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资增速低位徘徊，M2增速快速下行，经济下行压力大。央行货币政策友好，1月24日央行降准、结构性降息，3月6日央行表示还有降准空间，4月8日禁止手工补息，7月22日OMO降息，9月5日央行提降准有空间。促增长政策总体不及预期。期间央行对市场的调控带来扰动。总体看，经济基本面弱、机构欠配、货币政策总体有利、稳增长政策不及预期，利率在纠结中震荡下行。第二阶段是2024年9月24日至2024年11月8日，9月24日央行打响政策转向第一枪，宣布降准降息、降低存量房贷利率、新设货币政策工具支持股市。9月26日加开政治局会议，“要全面客观冷静看待当前经济形势，正视困难、坚定信心”。政策基调转向稳预期稳增长，权益大涨，债市明显回调，债券基金赎回压力增大，信用债剧烈调整。10月开始各部委落实增量政策，市场谨慎观望，持续震荡。第三阶段是11月11日至年底。全国人大常委会闭幕，财政政策更偏应对性托底化解风险为主，在促增长方面发力有限。市场抛弃幻想，配置盘抢跑，收益率快速下行。期间货币政策积极，11月降低同业存款利率，12月9日中央经济工作会议表示“实施适度宽松的货币政策，适时降准降息，保持流动性充裕”。2024年转债市场宽幅震荡，整体上行。年初在雪球敲入、两融和股权质押风险陆续显露，转债市场小幅下行。2月5日后股市支持政策加码、中央汇金增持范围扩大，风险偏好回升，科技板块表现较优。年报冲击后，地产政策优化，市场风险偏好提升，转债跟随正股回暖上行。5月权益波动但转债走出独立行情，随后在交易所问询、转债评级下调、部分低价小盘转债退市违约、股市走弱的担忧下，转债市场持续下行，转债估值大幅压缩。9月中旬我们发布了《转债底部特征明显，等待权益回暖》的专题文章，明确指出转债市场进入底部区域，建议底部布局。9月下旬央行重磅政策推出，特别是创设SFISF以及股票回购增持再贷款等创新货币政策工具，经济预期和风险偏好迅速提升，股票市场放量大涨，带动转债大幅回升。年底特朗普交易扰动和财政政策力度不及预期，权益波动但转债仍相对强势。投资运作上，本基金采取了灵活的投资策略，在三季度转债市场低位保持了较高的杠杆水平和转债比例，并在年底向中性水平回归。本基金总体投资策略保持稳定，转债板块仍坚持稳健投资原则，在控制回撤的基础上寻求收益增厚。纯债注重流动性，增加了利率债投资券种，信用债提升信用质地。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:55.500Z","mo":"展望2025年，美国通胀存在较强的韧性，美联储未来降息路径不确定性上升。国内经济在稳增长政策发力、出口短期韧性、房地产止跌等因素推动下，存在阶段性企稳概率。我国生产强于需求，产需不匹配对价格产生压制。央行实施支持性的适度宽松货币政策，未来仍有降息降准概率。央行同时表示择机调整优化政策力度和节奏。利率绝对水平已处于低位，汇率压力制约利率下行空间，未来利率波动幅度可能显著增大。转债估值已明显修复，在经济回稳和风险偏好回升的情况下仍有结构性机会。","fund":{"_id":3000000008571,"__csrcFundId":7323,"stockCode":"008571","shortName":"金信民达纯债(008571)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8571,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:19:41.568Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"金信民达纯债债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000051080000,"currency":"CNY","masterFundShortName":"金信民达纯债","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5092021.94,"setUpShares":5092021.94,"pinyin":"jxmdczzqxfqszqtzjj","managers":[{"stockCode":"8801595601","stockType":"fund_manager","exchange":"fm","tickerId":2510184000,"name":"杨杰"},{"stockCode":"db20801762","stockType":"fund_manager","exchange":"fm","tickerId":122508215710,"name":"刘雨卉"}]},"announcement":{"linkText":"金信民达纯债债券型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1253959","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcb7fea5b3eb04bc13c","date":"2024-09-29T16:00:00.000Z","stockId":3000000008571,"sao":"三季度债券市场震荡分化，其中利率债总体表现较好，信用债明显较弱。7月份，经济基本面修复缓慢、宽货币持续，叠加资产荒加剧，债券市场表现较好。月初央行公告国债借券、卖债，以及部分地区农商行买债被窗口指导，十年国债收益率小幅回升至接近2.3%。随后金融、通胀、出口数据未超预期，资金面宽松，债市走强。7月下旬央行将7天逆回购利率下调10BP至1.7%，并将LPR1年和5年利率均下调10BP至3.35%和3.85%，mlf加量并下调20BP至2.3%，债市继续明显走强。8月初交易商协会对部分农商行启动国债交易自律调查，国有大行大规模出售长久期国债，债券收益率大幅回升。8月中旬发布的金融数据不及预期，中证报发文提出长债利率回归合理区间、央行表示继续坚持支持性货币政策，长端利率有所下行。月末资金一度收紧，地方债放量影响债市情绪。但央行维护资金面，并于当月净买入1000亿国债，债市小幅波动。9月初资金面转松，市场预期下调存量房贷利率，央行表示存款准备金率还有一定下降空间，金融数据一般，外需强内需弱，债市上行。美联储大幅降息50BP，国内货币政策空间增大。9月末央行公告降息、降准、降存量房贷利率，创设两项结构性货币政策工具支持股市，政治局会议时点和力度超预期，股市大幅快速上涨，债券市场明显调整。政策方面，央行坚持了支持性的货币政策，同时积极提示长端债券收益率风险。三季度央行进行了2次降息，并推动房贷利率的下调。转债方面。经济基本面修复缓慢，股市单边下跌，转债退市违约担忧加剧、估值压缩，转债市场跌入历史极端低位。9月中旬我们发布了《转债底部特征明显，等待权益回暖》的半月谈文章，明确指出转债市场进入底部区域，建议底部布局。9月下旬央行降息降准并推出改善股市流动性的两项新结构性工具，政治局会议提出“正视困难”，经济预期和风险偏好迅速提升，股票市场放量大涨，带动转债大幅回升。总体看，三季度转债市场先跌后涨，宽幅震荡。 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债表现强于利率债，信用利差明显降低。　　转债市场方面，1月份权益大幅反弹，转债平价和估值双击。2月份开始转债进入震荡调整，转债估值呈现高位震荡特征。上半年中证转债指数表现较好，上涨3.37%。　　本基金在报告期内维持了中性偏低的杠杆水平。纯债仓位主要以中短期限的高等级信用债和利率债为主，重点关注流动性风险、规避信用风险。可转债仓位方面较为灵活，适时调降了仓位水平。本基金目前运作已满3年，基金经理利用过往权益方面的投研经验，形成了稳健的转债投资策略，力争在较低波动的前提下获得了超过债券的回报。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:55.484Z","mo":"展望下半年，经济下行态势存在企稳回升概率，内需可能起到一定的拉动作用。支持民营经济、消费的政策效果逐步显现。房地产政策存在进一步放松空间。政策力度上可能相对温和。货币政策偏宽松、流动性合理充裕。　　从纯债市场看，收益率水平处于低位，经济企稳回升幅度可能有限。货币政策整体宽松，如利率出现回升可适时提升仓位。　　转债方面。经济企稳回升和风险偏好修复可能驱动权益资产有所表现。转债估值处于相对高位，一定程度上削弱了其弹性。转债投资将在稳健的前提下，基于股市风格和自下而上的方式来把握高性价比的个券机会。　　未来我们继续采取稳健的投资策略。转债以偏债型和平衡型转债为主，把握结构性机会，注重安全边际，控制基金净值回撤风险。纯债部分仍将以中高等级信用债为主，继续优化结构，把握结构性机会，提升组合信用质地。","fund":{"_id":3000000008571,"__csrcFundId":7323,"stockCode":"008571","shortName":"金信民达纯债(008571)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8571,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:19:41.568Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"金信民达纯债债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000051080000,"currency":"CNY","masterFundShortName":"金信民达纯债","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5092021.94,"setUpShares":5092021.94,"pinyin":"jxmdczzqxfqszqtzjj","managers":[{"stockCode":"8801595601","stockType":"fund_manager","exchange":"fm","tickerId":2510184000,"name":"杨杰"},{"stockCode":"db20801762","stockType":"fund_manager","exchange":"fm","tickerId":122508215710,"name":"刘雨卉"}]},"announcement":{"linkText":"金信民达纯债债券型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=966670","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcb7fea5b3eb04bc136","date":"2023-03-30T16:00:00.000Z","stockId":3000000008571,"sao":"一季度国内经济处于疫后复苏阶段。官方制造业PMI向上突破并处于景气区间。疫后消费快速改善、工业生产平稳修复。房地产环比改善，二手房景气上升。年前基建发力的滞后效果逐步显现。服务消费恢复力度较强，大件商品消费修复力度略低。我国今年GDP增速目标5%左右，市场对今年政策力度预期迅速回落。　　海外方面，美国硅谷银行事件一度引起市场动荡，后在美联储扩张流动性和联合救市下逐步缓解。美联储加息25个基点，总体来看加息周期接近尾声。海外经济下行压力将继续拖累我国出口，然而也减轻了对国内货币政策的制约。　　货币政策强调精准有力，本季度央行降准了25BP，缓解了银行体系中长期流动性缺口。资金利率中枢向中性水平回升，总体流动性尚属宽裕。　　一季度国内债券市场窄幅波动。年初10年国债收益率在复苏预期下有所上行，随后复苏预期弱化，收益率缓步下行。短端受资金利率收敛影响总体有所上行。受资产荒和配置压力推动，信用债总体表现好于利率债。　　一季度转债市场整体上扬。1月份权益市场受疫后复苏乐观情绪推动明显反弹，带动转债市场明显上行。2月份板块快速轮动，小盘股表现较好，转债走势与权益小幅背离，溢价率下降。3月份权益市场震荡下行，转债溢价率被动拉升。　　投资运作上，本基金坚持了稳健的转债增强策略。本期组合杠杆略有上升，转债部分仓位整体稳定在中性水平。信用债部分采取中短久期，提高信用质地，增强组合流动性和安全性。","declarationDate":"2023-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:55.482Z","fund":{"_id":3000000008571,"__csrcFundId":7323,"stockCode":"008571","shortName":"金信民达纯债(008571)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8571,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:19:41.568Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"金信民达纯债债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000051080000,"currency":"CNY","masterFundShortName":"金信民达纯债","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5092021.94,"setUpShares":5092021.94,"pinyin":"jxmdczzqxfqszqtzjj","managers":[{"stockCode":"8801595601","stockType":"fund_manager","exchange":"fm","tickerId":2510184000,"name":"杨杰"},{"stockCode":"db20801762","stockType":"fund_manager","exchange":"fm","tickerId":122508215710,"name":"刘雨卉"}]},"announcement":{"linkText":"金信民达纯债债券型发起式证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=879422","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcb7fea5b3eb04bc135","date":"2022-12-30T16:00:00.000Z","stockId":3000000008571,"sao":"2022年债券市场处于震荡格局。10年国债收益率在2.6%至2.9%范围内小幅波动。上半年，在MLF降息、俄乌战争、上海疫情、经济预期反复等因素影响下窄幅震荡。7月份发生房地产贷款断供事件、8月份MLF意外降息、经济预期转弱，债券收益率明显下行。随后银行间资金面波动有所加大，人民币汇率大幅贬值，债券收益率开始上行。11月地产金融十六条等宽松政策和疫情防控优化措施出台，市场风险偏好显著抬升，债券市场明显调整。银行理财出现亏损赎回潮，负反馈导致短债和信用债被集中抛售。市场动荡阶段，央行通过放松资金面予以支持。年末疫情集中爆发、经济走弱，债市小幅回暖。　　2022年转债市场明显调整。前4个月，美联储超预期收紧货币政策、俄乌战争降低市场风险偏好，国内疫情反复、转债估值较高等多因素压制，转债市场跟随股市单边下跌。随着上海疫情好转后复工复产、出口数据超预期，转债市场明显反弹。7月份至8月中旬地产断贷、中美关系恶化导致风险偏好下降，但中小创板块表现较优，带动转债市场继续上行。随后，转债市场在估值压制、权益下行等因素影响下大幅调整。10月份，随着汇率贬值基本到位、重要会议召开背景下维稳预期升温，疫情防控和地产政策优化，权益有所走好，但转债市场受债市调整影响，呈震荡走势。12月中下旬，权益市场震荡走弱，叠加理财赎回负反馈，转债加速下跌。我们在2021年年报所提示的转债估值压缩、权益市场与债券市场调整的风险，均现实发生。　　投资运作上，本基金采取了灵活的投资策略，杠杆水平总体偏低。通过仓位的调整降低了组合净值的波动幅度，信用债久期保持在偏低水平，以票息策略为主。，并持续增强组合流动性，提升信用质地。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:55.476Z","mo":"我国宏观经济存在向上修复动力。疫情影响大幅消退，经济主体预期改善。疫后消费有望修复，中央把恢复和扩大消费摆在优先位置。基建方面，将通过政府投资带动全社会投资，预计基建投资仍将保持一定的力度。房地产被重申为重要支柱产业，以及防范房地产风险的政策导向下，房地产有望逐步探底企稳。外需趋软，海外供应链好转、中美贸易长期摩擦等因素制约下，中国出口预计承压。海外方面，美国加息或临近末端，而就业和薪资增速影响未来降息的时间和节奏。　　在经济回升的背景下，中短等久期信用债存在一定的配置价值，以票息策略为主。　　转债市场在经济回升、风险偏好提高、权益走强的背景下，存在较好的投资机会。同时，转债估值的波动性可能有所上升。","fund":{"_id":3000000008571,"__csrcFundId":7323,"stockCode":"008571","shortName":"金信民达纯债(008571)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8571,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:19:41.568Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"金信民达纯债债券型发起式证券投资基金","exchange":"jj","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  海外方面，美联储持续大幅加息，导致美股、美债大幅下跌。海外主要经济体大多被动加息，我国汇率一度明显贬值，但维持了货币政策的独立性。  央行总体维持了相对宽松的货币政策，8月份将MLF和OMO均下调了10BP，随后1年LPR下降了5BP，5年期下降了15BP。资金面总体宽裕。  国内债券市场3季度整体上涨，季初主要是经济预期较弱和疫情散发等推动，在央行降息后进一步大幅上涨。随后止盈压力和经济改善预期推动了回调。具体来看，三季度十年国债利率下行了6BP，一年期短端国债利率下行了10BP。相对而言，受资产荒推动，信用债表现更为突出，如3年期AAA品种利率下行了28BP。  转债市场整体跟随权益先涨后跌，转债估值也经历了由扩张到收缩的过程。随着权益估值进入底部区域，转债的性价比有所改善。  投资运作上，本基金采取了灵活的投资策略，杠杆整体稳定。转债部分仓位整体处于略低水平，并在季末逐步加仓。信用债部分采取中短久期，提高信用质地，增强组合流动性和安全性。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:55.473Z","fund":{"_id":3000000008571,"__csrcFundId":7323,"stockCode":"008571","shortName":"金信民达纯债(008571)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8571,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:19:41.568Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"金信民达纯债债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000051080000,"currency":"CNY","masterFundShortName":"金信民达纯债","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5092021.94,"setUpShares":5092021.94,"pinyin":"jxmdczzqxfqszqtzjj","managers":[{"stockCode":"8801595601","stockType":"fund_manager","exchange":"fm","tickerId":2510184000,"name":"杨杰"},{"stockCode":"db20801762","stockType":"fund_manager","exchange":"fm","tickerId":122508215710,"name":"刘雨卉"}]},"announcement":{"linkText":"金信民达纯债债券型发起式证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=806087","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcb7fea5b3eb04bc133","date":"2022-06-29T16:00:00.000Z","stockId":3000000008571,"sao":"2022年上半年，债券市场以窄幅震荡为主，长端利率波动不大，但市场存在结构性机会。春节前，宏观经济下行压力和货币政策宽松预期推动债券收益率下行；节后，受金融、经济数据高于预期等因素影响债市发生小幅调整。3月底开始，上海疫情对经济影响加大，受央行降准、上缴利润、资金面持续宽松影响，短端利率明显下行，长端收益率则偏震荡。5月份，债券市场担忧疫情管控和二季度经济增长，利率持续下行。随着上海复工复产进程加快，疫情管控措施不断优化，债券市场再次出现调整。在资金面宽松推动下，期限利差有所扩大，中短久期信用债表现相对较好。  上半年国内货币政策略偏积极。央行进行了小幅降息降准，并保持合理充裕偏多的资金面，着力推动信贷增长，缓解地产行业困境。海外方面，美联储持续加息，俄乌冲突加剧石油、粮食价格波动。在坚持以稳为主、兼顾内外平衡的基调下，海外因素对国内货币政策影响有限。  转债方面。年初至4月底在经济三重压力、俄乌冲突、国内疫情等影响下转债与权益一起下跌，4月底疫情和经济预期好转，转债和权益触底上行。  从金信民达的操作来看，本期基金采取了灵活的投资策略，杠杆水平有所上升。基金在前期保持了较低的转债仓位，但在4月底较大幅度的提升了转债仓位。纯债方面本基金则维持了以中高评级优质债券及中短久期为主的操作策略。本基金目前运作已满2年，基金经理在利用过往权益方面的投研经验积极拓展转债板块的投资策略上取得了一定成效。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:55.470Z","mo":"我们认为经济继续向上修复的概率较高，三季度基建可能继续发力，地产或将低位修复。出口短期内受益于海外通胀，或体现一定韧性，但消费受预期转弱影响修复可能较慢。未来海外因经济衰退转而压制国内出口产业链的可能性不容忽视，地产和财政政策发力的对冲程度将成为重要变量。  从纯债市场看，在“稳字当头”、“跨周期调节”“珍惜正常货币政策空间”等政策思路，以及国内外多重制约因素下，近年来国内债券市场整体波动性下降。今年资金利率较低推动债市杠杆上升，信用利差收窄，中短端信用债交易拥挤现象较为突出。未来如出现资金利率向政策利率回归，可能带来一定的调整压力。  转债方面，估值处于历史相对高位，我们更加需要依靠股市风格和自下而上的方式来把握个券机会。  未来我们继续采取积极的投资策略，保持一定的杠杆水平。以偏债型和平衡型转债为主，把握结构性机会，注重安全边际，控制基金净值回撤风险。纯债部分仍将以中高等级信用债为主，继续优化结构，把握结构性机会，提升组合信用质地。","fund":{"_id":3000000008571,"__csrcFundId":7323,"stockCode":"008571","shortName":"金信民达纯债(008571)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8571,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:19:41.568Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"金信民达纯债债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000051080000,"currency":"CNY","masterFundShortName":"金信民达纯债","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5092021.94,"setUpShares":5092021.94,"pinyin":"jxmdczzqxfqszqtzjj","managers":[{"stockCode":"8801595601","stockType":"fund_manager","exchange":"fm","tickerId":2510184000,"name":"杨杰"},{"stockCode":"db20801762","stockType":"fund_manager","exchange":"fm","tickerId":122508215710,"name":"刘雨卉"}]},"announcement":{"linkText":"金信民达纯债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=781152","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcb7fea5b3eb04bc132","date":"2022-03-30T16:00:00.000Z","stockId":3000000008571,"sao":"2022年1季度债市先扬后抑，波动幅度有限。春节前经济下行预期和货币宽松预期推动国债收益率下行，春节后金融数据较好、1-2月经济增长边际走好等因素推动债市调整。  我国宏观经济仍面临需求收缩、供给冲击、预期转弱三重压力，而新冠疫情局部爆发和防控进一步加重了经济压力。疫情不仅对消费带来负面影响，还影响供应链、生产和出口等方面。  政策稳增长力度在加大。房地产政策逐步放松，基建明显回升。货币政策偏积极，更多在宽信用方面发力，不断加大对实体经济支持力度，贷款数据总体较好。市场流动性总体合理宽裕。  海外方面，美国进入加息周期，美联储对通胀重视程度明显上升，未来加息幅度和节奏偏快。俄乌冲突对能源、粮食的供应和价格带来了直接冲击，各国将更加重视产业链安全和供给可靠性。  转债方面，年初以来股市单边下跌，带动转债市场明显下行，转债估值也有所压缩。  投资运作上，本基金采取了灵活的投资策略，杠杆水平偏低。转债部分整体维持了去年4季度以来的低仓位，采取防守策略，精选防御性较好的转债品种，有效控制了基金净值波动。信用债部分维持偏短久期，增强流动性和安全性，提高信用质地。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:55.449Z","fund":{"_id":3000000008571,"__csrcFundId":7323,"stockCode":"008571","shortName":"金信民达纯债(008571)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8571,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:19:41.568Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"金信民达纯债债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000051080000,"currency":"CNY","masterFundShortName":"金信民达纯债","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5092021.94,"setUpShares":5092021.94,"pinyin":"jxmdczzqxfqszqtzjj","managers":[{"stockCode":"8801595601","stockTyp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投资运作上，组合杠杆处于市场中性水平，久期保持在相对较低的水平。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:55.412Z","mo":"展望未来，我国经济或将继续修复，疫苗推动下全球经济可能出现向上共振。货币政策有望正常化，注重保持宏观杠杆率的基本稳定，资金面波动性或将提高。长久期国债收益率已经存在一定价值，未来整体震荡，中期内有可能出现相应拐点。信用债主要以配置为主，采取票息策略。","fund":{"_id":3000000008571,"__csrcFundId":7323,"stockCode":"008571","shortName":"金信民达纯债(008571)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8571,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:19:41.568Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"金信民达纯债债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000051080000,"currency":"CNY","masterFundShortName":"金信民达纯债","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5092021.94,"setUpShares":5092021.94,"pinyin":"jxmdczzqxfqszqtzjj","managers":[{"stockCode":"8801595601","stockType":"fund_manager","exchange":"fm","tickerId":2510184000,"name":"杨杰"},{"stockCode":"db20801762","stockType":"fund_manager","exchange":"fm","tickerId":122508215710,"name":"刘雨卉"}]},"announcement":{"linkText":"金信民达纯债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=552933","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcb7fea5b3eb04bc12c","stockId":3000000008571,"sao":"2020年三季度我国经济持续回升。PMI数据呈整体上行态势，工业企业利润大幅好转。投资方面，基建和地产投资恢复较为领先，制造业投资逐步好转。消费稳步修复，出口持续改善。国内货币政策总体灵活适度，更强调坚持正常货币政策，不搞“大水漫灌”。银行超储率处于低位，资金面整体平稳。市场方面，三季度利率债收益率震荡上行，呈熊平走势。信用债表现整体好于同期限国开债。 投资运作上，基金逐步建仓，组合杠杆处于市场中性水平，久期保持在相对较低的水平。展望未来，我国经济将逐步修复，货币政策正常化，资金面将变得相对稳定，长久期国债收益率已经回到相对合理的水平。我们将以信用债为主要配置资产，采取票息策略，为投资人获取长期回报。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:55.409Z","fund":{"_id":3000000008571,"__csrcFundId":7323,"stockCode":"008571","shortName":"金信民达纯债(008571)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8571,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:19:41.568Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"金信民达纯债债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000051080000,"currency":"CNY","masterFundShortName":"金信民达纯债","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5092021.94,"setUpShares":5092021.94,"pinyin":"jxmdczzqxfqszqtzjj","managers":[{"stockCode":"8801595601","stockType":"fund_manager","exchange":"fm","tickerId":2510184000,"name":"杨杰"},{"stockCode":"db20801762","stockType":"fund_manager","exchange":"fm","tickerId":122508215710,"name":"刘雨卉"}]},"announcement":{"linkText":"金信民达纯债债券型发起式证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=494380","linkType":"PDF","source":"csrc_pdf"}}]}