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2026年债市预计呈现低利率、高波动的区间震荡格局，收益中枢小幅抬升，曲线形态走陡，策略上重视震荡市票息资产布局对整体收益的贡献，同时把握波动资产的交易机会。　　本基金在报告期内采用票息资产与波动资产组合策略，信用债部分主要配置优质高性价比的城投债，辅以利率债、高评级国股存单等的波段操作，在保证组合流动性的前提下增厚产品收益，力争为投资人创造长期稳健的投资回报。","lastUpdated":"2026-03-09T13:10:10.521Z","fund":{"_id":3000000002704,"__csrcFundId":2761,"stockCode":"002704","shortName":"德邦锐兴债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2704,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.720Z","status":"normal","inceptionDate":"2016-06-02T16:00:00.000Z","name":"德邦锐兴债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050710000,"currency":"CNY","masterFundShortName":"德邦锐兴债券","pinyin":"dbrxzqxzqtzjj","managers":[{"stockCode":"j101019770","stockType":"fund_manager","exchange":"fm","tickerId":2610247040,"name":"张晶"},{"stockCode":"j101019790","stockType":"fund_manager","exchange":"fm","tickerId":2624243670,"name":"张旭"},{"stockCode":"db20695219","stockType":"fund_manager","exchange":"fm","tickerId":2626209150,"name":"邹舟"}]},"announcement":{"linkText":"德邦锐兴债券型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1461739","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6b27fea5b3eb045d311","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000002704,"sao":"从基本面来看，今年前三季度我国经济运行稳中有进，主要经济指标表现良好，同时依然面临不少风险挑战。　　国内方面：　　1-8月份，全国规模以上工业增加值累计同比增长6.2%，8月中国工业增加值同比从7月的5.7%回落至5.2%，工业表现维持韧性但边际放缓。中国9月官方制造业PMI为49.8，位于荣枯线下方较上月温和回升0.4个百分点，供需分化加大、价格指数重现回落等，指向经济修复的基础仍有待加强。1-8月固定资产投资累计同比0.5%，较前值回落1.1个点，低于市场预期，地产、制造业和基建均有所回落；8月社零同比增速由7月的3.7%回落至3.4%，低于市场预期，连续三个月回落，以旧换新政策效果减退，1-8月累计同比增长4.6%；9月中国出口同比增速从8月的4.4%回升至8.3%，高于市场一致预期，全球PMI处于扩张区间、AI产业发展及新兴市场投资需求共同支撑出口韧性，进口同比增速回升至7.4%，主要来自于生产原材料和能源需求增加。　　中国9月M1同比增长7.2%，前值6.0%，M2同比增长8.4%，前值8.8%。9月人民币贷款增加12900亿元，同比少增3000亿元；9月社会融资规模增加35296亿元，同比延续少增，主要拖累系高基数下政府债净发行同比少增，居民、企业融资需求低位企稳。　　中国9月CPI同比-0.3%，前值-0.4%，食品项形成主要拖累，服务价格、金饰购买需求持续形成支撑；9月PPI同比-2.3%，前值-2.9%，主要受到反内卷政策推进、供需结构边际改善的提振，考虑到四季度翘尾效应较为平缓，价格水平预计在当前水平低位震荡，后续跟踪反内卷落实情况。　　公开市场操作方面，三季度逆回购到期187961亿元，投放193209亿元；MLF到期9000亿元，投放16000亿元。不含国库现金及票据发行，三季度央行合计净投放12248亿元。　　政策方面，9月29日政治局会议公布将于10月20日至23日召开二十届四中全会，届时将发布“十五五”规划编制建议稿，预计规划整体更偏长期，以定性为主，重点关注和评估明确的年均经济增长目标设定情况。　　流动性方面，三季度央行维持适度宽松政策，资金面整体宽松，资金利率中枢较二季度有所回落，DR007在政策利率略上方运行。货币政策方面，三季度货币政策例会在政策基调上与7月政治局会议的要求相同，均强调“落实落细适度宽松的货币政策”，经济描述方面提及“高质量发展取得新成效”，表达了政策层对于基本面的信心有所增强，货币政策相关要求新增“抓好各项货币政策措施执行，充分释放政策效应”的表述，预计后续推进已出台政策的落实是工作重点。　　回顾2025年三季度，在反内卷政策持续推动、市场风险偏好提升及基金赎回新规等多因素扰动下，利率整体上行，长端调整更多，10年国债目前在1.75%附近进入震荡格局。债市当前处于赔率改善的阶段，同时可以看到10年国债1.8%附近有较强的配置力量，财政发力背景下，央行仍有持续呵护流动性、协助政府债券顺利发行、延续支持性立场的必要，基本面、货币政策对债市都属于顺风因素，债市或阶段性处于区间震荡行情，待“十五五”政策及监管政策落地后，预计仍会向基本面和资金面回归，可考虑进一步布局机会。　　本基金在报告期内采用票息资产与波动资产组合策略，信用债部分主要配置优质高性价比的城投债，辅以利率债、高评级国股存单等的波段操作，在保证组合流动性的前提下增厚产品收益，力争为投资人创造长期稳健的投资回报。","lastUpdated":"2026-03-09T13:10:10.519Z","fund":{"_id":3000000002704,"__csrcFundId":2761,"stockCode":"002704","shortName":"德邦锐兴债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2704,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.720Z","status":"normal","inceptionDate":"2016-06-02T16:00:00.000Z","name":"德邦锐兴债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050710000,"currency":"CNY","masterFundShortName":"德邦锐兴债券","pinyin":"dbrxzqxzqtzjj","managers":[{"stockCode":"j101019770","stockType":"fund_manager","exchange":"fm","tickerId":2610247040,"name":"张晶"},{"stockCode":"j101019790","stockType":"fund_manager","exchange":"fm","tickerId":2624243670,"name":"张旭"},{"stockCode":"db20695219","stockType":"fund_manager","exchange":"fm","tickerId":2626209150,"name":"邹舟"}]},"announcement":{"linkText":"德邦锐兴债券型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1381100","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6b27fea5b3eb045d310","date":"2025-06-29T16:00:00.000Z","stockId":3000000002704,"sao":"从基本面来看，今年上半年我国经济运行稳中有进，主要经济指标表现良好，同时依然面临不少风险挑战。　　国内方面：　　1-6月份，全国规模以上工业增加值累计同比增长6.4%，工业表现维持强劲。中国6月官方制造业PMI为49.7，较上月上行0.2个百分点，连续两个月回升，释放积极信号，但尚处于荣枯线以下，说明经济增长的基础还有待进一步巩固。1-6月固定资产投资累计同比增长2.8%，较前值回落0.9个点，略低于市场预期，其中地产跌幅继续扩大，上半年累计同比增速为-11.2%，基建与制造业投资增速高位回落，上半年累计同比增速分别为8.9%和7.5%；6月社零当月同比4.8%，1-6月累计同比增长5.0%，增速小幅放缓，上半年保持较好的增速中枢；6月中国出口同比5.9%，延续偏强、保持韧性。　　中国6月M1同比增长4.6%，前值2.3%，M2同比增长8.3%，前值7.9%。6月人民币贷款增加22400亿元，同比多增1100亿元，基本符合季节性增量；6月社会融资规模增加41993亿元，政府债券仍是主要支撑。　　中国6月CPI同比0.1%，前值-0.1%；6月PPI同比-3.6%，前值-3.3%。CPI表现略超市场预期，PPI同比继续下行，近期反内卷再度成为焦点，预计价格有望完成筑底过程。　　公开市场操作方面，二季度逆回购到期120603亿元，投放129018亿元；MLF到期4070亿元，投放14000亿元。不含国库现金及票据发行，二季度央行合计净投放18345亿元。　　政策方面，7月30日中共中央政治局召开二十届四中全会，分析研究当前经济形势，部署下半年经济工作，会议整体延续稳中求进的总基调，并未公布增量政策，更多关注已有政策的落实。关税逐渐缓和背景下，会议对经济的表述为“主要经济指标表现良好”， 相较于4月的判断更为积极，政策基调上提出“宏观政策要持续发力、适时加力”“保持政策连续性稳定性”，删除“超常规、逆周期调节”等表述，预计下半年政策整体托而不举；地产端政策会议主要强调“落实好中央城市工作会议精神，高质量开展城市更新”，未来开展大规模刺激的可能性减少；消费端，会议强调“深入实施提振消费专项行动，在扩大商品消费的同时，培育服务消费新的增长点”，商品和服务消费并重，服务消费或成为下一阶段政策的关键抓手；反内卷方面，会议强调“推动市场竞争秩序持续优化。依法依规治理企业无序竞争”，指向下半年可能仍有更多供给端政策出台，但此次会议强调了“重点行业”，因此产能治理预计更多为无序竞争领域，而非全面控制产能；财政方面，会议要求“要持续发力、适时加力。要落实落细更加积极的财政政策和适度宽松的货币政策，充分释放政策效应”，指向短期重点落在“抓落实”，赤字扩张、调整预算等增量仍需等待；货币方面，延续“适度宽松的货币政策”、“保持流动性充裕”的表述，并未提及“适时降准降息”，同时提出“用好各项结构性货币政策工具”，指向银行息差压力较大、利率水平较低背景下，货币政策重心或更多集中在结构性政策工具。　　回顾2025年上半年，在风险偏好变动、资金面松紧转换、财政供给节奏变化以及海外事件驱动等多因素作用下，利率整体先上后下，10年国债目前在1.65%附近进入到震荡格局。　　本基金在报告期内采用票息资产与波动资产组合策略，信用债部分主要配置优质高性价比的城投债，辅以利率债、高评级国股存单等的波段操作，在保证组合流动性的前提下增厚产品收益，力争为投资人创造长期稳健的投资回报。","declarationDate":"2025-07-08T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:10.516Z","mo":"展望下半年，关税政策仍有较大扰动，抢出口、转口退潮后，外需压力可能会加大，内需层面以旧换新政策补贴使用过半，三季度有望持续，但对部分耐用消费品的拉动效果或逐步放缓，地产周期仍待企稳，基本面对债券市场仍偏有利，叠加财政增量有待确定、货币政策保持适度宽松基调，债市在三季度整体仍处于顺风环境。","fund":{"_id":3000000002704,"__csrcFundId":2761,"stockCode":"002704","shortName":"德邦锐兴债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2704,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.720Z","status":"normal","inceptionDate":"2016-06-02T16:00:00.000Z","name":"德邦锐兴债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050710000,"currency":"CNY","masterFundShortName":"德邦锐兴债券","pinyin":"dbrxzqxzqtzjj","managers":[{"stockCode":"j101019770","stockType":"fund_manager","exchange":"fm","tickerId":2610247040,"name":"张晶"},{"stockCode":"j101019790","stockType":"fund_manager","exchange":"fm","tickerId":2624243670,"name":"张旭"},{"stockCode":"db20695219","stockType":"fund_manager","exchange":"fm","tickerId":2626209150,"name":"邹舟"}]},"announcement":{"linkText":"德邦锐兴债券型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1346509","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6b27fea5b3eb045d30f","date":"2025-03-30T16:00:00.000Z","stockId":3000000002704,"sao":"从基本面来看，一季度国民经济经济基本面仍处于弱修复阶段。　　国内方面：　　中国1-2月规模以上工业增加值同比实际增长5.90%。中国3月官方制造业PMI为50.5，较上月上行0.3个百分点，连续两个月位于扩张区间，表现持平于市场预期；中国3月官方非制造业PMI值为50.8，前值50.4。　　中国2月M1同比增长0.1%，前值0.4%，M2同比增长7.0%，前值7.0%。2月人民币贷款增加1.01万亿元，低于市场预期，同比少增4400亿元；2月社会融资规模增加2.2375万亿元，亦低于市场预期。　　中国2月CPI同比-0.7%，前值0.5%；2月PPI同比-2.2%，前值-2.3%。2月份物价指数超季节性走弱，除春节扰动以外，本质仍是需求不足、消费偏弱的问题仍有待改善。　　公开市场操作方面，一季度逆回购到期131991亿元，投放138429亿元；MLF到期18820亿元，投放9500亿元。不含国库现金及票据发行合计一季度央行净回笼2882亿元。　　政策方面，3月5日，李强总理向第十四届全国人民代表大会第三次会议作《政府工作报告》。《报告》将年度增长目标设置为5.0%左右、城镇新增就业1200万人以上、CPI目标调整至2%左右。　　财政方面，“实施更加积极的财政政策”，赤字率设定为4%，提高1个百分点，创历史新高，彰显出持续加力稳增长的决心，发行超长期特别国债1.3万亿元，比去年增加3000亿元，以更大力度支持“两重”项目，加力扩围实施“两新”政策，直接拉动投资增长、激发消费活力，发行特别国债5000亿元，用于支持六大行补充核心一级资本，地方政府专项债务限额提升至4.4万亿元，支持地方政府补充综合财力，用于投资建设、土地收储和收购存量商品房、消化地方政府拖欠企业账款等。　　货币方面提出“实施适度宽松的货币政策”，指出将“适时降准降息，保持流动性充裕”“推动社会综合融资成本下降”，并为政府债券发行营造良好环境，同时结构方面提出“优化和创新结构性货币政策工具，更大力度促进楼市股市健康发展，加大对科技创新、绿色发展、提振消费以及民营、小微企业等的支持”“落实无还本续贷政策，强化融资增信和风险分担等支持措施”，以实现对重点领域和薄弱环节的定向支持。　　本基金在报告期内采用票息资产与波动资产组合策略，信用债部分主要配置优质高性价比的城投债，辅以利率债、高评级国股存单等的波段操作，在保证组合流动性的前提下增厚产品收益，力争为投资人创造长期稳健的投资回报。","declarationDate":"2025-04-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:10.513Z","fund":{"_id":3000000002704,"__csrcFundId":2761,"stockCode":"002704","shortName":"德邦锐兴债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2704,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.720Z","status":"normal","inceptionDate":"2016-06-02T16:00:00.000Z","name":"德邦锐兴债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050710000,"currency":"CNY","masterFundShortName":"德邦锐兴债券","pinyin":"dbrxzqxzqtzjj","managers":[{"stockCode":"j101019770","stockType":"fund_manager","exchange":"fm","tickerId":2610247040,"name":"张晶"},{"stockCode":"j101019790","stockType":"fund_manager","exchange":"fm","tickerId":2624243670,"name":"张旭"},{"stockCode":"db20695219","stockType":"fund_manager","exchange":"fm","tickerId":2626209150,"name":"邹舟"}]},"announcement":{"linkText":"德邦锐兴债券型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1265558","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6b27fea5b3eb045d30e","date":"2024-12-30T16:00:00.000Z","stockId":3000000002704,"sao":"从基本面来看，2024年国民经济保持稳定，全年顺利完成5%的增长目标。　　国内方面：　　2024年四季度GDP同比5.4%，全年实现5%的增速目标；投资方面，1-12月固定资产投资同比增长3.2%，较2023年上行0.2个百分点，其中，地产投资跌幅扩大，1-12月房地产开发投资同比-10.6%，较2023年下行1个百分点，制造业、基建延续高位震荡，全年制造业投资同比增长9.2%、广义基建投资同比增长9.19%；消费方面，全年社零同比增长3.5%，四季度随着以旧换新政策发力，消费增速触底反弹；出口方面，2024年出口累计同比增长5.9%，主要原因是海外经济韧性以及我国以价换量带动的出口份额逆势扩张。　　价格指数方面，2024年全年，CPI同比0.2%，PPI同比-2.2%，核心CPI同比为0.5%，低于2023年的0.7%，GDP平减指数全年负增。CPI全年回升乏力主要拖累在于核心商品价格表现平平，耐用品价格低迷，汽车、家电项跌幅较大，房租增速维持低位，此外猪周期仍偏宽松，油价中枢亦小幅下行拖累能源项。PPI方面，国内定价的黑色系煤炭、钢铁、水泥等是主要拖累，国际定价方面的原油下行和有色上行基本对冲，展望未来，2025年物价中枢有望低位小升，但整体需求不足的约束仍较为严重。　　金融数据方面，2024年新增信贷18.09万亿元，同比大幅少增4.66万亿元，新增社融32.26万亿元，大幅少增3.33万亿元，M1增速转负，M2增速也明显回落。2024全年货币宽松力度较大，但宽信用仍未见好转，背后的原因主要为一方面受金融数据“挤水分”等技术原因拖累，但更为核心的原因还是微观主体需求、信心不足。　　公开市场操作方面，2024年逆回购到期397,724.90亿元，投放375,866.90亿元；MLF到期70,750.00亿元，投放50,890.00亿元。不含国库现金合计全年央行净回笼41,718.00亿元。　　政策方面，当前货币政策保持支持性立场，在2024年12月中央经济工作会议中提出货币政策要“适度宽松”，与更加积极的财政政策协同发力以扩大国内需求。2024年央行分别于1月、9月两次降准合计1个百分点，7月、9月下调公开市场7天期逆回购操作利率共0.3个百分点至1.5%，12月20日，中国人民银行授权全国银行间同业拆借中心公布最新LPR，1年期LPR为3.10%，5年期以上LPR为3.60%。　　本基金在报告期内采用票息资产与波动资产组合策略，配置了优质高性价比的城投债，辅以利率债、高评级信用债、高评级国股存单等的波段操作，在保证组合流动性的前提下增厚产品收益，力争为投资人创造长期稳健的投资回报。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:10.511Z","mo":"回顾2024年，在经济基本面弱修复、货币政策维持适度宽松等因素的推动下，国内债券市场收益率中枢呈现下行趋势，10年期国债收益率录得历史新低。展望2025年，国内经济或将延续弱修复态势，但出口和地产板块存在较大不确定性。政策大方向定调将实施更加积极有为的宏观政策，财政政策发力将占据更重要的位置。同时，适度宽松的货币政策为经济修复提供了所需的流动性支持。长期来看，预计利率下行趋势不变，但未来波动性可能加大。","fund":{"_id":3000000002704,"__csrcFundId":2761,"stockCode":"002704","shortName":"德邦锐兴债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2704,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.720Z","status":"normal","inceptionDate":"2016-06-02T16:00:00.000Z","name":"德邦锐兴债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050710000,"currency":"CNY","masterFundShortName":"德邦锐兴债券","pinyin":"dbrxzqxzqtzjj","managers":[{"stockCode":"j101019770","stockType":"fund_manager","exchange":"fm","tickerId":2610247040,"name":"张晶"},{"stockCode":"j101019790","stockType":"fund_manager","exchange":"fm","tickerId":2624243670,"name":"张旭"},{"stockCode":"db20695219","stockType":"fund_manager","exchange":"fm","tickerId":2626209150,"name":"邹舟"}]},"announcement":{"linkText":"德邦锐兴债券型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1258576","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6b27fea5b3eb045d30d","date":"2024-09-29T16:00:00.000Z","stockId":3000000002704,"sao":"从基本面来看，三季度国民经济保持稳定。　　国内方面：　　中国9月规模以上工业增加值同比实际增长5.4%，比上月加快0.9个百分点。从环比看，9月份，规模以上工业增加值比上月增长0.59%。1—9月份，规模以上工业增加值同比增长5.8%。中国9月官方制造业PMI为49.8，前值49.1；中国9月官方非制造业PMI值为50，前值50.3。　　中国9月M2同比增长6.8%，前值6.3%。2024年前三季度人民币贷款增加16.02万亿元；2024年前三季度社会融资规模增量累计为25.66万亿元，比上年同期少3.68万亿元；9月末社会融资规模存量为402.19万亿元，同比增长8%。　　中国9月CPI同比上涨0.4%，前值0.6%，环比持平；9月PPI同比下降2.8%，前值下降1.8%，环比下降0.6%。9月份，消费市场运行总体平稳，价格基本稳定。同时，受国际大宗商品价格波动及国内市场有效需求不足等因素影响，PPI环比降幅收窄，同比降幅扩大。　　公开市场操作方面，三季度逆回购到期109,417.90亿元，投放118,868.90亿元；MLF到期10,950亿元，投放9,000亿元。不含国库现金合计三季度央行净投放7501亿元。　　政策方面，2024年7月25日，人民银行开展中期借贷便利(MLF)操作，期限1年，中标利率2.3%，此前中标利率为2.5%；2024年9月25日，人民银行开展中期借贷便利(MLF)操作，期限1年，中标利率2.0%，此前中标利率为2.3%，三季度累计下调MLF利率50BP。9月，中国人民银行发布消息，坚持支持性的货币政策立场，加大货币政策调控强度，提高货币政策调控精准性，为中国经济稳定增长和高质量发展创造良好的货币金融环境，同时决定自2024年9月27日起，下调金融机构存款准备金率0.5个百分点（不含已执行5%存款准备金率的金融机构）。7月和9月，央行两次调整公开市场7天期逆回购操作利率，累计下调30BP，从1.80%调整为1.50%。7月22日，中国人民银行授权全国银行间同业拆借中心公布最新LPR，1年期LPR为3.35%，5年期以上LPR为3.85%，1年期LPR和5年期以上LPR均下调10BP。中国人民银行9月29日发布公告，完善商业性个人住房贷款利率定价机制，允许满足一定条件的存量房贷重新约定加点幅度，促进降低存量房贷利率。　　海外方面，美国9月非农就业人口增加25.4万人，远超预期的15万人。美国9月失业率4.1%，低于预期的4.2%。美联储9月份降息50个基点。　　本基金在报告期内采用票息资产与波动资产组合策略，配置了优质高性价比的城投债，辅以利率债、高评级信用债、高评级国股存单等的波段操作，在保证组合流动性的前提下增厚产品收益，力争为投资人创造长期稳健的投资回报。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:10.508Z","fund":{"_id":3000000002704,"__csrcFundId":2761,"stockCode":"002704","shortName":"德邦锐兴债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2704,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.720Z","status":"normal","inceptionDate":"2016-06-02T16:00:00.000Z","name":"德邦锐兴债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050710000,"currency":"CNY","masterFundShortName":"德邦锐兴债券","pinyin":"dbrxzqxzqtzjj","managers":[{"stockCode":"j101019770","stockType":"fund_manager","exchange":"fm","tickerId":2610247040,"name":"张晶"},{"stockCode":"j101019790","stockType":"fund_manager","exchange":"fm","tickerId":2624243670,"name":"张旭"},{"stockCode":"db20695219","stockType":"fund_manager","exchange":"fm","tickerId":2626209150,"name":"邹舟"}]},"announcement":{"linkText":"德邦锐兴债券型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1171171","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6b27fea5b3eb045d30c","date":"2024-06-29T16:00:00.000Z","stockId":3000000002704,"sao":"今年上半年政府债券整体供给节奏偏慢，叠加资金宽松和银行存款搬家，债券市场在供需不匹配导致的资产荒行情下表现亮眼。年初交易降准预期，各期限均有所下行，降准幅度落地后短端表现更好，收益率曲线走陡。春节后市场处于数据真空期，但在机构积极配置下仍表现强势，30年国债收益率开始向下突破MLF利率。两会后政策力度未超预期，但特别国债扰动市场、且经济数据出现好转，市场逐渐出现一定分歧进入盘整阶段。随后央行表态提示长期利率债风险并给出合理区间，市场快速反转，期限特别国债发行计划落地、社融数据首次为负均对债市情绪有所修复。在资产荒和负债扩容带来的配置压力下，市场配置和交易力量继续发力，逐渐接近前低。上半年来看，资金宽松带来短端的明显下行，截止6月末1年国债收益率下行58bp至1.54%，长端虽然受央行喊话影响但仍有一定程度下行，10年国债收益率下行35bp至2.21%，30年国债收益率下行40bp至2.43%，收益率曲线走陡且中短端凸点明显；3年AA-城投债收益率下行217bp至2.61%，5年AA-城投债收益率下行269bp至3.24%；5年AA-二级资本债下行132bp至2.58%，1年AA-二级资本债下行95bp至2.25%。　　本产品采用票息资产与波动资产组合策略，在城投债为主的基础上，适当增配银行二级债，波动资产在收益率下行趋势中获得了一定资本利得，同时适度参与波段操作，争取为投资人创造较好的收益表现。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:10.505Z","mo":"展望下半年，房地产政策底部已经出现但实际效果仍待观察，实体融资需求恢复偏慢，推动融资成本稳中有降仍在继续，基本面复苏仍需观察，债券利率下行的长期趋势尚未逆转。但过程中扰动因素不少，上半年供给节奏偏慢和银行存款造成的资产荒格局，随着特别国债和专项债逐渐放量、存款搬家进入尾声，债市供需力量或有所变化；长端在央行借债卖空压力引导下，下行空间和情绪受压制，中短端确定性相对更强；短期来看债市预计呈现震荡局面，收益率曲线或进一步陡峭化。","fund":{"_id":3000000002704,"__csrcFundId":2761,"stockCode":"002704","shortName":"德邦锐兴债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2704,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.720Z","status":"normal","inceptionDate":"2016-06-02T16:00:00.000Z","name":"德邦锐兴债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050710000,"currency":"CNY","masterFundShortName":"德邦锐兴债券","pinyin":"dbrxzqxzqtzjj","managers":[{"stockCode":"j101019770","stockType":"fund_manager","exchange":"fm","tickerId":2610247040,"name":"张晶"},{"stockCode":"j101019790","stockType":"fund_manager","exchange":"fm","tickerId":2624243670,"name":"张旭"},{"stockCode":"db20695219","stockType":"fund_manager","exchange":"fm","tickerId":2626209150,"name":"邹舟"}]},"announcement":{"linkText":"德邦锐兴债券型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1143706","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6b27fea5b3eb045d30b","date":"2024-03-30T16:00:00.000Z","stockId":3000000002704,"sao":"今年年初以来供需不匹配带来的资产荒叠加货币宽松预期共同带动债市收益率快速下行，行情超出市场预期，债市收益率突破2002年6月以来低点。具体来看，年初降准预期带动长端收益率下行突破2.5%，随后受特别国债发行带来的政策加码担忧，收益率小幅回调，1月末央行意外降准50bp，短端明显下行，叠加权益表现偏弱，债市情绪较好；节前中央汇金增持ETF，市场观望情绪升温债市小幅回调，至春节前10年期国债活跃券最低下行至2.4%附近；节后资金面在央行呵护下整体平稳，5年LPR的非对称下调市场解读偏利多，基本面进入数据真空期但复工开工等高频数据偏弱，叠加机构配置行为较积极，债市表现强势，10年期国债活跃券下行至2.35%附近，超长端一度下行突破MLF利率；跨月期间两会召开在即，止盈观望情绪浓厚，债市有明显回调，会议召开后政策力度未超预期叠加央行释放宽松信号，10年期国债收益率大幅下行至2.2675%、创年内新低；后在央行调研农商行、特别国债发行节奏和发行方式、人民币汇率压力、经济数据屡超预期等扰动下，市场逐渐出现一定分歧进入盘整阶段，10年国债在2.3%附近震荡。全季来看，10年国债收益率下行26.52bp至2.2901%，1年国债收益率下行35.71bp至1.7225%；3年AA-城投债收益率下行140.9bp至3.3961%，5年AA-城投债收益率下行163.6bp至4.3058%；5年AA-二级资本债下行59.37bp至3.3016%，1年AA-二级资本债下行54.47bp至2.6249%。　　一季度行情演绎较充分，市场交易情绪和交易行为较极致，本产品通过票息资产与波动资产组合的策略，全季表现较均衡，同时适度参与波段操作，为产品贡献了一定收益。","declarationDate":"2024-04-15T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:10.503Z","fund":{"_id":3000000002704,"__csrcFundId":2761,"stockCode":"002704","shortName":"德邦锐兴债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2704,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.720Z","status":"normal","inceptionDate":"2016-06-02T16:00:00.000Z","name":"德邦锐兴债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050710000,"currency":"CNY","masterFundShortName":"德邦锐兴债券","pinyin":"dbrxzqxzqtzjj","managers":[{"stockCode":"j101019770","stockType":"fund_manager","exchange":"fm","tickerId":2610247040,"name":"张晶"},{"stockCode":"j101019790","stockType":"fund_manager","exchange":"fm","tickerId":2624243670,"name":"张旭"},{"stockCode":"db20695219","stockType":"fund_manager","exchange":"fm","tickerId":2626209150,"name":"邹舟"}]},"announcement":{"linkText":"德邦锐兴债券型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1064027","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6b27fea5b3eb045d30a","date":"2023-12-30T16:00:00.000Z","stockId":3000000002704,"sao":"2023年债券市场总体表现较好，经过上半年的经济修复预期转变、结构性资产荒，再到下半年的宽信用政策发力及流动性变化，全年仍为小牛市行情。具体来看，1月以来疫情管控放开后经济快速反弹，预期和现实短期达成统一，10Y国债收益率上行至年内高点2.93%；3月两会设定经济目标偏谨慎、政策预期有所缓和，随后地产修复不及预期、实体收入和就业预期较弱，先后两次MLF降息带动收益率中枢下移，资金面维持宽松，叠加风险偏好趋弱债市资产荒延续，收益率震荡下行至2.54%的年内低点。8月下旬开始地产、财政等“宽信用”政策加速推进叠加特殊再融资债的供给冲击成为扰动债市的主线，期间理财赎回压力显现，资金面趋紧，政策预期再起，债市进入震荡调整阶段；11月底以来，中央经济工作会议未释放强刺激信号、跨年资金面提前宽松叠加存款利率下调共同推动债市年末走强，全年来看，1Y国债收益率下行3.24bp收于2.08%，10Y国债收益率下行26.75bp收于2.56%。此外信用债在上半年结构性“资产荒”与下半年“一揽子化债”政策驱动下走出结构牛市，期间“宽信用”预期与机构赎回短暂扰动，但不改整体亮眼表现。　　投资操作方面，本基金采用票息资产与波动资产组合的策略，保持相对中性的久期和杠杆，全年跟随化债行情较大程度配置票息资产，同时在控制仓位的前提下积极参与利率债波动波段操作。","declarationDate":"2024-01-15T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:10.500Z","mo":"展望2024年，债市收益率目前已处于历史低位，进一步下行空间有限，短期或需要关注潜在上行风险，如两会政策定调带来的不确定性、政府债券发行带来的流动性变化，中期随着经济修复因素的积累，宽货币到宽信用的过渡，财政发力等也会对债券市场带来一定影响。总体而言，我国经济长期向好的基本趋势没有改变，但国内进一步推动经济回升向好需要克服一些困难挑战，叠加债券市场资产荒逻辑仍将维持，收益率波动空间预计不大，或将呈现小幅震荡局面。此外信用债市场随着化债方案的推进，高息资产规模明显减少，性价比有所降低，进一步挖掘难度增加，可以适当关注非城投类品种的机会。","fund":{"_id":3000000002704,"__csrcFundId":2761,"stockCode":"002704","shortName":"德邦锐兴债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2704,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.720Z","status":"normal","inceptionDate":"2016-06-02T16:00:00.000Z","name":"德邦锐兴债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050710000,"currency":"CNY","masterFundShortName":"德邦锐兴债券","pinyin":"dbrxzqxzqtzjj","managers":[{"stockCode":"j101019770","stockType":"fund_manager","exchange":"fm","tickerId":2610247040,"name":"张晶"},{"stockCode":"j101019790","stockType":"fund_manager","exchange":"fm","tickerId":2624243670,"name":"张旭"},{"stockCode":"db20695219","stockType":"fund_manager","exchange":"fm","tickerId":2626209150,"name":"邹舟"}]},"announcement":{"linkText":"德邦锐兴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=1059574","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6b27fea5b3eb045d309","date":"2023-09-29T16:00:00.000Z","stockId":3000000002704,"sao":"三季度债市整体先涨后跌，资金面收敛导致短端收益率上行更多，利率曲线熊平；信用利差整体收窄，在一揽子化债政策影响下中低等级中短久期城投债利差收窄最为明显。具体来看，季初基本面环境偏弱、降准预期升温、叠加理财规模大幅增加带来债市配置力量等因素共同驱动利率下行，7月末政治局会议政策定调较为积极，给债市带来调整压力。8月中旬超预期降息作为触发因素，叠加权益走弱、经济数据不及预期、二季度货政报告表示政策宽松窗口仍在均对债市形成一定支撑，带动利率下行突破前低，十年国债下行至年内低点2.54%。9月以来资金面成为最主要的影响因素，叠加经济数据改善、国债供给放量、地产政策加码的共同影响下债市明显调整，短端品种受资金收紧影响更为明显，调整幅度超过长端，曲线熊平。全季来看，10年国债收益率上行4.0bp至2.68%，1年国债收益率上行29.5bp至2.17%；1年AAA城投债收益率上行8.7bp至2.60%，1年AA-城投债收益率下行24.3bp至3.72%。　　三季度信用债结构性行情再现，本产品的信用策略为业绩带来主要贡献，整体呈现稳步增长，但报告期内信用债资产荒较为严重，配置难度有所增加，后续会持续关注信用资产表现与机会，优化组合资产配置。","declarationDate":"2023-10-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:10.498Z","fund":{"_id":3000000002704,"__csrcFundId":2761,"stockCode":"002704","shortName":"德邦锐兴债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2704,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.720Z","status":"normal","inceptionDate":"2016-06-02T16:00:00.000Z","name":"德邦锐兴债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050710000,"currency":"CNY","masterFundShortName":"德邦锐兴债券","pinyin":"dbrxzqxzqtzjj","managers":[{"stockCode":"j101019770","stockType":"fund_manager","exchange":"fm","tickerId":2610247040,"name":"张晶"},{"stockCode":"j101019790","stockType":"fund_manager","exchange":"fm","tickerId":2624243670,"name":"张旭"},{"stockCode":"db20695219","stockType":"fund_manager","exchange":"fm","tickerId":2626209150,"name":"邹舟"}]},"announcement":{"linkText":"德邦锐兴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=982296","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6b27fea5b3eb045d308","date":"2023-06-29T16:00:00.000Z","stockId":3000000002704,"sao":"2023年上半年，债券市场表现为小牛市，利率债在资金面助推下短端表现更好，曲线牛陡；信用债在结构性资产荒带动下中低等级短久期下行明显。具体来看，1月至春节前，随着疫情感染高峰过去，高频数据逐渐改善，地产政策陆续出台，叠加央行在信贷座谈会中要求信贷投放适度靠前，市场对经济强修复预期高涨，债市在春节前明显回调，对应10年国债达到上半年最高点；春节到2月末，资金面整体偏紧短端上行明显，市场对经济修复预期出现修正，长端窄幅震荡；3月初到6月中旬，两会制定的经济增长目标处于市场预期下沿，基本面为债市打开下行空间，叠加3月超预期降准，资产荒与资金宽松共同推进利率持续下行；6月中旬降息落地后宽信用及刺激政策预期升温，叠加利率赔率降低、部分机构止盈，债市小幅回调。　　本基金在报告期内，严控信用风险，增配中高资质信用债，减持低资质信用债，同时辅以杠杆套息策略增厚收益。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:10.495Z","mo":"展望下半年，7月政治局会议对经济定调为“持续恢复、总体回升向好”，债市面临的环境有所改变，后续下行动力预计不足。首先地产政策表述超市场预期，城中村改造、限购限贷等政策陆续出台，市场情绪可能持续受到扰动；其次针对地方债务提出“实施一揽子化债方案”，若发行一批特殊再融资置换债，供给上有所承压。不过在货币政策稳中偏松的环境下，利率难以大幅上行，预计债市呈现震荡偏弱局面，后续关注政策落地执行情况。","fund":{"_id":3000000002704,"__csrcFundId":2761,"stockCode":"002704","shortName":"德邦锐兴债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2704,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.720Z","status":"normal","inceptionDate":"2016-06-02T16:00:00.000Z","name":"德邦锐兴债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050710000,"currency":"CNY","masterFundShortName":"德邦锐兴债券","pinyin":"dbrxzqxzqtzjj","managers":[{"stockCode":"j101019770","stockType":"fund_manager","exchange":"fm","tickerId":2610247040,"name":"张晶"},{"stockCode":"j101019790","stockType":"fund_manager","exchange":"fm","tickerId":2624243670,"name":"张旭"},{"stockCode":"db20695219","stockType":"fund_manager","exchange":"fm","tickerId":2626209150,"name":"邹舟"}]},"announcement":{"linkText":"德邦锐兴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=961434","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6b27fea5b3eb045d307","date":"2023-03-30T16:00:00.000Z","stockId":3000000002704,"sao":"一季度债市表现分化，利率债曲线平坦上行，信用债收益率整体下行、中低等级下行更为明显。具体来看，1月随着感染高峰逐渐过去，生产逐步恢复，出行、消费等高频数据使得市场对经济强修复预期高涨，债市在春节前明显回调，对应10年国债达到一季度高点。进入2月，市场对经济修复预期出现修正，在基本面数据空窗期内，长端走势相对平稳、收益率窄幅震荡；但资金面受税期走款、信贷大额投放等因素明显波动，带动短端明显抬升。3月初两会召开，GDP目标设定在“5%左右”，处于市场预期下沿，债市收益率有所下行；中旬MLF等价超额续作叠加超预期降准补充中长期流动性，新领导班子强调政策“不干大快上”，收益率呈现短暂利多出尽后再度趋稳。相比之下，配置需求支撑下，资产荒逻辑推动中低评级信用债收益率中枢自春节后持续震荡走低。全季来看，10年国债收益率上行1.7bp至2.85%，10年国开债收益率上行3.1bp至3.02%，1年AAA级短融收益率上行6bp至2.77%，3年AA+级中票收益率下行38bp至3.20%。　　回顾一季度，债市表现分化，信用债整体好于利率债，本产品采取的信用策略成为超额收益的主要来源，产品业绩整体呈现稳步增长，不过，一季度信用债内部也有分化，中高等级品种表现不及低等级品种，进而对组合相对表现带来了一定拖累。","declarationDate":"2023-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:10:10.492Z","fund":{"_id":3000000002704,"__csrcFundId":2761,"stockCode":"002704","shortName":"德邦锐兴债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2704,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.720Z","status":"normal","inceptionDate":"2016-06-02T16:00:00.000Z","name":"德邦锐兴债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050710000,"currency":"CNY","masterFundShortName":"德邦锐兴债券","pinyin":"dbrxzqxzqtzjj","managers":[{"stockCode":"j101019770","stockType":"fund_manager","exchange":"fm","tickerId":2610247040,"name":"张晶"},{"stockCode":"j101019790","stockType":"fund_manager","exchange":"fm","tickerId":2624243670,"name":"张旭"},{"stockCode":"db20695219","stockType":"fund_manager","exchange":"fm","tickerId":2626209150,"name":"邹舟"}]},"announcement":{"linkText":"德邦锐兴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=879982","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6b27fea5b3eb045d306","date":"2022-12-30T16:00:00.000Z","stockId":300000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