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的过渡，财政发力等也会对债券市场带来一定影响。总体而言，我国经济长期向好的基本趋势没有改变，但国内进一步推动经济回升向好需要克服一些困难挑战，叠加债券市场资产荒逻辑仍将维持，收益率波动空间预计不大，或将呈现小幅震荡局面。","fund":{"_id":3000000008717,"__csrcFundId":7074,"stockCode":"008717","shortName":"德邦锐恒39个月定开债(008717)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8717,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:24:43.608Z","status":"normal","inceptionDate":"2020-03-17T16:00:00.000Z","name":"德邦锐恒39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050710000,"currency":"CNY","masterFundShortName":"德邦锐恒39个月定开债","setUpDate":"2020-03-17T16:00:00.000Z","setUpAssetScale":1260006057.41,"setUpShares":1260006057.41,"pinyin":"dbrh39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20906068","stockType":"fund_manager","exchange":"fm","tickerId":152506237040,"name":"欧阳帆"}]},"announcement":{"linkText":"德邦锐恒39个月定期开放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=1059590","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbf07fea5b3eb04bec71","date":"2023-09-29T16:00:00.000Z","stockId":3000000008717,"sao":"三季度债市整体先涨后跌，资金面收敛导致短端收益率上行更多，利率曲线熊平；信用利差整体收窄，在一揽子化债政策影响下中低等级中短久期城投债利差收窄最为明显。具体来看，季初基本面环境偏弱、降准预期升温、叠加理财规模大幅增加带来债市配置力量等因素共同驱动利率下行，7月末政治局会议政策定调较为积极，给债市带来调整压力。8月中旬超预期降息作为触发因素，叠加权益走弱、经济数据不及预期、二季度货政报告表示政策宽松窗口仍在均对债市形成一定支撑，带动利率下行突破前低，十年国债下行至年内低点2.54%。9月以来资金面成为最主要的影响因素，叠加经济数据改善、国债供给放量、地产政策加码的共同影响下债市明显调整，短端品种受资金收紧影响更为明显，调整幅度超过长端，曲线熊平。全季来看，10年国债收益率上行4.0bp至2.68%，1年国债收益率上行29.5bp至2.17%；1年AAA城投债收益率上行8.7bp至2.60%，1年AA-城投债收益率下行24.3bp至3.72%。　　投资操作方面，本基金在报告期内以持有到期为主要策略，并在缴税、跨月等时点通过合理安排杠杆融资策略，降低融资成本，以求实现较高的套息收益。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:32.782Z","fund":{"_id":3000000008717,"__csrcFundId":7074,"stockCode":"008717","shortName":"德邦锐恒39个月定开债(008717)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8717,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:24:43.608Z","status":"normal","inceptionDate":"2020-03-17T16:00:00.000Z","name":"德邦锐恒39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050710000,"currency":"CNY","masterFundShortName":"德邦锐恒39个月定开债","setUpDate":"2020-03-17T16:00:00.000Z","setUpAssetScale":1260006057.41,"setUpShares":1260006057.41,"pinyin":"dbrh39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20906068","stockType":"fund_manager","exchange":"fm","tickerId":152506237040,"name":"欧阳帆"}]},"announcement":{"linkText":"德邦锐恒39个月定期开放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=987055","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbf07fea5b3eb04bec70","date":"2023-06-29T16:00:00.000Z","stockId":3000000008717,"sao":"2023年上半年，债券市场表现为小牛市，利率债在资金面助推下短端表现更好，曲线牛陡；信用债在结构性资产荒带动下中低等级短久期下行明显。具体来看，1月至春节前，随着疫情感染高峰过去，高频数据逐渐改善，地产政策陆续出台，叠加央行在信贷座谈会中要求信贷投放适度靠前，市场对经济强修复预期高涨，债市在春节前明显回调，对应10年国债达到上半年最高点；春节到2月末，资金面整体偏紧短端上行明显，市场对经济修复预期出现修正，长端窄幅震荡；3月初到6月中旬，两会制定的经济增长目标处于市场预期下沿，基本面为债市打开下行空间，叠加3月超预期降准，资产荒与资金宽松共同推进利率持续下行；6月中旬降息落地后宽信用及刺激政策预期升温，叠加利率赔率降低、部分机构止盈，债市小幅回调。　　本基金在报告期内以持有到期为主要策略，并在缴税、跨月等时点通过合理安排杠杆融资策略，降低融资成本，以求实现较高的套息收益。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:32.780Z","mo":"展望下半年，7月政治局会议对经济定调为“持续恢复、总体回升向好”，债市面临的环境有所改变，后续下行动力预计不足。首先地产政策表述超市场预期，城中村改造、限购限贷等政策陆续出台，市场情绪可能持续受到扰动；其次针对地方债务提出“实施一揽子化债方案”，若发行一批特殊再融资置换债，供给上有所承压。不过在货币政策稳中偏松的环境下，利率难以大幅上行，预计债市呈现震荡偏弱局面，后续关注政策落地执行情况。","fund":{"_id":3000000008717,"__csrcFundId":7074,"stockCode":"008717","shortName":"德邦锐恒39个月定开债(008717)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8717,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:24:43.608Z","status":"normal","inceptionDate":"2020-03-17T16:00:00.000Z","name":"德邦锐恒39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050710000,"currency":"CNY","masterFundShortName":"德邦锐恒39个月定开债","setUpDate":"2020-03-17T16:00:00.000Z","setUpAssetScale":1260006057.41,"setUpShares":1260006057.41,"pinyin":"dbrh39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20906068","stockType":"fund_manager","exchange":"fm","tickerId":152506237040,"name":"欧阳帆"}]},"announcement":{"linkText":"德邦锐恒39个月定期开放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=961425","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbf07fea5b3eb04bec6f","date":"2023-03-30T16:00:00.000Z","stockId":3000000008717,"sao":"一季度债市表现分化，利率债曲线平坦上行，信用债收益率整体下行、中低等级下行更为明显。具体来看，1月随着感染高峰逐渐过去，生产逐步恢复，出行、消费等高频数据使得市场对经济强修复预期高涨，债市在春节前明显回调，对应10年国债达到一季度高点。进入2月，市场对经济修复预期出现修正，在基本面数据空窗期内，长端走势相对平稳、收益率窄幅震荡；但资金面受税期走款、信贷大额投放等因素明显波动，带动短端明显抬升。3月初两会召开，GDP目标设定在“5%左右”，处于市场预期下沿，债市收益率有所下行；中旬MLF等价超额续作叠加超预期降准补充中长期流动性，新领导班子强调政策“不干大快上”，收益率呈现短暂利多出尽后再度趋稳。相比之下，配置需求支撑下，资产荒逻辑推动中低评级信用债收益率中枢自春节后持续震荡走低。全季来看，10年国债收益率上行1.7bp至2.85%，10年国开债收益率上行3.1bp至3.02%，1年AAA级短融收益率上行6bp至2.77%，3年AA+级中票收益率下行38bp至3.20%。　　本基金在报告期内以持有到期为主要策略，并在缴税、跨月等时点通过合理安排杠杆融资策略，降低融资成本，以求实现较高的套息收益。","declarationDate":"2023-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:32.777Z","fund":{"_id":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GDP 达 532167 亿元，同比增长 12.7% ；其中一季度同比增长 18.3% ，二季度同比增长 7.9% ；第一、二、三产业的两年平均增速分别为 4.3% 、 6.1% 和 4.9% 。1-6月份，规模以上工业增加值同比增长15.9%，两年平均增长7.0%。全国固定资产投资（不含农户）255900亿元，同比增长12.6%；比2019年1-6月份增长9.1%，两年平均增长4.4%。社会消费品零售总额211904亿元，同比增长23.0%，两年平均增速为4.4%。上半年全国固定资产投资同比增长 12.6% ，两年平均增长 4.4% ，很有韧性但低于同期经济增速。 1-6月制造业投资同比增长19.2%，是上半年固定资产投资的重要增量点。一方面大宗商品价格上涨或带动相关行业资本开支意愿上升，化学原料和制品制造业投资同比增长30.1%；另一方面，清洁能源转型也提振了相关行业的固定资产投资增速，上半年电气设备制造业投资同比增长24.2%。基建投资增速实现7.8%，增速相对温和。国内消费整体修复。6月单月社会消费品零售总额环比增长0.7%，上半年居民消费能力整体复苏。传统消费方面，餐饮消费恢复良好，上半年餐饮收入实现21712亿元，规模已与2019年上半年基本持平。上半年进出口对经济拉动最为强劲，外需强于内需。货物进出口增速 27.1% ，其中进口和出口分别同比增长 25.9% 和 28.1% 。 上半年通胀整体上行但呈现明显分化走势，一方面CPI受2020年同期基数较高、国内终端需求温和复苏等因素影响仅表现为温和抬升，另一方面PPI受全球经济复苏与通胀预期增强、部分品种供给收缩以及基数等因素影响快速拉升。同时，PPI通过非食品项向CPI传导但效用有限，CPI与PPI剪刀差持续扩大，削弱了中下游行业利润。债市方面，受经济复苏进程放缓、货币政策中性偏松等因素影响，债市行情一波三折，在震荡下行中走过半程。上半年10年期国债和国开债收益率分别下行10bp和9bp。受“永煤事件”影响，央行加大公开市场投放力度，并连续两次续作MLF,推动资金利率明显回落，一月上半月10年期国债收益率快速回落至3.1%。一月下旬，央行操作缩量，1月底资金利率大幅跳升，10年国债收益率快速回升至3.28%的高点。春节后，资金面平稳偏宽，叠加经济、通胀等利空因素钝化，债市走出慢牛行情。10年期国债收益率一度跌破3.1%，创年内新低。6月开始，流动性紧平衡，资金利率中枢小幅抬升，10年期国债收益率震荡回升至3.14%左右。6月末，央行打破了今年3月以来每日100亿元的逆回购操作，将操作量提升至300亿元。10Y国债收益率震荡回落至3.08%附近。本报告期内，本基金按照法律法规所规定的要求进行投资操作，并严格把控信用风险，优选投资标的通过控制久期，精选个券，规避信用风险，力争提高本基金的收益。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:32.759Z","mo":"下半年经济增长动能将进一步向内需切换，经济全面加速向上的动能不足，有下行隐忧，经济进入新一轮需求扩张周期的概率很低，在此背景下，货币政策仍需重点支持内需继续恢复，适度宽松的货币政策是对结构性紧信用政策的必然配合。下半年PPI同比涨势预期将持续回落、CPI涨势可能再起，但暂时来看，对货币政策造成的压力不大。但经济韧性犹在，宏观政策全面转向宽松的可能性不大。这意味着，对于城投和房企这两大逆周期调节的重要发力主体而言，监管政策环境难有明显松动。7月央行重启降准显示货币政策边际转松，但不宜解读为全面宽松信号；下半年“稳货币”可期，央行将继续保持流动性合理充裕，为降低实体经济综合融资成本提供适当的利率环境，信用环境则将从前期的“紧信用”转入“稳信用”过程。此外，今年以来债券融资和非标融资收缩速度要快于银行贷款增速，对债券融资和非标融资依赖度较高的主体信用风险凸显。总体来看，下半年债券市场机会尚在，信用方面需要警惕继续分化。","fund":{"_id":3000000008717,"__csrcFundId":7074,"stockCode":"008717","shortName":"德邦锐恒39个月定开债(008717)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8717,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:24:43.608Z","status":"normal","inceptionDate":"2020-03-17T16:00:00.000Z","name":"德邦锐恒39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050710000,"currency":"CNY","masterFundShortName":"德邦锐恒39个月定开债","setUpDate":"2020-03-17T16:00:00.000Z","setUpAssetScale":1260006057.41,"setUpShares":1260006057.41,"pinyin":"dbrh39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20906068","stockType":"fund_manager","exchange":"fm","tickerId":152506237040,"name":"欧阳帆"}]},"announcement":{"linkText":"德邦锐恒39个月定期开放债券型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=629456","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbf07fea5b3eb04bec67","stockId":3000000008717,"sao":"一季度经济基本面仍在修复过程中，生产端偏强，需求端边际放缓，其中，基建投资偏弱，制造业投资增速大幅回落与社融中企业中长期贷款高增具有不一致性，可能是受疫情短期影响，后续在出口产业链和消费修复趋势下有望恢复高景气，房地产投资韧性或将持续，竣工和销售火爆，短期对地产投资有一定支撑，中长期或缓慢下行。受大宗商品价格快速上涨、海外主要央行维持宽松货币政策环境、美国财政刺激政策力度较大、美联储对通胀和美债收益率上行持乐观态度等因素影响，全球通胀担忧升温，目前国内通胀尚可控，但随着疫苗的全球普及，美国财政刺激继续加码，外需复苏动力较足，PPI预计将快速回升。2月金融数据大超预期，贷款拉动效应明显，反映企业融资需求强劲，但社融增速将逐渐回落是一致预期。货币政策与资金面方面，1月中下旬央行流动性投放力度大幅收缩，与股市和楼市资产价格风险上升有关，春节后货币政策维持常态，资金面基本维持平稳。目前经济仍处于复苏通道，为防范金融风险，央行将继续精准调控，以保持好正常货币政策空间的可持续性，预计资金面将维持紧平衡的状态，DR007的月度均值围绕2.2%的政策利率波动。节前，央行公开市场投放持续不及预期，跨春节投放偏紧，资金价格偏高，债券收益率长短端均上行，节后，资金面恢复平稳，短端下行，但受全球经济复苏、美国刺激政策出台、通胀预期上行等因素影响，长端继续上行，3月债市在流动性平稳偏松及通胀预期缓和下迎来一波反弹行情。一季度末各期限收益率基本与年初持平或小幅下行。本报告期内，本基金按照法律法规所规定的要求进行投资操作，并严格把控信用风险，优选投资标的通过控制久期，精选个券，规避信用风险，力争提高本基金的收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:32.756Z","fund":{"_id":3000000008717,"__csrcFundId":7074,"stockCode":"008717","shortName":"德邦锐恒39个月定开债(008717)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8717,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:24:43.608Z","status":"normal","inceptionDate":"2020-03-17T16:00:00.000Z","name":"德邦锐恒39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050710000,"currency":"CNY","masterFundShortName":"德邦锐恒39个月定开债","setUpDate":"2020-03-17T16:00:00.000Z","setUpAssetScale":1260006057.41,"setUpShares":1260006057.41,"pinyin":"dbrh39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20906068","stockType":"fund_manager","exchange":"fm","tickerId":152506237040,"name":"欧阳帆"}]},"announcement":{"linkText":"德邦锐恒39个月定期开放债券型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=570802","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbf07fea5b3eb04bec66","stockId":3000000008717,"sao":"2020年经济发展的主线是疫情对经济的冲击和疫情控制后的经济复苏。年初新冠疫情的爆发导致中国经济遭受重创，随着疫情得到控制，经济逐渐复苏，基本面沿着“工业生产、基建投资/地产、出口-消费-制造业投资”的路径顺次修复 “出口-工业生产”和“政策-地产”对经济起到了重大支撑，但消费和制造业投资不及预期，对2020年经济发展形成拖累。为了应对疫情对经济的重大负面影响，中国政府货币政策和财政政策更加积极有为。货币政策方面，4月宽松政策密集出台，多次降准、降低金融机构在央行超额存款准备金利率，下调LRP利率，引导实体贷款利率下行；从5月开始，货币政策转为谨慎中性，资金利率中枢明显抬升，财政政策发力，由宽货币转向宽信用，减费降税，专项债扩容。债券收益率呈现“V”’型走势。1-4月份收益率大幅回落，5-11月震荡调整，10年期国债收益率自2.5%低点一路上行至3.35%，11月中旬开始又慢慢回落至3.1%附近。本基金报告期内，在控制久期和严格把控信用风险的基础上，以票息为主，努力通过精选个券锁定绝对收益。此外，把握市场节奏，通过对可转债的配置增厚收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:32.753Z","mo":"2021年宏观经济基本面好转趋势确定，货币政策将以稳为主，保持总量适度，节奏灵活，完善结构性工具支持重点领域和薄弱环节；持续完善机制化货币政策沟通方式，深化利率和汇率市场化改革。预计货币政策继续边际收紧，财政政策同样边际收紧，赤字率下调。受低基数影响，预计经济在上半年冲高后下半年回落；通胀数据在二季度有可能明显回升；货币政策很难继续宽松；海外疫情影响逐渐消退，经济见底回升，收益率回升对国内利率形成一定压制。因此，国内利率债趋势性机会可能不大。但可把握经济增速的预期差，同时，疫情之下财政支持的基建投资2020年已经透支，预计2021年基建投资由于财政力度减弱增速将会有所下降，下半年经济增速回落对债市形成利好，结构性的机会仍在。信用债方面，2020年是违约大年，违约主体从民企、上市公司扩展到省级地方国企，21年信用分层大概率继续固化，民企和经营效益较弱的国企融资难问题将持续，建议以利率债和优质信用债为主进行配置，控制久期；城投债方面，在缩短久期的前提下信用资质适当下沉。基于以上分析，2020年德邦锐恒39个月定期开放债券型证券投资基金将以配置中高评级信用债、适当配置短久期中等评级债券为主，灵活配置利率债，同时适时参与可转债市场投资。本基金将继续坚持稳健投资原则，以获取合理收益。","fund":{"_id":3000000008717,"__csrcFundId":7074,"stockCode":"008717","shortName":"德邦锐恒39个月定开债(008717)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8717,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:24:43.608Z","status":"normal","inceptionDate":"2020-03-17T16:00:00.000Z","name":"德邦锐恒39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050710000,"currency":"CNY","masterFundShortName":"德邦锐恒39个月定开债","setUpDate":"2020-03-17T16:00:00.000Z","setUpAssetScale":1260006057.41,"setUpShares":1260006057.41,"pinyin":"dbrh39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20906068","stockType":"fund_manager","exchange":"fm","tickerId":152506237040,"name":"欧阳帆"}]},"announcement":{"linkText":"德邦锐恒39个月定期开放债券型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=554955","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbf07fea5b3eb04bec65","stockId":3000000008717,"sao":"三季度GDP当季实际同比增速4.9%，名义同比增速5.5%，前三季度实际GDP累计同比增长0.7%，年内首次转正。三季度GDP增速低于预期或受进口高增长影响；9月工业增加值和社零增速超出市场预期；固定资产投资累计同比增速转正；居民收入增长明显恢复。一方面，三季度国内固定资产投资同比增速转正，在新老基建提振下，扩内需政策稳步收效；另一方面，三季度国内出口贸易额达5万亿，创下年内季度新高，防疫、医疗物资等特定产品出口强劲，三季度出口表现延续正增长。整体而言，三季度我国规模以上工业增加值持续增长，制造业增加值表现较好。货币政策方面，将以促进货币供应量和社会融资规模合理增长为方向，坚决不搞“大水漫灌”，强调发挥结构性货币政策工具的精准滴灌作用，提高政策的“直达性”，继续用好1万亿元普惠性再贷款再贴现额度，落实好两项直达实体货币政策工具，确保普惠小微贷款应延尽延，切实提高普惠小微信用贷款发放比例。降成本方面已经取得明显效果，企业融资成本明显下降。同时，中小微企业延期还本付息和普惠小微信用贷款两项直达工具抓紧推进，约为实体经济减负2000亿元。继续深化利率市场化改革，引导贷款利率继续下行，实体经济融资成本有望继续下降，为完成金融系统全年减负1.5万亿的目标，预计今年四季度企业一般贷款利率环比将保持一定下行幅度。美国大选加大市场波动：美国大选日临近，拜登民调优势有所扩大，主要摇摆州也具有普遍领先性，其加税、扩张财政刺激等政策主张已率先推升全球风险情绪，关注大选日及选举人团唱票日前后可能出现的市场波动加剧风险； 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GDP同比上涨 3.2%，高于一季度 10 个百分点，凸显了中国经济的强大韧性和潜力。从供给端看，工业生产和服务业生产双双反弹，但前者修复幅度明显快于后者。从需求端看，需求复苏动力稍显不足。其中，投资降幅逐月收窄，稳步恢复；消费市场逐步改善，新型消费加快增长；进出口呈现一定韧性，贸易顺差有所收窄。从物价看，上半年 CPI 呈现前高后低、高位回落态势，疫情对经济的长期需求抑制作用开始超过短期供给压抑带来的价格推动作用；工业领域陷入持续通缩，6 月有所好转。从就业看，6 月全国城镇调查失业率为 5.7%，连续两个月小幅下降。从金融环境看，信贷社融处历史同期高位，宽信用成效显著。从金融市场看，人民币汇率整体贬值，债券市场收益率先降后升。货币政策和财政政策也有了一定的调整。在疫情爆发期间，为了稳定市场预期，保持流动性充裕，货币政策方面多次调降准备金率和公开市场操作利率。而随着疫情有所缓解，经济秩序逐步恢复，继续大量投放流动性的必要性下降，并可能助长金融套利和资金空转。货币政策边际收紧，重心从宽货币逐步向宽信用调整。更加侧重创新型货币政策工具直达实体经济，支持中小微、民营企业融资，一定程度上绕过宽货币，直达宽信用，以避免资金在金融体系内空转。央行近期调降再贴现利率，也在证明其力求减少支持实体经济信用扩张对宽松流动性环境的依赖。本报告期内，本基金按照法律法规所规定的要求进行投资操作，严格把控信用风险，优选投资标的通过控制久期，精选个券，规避信用风险，力争提高本基金的收益。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-16T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:32.748Z","mo":"当前国内疫情防控和复工复产形势向好，但不稳定性和不确定性较大，中央要求扎实做好“六稳”工作，全面落实“六保”任务，财政政策更加积极有为、注重实效，货币政策更加灵活适度、精准导向。预计下半年货币政策将在总量稳健的前提下转向“结构性宽松”，更加注重运用各类直达实体经济的货币政策工具来担当大任。债市会回归基本面和资金面定价，短期看并没有某一个因素特别突出或边际变化显著能够决定趋势行情。从全年来看，基本面压力不大，但复苏是主要基调；货币政策若不出现松动，债市很难出现趋势性行情，更多的机会来自于调整后的交易机会。关注信用可转债的机会，控制久期，锁定票息。","fund":{"_id":3000000008717,"__csrcFundId":7074,"stockCode":"008717","shortName":"德邦锐恒39个月定开债(008717)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8717,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:24:43.608Z","status":"normal","inceptionDate":"2020-03-17T16:00:00.000Z","name":"德邦锐恒39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050710000,"currency":"CNY","masterFundShortName":"德邦锐恒39个月定开债","setUpDate":"2020-03-17T16:00:00.000Z","setUpAssetScale":1260006057.41,"setUpShares":1260006057.41,"pinyin":"dbrh39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20906068","stockType":"fund_manager","exchange":"fm","tickerId":152506237040,"name":"欧阳帆"}]},"announcement":{"linkText":"德邦锐恒39个月定期开放债券型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=450893","linkType":"PDF","source":"csrc_pdf"}}]}