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方向是确定的。2022年4季度以来，债券市场对于经济复苏的强预期已经有了一定程度的定价，后续主要看经济复苏的斜率是否会有预期差以及货币政策的走向。货币政策方面，在经济复苏的初期，央行收紧货币的可能性不大，大概率会继续维持流动性合理充裕，但要关注资金利率中枢的变动对债券定价的影响。疫情方面，第一波感染高峰虽然已经过去，经济活动开始快速恢复，但是国门开放之后新的变异毒株的影响仍未可知。地产方面，在一系列行业支持政策及需求端的刺激政策出台之后，房地产销售和投资的改善可能会有一定的滞后和预期差。债券投资策略方面，2023年，首先是要把握好经济复苏这个主线，根据经济复苏的节奏来调整产品整体的久期和杠杆。但同时更重要的是要把握市场的预期以及可能出现的预期差，从中寻找交易机会。","fund":{"_id":3000000007331,"__csrcFundId":6424,"stockCode":"007331","shortName":"国泰惠融纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7331,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:08.441Z","status":"normal","inceptionDate":"2019-08-04T16:00:00.000Z","name":"国泰惠融纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰惠融纯债债券","pinyin":"gthrczzqxzqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"}]},"announcement":{"linkText":"国泰惠融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=866290","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca987fea5b3eb04a6981","date":"2022-09-29T16:00:00.000Z","stockId":3000000007331,"sao":"2022年3季度债券市场总体上小幅上涨，各期限债券收益率先下后上。7月初，国内疫情新增确诊病例有所增加，叠加权益市场较为疲弱，市场避险情绪升温。央行逆回购缩量之后，市场资金利率不升反降，DR001持续位于1.2%的较低水平。债券市场经过6月末的小幅调整之后，从7月初开始反弹，国泰惠融在7月初逐步增加组合久期和杠杆。8月15号央行超预期降息，各期限收益率快速下行，10年国债收益率最低下行至2.58%。随后部分地区房地产政策陆续出台，国务院陆续推出一系列稳增长措施，债券市场面临的压力逐步增加，债券收益率逐步上行，国泰惠融在8月末开始逐步降低组合久期和杠杆，减少组合净值波动。总的来说，国泰惠融在三季度紧跟资金利率、货币政策、疫情、房地产、稳增长等方面因素的变化，灵活调整组合久期和杠杆，在获取稳定的底仓收益和杠杆收益的情况下，获得了不错的资本利得收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:48.065Z","fund":{"_id":3000000007331,"__csrcFundId":6424,"stockCode":"007331","shortName":"国泰惠融纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7331,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:08.441Z","status":"normal","inceptionDate":"2019-08-04T16:00:00.000Z","name":"国泰惠融纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰惠融纯债债券","pinyin":"gthrczzqxzqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"}]},"announcement":{"linkText":"国泰惠融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=807161","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca987fea5b3eb04a6980","date":"2022-06-29T16:00:00.000Z","stockId":3000000007331,"sao":"2022年上半年债券市场总体上窄幅波动，10年国债在20BP的区间内反复震荡。年初为了配合经济复苏，央行货币政策较为宽松，而同时地方政府债券供给尚未放量，基建投资也还没有明显起色，宽信用也还没有见到明显的效果。在宽货币的背景下，债券收益率快速下行，10年国债达到上半年最低点2.68%，国泰惠融在此期间保持较高的杠杆和久期，获取了可观的资本利得收益。春节后，由于部分地区房地产调控政策边际放松，引起市场对于房地产调控基调变化的担忧，债券收益率快速上行，逐步卖出中长久期债券控制组合波动和回撤。3-4月份全国疫情有所扩散，上海疫情管控措施收紧，市场对于经济的预期有所下调，带动收益率重新下行。国泰惠融在此期间积极参与了利率债波段交易增厚组合收益。6月份以后，上海疫情基本得到控制，全面推进复工复产，市场开始交易经济复苏逻辑，债券收益率快速上行，逐步降低组合久期和杠杆。总的来说，国泰惠融上半年紧跟货币政策及经济复苏的节奏，灵活调整组合久期和杠杆，在获取稳定的底仓收益和杠杆收益的情况下，尽可能多的获取资本利得收益增厚组合收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:48.063Z","mo":"展望后市，目前国内经济处于疫情之后的复苏阶段，但是由于房地产投资仍然在筑底过程，国内仍然面临疫情偶发的扰动，因此经济复苏的斜率可能不会很高。在这个阶段，货币政策仍然会保持流动性合理充裕以配合企业融资需求的复苏。但是伴随着社融的恢复以及经济的复苏，前期市场资金利率大幅低于政策利率的情况可能会有所变化，资金利率中枢会缓慢上移，对于债券有一个重新定价的过程。之后随着稳增长政策集中发力的时间逐步过去，美联储加息周期接近尾声，货币政策仍然有放松的空间，债券市场可能会迎来比较好的投资交易机会，届时可以积极参与。","fund":{"_id":3000000007331,"__csrcFundId":6424,"stockCode":"007331","shortName":"国泰惠融纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7331,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:08.441Z","status":"normal","inceptionDate":"2019-08-04T16:00:00.000Z","name":"国泰惠融纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰惠融纯债债券","pinyin":"gthrczzqxzqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"}]},"announcement":{"linkText":"国泰惠融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=780607","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca987fea5b3eb04a697f","date":"2022-03-30T16:00:00.000Z","stockId":3000000007331,"sao":"2022年一季度，债券市场总体波动幅度不大，行情主要分为3个阶段：第一阶段，春节前央行宽货币态度明显，宽信用没有明显起色，收益率快速下行。第二阶段，春节后，部分地区房地产调控政策边际放松，带动收益率最高反弹约20BP。第三阶段，3月中下旬以来，由于上海及全国疫情有所扩散，对3-4月经济数据预计产生一定影响，降准降息预期仍在，收益率小幅下行。回顾整个一季度的运作，国泰惠融基本上把握了债券市场的前2波行情，春节前保持较高的久期和杠杆获得了不错的收益，春节后果断降低久期至2年附近，在最大程度上降低了组合净值回撤的幅度，不足之处在于3月中下旬以来，由于国常会对稳增长的诉求进一步明确，判断长端债券面临一定压力，因此整体采取保守策略，在本轮疫情带动收益率下行的行情中损失了一部分收益。总的来看，国泰惠融把握住了一季度大部分的行情，并严格控制了组合的回撤，获得了不错的收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:48.060Z","fund":{"_id":3000000007331,"__csrcFundId":6424,"stockCode":"007331","shortName":"国泰惠融纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7331,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:08.441Z","status":"normal","inceptionDate":"2019-08-04T16:00:00.0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采取了比较谨慎的投资策略，及时调整账户久期，取得了不错的收益。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:48.041Z","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。展望后市，随着国内宏观经济逐步复苏，货币政策也逐渐恢复常态，预计债市进入震荡阶段。在经济复苏的进程中，货币政策预计将继续保持宽松，市场流动性维持合理充裕。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":3000000007331,"__csrcFundId":6424,"stockCode":"007331","shortName":"国泰惠融纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7331,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:08.441Z","status":"normal","inceptionDate":"2019-08-04T16:00:00.000Z","name":"国泰惠融纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰惠融纯债债券","pinyin":"gthrczzqxzqtzjj","managers":[{"stockCode":"db20754219","stockType":"fund_manager","exchange":"fm","tickerId":82612203310,"name":"胡智磊"}]},"announcement":{"linkText":"国泰惠融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=462886","linkType":"PDF","source":"csrc_pdf"}}]}