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续债的整体供给压力较为可控，但阶段性的供给压力可能推动该品种的收益率上行，收益率上行高位后带来的投资机会值得关注。","lastUpdated":"2026-04-22T15:43:11.128Z","fund":{"_id":3000000023846,"__csrcFundId":14997,"stockCode":"023846","masterFundShortName":"诺德丰景90天持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":23846,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"诺德丰景90天持有债券(023846)","lastUpdated":"2026-05-01T04:00:45.278Z","name":"诺德丰景90天持有期债券型证券投资基金","pinyin":"ndfj90tcyqzqxzqtzjj","fundCollectionId":4000050560000,"setUpAssetScale":18750772.97,"setUpDate":"2025-04-22T16:00:00.000Z","setUpShares":18750772.97,"inceptionDate":"2025-04-24T16:00:00.000Z","managers":[{"stockCode":"db20907454","stockType":"fund_manager","exchange":"fm","tickerId":2410233500,"name":"徐娟"}]},"announcement":{"linkText":"诺德丰景90天持有期债券型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1472631","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ce6653f45dd25f43f626d1","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-30T16:00:00.000Z","stockId":3000000023846,"sao":"自2025年初以来，市场风险偏好系统性上升，受益于科技投资热潮及企业资本开支扩张，股票市场整体表现较为强劲。相较之下，债券市场则面临一定压力，在基本面疲弱与风险偏好回升之间博弈，整体表现受风险情绪主导，投资体验欠佳。核心原因或在于低利率环境下，债券票息收益难以有效对冲净值波动，导致防御能力减弱。　　截至2025年末，10年期国债收益率运行于1.85%附近，较年初上行约15个基点，全年走势呈现窄幅震荡趋势，区间大致维持在1.6%至1.9%之间。全年债市走势与经济基本面脱钩，调整主要由宏观叙事及资金搬家驱动。2024年四季度市场对货币政策空间预期偏高，收益率提前定价，透支了一定上行空间。　　全年债券市场大致呈现“两轮调整+两轮修复”的震荡格局，但利率中枢逐步抬升：　　第一轮调整（2月初）：春节前后，DeepSeek及人形机器人技术突破激发市场对科技投资及资本开支扩张的预期，风险偏好显著提升。叠加2024年四季度降准、降息预期落空，债券收益率快速上行。　　第一轮修复（3月下旬至6月）：特朗普宣布对华加征高额关税，中美关系恶化引发风险资产回调，债券市场情绪回暖，收益率回落至震荡区间。　　第二轮调整（三季度）：股指持续上行，市场赚钱效应显著，资金持续流入股市及“固收+”产品，形成“资金搬家”效应。期间叠加行业“反内卷”政策、PPI通胀预期回升、国债增值税政策及债基赎回费新规等多重利空，收益率持续上行并突破年内高点。　　第二轮修复（四季度）：股市高位震荡、风格切换频繁，含权类产品赚钱难度加大，资金搬家现象缓解，叠加央行宣布启动国债买卖操作，债市情绪稍有修复，但仍在震荡区间内。年末债市未迎来配置资金的跨年抢跑，叠加对货币政策的预期调整，超长债供给的担忧，债券期限利差走阔，收益率小幅上行。　　在收益率上行阶段，久期策略失效，票息策略占优，因此阶段性的波动交易能力尤为重要。本基金对信用评级、组合久期均有严格的限制，整体的组合波动率和收益预期相对可控，因此在债券收益率上行阶段的策略优势相对凸显。本基金主要配置短久期城投债，参与交易的仓位较低，因此组合久期的波动幅度较小。组合收益主要来自于票息收入和少部分的资本利得，对交易的胜率要求相对较高。因此，在交易胜率较低的环境下，组合降低了波段交易的频次。","lastUpdated":"2026-04-02T12:51:31.543Z","mo":"展望2026年一季度，全球政治格局较为动荡，地缘冲突频发，经济运行环境更加复杂，全球资本市场的表现更为有效，联动性或更强。得益于美联储的降息周期，全球流动性宽裕，可能有利于风险资产走势，含避险属性的贵金属和科技行情有望延续，市场对权益市场的开门红较为期待，整体的风险偏好较高，投资热点或不断扩散。　　反观债券市场，尽管随着基金销售费用相关法律法规的逐步落地，年初有部分配置力量，但鉴于风险压制和较低的静态收益率，对资金的吸引力降低，未来一季度有望延续震荡行情，但在流动性支撑下，上行的空间或也相对有限。综上，本基金对未来一季度的债券市场保持中性谨慎的态度，控制组合久期，票息收入或依然是确定性较强的收益。","fund":{"_id":3000000023846,"__csrcFundId":14997,"stockCode":"023846","masterFundShortName":"诺德丰景90天持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":23846,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"诺德丰景90天持有债券(023846)","lastUpdated":"2026-05-01T04:00:45.278Z","name":"诺德丰景90天持有期债券型证券投资基金","pinyin":"ndfj90tcyqzqxzqtzjj","fundCollectionId":4000050560000,"setUpAssetScale":18750772.97,"setUpDate":"2025-04-22T16:00:00.000Z","setUpShares":18750772.97,"inceptionDate":"2025-04-24T16:00:00.000Z","managers":[{"stockCode":"db20907454","stockType":"fund_manager","exchange":"fm","tickerId":2410233500,"name":"徐娟"}]},"announcement":{"linkText":"诺德丰景90天持有期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=1453714","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3f27fea5b3eb0543312","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000023846,"sao":"报告期内，国内经济总体较平稳，各地区各行业稳步推进多项政策，其中对价格指数影响较大的“反内卷”政策对二级市场影响较大，并在光伏、钢铁等行业引起较大资本反应，带动价格宽幅波动。期间，债券市场对经济基本面反应钝化，主要由市场风险偏好主导影响。　　自6月底以来，债市受到多重因素冲击表现较差，主要来源于以下几方面因素：第一，股市表现较强，科技板块全面开花，轮番上涨，股指持续创新高，股市赚钱效应较强。不仅情绪上对债市形成压制，资金也存在“搬家”迹象，固收类资金涌入固收+产品，对纯债产品产生虹吸效应，使其处于净赎回状态；第二，“反内卷”政策推行，预期国内商品价格带动价格指数走强，挤占了未来货币政策空间，基本面预期对债市造成一定影响；第三，市场预期双降的宽松货币政策迟迟未见落地，资金面中性偏紧，对脆弱的债市助推了一波收益率上行。债券收益率自季初以来触底反弹，且曲线形态逐渐走陡，其中10年国债收益率约上行20bp，30年国债上行约30bp，非银重仓的5年大行二永债（即二级资本债和永续债）收益率约上行40bp，且上行位置不断突破上半年的高点。　　因此，在收益率上行阶段，久期策略失效，对组合造成负贡献，加之此过程中波段交易胜率较低，票息策略相对有效，短久期的信用债相对表现占优。本基金系一款90天持有期产品，对信用评级、组合久期均有严格的限制，整体的组合波动率和收益预期相对可控，力争打造低波债基产品。本基金主要配置短久期城投债，参与交易的仓位较低，因此组合久期的波动幅度较小，本基金收益主要来自于票息收入和少部分的资本利得，对交易的胜率要求相对较高。因此，在交易胜率较低的环境下，本基金降低了波段交易的频次。　　展望四季度，当前全球政治格局和经济运行环境更加复杂，地缘冲突频发、美国政府部门停摆及日本拟任新首相上台等因素，加大了国内经济发展的不确定性，但由于市场的风险偏好较高，出现了以科技股为代表的风险资产和以黄金为代表的避险资产出现同步上涨的局面，市场多重运行逻辑并存。预计未来一季度，市场风险偏好或仍然较高，临近年末资金大幅回流至纯债产品的可能性较低，在全球无风险收益率上行的背景下，国内债券资产或难以独善其身。货币政策方面，预计央行或仍保持定力，维持中性宽松的环境，但政策利率往下调整的空间可能相对有限。因此，本基金对未来一季度的债市保持中性谨慎态度，票息收入或依然是当下确定性较强的收益。","lastUpdated":"2026-03-09T14:06:42.527Z","fund":{"_id":3000000023846,"__csrcFundId":14997,"stockCode":"023846","masterFundShortName":"诺德丰景90天持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":23846,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"诺德丰景90天持有债券(023846)","lastUpdated":"2026-05-01T04:00:45.278Z","name":"诺德丰景90天持有期债券型证券投资基金","pinyin":"ndfj90tcyqzqxzqtzjj","fundCollectionId":4000050560000,"setUpAssetScale":18750772.97,"setUpDate":"2025-04-22T16:00:00.000Z","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5月调降各政策利率10bp，提供了较为充裕的流动性，债券收益率快速下行后进入窄幅震荡行情，利率中枢缓慢下行。　　综上所述，报告期内，债券市场收益率经历了先上后下的倒“v”型走势，且曲线形态趋于平坦化，6月底1-3年利率债的收益率中枢较年初上行了20bp以上。信用债则因为相对高静态，且随着信用债ETF、科创债ETF等指数产品的发行扩容，配置需求较强劲，信用利率不断压缩，展现了较强的跟涨抗跌属性，持有体验相对好于利率债。　　本基金于二季度新发，系一款主要面向零售客户的90天持有期产品，对信用评级、组合久期均有严格的限制，定位于银行理财补充产品，整体的组合波动率和收益预期相对可控，打造相对低波的债基产品。本基金主要配置短久期城投债，参与交易的仓位较低，因此组合久期的波动幅度较小，组合收益主要来自于票息收入和少部分的资本利得，对交易的胜率要求相对较高。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:06:42.524Z","mo":"展望未来，中美关税豁免期临近，市场预期或已充分定价，三季度的债市或将逐步聚焦基本面交易。上半年经济平稳增长，录得5.3%的同比增速，但基于高基数，预计下半年的增速或有所放缓。基本面方面对债市变化可能不大，但考虑到债券静态收益率较低，短期内下行的空间较为有限，预计或仍为窄幅震荡行情。需关注的是，三季度超预期的财政政策可能对债市造成一定冲击，收益率有上行风险，且各行业“反内卷”持续演绎可能进一步推动价格指数超预期上升，制约货币政策的宽松空间。但中长期维持中性乐观态度，若回调到位，或可考虑适当参与，未来交易收益或将成为组合收益的“胜负手”。","fund":{"_id":3000000023846,"__csrcFundId":14997,"stockCode":"023846","masterFundShortName":"诺德丰景90天持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":23846,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"诺德丰景90天持有债券(023846)","lastUpdated":"2026-05-01T04:00:45.278Z","name":"诺德丰景90天持有期债券型证券投资基金","pinyin":"ndfj90tcyqzqxzqtzjj","fundCollectionId":4000050560000,"setUpAssetScale":18750772.97,"setUpDate":"2025-04-22T16:00:00.000Z","setUpShares":18750772.97,"inceptionDate":"2025-04-24T16:00:00.000Z","managers":[{"stockCode":"db20907454","stockType":"fund_manager","exchange":"fm","tickerId":2410233500,"name":"徐娟"}]},"announcement":{"linkText":"诺德丰景90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=1347232","linkType":"PDF","source":"csrc_pdf"}}]}