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Agent的普及，算力和能源基础设施需求呈现指数级增长，为中国相关硬件和能源基础设施的出口奠定了坚实需求。3月，美以伊冲突导致能源供应链扰动加剧，石油价格大幅上涨，预计地缘政治的不确定性仍将在相当长的有一段时间内存在，提升了全球对能源安全的关注度，这将为中国制造业出海创造有利条件，未来持续重点关注具有出海能力的中国优势制造业龙头。","lastUpdated":"2026-04-22T15:32:37.817Z","fund":{"_id":3000000000118,"__csrcFundId":3420,"stockCode":"000118","shortName":"广发聚鑫债券(000118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":118,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:21:06.489Z","status":"normal","inceptionDate":"2013-06-04T16:00:00.000Z","name":"广发聚鑫债券型证券投资基金","exchange":"jj","followedNum":88,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发聚鑫债券","pinyin":"gfjxzqxzqtzjj","managers":[{"stockCode":"db20153692","stockType":"fund_manager","exchange":"fm","tickerId":2617120480,"name":"张芊"}]},"announcement":{"linkText":"广发聚鑫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=1471260","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69cac7f840924dd8ca638d4e","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000000118,"sao":"2025年，债券市场表现与2024年年末的市场预期发生重大偏离，债市收益率整体先上行后震荡，全年可大致分为三个阶段：上半年，利率先上行后下行，核心驱动因素是1月初央行货币政策宽松节奏变化、3月下旬央行呵护流动性以及4月初中美贸易摩擦发酵；三季度，利率整体快速上行，核心驱动因素是“反内卷”下，股债负债端出现明显切换；四季度，利率转为震荡，中短端利率有所下行，但超长端利率进一步上行，核心驱动因素是经济基本面数据变化、银行久期风险指标面临压力以及超长债供需关系恶化。报告期内，组合密切跟踪市场动向，在债券方面，组合灵活调整持仓券种结构、组合杠杆和久期分布；在权益方面，整体维持了中性偏高的配置权重，主要持有了护城河高的龙头品种，及时对涨幅较大的人工智能、创新药等标的进行了适当止盈，同时在国际形势不确定因素增加时适当配置贵金属板块标的以对抗不确定性；在可转债方面，密切跟踪市场，适当止盈了高弹性转债，控制了风险敞口。","lastUpdated":"2026-03-30T18:59:04.934Z","mo":"展望2026年，AI资本开支的确定性降低，海外货币宽松步入后半程。在此背景下，外需动能将主要取决于两方面因素：一是海外财政宽松的力度，二是贸易摩擦及地缘政治等不确定性因素能否实质性缓解。国内方面，物价回升正在逐步确认，但主要由供给侧推动，循环是否顺畅还有待观察；财政保持必要力度下信用周期稳中略降、流动性保持宽松。以上多空因素交织下，预计2026年债市从2025年的震荡走弱转为区间震荡。未来组合将继续跟踪经济基本面、货币政策以及监管政策等方面的变化，结合债市赔率和机构久期等增强操作的灵活性，在严控风险的前提下争取抓住市场机会。权益市场方面，在高息存款到期和近一年持有人体验显著提升的推动下，未来仍将有望进一步受益于居民资产的再配置需求。估值层面，虽然部分受益于新产业的主体估值有一定提升，但整体估值仍处合理水平，其中部分非风口行业估值偏低。本组合未来将重点关注中国制造业在全球的竞争力情况，同时关注AI相关产业链的投资机会。在组合管理上，将注重规避过于拥挤的投资标的，做好分散配置和风险防范。","fund":{"_id":3000000000118,"__csrcFundId":3420,"stockCode":"000118","shortName":"广发聚鑫债券(000118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":118,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:21:06.489Z","status":"normal","inceptionDate":"2013-06-04T16:00:00.000Z","name":"广发聚鑫债券型证券投资基金","exchange":"jj","followedNum":88,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发聚鑫债券","pinyin":"gfjxzqxzqtzjj","managers":[{"stockCode":"db20153692","stockType":"fund_manager","exchange":"fm","tickerId":2617120480,"name":"张芊"}]},"announcement":{"linkText":"广发聚鑫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=1448978","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec171d4369c9c836d2168","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000000118,"sao":"2025年三季度，债市收益率整体上行，收益率曲线明显走陡。7月份，随着反内卷政策逐步显效，市场对物价回升的预期增强，推动债市收益率由震荡转为上行。8月初到9月中旬，在权益市场持续走强的背景下，股债跷跷板效应显现，债市利率继续上行，其中十年期国开债和三十年期国债利率上行幅度最大。9月中旬以后，随着市场对央行货币宽松预期的升温，中短端利率债有所企稳，但长端和超长端利率债仍存在一定波动。整体而言，三季度债市呈现利率曲线陡峭化特征。报告期内，债券方面，组合密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布；权益方面，本组合坚定看好人工智能赋能制造业转型升级，继续持有智能制造龙头品种。同时关注到国际形势不确定因素增加，组合增加了对贵金属板块的配置以对抗不确定性。宏观经济仍在磨底过程中，传统消费增长乏力，组合继续持有护城河高的龙头品种。可转债方面考虑到供需不平衡推高估值，对高价位转债进行止盈。展望四季度，预计债券市场的主线在于物价、机构行为、政策等。物价方面，年内GDP平减指数低点或已出现，但物价向上弹性仍需密切观察。机构行为方面，需持续关注资金方对债基配置意愿的变化。政策方面，四季度预计会有“十五五”规划相关政策发布，关注对中长期经济预期的影响，此外关注四季度央行货币政策宽松落地的可能。总体来看，四季度债市多空交织，赔率或有所改善，积极寻找波动中的价差机会。","lastUpdated":"2026-03-09T12:47:45.967Z","fund":{"_id":3000000000118,"__csrcFundId":3420,"stockCode":"000118","shortName":"广发聚鑫债券(000118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":118,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:21:06.489Z","status":"normal","inceptionDate":"2013-06-04T16:00:00.000Z","name":"广发聚鑫债券型证券投资基金","exchange":"jj","followedNum":88,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发聚鑫债券","pinyin":"gfjxzqxzqtzjj","managers":[{"stockCode":"db20153692","stockType":"fund_manager","exchange":"fm","tickerId":2617120480,"name":"张芊"}]},"announcement":{"linkText":"广发聚鑫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=1372850","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec171d4369c9c836d2167","date":"2025-06-29T16:00:00.000Z","stockId":3000000000118,"sao":"2025年上半年，债券市场波动加大，债市收益率整体先上后下。1月至3月中旬，债券市场整体大幅调整，中短端利率先上行，随后长端和超长端利率大幅上行。主要原因在于央行货币政策宽松节奏变化，资金面明显收紧，此外，1月至2月的经济、金融数据好于预期以及两会修正降息预期等因素也导致债券市场调整幅度较大。3月下旬至6月底，债券市场逐步修复，市场主线切换为中美贸易摩擦以及央行呵护流动性。6月底，超长端利率接近年初低点，但中短端利率较年初低点仍有一定距离。总结来看，上半年债市波动幅度加大，利率曲线平坦化，操作策略上，杠铃策略占优、择时影响较大。报告期内，组合密切跟踪市场动向，在债券方面，组合灵活调整持仓券种结构、组合杠杆和久期分布。在权益方面，组合维持了较高的配置比重，尤其是对港股的配置，同时对涨幅较大的人工智能和创新药标的进行了适当止盈。在可转债方面，组合密切跟踪市场，适当止盈了高弹性转债，控制了风险敞口。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:45.964Z","mo":"展望下半年，预计债券市场的主线在于物价、资金面和外部形势变化。二季度以来，除了外部形势变化扰动市场预期外，基本面内生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"inceptionDate":"2013-06-04T16:00:00.000Z","name":"广发聚鑫债券型证券投资基金","exchange":"jj","followedNum":88,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发聚鑫债券","pinyin":"gfjxzqxzqtzjj","managers":[{"stockCode":"db20153692","stockType":"fund_manager","exchange":"fm","tickerId":2617120480,"name":"张芊"}]},"announcement":{"linkText":"广发聚鑫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=779726","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec171d4369c9c836d215a","date":"2022-03-30T16:00:00.000Z","stockId":3000000000118,"sao":"本季度，1月份债市收益率快速下行，创下本轮利率下行周期以来的新低。主要原因在于1月央行降息10BP，降息幅度略超市场预期。同时，央行关于“避免信贷塌方”、“走在市场曲线的前面”、“降准还有一定的空间”等表述激发了市场对于货币政策加码宽松的预期。但自2月份起，债市收益率逐步缓慢上行，主要原因为以下三点：首先，1月中下旬商业银行加大信贷投放力度，同时各地加大项目开工力度，1月的社融数据、1月至2月的经济基本面表现均超预期。其次，伴随着社融和基本面表现超预期，叠加美联储加息落地，央行货币政策进入了观察期，降准降息的预期落空。最后，2月至3月因权益市场表现不佳，整体市场情绪较弱，导致了股债市场出现负反馈。全季来看，债市收益率整体先下后上，收益率曲线先走陡后走平。操作策略上，1月份久期策略效果占优，2月至3月份息差策略效果占优。权益市场方面，本月受地缘政治影响和疫情冲击，调整幅度较大。报告期内，组合密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布。展望下季度，本轮疫情的反复超出市场预期，预计将对基本面的渐进修复，尤其是在3月至4月期间，形成冲击。同时，在1月份社融大幅放量后，商业银行信贷投放出现边际弱化迹象，实体融资需求依然偏弱。政策依然需要保持宽松状况，预计4月政治局会议上关于货币政策等表态可能偏宽松。此外，在经历了前期的利率上行之后，债券的静态价值有所修复，拥挤交易也有所缓解。因此，在当前利率水平上债市具备一定的参与价值。但中期来看，政策稳增长的决心较为明确，年内基本面的渐进修复依然可期，且疫情见顶后基本面会有补偿性修复，利率下行空间有限。综合以上因素，预计二季度债券市场可能有一定的交易性机会，但需要关注安全边际，保持流动性。权益市场方面，随着估值的大幅度调整，制造业和核心消费品种的投资价值将明显增加，本基金将坚定持有高端制造业龙头标的，重点关注白马消费品种。可转债方面，考虑到估值调整到合理位置，本基金将积极选择品种，灵活进行波段操作。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:45.917Z","fund":{"_id":3000000000118,"__csrcFundId":3420,"stockCode":"000118","shortName":"广发聚鑫债券(000118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":118,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:21:06.489Z","status":"normal","inceptionDate":"2013-06-04T16:00:00.000Z","name":"广发聚鑫债券型证券投资基金","exchange":"jj","followedNum":88,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发聚鑫债券","pinyin":"gfjxzqxzqtzjj","managers":[{"stockCode":"db20153692","stockType":"fund_manager","exchange":"fm","tickerId":2617120480,"name":"张芊"}]},"announcement":{"linkText":"广发聚鑫债券型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=721119","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec171d4369c9c836d2159","date":"2021-12-30T16:00:00.000Z","stockId":3000000000118,"sao":"2021年，债券利率先上后下，整体呈现“倒耐克”型走势。本年度大致可以分为三个阶段：1月至2月，利率整体上行近20bp，核心原因在于紧货币带来的冲击，触发因素在于地产、股票等资产出现价格泡沫；2月底至6月，尽管投资者一度对紧货币心有余悸，但债券利率却悄然见顶，其中3月中旬开启震荡下行的行情，核心原因在于紧信用格局逐步显现，资金面持续超预期宽松；7月之后，紧信用对宏观经济尤其是地产链条的影响开始显现，央行在7月份超预期降准，开启货币政策的宽松周期，债券市场进入牛市。报告期内，本组合密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布。组合积极挖掘大行二级资本债的交易机会，在确保信用风险可控的情况下赚取相对高的票息。股票部分，组合在合同允许范围内保持高仓位运作，以长期视角择股，坚定持有核心品种，并择机增持高景气成长标的；7月组合新基金合同表决生效，港股通标的股票被纳入投资范围，组合把握港股估值回落的阶段性机会，配置业绩增长确定性较高的标的。转债方面，估值整体较贵，组合根据市场研判，把握结构性机会，精选高性价比品种，灵活调整仓位，控制净值波动。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:45.913Z","mo":"展望2022年，基本面下行压力仍然存在，但中央经济工作会议释放强力稳增长信号，定调“以经济建设为中心”，基本面有望在政策的协同发力下逐步企稳回升。然而“房住不炒”的基调依然维持、地方政府隐性债务管控不放松，意味着难以给予经济上行幅度过高的期待。同时，货币政策重心转向稳增长，在基本面企稳前，将维持货币宽松基调。综合来看，短期内债券市场仍将处于震荡偏强格局之中，交易价值依然存在，伴随着基本面逐步回升，债券的配置价值将有所回升。具体操作方面，建议赔率优先，更加注重安全边际。权益方面，看好高端制造业和消费升级两大方向，重点关注估值调整到位的龙头白马。转债方面，整体估值较贵，精选品种。未来组合将继续跟踪经济基本面、货币政策以及监管政策等方面的变化，增强操作的灵活性；同时注意做好持仓券种梳理，优化持仓结构，争取把握市场机会，严控风险，希望为投资人带来理想的回报。","fund":{"_id":3000000000118,"__csrcFundId":3420,"stockCode":"000118","shortName":"广发聚鑫债券(000118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":118,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:21:06.489Z","status":"normal","inceptionDate":"2013-06-04T16:00:00.000Z","name":"广发聚鑫债券型证券投资基金","exchange":"jj","followedNum":88,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发聚鑫债券","pinyin":"gfjxzqxzqtzjj","managers":[{"stockCode":"db20153692","stockType":"fund_manager","exchange":"fm","tickerId":2617120480,"name":"张芊"}]},"announcement":{"linkText":"广发聚鑫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=707614","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec171d4369c9c836d2158","date":"2021-09-29T16:00:00.000Z","stockId":3000000000118,"sao":"本季度，央行进行超预期降准操作，投资者对此反应剧烈，7月债市收益率下行超20BP。一方面，降准根本性地扭转了投资者对于货币政策紧缩的担忧，存单等短端利率的下行空间得以打开；另一方面，降准加剧了投资者对基本面下行的担忧，7月基本面的高频数据出现明显弱化。8月以来，债券市场总体再次进入窄幅震荡格局，原因在于尽管基本面走弱的趋势仍在，但财政后置、信贷政策边际调整等因素导致宽信用预期升温，此外，降准后的资金利率中枢没有出现趋势性下行，反而在局部时点出现资金面紧张的情况。全季来看，债市收益率整体下行幅度较大，收益率曲线先陡后平。操作策略上，采取久期策略的效果最佳。报告期内，组合密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布。展望下季度，经济基本面走弱的压力依然存在，尤其是疫情冲击下的消费以及地产链条。但建筑业施工改善、信贷政策边际调整，有助于降低基本面失速下行的风险。在基本面下行压力下，货币政策预计将保持稳健偏宽松的基调，但国内疫情可控、失业风险有限，预计政策利率调整的概率不大。整体来看，基本面将是债券市场的最大支撑，但低位利率叠加宽信用预期，令利率向下突破存在阻力。综上所述，预计债券市场整体仍将处于震荡格局，操作方面建议赔率优先，注重安全边际。权益市场分化严重，高景气行业表现突出，本基金看好中国制造业转型升级方向，将坚定持有具备长期竞争力的核心品种，根据市场情况进行波段操作。可转债走势较强，整体估值有所上行，本组合精选高性价比品种。未来本基金管理人将继续跟踪经济基本面、货币政策以及监管政策等方面的变化，增强操作的灵活性；同时注意做好持仓券种梳理，优化持仓结构。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:45.910Z","fund":{"_id":3000000000118,"__csrcFundId":3420,"stockCode":"000118","shortName":"广发聚鑫债券(000118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":118,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:21:06.489Z","status":"normal","inceptionDate":"2013-06-04T16:00:00.000Z","name":"广发聚鑫债券型证券投资基金","exchange":"jj","followedNum":88,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发聚鑫债券","pinyin":"gfjxzqxzqtzjj","managers":[{"stockCode":"db20153692","stockType":"fund_manager","exchange":"fm","tickerId":2617120480,"name":"张芊"}]},"announcement":{"linkText":"广发聚鑫债券型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=650561","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec171d4369c9c836d2157","date":"2021-06-29T16:00:00.000Z","stockId":3000000000118,"sao":"2021年上半年，国债和国开债利率呈现先快速上行、后缓步下行的趋势：1月至2月中旬，利率快速上行的主要原因在于货币政策操作偏紧，市场出现恐慌情绪。变盘时点在春节后，权益资产快速调整导致追求稳健收益的资金涌入债市，同时货币政策传递稳定信号，资金面持续宽松，债市预期逐步修正。和去年年末的点位相比，利率债利率小幅下行，期限利差变化不大，而信用债利率下行幅度相对较大，信用利差出现明显压缩。上半年，组合密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:45.906Z","mo":"展望下半年，经济基本面将继续缓步下行，对债市的影响偏利多。近期国常会明确提及降准后，央行迅速落实，奠定了货币政策未来一段时间内中性偏宽松的基调，预计债市出现大的调整风险概率较小，债券利率震荡、中枢小幅下移的概率较大。未来组合将继续跟踪经济基本面、货币政策等方面的变化，增强操作的灵活性；同时注意做好持仓券种梳理，优化持仓结构，争取抓住市场机会，严控风险，为投资人带来理想的回报。权益方面，市场分化较大，长期看好受周期影响小的科技和医药方向，坚定持有受益于经济转型升级的先进制造业；可转债方面，精选品种进行配置。","fund":{"_id":3000000000118,"__csrcFundId":3420,"stockCode":"000118","shortName":"广发聚鑫债券(000118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":118,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:21:06.489Z","status":"normal","inceptionDate":"2013-06-04T16:00:00.000Z","name":"广发聚鑫债券型证券投资基金","exchange":"jj","followedNum":88,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发聚鑫债券","pinyin":"gfjxzqxzqtzjj","managers":[{"stockCode":"db20153692","stockType":"fund_manager","exchange":"fm","tickerId":2617120480,"name":"张芊"}]},"announcement":{"linkText":"广发聚鑫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=628319","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec171d4369c9c836d2156","stockId":3000000000118,"sao":"本季度，债市收益率先上后下，整体窄幅震荡，收益率曲线小幅走平。由于存在数据真空期，且经济数据面临高基数问题，本季度债市的核心影响因素是资金面的波动和配置性力量。操作策略上，采取“超短+超长”的哑铃型配置、信用债持有票息策略的效果最佳。全季来看，利率债收益率曲线变平，超长端利率小幅下行，其余关键期限收益率平坦化上移；信用债收益率以下行为主，信用利差明显压缩。本季度，本基金密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布。展望下季度，当前基本面走势仍未明显走弱，但领先的社融增速拐点已经出现，意味着债市利多因素在积累，此外政策“不急转弯”也意味着后续利率大幅上行的空间不大。因此，从票息的保护方面出发意味着配置资金可以稳步建仓，交易型资金静待明确的右侧信号。管理人未来将继续跟踪经济基本面、货币政策以及监管政策等方面的变化，增强操作的灵活性；同时做好持仓券种梳理，优化持仓结构。权益品种方面，前期市场的调整使风险得到一定程度释放，本基金将坚定持有符合长期转型升级方向、估值合理的投资标的。转债方面，精选品种进行配置，同时控制仓位。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:45.902Z","fund":{"_id":3000000000118,"__csrcFundId":3420,"stockCode":"000118","shortName":"广发聚鑫债券(000118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":118,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:21:06.489Z","status":"normal","inceptionDate":"2013-06-04T16:00:00.000Z","name":"广发聚鑫债券型证券投资基金","exchange":"jj","followedNum":88,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发聚鑫债券","pinyin":"gfjxzqxzqtzjj","managers":[{"stockCode":"db20153692","stockType":"fund_manager","exchange":"fm","tickerId":2617120480,"name":"张芊"}]},"announcement":{"linkText":"广发聚鑫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=568306","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec171d4369c9c836d2155","stockId":3000000000118,"sao":"2020年，债券市场波动较大，收益率总体呈“V”型走势，年底市场情绪有所好转。本年度大体可以分为三个阶段：1月至4月，疫情的意外冲击使2019年四季度开始的周期复苏迹象中断，全球债券市场交易衰退，债券利率大幅下行，期间随着市场对新冠疫情冲击认识的深入，类比对象从2003年的SARS转到2008年的金融危机，市场对于经济和金融预期异常悲观，对政策维持宽松应对的一致预期较为强烈；5月至11月，国内凭借制度优势率先控制住疫情，预期的出口崩溃并未出现，整体基本面持续改善（尤其是出口项超预期增长），货币政策向常态化宽松回摆修正，驱使收益率从牛陡转向熊平；12月以来，在超预期信用事件冲击下，货币政策短期维稳，短端资金利率较为宽松、存单利率见顶回落，加上债市对基本面的反应钝化、利率债一级供给压力下降等，多因素共振令市场做多的热情再度高涨，收益率出现了5月以来最大幅度的一轮下行。本年度，组合密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:45.899Z","mo":"展望2021年，基本面上行走势仍未逆转，但领先的金融数据已经开始走弱，意味着债市利多信号在积累。央行货币政策在稳增长与防风险之间取得微妙平衡，可预测难度加大，但经济复苏的不平衡、外部风险的不确定性，令货币政策难以大幅收紧。综合来看，短期内市场仍然以震荡走势为主，票息价值的确定性更高。未来组合将密切关注基本面走势，社融回落显示偏内需的建筑业开始走弱，景气度的核心拉动力是外需，需要密切跟踪出口景气度的变化，一旦基本面因素逆转，长期限品种的久期价值将重新显现。未来组合将继续跟踪经济基本面、货币政策等变化，增强操作的灵活性，同时注意做好持仓券种梳理，优化持仓结构，争取抓住市场机会，控制风险，力争为投资人带来理想的回报。权益类品种估值分化加剧，看好转型升级方向，坚定持有高端制造业龙头品种。转债精选品种，积极管理风险敞口。","fund":{"_id":3000000000118,"__csrcFundId":3420,"stockCode":"000118","shortName":"广发聚鑫债券(000118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":118,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:21:06.489Z","status":"normal","inceptionDate":"2013-06-04T16:00:00.000Z","name":"广发聚鑫债券型证券投资基金","exchange":"jj","followedNum":88,"fundCollecti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