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出新低，此后随着市场对经济复苏前景和稳增长政策出台预期的上升、跨半年末资金面收敛，债券市场有所回调，6月中下旬呈震荡走势。2023年上半年，本基金以利率债为主要投资标的，择机调整投资组合久期和杠杆水平，尽可能提高投资组合收益。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:17.739Z","mo":"展望下半年，以7月份政治局会议为标志，宏观政策将加码稳增长，在消费、地产、基建等领域都将出台一系列政策。随着稳增长政策加码，下半年中国经济将从“疫后恢复性”内需复苏转为“政策激励性”内循环升级，从“低基数红利、环比走弱”走向“政策红利、环比走强”。在高质量发展的理念驱动下，中国经济复苏更具有韧性和可持续性，但幅度将更加温和。政治局会议提出要发挥总量和结构性货币政策工具作用，下半年货币政策仍将保持宽松、发力稳增长。在此背景下，预计下半年债券市场或将维持震荡走势。","fund":{"_id":3000000006053,"__csrcFundId":5521,"stockCode":"006053","shortName":"中航瑞景3个月定开A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6053,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:44.167Z","status":"normal","inceptionDate":"2018-08-27T16:00:00.000Z","name":"中航瑞景3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051230000,"currency":"CNY","masterFundShortName":"中航瑞景3个月定开","pinyin":"zhrj3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20587882","stockType":"fund_manager","exchange":"fm","tickerId":132506180530,"name":"茅勇峰"}]},"announcement":{"linkText":"中航瑞景3个月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=956545","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec94d7fea5b3eb048f326","date":"2023-03-30T16:00:00.000Z","stockId":3000000006053,"sao":"2023年一季度，债券市场整体呈现震荡走势。年初随着中国经济运行向常态恢复，出行旅游复苏，市场对中国经济复苏的预期上升，对2023年中国经济增长信心回暖，带动1月份债市收益率出现较大幅度上行。春节后，由于春节期间旅游出行、消费等数据整体未超市场预期，投资者对经济复苏预期有所回落，带动债市收益率下行。2月中旬，伴随着税期资金面收紧，以及1-2月份金融数据、PMI数据等向好，债市收益率再度上行。从2月下旬至3月中旬，市场对经济修复的力度以及宏观政策的刺激力度存在疑虑，对好于预期的经济数据反应钝化，同时市场流动性整体保持宽松，机构配置意愿较强，海外硅谷银行事件对中国股市债市也产生一定影响，债市收益率出现下行，此后债市收益率维持窄幅震荡格局。一季度，本基金以利率债为主要投资标的，择机调整投资组合久期和杠杆水平，尽可能降低债市波动对投资组合的不利影响。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:17.737Z","fund":{"_id":3000000006053,"__csrcFundId":5521,"stockCode":"006053","shortName":"中航瑞景3个月定开A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6053,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:44.167Z","status":"normal","inceptionDate":"2018-08-27T16:00:00.000Z","name":"中航瑞景3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051230000,"currency":"CNY","masterFundShortName":"中航瑞景3个月定开","pinyin":"zhrj3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20587882","stockType":"fund_manager","exchange":"fm","tickerId":132506180530,"name":"茅勇峰"}]},"announcement":{"linkText":"中航瑞景3个月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=883257","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec94d7fea5b3eb048f325","date":"2022-12-30T16:00:00.000Z","stockId":3000000006053,"sao":"2022年债券市场受疫情、地缘政治冲突、欧美央行加息等多重因素影响，整体呈震荡走势。年初央行延续降准降息政策，市场处于经济回暖前夜，债市收益率下行。此后，随着1月PMI、金融数据等实现“开门红”，市场预期改善，带动债市收益率上行。2月份金融数据不及预期，宽信用遭遇挫折，市场降准降息预期再起，债市收益率掉头下行。1-2月份经济数据大超预期后，债市收益率再度上行；此后国内部分地区疫情出现反复，经济悲观预期再次升温，债市收益率转而下行。4月份，在疫情冲击加大、股市走弱、货币市场利率维持低位的情况下，债券市场震荡波动，收益率整体上行。5月份，经济下行压力进一步加大，债券市场收益率出现较大幅度的下行。进入6月份，随着疫情形势好转，市场悲观预期快速扭转，债市收益率震荡上行。7月份中国经济再度受疫情等因素影响，恢复力度有所下滑，同时货币市场利率维持在较低水平，债市收益率呈震荡下行走势。8月中旬央行降低公开市场操作和MLF利率，债市收益率出现一波快速下行。此后，随着疫情影响减弱，中国经济重回复苏势头，稳增长政策频频出台，欧美高通胀和海外加息潮来袭，债市收益率转而震荡上行。9月份经济复苏势头延续，支持房地产市场平稳发展的政策密集出台，市场对中国经济增长预期好转。9月中下旬，货币市场利率呈现抬升趋势；同时，美元指数持续走强，对人民币汇率造成较大压力，市场对货币宽松的预期下降，受上述因素影响，9月份债券市场总体呈现震荡上行走势。10月份，由于疫情对经济冲击增大，各项指标有所走弱，债市收益率震荡下行。11月份，同业存单首先调整，一级发行持续提价，带动债市调整。同时，银行理财等资管产品出现“赎回潮”，债市出现恐慌性抛售，收益率大幅上行，后半月市场情绪逐渐缓解。11月末至12月中旬，银行理财和债券基金遭遇第二波“赎回潮”，债市收益率再次大幅上行；此后，随着央行向货币市场投放充裕流动性，维持货币市场资金利率在较低位置，债市情绪缓和，收益率回落。2022年全年，疫情演变对经济和债券市场的冲击贯穿全年，海外高通胀和欧美加息潮也对债市造成一定影响，俄乌冲突、理财赎回潮等也对债市造成了较大的阶段性冲击，全年债市走势呈现反复震荡。2022年，本基金把控制风险放在投资管理的重要位置，以利率债为主要投资标的，择机调整投资组合久期和杠杆水平，尽可能降低债市波动对投资组合的不利影响。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:17.734Z","mo":"展望2023年债券市场，中国经济整体仍然走向复苏，且正在由“复苏预期”阶段逐渐走向“数据验证”阶段。春节后复苏预期有所回落，但经济复苏的大趋势是比较确定的，因此接下来一段时间长债收益率震荡上行的趋势也较为确定。我们认为，以3月初两会召开为时间节点，新一届政府正式运转，各项刺激经济政策出台，加上经济数据好转，长债收益率届时可能迎来较大的调整，此后将迎来预期的重新修正。在经济复苏的前期，央行货币政策仍将发力稳增长，货币市场利率水平有望保持稳定，短债收益率大概率呈震荡走势。","fund":{"_id":3000000006053,"__csrcFundId":5521,"stockCode":"006053","shortName":"中航瑞景3个月定开A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6053,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:44.167Z","status":"normal","inceptionDate":"2018-08-27T16:00:00.000Z","name":"中航瑞景3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051230000,"currency":"CNY","masterFundShortName":"中航瑞景3个月定开","pinyin":"zhrj3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20587882","stockType":"fund_manager","exchange":"fm","tickerId":132506180530,"name":"茅勇峰"}]},"announcement":{"linkText":"中航瑞景3个月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=864375","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec94d7fea5b3eb048f324","date":"2022-09-29T16:00:00.000Z","stockId":3000000006053,"sao":"2022年三季度，债券市场整体呈现震荡走势。7月份中国经济受疫情等因素影响，恢复力度有所下滑，同时货币市场利率维持在较低水平，债市收益率呈震荡下行走势。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组合持仓结构和杠杆水平，尽可能提高投资组合收益。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:17.724Z","mo":"2022年，虽然国内经济下行压力开始显现，但随着跨周期调节政策效果的显现，经济有望实现逐步回稳的走势。投资增长动能将有所恢复，基建投资托底力度将上升，地产政策逐步放松背景下投资增速有望触底；疫情对消费的冲击将逐步减弱，但就业、收入等因素仍将制约消费的修复速度；虽然出口增速将回落，但仍有望保持较强的韧性。央行稳健的货币政策灵活适度，加大跨周期调节力度，但海外货币政策的加快收紧将制约央行货币政策的宽松力度；积极财政政策的力度将有所提高，利率债的供给压力有所加大。2022年，由于宏观政策以稳为主，货币政策既不存在大幅收紧的可能，也不存在大幅放松的条件，债券市场呈现震荡市的可能性较大，但需重点关注宽信用效果显现及海外货币政策收紧对债市产生的阶段性冲击，同时在宽信用政策背景下，信用风险整体可控，但仍需防范尾部风险。2022年，本基金继续把控制风险放在投资管理的重要位置，继续以利率债为主要投资对象，择机调整投资组合久期和杠杆水平，并适度参与波段交易，尽可能增厚投资组合收益。","fund":{"_id":3000000006053,"__csrcFundId":5521,"stockCode":"006053","shortName":"中航瑞景3个月定开A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6053,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:44.167Z","status":"normal","inceptionDate":"2018-08-27T16:00:00.000Z","name":"中航瑞景3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051230000,"currency":"CNY","masterFundShortName":"中航瑞景3个月定开","pinyin":"zhrj3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20587882","stockType":"fund_manager","exchange":"fm","tickerId":132506180530,"name":"茅勇峰"}]},"announcement":{"linkText":"中航瑞景3个月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=712639","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec94d7fea5b3eb048f320","date":"2021-09-29T16:00:00.000Z","stockId":3000000006053,"sao":"2021年三季度，在疫情局部反复、水灾、能耗双控等因素影响下，国内主要经济指标出现走弱迹象，经济修复动能有所减弱。工业生产增速逐步下行，且PMI生产指数显著回落，显示生产端仍在承压过程中。投资修复动力不强，地产调控政策效果显现使地产投资承压，基建修复动力依然不足，制造业投资增速表现较好；疫情局部反复，对短期消费产生明显冲击，而就业、收入增长等因素制约消费的修复；出口依然保持较高的韧性，但出口动能面临回落的压力。PPI继续走高，并出现向CPI传导迹象，通胀预期开始上升。央行继续实施稳健的货币政策，保持连续性、稳定性、可持续性，虽然央行进行了一次全面降准，但市场流动性未见显著宽松，且市场资金价格中枢有所上移。三季度，债券市场整体呈现先上涨后震荡的格局，7月在降准推动下，债券市场收益率快速下行，随后由于债市缺少进一步上涨的催化因素而陷入震荡走势。三季度，本基金继续把控制风险放在投资管理的重要位置，以利率债为主要投资对象，并适度调整投资组合持仓结构和杠杆水平，尽可能增厚投资组合收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:17.721Z","fund":{"_id":3000000006053,"__csrcFundId":5521,"stockCode":"006053","shortName":"中航瑞景3个月定开A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6053,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:44.167Z","status":"normal","inceptionDate":"2018-08-27T16:00:00.000Z","name":"中航瑞景3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051230000,"currency":"CNY","masterFundShortName":"中航瑞景3个月定开","pinyin":"zhrj3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20587882","stockType":"fund_manager","exchange":"fm","tickerId":132506180530,"name":"茅勇峰"}]},"announcement":{"linkText":"中航瑞景3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=658522","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec94d7fea5b3eb048f31f","date":"2021-06-29T16:00:00.000Z","stockId":3000000006053,"sao":"2021年上半年，国内经济延续修复趋势，总体呈现稳中向好的格局，产需缺口收窄，生产端修复强于需求端。生产保持较强韧性，工业修复显著强于服务业；需求延续修复态势，但结构仍不均衡。投资总体继续修复，但结构分化仍较为明显，地产保持较强韧性，基建投资扩张动力不足，制造业投资修复逐步加快；消费虽然呈现逐步改善的迹象，但修复的速度依然偏慢；出口虽然出现边际走弱的迹象，但依然保持较为强劲的走势。PPI快速走高，但CPI仍在相对低位，通胀未成为货币政策的制约因素。央行实施稳健的货币政策，市场流动性总体处于偏宽松状态，仅在1月下半月为传递对资产价格泡沫的态度，央行降低流动性投放力度，市场流动性出现了阶段性的剧烈波动，随后又趋于宽松直至半年末。2021年上半年，债券市场总体呈现先抑后扬的走势，一季度初受市场流动性影响债券收益率出现了阶段性的上行，随后在市场流动性重新趋于宽松带动下，债券收益率开始下行，期间虽然通胀、美联储收紧预期等因素带来了扰动，但债券市场依然保持较强的走势。由于信用风险事件依然高发，市场风险偏好整体偏低。上半年，本基金继续把控制风险放在投资管理的重要位置，加大利率债配置力度，调整投资组合资产配置结构，并择机提高投资组合杠杆水平，尽可能增厚投资组合收益。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:17.718Z","mo":"2021年下半年，虽然国内经济仍将维持修复格局，但修复的动力将逐步趋弱，且结构不均衡的局面仍将延续。生产端有望继续保持韧性，出口仍将给工业生产带来支撑。海外疫情仍在反复，虽然出口增速将边际减弱，但外需总体仍将保持较高的景气度；地产投资面临边际走弱压力，制造业投资有望改善，基建投资改善的动力不足，消费改善速度依然偏慢，内需继续显著修复的动力不足，需求端难现大幅改善。PPI将从高位回落，CPI仍将相对温和。央行仍将实施稳健的货币政策，市场流动性总体仍将维持平衡略松的状态。下半年，国内经济运行总体相对平稳，但经济结构性问题依然存在，央行货币政策不存在大幅收紧的基础，在此背景下，预计债券市场可能呈现震荡略偏强的走势。","fund":{"_id":3000000006053,"__csrcFundId":5521,"stockCode":"006053","shortName":"中航瑞景3个月定开A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6053,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:44.167Z","status":"normal","inceptionDate":"2018-08-27T16:00:00.000Z","name":"中航瑞景3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051230000,"currency":"CNY","masterFundShortName":"中航瑞景3个月定开","pinyin":"zhrj3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20587882","stockType":"fund_manager","exchange":"fm","tickerId":132506180530,"name":"茅勇峰"}]},"announcement":{"linkText":"中航瑞景3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=631490","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec94d7fea5b3eb048f31e","stockId":3000000006053,"sao":"2021年一季度，国内经济延续良好的修复格局，生产端依旧保持强劲态势，需求端修复趋势略微偏慢。投资修复总体平稳，地产仍保持较高韧性，制造业投资恢复偏慢但有改善迹象，基建投资扩张动力降低；疫情对消费扰动仍然存在，消费恢复依然偏慢；海外经济呈现较好的复苏势头，出口依然保持较高的韧性。央行提出稳健的货币政策要灵活精准、合理适度，市场流动性总体处于偏宽松状态，但1月下半月为传递对资产价格泡沫的态度，央行降低流动性投放力度，市场流动性出现了阶段性的剧烈波动，2、3月份市场流动性又趋于宽松。虽然大宗商品价格走高，但并未带来显著通胀压力，且市场对通胀反应逐步钝化。一季度，在流动性总体宽松背景下，市场对基本面反应钝化，债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stUpdated":"2026-03-09T13:21:17.708Z","mo":"2020年下半年，预计随着宏观逆周期调节政策效果的显现，国内经济仍将继续修复改善，但修复的斜率将逐步放缓；虽然海外疫情走势仍然面临不确定性，但随着海外主要经济体经济活动的陆续重启，海外经济有望温和复苏。积极财政政策仍将继续，基建将是支撑经济回升的重要动力；宽松货币政策回归常态，市场流动性总体平衡。在此背景下，预计2020年下半年债券市场走出单边走势的可能性不大，债券市场可能呈现区间震荡的格局，前期基本面、资金面、债券供给等因素仍将对债券市场带来调整压力，但随着经济修复斜率的放缓，货币政策存在边际放松的可能，债券市场收益率存在阶段性走低的机会。针对前述市场环境，2020年下半年，本基金将继续把控制风险放在投资管理的重要位置，密切跟踪经济金融环境变化，及时调整组合久期和杠杆水平，平衡好风险和收益的关系。","fund":{"_id":3000000006053,"__csrcFundId":5521,"stockCode":"006053","shortName":"中航瑞景3个月定开A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6053,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:44.167Z","status":"normal","inceptionDate":"2018-08-27T16:00:00.000Z","name":"中航瑞景3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051230000,"currency":"CNY","masterFundShortName":"中航瑞景3个月定开","pinyin":"zhrj3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20587882","stockType":"fund_manager","exchange":"fm","tickerId":132506180530,"name":"茅勇峰"}]},"announcement":{"linkText":"中航瑞景3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=455947","linkType":"PDF","source":"csrc_pdf"}}]}