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数据上看，整体经济表现呈现一季度略强，二季度略弱的情况，复苏依然较为波折；在偏弱的基本面情况下，债券资产体现出较好的配置价值，特别是在上半年权益市场波动较大以及监管部门叫停手工补息等因素的影响下，大量资金涌向债券市场，债券市场再次出现资产荒行情，整体收益率大幅下行，截止半年末，各主要券种收益率以及利差水平均到了一个历史相对较低的位置；组合操作方面，上半年市场收益率整体下行，组合策略以配置型策略为主，获取稳定的票息收益，主要投资于中高等级信用债，未来组合将继续维持稳健投资风格，夯实票息基础，争取提供稳健回报。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:38.657Z","mo":"展望下半年，目前经济的重点依然在于地产市场能否企稳，这是当下对宏观基本面以及金融市场最大的不确定性因素，上半年地产政策频出，但整体效果依然有待观察，下半年可期待更多的新增政策，助力市场的整体企稳，减少对经济的拖累；另外下半年外部环境可能将有所变化，一方面美国大选结果的公布，可能对未来的中美关系以及外贸形势产生一些影响，需要密切关注，另一方面美联储可能在下半年开启降息周期，这将有助于减轻国内汇率和资金外流压力，对风险偏好有一定的助推作用；此外，从债券市场本身来看，目前债券市场绝对收益率水平偏低，整体资金大量淤塞的债券市场，交易结构上博弈情绪较重，票息微薄，这都蕴含着一定的风险，若基本面或者政策面有超预期变化，可能给市场带来一定的冲击，需要密切观察；总体来看，下半年债券市场风险和机遇并存，需要密切关注各项宏观变量的变化，做好应对。","fund":{"_id":3000000006827,"__csrcFundId":5868,"stockCode":"006827","shortName":"中加瑞鑫纯债债券(006827)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6827,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:46.526Z","status":"normal","inceptionDate":"2019-01-16T16:00:00.000Z","name":"中加瑞鑫纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050800000,"currency":"CNY","masterFundShortName":"中加瑞鑫纯债债券","pinyin":"zjrxczzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20587636","stockType":"fund_manager","exchange":"fm","tickerId":232025193680,"name":"魏泰源"}]},"announcement":{"linkText":"中加瑞鑫纯债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=1143007","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca167fea5b3eb049d429","date":"2024-03-30T16:00:00.000Z","stockId":3000000006827,"sao":"24年一季度债券市场整体牛，在比较宽松的资金面背景下，叠加开年政府债券发行节奏较慢，机构可配债资金充裕的情况下，债券市场形成阶段性的资产荒，机构配置需求较强，推动各种类型债券收益率持续下行，债券绝对收益率以及期限利差和信用利差均被压缩至历史最低或者历史最低水平附近，一季度债券市场整体呈现全面牛市的状态；展望二季度，随着政府债的逐步放量发行以及配置需求的逐步满足，预计债券市场资产荒的情况将有所缓解，未来市场走势将关注基本面恢复的情况以及由此带动的风险情绪的变化，预计整体波动性将显著增大。组合操作方面，一季度市场收益率整体下行，组合策略以配置型策略为主，获取稳定的票息收益，主要投资于中高等级信用债，未来组合将继续维持稳健投资风格，夯实票息基础，争取提供稳健回报。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:38.654Z","fund":{"_id":3000000006827,"__csrcFundId":5868,"stockCode":"006827","shortName":"中加瑞鑫纯债债券(006827)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6827,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:46.526Z","status":"normal","inceptionDate":"2019-01-16T16:00:00.000Z","name":"中加瑞鑫纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050800000,"currency":"CNY","masterFundShortName":"中加瑞鑫纯债债券","pinyin":"zjrxczzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20587636","stockType":"fund_manager","exchange":"fm","tickerId":232025193680,"name":"魏泰源"}]},"announcement":{"linkText":"中加瑞鑫纯债债券型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1068735","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca167fea5b3eb049d428","date":"2023-12-30T16:00:00.000Z","stockId":3000000006827,"sao":"2023年债券市场走势较为震荡，全年市场在强预期和弱现实的博弈中反复震荡，市场利率随着强预期的升温而抬升，随着弱现实的落地而下行，整体行情呈现震荡下行行情，各主要收益率水平均达到了历史低点或者历史低点附近位置，整体行情走牛；信用利差也逐步压缩，尤其是以城投债为代表的类政府债的债务品种，在化债行情下，总体利差显著压缩；但部分行业受到周期性因素影响，利差显著走阔，并出现一些信用事件；总体利率走势上，一季度受到强预期的影响利率有所上行，进入二季度弱于预期的经济数据逐步落地，让市场对经济前景的预期转向悲观，风险偏好逐步收敛，债券收益率随即下行，市场走出牛市行情；进入四季度后资金面扰动加剧，部分短期品种收益率出现一定的回调，但整体利率基本保持稳定，市场收益率曲线略有熊平走势，但绝对利率依然维持相对历史低分位数。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:38.652Z","mo":"展望2024年，宏观基本面的走势依然是决定债券市场走势的重要宏观因素，另外目前权益市场整体估值偏低，债券市场估值偏高，资产风格和资金流向的切换也将对债券资产的表现带来一定的冲击，整体市场行情可能更为震荡。组合操作方面，2023年市场收益率整体下行，组合策略以配置型策略为主，获取稳定的票息收益，主要投资于中高等级信用债，2024年组合将继续维持稳健投资风格，夯实票息基础，争取提供稳健回报。","fund":{"_id":3000000006827,"__csrcFundId":5868,"stockCode":"006827","shortName":"中加瑞鑫纯债债券(006827)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6827,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:46.526Z","status":"normal","inceptionDate":"2019-01-16T16:00:00.000Z","name":"中加瑞鑫纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050800000,"currency":"CNY","masterFundShortName":"中加瑞鑫纯债债券","pinyin":"zjrxczzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20587636","stockType":"fund_manager","exchange":"fm","tickerId":232025193680,"name":"魏泰源"}]},"announcement":{"linkText":"中加瑞鑫纯债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=1051283","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca167fea5b3eb049d427","date":"2023-09-29T16:00:00.000Z","stockId":3000000006827,"sao":"三季度经济政策开始加力，一方面针对地产政策进行系统性放松，一方面针对政府债务问题，推出再融资债，以推动经济增长，增强有效需求；受此影响，三季度债券收益率整体上行，一方面，实体需求的恢复带动资金中枢抬升，中短端利率上行较为显著，另一方面，刺激政策的推出改善了经济预期，长端利率随之也出现一波抬升，整体收益率曲线呈现熊平走势。展望四季度，从政策面来看，预计依然有一系列推动经济企稳向好的政策推出，预计四季度债券依然将承压，一方面有效需求的持续恢复将提高银行间市场资金成本，另一方面经济预期的向好以及实际表现的向好将压制长端债券的表现，并且随着经济的向好，风险偏好的抬升也将从大类资产配置的角度对债券形成一定的压制，整体看四季度债券收益率面临一定的上行压力，需要谨慎应对。组合操作方面，组合整体上以中高等级信用债持仓为主，整体策略偏配置型策略，保持较为防御性的久期水平和适当的杠杆水平，获取基础票息。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:38.649Z","fund":{"_id":3000000006827,"__csrcFundId":5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谨慎应对。","fund":{"_id":3000000006827,"__csrcFundId":5868,"stockCode":"006827","shortName":"中加瑞鑫纯债债券(006827)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6827,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:46.526Z","status":"normal","inceptionDate":"2019-01-16T16:00:00.000Z","name":"中加瑞鑫纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050800000,"currency":"CNY","masterFundShortName":"中加瑞鑫纯债债券","pinyin":"zjrxczzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20587636","stockType":"fund_manager","exchange":"fm","tickerId":232025193680,"name":"魏泰源"}]},"announcement":{"linkText":"中加瑞鑫纯债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=868389","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca167fea5b3eb049d423","date":"2022-09-29T16:00:00.000Z","stockId":3000000006827,"sao":"三季度市场走势较为震荡，从整体来看，资金中枢呈现逐步抬升的节奏；3季度初，受到疫情以及房地产风险事件影响，全社会有效需求较弱，而同期在结构性货币政策以及结构性的减税降费等政策推动下，市场基础货币量增长较快，体现为M2持续高增，但是有效需求不足背景下，社融增速相对较慢，导致资金在银行间无法有效传导，最终导致银行间货币市场利率持续走低，也带动债券市场和同业存单利率持续下行，进入9月份，随着减税降费政策的逐步结束，宽信用政策的逐步发力，资金开始向实体经济流动性，银行间资金淤积的情况有所缓解，资金利率缓步抬升，带动同业存单以及债券市场利率也有一波上行。展望四季度，目前经济情况依然存在较大的不确定性，一方面疫情反复导致经济难以很快恢复到正常的节奏中，并且对市场主体的预期产生了较大的负面影响，市场有效需求恢复的节奏和强度存在较大不确定性，另一方面，房地产可能依然是经济较大的拖累项，在对经济预期相对不好的情况下，很难激发居民内在的购房需求；在这种情况下，较为疲弱的经济基本面+较为充裕的流动性水平有望在四季度得到延续，但随着资金边际的向实体传导的加速，未来M2和社融增速的差可能逐步缩小甚至逆转，所以总的来看，短期内，四季度整体流动性情况和基本面情况依然会为货币市场和债券市场提供一个较好的宏观环境，但是也需要密切关注未来有效需求的恢复程度以及资金中枢的变化。组合操作情况回顾：组合整体上以中高等级信用债持仓为主，整体策略偏配置型策略，未来将继续维持该策略，保持较为中性的久期水平和适当的杠杆水平，获取息差收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:38.639Z","fund":{"_id":3000000006827,"__csrcFundId":5868,"stockCode":"006827","shortName":"中加瑞鑫纯债债券(006827)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6827,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:46.526Z","status":"normal","inceptionDate":"2019-01-16T16:00:00.000Z","name":"中加瑞鑫纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050800000,"currency":"CNY","masterFundShortName":"中加瑞鑫纯债债券","pinyin":"zjrxczzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20587636","stockType":"fund_manager","exchange":"fm","tickerId":232025193680,"name":"魏泰源"}]},"announcement":{"linkText":"中加瑞鑫纯债债券型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=806832","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca167fea5b3eb049d422","date":"2022-06-29T16:00:00.000Z","stockId":3000000006827,"sao":"市场方面，2022年上半年市场走势较为震荡，行情沿着两条逻辑线展开，一条为经济复苏，一条为疫情的防控，一季度上述两条逻辑线均指向疫情得到控制，经济企稳回升的方向，债券收益率整体上行，但市场流动性依然保持较为合理充裕的情况；进入二季度后，疫情反复，上海北京先后都发生了疫情，对生产生活秩序产生了较大的影响，进而拖累了整体的经济表现，并且对未来的预期产生了较大的影响，叠加二季度后半段地产开始出现一些显著的风险，导致经济承压，经济实体有效需求不足，资金淤积在金融市场，市场整体呈现弱基本面和资产荒并存的局面，在这种背景下，市场收益率显著下行。组合操作情况回顾：组合整体上以利率债及中高等级信用债持仓为主，整体策略偏配置型策略，未来将继续维持该策略，保持较为中性的久期水平和适当的杠杆水平，获取息差收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:38.636Z","mo":"展望下半年，目前经济情况依然存在较大的不确定性，一方面疫情反复导致经济难以很快恢复到正常的节奏中，并且对市场主体的预期产生了较大的负面影响，市场缺乏有效需求，在这种情况下，资金还是难以从金融市场顺畅的流动到实体经济中，金融市场资产荒的局面难以在短期内消除，下半年疲弱的经济基本面+较为充裕的流动性水平，可能还将是一个大概率的宏观背景组合，在该种情况下，包括货币市场在内的固定收益类市场依然面临较为有利的市场环境。","fund":{"_id":3000000006827,"__csrcFundId":5868,"stockCode":"006827","shortName":"中加瑞鑫纯债债券(006827)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6827,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:46.526Z","status":"normal","inceptionDate":"2019-01-16T16:00:00.000Z","name":"中加瑞鑫纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050800000,"currency":"CNY","masterFundShortName":"中加瑞鑫纯债债券","pinyin":"zjrxczzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20587636","stockType":"fund_manager","exchange":"fm","tickerId":232025193680,"name":"魏泰源"}]},"announcement":{"linkText":"中加瑞鑫纯债债券型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=782501","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca167fea5b3eb049d421","date":"2022-03-30T16:00:00.000Z","stockId":3000000006827,"sao":"市场方面，一季度债券市场走势剧烈震荡，一月份在央行降息带动下，债券市场利率快速下行；进入二月，伴随着宽信用政策的逐步发力，叠加超出预期的经济数据，市场收益率大幅上行，由此又引发部分基金出现赎回，带动利率进一步上行；进入3月，国内疫情逐步散发，市场对经济的担忧加剧，收益率水平整体平稳，略有下行；总体看，一季度市场波动较为剧烈，收益率曲线呈现熊平姿态。组合操作情况回顾：组合主要以高等级信用债持仓为主，为组合提供稳定的票息收入，并根据市场情况择机参与部分利率债交易，增厚组合收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:38.634Z","fund":{"_id":3000000006827,"__csrcFundId":5868,"stockCode":"006827","shortName":"中加瑞鑫纯债债券(006827)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6827,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:46.526Z","status":"normal","inceptionDate":"2019-01-16T16:00:00.000Z","name":"中加瑞鑫纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050800000,"currency":"CNY","masterFundShortName":"中加瑞鑫纯债债券","pinyin":"zjrxczzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20587636","stockType":"fund_manager","exchange":"fm","tickerId":2320251936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美债收益率上行，市场密切关注海外经济刺激政策和宽松货币政策的退出时点，国内长端债券受到压制。2月末开始，由于货币政策态度仍然较为温和，资金面持续宽松，对于输入性通胀的恐慌情绪缓解，债券新增供给较往年有所推迟，债券收益率震荡下行，信用利差收窄。从季度来看，1年期国债收益率上行10bp至2.57%，10年期国债收益率上行5bp至3.19%。展望后市，国内基本面将保持一定的韧性，但同时也将继续向潜在经济增速收敛。随着疫苗的推广，海外的疫情将逐步受控，经济持续复苏，国内外经济和政策节奏不同步，国内资本市场表现将具有相对的独立性。受基数原因和新涨价因素共同作用，通胀水平将明显走高。地方债供给将逐步释放，市场供需力量将有所改变。央行仍将保持相对中性的货币政策态度，不急转弯，但也暂无必要进一步放松，资金面极度宽松局面可能难以持续，资金利率将向公开市场操作利率中枢回归。在此背景下，债券市场仍将处于震荡行情。报告期内，我们根据市场变化灵活调整仓位。考虑到市场仍处于震荡寻顶过程，在总体保持中性的久期水平，并根据对基本面、政策面、资金面的判断，灵活调整组合的仓位，积极把握了市场区间震荡下的阶段性机会。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:38.623Z","fund":{"_id":3000000006827,"__csrcFundId":5868,"stockCode":"006827","shortName":"中加瑞鑫纯债债券(006827)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6827,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:46.526Z","status":"normal","inceptionDate":"2019-01-16T16:00:00.000Z","name":"中加瑞鑫纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050800000,"currency":"CNY","masterFundShortName":"中加瑞鑫纯债债券","pinyin":"zjrxczzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20587636","stockType":"fund_manager","exchange":"fm","tickerId":232025193680,"name":"魏泰源"}]},"announcement":{"linkText":"中加瑞鑫纯债债券型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=569992","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca167fea5b3eb049d41c","stockId":3000000006827,"sao":"2020年疫情因素对于基本面和资本市场形成了明显的扰动。前4个月，由于疫情导致经济活动部分停摆，收入降低和流动受限导致消费断崖式下滑，失业率一度接近政策警戒水平。为减少实体经济受到的冲击，货币政策整体宽松，公开市场操作利率调降，其中1年期MLF一共调低30bp至2.95%，7天逆回购利率一共调低30bp至2.2%,法定存款准备金率也进行了多次调降。对于重点领域出台定向信贷支持政策，宏观杠杆率明显提高。整体资金面宽松，资金利率低企，并带动债券收益率全面下行。5月份开始，随着疫情在国内得到有效的控制，经济持续复苏，基本面数据环比继续改善，工业生产保持了较好的增长态势，固定资产投资稳健上升，消费逐步恢复，就业情况稳定在了预警线以内。在此背景下，货币政策回归中性，注重跨周期设计和调节。受信贷持续投放和结构性存款压降的影响，银行超储率普遍处于较低的水平，负债端稳定性下降，资金面波动加大，资金利率中枢明显提高，同业存单发行量价齐升，相应推高市场利率水平。至四季度初，市场有所企稳。11月开始违约事件集中爆发，导致债券基金被大量赎回，市场流动性骤然收紧，债券收益率全面上行，信用利差走阔。其后随着金融委会议表态以及央行通过MLF和逆回购投放呵护资金市场，市场情绪有所缓和。至年末，海外疫情发展出现波折，央行表态政策不会出现急转弯，通过大量公开市场投放压低资金市场利率，跨年整体资金面超预期宽松，债券供给压力暂时缓解，使得市场情绪一致向好，收益率出现了快速的下行。全年来看，债券市场收益率呈先下后上的走势，在年初快速下行之后，开始进入了震荡上行周期。至年末，1年期和10年期的利率债收益率和年初水平基本持平，中低等级信用债的信用利差有所走阔。报告期内，我们根据市场变化灵活调整仓位，一季度积极提高杠杆和久期水平，充分获取利率下行的收益。此后考虑到市场仍处于震荡寻顶过程，在总体保持中性的久期水平，并根据对基本面、政策面、资金面的判断，灵活调整组合的仓位，积极把握了市场大幅波动下的阶段性机会。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:38.621Z","mo":"基本面方面，国内工业生产将保持较好的增长态势，地产投资有一定的韧性，消费和基建也将较为平稳。随着对疫情的控制，全球经济也将出现边际上的改善，供需逐步恢复。工业品价格在短期内将有一定的压力，带动通胀水平阶段快速上行。伴随着基本面的改善，叠加对于控制宏观杠杆率的考虑，货币政策也将转为中性或可能略偏紧的水平。目前央行的政策重心重新回归基本面和防泡沫风险，意在压降社会总体杠杆水平。资金利率中枢将回归至公开市场操作利率附近，并带动债券的重新定价。在基本面阶段高点过后，随着社融增速逐步下行，通胀压力消解，债券收益率总体将匹配经济潜在增速，在震荡中完成寻顶。","fund":{"_id":3000000006827,"__csrcFundId":5868,"stockCode":"006827","shortName":"中加瑞鑫纯债债券(006827)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6827,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:46.526Z","status":"normal","inceptionDate":"2019-01-16T16:00:00.000Z","name":"中加瑞鑫纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050800000,"currency":"CNY","masterFundShortName":"中加瑞鑫纯债债券","pinyin":"zjrxczzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20587636","stockType":"fund_manager","exchange":"fm","tickerId":232025193680,"name":"魏泰源"}]},"announcement":{"linkText":"中加瑞鑫纯债债券型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=554689","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca167fea5b3eb049d41b","stockId":3000000006827,"sao":"2020年三季度，在货币政策逐步回归常态化的大背景下，债券市场走出震荡下跌的行情，以10年国债收益率为例，该债券收益率从7月初的2.85%水平一路震荡上行至季度末的3.15%水平。此外，利率债跌幅大于信用债跌幅，导致信用利差收窄。市场资金面围绕政策利率波动，使得期限利差维持在历史较高水平，整条收益率曲线陡峭化。        展望四季度，经济方面，国内疫情得到有效控制，四季度经济渐进修复趋势仍将延续；货币政策方面，松紧适度仍是主基调，资金面有望继续保持合理充裕但波动性加大。微观结构上，商业银行依旧缺乏长期资金，存单利率进一步上行将制约整条收益率曲线的下行空间。预计整体债市仍处于震荡走势。后续投资操作上，组合将以票息配置策略为主，择机进行波段操作，增强组合收益。        报告期内，基于对债市政策面、基本面、资金面、市场情绪面等进行判断，组合维持较高的杆杆水平与较低的久期水平，较好的适应了债市的波动行情","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:38.618Z","fund":{"_id":3000000006827,"__csrcFundId":5868,"stockCode":"006827","shortName":"中加瑞鑫纯债债券(006827)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6827,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:46.526Z","status":"normal","inceptionDate":"2019-01-16T16:00:00.000Z","name":"中加瑞鑫纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050800000,"currency":"CNY","masterFundShortName":"中加瑞鑫纯债债券","pinyin":"zjrxczzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20587636","stockType":"fund_manager","exchange":"fm","tickerId":232025193680,"name":"魏泰源"}]},"announcement":{"linkText":"中加瑞鑫纯债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=494250","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca167fea5b3eb049d41a","stockId":3000000006827,"sao":"2020年上半年，在疫情反复、货币政策先放后收的大背景下，债券市场走出大幅波动的行情，收益率先是出现较大幅度下跌,之后又出现较大幅度的反弹，又基本回到了春节前的水平。具体来看，年初至4月, 10年国债收益率从3.14一路下行至2.51%的低点；此后随着5月央行货币政策开始收敛，10年国债收益率又逐步反弹至2.92%的水平。 报告期内，基于对债市政策面、基本面、资金面、市场情绪面等进行判断，组合维持较高的杆杆水平与较低的久期水平，较好的把握住了债市波动行情。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:38.615Z","mo":"展望三季度，经济方面，国内疫情得到有效控制，三季度经济渐进修复趋势仍将延续；货币政策方面，“更加灵活适度”的基调不变，资金面有望继续保持合理充裕，但种种迹象表明后续操作可能更加注重适度；财政政策方面，政府支出将明显加快，基建投资仍有提升动力。预计后续整体债市仍处于震荡走低的走势之中。后续投资操作上，组合将以票息配置策略为主，择机进行波段操作，增强组合收益。","fund":{"_id":3000000006827,"__csrcFundId":5868,"stockCode":"006827","shortName":"中加瑞鑫纯债债券(006827)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6827,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:46.526Z","status":"normal","inceptionDate":"2019-01-16T16:00:00.000Z","name":"中加瑞鑫纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050800000,"currency":"CNY","masterFundShortName":"中加瑞鑫纯债债券","pinyin":"zjrxczzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20587636","stockType":"fund_manager","exchange":"fm","tickerId":232025193680,"name":"魏泰源"}]},"announcement":{"linkText":"中加瑞鑫纯债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=465222","linkType":"PDF","source":"csrc_pdf"}}]}