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收益率长期趋势未改变，超调可配置。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:49.183Z","fund":{"_id":3000000008549,"__csrcFundId":6977,"stockCode":"008549","shortName":"汇安中债-广西信用债(008549)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8549,"masterFundFlag":1,"lastUpdated":"2026-05-31T21:14:56.089Z","status":"normal","inceptionDate":"2019-12-26T16:00:00.000Z","name":"汇安中债-广西壮族自治区公司信用类债券指数证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安中债-广西信用债","setUpDate":"2019-12-26T16:00:00.000Z","pinyin":"hazz-gxzzzzqgsxylzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"j101019804","stockType":"fund_manager","exchange":"fm","tickerId":231225246240,"name":"吴乐玉"}]},"announcement":{"linkText":"汇安中债-广西壮族自治区公司信用类债券指数证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1178065","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbc57fea5b3eb04bbaff","date":"2024-06-29T16:00:00.000Z","stockId":3000000008549,"sao":"1-2月存款利率调降后降准50bp,市场对降息预期增强，机构年初配置需求旺盛，推动收益率快速下行。3-4月上旬降息预期落空叠加央行提醒市场关注长端风险，市场呈现震荡走势。5-6月，地产政策出台，央行不断提示长端利率风险，对市场造成阶段性扰动。后续市场逐渐消化政策影响，央行有关长端风险的提示对市场扰动作用边际下降，手工补息被叫停，存款流向理财，带动短端收益率下行，随后长端收益率跟随下行。操作层面：第一季度提高杠杆水平，趋势行情且盘中有波动时增加交易盘操作比例。四月为了规避风险，产品杠杆有所降低，波段操作比例减少。五六月维持中性杠杆水平，1.2左右，长端配置比例下降。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:49.180Z","mo":"当前基本面数据有反复，出口偏强，制造业维持高位，地产偏弱，通胀数据温和抬升。生产略强于需求，外需强于内需。强调\"经济不下猛药，固本培元\"，刺激政策不应过度期待，短期内更多的是前期政策的落地。关注结构性货币政策工具箱，再贷款、再贴现、以及存款利率新一轮调降。国债和专项债发行节奏整体偏慢，后续需要关注专项债发行节奏。另外还需要注意央行买卖国债的操作。三季度长端和超长端波动或继续加大，但调整空间或有限。考虑到专项债发行节奏对市场的扰动，配置盘建议加大比例，交易盘方面，短端配合流动性寻找机会，长端配合供给波段操作。","fund":{"_id":3000000008549,"__csrcFundId":6977,"stockCode":"008549","shortName":"汇安中债-广西信用债(008549)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8549,"masterFundFlag":1,"lastUpdated":"2026-05-31T21:14:56.089Z","status":"normal","inceptionDate":"2019-12-26T16:00:00.000Z","name":"汇安中债-广西壮族自治区公司信用类债券指数证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安中债-广西信用债","setUpDate":"2019-12-26T16:00:00.000Z","pinyin":"hazz-gxzzzzqgsxylzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"j101019804","stockType":"fund_manager","exchange":"fm","tickerId":231225246240,"name":"吴乐玉"}]},"announcement":{"linkText":"汇安中债-广西壮族自治区公司信用类债券指数证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1152004","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbc57fea5b3eb04bbafe","date":"2024-03-30T16:00:00.000Z","stockId":3000000008549,"sao":"2024年一季度债券市场整体呈现牛市，本轮收益率快速下行从2023年12月22日存款利率下调开始，10年期国债收益率从高点2.58%震荡下行，将收益率压低至2.3%附近的历史低点，30年期国债更创下收益率新低。信用债的市场需求持续旺盛，信用利差持续压缩。2月整体债市演绎极致，收益率曲线先走平，再走陡，最后再走平。权益市场上涨债市也涨，股市跌债市涨幅更大。定价锚不清晰，整体赔率降低，长端较为拥堵。3月市场呈现出月度周期窄幅震荡但交易日盘中波动放大，超长端对信息敏感度抬升的情况。一季度我们自上而下对宏观基本面、政策、流动性、机构行为等方面进行分析，把握长周期视角下的趋势性行情，同时尽量抓住认知、信息等方面的预期差，灵活调整久期和杠杆。本基金在1-2月拉长久期加杠杆，3月整体交易盘降低，季度末降低久期和杠杆，了结一部分前期获利，控制回撤，另外也为下一阶段的配置留好空间。基本面整体依然偏弱，但部分数据有起色：PMI超预期回升，生产和新订单边际改善，且需求修复强于生产；企业中长期贷款，同期基数较高。固定资产投资中的制造业同比增幅较高，工业增加值中分类来看也是制造业增长最快，后续设备更新可能会有利于制造业维持比较高的增长。房地产开发投资同比降幅收窄。出口在外需带动下超预期上升，随着海外补库周期来临，出口依然可以成为重要支撑。价格指标中PPI处于负值，CPI同比转正，后续猪价温和抬升叠加上游能源价格上涨，价格指标大概率温和回升。但也应看到M1继续走低，企业活力不足，PMI中原材料价格指数高于50，产成品价格指数持续低于50，终端价格偏低抑制中下游企业持续补库，库存仍在筑底阶段。另外高频数据显示年后工业生产和基建开工偏弱，建筑业施工强度偏低，工业增加值的持续性有待进一步确认。地产节后二手房销售有所回升，但呈现以价换量，新房销售跌幅持续扩大。基本面对债市依然有支撑，但部分数据有起色或会对市场形成扰动。资金价格对市场利率进一步走低形成一定制约，DR007在节后流动性宽裕的背景下并未大幅度下降，而是一直维持在1.85%以上，近期贴近1.9%附近。流动性分层也较为严重。短端利率债几乎没有套息空间。 DR007对同业存单下行形成制约，而同业存单价格对10年期甚至30年期国债价格也会形成制约。展望四月，逆回购到期量减小，MLF到期量也处于年内较低水平，流动性缺口不明显，货币供给端不会对市场形成太大压力，主要关注政府债融资与公开市场操作等方面。从政策方面来看，两会GDP增速5%的目标、赤字率3%+万亿国债、3.9万亿地方政府专项债，并未超预期。促进耐用消费品以旧换新以及大规模设备更新还要看后续的落实效果（设备更新更多是供给政策，需求拉动效果可能不大）。稳健的货币政策大方向未变，但目前比较尴尬的是美国通胀粘性强，甚至有所抬升，国内价格指标持续低位。我们一方面强调\"大国货币\"，保汇率意图非常明显，另一方面强调防止资金空转套利，广谱利率调降概率不大，更多是结构性货币政策，比如再贴现、再贷款等。降准相对可期，3月21日国新办新闻发布会主要内容：我国法定存款准备金率对比其他发达国家依然有调降空间。2季度债券供应量或会抬升，对冲债券供给给流动性带来的扰动，降准有必要。还有近期讨论的央行购债，也将为市场提供长久期、稳定的流动性。当前长端利率已经隐含市场对基本面的悲观预期，10年期活跃券在2.3%附近震荡，30年期在2.5%附近。机构交易抱团严重，交易盘集中在几只活跃券种上。机构的交易行为对波动性有放大作用。从机构配置行为来看，保险和商业银行在超长端贴近2.45%附近配置量大幅度减少，逐渐增持的品种是票息更高的长期地方政府债。总结来看月度金融和经济数据对长期债市走势指向性不强，但短期扰动不可忽视。交易结构驱动行情，市场对信息敏感度提升，保险、银行等长端配置资金会结合负债端成本调整配置节奏。10年期国债收益率年内低点在2.26%附近，30年期在2.42%附近，市场学习效应很强，在接近低点的位置会提前有止盈盘出现，在无超预期因素情况下突破前期低点概率不大。后市大概率继续呈现窄幅震荡但日内波动较大的态势。目前债市关注点主要是二季度超长国债的供给、经济高频数据、风险偏好抬升的持续性等。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:49.178Z","fund":{"_id":3000000008549,"__csrcFundId":6977,"stockCode":"008549","shortName":"汇安中债-广西信用债(008549)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8549,"masterFundFlag":1,"lastUpdated":"2026-05-31T21:14:56.089Z","status":"normal","inceptionDate":"2019-12-26T16:00:00.000Z","name":"汇安中债-广西壮族自治区公司信用类债券指数证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安中债-广西信用债","setUpDate":"2019-12-26T16:00:00.000Z","pinyin":"hazz-gxzzzzqgsxylzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"j101019804","stockType":"fund_manager","exchange":"fm","tickerId":231225246240,"name":"吴乐玉"}]},"announcement":{"linkText":"汇安中债-广西壮族自治区公司信用类债券指数证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1074193","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbc57fea5b3eb04bbafd","date":"2023-12-30T16:00:00.000Z","stockId":3000000008549,"sao":"2023年经济呈现曲折修复态势，一季度经济反弹，二季度超预期下行，三季度修复，四季度小幅度回落。CPI、PPI低位运行，PMI连续三个月回落，经济数据和金融数据出现反复，内需不足的问题较为突出。财政政策后置发力，货币政策整体偏宽，资金价格维持低位，但中枢高于2022年。债券市场全年走牛。节奏上来看，一季度信用债收益率在中小银行配置盘推动下率先下行，春节前后资金面超预期收紧，资金价格中枢抬升，利率债收益率整体抬升。二季度基本面超预期回落，资金价格中枢回落，利率债快速走牛，呈现出趋势性行情。三季度金融和经济数据修复，降息利好因素落地，地产政策超预期，地方债发行加速，宽信用预期大幅度抬升，叠加资金走紧，债市有所回调。四季度万亿国债增发，叠加央行强调防止资金空转以及地产政策预期升温，利率震荡上行。但随着Q3货币政策报告带动资金面预期缓解，叠加基本面不及预期，以及年内第三次调降存款利率，收益率再度下行。利率债操作策略结合基本面、政策面和资金面，对久期和杠杆等进行调整，配置盘和交易盘相配合。市场整体活跃度较高时，加大交易盘的操作比例，活跃度降低时减少交易盘操作。趋势性行情较为明确时减少交易盘配置，同时加大杠杆。2023年在债市呈现出牛平的局面中，大幅度提高长端和超长端的操作比例，为产品增加收益。信用债方面，精选广西地区信用主体，以省级城投平台和高等级产业债为主，少量增配短久期区县级城投，杠杆维持在1-1.1之间。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:49.175Z","mo":"当前利好因素有所累计，但经济和金融数据反复，基本面修复或呈现波浪式修复。海外补库以及全球消费电子周期和汽车、船舶产业链优势使得出口有一定韧性，但持续性不确定。实体经济内生动能不足，地产销售和投资还在修复的过程中。基建是经济的主要支撑力。目前企业和居民杠杆水平不低，但随着企业投资回报率和企业盈利的改善，投、融资将会有所修复。居民可支配收入缓慢增加以及边际消费倾向改善，消费有望提升。整体基建>制造业>出口>消费>地产。后续更需要依靠政府部门，特别是中央加杠杆。稳增长政策依然有空间，货币政策如何配合是关键。海外政策风险下降，加息周期尾声，资本外逃和人民币贬值压力降低，货币政策空间打开。数量工具和价格工具相结合，降准、降息、存贷款利率进一步下调可期。整体环境目前还是利于债市更多一些，潜在增速下行，中央引导实体经济降低融资成本，资金淤积在金融市场内，利率长期向下趋势未变。信用债在高息资产逐渐退出市场、供需博弈环境和化债背景下，配置力量持续存在。市场回调就是阶段性买点。城投防风险政策下，短期有利于改善地方政府收支，城投债风险短期得到缓解。高等级城投拉长久期，短久期可适当信用下沉。产业债和城投债配置策略一致，优质企业可考虑拉长久期。二级永续债交易属性较强，具有利率放大属性，活跃券可参与波段操作，配置盘可关注经济较发达地区的AA+及以上城农商行。","fund":{"_id":3000000008549,"__csrcFundId":6977,"stockCode":"008549","shortName":"汇安中债-广西信用债(008549)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8549,"masterFundFlag":1,"lastUpdated":"2026-05-31T21:14:56.089Z","status":"normal","inceptionDate":"2019-12-26T16:00:00.000Z","name":"汇安中债-广西壮族自治区公司信用类债券指数证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安中债-广西信用债","setUpDate":"2019-12-26T16:00:00.000Z","pinyin":"hazz-gxzzzzqgsxylzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"j101019804","stockType":"fund_manager","exchange":"fm","tickerId":231225246240,"name":"吴乐玉"}]},"announcement":{"linkText":"汇安中债-广西壮族自治区公司信用类债券指数证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1059170","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbc57fea5b3eb04bbafc","date":"2023-09-29T16:00:00.000Z","stockId":3000000008549,"sao":"三季度债市呈现V型走势，随着8月稳增长政策密集出台，债市出现回调，从8月中旬降息的低点到9月底反弹超10b。地产政策（认房不认贷，存量房贷利率调整、首付比例调降等政策先后落地）是驱动此次利率调整的重要因素，短期来看政策依然有空间，继续出台的可能性较高，但实际效果仍待验证，债市长期趋势并未改变，但短期会受扰动。三季度整体操作思路为季度初维持高杠杆和久期，季度末降低杠杆和久期。底仓以中短端利率债为主，交易盘以三年、五年、十年活跃券为主，季度末减少波段交易，少量波段操作以快进快出为准则。信用债偏好短久期城投，持有至到期为主，避免信用下沉。  经济依然处于待修复状态，但从通胀、制造业PMI、工业增加值、固定资产投资以及社零，还有部分高频数据来看，环比继续改善。9月PMI重回容枯线上，制造业和非制造业景气度均有所改善。投资在季度末存在冲量效应，从转贴现票价上升至6月水平来看，9月信贷数据恐不差，10月再融资债/地方专项债等发行对信贷和社融依然有支撑。长假期间消费大幅度提升（旅游收入和人次均超过2019年同期），但地产销售疲弱，后续还要借助政策，稳增长政策需要持续输出（需要继续关注特殊再融资债）。不论是经济环比改善还是稳增长政策出台，四季度都会对债市造成扰动。  资金面有望从9月偏紧逐渐回到中性态势。10月财政资金进入支出阶段，跨季和双节扰动过后，存款回流理财。另外需求不足（从9月PMI数据分项有体现），经济仍待修复的阶段货币政策不具备收紧基础，央行节前例会强调政策逆周期，因此判断货币政策不会出现转向。8月以来债市经历调整，目前赔率有所提升，但不建议大比例增持长久期券种。假期美股表现一波三折，欧亚股市整体收跌，美元飙升拖累大宗表现，多数大宗商品价格收跌，地缘局势紧张等，投资者风险偏好较低，债市的配置力量依然存在。  其他风险：理财破净导致赎回潮的风险需要提防；前期机构交易拥挤度上升，利率反弹引致踩踏卖出的长尾风险也需要提防；节后权益市场若大幅度上涨对债市也会形成一定扰动；汇率问题。  四季度债市整体或呈现震荡偏弱局面，短端安全性高于长端，操作上以防守为主，重视流动性，提高流动性较好的资产占比。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:49.172Z","fund":{"_id":3000000008549,"__csrcFundId":6977,"stockCode":"008549","shortName":"汇安中债-广西信用债(008549)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8549,"masterFundFlag":1,"lastUpdated":"2026-05-31T21:14:56.089Z","status":"normal","inceptionDate":"2019-12-26T16:00:00.000Z","name":"汇安中债-广西壮族自治区公司信用类债券指数证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安中债-广西信用债","setUpDate":"2019-12-26T16:00:00.000Z","pinyin":"hazz-gxzzzzqgsxylzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"j101019804","stockType":"fund_manager","exchange":"fm","tickerId":231225246240,"name":"吴乐玉"}]},"announcement":{"linkText":"汇安中债-广西壮族自治区公司信用类债券指数证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=988653","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbc57fea5b3eb04bbafb","date":"2023-06-29T16:00:00.000Z","stockId":3000000008549,"sao":"2023年，债市运行主线：经济修复节奏走缓、低通胀、货币环境宽松，资产荒导致配置力量较强，债市整体走牛。信用债收益率率先下行，利率债在经历春节前后资金价格大幅波动后也开始走牛。进入二季度，交易盘加速进场进一步推动债券收益率下行，进入六月，超预期OMO降息带动利率进一步下行后逐步回调。市场对稳增长政策预期转强，市场波动呈现放大态势。资产配置策略随市场进行调整，季度初高杠杆+高久期策略为主，交易盘比重增加，临近季度末降低久期，降低杠杆，增配一部分短久期信用债赚取票息，同时增加流动性好的券种。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:49.170Z","mo":"二季度末跨半年资金面边际收紧，但依然处于松紧适度的范围。利率债净供给上升，但整体需求较好，期限集中在3-7年，20年国开需求同样延续旺盛。当前居民加杠杆意愿持续降低，就业和收入预期不见好转影响居民长期消费能力，尤其需要关注的是青年失业率持续攀升。政策推动下，低利率的信贷资金进入基建和制造业领域，而地产行业的投放量持续大幅度缩减，企业实际的融资需求整体不强的情况下三季度信贷增速或持续下滑。另外资产荒未出现明显转向，资金面不具备收紧的情况下，债市整体风险不大。 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大压力。且目前流动性尚不具备持续收紧的环境，虽然最新的金融和经济数据显示基本面有所改善，但居民和企业的融资需求依然较弱，宽货币向宽信用的传导压力依然较大。但谨防经济和金融数据阶段性修复、联储加息超预期、宽信用预期加强等因素对债市造成的阶段性干扰。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:49.162Z","fund":{"_id":3000000008549,"__csrcFundId":6977,"stockCode":"008549","shortName":"汇安中债-广西信用债(008549)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8549,"masterFundFlag":1,"lastUpdated":"2026-05-31T21:14:56.089Z","status":"normal","inceptionDate":"2019-12-26T16:00:00.000Z","name":"汇安中债-广西壮族自治区公司信用类债券指数证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安中债-广西信用债","setUpDate":"2019-12-26T16:00:00.000Z","pinyin":"hazz-gxzzzzqgsxylzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"j101019804","stockType":"fund_manager","exchange":"fm","tickerId":231225246240,"name":"吴乐玉"}]},"announcement":{"linkText":"汇安中债-广西壮族自治区公司信用类债券指数证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=805574","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbc57fea5b3eb04bbaf7","date":"2022-06-29T16:00:00.000Z","stockId":3000000008549,"sao":"一季度央行启动降息，货币政策整体呈现宽松，前两个月数据偏强，三月数据走弱。资金面季初比季度中宽松，权益市场调整以及固收+遭遇赎回等原因，利率债遭抛售时有发生。债券收益率曲线整体呈现出V型的走势，3月整体小幅度震荡。信用债短端小幅下行，中长端上行，曲线陡峭化，利率债曲线平坦化。一季度降低久期、降低杠杆，利率债波段操作快进快出。地产板块虽然边际有放松，但依然是主要规避的标的。三月份以来国内很多城市遭遇疫情冲击，经济明显受挫，五六月经济随疫情有效控制有所修复，但斜率较平.二季度债市整体呈现出波动态势。宽信用背景下资金面持续宽松，资金价格维持低位，杠杆套息策略有效，同时对久期有严格限制的债基，在二季度初配满一年期存单同时加仓短期利率债。稳增长政策刺激下，制造业和基建投资随保持上升态势，但地产投资再次走弱，制约投资恢复，掣肘经济复苏，基于此二季度后半段配置了一定比例的长端利率债。信用方面依然规避民企地产。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:49.159Z","mo":"资金淤积在银行体系内，宽货币传导到宽信用渠道不畅通，进一步宽松的可能性或有限。接下来具体政策工具可能更多的使用结构性货币工具而非全面降准降息。经济下半年或呈现缓慢复苏的局面，基建在疫情防控出现进展之后可能会逐步落地，制造业有望拉动投资，地产方面边际改善，但从销售到投资的恢复依然需要政策的推动；出口对经济的拉动作用或逐步回落；居民对经济及收入的预期偏低，因此消费恢复速度可能需要很长时间。下半年债市总体情况或不及上半年，经济基本面呈现弱复苏，货币政策不会急速收紧但进一步宽松概率并不大，资金价格难持续维持低位，利率上行的压力或比较大，对短端的冲击或大于长端，杠杆套系策略在下半年来说或许应该更谨慎一些，城投方面对于财政情况较好、债务情况有所改善的地区可适当下沉，民企地产依然尽可能规避。","fund":{"_id":3000000008549,"__csrcFundId":6977,"stockCode":"008549","shortName":"汇安中债-广西信用债(008549)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8549,"masterFundFlag":1,"lastUpdated":"2026-05-31T21:14:56.089Z","status":"normal","inceptionDate":"2019-12-26T16:00:00.000Z","name":"汇安中债-广西壮族自治区公司信用类债券指数证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000051300000,"currency":"CNY","masterFundShortName":"汇安中债-广西信用债","setUpDate":"2019-12-26T16:00:00.000Z","pinyin":"hazz-gxzzzzqgsxylzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"j101019804","stockType":"fund_manager","exchange":"fm","tickerId":231225246240,"name":"吴乐玉"}]},"announcement":{"linkText":"汇安中债-广西壮族自治区公司信用类债券指数证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=784968","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbc57fea5b3eb04bbaf6","date":"2022-03-30T16:00:00.000Z","stockId":3000000008549,"sao":"一季度债券收益率曲线随着宽松政策地推出、市场消化、宽货币宽信用预期博弈等大体呈V型走势，3月呈现小幅度震荡。信用债方面短端小幅度下行，中长端上行，曲线呈现陡峭化；利率债曲线则呈现出曲线平坦化局面。一季度央行启动降息，货币政策整体呈现宽松态势，前两个月经济数据显示偏强，三月份数据则整体偏弱。资金面季初宽松程度好于季度中，受权益市场调整、固收+遭到赎回等原因，活跃利率债遭到抛售的情况时有发生，因此降低久期、降低杠杆为一季度主要策略，利率债波段操作以快进快出为主。地产板块虽然政策边际有所放松，但整体环境改善依然需要时间，因此地产债依然是规避的主要标的。 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