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回顾2024年，国内外经济基本面和政策预期均经历了一定程度的波动，相应带来大类资产价格的变化。国际方面，随着劳动力市场降温，美联储于9月份开启降息，但大选结果使市场对通胀持续性的预期增强，降息预期修正。总体看，美国经济和通胀总体呈现出韧性，欧洲经济相对疲弱，全年美元指数上涨，美债收益率上行。就国内而言，出口是全年经济的亮点；因库存、价格等方面的压力，房地产销售、投资仍趋于下行；化债压力下，地方政府的投资行为收缩超出预期。9月政治局会议对经济状况作出了全面的评估，进而一揽子增量政策在四季度逐次落地：6万亿债务置换下，地方政府活力增强；地产亦明确提出“止跌回稳”的政策目标；同时货币政策趋于宽松，经济企稳回升。　　债券市场方面，经济结构间分化，传统资金密集型的房地产、基建表现较弱，这使得经济在总量平稳的情况下，对资金的需求偏弱，加之货币政策较为宽松，全年债券收益率明显下行。类属资产层面，信用利差和品种利差均呈先压缩后扩张的走势。　　2024年个人投资者对中短债基金需求旺盛，本基金持有人结构出现较大变化，综合考虑债券市场情况，组合整体采取了偏稳健的投资策略，将组合流动性和净值波动性的管理放在更重要位置。持仓结构上，组合以投资中短期限高等级信用债为主，部分时段配置利率债调整组合久期，形成中短期信用债搭配中长期利率债的哑铃型资产配置结构。节奏上，上半年随着债券收益率不断下行，组合逐步降低仓位，有效应对了规模变化；9月末开始抓住债市调整机会积极提升仓位，配置利率债并优化信用债持仓，仓位达到全年较高水平；12月以来随着债券收益率加速下行，减持中长期利率债并降低仓位。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:20.186Z","mo":"展望2025年，外部环境方面，美国新一届政府在诸多政策方面存在不确定性，其实施节奏、具体幅度会有不同影响，待落地后进一步评估。国内方面，已落地的一揽子政策将持续发挥效能，经济运行预计平稳向好：出口的表现具有较高的不确定性，难以预判；房地产投资仍有压力，但其边际上对经济的负面影响已减轻；财政政策定调更加积极，化债压力缓解后地方政府活力提升，将对不利因素形成有效对冲。　　债券市场方面，当前无风险利率已定价了较大幅度的降息预期，存款利率、保险预定利率等金融机构负债端成本尚未有如此程度的下行，债券收益率的下行源于对资本利得的追逐，市场交易结构并不稳定。在该种定价状态下，全年债券收益率预计不会呈单边走势；经济数据、各类政策的落地都将修正市场预期，带来波动。本基金将继续关注组合流动性情况，结合债市走势调整投资策略，在控制风险的前提下力争获取收益。","fund":{"_id":3000000485122,"__csrcFundId":2094,"stockCode":"485122","shortName":"工银尊益中短债债券(485122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":485122,"masterFundFlag":1,"lastUpdated":"2026-05-01T07:23:01.354Z","status":"normal","inceptionDate":"2013-01-27T16:00:00.000Z","name":"工银瑞信尊益中短债债券型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银尊益中短债债券","pinyin":"gyrxzyzdzzqxzqtzjj","managers":[{"stockCode":"8801373110","stockType":"fund_manager","exchange":"fm","tickerId":708120200,"name":"谷衡"},{"stockCode":"db20920477","stockType":"fund_manager","exchange":"fm","tickerId":251110230040,"name":"尹珂嘉"},{"stockCode":"j101018626","stockType":"fund_manager","exchange":"fm","tickerId":2506256550,"name":"易帆"}]},"announcement":{"linkText":"工银瑞信尊益中短债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=1256689","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5807fea5b3eb055c794","date":"2024-09-29T16:00:00.000Z","stockId":3000000485122,"sao":"2024年三季度，海外市场整体以美联储降息预期为主线交易，随着美国劳动力市场降温，美联储目标函数由通胀向就业倾斜，9月超预期降息50bp，确认了海外货币政策宽松周期开启，人民币汇率压力相应有所缓解。国内方面，宏观经济延续偏弱表现，其中地产链条、消费延续疲弱，基建投资有一定回落、显示财政收入端与化债双重压力的制约；较低的通胀水平也印证了内需不足的问题。宏观政策于9月下旬出现重大转向，政治局会议提出“干字当头、众志成城”，对稳增长任务的重视度、紧迫感明显提升，一揽子增量政策值得期待。　　市场方面，债市走出“V”型走势，前期收益率震荡下行，期限利差、信用利差均压缩至低位，9月下旬随着宏观政策基调的转变，收益率回升。　　报告期内，本基金继续维持稳健的投资策略，组合操作上将流动性管理放在更重要的位置，久期和杠杆维持低位。分阶段来看，前期组合规模稳步增长，考虑到期限利差和信用利差仍处于历史低位，短期限信用债套息价值较低，组合维持了低杠杆水平；8月开始债券市场出现调整，组合一直重视的流动性管理为应对规模波动提供了较好的空间；为应对季末规模波动，组合杠杆在季末有所上升。结构上，组合仍然以投资短期限高等级信用债为主。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:20.183Z","fund":{"_id":3000000485122,"__csrcFundId":2094,"stockCode":"485122","shortName":"工银尊益中短债债券(485122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":485122,"masterFundFlag":1,"lastUpdated":"2026-05-01T07:23:01.354Z","status":"normal","inceptionDate":"2013-01-27T16:00:00.000Z","name":"工银瑞信尊益中短债债券型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银尊益中短债债券","pinyin":"gyrxzyzdzzqxzqtzjj","managers":[{"stockCode":"8801373110","stockType":"fund_manager","exchange":"fm","tickerId":708120200,"name":"谷衡"},{"stockCode":"db20920477","stockType":"fund_manager","exchange":"fm","tickerId":251110230040,"name":"尹珂嘉"},{"stockCode":"j101018626","stockType":"fund_manager","exchange":"fm","tickerId":2506256550,"name":"易帆"}]},"announcement":{"linkText":"工银瑞信尊益中短债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=1179582","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5807fea5b3eb055c793","date":"2024-06-29T16:00:00.000Z","stockId":3000000485122,"sao":"2024年上半年经济保持平稳运行态势。出口链条增速保持较高水平，呈现了较好的韧性。内需而言消费数据温和修复，而房地产市场由于库存处于较高水平，居民部门购房意愿总体不强，对于地产投资的扩张形成压制。5月17日央行和金融监管总局联合发布了以取消个人住房贷款利率政策下限为代表的一系列重大房地产行业提振政策，住建部也在6月20日召开收购存量商品房用作保障性住房的工作会议，地产政策效果的持续性需要保持关注。财政政策方面，在防范化解地方政府债务风险仍是重要工作目标的前提下，财政政策尚未明显发力，基建投资增速没有显著上升。实体部门融资需求不强，政府债发行进度偏慢，导致了所谓“资产荒”现象。　　债券市场方面，今年以来债券利率持续下行，虽然二季度开始央行对债券市场风险有所提示，但是在较强配置需求的支撑下，债券的调整幅度和时长均有限。具体来看，1年期国债到期收益率由年初的2.12%下行至二季度末的1.54%，10年期国债到期收益率由年初的2.56%下行至二季度末的2.21%，3年期中债市场隐含评级AA+信用债券与同期限国债的利差从一季度末的51BP收缩至二季度末的44BP。　　报告期内，由于投资者对中短债基的需求旺盛，组合规模持续增长。考虑当前利率和利差均低的情况，本基金采取了偏稳健的投资策略，杠杆下降至组合历史上较低水平，把保持组合的灵活性和流动性放在更重要位置。结构上，考虑到3年内资产较低的信用利差和期限利差，组合以投资短期限高等级信用债为主。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:20.180Z","mo":"展望2024年下半年，经济有望保持温和修复态势，在高质量发展整体基调下，通过强刺激政策推动增长的概率偏低，而经济的持续修复仍需货币政策配合，债券市场面临的宏观环境尚好。短期而言，持续做好防范化解地方政府债务风险和房地产风险仍是重要目标，我们要做好对地方化债政策落实情况和地产库存变化情况的密切跟踪，对可能出现的行业政策潜在变化及早应对。　　交易层面，下半年政府债发行进度有望加快，取消手工补息的影响逐渐释放，债券供需失衡的情况可能一定程度上得到缓解。8月开始MLF到期量将明显上升，赋予央行回笼流动性的空间，对资金面的影响值得关注。考虑到当前债券收益率较低的估值水平，本基金将继续保持操作的灵活性，争取在控制组合回撤的前提下为投资者获取较好回报。","f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政府债券加速发行，力保6月底之前将2022年度的新增地方政府专项债发行完毕，为地方政府的基建项目投资提供充足的资金；此外，“因城施策”的政策背景下，各地方政府逐渐加码放松房地产调控政策，鼓励居民购房。  上半年较宽裕的银行间市场流动性，使得债券市场整体呈现牛市格局，短期限债券资产成为表现较好的类属资产，3年以内债券利率震荡下行，中长期限债券资产则呈现震荡走势，节奏与投资者对于宏观经济的预期变化相关，3年以上债券利率整体呈现W型走势。  报告期内本基金根据宏观经济形势和市场利率的变化，灵活调整组合仓位和结构。在春节前利率阶段性低点低配久期，一定程度降低了债券市场回调对于组合净值的负面影响；同时，随着利率的明显上行，考虑到疫情对经济基本面带来的不确定性冲击，我们在3月份开始逐步提升组合久期，一定程度上把握了今年收益率调整带来的投资机会。4月份以来，由于投资者对于中短债资产的认可，组合规模出现了明显增长。在规模增长前期，我们主要增持2-3年高等级信用债，获取相对较高的票息收益；在后期，考虑到信用利差的压缩以及组合流动性的需求，我们相对提高了利率债的仓位占比。此外，在当前市场环境下，我们仍然坚持对信用风险力求规避的态度，主要持仓3年以内高等级信用债和利率债。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:20.154Z","mo":"展望2022年下半年，债券市场仍不乏投资机会。国内经济方面，家庭部门加杠杆意愿仍然不强，房地产企业由于行业发展环境的变化也处于去杠杆状态，这意味着房地产市场复苏的力度可能偏弱；海外经济体持续的宏观政策调整正在对其总需求构成紧缩效应，未来可能会对我国外需带来负面冲击。国内通胀控制较好，使得我国央行有底气坚持“以我为主”的货币政策，不盲目跟随海外央行行动，而是可以始终坚持从我国实际出发制定相应政策，这意味着下半年银行间市场流动性可能仍然会比较充裕。综合来看，政策护航下，下半年我国经济或将延续复苏，但是斜率可能较为平缓，结合较低的通胀水平来看，货币政策可能仍然保持相对宽松的态度，对应到债券市场可能仍然是震荡格局。  总体来看，下半年本组合将继续保持适当的久期与杠杆水平，延续上半年的操作思路，根据经济、政策和和市场变化相机抉择，在市场波动较大时对组合进行再平衡操作。","fund":{"_id":3000000485122,"__csrcFundId":2094,"stockCode":"485122","shortName":"工银尊益中短债债券(485122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":485122,"masterFundFlag":1,"lastUpdated":"2026-05-01T07:23:01.354Z","status":"normal","inceptionDate":"2013-01-27T16:00:00.000Z","name":"工银瑞信尊益中短债债券型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银尊益中短债债券","pinyin":"gyrxzyzdzzqxzqtzjj","managers":[{"stockCode":"8801373110","stockType":"fund_manager","exchange":"fm","tickerId":708120200,"name":"谷衡"},{"stockCode":"db20920477","stockType":"fund_manager","exchange":"fm","tickerId":251110230040,"name":"尹珂嘉"},{"stockCode":"j101018626","stockType":"fund_manager","exchange":"fm","tickerId":2506256550,"name":"易帆"}]},"announcement":{"linkText":"工银瑞信尊益中短债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=784593","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5807fea5b3eb055c78a","date":"2022-03-30T16:00:00.000Z","stockId":3000000485122,"sao":"一季度，国内经济仍面临下行压力，地产行业风险未有明显缓解，部分城市在3月的疫情反弹也对居民消费信心和能力形成明显制约；缺乏可持续性的金融数据也表明实体的融资需求是偏弱的。货币政策方面，1月公开市场操作利率降低10BP后，2-3月未再进一步降息，显示在外部流动性紧缩压力和输入性通胀压力下，央行态度较为审慎。“因城施策”的政策背景下，部分城市逐渐放松地产调控力度，其对于后续地产销售、投资乃至房价的影响值得重点关注。  债券市场方面，债券利率先下后上，不同期限表现有所分化，短期限债券利率整体下行，中长期限利率则呈现震荡走势。春节前，在降准降息利好下，债券利率延续下行走势；春节后受较好的1月金融数据带动，叠加权益市场大幅下跌对固收+产品“净值下跌-赎回”螺旋的冲击，债券利率震荡上行至3月中旬，之后小幅回落。具体来看，1年期国债到期收益率由四季度末的2.24%下行至一季度末的2.13%，10年期国债到期收益率由四季度末的2.78%上行至一季度末的2.79%，3年期AA+信用债券与同期限国债的利差从四季度末的67BP扩张至一季度末的87BP。  报告期内本基金根据宏观经济形势和市场利率的变化，灵活调整组合仓位和结构。在春节前利率下行阶段性低点明显降低组合久期，一定程度降低了债券市场回调对于组合净值的负面影响；同时，随着利率的明显上行，考虑到经济面临的不确定性，我们在观察到市场赎回冲击下降后，逐步提升组合久期。此外，在当前市场环境下，我们仍然坚持对信用风险规避的态度，主要持仓3年以内高等级信用债。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:20.151Z","fund":{"_id":3000000485122,"__csrcFundId":2094,"stockCode":"485122","shortName":"工银尊益中短债债券(485122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":485122,"masterFundFlag":1,"lastUpdated":"2026-05-01T07:23:01.354Z","status":"normal","inceptionDate":"2013-01-27T16:00:00.000Z","name":"工银瑞信尊益中短债债券型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银尊益中短债债券","pinyin":"gyrxzyzdzzqxzqtzjj","managers":[{"stockCode":"8801373110","stockType":"fund_manager","exchange":"fm","tickerId":708120200,"name":"谷衡"},{"stockCode":"db20920477","stockType":"fund_manager","exchange":"fm","tickerId":251110230040,"name":"尹珂嘉"},{"stockCode":"j101018626","stockType":"fund_manager","exchange":"fm","tickerId":2506256550,"name":"易帆"}]},"announcement":{"linkText":"工银瑞信尊益中短债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=727024","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5807fea5b3eb055c789","date":"2021-12-30T16:00:00.000Z","stockId":3000000485122,"sao":"2021年，中国应对疫情冲击的政策逐步退出并回归常态化，特别是上半年的政策着力点更多是在实现经济结构转型和高质量发展，下半年随着多地疫情的散点爆发以及房地产行业的收缩，经济下行压力加大。通胀方面，在美元流动性过剩以及发达经济体财政刺激力度较大的背景下，大宗商品价格暴涨，我国面临的输入性通胀压力较大，加上供给端的阶段性收缩，工业品价格增速大幅上行，但此类通胀非货币政策能单独应对。基于对经济增长的关切，央行货币政策自年中开始转向宽松，7月和12月两次降低存款准备金率，并在12月小幅调降1年期LPR利率5BP。  债券市场方面，全年债券利率整体呈现下行态势，虽然个别时间段内也出现震荡回调，但是持续时间都不长且幅度也相对较小。1年期国债到期收益率从2.47%下行至2.24%，10年期国债到期收益率从3.14%下行至2.78%，3年期AA+信用债与同期限国债利差由年初的121BP大幅收缩至年末的67BP。  报告期内本基金根据宏观经济和通胀形势的变化，上半年始终保持较高的组合久期，充分获取债券市场上涨的回报；3季度央行降准后，债券市场出现阶段性过快上涨时组合也适度降低了久期，较好地规避了全年最大的一次债券市场回调，减少了组合净值的回撤；并在债券市场回调到位时加回久期，保证了组合对于债券资产的超配。同时，继续严控信用债配置的信用资质，不对信用债券资质做过度下沉，维持组合较好的流动性和风险应对能力。","declarationDate":"2022-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:20.148Z","mo":"展望2022年，“稳字当头，稳中求进”作为经济工作的主基调，意味着会有更多的支持性政策出台，货币政策将延续2021年下半年以来的偏宽松基调，降息和降准在2022年仍有可能，财政政策基调在2022年预计也将转为边际扩张。后续随着更多支持性政策的出台，整体经济有望在2022年上半年企稳。不过需要注意的是，稳增长政策主要还是着眼为高质量发展营造良好环境，并非一味通过刺激传统经济动能来拉动经济增长，一旦经济明显回升至政策目标和中长期潜在增速附近，宏观政策也可能会有所回撤，避免金融和债务风险的累积。  考虑到政策力度前置、实现2022年平稳开局的诉求较强，经济在上半年持续下行的概率不大，不排除经济预期修正过程中债券市场会面临阶段性扰动；但只要宏观政策没有偏离中长期框架例如放松对隐形债务的管控或者重新刺激地产，那么债券利率的可能回升幅度就是相对可控的。组合策略将根据经济、政策和和市场变化相机抉择，如果债券市场有明显调整也将积极关注投资机会。","fund":{"_id":3000000485122,"__csrcFundId":2094,"stockCode":"485122","shortName":"工银尊益中短债债券(485122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":485122,"masterFundFlag":1,"lastUpdated":"2026-05-01T07:23:01.354Z","status":"normal","inceptionDate":"2013-01-27T16:00:00.000Z","name":"工银瑞信尊益中短债债券型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银尊益中短债债券","pinyin":"gyrxzyzdzzqxzqtzjj","managers":[{"stockCode":"8801373110","stockType":"fund_manager","exchange":"fm","tickerId":708120200,"name":"谷衡"},{"stockCode":"db20920477","stockType":"fund_manager","exchange":"fm","tickerId":251110230040,"name":"尹珂嘉"},{"stockCode":"j101018626","stockType":"fund_manager","exchange":"fm","tickerId":2506256550,"name":"易帆"}]},"announcement":{"linkText":"工银瑞信尊益中短债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=709980","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5807fea5b3eb055c788","date":"2021-09-29T16:00:00.000Z","stockId":3000000485122,"sao":"三季度，国内经济增长一定程度上呈现类“滞胀”格局。我们认为，经济增长的下行压力主要源自消费和地产产业链，德尔塔疫情扩散导致全球新一轮大范围病例上升，国内也连续出现零星散发式疫情，线下消费需求恢复缓慢；而地产行业供需两端的信用紧缩政策效果开始显现，房地产销售增速明显放缓，房地产开发企业资金链压力明显上升，同时恒大事件的逐步发酵也加剧了市场的担忧。由于本轮通胀压力与经济过热关系不大，更大程度是因为供给端的压力导致能源价格快速上行，因此货币政策在应对上采取偏宽松立场，在7月上旬调降准备金率释放流动性，以通过降低融资成本来缓解原材料价格上涨对中下游企业造成的成本抬升压力。  债券市场方面，债券利率整体下行。三季度前期，受央行降准带动，债券利率全面下行；三季度后期，地方政府债发行提速，债券市场投资者开始担心宽信用对债券资产的压力，另一方面理财产品净值化改造造成了个别品种的持续抛售压力，债券利率有所反弹。具体来看，1年期国债到期收益率由二季度末的2.43%下行至三季度末的2.33%，10年期国债到期收益率由二季度末的3.08%下行至三季度末的2.88%，3年期AA+信用债券与同期限国债的利差从二季度末的83BP扩张至三季度末的86BP。  报告期内本基金根据宏观经济和通胀形势的变化，在利率低点适当降低组合久期和杠杆以锁定浮盈，组合策略向中性配置靠拢，同时严控信用债配置的信用资质，不对信用债券资质做过度下沉，维持组合较好的流动性和风险应对能力。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:20.145Z","fund":{"_id":3000000485122,"__csrcFundId":2094,"stockCode":"485122","shortName":"工银尊益中短债债券(485122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":485122,"masterFundFlag":1,"lastUpdated":"2026-05-01T07:23:01.354Z","status":"normal","inceptionDate":"2013-01-27T16:00:00.000Z","name":"工银瑞信尊益中短债债券型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银尊益中短债债券","pinyin":"gyrxzyzdzzqxzqtzjj","managers":[{"stockCode":"8801373110","stockType":"fund_manager","exchange":"fm","tickerId":708120200,"name":"谷衡"},{"stockCode":"db20920477","stockType":"fund_manager","exchange":"fm","tickerId":251110230040,"name":"尹珂嘉"},{"stockCode":"j101018626","stockType":"fund_manager","exchange":"fm","tickerId":2506256550,"name":"易帆"}]},"announcement":{"linkText":"工银瑞信尊益中短债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=656020","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5807fea5b3eb055c787","date":"2021-06-29T16:00:00.000Z","stockId":3000000485122,"sao":"2021年上半年，随着新冠肺炎疫苗注射的推进以及感染率的逐渐下降，海外主要经济体经济逐渐恢复增长；国内经济增长维持稳中向好态势，但边际动能略有弱化。主要发达经济体的宽松货币政策维持较长时间，且在经济恢复过程中加码财政刺激，使得全球大宗商品价格暴涨，并对我国构成输入性通胀压力。由于工业品价格通货膨胀的压力主要源自国外，并非国内总量政策可以缓解，上半年货币政策保持平稳，叠加地方政府债的发行节奏较往年偏慢，资金供需关系改善。债券市场方面，债券利率整体呈现震荡下行态势。1月下旬资金利率大幅上升引发一波债券资产抛售潮，自春节过后货币市场流动性整体维持适度宽松局面，货币市场利率围绕政策利率波动，债券资产整体呈现牛市格局。结构上，信用债表现优于利率债。  虽然上半年债市市场对通胀和流动性的担忧较多，但是考虑到经济处于磨顶阶段，并无过热风险，同时，在各种约束条件下，货币政策保持中性，我们认为债券市场整体风险可控。因此，报告期内我们继续保持对于债券资产的超配，同时考虑中短债基金的定位和投资者的风险偏好，主要持有1-3年高等级信用债，获取较高的票息收益和骑乘收益。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:20.143Z","mo":"展望2021年下半年，为了稳定宏观杠杆率，城投和地产等行业融资政策在逐渐收紧，宏观经济面临信用收缩压力，同时，随着全球供需错位格局的改善，此前的出口高速增长也将恢复常态，经济面临的风险在增大。同时，通胀担忧虽然不能彻底缓解，但在国内加强大宗商品炒作管控和美联储边际收紧货币政策的背景下，工业品通胀压力进一步上升的概率不高，而消费不振则意味着消费品和服务价格通胀压力较小。政策方面，7月初的全面降准，表面央行下半年货币政策收紧的概率大大下降，以上因素都将对债券市场表现形成支撑。但是需要注意的一点是，当前债券利率处于历史偏低水平，在没有足够证据证明未来较长一段时间利率中枢较此前明显下移之前，预计债券利率运行方向将反复拉锯，因此未来一段时间投资策略需要更加灵活，以应对可能提升的市场波动性。总体来看，下半年本组合将继续保持对债券资产的适度超配，同时调整组合持仓结构，提高组合流动性，增强组合风险应对能力。","fund":{"_id":3000000485122,"__csrcFundId":2094,"stockCode":"485122","shortName":"工银尊益中短债债券(485122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":485122,"masterFundFlag":1,"lastUpdated":"2026-05-01T07:23:01.354Z","status":"normal","inceptionDate":"2013-01-27T16:00:00.000Z","name":"工银瑞信尊益中短债债券型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银尊益中短债债券","pinyin":"gyrxzyzdzzqxzqtzjj","managers":[{"stockCode":"8801373110","stockType":"fund_manager","exchange":"fm","tickerId":708120200,"name":"谷衡"},{"stockCode":"db20920477","stockType":"fund_manager","exchange":"fm","tickerId":251110230040,"name":"尹珂嘉"},{"stockCode":"j101018626","stockType":"fund_manager","exchange":"fm","tickerId":2506256550,"name":"易帆"}]},"announcement":{"linkText":"工银瑞信尊益中短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=630887","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5807fea5b3eb055c7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fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银尊益中短债债券","pinyin":"gyrxzyzdzzqxzqtzjj","managers":[{"stockCode":"8801373110","stockType":"fund_manager","exchange":"fm","tickerId":708120200,"name":"谷衡"},{"stockCode":"db20920477","stockType":"fund_manager","exchange":"fm","tickerId":251110230040,"name":"尹珂嘉"},{"stockCode":"j101018626","stockType":"fund_manager","exchange":"fm","tickerId":2506256550,"name":"易帆"}]},"announcement":{"linkText":"工银瑞信尊益中短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=488778","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5807fea5b3eb055c783","stockId":3000000485122,"sao":"驱动2020年上半年货币市场波动的最重要因素无疑是疫情的演变，相应的资产收益率也经历先下后上的局面。疫情防控前景不明时，市场避险情绪浓厚，央行也为货币市场提供了较充裕的流动性，债券利率一路下行至历史低位，随着国内疫情的逐步控制和消失，投资者对于中国经济的信心开始回升，为了避免过多流动性形成的金融空转，人民银行边际收紧了货币市场流动性，债券利率自5月开始一路上行，收益率在5月下旬至6月中下旬最高上行接近100bp。至半年末，7天资金R007加权收于3.05%，较年初下行2bps；一年期政策性金融债收于2.19%，较年初下行31bps；一年期AAA信用债收于2.73%，较年初下行45bps；一年期AAA同业存单收于2.40%，较年初下行57bps。  本基金在报告期内为配合7月份的转型以及相应的组合规模波动，组合提前变现了部分资产，保持组合较好的流动性以应对投资者需求。同时，组合利用半年末市场利率冲高时机，适度提高了组合久期水平。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:20.132Z","mo":"展望后市，国内疫情基本得到控制，经济回升势头暂时没有看到掉头的迹象，但是经济虽然尚未完全恢复到疫情冲击之前，央行出于防范金融风险的考虑，在经济刚有回暖势头时便提前在货币市场进行边际微调，这也是压制债券市场主要原因。但考虑到疫情仍在全球蔓延，我们目前认为货币政策转向实质性收紧的概率仍然较低，市场预期的货币市场利率中枢也已经回2.2%附近，当前位置货币市场利率进一步大幅上行风险较低。  本基金将在7月份按照资管新规的要求进行转型，由原来的理财债基变更为中短债基金。下半年，组合将继续积极进行组合结构调整，以保证顺利完成基金转型。同时，积极关注宏观经济形势和货币政策的变化，按照新的基金合同要求和对当时市场情形的判断，及时调整组合策略，勤勉尽责，不负投资者的信赖。","fund":{"_id":3000000485122,"__csrcFundId":2094,"stockCode":"485122","shortName":"工银尊益中短债债券(485122)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":485122,"masterFundFlag":1,"lastUpdated":"2026-05-01T07:23:01.354Z","status":"normal","inceptionDate":"2013-01-27T16:00:00.000Z","name":"工银瑞信尊益中短债债券型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银尊益中短债债券","pinyin":"gyrxzyzdzzqxzqtzjj","managers":[{"stockCode":"8801373110","stockType":"fund_manager","exchange":"fm","tickerId":708120200,"name":"谷衡"},{"stockCode":"db20920477","stockType":"fund_manager","exchange":"fm","tickerId":251110230040,"name":"尹珂嘉"},{"stockCode":"j101018626","stockType":"fund_manager","exchange":"fm","tickerId":2506256550,"name":"易帆"}]},"announcement":{"linkText":"工银瑞信尊益中短债债券型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=451745","linkType":"PDF","source":"csrc_pdf"}}]}