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况动态调整久期，在保持持仓流动性的同时平抑组合波动，实现组合净值稳步增长。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:57.944Z","fund":{"_id":3000000008582,"__csrcFundId":6974,"stockCode":"008582","shortName":"兴银聚丰债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8582,"masterFundFlag":1,"lastUpdated":"2025-06-13T17:14:03.411Z","status":"normal","inceptionDate":"2020-01-09T16:00:00.000Z","name":"兴银聚丰债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银聚丰债券","setUpDate":"2020-01-09T16:00:00.000Z","setUpAssetScale":210040437.88,"setUpShares":210040437.88,"pinyin":"xyjfzqxzqtzjj","managers":[{"stockCode":"db20736123","stockType":"fund_manager","exchange":"fm","tickerId":2319202460,"name":"王深"},{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"}]},"announcement":{"linkText":"兴银聚丰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=1271997","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcd7fea5b3eb04bc3af","date":"2024-12-30T16:00:00.000Z","stockId":3000000008582,"sao":"2024年，经济走势一波三折，在地产销售持续走弱、企业信贷需求尚未复苏、居民存款持续增加的背景下，债券市场全年围绕资产荒进行定价，收益率全面下行，利率曲线呈现牛陡走势。分时间段来看，一季度，地产行业持续出台需求端放松政策、金融行业持续出台稳定资本市场政策、央行货币政策端全面降准50bp并降低支农支小再贷款利率25bp，共同带动一季度经济增速提升至5.3%。但实际政策效果来看，地产3-4月“小阳春”成交量略低于市场预期，资本市场风险偏好并未大幅提升，居民存款一季度持续增加，驱动金融机构不断增加债券配置，债市呈现收益率快速下行。二季度，经济基本面改善尚不明显，两会对于稳经济政策保持定力，为债市提供了相对偏暖的交易环境。需求端来看，监管叫停“手工补息”，使得部分理财产品降低高息存款投资规模，资金进一步流入债券市场加剧资产荒。但监管对于“长期国债收益率总体会运行在与长期经济增长预期相匹配的合理区间内”的表态，制约长端债券收益率下行空间，带动曲线呈现牛陡走势。三季度，监管机构对于债市收益率管控力度进一步加强，叠加9月份重要会议召开，多部委联合出台经济刺激政策，带动权益市场走强、地产销量脉冲式上升，全市场风险偏好抬升，上述因素带动债券收益率从下行趋势转向宽幅震荡。四季度，经济基本面仍然呈现偏弱状态，地产销售高频数据在年末有所回落。随着权益市场走势回归稳定、监管严格落实“存款自律机制”、年末重要会议对货币政策定调更加积极，债券市场在11月下旬提前开启跨年抢跑行情。全年信用债及利率走势均表现较好，其中信用债涨幅优于利率债。组合在报告期内，根据市场变化不断动态调整杠杆久期，通过优化债券持仓结构和利率债波段操作相结合的方式，实现了组合净值的稳步增长。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:57.941Z","mo":"展望2025年，虽然在财政加码的背景下，债券供给量有所提升，但在城投化债政策延续及信贷需求尚未恢复的背景下，市场仍然处于票息类资产缺乏的环境。基本面来看，经济仍面临诸多压力，一是海外局势不确定性增加，中美贸易摩擦可能带动出口增速承压；二是目前仍处于新旧动能转换期，在高质量发展要求下，宽财政主要针对化债、地产收储和补充银行资本金来发力，短期内对经济增速的拉动有限，经济修复仍然面临一定波折；三是当前居民收入增长预期不强，短期维持高储蓄率现状难以改变，债市配置需求仍在。整体上，2025年债市在经济新旧动能切换和货币政策继续宽松的背景下，收益率仍将保持低位运行，但利率下行的区间仍取决于降息幅度，且在监管持续关注下，债市波动可能增加。","fund":{"_id":3000000008582,"__csrcFundId":6974,"stockCode":"008582","shortName":"兴银聚丰债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8582,"masterFundFlag":1,"lastUpdated":"2025-06-13T17:14:03.411Z","status":"normal","inceptionDate":"2020-01-09T16:00:00.000Z","name":"兴银聚丰债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银聚丰债券","setUpDate":"2020-01-09T16:00:00.000Z","setUpAssetScale":210040437.88,"setUpShares":210040437.88,"pinyin":"xyjfzqxzqtzjj","managers":[{"stockCode":"db20736123","stockType":"fund_manager","exchange":"fm","tickerId":2319202460,"name":"王深"},{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"}]},"announcement":{"linkText":"兴银聚丰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=1251322","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcd7fea5b3eb04bc3ae","date":"2024-09-29T16:00:00.000Z","stockId":3000000008582,"sao":"2024年三季度，经济基本面修复节奏继续放缓，经济结构上出口和制造业有一定支撑，但地产、基建和消费下滑幅度扩大，在全年GDP增速努力实现5%左右目标之下，经济压力仍相对较大。9月制造业采购经理人指数 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023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1049780","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcd7fea5b3eb04bc3aa","date":"2023-09-29T16:00:00.000Z","stockId":3000000008582,"sao":"三季度债市收益率先下后上，呈现V型反转。上半季度来看，地产政策仍然克制，经济基本面持续走弱，资金面延续宽松基调，带动债券市场收益率呈现震荡下行。随着7月末政治局会议召开，高层对地产行业定调转变为“供求关系重大变化，适时调整优化房地产政策”，对地方政府债务风险关注度提升并提出“制定实施一揽子化债方案”。市场核心关注点转向政策落地的预期。8月份公布的经济金融数据双弱，央行超预期降准，市场利好出尽，资金价格中枢逐步提升。叠加8月末核心一线城市地产政策优化落地，9月份计划外国债发行，地方化债政策逐步明确，债市情绪走弱，收益率震荡上行。央行对资金空转关注提升，叠加国债加速发行，带动9月份资金面持续收紧，月中降准落地并未带来资金面显著改善，全月收益率持续震荡上行。组合在报告期间采用偏中性策略，维持中等久期和杠杆，并根据行情变化适时调整，尽量在控制回撤的基础上提高收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:57.928Z","fund":{"_id":3000000008582,"__csrcFundId":6974,"stockCode":"008582","shortName":"兴银聚丰债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8582,"masterFundFlag":1,"lastUpdated":"2025-06-13T17:14:03.411Z","status":"normal","inceptionDate":"2020-01-09T16:00:00.000Z","name":"兴银聚丰债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银聚丰债券","setUpDate":"2020-01-09T16:00:00.000Z","setUpAssetScale":210040437.88,"setUpShares":210040437.88,"pinyin":"xyjfzqxzqtzjj","managers":[{"stockCode":"db20736123","stockType":"fund_manager","exchange":"fm","tickerId":2319202460,"name":"王深"},{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"}]},"announcement":{"linkText":"兴银聚丰债券型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=989091","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcd7fea5b3eb04bc3a9","date":"2023-06-29T16:00:00.000Z","stockId":3000000008582,"sao":"2023年上半年宏观经济演绎疫情后的弱复苏行情，一季度在需求脉冲式释放下，经济增速超预期，但二季度经济内生动能不足，市场风险偏好较低导致需求疲弱，经济增长不及预期。一季度宏观经济呈现疫情后的修复行情，居民需求脉冲式释放，年初餐饮、出行、服务等消费数据快速好转，一线城市二手房景气度较高，社融结构性改善，PMI维持在50以上，市场对于经济修复信心较足；货币政策维持稳健中性，但在信贷表现较好的背景下，资金面波动加大；债券市场方面，银行理财购买力度上升，叠加当时信用债的信用利差处于较高水平，配置价值凸显，信用债收益率以下行为主，而利率债先上后下。3月以来直至二季度底，经济需求逐步呈现疲弱态势，其中海外需求疲弱导致我国出口低于预期；内需方面，居民脉冲式需求褪去，疤痕效应仍在，叠加失业率上升，地产、权益等资产价格下降等因素影响，居民出现预防性储蓄现象，需求不足；货币政策转为逆周期调节，6月央行超预期降息，市场流动性维持宽松；债券市场方面，疲弱的经济需求，叠加宽松的货币政策和欠配的理财资金，导致债券收益率整体下行。年初至今，债券收益率整体下行，1年国股存单收在2.31%，较年初下行12bp；10年国开收在2.77%，较年初下行22bp。组合整体保持中短久期的投资策略以获取稳定的票息收入。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:57.925Z","mo":"展望下半年，预计经济将维持修复态势，政策将加大逆周期调节的力度，风险偏好或有所抬升，但受限于外需、地产长周期、以及居民收入等因素制约，风险偏好抬升空间有限。根据上半年经济运行情况，如果今年经济想达到5%的增长目标，政策则需加强逆周期调节，意味着下半年将会有一揽子政策出台来扩内需、稳经济，房地产和权益市场均有出台利好政策的可能，两个板块风险偏好的提升或对债券市场的资金形成分流。但我们认为风险偏好抬升空间有限，主要原因有三个，一是外需持续疲弱，对我国出口增长形成制约；二是人口周期和城镇化率制约了地产投资向上的弹性；三是基于企业盈利较弱、居民失业率较高的背景，提高居民收入将是个漫长的过程。而市场仍需要银行体系宽松的流动性来为政策保驾护航，预计货币政策仍然维持中性偏松。","fund":{"_id":3000000008582,"__csrcFundId":6974,"stockCode":"008582","shortName":"兴银聚丰债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8582,"masterFundFlag":1,"lastUpdated":"2025-06-13T17:14:03.411Z","status":"normal","inceptionDate":"2020-01-09T16:00:00.000Z","name":"兴银聚丰债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银聚丰债券","setUpDate":"2020-01-09T16:00:00.000Z","setUpAssetScale":210040437.88,"setUpShares":210040437.88,"pinyin":"xyjfzqxzqtzjj","managers":[{"stockCode":"db20736123","stockType":"fund_manager","exchange":"fm","tickerId":2319202460,"name":"王深"},{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"}]},"announcement":{"linkText":"兴银聚丰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=957090","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcd7fea5b3eb04bc3a8","date":"2023-03-30T16:00:00.000Z","stockId":3000000008582,"sao":"2023年一季度，宏观经济演绎疫情后修复行情，但修复低于市场预期，资金利率中枢抬升，债券市场整体先抑后扬，走势分化。1月春节期间消费、出行、服务等数据快速好转，市场对于经济修复信心较足，债券收益率震荡上行。2月处于数据真空期，票据利率处于相对高位，社融结构性改善，资金面波动加大，但高频数据显示经济修复低于市场预期，且银行理财购买力度上升，叠加当时信用债的信用利差处于较高水平，配置价值凸显，信用债收益率以下降为主，利率债维持震荡。3月两会定调的2023年经济增速目标略低于市场预期，同时1-2月份的宏观数据显示经济实际修复斜率仍偏弱，叠加3月份央行意外降准，资金紧张情绪较2月边际好转，债券市场整体走强。流动性方面，一季度央行公开市场操作以削峰填谷为主，受企业中长期贷款改善，以及金融市场融资规模上升影响，市场流动性整体收紧，资金利率中枢较2022年有所抬升。操作方面，组合保持一贯的中短久期配合策略，以获取相应的票息收入。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:57.922Z","fund":{"_id":3000000008582,"__csrcFundId":6974,"stockCode":"008582","shortName":"兴银聚丰债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8582,"masterFundFlag":1,"lastUpdated":"2025-06-13T17:14:03.411Z","status":"normal","inceptionDate":"2020-01-09T16:00:00.000Z","name":"兴银聚丰债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银聚丰债券","setUpDate":"2020-01-09T16:00:00.000Z","setUpAssetScale":210040437.88,"setUpShares":210040437.88,"pinyin":"xyjfzqxzqtzjj","managers":[{"stockCode":"db20736123","stockType":"fund_manager","exchange":"fm","tickerId":2319202460,"name":"王深"},{"sto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与此走势相似，货币市场收益率也是先降后升。1年期国股存单的收益率先从1月初的2.61%降至1月末低点，接近2.40%。此后收益率小幅上行，至3月下旬基本维持在2.60%附近。 组合保持一贯中短久期的投资策略以获取稳定的票息收入。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:57.912Z","fund":{"_id":3000000008582,"__csrcFundId":6974,"stockCode":"008582","shortName":"兴银聚丰债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8582,"masterFundFlag":1,"lastUpdated":"2025-06-13T17:14:03.411Z","status":"normal","inceptionDate":"2020-01-09T16:00:00.000Z","name":"兴银聚丰债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银聚丰债券","setUpDate":"2020-01-09T16:00:00.000Z","setUpAssetScale":210040437.88,"setUpShares":210040437.88,"pinyin":"xyjfzqxzqtzjj","managers":[{"stockCode":"db20736123","stockType":"fund_manager","exchange":"fm","tickerId":2319202460,"name":"王深"},{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"}]},"announcement":{"linkText":"兴银聚丰债券型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=730014","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcd7fea5b3eb04bc3a3","date":"2021-12-30T16:00:00.000Z","stockId":3000000008582,"sao":"2021年债券市场迎来了基本面走弱和政策利好下的牛市。回顾2021年全年，利率中枢逐步下行，信用利差收窄，前高后低走势明显，整体处于一个震荡慢牛行情，全年利率走势大致可分为三个阶段。 第一个阶段为年初至2月中旬，春节前流动性缺口形成的“钱荒”导致债市情绪悲观，叠加大宗商品价格快速上涨致使通胀预期升温，市场利率于2月18日达到年内债市利率高点3.28%。1年期存单价格在由年初的2.83%持续上行至2月末的3.10%。 第二个阶段为3月至8月末，这一阶段央行宽松政策频出，包括4月份央行金融数据发布会的利好表述以及7月份的超预期降准，叠加国内经济数据走弱，债券走出牛市行情。10年期国债收益率在9月初下探至2.82%，1年期存单收益率持续降至8月末的2.66%。 第三个阶段是9月份至年末，在此阶段经济动能持续偏弱，12月份迎来二次降准，但受信用事件、理财新规和美联储Taper影响，债市多空交织，收益率走势呈现先上后下，宽幅震荡格局。10年期国债收益率先上至10月中旬的3.04%，随后回落至年末的2.78%。1年期存单价格走势相似，10月中旬的2.78%为此阶段高点。 组合策略保持中短久期，以获取稳定的票息收入。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:57.909Z","mo":"展望2022年，债券市场预计将呈现震荡格局。一方面，“宽信用”的进度和力度仍在观察中，相关政策的推出及数据的发布，会引起债市较大的波动；另一方面，对于财政政策的发力程度也在观察中。因此债券收益率预计维持宽幅震荡。","fund":{"_id":3000000008582,"__csrcFundId":6974,"stockCode":"008582","shortName":"兴银聚丰债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8582,"masterFundFlag":1,"lastUpdated":"2025-06-13T17:14:03.411Z","status":"normal","inceptionDate":"2020-01-09T16:00:00.000Z","name":"兴银聚丰债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银聚丰债券","setUpDate":"2020-01-09T16:00:00.000Z","setUpAssetScale":210040437.88,"setUpShares":210040437.88,"pinyin":"xyjfzqxzqtzjj","managers":[{"stockCode":"db20736123","stockType":"fund_manager","exchange":"fm","tickerId":2319202460,"name":"王深"},{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"}]},"announcement":{"linkText":"兴银聚丰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=715836","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcd7fea5b3eb04bc3a2","date":"2021-09-29T16:00:00.000Z","stockId":3000000008582,"sao":"今年三季度，受经济下行和7月初央行超预期降准影响，债券市场总体呈现偏强的格局，长端利率在9月初达到低点。此后，资金面季节性收敛，债券收益率开始逐步震荡上行。10年国债收益率三季度最低降至2.82%，降准后整体在2.82-2.95%之间震荡。于此走势相似，货币市场收益率也是先降后升。1年期国股存单的收益率从7月初的2.83%降至9月初低点，接近2.66%。此后收益率小幅上行，至9月下旬基本维持在2.75%附近。组合保持一贯的中短久期策略，以获取稳定的票息收益。展望四季度，我们预计债券收益率将会有所调整。尽管经济增长在下半年将会面临压力，但社融也将逐步扩张，资金的供求关系在需求层面出现增长，收益率在低位面临向上压力。因此，债券市场总体仍然友好，但收益率边际上行的压力有所提升。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:57.907Z","fund":{"_id":3000000008582,"__csrcFundId":6974,"stockCode":"008582","shortName":"兴银聚丰债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8582,"masterFundFlag":1,"lastUpdated":"2025-06-13T17:14:03.411Z","status":"normal","inceptionDate":"2020-01-09T16:00:00.000Z","name":"兴银聚丰债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银聚丰债券","setUpDate":"2020-01-09T16:00:00.000Z","setUpAssetScale":210040437.88,"setUpShares":210040437.88,"pinyin":"xyjfzqxzqtzjj","managers":[{"stockCode":"db20736123","stockType":"fund_manager","exchange":"fm","tickerId":2319202460,"name":"王深"},{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"}]},"announcement":{"linkText":"兴银聚丰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=654740","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcd7fea5b3eb04bc3a1","date":"2021-06-29T16:00:00.000Z","stockId":3000000008582,"sao":"今年上半年，债券收益率总体呈现下行趋势。今年1季度，受经济的强劲增长以及对通货膨胀的担忧，债券市场总体呈现高位震荡的格局，在二月份达到收益率高点。随后，进入2季度，伴随流动性的超预期宽松，债券收益率开始逐步震荡下行。至6月末，伴随着对跨季资金面收紧的担忧，债券收益率未能进一步下行，10年国债收益率在3.06-3.12%之间震荡。与此走势相似，货币市场收益率也是前高后低。1年期国股存单的收益率在2月份达到了高点，接近3.12%。此后收益率快速下行，至6月末基本维持在2.9%附近。组合整体仍坚持中短久期策略，以获取稳定的票息收入。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:57.904Z","mo":"展望下半年，我们预计债券收益率将会维持底部震荡的格局。经济增长在下半年将会面临一定压力，在财政预算约束及房地产调控政策下，整体的社融扩张也会受到影响。通胀总体维持高位震荡，边际向下。因此，债券市场总体环境良好。但在当前收益率水平下，需要关注地方政府债券及专项债发行的提速，可能带来债券收益率的波动。","fund":{"_id":3000000008582,"__csrcFundId":6974,"stockCode":"008582","shortName":"兴银聚丰债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8582,"masterFundFlag":1,"lastUpdated":"2025-06-13T17:14:03.411Z","status":"normal","inceptionDate":"2020-01-09T16:00:00.000Z","name":"兴银聚丰债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银聚丰债券","setUpDate":"2020-01-09T16:00:00.000Z","setUpAssetScale":210040437.88,"setUpShares":210040437.88,"pinyin":"xyjfzqxzqtzjj","managers":[{"stockCode":"db20736123","stockType":"fund_manager","exchange":"fm","tickerId":2319202460,"name":"王深"},{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"}]},"announcement":{"linkText":"兴银聚丰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=636051","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcd7fea5b3eb04bc3a0","stockId":3000000008582,"sao":"2021年1季度，债券市场收益率呈现了先上后下的走势。10年国开债收益率在2月份突破了3.6%上行至最高3.77%，至3月末又回到了年初水平，在3.6%附近震荡。与此走势相近，3年期AAA企业债的中债估值也在2月份从年初的3.5%附近上行至最高3.73%，而后又逐步回落至3.55%左右。考虑收益率走势背后的原因，我们认为主要是春节后大宗商品价格的大幅上行导致了市场对通胀上行和央行收紧货币政策的担忧。随后，随着一季度经济数据的低于预期，以及流动性的平稳，通胀担忧有所缓和，收益率开始下行。与债券市场收益率走势略有不同，货币市场的存单价格在1月底由于资金的收紧达到高点后，开始逐步下行，短端资产的收益率下行更为明显。3个月存单的收益率从最高接近3.1%下降至2.6%附近，1年期存单的收益率则相对稳定，维持在3.0-3.1%的区间。组合保持一贯中短久期的投资策略，以获取稳定的票息收入。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:57.902Z","fund":{"_id":3000000008582,"__csrcFundId":6974,"stockCode":"008582","shortName":"兴银聚丰债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market"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ndSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8582,"masterFundFlag":1,"lastUpdated":"2025-06-13T17:14:03.411Z","status":"normal","inceptionDate":"2020-01-09T16:00:00.000Z","name":"兴银聚丰债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银聚丰债券","setUpDate":"2020-01-09T16:00:00.000Z","setUpAssetScale":210040437.88,"setUpShares":210040437.88,"pinyin":"xyjfzqxzqtzjj","managers":[{"stockCode":"db20736123","stockType":"fund_manager","exchange":"fm","tickerId":2319202460,"name":"王深"},{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"}]},"announcement":{"linkText":"兴银聚丰债券型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=464222","linkType":"PDF","source":"csrc_pdf"}}]}