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两年复合增速为-7%（-8.6%）。营收和利润率同比回暖，推动利润降幅收窄。8月规上企业营收累计同比增速为-0.3%（-0.5%），为今年4月以来首次回升。上游原材料行业利润降幅进一步收窄，1-8月份，原材料制造业利润同比下降42.9%，降幅较1-7月份收窄8.0个百分点。装备制造业利润同比增幅扩大。据统计局，8月份装备制造业利润累计同比增长3.6%，1-7月是1.9%。房价销售方面：中秋国庆双节假期成色相对一般，22个重点城市成交环比下降31%，同比下降23%。宽地产政策集中落地对短期债市预期形成了较大的冲击，但地产改善不明显，经济有见底迹象，整个9月债市收益率全线上行，主要还是基于资金跨季价格超高和国债供给大增的叠加冲击，10年国债2.65%以上的收益率我们依然觉得还是一个较好的位置。四季度经济改善预期证伪可能会迎来一波收益率的下行，但海外通胀及加息以及汇率压力，对国内货币政策的制约逐步加大。鉴于多空因素交织，四季度债市预计小幅震荡为主，机会可能更多来自于短期过度调整带来的超调机会。当前投资策略上需保持中性偏防御的状态，不宜过度激进。本基金为指数基金，主要跟踪标的指数并配置指数成分券。接下来，本基金将继续结合宏观政策形势变化，保持合适的久期和杠杆比例，紧密跟踪标的指数，主要配置中短期限利率债，力争为投资者赚取良好的投资回报。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:23.421Z","fund":{"_id":3000000005838,"__csrcFundId":7466,"stockCode":"005838","shortName":"创金合信中债1-3年政金债(005838)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5838,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:43.895Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"创金合信中债1-3年政策性金融债指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信中债1-3年政金债","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":2030330115.74,"setUpShares":2030330115.74,"pinyin":"cjhxzz1-3nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"}]},"announcement":{"linkText":"创金合信中债1-3年政策性金融债指数证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=983666","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9177fea5b3eb048b16d","date":"2023-06-29T16:00:00.000Z","stockId":3000000005838,"sao":"2023年上半年，债市收益率整体下行，主要在于市场经历了从经济复苏“强预期”到“弱现实”的转变。一季度，由于信贷数据整体较好，但市场对于后续经济走势存在分歧，债市长端收益率窄幅波动，短端收益率由于资金中枢的抬升有所上行。进入二季度，信贷数据不及预期，市场对于政策的强预期造成了债市的小幅波动；二季度资金面整体偏宽松，叠加6月份降息政策，表明了央行对于短端资金面的呵护。从中债收益率曲线来看，二季度，1年期AAA中短期票据收益率下行近30bp至2.47%，10年期国债收益率下行22bp至2.64%。本基金为指数基金，主要跟踪标的指数并配置指数成分券。报告期内，管理人结合宏观政策形势变化，保持合适的久期和杠杆比例，综合运用骑乘、回购等策略，主要配置中短期限利率债，力争为投资者赚取良好的投资回报。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:23.418Z","mo":"下半年，债市预计总体在窄幅震荡。短端资金面方面，预计短期内仍保持宽松以保驾经济恢复；在出口、消费、投资都有一定压力的弱现实下，政策面可能有一定的增量空间，但在高质量发展目标之下，政策也需兼顾逆周期与跨周期调节的有机结合，“托而不举”的概率更大。","fund":{"_id":3000000005838,"__csrcFundId":7466,"stockCode":"005838","shortName":"创金合信中债1-3年政金债(005838)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5838,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:43.895Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"创金合信中债1-3年政策性金融债指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信中债1-3年政金债","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":2030330115.74,"setUpShares":2030330115.74,"pinyin":"cjhxzz1-3nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"}]},"announcement":{"linkText":"创金合信中债1-3年政策性金融债指数证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=957296","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9177fea5b3eb048b16c","date":"2023-03-30T16:00:00.000Z","stockId":3000000005838,"sao":"2023年一季度，市场经历了经济复苏的“强预期”到“弱预期”的转变。春节前，基于疫情政策转变后的积极预期，市场对经济复苏预期较强，从中债收益率曲线来看，10年期国债收益率上行11bp至2.93%。进入二月份，长端利率区间震荡，年初信贷数据较好，但市场对于后续经济走势存在分歧，中下旬开始，由于资金面边际收紧，短端利率收益率有所上行；三月份，降准落地，收益率整体震荡下行，10年期国债收益率下行7bp。整体来说，一季度债市，长端收益率窄幅波动，短端收益率由于资金中枢的抬升有所上行；另外，随着广义资管规模的企稳回升，短端信用利差大幅压缩，目前处于较低水平。本基金为指数基金，主要跟踪标的指数并配置指数成分券。报告期内，管理人结合宏观政策形势变化，保持合适的久期和杠杆比例，综合运用骑乘、回购等策略，主要配置中短期限利率债，力争为投资者赚取良好的投资回报。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:23.416Z","fund":{"_id":3000000005838,"__csrcFundId":7466,"stockCode":"005838","shortName":"创金合信中债1-3年政金债(005838)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5838,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:43.895Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"创金合信中债1-3年政策性金融债指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信中债1-3年政金债","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":2030330115.74,"setUpShares":2030330115.74,"pinyin":"cjhxzz1-3nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"}]},"announcement":{"linkText":"创金合信中债1-3年政策性金融债指数证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=881949","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9177fea5b3eb048b16b","date":"2022-12-30T16:00:00.000Z","stockId":3000000005838,"sao":"本基金为指数基金，主要跟踪标的指数并配置剩余期限在1-3年的政金债。2022年，本基金结合宏观政策形势变化，保持合适的久期和杠杆比例，紧密跟踪标的指数，主要配置中短期限利率债，并辅以各类收益增强策略，在保持组合基准风险收益特征的基础下增厚组合收益。2023年，本基金将继续保持指数基金的定位，并综合运用期限结构优化、个券精选、套息等策略，力争为投资者赚取良好的投资回报。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:23.413Z","mo":"2022年，先后经历了俄乌冲突、上海疫情、断供潮、各地高温及限电以及年底防疫政策的调整。上半年，债市在上述因素的影响下，窄幅震荡，上半年10年期国债最大振幅仅18bp。下半年，债市波动加大；三季度宽松的资金面及降息打开了利率的下行空间，10年期国债最低下行至年内的低点2.58%；9月份开始，资金面边际收敛；11月在偏紧的资金面、疫情防控优化、地产政策加码的影响下，叠加资管产品赎回负反馈，债市迎来了比较大的调整，短端上行幅度大于长端，债市熊平，信用利差有所走阔。从中债收益率曲线来看，1年期国债收益率从三季末的1.85%最高上行至2.34%，1年期AAA收益率从三季度末的2.16%最高上行至3.06%，3年期AAA收益率从三季末的2.67%最高上行至3.56%，12月10年期国债利率触及2.92%的2022年内高点。年末，在宽松的资金面呵护下，债市平稳跨年。2023年，经济预计以恢复为主，疫情作为近3年对经济最重要的变量之一，对经济的压制极大消除，短期内经济内生恢复动能可能会比较足。政策面方面，中央经济工作会议基本定调了今年的发展情况，经济运行有望总体回升，实现质的有效提升和量的合理增长。积极的财政政策要加力提效，保持必要的财政支出强度。货币政策强调“精准有力”。预计各项政策力度将进一步加大，房地产金融政策继续松动。资金面波动可能会加大，去年超宽松的状态预计不会持续。","fund":{"_id":3000000005838,"__csrcFundId":7466,"stockCode":"005838","shortName":"创金合信中债1-3年政金债(005838)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5838,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:43.895Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"创金合信中债1-3年政策性金融债指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信中债1-3年政金债","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":2030330115.74,"setUpShares":2030330115.74,"pinyin":"cjhxzz1-3nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"}]},"announcement":{"linkText":"创金合信中债1-3年政策性金融债指数证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=864605","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9177fea5b3eb048b16a","date":"2022-09-29T16:00:00.000Z","stockId":3000000005838,"sao":"总的来看，三季度债市收益率总体下行。在二季度上海疫情对经济造成大幅冲击后，7月初经济逐步恢复，但复苏力度偏弱；6月底，《新型冠状病毒肺炎防控方案（第九版）》印发，经济发展预期有所改善，引发了债市的小幅调整；8月中旬，央行下调MLF利率，10年期国债一度下行至2.6%附近；进入9月，随着国内疫情的边际好转以及经济的逐步修复，债市继续回调，月末资金面边际收紧，收益率上行幅度小幅加快。四季度，债市多空因素交织。第一，新冠新变种增加疫情防控难度，且防疫政策放松的预期削弱，疫情预计仍将制约消费的恢复；第二，经过半年多政策持续的放松，地产销售预计会逐步恢复；第三，财政、基建方面也在不断发力。整体来说，下半年的经济恢复可能好于上半年。对应到货币政策而言，市场利率水平不排除会逐步有所抬升。核心CPI有望保持稳定，通胀会制约货币政策过于宽松，但预计不足以让货币政策因此大幅抬升。但海外通胀及加息以及汇率压力，对国内货币政策的制约逐步加大。鉴于多空因素交织，下半年债市预计震荡为主，但幅度可能加大，机会可能更多来自于短期过度调整带来的超调机会。当前投资策略上需保持中性偏防御的状态，不宜过度激进。本基金为指数基金，主要跟踪标的指数并配置指数成分券。接下来，本基金将继续结合宏观政策形势变化，保持合适的久期和杠杆比例，紧密跟踪标的指数，主要配置中短期限利率债，力争为投资者赚取良好的投资回报。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:23.411Z","fund":{"_id":3000000005838,"__csrcFundId":7466,"stockCode":"005838","shortName":"创金合信中债1-3年政金债(005838)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5838,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:43.895Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"创金合信中债1-3年政策性金融债指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信中债1-3年政金债","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":2030330115.74,"setUpShares":2030330115.74,"pinyin":"cjhxzz1-3nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"}]},"announcement":{"linkText":"创金合信中债1-3年政策性金融债指数证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=803070","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9177fea5b3eb048b169","date":"2022-06-29T16:00:00.000Z","stockId":3000000005838,"sao":"2022年上半年，债市多空因素交织；疫情是重要的宏观变量与超预期因素；尤其上海疫情，对国内经济形成较大的负面冲击。各地房地产政策趋于放松，销售有所提升但复苏斜率不高；通胀总体低位可控；防疫政策有所边际放松，对于消费有所提振但作用尚待观察；外部方面，海外通胀高企，美联储处于加息周期；货币政策方面，央行基于应对疫情、支持地方债发行等因素，采用包括降息降准等措施，维持流动性整体偏宽松。债市方面，由于宽松的资金面，上半年尤其是二季度短期债券利率下行较大，信用利差有所压缩；由于市场对于基本面复苏情况的不确定与分歧，长端在6月底前整体维持震荡。本基金为利率债指数基金，主要跟踪标的指数并配置剩余期限在 1-3 年的政金债。报告期内，本基金结合当前及未来宏观政策形势变化的判断，灵活调整组合久期水平，控制组合杠杆总体水平，力争为投资者获取良好的投资回报。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:23.408Z","mo":"下半年，全球经济增长放缓、通胀高位运行，地缘政治冲突持续，外部环境更趋复杂严峻，国内经济恢复基础尚需稳固；但经济总体在恢复阶段，最差的阶段可能已过去，随着基建发力、房地产及消费逐步恢复，经济数据可能会逐步回升；通胀预计在可控区间，下半年通胀压力更多来自猪价因素，而非总需求因素，核心CPI有望保持稳定；货币政策方面，在8月中旬超预期降低政策利率后，央行短期内预计仍会维持偏宽松货币环境。对于债市而言，市场对于资金面边际收紧的担忧有所缓和，可能有助于收益率曲线期限利差的压缩。","fund":{"_id":3000000005838,"__csrcFundId":7466,"stockCode":"005838","shortName":"创金合信中债1-3年政金债(005838)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5838,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:43.895Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"创金合信中债1-3年政策性金融债指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信中债1-3年政金债","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":2030330115.74,"setUpShares":2030330115.74,"pinyin":"cjhxzz1-3nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"}]},"announcement":{"linkText":"创金合信中债1-3年政策性金融债指数证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=779835","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9177fea5b3eb048b168","date":"2022-03-30T16:00:00.000Z","stockId":3000000005838,"sao":"2022年一季度债券市场利率水平呈现先下后上的震荡行情，短端利率表现相对好于长端。市场的主线是经济的筑底和政策的靠前发力刺激。面对地产销售低迷和疫情反复对经济的负面影响，国内经济总体呈现增长乏力状态；对于全年要实现5.5%GDP增长的政策目标，一季度开局的压力较为显著。因此，政策总体延续去年四季度宽松，包括财政和货币政策，甚至是有所加码的。财政方面，提前下发地方债，提升财政支出增速，央行上缴万亿利润等，财政政策成为发力的重要点；而面对持续低迷的房地产市场，因城施策推动全国多地城市实行降首付、降贷款利率等房地产放松政策，以提振房地产销售；货币政策方面，一季度也进行了降息降准，银行间流动性较为充裕。综合施力下，应该说经济下滑的态势有所稳住，1-2月经济金融数据总体表现超出预期，虽然持续性仍存疑,这也成为2月后债市出现调整的主要因素。相比之下，货币政策维持偏宽松的预期较为稳定，因此短端利率表现总体要好于长端。信用债方面，由于资金利率整体便宜且预期稳定，信用利差整体处于低位；但对于低等级信用品种，在地产违约持续的环境下，机构风险偏好仍较低，评级利差处于较高水平。最后，由于股票市场持续下跌导致固收+产品赎回压力加剧，银行类债券被迫抛售，利差扩张要大于其他品种。本基金为指数基金，主要跟踪标的指数并配置剩余期限在 1-3 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。本基金为指数基金，主要跟踪标的指数并配置剩余期限在1-3年的政金债。报告期内，本基金结合当前及未来宏观政策形势变化的判断，灵活调整组合久期水平，控制组合杠杆总体水平，力争为投资者获取良好的投资回报。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:23.397Z","mo":"向前看，下半年宏观经济维持恢复态势，出现明显的过热风险或下行压力的概率均不高，通胀结构性压力将有所缓解，PPI预计从高位回落。货币政策方面，预计将继续维持偏宽松局面以支持经济向潜在增速恢复，而社融增速总体平稳回落和宏观杠杆率稳定，来自防风险的大幅收紧可能性较低。对于债市而言，预计仍是偏震荡的局面。","fund":{"_id":3000000005838,"__csrcFundId":7466,"stockCode":"005838","shortName":"创金合信中债1-3年政金债(005838)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5838,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:43.895Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"创金合信中债1-3年政策性金融债指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信中债1-3年政金债","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":2030330115.74,"setUpShares":2030330115.74,"pinyin":"cjhxzz1-3nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"}]},"announcement":{"linkText":"创金合信中债1-3年政策性金融债指数证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=630351","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9177fea5b3eb048b164","stockId":3000000005838,"sao":"2021年一季度债券市场可分为三个阶段：（1）信用违约事件冲击下，宽松小周期开启，1年期国债收益率最低下行至1月13日的2.29%；（2）春节前的“小钱荒”，使短端1年期国债收益率迅速上行至1月28日的的2.7%；（3）由于市场微观交易结构的原因，春节后海外再通胀交易升温以及美债的上行超预期，并未对市场带来明显利空，春节后收益率整体平稳而略有下行。向前看，宏观经济方面，经济仍在持续恢复但预计全年大超预期的概率较低；在防风险的融资约束下，房地产表现今年将较2020年有所转弱，基建投资也将维持偏弱；通胀预计有所上行但可控。市场方面，利率债供给有一定压力，但发行节奏预计将较为平滑。货币政策方面，高层会议定调，政策需维持连续性、稳定性和可持续性，从基调上来说，货币政策总体是中性的，不会有大松大紧的波动，边际变化仍看经济表现和防风险之间调整。对于债券市场而言，接下来机遇与风险并存，预计震荡幅度总体较2020年明显降低。本基金为指数基金，主要跟踪标的指数并配置剩余期限在0.5-3年的政金债。接下来，本基金将继续结合宏观政策形势变化，保持合适的久期和杠杆比例，紧密跟踪标的指数，主要配置中短期限利率债，力争为投资者赚取良好的投资回报。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:23.395Z","fund":{"_id":3000000005838,"__csrcFundId":7466,"stockCode":"005838","shortName":"创金合信中债1-3年政金债(005838)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5838,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:43.895Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"创金合信中债1-3年政策性金融债指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信中债1-3年政金债","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":2030330115.74,"setUpShares":2030330115.74,"pinyin":"cjhxzz1-3nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"}]},"announcement":{"linkText":"创金合信中债1-3年政策性金融债指数证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=573609","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9177fea5b3eb048b163","stockId":3000000005838,"sao":"2020年债券市场大幅波动，1-4月利率水平大幅下行，5月之后大幅上行。新冠疫情是去年行情变化的主线。1-4月阶段：1月底新冠疫情爆发及3月海外疫情蔓延，国内封城等严厉防控措施出台，经济活动总体出现停摆并大幅下挫，逆周期政策启动，财政政策积极并额外发行一万亿特别国债，货币政策利率明显下行，隔夜回购利率最低到1%以内，债券市场利率跟随大幅下行，10年国债最低至2.5%左右；5月之后，国内疫情得控，海外疫情严重，国内经济活动快速恢复，尤其是生产和投资活动，基于防风险诉求的货币政策开始转向，回购利率重新向常态水平回归，债券市场利率重新大幅上行。回购利率回归到政策利率以上，10年国债利率最高达到3.3%。此外，7月股市大幅上涨、8-9月国债供给压力导致一级市场、11月产业国企永煤违约等，都加剧了债券市场的上行压力。直到11月底金稳会定调维稳债券市场，央行重新引导货币市场利率下行，债券市场获得短期喘息。信用债则在永煤事件之后，出现持续性的信用分化表现。本基金为指数基金，主要跟踪标的指数并配置剩余期限在0.5-3年的政金债。2021年，本基金将继续结合宏观政策形势变化，保持合适的久期和杠杆比例，紧密跟踪标的指数，主要配置中短期限利率债，力争为投资者赚取良好的投资回报。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:23.392Z","mo":"向前看，2021年债券市场震荡下行的概率仍较大，信用分化仍将延续。宏观经济方面，疫情对中国出口和低端消费的影响仍在延续，但预计不会导致今年中国经济有明显的变化；在防风险的融资约束下，房地产表现今年将较2020年有所转弱，基建投资也将维持偏弱，但考虑政策的连续稳定性，这种弱势出现大幅恶化的概率较低。因此，2021年中国经济预计仍在向潜在增速复苏的路径上，过热的风险相对较低。货币政策方面，2020年中央经济会议定调，政策需维持连续性、稳定性和可持续性，不急转弯，并保持对经济恢复的支持力度，从基调上来说，货币政策总体是中性的，不会有大松大紧的波动，边际变化仍看经济表现和防风险之间调整。对于债券市场而言， 预计震荡幅度总体较2020年明显降低。本基金将继续结合宏观政策形势变化，保持合适的久期和杠杆比例，紧密跟踪标的指数，主要配置中短期限利率债，力争为投资者赚取良好的投资回报。","fund":{"_id":3000000005838,"__csrcFundId":7466,"stockCode":"005838","shortName":"创金合信中债1-3年政金债(005838)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5838,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:43.895Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"创金合信中债1-3年政策性金融债指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信中债1-3年政金债","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":2030330115.74,"setUpShares":2030330115.74,"pinyin":"cjhxzz1-3nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"}]},"announcement":{"linkText":"创金合信中债1-3年政策性金融债指数证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=552383","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9177fea5b3eb048b162","stockId":3000000005838,"sao":"2020年三季度债券市场呈现整体上行的行情。10年国债利率整体上行33bp左右，10年国开债利率显著上行64bp，7天DR007回购利率中枢较二季度继续回升50bp左右。7月初，伴随股票市场的连续大幅上涨，在经济基本面恢复的预期下，市场对政策收紧预期的担忧加剧，债券市场利率相应大幅上行，股债跷跷板效应显著。而货币政策也伴随经济复苏，边际上有所收紧，体现为资金面总体的紧张。7月中旬后，股债跷跷板效应减弱，债市有所修复，但在资金面总体偏紧，同业存单利率同时上行的环境下，债市一级市场利率频频发高，并带动二级市场利率上行。短端市场利率，最终回归到政策利率水平附近。在此之后，市场利率总体呈现震荡形势。向前看，经济继续逐步向潜在增速恢复，但恢复速度未超预期。由于经济内生动力还不够强劲，回归潜在增速还需要政策的继续扶持，因此政策总体来说仍偏积极。对于货币政策而言，基调仍是中性偏宽松的，DR007也基本围绕2.2%附近小幅波动，较为平稳。但基于\"稳增长和防风险的长期均衡\"，\"尽可能长时间实施正常货币政策\"，政策利率短期下行的可能性较小。当前债市所面临的市场环境相对温和，经济不冷不热、政策中性偏宽松，市场利率水平相对合理，债市趋于震荡。      本基金将继续结合宏观政策形势变化，保持合适的久期和杠杆比例，主要配置中短期限利率债，力争为投资者赚取良好的投资回报。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:23.390Z","fund":{"_id":3000000005838,"__csrcFundId":7466,"stockCode":"005838","shortName":"创金合信中债1-3年政金债(005838)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5838,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:51:43.895Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"创金合信中债1-3年政策性金融债指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信中债1-3年政金债","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":2030330115.74,"setUpShares":2030330115.74,"pinyin":"cjhxzz1-3nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"}]},"announcement":{"linkText":"创金合信中债1-3年政策性金融债指数证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=493827","linkType":"PDF","source":"csrc_pdf"}}]}