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好转强，收益率震荡上行；8月权益市场表现延续强势，“看股做债”仍是主要逻辑，债市收益率延续上行；9月权益涨势放缓，10年国债250011收益率高点一度突破1.83%，全月偏弱震荡。截至三季度末，与二季度末相比，1年国开债收益率上行约13bp，3年国开债收益率上行约20bp，10年国开债收益率上行约35bp，3年AAA中票收益率上行约18bp。本季度，本基金根据市场情况积极调整债券的配置。　　展望四季度，经济长期向好趋势未变，但短期可能受到出口需求回落、地产链条负反馈延续等影响，同时今年宏观政策前置发力，对消费与制造业投资的提振在三季度已有退坡，且化债背景下，四季度新型政策性金融工具对信贷与基建投资的带动效果有待验证，国内需求不足、物价持续低位运行等挑战仍然存在，尚未见到触发债券市场趋势逆转的信号。短期看，仍需关注外部经贸形势、国内政策应对、货币当局态度等因素影响，以及10月召开四中全会定调与“十五五”规划方向，同时持续关注债券市场定价状态。基于以上分析，本基金将根据市场情况灵活调整组合的久期和杠杆水平，不断优化组合的配置结构。","lastUpdated":"2026-03-09T14:03:53.883Z","fund":{"_id":3000000020213,"__csrcFundId":13651,"stockCode":"020213","masterFundShortName":"银华晶鑫债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20213,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:45.472Z","status":"normal","exchange":"jj","shortName":"银华晶鑫债券A","name":"银华晶鑫债券型证券投资基金","fundCollectionId":4000050140000,"setUpAssetScale":174126252.94,"setUpDate":"2024-03-19T16:00:00.000Z","setUpShares":174126252.94,"inceptionDate":"2024-03-21T16:00:00.000Z","pinyin":"yhjxzqxzqtzjj","followedNum":6,"managers":[{"stockCode":"db20670147","stockType":"fund_manager","exchange":"fm","tickerId":1112197730,"name":"阚磊"},{"stockCode":"db20811136","stockType":"fund_manager","exchange":"fm","tickerId":71318214150,"name":"龚美若"}]},"announcement":{"linkText":"银华晶鑫债券型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1370770","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3497fea5b3eb053ac3d","date":"2025-06-29T16:00:00.000Z","stockId":3000000020213,"sao":"25年上半年，关税战升级下抢出口效应明显，财政及货币政策靠前发力，经济总体平稳偏强。2025年上半年GDP增速5.3%（2024年全年5%），其中一季度增速5.4%，二季度增速5.2%。从生产端来看，工业增加值同比6.4%（2024年全年5.8%），服务业生产指数同比5.9%（2024年全年5.2%），均较2024年有所改善。从需求端来看，上半年固定资产投资累计同比2.8%（2024年全年3.2%），其中制造业投资增速较2024年回落但仍高于总体投资增速，基建投资增速二季度以来有所放缓，房地产投资下行压力继续放大；上半年消费表现突出，社会消费品零售总额累计同比增速5.0%（2024年全年3.5%），“以旧换新”政策靠前发力带动受益品类零售高增；上半年美元计价出口金额累计同比5.9%（2024年全年5.8%），外需提供支撑，以及“抢出口”效应释放，出口表现强韧。物价方面，供给强于需求特征持续，物价仍处于低位，上半年CPI累计同比-0.1%（2024年全年0.2%），PPI累计同比-2.8%（2024年全年-2.2%）。货币政策方面，一季度资金面偏紧，二季度资金面逐月转松，一、二季度DR007均值分别为1.94%、1.64%；央行在5月7日宣布降准0.5个百分点，下调逆回购操作利率10bp，引导1年期、5年期LPR报价利率分别调降10bp，银行存款利率也出现一轮调降。债券市场方面，上半年债市收益率先上后下，整体呈现震荡格局。一季度可能出于稳定汇率、防止资金空转和长端利率过低风险的考虑，央行收敛流动性投放规模，资金价格中枢较2024年四季度明显抬升，债券收益率平坦化上行；二季度以来资金利率稳步下移，4月初美方加征超预期关税引发市场避险情绪，进一步提升宽松预期，债券收益率大幅下行，此后呈现震荡走势。截至6月末，与去年末相比，1年国开债收益率上行约27bp，3年国开债收益率上行约15bp，10年国开债收益率下行约4bp，3年AAA中票收益率上行约9bp。上半年，本基金根据市场情况积极调整债券的配置。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:53.880Z","mo":"展望下半年，经济长期向好趋势未变，但短期可能受到“抢出口”消退、地产链条负反馈延续等影响，同时今年两新政策前置，消费和制造业投资的持续性有待观察，国内需求不足、物价持续低位运行等挑战仍然存在，尚未见到触发债券市场趋势逆转的信号。保险机构预定利率下调的影响也有望在下半年落地。短期上，仍需关注外部经贸形势、国内政策应对、货币当局态度等因素影响，同时持续关注债券市场定价状态。基于以上分析，本基金将根据市场情况灵活调整组合的久期和杠杆水平，不断优化组合的配置结构。","fund":{"_id":3000000020213,"__csrcFundId":13651,"stockCode":"020213","masterFundShortName":"银华晶鑫债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20213,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:45.472Z","status":"normal","exchange":"jj","shortName":"银华晶鑫债券A","name":"银华晶鑫债券型证券投资基金","fundCollectionId":4000050140000,"setUpAssetScale":174126252.94,"setUpDate":"2024-03-19T16:00:00.000Z","setUpShares":174126252.94,"inceptionDate":"2024-03-21T16:00:00.000Z","pinyin":"yhjxzqxzqtzjj","followedNum":6,"managers":[{"stockCode":"db20670147","stockType":"fund_manager","exchange":"fm","tickerId":1112197730,"name":"阚磊"},{"stockCode":"db20811136","stockType":"fund_manager","exchange":"fm","tickerId":71318214150,"name":"龚美若"}]},"announcement":{"linkText":"银华晶鑫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=1341579","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3497fea5b3eb053ac3c","date":"2025-03-30T16:00:00.000Z","stockId":3000000020213,"sao":"2025年一季度，经济数据开局平稳。生产端，1-2月工业增加值同比增长5.9%（去年四季度平均5.6%），服务业生产指数同比增长5.6%（去年四季度平均6.3%）。开年科技主线引发广泛关注，高新技术产业高增，叠加抢出口推升工业增速，而春节假期文旅休闲活动对服务业也有支撑。需求端，1-2月固定资产投资累计同比4.1%（去年全年3.2%），财政前置发力推动基建投资增速回升，制造业投资维持较高增速，地产投资仍然延续负增长；社会零售同比在1-2月受到国补政策扩围的支持，小幅反弹至4.0%（去年四季度均值3.8%）；出口方面，美国在2、3月初均加征10%关税，1-2月出口同比放缓至2.3%（去年四季度均值10%），但考虑春节时点因素影响后仍然不弱。物价方面，经济格局仍是供给强于需求，价格表现不强，1-2月CPI同比-0.1%（去年四季度均值0.2%），1-2月PPI同比-2.2%（去年四季度均值-2.6%）。货币政策方面，一季度政策利率和法定存款准备金率均保持不变，1月10日央行公告称暂停开展公开市场国债买入操作，随后资金利率维持紧平衡格局，DR007总体在1.8-2.3%之间波动，显著高于7天逆回购利率。债券市场方面，春节前，中短端在资金收紧影响下表现转弱，曲线大幅平坦化；春节后，资金面延续偏紧，叠加央行在两会经济主题记者会、财经媒体等多个渠道表态令市场下修对降息的预期，债市进入持续调整期；3月中下旬，资金面出现边际缓和迹象，债市有所回暖。截至一季度末，与去年四季度末相比，1年国开债收益率上行约44bp，3年国开债收益率上行约32bp，10年国开债收益率上行约11bp，3年AAA中票收益率上行约27bp。本季度，本基金根据市场情况积极调整债券的配置。　　展望二季度，信贷投放淡季有助于缓和银行负债压力，同时今年一季度政府债券发行密集，后续财政投放将使流动性回流银行体系，此外市场预期美联储二季度重启降息，货币政策面临的外部环境也有望改善，二季度资金面感受可能好于一季度。短期上，仍需关注外部经贸形势、国内政策应对、货币当局态度等因素影响。基于以上分析，本基金将根据市场情况灵活调整组合的久期和杠杆水平，不断优化组合的配置结构。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:53.878Z","fund":{"_id":3000000020213,"__csrcFundId":13651,"stockCode":"020213","masterFundShortName":"银华晶鑫债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"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（2023年全年0.2%），PPI累计同比-2.1%（2023年全年-3%），通胀压力不大。货币政策方面，央行在1月24日宣布降准0.5个百分点，在2月引导5年期LPR利率下调25bp；二季度，政策利率和法定存款准备金率保持稳定，但央行继续引导存贷款利率下行，包括整顿银行存款手工补息，取消全国层面首套住房和二套住房商业性个人住房贷款利率政策下限等。债券市场方面，年初以来债券市场流动性环境改善，资金面平稳性提升，同时存贷款利率等广谱利率下行也对债券形成牵动，债券收益率呈现震荡下行走势。截至6月末，与去年末相比，1年国开债收益率下行约51bp，3年国开债收益率下行约40bp，10年国开债收益率下行约39bp，3年AAA中票收益率下行约58bp。上半年，本基金根据市场情况积极调整债券的配置。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:53.867Z","mo":"展望下半年，预计经济继续处于温和复苏进程，通胀风险较低，需要持续观察经济供需状态和融资需求情况。货币政策总体立场仍是支持性的，二季度货币政策委员会例会继续提出推动企业融资和居民信贷成本稳中有降。同时，为缓解银行息差压力，预计后续进一步引导存款利率下行的概率较高。综合来看，债券市场仍有支撑，但经历了前期的收益率快速下行之后，市场波动可能加大。基于以上分析，本基金将根据市场情况灵活调整组合的久期和杠杆水平，不断优化组合的配置结构。","fund":{"_id":3000000020213,"__csrcFundId":13651,"stockCode":"020213","masterFundShortName":"银华晶鑫债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20213,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:45.472Z","status":"normal","exchange":"jj","shortName":"银华晶鑫债券A","name":"银华晶鑫债券型证券投资基金","fundCollectionId":4000050140000,"setUpAssetScale":174126252.94,"setUpDate":"2024-03-19T16:00:00.000Z","setUpShares":174126252.94,"inceptionDate":"2024-03-21T16:00:00.000Z","pinyin":"yhjxzqxzqtzjj","followedNum":6,"managers":[{"stockCode":"db20670147","stockType":"fund_manager","exchange":"fm","tickerId":1112197730,"name":"阚磊"},{"stockCode":"db20811136","stockType":"fund_manager","exchange":"fm","tickerId":71318214150,"name":"龚美若"}]},"announcement":{"linkText":"银华晶鑫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=1154078","linkType":"PDF","source":"csrc_pdf"}}]}