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降低融资成本来增厚收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:16.727Z","mo":"对于2025年三季度债券市场展望，我们认为债市风险不大。经济基本面偏弱，抢出口接近尾声，出口的拉动效应减弱。资金面有望在短期维持宽松，而新增的稳增长政策出台概率较小。另外，中美贸易摩擦虽然阶段性缓和，但仍存在不确定性。因此，目前看，三季度整体环境对债市偏有利，收益率上行风险可控。","fund":{"_id":3000000009585,"__csrcFundId":7895,"stockCode":"009585","shortName":"中信建投稳丰63个月债(009585)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9585,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:53:14.644Z","status":"normal","inceptionDate":"2020-07-27T16:00:00.000Z","name":"中信建投稳丰63个月定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳丰63个月债","setUpDate":"2020-07-27T16:00:00.000Z","setUpAssetScale":7999246947.34,"setUpShares":7999246947.34,"pinyin":"zxjtwf63gydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳丰63个月定期开放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=1345152","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd07fea5b3eb04cebb1","date":"2025-03-30T16:00:00.000Z","stockId":3000000009585,"sao":"2025年一季度，债市走出了一波调整，市场下跌幅度较大。虽然稳增长政策陆续出台，但是市场对于经济基本面的预期依旧偏弱，对于货币宽松的预期非常强烈。但是央行从跨年过后将资金利率水平大幅抬升，并且持续较长时间，导致市场出现了比较明显的下跌。本基金在一季度仓位变动不大，降低融资成本来增厚收益。对于2025年二季度债券市场展望，我们认为债券市场维持震荡偏强的概率较大，经济基本面虽然边际有所好转，但是持续性和力度有待观察，市场对于基本面持续好转尚未形成较为一致的预期。在此前提之下，货币政策还会继续维持宽松格局，政策转向的概率较小，收益率上行风险可控。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:16.724Z","fund":{"_id":3000000009585,"__csrcFundId":7895,"stockCode":"009585","shortName":"中信建投稳丰63个月债(009585)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9585,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:53:14.644Z","status":"normal","inceptionDate":"2020-07-27T16:00:00.000Z","name":"中信建投稳丰63个月定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳丰63个月债","setUpDate":"2020-07-27T16:00:00.000Z","setUpAssetScale":7999246947.34,"setUpShares":7999246947.34,"pinyin":"zxjtwf63gydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳丰63个月定期开放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=1271923","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd07fea5b3eb04cebb0","date":"2024-12-30T16:00:00.000Z","stockId":3000000009585,"sao":"2024年度，债市走出了大牛市，市场波动幅度较过往几年较小。虽然稳增长政策陆续出台，但是市场对于经济基本面的预期依旧偏弱，对于货币宽松的预期非常强烈。全年利率单边下行，个别月份虽有调整，但是调整后的修复速度非常快，呈现出调整幅度小，修复速度快的行情特点。本基金主要配置利率债，同时降低融资成本来增厚收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:16.722Z","mo":"对于2025年度债券市场展望，我们认为较债券市场维持震荡偏强的概率较大，经济基本面虽然边际有所好转，但是持续性和力度有待观察，市场对于基本面持续好转尚未形成较为一致的预期。在此前提之下，货币政策还会继续维持宽松格局，政策转向的概率较小，收益率上行风险可控。","fund":{"_id":3000000009585,"__csrcFundId":7895,"stockCode":"009585","shortName":"中信建投稳丰63个月债(009585)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9585,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:53:14.644Z","status":"normal","inceptionDate":"2020-07-27T16:00:00.000Z","name":"中信建投稳丰63个月定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳丰63个月债","setUpDate":"2020-07-27T16:00:00.000Z","setUpAssetScale":7999246947.34,"setUpShares":7999246947.34,"pinyin":"zxjtwf63gydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳丰63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=1256279","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd07fea5b3eb04cebaf","date":"2024-09-29T16:00:00.000Z","stockId":3000000009585,"sao":"三季度债券市场波动较大，呈现出先涨后跌的走势。虽然稳增长政策陆续出台，但是市场对于经济基本面的预期依旧偏弱，六到九月份市场表现仍较为强劲。但是九月底由于新的稳增长政策陆续出台，以及股票市场的强劲反弹，债市出现了巨幅调整。本基金在三季度主要新增了利率债的配置，组合久期先升后降。本基金在三季度仓位变化较小，主要策略在于控制融资成本之下的杠杆套息策略。对于2024年四季度债券市场展望，我们认为较债券市场维持震荡偏强的概率较大，经济基本面虽然边际有所好转，但是持续性和力度有待观察，市场对于基本面持续好转尚未形成较为一致的预期。在此前提之下，货币政策还会继续维持宽松格局，政策转向的概率较小，收益率上行风险可控。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:16.719Z","fund":{"_id":3000000009585,"__csrcFundId":7895,"stockCode":"009585","shortName":"中信建投稳丰63个月债(009585)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9585,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:53:14.644Z","status":"normal","inceptionDate":"2020-07-27T16:00:00.000Z","name":"中信建投稳丰63个月定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳丰63个月债","setUpDate":"2020-07-27T16:00:00.000Z","setUpAssetScale":7999246947.34,"setUpShares":7999246947.34,"pinyin":"zxjtwf63gydqkfz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13:36:16.708Z","fund":{"_id":3000000009585,"__csrcFundId":7895,"stockCode":"009585","shortName":"中信建投稳丰63个月债(009585)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9585,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:53:14.644Z","status":"normal","inceptionDate":"2020-07-27T16:00:00.000Z","name":"中信建投稳丰63个月定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳丰63个月债","setUpDate":"2020-07-27T16:00:00.000Z","setUpAssetScale":7999246947.34,"setUpShares":7999246947.34,"pinyin":"zxjtwf63gydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳丰63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=991668","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd07fea5b3eb04cebaa","date":"2023-06-29T16:00:00.000Z","stockId":3000000009585,"sao":"2023年上半年，债券市场走出了牛市行情，收益率下行幅度较大。市场对于经济基本面的预期由去年的强预期逐渐转弱，从经济数据来看，上半年还是处于经济衰退期，并未走出市场先前所预期的经济持续复苏。市场资金面出现了全面宽松，银行体系在二季度结束了资金紧张的局面。非银机构经负债端上半年持续增加，规模继续回升，对于信用债的配置需求较强。本基金在上半年主要以控制融资成本为主，保持高杠杆比例。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:16.706Z","mo":"对于2023年下半年度债券市场展望，我们认为债券市场牛市行情并未结束，但是波动风险会有所上升。经济基本面目前还是处于偏弱的格局，但是有望在今年四季度走出困境。经济指标出现了企稳回升的迹象，但是其持续性尚需观察。在此前提之下，货币政策短期内还会继续维持宽松格局。预计资金面对债市会有较大支撑。从利率点位来看，当前点位接近去年低点，市场止盈力量会阶段性主导行情变化，操作策略上，不会大幅追涨，逢低买入。","fund":{"_id":3000000009585,"__csrcFundId":7895,"stockCode":"009585","shortName":"中信建投稳丰63个月债(009585)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9585,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:53:14.644Z","status":"normal","inceptionDate":"2020-07-27T16:00:00.000Z","name":"中信建投稳丰63个月定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳丰63个月债","setUpDate":"2020-07-27T16:00:00.000Z","setUpAssetScale":7999246947.34,"setUpShares":7999246947.34,"pinyin":"zxjtwf63gydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳丰63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=966081","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd07fea5b3eb04ceba9","date":"2023-03-30T16:00:00.000Z","stockId":3000000009585,"sao":"一季度债券市场走势较为分化，信用债走出了估值修复行情，收益率大幅下行，利率债维持震荡走势，没有趋势性行情出现。市场对于经济基本面的预期由去年的强预期逐渐转弱，甚至对于二三季度经济走势有所担忧，但是由于资金面相对偏紧，银行体系普遍缺钱，因此利率债品种难以走出较为明显的趋势下行行情。非银机构经历了去年四季度大规模赎回后，今年一季度负债端相对稳定，而且规模有所回升，对于信用债的配置需求较强。本基金高杠杆运行，融资成本对基金业绩影响较大，在资金利率边际收敛的环境下，通过拉长负债期限，融资成本得到较好平滑。对于2023年二季度债券市场展望，我们认为较一季度波动会加大，原因在于经济基本面预计在二季度将出现较大变化，对于市场会形成较大影响。同时，当前机构杠杆处于相对高位水平，对于资金面会形成较大压力。最后，银行体系流动性短缺状态尚未看到明显好转。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:16.703Z","fund":{"_id":3000000009585,"__csrcFundId":7895,"stockCode":"009585","shortName":"中信建投稳丰63个月债(009585)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9585,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:53:14.644Z","status":"normal","inceptionDate":"2020-07-27T16:00:00.000Z","name":"中信建投稳丰63个月定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳丰63个月债","setUpDate":"2020-07-27T16:00:00.000Z","setUpAssetScale":7999246947.34,"setUpShares":7999246947.34,"pinyin":"zxjtwf63gydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳丰63个月定期开放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=885765","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccd07fea5b3eb04ceba8","date":"2022-12-30T16:00:00.000Z","stockId":3000000009585,"sao":"2022年债券市场波动较大，主要呈现在第四季度。从宏观经济格局来看，2022年是步入通缩之年，主要宏观经济指标均呈现下行状态，市场各主体预期较弱。从宏观政策面来看，全年主基调为稳增长，财政政策和货币政策均有所发力，财政政策表现较为积极，基建投资表现亮眼；货币政策力度也较大，市场流动性较为充裕，资金利率低位运行。四季度债券市场呈现出剧烈波动的特征，十一和十二月份市场出现了踩踏式下跌。回顾其原因主要有两方面，一方面是央行主导资金利率向政策利率回归，资金面较二三季度明显收敛；另一方面是疫情政策和地产政策的调整和优化，使市场对于经济基本面修复预期较强。以上两点因素对债券市场形成较大冲击，债市下跌导致了银行理财产品净值回撤，出现了理财赎回潮，新形成了踩踏式负反馈。在负反馈的作用下，信用债调整幅度较利率债更大，信用利差明显走阔。本基金在2022年投资策略主要以高杠杆策略为主，以较低的融资成本来获得较厚杠杆利差收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:16.701Z","mo":"对于2023年债券市场，我们认为较2022年更为复杂多变。在疫情政策和地产政策调整后，经济基本面预计会有所修复，但是修复时间大概率在后半年开启，全年修复力度可能会弱于市场预期。前半年经济基本面还是会在通缩区间运行，走出通缩还需要更多的政策支持。因此对于债市的展望，我们认为前半年还是会延续经济基本面强预期与弱现实的格局，债券市场以震荡为主，但是震荡幅度预计会加大，债券市场会有比较好的交易性机会。","fund":{"_id":3000000009585,"__csrcFundId":7895,"stockCode":"009585","shortName":"中信建投稳丰63个月债(009585)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9585,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:53:14.644Z","status":"normal","inceptionDate":"2020-07-27T16:00:00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济基本面继续改善，在特殊时期的危机模式处理后，宏观杠杆率上半年大幅提升以及资金空转加剧，出于防范金融风险以及为以后预留货币政策空间的考虑，央行逐步实行正常的货币政策。三季度地方政府专项债和特别国债发行提速以及压降结构性存款使得整体银行体系缺乏长期稳定的资金，央行更多通过公开市场操作释放流动性，造成银行间资金波动性增大。考虑到经济基本面、央行货币政策等情况，债券市场三季度仍然处于非友好时期。三季度投资策略上选择合适时点组合建仓，配置品种以利率债为主。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:16.672Z","fund":{"_id":3000000009585,"__csrcFundId":7895,"stockCode":"009585","shortName":"中信建投稳丰63个月债(009585)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9585,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:53:14.644Z","status":"normal","inceptionDate":"2020-07-27T16:00:00.000Z","name":"中信建投稳丰63个月定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050840000,"currency":"CNY","masterFundShortName":"中信建投稳丰63个月债","setUpDate":"2020-07-27T16:00:00.000Z","setUpAssetScale":7999246947.34,"setUpShares":7999246947.34,"pinyin":"zxjtwf63gydqkfzqxzqtzjj","managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投稳丰63个月定期开放债券型证券投资基金2020年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492448","linkType":"PDF","source":"csrc_pdf"}}]}