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注央行操作、增量政策及海外等对市场的阶段性扰动，利率处于低位时波动预计加大。组合将严控信用风险，灵活调整久期及杠杆，追求合理投资回报。","fund":{"_id":3000000011529,"__csrcFundId":8825,"stockCode":"011529","shortName":"上银慧兴盈债券(011529)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11529,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:34.120Z","status":"normal","inceptionDate":"2021-04-05T16:00:00.000Z","name":"上银慧兴盈债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银慧兴盈债券","setUpDate":"2021-04-05T16:00:00.000Z","setUpAssetScale":220010157.95,"setUpShares":220010157.95,"pinyin":"syhxyzqxzqtzjj","managers":[{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银慧兴盈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=1148773","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece947fea5b3eb04edda9","date":"2024-03-30T16:00:00.000Z","stockId":3000000011529,"sao":"一季度利率下行，曲线先走平后走陡，信用利差及等级利差整体收窄。资产稀缺是推动一季度债市走牛的最主要因素，宏观层面的成因在于经济新旧动能切换和政府部门化债背景下，地产和基建两大部门融资需求下滑，而货币政策整体处于扩张周期，宏观流动性充裕且银行体系信贷投放诉求不低；债市层面具体表现为高票息信用资产和政府债净供给严重不足、而机构配置需求旺盛，利率大幅下行，其中政府债净供给不足主要与去年四季度发行的特别国债使用节奏偏慢有关。具体看，1-2月份，经济表现偏弱，政府债供给少于预期，机构欠配，5年期LPR下调幅度超预期，同时在股市及超预期降准助推下，10年国债从2.55%附近下行至2.35%附近，其中30年国债表现最为亮眼，30-10年利差最低压降至13bp，与票息资产匮乏、机构转向久期策略博收益有关。期间仅在春节前和2月底由于机构止盈引发两次快速调整，单日跌幅不小但均在两个交易日完成调整。进入3月，市场波动显著加大，10年国债最低下行至2.25%附近，后续由于利率债供给担忧、叠加利率下行幅度一定程度透支降息预期，机构止盈带动利率调整上行，10年国债最高上行至2.37%，此后在降存款利率预期、降准预期及供给担忧多重因素共同作用下，在2.28-2.32%之间窄幅震荡。曲线层面看，3月中旬之前，资金量充裕而价格不便宜制约了短债的表现、而长债逻辑更加顺畅，机构倾向于拉长久期增厚收益，曲线整体走平；3月中旬开始，超长债供给担忧增加、机构止盈诉求增强、叠加曲线偏平，卖长买短带动曲线走陡。信用利差在1-2月整体收窄、3月受指标压力和资金分层等因素的影响季节性走阔，不过一季度整体看，除了1年期外、其余期限的信用利差整体仍在收窄，且等级利差也在继续压缩。过去一个季度，1年、10年、30年国债分别下行36bp、27bp、37bp收于1.72%、2.29%、2.46%。本基金以利率债和高等级信用债投资为主，在报告期内灵活调整组合久期及杠杆，实现了净值的合理增长。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:48.205Z","fund":{"_id":3000000011529,"__csrcFundId":8825,"stockCode":"011529","shortName":"上银慧兴盈债券(011529)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11529,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:34.120Z","status":"normal","inceptionDate":"2021-04-05T16:00:00.000Z","name":"上银慧兴盈债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银慧兴盈债券","setUpDate":"2021-04-05T16:00:00.000Z","setUpAssetScale":220010157.95,"setUpShares":220010157.95,"pinyin":"syhxyzqxzqtzjj","managers":[{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银慧兴盈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=1071383","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece947fea5b3eb04edda8","date":"2023-12-30T16:00:00.000Z","stockId":3000000011529,"sao":"经济新旧动能切换背景下增速偏弱以及实体融资需求下滑导致的资产稀缺是贯穿2023年全年的主线，期间债市表现略显波折，但整体走牛，利率曲线呈现牛平走势。全年来看，1年国债仅下行2bps，而10年和30年国债分别下行28bps和37bps。具体看，全年债市行情分为四个阶段：第一阶段是1至3月初，疫后复苏是交易主线，利率整体上行。疫情管控刚放开，经济预期积极，消费和地产销售数据较好，强现实叠加强预期，以及资金面偏紧，利率陡峭化上行。期间信用债则走出独立行情，信用利差大幅度修复。期间1年和10年国债分别上行23bps和8bps。第二阶段是3至8月，预期转弱+经济下行+降息催化，利率顺畅下行。政府工作报告设定5%的增速目标；4月开始经济环比下行，房地产销售经历短暂小阳春后熄火、通胀数据回落引发通缩担忧；存款利率和MLF等基准利率下调；同时实体融资需求下滑引发资产稀缺，在此期间利率大幅度下行，利率低点出现在8月央行降息之后，信用利差继续压缩。期间1年和10年国债分别下行43bps和35bps，30年国债下行42bps，3年期AA中票下行65bps。第三阶段是8月下旬至12月上旬，政策密集发声、基本面阶段筑底、供给冲击及资金趋紧带动债市调整。8月中旬降息后其余稳增长政策跟进，房地产政策放松、一揽子化债政策落地，10-11月特殊再融资债及特别国债集中发行，而期间央行阶段性重心在于稳定汇率，整体处于偏配合的状态，导致银行间流动性边际收敛。在此背景下，利率陡峭化上行，弱资质城投债受益于化债政策于10月底见顶后大幅度下行。期间1年、10年和30年国债最高上行50bps、16bps和12bps，期间3年期AA中票信用利差压缩20bps。第四阶段是12月上旬至年底，上旬政治局会议及经济工作会议召开，经济新旧动能切换的趋势得到强化；同时银行大幅度调降存款利率；央行积极投放缓解防空转担忧；叠加供给冲击结束、机构抢跑，债市情绪快速逆转，利率由长到短依次快速大幅度下行，期间3年内短债下行近30bps，长债及超长债下行超15bps。本基金重点投资利率债及高等级信用债，在报告期内灵活调整久期和杠杆水平，获取了合理的投资回报。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:48.202Z","mo":"经济新旧动能切换，叠加政策致力于追求高质量发展，经济增速及实体融资需求处于回落过程中，以房地产及城投为代表的高息资产供应显著减少；货币政策维持宽松取向，基准利率及存款利率的下调是大势所趋。在此宏观背景下，利率将处于下行通道中，期间伴随政策预期、降息落地及机构行为等变化或有调整，但大概率并不影响利率运行的中长期趋势。组合计划整体维持偏积极的久期和杠杆水平，并灵活运用择时及利差交易等方式进行收益增厚，在控制回撤的前提下追求更高的投资回报及风险收益比。","fund":{"_id":3000000011529,"__csrcFundId":8825,"stockCode":"011529","shortName":"上银慧兴盈债券(011529)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11529,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:51:34.120Z","status":"normal","inceptionDate":"2021-04-05T16:00:00.000Z","name":"上银慧兴盈债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银慧兴盈债券","setUpDate":"2021-04-05T16:00:00.000Z","setUpAssetScale":220010157.95,"setUpShares":220010157.95,"pinyin":"syhxyzqxzqtzjj","managers":[{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银慧兴盈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=105656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