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操作上，组合运作期内尽力追踪模拟指数，获得了较为稳健的收益。","lastUpdated":"2026-03-09T13:28:38.871Z","fund":{"_id":3000000007765,"__csrcFundId":6468,"stockCode":"007765","shortName":"前海开源1-3年国开债(007765)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7765,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:54:14.007Z","status":"normal","inceptionDate":"2019-08-27T16:00:00.000Z","name":"前海开源中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源1-3年国开债","pinyin":"qhkyzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"8801616927","stockType":"fund_manager","exchange":"fm","tickerId":2325192900,"name":"吴彦"}]},"announcement":{"linkText":"前海开源中债1-3年国开行债券指数证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1453612","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb067fea5b3eb04adfeb","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000007765,"sao":"本报告期内，风险偏好、机构行为及流动性是影响债市的关键因素。具体来看：7月初，债市高位震荡，之后随着反内卷预期升温，大宗商品走强带动风险偏好及通胀预期上升，债市开启调整。7月底在资金面宽松的带动下，债市开启了一轮小的修复行情。8月上旬后，上证指数连续突破关键点位，风险偏好进一步升温，加上临近税期资金面边际收紧，债市再度转跌。8月下旬后，由于权益市场已处于阶段性高位，且资金面偏松，债市迎来了一轮弱修复行情，中短端表现好于长端。9月初，机构进行了一定的预防式赎回，公募基金也预防性的进行了一定的卖出操作，债市又一次开启下跌，信用债等公募基金重仓的品种跌幅大于利率债。9月下旬，由于基金赎回暂告一段落且资金偏松，5年内品种修复明显，5年以上品种由于受风险偏好的影响较大表现偏弱。整个季度来看，债券收益率整体上行，中短端表现好于长端，利率债表现强于信用债。  操作上，组合运作期内尽力追踪模拟指数，获得了较为稳健的收益。","lastUpdated":"2026-03-09T13:28:38.868Z","fund":{"_id":3000000007765,"__csrcFundId":6468,"stockCode":"007765","shortName":"前海开源1-3年国开债(007765)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7765,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:54:14.007Z","status":"normal","inceptionDate":"2019-08-27T16:00:00.000Z","name":"前海开源中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源1-3年国开债","pinyin":"qhkyzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"8801616927","stockType":"fund_manager","exchange":"fm","tickerId":2325192900,"name":"吴彦"}]},"announcement":{"linkText":"前海开源中债1-3年国开行债券指数证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1375192","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb067fea5b3eb04adfea","date":"2025-06-29T16:00:00.000Z","stockId":3000000007765,"sao":"本报告期内，基本面、流动性、风险偏好及机构行为是影响债市的关键因素，外部环境对债市也阶段性的构成较大扰动。具体来看：年初，由于资金面收紧，债券收益率从单边下行转为震荡。由于基本面尚未发生明显的变化，与资金面关系较小的长久期品种表现相对坚挺。春节后，在地产增速反弹、资金面收紧由非银扩散到银行、风险偏好提升的共同作用下，债市在2月初至3月中旬迎来较大幅度的调整，此前表现坚挺的长久期利率债在这一阶段出现较为明显的补跌。3月中旬后，随着资金面边际转松，债券收益率见顶回落，与资金面关系较为密切的5年内品种表现较好。4月初，随着贸易摩擦升级，避险情绪升温，长端表现强势。之后因贸易摩擦没有进一步加剧，同时资金面较为宽松，短端表现好于长端。5月上中旬后，在资金收紧和贸易摩擦阶段性缓和的共同作用下，债市小幅调整。5月底，因资金面转松，债市止跌，中短端表现好于长端。6月中旬后，由于贸易争端没有超预期缓和，且保险预定利率下调的预期升温，市场对高息无风险资产的需求上升，长端跑赢中短端。6月底，由于权益类资产表现强势，长端略微跑输中短端。上半年，收益曲线先平后陡，长端跑赢中短端。品种方面，1季度调整期间信用债一度跑输利率债，但2季度由于理财规模增长较快，信用债表现强势。上半年，信用债总体表现好于利率债。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:38.866Z","mo":"下半年，融资需求、资金供给及风险偏好可能是影响债市的关键因素。具体来看，社融增速可能在3季度见顶，如果得以确认，对债市偏利多。资金供给方面，在融资需求尚未出现趋势性好转之前，央行大概率维持支持性货币政策，资金面主动收紧的可能性不大。由于政策预期较强，且上半年权益市场赚钱效应较好，风险偏好有进一步提升的可能，对债市偏利空。不过如果增量政策落地没有超预期，风险偏好对于债市而言或更多是扰动因素。我们认为接下来主要需要观察两点，一是社融增速短期是否见顶，二是有没有超预期的增量政策落地。在这两点确认之前，债市大概率维持震荡，上下空间可能都会比较有限。组合将继续尽力追踪模拟指数，力争获得较为稳健的收益。","fund":{"_id":3000000007765,"__csrcFundId":6468,"stockCode":"007765","shortName":"前海开源1-3年国开债(007765)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7765,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:54:14.007Z","status":"normal","inceptionDate":"2019-08-27T16:00:00.000Z","name":"前海开源中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源1-3年国开债","pinyin":"qhkyzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"8801616927","stockType":"fund_manager","exchange":"fm","tickerId":2325192900,"name":"吴彦"}]},"announcement":{"linkText":"前海开源中债1-3年国开行债券指数证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1341332","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb067fea5b3eb04adfe9","date":"2025-03-30T16:00:00.000Z","stockId":3000000007765,"sao":"本报告期内，基本面、流动性、风险偏好及机构行为是影响债市的关键因素。具体来看：1月初，因风险偏好较低，债市延续强势，10年国债收益率下行至年内低点。1月中旬，因资金持续紧张，短端调整明显，长端受资金面影响较小表现较为坚挺。春节前后，因资金转松，短端有所修复带动债市开启一轮修复行情，10年国债收益率再度回到1.6%。之后因风险偏好回升、社融增速等基本面数据有所修复，债市再次走弱，长端补跌，10年国债收益率最高上行至1.9%附近。3月中下旬后，由于债市绝对收益率已调整至较高水平，而基本面的修复还需进一步的数据验证，且资金面边际转松，债市企稳反弹，10年国债收益率下行至1.8%附近，高等级信用债等票息资产因绝对收益到位表现更优。整个季度来看，债券收益率平坦化上行。  操作上，组合运作期内尽力追踪模拟指数，获得了较为稳健的收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:38.863Z","fund":{"_id":3000000007765,"__csrcFundId":6468,"stockCode":"007765","shortName":"前海开源1-3年国开债(007765)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7765,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:54:14.007Z","status":"normal","inceptionDate":"2019-08-27T16:00:00.000Z","name":"前海开源中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源1-3年国开债","pinyin":"qhkyzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"8801616927","stockType":"fund_manager","exchange":"fm","tickerId":2325192900,"name":"吴彦"}]},"announcement":{"linkText":"前海开源中债1-3年国开行债券指数证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1270377","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb067fea5b3eb04adfe8","date":"2024-12-30T16:00:00.000Z","stockId":3000000007765,"sao":"本报告期内，经济基本面、流动性、机构行为是主导债市的核心因素，风险偏好在一些时期对债市也有较大的影响。具体来看：  年初，由于融资增速延续下行，且权益资产弱势，债市整体走强，“资产荒”背景下，长久期利率债和高等级信用债等低风险的高息资产表现尤为强势。3月，由于经济数据改善，债市由单边下行转为震荡，波动明显加大，由于资金偏松，中短久期利率债表现偏强。2季度，在资金宽松和资产荒的推动下，曲线走陡，高等级信用债表现尤为强势，尽管期间有波动，但高等级信用债和中短久期利率债快速修复，并且获得了较好的超额收益。3季度初，市场延续2季度的风格，信用债进一步走强。7月下旬降息后，久期策略开始占优，长久期利率债表现好于高等级信用债和中短久期利率债。8月后，由于市场流动性转弱，信用债显著跑输利率债。尽管期间因流动性改善信用债有过短暂的修复，但9月下旬降息后，因权益资产大幅走强，风险偏好显著上升，债市负债端压力加大，债券收益率快速上行，信用利差大幅走阔。10月上中旬后，由于权益资产未能延续强势，风险偏好下降，加上流动性维持宽松，债市持续修复，但由于理财增长缓慢，且机构对负债端的稳定性仍有担忧，信用债在一波快速修复后继续跑输利率债。11月底后，因年内地方债大量发行告一段落，且金融数据偏弱，降息预期升温，债市开启一轮较为强势的上涨，利率债进一步跑赢信用债。临近年底，配置需求成了主导债市的关键因素，信用利差在最后2～3个交易日快速压缩，信用债大幅跑赢利率债。全年来看，上半年特别是2季度信用债表现强势，下半年利率债表现强势；在资金面整体宽松的环境下，期限利差走阔，7年以内品种表现好于7年以上品种。在恒定久期的前提下，组合结构对收益的影响很大。  操作上，组合运作期内尽力追踪模拟指数，获得了较为稳健的收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:38.860Z","mo":"展望未来，因经济在向新的增长模式转变的过程中对融资的依赖逐步下降，同样的经济增速下，无风险利率大概率走低。尽管为了配合稳增长货币政策基调大概率保持宽松，但由于汇率贬值压力仍在，资金利率可能不会太低，久期策略可能会优于杠杆策略。尽管在融资需求没有明显恢复前债市整体风险不大，但因债券收益率绝对点位较低，市场波动可能会加大。组合将继续尽力追踪模拟指数，在此基础上，组合将尽量加大投资范围内性价比较高的个券的配置，争取能在控制偏离度的前提下增厚组合收益。","fund":{"_id":3000000007765,"__csrcFundId":6468,"stockCode":"007765","shortName":"前海开源1-3年国开债(007765)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7765,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:54:14.007Z","status":"normal","inceptionDate":"2019-08-27T16:00:00.000Z","name":"前海开源中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源1-3年国开债","pinyin":"qhkyzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"8801616927","stockType":"fund_manager","exchange":"fm","tickerId":2325192900,"name":"吴彦"}]},"announcement":{"linkText":"前海开源中债1-3年国开行债券指数证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1252130","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb067fea5b3eb04adfe7","date":"2024-09-29T16:00:00.000Z","stockId":3000000007765,"sao":"三季度宏观经济整体延续上半年趋势，出口相对强势、地产继续走弱、基建维持稳定，但边际上消费走弱、通胀走弱，带动名义GDP增速可能弱于前半年，故稳增长压力下，央行于7月、9月两度降息，9月降准以压低融资成本支持经济发展；9月底，在政治局工作会议的指导下，各部委出台了一系列的经济刺激政策。在此背景下，银行间流动性整体宽裕，9月资金价格相对较贵，债券收益先大幅下行创年内新低，后在央行卖债、流动性转弱、理财负反馈担忧、未来预期扭转的带动下大幅上行，信用利差、期限利差走阔，部分品种已调整至5、6月时的收益水平。 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息以降低实体融资成本，各部委出台一系列房地产政策以托底房地产市场，资本市场也出台政策提振信心；货币市场利率整体稳定，季末略紧。在此背景下，债券利率在创年内新低后先下后上，十年国债回到2.7%的水平。本报告期内，组合继续坚持通过抽样复制的方法追踪指数。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:38.847Z","fund":{"_id":3000000007765,"__csrcFundId":6468,"stockCode":"007765","shortName":"前海开源1-3年国开债(007765)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7765,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:54:14.007Z","status":"normal","inceptionDate":"2019-08-27T16:00:00.000Z","name":"前海开源中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源1-3年国开债","pinyin":"qhkyzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"8801616927","stockType":"fund_manager","exchange":"fm","tickerId":2325192900,"name":"吴彦"}]},"announcement":{"linkText":"前海开源中债1-3年国开行债券指数证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=990177","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb067fea5b3eb04adfe2","date":"2023-06-29T16:00:00.000Z","stockId":3000000007765,"sao":"2023年度上半年，宏观经济走出上年底阴霾，逐步复苏，但由于受地产弱势拖累，消费恢复亦不及预期，于二季度后复苏放缓，经济再度承压；CPI、PPI走低，通货膨胀无忧；在此背景下，央行维持流动性合理充裕，债市一季度信用利差快速修复，二季度各期限利率快速下行。本报告期内，组合继续坚持通过抽样复制的方法追踪指数。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:38.845Z","mo":"展望下半年，宏观经济核心为寻找地产之外的增长动能，当前出口、消费也相对较弱，可重点关注政策面消息及下半年内生动能恢复。资本市场方面，我们认为当前已较大程度的反应了经济低迷的预期，债券利率处于历史相对低位，股票估值处于相对低位，应结合胜率与赔率等多方面进行资产配置。","fund":{"_id":3000000007765,"__csrcFundId":6468,"stockCode":"007765","shortName":"前海开源1-3年国开债(007765)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7765,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:54:14.007Z","status":"normal","inceptionDate":"2019-08-27T16:00:00.000Z","name":"前海开源中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050780000,"currency":"CNY","masterFundShortName":"前海开源1-3年国开债","pinyin":"qhkyzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"8801616927","stockType":"fund_manager","exchange":"fm","tickerId":2325192900,"name":"吴彦"}]},"announcement":{"linkText":"前海开源中债1-3年国开行债券指数证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=965552","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb067fea5b3eb04adfe1","date":"2023-03-30T16:00:00.000Z","stockId":3000000007765,"sao":"2023年一季度在疫情防控政策优化后，旅游、出行、消费等增长明显，房地产销售亦见底回升，虽出口小幅下滑，但国内宏观经济整体走强；货币政策方面央行也通过降准、增量续作MLF、大量滚续OMO等手段提供了较为充裕的流动性，社融大幅增长，进一步支撑经济增长。 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