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信用债表现更好，超长期信用债走势偏弱。上半年，组合配置以利率及金融债为主，同时精选具有一定票面收益且风险可控的信用债品种，维持组合中性久期及较高的流动性，组合净值稳步增长。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:46.211Z","mo":"展望下半年，中美关税依然存在较大不确定性但尾部风险相对可控，国内基本面温和复苏与信用扩张承压态势仍存，“反内卷”政策驱动物价低位回升的效果有待进一步观察，基本面仍对债券形成有效支撑。货币政策有望延续宽松态势，但资金利率进一步下行的空间相对有限，叠加股市情绪高涨与风险偏好显著抬升，预计利率债将延续低位震荡态势，信用债的配置价值凸显。供给层面，城投融资政策趋紧，信用债供给预期偏弱；需求层面，新一轮存款挂牌利率下调后，部分资金从存款市场流向债券市场。考虑到债券配置需求仍高，在信用资产供需矛盾没有改变的前提下，信用利差走阔概率较低。","fund":{"_id":3000000009001,"__csrcFundId":7187,"stockCode":"009001","shortName":"长城泰利债券(009001)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9001,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:33:59.656Z","status":"normal","inceptionDate":"2020-02-24T16:00:00.000Z","name":"长城泰利纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城泰利债券","setUpDate":"2020-02-24T16:00:00.000Z","setUpAssetScale":270020887.67,"setUpShares":270020887.67,"pinyin":"cctlczzqxzqtzjj","managers":[{"stockCode":"db20874170","stockType":"fund_manager","exchange":"fm","tickerId":230225228450,"name":"吴冰燕"}]},"announcement":{"linkText":"长城泰利纯债债券型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1346179","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc3a7fea5b3eb04c413a","date":"2025-03-30T16:00:00.000Z","stockId":3000000009001,"sao":"2025年一季度中国经济延续复苏态势，1-2月规模以上工业增加值同比增长5.9%，社会消费品零售总额增长4.0%，固定资产投资增长4.1%。消费有所回暖，以旧换新政策显著拉动家电、汽车等升级类商品销售，但居民消费倾向仍偏低，需政策进一步支持。投资呈现分化，1-2月制造业投资、基建投资保持增长态势，但房地产投资同比下降9.8%，拖累整体增速。进出口方面，增速均有所回落，1-2月出口同比增长2.3%，机电产品贡献显著，但对美出口受特朗普政策不确定性影响小幅下降。货币政策提出“适时降准降息”，财政政策则通过专项债加速发行发力基建和民生领域。一季度债市主线为资金面超预期收紧与机构行为调整之间的博弈，曲线呈现短端承压、长端抱团的分化特征，债券收益率整体上行。1月份在资金面非常紧张的背景下，短端利率抛压加大，同时长端表现出抗跌性，抱团现象强化，利差压缩至历史低位。进入2月，资金面边际缓解但中枢仍高于常态，市场博弈中短端修复机会，而政府债放量发行及海外关税政策扰动抑制长端下行空间。3月债市形成两段式行情，上半月在跨季后资金转松，但科技股大涨引发风险偏好切换，长端利率快速上行，下半月央行态度边际转好，连续逆回购大额净投放、释放MLF宽松信号，流动性回归中性偏松，利率修复但斜率偏缓，市场情绪偏谨慎。一季度，组合配置以利率及金融债为主，同时精选具有一定票面收益且风险可控的信用债品种，同时在债券市场波动中，积极参与利率债波段交易机会，受债券市场调整影响，组合净值小幅回撤。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:46.206Z","fund":{"_id":3000000009001,"__csrcFundId":7187,"stockCode":"009001","shortName":"长城泰利债券(009001)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9001,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:33:59.656Z","status":"normal","inceptionDate":"2020-02-24T16:00:00.000Z","name":"长城泰利纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城泰利债券","setUpDate":"2020-02-24T16:00:00.000Z","setUpAssetScale":270020887.67,"setUpShares":270020887.67,"pinyin":"cctlczzqxzqtzjj","managers":[{"stockCode":"db20874170","stockType":"fund_manager","exchange":"fm","tickerId":230225228450,"name":"吴冰燕"}]},"announcement":{"linkText":"长城泰利纯债债券型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269174","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc3a7fea5b3eb04c4139","date":"2024-12-30T16:00:00.000Z","stockId":3000000009001,"sao":"2024年，宏观经济方面，海外美联储坚定抗通胀信心与提振劳动力市场两个目标交织影响全年降息预期，国内宏观经济处于弱修复进程中，央行坚持支持性货币政策立场，维持资金面平稳，推动通胀水平有所改善，债券市场全年围绕经济基本面与政策出台情况波动，收益率不断突破下限，债牛行情整体持续。其间，监管机构密集发声关注长债利率风险，市场投资者对货币政策、财政政策与经济基本面的预期博弈强化。债券市场来看，一季度央行超预期降准降息，带动收益率大幅下行。经济弱复苏，市场对经济预期偏弱，机构配置积极，10年期国债收益率大幅下行。外围汇率波动，中美利差倒挂致人民币贬值压力增大，“5·17”房地产政策、央行发声使收益率调整，10年期国债收益率先升后降，收益率突破前低。三季度强监管与弱预期交织下，债市收益率在强波动中小幅下行。9月末中央密集发布增量宏观政策，权益市场反弹，债券收益率急速上行，大幅震荡调整。股市回调、化债政策出台后，债券收益率震荡。年末市场机构配置“抢跑”情绪发酵，叠加12月政治局会议强调“实施更加积极的财政政策和适度宽松的货币政策，加强超常规逆周期调节”，打开市场对于货币政策的想象空间，带动现券收益率快速下行。组合全年配置以利率及金融债为主，同时精选具有一定票面收益且风险可控的信用债品种，维持组合中性久期及较高的流动性，操作以票息策略及杠杆策略为主，组合净值稳步增长。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:46.203Z","mo":"展望2025年，中国经济预计将延续温和增长态势，上半年外部环境相对较好，关税增加等贸易摩擦尚未对出口造成明显冲击，但“抢出口”效应预计弱于2018年。财政政策将更加积极有为，目标赤字率提升、超长期特别国债和新增专项债发行规模增大，预计将合力拉动消费和投资。房地产投资增速仍有下行压力，但降幅可能小于2024年。债券市场方面，随着货币政策的持续宽松和财政政策的发力，债市可能继续保持强势，但需警惕特朗普上台后政策不确定性对人民币汇率的冲击，人民币贬值压力可能阶段性加大。整体来看，2025年中国经济将在稳增长与结构转型中寻找平衡，政策将更加注重应对外部冲击和提振内需。在此宏观背景下，债券市场将主要关注经济增速变化、财政政策实施情况。财政政策发力下，政府债券发行规模增加，可能提升市场供给，影响债券价格和收益率。经济增速前高后低，若经济增长放缓预期增强，投资者风险偏好下降，资金或流向债券市场，推动债券价格上升、收益率下降；但如果经济复苏超预期，货币政策调整，债市也会面临波动。组合将密切关注国内外经济政策动态，合理调整投资策略。","fund":{"_id":3000000009001,"__csrcFundId":7187,"stockCode":"009001","shortName":"长城泰利债券(009001)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9001,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:33:59.656Z","status":"normal","inceptionDate":"2020-02-24T16:00:00.000Z","name":"长城泰利纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城泰利债券","setUpDate":"2020-02-24T16:00:00.000Z","setUpAssetScale":270020887.67,"setUpShares":270020887.67,"pinyin":"cctlczzqxzqtzjj","managers":[{"stockCode":"db20874170","stockType":"fund_manager","exchange":"fm","tickerId":230225228450,"name":"吴冰燕"}]},"announcement":{"linkText":"长城泰利纯债债券型证券投资基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收益率绝对水平回落到历史较低分位数。具体来看，7月份国常会意外提及降准后，收益率出现快速下行。8月和9月债券市场受到经济基本面走弱、监管政策、供给压力变化的多重因素扰动，收益率整体呈现震荡格局。信用债方面，三季度供给同比有所增加，收益率下行幅度小于同期限国债，信用利差整体略微走阔。组合在三季度做了结构性调整，组合净值出现一定波动，但整体表现平稳。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:46.168Z","fund":{"_id":3000000009001,"__csrcFundId":7187,"stockCode":"009001","shortName":"长城泰利债券(009001)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9001,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:33:59.656Z","status":"normal","inceptionDate":"2020-02-24T16:00:00.000Z","name":"长城泰利纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城泰利债券","setUpDate":"2020-02-24T16:00:00.000Z","setUpAssetScale":270020887.67,"setUpShares":270020887.67,"pinyin":"cctlczzqxzqtzjj","managers":[{"stockCode":"db20874170","stockType":"fund_manager","exchange":"fm","tickerId":230225228450,"name":"吴冰燕"}]},"announcement":{"linkText":"长城泰利纯债债券型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=658249","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc3a7fea5b3eb04c412b","date":"2021-06-29T16:00:00.000Z","stockId":3000000009001,"sao":"一季度，在疫情的影响下，中美两国复苏进度和货币政策存在明显错位，美债利率出现明显上行，但中国债券利率呈现冲高回落走势，整个一季度来看收益率表现平稳，信用债表现略好于利率债。具体来看，在去年年末资金面宽松的背景下，1月上旬10年期国债收益率在3.1%-3.2%区间波动震荡； 1月末央行公开市场投放不及预期，资金面紧张带来10年期国债向上突破；春节期间，海外疫情控制能力及疫苗接种进度超预期，美债利率大幅上行，油价涨幅明显，10年期国债冲高到3.29%的高点；春节后资金利率持续宽松， 10年期国债收益率再度下行。二季度，受到社融增速见顶回落、资金面宽松、市场供给量较低等因素影响，债券市场收益率整体平稳下行，以10年国债收益率为例，二季度下行10BP左右至3.08%附近。在资金面利好下，二季度短久期债券收益率下行更多，期限利差小幅走阔。信用债在利率债的带动下收益率也出现一定幅度下行，并且整体表现好于利率债，信用利差继续收窄，但不同类属债券之间利差走势分化加剧。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:46.166Z","mo":"从经济基本面来看，疫情后复苏斜率最快的时间窗口已经过去，后续需要跟踪和关注下半年出口和地产投资数据的边际变化。货币政策方面，国内将保持“稳健中性、以我为主”的主基调。下半年，在这样的基本面组合下，债券市场整体风险不大，但需要注意目前的收益率水平已经处于历史低位，通过收益率下行获取资本利得的难度也将增大。另外一方面，信用风险在未来很长一段时间将以散点式的特征出现，信用债的研究需要更加深入化和精细化。","fund":{"_id":3000000009001,"__csrcFundId":7187,"stockCode":"009001","shortName":"长城泰利债券(009001)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9001,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:33:59.656Z","status":"normal","inceptionDate":"2020-02-24T16:00:00.000Z","name":"长城泰利纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城泰利债券","setUpDate":"2020-02-24T16:00:00.000Z","setUpAssetScale":270020887.67,"setUpShares":270020887.67,"pinyin":"cctlczzqxzqtzjj","managers":[{"stockCode":"db20874170","stockType":"fund_manager","exchange":"fm","tickerId":230225228450,"name":"吴冰燕"}]},"announcement":{"linkText":"长城泰利纯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=636846","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc3a7fea5b3eb04c412a","stockId":3000000009001,"sao":"一季度，在疫情的影响下，中美两国复苏进度和货币政策存在明显错位，美债利率出现明显上行，但中国债券利率呈现冲高回落走势，整个一季度来看收益率表现平稳，信用债表现略好于利率债。具体来看，在去年年末资金面宽松的背景下，1月上旬10年期国债收益率在3.1%-3.2%区间波动震荡； 1月末央行公开市场投放不及预期，资金面紧张带来10年期国债向上突破；春节期间，海外疫情控制能力及疫苗接种进度超预期，美债利率大幅上行，油价涨幅明显，10年期国债冲高到3.29%的高点；春节后资金利率持续宽松， 10年期国债收益率再度下行。组合在一季度对组合结构进行了优化调整，净值表现平稳。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:46.163Z","fund":{"_id":3000000009001,"__csrcFundId":7187,"stockCode":"009001","shortName":"长城泰利债券(009001)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9001,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:33:59.656Z","status":"normal","inceptionDate":"2020-02-24T16:00:00.000Z","name":"长城泰利纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城泰利债券","setUpDate":"2020-02-24T16:00:00.000Z","setUpAssetScale":270020887.67,"setUpShares":270020887.67,"pinyin":"cctlczzqxzqtzjj","managers":[{"stockCode":"db20874170","stockType":"fund_manager","exchange":"fm","tickerId":230225228450,"name":"吴冰燕"}]},"announcement":{"linkText":"长城泰利纯债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=575349","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc3a7fea5b3eb04c4129","stockId":3000000009001,"sao":"回顾2020年，年初受新冠疫情影响，债券收益率大幅下行，4月底随着国内疫情得到阶段性控制，货币政策边际收敛，债券收益率逐步走高，至年末已基本回到2019年底疫情前水平。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:46.161Z","mo":"去年二季度开始，在国内疫情基本控制之后，货币宽松和财政政策刺激的滞后作用逐步显现，投资、出口、消费出现环比改善。伴随着企业利润改善和库存回补，当前国内经济复苏平稳，海外需求在疫苗推进和财政刺激下也向复苏方向发展。但同时我们也关注到经济数据复苏的斜率开始放缓、社融增速开始见顶回落以及国内外疫情出现反复等扰动因素。在12月举行的中央经济会议中，关于货币政策方面提出“宏观政策要保持连续性、稳定性、可持续性；保持对经济恢复的必要支持力度，政策操作上要更加精准有效，不急转弯，把握好政策时度效；合理把握宏观调控节奏和力度”。这些说法预示2021年政策总体还是会呈现稳健中性和相机抉择、精准灵活的特点。在经济结构性调整，长期经济增长中枢下行的背景下，债券资产仍具备较好的长期配置价值。在经过去年二季度以来的收益率上行后，债券资产收益率已经出现比较充分的调整，收益率历史分位数有了较大程度提升。机构久期整体处于历史地位，债券市场供给量同比下降，供需结构的优化也将对债券市场形成一定支撑。","fund":{"_id":3000000009001,"__csrcFundId":7187,"stockCode":"009001","shortName":"长城泰利债券(009001)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9001,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:33:59.656Z","status":"normal","inceptionDate":"2020-02-24T16:00:00.000Z","name":"长城泰利纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城泰利债券","setUpDate":"2020-02-24T16:00:00.000Z","setUpAssetScale":270020887.67,"setUpShares":270020887.67,"pinyin":"cctlczzqxzqtzjj","managers":[{"stockCode":"db20874170","stockType":"fund_manager","exchange":"fm","tickerId":230225228450,"name":"吴冰燕"}]},"announcement":{"linkText":"长城泰利纯债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=559748","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc3a7fea5b3eb04c4128","stockId":3000000009001,"sao":"三季度，债券市场收益率整体呈现平坦化上行，部分期限债券收益率创下年内新高。我们认为收益率上行的原因有几个方面：第一，国内经济仍处于复苏通道，已经公布的各项经济数据和金融数据大多好于市场预期；第二，央行货币政策进入正常化，较上半年非常规的宽松货币政策出现边际收敛；第三，债券市场供给较大；第四，权益市场表现较好，跷跷板效应导致债券市场在部分时间段表现疲弱。组合在三季度保持了较低的久期和杠杆，组合净值表现平稳。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:46.158Z","fund":{"_id":3000000009001,"__csrcFundId":7187,"stockCode":"009001","shortName":"长城泰利债券(009001)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9001,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:33:59.656Z","status":"normal","inceptionDate":"2020-02-24T16:00:00.000Z","name":"长城泰利纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城泰利债券","setUpDate":"2020-02-24T16:00:00.000Z","setUpAssetScale":270020887.67,"setUpShares":270020887.67,"pinyin":"cctlczzqxzqtzjj","managers":[{"stockCode":"db20874170","stockType":"fund_manager","exchange":"fm","tickerId":230225228450,"name":"吴冰燕"}]},"announcement":{"linkText":"长城泰利纯债债券型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492686","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc3a7fea5b3eb04c4127","stockId":3000000009001,"sao":"2020年上半年，债券市场波动较大，节奏变化较快。具体来看，1-4月，受到疫情和资金面宽松的影响，债券收益率整体下行，5月以来，随着复工复产和经济基本面的环比改善，债券收益率出现回调。分类属来看，上半年利率债收益率波动剧烈，期限利差总体缩窄；信用债跟随利率债波动，信用利差走势分化，低等级利差显著扩大。组合在一季度优化了债券配置结构，二季度组合降低了债券部分的久期和杠杆，组合净值整体表现平稳。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:46.155Z","mo":"展望后市，从经济基本面来看，国内经济进入修复第二阶段，海外疫情出现边际缓和，但后期控制情况以及对经济的影响需要跟踪观察。货币政策方面，疫情期间的特殊宽松阶段已经过去，但货币政策并不会“急踩刹车”，资金面将继续保持合理充裕。综合来看，债券市场获取收益的难度有所加大，但收益率在调整过程中开始逐步具备长期配置价值。","fund":{"_id":3000000009001,"__csrcFundId":7187,"stockCode":"009001","shortName":"长城泰利债券(009001)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9001,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:33:59.656Z","status":"normal","inceptionDate":"2020-02-24T16:00:00.000Z","name":"长城泰利纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城泰利债券","setUpDate":"2020-02-24T16:00:00.000Z","setUpAssetScale":270020887.67,"setUpShares":270020887.67,"pinyin":"c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