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行。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:40.269Z","mo":"展望2024年，年初观察依然是政策持续发力但微观主体动力不足，长期经济预期偏弱是债券做多的重要支撑，货币宽松基调的预期也未转变，低票息市场环境下，市场为卷收益积极追逐长久期资产，债市逢调便有资金做多，波动加大，交易机会增加。银行扩表动机及资本考核下，银行对负债端仍有诉求，成本约束下，曲线可能仍然偏平，短久期资产关注债券供给放量、季末等时点的配置机会，MLF利率仍为1Y期国股存单的关键指导。但在当前市场预期极为一致的环境下，是容易出现变盘情况的，海外的经济韧性及资产价格传导、国内的经济修复强度等存在预期不足的可能性，同时需注意负债端的变化。转债均价已经跌至历史低位，但股市周期长度出现变化，条款博弈机会下降，转债的性价比也需要重新度量，债底支撑是转债企稳的关键，配置上以高YTM转债为主，波段交易偏股型转债。","fund":{"_id":3000000002586,"__csrcFundId":1431,"stockCode":"002586","shortName":"金鹰添利信用债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2586,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.543Z","status":"normal","inceptionDate":"2017-02-21T16:00:00.000Z","name":"金鹰添利中长期信用债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050200000,"currency":"CNY","masterFundShortName":"金鹰添利信用债债券","pinyin":"jytlzcqxyzzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20772321","stockType":"fund_manager","exchange":"fm","tickerId":262523225860,"name":"周雅雯"}]},"announcement":{"linkText":"金鹰添利中长期信用债债券型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1055899","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6947fea5b3eb045b130","date":"2023-09-29T16:00:00.000Z","stockId":3000000002586,"sao":"三季度债券市场呈V型走势。季初走势仍为二季度的延续，市场继续交易经济弱复苏，且资金面维持宽松，利率下行顺畅，而政治局会议召开明确了经济增长诉求，地产刺激、化债等一系列支持政策的出台，使得债券市场转谨慎，虽然8月中旬的意外降息给债券收益率下行再添一把力，长债下行尤为明显，但短暂交易后，获利了结的投资者开始增加，市场回调延续至9月末，因短债受资金面影响更大，当降息并未带来资金利率的进一步下行时，短端迅速反映为利空，先于长债开启调整，季末资金趋紧叠加长假影响，债券收益率曲线走平。转债方面，中证转债指数季度内录得负收益，节奏上，7月初市场仍表现低迷，直到政治局会议明确经济增长诉求，以及活跃资本市场相关政策的支持，以大金融为代表的板块表现明显，因其在指数构成中占比高，对带动可转债指数反弹作用明显，进入8月后，由于经济复苏进度不及预期，权益市场普遍调整，且8月底开始，利率上行对可转债市场系统估值水平形成考验，转债指数继续下跌。操作方面，组合以中低价可转债配置为主，但提升了转债的比例，因此加大了组合的波动。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:40.267Z","fund":{"_id":3000000002586,"__csrcFundId":1431,"stockCode":"002586","shortName":"金鹰添利信用债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2586,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.543Z","status":"normal","inceptionDate":"2017-02-21T16:00:00.000Z","name":"金鹰添利中长期信用债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050200000,"currency":"CNY","masterFundShortName":"金鹰添利信用债债券","pinyin":"jytlzcqxyzzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20772321","stockType":"fund_manager","exchange":"fm","tickerId":262523225860,"name":"周雅雯"}]},"announcement":{"linkText":"金鹰添利中长期信用债债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=991802","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6947fea5b3eb045b12f","date":"2023-06-29T16:00:00.000Z","stockId":3000000002586,"sao":"后疫情时代的经济复苏牵动人心，年初市场活跃度提升，人心躁动，市场对经济自身修复充满期待，债市略显压力，但随着节后复工等部分高频经济数据持续低于预期，两会的政策引导亦有所克制，加上负债端压力缓解，央行呵护资金面顺利跨季，市场积极寻找资产配置，并通过杠杆策略增厚收益，经济的弱复苏态势在二季度更为明朗，银行调降存款利率、3.5%利率寿险产品下架、降息等又助推了收益率的进一步下行，行情持续至6月中旬，降息落地，市场止盈情绪浓烈，对经济政策博弈增加，市场波动加大。转债方面，年初继续交易经济修复预期，可转债市场跟随权益市场系统性反弹，随着经济修复斜率预期不断下修，权益市场结构性行情聚焦于数字经济和中特估两大主题，转债行情也走向分化，考虑到相关可转债标的数量少、规模小、易赎回，转债指数趋于横盘。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:40.264Z","mo":"展望下半年，流动性预期将维持平衡偏宽松，但考虑到当前债券资产价格已经处于历史低位，且政策层面积极信号释放，预计债市波动将加大，而转债受益于悲观经济预期的修复，或存在较好的投资机会，期间对政策的期待到政策的落地，再到实际效果的检验，或带动转债行情。操作层面，上半年组合配置以银行二级资本债为主，但久期偏短，导致组合虽然波动较小，但收益率表现一般，三季度将加大转债配置比例，试图在经济预期修复行情中寻找机会，同时积极关注政策落地情况。","fund":{"_id":3000000002586,"__csrcFundId":1431,"stockCode":"002586","shortName":"金鹰添利信用债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2586,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.543Z","status":"normal","inceptionDate":"2017-02-21T16:00:00.000Z","name":"金鹰添利中长期信用债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050200000,"currency":"CNY","masterFundShortName":"金鹰添利信用债债券","pinyin":"jytlzcqxyzzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20772321","stockType":"fund_manager","exchange":"fm","tickerId":262523225860,"name":"周雅雯"}]},"announcement":{"linkText":"金鹰添利中长期信用债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=961122","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6947fea5b3eb045b12e","date":"2023-03-30T16:00:00.000Z","stockId":3000000002586,"sao":"进入一季度，债市走势整体呈区间震荡，因短端出现较为明显上行，曲线形态偏熊平，究其原因，长端围绕经济复苏斜率定价，春节前市场对于疫后报复性消费及地产政策放松期待值不断提升，十年国债收益率从年初的2.82%上行至最高2.93%，而节后复工等部分高频经济数据持续低于预期，两会的政策引导亦有所克制，加之年初的配置盘力量，十年国债收益率震荡修复至2.85%左右，且市场再次出现了通过下沉去要收益的情况，可见局部资产荒仍然存在；而短端除了一季度的季节性资金紧张外，年初银行信贷投放增加，利率债净融资额较高等因素都会消耗银行超储，资金利率上行至政策利率附近波动，季末在央行的呵护下平稳度过，存单等短资产收益率重新下行，一年期国股存单收益率基本已经回到2.7%左右的位置，资金面的边际收敛使得市场对短期数据更加敏感，单就一年内资产的收益率来看，曲线偏平，受《商业银行资本管理办法（征求意见稿）》的影响，跨年资产的期限利差相对明显。转债方面，年初继续交易经济修复预期，可转债市场跟随权益市场系统性反弹，地产、金融、消费等大盘价值板块表现更优，转债整体加权平均转股溢价率水平收窄。进入2月，市场对国内经济修复成色及斜率的担忧增加，权益市场涨跌不一，行情主要围绕数字经济和中特估这两大主题，转债行情也出现分化，但指数横盘震荡，加权平均转股溢价率被动走阔。本季度内，产品主要配置仍集中在高等级短久期的银行次级债，适当地增加了转债的配置，考虑到转债标的相对局限，较少参与计算机、传媒等热门主题行业，配置更倾向于平衡型转债。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:40.261Z","fund":{"_id":3000000002586,"__csrcFundId":1431,"stockCode":"002586","shortName":"金鹰添利信用债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2586,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.543Z","status":"normal","inceptionDate":"2017-02-21T16:00:00.000Z","name":"金鹰添利中长期信用债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050200000,"currency":"CNY","masterFundShortName":"金鹰添利信用债债券","pinyin":"jytlzcqxyzzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20772321","stockType":"fund_manager","exchange":"fm","tickerId":262523225860,"name":"周雅雯"}]},"announcement":{"linkText":"金鹰添利中长期信用债债券型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=885773","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6947fea5b3eb045b12d","date":"2022-12-30T16:00:00.000Z","stockId":3000000002586,"sao":"2022年债市多空交织，上半年国内市场在流动性充裕的环境下，局部资产荒仍是市场热议的话题，疫情乌云笼罩下的经济难言起色，地产政策频出，却也难敌信心受损，因此即使海外货币政策转向，国内“以我为主”的行情仍在持续，短端受益更加明显，长端则在低位窄幅震荡，反复博弈国内经济数据，8月中旬央行超预期降息，将十年国债收益率推至2.58%的低点，一年国债收益率低至1.69%。但由于收益率已经降至历史低位，债券资产的安全边际不足问题更加明显，因此博弈情绪愈发浓烈，脆弱的市场经不起预期的扰动，降息行情并未持续太久，反而随着资金面的边际收敛，债市开启回调，直到资金价格趋稳走低，弱现实得以印证，才合力稳住债市。进入11月，资金价格陡然走高，叠加国内稳增长预期增强，信心就来自于防疫和地产政策变化，弱现实的声浪被压制，市场出现恐慌性砸盘，理财赎回冲击加速债市下跌，以银行二级资本债、永续债为代表的流动性相对较好的信用品种，在这波冲击下反应尤为明显，收益率回到历史高位，直到央行出手继续呵护市场，配置盘入场才止住债市下跌，而随着债券收益率性价比提升，市场对稳增长政策信号也逐渐钝化，债市又回到了强预期与弱现实反复博弈的阶段，再次进入震荡行情。转债市场上半年的表现与权益市场契合度较高，年初至8月受疫情影响，转债市场呈“V形”走势，转债指数相对权益抗跌，四季度受理财等赎回冲击影响，前期堆积的溢价率随着债券市场调整快速释放，转债平价和估值明显压缩。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:40.258Z","mo":"展望2023年，经济复苏态势更加明朗，债市在压力中预期波动加大，而机会来自于复苏的节奏，期间关键时点对资产价格的影响会更加明显，考虑财政政策仍需要货币政策的协调配合，流动性预期将维持平衡偏宽松，但资金淤积在金融体系的现象有所缓解，资金收益率中枢预计仍会继续抬升，央行的短期操作对资金面的影响加大。操作上，我们将对债券资产保持谨慎态度，注重在关键时间点配置流动性相对较好的资产品种，如出现时点或事件冲击导致收益率快速上行，或提供较好的配置机会。转债操作会更加积极，关注权益市场波动对转债市场的影响，但溢价率预期会有所压缩，板块轮动和性价比仍是今年关注的重点。","fund":{"_id":3000000002586,"__csrcFundId":1431,"stockCode":"002586","shortName":"金鹰添利信用债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2586,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.543Z","status":"normal","inceptionDate":"2017-02-21T16:00:00.000Z","name":"金鹰添利中长期信用债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050200000,"currency":"CNY","masterFundShortName":"金鹰添利信用债债券","pinyin":"jytlzcqxyzzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20772321","stockType":"fund_manager","exchange":"fm","tickerId":262523225860,"name":"周雅雯"}]},"announcement":{"linkText":"金鹰添利中长期信用债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=869049","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6947fea5b3eb045b12c","date":"2022-09-29T16:00:00.000Z","stockId":3000000002586,"sao":"进入三季度，流动性宽松和经济修复进程仍是影响债市的主要因素，同时海外加息的影响力在逐步加深，由于利率绝对水平处于低位，交易盘反复博弈使得利率行情常常领先于数据。纯债方面，7月至8月中，债市整体呈下行趋势，利多主要来自于资金面宽松及经济修复不达预期，8月15日降息公布，市场在短暂的兴奋后转向谨慎，地产政策出台及MLF缩量续作等政策信号、汇率快速贬值压力等方面加剧市场担忧，利率转为震荡向上，季末上行幅度加大。信用债采取中高等级长久期策略会相对占优。转债方面，季度初转债延续上涨态势，而8月中下旬以来，受到权益市场调整和风格切换、个别转债强赎的影响，转债市场转跌，绝对价格中枢明显下行，但在资金面宽松、债市欠配的大环境下，转债相较于权益资产更为坚挺，溢价率仍维持在较高位置。操作方面，本基金对转债部分进行了调整，从季度初的弹性转债标的逐步切换为低价转债为主，并从风险控制和投资性价比方面考虑，降低了转债仓位，转为以纯债配置为主的组合。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:40.256Z","fund":{"_id":3000000002586,"__csrcFundId":1431,"stockCode":"002586","shortName":"金鹰添利信用债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2586,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.543Z","status":"normal","inceptionDate":"2017-02-21T16:00:00.000Z","name":"金鹰添利中长期信用债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050200000,"currency":"CNY","masterFundShortName":"金鹰添利信用债债券","pinyin":"jytlzcqxyzzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20772321","stockType":"fund_manager","exchange":"fm","tickerId":262523225860,"name":"周雅雯"}]},"announcement":{"linkText":"金鹰添利中长期信用债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=809110","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6947fea5b3eb045b12b","date":"2022-06-29T16:00:00.000Z","stockId":3000000002586,"sao":"回顾2022年上半年的债券市场，在流动性宽松的背景下，“以我为主”的政策态度被市场充分接受，资金面超预期宽松给予短端资产收益率中枢顺畅下行更大的空间，长端资产则围绕经济预期反复交易，以十年国债为代表的收益率在2.7%至2.85%区间震荡，一季度市场关注重点放在宽信用的疏导和落地上，多地地产调控放松加剧市场担忧，期间海外市场变化亦对国内债市产生阶段性扰动，多重因素影响下市场波动加大，随着上海地区疫情爆发，二季度市场的交易逻辑相对清晰，即疫情冲击与疫后恢复，在充裕流动性的呵护下，长端利率对经济修复的定价远不如权益市场反映强烈，确定性的疫后复苏已经体现在二季度的走势中，只是复苏斜率和持续性仍存在分歧，尤其是地产如何破局仍然存疑，但在空间预期不大的市场，投资者针对政策的增量信息展开博弈，也使得市场转为窄幅震荡行情。信用方面，以地产为主的一系列违约事件使得机构风险偏好大幅收缩，叠加流动性充裕，结构性资产荒行情延续，弱资质国企债券、商业银行二级资本债等利差明显压缩，短期限信用债更受市场青睐，市场分化加剧。可转债上半年呈“V”型走势，年初至4月因权益市场的悲观预期加上纯债收益率上行压力，导致估值回落、平价压缩，且部分低风险承受能力的资金在回撤要求下主动降低仓位，转债市场转空，4月底至6月末，受益于政策支持与疫情缓和带动市场情绪，转债反弹。操作上，一季度持仓以纯债配置为主，二季度随着可转债的配置价值提升，本基金加大了可转债配置，但出于防风险考虑，配置集中在低价转债，弹性相对较弱。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:40.253Z","mo":"展望下半年，宏观经济修复仍然存在压力，政策以稳为主，在防风险的底线思维下，宽松信号突然转向的可能性较小，高增长的目标或有所淡化，可以充分利用套息空间和期限利差，适度拉长久期和提升杠杆。对于信用资质下沉仍然保持谨慎态度，倾向于通过适当拉长部分高等级信用债久期争取增厚组合收益。转债的结构性机会仍是下半年关注的重点，将结合市场动态优化组合比例，底仓侧重稳定与价值，适当博弈低价转债的下修机会，弹性贡献则倾向于来自绩优成长和科技创新。","fund":{"_id":3000000002586,"__csrcFundId":1431,"stockCode":"002586","shortName":"金鹰添利信用债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2586,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.543Z","status":"normal","inceptionDate":"2017-02-21T16:00:00.000Z","name":"金鹰添利中长期信用债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050200000,"currency":"CNY","masterFundShortName":"金鹰添利信用债债券","pinyin":"jytlzcqxyzzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20772321","stockType":"fund_manager","exchange":"fm","tickerId":262523225860,"name":"周雅雯"}]},"announcement":{"linkText":"金鹰添利中长期信用债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=782756","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6947fea5b3eb045b12a","date":"2022-03-30T16:00:00.000Z","stockId":3000000002586,"sao":"2022年一季度，受美国货币政策进入疫后收缩期、俄乌冲突的黑天鹅爆发等国外不利因素，以及国内多地新冠疫情反复，稳增长力度暂低于预期等国内不利因素的综合影响，A股出现较大幅度下跌。纯债市场方面，2022年1月，受降息影响，市场利率有所下行；2月至3月上旬，政府放松房地产调控政策，及披露的社融数据超预期，市场利率有所上行；3月中旬以来，国内疫情扩大，经济不确定性增加，市场利率略有下行。本基金主要配置纯债和可转债，并根据市场变化，调整两者仓位。2022年一季度初，出于防风险考虑，本基金主要配置纯债，配置的可转债比例较低。随着可转债市场的持续下跌，可转债的配置价值提升，本基金加大了可转债配置，但配置比例仍然不高。虽然本基金提前做出了可转债市场下行的风险应对措施，但亦受到了一定的不利影响。后续，本基金将保持纯债仓位，在宏观经济有好转迹象时，加大可转债配置，争取为投资者获得更多回报。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:40.251Z","fund":{"_id":3000000002586,"__csrcFundId":1431,"stockCode":"002586","shortName":"金鹰添利信用债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2586,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.543Z","status":"normal","inceptionDate":"2017-02-21T16:00:00.000Z","name":"金鹰添利中长期信用债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050200000,"currency":"CNY","masterFundShortName":"金鹰添利信用债债券","pinyin":"jytlzcqxyzzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20772321","stockType":"fund_manager","exchange":"fm","tickerId":262523225860,"name":"周雅雯"}]},"announcement":{"linkText":"金鹰添利中长期信用债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=727981","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6947fea5b3eb045b129","date":"2021-12-30T16:00:00.000Z","stockId":3000000002586,"sao":"回顾2021年，债券收益率震荡下行。年初一波小钱荒，带动债券收益率大幅上行将近20bp，后因为央行货币政策的偏松表述带动收益率下行，加之地方政府债发行量大幅低于预期，配置资金积极配置，带动收益率持续震荡下行，6月份，资金面小幅收紧，带动收益率小幅反弹。7月份，央行超市场预期降准，带动收益率曲线大幅下行。10月份国庆假期回来以后，由于投资者对于地产政策放松、资金面偏紧以及宽信用政策的担忧，长端国债收益率一度快速上行10bp左右，但伴随着央行的流动性释放，以及资产荒中欠配资金的入场配置，快速上行的收益率出现了明显的修复下行。11月，央行发布三季度货币政策执行报告，再次稳定了市场对于资金面的预期，同时由于经济数据的下滑以及PPI的见顶回落，市场开始预期货币政策的进一步操作，带动收益率水平再下一程。12月份，伴随着再一次超预期降准以及对于降息的预期升温，收益率水平再度震荡小幅下行。全年来看，10年期国债收益率从年初的3.13%下行至年末的2.77%，10年期国开债收益率从年初的3.52%下行至年末的3.08%，全年可以算得上是一轮小牛市。全年来看，中证转债指数上涨18.45%左右，表现非常强势，一是由于流动性整体较为宽松带动风险资产情绪，二是由于偏债类投资需求较高，远大于供给水平，带动相关景气行业标的转债以及正股估值较低，行业修复类别的转债出现了明显的上涨。金鹰添利坚持高评级产业债优选加转债增强策略，有效回避了信用风险。组合持仓期限以中等久期为主，在利率下行过程中通过把握久期贡献的资本利得，同时，通过转债策略优选，选择优质转债获得转债价格上涨带来的收益，进一步增强组合收益。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:40.248Z","mo":"展望2022年，我们认为，从宏观经济的角度来看，基建投资增速有望小幅抬升，但地产投资增速下行的趋势仍然没有逆转，制造业投资增速在总体需求增速下滑的情况下仍然不容乐观。消费在疫情的干扰下仍有隐忧，而进出口水平伴随着海外供给的恢复，我们的出口增速也必然会有所受累。为了托底经济，国家层面将会逐步出台一些稳增长，宽信用政策，而这也更需要积极的货币政策进行配合，在一季度仍然有降准甚至降息的可能性，同时一季度也是降准降息的较好窗口期，一季度的流动性水平也仍然将维持稳健宽松的状态。在这样的状态之下，同时一季度又是配置力量较强的时间段，我们认为，在资产荒持续的情况下，长短端利率水平均仍有一定的下行空间，而由于资金面的确定性较强，中短端收益率下行的空间相对更加确定。而由于流动性保持宽松，权益市场以及可转债市场仍然存在一定的上涨空间，但更需要关注结构性的相关机会。金鹰添利将继续坚持高评级信用债加转债精选策略，争取以AAA品种的票息及价差收益打底，并配合转债投资资本利得增厚组合收益。","fund":{"_id":3000000002586,"__csrcFundId":1431,"stockCode":"002586","shortName":"金鹰添利信用债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2586,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.543Z","status":"normal","inceptionDate":"2017-02-21T16:00:00.000Z","name":"金鹰添利中长期信用债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050200000,"currency":"CNY","masterFundShortName":"金鹰添利信用债债券","pinyin":"jytlzcqxyzzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20772321","stockType":"fund_manager","exchange":"fm","tickerId":262523225860,"name":"周雅雯"}]},"announcement":{"linkText":"金鹰添利中长期信用债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=711350","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6947fea5b3eb045b128","date":"2021-09-29T16:00:00.000Z","stockId":3000000002586,"sao":"回顾三季度，债券市场呈现出先下行再震荡的走势，7月初，央行全面下调金融机构存款准备金利率0.5个百分点，这次降准全面超出市场预期，带动债券市场利率大幅下行，同时由于降准的缘故，市场一致担忧经济基本面有超预期下行的风险，预期还有再一次降准的可能性以及调降MLF利率的可能性。在多重预期的带动下，长端利率进一步下行，一度下行30个bp左右，10年国开从6月末的3.48%下行至3.16%。10年国债从3.08%下行至2.8%。8月至9月，市场基本上呈现震荡格局，中间由于理财产品净值化整改时间的提前，导致市场出现阶段性紧张，产生小幅回调，但整体表现较为稳定，市场买方力量较为强劲。总的来看，整个三季度，市场情绪较为火热，在超预期降准的带动下，利率市场呈现出明显的下行态势。转债市场在三季度展现为大幅上涨的情况，在热门板块的带动下，转债市场指数单季度上行超过5.7%。金鹰添利信用债坚持高评级产业债优选配合可转债优选策略，有效回避了信用风险。组合持仓期限以中等级久期为主，同时搭配可转债进行结构化行情投资，由于转债市场在三季度整体上涨，组合在三季度表现较好。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:40.246Z","fund":{"_id":3000000002586,"__csrcFundId":1431,"stockCode":"002586","shortName":"金鹰添利信用债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2586,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.543Z","status":"normal","inceptionDate":"2017-02-21T16:00:00.000Z","name":"金鹰添利中长期信用债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050200000,"currency":"CNY","masterFundShortName":"金鹰添利信用债债券","pinyin":"jytlzcqxyzzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20772321","stockType":"fund_manager","exchange":"fm","tickerId":262523225860,"name":"周雅雯"}]},"announcement":{"linkText":"金鹰添利中长期信用债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=651886","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6947fea5b3eb045b127","date":"2021-06-29T16:00:00.000Z","stockId":3000000002586,"sao":"回顾2021年上半年，债券市场呈现出明显的震荡走势。一月份，央行对于资金面的态度并不明确，同时伴随着美国经济复苏，美债上行及通胀预期给债券市场带来负面情绪，长端国债收益率出现了近20bp的上行，但伴随着央行对于国内资金面的维稳表态以及跨月流动性的释放，以及国内权益市场在春节后的大幅下行，带动债券市场逐步收回失地，但市场对于资金面的担忧以及通胀水平的担忧并未消退，二季度长端债券收益率基本呈现出震荡态势。上半年来看，10年期国债收益率下行6bp至3.07%，10年期国开债收益率下行5bp至3.48%。上半年，中证转债指数也出现了比较明显的波动，但最终录得4个点的涨幅，转债中，行业分化非常明显，受益于新能源车的景气周期，相关转债出现了显著上涨。金鹰添利上半年高评级信用债搭配可转债策略，持仓信用品种基本均为aaa评级，有效回避了信用风险。同时由于较好的进行了可转债的波段操作调整，整体组合表现较为均衡。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:40.243Z","mo":"展望下半年，我们认为三季度将大概率迎来阶段性的配置行情。主要原因有以下几点，首先，从经济基本面的角度来看，宏观经济的高景气区间已经过去，尤其是从投资来看，基建投资的限制过多，地产由于前期销售数据和新开工数据的显著下行，将带来地产投资在未来的明显下行。从消费来看，洪灾泛滥以及疫情的卷土重来都为消费的复苏带来不小的阻力，而制造业企业受限制于出口需求的逐步弱化，企业盈利情况难有明显改观。尤其是我们在下半年将面临去年出口数据较高基数的情况，也将对同比数据带来较大扰动。从通胀来讲，国内需求带动的PPI顶端基本已经过去，在需求逐步弱化的情况下，价格下行的趋势将逐步显现，而食品项对于CPI仍然是偏负面的，故国内的通胀水平依然可控。从货币政策的层面考虑，考虑到海内外宏观经济复苏情况的不稳定性以及国内存在的债务风险问题，我们认为货币政策仍将以稳为主，尤其是伴随着国内、美国、欧洲复苏周期的不同，国内的货币政策更将以稳为主而不是跟随海外，尤其是在降准之后，我们认为下半年的货币政策仍将保持稳健偏松。在这样的情况之下，三季度如果在地方债发行的扰动之下存在一定的波动，将会是较好的配置时点，而四季度如果经济数据证实了弱势判断，我们将能获得较好的资本利得收益。下半年的权益市场也将在宏观环境的影响之下出现明显的波动，我们认为市场仍将呈现出结构化的行情，对于转债投资来说也将出现结构化行情。金鹰添利将继续坚持高评级信用债搭配可转债策略，以AAA品种的票息及价差收益为主要收益贡献，并通过把握可转债的结构性行情，争取为组合贡献超额收益。","fund":{"_id":3000000002586,"__csrcFundId":1431,"stockCode":"002586","shortName":"金鹰添利信用债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2586,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.543Z","status":"normal","inceptionDate":"2017-02-21T16:00:00.000Z","name":"金鹰添利中长期信用债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050200000,"currency":"CNY","masterFundShortName":"金鹰添利信用债债券","pinyin":"jytlzcqxyzzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20772321","stockType":"fund_manager","exchange":"fm","tickerId":262523225860,"name":"周雅雯"}]},"announcement":{"linkText":"金鹰添利中长期信用债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=630615","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6947fea5b3eb045b126","stockId":3000000002586,"sao":"回顾2021年一季度，整个债券市场呈现出先上后下的走势。年初以来，资金市场大幅波动，一度迎来微型钱荒，短端收益率上行较为明显，长端收益率表现震荡，伴随着一月底通胀预期上行，经济数据同比明显好转，市场对于央行货币政策的取向并不明确，以及对于两会后债券供给量大幅上行的担忧，长端收益率持续调整，同时，从海外来看，疫苗接种速度较好，美国经济复苏预期以及通胀预期导致美国10年期国债收益率也出现了明显的上行，中美利差出现了明显收缩，这也对国内债券市场带来了一定的压力。但春节后，权益市场大幅调整，同时央行的货币政策态度明显中性，带动短端收益率保持稳定，融资利率在合理区间震荡，同时，大宗商品，尤其是原油价格也出现了明显的调整，国内长端收益率出现了显著下行。整个季度来看，10年期国债收益率震荡微跌4bp左右，10年期国开债收益率震荡微跌3bp左右。从信用的角度来讲，中高等级信用利差仍然不显著，而中低等级信用债风险仍然未能完全释放，在全年财政力度减弱，紧信用的环境下，信用风险仍在积聚。金鹰添利信用债坚持高评级产业债优选配合可转债优选策略，有效回避了信用风险。组合持仓期限以中等级久期为主，同时搭配可转债进行结构化行情投资，但由于转债市场在一季度波动较大，组合表现一般。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:40.241Z","fund":{"_id":3000000002586,"__csrcFundId":1431,"stockCode":"002586","shortName":"金鹰添利信用债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2586,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.543Z","status":"normal","inceptionDate":"2017-02-21T16:00:00.000Z","name":"金鹰添利中长期信用债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050200000,"currency":"CNY","masterFundShortName":"金鹰添利信用债债券","pinyin":"jytlzcqxyzzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20772321","stockType":"fund_manager","exchange":"fm","tickerId":262523225860,"name":"周雅雯"}]},"announcement":{"linkText":"金鹰添利中长期信用债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=569081","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6947fea5b3eb045b125","stockId":3000000002586,"sao":"2020年，债券市场呈现出深V走势。年初，新冠肺炎爆发，引发春节期间全国进行禁足隔离，生产消费活动基本处于停滞状态，春节过后，由于疫情防控问题，假期延长，市场拖延至十五后才开启，开市第一天，央行大量提供资金支持，长端利率债出现了大幅下行，随后伴随着央行政策利率的不断调整，债券收益率呈现明显的下行趋势，后续伴随着疫情在海外扩散，全球出现了需求的断崖式下跌，国际油价崩盘，美联储大幅放水，国内利率进一步下行，4月末，10年期国债收益率下行至2.5%附近，10年期国开债收益率下行至2.8%附近，达到极限。5月份开始，伴随着国内疫情防控的成效显著以及财政的大力支持，我国经济有序回复，同时，伴随着海外疫情的失控，生产活动大幅降低，但由于大量释放流动性，需求有比较明显的增长，我国出口数据出现了明显的抬升，尤其是防疫物资出口，大幅增长。整体进出口表现大幅超出市场预期。伴随着5月初的债券供给担忧，长短国债走势出现反转，明显上行，下半年，伴随着经济逐步恢复，央行明显改变了年初以来的宽松的货币政策态度，边际收紧货币，带动短端收益率大幅上行，长端债券收益率也出现了明显调整。11月份，永煤集团作为国企公开债券违约，导致市场的一致担忧从而带来流动性冲击，长端收益率再次上行，后伴随着央行再次边际流动性投放，长端利率在年底走出了一波小的下行行情，截止年底，10年国债收益率收于3.14%，10年国开收益率收于3.53%，与年初水平基本相当。金鹰添利坚持高评级产业债优选加转债增强策略，有效回避了信用风险。组合持仓期限以中等久期为主，在利率下行过程中通过把握久期贡献的资本利得，同时，通过转债策略优选，选择优质转债获得转债价格上涨带来的收益，进一步增强组合收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:40.238Z","mo":"展望2021年，伴随着新冠疫苗的大面积接种，世界经济将处于稳定复苏的态势，而中国受益于进出口的持续性，经济也将保持复苏态势。从基本面来讲，基建投资增速将保持低位稳定，房地产投资增速稳中有降，制造业投资增速将有比较明显的抬升。而消费层面，伴随着世界经济整体逐步恢复，各国也将逐步放开疫情防控措施，消费增速将有较为明显的回升。整体上来看，2021年将有可能在后半年呈现出海内外共振复苏的态势。通胀层面，今年伴随着能繁母猪存栏量的上升，猪肉价格同比下降趋势明显，故cpi将处于较为温和的态势，ppi层面，伴随着宽松的货币环境，工业品价格大幅上行，ppi将会出现明显的同比上行。货币政策层面，央行在目前的环境下，对于海外经济的恢复情况仍有一定的担忧，而国内也存在一定的隐患，包括社融增速的下行，可能对经济带来一定的负向拖累。故央行在货币政策的态度上明确不急转弯，同时保证货币市场的稳定性。故在没有明显看到通胀的情况下，央行不会过度收紧货币政策。整体上来看，今年的债券市场将会在上半年呈现明显的震荡格局，而下半年，根据经济数据情况将存在一定的不确定性。同时伴随着明显的信用收缩，2021年在信用投资方面将面临较大的挑战，一是城投债将有出现点状违约的可能性，二是伴随着宏观杠杆率的控制，低评级信用债仍面临较大的违约风险。金鹰添利将继续坚持高评级信用债加转债精选策略，争取以AAA品种的票息及价差收益打底，并配合转债投资资本利得增厚组合收益。","fund":{"_id":3000000002586,"__csrcFundId":1431,"stockCode":"002586","shortName":"金鹰添利信用债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2586,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.543Z","status":"normal","inceptionDate":"2017-02-21T16:00:00.000Z","name":"金鹰添利中长期信用债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050200000,"currency":"CNY","masterFundShortName":"金鹰添利信用债债券","pinyin":"jytlzcqxyzzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20772321","stockType":"fund_manager","exchange":"fm","tickerId":262523225860,"name":"周雅雯"}]},"announcement":{"linkText":"金鹰添利中长期信用债债券型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=554435","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6947fea5b3eb045b124","stockId":3000000002586,"sao":"回顾三季度，债券市场呈现出震荡下跌的走势。下半年以来，整体宏观经济层面依旧稳步复苏，包括金融数据及经济数据，均在不断改善，PMI指数也连续处于枯荣线以上，在疫情把控较为成功的情况下，我国大力开展内循环，投资消费均处于较好的复苏态势，加之财政发力，带动经济逐步回暖。但海外不确定性依然较大，包括美国大选前期对华政策的扰动以及海外疫情的二次爆发，均给全球经济复苏前景带来一定担忧，同时国内经济数据强劲反弹的势头也适当放缓，伴随着央行对于流动性的边际把控，市场对后续经济复苏的力度也存在一定质疑，在这样的情况之下，债券市场宽幅震荡。总体上来讲，央行的货币政策态度偏于稳健，不存在大水漫灌的基础，而三季度内整体债券供给量仍然较大，长短国债震荡调整，10年期国债收益率上行32bp至3.14,10年期国开债收益率上行60bp至3.72.金鹰添利信用债坚持高评级产业债优选配合可转债优选策略，有效回避了信用风险。组合持仓期限以中等级久期为主，同时搭配可转债进行结构化行情投资，获得了较好的投资效果。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:40.235Z","fund":{"_id":3000000002586,"__csrcFundId":1431,"stockCode":"002586","shortName":"金鹰添利信用债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2586,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.543Z","status":"normal","inceptionDate":"2017-02-21T16:00:00.000Z","name":"金鹰添利中长期信用债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050200000,"currency":"CNY","masterFundShortName":"金鹰添利信用债债券","pinyin":"jytlzcqxyzzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20772321","stockType":"fund_manager","exchange":"fm","tickerId":262523225860,"name":"周雅雯"}]},"announcement":{"linkText":"金鹰添利中长期信用债债券型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=487622","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6947fea5b3eb045b123","stockId":3000000002586,"sao":"上半年，债券市场先涨后跌，开年以后新冠疫情爆发，全国停工停产，导致生产生活受到了极大干扰，春节假期以后，伴随着央行巨量投放流动性，债券利率大幅下行，同时，一季度经济数据大幅下行，GDP增速低于预期，带动债券利率再次下探，一度达到2016年以后得最低点，10年国债收益率盘中达到2.47%。但随着二季度全国复工复产的顺利进行以及疫情的较为有效的控制，经济数据环比回升，同时海外疫情也逐步得到缓解，经济数据环比回升，市场对经济缓慢复苏预期增强，同时，伴随着巨额地方政府债额度的提前下达及发行，供给压力干扰市场而央行并没有再次降准提供流动性，引发长端利率债出现了明显调整。6月份，央行严查资金套利空转，主动抬升短端利率水平，带动1至5年品种出现了明显调整，届时，长端利率水平也持续小幅上行，6月底，10年期国债收益率收于2.82%，10年期国开债收益率收于3.1%，均基本回到春节过后当日的估值水平。从转债市场来看，由于疫情影响，市场出现了比较明显的波动，转债指数巨幅震荡，6月底指数小幅上涨，但个债的结构性行情此起彼伏。金鹰添利上半年高评级信用债搭配可转债策略，持仓信用品种基本均为aaa评级，有效回避了信用风险。同时由于较好的进行了可转债的波段操作调整，整体组合表现优于市场。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:40.233Z","mo":"展望下半年，我们认为，虽然经济最坏的时候已经过去，但是环比数据的强劲表现还有待持续验证，市场目前处于风险偏好较高同时对经济预期较强的阶段，经济数据是否会低于预期有待验证，同时，近期我们看到海外疫情有所反复，是否会出现疫情对经济的二次影响也有待观察。同时，今年发行了大量的地方政府债也发行了抗议国债，央行降低企业融资成本的主线也没有改变，故虽然债券出现了比较明显的调整，但是我们认为长端利率仍处在有顶的阶段，毕竟现行的经济情况不能容忍过高的利率水平，下半年长端利率仍存在交易性机会。同时伴随着经济数据的企稳，可转债市场在股市的震荡影响下也将表现出更强的波动性以及更为明显的结构性行情。金鹰添利将继续坚持高评级信用债搭配可转债策略，以AAA品种的票息及价差收益为主要收益贡献，并通过把握可转债的结构性行情，为组合贡献超额收益。","fund":{"_id":3000000002586,"__csrcFundId":1431,"stockCode":"002586","shortName":"金鹰添利信用债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2586,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.543Z","status":"normal","inceptionDate":"2017-02-21T16:00:00.000Z","name":"金鹰添利中长期信用债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050200000,"currency":"CNY","masterFundShortName":"金鹰添利信用债债券","pinyin":"jytlzcqxyzzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20772321","stockType":"fund_ma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