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。　　回顾2024年，本基金通过对资金面、宏观经济和中短期限债券市场的研究，在2024年全年始终保持一定的杠杆水平，合理安排融资需求，获取一定的持有期收益和套息收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:39.459Z","mo":"展望2025年，海外方面，新一届美国政府的移民、关税、税收、能源等政策值得关注。随着财政政策逐渐减弱、劳动力市场降温、全球关税增加、移民限制等不同因素影响下，预计2025年美国GDP也将呈现一定的下降态势。此外，提高关税和移民政策收紧等因素可能导致美国通胀仍有一定粘性，或将影响美联储2025年降息节奏。国内方面，预计2025年国内经济或将延续2024年四季度以来的恢复态势，但2025年内外部不确定性因素可能也在增加。出口在2025年可能在关税压力下面临一定程度下滑；2024年家电、汽车等行业的消费补贴可能透支一定未来需求；2025年三四线房地产销售有待持续观察。但考虑到2024年12月政治局会议提出加强超常规逆周期调节，因此2025年财政政策和货币政策预计会持续发力以应对国内外的不确定性因素。组合层面，若债券市场出现配置价值时，则本基金会适度提升杠杆水平获得更多套息收益，并力争通过合理安排融资使得融资成本可控。","fund":{"_id":3000000008027,"__csrcFundId":7809,"stockCode":"008027","shortName":"工银泰和39个月定开债券(008027)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8027,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:02:18.512Z","status":"normal","inceptionDate":"2020-07-07T16:00:00.000Z","name":"工银瑞信泰和39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银泰和39个月定开债券","setUpDate":"2020-07-07T16:00:00.000Z","setUpAssetScale":7550499582.02,"setUpShares":7550499582.02,"pinyin":"gyrxth39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20904834","stockType":"fund_manager","exchange":"fm","tickerId":818240270,"name":"郝瑞"},{"stockCode":"db20912978","stockType":"fund_manager","exchange":"fm","tickerId":2526235120,"name":"杨哲"}]},"announcement":{"linkText":"工银瑞信泰和39个月定期开放债券型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1256940","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb437fea5b3eb04b2259","date":"2024-09-29T16:00:00.000Z","stockId":3000000008027,"sao":"2024年三季度，海外方面，美国经济仍保持一定韧性，通胀和就业温和回落。9月美联储首次降息50bps，美债收益率前期定价充分，降息落地后有一定上行；美股、金价上涨，原油价格宽幅震荡。国内方面，经济继续平稳运行，但仍存在一些结构性压力。出口链条仍保持了一定的韧性，在外需不出现明显下滑的情况下，对经济仍保持正贡献。在有效需求不足的情况下，消费和投资仍显乏力，通胀保持低位运行，国内商品价格低位震荡。货币政策方面，美联储进入降息周期，打开国内货币政策空间，央行在7月和9月分别下调7天逆回购利率和MLF利率，9月降准50bps。房地产政策方面，LPR调降、存量房贷利率调降、首付比例调降和以一线城市为代表的房地产优化政策密集落地。随着积极的货币财政政策不断落地，国内有望完成全年经济社会发展目标。　　报告期内，债券资产整体呈现震荡走势，绝对收益水平处于历史低位，信用利差有所修复，套息利差保护不足。截至三季度末，三年期政策性金融债收于1.90%，较上季度末下行4bps；三年期AAA信用债收于2.32%，较上季度末上行18bps。组合在三季度保持一定的杠杆水平，合理安排融资需求，力争通过对资金面判断获得较好的套息收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:39.455Z","fund":{"_id":3000000008027,"__csrcFundId":7809,"stockCode":"008027","shortName":"工银泰和39个月定开债券(008027)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8027,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:02:18.512Z","status":"normal","inceptionDate":"2020-07-07T16:00:00.000Z","name":"工银瑞信泰和39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银泰和39个月定开债券","setUpDate":"2020-07-07T16:00:00.000Z","setUpAssetScale":7550499582.02,"setUpShares":7550499582.02,"pinyin":"gyrxth39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20904834","stockType":"fund_manager","exchange":"fm","tickerId":818240270,"name":"郝瑞"},{"stockCode":"db20912978","stockType":"fund_manager","exchange":"fm","tickerId":2526235120,"name":"杨哲"}]},"announcement":{"linkText":"工银瑞信泰和39个月定期开放债券型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1179489","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb437fea5b3eb04b2258","date":"2024-06-29T16:00:00.000Z","stockId":3000000008027,"sao":"2024年上半年，经济基本面延续修复态势，但结构分化仍然存在。外需方面，海外主要经济体经济基本面表现出一定韧性，如美国与日本制造业PMI指数处于扩张区间，外需维持较高景气度推动出口链条有所改善，持续对经济形成支撑，由于贸易商品品类与进口国家均具备多元化特征，因此出口韧性或对经济形成持续的拉动作用。内需方面，虽然整体看有效需求不足的现象仍然存在，但基本面也逐步出现边际修复的信号。居民消费、服务业链条在节假日旅游出行与消费节的影响下，出现较为明显的改善。但政府债上半年发行节奏整体较为平稳，财政资金的大规模投放尚未出现，同时二季度以来基建投资增速出现从一季度的高点边际回落的趋势。地产方面，虽然需求仍偏弱势，但从成交面积来看上半年一手房总体成交呈现出企稳回升趋势，二手房成交修复至近年以来的中位数水平，均反映出在限购与房贷利率等方面的支持政策不断出台的影响下，地产领域积极因素正逐步累积。货币政策方面，上半年央行先后通过超量续作中期借贷便利、降低金融机构存款准备金率0.5%，引导贷款市场报价利率等金融市场利率下行，推出国债买卖与临时性正逆回购操作工具等方式，为市场提供长期稳定流动性，稳定市场预期，稳固增强经济基本面回升向好态势。　　2024年上半年，资金面整体相对宽松，债券收益率呈现下行态势。截至半年末，三年期政策性金融债收于1.94%，较去年年末下行40bps；三年期AAA信用债收于2.14%，较去年年末下行57bps。组合在上半年加强对资金面的研判，适度调整银行间和交易所融资比例和融资期限，在季末时点灵活把握杠杆跨季节奏，在保持杠杆水平稳定的情况下获得了一定的套息收益。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:39.453Z","mo":"展望下半年，基本面层面，虽然房地产利好政策还会不断推出，但居民部门资产负债率已经偏高且收入预期不确定，居民加杠杆意愿仍偏弱，现有房地产收储体量有限可能对价格向上弹性的修复形成制约，房地产行业改善幅度可能有限；同时制造业投资下行也对融资需求形成拖累，整体对债券市场偏有利。但短期因素层面，政府债发行预计在三季度出现集中放量，考虑到非银行金融机构承接能力相对银行更低，且近期央行推出国债卖出与临时性正逆回购操作工具，均指向债券收益率的波动预计也会有所加大。　　债券市场方面，债券绝对收益率水平已经偏低、市场拥挤程度较高、债券估值可能偏贵，因此组合将在下半年保持一定的杠杆水平，合理安排融资需求，力争通过对资金面判断获得较好的套息收益。","fund":{"_id":3000000008027,"__csrcFundId":7809,"stockCode":"008027","shortName":"工银泰和39个月定开债券(008027)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8027,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:02:18.512Z","status":"normal","inceptionDate":"2020-07-07T16:00:00.000Z","name":"工银瑞信泰和39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银泰和39个月定开债券","setUpDate":"2020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初发改委、财政部、人民银行、税务总局联合召开新闻发布会，政策预期逐步加强。其后票据利率不断回升也体现出随着政策的出台与落地，经济内生需求出现了一定程度的好转：房地产优化政策连续密集出台，推动地产销售数据跌幅收窄，地产市场情绪有所回暖；货币政策方面，央行在8月15日降低MLF利率15bps至2.50%、降低公开市场7天逆回购操作利率10bps至1.80%，在9月15日下调金融机构存款准备金率25bps，有效降低社会融资成本，为实体经济提供更有力的支持。在货币政策维持流动性合理充裕配合稳增长相关政策密集出台的作用下，市场信心得到有效提振，同时债券市场对于基本面信息进行了相对充分的定价，收益率由历史较低分位数区间开始逐步回升。　　2023年三季度，随着稳增长政策逐步落地，经济基本面预期有所增强，同时在资金面波动有所加大的作用下，短端资产收益率先下后上。截至三季度末，7天资金R007加权收于2.57%，较上季末下行56bps；14天资金R014加权收于4.04%，较上季末上行159bps；一年期政策性金融债收于2.26%，较上季末上行16bps；一年期AAA信用债收于2.55%，较上季末上行8bps；三年期AAA信用债收于2.87%，较上季末上行9bps。2023年三季度组合通过短久期资产的配置应对资产到期，为下一个开放期做好流动性储备。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:39.437Z","fund":{"_id":3000000008027,"__csrcFundId":7809,"stockCode":"008027","shortName":"工银泰和39个月定开债券(008027)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8027,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:02:18.512Z","status":"normal","inceptionDate":"2020-07-07T16:00:00.000Z","name":"工银瑞信泰和39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银泰和39个月定开债券","setUpDate":"2020-07-07T16:00:00.000Z","setUpAssetScale":7550499582.02,"setUpShares":7550499582.02,"pinyin":"gyrxth39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20904834","stockType":"fund_manager","exchange":"fm","tickerId":818240270,"name":"郝瑞"},{"stockCode":"db20912978","stockType":"fund_manager","exchange":"fm","tickerId":2526235120,"name":"杨哲"}]},"announcement":{"linkText":"工银瑞信泰和39个月定期开放债券型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=993550","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb437fea5b3eb04b2254","date":"2023-06-29T16:00:00.000Z","stockId":3000000008027,"sao":"2023年上半年，经济基本面一季度供需两旺后出现一定程度收敛。年初，受到疫情期间实体经济积压需求释放的影响，地产成交量回升，信贷投放情况较好，货币供应量与社融增速均明显上行，银行资产端扩张的同时对稳定负债的需求显著增加，但春节后现金回流银行体系的节奏也慢于往年，银行同业负债到期、中长期资金缺口有所拉大，导致一季度银行间市场资金面出现一定波动。在此背景下，央行于一季度末降低金融机构存款准备金率25bps，降低银行负债压力的同时有效维持银行间市场流动性稳定。二季度起，信贷投放节奏趋缓，基本面再度出现供需不匹配，居民部门购房与消费需求驱动不足，经济运行有所放缓。货币政策方面，央行在6月底先后降低了公开市场7天逆回购与1年期中期借贷便利操作利率10bps，与之对应，1年期与5年期贷款市场报价利率也出现了10bps的下降，加强银行体系负债端稳定性的支持，为实体经济提供了有力的政策支撑。截至6月末，7天资金R007加权收于3.13%，较去年年底上行34bps；一年期政策性金融债收于2.09%，较去年年底下行14bps；一年期AAA信用债收于2.47%，较去年年底下行24bps；三年期AAA信用债收于2.78%，较去年年底下行39bps。　　2023年上半年，组合上半年维持较高杠杆水平，根据资金价格情况进行灵活的融资操作，同时根据剩余期限变化适当增配部分期限匹配品种，力争增厚组合收益。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:39.434Z","mo":"展望下半年，预计经济运行在宏观政策推动下整体维持平稳，但修复过程中仍面临部分行业供需不匹配的矛盾。市场修复过程中生产供给增加，但需求修复弹性不足，导致经济基本面内生动能仍较弱。地产方面，销售增速回落，保交付难度有所加大，由后端竣工带动前端拿地的去化过程有所放缓，同时由于地产开发施工周期较长，库存去化压力有所上升。经济基本面修复仍需看到政策激励引导库存去化与供给出清，进而形成供需良性循环。货币政策方面，在跨周期调节政策框架下，预计仍会在总量与结构层面保持流动性合理充裕，对稳增长形成有力支撑。　　综合来看，经济基本面与资金面总体将维持平稳，债券市场风险相对可控。但从市场的角度出发，债券资产收益率已处于历史较低水平，表明市场对基本面信息已有一定程度定价。在目前债券资产估值较前期修复且市场流动性略有拥挤的情况下，债券资产价格的进一步上涨存在不确定性。同时，进入四季度后资金需求将逐步上升，货币市场流动性供给可能有所下降，在资金面扰动的影响下债券市场收益率出现波动的概率有所增加；另一方面，下半年起市场进入政策窗口期，政策重新着眼稳增长，需要谨慎关注政策超预期对收益率产生的影响。　　从策略的角度而言，对下半年债券市场不宜过度悲观，但考虑到政策和资金面不确定性，我们将保持较高的杠杆水平，同时根据组合资产到期变化灵活增配资产，以匹配组合剩余期限状况，力争继续增厚组合收益并控制融资风险。","fund":{"_id":3000000008027,"__csrcFundId":7809,"stockCode":"008027","shortName":"工银泰和39个月定开债券(008027)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8027,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:02:18.512Z","status":"normal","inceptionDate":"2020-07-07T16:00:00.000Z","name":"工银瑞信泰和39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银泰和39个月定开债券","setUpDate":"2020-07-07T16:00:00.000Z","setUpAssetScale":7550499582.02,"setUpShares":7550499582.02,"pinyin":"gyrxth39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20904834","stockType":"fund_manager","exchange":"fm","tickerId":818240270,"name":"郝瑞"},{"stockCode":"db20912978","stockType":"fund_manager","exchange":"fm","tickerId":2526235120,"name":"杨哲"}]},"announcement":{"linkText":"工银瑞信泰和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=956875","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb437fea5b3eb04b2253","date":"2023-03-30T16:00:00.000Z","stockId":3000000008027,"sao":"2023年一季度，经济基本面开始修复，疫情期间实体经济被抑制的需求开始释放，信贷投放出现供需两旺情形，货币供应总量M2和社融增速均明显上行，银行资产端加快扩张速度。另一方面，受到春节后返工进程偏慢的影响，现金回流银行体系慢于往年，同时一季度银行同业端负债到期量较大，其对于长期稳定负债的需求显著增加。因此，在多方面因素作用下，银行体系内中长期稳定资金缺口逐步扩大，银行间资金面波动加大，期间1年期国股同业存单成交价格曾突破1年期MLF政策利率。在此背景下，央行决定自3月27日起降低金融机构存款准备金率25bps，维护季末流动性，并且降低银行负债端压力，市场情绪出现修复。　　一季度在银行体系流动性压力加大的情形下，短端资产收益率总体呈现上行态势，3月底降准后短端资产收益率开始恢复下行走势。截至一季度末，7天资金R007加权收于3.71%，较上年末上行92bps；一年期政策性金融债收于2.39%，较上年末上行16bps；一年期AAA信用债收于2.77%，较上年末上行6bps。三年期政策性金融债收于2.66%，较上年末上行12bps；三年期AAA信用债收于3.07%，较上年末下行11bps。组合在年初至今维持较高的杠杆水平，同时根据市场情况调整融资期限，合理利用不同抵押品，并在季末和月末等时点重点做好融资平滑操作，同时也根据资产到期情况合理安排后续资产的配置计划，力争将杠杆后组合静态维持在较高水平。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:39.429Z","fund":{"_id":3000000008027,"__csrcFundId":7809,"stockCode":"008027","shortName":"工银泰和39个月定开债券(008027)","fundSecondLevel":"bond","stockT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一定压力，国内经济下行压力加大，呈现供需两弱情形。5月下旬开始，政策对冲力度开始加大，特别是地产端政策逐步转暖，大幅度调降5年期LPR利率15bp，支持合理住房需求；财政端加快央行利润上缴速度和退税减费力度，专项债发行也大力前置。可以看到，6月份经济高频数据已经出现明显改善，地产销售数据环比也出现较大幅度回暖，同时随着疫情形势转好，工业生产也在慢慢修复，经济呈现逐步回暖趋势。  货币政策今年上半年总体保持灵活适度，开年一月降低公开市场和MLF利率10bp以促进实体融资成本进一步下行，同时在4月份之后经济下行压力加大情形下通过大力度结构性政策释放流动性降低中小企业压力。债券各类资产利率在上半年总体呈现陡峭化下行趋势，其中在2-3月份融资数据短暂冲高，经济出现企稳情形下收益率出现过一轮反弹，但很快在二季度重回降势。组合上半年维持较高杠杆水平，根据资金价格情况进行灵活的融资操作，同时根据剩余期限变化适当增配部分期限匹配品种，力争增厚组合收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:39.420Z","mo":"展望下半年，经济或将从疫后快速修复状态转向常态化运行，增速逐步向潜在增长中枢所靠拢。与欧美发达经济体面临的状况相反，预计国内经济在政府部门杠杆率提升对冲私人部门需求下滑压力后，整体或仍将处于震荡区间，也令通胀维持在相对平稳水平。后续我们需要关注的是房地产行业销售增速恢复的持续性以及在融资政策不断修复情形下房地产企业流动性的改善幅度，这将决定后续地产链条对于投资端的影响力度，并且一定程度上将对于本轮经济修复的上限起到重要作用。另一方面，我们也会逐步观察海外经济体重心不断转向抗通胀情形下，加息速度和幅度的不断提升下对于外需和出口的影响程度。  展望下半年，虽然利率随着潜在增长中枢的下移，长期来看将不断处于下行趋势，但是短期流动性大量释放淤积于中短端债券市场情形下，资产收益率与基准利率之间裂口持续扩大，绝对收益率水平与目前经济基本面可能存在一定偏离，中期来看资产收益率将大概率向基准利率所回归，但我们难以预测这个过程回归的具体时间点，由于组合定位及策略考量，我们将保持较高的杠杆水平，同时根据组合资产到期变化灵活增配资产，以匹配组合剩余期限状况，力争继续增厚组合收益并控制融资风险。","fund":{"_id":3000000008027,"__csrcFundId":7809,"stockCode":"008027","shortName":"工银泰和39个月定开债券(008027)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8027,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:02:18.512Z","status":"normal","inceptionDate":"2020-07-07T16:00:00.000Z","name":"工银瑞信泰和39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银泰和39个月定开债券","setUpDate":"2020-07-07T16:00:00.000Z","setUpAssetScale":7550499582.02,"setUpShares":7550499582.02,"pinyin":"gyrxth39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20904834","stockType":"fund_manager","exchange":"fm","tickerId":818240270,"name":"郝瑞"},{"stockCode":"db20912978","stockType":"fund_manager","exchange":"fm","tickerId":2526235120,"name":"杨哲"}]},"announcement":{"linkText":"工银瑞信泰和39个月定期开放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=784701","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb437fea5b3eb04b224f","date":"2022-03-30T16:00:00.000Z","stockId":3000000008027,"sao":"一季度基本面仍处于低位磨底态势。从融资端来看，开年宽松信用环境对社融增速提振较为明显，一月信贷投放形势较好，但是二月融资增速放缓，实体需求端仍较为疲弱，尤其是房地产行业，虽然投资和销售增速均有所反弹，但从房地产各企业数据来看，行业流动性压力仍存，地产周期还没有走出向下局面，仍将压制后续固定资产增速的回暖。另一方面，3月全国疫情形势出现恶化，防控压力有所加大，无论是涉及封控城市数量抑或是持续时间，均为2020年武汉疫情以来较为严重的情形，或将在一定程度上影响后续消费端和投资端增速。综合来看，目前基本面仍然面临需求收缩、供给冲击、预期转弱三重压力，叠加疫情影响，短期经济向上动能较弱，预计政策仍然会以稳为主，难以出现明显收紧。    货币政策年初提前发力调降公开市场和MLF基准利率10bps，引导市场资金利率中枢下行，稳定银行负债端成本。短端各类资产利率在一季度总体下行，期限利差和套息利差均明显压缩，从市场利率来看，至一季末，7天资金R007加权收于2.75%，较去年年末上行20bps；一年期政策性金融债收于2.28%，较去年年末下行4bps；一年期AAA信用债收于2.69%，较去年年末下行6bps；三年期政策性金融债收于2.62%，较去年年末上行5bps；三年期AAA信用债收于3.08%，较去年年末上行17bps。组合在年初至今维持较高的杠杆水平，同时根据市场情况调整融资期限，合理利用不同抵押品，并在季末和月末时点重点做好融资平滑操作，同时也根据资产到期情况合理安排后续资产的配置计划，力争将杠杆后组合静态维持在较高水平。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:39.417Z","fund":{"_id":3000000008027,"__csrcFundId":7809,"stockCode":"008027","shortName":"工银泰和39个月定开债券(008027)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8027,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:02:18.512Z","status":"normal","inceptionDate":"2020-07-07T16:00:00.000Z","name":"工银瑞信泰和39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银泰和39个月定开债券","setUpDate":"2020-07-07T16:00:00.000Z","setUpAssetScale":7550499582.02,"setUpShares":7550499582.02,"pinyin":"gyrxth39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20904834","stockType":"fund_manager","exchange":"fm","tickerId":818240270,"name":"郝瑞"},{"stockCode":"db20912978","stockType":"fund_manager","exchange":"fm","tickerId":2526235120,"name":"杨哲"}]},"announcement":{"linkText":"工银瑞信泰和39个月定期开放债券型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=726818","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb437fea5b3eb04b224e","date":"2021-12-30T16:00:00.000Z","stockId":3000000008027,"sao":"2021年在政策总体维持“不急转弯”的基调下，经济和信用扩张速度均有所放缓，全年分季来看，实际GDP两年复合增长分别实现18.3%、7.9%、4.9%和4.0%，下半年伴随需求端回落叠加供给收缩双重影响，基本面回落压力有所加大。虽然工业品价格涨速较快，但此类非需求显著推动的价格上涨压力没有对政策造成影响，货币政策全年趋稳，市场年初预期“紧货币+紧信用”并未发生，政策收缩主要集中于财政端，地方债发行显著后置为蓄力。全年另一个影响市场较大的因素是房地产行业的流动性危机，随着房价在上半年进一步上涨，行业监管政策加大收紧力度，房企融资端出现收缩，部分房企资产和负债之间错配被放大导致流动性问题显现，随之不可避免产生行业信用收缩带来的投资下滑，可以看到房地产投资增速连续数月为负，进一步加剧需求端向下压力。在此情形下货币政策在下半年连续两次降准释放流动性维持货币市场利率稳定，保持流动性合理充裕，为稳定实体信用派生提供良好流动性环境。截至12月末，货币市场利率下行，7天回购利率下行4bp至2.55%，一年期AAA短融收益率下行39bp至2.75%，一年期国开债收益率下行24bp至2.32%。三年AAA中票收益率下行63bp至2.91%。    回顾2021年，本基金通过对流动性需求以及对于宏观经济和中短期限债券市场的判断，在一季度适度增配了部分资产，保持了较高的杠杆水平，并通过择时维持了中等偏低的融资成本，获取了较高的持有收益和套息收益。","declarationDate":"2022-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:39.413Z","mo":"展望2022年，中央经济工作会议定调稳增长，全年核心任务将围绕确保经济增速稳定在合理区间内。外部方面，随着美国对于疫情容忍度进一步提高以及通胀超预期提升，联储加息节奏可能快于之前市场预期，叠加缩表全球美元流动性面临着确定性收缩压力，对发展中国家政策形成掣肘。但是对于我们内部而言，金融和经济周期与美国存在显著错位差异，政策操作方面更多将以我为主，短期内操作上将更多体现稳增长意味，上半年财政和货币可能重新双宽以维持经济增长稳定在合理区间内。","fund":{"_id":3000000008027,"__csrcFundId":7809,"stockCode":"008027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AA信用债收于3.02%，较去年年底下行12bps；三年期AAA信用债收于3.59%，较去年年底上行4bps。  本基金在报告期内基于市场判断整体以隔夜融资为主，并在资金紧张时点适当使用7-14D期限进行平滑，力争控制组合融资成本在较低水平。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:39.403Z","fund":{"_id":3000000008027,"__csrcFundId":7809,"stockCode":"008027","shortName":"工银泰和39个月定开债券(008027)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8027,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:02:18.512Z","status":"normal","inceptionDate":"2020-07-07T16:00:00.000Z","name":"工银瑞信泰和39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银泰和39个月定开债券","setUpDate":"2020-07-07T16:00:00.000Z","setUpAssetScale":7550499582.02,"setUpShares":7550499582.02,"pinyin":"gyrxth39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20904834","stockType":"fund_manager","exchange":"fm","tickerId":818240270,"name":"郝瑞"},{"stockCode":"db20912978","stockType":"fund_manager","exchange":"fm","tickerId":2526235120,"name":"杨哲"}]},"announcement":{"linkText":"工银瑞信泰和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=569195","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb437fea5b3eb04b224a","stockId":3000000008027,"sao":"2020年面对的宏观环境非常特殊，新冠疫情的冲击打破了前期全球缓慢复苏的基本面格局，全球各国央行转向危机对冲模式，释放大量流动性并推出配套财政刺激政策，而国内也在春节迅速开启新一轮宽松周期，央行总计调降公开市场逆回购利率和中期借贷便利利率30bp，带动货币市场利率在4月份创出2009年以来新低，同时伴随着的是社融和M2增速快速回升，宏观杠杆率提升较为显著。但是随着中国疫情防控的有效性和国内逐渐恢复的基本面，央行政策态度转为中性，并在5月份开始打击前期大量依靠过剩流动性进行套利的资金，缓慢引导市场利率往政策利率回归，短端资产利率在5月份之后快速回升，并且随着监管对于结构性存款的压降，可以看到银行体系负债端在下半年出现了显著收缩，存单发行市场显著放量，在对实体经济持续供给较高流动性的同时，金融市场流动性趋紧。四季度另一个显著改变市场走势的是10月至11月的国企连续债券违约事件，市场对于信用债情绪降至冰点，一级市场发行出现冻结，信用融资市场出现不可避免收缩倾向，此时央行回应“不急转弯”的大政策基调，重新释放流动性对冲信用收缩征兆，可以看到年底货币市场流动性显著改善，市场利率重新回归下行趋势。截至12月末，货币市场利率小幅下行，7天回购利率下行48bp至2.59%；三年期AAA短融收益率上行11bp至3.54%，三年期国开债收益率上行7bp至2.98%。  回顾2020年，本基金通过对客户需求以及对于宏观经济和债券市场的判断，分别在建仓期和年底利率较高水平进行买入，并力争控制好融资成本。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:39.400Z","mo":"展望2021年，面临的宏观环境仍较为复杂。外部方面，疫情随着冬季的到来不断出现反复，各国加强防控的同时也不可避免地对经济产生影响，同时疫苗的应用能否产生显著效果仍有一定不确定性，另一方面各国央行的流动性溢出加之大力度的财政刺激，基本面和价格恢复的方向是确定的，并且随着之后防控措施的解除，服务业需求或将出现较为明显改善并且推升通胀压力。由于出色的疫情防控措施，国内供需两端的恢复仍在进行中，随着海外较多工业生产需求转向国内，工业部门出现供需不匹配的情况，工业品价格回升非常显著，存在一定结构性通胀压力。我们认为，货币政策在“不急转弯”大基调下，预计仍需观察整个信用环境的修复情况，因此短期内或仍将维持流动性合理充裕并且保持货币市场利率维持在合理区间，但是中期内需要密切关注服务业需求回升是否会结合工业品价格全面推升通胀压力，因此整体短端资产收益率的下行空间较为有限，中短期限收益率水平可能会较2020年出现一定幅度提升，组合会维持目前杠杆水平，并在合适位置进一步加仓。","fund":{"_id":3000000008027,"__csrcFundId":7809,"stockCode":"008027","shortName":"工银泰和39个月定开债券(008027)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8027,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:02:18.512Z","status":"normal","inceptionDate":"2020-07-07T16:00:00.000Z","name":"工银瑞信泰和39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银泰和39个月定开债券","setUpDate":"2020-07-07T16:00:00.000Z","setUpAssetScale":7550499582.02,"setUpShares":7550499582.02,"pinyin":"gyrxth39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20904834","stockType":"fund_manager","exchange":"fm","tickerId":818240270,"name":"郝瑞"},{"stockCode":"db20912978","stockType":"fund_manager","exchange":"fm","tickerId":2526235120,"name":"杨哲"}]},"announcement":{"linkText":"工银瑞信泰和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=551477","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb437fea5b3eb04b2249","stockId":3000000008027,"sao":"三季度宏观经济处于持续恢复过程当中，且已经从大额资本品、基建等政策敏感领域逐步传导至消费和制造业投资领域；出口领域由于供给替代效应和防疫物资出口激增，也持续超出预期，对于经济并未出现明显拖累。整体来看，我们认为经济已经出现了全面恢复态势。  在此情形下政策组合采用的更多是稳货币和宽财政组合，货币市场流动性在三季度进一步收紧，货币市场利率也逐步走高。整体流动性的边际收缩使得三季度货币市场利率出现显著上行，银行主动负债吸收意愿加强，以Shibor3M为代表的银行负债成本三季末位于2.69%，较二季末上行56BP。同时可以见到短端收益率曲线较上半年显著陡峭化，市场对于年底资金市场的悲观预期使得剩余期限跨过年底的资产收益率存在较大溢价，反映了长期限负债成本的稀缺。至三季度末，7天资金R007加权收于2.55%，较二季末降低50BP；一年期政策性金融债收于2.84%，较二季末上行65BP；一年期AAA信用债收于3.17%，较二季末上行44BP。三年期AAA信用债收于3.73%，较二季末上行50BP。  本基金在报告期内把握住了8月份市场波动机会，根据产品特性进行了集中快速建仓，完成银行间市场债券建仓后，主要以隔夜融资为主，力争通过对资金价格把控控制组合融资成本。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:39.397Z","fund":{"_id":3000000008027,"__csrcFundId":7809,"stockCode":"008027","shortName":"工银泰和39个月定开债券(008027)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8027,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:02:18.512Z","status":"normal","inceptionDate":"2020-07-07T16:00:00.000Z","name":"工银瑞信泰和39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银泰和39个月定开债券","setUpDate":"2020-07-07T16:00:00.000Z","setUpAssetScale":7550499582.02,"setUpShares":7550499582.02,"pinyin":"gyrxth39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20904834","stockType":"fund_manager","exchange":"fm","tickerId":818240270,"name":"郝瑞"},{"stockCode":"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