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增人民币贷款10.6万亿，同比多增2.27万亿。尽管在此期间央行保持了流动性合理充裕，但商业银行自身的资负行为导致一季度资金面整体偏紧，回购利率中枢上移至2.1%-2.2%，同时波动率加大。债券在此期间表现分化，受去年四季度大幅调整的影响，年初信用债收益率普遍偏高，具备较强的配置价值，因此信用债收益率自春节后开始下行，受资金面影响较小。利率债则小幅上行，赚钱效应一般。二季度，随着信贷需求的边际回落，银行负债端压力改善，央行在3月降准，亦提供了增量流动性，资金面开始回暖，回购利率中枢逐步下移至政策利率以下，6月又调降了公开市场操作利率，市场对资金面的预期进一步稳定。在此期间利率债表现较好，各期限下行30-40bp，信用债跟随上涨。  在此期间，组合始终保持了较高的杠杆水平，并进行了少量的利息再投资操作。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:22.380Z","mo":"2023年下半年，宏观经济在自身动能、宏观调控政策以及海外经济影响三方面角力，在政策保持定力，海外高利率高通胀的环境下，核心仍是自身动能。居民、企业和政府同时大幅加杠杆的现象并未出现，这决定了本轮复苏的高度有限。经济自身动能的恢复尽管面临诸多有利条件，但仍需时间。因此下半年经济大概率是弱复苏格局。  债券市场仍然与流动性密切相关。从央行操作、商业银行资负行为以及实际的短端利率来看，流动性由松变紧的拐点并未到来。经济内生动能修复的节奏，与货币政策操作可能形成共振或错位，进而影响到短期回购利率的中枢，带来曲线的重定价过程。预计下半年回购利率中枢仍能保持在政策利率附近。债券市场震荡为主。","fund":{"_id":3000000007682,"__csrcFundId":6612,"stockCode":"007682","shortName":"鹏华锦利两年定期开放债券(007682)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7682,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:51:35.863Z","status":"normal","inceptionDate":"2019-09-03T16:00:00.000Z","name":"鹏华锦利两年定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华锦利两年定期开放债券","pinyin":"phjllndqkfzqxzqtzjj","managers":[{"stockCode":"j101020939","stockType":"fund_manager","exchange":"fm","tickerId":121010269830,"name":"罗姣姣"}]},"announcement":{"linkText":"鹏华锦利两年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=961506","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaf67fea5b3eb04acaaa","date":"2023-03-30T16:00:00.000Z","stockId":3000000007682,"sao":"2023年一季度，债券市场先跌后涨，信用债表现优于利率债。一月新冠感染过峰之后，基本面修复的预期非常强烈，同时跨月和跨春节叠加，资金成本迅速抬升，带动债券收益率反弹。春节后，经济修复预期有所降温，同时年初信用债收益率较高，配置力量强劲，带动了信用债收益率的快速下行。2月中下旬，资金面持续紧张，DR007偏离政策利率，市场出现了小幅调整。进入3月，尽管回购成本仍高，但月中央行宣布降准，资金面边际趋稳，利率债和信用债收益率持续下行。  组合在一季度以回购融资为主，保持了较高的杠杆运行。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:22.377Z","fund":{"_id":3000000007682,"__csrcFundId":6612,"stockCode":"007682","shortName":"鹏华锦利两年定期开放债券(007682)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7682,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:51:35.863Z","status":"normal","inceptionDate":"2019-09-03T16:00:00.000Z","name":"鹏华锦利两年定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华锦利两年定期开放债券","pinyin":"phjllndqkfzqxzqtzjj","managers":[{"stockCode":"j101020939","stockType":"fund_manager","exchange":"fm","tickerId":121010269830,"name":"罗姣姣"}]},"announcement":{"linkText":"鹏华锦利两年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=886625","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaf67fea5b3eb04acaa9","date":"2022-12-30T16:00:00.000Z","stockId":3000000007682,"sao":"2022年利率债呈现震荡走势，10年国开债收益率大致运行在2.8%-3.1%区间，信用债则是小熊市，前三季度收益率震荡下行，四季度迅速上行并在高位盘桓。具体来看，一季度利率先下后上，央行在1月降息并表态宽松并未结束，市场做多意愿强烈，收益率在1月中下旬创下年内第一个低点。2月中旬公布的1月金融数据大超预期，基本面改善预期升温，债券收益率底部反转，一直调整到3月中下旬。二季度利率整体区间震荡。市场在疫情冲击、货币政策节奏、地方债发行、稳增长政策出台等因素之间来回摇摆，始终难以形成一致预期。三季度利率向下突破上一个季度的震荡区间，出现了一波小牛市。核心催化剂是房地产销售和投资的持续低迷，以及资金面的超预期宽松，利率在8月降息之后出现了年内第二个低点。但9月末随着地产支持政策的逐步出台和资金面的超季节性收紧，收益率出现了小幅上行。四季度利率债和信用债走势分化，利率债收益率仍然保持区间震荡，但信用债却出现了超过100bp调整的熊市。防疫政策的调整，房地产支持政策的持续出台导致债券市场出现了第一波大跌。在低利率背景下，债券票息保护不足，理财净值出现了一定范围的负值，净赎回开始出现。债券市场随即进入负反馈，信用债市场出现了流动性挤兑并蔓延至存单、利率债市场。12月中旬，随着收益率进入高性价比区间，资金面保持宽松，且监管层对风险的重视，市场又出现了一定的反转，收益率转而下行。  在此期间，组合维持了较高的杠杆水平，对付息资金进行了再配置。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:22.374Z","mo":"从经济和政治周期的角度，2023年经济同比向上是大概率。市场的核心关注点将是经济向上的幅度与货币政策的边际松紧，而节奏将取决于这二者的错位或共振。从债务周期的角度来理解当下经济增长，居民、企业和政府能否形成合力加杠杆，是经济向上幅度的决定因素，其代表性的指标是社融总量与结构的双改善。经过拆解和逻辑推理，当前社融总量低迷、结构略有改善，还未有明确指向性。货币政策将面临诸多约束，阶段性观察指标有所不同。但从近期央行表态来看，信贷增长仍是首要任务，而通胀担忧逐步显现。基于货币政策的惯性与经济修复的速度，维持当前的货币政策基调，保持流动性合理充裕，仍有可能在上半年延续。基于居民资产负债表修复的逻辑，我们预计社融指标的改善可能在下半年出现。而货币政策的变化也可能随之而来。节奏上，上半年机会大于风险，下半年更加注重防守。  2023年宏观经济的不确定性仍有可能来自于新冠疫情的反复，尽管防疫政策有所调整，但疫情阶段性扰动仍有可能对消费场景和居民信心造成冲击，值得密切关注。  对于债券市场而言，当前的利率绝对水平和相对利差已处于中性或者偏高的水平。基于上文对经济和货币政策的展望，全年利率震荡的概率较大。","fund":{"_id":3000000007682,"__csrcFundId":6612,"stockCode":"007682","shortName":"鹏华锦利两年定期开放债券(007682)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7682,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:51:35.863Z","status":"normal","inceptionDate":"2019-09-03T16:00:00.000Z","name":"鹏华锦利两年定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华锦利两年定期开放债券","pinyin":"phjllndqkfzqxzqtzjj","managers":[{"stockCode":"j101020939","stockType":"fund_manager","exchange":"fm","tickerId":121010269830,"name":"罗姣姣"}]},"announcement":{"linkText":"鹏华锦利两年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=869061","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaf67fea5b3eb04acaa8","date":"2022-09-29T16:00:00.000Z","stockId":3000000007682,"sao":"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