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Hole全球央行年会上释放出鸽派信号，随后9月议息会议如预期降息25个基点至4.00-4.25%。这是继本轮降息周期之前的降息100个基点后，美联储2025年首次降息。受此影响，美债利率震荡下行，10年期美债收益率一度下探至4.00%左右。与此同时，在资金持续流入下，美元信用债投资热情高涨，美国投资级债券指数利差收窄到历史低位的74bp。操作方面，三季度组合整体保持高久期和高仓位。在4月份关税冲击行情组合增加了久期和信用配置后，三季度组合维持超配久期水平和较高信用利差配置，获取了高票息和资本利得收益。9月临近美联储降息前，组合小幅降低久期，锁定利率波段收益。我们预计美国就业数据短期会继续降温，而通胀在温和抬升的情景下，美联储的货币政策空间将会被打开，美元债券资产有望继续受益于降息交易。当前组合久期配置仍位于偏高水平，如后续市场对降息次数定价过多，组合会考虑择机降低久期，如市场走出震荡行情，组合会在利率短期冲高情况下增加久期。截至报告期末，本基金A类基金份额净值为1.2094元，本报告期份额净值增长率为0.72%，同期业绩比较基准收益率为0.47%；C类基金份额净值为1.1872元，本报告期份额净值增长率为0.64%，同期业绩比较基准收益率为0.47%。","lastUpdated":"2026-03-09T13:26:54.892Z","fund":{"_id":3000000007360,"__csrcFundId":6268,"stockCode":"007360","name":"易方达中短期美元债债券型证券投资基金(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7360,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:41:02.033Z","status":"normal","exchange":"jj","shortName":"易方达中短期美元债债券(QDII)(007360)","inceptionDate":"2019-06-04T16:00:00.000Z","followedNum":102,"fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达中短期美元债债券(QDII)","pinyin":"yfdzdqmyzzqxzqtzjj(qdii)","memoNum":9,"managers":[{"stockCode":"8801613437","stockType":"fund_manager","exchange":"fm","tickerId":170704193600,"name":"祁广东"}]},"announcement":{"linkText":"易方达中短期美元债债券型证券投资基金（QDII）2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1377888","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9e7fea5b3eb04a7256","date":"2025-06-29T16:00:00.000Z","stockId":3000000007360,"sao":"上半年美元债市场仍维持高波动格局。开年受特朗普上任有可能推高通胀的影响，利率延续去年底冲高的趋势，10年期美国国债收益率触及4.8%高位，此后转而下行，至一季度末维持震荡下行趋势。4月初特朗普开启新一轮关税战，避险情绪下10年期美国国债收益率短暂快速下探，至4.0%附近触底反弹。此后，市场担忧美国财政的可持续性，美国市场出现股债汇三杀的格局，信用利差也快速走宽。关税战逐步缓和后，美国国债收益率维持相对高位震荡格局，信用利差逐步回落，至季度末基本回到年初水平。收益率曲线方面，上半年延续了陡峭化的趋势，中短期限债券收益率下行幅度较大。宏观数据方面，上半年整体呈现硬数据相对坚挺、软数据比较疲弱的态势，通胀整体延续下行趋势，但最近两个月受关税影响有小幅抬头。美联储上半年没有采取降息政策，态度也整体偏鹰。操作方面，我们在利率冲高的过程中一度将组合久期提高到3.5年附近的历史最高位，后在一季度末利率下行的过程中逐步将久期降至3.0年附近，二季度利率冲高的过程中我们又将组合久期提高到3.25年附近，后基本维持该水平。期限结构方面，我们延续之前重点配置中短久期债券的思路，这部分债券在利率陡峭化行情下收益率下行较多。信用方面，在信用利差加宽的过程中，我们小幅提高了组合信用仓位，赚取到了信用利差冲高回落的收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:54.889Z","mo":"我们认为，目前政策利率相比通胀水平和经济增速来说仍具紧缩效应，预计下半年关税对通胀的冲击逐步消退后，美联储有较大的降息空间。另外，高利率环境下，持有债券的静态收益较高，应对市场波动的能力也相对较强，中长期赚钱效应明显。信用利差又回到历史低位后，需警惕信用利差在风险事件下短期走宽的风险，但目前我们看不到信用利差快速大幅上行的驱动因素，如果短期冲击带来上行，会是加仓的机会。","fund":{"_id":3000000007360,"__csrcFundId":6268,"stockCode":"007360","name":"易方达中短期美元债债券型证券投资基金(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7360,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:41:02.033Z","status":"normal","exchange":"jj","shortName":"易方达中短期美元债债券(QDII)(007360)","inceptionDate":"2019-06-04T16:00:00.000Z","followedNum":102,"fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达中短期美元债债券(QDII)","pinyin":"yfdzdqmyzzqxzqtzjj(qdii)","memoNum":9,"managers":[{"stockCode":"8801613437","stockType":"fund_manager","exchange":"fm","tickerId":170704193600,"name":"祁广东"}]},"announcement":{"linkText":"易方达中短期美元债债券型证券投资基金（QDII）2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1348890","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9e7fea5b3eb04a7255","date":"2025-03-30T16:00:00.000Z","stockId":3000000007360,"sao":"一季度美国经济基本面整体小幅走弱，虽然硬数据仍有一定韧性，但反应市场预期的软数据调头向下。年初在特朗普上任后的再通胀预期下，美债利率冲高，但此后整体震荡下行。特朗普上任后，美国面临很大的政策不确定性，特别是关税政策让市场开始定价美国经济的衰退。到季度末，市场预期年内降息2-3次，信用利差整体走阔。 操作方面，去年四季度在利率冲高的过程中我们增加了组合的久期，相应地，在一季度利率下行到一定点位后，我们又小幅降低了组合的久期水平；另外，在信用利差加宽的过程中，我们整体增加了信用债的仓位，并小幅增加了一些收益较高的债券仓位，提高组合整体信用利差水平。 随着美国关税政策的逐步落地，美国经济衰退的概率增加，风险资产或将继续调整。但我们认为美国经济出现大幅衰退的概率还不高，如果市场出现较大幅度的调整，我们也将继续调整组合的仓位，包括在无风险利率下行过程中继续降低组合久期，以及在信用利差加宽过程中逐步切换部分信用债持仓至更高信用利差的品种。截至报告期末，本基金A类基金份额净值为1.1824元，本报告期份额净值增长率为1.56%，同期业绩比较基准收益率为1.28%；C类基金份额净值为1.1624元，本报告期份额净值增长率为1.49%，同期业绩比较基准收益率为1.28%。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:54.886Z","fund":{"_id":3000000007360,"__csrcFundId":6268,"stockCode":"007360","name":"易方达中短期美元债债券型证券投资基金(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7360,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:41:02.033Z","status":"normal","exchange":"jj","shortName":"易方达中短期美元债债券(QDII)(007360)","inceptionDate":"2019-06-04T16:00:00.000Z","followedNum":102,"fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达中短期美元债债券(QDII)","pinyin":"yfdzdqmyzzqxzqtzjj(qdii)","memoNum":9,"managers":[{"stockCode":"8801613437","stockType":"fund_manager","exchange":"fm","tickerId":170704193600,"name":"祁广东"}]},"announcement":{"linkText":"易方达中短期美元债债券型证券投资基金（QDII）2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1275806","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9e7fea5b3eb04a7254","date":"2024-12-30T16:00:00.000Z","stockId":3000000007360,"sao":"2024年美债收益率维持高位震荡行情。一季度受美国就业、消费等经济数据偏强影响，市场调整全年降息预期由6次降至3次，10年期美债利率由年初3.9%攀升至4.7%。二三季度美国经济基本面大致平稳，但就业数据边际恶化，叠加美联储于9月降息50bp，开启本轮降息周期，10年期美债利率一路下探至3.6%。四季度市场焦点转为特朗普当选总统对通胀预期抬升的担忧，利率再度上行至4.5%。全年来看，2年期美债利率持平、10年期美债利率则升60bp，美债收益率曲线呈现陡峭化态势。信用利差则表现不俗，全年来看，美国投资级债收窄20bp、美国高收益债收窄36bp。尽管美联储货币政策已进入降息周期，市场定价降息节奏与经济数据韧性较强的预期差，导致中长端美债呈现高位震荡行情。一方面，企业投资受益于人工智能设备和新工厂投资推动，消费者支出在劳动力收入增长和股市财富效应外溢下表现强劲，另一方面，本轮周期企业部门和居民部门整体均体现出杠杆率稳健、债务久期较长等特点，加息政策影响存在时滞效应。在此背景下，2024年美国风险资产表现较优，美国国债指数回报为0.6%，美国投资级债和高收益债指数分别录得2.1%、8.2%的回报，标普500股票指数表现强劲，收益达23.3%。组合运作方面，1季度我们大幅提高信用债配置比例，降低国债占比，提高组合静态收益率，获取信用利差Carry和收窄回报，并重点配置金融、公用事业、汽车等行业债券。4季度跟随国债利率上行，我们进一步提升组合久期至3.3年，达到组合成立以来较高位置，我们认为美元债存在较高票息和潜在资本利得机会。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:54.884Z","mo":"展望2025年，特朗普政策实施和美联储降息节奏为市场关注焦点。尽管特朗普的关税政策有推高通胀倾向，我们认为市场定价已较为充分，目前市场仅预期全年降息1次，美债收益率或易下难上。与此同时，美债收益率曲线已恢复正常化，投资者资金持续流入债券基金，预计期限利差将支持久期策略表现。考虑到降息周期的曲线陡峭化行情，我们将重点配置中短端品种，并对长端品种开展波段交易。信用策略方面，我们维持信用债较高比例配置，并关注信用波动带来的投资机会。","fund":{"_id":3000000007360,"__csrcFundId":6268,"stockCode":"007360","name":"易方达中短期美元债债券型证券投资基金(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7360,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:41:02.033Z","status":"normal","exchange":"jj","shortName":"易方达中短期美元债债券(QDII)(007360)","inceptionDate":"2019-06-04T16:00:00.000Z","followedNum":102,"fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达中短期美元债债券(QDII)","pinyin":"yfdzdqmyzzqxzqtzjj(qdii)","memoNum":9,"managers":[{"stockCode":"8801613437","stockType":"fund_manager","exchange":"fm","tickerId":170704193600,"name":"祁广东"}]},"announcement":{"linkText":"易方达中短期美元债债券型证券投资基金(QDII)2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1248884","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9e7fea5b3eb04a7253","date":"2024-09-29T16:00:00.000Z","stockId":3000000007360,"sao":"在美国整体走弱的宏观数据驱动下，三季度美元债收益率震荡下行，九月美联储如市场预期启动降息周期，降息幅度为50bps，符合市场预期。基金操作方面，我们维持组合较长的久期，平均信用评级也维持在较高水平，组合各维度风险收益特征保持稳定。在降息周期开启后，我们认为利率水平在大方向上将呈现震荡下行的态势，债券价格仍有上涨空间，国债收益率曲线将呈现陡峭化走势。不过短期市场对于降息预期过高也会带来一定的调整风险，如果收益率短期冲高，我们会小幅提高组合久期。截至报告期末，本基金A类基金份额净值为1.1446元，本报告期份额净值增长率为1.63%，同期业绩比较基准收益率为0.98%；C类基金份额净值为1.1269元，本报告期份额净值增长率为1.56%，同期业绩比较基准收益率为0.98%。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:54.881Z","fund":{"_id":3000000007360,"__csrcFundId":6268,"stockCode":"007360","name":"易方达中短期美元债债券型证券投资基金(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7360,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:41:02.033Z","status":"normal","exchange":"jj","shortName":"易方达中短期美元债债券(QDII)(007360)","inceptionDate":"2019-06-04T16:00:00.000Z","followedNum":102,"fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达中短期美元债债券(QDII)","pinyin":"yfdzdqmyzzqxzqtzjj(qdii)","memoNum":9,"managers":[{"stockCode":"8801613437","stockType":"fund_manager","exchange":"fm","tickerId":170704193600,"name":"祁广东"}]},"announcement":{"linkText":"易方达中短期美元债债券型证券投资基金（QDII）2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1179607","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9e7fea5b3eb04a7252","date":"2024-06-29T16:00:00.000Z","stockId":3000000007360,"sao":"上半年美国经济呈现前稳后弱的走势，国债收益率冲高回落，信用利差整体收窄，但到半年末开始有一定压力。基金操作上，上半年我们把基金久期拉长到成立以来的最高位，达到接近3年的水平，大量国债被置换到信用债，新增仓位多为信用资质强的投资级债券。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:54.878Z","mo":"展望下半年，我们认为美国经济出现衰退的概率在提高，信用利差将会加宽，且资质较弱的主体受到的冲击会更大。如果市场出现超调的机会，我们会将部分高等级的信用债转换为高收益债券，但仓位不会超过20%。","fund":{"_id":3000000007360,"__csrcFundId":6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":"易方达中短期美元债债券型证券投资基金(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7360,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:41:02.033Z","status":"normal","exchange":"jj","shortName":"易方达中短期美元债债券(QDII)(007360)","inceptionDate":"2019-06-04T16:00:00.000Z","followedNum":102,"fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达中短期美元债债券(QDII)","pinyin":"yfdzdqmyzzqxzqtzjj(qdii)","memoNum":9,"managers":[{"stockCode":"8801613437","stockType":"fund_manager","exchange":"fm","tickerId":170704193600,"name":"祁广东"}]},"announcement":{"linkText":"易方达中短期美元债债券型证券投资基金（QDII）2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=993072","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9e7fea5b3eb04a724e","date":"2023-06-29T16:00:00.000Z","stockId":3000000007360,"sao":"今年上半年美元债市场整体呈现出震荡行情，利率在市场对美联储的鸽派预期和美联储实际呈现的鹰派态度之间来回拉锯，国债收益率曲线仍然维持期限利差倒挂的状态，且个别时点倒挂程度达到历史最高水平附近。信用利差受硅谷银行、瑞士信贷等事件冲击，在一季度出现冲高的情况，随后市场逐步缓和，在强劲的宏观数据支持下，市场对信用风险的担忧逐步降低，进入二季度后信用利差震荡收窄。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:54.867Z","mo":"6月美国数据显示，无论是CPI（居民消费价格指数）还是核心通胀，都回落到美联储政策利率水平以下，历史上历次加息加到通胀水平之上后，美联储极少再继续大幅加息，加之美国经济的领先指标持续恶化，当下强劲的就业、消费等指标也在边际趋势上有所走弱，我们认为美联储继续加息的空间非常有限。一旦美联储停止加息，我们预计债券市场将受益于当下的高利率环境以及利率下行带来的资本利得收益。当然，债券收益率的大幅下行还有待货币政策拐点出现，这通常发生在美联储第一次降息的时候。上半年投资组合整体维持较高的久期，持仓主体的信用资质边际提高。目前收益率上升到2007年以来的最高水平，静态收益带来的回报能够更好地抵御市场波动，这一点在组合上半年的净值表现上有明显的体现。下半年组合将继续维持较高的久期水平，在利率高点锁定更长期限的高利率水平。同时，在组合规模允许的情况下，将继续提高持仓分散度。","fund":{"_id":3000000007360,"__csrcFundId":6268,"stockCode":"007360","name":"易方达中短期美元债债券型证券投资基金(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7360,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:41:02.033Z","status":"normal","exchange":"jj","shortName":"易方达中短期美元债债券(QDII)(007360)","inceptionDate":"2019-06-04T16:00:00.000Z","followedNum":102,"fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达中短期美元债债券(QDII)","pinyin":"yfdzdqmyzzqxzqtzjj(qdii)","memoNum":9,"managers":[{"stockCode":"8801613437","stockType":"fund_manager","exchange":"fm","tickerId":170704193600,"name":"祁广东"}]},"announcement":{"linkText":"易方达中短期美元债债券型证券投资基金（QDII）2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=961871","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9e7fea5b3eb04a724d","date":"2023-03-30T16:00:00.000Z","stockId":3000000007360,"sao":"一季度美元债市场大幅震荡，十年期美国国债收益率从去年底的3.87%先是下行50bps至3.37%，后在强劲的经济数据支撑下又一路上行至4.06%，最终季度末收于3.47%。如此震荡的行情，源于市场对于加息风险和衰退风险的来回拉锯。加息风险主要来自于依旧强劲的就业和通胀数据，或将推动美联储继续加息至更高的位置，而衰退风险的担忧在硅谷银行倒闭和瑞士信贷被收购后迅速蔓延。虽然市场对于利率是否持续下行存在分歧，但我们认为十年期美债收益率再创本轮利率周期的高点的概率较低，也就意味着市场的下行风险相对较小。对于长期投资而言，即使仅考虑静态收益没有资本利得，收益率水平也是过去10年最高的区间。某种程度上来说，若市场维持在较高的利率水平更长时间，则债券市场的投资者将获得更长时间的较高回报。当然，利率停留在如此高水平的时间不会太久，我们已经看到如此快速的大幅加息所带来的风险，美国的中小银行和商业地产已经在承受巨大的压力，在我们看来，经济衰退只是时间问题。一季度本基金保持了较高的久期水平，约为2.3年。行业层面，小幅下调银行板块的占比，组合无中小银行持仓。组合持仓信用资质继续保持高水平，97%为投资级信用债。截至报告期末，本基金A类基金份额净值为1.0459元，本报告期份额净值增长率为0.15%，同期业绩比较基准收益率为0.19%；C类基金份额净值为1.0344元，本报告期份额净值增长率为0.08%，同期业绩比较基准收益率为0.19%。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:54.864Z","fund":{"_id":3000000007360,"__csrcFundId":6268,"stockCode":"007360","name":"易方达中短期美元债债券型证券投资基金(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7360,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:41:02.033Z","status":"normal","exchange":"jj","shortName":"易方达中短期美元债债券(QDII)(007360)","inceptionDate":"2019-06-04T16:00:00.000Z","followedNum":102,"fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达中短期美元债债券(QDII)","pinyin":"yfdzdqmyzzqxzqtzjj(qdii)","memoNum":9,"managers":[{"stockCode":"8801613437","stockType":"fund_manager","exchange":"fm","tickerId":170704193600,"name":"祁广东"}]},"announcement":{"linkText":"易方达中短期美元债债券型证券投资基金（QDII）2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=885180","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9e7fea5b3eb04a724c","date":"2022-12-30T16:00:00.000Z","stockId":3000000007360,"sao":"2022年在美联储的激进加息下，美元债市场经历了收益率的大幅上行，主要债券指数价格大幅下跌，全年债券市场创出1928年（大萧条前）以来最大的跌幅。加上2021年美元债市场整体也是走跌，连续两年的下跌周期也是历史上较为罕见的。与此同时，亚洲美元债中的高收益债出现大面积的违约，指数跌幅也是创出1998年亚洲金融危机以来的最大跌幅。在剧烈下跌的市场环境中，2022年组合的操作核心放在了防风险上，包括防利率风险和防信用风险。利率风险方面，组合年初维持较短的久期，降低基准利率上行对组合的不利冲击。信用风险方面，组合不断梳理信用基本面较弱的债券，并作适当减持，全年高收益债券在组合中的占比逐步下降，防范了尾部风险。在防风险的大基调下，组合也不断为债券市场下跌后的上涨行情做准备，这包括渐进地拉长组合久期，在处置有违约风险的高收益债同时，补充信用资质优、仅受市场因素影响出现大幅下跌的债券（如全球保险永续债），这保证了市场行情止跌反弹后组合的弹性。截止年底，组合久期处于基金成立以来的最高水平上下，高收益债占比降至3%以下，组合持仓债券整体评级水平较年初大幅提高，国别分散度大幅提高。对于远超预期的下跌，无论是基准利率上行带来的还是某单一行业信用风险集中快速爆发带来的，我们都无法精准预测，但我们可以做的是贯彻我们的投资理念，以达到一定程度的预防的效果。对于本基金来说，在收益率明显处于历史低位水平的时候，维持较短久期，让组合能够经受利率上行的冲击。同时组合保持行业和投资主体的分散度，有利于防范单一行业的极端尾部风险。资本市场流行着风险带来收益的说法，但现实是风险只有在释放后，才能带来丰厚的收益，而在此之前，风险它仅仅是风险。对于追求长期业绩的投资组合，如果不能规避每一轮风险的到来，那至少要做到，风险释放后，组合的贝塔要提高到风险来临前的水平以上。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:54.861Z","mo":"美元债市场在2022年11月初触底反弹，启动了资产超跌反弹后的第一轮行情，我们认为美元债利率再超过当时高点的概率较低。当前美元债收益水平处于过去10年历史的90分位以上，具备非常高的投资价值，是做右侧配置非常好的时机。超跌反弹行情快速且幅度大，但也仅修复了高位下跌幅度的三分之一左右，我们认为接下来美元债会进入震荡上涨的慢牛行情，这源于市场对美国经济衰退的担忧和美国强劲的就业来回拉扯，让美元债利率很难快速下行。在这样的基本判断下，2023年组合预计将维持较高的久期水平，并在信用风险释放的过程中，逐步小幅提高高收益资产的占比。","fund":{"_id":3000000007360,"__csrcFundId":6268,"stockCode":"007360","name":"易方达中短期美元债债券型证券投资基金(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7360,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:41:02.033Z","status":"normal","exchange":"jj","shortName":"易方达中短期美元债债券(QDII)(007360)","inceptionDate":"2019-06-04T16:00:00.000Z","followedNum":102,"fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达中短期美元债债券(QDII)","pinyin":"yfdzdqmyzzqxzqtzjj(qdii)","memoNum":9,"managers":[{"stockCode":"8801613437","stockType":"fund_manager","exchange":"fm","tickerId":170704193600,"name":"祁广东"}]},"announcement":{"linkText":"易方达中短期美元债债券型证券投资基金(QDII)2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=869507","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9e7fea5b3eb04a724b","date":"2022-09-29T16:00:00.000Z","stockId":3000000007360,"sao":"美国三季度公布的各月就业数据依然强劲，通胀数据维持高位，两项数据均支持美联储持续加息。在美联储完成9月份75个基点的加息后，联邦基金利率达到3.25%-3.50%水平，且美联储给的政策利率指引显示将继续加息到4.375%水平。受此影响，美元债收益率于三季度继续大幅上行，带动美元债价格超预期下跌。尽管美元债利率上行带来债券价格下行的压力，但整体来说，在不出现违约风险的情况下，利率上行的越多，代表未来的预期收益越高。在高评级债券即可达到5.5%附近的静态收益情况下，美元债投资价值进一步凸显。三季度我们在基金操作层面主要聚焦在信用风险的防控方面，重点排查在高利率环境下比较脆弱的信用主体并进行减持，组合中投资级债券占比进一步提高。截至报告期末，本基金A类基金份额净值为1.0492元，本报告期份额净值增长率为2.43%，同期业绩比较基准收益率为4.01%；C类基金份额净值为1.0392元，本报告期份额净值增长率为2.35%，同期业绩比较基准收益率为4.01%。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:54.858Z","fund":{"_id":3000000007360,"__csrcFundId":6268,"stockCode":"007360","name":"易方达中短期美元债债券型证券投资基金(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7360,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:41:02.033Z","status":"normal","exchange":"jj","shortName":"易方达中短期美元债债券(QDII)(007360)","inceptionDate":"2019-06-04T16:00:00.000Z","followedNum":102,"fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达中短期美元债债券(QDII)","pinyin":"yfdzdqmyzzqxzqtzjj(qdii)","memoNum":9,"managers":[{"stockCode":"8801613437","stockType":"fund_manager","exchange":"fm","tickerId":170704193600,"name":"祁广东"}]},"announcement":{"linkText":"易方达中短期美元债债券型证券投资基金(QDII)2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=802228","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9e7fea5b3eb04a724a","date":"2022-06-29T16:00:00.000Z","stockId":3000000007360,"sao":"上半年，美联储为抑制通胀开启了本轮加息周期，先后三次加息幅度分别为25、50和75个基点，快速加息带来美元债市场的大幅下跌，iBoxx美国投资级债券指数跌幅达到16.24%，超过了2008年金融危机的跌幅。另一方面，中资美元债受地产债违约潮蔓延的影响，也出现了大幅的下挫，iBoxx中资高收益美元债指数跌幅达到22.23%，拖累亚洲高收益美元债指数创出98年亚洲金融危机以来的最大跌幅。在大幅下跌的市场下，长久期和短久期策略均出现较大幅度的回撤，但是，不同板块之间的走势也出现了较大幅度的差异。操作方面，报告期内我们提高了信用资质较好的标的的占比，加大组合的分散度，提升了组合整体持仓主体的平均信用资质。基于利率上行的市场环境，长久期债券的配置价值显现，我们逐步提高组合久期至报告期末的2.2年左右。另一方面，受相对价值的驱动，我们在报告期内大幅增加了发达市场的配置力度。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:54.855Z","mo":"美联储加息已进入中段，债券收益率已经大致反应，当前处于历史高位。展望下半年，美国经济衰退风险的扰动或超过通胀风险带来的扰动，美联储货币政策有可能最快在今年四季度开始退坡，制约中资美元债收益率表现的一大不利因素有可能被逐渐消除，估值有望修复，因此我们认为超预期的大幅下跌带来债券市场难得的配置机会，特别是考虑到绝大部分债券是有固定到期日且到期还本付息确定性极高的资产，前期的下跌其实积累了后期的反弹力度。另外，中美利差倒挂使得美元债的静态收益高于人民币债券，也为美元债带来更高的相对价值。下半年如利率继续上行，我们将继续提高久期，以增强市场反弹时组合的弹性。","fund":{"_id":3000000007360,"__csrcFundId":6268,"stockCode":"007360","name":"易方达中短期美元债债券型证券投资基金(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7360,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:41:02.033Z","status":"normal","exchange":"jj","shortName":"易方达中短期美元债债券(QDII)(007360)","inceptionDate":"2019-06-04T16:00:00.000Z","followedNum":102,"fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达中短期美元债债券(QDII)","pinyin":"yfdzdqmyzzqxzqtzjj(qdii)","memoNum":9,"managers":[{"stockCode":"8801613437","stockType":"fund_manager","exchange":"fm","tickerId":170704193600,"name":"祁广东"}]},"announcement":{"linkText":"易方达中短期美元债债券型证券投资基金(QDII)2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=779393","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9e7fea5b3eb04a7249","date":"2022-03-30T16:00:00.000Z","stockId":3000000007360,"sao":"一季度，美国通胀压力继续抬升，美联储的态度逐渐转向鹰派，且如期在3月进行了第一次加息，受此影响，10年期美国国债收益率由去年底的1.51%大幅上升至一季度末的2.34%，且2年与10年美国国债的期限利差由78个基点缩窄到不足1个基点。信用方面，美元地产债恐慌情绪延续，且蔓延到优质地产标的，去年四季度跌幅不深的民营地产债券普遍出现大幅下跌的情况，受此影响，彭博中国高收益美元债指数一季度跌幅达到18.55%。国际方面，受俄乌战争的影响，全球避险情绪较高，风险资产普遍出现较大幅度的波动，信用利差整体走阔，至季度末稍有收窄。受市场波动影响，一季度基金规模有所下降，我们在应对赎回的过程中，顺势做了一定的仓位调整：一方面，基于利率上行带来长久期债券的配置价值，我们小幅提高了组合的久期；另一方面，出于控制极端信用风险的目的，我们降低了部分信用资质较弱主体的持仓，并提高了信用资质较好弹性较高的标的的占比；最后，我们继续增加组合持仓主体数量，提高了分散度。截至报告期末，本基金A类基金份额净值为0.9914元，本报告期份额净值增长率为-2.33%，同期业绩比较基准收益率为-2.60%；C类基金份额净值为0.9835元，本报告期份额净值增长率为-2.39%，同期业绩比较基准收益率为-2.60%。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:54.853Z","fund":{"_id":3000000007360,"__csrcFundId":6268,"stockCode":"007360","name":"易方达中短期美元债债券型证券投资基金(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7360,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:41:02.033Z","status":"normal","exchange":"jj","shortName":"易方达中短期美元债债券(QDII)(007360)","inceptionDate":"2019-06-04T16:00:00.000Z","followedNum":102,"fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达中短期美元债债券(QDII)","pinyin":"yfdzdqmyzzqxzqtzjj(qdii)","memoNum":9,"managers":[{"stockCode":"8801613437","stockType":"fund_manager","exchange":"fm","tickerId":170704193600,"name":"祁广东"}]},"announcement":{"linkText":"易方达中短期美元债债券型证券投资基金(QDII)2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=725845","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9e7fea5b3eb04a7248","date":"2021-12-30T16:00:00.000Z","stockId":3000000007360,"sao":"2021年美元债市场的行情主要围绕着全球经济逐渐从新冠疫情中复苏以及中国房地产市场主动调控带来的信用风险的释放展开。欧美经济逐步从新冠疫情中复苏，货币政策回归正常化逐渐提上日程，美国国债利率全年震荡上行，至年底受货币政策加速收紧预期的影响，上行速度有所加快。信用利差方面，美国及除中国外的新兴市场整体震荡走低，而中资美元债持续受到信用风险事件影响，整体利差出现极度分化，金融板块利差去到历史最低分位数，而高收益市场利差去到历史最高分位数。基金操作方面，基金全年整体保持较低的久期水平，以应对利率上行带来的风险。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:54.850Z","mo":"2022年，美联储货币政策的收紧将成为全球债券资产都要面临的一个主题，在美国通胀创近40年新高的情况下，市场预计加息和缩表都将加速。同一时间，我们看到美债利率曲线也在平坦化，说明市场并不认为美国经济能承受过于激进的货币政策收紧。中资美元债方面，地产板块的信用风险还在继续释放的过程中，但我们看到中国的财政政策和货币政策都在同步放松，而针对房地产市场的政策也在逐步松绑中，预计地产板块的风险将逐步缓解，后面将进入信用风险逐步化解的过程。信用利差方面，我们预计全年信用利差有机会震荡走宽，不同市场的表现也会比较分化。在信用利差走宽的过程中，我们会逐步调整组合持仓，将信用利差过窄的标的切换到信用利差更加合理的标的。另外，2022年组合将继续新增投资标的，提高组合的分散度。","fund":{"_id":3000000007360,"__csrcFundId":6268,"stockCode":"007360","name":"易方达中短期美元债债券型证券投资基金(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7360,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:41:02.033Z","status":"normal","exchange":"jj","shortName":"易方达中短期美元债债券(QDII)(007360)","inceptionDate":"2019-06-04T16:00:00.000Z","followedNum":102,"fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达中短期美元债债券(QDII)","pinyin":"yfdzdqmyzzqxzqtzjj(qdii)","memoNum":9,"managers":[{"stockCode":"8801613437","stockType":"fund_manager","exchange":"fm","tickerId":170704193600,"name":"祁广东"}]},"announcement":{"linkText":"易方达中短期美元债债券型证券投资基金(QDII)2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=709181","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9e7fea5b3eb04a7247","date":"2021-09-29T16:00:00.000Z","stockId":3000000007360,"sao":"三季度受恒大违约事件的影响，中资高收益美元债市场出现较大的回撤，其中高收益地产板块出现剧烈调整，幅度超过2018年基本面驱动的下跌行情，与2020年海外市场流动性危机带来的调整幅度相当，且从季度末的市场走势看，仍未有止跌企稳的迹象。投资级债券方面，市场先是从华融事件的冲击中逐步修复，前期受影响较大的资产管理公司板块信用利差明显收窄，由于中资机构美元资金充裕，投资级债券一级市场的新发行受到热烈追捧，发行利率亦逐步走低。到季度末，受高收益债剧烈下跌的影响，投资级债券市场出现一定幅度的回调，信用利差重新走高，且流动性变差。虽然短期市场未见得调整到位，但随着估值的逐步下跌，投资价值也越发显现，我们认为四季度国家对房地产的政策有机会边际放松，海外高收益债大概率将触底反弹，因此目前市场的调整是难得的逢低买入的机会。组合层面，由于前期对市场走势相对谨慎，我们三季度在市场剧烈下跌前降低了组合仓位，现金比例提高到10%以上。随着市场调整逐步到位，我们有较多的资金可以用于买入一些超跌的债券，以把握市场反弹的机会。截至报告期末，本基金A类基金份额净值为1.0351元，本报告期份额净值增长率为1.10%，同期业绩比较基准收益率为0.47%；C类基金份额净值为1.0284元，本报告期份额净值增长率为1.02%，同期业绩比较基准收益率为0.47%。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:54.847Z","fund":{"_id":3000000007360,"__csrcFundId":6268,"stockCode":"007360","name":"易方达中短期美元债债券型证券投资基金(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":7360,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T20:41:02.033Z","status":"normal","exchange":"jj","shortName":"易方达中短期美元债债券(QDII)(007360)","inceptionDate":"2019-06-04T16:00:00.000Z","followedNum":102,"fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达中短期美元债债券(QDII)","pinyin":"yfdzdqmyzzqxzqtzjj(qdii)","memoNum":9,"managers":[{"stockCode":"8801613437","stockType":"fund_manager","exchange":"fm","tickerId":170704193600,"name":"祁广东"}]},"announcement":{"linkText":"易方达中短期美元债债券型证券投资基金(QDII)2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=657514","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9e7fea5b3eb04a7246","date":"2021-06-29T16:00:00.000Z","stockId":3000000007360,"sao":"上半年，基金维持短久期高信用资质的持仓特征。一季度，在充裕的流动性推动下，市场整体表现平稳，基金持仓变化不大，以获取较稳定的票息收入。进入二季度后，随着市场上信用事件的接连发生，市场波动加大，组合相应做了一些调整，一方面及时卖出部分有潜在信用风险的标的，另一方面，持续增加新的投资标的，减持持仓比例过高的主体，提高组合的分散度。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:54.845Z","mo":"美联储6月的议息会议趋于转向鹰派，货币政策边际收紧预期提前，未来无风险利率预计整体将呈现震荡走高的趋势。但鉴于目前变种病毒在全球的大面积传播，下半年全球经济的不确定性依然较高，预计美联储下半年收紧货币政策的概率不高，我们预期美元债市场的流动性在下半年整体会维持宽松。在长期货币政策走势和短期流动性因素的双重影响下，我们认为下半年短债市场仍会有较为平稳的表现，市场的短期冲击会来自于信用事件的脉冲影响以及收益率短期快速上行带来的短端债券调整压力。在操作上，我们会继续维持短久期高信用资质的持仓特征，持续梳理组合可能面临的信用风险，并继续提高组合的持仓分散度。","fund":{"_id":3000000007360,"__csrcFundId":6268,"stockCode":"007360","name":"易方达中短期美元债债券型证券投资基金(QDII)","fundSecondLev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