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      2026年一季度，A股市场先扬后抑。年初的反弹得益于政策预期支撑，但3月爆发的美伊冲突导致油价急升，市场迅速转向滞胀交易，煤炭、石油石化板块逆势大涨，而非银金融与消费板块则明显回调。进入二季度，市场逻辑将由流动性驱动转向业绩验证，预计呈现震荡修复格局。配置上建议兼顾防御与成长：一方面可关注受益于高油价的油气、煤炭及电网设备等方向，另一方面择机布局算力、半导体等一季报可能超预期的成长板块。       本报告期内，本基金以票息策略为主、久期策略为增强。底仓部分配置中短久期的国债、政金债、普信债，杠杆部分介入长债的波段交易，获利后及时止盈。       本报告期内，权益部分采用基本面分析与趋势分析相结合的方式，在景气度抬升板块内选取基本面优良的标的，并适时进行止盈及止损。       感谢持有人的支持，您的信任是激励我们前进的最大动力，我们将继续勤勉尽责，努力进取，不忘初心，忠于所托，为信任奉献回报。","lastUpdated":"2026-04-22T15:42:23.267Z","fund":{"_id":3000000021517,"__csrcFundId":14367,"stockCode":"021517","masterFundShortName":"兴华兴利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21517,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"兴华兴利债券(021517)","lastUpdated":"2026-05-01T03:13:26.913Z","name":"兴华兴利债券型证券投资基金","pinyin":"xhxlzqxzqtzjj","fundCollectionId":4000051680000,"setUpAssetScale":117214671.86,"setUpDate":"2024-11-13T16:00:00.000Z","setUpShares":117214671.86,"inceptionDate":"2024-11-13T16:00:00.000Z","managers":[{"stockCode":"db20779665","stockType":"fund_manager","exchange":"fm","tickerId":122626209990,"name":"吕智卓"},{"stockCode":"j101020474","stockType":"fund_manager","exchange":"fm","tickerId":82403254080,"name":"胡玺潮"}]},"announcement":{"linkText":"兴华兴利债券型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1474652","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3997fea5b3eb053f5f2","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000021517,"sao":"本报告期内权益市场分析：       本报告期，权益市场在高位经受住卖盘考验，逐步站稳关键整数位置，同时内部分化加剧，大盘蓝筹股相对占优，板块轮动聚焦政策导向与产业趋势。宏观层面，货币政策定调适度宽松，政策组合拳持续发力为市场保驾护航；产业层面，高端制造、商业航天等赛道表现亮眼，而部分消费、科技板块出现调整，整体投资难度有所提升。       本报告期A股市场的走势与政策导向、流动性环境密切相关，尤其12月央行集中释放的政策利好，形成“政策定调+流动性投放+产业赋能”的共振效应，为市场年末翘尾提供了关键支撑。央行2025年四季度货币政策委员会例会明确，继续实施适度宽松的货币政策，加大逆周期和跨周期调节力度。宽松政策导向直接改善了市场资金面，提升了资金风险偏好，为权益市场估值上修提供了空间。外部层面，世界经济增长动能不足，贸易壁垒增多，主要经济体经济表现分化，通胀与货币政策调整的不确定性仍在。美联储降息预期的反复影响，一度引发市场对资金流向的担忧，成为11月市场回落的重要外部因素。不过，随着年底美联储降息路径逐渐清晰，外部扰动因素有所减弱，为A股市场企稳回升创造了有利的条件。      综合来看，2025年四季度A股市场在震荡调整中完成蓄势，年末政策利好共振为后续行情奠定了基础。投资策略方面，2026年是新一轮政策落地的关键年份，“十五五”规划建议、中央经济工作会议均为未来经济发展指明方向，这将成为A股平稳运行的牢固基石。我们重点关注三大方向，一是政策支持的科创制造领域，如商业航天、AI硬件、新能源等；二是高股息的红利资产，如银行、保险等；三是受益于春季躁动行情的消费与周期板块，把握结构性机会的同时，规避估值过高、业绩兑现能力不足的标的。本报告期内权益投资策略及运作回顾：本报告期内，权益部分采用基本面分析与趋势分析相结合的方式，在景气度抬升板块内选取基本面优良的标的，并适时进行止盈及止损。    本报告期债市行情回顾：      本报告期内，债市先强后弱，截至12月31日，30年、10年期国债收益率分别交收于2.265%和1.86%，较10月最低点分别上行了14BP、8BP，收益率曲线更加陡峭化。      造成本报告期债市走弱的原因可以归纳为三点：      第一、十月，中美关税冲击后收益率下台阶，随后受中美政策博弈以及基金新规预期扰动，10年期国债收益率围绕1.83%附近窄幅震荡，月末在央行重启国债买卖、权益兑现前期政策利好等驱动下10年期国债收益率下行至1.78%。      第二、十一月，央行买债规模不及预期，偏弱的基本面数据对债市利多有限，基金新规预期反复，月末受地缘政治摩擦缓和、万科债券展期事件冲击脱落震荡，曲线熊陡。      第三、十二月，政府债发行进入尾声，隔夜资金价格创年内新低，受降息预期降温、超长债供给担忧以及监管政策等因素扰动，以30年期国债为代表的超长债领跌，收益率曲线明显走陡。     本报告期内投资策略和产品运作回顾：     本报告期内，本基金采取利率债久期策略；通过自上而下的研究，择机拉长组合久期，介入长久期利率债的买卖，获利后及时止盈。     感谢持有人的支持，您的信任是激励我们前进的最大动力，我们将继续勤勉尽责，努力进取，不忘初心，忠于所托，为信任奉献回报。","lastUpdated":"2026-03-09T14:05:13.328Z","fund":{"_id":3000000021517,"__csrcFundId":14367,"stockCode":"021517","masterFundShortName":"兴华兴利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21517,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"兴华兴利债券(021517)","lastUpdated":"2026-05-01T03:13:26.913Z","name":"兴华兴利债券型证券投资基金","pinyin":"xhxlzqxzqtzjj","fundCollectionId":4000051680000,"setUpAssetScale":117214671.86,"setUpDate":"2024-11-13T16:00:00.000Z","setUpShares":117214671.86,"inceptionDate":"2024-11-13T16:00:00.000Z","managers":[{"stockCode":"db20779665","stockType":"fund_manager","exchange":"fm","tickerId":122626209990,"name":"吕智卓"},{"stockCode":"j101020474","stockType":"fund_manager","exchange":"fm","tickerId":82403254080,"name":"胡玺潮"}]},"announcement":{"linkText":"兴华兴利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=1455857","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3997fea5b3eb053f5f1","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000021517,"sao":"股票市场方面，本报告期，中国股市的运行，逐渐呈现出一些与过往非常不同的重要特征，这些特征促使海内外投资者重新审视中国权益资产的投资价值，上述重要的特征包括：第一，主要指数涨幅可观，报告期内，上证指数涨幅12.7%，深证成指涨幅29.3%，恒生指数涨幅11.6%，在全球股票资产的涨跌幅表现中居于前列。更难能可贵的是，进入下半年以来，市场的波动率显著下降，投资者有良好的赚钱效应和持股体验。第二，资金的风险偏好显著修复，一方面，不再一味地流入银行等少数板块避险，市场也不再依赖权重金融股托举大盘指数；另一方面，资金更愿意追逐景气行业里面真正具备竞争力的优秀龙头企业。第三，市场整体的轮动指标显著下降，景气投资回归，市场主线明晰且持续性较好。报告期内，市场跑出几条明确的景气主线，像以贵金属为代表的资源品行情，像以算力为代表的AI科技行情等等，都有不错的行情，稳步上涨，涨幅大，持续时间长。随着市场的稳步上涨，上证指数已经来到3900的关键点位，A股市场的总市值也已经突破百万亿元大关，关于未来市场的走势，我们了解到一些不同的声音，一方认为市场已经打出赚钱效应，慢牛、健康牛可期，另一方认为中国经济尚未明确走出景气底部，基础尚未牢固，指数涨到这个点位，位置已然不低。从我们的角度看，比较乐观，中国股市牛市未尽，且上涨空间还很充足。债券市场方面，本报告期，债市整体走弱，各期限品种呈现不同程度的上行，截至9月末，30Y-10Y国债利差、10Y国开-10Y国债利差分别约35BP、18BP，接近2023年1月时的水平。造成三季度债市走弱的原因可以归纳为三点：第一，七月“反内卷”政策下，大宗商品价格走强，长债利率进入上行通道；第二，八月科技股走势强劲，“存款搬家”现象凸显、快进快出对债市资金形成抽水效应；第三，九月理财、债基季节性赎回，“负反馈”下债市出现阶段性“踩踏行情”。报告期内，本基金采取利率债投资策略，通过关注收益率曲线形状、期限利差的变化，挖掘阶段性超跌的介入机会，适时买入长债获利后及时止盈。感谢持有人的支持，您的信任是激励我们前进的最大动力，我们将继续勤勉尽责，努力进取，不忘初心，忠于所托，为信任奉献回报。","lastUpdated":"2026-03-09T14:05:13.325Z","fund":{"_id":3000000021517,"__csrcFundId":14367,"stockCode":"021517","masterFundShortName":"兴华兴利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21517,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"兴华兴利债券(021517)","lastUpdated":"2026-05-01T03:13:26.913Z","name":"兴华兴利债券型证券投资基金","pinyin":"xhxlzqxzqtzjj","fundCollectionId":4000051680000,"setUpAssetScale":117214671.86,"setUpDate":"2024-11-13T16:00:00.000Z","setUpShares":117214671.86,"inceptionDate":"2024-11-13T16:00:00.000Z","managers":[{"stockCode":"db20779665","stockType":"fund_manager","exchange":"fm","tickerId":122626209990,"name":"吕智卓"},{"stockCode":"j101020474","stockType":"fund_manager","exchange":"fm","tickerId":82403254080,"name":"胡玺潮"}]},"announcement":{"linkText":"兴华兴利债券型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1376566","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3997fea5b3eb053f5f0","date":"2025-06-29T16:00:00.000Z","stockId":3000000021517,"sao":"股票市场方面，报告期内，市场虽有波折，但整体向好，尤其是在四月初，市场在经历了大幅的下挫之后，不断积累向上的势能，于二季度末积累了一段漂亮的上涨行情，投资者对市场后续走牛的信心也显著抬升，期间涌现的投资机会更是异彩纷呈，诸如人形机器人、AI应用、创新药、军工、游戏以及海外算力等。指数涨跌幅方面，本报告期，上证指数上涨2.8%，科创综指上涨9.9%，恒生指数上涨20.0%，恒生科技指数上涨18.7%，显然，港股市场的表现更优，且无论是A股还是港股，均呈现明显的哑铃状结构，即低估红利和小市值两种风格明显占优。本报告期本基金权益部分采取相对均衡的配置策略，以稳健获取股票市场的投资收益，并且在4月初市场大幅震荡之后，在做出市场具备配置价值的判断基础上，我们果断做出提升权益部分仓位的决定，为报告期内本基金净值的上涨做出一定的贡献。美中不足的是：第一，我们在港股市场的参与程度不够，而上半年港股显著跑赢A股；第二，A股市场这边，报告期内的机会主要以科技主题的行情出现，本基金对于科技类资产的参与程度有所不足。债券市场方面，报告期内，债市大幅波动，外部扰动明显加大。2024年底利率开启快速下行，这在2025年初延续，10年国债一度突破1.6%的低位。而后随着资金的收紧，以及春节之后银行卖券压力的上升，市场开始了大幅调整。10年国债最高一度达到1.9%附近。4月份随着卖券压力告一段落，以及中美贸易冲突爆发，利率再度快速下行，10年国债再度回到接近1.6%的低位。而后在中美贸易冲突缓和，资金扰动之下，央行对流动性呵护加强等多空因素交织下，债市利率进入窄幅震荡行情，10年期国债收益率在1.63%-1.69%窄幅波动。感谢持有人的支持，您的信任是激励我们前进的最大动力，我们将继续勤勉尽责，努力进取，不忘初心，忠于所托，为信任奉献回报。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:13.323Z","mo":"展望下半年，股票市场方面，目前市场所隐含的风险偏好以及经济前景预期，已经发生实质性的变化，市场中枢抬升的空间还很充足，各个板块都还有机会。我们看到，中国股票资产当中的科技资产、创新药资产和新消费资产，经过半年的上涨行情之后，其估值已经率先得到相当的修复，但市场的冷热分布并不均匀，仍有大量优秀资产的估值，还在历史的低位。我们相信，随着更多积极因素的积累，其他大类资产的估值，诸如传统消费、制造、周期、地产等，也会相继迎来修复。我们将秉持“深度研究创造超额回报”的理念，加强投研能力建设，为持有人创造更好的投资回报。债券市场方面，在经历了上半年债市大幅走强之后，下半年债市从驱动力量来说，主要来自以下两个方面：一是基本面带动广谱利率的下行。从过去几个季度经济增长结构来看，净出口是保持高增长的主要贡献来源，1季度5.4%的经济增长中，2.1个百分点来自净出口。出口能够保持高增长更多来自于关税不确定性之下的抢出口，随着关税风险下降，出口增速可能有所回落，届时对经济增长拉动也将下降。同时，内需层面，地产再度走弱，地方债增量未能完全对冲城投融资的收缩，基建资金来源并不十分充裕。“价格反内卷”后中上游工业品价格企稳反弹，但在没有下游需求配套的刺激政策下，中上游价格很难迅速传导至下游，核心CPI、PPI难有明显反弹。另一个是“资产荒”可能再现。今年资产供给前置，一半以上的政府债券净融资在上半年，同时实际利率上升抑制非政府债券社融。因而下半年资产供给节奏或将放缓，但资金供给充足，可能导致配置力量旺盛。居民持续增加存款、保险、理财、货基债基等低风险偏好资产配置。预计央行也会相应增加资金投放，一方面上半年同比多增的财政存款会在3季度左右投放，另一方面，央行对流动性呵护增强，5月以来资金投放增加。综述，目前债券利率并不低，与贷款等资产相比长债依然有较好的比价优势，而从节奏来看，基本面压力和资产荒逻辑可能更多在三季度重现，因而与过去几年类似，债市利率有望在三季度进一步下移。考虑到稳增长政策可能的发力，以及机构可能的止盈行为，四季度市场存在小幅调整的可能。","fund":{"_id":3000000021517,"__csrcFun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