window.pageData = {"stock":{"_id":3000000016353,"stockCode":"016353","shortName":"兴银合泰债券A","masterFundShortName":"兴银合泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16353,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","fundCollectionId":4000050890000,"name":"兴银合泰债券型证券投资基金","inceptionDate":"2023-04-10T16:00:00.000Z","setUpDate":"2023-04-10T16:00:00.000Z","setUpAssetScale":188037928.45,"setUpShares":188037928.45,"pinyin":"xyhtzqxzqtzjj","followedNum":2,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50890000","tickerId":50890000,"name":"兴银基金管理有限责任公司"},"managers":[{"name":"陶国峰","stockType":"fund_manager","stockCode":"db20724056","exchange":"fm","tickerId":200706197830}],"hotMetrics":{"fss":{"stockId":3000000016353,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.9656999999999999,"f_ind_h_s_r":0.034300000000000004,"f_h_a":356,"f_h_s_a":2248007,"f_ind_h_s_r_c_hy":0.032100000000000004,"f_ins_h_s_r_c_hy":-0.03210000000000013,"f_ind_h_s_r_c_1y":0.024800000000000003,"f_ins_h_s_r_c_1y":-0.024800000000000044,"last_data_date":"2025-06-29T16:00:00.000Z"},"fpr":{"stockId":3000000016353,"type":"fpr","f_p_r_fys_ssc":7464,"f_p_r_fys_ssrp":0.3309660994238242,"f_p_r_m1_ssc":7580,"f_p_r_m1_ssrp":0.4421427628974799,"f_p_r_m3_ssc":7483,"f_p_r_m3_ssrp":0.2889601710772521,"f_p_r_m6_ssc":7262,"f_p_r_m6_ssrp":0.3984299683239223,"f_p_r_y1_ssc":6833,"f_p_r_y1_ssrp":0.3325526932084309,"f_cagr_p_r_fs_ssc":7291,"f_cagr_p_r_fs_ssrp":0.48340192043895747,"f_p_r_y2_ssc":5871,"f_p_r_y2_ssrp":0.36609880749574103,"f_p_r_y3_ssc":4903,"f_p_r_y3_ssrp":0.49143206854345167},"fp":{"stockId":3000000016353,"type":"fp","f_cagr_p_r_fs":0.029761149513734653,"f_p_r_d1":-0.0003786086133459321,"f_p_r_m1":0.00362146192699897,"f_p_r_m3":0.00890975282621187,"f_p_r_m6":0.012971328412232586,"f_p_r_fys":0.012401461257450341,"f_p_r_y1":0.02387777001577218,"last_data_date":"2026-04-29T16:00:00.000Z","f_p_r_y2":0.0595909758297124,"f_p_r_y3":0.09327586339482785},"ff":{"stockId":3000000016353,"type":"ff","f_m_f":359748,"f_m_f_r":0.003,"f_c_f":119915,"f_c_f_r":0.001,"f_m_a_c_f":479663,"f_m_a_c_f_r":0.004,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_fr":0.001,"f_fr_d":"2025-09-21T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.004},"f_nlacan":{"stockId":3000000016353,"type":"f_nlacan","f_nv_d":"2026-04-29T16:00:00.000Z","f_nv":1.0531,"f_nv_cr":-0.00009494872768700535},"f_as":{"stockId":3000000016353,"type":"f_as","f_tas":2663202941.4845004,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000016354,"name":"兴银合泰债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","stockCode":"016354","tickerId":16354,"shortName":"兴银合泰债券C","currency":"CNY","__csrcFundId":12241,"exchange":"jj","lastUpdated":"2025-01-04T00:32:19.701Z","fundCollectionId":4000050890000,"inceptionDate":"2023-04-10T16:00:00.000Z","status":"normal","setUpDate":"2023-04-10T16:00:00.000Z","setUpAssetScale":40118346.45,"setUpShares":40118346.45,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"xyhtzqxzqtzjj","followedNum":1}],"bondHoldings":[{"_id":"69e8faf51398d79843002d8c","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000016353,"stockCode":"232580012","stockName":"25中行二级资本债01BC","holdings":900000,"marketCap":91513208,"netValueRatio":0.0332,"lastUpdated":"2026-04-22T16:44:37.669Z"},{"_id":"69e8faf51398d79843002d8d","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000016353,"stockCode":"232580008","stockName":"25工行二级资本债02BC","holdings":800000,"marketCap":81670518,"netValueRatio":0.0296,"lastUpdated":"2026-04-22T16:44:37.673Z"},{"_id":"69e8faf51398d79843002d8e","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000016353,"stockCode":"232580026","stockName":"25建行二级资本债02A(BC)","holdings":700000,"marketCap":70940109,"netValueRatio":0.0257,"lastUpdated":"2026-04-22T16:44:37.677Z"},{"_id":"69e8faf51398d79843002d8f","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000016353,"stockCode":"250431","stockName":"25农发31","holdings":600000,"marketCap":60541528,"netValueRatio":0.022,"lastUpdated":"2026-04-22T16:44:37.680Z"},{"_id":"69e8faf51398d79843002d90","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000016353,"stockCode":"230023","stockName":"23附息国债23","holdings":500000,"marketCap":57427307,"netValueRatio":0.0208,"lastUpdated":"2026-04-22T16:44:37.683Z"}]},"list":[{"_id":"69e8ebe11398d79843fe97b7","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000016353,"sao":"回顾2026年一季度，利率债走势分化，中短端收益率下行较多，长端超长端震荡上行，曲线陡峭化特征明显，信用债收益率则整体下行，主要是受到资金面持续宽松、美伊冲突升级通胀预期升温等因素影响。其中，1月初经历债市调整后，配置价值有所提升，权益市场也有所降温，基金、券商等交易盘的卖券力度有所减弱，而在保险开门红，银行信贷疲弱等因素带动下，保险、银行等配置力量主导了债市，利率债和信用债收益率均有所下行。2月份中上旬债市行情延续，在资金面持续宽松背景下，中短端下行幅度更大。2月底美伊冲突开始，后续局势不断升级，霍尔木兹海峡被封锁，原油运输受阻，油价快速上涨，债券市场对通胀的担忧升温，长端、超长端利率债收益率有所上行，中短端利率债震荡偏下行，利率曲线继续走陡。信用债具有票息优势，在资金宽松背景下，确定性较强，收益率依然下行。展望2026年二季度，利率债短期内有曲线小幅走平机会，预计由短及长进行修复，不过后续随着政府债发行提速，长端、超长端仍有上行风险，中短端利率债和信用债的确定性更高。流动性充裕、经济弱势复苏仍是债市有力支撑，中短端确定性高，美伊冲突的烈度逐步降级后，长债、超长债有望盈利修复行情。不过长端、超长端仍面临一定约束，今年旧动能对经济的拖累有所缓释，且出口表现不俗，对于经济不宜过度悲观，此外，今年财政力度虽然不超预期，但是发债期限和节奏仍需关注，将对长债、超长债形成扰动。一季度组合以中短端信用债为底仓，并参与了长端利率债和二级资本债的波段交易机会，实现了净值的稳健增长。","lastUpdated":"2026-04-22T15:40:17.060Z","fund":{"_id":3000000016353,"__csrcFundId":12241,"stockCode":"016353","shortName":"兴银合泰债券(016353)","masterFundShortName":"兴银合泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:01:04.261Z","status":"normal","exchange":"jj","fundCollectionId":4000050890000,"name":"兴银合泰债券型证券投资基金","inceptionDate":"2023-04-10T16:00:00.000Z","setUpDate":"2023-04-10T16:00:00.000Z","setUpAssetScale":188037928.45,"setUpShares":188037928.45,"pinyin":"xyhtzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20724056","stockType":"fund_manager","exchange":"fm","tickerId":200706197830,"name":"陶国峰"}]},"announcement":{"linkText":"兴银合泰债券型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1481634","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1c57fea5b3eb052314a","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000016353,"sao":"四季度利率债整体先涨后跌，各期限利率基本持平于季初。10月份中美贸易摩擦升级，月底央行宣布重启国债买卖，提振了市场情绪，债市呈现回暖走势。不过11月中下旬开始，市场情绪受到降息预期降温、国债买卖不及预期，以及销售新规传闻等因素的扰动，债市呈现震荡偏弱走势。12月中下旬，临近年末，借券卖出、基金赎回等卖出力量减弱，保险持续买债，市场走出年末修复行情，不过元旦节前最后三个交易日市场又重回下跌。全季度来看，各期限利率基本持平。信用方面，全季度资金面整体宽松，信用利差收窄，中短端信用资产表现较好。展望一季度，债市经过调整后目前收益率水平赔率较厚，超长债卖出压力有所缓解，不过全面转向机会还需等待。一方面，货币政策继续加码空间有限，降息预期有所降温，制约了机构抢跑行为，另一方面，短期内基本面修复节奏有所企稳，市场对权益春季躁动有一定期待，债市情绪可能会受到扰动。但中期来看，增量政策定位相机决策，资金面持续宽松水平，市场超调后逐步回归的概率仍大，一季度债市总体或呈现震荡略偏强表现。组合在报告期内主要配置中短端信用资产，赚取确定性票息，并利用长端利率和金融债做波段交易。","lastUpdated":"2026-03-09T13:57:25.875Z","fund":{"_id":3000000016353,"__csrcFundId":12241,"stockCode":"016353","shortName":"兴银合泰债券(016353)","masterFundShortName":"兴银合泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:01:04.261Z","status":"normal","exchange":"jj","fundCollectionId":4000050890000,"name":"兴银合泰债券型证券投资基金","inceptionDate":"2023-04-10T16:00:00.000Z","setUpDate":"2023-04-10T16:00:00.000Z","setUpAssetScale":188037928.45,"setUpShares":188037928.45,"pinyin":"xyhtzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20724056","stockType":"fund_manager","exchange":"fm","tickerId":200706197830,"name":"陶国峰"}]},"announcement":{"linkText":"兴银合泰债券型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1460891","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1c57fea5b3eb0523149","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000016353,"sao":"三季度债市收益率在风险偏好抬升和公募销售新规征求意见稿出台的影响下出现较大的调整，曲线熊陡，总体表现偏弱。季初雅鲁藏布江水电站大规模投资与反内卷政策密集出台，股市风险偏好显著抬升，持续对债市形成压制，股债跷跷板成为市场交易主线，7-8月债券收益率持续震荡上行。9月公募基金销售新规征求意见稿出炉，进一步加剧债市调整，全季度来看利率债呈现明显的熊陡特征。展望四季度，债市在连续大幅回调后，赔率上升，但胜率有限，长端利率债的拐点还需等待公募销售新规落地或者增量货币政策发力。信用债方面，受益于理财回流、理财估值整改完毕、大量高息定期存款到期等因素带来的配置需求，叠加资金宽松，中短信用具有较高的胜率。组合在报告期内，保持中高杠杆策略，在市场调整期间减持了部分二级资本债，适度降低组合久期。","lastUpdated":"2026-03-09T13:57:25.868Z","fund":{"_id":3000000016353,"__csrcFundId":12241,"stockCode":"016353","shortName":"兴银合泰债券(016353)","masterFundShortName":"兴银合泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:01:04.261Z","status":"normal","exchange":"jj","fundCollectionId":4000050890000,"name":"兴银合泰债券型证券投资基金","inceptionDate":"2023-04-10T16:00:00.000Z","setUpDate":"2023-04-10T16:00:00.000Z","setUpAssetScale":188037928.45,"setUpShares":188037928.45,"pinyin":"xyhtzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20724056","stockType":"fund_manager","exchange":"fm","tickerId":200706197830,"name":"陶国峰"}]},"announcement":{"linkText":"兴银合泰债券型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1381385","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1c57fea5b3eb0523148","date":"2025-06-29T16:00:00.000Z","stockId":3000000016353,"sao":"回顾上半年，债券市场收益率先上后下，利率曲线熊平。1月银行间资金面紧张，短端收益率开始大幅上行，2-3月随着银行负债端压力凸显，叠加股市走强带来风险偏好回升，货币宽松预期逐步收敛，长端收益率也开始调整，各期限收益率均震荡上行，曲线整体上移，呈现熊平态势。4月初，超预期的对等关税政策引发债市收益率短时间内快速下行近20bp，10Y国债一度达到1.62%的低位，随后利率债再次进入窄幅震荡行情，信用债在5-6月表现更佳，信用利差大幅收窄。组合在上半年积极配置高性价信用债，同时通过二级资本债和利率债来灵活调整久期，结合积极的杠杆策略，并根据市场行情的变化进行灵活调整。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:25.863Z","mo":"展望下半年，基本面和资金面对债市仍有一定支撑，理财资金回流和保险预定利率下调，为债券市场带来增量配置需求，但需警惕股市风险偏好改善带来的分流，关注后续重要会议的政策定调和中美贸易谈判的新进展。下半年组合将继续精选个券，根据市场变化灵活调整久期和杠杆。","fund":{"_id":3000000016353,"__csrcFundId":12241,"stockCode":"016353","shortName":"兴银合泰债券(016353)","masterFundShortName":"兴银合泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:01:04.261Z","status":"normal","exchange":"jj","fundCollectionId":4000050890000,"name":"兴银合泰债券型证券投资基金","inceptionDate":"2023-04-10T16:00:00.000Z","setUpDate":"2023-04-10T16:00:00.000Z","setUpAssetScale":188037928.45,"setUpShares":188037928.45,"pinyin":"xyhtzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20724056","stockType":"fund_manager","exchange":"fm","tickerId":200706197830,"name":"陶国峰"}]},"announcement":{"linkText":"兴银合泰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=1348500","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1c57fea5b3eb0523147","date":"2025-03-30T16:00:00.000Z","stockId":3000000016353,"sao":"一季度债券收益率震荡上行，曲线熊平。1月以资金面为交易主线，央行政策重心转向稳汇率和防空转，银行间资金面紧张，短端收益率受此影响大幅上行，机构普遍卖短买长，长端收益率相对坚挺。2-3月随着银行负债端压力凸显，资金面延续紧张态势，长期负carry难以持续，叠加股市走强带来风险偏好回升，货币宽松预期逐步收敛，长端收益率也开始调整，各期限收益率均震荡上行，曲线整体上移，呈现熊平态势。展望二季度，银行体系融出量逐步回升，资金有望走松，中短信用债性价比突出，具备利差修复空间。当前外部环境和基本面仍存在不确定性，出口中期仍有压力，货币政策定调依然积极，长端利率预计呈现震荡偏强态势。组合在报告期内，根据市场波动灵活调整杠杆和久期，辅以少量二级资本债和利率债波段操作，实现组合净值的稳步增长。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:25.860Z","fund":{"_id":3000000016353,"__csrcFundId":12241,"stockCode":"016353","shortName":"兴银合泰债券(016353)","masterFundShortName":"兴银合泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:01:04.261Z","status":"normal","exchange":"jj","fundCollectionId":4000050890000,"name":"兴银合泰债券型证券投资基金","inceptionDate":"2023-04-10T16:00:00.000Z","setUpDate":"2023-04-10T16:00:00.000Z","setUpAssetScale":188037928.45,"setUpShares":188037928.45,"pinyin":"xyhtzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20724056","stockType":"fund_manager","exchange":"fm","tickerId":200706197830,"name":"陶国峰"}]},"announcement":{"linkText":"兴银合泰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=1272018","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1c57fea5b3eb0523146","date":"2024-12-30T16:00:00.000Z","stockId":3000000016353,"sao":"2024年债券市场延续牛市，债券收益率呈现震荡下行但波动加大的特征。一季度债市顺畅下行，1月底意外的降准和定向降息超出市场预期，债券供给低于预期，机构欠配，多个关键期限国债收益率创历史新低，二季度受央行多次发声提示长债超涨的风险的影响，长利率在4月下旬经历了超10bp的调整，但经济基本面动能不足和资产荒的格局并未改变，随后债券收益率在震荡中继续趋于下行，曲线陡峭化。三季度债市迎来两波较大的调整，8月初受资金面收敛、央行买短卖长等影响有所回调，9月底受宏观政策密集出台、股市风险偏好修复和潜在的财政政策发力担忧等影响大幅调整，信用利差明显走阔。四季度在非银同业活期存款自律机制和货币定调适度宽松的影响下，债市走出修复行情，年底提前抢跑未来降准降息的预期，突破历史新低。全年来看，久期成为2024年债市关键胜负手。组合在报告期内，维持中性久期和积极的杠杆策略，辅以少量二级资本债和利率债波动操作，并根据市场行情的变化进行灵活调整，实现组合净值的稳步增长。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:25.848Z","mo":"展望2025年，虽然地产和消费高频数据边际上有所好转，但地产还处于以价换量的前期阶段，传导至地产投资仍有时滞，叠加海外因素下今年出口将进一步承压，基本面弱复苏的背景下对债市仍有一定支撑，且降准降息仍在路上，经济弱复苏叠加货币宽松的背景下，债市仍有望震荡下行，但波动会有所加大。组合在2025年将相机抉择地动态调整杠杆与久期，同时密切关注可能出现的预期差机会，适时配置性价比更高的资产以优化组合。","fund":{"_id":3000000016353,"__csrcFundId":12241,"stockCode":"016353","shortName":"兴银合泰债券(016353)","masterFundShortName":"兴银合泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:01:04.261Z","status":"normal","exchange":"jj","fundCollectionId":4000050890000,"name":"兴银合泰债券型证券投资基金","inceptionDate":"2023-04-10T16:00:00.000Z","setUpDate":"2023-04-10T16:00:00.000Z","setUpAssetScale":188037928.45,"setUpShares":188037928.45,"pinyin":"xyhtzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20724056","stockType":"fund_manager","exchange":"fm","tickerId":200706197830,"name":"陶国峰"}]},"announcement":{"linkText":"兴银合泰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=1251312","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1c57fea5b3eb0523145","date":"2024-09-29T16:00:00.000Z","stockId":3000000016353,"sao":"三季度债券市场一波三折，期间面临两次较大的回调。7月以来，在基本面表现低迷、三中全会政策定调平稳、央行调降MLF利率等因素驱动下，债市走强，收益率明显下行。8月初受资金面收敛、央行买短卖长等影响，债市迎来一波回调。9月初，通胀数据进一步走弱，市场提前博弈降准降息，收益率再次下行，但9月底受宏观政策密集出台、股市风险偏好修复和潜在的财政政策发力担忧等影响，债市大幅调整，信用利差明显走阔。组合在三季度不断优化持仓结构，根据行情灵活调整杠杆久期。展望四季度，债市调整后依然有较好的配置价值，当前基本面复苏缓慢，风险偏好修复的持续性有待观察，财政政策发力到形成实物工作量是渐进的过程，其实际效果亦有待观察。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:25.845Z","fund":{"_id":3000000016353,"__csrcFundId":12241,"stockCode":"016353","shortName":"兴银合泰债券(016353)","masterFundShortName":"兴银合泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:01:04.261Z","status":"normal","exchange":"jj","fundCollectionId":4000050890000,"name":"兴银合泰债券型证券投资基金","inceptionDate":"2023-04-10T16:00:00.000Z","setUpDate":"2023-04-10T16:00:00.000Z","setUpAssetScale":188037928.45,"setUpShares":188037928.45,"pinyin":"xyhtzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20724056","stockType":"fund_manager","exchange":"fm","tickerId":200706197830,"name":"陶国峰"}]},"announcement":{"linkText":"兴银合泰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=1173870","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1c57fea5b3eb0523144","date":"2024-06-29T16:00:00.000Z","stockId":3000000016353,"sao":"回顾上半年，债券市场整体呈现牛市行情。一季度在资产荒的大背景下，债市整体走强，1月底意外的降准和定向降息超出市场预期，政府债和信用债供给持续低于预期，机构欠配严重，利率曲线整体下移，多个关键期限国债收益率创历史新低。二季度债市波动加大，央行多次发声提示长债超涨的风险，长债在4月下旬经历了超10bp的大幅调整，但经济基本面动能不足和资产荒的格局并未改变，叠加6月央行在陆家嘴论坛上提出淡化MLF利率、将OMO利率作为市场利率政策锚，引发债券收益率在震荡中继续趋于下行，曲线陡峭化。组合在上半年不断优化持仓结构，增配高性价比资产，置换低效资产，结合积极的杠杆策略，并根据市场行情的变化进行灵活调整。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:25.842Z","mo":"展望后市，预计基本面在地产的拖累下仍然偏弱，货币政策宽松环境对债市仍然友好，但财政发力带来的供给冲击或对债市产生扰动。目前债券收益率已经处于较低位置，预计债市波动性会继续增大，但大幅回调的概率不大，关注后续重要会议的政策定调和美联储降息预期的变化。下半年组合将继续精选个券，采取票息策略和杠杆策略，根据市场变化灵活调整久期和杠杆。","fund":{"_id":3000000016353,"__csrcFundId":12241,"stockCode":"016353","shortName":"兴银合泰债券(016353)","masterFundShortName":"兴银合泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:01:04.261Z","status":"normal","exchange":"jj","fundCollectionId":4000050890000,"name":"兴银合泰债券型证券投资基金","inceptionDate":"2023-04-10T16:00:00.000Z","setUpDate":"2023-04-10T16:00:00.000Z","setUpAssetScale":188037928.45,"setUpShares":188037928.45,"pinyin":"xyhtzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20724056","stockType":"fund_manager","exchange":"fm","tickerId":200706197830,"name":"陶国峰"}]},"announcement":{"linkText":"兴银合泰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=1147224","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1c57fea5b3eb0523143","date":"2024-03-30T16:00:00.000Z","stockId":3000000016353,"sao":"一季度债券市场，总体上呈现牛市行情。跨年后资金面平稳，叠加城投债供给缩量，机构欠配较为严重。在资产荒的大背景下，债市整体走强，1月底意外的降准和定向降息超出市场预期，长短端收益率加速下行。年初至2月末，政府债和信用债供给均低于预期，资产荒愈演愈烈，债券市场保持强势，利率曲线整体下移，期限结构趋于平坦，多个关键期限国债收益率创历史新低。进入3月债市受供给压力担忧、地产放松政策频出、3月PMI超预期、季末资本新规等影响进入震荡期，波动开始加大。组合在一季度持续进行配置，并灵活调整久期。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:25.839Z","fund":{"_id":3000000016353,"__csrcFundId":12241,"stockCode":"016353","shortName":"兴银合泰债券(016353)","masterFundShortName":"兴银合泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:01:04.261Z","status":"normal","exchange":"jj","fundCollectionId":4000050890000,"name":"兴银合泰债券型证券投资基金","inceptionDate":"2023-04-10T16:00:00.000Z","setUpDate":"2023-04-10T16:00:00.000Z","setUpAssetScale":188037928.45,"setUpShares":188037928.45,"pinyin":"xyhtzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20724056","stockType":"fund_manager","exchange":"fm","tickerId":200706197830,"name":"陶国峰"}]},"announcement":{"linkText":"兴银合泰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=1074489","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1c57fea5b3eb0523142","date":"2023-12-30T16:00:00.000Z","stockId":3000000016353,"sao":"2023年债券收益率呈现震荡下行的态势。年初债券市场提前抢跑疫后复苏，走出一波利率上行行情。随着经济脉冲式复苏显现，市场反而又开始提前交易经济冲高回落，利率转而下行。随着脉冲式复苏过去，经济复苏疲态逐步显现。债券市场开始坚定走牛。央行在6月和8月连续下调MLF利率，进一步点燃了市场的做多热情。2023年的市场多次出现市场提前反映预期的走势，市场变得越来越有效。随着央行超预期降息落地之后，债券利率反而上行，市场开始提前交易可能的经济复苏预期。叠加年末特殊再融资债和特别国债的集中发行，以存单和十年国债为代表的长短期利率平坦化上行，直至年底才重新回落。信用债收益率则在2023年一路下行，资产荒状况有所加剧。组合在报告期间根据市场的波动来调整久期，杠杆维持中性偏高。同时组合积极配置各类性价比较高的信用债，充分获取了信用债市场的牛市行情，组合表现整体较好。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:25.836Z","mo":"展望2024年，债券牛市态势或将维持。在政策刺激受制于多重目标的限制之下，加之地产基本面仍处在缓慢修复的过程之中，总体内需仍处于偏弱状态。因此，虽然当前利率已处于较低的位置，但是收益率大幅回调的基础较弱。货币政策稳健偏宽之下，财政发力的力度与节奏与力度决定了中期市场的走向。市场情绪预计在政策是否进行强刺激的预期中左右摇摆。债券收益率的波动会加大。组合在2024年将相机抉择地动态调整杠杆与久期，同时密切关注可能出现的预期差机会，适时配置性价比更高的资产以优化组合。","fund":{"_id":3000000016353,"__csrcFundId":12241,"stockCode":"016353","shortName":"兴银合泰债券(016353)","masterFundShortName":"兴银合泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:01:04.261Z","status":"normal","exchange":"jj","fundCollectionId":4000050890000,"name":"兴银合泰债券型证券投资基金","inceptionDate":"2023-04-10T16:00:00.000Z","setUpDate":"2023-04-10T16:00:00.000Z","setUpAssetScale":188037928.45,"setUpShares":188037928.45,"pinyin":"xyhtzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20724056","stockType":"fund_manager","exchange":"fm","tickerId":200706197830,"name":"陶国峰"}]},"announcement":{"linkText":"兴银合泰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=1049787","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1c57fea5b3eb0523141","date":"2023-09-29T16:00:00.000Z","stockId":3000000016353,"sao":"2023年三季度，随着7月份政治局会议的召开后，针对房地产和资本市场方面的利好政策不断推出。房地产方面有认房不认贷、降首付、降利率和放松限购等政策。资本市场方面有降低印花税等政策。并且，央行在8月份超预期调降MLF利率，在9月份降准。三季度不断出台的经济托底政策，重新引发了市场对宏观经济企稳向上的预期。虽然8、9月份有降息和降准操作，但利率并未出现趋势性下行，反而是在降息之后转为上行。三季度利率先下后上，全季基本持平。三季度债券市场的震荡说明了市场对经济企稳回升的预期。但能否形成趋势，还要看政策落地之后的效果如何。组合在三季度，主要采取配置策略，等待市场机会。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:25.833Z","fund":{"_id":3000000016353,"__csrcFundId":12241,"stockCode":"016353","shortName":"兴银合泰债券(016353)","masterFundShortName":"兴银合泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:01:04.261Z","status":"normal","exchange":"jj","fundCollectionId":4000050890000,"name":"兴银合泰债券型证券投资基金","inceptionDate":"2023-04-10T16:00:00.000Z","setUpDate":"2023-04-10T16:00:00.000Z","setUpAssetScale":188037928.45,"setUpShares":188037928.45,"pinyin":"xyhtzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20724056","stockType":"fund_manager","exchange":"fm","tickerId":200706197830,"name":"陶国峰"}]},"announcement":{"linkText":"兴银合泰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=989232","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1c57fea5b3eb0523140","date":"2023-06-29T16:00:00.000Z","stockId":3000000016353,"sao":"上半年宏观经济总体呈现恢复态势，但节奏上一季度好于二季度。一季度疫情影响逐渐消退，经济呈现脉冲式复苏。消费、投资、信贷等多个指标均同比大幅回暖。一季度GDP同比增速回升至4.5%。二季度虽然GDP同比增速达到6.3%，但主要还是受到基数效应的影响。二季度多个指标相较于一季度出现明显回落。这一方面是由于一季度的脉冲式复苏提前透支了一部分经济增长的动能。另一方面也是因为疫情带来的疤痕效应仍然存在。上半年债券市场的运行基本也跟随经济基本面的走势而动。无风险收益率的高点出现在春节附近，也就是脉冲式复苏的顶峰。随后各期限债券收益率就开始了震荡下行，并在二季度末达到今年以来的最低水平。组合在上半年主要是进行部分的建仓。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:25.830Z","mo":"展望下一阶段，宏观经济将继续保持弱复苏状态，但不会持续走弱。今年我们仍要完成5%以上的GDP增长目标。下半年可能出台一系列经济托底政策，货币政策也会维持稳健偏松状态。对于组合投资而言，票息策略和杠杆策略仍然有效。久期策略操作难度加大，需要密切关注市场预期变化进行择机操作。","fund":{"_id":3000000016353,"__csrcFundId":12241,"stockCode":"016353","shortName":"兴银合泰债券(016353)","masterFundShortName":"兴银合泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16353,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:01:04.261Z","status":"normal","exchange":"jj","fundCollectionId":4000050890000,"name":"兴银合泰债券型证券投资基金","inceptionDate":"2023-04-10T16:00:00.000Z","setUpDate":"2023-04-10T16:00:00.000Z","setUpAssetScale":188037928.45,"setUpShares":188037928.45,"pinyin":"xyhtzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20724056","stockType":"fund_manager","exchange":"fm","tickerId":200706197830,"name":"陶国峰"}]},"announcement":{"linkText":"兴银合泰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=957705","linkType":"PDF","source":"csrc_pdf"}}]}