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  整个三季度操作较为保守，久期没有跟上市场平均久期水平，导致降准释放的红利没有“吃上”。从当前基本面环境来看，因能源等大宗商品价格的快速上涨，经济可能陷入滞胀的隐忧，降准降息的概率下降。此外，进入资管新规过渡期的最后时期，市场的波动性加大。四季度在策略上偏向稳健，关注行业盈利较好的产业债品种。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:32.154Z","fund":{"_id":3000000008952,"__csrcFundId":7667,"stockCode":"008952","shortName":"中信建投桂企债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8952,"masterFundFlag":1,"lastUpdated":"2023-11-24T17:07:34.801Z","status":"normal","inceptionDate":"2020-06-03T16:00:00.000Z","name":"中信建投桂企债债券型证券投资基金A类","exchange":"jj","followedNum":0,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投桂企债","setUpDate":"2020-06-03T16:00:00.000Z","setUpAssetScale":1000115258.3,"setUpShares":1000115258.3,"delistedDate":"2023-08-24T16:00:00.000Z"},"announcement":{"linkText":"中信建投桂企债债券型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=657684","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc2c7fea5b3eb04c321e","date":"2021-06-29T16:00:00.000Z","stockId":3000000008952,"sao":"春节后受到地方债发行错位，以及银行超储使用效率提高的影响，市场整体流动性维持较高水平。在此背景下，短端收益率连续下行，从而带动曲线不断下移。进入5月后，受到商品市场的调整，市场对通胀的预期迅速下降，进而引导利率进一步下行。进入6月后，受制于地方债发行趋于正常，市场趋于震荡。整体来看，4-5月组合增加了久期和杠杆。进入6月后，考虑到基本面韧性仍在，出口数据保持高位，组合趋于保守，进攻性降低。从整个上半年基本面走势的情况来看，基本维持稳定，但市场预期的变化较大，尤其是在增长和通胀方面。从商品价格走势，预期到通胀可能在3季度见到高点，加之碳中和等方面的影响，对上半年利率走势较为积极。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:32.151Z","mo":"展望下半年，地方债发行节奏可能是影响市场的变量之一。政策层面，尤其是财政政策可能是下半年最大的变量之一，财政是否托底将显著影响到经济的走势。同时，近期疫情明显加剧，受到疫情影响，多地生产受到明显抑制，预计暑期旅游等也会受到影响，即对CPI服务项影响较大。从这个角度上来看，疫情走势成为影响经济的重要因素之一。在这一判断下，流动性成为较为关键的因素，密切关注财政投放的情况。同时，疫情如果得以控制，经济可能会有一定反弹。维持组合高评级信用债和利率债的持仓，保持组合的流动性，投资更侧重组合的流动性和信用风险，长久期利率债波段操作。","fund":{"_id":3000000008952,"__csrcFundId":7667,"stockCode":"008952","shortName":"中信建投桂企债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8952,"masterFundFlag":1,"lastUpdated":"2023-11-24T17:07:34.801Z","status":"normal","inceptionDate":"2020-06-03T16:00:00.000Z","name":"中信建投桂企债债券型证券投资基金A类","exchange":"jj","followedNum":0,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投桂企债","setUpDate":"2020-06-03T16:00:00.000Z","setUpAssetScale":1000115258.3,"setUpShares":1000115258.3,"delistedDate":"2023-08-24T16:00:00.000Z"},"announcement":{"linkText":"中信建投桂企债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=634243","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc2c7fea5b3eb04c321d","stockId":3000000008952,"sao":"为控制疫情，首次提出了就地过年的倡议，令生产水平突破了过往的季节性。加之海外疫苗逐步推广，发达国家PMI再创新高，一季度基本面维持复苏态势。尽管受到春节等因素，导致短端利率有所波动，但央行强调政策信号“价大于量”的思路，安抚市场情绪，加之国务院常务会议提出要保持宏观杠杆率基本稳定，政府杠杆率要有所降低，债券收益率在资金利率稳定后迎来下行机会。本季度组合在春节前维持中短久期，政策态度明朗后，久期有所提高，组合整体以中短高等级信用债和利率债为主。展望二季度，国内外经济复苏态势不变，地方债发行节奏可能是影响市场的变量之一。政策层面，在央行最新例会中，删除“不急转弯”的表述，关注4月中下旬是否有政策的微调的情况。整体上，我们认为二季度债券尽管面临波动，但整体风险依然可控，密切关注财政投放的情况。维持组合高评级信用债和利率债的持仓，保持组合的流动性，投资更侧重组合的流动性和信用风险，长久期利率债波段操作。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:32.149Z","fund":{"_id":3000000008952,"__csrcFundId":7667,"stockCode":"008952","shortName":"中信建投桂企债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8952,"masterFundFlag":1,"lastUpdated":"2023-11-24T17:07:34.801Z","status":"normal","inceptionDate":"2020-06-03T16:00:00.000Z","name":"中信建投桂企债债券型证券投资基金A类","exchange":"jj","followedNum":0,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投桂企债","setUpDate":"2020-06-03T16:00:00.000Z","setUpAssetScale":1000115258.3,"setUpShares":1000115258.3,"delistedDate":"2023-08-24T16:00:00.000Z"},"announcement":{"linkText":"中信建投桂企债债券型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=573353","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc2c7fea5b3eb04c321c","stockId":3000000008952,"sao":"2020年债券市场波动剧烈，年初受到疫情影响，货币政策非常宽松，债券收益率也显著下行。随后疫情逐步得到控制，货币政策也逐渐收紧，债券收益率大幅上行。随后，永煤违约导致部分行业、地区债券信用利差大幅上行，央行也随之大量投放基础货币，呵护市场流动性，避免信用风险蔓延。这使得债券市场出现分化，一方面无风险利率下行，另一方面中低评级债券信用利差走阔。本产品今年主要策略为控制信用风险，避免资质下沉，力争通过久期及杠杆的调整获取更好的收益。从结果来看，本产品持仓未发生违约、降级等信用风险事件，相对表现良好。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:32.146Z","mo":"从基本面来看，一方面欧美接种疫苗复工后可能供需双升，补库存行为短期内会加大供需缺口，中国出口增长有望延续。另一方面，宏观杠杆率维持高位，会对货币政策及经济增长形成制约。所以，从长期来看我们对于债券市场并不悲观，但短期内资金最宽松的时刻已经过去，债券收益率下行空间有限。同时，2021年一方面资管新规进一步推进，另一方面地产、城投等监管趋严，这会使得资管市场、债券市场的供需出现结构性变化，部分品种可能出现系统性定价变化甚至信用风险。预计今年债券信用风险相对可控，但长久期信用利差仍将走阔。","fund":{"_id":3000000008952,"__csrcFundId":7667,"stockCode":"008952","shortName":"中信建投桂企债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8952,"masterFundFlag":1,"lastUpdated":"2023-11-24T17:07:34.801Z","status":"normal","inceptionDate":"2020-06-03T16:00:00.000Z","name":"中信建投桂企债债券型证券投资基金A类","exchange":"jj","followedNum":0,"fundCollectionId":4000050840000,"currency":"CNY","masterFundSh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