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优，用确定性（短久期+票息）应对外部地缘、内部经济基本面的不确定性。　　往后看，二季度的机构配置需求预计仍然较为旺盛，但需要关注市场在上述因素作用下，走向较为极端的情况，例如信用利差的极度压缩，期限利差的极度走阔，以至于上述因素的边际弱化导致利差水平向历史中枢适度回归。　　本产品主要投资高等级央企债券，具备良好的流动性和较低的信用风险，根据债券市场的变化进行配置和波段交易，获取收益。","lastUpdated":"2026-04-22T15:35:56.511Z","fund":{"_id":3000000007208,"__csrcFundId":6111,"stockCode":"007208","shortName":"中邮中债-1-3年久期央企20债券指数(007208)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7208,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:35:49.085Z","status":"normal","inceptionDate":"2019-04-14T16:00:00.000Z","name":"中邮中债-1-3年久期央企20债券指数证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮中债-1-3年久期央企20债券指数","pinyin":"zyzz-1-3njqyq20zqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20875672","stockType":"fund_manager","exchange":"fm","tickerId":2525220080,"name":"姚艺"}]},"announcement":{"linkText":"中邮中债-1-3年久期央企20债券指数证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1481669","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69bcd3de582b081bf120c05c","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-19T16:00:00.000Z","stockId":3000000007208,"sao":"回顾2025年，债券开年处于收益率相对低位，市场过度计入宽松预期导致债券开年就处于超买状态，春节前后债市在地产小阳春、deepseek横空出世、资金面收紧的多重利空下快速调整，重新回到具备配置价值的收益率区间。二季度关注点来到中美贸易战，市场笼罩在关税的不确定因素下，股市在关税冲击下大幅调整，债券收益率快速下行。三季度虽然市场预期基本面有所走弱，但债市在二季度下行后缺乏进一步下行空间，股市在二季度深蹲后，迎来了科技成长的主线行情，债市在风险偏好走强背景下再次调整。进入四季度后，股市转为震荡行情，债券也开始缓慢修复。　　过去一年经济总体平稳运行，加关税背景下外需具备一定韧性，内需方面消费和固定资产投资相对较弱，债券收益率上有顶下有底，产品在债券投资方面加强波段操作，注重市场调整后带来的配置机会。","lastUpdated":"2026-03-20T04:58:06.702Z","mo":"展望2026年，从宏观经济角度，我们认为低利率和宽松的货币环境将会持续，降准降息将有一定空间，债券的投资逻辑可以重新沿着杠杆和票息的方向。央企债券的投资方面，市场信用债供给较为平稳，但需求端随着理财、“固收+”产品的扩容，需求持续较为旺盛，央企债券作为高等级信用配置品种仍然具备较高价值。","fund":{"_id":3000000007208,"__csrcFundId":6111,"stockCode":"007208","shortName":"中邮中债-1-3年久期央企20债券指数(007208)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7208,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:35:49.085Z","status":"normal","inceptionDate":"2019-04-14T16:00:00.000Z","name":"中邮中债-1-3年久期央企20债券指数证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮中债-1-3年久期央企20债券指数","pinyin":"zyzz-1-3njqyq20zqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20875672","stockType":"fund_manager","exchange":"fm","tickerId":2525220080,"name":"姚艺"}]},"announcement":{"linkText":"中邮中债-1-3年久期央企20债券指数证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1445205","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca7c7fea5b3eb04a4467","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000007208,"sao":"三季度的债券市场，面临的主要变化来自于两方面，一方面是对科技竞赛和资本开支的乐观预期，带动股市持续上涨，带来预期的结构性改善；另一方面是监管方面，市场担心基金新规的潜在影响，对公募债基的规模造成扰动。总体三季度的债市处于调整状态。　　从宏观的角度来看，整体的宏观经济基本面数据仍然偏弱，投资、消费疲弱，房价仍在下行；但是科技板块动能较足，创业板、科创板为代表的板块走出了明显的牛市行情。　　总体来看，虽然没有看到经济的全面改善，但相对过去而言，有一些亮点，一些行业一些产业有了积极的迹象，预期改善带动资本市场建立良好的正反馈。在这样的环境下，股市的积极性相对较高，但由于经济总量上偏弱，市场利率仍然需要维持一个相对较低的水平，债券投资上可以寻求确定性，减少进攻性。　　本产品主要投资高等级央企债券，具备良好的流动性和较低的信用风险，根据债券市场的变化进行配置和波段交易，获取收益。","lastUpdated":"2026-03-09T13:26:20.313Z","fund":{"_id":3000000007208,"__csrcFundId":6111,"stockCode":"007208","shortName":"中邮中债-1-3年久期央企20债券指数(007208)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7208,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:35:49.085Z","status":"normal","inceptionDate":"2019-04-14T16:00:00.000Z","name":"中邮中债-1-3年久期央企20债券指数证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮中债-1-3年久期央企20债券指数","pinyin":"zyzz-1-3njqyq20zqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20875672","stockType":"fund_manager","exchange":"fm","tickerId":2525220080,"name":"姚艺"}]},"announcement":{"linkText":"中邮中债-1-3年久期央企20债券指数证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1381749","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca7c7fea5b3eb04a4466","date":"2025-06-29T16:00:00.000Z","stockId":3000000007208,"sao":"上半年，市场受到一季度deepseek、机器人等题材，以及二季度关税税率反复的影响，风险偏好来回摆动，股债形成了一定的对冲效果。关税冲击后，债券收益率快速下行，然后进入较长时间的震荡区间；权益市场在事件冲击下跌后迎来持续性的修复。　　货币市场环境来看，进入二季度后，资金利率逐渐宽松，特别是进入5月过后，dr007的中枢来到1.5%左右，相对一季度1.8~2.2%的资金水平明显改善。央行从一季度收紧到二季度呵护市场的态度逐渐明晰。往后看，央行对资金的态度仍然较为宽松，资金利率围绕1.5%左右波动大概率持续。　　基本面来看，内部仍然面临需求不足的问题，5月消费数据尚可但与消费补贴相关性较高，固定资产投资持续较弱，并且地产仍然拖累。外需方面，出口一季度是重要的gdp拉动项，二季度在关税的扰动下仍然维持抢出口状态，进入三季度后抢出口开始弱化，对经济的支撑有所下降。价格上来看，ppi同比读数处于深度负区间，对应工业企业利润下滑，企业盈利面临一定压力，社会融资成本还在下行通道。　　本产品主要投资高等级央企债券，具备良好的流动性和较低的信用风险，根据债券市场的变化进行配置和波段交易，获取收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:20.311Z","mo":"往后展望，债券市场需要关注风险偏好抬升的影响，以及反内卷带来的物价底部企稳的边际变化。机构行为方面，理财、信用债ETF等需求扩张总体利于票息类资产；保险预定利率下调将有利于长债的定价。央企债券在今年总体信用债净供给较小的背景下，仍然是市场追捧的品种，逢调整可以积极布局。","fund":{"_id":3000000007208,"__csrcFundId":6111,"stockCode":"007208","shortName":"中邮中债-1-3年久期央企20债券指数(007208)","fund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供给压力同比正常年份仍然偏大，经济持续处于弱复苏进程，美国大选的不确定性将在四季度落地，国内货币政策预期仍将维持中性，我们判断无风险利率走势仍然以区间震荡为主。策略上，我们维持了三季度以来的短久期的杠杆票息策略，继续挖掘信用资质较好的个券，控制整体组合久期的前提下用足杠杆空间，增厚组合收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:20.252Z","fund":{"_id":3000000007208,"__csrcFundId":6111,"stockCode":"007208","shortName":"中邮中债-1-3年久期央企20债券指数(007208)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7208,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:35:49.085Z","status":"normal","inceptionDate":"2019-04-14T16:00:00.000Z","name":"中邮中债-1-3年久期央企20债券指数证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮中债-1-3年久期央企20债券指数","pinyin":"zyzz-1-3njqyq20zqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20875672","stockType":"fund_manager","exchange":"fm","tickerId":2525220080,"name":"姚艺"}]},"announcement":{"linkText":"中邮中债-1-3年久期央企20债券指数证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492302","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca7c7fea5b3eb04a4452","stockId":3000000007208,"sao":"投资运作方面，2020年上半年，年初突如其来的疫情打破了去年四季度开始的弱复苏情形，为应对疫情冲击，货币政策和财政政策双松，资金面极端宽松，各类债券收益率在节后开市大幅下行，之后进入震荡区间。进入二季度以后，国内疫情控制效果显著，虽偶有零星爆发，但整体复工复产力度加强，并未影响经济基本面边际好转。同时积极财政政策下利率债供给同比大幅增多，央行政策关注点转向治理宽松后遗症及珍惜政策空间，货币政策重回正常化，债市情绪受到较大打压，债券收益率相较一季度低点大幅回升。报告期内，我们对账户持仓进行了适时调整，剔除了部分非成分债，精选高票息成分个券进行配置，提高组合静态，组合久期维持在2左右。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:20.249Z","mo":"2020年下半年，预计海外疫情仍将持续，欧洲恢复程度好于美国，弱美元周期下大宗商品的价格有一定的上行压力，但全球总需求仍受疫情影响处于低位，原油价格受地缘政治影响难以大幅上行，整体看PPI年内回正并对货币政策造成掣肘的可能性较小。国内方面，二季度复工复产的顺利进行使得货币政策重回常态化区间，工业生产恢复程度较好，但下半年经济基本面的复苏仍有较大阻力，CPI受去年高基数影响仍有下行空间，目前的经济复苏程度不足以带来收紧货币政策的压力，改善主要发生在逆周期和上游供给收缩领域，就业和消费等顺周期领域的复苏才是经济基本面恢复的核心。未来一段时间仍将处于政策观察期，资金面有望保持围绕公开市场价格中枢震荡格局，短端利率继续上行的空间较小，长端方面，常态化货币政策下利率债的短期供给放量仍将对长端利率的走势造成影响，但利率长端大幅高于疫情前的状态难以持续。高评级信用债受权益走强资金搬家影响收益率有所上行，目前已回到1/4分位数，具备较好的配置价值。","fund":{"_id":3000000007208,"__csrcFundId":6111,"stockCode":"007208","shortName":"中邮中债-1-3年久期央企20债券指数(007208)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7208,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:35:49.085Z","status":"normal","inceptionDate":"2019-04-14T16:00:00.000Z","name":"中邮中债-1-3年久期央企20债券指数证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮中债-1-3年久期央企20债券指数","pinyin":"zyzz-1-3njqyq20zqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20875672","stockType":"fund_manager","exchange":"fm","tickerId":2525220080,"name":"姚艺"}]},"announcement":{"linkText":"中邮中债-1-3年久期央企20债券指数证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=463795","linkType":"PDF","source":"csrc_pdf"}}]}