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中有升。但与此同时，黑天鹅事件爆发，美伊军事冲突和霍尔木兹海峡关闭等重大外部风险骤然发生，输入性通胀压力形成供给冲击，使外部环境更加复杂严峻。货币政策方面，央行未开展降准降息操作，但通过多种方式保持货币投放，资金面维持均衡偏松。债市整体呈现期限利差走阔行情，资金价格推动套息交易，中短债走强，但超长债持续调整。本季度1年期AAA同业存单收益率从1.62%下降至1.51%，1年期国债收益率由季初1.33%下行至季末1.22%，10年期国债收益率在1.80%-1.90%区间震荡。报告期内，本基金根据市场情况和产品规模，适度调整指数成份券标的投资，控制跟踪误差，争取基金运行贴合指数基准。","lastUpdated":"2026-04-21T19:52:33.222Z","fund":{"_id":3000000011973,"__csrcFundId":9696,"stockCode":"011973","shortName":"新华中债1-5年农发行债券指数(011973)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11973,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:03.656Z","status":"normal","exchange":"jj","name":"新华中债1-5年农发行债券指数证券投资基金","fundCollectionId":4000050450000,"inceptionDate":"2021-09-01T16:00:00.000Z","followedNum":0,"masterFundShortName":"新华中债1-5年农发行债券指数","setUpDate":"2021-09-01T16:00:00.000Z","setUpAssetScale":5000099825.54,"setUpShares":5000099825.54,"pinyin":"xhzz1-5nnfxzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华中债1-5年农发行债券指数证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1469784","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69cac97f40924dd8ca638ec6","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000011973,"sao":"2025年宏观经济在外部压力和内部调整中展现了强大韧性，新动能对增长的支撑作用增强，政策以精准发力为主，避免 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本报告期内，本基金在保证符合偏离度要求的情况下跟踪复制指数，以提供稳定回报为主要目标。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:14.380Z","mo":"2024上半年基本面特征表现为外需支撑、内需偏弱的特征，库存周期对经济起到支撑作用；最新数据显示库存动力开始下行，有再次走弱迹象，基本面角度仍对行情构成支撑。下半年，预计政府债供给开始放量，缓解市场供需缺口；央行二季度持续提示长债超长债风险，关注央行对此品种的合意价位；新的利率走廊建立，关注利率传导方式改变。基本面较弱，关注政策节奏变化。本基金将继续跟踪复制指数，力争打造更好的风险收益特征，为投资者提供稳定回报。","fund":{"_id":3000000011973,"__csrcFundId":9696,"stockCode":"011973","shortName":"新华中债1-5年农发行债券指数(011973)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11973,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:03.656Z","status":"normal","exchange":"jj","name":"新华中债1-5年农发行债券指数证券投资基金","fundCollectionId":4000050450000,"inceptionDate":"2021-09-01T16:00:00.000Z","followedNum":0,"masterFundShortName":"新华中债1-5年农发行债券指数","setUpDate":"2021-09-01T16:00:00.000Z","setUpAssetScale":5000099825.54,"setUpShares":5000099825.54,"pinyin":"xhzz1-5nnfxzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华中债1-5年农发行债券指数证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1144027","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceea7fea5b3eb04f41d6","date":"2024-03-30T16:00:00.000Z","stockId":3000000011973,"sao":"报告期内，利率整体下行，品种节奏表现有所分化，无风险利率在1月基本上震荡，5年以内中短端调整偏弱；1月中下旬开始，30年超长带动中长开始出现明显的下行趋势；3月，中短端表现优于长端。总体而言，一季度利率表现强势，绝对值突破了政策利率的约束、期限利差也表现尤为突出。本报告期内，本基金在保证符合偏离度要求的情况下跟踪复制指数，以提供稳定回报为主要目标。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:14.377Z","fund":{"_id":3000000011973,"__csrcFundId":9696,"stockCode":"011973","shortName":"新华中债1-5年农发行债券指数(011973)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11973,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:03.656Z","status":"normal","exchange":"jj","name":"新华中债1-5年农发行债券指数证券投资基金","fundCollectionId":4000050450000,"inceptionDate":"2021-09-01T16:00:00.000Z","followedNum":0,"masterFundShortName":"新华中债1-5年农发行债券指数","setUpDate":"2021-09-01T16:00:00.000Z","setUpAssetScale":5000099825.54,"setUpShares":5000099825.54,"pinyin":"xhzz1-5nnfxzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华中债1-5年农发行债券指数证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1069887","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceea7fea5b3eb04f41d5","date":"2023-12-30T16:00:00.000Z","stockId":3000000011973,"sao":"2023年，基本面继续寻底，库存周期来看被动去库主动补库反复，我们目前观测到的是经济尝试筑底，但是提供经济弹性的地产等相关数据仍比较弱，需求的进一步抬升需要更多观察。市场对政策刺激经济的预期也比较弱，整体基本面环境有利于债券市场。流动性是全年一个重要变量，影响因素包括外部和内部两方面：其中外部主要指汇率约束，之前7.3%位置上央行要保汇率，汇率作为货币政策缓冲垫作用明显减弱；内部因素包括信贷供给债券供给季节性不均衡。上述因素下，利率曲线非常平坦，（10-1）Y利差一度达到33bp，利差收窄水平同2017.12月，处于2016年以来的历史第二极值位，曲线形态仅次于2016年底-2017年初债券熊市快速大幅调整时期。 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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，本基金在保证符合偏离度要求的情况下跟踪复制指数，以提供稳定回报为主要目标。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:14.366Z","fund":{"_id":3000000011973,"__csrcFundId":9696,"stockCode":"011973","shortName":"新华中债1-5年农发行债券指数(011973)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11973,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:03.656Z","status":"normal","exchange":"jj","name":"新华中债1-5年农发行债券指数证券投资基金","fundCollectionId":4000050450000,"inceptionDate":"2021-09-01T16:00:00.000Z","followedNum":0,"masterFundShortName":"新华中债1-5年农发行债券指数","setUpDate":"2021-09-01T16:00:00.000Z","setUpAssetScale":5000099825.54,"setUpShares":5000099825.54,"pinyin":"xhzz1-5nnfxzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华中债1-5年农发行债券指数证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=887339","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceea7fea5b3eb04f41d1","date":"2022-12-30T16:00:00.000Z","stockId":3000000011973,"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，以指数为目标阶段性增减久期交易仓位，根据市场情况在满足偏离度的前提下灵活调整持仓。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:14.363Z","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， 本基金在跟踪指数的情况下，结合基本面、资金面、市场情绪等因素寻找曲线上更好的点配置，打造较好的风险收益特征，为投资者提供稳定回报。","fund":{"_id":3000000011973,"__csrcFundId":9696,"stockCode":"011973","shortName":"新华中债1-5年农发行债券指数(011973)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11973,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:03.656Z","status":"normal","exchange":"jj","name":"新华中债1-5年农发行债券指数证券投资基金","fundCollectionId":4000050450000,"inceptionDate":"2021-09-01T16:00:00.000Z","followedNum":0,"masterFundShortName":"新华中债1-5年农发行债券指数","setUpDate":"2021-09-01T16:00:00.000Z","setUpAssetScale":5000099825.54,"setUpShares":5000099825.54,"pinyin":"xhzz1-5nnfxzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华中债1-5年农发行债券指数证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=869896","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceea7fea5b3eb04f41d0","date":"2022-09-29T16:00:00.000Z","stockId":3000000011973,"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。季度初期本产品以1-3年期限为主，之后增加了3-5年品种头寸，待8月中旬降息之后，市场情绪短期过高，同时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":"2026-03-09T13:45:14.360Z","fund":{"_id":3000000011973,"__csrcFundId":9696,"stockCode":"011973","shortName":"新华中债1-5年农发行债券指数(011973)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11973,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:03.656Z","status":"normal","exchange":"jj","name":"新华中债1-5年农发行债券指数证券投资基金","fundCollectionId":4000050450000,"inceptionDate":"2021-09-01T16:00:00.000Z","followedNum":0,"masterFundShortName":"新华中债1-5年农发行债券指数","setUpDate":"2021-09-01T16:00:00.000Z","setUpAssetScale":5000099825.54,"setUpShares":5000099825.54,"pinyin":"xhzz1-5nnfxzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华中债1-5年农发行债券指数证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=804930","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceea7fea5b3eb04f41cf","date":"2022-06-29T16:00:00.000Z","stockId":3000000011973,"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。 本产品在报告期内配置上以偏向中短端为主。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:14.357Z","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。下半年，本产品将继续合理跟踪指数。","fund":{"_id":3000000011973,"__csrcFundId":9696,"stockCode":"011973","shortName":"新华中债1-5年农发行债券指数(011973)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11973,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:03.656Z","status":"normal","exchange":"jj","name":"新华中债1-5年农发行债券指数证券投资基金","fundCollectionId":4000050450000,"inceptionDate":"2021-09-01T16:00:00.000Z","followedNum":0,"masterFundShortName":"新华中债1-5年农发行债券指数","setUpDate":"2021-09-01T16:00:00.000Z","setUpAssetScale":5000099825.54,"setUpShares":5000099825.54,"pinyin":"xhzz1-5nnfxzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华中债1-5年农发行债券指数证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=783980","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeceea7fea5b3eb04f41ce","date":"2022-03-30T16:00:00.000Z","stockId":3000000011973,"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%。本产品为利率指数类产品，以跟踪指数为主，适当做合理偏离。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:14.355Z","fund":{"_id":3000000011973,"__csrcFundId":9696,"stockCode":"011973","shortName":"新华中债1-5年农发行债券指数(011973)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11973,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:05:03.656Z","status":"normal","exchange":"jj","name":"新华中债1-5年农发行债券指数证券投资基金","fundCollectionId":4000050450000,"inceptionDate":"2021-09-01T16:00:00.000Z","followedNum":0,"masterFundShortName":"新华中债1-5年农发行债券指数","setUpDate":"2021-09-01T16:00:00.000Z","setUpAssetScale":5000099825.54,"setUpShares":5000099825.54,"pinyin":"xhzz1-5nnfxzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20746234","stockType":"fund_manager","exchange":"fm","tickerId":1210204210,"name":"李洁"}]},"announcement":{"linkText":"新华中债1-5 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