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整幅度明显放大。春节前后，AI+机器人领域的突破带动风险偏好持续抬升，叠加经济基本面出现底部回升迹象，且银行负债紧缺导致同业存单价格持续攀升至2%以上，一并导致十债收益率上行至1.75%左右。而两会期间央行重新解读“适度宽松”，双降预期受到快速修正，集中抛压下10/30年活跃券收益率最高至1.90%和2.145%，基本抹去此前30-40bp的降息预期定价。二季度初美国关税事件意外冲击，十债累计下行近20bp，随后进行窄幅盘整。5月初央行宽松货币政策落地，由于降息幅度有限，收益率继续在1.6%上方徘徊。随后中美关税启动谈判机制，一举扭转此前关税互加的僵持局面，长端品种对此持续定价达到10bp左右。不过，考虑到双降落地及资金价格中枢切实下台阶，同时关税谈判尚需一定过程，且二季度经济基本面呈现弱修复及通胀低迷等特征，债市环境显著区别于一季度，收益率调整上限明显压低，故后续市场进入到缓慢修复行情，而十债在向1.6%低位再度靠拢过程中，市场也阶段性犹豫，导致6月后半程交易主线转向利差压缩，非活跃品种表现突出。报告期内基金以利率债投资交易为主，久期控制延续灵活调整思路，一季度呈现前高后低，3月初降至市场中枢偏下水平，中旬后开始有所拉升；二季度则以偏乐观策略应对债市行情，组合久期先升后降再升，其中6月份整体处于市场中枢靠上水平；杠杆使用率保持适中水平。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:49.523Z","mo":"展望三季度，关税进展、海外降息节奏、楼市局面等因素均有可能对基本面带来扰动，同时伴随供给压力，流动性易松难紧，整体对债市形成较强支撑。与此同时，反内卷抬升商品价格、大型基建项目建设、阶段性避险等预期层面因素可能带来不小压力，但鉴于上述基本面分析，收益率调整上限预计将低于一季度高点。整体上看，三季度债市波动预计将显著放大，注意攻防转换节奏，以灵活应对为主。","fund":{"_id":3000000018676,"__csrcFundId":13369,"stockCode":"018676","masterFundShortName":"渤海汇金汇享益利率债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18676,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:04:52.895Z","status":"normal","exchange":"jj","shortName":"渤海汇金汇享益利率债(018676)","name":"渤海汇金汇享益利率债债券型证券投资基金","fundCollectionId":4000051050000,"inceptionDate":"2024-01-24T16:00:00.000Z","setUpAssetScale":2179998399.46,"setUpDate":"2024-01-23T16:00:00.000Z","setUpShares":2179998399.46,"pinyin":"bhhjhxyllzzqxzqtzjj","managers":[{"stockCode":"db20749850","stockType":"fund_manager","exchange":"fm","tickerId":72512204270,"name":"高延龙"},{"stockCode":"db20056223","stockType":"fund_manager","exchange":"fm","tickerId":1225174270,"name":"李杨"}]},"announcement":{"linkText":"渤海汇金汇享益利率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=1341978","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2cd7fea5b3eb053357b","date":"2025-03-30T16:00:00.000Z","stockId":3000000018676,"sao":"一季度，债券市场整体承压，收益率呈现震荡上行局面，一方面资金面维持紧平衡，资金价格中枢有所抬升，另一方面股市风险偏好走强压制债市做多情绪，促使收益率曲线中短端率先反弹，随后长端在3月份跟随大幅调整，但中旬后有所修复，截至季末，10/30年国债收益率分别收于1.81%和2.02%。分阶段来看，年初在降准、降息预期支撑下，收益率续创新低，十债下破1.6%，与此同时，央行暂停国债买入，流动性呈现紧平衡，中短端调整幅度明显放大。春节前后，AI+机器人领域的突破带动风险偏好持续抬升，市场对该新质生产力接棒传统经济充满期待，叠加经济基本面出现底部回升迹象，且银行负债紧缺导致同业存单价格持续攀升至2%以上，一并导致十债收益率上行至1.75%左右。进入3月，虽然资金开始边际走松，但两会期间央行重新解读“适度宽松”，导致市场对双降预期进行快速修正，长端及超长端利率出现集中抛压，10/30年活跃券收益率最高至1.90%和2.145%，基本抹去此前30-40bp的降息预期定价。而冲击过后，央行启动连续净投放，且伴随股市冲高回落以及MLF工具重新定位，债市修复持续至季末。报告期内基金以利率债投资交易为主，组合久期控制延续灵活调整思路，季度呈现前高后低，3月初降至市场中枢偏下水平，中旬后开始有所拉升；杠杆使用适度。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:49.520Z","fund":{"_id":3000000018676,"__csrcFundId":13369,"stockCode":"018676","masterFundShortName":"渤海汇金汇享益利率债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18676,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:04:52.895Z","status":"normal","exchange":"jj","shortName":"渤海汇金汇享益利率债(018676)","name":"渤海汇金汇享益利率债债券型证券投资基金","fundCollectionId":4000051050000,"inceptionDate":"2024-01-24T16:00:00.000Z","setUpAssetScale":2179998399.46,"setUpDate":"2024-01-23T16:00:00.000Z","setUpShares":2179998399.46,"pinyin":"bhhjhxyllzzqxzqtzjj","managers":[{"stockCode":"db20749850","stockType":"fund_manager","exchange":"fm","tickerId":72512204270,"name":"高延龙"},{"stockCode":"db20056223","stockType":"fund_manager","exchange":"fm","tickerId":1225174270,"name":"李杨"}]},"announcement":{"linkText":"渤海汇金汇享益利率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=1268828","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2cd7fea5b3eb053357a","date":"2024-12-30T16:00:00.000Z","stockId":3000000018676,"sao":"2024年国内经济增长和实体融资需求整体偏弱，货币政策处于宽松周期，央行货币政策工具落地使用了降准、降息、买断式逆回购及国债净买入等，债市在资产荒下反复交易宽松预期；与此同时，市场也同样受到过央行多次提示长端风险、稳增长政策密集出台（如调整存量房贷利率）、供给放量、股市风险偏好阶段性抬升等多重因素考验，但在几轮短暂调整后收益率重回下行通道，整体上看全年收益率曲线呈现出平行下移态势。其中，四季度债市表现尤为亮眼，10月底开始股债跷跷板效应减退，市场对后续会议出台超预期政策相对谨慎并抢跑布局年底行情，机构看多情绪逐渐企稳回升；11月下旬以来随着地方债发行落地，和年底中央政治局会议提及“适度宽松”的货币政策，市场加码定价来年降息幅度，收益率启动加速回落行情，截至年底10年和30年国债分别收于1.67%和1.91%历史低位。报告期内基金以利率债投资交易为主，组合久期的控制保持灵活调整思路，多数时间保持在中性偏高水平，临近年末略有调降；杠杆使用适度。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:49.518Z","mo":"2025年初始，收益率创下新低后短端率先开启调整行情，其他各期限逐步跟进，央行对流动性的调控为其主要触发因素，同时叠加股市结构性行情带动，整体风险偏好抬升对长端利率构成的压力也有所放大。另外2025年春节后，时紧时松的资金面令市场开始重新评估未来数月央行对流动性的管控力度。不过考虑到两会临近、供给放量，且cd价格来到2%关口，3月份流动性进一步收紧的概率不高，结合中短端点位在2月下旬已经升至去年12月初水平，配置价值显现；而长端情绪上可能仍未释放到位，还需灵活参与交易，做好止盈止损。整体来看，一季度市场调整仍存压力，但若收益率调整至相对高位后，也将带来上半年较好配置时点；与此同时，结合基本面修复强度及市场流动性需求，3月份降准和二季度降息也存在一定落地概率。进入下半年，随着中美政策和海外局势逐渐明朗，市场波动性预计再度放大，届时还需结合内需表现情况，灵活调整组合交易策略，以应对更为复杂的投资环境变化。","fund":{"_id":3000000018676,"__csrcFundId":13369,"stockCode":"018676","masterFundShortName":"渤海汇金汇享益利率债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18676,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:04:52.895Z","status":"normal","exchange":"jj","shortName":"渤海汇金汇享益利率债(018676)","name":"渤海汇金汇享益利率债债券型证券投资基金","fundCollectionId":4000051050000,"inc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