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报告期内，本基金根据市场情况和产品规模，灵活调整组合久期及杠杆水平，目标是追求产品净值的长期稳定增长。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:09.986Z","mo":"展望后市，我们将密切关注前期各项政策密集出台后对经济景气度的影响及后续政策的变化。货币政策上经济增长和维持汇率稳定均是重要目标，价格的下调需观测海外降息节奏。预计银行间资金面整体充裕，波动较大的关键时点会加大公开市场投放量。利率走势上，预计“资产荒”格局短期难改，但收益曲线低位的情况下，短端受制于OMO利率，长端和超长端受制于央行的风险提示，收益曲线可能窄幅震荡，上下波动空间都较为有限。在投资策略上我们将继续遵循稳健投资理念，短期调整可为下半年提供交易机会，组合当前保持中性偏低久期，后续会观察投资者行为变化，把握交易机会，择机提升久期。在保障流动性合理充裕的前提下，为持有人获取更好的回报。","fund":{"_id":3000000011038,"__csrcFundId":8712,"stockCode":"011038","shortName":"新华利率债(011038)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11038,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:37:01.513Z","status":"normal","inceptionDate":"2021-03-17T16:00:00.000Z","name":"新华利率债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华利率债","setUpDate":"2021-03-17T16:00:00.000Z","setUpAssetScale":1415198481.58,"setUpShares":1415198481.58,"pinyin":"xhllzzqxzqtzjj","managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华利率债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=1144008","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece317fea5b3eb04e6c2f","date":"2024-03-30T16:00:00.000Z","stockId":3000000011038,"sao":"海外市场，去年末随着美国通胀预期的快速下降，市场开始充分交易降息预期，美债利率也出现了大幅回落，原本预计的2024年6月降息时点被提前至3月。在12月的议息会议上，联储官员进一步调整了未来政策利率的预测，使得美债10Y利率触及了3.8%的低点。但今年以来，美国经济数据继续展现出了强劲的韧性，服务业通胀持续走高，投资者眼中的美国通胀回落和实际市场中美国的二次通胀出现了显著错位，市场也从对降息过度乐观的线性外推过程中逐步纠偏，从交易降息时点及降息次数，逐步转变为交易是否降息。综合来看，通胀粘性叠加下半年大选临近，联储降息时点存在推迟的可能性。    从基本面角度看，24年一季度国内经济延续修复态势，3月社零总额同比增长4.6%，高基数的影响下读数小幅回落。市场前期关注的地产问题仍处于寻底的阶段，“销售-拿地-投资”的循环依然受阻，新开工的显著下滑拖累施工继续走低，但城中村改造可能带来一定托底效果，1-2月全国房地产开发投资同比下降9.0%，跌幅较去年收窄0.6，地产后周期也使得消费承压。  展望2024年二季度，海外通胀粘性问题值得密切关注，而油价一季度的逐步高企也使得二次通胀问题抬头。回到国内市场，一季度利率市场出现下行，特别是超长期30年国债的下行力度更大，当前已与MLF政策利率出现了一定倒挂。一方面反应的是，市场目前对当前经济的悲观预期、对地产持续下滑的担忧、以及对政策托底的信心不足等问题，另外一方面也隐含了后期对于货币政策层面进一步宽松的预期。在政策层面，面对当前国内需求及信心不足的问题，我们可能会维持财政扩张+央行扩表这样的政策组合，23年央行资产负债表中“对其他存款性公司债权”增加了4.24万亿，其中主要为 PSL及MLF投放货币。综合看，基本面并未表现出明显的反转态势，经济仍处于换挡增速过程中的缓慢复苏周期，而财政逆周期发力及央行扩表的配合，会在债券供给、资金面等维度给市场造成扰动，在当前低利率、高波动的环境下，通过配置获得收益有限，交易行为及交易节奏的把握可能会更多的影响组合的收益来源。    综上判断，二季度本基金会维持利率久期，并保持一定的杠杆规模。在交易层面把握供给及资金面扰动带来的波动机会，保持较为积极、灵活的交易节奏。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:09.983Z","fund":{"_id":3000000011038,"__csrcFundId":8712,"stockCode":"011038","shortName":"新华利率债(011038)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11038,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:37:01.513Z","status":"normal","inceptionDate":"2021-03-17T16:00:00.000Z","name":"新华利率债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华利率债","setUpDate":"2021-03-17T16:00:00.000Z","setUpAssetScale":1415198481.58,"setUpShares":1415198481.58,"pinyin":"xhllzzqxzqtzjj","managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华利率债债券型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1069866","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece317fea5b3eb04e6c2e","date":"2023-12-30T16:00:00.000Z","stockId":3000000011038,"sao":"宏观层面，2023年国内经济在坚持高质量发展，促进经济结构转型中砥砺前行，取得了很多成绩，现代化产业体系取得新的进展，制造业投资增速维持较高水平。但短期来看，国内需求、企业盈利、资产价格、收入预期在经济结构转型的过渡期内依然承压，房地产企业尚未走出困境，居民新房购置意愿较弱。2023年宏观政策加大逆周期调节，央行下调存款准备金率和政策利率各两次，中央政府四季度增发1万亿特别国债，支持地方发行特殊再融资债应对地方政府债务风险。虽然面临各种挑战，但是国内经济依然保持了基本稳定。除了国内因素以外，美国经济韧性超预期，资产价格增长带来的财富效应和财政政策带来的收入改善是美国经济保持韧性的原因。美联储从下半年开始暂停加息，在AI概念的加持下，海外风险资产表现强劲。债券市场方面，2023年初，市场对经济的预期较为乐观。然而，一季度末开始，需求不足的矛盾显现，“资产荒”的交易逻辑开始主导市场。在资金面宽松的利好下，债市利率从年初2.92%下行到7月份2.6%。7月政治局会议表述积极，打开了财政政策的想象空间，10年期国债利率上调10Bp。尽管市场出现了调整，但政策发力却比较滞后，于是在8月降息利好下，利率到达年内低点。利率触底的同时，财政政策开始实质发力，短端利率逐步回调，银行间资金面结构性紧张的局面一直持续到年底。10Y国债利率也从2.56%回调至2.7%。本年我们债券投资按照中短久期高评级无瑕疵信用债和长久期利率债构建哑铃型债券组合，在规避了信用风险的同时充分享受了收益率震荡下行所带来的超额收益，期间小仓位参与波段操作也适度增厚了组合收益。从组合操作来看，全年维持2年左右中性久期作为底仓，三季度之后债券标的更多偏向中长久期利率品，同时全年也通过反复的利率波段交易进行收益增厚，特别是增加了30Y品种的持仓，全年看较好的提升了组合的回报。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:09.980Z","mo":"2024年，从宏观环境看，地产长周期下行，地方政府继续化解债务，因此，我们可能仍然处于信用派生渠道切换的换挡期，对债市表现总体乐观。但也要意识到，债券利率下行的过程中也伴随着波动，市场一致性预期容易导致行情抢跑，透支空间，引发短期的调整。因此，债券策略关键在于把握好交易和配置的节奏。最近两年，债市的波动主要由财政政策决定，2024年我们重点关注中央财政及各种准财政工具的总规模以及投放的节奏。财政的大规模发力，往往会影响银行间流动性、放大市场供给、促进实体宽信用，对债市形成负面扰动。在债券利率下行到历史低位的时期，需要关注这方面的风险。总之，对于2024年的利率债策略，我们建议战略上保持乐观，边际上观察财政的力度和节奏。配置上，由于当前曲线较平，短端具备配置价值。如果长债下行到较低位置，则需关注风险。同时，2024年也是全球选举大年，海外宏观因素的变化也需要我们进行更为密切的跟踪。","fund":{"_id":3000000011038,"__csrcFundId":8712,"stockCode":"011038","shortName":"新华利率债(011038)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11038,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:37:01.513Z","status":"normal","inceptionDate":"2021-03-17T16:00:00.000Z","name":"新华利率债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华利率债","setUpDate":"2021-03-17T16:00:00.000Z","setUpAssetScale":1415198481.58,"setUpShares":1415198481.58,"pinyin":"xhllzzqxzqtzjj","managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华利率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=1060748","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece317fea5b3eb04e6c2d","date":"2023-09-29T16:00:00.000Z","stockId":3000000011038,"sao":"2023年三季度，海外方面，美债利率继续上行，但和之前不同的是这一段时间的上行主要由期限溢价抬升主导，而非对美联储政策利率的预期。6月的议息会议上，美联储首次暂缓加息，定价政策利率预期的2年期美债利率上行斜率放缓。但非货币政策因素继续主导10年期长端美债的上行，10Y-2Y的深度倒挂情况明显缓解。导致这种资产表现特征的主要有两个因素：（1）数据显示美国经济韧性仍在，美国制造业PMI三季度虽然还处于荣枯线以下，但连续三个月回升。美国的失业率一直在3.5%~3.8%左右的低位，非农新增就业数据持续超预期。（2）美国财政并未实质性紧缩，财政平衡存在不确定性。美国白宫预计，2023-2024财政赤字将从6%扩张至6.8%，高利率带来的利息负担也将带来美债供给的增加，美国财政部预计三季度美债净发债规模达到1万亿。目前民主党在两党财政博弈中占优，其主导的一系列宽财政措施短期内较难改变。国内方面，在经历了从 “强预期，弱现实”转变为“弱预期、弱现实”的过程后，总量结构在基数效应下有所恢复。由于全球制造业景气程度在三季度有所改善，国内商品价格企稳，8月工业生产和进口亦有不错表现。国内经济的核心变量仍然是地产，当前地产销售低迷、新开工投资下降，结构性需求不足的问题依然存在。8月末开始，政策推出的速度明显加快，一揽子地产的托底政策和缓解地方政府债券的政策出台。值得注意的是，这些政策并非传统的总量刺激政策，重心依然聚焦于有助于经济中长期发展的产业层面，政策需要在中长期经济结构转型及短期地产下行风险中做出平衡和取舍。操作层面，三季度保持了哑铃型的配置思路。底层仓位选择1Y左右的利率品种，同时通过政策和市场博弈带来的预期差交易，灵活调整组合久期去博取资本利的收益，同时在8月底之后降低了组合久期，从交易策略回溯上，组合在获得弹性收益的同时也有效的控制了短期回撤，取得了较好的效果。展望四季度，海外的通胀问题暂时缓和，但高利率下美国经济的隐忧逐步显露。首先是高利率和高劳动力成本对企业盈利的负面影响，其次是美国两党要面对高利率下实现财政平稳运作的挑战。不论是维持经济增长还是财政稳定，都不支持高利率的长期存在。三季度尤其是9月末10月初长端美债利率的快速上行，一定程度上脱离了美联储预期引导，存在超调的可能性。短期内，美债利率持续高位不利于风险偏好的抬升，对汇率同样存在压制。四季度，美债利率走势依然是影响资产风格的重要变量，需要关注（1）美国通胀和就业数据的变化；（2）两党对于财政的博弈。国内债市来看，基本面利空有限，平坦的收益率曲线结构基本已反映了对当前经济较为悲观的预期，宏观数据对市场的影响可能较为有限，投资者会继续博弈政策空间带来的交易机会。基于上述判断，四季度本基金仍然会议配置为主，交易为辅的思路进行投资。方向性上在当前并不看空市场，但估值及相对价值角度难以获得超额收益。日常保持中短久期的配置思路，耐心等待事件性冲击或基本面变化带来的交易机会。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:09.978Z","fund":{"_id":3000000011038,"__csrcFundId":8712,"stockCode":"011038","shortName":"新华利率债(011038)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11038,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:37:01.513Z","status":"normal","inceptionDate":"2021-03-17T16:00:00.000Z","name":"新华利率债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华利率债","setUpDate":"2021-03-17T16:00:00.000Z","setUpAssetScale":1415198481.58,"setUpShares":1415198481.58,"pinyin":"xhllzzqxzqtzjj","managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华利率债债券型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=994273","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece317fea5b3eb04e6c2c","date":"2023-06-29T16:00:00.000Z","stockId":3000000011038,"sao":"海外方面，2023年上半年美国经济即使经历硅谷银行的风波，依旧表现坚韧，与市场去年底预期的衰退情景不符。二季度GDP环比超预期增长0.6%，主要得益于三个方面因素：一是就业市场偏紧，有利于劳动者收入分配，保持消费者信心；二是美国服务业消费温和扩张，耐用品消费则受益于财政补贴；三是企业投资支出增加，比如半导体企业厂房建设、其他行业的交运设备采购。因此，美联储上半年未降息，美债市场则在宽松与紧缩预期之间反复，利率高位震荡。3月硅谷银行事件后10年期美债利率回落，但该事件对实体部门造成的影响有限，5月开始10Y美债也出现了反弹。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:09.975Z","mo":"展望下半年，对于海外通胀的判断仍然至关重要。虽然需求侧的韧性继续提升通胀，但由于供给侧的改善，新涨价的幅度会弱于去年，同比效应下通胀数据会逐步走低，缓解美联储政策的约束。从中期看，市场期望的降息周期的开启还需基本面催化，尤其是就业市场和服务业是否出现转冷的信号。从路径推演的角度，第一种可能性是下半年没有降息，美债依旧维持高位震荡，短期数据的波动会影响市场的预期。第二种可能性是美债利率回落至区间低点，相应需要去评估下行空间，留意美元走强带来了汇率压力。国内方面，上半年市场对经济基本面的判断经历了从 “强预期，弱现实”转变为“弱预期、弱现实”的过程，总量结构在基数效应下有所恢复，但是表征价格因子的CPI和PPI数据相对低迷，核心问题仍在于经济内部结构性的需求不足。具体来看，地产行业对经济拖累较大，销售低迷，新开工投资下降。基建投资继续托底，出口数据出现回落。居民消费仍主要集中在必选实物，服务业增长略低于预期。此外，由于一季度企业有一定补库，导致二季度预期转弱时不得不通过降价出清库存，致使收入和预期的进一步回落。面对基本面预期的走弱，国内资本市场的反应强烈且迅速，黑色商品价格快速下跌，十年国债利率从2.8%回落至2.65%附近，人民币汇率在内外部负面冲击下出现了一定幅度的贬值。政策方面，货币政策先行，人民银行在6月中旬下调了政策利率。展望下半年国内债市：一方面，虽然需求问题仍然突出，但政策渐进式的发力能够一定程度上扭转悲观预期。从库存角度看，经过二季度的价格出清，供需已重新回到一个新的均衡位置，短期内利率下行空间有限。另一方面，政策的变化虽然对债市有短期扰动，但压力不会过大。政策不会简单“大水漫灌”刺激，融资需求回升需要时间，经济修复的也更多会呈现渐进式的节奏。操作层面，上半年组合从子弹型向哑铃型配置进行了切换。随着绝对收益水平的不断降低，我们逐步压缩了配置仓位的组合久期，增加了交易仓位的弹性。考虑到当前利率的绝对收益处于历史低位，主要利率品种的曲线已相当平坦，但融资需求大幅反弹尚需时间，对应利率向上调整的压力较小。在低位震荡的环境中，债券部分的仓位不应过早离场，当前可采取哑铃型配置，兼顾组合的流动性。政策力度变化带来的短期市场预期的转变，可能会为下半年债券市场带来较好的买点。若政策推动力度超出预期，实际融资及真实需求得到明显改善，则需要调整当前策略转为防御性的配置。","fund":{"_id":3000000011038,"__csrcFundId":8712,"stockCode":"011038","shortName":"新华利率债(011038)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11038,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:37:01.513Z","status":"normal","inceptionDate":"2021-03-17T16:00:00.000Z","name":"新华利率债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华利率债","setUpDate":"2021-03-17T16:00:00.000Z","setUpAssetScale":1415198481.58,"setUpShares":1415198481.58,"pinyin":"xhllzzqxzqtzjj","managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华利率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=962635","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece317fea5b3eb04e6c2b","date":"2023-03-30T16:00:00.000Z","stockId":3000000011038,"sao":"一季度，国内外形势错综复杂，海外地缘政治冲突依旧，通胀高位运行，美联储仍在加息周期，国内宏观经济开始复苏，但总体仍然偏弱。数据上看，国内消费数据开始修复，出口和房地产数据降幅有所收窄，制造业PMI回到扩张区间，CPI持续低位，社融持续扩张。在此背景下，今年整体政策取向稳健，以稳增长、稳物价、稳就业为主，恢复和扩大消费为优先，货币政策维持稳定性和持续性，随着经济形势变化适度调整，强化跨周期调控和逆周期调节。一季度利率债窄幅震荡，10年期国债在2.81%-2.93%区间波动，季末收于2.85%；资金面波动较前期放大，1年期国债在2.07%-2.33%区间波动，季末收于2.23%，曲线趋于平坦。本报告期内，本基金维持中性久期，阶段性择时交易，以提供稳定回报为主要目标。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:09.972Z","fund":{"_id":3000000011038,"__csrcFundId":8712,"stockCode":"011038","shortName":"新华利率债(011038)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11038,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:37:01.513Z","status":"normal","inceptionDate":"2021-03-17T16:00:00.000Z","name":"新华利率债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华利率债","setUpDate":"2021-03-17T16:00:00.000Z","setUpAssetScale":1415198481.58,"setUpShares":1415198481.58,"pinyin":"xhllzzqxzqtzjj","managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华利率债债券型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=887313","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece317fea5b3eb04e6c2a","date":"2022-12-30T16:00:00.000Z","stockId":3000000011038,"sao":"回顾2022年，国内外形势错综复杂，海外地缘政治冲突持续且通胀高位运行，美联储连续加息；国内则面临“三重压力”，宏观经济总体偏弱，货币向信用传导不畅。数据上看，出口高位回落，地产政策传导不畅，制造业PMI在临界值上下波动，并在12月降至年内低点。在此背景下，整体政策以稳经济、稳投资、稳就业、扩内需为主要目标，货币政策维持稳健偏宽松，总量发力与结构性政策并举，LPR陆续下调，资金利率保持偏低水平。债券市场来看，前三季度长端利率窄幅震荡，短端利率下行明显，曲线陡峭化；四季度在资金面持续收敛叠加防疫和地产增量政策的背景下，市场预期改变、风险偏好上升带动长、短端出现显著回调，债基和银行理财赎回压力上升在一定程度上也加剧了市场的调整，长端利率震荡上行，年末收于2.84%，短端波动更为显著，年末收于2.10%。信用债方面，前期供需错配导致收益水平低至历史极值，在预期转向和市场赎回压力上升的环境下，四季度各期限均出现显著回调，幅度明显超过利率债，临近年末调整趋于稳定。本报告期内，本基金秉持稳健投资原则谨慎操作，阶段性增减久期交易仓位，灵活对待市场波动。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:09.969Z","mo":"展望2023年，我们认为仍是一个宏观大年。着眼于国内外经济周期位置、市场预期、以及相对应的资产表现做资产配置以及品种选择仍是框架重要一环。相比去年，2023年面临的不确定因素增多，为了保证收益的稳定性，我们一方面紧密跟踪数据验证资产表现，同时在不确定性中寻找相对确定性的收益，对脆弱点保持关注。总之，考虑到产品特性，本基金结合基本面、资金面、市场情绪等灵活增减久期，为投资者提供稳定回报。本基金在投资策略上将结合市场表现与流动性要求，采取较为灵活的策略应对收益率变化，动态调整组合久期和杠杆，在提供充分的流动性保证的情况下为持有人获取更好的投资回报。","fund":{"_id":3000000011038,"__csrcFundId":8712,"stockCode":"011038","shortName":"新华利率债(011038)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11038,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:37:01.513Z","status":"normal","inceptionDate":"2021-03-17T16:00:00.000Z","name":"新华利率债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华利率债","setUpDate":"2021-03-17T16:00:00.000Z","setUpAssetScale":1415198481.58,"setUpShares":1415198481.58,"pinyin":"xhllzzqxzqtzjj","managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华利率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=869751","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece317fea5b3eb04e6c29","date":"2022-09-29T16:00:00.000Z","stockId":3000000011038,"sao":"三季度，国内外形势错综复杂，海外地缘政治冲突依旧，海外通胀高位运行，美联储连续加息，国内依然面临“三重压力”，同时汇率压力上升，宏观经济总体仍然偏弱。数据上看，国内出口增速高位回落，房地产和消费数据继续走弱，制造业PMI在7月、8月重回收缩区间，直至9月小幅回升至扩张区间。在此背景下，整体政策仍以稳经济、稳投资、稳就业、扩内需为主要目标，货币政策维持稳健偏宽松，总量发力与结构性政策并举，三季度宽信用政策密集出台，LPR利率继续下调，整体资金利率保持偏低水平。三季度长端利率窄幅震荡，10年期国债在2.58%-2.84%区间波动，季度末收于2.76%。短端窄幅波动，1年期国债季度末收于1.85%，曲线趋于平坦。经市场前期调整后，本产品三季度初逐步增加久期，待8月中旬降息之后，且认为是新一轮稳增长政策的开启，9月初逐渐降低久期。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:09.966Z","fund":{"_id":3000000011038,"__csrcFundId":8712,"stockCode":"011038","shortName":"新华利率债(011038)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11038,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:37:01.513Z","status":"normal","inceptionDate":"2021-03-17T16:00:00.000Z","name":"新华利率债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华利率债","setUpDate":"2021-03-17T16:00:00.000Z","setUpAssetScale":1415198481.58,"setUpShares":1415198481.58,"pinyin":"xhllzzqxzqtzjj","managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华利率债债券型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=804907","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece317fea5b3eb04e6c28","date":"2022-06-29T16:00:00.000Z","stockId":3000000011038,"sao":"回顾上半年，国内外形势错综复杂。海外地缘政治冲突升级，大宗商品价格冲高，通胀高位运行，美联储连续加息。国内依然面临“三重压力”，叠加上海疫情，经济复苏节奏出现反复。上半年国内生产总值同比增长2.5%，其中二季度同比增长0.4%。    上半年长端利率窄幅震荡，10年期国债在2.65%-2.85%区间波动，半年末收于2.82%。短端利率下行明显，曲线陡峭化。信用债方面，配置需求支撑下，中高等级信用债各期限均有所下行，信用利差进一步压缩。 本产品总体以中短久期中性操作为主。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:09.963Z","mo":"当前时间点，面临的宏观格局是：基建确定性反弹但只有阶段性表现，地产寻底，出口趋势上走弱但仍存韧性，消费修复需要时间。确定性在于：经济疲弱，就业数据较差；依然处于货币宽松、流动性合理充裕阶段；不确定在于：政策层面宽信用发力的程度、微观主体预期改变下宽货币向宽信用传导的有效性、疫情防控的短期和中长期趋势、以及短端市场利率的回归。考虑到今年的变量较多，周期环境与2021年也不相同，今年的策略跟去年有很大不同，继续保持震荡市思维，节奏尤其重要。","fund":{"_id":3000000011038,"__csrcFundId":8712,"stockCode":"011038","shortName":"新华利率债(011038)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11038,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:37:01.513Z","status":"normal","inceptionDate":"2021-03-17T16:00:00.000Z","name":"新华利率债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华利率债","setUpDate":"2021-03-17T16:00:00.000Z","setUpAssetScale":1415198481.58,"setUpShares":1415198481.58,"pinyin":"xhllzzqxzqtzjj","managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华利率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=783957","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece317fea5b3eb04e6c27","date":"2022-03-30T16:00:00.000Z","stockId":3000000011038,"sao":"1-2月，出口稳定增长，工业生产数据有所反弹但房地产数据下滑较多，制造业PMI在3月重新跌入收缩区间，同时疫情反复对经济复苏构成负面影响，总体来看目前宏观经济仍然偏弱。在此背景下，整体政策向稳增长倾斜，货币政策维持稳健偏宽松，在注重调结构和支持中小微企业的同时，1月LPR利率下调，整体资金利率保持中性水平，通胀压力仍存，海外货币政策转向压力上升，但不是目前的主要矛盾。一季度，利率债整体先下后上，长债基本在20bp的区间内震荡，在1月降息后达到年内低点，随后开始震荡上行，2月后的降息预期落空、对稳增长政策的预期以及海外政策收紧等因素均推动了利率震荡上行，一季度末1年期国开债收益率较去年四季度末下行3BP至2.28%，10年期国开债收益率较去年四季度末下行4BP至3.04%。本产品在年初利率快速下行阶段降低久期进行防守操作，之后随着利率阶段调整到位增加久期至中性。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:09.959Z","fund":{"_id":3000000011038,"__csrcFundId":8712,"stockCode":"011038","shortName":"新华利率债(011038)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11038,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:37:01.513Z","status":"normal","inceptionDate":"2021-03-17T16:00:00.000Z","name":"新华利率债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050450000,"currency":"CNY","masterFundShortName":"新华利率债","setUpDate":"2021-03-17T16:00:00.000Z","setUpAssetScale":1415198481.58,"setUpShares":1415198481.58,"pinyin":"xhllzzqxzqtzjj","managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华利率债债券型证券投资基金2022 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