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DeepSeek等科技热点带动下，市场风险偏好显著提升，科技板块引领股市上行；此后受外部冲击影响，风险偏好急剧收缩，随着稳定资本市场信心的政策密集出台，股票市场逐步修复。报告期内，本基金久期和杠杆随市场环境进行调整，年初组合保持相对较低的久期水平，3月份随着收益率上行提升组合久期，并根据利差情况和流动性环境在利率和信用品种进行结构调整。未来也会根据基本面环境、利差状况、组合管理目标等多方面因素综合考虑，持续优化组合的资产配置。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:15.399Z","mo":"展望下半年，经济增长仍需政策托底支持，内生修复动能尚待夯实，出口结构性改善，总量增长仍面临外部需求波动压力。中美关税谈判进程存在不确定性，需持续关注贸易政策边际变化。国内\"反内卷\"系列政策对通胀预期形成阶段性扰动，预计货币政策阶段性偏稳健。债券市场将呈现\"三重博弈\"特征，经济基本面、通胀预期的演变、以及外围环境的波动，总体维持区间震荡的格局。在政策相对稳定的环境下，“股债跷跷板”效应预计会明显加强。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":3000000021554,"__csrcFundId":14202,"stockCode":"021554","masterFundShortName":"兴业恒悦180天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21554,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"兴业恒悦180天持有期债券(021554)","lastUpdated":"2026-05-01T03:14:13.353Z","name":"兴业恒悦180天持有期债券型证券投资基金","pinyin":"xyhy180tcyqzqxzqtzjj","fundCollectionId":4000050810000,"setUpAssetScale":5109415.94,"setUpDate":"2024-08-12T16:00:00.000Z","setUpShares":5109415.94,"inceptionDate":"2024-08-15T16:00:00.000Z","followedNum":4,"memoNum":1,"managers":[{"stockCode":"db20184906","stockType":"fund_manager","exchange":"fm","tickerId":1202130030,"name":"腊博"},{"stockCode":"8801328988","stockType":"fund_manager","exchange":"fm","tickerId":2613093780,"name":"周鸣"}]},"announcement":{"linkText":"兴业恒悦180天持有期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=1344942","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed39b7fea5b3eb053f79e","date":"2025-03-30T16:00:00.000Z","stockId":3000000021554,"sao":"2025年第一季度在稳经济政策的作用下，经济呈现边际修复的态势，房地产市场短期企稳，同时科技领域的发展带动市场风险偏好显著提升。美国经济体现出较强的韧性，通胀压力比较突出，导致降息预期反复波动，国内稳汇率和政策储备的重要性提升，央行在货币投放上较为谨慎，资金面维持紧平衡状态。第一季度债券市场受经济、政策、以及风险偏好等多重因素的影响进入阶段性调整，收益率震荡上行，中短端债券品种收益率上行幅度较大，平均上行30BP以上。报告期内，本基金根据环境变化和市场预期偏差灵活调整组合久期，并根据利差情况和流动性环境在利率和信用品种进行结构调整。未来也会根据基本面环境、利差状况、组合管理目标等多方面因素综合考虑，持续优化组合的资产配置。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:15.397Z","fund":{"_id":3000000021554,"__csrcFundId":14202,"stockCode":"021554","masterFundShortName":"兴业恒悦180天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21554,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"兴业恒悦180天持有期债券(021554)","lastUpdated":"2026-05-01T03:14:13.353Z","name":"兴业恒悦180天持有期债券型证券投资基金","pinyin":"xyhy180tcyqzqxzqtzjj","fundCollectionId":4000050810000,"setUpAssetScale":5109415.94,"setUpDate":"2024-08-12T16:00:00.000Z","setUpShares":5109415.94,"inceptionDate":"2024-08-15T16:00:00.000Z","followedNum":4,"memoNum":1,"managers":[{"stockCode":"db20184906","stockType":"fund_manager","exchange":"fm","tickerId":1202130030,"name":"腊博"},{"stockCode":"8801328988","stockType":"fund_manager","exchange":"fm","tickerId":2613093780,"name":"周鸣"}]},"announcement":{"linkText":"兴业恒悦180天持有期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=1273875","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed39b7fea5b3eb053f79d","date":"2024-12-30T16:00:00.000Z","stockId":3000000021554,"sao":"2024年债券市场延续牛市格局，货币政策保持宽松，2月份存款准备金率下调0.5%，LPR非对称降息25BP，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%，进一步引导LPR下行，并通过下调存款准备金率0.5%释放资金超1万亿。同时，9月份针对股票市场出台一系列提振方案，市场风险偏好短时间内急剧上升，债券市场经历了短期调整后重回牛市格局。12月份中央经济工作会议定调“更加积极的财政政策”和“适度宽松的货币政策”，市场降息预期快速升温，叠加年末配置型机构的配置需求释放，债券收益率快速下行。报告期内，本基金久期总体保持相对高位，年底适度调降，并根据利差情况和流动性环境在利率和信用品种进行结构调整。未来也会根据基本面环境、利差状况、组合管理目标等多方面因素综合考虑，持续优化组合的资产配置。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:15.391Z","mo":"展望2025年，随着各项政策效果的逐步显现，经济压力有望得到一定缓解。然而，外部环境中的风险因素正不断累积，因此保持政策的连续性和稳定性仍显得至关重要。在此背景下，经济尾部风险的降低为权益市场的估值修复提供了有利条件。同时，利率预计将维持低位震荡的态势，需密切关注外部风险因素对货币政策及利率变动的传导影响。此外，在化债进程的推动下，信用债市场的供需结构将持续优化，信用利差有望保持在较低水平运行。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":3000000021554,"__csrcFundId":14202,"stockCode":"021554","masterFundShortName":"兴业恒悦180天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21554,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"兴业恒悦180天持有期债券(021554)","lastUpdated":"2026-05-01T03:14:13.353Z","name":"兴业恒悦180天持有期债券型证券投资基金","pinyin":"xyhy180tcyqzqxzqtzjj","fundCollectionId":4000050810000,"setUpAssetScale":5109415.94,"setUpDate":"2024-08-12T16:00:00.000Z","setUpShares":5109415.94,"inceptionDate":"2024-08-15T16:00:00.000Z","followedNum":4,"memoNum":1,"managers":[{"stockCode":"db20184906","stockType":"fund_manager","exchange":"fm","tickerId":1202130030,"name":"腊博"},{"stockCode":"8801328988","stockType":"fund_manager","exchange":"fm","tickerId":2613093780,"name":"周鸣"}]},"announcement":{"linkText":"兴业恒悦180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=1246888","linkType":"PDF","source":"csrc_pdf"}}]}