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9月以来受资金面预期差、债券供给四季度增大、理财产品净值化转型和大宗商品上涨等影响，债券收益率持续上行，信用利差和期限利差有所拉大。三季度整体组合在降准后提高组合久期和杠杆，在9月后考虑到通胀和理财产品净值化转型的影响降低组合久期和杠杆，尤其是降低组合信用债的持仓比例。四季度来看，整体上债券市场对于基本面偏弱有预期，货币政策在稳经济和控通胀间维持平衡状态，但是债券市场面临多重不利因素，尤其是各类农产品、能源化工等一系列产品价格高位，滞胀行情下限制央行货币政策的操作，因此短时间来看债券市场处于不利的局面，考虑到理财净值转型一系列因素集中在10月份，在历史上暂时没有遇到这种局面，同时对于这种局面无法准确预测，考虑到目前债券市场的收益率偏低，对于债券市场保持谨慎。我们认为四季度更加重视组合票息收益，在信用利差和期限利差面临一定的压力下，降低信用债的比例，维持组合高评级信用债和利率债的持仓，保持组合的流动性，投资更侧重组合的流动性和信用风险。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:30.363Z","fund":{"_id":3000000008487,"__csrcFundId":6995,"stockCode":"008487","shortName":"中信建投稳悦债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8487,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:12.836Z","status":"normal","inceptionDate":"2019-12-29T16:00:00.000Z","name":"中信建投稳悦一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳悦债券","setUpDate":"2019-12-29T16:00:00.000Z","pinyin":"zxjtwyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20523692","stockType":"fund_manager","exchange":"fm","tickerId":2410175730,"name":"许健"}]},"announcement":{"linkText":"中信建投稳悦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=657769","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbb27fea5b3eb04ba5fc","date":"2021-06-29T16:00:00.000Z","stockId":3000000008487,"sao":"2021年上半年，海外经济基本面持续复苏，受疫苗接种率和疫情防控措施不同，海外普遍发达经济体经济恢复快于发展中国家和欠发达经济体，消费国快于生产供给国，供给和需求错位造成商品价格持续维持高位，通货膨胀成为市场关注的重点。国内宏观经济基本面维持稳定，总体上两年平均经济增速接近经济潜在增速水平，宏观经济基本面市场无太大预期差，货币政策考虑到经济基本面恢复仍不平衡，同时通胀面临一定的压力，货币政策上半年保持平稳，市场利率R007围绕7天公开市场操作利率上下波动。在宏观经济基本面、货币政策和监管政策保持平稳的情况下，上半年债券市场呈现窄幅震荡的局面，重视票息收益和骑乘收益的确定性。整体上，经济当季同比“前高后低”，但两年同比“前低后高”，当季环比一季度疫情扰动，二季度年内高点，下半年下行压力，二季度经济增长加通胀同时向上，呈复苏格局。下半年地产投资和出口高位缓下，消费和制造业低位慢上，消费反弹乏力将拖低GDP中枢，信用紧缩力度相对温和，货币难以趋势性宽松，总体市场依然维持窄幅波动。我们认为下半年更加重视组合票息收益，降低组合资本利得收益要求，增加波段操作的频率，维持组合高评级信用债和利率债的持仓，保持组合的流动性，投资更侧重组合的流动性和信用风险，长久期利率债波段操作。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:30.360Z","mo":"展望2021年下半年，短期来看近期国内疫情仍有反复、极端气候频发、缺煤限电可能影响生产、缺芯片影响或沿汽车产业链形成扩散效应，三季度经济面临一定的压力，中长期来说，PPI短时间难以快速下行，上游产业利润高增但受限产限增等原因，造成无法扩产，中下游产业面临需求不足，PPI-CPI剪刀差创新高后，收敛速度预计慢于以往。中下游企业承受双重压力，中下游扩大投资动力不足。出口和地产两大动能衰减，短时间消费、制造业投资等难以填补以上缺口。下半年和明年上半年经济面临较大下行压力。国内政策方面，从上半年的“稳货币、紧财政、严监管、压地产”，下半年政策调整为“货币预调偏松、财政稳和、严监管、压地产”政策。货币政策强调连续性、稳定性和前瞻性，货币政策统筹今明两年的经济，短期来看，货币政策维持中性偏松的格局。在2021年下半年经济增速暂未见到拐点，货币政策维持中性偏松的局面下，债券市场总体风险不大。利率债和高等级信用债继续维护强势，中低评级信用债建议规避，债券市场呈现像股票市场一样强者恒强局面。","fund":{"_id":3000000008487,"__csrcFundId":6995,"stockCode":"008487","shortName":"中信建投稳悦债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8487,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:12.836Z","status":"normal","inceptionDate":"2019-12-29T16:00:00.000Z","name":"中信建投稳悦一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳悦债券","setUpDate":"2019-12-29T16:00:00.000Z","pinyin":"zxjtwyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20523692","stockType":"fund_manager","exchange":"fm","tickerId":2410175730,"name":"许健"}]},"announcement":{"linkText":"中信建投稳悦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=634451","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbb27fea5b3eb04ba5fb","stockId":3000000008487,"sao":"2021年一季度海外经济基本面持续复苏，美债收益率低位上行至疫情前水平。供给和需求错位造成商品价格维持高位，通货膨胀预期全面抬升。考虑到全球M2增速5月份开始下降,商品价格难以趋势性上行。国内经济基本面数据一季度表现强势，M2和社融增速依然维持高位，央行货币政策保持连续性、稳定性和可持续性，一季度货币政策全面维稳，总量上保持货币供给量与名义GDP增速相匹配，全年宏观杠杆率将保持整体稳定，在经济基本面和货币政策保持稳定的局面下，一季度债券市场维持震荡局面，票息收益为组合的确定性收益。考虑到中国经济潜在增速逐步下移，2000年以来十年国债高点在4.5%，2013年达到4.70%，17年底18年初10年国债高点为4.0%，预计没有大的去杠杆政策，十年国债收益率不会超过3.50%。展望二季度，债券市场仍然会维持偏震荡局面，关注债券供给压力，票息收益仍然是相对确定的收益。整体上，我们认为二季度重视组合票息收益，降低组合资本利得收益要求，增加波段操作的频率，维持组合高评级信用债和利率债的持仓，保持组合的流动性，投资更侧重组合的流动性和信用风险，长久期利率债波段操作。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:30.357Z","fund":{"_id":3000000008487,"__csrcFundId":6995,"stockCode":"008487","shortName":"中信建投稳悦债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8487,"masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:12.836Z","status":"normal","inceptionDate":"2019-12-29T16:00:00.000Z","name":"中信建投稳悦一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳悦债券","setUpDate":"2019-12-29T16:00:00.000Z","pinyin":"zxjtwyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20523692","stockType":"fund_manager","exchange":"fm","tickerId":2410175730,"name":"许健"}]},"announcement":{"linkText":"中信建投稳悦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=573471","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbb27fea5b3eb04ba5fa","stockId":3000000008487,"sao":"2020年一季度受新冠疫情的影响经济同比增速创多来以来的新低，随后央行通过降准、降息、再贷款、再贴现以及多项直达实体经济的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