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权益类资产角度看，经济转型格局下，随着时间的推移，高质量发展成果会有较好的体现，同时居民的低风险偏好倾向预期很难改变，预期股票市场仍将维持结构性市场。转债市场则维持分化，不能忽略的是市场的生态环境与转债投资的底层逻辑已发生改变，尽管股性、平衡型转债投资模式跟过去不会有太大差别，仍将跟随股票走势；但中低价转债则会转化成高收益债，需要进一步精选个券。当然中期来看，中低价转债大概率存在较大程度的结构性错估，值得更多的深入挖掘。下半年组合预期将维持基本的纯债持仓，适当参与长端利率债、高信用等级可转债的波段操作，重点关注权益类资产，根据市场情况进行灵活波段操作。珍惜基金份额持有人的每一分投资和每一份信任，本基金将继续奉行华夏基金管理有限公司“为信任奉献回报”的经营理念，规范运作，审慎投资，勤勉尽责地为基金份额持有人谋求长期、稳定的回报。","fund":{"_id":3000000010014,"__csrcFundId":8361,"stockCode":"010014","shortName":"华夏鼎清债券(010014)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10014,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:07:04.822Z","status":"normal","inceptionDate":"2020-12-02T16:00:00.000Z","name":"华夏鼎清债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏鼎清债券","setUpDate":"2020-12-02T16:00:00.000Z","setUpAssetScale":10391723605.63,"setUpShares":10391723605.63,"pinyin":"hxdqzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20245951","stockType":"fund_manager","exchange":"fm","tickerId":122310140310,"name":"柳万军"}]},"announcement":{"linkText":"华夏鼎清债券型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1144666","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd3e7fea5b3eb04d659f","date":"2024-03-30T16:00:00.000Z","stockId":3000000010014,"sao":"海外方面，美国通胀和就业数据显示经济韧性，欧洲区制造业PMI回落显示需求偏弱，日本企业盈利和职工工资增长推升通胀预期。货币政策方面，美联储暂时维持利率不变，瑞士央行降息，日本央行加息并取消收益率曲线控制政策，中期来看预计本轮美联储降息方向确定、幅度有限。国内方面，PMI、投资和金融数据显示经济增长动能偏弱，拖累项主要是地产相关的销售投资、地方政府相关的投资等，制造业投资和出口相对较好，消费弱平稳。经济弱平稳格局下，货币政策较为积极，当季下调存款准备金率0.5个百分点、下调支农支小再贷款利率25BP，流动性环境保持平稳偏宽松。市场方面，1季度整体利率下行，年初以来市场以绝对收益思路配置资产，品种利差、期限利差、等级利差都有压缩。受供给相对更弱影响，利率债表现强于信用债，10Y国债收益率从23年12月底的2.56%下行至2.3%附近。权益市场方面，一季度整体宏观数据和预期延续偏弱，财政政策偏紧但货币政策积极，市场主要由流动性和风险偏好变化驱动，1月出现恐慌性下跌，2月超跌反弹后3月窄幅震荡。转债市场方面，中证转债指数总体走平，期间跟随股市呈V型走势，债底和平价贡献正收益但估值负贡献，在前期下跌过程中偏债型转债具备防御优势，后期反弹过程中偏股型转债具备进攻弹性。报告期内，组合保持中性的债券久期和仓位，小幅提高了转债仓位，股票持仓结构有所调整。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:06.699Z","fund":{"_id":3000000010014,"__csrcFundId":8361,"stockCode":"010014","shortName":"华夏鼎清债券(010014)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10014,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:07:04.822Z","status":"normal","inceptionDate":"2020-12-02T16:00:00.000Z","name":"华夏鼎清债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏鼎清债券","setUpDate":"2020-12-02T16:00:00.000Z","setUpAssetScale":10391723605.63,"setUpShares":10391723605.63,"pinyin":"hxdqzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20245951","stockType":"fund_manager","exchange":"fm","tickerId":122310140310,"name":"柳万军"}]},"announcement":{"linkText":"华夏鼎清债券型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1067191","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd3e7fea5b3eb04d659e","date":"2023-12-30T16:00:00.000Z","stockId":3000000010014,"sao":"2023年，海外经济和通胀韧性较强，美联储多次加息控制通胀，联邦基金利率从4.5%上调至5.5%，直至4季度美国包括通胀和劳动力市场在内的部分经济数据放缓，市场开始交易美联储政策宽松预期，长端美债利率高位回落。国内看，政策面强调高质量发展和高水平安全，全年经济维持弱复苏态势，转型阶段结构压力相对较大。市场方面，2023年中债总净价指数上涨1.54%，债券市场偏牛走势。货币政策方面虽然受到汇率、资金空转、银行息差等多项因素掣肘，但央行多次通过降准降息等方式保障流动性合理充裕，货币市场总体维持宽松。债券市场经历了三个阶段：1-7月，财政政策强刺激被不断证伪、经济复苏动力不足，收益率下行。8-11月，稳增长政策出台推动经济预期从过度悲观修复，而货币政策与财政政策配合出现错位，资金利率上行导致债市从9月开始经历两个多月回调，曲线平坦化上行，短端调整幅度更大。12月，资金价格中枢回落，机构配置盘提前抢跑，资产荒格局下超长端利率债和高票息信用债资产受到追捧，收益率快速下行。10Y国债收益率从年初2.8228%下行26.75bp至2.5553%，1Y国债收益率从年初2.1120%下行3.24bp至2.0796%，期限利差收窄23.51bp，曲线显著平坦化。权益类资产角度看，万得全A指数下跌5.19%，中证转债指数下跌0.48%。行业结构分化较为明显，红利类资产持续较优，AI等题材阶段性有所表现。报告期内，本基金整体维持中性偏低的久期，转债仓位相对较低，股票类仓位中性波动。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:06.696Z","mo":"从宏观角度看，2024年经济有望延续弱复苏态势。中国经济的底层基础依然较好，细项看，基建增速可能阶段受化债压制弱于2023年，消费则预计继续弱平稳，出口可能有阶段性小幅改善。但地产和收入预期偏弱的环境下，微观主体体感较弱，宏观和微观可能会阶段性存在数据端的偏差。若从聚焦资产价格的宏观视角来看，当前不可避免会被判断为面临与过去东亚其他国家历史的经济表象有相似性，也容易出现市场情绪在资产价格联动阶段会过度悲观。对此带来的启示可能是，一方面，面对经济主体的新状态和政策新范式，以历史数据线性外推的策略研究方法阶段性不再适用，需要更关注模式转换或执行中的机会或风险；另一方面，还是要基于国内经济的底层基础，关注周期波动的可能性。从市场角度看，资产荒格局下，各类机构的配置热度高，机构行为的一致性使得市场行情的演绎速度加快，策略应用的空间快速收窄，需要更多预判分析来把握机会和应对风险。从信用风险角度看，地方化债、地产支持政策的持续出台，导致市场对短期内的信用风险尤其是城投板块的担忧明显减少，信用下沉程度加深。应当关注的是，城投再融资未放松导致融资功能受限、产业转型困难导致造血能力不足，基本面还有待改善。银行在化债中承担主力，但由于资产端收益率和负债端成本下行速度的差异导致银行净息差持续收窄，部分中小行已有缩表迹象，银行行业自身压力和风险有所积累，未来可能面临考验。大体上，对纯债类资产，要相对灵活久期操作，不过度宏大叙事，也不过度左侧。对转债类资产，则需要更关注胜率，考虑到转债供给可能有所上行，需要适当考虑溢价率的系统变化。对股票类资产，则需要关注经济预期下行阶段，市场对确定性的追逐，以及对过去资金驱动类资产的阶段排斥。珍惜基金份额持有人的每一分投资和每一份信任，本基金将继续奉行华夏基金管理有限公司“为信任奉献回报”的经营理念，规范运作，审慎投资，勤勉尽责地为基金份额持有人谋求长期、稳定的回报。","fund":{"_id":3000000010014,"__csrcFundId":8361,"stockCode":"010014","shortName":"华夏鼎清债券(010014)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10014,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:07:04.822Z","status":"normal","inceptionDate":"2020-12-02T16:00:00.000Z","name":"华夏鼎清债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏鼎清债券","setUpDat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 因此，纯债在策略上仍将保持久期中性偏高，但会保持组合持仓较好的流动性，并密切关注边际的有效变化。权益资产来看，股债收益比角度，当前指数点位已反映了对于基本面足够多的悲观预期，下半年指数下行空间不大。风格上则可能会更多从预期驱动转向现实驱动，资产价值更多由估值驱动转向盈利驱动。转债则受益于交易模式，可能仍将相对偏强。因此，在权益资产方面，组合仍将聚焦结构性和阶段性机会。珍惜基金份额持有人的每一分投资和每一份信任，本基金将继续奉行华夏基金管理有限公司“为信任奉献回报”的经营理念，规范运作，审慎投资，勤勉尽责地为基金份额持有人谋求长期、稳定的回报。","fund":{"_id":3000000010014,"__csrcFundId":8361,"stockCode":"010014","shortName":"华夏鼎清债券(010014)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10014,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:07:04.822Z","status":"normal","inceptionDate":"2020-12-02T16:00:00.000Z","name":"华夏鼎清债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏鼎清债券","setUpDate":"2020-12-02T16:00:00.000Z","setUpAssetScale":10391723605.63,"setUpShares":10391723605.63,"pinyin":"hxdqzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20245951","stockType":"fund_manager","exchange":"fm","tickerId":122310140310,"name":"柳万军"}]},"announcement":{"linkText":"华夏鼎清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=958152","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd3e7fea5b3eb04d659b","date":"2023-03-30T16:00:00.000Z","stockId":3000000010014,"sao":"2023年1季度海外市场波动较大，欧美通胀压力仍较大，美联储也于2月、3月分别加息25bp，但央行的持续加息也导致部分银行的资产负债表出现问题，3月以来硅谷银行和瑞士信贷等多家银行相继爆发危机，也带动海外国债到期收益率大幅下行。     国内债券市场方面，经济弱复苏走势驱动了债券收益率的变化。复苏，使得利率债整体空间有限，同时又因为弱，所以票息行情较好，也带动了信用利差、期限利差等压缩。具体来看，第一阶段是年初到春节前，该阶段资金面整体收紧，市场对于经济复苏的预期较为乐观，无风险利率整体上行，市场主流看法是债市将出现调整；第二阶段是，春节后到两会之前，在这一阶段，高频数据整体偏弱，无风险利率有所下行，信用行情明显强于利率债行情；第三阶段，两会之后5%的经济增速目标，确认温和复苏情形，降低了市场对于利率风险的担忧，叠加海外银行的风险事件助推下，长端利率震荡下行，信用债延续强势。权益市场，经济复苏预期、海外环境边际好转等驱动市场风险偏好回升，叠加人民币快速升值背景下北上资金大幅流入，权益市场整体震荡上行，结构性特征明显。在美国衰退交易、国内弱复苏交易逻辑下，结构上更容易指向与总量关联度不高、景气相对独立、产业想象空间较大、估值弹性高的主题赛道，表现为信创、AI、一带一路等主题投资活跃。今年以来，截至3月24日，全A上涨6.61%，国证2000涨10.67%。行业结构中，计算机、通信、传媒和建筑涨幅居前，美容护理、商贸零售、房地产跌幅居前。转债溢价率先上后下，区间震荡，中证转债指数涨3.67%。报告期内，组合基本维持纯债仓位和久期，提高了股票和转债等权益敞口。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:06.688Z","fund":{"_id":3000000010014,"__csrcFundId":8361,"stockCode":"010014","shortName":"华夏鼎清债券(010014)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10014,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:07:04.822Z","status":"normal","inceptionDate":"2020-12-02T16:00:00.000Z","name":"华夏鼎清债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏鼎清债券","setUpDate":"2020-12-02T16:00:00.000Z","setUpAssetScale":10391723605.63,"setUpShares":10391723605.63,"pinyin":"hxdqzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20245951","stockType":"fund_manager","exchange":"fm","tickerId":122310140310,"name":"柳万军"}]},"announcement":{"linkText":"华夏鼎清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=881240","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd3e7fea5b3eb04d659a","date":"2022-12-30T16:00:00.000Z","stockId":3000000010014,"sao":"2022年，俄乌冲突、能源危机、通胀与加息成为全球的重点事件。海外政策的主驱动是通胀，海外各大央行为控制通胀纷纷采取加息措施。自3月份以来，美联储共加息7次，累计加息425个基点，联邦基金利率目标区间上调至4.25%至4.50%；欧央行共加息4次，累计加息250个基点；日本央行未跟随加息，但在年底修改收益率曲线控制计划，将收益率目标从±0.25%上调至±0.5%左右。国内看，疫情和经济增长是主要驱动。受疫情、地产下行等因素影响，全年分季度看四个季度GDP增速分别为4.8%、0.4%、3.9%、2.9%。通胀方面，全年 CPI同比较为温和、核心CPI处于低位，PPI同比呈回落态势，通胀对货币政策不构成掣肘。市场方面，2022年万得全A下跌18.66%，上证综指下跌15.13%，创业板指下跌29.37%，中证转债下跌10.02%。纯债方面，中债总净价指数上涨0.11%，全年债券市场并非传统牛市或熊市，行情总体呈现牛尾+反转行情，经历了三个阶段：窄幅震荡（1-6月）基本面+宽货币带来利率大幅下行（7-9月初）随后基本面预期修正+机构行为加剧踩踏，利率迎来大幅调整。报告期内，组合持仓债券久期相对中性，权益仓位相对机动灵活。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:06.685Z","mo":"2022年以来国内外黑天鹅事件不断，战争、疫情反复、资本市场大幅波动，23年也可能面临政策新环境，以历史数据线性外推的策略研究方法阶段性不再适用。需要根据新的环境，在宏观、政策变量之外，更注重其他因子的研究。从宏观角度看，23年经济增长等数据受益于基数效应和微观活力的回归，5%附近压力不大，主要下行因子是出口，可能的对冲因子是消费和投资。政府目前的信息汇总看会更注重高质量发展，需要更关注模式转换或执行中的行业机会或风险。从市场角度看，理财净值化后，使得细分市场的配置盘和交易盘发生变化，理财申赎明显加剧市场波动，需要在市场原有趋势因素之外更多预判分析理财端的变化。从信用风险角度看，地产政策已放松，尽管地产销售能否稳定回升尚待观察，且个体风险可能还会零星出现，但行业挤兑已结束。需要关注的是，土地出让收入下滑背景下，部分弱区域企业包括但不限于城投的偿债能力可能逐步面临考验。简单来看，上半年债券更多看持有收益，后续可能会出现明显波动。权益市场则大体预期震荡上行。国内经济的基本面拐点结合市场估值水位，预计2023年A股指数将实现小幅正收益。转债供需情况较2022年偏松，但整体上跟随股市，预计明年转债指数也是小幅正收益年。珍惜基金份额持有人的每一分投资和每一份信任，本基金将继续奉行华夏基金管理有限公司“为信任奉献回报”的经营理念，规范运作、审慎投资，勤勉尽责地为基金份额持有人谋求长期、稳定的回报。","fund":{"_id":3000000010014,"__csrcFundId":8361,"stockCode":"010014","shortName":"华夏鼎清债券(010014)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10014,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:07:04.822Z","status":"normal","inceptionDate":"2020-12-02T16:00:00.000Z","name":"华夏鼎清债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏鼎清债券","setUpDate":"2020-12-02T16:00:00.000Z","setUpAssetScale":10391723605.63,"setUpShares":10391723605.63,"pinyin":"hxdqzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20245951","stockType":"fund_manager","exchange":"fm","tickerId":122310140310,"name":"柳万军"}]},"announcement":{"linkText":"华夏鼎清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=867116","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd3e7fea5b3eb04d6599","date":"2022-09-29T16:00:00.000Z","stockId":3000000010014,"sao":"2022年3季度，海外通胀形势严峻，美联储分别在7月、9月加息75个基点，后续预计年内仍将多次加息，驱动美债利率、美元指数大幅上行；包括欧央行、英国央行等在内的多国均加息，叠加欧洲的能源危机等因素，全球增长压力进一步加大。国内方面，经济增长数据在7月回落、8月在基数扰动下同比略有回升，需求端基建强劲但其它分项剔除基数扰动后都偏弱，经济整体呈现内需磨底、外需筑顶回落的格局。通胀方面，CPI同比较为温和、核心CPI处于低位，PPI同比持续回落，暂不用担心通胀对货币政策构成掣肘。市场方面，3季度债券市场整体以下行为主，主要受经济基本面压力和央行降息推动。7月，经济数据整体回落，叠加政治局会议强调“保持战略定力”和“办好自己的事”令市场对年内经济修复速度预期放缓，债市整体走强。8月，当月公布的经济、社融数据不及预期，央行超预期调降MLF导致利率继续下行。9月国内高频金融经济数据反弹，利率震荡上行。权益方面，3季度全A下跌10%。指数整体呈现普跌格局，沪深300跌14%，创业板指跌14%、上证指数跌9%、国证2000跌7%。行业结构中，申万31个行业中4个上涨、27个下跌，其中煤炭、综合、石油石化涨幅居前，建材、医药生物和美容护理跌幅居前。转债指数3季度下跌2.3%，跌幅小于正股。报告期内，组合维持中性久期，适当降低了权益仓位。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:06.683Z","fund":{"_id":3000000010014,"__csrcFundId":8361,"stockCode":"010014","shortName":"华夏鼎清债券(010014)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10014,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:07:04.822Z","status":"normal","inceptionDate":"2020-12-02T16:00:00.000Z","name":"华夏鼎清债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏鼎清债券","setUpDate":"2020-12-02T16:00:00.000Z","setUpAssetScale":10391723605.63,"setUpShares":10391723605.63,"pinyin":"hxdqzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20245951","stockType":"fund_manager","exchange":"fm","tickerId":122310140310,"name":"柳万军"}]},"announcement":{"linkText":"华夏鼎清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=803283","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd3e7fea5b3eb04d6598","date":"2022-06-29T16:00:00.000Z","stockId":3000000010014,"sao":"2022年上半年，海外突发事件较多，地缘政治因素驱动油价等商品价格大幅上涨，海外通胀形势严峻，驱动欧美央行政策趋向紧缩，其中美联储已多次加息并将启动缩表，政策调整背景下，欧美经济后续增长压力将明显增大。国内上半年经济整体呈现内需磨底、外需筑顶的格局，1季度经济同比读数整体较为亮眼，但很大程度上是受去年同期基数较低的影响，2季度受疫情影响，经济增长同比数据在4月挖坑后小幅反弹，但距疫情前仍有距离。需求端来看，投资较为疲弱，主因地产周期在政策调控下行至底部出清期，拿地疲弱，新开工未有起色；消费边际有下滑，受疫情爆发影响较大；出口高位筑顶、展现韧性。通胀方面，上半年CPI同比较为温和、核心CPI处于低位，PPI同比持续回落，暂不用担心通胀对货币政策构成掣肘。市场方面，在基本面“弱现实+强预期”影响下，债券市场整体以震荡偏强为主，节奏上与疫情密切相关。截至6月30 日，1Y国债下行29BP至1.95%，10Y国债下行5BP至2.82%，曲线形态走陡。具体来看，1月17日央行调降 MLF 以及OMO利率之后，利率快速下行并突破前低，乐观情绪一直持续到了春节前。春节期间，海外原油价格大涨、美债收益率快速上行，对市场情绪产生了一定影响，节后债券持续回调，随后在1月社融超预期、地产放松政策等刺激下，利率进一步加速上行。3月中旬以后，疫情超预期爆发，叠加2月社融数据极差，市场降准降息预期较浓，收益率上行势头暂缓，4月上半月，上海疫情加剧、PMI低于预期，国常会表示“适时运用多种货币政策工具”，市场降准、降息预期增强，收益率下行。4月15日降准落地，利好兑现。下半月，市场主线切换至对政策加码的担忧，转为下跌。5月，北京爆发疫情，政治局会议强调“坚持动态清零”。此前担忧的政策加码被证伪，高频数据、地产销售继续走弱。叠加5年 LPR 单边下调 15bp，全月以单边下行为主。6月初，上海、北京相继解封，PMI和社融数据均有回升，市场开始交易经济复苏，收益率转为大幅上行。权益市场方面，上半年1-4月震荡下行、5-6月反弹，指数整体呈现先跌后涨格局，全A下跌9%，沪深300下跌9%，创业板指数下跌16%，国证2000下跌10%。行业结构中，申万31个行业，1个上涨、30个下跌，仅煤炭大幅上涨31%，电子、计算机和传媒跌幅居前，新能源、汽车板块振幅最大，前4月大幅下滑、后续反弹迅速。可转债整体跟随权益市场先下后上，上半年整体下跌4%，跌幅小于正股，6月末转债市场整体估值处于历史高位水平。报告期内，组合保持了中性的债券久期和仓位，灵活调整了股票仓位，小仓位参与了可转债交易。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:06.680Z","mo":"展望下半年，当前市场对于基本面边际复苏具有相对一致的预期，但对复苏的斜率存在分歧。欧美PMI下行预示外围经济衰退预期抬升，在外需趋弱的背景下，内需能否有效回升显得更为重要，在现有制约条件下，预期下半年财政政策能保持较高强度，但地产难有明显起色，经济内生动能远远不及2020年。因此，预期货币政策仍将保持稳健偏宽松，资金面维持平稳偏松，仍将支撑债市偏强震荡。如果4季度经济回升动能转弱，则可能打开下行空间。权益市场则仍将继续体现为结构性行情，仍需在高景气行业中寻找具备强竞争力的优质企业。 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市场方面，上半年国内债券收益率呈现先上后下小幅回落的走势。截止6月30日，1Y国债下行5BP至2.43%，10Y国债下行7BP至3.08%。利率走势可以大致分为两阶段：第一阶段，1-2月份“资金收紧+通胀预期”驱动上行。1月下旬资金超预期收紧，叠加春节海外商品暴涨提前推升通胀预期，收益率曲线大幅平坦化上行，10Y国债从底部反弹18BP至3.28%。第二阶段：2月下旬央行重申“公开市场操作价格比数量更重要”稳定市场预期，3-6月份“资金走低+债券供给少”驱动收益率下探至新低，截止6月底，10Y国债高位回落20BP至3.08%。权益市场上半年整体同样呈现震荡格局，但内部分化明显。全A小幅上涨5.45%，沪深300指数仅上涨0.24%，创业板指大幅上涨17.22%。市场聚焦在高景气度、高盈利增速的新能源、半导体、上游资源品等赛道。可转债跟随权益市场波动，6月末转债市场整体估值处于历史中位水平。报告期内，本基金保持了相对中性的债券久期和仓位，权益仓位总体中性。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:06.668Z","mo":"展望下半年，出口预期小幅回落，地产、消费等同比增速窄幅波动，经济增长小幅向上或向下取决于财政支出增速能否回升，中性假设下预期继续平稳。通胀层面，下半年是个问题，PPI中枢高位难下，核心CPI持续回升，但难以驱动货币政策发生明显的变化，除非经济增速上行动能增强。因此，债券预期继续窄幅波动，以持有收益为主，信用风险仍是未来一年内需要谨慎的点。权益市场，则受益于社融同比增速下半年平台震荡、房住不炒后资产再配置的大格局，仍将震荡向好，但还是结构性行情突出。本基金将保持久期中性，并积极关注权益类资产的结构性交易机会。珍惜基金份额持有人的每一分投资和每一份信任，本基金将继续奉行华夏基金管理有限公司“为信任奉献回报”的经营理念，规范运作，审慎投资，勤勉尽责地为基金份额持有人谋求长期、稳定的回报。","fund":{"_id":3000000010014,"__csrcFundId":8361,"stockCode":"010014","shortName":"华夏鼎清债券(010014)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10014,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:07:04.822Z","status":"normal","inceptionDate":"2020-12-02T16:00:00.000Z","name":"华夏鼎清债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏鼎清债券","setUpDate":"2020-12-02T16:00:00.000Z","setUpAssetScale":10391723605.63,"setUpShares":10391723605.63,"pinyin":"hxdqzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20245951","stockType":"fund_manager","exchange":"fm","tickerId":122310140310,"name":"柳万军"}]},"announcement":{"linkText":"华夏鼎清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=632018","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd3e7fea5b3eb04d6593","stockId":3000000010014,"sao":"今年1季度，各国陆续推进新冠疫苗接种，全球日新增确诊病例见顶回落，尽管疫情影响尚未消退，但在大量的财政刺激政策和疫情好转等影响下，欧美经济数据均表现良好。国内经济环比有所弱化，外需持续强劲，内需主要是消费和投资数据则有所走弱。对于投资数据的走弱，需要细化分析：制造业投资大幅滑落缺乏高频和行业数据支撑，不排除数据扰动；基建持续回落，与财政支出节奏、降低政府杠杆率的目标等匹配，更多体现了政府稳增长期权在节奏上的摆布；房地产新开工以及投资双双下行，与地产销售数据存在偏差，预计不影响全年地产投资数据的平稳。通胀方面，1-2月CPI同比转负，主要是受春节错位以及节前国内疫情防控再次收紧的临时性影响。PPI同比快速上升至+1.7%，结构上，各行业呈普涨状态，考虑到后续基数较低，本轮PPI高点可能会达到5%以上，工业品通胀风险值得中期关注。市场方面，一季度债券收益率中枢有所抬升，呈现震荡走势。1月资金主导债市波动，上旬受去年永煤事件影响，资金延续宽松，曲线陡峭化下探；下旬随着公开市场回笼，资金波动率骤升，DR007最高偏离政策利率95BP，收益率曲线大幅平坦化上行。2月央行重申公开市场“价格比数量投放更重要”，稳定了资金预期，短端有所回落；但春节期间海外商品快速大幅走高，带动通胀预期提升，长端上行。3月市场受低融资成本、供给担忧缓解等因素影响，窄幅下行。可转债跟随权益市场波动，今年以来股票市场风格轮动迅速，年初抱团行情火热，创成长涨幅最高达+21%，之后在流动性收紧预期下，高估值股票出现大幅调整，截止目前各类宽基指数年初以来的累计收益均转为负值。转债同样风格转换剧烈，年初在信用风险事件的作用下低价偏债类个券大幅下跌，之后在权益市场转为下跌时，偏债类个券又出现明显反弹。目前转债市场整体估值处于历史中位略偏低水平。报告期内，本基金构建并维持了基本的债券持仓，降低了股票等权益仓位。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:06.666Z","fund":{"_id":3000000010014,"__csrcFundId":8361,"stockCode":"010014","shortName":"华夏鼎清债券(010014)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10014,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:07:04.822Z","status":"normal","inceptionDate":"2020-12-02T16:00:00.000Z","name":"华夏鼎清债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050030000,"currency":"CNY","masterFundShortName":"华夏鼎清债券","setUpDate":"2020-12-02T16:00:00.000Z","setUpAssetScale":10391723605.63,"setUpShares":10391723605.63,"pinyin":"hxdqzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20245951","stockType":"fund_manager","exchange":"fm","tickerId":122310140310,"name":"柳万军"}]},"announcement":{"linkText":"163华夏鼎清债券型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=570976","linkType":"PDF","source":"csrc_pdf"}}]}