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基本面影响上下波动。　　策略上，基金延续此前的观点和策略，保持较为谨慎的防御性策略，维持较低的组合久期。在方向明朗之前，利用长期限利率债参与一些交易性的机会。","lastUpdated":"2026-04-21T19:52:10.584Z","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801600498","stockType":"fund_manager","exchange":"fm","tickerId":2625180090,"name":"周宇"}]},"announcement":{"linkText":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1468931","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ca13c40daeb17084fb29e2","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000003526,"sao":"2025年，中国经济较好地完成全年5%的增长任务，并在经历数年周期下行之后，呈现出底部企稳的迹象。　　制造业PMI经历了连续8个月的收缩后，12月份达到50.1，环比上升0.9，重返扩张区间。整体回升的同时，生产和需求皆有所加快。生产指数51.7，比上月回升1.7，新订单指数50.8，回升至扩张区间。同时新出口订单同步回暖，显示外需仍具备较好的韧性。　　房地产开发投资为主的固定资产投资形成经济的拖累。全年全国固定资产投资（不含农户）同比下降3.8%，其中房地产投资同比下降17.2%，拖累巨大。但依靠消费和出口的稳定支撑，经济逐步获得支撑。　　价格方面，指标呈现“cpi温和回升，PPI触底修复”的格局。从年初的低位徘徊，到年中的企稳回升，再到年末的加速修复，特别是核心CPI的持续回升，显示经济内生动力增强的积极信号。　　资本市场对实体经济的变化做出了超前反映。权益市场上涨，债券市场表现疲弱。　　以10年国债收益率衡量，年初至年末上行幅度接近20bp。但短久期、信用债市场结构性表现较为稳定。　　就基金全年业绩表现而言，在较好控制回撤的同时，跑赢了业绩比较基准。市场判断方面，针对全年经济形势和债券市场的走势，年初做出了经济触底，债券市场震荡偏弱的判断。全年组合维持短久期配置，长久期交易的策略。期间，3月份在中美贸易战爆发期通过长期限利率债交易性拉长组合久期，后续在贸易风险缓和后重新将组合久期降至低水平。市场窄幅波动期间，也通过短线和超短线积极交易为组合贡献超额收益。从整体来看，对整个年度经济走势和利率变化趋势的判断基本正确，策略制定符合客观情况，也基本把握了市场大幅波动的节奏。","lastUpdated":"2026-03-30T06:10:12.323Z","mo":"展望未来，海外风险状况稳定的情况下，国内经济有望逐步企稳。长期风险偏好预期持续回升。短期而言，经济处于底部调整过程中，经济数据处于调整修复的状态，导致市场也呈现出震荡格局。整体而言，基金仍然维持低久期运作的大策略，努力去把握一些阶段性的交易性的机会。　　同时，风险方面，考虑海外经济下滑对国内风险偏好的压制。","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801600498","stockType":"fund_manager","exchange":"fm","tickerId":2625180090,"name":"周宇"}]},"announcement":{"linkText":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1451044","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74e7fea5b3eb046899d","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000003526,"sao":"随着宏观政策持续发力，三季度中国经济延续了稳定态势。制造业PMI持续回升，7、8、9月分别为49.3、49.4和49.8。　　工业和服务业保持较快增长。规模以上工业增加值同比增长较快，且服务业生产指数增速快于工业；同时，高技术制造业表现亮眼，7-9月增加值增速接近10%，工业机器人、新能源汽车产量保持双位数以上增长。　　消费和出口规模扩大。社会消费品零售总额增速放缓，但服务业零售额增长5.1%，以旧换新等政策对汽车、家电等闪频零售拉动显著。出口在贸易摩擦背景下展现超预期韧性，前7个月出口增速扩大至7.3%，对东盟、非洲等新兴市场出口增长较快。　　价格表现平稳。随着供需关系逐步改善，以及反内卷政策推动行业价格降幅收窄，CPI连续4个月回升，8月核心cpi同比上涨0.9%。　　债券市场呈现弱势震荡格局。以10年国债为例，收益率小幅上行，仍然在1.60%-1.90%的区间内部波动。超长期限债券上行幅度略大，中、短期限债券上行幅度略小；同时，信用债由于具备票息优势表现优于利率债；　　金穗基金长期采取较为稳健的投资策略，组合久期维持在较低的水平，通过到短久期信用债的配置获取较为稳定的票息收入。同时，基金适当运用杠杆策略以获取部分超额收益。　　基本面的数据好坏参杂，决定了债券市场震荡的大格局。从股债跷跷板的逻辑来看，权益市场的风险偏好仍然维持在相对高位水平，对债券市场仍将形成一定的压制，导致债券市场呈现震荡格局中的偏弱状态。　　策略上，基金未来一段时间仍然维持目前的策略，维持较低的组合久期。同时，积极挖掘一些具备利差优势的信用品种，为组合提供超额收益。","lastUpdated":"2026-03-09T13:12:46.015Z","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801600498","stockType":"fund_manager","exchange":"fm","tickerId":2625180090,"name":"周宇"}]},"announcement":{"linkText":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1369913","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74e7fea5b3eb046899c","date":"2025-06-29T16:00:00.000Z","stockId":3000000003526,"sao":"上半年经济前高后低，整体表现强于预期。但近期有所走弱。　　财政支出靠前发力。2025年中央赤字规模4.86万，叠加1.3万亿超长期特别国债、5000亿中央金融机构注资特别国债，合计6.66万亿。截至6月末，国债累计净融资3.38万亿，进度为51%，明显快于近5年同期水平。截至5月底，广义财政支出合计达到145078亿元，占全年预算总额的34.4%，为2020年以来的最高，财政支出总体呈现靠前发力的趋势。房地产反弹。　　中国房地产市场在政策持续发力与市场自我调整的双重作用下，呈现“止跌回稳、结构优化”的总体特征。1-5月份全国新建商品房销售面积3.53亿平方米，同比下降2.9%，降幅较2024年全年明显收窄；销售额3.41万亿，下降3.8%，呈现“量稳价跌”的弱复苏态势。二手房市场“以价换量”特征明显，尤其是高能级城市二手房成交量接近前期高点水平。　　国内消费市场在政策组合拳与消费升级的双重驱动下，呈现出“量质齐升”的特征；随着“大规模设备更新”、“消费品以旧换新”等政策深入实施，社会消费品零售总额较2024年全年增速大幅提升。消费对经济增长的贡献度显著提升。　　上半年中国货物贸易出口在去年同期高基数以及目前全球贸易环境恶化的背景下展现出了较强韧性。虽然对美国出口受关税战直接影响有所回落，但对东盟、中东、拉美等地区呈现较好增速。　　最新数据显示，7月份，制造业PMI为49.3，比上月下降0.4，景气水平有所回落。其中生产和需求分项都处于下降状态。非制造业商务活动指数为50.1，同样下降0.4，其中建筑业下降2.2，服务业商务活动下降0.1。　　从实体高频数据来看，房地产行业数据从高位有所回落，出口数据受多因素影响同样有所走弱，与景气指数指向一致。　　虽然短期经济数据表现疲弱，但从资本市场的表现来看风险偏好明显提升。权益市场逐步走高，债券市场停滞不前。可能的原因，一方面是对经济长期前景的预期有所调整；二是短期“反内卷”浪潮提振了投资者信心。　　债券市场呈现大幅震荡、结构分化行情。　　以10年国债为例，年初10年国债位于1.6%水平，3月份收益率攀升至1.90附近，6月末重新回到1.6附近徘徊不前。　　市场总体震荡的同时，不同阶段呈现结构分化的行情。　　3月中下旬开始，美国加征关税影响刺激债券收益率大幅下行。利率债快速下行，下行幅度长端大于短端。　　4月至6月末关税战缓和后，市场缺乏明显方向。利率债在1.6-1.7%区间小幅震荡，信用债具备票息优势表现更优，其中长久期、低评级信用债收益率更是出现明显下行。 　　基金投资操作回顾 　　基金维持了较低的风险偏好。基金整体久期较低，债券资产偏中高评级。根据资金市场的变化持续对组合进行组合更新。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:46.012Z","mo":"展望后市，经济在4月份反弹到一定高度后出现回落，后续财政支出力度减弱叠加海外环境不确定性，经济短期存在一些压力。与此同时，货币市场维持一个宽松局面，共同对债券市场形成支撑。　　策略上，基金还是维持前期策略不变，后续择机增配信用品种。","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801600498","stockType":"fund_manager","exchange":"fm","tickerId":2625180090,"name":"周宇"}]},"announcement":{"linkText":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1338092","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74e7fea5b3eb046899b","date":"2025-03-30T16:00:00.000Z","stockId":3000000003526,"sao":"2025年一季度，中国经济呈现复苏向好的局势。景气指标触底后快速回升。制造业PMI从49.1%触底回升到50.5%，非制造业扩张步伐从50.2回升到50.8。　　房地产数据从2024年9月新政以来全面改善，且改善力度和持续时间超出市场预期，一季度二手房交易持续维持高位，一手房同比降幅有所收窄。制造业投资和基础设施建设投资增速都有所加快，带动整体投资回升。就业层面，全国城镇调查失业率平均值5.3，与上年同期基本持平。经济的企稳向好与政策支持密不可分，连续出台的房地产优惠政策、“两重”,“两新”政策，对供需双方都产生了显著的拉动作用。政策同时支持科技创新，规模以上高技术制造业增加值同比增长9.1%。　　展望未来，国内经济可能在一个底部不断修复和夯实的过程。但是，外部环境的不确定性在不断增加。美国最新宣布全球加征关税，将对包括美国自身在内的全球经济造成较为严重的冲击。中国属于外贸出口大国，也不可避免地将遭受较为严重的影响，复苏进程变得一波三折更为艰难。 　　一季度债券市场大幅震荡。元旦后市场延续去年的大涨行情。但是随着银行间资金面宽松预期落空，叠加经济恢复超预期，债券市场出现较大幅度的回调。10年国债收益率接近1.90%的水平之后逐步企稳，随着美国开打贸易战又重新转头向下。　　金穗基金一季度实施了积极的交易策略，较好地把握了市场机会。年初，基金提前预判了风险，将基金杠杆和久期降低到了较低的水平，避免了市场的大幅下跌，将基金回撤控制在较低水平。而后在收益率调整到位后快速将久期和杠杆提高，较好地把握了市场回升的机会，获得较好的收益回报。　　经济在一个底部徘徊。但从短期来看，各种不确定性依然存在，国内经济的元气并未完全恢复、外部环境恶化、流动性仍旧宽松，对行情有短期支撑。在目前的绝对收益率水平，预计债券市场会面临更大的挑战，双边波动将会更加剧烈。　　操作上，金穗基金维持相对谨慎的观点。预计组合将会在保持高流动的前提下，加大组合久期的调度，努力把握市场的波动机会，通过交易超额弥补票息不足的缺陷。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:46.010Z","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801600498","stockType":"fund_manager","exchange":"fm","tickerId":2625180090,"name":"周宇"}]},"announcement":{"linkText":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1266343","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74e7fea5b3eb046899a","date":"2024-12-30T16:00:00.000Z","stockId":3000000003526,"sao":"2024年，经济在一个较大的底部徘徊，但是由于供需仍处于不平衡的状态，对价格形成压制，整体呈现偏弱的状态。　　政策发力下，四季度国内基本面逐步转暖。制造业Pmi从8月份的49.1连续回升，12月份来到50.1的水平。非制造业在经历数月底部徘徊后，12月份冲到52.2高位。从细分数据来看，制造业供需关系有所改善，但价格仍偏弱。非制造业在政策发力下，年底全面改善。房地产数据从9月新政以来全面改善，且改善力度力度和持续时间超出市场预期。从房地产周期的角度看，本轮房地产周期的下行已经来到一个关键的临界点。虽然滞后指标仍形成拖累，但先导指标企稳给经济带来曙光和希望。　　即使年底政策发力以及数据改善，投资者仍对前景保持一个悲观的态度，债券市场甚至在四季度出现收益率加速下行的局面。长期和超长期国债全年下行幅度接近100bp，债券基金整体表现超越2023年。　　金穗基金策略上偏谨慎，四季度维持一个相对较低的久期和杠杆水平，整体收益回报落后于市场，但同时波动也远小于市场平均水平。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:46.007Z","mo":"展望未来，国内经济可能在一个底部不断修复和夯实的过程。但是外部环境冲击仍对经济前景带来巨大的不确定性。出口体量占到GDP的20%左右，在国内经济尚未巩固的情况下如果遭受外贸冲击，将使复苏进程变得更为艰难。 　　　　就债券市场而言，经济在一个底部徘徊，债券市场的风险在不断积聚。但是从短期来看，各种不确定性依然存在，流动性仍旧宽松，对行情有短期支撑。在目前的绝对收益率水平，预计债券市场会面临更大的挑战，双边波动将会更加剧烈。","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801600498","stockType":"fund_manager","exchange":"fm","tickerId":2625180090,"name":"周宇"}]},"announcement":{"linkText":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1247102","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74e7fea5b3eb0468999","date":"2024-09-29T16:00:00.000Z","stockId":3000000003526,"sao":"三季度，国内基本面仍然偏弱。PMI景气连低于荣枯线。9月份制造业PMI49.8，比上月有所回升。主要源于几方面的原因：一是房地产支持政策、设备更新、家电更新政策对需求有一定的促进作用；二是前期高温极端天气对生产和消费抑制作用减弱；三是9月份进入传统的旺季，季节性因素对环比有促进作用。但从分项来看，生产活动增速贡献最大，其他项环比上升较小，同时前期对经济支撑较强的新出口订单指数下滑1.2个百分点。非制造业PMI50.0，环比下降0.3。季节性因素和财政支出加快支撑建筑业活动企稳，但商务活动全面下滑。新订单、销售价格下降幅度较大。表明居民收入预期不稳定的情况下，需求进一步收缩。从企业利润来看，1-8月规模以上工业企业实现利润总额同比增长0.5%，环比大幅回落，企业加大投资的意愿较弱。　　9月份最大的变化主要是政策做了比较大的调整。一是降低存量房贷利率政策落地；二是央行公布了支持股票市场的支持计划；与此同时，对财政刺激的期待有所升温。随着股票市场急剧升温，债券市场出现大幅回调。利率债调整幅度较小，以10年国债为例最高上行25bp；信用债上行幅度较大，同期限10年期债券普遍上行幅度达到30-50bp，低等级信用债上行幅度更大。　　展望未来，短期内关注点主要在后续财政政策是否发力以及刺激政策产生的效果。长期来看，还是要继续关注地产周期企稳以及海外经济周期走势。 　　操作上，金穗基金相对保守，主要配置短久期资产。基金杠杆和久期均保持在较低水平。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:46.001Z","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801600498","stockType":"fund_manager","exchange":"fm","tickerId":2625180090,"name":"周宇"}]},"announcement":{"linkText":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1170179","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74d7fea5b3eb0468998","date":"2024-06-29T16:00:00.000Z","stockId":3000000003526,"sao":"2024年上半年，中国经济呈现起伏波动的局面。年初经济有企稳回升迹象，一季度经济表现较好，二季度略有回落。制造业PMI在3月份冲高至50.8后继续回落至6月49.5的水平。从库存周期角度来看，经济周期处于库存周转期的底部，但企业快速补库的意愿并不强烈，库存增速在低位徘徊。虽然说整体经济已经来到一个相对底部的位置，但是由于本轮受房地产大周期的影响，经济受到负面冲击的程度或要更深，周期在底部区域阶段持续的时间或要更长。面对当前的经济环境，中央也出台了一系列逆周期调控政策，进一步降准降息，降低实体企业融资成本，支持经济稳健恢复；加大对房地产的支持力度；加大特别国债的发行，推进重点项目快速进展；预计经济在中央的全面部署下能较好完成全年任务。　　外需短期内仍然形成较好支撑。一方面短期内难以完全对冲国内经济的疲弱，另一方面，随着海外需求转弱，出口对经济的支撑作用也会同步转弱。中国经济复苏的基础仍不牢固，预期仍待巩固，未来一个时期内或呈现底部震荡的格局。　　经济依然疲弱的情况下，债券市场在上半年具备较好的外部环境。同时，由于社会融资需求偏弱，取消手工贴息等政策导致存款搬家，债券内部也存在供需不平衡的问题。债券收益率曲线整体下移，短端表现由于长短，信用债券表现优于利率债。超长期限品种由于受到央行喊话的制约，成为表现最差品种。　　操作上，我们采取了相对中性的策略。久期维持中性久期上的灵活调整，结构上采取哑铃型的平衡组合。基金整体还是追求相对稳健的思路。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:45.998Z","mo":"展望未来，我们预计继续保持目前思路的基础上做一些灵活调整。鉴于目前经济周期所处的位置、政策的不确定性以及债券收益率整体处于一个低位，保持一个相对谨慎的心态，提前做好风险防范的措施。","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801600498","stockType":"fund_manager","exchange":"fm","tickerId":2625180090,"name":"周宇"}]},"announcement":{"linkText":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1143747","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74d7fea5b3eb0468997","date":"2024-03-30T16:00:00.000Z","stockId":3000000003526,"sao":"今年一季度，债券市场延续了2023年以来的牛市行情，10年国债收益率下行至2.29%的位置，处于过去10年以来的历史低点，与MLF2.5%的政策利率相差20bp左右。一年存单利率虽然同步下行，但由于隔夜价格始终在1.8%附近震荡，受到资金面的影响，存单利率下行至2.25%附近企稳，期限利差收窄。同样的，2024年以来，信用债收益率和利差持续下行，3月上旬下行至阶段性低点。从历史数据来看，目前信用利差、期限利差均偏低。一季度，基金仍以AAA品种信用债为主要配置品种，杠杆与久期维持中性偏低的水平。","declarationDate":"2024-04-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:45.995Z","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801600498","stockType":"fund_manager","exchange":"fm","tickerId":2625180090,"name":"周宇"}]},"announcement":{"linkText":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1064700","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74d7fea5b3eb0468996","date":"2023-12-30T16:00:00.000Z","stockId":3000000003526,"sao":"2023年债券市场整体走牛，10年国债到期收益率在一月份和四季度分别经历两波调整，总体来看收益率由年初2.8%附近下行至年底2.5%附近。短期存单收益率也呈现出前高后低的“M”型走势，资金环境整体宽松。全年来看，该基金配置资产以AAA评级的企业债和商金债为主，配以少量二级资本债和利率债，杠杆与久期维持中性偏低的水平，在严格控制风险的基础上，力争获取高于业绩比较基准的投资收益，为投资者提供长期稳定的回报。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:45.993Z","mo":"节后经济金融数据不乏亮点，春节消费情况较好，但地产和投资情况仍然偏弱。经济复苏是否能持续，后续仍有待观察。目前阶段，货币宽松周期仍在，债市收益率底部信号尚不明确，但债市收益率总体处于相对低位，降息落地后，需要关注市场止盈情绪的上升引起的收益率波动。此外，还需关注权益市场表现，如果权益资产价格持续上涨，带动市场风险偏好转变，债券收益率或出现显著上行。","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzj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8月底，经济刺激政策频繁出台，特别是房地产政策的出台略超市场预期。同时，汇率压力的加大也制约了货币政策放松的空间。9月以来，短期利率明显上行，一年国股存单利率已经接近MLF2.5%的政策利率水平。10年国债收益率也上行至2.7%水平，超过MLF利率20bp。三季度，基金仍以AAA品种信用债为主要配置品种，杠杆与久期维持中性偏低的水平。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:45.990Z","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801600498","stockType":"fund_manager","exchange":"fm","tickerId":2625180090,"name":"周宇"}]},"announcement":{"linkText":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=991602","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74d7fea5b3eb0468994","date":"2023-06-29T16:00:00.000Z","stockId":3000000003526,"sao":"今年上半年，货币市场流动性但整体宽松，一季度较二季度偏紧，二季度以来银行间流动性充足，但银行与非银机构流动性分层情况愈发明显，表现为R与DR利差扩大，以及质押信用债利差扩大。随着一季度疫情基本平息，市场对经济若复苏的预期较一致，长期债券利率呈现先升后降的震荡行情。而后经济表现不及预期，银行存款利率下调，长短端利率均下行较多。货币政策方面，上半年央行积极维护宽松的货币政策，3月份降准，6月份降息，提现出托底经济的决心。本基金上半年配置资产以AAA评级的企业债和商金债为主，配以少量二级资本债和利率债，杠杆与久期维持中性偏低的水平。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:45.986Z","mo":"从基本面看，经济经过年初一波修复后，二季度以来修复动能不足，实际增长不及预期。下半年政策预计将持续发力，但对经济实际的促进作用仍有待观察。总体来看下半年仍有降准降息的可能，货币政策维持中性偏松的判断，利率仍有下行的可能，但幅度空间收窄，关注杠杆提升对资金面扰动，从而对长短期利率的影响。","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801600498","stockType":"fund_manager","exchange":"fm","tickerId":2625180090,"name":"周宇"}]},"announcement":{"linkText":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=952241","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74d7fea5b3eb0468993","date":"2023-03-30T16:00:00.000Z","stockId":3000000003526,"sao":"今年一季度以来，货币市场的流动性环境较2022年下半年有明显收敛。银行间隔夜资金DR001加权利率明显上行，均值由去年三、四季度的1.3%和1.4%，上行至今年一季度的1.8%，且资金价格波动性放大。隔夜与7天资金利差收敛甚至多次出现倒挂现象，同时流动性分层有所加大，体现为DR与R的利差扩大。存单方面，一季度存单到期量巨大，发行人在价格和期限方面不断做出妥协。而二月资本新规征求意见稿的出台，加深了投资者对于长期存单的顾虑，一年国股存单价格持续上行，直至突破MLF价格2.75%后，触及发行人心理防线。而后债市出现横盘，投资者一季度配置窗口期日渐减少，资金陆续入场。随后降准落地，一年国股存单价格在2.63%-2.65%附近筑底。市场对经济弱复苏预期较一致，长期债券利率呈现先升后降的震荡行情。　　本基金在一季度保持偏低的久期和杠杆率，配置资产以AAA评级的企业债和商金债为主，配以少量二级资本债和利率债。","declarationDate":"2023-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:45.981Z","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801600498","stockType":"fund_manager","exchange":"fm","tickerId":2625180090,"name":"周宇"}]},"announcement":{"linkText":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=880336","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74d7fea5b3eb0468992","date":"2022-12-30T16:00:00.000Z","stockId":3000000003526,"sao":"回顾2022年的市场，短期利率走出了前高后低的“W”型行情，一年国股存单的波谷分别出现在1月底和8月份，波峰分别出现在3月和12月。中长端利率上半年呈震荡走势，下半年呈先下后上的趋势，利率低点出现在8月中旬，下探至2.6%以下，利率高点出现在12月初，上行至2.9%以上。全年货币政策偏松，货币市场流动性充裕。本基金全年的操作维持中性偏低的久期和杠杆率，资产配置以AAA评级的信用债为主，配以少量利率债和存单。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:45.978Z","mo":"展望2023年，疫情影响逐渐消除，预计经济总基调为缓慢复苏，且目前通胀尚在可控范围内，货币政策大幅宽松或者收紧都不具备基础，今年预计货币政策总基调合理充裕，货币市场收益率较去年明显抬升。随着经济缓慢复苏，中长短利率易上难下，预计将呈现震荡趋势。","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801600498","stockType":"fund_manager","exchange":"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国内经济仍面临压力，服务业受疫情影响，活动、订单和预期均延续下滑趋势。房地产方面，1月份房贷利率和放款周期恢复到去年年中水平，但商品房成交活跃度不高，成交量依然低于近年同期表现。总体来看，货币政策处于宽松窗口期，对债市看法仍是震荡偏乐观。","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801600498","stockType":"fund_manager","exchange":"fm","tickerId":2625180090,"name":"周宇"}]},"announcement":{"linkText":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=710689","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74d7fea5b3eb046898d","date":"2021-09-29T16:00:00.000Z","stockId":3000000003526,"sao":"三季度债券走势先下后上，7月在经济走弱、央行宽松的背景下，债券市场收益率显著下行，10年国债和10年国开债收益率分别从3.09%、3.49%下行至2.80%和3.16%，创年内新低。但随后整个8月市场开始盘整，最终进入9月后市场收益率再度回升至2.88%和3.20%。金穗在7月-8月进行了一些调仓，在市场较好的情况下，减持了大量流动性较差的老券和地方债。当前宏观形势比较复杂，经济增长动能出现企稳迹象，通胀加速上升，流动性也没有进一步宽松，叠加之前债券市场下行较多，目前我们对债券市场整体略微谨慎。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:45.958Z","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801600498","stockType":"fund_manager","exchange":"fm","tickerId":2625180090,"name":"周宇"}]},"announcement":{"linkText":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=653579","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74d7fea5b3eb046898c","date":"2021-06-29T16:00:00.000Z","stockId":3000000003526,"sao":"随着经济增长动能的放缓，股票加速调整、小票持续跑赢大票、债券收益率出现显著下行，人民币汇率由升转贬等资产价格表现都在反应这一事实。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:45.956Z","mo":"经济下滑已经反应在市场价格中，近期市场情绪较强、头寸开始拥挤，同时经济增长动能阶段性有小幅企稳迹象，这样的组合下债市可能面临小幅调整的风险。我们依然不过度下注某一个因素，针对能获得的各类信息，均配置一些策略。我们仍然相信，分散化始终是应对认知不足的一种保护。","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801600498","stockType":"fund_manager","exchange":"fm","tickerId":2625180090,"name":"周宇"}]},"announcement":{"linkText":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=633129","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74d7fea5b3eb046898b","stockId":3000000003526,"sao":"一季度债市整体震荡，这使得传统下注趋势的趋势类策略都表现不佳，甚至部分交易策略创下前期最大回撤。相比之下，息差策略是一季度比较稳妥的策略。这主要由于市场一直在窄幅震荡，没有产生强有力的趋势。经济阶段性增长动能见顶，即使3月PMI有所反弹，但春节效应和季节性占比更高，增长动能并没有显著改善。前期扩张较多的增长类指标已经很难持续，伴随着信用周期收缩，二季度到三季度应该能期待看到一轮增长放缓。但是主观判断不会是直接下注的理由，相比预测未来，我更在意如何对现有的信息给予合理的回应，我倾向于继续耐心等待，每一个信息反馈的信号改变一些，进行相应比例的调整。对组合的操作相对于大开大合的风格而言，会显得更加平滑。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:45.953Z","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801600498","stockType":"fund_manager","exchange":"fm","tickerId":2625180090,"name":"周宇"}]},"announcement":{"linkText":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=572536","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74d7fea5b3eb046898a","stockId":3000000003526,"sao":"全年债券市场过山车行情，年初在全球经济复苏下撞上疫情黑天鹅，债券收益率快速下探。进入5月后随着经济基本面改善、央行货币政策边际转向中性，债券市场一路下跌，收益率重新回升至高位。权益市场年初在疫情冲击下砸出深坑，随后因为疫情没有改变周期，重新上涨最终创新高。特别值得一提的是，11月后由于永煤爆发信用风险，央行政策偏鸽，带动银行间回购市场宽松。但由于经济增长强劲，央行在此时偏松会加剧所有金融资产上涨，虽然债券有所上涨，但相比之下，权益、汇率、商品、地产都比债券更加猛烈。大类资产整体在反应经济会加速改善的预期。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:45.950Z","mo":"短期经济仍然强劲，虽然1月的PMI略微回落，但这点幅度还不足判断经济增长是否开始放缓。而央行由于前期资产价格上涨担心泡沫化而开始重新转向鹰派，对债券类资产有较大的负面压力。债券市场的情绪也从前期的中性重新转向偏悲观的态度，在这个阶段我们不会贸然加仓久期，更多还是等待下一步的信号。","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801600498","stockType":"fund_manager","exchange":"fm","tickerId":2625180090,"name":"周宇"}]},"announcement":{"linkText":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=552229","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74d7fea5b3eb0468989","stockId":3000000003526,"sao":"三季度经济增长反弹进一步强劲。权益和债券市场分别反映了这样的宏观环境，股票指数大幅上涨，债券收益率显著上行。伴随着经济改善，流动性也逐步趋紧，市场在不断反应对未来宏观环境的预期。基金维持债券低久期、低仓位，继续审慎投资。近期经济数据第一次出现了自3月以来的走平迹象，少部分指标小幅下降但幅度并不足以确认经济增长已经放缓。虽然基本面似乎开始不再那么利空债券类资产，但11月初的美国大选可能会对避险资产造成较大的施压。如果民主党大获全胜，可能推出更加强劲的财政刺激政策，近期股票市场和债券市场的波动其实也在反应这一预期。短期仍然继续保持中性偏谨慎的投资仓位，继续跟踪大选进展和基本面变化。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:45.946Z","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801600498","stockType":"fund_manager","exchange":"fm","tickerId":2625180090,"name":"周宇"}]},"announcement":{"linkText":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=489294","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec74d7fea5b3eb0468988","stockId":3000000003526,"sao":"2020年年初复苏的全球经济撞上新型冠状病毒（COVID-19）这一黑天鹅，短期全球经济遇到极大冲击，风险资产大幅下挫，避险资产显著走强。而处于周期顶部的美国也因为出现对经济、就业担忧导致的资产抛售，进而带动了算法交易、赎回等连锁反应，市场一度出现所有资产相关性转正，一同抛售的迹象。进入二季度后，市场波动较大。在海外疫情冲击后，全球经济增长陆续在二季度出现企稳迹象，也带动债券市场显著调整。股票市场在经历一季度末抛售后，终于站住，并开始逐级抬升。进入三季度后，市场逐步确立对经济基本面的判断，股票加速上涨、债券加速抛售，市场波动加大。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:45.942Z","mo":"下半年最大的不确定性在于经济是否会出现二次探底。在历史上出现较大冲击导致经济快速回落后，经济如果出现反弹一般呈现报复性反弹。报复性反弹的恢复速度较快且较“陡”，但随后经济会向常态的增长水平考虑，这个阶段很可能出现经济增长回落的“二次探底”。近期风险资产情绪严重高涨，债券有所超跌，经济增长动能处于高位，如果一旦反转可能会带来大级别的波动，我们正密切关注。","fund":{"_id":3000000003526,"__csrcFundId":935,"stockCode":"003526","shortName":"农银金穗定开债券(003526)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3526,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:55:08.059Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":14,"fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银金穗定开债券","pinyin":"nyhljscz3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801600498","stockType":"fund_manager","exchange":"fm","tickerId":2625180090,"name":"周宇"}]},"announcement":{"linkText":"农银汇理金穗纯债3个月定期开放债券型发起式证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=457788","linkType":"PDF","source":"csrc_pdf"}}]}