window.pageData = {"stock":{"_id":3000000007511,"name":"南方泰元债券型发起式证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","stockCode":"007511","tickerId":7511,"shortName":"南方泰元债券发起C","exchange":"jj","inceptionDate":"2019-07-10T16:00:00.000Z","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","status":"normal","masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"nftyzqxfqszqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50020000","tickerId":50020000,"name":"南方基金管理股份有限公司"},"managers":[{"name":"杜才超","stockType":"fund_manager","stockCode":"db20512266","exchange":"fm","tickerId":40303160860}],"hotMetrics":{"fss":{"stockId":3000000007511,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.5054,"f_ind_h_s_r":0.4946,"f_h_a":693,"f_h_s_a":35340,"f_ind_h_s_r_c_1y":-0.5054000000000001,"f_ind_h_s_r_c_hy":-0.5054000000000001,"f_ins_h_s_r_c_1y":0.5054,"f_ins_h_s_r_c_hy":0.5054,"last_data_date":"2025-06-29T16:00:00.000Z"},"fpr":{"stockId":3000000007511,"type":"fpr","f_p_r_fys_ssc":7435,"f_p_r_fys_ssrp":0.19249394673123488,"f_p_r_m1_ssc":7664,"f_p_r_m1_ssrp":0.7397885945452173,"f_p_r_m3_ssc":7559,"f_p_r_m3_ssrp":0.40142894945752844,"f_p_r_m6_ssc":7434,"f_p_r_m6_ssrp":0.19359612538678864,"f_p_r_y1_ssc":6980,"f_p_r_y1_ssrp":0.7323398767731767,"f_p_r_y2_ssc":6063,"f_p_r_y2_ssrp":0.5712636093698449,"f_p_r_y3_ssc":4996,"f_p_r_y3_ssrp":0.5197197197197198,"f_p_r_y5_ssc":3438,"f_p_r_y5_ssrp":0.5333139365725924,"f_cagr_p_r_fs_ssc":7391,"f_cagr_p_r_fs_ssrp":0.43721244925575103},"fp":{"stockId":3000000007511,"type":"fp","f_p_r_fys":0.01967392294380166,"f_p_r_m1":0.00008933357155616051,"f_p_r_m3":0.007106872975890743,"f_p_r_m6":0.019488206902831928,"f_p_r_y1":0.01312217194570131,"f_p_r_y3":0.08594432049665346,"f_cagr_p_r_fs":0.03032494594292734,"f_p_r_d1":-0.0006448641179178649,"f_p_r_y2":0.04635947284792952,"f_p_r_y5":0.1551018575994243,"last_data_date":"2026-07-06T16:00:00.000Z","f_i_d":"2019-07-10T16:00:00.000Z"},"ff":{"stockId":3000000007511,"type":"ff","f_m_f":8861420,"f_m_f_r":0.003,"f_c_f":2953806,"f_c_f_r":0.001,"f_m_a_c_f":11815226,"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":"2026-06-24T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.004},"f_nlacan":{"stockId":3000000007511,"type":"f_nlacan","f_nv_d":"2026-07-06T16:00:00.000Z","f_nv":1.1195,"f_nv_cr":0},"f_as":{"stockId":3000000007511,"type":"f_as","f_tas":196586748.6725,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj"}],"bondHoldings":[{"_id":"69e8f99f1398d79843000f9d","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000007510,"stockCode":"250431","stockName":"25农发31","holdings":2250000,"marketCap":227030732,"netValueRatio":0.0491,"lastUpdated":"2026-04-22T16:38:55.439Z"},{"_id":"69e8f99f1398d79843000f9e","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000007510,"stockCode":"102480640","stockName":"24东方电气MTN001(科创票据)","holdings":2000000,"marketCap":202052986,"netValueRatio":0.0437,"lastUpdated":"2026-04-22T16:38:55.442Z"},{"_id":"69e8f99f1398d79843000f9f","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000007510,"stockCode":"2422038","stockName":"24工银金租债04","holdings":1700000,"marketCap":173909366,"netValueRatio":0.0376,"lastUpdated":"2026-04-22T16:38:55.445Z"},{"_id":"69e8f99f1398d79843000fa0","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000007510,"stockCode":"102484761","stockName":"24太原钢铁MTN001(科创票据)","holdings":1500000,"marketCap":152808452,"netValueRatio":0.033,"lastUpdated":"2026-04-22T16:38:55.449Z"},{"_id":"69e8f99f1398d79843000fa1","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000007510,"stockCode":"102482985","stockName":"24青岛地铁MTN001A","holdings":1400000,"marketCap":144346482,"netValueRatio":0.0312,"lastUpdated":"2026-04-22T16:38:55.452Z"}]},"list":[{"_id":"69e8eae61398d79843fe8c86","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000007510,"sao":"2026年一季度，我国经济运行开局平稳、高质量发展扎实推进，但仍面临供强需弱、外部冲击等问题和挑战。新旧动能转换进程中，外需偏强、内需平淡、物价回升、房地产投资承压、居民信用有待回暖。两会设定GDP增长目标为4.5%-5%，为“调结构、防风险、促改革”预留空间。财政政策节奏前置、力度温和；货币政策适度宽松、灵活高效，结构性工具先行。海外方面，地缘冲突不断，风险资产波动加大，市场围绕通胀抬升、流动性收敛、经济承压等多重因素反复定价。美联储货币政策进入观察期，一季度维持利率不变，美元指数高位震荡，人民币兑美元先升后稳。一季度债券市场韧性十足，利率方面，10Y及以下品种普遍下行，其中10Y国债下行约3bp，1-3Y中短政金债普遍下行约8-12bp，超长端30Y国债活跃券上行约4bp，曲线走陡。投资运作上，组合一季度主要以高等级信用债持仓为主，获取稳定的票息和骑乘收益。一季度组合净值跟随市场震荡上扬。2026年我们将坚持以高等级信用债持仓为主，同时进一步优化持仓，并根据市场灵活调整仓位，力争在控制回撤的基础上为持有人提供优异的回报。展望未来，当前世界经济动能疲弱，地缘冲突和经贸冲突多发频发，主要经济体经济表现有所分化，通胀走势和货币政策调整存在不确定性。国内方面，2026年是“十五五”开局之年，预计新旧动能加速转换，经济结构延续分化，生产和高新技术产业韧性发展、消费平稳、投资修复、地产或延续磨底。货币和财政政策积极协同，发挥增量政策和存量政策集成效应。利率方面，收益率曲线预计继续呈现陡峭化格局，中短端受益于流动性宽松和同业自律新规，而超长端受制于通胀企稳，期限利差或进一步走阔。信用方面，信用利差将受益于供求逻辑和政府信用替代企业信用逻辑，非银规模分化带来券种表现分化，注重品种挖掘及交易节奏的把握。","lastUpdated":"2026-04-22T15:36:06.024Z","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=1481916","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9adc","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000007510,"sao":"2025年四季度，我国经济运行稳中有进，高质量发展取得新成效，但仍面临供强需弱等问题和挑战。10月CPI同比转正，12月PMI重返荣枯线上方，出口韧性，信贷平稳，消费放缓，地产投资承压。12月经济工作会议召开，政策定调稳中求进、提质增效。财政政策强化逆周期调节，积极托底经济；货币政策适度宽松，重启国债买卖，总量政策审慎；《公开募集证券投资基金销售费用管理规定》年内靴子落地，稳定市场预期。10月和12月美联储各降息25bp，人民币兑美元汇率季度内大幅升值。四季度债市收益率先下后上，曲线走陡。其中中短端1-3年利率债下行3-15bp不等，长端10Y国债下行约1bp，超长端30Y国债上行约2bp。2-3Y高等级商业银行金融债普遍下行约5-7bp，1-5Y高等级银行二永债下行约2-13bp不等。投资运作上，组合四季度主要以高等级信用债持仓为主，获取稳定的票息和骑乘收益，同时参与部分利率波段。四季度组合净值跟随市场震荡上扬。2026年我们将坚持以高等级信用债持仓为主，同时进一步优化持仓，并根据市场灵活调整仓位，力争在控制回撤的基础上为持有人提供优异的回报。展望未来，当前外部环境变化影响加深，世界经济增长动能不足，贸易壁垒增多，主要经济体经济表现有所分化，通胀走势和货币政策调整存在不确定性。国内方面，2026年是十五五开局之年，预计新旧动能加速转换，经济结构延续分化，生产和高新技术产业韧性发展、消费平稳、投资修复、地产或延续磨底。宏观政策积极有为，注重逆周期和跨周期调节，财政优化结构、货币灵活高效，降准降息在必要时依然可期。利率方面，受益于流动性宽松和央行恢复国债买卖、受制于通胀触底企稳和风险偏好改善，一季度或延续震荡格局，中短端利率有一定配置价值而长端利率以交易价值为主；信用方面，信用利差将受益于供求逻辑，注重品种挖掘及交易节奏的把握。","lastUpdated":"2026-03-09T13:27:42.659Z","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=1461907","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9adb","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000007510,"sao":"2025年三季度，我国经济稳中有进，社会信心持续提振，但仍面临国内需求不足、物价低位运行等挑战。国内宏观数据总体平稳、结构分化：生产、消费和出口维持一定韧性，投资和信贷数据有所回落；7-9月制造业PMI均处于景气收缩区间；三季度政府债券发行月度同比转向少增；反内卷推动PPI改善，CPI低位平稳。海外方面，9月美联储开启年内首次降息25bp，点阵图显示年内还有2次降息。三季度中美顺利开展了两轮经贸谈判，整体取得积极成效。资本市场表现而言，权益市场大幅上涨，股债跷跷板给债券市场带来持续压力，叠加《关于国债等债券利息收入增值税政策的公告》及《公开募集证券投资基金销售费用管理规定（征求意见稿）》的落地，三季度债市收益率震荡上行，其中中短端1-3年利率债普遍上行约10-20bp，长端10Y国债活跃券上行约14bp，超长端30Y国债活跃券上行约28bp，2-3Y高等级商业银行金融债普遍上行约10-15bp，2-5Y高等级银行二级资本债普遍上行约20-40bp。投资运作上，组合三季度主要以高等级信用债持仓为主，获取稳定的票息和骑乘收益，同时参与部分利率波段操作。三季度市场大幅下跌，组合净值跟随债市走势出现了一定回撤。四季度我们以中短期限信用债持仓为主，同时进一步优化持仓，并将根据市场灵活调整久期，力争在控制回撤的基础上为持有人提供优异的回报。展望未来，当前外部环境更趋复杂严峻，世界经济增长动能减弱，贸易壁垒增多，主要经济体经济表现有所分化，通胀走势和货币政策调整存在不确定性。国内方面，新旧动能转换过程中，经济面临一定挑战，四季度关注部分明年地方债新增限额提前下发以及新型政策性金融工具落地，及其对于投资和信贷的撬动作用。美联储开启降息，外部掣肘减轻，四季度或有总量或结构性货币宽松政策落地。此外，核心关注十五五规划纲要的政策定调。利率方面，受益于流动性宽松、受制于风险偏好改善，四季度或延续震荡格局，中短端利率有一定配置价值而长端利率以交易价值为主；信用方面，信用利差将受益于供求逻辑，注重品种挖掘及交易节奏的把握。","lastUpdated":"2026-03-09T13:27:42.656Z","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=1381912","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9ada","date":"2025-06-29T16:00:00.000Z","stockId":3000000007510,"sao":"2025年上半年，我国经济稳中有进，高质量发展扎实推进，但仍面临国内需求不足、物价持续低位运行等挑战。上半年债券市场收益率先上后下：一季度伴随着风险偏好改善、央行暂停公开市场国债买入操作并收紧资金面、以及财政支出提速，债市有所调整，曲线走平；二季度伴随着贸易摩擦的起承转合、央行双降落地、资金面适度宽松，债市先涨后趋于震荡。整体而言，利率方面，上半年中短端3年及以内利率债普遍上行约15-30bp，长端10Y国债收益率下行约3bp，超长端30Y国债收益率下行约5bp；信用方面，1-3Y高等级商业银行金融债普遍上行约13-14bp，1-5Y高等级银行二级资本债普遍上行约7-8bp。投资运作上，组合上半年主要以高等级债券作为底仓，获取稳定的票息和骑乘收益，辅以长利率债和地方政府债的波段操作。组合净值跟随债市走势先跌后涨。下半年我们将继续坚持以高等级债券为底仓加长利率波段策略，力争在控制回撤的基础上为持有人提供优异的回报。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.654Z","mo":"展望未来，当前外部环境更趋复杂严峻，世界经济增长动能减弱，贸易壁垒增多，主要经济体通胀走势和货币政策调整存在不确定性。国内方面，宏观政策的主线逻辑依然是“以高质量发展的确定性应对外部环境急剧变化的不确定性”，债市主要关注“反内卷”逻辑下内需的修复情况以及货币、财政政策的发力情况。利率方面，受益于流动性宽松、受制于风险偏好改善，当下震荡格局，曲线依然平坦，短端利率有一定配置价值而长端利率以交易价值为主；信用方面，信用利差将受益于供求逻辑，注重品种挖掘及交易节奏的把握。","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=1351499","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9ad9","date":"2025-03-30T16:00:00.000Z","stockId":3000000007510,"sao":"2025年一季度，我国经济运行总体平稳、稳中有进。以科技为代表的新质生产力对于风险偏好提振明显，消费延续平稳复苏态势，基建和制造业投资偏强，地产投资降幅收窄。政策方面，财政支出提速，货币政策强化逆周期调节，为后续政策发力预留空间。1月央行暂停公开市场国债买入操作，一季度DR007价格中枢约1.94%，环比上季度抬升26bp。海外方面，美国贸易政策不确定性较大，各国加强财政刺激力度。一季度美联储未降息，美元指数大幅走弱。市场层面，一季度债市走势羸弱，中短端3年及以内利率债普遍上行30-45bp，长端10Y国债收益率上行约14bp，超长端30Y国债收益率上行约11bp，曲线走平。投资运作上，组合一季度主要以中短期限高等级信用债作为底仓，获取稳定的票息和骑乘收益，辅以长利率债波段操作。由于债市整体收跌且中短端债券曲线上行幅度更大，组合净值承受了一定的回撤。二季度我们将继续坚持以中短端高等级信用债为底仓加长利率波段策略，力争在控制回撤的基础上为持有人提供优异的回报。展望未来，外部环境变化带来的不利影响加深，预计宏观政策将积极发力。国内方面，主要关注基本面复苏的强度和央行货币政策的择机宽松。海外方面，重点关注美国关税政策对各国的影响以及美联储的降息时点。利率债策略：流动性预计维持充裕，看曲线走陡，中短端品种具备较好的配置价值，长端品种交易价值为主。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.651Z","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=1277456","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9ad8","date":"2024-12-30T16:00:00.000Z","stockId":3000000007510,"sao":"2024年全年经济指标运行平稳，9月底后，一揽子稳增长政策出台，经济基本面逐步回暖。1-12月工业增加值同比增长5.8%；固定资产投资同比增长3.2%，其中，房地产投资同比下滑10.6%，制造业投资同比增长9.2%，基建投资同比增长9.2%；社会消费品零售总额同比增长3.5%。2024年央行下调公开市场操作逆回购利率两次，合计30BP，降准两次，合计下调存款准备金率1.0%。市场层面，2024年利率债收益率下行。其中，1年国债、1年国开收益率均下行100BP，10年国债、10年国开收益率分别下行88BP、95BP。投资运作上，南方泰元2024年主要以信用债作为底仓，获取稳定的票息和骑乘收益，同时择机参与利率债波段操作，全年净值跟随市场上涨。2025年我们将继续坚持以信用债为底仓加长利率波段策略，力争在控制回撤的基础上继续为持有人提供优异的回报。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.649Z","mo":"展望2025年，核心关注海外贸易政策的冲击、地产运行及国内的政策应对情况。近期随着扩内需、促开放、稳地产、保民生的政策持续加码，经济运行将朝着高质量发展的方向迈进。与此同时，我国还将实施更加积极的财政政策和适度宽松的货币政策，以进一步推动经济的稳定增长。债券利率预计震荡为主，波动或放大。需密切关注后续经济修复持续性和幅度及机构行为对利率的影响。","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=1258093","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9ad7","date":"2024-09-29T16:00:00.000Z","stockId":3000000007510,"sao":"宏观方面：三季度经济平稳偏弱，稳增长政策加码。PMI持续低于临界值。7-9月PMI分别为49.4%、49.1%和49.8%。三季度政府债支撑社融，M1持续转弱。三季度信贷偏弱，政府债支撑社融，7-9月M1分别为-5%、-6.6%和-7.3%。经济整体平稳，环比偏弱，结构分化加剧。8月工增、固投、社零累计同比分别为5.8%、3.4%和3.4%，生产、制造业和基建投资维持韧性，地产投资拖累加大，消费平稳转弱。出口韧性。7-8月出口同比分别为7%、8.7%。通胀分化。CPI低位回升，PPI降幅走阔。9月政治局会议和国新办发布会一系列稳增长政策加码，有效提振市场预期和信心。市场层面，三季度10年国债和10年国开收益率整体分别下行约5.4BP、4.6BP，国债和国开之间利差扩大约0.8BP。短端1年国债和1年国开分别下行约17.1BP、4.3BP。但三季度债券市场波动较大，8月份随着央行出台防范债市风险相关政策债券市场出现一定下跌，9月底随着一系列稳增长政策出台及股市大幅上涨，债券市场再次出现明显回调。投资运作上，南方泰元三季度主要以中短期限高评级信用债加杠杆操作为主，同时择机参与利率波段，净值跟随市场先涨后跌。四季度我们将加强利率波段，力争在控制回撤的基础上继续为持有人提供较好的回报。展望未来，9月政治局会议和国新办发布会一系列稳增长政策出台，三季度或为年内经济低点，四季度GDP预计企稳回升。四季度核心观测后续增量政策出台，特别是潜在增量财政政策，以及政策落地实施对于经济的提振效果，具体核心关注经济生产开工类高频数据、地产销售数据是否能企稳以及信用数据的改善情况。利率债策略：流动性预计维持充裕，中短端品种具备较好的配置价值，长端品种以交易价值为主。信用债策略：关注城投债的政策变化，严防信用风险。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.646Z","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=1180698","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9ad6","date":"2024-06-29T16:00:00.000Z","stockId":3000000007510,"sao":"上半年经济保持平稳复苏。国内方面，经济保持了回升向好的态势，制造业呈现了温和复苏的迹象，服务业景气度持续位于荣枯线以上。政策端也保持积极，其中货币政策维持稳健，流动性环境充裕，央行上半年降低存款准备金率0.5%，降低5年期LPR 25BP；财政政策逐渐发力，特别国债和专项债项目不断落地；各地地产政策也在持续放松，地产销售有望逐步筑底。整体而言，积极的政策为国内经济复苏提供了良好的政策环境。海外方面，美联储按兵不动，预计下半年将开启降息周期，海外需求有望逐步筑底，或对外需形成一定拉动。市场层面，上半年债券收益率下行，其中中短端下行幅度超过长端，信用债表现好于同期限利率债。投资运作上，组合上半年增配了部分高等级信用债，同时参与了部分利率波段，上半年跟随市场上涨获取了较好的投资收益。下半年债券市场不确定性因素增多，操作上将较上半年更加稳健，适度降低组合波动，争取继续为持有人提供较好的回报。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.643Z","mo":"展望未来，预计全年的经济政策仍然较为积极，助力经济固本培元，实现高质量发展。海外方面，关注美联储的降息时点，以及海外需求的筑底。利率债策略：流动性预计维持充裕，中短端品种具备较好的配置价值，长端品种以交易价值为主。信用债策略：关注城投债的政策变化，严防信用风险。","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=1153735","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9ad5","date":"2024-03-30T16:00:00.000Z","stockId":3000000007510,"sao":"一季度经济稳中有升。国内方面，经济保持了回升向好的态势，政策端也在继续加力，年内除了3%的赤字安排，还将发行1万亿特别国债，支持完成全年的经济增长目标。海外方面，美联储按兵不动，预计下半年将开启降息周期，届时海外需求将有望逐步筑底，或对外需形成一定拉动。货币政策保持稳健，一季度央行降准0.5%，同时下调5年期LPR25BP，流动性环境整体充裕。市场层面，一季度债券收益率快速下行，其中长端下行幅度超过短端，信用债表现好于同期限利率债。  投资运作上，南方泰元一季度主要以中短期限高评级信用债加杠杆操作为主，辅以利率债波段操作，一季度净值平稳增长，获取了较好的投资收益。后续我们将坚持中短久期高评级信用债投资为主，以控制信用风险为底线，同时积极参与利率债波段，力争为持有人提供较好的回报。  展望未来，预计全年的经济政策仍然较为积极，经济复苏的持续性较强。海外方面，关注美联储的降息时点，以及海外需求的筑底。利率债策略：流动性预计维持充裕，中短端品种具备较好的配置价值，长端品种的期限利差处于较低水平，以交易价值为主。信用债策略：关注房地产企业的经营压力，严防信用风险。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.641Z","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=1076955","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9ad4","date":"2023-12-30T16:00:00.000Z","stockId":3000000007510,"sao":"2023年全年经济保持平稳复苏。国内方面，受到地产和出口下行压力的影响，年中经济增长有一定放缓，不过全年在政策的大力支持下，仍然保持了平稳运行的态势。海外方面，美联储全年加息幅度较大，海外经济出现了一定衰退的迹象。政策上，全年财政政策较为积极；随着房地产供需格局的变化，地产政策也出现一定放松；货币政策保持精准有效，央行全年多次降准降息，保持了流动性的合理充裕。市场层面，全年债券市场收益率震荡下行，其中长端下行幅度超过短端，信用债表现好于同期限利率债。投资运作上，南方泰元2023年主要以中短期限高评级债券加杠杆操作为主，同时积极参与利率债波段，获取了较好的投资收益。2024年我们将坚持高评级中短端加杠杆的策略，以低风险、稳收益为主要操作目标，争取继续为持有人提供较好的回报。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.638Z","mo":"展望未来，预计2024年政策端稳中求进、以进促稳，保障经济复苏的平稳和持续。海外方面，关注美联储何时开启降息，海外经济仍然面临一定衰退压力。利率债策略：流动性预计维持充裕，中短端品种仍具备一定配置价值，长端品种以交易价值为主。信用债策略：关注房地产企业的经营压力，严防信用风险。","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=1060212","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9ad3","date":"2023-09-29T16:00:00.000Z","stockId":3000000007510,"sao":"三季度经济景气度有一定提升。国内方面，三季度经济出现了企稳改善的迹象。同时，国内政策端在三季度也较为积极，财政政策继续加力提效，地产政策也出现了适度的调整，经济下行风险得到明显缓释。海外方面，美联储持续加息，外需回落的压力仍然较大。货币政策方面，央行三季度降低公开市场操作利率10BP，降低MLF利率15BP，同时下调存款准备金率0.25%，流动性环境维持充裕。市场层面，三季度债券市场收益率先下后上，震荡行情为主，其中短端收益率上行幅度较大，表现弱于长端。投资运作上，南方泰元三季度主要以中短期限高评级信用债加杠杆操作为主，辅以利率债波段操作，三季度净值震荡增长。四季度我们将坚持高评级中短端加杠杆策略，以低风险、稳收益为主要操作目标，争取继续为持有人提供较好的回报。展望未来，预计四季度政策仍会较为积极，保障经济复苏的平稳和持续。海外方面，美联储货币政策的紧缩周期尚未结束，海外经济仍然面临一定衰退压力。利率债策略：流动性预计维持充裕，中短端品种在回调后具备了一定配置价值，长端品种以交易价值为主。信用债策略：关注地产和城投平台的尾部风险，严防信用风险。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.635Z","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=993756","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9ad2","date":"2023-06-29T16:00:00.000Z","stockId":3000000007510,"sao":"上半年经济运行平稳。国内方面，年初经济呈现出一轮较快的复苏，进入二季度后景气度有一定回落，但上半年经济整体运行在合理区间。海外方面，美联储持续加息，预计本轮加息周期将持续到年底。货币政策方面，央行上半年降低存款准备金率0.25%，降低公开市场操作利率10BP，流动性保持合理充裕。市场层面，上半年债券收益率下行幅度较大，信用债表现好于同期限利率债。投资运作上，南方泰元上半年主要投资于利率债和AAA信用债，在控制信用债久期暴露的基础上，获取稳定的票息收益和骑乘收益。操作展望上，南方泰元未来半年将以AAA信用债、利率债和国股行存单为主要投资策略，以低波动、稳收益为操作目标，争取在2023年下半年继续为持有人提供较好的收益。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.633Z","mo":"展望未来，预计下半年政策会较为积极，保障经济增长的平稳和持续。海外方面，美联储货币政策的紧缩周期尚未结束，海外经济仍然面临一定衰退压力。利率债策略：流动性水平充裕，中短端品种具备一定配置价值，长端品种以交易价值为主。信用债策略：关注土地出让收入下滑对城投平台偿债能力的影响，严防信用风险。","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=967021","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9ad1","date":"2023-03-30T16:00:00.000Z","stockId":3000000007510,"sao":"一季度经济呈现复苏态势。国内方面，经济从生产到需求都出现明显恢复，叠加今年稳增长政策的支持，宏观经济整体处于复苏周期中。海外方面，美联储持续加息，欧美银行业危机开始显现，海外衰退压力较大。货币政策方面，央行一季度降低存款准备金率0.25%，流动性环境整体充裕。市场层面，一季度信用债表现好于同期限利率债，利率债收益率小幅上行，信用债收益下行幅度较大。投资运作上，南方泰元一季度主要投资于利率债和AAA信用债，在控制信用债久期暴露的基础上，获取稳定的票息收益和骑乘收益。操作展望上，南方泰元未来半年将以AAA信用债、利率债和国股行存单为主要投资策略，以低波动、稳收益为操作目标，争取在2023年继续为持有人提供较好的收益。展望未来，短期内经济迎来了疫情过峰后的自然修复，今年国内政策端整体较为积极，预计经济复苏的可持续性较强。海外方面，紧缩周期尚未结束，衰退压力仍然存在。利率债策略：流动性水平依然充裕，中短端品种具备一定配置价值，长端品种仍以交易价值为主。信用债策略：关注土地出让收入下滑对城投平台偿债能力的影响，严防信用风险。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.630Z","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=890154","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9ad0","date":"2022-12-30T16:00:00.000Z","stockId":3000000007510,"sao":"22年全年经济增长有所放缓。国内方面，受到疫情和地产的影响，全年经济波动较大，但年末疫情和地产政策均有所放松，预计明年经济将呈现复苏的态势。海外方面，美联储紧缩周期仍未结束，明年海外将面临较大的衰退的风险。政策上，央行全年多次降准降息，给市场提供了较为充裕的流动性环境。市场层面，全年债券市场震荡为主，年末收益率上行幅度较大，全年利率债表现好于同期限信用债。投资运作上，南方泰元主要投资于利率债和AAA信用债，在控制信用债久期暴露的基础上，获取稳定的票息收益和骑乘收益。操作展望上，南方泰元未来半年将以AAA信用债、利率债和国股行存单为主要投资策略，以低波动、稳收益为操作目标，争取在2023年继续为持有人提供较好的收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.628Z","mo":"展望未来，经济复苏的预期较强，但复苏的节奏和力度需要观察。海外方面，后续衰退压力较大。政策层面，预计23年将以稳增长为主。货币政策在稳增长的大方向下，预计将保持总量够、结构准的定位。利率债策略：流动性水平充裕，随着中短端利率的回升，已经逐步具备配置价值，长端品种以交易价值为主，对利率债看法中性。信用债策略：中短端品种的配置价值逐步回升，严防信用风险。","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=873734","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9acf","date":"2022-09-29T16:00:00.000Z","stockId":3000000007510,"sao":"三季度经济有所回暖。国内方面，疫情仍有反复，但常态化管控后，生产端受影响减小，需求端仍然偏弱。海外方面，美联储加息节奏超预期，本轮加息周期预计将至少持续到明年上半年，外需后续将面临一定下行风险。政策上，央行三季度调降公开市场操作和MLF利率10BP，同时，调降1年期LPR 5BP，5年期LPR 15BP，流动性整体维持在较为充裕水平上，但受到短期人民币汇率贬值的影响，货币政策操作的空间受到一定限制。市场层面，三季度债券市场收益率震荡下行，信用债整体表现好于同期限利率债。投资运作上，南方泰元三季度主要投资于利率债和AAA信用债，在控制信用债久期暴露的基础上，获取稳定的票息收益和骑乘收益。操作展望上，南方泰元未来一个季度将以AAA信用债、利率债和国股行存单为主要投资策略，以低波动、稳收益为操作目标，争取继续为持有人提供较好的收益。展望未来，经济仍然受到疫情和地产等因素的影响，信用扩张节奏偏慢。海外方面，后续衰退压力较大。政策层面，房地产政策仍在放松，准财政政策持续加码。货币政策虽然受到汇率影响，但预计流动性水平边际变化不大。利率债策略：流动性依然充裕，绝对收益水平偏低，预计保持震荡走势，对利率债看法中性。信用债策略：关注地产和城投，严防信用风险。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.625Z","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=810949","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9ace","date":"2022-06-29T16:00:00.000Z","stockId":3000000007510,"sao":"上半年经济受疫情冲击较大。国内方面，年初经济复苏势头较强，随后受到疫情影响出现回落，5月开始疫情逐步缓解，经济触底回升。海外方面，通胀压力较大，美联储加息节奏加快。政策上，上半年央行下调存款准备金率0.25个百分点，降低公开市场操作和MLF操作利率10BP，降低1年期LPR利率10BP，降低5年期LPR利率20BP，流动性整体维持在较为充裕水平上，政策托底意愿较强。市场层面，上半年债券市场收益率走势分化，短端下行幅度较大，长端震荡为主，信用债整体表现好于同期限利率债。投资运作上，南方泰元上半年主要投资于利率债和AAA信用债，在控制信用债久期暴露的基础上，获取稳定的票息收益和骑乘收益。操作展望上，南方泰元未来半年将以AAA信用债、利率债和国股行存单为主要投资策略，以低波动、稳收益为操作目标，争取在2022年继续为持有人提供较好的收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.622Z","mo":"展望未来，经济正在逐步走出疫情的影响，房地产销售出现了底部企稳的迹象，但回暖尚需时间。海外方面，通胀压力维持高位，需求出现放缓迹象。后续关注点主要在疫情后的经济修复节奏以及稳增长政策的实施效果。利率债策略：货币政策环境友好，但宽货币与宽信用预期共存，预计整体保持震荡走势，对利率债看法中性。信用债策略：关注地产和城投的政策风险，严防信用风险。","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=788559","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9acd","date":"2022-03-30T16:00:00.000Z","stockId":3000000007510,"sao":"一季度经济形势较为复杂。开年1-2月经济数据表现良好，反映宏观景气度较高。但3月以来，外部地缘政治形势恶化，国内疫情出现扩散，经济出现了内需放缓叠加外部输入性通胀的压力。政策上，金稳会定调稳增长继续加码，稳定了市场预期，但政策的实施路径和出台节奏仍需观察。市场层面，一季度债券市场收益率震荡为主，信用债整体表不及同期限利率债。投资运作上，南方泰元一季度主要投资于利率债和AAA信用债，在控制信用债久期暴露的基础上，获取稳定的票息收益和骑乘收益。操作展望上，南方泰元未来半年将以AAA信用债、利率债和国股行存单为主要投资策略，以低波动、稳收益为操作目标，争取在2022年继续为持有人提供较好的收益。展望未来，经济依然面临需求收缩、供给冲击和预期转弱的三重压力。内需的压力主要体现在地产投资持续低迷，同时疫情防控难度大；外需压力则体现在地缘政治形势复杂，以及全球流动性趋于收紧。通胀方面，目前的主要问题依然在海外，输入性通胀风险需要警惕。政策方面，预计货币政策继续坚持“以我为主”，将采取较为积极的政策来应对国内的压力。利率债策略：货币政策环境较为友好，稳增长预期或逐步增强，预计利率债维持区间震荡。对利率债看法中性。信用债策略：关注地产和城投的政策风险，严防信用风险。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.620Z","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=730567","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9acc","date":"2021-12-30T16:00:00.000Z","stockId":3000000007510,"sao":"全年经济逐季放缓，全年工业增加值同比增长9.6%，固定资产投资累计同比增长4.9%。房地产景气度偏低，制造业景气度相对较好，消费恢复偏慢。食品价格低迷拖累CPI表现，工业品价格高涨推动PPI全年维持高位。国内央行货币政策稳健中性，12月再次降准，同时下调了1年期LPR。市场层面，利率债收益率震荡下行，信用债整体表现好于利率债。投资运作上，南方泰元主要投资于利率债和AAA信用债，在控制信用债久期暴露的基础上，获取稳定的票息收益和骑乘收益。操作展望上，南方泰元未来半年将以AAA信用债、利率债和国股行存单为主要投资策略，以低波动、稳收益为操作目标，争取在2022年继续为持有人提供较好的收益。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.617Z","mo":"展望未来，经济依然存在下行风险。内需的压力主要体现在地产投资下行风险较大，同时外需预计将逐渐见顶。通胀方面，工业品涨价缓解，需要关注食品价格的变化。货币政策仍然稳健中性。利率债策略：货币政策环境较为友好，稳增长政策或带动基本面逐步企稳，预计利率债维持区间震荡。对利率债看法中性。信用债策略：关注地产和城投的政策风险，严防信用风险。","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=716776","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9acb","date":"2021-09-29T16:00:00.000Z","stockId":3000000007510,"sao":"三季度经济有所回落，1-8月工业增加值累计同比增长下降至13.1%，房地产景气度下降，基建制造业相对稳定，消费受疫情影响继续回落。猪价下行周期拖累CPI下行，上游工业品价格上涨带动PPI上涨。国内央行货币政策保持中性，7月初降准。市场层面，利率债收益率震荡下行，曲线平坦化，信用债整体表现不及利率债。投资运作上，南方泰元三季度主要投资于利率债和AAA信用债，在控制信用债久期暴露的基础上，获取稳定的票息收益和骑乘收益。操作展望上，南方泰元未来半年将以AAA信用债、利率债和国股行存单为主要投资策略，以低波动、稳收益为操作目标，争取在2021年继续为持有人提供较好的收益。展望未来，内外需的压力逐渐显现，四季度经济仍有下行风险，但通胀压力仍然较大。预计货币政策维持稳健中性，流动性平稳。利率债方面，基本面利多因素逐渐增加，利率下行的趋势还在，但空间受到一定限制。信用债方面，需密切关注受信用风险冲击较大的发债主体，严防信用风险。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.614Z","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元债券型发起式证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=658851","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9aca","date":"2021-06-29T16:00:00.000Z","stockId":3000000007510,"sao":"上半年经济持续修复，工业生产恢复较快，房地产投资韧性较强，基建、制造业投资相对稳定，消费修复较慢。猪价下行周期拖累CPI，上游工业品价格上涨带动PPI上涨。国内央行货币政策保持中性。市场层面，利率债收益率震荡下行，信用债整体表现优于利率债。投资运作上，南方泰元上半年主要投资于利率债和AAA信用债，在控制信用债久期暴露的基础上，获取稳定的票息收益和骑乘收益。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.612Z","mo":"展望未来，经济复苏进入了相对平稳期，通胀短期高点或已出现。预计货币政策维持稳健中性，流动性维持平稳。利率债方面，预计维持震荡走势，向上和向下空间均不大。信用债方面，需密切关注受信用风险冲击较大的发债主体，严防信用风险。操作展望上，南方泰元未来半年将以AAA信用债、利率债和国股行存单为主要投资策略，以低波动、稳收益为操作目标，争取在2021年继续为持有人提供较好的收益。","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=636875","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9ac9","stockId":3000000007510,"sao":"2021年1-2月经济继续修复，工业增加值同比增长35.1%，固定资产投资同比增长35%，地产景气度高于基建和制造业，消费修复略不及预期。工业品价格带动PPI上行，CPI价格平稳，国内央行货币政策保持中性。市场层面，利率债收益率区间震荡，信用债整体表现优于利率债。投资运作上，南方泰元一季度主要投资于利率债和AAA信用债，在控制信用债久期暴露的基础上，获取稳定的票息收益和骑乘收益。操作展望上，南方泰元未来半年将以AAA信用债、利率债和国股行存单为主要投资策略，以低波动、稳收益为操作目标，争取在2021年继续为持有人提供较好的收益。展望未来，经济复苏和通胀上行的趋势仍在，下半年海外经济能否超预期存在较大不确定性。预计货币政策维持稳健中性，流动性维持平稳。利率债方面，预计维持震荡走势，向上和向下空间均不大。信用债方面，需密切关注受信用风险冲击较大的发债主体，严防信用风险。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.608Z","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元债券型发起式证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=575899","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9ac8","stockId":3000000007510,"sao":"2020年受到疫情影响，经济先下后上，四个季度GDP同比增速分别为-6.8%、3.2%、4.9%、6.5%。全年工业增加值同比增长2.8%，固定资产投资累计同比增长2.9%，全年地产和基建表现较强，制造业恢复相对滞后，消费修复滞后于生产。全年CPI平均增长2.5%，PPI平均下滑1.8%。2020年美联储大幅放松货币政策，下调联邦基金利率至0%。国内央行上半年下调公开市场操作利率30BP，同时进行降准、再贷款等一系列操作，下半年随着疫情得到控制，货币政策整体转向中性。市场层面，全年利率债收益率先下后上，收益率曲线变平，信用债整体表现不及同期限政金债。投资运作上，南方泰元投资于利率债、AAA信用债和国股行存单，主要是在控制信用债久期暴露的基础上，获取相对稳定的票息收益和骑乘收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.605Z","mo":"展望未来，2021年将是疫情后全面修复的一年，上半年在国内外需求复苏的带动下，预计经济和通胀将同步走强；下半年受到刺激政策的逐步退出以及信用扩张回落的影响，经济复苏的动能可能会有所减弱。中央经济工作会议定调政策“不急转弯”，预计全年央行的货币政策仍将以稳为主，并逐步回归基本面。利率债方面，目前的利率水平具备一定投资价值。信用债方面，需要严防信用风险。操作展望上，南方泰元未来半年将以AAA信用债、利率债和国股行存单为主要投资策略，以低波动、稳收益为操作目标，争取在2021年继续为持有人提供较好收益。","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=561757","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9ac7","stockId":3000000007510,"sao":"2020年三季度经济继续修复。1-8月工业增加值同比增长0.4%，较二季度有显著修复，投资端地产和基建修复节奏领先制造业，消费修复相对缓慢。三季度受气候因素影响，食品价格波动较大，CPI趋于回落，PPI逐步修复。美联储三季度维持利率和购债计划不变，国内央行三季度未进行降准降息操作，货币政策转向中性，资金利率有所上行。市场层面，三季度利率债收益率大幅上行，曲线扁平化，信用债整体表现好于同期限国开债。投资运作上，南方泰元三季度主要投资于利率债和AAA信用债，在控制信用债久期暴露的基础上，获取相对稳定的票息收益和骑乘收益。操作展望上，南方泰元未来半年将以AAA信用债、利率债和国股行存单为主要投资策略，以低波动、稳收益为操作目标，争取四季度继续为持有人提供较好收益。展望未来，生产和需求两端出现同步修复，经济景气度进一步提升。货币政策进一步正常化，资金面保持稳定。利率债方面，目前的利率水平具备一定投资价值，但短期缺乏利好，下行动能不强。信用债方面，信用利差水平偏低，性价比相对弱于利率债。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.603Z","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元债券型发起式证券投资基金2020年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=494130","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecace7fea5b3eb04a9ac6","stockId":3000000007510,"sao":"2020年上半年经济探底后逐渐回暖。1-6月工业增加值同比下滑1.3%，但二季度同比已经正增长；地产和基建反弹节奏显著领先制造业，消费修复相对缓慢。1-6月CPI平均增长3.8%，上半年呈现不断回落的趋势。美联储一季度连续下调联邦基金利率至0，二季度无进一步降息操作。国内方面，央行下调公开市场操作利率，调降超额存款准备金利率，同时配合了定向降准、再贷款等操作，维护了国内流动性的稳定和信贷的合理增长。市场层面，上半年利率债收益率先下后上，曲线扁平化，信用债整体表现不及同期限国开债。    投资运作上,南方泰元上半年投资于利率债、AAA信用债和国股行存单，主要是在控制信用债久期暴露的基础上，获取稳定的票息收益和骑乘收益。操作展望上，南方泰元未来半年将以AAA信用债、利率债和国股行存单为主要投资策略，以低波动、稳收益为操作目标，争取下半年继续为持有人提供较好收益。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:42.600Z","mo":"展望未来，下半年经济将在内需发力和外需波动之中缓慢修复，修复的过程存在一定不确定性。利率债方面，当前收益率已经回到了相对合理的水平，预计整体以震荡为主。信用债方面，经过调整后的配置价值有所提升，在震荡行情中以票息策略为主。","fund":{"_id":3000000007510,"__csrcFundId":6362,"stockCode":"007510","shortName":"南方泰元债券发起(007510)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7510,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:45:32.709Z","status":"normal","inceptionDate":"2019-07-10T16:00:00.000Z","name":"南方泰元债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方泰元债券发起","pinyin":"nftyzqxfqszqtzjj","managers":[{"stockCode":"db20512266","stockType":"fund_manager","exchange":"fm","tickerId":40303160860,"name":"杜才超"}]},"announcement":{"linkText":"南方泰元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=466112","linkType":"PDF","source":"csrc_pdf"}}]}