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下破1.8%关键点位。3月美伊冲突爆发引发油价飙升、输入性通胀担忧升温，债市长端承压，短端在资金宽松支撑下逐步下行，收益率曲线陡峭化运行。报告期内，本基金主要围绕市场风险偏好波动、供需结构错配和机构交易行为变化等因素开展投资交易，重点提升仓位和结构的稳定性以应对冲击后市场的谨慎修复行情。","lastUpdated":"2026-04-22T15:35:26.976Z","fund":{"_id":3000000006287,"__csrcFundId":5570,"stockCode":"006287","shortName":"永赢盛益债券(006287)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6287,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:06:30.388Z","status":"normal","inceptionDate":"2018-09-13T16:00:00.000Z","name":"永赢盛益债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050880000,"currency":"CNY","masterFundShortName":"永赢盛益债券","pinyin":"yysyzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801618619","stockType":"fund_manager","exchange":"fm","tickerId":2603191690,"name":"章成"}]},"announcement":{"linkText":"永赢盛益债券型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1474423","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec98e7fea5b3eb0493be8","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-20T16:00:00.000Z","stockId":3000000006287,"sao":"宏观方面，四季度经济动能放缓、内外需分化加剧。经济延续供强需弱格局，内需相关的投资、消费均明显走弱，信贷需求持续乏力，经济核心支撑来自出口韧性。整体通胀水平仍处负值区间，四季度反内卷对PPI的影响边际弱化，CPI受低基数支撑边际修复。政策方面，年末政治局会议、中央经济工作会议落地，货币政策延续宽松定调、财政保持必要强度，超预期增量指引相对有限。利率方面，四季度机构行为成为债市定价主导，收益率震荡上行。节奏上，10月受海外关税政策反复、央行重启买债支撑，利率震荡下行修复。11月机构止盈情绪升温，利率转为震荡。12月机构赎回情绪进一步走高，叠加年末大行久期指标压力，债市利率震荡上行。报告期内，本基金主要围绕债市供需情况和货币财政协同节奏等因素开展投资交易，降低高波资产和组合仓位水平以应对市场波动率提升和负债端潜在变化。","lastUpdated":"2026-03-09T13:22:22.607Z","fund":{"_id":3000000006287,"__csrcFundId":5570,"stockCode":"006287","shortName":"永赢盛益债券(006287)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6287,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:06:30.388Z","status":"normal","inceptionDate":"2018-09-13T16:00:00.000Z","name":"永赢盛益债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050880000,"currency":"CNY","masterFundShortName":"永赢盛益债券","pinyin":"yysyzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801618619","stockType":"fund_manager","exchange":"fm","tickerId":2603191690,"name":"章成"}]},"announcement":{"linkText":"永赢盛益债券型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1455265","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec98e7fea5b3eb0493be7","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000006287,"sao":"宏观方面，三季度经济延续平稳运行，但结构性压力边际加大。出口-生产链条的强韧性仍是经济重要支撑，但内需相较外需偏弱，消费增速边际趋缓、投资增速明显回落。在反内卷政策以及低基数支撑下，PPI同比降幅逐步收敛，物价预期明显改善。政策方面，央行延续对流动性呵护态度，资金价格维持低位，9月末5000亿政策性金融工具落地，有助于推动扩大有效投资。利率方面，基本面和资金面对债市仍构成支撑，但受反内卷交易、股债跷跷板效应等因素影响，三季度债市收益率震荡上行。7月初中央财经委会议提及“推动落后产能有序退出”，反内卷交易带动权益市场情绪升温，8月股债跷跷板持续演绎，债市收益率延续调整。9月市场风险偏好虽有所降低，但部分机构资金出现了止盈行为；同时市场对央行重启国债买卖博弈升温，债市表现偏震荡。报告期内，本基金主要围绕通胀预期和风险偏好变化等不确定性因素开展投资交易，一方面围绕阶段性投资交易主线动态调节仓位水平，另一方面结合利差变动优化仓位布局。","lastUpdated":"2026-03-09T13:22:22.604Z","fund":{"_id":3000000006287,"__csrcFundId":5570,"stockCode":"006287","shortName":"永赢盛益债券(006287)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6287,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:06:30.388Z","status":"normal","inceptionDate":"2018-09-13T16:00:00.000Z","name":"永赢盛益债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050880000,"currency":"CNY","masterFundShortName":"永赢盛益债券","pinyin":"yysyzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801618619","stockType":"fund_manager","exchange":"fm","tickerId":2603191690,"name":"章成"}]},"announcement":{"linkText":"永赢盛益债券型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1370278","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec98e7fea5b3eb0493be6","date":"2025-06-29T16:00:00.000Z","stockId":3000000006287,"sao":"宏观环境方面，在外部不确定性加大的背景下，上半年我国经济仍具有较强韧性。结构上，虽有中美关税扰动但出口整体平稳运行，并支撑工业生产、制造业投资维持高位；地产年初温和小阳春，随后销售热度有所降温，地产投资仍旧低位徘徊；信贷投放在年初开门红后边际回落，内生性融资需求有待进一步改善；消费在以旧换新政策延续支持下温和修复。政策方面，随着外围环境的复杂性和不确定性提升，宏观政策更加注重稳定市场、稳定预期。5月降准降息落地，资金价格中枢逐步回落，体现央行对流动性的呵护态度。从市场表现来看，年初央行暂停国债买入且流动性投放相对克制，资金面收敛带动短端出现调整。春节后权益市场风险偏好回升、基本面数据回暖，叠加市场修正对“适度宽松”的理解，收益率明显调整，10年国债活跃券最高触及1.9%，随后逐步修复。4月初对等关税落地后，市场避险情绪大幅升温，带动收益率大幅回落。二季度央行降准降息落地、资金中枢下移，日内瓦会议后中美关税大幅调降，但均未带动收益率突破窄幅震荡区间。操作方面，一季度本基金主要围绕货币政策表述与资金运行实际、经济宏观叙事架构与中长期运行逻辑、市场风险偏好及内外部不确定性等开展投资交易，前期整体维持中低仓位运行，中期结合资金预期与风险偏好反复适度提升组合弹性，后期围绕机构行为和基本面边际变化加大交易型仓位比重。进入二季度，考虑到资金面边际转向，基本面运行动能有所转变，同时中美贸易摩擦冲突推升市场不确定性，因此整体延续乐观仓位运行。","declarationDate":"2025-07-16T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:22.598Z","mo":"展望下半年，经济基本面与货币政策对债市仍有支撑，收益率预计延续震荡态势。7月政治局会议已平稳落定，在上半年经济韧性支撑下，实现全年经济目标难度不大，增量政策发力必要性随之下降。尽管抢出口效应褪去，但物价在反内卷政策以及基数支撑下预计中枢回升，对经济名义读数形成支撑，货币政策预计也将延续宽松周期。整体上，在低利率环境下债市向下空间虽受限，但调整压力亦可控，需要更加注重交易节奏把握，关注基本面、资金面、机构行为共振带来的交易机会，同时也要关注风险偏好扰动。","fund":{"_id":3000000006287,"__csrcFundId":5570,"stockCode":"006287","shortName":"永赢盛益债券(006287)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6287,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:06:30.388Z","status":"normal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月监管调控转向实操，债市赎回扰动频现，9月末政策基调转向，市场风险偏好回升，利率再度显著上行。至10月伴随风险偏好边际回落，债市情绪修复，并在年末货币政策定调\"适度宽松\"释放积极信号后，机构抢跑推动收益率曲线快速下移，10年期国债收益率持续下行。报告期内，本基金重点结合基本面修复节奏、监管态度变化、市场风险偏好动向和债市供需结构等开展投资交易。年初考虑到地产后周期的经济格局重塑，货币政策易松难紧，市场风险偏好回落叠加资产供给偏缓，整体对债市保持乐观判断，维持总仓位稳定。进入二季度，市场焦点逐步转向地产动能变化、债市供需再平衡和政策指引与市场调节等方面，但考虑内需偏弱格局尚难扭转，延续对债市的乐观判断，结合手工补息调整、监管调控指引等阶段性行情开展交易。至三季度末市场风险偏好在政策推动下快速提振，组合前期有序降低弹性以规避市场风险偏好快速抬升所带来的短期冲击，中期结合市场在政策预期和基本面展望间的反复变化，开展区间交易。临近年末，考虑债市供需结构有所失衡，适度提升组合弹性。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:22.589Z","mo":"展望2025年宏观环境，预计经济基本面表现平稳，物价温和修复，对企业盈利、居民收入等微观体感修复存在正向支撑。随着外部环境的不确定性上升，预计政策积极态度仍将延续，地方化债对财政支出的掣肘减弱，货币政策适度宽松配合。节奏上，外需受压程度决定了稳定内需的迫切性，二、三季度是重要观察节点。对债券市场而言，引导实体融资成本下行大概率仍是长期政策诉求，低利率环境下票息对调整空间的安全垫较薄，预计市场在波动中运行，整体操作难度加大，需要保持较高流动性以及操作灵活度。","fund":{"_id":3000000006287,"__csrcFundId":5570,"stockCode":"006287","shortName":"永赢盛益债券(006287)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6287,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:06:30.388Z","status":"normal","inceptionDate":"2018-09-13T16:00:00.000Z","name":"永赢盛益债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050880000,"currency":"CNY","masterFundShortName":"永赢盛益债券","pinyin":"yysyzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801618619","stockType":"fund_manager","exchange":"fm","tickerId":2603191690,"name":"章成"}]},"announcement":{"linkText":"永赢盛益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=1248134","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec98e7fea5b3eb0493be3","date":"2024-09-29T16:00:00.000Z","stockId":3000000006287,"sao":"宏观环境方面，2024年三季度经济整体处于总需求偏弱的状态。实体方面，代表经济景气度的PMI持续处于荣枯线下方，工业生产同比增速回落，产需不平衡的矛盾有待改善；社零增速处于偏低水平，居民消费意愿不足；投资板块中地产延续弱势，制造业与基建起到对冲作用。融资方面，内生融资需求仍有待改善，金融挤水分背景下总量融资增速偏弱。通胀环境整体温和，总需求不足的影响在价格端也有所体现。政策方面，三季度政策整体发力提速，政策表态更加积极。8-9月政府债券融资提速，单月净融资放量；货币政策延续对长端利率的管控思路，但总基调维持宽松，季度内两次调降政策利率，并于9月末降准。9月底相关会议首次提及促进地产市场止跌回稳，随后一线城市地产限购政策进一步放松。从市场表现来看，三季度利率先下后上。节奏上，7月下旬降息落地带动债市走强，8月初部分机构集中卖出长债推动利率快速走高；此后，随着卖债力度减弱、经济数据落地偏弱，市场出现回暖。9月初央行相关发言人在国新办发布会上谈及降准，利率进一步下行。月底相关会议表述积极，“双降”落地，但在市场风险偏好抬升的影响下债券利率快速回升。报告期内，本基金主要围绕基本面动能趋势、监管调控指引和市场风险偏好变化等开展投资交易，考虑内需动能有待提振，整体保持高仓位运行，结合监管调控指引和市场风险偏好变化等因素阶段性开展波段交易。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:22.586Z","fund":{"_id":3000000006287,"__csrcFundId":5570,"stockCode":"006287","shortName":"永赢盛益债券(006287)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6287,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:06:30.388Z","status":"normal","inceptionDate":"2018-09-13T16:00:00.000Z","name":"永赢盛益债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050880000,"currency":"CNY","masterFundShortName":"永赢盛益债券","pinyin":"yysyzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801618619","stockType":"fund_manager","exchange":"fm","tickerId":2603191690,"name":"章成"}]},"announcement":{"linkText":"永赢盛益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=1170773","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec98e7fea5b3eb0493be2","date":"2024-06-29T16:00:00.000Z","stockId":3000000006287,"sao":"宏观经济层面，上半年经济增长同比增速前高后低，内生修复动能略显疲弱，实物工作量及实体部门预期均有待修复。经济结构呈现一定分化：地产投资低位徘徊；基建投资受地方化债等影响尚待发力；消费缓步回补但缺乏弹性；制造业投资在设备更新等政策支持下表现相对强势；出口则在外需和基数效应共同影响下同比增速提升。货币金融层面，受实体信贷需求相对不足、政府债券发行节奏后置等影响，融资增速趋弱。政策举措层面，特别国债、设备更新及消费品以旧换新、地产去库存等稳增长支持政策相机出台，展示对实体经济的呵护态度；货币政策兼顾内外平衡，政策利率及广义存贷款利率稳中有降，挤水分、防空转、关注长债风险成为阶段性重心。利率市场方面，在经济动力偏弱、价格涨势不足、融资需求缺位的环境下，债券收益率整体震荡下行，幅度显著。其中，一季度利率单边下行，超长债表现亮眼，收益率曲线扁平化运行；二季度利率走势波动加大，受利差空间压缩、监管提示长债风险等因素影响，收益率曲线整体呈现陡峭化运行。操作方面，一季度本基金主要围绕基本面修复节奏、货币政策整体基调和市场供求关系等开展投资交易，考虑到地产后周期的经济格局重塑，货币政策易松难紧，市场风险偏好回落叠加资产供给偏缓，整体对债市保持乐观判断，维持总仓位稳定，结合资产相对价值与绝对价格阶段性参与波段交易。进入二季度，市场焦点逐步转向地产动能变化、债市供需再平衡和政策指引与市场调节等方面，但考虑内需偏弱格局尚难扭转，延续对债市的乐观判断，结合手工补息调整、长债风险提示等阶段性行情开展交易增厚。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:22.583Z","mo":"国内经济仍呈现有效需求不足、部分行业产能过剩、社会预期偏弱等问题，短期内或难见显著改观。在涨价动力不足、资产荒延续、社会广谱利率下行的背景下，利率有望维持震荡下行方向。从空间和波动性来看，考虑内外平衡，在外围降息尚未全部兑现的背景下，短端资金利率较难持续显著回落，对短期利率下行构成一定约束，而前期监管对长债的风险提示预计对机构行为仍有一定影响。因而，债市或延续偏强格局，下行空间主要取决于基本面修复进程和货币政策宽松幅度，不过也需要关注机构预期趋同和仓位集中带来的潜在波动率提升。","fund":{"_id":3000000006287,"__csrcFundId":5570,"stockCode":"006287","shortName":"永赢盛益债券(006287)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6287,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:06:30.388Z","status":"normal","inceptionDate":"2018-09-13T16:00:00.000Z","name":"永赢盛益债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050880000,"currency":"CNY","masterFundShortName":"永赢盛益债券","pinyin":"yysyzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801618619","stockType":"fund_manager","exchange":"fm","tickerId":2603191690,"name":"章成"}]},"announcement":{"linkText":"永赢盛益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=1142778","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec98e7fea5b3eb0493be1","date":"2024-03-30T16:00:00.000Z","stockId":3000000006287,"sao":"宏观方面，一季度经济延续去年以来的修复态势，且修复动能有所回升。结构上，出口、生产、消费表现均好于预期，政策支撑下基建和制造业保持韧性，房地产投资仍待提振。社融与信贷年初投放尚可，在节奏平滑以及高质量发展的政策引导下，预计后续表现平稳。通胀受春节错位影响年初波动较大，CPI、PPI表现分化，与消费出行相对火热、地产工业相对偏冷的经济结构相匹配。一季度货币政策维持宽松基调，年初央行开展降准、结构性降息等操作释放较强稳预期信号，政府工作报告提及增强资本市场内在稳定性、避免资金沉淀空转。年初以来资金价格表现平稳，整体贴合政策利率中枢波动。两会万亿特别国债落定，后续主要关注发行期限、节奏以及货币政策配合情况。从利率表现来看，一季度债牛行情延续，市场收益率整体下行。节奏上，1-2月在实物工作量落地进度偏慢、货币政策宽松博弈以及风险偏好偏弱等多重因素助推下，10年国债收益率连续下行，并先后突破2.5%、2.4%等关键点位。进入3月，利率下行动能减弱且波动加大，月初在交易情绪带动下触及年内低点，反弹后呈区间震荡态势，并逐步对基本面反应有所钝化。整体上，一季度末10年期国债估值收益率较季初下行超25BP。报告期内，本基金主要围绕基本面修复节奏、货币政策整体基调和市场供求关系等开展投资交易，考虑到地产后周期的经济格局重塑，货币政策易松难紧，市场风险偏好回落叠加资产供给偏缓，整体对债市延续乐观判断，维持总仓位稳定，结合资产相对价值与绝对价格阶段性参与波段交易。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:22.580Z","fund":{"_id":3000000006287,"__csrcFundId":5570,"stockCode":"006287","shortName":"永赢盛益债券(006287)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6287,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:06:30.388Z","status":"normal","inceptionDate":"2018-09-13T16:00:00.000Z","name":"永赢盛益债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050880000,"currency":"CNY","masterFundShortName":"永赢盛益债券","pinyin":"yysyzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801618619","stockType":"fund_manager","exchange":"fm","tickerId":2603191690,"name":"章成"}]},"announcement":{"linkText":"永赢盛益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=1072393","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec98e7fea5b3eb0493be0","date":"2023-12-30T16:00:00.000Z","stockId":3000000006287,"sao":"宏观方面，2023年经济全年呈现N型走势，一至四季度实际GDP增速依次录得4.5%、6.3%、4.9%、5.2%，全年GDP增速5.2%。2023年经济整体处于疫后修复期，但修复过程仍有曲折，总需求不足、居民与企业预期偏弱是制约经济向上弹性的主要因素。从经济结构上看，地产投资仍在低位徘徊，消费缓慢回补、制造业投资相对稳定，基建投资在稳增长政策支撑下维持高增速，出口年初脉冲后全年整体偏弱。实体以外，社融信贷年内投放节奏前置、增速前高后低，通胀中枢整体下移。债市方面，利率全年震荡下行，收益率曲线整体平坦化。节奏上，年初经济脉冲上行，信贷开门红带动资金边际收敛，利率出现小幅调整。春节后经济修复动能开始转弱，3月央行降准25bp带动资金价格和波动率双双下降，在基本面和资金面助推下，利率开启震荡下行，接连突破2.8、2.7、2.6等整数关口，并在8月降息后创下年内低点。9月后地产认房不认贷、活跃资本市场等政策陆续落地，万亿国债增发、地方特殊再融资债发行带动资金面边际收敛，债券收益率开始震荡调整，但因为基本面修复斜率偏缓，整体调整幅度有限。年末在机构配置、宽松预期抢跑等因素带动下，收益率再度下行，十年国债活跃券全年下行近30bp。报告期内，本基金重点结合疫后经济走势、地产后周期变化、财政与货币政策预期与节奏变动等开展投资交易。年初考虑政策优化调整，市场风险偏好抬升，整体转入防御，同步降低组合杠杆和久期至低位，重点挖掘信用利差修复。3月起伴随着情绪冲击的消散和宽信用预期的重定价，叠加资金面实质转松，持续提升组合仓位和进攻性。进入8月下旬，资金面边际收敛，政策刺激预期时有增强，同时，长债收益率接近历史低位后市场进一步做多动能衰减，组合逐步止盈交易性仓位，重回均衡结构。进入11月，伴随着资金面由紧转松，微观数据再度转弱，市场做多动能重新集聚，组合逐步提升久期，重回乐观操作。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:22.576Z","mo":"展望2024年，“经济弱修复、中央加杠杆、货币宽松配合”预计构成基本格局。经济基本面将延续修复态势，在基数主导下全年GDP走势有望呈现N型。结构上，在信贷结构优化调整、盘活存量资金的导向下，制造业投资预计表现平稳；基建投资是财政发力核心抓手，重点在于实物工作量的落地效果。消费弹性受到收入预期、消费意愿约束，预计延续弱复苏态势。需求端的可能弹性来源于出口，关注海外周期回升对外需的拉动作用。通胀方面，CPI、PPI中枢预计小幅抬升，但整体仍处于偏低位置。在高质量发展基调下，政策提效是关键，财政扩张有赖于中央加杠杆，货币政策在配合思路下将延续宽松基调，年内宽松操作仍可期待。对债券市场而言，广谱利率下移仍是长期趋势，利率中枢仍处于下行通道，由于金融机构负债端成本对下行幅度存在一定牵制，需在基本面和政策节奏中把握交易机会。","fund":{"_id":3000000006287,"__csrcFundId":5570,"stockCode":"006287","shortName":"永赢盛益债券(006287)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6287,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:06:30.388Z","status":"normal","inceptionDate":"2018-09-13T16:00:00.000Z","name":"永赢盛益债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050880000,"currency":"CNY","masterFundShortName":"永赢盛益债券","pinyin":"yysyzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801618619","stockType":"fund_manager","exchange":"fm","tickerId":2603191690,"name":"章成"}]},"announcement":{"linkText":"永赢盛益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=1048279","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec98e7fea5b3eb0493bdf","date":"2023-09-29T16:00:00.000Z","stockId":3000000006287,"sao":"宏观方面，筑底修复构成三季度经济主线，实体、通胀、融资等各项指标陆续企稳回升，经济修复的弹性和持续性成为后续核心关注点。实体方面，代表经济景气度的PMI数据回升至荣枯线上方，前期表现较为低迷的地产销售受政策推动整体回暖，居民消费也处于改善通道。信贷方面，债券发行对社融总量形成明显支撑，但融资需求仍待进一步提振。通胀方面，CPI和PPI于年中附近先后触底，此后转入震荡回升态势。政策方面，三季度稳增长政策进一步加码，呈现节奏快、力度强的特征。货币政策延续宽松基调，降息降准陆续落地，但受内外平衡等因素制约，资金面边际收敛。在货币宽松先行后，存款利率调降、存量房贷利率调降、认房不认贷优化等财政、地产政策密集出台，政策组合拳特征凸显。从利率表现来看，三季度债券收益率先下后上，7月市场横盘震荡，8月中旬央行非对称降息推动利率快速下行并触及年内低点，此后伴随稳增长政策进一步落地、经济数据企稳改善、资金面边际收敛，债券收益率震荡回升。整体上，三季度末10年期国债收益率较上季度末上行约4BP。报告期内，本基金主要围绕基本面修复新趋势、资金中枢边际变化和机构行为外部影响等开展投资交易，前期考虑到货币政策宽松措施陆续落地，整体延续乐观操作，后期考虑政策重心转变、资金中枢抬升和市场机构行为变化，转入以调节组合资产结构操作为主。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:22.574Z","fund":{"_id":3000000006287,"__csrcFundId":5570,"stockCode":"006287","shortName":"永赢盛益债券(006287)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6287,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:06:30.388Z","status":"normal","inceptionDate":"2018-09-13T16:00:00.000Z","name":"永赢盛益债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050880000,"currency":"CNY","masterFundShortName":"永赢盛益债券","pinyin":"yysyzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801618619","stockType":"fund_manager","exchange":"fm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步加码，从而对广义财政形成重要补充；货币环境易松难紧，但边际上将较2022年收敛，狭义流动性极度宽松的状态难以再现。债市方面，经济复苏预计对利率构成压制，寻求做多机会需要甄别合适的时间窗口，可重点把握基本面预期差和潜在货币政策调整带来的交易机会。在经济修复前期，财政政策和产业政策料将集中发力，债市趋势性机会较难出现，预计仍以结构性行情为主。进入经济修复中后期，伴随经济修复动能的变化和政策施力方式的调整，债市配置机会有望逐步打开。","fund":{"_id":3000000006287,"__csrcFundId":5570,"stockCode":"006287","shortName":"永赢盛益债券(006287)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6287,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:06:30.388Z","status":"normal","inceptionDate":"2018-09-13T16:00:00.000Z","name":"永赢盛益债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050880000,"currency":"CNY","masterFundShortName":"永赢盛益债券","pinyin":"yysyzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801618619","stockType":"fund_manager","exchange":"fm","tickerId":2603191690,"name":"章成"}]},"announcement":{"linkText":"永赢盛益债券型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=866566","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec98e7fea5b3eb0493bdb","date":"2022-09-29T16:00:00.000Z","stockId":3000000006287,"sao":"2022年三季度的宏观主线是冲击与修复。具体而言，7月经济在疫情反复、高温限电、地产风波等冲击下整体走弱，PMI回落至49，融资需求显著恶化，总量和结构双双走弱；8月至9月随着上述约束因素的逐步消减及稳增长政策的持续发力，经济转入弱复苏，PMI连续两个月改善，融资需求边际好转，基建实物工作量相关的高频数据明显回暖。通胀方面， 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69aec98e7fea5b3eb0493bd8","date":"2021-12-30T16:00:00.000Z","stockId":3000000006287,"sao":"2021年经济复苏进程面临新的稳增长压力，政策重心逐步转向跨周期与逆周期调节并举。在经济表现上，年初就地过年政策对消费形成抑制，拖累经济增速表现；二季度生产维持高位，经济显著改善；三季度受疫情、“双控”、“双限”等政策约束，经济增速转而放缓；四季度伴随保供稳价政策落地、外生冲击因素消散，经济增速再度反弹。结构上来看，出口、制造业投资表现强劲，社零、基建震荡偏弱，地产则持续走弱。总的来看，经济结构仍有待优化，工业板块依然偏高，消费与服务业缺口仍待修复。物价方面，通胀水平显著抬升，PPI在国内供给约束和全球大宗商品价格攀升的共同作用下持续跳升，但CPI整体上行较为温和，经济呈现出类滞胀的特征。货币金融方面，在实体融资需求转弱和基数效应的影响下，全年融资增速呈下行之势，直至年末在财政后置和债券发行的支撑下才有所企稳。政策方面，货币政策整体维持中性偏松，年内两度降准，资金价格围绕政策利率波动，而财政政策整体节奏后置，力度相对克制。产业政策方面则着重于结构优化，有保有压——压地产、基建、高耗能等“旧”模式，保小微、消费、制造业等“新”动能。债市方面，全年利率震荡下行，主要围绕资金面预期和供需平衡展开，大致可划分为四个阶段：第一阶段（年初至春节前），市场对于货币政策取向判断不明，债市有所调整但幅度有限；第二阶段（春节后至8月上旬），资金面实质宽松消弭了市场对于基本面改善和通胀上行的隐忧，收益率缓步下行，并在超预期降准的推动下快速下探；第三阶段（8月中旬至10月下旬），资金面宽松预期有所松动，债市步入调整；第四阶段（10月下旬至年末），配置行情推动市场再度走强，再度降准则进一步强化市场信心，债市收益率创下年内新低。报告期内，本基金重点结合货币政策走势和市场预期变化等开展投资交易，一季度整体维持谨慎操作，二季度强化宽幅波段交易，进入下半年持续提升仓位水平，整体维持乐观操作。","declarationDate":"2022-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:22.555Z","mo":"2022年政策发力预计前置，经济波动有望收敛，通胀压力可能会缓解，融资需求有待激活，从同比角度来看，全年经济增长大概率呈现震荡走高之势。政策方面，在稳增长压力之下，财政政策预计更加积极，货币政策则受内外部环境掣肘预计维持中性，宏观调控政策的组合模式有望由“宽信用+宽货币”转入“宽信用+稳货币”。债市方面，信用扩张有望逐步由市场预期转向现实落地，债市波动性恐有所加大，尤其是在海内外经济复苏节奏显著错位和货币政策取向明显背离的上半年。不过考虑到经济结构的深层次问题和经济发展的现实约束，利率也较难出现大级别的趋势性调整，预计整体呈现偏宽幅震荡走势。","fund":{"_id":3000000006287,"__csrcFundId":5570,"stockCode":"006287","shortName":"永赢盛益债券(006287)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6287,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:06:30.388Z","status":"normal","inceptionDate":"2018-09-13T16:00:00.000Z","name":"永赢盛益债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050880000,"currency":"CNY","masterFundShortName":"永赢盛益债券","pinyin":"yysyzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801618619","stockType":"fund_manager","exchange":"fm","tickerId":2603191690,"name":"章成"}]},"announcement":{"linkText":"永赢盛益债券型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=706739","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec98e7fea5b3eb0493bd7","date":"2021-09-29T16:00:00.000Z","stockId":3000000006287,"sao":"2021年三季度，在工业周期下行、“能耗双控”约束及疫情、汛情等冲击下，实体经济呈供需两弱状态，经济景气指标PMI连续回落，至9月已降至荣枯线以下。工业增加值、社零、地产及基建投资全面走弱，出口高位震荡，制造业投资弱反弹，实体融资需求显著走弱，社融存量增速继续下行。与此同时，工业品价格不断攀升，PPI续创新高，经济“类滞胀”特征持续凸显。政策方面，货币政策整体维持中性偏松，7月初央行超预期下调存款准备金率0.5个百分点，叠加常态化OMO和关键时点资金平滑措施，7-8月资金面整体保持平稳偏松的状态，至9月起有所收敛。总的来看，本季度资金波动率维持低位，资金中枢与OMO的偏离幅度较二季度明显收窄。财政政策在定调上则更为积极，730政治局会议指出要在今年底明年初形成实物工作量，项目审批工作明显提速，但地方债发行仍相对偏慢，实际供给压力较为有限。债市方面，降准后在资金宽松及经济悲观预期发酵的驱动下，收益率快速下行，至8月初触及低点后转入震荡。总体上，三季度末1年期和10年期国债收益率相较于二季度末分别下行约10BP和20BP。报告期内，本基金主要结合货币政策走势、经济复苏节奏与通胀预期变化等因素开展投资交易，前期提升组合仓位至中高水平，后期整体以优化组合结构操作为主。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:22.552Z","fund":{"_id":3000000006287,"__csrcFundId":5570,"stockCode":"006287","shortName":"永赢盛益债券(006287)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6287,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:06:30.388Z","status":"normal","inceptionDate":"2018-09-13T16:00:00.000Z","name":"永赢盛益债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050880000,"currency":"CNY","masterFundShortName":"永赢盛益债券","pinyin":"yysyzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"8801618619","stockType":"fund_manager","exchange":"fm","tickerId":2603191690,"name":"章成"}]},"announcement":{"linkText":"永赢盛益债券型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=656395","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec98e7fea5b3eb0493bd6","date":"2021-06-29T16:00:00.000Z","stockId":3000000006287,"sao":"上半年经济数据受基数效应驱动，显著的前高后低，一、二季度GDP增速分别录得18.3%、7.9%；但剔除基数后，经济表现恰好相反，一季度受就地过年等影响，第三产业产值有明显回落，经济2年复合增速5%左右，二季度经济各产业均全面好转，经济2年复合增速回弹至5.5%。经济结构上，出口、生产和投资都比较旺盛，消费、服务业虽有复苏，但速度较慢，经济呈现出结构性失衡。这种失衡也体现在物价上，工业品价格不断攀升，迭创新高，PPI同比上探9%，显著超过前一轮周期高点且并没呈现出明显的回落迹象；与之相对应，随着猪瘟影响的消退，猪肉为代表的农产品价格受供需两方面影响，显著回落，CPI上行但幅度偏弱，核心CPI则依然位于1%以下，核心消费动能回弹较慢。政策方面，上半年货币政策保持了常态化的OMO投放和等量MLF续作，政策态度中性偏呵护；财政行为则明显后置，债券供给速度持续慢于市场预期，利率资产供应偏少，导致整个债券市场供需力量偏向于欠配。市场方面，以春节为节点，春节前经历前一年末的显著下行后，市场担忧央行投放不足，有一波快速调整；春节后在持续宽松的资金推动下，利率缓慢震荡走低，10年期国债收益率从高点到半年末下行约20BP。操作方面，本基金主要结合货币政策走势、经济与通胀预期变化和避险情绪反复等因素开展投资交易，年初结合市场风险事件后的政策呵护提升组合仓位并于2月上旬回归中性，春节后伴随资金面转松和市场供需平衡变化逐步提升仓位水平，至5月下旬起逐步降低仓位水平转入中性操作。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:22:22.550Z","mo":"后续展望来看，6月的经济数据表明经济动能并没有明显的走弱，目前来看，工业生产、出口、投资都面临了供给干扰约束，需求动能并没有完全释放，下半年经济总体上可能处于一个平缓磨顶的状态，难以出现明显失速，核心还是消费等板块复苏状态能否持续。物价同比表现预计也将类似，总体上斜率陡峭向上的时期已过，但并不会快速下滑，而是震荡磨顶状态。市场的核心纠结点还是政策的反应模式，7月前半期的降准打乱了政策中性预期，情绪上朝着宽松开启的方向演化，但宏观背景实际上依然支持的是一个中性资金面，这种背景下预期过度发散、债券供给后置都是潜在的风险点。但需要注意的是：决策层反复强调“跨周期调节”，强调应对可能的周期下滑风险，且2022年各项常用的周期指示指标面临趋势下滑，要谨防政策框架变迁导致的利率形态平滑、拐点前置，因而以配置思路来看，可以更为积极。","fund":{"_id":3000000006287,"__csrcFundId":5570,"stockCode":"006287","shortName":"永赢盛益债券(006287)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6287,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:06:30.388Z","status":"normal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