window.pageData = {"stock":{"_id":3000000006915,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50020000","tickerId":50020000,"name":"南方基金管理股份有限公司"},"managers":[{"name":"江佳骏","stockType":"fund_manager","stockCode":"j101019938","exchange":"fm","tickerId":101010243930}],"hotMetrics":{"fss":{"stockId":3000000006915,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.9987,"f_ins_h_s_r_c_hy":-0.0010000000000000009,"f_ins_h_s_r_c_1y":-0.0010000000000000009,"f_ind_h_s_r":0.0013,"f_ind_h_s_r_c_hy":0.001,"f_ind_h_s_r_c_1y":0.001,"f_h_a":331,"f_h_s_a":7917920,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000006915,"type":"fpr","f_p_r_fys_ssc":7470,"f_p_r_fys_ssrp":0.25451867719908955,"f_p_r_m1_ssc":7538,"f_p_r_m1_ssrp":0.14886559639113706,"f_p_r_m3_ssc":7467,"f_p_r_m3_ssrp":0.15858558799892847,"f_p_r_m6_ssc":7246,"f_p_r_m6_ssrp":0.21587301587301588,"f_p_r_y1_ssc":6784,"f_p_r_y1_ssrp":0.29455992923485186,"f_p_r_y2_ssc":5802,"f_p_r_y2_ssrp":0.49388036545423203,"f_p_r_y3_ssc":4866,"f_p_r_y3_ssrp":0.5190133607399794,"f_p_r_y5_ssc":3272,"f_p_r_y5_ssrp":0.4490981351268725,"f_cagr_p_r_fs_ssc":7231,"f_cagr_p_r_fs_ssrp":0.3661134163208852},"fp":{"stockId":3000000006915,"type":"fp","f_p_r_fys":0.01104753143725934,"f_p_r_m1":0.00444125495343628,"f_p_r_m3":0.010565896751932646,"f_p_r_m6":0.017546014227579176,"f_p_r_y1":0.024890830061365055,"f_p_r_y3":0.09101757143966749,"f_cagr_p_r_fs":0.032664422567927565,"f_p_r_d1":-0.00047989250407898254,"f_p_r_y2":0.05240872201989677,"f_p_r_y5":0.17047283210551667,"last_data_date":"2026-04-12T16:00:00.000Z"},"ff":{"stockId":3000000006915,"type":"ff","f_m_f":4490062,"f_m_f_r":0.003,"f_c_f":1496687,"f_c_f_r":0.001,"f_m_a_c_f":5986749,"f_m_a_c_f_r":0.004,"f_m_c_f_d":"2025-03-03T16:00:00.000Z","f_c_fr":0.001,"f_fr_d":"2026-03-02T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.004},"f_nlacan":{"stockId":3000000006915,"type":"f_nlacan","f_nv_d":"2026-04-12T16:00:00.000Z","f_nv":1.0399,"f_nv_cr":0.0004810467577447408},"f_as":{"stockId":3000000006915,"type":"f_as","f_tas":818753281.0742999,"f_tas_d":"2025-12-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000006916,"name":"南方亨元债券型发起式证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","stockCode":"006916","tickerId":6916,"shortName":"南方亨元债券发起C","__csrcFundId":5980,"lastUpdated":"2025-01-04T00:31:59.400Z","exchange":"jj","inceptionDate":"2019-02-28T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","status":"normal","masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"nfhyzqxfqszqtzjj"}],"bondHoldings":[{"_id":"69723acb1987889646e6f8aa","date":"2025-12-30T16:00:00.000Z","fundId":3000000006915,"stockCode":"230203","stockName":"23国开03","holdings":600000,"marketCap":62907123,"netValueRatio":0.074,"lastUpdated":"2026-01-22T14:57:15.365Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723acb1987889646e6f8ab","date":"2025-12-30T16:00:00.000Z","fundId":3000000006915,"stockCode":"240208","stockName":"24国开08","holdings":600000,"marketCap":60765616,"netValueRatio":0.0715,"lastUpdated":"2026-01-22T14:57:15.376Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723acb1987889646e6f8ac","date":"2025-12-30T16:00:00.000Z","fundId":3000000006915,"stockCode":"220315","stockName":"22进出15","holdings":500000,"marketCap":51629876,"netValueRatio":0.0608,"lastUpdated":"2026-01-22T14:57:15.379Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723acb1987889646e6f8ad","date":"2025-12-30T16:00:00.000Z","fundId":3000000006915,"stockCode":"220407","stockName":"22农发07","holdings":500000,"marketCap":51160205,"netValueRatio":0.0602,"lastUpdated":"2026-01-22T14:57:15.382Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723acb1987889646e6f8ae","date":"2025-12-30T16:00:00.000Z","fundId":3000000006915,"stockCode":"250306","stockName":"25进出06","holdings":500000,"marketCap":50280753,"netValueRatio":0.0592,"lastUpdated":"2026-01-22T14:57:15.385Z","declarationDate":"2026-01-21T16:00:00.000Z"}]},"list":[{"_id":"69cc25d01dc8b83221c664bc","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-30T16:00:00.000Z","stockId":3000000006915,"sao":"2025年全年经济维持温和复苏态势，结构呈现分化特征。国内方面，生产端受出口拉动表现优于需求端，内需恢复相对偏弱，产需缺口年内有所扩大，价格指标于年内触底后企稳回升；政策端积极发力、稳步落地，财政政策加力提效，地方债前置发行对上半年经济形成支撑，四季度政策性金融工具等接续落地、有效发力；货币政策延续“适度宽松”的基调，央行保持流动性合理充裕，并于5月实施降准降息操作，对冲关税冲击助力实体经济。海外方面，美联储9月、10月、12月连续三次降息，累计降幅达75bp，外部流动性环境边际改善。市场方面，2025年债市终结单边牛市格局，整体震荡走弱、波动显著加大，10年期国债收益率全年上行约24bp，年末收于1.85%；收益率曲线受通胀预期升温、市场风险偏好回升等影响，下半年大幅走陡；信用利差受资金面及配置需求影响，年初阶段性走阔后持续压缩，全年维度上多数品种利差呈下行态势。投资运作上，南方亨元以中高等级信用债策略为主，择机进行利率债波段操作增厚组合收益。","lastUpdated":"2026-03-31T19:51:44.511Z","mo":"展望未来，预计2026年经济延续稳中有进的发展态势。海外方面，美联储仍处降息周期内，主要经济体均有宽财政预期，有望支撑我国出口保持韧性；国内方面，当前微观出现一定回暖迹象，但供强需弱矛盾仍较为突出，经济企稳回升进程仍存挑战，政策端定调积极，开年央行结构性降息率先落地，财政端国补资金提前下达助力消费回暖，央行持续将流动性维持在合理充裕的水平；债市方面，当前多空因素交织，预计仍将延续震荡格局且波动有所加大，长期限利率品种仍具备交易性机会，在资金面偏宽松的背景下，中短期限信用品种仍具备较优的配置及套息价值。","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元债券型发起式证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1461894","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f07a","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000006915,"sao":"三季度经济形有分化、势在向好、稳步修复。在结构性因素支撑下，外需和出口存在韧性，9月美联储降息25bp落地，加速全球制造业周期回升；内需供强需弱特征较为明显，PMI持续位于荣枯线以下运行，消费内生增长动力不强，物价水平较为低迷，地产销售有走弱趋势。政策端维持积极态度，财政政策托底经济，政府债发行前置，增量的政策性金融工具逐步落地；货币政策方面，资金面整体维持宽松，美联储降息周期开启后，市场对央行后续降息存在一定预期。市场层面，三季度债券市场呈现“熊陡”格局，7-8月“反内卷”政策推升通胀预期，权益市场持续走强引发“股债跷跷板”效应，9月基金销售费率新规征求意见稿出台，进一步引发债基赎回担忧，市场收益率进一步上行，长端上行幅度大于短端，曲线走陡；信用债7-8月相对抗跌，9月补跌，利差小幅走阔。投资运作上，南方亨元以投资中高等级信用债策略为主，积极利用利率债进行波段操作增厚组合收益。组合在三季度转为防守，选用票息策略控制组合回撤。展望未来，预计经济基本面维持稳中有进趋势，海外货币和财政均有宽松预期，支撑出口维持高位，但内需层面，消费和投资需求偏弱的格局短期较难扭转，经济企稳回升的过程中依然存在波折。在经济复苏转折期中，央行降息预期等因素预计带来债券市场超跌反弹博弈机会，但长期来看下行空间逼仄，较难走出流畅的债券牛市表现，行情预计依然以震荡为主。中短信用债依然具备票息配置价值，利率债重视波段交易机会。","lastUpdated":"2026-03-09T13:25:07.780Z","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元债券型发起式证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1381899","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f079","date":"2025-06-29T16:00:00.000Z","stockId":3000000006915,"sao":"上半年国内经济在复杂环境中稳健前行。海外方面，美国关税政策反复，全球经济增速走弱，外需的不确定性较高。国内方面，基本面景气度维持温和修复，生产端强于需求端，国补支撑的消费、财政前置发力的基建投资、以及“抢出口”效应对上半年经济有较强支撑。政策端保持积极有为态度，其中货币政策维持适度宽松，5月降准降息等一揽子金融政策落地，上半年资金面由紧转松；财政政策持续发力，以旧换新补贴延续，政府债发行节奏较快，支撑基建投资增速。市场层面，上半年债券市场波动较大，一季度由于资金面收紧以及市场风险偏好提升，债券市场大幅回调，二季度初因中美关税摩擦，债券收益率水平快速下行，5月降准降息落地后维持震荡下行趋势；整体而言长端走势强于短端，上半年曲线走平；信用债受益于市场配置力量较强，表现好于同期限利率债，利差压缩。投资运作方面，组合以投资中高等级信用债策略为主，积极进行利率债波段操作增厚组合收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.777Z","mo":"展望未来，预计国内经济维持温和复苏态势。海外方面，外需依然存在不确定性，下半年出口压力较大，但美联储降息时点临近，外部流动性宽松，随着汇率压力缓解，货币政策预计维持适度宽松，流动性预计保持合理充裕。随着外需走弱，财政政策下半年加码发力的必要性提升。目前债券市场收益率和各类利差水平位于低位，下行空间相对有限，后续预计维持区间震荡走势，行情可能出现扰动反复。后续组合将在市场波动中把握信用债个券调整买入窗口，以及利率债窄幅波动中的波段操作机会。","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元债券型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1351486","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f078","date":"2025-03-30T16:00:00.000Z","stockId":3000000006915,"sao":"一季度经济维持企稳回升态势。国内方面，官方制造业PMI连续两个月高于50%荣枯线，二手房成交量回暖，内需出现部分修复迹象。海外方面，特朗普多次对各国加征关税，全球贸易摩擦升级，市场开始定价美国衰退风险，外需转弱和关税政策或对出口形成冲击。政策端维持积极态度，两会制定的经济目标和政策力度符合市场预期，开年以来政府债发行提速，快于季节性；货币政策宽松预期在一季度有所降温，央行收紧流动性，资金面偏紧。市场层面，一季度债券市场震荡回调，10Y国债利率上行近14bp，由于本轮调整主要由资金面驱动，短端调整幅度更大，曲线走平；信用利差一季度先升后降，1-2月在资金收紧过程中利差抬升，3月中下旬资金转松，信用债修复速度更快，利差压缩，季度维度看信用利差基本持平。投资运作上，南方亨元以配置中短期限信用债为主，积极参与长期限利率债的波段操作增厚组合收益。展望未来，预计经济基本面维持内生复苏趋势，关税政策等外部环境冲击下，预计政策端加强超常规逆周期调节力度，更加重视内需驱动。货币政策预计维持支持性，降准降息的概率较高，流动性预计维持合理充裕。当前各品种债券的绝对收益水平重新接近前低，后续政府债发行放量、政策加码力度等均可能对市场形成扰动，但货币宽松预期加强，多空交织下债券市场预计呈现区间震荡走势，市场波动预计加大。曲线平坦化后，中短端品种具备较好的配置价值，长端品种以交易价值为主。后续组合将在市场波动中把握信用债个券调整买入窗口，以及利率债波动过程中的波段操作机会。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.774Z","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元债券型发起式证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1277442","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f077","date":"2024-12-30T16:00:00.000Z","stockId":3000000006915,"sao":"2024年全年经济维持温和复苏态势。国内方面，经济基本面景气度缓慢回升，生产端好于需求端，内需偏弱。政策全年稳步加码发力，基调积极，财政端5月出台地产新政，9月继续出台一揽子增量政策，全年政府债发行逐渐增量提速，持续改善市场预期；货币政策方面，央行全年接连下调逆回购利率、MLF利率、LPR利率、存款准备金率，12月进一步确立“适度宽松”的货币政策基调，保持了流动性合理充裕，支持实体经济。海外方面，美联储9月首次降息50bp落地，11-12月连续两次降息25bp，外需韧性依然偏强，但关税政策预期的反复依然给外部环境带来不确定性。市场层面，2024年债券市场全面走牛，各期限各品种债券收益率大幅下行，10Y国债利率下行88bp，曲线形态基本稳定；信用利差全年先降后升，上半年因市场配置力量较强，叠加暂停存款手工补息等事件影响，利差大幅压缩，下半年市场流动性有所减弱，利率债由交易情绪主导，收益率下行更快，信用利差抬升，全年来看利差小幅压缩。投资运作上，南方亨元以利率债和中高等级信用债策略为主，通过利率债波段操作增厚组合收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.772Z","mo":"展望未来，预计2025年经济基本面稳中有进，政策端加强超常规逆周期调节，财政政策更加积极，带动经济继续高质量发展。“适度宽松”的货币政策基调下，央行预计综合运用多种货币政策工具，维持流动性合理充裕。短期债券市场利率预计会受到政策预期变化、资金面波动等因素的扰动，但广谱利率持续下行的趋势未发生变化，债券市场预计维持区间震荡走势，中短端品种具备较好的配置价值，长端品种以交易价值为主。后续组合将在市场波动中根据信用利差的变化把握个券调整买入窗口，以及利率债波动过程中的波段操作机会。","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元债券型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1258060","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f076","date":"2024-09-29T16:00:00.000Z","stockId":3000000006915,"sao":"三季度国内经济继续保持总体平稳、稳中有进态势。对外贸易依旧活跃，出口企业呈现旺盛活力，带动制造业链条温和复苏。传统的地产基建链条，则继续深化结构性改革，转型发展模式。政策方面，七月下旬降息，九月下旬降准降息、调降存量房贷利率、稳定资本市场等一系列措施，有效带动预期改善，提振风险偏好。海外方面，美国通胀压力逐渐缓和，美联储开启降息50bp，全球流动性环境明显改善。债券市场层面，三季度债券收益率宽幅震荡，波动较大，利率债表现好于信用债。投资运作上，组合继续以中短信用债为底仓。伴随支持性货币政策的落地，组合阶段性参与长期利率债交易，博弈资本利得增厚。展望未来，预计四季度政策仍然维持积极取向，系统落实一揽子增量政策，扎实推动经济向上结构向优、发展态势持续向好。国内方面，主要关注财政增量政策落地，房地产市场止跌企稳情况。海外方面，继续关注美联储降息节奏与经济韧性变化。从交易价值看，核心矛盾从政策出台实施切换到政策效果落地，将密切跟踪各类高频经济数据兑现情况，努力寻找预期差下的久期博弈机会。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.769Z","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元债券型发起式证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1180670","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f075","date":"2024-06-29T16:00:00.000Z","stockId":3000000006915,"sao":"上半年国内经济运行总体平稳，稳中有进。在政策层面，国家持续释放积极信号，为经济回暖保驾护航。货币政策保持稳健中性的同时，流动性环境得到显著改善，央行上半年适时下调存款准备金率0.5个百分点，并降低了5年期贷款市场报价利率（LPR）25个基点，有效降低了融资成本。财政政策则逐步加大力度，特别国债与专项债券项目加速落地，为基础设施建设与重点领域发展注入强劲动力。放眼海外，上半年美联储维持利率不变，市场普遍预期下半年或将开启降息周期，这一预期有望推动海外需求逐步企稳，进而为外需提供正面牵引力，助力国内经济复苏进程。从市场反应来看，上半年债券市场呈现出收益率下行的趋势，其中中短端下行幅度超过长端，信用债表现好于同期限利率债。投资运作：组合上半年适度拉长久期，侧重于配置低信用风险的银行金融债和利率债。信用利差目前极致缩窄，为确保组合净值平稳性，低配信用债。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.766Z","mo":"展望未来，预计全年的经济政策仍然较为积极，下半年政府债券发行速度有望逐步加快，将有效拉动内需，促进经济的持续恢复与增长。产业结构层面，新兴动能行业正展现出日益增强的竞争力，它们不仅为经济注入了新的活力，更在固本培元、优化经济结构上发挥着关键作用，推动经济向高质量发展阶段迈进。同时，我们需密切关注海外市场的动态变化。美联储降息时点无疑将对全球需求周期产生深远影响，可能引发海外消费与投资需求的波动。此外，日本央行的加息节奏或将导致全球资金的再平衡，对金融市场运行产生复杂的连锁效应。债券策略方面，预计流动性继续维持相对宽裕，一致预期交易下，中短端债券对未来收益率运行变化定价已经较为充分，长端债券则取决于短期市场观点与长期政策方向的博弈的结果。预计下半年利率波动将会提升，组合将继续积极把握交易机会，争取为持有人创造超额收益。","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元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=1153714","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f074","date":"2024-03-30T16:00:00.000Z","stockId":3000000006915,"sao":"一季度经济稳中有升。国内方面，经济保持了回升向好的态势，政策端也在继续加力，年内除了3%的赤字安排，还将发行1万亿特别国债，支持完成全年的经济增长目标。海外方面，美联储按兵不动，预计下半年将开启降息周期，届时海外需求将有望逐步筑底，或对外需形成一定拉动。货币政策保持稳健，一季度央行降准0.5%，同时下调5年期LPR25BP，流动性环境整体充裕。市场层面，一季度债券收益率快速下行，其中长端下行幅度超过短端，信用债表现好于同期限利率债。投资运作上，组合以市场中性久期为中枢进行配置，持续优化持仓利率债结构，寻找票息+骑乘的最优结合，同时阶段性调整久期敞口暴露，根据政策预期变化、高频数据波动，把握利率债的短期交易性机会。展望未来，预计全年的经济政策仍然较为积极，经济复苏的持续性较强。海外方面，关注美联储的降息时点，以及海外需求的筑底。利率债策略：流动性预计维持充裕，中短端品种具备较好的配置价值，长端品种的期限利差处于较低水平，以交易价值为主。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.763Z","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元债券型发起式证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1076940","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f073","date":"2023-12-30T16:00:00.000Z","stockId":3000000006915,"sao":"23年全年经济保持平稳复苏。国内方面，受到地产和出口下行压力的影响，年中经济增长有一定放缓，不过全年在政策的大力支持下，仍然保持了平稳运行的态势。海外方面，美联储全年加息幅度较大，海外经济出现了一定衰退的迹象。政策上，全年财政政策较为积极；随着房地产供需格局的变化，地产政策也出现一定放松；货币政策保持精准有效，央行全年多次降准降息，保持了流动性的合理充裕。市场层面，全年债券市场收益率震荡下行，其中长端下行幅度超过短端，信用债表现好于同期限利率债。投资运作上，组合以市场中性久期为中枢进行配置，持续优化持仓利率债结构，寻找票息+骑乘的最优结合，同时阶段性调整久期敞口暴露，根据政策预期变化、高频数据波动，把握利率债的短期交易性机会。年末适当增加久期，并提高杠杆率，在年底收益率曲线陡峭化下行中获得一定资本利得增厚。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.761Z","mo":"展望未来，预计24年政策端稳中求进、以进促稳，保障经济复苏的平稳和持续。海外方面，关注美联储何时开启降息，海外经济仍然面临一定衰退压力。流动性预计维持充裕，中短端品种仍具备一定配置价值，长端品种以交易价值为主。","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元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=1060199","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f072","date":"2023-09-29T16:00:00.000Z","stockId":3000000006915,"sao":"三季度经济景气度有一定提升。国内方面，三季度经济出现了企稳改善的迹象。同时，国内政策端在三季度也较为积极，财政政策继续加力提效，地产政策也出现了适度的调整，经济下行风险得到明显缓释。海外方面，美联储持续加息，外需回落的压力仍然较大。货币政策方面，央行三季度降低公开市场操作利率10BP，降低MLF利率15BP，同时下调存款准备金率0.25%，流动性环境维持充裕。市场层面，三季度债券市场收益率先下后上，震荡行情为主，其中短端收益率上行幅度较大，表现弱于长端。展望未来，预计四季度政策仍会较为积极，保障经济复苏的平稳和持续。海外方面，美联储货币政策的紧缩周期尚未结束，海外经济仍然面临一定衰退压力。利率债策略：流动性预计维持充裕，中短端品种在回调后具备了一定配置价值，长端品种以交易价值为主。信用债策略：关注地产和城投平台的尾部风险，严防信用风险。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.758Z","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元债券型发起式证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=993743","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f071","date":"2023-06-29T16:00:00.000Z","stockId":3000000006915,"sao":"上半年经济运行平稳。国内方面，年初经济呈现出一轮较快的复苏，进入二季度后景气度有一定回落，但上半年经济整体运行在合理区间。海外方面，美联储持续加息，预计本轮加息周期将持续到年底。货币政策方面，央行上半年降低存款准备金率0.25%，降低公开市场操作利率10BP，流动性保持合理充裕。市场层面，上半年债券收益率下行幅度较大，信用债表现好于同期限利率债。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.755Z","mo":"展望未来，预计下半年政策会较为积极，保障经济增长的平稳和持续。海外方面，美联储货币政策的紧缩周期尚未结束，海外经济仍然面临一定衰退压力。利率债策略：流动性水平充裕，中短端品种具备一定配置价值，长端品种以交易价值为主。信用债策略：关注土地出让收入下滑对城投平台偿债能力的影响，严防信用风险。","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元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=967008","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f070","date":"2023-03-30T16:00:00.000Z","stockId":3000000006915,"sao":"一季度经济呈现复苏态势。国内方面，经济从生产到需求都出现明显恢复，叠加今年稳增长政策的支持，宏观经济整体处于复苏周期中。海外方面，美联储持续加息，欧美银行业危机开始显现，海外衰退压力较大。货币政策方面，央行一季度降低存款准备金率0.25%，流动性环境整体充裕。市场层面，一季度信用债表现好于同期限利率债，利率债收益率小幅上行，信用债收益下行幅度较大。展望未来，短期内经济迎来了疫情过峰后的自然修复，今年国内政策端整体较为积极，预计经济复苏的可持续性较强。海外方面，紧缩周期尚未结束，衰退压力仍然存在。利率债策略：流动性水平依然充裕，中短端品种具备一定配置价值，长端品种仍以交易价值为主。信用债策略：关注土地出让收入下滑对城投平台偿债能力的影响，严防信用风险。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.752Z","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元债券型发起式证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=890141","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f06f","date":"2022-12-30T16:00:00.000Z","stockId":3000000006915,"sao":"22年全年经济增长有所放缓。国内方面，受到疫情和地产的影响，全年经济波动较大，但年末疫情和地产政策均有所放松，预计明年经济将呈现复苏的态势。海外方面，美联储紧缩周期仍未结束，明年海外将面临较大的衰退的风险。政策上，央行全年多次降准降息，给市场提供了较为充裕的流动性环境。市场层面，全年债券市场震荡为主，年末收益率上行幅度较大，全年利率债表现好于同期限信用债。展望未来，经济复苏的预期较强，但复苏的节奏和力度需要观察。海外方面，后续衰退压力较大。政策层面，预计23年将以稳增长为主。货币政策在稳增长的大方向下，预计将保持总量够、结构准的定位。利率债策略：流动性水平充裕，随着中短端利率的回升，已经逐步具备配置价值，长端品种以交易价值为主，对利率债看法中性。信用债策略：中短端品种的配置价值逐步回升，严防信用风险。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.749Z","mo":"22年全年经济增长有所放缓。国内方面，受到疫情和地产的影响，全年经济波动较大，但年末疫情和地产政策均有所放松，预计明年经济将呈现复苏的态势。海外方面，美联储紧缩周期仍未结束，明年海外将面临较大的衰退的风险。政策上，央行全年多次降准降息，给市场提供了较为充裕的流动性环境。市场层面，全年债券市场震荡为主，年末收益率上行幅度较大，全年利率债表现好于同期限信用债。展望未来，经济复苏的预期较强，但复苏的节奏和力度需要观察。海外方面，后续衰退压力较大。政策层面，预计23年将以稳增长为主。货币政策在稳增长的大方向下，预计将保持总量够、结构准的定位。","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元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=873721","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f06e","date":"2022-09-29T16:00:00.000Z","stockId":3000000006915,"sao":"三季度经济有所回暖。国内方面，疫情仍有反复，但常态化管控后，生产端受影响减小，需求端仍然偏弱。海外方面，美联储加息节奏超预期，本轮加息周期预计将至少持续到明年上半年，外需后续将面临一定下行风险。政策上，央行三季度调降公开市场操作和MLF利率10BP，同时，调降1年期LPR 5BP，5年期LPR 15BP，流动性整体维持在较为充裕水平上，但受到短期人民币汇率贬值的影响，货币政策操作的空间受到一定限制。市场层面，三季度债券市场收益率震荡下行，信用债整体表现好于同期限利率债。转债市场，8月以来指数持续下跌，跌幅较大。展望未来，经济仍然受到疫情和地产等因素的影响，信用扩张节奏偏慢。海外方面，后续衰退压力较大。政策层面，房地产政策仍在放松，准财政政策持续加码。货币政策虽然受到汇率影响，但预计流动性水平边际变化不大。利率债策略：流动性依然充裕，绝对收益水平偏低，预计保持震荡走势，对利率债看法中性。信用债策略：关注地产和城投，严防信用风险。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.747Z","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元债券型发起式证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=810937","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f06d","date":"2022-06-29T16:00:00.000Z","stockId":3000000006915,"sao":"上半年经济受疫情冲击较大。国内方面，年初经济复苏势头较强，随后受到疫情影响出现回落，5月开始疫情逐步缓解，经济触底回升。海外方面，通胀压力较大，美联储加息节奏加快。政策上，上半年央行下调存款准备金率0.25个百分点，降低公开市场操作和MLF操作利率10BP，降低1年期LPR利率10BP，降低5年期LPR利率20BP，流动性整体维持在较为充裕水平上，政策托底意愿较强。市场层面，上半年债券市场收益率走势分化，短端下行幅度较大，长端震荡为主，信用债整体表现好于同期限利率债。投资运作上，组合主要规避信用风险，主要持仓均在利率债和高等级信用债。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.744Z","mo":"展望未来，经济正在逐步走出疫情的影响，房地产销售出现了底部企稳的迹象，但回暖尚需时间。海外方面，通胀压力维持高位，需求出现放缓迹象。后续关注点主要在疫情后的经济修复节奏以及稳增长政策的实施效果。利率债策略：货币政策环境友好，但宽货币与宽信用预期共存，预计整体保持震荡走势，对利率债看法中性。信用债策略：关注地产和城投的政策风险，严防信用风险。","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元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=788547","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f06c","date":"2022-03-30T16:00:00.000Z","stockId":3000000006915,"sao":"一季度经济形势较为复杂。开年1-2月经济数据表现良好，反映宏观景气度较高。但3月以来，外部地缘政治形势恶化，国内疫情出现扩散，经济出现了内需放缓叠加外部输入性通胀的压力。政策上，金稳会定调稳增长继续加码，稳定了市场预期，但政策的实施路径和出台节奏仍需观察。市场层面，一季度债券市场收益率震荡为主，信用债整体表现不及同期限利率债。展望未来，经济依然面临需求收缩、供给冲击和预期转弱的三重压力。内需的压力主要体现在地产投资持续低迷，同时疫情防控难度大；外需压力则体现在地缘政治形势复杂，以及全球流动性趋于收紧。通胀方面，目前的主要问题依然在海外，输入性通胀风险需要警惕。政策方面，预计货币政策继续坚持“以我为主”，将采取较为积极的政策来应对国内的压力。利率债策略：货币政策环境较为友好，稳增长预期或逐步增强，预计利率债维持区间震荡。对利率债看法中性。信用债策略：关注地产和城投的政策风险，严防信用风险。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.742Z","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元债券型发起式证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=730542","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f06b","date":"2021-12-30T16:00:00.000Z","stockId":3000000006915,"sao":"全年经济逐季放缓，全年工业增加值同比增长9.6%，固定资产投资累计同比增长4.9%。房地产景气度偏低，制造业景气度相对较好，消费恢复偏慢。食品价格低迷拖累CPI表现，工业品价格高涨推动PPI全年维持高位。国内央行货币政策稳健中性，12月再次降准，同时下调了1年期LPR。市场层面，利率债收益率震荡下行，信用债整体表现好于利率债。展望未来，经济依然存在下行风险。内需的压力主要体现在地产投资下行风险较大，同时外需预计将逐渐见顶。通胀方面，工业品涨价缓解，需要关注食品价格的变化。货币政策仍然稳健中性。利率债策略：货币政策环境较为友好，稳增长政策或带动基本面逐步企稳，预计利率债维持区间震荡。对利率债看法中性。信用债策略：关注地产和城投的政策风险，严防信用风险。权益市场方面，重点挖掘有基本面支持的品种择优配置。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.739Z","mo":"全年经济逐季放缓，全年工业增加值同比增长9.6%，固定资产投资累计同比增长4.9%。房地产景气度偏低，制造业景气度相对较好，消费恢复偏慢。食品价格低迷拖累CPI表现，工业品价格高涨推动PPI全年维持高位。国内央行货币政策稳健中性，12月再次降准，同时下调了1年期LPR。市场层面，利率债收益率震荡下行，信用债整体表现好于利率债。展望未来，经济依然存在下行风险。内需的压力主要体现在地产投资下行风险较大，同时外需预计将逐渐见顶。通胀方面，工业品涨价缓解，需要关注食品价格的变化。货币政策仍然稳健中性。利率债策略：货币政策环境较为友好，稳增长政策或带动基本面逐步企稳，预计利率债维持区间震荡。对利率债看法中性。信用债策略：关注地产和城投的政策风险，严防信用风险。权益市场方面，重点挖掘有基本面支持的品种择优配置。","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元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=716758","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f06a","date":"2021-09-29T16:00:00.000Z","stockId":3000000006915,"sao":"三季度经济有所回落，1-8月工业增加值累计同比增长下降至13.1%，房地产景气度下降，基建制造业相对稳定，消费受疫情影响继续回落。猪价下行周期拖累CPI下行，上游工业品价格上涨带动PPI上涨。国内央行货币政策保持中性，7月初降准。市场层面，利率债收益率震荡下行，曲线平坦化，信用债整体表现不及利率债。展望未来，内外需的压力逐渐显现，经济下行压力加大，但短期通胀压力仍然较大。预计货币政策维持稳健中性，流动性平稳。利率债方面，基本面利多因素逐渐增加，利率下行的趋势还在，但空间受到一定限制。信用债方面，需密切关注受信用风险冲击较大的发债主体，严防信用风险。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.736Z","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元债券型发起式证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=658838","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f069","date":"2021-06-29T16:00:00.000Z","stockId":3000000006915,"sao":"上半年经济持续修复，工业生产恢复较快，房地产投资韧性较强，基建、制造业投资相对稳定，消费修复较慢。猪价下行周期拖累CPI，上游工业品价格上涨带动PPI上涨。国内央行货币政策保持中性。市场层面，利率债收益率震荡下行，信用债整体表现优于利率债。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.734Z","mo":"展望未来，经济复苏进入了相对平稳期，通胀短期高点或已出现。预计货币政策维持稳健中性，流动性维持平稳。利率债方面，预计维持震荡走势，向上和向下空间均不大。信用债方面，需密切关注受信用风险冲击较大的发债主体，严防信用风险。","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元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=636855","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f068","stockId":3000000006915,"sao":"2021年1-2月经济继续修复，工业增加值同比增长35.1%，固定资产投资同比增长35%，地产景气度高于基建和制造业，消费修复略不及预期。工业品价格带动PPI上行，CPI价格平稳，国内央行货币政策保持中性。市场层面，利率债收益率区间震荡，信用债整体表现优于利率债。投资运作上，以配置中短期利率债、优质商业银行金融债为主，并抓住收益率下行机会进行利率债波段操作增厚了收益。展望未来，经济复苏和通胀上行的趋势仍在，下半年海外经济能否超预期存在较大不确定性。预计货币政策维持稳健中性，流动性维持平稳。利率债方面，预计维持震荡走势，向上和向下空间均不大。信用债方面，需密切关注受信用风险冲击较大的发债主体，严防信用风险。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.731Z","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元债券型发起式证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=575851","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f067","stockId":3000000006915,"sao":"2020年受到疫情影响，经济先下后上，四个季度GDP同比增速分别为-6.8%、3.2%、4.9%、6.5%。全年工业增加值同比增长2.8%，固定资产投资累计同比增长2.9%，全年地产和基建表现较强，制造业恢复相对滞后，消费修复滞后于生产。全年CPI平均增长2.5%，PPI平均下滑1.8%。2020年美联储大幅放松货币政策，下调联邦基金利率至0%。国内央行上半年下调公开市场操作利率30BP，同时进行降准、再贷款等一系列操作，下半年随着疫情得到控制，货币政策整体转向中性。市场层面，全年利率债收益率先下后上，收益率曲线变平，信用债整体表现不及同期限政金债。投资运作上，以配置中短期利率债、优质商业银行金融债为主，并利用少量仓位择时进行利率债波段操作。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.728Z","mo":"展望未来，2021年将是疫情后全面修复的一年，上半年在国内外需求复苏的带动下，预计经济和通胀将同步走强；下半年受到刺激政策的逐步退出以及信用扩张回落的影响，经济复苏的动能可能会有所减弱。中央经济工作会议定调政策“不急转弯”，预计全年央行的货币政策仍将以稳为主，并逐步回归基本面。利率债方面，目前的利率水平具备一定投资价值。信用债方面，需要严防信用风险。","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元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=561745","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f066","stockId":3000000006915,"sao":"2020年三季度经济继续修复。1-8月工业增加值同比增长0.4%，较二季度有显著修复，投资端地产和基建修复节奏领先制造业，消费修复相对缓慢。三季度受气候因素影响，食品价格波动较大，CPI趋于回落，PPI逐步修复。美联储三季度维持利率和购债计划不变，国内央行三季度未进行降准降息操作，货币政策转向中性，资金利率有所上行。市场层面，三季度利率债收益率大幅上行，曲线扁平化，信用债整体表现好于同期限国开债。投资运作上，组合主要投资于中短久期利率债和高等级商业银行债，并积极参与长端利率债的波段机会，增厚组合收益。展望未来，生产和需求两端出现同步修复，经济景气度进一步提升。货币政策进一步正常化，资金面保持稳定。利率债方面，目前的利率水平具备一定投资价值，但短期缺乏利好，下行动能不强。信用债方面，信用利差水平偏低，性价比相对弱于利率债。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.725Z","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元债券型发起式证券投资基金2020年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=494118","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca337fea5b3eb049f065","stockId":3000000006915,"sao":"2020年上半年经济探底后逐渐回暖。1-6月工业增加值同比下滑1.3%，但二季度同比已经正增长；地产和基建反弹节奏显著领先制造业，消费修复相对缓慢。1-6月CPI平均增长3.8%，上半年呈现不断回落的趋势。美联储一季度连续下调联邦基金利率至0，二季度无进一步降息操作。国内方面，央行下调公开市场操作利率，调降超额存款准备金利率，同时配合了定向降准、再贷款等操作，维护了国内流动性的稳定和信贷的合理增长。市场层面，上半年利率债收益率先下后上，曲线扁平化，信用债整体表现不及同期限国开债。投资运作上，组合主要投资于中短久期利率债和高等级商业银行债，并积极参与长端利率债的波段机会，增厚组合收益。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:07.722Z","mo":"展望未来，下半年经济将在内需发力和外需波动之中缓慢修复，修复的过程存在一定不确定性。利率债方面，当前收益率已经回到了相对合理的水平，预计整体以震荡为主。","fund":{"_id":3000000006915,"__csrcFundId":5980,"stockCode":"006915","shortName":"南方亨元债券发起A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6915,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:45.771Z","status":"normal","inceptionDate":"2019-02-28T16:00:00.000Z","name":"南方亨元债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方亨元债券发起","pinyin":"nfhyzqxfqszqtzjj","managers":[{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方亨元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=466090","linkType":"PDF","source":"csrc_pdf"}}]}