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11月，央行买债规模低于预期，债券市场交易未来潜在的通胀情况，忽略当前基本面数据，基金新规预期持续反复，月末受地缘政治摩擦缓和、万科债券展期事件冲击脱离震荡，曲线熊陡。12月，政府债发行进入尾声，隔夜资金价格创年内新低，受降息预期收缩、超长债供给担忧以及基金监管等扰动，30年国债领跌，曲线明显走陡。   （2）报告期内本基金投资策略和运作分析报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以偏利率债券为主，在报告期内灵活压降组合久期和仓位。","lastUpdated":"2026-03-09T13:09:56.290Z","fund":{"_id":3000000002640,"stockCode":"002640","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-04-19T16:00:00.000Z","setUpScale":992861000,"market":"a","tickerId":2640,"custody":"上海浦东发展银行股份有限公司","name":"中信建投睿溢混合型证券投资基金","shortName":"中信建投睿溢(002640)","fundSecondLevel":"hybrid","__csrcFundId":2710,"fundStatus":"normal","lastUpdated":"2026-04-30T18:34:28.458Z","masterFundFlag":1,"inceptionDate":"2016-05-18T16:00:00.000Z","fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投睿溢","pinyin":"zxjtryhhxzqtzjj","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投睿溢混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1459858","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a47fea5b3eb045c27c","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000002640,"sao":"（1）报告期内行情回顾三季度，受到宏观环境、政策冲击和市场情绪的驱动，虽然央行维持宽松呵护态度，债券市场仍经历了漫长的调整。7月，反内卷热点发酵叠加雅鲁藏布江下游水电工程开工，权益和商品市场风险偏好抬升。债券市场承压。10Y国债上行突破1.7%。8月，财政部发布公告对新发国债、地方债、金融债的利息收入恢复征收增值税，对市场形成短暂的扰动。虽然7月的通胀和社融数据仍然相对疲弱，但市场交易逻辑由基本面转为市场风险偏好。叠加债基负债端扰动，债券市场经过月初短暂的修复后收益率再度上行，10Y国债活跃券一度上行至1.79%。长端利率上行幅度超过短端，市场呈“熊陡”走势。9月，政策冲击和由其引发的机构行为负反馈使得市场调整更为剧烈。收益率加速上行，30Y国债特2一度上行超过2.18%，较月初低点调整17BP。（2）报告期内本基金投资策略和运作分析报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以利率债券为主，在报告期内灵活调整组合久期和仓位。","lastUpdated":"2026-03-09T13:09:56.287Z","fund":{"_id":3000000002640,"stockCode":"002640","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-04-19T16:00:00.000Z","setUpScale":992861000,"market":"a","tickerId":2640,"custody":"上海浦东发展银行股份有限公司","name":"中信建投睿溢混合型证券投资基金","shortName":"中信建投睿溢(002640)","fundSecondLevel":"hybrid","__csrcFundId":2710,"fundStatus":"normal","lastUpdated":"2026-04-30T18:34:28.458Z","masterFundFlag":1,"inceptionDate":"2016-05-18T16:00:00.000Z","fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投睿溢","pinyin":"zxjtryhhxzqtzjj","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投睿溢混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1379751","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a47fea5b3eb045c27b","date":"2025-06-29T16:00:00.000Z","stockId":3000000002640,"sao":"（1）报告期内行情回顾上半年，宏观数据延续修复态势，其中2、3月制造业PMI重新回到荣枯线上；企业上半年集中抢出口，出口数据对经济带来支撑；二季度开始关税等不确定性对基本面带来一定扰动。整体看2025年上半年，债券市场收益率整体呈先上后下走势。具体看，债券市场走势可以分为三个阶段。第一阶段是年初至1月中旬，市场仍然在交易货币政策转向“适度宽松”，叠加年初机构抢跑配置债券，市场收益率突破历史低位，10年期国债收益率向下突破1.60%。第二阶段是1月中旬至3月末，央行关注长期国债收益率水平，暂停买卖国债，大幅收紧资金面，打破债券市场收益率向下的动力，短端先于长端快速上行。同时权益市场科技主题催化叠加经济“开门红”提振风险偏好，股债跷板效应显著，10年期国债收益率大幅上行，最高达到1.90%。第三阶段是4月至6月末，4月初美国对等关税落地，关税水平大超市场预期，央行货币政策转为宽松，隔夜资金成本大幅下降，并于5月实施降准降息。随后市场博弈中美贸易谈判进程，债券市场收益率整体在1.6%-1.7%区间震荡。（2）报告期内本基金投资策略和运作分析报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以利率债为主，在二季度末适当提高了组合久期和仓位。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:56.284Z","mo":"债券市场经历了几年的牛市行情，现在利率来到了历史低位区间。在债券利率下行趋缓的同时，权益资产的性价比有所提升。叠加一些政策支持，使得股票在今年上半年走出强势表现。在权益市场走强、分流债券市场资金的情况下，债券继续下行要依赖于金融机构负债端利率调降，即需要总量型货币政策出台，推动利率下台阶。根据货币政策出台的规律分析，总量型货币政策出台可能要有几个条件：一是政府债供给处于高峰，二是人民币兑美元汇率处于有利状态，三是美联储降息，四是权益市场开始调整。下半年需要观察这些条件能否兑现。今年另外一个主题是“反内卷”，7月召开的中央财经委员会中释放出“反内卷”信号，强调“要聚焦重点难点，依法依规治理企业低价无序竞争，引导企业提升产品品质，推动落后产能有序退出”。本轮“反内卷”的关键在于产能约束和需求刺激，这两端能否同时出台刺激方案，现在还需要观察。现在债券市场处于急涨阴跌状态，利好兑现利率基本一步到位。但由于配置型机构负债成本仍然偏高，在情绪释放后，进入长期横盘甚至阴跌状态。下半年配置型机构负债成本若逐步下移，则债券市场收益率也将更加稳定。","fund":{"_id":3000000002640,"stockCode":"002640","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-04-19T16:00:00.000Z","setUpScale":992861000,"market":"a","tickerId":2640,"custody":"上海浦东发展银行股份有限公司","name":"中信建投睿溢混合型证券投资基金","shortName":"中信建投睿溢(002640)","fundSecondLevel":"hybrid","__csrcFundId":2710,"fundStatus":"normal","lastUpdated":"2026-04-30T18:34:28.458Z","masterFundFlag":1,"inceptionDate":"2016-05-18T16:00:00.000Z","fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投睿溢","pinyin":"zxjtryhhxzqtzjj","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投睿溢混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1345132","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a47fea5b3eb045c27a","date":"2025-03-30T16:00:00.000Z","stockId":3000000002640,"sao":"一季度，宏观数据延续修复态势，其中二、三月制造业PMI重新回到荣枯线上；同时央行引导收紧资金面，打破对债券利率下行的一直预期，市场对货币政策“适度宽松”预期有所修正，债券利率整体上行。具体看，一季度，债券市场走势可以分为三个阶段。第一阶段是年初至春节，这个阶段长端利率持续下行，随后央行约谈、暂停国债买入等操作使得市场情绪转向谨慎。短端出现明显调整压力，长端下行幅度放缓。该阶段1y国债到期收益率上行22BP至1.30%，10y国债下行5BP至1.63%。第二阶段是春节后至3月中旬，大行融出超季节性下降至低位水平，存单发行“提价换量”明显，国股行存单一级发行价升至2%上方，银行负债紧张程度超出市场预期； DeepSeek、人形机器人等概念提高了市场的风险偏好，权益市场走强；叠加银行卖出银行账户长债兑现浮盈，长端利率大幅调整，10y国债上行27BP至1.90%。第三阶段是3月中旬到季末，央行公开市场投放偏积极，资金价格边际持稳，MLF转为净投放、OMO披露投标量，宽货币预期叠加权益市场动能转弱，债市收益率震荡修复至1.8%附近。报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以利率债为主，在报告期内适当降低了组合久期和仓位。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:56.281Z","fund":{"_id":3000000002640,"stockCode":"002640","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-04-19T16:00:00.000Z","setUpScale":992861000,"market":"a","tickerId":2640,"custody":"上海浦东发展银行股份有限公司","name":"中信建投睿溢混合型证券投资基金","shortName":"中信建投睿溢(002640)","fundSecondLevel":"hybrid","__csrcFundId":2710,"fundStatus":"normal","lastUpdated":"2026-04-30T18:34:28.458Z","masterFundFlag":1,"inceptionDate":"2016-05-18T16:00:00.000Z","fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投睿溢","pinyin":"zxjtryhhxzqtzjj","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投睿溢混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1271910","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a47fea5b3eb045c279","date":"2024-12-30T16:00:00.000Z","stockId":3000000002640,"sao":"2024年债券市场经历了较大的牛市行情，本质原因是产业周期引发的资产荒和机构间的极致博弈共同推动。期间债市受央行预期管理和稳增长政策加码等影响出现三次明显调整，但收益率仍整体下行，10年国债从年初的2.56%下行至1.69%。2024年债券市场行情走势大致可以分为四个阶段。第一阶段是1至4月，开年以来随着存款利率下调，市场对于降息预期发酵，叠加化债主线下政府债券供给偏慢，“欠配”行情驱动债市快牛初显。第二阶段是4至9月，央行提示长债或有调整风险，叠加一线城市限购或放开、地产政策转向去库存等消息扰动，债市回吐部分前期涨幅，但随着降息落地，下行空间进一步打开。第三阶段是10至11月，9月底一揽子政策加码，降准降息同步落地，随后权益市场明显修复，债市承压收益率大幅上行调整。第四阶段是11月下旬至年底，货币政策定调适度宽松，机构开启年末抢跑行情，市场出现极强的学习效应，收益率快速下行，最低至1.69%。报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以信用债为主，在报告期内适当提高了组合久期和仓位。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:56.278Z","mo":"展望2025年，经济稳增长的抓手主要还是扩内需。一是投资端将继续保持较高的力度。财政政策或将继续发力，货币政策或将配合财政发力，提供流动性支持。地产端也将有更多的政策出台。二是消费端仍是政策重点，仍将有提高部分群体收入、家电以旧换新等政策予以支持。三是出口端面临不确定性。随着美国大选落地，中美贸易不确定性增加，或对中国出口带来一定扰动。四是关注硬科技带来的预期改善和相关产业的机会。债券市场方面，2025年资产荒将延续，且“适度宽松”下，债市需求偏刚性，整体债市环境仍偏有利，但结构上可能面临缺少高息优质资产的情况。对于基金来说，负债端波动加大，且当前策略较为单一，这将使得交易难度增大。总体来说，2025年债市或继续延续牛市，但下行节奏或有反复，操作需更精细化。","fund":{"_id":3000000002640,"stockCode":"002640","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-04-19T16:00:00.000Z","setUpScale":992861000,"market":"a","tickerId":2640,"custody":"上海浦东发展银行股份有限公司","name":"中信建投睿溢混合型证券投资基金","shortName":"中信建投睿溢(002640)","fundSecondLevel":"hybrid","__csrcFundId":2710,"fundStatus":"normal","lastUpdated":"2026-04-30T18:34:28.458Z","masterFundFlag":1,"inceptionDate":"2016-05-18T16:00:00.000Z","fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投睿溢","pinyin":"zxjtryhhxzqtzjj","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投睿溢混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1256263","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a47fea5b3eb045c278","date":"2024-09-29T16:00:00.000Z","stockId":3000000002640,"sao":"1、报告期内行情回顾三季度债券市场经历了极为剧烈的震荡，各期限利率呈现出深“V”形走势，其中10年期国债收益率的最高和最低点位相差近30bp，30年期国债收益率的最高和最低点位相差超过30bp。9月中上旬，受货币政策宽松预期，利率继续下行，并创历史新低。但以9月24日金融部委新闻发布会为分界点，利率在此后快速上行。虽然央行宣布降准降息，但债券市场转而开始担忧政策向稳增长倾斜，股票市场的乐观情绪也对债券市场产生了较大扰动。从经济基本面来看，政策的实施落地传导到数据转好需要时间，短期内数据或仍延续偏弱态势，这意味着政策效果或要等到年底或明年初才能体现，市场或暂时不会过度交易基本面数据。从政策面来看，年内或还有一次降准，但财政政策力度还存在不确定性。如10月底财政悬念落地规模在市场预期之内，债市或有利空出尽行情。从机构行为来看，虽然前期债券调整产生一定赎回效应，但并未形成类似2022年底的负反馈。其次，按照以往季节性规律，年底通常是保险的配置期，在长端利率已经出现调整后，保险是有动力在年底前进行配置的。整体看，债券市场快速回调的阶段已经结束，在信用扩展仍然偏缓慢，资金面有利因素增多的情况下，债市短期没有大幅转熊的基础。2、报告期内本基金投资策略和运作分析报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以信用债为主，在报告期内适当提高了组合久期和仓位。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:56.275Z","fund":{"_id":3000000002640,"stockCode":"002640","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-04-19T16:00:00.000Z","setUpScale":992861000,"market":"a","tickerId":2640,"custody":"上海浦东发展银行股份有限公司","name":"中信建投睿溢混合型证券投资基金","shortName":"中信建投睿溢(002640)","fundSecondLevel":"hybrid","__csrcFundId":2710,"fundStatus":"normal","lastUpdated":"2026-04-30T18:34:28.458Z","masterFundFlag":1,"inceptionDate":"2016-05-18T16:00:00.000Z","fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投睿溢","pinyin":"zxjtryhhxzqtzjj","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投睿溢混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1177942","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a47fea5b3eb045c277","date":"2024-06-29T16:00:00.000Z","stockId":3000000002640,"sao":"（1）报告期内行情回顾国内各项经济数据整体偏弱，受地产行业下行影响，内需稍显乏力，居民端、企业端信用扩张进程缓慢，制造业PMI回到荣枯线以下。社零在偏低位置震荡，核心通胀低于季节性，新房销售同比仍然在-25%附近。上半年，社融数据均低于季节性，实体经济融资需求有限，金融机构难以实现保持净息差和规模扩张之间的平衡。外需仍对经济有一定支撑，但出口链信用扩张能力有限，基本面整体仍呈现供大于求的格局。资金面趋于平稳，非银机构资金充足，资金分层现象有所缓解。特别国债发行节奏平稳，对市场冲击较小；央行提示长端债券利率风险，并宣布借入债券的计划，预计后续将适时进行买卖国债操作。4月政治局会议对地产表述有新的变化，一线城市地产政策逐步出台，政策效果需进一步观察。二季度曲线斜率有一定修复，短端表现好于长端。（2）报告期内本基金投资策略和运作分析报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以信用债为主，在报告期内适当提高了组合久期和仓位。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:56.270Z","mo":"今年债券市场表现强势，10年国债利率下行30bp。核心原因是债券市场供求关系发生了变化，本质上还是地产这个行业的影响。第一，地产行业复苏相对偏缓慢，居民对于房价预期偏谨慎，居民端和企业端暂时没有进行大规模的信用扩张，总需求尚待提振。第二，地产对经济的影响传导到财政端，地方政府顺应高质量发展的理念，选择专项债项目把关更加严格，地方债发行节奏整体比较均衡。居民、企业、政府信用扩张的节奏，影响了债券市场的供给。从需求端看，由于居民、企业对于风险偏好整体偏低，大量的资金进入债券市场。今年理财、债基、银行自营对于债券的投资规模均增幅较大。同时现在银行禁止手工补息，导致一些理财配置存款的资金，转向债券市场。这进一步加大了债券市场需求端的资金。在资产荒叠加宽松的货币政策下，债市行情或将延续。债券牛市的基础不变，但随着债市收益率下行，此前各类比价框架与定价锚失效，只能用中长期的趋势逻辑与机构行为的配置逻辑进行解释。这与2015-2016年债市的“无基本面支撑收益率下行”有一定相似之处，当时市场也只能总结为超强的配置行情。现阶段银行自营买债增量资金已经达到2015年水平，机构行为将成为主导市场的主导因素之一，但是由于机构行为本身无法精准定量，行情的走势往往超出预期。基于此，一方面要顺应市场，理解变化；另一方面，要积极的应对，调整操作。","fund":{"_id":3000000002640,"stockCode":"002640","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-04-19T16:00:00.000Z","setUpScale":992861000,"market":"a","tickerId":2640,"custody":"上海浦东发展银行股份有限公司","name":"中信建投睿溢混合型证券投资基金","shortName":"中信建投睿溢(002640)","fundSecondLevel":"hybrid","__csrcFundId":2710,"fundStatus":"normal","lastUpdated":"2026-04-30T18:34:28.458Z","masterFundFlag":1,"inceptionDate":"2016-05-18T16:00:00.000Z","fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投睿溢","pinyin":"zxjtryhhxzqtzjj","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投睿溢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=1148313","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a47fea5b3eb045c276","date":"2024-03-30T16:00:00.000Z","stockId":3000000002640,"sao":"（1）报告期内行情回顾基本面方面，一季度受到春节的影响，数据波动较大，但经济整体继续修复。制造业PMI连续在荣枯线下后在3月份回到荣枯线上，工业增加值同比有所回升。社零增速较去年四季度有所回落，但去年底社零增速偏强主要受到了前一年低基数的影响。出口增速继续抬升。地产仍然是投资端的主要拖累，虽然一、二线城市地产政策继续释放，但地产销售仍弱于去年同期。基建投资平稳，制造业投资成为近期需求端亮点。CPI同比在2月转正，但是同比数据有一定春节错位的影响，持续性需要观察，PPI同比维持在负数区间。海外方面，美国数据仍然较好，通胀展现出韧性。美联储最新公布的点阵图仍然维持年内三次降息的指引，但市场对年内的降息次数和开始时点争议仍很大。美元兑人民币维持在7.1附近。资金面在一季度保持平稳，央行通过OMO、MLF等公开市场操作的方式维持资金利率在政策利率附近。一季度，央行再次降准，5年期LPR调降，同业存单利率下降。但政府债发行进度偏慢，成为后续资金面的隐忧。两会召开，全年GDP目标5%，并增发超长期特别国债，预计中央加杠杆将成为今年稳增长的主要手段。一季度，市场对后续基本面预期悲观，利率继续下行，10年国债收益率在3月底下降至2.3%附近，达到历史新低。曲线斜率也有所修复，10年国债与1年国债利差较去年底拉大。一季度，在配置盘和交易盘共同推动下，超长债表现较为突出，30年国债与10年国债的利差一度收窄至15bp以内。（2）报告期内本基金投资策略和运作情况报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以信用债为主，在报告期内适当提高了组合久期和仓位。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:56.267Z","fund":{"_id":3000000002640,"stockCode":"002640","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-04-19T16:00:00.000Z","setUpScale":992861000,"market":"a","tickerId":2640,"custody":"上海浦东发展银行股份有限公司","name":"中信建投睿溢混合型证券投资基金","shortName":"中信建投睿溢(002640)","fundSecondLevel":"hybrid","__csrcFundId":2710,"fundStatus":"normal","lastUpdated":"2026-04-30T18:34:28.458Z","masterFundFlag":1,"inceptionDate":"2016-05-18T16:00:00.000Z","fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投睿溢","pinyin":"zxjtryhhxzqtzjj","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投睿溢混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072541","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a47fea5b3eb045c275","date":"2023-12-30T16:00:00.000Z","stockId":3000000002640,"sao":"（1）报告期内行情回顾基本面方面，经济动能继续磨底。制造业PMI连续在荣枯线下，工业增加值同比保持平稳并略有回升。社零增速逐月走高，但一定程度上受到了去年低基数的影响。出口增速转正。投资相对偏弱，仍然是受到了房地产投资的拖累。四季度，一线城市地产政策继续放松，但对地产销售的影响还需继续观察。CPI同比重新转负，PPI同比维持在负数区间，核心通胀环比低于季节性，通缩风险再次出现。海外方面，美联储两次议息会议均没有再加息，市场对明年降息的预期升温，10年期美债利率下行突破4%，人民币汇率压力有所减弱，美元兑人民币下降到7.1附近。资金面在四季度成为影响债券市场的主要因素之一，在再融资债和新增国债发行的影响下，资金面较前期偏紧。央行通过OMO、MLF等公开市场操作的方式缓解资金面压力，但银行仍然面临负债端压力，同业存单利率上行。四季度，新增国债发行，赤字率约束被打开，财政政策成为稳增长的主要手段。中央经济工作会议在年底召开，会上提出“稳中求进、以进促稳、先立后破”，会后债券市场表现偏强。在多空因素交织下，四季度债市波动明显增大，曲线平坦化程度加深，10年期国债收益率大部分时间在2.65%附近波动，10年国债与1年国债利差一度收窄至25bp以内。但年底，国有银行和股份行下调存款利率，引发了新一轮降息预期，利率快速下降。10年期国债利率接近年内低点，而超长债表现更为强势，在保险等非银机构提前配置的推动下，30年国债利率到达年内低点，和10年国债之间利差也收窄至25bp附近。（2）报告期内本基金投资策略分析报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以信用债为主，在报告期内适当提高了组合久期和仓位。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:56.264Z","mo":"展望2024年，经济数据或有如下特征，一是投资发力更加突出。中央加杠杆、“稳增长”基调下，重大项目基建投资有望发力，“三大工程”建设或缓和地产投资下行压力，固定资产投资的亮点或较2023年增多；二是消费到达“新平衡”。2023年居民消费快速反弹，居民消费意愿逐步修复至疫前，达到“稳态”，2024年预计消费韧性持续，社零增速达到疫后“新平衡”。三是出口中枢上移。极低基数叠加价格因素改善，预计出口增速表现大概率好于今年，读数整体呈现上行趋势，年度中枢有望回正。四是经济增速目标5%。万亿增发国债大致对应经济总量的0.8%左右，叠加2024年财政扩张或偏积极，投资发力托底，预计实际GDP增速向5%靠拢的可能性较大。在资产荒叠加宽松的货币政策下，债市行情或将延续。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经济恢复的强度不如预期以及海外银行风险的发酵，美债利率下行叠加人工智能风起，顺周期回调而人工智能相关科技股票大涨。报告期内主要配置顺周期股票以及短久期债券，虽然目前市场对经济的复苏的不确定性存在担忧，叠加人工智能概念情绪高涨，即使经济数据不错，市场对顺周期板块情绪也不高。但展望二季度，市场对经济快速恢复的预期已经修正，人工智能板块成交占比突破历史高位已经开始过热，而二季度经济恢复趋势确定，顺周期板块将再次获得市场关注。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:56.256Z","fund":{"_id":3000000002640,"stockCode":"002640","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-04-19T16:00:00.000Z","setUpScale":992861000,"market":"a","tickerId":2640,"custody":"上海浦东发展银行股份有限公司","name":"中信建投睿溢混合型证券投资基金","shortName":"中信建投睿溢(002640)","fundSecondLevel":"hybrid","__csrcFundId":2710,"fundStatus":"normal","lastUpdated":"2026-04-30T18:34:28.458Z","masterFundFlag":1,"inceptionDate":"2016-05-18T16:00:00.000Z","fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投睿溢","pinyin":"zxjtryhhxzqtzjj","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投睿溢混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=885774","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a47fea5b3eb045c271","date":"2022-12-30T16:00:00.000Z","stockId":3000000002640,"sao":"2022年，受国内疫情反复、地产低迷，国外美元加息、俄乌冲突等因素的影响，尽管货币、财政等政策相对友好，但中国经济仍然呈现三重压力，即需求收缩、供给冲击、预期减弱。绝大多数行业景气度低迷，基本面较弱。股票市场风格多变，热点切换频繁，大盘小盘、价值成长加速轮动，投资环境更加复杂，交易行为短期化，个股分化严重。债券市场方面，在四季度经历了一轮史上最快的下跌之一，一度形成负反馈链：债券下跌-基金和理财净值大幅回撤-投资者赎回-割肉卖债应付赎回-债券继续下跌，可转债市场受到明显波及。产品重点配置股票和可转债，大多数时间维持较高仓位，并根据市场环境的变化，对持仓结构进行动态调整，换手率有所提升。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:56.253Z","mo":"2023年，随着中国对新冠病毒感染实施“乙类乙管”，疫情对正常经济活动、对外交往的影响已大幅减弱，大多数行业将迎来阶段性的复苏，美元加息也接近尾声。虽然市场预期欧洲、美国经济有潜在衰退风险，但整体而言，国内经济将呈现弱复苏，基本面整体好于2022年。鉴于股票数量越来越多，经济增长中枢不高，目前市场仍是存量资金为主，新增资金较少，因此，预计市场仍将以结构性行情为主。","fund":{"_id":3000000002640,"stockCode":"002640","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-04-19T16:00:00.000Z","setUpScale":992861000,"market":"a","tickerId":2640,"custody":"上海浦东发展银行股份有限公司","name":"中信建投睿溢混合型证券投资基金","shortName":"中信建投睿溢(002640)","fundSecondLevel":"hybrid","__csrcFundId":2710,"fundStatus":"normal","lastUpdated":"2026-04-30T18:34:28.458Z","masterFundFlag":1,"inceptionDate":"2016-05-18T16:00:00.000Z","fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投睿溢","pinyin":"zxjtryhhxzqtzjj","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投睿溢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=873380","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a47fea5b3eb045c270","date":"2022-09-29T16:00:00.000Z","stockId":3000000002640,"sao":"三季度，受制于疫情和地产，内需较为低迷，而前期表现强劲的外需，在俄乌冲突、海外通胀超预期、美元加息背景下，于8月份开始出现明显降温。期间A股出现快速且力度较大的调整。对于大多数传统行业，基本面较弱且尚未见底，但是距离底部越来越近，弱复苏道阻且长，行则将至；而成长板块的业绩尚可但逐渐分化，景气度也在慢慢下降。价值和成长两种风格的性价比在逐渐拉平。行情的可持续性减弱，投资难度加大。产品持仓结构有所优化，适度降低了对光伏、汽车零部件、军工等成长板块的配置比例，加大了对消费、旅游等行业的配置比例。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:56.251Z","fund":{"_id":3000000002640,"stockCode":"002640","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-04-19T16:00:00.000Z","setUpScale":992861000,"market":"a","tickerId":2640,"custody":"上海浦东发展银行股份有限公司","name":"中信建投睿溢混合型证券投资基金","shortName":"中信建投睿溢(002640)","fundSecondLevel":"hybrid","__csrcFundId":2710,"fundStatus":"normal","lastUpdated":"2026-04-30T18:34:28.458Z","masterFundFlag":1,"inceptionDate":"2016-05-18T16:00:00.000Z","fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投睿溢","pinyin":"zxjtryhhxzqtzjj","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投睿溢混合型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=808141","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a47fea5b3eb045c26f","date":"2022-06-29T16:00:00.000Z","stockId":3000000002640,"sao":"2022年上半年，股票市场在经历了近4个月的大幅调整之后，5、6月份市场终于迎来了大幅的反弹，其中成长股反弹力度更大。主要原因:一是上海、北京等地疫情拐点出现，压制国内经济的核心因素迎来转机；二是国内货币、财政、汽车、房地产、基建政策友好，放松态势明显，为市场注入流动性，增强稳增长信心；三是，很多个股下跌幅度足够大，估值性价比突出。未来随着GDP增长中枢的放缓，很多行业迎来成长的天花板，对应行业里的公司业绩增长放缓，竞争加剧，难出牛股。而对于一些新兴领域，尤其是景气度向上、成长空间巨大的行业，会是大批牛股诞生的摇篮。因此，未来将重点聚焦代表时代发展趋势的行业和不断创造社会价值的优秀企业。在景气度向上、成长空间大的行业中，精选竞争壁垒强、管理层优秀、估值合适的行业龙头公司。可转债市场也在5、6月份跟随股票市场有了一波较好的反弹。产品也逐步加大对偏股型可转债的配置比例，充分发挥可转债的进可攻、退可守的特点，积极挖掘可转债的投资机会。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:56.248Z","mo":"当前，尽管国内疫情再次得到了有效控制，但是经济恢复的基础尚不牢固。市场预期国家不会为了过高增长目标而出台超大规模刺激措施、超发货币、预支未来。国外方面，俄乌战争仍在持续，中美关系不见明显缓和，通胀严重影响欧盟经济。因此，展望下半年，宏观经济预计难见很大起色。在此背景下，股票市场仍将会以结构性行情为主，分化依旧会比较严重。下半年的重点投资机会是在景气度向上、成长空间大的行业中。","fund":{"_id":30000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耐心陪伴它们共同成长，通过构建组合来实现足够高的alpha，从而跑赢市场。在投资组合管理过程中，我们将努力平衡好短期与长期、成长性与确定性、品质与估值等方面的矛盾，并积极拓展能力圈，配置相对均衡。投资中最重要的是等待，希望基金持有人在波动中能多些耐心，多些理性，坚持长期投资。相信，真正优秀的企业家会带领卓越的企业穿越牛熊。","fund":{"_id":3000000002640,"stockCode":"002640","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-04-19T16:00:00.000Z","setUpScale":992861000,"market":"a","tickerId":2640,"custody":"上海浦东发展银行股份有限公司","name":"中信建投睿溢混合型证券投资基金","shortName":"中信建投睿溢(002640)","fundSecondLevel":"hybrid","__csrcFundId":2710,"fundStatus":"normal","lastUpdated":"2026-04-30T18:34:28.458Z","masterFundFlag":1,"inceptionDate":"2016-05-18T16:00:00.000Z","fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投睿溢","pinyin":"zxjtryhhxzqtzjj","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投睿溢混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=634271","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a47fea5b3eb045c26a","stockId":3000000002640,"sao":"第一季度，股票市场变化比较大，春节前市场持续上涨，春节后以核心资产为代表的抱团股普遍出现了较大幅度的回调，美国十年期国债收益率边际上行、抱团股是否瓦解等成为了市场关注的焦点。产品的净值也受市场波动的影响，春节后出现了一定幅度的调整。抱团现象其实是由经济自身发展的规律导致的，抱团只是经济结构转型和技术赋能这些底层逻辑下的必然现象体现。随着中国GDP增速中枢的下移，很多行业尤其是传统行业由百花齐放阶段步入了分化阶段，龙头企业的市场集中度快速提升，更重要的是，在这个过程中龙头企业定价权开始显现，使整个行业的利润更快速的向龙头集中。这些变化映射在投资上，就形成了抱团的结果。而新兴行业也随着供给侧、需求侧数字化转型的推进，龙头被验证的过程大幅缩短，体现在投资行为上，就是要去买已展示出优秀或已显露龙头迹象的企业。参考美股等海外成熟市场，机构抱团也是一种常态。而美国十年期国债收益率的边际上行会带来估值收缩的压力。综合来看，2021年是估值收缩和盈利增长赛跑的一年，大概率是偏震荡的行情，需要适度降低股票资产的收益率预期。未来，仍将持续专注投资卓越企业，坚持自下而上精选个股的投资策略，选择“商业模式好、竞争壁垒强、成长空间大、管理层优秀、估值合适”的行业龙头公司，不过在投资中对估值的要求权重将提高。短期市场难以预测，希望基金持有人在波动中能多些耐心，多些理性，坚持长期投资。相信，真正优秀的企业家会带领卓越的企业穿越牛熊。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:56.235Z","fund":{"_id":3000000002640,"stockCode":"002640","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-04-19T16:00:00.000Z","setUpScale":992861000,"market":"a","tickerId":2640,"custody":"上海浦东发展银行股份有限公司","name":"中信建投睿溢混合型证券投资基金","shortName":"中信建投睿溢(002640)","fundSecondLevel":"hybrid","__csrcFundId":2710,"fundStatus":"normal","lastUpdated":"2026-04-30T18:34:28.458Z","masterFundFlag":1,"inceptionDate":"2016-05-18T16:00:00.000Z","fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投睿溢","pinyin":"zxjtryhhxzqtzjj","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投睿溢混合型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=573410","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a47fea5b3eb045c269","stockId":3000000002640,"sao":"2020年，全球遭受新冠病毒冲击，经济基本面受到很大影响。中国国内疫情较早得到控制，经济复苏的力度较强，行业头部效应明显。全球放水导致流动性的宽松，使得头部公司的估值水平不断提升。整体来看，A股结构性行情明显。产品方面，债券部分主要是配置利率债为主，股票部分则始终坚持自下而上精选优质个股的投资策略，重点选取“商业模式好、竞争壁垒强、成长空间大、企业管理层优秀、估值合适”的行业龙头公司。最终，产品净值创历史新高，为基金持有人带来了良好收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:56.232Z","mo":"展望2021年，随着对新冠病毒了解的加深和未来疫苗的普及，预计全球经济基本面将得到明显的改善，很多行业盈利将得到较好的恢复，经济活动有望逐步回归正常。有可能面临流动性边际收紧可能带来估值调整压力、中美关系持续恶化的风险、疫情的反复和病毒的变异导致疫情持续时间长于预期三个潜在负面因素的影响。短期市场行情难以预测，但预计市场仍将以结构性行情为主，板块和公司间的分化将进一步加剧，择股的难度将提升，需要适当降低权益资产的预期收益率。无论市场如何变化，将始终专注投资卓越企业，耐心陪伴它们共同成长, 以较快的盈利增长来抵消可能的潜在估值回落，并获得良好收益率。","fund":{"_id":3000000002640,"stockCode":"002640","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-04-19T16:00:00.000Z","setUpScale":992861000,"market":"a","tickerId":2640,"custody":"上海浦东发展银行股份有限公司","name":"中信建投睿溢混合型证券投资基金","shortName":"中信建投睿溢(002640)","fundSecondLevel":"hybrid","__csrcFundId":2710,"fundStatus":"normal","lastUpdated":"2026-04-30T18:34:28.458Z","masterFundFlag":1,"inceptionDate":"2016-05-18T16:00:00.000Z","fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投睿溢","pinyin":"zxjtryhhxzqtzjj","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投睿溢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=557877","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a47fea5b3eb045c268","stockId":3000000002640,"sao":"三季度，产品规模比较稳定，股票仓位、品种均变动不大；债券部分仍以政策银行债为主。 展望四季度，中国的经济基本面在逐月的好转，并且越来越好，疫情控制也非常有力；海外很多经济体的疫情出现反复，宽松的货币政策不会立马转向收紧，财政政策的局部刺激仍会存在。此外，前期涨幅比较大的大消费、科技、医药等行业龙头公司回调相对充分，估值合理性慢慢体现，且有望出现估值切换行情。而估值处于低位水平且顺周期的行业龙头公司也有可能迎来一波机会。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:56.229Z","fund":{"_id":3000000002640,"stockCode":"002640","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-04-19T16:00:00.000Z","setUpScale":992861000,"market":"a","tickerId":2640,"custody":"上海浦东发展银行股份有限公司","name":"中信建投睿溢混合型证券投资基金","shortName":"中信建投睿溢(002640)","fundSecondLevel":"hybrid","__csrcFundId":2710,"fundStatus":"normal","lastUpdated":"2026-04-30T18:34:28.458Z","masterFundFlag":1,"inceptionDate":"2016-05-18T16:00:00.000Z","fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投睿溢","pinyin":"zxjtryhhxzqtzjj","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投睿溢混合型证券投资基金2020年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492438","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a47fea5b3eb045c267","stockId":3000000002640,"sao":"2020年上半年，全球资本市场可以用惊心动魄来形容。A股市场在一季度出现大幅波动后二季度总体回升，但结构分化特征明显。债券方面，持仓品种仍以政策银行债为主；股票方面始终保持高仓位但持仓结构有所优化，提升了必选消费、出口占比低的品种比例。产品净值在波动中创历史新高。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:56.227Z","mo":"下半年，疫情的反复、中美关系的波折、利率中枢的潜在变化，都可能会对风险资产的估值中枢产生阶段性的扰动。预计市场仍以结构性行情为主。因为越来越多的行业是处在供给侧驱动的逻辑当中，而且每一次经济或者政策波动，都会使得这些行业的竞争格局更加的优化，然后龙头公司的竞争优势更加的突出，而本次新冠疫情对几乎所有行业都造成了极致的供给侧改革。当然也有一些行业是处在一个需求侧驱动的成长阶段，但是这些行业相对来说比较少。所以和过去几年一样，未来越来越是一个结构性的机会。","fund":{"_id":3000000002640,"stockCode":"002640","stockType":"fund","areaCode":"cn","followedNum":0,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-04-19T16:00:00.000Z","setUpScale":992861000,"market":"a","tickerId":2640,"custody":"上海浦东发展银行股份有限公司","name":"中信建投睿溢混合型证券投资基金","shortName":"中信建投睿溢(002640)","fundSecondLevel":"hybrid","__csrcFundId":2710,"fundStatus":"normal","lastUpdated":"2026-04-30T18:34:28.458Z","masterFundFlag":1,"inceptionDate":"2016-05-18T16:00:00.000Z","fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投睿溢","pinyin":"zxjtryhhxzqtzjj","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投睿溢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=460735","linkType":"PDF","source":"csrc_pdf"}}]}