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（公开市场操作）投放，续作MLF（中期借贷便利）到期量，及时呵护了市场流动性，保证了特殊时点的平稳过渡。七月三中全会后，央行调降7天OMO利率10bp至1.7%，随后1年LPR（贷款市场报价利率）、5年LPR、 MLF及各大行存款利率也跟随下调。9月24日央行再次公告降准50bp及OMO调降20bp。本季度R001均值为1.78%，R007均值为1.90%，分别较二季度下行6bp、4bp。报告期内，本组合维持3-5年信用债为主的配置思路，同时择机降低了组合久期。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:42.341Z","fund":{"_id":3000000001584,"stockCode":"001584","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":2692190000,"market":"a","tickerId":1584,"custody":"渤海银行股份有限公司","name":"国投瑞银新活力定期开放混合型证券投资基金","shortName":"国投瑞银新活力混合(001584)","fundSecondLevel":"hybrid","__csrcFundId":4324,"fundStatus":"normal","lastUpdated":"2026-04-30T18:05:04.965Z","masterFundFlag":1,"inceptionDate":"2015-11-16T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银新活力混合","pinyin":"gtryxhldqkfhhxzqtzjj","managers":[{"stockCode":"8801361208","stockType":"fund_manager","exchange":"fm","tickerId":120406131280,"name":"李达夫"},{"stockCode":"db20915900","stockType":"fund_manager","exchange":"fm","tickerId":261714230270,"name":"张清宁"}]},"announcement":{"linkText":"国投瑞银新活力定期开放混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1169482","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a67fea5b3eb044a373","date":"2024-06-29T16:00:00.000Z","stockId":3000000001584,"sao":"2024年上半年中国实际GDP同比为5%，持平全年GDP增速目标。其中一季度中国实际GDP同比增长5.3%，二季度同比增长4.7%，略低于全年经济增速目标值，二季度经济有所走弱但幅度有限。从分项来看，与基建和地产相关的传统产业仍在调整之中。上半年债券市场整体表现较为强势，叠加机构资金充裕与政府债券供给偏慢，各品种收益率、期限利差、信用利差均大幅压缩。春节前权益市场持续弱调整使得市场风险偏好显著降低，叠加从2023年年末开始存款挂牌利率的下调，使得市场对于政策利率的降息预期持续升温。收益率下行途中，市场受到了特别国债供给和财政政策加码的短期扰动，但整体而言春节前长端利率快速下行，10年国债突破2.5%。3月两会定调未明显超市场预期，同时央行继续释放宽松信号，债券市场涨幅进一步扩大。1季末中下旬，10年国债收益率整体围绕2.3%附近震荡且波动加大，30年国债收益率围绕2.45-2.5%交易。4月末停止手工补息使得银行体系内存款持续向以理财为代表的非银机构发生转移，以理财为代表的非银资金对中短端资产加大了配置需求，而长端及超长端多次受到央行的风险提示，收益率触底反弹。随着后续特别国债发行，市场对供给冲击的担忧减弱。5月下旬以来各城市稳地产政策频出但效果有限，基本面数据弱修复。截止二季度末，10年国债收益率进一步下行至年内低点2.20%。上半年信用债市场上高票息资产日益稀缺。一方面，在化债政策持续推进的大背景下，城投债净融资同比下降；另一方面，尽管产业债发行放量有所对冲城投债的缩量，但产业债平均发行利率明显下行且发行久期较长。进入二季度，受非银配置压力的影响，市场对票息挖掘的诉求进一步强化，资产荒行情加剧，同时长久期的产业债发行逐渐得到市场机构的参与及认可。报告期内本组合严格遵守合同投资运作要求，主要以3-5年信用债配置为主，同时保持高杠杆策略。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:42.338Z","mo":"展望三季度，市场整体格局存在不确定性，债券市场大概率仍处于窄幅震荡的环境。一方面监管频繁提示利率市场风险，长端债券收益率的底部位置较明确，利率难以大幅下行，另一方面市场上各广谱利率中枢仍处于下行通道，利率难以上行。预计下半年政府债发行提速，资金扰动情况或阶段性出现。同时，仍需重视央行的监管意图，关注货币政策框架改革后对年底MLF到期额度的置换处理方式。","fund":{"_id":3000000001584,"stockCode":"001584","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":2692190000,"market":"a","tickerId":1584,"custody":"渤海银行股份有限公司","name":"国投瑞银新活力定期开放混合型证券投资基金","shortName":"国投瑞银新活力混合(001584)","fundSecondLevel":"hybrid","__csrcFundId":4324,"fundStatus":"normal","lastUpdated":"2026-04-30T18:05:04.965Z","masterFundFlag":1,"inceptionDate":"2015-11-16T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银新活力混合","pinyin":"gtryxhldqkfhhxzqtzjj","managers":[{"stockCode":"8801361208","stockType":"fund_manager","exchange":"fm","tickerId":120406131280,"name":"李达夫"},{"stockCode":"db20915900","stockType":"fund_manager","exchange":"fm","tickerId":261714230270,"name":"张清宁"}]},"announcement":{"linkText":"国投瑞银新活力定期开放混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1147129","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a67fea5b3eb044a372","date":"2024-03-30T16:00:00.000Z","stockId":3000000001584,"sao":"从基本面看，一季度投资者前期经济预期过度悲观，而1-2月实际数据显示经济运行状态仍然相对平稳。考虑到信贷总量控制的压力可能影响3月金融数据，叠加高频数据尤其是地产建筑数据显示节后复工进度偏慢，预计3月数据仍然存在回落压力，因此市场对经济偏弱的预期并未得到扭转。在对经济的悲观预期下，一季度长端利率继续大幅回落，隐含了对货币政策的激进预期。3月中市场显著调整，配置力量进场市场快速止跌，但也陷入窄幅震荡的状态。季末在资金价格偏贵的状态下，非银机构降杠杆，中高等级信用债收益率有所回升，但弱资质品种收益率继续回落，二级永续债收益率也小幅回升，长期限品种相对强势。组合操作方面，考虑到市场收益率持续快速下行，本基金止盈了中长期地方债，置换为中等久期信用债，降低组合波动。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:42.335Z","fund":{"_id":3000000001584,"stockCode":"001584","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":2692190000,"market":"a","tickerId":1584,"custody":"渤海银行股份有限公司","name":"国投瑞银新活力定期开放混合型证券投资基金","shortName":"国投瑞银新活力混合(001584)","fundSecondLevel":"hybrid","__csrcFundId":4324,"fundStatus":"normal","lastUpdated":"2026-04-30T18:05:04.965Z","masterFundFlag":1,"inceptionDate":"2015-11-16T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银新活力混合","pinyin":"gtryxhldqkfhhxzqtzjj","managers":[{"stockCode":"8801361208","stockType":"fund_manager","exchange":"fm","tickerId":120406131280,"name":"李达夫"},{"stockCode":"db20915900","stockType":"fund_manager","exchange":"fm","tickerId":261714230270,"name":"张清宁"}]},"announcement":{"linkText":"国投瑞银新活力定期开放混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1067119","li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有效降低了实体经济的融资成本。债券市场方面，市场主体主要围绕资产荒逻辑以及市场对经济的“强预期、强现实”转为“弱预期、弱现实”这两条主线运行，市场收益率整体震荡下行。年初市场对经济复苏预期有所提升叠加理财赎回负反馈余波冲击，债券市场长短端均有调整，但在资产荒的背景下，短期限信用债表现相对较强。至二季度初，长端品种由于前期已经定价了对经济强复苏的预期，叠加市场对地产复苏的持续性存在分歧，部分高频数据出现背离，利率并没有进一步上行。临近全国两会，因为市场担心增量政策对债券市场产生冲击，长端利率也没有进一步下行，一季度大部分时间十年国债在2.9%位置上下震荡。随着两会后市场对政策加码发力的预期减弱、经济信贷数据环比走势以及四月上旬银行开始调降存款利率、机构配置力量增加等一系列利好，长端利率持续下行。六月中旬央行超预期提前降息，长短端利率均快速下行，十年国债下行至2.62%，1年AAA存单下行至2.26%。后随着市场出现部分止盈盘、季末资金面季节性收敛以及国常会释放稳增长政策将加码的信号，利率快速回升并抹平降息带来的利率下行幅度。市场情绪趋于冷静后长端利率回落至2.65%附近。 股票市场方面，中证800指数基本持平，但行业表现分化很大。受益于新技术和需求超预期，通信、传媒、计算机、家电、机械、电子等行业涨幅较大；旅游、房地产、农业、建材、化工、食品饮料、交运等行业跌幅相对较大。报告期内，在判断市场流动性总体宽松的前提下，本组合一直维持较高杠杆运作，加配超长期限利率债；权益仓位方面中性略高，主要行业分布于顺周期，受制于行业基本面，上半年权益仓位表现一般。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:42.327Z","mo":"展望下半年，经济增长的主要支撑可能来自于消费、基建投资和制造业投资，不确定性可能在地产投资和出口领域，全年完成5%的GDP增长目标难度不大。三季度经济或将进入磨底期，中期而言基本面仍将对市场形成有利支撑，但是进入7月，预计市场对基本面因素的反应较为钝化，需要关注的是后续市场交易重心和宽信用政策边际的变化。货币政策方面，预计央行将继续精准有利实施稳健的货币政策，综合运用各类货币政策工具，保持银行体系流动性合理充裕，同时也继续发挥好结构性货币政策工具的引导作用。短期内基准利率可能按兵不动，为长期货币政策留出空间，但下半年在政策债发行压力较为集中、MLF到期高峰将至以及降低融资成本的情况下，不排除下半年出现小幅降准或降息的可能。另一方面，需要关注银行自营行为对债券市场的扰动，特别是季度末及年末时点。权益市场方面，我们对2023年下半年A股市场表现总体乐观。预计2023年下半年，库存周期阶段性见底，部分工业企业盈利有望改善；出行和场景消费持续恢复将带动服务业稳步复苏。同时随着政策逐步发力，传统金融地产消费行业的需求和资产质量有望逐步改善。现代化产业体系的进一步完善和逐步推进，也将使得经济发展的质量得到提高，尤其是制造业的持续升级创新和核心技术的自立自强将进一步提高全球竞争力。我们将保持中性偏高仓位，把具备持续盈利能力、估值合理偏低的行业和公司作为重点配置。重点配置的行业包括：家电、食品饮料、金融、通信等。","fund":{"_id":3000000001584,"stockCode":"001584","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":2692190000,"market":"a","tickerId":1584,"custody":"渤海银行股份有限公司","name":"国投瑞银新活力定期开放混合型证券投资基金","shortName":"国投瑞银新活力混合(001584)","fundSecondLevel":"hybrid","__csrcFundId":4324,"fundStatus":"normal","lastUpdated":"2026-04-30T18:05:04.965Z","masterFundFlag":1,"inceptionDate":"2015-11-16T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银新活力混合","pinyin":"gtryxhldqkfhhxzqtzjj","managers":[{"stockCode":"8801361208","stockType":"fund_manager","exchange":"fm","tickerId":120406131280,"name":"李达夫"},{"stockCode":"db20915900","stockType":"fund_manager","exchange":"fm","tickerId":261714230270,"name":"张清宁"}]},"announcement":{"linkText":"国投瑞银新活力定期开放混合型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=960287","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a67fea5b3eb044a36e","date":"2023-03-30T16:00:00.000Z","stockId":3000000001584,"sao":"进入2023年，疫情防控根本性转向，稳增长政策持续推进，宽信用有所起色，微观主体信心和资产负债表均边际弱修复，债市相应持续回调。同时叠加春节前资金面边际趋紧及机构行为影响下的资金分层加剧，各品种利率持续抬升。随后降息落空，利多出尽，债市延续高位徘徊。春节后两会前，尽管消费复苏态势良好，但地产复苏不及预期，百城成交土地占地面积也有所回落，商品房日均成交面积增速放缓，现券市场先走强后保持震荡。而2月资金面由于大行信贷投放较快，超储消耗较多而偏紧，叠加同业存单到期压力较大，短端利率持续上行。进入三月，尽管央行逐步回收流动性，但三月份资金整体较2月宽松，两会后制定的经济目标没有超过市场预期。3月中旬海外硅谷银行和瑞士信贷事件造成投资者避险情绪上升，MLF超额续作后接续降准等利好对债市情绪有所提振，3月下旬市场对金融监管趋严的预期有所抬升，同时股市走强，长债利率在这样多空交织的背景下，整体偏强波动，短端利率在3月中下旬降准公布后下行明显。 往后看，我们建议以中短期限信用债配置为主，择机提高杠杆、加配利率长债增强组合收益。权益方面，以最具市场代表性的一批科创企业的整体表现最为强劲，而传统大盘价值表现相对一般。组合将进一步分散产业分布，提高组合配置板块广度。","declarationDate":"2023-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:42.324Z","fund":{"_id":3000000001584,"stockCode":"001584","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":2692190000,"market":"a","tickerId":1584,"custody":"渤海银行股份有限公司","name":"国投瑞银新活力定期开放混合型证券投资基金","shortName":"国投瑞银新活力混合(001584)","fundSecondLevel":"hybrid","__csrcFundId":4324,"fundStatus":"normal","lastUpdated":"2026-04-30T18:05:04.965Z","masterFundFlag":1,"inceptionDate":"2015-11-16T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银新活力混合","pinyin":"gtryxhldqkfhhxzqtzjj","managers":[{"stockCode":"8801361208","stockType":"fund_manager","exchange":"fm","tickerId":120406131280,"name":"李达夫"},{"stockCode":"db20915900","stockType":"fund_manager","exchange":"fm","tickerId":261714230270,"name":"张清宁"}]},"announcement":{"linkText":"国投瑞银新活力定期开放混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=879449","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a67fea5b3eb044a36d","date":"2022-12-30T16:00:00.000Z","stockId":3000000001584,"sao":"2022年全球经济错综复杂，滞、涨都愈发鲜明，地缘政治问题扰动了全球能源供应，同时部分国家的通胀创下数十年的新高，大部分国家以更快的速度和更大幅度加息来抑制通胀。相对而言，中国面临的更多是滞。一季度，外部俄乌冲突，欧美进入复苏尾声同时开启加息周期；二季度国内疫情的爆发造成部分城市经济停滞，经济增速明显下行。政策对宏观杆杆率提出适度提升的诉求，宏观杠杆率有所提升，政策组合基调为“流动性合理充裕+政府主导加杠杆”。下半年地产开发商的违约风险逐步上升，同时地产销量迟迟没有恢复、疫情扰动反复、经济修复动能有限。需求收缩、供给冲击、预期转弱三重压力对国内经济的考验持续加大，“宽信用”的验证时间比市场预计的更长。一直到年底，防疫和房地产调控政策做出重大调整，市场预期才有所转向。在这种错综复杂的格局下，2023年大部分时间国内债券收益率震荡下行，但是其中扰动因素颇多，例如海外利率上升、人民币汇率贬值、国内通胀压力担忧、债券杠杆升高带来的预期政策收紧以及理财赎回问题等等。 2022年上半年债券市场是资金驱动的市场，利率与信用分化，曲线陡峭，主要是央行流动性宽松，实体融资需求较弱，大量资金停留在金融市场，造成资金堰塞湖效应。偏弱的基本面特征决定了货币政策的宽松基础，进而决定了货币市场量宽价低的态势。下半年开始，7月房地产风险加剧，经济边际企稳证伪，资金中枢进一步下移，市场迎来一波收益率快速下行。在8月超预期的降息后市场达到全年最低点。随后稳增长政策加码，税期和跨季对资金面的扰动回归，资金边际收敛。11月至12月上旬，资金面明显收紧，资金价格中枢持续上行，防疫政策优化，地产救助“三箭齐发”，稳地产“16条”落地，债市预期转向，提前定价经济修复“强预期”，理财产品的破净赎回潮加剧了债券市场的负反馈，各品种收益率均出现大幅快速调整。纵观全年，3年期AAA中票收益上行20bp左右；同期限国债收益率基本持平。报告期内，考虑到组合规模及债券买卖的流动性需求，本基金主要配置交易所国债，但维持适度杠杆增强收益。权益市场方面，2022年A股市场总体下行。基于对流动性和企业盈利增长情况的综合判断，2022年上半年，本基金总体保持较低权益仓位，阶段性增配新能源获得较好回报；2022年下半年适度提高权益仓位，主要行业分布于：煤炭、制造、金融、建筑等。全年来看，2022年年初调整后对市场预期过于乐观，而下半年加仓后遇上市场下杀，净值有所回撤。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:42.320Z","mo":"展望2023年，我们判断基本面处于弱复苏，其动能来自于两方面，一是度过 “疫情闯关”最初混乱期后，前几年受抑制的居民消费和出行有望修复，二是稳增长政策仍将持续发力，12月中央经济工作会议中，以往“六稳”、“六保”的表述变为“稳增长、稳就业、稳物价”，预示“稳增长”诉求提升；但基本面依然面临出口进入下行周期、房地产投资修复动能弱等不利因素，预计大幅反弹的可能性不大。就目前而言，春节后人员大规模流动暂时没有出现新一轮的感染高峰，不论是金融数据还是生产高频指标，均指向我国经济景气水平明显回升。随着美联储加息步伐放缓，也意味着外部因素对国内货币政策的约束有望得到缓解，国内货币政策可能更加聚焦国内经济，同时信贷投放依然需要政策助力。我们认为2023年货币政策仍然是总量及结构性工具相互配合，结构性工具更加精准有力。2023年上半年随着存贷转换加速，地产支持政策利好频出，以及社融结构持续改善，商业银行可能出现相对中期的缺口，届时仍需要央行动用总量型政策工具用以补充流动性。但从全年来看，货币政策将逐步回归常态。对于CPI我们认为2023年上半年可能较为温和，但由于疫后居民超额储蓄向消费转化、房价边际修复等因素，下半年核心通胀不确定性将明显上升。权益市场方面，目前大概率是经济底，也是A股中长期的业绩底和估值底。随着防疫政策优化，地产政策发力，国内经济将逐步企稳，企业业绩增长也将逐步恢复。目前市场整体估值还是处于较低位，欧美加息逐步进入尾声，也有利于A股估值修复。考虑到信用债收益率在经历2022年年底一轮大幅调整之后，当前处于较为合理水平上，组合将逐步提高杠杆和久期，增厚组合静态收益率。权益仓位方面，将维持适度高位，看好消费、医药、能源、制造等行业优质公司长期配置的价值。","fund":{"_id":3000000001584,"stockCode":"001584","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":2692190000,"market":"a","tickerId":1584,"custody":"渤海银行股份有限公司","name":"国投瑞银新活力定期开放混合型证券投资基金","shortName":"国投瑞银新活力混合(001584)","fundSecondLevel":"hybrid","__csrcFundId":4324,"fundStatus":"normal","lastUpdated":"2026-04-30T18:05:04.965Z","masterFundFlag":1,"inceptionDate":"2015-11-16T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银新活力混合","pinyin":"gtryxhldqkfhhxzqtzjj","managers":[{"stockCode":"8801361208","stockType":"fund_manager","exchange":"fm","tickerId":120406131280,"name":"李达夫"},{"stockCode":"db20915900","stockType":"fund_manager","exchange":"fm","tickerId":261714230270,"name":"张清宁"}]},"announcement":{"linkText":"国投瑞银新活力定期开放混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=865917","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a67fea5b3eb044a36c","date":"2022-09-29T16:00:00.000Z","stockId":3000000001584,"sao":"三季度10Y国债收益率呈“先下后上”V字走势；资金面总体宽松，1Y国债收益率维持在较低水平，收益率曲线先平坦后陡峭化。八月上旬央行超预期降息，市场做多热情高涨，10Y国债收益率一度降至2.58%的年内最低点；后续情绪趋于谨慎，对国内宏观利多钝化，对于外围利空较为敏感。在人民币汇率贬值压力加大、美债收益率迅速冲高的双重压力下，九月底10Y国债收益率升至2.76%，回到了八月降息前水平。往后看，我们建议在震荡格局的市场情况下，以中短期限信用债配置为主，择机提高杠杆、加配利率长债增强组合收益。权益市场方面，A股震荡，中证800下跌14%,中信一级行业除煤炭行业小幅上涨外，其他行业基本都是下跌。市场主要担心美联储加息持续超预期以及国内经济的复苏低预期。2022年三季度，本基金主要投资行业分布于：煤炭、房地产及消费等。往后，本基金将坚持适度均衡、有所侧重，以期望获得较好的长期收益。","declarationDate":"2022-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:42.317Z","fund":{"_id":3000000001584,"stockCode":"001584","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":2692190000,"market":"a","tickerId":1584,"custody":"渤海银行股份有限公司","name":"国投瑞银新活力定期开放混合型证券投资基金","shortName":"国投瑞银新活力混合(001584)","fundSecondLevel":"hybrid","__csrcFundId":4324,"fundStatus":"normal","lastUpdated":"2026-04-30T18:05:04.965Z","masterFundFlag":1,"inceptionDate":"2015-11-16T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银新活力混合","pinyin":"gtryxhldqkfhhxzqtzjj","managers":[{"stockCode":"8801361208","stockType":"fund_manager","exchange":"fm","tickerId":120406131280,"name":"李达夫"},{"stockCode":"db20915900","stockType":"fund_manager","exchange":"fm","tickerId":261714230270,"name":"张清宁"}]},"announcement":{"linkText":"国投瑞银新活力定期开放混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=811993","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a67fea5b3eb044a36b","date":"2022-06-29T16:00:00.000Z","stockId":3000000001584,"sao":"2022年上半年GDP同比增速2.5%，其中一季度GDP同比4.8%，二季度GDP同比仅0.4%。从分项上看，基建增速升幅较为明显，制造业投资和出口仍有韧性。尽管从年初开始部分地区因城施策逐步放松地产方面政策，但从销售和开工数据上看，地产投资仍是较大拖累。整个上半年，市场流动性环境持续友好，债券市场表现出牛市变陡的特征。一季度市场资金表现平稳，季度隔夜均值为2.09%，但二季度开始市场资金利率开始大幅走低，季度隔夜均值仅为1.45%，大幅低于政策利率2.1%。4月份上海进入封闭管理后，央行维持较为宽松的货币环境，叠加居民风险偏好下降也带动现金类及短债类产品规模大幅走高，大量资金淤积于银行间债券市场。市场机构不断加杠杆进行套利，配置压力及交易盘参与带动短端资产大幅下行，货币市场曲线从一季度的V型走势到二季度开启单边下行的走势。1年期限AAA同业存单从年初的2.6%下行至2.28%，3M期限AAA同业存单从年初的2.35%下行至1.8%。1年期AAA短期融资券从年初2.73%下行至2.4%。权益市场方面，市场经历了多月调整后，5、6 月份迎来较好表现。我们认为市场风险在逐步出清，组合4月份逐步介入权益类资产，建仓初期由于市场仍处下跌状态，净值受到一定影响。但随后权益市场走强，组合也在权益仓位上涨的过程中取得了较好的回报。往后看，我们建议在基本面仍偏利多但震荡格局的市场情况下，维持3年左右的组合久期配置，通过边际仓位博弈市场收益率向上调整的机会。权益方面，本基金逐步增加优质公司的配置，以期望获得较好的长期收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:42.314Z","mo":"下半年宏观经济目标定位相对年初制定的“5.5%GDP增速”已有较为明显的弱化，不透支未来，在现有的框架下尽力而为，努力实现最好结果。房地产仍然坚持“房住不炒”，并且继续“因城施策”支持刚需和改善性需求。基建仍是后续经济重要抓手。下半年，经济将有望呈现缓步复苏的态势。目前市场利率已经连续多月大幅低于政策利率，流动性难以进一步宽松。后续财政和货币政策，旨在扩大需求，强调原有的政策执行落地生效。随着重心向宽信用转移，我们预计资金面也将边际收敛，三季度有缓慢上行的可能，但总体市场流动性有望维持宽松格局。由于现在短端极度拥挤且杠杆水平较高，若隔夜中枢从低点反弹，各期限资产将面临重新定价，收益率将面临较大上行压力。权益市场方面，需要关注过热板块及市场情绪的变化带来市场的调整。此外，房地产政策以及防疫防控政策的边际变化也将导致多个相应版块的表现，如房地产产业链相关、消费出行相关等。","fund":{"_id":3000000001584,"stockCode":"001584","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":2692190000,"market":"a","tickerId":1584,"custody":"渤海银行股份有限公司","name":"国投瑞银新活力定期开放混合型证券投资基金","shortName":"国投瑞银新活力混合(001584)","fundSecondLevel":"hybrid","__csrcFundId":4324,"fundStatus":"normal","lastUpdated":"2026-04-30T18:05:04.965Z","masterFundFlag":1,"inceptionDate":"2015-11-16T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银新活力混合","pinyin":"gtryxhldqkfhhxzqtzjj","managers":[{"stockCode":"8801361208","stockType":"fund_manager","exchange":"fm","tickerId":120406131280,"name":"李达夫"},{"stockCode":"db20915900","stockType":"fund_manager","exchange":"fm","tickerId":261714230270,"name":"张清宁"}]},"announcement":{"linkText":"国投瑞银新活力定期开放混合型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=781746","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a67fea5b3eb044a36a","date":"2022-03-30T16:00:00.000Z","stockId":3000000001584,"sao":"一季度债券市场在宽信用预期和宽货币预期之间反复博弈震荡。1月央行下调MLF 和OMO 利率10bp，市场利率快速下行。春节后市场关注主线切换到宽信用。主要体现在1月社融超预期、部分城市地产放松，加上两会定调经济增长目标5.5%，宽信用预期升温，中长端利率上行。3月初以来，国内经济和金融数据说明经济复苏尚不全面，海外地缘冲突和美债利率上行逐步从情绪影响转向中长期经济影响上；同时本土局部疫情升温，使得市场焦点又开始集中于宽货币预期，但3月MLF利率和LPR均维持不变，利率呈现震荡下行。一季度资金面总体平稳，资金利率仅在季末出现短暂的脉冲式上行。往后看，我们建议在震荡格局的市场情况下，维持2年左右的组合久期配置，通过边际仓位博弈市场收益率向上调整的机会。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:42.311Z","fund":{"_id":3000000001584,"stockCode":"001584","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":2692190000,"market":"a","tickerId":1584,"custody":"渤海银行股份有限公司","name":"国投瑞银新活力定期开放混合型证券投资基金","shortName":"国投瑞银新活力混合(001584)","fundSecondLevel":"hybrid","__csrcFundId":4324,"fundStatus":"normal","lastUpdated":"2026-04-30T18:05:04.965Z","masterFundFlag":1,"inceptionDate":"2015-11-16T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银新活力混合","pinyin":"gtryxhldqkfhhxzqtzjj","managers":[{"stockCode":"8801361208","stockType":"fund_manager","exchange":"fm","tickerId":120406131280,"name":"李达夫"},{"stockCode":"db20915900","stockType":"fund_manager","exchange":"fm","tickerId":261714230270,"name":"张清宁"}]},"announcement":{"linkText":"国投瑞银新活力定期开放混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=727798","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a67fea5b3eb044a369","date":"2021-12-30T16:00:00.000Z","stockId":3000000001584,"sao":"2021年，我国GDP比上年增长8.1%，两年平均增长5.1%。分季度看，一季度同比增长18.3%，二季度增长7.9%，三季度增长4.9%，四季度增长4.0%。整体经济增速符合预期，但是下半年经济增长压力明显增大。从影响经济关键要素来看，全年出口强劲，制造业投资表现较好。地产受到“三道红线”的影响，全年房地产开发投资增长仅为4.4%，而基建则受到地方隐性债务严管、项目监管趋严、地方政府发力效果慢等因素也表现较差。消费受到疫情不稳定的影响，全年持续低迷。上半年整体在稳增长压力较小的窗口期。春节后由于大宗价格持续上涨，PPI持续走高，投资者担心通胀压力以及通胀压力带来的货币政策收紧，所以整体市场情绪和投资策略均较为保守。但在央行维稳下资金面除了一月份有所突然收紧外，上半年其余月份均持续超预期宽松。在机构配置需求带动下，货币市场曲线在二季度开始走平。7月份超预期的全面降准一度让市场对于货币政策转向宽松产生遐想，各期限利率均明显下行，1年存单下行至2.64%。但随后资金利率中枢没有出现趋势性下行，央行操作始终较为克制，DR007基本上围绕着2.2%上下波动，局部时点甚至出现资金面偏紧的状况。市场对于货币政策宽松预期的逐步弱化收益率开始反弹，1年期存单在三季末前上行至2.77%。随着四季度地方债发行提速，海外债券收益率进入新一轮的上升，债券收益率在10月份出现了比较明显的反弹。四季度受恒大事件冲击、能耗双控、小规模疫情爆发以及信贷需求转弱的影响，经济基本面下行压力增大。在11月中旬公布的三季度货币政策执行报告中，删除了“总闸门”的表述，让市场对货币政策预期重新开始乐观。随后进入12月，央行宣布再次下调了0.5%的存款准备金率和5BP的1年期LPR，速度快于市场预期。年底十年国债一度下行突破了2.8%的重要关口，1年期存单也回落至2.68%收官。报告期内，本基金主要配置1-2年期限信用债，并维持较高杠杆操作，通过杠杆增强组合收益。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:42.307Z","mo":"展望2022年，受基数影响，经济增速大概率是前低后高的走势。在稳增长诉求比较强的情况下，政策发力适当靠前。基建应该会在积极的财政政策配合下年初发力，制造业也会有不错的表现。出口可能上半年好于下半年。地产年初仍有下滑压力，但在政策边际放松的情况下，预计年中前后见底企稳。消费仍然有提升空间，但节奏仍受到疫情扰动，且难以回到疫情之前的水平。货币政策方面，12月中央经济工作会议定调2022年“着力稳定宏观经济大盘，保持经济运行在合理区间”，强调“稳健的货币政策要灵活适度，保持流动性合理充裕”，“财政政策和货币政策要协调联动”，政策仍然会兼顾“跨周期”和“逆周期”的合理搭配。因此我们判断货币政策仍有进一步宽松的空间。考虑到当前债券绝对收益率水平处于中低分位，而个别券种期限利差和信用利差处于相对高分位水平，下阶段本基金将调整组合结构、精选个券，维持较高杠杆增强组合收益。","fund":{"_id":3000000001584,"stockCode":"001584","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":2692190000,"market":"a","tickerId":1584,"custody":"渤海银行股份有限公司","name":"国投瑞银新活力定期开放混合型证券投资基金","shortName":"国投瑞银新活力混合(001584)","fundSecondLevel":"hybrid","__csrcFundId":4324,"fundStatus":"normal","lastUpdated":"2026-04-30T18:05:04.965Z","masterFundFlag":1,"inceptionDate":"2015-11-16T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银新活力混合","pinyin":"gtryxhldqkfhhxzqtzjj","managers":[{"stockCode":"8801361208","stockType":"fund_manager","exchange":"fm","tickerId":120406131280,"name":"李达夫"},{"stockCode":"db20915900","stockType":"fund_manager","exchange":"fm","tickerId":261714230270,"name":"张清宁"}]},"announcement":{"linkText":"国投瑞银新活力定期开放混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=709359","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a67fea5b3eb044a368","date":"2021-09-29T16:00:00.000Z","stockId":3000000001584,"sao":"三季度，7月初宣布降准以来，1Y国债收益率先下后上，截止季末回升至2.4%左右，基本回到降准前7月初水平，同时1Y国债收益率与DR007利差回升至20BP，也基本是降准前水平。中长债券方面，三季度初收益率经历一波下行后，8、9月份中长端收益率呈现窄幅震荡，10Y国债收益率在2.8%-2.9%区间震荡。市场因再次降准预期迟迟未兑现，短端收益率震荡上行，国债10Y-1Y期限利差收窄至50BP，处于最近十年低30%分位数。往后看，我们建议在偏利多但震荡格局的市场情况下，维持3年左右的组合久期配置，通过边际仓位博弈市场收益率向上调整的机会。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:42.281Z","fund":{"_id":3000000001584,"stockCode":"001584","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":2692190000,"market":"a","tickerId":1584,"custody":"渤海银行股份有限公司","name":"国投瑞银新活力定期开放混合型证券投资基金","shortName":"国投瑞银新活力混合(001584)","fundSecondLevel":"hybrid","__csrcFundId":4324,"fundStatus":"normal","lastUpdated":"2026-04-30T18:05:04.965Z","masterFundFlag":1,"inceptionDate":"2015-11-16T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银新活力混合","pinyin":"gtryxhldqkfhhxzqtzjj","managers":[{"stockCode":"8801361208","stoc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3个月以及1年期存单收益率由2.72%，2.95%下滑至2.4%，2.9%。报告期内，本基金维持较高杠杆操作，主要配置2-3年期限信用债为主，通过杠杆增强组合收益，但两次市场收益率发生较大波动的情况下，组合受到较大冲击。四季度逐步降低组合杠杆和久期，降低组合净值波动。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:42.268Z","mo":"展望2021年，上半年基本面景气度有望持续冲高，驱动力持续向顺周期因素切换，但剔除基数效应后回升斜率将明显放缓；下半年宏观经济面临的不确定性较大，融资条件收紧对房地产投资的影响或逐渐显现，同时发达国家疫苗普及可能影响中国替代性出口增速，其前景尚不明朗。同比来看，因基数效应较强，2021年一季度GDP高点或在20%左右，随后逐步回落，二季度回落至8-9%，年末或回落至5-6%，全年增速可能9%-10%。物价方面，全球流动性扩张对大宗商品价格传导尚不充分，二三季度可能面临一定输入性通胀压力，届时PPI高点或超市场预期。考虑到当前债券绝对收益率水平处于中低分位，而个别券种期限利差和信用利差处于相对高分位水平，下阶段本组合将调整组合结构，降低组合杠杆，精选个券，逐步缩短组合久期。","fund":{"_id":3000000001584,"stockCode":"001584","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":2692190000,"market":"a","tickerId":1584,"custody":"渤海银行股份有限公司","name":"国投瑞银新活力定期开放混合型证券投资基金","shortName":"国投瑞银新活力混合(001584)","fundSecondLevel":"hybrid","__csrcFundId":4324,"fundStatus":"normal","lastUpdated":"2026-04-30T18:05:04.965Z","masterFundFlag":1,"inceptionDate":"2015-11-16T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银新活力混合","pinyin":"gtryxhldqkfhhxzqtzjj","managers":[{"stockCode":"8801361208","stockType":"fund_manager","exchange":"fm","tickerId":120406131280,"name":"李达夫"},{"stockCode":"db20915900","stockType":"fund_manager","exchange":"fm","tickerId":261714230270,"name":"张清宁"}]},"announcement":{"linkText":"国投瑞银新活力定期开放混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=556477","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a67fea5b3eb044a364","stockId":3000000001584,"sao":"三季度债券市场收益率曲线平坦化上行，10年国债收益率从2.8%附近震荡上行至最高点3.2%附近，同期3年以内品种上行幅度接近50bp，市场情绪亦较为一般，主要原因在于8月以来地方政府专项债发行放量，供给端冲击较大；经济基本面延续修复，工业增加值指向的企业复工复产情况较好；股票市场表现较好，风险偏好有所提升，对资金形成一定分流。往后看，从中美利差、大类资产比价等维度看，当前债券市场收益率已经具有比较明显的配置价值，收益率上探的空间较为有限。基本面温和复苏等利空因素，也已基本充分定价。操作方面，组合以期限3年以内信用债为主，通过维持较高杠杆增强组合收益","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:42.265Z","fund":{"_id":3000000001584,"stockCode":"001584","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":2692190000,"market":"a","tickerId":1584,"custody":"渤海银行股份有限公司","name":"国投瑞银新活力定期开放混合型证券投资基金","shortName":"国投瑞银新活力混合(001584)","fundSecondLevel":"hybrid","__csrcFundId":4324,"fundStatus":"normal","lastUpdated":"2026-04-30T18:05:04.965Z","masterFundFlag":1,"inceptionDate":"2015-11-16T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银新活力混合","pinyin":"gtryxhldqkfhhxzqtzjj","managers":[{"stockCode":"8801361208","stockType":"fund_manager","exchange":"fm","tickerId":120406131280,"name":"李达夫"},{"stockCode":"db20915900","stockType":"fund_manager","exchange":"fm","tickerId":261714230270,"name":"张清宁"}]},"announcement":{"linkText":"国投瑞银新活力定期开放混合型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=490050","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5a67fea5b3eb044a363","stockId":3000000001584,"sao":"2020年上半年，受到疫情在海内外蔓延影响，多国采取宽松货币政策刺激，一季度债券市场表现强劲，4月份债券市场延续一季度强势表现，并在月末创出这一轮收益率的低点。但从5月份开始，由于受到央行的微调、经济环比数据的改善以及市场对流动性的预期差导致了债市场经历了较大幅度的调整，收益率曲线平坦化上行，10年国债收益率从2.50%附近上行至最高点2.85%附近，同期3年以内品种上行幅度接近100bp。经过这一轮的收益率上涨，债券市场收益率曲线短端基本重新定价完成，中短期限信用债具备较好的投资价值。在市场流动性维持宽松的背景下，货币类、现金管理类等短端产品收益率较低，而中短债基金则可凭借在投资范围、品种和期限上的优势追求更高的业绩弹性。报告期内，本基金以债券资产配置为主，其中信用债配置比例较高，总体组合维持中短久期操作，并通过杠杆增强组合收益。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:42.263Z","mo":"展望2020下半年，在新冠肺炎疫情快速蔓延下，全球经济遭遇供需双侧冲击，世界范围的经济衰退基本成为定局。目前主要经济体已经逐步由停摆状态过渡到复工重启状态，但由于缺乏强有力的国际协调，疫情或在全球出现反复。尽管国内复工复产进度先于外围，但面临的问题依然复杂多变。下阶段本组合债券部分以信用债加杠杆操作为主，维持中短久期，力争以优异的业绩回报基金持有人。","fund":{"_id":3000000001584,"stockCode":"001584","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-11-15T16:00:00.000Z","setUpScale":2692190000,"market":"a","tickerId":1584,"custody":"渤海银行股份有限公司","name":"国投瑞银新活力定期开放混合型证券投资基金","shortName":"国投瑞银新活力混合(001584)","fundSecondLevel":"hybrid","__csrcFundId":4324,"fundStatus":"normal","lastUpdated":"2026-04-30T18:05:04.965Z","masterFundFlag":1,"inceptionDate":"2015-11-16T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","masterFundShortName":"国投瑞银新活力混合","pinyin":"gtryxhldqkfhhxzqtzjj","managers":[{"stockCode":"8801361208","stockType":"fund_manager","exchange":"fm","tickerId":120406131280,"name":"李达夫"},{"stockCode":"db20915900","stockType":"fund_manager","exchange":"fm","tickerId":261714230270,"name":"张清宁"}]},"announcement":{"linkText":"国投瑞银新活力定期开放混合型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=455234","linkType":"PDF","source":"csrc_pdf"}}]}