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49.8，自5月份以来持续处于荣枯线下。经济数据中，1-8月份地产投资同比-10.2%，与上半年基本持平；基建投资受实务工作进度放缓影响，1-8月份累计同比从上半年的5.4%回落至4.4%；制造业1-8月累计同比下降0.4个百分点至9.1%，虽然内需乏力，但在出口拉动下仍维持偏高增速。受居民收入增长预期下滑影响，社零累计同比由二季度的3.7%下滑至8月份的3.4%。进出口方面，外需保持韧性，出口累计同比从二季度的3.5%上升至8月份的4.6%。通胀方面，24年二季度居民消费价格(CPI)单月同比略有回升，工业生产者出厂价格(PPI)单月同比降幅扩大。需求偏弱的情况也体现在PPI上，同比下滑1个百分点至-1.8%。政策方面，三季度主要总量政策发力点在于货币政策，央行通过引导大行买入短期限国债，以及跨月和税期时点加大OMO操作量，三季度DR007保持在1.90%附近的相对偏低水平，反映季度内整体资金面合理充裕。9月下旬，在国内经济承压和海外降息启动背景下，央行进行了超预期政策调整，包括全面降准50bp，降低存量房贷利率至新发放水平，OMO和后续LPR同时下调20bp等，体现了货币政策先行，从而支持稳增长和后续财政发力。组合在报告期内，根据市场实际情况，通过优化持仓结构并动态调整杠杆久期的方式，实现组合净值的稳步增长。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:40.975Z","fund":{"_id":3000000001783,"__csrcFundId":4784,"stockCode":"001783","shortName":"兴银合盈债券(001783)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":1783,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:12:00.583Z","status":"normal","inceptionDate":"2019-02-25T16:00:00.000Z","name":"兴银合盈债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银合盈债券","pinyin":"xyhyzqxzqtzjj","managers":[{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"},{"stockCode":"j101019637","stockType":"fund_manager","exchange":"fm","tickerId":2612253390,"name":"张璐"}]},"announcement":{"linkText":"兴银合盈债券型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1173855","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e07fea5b3eb044e595","date":"2024-06-29T16:00:00.000Z","stockId":3000000001783,"sao":"回顾上半年，债券市场围绕经济基本面修复斜率及金融机构欠配压力进行定价，债券收益率呈现全面下行，曲线呈现牛陡走势。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，带动金融机构欠配压力增加，债市呈现1-2月收益率快速下行，3月份经济金融数据公布后窄幅震荡行情。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，财政部公布的超长期特别国债发行节奏较为平缓，持续放松的地产政策效果尚未从二手房市场传导到一手房市场，上述因素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存款投资规模而增加债券投资规模，导致债券的配置需求增加，对债市形成一定利好。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。分资产类别来看，信用债及金融债呈现信用利差压缩、期限利差压缩，整体全价表现优于利率债。报告期内，组合主要寻找高性价比信用资产进行配置，并根据不同市场环境，参与长久期利率债波段交易，通过适时调整组合的久期和杠杆，增厚组合回报，实现了组合净值的稳步增长。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:40.972Z","mo":"展望下半年，在中央定调 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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。组合在报告期内维持中等久期和杠杆，并根据行情变化调整久期和杠杆水平，平衡组合风险和收益，实现净值稳步增长。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:40.964Z","fund":{"_id":3000000001783,"__csrcFundId":4784,"stockCode":"001783","shortName":"兴银合盈债券(001783)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":1783,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:12:00.583Z","status":"normal","inceptionDate":"2019-02-25T16:00:00.000Z","name":"兴银合盈债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银合盈债券","pinyin":"xyhyzqxzqtzjj","managers":[{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"},{"stockCode":"j101019637","stockType":"fund_manager","exchange":"fm","tickerId":2612253390,"name":"张璐"}]},"announcement":{"linkText":"兴银合盈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=989054","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e07fea5b3eb044e591","date":"2023-06-29T16:00:00.000Z","stockId":3000000001783,"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":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:40.962Z","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。下半年组合将持续维持中性杠杆和中等久期，精择个券，并根据市场情况适时调整。","fund":{"_id":3000000001783,"__csrcFundId":4784,"stockCode":"001783","shortName":"兴银合盈债券(001783)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":1783,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:12:00.583Z","status":"normal","inceptionDate":"2019-02-25T16:00:00.000Z","name":"兴银合盈债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银合盈债券","pinyin":"xyhyzqxzqtzjj","managers":[{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"},{"stockCode":"j101019637","stockType":"fund_manager","exchange":"fm","tickerId":2612253390,"name":"张璐"}]},"announcement":{"linkText":"兴银合盈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=957869","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e07fea5b3eb044e590","date":"2023-03-30T16:00:00.000Z","stockId":3000000001783,"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。组合在报告期间维持中等久期和杠杆，并根据行情变化调整久期和杠杆水平，组合表现整体较好。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:40.959Z","fund":{"_id":3000000001783,"__csrcFundId":4784,"stockCode":"001783","shortName":"兴银合盈债券(001783)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":1783,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:12:00.583Z","status":"normal","inceptionDate":"2019-02-25T16:00:00.000Z","name":"兴银合盈债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银合盈债券","pinyin":"xyhyzqxzqtzjj","managers":[{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"},{"stockCode":"j101019637","stockType":"fund_manager","exchange":"fm","tickerId":2612253390,"name":"张璐"}]},"announcement":{"linkText":"兴银合盈债券型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=889869","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e07fea5b3eb044e58f","date":"2022-12-30T16:00:00.000Z","stockId":3000000001783,"sao":"2022年，债券市场呈现大震荡态势，疫情防控形势的变化发展成为全年债券市场波动的主导因素。上半年上海疫情的爆发使得一季度以来的经济复苏进程被中断，宏观经济遭受三年来最大冲击，某些方面的冲击程度甚至超过2020年。在这种背景下，市场对宏观经济的预期持续走弱，同时央行年中超预期降息，债券市场收益率在整个1-10月份均维持了震荡走低的态势。不仅绝对收益率水平接近历史低位。信用利差、期限利差等指标也进入历史最低分位数区间。市场对于疫情发展的悲观情绪成为了牵引市场变化的主导因素，悲观情绪的不断演绎也伴随着市场风险的不断积累。进入11月份，疫情防控政策出现重大调整，市场预期随即出现逆转。由对经济极度悲观预期转为疫情防控优化后的乐观预期。市场收益率快速大幅上行，在非常短的时间内抹平了2022年以来的下行幅度，基本回到2021年的中枢水平。净值类产品净值快速下跌所引发的赎回潮又继续引发市场上出现非理性抛售。信用利差、期限利差均回到近几年的较高水平。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，组合表现整体较好。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:40.956Z","mo":"展望2023年，由于市场在2022年底的快速下跌中已经释放了较多风险，2023年市场面临的潜在风险相对较小。从基本面上来看，2023年的复苏态势依然相对明确，债券市场也较难走出单边牛市行情。但由于预期差所引致的阶段性行情将在2023年频繁出现。产品将在2023年维持中等久期、中等杠杆，同时密切关注可能出现的预期差机会，并进行仓位的调整。2023年精选信用债，获取信用债的信用利差压缩收益将是较为可行的策略。","fund":{"_id":3000000001783,"__csrcFundId":4784,"stockCode":"001783","shortName":"兴银合盈债券(001783)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":1783,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:12:00.583Z","status":"normal","inceptionDate":"2019-02-25T16:00:00.000Z","name":"兴银合盈债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银合盈债券","pinyin":"xyhyzqxzqtzjj","managers":[{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"},{"stockCode":"j101019637","stockType":"fund_manager","exchange":"fm","tickerId":2612253390,"name":"张璐"}]},"announcement":{"linkText":"兴银合盈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=869377","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e07fea5b3eb044e58e","date":"2022-09-29T16:00:00.000Z","stockId":3000000001783,"sao":"2022年三季度，经济基本面仍处于弱复苏状态，市场需求不足，债券市场波动加大。7月资金面并未随着央行公开市场缩量投放而收紧，反而进一步宽松，隔夜加权利率一度向1%靠近，叠加地产风险事件，经济基本面修复不及预期等因素影响，债券收益率整体下行。8月份央行意外调降MLF利率10BP，大幅超出市场预期，债券利率快速下行。进入9月份后，地产保交楼等维稳政策频出，金融数据的总量和结构均有好转，叠加人民币大幅贬值对市场情绪有所扰动，资金季节性收紧等一系列利空因素下，债券收益率有所调整，长端利率债的调整幅度大于其他品种。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，组合表现整体较好。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:40.954Z","fund":{"_id":3000000001783,"__csrcFundId":4784,"stockCode":"001783","shortName":"兴银合盈债券(001783)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":1783,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:12:00.583Z","status":"normal","inceptionDate":"2019-02-25T16:00:00.000Z","name":"兴银合盈债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银合盈债券","pinyin":"xyhyzqxzqtzjj","managers":[{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"},{"stockCode":"j101019637","stockType":"fund_manager","exchange":"fm","tickerId":2612253390,"name":"张璐"}]},"announcement":{"linkText":"兴银合盈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=810819","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e07fea5b3eb044e58d","date":"2022-06-29T16:00:00.000Z","stockId":3000000001783,"sao":"2022年上半年受疫情超预期爆发影响，国内宏观基本面由强转弱，财政政策和货币政策均逆周期调节，债券收益率震荡向下。具体来看，年初以来经济稳增长诉求较高，央行在年初即下调公开市场操作利率，维持货币政策的稳定，同时房地产因城施策，调控力度边际放松，宽信用预期升温，债券收益率先下后上。3月下旬，疫情超预期爆发，国内部分区域的经济活动停滞，疫情的防控措施对经济产生一定影响，使得二季度宏观经济各项指标均走弱，政策逆周期调节，包括央行维持流动性的宽松，财政部加快专项债发行速度，以基建托底经济，债券收益率整体下行。5月底疫情得到有效控制，国内生产消费活动逐步恢复，但经济修复速度明显慢于2020年疫情后水平，主要因为地产需求持续低迷，宽货币向宽信用的传导并不顺畅，资金仍然淤积在金融体系内，市场资金利率维持低位，债券收益率在6月先上后下。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，组合表现整体较好。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:40.951Z","mo":"展望下半年，受疫情多发和地产疲弱影响，宏观经济修复的速度趋缓，经济增速的中枢或将有所下移，预计利率中枢或将逐步下移，利率曲线有走平可能。宏观经济方面，下半年经济基本面或将延续6月以来的弱复苏态势，基建将继续托底经济，汽车产业链的修复将对出口和消费均起到一定的提振作用；但宏观经济仍面临其他掣肘，包括地产需求持续疲弱，行业信用不足，企业融资受限，导致地产销售、拿地、投资数据均不佳，叠加人口、城镇化率等长周期因素影响，地产需求或难以快速反弹；另外疫情多发，导致防疫成本较高，也将使得经济修复有所反复。预计未来宏观经济形势或将对债券市场较为有利，但央行货币政策难以进一步宽松。当前利率曲线比较陡峭，短期限资产受制于货币政策制约难以有进一步表现，而中长期限资产收益率将出现下行，利率曲线有走平的可能性。组合将维持一定的杠杆，并根据市场情况灵活调整久期，为投资者获取较为稳定的收益。","fund":{"_id":3000000001783,"__csrcFundId":4784,"stockCode":"001783","shortName":"兴银合盈债券(001783)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":1783,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:12:00.583Z","status":"normal","inceptionDate":"2019-02-25T16:00:00.000Z","name":"兴银合盈债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银合盈债券","pinyin":"xyhyzqxzqtzjj","managers":[{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"},{"stockCode":"j101019637","stockType":"fund_manager","exchange":"fm","tickerId":2612253390,"name":"张璐"}]},"announcement":{"linkText":"兴银合盈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=784078","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e07fea5b3eb044e58c","date":"2022-03-30T16:00:00.000Z","stockId":3000000001783,"sao":"一季度宏观经济受地产需求疲弱及疫情多点爆发影响，呈现一定的稳增长压力，政策在宽货币的基础上进行宽信用和宽财政，债券收益率呈宽幅震荡态势。具体来看，1月信贷数据较弱，地产的高频维持负增长，央行下调公开市场操作利率，债券收益率整体下行；2月房地产政策边际放松预期升温，“宽信用”政策下债券收益率整体回调；3月国内疫情多发，经济动能明显回落，央行在一季度政策例会中表示要强化跨周期和逆周期调节，加大稳健的货币政策实施力度，季末资金面维持稳定，债券收益率先上后下。 组合在报告期间采用偏中性策略，偏高久期、中等杠杆，适时根据行情变化调整久期和杠杆水平，风险收益比整体较好。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:40.948Z","fund":{"_id":3000000001783,"__csrcFundId":4784,"stockCode":"001783","shortName":"兴银合盈债券(001783)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":1783,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:12:00.583Z","status":"normal","inceptionDate":"2019-02-25T16:00:00.000Z","name":"兴银合盈债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050890000,"currency":"CNY","masterFundShortName":"兴银合盈债券","pinyin":"xyhyzqxzqtzjj","managers":[{"stockCode":"j101019925","stockType":"fund_manager","exchange":"fm","tickerId":250425248260,"name":"叶冬义"},{"stockCode":"j101019637","stockType":"fund_manager","exchange":"fm","tickerId":2612253390,"name":"张璐"}]},"announcement":{"linkText":"兴银合盈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=729937","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5e07fea5b3eb044e58b","date":"2021-12-30T16:00:00.000Z","stockId":3000000001783,"sao":"2021年全球经济仍受疫情影响，供应链受阻，商品价格抬升，海外经济体在疫情常态化防控的基础上逐步修复，国内经济增速前高后低，全年实际GDP同比增长8.1%，两年平均增长5.1%。上半年我国宏观经济表现较大韧性，表现在出口增速维持高景气度，地产投资受到房企的快周转支撑维持韧性，制造业投资也在政策支持下逐步修复。为此政策跨周期调节，在限制地产和地方融资的同时，鼓励实体经济融资。下半年以地产投资为代表的需求端大幅走弱，叠加能耗双控，供需两弱下宏观经济增速有所下滑，政策端维稳意图明显，央行下调LPR利率并降准，以维护流动性的合理充裕，支持实体经济。在宽松货币维稳经济的基础上，债券收益率震荡下行。 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，风险收益比整体较好。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:40.946Z","mo":"展望2022年，年初国内经济供需两弱，政策稳增长诉求较高，货币政策维持宽松，但宽货币到宽信用的传导效率有待观察，债券市场将波动加大，全年走势取决于基本面变化情况。宏观经济来看，国内经济基本面有下行压力且预期较弱，主因在于民企地产信用风险尚未完全释放，且地产需求的疲弱有传导至其他行业的迹象，居民财富效应的缩水和地方土地收入的下跌分别影响消费和基建需求；另外随着海外供应链的逐步修复和基数效应的存在，2022年出口对GDP的贡献将边际下降。政策方面，各级政府“稳增长”诉求较高，政策趋于宽松，表现在央行将维持宽松的货币政策，并同时实施宽信用政策，包括宽财政刺激基建和实业、地产因城施策等。但基于政策有定力，不会大开大合的判断，预计宽货币到宽信用的传导效率下降、传导时间拉长，债券市场将波动加大。 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