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高于政策利率（OMO），同时春节后权益市场表现强劲，房地产市场成交活跃，带动风险偏好上升。二季度初“对等关税”落地后，中美关税博弈升级、避险情绪以及宽货币预期催化下，10年国债收益率从1.8%附近大幅下行至1.63%。5月初央行降准降息落地，市场交易“利多出尽”，中美谈判取得阶段性缓和，下旬大行存款利率调降引发银行负债流失担忧，收益率向上回调至1.73%。6月央行投放较积极，买断式逆回购前置操作呵护态度明显，以及央行买债预期带动，收益率整体震荡下行，曲线走陡，10年国债下行至1.65%附近。截至2025年6月30日，R001比上年末上行14BP至2.3%，1Y国债、10Y国债、30年国债和10年国开收益率分别变动26BP、-3BP、-5BP、-4BP至1.34%、1.65%、1.86%和1.69%，1Y（AAA）同业存单收益率上行5BP至1.63%。权益市场方面，一季度在震荡中开局，春节后消费数据亮眼带动市场情绪回暖，DeepSeek主题带动科技股上行，AI主题成为热点。3月中旬后市场回归震荡。二季度在外部冲击与内需修复交织的背景下，市场呈现先抑后扬的震荡上行态势。上半年万得全A指数上涨5.83%，北证50上涨39.45%、中证2000上涨15.24%，小盘成长风格持续占优。同期转债指数上涨7.02%，高于沪深300（0.03%）和深证成指（0.48%），体现其“攻守兼备”特性。上半年本基金根据市场变化积极调整组合久期和杠杆，并适时开展利率债波段交易操作。通过严格控制波段交易仓位和制定合理的止损比例，将收益回撤控制在一定范围内，报告期内净值实现一定增长。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:27.298Z","mo":"上半年GDP增速5.3%，经济呈现稳中向好走势，2024年9月出台的一揽子政策效果逐渐显现。同期债券市场受风险偏好变化、关税事件冲击等影响，呈现低利率、高波动的状态。下半年国内经济仍面临内需不足、物价持续低位运行等困难和挑战。同时，海外关税仍有不确定性，抢出口的持续性也有待观察。二季度以来央行积极呵护市场流动性，通过降准降息、连续超额续作MLF、超额续作买断式逆回购等为银行体系提供长期限资金。预计下半年货币政策将保持宽松，降息概率增加。展望下半年债券市场，基本面和资金面依然有利，但利率下行空间有限，趋势性不强，仍然需要从波动中寻找交易机会增厚收益。同时需要防范风险偏好上升，对债券资产的影响以及机构行为高度一致带来的风险。权益市场方面，风险偏好逐步修复，资金活跃度显著提升。展望下半年，尽管外部不确定性仍存，但国内政策持续助力、新质生产力加速崛起，有望推动市场中枢抬升。转债市场方面，从供需角度看，下半年转债供给或延续偏紧态势，而需求端配置需求有望持续释放。估值方面，目前转股溢价率处于历史合理区间，下半年转债估值在正股驱动下有温和上行空间。","fund":{"_id":3000000020736,"__csrcFundId":14027,"stockCode":"020736","masterFundShortName":"国新国证汇铭债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20736,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"国新国证汇铭债券(020736)","lastUpdated":"2026-05-01T02:55:11.077Z","name":"国新国证汇铭债券型证券投资基金","fundCollectionId":4000051350000,"pinyin":"gxgzhmzqxzqtzjj","setUpAssetScale":3999998893.57,"setUpDate":"2024-06-18T16:00:00.000Z","setUpShares":3999998893.57,"inceptionDate":"2024-06-18T16:00:00.000Z","managers":[{"stockCode":"db20911160","stockType":"fund_manager","exchange":"fm","tickerId":2618231870,"name":"张蕊"},{"stockCode":"j101019682","stockType":"fund_manager","exchange":"fm","tickerId":231325247360,"name":"王铭扬"}]},"announcement":{"linkText":"国新国证汇铭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=1343013","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed36b7fea5b3eb053ccbe","date":"2025-03-30T16:00:00.000Z","stockId":3000000020736,"sao":"跨年之后1年期国债即开始快速上行，一季度最多上行约50BP。同期10年国债收益率在1月先上后下，2月初收益率基本回到前期低点，之后开启了一轮约30BP的调整。3月中旬之后伴随资金面的缓和，收益率波动下行。本轮债券市场调整的原因包括，市场开始重新定价2025年货币政策放松的幅度。同时银行间回购利率自2025年以来持续高于政策利率（OMO），并高于短端债券收益率。其次春节后权益市场表现强劲，房地产市场成交活跃，带动风险偏好上升。并且1-2月PMI数据、经济数据和信贷数据表现均不俗。一季度R001比2024年末上行65BP至2.81%，1年国债、10年国债、30年国债和10年国开收益率分别变动45BP、14BP、11BP、12BP至1.54%、1.81%、2.02%和1.84%，1年（AAA）同业存收益率上行27BP至1.89%。权益市场方面，一季度在震荡中开局，春节后消费数据亮眼带动市场情绪回暖，DeepSeek主题带动科技股上行，AI主题成为热点。3月中旬后市场回归震荡，一季度全A指数上涨1.90%，中证1000和科创50跑赢A指，小盘和成长风格占优。转债市场方面，一季度中证转债指数上涨3.13%，显著跑赢万得全A（1.90%）及中证500（2.31%），机器人、DeepSeek及AI算力等主题转债涨幅居前。一季度本基金根据市场变化积极调整组合久期，并适时开展利率债波段交易操作，报告期内组合久期先降后升，并通过严格控制波段交易仓位和制定合理的止损比例，将收益回撤控制在一定范围内。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:27.295Z","fund":{"_id":3000000020736,"__csrcFundId":14027,"stockCode":"020736","masterFundShortName":"国新国证汇铭债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20736,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"国新国证汇铭债券(020736)","lastUpdated":"2026-05-01T02:55:11.077Z","name":"国新国证汇铭债券型证券投资基金","fundCollectionId":4000051350000,"pinyin":"gxgzhmzqxzqtzjj","setUpAssetScale":3999998893.57,"setUpDate":"2024-06-18T16:00:00.000Z","setUpShares":3999998893.57,"inceptionDate":"2024-06-18T16:00:00.000Z","managers":[{"stockCode":"db20911160","stockType":"fund_manager","exchange":"fm","tickerId":2618231870,"name":"张蕊"},{"stockCode":"j101019682","stockType":"fund_manager","exchange":"fm","tickerId":231325247360,"name":"王铭扬"}]},"announcement":{"linkText":"国新国证汇铭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=1274140","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed36b7fea5b3eb053ccbd","date":"2024-12-30T16:00:00.000Z","stockId":3000000020736,"sao":"债券市场方面，2024 年1月到 3 月，机构资产荒加剧，利率出现明显下行。10年国债收益率从2.56%下降至 2.27%附近。4月开始央行多次提示长债风险，叠加大行存单提价、地产政策放松和政府债供给预期增加等因素，债券市场在4月至7月进入震荡期。7 月下旬的降息，再次打开利率下行空间，8月中10年与30年国债收益率分别突破2.10%、2.30%关键点位。随后大行开启大额卖债操作，引导利率向“合理点位”靠拢。债券市场进入快速上行阶段，出现赎回负反馈苗头，央行及时通过大额逆回购投放稳定了市场情绪，而后利率再度震荡下行。9月下旬在一揽子政策的鼓舞下，市场风险偏好大幅提升，A股大涨，各期限收益率均遭遇较大幅度上行。进入10月稳增长政策逐渐被市场消化，股市高位回落，配置盘纷纷择机增配，带动收益率再度下行。11月监管引导同业存款利率下行，债市欠配压力进一步增大，同时供给冲击最大的阶段已经过去，债市被多头情绪主导。12 月 9 日中央政治局会议将货币政策定调转向“适度宽松”，为 2011 年以来首次，宽货币预期叠加抢跑行情，收益快速下行，创出历史新低。纵观2024 年全年，债券市场走出了波澜壮阔的牛市行情。全年1年国债、10年国债、30年国债和10年国开收益率分别变动-100bp、-88bp、-91bp、-95bp至1.08%、1.68%、1.91%和1.73%，1年（AAA）同业存单收益率下行86bp至1.58%。权益市场方面，全年A股市场整体跌宕起伏，呈现W走势。年初至二季度市场在宏观经济弱复苏与稳增长政策博弈中持续震荡，2024年元旦后，伴随宏观层面利空市场出现非理性调整，上证指数一度调至2635点，2月初在政策提振下市场企稳反弹。三季度经济走势不及预期，外资流出，市场再次回调。三季度末，随着9月24日活跃资本市场一揽子政策超预期落地，市场风险偏好快速修复，上证指数在10个交易日内大幅拉升26.95%，创2015年以来最强政策驱动行情。四季度后，国内经济数据边际改善与海外政治风险形成对冲，特朗普胜选引发的贸易政策担忧压制市场风险偏好，全年上证指数上涨12.67%。硬科技、高股息资产成为贯穿全年主线。转债市场方面，2024年全年演绎“跟涨抗跌”特性，年初中证可转债指数延续2023年年末以来权益偏弱的走势，最低下探至2月初的368.44点，随后权益市场迎来超跌反弹，转债亦录得较好涨幅。3、4月份中证转债指数整体震荡上行，随后在5月份进入加速上行阶段。但在5月中以来受权益市场表现欠佳及部分转债个券信用风险事件影响，转债指数进入持续四个月的持续下跌状态：5月22日至9月19日，中证转债指数累计跌幅 9.45%，期间市场因过度担忧转债的信用风险，导致大量转债跌破面值。9月下旬以来，受益于政策呵护，转债指数伴随权益市场的反弹而迎来快速上涨，中证转债指数全年收益快速转正。前期过度定价的低价转债在此期间迎来持续修复。2024全年中证转债指数整体收涨，全年上涨6.08%。本年度本基金根据市场变化积极调整组合久期，适时开展利率债波段交易操作，并通过严格控制波段交易仓位和制定合理的止损比例，将收益回撤控制在合理范围，报告期内净值实现一定增长。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:27.290Z","mo":"2025年开年以来经济向好发展，2024年3季度末推出的一揽子政策效果逐渐显现，新经济表现出亮眼的活力。但在新旧动能转换的大背景下，“新经济”在创造融资需求方面弱于“旧经济”，融资需求的显著回升，需要等待宏观经济预期出现显著变化、新的加杠杆主体集中出现。同时，2025年货币政策延续适度宽松的总基调，预计年内还会有降准降息落地，货币政策对债券市场形成支撑。中期角度需要关注信贷增长情况、权益市场赚钱效应和楼市情绪对风险偏好的提升，上述将成为债市阶段性波动的来源。经历了2024年收益率的大幅下行之后，票息对组合收益的贡献进一步下降，向交易要收益成为必然选择，预计市场波动增大，交易胜率的提升成为关键。2024年9月24日推出的一揽子政策之后，权益市场信心明显提振，成交热度明显提升，中期看市场情绪仍有提振空间。展望2025年，尽管美对华关税升级等扰动加剧，但国内政策支持叠加科创企业快速发展预期有望推动市场螺旋式震荡上行，且当前A股估值对比海外成熟市场性价比凸显，增量资金入市意愿增强。市场风格能否逐步从估值驱动转向基本面驱动成为决定行情级别的关键。转债市场方面，从供需角度看，全年转债资产预期进一步缩量，需求端纯债资金外溢效应显著，机构对转债需求持续释放，从估值角度看，去年9月份以来的市场反弹已带领转债资产走出系统性低估状态，当前转股溢价率处于适中水平。综合看，资金增配预计进一步支撑市场流动性，全年可转债或呈现“风险相对可控、收益相对稳健”的特征。","fund":{"_id":3000000020736,"__csrcFundId":14027,"stockCode":"020736","masterFundShortName":"国新国证汇铭债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20736,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"国新国证汇铭债券(020736)","lastUpdated":"2026-05-01T02:55:11.077Z","name":"国新国证汇铭债券型证券投资基金","fundCollectionId":4000051350000,"pinyin":"gxgzhmzqxzqtzjj","setUpAssetScale":3999998893.57,"setUpDate":"2024-06-18T16:00:00.000Z","setUpShares":3999998893.57,"inceptionDate":"2024-06-18T16:00:00.000Z","managers":[{"stockCode":"db20911160","stockType":"fund_manager","exchange":"fm","tickerId":2618231870,"name":"张蕊"},{"stockCode":"j101019682","stockType":"fund_manager","exchange":"fm","tickerId":231325247360,"name":"王铭扬"}]},"announcement":{"linkText":"国新国证汇铭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=1255279","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed36b7fea5b3eb053ccbc","date":"2024-09-29T16:00:00.000Z","stockId":3000000020736,"sao":"债券市场方面，6月基本面数据反映经济内生动能需要进一步提振，7月降息助力经济复苏，债市收益率的下行空间也重新打开，成功挑战新低。8月债市波动较大，月初与月末各经历了一轮快速调整，月中10 年与 30 年国债收益率分别突破2.10%、2.30%等关键点位。随后大行开启大额卖债操作，引导利率向“合理点位”靠拢。在调整过程中，债市初现负反馈迹象，央行及时通过大额逆回购投放稳定了市场情绪，叠加中旬 7 月金融、经济数据陆续出炉，依然与市场预期存在差距，双重因素推动下，债市阶段性企稳。9月债券收益率整体呈现出“V型”行情，中上旬长端利率在降息预期强化、短端利率下行和风险资产表现欠佳的三重影响下，出现了连续下行。9月下旬在政策“组合拳”的鼓舞下，市场风险偏好大幅提升，A股大涨，各期限收益率均遭遇较大幅度上行。权益市场方面，在7月初短暂企稳后，受经济预期影响，7月22日开始市场情绪极度走弱，A股缩量下行，直至9月18日上证指数跌破2700点，再次接近年内低点附近。但伴随着当晚美联储降息50个基点和9月24日以来国内重磅经济政策、货币政策、地产政策及资本市场政策等一系列政策措施密集出台，A股市场在三季度的最后几天内情绪迅速扭转，迎来快速上涨。 7月1日至9月18日，上证指数下跌8.43%，9月18日至9月30日，上证指数涨22.79%，3季度上证指数整体收涨，涨幅12.44%。转债市场方面，三季度转债实质违约事件接连发生，对转债市场造成了一定的影响。对债底稳健性的普遍担忧使得风险情绪从违约转债蔓延至整体转债。对信用风险的扰动再叠加权益市场三季度前期低迷的影响，三季度转债调整幅度以及波动较大。直至9月24日，转债市场才跟随权益市场大幅反弹。7月1日至9月24日，中证转债下跌4.92%，9月24日至9月30日，中证转债涨7.86%，3季度中证转债整体收涨，涨幅0.58%。本基金成立于二季度末，建仓初期为避免净值过大回撤，策略上重点配置债券品种。根据市场变化积极调整建仓节奏和组合久期，并适时开展利率债波段交易操作，通过严格控制波段交易仓位和制定合理的止损比例，将收益回撤控制在合理范围，报告期内净值实现一定增长。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:27.287Z","fund":{"_id":3000000020736,"__csrcFundId":14027,"stockCode":"020736","masterFundShortName":"国新国证汇铭债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20736,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"国新国证汇铭债券(020736)","lastUpdated":"2026-05-01T02:55:11.077Z","name":"国新国证汇铭债券型证券投资基金","fundCollectionId":4000051350000,"pinyin":"gxgzhmzqxzqtzjj","setUpAssetScale":3999998893.57,"setUpDate":"2024-06-18T16:00:00.000Z","setUpShares":3999998893.57,"inceptionDate":"2024-06-18T16:00:00.000Z","managers":[{"stockCode":"db20911160","stockType":"fund_manager","exchange":"fm","tickerId":2618231870,"name":"张蕊"},{"stockCode":"j101019682","stockType":"fund_manager","exchange":"fm","tickerId":231325247360,"name":"王铭扬"}]},"announcement":{"linkText":"国新国证汇铭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=1177726","linkType":"PDF","source":"csrc_pdf"}}]}