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ionDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:55.744Z","mo":"展望下半年，我们认为债券市场面临的复杂局面依然没有改变，一方面绝对收益率偏低的情况下，债券资产缺乏绝对的吸引力吸引新增资金的进入；另一方面国内外各种不确定性因素在下半年依然存在，关税战等因素博弈会进一步加剧，带动风险偏好、资金流向等依然存在较大的不确定性，对债券市场的影响也具有很强的复杂性和不确定性，债券牛市依然可能呈现波动性较大的局面，需要谨慎应对。","fund":{"_id":3000000007557,"__csrcFundId":6818,"stockCode":"007557","shortName":"中加优选中高等级债券(007557)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7557,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:47:36.924Z","status":"normal","inceptionDate":"2019-12-04T16:00:00.000Z","name":"中加优选中高等级债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050800000,"currency":"CNY","masterFundShortName":"中加优选中高等级债券","setUpDate":"2019-12-04T16:00:00.000Z","pinyin":"zjyxzgdjzqxzqtzjj","managers":[{"stockCode":"db20587636","stockType":"fund_manager","exchange":"fm","tickerId":232025193680,"name":"魏泰源"}]},"announcement":{"linkText":"中加优选中高等级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=1343758","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecadb7fea5b3eb04aa9c0","date":"2025-03-30T16:00:00.000Z","stockId":3000000007557,"sao":"市场方面，2025年一季度债券市场收益率上行较多，整体走出一个熊市状态，首先受到一季度资金面较为紧张的影响，同业存单利率大幅上行，带动中短期债券收益率上行较多；另一方面风险偏好在一季度整体较高，权益市场表现较好，实体经济表现也超出预期，地产数据显示地产企稳迹象较为明显，消费、信贷数据也均好于预期，带动中长端收益率整体走高；总体来看，2025年一季度债券市场呈现熊平走势。组合操作方面，一季度市场收益率整体上行，组合策略以配置型策略为主，获取稳定的票息收益，主要投资于中高等级信用债，未来组合将继续维持稳健投资风格，夯实票息基础，争取提供稳健回报。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:55.742Z","fund":{"_id":3000000007557,"__csrcFundId":6818,"stockCode":"007557","shortName":"中加优选中高等级债券(007557)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7557,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:47:36.924Z","status":"normal","inceptionDate":"2019-12-04T16:00:00.000Z","name":"中加优选中高等级债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050800000,"currency":"CNY","masterFundShortName":"中加优选中高等级债券","setUpDate":"2019-12-04T16:00:00.000Z","pinyin":"zjyxzgdjzqxzqtzjj","managers":[{"stockCode":"db20587636","stockType":"fund_manager","exchange":"fm","tickerId":232025193680,"name":"魏泰源"}]},"announcement":{"linkText":"中加优选中高等级债券型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1275577","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecadb7fea5b3eb04aa9bf","date":"2024-12-30T16:00:00.000Z","stockId":3000000007557,"sao":"2024年债券市场延续牛市行情，在支持性货币政策的影响之下，长债利率跑步进入“1”时代，10年国债从年初的2.5%上方震荡下行至1.7%附近，中枢下行超80bp，再度创下历史新低。信用利差全年先下后上，受资金从银行体系流向非银机构的影响，信用债上半年获得显著超额收益，但随着资金流入速度放缓及现券成交活跃度的下降，信用债下半年整体表现弱于利率债。总体利率走势上，一季度债市开门红，利率基本呈现单边下行的运行状态，央行降准降息为主要推动力；二季度，地产政策加码叠加央行多次提升长端风险，债市转向窄幅波动；三季度，债市行情围绕弱现实、强监管和政策发力预期展开，利率先下后上，波动性明显加强；进入四季度，货币政策基调时隔十四年重新从稳健转向适度宽松，释放积极信号，在年末抢跑机构配置需求的推动之下，利率出现加速下行。组合操作方面，2024年市场收益率整体下行，组合策略以配置型策略为主，获取稳定的票息收益，主要投资于中高等级信用债，2025年组合将继续维持稳健投资风格，夯实票息基础，争取提供稳健回报。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:55.739Z","mo":"展望2025年，我们认为债市收益率不改中枢下行趋势，但全年波动性或将有所增大。从年初的估值水平来看，经过去年年末的快牛行情之后，债市利率已过度抢跑全年降息预期，在央行态度趋严和机构行为的谨慎转换下，债市行情或趋于震荡，需有效把握入场时机。","fund":{"_id":3000000007557,"__csrcFundId":6818,"stockCode":"007557","shortName":"中加优选中高等级债券(007557)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7557,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:47:36.924Z","status":"normal","inceptionDate":"2019-12-04T16:00:00.000Z","name":"中加优选中高等级债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050800000,"currency":"CNY","masterFundShortName":"中加优选中高等级债券","setUpDate":"2019-12-04T16:00:00.000Z","pinyin":"zjyxzgdjzqxzqtzjj","managers":[{"stockCode":"db20587636","stockType":"fund_manager","exchange":"fm","tickerId":232025193680,"name":"魏泰源"}]},"announcement":{"linkText":"中加优选中高等级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=1248794","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecadb7fea5b3eb04aa9be","date":"2024-09-29T16:00:00.000Z","stockId":3000000007557,"sao":"三季度以来，债市行情围绕弱现实、强监管和政策发力预期展开，利率先下后上，波动性也有所加强。具体来看，7月上旬，央行动作频频，货币政策工具连续推陈出新，债市在此期间的快速回调，30年期国债一度回到央行关注点位2.5%，下旬三中全会公报公布，指出要“坚定不移实现全年经济社会发展目标”，央行降息、存款调降紧随其后，债市再度走强；8月，月初海外市场波动加剧，空头回补下人民币汇率压力明显缓解，债市做多情绪有所强化，但央行对稳定长端利率的态度较为坚决，进一步升级管控措施，加强对债市参与主体监管力度，并正式落地公开市场国债买卖操作，月内债市维持区间震荡；进入9月，内需不足下经济复苏斜率偏低问题依旧凸显，政府对完成全年5%增速目标的任务约束在降低，市场对央行卖券操作“脱敏”，继续博弈年内货币端的增量政策，推动债市走强，月末支持性货币政策超预期落地，政治局会议表态积极，市场风险情绪明显改善，10年期国债在触及2%关键整数点位后快速回调至2.2%附近；信用债方面，三季度信用债表现显著弱于利率债，信用利差持续走阔，特别是9月中下旬以来，随着风险情绪的切换，利率债在经过政策冲击后迅速稳住，但信用债在随后的赎回中信用利差持续扩大，并且出现一定程度的踩踏现象，整体信用债情绪走势较弱；展望四季度，利率债方面预计将不断面临来自于政策面的冲击，可能缺乏明确趋势，建议以波段思路进行操作，注重负债端和灵活性，关注5-10年期限段；信用方向建议注重票息策略，自8月以来的信用债市场阶段性调整后，信用利差已回到了2021年年初的水平，“安全垫”相对较高，配置价值逐步凸显。将在严格控制风险的前提下抓住中短久期高性价比信用债的高票息配置机会，挖掘经济发达省份的优质城农商行二永债标的。关注信用债流动性的修复以及理财机构对信用债参与度的变化情况。组合操作方面，三季度市场较为震荡，组合策略以配置型策略为主，适当参与中长端利率债交易，增厚组合收益，未来组合将继续维持稳健投资风格，夯实票息基础，争取提供稳健回报。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13: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undSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7557,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:47:36.924Z","status":"normal","inceptionDate":"2019-12-04T16:00:00.000Z","name":"中加优选中高等级债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050800000,"currency":"CNY","masterFundShortName":"中加优选中高等级债券","setUpDate":"2019-12-04T16:00:00.000Z","pinyin":"zjyxzgdjzqxzqtzjj","managers":[{"stockCode":"db20587636","stockType":"fund_manager","exchange":"fm","tickerId":232025193680,"name":"魏泰源"}]},"announcement":{"linkText":"中加优选中高等级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=629063","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecadb7fea5b3eb04aa9b0","stockId":3000000007557,"sao":"2021年1季度，债市在资金面、通胀预期的影响下，各品种收益率走出先上后下的震荡行情。具体来看，1月中上旬资金面异常宽松，10年国债收益率持续下行；随后市场遭遇“钱荒”式流动性紧张，各期限债券接连下挫。2月央行操作格外谨慎，迟迟不投放跨春节资金，流动性偏紧格局持续，债市预期也发生改变；春节假期期间，亚洲股市继续大涨，大宗商品价格走高，通胀预期发酵，节后债券市场再次进入下跌通道；临近月末股市核心资产连续下挫，叠加流动性转松，债市才企稳反弹。进入3月，资金面在财政支出加大、市场杠杆率低的环境下，持续保持宽松态势，债券市场震荡中走强，各品种收益率开启下行趋势。    展望二季度，债市面临的风险因素较多。一是地方债、专项债供给压力加大，可能改变当前的供需结构；二是随着PPI月度数据的逐月走高，国内的通货膨胀预期料将加大；三是资金面将受到缴税、财政支出放缓等因素考验，流动性环境可能趋紧。策略上，我们将保持组合低久期、中杠杆的操作，等待较好配置时点的到来。报告期内，通过对经济基本面、资金面、政策面、市场情绪等密切跟踪和预判，加大组合的杠杆和久期水平，把握住了这波收益率下行的行情，提高了组合的收益水平。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:55.700Z","fund":{"_id":3000000007557,"__csrcFundId":6818,"stockCode":"007557","shortName":"中加优选中高等级债券(007557)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7557,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:47:36.924Z","status":"normal","inceptionDate":"2019-12-04T16:00:00.000Z","name":"中加优选中高等级债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050800000,"currency":"CNY","masterFundShortName":"中加优选中高等级债券","setUpDate":"2019-12-04T16:00:00.000Z","pinyin":"zjyxzgdjzqxzqtzjj","managers":[{"stockCode":"db20587636","stockType":"fund_manager","exchange":"fm","tickerId":232025193680,"name":"魏泰源"}]},"announcement":{"linkText":"中加优选中高等级债券型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=569994","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecadb7fea5b3eb04aa9af","stockId":3000000007557,"sao":"2020年债券市场受到疫情冲击的影响,全年走势跌宕起伏、大幅波动。具体来看，1-4月期间，央行下调公开市场操作利率、MLF利率以及超额存款准备金利率，并通过降准和再贷款再贴现等手段为市场注入大量流动性。此外，国外疫情也持续发酵，美联储开启史无前例的宽松周期。内外政策共振之下，债市迎来大牛市，10年国债收益率也打破了2016年的历史低点，最低探至2.48%。进入5月-8月，经济修复超预期、流动性逐步趋紧、风险偏好抬升、债市供需不平衡等因素触发了债市的大调整，整体利率中枢迅速抬升。进入9月-11月，债券市场横盘震荡；临近年末，永煤信用违约事件可谓是一石激起千层浪，导致信用利差大幅走阔，随后金稳委出面稳定市场情绪以及央行大量投放，利率中枢企稳回落。报告期内，基金密切跟踪经济走势、央行政策、社会融资变化等情况，组合久期和杠杆水平随着货币政策的变化而变化，提高了组合的收益水平。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:55.697Z","mo":"展望2021年，上半年经济有望在央行货币政策不急转弯的呵护下继续恢复，通胀水平也可能在内外需复苏共振下逐步走高，债市料将继续震荡询底。下半年之后，随着经济复苏动能减弱，通胀高点已过，债券有望迎来转机。因此操作上上半年维持顺势而为，保持低杠杆、低久期操作；下半年密切关注经济先行指标，待机会成熟时再逐步拉长久期与杠杆水平。","fund":{"_id":3000000007557,"__csrcFundId":6818,"stockCode":"007557","shortName":"中加优选中高等级债券(007557)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7557,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:47:36.924Z","status":"normal","inceptionDate":"2019-12-04T16:00:00.000Z","name":"中加优选中高等级债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050800000,"currency":"CNY","masterFundShortName":"中加优选中高等级债券","setUpDate":"2019-12-04T16:00:00.000Z","pinyin":"zjyxzgdjzqxzqtzjj","managers":[{"stockCode":"db20587636","stockType":"fund_manager","exchange":"fm","tickerId":232025193680,"name":"魏泰源"}]},"announcement":{"linkText":"中加优选中高等级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=554693","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecadb7fea5b3eb04aa9ae","stockId":3000000007557,"sao":"2020年三季度，在货币政策逐步回归常态化的大背景下，债券市场走出震荡下跌的行情，以10年国债收益率为例，该债券收益率从7月初的2.85%水平一路震荡上行至季度末的3.15%水平。此外，利率债跌幅大于信用债跌幅，导致信用利差收窄。市场资金面围绕政策利率波动，使得期限利差维持在历史较高水平，整条收益率曲线陡峭化。    展望四季度，经济方面，国内疫情得到有效控制，四季度经济渐进修复趋势仍将延续；货币政策方面，松紧适度仍是主基调，资金面有望继续保持合理充裕但波动性加大。微观结构上，商业银行依旧缺乏长期资金，存单利率进一步上行将制约整条收益率曲线的下行空间。预计整体债市仍处于震荡走势。后续投资操作上，组合将以票息配置策略为主，择机进行波段操作，增强组合收益。    报告期内，基于对债市政策面、基本面、资金面、市场情绪面等进行判断，组合维持较高的杆杆水平与较低的久期水平，较好的适应了债市的波动行情","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:55.695Z","fund":{"_id":3000000007557,"__csrcFundId":6818,"stockCode":"007557","shortName":"中加优选中高等级债券(007557)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7557,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:47:36.924Z","status":"normal","inceptionDate":"2019-12-04T16:00:00.000Z","name":"中加优选中高等级债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050800000,"currency":"CNY","masterFundShortName":"中加优选中高等级债券","setUpDate":"2019-12-04T16:00:00.000Z","pinyin":"zjyxzgdjzqxzqtzjj","managers":[{"stockCode":"db20587636","stockType":"fund_manager","exchange":"fm","tickerId":232025193680,"name":"魏泰源"}]},"announcement":{"linkText":"中加优选中高等级债券型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=494251","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecadb7fea5b3eb04aa9ad","stockId":3000000007557,"sao":"2020年上半年，在疫情反复、货币政策先放后收的大背景下，债券市场走出大幅波动的行情，收益率先是出现较大幅度下跌,之后又出现较大幅度的反弹，又基本回到了春节前的水平。具体来看，年初至4月, 10年国债收益率从3.14一路下行至2.51%的低点；此后随着5月央行货币政策开始收敛，10年国债收益率又逐步反弹至2.92%的水平。         报告期内，基于对债市政策面、基本面、资金面、市场情绪面等进行判断，组合维持较高的杆杆水平与较低的久期水平，较好的把握住了债市波动行情。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:55.692Z","mo":"展望三季度，经济方面，国内疫情得到有效控制，三季度经济渐进修复趋势仍将延续；货币政策方面，“更加灵活适度”的基调不变，资金面有望继续保持合理充裕，但种种迹象表明后续操作可能更加注重适度；财政政策方面，政府支出将明显加快，基建投资仍有提升动力。预计后续整体债市仍处于震荡走低的走势之中。后续投资操作上，组合将以票息配置策略为主，择机进行波段操作，增强组合收益。","fund":{"_id":3000000007557,"__csrcFundId":6818,"stockCode":"007557","shortName":"中加优选中高等级债券(007557)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7557,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:47:36.924Z","status":"normal","inceptionDate":"2019-12-04T16:00:00.000Z","name":"中加优选中高等级债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050800000,"currency":"CNY","masterFundShortName":"中加优选中高等级债券","setUpDate":"2019-12-04T16:00:00.000Z","pinyin":"zjyxzgdjzqxzqtzjj","managers":[{"stockCode":"db20587636","stockType":"fund_manager","exchange":"fm","tickerId":232025193680,"name":"魏泰源"}]},"announcement":{"linkText":"中加优选中高等级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=464231","linkType":"PDF","source":"csrc_pdf"}}]}