率债，维持中性的久期和杠杆水平，根据市场及组合规模变化做相应的调整，力争为组合带来相对确定和稳定的投资回报。此外，组合还适时进行利率债波段操作以增强收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:43.875Z","fund":{"_id":3000000009450,"__csrcFundId":7686,"stockCode":"009450","shortName":"中金新辉1年","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9450,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:16.718Z","status":"normal","inceptionDate":"2020-06-18T16:00:00.000Z","name":"中金新辉1年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金新辉1年","setUpDate":"2020-06-18T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"zjxh1ndqkfzqxfqszqtzjj","managers":[{"stockCode":"8801609356","stockType":"fund_manager","exchange":"fm","tickerId":41919195700,"name":"董珊珊"},{"stockCode":"db20558788","stockType":"fund_manager","exchange":"fm","tickerId":250806191890,"name":"尹海峰"}]},"announcement":{"linkText":"中金新辉1年定期开放债券型发起式证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=728776","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccaf7fea5b3eb04cc53d","date":"2021-12-30T16:00:00.000Z","stockId":3000000009450,"sao":"2021年，债券市场整体震荡走强。年初，央行公开市场操作偏谨慎，流动性边际收敛，市场对货币政策转向担忧升温，债券市场情绪偏弱，随后春节期间海外大宗商品价格快速上涨带动再通胀预期升温，现券利率显著上行。进入3月后，资金面整体平稳，政府工作报告设定GDP增速目标偏低，中美高层战略对话气氛紧张，美欧针对涉疆问题制裁中国，政治局会议“保持宏观政策连续性、稳定性、可持续性”的会议精神缓解市场对货币政策转向的担忧，叠加7月央行开展降准操作及海外变异病毒肆虐，现券利率显著下行，截至8月5日，中债10年期国债到期收益率降至2.80%。此后，理财成本法整改担忧发酵，专项债发行提速，国内煤炭和生猪价格快涨，外围货币政策收紧预期升温，现券利率有所回升，截至10月18日，中债10年期国债到期收益率升至3.04%。自10月下旬开始，工业品价格中枢回落，地产信用风险发酵，央行再次降准，宽货币预期持续升温，叠加国内疫情再生反复，现券利率重回下行通道，截至2021年末，中债10年期国债到期收益率录得2.78%。全年来看，2021年中债1年期国债到期收益率、中债10年期国债到期收益率较2020年末分别下降23BPs、37BPs，收益率曲线整体呈震荡下行走势 ，中债新综合指数全年上涨5.09%，回报率低于股票、商品等资产。从债券的细分品种看，利率债回报优于信用债，长端回报优于短端，中低等级信用品种回报优于中高等级。 报告期内，本基金以3年以内中高等级信用债及中长久期利率债为主，维持中性略高的久期和中性杠杆水平，根据市场及组合规模变化做相应的调整，力争为组合带来相对确定和稳定的投资回报。此外，组合还适时进行利率债波段操作以增强收益。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:43.872Z","mo":"展望2022年，在财政政策前置、信贷投放加码以及宽信用逐渐显效的综合作用下，国内经济基本面有望边际企稳，但消费及地产的弱景气或对宽信用政策显效造成一定冲击，加之疫情反复制约消费复苏，预计国内经济大概率维持弱复苏格局，但需密切关注地产投资边际变化对经济基本面的影响。货币政策方面，在国内经济基本面弱复苏、稳增长方向相对明确的背景下，资金环境大概率维持宽松。二季度后，还需关注“稳增长” 政策的实际效果，信贷数据及出口高增的可持续性,以及市场对货币宽松预期的态度变化所带来的影响。我们预判2022年债市整体偏震荡，分期限看，综合考虑经济周期、通胀周期等因素，长端利率或有一定波动；而在货币政策维持稳健、曲线形态偏平坦化的环境下，中短端或是确定性更强的品种。信用债方面，2021年信用风险事件频发，违约债券金额继续维持高位，2022年仍需防范信用违约风险，重点关注地方政府融资平台政策收紧以及地产行业超预期下行导致的风险传导。","fund":{"_id":3000000009450,"__csrcFundId":7686,"stockCode":"009450","shortName":"中金新辉1年","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9450,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:16.718Z","status":"normal","inceptionDate":"2020-06-18T16:00:00.000Z","name":"中金新辉1年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金新辉1年","setUpDate":"2020-06-18T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"zjxh1ndqkfzqxfqszqtzjj","managers":[{"stockCode":"8801609356","stockType":"fund_manager","exchange":"fm","tickerId":41919195700,"name":"董珊珊"},{"stockCode":"db20558788","stockType":"fund_manager","exchange":"fm","tickerId":250806191890,"name":"尹海峰"}]},"announcement":{"linkText":"中金新辉1年定期开放债券型发起式证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=715366","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccaf7fea5b3eb04cc53c","date":"2021-09-29T16:00:00.000Z","stockId":3000000009450,"sao":"2021年三季度，在国内疫情时有反复、能源双控愈演愈烈的背景下，经济动能延续回落态势，经济下行压力较大。通胀方面，原材料供需缺口依然存在，PPI维持较高水平。经济总体呈现类滞胀特征。7月份的超预期降准表明货币政策维持中性偏稳态度，但是资金价格依然围绕OMO上下波动，并未呈现大幅下行态势，显示资金面依然维持量宽价稳态势。政策方面，理财整改等监管政策出台对市场造成阶段性扰动。2021年三季度，10年期国债收益率呈现震荡下行后小幅上行的走势。7月份债市整体走势主要受超预期降准的影响，债市曲线整体下移。8、9月份受到经济、金融数据整体走弱，货币政策量宽价稳及宽信用预期发酵等综合因素影响，收益率曲线呈现短端上行、长端窄幅震荡、期限利差收窄的态势。截至9月30日，中债1年期国债到期收益率为2.33%，较2021年二季度末下行10bp，中债10年期国债到期收益率为2.88%，较2021年二季度末下行20bp。操作上，本基金在7月份规模扩大，判断市场仍以震荡行情为主，策略上增配了中短久期信用债和中长久期利率债，维持中性略高的久期和中性杠杆水平，根据市场及组合规模变化做相应的调整，力争为组合带来相对确定和稳定的投资回报。此外，组合还适时进行利率债波段操作以增强收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:43.870Z","fund":{"_id":3000000009450,"__csrcFundId":7686,"stockCode":"009450","shortName":"中金新辉1年","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9450,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:16.718Z","status":"normal","inceptionDate":"2020-06-18T16:00:00.000Z","name":"中金新辉1年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金新辉1年","setUpDate":"2020-06-18T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"zjxh1ndqkfzqxfqszqtzjj","managers":[{"stockCode":"8801609356","stockType":"fund_manager","exchange":"fm","tickerId":41919195700,"name":"董珊珊"},{"stockCode":"db20558788","stockType":"fund_manager","exchange":"fm","tickerId":250806191890,"name":"尹海峰"}]},"announcement":{"linkText":"中金新辉1年定期开放债券型发起式证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=657654","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccaf7fea5b3eb04cc53b","date":"2021-06-29T16:00:00.000Z","stockId":3000000009450,"sao":"2021年上半年，经济动能自年初以来呈回落态势，但韧性较强，截至6月仍处于相对以往周期的中性偏高水平。社融增速持续放缓，今年上半年在高基数背景下加速回落至11.0%附近，与2018-2019年的低位水平大致相当。从结构上看，年初以来地产韧性较强，但近期地产销售同比转负；基建相对疲弱；疫情以来居民消费的恢复持续低于预期；出口较为稳健。通胀方面，6月PPI同比较前值小幅回落，可能已经达到全年拐点；另一方面，由于居民终端需求相对疲弱，本轮CPI始终未见起色。资金面方面，除1月中下旬资金面较为紧张之外，其余时间保持宽松。货币政策仍然处在总量充裕区间，跨季央行通过公开市场操作小幅投放流动性。债券市场方面，上半年地方债供给压力小，非银杠杆偏低，配置力量强劲，债券市场走势震荡偏强，10年期国债利率整体在3.0%-3.3%之间波动。上半年，中债-新综合财富（总值）指数上涨2.14%。本报告期内，本基金操作策略上仍然以利率债和高等级信用债为主，维持中性久期和中性杠杆，根据市场及组合规模变化做相应的调整，力争为组合带来相对确定和稳定的投资回报。此外，组合还适时进行利率债波段操作以增强收益。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:43.866Z","mo":"从国内宏观经济基本面来看，经济动能大概率延续下行趋势，PPI后续预计同比回落且全面通胀的压力较小。预计地产后续大概率逐步降温趋势；在严控地方债务的背景下对基建的预期不宜过高；出口预计后续难以再次显著走高，但需密切观察外需的持续性。资金面方面，七月伊始，央行超预期降准部分扭转了年初以来股债两市对政策紧缩的担忧。7月30日的政治局会议对货币政策的定调维持“稳健的货币政策要保持流动性合理充裕”，短期内流动性收紧的概率不大。综上，下半年经济增长和通货膨胀预期都较上半年更低、对利率债走势构成基本面支撑；从政策面的表态及操作层面来看，流动性宽松的预期依然存在；从市场供需环境看，需求侧依然能对债券形成支撑。但也有一些对债券市场的扰动因素，比如下半年地方债供给增加，四季度再次降准的可能性；同时，基本面和政策面的可能变化、外部美联储的taper进程也需要密切关注。整体上，预计债券市场还是维持震荡偏强格局。","fund":{"_id":3000000009450,"__csrcFundId":7686,"stockCode":"009450","shortName":"中金新辉1年","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9450,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:16.718Z","status":"normal","inceptionDate":"2020-06-18T16:00:00.000Z","name":"中金新辉1年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金新辉1年","setUpDate":"2020-06-18T16:00:00.000Z","setUpAssetScale":1000000000,"setUpShares":1000000000,"pinyin":"zjxh1ndqkfzqxfqszqtzjj","managers":[{"stockCode":"8801609356","stockType":"fund_manager","exchange":"fm","tickerId":41919195700,"name":"董珊珊"},{"stockCode":"db20558788","stockType":"fund_manager","exchange":"fm","tickerId":250806191890,"name":"尹海峰"}]},"announcement":{"linkText":"中金新辉1年定期开放债券型发起式证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=635653","linkType":"PDF","source":"csrc_pdf"}},{"_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