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b0482855","date":"2022-06-29T16:00:00.000Z","stockId":3000000005425,"sao":"2022年上半年，国内经济受新冠疫情冲击较大，随着二季度末国内疫情影响逐步收敛，复工复产持续推进，供需两端呈现边际修复态势。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。上半年货币政策稳中偏松，财政政策相对积极，社融和信贷边际改善。  在报告期内，本基金保持短久期、高等级信用债的配置策略，组合久期偏短，杠杆率保持在中等水平，较好的控制了组合的流动性风险和信用风险，实现了较为稳健的收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:31.703Z","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":3000000005425,"__csrcFundId":5935,"stockCode":"005425","shortName":"民生加银睿通3个月定开发起式(005425)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5425,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:36:25.990Z","status":"normal","inceptionDate":"2019-01-29T16:00:00.000Z","name":"民生加银睿通3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银睿通3个月定开发起式","pinyin":"msjyrt3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20789531","stockType":"fund_manager","exchange":"fm","tickerId":2604216840,"name":"张玓"},{"stockCode":"db20883314","stockType":"fund_manager","exchange":"fm","tickerId":262510230120,"name":"郑雅洁"}]},"announcement":{"linkText":"民生加银睿通3个月定期开放债券型发起式证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=780742","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8a77fea5b3eb0482854","date":"2022-03-30T16:00:00.000Z","stockId":3000000005425,"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管控措施，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，本基金保持短久期、高等级信用债的配置策略，杠杆率保持在中等水平，较好的控制了组合的流动性风险和信用风险，实现了较为稳健的收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:31.700Z","fund":{"_id":3000000005425,"__csrcFundId":5935,"stockCode":"005425","shortName":"民生加银睿通3个月定开发起式(005425)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5425,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:36:25.990Z","status":"normal","inceptionDate":"2019-01-29T16:00:00.000Z","name":"民生加银睿通3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050610000,"currency":"CNY","masterFundShortName":"民生加银睿通3个月定开发起式","pinyin":"msjyrt3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20789531","stockType":"fund_manager","exchange":"fm","tickerId":2604216840,"name":"张玓"},{"stockCode":"db20883314","stockType":"fund_manager","exchange":"fm","tickerId":262510230120,"name":"郑雅洁"}]},"announcement":{"linkText":"民生加银睿通3个月定期开放债券型发起式证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=727535","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8a77fea5b3eb0482853","date":"2021-12-30T16:00:00.000Z","stockId":3000000005425,"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，本基金保持短久期、高等级信用债的配置策略，杠杆率保持在中等水平，较好的控制了组合的流动性风险和信用风险，实现了较为稳健的收益。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:31.698Z","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":3000000005425,"__csrcFundId":5935,"stockCode":"005425","shortName":"民生加银睿通3个月定开发起式(005425)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5425,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:36:25.990Z","status":"normal","inceptionDate":"2019-01-29T16:00:00.000Z","name":"民生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