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　　报告期内，本基金配置品种以中高等级信用债、商业银行金融债和利率债为主，辅以商业银行二级资本债等品种进行波段操作，整体产品杠杆水平在100%-110%上下波动，全年净值较为平稳。","lastUpdated":"2026-03-31T13:04:34.596Z","mo":"展望2026年，“坚持内需主导”被列为首要任务，但新旧动能之间的转换并非一蹴而就。房地产产业链条长、带动面广，而当前以人工智能为代表的科技产业尚处成长期，其产业规模、资本密集度与就业吸纳能力仍相对有限，短期内或难以完全填补传统增长引擎放缓带来的缺口，宏观经济预计继续呈现稳中向好态势。　　货币和财政政策层面，中央经济工作会议对货币政策的定调延续“适度宽松”，强调“保持社会融资条件相对宽松”并“灵活高效运用降准降息等多种政策工具”。预计货币金融环境整体或仍将保持呵护态势，可能不会主动转向紧缩，若市场流动性被动收紧，央行可能适时进行对冲操作。财政政策方面，“保持必要的财政赤字、债务总规模和支出总量”，财政扩张或仍将保持一定力度。　　总体来看，2026年债市大概率延续当前宏观格局：家庭部门需求较弱，债务承压，政府和国有企业承担加杠杆职能，民营企业投资需求逐步回暖。在此格局下，宏观经济与通货膨胀预计将继续温和复苏，名义利率需维持相对较低位置以配合走出债务周期，债券市场收益率预计或将呈现“上有顶、下有底”的震荡行情。","fund":{"_id":3000000005350,"__csrcFundId":5907,"stockCode":"005350","shortName":"诺德短债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5350,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.942Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"诺德短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050560000,"currency":"CNY","masterFundShortName":"诺德短债","pinyin":"nddzzqxzqtzjj","managers":[{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"},{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"db20907454","stockType":"fund_manager","exchange":"fm","tickerId":2410233500,"name":"徐娟"}]},"announcement":{"linkText":"诺德短债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=1453681","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8967fea5b3eb048111d","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000005350,"sao":"三季度，债券市场出现较为明显逆风，债市调整的本质是风险偏好提升与政策扰动共同驱动。7-8月初，市场交易“反内卷政策”，权益资产和大宗商品轮番上涨形成风险资产共振，债券资产承压较明显。8月中下旬，股债跷跷板效应较为显著，“看股做债”成为债市交易主线。9月，国债利息增值税重征等措施，进一步对债市造成冲击，但由于美联储降息25bp，国内货币宽松预期走强，9月的调整相较于7月和8月债市调整幅度较小。　　报告期内，本基金继续沿着均衡持仓，严控回撤的思路合理进行资产配置。具体而言，本基金继续投资中高等级信用债，适度择时进行波段操作以增厚产品收益，产品净值波动上涨。","lastUpdated":"2026-03-09T13:18:14.340Z","fund":{"_id":3000000005350,"__csrcFundId":5907,"stockCode":"005350","shortName":"诺德短债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5350,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.942Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"诺德短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050560000,"currency":"CNY","masterFundShortName":"诺德短债","pinyin":"nddzzqxzqtzjj","managers":[{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"},{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"db20907454","stockType":"fund_manager","exchange":"fm","tickerId":2410233500,"name":"徐娟"}]},"announcement":{"linkText":"诺德短债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=1373191","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8967fea5b3eb048111c","date":"2025-06-29T16:00:00.000Z","stockId":3000000005350,"sao":"2025年上半年，国内债券市场整体收益率呈现出“先抑后扬，窄幅震荡”的走势格局，信用利差则经历了由扩大到收窄的阶段性演变。收益率及利差的波动主要受到以下几方面因素的驱动：一是资金面从年初的紧平衡状态逐步转向持续宽松，为信用债配置提供了较有利的环境，利差持续压缩；二是市场普遍预期下半年信用资产净融资或同比放缓，随着资金宽松，信用债供给相对偏紧的逻辑加强，对长端利率、信用债的配置进一步压缩了利差；三是非银金融机构在利率债相对收益走低的背景下，加大对信用类资产的配置力度。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:14.337Z","mo":"展望2025年下半年，支撑债券市场的核心逻辑或依然成立。首先，基本面改善进展较缓，房地产、反内卷等政策目前尚未观察到相关行业出现筑底企稳的拐点；其次，信用债供给相对偏紧的预期或仍未改变，信用债在政策上相对难以给予融资放量，银行、非银机构对长久期资产配置的需求持续上升，优质信用资产稀缺性进一步凸显；且上半年利率债集中放量发行在一定程度上挤占了机构对信用债的配置额度，导致信用债配置需求被部分压制，预计下半年利率债供给节奏或将有所放缓，从而为信用债市场的修复和利差收窄提供一定空间。最后，美联储近期释放出一定降息信号，全球货币政策或趋于宽松，人民币汇率面临的外部压力相对有限，叠加国内货币政策工具创新的预期升温，广谱利率仍具有下行的预期和空间，国内流动性环境维持合理充裕，债券市场利空掣肘较少。但同时我们也关注到，虽然中长期来看广谱利率可能呈下行趋势，债市目前仍缺乏突破阻力点的契机和动力，利率债持续的窄幅横盘震荡导致利差极致压缩，曲线持续走平，需要继续加力对信用利差、期限利差的挖掘。　　报告期内，本基金以中高等级信用债、利率债等为主要配置品种，整体组合久期动态变化，基金净值保持相对稳健增长。未来，本基金将继续把握利率债和信用债的交易机会，及时根据市场动态调整组合策略，在确保产品流动性的前提下，努力提高组合的静态收益。","fund":{"_id":3000000005350,"__csrcFundId":5907,"stockCode":"005350","shortName":"诺德短债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5350,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.942Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"诺德短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050560000,"currency":"CNY","masterFundShortName":"诺德短债","pinyin":"nddzzqxzqtzjj","managers":[{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"},{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"db20907454","stockType":"fund_manager","exchange":"fm","tickerId":2410233500,"name":"徐娟"}]},"announcement":{"linkText":"诺德短债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=1347150","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8967fea5b3eb048111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力，精准有效实施稳健的货币政策，延续了“稳健的货币政策”与“逆周期调节”的总基调。回顾二季度债券市场情况，市场资金面呈现稳中偏松态势，债券收益率小幅下行，在“资产荒”的格局下，市场开始对超长期信用债的投资更加关注。　　报告期内，本基金继续坚持绝对收益的投资思路，坚持票息为主的投资策略，同时兼顾资本利得。本基金在配置上以流动性良好的债券为主要投资品种，组合整体杠杆水平较低，基金净值波动上升。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:14.326Z","fund":{"_id":3000000005350,"__csrcFundId":5907,"stockCode":"005350","shortName":"诺德短债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5350,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.942Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"诺德短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050560000,"currency":"CNY","masterFundShortName":"诺德短债","pinyin":"nddzzqxzqtzjj","managers":[{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"},{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"db20907454","stockType":"fund_manager","exchange":"fm","tickerId":2410233500,"name":"徐娟"}]},"announcement":{"linkText":"诺德短债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=1145434","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8967fea5b3eb0481117","date":"2024-03-30T16:00:00.000Z","stockId":3000000005350,"sao":"2024年第1季度，宏观经济继续延续修复态势，新兴行业产能不断释放，1-2月份，货物进出口总额66138亿元，同比增长8.7%。其中，出口37523亿元，增长10.3%，出口数据远超市场预期。政策层面，1季度降准如期落地，LPR进行了非对称降息，货币政策有力支持了实体经济的发展。具体到债券市场上，在1月24日国务院新闻办公室举行的新闻发布会上央行宣布2月5号降准、2月下旬LPR的非对称降息以及权益市场出现超预期调整等多重因素影响下，债券市场延续上涨态势。3月底，10年期国债收益率向下突破2.3%，破近十年新低。具体到期限与品种方面，利率品整体表现优于信用品，长端下行幅度超过短端。　　报告期内，本基金密切关注市场动态变化，坚持以绝对收益为核心目标，严控产品回撤。本基金在配置上仍以国债、政策性金融债、中高等级信用债为主要投资品种，组合整体杠杆水平较低，基金净值波动上升。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:14.324Z","fund":{"_id":3000000005350,"__csrcFundId":5907,"stockCode":"005350","shortName":"诺德短债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5350,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.942Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"诺德短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050560000,"currency":"CNY","masterFundShortName":"诺德短债","pinyin":"nddzzqxzqtzjj","managers":[{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"},{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"db20907454","stockType":"fund_manager","exchange":"fm","tickerId":2410233500,"name":"徐娟"}]},"announcement":{"linkText":"诺德短债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=1071321","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8967fea5b3eb0481116","date":"2023-12-30T16:00:00.000Z","stockId":3000000005350,"sao":"2023年，经济在复苏中逐步前行，全年GDP增速实现5.2%的增长，但2022年和2023年两年的平均增速仅有4%左右，略低于潜在经济增速。回顾2023年，无论是经济、政策还是资产价格，预期与现实均呈现较大差异。经济增长在长期、中期和短期依旧面临一定的难题。短期来看，经济受到就业不充分、有效需求不足、预期减弱等多方面因素制约，中长期则面临人口、债务、地产周期进入新的周期影响。　　映射到债券市场上，2022年的债市调整行情为2023年的债券配置提供了较好机会。尽管利率年初与年尾价格差距不大，但利率中枢呈现缓慢下移态势。尤其是金融机构二永债、城投债以及超长债先后出现结构性机会。在较为宽松的货币政策支持下，杠杆操作也在上半年取得较好成果。　　报告期内，本基金配置品种仍以国债、政策性金融债、中高等级信用债为主要投资品种，基金净值波动上升。未来，本基金将继续保持对市场的持续跟踪以动态调整组合配置，力求组合持续稳健运行。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:14.321Z","mo":"展望2024年，预计中国经济延续温和修复，中美共振补库下制造业投资或将继续保持增长，居民收入有望在经济修复中提升进而带动内需消费，在积极的财政政策下，基建投资有望进一步发力，以上因素均对实现明年的经济目标带来一定支撑。但是，地产投资和销售走势可能仍将是明年经济较大的不确定因素。此外，需要注意的是，积极的财政政策尽管可能对债券市场构成一定压力，但我们也应看到积极的财政政策仍需货币政策的进一步配合，因此预计今年仍有降准降息空间。在广谱利率下行的大背景下，债券市场仍面临供需错配问题，我们预计债券市场仍有一定投资机会。","fund":{"_id":3000000005350,"__csrcFundId":5907,"stockCode":"005350","shortName":"诺德短债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5350,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.942Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"诺德短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050560000,"currency":"CNY","masterFundShortName":"诺德短债","pinyin":"nddzzqxzqtzjj","managers":[{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"},{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"db20907454","stockType":"fund_manager","exchange":"fm","tickerId":2410233500,"name":"徐娟"}]},"announcement":{"linkText":"诺德短债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=1053258","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8967fea5b3eb0481115","date":"2023-09-29T16:00:00.000Z","stockId":3000000005350,"sao":"2023年三季度经济基本面仍处于复苏进程中，逆周期政策持续发力。进入三季度，央行分别在6月、8月两次进行降息操作，MLF利率从此前的2.75%下降至当前的2.5%。此外，央行在9月份再次进行降准，精准有力实施好稳健货币政策，保持了流动性合理充裕，预计货币政策偏宽松基调或将延续。　　报告期内，本基金配置品种以政策性金融债、中高等级信用债为主要投资品种，基金净值波动上升。　　展望四季度，经济或将仍呈现继续复苏态势，伴随特殊再融资债的发行，财政政策逐步落地形成实物工作量，资金面受债券供给放量影响可能会有一定扰动，但经济复苏大背景下，货币政策仍将呵护资金面以推动经济进一步复苏，预计债券市场仍将维持震荡格局。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:14.318Z","fund":{"_id":3000000005350,"__csrcFundId":5907,"stockCode":"005350","shortName":"诺德短债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5350,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.942Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"诺德短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050560000,"currency":"CNY","masterFundShortName":"诺德短债","pinyin":"nddzzqxzqtzjj","managers":[{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"},{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"db20907454","stockType":"fund_manager","exchange":"fm","tickerId":2410233500,"name":"徐娟"}]},"announcement":{"linkText":"诺德短债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=988629","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8967fea5b3eb0481114","date":"2023-06-29T16:00:00.000Z","stockId":3000000005350,"sao":"2023年上半年，国内GDP59.3万亿，按不变价格计算，同比增长5.5%，经济实现了一定程度复苏。从工业端来看，工业企业生产复苏态势良好。2023年上半年全国规模工业增加值同比增长3.8%，增幅相比1-5月提高了0.2个百分点。受到制造业、电力、热力、燃气及水生产和供应业增速提升的影响，后者数据的显著提高与高温用电需求增加有关。从投资上来看，固定资产投资相对稳健增长，基建、制造业投资仍担负重任，房地产开发投资较为疲软。从消费上来看，社会消费品零售额的增速有所回落，但下半年开始将进入消费旺季，暑假、十一、“双十一”和“双十二”等预计对消费或将产生较大提振作用。叠加后续政策对房地产、汽车销售的支持，就业形势的逐渐企稳，预计下半年消费可能仍将维持较高增速。　　今年上半年货币政策继续坚持“以我为主”，3月27日央行降低金融机构存款准备金率0.25%；6月13日降低逆回购操作中标利率10个基点至1.90%，降息时点超市场预期。债券市场在较好的流动性环境中，收益率下行，但在降息之后市场出现止盈行为，不过调整幅度较小。下半年货币政策有望维持稳中偏松的态势，宽信用进展将进一步提速。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:14.315Z","mo":"报告期内，本基金维持偏稳健谨慎的投资思路，信用债配置以短久期城投债、产业债和金融债等为主，利率债配置以流动性管理为主要目标。未来本基金将根据市场动态及时对组合资产进行调整，力求实现组合的稳健运行。","fund":{"_id":3000000005350,"__csrcFundId":5907,"stockCode":"005350","shortName":"诺德短债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5350,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.942Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"诺德短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050560000,"currency":"CNY","masterFundShortName":"诺德短债","pinyin":"nddzzqxzqtzjj","managers":[{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"},{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"db20907454","stockType":"fund_manager","exchange":"fm","tickerId":2410233500,"name":"徐娟"}]},"announcement":{"linkText":"诺德短债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=963315","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8967fea5b3eb0481113","date":"2023-03-30T16:00:00.000Z","stockId":3000000005350,"sao":"2023年一季度开启了新一轮经济复苏周期，3月官方PMI数据超市场预期，其中制造业PMI虽从2月的52.6小幅降至51.9（市场预期：51.6），但仍表现坚挺。上述强劲的PMI数据表明，得益于去年11月和12月国内房地产紧缩政策结束、防疫政策优化调整，中国经济复苏态势已十分显著，供需两端将继续恢复，经济内生动能增强。受一季度流动性仍旧维持合理充裕和部分理财资金回流债券市场的影响，一季度信用债市场整体表现良好。　　报告期内，本基金配置品种以中高等级信用债、政策性银行债和金融机构债为主，组合久期较短，基金净值小幅上升。未来本基金将根据市场动态及时对组合资产进行调整，力争实现组合的平稳运行。　　展望二季度，预计经济基本面或将延续修复态势，经济的修复预计会对债市的走强构成一定压制。然而当前整体市场流动性相对充裕，债券市场也很难出现大幅走弱，因此预计未来债市整体呈宽幅震荡格局。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:14.313Z","fund":{"_id":3000000005350,"__csrcFundId":5907,"stockCode":"005350","shortName":"诺德短债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5350,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.942Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"诺德短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050560000,"currency":"CNY","masterFundShortName":"诺德短债","pinyin":"nddzzqxzqtzjj","managers":[{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"},{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"db20907454","stockType":"fund_manager","exchange":"fm","tickerId":2410233500,"name":"徐娟"}]},"announcement":{"linkText":"诺德短债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=888307","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8967fea5b3eb0481112","date":"2022-12-30T16:00:00.000Z","stockId":3000000005350,"sao":"2022年是不平凡的一年，全球宏观经济复杂严峻，海外主要发达经济体通胀维持高位导致货币政策延续收紧态势。美联储连续6次加息，美元大幅度升值，十年期美债收益率一度突破4.2%，英国、法国、德国十年期国债收益率三季度均突破2%。此外，受俄乌冲突影响，全球能源价格冲高，发达经济体面临能源短期供给不足问题。国内经济复苏也一波三折，受新冠疫情影响，居民生产生活活动均出现放缓趋势，国内宏观经济表现整体偏弱，尽管四季度疫情防控政策全面放松，但进入冬季叠加春节临近，生产活动表现也依旧偏弱，全年GDP实现3%的增长，距离年初定下的目标仍有较大差距。反映到债券市场上，于2020年四季度启动的债券“牛市”在经历两年利率持续下行后行至历史低位。但进入2022年11月份，随着国内疫情防控二十条、支持地产十六条等超预期政策出台，加之在岸人民币一度贬至7.32，资金价格一改下行常态进而引发市场担忧，债券市场随后急速回调，并引发债基、银行理财产品因净值波动赎回的负反馈，十年期国开、国债收益率一度上行超20BP，短债利率上行更加剧烈。接近年末，在资金面、政策面呵护下，债券市场情绪整体逐渐平复。报告期内，本基金配置品种以政策性金融债、同业存单和高等级信用债为主，组合久期较短。受市场调整影响，基金的净值出现一定幅度的波动。未来本基金将继续保持对市场的持续跟踪以动态调整组合配置，力求组合持续稳健运行。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:14.310Z","mo":"展望2023年，经济复苏趋势较明确，经济增速有望向潜在增长率回归。在此背景下，债券市场波动率可能明显加大，从历史均值看，10年期国债收益率有进一步上行的空间。然而考虑到2023年经济增长很难实现一蹴而就，“宽货币”到“宽信用”的传导路径仍存在较多堵点，无论是居民信心的恢复还是企业资本开支重回扩张仍需一定时日，因此货币政策或许暂时不会收紧，2023年全年的债券市场走势可能是呈现波动上升态势，预计很难出现单边下行走势。站在当前时点看，债券市场经过调整之后，债券市场收益率已具有一定的性价比，前两年所面临的“资产荒”问题已得到一定程度的缓解。伴随着专项债、政策性金融工具和开放性信贷支持工具等财政和货币政策的落地，我们认为信用债的整体风险会有所收敛，尾部城投企业融资困难的情况或将得到一定缓解，城投企业公募债不出现违约的底线仍然可以守住。地产行业伴随利好政策的不断落地，保龙头企业意图明显，地产板块呈较为乐观趋势。总体来看，我们认为2023年债券市场的信用问题，核心可能不在违约风险上，流动性补偿或是关键。","fund":{"_id":3000000005350,"__csrcFundId":5907,"stockCode":"005350","shortName":"诺德短债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5350,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.942Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"诺德短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050560000,"currency":"CNY","masterFundShortName":"诺德短债","pinyin":"nddzzqxzqtzjj","managers":[{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"},{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"db20907454","stockType":"fund_manager","exchange":"fm","tickerId":2410233500,"name":"徐娟"}]},"announcement":{"linkText":"诺德短债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=869677","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8967fea5b3eb0481111","date":"2022-09-29T16:00:00.000Z","stockId":3000000005350,"sao":"2022年三季度，受国内疫情蔓延扩散、全球政治经济形势动荡、海外经济体货币政策调整等多重因素影响，国内经济复苏遭遇波折，三季度各项指标在经历了短暂的反弹后，经济增长后劲略显不足，投资、消费、工业等经济增长动能与疫情前相比仍有一定差距。面对国内经济复苏放缓压力，逆周期政策持续加力。9月16日，央行货币政策司发文称“我国货币政策空间充足，政策工具丰富”，下一步货币政策工作将“坚持以我为主、稳中求进，兼顾稳就业和稳物价、内部均衡和外部均衡，加力巩固经济恢复发展基础”，预计偏宽松基调未来将延续。报告期内，本基金对债券资产配置了合理的仓位和久期，基金净值表现为波动上升。未来将根据市场动态及时对组合资产进行调整，确保基金组合的稳健运行。展望四季度，经济仍将呈现继续复苏态势，财政政策逐步落地形成实物工作量，资金面仍需维持在合理充裕的水平，从而为经济“稳增长”保驾护航。在资金相对宽松的态势下，我们预计债券市场仍将维持震荡格局。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:14.306Z","fund":{"_id":3000000005350,"__csrcFundId":5907,"stockCode":"005350","shortName":"诺德短债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5350,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.942Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"诺德短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050560000,"currency":"CNY","masterFundShortName":"诺德短债","pinyin":"nddzzqxzqtzjj","managers":[{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"},{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"db20907454","stockType":"fund_manager","exchange":"fm","tickerId":2410233500,"name":"徐娟"}]},"announcement":{"linkText":"诺德短债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=805870","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8967fea5b3eb0481110","date":"2022-06-29T16:00:00.000Z","stockId":3000000005350,"sao":"回顾2022年上半年，国内外经济环境变化之剧烈，近年来也是少见的。俄乌冲突加剧、全球通胀蔓延、国内疫情再度扩散，使得国内经济内外承压，债市则再度成为“避风港”，收益率大幅下行。本产品因规模因素，仍以流动性管理为主。2022年上半年，国内外先后经历了俄乌冲突、全球通胀大幅上行、国内疫情再度扩散，宏观环境变化剧烈，而国内经济在内外承压之下，则表现出了较好的韧性，其中出口超预期、基建投资的托底作用是关键。二季度疫情突如其来的扩散，打乱了今年经济复苏节奏。二季度GDP实际同比增速0.4%，使得今年上半年GDP同比增速仅为2.5%，远低于潜在增速水平。但我们注意到此次疫情影响要远小于2020年，经济修复速度也快于2020年。6月国内社会消费品零售总额同比大幅反弹9.8个百分点至3.1%，同比上升幅度明显大于5月并实现同比正增长，基建投资同比12.0%，上升4.1个百分点，经济复苏迹象比较明显。而表现不尽如人意的则是地产，地产投资持续低位区间徘徊，边际修复的力度仍然偏弱。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:14.303Z","mo":"展望下半年，虽然国内疫情反弹仍在拖累国内经济复苏步伐，地产相关风险事件也使得市场对今年经济预期比较悲观，但我们应注意到市场对地产疲软预期比较充分，而基建、出口仍维持较高动能，消费逐步改善仍然可期，因此我们对经济不悲观，认为经济向上修复进程不会中断，只是修复速度可能会偏缓。特别值得注意的是，由于财政投放速度较快，目前银行间流动性极为充沛，拆借利率远远低于央行政策利率水平，这种情况值得高度警惕。因此，投资策略上，在享受美好的杠杆套息红利的同时，我们应保留一份清醒和审慎。","fund":{"_id":3000000005350,"__csrcFundId":5907,"stockCode":"005350","shortName":"诺德短债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5350,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.942Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"诺德短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050560000,"currency":"CNY","masterFundShortName":"诺德短债","pinyin":"nddzzqxzqtzjj","managers":[{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"},{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"db20907454","stockType":"fund_manager","exchange":"fm","tickerId":2410233500,"name":"徐娟"}]},"announcement":{"linkText":"诺德短债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=784298","linkType":"PDF","source":"csrc_pd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从国内来看，应对 “需求收缩、供给冲击、预期转弱” 三重压力仍是目前政策实施应对主线，但显然仅靠货币政策无法解决这些问题。考虑当前国内外形势，财政前置发力、精准投向施策，配合结构型货币政策工具，是目前可能出台的政策组合。投资策略上，虽然流动性仍有望保持良好，但随着国内宽信用效果的逐步显现和国外高通胀压力传导到国内，债市将面临着越来越大的压力，因此需要逐步控制组合久期，从这个角度看，本产品其实天然具有较好的防御效果（短久期要求），今年将考虑通过杠杆套息、择时交易等多策略提升组合收益。","fund":{"_id":3000000005350,"__csrcFundId":5907,"stockCode":"005350","shortName":"诺德短债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5350,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.942Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"诺德短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050560000,"currency":"CNY","masterFundShortName":"诺德短债","pinyin":"nddzzqxzqtzjj","managers":[{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"},{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"db20907454","stockType":"fund_manager","exchange":"fm","tickerId":2410233500,"name":"徐娟"}]},"announcement":{"linkText":"诺德短债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=710884","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8967fea5b3eb048110d","date":"2021-09-29T16:00:00.000Z","stockId":3000000005350,"sao":"2021年三季度，国内面临疫情反复、大宗商品持续上涨、地方能耗双控措施不断升级等形势，使得当下经济增长略显压力，我们认为货币政策展望仍较乐观，流动性无虞。本产品在三季度仍以流动性管理为主，稳健操作。相比上半年，三季度国内经济形势有所变化。首先是疫情反复、地产调控的持续，对需求复苏产生抑制作用。其次，下半年以来能耗双控措施开始升级，“两高”行业限电限产，对经济产出的影响不容忽视，在9月份这个影响因素呈现扩大化态势。值得注意的是由于终端需求较偏弱，下游价格仍然偏低，这意味着上游涨价难以向下游有效传导。面对上游原材料价格大幅上涨，上下游价格背离导致利润分化，中下游行业利润空间受到挤压，中小企业经营承压。实际上今年以来，小型企业PMI多数时间位于荣枯线以下，并且自5月以来逐步下滑。目前来看，通胀分化的趋势可能仍会延续。最后，今年下半年以来进出口数据中价格因素占比提高较快，意味着当下火热的进出口局面可能会面临一定变数。 展望四季度，国内外经济仍会呈现出明显的经济复苏错位，海外复苏进度加快，但国内经济承压，因此国内货币政策仍然趋于偏宽松。因此债市展望仍较为乐观，流动性仍然有望保持良好，投资策略上可以偏积极。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:14.275Z","fund":{"_id":3000000005350,"__csrcFundId":5907,"stockCode":"005350","shortName":"诺德短债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5350,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.942Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"诺德短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050560000,"currency":"CNY","masterFundShortName":"诺德短债","pinyin":"nddzzqxzqtzjj","managers":[{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"},{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"db20907454","stockType":"fund_manager","exchange":"fm","tickerId":2410233500,"name":"徐娟"}]},"announcement":{"linkText":"诺德短债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=654304","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8967fea5b3eb048110c","date":"2021-06-29T16:00:00.000Z","stockId":3000000005350,"sao":"2021年上半年国内经济稳步复苏，全球疫苗接种虽然进度不一但经济复苏步伐在加快，变异毒株带来的疫情扰动基本不会改变全球复苏趋势。本产品在上半年总体投资策略偏中性，认为债市仍处于震荡期，流动性尚可，基于产品规模等因素考虑，整体仍以流动性管理为主。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:14.272Z","mo":"我国2021年上半年整体经济稳步复苏，态势良好。但我们观察到当下经济发展仍然有着结构性差异，出口、制造业持续处于高景气度区间，消费有改善、基建较平稳，但地产则高位回落，内外需不平衡的特征仍比较明显。海外疫情仍然困扰全球商品供给，国内外贸进出口行业持续受益，制造业投资也持续向好，其中自主创新带来的高端制造业投资大幅增长贡献不小。疫情反复扰动使得国内消费复苏呈现出渐进式特征，但随着疫苗接种率大幅提升，复苏的趋势不会改变。财政后置使得今年上半年的基建投资表现较为平淡，但下半年稳中有升是大概率可以预期到的。相比较而言，地产在政策约束下，投资、销售、拿地均出现放缓迹象，下半年压力可能较大。从目前相对较好的经济表现来看，近期央行的降准似乎不太符合市场普遍预期。但仔细思量，未来出口面临的不确定性上升、地产投资放缓仍可能带来一定的经济下行压力，加上以美联储为代表的全球央行收紧货币政策步伐临近，出于前瞻性考量，提前降准降低银行体系负债成本，从而未雨绸缪也符合逻辑。当然，当前我国国内通胀水平较低也是目前能进行降准操作的基础。但我们认为，货币政策进入新一轮宽松的概率不大，更大的可能是呈现边际宽松或者说是结构性宽松。一方面，国常会指出要在“不搞大水漫灌的基础上，保持货币政策稳定，适时运用降准等货币政策工具，进一步加强金融对实体经济特别是中小微企业的支持，促进融资成本稳中有降”，显然政策的定力仍在，针对的是对中小微企业的支持，其实就是确保就业率。另一方面，国内经济总体表现仍然较好，没有大幅放松货币政策的必要性和逻辑基础，更与全球央行货币政策逐步收紧的趋势相背。此外，全球经济复苏带来的大宗商品涨价可能将持续比较久，国内PPI下半年可能会持续位于高位，潜在的通胀预期尚无法证伪。因此，我们总体判断今年下半年货币政策将可能呈现结构性宽松特征，但大幅放松概率不大。从投资角度看，债市表现可以适度乐观，但仍要关注相关投资风险。","fund":{"_id":3000000005350,"__csrcFundId":5907,"stockCode":"005350","shortName":"诺德短债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5350,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.942Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"诺德短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050560000,"currency":"CNY","masterFundShortName":"诺德短债","pinyin":"nddzzqxzqtzjj","managers":[{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"},{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"db20907454","stockType":"fund_manager","exchange":"fm","tickerId":2410233500,"name":"徐娟"}]},"announcement":{"linkText":"诺德短债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=630106","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8967fea5b3eb048110b","stockId":3000000005350,"sao":"2021年一季度国内经济走在良性复苏轨道上，并呈现出生产强于需求、出口好于内需的特征。本产品总体投资策略偏空，债券组合久期不长，以流动性管理为主,对债市仍保持谨慎。宏观层面看,2021年一季度数据显示国内经济整体仍处在良性修复的轨道上，并呈现出生产强于需求、出口好于内需的特征，其中制造业供需景气度相当高，服务业则重回复苏轨道，地产投资韧性依旧较强。往后看，全球长期通胀预期上行趋势相对明晰，而国内PPI可能会阶段性加速上升；随着欧美疫苗接种覆盖率的大幅提升，全球经济复苏进度可能会超市场预期。但值得注意的是，随着美元走强、美债收益率上行、通胀预期走高、加上全球经济复苏“冷热不均”，新兴市场面临着较高的资本流出、本币贬值压力，全球金融市场波动将可能会加大。今年1-2月，国内工业恢复甚至超出了疫情前，而服务业基本回到了疫情前正常增长轨道上，除了餐饮类消费外，社会消费品零售总额增长好于市场预期，总体看生产端、消费端需求复苏均好于预期。考虑到2月企业经营活动预期和企业中长期贷款都较好，预计后续制造业投资和基建投资增长动能将增强。3月PMI更是强势回升，需求牵引生产走强，经济动能明显改善，随着海外生产秩序恢复、全球制造业景气回升，外需复苏背景下国内出口形势依然乐观。 着眼海外，目前美英两国新冠疫苗接种覆盖率超过40%，服务业加速重启。美国政府1.9亿美元财政刺激落地，进一步推升已在快速回升的总需求，同时也推升了市场通胀预期，导致美元长债收益率易上难下。值得注意的是由于新冠疫苗接种“冷热不均”，发达国家和部分新兴市场国家经济重启存在着错位风险。全球总需求回升或将拉动全球工业和贸易周期回升，包括中国、欧美在内的制造业出口国将明显受益，但有进口依赖度高、疫情防控不力、债务负担等特征的新兴市场国家可能面临较大的输入性通胀、资本流出、本币贬值压力。实际上，面对通胀压力骤增与资本外流冲击，巴西、土耳其、俄罗斯三大新兴市场国家近日不得不选择紧急加息。展望二季度，我们认为全球经济可能会进入通胀上行、共振复苏的节奏，金融市场波动可能会加大，国内经济政策稳中偏紧，以美联储为代表的欧美央行，在操作上也可能类似2020年第三、四季度中国央行的“不急转弯”货币政策态度。投资策略来看，对债市仍保持谨慎，可关注地方债发行供给放量、央行货币政策OMO操作等对市场的影响。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:14.269Z","fund":{"_id":3000000005350,"__csrcFundId":5907,"stockCode":"005350","shortName":"诺德短债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5350,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.942Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"诺德短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050560000,"currency":"CNY","masterFundShortName":"诺德短债","pinyin":"nddzzqxzqtzjj","managers":[{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"},{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"db20907454","stockType":"fund_manager","exchange":"fm","tickerId":2410233500,"name":"徐娟"}]},"announcement":{"linkText":"诺德短债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=573995","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8967fea5b3eb048110a","stockId":3000000005350,"sao":"2020年对于中国是不寻常的一年！疫情突如其来，中国经济经历了较大幅度波动，由于应对及时，相比海外国内经济修复进度比较好，特别是进出口持续超预期，较好地弥补了消费下行的影响。债市这一年起伏也非常大，从避险情绪导致收益率快速下行，到货币政策回归后的逐步修复，债市走势在考验市场的同时也考验了人心。本产品因规模原因，一直采取谨慎策略，维持较低的组合久期，虽然减小了组合波动且基本避免了下半年大幅回撤的负面影响，但也一定程度牺牲了收益性，期待后续能有所改观。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:14.266Z","mo":"2020年注定要载入史册！通常而言，疫情冲击是短期冲击，但此次疫情影响之快、之广、之深都远超以往，虽然国内应对及时、控制力相对较好，但全球却被此次疫情横扫，经济几乎停摆是很难提前预料的。疫情后，海外几乎所有央行均启动了大规模的量化宽松，同时配合财政大幅举债，维系经济正常运行，根据IMF（国际货币基金组织）的预测，2020年发达经济体的整体财政赤字率将超过10%，超过上一轮金融危机时期，创下近30年的新高。而国内在疫情袭来后全民防控、全域阻击，国内疫情迅速得到控制。宽财政、宽货币政策则迅疾出台，财政政策多管齐下，扩大预算财政赤字、增加地方政府专项债券发行额度、发行万亿抗疫特别国债；货币政策方面，降准、降息、增加再贷款再贴现额度等多政策并举。双宽松之下，股市、商品、债市均出现大涨。然而，与市场预期不同的是，国内政策宽松的窗口在疫情得到控制后悄然地逐步在关小，货币政策率先逐步回归，以往担任稳经济重要手段的基建投入也非常平稳，并未出现超预期投放的情况，政策定力非常强。债市也迎来大幅调整。展望2021年，国内经济修复态势仍然良好，海外虽然在疫苗接种进度上有波折，但未来已逐渐清晰，疫情后海外经济出现大幅修复概率是极大的，从这个角度看，国内外经济在2021年出现共振式提升概率也非常大，至多是时间早晚的差别。但与此对应的是，各国央行在2020年大量流动性投放则面临着回收的确定性选择，中国央行显然已提前准备。从投资策略来看，债市在全球经济修复、央行货币政策回归常态的背景下，预期不太乐观，但因疫情反复，全球流动性不会收得太快，因此波动可能会加大，存在一些交易性机会但空间有限，组合需适当控制久期，耐心等待收益率上行后的配置性机会。","fund":{"_id":3000000005350,"__csrcFundId":5907,"stockCode":"005350","shortName":"诺德短债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5350,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.942Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"诺德短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050560000,"currency":"CNY","masterFundShortName":"诺德短债","pinyin":"nddzzqxzqtzjj","managers":[{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"},{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"db20907454","stockType":"fund_manager","exchange":"fm","tickerId":2410233500,"name":"徐娟"}]},"announcement":{"linkText":"诺德短债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=552600","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8967fea5b3eb0481109","stockId":3000000005350,"sao":"2020年三季度国内经济恢复趋势良好，货币政策逐步回归，债市继续调整。本产品继续维持超短久期组合配置，控制利率波动风险。近期公布的1-8月份全国规模以上工业企业实现利润总额3.72万亿元、同比下降4.4%，降幅比1-7月份收窄3.7个百分点，其中8月份当月实现同比增长19.1%，增速比7月份略回落0.5个百分点，仍处于较高水平，需求加速改善是主因。目前出口、生产、地产投资增速均较好，基建投资增速还处于上升期，消费处于加速恢复期，总体看目前经济仍处于恢复性增长阶段且呈现良好的恢复态势。流动性问题在三季度困扰市场,央行货币政策逐步回归,使得银行整体呈现出低超储率、低基础货币、高货币乘数的特征，目前看短期内难有太大的改变，原因在于1-2季度超常态大规模货币投放在国内疫情进入尾声后需要逐步回收，快速上行的宏观杠杆率也需要控制，因此当下货币回收节奏虽然比较缓慢但趋势还是明显的。从债券供给看，三季度利率债供给规模较大而银行配置需求疲软导致债市进一步大幅调整。展望四季度，持续恢复的经济基本面确定性仍然较高，国外疫情虽再起波折但影响大幅减小，海内外需求的加速恢复使得今年四季度到明年上半年全球经济增速可能会超市场预期，在今年全球央行货币超发的大背景下，全球央行在明年逐步进入紧缩周期的概率比较大，实际上，中国央行当前的跨周期调控已然开始。虽然债市在大幅调整后，债券收益率已具备一定长期配置价值，但中期看收益率上行趋势仍很难改变，债市难言乐观，因此从投资策略上来看，仍建议缩短整体组合久期，控制杠杆，票息为王。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:14.264Z","fund":{"_id":3000000005350,"__csrcFundId":5907,"stockCode":"005350","shortName":"诺德短债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5350,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:42.942Z","status":"normal","inceptionDate":"2019-01-24T16:00:00.000Z","name":"诺德短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050560000,"currency":"CNY","masterFundShortName":"诺德短债","pinyin":"nddzzqxzqtzjj","managers":[{"stockCode":"8801599977","stockType":"fund_man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