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下显著收紧资金，导致短端利率大幅上行，而长债利率则维持窄幅震荡走势。直到春节之后，deepseek带动股市上涨、央行超预期持续收紧资金、活期存款利率下调后导致银行缺负债，基本面、风险偏好、央行态度及资金面形成共振，利率持续调整，短端资产收益率和资金利率深度倒挂导致其调整幅度更大，曲线呈熊平走势，10年国债最高调整至1.9%，信用利差在此阶段震荡略有上行。债市2-3月的调整本质是对去年12.9以来持续抢跑货币政策“适度宽松”的修正，3月下旬基本抹平该阶段的下行，此后3月下旬债市企稳。4月初外部风险引发全球市场震动，国内股市下跌、长债利率下行近20bp，几乎收复一季度的跌幅。两个交易日对外部变化完成定价，此后股市在央行、证监会和中央汇金支持资本市场的举措迅速落地后逐步修复，债市则开启漫长的震荡行情，即使5月降准降息落地、银行存款利率大幅下调，6月资金超预期宽松等，也并未让利率突破震荡区间，10年国债始终运行在1.6-1.7之间，期间市场致力于挖掘结构性机会，部分非活跃券有较好表现，同时信用利差整体也呈现震荡下行走势，整个上半年表现优于利率债。    本基金以中高等级信用债及利率债投资为主，上半年整体操作偏积极，大部分时间保持了偏高的久期，并通过波段交易、品种轮动等策略进行收益增厚，获取了合理的投资回报。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:59.936Z","mo":"抢出口效应消退及国补提前透支可能在下半年对出口及消费产生影响，房地产行业仍有待改善，在总量层面基建将是主要的支撑项；近期“反内卷”在前期有助于改善部分行业的盈利状况并扭转PPI持续下行的局面，不过中期是否有需求端的政策予以配合是问题的关键，这将决定了价格改善的可持续性，以及是否能够有效对冲掉“反内卷”在就业层面带来的影响，预计基本面仍然维持区间震荡的状态。政策层面，财政扩张以及持续稳定和活跃资本市场需要低利率环境的配合，但另一方面稳定银行净息差的诉求也限制了政策利率的下调空间。下半年银行的负债端压力较上半年有所缓解，债市不乏配置资金，但与此同时股市活跃度提升也在一定程度分流配债资金，下半年债市多空力量或比较均衡，决定了利率可能呈现比较明显的震荡市特征，中长期来看震荡中枢将跟随政策利率下移。策略应对上，在震荡市中将更加注重票息价值，同时会积极把握波段交易及品种轮动以提升投资回报。","fund":{"_id":3000000012750,"__csrcFundId":9519,"stockCode":"012750","shortName":"上银慧鼎利债券(012750)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12750,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:28:09.177Z","status":"normal","exchange":"jj","name":"上银慧鼎利债券型证券投资基金","fundCollectionId":4000050850000,"currency":"CNY","inceptionDate":"2021-07-27T16:00:00.000Z","followedNum":0,"masterFundShortName":"上银慧鼎利债券","setUpDate":"2021-07-27T16:00:00.000Z","setUpAssetScale":200085485.39,"setUpShares":200085485.39,"pinyin":"syhdlzqxzqtzjj","managers":[{"stockCode":"db20884360","stockType":"fund_manager","exchange":"fm","tickerId":132404238970,"name":"马小东"},{"stockCode":"db20802141","stockType":"fund_manager","exchange":"fm","tickerId":71717218510,"name":"葛沁沁"}]},"announcement":{"linkText":"上银慧鼎利债券型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1345254","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf8f7fea5b3eb04fece2","date":"2025-03-30T16:00:00.000Z","stockId":3000000012750,"sao":"一季度债券走势颇为波折。年初前几个交易日延续2024年的债牛行情，收益率快速下行至历史低位，10年国债最低成交至1.59%。此后债市在银行缺负债资金偏贵、市场风险偏好提升、基本面数据阶段性好转。节奏上，1至2月中旬资金紧占据主导地位，导致短债上行幅度更大、曲线明显走平，长债颇具韧性；而2月中旬至3月中旬，股债跷跷板及降息预期回撤占据主导地位，长债也开启快速调整，10年国债最高上行至1.9%。直至3月中旬附近，收益率上行至去年央行首次提及“适度宽松”之前的位置，此后伴随银行负债压力逐步缓解，资金面有小幅好转，利率在3月下半旬震荡下行，10年国债一季度收盘在1.81%附近。整个一季度来看，3/10/30年国债分别上行42/14/11bps，曲线整体走平；信用债由于具备票息优势更加抗跌，一季度信用利差整体收窄，AA+中票和国开的信用利差收窄4-21bps，其中期限越短收窄越多。本基金以中高等级信用债及利率债投资为主，同时通过波段交易、品种轮动等策略进行收益增厚，获取了合理的投资回报。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:59.934Z","fund":{"_id":3000000012750,"__csrcFundId":9519,"stockCode":"012750","shortName":"上银慧鼎利债券(012750)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12750,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:28:09.177Z","status":"normal","exchange":"jj","name":"上银慧鼎利债券型证券投资基金","fundCollectionId":4000050850000,"currency":"CNY","inceptionDate":"2021-07-27T16:00:00.000Z","followedNum":0,"masterFundShortName":"上银慧鼎利债券","setUpDate":"2021-07-27T16:00:00.000Z","setUpAssetScale":200085485.39,"setUpShares":200085485.39,"pinyin":"syhdlzqxzqtzjj","managers":[{"stockCode":"db20884360","stockType":"fund_manager","exchange":"fm","tickerId":132404238970,"name":"马小东"},{"stockCode":"db20802141","stockType":"fund_manager","exchange":"fm","tickerId":71717218510,"name":"葛沁沁"}]},"announcement":{"linkText":"上银慧鼎利债券型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1274430","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf8f7fea5b3eb04fece1","date":"2024-12-30T16:00:00.000Z","stockId":3000000012750,"sao":"2024年债券市场在“经济曲折运行、财政致力于化债、货币政策维持宽松、缺资产深化”的主线下，利率中枢突破式下行。一方面，房地产持续影响经济表现、存款利率下调及禁止手工补息高息揽储的自律倡议推动居民资产配置向固收类产品倾斜，叠加财政化债导致债券供给收缩，宏观层面的实体有效融资需求不足映射到债券市场形成缺资产的情况，驱动利率全年走牛，10年期国债收益率全年下行76bp；另一方面，央行多目标制框架下的预期管理显著强化，在降准降息促进实体融资成本下行的同时，也会在利率下行过快阶段采取风险警示、债券买卖操作等方式平抑市场过热，使得利率下行并非单边演绎，也在一定程度影响到曲线的形态。    分阶段看，1-2月经济运行偏弱、债券供给不足，利率顺畅下行，10年国债从2.55%下行至2.3%附近；3-7月，央行开始关注利率风险，利率单边下行趋势被打破，10年国债在2.2-2.35%之间反复震荡；7-9月，两次降息带动利率中枢下移，但期间央行开启卖债，市场走势颇为波折，10年国债由2.2%震荡下行至2%附近；9月底政治局会议召开后，市场开始交易宽财政及宽信用，利率在3个交易日快速上行至2.25%附近，此后缓慢修复；直至11月底，开启跨年行情，利率再次突破2%；此后伴随货币政策的定调从“稳健”改为“适度宽松”，利率开启年内第二波顺畅下行，截止年末10年期国债几乎收至全年最低点1.6625%。曲线形态上，全年整体走陡，走陡主要发生二季度，届时一方面受存款搬家影响非银配置压力加大，短久期资产收益率大幅下行，另一方面受央行提示利率风险影响长债利率走势较为波折；下半年整体维持震荡，欠配压力下机构更加青睐长久期资产，而央行在四季度开启买债也支撑了短债的需求，所以整体曲线形态变化不大。信用利差在机构行为驱动下全年波折反复，二季度非银欠配驱动信用利差持续收窄，8月上旬几乎压缩至历史最低位，而后伴随阶段性暂停做市、9月底债市调整理财赎回等持续上行，于10月初达到年内最高点，此后在四季度维持宽幅震荡。    本基金在报告期内整体采取了比较积极的投资策略，同时通过波段交易、品种轮动等策略进行了一定的收益增厚，获取了合理的投资回报。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:59.931Z","mo":"展望2025年，国内新兴行业存在亮点，但地产周期筑底缓慢、居民与企业信心修复滞后，需求不足仍然是核心矛盾；而外部面临全球产业链重构和主要经济体关税政策的不确定性，出口对经济的支撑力度趋于减弱。在此背景下，货币政策需要继续通过降准降息等工具降低实体融资成本，并兼顾稳增长和化债双重目标，维持低利率环境的必要性依然突出，故债市整体仍处在下行通道中。但与此同时，债市也面临高起点的问题，而货币宽松的节奏和力度均存在一定的不确定性，这将增加债市的波动，同时，在高起点之下，未来利率的下行或将更加有赖于政策利率的下调。基于此，组合操作层面将从之前的积极状态向中性适度回归，更多通过波段交易、利差交易等方式获取超额收益。","fund":{"_id":3000000012750,"__csrcFundId":9519,"stockCode":"012750","shortName":"上银慧鼎利债券(012750)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12750,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:28:09.177Z","status":"normal","exchange":"jj","name":"上银慧鼎利债券型证券投资基金","fundCollectionId":4000050850000,"currency":"CNY","inceptionDate":"2021-07-27T16:00:00.000Z","followedNum":0,"masterFundShortName":"上银慧鼎利债券","setUpDate":"2021-07-27T16:00:00.000Z","setUpAssetScale":200085485.39,"setUpShares":200085485.39,"pinyin":"syhdlzqxzqtzjj","managers":[{"stockCode":"db20884360","stockType":"fund_manager","exchange":"fm","tickerId":132404238970,"name":"马小东"},{"stockCode":"db20802141","stockType":"fund_manager","exchange":"fm","tickerId":71717218510,"name":"葛沁沁"}]},"announcement":{"linkText":"上银慧鼎利债券型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1255368","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf8f7fea5b3eb04fece0","date":"2024-09-29T16:00:00.000Z","stockId":3000000012750,"sao":"三季度，偏弱的基本面和缺资产仍然是支撑利率下行的主要因素，而7-8月监管提示利率风险、央行开启国债买卖操作等给债市降温，9月降准降息落地后，政策预期边际转变带动债市调整，整个三季度利率整体呈宽幅震荡走势，震荡中枢下移。具体看，7月初央行密集出台政策，包括债券借入和临时正逆回购操作等，均显示出给债市降温的意图，受此影响利率快速上行，但下旬超预期降息后利率再度下行并破前低；8月走势与7月类似，央行开启卖债操作，利率快速上行且债市活跃度大幅下降，随后在央行持续投放资金呵护下利率债逐步企稳，但流动性担忧导致信用债表现持续偏弱；9月市场走势相反，市场先交易降存量房贷利率及降息，利率大幅度下行直至9月24日降准降息及降存量房贷利率等政策落地，利率创年内新低，随后9月26日，市场开始交易宽财政及宽信用，市场风险偏好抬升，利率快速大幅上行，回吐当月涨幅。整个三季度来看，曲线整体走陡，1年、10年和30年国债分别下行17bp、5bp和7bp；信用债收益率以及信用利差的低点均出现在8月初，信用利差压缩到极值后小幅波动便很容易引起赎回负反馈，8月和9月债市调整过程中均有理财和基金赎回，导致信用债调整幅度更大，8-9月信用债收益率整体上行，5年内各评级信用债收益率上行10-30bp，信用利差走阔20-50bp，截止季度末信用利差重新回归至中性甚至略偏高的位置。报告期内本基金坚持以利率债及中高等级信用债投资为主，严控信用风险，根据市场情况灵活调整组合久期、杠杆及各类别资产配置结构，净值合理增长。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:59.928Z","fund":{"_id":3000000012750,"__csrcFundId":9519,"stockCode":"012750","shortName":"上银慧鼎利债券(012750)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12750,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:28:09.177Z","status":"normal","exchange":"jj","name":"上银慧鼎利债券型证券投资基金","fundCollectionId":4000050850000,"currency":"CNY","inceptionDate":"2021-07-27T16:00:00.000Z","followedNum":0,"masterFundShortName":"上银慧鼎利债券","setUpDate":"2021-07-27T16:00:00.000Z","setUpAssetScale":200085485.39,"setUpShares":200085485.39,"pinyin":"syhdlzqxzqtzjj","managers":[{"stockCode":"db20884360","stockType":"fund_manager","exchange":"fm","tickerId":132404238970,"name":"马小东"},{"stockCode":"db20802141","stockType":"fund_manager","exchange":"fm","tickerId":71717218510,"name":"葛沁沁"}]},"announcement":{"linkText":"上银慧鼎利债券型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1178145","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf8f7fea5b3eb04fecdf","date":"2024-06-29T16:00:00.000Z","stockId":3000000012750,"sao":"上半年，实体有效融资需求不足，货币政策保持宽松，财政致力于化债，映射到债券市场上表现为债券供给不足；而需求端，风险偏好下行叠加存款利率下调，居民资产配置向固定收益类理财及基金产品上倾斜，供需错配推动利率大幅度下行，这是上半年债市走牛的大逻辑。除此之外，央行多目标制也在一定程度上影响了利率下行的节奏及曲线的形态。具体来看，1-2月市场主要交易经济运行偏弱及债券供给不足，利率曲线呈牛平走势；3月市场波动加大，月初两会召开后利率先下行，后在止盈及超长债供给担忧下利率有所上行，且曲线开始走陡；4-6月，受存款手工补息政策调整的影响，非银配债需求进一步增加，驱动中短端利率大幅度下行，而与此同时央行开始关注长债利率风险，长端利率走势波折，在此期间利率曲线整体继续走陡。信用类资产由于其票息优势表现更优且更稳定。上半年，1/5/10/30年国债下行54bp/42bp/35bp/40bp；1/3/5/10年AAA中票分别下行51bp/58bp/67bp/58bp。本基金以中高等级信用债和利率债投资为主，严防信用风险，报告期内根据市场情况灵活调整久期及杠杆，实现了净值的合理增长。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:59.926Z","mo":"经济处于新旧动能切换期，政策对高质量发展保持定力，宏观环境仍然有利于债市表现，同时机构欠配现状短期难以逆转，但下半年也需要关注央行操作、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":3000000012750,"__csrcFundId":9519,"stockCode":"012750","shortName":"上银慧鼎利债券(012750)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12750,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:28:09.177Z","status":"normal","exchange":"jj","name":"上银慧鼎利债券型证券投资基金","fundCollectionId":4000050850000,"currency":"CNY","inceptionDate":"2021-07-27T16:00:00.000Z","followedNum":0,"masterFundShortName":"上银慧鼎利债券","setUpDate":"2021-07-27T16:00:00.000Z","setUpAssetScale":200085485.39,"setUpShares":200085485.39,"pinyin":"syhdlzqxzqtzjj","managers":[{"stockCode":"db20884360","stockType":"fund_manager","exchange":"fm","tickerId":132404238970,"name":"马小东"},{"stockCode":"db20802141","stockType":"fund_manager","exchange":"fm","tickerId":71717218510,"name":"葛沁沁"}]},"announcement":{"linkText":"上银慧鼎利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?instanc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