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nnouncement":{"linkText":"银河天盈中短债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=1265158","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaea7fea5b3eb04abb02","date":"2024-12-30T16:00:00.000Z","stockId":3000000007635,"sao":"2024年，我国经济经历前几年筑底后稳步回升，稳经济政策发力效果显著，经济内生动力增强，结构更为优化，经济发展态势持续向好。　　2024年债券市场呈现单边行情，10年期/30年期国债收益率全年下行89BP/93BP至1.67%/1.91%，信用利差也压缩至历史低位。　　本基金聚焦中短债券投资的同时，在2014年更为注意获取资本利得，利率债为杠杆增加弹性的配置思路。但本基金份额波动较大，一定程度上限制了基金表现，我们在2024年花费较多精力在流动性管理上，力争在客户大幅申购或赎回的同时也能提供较为合理的回报。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:10.224Z","mo":"展望2025年，随着美国关税政策，我们外需可能有较大压力，内需的地位将凸显，12月中央经济会议也提出了促进消费、加大财政支出力度、促进两新、两重等。从经济周期来看，2024年制造业库存周期回升，地产拖累在2025年逐步减弱。　　我们相信中国经济在2025年将行稳致远，新质生产力得到较快发展。","fund":{"_id":3000000007635,"__csrcFundId":6755,"stockCode":"007635","shortName":"银河天盈中短债(007635)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7635,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:49:42.222Z","status":"normal","inceptionDate":"2019-10-30T16:00:00.000Z","name":"银河天盈中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河天盈中短债","pinyin":"yhtyzdzzqxzqtzjj","managers":[{"stockCode":"db20572280","stockType":"fund_manager","exchange":"fm","tickerId":2616186760,"name":"张沛"}]},"announcement":{"linkText":"银河天盈中短债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=1245390","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaea7fea5b3eb04abb01","date":"2024-09-29T16:00:00.000Z","stockId":3000000007635,"sao":"2024年3季度，经济筑底回升态势愈发明显，虽然受前期弱势经济的影响，固定资产投资和消费增速继续下行，但随着稳经济增量政策的密集出台，扎实推动经济向上结构向优，经济发展态势持续向好。　　本季度债券继续宽幅震荡，受资金行情推动，10年国债接近2%的历史底价，但在9月底又反弹至2.24%附近，振幅达到24BP。同时，信用债维持弱势，究其原因，在票息价值较低的背景下，持续的流动性补偿要求令债券净值压力增大。　　本基金一直注重投资的胜率，努力在市场胜率较高时有收益的弹性，在市场震荡或下行时也能降低收益的波动，为投资人提供稳健的收益。　　本季度，我们更为注意券种、评级、期限的均衡性，努力在风险和收益之间取得平衡，除了积极参与利率债波段操作外，更为关注极端市场情况下各种资产的净值表现，规避因为市场极端调整造成的净值波动，为投资人创造更好的持有体验。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:10.222Z","fund":{"_id":3000000007635,"__csrcFundId":6755,"stockCode":"007635","shortName":"银河天盈中短债(007635)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7635,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:49:42.222Z","status":"normal","inceptionDate":"2019-10-30T16:00:00.000Z","name":"银河天盈中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河天盈中短债","pinyin":"yhtyzdzzqxzqtzjj","managers":[{"stockCode":"db20572280","stockType":"fund_manager","exchange":"fm","tickerId":2616186760,"name":"张沛"}]},"announcement":{"linkText":"银河天盈中短债债券型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1169071","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaea7fea5b3eb04abb00","date":"2024-06-29T16:00:00.000Z","stockId":3000000007635,"sao":"2024年上半年中国经济持续转型，新质生产力不断培育，高质量发展的态势稳中向好，但我们也注意到在新旧动能转换过程中， 经济整体呈现总需求与生产出现一定错配。今年上半年，出口和制造业投资是拉动经济增长的主要力量，同时包括餐饮、旅游在内的服务业较为活跃，居民出行拉动相关产业增长。地产投资和基建投资增速不及预期。 　　整体而言，债券市场上半年表现亮眼，以10年国债为代表的中、长段利率债下行约30BP, 短段利率下行更为迅速，其中3-5年利率债下行约50BP。　　本基金聚焦中短债券投资的同时，也注意挖掘利率债波段交易机会，采用信用债底仓增加稳定性，利率债为杠杆增加弹性的配置思路。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:10.219Z","mo":"我们认为，随着地产、财政政策的密集出台，经济走稳的概率大幅增加，但效果仍待观察，乐观的展望是下半年随着基数走弱，通胀及经济增速将低位企稳。　　货币流动性方面，通胀处于低位，信贷投放偏弱，货币政策仍有发力空间，但受到汇率制约较大。三季度，预计资金面持稳，不会出现大幅波动。　　展望未来，供需关系对债市还是利好，货币政策维持宽松仍然提供了安全边际，但利率定价已经比较充分，利率预计维持区间震荡走势。我们依旧维持高弹性仓位，右侧决断的交易策略。","fund":{"_id":3000000007635,"__csrcFundId":6755,"stockCode":"007635","shortName":"银河天盈中短债(007635)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7635,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:49:42.222Z","status":"normal","inceptionDate":"2019-10-30T16:00:00.000Z","name":"银河天盈中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河天盈中短债","pinyin":"yhtyzdzzqxzqtzjj","managers":[{"stockCode":"db20572280","stockType":"fund_manager","exchange":"fm","tickerId":2616186760,"name":"张沛"}]},"announcement":{"linkText":"银河天盈中短债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=1141001","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaea7fea5b3eb04abaff","date":"2024-03-30T16:00:00.000Z","stockId":3000000007635,"sao":"2024年1季度，我国经济稳中向好的趋势愈发明显，各项经济数据均显示中国经济的韧性足，回旋空间大；经济整体延续弱复苏趋势，制造业相关投资和生产提升幅度均较大，受制于地产修复较慢，库存还处于底部。春节期间，消费增速同比恢复较快；出口增速略超预期。 　　本季度债券走势较强，尤其是中长端债券资产下行幅度较大；资金方面，央行维持流动性灵活适度，使得银行间7天回购价格一直在2%附近波动。　　本基金一直注重投资的胜率，努力在市场胜率较高时有收益的弹性，在市场震荡或下行时也能降低收益的波动，为投资人提供稳健的收益。今年2-3月份我们抓住机会增加利率债波段操作的机会，获取了较好的回报。3月下旬开始，考虑到债券市场没有趋势性行情，走向震荡，并且随着后续债券供给压力加大以及基建增速的边际好转等因素对债券市场的扰动，我们仓位上转向防守，以票息策略为主，收益锐度上稍有欠缺。后续，我们将密切跟踪市场，努力在收益的弹性与业绩回撤间探寻平衡。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:10.216Z","fund":{"_id":3000000007635,"__csrcFundId":6755,"stockCode":"007635","shortName":"银河天盈中短债(007635)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7635,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:49:42.222Z","status":"normal","inceptionDate":"2019-10-30T16:00:00.000Z","name":"银河天盈中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河天盈中短债","pinyin":"yhtyzdzzqxzqtzjj","managers":[{"stockCode":"db20572280","stockType":"fund_manager","exchange":"fm","tickerId":2616186760,"name":"张沛"}]},"announcement":{"linkText":"银河天盈中短债债券型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1071300","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaea7fea5b3eb04abafe","date":"2023-12-30T16:00:00.000Z","stockId":3000000007635,"sao":"2023年经济整体呈现企稳复苏走势，中国经济的韧性凸显，其中非制造业及消费恢复较快，但地产和出口同比走弱对经济形成拖累，通胀也处于较低水平。　　全年来看，债券市场在不同阶段定价的基础出现切换；年初在市场普遍乐观的情绪支配下，债券市场表现为震荡偏弱，随着1季度后，市场对财政、货币政策战略定力的逐步明了，债券开始趋势下行，此时市场关注的重点是经济复苏的斜率；8月以后，央行重申防止资金空转及政府债券发行逐步放量，债券市场关注的重点由经济基本面转向资金面，债券市场出现较大幅度调整；11月以后，随着对资金面担忧的逐步缓解，债券又随着资金价格大幅下行。　　本基金在目前规模偏小，负债不稳定的情况下，采取较为灵活的操作策略，更为关注利率债交易机会。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:10.214Z","mo":"展望2024年，固定资产投资预计保持平稳，亮点在于基建投资在财政支出的支撑下，预计保持一定增速，地产投资要关注3大工程的推进力度。制造业投资增速受库存周期回升影响，有望延续上行趋势，但在地产和出口的拖累下，上行幅度有限。　　总体而言，2024年经济预计继续筑底复苏，但大概率已经见到底部，不能太过悲观，我们从长周期看经济动能切换、新兴动能崛起都需要时间，需要着重思考在新经济环境下的投资策略。","fund":{"_id":3000000007635,"__csrcFundId":6755,"stockCode":"007635","shortName":"银河天盈中短债(007635)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7635,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:49:42.222Z","status":"normal","inceptionDate":"2019-10-30T16:00:00.000Z","name":"银河天盈中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河天盈中短债","pinyin":"yhtyzdzzqxzqtzjj","managers":[{"stockCode":"db20572280","stockType":"fund_manager","exchange":"fm","tickerId":2616186760,"name":"张沛"}]},"announcement":{"linkText":"银河天盈中短债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=1048756","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaea7fea5b3eb04abafd","date":"2023-09-29T16:00:00.000Z","stockId":3000000007635,"sao":"2023年三季度经济整体向好，经济内生动力明显增强，叠加稳增长各项措施的逐渐发力，国内经济走出底部，趋势性向好的特征愈发明显。债券市场对经济走强给予了较为正面的回应，其中1年国开上行16BP，3年国开上行8bp，5年国开上行4bp，10年国开下行3bp，曲线整体平坦化。　　本基金在三季度以利率波段操作为主，辅以票息策略，久期先升后降，降低波动的同时积极赚取资本利得。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:10.211Z","fund":{"_id":3000000007635,"__csrcFundId":6755,"stockCode":"007635","shortName":"银河天盈中短债(007635)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7635,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:49:42.222Z","status":"normal","inceptionDate":"2019-10-30T16:00:00.000Z","name":"银河天盈中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河天盈中短债","pinyin":"yhtyzdzzqxzqtzjj","managers":[{"stockCode":"db20572280","stockType":"fund_manager","exchange":"fm","tickerId":2616186760,"name":"张沛"}]},"announcement":{"linkText":"银河天盈中短债债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=982926","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaea7fea5b3eb04abafc","date":"2023-06-29T16:00:00.000Z","stockId":3000000007635,"sao":"2023年上半年，经济整体延续后疫情时代弱修复的趋势，整体需求波动较大，一方面因为疫情压制的需求短时间内释放；另一方面，中长期需求，因为地产、大宗消费走弱，呈趋势下行。时间维度看，一季度需求较快回升，二季度需求逐步走弱。　　分行业看，地产销售同比继续下滑，固定资产投资增速在去年高基数基础上走弱，出口中枢在海外需求下降后较去年下移，消费总体持续修复但力度不及预期。受总需求较弱影响，上半年通胀持续走低，CPI和PPI均处于低位。整体而言，在国际国内需求均较弱背景下，我国经济修复较为曲折。　　货币政策方面：　　今年货币政策在2023年上半年变化较大，3月份是央行“转向”的分水岭，整体经济恢复在二季度确认放缓后，资金面逐步转为偏宽，波动性较一季度减小。目前，央行公开市场操作保持弹性，DR007多数时间在1.8-1.9区间内。从央行态度来看，易行长在金融支持实体经济和促进高质量发展座谈会上提到“人民银行将继续精准有力实施稳健的货币政策，加强逆周期调节，全力支持实体经济，促进充分就业，维护币值稳定和金融稳定。”，传递了央行助力稳增长的信号。在央行6月降息10bp后，我们预计货币政策继续发力，总量政策仍有空间。 　　本基金上半年克服负债不稳定的不利因素，在增强资产流动性水平的基础上，适时根据市场情况及基金负债的稳定性进行仓位调整，获取息差收入和资本利得，为客户赚取稳定的收益。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:10.209Z","mo":"展望3季度，需求端表现疲弱的情况下，经济复苏的力度依旧堪忧，但随着库存接近历史底部，我们认为经济自身修复的动能在增强。货币政策预计维持偏宽松，对债市形成一定保护。　　目前收益率对“弱现实”的反映已经比较充分，这从期限利差的维度上表现得尤其明显。并且，政策发力预期逐步增强，可能对后续走势形成干扰。同时由于资金利率处于低位，银行间杠杆水平持续攀升，交易已较拥挤，各价值洼地已经被逐步填平，且下半年库存周期趋于上行可能给利率带来上行压力。　　本基金将继续秉持审慎的投资操作策略，以高等级信用债为底仓配置，同时加大杠杆及利率债波段操作力度，在控制回撤的基础上为持有人获取较为稳定的收益。","fund":{"_id":3000000007635,"__csrcFundId":6755,"stockCode":"007635","shortName":"银河天盈中短债(007635)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7635,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:49:42.222Z","status":"normal","inceptionDate":"2019-10-30T16:00:00.000Z","name":"银河天盈中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河天盈中短债","pinyin":"yhtyzdzzqxzqtzjj","managers":[{"stockCode":"db20572280","stockType":"fund_manager","exchange":"fm","tickerId":2616186760,"name":"张沛"}]},"announcement":{"linkText":"银河天盈中短债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=951602","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaea7fea5b3eb04abafb","date":"2023-03-30T16:00:00.000Z","stockId":3000000007635,"sao":"2023年一季度经济呈若复苏态势。总体消费继续回升，固定资产投资超出预期。债券收益率虽然整体下行，但短端受资金波动影响，下行幅度低于长端，曲线平坦化。　　本基金在1季度调整仓位，增加流动性强的资产配置力度，提高基金在利率债和金融债方面的交易胜率。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:10.206Z","fund":{"_id":3000000007635,"__csrcFundId":6755,"stockCode":"007635","shortName":"银河天盈中短债(007635)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7635,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:49:42.222Z","status":"normal","inceptionDate":"2019-10-30T16:00:00.000Z","name":"银河天盈中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河天盈中短债","pinyin":"yhtyzdzzqxzqtzjj","managers":[{"stockCode":"db20572280","stockType":"fund_manager","exchange":"fm","tickerId":2616186760,"name":"张沛"}]},"announcement":{"linkText":"银河天盈中短债债券型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=881828","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaea7fea5b3eb04abafa","date":"2022-12-30T16:00:00.000Z","stockId":3000000007635,"sao":"2022年，面对新冠肺炎持续流行、俄乌冲突等严峻复杂的国内外环境，我国科学统筹国内和国际两个大局，统筹疫情防控和经济社会发展，统筹发展和安全，加大宏观调控力度。货币政策总体保持平稳，为国民经济持续恢复提供资金保障，财政政策发力前置，更加积极有为，国民经济总体保持恢复态势。　　在宏观政策及年末理财赎回影响下，债券市场走出了“V”形走势，全年看，10年国债上行6BP,10年国开债下行8BP,但其中振幅巨大，国债和国开债最大振幅分别超过25BP和20BP,增加了投资交易的难度。从市场资金角度看，2022年货币市场同样波动剧烈，2022年1-9月份整体资金面宽松，其中既有央行呵护也有财政投放对资金面的积极影响；从10月开始，随着央行逐步回笼银行间流动性，隔夜和7天资金价格中枢逐步抬升，重新回到央行合意政策利率的上轨。　　本基金在目前规模偏小，负债不稳定的情况下，采取较为灵活的操作策略，适时根据市场情况及基金负债的稳定性进行调整，目标是在控制回撤的基础上为客户赚取稳定的收益。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:10.203Z","mo":"对于经济基本面的判断，我们预期2023年将是经济温和复苏的一年。经济政策在国内外双重压力下，需要更好平衡国内外关系，如何在稳定进出口的同时，提升国内消费潜力，可能是左右2023年经济走势的决定力量。目前海外需求面临进一步下探压力，从PMI分项看，海外订单暂时看不到回流的拐点，我们预计2023年进出口对GDP的贡献将会边际下滑甚至转负；另外出口下滑会引致制造业投资下滑，叠加工业企业库存周期还处于高位，静态看，工业企业投资依旧较弱。但目前主动去库存已经出现了两个积极信号，或许2023年下半年库存周期将会见底反弹。第一，剔除价格因素，从量上看工业企业利润增速或已经出现底部企稳迹象；第二，上游利润向中下游转化，工业企业利润行业结构或将继续改善。　　消费方面，考虑疫情防控优化后的内需复苏以及《扩大内需战略规划纲要（2022－2035年）》所带来的市场信心提振，预计2023年消费表现将会更优。　　地产方面，市场认为地产迎来政策底，明年走向上行周期，但自然需求很可能仍不足。近期地产政策较多，我们认为明年或将会继续加码。在持续增量政策的逐步推动下，民营房企尤其是头部房企融资困境或得到一定程度缓解，保交楼效应发挥作用，叠加疫情防控进入新阶段后的居民资产负债表持续修复，预计2023年房地产销售与投资均有望见底。目前，市场普遍预期2023年地产销售面积有望维持在12亿平以上，与2022年持平。　　财政政策方面，明年仍需财政托底，政府债券融资保持规模。在加力提效的目标下，2023年财政政策大概率会比今年力度更大，赤字率或将重新回升至3.2%左右。　　货币政策方面，货币政策更加注重精准有效。央行在四季度货币政策委员会例会中继续强调结构性货币政策工具的作用，强化对重点领域、薄弱环节和受疫情影响行业的支持，落实好支持煤炭清洁高效利用、科技创新、普惠养老、交通物流、设备更新改造专项再贷款和普惠小微贷款支持工具、碳减排支持工具，综合施策支持区域协调发展。2023年，小微企业贷款支持工具、科技创新再贷款、碳减排支持工具等仍是结构性工具的重点。因此，对货币政策，我们觉得总量政策或许在2023年要让位结构性政策，市场在2季度后或许能感受到货币政策变化导致的资金价格中枢边际上行。　　本基金将继续秉持审慎的投资操作策略，以高等级信用债为底仓配置，同时加大杠杆及利率债波段操作力度，在控制回撤的基础上为持有人获取较为稳定的收益。","fund":{"_id":3000000007635,"__csrcFundId":6755,"stockCode":"007635","shortName":"银河天盈中短债(007635)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7635,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:49:42.222Z","status":"normal","inceptionDate":"2019-10-30T16:00:00.000Z","name":"银河天盈中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河天盈中短债","pinyin":"yhtyzdzzqxzqtzjj","managers":[{"stockCode":"db20572280","stockType":"fund_manager","exchange":"fm","tickerId":2616186760,"name":"张沛"}]},"announcement":{"linkText":"银河天盈中短债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=863276","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaea7fea5b3eb04abaf9","date":"2022-09-29T16:00:00.000Z","stockId":3000000007635,"sao":"三季度债市在资金面宽松的条件下叠加降息利好影响，收益率整体下行，季末受到人民币贬值和地产政策影响收益率有所上行。    经济数据方面，7月经济疲弱，各项经济数据较6月均有所下滑。7月工业增加值当月同比为3.8%，较6月下降了0.4%，社会消费品零售同比较6月回落了2.7%至2.7%，1-7月固定资产投资累计同比较6月回落了0.1%至5.7%。8月经济数据较7月有明显好转，部分数据受低基数影响较大。8月工业增加值当月同比4.2%，社会消费品零售总额当月同比5.4%，1-8月固定资产投资累计同比5.8%。7月出口（美元计价）同比为17.9%，8月出口同比增长7.1%；7月进口同比增长为2.2%，8月进口同比增长0.3%。    资金面方面，三季度央行缩量续作MLF4000亿元，降息10bp。三季度资金面整体宽松，季度末有所收紧，全季度资金价格均值较二季度大幅下行。    本基金在本季度增加高流动性资产配置比例，兼顾客户赎回与收益的要求，寻找流动性与收益率的平衡点，杠杆继续保持中性。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:10.201Z","fund":{"_id":3000000007635,"__csrcFundId":6755,"stockCode":"007635","shortName":"银河天盈中短债(007635)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7635,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:49:42.222Z","status":"normal","inceptionDate":"2019-10-30T16:00:00.000Z","name":"银河天盈中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河天盈中短债","pinyin":"yhtyzdzzqxzqtzjj","managers":[{"stockCode":"db20572280","stockType":"fund_manager","exchange":"fm","tickerId":2616186760,"name":"张沛"}]},"announcement":{"linkText":"银河天盈中短债债券型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=801444","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaea7fea5b3eb04abaf8","date":"2022-06-29T16:00:00.000Z","stockId":3000000007635,"sao":"上半年，国内疫情反弹，经济下行压力较大，实体经济融资需求较弱。债券市场整体呈区间震荡格局，一季度在稳增长的压力下，央行1月份降息10BP，银行间资金面较为宽松，债券收益率大幅下行，2、3月份开始，受各地地产放松政策频出、市场宽信用预期升温、降息预期落空的影响，债券收益率回调。进入二季度，国内疫情冲击较大，资金面维持了一个极度宽松的局面，曲线陡峭化，短端大幅下行。上半年1Y国开下行30BP，3Y国开上行4bp，5Y国开上行1BP，10Y国开下行3bp。信用债方面，因资金面较为宽松，市场集中追逐短久期高杠杆策略，短端大幅下行。上半年AAA等级一年期下行33BP，3年期上行4BP，5年期上行6BP，AA+等级一年期下行35BP，3年期下行1BP，5年期下行3BP。  本基金以信用债票息策略为主，同时拿出部分仓位参与利率债波段操作。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:10.198Z","mo":"今年二季度以来，疫情冲击严重影响经济增速，“三重压力”与年初比，有增无减。一是地产投资低迷，土地出让收入表现低迷，拖累政府性基金收入；二是部分企业生产经营困难、地产下行、消费持续低迷、失业率仍处高位，对税收收入造成显著影响，拖累财政收入增速回落，三是出口增速整体下行。目前，各地疫情有所缓解，经济从底部开始修复。工业生产也陆续恢复，但尚未回到疫情之前的水平。基建继续保持较高增速，发挥了稳定器功能。出口增速反弹，短期内预计保持韧性。向后看，随着6月上海加速复工、稳增长政策落地，经济整体预计延续好转趋势。  货币政策及流动性：总体而言，流动性边际宽松的可能性降低，但我们认为短期内宽货币的环境暂不会发生改变，主要基于以下考虑：从基本面来看，尽管5月经济、金融数据显示经济从底部反弹，但数据细项显示经济复苏的持续性有待考察，客观上要求货币政策短期内保持宽松。从央行态度来看，其最新发言也表明将进一步加大稳健货币政策实施力度。但是，货币政策迟早要收，央行在一季度货币政策执行报告中央行增加了“兼顾内外平衡”的措辞，海外货币政策收紧对我国货币政策形成制约，预计三季度MLF降息的概率较低，更多的结构性政策可期。从长期来看，资金利率有回归均值的特征，市场利率大概率围绕政策利率波动，资金价格长时间在政策利率以下持续运行的概率较小。因此待经济从底部反弹展现出其持续性，资金面会回归中性，在此之前宽货币的环境仍会持续。  本基金将继续秉持审慎的投资操作策略，着重采取票息策略，降低净值波动水平，为持有人获取较为稳定的收益。","fund":{"_id":3000000007635,"__csrcFundId":6755,"stockCode":"007635","shortName":"银河天盈中短债(007635)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7635,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:49:42.222Z","status":"normal","inceptionDate":"2019-10-30T16:00:00.000Z","name":"银河天盈中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河天盈中短债","pinyin":"yhtyzdzzqxzqtzjj","managers":[{"stockCode":"db20572280","stockType":"fund_manager","exchange":"fm","tickerId":2616186760,"name":"张沛"}]},"announcement":{"linkText":"银河天盈中短债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=777838","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaea7fea5b3eb04abaf7","date":"2022-03-30T16:00:00.000Z","stockId":3000000007635,"sao":"一季度债券市场先下后上，1月降息叠加央行领导讲话后债市收益率下行，2月在1月份天量社融公布后大幅调整，3月债市收益率在各地调降房贷、降息预期落空以及1-2月亮眼经济数据公布后继续上行。整个季度国开债曲线整体熊平。信用债利差压缩较大。  本基金维持较短组合久期，控制净值波动，重点配置短久期信用债的同时，也加大利率债操作的力度和频率，努力在债券波动行情中为投资人获取稳定的回报。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:10.196Z","fund":{"_id":3000000007635,"__csrcFundId":6755,"stockCode":"007635","shortName":"银河天盈中短债(007635)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7635,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:49:42.222Z","status":"normal","inceptionDate":"2019-10-30T16:00:00.000Z","name":"银河天盈中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河天盈中短债","pinyin":"yhtyzdzzqxzqtzjj","managers":[{"stockCode":"db20572280","stockType":"fund_manager","exchange":"fm","tickerId":2616186760,"name":"张沛"}]},"announcement":{"linkText":"银河天盈中短债债券型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=721211","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaea7fea5b3eb04abaf6","date":"2021-12-30T16:00:00.000Z","stockId":3000000007635,"sao":"2021年债券市场整体呈M型走势，全年在经济逐步趋弱以及货币政策稳中偏松的驱动下，收益率中枢整体下行。分阶段看，年初至2月中旬，央行整体投放不急预期，资金面收紧，债市收益率上行，10年国开上行至3.75%附近的年内高点；3月至6月，地方债发行节奏缓慢，银行间流动性持续保持宽松，机构配置需求较旺，收益率波动下行；7-8月初，央行全面降准超出市场预期，推动收益率持续下行；8-10月中旬，随着PPI数据逐渐走高，进出口等数据保持高位，叠加市场连续降准的预期落空，债市出现调整，10年国开回调15BP左右至3.35%附近；10月中下旬至年底，央行加大公开市场投放维护资金面稳定，同时货币政策执行报告删除总闸门描述叠加奥密克戎带来的避险情绪，收益率波动下行。全年，1年国开下行24BP左右，3年国开下行41BP左右，5年国开下行48BP左右，10年国开下行45BP左右，曲线整体是牛平。信用债方面，收益率整体下行，信用利差进一步压缩，受“资产荒”影响，AA等级压缩程度高于AA+高于AAA；行业上，下半年地产行业利差整体走阔。本基金在2021年出现规模较大幅度的下降，这种下行对基金投资策略产生较大影响。为了在保障投资人赎回要求的同时，能保持较为平稳及可预期的收益水平，我们在年中对本基金的投资策略进行了调整。整体看，本基金采取较为灵活的操作策略，适时根据市场情况及基金负债的稳定性进行调整，目标是在控制回撤的基础上为客户赚取稳定的收益。2021年上半年，本基金持仓以高等级信用债为主，主要配置方向为城投和高等级国企、央企信用债，组合久期控制在1年内。2021年下半年随着规模的下降以及短久期信用债绝对收益处于较低位置，将组合中部分信用债卖出，换成中长久期利率债，加大利率债波段操作的力度。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:10.193Z","mo":"展望2022，中央经济工作会议判断，我国经济面临3重困难，其中整体需求转弱，其中地产和出口将成为拖累经济的主要因素，地产的下行幅度和出口的回落速度将成为关注的重点。2022出口维持同比高增速的概率不大，主要原因是疫情期间我国出口的替代效应逐渐消退。消费上，内生性动力有韧性，但短期受到疫情防控影响较大，如果防疫维持当前政策，消费增速要回到疫情前难度不小，在后疫情时代，我们预计居民消费习惯改变叠加收入增速下行，消费中枢预计整体下移。投资上，结构性分化突出，制造业逐步从补库存转向主动去库存，投资增速预计从高位回落，但受产业转型拉动预计仍然较高；房地产投资下行或继续同比拖累，唯一的亮点或许在基建投资，我们预计中央经济工作会议已经提出稳字当头，将稳增长作为首要目标，要求政策前置，货币政策和财政政策会配合基建，预计明年年初财政支出速度加快，带动基建投资从低位回升。明年通胀或许不要太过担心，虽然美国通胀还处于高位，但与疫情期间比，需求的逐步回落是较为确定的事件，整体PPI预计会回落，CPI上半年处于较低区间，下半年随着猪肉价格回升预计逐步上行。 货币政策方面，中央经济工作会议对2022年经济判断是谨慎的，指出“必须看到我国经济发展面临需求收缩、供给冲击、预期转弱三重压力”。这样的描述是历年经济工作会议所没有的，因此对货币政策的要求就更为明确，约束性也更强，虽然货币政策的描述上是延续了政治局会议的“灵活适度、保持流动性合理充裕”，但央行应该是稳中偏松。具体操作上，我们预计未来货币政策还是以结构性政策为主，对刺激经济更为精准，偏积极的财政政策成为明年支撑经济的主要措施，货币政策在财政前置的要求下将积极支持积极财政政策的实施，以缓解明年稳增长的压力，短期内实体经济杠杆率短暂上升或被适度容忍。我们预计2022年当前政策及经济组合对债券短期影响是中性的，长期影响偏负面，全年利率整体呈现震荡走势。本基金将继续秉持审慎的投资操作策略，以高等级信用债为底仓配置，同时加大杠杆及利率债波段操作力度，在控制回撤的基础上为持有人获取较为稳定的收益。","fund":{"_id":3000000007635,"__csrcFundId":6755,"stockCode":"007635","shortName":"银河天盈中短债(007635)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7635,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:49:42.222Z","status":"normal","inceptionDate":"2019-10-30T16:00:00.000Z","name":"银河天盈中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河天盈中短债","pinyin":"yhtyzdzzqxzqtzjj","managers":[{"stockCode":"db20572280","stockType":"fund_manager","exchange":"fm","tickerId":2616186760,"name":"张沛"}]},"announcement":{"linkText":"银河天盈中短债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=707292","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaea7fea5b3eb04abaf5","date":"2021-09-29T16:00:00.000Z","stockId":3000000007635,"sao":"三季度债券收益率全面下行。7月受全面降准影响各期限收益率大幅快速下行，8-9月份受资金面收敛以及部分基本面数据超预期等影响，短端收益率回调较多，中长端震荡走平；信用债方面，在利率债大幅下行带动下，各等级各期限信用债也大幅下行。本基金维持较短组合久期，控制净值波动，重点配置短久期信用债。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:10.190Z","fund":{"_id":3000000007635,"__csrcFundId":6755,"stockCode":"007635","shortName":"银河天盈中短债(007635)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7635,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:49:42.222Z","status":"normal","inceptionDate":"2019-10-30T16:00:00.000Z","name":"银河天盈中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河天盈中短债","pinyin":"yhtyzdzzqxzqtzjj","managers":[{"stockCode":"db20572280","stockType":"fund_manager","exchange":"fm","tickerId":2616186760,"name":"张沛"}]},"announcement":{"linkText":"银河天盈中短债债券型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=650444","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaea7fea5b3eb04abaf4","date":"2021-06-29T16:00:00.000Z","stockId":3000000007635,"sao":"上半年，国内经济呈平稳增长态势，出口较为强劲，投资仍有韧性，消费温和回升。国内货币政策保持稳健中性，资金面较为宽松。上半年债券市场呈区间震荡格局。一季度债市收益率整体上行，1月份资金面大幅收紧各期限收益率上行，短端上行幅度高于中长端；2月份资金面有所缓解，但受到通胀预期及美债调整等影响，中长端继续上行，曲线陡峭化；3月份资金面持续宽松带动收益率下行。二季度债市收益率震荡下行，4-5月份资金面继续保持宽松，带动长端收益率下行，6月资金面有所收敛，窄幅震荡。上半年1Y国开下行5BP，3Y国开上行5bp，5Y国开收平，10Y国开下行4bp，曲线整体平坦化。信用债方面，一季度市场防守情绪较浓，短端收益率下行而3、5年收益率小幅上行。二季度在资金较宽松及欠配缺资产的推动下，市场资金追逐中低等级品种，AA+及AA品种下行幅度多于AAA，短端上行，中长端下行，信用债曲线走平。上半年整体来看，AAA等级一年期下行14BP，3年期下行7BP，5年期下行5BP，AA+等级一年期下行34BP，3年期下行40BP，5年期下行42BP。本基金以信用债票息策略为主，同时拿出部分仓位参与利率债波段操作。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:10.188Z","mo":"展望下半年，经济增长预计稳中偏弱。在控制宏观杠杆率和防范地方债务风险的背景下，基建和地产投资将走弱；出口订单下滑预示着出口动能可能衰减；消费呈缓慢恢复态势。7月份的降准有助于防范经济的周期性风险，我们判断下半年货币政策将以稳为主，会根据经济形势进行相机抉择。随着地方政府债供给放量，社融增速回落速度将有望缓和。综合来看，债市大概率以震荡为主，关注资金面波动、地方债供给、信用风险事件和疫情等可能带来的影响。本基金将继续秉持审慎的投资操作策略，着重采取票息策略，并适当加大杠杆操作力度，为持有人获取较为稳定的收益。","fund":{"_id":3000000007635,"__csrcFundId":6755,"stockCode":"007635","shortName":"银河天盈中短债(007635)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7635,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:49:42.222Z","status":"normal","inceptionDate":"2019-10-30T16:00:00.000Z","name":"银河天盈中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河天盈中短债","pinyin":"yhtyzdzzqxzqtzjj","managers":[{"stockCode":"db20572280","stockType":"fund_manager","exchange":"fm","tickerId":2616186760,"name":"张沛"}]},"announcement":{"linkText":"银河天盈中短债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=629199","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaea7fea5b3eb04abaf3","stockId":3000000007635,"sao":"四季度债市在季初受存单价格持续上行及永煤事件冲击等影响震荡上行，但11月30日央行超预期投放MLF及12月持续净投放等影响下，前期恐慌情绪消散，收益率持续下行，中短端下行幅度更大。本基金在季度内维持较短组合久期，重点配置短久期信用债，同时适量参与长久期利率债的波段交易，在控制净值回撤的基础上为投资人提供稳定回报。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:10.185Z","fund":{"_id":3000000007635,"__csrcFundId":6755,"stockCode":"007635","shortName":"银河天盈中短债(007635)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7635,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:49:42.222Z","status":"normal","inceptionDate":"2019-10-30T16:00:00.000Z","name":"银河天盈中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河天盈中短债","pinyin":"yhtyzdzzqxzqtzjj","managers":[{"stockCode":"db20572280","stockType":"fund_manager","exchange":"fm","tickerId":2616186760,"name":"张沛"}]},"announcement":{"linkText":"银河天盈中短债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=568606","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaea7fea5b3eb04abaf2","stockId":3000000007635,"sao":"2020年债券市场受疫情和政策影响，波动较大，呈V型反转走势，1月至4月，疫情来势汹汹，央行降息加上公开市场巨量投放，债市大牛市开启；5月至7月，经济重启，政策逐渐转向宽信用、防空转，货币政策逐渐收紧，债市转熊；8月至11月，政策常态化，经济持续复苏，债市呈熊平走势；11月中旬，永煤违约，市场情绪极度恐慌，央行月底开始维稳市场，超预期投放MLF，并持续呵护资金面，资金利率持续走低，12月份隔夜加权持续维持在1%以下，各期限收益率下行。10Y国债从年初的3.15%附近最低下行至4月份的2.48%，下行幅度达67bp，随后剧烈反弹，11月一度达到3.35%，上行87bp；10-1Y国债曲线利差从73bp最大走扩至147bp，最低收窄至31bp，振幅超过100bp。信用债方面，整体跟随利率债走势，但在违约事件后，信用分层加剧，低评级信用利差走阔，城投债区域分化加剧。本基金以信用债票息策略为主，同时拿出部分仓位参与利率债波段操作。2020年全年注重在控制信用风险的前提下，挖掘地产、城投方向的投资机会，取得较为可观的回报；并且拿出部分基金仓位参与利率债波段操作，该部分操作主要集中在下半年。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:10.183Z","mo":"2021年经济呈现复苏态势，投资稳健，出口继续发力，消费逐步恢复。在猪价处于下行周期中，CPI预计较为平稳，原油价格上行将推高PPI。从央行稳杠杆的表述来看，社融预计有所下行，社融增速下降往往伴随着利差的回升，明年长期限的信用品种仍然将面临资本利得方面的负收益。再考虑到信用打破刚兑的大环境，信用品种不宜轻易加久期。货币政策方面，当前经济处于大病初愈的阶段，人民币升值压力较大，政策上要求不急转弯，意味着货币政策不能过紧。而宏观杠杆率攀升，经济达到潜在增速，房地产近期升温等也制约货币政策继续宽松的空间。“稳字当头”要求货币政策的取向仍是中性。本基金将继续秉持审慎的投资操作策略，着重采取票息策略，并适当加大杠杆操作力度，为持有人获取较为稳定的收益。","fund":{"_id":3000000007635,"__csrcFundId":6755,"stockCode":"007635","shortName":"银河天盈中短债(007635)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7635,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:49:42.222Z","status":"normal","inceptionDate":"2019-10-30T16:00:00.000Z","name":"银河天盈中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河天盈中短债","pinyin":"yhtyzdzzqxzqtzjj","managers":[{"stockCode":"db20572280","stockType":"fund_manager","exchange":"fm","tickerId":2616186760,"name":"张沛"}]},"announcement":{"linkText":"银河天盈中短债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=554672","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaea7fea5b3eb04abaf1","stockId":3000000007635,"sao":"三季度债市整体走势较熊，曲线呈现熊平走势。一方面风险资产涨势较好，压制了债市表现，另一方面货币政策边际收敛导致短端资金价格上行且波动加剧。信用债整体上行幅度略小于利率债，短端上行50BP左右，3Y上行60BP左右，5Y上行32BP左右，信用利差由于利率债上行有所收窄。本基金在季度内维持较短组合久期，重点配置短久期信用债，在控制净值回撤的基础上为投资人提供稳定回报。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:10.180Z","fund":{"_id":3000000007635,"__csrcFundId":6755,"stockCode":"007635","shortName":"银河天盈中短债(007635)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7635,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:49:42.222Z","status":"normal","inceptionDate":"2019-10-30T16:00:00.000Z","name":"银河天盈中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河天盈中短债","pinyin":"yhtyzdzzqxzqtzjj","managers":[{"stockCode":"db20572280","stockType":"fund_manager","exchange":"fm","tickerId":2616186760,"name":"张沛"}]},"announcement":{"linkText":"银河天盈中短债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=490888","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaea7fea5b3eb04abaf0","stockId":3000000007635,"sao":"2020年上半年受新冠肺炎疫情影响，经济增速出现较大波动，其中第一季度GDP同比增-6.8%，第二季度GDP同比增3.2%。为应对突如其来的疫情对经济的冲击，做好“六稳、六保”工作，财政政策、货币政策均及时根据当时市场情况进行灵活操作。货币政策方面，央行采取总量政策与结构性政策相结合的操作，除采取降准、调整超额准备金率等政策工具外，也创新性使用再贷款工具，精准投放货币，为实体经济提供流动性。财政政策方面，财政部除延续2019年减税降费为实体经济纾困的有利政策外，进一步筹集抗疫特别国债1万亿应对疫情对经济的冲击。上半年债市走出了先牛后熊的“V”型行情。收益率呈先下后上的趋势。1-4月，受疫情和货币政策宽松影响，债券收益率大幅下行，10年国开从年初的3.59最低下行至2.79。自5月份开始，流动性泛滥行情结束，现券收益率大幅上调，10年国开从低点2.79上行至3.19。股票市场基本上围绕着“疫情”展开。春节前新冠疫情的爆发使得国内市场在短期内出现了大幅调整，随后虽然出现了一轮较为强劲的反弹行情，但由于疫情在全球范围的快速蔓延和爆发，全球股市开启了一轮“暴跌”模式，A股市场二次下挫。面对疫情对经济带来的不确定性，各国政府及时推出了一系列政策安抚市场情绪、维稳经济活动，在极低的利率环境、充足的流动性以及政府推出防控疫情措施的情况下，市场情绪逐渐回暖。整体来看，上半年行情分化，上证综指下跌2.15%，创业板上涨35.6%，分行业看，医药生物、休闲服务及电子涨幅居前，采掘、银行和非银金融跌幅较大。转债方面，转债市场1季度走势好于权益市场整体，仅有3个行业收跌，其中医药行业受到疫情影响平均涨幅39.5%，表现较好；二季度转债表现弱于正股，在二季度基本将全年的收益清零；二季度转债成交额提升，4月份转债市场横盘消化估值，但效率一般，5月份之后随着流动性收紧和高价个券赎回，市场风险偏好明显下降。分行业看，食品饮料、休闲服务和电子的涨幅靠前，家电、银行和纺织服装等表现靠后。本基金降低组合的久期和杠杆，重点配置短久期信用债，注重控制因为债券系统性下跌而引起的净值回撤。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:10.177Z","mo":"展望下半年，在国内疫情逐渐消退，经济恢复的第一阶段过去后，正进入正常爬坡期，债券市场关注重点由货币政策重新转向经济基本面。随着地产、基建和汽车三大链条的基本修复，经济似乎已经恢复一定造血功能，但受制于全球疫情升温，以及国内常态化防控对部分服务业的冲击，经济增速在短时间内可能难以回到疫情前6%的增速。另一方面，需求修复较慢，RMPPI创新低，基本面难有超预期表现。美国疫情二次爆发风险增加，美国长债利率出现较大幅度下行，中美利差较前期进一步加大。资金利率回归利率公开市场操作至MLF的利率走廊。随着疫情缓解，预计央行逐步回笼流动性，将短期资金利率引导到OMO价格附近，同时1年期存单价格将以MLF为顶进行波动。本基金将继续秉持审慎的投资操作策略，着重采取票息策略，并适当加大杠杆操作力度，为持有人获取较为稳定的收益。","fund":{"_id":3000000007635,"__csrcFundId":6755,"stockCode":"007635","shortName":"银河天盈中短债(007635)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7635,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:49:42.222Z","status":"normal","inceptionDate":"2019-10-30T16:00:00.000Z","name":"银河天盈中短债债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050160000,"currency":"CNY","masterFundShortName":"银河天盈中短债","pinyin":"yhtyzdzzqx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