window.pageData = {"stock":{"_id":3000000008122,"stockCode":"008122","shortName":"南方皓元短债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50020000","tickerId":50020000,"name":"南方基金管理股份有限公司"},"managers":[{"name":"刘骥","stockType":"fund_manager","stockCode":"db20674119","exchange":"fm","tickerId":1210194770}],"hotMetrics":{"fss":{"stockId":3000000008122,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.8256,"f_ins_h_s_r_c_hy":-0.03590000000000004,"f_ins_h_s_r_c_1y":-0.0048000000000000265,"f_ind_h_s_r":0.1744,"f_ind_h_s_r_c_hy":0.035900000000000015,"f_ind_h_s_r_c_1y":0.004799999999999999,"f_h_a":10509,"f_h_s_a":43381,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000008122,"type":"fpr","f_p_r_fys_ssc":7464,"f_p_r_fys_ssrp":0.811871901380142,"f_p_r_m1_ssc":7585,"f_p_r_m1_ssrp":0.7774261603375527,"f_p_r_m3_ssc":7496,"f_p_r_m3_ssrp":0.6897931954636425,"f_p_r_m6_ssc":7294,"f_p_r_m6_ssrp":0.7551076374605786,"f_p_r_y1_ssc":6833,"f_p_r_y1_ssrp":0.5967505854800936,"f_p_r_y2_ssc":5884,"f_p_r_y2_ssrp":0.8228794832568418,"f_p_r_y3_ssc":4903,"f_p_r_y3_ssrp":0.8351693186454509,"f_p_r_y5_ssc":3298,"f_p_r_y5_ssrp":0.7885956930542918,"f_cagr_p_r_fs_ssc":7291,"f_cagr_p_r_fs_ssrp":0.6262002743484225},"fp":{"stockId":3000000008122,"type":"fp","f_p_r_fys":0.006825938566553003,"f_p_r_m1":0.0018286311389759113,"f_p_r_m3":0.005418159573538528,"f_p_r_m6":0.008502805049088513,"f_p_r_y1":0.016791869200176945,"f_cagr_p_r_fs":0.02643389763729509,"f_p_r_d1":-0.00017785682525561786,"f_p_r_y2":0.038732394366197465,"f_p_r_y3":0.06854276957369754,"f_p_r_y5":0.1316653267419967,"last_data_date":"2026-05-05T16:00:00.000Z"},"ff":{"stockId":3000000008122,"type":"ff","f_m_f":2059866,"f_m_f_r":0.003,"f_c_f":343311,"f_c_f_r":0.0005,"f_m_a_c_f":2403177,"f_m_a_c_f_r":0.0035,"f_m_c_f_d":"2024-12-10T16:00:00.000Z","f_c_fr":0.0005,"f_fr_d":"2025-12-30T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.0035},"f_nlacan":{"stockId":3000000008122,"type":"f_nlacan","f_nv_d":"2026-05-05T16:00:00.000Z","f_nv":1.1505,"f_nv_cr":0},"f_as":{"stockId":3000000008122,"type":"f_as","f_tas":741004316.2481999,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000008123,"name":"南方皓元短债债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","stockCode":"008123","tickerId":8123,"shortName":"南方皓元短债债券C","__csrcFundId":6836,"lastUpdated":"2025-01-04T00:32:01.929Z","exchange":"jj","inceptionDate":"2019-11-27T16:00:00.000Z","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","status":"normal","masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"nfhydzzqxzqtzjj"},{"_id":3000000021837,"name":"南方皓元短债债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"021837","tickerId":21837,"shortName":"南方皓元短债债券D","currency":"CNY","__csrcFundId":6836,"exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"lastUpdated":"2025-01-04T00:32:32.431Z","inceptionDate":"2024-07-04T16:00:00.000Z","pinyin":"nfhydzzqxzqtzjj","fundCollectionId":4000050020000},{"_id":3000000022355,"name":"南方皓元短债债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"022355","tickerId":22355,"shortName":"南方皓元短债债券E","currency":"CNY","__csrcFundId":6836,"exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"lastUpdated":"2025-01-04T00:32:33.595Z","inceptionDate":"2024-10-20T16:00:00.000Z","pinyin":"nfhydzzqxzqtzjj","fundCollectionId":4000050020000}],"bondHoldings":[{"_id":"69e8f9ba1398d79843001244","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008122,"stockCode":"250215","stockName":"25国开15","holdings":1000000,"marketCap":99087397,"netValueRatio":0.0759,"lastUpdated":"2026-04-22T16:39:22.060Z"},{"_id":"69e8f9ba1398d79843001245","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008122,"stockCode":"2328011","stockName":"23浙商银行小微债01","holdings":700000,"marketCap":71887602,"netValueRatio":0.055,"lastUpdated":"2026-04-22T16:39:22.064Z"},{"_id":"69e8f9ba1398d79843001246","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008122,"stockCode":"2080116","stockName":"20兖矿债01","holdings":600000,"marketCap":62129444,"netValueRatio":0.0476,"lastUpdated":"2026-04-22T16:39:22.068Z"},{"_id":"69e8f9ba1398d79843001247","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008122,"stockCode":"212380006","stockName":"23华夏银行债02","holdings":500000,"marketCap":51225424,"netValueRatio":0.0392,"lastUpdated":"2026-04-22T16:39:22.074Z"},{"_id":"69e8f9ba1398d79843001248","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008122,"stockCode":"212380008","stockName":"23交行债01","holdings":500000,"marketCap":51073780,"netValueRatio":0.0391,"lastUpdated":"2026-04-22T16:39:22.078Z"}]},"list":[{"_id":"69e8eaf81398d79843fe8d5d","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000008122,"sao":"2026 年一季度国内经济呈现温和复苏态势，工业增长表现较好，固定资产投资结构分化显著，基建投资强势托底，制造业投资平稳增长而房地产投资持续下滑，消费复苏节奏偏缓，通胀温和回升但工业通缩仍存，信贷与社融增长保持温和态势。海内外央行一季度均维持政策利率不变，国内流动性合理充裕，资金利率波动极小，美元指数走强的同时人民币汇率逆势升值，债市收益率整体下行，短端下行幅度大于长端推动曲线陡峭化，信用债表现强于同期限国开债，中短期限、中低评级品种表现更优。投资运作上，我们以短期限信用债为底仓进行配置，在严格控制回撤的前提下积极提升收益。展望二季度，国内制造业 PMI 重返荣枯线以上，经济边际改善但仍面临外部经贸摩擦加剧、内需增长动力不足等多重压力，新质生产力稳步发展支撑经济长期向好。美联储降息路径受地缘政治与通胀走势牵制，国内将实施适度宽松的货币政策与积极财政政策稳增长，债市层面收益率短期可能有所波动，但目前流动性水平依然充裕，配置需求仍在，同时利率曲线较为平坦，短端利率债有一定配置价值，长端利率债仍以交易价值为主，信用债方面关注房地产企业的经营压力，严防信用风险。","lastUpdated":"2026-04-22T15:36:24.980Z","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元短债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=1481926","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69cc25f91dc8b83221c664d0","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-30T16:00:00.000Z","stockId":3000000008122,"sao":"经济层面，2025年国内经济运行总体平稳，呈现前高、后低。预计2026年，我国经济将会稳中有进，沿着高质量发展轨道前行。政策方面，美联储预期在2026年会继续降息，但节奏放缓。国内央行将实施适度宽松的货币政策，灵活高效运用降准降息等多种政策工具，保持流动性充裕。组合操作上，我们以优质信用债为底仓进行配置，以获取稳健的收益，严控组合的回撤。","lastUpdated":"2026-03-31T19:52:25.599Z","mo":"策略方面，我国经济基础稳、优势多、韧性强、潜能大。同时经济发展中老问题、新挑战仍然不少，外部环境变化影响加深，国内供强需弱矛盾突出，重点领域风险隐患较多。当然这些大多是发展中、转型中的问题，经过努力是可以解决的，我国经济长期向好的支撑条件和基本趋势没有改变。稳就业、稳企业、稳市场、稳预期的政策将继续加码，推动经济实现质的有效提升和量的合理增长，保持社会和谐稳定，实现“十五五”良好开局。已经确定的政策举措将会加快落实，同时宏观政策也会更加积极有为，实施更加积极的财政政策和适度宽松的货币政策。利率债策略：收益率短期可能有所波动，但目前流动性水平依然充裕，配置需求仍在，同时利率曲线较为平坦，短端利率债有一定配置价值，长端利率债仍以交易价值为主。信用债策略：关注房地产企业的经营压力，严防信用风险。","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元短债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=1461917","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f44","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000008122,"sao":"三季度经济数据有所回落。1-8月工业增加值同比增长6.2%；固定资产投资同比增长0.5%，其中，房地产投资同比下滑12.9%，制造业投资同比增长5.1%，基建投资同比增长5.4%；1-8月社会消费品零售总额同比增长4.6%。1-8月CPI同比下滑0.1%；PPI同比下滑2.9%。8月末M2同比增长8.8%，三季度信贷增长较弱。美联储三季度降息25BP。国内方面，央行未降准降息，但流动性投放积极，整体流动性维持合理充裕。三季度美元指数上涨1.09%，人民币对美元汇率中间价升值531个基点。全季来看，银行间隔夜回购加权利率均值为1.43%，较上季度下行15BP，7天回购加权利率均值为1.53%，较上季度下行15BP。市场层面，三季度现券收益率上行，10年国债收益率上行21BP，10年国开收益率上行35BP，国债和国开之间利差扩大。短端1年国债收益率上行3BP，1年国开收益率上行13BP，国债曲线与国开曲线均陡峭化。本季度信用债表现略弱于同期限国开债，其中3年好于5年，AA好于AAA。组合运作上，组合继续坚持信用债为底仓、利率债波段操作的思路，平稳运作。展望后市，经济层面，2025年9月经济景气度处于荣枯线下方，9月中采制造业PMI录得49.8%，环比上升0.4%。政策方面，美联储启动降息。国内央行将实施适度宽松的货币政策，综合运用多种货币政策工具，保持流动性合理充裕。策略方面，当前我国发展环境面临深刻复杂变化，战略机遇和风险挑战并存、不确定难预料因素增多，同时我国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本趋势没有变。稳就业、稳企业、稳市场、稳预期的政策将继续加码，以高质量发展的确定性应对外部环境急剧变化的不确定性，推动经济运行持续好转。已经确定的政策举措将会加快落实，同时宏观政策也会更加积极有为，实施更加积极的财政政策和适度宽松的货币政策。利率债策略：收益率短期可能有所波动，但目前流动性水平依然充裕，配置需求仍在，同时利率曲线较为平坦，短端利率债有一定配置价值，长端利率债仍以交易价值为主。信用债策略：以短端中高等级信用债配置为主。","lastUpdated":"2026-03-09T13:30:04.494Z","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元短债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=1381922","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f43","date":"2025-06-29T16:00:00.000Z","stockId":3000000008122,"sao":"2025年上半年，我国经济稳中有进，高质量发展扎实推进，但仍面临国内需求不足、物价持续低位运行等挑战。上半年债券市场收益率先上后下：一季度伴随着风险偏好改善、央行暂停公开市场国债买入操作并收紧资金面、以及财政支出提速，债市有所调整，曲线走平；二季度伴随着贸易摩擦的起承转合、央行双降落地、资金面适度宽松，债市先涨后趋于震荡。整体而言，利率方面，上半年中短端3年及以内利率债普遍上行约15-30bp，长端10Y国债收益率下行约3bp，超长端30Y国债收益率下行约5bp；信用方面，1-3Y高等级商业银行金融债普遍上行约13-14bp，1-5Y高等级银行二级资本债普遍上行约7-8bp。投资运作上，组合上半年主要以中高等级短期信用债作为底仓，获取稳定的票息和骑乘收益，辅以长利率债的波段操作。下半年我们将继续坚持该策略，力争在控制回撤的基础上为持有人提供优异的回报。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.491Z","mo":"展望未来，当前外部环境更趋复杂严峻，世界经济增长动能减弱，贸易壁垒增多，主要经济体通胀走势和货币政策调整存在不确定性。国内方面，宏观政策的主线逻辑依然是“以高质量发展的确定性应对外部环境急剧变化的不确定性”，债市主要关注“反内卷”逻辑下内需的修复情况以及货币、财政政策的发力情况。利率方面，受益于流动性宽松、受制于风险偏好改善，当下震荡格局，曲线依然平坦，短端利率有一定配置价值而长端利率以交易价值为主；信用方面，信用利差将受益于供求逻辑，注重品种挖掘及交易节奏的把握。","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元短债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=1351509","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f42","date":"2025-03-30T16:00:00.000Z","stockId":3000000008122,"sao":"1-2月经济数据呈现复苏的趋势。工业增加值同比增长5.9%；固定资产投资同比增长4.2%，其中，房地产投资同比下滑9.8%，制造业投资同比增长9.0%，基建投资同比增长10.0%；社会消费品零售总额同比增长4.0%。1-2月CPI同比下滑0.1%；PPI同比下滑2.2%。2月末M2同比增长7.0%，新增人民币贷款1.01万亿，新增社融2.24万亿，信贷增长一般。美联储一季度未降息。国内方面，央行一季度未降准降息，整体流动性维持合理充裕。一季度美元指数下跌3.95%，人民币对美元汇率中间价升值102个基点。全季来看，银行间隔夜回购加权利率均值为1.97%，较上季度上行38BP，7天回购加权利率均值为2.11%，与上季度上行24BP。市场层面，一季度现券收益率上行，10年国债收益率上行14bp，10年国开收益率上行11BP，国债和国开之间利差减小。短端1年国债收益率上行45bp，1年国开收益率上行44BP，国债曲线与国开曲线均更加平坦化。本季度信用债表现略强于同期限国开债，其中5年好于3年，AA好于AAA。组合操作方面，我们以短期信用债为底仓配置，稳健操作。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.489Z","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元短债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=1277467","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f41","date":"2024-12-30T16:00:00.000Z","stockId":3000000008122,"sao":"2024年，中国经济运行总体平稳，积极因素不断积累。1-12月，工业增加值同比增长5.8%，显示出生产端的稳步复苏。固定资产投资增长3.2%，其中房地产投资下滑10.6%，而制造业和基建投资均增长9.2%，投资结构持续优化。社会消费品零售总额增长3.5%，消费市场保持稳定。通胀方面，CPI同比增长0.2%，PPI同比下降2.2%，整体通胀压力较小。全年新增社融规模达32.26万亿，信贷投放力度较大，为实体经济提供了有力支持。货币政策方面，美联储全年降息3次，累计降息1%，但在12月FOMC会议上释放了鹰派信号。国内央行则下调逆回购利率30BP，并降准1个百分点，保持流动性合理充裕。汇率方面，美元指数上涨7.01%，人民币对美元贬值1057个基点。银行间市场利率维持低位，隔夜和7天回购利率均值分别为1.77%和1.96%。市场表现上，利率债收益率整体下行，1年期国债和国开债收益率均下降100BP，10年期分别下降88BP和95BP。信用债表现优于同期限利率债，5年期好于3年期，AA级好于AAA级。投资运作上，组合为短债基金，底仓以短端信用债为主，配置的资产兼具收益和流动性，组合投资以稳健为主，积极提升投资者持有体验。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.486Z","mo":"展望2025年，中国经济预计将延续稳中向好的态势，沿着高质量发展的轨道前行。通胀方面，CPI中枢预计在0.8%左右，PPI中枢在-1.0%左右，通胀压力依然温和。政策层面，美联储可能继续降息，但节奏会有所放缓；国内央行将维持适度宽松的货币政策，灵活运用多种工具，确保流动性充裕。投资策略上，我国经济运行总体平稳、稳中有进。尽管当前外部环境变化带来的不利影响加深，我国经济运行仍面临不少困难和挑战；然而，我国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本趋势没有变。随着扩内需、促开放、稳地产、保民生的政策持续加码，经济运行将朝着高质量发展的方向迈进。与此同时，我国还将实施更加积极的财政政策和适度宽松的货币政策，以进一步推动经济的稳定增长。利率债策略：收益率短期可能有所波动，但目前流动性水平依然充裕，配置需求仍在，同时利率曲线较为平坦，短端利率债有一定配置价值，长端利率债仍以交易价值为主。信用债策略：关注房地产企业的经营压力，严防信用风险。","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元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=1258125","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f40","date":"2024-09-29T16:00:00.000Z","stockId":3000000008122,"sao":"1-8月，经济数据呈弱复苏，工业增加值增5.8%，固投增3.4%（房地产降10.2%，制造增9.1%，基建增7.9%），消费增3.4%，CPI温和增0.2%，PPI降1.9%，金融数据疲软，M2增6.3%，信贷增长弱。美联储降息50bp，预期再降，中国降准降息，流动性充裕，美元指数下跌，人民币汇率升值。市场利率债收益率下行，信用债上行，国债曲线陡峭化，国开债强于信用债，AAA优于AA。整体经济弱复苏，政策宽松，市场偏好安全资产。组合运作层面，我们保持了稳健的操作风格，并积极把握波段机会。展望后市，国内经济延续回升向好态势，但有效需求不足，经济运行出现分化。稳增长、稳地产、促开放的政策继续加码，推动经济运行持续好转，预计已经确定的政策举措将会加快落实，积极的财政政策和稳健的货币政策也会继续实施。利率债策略方面，收益率短期可能有所波动，但目前流动性水平依然较为充裕，配置需求仍在，同时利率曲线较为平坦，短端利率债有一定配置价值，长端利率债仍以交易价值为主。信用债策略方面，以中高等级信用债配置为主，严防信用风险。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.483Z","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元短债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=1180708","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f3f","date":"2024-06-29T16:00:00.000Z","stockId":3000000008122,"sao":"上半年，国内经济在多重积极因素的共同驱动下，展现出稳健的复苏态势。在货币政策方面，央行通过降低存款准备金率和LPR，为市场注入了充足的流动性，降低了企业的融资成本，为实体经济的复苏提供了有力支撑。财政政策也积极发力，特别国债和专项债项目的实施，不仅促进了基础设施建设的投资增长，还带动了相关产业链的发展。此外，地产政策的持续放松，为房地产市场注入了信心，有助于市场的平稳健康发展。这一系列政策措施的实施，使得国内经济在上半年保持了回升向好的趋势，制造业呈现出温和复苏的迹象，服务业也持续活跃。与此同时，海外经济环境也呈现出积极的变化。随着全球经济逐渐走出疫情的阴霾，市场普遍预期美联储将在下半年开启降息周期，这将有助于推动海外需求的逐步回升。作为中国重要的出口市场，海外需求的增长将为中国经济的外需提供有力支持。在市场层面，上半年债券市场表现亮眼，收益率整体下行，尤其是中短端收益率的降幅更为明显。这反映出市场流动性充裕，投资者对未来资金面持乐观态度。同时，信用债的表现也优于同期限的利率债。投资运作上，我们坚持稳健的风格，并基金参与利率债波段，为组合增厚收益。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.480Z","mo":"展望未来，全年经济政策的基调预计将持续积极，旨在巩固经济复苏成果并促进其向高质量发展转型。在国内层面，政策制定者将综合运用货币政策与财政政策的协同效应，以稳定经济增长、优化经济结构、深化改革措施并惠及民生为目标，为实体经济注入强劲动力。转向海外，市场焦点将汇聚于美联储降息的时间节点及其引发的全球经济效应。随着降息预期的升温，预计海外需求将逐步触底反弹，为中国经济带来外部需求的提振。然而，我们也不应忽视全球经济不确定性及地缘政治风险可能带来的潜在挑战。在利率债投资策略上，鉴于流动性预计维持充裕状态，中短期限的债券品种因其良好的流动性和相对稳定的收益特性，将展现出较高的配置吸引力。而长期限债券则可能因市场波动和预期变动而更适合进行交易性操作，以捕捉市场机会。针对信用债市场，城投债的政策动态将是我们重点关注的领域。随着地方政府债务管理的趋严和城投平台转型的深化，城投债的信用风险评估与管理变得尤为重要。投资者需密切关注相关政策调整，加强信用风险识别与防范，确保投资安全。同时，也应积极探索其他信用债品种的投资机会，通过构建多元化的投资组合来分散风险，实现稳健的投资回报。","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元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=1153745","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f3e","date":"2024-03-30T16:00:00.000Z","stockId":3000000008122,"sao":"一季度经济稳中有升。国内方面，经济保持了回升向好的态势，政策端也在继续加力，年内除了3%的赤字安排，还将发行1万亿特别国债，支持完成全年的经济增长目标。海外方面，美联储按兵不动，预计下半年将开启降息周期，届时海外需求将有望逐步筑底，或对外需形成一定拉动。货币政策保持稳健，一季度央行降准0.5%，同时下调5年期LPR25BP，流动性环境整体充裕。市场层面，一季度债券收益率快速下行，其中长端下行幅度超过短端，信用债表现好于同期限利率债。投资运作上，我们以稳健的风格进行操作，同时积极参与利率债波段以增厚组合收益。展望未来，预计全年的经济政策仍然较为积极，经济复苏的持续性较强。海外方面，关注美联储的降息时点，以及海外需求的筑底。利率债策略：流动性预计维持充裕，中短端品种具备较好的配置价值，长端品种的期限利差处于较低水平，以交易价值为主。信用债策略：关注房地产企业的经营压力，严防信用风险。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.478Z","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元短债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=1076965","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f3d","date":"2023-12-30T16:00:00.000Z","stockId":3000000008122,"sao":"23年全年经济保持平稳复苏。国内方面，受到地产和出口下行压力的影响，年中经济增长有一定放缓，不过全年在政策的大力支持下，仍然保持了平稳运行的态势。海外方面，美联储全年加息幅度较大，海外经济出现了一定衰退的迹象。政策上，全年财政政策较为积极；随着房地产供需格局的变化，地产政策也出现一定放松；货币政策保持精准有效，央行全年多次降准降息，保持了流动性的合理充裕。市场层面，全年债券市场收益率震荡下行，其中长端下行幅度超过短端，信用债表现好于同期限利率债。投资运作上，我们保持稳健的投资风格，配置高性价比底仓，同时积极利用利率债参与波段操作，力争为客户创造稳健收益。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.475Z","mo":"展望未来，预计24年政策端稳中求进、以进促稳，保障经济复苏的平稳和持续。海外方面，关注美联储何时开启降息，海外经济仍然面临一定衰退压力。利率债策略：流动性预计维持充裕，中短端品种仍具备一定配置价值，长端品种以交易价值为主。信用债策略：关注房地产企业的经营压力，严防信用风险。","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元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=1060222","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f3c","date":"2023-09-29T16:00:00.000Z","stockId":3000000008122,"sao":"三季度经济景气度有一定提升。国内方面，三季度经济出现了企稳改善的迹象。同时，国内政策端在三季度也较为积极，财政政策继续加力提效，地产政策也出现了适度的调整，经济下行风险得到明显缓释。海外方面，美联储持续加息，外需回落的压力仍然较大。货币政策方面，央行三季度降低公开市场操作利率10BP，降低MLF利率15BP，同时下调存款准备金率0.25%，流动性环境维持充裕。市场层面，三季度债券市场收益率先下后上，震荡行情为主，其中短端收益率上行幅度较大，表现弱于长端。投资运作上，我们整体保持稳健的操作风格，并积极通过利率债波段增强组合收益。展望未来，预计四季度政策仍会较为积极，保障经济复苏的平稳和持续。海外方面，美联储货币政策的紧缩周期尚未结束，海外经济仍然面临一定衰退压力。利率债策略：流动性预计维持充裕，中短端品种在回调后具备了一定配置价值，长端品种以交易价值为主。信用债策略：关注地产和城投平台的尾部风险，严防信用风险。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.472Z","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元短债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=993766","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f3b","date":"2023-06-29T16:00:00.000Z","stockId":3000000008122,"sao":"上半年经济运行平稳。国内方面，年初经济呈现出一轮较快的复苏，进入二季度后景气度有一定回落，但上半年经济整体运行在合理区间。海外方面，美联储持续加息，预计本轮加息周期将持续到年底。货币政策方面，央行上半年降低存款准备金率0.25%，降低公开市场操作利率10BP，流动性保持合理充裕。市场层面，上半年债券收益率下行幅度较大，信用债表现好于同期限利率债。投资运作上，我们保持了较为稳健的投资风格，配置性价比较高的个券，同时积极参与利率债波段操作。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.470Z","mo":"展望未来，预计下半年政策会较为积极，保障经济增长的平稳和持续。海外方面，美联储货币政策的紧缩周期尚未结束，海外经济仍然面临一定衰退压力。利率债策略：流动性水平充裕，中短端品种具备一定配置价值，长端品种以交易价值为主。信用债策略：关注土地出让收入下滑对城投平台偿债能力的影响，严防信用风险。","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元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=967031","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f3a","date":"2023-03-30T16:00:00.000Z","stockId":3000000008122,"sao":"一季度经济呈现复苏态势。国内方面，经济从生产到需求都出现明显恢复，叠加今年稳增长政策的支持，宏观经济整体处于复苏周期中。海外方面，美联储持续加息，欧美银行业危机开始显现，海外衰退压力较大。货币政策方面，央行一季度降低存款准备金率0.25%，流动性环境整体充裕。市场层面，一季度信用债表现好于同期限利率债，利率债收益率小幅上行，信用债收益下行幅度较大。投资运作上，我们以市场中性久期为中枢进行配置，同时也积极参与利率债波段。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.467Z","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元短债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=890164","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f39","date":"2022-12-30T16:00:00.000Z","stockId":3000000008122,"sao":"22年全年经济增长有所放缓。国内方面，受到疫情和地产的影响，全年经济波动较大，但年末疫情和地产政策均有所放松，预计明年经济将呈现复苏的态势。海外方面，美联储紧缩周期仍未结束，明年海外将面临较大的衰退的风险。政策上，央行全年多次降准降息，给市场提供了较为充裕的流动性环境。市场层面，全年债券市场震荡为主，年末收益率上行幅度较大，全年利率债表现好于同期限信用债。投资运作上，我们在严控信用风险的前提下，精选个券，同时也积极参与利率债波段以增厚组合收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.465Z","mo":"展望未来，经济复苏的预期较强，但复苏的节奏和力度需要观察。海外方面，后续衰退压力较大。政策层面，预计23年将以稳增长为主。货币政策在稳增长的大方向下，预计将保持总量够、结构准的定位。利率债策略：流动性水平充裕，随着中短端利率的回升，已经逐步具备配置价值，长端品种以交易价值为主，对利率债看法中性。信用债策略：中短端品种的配置价值逐步回升，严防信用风险。","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元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=873744","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f38","date":"2022-09-29T16:00:00.000Z","stockId":3000000008122,"sao":"三季度经济有所回暖。国内方面，疫情仍有反复，但常态化管控后，生产端受影响减小，需求端仍然偏弱。海外方面，美联储加息节奏超预期，本轮加息周期预计将至少持续到明年上半年，外需后续将面临一定下行风险。政策上，央行三季度调降公开市场操作和MLF利率10BP，同时，调降1年期LPR 5BP，5年期LPR 15BP，流动性整体维持在较为充裕水平上，但受到短期人民币汇率贬值的影响，货币政策操作的空间受到一定限制。市场层面，三季度债券市场收益率震荡下行，信用债整体表现好于同期限利率债。投资运作上，我们继续保持稳健的操作风格，保持了略高于市场中性的久期和仓位，同时积极参与波段操作。展望未来，经济仍然受到疫情和地产等因素的影响，信用扩张节奏偏慢。海外方面，后续衰退压力较大。政策层面，房地产政策仍在放松，准财政政策持续加码。货币政策虽然受到汇率影响，但预计流动性水平边际变化不大。利率债策略：流动性依然充裕，绝对收益水平偏低，预计保持震荡走势，对利率债看法中性。信用债策略：关注地产和城投，严防信用风险。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.462Z","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元短债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=810959","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f37","date":"2022-06-29T16:00:00.000Z","stockId":3000000008122,"sao":"上半年经济受疫情冲击较大。国内方面，年初经济复苏势头较强，随后受到疫情影响出现回落，5月开始疫情逐步缓解，经济触底回升。海外方面，通胀压力较大，美联储加息节奏加快。政策上，上半年央行下调存款准备金率0.25个百分点，降低公开市场操作和MLF操作利率10BP，降低1年期LPR利率10BP，降低5年期LPR利率20BP，流动性整体维持在较为充裕水平上，政策托底意愿较强。市场层面，上半年债券市场收益率走势分化，短端下行幅度较大，长端震荡为主，信用债整体表现好于同期限利率债。投资运作上，我们坚持稳健的操作风格，积极操作，同时严格控制风险。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.459Z","mo":"展望未来，经济正在逐步走出疫情的影响，房地产销售出现了底部企稳的迹象，但回暖尚需时间。海外方面，通胀压力维持高位，需求出现放缓迹象。后续关注点主要在疫情后的经济修复节奏以及稳增长政策的实施效果。利率债策略：货币政策环境友好，但宽货币与宽信用预期共存，预计整体保持震荡走势，对利率债看法中性。信用债策略：关注地产和城投的政策风险，严防信用风险。","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元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=788570","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f36","date":"2022-03-30T16:00:00.000Z","stockId":3000000008122,"sao":"一季度经济形势较为复杂。开年1-2月经济数据表现良好，反映宏观景气度较高。但3月以来，外部地缘政治形势恶化，国内疫情出现扩散，经济出现了内需放缓叠加外部输入性通胀的压力。政策上，金稳会定调稳增长继续加码，稳定了市场预期，但政策的实施路径和出台节奏仍需观察。市场层面，一季度债券市场收益率震荡为主，信用债整体表现不及同期限利率债。投资运作上，我们严格执行组合操作策略，严控信用风险，同时在利率债上波段操作，为组合增厚收益。展望未来，经济依然面临需求收缩、供给冲击和预期转弱的三重压力。内需的压力主要体现在地产投资持续低迷，同时疫情防控难度大；外需压力则体现在地缘政治形势复杂，以及全球流动性趋于收紧。通胀方面，目前的主要问题依然在海外，输入性通胀风险需要警惕。政策方面，预计货币政策继续坚持“以我为主”，将采取较为积极的政策来应对国内的压力。利率债策略：货币政策环境较为友好，稳增长预期或逐步增强，预计利率债维持区间震荡。对利率债看法中性。信用债策略：关注地产和城投的政策风险，严防信用风险。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.457Z","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元短债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=730584","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f35","date":"2021-12-30T16:00:00.000Z","stockId":3000000008122,"sao":"全年经济逐季放缓，全年工业增加值同比增长9.6%，固定资产投资累计同比增长4.9%。房地产景气度偏低，制造业景气度相对较好，消费恢复偏慢。食品价格低迷拖累CPI表现，工业品价格高涨推动PPI全年维持高位。国内央行货币政策稳健中性，12月再次降准，同时下调了1年期LPR。市场层面，利率债收益率震荡下行，信用债整体表现好于利率债。投资运作上，我们坚持稳健的风格，配置性价比较高的债券，同时也积极参与利率债波段。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.454Z","mo":"展望未来，经济依然存在下行风险。内需的压力主要体现在地产投资下行风险较大，同时外需预计将逐渐见顶。通胀方面，工业品涨价缓解，需要关注食品价格的变化。货币政策仍然稳健中性。利率债策略：货币政策环境较为友好，稳增长政策或带动基本面逐步企稳，预计利率债维持区间震荡。对利率债看法中性。信用债策略：关注地产和城投的政策风险，严防信用风险。","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元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=716787","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f34","date":"2021-09-29T16:00:00.000Z","stockId":3000000008122,"sao":"三季度经济有所回落，1-8月工业增加值累计同比增长下降至13.1%，房地产景气度下降，基建制造业相对稳定，消费受疫情影响继续回落。猪价下行周期拖累CPI下行，上游工业品价格上涨带动PPI上涨。国内央行货币政策保持中性，7月初降准。市场层面，利率债收益率震荡下行，曲线平坦化，信用债整体表现不及利率债。投资运作上，组合在合规的前提下积极配置性价比较高的债券，严控回撤和信用风险。展望未来，内外需的压力逐渐显现，经济下行压力加大，但通胀压力仍然较大。预计货币政策维持稳健中性，流动性平稳。利率债方面，基本面利多因素逐渐增加，利率下行的趋势还在，但空间受到一定限制。信用债方面，需密切关注受信用风险冲击较大的发债主体，严防信用风险。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.451Z","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元短债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=658862","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f33","date":"2021-06-29T16:00:00.000Z","stockId":3000000008122,"sao":"上半年经济持续修复，工业生产恢复较快，房地产投资韧性较强，基建、制造业投资相对稳定，消费修复较慢。猪价下行周期拖累CPI，上游工业品价格上涨带动PPI上涨。国内央行货币政策保持中性。市场层面，利率债收益率震荡下行，信用债整体表现优于利率债。投资运作上，组合坚持较为稳健的投资思路，积极配置性价比较高的品种，同时，我们也在市场出现机会时积极参与利率债波段。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.449Z","mo":"展望未来，经济复苏进入了相对平稳期，通胀短期高点或已出现。预计货币政策维持稳健中性，流动性维持平稳。利率债方面，预计维持震荡走势，向上和向下空间均不大。信用债方面，需密切关注受信用风险冲击较大的发债主体，严防信用风险。","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元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=636901","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f32","stockId":3000000008122,"sao":"2021年1-2月经济继续修复，工业增加值同比增长35.1%，固定资产投资同比增长35%，地产景气度高于基建和制造业，消费修复略不及预期。工业品价格带动PPI上行，CPI价格平稳，国内央行货币政策保持中性。市场层面，利率债收益率区间震荡，信用债整体表现优于利率债。投资运作上，我们将组合久期控制在中性水平，同时我们严格控制信用风险，在保证信用风险可控的前提下，积极提高组合的静态收益，此外，在市场出现机会的时候，我们也积极参与利率债波段，在一定程度上增厚了组合的收益。展望未来，经济复苏和通胀上行的趋势仍在，下半年海外经济能否超预期存在较大不确定性。预计货币政策维持稳健中性，流动性维持平稳。利率债方面，预计维持震荡走势，向上和向下空间均不大。信用债方面，需密切关注受信用风险冲击较大的发债主体，严防信用风险。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.446Z","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元短债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=575910","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f31","stockId":3000000008122,"sao":"本基金在2020年规模出现了巨大波动，给投资管理工作带来挑战。在投资运作上，持续维持中低久期和适度杠杆，以获取利息收益为主要策略。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.443Z","mo":"本基金将保证组合流动性和规避信用风险放在首位，保持中短久期，在此基础上尽可能通过获取利息回报，作为组合收益的主要来源。","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元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=561774","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f30","stockId":3000000008122,"sao":"三季度本基金在保证组合流动性的前提下，继续采用短久期策略，维持适度杠杆率，提升组合静态收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.441Z","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元短债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=494141","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb5c7fea5b3eb04b3f2f","stockId":3000000008122,"sao":"上半年债券市场波动较大，一季度疫情引发经济衰退和流动性泛滥，债券市场大幅上涨；二季度债券市场迎来剧烈调整，信用债收益率已回升至年初水平，具有一定的配置价值。本基金维持短久期，以高等级信用债为主，策略上以获取票息为主。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:04.438Z","mo":"目前债券收益率已经回升至年初水平，配置价值出现，本基金下半年仍维持短久期，重点获取票息收益。","fund":{"_id":3000000008122,"__csrcFundId":6836,"stockCode":"008122","shortName":"南方皓元短债债券(008122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8122,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:05:22.753Z","status":"normal","inceptionDate":"2019-11-27T16:00:00.000Z","name":"南方皓元短债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方皓元短债债券","pinyin":"nfhydzzqxzqtzjj","managers":[{"stockCode":"db20674119","stockType":"fund_manager","exchange":"fm","tickerId":1210194770,"name":"刘骥"}]},"announcement":{"linkText":"南方皓元短债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=466141","linkType":"PDF","source":"csrc_pdf"}}]}