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大。年初经济开局平稳，前3月规模以上工业增加值同比增长6.5%，增速较上年加快，主要受设备更新、抢出口与出海逻辑的支撑，中高端制造业生产扩张明显，制造业PMI也在3月回升至50.5，生产制造景气水平继续回升。4月美国超预期对等关税及随后的贸易摩擦升级后，“抢出口”行情降温，4、5月对美出口连续两月大幅下滑，拖累出口增速由高位回落，各项生产指标有所回落，PMI读数再度回到荣枯线之下。地产投资在经历了年初的降幅收窄后，二季度跌幅再度走阔，对投资增速拖累进一步加大，随着地产刺激政策效应消退，房地产成交在二季度逐步降温，5月70城新房住宅、二手房销售成交价格环比跌幅均重新扩大，房地产止跌回稳基础仍不牢固。上半年价格水平持续在低位徘徊，CPI处在0附近，而PPI处于负值区间，并且在二季度跌幅扩大，显示国内经济总需求不足的特征明显，需要更大力度的扩张性政策配合。　　上半年债市利率先上后下，收益率呈现倒V字形走势。开年资金价格持续偏高，存单及短期资产收益率跟随上行，但长债延续了2024年末以来的强势，10年国债一度下破1.6%。随着央行持续收紧流动性投放、年初经济实现“开门红”、DeepSeek等事件带动的风险偏好回升，市场开始对偏乐观的降息预期重定价，债券在2-3月出现了明显调整，10年国债收益率从1.6%上行接近30BP至1.9%附近。3月下旬央行加大资金投放力度资金转松，债券收益率开始回落，4月美国超预期关税政策冲击下，利率快速回落至低位1.6%附近低位，随后在1.6-1.7%区间附近窄幅震荡。1年存单价格跟随资金波动幅度加大，在年初突破1.55%后在3月份一度上行至2%以上，伴随着资金价格在二季度逐月下行，1年存单也下至1.6%附近。组合在一季度降低了长久期利率债持仓，减少市场波动风险，在市场调整过程中逐步增加信用债配置比例，提升杠杆水平，并在二季度适度止盈了部分债券仓位，整体组合久期和杠杆水平均有所下降。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:56.679Z","mo":"展望下半年，以中高端产业为代表的中国制造业生产有望延续强劲增长态势，继续成为拉动经济增长的重要引擎，但同时，国内经济仍面临着总需求不足、地产投资拖累等挑战，加之美国关税政策带来的外部环境不确定性加大，出口对经济的增长贡献可能下降，实现经济增长目标压力较大，需要在财政支持力度、促进国内消费等方面继续推进，货币政策在汇率压力减轻的背景下，仍有进一步宽松的空间，以对冲外部不确定性。本组合将持续关注市场变化，把握关键时点资产的配置机会，适时调整组合剩余期限及资产配置结构。","fund":{"_id":3000000005289,"__csrcFundId":5252,"stockCode":"005289","shortName":"融通通昊三个月定期开放债券型发起式(005289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5289,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:32:11.378Z","status":"normal","inceptionDate":"2018-04-16T16:00:00.000Z","name":"融通通昊三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通昊三个月定期开放债券型发起式","pinyin":"rtthsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801470592","stockType":"fund_manager","exchange":"fm","tickerId":80818178070,"name":"黄浩荣"},{"stockCode":"8801380856","stockType":"fund_manager","exchange":"fm","tickerId":2303136030,"name":"王超"}]},"announcement":{"linkText":"融通通昊三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=1339141","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8847fea5b3eb047fe12","date":"2025-03-30T16:00:00.000Z","stockId":3000000005289,"sao":"2025年国内经济开局平稳，前2个月规模以上工业增加值同比增长5.9%，增速较上年加快0.1%，主要受设备更新、抢出口与出海逻辑的支撑，中高端制造业生产扩张明显，而3月制造业PMI较上月回升0.3至50.5，连续两个月在荣枯线上运行，也显示生产制造景气水平继续回升。1-2月固定资产投资增速回升至4.1%，地产投资跌幅收窄，二手房销售好于季节性水平，价格下行趋势边际放缓，地产成交修复行情仍需进一步关注。从出口数据上看，1-2月抢出口效应减弱，出口同比显著回落至2.3%，后续随着关税挑战加剧，全年出口仍面临较大压力。就价格水平而言，CPI、核心CPI表现弱于季节性，国内通胀水平仍于低位徘徊，总需求不足的特征明显，需要更大力度的扩张性政策配合。　　一季度DeepSeek、机器人等技术突破带动权益风险偏好明显提振，股债呈现跷跷板效应，同时，央行在货币流动性投放上相对克制，银行面临资负压力，资金价格明显抬升，1年期NCD收益率突破2%，短端资产收益率大幅向上，随着资金面持续偏紧压力逐步传导至长端，10年国债利率逐渐探顶1.9%关口。3月份随着资金紧张程度缓和，各期限收益率均有所回落。组合在季度内降低了长久期利率债持仓，在市场调整过程中逐步增加信用债配置比例，杠杆水平有所提升。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:56.677Z","fund":{"_id":3000000005289,"__csrcFundId":5252,"stockCode":"005289","shortName":"融通通昊三个月定期开放债券型发起式(005289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5289,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:32:11.378Z","status":"normal","inceptionDate":"2018-04-16T16:00:00.000Z","name":"融通通昊三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通昊三个月定期开放债券型发起式","pinyin":"rtthsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801470592","stockType":"fund_manager","exchange":"fm","tickerId":80818178070,"name":"黄浩荣"},{"stockCode":"8801380856","stockType":"fund_manager","exchange":"fm","tickerId":2303136030,"name":"王超"}]},"announcement":{"linkText":"融通通昊三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=1267779","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8847fea5b3eb047fe11","date":"2024-12-30T16:00:00.000Z","stockId":3000000005289,"sao":"2024年国内经济整体呈现“U型”走势，一季度政策靠前发力，各项数据有所回升，二季度和三季度总需求不足、预期不振的问题逐渐突出，经济增速放缓，四季度中央发布活跃资本市场、化解地方债务等措施在一揽子财政货币政策，市场预期和信心有所提振,季度GDP增速重回5%以上。从全年看，出口和制造业投资是带动经济增长的重要动力，其中2024年出口同比由2023年的-4.5%回升至5.9%，而在设备更新带动下制造业投资全年同比增长9.2%，增速提升明显。另一方面，经济运行中内需不足和地产周期问题仍较突出，2024年社会消费品零售总额同比为3.5%，居民消费仍有待提振，商品房销售面积、销售额和房地产投资同比降幅较去年有所扩大，房地产市场仍较低迷。价格方面，国内通胀呈现“低通胀、弱复苏”特征，CPI同比上涨0.2%，涨幅与2023年持平，处于近年低位，PPI受制于内外需疲弱持续处于负值区间，但降幅有所收窄。央行继续采取支持性宽松货币政策取向，于2月、9月分别降准0.5个百分点，三季度两次下调公开市场7天期逆回购操作利率10BP和20BP，银行间资金相对充裕。全年债券收益表现强势，特别是四季度债券收益率下行幅度及斜率都呈现加速态势，以30年国债为代表的超长债，全年收益率降幅超过80BP，国债30Y-10Y利差进一步收窄，1年期存单也在年末下行至1.6%以下，从信用利差看，普通信用债利差、银行二级/永续债利差均较2023年进一步压缩。　　在基金运作上，组合以高等级信用债搭配利率债作为资产配置重点，期间内适当加大对长久期利率债的配置及交易力度，并维持一定的杠杆比例以增厚组合收益。组合预计仍将保持稳健的底仓配置思路，持续关注经济修复进度和债券收益率水平变化，适时修正组合久期水平及品种配置策略，提升组合收益。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:56.674Z","mo":"展望2025年，经济加速下行趋势有所缓解，市场信心在逐步恢复，但国内有效需求不足的问题短期内仍然对经济构成压力，需要进一步的财政及其他政策打破当前地产销售和地方投资持续偏弱格局。货币政策基调大概率稳中偏松，保持对实体经济的支持力度，但汇率压力仍会对短期资金面产生阶段性制约。","fund":{"_id":3000000005289,"__csrcFundId":5252,"stockCode":"005289","shortName":"融通通昊三个月定期开放债券型发起式(005289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tick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月疫情基本得到控制,政策重心从防疫逐渐回归到稳增长，在一系列促进工业经济平稳增长等政策措施的大力支持下，企业生产经营活动积极复苏，6月制造业 PMI反弹至50.2%，重返扩张区间。但地产销售和房价下跌的负反馈局面仍在延续，地产投资持续弱势，地产链条信用派生仍未见到明显改善。加大财政刺激力度、进一步放松地产政策、刺激消费增长仍是稳定经济的重要抓手。  央行在上半年配合稳增长需要，继续维持宽松的货币政策， 1月OMO与MLF政策利率均调降10bp，二季度以来货币政策操作上更为灵活，银行间回购利率持续大幅偏离公开市场政策利率，银行间流动性极为充裕， 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杠杆水平继续提升。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:56.638Z","fund":{"_id":3000000005289,"__csrcFundId":5252,"stockCode":"005289","shortName":"融通通昊三个月定期开放债券型发起式(005289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5289,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:32:11.378Z","status":"normal","inceptionDate":"2018-04-16T16:00:00.000Z","name":"融通通昊三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通昊三个月定期开放债券型发起式","pinyin":"rtthsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801470592","stockType":"fund_manager","exchange":"fm","tickerId":80818178070,"name":"黄浩荣"},{"stockCode":"8801380856","stockType":"fund_manager","exchange":"fm","tickerId":2303136030,"name":"王超"}]},"announcement":{"linkText":"融通通昊三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=650739","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8847fea5b3eb047fe03","date":"2021-06-29T16:00:00.000Z","stockId":3000000005289,"sao":"上半年国内在“不急转弯”政策的支持下，中国经济延续复苏态势，一季度中国经济增速18.3%，调查失业率降至两年多新低。但经济结构复苏分化明显，从需求端看，前期增速较快的基建和地产开始放缓，制造业投资保持较高增速。受海外需求外溢带动，出口维持较高增速。但消费回升力度较弱，或与疫情防控常态化、居民收入差距拉大、预防性需求提升有关。上半年全球大宗商品价格涨幅较大，国内输入性通胀压力显著增加，5月PPI同比9%，创近13年新高，6月份有所回落，PPI向CPI传导有所加速。  央行货币政策维持中性，政策利率保持不变，社融增速和M2增速整体有显著下降，而信贷质量维持向好。短期资金在1、2月波动较大外，其余时间流动性均保持相对充裕，价格保持平稳，长期资金价格中枢稍下降，存单价格基本维持在MLF利率之下。  总体上，在经济持续复苏、通胀上行的组合下，市场利率先上后下，在操作上，组合调整了资产的配置比例，提升组合资产安全性。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:56.635Z","mo":"展望下半年，海外疫苗加速推进，供需缺口逐步缓解，出口高增长在下半年存在较大不确定性，另外地产基建在政策约束下增速的下行也可能拖累经济复苏进度。通胀上看，PPI有望在供需关系改善下见顶回落，而猪肉价格进入下行周期，CPI预计涨幅有限，对债券市场的利空逐步减弱。本基金将根据经济基本面及市场变化，调整组合久期及杠杆水平，同时加强对企业信用资质的监控和跟踪，严防信用风险。","fund":{"_id":3000000005289,"__csrcFundId":5252,"stockCode":"005289","shortName":"融通通昊三个月定期开放债券型发起式(005289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5289,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:32:11.378Z","status":"normal","inceptionDate":"2018-04-16T16:00:00.000Z","name":"融通通昊三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通昊三个月定期开放债券型发起式","pinyin":"rtthsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801470592","stockType":"fund_manager","exchange":"fm","tickerId":80818178070,"name":"黄浩荣"},{"stockCode":"8801380856","stockType":"fund_manager","exchange":"fm","tickerId":2303136030,"name":"王超"}]},"announcement":{"linkText":"融通通昊三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=628244","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8847fea5b3eb047fe02","stockId":3000000005289,"sao":"从1-2月经济数据来看，国内经济整体呈现生产偏强，消费偏弱的局面。1、2月工业增加值季调环比分别为0.66%、0.69%，较去年四季度进一步回升，外需和制造业资本支出增加仍然是带动生产的重要因素。地产投资韧性较强，1-2月商品房销售面积、销售金额增长强劲，房企新开工意愿有望增强。金融数据上，2月社融存量和脉冲增速均较1月小幅改善，企业中长期贷款强劲、表外票据的量价齐升反馈实体融资需求较为强劲。  货币政策上基本保持不急转弯的基调，资金在1月末出现波动后，整体保持平稳，短端资金下行明显，长端债券在资金平稳与经济复苏预期下，一季度呈现窄幅震荡走势。  总体上，随着疫情逐步控制，在内外需带动下经济持续复苏，同时资金利率维持偏低位置，债券走势震荡，在操作上，对组合资产结构进行了调整，降低了组合信用仓位，提升资产流动性水平。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:56.632Z","fund":{"_id":3000000005289,"__csrcFundId":5252,"stockCode":"005289","shortName":"融通通昊三个月定期开放债券型发起式(005289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5289,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:32:11.378Z","status":"normal","inceptionDate":"2018-04-16T16:00:00.000Z","name":"融通通昊三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通昊三个月定期开放债券型发起式","pinyin":"rtthsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801470592","stockType":"fund_manager","exchange":"fm","tickerId":80818178070,"name":"黄浩荣"},{"stockCode":"8801380856","stockType":"fund_manager","exchange":"fm","tickerId":2303136030,"name":"王超"}]},"announcement":{"linkText":"融通通昊三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=568501","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8847fea5b3eb047fe01","stockId":3000000005289,"sao":"2020年债券市场围绕疫情的逻辑展开。一季度疫情开始蔓延并导致经济快速下探，货币政策放松，债券收益率在4月份下行至全年低位。二季度以来，随着防疫措施逐步解禁，在积极的财政政策和宽松的货币政策拉动下，经济增速逐渐回升，地产投资和基建投资率先复苏，出口则受益于防疫物资需求和国内工厂对海外工厂的替代效应，持续超预期；消费受制于疫情反复，修复相对较缓，但三季度以来随着消费场景开放和消费意愿回升，消费复苏有所加速。通胀方面，在猪肉价格影响下，全年CPI持续下行，PPI则在四季度以来工业品价格持续上涨推动下加速回升，但仍处于通缩区间，全年通胀对资产价格影响有限。  货币政策上，央行采取再贷款再贴现及定向降准等措施，加大了货币投放力度，资金面在3-4月处于较为宽松状态。5、6月开始，在国内疫情有效控制和经济持续恢复背景下，货币政策及时回归中性，加上银行压降结构性存款等多因素作用下，资金面边际趋紧。11月在信用事件冲击下，债券市场出现大幅调整，央行重新加大流动性投放。全年债券收益率先下后上，10年国债在2.5-3.4%区间范围内波动，在基金运作上，组合在上半年操作相对积极，维持了较高的杠杆和水平，在下半年调整了投资策略，配置上更为保守。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:56.629Z","mo":"展望2021年，全球有望进入疫情后的经济恢复阶段，内外经济复苏共振，制造业投资、出口景气度维持较高水平，逆周期政策预计稳步退出、“不急转弯”。但同时，经济恢复的基础尚不牢固，消费复苏仍较为缓慢，并且受地产政策影响，地产投资是否走弱值得关注。总体而言，2021年经济将会处于复苏进程中，但仍面临疫情等诸多不确定性，货币政策逐步回归中性。组合预计仍将保持灵活的底仓配置策略，持续关注疫情和经济数据变化，调整组合配置策略。","fund":{"_id":3000000005289,"__csrcFundId":5252,"stockCode":"005289","shortName":"融通通昊三个月定期开放债券型发起式(005289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5289,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:32:11.378Z","status":"normal","inceptionDate":"2018-04-16T16:00:00.000Z","name":"融通通昊三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通昊三个月定期开放债券型发起式","pinyin":"rtthsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801470592","stockType":"fund_manager","exchange":"fm","tickerId":80818178070,"name":"黄浩荣"},{"stockCode":"8801380856","stockType":"fund_manager","exchange":"fm","tickerId":2303136030,"name":"王超"}]},"announcement":{"linkText":"融通通昊三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=552902","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8847fea5b3eb047fe00","stockId":3000000005289,"sao":"三季度以来，海外疫情进入震荡期，美国经济一定程度上有所恢复，国内亦延续二季度以来的修复趋势。8月份，规模以上工业增加值在地产、基建带动下，累计增速为0.4%，实现由负转正，降幅较1-7月缩窄0.8个百分点。投资方面，前8月固定资产增速为-0.3%，降幅较7月缩窄1.3个百分点。其中制造业投资当月增速明显提升，累计增速实现转正。而地产投资继续保持较高增速，支撑经济持续复苏。不过，在房地产政策调控背景下，9月份房地产销售和土地成交均有所降温，开发商预期转为悲观，后续变化值得关注。  三季度社会融资规模和信贷持续扩张，货币政策从应对危机模式逐步回归常态，以结构性政策为主，同时注重对套利、结构性存款等问题的监管力度，资金价格中枢较二季度有所上移。受此影响，银行负债端压力增大，中长期限存单价格一路上行，突破MLF资金价格。  总体上，虽然海外疫情还在延续，但国内经济在疫情缓解后持续回升，货币政策也逐步回归常态，债券收益率呈震荡上行态势。在操作上，三季度在收益率上行期间择机加大债券配置力度，杠杆水平有所抬升。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:56.626Z","fund":{"_id":3000000005289,"__csrcFundId":5252,"stockCode":"005289","shortName":"融通通昊三个月定期开放债券型发起式(005289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5289,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:32:11.378Z","status":"normal","inceptionDate":"2018-04-16T16:00:00.000Z","name":"融通通昊三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通昊三个月定期开放债券型发起式","pinyin":"rtthsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801470592","stockType":"fund_manager","exchange":"fm","tickerId":80818178070,"name":"黄浩荣"},{"stockCode":"8801380856","stockType":"fund_manager","exchange":"fm","tickerId":2303136030,"name":"王超"}]},"announcement":{"linkText":"融通通昊三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=487114","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8847fea5b3eb047fdff","stockId":3000000005289,"sao":"2020 年债市行情的主导因素为新冠疫情及围绕疫情展开的各项政策。受疫情影响，国内一季度经济明显收缩，投资、消费、出口均呈现了萎缩态势，一季度经济增速同比降 6.8%。一方面，疫情导致企业生产和居民外出消费活动停滞，供给和需求同时放缓。此外企业盈利的大幅下降，也导致居民收入受损，潜在消费能力下降。另一方面，疫情在全球蔓延，国际贸易和生产供应链受到冲击，外需进一步承压。3 月以来，企业复工进程开启，经济活动加速恢复，3-6月制造业PMI连续4个月维持在扩张区间。5月基建投资在专项债发行提速支撑下显著回升，地产投资维持回暖趋势，带动前5月固定资产投资降幅收窄，但制造业投资增速的回升仍较为缓慢。政策方面，今年以来，央行通过降准降息、再贷款再贴现等政策，引导降低实体经济融资成本，货币市场资金水平维持宽松，上半年社融增量累计20.8万亿，同比多增6.2万亿。财政政策方面更加积极有为，通过提高赤字率、发行抗疫特别国债， 增加地方政府专项债券，对冲经济下行风险。  上半年债券市场呈现大幅波动，收益率先下后上，在4月份央行降低超额存准率后达到最低。4、5月份经济数据好于市场预期，央行扩大货币宽松力度的意愿有所减弱，并且出于防范资金套利的需要，边际上收紧了流动性，引发了市场资金波动，特别是中短端利率回调明显。组合在一季度提高了组合久期及杠杆水平，利率债占比提升，随着市场调整，重新对资产配置进行调整，降低了组合杠杆水平。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:56.622Z","mo":"展望下半年，随着疫情的稳定和复工的持续，经济有望持续恢复，其中基建、房地产投资仍是经济重要支撑，但海外疫情仍存在较大不确定性。政策方面预计货币政策仍将维持总体宽松基调不变，但政策重心大概率从总量政策向结构性政策转移。本基金将根据经济基本面及市场变化，适时调整组合久期及资产配置，保持合理流动性，同时加强对企业信用资质的监控和跟踪，严防信用风险。","fund":{"_id":3000000005289,"__csrcFundId":5252,"stockCode":"005289","shortName":"融通通昊三个月定期开放债券型发起式(005289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5289,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:32:11.378Z","status":"normal","inceptionDate":"2018-04-16T16:00:00.000Z","name":"融通通昊三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050130000,"currency":"CNY","masterFundShortName":"融通通昊三个月定期开放债券型发起式","pinyin":"rtthsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801470592","stockType":"fund_manager","exchange":"fm","tickerId":80818178070,"name":"黄浩荣"},{"stockCode":"8801380856","stockType":"fund_manager","exchange":"fm","tickerId":2303136030,"name":"王超"}]},"announcement":{"linkText":"融通通昊三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=449182","linkType":"PDF","source":"csrc_pdf"}}]}