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　　基本面方面，1-3月制造业PMI呈\"前低后高\"走势，1-2月PMI受春节因素影响位于荣枯线下方。3月PMI反弹至50.5%，重回荣枯线上方，验证了年初开局较好的经济走势，最大带动项在于价格分项的大幅上行，同时成本端涨幅大于出厂端涨幅，出口表现较强，企业呈现主动补库。物价方面，1-2月CPI累计同比上涨0.8%，高于2025年同期，但消费需求相对不足，且价格反弹的持续性尚需观察。3月数据受低基数及原油、有色金属价格上涨推动PPI转正，但CPI环比转负，显示价格上涨向生活资料传导力度不足。 　　政策层面，货币政策呈\"结构性宽松+总量审慎\"的特征。央行自1月19日起下调再贷款、再贴现利率0.25个百分点，央行明确表示\"降准降息还有一定空间\"，但全面降准降息迟迟未落地，体现出审慎的相机抉择的政策节奏。资金面上，一季度央行流动性呈现收短放长特征，其中买断式逆回购和MLF净投放1.65万亿，国债买卖2000亿元，DR001多数时间位于OMO下方，银行间资金面整体偏宽松。财政政策方面，财政扩张力度并未显著超出市场预期，宽信用大幅提速的可能性不高。 　　产品运作方面，本基金在1-2月持续加仓7Y以内利率品种，特别是曲线凸点部分的品种，赚取了票息和曲线陡峭化带来的资本利得。信用方面，本产品通过二级资本债波段操作增厚了组合收益，普通信用债方面挖掘有利差的品种，亦有票息和资本利得的增厚。","lastUpdated":"2026-04-22T15:37:08.740Z","fund":{"_id":3000000009495,"__csrcFundId":7713,"stockCode":"009495","shortName":"大成景轩中高等级债券(009495)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9495,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:03.652Z","status":"normal","inceptionDate":"2020-08-31T16:00:00.000Z","name":"大成景轩中高等级债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成景轩中高等级债券","setUpDate":"2020-08-31T16:00:00.000Z","setUpAssetScale":61176852.83,"setUpShares":61176852.83,"pinyin":"dcjxzgdjzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景轩中高等级债券型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1478157","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccba7fea5b3eb04cd1bd","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000009495,"sao":"1. 市场回顾 　　四季度债市收益率呈先下行后修复的走势，期限利差走阔。具体来看：国庆假期中美关税摩擦再度升级，十年国债收益率下台阶，随后受中美政策博弈、新规预期扰动等围绕1.83%附近震荡，月末央行重启国债买卖、权益兑现前期政策利好等驱动收益率下探到1.8%附近，进而震荡幅度持续收窄。11月下旬至12月，市场担忧超长债在新年初的供给压力，虽央行在季末持续呵护资金面，但十年国债收益率仍然由10月下旬的1.79%上行至12月末1.85%，且呈现曲线显著走陡的趋势。 　　季度内，信用品表现整体稳健，相对利率曲线仍表现强势。信用债收益率曲线陡峭化下行，以AA+中票为例，1Y/3Y/5Y/7Y/10Y分别下行10bp/12bp/13bp/3bp/6bp。普通信用5Y以内期限利差压缩较多。 　　四季度的月度PMI缓步抬升，在12月经济运行的传统淡季， PMI呈现超预期的不降反升，继3月之后首次重返荣枯线。整体看，新订单、生产有所改善，是PMI回升的主要动力。 一方面有2026年宏观政策靠前发力的影响，另一方面也受到出口持续较强影响，原材料购进价格和出厂价有所改善。 　　季度内的政策层面事件较为频密，10月28日“十五五”规划公布，对扩大内需着墨较多，强调大力提振消费、扩大有效投资、全国统一大市场建设等。12月4日《金融时报》文章《构建科学稳健的货币政策体系和覆盖全面的宏观审慎管理体系》，其中提及“要始终保持货币政策的稳健性”，“关注跨周期平衡，避免政策大放大收，防止政策过度导致效果衰减和长期副作用”等，在货币政策操作方面，央行维持流动性充裕的态度并未变化。一方面央行继续通过买断式逆回购和MLF投放中长期资金，另一方面宣布重启国债买卖操作，10-11月国债买卖分别投放200亿、500亿。机构行为方面，大行净融出回升，至12月末回升至5.2万亿，资金面宽松，DR001进一步突破至1.25%下方。 　　2. 组合操作回顾： 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　　从影响因素来看，季度内债市仍然主要受到风险偏好情绪影响，尤以商品价格及权益市场表现高涨时最为承压，以及中美谈判、销售服务费及赎回费率改革尚在征求意见中、中美关税调整、央行缩量投放等市场因素的影响，弱势思维延续并略有强化，同时交易性因素和机构行为等方面导致配置量能萎缩放大了空头情绪。 　　收益率曲线陡峭化上行，1Y/3Y/5Y/10Y国开债分别变动+13bp/+20bp/+23bp/+35bp；AAA商金债1Y/3Y/5Y分别变动+4bp/+14bp/+19bp，而AAA企业债及中票则先稳后跌，其1Y/3Y/5Y/10Y曲线分别上移+3bp/+11bp/+22bp/+38bp，均跟随利率品种呈现曲线上扬的变化。 　　债市做多因素还是围绕着央行重启国债买卖预期、货币基调宽松等叙事展开但反弹幅度较弱；经历7月末以来的调整，当前债市估值修复且上调空间有限，处于中期较有性价比的配置点位。组合操作方面，暂时宜保持中性偏积极的仓位和久期，利用市场震荡机会、在调整空间逐步加大时以倒金字塔结构建仓；保持区间震荡，逢调整做多的思路参与，来到四季度债市或更偏顺风。 　　从宏观层面来看，对债市的利空较少，行业领域消息面等短期叙事也可能令市场逐渐对科技类风偏事件脱敏，且四季度债市的供求关系比较有利于资产荒逻辑的加强——供给端，四季度超长债发行接近尾声，超长债供给或将断崖式减少，且国债和地方债的净供给规模也明显低于历史同期水平；需求端，配置力量趋于稳定，尤其是保险资金可能将提前为明年初行情做准备，并且在预定利率下调之后，保险资金负债端的成本压力缓和，也能够有更高的对资产收益率的容忍度。","lastUpdated":"2026-03-09T13:35:54.368Z","fund":{"_id":3000000009495,"__csrcFundId":7713,"stockCode":"009495","shortName":"大成景轩中高等级债券(009495)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9495,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:03.652Z","status":"normal","inceptionDate":"2020-08-31T16:00:00.000Z","name":"大成景轩中高等级债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成景轩中高等级债券","setUpDate":"2020-08-31T16:00:00.000Z","setUpAssetScale":61176852.83,"setUpShares":61176852.83,"pinyin":"dcjxzgdjzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景轩中高等级债券型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1376216","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccba7fea5b3eb04cd1bb","date":"2025-06-29T16:00:00.000Z","stockId":3000000009495,"sao":"25年上半年经济呈现修复特征，GDP实现5.3%的增长，高于5%的增长目标，但平减指数下滑，GDP平减指数从一季度的-0.8%降至-1.3%附近，显示经济仍然是需求不足的格局。地产方面一季度经历小阳春，而后量价均回落，固定资产剔除地产后的增速6月开始回落。出口韧性较强，在4月的关税战后因抢出口而一度大超预期，5-6月边际回落。社融增速在政府债支撑下仍保持较快增涨，M1有所回升，显示“严格账期”和股市带动下存款有所活化。 　　货币政策方面，一季度央行出于稳汇率的考量持续收缩货币供给，将公开操作部分转为买断式回购，造成DR007持续高于政策利率。在外部环境面临不确定性的情况下，央行于5月落地年内首次双降，并在随后维持适度宽松的基调。DR007向OMO利率靠拢，6月两次投放买断式逆回购，超量续作MLF，使得银行间资金面整体宽松，大行净融出亦回升至5万亿的历史高位。财政政策和消费相关刺激政策并未超出年初预定框架。但近期中央财经委重提“反内卷”，仍需警惕后续相关政策加码对物价走势的波动。 　　债券市场表现一波三折，一季度债市在央行持续紧货币、科技股行情提振风险偏好、3月大行止盈等利空和外部关税加码预期的利多影响下，收益率先上后下，十年国债由年初的1.60%上行至1.89%，后于3月中旬下行至1.8%。4月在外部关税战反复、经济数据转弱、央行超预期降息呵护资金面的利多支撑下，十年国债继续下行至1.62%的低点；虽因日内瓦会议框架落地略反弹至最高1.72%，伴随经济数据回落，十年期国债再度转为下行，至半年末收益率回落到1.64%，足年存单价格由1.8%回落至季末1.62%的水平。 　　机构行为方面，在利率低位环境下，各类机构向信用债要收益，虽然上半年银行理财估值整改，但信用利差整体呈压缩趋势，且在信用债ETF，科创债ETF发行背景下，信用整体不乏结构性机会。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:54.365Z","mo":"上半年经济目标超预期完成的情况下，预计三季度内出台稳增长刺激政策的概率不高，短期内需关注7月政治局会议通稿，中美第二轮经贸磋商的进展。 短期内债市的利多在于央行仍然维持宽松的货币政策，且短期内实体经济融资需求仍然不旺。10年国债或维持区间震荡格局，利率品种亦保持交易思维，通过波段交易和择券博取收益。 　　信用品种方面，当前信用债仍处于正CARRY状态，从季节规律来看，当前信用有效供给处于近年内同期可比偏低位置，供需格局支撑下信用利差大幅走阔风险不高。不过亦需要关注股债翘翘板效应下负债端赎回的影响。","fund":{"_id":3000000009495,"__csrcFundId":7713,"stockCode":"009495","shortName":"大成景轩中高等级债券(009495)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9495,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:03.652Z","status":"normal","inceptionDate":"2020-08-31T16:00:00.000Z","name":"大成景轩中高等级债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成景轩中高等级债券","setUpDate":"2020-08-31T16:00:00.000Z","setUpAssetScale":61176852.83,"setUpShares":61176852.83,"pinyin":"dcjxzgdjzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景轩中高等级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=1346167","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccba7fea5b3eb04cd1ba","date":"2025-03-30T16:00:00.000Z","stockId":3000000009495,"sao":"1. 市场回顾　　一季度债市在央行持续紧货币、科技股行情提振风险偏好、3月大行止盈等利空和外部关税加码预期的利多影响下，收益率先上后下，10Y国债由1月初的1.60%上行至1.89%，后于3月中旬下行至1.8%。信用债受资金利率高位、套息空间不足和负债端赎回影响亦表现为先上后下， 以AA+中票为例，1Y/3Y/5Y/7Y/10Y上行22bp/18bp/18bp/15bp/16bp。信用利差先走阔后收敛，3YAA+中票/3Y国开利差由低位的37BP走阔至53BP，后收敛至34BP。　　基本面方面，1-3月PMI前低后高，除1月受春节因素影响外，其余时间持续位于荣枯线上方，不过1-2月平均增速录得49.7，较12月的50.1小幅回落。3月PMI录得50.5,虽高于2月，但弱于季节性，结构上来看，整体仍然是生产好于需求、大企业好于小企业、上游好于下游的格局。2月CPI环比超季节性走低，且今年政府工作报告中，对CPI目标的表述从3%左右调整为2%左右，根据增长目标和赤字安排倒推，隐含的GDP平减指数在0附近。　　政策层面，1-3月货币政策偏紧，央行重提防空转，且“将从宏观审慎角度评估债市运行情况择机降准降息”，DR007持续高于OMO政策利率。大行负债受存款脱媒、一季度信贷冲量和同业活期整改影响，融出水平持续低位，直至3月末才有所恢复。不过两会财政政策并未显著超出市场预期，显示未来一段时间宽信用的可能性不高，消费相关刺激政策也较为温和。总体而言，经过降息预期修正后的各类资产配置价值有所显现。　　机构行为方面，1-2月虽然债市表现不佳但理财负反馈压力尚可控。3月上旬大行缺负债环境下仍有理财超季节性回表及大行止盈OCI账户内债券的担忧，债市整体表现偏弱，但伴随信用利差行至高位、央行态度边际缓和、资金面拐点来临后，3月中下旬信用债开启抢配置行情。　　　　2.操作回顾：　　本产品在1月收益率行至低位时略降久期和杠杆，具体品种方面主要于月初止盈二级资本债，小幅止盈长久期利率债。2月通过波段操作和品种轮动降低了回撤、赚取了资本利得，小幅卖出地方债及利率品种。3月通过波段操作先降低地方债仓位，后提升地方债仓位，实现了资本利得，同时于3月中下旬回补了有望跟涨利率债的二级资本债，及有望受益于4月理财规模季节性回升的有超额利差保护的信用品种。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:54.363Z","fund":{"_id":3000000009495,"__csrcFundId":7713,"stockCode":"009495","shortName":"大成景轩中高等级债券(009495)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9495,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:03.652Z","status":"normal","inceptionDate":"2020-08-31T16:00:00.000Z","name":"大成景轩中高等级债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成景轩中高等级债券","setUpDate":"2020-08-31T16:00:00.000Z","setUpAssetScale":61176852.83,"setUpShares":61176852.83,"pinyin":"dcjxzgdjzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景轩中高等级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=1275949","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccba7fea5b3eb04cd1b9","date":"2024-12-30T16:00:00.000Z","stockId":3000000009495,"sao":"2024年债市在基本面偏弱、实体融资需求不足、居民资产配置力量大幅流入和地方政府化债导致的资产荒等多重利好共振下走出波澜壮阔的大牛市行情。其中利率债全年看呈单边下行态势，10年期国开债由年初的2.71%大幅下行近100bp至年底的1.72%。曲线平坦化下移， 1Y/3Y/5Y/7Y/10Y国开债分别较年初下行103BP/97BP/105BP/100BP/99BP，信用债亦全面走牛，全年来看 1Y/3Y/5Y/7Y/10Y AA+中票分别较年初下行85BP/94BP/111BP/113BP/108BP。　　基本面方面，2024年中国经济在高质量发展和政策托底中呈现“U型走势”，全年5%目标完成，但结构上较差，出口仍然是唯一亮点，消费与投资增速偏低。经济各类主体主动去杠杆，内需不足仍是挑战。 GDP平减指数全年为负，PPI持续负值，工业品价格受地产投资低迷、基建实物量不足等影响较大。制造业PMI仅于在年初和年底小幅高于荣枯线，其余时间段均位于荣枯线下方，且多表现为生产指数高于新订单指数的特征，供需失衡问题仍存。　　政策层面，货币政策积极，财政则是以托底为主。货币政策方面，全年OMO降息30BP，全面降准100BP，同时创立国债买卖和买断式逆回购等新型货币政策工具，提高了政策利率传导的效率。4月手工补息整改和11月同业自律机制整改也疏通了银行体系内利率传导堵点。财政政策发力滞后，上半年政府债发行偏慢为债市创造良好环境，而四季度10万亿化债方案对于经济直接刺激效果不明显，短期内更利好于城投债等高息资产。　　机构行为与节奏方面，1-3月债市主要受年初机构配置行为驱动，利率债先行抢跑，4-7月银行手工补息整改导致存款搬家至理财，信用债在广义基金资金充裕下表现更优。8月受到大行卖长买短的影响，国债收益率曲线陡峭化，而随后一方面博弈美联储降息，长端利率大幅下行，同时理财预防性赎回基金也导致信用债于8、9月末表现不佳。 924政治局会议转向，受到股债跷跷板影响，10月非银负债端迎来年内最大幅度赎回潮，但随后股市迅速回落，股债跷跷板效应也逐渐减弱，债市收益率再度下行。11月同业存款整改直接影响货基和理财配置行为，带动短端信用下行。随后在地方债供给冲击证伪后年末各类机构配置行情抢跑，收益率曲线大幅走平。　　　　产品运作方面，本基金在2、3月把握了收益率曲线牛平的机会，在降息前后亦有波段交易的增厚，并在季末主动提高了组合杠杆，实现了套息收益和资本利得。在4月把握了债市阶段回调的机会，用波段交易增厚了组合业绩，同时在手工补息存款搬家至理财的5月提高了信用资产的久期及组合杠杆水平，把握了信用期限利差压缩的机会。在7月把握了降息后收益率快速下行的机会，在8月债市调整过程中，一方面降低了信用债的仓位，提高了利率债、地方债、商金等流动性好的资产的仓位，把握了8月中旬-9月中旬利率债牛市的行情，实现了资本利得。在10月把握了负债端冲击后利率及信用品修复的机会，在11月地方债供给冲击前卖出地方债，并于银行同业自律机制整改前后通过商金、二级资本债的轮动交易增厚了组合业绩。12月在则是在政治局会议定调货币政策宽松后提高了组合久期，通过买入长期限利率债和地方债增厚了组合的业绩。　　国债期货操作方面，在10月中下旬把握了负债端冲击后利率品快速修复的机会，用期货的波段交易增厚组合收益；在12月的牛市中以增多长期限期货多头持仓为主，在部分调整时未能及时通过增加空头仓位实现对冲，且期货波动与信用资产变化呈现短期背离，导致10月至11月末波动略有放大。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:54.360Z","mo":"债市交易或围绕基本面弱修复、债券供给增加、央行态度变化和股市对风险偏好的影响展开。 　　一季度基本面或延续弱修复，货币政策方面关注央行是否会于一季度降准配合地方债前置发行，同时关注短期内Deep Seek或其他AI应用端变化带动的科技股牛市对风险偏好和居民配置行为的影响。3月关注地方和全国两会对全年政策的定调。　　曲线形态方面，在债市机构配置力量偏强和当前来看货币政策尚未兑现“宽松”的共同影响下或呈现窄幅震荡格局，利率债可用波段操作思路应对。信用债相对于利率更有性价比，可适度挖掘尚未反应降息预期的alpha资产。","fund":{"_id":3000000009495,"__csrcFu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，债市在季末仍然难以摆脱窄幅区间震荡的基调。展望后市，开年以来超长端利率经过大幅下行40BP至2.54%的位置之后进入回调，再进一步向下的空间有限，有赖于增量利好的促动。但地产、地方债务等风险化解因素，以及机构资产荒的格局仍未实质逆转，宽货币预期仍将持续存在，故预计4月资金面压力不大，这决定了债市转向风险不高，震荡波动区间上沿仍是参与机会。　　信用债由于季末机构止盈带动流动性溢价超额走阔，曲线被动压缩期限利差呈现平坦化，产品运作方面，本基金在二三月把握了收益率曲线牛平的收益，在降息前后亦有波段交易的增厚，并在季末主动调增了组合杠杆，实现了套息收益和资本利得。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:54.352Z","fund":{"_id":3000000009495,"__csrcFundId":7713,"stockCode":"009495","shortName":"大成景轩中高等级债券(009495)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9495,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:03.652Z","status":"normal","inceptionDate":"2020-08-31T16:00:00.000Z","name":"大成景轩中高等级债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成景轩中高等级债券","setUpDate":"2020-08-31T16:00:00.000Z","setUpAssetScale":61176852.83,"setUpShares":61176852.83,"pinyin":"dcjxzgdjzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景轩中高等级债券型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1068430","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccba7fea5b3eb04cd1b5","date":"2023-12-30T16:00:00.000Z","stockId":3000000009495,"sao":"虽然资金面波动在10-11月逐步收敛，但通过央行的大规模OMO操作维系的狭义流动性仍然脆弱；另一方面，商业银行存单发行诉求较强，体现其缺少中期的稳定负债，甚至在央行大量的短期公开市场操作对冲资金缺口的情况下，足年国股存单也一度升至2.8%附近，与十年期国债利率形成显著倒挂。直至跨年前一周，财政存款投放叠加央行在MLF及逆回购上大量释放流动性方才以资金宽松态势度过。　　临近年末，债市受到宽财政稳增长政策、监管再提“防空转”、地产政策加码等因素的影响出现调整，十年国债活跃券上行至2.7%附近，曲线几度平坦化。但凸显的交易性机会也带动年末的债市呈现抢跑行情，利率品曲线陡峭化修复，中短端利率表现较好，长端利率则于年末前夕重又回归2.6%附近，期限利差演绎了陡峭化继而牛平的走势。　　产品运作方面，本基金在二三季度把握了收益率曲线牛平的收益，在降息前后亦有波段交易的增厚，并在其后主动调降组合杠杆从而维持中等期限久期；并在年末时点利率品再度调整至安全边际时增仓配置中长久期品种，实现了套息收益和资本利得。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:54.350Z","mo":"展望后市，近期各期限收益率快速下行，已部分定价了年初的资金宽松和可能的降息，1月上旬宽货币的博弈仍将延续，债市的多头情绪不会逆转，但当前收益率水平已经大幅下行，参与交易需更加灵活应对波动。不过当前基本面尚无显著修复、宽信用宽财政也处于空窗期，基本面仍然对债市有利，调整仍是参与机会。","fund":{"_id":3000000009495,"__csrcFundId":7713,"stockCode":"009495","shortName":"大成景轩中高等级债券(009495)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9495,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:03.652Z","status":"normal","inceptionDate":"2020-08-31T16:00:00.000Z","name":"大成景轩中高等级债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成景轩中高等级债券","setUpDate":"2020-08-31T16:00:00.000Z","setUpAssetScale":61176852.83,"setUpShares":61176852.83,"pinyin":"dcjxzgdjzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景轩中高等级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=1057244","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccba7fea5b3eb04cd1b4","date":"2023-09-29T16:00:00.000Z","stockId":3000000009495,"sao":"三季度以来，经济数据存在边际修复的势头，8-9月PMI指数供给端展望环比改善，显示供给端补库及价格指标回升，但结构性问题仍存，需求相较供给依然偏弱，总体呈现弱复苏格局。货币政策加大逆周期调节力度，8月央行再次降息及9月降准，随后稳地产、活跃资本市场政策也陆续落地，市场将进入政策效果观察期。资金面方面扰动加大，9月存在一定流动性缺口，虽有央行通过公开市场维持流动性合理充裕，跨季的资金分层及波动率显著加大。　　政策方面，鉴于两度的降息降准已兑现货币政策先行逆周期调节的预期，下阶段应是财政政策占主导、央行通过狭义流动性配合的阶段。　　三季度的利率品伴随货币政策节奏阶段性下移，长端利率的低点一度下至2.5%附近，此后陷入小幅震荡，于季末重又回归2.7%附近，期限利差演绎了牛平至熊平的过程，中短端绝对收益率性价比提升，但套息空间仍不稳定。　　产品运作方面，本基金在三季度上旬主动调升了杠杆；随后在降息落地后调降组合杠杆以及加权久期；并在8-9月期间降息降准窗口阶段小幅参与了波段交易，在票息底仓的基础上实现了部分资本利得。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:54.347Z","fund":{"_id":3000000009495,"__csrcFundId":7713,"stockCode":"009495","shortName":"大成景轩中高等级债券(009495)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9495,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:03.652Z","status":"normal","inceptionDate":"2020-08-31T16:00:00.000Z","name":"大成景轩中高等级债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成景轩中高等级债券","setUpDate":"2020-08-31T16:00:00.000Z","setUpAssetScale":61176852.83,"setUpShares":61176852.83,"pinyin":"dcjxzgdjzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景轩中高等级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=990957","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccba7fea5b3eb04cd1b3","date":"2023-06-29T16:00:00.000Z","stockId":3000000009495,"sao":"上半年，经济中依然存在出口回落、耐用品消费不振等结构性问题，总体呈现弱复苏格局，从4-5月经济数据来看二季度GDP同比增幅低于之前的高速增长预期，6月高频数据显示经济动能趋弱，同比和环比读数可能双双往下。结构上，消费修复的斜率逐渐回落；而固定资产投资弱于预期，分项基建、地产和制造业均边际走弱，尤其地产端呈现出一定负反馈强化的特征，土地出让基金疲弱，个别地方财政收支平衡持续吃紧。　　政策方面，基于经济环比走弱叠加“大兴调研”的阶段性结论，7月重要会议窗口期存在政策加码必要性。鉴于6月降息已兑现货币政策仍将维持偏宽的预期，下阶段应是财政、地产、消费等稳增长政策组合拳的同步出台。　　二季度的利率品伴随预期落空而收益率整体下移，长端利率的低点一度跌破2.6%，出现在超预期降息时点，此后回归小幅震荡，10年国债的中枢水平下移，期限利差也经历了先平后陡的过程。　　产品运作方面，本基金在二季度主动调升了杠杆，并在3月中旬逐步提升了组合久期，其中，在4-5月期间存款利率趋势下调和降息博弈窗口阶段，小幅参与了波段交易。组合在季度后半旬将加权久期维持在中位数偏乐观的水平上，在中短期底仓的基础上实现了资本利得的增益。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:54.344Z","mo":"展望下一季度，短期而言，若持续无增量政策落地，市场将继续演绎震荡偏多、利差压缩行情，但实质性向下突破2.6%需要资金面配合。中期来看，随着经济下行压力加大，政策托底的必要性在上升，但届时宽货币也将予以一定配合；策略上可继续保持积极的杠杆策略，关注下一阶段政策的力度和有效性，以及经济可能存在的底部回弹的内生动能。","fund":{"_id":3000000009495,"__csrcFundId":7713,"stockCode":"009495","shortName":"大成景轩中高等级债券(009495)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9495,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:03.652Z","status":"normal","inceptionDate":"2020-08-31T16:00:00.000Z","name":"大成景轩中高等级债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成景轩中高等级债券","setUpDate":"2020-08-31T16:00:00.000Z","setUpAssetScale":61176852.83,"setUpShares":61176852.83,"pinyin":"dcjxzgdjzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景轩中高等级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=960111","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccba7fea5b3eb04cd1b2","date":"2023-03-30T16:00:00.000Z","stockId":3000000009495,"sao":"年初阶段市场对于经济复苏抱有较强预期，利率震荡上行，随后1-2月经济数据如期回升，但一方面市场对于经济的疫后修复已有预期，另一方面经济中依然存在出口回落、耐用品消费不振等结构性问题，总体呈现弱复苏格局，长端利率窄幅波动，并未进一步上行。进入3月后，政府工作报告确定全年5%左右的增速目标，总书记指示“不要大干快上”，显示政策力度较为温和，同时通胀显著降温、3月上旬欧美银行业风波发酵，央行在下旬意外降准，债市对经济的强复苏预期逐步转为温和复苏，对资金面的预期也有所好转，长端利率温和回落。　　一季度利率整体窄幅波动，收益率先上后下，长端利率的低点出现在年初，高点出现在3月初，10年国债在2.81-2.93%之间波动，季度末较季度初上行2BP，期限利差也经历了先平后陡的过程，信用利差则显著收窄。　　产品在1月调降了债券资产的久期和杠杆，以稳健策略降低组合净值波动；在二月末逐步调高利率品持仓，仍以相对集中的中短久期策略为主，一方面规避短端受到资金成本变化带来的波动，另一方面，长久期的安全边际增高时仅以小仓位参与交易，往下的赔率和空间仍显不足。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:54.342Z","fund":{"_id":3000000009495,"__csrcFundId":7713,"stockCode":"009495","shortName":"大成景轩中高等级债券(009495)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9495,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:03.652Z","status":"normal","inceptionDate":"2020-08-31T16:00:00.000Z","name":"大成景轩中高等级债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成景轩中高等级债券","setUpDate":"2020-08-31T16:00:00.000Z","setUpAssetScale":61176852.83,"setUpShares":61176852.83,"pinyin":"dcjxzgdjzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景轩中高等级债券型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=886237","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccba7fea5b3eb04cd1b1","date":"2022-12-30T16:00:00.000Z","stockId":3000000009495,"sao":"回顾2022全年来看，由于预期与基本面的背离，年中出现了两次较大幅度的市场调整。但整体上，境内的复苏乏力的多层次问题仍在演化，随着地产交付风险发酵，叠加出口数据自三季度以来的超预期回落，市场对于经济的复苏斜率预期放缓，并推动地产融资等方面的政策在11月出现明显调整。　　全年的资金面维持合理充裕的基调，市场先是在一季度初跟随加息预期出现股债大幅回调；二季度则由于市场环境干扰为债券市场带来交易性机会；受益于狭义流动性的充裕，二三季度持续走出收益率曲线牛平走势，期限利差和信用利差连续压缩。而11月中旬的超预期政策的放开节奏和幅度导致市场行情超调，并释放了债券资产的低估值和低利差的风险。　　组合操作思路仍秉承基本面定价的思路，并跟随流动性层面的波动做出适时地调整。在3月震荡市中加仓之后，产品在二、三季度实现了资本利得和套息的双向收益基。但四季度中下旬受损于债市波动而导致净值迅速回落。产品在11月调降了债券资产的久期和杠杆，保留了部分具备利差保护的票息资产，但全品种债券收益率曲线的整体上移仍给组合带来了近一个半月的回撤。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:54.339Z","mo":"短期来看，强预期弱现实的局面并未发生改变，经济面临一定短期扰动、政策本身的节奏或也仍有反复，债市收益率在快速调整后可能进入短期修复、而后震荡的走势。策略上，未来一段时间仍可能面临政策的高频出台和多空交织期，在干扰因素增多、定价信号尚紊乱之中，产品将继续保持中性久期，以具备利差保护的票息资产为底；在利率品上，短端继续把握票息收益，长端不追涨、在有足够安全边际的情况下把握快进快出的交易性机会。","fund":{"_id":3000000009495,"__csrcFundId":7713,"stockCode":"009495","shortName":"大成景轩中高等级债券(009495)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9495,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:03.652Z","status":"normal","inceptionDate":"2020-08-31T16:00:00.000Z","name":"大成景轩中高等级债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成景轩中高等级债券","setUpDate":"2020-08-31T16:00:00.000Z","setUpAssetScale":61176852.83,"setUpShares":61176852.83,"pinyin":"dcjxzgdjzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景轩中高等级债券型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=868214","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccba7fea5b3eb04cd1b0","date":"2022-09-29T16:00:00.000Z","stockId":3000000009495,"sao":"回顾三季度来看，境内的复苏乏力的多层次问题仍在演化，随着疫情多点反复、地产交付风险发酵，基本面高频数据也逐步反映出“爬坑修复”的改善趋势被打断，叠加出口数据的超预期回落，市场对于经济的复苏斜率预期放缓； 8月的OMO和MLF利率双双调降10bp，LPR也在随后一周进行了不对称调降，再度确认了流动性环境仍将延续稳中偏松，表明国内市场仍是以我为主的基本面和货币政策为主线；  基本面的弱化加之降息操作为债市在七八月带来交易机会，叠加资金层面在三季度大部分时间处于合理充裕的水平，杠杆套利策略仍属有效，收益率曲线阶段性走出有牛平走势， 但临近季末及长假前夕，资金面的分层带动成本提升，叠加人民币被动快速贬值，利率品种尤其是中长久期的收益率在9月下旬明显反弹。  产品在7月迅速提升了债券资产的久期和杠杆，增配部分具备期限利差保护的品种，增厚杠杆但保持中性略长久期；并在九月末迅速止盈兑现，在资金层面稳健期间实现了资本利得和套息的双重收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:54.336Z","fund":{"_id":3000000009495,"__csrcFundId":7713,"stockCode":"009495","shortName":"大成景轩中高等级债券(009495)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9495,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:03.652Z","status":"normal","inceptionDate":"2020-08-31T16:00:00.000Z","name":"大成景轩中高等级债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成景轩中高等级债券","setUpDate":"2020-08-31T16:00:00.000Z","setUpAssetScale":61176852.83,"setUpShares":61176852.83,"pinyin":"dcjxzgdjzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景轩中高等级债券型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=809278","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccba7fea5b3eb04cd1af","date":"2022-06-29T16:00:00.000Z","stockId":3000000009495,"sao":"回顾来看，境外风险因素多重叠加的时期已经过去，市场处于压力逐步缓释的阶段，5月美联储加息及缩表的节奏并未进一步转鹰，国内市场则重回以我为主的基本面和货币政策为主线；  由于疫情对于大中型城市生产生活的干扰，4月的经济金融数据在季度初带来交易机会，叠加资金层面在二季度大部分时间处于合理充裕的水平，即使在5-6月地方政府债券发行放量的集中期，资金成本仍维持低位震荡，杠杆套利策略被广泛采用；全季度来看，收益率曲线在中短端略有牛陡走势， 资金的持续宽松带动中短期收益率回落超过20BP，但中长久期限品种反而小幅上行1-3bp不等。  产品在4月迅速提升了债券资产的杠杆，增配部分优质的具备期限利差保护的品种，增厚杠杆但保持中性久期。在资金层面稳健期间，二季度实现了资本利得和套息的双向收益。市场对于资金面稳定性的担忧情绪伴随利率品种供给以及临近季末时点而提升，利率品种及曲线中段信用债收益率走势分化，利率品略有冲高后小幅回落，信用品仍受到资金追捧，收益率曲线继续下移。  债券市场关注的主线仍是国内资金面宽裕的持续性以及宽信用的传导力度，我们判断在地方政府债的发行高峰过去之后，短期内资金成本较季末回落的可能性较大，继而推动淤积在银行间市场中的狭义流动性继续追逐优质资产，因此持续的流动性和机构增配压力仍将使得债市受益，短期杠杆套利策略确定性仍然较高。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:54.334Z","mo":"展望三季度，考虑到环比改善的近月数据等利空可能在7月初落地，市场的交易风格将在月初更趋谨慎。 接下来我们的操作主线以“谨慎做多”为主，“谨慎”是相对过去两个月的高杠杆、中长久期的乐观操作而言，在杠杆和久期策略上略有收敛，但并不等同于保守策略；在宽松货币政策仍然持续的基础上，坚持有效的杠杆套息策略为底，意味着在“不下车”的基调下更关注稳定套利的品种，保有中性杠杆水平；另一方面，在债券市场调整出配置价值和安全边际后，需要及时调增交易仓位，灵活择时“做多”。  境外风险逐步缓释的阶段已经逐步过去，可能将面临9月缩表规模提升的冲击；国内市场交易将重回以我为主的基本面，短期内经济的复苏动能越大，稳增长政策实施落地的力度可能加强，成为干扰债市的因素之一，显然，在复产之后滞后的复苏力度也可能倒逼刺激增长的政策加码，因此超前发力、合理充裕的货币政策决定了债市短期内不可能转熊。在政策落地的有效性尚未证实，经济金融数据尚未大幅改善的环境下，债券市场上行空间有限，宜谨慎参与做多行情；组合操作仍以票息策略为主，保持组合的中性杠杆和久期。","fund":{"_id":3000000009495,"__csrcFundId":7713,"stockCode":"009495","shortName":"大成景轩中高等级债券(009495)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9495,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:03.652Z","status":"normal","inceptionDate":"2020-08-31T16:00:00.000Z","name":"大成景轩中高等级债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成景轩中高等级债券","setUpDate":"2020-08-31T16:00:00.000Z","setUpAssetScale":61176852.83,"setUpShares":61176852.83,"pinyin":"dcjxzgdjzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景轩中高等级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=781477","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccba7fea5b3eb04cd1ae","date":"2022-03-30T16:00:00.000Z","stockId":3000000009495,"sao":"2022年开年以来，市场先是经历了一月对于货币政策的高度一致预期的多头“跃进式”操作，以及节后预期落空后的加速纠偏；叠加境外的地缘政治的干扰，市场对于经济演化为“滞涨”的担忧加剧，股债市场在春节后双双出现大幅调整。  春节后，市场机构对于美联储在3月的加息操作仍有恐慌心态，对于汇率和流动性的变化存在过度谨慎和悲观；因此，在央行的降息操作再度落空后，债券收益率加速调整，再叠加机构赎回抛盘压力的负反馈，利率品收益率曲线整体上移，甚至走出了短端调整幅度超过中长端的熊平走势，并带动中段期限的含权债券调整幅度加大；  产品在2月迅速降低债券资产的久期及杠杆，转为谨慎观望状态。在短端迅速完成重定价后，债市在3月中下旬重回窄幅震荡的态势，审视基本面复苏的斜率和节奏；宽信用的达成因为投融资主体缺乏、上游价格挤压利润空间、疫情再度呈现多点散状爆发等等因素而被延长，也决定了债券市场可能在一二季度呈现U型底部震荡状态。  3月中下旬，利率与高等级信用的期限结构全线上移，回复到去年11月末水平，期限利差和信用利差均明显修复。产品则小幅在不拉长久期并提高债券资产静态收益率的原则下增仓了小仓位的具备期限利差保护的利率品种，以期获得安全边际上的资本利得。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:54.331Z","fund":{"_id":3000000009495,"__csrcFundId":7713,"stockCode":"009495","shortName":"大成景轩中高等级债券(009495)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9495,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:03.652Z","status":"normal","inceptionDate":"2020-08-31T16:00:00.000Z","name":"大成景轩中高等级债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成景轩中高等级债券","setUpDate":"2020-08-31T16:00:00.000Z","setUpAssetScale":61176852.83,"setUpShares":61176852.83,"pinyin":"dcjxzgdjzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景轩中高等级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=729061","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccba7fea5b3eb04cd1ad","date":"2021-12-30T16:00:00.000Z","stockId":3000000009495,"sao":"上半年，疫情后的经济修复和公共卫生政策之间的动态平衡和相互作用是影响国内经济和资本市场的主导因素。一季度，“就地过年”政策使得疫情在节假日前后仍然得以控制，经济延续复苏势头，季末数据显示经济改善动能和展望在边际削弱，工业品价格水平虽仍在高位震荡继而可能挤压工业企业利润空间。货币政策在春节后整体回归稳健，银行间资金稳健偏宽裕，二季度以来，资金层面维稳带动利率品做多情绪上升，收益率曲线整体呈现短涨长跌的陡峭化走势，十年国债触及3.05附近的阶段性低位。  而三四季度国内货币政策陆续落地降准降息，开启新一轮宽松政策，利率快速下行；10月中下旬，伴随利率品种超调回到7月初降准前，我们认为短期内做空情绪已达一致性高位，利率高点已现，增加利率品和高评级债券仓位正当其时，产品大举布局利率品和好资质商业银行金融债，并选取2-3Y这类骑乘较高的部位运用子弹型久期策略，在年前迅速实现了较高的资本利得。货币政策回归合理充裕的同时，非对称性降息带动收益率曲线在稳增长预期下陡峭化；期限利差有所修复之后，中长久期性价比在提升。  操作上，本基金在投资策略上以配置利率债为主，辅以商金债增厚票息收益，灵活运用久期策略，并在四季度中旬 增加杠杆和商金债品种，兼顾了资本利得和骑乘收益。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:54.328Z","mo":"政策全面转向“稳增长”。 中央经济工作会议判断我国当前面临需求收缩、供给冲击、预期转弱的三重压力，宏观政策要“稳字当头、稳中求进”，“各地区各部门要担负起稳定宏观经济的责任，各方面要积极推出有利于经济稳定的政策，政策发力适当靠前” ，“跨周期和逆周期宏观调控政策要有机结合”，政策已从跨周期向逆周期过渡，且各类政策将全面发力，时点提前。  宽松政策已经发力，下一阶段是关注政策有效性。央行四季度例会释放宽松信号，货币政策更加积极主动，而且无论是总量工具、结构性工具、还是价格指标都已经出现宽松发力的苗头。在宽货币宽信用过程中，社融和经济的开门红对债市有一定冲击；伴随着基本面的“开门红”，货币政策的有效性和经济好转的持续性逐步进入观察阶段。目前来看，在银行积蓄力量年初发力的行为模式之下，社融同比增速在一季度有望改善，但融资主体需求不振的现象并未完全改善，社融和经济后续的回升力度仍待观察，货币政策仍会相机决策，利率仍有机会。在观察到货币政策力度和经济反弹持续性不足之后，中长端将重回平坦化走势。  信用债受益于融资结构边际改善，中低评级表现分化收敛，可以票息策略为主，以有效有限的仓位布局中高评级信用债为主，类利率品种，即券商公司债、商业性金融债、地方债和铁道债等尤佳。","fund":{"_id":3000000009495,"__csrcFundId":7713,"stockCode":"009495","shortName":"大成景轩中高等级债券(009495)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9495,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:03.652Z","status":"normal","inceptionDate":"2020-08-31T16:00:00.000Z","name":"大成景轩中高等级债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成景轩中高等级债券","setUpDate":"2020-08-31T16:00:00.000Z","setUpAssetScale":61176852.83,"setUpShares":61176852.83,"pinyin":"dcjxzgdjzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景轩中高等级债券型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=708056","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccba7fea5b3eb04cd1ac","date":"2021-09-29T16:00:00.000Z","stockId":3000000009495,"sao":"三季度的开局虽然以央行的超预期全面降准开启，但本季度的资金面整体呈现供给稳定、价格略升的趋势，资金面成为阶段性的市场隐忧，加之地方政府债的净融资量环比压力增大，债券市场趋于震荡；尤其是季度中旬由于理财子公司部分产品持仓估值方法的过渡期政策使得债市抛压积聚，无风险利率及商业银行金融债的震荡幅度加大。  收益率曲线在三季度中初呈现受益降准利好的整体下移走势，十年国债在8月初触及2.79附近的阶段性低位后，收益率则一路震荡上移，并在剩余期间处于10bp区间内窄幅波动。利率品收益率曲线整体呈现短端上行幅度更大的平坦化走势，伴随季末资金面明显转紧，期限利差小幅扩张，但整体收益率仍未回到降准后的水平。  本基金在三季度的投资策略上以增配国债和政策性金融债为主，并大幅降低了信用债持仓，久期策略调整为哑铃型；因此，本季度内主要收益来源于信用品种的止盈交易和利率品的部分利得。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:54.326Z","fund":{"_id":3000000009495,"__csrcFundId":7713,"stockCode":"009495","shortName":"大成景轩中高等级债券(009495)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9495,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:03.652Z","status":"normal","inceptionDate":"2020-08-31T16:00:00.000Z","name":"大成景轩中高等级债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成景轩中高等级债券","setUpDate":"2020-08-31T16:00:00.000Z","setUpAssetScale":61176852.83,"setUpShares":61176852.83,"pinyin":"dcjxzgdjzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景轩中高等级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=657905","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccba7fea5b3eb04cd1ab","date":"2021-06-29T16:00:00.000Z","stockId":3000000009495,"sao":"一季度国内债券市场呈现先跌后涨的走势。1月初资金市场仍惯性延续了去年年底的宽松态势，至月中1Y国股行存单利率最低下探至2.75%附近。随着央行连续的“低量”OMO操作，极度宽松的资金面开始收敛，至1月底变得极为紧张。2月上旬市场机构反复博弈央行对跨春节流动性的安排，资金面预期仍然较为不稳定，不过谨慎情绪下跨节资金面紧张局面并未出现。春节后央行公开市场操作持续平稳，3月整月均延续每日逆回购100亿元的操作，银行间资金利率总体波澜不惊，仅在3月末跨季时点出现了小幅上行。  二季度除季末时间段外，央行长期维持每日OMO逆回购100亿操作。银行间流动性持续平稳宽松，大部分交易日DR007利率都运行在政策利率以下，1Y期限国股行存单利率水平也从季度初约3.05%最低降至约2.82%。在宽松资金面的驱动下，尽管工业品通胀形势一度几近难以遏制，但利率曲线依然陡峭化下行。  微观层面上解释狭义流动性宽松的理由，包括政府债券发行规模落后于往年进度、商业银行预防性资金需求下降、非银机构杠杆水平不高等。宏观层面上，狭义流动性内生性宽松的根源是广义信贷需求从春节前的强于供给转向弱于供给，如4月末与5月末票据转贴利率均大幅下行、4月份末有新闻报导央行窗口指导鼓励银行增加信贷投放。  报告期内，本基金在严控信用风险的前提下，不断优化持仓债券结构，组合静态收益基本平稳。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:54.323Z","mo":"国内经济基本面正在从疫情后快速反弹修复的短期逻辑向出口高增长增速回归、地产与基建活动承压的中期逻辑切换。去年四季度应该是短期逻辑演绎的周期高点，今年上半年增长动能有所放缓、下半年总量层面增长的下行压力应会进一步凸显，不过应该较难看到失速滑落的局面。  近年来随着央行现代货币政策框架的建立完善，央行使用降准、降息等传统政策工具的逆周期调控目的的意图明显减弱。考虑到社融增速的下行进程并未结束，并且房地产、城投等领域的局部性信用收缩甚至可能会愈演愈烈，央行应仍将会维持较适宜的货币流动性环境，以实现货币供应量与名义经济增速大体匹配的政策目标。  上述环境总体上将利于利率债券与高等级信用债券资产的表现。不过当前各期限利率水平已处于历史较低分位数区间，偏贵的利率债券估值与阶段性基本面水平是否偏离、以及是否会因此带来交易性机会，将会是下半年本组合管理中更关注的焦点问题。","fund":{"_id":3000000009495,"__csrcFundId":7713,"stockCode":"009495","shortName":"大成景轩中高等级债券(009495)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9495,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:03.652Z","status":"normal","inceptionDate":"2020-08-31T16:00:00.000Z","name":"大成景轩中高等级债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成景轩中高等级债券","setUpDate":"2020-08-31T16:00:00.000Z","setUpAssetScale":61176852.83,"setUpShares":61176852.83,"pinyin":"dcjxzgdjzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景轩中高等级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=636599","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccba7fea5b3eb04cd1aa","stockId":3000000009495,"sao":"一季度国内债券市场呈现先跌后涨的走势。1月初资金市场仍惯性延续了去年年底的宽松态势，至月中1Y国股行存单利率最低下探至2.75%附近。随着央行连续的OMO操作，极度宽松的资金面开始收敛，至1月底变得极为紧张。2月上旬市场机构反复博弈央行对跨春节流动性的安排，资金面预期仍然较为不稳定，不过谨慎情绪下跨节资金面紧张局面并未出现。春节后央行公开市场操作持续平稳，3月整月均延续每日逆回购100亿元的操作，银行间资金利率总体波澜不惊，仅在3月末跨季时点出现了小幅上行。  资金面预期波动是春节前现券市场的核心驱动因素——1月1日至2月10日，3Y/5Y/10Y国债分别变动+6bp/+13bp/+12bp，3Y/5Y/10Y国开债分别变动+29bp/+20bp/+18bp。春节后，在国内基本面环比动能有所趋弱、利率债供需失衡格局改善等积极因素的影响下，尽管面临国内外通胀预期担忧升温、美债利率快速上升等不利因素的扰动，国内利率债震荡上涨——2月18日至3月31日，3Y/5Y/10Y国债分别变动-1bp/-10bp/-6bp，3Y/5Y/10Y国开债分别变动-8bp/-10bp/-15bp。  一季度本基金在严控信用风险的前提下，不断优化持仓债券结构，小幅提高组合静态收益水平，以应对震荡波动的市场环境。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:54.320Z","fund":{"_id":3000000009495,"__csrcFundId":7713,"stockCode":"009495","shortName":"大成景轩中高等级债券(009495)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9495,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:03.652Z","status":"normal","inceptionDate":"2020-08-31T16:00:00.000Z","name":"大成景轩中高等级债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成景轩中高等级债券","setUpDate":"2020-08-31T16:00:00.000Z","setUpAssetScale":61176852.83,"setUpShares":61176852.83,"pinyin":"dcjxzgdjzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景轩中高等级债券型证券投资基金 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