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幅回升，制造业投资保持增速上涨势头，而房地产投资增速下行，对投资端拖累仍然持续，消费端整体平稳，内需整体偏弱运行。外需方面，出口增速持续改善，从全球制造业PMI数据来看，呈现出探底企稳趋势，外需拉动回升趋势预计仍持续。融资端社融增速平稳，但人民币贷款增速下行压力仍大。一季度上旬，权益市场大幅调整，市场风险偏好快速下降，股债跷跷板效应明显，叠加央行降准，市场宽货币预期抢跑，债券收益率大幅下行，收益率曲线走陡；中旬，处于经济数据空窗期，高频数据整体偏弱，资金面平稳宽松，长端利率债大幅下行，收益率曲线整体压平；下旬以来，权益市场回暖以及经济改善预期增强，债券市场逐步进入震荡调整期。一季度，组合配置兼顾利率及信用品种，精选信用债个券，继续持有风险可控，具备一定票面收益的信用品种，操作以票息策略为主，维持组合中短久期及高流动性，组合净值稳步增长。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:16.050Z","fund":{"_id":3000000009831,"__csrcFundId":8540,"stockCode":"009831","shortName":"长城稳利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9831,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.081Z","status":"normal","inceptionDate":"2021-03-09T16:00:00.000Z","name":"长城稳利纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城稳利债券","setUpDate":"2021-03-09T16:00:00.000Z","setUpAssetScale":219993199.13,"setUpShares":219993199.13,"pinyin":"ccwlczzqxzqtzjj","managers":[{"stockCode":"j101019803","stockType":"fund_manager","exchange":"fm","tickerId":81003248310,"name":"华吉昶"}]},"announcement":{"linkText":"长城稳利纯债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=1075332","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd0c7fea5b3eb04d2fa7","date":"2023-12-30T16:00:00.000Z","stockId":3000000009831,"sao":"2023年，债市围绕经济基本面复苏主线交易，经济复苏强度及财政政策主导下的经济改善预期对债券收益率走势影响显著，货币政策合理宽松，资金价格整体围绕政策利率中枢波动。年初延续复苏主线，制造业PMI企稳于荣枯线以上，内需持续改善，投资端固定资产投资增速小幅增长，消费拉动逐步恢复，社融增速及人民币贷款增速均企稳回升，经济基本面复苏趋势强化；步入二季度后，房地产投资拖累持续，国内经济复苏边际放缓；下半年财政政策维持积极态势，经济基本面预期改善，叠加政府债发行形成供给冲击，债市市场有所调整，年末受存款利率下调及资金面宽松预期影响，债券市场做多情绪升温。全年来看，债券收益率先上后下，后期债券收益率持续下行，债券市场整体大幅收涨。组合全年配置兼顾利率及信用品种，精选信用债个券，继续持有风险可控，具备一定票面收益的信用品种，操作以票息策略为主，维持组合中短久期及高流动性，组合净值稳步增长。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:16.048Z","mo":"展望2024年，宏观经济基本面持续复苏仍是交易主线，积极财政政策延续性较强，而政策强度将继续影响债市走势及节奏。制造业在补库及产业政策支持下有望维持稳步增加，居民整体消费倾向及消费信心均有所回升，房地产投资对内需拖累预计减弱，全球制造业景气指数亦呈现出探底企稳趋势，外需方面出口拉动预计逐步回暖。目前宏观经济仍处于转型关键阶段，货币政策整体仍未到转向时刻，资金利率大概率仍围绕政策利率中枢波动。总的来看，由于经济复苏强度不确定性及实际利率水平偏高等原因，债券波动交易机会仍存，而随着经济基本面复苏持续，收益率中枢预计有所抬升，年内将密切跟踪宏观经济数据及政策动向，适时调整组合策略，保持组合收益稳步增长。","fund":{"_id":3000000009831,"__csrcFundId":8540,"stockCode":"009831","shortName":"长城稳利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9831,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.081Z","status":"normal","inceptionDate":"2021-03-09T16:00:00.000Z","name":"长城稳利纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城稳利债券","setUpDate":"2021-03-09T16:00:00.000Z","setUpAssetScale":219993199.13,"setUpShares":219993199.13,"pinyin":"ccwlczzqxzqtzjj","managers":[{"stockCode":"j101019803","stockType":"fund_manager","exchange":"fm","tickerId":81003248310,"name":"华吉昶"}]},"announcement":{"linkText":"长城稳利纯债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=1056952","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd0c7fea5b3eb04d2fa6","date":"2023-09-29T16:00:00.000Z","stockId":3000000009831,"sao":"三季度，政策基调趋于积极，国内经济企稳回升趋势明显。制造业PMI在二季度筑底后，9月PMI重回荣枯线以上，内需整体延续企稳回升趋势。投资端固定资产投资增速小幅回落，制造业投资增速平稳，消费拉动恢复增速回升，而房地产投资拖累仍然持续。外需方面，出口同比降幅收窄，有企稳趋势，但考虑到海外经济基本面未有明显改善趋势，外需大幅回升概率仍较低。融资端信贷节奏有所放缓，社融增速维持平稳，但人民币贷款增速再次呈现下行压力。三季度债券收益率先下后上，整体小幅收跌。三季度中上旬，经济基本面复苏预期较弱，叠加央行降准、降息等政策，资金面整体宽松，债券收益率大幅下行。三季度中下旬，稳增长政策持续出台，经济数据企稳回升，叠加季末资金面有所收紧，市场避险情绪浓厚，债券市场大幅波动调整。  三季度，组合配置兼顾利率及信用品种，精选信用债个券，继续持有风险可控，具备一定票面收益的信用品种，维持组合中短久期及高流动性，操作以票息策略及杠杆策略为主，组合净值稳步增长。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:16.045Z","fund":{"_id":3000000009831,"__csrcFundId":8540,"stockCode":"009831","shortName":"长城稳利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9831,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.081Z","status":"normal","inceptionDate":"2021-03-09T16:00:00.000Z","name":"长城稳利纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城稳利债券","setUpDate":"2021-03-09T16:00:00.000Z","setUpAssetScale":219993199.13,"setUpShares":219993199.13,"pinyin":"ccwlczzqxzqtzjj","managers":[{"stockCode":"j101019803","stockType":"fund_manager","exchange":"fm","tickerId":81003248310,"name":"华吉昶"}]},"announcement":{"linkText":"长城稳利纯债债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=992428","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd0c7fea5b3eb04d2fa5","date":"2023-06-29T16:00:00.000Z","stockId":3000000009831,"sao":"2023年上半年，债市重回经济基本面交易，经济复苏强度对债券收益率走势影响显著。年初，国内经济复苏趋势明显，制造业PMI企稳于荣枯线以上，内需持续改善，投资端固定资产投资增速小幅增长，房地产投资拖累减少，消费拉动逐步恢复。融资端明显改善，社融增速及人民币贷款增速均企稳回升，经济基本面复苏趋势强化。步入二季度后，国内经济复苏边际放缓，内需整体增速放缓，房地产投资拖累仍持续，社融增速及人民币贷款增速均再次呈现下行压力。2023年以来，债券收益率先上后下，年初受经济基本面改善，资金价格中枢抬升等因素影响，债券收益率有所上行，后期经济强复苏预期减弱，叠加央行超预期降准降息，资金面重回宽裕，债券收益率持续下行，债券市场整体大幅收涨。  上半年，组合精选信用债个券，继续持有风险可控，具备一定票面收益的信用品种，维持组合中短久期及高流动性，操作以票息策略及杠杆策略为主，组合净值稳步增长。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:16.042Z","mo":"展望下半年，经济基本面复苏增速转弱及信用扩张承压局势初显，下半年将处于政策调控加速期，债券市场波动将进一步放大，考虑到财政及产业政策兑现效果均仍需要观察，在货币政策未有明显转向之前，债券市场胜率尚可，但整体赔率不高，后续需更多关注资金面转变情况、政策调控力度及效果。考虑到机构债券配置需求仍高，信用债利差走阔概率较低，若债券市场进入震荡区间，信用利差压降仍将持续。组合将以票息、杠杆策略为主，维持组合中短久期，进一步调整组合持仓结构，提升组合资产流动性，为策略调整保留空间。","fund":{"_id":3000000009831,"__csrcFundId":8540,"stockCode":"009831","shortName":"长城稳利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9831,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.081Z","status":"normal","inceptionDate":"2021-03-09T16:00:00.000Z","name":"长城稳利纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城稳利债券","setUpDate":"2021-03-09T16:00:00.000Z","setUpAssetScale":219993199.13,"setUpShares":219993199.13,"pinyin":"ccwlczzqxzqtzjj","managers":[{"stockCode":"j101019803","stockType":"fund_manager","exchange":"fm","tickerId":81003248310,"name":"华吉昶"}]},"announcement":{"linkText":"长城稳利纯债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=966594","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd0c7fea5b3eb04d2fa4","date":"2023-03-30T16:00:00.000Z","stockId":3000000009831,"sao":"一季度，国内经济复苏迹象明显。制造业PMI企稳于荣枯线以上，内需持续改善但整体增速平缓，投资端固定资产投资增速小幅增长，房地产投资拖累减少，消费拉动逐步恢复，但外需方面，出口增长仍持续向下，海外经济基本面未有改善趋势，外需拖累趋势预计仍将持续。融资端明显改善，社融增速及人民币贷款增速均企稳回升，经济基本面复苏趋势强化。季度初资金整体收紧，但季度末央行超预期降息，资金面保重回宽裕。一季度债券收益率先下后上，整体小幅收跌。上旬，受经济基本面改善，资金价格中枢抬升等因素影响，债券收益率有所上行，中下旬资金价格中枢回落，经济强复苏预期有所减弱，债券收益率震荡下行。一季度，组合精选信用债个券，继续持有风险可控，具备一定票面收益的信用品种，维持组合中短久期，操作以票息策略及杠杆策略为主，组合净值稳步增长。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:16.040Z","fund":{"_id":3000000009831,"__csrcFundId":8540,"stockCode":"009831","shortName":"长城稳利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9831,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.081Z","status":"normal","inceptionDate":"2021-03-09T16:00:00.000Z","name":"长城稳利纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城稳利债券","setUpDate":"2021-03-09T16:00:00.000Z","setUpAssetScale":219993199.13,"setUpShares":219993199.13,"pinyin":"ccwlczzqxzqtzjj","managers":[{"stockCode":"j101019803","stockType":"fund_manager","exchange":"fm","tickerId":81003248310,"name":"华吉昶"}]},"announcement":{"linkText":"长城稳利纯债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=885449","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd0c7fea5b3eb04d2fa3","date":"2022-12-30T16:00:00.000Z","stockId":3000000009831,"sao":"2022年疫情多发扰动经济生产活动，叠加房地产债务问题持续发酵，整体经济恢复乏力。为应对复杂严峻的经济环境，央行年内通过降息、降准，以及利润上缴等方式为市场额外补充了长期流动性，货币政策合理宽松，资金面持续宽裕，资金价格整体下行。年初权益市场快速调整，导致相关理财产品净值大幅波动，加之房地产市场整体低迷，居民企业风险偏好降低，资金流向理财产品，理财规模稳步增加，债券配置需求显著增长，需求增加叠加信用债供给收缩，债券资产荒格局明显。前三季度债券收益率震荡下行，受资金面影响，债券短端收益率下行更为明显，信用债市场资产荒格局延续，信用利差不断压缩。年末由于疫情防控优化、地产政策改善以及资金面收敛等因素，债券市场快速调整，收益率大幅上行。组合全年维持中短久期，精选信用债个券，继续持有风险可控，具备一定票面收益的信用品种，操作以票息策略为主，在债券市场波动中组合回撤较小，整体净值有所增长。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:16.037Z","mo":"展望2023年，债券将重回经济基本面交易，宏观经济受基数效应影响，叠加政策发力下房地产及消费恢复将减弱对基本面的拖累，经济复苏趋势明显，但由于受制于全球经济下滑可能导致的外需冲击，以及房地产需求端恢复缓慢等因素影响，上半年经济不确定仍较大。基本面复苏的基础仍未牢固前，货币政策整体仍未到转向时刻，但资金面收敛至政策利率方向概率较大。总的来看，债券市场压制主线改变，2023年收益率中枢大概率抬升，但由于经济不确定性较大，以及投资需求变化，债券波动交易机会仍存。市场调整后信用利差走扩，利差保护增加，配置价值恢复，在考虑负债端稳定前提下，票息策略仍将受益。","fund":{"_id":3000000009831,"__csrcFundId":8540,"stockCode":"009831","shortName":"长城稳利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9831,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.081Z","status":"normal","inceptionDate":"2021-03-09T16:00:00.000Z","name":"长城稳利纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城稳利债券","setUpDate":"2021-03-09T16:00:00.000Z","setUpAssetScale":219993199.13,"setUpShares":219993199.13,"pinyin":"ccwlczzqxzqtzjj","managers":[{"stockCode":"j101019803","stockType":"fund_manager","exchange":"fm","tickerId":81003248310,"name":"华吉昶"}]},"announcement":{"linkText":"长城稳利纯债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=872801","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd0c7fea5b3eb04d2fa2","date":"2022-09-29T16:00:00.000Z","stockId":3000000009831,"sao":"三季度，国内经济企稳迹象明显，生产端持续改善，但内生需求仍不强，固定资产投资增速小幅放缓，消费恢复速度缓慢，出口增长持续性有所波动，经济基本面现状限制了债券收益率大幅上行。三季度央行超预期降息，资金面保持宽裕，财政政策持续发力，融资端明显改善，经济基本面企稳回升趋势再次得到强化。三季度债券收益率先下后上，整体小幅收涨。中上旬，受经济基本面偏弱，央行超预期降息等因素影响，债券收益率进一步大幅下行，下旬汇率贬值压力上涨，国内进一步宽松存在掣肘，交易情绪减弱，债券收益率有所上行。三季度，组合精选信用债个券，继续持有风险可控，具备一定票面收益的信用品种，维持组合中长久期，操作以票息策略及杠杆策略为主，组合净值稳步增长。  展望四季度，随着财政政策持续发力，融资端有明显改善趋势，需密切关注经济基本面企稳回升幅度。在流动性环境未出现趋势性的收紧前，债券市场仍然具备一定安全边际，大概率仍维持震荡走势。目前债券收益率和信用利差均处于历史低点，债券盈利赔率不高，未来将继续跟踪经济高频数据及资金面变化，维持组合资产高流动性，精选信用债个券，操作以票息策略及杠杆策略为主。","declarationDate":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收益率绝对水平回落到历史较低分位数。具体来看，7月份国常会意外提及降准后，收益率出现快速下行。8月和9月债券市场受到经济基本面走弱、监管政策、供给压力变化的多重因素扰动，收益率整体呈现震荡格局。信用债方面，三季度供给同比有所增加，收益率下行幅度小于同期限国债，信用利差整体略微走阔。组合在三季度做了结构性调整，组合净值出现一定波动，但整体表现平稳。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:16.024Z","fund":{"_id":3000000009831,"__csrcFundId":8540,"stockCode":"009831","shortName":"长城稳利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9831,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.081Z","status":"normal","inceptionDate":"2021-03-09T16:00:00.000Z","name":"长城稳利纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城稳利债券","setUpDate":"2021-03-09T16:00:00.000Z","setUpAssetScale":219993199.13,"setUpShares":219993199.13,"pinyin":"ccwlczzqxzqtzjj","managers":[{"stockCode":"j101019803","stockType":"fund_manager","exchange":"fm","tickerId":81003248310,"name":"华吉昶"}]},"announcement":{"linkText":"长城稳利纯债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=658275","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd0c7fea5b3eb04d2f9d","date":"2021-06-29T16:00:00.000Z","stockId":3000000009831,"sao":"一季度，在疫情的影响下，中美两国复苏进度和货币政策存在明显错位，美债利率出现明显上行，但中国债券利率呈现冲高回落走势，整个一季度来看收益率表现平稳，信用债表现略好于利率债。具体来看，在去年年末资金面宽松的背景下，1月上旬10年期国债收益率在3.1%-3.2%区间波动震荡； 1月末央行公开市场投放不及预期，资金面紧张带来10年期国债向上突破；春节期间，海外疫情控制能力及疫苗接种进度超预期，美债利率大幅上行，油价涨幅明显，10年期国债冲高到3.29%的高点；春节后资金利率持续宽松， 10年期国债收益率再度下行。二季度，受到社融增速见顶回落、资金面宽松、市场供给量较低等因素影响，债券市场收益率整体平稳下行，以10年国债收益率为例，二季度下行10BP左右至3.08%附近。在资金面利好下，二季度短久期债券收益率下行更多，期限利差小幅走阔。信用债在利率债的带动下收益率也出现一定幅度下行，并且整体表现好于利率债，信用利差继续收窄，但不同类属债券之间利差走势分化加剧。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:16.021Z","mo":"从经济基本面来看，疫情后复苏斜率最快的时间窗口已经过去，后续需要跟踪和关注下半年出口和地产投资数据的边际变化。货币政策方面，国内将保持“稳健中性、以我为主”的主基调。下半年，在这样的基本面组合下，债券市场整体风险不大，但需要注意目前的收益率水平已经处于历史低位，通过收益率下行获取资本利得的难度也将增大。另外一方面，信用风险在未来很长一段时间将以散点式的特征出现，信用债的研究需要更加深入化和精细化。","fund":{"_id":3000000009831,"__csrcFundId":8540,"stockCode":"009831","shortName":"长城稳利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9831,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.081Z","status":"normal","inceptionDate":"2021-03-09T16:00:00.000Z","name":"长城稳利纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城稳利债券","setUpDate":"2021-03-09T16:00:00.000Z","setUpAssetScale":219993199.13,"setUpShares":219993199.13,"pinyin":"ccwlczzqxzqtzjj","managers":[{"stockCode":"j101019803","stockType":"fund_manager","exchange":"fm","tickerId":81003248310,"name":"华吉昶"}]},"announcement":{"linkText":"长城稳利纯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=636890","linkType":"PDF","source":"csrc_pdf"}}]}