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-06-29T16:00:00.000Z","stockId":3000000004893,"sao":"宏观方面，上半年国内经济整体表现出较强的韧性，GDP同比5.3%。节奏上，一季度经济数据表现亮眼，体现在金融数据方面，如社会融资规模、工业增加值、地产销售、PMI数据；二季度数据相对走弱，如地产销售数据回落，但对外贸易呈现一定的抢出口现象。价格指标方面，核心CPI小幅回升，PPI读数仍在负值区间。　　上半年债券市场先弱后强，波动较大。由于去年12月份债市大幅走强，提前透支了今年的降息预期，使得年初的债市处于历史极低的水平位。一季度债市一方面受大行融出资金减少、资金价格上行影响，短端利率上行；另一方面受经济数据表现超预期、权益市场走强的影响，债市利空情绪进一步释放，长端利率债在3月上旬迅速下跌，10年期国债收益率向上接近1.9%。直至3月下旬债市迎来转折，在资金面转松、赔率上升的情况下，债市开启修复。4月初受美国对外加征关税的影响，全球风险偏好骤降，国内债市急涨，10年国债收益率下台阶至接近1.6%。5、6月份经济基本面呈波浪式运行，且迎来小幅降准降息，债市逐步对关税消息面钝化，表现为区间震荡。　　投资运作方面，本基金主要投资于利率债，久期和杠杆偏中性。上半年债券市场波动较大，本基金适时参与利率债的波段交易，保持对仓位和回撤的控制。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:34.154Z","mo":"国内经济方面，预计下半年国内基本面继续呈现波浪式运行，目前看完成GDP全年5%的增速目标难度不大。经济增长动能由外向内切换，消费和基建投资或成为拉动内需的主要动力。在国内“反内卷”政策推动下CPI预计温和回升，工业品价格亦有较强的改善预期。财政政策方面，上半年已前置发力，下半年预计将根据经济形势相机抉择，以对冲风险、平滑经济波动为主。市场对央行降准降息预期仍在，下半年需关注美联储降息进程、中美关税谈判情况。在汇率基本稳定的情况下，货币政策预计维持宽松态势，资金中枢水平预计维持较低水平运行，成为债市支撑。在今年债市赚钱效应偏弱的情况下，资金或会被动提升风险偏好，需要关注权益市场强弱对债市的扰动。","fund":{"_id":3000000004893,"__csrcFundId":5362,"stockCode":"004893","shortName":"华润元大润泽债券(004893)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4893,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:21:57.200Z","status":"normal","inceptionDate":"2018-06-05T16:00:00.000Z","name":"华润元大润泽债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050770000,"currency":"CNY","masterFundShortName":"华润元大润泽债券","pinyin":"hrydrzzqxzqtzjj","managers":[{"stockCode":"db20915162","stockType":"fund_manager","exchange":"fm","tickerId":32020232120,"name":"程涛涛"},{"stockCode":"j101019537","stockType":"fund_manager","exchange":"fm","tickerId":30618248930,"name":"曹芙蓉"}]},"announcement":{"linkText":"华润元大润泽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=1346353","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8327fea5b3eb0479591","date":"2025-03-30T16:00:00.000Z","stockId":3000000004893,"sao":"一季度国内经济呈现“弱复苏”特征，地产销售自去年四季度以来持续回暖，但以价换量特征仍然显著，价格未有明显企稳，地产投资端仍处收缩区间。出口方面有机电产品支撑，但劳动密集型行业受关税冲击明显，以及美国大选年贸易保护措施可能加码，将进一步冲击全球贸易。金融数据反映实体融资需求仍弱，信贷扩张依赖政策驱动。价格指标低位震荡，工业品通缩压力边际缓解但需求复苏动能不足。　　一季度债市收益率中枢整体上行。1月10日央行公布阶段性暂停在公开市场买入国债，以及春节前后资金面收敛，短端利率因此上行，5年内国债收益率上行10-20BP不等。但基于对货币政策适度宽松预期，长端利率反而小幅下行，使得1月份债市长短端表现分化。2月份央行持续引导资金面收敛，银行融出金额大幅下降，资金价格持续抬升，1年期（AAA）同业存单收益率上行约30BP至2.0%附近。叠加春节后权益市场走强，一定程度提升了资金风险偏好。债市一方面由短端利率上行传导至长端，另一方面受权益市场表现较强的扰动，10年、30年期国债收益率在2月分别上行约9BP、4BP。3月上旬依然延续2月的资金面收敛态势，短端利率继续上行，且长端开始补跌，10年、30年期国债收益率于3月中旬分别到达一季度最高点1.9%、2.12%，较一季度最低点分别上行了30BP、32BP。3月上旬债市加速下跌，一是由于央行表态“货币政策取向是状态表述”，以及1、2月份经济数据表现尚可，打破了前期投资者对年初降准降息的预期；二是两会定调偏积极，权益市场春季行情的热度超出预期；三是机构行为方面，债券负carry持续时间久，一季度利率债组合表现较差，基金存在降低久期避险的需求，银行存在卖出老券兑现浮盈的需求，导致债券抛压增大。直至3月税期来临，央行净投放增加，资金面得以缓和，同时权益市场动能减弱，各期限收益率逐渐修复。综合来看，一季度债市主要受央行对资金面态度、权益市场跷跷板效应的影响，震荡上行，基本修正了去年底对2025年降息预期的抢跑行为。　　本基金以利率债为主要投资品种，由于组合久期偏短，一季度受债市短端利率大幅上行的影响，本季度本基金净值下跌，但好于同期基准。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:34.151Z","fund":{"_id":3000000004893,"__csrcFundId":5362,"stockCode":"004893","shortName":"华润元大润泽债券(004893)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4893,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:21:57.200Z","status":"normal","inceptionDate":"2018-06-05T16:00:00.000Z","name":"华润元大润泽债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050770000,"currency":"CNY","masterFundShortName":"华润元大润泽债券","pinyin":"hrydrzzqxzqtzjj","managers":[{"stockCode":"db20915162","stockType":"fund_manager","exchange":"fm","tickerId":32020232120,"name":"程涛涛"},{"stockCode":"j101019537","stockType":"fund_manager","exchange":"fm","tickerId":30618248930,"name":"曹芙蓉"}]},"announcement":{"linkText":"华润元大润泽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=1271841","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8327fea5b3eb0479590","date":"2024-12-30T16:00:00.000Z","stockId":3000000004893,"sao":"2024年债券市场走出大牛市行情，10年期国债到期收益率由年初的2.56%下行88BP至年末的1.68%；超长期国债表现不俗，30年国债到期收益率由年初的2.84%下行93BP至年末的1.91%；信用债收益率随无风险利率下行，且信用利差较2023年进一步压缩。回顾全年，债市走强有三大基础：尚未企稳的基本面，支持性的货币政策，以及持续加剧的资产荒。　　经济基本面全年明显呈现“以价换量”特征，需求偏弱。房地产政策全年放松，在四季度出现了房屋销售量的明显抬升。但由于经济指标的持续性尚不明显，债券市场对于部分指标改善的反应不大。财政政策更倾向于支持地方化债和房地产两大风险的化解，短期刺激力度不强。　　在基本面尚未企稳的背景下，2024年全年央行降准降息各两次，共降准1个百分点，降息30BP，并开设买卖国债、买断式回购、临时正逆回购一系列流动性调节新工具。央行实际通过新工具向市场投放了较高流动性，不仅适时对冲了财政发债带来的供给冲击，而且更精准地平抑了银行间市场资金价格的波动。　　除上述外，2024年多次调降贷款基准利率，1年期调降了35BP至3.1%，5年期调降了60BP至3.6%。各家商业银行存款利率随之下调。同时，央行近年持续疏通利率传导机制，于4月叫停“手工补息”，于11月将非银同业存款纳入自律管理。一方面，政策利率的传导带来广谱利率的下降，债市应声而涨；另一方面，银行机构资产收益率下降进一步加剧了资产荒，对于收益来源的追求更依赖于在债券市场中的收益角逐，在利率债中体现的尤为极致。　　债市全年虽走强，但于4月以及整个三季度出现了较大的回调，主要原因是央行多次提示债市风险，并加强了金融监管。以及9月末股市大幅上涨，给债券市场造成了明显扰动。策略表现上，虽然全年资金面整体维持宽松，但10年期国债收益率与DR007的利差却逐渐收窄，导致纯利率债产品下的杠杆策略并无太多优势。而久期策略在整体收益率曲线的下移的情况下，能给组合带来较为丰厚的收益。　　本基金主要投资于利率债，结合产品规模及流动性要求等特征，组合久期基本维持在3年以内。适时增加利率债波段交易来获得收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:34.148Z","mo":"2025年中国经济的结构化转型进程或将提速，国内政策的力度和节奏将主要关注国内经济基本面的变化以及海外经济体的影响。预计内需方面，消费仍是主要抓手，外需方面，美国对华加征关税将对出口造成一定冲击。房地产方面，2025年或为“寻底年”，销售和投资降幅可能收窄，但库存去化缓慢和地方财政压力仍是主要风险点。因此短期内预计基本面反转的可能性不大。在稳增长诉求增强的背景下，货币政策有望延续适度宽松基调。但若财政政策将进一步加码，债券市场可能面临收益率震荡上行的压力。　　短期可视的扰动一是地方政府融资平台债务置换对利率债供给端的冲击，二是央行在资金面、长债交易方面的把控。另外，权益市场结构性行情对债市的压制作用有可能超过基本面驱动。　　在当前的低利率环境中，降息预期已大幅度透支，赔率已经不高，波动率放大的可能性更大。波动放大的市场环境下，是风险也是交易机会，债市的超额收益将来源于对\"非对称信息\"的捕捉，尤其是一些未被纳入传统定价模型的变量。　　策略方面，本基金继续以利率债配置和交易为主，根据市场变化持续捕捉投资机会，提升产品收益。","fund":{"_id":3000000004893,"__csrcFundId":5362,"stockCode":"004893","shortName":"华润元大润泽债券(004893)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4893,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:21:57.200Z","status":"normal","inceptionDate":"2018-06-05T16:00:00.000Z","name":"华润元大润泽债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050770000,"currency":"CNY","masterFundShortName":"华润元大润泽债券","pinyin":"hrydrzzqxzqtzjj","managers":[{"stockCode":"db20915162","stockType":"fund_manager","exchange":"fm","tickerId":32020232120,"name":"程涛涛"},{"stockCode":"j101019537","stockType":"fund_manager","exchange":"fm","tickerId":30618248930,"name":"曹芙蓉"}]},"announcement":{"linkText":"华润元大润泽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=1253928","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8327fea5b3eb047958f","date":"2024-09-29T16:00:00.000Z","stockId":3000000004893,"sao":"三季度出炉的经济数据和金融数据方面显示经济基本面压力较大，在中央表示“坚定不移完成全年经济社会发展目标任务”的基调下，市场对政策逆周期调节存在不同预期。支持性的货币政策基本定调，财政政策力度预期则成为当前投资者最大的博弈。债市在预期博弈和机构行为影响的交织下，产生了较大的震荡行情。整个季度来看，国债收益率曲线下移并走陡，短端表现好于长端。利率债于7月初、8月上旬以及9月下旬分别历经三次较大程度的调整，波动率逐次放大，其中10年期国债活跃券在9月底调整期间，高低点价差最高达26BP。信用债随之调整，虽滞后但调整幅度更大，尤其是9月末信用债收益率大幅上行导致信用利差迅速走阔。3年期AAA城投债中债估值收益率由最低点2.01%上行31BP至2.32%，3年期AA+城投债中债估值收益率由最低点2.03%上行37BP至2.4%。三季度债市调整的原因主要有两方面：一是今年以来债市收益率下行过快，央行为防范期限错配及未来利率上行导致的潜在风险，前期多次进行了喊话后，于三季度落实了一系列调控工具，有效抑制了债市投资者过热的交易情绪。这是7、8月两次调整的主要原因。二是9月末降准降息操作，及一系列“金融支持经济高质量发展”的政策使得投资者对经济预期转为乐观，股市大幅上涨，风险偏好抬升。资金由债市流入股市，导致债市下跌，理财、基金等固收类产品因被动赎回及预防性卖出行为，加剧了信用债的调整幅度。　　本基金以利率债为主要投资品种，由于组合久期偏短，三季度净值波动相对偏小，净值表现为上升。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:34.145Z","fund":{"_id":3000000004893,"__csrcFundId":5362,"stockCode":"004893","shortName":"华润元大润泽债券(004893)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4893,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:21:57.200Z","status":"normal","inceptionDate":"2018-06-05T16:00:00.000Z","name":"华润元大润泽债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050770000,"currency":"CNY","masterFundShortName":"华润元大润泽债券","pinyin":"hrydrzzqxzqtzjj","managers":[{"stockCode":"db20915162","stockType":"fund_manager","exchange":"fm","tickerId":32020232120,"name":"程涛涛"},{"stockCode":"j101019537","stockType":"fund_manager","exchange":"fm","tickerId":30618248930,"name":"曹芙蓉"}]},"announcement":{"linkText":"华润元大润泽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=1180685","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8327fea5b3eb047958e","date":"2024-06-29T16:00:00.000Z","stockId":3000000004893,"sao":"一、二季度GDP增速分别为5.3%、4.7%，增速有所下滑，且经济基本面呈现供给强于需求的特征，CPI、PPI价格指标持续低位运行。金融数据层面，社融增速持续回落，企业及居民贷款增速下滑明显，债券融资受政府债务管控、地产融资收缩影响，明显少于往年同期。政府加杠杆的速度在上半年偏缓。在经济基本面偏弱、资金面相对宽松、债券供给下降而需求旺盛的背景下，上半年债券收益率全面下行。10年期国债收益率下行约35BP，短端收益率下行幅度达50BP以上。　　投资运作方面，本基金上半年主要以“稳”为主，基于减少净值波动、降低回撤的策略原则，投资组合久期偏短，在券种选择上综合考虑期限利差、凸性、流动性等要素，精细择券。本基金在上半年短端利率大幅下行的形态下收益表现良好。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:34.143Z","mo":"展望下半年，由于当前经济增长呈现疲软态势，市场在等待更加积极的稳增长政策出台，包括地产加速去库存、政府债提速及加大发行、以及刺激内需等。预计财政政策为主要发力点，货币政策亦将为匹配财政政策、呵护实体融资而精准发力，主要为进一步降低银行存贷款利率，使资本更加有效服务实体经济。因此投资者对于下半年降息仍有较强预期，但由于稳汇率的需要，中国国内货币政策受海外经济体，特别是美联储降息时间及幅度的影响较大，下半年需持续关注美联储动态。另一方面，国内债券市场供需暂时失衡的局面预计下半年仍将持续，投资者对于高息资产的诉求将进一步推升债券价格，但由此容易导致过低的利率以及过于拥挤的交易环境，债市的波动性以及回调风险将上升。整体来看，下半年货币环境对债市大概率依然友好，需关注稳增长政策的动力和举措对债市预期的影响。以及密切关注央行表态、市场边际变化，后续利率债投资操作上需要把握好交易节奏。","fund":{"_id":3000000004893,"__csrcFundId":5362,"stockCode":"004893","shortName":"华润元大润泽债券(004893)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4893,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:21:57.200Z","status":"normal","inceptionDate":"2018-06-05T16:00:00.000Z","name":"华润元大润泽债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050770000,"currency":"CNY","masterFundShortName":"华润元大润泽债券","pinyin":"hrydrzzqxzqtzjj","managers":[{"stockCode":"db20915162","stockType":"fund_manager","exchange":"fm","tickerId":32020232120,"name":"程涛涛"},{"stockCode":"j101019537","stockType":"fund_manager","exchange":"fm","tickerId":30618248930,"name":"曹芙蓉"}]},"announcement":{"linkText":"华润元大润泽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=1148005","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8327fea5b3eb047958d","date":"2024-03-30T16:00:00.000Z","stockId":3000000004893,"sao":"2024年一季度前两个月中国官方制造业PMI指数分别为49.2和49.1，均位于荣枯线以下，结合2023年12月的PMI读数49，市场主流观点认为宏观经济压力较大，存在较浓的降准降息预期，即使1月末央行宣布降准和定向降息，对年内再次降准降息的预期依然存在。对货币当局货币政策的预期较大程度影响了利率债的走势，利率债交易长端化，30年国债交易活跃度大大提高。事后来看，1季度市场预期走在货币政策之前，央行与1月底宣布降准和定向降息，并于2月下旬降低5年期LPR报价利率，市场的预期逐步得到应验。　　流动性方面，一季度以来，央行在OMO操作中保持了短期资金的高额投放，另外通过MLF超额续作和降准释放了中长期流动性，央行对中长期资金和短期资金的充分投放保证了银行间市场的流动性，资金面持续保持宽松态势。　　市场的一致预期和宽松的基本面推动了利率债收益率的持续下行，30年国债利率从1月初的2.85%附近下行至3月初最低时的2.43%附近，下行幅度超过40bps，并低于MLF利率2.5%。1年期国债利率也从1月初的2.12%附近下行至1.75%附近，下行幅度超过35bps。过度一致的预期使长端利率债的收益率下行幅度超出了大部分机构的预测，30年国债位于2.5%下方的收益率可能已经将年内超过2次降息的预期纳入定价，全年收益率下行的空间也被极度压缩。　　货币市场方面，按照历史经验，由于1季度大额的信贷投放，银行负债端压力会驱使存单一级发行利率于2月和3月冲高。但今年2月降准释放的中长期流动性大大缓解了银行负债压力，同业存单发行利率自降准宣布之后即大幅下调，在此后的两个月中基本保持平稳，显著低于往年同期水平。　　本基金在一季度根据市场形势，顺势而为，在季度初期对原有持仓进行了一定调整，适度拉长了久期，有效提升了组合表现。同时由于本基金规模不稳定，本基金依然选择将所有持仓债券配置为流动性较好的利率债，在收益和流动性之间取得平衡。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:34.140Z","fund":{"_id":3000000004893,"__csrcFundId":5362,"stockCode":"004893","shortName":"华润元大润泽债券(004893)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4893,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:21:57.200Z","status":"normal","inceptionDate":"2018-06-05T16:00:00.000Z","name":"华润元大润泽债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050770000,"currency":"CNY","masterFundShortName":"华润元大润泽债券","pinyin":"hrydrzzqxzqtzjj","managers":[{"stockCode":"db20915162","stockType":"fund_manager","exchange":"fm","tickerId":32020232120,"name":"程涛涛"},{"stockCode":"j101019537","stockType":"fund_manager","exchange":"fm","tickerId":30618248930,"name":"曹芙蓉"}]},"announcement":{"linkText":"华润元大润泽债券型证券投资基金2024 年第 1 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同时相关部门也出台了一系列房地产的政策。地方债务方面，政治局会议指出“有效防范化解地方债务风险，制定实施一揽子化债方案”。预计下半年各地将逐步出台化债的相关方案。随着相关政策的逐步落地，预计经济基本面将逐步有所修复，但预计地产政策更多是行业逐步回归正常化的政策，而非强刺激政策。地方债务的化解虽然有利于风险偏好的回升，但地方新增债务预计仍将受到严格控制。因此，经济基本面虽然会有所修复，但力度预计有限。在稳增长的背景下流动性预计仍将保持宽松，杠杆套息策略将具有相对优势。  本基金将维持合理的组合久期和一定的杠杆率水平，积极观察基本面的变化、收益率曲线的变化，积极调整组合配置，努力提高组合收益。","fund":{"_id":3000000004893,"__csrcFundId":5362,"stockCode":"004893","shortName":"华润元大润泽债券(004893)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4893,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:21:57.200Z","status":"normal","inceptionDate":"2018-06-05T16:00:00.000Z","name":"华润元大润泽债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050770000,"currency":"CNY","masterFundShortName":"华润元大润泽债券","pinyin":"hrydrzzqxzqtzjj","managers":[{"stockCode":"db20915162","stockType":"fund_manager","exchange":"fm","tickerId":32020232120,"name":"程涛涛"},{"stockCode":"j101019537","stockType":"fund_manager","exchange":"fm","tickerId":30618248930,"name":"曹芙蓉"}]},"announcement":{"linkText":"华润元大润泽债券型证券投资基金2023 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8 月中旬为分界点，前期收益率以下行为主，后期则小幅上行。全季来看，收益率整体下行。宏观方面，在经历上海疫情冲击后，三季度在稳增长政策的推动下宏观经济有所修复，但力度较弱，特别是房地产投资仍然低迷。在此背景下，银行间流动性进一步宽松，资金利率在7月创年底低点，债券收益率持续走低。央行在货币政策上引导实体融资利率下降，在8月超市场预期下调MLF和公开市场逆回购利率各10bp，并带动LPR利率下调。随着后续金融、经济数据的逐步好转，央行在9月对到期的MLF进行了缩量续作，并在季末重启14天逆回购，叠加人民币贬值压力，债券收益率在9月中下旬整体上行。信用债方面，在资金面整体宽松的背景下，信用债需求较好，三季度信用利差整体缩窄，各评级利差缩窄幅度相近。风险方面，三季度违约债券仍集中于民营房地产企业。  本基金以利率债为主要配置，以绝对收益为导向，期间组合主要配置短久期债券，获取了较好收益，净值稳步增长。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:34.122Z","fund":{"_id":3000000004893,"__csrcFundId":5362,"stockCode":"004893","shortName":"华润元大润泽债券(004893)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4893,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:21:57.200Z","status":"normal","inceptionDate":"2018-06-05T16:00:00.000Z","name":"华润元大润泽债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050770000,"currency":"CNY","masterFundShortName":"华润元大润泽债券","pinyin":"hrydrzzqxzqtzjj","managers":[{"stockCode":"db20915162","stockType":"fund_manager","exchange":"fm","tickerId":32020232120,"name":"程涛涛"},{"stockCode":"j101019537","stockType":"fund_manager","exchange":"fm","tickerId":30618248930,"name":"曹芙蓉"}]},"announcement":{"linkText":"华润元大润泽债券型证券投资基金2022年第 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年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=785926","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8327fea5b3eb0479585","date":"2022-03-30T16:00:00.000Z","stockId":3000000004893,"sao":"回顾一季度，债券市场整体呈现先涨后跌的震荡态势。一月份降息落地，MLF及LPR利率双降10bp，债券市场受宽货币政策预期持续发酵的拉动，10年期国债收益率最低突破2.70%阻力位，创 2020 年 6 月以来新低。随后2月上旬发布的1月社融数据大超市场预期开启债券调整下跌行情，叠加2月PMI数据超出季节性向好，多省市包括一二线城市房地产政策放松，债券市场对宽信用效果加速呈现的担忧加剧，美联储加息落地及俄乌冲突爆发引起全球金融市场震荡及大宗商品价格走高，3月宽货币政策落空，债券各期限收益率震荡上行。资金方面，一季度银行体系流动性保持较为平稳偏松的态势，隔夜季度均值2%，R007季度均值2.29%，银行间存单3个月期限到期收益率季度均值2.33%，整体较为稳定。  本基金以利率债为主要投资品种，本报告期内维持相对较短的组合久期，受益于较为宽松稳定的流动性环境保持较为稳健的组合收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:34.117Z","fund":{"_id":3000000004893,"__csrcFundId":5362,"stockCode":"004893","shortName":"华润元大润泽债券(004893)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4893,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:21:57.200Z","status":"normal","inceptionDate":"2018-06-05T16:00:00.000Z","name":"华润元大润泽债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050770000,"currency":"CNY","masterFundShortName":"华润元大润泽债券","pinyin":"hrydrzzqxzqtzjj","managers":[{"stockCode":"db20915162","stockType":"fund_manager","exchange":"fm","tickerId":32020232120,"name":"程涛涛"},{"stockCode":"j101019537","stockType":"fund_manager","exchange":"fm","tickerId":30618248930,"name":"曹芙蓉"}]},"announcement":{"linkText":"华润元大润泽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=727853","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8327fea5b3eb0479584","date":"2021-12-30T16:00:00.000Z","stockId":3000000004893,"sao":"2021年宏观经济基本面走弱、货币政策维持宽松，债券市场整体呈现债券收益率震荡下行的趋势。分阶段来看，一季度前半段由于资金面扰动叠加货币政策收紧的担忧，随着资金面收紧现券收益率也快速上行，并达到全年最高点3.3%。此后债市流动性整体呈现偏宽松，7月、12月央行两次降准，叠地产调控加码以及地方政府隐性债务约束收紧等多因素，债券收益率快速下行。本基金在本报告期内仍以利率债为主要投资标的，通过密切跟踪宏观基本面和货币政策的动向，合理调整组合久期和杠杆，以获取稳健的组合收益。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:34.114Z","mo":"展望2022年，经济基本面仍然承压，基于较强的稳增长诉求，预计货币政策仍将维持较为宽松的格局，债券方面需关注宽信用的效果及海外因素对经济和货币政策的扰动带来的风险与机会。本基金将持续密切关注经济基本面和流动性波动情况，灵活调整组合久期和杠杆水平，努力增厚组合收益。","fund":{"_id":3000000004893,"__csrcFundId":5362,"stockCode":"004893","shortName":"华润元大润泽债券(004893)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4893,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:21:57.200Z","status":"normal","inceptionDate":"2018-06-05T16:00:00.000Z","name":"华润元大润泽债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050770000,"currency":"CNY","masterFundShortName":"华润元大润泽债券","pinyin":"hrydrzzqxzqtzjj","managers":[{"stockCode":"db20915162","stockType":"fund_manager","exchange":"fm","tickerId":32020232120,"name":"程涛涛"},{"stockCode":"j101019537","stockType":"fund_manager","exchange":"fm","tickerId":30618248930,"name":"曹芙蓉"}]},"announcement":{"linkText":"华润元大润泽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=714018","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8327fea5b3eb0479583","date":"2021-09-29T16:00:00.000Z","stockId":3000000004893,"sao":"2021年三季度央行在7月进行了降准，打消了市场对于大宗商品价格上涨制约央行货币政策的顾虑，长端利率债券收益率快速下行，此前陡峭化的收益率曲线得到修正。叠加经济基本面仍在走弱，投资者对于进一步降准的预期较高，但随着9月央行对到期的MLF进行续作，并在季末通过公开市场逆回购进行资金投放，降准的预期下降，另外美联储Taper也在不断讨论，预计年内推行的可能性较大，债券市场对此也有所顾虑，进入9月债券市场以调整为主。资金面方面，三季度在央行的呵护下，整体流动性维持宽松，资金价格中枢变化不大，仅在月末和季末部分时点资金面有所波动，多数时候流动性维持宽松。信用债方面，银行理财净值化加速，部分长久期流动性较差的二级资本债等调整较多。另外，在房地产调控政策的延续下，部分高杠杆的民营地产企业面临较大的流动性风险和信用风险。本基金由于规模较小，考虑到组合的流动性，主要以利率债为投资品种，在三季度末本基金保持了较低的组合久期和杠杆，基金净值稳步上升。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:34.111Z","fund":{"_id":3000000004893,"__csrcFundId":5362,"stockCode":"004893","shortName":"华润元大润泽债券(004893)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4893,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:21:57.200Z","status":"normal","inceptionDate":"2018-06-05T16:00:00.000Z","name":"华润元大润泽债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050770000,"currency":"CNY","masterFundShortName":"华润元大润泽债券","pinyin":"hrydrzzqxzqtzjj","managers":[{"stockCode":"db20915162","stockType":"fund_manager","exchange":"fm","tickerId":32020232120,"name":"程涛涛"},{"stockCode":"j101019537","stockType":"fund_manager","exchange":"fm","tickerId":30618248930,"name":"曹芙蓉"}]},"announcement":{"linkText":"华润元大润泽债券型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=656677","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8327fea5b3eb0479582","date":"2021-06-29T16:00:00.000Z","stockId":3000000004893,"sao":"2021年上半年债券市场由分歧走向共识，一季度大宗商品价格持续上涨并带动PPI的快速上升，叠加美国经济快速修复，市场对美联储退出QE的预期愈来愈额强烈，从而引发对国内货币政策收紧的担忧，整体一季度债券市场呈现窄幅波动走势。随着国内对房地产的持续调控、地方政府债发行缓慢等影响下，国内经济在二季度开始有所走弱，央行货币政策逐步转向宽松，说明央行在货币政策层面仍坚持“以我为主”，资金利率中枢较一季度整体下行，由于流动性的持续宽松和通胀预期的回落，债券市场在二季度收益率整体下行。   本基金结合对宏观走势和利率走势的分析判断，仍主要配置利率债，并在二季度适度拉长久期，积极参与利率债的交易性机会，获取超额收益。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:34.108Z","mo":"展望下半年，国内经济在疫情后快速修复的动能在减弱，国内经济转型时期，房地产调控预计仍将维持，在严控地方政府新增债务的前提下，预计基建投资增速难以有较大幅度的回升。而海外美国经济虽然修复较快，但就业率仍不稳定，预计美联储退出QE仍将谨慎，因此预计央行货币政策仍将重点关注国内经济情况，整体仍将维持宽松环境，但债券市场对货币政策不会收紧已经基本形成共识，债券收益率已经较低，而资金利率仍将受到政策利率的影响下降的空间有限，因此下半年债券市场整体仍维持向好走势，但需注意政策利率对下行空间的制约。   信用债方面，在对地产维持严控的环境下，部分杠杆高的民营地产公司将面临较大的压力。信用市场仍存在较大割裂，高评级优质公司融资利率不断下降，而低评级民企融资难的问题仍难以得到有效缓解，低评级债券信用利差或将维持高位，打破刚性兑付是大势所趋，对信用风险需要高度重视，对低评级债券维持警惕。   本基金仍主要配置利率债，将灵活调整组合的久期和杠杆，积极参与交易性机会，为持有人获取良好收益。","fund":{"_id":3000000004893,"__csrcFundId":5362,"stockCode":"004893","shortName":"华润元大润泽债券(004893)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4893,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:21:57.200Z","status":"normal","inceptionDate":"2018-06-05T16:00:00.000Z","name":"华润元大润泽债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050770000,"currency":"CNY","masterFundShortName":"华润元大润泽债券","pinyin":"hrydrzzqxzqtzjj","managers":[{"stockCode":"db20915162","stockType":"fund_manager","exchange":"fm","tickerId":32020232120,"name":"程涛涛"},{"stockCode":"j101019537","stockType":"fund_manager","exchange":"fm","tickerId":30618248930,"name":"曹芙蓉"}]},"announcement":{"linkText":"华润元大润泽债券型证券投资基金2021 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好降至低位。债市在诸多利好推动下，收益率突破历史低点。二季度，央行降低了超额存款准备金利率，使短端利率继续向下突破。随后央行连续30多个交易日暂停逆回购操作，货币政策转向观望状态。受此影响，债市在5月和6月迎来大幅调整，收益率回升到接近年初的水平。在投资策略方面，一季度本基金积极拉大久期，获得资本利得的回报；二季度则降低久期和仓位，最大程度规避收益率上行带来的损失。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:34.098Z","mo":"展望2020年下半年，随着经济从疫情中逐步修复，前期刺激政策将逐步退出。债市收益率上行和下行的空间都不会太大，策略上以配置为主。","fund":{"_id":3000000004893,"__csrcFundId":5362,"stockCode":"004893","shortName":"华润元大润泽债券(004893)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4893,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:21:57.200Z","status":"normal","inceptionDate":"2018-06-05T16:00:00.000Z","name":"华润元大润泽债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050770000,"currency":"CNY","masterFundShortName":"华润元大润泽债券","pinyin":"hrydrzzqxzqtzjj","managers":[{"stockCode":"db20915162","stockType":"fund_manager","exchange":"fm","tickerId":32020232120,"name":"程涛涛"},{"stockCode":"j101019537","stockType":"fund_manager","exchange":"fm","tickerId":30618248930,"name":"曹芙蓉"}]},"announcement":{"linkText":"华润元大润泽债券型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=465790","linkType":"PDF","source":"csrc_pdf"}}]}