window.pageData = {"stock":{"_id":3000000016438,"stockCode":"016438","shortName":"鑫元惠丰纯债债券A","masterFundShortName":"鑫元惠丰纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16438,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","fundCollectionId":4000050860000,"inceptionDate":"2022-08-31T16:00:00.000Z","name":"鑫元惠丰纯债债券型证券投资基金","followedNum":1,"setUpDate":"2022-08-31T16:00:00.000Z","setUpAssetScale":200000056.62,"setUpShares":200000056.62,"pinyin":"xyhfczzqxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50860000","tickerId":50860000,"name":"鑫元基金管理有限公司"},"managers":[{"name":"曹建华","stockType":"fund_manager","stockCode":"db20804407","exchange":"fm","tickerId":31008215780}],"hotMetrics":{"fss":{"stockId":3000000016438,"type":"fss","f_s_s_d":"2023-12-30T16:00:00.000Z","f_ins_h_s_r":0.999999,"f_ins_h_s_r_c_hy":0,"f_ind_h_s_r":0.000001,"f_ind_h_s_r_c_hy":0,"f_h_a":130,"f_h_s_a":14459061,"f_ind_h_s_r_c_1y":0,"f_ins_h_s_r_c_1y":0,"last_data_date":"2025-06-29T16:00:00.000Z"},"fpr":{"stockId":3000000016438,"type":"fpr","f_p_r_fys_ssc":7464,"f_p_r_fys_ssrp":0.491223368618518,"f_p_r_m1_ssc":7585,"f_p_r_m1_ssrp":0.8949103375527426,"f_p_r_m3_ssc":7500,"f_p_r_m3_ssrp":0.5463395119349247,"f_p_r_m6_ssc":7314,"f_p_r_m6_ssrp":0.7124299193217558,"f_p_r_y1_ssc":6833,"f_p_r_y1_ssrp":0.9341334894613583,"f_p_r_y2_ssc":5885,"f_p_r_y2_ssrp":0.5785180149558123,"f_cagr_p_r_fs_ssc":7291,"f_cagr_p_r_fs_ssrp":0.5847736625514404,"f_p_r_y3_ssc":4903,"f_p_r_y3_ssrp":0.5136678906568748},"fp":{"stockId":3000000016438,"type":"fp","f_p_r_fys":0.01056197688322058,"f_p_r_m1":0.0011846001974336051,"f_p_r_m3":0.0065502183406114245,"f_cagr_p_r_fs":0.02741954344693598,"f_p_r_m6":0.009053825490001,"f_p_r_d1":-0.00019667617268159798,"f_p_r_y1":0.005202756141482245,"f_p_r_y2":0.0487488953265085,"last_data_date":"2026-05-06T16:00:00.000Z","f_p_r_y3":0.09068228486222152},"ff":{"stockId":3000000016438,"type":"ff","f_m_f":6186205,"f_m_f_r":0.003,"f_c_f":1031034,"f_c_f_r":0.0005,"f_m_a_c_f":7217239,"f_m_a_c_f_r":0.0035,"f_m_c_f_d":"2024-06-28T16:00:00.000Z","f_c_fr":0.0005,"f_fr_d":"2025-06-29T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.0035},"f_nlacan":{"stockId":3000000016438,"type":"f_nlacan","f_nv_d":"2026-05-06T16:00:00.000Z","f_nv":1.0142,"f_nv_cr":0.00039455513908071005},"f_as":{"stockId":3000000016438,"type":"f_as","f_tas":3940226950.704,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000016439,"name":"鑫元惠丰纯债债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","stockCode":"016439","tickerId":16439,"shortName":"鑫元惠丰纯债债券C","currency":"CNY","__csrcFundId":11650,"exchange":"jj","lastUpdated":"2025-01-04T00:32:19.886Z","fundCollectionId":4000050860000,"inceptionDate":"2022-08-31T16:00:00.000Z","status":"normal","setUpDate":"2022-08-31T16:00:00.000Z","setUpAssetScale":2493.51,"setUpShares":2493.51,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"xyhfczzqxzqtzjj","followedNum":1}],"bondHoldings":[{"_id":"69e8faf81398d79843002dd3","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000016438,"stockCode":"240203","stockName":"24国开03","holdings":4500000,"marketCap":460572534,"netValueRatio":0.1169,"lastUpdated":"2026-04-22T16:44:40.789Z"},{"_id":"69e8faf81398d79843002dd4","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000016438,"stockCode":"240210","stockName":"24国开10","holdings":3500000,"marketCap":370211301,"netValueRatio":0.094,"lastUpdated":"2026-04-22T16:44:40.793Z"},{"_id":"69e8faf81398d79843002dd5","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000016438,"stockCode":"230207","stockName":"23国开07","holdings":2500000,"marketCap":254720547,"netValueRatio":0.0646,"lastUpdated":"2026-04-22T16:44:40.796Z"},{"_id":"69e8faf81398d79843002dd6","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000016438,"stockCode":"250405","stockName":"25农发05","holdings":2500000,"marketCap":248805479,"netValueRatio":0.0631,"lastUpdated":"2026-04-22T16:44:40.800Z"},{"_id":"69e8faf81398d79843002dd7","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000016438,"stockCode":"250203","stockName":"25国开03","holdings":2500000,"marketCap":247564383,"netValueRatio":0.0628,"lastUpdated":"2026-04-22T16:44:40.804Z"}]},"list":[{"_id":"69e8ebe31398d79843fe97ce","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000016438,"sao":"2026年一季度，债券市场方面，在资金宽松以及通胀预期升温的共同影响下，利率曲线呈现陡峭化走势。中短端收益率受益于较为宽松的资金面，呈现单边下行走势。10年国债收益率则震荡微幅下行。超长端收益率普遍上行。1月初受权益市场大涨以及债基赎回影响，债市有所调整。之后债市情绪快速修复，至春节前，各期限收益率普遍下行。春节后，长端收益率先上后下。2月底至3月初，中东局势升级。市场短暂交易避险情绪，之后随着通胀预期升温，超长端持续调整，至3月下旬情绪略有修复。季末资金价格超预期宽松，短端收益率加速下行。信用债则表现出较强的韧性，各期限各评级收益率普遍下行，信用利差持续压缩。　　报告期内，组合在纯债投资方面，灵活调整久期，主要投资利率债。","lastUpdated":"2026-04-22T15:40:19.295Z","fund":{"_id":3000000016438,"__csrcFundId":11650,"stockCode":"016438","shortName":"鑫元惠丰纯债债券(016438)","masterFundShortName":"鑫元惠丰纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16438,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:41.272Z","status":"normal","exchange":"jj","fundCollectionId":4000050860000,"inceptionDate":"2022-08-31T16:00:00.000Z","name":"鑫元惠丰纯债债券型证券投资基金","followedNum":1,"setUpDate":"2022-08-31T16:00:00.000Z","setUpAssetScale":200000056.62,"setUpShares":200000056.62,"pinyin":"xyhfczzqxzqtzjj","managers":[{"stockCode":"db20804407","stockType":"fund_manager","exchange":"fm","tickerId":31008215780,"name":"曹建华"}]},"announcement":{"linkText":"鑫元惠丰纯债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=1479317","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1d07fea5b3eb0523c5f","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000016438,"sao":"2025年四季度，债券市场方面，利率曲线呈现陡峭化走势。在前一季度市场持续调整之后，10月份债市迎来修复，收益率普遍下行。11月，尽管经济金融数据未有超预期表现，但受政策调整、通胀边际变化、债券供需结构预期等扰动，债市转入调整，12月中旬之后出现小幅修复。年底权益市场表现强劲，债市收益率再度上行。四季度，中短端利率债受益于资金相对稳定，收益率小幅下行，超长端则有所调整。信用债方面，中短端表现较优，3年以内信用债收益率普遍下行，但长端信用债流动性明显趋弱。　　报告期内，组合主要投资利率债，灵活调整久期。","lastUpdated":"2026-03-09T13:57:36.312Z","fund":{"_id":3000000016438,"__csrcFundId":11650,"stockCode":"016438","shortName":"鑫元惠丰纯债债券(016438)","masterFundShortName":"鑫元惠丰纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16438,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:41.272Z","status":"normal","exchange":"jj","fundCollectionId":4000050860000,"inceptionDate":"2022-08-31T16:00:00.000Z","name":"鑫元惠丰纯债债券型证券投资基金","followedNum":1,"setUpDate":"2022-08-31T16:00:00.000Z","setUpAssetScale":200000056.62,"setUpShares":200000056.62,"pinyin":"xyhfczzqxzqtzjj","managers":[{"stockCode":"db20804407","stockType":"fund_manager","exchange":"fm","tickerId":31008215780,"name":"曹建华"}]},"announcement":{"linkText":"鑫元惠丰纯债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=1459019","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1d07fea5b3eb0523c5e","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000016438,"sao":"三季度，宏观经济仍然处于缓慢修复过程中，经济整体呈现生产强于需求的特征。消费、投资、出口、工业增加值等数据，三季度较二季度边际略有走弱。投资方面，前8个月固定资产投资完成额同比增长仅0.5%。通胀数据三季度有所改善，8月份PPI环比为0，同比-2.9%。9月份PMI数据为49.8，较前两个月有所改善。　　债券市场方面，三季度市场持续调整，利率曲线陡峭化上行。国债表现相对优于政金债。活跃券表现强于非活跃券。10年国债活跃券收益率上行超10bp。30年国债活跃券收益率上行超25bp。受益于资金价格总体稳定，1年内国债表现相对稳定。信用债方面，1年内品种表现亦相对稳定，但中长期限品种出现显著调整。尤其银行二级债调整幅度较大，3年大行二级债调整超20bp，5年大行二级债调整超30bp。　　报告期内，组合主要投资利率债，保持较好的流动性水平。","lastUpdated":"2026-03-09T13:57:36.309Z","fund":{"_id":3000000016438,"__csrcFundId":11650,"stockCode":"016438","shortName":"鑫元惠丰纯债债券(016438)","masterFundShortName":"鑫元惠丰纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16438,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:41.272Z","status":"normal","exchange":"jj","fundCollectionId":4000050860000,"inceptionDate":"2022-08-31T16:00:00.000Z","name":"鑫元惠丰纯债债券型证券投资基金","followedNum":1,"setUpDate":"2022-08-31T16:00:00.000Z","setUpAssetScale":200000056.62,"setUpShares":200000056.62,"pinyin":"xyhfczzqxzqtzjj","managers":[{"stockCode":"db20804407","stockType":"fund_manager","exchange":"fm","tickerId":31008215780,"name":"曹建华"}]},"announcement":{"linkText":"鑫元惠丰纯债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=1381294","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1d07fea5b3eb0523c5d","date":"2025-06-29T16:00:00.000Z","stockId":3000000016438,"sao":"债券市场方面，上半年利率曲线平坦化，中短端利率债收益率上行，长端超长端小幅下行。一季度利率债收益率曲线平坦化上行。2月至3月中旬，受资金价格上行及权益市场上涨情绪影响，收益率显著上行，长端利率一度调整达到30bp左右。之后随着资金转松，叠加权益市场出现调整，债券市场情绪逐步修复。二季度，受中美关税局势影响，季初债券收益率有所下行，之后长端债券收益率转入震荡。信用债方面，低等级品种表现优于高等级品种，信用利差持续压缩。　　报告期内，组合灵活调整久期，积极参与利率债交易。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:36.297Z","mo":"经济基本面方面，“抢出口”效应支撑出口和生产维持偏强态势；在促消费政策支持下，消费数据表现较优；同时，地产销售边际下行以及基建和制造业投资小幅回落，表明内需动能仍然偏弱。通胀方面，数据仍然较为一般，在一系列“反内卷”政策驱动以及经济刺激政策之下，未来通胀有望底部逐步企稳。政策方面，在外部环境不确定上升的情况下，二季度稳增长的诉求有所上升，财政“组合拳”加快推进；央行再度降准降息，并且通过各种政策工具保持流动性合理充裕。　　债券市场方面，收益率短期预计维持低位震荡。经济温和复苏过程中，短期对债市的影响相对有限。四季度需紧密关注通胀变化对债市的潜在影响。　　后续将保持对经济、政策、持仓标的等密切跟踪，适时调整组合久期及杠杆。","fund":{"_id":3000000016438,"__csrcFundId":11650,"stockCode":"016438","shortName":"鑫元惠丰纯债债券(016438)","masterFundShortName":"鑫元惠丰纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16438,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:41.272Z","status":"normal","exchange":"jj","fundCollectionId":4000050860000,"inceptionDate":"2022-08-31T16:00:00.000Z","name":"鑫元惠丰纯债债券型证券投资基金","followedNum":1,"setUpDate":"2022-08-31T16:00:00.000Z","setUpAssetScale":200000056.62,"setUpShares":200000056.62,"pinyin":"xyhfczzqxzqtzjj","managers":[{"stockCode":"db20804407","stockType":"fund_manager","exchange":"fm","tickerId":31008215780,"name":"曹建华"}]},"announcement":{"linkText":"鑫元惠丰纯债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=1348803","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1d07fea5b3eb0523c5c","date":"2025-03-30T16:00:00.000Z","stockId":3000000016438,"sao":"债券市场方面，一季度利率债收益率曲线平坦化上行。市场资金价格中枢较上季度抬升。1月份债券收益率维持震荡。2月至3月17日，收益率显著上行，长端利率从低点最高上行达30bp左右。之后随着资金转松，叠加权益市场出现调整，债券市场情绪逐步修复。一季度，10年、30年国债收益率上行超10bp。信用债方面，中短期限品种跟随利率债有所调整，但调整幅度小于同期限利率债，信用利差有所压缩。　　报告期内，组合根据市场情况适度降低久期，降低杠杆水平。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:36.293Z","fund":{"_id":3000000016438,"__csrcFundId":11650,"stockCode":"016438","shortName":"鑫元惠丰纯债债券(016438)","masterFundShortName":"鑫元惠丰纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16438,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:41.272Z","status":"normal","exchange":"jj","fundCollectionId":4000050860000,"inceptionDate":"2022-08-31T16:00:00.000Z","name":"鑫元惠丰纯债债券型证券投资基金","followedNum":1,"setUpDate":"2022-08-31T16:00:00.000Z","setUpAssetScale":200000056.62,"setUpShares":200000056.62,"pinyin":"xyhfczzqxzqtzjj","managers":[{"stockCode":"db20804407","stockType":"fund_manager","exchange":"fm","tickerId":31008215780,"name":"曹建华"}]},"announcement":{"linkText":"鑫元惠丰纯债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=1275793","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1d07fea5b3eb0523c5b","date":"2024-12-30T16:00:00.000Z","stockId":3000000016438,"sao":"经济方面，2024年全国GDP同比实现5%增速，四个季度分别为5.3%、4.7%、4.6%、5.4%。全年社会消费品零售总额同比增长3.5%。通胀数据全年维持低位。　　货币政策从稳健转向适度宽松，央行分别于7月、9月两次调降7天期逆回购利率，从1.8%调降至1.5%。5年期LPR三次调降，从年初的4.2%降至3.6%。此外，央行新增了买断式回购及国债买卖等工具，维护市场流动性。财政方面，在9月底之后更为积极。受各项经济政策持续推出刺激，经济数据在四季度出现企稳。　　债券市场方面，受益于较为宽松的货币环境及旺盛的配置需求，2024年债券市场全面走牛，收益率曲线大幅下行。各期限国债收益率普遍下行约90-110bps。信用债整体收益率下行幅度略小于利率债。上半年信用利差大幅压缩，8月份之后信用利差有所抬升。　　报告期内，本基金根据市场情况，灵活调整杠杆久期，主要投资商业银行金融债、利率债等，实现了净值的稳步增长。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:36.289Z","mo":"多个重要会议相继表态实施更为积极的财政政策和适度宽松的货币政策。预计随着各项政策的持续推出并落地见效，经济有望逐步回稳向好。　　债券市场方面，2025年收益率预计维持低位震荡，波动可能有所放大。经济温和复苏过程中，短期对债市的影响预计相对有限，配置需求对债市仍有支撑。后续需紧密关注通胀对债市的潜在影响。　　后续将保持对经济、政策、持仓标的等密切跟踪，适时调整组合杠杆、久期。","fund":{"_id":3000000016438,"__csrcFundId":11650,"stockCode":"016438","shortName":"鑫元惠丰纯债债券(016438)","masterFundShortName":"鑫元惠丰纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16438,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:41.272Z","status":"normal","exchange":"jj","fundCollectionId":4000050860000,"inceptionDate":"2022-08-31T16:00:00.000Z","name":"鑫元惠丰纯债债券型证券投资基金","followedNum":1,"setUpDate":"2022-08-31T16:00:00.000Z","setUpAssetScale":200000056.62,"setUpShares":200000056.62,"pinyin":"xyhfczzqxzqtzjj","managers":[{"stockCode":"db20804407","stockType":"fund_manager","exchange":"fm","tickerId":31008215780,"name":"曹建华"}]},"announcement":{"linkText":"鑫元惠丰纯债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=1256014","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1d07fea5b3eb0523c5a","date":"2024-09-29T16:00:00.000Z","stockId":3000000016438,"sao":"三季度，经济及金融数据表明经济修复仍有一定压力。8月份，规模以上工业增加值同比增长4.5%，较上月回落0.6个百分点；社会消费品零售总额同比增长2.1%，较上月回落0.6个百分点；固定资产投资完成额累计同比增长3.4%，较上月回落0.2个百分点；房地产开发投资完成额累计同比-10.2%，与上月持平。8月份，社会融资规模存量同比增长8.1%，较上月回落0.1个百分点；M2同比增长6.3%，较上月持平；M1同比-7.3%，较上月回落0.7个百分点。通胀方面，9月CPI同比0.4%，较上月回落0.2个百分点；PPI同比-2.8%，较上月回落1个百分点。央行分别于7月、9月两度调降政策利率，7天逆回购利率从1.8%调降至1.5%；9月份调降存款准备金率。9月24日，人民银行行长在国新办新闻发布会上宣布了多项货币政策，除降准降息外，还包括：降低存量房贷利率，统一房贷最低首付比例；创设结构性货币政策工具，支持资本市场等。中共中央政治局9月26日召开会议,分析研究当前经济形势。会议提及“加大财政货币政策逆周期调节力度”、“ 要降低存款准备金率，实施有力度的降息”、“ 要促进房地产市场止跌回稳，对商品房建设要严控增量、优化存量、提高质量”、“要努力提振资本市场，大力引导中长期资金入市，打通社保、保险、理财等资金入市堵点”、“要支持上市公司并购重组”等。　　债券市场方面，本季度利率债收益率呈现斜W型走势，较二季度末整体下行。同时市场分化较为显著，国债曲线陡峭化下行，国开债曲线下行相对更为平坦。9月24日央行行长宣布货币政策调整的过程中，10年国债收益率一度下行至2%附近，30年国债收益率一度下破2.1%，达到新低水平。之后至季度末，随着权益市场快速放量上涨，风险偏好快速提升，债券出现快速调整。国债与国开债走势有所分化，主要原因在于投资者结构差异，央行在8月开始进行国债买卖操作，国债曲线随之陡峭化。信用债在8月之后，受负债端影响，未能有效修复，在季度末快速调整，信用利差显著走扩。　　本季度，组合主要投资商业银行金融债，适度参与利率债交易。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:36.286Z","fund":{"_id":3000000016438,"__csrcFundId":11650,"stockCode":"016438","shortName":"鑫元惠丰纯债债券(016438)","masterFundShortName":"鑫元惠丰纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16438,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:41.272Z","status":"normal","exchange":"jj","fundCollectionId":4000050860000,"inceptionDate":"2022-08-31T16:00:00.000Z","name":"鑫元惠丰纯债债券型证券投资基金","followedNum":1,"setUpDate":"2022-08-31T16:00:00.000Z","setUpAssetScale":200000056.62,"setUpShares":200000056.62,"pinyin":"xyhfczzqxzqtzjj","managers":[{"stockCode":"db20804407","stockType":"fund_manager","exchange":"fm","tickerId":31008215780,"name":"曹建华"}]},"announcement":{"linkText":"鑫元惠丰纯债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=1176811","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1d07fea5b3eb0523c59","date":"2024-06-29T16:00:00.000Z","stockId":3000000016438,"sao":"二季度债券市场收益率继续下行。4月份以来央行对于长端收益率快速下行较为关注。在配置力量驱动下，市场收益率仍普遍下行。中短端下行幅度大于长端，曲线走陡。“禁止手工补息”的影响使部分资金从银行负债端向非银负债端流动。存款的转移使得信用债需求进一步增加。信用利差进一步压缩。超长信用债活跃度显著提升。　　报告期内，本基金适度提升久期水平。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:36.283Z","fund":{"_id":3000000016438,"__csrcFundId":11650,"stockCode":"016438","shortName":"鑫元惠丰纯债债券(016438)","masterFundShortName":"鑫元惠丰纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16438,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:41.272Z","status":"normal","exchange":"jj","fundCollectionId":4000050860000,"inceptionDate":"2022-08-31T16:00:00.000Z","name":"鑫元惠丰纯债债券型证券投资基金","followedNum":1,"setUpDate":"2022-08-31T16:00:00.000Z","setUpAssetScale":200000056.62,"setUpShares":200000056.62,"pinyin":"xyhfczzqxzqtzjj","managers":[{"stockCode":"db20804407","stockType":"fund_manager","exchange":"fm","tickerId":31008215780,"name":"曹建华"}]},"announcement":{"linkText":"鑫元惠丰纯债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=1147057","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1d07fea5b3eb0523c58","date":"2024-03-30T16:00:00.000Z","stockId":3000000016438,"sao":"一季度债券市场收益率整体下行，两端下行幅度相对更大。春节前，权益市场快速调整。期间，1月24日，央行宣布降准，债券市场收益率下行。之后随着权益市场的拉升，债券市场有所调整。随着2月份5年期LPR超预期调降25bps，债券收益率再度开启下行。直至两会期间，10年期国债收益率向下突破2.3%，30年国债收益率向下突破2.5%。3月7日至3月14日，受地产信息扰动、超长期国债供给等情绪影响，部分投资人止盈，收益率有所上行。之后在配置力量及交易盘共同驱动下，市场收益率再度下行。一季度，国债短端及超长端下行超30bps，其余期限下行超20bps。　　报告期内，组合主要投资利率债及商业银行金融债。组合久期及杠杆小幅提升。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:36.275Z","fund":{"_id":3000000016438,"__csrcFundId":11650,"stockCode":"016438","shortName":"鑫元惠丰纯债债券(016438)","masterFundShortName":"鑫元惠丰纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16438,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:41.272Z","status":"normal","exchange":"jj","fundCollectionId":4000050860000,"inceptionDate":"2022-08-31T16:00:00.000Z","name":"鑫元惠丰纯债债券型证券投资基金","followedNum":1,"setUpDate":"2022-08-31T16:00:00.000Z","setUpAssetScale":200000056.62,"setUpShares":200000056.62,"pinyin":"xyhfczzqxzqtzjj","managers":[{"stockCode":"db20804407","stockType":"fund_manager","exchange":"fm","tickerId":31008215780,"name":"曹建华"}]},"announcement":{"linkText":"鑫元惠丰纯债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=1074435","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1d07fea5b3eb0523c57","date":"2023-12-30T16:00:00.000Z","stockId":3000000016438,"sao":"债券市场方面，利率债收益率震荡下行，信用利差显著收窄。3月份之前，在稳增长政策的支持下，经济呈现较快修复态势，在经济修复预期下，利率债收益率上行。期间，信用利差显著收窄。3月至8月中旬，经济基本面转弱，资金面整体偏松，债券收益率显著下行。期间，信用债走势有所分化，在7月份中央政治局会议之后，城投债利差快速压缩。8月下旬至11月，地产政策进一步宽松，资金面受地方债发行和稳汇率影响再度趋紧，宽财政政策进一步发力，叠加三季度经济数据超预期，利率债收益率出现上行。期间，城投债利差先走阔，之后在化债政策支持下，城投债利差出现快速压缩。12月，中央政治局会议和中央经济工作会议陆续召开，债券市场对强财政刺激的担忧逐步消除，叠加商业银行下调存款利率，利率债收益率再度开启下行走势。　　报告期内，组合主要投资中高等级商金债及利率债，维持较高的流动性。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:36.272Z","mo":"随着各项经济刺激政策逐步落地，房地产对经济的影响逐步减弱，经济有望逐步回暖。债券市场短期仍然受益于相对宽松的货币环境，以及较强的配置需求，后续需要密切关注经济修复何时在数据上逐步得到验证。","fund":{"_id":3000000016438,"__csrcFundId":11650,"stockCode":"016438","shortName":"鑫元惠丰纯债债券(016438)","masterFundShortName":"鑫元惠丰纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16438,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:41.272Z","status":"normal","exchange":"jj","fundCollectionId":4000050860000,"inceptionDate":"2022-08-31T16:00:00.000Z","name":"鑫元惠丰纯债债券型证券投资基金","followedNum":1,"setUpDate":"2022-08-31T16:00:00.000Z","setUpAssetScale":200000056.62,"setUpShares":200000056.62,"pinyin":"xyhfczzqxzqtzjj","managers":[{"stockCode":"db20804407","stockType":"fund_manager","exchange":"fm","tickerId":31008215780,"name":"曹建华"}]},"announcement":{"linkText":"鑫元惠丰纯债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=1058770","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1d07fea5b3eb0523c56","date":"2023-09-29T16:00:00.000Z","stockId":3000000016438,"sao":"债券市场方面，三季度债券市场整体先涨后跌，利率曲线呈熊陡走势。8月中旬受央行意外降息的利好推动，收益率下行至年内低位，10Y国债最低下行至2.54%，10Y国开债最低下行至2.65%，30Y国债最低下行至2.87%附近。但8月下旬以来，随着地产刺激政策加码、个税抵扣标准提高、股票交易印花税减半等政策陆续出台，债券收益率从低位逐步反弹。从期限利差来看，8月政策利率下调后，长端下行幅度大于短端，收益率曲线走平。而8月底以来，受资金面紧张影响，短端上行幅度更大，期限利差继续缩窄，收益率曲线走平。信用债方面，7-8月受“资产荒”以及“一揽子”化债政策的推动，城投债和银行次级债信用利差继续压缩，并从高等级品种向中低等级品种演绎，在8月底降息后信用债收益率触及年内低点，随后出现回调。9月上旬，理财预防性赎回基金导致信用债抛压加大，信用利差明显走扩，9月中下旬随着央行降准且加大公开市场投放，资金面担忧有所缓解，信用债配置需求亦有所恢复，债券市场整体呈弱势整理态势。三季度，利率曲线整体呈现熊陡走势，中短端上行幅度大于长端。　　报告期内，组合主要投资利率债及商业银行金融债，维持了较高的组合流动性。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:36.269Z","fund":{"_id":3000000016438,"__csrcFundId":11650,"stockCode":"016438","shortName":"鑫元惠丰纯债债券(016438)","masterFundShortName":"鑫元惠丰纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16438,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:41.272Z","status":"normal","exchange":"jj","fundCollectionId":4000050860000,"inceptionDate":"2022-08-31T16:00:00.000Z","name":"鑫元惠丰纯债债券型证券投资基金","followedNum":1,"setUpDate":"2022-08-31T16:00:00.000Z","setUpAssetScale":200000056.62,"setUpShares":200000056.62,"pinyin":"xyhfczzqxzqtzjj","managers":[{"stockCode":"db20804407","stockType":"fund_manager","exchange":"fm","tickerId":31008215780,"name":"曹建华"}]},"announcement":{"linkText":"鑫元惠丰纯债债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=989047","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1d07fea5b3eb0523c55","date":"2023-06-29T16:00:00.000Z","stockId":3000000016438,"sao":"上半年，债券市场走势整体强于预期，利率曲线下移。1月份，在疫情冲击消退、资金面收紧、经济修复预期升温的影响下，债券市场情绪整体较弱，长端利率调整至一季度的高点。央行推出的首套房贷款利率动态调整机制以及信贷工作会议也推升了债券市场“宽信用”的预期。1月信贷高增、资金利率持续走高对市场的冲击较大。2月份，市场维持窄幅震荡走势，经济数据处于真空期，股票市场表现弱于预期，债券市场对于利空的反应逐步钝化，市场等待政策面进一步的指引，对票息资产更为青睐。3月份，央行四季度货币政策执行报告显示货币政策基调回归稳健中性，但在关键时点加大了对资金面的呵护力度。两会政府工作报告中对于经济增长目标的设定在预期下限，财政刺激力度未超预期，债券市场迎来一波上涨行情。3月中旬，硅谷银行引发海外金融风险事件压制风险偏好，国内MLF超额续作叠加超预期降准引发资金面进一步宽松的预期，中短端利率债收益率整体下行。4月份，高频经济数据表明经济复苏进程较一般，利率下行。4月末的政治局会议表明推出总量强刺激政策的概率较低，进一步加速了利率的下行。5月经济数据继续走弱，十年国债230012收益率下行至2.7%以下。此后，降息预期有所升温。6月13日央行宣布降息，1年期MLF利率从2.75%调降至2.65%，十年国债230012利率随之下行至2.62%，之后利率有所反弹。6月下旬，在配置力量驱动下，利率继续下行。上半年，十年国债下行约20bps，30年国债下行约19bps。利率长端表现强于中短端。信用债方面，由于年初信用债绝对收益水平较高，随着理财规模逐步企稳，在配置力量的推动下，一季度信用利差大幅压缩，二季度跟随利率债继续走强。　　报告期内，组合主要投资利率债及商业银行金融债，维持较好的流动性。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:36.266Z","mo":"7月24日，中共中央政治局会议召开。会议指出，要继续实施积极的财政政策和稳健的货币政策，延续、优化、完善并落实好减税降费政策，发挥总量和结构性货币政策工具作用，大力支持科技创新、实体经济和中小微企业发展。关于房地产，指出要因城施策用好政策工具箱，更好满足居民刚性和改善性住房需求，促进房地产市场平稳健康发展。对于地方债务问题，提出要有效防范化解地方债务风险，制定实施一揽子化债方案。对于资本市场，提出要活跃资本市场，提振投资者信心。　　政治局会议之后，住建部召开企业座谈会，提出大力支持刚性和改善性住房需求，进一步落实好降低购买首套住房首付比例和贷款利率、改善性住房换购税费减免、个人住房贷款“认房不用认贷”等政策措施。之后北京、广州、深圳、上海等地均表示支持刚性及改善性住房需求。　　政治局会议对下半年经济工作具有提纲挈领的作用。预计后续一段时间将处于政策密集出台期。权益市场可能受到一定的提振。当前市场利率处于较低水平，如有超预期的政策出台，预计会对债券市场造成一定的短期扰动。但在就业数据、经济数据等有效转向前，预计利率仍处于震荡区间。下半年，需要密切跟踪各项政策落地效果。","fund":{"_id":3000000016438,"__csrcFundId":11650,"stockCode":"016438","shortName":"鑫元惠丰纯债债券(016438)","masterFundShortName":"鑫元惠丰纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16438,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:41.272Z","status":"normal","exchange":"jj","fundCollectionId":4000050860000,"inceptionDate":"2022-08-31T16:00:00.000Z","name":"鑫元惠丰纯债债券型证券投资基金","followedNum":1,"setUpDate":"2022-08-31T16:00:00.000Z","setUpAssetScale":200000056.62,"setUpShares":200000056.62,"pinyin":"xyhfczzqxzqtzjj","managers":[{"stockCode":"db20804407","stockType":"fund_manager","exchange":"fm","tickerId":31008215780,"name":"曹建华"}]},"announcement":{"linkText":"鑫元惠丰纯债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=964792","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1d07fea5b3eb0523c54","date":"2023-03-30T16:00:00.000Z","stockId":3000000016438,"sao":"一季度债券市场整体走势好于市场预期，利率债收益率先上后下，利率曲线上移，信用债整体走牛。1月份，在疫情冲击消退、资金面收紧、经济修复预期升温的影响下，债券市场情绪整体较弱，长端利率调整至一季度的高点。央行推出的首套房贷款利率动态调整机制以及信贷工作会议也推升了债券市场“宽信用”的预期。1月信贷高增、资金利率持续走高对市场的冲击较大。2月份，市场维持窄幅震荡走势，经济数据处于真空期，股票市场表现弱于预期，债券市场对于利空的反应逐步钝化，市场等待政策面进一步的指引，对票息资产更为青睐。3月份，央行四季度货币政策执行报告显示货币政策基调回归稳健中性，但在关键时点加大了对资金面的呵护力度。两会政府工作报告中对于经济增长目标的设定在预期下限，财政刺激力度未超预期，债券市场迎来一波上涨行情。3月中旬，硅谷银行引发海外金融风险事件压制风险偏好，国内MLF超额续作叠加超预期降准引发资金面进一步宽松的预期，中短端利率债收益率整体下行。一季度整体来看，由于信用债绝对收益水平较高，理财规模逐步企稳，在年初配置力量的推动下，信用利差大幅压缩。信用债持有回报远超利率债。　　报告期内，组合主要投资利率债及商业银行金融债，维持较好的流动性。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:36.262Z","fund":{"_id":3000000016438,"__csrcFundId":11650,"stockCode":"016438","shortName":"鑫元惠丰纯债债券(016438)","masterFundShortName":"鑫元惠丰纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16438,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:41.272Z","status":"normal","exchange":"jj","fundCollectionId":4000050860000,"inceptionDate":"2022-08-31T16:00:00.000Z","name":"鑫元惠丰纯债债券型证券投资基金","followedNum":1,"setUpDate":"2022-08-31T16:00:00.000Z","setUpAssetScale":200000056.62,"setUpShares":200000056.62,"pinyin":"xyhfczzqxzqtzjj","managers":[{"stockCode":"db20804407","stockType":"fund_manager","exchange":"fm","tickerId":31008215780,"name":"曹建华"}]},"announcement":{"linkText":"鑫元惠丰纯债债券型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=884589","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1d07fea5b3eb0523c53","date":"2022-12-30T16:00:00.000Z","stockId":3000000016438,"sao":"债券市场，2022年10月之前收益率窄幅震荡，11月12月快速大幅调整。上半年多空因素制衡，债市窄幅震荡。国内经历了宽信用预期修正、疫情封控、经济环比修复预期抬升的三阶段；海外俄乌局势突变、美联储加息缩表进程日渐推进、中美利差倒挂至“非舒适”区间并带动外资流出，多空因素制衡下，上半年10年国债最大振幅仅18BP。三季度，超预期充裕的资金面、再度转弱的经济修复预期和8月的超预期降息共同开启了2022年内最大行情，实现10年国债利率触底到2.58%的2022年内低位。11月中旬之后，防疫措施调整+稳增长政策密集出台，债市大跌，基金和理财赎回负反馈进一步带动债市调整，10年国债220025.IB利率于12月中旬触及2.92%的2022年内高点后逐渐回落。　　信用债方面，2022年前10个月结构性资产荒延续，优质信用债供需失衡，导致各品种利差大幅压缩，多数债券收益率和利差触及2022年内低点。但进入11月，地产和疫情政策调整，债市快速调整，理财负反馈效应放大债市波动，信用债收益率拉升迅速，调整幅度超过利率债。收益率和信用利差均重回2022年内高位，具备了配置价值。　　报告期内，组合主要投资利率债及商业银行债券，维持了较好流动性。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:36.259Z","mo":"展望2023年，宏观经济的主基调是“稳增长”，由于地产调控和疫情防控政策出现了实质的变化，所以经济恢复的方向较为确定。不过政策传导的节奏以及经济向上的空间可能仍有预期差，我们预计一季度各类经济刺激政策集中发力，二季度开始经济进入上行通道，下半年房地产企稳并小幅回升。预计2023年全年GDP增速将达到5%以上，通胀整体温和回升。2023年的政策组合是：积极的财政政策加力提效，稳健的货币政策精准有力。总体的特点是靠前发力，上半年总量政策可能会集中出台。财政政策方面，我们预期广义财政支持力度将维持与去年的水平，中央财政加大对地方财政的转移支付，政策性金融工具将继续加量；货币政策方面，央行多次表态将保持流动性合理充裕，在消费、地产领域或加大支持力度，预计2023年央行将继续使用多种货币政策工具做到精准有力。上半年，资金面在经济恢复之前大幅收紧的概率不高，下半年需要视经济复苏效果而定。总体来看，资金利率逐步向政策利率收敛并围绕政策利率波动的概率较高。基于对宏观经济基本面与政策的判断，预计2023年利率中枢整体较2022年有所抬升。相对利率债而言，经历了2022年四季度大幅调整后的信用债配置价值相对更优，且受益于宽信用政策的支撑，预计信用风险整体可控。","fund":{"_id":3000000016438,"__csrcFundId":11650,"stockCode":"016438","shortName":"鑫元惠丰纯债债券(016438)","masterFundShortName":"鑫元惠丰纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16438,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:41.272Z","status":"normal","exchange":"jj","fundCollectionId":4000050860000,"inceptionDate":"2022-08-31T16:00:00.000Z","name":"鑫元惠丰纯债债券型证券投资基金","followedNum":1,"setUpDate":"2022-08-31T16:00:00.000Z","setUpAssetScale":200000056.62,"setUpShares":200000056.62,"pinyin":"xyhfczzqxzqtzjj","managers":[{"stockCode":"db20804407","stockType":"fund_manager","exchange":"fm","tickerId":31008215780,"name":"曹建华"}]},"announcement":{"linkText":"鑫元惠丰纯债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=871141","linkType":"PDF","source":"csrc_pdf"}}]}