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三季度，尽管经济基本面和政策面对债市依然有支撑，但债券市场却呈现“熊陡”走势，信用利差也随之走阔，核心影响因素为风险偏好持续提振、“反内卷”带来的通胀预期修复以及监管政策调整等。具体来看，三季度，上证综指上证12.7%触及2900点，成交量显著放大，结构性分化显著，科技和有色板块涨幅超40%，赚钱效应明显，而银行板块却下跌近9%；同权益市场类似，可转债的涨幅也超过9%，呈现出结果分化的特征。相对而言，债券市场表现偏弱，中短端普遍上行10-20BP，10Y和30Y则上行幅度20-30BP。 报告期内，组合根据宏观政策环境、以及各细分资产的风险和收益率预期变化，主动调整持仓的结构和仓位，持续优化组合的资产配置，力争实现较为稳健的净值增长。","lastUpdated":"2026-03-09T13:10:03.623Z","fund":{"_id":3000000002668,"stockCode":"002668","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-05-02T16:00:00.000Z","setUpScale":201784000,"market":"a","tickerId":2668,"custody":"交通银行股份有限公司","name":"兴业聚丰混合型证券投资基金","shortName":"兴业聚丰混合A","fundSecondLevel":"hybrid","__csrcFundId":547,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.675Z","masterFundFlag":1,"inceptionDate":"2016-07-12T16:00:00.000Z","fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业聚丰混合","pinyin":"xyjfhhxzqtzjj","managers":[{"stockCode":"8801411386","stockType":"fund_manager","exchange":"fm","tickerId":120806166770,"name":"楼华锋"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业聚丰混合型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1374473","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6ab7fea5b3eb045cb30","date":"2025-06-29T16:00:00.000Z","stockId":3000000002668,"sao":"报告期内，外围环境不确定性显著上升，尤其二季度美国“对等关税”政策落地，进一步加剧全球经济与金融市场波动。美联储降息预期持续延后，美元指数承压下行，美债收益率维持高位震荡态势；国内经济基本面总体平稳运行，GDP同比增长5.3%，结构性亮点凸显，但总需求仍显不足，价格水平持续低位运行，二季度名义GDP同比增速仅3.9%。货币政策层面，央行货币政策逐步完成从收敛到宽松的转向，一季度在经济基本面显现企稳迹象、市场风险偏好回升等因素驱动下，货币政策有所收敛，宽松预期落空；二季度随着外部冲击出现、风险偏好回落，央行一揽子宽松政策落地。基于上述背景，上半年债市呈现“先跌后涨”走势，长端表现优于短端，信用债表现强于利率债。具体来看，一季度，市场此前预期的“降准降息”未能落地，央行宣布暂停国债公开市场操作，资金面边际收敛，资金价格中枢上移，债券收益率呈现平坦化上行特征，10年期国债收益率从1.6%的低点一度上行至1.9%；随着收益率逐步修复，央行货币政策态度边际缓和，资金面重回宽松，债券市场悲观情绪缓解，收益率曲线平坦化下行，信用利差在资金面宽松支撑下压缩至低位。进入二季度，美国“对等关税”政策正式实施后，市场风险偏好回落，避险情绪推动10年期国债收益率进一步下行至 1.61%低位，此后进入横盘震荡阶段；尽管央行为应对外部冲击于5月初推出一揽子宽松政策，但中美贸易谈判取得部分进展带动风险偏好修复，债券市场整体呈现区间震荡走势。权益市场呈现“N”型走势，结构性行情突出，赚钱效应逐步释放。年初，在 DeepSeek等科技热点带动下，市场风险偏好提升，科技板块引领股市上行；此后受外部冲击影响，风险偏好急剧收缩，随着稳定资本市场信心的政策密集出台，市场逐步进入修复通道并持续强化。在权益市场上涨、债券收益率维持低位及供需关系改善等多重因素驱动下，上半年可转债市场表现较好，中证可转债指数上涨7%。报告期内，随着债券收益率的波动，组合灵活调整久期和杠杆水平，优化资产配置结构，上半年债券以中性偏乐观操作为主，通过长久期利率交易灵活调整组合久期。权益操作整体保持中性仓位，灵活运用行业轮动，合理优化持仓结构。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:03.620Z","mo":"利率本质上是实体经济回报率的体现：央行主导短端利率，实体经济回报率决定长端利率。由此衍生出债券研究的经典框架：基本面、政策面、估值与供求（机构行为）。从中可清晰观察到，债券市场真正转熊的核心条件在于：名义GDP回升（涵盖经济增长与通胀双维度）与央行货币政策态度转向（由宽松转为收敛）。债市经历近三个月横盘低波后，市场风险偏好悄然抬升，“反内卷”形成共振，推动债券收益率向上波动幅度加大。但当前基本面仍呈现“微观感受”偏弱特征，经济增长对政策支撑的依赖性较强，内生复苏动能偏弱。叠加外围潜在不确定性仍存，货币政策收敛概率较低，且将持续为潜在冲击预留宽松空间（如应对外部冲击、政府债发行压力及资本市场波动等）。基于此，债券市场总体仍处于有利环境，但整体或维持低位震荡格局。操作策略，组合拟根据市场走势的预判，保持组合资产的流动性，灵活控制久期和各类资产配置比例，优化持仓结构。","fund":{"_id":3000000002668,"stockCode":"002668","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-05-02T16:00:00.000Z","setUpScale":201784000,"market":"a","tickerId":2668,"custody":"交通银行股份有限公司","name":"兴业聚丰混合型证券投资基金","shortName":"兴业聚丰混合A","fundSecondLevel":"hybrid","__csrcFundId":547,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.675Z","masterFundFlag":1,"inceptionDate":"2016-07-12T16:00:00.000Z","fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业聚丰混合","pinyin":"xyjfhhxzqtzjj","managers":[{"stockCode":"8801411386","stockType":"fund_manager","exchange":"fm","tickerId":120806166770,"name":"楼华锋"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业聚丰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=1344118","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6ab7fea5b3eb045cb2f","date":"2025-03-30T16:00:00.000Z","stockId":3000000002668,"sao":"报告期内，债券市场在多重因素的交织影响下呈现出显著调整态势，收益率曲线呈现 “熊平” 特征，信用利差收窄至低位。从宏观环境来看，以美联储为代表的主要发达经济体展现出较强的经济韧性，但通胀压力也较为突出，致使降息预期反复波动。在此背景下，国内稳汇率的优先级提升，加之防控政策转变等因素，央行在货币投放上较为谨慎，资金面始终维持紧平衡状态。同时，科技成长领域的发展带动市场风险偏好有所提升，年初信贷脉冲释放以及经济复苏呈现出结构性亮点，这些情况使得市场对央行宽松政策的节奏和力度预期放缓。此外，同业存款自律机制的实施，进一步加大了银行的负债压力。在上述诸多因素综合作用下，短端利率波动明显。1年期国债收益率一度大幅反弹65个基点，攀升至1.6%附近，1年期同业存单（1YNCD）利率也回升至 2% 以上。而长端和超长端利率方面，交易型机构由于受到较高负债成本的制约，普遍采取降杠杆以保障久期的策略，这使得其收益率调整相对滞后。直至2月中下旬，长端利率才开始补跌，最大调整幅度在25 - 35个基点之间，10年期国债收益率一度逼近1.9%这一关键位置。进入3月下旬，央行货币政策态度出现边际缓和迹象，资金价格中枢回落，债券市场情绪逐步企稳，收益率随之有所下行。权益市场方面，呈现出结构性牛市行情，科技成长板块表现亮眼，显著跑赢大盘价值板块。在这一带动下，中证转债指数在本季度上涨 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加，债券收益率呈现平坦化上行，1Y国债最高上行近70BP，但10Y国债最高仅上行18BP，期限利差收窄至历史低位，信用债也跟随调整，信用利差再度走阔，但随着化债政策的落地，信用风险溢价快速收敛，弱资质城投表现最佳。④12月债券做多情绪释放，利率债优于信用债，超长债表现最佳，曲线陡峭化小幅修复，但仍处于平坦状态。基本面偏弱是催化剂，资金转松和存款利率下调是推动力，政策落地低于预期助推做多情绪释放，配置型机构年末抢跑。经济基本面偏弱，企业盈利持续下滑，私人部门信心与预期不足，风险偏好持续回落，估值持续压缩，年仅一季度受益于经济复苏预期带动有所上涨，随后总体呈现单边下跌态势，全年看沪深300指数下跌11.4%，高分红表现相对较好。尽管权益市场表现不佳，但受益于信用债收益率下行至低位，可转债全年仅下跌0.5%。报告期内，随着债券收益率的波动，组合灵活调整久期和杠杆水平，优化资产配置结构，全年债券以中性偏乐观操作为主，上半年以信用为主，随着信用利差收窄，逐步增配长端利率。权益操作整体保持中性仓位，灵活运用行业轮动，合理优化持仓结构。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:03.604Z","mo":"展望2024年为固本培元之年。宽财政加码、中美库存周期共振以及消费边际倾向维持修复，出口和消费带动总需求有限幅度的改善，通胀水平温和回升，企业盈利有望企稳修复，制造业投资维持弱修复态势，经济失速风险下降。但是，领先指标显示地产出清尚未完成，地产依然成为经济复苏的最主要风险因素，抑制信用扩张、信心与预期改善以及债务风险缓解，新动能难以抵消旧动能的增长缺口，需要加大财政支出维持基建投资适度增长。基准情形下，预计经济增速中枢依然维持在潜在增速之下运行。货币政策配合，总量与结构政策并行。为配合宽财政，通过降准、增加MLF操作等释放中长期资金存在必要，资金面总体维持合理适度。尽管中美利差高位对降息存在阶段性掣肘，但美联储进入降息周期，预计降息3-6次，美债收益率见顶回落，届时降息空间打开。总之，债市总体处于有利环境中，10Y国债收益率存在再创新低的可能。①经济增长仍处于潜在增长之下，价格修复动能偏弱，名义GDP增长中枢明显抬高的概率不大，决定债券收益率中枢继续上行的空间有限；②货币政策大概率维持宽松，降准降息仍有空间，若叠加中美利差的收窄，汇率压力缓解，资金价格中枢有望回归政策利率，经济偏弱和货币政策宽松的环境下，债券收益率中枢将进一步下移。操作策略，组合拟根据市场走势的预判，保持组合资产的流动性，灵活控制久期和各类资产配置比例，优化持仓结构。","fund":{"_id":3000000002668,"stockCode":"002668","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-05-02T16:00:00.000Z","setUpScale":201784000,"market":"a","tickerId":2668,"custody":"交通银行股份有限公司","name":"兴业聚丰混合型证券投资基金","shortName":"兴业聚丰混合A","fundSecondLevel":"hybrid","__csrcFundId":547,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.675Z","masterFundFlag":1,"inceptionDate":"2016-07-12T16:00:00.000Z","fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业聚丰混合","pinyin":"xyjfhhxzqtzjj","managers":[{"stockCode":"8801411386","stockType":"fund_manager","exchange":"fm","tickerId":120806166770,"name":"楼华锋"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业聚丰混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1058548","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6ab7fea5b3eb045cb29","date":"2023-09-29T16:00:00.000Z","stockId":3000000002668,"sao":"报告期内，季度初，基本面延续二季度偏弱走势并有加速下探的迹象，7月份政治局会议就“提振信心、化解风险”释放出了较强的信号。尽管财政、货币以及产业政策整体偏积极，8月开始经济有底部企稳的迹象，失速风险有所降低。但是，在高质量发展的战略目标要求下，政策落地的节奏偏慢、力度偏缓，抑制内生性信用扩张的因素未得到有效缓解，居民和企业的信心和预期提振有限，经济整体仍处于磨底阶段。市场走势方面，围绕政策预期、基本面现实和资金面的波动而呈现低位震荡走势，10Y国债围绕[2.54%,2.7%]之间波动，总体上，较二季度末债券收益率曲线平坦化上行，信用利差小幅收窄。受经济基本面偏弱、风险偏好下降、汇率贬值等因素影响，三季度沪深300整体下跌4%，而与之相关的可转债资产也小幅下跌0.5%，估值整体仍处于历史相对高位。报告期内，我们继续根据宏观政策环境、以及各细分资产的风险和收益率预期变化，主动调整持仓的结构和仓位，持续优化组合的资产配置，力争实现较为稳健的净值增长。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:03.601Z","fund":{"_id":3000000002668,"stockCode":"002668","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-05-02T16:00:00.000Z","setUpScale":201784000,"market":"a","tickerId":2668,"custody":"交通银行股份有限公司","name":"兴业聚丰混合型证券投资基金","shortName":"兴业聚丰混合A","fundSecondLevel":"hybrid","__csrcFundId":547,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.675Z","masterFundFlag":1,"inceptionDate":"2016-07-12T16:00:00.000Z","fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业聚丰混合","pinyin":"xyjfhhxzqtzjj","managers":[{"stockCode":"8801411386","stockType":"fund_manager","exchange":"fm","tickerId":120806166770,"name":"楼华锋"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业聚丰混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=988129","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6ab7fea5b3eb045cb28","date":"2023-06-29T16:00:00.000Z","stockId":3000000002668,"sao":"报告期内，我们适度拉长债券资产的久期，并结合产品特性以及对市场的判断，灵活调整了利率债和信用债的配置比例，增配了具有相对性价比的可转债资产，以增加组合资产的弹性；我们将继续根据宏观政策环境、以及各细分资产的风险和收益率预期变化，主动调整持仓的结构和仓位，持续优化组合的资产配置，力争实现较为稳健的净值增长。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:03.598Z","mo":"年初基于“强预期”与“弱现实”的权衡，我们的基本判断是：“资产价格表现为复苏进程中的风险溢价收敛，债券各细分品种的风险收益比相对排序：可转债-信用债-金融债-利率债。” 一季度信用脉冲式扩张、疫情后需求集中释放等带动经济复苏、风险偏好持续改善，资产价格表现为经济复苏背景下的风险溢价收敛特征，10Y国债维持在[2.8%,2.93%]之间震荡，理财规模的企稳带动信用债供需关系的修复，信用表现优于利率，信用利差自高位回落。二季度以来，积压需求释放结束，经济回到内生动能为主的阶段，环比增长出现持续减速，实体经济融资需求减弱，风险偏好回落，央行超预期降息，汇率呈现贬值压力，资金面出现“衰退”式宽松，资金价格中枢下移，利率突破震荡区间，10Y国债下行至2.6%附近，信用利差呈现低位震荡。展望下半年债券市场，我们总体认为债市仍处于有利环境中，收益率仍有进一步下行的空间。具体来看：从外围来看，发达经济体货币政策收紧进入尾声。发达经济体持续的紧缩货币政策滞后效应逐步显现，美国经济增长动能有所放缓，但韧性较强；6月CPI增速回落至3%，核心CPI也放缓至4.8%，创两年来低点，意味着美联储加息进入尾声，但通胀的粘性、失业率处于低位，政策利率在未来一段时间内将继续维持高位。从国内看，经济整体仍处于偏弱状态，触底仍需等待。二季度经济数据主要反映了积压需求释放结束、企业加速去库存、外需走弱的影响，同时私人部门信心预期处于偏低水平，实体经济融资需求转弱，消费和地产领域整体维持偏弱态势。物价持续回落，6月CPI和PPI分别回落至0.0%和-5.4%水平。6月社融增速创新低，物价持续疲软，而M2-M1维持高位意味着经济活跃度较差，内生性动能偏弱。另外，在总需求萎缩的带动下，自去年年中开始的一轮去库存逐步进入尾声，形成短期需求边际改善的力量。但是，在国内房地产大周期下行和高质量发展的战略目标背景下，大力度刺激政策出台的概率较低，此轮补库存的力量整体可能偏弱。在此背景下，宏观政策总体将保持宽松状态，下半年降准降息仍存在较大的可能。估值性价比偏向权益资产，但债市仍处于有利环境中。企业去库存的进程预计接近尾声，不过由于实体部门信心和预期偏弱、房地产领域下行压力较大、以及政策保持定力，库存修复的力度可能偏弱，经济的触底回升仍然需要观察，债市总体仍处于有利环境中。考虑到流动性环境宽松、经济失速的风险较小，去库存的结束，带来价格和企业盈利的企稳，叠加权益类资产估值具有相对优势，风险偏好有望提振。保持三季度债市中性偏积极的判断，收益率仍有创新低的可能。市场目前认为收益率已下行至2.6%左右低位，尤其是对比经济现实（比去年好）和资金价格中枢上移（比去年极度宽松时高），债券下行空间的想象力有限，但价格的类通缩导致名义增量不强，经济的结构性问题凸显，弱补库难以构成显著利空，交易行为导致的债券调整风险较为有限，而且参考MLF和10Y国债的过往经验关系，在货币政策持续宽松的情况下，10Y国债低于MLF利率15BP-25BP属于正常区间内，即，若后续宽松政策落地，10Y国债有望形成新的收益率低点。","fund":{"_id":3000000002668,"stockCode":"002668","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-05-02T16:00:00.000Z","setUpScale":201784000,"market":"a","tickerId":2668,"custody":"交通银行股份有限公司","name":"兴业聚丰混合型证券投资基金","shortName":"兴业聚丰混合A","fundSecondLevel":"hybrid","__csrcFundId":547,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.675Z","masterFundFlag":1,"inceptionDate":"2016-07-12T16:00:00.000Z","fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业聚丰混合","pinyin":"xyjfhhxzqtzjj","managers":[{"stockCode":"8801411386","stockType":"fund_manager","exchange":"fm","tickerId":120806166770,"name":"楼华锋"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业聚丰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=964455","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6ab7fea5b3eb045cb27","date":"2023-03-30T16:00:00.000Z","stockId":3000000002668,"sao":"报告期内，一季度经济金融总量数据超预期，但高频数据显示经济复苏的斜率有放缓倾向，物价上涨相对乏力，显示私人部门再平衡过程并非一蹴而就；地方财政压力犹存，经济增长目标定位5%左右，位于市场预期的下沿，政策强刺激的概率下降，“强预期”降温，风险偏好提振力度减弱，债市呈现结构性分化，利率债总体呈震荡走势，曲线略有平坦，而随着理财负反馈的结束，信用债供需关系扭转，信用利差大幅收窄。具体来看，一季度10Y国债较去年底小幅上行2BP，波动区间仅为[2.81%,2.94%]，而随着资金价格中枢上移，1Y国债较去年末上行17BP；各评级信用债普遍下行30BP以上，其中短久期中等资质下行超过70BP相对显著，信用利差再度收窄至历史相对低位；受益于风险偏好的修复，上证综指上涨5.94%，带动可转债指数上涨3.5%。报告期内，我们将继续根据宏观政策环境、以及各细分资产的风险和收益率预期变化，主动调整持仓的结构和仓位，持续优化组合的资产配置，力争实现较为稳健的净值增长。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:03.596Z","fund":{"_id":3000000002668,"stockCode":"002668","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-05-02T16:00:00.000Z","setUpScale":201784000,"market":"a","tickerId":2668,"custody":"交通银行股份有限公司","name":"兴业聚丰混合型证券投资基金","shortName":"兴业聚丰混合A","fundSecondLevel":"hybrid","__csrcFundId":547,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:39.675Z","masterFundFlag":1,"inceptionDate":"2016-07-12T16:00:00.000Z","fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业聚丰混合","pinyin":"xyjfhhxzqtzjj","managers":[{"stockCode":"8801411386","stockType":"fund_manager","exchange":"fm","tickerId":120806166770,"name":"楼华锋"},{"stockCode":"j101018982","stockType":"fund_manager","exchange":"fm","tickerId":72510244290,"name":"郭益均"}]},"announcement":{"linkText":"兴业聚丰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=882803","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6ab7fea5b3eb045cb26","date":"2022-12-30T16:00:00.000Z","stockId":3000000002668,"sao":"2022年，国内疫情反复和地产领域流动性压力对经济形成显著拖累，外围俄乌战争、发达经济体货币政策收紧对国内经济增添了负向冲击。全年债券总体呈现V行走势，信用利差走阔，其中10Y国债和3YAA+中票分别较去年末上行6BP和44BP，固收类产品的回报率一般。2022年权益资产整体下跌，但需求结构变化及机会成本不高，转债估值中枢仍有所提升，全年中证转债指数下跌10%。在央行两次降准、两次调降OMO宽松货币政策带动下，1-10月债券收益率震荡下行，10Y国债收益率由年初的2.77%下行至最低2.58%，“资产荒”行情再度演绎，信用利差一度压缩至历史极低水平。但随着非常规基础货币投放的结束，资金价格中枢向政策利率收敛，防疫政策优化以及地产托底政策密集出台，进入11月债券出现剧烈的平坦化调整，利率债普遍上行30-50BP，10Y国债由低点上行34BP至2.92%年内高点，受理财赎回负反馈冲击，信用债普遍上行100-130BP，中等评级的城投债普遍上行160-180BP，3YAA+信用利差大幅走阔至2014年以来95%分位之上。报告期内，随着债券收益率的波动，组合灵活调整久期和杠杆水平，优化资产配置结构，上半年以“进攻”为主，拉长久期；下半年则通过缩短久期和降低杠杆水平适度进行防御操作。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:03.593Z","mo":"疫情的放开、地产尾部风险的下降，奠定了今年国内经济复苏的基础，但是出口下降的相对确定，私人部门信心的恢复需要时间，内生性信用扩张整体处于偏弱状态，复苏的力度仍依赖于积极的广义财政和中性偏松的货币政策的配合。在这样的宏观背景下，资产价格也将呈现复苏进程中的风险溢价收敛，具体表现为与权益相关的可转债以及信用利差处于历史相对高位的信用债（金融债、普通信用债）具有超额收益的机会，利率债则受制于复苏的强预期与弱现实的博弈，将呈现区间震荡的格局。操作策略，组合拟根据市场走势的预判，保持组合资产的流动性，灵活控制久期和各类资产配置比例，优化持仓结构。","fund":{"_id":3000000002668,"stockCode":"002668","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchan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