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PMI 生产和订单需求均显示了一定韧性，同时随着企业生产的恢复，企业整体库存有所去化，企业产成品和原材料库存均有一定回落，整体上总量数据显示了内需向好的趋势。但从中观行业看，需求的分布有所分化，基建相关需求普遍偏好，或同前期稳增长政策落地相关，增长的可持续仍有待验证。同比角度，考虑到2022年的低基数，二季度宏观数据有望迎来高增长，环比角度看，仍然取决于海外需求回落的速度以及国内稳增长政策的可持续性。债券市场对偏强的基本面数据有所钝化，前期基本面利空因素正逐步累积。一季度降准落地后，前期偏平坦的收益率曲线逐步有所修复，但仍处于相对低位，配置资金短债加杠杆策略更为占优。","declarationDate":"2023-04-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:15.944Z","fund":{"_id":3000000009583,"__csrcFundId":7977,"stockCode":"009583","shortName":"淳厚安裕87个月定开债(009583)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9583,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:53:04.719Z","status":"normal","inceptionDate":"2020-07-30T16:00:00.000Z","name":"淳厚安裕87个月定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚安裕87个月定开债","setUpDate":"2020-07-30T16:00:00.000Z","setUpAssetScale":7400013736.37,"setUpShares":7400013736.37,"pinyin":"chay87gydqkfzqxzqtzjj","managers":[{"stockCode":"db20702172","stockType":"fund_manager","exchange":"fm","tickerId":102310207380,"name":"江文军"}]},"announcement":{"linkText":"淳厚安裕87个月定期开放债券型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=888712","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecccf7fea5b3eb04ceac0","date":"2022-12-30T16:00:00.000Z","stockId":3000000009583,"sao":"2022年，利率债市场区间震荡，下半年振幅较上半年显著提升,10年期国债收益率高点和低点均出现在下半年。全年资金面维持宽松格局，1-2年短债套息策略收益占优。全年债券市场围绕地产维稳政策、资金预期等展开博弈，基本面关注权重较低，尤其四季度，弱现实强预期成为主流共识。全年行情逐步由上半年窄幅震荡转为下半年宽幅震荡，具体总结如下：1月：央行下调公开市场利率时点超市场预期，货币政策空间预期打开，进一步加大了市场做多热情，10年国债收益率年初下行超10BP至2.67%。2月-3月初：市场聚焦于宽信用，宽信用预期逐步加强，债券收益率上行近20BP至2.86%。3月-5月：债券市场高位逐步回落。4月公开市场续作MLF价格持平，低于市场预期，叠加美联储加息预期走高，中美利差倒挂，10年国债收益率转为上行。5月份资金面继续维持宽松，短端品种最受益于资金面宽松，收益率曲线趋于陡峭化。6月-7月：市场开始交易经济复苏，7月初央行公开市场投放缩量，引发市场恐慌，但随着资金面进一步宽松，恐慌情绪消散。10年国债期间收益率由2.74%上行至2.85%。7月中旬-8月：基本面复苏逐步证伪，停贷风波开始发酵，8月央行下调MLF和公开市场操作利率10BP。10债收益率下行至2.61%，创年内新低。9月-10月：9月地产政策逐步加码，9月30日，阶段性调整差别化住房信贷政策出台，符合条件的城市首套房贷款利率下限放宽。同时首套房公积金贷款利率下调15bp，财政部亦发布换购住房个人所得税退税政策等。受此影响，利率债收益率转为上行，10年国债高点触及2.76%，较低点上行15BP。11月-12月： 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债市维持震荡走势。","fund":{"_id":3000000009583,"__csrcFundId":7977,"stockCode":"009583","shortName":"淳厚安裕87个月定开债(009583)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9583,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:53:04.719Z","status":"normal","inceptionDate":"2020-07-30T16:00:00.000Z","name":"淳厚安裕87个月定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚安裕87个月定开债","setUpDate":"2020-07-30T16:00:00.000Z","setUpAssetScale":7400013736.37,"setUpShares":7400013736.37,"pinyin":"chay87gydqkfzqxzqtzjj","managers":[{"stockCode":"db20702172","stockType":"fund_manager","exchange":"fm","tickerId":102310207380,"name":"江文军"}]},"announcement":{"linkText":"淳厚安裕87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=788476","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecccf7fea5b3eb04ceabd","date":"2022-03-30T16:00:00.000Z","stockId":3000000009583,"sao":"本基金在报告期内采用稳健积极的投资策略，主要以配置政策金融债、地方政府债为主，组合杠杆维持平稳。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:15.933Z","fund":{"_id":3000000009583,"__csrcFundId":7977,"stockCode":"009583","shortName":"淳厚安裕87个月定开债(009583)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9583,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:53:04.719Z","status":"normal","inceptionDate":"2020-07-30T16:00:00.000Z","name":"淳厚安裕87个月定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚安裕87个月定开债","setUpDate":"2020-07-30T16:00:00.000Z","setUpAssetScale":7400013736.37,"setUpShares":7400013736.37,"pinyin":"chay87gydqkfzqxzqtzjj","managers":[{"stockCode":"db20702172","stockType":"fund_manager","exchange":"fm","tickerId":102310207380,"name":"江文军"}]},"announcement":{"linkText":"淳厚安裕87个月定期开放债券型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=727348","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecccf7fea5b3eb04ceabc","date":"2021-12-30T16:00:00.000Z","stockId":3000000009583,"sao":"2021年，债券市场收益率趋势下行，一季度受资金面偏紧以及大宗商品普涨影响，债券收益率年初普遍上行。二季度开始，央行逐步引导市场关注银行间质押式回购利率，弱化数量型指标，资金面转为平稳，债券供给利空亦逐步消化，债券收益率企稳回落。三季度初央行超预期下调存款准备金率，货币政策宽松周期开启，降息降准预期渐浓，四季度继续下调存款准备金率0.5个百分点，债券市场收益率进一步下行，全年10年期国开债收益率从年初高点下行超60BP，年底收于年内最低点位。本基金在报告期内采用稳健积极的投资策略，主要以配置政策金融债、地方政府债为主，组合杠杆维持平稳。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:15.930Z","mo":"展望后期，2022年一季度市场对于利率的定价仍然聚焦于宽信用的实际效果以及降息预期的兑现情况。若后期央行公开市场基准利率下调，则为中短端收益率的下行进一步打开空间，而长端的减持时点视融资数据的边际变化而定。从中央经济工作会议的定调看，全年政策围绕稳增长逐步发力，掣肘长端利率进一步大幅下降至更低的收益率水平。","fund":{"_id":3000000009583,"__csrcFundId":7977,"stockCode":"009583","shortName":"淳厚安裕87个月定开债(009583)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9583,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:53:04.719Z","status":"normal","inceptionDate":"2020-07-30T16:00:00.000Z","name":"淳厚安裕87个月定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚安裕87个月定开债","setUpDate":"2020-07-30T16:00:00.000Z","setUpAssetScale":7400013736.37,"setUpShares":7400013736.37,"pinyin":"chay87gydqkfzqxzqtzjj","managers":[{"stockCode":"db20702172","stockType":"fund_manager","exchange":"fm","tickerId":102310207380,"name":"江文军"}]},"announcement":{"linkText":"淳厚安裕87个月定期开放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=710514","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecccf7fea5b3eb04ceabb","date":"2021-09-29T16:00:00.000Z","stockId":3000000009583,"sao":"本基金在报告期内采用稳健积极的投资策略，主要以配置政策金融债、地方政府债为主，组合杠杆维持平稳。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:15.928Z","fund":{"_id":3000000009583,"__csrcFundId":7977,"stockCode":"009583","shortName":"淳厚安裕87个月定开债(009583)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9583,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:53:04.719Z","status":"normal","inceptionDate":"2020-07-30T16:00:00.000Z","name":"淳厚安裕87个月定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051860000,"currency":"CNY","masterFundShortName":"淳厚安裕87个月定开债","setUpDate":"2020-07-30T16:00:00.000Z","setUpAssetScale":7400013736.37,"setUpShares":7400013736.37,"pinyin":"chay87gydqkfzqxzqtzjj","managers":[{"stockCode":"db20702172","stockType":"fund_manager","exchange":"fm","tickerId":102310207380,"name":"江文军"}]},"announcement":{"linkText":"淳厚安裕87个月定期开放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=654436","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecccf7fea5b3eb04ceaba","date":"2021-06-29T16:00:00.000Z","stockId":3000000009583,"sao":"一季度，资金面波动较大，债券市场对于流动性的敏感度显著上升，1月15日并未全额续作MLF和TMLF。下旬税期期间以及跨春节投放较为谨慎，银行机构普遍在SLF顶格利率融入资金，且非银一度出现10%以上的高成本融资，打破了市场对于11月以来资金面的一致预期。2月之后资金面维持宽松，地方政府债供给低于市场预期，央行引导货币市场利率围绕短期政策利率波动运行，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