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跷跷板压制债市情绪，10年期国债到期收益率最高上至1.90%。而后保险、银行自营配置盘进场布局票息，加之央行宣布结构性货币政策工具降息25BP等因素，10年期国债收益率转为下行，修复月初跌幅。1月底、2月初外部地缘冲突升级，公布的PMI超预期走弱，债市情绪略有提振，后续随着市场资金面宽松，配置需求偏强的同时交易盘进场做多，10年国债活跃券最低降至1.77%以下，随后止盈情绪升温带动利率小幅上行。后续随着房地产政策调整和权益市场波动，债券市场再现震荡走弱行情，进入3月，国内全国两会和各项经济数据披露，债市反应有限，地缘冲突大幅升级推高油价，“滞胀”和“衰退”交易笼罩国内外市场，债市主要受到通胀预期的压制，但受益于配置资金充裕和资金面平稳宽松，短债情绪较好，长债调整空间有限，10年国债维持在1.80%-1.85%窄区间波动。　　报告期内，考虑到本季度组合进入开放期，因此组合降低了仓位水平，组合降低了利率债和部分中等资质银行债的配置，后续再次进入封闭期后，考虑到后续整体资金面相对保持宽松，组合逐步增加了信用债的配置。同时继续对信用债仓位进行内部结构优化，置换为兼具骑乘收益与套息优势的中等期限信用债和高等级银行债品种，以提升组合套息收益。　　展望二季度，地缘局势和国内通胀环境将成为影响债市的主要因素。伴随出口超预期韧性、基建投资持续发力、地产销售边际企稳，叠加消费补贴带动社零中枢修复，预计经济增速总体保持稳健，但是消费和地产的反弹持续性需进一步观察，地缘政治引发的能源价格波动，后续需关注全球通胀走势和需求情况，外贸对生产拉动的持续性潜在预期差。通胀方面，受到国际油价明显上涨的影响，PPI增速转正节奏明显提前，且呈现逐步回升态势，后续关注输入性通胀压力。政策方面，年初财政积极发力，二季度财政支出有望加快，加力提效以托底基建，央行多次表态货币政策有足够空间，将灵活高效运用降准降息等工具，预计资金面有望延续均衡，但阶段性波动可能增大。对于债券市场，将关注市场配置力量和宏观数据的边际变动，并择机进行组合结构优化。","lastUpdated":"2026-04-21T19:52:22.450Z","fund":{"_id":3000000008352,"__csrcFundId":6976,"stockCode":"008352","shortName":"交银裕坤纯债一年定期开放债券(008352)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8352,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:12:38.197Z","status":"normal","inceptionDate":"2019-12-25T16:00:00.000Z","name":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银裕坤纯债一年定期开放债券","setUpDate":"2019-12-25T16:00:00.000Z","pinyin":"jysldykczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20050829","stockType":"fund_manager","exchange":"fm","tickerId":250825080080,"name":"于海颖"},{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"}]},"announcement":{"linkText":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1470443","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69c76ffe69b11a867413e08a","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-27T16:00:00.000Z","stockId":3000000008352,"sao":"回顾2025年全年市场行情，债市收益率较上年末出现一定上行，具体来看，年初货币宽松预期发酵，10年期国债收益率创历史新低，而后资金面收紧带动短端利率大幅上行，后续随着市场整体资金面平稳等因素的影响，债券市场较前期出现一定下行，市场对于2024年的悲观预期得到了明显修正，而对于收益率在上年末的透支行情，市场也出现了一定的修复。二季度市场主要受到贸易摩擦反复和供给等因素的影响，二季度债券市场经历了一波先下后上的行情，整体震荡下行为主，信用利差出现一定走阔。三季度市场主要受了权益市场上行和资金面的综合影响，利率水平出现明显上行，而通胀预期升温和资金面波动等综合因素成为市场主导因素，进入四季度，伴随资金面平稳偏松，债市情绪有所修复，11月初央行公告重启国债买卖，叠加经济数据边际走弱，市场呈现震荡行情，结构上中短端表现好于长端，超长债受机构行为影响，市场收益率曲线陡峭化明显。综合全年来看，2025年的市场受到的影响因素较多，包括宏观、市场供需、权益市场、贸易战等多种复杂因素影响，全年债券收益率波动明显。　　报告期内，考虑到债券市场波动有所加大，组合整体降低了利率债的配置，并根据市场利差变化情况，增加了信用品种的配置；同时结合资金面情况，组合全年维持较高的杠杆水平，以获取相应的套息收益。此外，结合产品定期开放的特性，组合根据市场利差水平开展了波段操作，重点增强了金融债及利率债品种的交易策略。鉴于全年信用利差收窄明显，组合整体减持了部分中低评级品种，并适度提升了中高等级信用品种的配置，以提升组合流动性水平。","lastUpdated":"2026-03-28T06:06:54.805Z","mo":"展望2026年，作为“十五五”开局之年，预计经济增长的总量目标还会兼顾跨周期等因素，并兼顾产业结构调整和政策优化，国内经济结构转型深化，股市弹性和海外市场的波动、财政和货币政策配合将成为影响债市的主要因素，在外贸韧性犹存、但不确定性升高的情况下，财政扩张提振内需的重要性更加突出，货币政策则更加灵活，伴随制造业投资持续发力叠加消费温和复苏，预计经济增速相对稳健，年中出口增速可能有所收敛，下半年主要观察政策托底支撑和新动能培育成效。通胀方面，全年CPI预计前高后低，低基数对于物价读数的改善较为明显，但新涨价因素相对有限。政策方面，考虑到2026年春节假期较晚，财政预计会提前发力，推动投资止跌回稳，需关注政府债供给压力，以及央行的国债买卖和公开市场流动性投放配合情况，预计资金面均衡偏松、流动性保持充裕。在这种情况下，组合会持续关注市场资金面水平和宏观因素的影响，以信用配置为基础仓位，并持续提升组合流动性。","fund":{"_id":3000000008352,"__csrcFundId":6976,"stockCode":"008352","shortName":"交银裕坤纯债一年定期开放债券(008352)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8352,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:12:38.197Z","status":"normal","inceptionDate":"2019-12-25T16:00:00.000Z","name":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银裕坤纯债一年定期开放债券","setUpDate":"2019-12-25T16:00:00.000Z","pinyin":"jysldykczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20050829","stockType":"fund_manager","exchange":"fm","tickerId":250825080080,"name":"于海颖"},{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"}]},"announcement":{"linkText":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1452790","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb917fea5b3eb04b8219","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000008352,"sao":"回顾2025年三季度债市行情，整体呈现收益率上行、期限利差逐步走阔的态势。具体来看，受商品与权益市场共振上涨影响，叠加资金面边际收紧，季初债市情绪转弱，各期限收益率上行，后续随着市场流动性相对宽松，债市短暂企稳。8月上旬，债市维持震荡格局；中旬，市场风险偏好再度提升，收益率曲线呈现陡峭化上行特征；下旬则逐步震荡修复。临近季末，市场对资金流动变化等因素关注度再次上升，债市情绪延续偏弱，后续月末央行重启14天期逆回购后，市场有所企稳。截至9月30日，1年期国债收益率较季初上行3BP至1.37%，10年期国债收益率较季初上行21BP至1.86%。　　报告期内，组合减持了部分利率债的持仓，并减持性价比下降的短期限信用债，置换为兼具骑乘收益与套息优势的中等期限信用债，对信用债仓位进行内部结构优化，考虑到整体资金面水平，组合提升了杠杆水平，以提升组合套息收益。　　展望2025年四季度，国内外经济运行态势、政策应对方向及监管政策进展，或将成为影响债市走势的主要因素。当前全球各国经济复苏进程存在明显差异，贸易摩擦余波未消，外部环境的不确定性将对国内债市产生影响。国内经济在结构调整深化与有效需求释放层面仍面临挑战，前期补贴政策对消费的拉动效应持续性有待观察，而增量货币与财政政策的落地节奏、力度，将成为市场潜在的预期差。通胀方面，受基数效应支撑，四季度通胀有望温和回升，但预计整体上行空间有限，食品价格上涨动能不足，工业品价格实际涨幅仍取决于内需修复力度。流动性方面，在房地产信贷需求实现实质性改善之前，实体信用大幅扩张的概率偏低，信贷增长将保持温和；同时政府债供给同比下降，对应社会融资规模增速见顶回落，对资金面的扰动有限，预计资金利率将继续围绕政策利率平稳波动。综合上述因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韧性，此外政策继续推进消费品以旧换新，有助于释放耐用品消费和更新需求，预计消费增速中枢保持平稳。通胀方面，在需求分化之下预计食品价格和工业品价格难以趋势回升，预计CPI增速小幅回升，PPI跌幅收窄，整体通胀压力可控。流动性方面，在债券供给增加以及畅通货币政策传导诉求下，预计资金面或维持平稳宽松态势。整体来看，基本面仍处于筑底爬坡阶段，流动性或维持合理充裕，预计债市维持震荡偏强态势。　　操作策略方面，目前信用债市场收益率下行之后杠杆套息收益仍在，组合计划在封闭期内继续维持中高杠杆操作，同时结合收益率和利差变化择机进行动态结构优化，以在防控信用风险和流动性风险的前提下，力求不断提升组合的收益率水平。","fund":{"_id":3000000008352,"__csrcFundId":6976,"stockCode":"008352","shortName":"交银裕坤纯债一年定期开放债券(008352)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8352,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:12:38.197Z","status":"normal","inceptionDate":"2019-12-25T16:00:00.000Z","name":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银裕坤纯债一年定期开放债券","setUpDate":"2019-12-25T16:00:00.000Z","pinyin":"jysldykczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20050829","stockType":"fund_manager","exchange":"fm","tickerId":250825080080,"name":"于海颖"},{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"}]},"announcement":{"linkText":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1148174","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb917fea5b3eb04b8213","date":"2024-03-30T16:00:00.000Z","stockId":3000000008352,"sao":"2024年一季度，债券市场明显上涨后窄幅震荡，整体来看利率呈现下行趋势，收益率曲线小幅陡峭化。一月初，宽松预期发酵叠加春节前资金面平稳，长端收益率明显下行。一月下旬，权益市场波动风险偏好回落，央行超预期降准带动债券收益率再度下行。二月初，股市反弹叠加春节消费出行数据向好，债市小幅回调后继续下行。春节后，资金面转松中短端表现较好。进入二月下旬，央行宣布五年期LPR下调，此外部分中小银行宣布降低存款利率，地产高频数据表现一般，债券收益率快速下行。三月初，两会前后市场主要关注政策预期变化，债市窄幅波动。此后，宣布发行一万亿超长期特别国债，债市在止盈压力下有所调整。临近季末，资金面整体维持平稳，叠加机构配置积极性提升，收益率再度小幅下行。　　报告期内，组合在新一轮封闭期内主要配置了中短久期中高等级的信用债，并保持了一定的杠杆水平。同时在信用债市场收益率调整的过程中，组合动态调整持仓结构，增持了部分静态收益率高、流动性较好的中高等级个券，以在防控信用风险和流动性风险的前提下，力求不断提升组合的收益率水平。　　展望2024年二季度，考虑到财政逐步发力以及基数效应，经济同比增速或有所回升，但消费和地产的修复仍需观察。三大投资分化之下，基本面或处于温和改善状态，海外需求变化引发的出口波动或带来一定预期差。经济动能方面，两会公布计划发行一万亿超长期特别国债，随着春季后项目逐步落地和施工加快，预计基建仍然是托底经济的主要抓手。消费方面，一月至二月，受到假期因素影响，社零数据好于市场预期。往后看，近期政策推动大规模设备更新及消费品以旧换新，有助于释放耐用品消费和更新需求。年初以来，外需有所修复，出口相关方向表现较好，但考虑到海外经济持续性不高，后期我们将关注出口的边际变化。二季度，预计通胀整体压力不大。PPI方面，考虑到商品价格企稳，跌幅有望收窄，CPI同比或维持低位震荡。资金面方面，在债券供给增加以及降低融资成本诉求下，预计货币政策宽松仍有空间，资金面或维持平稳宽松态势。整体来看，基本面仍处于筑底爬坡阶段，宽信用仍需要宽货币支持，流动性或维持合理充裕，预计债市将维持震荡态势。　　操作策略方面，目前信用债市场收益率下行之后杠杆套息收益仍在，组合计划在封闭期内继续维持中高杠杆操作，同时结合收益率和利差变化择机进行动态结构优化，以在防控信用风险和流动性风险的前提下，力求不断提升组合的收益率水平。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:57.274Z","fund":{"_id":3000000008352,"__csrcFundId":6976,"stockCode":"008352","shortName":"交银裕坤纯债一年定期开放债券(008352)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8352,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:12:38.197Z","status":"normal","inceptionDate":"2019-12-25T16:00:00.000Z","name":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银裕坤纯债一年定期开放债券","setUpDate":"2019-12-25T16:00:00.000Z","pinyin":"jysldykczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20050829","stockType":"fund_manager","exchange":"fm","tickerId":250825080080,"name":"于海颖"},{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"}]},"announcement":{"linkText":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072670","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb917fea5b3eb04b8212","date":"2023-12-30T16:00:00.000Z","stockId":3000000008352,"sao":"2023年，债券市场整体呈现震荡上涨行情，全年来看收益率有所下行，期限利差整体压缩，信用利差整体压缩。年初，信贷实现开门红，资金面收敛带动短端利率出现调整，长端延续震荡。三月之后，两会政府工作报告基本符合预期，存款利率下调叠加宽松政策落地，债券收益率持续下行。七月底，政治局会议召开，同时经济、金融数据出台，央行超预期下调逆回购利率后债券利率快速下行至阶段低点。九月之后，地产政策变化债市调整。此后，由于政府债券发行增加、资金面收敛收益率曲线明显平坦化，信用债期限利差和评级利差有所压缩。十一月初，海外资金面边际转松，美债收益率大幅下行，债市整体呈现震荡行情。临近年末，随着流动性转松以及机构配置需求增加，债券收益率逐步见顶，宽松预期升温带动收益率快速下行，中短期限下行幅度较大，曲线转而陡峭化。　　报告期内，组合主要配置了中短久期中高等级的信用债，并保持了较高的杠杆水平。同时在信用债市场收益率变化的过程中，组合动态调整持仓结构减持了部分静态收益和骑乘较弱的品种，增持了部分静态收益率高、流动性较好的个券，以在防控信用风险和流动性风险的前提下，力求不断提升组合的收益率水平。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:57.272Z","mo":"展望2024年，当前宽信用政策陆续出台，叠加政府债券发行增加，有助于改善经济预期，预计经济基本面或延续温和走势。经济动能方面，在一线城市购房政策陆续放松后，预计短期销售同比增速有所回暖，未来投资跌幅或有望收窄。基建稳增长力度需要关注后期政府债券发行节奏，海外需求放缓导致的出口回落可能对经济带来一定的负面影响。消费方面，元旦消费数据边际改善，居民消费的变化短期与消费场景和消费结构有关，中期仍取决于收入预期变化。2024年，预计通胀同比小幅回升但整体压力不大，PPI大概率维持较低水平。CPI方面，猪肉供需格局对食品价格仍有影响，服务业价格上涨较为温和。整体来看，基本面仍处于筑底爬坡阶段，在实体需求逐步回暖的过程中，宽信用仍需要宽货币支持，流动性或维持合理充裕，预计债市维持震荡偏强态势。具体到债券投资来看，经济底部修复叠加宽松预期仍在，在资金面平稳下中短期限性价比较高。　　操作策略方面，目前信用债市场收益率下行之后杠杆套息收益仍然相对较高，组合计划临近开放期前后小幅降低组合杠杆，在封闭期内继续维持中高杠杆操作，同时结合收益率和利差变化择机进行动态结构优化，以在防控信用风险和流动性风险的前提下，力求不断提升组合的收益率水平。","fund":{"_id":3000000008352,"__csrcFundId":6976,"stockCode":"008352","shortName":"交银裕坤纯债一年定期开放债券(008352)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8352,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:12:38.197Z","status":"normal","inceptionDate":"2019-12-25T16:00:00.000Z","name":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金",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长久期中低等级传导，部分品种信用利差压缩明显。  报告期内，考虑到年初信用债绝对收益率水平较高和配置价值较好，叠加资金面整体平稳，本组合进入封闭期后主要配置了1-2年附近中高等级的信用债，并保持了较高的杠杆水平。同时在信用债市场收益率持续下行的过程中，组合动态调整持仓结构，增持了部分静态收益率较高且流动性较好的高等级个券，以在防控信用风险和流动性风险的前提下，力求不断提升组合的收益率水平。  展望2023年二季度，国内基本面复苏斜率和流动性的边际变化将成为影响债市的主要因素。受基数效应影响，消费和地产的反弹力度、海外经济衰退导致出口回落仍是潜在预期差。考虑猪肉供给压力较大，将部分对冲服务业上涨，叠加PPI受基数影响延续走低，国内通胀压力整体可控。政策方面，当前专项债提前批发行节奏较快，二季度财政仍将加力提效来托底基建。在三月全面降准后，货币政策更注重结构性工具和宽信用效果，预计资金面保持平稳，但阶段性波动增大，我们将关注利差压缩的投资机会。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:57.262Z","fund":{"_id":3000000008352,"__csrcFundId":6976,"stockCode":"008352","shortName":"交银裕坤纯债一年定期开放债券(008352)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8352,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:12:38.197Z","status":"normal","inceptionDate":"2019-12-25T16:00:00.000Z","name":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银裕坤纯债一年定期开放债券","setUpDate":"2019-12-25T16:00:00.000Z","pinyin":"jysldykczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20050829","stockType":"fund_manager","exchange":"fm","tickerId":250825080080,"name":"于海颖"},{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"}]},"announcement":{"linkText":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=883093","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb917fea5b3eb04b820e","date":"2022-12-30T16:00:00.000Z","stockId":3000000008352,"sao":"回顾2022年，债市呈现震荡格局，全年利率走势主要受到资金价格、疫情和地产行业政策变化、美联储加息等因素的影响。一季度，债市先涨后跌。年初，央行超预期降息10BP，叠加市场担忧信贷需求走弱，长端收益率快速下行14BP至2.68%。春节后，地缘局势紧张，股市大幅调整加剧理财赎回压力，债券也受到波及并弱势调整。二季度，4月15日央行宣布全面降准0.25%，资金中枢显著下移带动收益率下行，但受到美联储紧缩等利空因素影响，利率基本维持区间震荡。三季度，收益率先下后上。七月，初地产风险事件持续发酵，同时隔夜利率降至低位，中短端利率大幅下行。8月15日央行再次超预期降息10bp，推动十年国债收益率快速下行至2.58%，录得年内低点。之后伴随九月底跨季资金面收敛，债市基本回吐降息以来的涨幅。四季度，市场波动加大，年底调整剧烈。进入十月下旬，短端资金面持续收敛，地产端支持措施先后出台，收益率呈现弱势震荡。从全年来看，十年和一年国债收益率较年初分别上行6BP和下行15BP，收于2.84%和2.10%。  报告期内，组合重点配置了部分中等期限的利率品种，并根据利差变动情况减持了部分利差已经较低的品种。临近年末，由于组合一年期封闭期临近到期，并考虑到资金面跨节的波动性，组合在年末集中减持了利率品种，以提升组合流动性水平。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:57.260Z","mo":"展望2023年，随着疫情的影响逐步减弱、地产市场低位企稳，叠加海外经济走弱，增长动能可能从外需切换到内需。春节期间消费数据明显修复，预计节后复工复产和线下出行有望延续回暖，中长期消费恢复空间仍取决于居民收入的增长。经济增长动力方面，预计基建和制造业投资仍是年初拉动经济的重要抓手，地产周期修复仍需观察。通胀方面，受基数效应和外需下滑影响，全年出现明显通胀的概率不大，我们将积极关注下半年核心通胀的变化。整体而言，节前收益率对经济复苏定价较充分，同时在地产依然偏弱的背景下，后续收益率转向需要紧密跟踪宽信用政策效果，以及向实体经济传导的效率。","fund":{"_id":3000000008352,"__csrcFundId":6976,"stockCode":"008352","shortName":"交银裕坤纯债一年定期开放债券(008352)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8352,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:12:38.197Z","status":"normal","inceptionDate":"2019-12-25T16:00:00.000Z","name":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银裕坤纯债一年定期开放债券","setUpDate":"2019-12-25T16:00:00.000Z","pinyin":"jysldykczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20050829","stockType":"fund_manager","exchange":"fm","tickerId":250825080080,"name":"于海颖"},{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"}]},"announcement":{"linkText":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=867815","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb917fea5b3eb04b820d","date":"2022-09-29T16:00:00.000Z","stockId":3000000008352,"sao":"2022年三季度债市整体呈现先涨后跌的走势，截止季末收益率曲线小幅平坦化。信用债各期限表现均好于利率债，与国开信用利差明显压缩。七月初债券收益率快速下行，隔夜回购利率一度下降至1%附近的低位。七月末票据利率快速下行，经济预期下修带动十年国开收益率下行至2.9%附近。八月初，市场避险情绪升温。在七月经济金融数据均走弱的驱动下，中旬央行超预期降息10BP，宽松预期发酵债市出现上涨，各期限收益率均下行10-15BP左右，十年国开收益率最低录得2.77%。九月内，八月经济数据好于预期，债市震荡走弱。九月末随着跨季资金面收紧，收益率出现步上行，基本回至降息前的水平。  报告期内，本组合在市场收益率出现下行的情况下，考虑到本组合持有个券的信用利差收窄比较明显，因此减持了部分信用债品种，并置换为中等期限的利率债品种。久期方面，组合持续保持中等期限久期，并获取了一定的杠杆收益。  展望2022年四季度，我们预计基建和制造业相关的稳增长政策逐步发力。四季度经济主要的下行压力可能来自于出口。消费弹性预计相对较弱。在基本面难有明显改善和降成本目标之下，货币政策或维持平衡宽松状态，考虑到四季度MLF到期量较大，降准置换操作仍然可期。通胀方面CPI有上行压力，PPI或将延续回落。整体来看，预计债市在经济基本面偏弱、通胀分化、流动性合理充裕下或维持震荡偏强的格局，杠杆策略和票息策略仍然占优，信用债表现或略好于利率债。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:57.257Z","fund":{"_id":3000000008352,"__csrcFundId":6976,"stockCode":"008352","shortName":"交银裕坤纯债一年定期开放债券(008352)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8352,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:12:38.197Z","status":"normal","inceptionDate":"2019-12-25T16:00:00.000Z","name":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银裕坤纯债一年定期开放债券","setUpDate":"2019-12-25T16:00:00.000Z","pinyin":"jysldykczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20050829","stockType":"fund_manager","exchange":"fm","tickerId":250825080080,"name":"于海颖"},{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"}]},"announcement":{"linkText":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=801794","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb917fea5b3eb04b820c","date":"2022-06-29T16:00:00.000Z","stockId":3000000008352,"sao":"回顾2022年上半年，债券市场在流动性环境保持宽松下，围绕国内疫情变化和宽信用政策整体呈现震荡行情。一月中旬央行宣布降息10bp，宽货币预期升温下，年初利率明显下行，十年国债收益率快速下行至2.68%低点。随后金融数据开门红、俄乌局势紧张等因素的影响，债市出现明显回调，十年国债收益率最高上行至2.85%附近。进入二季度，国内疫情导致经济下行压力加大，基本面担忧升温下，利率震荡下行。四月央行降准后资金利率中枢明显下移带动市场收益率出现一定下行，但降准幅度低于预期引发债市连续调整，长端利率再次出现调整。受益于央行利润上缴和财政留底退税，银行间流动性充沛，叠加市场下修二季度经济增速预期，期限利差有所压缩。随后六月上海宣布全面复工复产，收益率快速调整并回吐前期涨幅。此后债市在海外流动性收紧，国内防疫政策边际放松、流动性延续宽松等多空因素交织下，收益率保持震荡。  报告期内，组合主要根据宏观数据和疫情的演绎，同时考虑到资金面宽松对曲线的影响，主要配置了部分三年左右的利率品种，并减持了部分静态收益较低的短期利率品种。在杠杆方面，组合在年中降低了杠杆水平，以降低年中资金面波动对组合的冲击。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:57.254Z","mo":"展望2022年下半年，经济在疫情扰动后有望步入复苏阶段，伴随猪价企稳上行，叠加海外大宗商品供需格局偏紧，国内通胀压力将有所抬升。流动性方面，考虑经济弱复苏、政策稳增长诉求依然较高，流动性有望维持平稳，伴随内需回暖和海外政策持续紧缩，后续资金或边际收敛。基于以上因素，本组合下一阶段的操作将更加关注个券的静态收益水平和利差水平的变动，同时我们将密切关注各项宏观数据的边际变动，动态调整组合的久期。杠杆方面，考虑到资金面大幅收紧的概率不高，因此组合在综合考虑资产配置收益和流动性的基础上，仍会保持一定的杠杆水平，以期提升组合的收益水平。","fund":{"_id":3000000008352,"__csrcFundId":6976,"stockCode":"008352","shortName":"交银裕坤纯债一年定期开放债券(008352)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8352,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:12:38.197Z","status":"normal","inceptionDate":"2019-12-25T16:00:00.000Z","name":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银裕坤纯债一年定期开放债券","setUpDate":"2019-12-25T16:00:00.000Z","pinyin":"jysldykczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20050829","stockType":"fund_manager","exchange":"fm","tickerId":250825080080,"name":"于海颖"},{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"}]},"announcement":{"linkText":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=781007","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb917fea5b3eb04b820b","date":"2022-03-30T16:00:00.000Z","stockId":3000000008352,"sao":"2022年一季度债市整体呈现先涨后跌的走势，截止三月末，十年国债较去年末上行1BP，一年国债较去年末下行9BP，收益率曲线小幅陡峭化。信用债除了一年以内短久期之外，其他表现略弱于利率债，信用利差在一季度后期明显走扩。一季度债市涨跌的转折点出现在二月上旬春节之后，春节前市场在一月央行超预期降息之后对货币政策进一步宽松预期较高，春节后一月社融数据出台大超预期，叠加地产政策明显放松情况下，债市担忧宽信用逐渐见效或导致宽货币预期减弱，债市开始弱势调整。三月债市整体利好较为有限，特别是在油价大幅上涨导致通胀预期上行、美联储加息落地中美利差收窄等因素的影响下，收益率维持区间震荡行情。  报告期内，考虑到组合在报告期初杠杆水平较低，因此组合结合收益率曲线形态变动和市场整体流动性水平，增持了部分中短期限的利率债品种，以提升组合静态收益水平。  展望2022年二季度，我们预计经济基本面受到各地疫情反复影响,生产受阻、需求较弱，在季初或表现疲态，此后随着稳增长财政政策持续发力大概率呈现温和回升态势，但保持年初以来经济开局的难度仍然较大。经济的不确定性主要来自地产的拖累和消费的疲软，当前在按揭利率下行后地产销售逐步触底，短期受疫情影响复苏迹象仍不明显，地产企业融资链条偏紧，拿地积极性不高，将持续影响后期的地产投资预期。消费方面，疫情之后居民可支配收入的下行和疫情反复后的各项政策，预计将从供需两端持续约束消费的改善。稳增长政策下新基建相关政策预计将逐步落地，带动基建投资保持较高增长，但与此同时，预计货币政策也会有相应配合维持流动性在合理充裕水平，为对冲MLF和地方债发行的宽松操作仍然可期。整体来看，预计债市在经济基本面偏弱、通胀分化、流动性合理充裕下或维持震荡偏强的格局，主要风险点在于信贷投放和海外流动性收敛超预期，杠杆策略和票息策略仍然占优，信用债表现或略好于利率债。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:57.252Z","fund":{"_id":3000000008352,"__csrcFundId":6976,"stockCode":"008352","shortName":"交银裕坤纯债一年定期开放债券(008352)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8352,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:12:38.197Z","status":"normal","inceptionDate":"2019-12-25T16:00:00.000Z","name":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银裕坤纯债一年定期开放债券","setUpDate":"2019-12-25T16:00:00.000Z","pinyin":"jysldykczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20050829","stockType":"fund_manager","exchange":"fm","tickerId":250825080080,"name":"于海颖"},{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"}]},"announcement":{"linkText":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=723257","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb917fea5b3eb04b820a","date":"2021-12-30T16:00:00.000Z","stockId":3000000008352,"sao":"回顾2021年，债券市场整体呈现震荡上涨，十年国债收益率较年初下行36bp至2.78%，收益率曲线先“牛陡”再“牛平”。年初春节前央行公开市场操作明显缩量，银行间资金面紧张，债市震荡盘整。春节后货币政策维持中性偏宽松立场，叠加地产监管政策加强融资明显收缩，全年财政后置专项债发行不及预期，债券收益率缓慢下行。随后七月央行超预期实施全面降准，推动十年国债收益率快速下行至2.8%。但此后由于资金利率中枢并未改变，市场宽松预期有所修正，叠加国内外通胀显著上行，收益率在八月之后出现震荡调整。进入十月下旬，伴随政策保供稳价，煤炭价格明显下跌，同时地产信用风险进一步发酵，引发市场对经济下行担忧，收益率转为回落。十二月央行实施年内第二次降准，同时强调稳定信贷增长，市场宽信用预期升温，多空交织下收益率窄幅震荡，年底由于信贷需求转弱、宽松预期发酵，收益率再次降至年内前低位置。  报告期内，考虑到本组合为定期开放产品，因此本组合始终保持了较高的杠杆水平。但临近年末，由于资产收益率较低，因此逐步降低了杠杆水平，并主要用利率债为主要配置方向。信用债方面，考虑到个券的绝对收益率水平和利差水平，减持了部分静态收益较低的品种，以提升整体组合的静态收益。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:57.249Z","mo":"展望2022年，预计2022年经济增长仍是主要核心因素，地产政策或成为经济运行的关键，货币政策维持宽松的确定性较大，我们将关注宽信用的实施效果和通胀的走势。新一轮猪周期将于2022年年中启动，部分推升下半年CPI食品项，但上半年通胀压力可控，下半年不确定性较大。而海外的通胀和货币政策边际变化也是国内需要密切关注的因素之一，美国疫后大规模的财政刺激和货币宽松所带来的高通胀效应正在负面影响经济预期和政策变化，后续我们将继续关注其持续性和边际影响，从国内政策方面，预计仍将以稳为主，并以经济建设为中心，我们将及时关注宽信用效果和社融的边际变化。","fund":{"_id":3000000008352,"__csrcFundId":6976,"stockCode":"008352","shortName":"交银裕坤纯债一年定期开放债券(008352)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8352,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:12:38.197Z","status":"normal","inceptionDate":"2019-12-25T16:00:00.000Z","name":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银裕坤纯债一年定期开放债券","setUpDate":"2019-12-25T16:00:00.000Z","pinyin":"jysldykczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20050829","stockType":"fund_manager","exchange":"fm","tickerId":250825080080,"name":"于海颖"},{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"}]},"announcement":{"linkText":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=712073","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb917fea5b3eb04b8209","date":"2021-09-29T16:00:00.000Z","stockId":3000000008352,"sao":"回顾2021年三季度，债券市场呈现震荡偏强的格局，季初央行超预期降准，债券收益率大幅下行，此后由于疫情反复、限电及融资监管加强，经济基本面持续低于预期，市场对政策进一步宽松的预期抬升，但在通胀维持高位、宽信用政策陆续出台之下，债市维持区间震荡。  报告期内，基于对宏观经济的判断，结合市场收益率曲线形态变动，本组合适度降低了组合久期，考虑到临近三季度末，资金面可能会面临的波动，组合减持了部分期限较短且静态收益较低的利率债品种。  三季度以来债券收益率震荡下行，主要源自经济基本面超预期回落和较为宽松的流动性环境。展望2021年四季度，预计在融资收缩和生产受限下经济动能将进一步趋弱，但通胀在“双碳”政策约束供给之下或将保持高位，政策逐步在宽信用端发力，在流动性维持合理充裕之下，关注部分行业风险事件的化解和政策可能的边际变化以及稳经济的基建项目推进和落地情况，债券或延续震荡行情。在这种情况下，本组合仍将以信用债配置为主，并关注利率债的投资机会。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:57.246Z","fund":{"_id":3000000008352,"__csrcFundId":6976,"stockCode":"008352","shortName":"交银裕坤纯债一年定期开放债券(008352)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8352,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:12:38.197Z","status":"normal","inceptionDate":"2019-12-25T16:00:00.000Z","name":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银裕坤纯债一年定期开放债券","setUpDate":"2019-12-25T16:00:00.000Z","pinyin":"jysldykczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20050829","stockType":"fund_manager","exchange":"fm","tickerId":250825080080,"name":"于海颖"},{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"}]},"announcement":{"linkText":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=652424","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb917fea5b3eb04b8208","date":"2021-06-29T16:00:00.000Z","stockId":3000000008352,"sao":"回顾2021年上半年，债券市场主要受到资金面的影响先跌后涨，对基本面数据反映较为钝化。年初主要受到春节前资金面超预期紧张的影响明显下跌，三月之后资金面整体较为宽松，随着融资收缩、经济和通胀触顶回落，债市明显上涨。  具体来看，春节前由于缴税和现金走款银行间市场资金缺口较大，而央行投放相对谨慎，回购融资利率大幅攀升，债券收益率明显上行，十年国债最高上行至3.28%。此后随着现金走款回流和财政存款投放，资金面恢复宽松态势。三月之后社融数据明显回落，经济数据同比触顶回落、环比仍有分歧，而有关为政府债券发行提供适宜的流动性环境的表态，明显缓解了市场对资金面的担忧，债券收益率明显下行。四月、五月通胀超预期上行但是债市明显抗跌，主要由于地方债发行较慢，资金面始终比预期宽松，债市延续上涨。六月中上旬随着地方债供给增加资金面波动增加，收益率小幅调整后震荡波动。  报告期内，考虑到本基金为定期开放基金，因此本组合维持了较高的杠杆水平，并动态的根据信用债和利率债的利差水平进行相应的配置，利率债方面，本组合进行了部分中等期限品种的配置。信用债方面，主要根据个券的收益率水平和利差水平，进行了部分中短期限信用品种的配置，减持了部分静态收益较低的品种，以提升整体组合的静态收益和杠杆收益水平。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:57.242Z","mo":"展望2021年下半年，经济增长的主要拉动来自于消费、制造业的恢复和出口的韧性。通胀由于基数效应同比趋势回落的概率较大，经济基本面短期有韧性，中期在融资受限和消费疲弱下或将逐步下行，经济基本面和通胀对债市均较为有利。流动性方面，预计在央行降准之后或将维持合理充裕状态，三季度后期政府债券发行放量可能对资金面产生边际扰动，以及八月、九月美联储可能释放QE缩减信号，预计市场利率或围绕公开市场操作利率波动。基于以上因素，本组合下一阶段的操作仍将会保持中等偏高的杠杆水平，同时根据利差情况和收益率情况，动态进行利率债和信用债的结构调整，个券选择方面，预计仍会以中等期限的中高等级个券为主要的配置方向。","fund":{"_id":3000000008352,"__csrcFundId":6976,"stockCode":"008352","shortName":"交银裕坤纯债一年定期开放债券(008352)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8352,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:12:38.197Z","status":"normal","inceptionDate":"2019-12-25T16:00:00.000Z","name":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银裕坤纯债一年定期开放债券","setUpDate":"2019-12-25T16:00:00.000Z","pinyin":"jysldykczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20050829","stockType":"fund_manager","exchange":"fm","tickerId":250825080080,"name":"于海颖"},{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"}]},"announcement":{"linkText":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=631408","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb917fea5b3eb04b8207","stockId":3000000008352,"sao":"2021年一季度债市呈现区间弱势震荡行情，春节前受到资金面影响债市先涨后跌，春节后收益率波幅较小窄幅震荡，具体来看，一月中上旬在资金面宽松和配置力量带动下，短端收益率明显下行，长端基本以震荡为主。当月下旬缴税带动资金面超预期紧张，而央行投放相对谨慎，回购融资利率大幅攀升，春节后，随着现金走款回流和财政存款投放，资金面恢复宽松态势。基本面方面，国内经济数据呈现生产强、需求弱的特征，海外复苏预期和通胀预期明显回升，短端收益率小幅下行，长端维持高位震荡。三月中旬在情绪面和资金面催化下各期限收益率均小幅下行。  报告期内，本组合仍主要采取票息策略，由于本组合在本报告期内定期开放，因此组合配置了部分短久期的利率债品种，并适度降低了仓位，在组合进入下一封闭期后，本组合根据市场情况，增持了部分中等期限的利率债品种，并适度增持了部分中短久期信用债品种，以在资金面宽松的背景下，维持组合的杠杆水平，以获取套息收益。  展望2021年二季度，经济增长的主要拉动来自于消费、制造业的恢复和出口的韧性，考虑到接下来经济增长动力的基数效应和房地产投资等方面的调控因素，经济增速同比二季度见顶回落的可能性较大。通胀方面，工业品价格有望在二季度见到高点，核心通胀维持低位，综合考虑目前的信用环境和全球经济复苏的走势，我们预计二季度货币政策将维持稳定，但由于宏观杠杆率的控制，整体的信用环境面临一定的收缩压力，因此在择券方面，本组合会更加注重个券的基本面因素，并关注市场宏观面的边际变动，考虑到本组合为定期开放产品，因此组合会继续保持较高的杠杆水平，并继续关注中高等级个券的配置价值。同时我们将根据市场基本面因素和流动性水平，动态的调整组合的久期。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:57.240Z","fund":{"_id":3000000008352,"__csrcFundId":6976,"stockCode":"008352","shortName":"交银裕坤纯债一年定期开放债券(008352)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8352,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:12:38.197Z","status":"normal","inceptionDate":"2019-12-25T16:00:00.000Z","name":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银裕坤纯债一年定期开放债券","setUpDate":"2019-12-25T16:00:00.000Z","pinyin":"jysldykczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20050829","stockType":"fund_manager","exchange":"fm","tickerId":250825080080,"name":"于海颖"},{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"}]},"announcement":{"linkText":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=571623","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb917fea5b3eb04b8206","stockId":3000000008352,"sao":"回顾2020年债券市场，受到新冠疫情影响市场经历大涨大跌，市场主要分为两个阶段，一至四月受疫情冲击及经济下行的双重影响，国内外货币政策大幅宽松，债券市场快速走出一波牛陡行情。五月以来，国内疫情防控取得重大阶段性成果，经济逐渐好转，央行货币政策转为中性引发债市重定价，收益率明显上行后维持震荡。具体来看，年初表现相对平稳，但在新冠疫情不断发酵和严重的情况下，特别是在春节假期后和海外疫情的发展过程中，债券市场收益率出现了较大幅度的下行，十年国开收益率创下仅次于2002年的历史低位。五月之后在供给压力、宏观经济回暖等因素的影响下，央行超预期收紧货币政策，债券收益率开启震荡上行走势，曲线从牛陡快速转变为熊平，短端收益率上行近150BP。七月中旬之后，经济复苏的斜率边际放缓，但由于货币政策整体维持紧平衡状态，叠加股市高位震荡，收益率整体震荡上行。十月之后央行重提总闸门引发货币政策进一步收紧的预期，存单利率持续上行，叠加部分信用违约风险事件的影响，债券市场尤其是信用债和短久期利率债又经历了大幅下跌。十一月下旬随着央行超预期投放流动性，经济工作会议精神明确不会“急转弯”，债券市场在配置力量带动下，收益率转而下行。全年来看，十年国债和一年国债分别较年初上行1BP和11BP。报告期内，本基金在2020年年末成立，在银行间账户开立之后，进行了部分利率债的投资，同时逐步用利率债置换为票息收益良好且资质水平较高的信用个券，同时始终保持一定的杠杆水平，以获得相应票息和杠杆收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:57.237Z","mo":"展望2021年，经济增长动能将从疫情后以基建、地产拉动的逆周期因素逐步切换到以消费、制造业拉动的顺周期因素，出口受到疫苗接种和海外复苏影响韧性相对较强。预计经济运行回归正常轨道，同比在基数效应下冲高回落，环比增长先稳后弱，下半年压力大于上半年。在稳定宏观杠杆率定调和政策不“急转弯”下，2021年或呈现信用环境边际收紧、货币条件先紧后松、通胀趋势先上后稳的格局。操作策略方面，我们将继续关注信用债的投资机会，同时根据基本面情况动态的进行利率债品种的操作，考虑到本组合为封闭产品，因此会在资金面预期稳定的阶段保持相对较高的杠杆水平，以获取相应的套息收益。","fund":{"_id":3000000008352,"__csrcFundId":6976,"stockCode":"008352","shortName":"交银裕坤纯债一年定期开放债券(008352)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8352,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:12:38.197Z","status":"normal","inceptionDate":"2019-12-25T16:00:00.000Z","name":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银裕坤纯债一年定期开放债券","setUpDate":"2019-12-25T16:00:00.000Z","pinyin":"jysldykczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20050829","stockType":"fund_manager","exchange":"fm","tickerId":250825080080,"name":"于海颖"},{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"}]},"announcement":{"linkText":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=553286","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb917fea5b3eb04b8205","stockId":3000000008352,"sao":"回顾2020年三季度，债券收益率整体呈现震荡上行的趋势，从宏观数据来看，经济基本面走势在疫情之后出现了一定回暖态势，而在这种情况下，公开市场操作也进行了相应的节奏调整，在这种情况下，经济复苏预期下叠加货币政策回归中性，资金面呈现出阶段性紧张局面，债券市场弱势震荡。具体来看，本季度初，央行公开市场操作持续净回笼传递货币政策偏紧预期，一级市场供给压力导致市场供需问题明显，债券市场延续弱势调整。季度中期，债市在配置资金和避险情绪催化下开启一波反弹行情。进入季度末，在超储率低位的情况下，并受到假期因素的影响，资金面持续维持平衡偏紧格局，存单发行利率不断上行，带动曲线平坦化上行，考虑到票息因素，中短久期信用债配置需求恢复较好。报告期内，组合以信用债为主要配置，基于对宏观经济和政策的判断，认为债券市场趋势性机会需要等待，组合适度降低了利率风险暴露，并把握票息机会，通过精选信用个券和保持一定的杠杆操作，增厚组合收益。展望2020年四季度，国内基本面恢复的节奏和货币信用的边际变化将成为影响债市的主要因素。短期来看经济延续改善趋势、工业品价格上行压力增大，货币政策回归中性以及银行负债端压力较大等因素影响下，我们认为债券市场将维持震荡上行，趋势性机会仍需要等待。但随着年末供给压力减弱、信用增速放缓以及中美关系不确定性提升，债券市场或存在波段交易机会。操作策略方面，我们关注信用债的票息机会，进一步挖掘信用债投资机会，同时考虑到本基金为定期开放基金，在目前的市场收益率水平下，会适度提升组合的杠杆水平，以期提升组合整体静态收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:57.234Z","fund":{"_id":3000000008352,"__csrcFundId":6976,"stockCode":"008352","shortName":"交银裕坤纯债一年定期开放债券(008352)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8352,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:12:38.197Z","status":"normal","inceptionDate":"2019-12-25T16:00:00.000Z","name":"交银施罗德裕坤纯债一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银裕坤纯债一年定期开放债券","setUpDate":"2019-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