window.pageData = {"stock":{"_id":3000000007500,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50060000","tickerId":50060000,"name":"鹏华基金管理有限公司"},"managers":[{"name":"王志飞","stockType":"fund_manager","stockCode":"db20774820","exchange":"fm","tickerId":232606205000},{"name":"李政","stockType":"fund_manager","stockCode":"db20801140","exchange":"fm","tickerId":1226215000}],"hotMetrics":{"fss":{"stockId":3000000007500,"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":203,"f_h_s_a":3655053,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000007500,"type":"fpr","f_p_r_fys_ssc":7425,"f_p_r_fys_ssrp":0.6053340517241379,"f_p_r_m1_ssc":7697,"f_p_r_m1_ssrp":0.10706860706860707,"f_p_r_m3_ssc":7588,"f_p_r_m3_ssrp":0.37959667852906287,"f_p_r_m6_ssc":7445,"f_p_r_m6_ssrp":0.5566899516389038,"f_p_r_y1_ssc":7026,"f_p_r_y1_ssrp":0.6935231316725978,"f_p_r_y2_ssc":6109,"f_p_r_y2_ssrp":0.7110347085789129,"f_p_r_y3_ssc":5023,"f_p_r_y3_ssrp":0.5101553166069295,"f_p_r_y5_ssc":3466,"f_p_r_y5_ssrp":0.8245310245310246,"f_cagr_p_r_fs_ssc":7418,"f_cagr_p_r_fs_ssrp":0.5577726843737361},"fp":{"stockId":3000000007500,"type":"fp","f_p_r_fys":0.012524601896582555,"f_p_r_m1":0.003013115916341569,"f_p_r_m3":0.005508173418621087,"f_p_r_m6":0.009994645725504014,"f_p_r_y1":0.015746388893180585,"f_p_r_y3":0.08503897937523552,"f_cagr_p_r_fs":0.027030706066645926,"f_p_r_d1":0.0011371588523443332,"f_p_r_y2":0.03891403469300059,"f_p_r_y5":0.11456454940279692,"last_data_date":"2026-07-27T16:00:00.000Z","f_i_d":"2019-06-10T16:00:00.000Z"},"ff":{"stockId":3000000007500,"type":"ff","f_m_f":1226619,"f_m_f_r":0.003,"f_c_f":408873,"f_c_f_r":0.001,"f_m_a_c_f":1635492,"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":"2026-05-07T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.004},"f_nlacan":{"stockId":3000000007500,"type":"f_nlacan","f_nv_d":"2026-07-27T16:00:00.000Z","f_nv":1.1318,"f_nv_cr":0.00008836264027567431},"f_as":{"stockId":3000000007500,"type":"f_as","f_tas":1313239840.9935,"f_tas_d":"2026-06-29T16:00:00.000Z"}},"masterSlaveFunds":[],"bondHoldings":[{"_id":"6a5dd8c684efc9493b46efb7","date":"2026-06-29T16:00:00.000Z","declarationDate":"2026-07-19T16:00:00.000Z","fundId":3000000007500,"stockCode":"250431","stockName":"25农发31","holdings":4000000,"marketCap":405076383,"netValueRatio":0.3085,"lastUpdated":"2026-07-20T08:13:58.001Z"},{"_id":"6a5dd8c684efc9493b46efb8","date":"2026-06-29T16:00:00.000Z","declarationDate":"2026-07-19T16:00:00.000Z","fundId":3000000007500,"stockCode":"250211","stockName":"25国开11","holdings":3700000,"marketCap":374760328,"netValueRatio":0.2854,"lastUpdated":"2026-07-20T08:13:58.008Z"},{"_id":"6a5dd8c684efc9493b46efb9","date":"2026-06-29T16:00:00.000Z","declarationDate":"2026-07-19T16:00:00.000Z","fundId":3000000007500,"stockCode":"2205878","stockName":"22山东债33","holdings":500000,"marketCap":57845978,"netValueRatio":0.044,"lastUpdated":"2026-07-20T08:13:58.011Z"},{"_id":"6a5dd8c684efc9493b46efba","date":"2026-06-29T16:00:00.000Z","declarationDate":"2026-07-19T16:00:00.000Z","fundId":3000000007500,"stockCode":"2271024","stockName":"22广东债38","holdings":500000,"marketCap":57460983,"netValueRatio":0.0438,"lastUpdated":"2026-07-20T08:13:58.014Z"},{"_id":"6a5dd8c684efc9493b46efbb","date":"2026-06-29T16:00:00.000Z","declarationDate":"2026-07-19T16:00:00.000Z","fundId":3000000007500,"stockCode":"2305937","stockName":"23四川债59","holdings":500000,"marketCap":56239392,"netValueRatio":0.0428,"lastUpdated":"2026-07-20T08:13:58.028Z"}]},"list":[{"_id":"6a5dd67184efc9493b468c20","date":"2026-06-29T16:00:00.000Z","declarationDate":"2026-07-19T16:00:00.000Z","stockId":3000000007500,"sao":"2026年二季度全球大类资产延续了高波动走势，国内债券市场走势偏强。2026年二季度，国内经济数据表现分化，出口数据表现亮眼，远超年初市场预期，主要是高新技术产业对于出口形成了显著的拉动作用。与此同时，国内固定资产投资增速回落，社会消费品零售总额增速转负，国内经济发展面临供强需弱、结构分化的局面。今年二季度信贷投放增速回落，银行间市场流动性较为充裕，资金分层现象明显改善，R007减DR007利差持续处于偏低水平，为债券市场提供有利支撑。在此背景下，二季度债券市场整体表现偏强，国内债券市场收益率整体下行，呈现平坦化走势，期限利差压缩。信用方面，二季度非银机构负债端充裕，信用市场配置需求旺盛，收益率普遍下行，信用市场期限利差压缩，中长端品种表现较好。  组合操作方面，本季度组合整体仓位偏高，加大了长债、超长债的参与力度。5月上旬考虑到央行加速回笼流动性，组合阶段性降低了交易仓位。5月下旬基本面数据对于债券偏利好，组合再度提升久期，博弈市场上涨行情。","lastUpdated":"2026-07-20T08:04:01.553Z","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3个月定期开放债券型发起式证券投资基金2026年第2季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1528331","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69e7d5746201787ae129f0ef","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","stockId":3000000007500,"sao":"2026年一季度海外冲突加剧，全球大类资产呈现较高波动，国内债券市场走势震荡偏强。2026年一季度国内基本面数据表现较强，特别是物价、出口分项等大幅好于市场预期，市场对于货币政策加码明显降低预期。1月权益市场表现亮眼，股债跷跷板效应下债券市场整体情绪偏弱。但另一方面，一季度货币政策基调较为宽松，央行积极开展各类型流动性投放，市场资金价格平稳，银行负债端流动性充裕，自营及资管机构对于债券、存单等资产的配置需求较为旺盛，对于债券市场形成支撑。综合作用之下，国内利率债券收益率曲线呈现陡峭化走势，中短端品种表现更为强势，超长端债券走势相对偏弱。在信用方面，一季度资金面整体较为宽松，资管机构负债端较为稳定，为杠杆套息策略提供了良好的操作环境，信用利差明显压缩。  在组合操作方面，本季度组合整体仓位偏中性，以票息策略为主。2月增加了部分交易性仓位，主要是考虑到资金面好于预期，银行、保险等机构配置动能较强，阶段性加仓博弈。进入3月美伊冲突爆发，国内通胀预期进一步升温，组合对于前述交易仓位进行了平仓。","lastUpdated":"2026-04-21T19:52:20.456Z","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3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=1472192","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ca7afb7ecbd37c10afbcbc","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000007500,"sao":"2025年债券市场表现震荡偏弱，各品种收益率上行居多。2025年1月央行宣布暂停国债买入，债市做多情绪有所下挫。伴随国内AI技术浪潮兴起，权益市场表现不俗，受到股债跷跷板影响，债券市场进一步调整。进入4月美国对各国关税政策的变化引发了全球避险情绪的发酵，国内债券市场有所修复，但伴随中美贸易摩擦的缓和，债券市场再度走弱。三季度反内卷政策持续推进，引发了市场对于再通胀的担忧，叠加季末公募基金遭遇赎回，债券市场情绪进一步受挫，尤其超长利率债、信用债等品种调整幅度较大。2025年四季度央行重新启动国债买卖，以及收益率点位调整至配置区间，债券市场整体走势比较平稳。  在货币政策方面，2025年央行实施适度宽松的货币政策，2025年5月下调存款准备金率0.5个百分点，下调7天期逆回购利率0.1个百分点至1.4%，引导1年期、5年期以上LPR同步降0.1个百分点。与此同时，央行对于中长期流动性的投放较为积极，买断式回购净投放3.8万亿元、净买入国债1200亿元。在此背景下，资金市场利率价格平稳，为债券市场的平稳运作提供了有利环境。  从组合运作来看，组合全年运作比较保守，1月份组合从进攻转为防守，降低久期、杠杆，3月中下旬开始逐步增加长端利率品种，博弈市场的超跌反弹。进入二季度，组合逐步增加了中高等级信用债、地方债的交易仓位，主要是考虑到流动性环境改善，信用利差、类属利差有望走出压缩行情，取得了较好的进攻效果。下半年整体操作比较保守，以杠杆息差策略为主，阶段性参与了二永和长债的交易行情。","lastUpdated":"2026-03-30T13:30:35.424Z","mo":"2025年初债券市场收益率点位较低，交易结构较为拥挤导致价格波动加大，全年来看长端、超长端品种收益率上行较为明显。展望后市，预计2026年债券市场运作较为平稳。在基本面方面，国内经济平稳复苏，物价回升将推动名义经济增速上行，但财政扩张力度下降，新旧动能转换阶段经济内部仍存在结构性问题。货币政策方面，2026年开年以来，央行继续实施适度宽松的货币政策，并强调了降准降息仍有一定空间，对于债券市场表态较为呵护。预计在此背景下，债券资产整体的波动率将会趋于收敛。2026年居民高息存款到期进程仍在延续，存款脱媒至各类资管产品成为市场一大主线，叠加地方政府化债政策持续推进，城投平台债务扩张速度放缓，信用市场整体供需格局较优，预计全年来看信用市场将会获得更好的表现。","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3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=1453120","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a9904","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000007500,"sao":"2025年三季度债券市场走势偏弱。具体来看，7月上旬资金较为宽松，债券市场表现较好，科创债ETF的上市和扩容也推动了信用市场的走强。7月下旬到8月，“反内卷”政策逐步推进，通胀回升的预期持续发酵，大宗商品、权益市场显著上涨，机构风险偏好明显提振，债券市场有所调整。进入9月，市场对于债券收益率调整的担忧加剧，情绪进一步受挫，尤其超长利率债、信用债等品种调整幅度较大。货币政策方面，央行在三季度维持了偏呵护的态度，资金市场体感较为平稳，对于债券市场形成了一定支撑。全季度来看，各类债券品种收益率均呈现上行（参考中债估值曲线），10年国债收益率从1.65%上行至1.86%，3年AAA信用债收益率从1.83%上行至2.20%，1年AA信用债收益率从1.81%上行至1.92%。  在组合操作方面，本季度组合维持了偏保守的操作，降低了组合杠杆和久期，以中短久期信用债作为主要持仓品种，耐心等待市场调整后的参与机会。","lastUpdated":"2026-03-09T13:27:40.963Z","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3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=1372205","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a9903","date":"2025-06-29T16:00:00.000Z","stockId":3000000007500,"sao":"2025年债券市场走势震荡，波动加大。在年初市场仍有做多惯性，但1月央行宣布暂停国债买入，债市做多情绪有所下挫。伴随国内AI技术浪潮兴起，权益市场表现不俗，受到股债跷跷板影响，债券市场进一步调整。3月下旬到4月初，随着市场点位的纠偏，配置机构参与动能加强，而美国对各国关税政策的变化加速了这一动能，在此阶段债券市场获得强势表现，收益率明显下行。进入5-6月，中美贸易摩擦有所缓和，债券市场重新进入震荡走势。在货币政策方面，2025年一季度央行流动性投放较为谨慎，市场资金利率较高，打消了机构对于债券收益率单边下行的预期；二季度央行执行了一次降息、一次降准，资金市场体感较为宽松，对于债券市场形成有利支撑。  今年债券市场波动加大，对于组合操作的灵活度提出了更高的要求。1月份组合从进攻转为防守，降低久期、杠杆，3月中下旬开始逐步增加长端利率品种，博弈市场的超跌反弹。进入二季度，组合逐步增加了中高等级信用债、地方债的交易仓位，主要是考虑到流动性环境改善，信用利差、类属利差有望走出压缩行情，取得了较好的进攻效果。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.960Z","mo":"2025年上半年，国际环境复杂多变、国际经贸秩序遭受重创，国内财政政策、货币政策等各项宏观政策积极有为，国内经济运行总体平稳，债券市场走出震荡行情。展望后市，外部环境变化仍将对于国内经济发展造成不利影响，国内需求的提振对于宏观经济的平稳运行将起到更为重要的作用。在此背景下，预计下半年国内经济将延续温和复苏态势，各项政策仍将维持较为积极的状态。对于债券市场，预计货币政策仍将维持稳健基调，保持市场流动性充裕，并从宽货币向宽信用逐步过渡，对于债券市场较为有利。但当前债券市场整体收益率水平较低，需要关注潜在波动，灵活把握交易节奏。","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3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=1339785","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a9902","date":"2025-03-30T16:00:00.000Z","stockId":3000000007500,"sao":"2025年一季度债券市场表现较弱，收益率明显上行。2025年初债券市场仍然存在做多惯性,长端品种表现较为稳定，但1月央行暂停国债买入后，中短端品种调整较为明显。春节之后，权益市场表现强势，市场风险偏好上行，在股债跷跷板效应下，债券市场进一步调整，机构集中止损导致市场出现一定程度的踩踏。在货币政策方面，伴随同业自律监管的落地，大型国有银行负债端增长表现弱于季节性，资金市场利率较高。一季度央行多次表示,“根据国内外经济金融形势和金融市场运行情况，择机降准降息”，市场解读为总量货币政策宽松的紧迫性下降，对于央行货币政策立场进行重定价。全季度来看，各品种收益率均呈现调整，10年国债收益率从1.68%上行至1.81%，3年AAA信用债收益率从1.74%上行至1.98%，1年AA信用债收益率从1.87%上行至2.04%。  在组合操作方面，本季度组合保持了较为保守的操作，降低了整体的久期敞口，3月中下旬开始逐步增加长端交易仓位，博弈市场的超跌反弹。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.957Z","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3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=1269541","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a9901","date":"2024-12-30T16:00:00.000Z","stockId":3000000007500,"sao":"2024年债券市场表现强势，收益率大幅下行。一季度权益市场有所调整，市场风险偏好下行，在股债跷跷板效应下，叠加各类型机构配置需求旺盛，债券市场明显走强。二季度到宏观经济数据边际转弱，债券市场持续走强。进入三季度，在偏低的收益率水平下，债券市场波动加剧，出现阶段性调整。2024年9月政治局会议强调了要有效落实存量政策，加力推出增量政策，资本市场风险偏好抬升，债券市场出现了明显的下跌。四季度随着收益率点位进入配置区间，市场逐步企稳并重新启动上涨行情。  在货币政策方面，2024年央行表达了支持性的货币政策立场。全年下调金融机构存款准备金率1个百分点，5年期以上LPR由4.2%下调至3.6%，并通过公开市场操作、买断式回购、购买国债等渠道积极投放流动性。在2024年，央行取消存款手工补息，并加强同业活期存款利率监管，引导银行负债成本下行。总的来看，2024年央行对于市场流动性态度偏呵护，为债券市场的平稳运作提供了有利环境。  从组合运作来看，组合全年保持了较为积极的操作思路。一季度整体仓位较高，积极参与长债、超长债的进攻行情。二、三季度在偏低的利率水平下，市场对于资金价格波动、久期风险扰动、宏观政策加码等因素的反应更为敏感，债券市场波动加大，组合保持了较为灵活的操作，在4月、8月、9月组合阶段性降低仓位。考虑到市场流动性环境较为宽松，机构整体配置需求较为旺盛，四季度随着市场企稳，组合逐步回补仓位，拉长组合久期，积极参与利率和信用市场的牛市行情。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.955Z","mo":"2024年，债券市场在基本面和资金面的影响下走出牛市行情，收益率大幅下行。展望后市，债券市场仍有可为空间。在基本面方面，2025年外部环境变化带来的不利影响加深，宏观经济将面临困难和挑战，国内需求的提振对于宏观经济的平稳运行将起到更为重要的作用。中央经济工作会议指出，2025年政策层面要实施更加积极的财政政策和适度宽松的货币政策。在此背景下，预计2025年国内经济将延续温和复苏态势，处于宽货币、宽信用的阶段，对于债券市场而言仍偏有利。信用方面，化债政策持续有力推进，城投平台债务风险大幅缓释，债务扩张速度放缓，信用市场可能仍将呈现结构性的“资产荒”格局，收益率有望维持在较低水平。  当前债券市场仍处于惯性牛市之中，各类型机构配置需求较为旺盛。但随着预期收益的降低，债市新增资金规模增速或将发生动态变化，市场整体负债端的不稳定性将会提升。在偏低的利率环境中，机构对于利空因素的反应可能会更加敏感，债券市场波动性或将提升，需要结合市场主线灵活交易。后续关注财政政策落地节奏及央行流动性投放状态，关注由于阶段性扰动带来的博弈机会。","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3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=1249866","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a9900","date":"2024-09-29T16:00:00.000Z","stockId":3000000007500,"sao":"2024年三季度债券市场波动显著加大，走势一波三折。三季度央行实施了两次降息，一次降准，降低存量按揭利率，全面释放宽松信号，在此期间10年国债、30年国债收益率创历史新低。随着收益率的整体下行，监管多次提示债券市场潜在风险。在偏低的收益率水平下，债券市场波动加剧，出现阶段性调整。2024年9月政治局会议强调了要有效落实存量政策，加力推出增量政策，资本市场风险偏好抬升，在股债跷跷板效应下债券市场出现了明显的下跌。全季度来看，债券市场收益率先下后上，利率债表现优于信用债，10年国债收益率从2.21%下行至2.15%，3年AAA信用债收益率从2.14%上行至2.32%，1年AA信用债收益率从2.17%上行至2.38%。  在组合操作方面，组合季度初保持了较高的久期，积极参与利率和信用市场的进攻行情，在季末降低了组合的整体仓位。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.952Z","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3个月定期开放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=1171878","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a98ff","date":"2024-06-29T16:00:00.000Z","stockId":3000000007500,"sao":"2024年上半年，债券市场表现强势，收益率全面下行。一季度权益市场调整，市场风险偏好下行，叠加各类型机构年初配置需求旺盛，债券市场持续下行。进入二季度，经济增长动能边际放缓，4月存款手工补息取消，激发存款向货币、理财、基金等资管机构转移，债券市场资金充沛，中短端品种收益率下行明显。随着收益率的快速下行，监管机构开始关注债券市场过热的潜在风险，在此影响下市场情绪有所降温。在货币政策方面，上半年央行执行了一次降准，一次降息，维护市场流动性合理充裕，为债券市场平稳运作提供有利环境。在信用市场方面，一揽子化债政策持续有力推进，同时固收资管产品规模持续扩张，信用市场配置需求旺盛，各品种收益率下行，信用利差持续压缩。  在组合操作方面，近半年组合整体仓位较高，积极参与长债、超长债的进攻行情。进入二季度债券市场波动加大，组合保持了较为灵活的操作，在4月份组合阶段性降低仓位，5月逐步加仓，积极参与利率和信用市场的交易行情。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.949Z","mo":"2024年上半年债券市场在基本面和资金面的影响下走出牛市行情，收益率震荡下行。展望后市，债券市场仍偏顺风。在基本面方面，国内经济预计将延续复苏，物价水平温和修复，但在中期维度仍然面临新旧动能转换的挑战，国内经济有效需求不足，叠加外部环境复杂性、严峻性、不确定性明显上升。在此背景下，预计央行仍将维持市场流动性合理充裕，为经济社会发展营造良好的货币金融环境，对于债券市场提供有利支撑。  信用方面，金融脱媒背景下，预计理财规模仍延续增长，同时保险或再迎负债成本下降打开配置需求；与此同时，资产端城投债供给缩量，存款监管趋严，信用市场供需格局依然较为友好，中期维度仍具备中枢下行的空间。  总的来看，国内高质量发展稳步推进，伴随经济结构转型，各部门融资需求边际放缓，对于债券市场方向仍偏有利。在存款流出的大背景下，存款替代型的资管产品发展态势良好，债券市场对于中短端资产配置需求旺盛，预计在中期维度将取得较强表现。","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3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=1143590","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a98fe","date":"2024-03-30T16:00:00.000Z","stockId":3000000007500,"sao":"2024年一季度债券市场表现强势，收益率下行明显。2024年1月份权益市场有所调整，市场风险偏好下行，在股债跷跷板效应下，叠加各类型机构配置需求旺盛，债券市场明显走强。在货币政策方面，央行1月降准50bp、2月5年期LPR降息25bp，充分释放宽松信号。今年以来央行公开市场投放较为积极，市场资金供给充裕，央行官员多次表态货币政策仍有进一步放开的空间，引导广谱利率持续下行。进入3月，基本面数据环比改善，债券市场波动加大，债券市场进入震荡走势。在信用方面，一揽子化债政策持续有力推进，中低评级票息资产收益率持续下行。全季度来看，10年国债收益率从2.56%下行至2.29%，3年AAA信用债收益率从2.71%下行至2.50%，1年AA信用债收益率从2.73%下行至2.48%。  在组合操作方面，组合保持了较高的久期水平，积极参与长债、超长债的进攻行情。3月中下旬组合小幅降低了整体的久期敞口，关注中短端信用债的配置机会。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.947Z","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3个月定期开放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=1068943","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a98fd","date":"2023-12-30T16:00:00.000Z","stockId":3000000007500,"sao":"2023年债券市场多空交织，收益率呈现震荡下行走势。一季度基本面出现脉冲式修复，叠加信贷冲量造成资金面扰动，债券市场走势震荡偏弱。4月到8月经济复苏动能环比回落，央行两次降息，维持了较为宽松的货币环境，债券市场各品种各期限收益率明显下行。进入三季度，宏观调控力度明显加码，稳增长、促消费政策持续出台，10月到11月再融资债发行、国债增发等对于资金面造成明显扰动，债券市场有所调整。12月基本面数据边际走弱，叠加央行存款降息释放宽松信号，债券市场收率快速下行。在信用方面，2023年理财规模扩张，配置需求较为旺盛。下半年“一揽子化债政策”持续推进，城投债信用风险明显缓释，在信用扩张速度放缓的背景下，信用资产供不应求，中低评级票息资产收益率持续下行，利差大幅压缩   在操作方面，组合保持了较为灵活的仓位调整。年初逐步加大了信用债的配置力度，二季度提升组合的久期和杠杆，9月到10月降低仓位应对市场调整，进入11月开始逐步加仓，充分参与收益率下行带来的进攻机会。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.944Z","mo":"2023年债券市场在基本面和资金面的影响下走出牛市行情，收益率震荡下行。展望后市，债券市场仍偏顺风。在基本面方面，国内经济预计将延续修复，物价水平温和修复，但在中期维度仍然面临新旧动能转换的挑战，实体经济投资动能减弱。货币政策方面，12月政治局和中央经济工作会议对货币政策定调偏宽松。2024年央行要求银行信贷投放节奏更加平滑，提出优化贷款质量等要求，预计2024年宽信用政策力度相对温和，对于资金面的冲击缓解，预计资金中枢逐步向政策利率回归。在总量货币政策方面，仍然存在降准降息的可能性，为债券市场提供有利支撑。   信用方面，“一揽子化债方案”持续推进，城投债尾部风险明显缓释，带动票息资产收益率持续下行。与此同时，需求端保险、理财、银行自营等机构配置需求旺盛，信用市场供需格局依然较为友好，预计信用债整体将取得较好表现。从点位来看，当前债券市场整体收益率水平偏低，中长端品种波动性或有所增加，需结合市场情况灵活交易；中短端相较于资金面定价较为合理，具备良好的配置价值。中期维度看好债券市场，关注后续由于资金、监管等因素扰动带来的调整机会。","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3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=1051337","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a98fc","date":"2023-09-29T16:00:00.000Z","stockId":3000000007500,"sao":"2023年三季度国内经济持续修复，债券市场多空交织，走势震荡。三季度经济数据低位整固，CPI、PPI数据回升，制造业PMI触底反弹，工业高频数据有所改善，国内经济基本面稳中向好。在政策方面，7月政治局会议提出加大宏观调控力度，稳增长、促消费政策持续出台，一线城市地产政策有所放松，国内经济增长预期持续改善。在货币政策方面，央行三季度实施降息降准，释放流动性宽松信号，商业银行推进存量房贷利率下调以及存款利率下调，债券市场受益于广谱利率的下行，仍取得较好表现。在信用方面，三季度理财规模持续扩张，市场配置需求较为旺盛。政治局会议提出一揽子化债方案，市场对于城投债信用风险的担忧大幅缓解，中低等级城投债信用利差显著压缩。全季度来看，债券市场收益率先下后上，10年国债利率从2.64%上行4bp至2.68%，3年AAA评级信用债收益率从2.78%上行11bp至2.89%。  组合在7-8月保持了较高的组合杠杆和久期水平，博弈货币宽松带来的期限利差、信用债利差压缩机会，9月份逐步降低仓位应对市场预期调整。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.941Z","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3个月定期开放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=986863","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a98fb","date":"2023-06-29T16:00:00.000Z","stockId":3000000007500,"sao":"2023年上半年债券市场收益率震荡下行，整体走势偏强，在此期间组合阶段性加大了久期和杠杆水平，参与收益率下行的进攻机会。年初国内疫情感染高峰结束、信贷开门红叠加地产政策频出，经济复苏预期升温，债券市场整体走弱，高等级信用债跟随利率债有所调整；但在此期间理财规模有所企稳，信用市场配置动能较强，短久期中低等级品种防御属性凸显。在操作方面，组合在1月份以防守为主，2月逐步加大了中短久期信用债的配置力度，参与利差压缩行情。在3月下旬到4月，央行货币政策释放宽松信号，降准并降低存款利率，债券市场稳步走强，组合进一步提升的久期水平。进入5月到6月，基本面复苏动能有所放缓，股票市场表现偏弱；与此同时货币政策维持宽松基调，6月央行超预期降息，债券市场收益率进一步下行。在此期间，组合维持高仓位运作，具备较高杠杆和较高久期水平，充分参与收益率下行带来的进攻机会。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.939Z","mo":"上半年国内经济持续修复，货币政策维持宽松，债券市场走出牛市行情。展望下半年，在经济基本面方面，下半年宏观政策定调较为积极，国常会提出加大宏观政策调控力度，预计三季度宽信用政策效果将会逐步显现，国内经济环比修复的概率有所增加。在海外方面，欧美经济体需求趋弱，通胀水平总体回落，但在结构上仍具备一定粘性，核心CPI回落速度偏慢，海外货币政策宽松面临制约，导致全球风险偏好、中美利差仍具有不确定性。在货币政策方面，央行6月提出“加强逆周期调节”，预计央行短期内仍会维持偏宽松的流动性环境。从点位来看，利率市场整体收益率位于19年以来偏低分位，进一步下行的空间有所压缩，需要结合市场资金价格水平灵活操作。偏中长期视角下，金融机构对于债券资产的配置需求仍然较为旺盛，预计债券市场的调整的幅度较为有限。下半年由于资金面扰动、外围环境、预期变化等因素造成的收益率调整，将酝酿债券市场做多的机会。在信用方面，国内政策强调防范和化解重大风险，预计下半年信用风险环境仍将保持平稳。随着国内实体经济融资成本的下行，预计优质信用资产供给规模仍然难以快速放量，市场将长期处于结构性资产荒的格局。当前信用债收益率水平相较于资金价格、基准利率处于相对合理价位，信用市场具备一定的配置价值。在严控信用风险的基础上，可以阶段性在行业、类属、区域等方面进行挖掘，通过信用策略增厚组合收益。","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3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=961513","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a98fa","date":"2023-03-30T16:00:00.000Z","stockId":3000000007500,"sao":"2023年一季度债券收益率先上后下，债券市场各类属呈现分化走势。1月疫情感染高峰结束，经济复苏预期升温、信贷开门红消息频传，叠加地产政策释放积极信号，债券市场走弱，高等级信用债跟随利率债有所调整，短久期中低等级防御属性凸显。2月资金利率中枢抬升，利率债调整幅度有限，信用债供需错配走出欠配行情，表现明显好于利率债，中低等级下行幅度大于高等级。3月资金面边际转松，月初两会政策不及预期，中旬央行超预期降准引发机构做多热情，利率债及各等级信用债收益率曲线整体下移。全季度来看，利率债呈现震荡走势，信用债评级利差大幅压缩。10年国债利率从2.83%最高上行至2.92%，季末回落至2.85%；3年AAA信用收益率从3.17%下行至3.07%；1年AA信用债收益率从3.44%下行至2.93%。  在组合操作方面，组合在1月以防守为主，2月逐步提升组合的杠杆和久期，加大信用债配置力度，参与信用市场利差压缩行情。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.936Z","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3个月定期开放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=886630","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a98f9","date":"2022-12-30T16:00:00.000Z","stockId":3000000007500,"sao":"2022年债券市场收益率先下后上，整体波动较大，各细分板块呈现结构性行情。年初市场流动性较为宽松，但国内金融数据修复超预期，叠加美联储加息以及地缘政治造成大宗商品上涨，债券市场整体情绪偏弱。二季度国内疫情反复，房地产监管政策虽然边际放松，但流动性环境整体较为宽松，债券收益率震荡下行。7月经济下行压力显现，8月央行超预期降息，债券收益率下行至年内低点。在此期间，理财规模持续增长，债市呈现“资产荒”行情，信用利差压缩至历史极值附近。三季度末，市场对于货币政策进一步宽松的预期逐步被打破，叠加人民币汇率贬值、地产监管政策调整等因素，债券市场收益率有所上行。四季度，地产政策和防疫政策均发生实质性转向，由此引发的理财赎回加剧了市场调整，债券市场快速下跌。  组合在年初保持了较高仓位，2月开始逐步减仓，以偏低久期中性杠杆应对市场调整。二三季度组合整体保持了较高的杠杆和较长的久期水平。四季度组合逐步降低久期、降低杠杆，在保证组合流动性的基础上控制回撤幅度，阶段性参与了市场的超跌反弹行情。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.933Z","mo":"随着国内各地疫情逐步达峰，经济生产活动陆续修复，国内经济呈现复苏态势。根据中央经济工作会议，高层对于稳增长的诉求较强，预计政策层面也将适度增加刺激力度。就节奏而言，一季度国内尚处于经济修复初期，预计货币政策仍将保持较为宽松的政策基调。二季度随着宽财政、宽信用政策落地，国内经济可能呈现复苏弹性，货币政策或将增加对于通胀的考虑权重。但国内经济稳增长的实现仍面临不确定性因素，疫后消费复苏的弹性仍待验证，海外经济动能的下滑或将制约国内经济的走强。对于债券市场而言，短期整体偏逆风，收益率曲线或将呈现陡峭化走势；二三季度货币政策的退出或将引发债券市场的调整；后续经济修复动能减弱以及市场的超调，将会酝酿债券市场做多的机会。","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3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=869071","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a98f8","date":"2022-09-29T16:00:00.000Z","stockId":3000000007500,"sao":"2022年7-8月，国内经济增长呈现一定扰动，叠加地产风险事件频发，债市收益率呈下行走势，打破今年1月、5月收益率低点。9月以来，美联储加息75BP的靴子落地，但美国的通胀、非农就业数据仍高于市场预期，市场对于四季度美联储加息幅度担忧加剧，同时人民币汇率承压，导致债券市场出现一定调整。三季度央行货币政策整体较为宽松，从十年国债收益率来看，7-8月收益率下行20BP，9月收益率上行14BP，三季度债市波动率较大，但整体仍呈现较好的收益。  在组合操作方面，7月份组合持仓以信用债持仓为主，8月央行降息后适当加仓利率债，博弈债券收益率下行行情，9月份以来对利率债和货币政策的观点偏中性，在组合杠杆和久期方面，均留有一定的灵活操作空间。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.931Z","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3个月定期开放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=804149","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a98f7","date":"2022-06-29T16:00:00.000Z","stockId":3000000007500,"sao":"国内经济基本面上半年以衰退为主，主要因为国内面临房地产下滑周期叠加上海疫情大规模爆发导致的生产活动停滞，PMI从3月份进入收缩区间，社会消费品零售总额3月份当月同比数据转负，地产销售同比数据直到6月份环比才略有改善，但同比数据仍大幅下滑。在经济衰退的背景下，资金面始终维持在充裕水平，资金利率在货币政策利率之下，虽然上半年国内经济基本面非常弱，但上半年并没有很强的利率债β行情，主要有两方面的因素，一是受欧美通胀冲击，能源价格居高不下，美联储一改“2021年暂时性通胀“的说法，将抵制通胀作为货币政策首要目标，市场预期美联储在5月份、6月份均会有非常激进的加息操作，4月初中美利差出现倒挂，4月下旬人民币外汇出现非常迅速且力度很大的贬值，外部压力掣肘利率债的表现，导致在国内基本面最差的4月份，十年国债收益率反而上行7BP至2.83%；二是当市场消化欧美持续性通胀预期因素后，国内防疫政策、经济政策均有非常积极的信号出现，4月底政治局会议提出要努力实现全年经济社会发展预期目标，5月25日召开“稳经济大盘电视电话会议”提出要努力确保二季度经济实现合理增长和失业率尽快下降，保持经济运行在合理区间。5月份公布的4月份经济数据虽然非常差，利率债有所表现，但是在经济和防疫政策转向的预期下，国内经济基本面预期逐渐向好，6月份利率债表现较差。  从利率债表现来看，上半年十年国债收益率上行5BP至2.82%，三年期国债收益率下行1BP至2.45%，利率债整体表现一般。从信用利差来看，3年AA+信用利差压缩7BP，AA信用利差压缩15BP，在资金利率充裕的背景下，信用债现相对较好。  在组合操作方面，在资金利率充裕的背景下，通过加杠杆吃票息的操作增厚组合收益，组合久期偏短，但对买入信用债的绝对收益率和超额利差更加挑剔，从而保障组合收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.927Z","mo":"展望下半年，4月份逐步探明年内经济增长底部，往后看经济开始疫后复苏，但是复苏初期仍面临不稳固特征，且受到地产风险蔓延的扰动较大。货币政策仍偏宽松，预计资金利率较上半年有所收敛，资金利率从远低于政策利率往政策利率贴近。宽信用初期，中短端信用债仍有较好表现，但从国内政策出台力度来看，6月30日国常会提出的3000亿金融债券补充重大项目资本金，对基建投资刺激较大，下半年也要提防经济复苏超预期的可能性。除了经济增长态势外，下半年也要关注CPI抬升对货币政策的掣肘，以及Q4海外衰退对国内出口企业的影响。  从CPI来看，下半年生猪价格大概率走强，且2021年Q3为猪价低点，2022年Q3猪价则是全年高点，预计猪价对CPI拉动较大，要谨防9月份左右CPI抬头对货币政策的掣肘；从PPI来看，全球需求出现下降，PPI呈现下行趋势，PPI-CPI剪刀差回落，PPI下行有助于稳定核心CPI，预计国内物价对货币政策有些许扰动，但下半年整体仍以宽松政策为主。  在组合操作上，随着国内经济复苏和温和的物价抬升，债券的配置价值不高，组合久期以防守态势为主，仓位以中短端信用债为主，通过波段交易增厚组合收益。三季度末四季度初，如经济复苏态势放缓，美国衰退显现，再度介入中长端利率和信用债的交易机会。","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3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=782969","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a98f6","date":"2022-03-30T16:00:00.000Z","stockId":3000000007500,"sao":"2022年一季度债券国内债券市场呈现出较大波动。1月降息落地，央行表态宽松，市场情绪乐观，各品种收益率突破21年低点。然而在稳增长的背景下，1月金融数据超预期修复，市场对于宽信用与宽财政的关注也在逐步加剧。与此同时，美联储开启加息周期，对于国内货币政策进一步放松的预期形成制约；海外地缘政治冲突导致大宗商品市场大幅波动，进而对于国内股票及债券市场造成扰动。全季度来看，10y国债利率从2.79%下行至低点2.68%，而后反弹至2.80%附近窄幅震荡。信用债市场则出现了较为明显的回调，3yAAA信用债收益率上行近20bp，由于绝对收益水平较低，净价亏损对于持有期票息侵蚀较为严重。  在组合操作方面，组合在1月份保持了较高仓位，阶段性参与了牛市博弈行情，2月开始逐步减仓，以偏低久期中性杠杆应对3月的市场回调，减少了组合净值回撤，总体收益表现良好。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.924Z","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3个月定期开放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=723950","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a98f5","date":"2021-12-30T16:00:00.000Z","stockId":3000000007500,"sao":"2021年全年债券市场呈现震荡下行走势。春节前由于央行阶段性收紧流动性，市场出现了小幅调整。随后3-5月债市呈现慢牛走势，资金面维持宽松，政府债发行节奏慢于预期，宽信用政策传导不畅，债券收益率持续下行。虽然在5-6月由于地方债供给的原因，收益率出现小幅上行，但随着7月央行超预期降准，市场做多情绪浓厚，债市收益率快速下行。8-9月由于流动性的逐步消耗，以及通胀压力升温，利率债收益率进入盘整阶段。进入四季度后，虽然市场对于宽信用仍有担忧，但大宗商品价格显著回落，房地产行业景气度迅速下滑，央行积极表态呵护市场流动性合理充裕，债券收益率重新进入下行通道。在信用方面，21年信用债绝对收益率和信用利差均呈现大幅下行。虽然开年受到永煤事件影响，机构遭遇流动性冲击，风险偏好有所收缩，但由于央行持续维护较为宽松的市场流动性，以及各级监管积极表态重塑信用市场信心，信用债再度陷入资产荒格局，各类利差持续压缩。  本组合在全年灵活操作，一季度组合整体处于中性仓位；二季度随着宽松信号的确认，逐步加仓中高等级信用债，提高组合久期和杠杆水平；三季度在降准交易期间，加仓中长久期利率债提高久期敞口，获取价差收益；四季度组合投资以中等久期中高等级套息策略为主，力争为投资人创造持续稳健回报。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.922Z","mo":"展望2022年，我们认为经济基本面将会出现企稳回升的走势，在稳增长政策发力的背景下，大概率会完成全年的经济增长目标。具体来看，预计上半年地产对经济增速仍有较大拖累，基建一季度集中开工，而基建托底效果预计在一季度末到二季度集中体现，二季度经济可能会有所企稳；而后随着地产基本面向中枢回归，叠加下半年基数降低，经济修复动能或在三季度达到全年高点；后续伴随稳增长政策退坡，预计四季度经济动能可能又会面临向下的风险。与此同时，2022年资本市场也将面临更为复杂的外围环境，美联储加息周期的开启，预计将会对国内政策放松的空间形成一定掣肘。  基于对基本面走势的判断，我们认为债券市场在2022年会承受阶段性的调整压力，收益率趋势可能会呈现倒“N”型的走势。在信用债方面，短期内预计仍将维持资产荒的局面，但在收益率和利差双低的环境下，需要警惕债市调整以及理财净值化转型导致的估值波动。投资策略方面，我们认为2022年在宽松的流动性环境下，有必要提高操作灵活性，应对可能的市场调整以及阶段性的交易机会。","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3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=712099","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a98f4","date":"2021-09-29T16:00:00.000Z","stockId":3000000007500,"sao":"2021年7月央行降准，债券收益率快速下行；进入8月市场流动性逐步消耗，债券市场进入盘整阶段；9月宽信用政策持续推进，通胀压力升温，利率债收益率小幅上行。三季度信用市场违约风险有所缓释，然而由于银行理财净值化转型的监管要求，信用债收益率先下后上，8-9月信用利差快速走阔。全季度来看，10年国债利率从3.08%下行至2.88%，信用债收益率下行约20bp，信用利差小幅变化。  本组合三季度主动加仓，拉长组合久期至中性偏高水平，积极使用组合杠杆，力争为投资人创造持续稳健回报。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.919Z","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3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=653288","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a98f3","date":"2021-06-29T16:00:00.000Z","stockId":3000000007500,"sao":"2021年上半年，债券市场呈现震荡走势。国内经济复苏动能边际走弱，稳杠杆背景下社融增速放缓，然而由于供需缺口大宗商品价格持续上涨，于此同时国内消费物价仍然较为疲弱，PPI与CPI剪刀差不断扩大。在复杂的经济环境下，央行坚持稳健的货币政策基调，维护市场流动性合理充裕。3-4月社融增速回落，债券市场净融资规模缩量，现券收益率出现一定下行；5月市场对政府债供给担忧加剧，叠加资金价格中枢小幅抬升，债市收益率呈现小幅上行。在信用债方面，一季度受到永煤事件影响，信用市场仍呈现较大分化，中短久期、中高等级品种信用利差压缩较为明显；二季度随着中央和地方政府对于债务管控力度不断增强，信用情绪得以修复，信用利差持续压缩，其中中低资质信用债评级利差收窄明显。本组合上半年灵活操作，一季度持仓以中短久期、中高等级信用债为主；二季度随着信用情绪的修复，适当拉长组合久期，提高杠杆水平，采取中等资质信用债套息策略，力争为投资人创造持续稳健回报。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.916Z","mo":"展望下半年，虽然海外疫情仍有反复，但随着疫苗的接种普及，海外产能逐步修复，预计全球货币政策环境也将发生边际变化。对于国内而言，一方面出口对于国内经济的拉动作用将会边际趋缓，同时地产投资高位回落，基建政策依然较为克制，基本面环境对于债市具备有利因素；但另一方面，央行7月宣布全面降准，预计在货币政策的托举之下，下半年国内经济复苏动能下行压力将会有所缓释。7月全面降准后，债券市场收益率在短期内快速下行，然而下半年市场仍要面临社融和信贷的陆续恢复以及地方债的放量供给，预计现券进一步下行的空间较为有限。我们认为中期来看，伴随经济增速中枢的回落，债券市场仍有较好的配置价值，但由于7月份市场对于降准的快速反应，预计短期内债券市场的获利空间将会有所收窄。","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3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=632515","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a98f2","stockId":3000000007500,"sao":"2021年一季度债券市场整体呈现小幅震荡走势。国内经济持续复苏，大宗商品价格上涨，然而债市资金面较为宽松，机构配置需求旺盛，由此造成债券市场博弈情绪浓厚，趋势行情不明显。由于信用事件的不断冲击以及资管新规的持续推进，信用债市场呈现较大分化，其中中短久期品种利差大幅压缩，长端品种表现一般，低等级品种相对较弱。在债券配置方面，我们以中短久期、中高等级信用债为主，在控制风险的前提下，将票息以及杠杆息差作为组合收益的主要来源。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.914Z","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3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=571345","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a98f1","stockId":3000000007500,"sao":"2020年债市利率债收益率波动非常大，4月底5月初出现了V型反转，11月份永煤事件冲击又带来了信用恐慌，进而引发了流动性冲击，全年来看操作难度比较大，可以说一波三折。全年来看，本组合主要以信用债底仓，并根据市场环境调节整体久期为操作策略。组合的收益在5月份到7月上旬出现了明显回撤，当时也考虑到复工复产后央行货币政策转向，债市进入了熊市阶段，组合久期相应进行了缩短，但是收益率曲线出现了大幅平坦化上行，中短端上行的幅度更大，缩短久期的防御效果一般。11月份受永煤事件影响，组合也受到了冲击，但随后随着票息累计，收益逐步回归。债券可以做时间的朋友，但前提是不出现信用风险，2020年组合两次回撤，一次是5-7月份，一次11月份，但是没有出现任何信用风险事件，最终通过积极的操作、票息的累计，收益始终可以扳回来。后续也将吸取经验教训，加强提前预判，避免回撤幅度较大。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.911Z","mo":"展望2021年，经济增长仍处于去年下半年以来的上行通道当中，且随着全球疫苗接种的比例逐步提升，在今年二季度末和三季度初部分主要经济体可能实现群体免疫，全球经济依旧可能得到共振。信用周期方面，2020年是典型的宽信用，进入2021年之后，紧信用的信号越来越明显，地产三条红线、宏观杠杆率的担忧、地方政府专项债提前发行额度迟迟不出以及央行释放出的对泡沫的警惕，2021年的社融增速将出现下行。整体来看，目前处于信用已经开始收缩，但宏观经济依旧处于恢复通道当中，在此背景下，整体债市机会不大，利率债收益率将整体处于震荡当中，上有顶下有底，往下3%-3.1%是10年国债的强支撑，突破难度较大，但往上的空间我们预计也不会太多，央行在去年4月底5月初就已经货币政策转向，距今已超过半年时间，利率债收益率也出现了幅度非常明显的调整，而且宏观经济从去年疫情当中修复，货币政策也需要继续维持稳健，10年国债3.4%的位置可以考虑介入交易性机会。","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3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=556239","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a98f0","stockId":3000000007500,"sao":"报告期内，经济总体延续恢复势头，经济各项指标均处于恢复通道中，在7月初期股市表现强劲，带动债券市场收益率上行，其后，信用政策、房地产政策等均有所回收，股市回调，带来了债市阶段性的喘息，此后，货币政策边际收紧导致银行间负债压力逐步体现，资金利率逐步上升，带动债券利率进一步上升。期间，十年期国开利率上升约60bp至3.70附近，3年AAA信用债利率上升50bp左右至3.70附近。报告期内，维持偏谨慎态度，持仓以中短期限、中高等级为主，仓位中性偏低，总体来看组合在报告期内获得来较好的收益回报。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.908Z","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3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=493940","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacc7fea5b3eb04a98ef","stockId":3000000007500,"sao":"报告期内，在疫情冲击之下，央行从2月初至4月末保持了较为宽松的态势，货币市场利率较低，带动整体收益率曲线陡峭化下行，期间国内10年期国债收益率突破16年低点，利率下行幅度达60BP。5月份以来，疫情冲击后经济环比改善的背景下，央行货币政策有所回收，防空转打击套利成为主基调，债券市场随之明显回调，10年期国债收益率上行30BP。信用债方面，由于前期信用利差处于低位，叠加疫情爆发导致市场避险情绪快速提升，信用品种表现明显不如利率品种，信用利差持续被动走阔，其中长期限信用债利差走阔幅度达到30-40BP，5月之后随着债券市场调整，信用利差被动压缩10-30BP。  在操作上，组合年初以来至4月总体保持了中长的久期水平，保持了中高水平杠杆；5月后回归中性偏谨慎久期，持仓以中短期限、中高等级为主，总体来看组合在报告期内获得来较好的收益回报。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:40.906Z","mo":"展望未来，宏观经济目前生产较强，需求仍然有复苏的空间，内需层面，下半年财政资金运用的空间仍然较大，房地产在前期地产商拿地较好的情况下，地产投资预计存在较强的韧性，而消费层面，部分行业仍然存在缓慢恢复的空间，外需层面，海外复苏是大概率事件，近期pmi出口订单等有所回升。因此，未来经济仍然在复苏的通道中。政策层面，随着经济环比改善，中长期因素逐渐在考虑权重当中占比增加，政策重心阶段性向防风险转移。不过从估值而言，经过市场大幅调整之后，已经对经济复苏与政策收紧有所预期，目前估值相对合理。因此，未来组合将保持中性操作。","fund":{"_id":3000000007500,"__csrcFundId":6276,"stockCode":"007500","shortName":"鹏华尊诚定期开放发起式债券(007500)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7500,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:04.941Z","status":"normal","inceptionDate":"2019-06-10T16:00:00.000Z","name":"鹏华尊诚3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","pinyin":"phzc3gydqkfzqxfqszqtzjj","masterFundShortName":"鹏华尊诚定期开放发起式债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华尊诚3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=463648","linkType":"PDF","source":"csrc_pdf"}}]}