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   在报告期内，本基金秉持着稳健的投资策略，维持了合理的杠杆以及久期水平，持续地加仓了一些中高等级债券，获得了良好的投资收益。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:21.038Z","mo":"目前我们认为债市依然受益于经济基本面支撑，经济数据反映出基本面仍处于修复阶段，从二季度的经济增速来看，总需求不足的矛盾依然突出。上半年地产放松的配套增量政策也非常多，但是从数据上显示，地产的复苏比预期要更慢更艰难。货币政策整体保持合理充裕，预计短期仍然看不到明显的转向迹象，也为债市提供了有力的支撑，随着全球经济的逐步复苏，各国央行货币政策或将逐渐转向宽松，这将进一步减轻对国内货币政策的制约，也能为债市创造更为有利的外部环境。同时配置情绪依然主导市场，债券市场供给失衡的情况或将延续。我们建议密切关注一些市场信号的变化，适时调整投资的思路进行交易。","fund":{"_id":3000000005828,"__csrcFundId":5246,"stockCode":"005828","shortName":"长江乐越定开债(005828)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5828,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:28.588Z","status":"normal","inceptionDate":"2018-04-11T16:00:00.000Z","name":"长江乐越定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051260000,"currency":"CNY","masterFundShortName":"长江乐越定开债","pinyin":"cjlydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801611956","stockType":"fund_manager","exchange":"fm","tickerId":1223208280,"name":"陆威"},{"stockCode":"j101019905","stockType":"fund_manager","exchange":"fm","tickerId":260302251350,"name":"周川博"}]},"announcement":{"linkText":"长江乐越定期开放债券型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1145666","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9157fea5b3eb048ae7c","date":"2024-03-30T16:00:00.000Z","stockId":3000000005828,"sao":"2024年一季度，经济整体呈现缓慢修复特征，外需出口有所恢复，但国内消费增长相对缓慢，居民的消费能力以及信心仍有比较大的提振空间。在国内经济增长压力仍存的背景下，一季度债券市场延续了上一年末的强势行情，央行超预期的50bp降准以及一次下调25bp五年期LPR利率带来了央行的宽松预期，同时市场对于后续强刺激经济的宏观组合政策也维持了相对稳定的预期。上半季度利率走出单边下行行情，市场演绎出了一副“资产荒”的格局，配置情绪主导市场，交易盘持续活跃，超长端利率显著受益，十年期国债到期收益率触及2.3%，下行幅度超过25bp，三十年期国债到期收益率触及2.45%，下行幅度达到40bp。在季末债券市场开始走稳，超长债利率中枢和期限利差处于绝对低位的情形下，宏观数据没有进一步走弱、稳汇率制约央行进一步宽松空间、潜在的长期限特别国债供给冲击等因素，均使得止盈情绪较强，十年期国债到期收益率基本止步于2.3%关口。在报告期内，本基金继续保持相对较高的杠杆水平，进行部分债券调仓操作，适当抬升资产久期，同时把控整体风险，力争获得稳定的投资收益。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:21.035Z","fund":{"_id":3000000005828,"__csrcFundId":5246,"stockCode":"005828","shortName":"长江乐越定开债(005828)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5828,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:28.588Z","status":"normal","inceptionDate":"2018-04-11T16:00:00.000Z","name":"长江乐越定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051260000,"currency":"CNY","masterFundShortName":"长江乐越定开债","pinyin":"cjlydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801611956","stockType":"fund_manager","exchange":"fm","tickerId":1223208280,"name":"陆威"},{"stockCode":"j101019905","stockType":"fund_manager","exchange":"fm","tickerId":260302251350,"name":"周川博"}]},"announcement":{"linkText":"长江乐越定期开放债券型发起式证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1071963","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9157fea5b3eb048ae7b","date":"2023-12-30T16:00:00.000Z","stockId":3000000005828,"sao":"2023年债券市场走势核心逻辑还是围绕着经济弱复苏以及由此带来的政策博弈所展开，全年看，利率整体下行，配置力量较为踊跃，长端尤其是超长端利率表现抢眼，10年期国债与30年期国债收益率分别下行28BP、37BP，而短端利率表现不及长端，1年期国债收益率仅下行2BP，10Y-1Y期限利差大幅收窄，收益率曲线明显平坦化。分阶段看，1月债券收益率快速上行，年初受疫情政策优化以及疫情高峰渐过影响，市场对经济复苏抱有较强的乐观预期，叠加股市向好，风险偏好抬升下债市承压。同时，春节前资金面略收紧，且机构持券过节意愿不强。多重利空影响下，这一阶段长短端利率均有所上行，长端利率上行幅度更大，10年期国债收益率最高升至2.93%；2月到8月，债券收益率波动向下，内生性需求疲软，政策尤其是货币政策延续放松，资金流通速度提振不明显，叠加风险偏好回落，债券市场开始延续资产荒，利率不断下行。年中稳增长政策推升预期，加之机构止盈需求提升，债市有所回调，10年期国债收益率在这一阶段创下年内低点2.54%；8月下旬到10月，汇率压力凸显、政府债券供给放量，同时稳增长政策力度持续加大，债市预期有所转向，长端利率开始回调。同期，资金面收紧亦驱动短端利率快速上行，且上行幅度大于长端，债市呈现“熊平”行情。10月底至12月收益率震荡下行，宽货币预期持续升温，长端利率转而下行，这一阶段短端利率走势受资金面影响较大，流动性由紧转松后短端利率走势先上后下，长端利率配置情绪火热，10年期国债收益率最终收于2.55%。信用债方面，城投化债行情持续演绎，尽管8月下旬开始也随利率债经历调整，但全年看信用债收益率平坦化下行。在资金的追逐下，信用利差、评级利差、期限利差几乎全面收敛，各个洼地被渐次抹平。本报告期内，本基金采取了相对稳健的投资策略，控制了投资组合的杠杆水平，维持住了投资组合的中短久期，全年取得了较好的投资收益。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:21.032Z","mo":"展望2024年，预计中国GDP同比增速有望达到5.0%左右，进一步向常态化水平回归，主要拉动力是居民商品消费还有较大修复空间，政策面预计还会保持一定稳增长力度，外需对国内经济增长有望形成小幅正向拉动。2024年，以旅游、出行为代表的服务消费有望继续保持较快增长水平，政策面可能会继续“加大宏观调控力度”，基建投资或将维持较高强度，制造业投资有可能进一步提速，房地产投资和涉房消费对经济增长的拖累效应也有望得到一定程度缓解。当然，2024年经济运行的最大不确定性依然来自于房地产，房地产市场走向仍将在很大程度上决定宏观经济表现，以及政策面逆周期调节的强度。外部环境来看，俄乌冲突正在走向长期化，升级扩散风险始终存在，而美国又将进入大选年，中美关系有可能面临更大考验。对于债券市场而言，2024年债券市场或将继续博弈政策宽松，并围绕着基本面复苏进行交易。","fund":{"_id":3000000005828,"__csrcFundId":5246,"stockCode":"005828","shortName":"长江乐越定开债(005828)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5828,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:28.588Z","status":"normal","inceptionDate":"2018-04-11T16:00:00.000Z","name":"长江乐越定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051260000,"currency":"CNY","masterFundShortName":"长江乐越定开债","pinyin":"cjlydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801611956","stockType":"fund_manager","exchange":"fm","tickerId":1223208280,"name":"陆威"},{"stockCode":"j101019905","stockType":"fund_manager","exchange":"fm","tickerId":260302251350,"name":"周川博"}]},"announcement":{"linkText":"长江乐越定期开放债券型发起式证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1054725","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9157fea5b3eb048ae7a","date":"2023-09-29T16:00:00.000Z","stockId":3000000005828,"sao":"三季度，进入7月以后，债券市场继续窄幅震荡，但随着二季度经济数据不及预期、税期资金面超预期宽松、决策层保持战略定力下市场对刺激政策预期开始弱化，10年期国债收益率一度下行突破2.6%关口，到达2.55%的年内最低点，但很快随着8月末政治局会议超预期信息发布彰显监管对于经济呵护的决心，以地产政策为主的相关经济刺激政策迅速集中出台落地，市场对于经济边际企稳开始乐观，不断提振市场对于经济修复的信心，同时资金面开始出现超预期紧张的情况，债券市场进入调整期，10年期国债收益率在9月单边上行约15BP触碰到2.7%关口，抹平了三季度的全部下行。    在报告期内，本基金采取了稳健的投资策略，继续加大信用债的投资，并适当控制了组合的杠杆、久期在一个合理的水平，获取了较好的投资收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:21.030Z","fund":{"_id":3000000005828,"__csrcFundId":5246,"stockCode":"005828","shortName":"长江乐越定开债(005828)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5828,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:28.588Z","status":"normal","inceptionDate":"2018-04-11T16:00:00.000Z","name":"长江乐越定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051260000,"currency":"CNY","masterFundShortName":"长江乐越定开债","pinyin":"cjlydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801611956","stockType":"fund_manager","exchange":"fm","tickerId":1223208280,"name":"陆威"},{"stockCode":"j101019905","stockType":"fund_manager","exchange":"fm","tickerId":260302251350,"name":"周川博"}]},"announcement":{"linkText":"长江乐越定期开放债券型发起式证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=991128","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9157fea5b3eb048ae79","date":"2023-06-29T16:00:00.000Z","stockId":3000000005828,"sao":"进入2023年春节前夕，在地产行业支持政策落地、经济复苏预期增强、春节前夕资金利率边际收紧等因素影响下，市场空头情绪弥漫，十年期国债收益率由2.82%上行至上半年高点2.93%。而在春节之后，各项经济数据反映复苏可能低于预期，同时5%的增速目标得提出，也稳定了市场对于后续政策力度的预期，债券市场情绪明显回暖，3月央行降准继续提振市场信心，十年期国债收益率持续下行至一季度末2.86%附近，随着基本面修复进程明显放缓，内需不足的特征逐渐凸显，而市场担心的可能对债市产生利空因素中的相关稳经济政策工具迟迟未能落地，上半年流动性持续宽松，债市交易情绪不断升温持续走牛，十年期国债收益率继续下行半年末收于2.63%。而信用债方面，风险偏好趋于谨慎，市场较为青睐中高评级的城投债和二永债，整体利差水平较上一年度略有收窄。    在报告期内，本基金采取了稳健的投资策略，维持组合的杠杆、久期在一个合理的水平，获取了较好的投资收益。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:21.027Z","mo":"2023年上半年，无论从内需还是海外均呈现放缓的现实特征，而从内部结构上看，市场内生动力偏弱已是面临的主要问题，伴随各类经济活动的走弱，居民消费在疫情以后边际改善，但整体居民当前消费倾向仍不高，收入增长偏慢制约消费意愿，超额储蓄亦无法有效转化为消费或房产投资，制约了国内消费或是地产的整体复苏。展望下半年，我们认为在政策助力下经济内生复苏应能够出现企稳向好势头，经济温和复苏有望，同时货币政策上继续稳健宽松甚至可能将进一步放宽，对市场起到有利的支撑。对于下半年债券市场，我们认为基于预计基本面恢复以及后续政策落地的情况，经济短期难以大幅扭转改善，近期利率整体大幅上行的风险不大，但也应采取相对防御的策略来应对市场。","fund":{"_id":3000000005828,"__csrcFundId":5246,"stockCode":"005828","shortName":"长江乐越定开债(005828)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5828,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:28.588Z","status":"normal","inceptionDate":"2018-04-11T16:00:00.000Z","name":"长江乐越定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051260000,"currency":"CNY","masterFundShortName":"长江乐越定开债","pinyin":"cjlydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801611956","stockType":"fund_manager","exchange":"fm","tickerId":1223208280,"name":"陆威"},{"stockCode":"j101019905","stockType":"fund_manager","exchange":"fm","tickerId":260302251350,"name":"周川博"}]},"announcement":{"linkText":"长江乐越定期开放债券型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=965030","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9157fea5b3eb048ae78","date":"2023-03-30T16:00:00.000Z","stockId":3000000005828,"sao":"一季度，债券市场利率呈先上后下窄幅波动的走势。在春节前，在地产行业支持政策落地、经济复苏预期增强、春节前夕资金利率边际收紧等因素影响下，市场空头情绪弥漫，十年期国债收益率由2.82%上行至2.93%。而在春节之后，各项经济数据反映复苏可能低于预期，同时5%的增速目标的提出，也稳定了市场对于后续政策力度的预期，债券市场情绪明显回暖，3月央行降准继续提振市场信心，十年期国债收益率下行至2.86%附近，但季末的流动性持续收紧以及短端利率的市场持续博弈增强压制了长端利率的继续下行，市场交易情绪开始随着季末到来不断降温，3月末债券市场整体走势低波震荡。目前看，在内部经济复苏斜率走稳、外部衰退风险发酵、市场流动性合理充裕等背景下，债券市场在下个季度可能会相对乐观一些。在报告期内，本基金采取了稳健的投资策略，合理控制了组合的杠杆、久期水平，获取了较好的投资收益。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:21.024Z","fund":{"_id":3000000005828,"__csrcFundId":5246,"stockCode":"005828","shortName":"长江乐越定开债(005828)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5828,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:28.588Z","status":"normal","inceptionDate":"2018-04-11T16:00:00.000Z","name":"长江乐越定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051260000,"currency":"CNY","masterFundShortName":"长江乐越定开债","pinyin":"cjlydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801611956","stockType":"fund_manager","exchange":"fm","tickerId":1223208280,"name":"陆威"},{"stockCode":"j101019905","stockType":"fund_manager","exchange":"fm","tickerId":260302251350,"name":"周川博"}]},"announcement":{"linkText":"长江乐越定期开放债券型发起式证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=881634","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9157fea5b3eb048ae77","date":"2022-12-30T16:00:00.000Z","stockId":3000000005828,"sao":"2022年对全球的投资者来说，都不算一个特别友好的年份。全年资本市场交易围绕着美联储紧缩的货币政策和俄乌冲突展开，海内外市场股债市场表现均不够理想，美元不断走强，商品不断走强，“黑天鹅”事件一次次冲击着投资者脆弱的神经，同时“滞胀”的阴云也笼罩在资本市场上空。就国内市场而言，债券方面，全年交易的主线是围绕经济基本面下行和宽信用宽货币的跨周期政策调节展开。一方面，经济基本面的走弱为债市提供支撑，央行两次降息也造就了年内两次收益率水平的大底，但年末防疫政策的转向使得债券市场做多情绪动摇，叠加赎回风波让债市出现大幅调整。分阶段来看，2022年1月在疫情反复和央行降准和降MLF的带动下，债市利率大幅下行，10年期国债利率到达至2.67%的年内第一个低点；2月到4月中旬，经济基本面的进一步走弱使得债市整体走强；4月下旬到6月，复工复产节奏开启，央行发布“二十三条”加大对实体经济的支持力度，10年期国债上行触及2.85%的高点，期限利差走阔；7-9月，PMI再次降至荣枯线以下，同时央行再次降息，10年期国债收益率下行至2.58%，创下自2020年5月以来的新低；10-12月，资金面边际收敛，11月连续第二支箭和第三支箭放松对地产融资限制，国务院持续调整疫情防控政策，基本面预期改善引起广泛个人投资者的担忧，债券收益率开始快速上行，理财赎回风波更加剧债市的调整幅度，信用利差走阔，并延续至年底。本报告期内，本基金采取了相对稳健的投资策略，控制了投资组合的杠杆水平，维持住了投资组合的中短久期，全年取得了较好的投资收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:21.022Z","mo":"展望2023年，我们认为近年来的金融市场云谲风诡、变幻丛生的发展与动荡格局依然存在，但我们也看到，去年扰乱市场最大的几个因素美联储引领全球货币收缩、地缘冲突引发大宗市场风险偏好下降、新冠疫情持续影响冲击各国经济方方面面，在新年交错的时分这些因素已经逐渐有所改善。对于我国而言，三年来的疫情终于不再是生活的重点，生产和生活逐步回归正常，疫情影响终将消退。在政策不断发力显效的推动下，2023年的经济增速有望显著快于2022年，国内经济有望全面复苏回升。从海外的角度看，俄乌冲突等因素导致前期大宗商品价格高企，需求疲弱叠加成本高涨的情况已经有所好转，大宗商品有望回落到合理价格；欧美加息也将步入尾声，2023年欧美经济或将开始进入衰退阶段，美联储加息周期应告一段落，届时外部的流动性压力以及汇率影响也将大大减弱，此消彼长下我们判断人民币将进入升值周期，中国资产相对吸引力将有所提升，外资回流值得期待。具体到各类资产的表现上，在债券方面，我们认为在宽信用强刺激的背景下，利率债机会相对不大，积极的进行交易或将成为相对配置而言更好的选择。反之信用债配置价值将更高，短久期的票息策略有望脱颖而出，特别是经过去年年底债市的调整后，基金经理将更容易构建出较高收益的纯债组合。而信用债在近两年一直都是内部分化格局，结构性的特征非常明显。我们认为在宽信用的大背景下，信用债在2023年整体情况有望好于2022年。","fund":{"_id":3000000005828,"__csrcFundId":5246,"stockCode":"005828","shortName":"长江乐越定开债(005828)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5828,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:28.588Z","status":"normal","inceptionDate":"2018-04-11T16:00:00.000Z","name":"长江乐越定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051260000,"currency":"CNY","masterFundShortName":"长江乐越定开债","pinyin":"cjlydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801611956","stockType":"fund_manager","exchange":"fm","tickerId":1223208280,"name":"陆威"},{"stockCode":"j101019905","stockType":"fund_manager","exchange":"fm","tickerId":260302251350,"name":"周川博"}]},"announcement":{"linkText":"长江乐越定期开放债券型发起式证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=869968","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9157fea5b3eb048ae76","date":"2022-09-29T16:00:00.000Z","stockId":3000000005828,"sao":"2022年第三季度，全球投资环境依然复杂多变，外围局势的不稳定加剧了国内经济复苏的不确定性。三季度国内疫情冲击有所减缓但仍有反复，主要经济数据月度均略有所好转，9月全国制造业PMI录得50.1%，重回枯荣线以上。在多样化的经济维稳政策支持下，国内消费小幅回暖、企业生产信心略有恢复，同时社融数据有所好转，从结构上看实体经济融资需求进一步改善，凸显出我国经济缓步复苏的韧性。    三季度货币市场流动性延续了上一季度的宽松状态，8月中旬央行下调了OMO利率，三季度市场主要回购资金利率均处于年内低位，季末边际略有收紧。反映到债券市场上，三季度债券市场先扬后抑以上涨为主，收益率先下后上，主要分界线在于8月公布的7月经济数据转好，10年期国债收益率在8月低点下行20BP至2.6%附近后开始上行，季末下行幅度收敛至6BP左右，10年期国开债三季度下行12BP。信用债方面，各期限信用债均有所下行，信用利差基本走平处于年内低位。    报告期内，本基金采取稳健的投资策略，适当提高了组合的杠杆水平，优化了久期水平，继续以获取票息收益作为重点目标。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:21.019Z","fund":{"_id":3000000005828,"__csrcFundId":5246,"stockCode":"005828","shortName":"长江乐越定开债(005828)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5828,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:28.588Z","status":"normal","inceptionDate":"2018-04-11T16:00:00.000Z","name":"长江乐越定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051260000,"currency":"CNY","masterFundShortName":"长江乐越定开债","pinyin":"cjlydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801611956","stockType":"fund_manager","exchange":"fm","tickerId":1223208280,"name":"陆威"},{"stockCode":"j101019905","stockType":"fund_manager","exchange":"fm","tickerId":260302251350,"name":"周川博"}]},"announcement":{"linkText":"长江乐越定期开放债券型发起式证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=806908","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9157fea5b3eb048ae75","date":"2022-06-29T16:00:00.000Z","stockId":3000000005828,"sao":"2022年上半年，全球投资环境依然复杂多变，首先海外俄乌战争从2月底已僵持至今，俄乌冲突持续发酵等因素引发的海外大宗商品持续涨价，同时高通胀已逐步演变成全球性的问题，尤以美国通胀问题更为严重，美联储也于上半年正式开始了渐进式加息，以期尽快抑制美国国内通胀；其次，在国内传染性更强的新变种病毒“奥密克戎”开始范围性的传播，部分城市防控压力骤升，国内几个大城市也受疫情影响暂时停摆，在本轮疫情冲击下，大多数行业在供需两端均遭受冲击,对上半年我国经济活动产生了较大不利影响，社融数据与主要经济数据在二季度均有所下滑。很显然上半年大环境的不确定性压制了经济活动回暖，因此我国政府为了进一步维护经济大局总体平稳、增强经济复苏韧性，通过采取相对积极的财政政策，并在货币政策上继续保持稳健、合理充裕，市场流动性水平相对宽松稳定。目前来看，我国政府在近些年疫情期间保持了一定政策定力，刺激政策有所克制，通胀压力相对较小，主要面临的仍然是疫情冲击下国内内需不足带来的经济负反馈等等问题。债券市场在上半年走出震荡行情，十年期国债收益率基本在底部2.7%-2.85%震荡，年中收于2.82%，较上年末小幅上行4BP，十年期国开债收益率年中收于3.05%，较上年末下行约3BP。上半年债市主要围绕“宽信用”、“宽货币”、疫情扰动、经济修复等主线发展，市场交易情绪较高，博弈力度较大。信用债方面，各期限信用债收益率均先上后下，信用利差小幅收窄，期限利差有所走阔，市场相对更青睐中短期限高等级品种。报告期内，本基金继续审慎投资，适当调整了持仓结构，优化了组合杠杆及久期水平，以期获得稳定的票息收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:21.016Z","mo":"展望2022年下半年，随着全国各地疫情陆续平复和复工复产稳步推进，中国经济重回复苏这一趋势已在5-6月的各项数据中有所印证，未来预计将延续改善趋势。下半年基建投资仍将是“稳增长”政策的重要抓手，制造业投资预计维持较高韧性，房地产投资由销售到投资的传导存在时滞。而在消费方面，尽管中央和地方层面推出多项消费刺激政策，但疫情对于居民消费能力和消费动力的影响仍不可忽视，预计下半年消费或仍将维持弱势复苏态势。通胀方面，输入性通胀和猪周期上行等因素或增加CPI压力。流动性方面，预计宏观流动性或仍将保持宽松状态，但下半年货币政策宽松空间或受一定程度制约。","fund":{"_id":3000000005828,"__csrcFundId":5246,"stockCode":"005828","shortName":"长江乐越定开债(005828)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5828,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:28.588Z","status":"normal","inceptionDate":"2018-04-11T16:00:00.000Z","name":"长江乐越定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051260000,"currency":"CNY","masterFundShortName":"长江乐越定开债","pinyin":"cjlydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801611956","stockType":"fund_manager","exchange":"fm","tickerId":1223208280,"name":"陆威"},{"stockCode":"j101019905","stockType":"fund_manager","exchange":"fm","tickerId":260302251350,"name":"周川博"}]},"announcement":{"linkText":"长江乐越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=785488","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9157fea5b3eb048ae74","date":"2022-03-30T16:00:00.000Z","stockId":3000000005828,"sao":"2022年一季度，全球投资环境依然复杂多变，首先海外俄乌局势紧张，战争从2月底已僵持至今，美联储也于本季度正式开始了加息周期，其次，在国内传染性更强的新变种病毒“奥密克戎”开始范围性的传播，部分城市防控压力骤升，国内几个大城市也受疫情影响暂时停摆，很显然一季度大环境的不确定性压制了经济活动回暖。债券市场在一季度主要经历了三个阶段，年初在政策指引下货币环境相对宽松市场情绪火热，但随后经济数据整体向好的超预期引发了市场的悲观情绪，再到三月的突发的新一轮疫情冲击，整体收益率走势呈现先下后上再下的走势，一月底十年期国债收益率一季度低点出现在2.7%附近，三月初高点出现2.85%，季末则下破2.8%基本持平2021年年底水平。同期十年期国开债走势相对较强，国开和国债利差进一步缩窄，且亦处在近几年来偏低位置。信用方面，一季度信用利差走势分化，AAA等级信用利差上行，AA等级信用利差走平，期限利差陡峭化。地产行业延续了去年四季度的危机，信用债市场新增数家首次违约主体，均为地产相关企业，地产风险的不确定性仍较大。报告期内，本基金继续审慎投资，适当调整了持仓结构，优化了组合久期水平，获得了稳定的票息收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:21.014Z","fund":{"_id":3000000005828,"__csrcFundId":5246,"stockCode":"005828","shortName":"长江乐越定开债(005828)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5828,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:28.588Z","status":"normal","inceptionDate":"2018-04-11T16:00:00.000Z","name":"长江乐越定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051260000,"currency":"CNY","masterFundShortName":"长江乐越定开债","pinyin":"cjlydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801611956","stockType":"fund_manager","exchange":"fm","tickerId":1223208280,"name":"陆威"},{"stockCode":"j101019905","stockType":"fund_manager","exchange":"fm","tickerId":260302251350,"name":"周川博"}]},"announcement":{"linkText":"长江乐越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=729536","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9157fea5b3eb048ae73","date":"2021-12-30T16:00:00.000Z","stockId":3000000005828,"sao":"回顾2021年，随着疫情防控的常态化，我国经济复苏是全面的，2021年我国当年GDP增速8.1%，两年平均增长5.1%，接近了经济的潜在增速，但疫情仍在继续与反复，进而防疫措施迟迟不撤甚至不时地加强，严格来说还是持续地影响着经济的运行。    从债券收益率角度来看，1到2月，春节前央行投放资金量不及预期，资金面大幅收紧，债券收益率持续震荡上行，2月中旬10年期国债收益率全年高点3.28%出现；随后3月前后，央行多次重申“以稳为主”的货币政策基调，基金面逐步平稳宽松，市场欠配情绪持续发酵，债券收益率稳步下行，至半年末10年期国债收益率从高位下行约20BP；7月央行意外降准引爆市场情绪，叠加各种跨周期产业政策收紧、各地疫情再起等利多因素，至8月初，10年期国债收益率快速下行20BP击穿2.8%；8月中旬开始，市场做多情绪逐渐降温，随着降准降息预期落空后，配置力量持续减弱，债券收益率开始震荡上行，至10月中，10年期国债收益率再次重回3%以上；四季度，新变种病毒“奥密克戎”再次加剧了经济活动与资本市场的不确定性，随着基本面的持续走弱、降准与LPR降息落地、市场配置情绪再次升温，10月下旬开始债券收益率单边下行，10年期国债收益率年底收于全年低点2.77%。信用债方面，全年债券收益率主要跟随利率债走势，各期限信用利差均有所收窄，市场配置情绪较高，尤其是中高等级的信用债。    在报告期内，本基金采取了稳健的投资策略，加大了高等级信用债的投资占比，适当的提高并维持住投资组合的久期，通过杠杆策略等来获取稳定的票息收益。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:21.011Z","mo":"展望2022年，国内外宏观经济与政策环境将持续复杂严峻，经济增长方面，2022年我国经济有望筑底回升，在稳增长的诉求和稳就业底线目标下，宏观政策可能加大托底力度，货币政策上继续偏稳健宽松，力求继续实现5%以上的增速。但目前依然存在很多不确定性因素，海外刺激政策退潮美联储即将开启加息通道、疫情仍然持续影响、商品价格高涨通胀风险等，另外2022年也存在了地区性的武装摩擦升级、全球换届选举大年等其他因素加剧了对市场对全球经济稳定和通胀的担忧。    对于债券市场，我们认为2022年债券债市场总体将面临较多压力，市场波动或加大，配置力量可能会继续主导债券利率走势，但利率中枢继续大幅下行的空间有限，投资上需谨防风险。","fund":{"_id":3000000005828,"__csrcFundId":5246,"stockCode":"005828","shortName":"长江乐越定开债(005828)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5828,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:28.588Z","status":"normal","inceptionDate":"2018-04-11T16:00:00.000Z","name":"长江乐越定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051260000,"currency":"CNY","masterFundShortName":"长江乐越定开债","pinyin":"cjlydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801611956","stockType":"fund_manager","exchange":"fm","tickerId":1223208280,"name":"陆威"},{"stockCode":"j101019905","stockType":"fund_manager","exchange":"fm","tickerId":260302251350,"name":"周川博"}]},"announcement":{"linkText":"长江乐越定期开放债券型发起式证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=714786","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9157fea5b3eb048ae72","date":"2021-09-29T16:00:00.000Z","stockId":3000000005828,"sao":"进入2021年三季度，全球经济环境依然复杂多变，但疫情的影响正在逐步减小，各国的宽松政策环境亦陆续恢复常态化。目前疫苗接种率稳步上升，但一些变种病毒的突然袭击，依旧引发了市场对全球经济全面复苏脚步放缓的警惕。三季度我国的政策路线主要沿\"共同富裕\"和\"碳中和\"两条主线推进，与此同时，在经济增长放缓的背景下，防范金融风险的重要性愈发凸显，再加上一些房地产开发商债务危机浮现、部分地区实施限电停产等多重负面影响，监管政策延续了二季度以来的谨慎态度。货币政策上，三季度央行逆回购以等量续作为主，同时以降准替代部分MLF到期。受到降准利好影响，长期资金价格大多缓慢下行，整体中枢较二季度稍下降。三季度资金面松紧适度，部分商业银行稍加大同业存单发行以补充资金来源。在回购市场，银行间质押式回购日成交量中枢有所上行，市场整体杠杆水平较上季度有所抬升。反映到债券市场上，10年期国债收益率下行20BP，收益率绝对水平回落到近几年来低位。国开和国债利差进一步缩窄，当前10年期国开和国债利差32BP，亦处在近几年来偏低位置，与此同时信用利差在三季度略微走阔。报告期内，本基金适当调整了持仓结构，优化了久期水平，同时在利率下行的过程中降低了一定杠杆水平以防范风险。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:21.008Z","fund":{"_id":3000000005828,"__csrcFundId":5246,"stockCode":"005828","shortName":"长江乐越定开债(005828)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5828,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:28.588Z","status":"normal","inceptionDate":"2018-04-11T16:00:00.000Z","name":"长江乐越定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051260000,"currency":"CNY","masterFundShortName":"长江乐越定开债","pinyin":"cjlydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801611956","stockType":"fund_manager","exchange":"fm","tickerId":1223208280,"name":"陆威"},{"stockCode":"j101019905","stockType":"fund_manager","exchange":"fm","tickerId":260302251350,"name":"周川博"}]},"announcement":{"linkText":"长江乐越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=655970","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9157fea5b3eb048ae71","date":"2021-06-29T16:00:00.000Z","stockId":3000000005828,"sao":"进入2021年上半年，一月份资金面一度边际收紧，但上半年监管在货币政策上维稳意图较强，春节前后流动性开始整体转向宽松，给债券市场下行带来了良好环境，叠加债券供给少、配置强等多重利好因素，债券收益率上半年先上后下，在二季度创下了今年以来的低点。同时，社融增速回落等二季度的热点事件也对债券市场产生了诸多利好作用。在此作用下，10年期国债收益率下行4BP至3.08%，收益率绝对水平回落到历史1/4分位数；10年期国开债震荡下行4BP至3.49%，当前10年国开和国债利差41BP，靠近历史1/4分位数；信用利差继续收窄，AAA、AA和AA+信用利差在1/4分位数以下。经济基本面方面，二季度GDP增速7.9%比市场预期稍低，但绝对值并不算差。两年平均增速比一季度提高了0.5个百分点，名义GDP两年平均增速为8%。目前经济增速不及市场预期主要由需求端结构性分化带来，诸如服务业等消费相关的第三产业，由于一直受到疫情反复和防控的影响，迟迟没有恢复到疫情前水平，使整体经济仍尚未恢复到疫情前水平，这在二季度中也曾一度给利率债市场的投资者带来了对未来利率继续走强的想象空间。宏观经济政策方面，财政收入端表现亮眼，上半年完成预算进度的59.3%，全年超额完成8.1%的增速计划可能性较大，收入端的亮眼表现为下半年财政发力提供了额外的空间。支出方面，6月公共预算支出近3万亿，当月同比7.6%，明显高出3至5月份水平。地方债近期每月净融资量都在4000亿元左右，发行节奏并不慢。综合收入、支出和债务三个方面，可以看到，财政基本是按照年初的既定计划在推进，宽财政的政策取向依旧在延续。本报告期内，本基金增加了信用债的持仓比例，适度提高了久期与杠杆水平，以获取稳定的票息收益。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:21.005Z","mo":"站在当前时点，投资者对于债券市场未来的方向有存在一定分歧。一方面，当前债券市场资金面维持宽松，配置情绪较高，同时市场出现了结构性的\"资产荒\"；而另一方面，国债收益率从中长期来看最终会取决于经济基本面，这一债券市场的底层逻辑并不会有变化，而我国经济处在疫情过后的恢复阶段，中国经济基本面向好的大方向并没有变，又似乎很难给收益率的下行提供充足的动力。不过从利率走势上看，债券市场大多数参与者当前还是较为乐观的，但下半年流动性的是否依然一如既往的保持宽松的疑问亦始终存在，同时疫情再次扩散等外部因素对经济基本面的冲击也需要认真考虑。我们认为，对于债券基金而言，下半年应采取适当积极但不激进的久期和杠杆率，较为适宜。","fund":{"_id":3000000005828,"__csrcFundId":5246,"stockCode":"005828","shortName":"长江乐越定开债(005828)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5828,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:28.588Z","status":"normal","inceptionDate":"2018-04-11T16:00:00.000Z","name":"长江乐越定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051260000,"currency":"CNY","masterFundShortName":"长江乐越定开债","pinyin":"cjlydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801611956","stockType":"fund_manager","exchange":"fm","tickerId":1223208280,"name":"陆威"},{"stockCode":"j101019905","stockType":"fund_manager","exchange":"fm","tickerId":260302251350,"name":"周川博"}]},"announcement":{"linkText":"长江乐越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=630318","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9157fea5b3eb048ae70","stockId":3000000005828,"sao":"一季度以来，年初资金面由整体宽松转向边际收紧，但随后收紧预期逐步淡化，叠加配置力量的影响，债券收益率先上后下。信用债和利率债走势出现一定的分化，信用利差收窄。整体一季度，十年国债收益率上行约2BP，十年国开收益率上行约6BP。对债市而言，在疫情冲击下，美国货币超发现象明显，近期又再次开展了1.9万亿美元的财政刺激计划，带动消费回暖好于生产，使得通胀担忧升温，美债收益率大幅上行。但由于疫情管控后结果的不同，实际中美两国的经济周期与货币政策出现了明显错位，国内债券市场在资产荒和配置力量的影响下，我国国债收益率表现较为钝化，自3月初债券市场利率开始下行，下行过程中节奏缓慢，波动较小。报告期内，本基金增加了信用债的持仓比例，适度提高了杠杆比例，以期获取稳定的票息收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:21.003Z","fund":{"_id":3000000005828,"__csrcFundId":5246,"stockCode":"005828","shortName":"长江乐越定开债(005828)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5828,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:28.588Z","status":"normal","inceptionDate":"2018-04-11T16:00:00.000Z","name":"长江乐越定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051260000,"currency":"CNY","masterFundShortName":"长江乐越定开债","pinyin":"cjlydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801611956","stockType":"fund_manager","exchange":"fm","tickerId":1223208280,"name":"陆威"},{"stockCode":"j101019905","stockType":"fund_manager","exchange":"fm","tickerId":260302251350,"name":"周川博"}]},"announcement":{"linkText":"长江乐越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=574310","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9157fea5b3eb048ae6f","stockId":3000000005828,"sao":"2020年上半年的新冠疫情导致经济发展几乎停滞、全球货币政策转向宽松，下半年的国内经济渐进修复、货币政策逐渐回归中性，成为本年度的债券市场的主线。2020年全年，10年期国债收益率上行1BP，成为2003年以来全年利率变化最小的年份，但年内却出现了较大幅度的波动。年初在新冠肺炎疫情冲击下，海内外货币政策加大宽松，10年期国债下行约60BP；随后，伴随着国内疫情控制后经济快速恢复，流动性边际转向及同业存单持续提价的影响，10年期国债又从低点快速上行超过80BP；11月下旬至年底，信用违约事件发生后，货币政策边际放松，在资金面宽松和配置力量加强驱动下，10年期国债再次回落至年初水平。信用债方面，市场的波动主要围绕三条主线，1-4月由于经济受到疫情冲击以及货币政策的宽松，信用债跟随利率债走出强势行情；5-10月，经济基本面持续修复，前期宽松政策逐步退出，回归中性，利率债的调整导致信用利差被动缩窄；在年末，信用违约事件导致市场风险偏好大幅回落。报告期内，本基金采取了稳健的投资策略，加大了高等级信用债的投资占比，适当的提高了投资组合的久期，以期获取稳定的票息收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:21.000Z","mo":"展望2021年，如果说2020年的投资是要在不确定性中把握确定性，以面对疫情冲击、经济渐进修复以及在这个过程中货币政策转向，带来的市场变化；那么2021年就是要在确定性中把握不确定性，以面对经济修复之中可能会遇到的意外因素，比如经济修复不及预期、疫情再次出现反复或疫苗效果超预期导致疫情快速终结、全球通胀水平超预期等等预期之外的影响因素。这意味着市场的预期可能会被打破，波动性会增加。因此2021年需要的是比2020年更加平稳的心态，以应对可能出现的波动。对于债券市场，2021年将继续关注监管政策方向，同时在经济渐进修复的过程中，注重可能存在的预期差的出现导致的利率债交易机会，而信用债方面，坚守短久期高资质的策略，严防风险，应将会成为2021年的市场主流方向。","fund":{"_id":3000000005828,"__csrcFundId":5246,"stockCode":"005828","shortName":"长江乐越定开债(005828)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5828,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:28.588Z","status":"normal","inceptionDate":"2018-04-11T16:00:00.000Z","name":"长江乐越定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051260000,"currency":"CNY","masterFundShortName":"长江乐越定开债","pinyin":"cjlydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801611956","stockType":"fund_manager","exchange":"fm","tickerId":1223208280,"name":"陆威"},{"stockCode":"j101019905","stockType":"fund_manager","exchange":"fm","tickerId":260302251350,"name":"周川博"}]},"announcement":{"linkText":"长江乐越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=552774","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9147fea5b3eb048ae6e","stockId":3000000005828,"sao":"三季度，由于国内经济复苏强劲、政府债券发行放量、货币市场利率上行和权益市场较热带动投资者风险偏好上升等因素，债券市场整体延续了二季度以来的调整趋势，债券市场交投情绪较为低落。一方面，长期限的政策性金融债收益率上行幅度大于国债收益率，税收利差扩大。另一方面，信用债和利率债的走势有所分化，信用利差有所收敛，票息保护较高和久期较短的债券品种相对抗跌。三季度各期限债券收益率整体上行，具体到品种上：三季度十年国债利率上行约35bp，十年国开债收益率上行60bp。报告期内，本基金采取了稳健的投资策略，在市场出现调整的过程中合理控制了组合杠杆和久期，并在季末适当提高了组合杠杆率，以期获得稳定的票息收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:20.997Z","fund":{"_id":3000000005828,"__csrcFundId":5246,"stockCode":"005828","shortName":"长江乐越定开债(005828)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5828,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:28.588Z","status":"normal","inceptionDate":"2018-04-11T16:00:00.000Z","name":"长江乐越定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051260000,"currency":"CNY","masterFundShortName":"长江乐越定开债","pinyin":"cjlydqkfzqxfqszqtzjj","managers":[{"stockCode":"8801611956","stockType":"fund_manager","exchange":"fm","tickerId":1223208280,"name":"陆威"},{"stockCode":"j101019905","stockType":"fund_manager","exchange":"fm","tickerId":260302251350,"name":"周川博"}]},"announcement":{"linkText":"长江乐越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=491081","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9147fea5b3eb048ae6d","stockId":3000000005828,"sao":"2020年一季度，全球爆发新冠疫情成为资本市场最大黑天鹅，市场波动迅速放大。美联储大幅降息、无限量QE等救市措施带动全球央行宽松政策落地，我国央行也连续采取多项措施加大货币宽松力度。债券市场受益于资金宽松、避险情绪回升以及经济基本面弱等影响，收益率快速下行，一季度末10年期国债收益率较上一季度下行超过50BP。二季度疫情重新发酵，特别在海外的超预期蔓延，对全球经济增长构成压力，但国内经济数据均显示经济正从疫情负面影响中走出并逐渐企稳。在政策方面，相比于国外回归量化宽松的货币投放，国内央行则相对较为克制，尤其是当国内疫情得到有效防控、全面复工稳步推进、经济复苏相对比较确定的情况下，货币政策逐渐从宽松回归至稳健中性。同时再叠加利率债供给失衡、股债跷跷板等负面因素，债券收益率开始快速调整上行，至半年末逐渐企稳，10年期国债收益率二季度整体上行超过20BP。报告期内，本基金采取了较为稳健的投资策略，合理控制了组合的久期及杠杆水平，在债券市场震荡时期获取稳定票息，对仓位没有做出较大幅度调整。","date":"2020-06-29T16:00:00.000Z","decl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