window.pageData = {"stock":{"_id":3000000007278,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50010000","tickerId":50010000,"name":"国泰基金管理有限公司"},"managers":[{"name":"胡智磊","stockType":"fund_manager","stockCode":"db20754219","exchange":"fm","tickerId":82612203310},{"name":"刘嵩扬","stockType":"fund_manager","stockCode":"db20412266","exchange":"fm","tickerId":121925208160}],"hotMetrics":{"fss":{"stockId":3000000007278,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":1,"f_ins_h_s_r_c_hy":0,"f_ins_h_s_r_c_1y":0,"f_ind_h_s_r":0,"f_ind_h_s_r_c_hy":0,"f_ind_h_s_r_c_1y":0,"f_h_a":218,"f_h_s_a":13671162,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000007278,"type":"fpr","f_p_r_fys_ssc":7464,"f_p_r_fys_ssrp":0.4455312876859172,"f_p_r_m1_ssc":7585,"f_p_r_m1_ssrp":0.4688818565400844,"f_p_r_m3_ssc":7496,"f_p_r_m3_ssrp":0.3038025350233489,"f_p_r_m6_ssc":7302,"f_p_r_m6_ssrp":0.3936447062046295,"f_p_r_y1_ssc":6833,"f_p_r_y1_ssrp":0.3785128805620609,"f_p_r_y2_ssc":5885,"f_p_r_y2_ssrp":0.4739972807613868,"f_p_r_y3_ssc":4903,"f_p_r_y3_ssrp":0.40860873113015095,"f_p_r_y5_ssc":3298,"f_p_r_y5_ssrp":0.4316044889293297,"f_cagr_p_r_fs_ssc":7291,"f_cagr_p_r_fs_ssrp":0.35569272976680383},"fp":{"stockId":3000000007278,"type":"fp","f_p_r_fys":0.010881846874802648,"f_p_r_m1":0.002768987341771778,"f_p_r_m3":0.008130345784835402,"f_p_r_m6":0.012263237392738047,"f_p_r_y1":0.021838296097014265,"f_p_r_y3":0.09774213313777746,"f_cagr_p_r_fs":0.03315840670391634,"f_p_r_d1":-0.00019831432821015849,"f_p_r_y2":0.05347570787698941,"f_p_r_y5":0.17160726784280866,"last_data_date":"2026-05-05T16:00:00.000Z"},"ff":{"stockId":3000000007278,"type":"ff","f_m_f":4496913,"f_m_f_r":0.003,"f_c_f":1498971,"f_c_f_r":0.001,"f_m_a_c_f":5995884,"f_m_a_c_f_r":0.004,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_fr":0.001,"f_fr_d":"2025-12-30T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.004},"f_nlacan":{"stockId":3000000007278,"type":"f_nlacan","f_nv_d":"2026-05-05T16:00:00.000Z","f_nv":1.014,"f_nv_cr":-0.00009860960457563905},"f_as":{"stockId":3000000007278,"type":"f_as","f_tas":3080863351.2341003,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[],"bondHoldings":[{"_id":"69e8f9951398d79843000e87","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000007278,"stockCode":"2420058","stockName":"24江西银行绿色债","holdings":1300000,"marketCap":130830112,"netValueRatio":0.0425,"lastUpdated":"2026-04-22T16:38:45.366Z"},{"_id":"69e8f9951398d79843000e88","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000007278,"stockCode":"232580008","stockName":"25工行二级资本债02BC","holdings":1000000,"marketCap":102088147,"netValueRatio":0.0331,"lastUpdated":"2026-04-22T16:38:45.371Z"},{"_id":"69e8f9951398d79843000e89","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000007278,"stockCode":"524013","stockName":"24招租01","holdings":1000000,"marketCap":101366136,"netValueRatio":0.0329,"lastUpdated":"2026-04-22T16:38:45.379Z"},{"_id":"69e8f9951398d79843000e8a","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000007278,"stockCode":"102585306","stockName":"25汇金MTN008","holdings":1000000,"marketCap":100687945,"netValueRatio":0.0327,"lastUpdated":"2026-04-22T16:38:45.382Z"},{"_id":"69e8f9951398d79843000e8b","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000007278,"stockCode":"250220","stockName":"25国开20","holdings":1000000,"marketCap":100295643,"netValueRatio":0.0326,"lastUpdated":"2026-04-22T16:38:45.386Z"}]},"list":[{"_id":"69e8eade1398d79843fe8c31","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000007278,"sao":"回顾2026年一季度，债券市场逐步消化此前赎回新规带来的流动性冲击，交易主线从年初的配置资金充裕过渡到3月全球地缘政治不确定性升温背景下的滞胀预期。基本面维度，国际大宗商品价格波动加剧，推动国内PPI同比转正时点预期前置，但内生需求侧动能尚未见到明显复苏。货币政策方面，央行于1月中旬结构性降息25bp、并在关键时点灵活投放流动性维持合理充裕环境，报告期内DR001围绕1.3%小幅波动。品种和期限结构上，信用强于利率，短端表现优于长端。其中短端票息品种尤其受到资金青睐、利差迅速压缩后横盘震荡，而长端利率债受地缘扰动带动通胀上行以及衰退交易的共同作用，报告期内宽幅波动、略有上行。组合持仓以5年内信用债为主，杠杆维持中性水平，组合收益主要来源于票息收入和中短期限收益率下行带来的资本利得。","lastUpdated":"2026-04-22T15:35:58.541Z","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三个月定期开放债券型发起式证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1475930","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ca7af67ecbd37c10afbcb1","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000007278,"sao":"组合在25年维持偏低的久期，配置资产以中高评级信用债为主，杠杆维持在中性水平。全年来看，组合收益主要来源于票息收入，资本利得的贡献较小。","lastUpdated":"2026-03-30T13:30:30.589Z","mo":"展望26年，预计上半年处于窄幅区间维持震荡，资金利率在OMO附近维持稳定的情况下，对于中短久期信用债有较强支撑，长端利率债受制于资产价格温和回升以及权益市场表现提升风险偏好的因素扰动下，收益率下行空间受到制约；下半年关注居民部门资产负债表能否得到修复，对债券市场的方向趋势会有较大影响。","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三个月定期开放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=1450764","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8c7fea5b3eb04a5931","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000007278,"sao":"三季度债券市场整体呈现单边上行的调整行情，同时伴随着信用利差和期限利差的扩张，赚钱效应较差。组合在本季度久期维持中性偏低水平，杠杆率明显下降来应对可能出现的负债不稳定。持仓以中短期限信用债为主，收益来源于票息收益，但受到资本利得亏损的拖累，单季度来看净值回报较低。","lastUpdated":"2026-03-09T13:26:36.018Z","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三个月定期开放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=1377582","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8c7fea5b3eb04a5930","date":"2025-06-29T16:00:00.000Z","stockId":3000000007278,"sao":"上半年债券收益率经历了先上后下的走势波动，一季度央行收紧流动性推升资金利率，导致债券收益率从低位大幅回升；4月初突如其来的贸易战导致收益率迅速下行，随后进入了震荡走势。整体来看，信用债上半年回报优于利率债。组合维持中等久期，在1-3之间动态波动，收益主要来源于票息和部分中短久期信用债的资本利得。利率债维持轻仓操作。","declarationDate":"2025-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:36.016Z","mo":"展望下半年，预计央行将维持偏宽松的利率环境，对债券市场整体偏利好，中等期限信用债的票息收益仍然较为占优，利率债计划通过灵活仓位参与波段交易机会。","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三个月定期开放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=1347940","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8c7fea5b3eb04a592f","date":"2025-03-30T16:00:00.000Z","stockId":3000000007278,"sao":"25年一季度组合维持中等偏低久期，配置债券以高评级信用债为主，杠杆维持在110-120%的区间内波动。组合收益主要来源于票息收益。预计二季度流动性环境将维持偏宽松的局面，组合将继续以中短久期信用债持仓为主，适当通过杠杆策略增厚收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:36.013Z","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三个月定期开放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=1271313","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8c7fea5b3eb04a592e","date":"2024-12-30T16:00:00.000Z","stockId":3000000007278,"sao":"国泰兴富在2024年以高评级信用债策略和利率债为主，配置资产为中短久期信用债和长久期利率债。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:36.010Z","mo":"展望2025年，预计经济处于底部企稳的过程中，流动性将保持适当宽裕的水平，债券市场的波动一方面来源于市场对于政策预期的变化，另一方面交易层面带来的短期市场变化也不容小觑。预计债券收益率整体在低位震荡，上下空间均较为有限。在宽幅震荡中寻找波段机会是目前市场主流的来创造超额收益的思路。","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三个月定期开放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=1253166","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8c7fea5b3eb04a592d","date":"2024-06-29T16:00:00.000Z","stockId":3000000007278,"sao":"由于基本面处于底部复苏阶段，市场风险偏好较低，债券收益率在上半年大幅下行。组合在上半年整体久期较为保守，维持在中性偏低的区间内，错过了部分资本利得。配置资产以中高评级信用债为主。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:36.008Z","mo":"展望下半年，预计经济基本面整体波动较小，影响市场的主要变量来源于政策的边际变化和机构行为。组合计划继续维持稳健的久期和资产配置，提高资产的流动性以应对市场的不确定性。","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三个月定期开放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=1147850","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8c7fea5b3eb04a592c","date":"2024-03-30T16:00:00.000Z","stockId":3000000007278,"sao":"一季度债券市场收益率全面下行，收益率期限走平，信用利差小幅波动，仍然维持低位。组合在一季度持仓以中高评级信用债和利率债为主，组合的杠杆和久期均保持在中性区间，票息和资本利得均对组合形成了正贡献。展望二季度，预计货币政策仍将保持中性态度，财政发力和房地产复苏情况均有待观察。目前中短久期资产的性价比较高，长端资产的波动性在二季度将有所加大。组合仍将维持目前的配置思路，积极调整组合的持仓机构，观察二季度的基本面和政策变化来动态调整组合的久期水平。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:36.005Z","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三个月定期开放债券型发起式证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072279","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8c7fea5b3eb04a592b","date":"2023-12-30T16:00:00.000Z","stockId":3000000007278,"sao":"2023年1-2月份，市场对于经济复苏预期较强，房地产销售及成交数据不断改善，市场资金利率中枢不断上移，利率债收益率震荡上行，收益率曲线持续走平。信用债由于去年四季度经历了大幅的调整，叠加一季度银行贷款对信用债的替代作用，信用债收益率大幅下行，信用利差大幅压缩。3月份以来，市场资金面重回宽松，资金利率也有所下行，利率债市场情绪有所回暖，利率债收益率曲线整体陡峭化下移。本基金在1-2月份利率债投资总体采取谨慎投资策略，同时增加浮息利率债持仓占比，控制组合回撤和波动。3月份开始增加组合久期和杠杆，获得了不错的资本利得收益。2023年二季度，国内经济复苏斜率有所放缓，资金面重回宽松，市场对于经济复苏的强预期逐步回归现实。银行存款利率的调降也进一步打开了收益率下行的空间，利率债收益率开始逐步下行。本基金从季初开始保持较为积极的久期和杠杆，同时根据收益率曲线的形态灵活调整组合结构，获得了不错的杠杆收益及资本利得收益。2023年三季度，国内经济延续温和复苏态势，货币政策总体维持宽松态势，并通过降准降息推动社会融资成本下降。房地产调控政策方面，落实新发首套房贷利率政策动态调整机制，调降首付比和二套房贷利率下限，推动降低存量首套房利率落地，市场信心有所提振。同时受到人民币汇率及地方特殊再融资债供给等因素影响，债市面临一定的压力，债券收益率整体小幅上行。本基金7-8月份总体保持较为积极的久期和杠杆，获得了不错的杠杆收益及资本利得收益。9月份债市走势偏弱，本基金灵活调整策略，及时降低组合久期及杠杆，有效降低了组合净值的回撤幅度。2023年四季度，10-11月份市场资金面总体均衡偏紧，债券市场情绪偏弱，收益率曲线持续走平。本基金在10-11月份总体保持偏低的久期和杠杆，尽可能控制产品的回撤幅度。12月份开始，随着地方政府特殊再融资债发行高峰过去、财政支出资金下拨以及MLF超量续作，市场资金面重回宽松，债券市场情绪转暖，收益率曲线整体陡峭化下移。本基金在12月份灵活调整策略，保持积极的久期和杠杆，获得了不错的资本利得收益。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:36.002Z","mo":"展望2024年，预计国内经济总体延续温和复苏的态势。通胀预计小幅抬升但总体处于较低水平。在目前内需偏弱，银行净息差偏低的情况下，货币政策仍然有发力空间。在降低社会综合融资成本的政策基调下，包括贷款利率、债券利率等在内的广谱利率仍然有下行空间，债券市场总体是机会大于风险。","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三个月定期开放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=1054587","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8b7fea5b3eb04a592a","date":"2023-09-29T16:00:00.000Z","stockId":3000000007278,"sao":"三季度债券市场呈现先下后上的行情，组合在三季度维持中低久期和低仓位杠杆，配置资产以中高评级信用债为主，获取稳健的票息收益。四季度将择机优化组合持仓结构，增强组合的进攻性。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:35.999Z","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三个月定期开放债券型发起式证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=989902","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8b7fea5b3eb04a5929","date":"2023-06-29T16:00:00.000Z","stockId":3000000007278,"sao":"2023年一季度，在经济复苏的强预期及资金利率中枢上移的背景下，利率债收益率小幅上行，收益率曲线持续走平。信用债由于去年四季度经历了大幅的调整，叠加一季度银行贷款对信用债供给的替代作用，信用债收益率大幅下行，信用利差大幅压缩。3月份开始，市场资金面重回宽松，资金利率也有所下行，利率债市场情绪有所回暖，叠加收益率曲线较为平坦，利率债收益率曲线整体陡峭化下移。本基金在1-2月份利率债投资总体采取谨慎投资策略，控制组合回撤和波动。3月份开始增加组合久期和杠杆，获得了不错的资本利得收益。2023年二季度，国内经济复苏斜率有所放缓，资金面也较为宽松，资金利率持续位于较低水平，市场对于经济复苏的强预期逐步回归现实。银行存款利率的调降也进一步打开了收益率下行的空间，债券收益率尤其是利率债收益率开始逐步下行。本基金二季度保持较为积极的久期和杠杆，同时根据收益率曲线的形态灵活调整组合结构，获得了不错的杠杆收益及资本利得收益。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:35.996Z","mo":"2023年下半年，在高质量发展的政策基调下，国内经济预计延续温和复苏的态势。货币政策预计继续保持宽松态势，总量和价格政策都有进一步发力的可能。包括银行存款利率、贷款利率等在内的广谱利率都有进一步下行的空间。债券市场总体风险可控，密切关注货币政策、经济基本面等方面的变化，灵活调整投资策略。","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三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=958533","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8b7fea5b3eb04a5928","date":"2023-03-30T16:00:00.000Z","stockId":3000000007278,"sao":"2023年1-2月份，在经济复苏的强预期及资金利率中枢上移的背景下，利率债收益率小幅上行，收益率曲线持续走平。信用债由于去年四季度经历了大幅的调整，叠加一季度银行贷款对信用债供给的替代作用，信用债收益率大幅下行，信用利差大幅压缩。3月份以来，市场资金面重回宽松，资金利率也有所下行，利率债市场情绪有所回暖，叠加收益率曲线较为平坦，利率债收益率曲线整体陡峭化下移。本基金在1-2月份利率债投资总体采取谨慎投资策略，控制组合回撤和波动。3月份开始增加组合久期和杠杆，获得了不错的资本利得收益。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:35.993Z","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三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=888613","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8b7fea5b3eb04a5927","date":"2022-12-30T16:00:00.000Z","stockId":3000000007278,"sao":"一季度组合主要采用骑乘策略及杠杆策略，在维持短久期底仓品种不动的基础上，三月份以交易仓位参与十年期国开债的波段操作增厚收益。二季度受疫情的冲击，经济基本面走弱，货币政策整体较为宽松，所以二季度组合主要采用骑乘策略及杠杆策略，组合依靠中短久期利率债适当拉长了久期及提高了杠杆，六月底获利了结了部分品种。组合在三季度有部分赎回，组合在卖券应对赎回的情况下，在八月“降息”前增配了5年政金债和10年国债，之后参与十年国债的波段操作，季内拉长了久期和拉高杠杆。组合在四季度债市回调过程中逐步提高了信用债持仓比例，提高了组合的静态收益，同时在12月债市第二次回调时拉长久期及杠杆。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:35.991Z","mo":"展望2023年，疫情达峰后经济进入常态化阶段，经济从衰退后期往复苏前期过渡，一季度经济基本面依旧存在一定的压力。往后看，消费可能先于投资一步复苏，但是恢复的斜率尚不确定。财政政策方面，地方政府因收入端限制加杠杆的能力，更多看政策性金融工具的使用。货币政策全年精准有力，阶段性以结构性货币政策为主。社融方面，2023年随着房地产需求端政策的进一步加码，二季度房地产销售如果能够企稳修复，则居民端信用或将重新扩张；而财政端将继续加杠杆，通过基建带动相关企业的中长期贷款扩张；最后出口如果能够保持韧性，则制造业企业投资将维持韧性，支撑企业中长期贷款增速的回升。居民和企业端的信用共同扩张，有望助力信用周期重回上行阶段。从操作的角度看，2023年影响债市的因素主要有以下三点：1）目前房地产下行周期对经济形成持续拖累，也是唯一没有确认底部反转的关键指标，随着地产支持政策持续推出，居民购房需求的释放节奏以及力度影响债券走势。2）疫情变化周期对经济可能造成的影响。3）关注核心通胀的变化，2022年核心CPI的同比下行受客观消费场景消失和居民的收入预期下降两方面的制约，2023年在居民储蓄累积、消费场景的修复下，核心CPI同比预计会有一定抬升，进而影响货币政策。以上三点的验证以及带来的预期差可能给债市带来配置跟交易的机会。","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三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=866288","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8b7fea5b3eb04a5926","date":"2022-09-29T16:00:00.000Z","stockId":3000000007278,"sao":"组合在三季度有部分赎回，组合在卖券应对赎回的情况下，在八月“降息”前增配了5年政金债和10年国债，之后参与十年国债的波段操作，季内拉长了久期和拉高杠杆。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:35.988Z","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三个月定期开放债券型发起式证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=807159","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8b7fea5b3eb04a5925","date":"2022-06-29T16:00:00.000Z","stockId":3000000007278,"sao":"一季度组合主要采用骑乘策略及杠杆策略，在维持短久期底仓品种不动的基础上，三月份以交易仓位参与十年期国开债的波段操作增厚收益。二季度受疫情的冲击，经济基本面走弱，货币政策整体较为宽松，所以二季度组合主要采用骑乘策略及杠杆策略，组合依靠中短久期利率债适当拉长了久期及提高了杠杆，六月底获利了结了部分品种。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:35.985Z","mo":"随着上海复工复产的进行，疫情或有反复，但交易的重心从疫情交易转向基本面交易。当前弱经济现实及宽松资金面对利率仅有短期支撑，因为疫情带来的弱经济基本面而持续做多债市的风险在逐渐积累，目前的长端利率并未对未来经济回到正常的潜在增速而做出定价。经济基本面方面，疫后经济修复规律来看，补偿性的生产及需求释放会带动经济环比修复加速，三季度经济或进入环比改善加速阶段，改善动力一方面来自于基建投资的持续发力，一方面来自于消费需求的恢复，而这个改善的持续性目前难以证伪，基本面修复预期将持续对利率形成压制。此外三季度CPI同比增速或阶段性突破3%临界点，也将成为利率的阶段性扰动，预计利率中枢趋于上行。","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三个月定期开放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=780605","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8b7fea5b3eb04a5924","date":"2022-03-30T16:00:00.000Z","stockId":3000000007278,"sao":"一季度组合主要采用骑乘策略及杠杆策略，在维持短久期底仓品种不动的基础上，三月份以交易仓位参与十年期国开债的波段操作增厚收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:35.983Z","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三个月定期开放债券型发起式证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=728280","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8b7fea5b3eb04a5923","date":"2021-12-30T16:00:00.000Z","stockId":3000000007278,"sao":"上半年组合在1月份组合降低了仓位和杠杆，较好回避了债市调整，同时随着债市调整增配了3-10年利率债及短端信用债，二季度通过增持中等久期信用债增加了底仓品种的久期，同时积极参与长端利率债，较好的地方是赚取了资本利得，做的不好的地方是获利了结的偏早，损失了一定的票息收入，三季度以调仓为主，减持信用债，同时季末有申购，完成了组合的建仓工作，抓住11月份降准预期落空后债市收益率回调的机会，参与了长端利率债的波段的操作，同时增配了2-3年期债券。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:35.980Z","mo":"一季度经济或呈现磨底特征，出口短期韧性对于经济企稳的压舱石作用短期依然存在；地产投资来看，从前端拿地、销售及开工情况来看，或仍有下行压力，但融资改善后竣工对投资有所支撑；消费方面，考虑到疫情反复，对消费仍有压制。受全年政策前倾影响，信贷增长及基建发力或使得经济预期有所改善，宽货币利好将逐步兑现，届时利率或呈现见底回升走势。","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三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=710381","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8b7fea5b3eb04a5922","date":"2021-09-29T16:00:00.000Z","stockId":3000000007278,"sao":"三季度以调仓为主，减持信用债，同时季末有申购，完成了组合的建仓工作。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:35.978Z","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三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=657153","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8b7fea5b3eb04a5921","date":"2021-06-29T16:00:00.000Z","stockId":3000000007278,"sao":"上半年组合在1月份组合降低了仓位和杠杆，较好回避了债市调整，同时随着债市调整增配了3-10年利率债及短端信用债，二季度通过增持中等久期信用债增加了底仓品种的久期，同时积极参与长端利率债，较好的地方是赚取了资本利得，做的不好的地方是获利了结的偏早，损失了一定的票息收入。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:35.975Z","mo":"展望下一阶段，随着疫苗接种的推广和普及，全球经济复苏可能出现共振，疫情期间全球货币超发带来的输入型通胀可能显现，货币政策和财政政策边际收缩力度可能加大。市场方面，经济增长动能延续、货币政策边际收缩、债券供给加速等因素对债市形成制约，同时，信用尾部风险存在不确定性，综合来看，中短期、中高评级信用债依然是高性价比债券资产。","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三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=634627","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8b7fea5b3eb04a5920","stockId":3000000007278,"sao":"1月份组合降低了仓位和杠杆，较好回避了债市调整，同时随着债市调整增配了3-10年利率债及短端信用债，总体操作思路较为正确，但获利了结的时间偏早。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:35.972Z","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三个月定期开放债券型发起式证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=573236","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8b7fea5b3eb04a591f","stockId":3000000007278,"sao":"一季度组合适当增持了长久期利率债，持仓品种在债市收益率中枢下行的期间并未做大幅度的调整，二季度将此前增持的长端利率进行的了卖出操作，降低了组合的久期及杠杆，同时于六月底进行了加仓操作，拉长了久期及杠杆。三季度组合久期有所降低，同时尝试参与超长久期国债的波段的操作，但在债市回调过程中效果较差。十一月受永煤违约的影响，债券收益率快速上行，组合趁势拉长了久期及杠杆，同时参与超长利率债波段操作。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:35.970Z","mo":"展望后市，国内宏观经济目前仍在持续复苏，货币政策也已经基本恢复常态，债券供给高峰也已经过去，预计债市进入震荡调整阶段。在经济复苏的进程中，货币政策预计将继续保持流动性合理充裕。密切关注国内宏观经济、货币政策、国内外疫情的发展等方面，积极把握市场投资交易机会。","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三个月定期开放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=555239","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8b7fea5b3eb04a591e","stockId":3000000007278,"sao":"7月上半月，权益市场快速上涨，股债跷跷板效应明显，债券收益率持续上行；7月下半月，权益市场震荡回调，中美摩擦再发，风险偏好有所回落，债券收益率震荡回落。8月，地方债发行带动债券供给压力再度走高，银行缺负债导致资金面持续偏紧，债市供求矛盾突显，债券收益率继续上行。9月，债券供求压力未有明显好转，且季末资金面出现阶段性紧张，9月PMI回升超预期，经济预期向好，债券收益率小幅上行。三季度来看，1年期国债上行47BP至2.65%，1年期国开债上行65BP至2.84%；10年期国债上行33BP至3.15%，10年期国开债上行62BP至3.72%。信用债收益率跟随利率债上行，其中3年期AAA、AA+、AA分别上行53BP、48BP、31BP至3.73%、3.89%及4.05%，信用利差收窄，期限利差收窄，等级利差收窄。资金方面，三季度以来，央行延续5月以来不再宽松的货币政策，并且通过公开市场操作调整政府债券发行带来的资金缺口，引导资金利率逐步回归至政策利率水平。三季度看来，央行共开展逆回购操作5.24万亿，逆回购到期5.12万亿；开展MLF操作1.7万亿，MLF到期1.15万亿；TMLF到期2977亿；合计净投放资金3723亿。DR001上行54BP至2.38%，DR007上行15BP至2.45%。三季度DR007均值为2.15%，较二季度的均值1.66%回升49BP。三季度组合久期有所降低，同时尝试参与超长久期国债的波段的操作，但在债市回调过程中效果较差.","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:35.967Z","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三个月定期开放债券型发起式证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492124","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca8b7fea5b3eb04a591d","stockId":3000000007278,"sao":"一季度央行采取积极的货币政策，进行了两次降准，为市场注入流动性。公开市场操作和利率方面，2月央行开启大规模公开市场逆回购，于2月17日公布1年期MLP和1年期LPR为3.15%和4.05%，分别下降10个基点；5年期LPR为4.75%，下调5个基点。3月，央行的货币政策表现出“定力”，在美联储降息100BP并重启QE后，维持了MLP和LPR的报价。中央定调今年的货币政策要适度灵活，引导贷款市场利率下行；要加大财政政策力度，提高赤字率，要发挥财政逆周期调节作用，发行特别国债。一季度货币市场利率中枢整体继续下行，银行间货币市场成交234.4万亿元，同比下降1.3%，利率债和高等级信用债收益率持续震荡、低等级信用债收益率维持高位。4月，海外疫情进入爆发期，全球货币宽松力度加码，中国央行分别下调公开市场操作利率20BP、下调超储利率至0.35%、实施定向降准1个百分点，货币宽松带动债券收益率全线下行，中短端下行幅度明显大于长端；5月，经济及金融数据均好于预期，延续改善方向，货币宽松政策进入观察期，叠加地方债供给压力明显加大，债券收益率上行调整；6月，货币政策边际转向，特别国债市场化发行启动，降准降息落空，债券收益率明显上行。二季度来看，1年期国债上行46BP至2.15%，1年期国开债上行45BP至2.29%；10年期国债上行27BP至2.86%，10年期国开债上行19BP至3.14%。信用债收益率跟随利率债上行，其中3年期AAA、AA+、AA分别上行29BP、29BP、41BP至3.19%、3.40%及3.74%，信用利差1-3年收窄、3年以上走阔，期限利差走阔，等级利差先走阔后收窄。资金方面，4月，央行开展针对中小银行的定向降准操作，并降低政策利率20BP，资金面宽松，资金利率下行；5月，央行实施第二批定向降准操作，并重启公开市场操作，但利率持平，受利率债供给加大影响，资金利率上行；6月，央行继续开展公开市场操作，但降息降准落空，资金利率明显上行。二季度看来，开展逆回购操作2.21万亿，逆回购到期1.54万亿；开展MLF操作4000亿，MLF到期1.14万亿；TMLF操作561亿，TMLF到期2674亿；合计净回笼资金2813亿，考虑定向降准释放4000亿资金后，净投放资金1187亿。DR001下行13BP至1.48%，DR007上行4BP至2.13%。其中6月DR007均值为1.94%较4月的均值1.46%回升48BP。在这一市场环境下，组合一季度组合适当增持了长久期利率债，持仓品种在债市收益率中枢下行的期间并未做大幅度的调整，二季度将此前增持的长端利率进行的了卖出操作，降低了组合的久期及杠杆，同时于六月底进行了加仓操作，拉长了久期及杠杆。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:35.964Z","mo":"对于债市而言，5月以来，债券市场在经济修复、货币政策收敛及股债跷跷板冲击影响下，利率持续上行，1年期国债上行接近100BP，10年国债上行50BP至3.1%后逐步回落至2.9%附近，利率水平已回到疫情前。而当前经济仍未修复至疫情前，货币政策尚不具备转向基础，资金价格中枢仍有望保持在政策利率水平上下，因此利率大幅上行风险可控，整体将步入震荡走势。利率债方面，7月以来，在股市快速上涨影响下，利率出现一定超调迹象，目前长端已蕴含了经济向疫情前水平修复及货币政策收敛的预期，中短端对新的资金中枢重定价基本完成，未来有望稳定的资金价格中枢，为中短端1-5年利率债提供有力支撑。从期限利差来看，目前3-1年及5-3年政金债期限利差均处于2012年以来70%分位数以上水平，期限利差保护较好。从近期一级招标情况来看，1-5年政金债需求较好，全场倍数多在3倍以上，且多以低估值中标。7月以来，摊余成本法债基单月募集规模已超过700亿元，作为摊余成本法债基主要配置品种的中短端政金债需求明显加强，配置价值凸显。长端利率的交易机会需关注经济修复不及预期、中美摩擦升级等触发因素。信用债方面，在宽信用政策支持下，企业筹资性现金流明显改善，但疫情对企业经营性现金流的负面影响尚未完全消化，信用资质有限改善。结构上，城投债受益于外部融资支持政策更强，具有挖掘价值；地产债受“房住不炒”政策影响下，龙头效应依然明显，龙头民企配置价值更优，但需关注高杠杆、对非标依赖较强等风险特征；而具有多元化经营、扩张激进等特征的民营企业需保持谨慎。可转债方面，当前沪深300指数PE\\PB估值均仍处于最近十年周期历史较低水平，转债资产的股性估值存在提升空间，同时，转债市场供需双向扩容趋势明显，纯债资产产生的机会成本相对较低，转债资产配置价值显著提升，重点关注传统行业中的优质标的及新兴成长行业中的核心龙头转债资产的投资机会。","fund":{"_id":3000000007278,"__csrcFundId":6400,"stockCode":"007278","shortName":"国泰兴富三个月定期开放债券(007278)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7278,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:38:00.863Z","status":"normal","inceptionDate":"2019-07-25T16:00:00.000Z","name":"国泰兴富三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰兴富三个月定期开放债券","pinyin":"gtxfsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"},{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰兴富三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=462884","linkType":"PDF","source":"csrc_pdf"}}]}