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　　总体来看，债券市场在国内外多重因素交织叠加的背景下呈现出分化的态势。利率债方面，全年利率债收益率波动向上，久期策略整体表现不佳，截至12月31日，1年期及10年期国债收益率较2024年末分别上行25BP、17BP至1.34%、1.85%；1年期及10年期国开债收益率较2024年末分别上行34BP、27BP至1.55%、2.00%（注：收益率曲线包含税收）。信用债方面，在资金面整体维持合理充裕、信用债配置需求旺盛等因素的影响下，多数品种的信用利差收窄，截止12月31日，1年期隐含评级AA+中短期票据估值收益率持平于1.77%，其信用利差收窄约36BP。　　报告期内本基金以利率债、商金债、中高等级信用债、可转债为主要投资品种。操作中，纯债以中高等级信用债打底、利率债波段交易，严控信用风险，动态调整久期与杠杆水平；转债策略定位低波，维持仓位中枢，采用基本面研究、条款博弈、量化增强等多策略的方式获得稳健收益，争取为投资者带来相对稳健的投资回报。","lastUpdated":"2026-04-01T12:44:15.377Z","mo":"展望2026年，随着高新技术产业蓬勃发展，叠加财政金融协同促内需一揽子政策持续落地见效，预计经济复苏态势将进一步巩固，但传统行业的景气度仍有待进一步提振，国内宏观经济仍然存在供强需弱、融资需求不足等挑战。一方面，目前房地产市场供需失衡问题仍待解决，景气度有待盘活，房地产市场平稳运行基础仍待进一步夯实。另一方面，社融增速维持低位也反映出实体经济融资需求仍有待进一步激发。在此环境下，货币政策仍有宽松必要性，预计降准、降息均有空间，财政与货币政策协同发力进一步提效，资金利率中枢也有望稳步下移。对于债券市场而言，考虑到我国经济复苏仍处于关键阶段，货币政策预计仍维持适度宽松基调，资金面有望保持平稳，叠加财政货币政策的协同配合有望助力政府债券的顺利发行，综合来看债券市场仍具有较好的配置价值。","fund":{"_id":3000000003811,"__csrcFundId":1159,"stockCode":"003811","shortName":"中金金利(003811)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3811,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:00:33.793Z","status":"normal","inceptionDate":"2016-12-12T16:00:00.000Z","name":"中金金利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金金利","pinyin":"zjjlzqxzqtzjj","managers":[{"stockCode":"db20553118","stockType":"fund_manager","exchange":"fm","tickerId":252323201580,"name":"闫雯雯"},{"stockCode":"db20568413","stockType":"fund_manager","exchange":"fm","tickerId":122525222930,"name":"李亚寅"}]},"announcement":{"linkText":"中金金利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=1458866","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7807fea5b3eb046be8d","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000003811,"sao":"2025年三季度，海外经济方面，世界经济增长动能减弱，贸易壁垒增多，主要经济体经济表现有所分化，通胀走势和货币政策调整存在不确定性。国内经济方面，经济呈现温和修复态势，7-9月制造业采购经理指数（PMI）逐月回升，但仍处于收缩区间，国内需求偏弱、物价低位徘徊等问题，仍对经济修复形成一定制约。货币政策方面，重要时点政策工具投放（公开市场操作、买断式逆回购、中期借贷便利等）较为充足，央行呵护资金面暖意不减，资金面整体平稳。　　市场方面，三季度“反内卷”政策推升通胀预期，股票市场走强压制债券市场情绪债券市场收益率震荡上行，信用利差随之小幅走阔，但短端受益于资金面宽松，收益率较为平稳，收益率曲线呈现陡峭化上移。具体来看，截至三季度末，中债国债、国开债到期收益率与二季度末相比，1年期分别+3BPs、+13BPs；3年期分别+12BPs、+20BPs；5年期分别+9BPs、+23BPs；10年期+21BPs、+35BPs。中债-综合财富（总值）指数收益为-0.93%　　报告期内本基金以利率债、商金债、中高等级信用债、可转债为主要投资品种。本基金秉持稳健投资原则，坚持以中高等级信用债打底、利率债波段交易并以转债进行增强的策略，转债操作以资产比价为性价比出发点，通过积极操作投资具有较高胜率机会的转债，争取为投资者带来相对稳健的投资回报。","lastUpdated":"2026-03-09T13:13:36.357Z","fund":{"_id":3000000003811,"__csrcFundId":1159,"stockCode":"003811","shortName":"中金金利(003811)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3811,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:00:33.793Z","status":"normal","inceptionDate":"2016-12-12T16:00:00.000Z","name":"中金金利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金金利","pinyin":"zjjlzqxzqtzjj","managers":[{"stockCode":"db20553118","stockType":"fund_manager","exchange":"fm","tickerId":252323201580,"name":"闫雯雯"},{"stockCode":"db20568413","stockType":"fund_manager","exchange":"fm","tickerId":122525222930,"name":"李亚寅"}]},"announcement":{"linkText":"中金金利债券型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1379389","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7807fea5b3eb046be8c","date":"2025-06-29T16:00:00.000Z","stockId":3000000003811,"sao":"2025年上半年，按不变价格计算，国内生产总值同比增长5.3%。面临外部贸易环境剧烈波动带来的冲击，国内加紧实施更加积极有为的宏观政策，促消费、扩投资效果显著，出口转口韧性运行，经济运行总体平稳、稳中向好，但仍面临国内有效需求不足的问题，经济回升向好基础仍需巩固。　　资金面方面，年初《金融时报》发文称要避免对适度宽松货币政策的过度解读，央行宣布暂停公开市场国债买入操作，并减少流动性投放，一季度资金面相对紧张。4月，中美开启关税拉锯战，5月降准降息落地，6月买断式逆回购提前公布，加之在缴税、月末季末等关键时点加力投放公开市场操作（OMO）呵护市场流动性，二季度资金面整体均衡偏松。　　债券市场方面，风险偏好有所改善，然而中美贸易不确定性延续，资金面先紧后松，上半年债市收益率先上后下，中债10年期国债到期收益率整体在 1.6%-1.9%之间宽幅震荡，信用债整体跟随利率债波动，5月起持续回升的理财规模助推信用利差压缩至历史较低水平。上半年，中债-新综合财富（总值）指数上涨1.05%。　　报告期内本基金以中高等级信用债打底，同时积极参与利率债和信用债的波段交易，可转债投资灵活调整板块配置比例，保持稳健的风格。通过积极操作，合理控制回撤，争取为投资者带来相对稳健的投资回报。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:36.354Z","mo":"往后展望，我国经济预计会继续保持稳中向好的发展态势，“反内卷”政策持续优化产业结构，工业品价格回暖或边际改善企业扩产意愿，但中美贸易谈判仍有较大不确定性，叠加前期“抢出口”、“抢转口”的透支效应，下半年出口或面临一定压力，以旧换新政策对消费的支撑有减退迹象，消费或存在边际放缓的风险，固定资产投资增速尚未显现明显改善迹象，关注后续稳内需政策力度及节奏。　　资金面方面，公开市场操作（OMO）在税期、月末、季末等关键时点加量投放，也体现出央行呵护资金面的态度，基本面温和复苏的格局下，预计资金面平稳，收紧的概率有限。　　综合来看，外部环境更趋复杂严峻，内需改善仍需观察，货币政策预计将持续保持稳健，债市收益率大幅上行风险可控；但政策面的力度及节奏或在边际上对债券市场形成一定扰动，密切关注基本面的修复情况以及资金面的变化。","fund":{"_id":3000000003811,"__csrcFundId":1159,"stockCode":"003811","shortName":"中金金利(003811)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3811,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:00:33.793Z","status":"normal","inceptionDate":"2016-12-12T16:00:00.000Z","name":"中金金利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金金利","pinyin":"zjjlzqxzqtzjj","managers":[{"stockCode":"db20553118","stockType":"fund_manager","exchange":"fm","tickerId":252323201580,"name":"闫雯雯"},{"stockCode":"db20568413","stockType":"fund_manager","exchange":"fm","tickerId":122525222930,"name":"李亚寅"}]},"announcement":{"linkText":"中金金利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=1344878","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7807fea5b3eb046be8b","date":"2025-03-30T16:00:00.000Z","stockId":3000000003811,"sao":"2025年一季度，海外经济方面，地缘政治局势复杂，美国关税政策不确定性提升，海外风险偏好再生波澜，全球降息节奏或将调整；国内经济方面，稳增长政策持续加力，地产及消费温和复苏；金融数据方面，贷款延续同比增幅放缓，政府债券发行提速，社融结构性修复有限；货币政策方面，MLF（中期借贷便利）投标机制改革，政策工具灵活投放，呵护银行间流动性平稳。　　债券市场方面，2025年一季度，资金面边际收敛，货币政策落地预期延迟，叠加股债跷跷板效应，利率债收益率总体呈震荡上行的走势，截至一季度末，相较年初，中债国债、国开债到期收益率1年期分别上行45BPs、44BPs，10年期分别上行14BPs、11BPs，曲线平坦化上移。信用债方面，受基金赎回情绪反复扰动，信用债收益率震荡上行，季末赎回影响有所缓和，收益率下行，截至一季度末，相较年初，3年期AAA、AA+、AA信用债收益率分别上行27BPs、18BPs、17BPs。一季度，中债-综合财富（总值）指数-0.61%。　　报告期内本基金以利率债、商金债、中高等级信用债、可转债为主要投资品种。本基金秉持稳健投资原则，坚持以中高等级信用债打底并以转债进行增强的策略，灵活进行大类资产配置，适当参与波段交易，通过积极操作，争取为投资者带来相对稳健的投资回报。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:36.351Z","fund":{"_id":3000000003811,"__csrcFundId":1159,"stockCode":"003811","shortName":"中金金利(003811)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3811,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:00:33.793Z","status":"normal","inceptionDate":"2016-12-12T16:00:00.000Z","name":"中金金利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金金利","pinyin":"zjjlzqxzqtzjj","managers":[{"stockCode":"db20553118","stockType":"fund_manager","exchange":"fm","tickerId":252323201580,"name":"闫雯雯"},{"stockCode":"db20568413","stockType":"fund_manager","exchange":"fm","tickerId":122525222930,"name":"李亚寅"}]},"announcement":{"linkText":"中金金利债券型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1275426","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7807fea5b3eb046be8a","date":"2024-12-30T16:00:00.000Z","stockId":3000000003811,"sao":"2024年我国有效应对复杂严峻的内外部挑战，全年GDP同比增长5%，顺利实现了全年经济社会发展主要目标任务。央行维持支持性的货币政策立场，货币政策基调从“稳健”转向“适度宽松”，央行分别于1月24日和9月27日公告降准0.5个百分点，提供长期流动性超过2万亿元；央行分别于7月22日和9月29日分别下调7天逆回购操作利率10BP和20BP，并引导1年期及5年期以上LPR分别累计下降0.35个和0.6个百分点；央行开始通过增加国债净买入和操作买断式回购投放流动性，逐步替换MLF。积极的财政政策措施精准发力，有力支持经济社会平稳健康发展，制定实施近年来力度最大的一揽子化债方案，支持地方政府缓释偿债压力，增强发展动能。　　总体来看，债券市场在国内外多重因素交织叠加的背景下，呈现出下行态势。利率债方面，2024年利率债收益率平坦化下行，截至12月31日，1年期及10年期国债收益率较2023年末分别下行99.5BP、88.0BP至1.08%、1.68%；1年期、10年期国开债较2023年末分别下行99.8BP、95.3BP至1.20%、1.73%。信用债方面，高风险主体逐步出清，信用风险仍呈现收敛态势，收益率在资金面合理充裕、信用债供需错配等因素作用下全面下行，但8月至10月机构负债端也出现过阶段性不稳的状态，对信用债产生扰动。　　前三季度，本基金以利率债、商金债等为主要投资品种，四季度基金规模提升，增加中高等级信用债、可转债等投资品种。本基金秉持稳健投资原则，充分分析经济形势变化，紧跟政策风向，重视股债跷跷板效应，灵活进行大类资产配置，在合理控制组合回撤风险的基础上，通过积极操作，争取为投资者带来相对稳健的投资回报。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:36.348Z","mo":"展望2025年，稳增长政策有望对经济产生边际提振作用，但经济基本面仍有结构性隐忧，预计经济复苏延续温和态势。一方面，政策脉冲之下，楼市景气度边际回温，但仍然呈现量强价弱的特征，整体库存去化效率有待进一步提高，楼市供需再平衡的节奏仍需密切关注。另一方面，社融增速需逐步企稳，票据利率低位徘徊，融资需求仍有待提振，政策效果尚需时间窗口印证。此外，全球地缘政治仍有不确定性，特朗普政府潜在的关税政策对我国贸易的影响难言清晰。预计货币政策将维持宽松，降准、降息均有实施空间，但也需关注贸易政策、地缘政治对人民币汇率表现、货币政策节奏的阶段性影响。对于债券市场而言，考虑到国内经济修复仍面临一定挑战，需要实际利率进一步下行以激发内生需求，同时，在“适度宽松”的货币政策定调下，预计流动性呵护仍将延续，资金面亦有望保持平稳，叠加债券配置需求仍较为强劲，整体看债券市场大幅调整风险可控，仍具有一定的配置价值。","fund":{"_id":3000000003811,"__csrcFundId":1159,"stockCode":"003811","shortName":"中金金利(003811)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3811,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:00:33.793Z","status":"normal","inceptionDate":"2016-12-12T16:00:00.000Z","name":"中金金利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金金利","pinyin":"zjjlzqxzqtzjj","managers":[{"stockCode":"db20553118","stockType":"fund_manager","exchange":"fm","tickerId":252323201580,"n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中短期票据收益率较上季度末分别变动15BP、14BP、22BP；3年期品种中，AAA、AA+、AA 中短期票据收益率分别变动19BP、20BP、26BP。　　报告期内，本基金规模出现下降，产品以流动性管理为主，主要投资期限较短的利率债，争取为投资者带来稳健的投资回报。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:36.346Z","fund":{"_id":3000000003811,"__csrcFundId":1159,"stockCode":"003811","shortName":"中金金利(003811)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3811,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:00:33.793Z","status":"normal","inceptionDate":"2016-12-12T16:00:00.000Z","name":"中金金利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金金利","pinyin":"zjjlzqxzqtzjj","managers":[{"stockCode":"db20553118","stockType":"fund_manager","exchange":"fm","tickerId":252323201580,"name":"闫雯雯"},{"stockCode":"db20568413","stockType":"fund_manager","exchange":"fm","tickerId":122525222930,"name":"李亚寅"}]},"announcement":{"linkText":"中金金利债券型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1179974","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7807fea5b3eb046be88","date":"2024-06-29T16:00:00.000Z","stockId":3000000003811,"sao":"2024年上半年，宏观经济方面，地产边际出现回暖，但有效需求持续偏弱，消费增速也有所放缓，经济基本面温和复苏。从结构上看，基建有所回温，社融信贷总量尚可，但结构改善有限，企业扩产意愿偏弱，信贷有效需求仍待提升。　　资金面方面，央行于2月初降准，并在缴税、月末季末等关键时点通过公开市场操作（OMO）灵活投放呵护市场流动性，货币政策持续保持稳健。　　债券市场方面，稳增长政策持续出台，但有效需求偏弱，基本面修复有限，上半年债市收益率震荡下行，中债10年期国债到期收益率整体在 2.20%-2.56%之间波动。上半年，中债-新综合财富（总值）指数上涨 3.77%。　　报告期内，本基金以利率债为主要投资标的，二季度产品规模有一定波动，做好流动性管理工作，争取为投资者带来稳健的投资回报。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:36.343Z","mo":"从基本面来看，修复成色有待观察。财政政策预计仍将保持积极，外部约束松动有助于国内出口和制造业表现，预计国内经济有望温和修复，但楼市政策松动，地产周期表现仍需观察。　　从资金面来看，公开市场操作（OMO）在税期、月末、季末等关键时点加量投放，也体现出央行呵护资金面的态度，基本面温和复苏的格局下，预计资金面收紧的概率有限。　　综上，稳增长权重或将提升，但需求偏弱掣肘经济修复，政策显效需要时间，基本面回温效果有待观察，货币政策预计仍将持续保持稳健，债市收益率大幅上行风险可控；但政策面的脉冲周期或在边际上对债券市场形成一定扰动，密切关注基本面的修复情况以及资金面的变化。","fund":{"_id":3000000003811,"__csrcFundId":1159,"stockCode":"003811","shortName":"中金金利(003811)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3811,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:00:33.793Z","status":"normal","inceptionDate":"2016-12-12T16:00:00.000Z","name":"中金金利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金金利","pinyin":"zjjlzqxzqtzjj","managers":[{"stockCode":"db20553118","stockType":"fund_manager","exchange":"fm","tickerId":252323201580,"name":"闫雯雯"},{"stockCode":"db20568413","stockType":"fund_manager","exchange":"fm","tickerId":122525222930,"name":"李亚寅"}]},"announcement":{"linkText":"中金金利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=1152327","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7807fea5b3eb046be87","date":"2024-03-30T16:00:00.000Z","stockId":3000000003811,"sao":"2024年一季度，海外方面，美国经济和就业维持韧性，通胀缓慢回落，美联储货币转向节奏仍有不确定性。国内经济方面，受稳增长措施发力显效与外需回暖等因素影响，经济数据稳中有升，基建和制造业投资表现较好，消费数据平稳，出口景气度回升，但房地产投资仍有待改善。货币政策方面，央行于1月24日超预期宣布降准0.5个百分点，并在跨春节等关键时间点进行净投放呵护流动性，资金面总体均衡偏松。财政方面，在2024年财政赤字率3%的基础上，计划增发1万亿元超长期特别国债。 　　整体而言，在降准降息预期、股债跷跷板、年初配置力量较强而供给偏缓等因素影响下，一季度债券收益率曲线整体向下平移，两端表现更优。截至一季度末，中债国债到期收益率与去年末相比，1年期变动-36BPs、10年期变动-27BPs、30年期变动-37BPs。信用债高息资产供给较少，资产荒延续，信用利差持续压缩，短期限信用债下沉空间变狭窄后市场向久期要收益，等级利差、期限利差均有所收窄。一季度，中债-综合财富（总值）指数上涨1.99%。　　报告期内，本基金以利率债、地方债、商业银行债券、同业存单等高信用资质债券为主要投资标的。本基金秉持稳健投资原则，灵活调整久期和杠杆，适时进行波段操作，争取控制信用风险前提下，通过积极操作，为投资者带来稳健的投资回报。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:36.340Z","fund":{"_id":3000000003811,"__csrcFundId":1159,"stockCode":"003811","shortName":"中金金利(003811)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3811,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:00:33.793Z","status":"normal","inceptionDate":"2016-12-12T16:00:00.000Z","name":"中金金利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金金利","pinyin":"zjjlzqxzqtzjj","managers":[{"stockCode":"db20553118","stockType":"fund_manager","exchange":"fm","tickerId":252323201580,"name":"闫雯雯"},{"stockCode":"db20568413","stockType":"fund_manager","exchange":"fm","tickerId":122525222930,"name":"李亚寅"}]},"announcement":{"linkText":"中金金利债券型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1074480","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7807fea5b3eb046be86","date":"2023-12-30T16:00:00.000Z","stockId":3000000003811,"sao":"2023年，在全球经济复苏势头不稳、国际地缘政经冲突加剧的背景下，中国经济保持韧性，全年国内生产总值（GDP）同比增长5.2%，城镇调查失业率均值为5.2%，物价运行总体平稳。货币政策精准有力，央行于3月和9月两次下调法定准备金率，累计0.5个百分点；于6月和8月两次下调中期借贷便利（MLF）利率，累计0.25个百分点；12月抵押补充贷款（PSL）重启，政策性银行净新增规模3500亿，或为三大工程提供长期低成本资金。积极财政政策进一步发力，四季度增发万亿国债，财政赤字率由3.0%提高到3.8%左右。　　总体来看，债券市场在国内外多重因素交织叠加的背景下，呈现出震荡走强的趋势。利率债方面，2023年利率债收益率平坦化下行，截至12月31日，1年期国债收益率和10年期国债收益率分别下行3.2BP、31.1BP至2.20%、2.68%；1年国开债收益率和10年期国开债分别下行1.7BP、28.0BP至2.08%、2.56%。信用债方面，收益率在资金面合理充裕、信用债供需错配等因素作用下全面下行；各行业继续分化，下半年中央政治局提出“一揽子化债方案”后，城投进入新一轮的化债期，而大型房企风险舆情频发，引发市场广泛关注。　　报告期内，本基金以利率债、商业银行债券、同业存单等高信用资质债券为主要投资标的，本基金紧密跟踪宏观基本面、政策走势及市场情绪，适时进行波段操作来增厚组合收益，并根据资金面变化灵活调整杠杆水平，争取在控制信用风险前提下，力争为投资者争取良好的投资回报。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:36.338Z","mo":"展望2024年，随着宏观政策进一步加力显效，经济预计延续稳健复苏态势，但是从长周期看，我们尚处于增速换挡期和新旧动能转换期，因此修复的强度可能有限。海外方面，美国进入大选年，通过透支财政支持经济的做法预计难以为继，经济前景仍存不确定性，降息时点将成为市场关注焦点。货币政策大概率延续宽松，流动性预计将维持合理充裕，但政府债发行、信贷投放、金融监管等因素可能会导致资金面波动。我们预判2024年债券收益率仍然是区间震荡的走势，若后续政策利率下调，则震荡中枢也将下移；信用债预计供给有限，合意资产不足，但市场需求较好，预计信用债收益率和信用利差维持低位。","fund":{"_id":3000000003811,"__csrcFundId":1159,"stockCode":"003811","shortName":"中金金利(003811)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3811,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:00:33.793Z","status":"normal","inceptionDate":"2016-12-12T16:00:00.000Z","name":"中金金利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金金利","pinyin":"zjjlzqxzqtzjj","managers":[{"stockCode":"db20553118","stockType":"fund_manager","exchange":"fm","tickerId":252323201580,"name":"闫雯雯"},{"stockCode":"db20568413","stockType":"fund_manager","exchange":"fm","tickerId":122525222930,"name":"李亚寅"}]},"announcement":{"linkText":"中金金利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=1056631","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7807fea5b3eb046be85","date":"2023-09-29T16:00:00.000Z","stockId":3000000003811,"sao":"2023年三季度，海外经济方面，地缘政治局势动荡，大宗商品价格震荡上行，美联储持续小幅加息，通胀有所降温；国内经济方面，基金维持高位，地产景气度边际提升，消费有所改善，但内需持续偏弱，拿地意愿有限，加之海外局势复杂，外部需求不确定性进一步走高，出口修复斜率有限，经济基本面持续偏弱复苏；金融数据方面，社融信贷总量尚可，但结构有所不足，贷款需求不高，财政支出偏缓；货币政策方面，降准降息连续落地，央行持续灵活投放公开市场操作（OMO），政策基调仍保持稳健。　　整体而言，三季度债券市场利率债收益率总体呈先下后上的走势。截至三季度末，中债国债、国开债到期收益率较二季度末相比，1年期分别+30BPs、+16BPs；3年期分别+15BPs、+8BPs；5年期分别+10BPs、+4BPs；10年期+4BPs、-3BPs。7月，资金面宽松，且基本面温和复苏，债市收益率持续震荡下行，而月末重要会议召开，稳增长预期升温，收益率曲线有所上移；8月，降息超预期落地，税期资金面收敛，收益率曲线平坦化下行；9月，楼市政策加力，人民币汇率承压，收益率震荡上行。三季度，中债-综合财富（总值）指数上涨0.68%。　　报告期内，本基金以中短期限利率债、地方债、商业银行债券、同业存单等高信用资质债券为主要投资标的，结合市场对宏观基本面和政策的预期变化对久期做灵活调整，保持适度杠杆，争取控制信用风险前提下，通过积极操作，为投资者带来稳健的投资回报。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:36.335Z","fund":{"_id":3000000003811,"__csrcFundId":1159,"stockCode":"003811","shortName":"中金金利(003811)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3811,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:00:33.793Z","status":"normal","inceptionDate":"2016-12-12T16:00:00.000Z","name":"中金金利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金金利","pinyin":"zjjlzqxzqtzjj","managers":[{"stockCode":"db20553118","stockType":"fund_manager","exchange":"fm","tickerId":252323201580,"name":"闫雯雯"},{"stockCode":"db20568413","stockType":"fund_manager","exchange":"fm","tickerId":122525222930,"name":"李亚寅"}]},"announcement":{"linkText":"中金金利债券型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=990818","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7807fea5b3eb046be84","date":"2023-06-29T16:00:00.000Z","stockId":3000000003811,"sao":"2023年上半年，宏观经济方面，基本面温和复苏。年初疫后修复，地产销售逐步回温，消费有所好转，经济出现复苏迹象；两会确定全年经济增长目标，但需求偏弱，掣肘基本面复苏。从结构来看，基建持续高增，疫后消费、楼市销售等积压需求有所释放，但社融、信贷同比逐步走弱，地产持续低迷，加之海外需求不佳，出口修复斜率有限，经济基本面持续偏弱复苏。　　资金面方面，为配合稳增长政策逐步显效，央行3月降准、6月降息，并在缴税、月末季末等关键时点灵活投放公开市场操作（OMO）呵护市场流动性，货币政策持续保持稳健。　　债券市场方面，年初疫后修复需求集中释放，基本面有所回暖，随后内需偏弱+外需不佳制约经济复苏，上半年债券市场走势持续震荡，中债10年期国债到期收益率整体在 2.61%-2.93%之间波动。上半年，中债-新综合财富（总值）指数上涨 2.63%。　　报告期内，本基金以利率债、商业银行债券、同业存单等高信用资质债券为主要投资标的，根据市场情况在一季度适当降低久期和杠杆，在二季度适当提升久期和杠杆，争取控制信用风险前提下，通过积极操作，为投资者带来稳健的投资回报。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:36.332Z","mo":"从基本面来看，修复成色有待观察。从最新PMI来看，随着前期降息落地，叠加扩内需促消费等政策陆续出台，制造业PMI略好于前值，但读数仍位于荣枯线以下，或也表明国内需求环比有所修复、但整体仍相对偏弱；新出口订单景气度进一步回落，结合全球经济现状来看，或也表明海外通胀高企制约外需表现。当前供给端政策有所加码，传导至需求端尚需时间，经济改善仍具有一定不确定性。　　从资金面来看，公开市场操作（OMO）在税期、月末、季末等关键时点加量投放，也体现出央行呵护资金面的态度，基本面温和复苏的格局下，预计资金面收紧的概率有限。　　综上，下半年稳增长权重或将提升，但需求偏弱掣肘经济修复，政策显效需要时间，基本面回温效果有待观察，加之政治局会议定调下半年经济稳中求进，货币政策仍将持续保持稳健，债市收益率大幅上行风险可控；但政策面的脉冲周期或在边际上对债券市场形成一定扰动，密切关注基本面的修复情况以及资金面的变化。","fund":{"_id":3000000003811,"__csrcFundId":1159,"stockCode":"003811","shortName":"中金金利(003811)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3811,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:00:33.793Z","status":"normal","inceptionDate":"2016-12-12T16:00:00.000Z","name":"中金金利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金金利","pinyin":"zjjlzqxzqtzjj","managers":[{"stockCode":"db20553118","stockType":"fund_manager","exchange":"fm","tickerId":252323201580,"name":"闫雯雯"},{"stockCode":"db20568413","stockType":"fund_manager","exchange":"fm","tickerId":122525222930,"name":"李亚寅"}]},"announcement":{"linkText":"中金金利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=965040","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7807fea5b3eb046be83","date":"2023-03-30T16:00:00.000Z","stockId":3000000003811,"sao":"2023年一季度，海外经济方面，地缘政治局势复杂，银行流动性风险事件发酵，大宗商品价格有所回落，美联储加息节奏放缓。国内经济方面，“两会”确定经济增长目标，稳增长政策陆续显效，基建持续高增，地产销售逐步回温，消费有所好转，但工业企业利润仍面临考验，拿地低迷掣肘地产景气修复，加之海外需求疲软，出口持续回落，经济基本面偏弱复苏。金融数据方面，社融信贷总量持续走强，结构有待改善，居民储蓄仍在高位，中长期贷款需求修复尚需时间。货币政策方面，降准意外落地，中期借贷便利（MLF）超量续做，加之央行灵活投放公开市场操作（OMO）持续呵护资金面平稳，政策基调保持稳健。信用债方面，随着理财规模逐步企稳，信用利差整体向下修复。　　整体而言，一季度债券市场收益率呈现先上后下、总体震荡上行的走势，信用债表现优于利率债。截至一季度末，1年期和10年期国开债到期收益率较去年四季度末相比分别上行16BPs、3BPs;1年期和3年期AAA中债中短期票据到期收益率较去年四季度末分别变动6BPs、-11BPs。1月，中期借贷便利（MLF）等价超额续作，降准降息预期落空，加之税期+春节季节性效应，资金面边际收敛，债市收益率震荡上行；2月，春节后高频数据温和回暖，税期扰动+银行超储偏低+中期借贷便利（MLF）超额续作规模有限，资金面波动加剧，债市收益率震荡上行；3月，两会目标设定整体温和，叠加中期借贷便利（MLF）等价超额续作+降准意外落地+公开市场操作（OMO）灵活投放，债市收益率震荡下行。一季度，中债-综合财富（总值）指数上涨1.00%。　　本基金以利率债、商业银行债券、同业存单等高信用资质债券为主要投资标的。报告期内，本基金适当调整久期和杠杆水平，争取控制信用风险前提下，通过积极操作，为投资者带来稳健和较好的投资回报。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:36.330Z","fund":{"_id":3000000003811,"__csrcFundId":1159,"stockCode":"003811","shortName":"中金金利(003811)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3811,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:00:33.793Z","status":"normal","inceptionDate":"2016-12-12T16:00:00.000Z","name":"中金金利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金金利","pinyin":"zjjlzqxzqtzjj","managers":[{"stockCode":"db20553118","stockType":"fund_manager","exchange":"fm","tickerId":252323201580,"name":"闫雯雯"},{"stockCode":"db20568413","stockType":"fund_manager","exchange":"fm","tickerId":122525222930,"name":"李亚寅"}]},"announcement":{"linkText":"中金金利债券型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=883306","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7807fea5b3eb046be82","date":"2022-12-30T16:00:00.000Z","stockId":3000000003811,"sao":"2022年，债券市场整体持续震荡。年初，降息落地，现券收益率快速下行；随后跨春节资金面边际收敛，俄乌战争爆发，两会定调经济增长目标，叠加市场出现赎回负反馈，现券收益率持续震荡上行；4月以来，多地疫情散发，对经济形成一定拖累，现券收益率有所下行；5月末开始，疫情逐步转好，复工复产有序推进，加之稳增长政策持续发力，现券收益率震荡向上；进入下半年后，地产风险担忧升温，政治局会议确认经济下行压力增加，叠加超预期降息落地，现券收益率震荡下行；9月，美国通胀走高，人民币汇率快速贬值，加之地产政策再度发力，PMI回到荣枯线之上，现券收益率震荡上行；10月，人民币汇率贬值压力缓解，宏观数据平平，基本面仍持续偏弱运行，现券收益率震荡下行；11月中上旬，防疫20条+地产第二支箭，资金面收敛+市场赎回负反馈再起，现券收益率快速大幅上行，截至11月16日，中债10年期国债到期收益率较月初上升17BPs至2.83%；11月下旬至年末，降准落地+央行加量投放跨年资金，年末资金面逐步转松，加之美联储加息放缓，现券收益率有所下行。截至2022年末，中债10年期国债到期收益率录得2.84%。　　全年来看，2022年中债1年期国债到期收益率、中债10年期国债到期收益率较2021年末分别下行15BPs、上行6BPs，收益率曲线整体呈震荡走势，中债新综合指数全年上涨3.30%，回报率高于股票。从债券的细分品种看，利率债回报优于信用债，短端回报优于长端，中低等级信用品种回报优于中高等级。　　报告期内，本基金以利率债、商业银行债券、同业存单等为主要投资标的，维持中性久期，适当运用杠杆以增厚收益，并根据市场变化进行波段操作来增厚组合收益，争取在控制信用风险前提下，力争为投资者争取良好的投资回报。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:36.327Z","mo":"展望2023年，地产周期走势、海外通胀扰动均存在较大不确定性，加之国内疫情防控政策持续优化，产需逐渐回温，预计经济延续温和修复。货币政策方面，在国内经济基本面逐步修复、稳增长方向相对明确的背景下，资金环境整体上或仍将宽松。二季度后，还需关注“稳增长”政策的实际效果、信贷数据的结构改善、地产景气度的修复成色、以及市场对货币宽松预期的态度变化所带来的影响。我们预判2023年债市整体偏震荡，分期限看，稳增长政策持续发力，长端利率或有一定波动；而在货币政策维持稳健的环境下，中短端或仍是确定性更强的品种。信用债方面，2022年地产风险事件频发，叠加市场赎回负反馈持续扰动，信用债收益率整体有所上行，2023年仍需防范信用违约风险及市场赎回带来的螺旋效应，重点关注部分区域弱资质平台债务接续进展。","fund":{"_id":3000000003811,"__csrcFundId":1159,"stockCode":"003811","shortName":"中金金利(003811)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3811,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:00:33.793Z","status":"normal","inceptionDate":"2016-12-12T16:00:00.000Z","name":"中金金利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","master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用风险前提下，为投资者争取良好的投资回报。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:36.317Z","fund":{"_id":3000000003811,"__csrcFundId":1159,"stockCode":"003811","shortName":"中金金利(003811)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3811,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:00:33.793Z","status":"normal","inceptionDate":"2016-12-12T16:00:00.000Z","name":"中金金利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金金利","pinyin":"zjjlzqxzqtzjj","managers":[{"stockCode":"db20553118","stockType":"fund_manager","exchange":"fm","tickerId":252323201580,"name":"闫雯雯"},{"stockCode":"db20568413","stockType":"fund_manager","exchange":"fm","tickerId":122525222930,"name":"李亚寅"}]},"announcement":{"linkText":"中金金利债券型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=728626","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7807fea5b3eb046be7e","date":"2021-12-30T16:00:00.000Z","stockId":3000000003811,"sao":"回顾2021年，海外方面，上半年随着疫苗加快接种，全球经济逐步复苏；下半年受到疫情反弹、原材料供给不足和大宗商品涨价等影响，全球经济复苏动能减弱。美联储已于11月份宣布逐步退出量化宽松，并于12月议息会议提出可能更早加息和缩表，美债收益率大幅波动，但是对国内债市影响有限。国内基本面呈现前高后低态势，上半年我国经济持续复苏，投资和消费稳步恢复，进出口数据超市场预期，下半年，受到需求收缩、供给冲击、预期转弱等三重压力影响，我国经济增长动能边际放缓，四个季度国内生产总值的两年平均增速分别为5.0%、5.5%、4.9%和5.2%。全年通胀风险可控，能源价格上涨叠加国内能耗双控政策从严，生产价格指数整体上行，于11月份迎来拐点后开始回落，生猪价格中枢回落带动食品价格下行，加之消费需求疲弱拖累服务业价格表现，居民消费价格指数全年处于较低水平，两者剪刀差维持在历史较高水平。货币政策在上半年整体维持稳健基调，下半年在经济下行压力逐步加大的影响下，央行加大公开市场操作力度，政策操作边际放松。7月份和12月份两次全面降准，12月下调支农支小再贷款利率 0.25个百分点，1年期LPR下行5个基点。全年资金面整体充裕，DR007和R007围绕在政策利率2.2%附近波动，央行通过加量逆回购投放来熨平在部分税期、月末等关键时点出现回购利率走高的情况。全年债券收益率呈现震荡下行的走势，中债-新综合指数上涨5.09%,中债10年期国债到期收益率下降37bp至2.78%，中债1年期国债到期收益率下降23bp至2.24%，长端表现更好。报告期内，本基金降低地方政府债配置，增加商业银行金融债和利率债配置，维持中性久期，适当运用杠杆以增厚收益，并根据市场变化进行波段操作来增厚组合收益，争取在控制信用风险前提下，力争为投资者争取良好的投资回报。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:36.314Z","mo":"展望2022年，受到政策靠前发力和基数效应等因素的带动，我们认为国内经济或呈“M型”走势，一季度、三季度的GDP增速或为2022年内的相对高点。通胀方面，生产价格指数有望延续高位回落态势，居民消费价格指数预计温和回升。社融方面，考虑信贷开门红和财政政策前置，一季度社融数据或将迎来阶段性拐点。货币政策仍将“以我为主”，在稳增长诉求较大的情况下，货币政策预计仍维持稳中宽松，资金面保持合理充裕，但同时也要关注海外主要经济体货币政策收紧的扰动。总体而言，我们短期内认为受益于宽信用效果显现需要时间以及央行宽松的货币政策态度，预计一季度债券市表现震荡偏强，短端收益率确定性大于长端，但是二季度以后还需要关注国内稳增长的实现情况、经济数据是否超预期以及央行货币政策态度是否发生变化。","fund":{"_id":3000000003811,"__csrcFundId":1159,"stockCode":"003811","shortName":"中金金利(003811)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3811,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:00:33.793Z","status":"normal","inceptionDate":"2016-12-12T16:00:00.000Z","name":"中金金利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金金利","pinyin":"zjjlzqxzqtzjj","managers":[{"stockCode":"db20553118","stockType":"fund_manager","exchange":"fm","tickerId":252323201580,"name":"闫雯雯"},{"stockCode":"db20568413","stockType":"fund_manager","exchange":"fm","tickerId":122525222930,"name":"李亚寅"}]},"announcement":{"linkText":"中金金利债券型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=715328","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7807fea5b3eb046be7d","date":"2021-09-29T16:00:00.000Z","stockId":3000000003811,"sao":"2021年三季度在疫情反复、极端天气、部分地区限电限产的多重冲击下，经济下行压力显现。基本面方面，9月官方制造业PMI指数49.6，已降至荣枯线以内，居民消费恢复不及预期，出口维持高景气但订单边际回落，地产在严监管之下出现降温，社融增速从去年11月份开始见顶回落。通胀方面，供给收缩导致PPI涨幅进一步扩大，但对CPI传导有限。货币政策方面，央行保持流动性合理充裕，7月中旬央行下调金融机构存款准备金率0.5个百分点释放长期资金约1万亿元，8月中旬小幅缩量续作6000亿元MLF，9月中旬等量续作6000亿元MLF，流动性整体维持平稳态势。海外市场方面，美联储年内Taper 概率提升，美债收益率出现反弹，截至9月末中美十年期国债利差约为136bp，仍高于2008年以来历史均值109bp，现阶段对我国债市影响有限。债券市场方面，债券收益率呈现先下后上的走势，7月央行超预期降准，十年期国债收益率快速下行约24bp至2.84%，8月至9月随着宽信用不断推进，叠加监管风波等，十年期国债收益率小幅上行，短端利率逐步回调至政策利率附近。整体来看，三季度十年期国债收益率下行约20bp至2.88%，一年期国债收益率下行约9.7bp至2.33%，期限利差走平，信用利差依旧处于历史较低水平，中债-新综合财富（总值）指数上涨1.65%。报告期内，本基金减持地方政府债，增加商业银行金融债和利率债配置，维持中性久期，争取在控制信用风险前提下，为投资者争取良好的投资回报。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:36.311Z","fund":{"_id":3000000003811,"__csrcFundId":1159,"stockCode":"003811","shortName":"中金金利(003811)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3811,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:00:33.793Z","status":"normal","inceptionDate":"2016-12-12T16:00:00.000Z","name":"中金金利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金金利","pinyin":"zjjlzqxzqtzjj","managers":[{"stockCode":"db20553118","stockType":"fund_manager","exchange":"fm","tickerId":252323201580,"name":"闫雯雯"},{"stockCode":"db20568413","stockType":"fund_manager","exchange":"fm","tickerId":122525222930,"name":"李亚寅"}]},"announcement":{"linkText":"中金金利债券型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=657625","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7807fea5b3eb046be7c","date":"2021-06-29T16:00:00.000Z","stockId":3000000003811,"sao":"2021年上半年我国经济呈现平稳复苏态势，但增长动能呈现边际放缓迹象。基本面方面，投资需求触顶回落，居民消费有所恢复，出口强度有所下降，社融增速从去年11月份开始见顶回落。通胀方面，年初以来大宗商品价格快速上涨且波动加大，5月PPI同比上涨9%，创近13年新高，但对CPI传导有限。货币政策方面，央行保持流动性合理充裕，春节后央行以每日OMO操作100亿元的方式投放公开市场流动性，6月末每日加量至300亿元，7月中旬央行下调金融机构存款准备金率0.5个百分点释放长期资金约1万亿元，向市场释放流动性合理充裕信号。海外市场方面，美债收益率大幅波动，但对我国债市影响有限。债券市场方面，上半年地方债供给压力小，非银杠杆偏低，配置力量强劲，债券市场走势震荡偏强，10年期国债利率整体在3.0%-3.3%之间波动，节奏上2月之前调整，随后回暖，6月份出现小幅调整，市场的关注度主要集中在资金面的变化，对基本面及通胀的变化不敏感。上半年，中债-新综合财富（总值）指数上涨2.14%报告期内，本基金减持地方政府债，增加商业银行债券、同业存单和利率债配置，根据市场情况调节久期和杠杆，争取控制信用风险前提下，为投资者争取良好的投资回报。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:36.309Z","mo":"展望下半年，国内经济动能大概率延续下行趋势，消费和制造业投资缓慢修复，出口和房地产投资拉动作用减弱，虽然财政后置，但在严控地方债务的背景下基建投资仍存在不确定性。通胀方面，PPI同比大概率见顶，下半年预计维持高位震荡，居民终端需求相对疲弱，CPI受猪价拖累维持较低水平，全面通胀的压力较小。海外方面，一些国家疫情出现反复，虽然继续走向整体性复苏，但增速会放缓，美联储政策转向的进程将影响债券市场，但影响程度或低于2013年。货币政策方面，降准后还需同步观察OMO、MLF、LPR等关键利率的调整信号，货币政策是否进入全面宽松格局仍有待观察。债券市场方面，需求侧依然能对债券形成支撑，维持债券市场震荡偏强格局的判断，但需关注下半年地方债供给上行、基本面和政策面的可能变化、外部美联储政策转向进程、四季度全面降准的可能性等。","fund":{"_id":3000000003811,"__csrcFundId":1159,"stockCode":"003811","shortName":"中金金利(003811)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3811,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:00:33.793Z","status":"normal","inceptionDate":"2016-12-12T16:00:00.000Z","name":"中金金利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金金利","pinyin":"zjjlzqxzqtzjj","managers":[{"stockCode":"db20553118","stockType":"fund_manager","exchange":"fm","tickerId":252323201580,"name":"闫雯雯"},{"stockCode":"db20568413","stockType":"fund_manager","exchange":"fm","tickerId":122525222930,"name":"李亚寅"}]},"announcement":{"linkText":"中金金利债券型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=635544","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7807fea5b3eb046be7b","stockId":3000000003811,"sao":"2021年一季度中国经济继续呈现复苏态势，进出口数据、金融数据超市场预期，PPI同比继续改善，货币政策在一季度维持中性态度，资金面波动较大，1月底资金面极其紧张，隔夜回购成交利率最高接近20%，春节后资金逐渐宽松，银行间7天回购利率在2.2%附近。海外市场美债收益率大幅上行，一季度10年美债收益率上行接近80bp，最高接近1.78%。权益市场元旦后抱团股大涨，2月下旬开始回落，振幅较大。南华商品指数自2020年11月后整体呈现震荡上升态势。房地产销售较好，房价呈现微涨态势。中国债券市场震荡，2月之前调整，2月后回暖，对美债收益率回升、经济数据、通胀不敏感，整体而言，一季度中债-新综合财富（总值）指数上涨0.9%。报告期内，本基金减持地方政府债，增加商业银行债券配置，争取控制信用风险前提下，为投资者争取良好的投资回报。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:36.304Z","fund":{"_id":3000000003811,"__csrcFundId":1159,"stockCode":"003811","shortName":"中金金利(003811)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3811,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:00:33.793Z","status":"normal","inceptionDate":"2016-12-12T16:00:00.000Z","name":"中金金利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050960000,"currency":"CNY","masterFundShortName":"中金金利","pinyin":"zjjlzqxzqtzjj","managers":[{"stockCode":"db20553118","stockType":"fund_manager","exchange":"fm","tickerId":252323201580,"name":"闫雯雯"},{"stockCode":"db20568413","stockType":"fund_manager","exchange":"fm","tickerId":122525222930,"name":"李亚寅"}]},"announcement":{"linkText":"中金金利债券型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=574764","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7807fea5b3eb046be7a","stockId":3000000003811,"sao":"2020年的债券市场是“新冠疫情”主导下的债券市场，整体呈现牛熊切换格局。2020年初，资金面宽松，同时摊余债基等大量发行，市场震荡小幅下行。春节期间全国抗疫，货币、财政政策积极对冲，债市流动性及其宽松，随后海外疫情爆发，全球宽松，避险情绪高涨推动利率债走牛，2020年4月8日十年期国债利率达到全年最低水平2.48%，较2019年末下行了65bp，信用债的绝对收益率回归至历史较低水平。进入 5 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