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至略偏积极。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:09.853Z","mo":"预计2024年刺激经济的政策较为温和，与2023年类似，结合23年经济的复苏路径，预计24年仍是温和复苏之年，2024年的增长可能在4.5%-5%的区间下沿，如果要接近区间上沿，则可能需要较高的社融增速配合，这也成为后续观察市场的一个重要方面，另外地产等方面的结构性问题也需要持续跟踪。央行修改MPA考核，预计2024年一季度信贷偏平稳。基数效应下，2024年的价格数据将改善，下半年可能为高点，但整体对债市压力不大。从总体失业率看，预计2024年就业平稳，消费者信心较疫情前水平仍有差距，关注修复速度对市场情绪的影响。经济在4月和7月将出现基数较低的窗口，如果有高频数据配合，反映经济出现环比改善迹象，可能形成市场的波动并带来投资机会。","fund":{"_id":3000000003656,"__csrcFundId":1818,"stockCode":"003656","shortName":"民生加银鑫元纯债债券(003656)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3656,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:57:53.165Z","status":"normal","inceptionDate":"2017-06-20T16:00:00.000Z","name":"民生加银鑫元纯债债券型证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鑫元纯债债券","pinyin":"msjyxyczzqxzqtzjj","managers":[{"stockCode":"db20789531","stockType":"fund_manager","exchange":"fm","tickerId":2604216840,"name":"张玓"},{"stockCode":"db20061380","stockType":"fund_manager","exchange":"fm","tickerId":242608100110,"name":"谢志华"}]},"announcement":{"linkText":"民生加银鑫元纯债债券型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1055845","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7657fea5b3eb046a2f3","date":"2023-09-29T16:00:00.000Z","stockId":3000000003656,"sao":"2023年3季度多数债券品种收益率上行，受资金面影响，熊平形态明显。7月市场炒作降准的热情较高，收益率震荡下行。至8月中旬央行超预期降息，之后资金价格维持较高水平，伴随刺激政策落地，收益率震荡上行。9月中旬降准落地，资金价格维持较高水平，收益率也维持震荡上行趋势。3季度基金以利率债投资为主，7月组合增持长债，提升了杠杆和久期。8月底考虑到资金面确实起了变化，以及政策落地的节奏明显加速，降低了组合的杠杆和久期。9月降准落地后，考虑资金面未见改善，继续降低组合的杠杆和久期。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:09.843Z","fund":{"_id":3000000003656,"__csrcFundId":1818,"stockCode":"003656","shortName":"民生加银鑫元纯债债券(003656)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3656,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:57:53.165Z","status":"normal","inceptionDate":"2017-06-20T16:00:00.000Z","name":"民生加银鑫元纯债债券型证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鑫元纯债债券","pinyin":"msjyxyczzqxzqtzjj","managers":[{"stockCode":"db20789531","stockType":"fund_manager","exchange":"fm","tickerId":2604216840,"name":"张玓"},{"stockCode":"db20061380","stockType":"fund_manager","exchange":"fm","tickerId":242608100110,"name":"谢志华"}]},"announcement":{"linkText":"民生加银鑫元纯债债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=988619","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7657fea5b3eb046a2f2","date":"2023-06-29T16:00:00.000Z","stockId":3000000003656,"sao":"2023上半年，债券市场先分化，后转为整体下行。分月度观察，1月信用债持续下行，逐步收复去年底拥挤交易砸出的洼地，利率债表现较弱，主因地产政策继续放松，以及疫情达峰路径较预期更快。2月资金利率回升至政策利率上方，经济高频数据较强，利率债继续上行。因年初配置需求较大，市场寻找确定性，信用债继续下行。3月两会期间资金面宽松，下旬宣布降准，收益率整体下行。4月经济高频数据有环比放缓迹象，公布的3月份通胀和金融数据也反映出增长的压力，市场做多情绪较高，收益率继续下行。5月份，跨月后资金价格回落，位于政策利率下方，PMI跌幅较大，反应后续的经济环比相较当时的债券定价仍有差距，收益率继续下行。6月中旬降息落地，收益率下行后转为震荡。　　报告期内基金以利率债投资为主，1季度组合维持中性略偏保守的杠杆和久期。在春节前，二月税期等资金利率有较大波动的时点，积极把握交易性机会。3月末组合有较大规模申购，部分增持中长久期利率债，空余仓位进行逆回购操作。2季度组合提升了杠杆和久期。4月第一周的高频数据出来之后组合增持中短久期利率债。5月观察到资金价格持续低于政策利率，组合增持中长久期利率债。6月优化组合结构，杠杆和久期继续小幅提升。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:09.839Z","mo":"今年经济的状况是需求不足，当前仍处于产能去化进程中，但6月经济数据普遍改善，就业整体大盘仍稳，反映经济景气低位企稳。预期后续政策稳增长的力度可能较为温和，央行流动性较大概率继续维持偏松的局面，当前地方政府债务压力增大，但整体仍较为可控，债市负债端相对稳定。地产是改变债市走向的潜在不确定因素，但短期较难转变，最新成交面积数据继续走弱，地产政策突破性放松的可能性较低，常规性放松对债市的影响有限。下半年债市回调的风险不大，较大概率立足于经济实质和政策预期，表现为震荡偏多。　　当下信用扩张仍偏弱，政府和国有投资已经显著高于GDP增速，是稳增长的主力。而占经济体量20-25%的民间投资，增速持续下行且已经小于0%。近期首次由中共中央、国务院共同发文支持民营经济，明确了民企经济高质量发展的方向，也完善了融资支持政策制度，政策起效果需要一定时间，关注后续民间投资的变化节奏和趋势。此外资产负债利差较窄也是信用扩张不畅的重要原因，后续实体经济降低负债成本和提升投资回报的政策均有可能继续落地。经济动能高点已过，企业盈利下行是务必要解决的问题。在企业内生修复动力不足的情况下，市场将交易货币政策进一步发力，从成本端助力企业盈利修复。关注下半年货币政策可能带来新的机会。","fund":{"_id":3000000003656,"__csrcFundId":1818,"stockCode":"003656","shortName":"民生加银鑫元纯债债券(003656)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3656,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:57:53.165Z","status":"normal","inceptionDate":"2017-06-20T16:00:00.000Z","name":"民生加银鑫元纯债债券型证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鑫元纯债债券","pinyin":"msjyxyczzqxzqtzjj","managers":[{"stockCode":"db20789531","stockType":"fund_manager","exchange":"fm","tickerId":2604216840,"name":"张玓"},{"stockCode":"db20061380","stockType":"fund_manager","exchange":"fm","tickerId":242608100110,"name":"谢志华"}]},"announcement":{"linkText":"民生加银鑫元纯债债券型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=959021","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7657fea5b3eb046a2f1","date":"2023-03-30T16:00:00.000Z","stockId":3000000003656,"sao":"2023年一季度债券市场分化，利率债的收益率多数上行，中短久期品种上行幅度更大，曲线走平。信用品种中商金债长下短上，二永债和传统信用债下行为主，中低等级下行幅度更大，信用利差压缩。分月度观察，一月份，信用债持续下行，逐步收复去年底拥挤交易砸出的洼地，利率债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信用初期，经济尚未企稳，且受到国内疫情冲击较大，货币政策稳中偏松，财政政策相对积极。债券市场收益率在一月降息前后迅速下行、春节后随稳增长预期升温以及1月社融数据“开门红”开始向上调整，2月社融数据大幅低于市场预期，十年国债上行至2.8%左右开始呈现窄幅震荡行情。二季度美国和欧洲等主要经济体开启了加息与缩表的进程。4月受新冠疫情冲击，经济和金融数据表现疲弱。5月以来国内疫情影响逐步收敛，复工复产持续推进，供需两端均边际修复。出口和制造业表现一定韧性，地产投资仍较低迷，基建投资在资金端和项目端的配合下推动稳增长，消费小幅改善，就业仍面临较大压力。  报告期内本基金规模缩小，基金配置以中短利率债为主，总体策略偏防御，久期相对较短，杠杆率保持在中低水平，实现了较为稳健的收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:09.822Z","mo":"展望2022年下半年，随着国内疫情影响逐步收敛，稳增长政策持续推进，预计国内经济呈现弱复苏态势。国内基本面，基建投资在资金端和项目端的配合下继续发挥政策抓手的作用；制造业投资仍有韧性但预计增速边际放缓；地产销售回落，房企拿地和新开工放缓，预计地产投资增速仍维持低位；海外衰退预期升温，出口面临下行压力；疫情影响逐步收敛，但居民支出意愿偏弱，预计消费增速小幅回升。通胀方面，三季度在低基数和猪肉价格回升的推动下，预计CPI同比增速有所回升；PPI受内需偏弱和高基数影响将呈现回落。海外方面，通胀压力持续，美国和欧洲等主要经济体收紧货币政策，经济衰退预期升温。货币政策方面，当前经济增长内生动力偏弱，货币政策预计仍维持宽货币的环境来推进宽信用和稳增长。面对海外央行收紧货币政策，我国央行更强调以国内为主。预计三季度CPI回升，主要是由于供给端结构性的价格上涨推升所致，预计对货币政策的掣肘有限。","fund":{"_id":3000000003656,"__csrcFundId":1818,"stockCode":"003656","shortName":"民生加银鑫元纯债债券(003656)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3656,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:57:53.165Z","status":"normal","inceptionDate":"2017-06-20T16:00:00.000Z","name":"民生加银鑫元纯债债券型证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鑫元纯债债券","pinyin":"msjyxyczzqxzqtzjj","managers":[{"stockCode":"db20789531","stockType":"fund_manager","exchange":"fm","tickerId":2604216840,"name":"张玓"},{"stockCode":"db20061380","stockType":"fund_manager","exchange":"fm","tickerId":242608100110,"name":"谢志华"}]},"announcement":{"linkText":"民生加银鑫元纯债债券型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=780803","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7657fea5b3eb046a2ed","date":"2022-03-30T16:00:00.000Z","stockId":3000000003656,"sao":"2022年一季度宏观经济处于宽信用初期，经济尚未企稳，且受到国内疫情冲击较大，货币政策稳中偏松，财政政策相对积极。1-2月全国固定资产投资中制造业投资和基建投资拉动明显，但房地产投资依然较弱。虽然1月央行降息、一些城市陆续下调房贷利率和首付比例以及放松房地产限购限贷等相关政策，一季度商品房销售数据和国有土地使用权出让收入同比仍大幅下滑，不少相对优质民营房企违约风险加大，房地产投资的恢复速度以及程度相对较慢。消费方面，今年1-2月的防疫政策相对去年较松，餐饮服务以及与春节相关的商品零售同比增速相对较高；但3月国内疫情多点散发，确诊人数飙升，国内严格执行“动态清零”政策，上海及深圳等全国不少城市采取封控措施，对国内消费影响较大。出口方面维持相对韧性，但受海外库存位置整体偏高，加上海外加息可能引发经济衰退，以及去年高基数影响，出口同比开始下滑。通胀方面，受猪肉价格拖累以及国内需求相对较弱影响，CPI处于低位；PPI在基数影响下开始下行，但国际地缘政治冲突等因素使其仍处于高位，下行速度相对缓慢。一季度资金面整体均衡偏松，债券市场收益率在一月降息前后迅速下行、春节后随稳增长预期升温以及1月社融数据“开门红”开始向上调整，但市场对稳增长效果、经济企稳的持续性以及对货币政策是否会进一步宽松存在分歧，2月社融数据大幅低于市场预期，十年国债上行至2.8%左右开始呈现窄幅震荡行情。  在报告期内，本基金配置以中短利率债为主，总体策略偏防御，久期相对较短，杠杆率保持较低水平，实现了较为稳健的收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:09.785Z","fund":{"_id":3000000003656,"__csrcFundId":1818,"stockCode":"003656","shortName":"民生加银鑫元纯债债券(003656)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3656,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:57:53.165Z","status":"normal","inceptionDate":"2017-06-20T16:00:00.000Z","name":"民生加银鑫元纯债债券型证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银鑫元纯债债券","pinyin":"msjyxyczzqxzqtzjj","managers":[{"stockCode":"db20789531","stockType":"fund_manager","exchange":"fm","tickerId":2604216840,"name":"张玓"},{"stockCode":"db20061380","stockType":"fund_manager","exchange":"fm","tickerId":242608100110,"name":"谢志华"}]},"announcement":{"linkText":"民生加银鑫元纯债债券型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=726973","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7657fea5b3eb046a2ec","date":"2021-12-30T16:00:00.000Z","stockId":3000000003656,"sao":"受低基数影响，2021年经济稳增长压力较小，宏观政策稳字当头，更偏向于调结构和防风险，强调跨周期调节。全年经济增速前高后低。出口增速超预期高位运行，主要在于国内供应链优势以及海外受疫情影响导致供需修复错位；制造业投资同比增速在出口带动和信贷支持下稳步上升；房地产投资同比增速前高后低，受政策调控影响，下半年商品房销售转弱，加上三道红线、房地产贷款集中度限制以及预售资金加强监管影响，部分高周转高杠杆民营房地产企业出现流动性风险，房地产投资增速大幅下滑；财政后置，加上严控地方政府隐性债务，全年基建水平总体较弱，托而不举；全年消费同比增速较低，主要受国内疫情反复、疫情防控常态化以及居民消费倾向降低影响。全年通胀水平较温和，PPI受供给侧因素及全球大宗商品上涨影响超预期大幅上行，但由于国内终端需求较弱，加上猪肉价格下行拖累，CPI全年微幅上行。全年货币政策保持稳健中性，年内降准两次，除1月底资金面异常紧张外，全年资金面较为均衡平稳。利率债收益率前高后低，受经济下行和货币政策宽松预期驱动，年末10年国债收益率较年初下行约30bp。信用债分化加剧，高等级信用债以及发达省份城投债利差下行至历史较低分位，行业景气度较高的煤炭钢铁信用债随一级市场融资修复信用利差被大幅压缩至较低水平，而不少高杠杆的民营房企则出现违约，尾部以及弱区域城投风险逐渐加大，相应的信用利差进一步走阔。  在报告期内，本基金配置以中短久期、中高等级信用债以及利率债为主，久期相对较短，杠杆率保持在中等水平，实现了较为稳健的收益。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:09.779Z","mo":"宏观经济发展目前面临“需求收缩、供给冲击、预期转弱”三重压力，展望2022年，经济稳增长压力较大，宏观政策将更偏向于逆周期调节。全年经济增速预期前低后高，货币政策上半年预期稳健偏松，下半年相对中性；财政政策预期更加积极有为，前置发力。受销售端预期转弱影响，上半年房地产投资仍将拖累经济，下半年有望逐步企稳；制造业投资和基建投资对经济将形成一定支撑，出口将高位缓慢回落，国内消费增速低位小幅修复。全年通胀水平可能仍相对温和，PPI高位回落，CPI小幅上行，下半年通胀预期可能会有所升温。对债券市场来说，上半年机会将好于下半年。信用债方面分化趋势仍将持续，高等级信用债信用利差将进一步压缩，民营地产债以及尾部弱区域城投债信用风险仍值得关注。","fund":{"_id":3000000003656,"__csrcFundId":1818,"stockCode":"003656","shortName":"民生加银鑫元纯债债券(003656)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3656,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:57:53.165Z","status":"normal","inceptionDate":"2017-06-20T16:00:00.000Z","name":"民生加银鑫元纯债债券型证券投资基金","exchange":"jj","followedNum":7,"fundColl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