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超额收益较为明显。上半年国内货币政策延续宽松基调，央行通过多种政策工具维护市场流动性，债券市场在今年上半年经历了较大的波动，一季度下跌，二季度明显反弹。二季度受地缘政治风险和关税政策的影响，债券收益率出现了明显的下行，市场避险情绪有所增强，债券市场后续值得重点关注的方面包括：国内增量刺激政策以及中美关税谈判的进一步进展等方面，在目前债券收益率整体较低的背景下，债券市场的波动预计会进一步加大。上半年我们仍然以信用债投资为主，同时根据权益市场的变化，灵活调整权益资产的配置比例，后续操作仍然会根据市场的表现进行灵活应对。东兴基金作为本基金管理人，在兼顾流动性充裕、市场风险可控的前提下，努力提升基金综合收益率。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:42.640Z","mo":"上半年中国经济平稳运行, GDP同比增长5.3%，消费方面，消费品以旧换新政策发力显效，服务消费增势较好，消费活力不断释放，消费对经济增长的拉动作用进一步增强。 房地产方面，全国商品房销售降幅继续收窄，投资和新开工仍然偏弱，与之同步的是库存趋于下降，核心城市库存去化更快。国内政策更多围绕存量房收储、优化供给质量等方面展开。展望下半年，出口仍然面临海外关税政策的不确定性，在当前内需仍然较为疲弱的背景下，国内政策仍有继续发力的必要性。当前国内物价低位运行，中央财经委员会会议强调综合整治内卷式竞争，“反内卷”具体政策细节以及落地效果值得期待。权益市场方面，上半年A股市场在风险扰动与政策对冲下表现出较强的韧性，展望下半年，当前国内宏观经济仍面临一定的不确定性，需要政策持续发力以实现平稳增长的目标。在此背景下，我们预计国内货币政策仍然将维持较为宽松的基调，国内流动性环境较为宽松，这为权益市场的表现提供了相对有利的条件。对于债券市场，目前宏观背景下消费、地产及投资有待提振，基本面仍对债市形成支撑，不过其仅框定趋势方向，具体行情演化路径存在较大不确定性。当前诸多会议传递顶层设计信号，市场政策预期有所起势叠加债券配置性价比逐步降低，资金渴望寻求新的载体，前期围绕“资产荒”的核心逻辑对于债市的支撑或已不足，资金从抱团债市转向权益市场。债市或仍有做多窗口期，投资节奏或需要审慎把握，交易思维主导，持有合适票息底仓，积极进行波段交易操作或是较为合理的策略。我们需要密切跟踪相关产业政策的出台以及具体执行情况，以作出及时的应对。","fund":{"_id":3000000014716,"__csrcFundId":10773,"stockCode":"014716","shortName":"东兴兴源债券(014716)","masterFundShortName":"东兴兴源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14716,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:57.808Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-12T16:00:00.000Z","name":"东兴兴源债券型证券投资基金","fundCollectionId":4000051940000,"followedNum":0,"setUpDate":"2022-01-12T16:00:00.000Z","setUpAssetScale":149999208.9,"setUpShares":149999208.9,"pinyin":"dxxyzqxzqtzjj","managers":[{"stockCode":"8801406882","stockType":"fund_manager","exchange":"fm","tickerId":120308164650,"name":"李晨辉"},{"stockCode":"db20792919","stockType":"fund_manager","exchange":"fm","tickerId":191210234280,"name":"宋立久"}]},"announcement":{"linkText":"东兴兴源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=1340905","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e67fea5b3eb0514c03","date":"2025-03-30T16:00:00.000Z","stockId":3000000014716,"sao":"第一季度，权益市场震荡反弹，特别是在春节后随着国内人工智能产业以及人形机器人产业的进展和突破，带动了中国科技资产的重估，同时权益市场的逐步回暖也带动了医药、消费等行业的反弹。债券市场一季度出现了明显的调整，债券收益率出现了明显的上行。随着债券市场的逐步回调，后续配置机会或将显现。债券市场后续值得重点关注的方面包括，国内二季度经济数据、增量刺激政策以及中美贸易摩擦的进一步进展等。今年一季度权益市场震荡反弹，我们灵活调整权益资产的仓位，债券方面，仍然以信用债为主，后续操作仍然会根据市场的表现进行灵活应对。东兴基金作为本基金管理人，在兼顾流动性充裕、信用风险可控的前提下，努力提升基金综合收益率。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:42.638Z","fund":{"_id":3000000014716,"__csrcFundId":10773,"stockCode":"014716","shortName":"东兴兴源债券(014716)","masterFundShortName":"东兴兴源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14716,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:57.808Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-12T16:00:00.000Z","name":"东兴兴源债券型证券投资基金","fundCollectionId":4000051940000,"followedNum":0,"setUpDate":"2022-01-12T16:00:00.000Z","setUpAssetScale":149999208.9,"setUpShares":149999208.9,"pinyin":"dxxyzqxzqtzjj","managers":[{"stockCode":"8801406882","stockType":"fund_manager","exchange":"fm","tickerId":120308164650,"name":"李晨辉"},{"stockCode":"db20792919","stockType":"fund_manager","exchange":"fm","tickerId":191210234280,"name":"宋立久"}]},"announcement":{"linkText":"东兴兴源债券型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269760","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e67fea5b3eb0514c02","date":"2024-12-30T16:00:00.000Z","stockId":3000000014716,"sao":"回顾2024年，一季度权益市场整体波动较大，二季度震荡反弹，三季度特别是在9月中下旬央行宣布降息降准，同时降低存量房贷利率，并且创设两项新的货币政策工具，支持股票市场稳定发展后，市场反应激烈，展开了大幅度的反弹，短时间内大幅上涨。由于国内货币、财政政策的持续发力，当前市场预期已经明显改善。全年来看，债券市场表现较好，整体震荡上行，仅在9月份政策反转期间出现了一定的波动。全年整体上以债券类资产为主，权益仓位根据市场表现灵活调整。展望2025年，我们将坚持大类资产配置策略，根据经济恢复情况以及市场表现，灵活调整不同类别资产的比例，在力求净值波动较小的情况下努力增厚基金收益。东兴基金作为本基金管理人，在兼顾流动性充裕、市场风险可控的前提下，努力提升基金综合收益率。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:42.635Z","mo":"展望2025年的国内经济，我们认为随着国内货币、财政政策的持续发力，特别是中央经济工作会议提出要实施适度宽松的货币政策，适时降准降息，保持流动性充裕。要大力提振国内消费，全方位扩大国内需求，实施提振消费专项行动，提升消费能力和意愿。另外，要以科技创新引领新质生产力发展，建设现代化产业体系。市场预期国内宏观政策将更加积极有为，稳增长的动能将进一步增强。权益市场方面，在当前国债收益率保持低位的背景下，以高股息、低估值为代表的红利资产仍然具备投资价值，以AI为代表的人工智能产业仍然处于成长早期，投资机会值得深入挖掘。另外，消费、医药等行业经过较长时间周期的调整，当前估值处于历史较低分位，也具备较好的投资价值。随着国内政策大力提振消费，改善居民收入预期，消费行业值得期待。对于债券市场，国内宏观政策持续发力，经济增速有望回升，但阶段性或仍将面临消费以及房地产下行的压力，再叠加潜在地缘政治风险，对于债券市场来说仍处在一个相对有利的环境。货币政策适度宽松，资金中枢有望维持合理稳定，在利率中枢逐步下移的大背景下债市配置价值依然较高。另一方面，中美贸易关税与摩擦力度以及国内宽货币力度、权益市场表现情况等，这些因素均有一定不确定性。央行对债市的关注与引导，仍然需要持续观测，汇率因素，资金面等方面均可能导致债市利率波动幅度加大，但债市利率大幅上行的可能性相对较小。","fund":{"_id":3000000014716,"__csrcFundId":10773,"stockCode":"014716","shortName":"东兴兴源债券(014716)","masterFundShortName":"东兴兴源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14716,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:57.808Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-12T16:00:00.000Z","name":"东兴兴源债券型证券投资基金","fundCollectionId":4000051940000,"followedNum":0,"setUpDate":"2022-01-12T16:00:00.000Z","setUpAssetScale":149999208.9,"setUpShares":149999208.9,"pinyin":"dxxyzqxzqtzjj","managers":[{"stockCode":"8801406882","stockType":"fund_manager","exchange":"fm","tickerId":120308164650,"name":"李晨辉"},{"stockCode":"db20792919","stockType":"fund_manager","exchange":"fm","tickerId":191210234280,"name":"宋立久"}]},"announcement":{"linkText":"东兴兴源债券型证券投资基金2024年年度报告","linkUrl":"http://eid.c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5.0%，整体来看，供给端复苏强于需求端，外需强于内需。分季度来看，一季度GDP同比增长5.3%，其中出口、制造业增长表现超预期。二季度由于高基数效应的影响，GDP同比增长4.7%，其中消费、投资增速呈现边际放缓的迹象。由于房地产持续下行带来居民资产缩水，导致市场信心不足，进而影响消费需求。展望下半年，随着房地产去库存、以旧换新等地产政策的持续发力，以及保障性住房再贷款等货币政策工具的启动，国内房地产市场政策的主基调依然是偏宽松，以促进市场的复苏和稳定。财政政策方面，下半年实施好积极的财政政策，已确定的政策举措会加速落实，专项债的发行以及使用会继续提速，并及早储备并适时推出一批增量政策举措推动基建投资增长，货币政策方面，从支持国内经济“稳增长”的需要，央行有望继续引导降低实体经济融资成本。海外市场方面，欧央行已经开始降息，作为主要发达经济体，欧元区降息对全球市场的影响较大。叠加美国近期经济数据边际走弱，同时通胀压力有所缓解，美联储下半年降息预期也有所升温。发达经济体货币政策的逐步转变，有利于增强国内货币政策操作的自主性和灵活性，拓展国内货币政策操作的空间。权益市场方面，当前投资者信心仍然有待提振，随着资本市场越来越重视投资者回报，市场有望逐步走出低谷。展望下半年，我们仍然相对看好红利相关资产的表现，经过近期的调整，部分红利资产的预期回报有所提升。科技创新仍然是经济转型升级的关键所在，高景气的部分细分科技板块仍然有较好的投资机会。对于债券市场，新旧动能转换的大背景下，经济持续回升向好的基础尚不稳固，有效需求仍然呈现出一定不足，实体融资需求依然较弱，而政策发力总体较为平稳，尤其是财政发力尚未带动债券供给和信用持续扩张。结构性上，下半年政府债供给或迎放量，供给高峰或落在三季度，将阶段性缓解供需失衡。随着市场利率的下行，目前的信用利差和期限利差已处于相对低位，在当前票息愈发走低的环境下需从自身负债端出发，来评估资产的性价比。我们需要持续对央行货币政策以及机构行为进行跟踪，以作出及时的应对。","fund":{"_id":3000000014716,"__csrcFundId":10773,"stockCode":"014716","shortName":"东兴兴源债券(014716)","masterFundShortName":"东兴兴源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14716,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:57.808Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-12T16:00:00.000Z","name":"东兴兴源债券型证券投资基金","fundCollectionId":4000051940000,"followedNum":0,"setUpDate":"2022-01-12T16:00:00.000Z","setUpAssetScale":149999208.9,"setUpShares":149999208.9,"pinyin":"dxxyzqxzqtzjj","managers":[{"stockCode":"8801406882","stockType":"fund_manager","exchange":"fm","tickerId":120308164650,"name":"李晨辉"},{"stockCode":"db20792919","stockType":"fund_manager","exchange":"fm","tickerId":191210234280,"name":"宋立久"}]},"announcement":{"linkText":"东兴兴源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=1143928","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e67fea5b3eb0514bff","date":"2024-03-30T16:00:00.000Z","stockId":3000000014716,"sao":"第一季度，权益市场在经历年初极端行情以及2月的快速修复后，市场逐步恢复正常，前期跌幅较大的板块反弹幅度也相对更大。中国经济基本面展现出了积极的恢复迹象。1-2月数据显示工业增加值同比增长7.0%，出口同比增长10.3%，显示出海外市场的韧性，最新的3月制造业PMI超预期回升至50.8%。债券市场一季度整体表现较好，后续值得关注的重要风险点或在于二季度经济数据、三季度的增量刺激政策以及美联储初次降息时点等。另外随着国债供给的增加，或对短期资金面有一定的影响。步入二季度后，在全年经济增速目标框架下，预计财政资金将陆续落地，重点关注高频数据能否得到明显改善。今年一季度权益市场波动较大，我们在市场下跌过程中增加了权益资产的仓位，债券仍然保持以利率债为主的配置，并适时调整持仓久期结构，后续操作仍然会根据市场的表现进行灵活应对。东兴基金作为本基金管理人，在兼顾流动性充裕、信用风险可控的前提下，努力提升基金综合收益率。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:42.627Z","fund":{"_id":3000000014716,"__csrcFundId":10773,"stockCode":"014716","shortName":"东兴兴源债券(014716)","masterFundShortName":"东兴兴源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14716,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:57.808Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-12T16:00:00.000Z","name":"东兴兴源债券型证券投资基金","fundCollectionId":4000051940000,"followedNum":0,"setUpDate":"2022-01-12T16:00:00.000Z","setUpAssetScale":149999208.9,"setUpShares":149999208.9,"pinyin":"dxxyzqxzqtzjj","managers":[{"stockCode":"8801406882","stockType":"fund_manager","exchange":"fm","tickerId":120308164650,"name":"李晨辉"},{"stockCode":"db20792919","stockType":"fund_manager","exchange":"fm","tickerId":191210234280,"name":"宋立久"}]},"announcement":{"linkText":"东兴兴源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=1065105","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e67fea5b3eb0514bfe","date":"2023-12-30T16:00:00.000Z","stockId":3000000014716,"sao":"回顾2023年，一季度市场对疫后复苏保持乐观，但从二季度开始，国内宏观经济持续低于市场预期，主要受房地产市场恢复不及预期拖累，三季度开始国内稳增长政策持续发力，市场预期有所改善。全年来看，债券市场表现较好，整体震荡上行，权益市场波动较大，整体震荡下行。上半年我们以利率债为主，配置部分权益资产，下半年我们减仓了权益资产，继续维持以利率债为主的配置，以防守为主。东兴基金作为本基金管理人，在兼顾流动性充裕、市场风险可控的前提下，努力提升基金综合收益率。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:42.623Z","mo":"展望2024年的国内经济，我们认为居民消费信心逐步修复，服务业消费强于商品消费，尽管目前地产投资和出口依然制约着经济复苏的内生强度，但在财政托底以及居民就业逐步改善下的背景下，国内经济的企稳复苏仍然是较为确定的。在目前国内通胀较低，地产销售仍然承压的宏观环境下，预计国内仍会保持适度宽松的货币政策，2024年财政政策有可能继续发力，特别是对基建投资的支持，对地产城中村改造、保障房建设等“三大工程”的支持。另外随着经济转型的深入，以科创、硬科技等为代表的新兴产业有望逐步发力。海外市场方面，美国通胀有望逐步回落，美国居民旺盛的消费需求难以为继，高利率的负面影响将逐步显现，预计美国GDP同比温和减速、通胀回落但仍高于美联储政策目标，美国经济“软着陆”的概率仍然较高。权益市场方面，经过本轮从2021年开始的调整，目前不论是调整的幅度还是时间周期，都与市场历次调整周期接近，本轮市场调整的核心原因在于两点：房地产销量见顶回落以及市场结构性估值泡沫。现在经过长时间的调整，市场估值已经显著回落，随着房地产支持政策的逐步出台，房地产的销量也有望逐步触底。对于债券市场，虽然整体行情走势仍存有不确定性，但是背景较2023年已经发生一定的改变，相同的是宽信用仍是目标，但实际利率偏高，未来利率中枢或将持续下移，无论是票面收益亦或是资本利得空间均一定程度上受到挤压。从基本面情况来看，国内基本面情况或仍对债市形成支撑，而刺激政策带动基本面修复也需要时间的传递，预计全年债市仍存在结构性行情，将综合考虑各方面情况，积极参与。","fund":{"_id":3000000014716,"__csrcFundId":10773,"stockCode":"014716","shortName":"东兴兴源债券(014716)","masterFundShortName":"东兴兴源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14716,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:57.808Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-12T16:00:00.000Z","name":"东兴兴源债券型证券投资基金","fundCollectionId":4000051940000,"followedNum":0,"setUpDate":"2022-01-12T16:00:00.000Z","setUpAssetScale":149999208.9,"s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   东兴基金作为本基金管理人，在兼顾流动性充裕、市场风险可控的前提下，努力提升基金综合收益率。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:42.612Z","mo":"在去年年底结束的中央经济工作会议中，会议关注经济“三重压力”，同时强调，随着各项政策效果显现，2023年经济运行有望总体回升，要坚定信心，提振信心是会议重点强调的一项工作，会议指出2023年经济工作千头万绪，要“从改善社会心理预期、提振发展信心入手”。具体而言2022年宏观背景面临消费、地产、基建的需求探底，限产限电、全球供应链摩擦等供给冲击和企业经营信心受到经济和疫情冲击等，疫情管控优化后2023年整体处于一个经济反转预期中，对于债券市场的投资环境来说需要持续观察，抓住可能的预期差的机会。货币环境方面，去年运用了降准、PSL、降息等大量货币政策，确保在经济下行过程中不产生系统性金融风险。在海外货币政策持续收紧时，年底的一次降准和中央经济工作会议所表达的内容，无疑均传达的未来2023年我国的政策还将\"以我为主\"，以提振内需以及信心为目标，至少在上半年中维持稳中偏松的环境是较为确定的。海外市场面临的环境仍然较为复杂，美联储通胀回落的预期近期难言乐观，高利率将会持续更长时间，年底降息概率减小，中美周期共振延后。美联储的动作也将对国内市场形成一定的干扰，总体在大的方向上半年利率预计维持震荡。另外，今年预计和2022年底一样，可能存在一些预期差的交易机会。目前经济依旧处于一个将起未起的阶段，地产、汽车等耐用品消费信心仍未提振，一般来说3月份是地产销售旺季，也将会是一个重要的窗口期，如经济未达预期，则将依赖更多的政策支持。总得来说，稳增长政策频出对于债券实际上是喜忧参半的，一方面稳增长的目标下决定了当前债券资产并不是时间的朋友，而另一方面稳增长的诉求和路径也决定了当前货币环境和流动性环境仍然比较友好，仍需持续关注经济修复情况，总体来说判断市场上半年的机会好于下半年。","fund":{"_id":3000000014716,"__csrcFundId":10773,"stockCode":"014716","shortName":"东兴兴源债券(014716)","masterFundShortName":"东兴兴源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14716,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:57.808Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-12T16:00:00.000Z","name":"东兴兴源债券型证券投资基金","fundCollectionId":4000051940000,"followedNum":0,"setUpDate":"2022-01-12T16:00:00.000Z","setUpAssetScale":149999208.9,"setUpShares":149999208.9,"pinyin":"dxxyzqxzqtzjj","managers":[{"stockCode":"8801406882","stockType":"fund_manager","exchange":"fm","tickerId":120308164650,"name":"李晨辉"},{"stockCode":"db20792919","stockType":"fund_manager","exchange":"fm","tickerId":191210234280,"name":"宋立久"}]},"announcement":{"linkText":"东兴兴源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=870063","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e67fea5b3eb0514bf9","date":"2022-09-29T16:00:00.000Z","stockId":3000000014716,"sao":"第三季度，我们卖出小部分涨幅较大的信用债，同时伴随资产的逐步到期，在开放期前逐步降低杠杆率，保持较充裕的流动性水平。第四季度，开放期前我们将放缓资产增配节奏，开放期结束后我们将根据市场情况，在以“低回撤”为主要配置思路的前提下，择时增配部分性价比较高的杠杆资产以及置换部分底仓资产。东兴基金作为本基金管理人，在兼顾流动性充裕、信用风险可控的前提下，努力提升基金综合收益率。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:42.609Z","fund":{"_id":3000000014716,"__csrcFundId":10773,"stockCode":"014716","shortName":"东兴兴源债券(014716)","masterFundShortName":"东兴兴源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14716,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:57.808Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-12T16:00:00.000Z","name":"东兴兴源债券型证券投资基金","fundCollectionId":4000051940000,"followedNum":0,"setUpDate":"2022-01-12T16:00:00.000Z","setUpAssetScale":149999208.9,"setUpShares":149999208.9,"pinyin":"dxxyzqxzqtzjj","managers":[{"stockCode":"8801406882","stockType":"fund_manager","exchange":"fm","tickerId":120308164650,"name":"李晨辉"},{"stockCode":"db20792919","stockType":"fund_manager","exchange":"fm","tickerId":191210234280,"name":"宋立久"}]},"announcement":{"linkText":"东兴兴源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=804955","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e67fea5b3eb0514bf8","date":"2022-06-29T16:00:00.000Z","stockId":3000000014716,"sao":"第一季度，我们增配了部分短期性价比较高的城投债券，权益方面由于股票市场波动较大，仍处于观望阶段，等待合适的底部建仓时机；第二季度，我们根据市场情况建仓了部分可转债，增配了部分权益资产。下半年，我们将维持原有策略，并择机继续增配权益资产，在控制净值波动的情况下努力增厚基金收益。东兴基金作为本基金管理人，在兼顾流动性充裕、信用风险可控的前提下，努力提升基金综合收益率。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:42.607Z","mo":"在上半年中，相对宽松的资金环境与金融机构较为充裕的负债端是支撑市场维持偏强的主要因素。宽松的货币环境叠加上实体经济弱需求、弱预期的情况下，相对于偏低的实体经济预期投资回报率来说，国内利率水平并不算太低，所以出现这种资产荒的局面应该是较为正常的。并且这样内生性原因推动的资产配置需求也与2015年-2016年通过同业扩张的格局有所不同，更难以出现那种快速的扭转。对于经济基本面来说，疫情对于经济的冲击已经毋庸置疑，在连续4月、5月受到疫情较大影响的情况下，二季度的经济增长可能面临更大的压力，距离全年5.5%的目标有一定距离。但疫情的冲击相对短暂，阶段性冲击过后也会如2020年一样有短期的复苏和反弹，而这已经是一条确定性比较强的脉络。如果回到对后续市场的判断，对此我们更应该关注疫情之外的一些中长期变量的变化，这才是可能出现预期差的关键，比如2020年国内疫情恢复后出口和制造业反而经历了相对较长时间的复苏，而这一次出口和制造业能否在疫情过后仍保持一定的韧性可能是较为关键的变量。展望今年下半年，在市场已经经过了一定对于疫情情绪下的初步修复后，大的背景和定价逻辑并没有扭转，疫情改善带来的经济环比恢复应该抬升的是短期内利率震荡区间的下限，资金的中枢水平仍然维持原有利率震荡顶部的定价，考虑到当前经济的脉冲式反弹幅度和持续性都不强，资金环境的宽松可能仍能够维持。我们认为在当下的诸多影响下，债券市场暂时难以脱离以政策利率为估值中枢的箱体震荡的格局，向上或向下的空间都不大。另外，本轮信用风险的概率较2018年以及2020年降低很多，违约造成的系统性风险已经被充分认识，宏观环境有利于政府债务软着陆，防范系统性风险成为主要目标，利差进入最后挤压阶段。","fund":{"_id":3000000014716,"__csrcFundId":10773,"stockCode":"014716","shortName":"东兴兴源债券(014716)","masterFundShortName":"东兴兴源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14716,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:57.808Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-12T16:00:00.000Z","name":"东兴兴源债券型证券投资基金","fundCollectionId":4000051940000,"followedNum":0,"setUpDate":"2022-01-12T16:00:00.000Z","setUpAssetScale":149999208.9,"setUpShares":149999208.9,"pinyin":"dxxyzqxzqtzjj","managers":[{"stockCode":"8801406882","stockType":"fund_manager","exchange":"fm","tickerId":120308164650,"name":"李晨辉"},{"st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