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增速整体呈现前高后逐步调整、年末又有所回升的态势。前期增速较高，与央行加大逆周期调节力度，通过降准等操作释放长期流动性有关。中期增速放缓，或因在政策执行过程中，注重调节资金流向，避免资金空转，引导金融资源更精准支持实体经济。2024全年央行两次下调存款准备金率共 1 个百分点，多次下调公开市场操作利率，推动企业融资和居民信贷成本下降。呈现在债券市场表现为全年利率债呈现单边下行趋势，10y国债收益率从2.6%下行至1.6%附近。全年中，我们维持较高杠杆水平，以利率债投资为主，在风险可控的情况下为组合争取更好的投资收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:46.734Z","mo":"2025年经济依然面临诸多挑战。从外部环境看，全球贸易保护主义抬头，地缘政治冲突时有发生，对我国出口可能形成一定压力。国内经济处于新旧动能转换阶段，逆周期政策发力后经济已出现阶段性企稳迹象。不过，2025年作为“十四五”收官之年，政策层面有望继续发力。货币政策将维持适度宽松，推动企业融资和居民信贷成本下降；同时更加积极的财政政策，提高财政赤字率、加大财政支出强度、优化财政支出结构，支撑经济持续回升向好的政策整体效能有望进一步提高。新质生产力的发展也可能成为一个新的亮点为经济增长注入新动力，高端制造业、科技创新等领域的发展对应到资本市场上，体现在权益市场的结构性行情可能带来的整体风险偏好的提升。","fund":{"_id":3000000005718,"__csrcFundId":6569,"stockCode":"005718","shortName":"长信富瑞两年定开债券(005718)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5718,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:47:32.305Z","status":"normal","inceptionDate":"2019-09-03T16:00:00.000Z","name":"长信富瑞两年定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信富瑞两年定开债券","pinyin":"cxfrlndqkfzqxzqtzjj","managers":[{"stockCode":"j101020012","stockType":"fund_manager","exchange":"fm","tickerId":232510249960,"name":"王祎杰"}]},"announcement":{"linkText":"长信富瑞两年定期开放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=1248451","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8f27fea5b3eb04889f2","date":"2024-09-29T16:00:00.000Z","stockId":3000000005718,"sao":"回顾三季度，国内经济基本面对债市形成支撑，降准降息落地带动债券收益率迈向历史新低，但9月底政治局会议超预期部署经济工作，对债市产生一定影响，同时刺激权益市场大幅拉升估值，债市发生调整。整体来看，三季度十年国债收益率呈现W走势，累计下行5BP左右，1年期AAA中短期票据累计上行15BP左右。　　在三季度中，我们维持了较高杠杆水平，以利率债投资为主，在风险可控的情况下为组合争取更好的收益。　　展望2024年四季度，随着货币政策在三季度超预期落地，四季度财政政策也会进一步发力，发挥逆周期调节作用。债市在四季度略有逆风，但长久趋势并未转向。关注债市调整后的配置机会。　　未来我们将维持杠杆，严控资金成本，合理配置资产，把握债券市场调整带来的投资机会，为投资者争取更好的组合收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:46.731Z","fund":{"_id":3000000005718,"__csrcFundId":6569,"stockCode":"005718","shortName":"长信富瑞两年定开债券(005718)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5718,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:47:32.305Z","status":"normal","inceptionDate":"2019-09-03T16:00:00.000Z","name":"长信富瑞两年定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信富瑞两年定开债券","pinyin":"cxfrlndqkfzqxzqtzjj","managers":[{"stockCode":"j101020012","stockType":"fund_manager","exchange":"fm","tickerId":232510249960,"name":"王祎杰"}]},"announcement":{"linkText":"长信富瑞两年定期开放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=1176647","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8f27fea5b3eb04889f1","date":"2024-06-29T16:00:00.000Z","stockId":3000000005718,"sao":"回顾2024年上半年，外部环境更趋复杂多变，上半年我国GDP同比增长5.0%，二季度增长4.7%。从短期看，二季度经济增速放缓有极端气候等因素的影响，但经济整体稳定运行、长期向好的基本面没有改变。　　债市方面，上半年收益率整体走低，信用利差与期限利差持续压缩，期间虽然经历两次调整，但都得以快速修复。具体来看，一季度受降准降息影响，债市做多情绪较重，10年期国债收益率向下突破至2.4%附近，30年国债收益率向下突破至2.5%附近。进入4月，地产政策叠加央行多次提示长债风险，债市承压，长端利率整体上行约10bp后进入横盘震荡阶段。5月份，非银新增配置力量开始逐步发力，带动收益率在震荡过后进一步下行，10年与30年期国债收益率分别向下突破2.3%与2.5%关键位置。信用债方面，受低票息资产供需格局变化催化的影响，考虑到超长信用债票息较高，且有获取资本利得的机会，市场参与热情越来越强，收益率在上半年快速下行。以10年期AAA信用债为例，上半年下行约50bp。短债方面，由于资金整体平衡偏松，伴随机构分层现象逐步消失，上半年短端表现也较为突出。以1年期AAA信用债为例，上半年从2.55%位置下行至2%附近。　　上半年，我们维持了较高杠杆水平，以利率债投资为主，在风险可控的情况下为组合争取更好的收益。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:46.729Z","mo":"展望后市，受益于全球经济复苏预期，当前主要经济体增长指标回暖，但仍面临诸多不确定因素，比如：海外高利率、地缘冲突、大选之年等。下半年密切关注美联储降息节奏，若海外利率打开下行空间，则我国货币政策操作将更为从容，对国内债市形成进一步支撑。　　央行7月公告将开展临时正回购或临时逆回购操作，利率区间为7天期逆回购操作利率减点20bp和加点50bp，后续有待观察资金利率下限明确后，市场是否会自发形成以期限利差为核心的定价体系，这将有别于过去长久期债券的定价规则。此外，债券供给方面，下半年地方新增专项债剩余额度2.4万亿，较去年同期多出约9000亿，由于目前居民部门仍处于资产负债表修复期，且企业经营压力较大，在此背景下或可期待财政和货币政策进一步发力，对债市形成支撑力量，有利于长久期信用债进一步压缩信用与期限利差。若后续财政政策或产业政策未超预期发力，同时央行货币政策加码，则利率或将维持震荡走低的态势。在此背景下市场仍然存在阶段性做多机会，策略上我们灵活调整产品结构，精耕细作，根据负债端情况，积极布局等待机会。　　未来我们将维持杠杆，严控资金成本，合理配置资产，把握债券市场调整带来的投资机会，为投资者争取更好的组合收益。","fund":{"_id":3000000005718,"__csrcFundId":6569,"stockCode":"005718","shortName":"长信富瑞两年定开债券(005718)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5718,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:47:32.305Z","status":"normal","inceptionDate":"2019-09-03T16:00:00.000Z","name":"长信富瑞两年定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信富瑞两年定开债券","pinyin":"cxfrlndqkfzqxzqtzjj","managers":[{"stockCode":"j101020012","stockType":"fund_manager","exchange":"fm","tickerId":232510249960,"name":"王祎杰"}]},"announcement":{"linkText":"长信富瑞两年定期开放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=1148616","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8f27fea5b3eb04889f0","date":"2024-03-30T16:00:00.000Z","stockId":3000000005718,"sao":"回顾2024年一季度，国内经济持续回升、稳步向好。工业增加值表现亮眼，消费明显回升，地产投资仍在底部，制造业投资有所加速。财政政策后置，货币政策持续发力，一月降准，二月5年期LPR下调25BP，债市一季度走强。整体来看，一季度十年国债累计下行26BP，1Y期AAA中短债票据累计下行20BP左右。　　在一季度中，我们维持了较高杠杆水平，以利率债投资为主，在风险可控的情况下为组合争取更好的收益。　　　　展望2024年二季度，财政政策或逐步开始发力，一级债券供给缓解资产供需格局变化，货币政策也或将继续发力。债市调整风险不大，波动中或带来一定的投资机会。　　未来我们将维持杠杆，严控资金成本，合理配置资产，把握债券市场调整带来的投资机会，为投资者争取更好的组合收益。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:46.726Z","fund":{"_id":3000000005718,"__csrcFundId":6569,"stockCode":"005718","shortName":"长信富瑞两年定开债券(005718)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5718,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:47:32.305Z","status":"normal","inceptionDate":"2019-09-03T16:00:00.000Z","name":"长信富瑞两年定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信富瑞两年定开债券","pinyin":"cxfrlndqkfzqxzqtzjj","managers":[{"stockCode":"j101020012","stockType":"fund_manager","exchange":"fm","tickerId":232510249960,"name":"王祎杰"}]},"announcement":{"linkText":"长信富瑞两年定期开放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=1073588","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8f27fea5b3eb04889ef","date":"2023-12-30T16:00:00.000Z","stockId":3000000005718,"sao":"回顾2023年，一季度国内经济在防疫政策优化后迎来稳步复苏，央行降准助力稳增长。二季度海外需求走弱，国内经济复苏斜率放缓，6月降息促进降低实体经济融资成本。三季度经济基本面筑底，稳增长政策持续出台，货币政策维持宽松，8月降息、9月降准，继续为经济增长保驾护航。四季度，国内经济开始企稳修复，但依旧面临需求不足等问题，宏观政策持续出台，万亿国债发行助力稳增长。全年来看，十年国债收益率从2.84%下行至2.56%附近，1年期AAA中短债票据收益率从2.65%下行至2.52%附近。　　全年中， 我们维持较高杠杆水平，以利率债投资为主，在风险可控的情况下为组合争取更好的收益。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:46.723Z","mo":"展望2024年，我国宏观经济或将长期处于新旧动能的转换期，更加注重做好逆周期和跨周期调节，货币政策延续发挥总量和结构的双重功效，全年债市或面临一定的波动和机会。　　未来我们将维持杠杆，严控资金成本，合理配置资产，把握债券市场调整带来的投资机会，为投资者争取更好的组合收益。","fund":{"_id":3000000005718,"__csrcFundId":6569,"stockCode":"005718","shortName":"长信富瑞两年定开债券(005718)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5718,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:47:32.305Z","status":"normal","inceptionDate":"2019-09-03T16:00:00.000Z","name":"长信富瑞两年定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信富瑞两年定开债券","pinyin":"cxfrlndqkfzqxzqtzjj","managers":[{"stockCode":"j101020012","stockType":"fund_manager","exchange":"fm","tickerId":232510249960,"name":"王祎杰"}]},"announcement":{"linkText":"长信富瑞两年定期开放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=1056279","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8f27fea5b3eb04889ee","date":"2023-09-29T16:00:00.000Z","stockId":3000000005718,"sao":"回顾2023年三季度，国内经济基本面步入边际修复周期。7月政治局会议后，稳增长政策持续出台。货币政策维持宽松，8月降息、9月降准，继续为经济增长保驾护航。三季度债市震荡加剧，受制于经济基本面企稳和资金面波动，债券收益率走出W型走势。整体来看，三季度十年国债累计上行4BP，1Y期AAA中短债票据累计上行8BP左右。　　在三季度中，我们维持了较高杠杆水平，以利率债投资为主，在风险可控的情况下为组合争取更好的收益。　　展望2023年四季度，基本面修复、经济数据回暖，稳增长政策持续出台，货币政策仍将保持稳健，长端债券市场将震荡加剧，短端债券更具有一定的性价比。　　未来我们将维持杠杆，严控资金成本，合理配置利率债资产，把握债券市场调整带来的投资机会，为投资者争取更好的组合收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:46.721Z","fund":{"_id":3000000005718,"__csrcFundId":6569,"stockCode":"005718","shortName":"长信富瑞两年定开债券(005718)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5718,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:47:32.305Z","status":"normal","inceptionDate":"2019-09-03T16:00:00.000Z","name":"长信富瑞两年定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信富瑞两年定开债券","pinyin":"cxfrlndqkfzqxzqtzjj","managers":[{"stockCode":"j101020012","stockType":"fund_manager","exchange":"fm","tickerId":232510249960,"name":"王祎杰"}]},"announcement":{"linkText":"长信富瑞两年定期开放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=994732","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8f27fea5b3eb04889ed","date":"2023-06-29T16:00:00.000Z","stockId":3000000005718,"sao":"回顾2023年上半年，一季度国内经济在防疫政策优化后迎来稳步复苏，央行降准助力稳增长，信用债在配置盘带动下修复利差。二季度海外需求走弱，国内经济复苏斜率放缓，6月降息促进降低实体经济融资成本，长端利率债在二季度表现更好。整体来看，上半年十年国债累计下行20BP，1Y期AAA中短债票据下行24BP左右。　　在上半年中，我们维持了较高杠杆水平，以利率债投资为主，在风险可控的情况下为组合争取更好的收益。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:46.718Z","mo":"展望2023年下半年，伴随政治局会议的召开，预计未来支持经济、稳增长政策将加速出台，市场对政策博弈的预期差或持续存在，债券的震荡波幅或也将放大。但鉴于货币政策仍保持稳健宽松的状态，资金面维持合理充裕水平，同时大力度刺激经济的政策或难以出现，债券市场仍具有一定的投资价值。　　未来我们将维持杠杆，严控资金成本，合理配置利率债资产，把握债券市场调整带来的投资机会，为投资者争取更好的组合收益。","fund":{"_id":3000000005718,"__csrcFundId":6569,"stockCode":"005718","shortName":"长信富瑞两年定开债券(005718)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5718,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:47:32.305Z","status":"normal","inceptionDate":"2019-09-03T16:00:00.000Z","name":"长信富瑞两年定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信富瑞两年定开债券","pinyin":"cxfrlndqkfzqxzqtzjj","managers":[{"stockCode":"j101020012","stockType":"fund_manager","exchange":"fm","tickerId":232510249960,"name":"王祎杰"}]},"announcement":{"linkText":"长信富瑞两年定期开放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=965145","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8f27fea5b3eb04889ec","date":"2023-03-30T16:00:00.000Z","stockId":3000000005718,"sao":"回顾2023年一季度，防疫政策优化后，国内经济稳步复苏，制造业和基建投资保持高增状态，地产投资跌幅明显收窄，央行降准助力稳增长，流动性维持合理充裕水平。伴随机构配置力量入场，一季度债券市场表现平稳，信用债利差得到修复。整体来看，一季度十年国债累计上行1BP，1Y期AAA中短债票据上行6BP左右。  在一季度中，我们维持了较高杠杆水平，以利率债投资为主，在风险可控的情况下为组合争取更好的收益。  展望2023年二季度，经济进一步复苏的方向确定，但复苏的斜率仍需观察。基本面向上决定债券收益率大幅下行缺乏想象空间，而货币政策仍将保持稳健宽松助力稳增长宽信用，出口放缓和地产反弹的力度有待观察，利率也难以大幅上行。预计二季度债市以震荡为主，继续关注经济复苏的速度和节奏。  未来我们将维持杠杆，严控资金成本，合理配置利率债资产，把握债券市场调整带来的投资机会，为投资者争取更好的组合收益。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:46.715Z","fund":{"_id":3000000005718,"__csrcFundId":6569,"stockCode":"005718","shortName":"长信富瑞两年定开债券(005718)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5718,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:47:32.305Z","status":"normal","inceptionDate":"2019-09-03T16:00:00.000Z","name":"长信富瑞两年定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信富瑞两年定开债券","pinyin":"cxfrlndqkfzqxzqtzjj","managers":[{"stockCode":"j101020012","stockType":"fund_manager","exchange":"fm","tickerId":232510249960,"name":"王祎杰"}]},"announcement":{"linkText":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工业生产持续改善。通胀方面，CPI在洪涝灾害等短期影响消退后走低，PPI继续回暖带动企业盈利修复。8月社融信贷超预期显示实体经济融资需求较强，企业端、居民端中长期贷款增长均较快，地产销售热度仍存。但随着逆周期政策有的放矢逐步收紧，基建、地产相关投资年内或接近顶部，而中秋国庆双节带动旅游、消费加速回暖，支撑经济继续修复。三季度，十年国开、1Y期国股AAA同业存单均累计上行60Bp左右。在三季度中，我们维持了较高杠杆水平，配置中高等级信用债，在风险可控的情况下为组合争取更好的收益。     展望四季度，货币政策料将继续维持中性，央行更加注重广义货币供应量和社融增速合理增长，强调量价适度，不搞大水漫灌，预计四季度流动性仍将合理充裕，央行会在资金面紧张的时候及时进行公开市场操作。但是现阶段银行超储率较低、结构性存款规模仍在压降，四季度存单到期规模较大，跨年因素影响逐步体现，预计存单仍有进一步上行空间，债市对基本面和货币政策的预期已较为充分，配置价值逐渐体现，但受美国大选情绪扰动、疫苗进展顺利或带来的海内外经济复苏共振等影响，债券久期控制仍需保守稳健，短久期策略相对性价比较高。未来我们将严格控制信用风险，时时关注宽信用效果和市场变化，合理配置各类资产，把握债券市场调整带来的投资机会，为投资者争取更好的组合收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:46.689Z","fund":{"_id":3000000005718,"__csrcFundId":6569,"stockCode":"005718","shortName":"长信富瑞两年定开债券(005718)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5718,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:47:32.305Z","status":"normal","inceptionDate":"2019-09-03T16:00:00.000Z","name":"长信富瑞两年定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信富瑞两年定开债券","pinyin":"cxfrlndqkfzqxzqtzjj","managers":[{"stockCode":"j101020012","stockType":"fund_manager","exchange":"fm","tickerId":232510249960,"name":"王祎杰"}]},"announcement":{"linkText":"长信富瑞两年定期开放债券型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492896","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8f27fea5b3eb04889e1","stockId":3000000005718,"sao":"回顾2020年上半年，一季度国内外新冠疫情相继爆发，叠加石油价格战、美国流动性危机等，全球各国央行开启降准降息潮合力抗疫救市。国内一季度经济受“抗疫停工休克”疗法出现负增长，央行大规模投放流动性，稳定市场预期、配合财政逆周期发力，债市在一季度大幅走强，收益率曲线呈现牛陡化，存单、利率债收益率屡创新低。二季度随着新冠疫情得到控制，基本面得到修复，PMI保持扩张区间，国内外经济重启渐进复苏，国内工业生产逐步好转，消费修复继续加速，基建投资开始发力。社融信贷维持高增长态势，货币政策重心由抗疫纾困、支持复工复产转变为保民生、稳就业，两会定调特别国债1万亿发行、地方专项债3.75万亿发行、财政赤字3.6%，央行创设直达实体经济新货政工具，重提防资金空转，货币政策进入观察期，逆周期财政政策发挥更大作用。债市在资金收敛后重新定价，二季度先涨后跌，收益率曲线先陡后平，存单、利率债收益率呈现V型走势，在4月创下新低后开始回调。上半年中，我们维持了较高杠杆水平，配置中高等级信用债，在风险可控的情况下为组合争取更好的收益。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:19:46.687Z","mo":"展望下半年，我国经济面临海内外严峻挑战，需要做好长期应对准备。国内疫情得到控制、经济渐进复苏、货币政策转向中性，外需逐渐修复但依旧面临较大不确定性，下半年GDP、工业增加值有望进一步走高，基建持续发力，地产韧性尚存，制造业投资仍较萎靡，CPI年内进一步走低，PPI筑底后或将回升，社融、M2增速继续维持较高水平，宽信用仍在路上。货币政策灵活适度，更强调量与价的适度，财政政策持续发力，债券供给压力仍存。整体来看，债市面临利空因素较多，上行压力较大，经济复苏的节奏决定债券收益率上行的空间，但同时中美摩擦进一步恶化的不确定性、疫情反复的风险尚在，债市尚有交易机会，经历过重新定价后的债券配置价值突显。本基金将在保证货币基金安全性、流动性充足的基础上，时时关注货币政策和紧跟市场，通过积极把握阶段性资金面变化带来的投资机会，合理配置各类资产，保持投资业绩稳定提高。未来我们将严格控制信用风险，时时关注宽信用效果和市场变化，合理配置各类资产，把握债券市场调整带来的投资机会，为投资者争取更好的组合收益。","fund":{"_id":3000000005718,"__csrcFundId":6569,"stockCode":"005718","shortName":"长信富瑞两年定开债券(005718)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5718,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:47:32.305Z","status":"normal","inceptionDate":"2019-09-03T16:00:00.000Z","name":"长信富瑞两年定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050260000,"currency":"CNY","masterFundShortName":"长信富瑞两年定开债券","pinyin":"cxfrlndqkfzqxzqtzjj","managers":[{"stockCode":"j101020012","stockType":"fund_manager","exchange":"fm","tickerId":232510249960,"name":"王祎杰"}]},"announcement":{"linkText":"长信富瑞两年定期开放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=461645","linkType":"PDF","source":"csrc_pdf"}}]}