window.pageData = {"stock":{"_id":3000000007552,"name":"中信建投稳裕定期开放债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","stockCode":"007552","tickerId":7552,"shortName":"中信建投稳裕C","exchange":"jj","inceptionDate":"2019-12-02T16:00:00.000Z","followedNum":0,"fundCollectionId":4000050840000,"currency":"CNY","status":"normal","masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"zxjtwydqkfzqxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50840000","tickerId":50840000,"name":"中信建投基金管理有限公司"},"managers":[{"name":"邵彦棋","stockType":"fund_manager","stockCode":"j101020105","exchange":"fm","tickerId":192517255730}],"hotMetrics":{"fss":{"stockId":3000000007552,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0,"f_ind_h_s_r":1,"f_h_a":8,"f_h_s_a":3508,"f_ind_h_s_r_c_1y":0,"f_ind_h_s_r_c_hy":0,"f_ins_h_s_r_c_1y":0,"f_ins_h_s_r_c_hy":0,"last_data_date":"2025-06-29T16:00:00.000Z"},"fpr":{"stockId":3000000007552,"type":"fpr","f_p_r_fys_ssc":7464,"f_p_r_fys_ssrp":0.24346777435347716,"f_p_r_m1_ssc":7585,"f_p_r_m1_ssrp":0.2891613924050633,"f_p_r_m3_ssc":7496,"f_p_r_m3_ssrp":0.1533022014676451,"f_p_r_m6_ssc":7302,"f_p_r_m6_ssrp":0.3295438980961512,"f_p_r_y1_ssc":6833,"f_p_r_y1_ssrp":0.8271370023419203,"f_p_r_y2_ssc":5885,"f_p_r_y2_ssrp":0.5064581917063222,"f_p_r_y3_ssc":4903,"f_p_r_y3_ssrp":0.3143614851081191,"f_p_r_y5_ssc":3298,"f_p_r_y5_ssrp":0.3830755232029117,"f_cagr_p_r_fs_ssc":7291,"f_cagr_p_r_fs_ssrp":0.39204389574759946},"fp":{"stockId":3000000007552,"type":"fp","f_p_r_fys":0.014230148942225407,"f_p_r_m1":0.004510006577092884,"f_p_r_m3":0.01020504582821502,"f_p_r_m6":0.013268884465927444,"f_p_r_y1":0.011447492904446577,"f_p_r_y3":0.10494534461374116,"f_cagr_p_r_fs":0.032097627422952746,"f_p_r_d1":-0.0008612440191386739,"f_p_r_y2":0.052108450315144106,"f_p_r_y5":0.17737266805223517,"last_data_date":"2026-05-05T16:00:00.000Z"},"ff":{"stockId":3000000007552,"type":"ff","f_m_f":2284999,"f_m_f_r":0.003,"f_c_f":609333,"f_c_f_r":0.0008,"f_m_a_c_f":2894332,"f_m_a_c_f_r":0.0038,"f_m_c_f_d":"2024-11-12T16:00:00.000Z","f_c_fr":0.0008,"f_fr_d":"2025-06-30T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.0038},"f_nlacan":{"stockId":3000000007552,"type":"f_nlacan","f_nv_d":"2026-05-05T16:00:00.000Z","f_nv":1.0691,"f_nv_cr":-0.0005609049266150912},"f_as":{"stockId":3000000007552,"type":"f_as","f_tas":21538.001999999997,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj"}],"bondHoldings":[{"_id":"69e8f9141398d79843000052","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000003573,"stockCode":"2105237","stockName":"21浙江债12","holdings":1200000,"marketCap":145743824,"netValueRatio":0.0977,"lastUpdated":"2026-04-22T16:36:36.539Z"},{"_id":"69e8f9141398d79843000053","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000003573,"stockCode":"2005748","stockName":"20广东债74","holdings":1200000,"marketCap":144835823,"netValueRatio":0.0971,"lastUpdated":"2026-04-22T16:36:36.543Z"},{"_id":"69e8f9141398d79843000054","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000003573,"stockCode":"173616","stockName":"21安徽10","holdings":1100000,"marketCap":134340994,"netValueRatio":0.09,"lastUpdated":"2026-04-22T16:36:36.546Z"},{"_id":"69e8f9141398d79843000055","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000003573,"stockCode":"2005784","stockName":"20江苏债17","holdings":1000000,"marketCap":120643756,"netValueRatio":0.0808,"lastUpdated":"2026-04-22T16:36:36.550Z"},{"_id":"69e8f9141398d79843000056","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000003573,"stockCode":"173655","stockName":"21山东26","holdings":900000,"marketCap":109505784,"netValueRatio":0.0734,"lastUpdated":"2026-04-22T16:36:36.554Z"}]},"list":[{"_id":"69e8ea781398d79843fe879f","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000003573,"sao":"一季度，宏观指标整体表现平稳。1-2月份，受到季节性因素和春节影响，制造业PMI回到50荣枯线下，但3月份，制造业PMI重新回到荣枯线上。出口延续去年强势表现，依旧是拉动经济的主要动力。另外，地产在春节后迎来“小阳春”，二手房成交量上升，同时一线城市二手房成交价格在一季度趋稳。通胀在一季度出现积极变化，受原材料价格上升和春节错位的影响，CPI和PPI同比在2月均有回升。政策方面，3月两会设定2026年增长目标为4.5%-5%，赤字率4%左右，财政政策在总量上相对克制，与增长目标相一致。海外方面，地缘政治存在不确定性。1月初美国发动对委内瑞拉的斩首行动，3月份有对伊朗展开军事行动。地缘冲突导致资产价格波动，尤其原油价格的上升，引发输入型通胀的担忧。债市在一季度有所回暖，长端和短端表现分化。其中长端收益率在1-2月有所修复，一是前期悲观情绪有所消化，二是机构在年初有一定配置需求。进入3月后，长端利率受到通胀预期的影响有所调整，但资金面宽松使得曲线中短端的各类债券品种表现偏强。基金在一季度仓位有所增加，积极把握利率债和信用债交易机会。后续来看，利率走势的核心还是通胀变化，以及货币政策预期，债市或延续震荡。后续，我们会维持一定久期和仓位，通过波段交易增厚收益。","lastUpdated":"2026-04-22T15:34:16.112Z","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1478091","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7557fea5b3eb04690fd","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000003573,"sao":"四季度经济总量回落、价格修复。具体地，固定资产投资持续回落至历史低位，地产投资跌幅扩大，制造业投资和基建投资延续回落，消费持续回落。但出口动能维持韧性，是经济的支撑项。另外价格保持温和修复，PPI同比跌幅趋缓，CPI同比逐步企稳，核心CPI同比持续上行。四季度债券幅度较前季度减弱，整体呈现震荡态势。10月，央行宣布重启国债买卖，随后债市开启修复行情。但后续，市场围绕一系列监管政策、26年超长国债发行规模、通胀预期等利空因素进行交易，债市重新调整。本基金在四季度仓位维持中性，但同时也积极把握市场交易机会。后续来看，利率走势的核心还是通胀变化，以及货币政策预期，长端债券供给影响偏短期，因此债市延续震荡的可能性较大。债市风险最大的阶段已过。后续，我们会在中性久期和中性仓位下，适当增加交易频率，通过波段交易增厚收益。","lastUpdated":"2026-03-09T13:12:53.021Z","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1459875","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7557fea5b3eb04690fc","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000003573,"sao":"2025年三季度，利率出现一定幅度调整，主因：1）反内卷政策以及价格项本身的基数效应引发市场对“走出通缩”的预期；2）低利率环境以及由此引发的存款搬家导致市场风险偏好提升。两个因素共同作用导致权益市场持续活跃，股债跷跷板下债券市场承压。三季度基本面继续恶化，投资增速处于历史低位，消费和出口增速都出现下滑，但债券市场并未定价基本面，主因：1）去年“债牛”已定价经济最悲观假设，透支了利率下行空间；2）基本面定价在长期看有效，短期市场波动受资本市场资金流动影响更大。本基金在三季度仓位维持中性，但同时也积极把握市场交易机会。对于2025年四季度债券市场展望，我们认为债市风险最大的阶段已过。1）随着利率绝对水平回升，债市对股市逐渐脱敏；2）经济基本面偏弱+政策托而不举，基本面定价的话利率已到合理点位；3）虽然存在公募新规扰动，但债基负债端不稳并非债市负债端不稳，短期市场情绪造成的利率曲线凸点从后往前看都是加仓的好机会。因此，目前看，四季度整体环境对债市偏有利，收益率上行风险可控。","lastUpdated":"2026-03-09T13:12:53.018Z","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1379775","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7557fea5b3eb04690fb","date":"2025-06-29T16:00:00.000Z","stockId":3000000003573,"sao":"2025 年二季度， 利率重新回到年初低位。一方面，中美摩擦的不确定性带来利率下行。另一方面，央行降息降准落地，且资金面转松，带动利率下行。二季度基本面较一季度边际弱化，但在低基数的支撑下，主要经济指标同比波动有限，基本面对债市的影响偏中性。本基金在二季度仓位维持中性，但同时也积极把握市场交易机会。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:53.016Z","mo":"对于 2025 年三季度债券市场展望， 我们认为债市风险不大。经济基本面偏弱，抢出口接近尾声，出口的拉动效应减弱。资金面有望在短期维持宽松，而新增的稳增长政策出台概率较小。另外，中美贸易摩擦虽然阶段性缓和，但仍存在不确定性。因此，目前看，三季度整体环境对债市偏有利，收益率上行风险可控。","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1345135","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7557fea5b3eb04690fa","date":"2025-03-30T16:00:00.000Z","stockId":3000000003573,"sao":"2025年一季度，债市走出了一波调整，市场下跌幅度较大。虽然稳增长政策陆续出台，但是市场对于经济基本面的预期依旧偏弱，对于货币宽松的预期非常强烈。但是央行从跨年过后将资金利率水平大幅抬升，并且持续较长时间，导致市场出现了比较明显的下跌。本基金一季度操作主要以信用债为底仓，配合利率债的交易机会的把握，久期和仓位都下降幅度较大，策略上以防守为主。对于2025年二季度债券市场展望，我们认为较债券市场维持震荡偏强的概率较大，经济基本面虽然边际有所好转，但是持续性和力度有待观察，市场对于基本面持续好转尚未形成较为一致的预期。在此前提之下，货币政策还会继续维持宽松格局，政策转向的概率较小，收益率上行风险可控。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:53.013Z","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1271912","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7557fea5b3eb04690f9","date":"2024-12-30T16:00:00.000Z","stockId":3000000003573,"sao":"2024年度，债市走出了大牛市，市场波动幅度较过往几年较小。虽然稳增长政策陆续出台，但是市场对于经济基本面的预期依旧偏弱，对于货币宽松的预期非常强烈。全年利率单边下行，个别月份虽有调整，但是调整后的修复速度非常快，呈现出调整幅度小，修复速度快的行情特点。本基金全年操作主要以信用债为底仓，配合利率债的交易机会的把握，杠杆率全年维持中性水平。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:53.010Z","mo":"对于2025年度债券市场展望，我们认为较债券市场维持震荡偏强的概率较大，经济基本面虽然边际有所好转，但是持续性和力度有待观察，市场对于基本面持续好转尚未形成较为一致的预期。在此前提之下，货币政策还会继续维持宽松格局，政策转向的概率较小，收益率上行风险可控。","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1256299","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7557fea5b3eb04690f8","date":"2024-09-29T16:00:00.000Z","stockId":3000000003573,"sao":"三季度债券市场波动较大，呈现出先涨后跌的走势。虽然稳增长政策陆续出台，但是市场对于经济基本面的预期依旧偏弱，六到九月份市场表现仍较为强劲。但是九月底由于新的稳增长政策陆续出台，以及股票市场的强劲反弹，债市出现了巨幅调整。本基金在三季度主要新增了利率债的配置，组合久期先升后降。对于2024年四季度债券市场展望，我们认为较债券市场维持震荡偏强的概率较大，经济基本面虽然边际有所好转，但是持续性和力度有待观察，市场对于基本面持续好转尚未形成较为一致的预期。在此前提之下，货币政策还会继续维持宽松格局，政策转向的概率较小，收益率上行风险可控。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:53.008Z","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1177973","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7557fea5b3eb04690f7","date":"2024-06-29T16:00:00.000Z","stockId":3000000003573,"sao":"上半年债券市场走出了牛市行情，信用债和利率债走势较为强劲，信用利差持续压缩。虽然稳增长政策陆续出台，但是市场对于经济基本面的预期依旧偏弱。市场资金面较为宽松，跨季资金面未出现较大幅度波动。非银机构经负债端较为稳定，规模继续回升，对于信用债的配置需求较强。本基金在上半年主要新增了信用债持仓，久期变动不大，杠杆率有所提升。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:53.005Z","mo":"对于2024年下半年债券市场展望，我们认为较债券市场维持震荡偏强的概率较大，经济基本面虽然边际有所好转，但是持续性和力度有待观察，市场对于基本面持续好转尚未形成较为一致的预期。在此前提之下，货币政策还会继续维持宽松格局，政策转向的概率较小，收益率上行风险可控。","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1148406","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7557fea5b3eb04690f6","date":"2024-03-30T16:00:00.000Z","stockId":3000000003573,"sao":"本季度债券市场仍然走出了牛市行情，信用债和利率债走势较为强劲，信用利差持续压缩。虽然稳增长政策陆续出台，但是市场对于经济基本面的预期依旧偏弱。市场资金面较为宽松，跨季资金面出现了较大幅度波动。非银机构经负债端较为稳定，规模继续回升，对于信用债的配置需求较强。本基金在本季度主要新增了信用债持仓，久期变动不大，杠杆率有所提升。对于2024年二季度债券市场展望，我们认为较债券市场维持震荡的概率较大，经济基本面虽然边际有所好转，但是持续性和力度有待观察，市场对于基本面持续好转尚未形成较为一致的预期。在此前提之下，货币政策还会继续维持宽松格局，政策转向的概率较小，收益率上行风险可控。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:53.000Z","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072400","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7547fea5b3eb04690f5","date":"2023-12-30T16:00:00.000Z","stockId":3000000003573,"sao":"本年度债券市场仍然走出了牛市行情，信用债和利率债走势较为强劲，信用利差持续压缩。虽然稳增长政策陆续出台，但是市场对于经济基本面的预期依旧偏弱。市场资金面全年较为宽松，跨季资金面出现了较大幅度波动。非银机构经负债端较为稳定，规模继续回升，对于信用债的配置需求较强。本基金在本年度主要新增了信用债持仓，久期变动不大，杠杆率有所提升。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:52.997Z","mo":"对于2024年债券市场展望，我们认为较债券市场维持震荡的概率较大，经济基本面虽然边际有所好转，但是持续性和力度有待观察，市场对于基本面持续好转尚未形成较为一致的预期。在此前提之下，货币政策还会继续维持宽松格局，政策转向的概率较小，收益率上行风险可控。","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1056792","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7547fea5b3eb04690f4","date":"2023-09-29T16:00:00.000Z","stockId":3000000003573,"sao":"三季度债券市场走势偏震荡，信用债和利率债走势较为分化，利率债收益率震荡特征较为明显，信用债收益率呈下行态势。虽然稳增长政策陆续出台，但是市场对于经济基本面的预期依旧偏弱。市场资金面在三季度由松转紧，跨季资金面出现了大幅收紧。非银机构经负债端较为稳定，规模继续回升，对于信用债的配置需求较强。本基金在三季度主要新增了信用债持仓，久期变动不大，杠杆率有所提升。对于2023年四季度债券市场展望，我们认为较债券市场维持震荡的概率较大，经济基本面虽然边际有所好转，但是持续性和力度有待观察，市场对于基本面持续好转尚未形成较为一致的预期。在此前提之下，货币政策还会继续维持宽松格局，政策转向的概率较小，收益率上行风险可控。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:52.994Z","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=991705","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7547fea5b3eb04690f3","date":"2023-06-29T16:00:00.000Z","stockId":3000000003573,"sao":"2023年上半年，债券市场走出了牛市行情，收益率下行幅度较大。市场对于经济基本面的预期由去年的强预期逐渐转弱，从经济数据来看，上半年还是处于经济衰退期，并未走出市场先前所预期的经济持续复苏。市场资金面出现了全面宽松，银行体系在二季度结束了资金紧张的局面。非银机构经负债端上半年持续增加，规模继续回升，对于信用债的配置需求较强。本基金在上半年增加了高等级信用债持仓，对于原有流动性较差的信用债进行了减仓调整，持仓品种流动性得到了改善，基金久期在上半年有所增加。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:52.992Z","mo":"对于2023年下半年度债券市场展望，我们认为债券市场牛市行情并未结束，但是波动风险会有所上升。经济基本面目前还是处于偏弱的格局，但是有望在今年四季度走出困境。经济指标出现了企稳回升的迹象，但是其持续性尚需观察。在此前提之下，货币政策短期内还会继续维持宽松格局。预计资金面对债市会有较大支撑。从利率点位来看，当前点位接近去年低点，市场止盈力量会阶段性主导行情变化，操作策略上，不会大幅追涨，逢低买入。","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=966115","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7547fea5b3eb04690f2","date":"2023-03-30T16:00:00.000Z","stockId":3000000003573,"sao":"一季度债券市场走势较为分化，信用债走出了估值修复行情，收益率大幅下行，利率债维持震荡走势，没有趋势性行情出现。市场对于经济基本面的预期由去年的强预期逐渐转弱，甚至对于二三季度经济走势有所担忧，但是由于资金面相对偏紧，银行体系普遍缺钱，因此利率债品种难以走出较为明显的趋势下行行情。非银机构经历了去年四季度大规模赎回后，今年一季度负债端相对稳定，而且规模有所回升，对于信用债的配置需求较强。本基金在一季度增加了信用债持仓，对于原有流动性较差的信用债进行了减仓调整，持仓品种流动性得到了改善，基金久期增加较少。对于2023年二季度债券市场展望，我们认为较一季度波动会加大，原因在于经济基本面预计在二季度将出现较大变化，对于市场会形成较大影响。同时，当前机构杠杆处于相对高位水平，对于资金面会形成较大压力。最后，银行体系流动性短缺状态尚未看到明显好转。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:52.989Z","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=885725","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7547fea5b3eb04690f1","date":"2022-12-30T16:00:00.000Z","stockId":3000000003573,"sao":"2022年债券市场波动较大，主要呈现在第四季度。从宏观经济格局来看，2022年是步入通缩之年，主要宏观经济指标均呈现下行状态，市场各主体预期较弱。从宏观政策面来看，全年主基调为稳增长，财政政策和货币政策均有所发力，财政政策表现较为积极，基建投资表现亮眼；货币政策力度也较大，市场流动性较为充裕，资金利率低位运行。四季度债券市场呈现出剧烈波动的特征，十一和十二月份市场出现了踩踏式下跌。回顾其原因主要有两方面，一方面是央行主导资金利率向政策利率回归，资金面较二三季度明显收敛；另一方面是疫情政策和地产政策的调整和优化，使市场对于经济基本面修复预期较强。以上两点因素对债券市场形成较大冲击，债市下跌导致了银行理财产品净值回撤，出现了理财赎回潮，新形成了踩踏式负反馈。在负反馈的作用下，信用债调整幅度较利率债更大，信用利差明显走阔。本基金在2022年投资策略上较为灵活，组合久期和仓位变动较大，前三季度主要以配置型策略为主，第四季度策略选择上更偏向于交易型，投资品种变化较大。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:52.986Z","mo":"对于2023年债券市场，我们认为较2022年更为复杂多变。在疫情政策和地产政策调整后，经济基本面预计会有所修复，但是修复时间大概率在后半年开启，全年修复力度可能会弱于市场预期。前半年经济基本面还是会在通缩区间运行，走出通缩还需要更多的政策支持。因此对于债市的展望，我们认为前半年还是会延续经济基本面强预期与弱现实的格局，债券市场以震荡为主，但是震荡幅度预计会加大，债券市场会有比较好的交易性机会。","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=873395","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7547fea5b3eb04690f0","date":"2022-09-29T16:00:00.000Z","stockId":3000000003573,"sao":"2022年三季度，债券市场表现较为强劲，收益率下行幅度较大，主要原因在于宏观经济基本面仍然面临较大下行压力，央行货币政策持续发力，八月份进行了降息操作，债券市场做多热情强烈，债券收益率创年内新低。回顾本基金三季度投资操作，基于资金面持续的宽松，加大了杠杆操作力度，组合久期有所提升，但是提升幅度较为有限。持仓债券券种配置仍然是以信用债为主，增配了城投债，减少了对产业债的配置，票息策略和杠杆策略为主要操作。同时，组合持仓的集中度有所下降，单券投资更为分散。对于四季度的投资展望，我们认为债券市场牛市行情并未走完，但是波动性会有所加剧。从国内来看，未来两季度，宏观经济有进入通缩区间的可能，经济下行压力仍然较大。虽然政策面在逐步发力，经济基本面也出现了边际改善，但是恢复的力度不会太强劲，增速斜率会低于市场预期。货币政策发面，宽松格局预计会维持较长时间，在经济基本面未出现显著回升之前，货币政策取向不会发生变化。随着经济逐步进入通缩区间，降准降息操作概率会逐步提升，对于债券市场会产生较大的正向作用。因此，对于四季度的投资品种，我们更加关注久期策略，适时提升组合久期，杠杆率保持中性偏高的状态。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:52.980Z","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=808215","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7547fea5b3eb04690ef","date":"2022-06-29T16:00:00.000Z","stockId":3000000003573,"sao":"2022年上半年宏观经济在疫情冲击下面临较大压力，央行维持了货币政策的宽松，上半年债券市场在宽货币现实和宽信用预期的相互作用下走出了震荡行情。上半年投资策略对于长端债券的配置相对谨慎，在点位相对占优之时，进行了适时增配。短端信用债仍有较好的利差保护，加大了配置力度。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:52.977Z","mo":"从宏观经济周期层面来看，当前经济周期仍处于滞胀向衰退的过渡阶段，下半年宏观经济基本面虽然会边际改善，但是下行压力仍然较大。从金融周期来看，社融规模从去年开始已经逐步回升，但是主要回升力来自于政府部门加杠杆，企业部门和居民部门融资需求较弱，该格局下半年很难有所逆转。随着2022年地方政府专项债逐步发行完毕，后半年融资需求的补充是市场较为关心的点。我们认为后半年企业部门和居民部门做宽信用的难度较大，宽信用的主体还是政府部门，但是力度可能会弱于市场预期。从外围来看，美国和欧洲通胀压力仍未缓解，紧缩性货币政策持续推进，对我国国内货币政策空间形成一定挤压。短期内国内货币政策继续宽松较难看到。预计央行还将是维持现状，通过公开市场操作，实现流动性的合理充裕。综上所述，随着后半年经济增速的下移，利率中枢也会随之下移，长端利率有较好的交易性机会。投资策略上紧跟经济基本面高频数据变化，以及由此产生的市场预期差，寻找债券市场的交易机会。","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=786837","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7547fea5b3eb04690ee","date":"2022-03-30T16:00:00.000Z","stockId":3000000003573,"sao":"从国内来看，当前市场主要矛盾在于宽信用和宽货币力度强弱的判断，中央提出了5.5%的经济增长目标，我们认为是有一定相应的手段和政策保证实现的，这是我们判断今年宏观经济的大前提。短期内由于疫情的反复，经济基本面面临较大的下行压力。但是鉴于5.5%经济增速的目标设定，后续稳增长措施将逐步发力。一季度对于长端债券的配置相对谨慎，在点位相对占优之时，进行了适时增配。短端信用债仍有较好的利差保护，加大了配置力度。从外围来看，美国和欧洲面临较大通胀压力，货币政策已然转向。对我国国内货币政策空间形成一定挤压。虽然国内仍坚持以我为主的货币政策操作，但是随着发达经济体货币政策的收紧，国内货币政策宽松的窗口期可能随之缩短，未来需要观察人民币汇率的走势变化。由于市场对于宽松政策的预期较为充分，预计短期内债券市场震荡格局不改，收益率继续下行难度较大，由于各种稳增长信号的出现，长端利率可能面临一定调整压力。二季度投资策略保持相对谨慎的态度，观察经济基本面高频数据。如果有边际改善现象出现，将继续降低组合久期。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:52.974Z","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=729982","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7547fea5b3eb04690ed","date":"2021-12-30T16:00:00.000Z","stockId":3000000003573,"sao":"2021年度，中国债券市场走出了一波牛市行情。从经济基本面来看，我国经济周期从类滞涨阶段跨越到衰退阶段，投资和消费全年表现较为疲弱，只有进出口由于海外疫情扰动，表现较为强劲。货币政策方面，央行维持了宽松格局，进行了降准降息操作，资金面全年较为宽松。债券市场趋势性机会与结构性机会并存。2021年，本基金投资策略上坚持高评级信用债配置策略和长久期利率债交易策略相结合，组合久期波动较大，在严控信用风险的基础上，实现了净值的稳定增长。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:52.972Z","mo":"对于2022年的投资，我们认为经济基本面下行周期仍未见底，后期密切关注稳增长政策出台力度。短期内货币政策宽松格局不会改变，债券市场不会立刻转向，但是长端利率波动性将加大。本基金投资策略上适度提高灵活性，在有较强确定性的前提下，努力抓取长端利率的交易性机会，同时关注稳增长政策冲击下，不同债券品种的相对利差机会。","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=715340","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7547fea5b3eb04690ec","date":"2021-09-29T16:00:00.000Z","stockId":3000000003573,"sao":"2021年三季度海外经济尤其是美国持续恢复，9月美国议息会议显示Taper将于11月或者12月落地，海外处于货币政策边际收紧的局面。国内来看，三季度经济受疫情反复、自然灾害天气、缺芯、限产限电和限制地产行业等一系列影响，三季度经济数据表现偏差，经济面临比较大的下行压力，7月央行为对冲缴税和MLF到期等因素超预期降准，债券市场7月至8月表现良好。9月以来受资金面预期差、债券供给四季度增大、理财产品净值化转型和大宗商品上涨等影响，债券收益率持续上行，信用利差和期限利差有所拉大。三季度整体组合在降准后提高组合久期和杠杆，在9月后考虑到通胀和理财产品净值化转型的影响降低组合久期和杠杆，尤其是降低组合信用债的持仓比例。四季度来看，整体上债券市场对于基本面偏弱有预期，货币政策在稳经济和控通胀间维持平衡状态，但是债券市场面临多重不利因素，尤其是各类农产品、能源化工等一系列产品价格高位，滞胀行情下限制央行货币政策的操作，因此短时间来看债券市场处于不利的局面，考虑到理财净值转型一系列因素集中在10月份，在历史上暂时没有遇到这种局面，同时对于这种局面无法准确预测，考虑到目前债券市场的收益率偏低，对于债券市场保持谨慎。我们认为四季度更加重视组合票息收益，在信用利差和期限利差面临一定的压力下，降低信用债的比例，维持组合高评级信用债和利率债的持仓，保持组合的流动性，投资更侧重组合的流动性和信用风险。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:52.969Z","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=657766","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7547fea5b3eb04690eb","date":"2021-06-29T16:00:00.000Z","stockId":3000000003573,"sao":"2021年上半年，海外经济基本面持续复苏，受疫苗接种率和疫情防控措施不同，海外普遍发达经济体经济恢复快于发展中国家和欠发达经济体，消费国快于生产供给国，供给和需求错位造成商品价格持续维持高位，通货膨胀成为市场关注的重点。国内宏观经济基本面维持稳定，总体上两年平均经济增速接近经济潜在增速水平，宏观经济基本面市场无太大预期差，货币政策考虑到经济基本面恢复仍不平衡，同时通胀面临一定的压力，货币政策上半年保持平稳，市场利率R007围绕7天公开市场操作利率上下波动。在宏观经济基本面、货币政策和监管政策保持平稳的情况下，上半年债券市场呈现窄幅震荡的局面，重视票息收益和骑乘收益的确定性。整体上，经济当季同比“前高后低”，但两年同比“前低后高”，当季环比一季度疫情扰动，二季度年内高点，下半年下行压力，二季度经济增长加通胀同时向上，呈复苏格局。下半年地产投资和出口高位缓下，消费和制造业低位慢上，消费反弹乏力将拖低GDP中枢，信用紧缩力度相对温和，货币难以趋势性宽松，总体市场依然维持窄幅波动。我们认为下半年更加重视组合票息收益，降低组合资本利得收益要求，增加波段操作的频率，维持组合高评级信用债和利率债的持仓，保持组合的流动性，投资更侧重组合的流动性和信用风险，长久期利率债波段操作。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:52.966Z","mo":"展望2021年下半年，短期来看近期国内疫情仍有反复、极端气候频发、缺煤限电可能影响生产、缺芯片影响或沿汽车产业链形成扩散效应，三季度经济面临一定的压力，中长期来说，PPI短时间难以快速下行，上游产业利润高增但受限产限增等原因，造成无法扩产，中下游产业面临需求不足，PPI-CPI剪刀差创新高后，收敛速度预计慢于以往。中下游企业承受双重压力，中下游扩大投资动力不足。出口和地产两大动能衰减，短时间消费、制造业投资等难以填补以上缺口。下半年和明年上半年经济面临较大下行压力。国内政策方面，从上半年的“稳货币、紧财政、严监管、压地产”，下半年政策调整为“货币预调偏松、财政稳和、严监管、压地产”政策。货币政策强调连续性、稳定性和前瞻性，货币政策统筹今明两年的经济，短期来看，货币政策维持中性偏松的格局。在2021年下半年经济增速暂未见到拐点，货币政策维持中性偏松的局面下，债券市场总体风险不大。利率债和高等级信用债继续维护强势，中低评级信用债建议规避，债券市场呈现像股票市场一样强者恒强局面。","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=634435","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7547fea5b3eb04690ea","stockId":3000000003573,"sao":"2021年一季度海外经济基本面持续复苏，美债收益率低位上行至疫情前水平。供给和需求错位造成商品价格维持高位，通货膨胀预期全面抬升。考虑到全球M2增速5月份开始下降,商品价格难以趋势性上行。国内经济基本面数据一季度表现强势，M2和社融增速依然维持高位，央行货币政策保持连续性、稳定性和可持续性，一季度货币政策全面维稳，总量上保持货币供给量与名义GDP增速相匹配，全年宏观杠杆率将保持整体稳定，在经济基本面和货币政策保持稳定的局面下，一季度债券市场维持震荡局面，票息收益为组合的确定性收益。考虑到中国经济潜在增速逐步下移，2000年以来十年国债高点在4.5%，2013年达到4.70%，17年底18年初10年国债高点为4.0%，预计没有大的去杠杆政策，十年国债收益率不会超过3.50%。展望二季度，债券市场仍然会维持偏震荡局面，关注债券供给压力，票息收益仍然是相对确定的收益。整体上，我们认为二季度重视组合票息收益，降低组合资本利得收益要求，增加波段操作的频率，维持组合高评级信用债和利率债的持仓，保持组合的流动性，投资更侧重组合的流动性和信用风险，长久期利率债波段操作。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:52.963Z","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=573453","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7547fea5b3eb04690e9","stockId":3000000003573,"sao":"2020年一季度受新冠疫情的影响经济同比增速创多来以来的新低，随后央行通过降准、降息、再贷款、再贴现以及多项直达实体经济的货币政策工具支持实体经济的恢复，同时财政部实施积极的财政政策，实施多项减税降费政策支持实体企业。我国疫情逐渐控制后，生产在二季度逐步恢复，受益于全球政策放松带来的全球需求增长，出口大幅度增长，中国经济在二季度后生产端逐步恢复，经济环比逐步改善，四季度经济水平逐步恢复至疫情前。在经济环比逐步改善过程中，央行逐步回归正常的货币政策，逐步退出对冲疫情超宽松的货币政策，债券收益率经历先下后上的行情。同时2020年华晨、永煤等风险事件频繁爆发，信用债市场呈现两极分化状态。因此，投资策略上主要选择高等级信用债打底、长期利率债增厚资本利得的策略，并在5月初逐步降低组合久期和杠杆。2020年全年严格控制流动性风险和信用风险，投资更侧重组合的票息和杠杆收益，长久期利率债波段操作，通过自上自下宏观判断调整久期和杠杆获取超额收益，基金严格禁止通过资质下沉获取超额收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:52.961Z","mo":"展望2021年，假设随着多个疫苗陆续上市并大范围接种，2021年二季度开始全球新冠确诊病例将大幅减少。2021年国内宏观经济受益于消费、出口以及制造业投资等拉动，全年实际GDP增速在8%-9%。最大的不确定性来自新冠疫情的演变和影响，包括疫苗的接种速度和有效性。再加上国内外市场消费者行为可能有所变化，这意味着出口和国内消费复苏的强劲反弹可能存在不确定性。国内货币政策方面，央行逐步回归正常货币政策。2021年货币政策整体基调为稳，中央经济工作会议提出，宏观政策要保持连续性、稳定性、可持续，2021年货币政策要“稳”字当头，保持好正常货币政策空间的可持续性，从宏观上，要稳住宏观杠杆率，同时央行关注到部分核心城市房价快速上涨等问题，资金面更有可能处于紧平衡。在经济基本面预期偏一致，2021年政策维持宏观杠杆率稳定，全年货币政策、财政政策和监管政策强调政策连续性，在经济波动区间缩窄和各项政策“稳”字当头的情况下，债券市场收益率呈现区间缩小频率加快，利率债和中高评级信用债维持区间震荡格局，高评级和低评级信用债继续分化。2021年票息收益确定性更强，降低资本利得的收益要求，4月后需关注中央政治局会议的政策是否预调微调。","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=557896","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7547fea5b3eb04690e8","stockId":3000000003573,"sao":"2020年三季度经济基本面环比继续改善，二季度GDP同比转正增长3.2%，需求方面，基建、地产和出口仍然维持强势，消费8月同比转正，中国官方制造业PMI数据连续7个月位于荣枯线以上。央行三季度考虑到经济基本面继续改善，在特殊时期的危机模式处理后，宏观杠杆率上半年大幅提升以及资金空转加剧，出于防范金融风险以及为以后预留货币政策空间的考虑，央行逐步实行正常的货币政策。三季度地方政府专项债和特别国债发行提速以及压降结构性存款使得整体银行体系缺乏长期稳定的资金，央行更多通过公开市场操作释放流动性，造成银行间资金波动性增大。考虑到经济基本面、央行货币政策等情况，债券市场三季度仍然处于非友好时期。三季度投资策略上主要选择中短高等级信用债和利率债，降低组合久期和杠杆。同时由于疫情的不可预测性且持续时间长，对于经济的供给和需求都将造成极大的影响，企业的流动性和盈利面临极大的压力，在整个信用债的信用利差和绝对收益处于低位的水平下，规避中低评级的信用债，维持组合高评级信用债和利率债的持仓，保持组合的流动性，投资更侧重组合的流动性和信用风险，长久期利率债波段操作。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:52.958Z","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2020年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492460","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7547fea5b3eb04690e7","stockId":3000000003573,"sao":"2020年上半年“新冠疫情”给全球经济带来巨大冲击，国内一季度运用各种货币政策和财政政策逆周期调节防控疫情和促进企业复工复产，一季度央行超宽松的货币政策促进债券收益大幅下行，一季度组合整体以拉长久期和提高杠杆为主要操作。二季度国内疫情得到有效控制，中央出台各项政策进行逆周期调节全力推动企业复工复产，工业增加值5月同比转正。需求方面，消费、投资等在疫情得到控制后前期抑制的需求爆发，地产、汽车以及必需消费环比同比都大幅度改善。同时PMI数据连续4个月位于荣枯线以上，国内经济基本面持续环比改善。央行二季度考虑到经济基本面逐步改善，在特殊时期的危机模式处理后，宏观杠杆率一季度大幅提升以及资金空转加剧，出于防范金融风险支持实体经济的考虑，央行二季度更多通过结构性的直达实体的货币政策工具支持实体经济，整体抬升银行间资金利率抑制资金空转。考虑到四月底五月初国内疫情、经济基本面以及货币政策等拐点显现，整体上对债券市场最友好的时期已过。二季度投资策略上主要选择中短高等级信用债和利率债，降低组合久期和杠杆。同时由于疫情的不可预测性且持续时间长，对于经济的供给和需求都将造成极大的影响，企业的流动性和盈利面临极大的压力，在整个信用债的信用利差和绝对收益处于低位的水平下，规避中低评级的信用债，维持组合高评级信用债和利率债的持仓，保持组合的流动性，投资更侧重组合的流动性和信用风险，长久期利率债波段操作。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:52.955Z","mo":"展望2020年下半年，高频数据显示经济基本面环比仍然继续改善，但是改善的斜率放缓。通胀CPI年底继续走底，PPI底部提升，通胀不会对货币政策产生掣肘。考虑到经济基本面仍然处于缓慢恢复的过程中，央行下半年提高政策利率的可能性不大，在债券市场经过前期的调整后，债券市场下半年将呈现强震荡格局。利率债方面，银行间资金利率运行到央行合意目标区间，短端品种经过前期的调整后，具有一定的配置价值。长端品种主要关注经济预期差的机会，下半年将呈现高波动强震荡的局面。信用债方面，由于宏观政策强化逆周期调节，地方债发行规模显著增加，城投企业融资环境可能得到改善，城投债仍然具备投资价值。受制于疫情影响，中小企业尤其是民企面临比较大的压力，继续规避此类品种。","fund":{"_id":3000000003573,"__csrcFundId":936,"stockCode":"003573","shortName":"中信建投稳裕(003573)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3573,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:56:00.072Z","status":"normal","inceptionDate":"2016-11-06T16:00:00.000Z","name":"中信建投稳裕定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳裕","pinyin":"zxjtwydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳裕定期开放债券型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=460763","linkType":"PDF","source":"csrc_pdf"}}]}