window.pageData = {"stock":{"_id":3000000020261,"name":"兴业裕华债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"020261","tickerId":20261,"shortName":"兴业裕华债券C","currency":"CNY","exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"inceptionDate":"2023-12-05T16:00:00.000Z","fundCollectionId":4000050810000,"pinyin":"xyyhzqxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50810000","tickerId":50810000,"name":"兴业基金管理有限公司"},"managers":[{"name":"伍方方","stockType":"fund_manager","stockCode":"db20587629","exchange":"fm","tickerId":230606184300},{"name":"郭益均","stockType":"fund_manager","stockCode":"j101018982","exchange":"fm","tickerId":72510244290}],"hotMetrics":{"fss":{"stockId":3000000020261,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0,"f_ind_h_s_r":1,"f_h_a":17,"f_h_s_a":3570,"f_ind_h_s_r_c_hy":0,"f_ins_h_s_r_c_hy":0,"last_data_date":"2025-12-30T16:00:00.000Z","f_ind_h_s_r_c_1y":0,"f_ins_h_s_r_c_1y":0},"fpr":{"stockId":3000000020261,"type":"fpr","f_p_r_fys_ssc":7469,"f_p_r_fys_ssrp":0.3241831815747188,"f_p_r_m1_ssc":7559,"f_p_r_m1_ssrp":0.3859486636676369,"f_p_r_m3_ssc":7473,"f_p_r_m3_ssrp":0.25816381156316914,"f_p_r_m6_ssc":7253,"f_p_r_m6_ssrp":0.265857694429123,"f_p_r_y1_ssc":6811,"f_p_r_y1_ssrp":0.5687224669603524,"f_cagr_p_r_fs_ssc":7253,"f_cagr_p_r_fs_ssrp":0.6274131274131274,"f_p_r_y2_ssc":5834,"f_p_r_y2_ssrp":0.6077490142293845},"fp":{"stockId":3000000020261,"type":"fp","f_p_r_d1":-0.00037054191755436783,"f_cagr_p_r_fs":0.026631088969258032,"f_p_r_fys":0.012158332571533537,"f_p_r_m1":0.004901070974768773,"f_p_r_m3":0.009482129832239616,"f_p_r_m6":0.017273061374494914,"f_p_r_y1":0.018208570903072374,"last_data_date":"2026-04-20T16:00:00.000Z","f_p_r_y2":0.0471956871275907},"ff":{"stockId":3000000020261,"type":"ff","f_m_f":819440,"f_m_f_r":0.003,"f_c_f":273146,"f_c_f_r":0.001,"f_m_a_c_f":1092586,"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":"2026-03-01T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.004},"f_nlacan":{"stockId":3000000020261,"type":"f_nlacan","f_nv_d":"2026-04-20T16:00:00.000Z","f_nv":1.1072,"f_nv_cr":0.0004517936206740458},"f_as":{"stockId":3000000020261,"type":"f_as","f_tas":141443.4578,"f_tas_d":"2025-12-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj"}],"bondHoldings":[{"_id":"69723aa41987889646e6ed29","date":"2025-12-30T16:00:00.000Z","fundId":3000000003672,"stockCode":"2500002","stockName":"25超长特别国债02","holdings":600000,"marketCap":55308725,"netValueRatio":0.0565,"lastUpdated":"2026-01-22T14:56:36.728Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723aa41987889646e6ed2a","date":"2025-12-30T16:00:00.000Z","fundId":3000000003672,"stockCode":"092280132","stockName":"22建行二级资本债02B","holdings":500000,"marketCap":53201315,"netValueRatio":0.0543,"lastUpdated":"2026-01-22T14:56:36.732Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723aa41987889646e6ed2b","date":"2025-12-30T16:00:00.000Z","fundId":3000000003672,"stockCode":"102480885","stockName":"24葛洲海投MTN001","holdings":500000,"marketCap":51689463,"netValueRatio":0.0528,"lastUpdated":"2026-01-22T14:56:36.735Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723aa41987889646e6ed2c","date":"2025-12-30T16:00:00.000Z","fundId":3000000003672,"stockCode":"232580036","stockName":"25农行二级资本债03B(BC)","holdings":500000,"marketCap":50014931,"netValueRatio":0.0511,"lastUpdated":"2026-01-22T14:56:36.737Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723aa41987889646e6ed2d","date":"2025-12-30T16:00:00.000Z","fundId":3000000003672,"stockCode":"232380082","stockName":"23浙商银行二级资本债02","holdings":400000,"marketCap":41823397,"netValueRatio":0.0427,"lastUpdated":"2026-01-22T14:56:36.740Z","declarationDate":"2026-01-21T16:00:00.000Z"}]},"list":[{"_id":"69c76fde69b11a867413dff8","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-27T16:00:00.000Z","stockId":3000000003672,"sao":"2025年债市总体震荡偏弱。一季度为市场对央行适度宽松政策预期的纠偏，央行暂停国债买卖，抬升资金价格中枢，降息预期收敛，另外春节后DeepSeek带来国产人工智能热度，市场风险偏好抬升，对债市形成一定压制。二季度受外部冲击，风险偏好急剧下挫，5月初央行一揽子宽松政策落地，债券收益率下行。三季度经济下行压力增大，但风险偏好提振及“反内卷”带来通胀修复预期，债市与基本面背离加剧。四季度抑制债市表现的因素减弱，央行重启国债买卖，宽松预期升温，逐步回归基本面交易。政策预期、风险偏好和机构行为等因素共同影响，债市呈现低利率、高波动特征。报告期内，本基金主要采取信用债策略，通过研究分析品种轮动、信用利差、收益率曲线、个券精选、骑乘、久期和杠杆等策略，获取稳定的票息和资本利得收入。未来组合将一如既往的坚持稳中求进的投资理念，严控信用风险，保持杠杆及久期的灵活性，加强交易，争取为持有人创造良好的收益。","lastUpdated":"2026-03-28T06:06:22.115Z","mo":"展望2026年，外围政治金融形势依然严峻复杂，国内扩大内需、创新发展的诉求很强，高质量发展、新旧动能转换背景不变，财政政策方面仍需更加积极，货币政策需要为经济增长、物价平稳运行保驾护航，加强财政金融协同，在债券绝对收益率偏低的情况下，波动可能会加大，债券投资需要更加谨慎，灵活应对。","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华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=1450042","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7f4","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000003672,"sao":"报告期内，三季度，债市震荡偏弱。7月中央财经委、政治局会议推出“反内卷”，权益市场加速上涨，风险偏好明显提升，债市承压，虽然经济数据、金融数据体现的需求仍然不足，资金面也维持宽松，但股债跷跷板效应呈现，债券收益率一路上行，至8月21日，10年国债收益率上行至1.79%附近，债市情绪一度极其悲观。8月23日鲍威尔在杰克逊霍尔全球央行年会上的讲话中强调，劳动力市场面临的“下行风险正在上升”，并警告称裁员和失业率飙升的风险可能“迅速显现”。这一表态被市场解读为美联储释放了强烈的“宽松倾向”。中国央行8月25日超额续作MLF，利率区间或下调5bp左右，债券收益率转为下行，10年国债收益率接近1.75%。9月份央行虽然超额续作买断式逆回购和MLF，呵护资金面，但基金销售新规征求意见稿中赎回费率等制度安排的变化对债市情绪压制明显，收益率震荡上行，超长端利率和二债等基金持仓偏高的品种调整幅度尤为明显。美联储9月降息25bp，但中国央行表示“以我为主”，货币政策仍在观察期，10年国债老券上行至1.80%附近，30年国债老券上行至2.13%附近。报告期内，本组合严格把握债券的信用风险，配置上以中高评级信用债为底仓，抓住利率债波段机会，总体上根据市场情况和负债端情况相应调整组合持仓结构、久期和杠杆水平。下一阶段将密切关注经济基本面、政策面边际变化，在严防信用风险的前提下，力争组合安全性和流动性的有机结合，为投资者获取稳定的投资回报。","lastUpdated":"2026-03-09T13:13:16.326Z","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华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=1374480","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7f3","date":"2025-06-29T16:00:00.000Z","stockId":3000000003672,"sao":"报告期内，债券收益率总体偏震荡。一季度主导因素在于市场对于货币政策认知的纠偏，年初至3月中旬，收益率震荡上行。去年底至年初，债券市场对“适度宽松”货币政策反应过度，10年期国债收益率于1月初下行至1.60%的历史低点，但经济数据相对表现较好，削弱货币宽松紧迫性，央行强调“防空转、防风险”，资金面维持紧平衡状态，并多次表示“择机降准降息”，与市场此前对货币政策的预判存在预期差，10年期国债收益率从低点一度攀升至1.90%，此后央行态度有所缓和，10年国债收益率于季末回落至1.80%附近。二季度主导因素是美国对等关税政策，风险偏好的变化带动债市波动。5月初央行进行降准降息操作，应对外围环境的不确定性，为国内稳增长提供良好的货币环境，但之后关税进展反复，股市“类平准基金”亮相,债券收益率自4月初快速下行至1.62%附近后逐步反弹至1.70%附近。在资金成本降低的基础上，市场对票息资产的追逐比较强烈，二季度信用利差明显压缩。报告期内，本组合严格把握债券的信用风险，配置上以中高评级信用债为底仓，抓住利率债波段机会，总体上根据市场情况和负债端情况相应调整组合久期和杠杆水平。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.324Z","mo":"展望下半年，经济内生复苏动能仍需提升，融资需求尚待改善，反内卷对债市影响短期内表现为风险偏好和情绪冲击，中长期影响仍取决于需求端能否共振。7月政治局会议仍强调降低全社会融资成本，货币政策方面保持流动性充裕，债券收益率中枢下移趋势大概率不变，但关税反复、地缘政治风险对全球大类资产影响深远，在国内债券收益率处于偏低的大背景下，波动可能加大。下一阶段将在严防信用风险的前提下，稳中求进，力争组合安全性和流动性的有机结合，为投资者获取稳定的投资回报。","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华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=1344124","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7f2","date":"2025-03-30T16:00:00.000Z","stockId":3000000003672,"sao":"报告期内，债券市场在多重因素的交织影响下呈现出显著调整态势，收益率曲线呈现 “熊平” 特征。从宏观环境来看，以美联储为代表的主要发达经济体展现出较强的经济韧性，但通胀压力也较为突出，致使降息预期反复波动。在此背景下，国内稳汇率的优先级提升，央行在货币投放上较为谨慎，资金面始终维持紧平衡状态。同时，科技成长领域的发展带动市场风险偏好有所提升，地产边际企稳，使得市场对央行宽松政策的节奏和力度预期放缓。此外，同业存款自律机制的实施，进一步加大了银行的负债压力。在上述诸多因素综合作用下， 1年期国债收益率一度大幅反弹65个基点，攀升至1.6%附近，1年期同业存单（1YNCD）利率也回升至 2% 以上。而长端和超长端利率方面，交易型机构由于受到较高负债成本的制约，普遍采取降杠杆以保障久期的策略，这使得其收益率调整相对滞后。直至2月中下旬，长端利率才开始补跌，最大调整幅度在25 - 35个基点之间，10年期国债收益率一度逼近1.9%。进入3月下旬，央行货币政策态度出现边际缓和迹象，资金价格中枢回落，债券市场情绪逐步企稳，收益率有所下行。报告期内，继续优化组合持仓结构，灵活调整久期，以信用债为底仓，杠杆水平先降后升。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.321Z","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华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=1273554","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7f1","date":"2024-12-30T16:00:00.000Z","stockId":3000000003672,"sao":"报告期内，经济基本面方面，内需不足与地产投资下滑拖累经济增长，制造业和出口虽有填补但力度有限。海外方面，美联储抗通胀政策与降息预期交织，中美利差倒挂加剧人民币贬值压力。政策环境上，货币政策“适度宽松”，全年降准降息频次超预期。货币政策上，央行全年加大逆周期调节，2月、9月各降准0.5个百分点，1月下调支农支小再贷款等利率，7月、9月两次下调公开市场7天期逆回购操作利率，引导LPR下行。财政政策方面，实施积极财政政策，三四季度增大财政支出规模，发行超长期特别国债，落地化债方案。2024年，中国债券市场在经济“弱修复”与政策宽松的背景下走牛，收益率中枢下移，信用利差压缩。10年期国债收益率全年下行88bp，从年初2.56%降至年末1.68%，并创历史新低；30Y国债下行超过90BP，由年初的2.83%下行至1.9%的历史低位。短端利率下行更显著，1年期国债收益率降幅达100bp，曲线整体呈现“牛陡”。信用利差方面，受禁止手工补息影响，信用利差压缩至历史低位，但地产债因行业基本面疲软仍存估值扰动风险。整体来看，前三季度信用利差持续压缩，8、9月后因理财赎回冲击阶段性走阔，年末修复至年内较高水平。报告期内，继续优化组合持仓结构，灵活调整久期，以信用债为底仓，配合利率债交易，适度降低组合杠杆水平。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.318Z","mo":"展望2025年，外部环境变化带来的不利影响加深，国内需求不足、风险隐患等困难挑战仍然存在，积极的财政政策与适度宽松的货币政策延续，经济下行的尾部风险降低，私人部门的资产负债表有望修复。但考虑到政策传导需要时间、以及经济下行惯性，私人部门的信心与预期改善难以一蹴而就，预计上半年“弱现实”的局面会延续，广义流动性将保持宽松。利率债方面，预计将呈现低位区间震荡模式，但整体波动将加大；信用债方面，化债背景下，信用供需关系持续改善，信用利差维持低位，并有进一步压缩的空间。可转债方面，政策向稳增长与防风险倾斜，经济尾部风险下降，风险偏好底部抬升，流动性催生权益资产估值提升。操作策略方面，组合拟根据市场走势的预判，保持组合资产的流动性，灵活调整久期和资产配置，力争把握品种间的结构性机会。","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华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=1246756","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7f0","date":"2024-09-29T16:00:00.000Z","stockId":3000000003672,"sao":"报告期内，全球工业生产活动放缓，物价和就业走弱，美联储如期降息50BP；国内方面，经济呈现出下行压力，总需求不足向生产端传导，物价整体呈现低位运行，经济活跃度进一步走低。地产政策效应减弱，整体仍在寻底过程中。在此背景下，央行分别在7月和9月两次下调政策利率，且幅度整体超出市场预期，逆回购利率下调至1.5%，1年MLF利率下调至2%，5YLPR也下调至3.85%，并通过下调存款准备金率50BP释放资金超1万亿，市场对后续财政政策加码预期升温，风险偏好显著提振。债券方面，三季度债券收益率波动幅度较大，10Y国债收益率由2.29%高位最低下行至2%，但随着风险偏好提振，一度反弹至2.25%，整体波动区间为[2%,2.29%]；信用利差收窄至历史低位后，受机构行为影响，再度走阔至年内的高点水平附近。报告期内，继续优化组合持仓结构，灵活调整久期，以1-3年信用债为底仓，配合利率债交易，适度降低组合杠杆水平，并适度降低长久期信用债的持仓。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.314Z","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华债券型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1174343","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7ef","date":"2024-06-29T16:00:00.000Z","stockId":3000000003672,"sao":"报告期内，债券市场表现较为强劲，10Y国债收益率创历史新低，曲线先平后陡，信用利差进一步压缩至历史低位。经济复苏斜率放缓、私人部门信心与预期不足、实体经济融资需求弱是主导债市走牛的核心因素，10Y和30Y国债收益率分别下行至2.2%和2.4%的低点附近；理财、公募基金等规模增长，债券供给节奏偏慢加剧了“资产荒”，票息策略演绎至极致，中长期限信用债表现亮眼；地产政策放松、特别国债发行及央行的预期管理形成了阶段性的扰动。报告期内，本组合对市场的结构进行紧密跟踪，在市场收益率波动过程中积极调整仓位，优化资产配置结构，努力提高组合收益。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.312Z","mo":"展望下半年债券市场，我们认为债市仍处于有利环境中，收益率仍有进一步下行的空间。经济下行压力增大，价格将呈有限度的修复态势，稳增长诉求上升，货币政策宽松进入新的宽松周期，资金结构也转向理财、基金等机构，债券尚不具备反转基础。截止目前地方债发行节奏偏慢，市场预期8-10月单月潜在供给有望增大，但在实体经济融资需求偏弱、风险偏好情绪不振的背景下，安全资产仍是追逐对象，阶段性的扰动将是机会。品种方面，期限利差处于相对陡峭，中长端具有相对性价比；资金结构的转变有利于信用债配置需求的释放，信用利差大幅走阔的概率较低。","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华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=1147087","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7ee","date":"2024-03-30T16:00:00.000Z","stockId":3000000003672,"sao":"今年以来债券市场延续了去年12月以来的牛市，具体来看，超长端表现较为亮眼，30-10Y利差压缩至15BP的历史低位。30Y国债收益率下行接近40BP，突破MLF的2.5%最低至2.39%；10Y国债也下行30BP附近，最低较1YMLF利率低25BP至2.25%；中等期限利率债表现相对弱一些，收益率下行在15-20BP左右；信用债收益率则普遍下行30-45BP，信用利差也因此有所压缩。报告期内，继续优化组合持仓结构，本产品聚焦于中短期限性价比较高的信用债，杠杆控制在130%左右。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.309Z","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华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=1072498","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7ed","date":"2023-12-30T16:00:00.000Z","stockId":3000000003672,"sao":"报告期内，经济总体波折式复苏，有效需求不足，预期与信心偏弱，房地产销售低迷，地方债务风险边际缓释，价格水平维持低位，央行货币政策维持宽松基调，债券市场呈现牛平走势，10年期国债下行近30BP，信用利差收窄至历史低位。具体来看，年初经济复苏预期较强，信贷脉冲效应，风险偏好提振带来无风险利率提升，资金价格中枢边际收敛，债券收益率平坦化上行，10年期国债由2022年底的2.82%小幅调整最高至2.93%。受益于信用利差优势，信用债配置需求释放，信用债表现好于利率债，信用利差自高位快速收窄。3至8月中旬，经济强复苏预期被证伪，央行于3月降准0.25%，资金面压力缓解，收益率曲线陡峭化下行；央行于6月和8月份分别降息10BP和15BP，加速行情的演绎直至8月中旬，10年期国债最低下行至2.54%。8月下旬至11月底，自8月初以来，防“空转”和稳汇率导致资金价格中枢抬升，债券供给增加，债券收益率呈现平坦化上行，1年期国债最高上行近70BP，但10年期国债最高仅上行18BP，期限利差收窄至历史低位，信用债也跟随调整，但随着化债政策的落地，弱资质城投表现最佳。12月汇率压力边际缓解，以及供给冲击结束，资金面宽松，债券做多情绪释放，利率债表现优于信用债，超长债表现最佳，曲线陡峭化小幅修复，但仍处于平坦状态，10年国债也突破了2.6%的关键点位至2.58%。报告期内，随着债券收益率的波动，组合灵活调整久期和杠杆水平，优化持仓结构，年底制约债券市场的因素消退，组合适度拉长久期。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.307Z","mo":"展望未来，2024年宽财政加码、中美库存周期共振以及消费边际倾向维持修复，出口和消费带动总需求有限幅度的改善，通胀水平温和回升，企业盈利有望企稳修复，制造业投资维持弱修复态势，经济失速风险下降。但是，地产出清尚未完成，或将抑制信用扩张、信心与预期改善以及债务风险缓解，新动能难以抵消旧动能的增长缺口，需要加大财政支出维持基建投资适度增长。基准情形下，预计经济增速中枢依然维持在潜在增速之下运行。货币政策配合，总量与结构政策并行。为配合宽财政，通过降准、增加MLF操作等释放中长期资金存在必要，资金面总体维持合理适度。尽管中美利差高位对降息存在阶段性掣肘，但美联储进入降息周期，美债收益率见顶回落，届时降息空间打开。总之，债市总体处于偏有利环境中，10年期国债收益率存在再创新低的可能。我们会根据基本面环境和市场环境的变化，主动调整组合的久期和结构，争取为基金持有人获得稳定的超额回报。","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华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=1058554","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7ec","date":"2023-09-29T16:00:00.000Z","stockId":3000000003672,"sao":"报告期内，季度初，基本面延续二季度偏弱走势，7月份政治局会议释放出了较强的政策信号，财政、货币以及产业政策整体偏积极，8月开始经济有底部企稳的迹象，失速风险有所降低。但是，政策落地的节奏和力度相对克制，内生性信用扩张效果显现较慢，居民和企业的信心和预期提振有限，经济整体仍处于磨底阶段。市场走势方面，围绕政策预期、基本面现实和资金面的波动而呈现低位震荡走势，收益率曲线进一步平坦，10Y国债围绕[2.54%,2.7%]之间波动；理财配置需求及化债预期，信用利差一度收窄至历史低位，后因市场调整，信用利差修复至历史中位数附近。报告期内，组合以1-3年利率债为底仓，杠杆控制在120%以内。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.304Z","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华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=988135","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7eb","date":"2023-06-29T16:00:00.000Z","stockId":3000000003672,"sao":"回顾上半年，债券市场围绕基本面和预期不断展开博弈，但2022年底的债市调整为2023年提供了良好的开局和空间，绝对收益率及利差水平大幅下行，债券资产的表现好于其他大类资产。一季度，一季度信用脉冲式扩张、疫情后需求集中释放等带动经济复苏、风险偏好持续改善，资产价格表现为经济复苏背景下的风险溢价收敛特征，10Y国债维持在[2.8%,2.93%]之间震荡，理财规模的企稳带动信用债供需关系的修复，信用表现优于利率，信用利差自高位回落。二季度，积压需求释放后，国内总需求恢复力度放缓，企业加速去库存，物价水平维持弱势，居民部门超额储蓄释放有限，地产领域流动性压力犹存，实体经济融资需求偏弱，经济复苏斜率放缓，货币政策维持宽松基调，央行超预期降息，以美联储为代表的发达经济体紧缩周期进入尾声，债券收益率下行至去年低点附近，收益率曲线陡峭化下行，利率表现优于信用，信用利差维持相对低位震荡。利率债收益率整体下行25-35BP，10Y国债收益率最低下行至2.6%附近，接近去年低点；信用债收益率总体下行，信用利差变化不大。报告期内，管理人积极跟踪经济基本面及货币政策的边际变化，不断优化组合持仓结构，久期有所提升。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.301Z","mo":"从海外来看，发达经济体货币政策收紧进入尾声。发达经济体持续的紧缩货币政策滞后效应逐步显现，美国经济增长动能有所放缓，但韧性较强；6月CPI增速回落至3%，核心CPI也放缓至4.8%，创两年来低点，意味着美联储加息进入尾声，但通胀的粘性、失业率处于低位，政策利率在未来一段时间内将继续维持高位。从国内看，经济整体仍处于缓慢复苏状态，明显改善仍需等待。在国内房地产大周期下行和高质量发展的战略目标背景下，大力度刺激政策出台的概率较低，政策将以减税降费、继续提振微观主体活力、改善民生为主。在此背景下，货币政策总体将保持宽松状态，下半年降准降息仍存在可能。我们认为下一阶段，债券市场将仍将在预期及现实之间反复博弈，呈现震荡走势，上行风险不大，信用债的投资价值可能优于利率债。","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华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=964462","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7ea","date":"2023-03-30T16:00:00.000Z","stockId":3000000003672,"sao":"报告期内，一季度经济金融总量数据超预期，但春节之后高频数据显示经济复苏的斜率有放缓倾向，两会把经济增长目标定位在5%左右，位于市场预期的下沿，政策强刺激的概率下降，“强预期”降温，风险偏好提振力度减弱，债市呈现结构性分化，利率债总体呈震荡走势，曲线略有平坦，而随着理财负反馈的结束，信用债供需关系扭转，信用利差大幅收窄。值得关注的是，一季度以来，资金利率中枢有所上移，套息收益也有所收窄。报告期内，管理人不断优化组合持仓结构，杠杆先上升后下降，保持中性略低的久期。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.299Z","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华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=882809","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7e9","date":"2022-12-30T16:00:00.000Z","stockId":3000000003672,"sao":"2022年，国内疫情反复和地产领域流动性压力对经济形成显著拖累，俄乌战争、发达经济体货币政策收紧对国内经济也造成扰动。全年债券收益率总体呈现V型走势，信用利差也呈现V型走势，走阔至近3年的高位。在央行两次降准、两次调降OMO宽松货币政策带动下，1-10月债券收益率震荡下行，“资产荒”行情再度演绎，信用利差一度压缩至历史极低水平。但随着非常规基础货币投放的结束，资金价格中枢向政策利率收敛，防疫政策优化以及地产托底政策密集出台，进入11月债券收益率出现剧烈的平坦化调整，利率债普遍上行30-50BP，受理财赎回负反馈冲击，信用债普遍上行100-130BP，中等评级的城投债普遍上行160-180BP。报告期内，随着债券收益率的波动，组合灵活调整久期和杠杆水平，优化持仓结构，年底信用债具备较高的投资价值，适度进行增配。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.296Z","mo":"疫情管控的解除、地产尾部风险的下降，奠定了今年国内经济复苏的基础，但是出口下降的相对确定，私人部门信心的恢复需要时间，内生性信用扩张整体处于偏弱状态，复苏的力度仍依赖于积极的广义财政和中性偏松的货币政策的配合。在这样的宏观背景下，利率债则受制于复苏的强预期与弱现实的博弈，将呈现区间震荡的格局。当前阶段中高等级信用债的投资价值凸现，操作策略上，组合拟以信用债为底仓，根据市场走势的预判，积极参与利率债的交易机会，保持组合资产的流动性，灵活控制久期，维持适度杠杆以获取套息收益。","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华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=870813","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7e8","date":"2022-09-29T16:00:00.000Z","stockId":3000000003672,"sao":"报告期内，国内疫情反复和地产领域流动性压力持续，经济复苏整体偏弱，货币政策维持宽松基调，央行超预期降息；海外受通胀粘性影响，主要发达经济体加息预期进一步升温，中美利差倒挂加剧，人民币存在贬值压力。总体上，债券收益率普遍下行，风险偏好维持低位。利率债突破上半年的震荡区间，各期限利率下行10-20BP，信用债收益率下行20-40BP，信用利差进一步压缩至历史相对低位。报告期内，继续优化组合持仓结构，以2-3年信用债为底仓，获取利差压缩和套息收益，辅以利率债交易，灵活调整久期和杠杆。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.294Z","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华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=808354","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7e7","date":"2022-06-29T16:00:00.000Z","stockId":3000000003672,"sao":"报告期内，“疫情”是国内经济、政策的关键词。市场反复在试图给疫情的冲击进行定价，并不断预测疫后经济复苏的斜率。显然，这是一个相对复杂的问题，我们将组合立足于相对确定的资金面上，以票息和骑乘收益为核心构建资产，并利用预期差进行适度的波段调整。在基本面相对偏弱概率更大的情况下，组合整体保持中性略偏积极的弹性。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.291Z","mo":"今年市场参与者面对的场景更加复杂、多样，这促使我们在实践中去思考相对高效的策略方法。债券市场交易可以看作以全市场企业融资成本为中枢的零和博弈。那么，在策略选择上，结构应该是优先于趋势的。基于资金面相对宽松为基础，以票息和骑乘作为构建资产的出发点，在市场的变化运行中加入个券的挑选、曲线的搭配，实现一定程度的资本利得，是一个看似朴素却很实用的办法。展望后续，三季度或是一个看似平稳的时间段，持券观望是相对合适的。但变化往往在平静中酝酿，我们务实操作的同时需要足够的关注。我们也希望在一次次市场波动中优化自己的实践方法，以平稳的心态和扎实的评估去走好每一步。","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华债券型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=784278","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7e6","date":"2022-03-30T16:00:00.000Z","stockId":3000000003672,"sao":"报告期内，货币政策、经济基本面、金融数据相互矛盾，市场在收益率低位大幅波动。组合以资金面相对平稳宽松为前提构建资产，同时积极的频繁换仓以优化组合结构。在基本面相对偏弱概率更大的情况下，组合整体保持中性略偏积极的弹性。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.288Z","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华债券型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=727279","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7e5","date":"2021-12-30T16:00:00.000Z","stockId":3000000003672,"sao":"报告期内，基于紧信用下经济基本面整体偏弱且有疫情反复扰动的考虑，组合大部分时间保持中性略偏积极的配置思路。只是在去年三季度，基于市场预期过于一致，组合进行了减仓操作。但步入10月底，考虑到央行的投放操作重新回归积极，组合也相应的进行了较大幅度的加仓，提升弹性。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.285Z","mo":"如果说过去一年是紧信用+宽货币的主线，那么2022年影响市场的因素明显更多，也更复杂。特别是在相对更低的收益率水平下，波动加大在所难免。从基本面分析的角度来看，再详实的分析也很难用多个不确定的东西指向一个确定性的策略。在这样的情况下，如果我们还执着于把某几个因素分析作为投资决策的核心，未免有些刻舟求剑。与其追求精确的错误，倒不如立足于模糊的正确。即，市场处于宽货币向（预期）宽信用过渡过程中，货币短期难紧。基于此，我们会将更多的精力放置在优化组合配置，以及各个品种的相对价值此消彼长带来的小波段机会。今年组合将核心着眼于票息与骑乘效应，以更加包容性的心态去面对各类资产以及更加勤勉的操作去参与每个确定性机会。","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华债券型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=715988","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7e4","date":"2021-09-29T16:00:00.000Z","stockId":3000000003672,"sao":"报告期内，央行7月初的降准是左右市场的核心操作。是货币政策宽松周期的开启，还是无需过度解读的正常操作，市场产生了很大的分歧。降息后最开始阶段，市场情绪强烈；随着货币政策再宽松预期逐渐落空，加上通胀压力开始被重视，市场呈现震荡走弱的态势。组合在前期参与长端波段并及时止盈，随着收益率的不断走低逐步兑现，保持相对防御状态等待机会。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.283Z","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华债券型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=658460","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7e3","date":"2021-06-29T16:00:00.000Z","stockId":3000000003672,"sao":"报告期内，基于经济基本面自去年11月延续回落态势，以及3、4月份资金面的预期差，组合在二季度前期持续布局中长端利率债提升弹性。步入6月，考虑到基本面走势不再大幅趋弱，资金面预期过于一致，且长端利率债在触及低点后呈现出利好难下的状态，组合对中长端品种进行减仓，降低弹性。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.280Z","mo":"回望过去一段时间，关于全面放开三孩、学区划分变化、打击课外培训等政策频出，不禁感叹我们正处于历史伟大的时点上。顶层思维不仅立足于\"十四五\"的开局之年，更放眼于后一个一百年的长期战略。当去年全面完成脱贫攻坚任务后，政策诉求开始从\"先富起来\"向\"共同富裕\"过渡。站在这个视角上，我们或许可以更加理解在去年疫情冲击下，央行坚决抵制财政赤字货币化、不肯无度扩表与美联储为伍的原因。那么，今年7月份用于置换MLF的降准不也是着眼于扶持经济结构短板的一脉相承吗？展望后一阶段，我们倾向于认为经济在总量上的韧性和结构上的优化是相对确定的，货币政策也将以稳为主。诚然，市场再起长期利率中枢不断下移的逻辑。有意思的是，当我们把永煤事件后债券的走势和\"赛道股\"走势对比，不难发现所谓的长期逻辑，大多是看似以无法证伪的\"诗和远方\"为驱动，实则更多是短期供需不匹配下的货币重估现象。站在当下，我们更愿意相信常识，债券收益率不具备持续偏离政策利率中枢的动力。","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华债券型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=634896","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7e2","stockId":3000000003672,"sao":"报告期内，一月中旬考虑到市场对宽松预期过于极致，组合进行全面降杠杆的减仓行为，避免了融资成本急速上升对组合收益的影响。春节后，基于对利空有效反应、市场整体偏谨慎、以及存单代表的负债端压力明显缓解的逻辑下，组合逐步布局中长端利率债增加弹性。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.277Z","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华债券型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=574603","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7e1","stockId":3000000003672,"sao":"报告期内，四季度经济整体继续保持了向上修复的态势，货币政策也呈现逐步收敛的状态。但11月初的信用风险事件带来风险偏好的大幅下降，央行进行阶段性宽松予以对冲。组合在央行确定宽松后积极买入中端利率债增加弹性。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.273Z","mo":"站在现在的时点看，疫情是过去一年最主要的关键词。不论从疫情防控、经济复苏，还是从货币政策空间的角度来看，中国无疑是全世界做的最好的国家。如果说去年的复苏还主要在中国，随着疫苗注射的不断推广，今年将迎来全世界整体、有序复苏。加之对宏观杠杆率的控制，以及对货币政策空间的珍惜，债市今年整体面临的环境并不乐观。但这并不意味着市场会一直走弱。特别是考虑到政策\"不急转弯\"的定调，以及已然不断提升的赔率，左右短期市场走势的因素或过渡到基本面预期差上。因此，我们倾向于一季度末在兼顾流动性的情况下开始逐步关注债券的阶段性机会，同时不断优化持仓结构，下半年则更关注经济全面复苏带来的调整压力。","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华债券型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=558013","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7e0","stockId":3000000003672,"sao":"报告期内，基于对经济基本面、通胀水平、货币政策方向、债券绝对收益率水平、信用利差状况、行业供需变化、个股业绩增长等多方面综合考虑，对各类细分资产的风险和收益率预期变化进行动态调整。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.268Z","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华债券型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492452","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec76c7fea5b3eb046a7df","stockId":3000000003672,"sao":"本组合在过去一年中，依然秉持高夏普比例策略，确保组合流动性和控制好组合净值回撤的前提下，力争提高组合的风险调整后收益率。本组合专注于投资信用债，通过挖掘特定行业和特定区域的信用债阿尔法收益，且控制好组合分散度和信用风险的前提下，通过0.5年到3年信用债收益曲线的骑乘效应，获取低利率风险的稳健收益。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:16.266Z","mo":"供给侧改革顺利进展的这几年以来，国内的供给质量大大提高。从行业层面，很多传统工业或者所谓\"落后产能\"资本开支和新投产产能大幅减少，甚至已经开始与社会自然增长的工业品需求形成了一定的缺口，如水泥、有色、煤炭、精细化工等传统工业行业，预期过去几年PPI持续下行的趋势将得到遏制。同时，在全社会组织疫情防控的过程，我们已经可以很明确的观察到了社会总供给水平和总需求水平的不匹配，从供需平衡趋向供不应求。所以本次疫情对宏观经济带来的短期冲击，并非来自需求约束，更大的影响在于物流和人员流动出现一定的阻隔之后，且社会供给水平原本已经处于偏紧张的状态，社会总供给水平出现了约束。在供给出现了一定的天花板，而需求呈现刚性的情况下，风险资产和实物资产的资产价格得到了进一步的支撑，全社会的风险偏好反而是进一步提升的。当前中国宏观经济的韧性和体量已经和2003年不可同日而语，我们认为疫情对于宏观经济的影响，特别对总需求的抑制只是暂时的。反而在这阶段，中小企业的生存问题、医疗资源的分配以及社会动员的效率等制约中国经济中长期高质量发展的改革问题被得到空前的重视，资本市场的一系列市场化改革措施也得以加速推进。这次疫情防控过程中，也让社会再次关注到了新一代8090后高素质人口逐步成为社会的中坚力量，使得中国的人口红利逐步向工程师红利过渡。基于此，随着中国资本市场市场化改革和社会应急体制改革进一步深化，我们依然看好中国的风险资产和企业信用债带来的投资机会。","fund":{"_id":3000000003672,"__csrcFundId":1113,"stockCode":"003672","shortName":"兴业裕华债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3672,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:40.949Z","status":"normal","inceptionDate":"2016-12-06T16:00:00.000Z","name":"兴业裕华债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业裕华债券","pinyin":"xyyhzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业裕华债券型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=457975","linkType":"PDF","source":"csrc_pdf"}}]}