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苏，世界各国逐步退出宽松的货币政策，美联储11月份宣布将开始退出量化宽松，12月份美联储议息会议进一步加快了退出步伐，市场预期2022年美联储将至少加息2-3次。国内，由于外需超预期、地产投资维持高增长、制造业投资有所加快、内需逐步恢复等原因推动国内经济继续稳步复苏，3季度后期，地产销售、新开工等指标有所弱化，严格的能耗双控下，工业生产有所放缓，经济下行压力逐步加大。货币政策方面，7月份，央行下调存款准备金率置换MLF，12月份央行先后下调存款准备金率、下调1年期LPR利率，稳增长诉求强烈。债券市场方面，由于信用收缩、经济转弱预期较强等原因，利率债、地方债、高等级信用债等低风险资产需求比较集中，全年利率债等低风险资产收益率下行较为明显，但受制于地产调控持续，年内多家大型民营房地产企业出现债务违约或展期，部分民营地产债收益率大幅上行。  报告期内，本基金坚持以中短久期债券为主要的策略。操作上，一季度减持了部分中长期利率债，4月份开始逐步增持了部分中长期利率债和商业银行金融债、高等级信用债，7月份之后减持部分中长期利率债，期末组合久期杠杆有所下降。总体看，报告期内利率债收益率大幅下行，组合取得较好收益。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:58.373Z","mo":"2022年，国际上，美联储可能加快退出宽松政策，加息的预期逐步增强，美债收益率面临上行风险。国内，短期内信用风险依然较大，经济下行压力加剧，稳健货币政策和积极财政政策有助于稳定经济预期。利率债收益率经过多年的持续下行，目前收益率处于历史较低位置，随着内外环境的变化，利率债波动可能加剧。","fund":{"_id":3000000008825,"__csrcFundId":7725,"stockCode":"008825","shortName":"民生加银瑞盈纯债一年定开债券发起式(008825)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8825,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:06.018Z","status":"normal","inceptionDate":"2020-08-20T16:00:00.000Z","name":"民生加银瑞盈纯债一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050610000,"currency":"CNY","setUpDate":"2020-08-20T16:00:00.000Z","setUpAssetScale":209999500,"setUpShares":209999500,"pinyin":"msjyryczyndqkfzqxfqszqtzjj","masterFundShortName":"民生加银瑞盈纯债一年定开债券发起式","managers":[{"stockCode":"db20883314","stockType":"fund_manager","exchange":"fm","tickerId":262510230120,"name":"郑雅洁"}]},"announcement":{"linkText":"民生加银瑞盈纯债一年定期开放债券型发起式证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=709840","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc0a7fea5b3eb04c0ac9","date":"2021-09-29T16:00:00.000Z","stockId":3000000008825,"sao":"2021年三季度，全球主要经济体在逐步复苏，能源等部分商品价格大幅上行，通胀预期逐步走高，各国退出非常规宽松货币政策步伐的预期在加快。国内，外需持续较强、制造业投资有所加快，但地产销售、新开工等指标有所弱化，严格的能耗双控下工业生产有所放缓，3季度末经济下行压力逐步体现。三季度，央行下调存款准备金率置换MLF，增加支农、支小再贷款额度，货币政策更加着眼于跨周期调节和直达实体的政策工具。由于信用收缩、政府债券供给大幅低于预期等原因，利率债、地方债、高等级信用债等低风险资产需求比较集中，收益率下行较为明显，同时部分民营房地产企业由于流动性紧张，收益率大幅上行。  报告期内，本基金坚持以中短久期债券为主要的策略。操作上，三季度初中长期利率债收益率大幅下行，组合逐步减持了部分中长期利率债，增加部分中短久期信用债，组合久期和杠杆较二季度末有所下降。未来的操作上，短期内信用风险依然较大，中长期经济下行压力有所加大，中小企业面临较大的成本上升压力，但通胀预期较强，美联储年内Taper在即、部分主要经济体陆续退出宽松政策，短期内货币政策空间较为有限，中长期利率债收益波动会有所加剧。操作上，以维持中短久期为主，等待机会，同时适度增加杠杆，增加套息收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:58.370Z","fund":{"_id":3000000008825,"__csrcFundId":7725,"stockCode":"008825","shortName":"民生加银瑞盈纯债一年定开债券发起式(008825)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8825,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:06.018Z","status":"normal","inceptionDate":"2020-08-20T16:00:00.000Z","name":"民生加银瑞盈纯债一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050610000,"currency":"CNY","setUpDate":"2020-08-20T16:00:00.000Z","setUpAssetScale":209999500,"setUpShares":209999500,"pinyin":"msjyryczyndqkfzqxfqszqtzjj","masterFundShortName":"民生加银瑞盈纯债一年定开债券发起式","managers":[{"stockCode":"db20883314","stockType":"fund_manager","exchange":"fm","tickerId":262510230120,"name":"郑雅洁"}]},"announcement":{"linkText":"民生加银瑞盈纯债一年定期开放债券型发起式证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=655196","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc0a7fea5b3eb04c0ac8","date":"2021-06-29T16:00:00.000Z","stockId":3000000008825,"sao":"2021年上半年，新冠疫情在全球有所反复，同时疫苗接种速度有所加快，加上宽松的财政、货币政策，经济复苏的预期较强，供给受限、需求大幅上行等原因推动原油等大宗商品价格大幅上涨，推升了各国的通胀预期。上半年，由于外需超预期、地产投资维持高增长、制造业投资有所加快、内需逐步恢复等原因推动国内经济继续稳步复苏，就业状况有明显改善，但增长动能有所减弱，货币政策延续正常化，稳增长逐步让位于防风险。上半年，新增部分大型民企违约，市场风险偏好持续下降。由于地方债发行节奏较慢，利率债、高等级信用债等低风险资产比较稀缺，中长期利率债收益率较年初有较明显下行，部分弱资质国企、民企中低等级信用债收益率大幅上行。  报告期内，本基金坚持以中短久期债券为主要的策略。操作上，一季度减持了部分中长期利率债，4月份开始逐步增持了部分中长期利率债和商业银行金融债，增加了部分存单等短久期套息资产，总体而言，组合久期和杠杆较去年底有所下降。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:58.368Z","mo":"展望2021年下半年,国际上新冠疫情还在反复，经济复苏进程可能会受到拖累。国内经济复苏动能放缓，4季度之后经济增长面临一定的压力。7月份意外降准，缓解了货币政策边际收紧的担忧，年内货币政策边际放松的可能性较大，同时短期内信用风险依然较大，债券供给可能低于预期，结构性资产荒会持续，利率债收益率有一定下降空间。","fund":{"_id":3000000008825,"__csrcFundId":7725,"stockCode":"008825","shortName":"民生加银瑞盈纯债一年定开债券发起式(008825)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8825,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:06.018Z","status":"normal","inceptionDate":"2020-08-20T16:00:00.000Z","name":"民生加银瑞盈纯债一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050610000,"currency":"CNY","setUpDate":"2020-08-20T16:00:00.000Z","setUpAssetScale":209999500,"setUpShares":209999500,"pinyin":"msjyryczyndqkfzqxfqszqtzjj","masterFundShortName":"民生加银瑞盈纯债一年定开债券发起式","managers":[{"stockCode":"db20883314","stockType":"fund_manager","exchange":"fm","tickerId":262510230120,"name":"郑雅洁"}]},"announcement":{"linkText":"民生加银瑞盈纯债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=630292","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec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