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向上。其中，季度初在货币政策“适度宽松”的定调下，市场对降息预期进行了提前定价，同时由于票息进入新低、市场转而通过提升久期获取资本利得来增厚收益，因此一季度初债市延续去年末的抢券行情，10y国债活跃券最低向下突破了1.6%。在利率近似单边下行的同时，汇率压力不断提升对资金面形成了掣肘。随着资金持续收紧、资金价格维持高位，以及deepseek带来的AI突破推动了权益板块行情，导致市场风险偏好提升，股债跷跷板效应显现，债市开始转为震荡上行。直至三月中下旬，央行公开市场操作开始净投放提供流动性呵护税期和跨季，叠加MLF增量续作使得债市情绪得到修复。本基金在一季度采取防守反击的策略，跟随资金面收紧快速降低杠杆和久期，整体维持了中低久期和杠杆，取得了较好的效果。整体而言，一季度收益超出预期，波动符合预期。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:58.468Z","fund":{"_id":3000000021282,"__csrcFundId":13951,"stockCode":"021282","masterFundShortName":"上银慧元利90天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21282,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:47.542Z","status":"normal","exchange":"jj","shortName":"上银慧元利90天持有期债券A","name":"上银慧元利90天持有期债券型证券投资基金","fundCollectionId":4000050850000,"setUpAssetScale":112876319.56,"setUpDate":"2024-05-14T16:00:00.000Z","setUpShares":112876319.56,"pinyin":"syhyl90tcyqzqxzqtzjj","inceptionDate":"2024-05-16T16:00:00.000Z","followedNum":5,"memoNum":1,"managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"},{"stockCode":"j101018283","stockType":"fund_manager","exchange":"fm","tickerId":2308249420,"name":"王辉"}]},"announcement":{"linkText":"上银慧元利90天持有期债券型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1274406","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed38a7fea5b3eb053eaa5","date":"2024-12-30T16:00:00.000Z","stockId":3000000021282,"sao":"2024年，债市在复杂的内外部环境中呈现震荡走牛格局。其中，一季度受到地产偏弱影响，经济整体弱于预期，叠加市场流动性整体宽松，市场利率整体向下。二季度至8月受到债券利率偏低和房地产出台政策影响，债市有所调整，但在资金宽松和基本面数据呈现弱复苏的格局下，债市整体震荡向下。9-10月市场风险偏好抬高，股债跷跷板效应下债市出现一定幅度调整。此后债券市场在化债政策加速落地与货币政策宽松基调下回归下行趋势，11月下旬起市场对降息的提前定价导致出现了抢跑行情，关键期限的无风险利率加速下行至历史新低水平。本基金在2024年整体久期维持中性略有偏高，通过适度提升久期和提高杠杆策略积极布局，通过逢回调加仓以及积极配置信用等策略提升收益，在9月之前都取得较好效果，但在9-10月受市场因素影响产生波动。四季度相应调整采取先防守后进攻，取得了一定的收益，整体业绩符合预期。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:58.466Z","mo":"展望2025年，预计宏观经济将延续L型复苏态势，经济增速将维持在合理区间，更加注重发展质量和效益。消费作为经济增长的重要补充来源，仍需政策持续发力提振；地产供需有望接近均衡，转为逐步企稳。财政政策将继续保持积极，地方债发行规模有望扩大，以此继续发挥重要作用。货币政策预计将保持适度宽松，降准降息仍有空间，主要关注落地节奏和幅度。海外市场不确定性仍存，但对国内影响边际减弱。策略上，由于基本面对债市仍然有利，预计收益率曲线整体或将趋于平坦，同时考虑到市场收益率处于历史较低水平，本基金将采取防守反击的投资策略，通过维持中短久期和中低杠杆，在严格把控流动性和估值风险的前提下，获取较为合理的票息收益；同时积极捕捉市场波动带来的交易机会，以期获取资本利得，增厚组合收益。","fund":{"_id":3000000021282,"__csrcFundId":13951,"stockCode":"021282","masterFundShortName":"上银慧元利90天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21282,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:47.542Z","status":"normal","exchange":"jj","shortName":"上银慧元利90天持有期债券A","name":"上银慧元利90天持有期债券型证券投资基金","fundCollectionId":4000050850000,"setUpAssetScale":112876319.56,"setUpDate":"2024-05-14T16:00:00.000Z","setUpShares":112876319.56,"pinyin":"syhyl90tcyqzqxzqtzjj","inceptionDate":"2024-05-16T16:00:00.000Z","followedNum":5,"memoNum":1,"managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"},{"stockCode":"j101018283","stockType":"fund_manager","exchange":"fm","tickerId":2308249420,"name":"王辉"}]},"announcement":{"linkText":"上银慧元利90天持有期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=1255396","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed38a7fea5b3eb053eaa4","date":"2024-09-29T16:00:00.000Z","stockId":3000000021282,"sao":"3季度债券市场利率波动较大，7-8月中旬市场对经济预期偏弱，但央行对市场有所引导，后续央行调控和经济政策出现调整，市场波动增加。三季度经济数据偏弱，符合新旧动能转换的特征，经济温和修复还需要时间，在8-9月政策转向，短期和长期兼顾，市场预期变化。海外美联储降息，为国内政策带来空间。展望后市，政策落地力度是重点观察对象。本基金在3季度采取了中性偏高久期的策略，在前期取得较好效果，在后续回撤中受到影响，并逐渐减仓。本基金三季度的收益略低于预期，波动略偏高，后续本基金将逐步平衡收益和风险，短期内将注重流动性风险管理。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:58.463Z","fund":{"_id":3000000021282,"__csrcFundId":13951,"stockCode":"021282","masterFundShortName":"上银慧元利90天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21282,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:47.542Z","status":"normal","exchange":"jj","shortName":"上银慧元利90天持有期债券A","name":"上银慧元利90天持有期债券型证券投资基金","fundCollectionId":4000050850000,"setUpAssetScale":112876319.56,"setUpDate":"2024-05-14T16:00:00.000Z","setUpShares":112876319.56,"pinyin":"syhyl90tcyqzqxzqtzjj","inceptionDate":"2024-05-16T16:00:00.000Z","followedNum":5,"memoNum":1,"managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"},{"stockCode":"j101018283","stockType":"fund_manager","exchange":"fm","tickerId":2308249420,"name":"王辉"}]},"announcement":{"linkText":"上银慧元利90天持有期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=1178263","linkType":"PDF","source":"csrc_pdf"}}]}