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对债市影响提升。政策面关注4月份政治局会议以及后期特别国债发行安排。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:59.255Z","fund":{"_id":3000000008587,"__csrcFundId":7273,"stockCode":"008587","shortName":"淳厚中短债(008587)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8587,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:20:10.226Z","status":"normal","inceptionDate":"2020-03-25T16:00:00.000Z","name":"淳厚中短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚中短债","setUpDate":"2020-03-25T16:00:00.000Z","setUpAssetScale":1442529112.98,"setUpShares":1442529112.98,"pinyin":"chzdzzqxzqtzjj","managers":[{"stockCode":"db20702172","stockType":"fund_manager","exchange":"fm","tickerId":102310207380,"name":"江文军"}]},"announcement":{"linkText":"淳厚中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=1073497","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcf7fea5b3eb04bc537","date":"2023-12-30T16:00:00.000Z","stockId":3000000008587,"sao":"一季度，债券市场收益率震荡下行。1月配置资金陆续进场，前期抛售较多的理财资金重新转为净买入，信用表现相对强势，信用利差逐步压缩，上一年度四季度大幅调整品种均迎来了估值修复。进入2月，信贷利空逐步落地，现券市场重新转强。同时2月末资金紧张超预期，带动存单类资产收益率上行。3月，政策目标低于市场预期，政策进一步加码预期落空，债券市场收益率加速下行。二季度，债券市场收益率延续下行趋势，基本面因素相对利好债券市场。4月，资金面月初转为宽松，随后存款利率调降预期发酵，10年国债收益率由2.86%逐步下行至2.81%。5月中旬，银行协定存款与通知存款利率自律上限下调，利好数据落地，同业存单利率阶段性到达低点。6月，债市利多消息继续兑现，月初部分行存款利率下调，带动短债收益率继续下行，月中，公开市场操作、MLF、LPR报价均下调10BP，总量政策陆续加码，财政政策方面，市场预期逐步降低。三季度，债券市场收益率先下后上。7月，债券市场小幅震荡，市场围绕强预期、弱现实展开博弈。7月下旬，政治局会议表述定调积极，对地产表述出现重大变化，市场政策预期走强，风险偏好快速提升，债券市场收益率转为上行。8月一系列地产优化政策接连落地，伴随央行下调MLF利率，现券市场创下年内新低后转而对前期利多因素反应钝化，随着下旬交易印花税实施减半征收等一系列政策提升市场风险偏好，债市收益率转为上行。9月，市场博弈焦点转为政策效果、供给压力、资金预期。受到跨季资金偏紧影响，收益率曲线整体呈现平坦化上行。期间计划外国债发行引发市场供给担忧，随后地方政府特殊再融资债加速落地，进一步加剧供给压力，现券市场收益率小幅上行。四季度，债券市场收益率先上后下。10月，地方政府债密集发行，全月地方政府债净发行规模1.2万亿，发行进度超市场预期，市场流动性边际收紧，收益率曲线延续走平趋势。月末特别国债增发方案进一步加大供给担忧，本次新增国债发行在时间点、流程上均有突破，传递了财政积极发力的信号，现券市场收益率上行为主。11月，政府债供给影响逐步消退，弱势PMI数据提振债券市场，市场对总量政策预期提升，长债收益率小幅下行。12月，政治局会议、中央经济工作会议先后召开，政策层对市场的影响逐步降低，配置机构逐步入场，受前期国债供给放量影响，国开国债利差相对低位，配置机构买入国债积极，国债成交量维持高位，10年国债流动性显著优于10年国开债。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:59.252Z","mo":"展望后期，短期内基本面数据处于相对真空期，市场焦点逐步转为一季度政策落地。四季度赤字预算调整表明稳增长诉求的急迫性，政策遐想空间延续至一季度，关注两会对全年经济增速、财政等目标设定。","fund":{"_id":3000000008587,"__csrcFundId":7273,"stockCode":"008587","shortName":"淳厚中短债(008587)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8587,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:20:10.226Z","status":"normal","inceptionDate":"2020-03-25T16:00:00.000Z","name":"淳厚中短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚中短债","setUpDate":"2020-03-25T16:00:00.000Z","setUpAssetScale":1442529112.98,"setUpShares":1442529112.98,"pinyin":"chzdzzqxzqtzjj","managers":[{"stockCode":"db20702172","stockType":"fund_manager","exchange":"fm","tickerId":102310207380,"name":"江文军"}]},"announcement":{"linkText":"淳厚中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=1060636","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcf7fea5b3eb04bc536","date":"2023-09-29T16:00:00.000Z","stockId":3000000008587,"sao":"三季度，债券市场收益率先下后上。7月，债券市场小幅震荡，市场围绕强预期、弱现实展开博弈。央行官员“综合运用存款准备金率、中期借贷便利、公开市场操作等多种货币政策工具”的表述强化市场降准预期，现券市场收益率小幅下行。7月下旬，政治局会议表述定调积极，对地产表述出现重大变化，市场政策预期走强，风险偏好快速提升，债券市场收益率转为上行。8月市场围绕政策、降息、资金预期展开博弈。政治局会议后，一系列地产优化政策接连落地，中旬央行下调MLF政策利率，降息时点和幅度均超市场预期，现券市场加速下行。下旬交易印花税实施减半征收等一系列政策提升市场风险偏好，债市收益率转为上行。9月，市场博弈焦点转为政策效果、供给压力、资金预期。受到跨季资金偏紧影响，收益率曲线整体呈现平坦化上行。中旬的计划外国债发行引发市场供给担忧，随后地方政府特殊再融资债加速落地，进一步加剧供给压力，现券市场收益率小幅上行。三季度，10年期国债收益率合计上行3BP，10年国开合计下行4BP。展望四季度，前期政策密集落地，经济数据底部逐步企稳回升，PMI数据连续4个月小幅上行，9月PMI数据转为50以上，表明政策效果逐步显现，但新订单指数指向复苏动能偏弱。地产销售环比亦逐步转正，但幅度略低于预期，且政策脉冲效果过后，政策端是否继续加码存疑。短期内债券市场受地方政府特殊再融资债券发行影响，供给压力提升，发行高峰过后预期逐步转为基本面定价,配置资金或可择机入场。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:59.250Z","fund":{"_id":3000000008587,"__csrcFundId":7273,"stockCode":"008587","shortName":"淳厚中短债(008587)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8587,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:20:10.226Z","status":"normal","inceptionDate":"2020-03-25T16:00:00.000Z","name":"淳厚中短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚中短债","setUpDate":"2020-03-25T16:00:00.000Z","setUpAssetScale":1442529112.98,"setUpShares":1442529112.98,"pinyin":"chzdzzqxzqtzjj","managers":[{"stockCode":"db20702172","stockType":"fund_manager","exchange":"fm","tickerId":102310207380,"name":"江文军"}]},"announcement":{"linkText":"淳厚中短债债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=991731","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcf7fea5b3eb04bc535","date":"2023-06-29T16:00:00.000Z","stockId":3000000008587,"sao":"上半年，债券市场收益率趋势性下行。一季度配置资金陆续进场，前期抛售较多的理财资金重新转为净买入，信用表现强势，信用利差逐步压缩，信用利差下行逐步由高等级转为中低等级、银行二级债转至银行永续债，四季度大幅调整品种均迎来了估值修复。利率品种则受制于信贷预期向好，10年国债收益率维持弱势。春节过后市场预期分化，弱复苏逐步得到市场确认，对应利率开始逐步回落。二季度复苏预期逐步修正，债券市场行情由前期利差修复转为全面下行，叠加银行存款利率调降和政策利率下调，进一步加剧市场做多热情。上半年10年期国债收益率累计下行约20BP，10年期国开债累计下行约16BP。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:59.247Z","mo":"展望后期，政治局会议表态提升市场政策预期。关注后期地产、财政、货币相关政策的落地节奏。预期随着政策的落地基本面逐步筑底，扰动因子动能逐步增强。库存方面，上半年企业需求不足带动企业被动累库，企业累库程度接近于2015年周期底部，关注政策需求同库存周期能否形成合力，对应债市方面，建议均衡配置。","fund":{"_id":3000000008587,"__csrcFundId":7273,"stockCode":"008587","shortName":"淳厚中短债(008587)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8587,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:20:10.226Z","status":"normal","inceptionDate":"2020-03-25T16:00:00.000Z","name":"淳厚中短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚中短债","setUpDate":"2020-03-25T16:00:00.000Z","setUpAssetScale":1442529112.98,"setUpShares":1442529112.98,"pinyin":"chzdzzqxzqtzjj","managers":[{"stockCode":"db20702172","stockType":"fund_manager","exchange":"fm","tickerId":102310207380,"name":"江文军"}]},"announcement":{"linkText":"淳厚中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=965205","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcf7fea5b3eb04bc534","date":"2023-03-30T16:00:00.000Z","stockId":3000000008587,"sao":"一季度，债券市场收益率震荡下行。1月配置资金陆续进场，前期抛售较多的理财资金重新转为净买入，信用表现强势，信用利差逐步压缩，信用利差下行逐步由高等级转为中低等级、银行二级债转至银行永续债，2022年四季度大幅调整品种均迎来了估值修复。利率品种则受制于信贷预期向好，10年国债收益率维持弱势。春节过后市场预期分化，弱复苏逐步得到市场确认，对应利率开始逐步回落。进入2月，信贷利空逐步落地，现券市场重新转强。中下旬银保监会发布《商业银行资本管理办法（征求意见稿）》，提高了同业类资产的风险占用，同时降低高等级主体信贷风险占优，政策方向解读为压降同业规模，鼓励信贷资金投放，存单、银行类债券收益率普遍表现偏弱。同时2月末资金紧张超预期，跨月资金价格大幅超预期，月末隔夜押利率市场成交价超10%，资金预期走弱，带动存单类资产收益率上行。3月份，政策目标低于前期市场预期，政策进一步加码预期落空，债券市场收益率加速下行，中旬，海外风险事件加剧，先是美国硅谷银行倒闭，随后瑞信AT1债券被全额减记，海外市场风险偏好快速下降，美债收益率大幅下行。国内中下旬迎来超预期降准，总量政策空间预期走扩，国内债券同步跟随下行，其中短债类资产最为受益，前期资金预期悲观情绪快速得到修复，中短端收益率下行明显，收益率曲线逐步走扩。展望后期，市场对经济逐步复苏方向预期较为一致,但幅度预期偏弱。从总量看，3月PMI数据超市场预期。 PMI 生产和订单需求均显示了一定韧性，同时随着企业生产的恢复，企业整体库存有所去化，企业产成品和原材料库存均有一定回落，整体上总量数据显示了内需向好的趋势。但从中观行业看，需求的分布有所分化，基建相关需求普遍偏好，或同前期稳增长政策落地相关，增长的可持续仍有待验证。同比角度，考虑到2022年的低基数，二季度宏观数据有望迎来高增长，环比角度看，仍然取决于海外需求回落的速度以及国内稳增长政策的可持续性。债券市场对偏强的基本面数据有所钝化，前期基本面利空因素正逐步累积。一季度降准落地后，前期偏平坦的收益率曲线逐步有所修复，但仍处于相对低位，配置资金短债加杠杆策略更为占优。","declarationDate":"2023-04-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:59.244Z","fund":{"_id":3000000008587,"__csrcFundId":7273,"stockCode":"008587","shortName":"淳厚中短债(008587)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8587,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:20:10.226Z","status":"normal","inceptionDate":"2020-03-25T16:00:00.000Z","name":"淳厚中短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚中短债","setUpDate":"2020-03-25T16:00:00.000Z","setUpAssetScale":1442529112.98,"setUpShares":1442529112.98,"pinyin":"chzdzzqxzqtzjj","managers":[{"stockCode":"db20702172","stockType":"fund_manager","exchange":"fm","tickerId":102310207380,"name":"江文军"}]},"announcement":{"linkText":"淳厚中短债债券型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=888708","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcf7fea5b3eb04bc533","date":"2022-12-30T16:00:00.000Z","stockId":3000000008587,"sao":"2022年，利率债市场区间震荡，下半年振幅较上半年显著提升,10年期国债收益率高点和低点均出现在下半年。全年资金面维持宽松格局，1-2年短债套息策略收益占优。全年债券市场围绕地产维稳政策、资金预期等展开博弈，基本面关注权重较低，尤其四季度，弱现实强预期成为主流共识。全年行情逐步由上半年窄幅震荡转为下半年宽幅震荡，具体总结如下：1月：央行下调公开市场利率时点超市场预期，货币政策空间预期打开，进一步加大了市场做多热情，10年国债收益率年初下行超10BP至2.67%。2月-3月初：市场聚焦于宽信用，宽信用预期逐步加强，债券收益率上行近20BP至2.86%。3月-5月：债券市场高位逐步回落。4月公开市场续作MLF价格持平，低于市场预期，叠加美联储加息预期走高，中美利差倒挂，10年国债收益率转为上行。5月份资金面继续维持宽松，短端品种最受益于资金面宽松，收益率曲线趋于陡峭化。6月-7月：市场开始交易经济复苏，7月初央行公开市场投放缩量，引发市场恐慌，但随着资金面进一步宽松，恐慌情绪消散。10年国债期间收益率由2.74%上行至2.85%。7月中旬-8月：基本面复苏逐步证伪，停贷风波开始发酵，8月央行下调MLF和公开市场操作利率10BP。10债收益率下行至2.61%，创年内新低。9月-10月：9月地产政策逐步加码，9月30日，阶段性调整差别化住房信贷政策出台，符合条件的城市首套房贷款利率下限放宽。同时首套房公积金贷款利率下调15bp，财政部亦发布换购住房个人所得税退税政策等。受此影响，利率债收益率转为上行，10年国债高点触及2.76%，较低点上行15BP。11月-12月： 经济预期逐步转为乐观，债券市场收益率大幅上行。11月25日，全面降准0.25个百分点，债券市场短期性企稳，但随后受地产第三支箭政策影响，10年国债收益率延续上行，高点触及2.99%。本基金在报告期内采用稳健的投资策略，维持一定杠杆操作。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:59.242Z","mo":"经济方面，低基数效应下，GDP增速同比回升方向较为确定，回升幅度仍然需要政策的呵护。2022年出口增速继续超预期，下半年出口增速由正转负，预期2023年海外需求延续回落趋势，出口对经济拖累加深，而国内需求回补或是经济底部企稳的最大助力。基建的投资则受制于2022年高基数，预期财政政策仍较为积极，但边际增量有限。地产在政策组合拳提振下，行业系统性信用风险化解，企业销售端的企稳回升则取决于需求端政策能否继续加码以及居民预期转变。2022年四季度以来资金价格边际上行，资金利率同政策利率的利差由前期60BP缩窄至20BP，随后在理财赎回抛压下债券大幅波动，资金利率被动转为宽松，两者利差走扩至30BP水平，为2020年以来的中枢水平。市场利率向政策利率靠拢的利空逐步落地，短期限利率债同资金利差为2020年以来中位数水平，短债杠杆策略具有较高安全边际，基金组合上半年可维持一定杠杆操作把握套息策略，利率债策略上半年亦可积极把握交易机会。","fund":{"_id":3000000008587,"__csrcFundId":7273,"stockCode":"008587","shortName":"淳厚中短债(008587)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8587,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:20:10.226Z","status":"normal","inceptionDate":"2020-03-25T16:00:00.000Z","name":"淳厚中短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚中短债","setUpDate":"2020-03-25T16:00:00.000Z","setUpAssetScale":1442529112.98,"setUpShares":1442529112.98,"pinyin":"chzdzzqxzqtzjj","managers":[{"stockCode":"db20702172","stockType":"fund_manager","exchange":"fm","tickerId":102310207380,"name":"江文军"}]},"announcement":{"linkText":"淳厚中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=872978","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcf7fea5b3eb04bc532","date":"2022-09-29T16:00:00.000Z","stockId":3000000008587,"sao":"三季度，债券市场收益率先下后上，市场围绕复苏、疫情、海外政策等反复博弈。7月份，月初央行缩量操作带动市场收益率上行，随后资金面宽松超预期，隔夜回购利率一度跌破1%，创今年以来新低，资金面收紧预期证伪；7月中旬社融利空数据落地后，债券市场收益率进一步下行。8月，央行超预期下调公开市场操作利率10BP，同时缩量续作到期MLF，由于市场利率长期低于政策利率，政策利率的调整并未显著带来资金价格的下行，反而是缩量叠加税期扰动，导致资金价格小幅反弹，但是长债受到降息利好带动收益率快速下行，30年国债交投活跃，收益率由3.23%下行至3.09%，创历史新低。9月，央行到期MLF继续维持缩量续作，带动资金面收紧预期，现券市场收益率开始小幅反弹；9月下旬在强美元带动下，10年美债月末冲破4.0%关口，人民币汇率亦贬值突破7.2。海外市场大幅波动带动国内现券市场走弱，10年期国债收益率持续走高。总体来看，三季度债券市场宽幅震荡先下后上，10年期国债突破今年一季度低点，三季度10年期国债活跃券收益率合计下行7BP至2.76%。本基金在报告期内采用稳健积极的投资策略，主要以配置中高等级信用债为主，并维持一定杠杆操作,息差收益稳定。展望后期，基本面方面，预期海外需求回落，政策托底内需逐步企稳，带动总需求逐步筑底。对应到实际操作层面，中短债继续关注税期等阶段性时点冲击带来的配置机会。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:59.235Z","fund":{"_id":3000000008587,"__csrcFundId":7273,"stockCode":"008587","shortName":"淳厚中短债(008587)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8587,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:20:10.226Z","status":"normal","inceptionDate":"2020-03-25T16:00:00.000Z","name":"淳厚中短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚中短债","setUpDate":"2020-03-25T16:00:00.000Z","setUpAssetScale":1442529112.98,"setUpShares":1442529112.98,"pinyin":"chzdzzqxzqtzjj","managers":[{"stockCode":"db20702172","stockType":"fund_manager","exchange":"fm","tickerId":102310207380,"name":"江文军"}]},"announcement":{"linkText":"淳厚中短债债券型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=810290","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcf7fea5b3eb04bc531","date":"2022-06-29T16:00:00.000Z","stockId":3000000008587,"sao":"2022年上半年债券市场收益率窄幅震荡。央行1月中旬下调MLF和公开市场逆回购操作利率10BP，随后货币当局“政策要充足发力，把货币政策工具箱开得再大一些”的表述进一步加大了市场的宽松预期，十年期国债收益率下行至2.67%低点。随着宽货币政策的逐步加码，市场对宽信用预期逐步加强，尤其是2月份公布PMI和社融数据均超市场预期，现券收益率逐步上行。2月下旬受俄乌冲突影响，全球风险资产均出现不同程度下跌，债券市场收益率继续上行。3月中下旬，疫情风险抬升，现券收益率逐步企稳下行。4月份，债券市场收益率先下后上，中旬央行续作MLF价格持平，低于市场预期，债券收益率逐步上行，叠加美联储加息预期走高，中美10年期国债收益率出现倒挂，10年期国债收益率逐步上行至疫情前水平。5月份，债券市场收益率下行为主，资金面继续维持宽松，疫情持续时间超预期，带动现券收益率逐步下行，短端品种最受益于资金面宽松，1-3年期品种债券收益率创今年以来新低，收益率曲线趋于陡峭化，全月10年期国债收益率下行7BP。6月份债券市场收益率上行为主，疫情得到有效控制，上海出台《加快经济恢复和重整行动方案》，财政部亦要求加快地方政府专项债发行进度，市场博弈焦点由疫情导致的需求不足转为了复工复产带来的需求扩张。随着需求的逐步回升，资金价格小幅抬升，债券市场收益率转为上行，10年期国债收益率上行8BP至2.82%。总体来看，上半年10年期国债在2.67-2.85%之间来回震荡。  本基金在报告期内采用稳健积极的投资策略，主要以配置利率债和中高等级信用债，并维持中低杠杆运行,通过利率债仓位灵活调整组合久期。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:59.232Z","mo":"展望后期，下半年债市依然面临着多空交织的环境，整体偏空因素多于偏多，但本轮复苏交易债券市场抢跑明显，市场或继续维持震荡走势。利多因素包括，经济增长的回升需要货币政策配合、地产销售仍然维持负增长，下半年财政收入压力仍存。利空因素包括，“宽信用”持续落实，从社融增速看，一季度底部企稳反弹，二季度总量维持向好，后期更多面临结构调整压力。通胀压力后期亦逐步显现，CPI三季度或触及3%高位，同时随着地产政策的加码，后期房价是否会出现阶段性上行亦值得警惕。资金方面，资金成本阶段性触底，后期随着经济恢复正常区间，资金价格同政策利率的偏离预期三季度逐步修复，对短端债券偏空，资金面对长端利率的影响或弱化。综上，预计下半年 债市维持震荡走势。","fund":{"_id":3000000008587,"__csrcFundId":7273,"stockCode":"008587","shortName":"淳厚中短债(008587)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8587,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:20:10.226Z","status":"normal","inceptionDate":"2020-03-25T16:00:00.000Z","name":"淳厚中短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚中短债","setUpDate":"2020-03-25T16:00:00.000Z","setUpAssetScale":1442529112.98,"setUpShares":1442529112.98,"pinyin":"chzdzzqxzqtzjj","managers":[{"stockCode":"db20702172","stockType":"fund_manager","exchange":"fm","tickerId":102310207380,"name":"江文军"}]},"announcement":{"linkText":"淳厚中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=788458","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcf7fea5b3eb04bc530","date":"2022-03-30T16:00:00.000Z","stockId":3000000008587,"sao":"一季度，资金面维持平稳，然而现券市场波动有所加大，市场走势先扬后抑。央行1月先后下调MLF和公开市场逆回购操作利率10BP，随后央行副行长刘国强“政策要充足发力，把货币政策工具箱开得再大一些”的表述进一步加大了市场的宽松预期，十年期国债收益率下行至2.67%低点。随着宽货币政策的逐步加码，市场对宽信用预期逐步加强，尤其是2月份公布PMI和社融数据均超市场预期，现券收益率逐步上行。2月下旬受俄乌冲突影响，全球风险资产均出现不同程度下跌，债券市场收益率继续上行。3月中下旬，疫情风险抬升，现券收益率逐步企稳下行。本基金在报告期内采用稳健积极的投资策略，主要以配置利率债和中高等级信用债，并维持中低杠杆运行,通过利率债仓位灵活调整组合久期。展望后期，2022年一季度市场对于宽信用预期落空，后续完成全年GDP5.5%的增速目标需要政策端进一步的加码，但短期内风险点在于中美利差低位环境下，央行以我为主的宽松政策力度是否能如期兑现，中期风险点在于俄乌冲突以及疫情对CPI的短期冲击是否会在后期长期化。在此之前，预期债市维持震荡格局。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:59.230Z","fund":{"_id":3000000008587,"__csrcFundId":7273,"stockCode":"008587","shortName":"淳厚中短债(008587)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8587,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:20:10.226Z","status":"normal","inceptionDate":"2020-03-25T16:00:00.000Z","name":"淳厚中短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚中短债","setUpDate":"2020-03-25T16:00:00.000Z","setUpAssetScale":1442529112.98,"setUpShares":1442529112.98,"pinyin":"chzdzzqxzqtzjj","managers":[{"stockCode":"db20702172","stockType":"fund_manager","exchange":"fm","tickerId":102310207380,"name":"江文军"}]},"announcement":{"linkText":"淳厚中短债债券型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=727328","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcf7fea5b3eb04bc52f","date":"2021-12-30T16:00:00.000Z","stockId":3000000008587,"sao":"2021年，债券市场收益率趋势下行，一季度受资金面偏紧以及大宗商品普涨影响，债券收益率年初普遍上行。二季度开始，央行逐步引导市场关注银行间质押式回购利率，弱化数量型指标，资金面转为平稳，债券供给利空亦逐步消化，债券收益率企稳回落。三季度初央行超预期下调存款准备金率，货币政策宽松周期开启，降息降准预期渐浓，四季度继续下调存款准备金率0.5个百分点，债券市场收益率进一步下行，全年10年期国开债收益率从年初高点下行超60BP，年底收于年内最低点位。运作期内，基金维持中短久期仓位，评级以中高等级为主，杠杆维持低位。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:59.227Z","mo":"展望后期，2022年一季度市场对于利率的定价仍然聚焦于宽信用的实际效果以及降息预期的兑现情况。若后期央行公开市场基准利率下调，则为中短端收益率的下行进一步打开空间，而长端的减持时点视融资数据的边际变化而定。从中央经济工作会议的定调看，全年政策围绕稳增长逐步发力，掣肘长端利率进一步大幅下降至更低的收益率水平。","fund":{"_id":3000000008587,"__csrcFundId":7273,"stockCode":"008587","shortName":"淳厚中短债(008587)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8587,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:20:10.226Z","status":"normal","inceptionDate":"2020-03-25T16:00:00.000Z","name":"淳厚中短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚中短债","setUpDate":"2020-03-25T16:00:00.000Z","setUpAssetScale":1442529112.98,"setUpShares":1442529112.98,"pinyin":"chzdzzqxzqtzjj","managers":[{"stockCode":"db20702172","stockType":"fund_manager","exchange":"fm","tickerId":102310207380,"name":"江文军"}]},"announcement":{"linkText":"淳厚中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=710512","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbcf7fea5b3eb04bc52e","date":"2021-09-29T16:00:00.000Z","stockId":3000000008587,"sao":"三季度，资金面整体平稳，7月初央行超预期宣布下调金融机构存款准备金率0.5个百分点，降准释放长期资金约1万亿元，存款类机构7天回购利率均值2.16%，基本持平二季度。国庆假期前央行提前于公开市场投放流动性，但叠加地方债发行提速，季末资金普遍价格较高，非银融资成本上行，全市场7天回购利率均值2.28%，较二季度上行3BP。现券方面，季初受到降准影响，各债券品种收益率持续下行，其中10年国开累计下行约30BP。8月下旬开始，银行理财产品净值化政策加速推进，带动银行二级资本债、银行永续债收益率普遍上行,高等级3年以下债券重新回至降准之前的位置，利率债则受到通胀高位和宽信用预期的影响，收益率小幅震荡上行。本基金在报告期内采用稳健积极的投资策略，主要以配置利率债和中高等级信用债，并维持中低杠杆运行,通过利率债仓位灵活调整组合久期。展望后期，短期内由于能耗双控政策导致工业品价格再度高企，降准降息的预期有所延后，短端调整较为充分，随着政策面稳增长和宽信用诉求增强，预计长端仍具备一定上行空间，期限价差进一步修复。地方政府专项债供给方面，年内发行节奏明显前移，由原预期的预留20%于12月发行以便形成明年初的实物工作量，变更为需于11月底前发行完毕。虑到地产政策执行较为坚决，后期经济下行压力逐步增大，若由于债券供需因素改变导致债市阶段性超调，宜积极配置。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:59.225Z","fund":{"_id":3000000008587,"__csrcFundId":7273,"stockCode":"008587","shortName":"淳厚中短债(008587)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8587,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:20:10.226Z","status":"normal","inceptionDate":"2020-03-25T16:00:00.000Z","name":"淳厚中短债债券型证券投资基金","exchange":"jj","foll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