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执行当中资金价格偏贵，银行间市场资金紧张且价格偏贵，流动性压力很大。以权益市场为代表的风险总体表现较好，市场风险偏好有明显改善。总结而言，经济基本面预期有改善，流动性方面相较紧张，央行政策面上引导了长端利率上行，全市场风险偏好有所改善，共同影响了一季度债券价格的下跌。但情况在二季度迎来变化，4月初债市尚未从一季度调整余波中完全复苏，特朗普“对等关税”威压下，现券收益率3天内快速下行近20BP，10Y国债探至1.61%。在大幅下行之后，剩余时间债市回归震荡。5月后，央行降准降息，“双降落地”兑现后，后续政策加码想象空间收缩；资金短暂收敛后逐步逼近政策利率，债市“负carry”缓解；中美经贸会谈下，债市引发一波急跌，但对市场扰动已边际递减。关税影响下基本面的压力约束了利率上行空间，短端较高的利率水平与宽松货币尚未落地约束了利率下行空间。外部因素持续扰动、机构负债端压力、存单利率下行乏力等多空因素反复交织，机构进入利差博弈行情中。本基金为定开债基，报告期内精选个券进行配置并采用买入持有策略。接下来，本基金将主要注重降低组合回购成本，在合适的时机增加成本低的长期限融资，力争为投资者赚取良好的投资回报。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:16.461Z","mo":"2025年下半年，预计经济增长压力不大，债市预计延续低利率波动特征，但波幅会阶段性扩大。从债市环境来看，经济弱企稳、货币政策维持宽松，决定了债市利率下行有底；经济难以有效回升、货币政策收紧概率低，决定了债市上行有顶。降准降息等货币政策预期有所减弱，财政加码的必要性也不突出，债市配置力量相对较强，但是利率处于低位而且曲线偏平坦，中短端利率较有性价比，中长端的交易氛围则比较浓厚。","fund":{"_id":3000000009833,"__csrcFundId":7882,"stockCode":"009833","shortName":"创金合信泰博66个月定开债券(009833)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9833,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:00:46.241Z","status":"normal","inceptionDate":"2020-07-26T16:00:00.000Z","name":"创金合信泰博66个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信泰博66个月定开债券","setUpDate":"2020-07-26T16:00:00.000Z","setUpAssetScale":8000291555.42,"setUpShares":8000291555.42,"pinyin":"cjhxtb66gydqkfzqxzqtzjj","managers":[{"stockCode":"8801432903","stockType":"fund_manager","exchange":"fm","tickerId":252506162300,"name":"闫一帆"},{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"}]},"announcement":{"linkText":"创金合信泰博66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=1338227","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd0c7fea5b3eb04d301f","date":"2025-03-30T16:00:00.000Z","stockId":3000000009833,"sao":"2025年一季度债券市场利率整体趋势上行，资金面趋紧，收益率曲线呈熊平走势。构成一季度债市大幅回调的因素主要是：第一，经济总体复苏预期相对明确。一季度房地产市场表现有所企稳，房地产销售有所好转，二手房成交量释放；另一方面，消费增长在去年四季度的基础上进一步恢复，不过收入增长缓慢仍然对消费增长构成制约。第二，财政政策加力和四季度降准降息政策效果的延续。赤字率和财政支出增速明显提升，特别国债发行和地方债发行供给放量；货币政策方面，一季度政策基调延续12月的中央经济工作会议，适度宽松，但实际执行当中资金价格明显偏贵，银行间市场资金极为紧张，流动性压力很大。第三，央行有意识的引导资金价格上行，造成现券抛售压力加大，从而实现长端利率上行的最终目标。第四，以权益市场为代表的风险总体表现较好，市场风险偏好有明显改善。总结而言，经济基本面的预期改善，流动性的紧张，政策面上引导长端利率上行，全市场风险偏好改善，共同影响一季度债券价格的下跌。本基金为定开债基，报告期内精选个券进行配置并采用买入持有策略。接下来，本基金将主要注重降低组合回购成本，在合适的时机增加成本低的长期限融资，力争为投资者赚取良好的投资回报。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:16.459Z","fund":{"_id":3000000009833,"__csrcFundId":7882,"stockCode":"009833","shortName":"创金合信泰博66个月定开债券(009833)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9833,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:00:46.241Z","status":"normal","inceptionDate":"2020-07-26T16:00:00.000Z","name":"创金合信泰博66个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信泰博66个月定开债券","setUpDate":"2020-07-26T16:00:00.000Z","setUpAssetScale":8000291555.42,"setUpShares":8000291555.42,"pinyin":"cjhxtb66gydqkfzqxzqtzjj","managers":[{"stockCode":"8801432903","stockType":"fund_manager","exchange":"fm","tickerId":252506162300,"name":"闫一帆"},{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"}]},"announcement":{"linkText":"创金合信泰博66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=1265030","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd0c7fea5b3eb04d301e","date":"2024-12-30T16:00:00.000Z","stockId":3000000009833,"sao":"2024年债券市场呈明显牛市特征，趋势下行，期限利差有所缩窄，信用利差压缩显著；长久期债券表现更优。2024年宏观经济及政策面对于债券市场比较有利。一季度经济在出口和开门红的支持下有所恢复，基建投资和出口相对较好，但相对缓慢增长的收入抑制了居民的消费意愿和能力，整体消费恢复的强度并不强劲；另一方面，房地产金融去杠杆进程的负面影响仍在延续，收入增长预期降低和房价震荡恢复不及预期，导致居民的购房需求相较疲软。房地产风险尚未出清，地产销售依旧不及预期，债务压力仍然沉重，难以开展规模化的开工投资建设。因此，2024年宏观经济基础总体相对薄弱，仍需宏观政策的支持。下半年，国家从宏观政策层面在化债、房地产、消费等领域推行了一系列措施，包括增发特别国债和专项置换债等财政刺激措施，用于减轻地方政府的债务压力；货币政策方面全年持续保持偏宽松的状态以支持经济恢复，三季度经济有所回落之后，加大力度降息，并大规模降低存量房贷利率，同时基本解除了除一线城市之外的几乎所有的地产限购限售政策，资金面给予经济较大程度的支持。相对有利的宏观基本面环境，债券市场利率整体趋势下行，主要调整期是9月底中央政治局会议对于经济表态的边际转向，使得收益率有一个短时间但是幅度较大的冲击，但在宽松的资金面以及更为宽松的预期下，配置力量不断抢配，收益率在最后2个月不断突破历史新低。整体而言，全年债市呈现牛市表现，长久期债券表现更优。本基金精选个券进行配置并采用买入持有策略。接下来，本基金将继续结合宏观政策形势变化，根据时点的资金面情况，优化回购期限搭配，并注重降低组合回购成本，力争为投资者赚取良好的投资回报。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:16.456Z","mo":"相较2024年，2025年的整体宏观经济环境会有边际改善，在24年底政策的大力支持下，特别是化债政策的全面铺开，地方政府自发的债务紧缩的行为会有一定的改善，对于宏观经济有明显的利好，但同时消费和房地产所面临的中期因素尚未发生根本变化。消费方面，收入增长预期较低仍是制约消费较快恢复的关键因素，鉴于国内实施类似西方国家大规模财政补贴措施的可能性较低，收入增长平缓会一定程度制约消费；房地产方面，政策端已经进一步打开，中央经济工作会议也明确要尽快促进房地产止跌回稳，我们预计地产和消费的表现应该会好于24年，但是进出口方面，受关税和中美贸易摩擦的影响，对经济的拉动预计变弱，最后，今年是财政政策见效的关键年份，预计财政政策会加大力度，去年制定的化债方案也会逐步见效，货币政策更多的是起到配合作用。基于前述，2025年宏观经济变化会有所改变，债券市场会有一定的压力，但我们预计不会有趋势性的反转；不过，考虑到利率绝对水平，低利率环境下的波动会更快，幅度也会更小，预计2025年债券市场总体不会有大的行情。","fund":{"_id":3000000009833,"__csrcFundId":7882,"stockCode":"009833","shortName":"创金合信泰博66个月定开债券(009833)","fundSecondLevel":"bond","sto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两年复合增速为-7%（-8.6%）。营收和利润率同比回暖，推动利润降幅收窄。8月规上企业营收累计同比增速为-0.3%（-0.5%），为今年4月以来首次回升。上游原材料行业利润降幅进一步收窄，1-8月份，原材料制造业利润同比下降42.9%，降幅较1-7月份收窄8.0个百分点。装备制造业利润同比增幅扩大。据统计局数据，8月份装备制造业利润累计同比增长3.6%，1-7月是1.9%。地产销售方面：中秋国庆双节假期地产销售情况一般，22个重点城市成交环比下降31%，同比下降23%。宽地产政策集中落地对短期债市预期形成了较大的冲击，但地产改善不明显，整个9月债市收益率全线上行，主要还是基于资金跨季价格超高和国债供给大增的叠加冲击，10年国债2.65%以上的收益率我们依然觉得还是一个较好的位置。四季度经济改善预期证伪可能会迎来一波收益率的下行，但海外通胀及加息以及汇率压力，对国内货币政策的制约逐步加大。鉴于多空因素交织，四季度债市预计小幅震荡为主，机会可能更多来自于短期过度调整带来的超调机会。当前投资策略上需保持中性偏防御的状态，不宜过度激进。本基金为摊余成本法债基，精选个券进行配置并采用买入持有策略。接下来，管理人将注重降低组合回购成本，力争为投资者赚取良好的投资回报。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:16.432Z","fund":{"_id":3000000009833,"__csrcFundId":7882,"stockCode":"009833","shortName":"创金合信泰博66个月定开债券(009833)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9833,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:00:46.241Z","status":"normal","inceptionDate":"2020-07-26T16:00:00.000Z","name":"创金合信泰博66个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信泰博66个月定开债券","setUpDate":"2020-07-26T16:00:00.000Z","setUpAssetScale":8000291555.42,"setUpShares":8000291555.42,"pinyin":"cjhxtb66gydqkfzqxzqtzjj","managers":[{"stockCode":"8801432903","stockType":"fund_manager","exchange":"fm","tickerId":252506162300,"name":"闫一帆"},{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"}]},"announcement":{"linkText":"创金合信泰博66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=983650","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd0c7fea5b3eb04d3018","date":"2023-06-29T16:00:00.000Z","stockId":3000000009833,"sao":"2023年上半年，债市收益率整体下行，主要在于市场经历了从经济复苏“强预期”到“弱现实”的转变；一季度，由于信贷数据整体较好，市场对于后续经济走势存在分歧，债市长端收益率窄幅波动，短端收益率由于资金中枢的抬升有所上行。进入二季度，信贷数据不及预期，但市场对于政策的强预期造成了债市的小幅波动；二季度资金面整体偏宽松，叠加6月份央行降息，表明了央行对于短端资金面的呵护。从中债收益率曲线来看，二季度，1年期AAA中短期票据收益率下行近30bp至2.47%，10年期国债收益率下行22bp至2.64%。本基金为摊余成本法债基，精选个券进行配置并采用买入持有策略。由于产品已完成大部分资产的配置，报告期内管理人主要注重降低组合回购成本，力争为投资者赚取良好的投资回报。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:16.430Z","mo":"下半年，债市预计总体窄幅震荡。短端资金面方面，预计短期内仍保持宽松以保驾经济恢复；在出口、消费、投资都有一定压力的弱现实下，政策面可能有一定的增量空间，但在高质量发展目标之下，政策也需兼顾逆周期与跨周期调节的有机结合，“托而不举”的概率更大。","fund":{"_id":3000000009833,"__csrcFundId":7882,"stockCode":"009833","shortName":"创金合信泰博66个月定开债券(009833)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9833,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:00:46.241Z","status":"normal","inceptionDate":"2020-07-26T16:00:00.000Z","name":"创金合信泰博66个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信泰博66个月定开债券","setUpDate":"2020-07-26T16:00:00.000Z","setUpAssetScale":8000291555.42,"setUpShares":8000291555.42,"pinyin":"cjhxtb66gydqkfzqxzqtzjj","managers":[{"stockCode":"8801432903","stockType":"fund_manager","exchange":"fm","tickerId":252506162300,"name":"闫一帆"},{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"}]},"announcement":{"linkText":"创金合信泰博66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=957218","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd0c7fea5b3eb04d3017","date":"2023-03-30T16:00:00.000Z","stockId":3000000009833,"sao":"2023年一季度，市场经历了经济复苏的“强预期”到“弱预期”的转变。春节前，基于疫情政策转变后的积极预期，市场对经济复苏预期较强，从中债收益率曲线来看，10年期国债收益率上行11bp至2.93%。进入二月份，长端利率区间震荡，年初信贷数据较好，但市场对于后续经济走势存在分歧，中下旬开始，由于资金面边际收紧，短端利率收益率有所上行；三月份，降准落地，收益率整体震荡下行，10年期国债收益率下行7bp。整体来说，一季度债市，长端收益率窄幅波动，短端收益率由于资金中枢的抬升有所上行；另外，随着广义资管规模的企稳回升，短端信用利差大幅压缩，目前处于较低水平。本基金为摊余成本法债基，精选个券进行配置并采用买入持有策略。由于产品已完成大部分资产的配置，报告期内，管理人主要注重降低组合回购成本，力争为投资者赚取良好的投资回报。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:16.427Z","fund":{"_id":3000000009833,"__csrcFundId":7882,"stockCode":"009833","shortName":"创金合信泰博66个月定开债券(009833)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9833,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:00:46.241Z","status":"normal","inceptionDate":"2020-07-26T16:00:00.000Z","name":"创金合信泰博66个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信泰博66个月定开债券","setUpDate":"2020-07-26T16:00:00.000Z","setUpAssetScale":8000291555.42,"setUpShares":8000291555.42,"pinyin":"cjhxtb66gydqkfzqxzqtzjj","managers":[{"stockCode":"8801432903","stockType":"fund_manager","exchange":"fm","tickerId":252506162300,"name":"闫一帆"},{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"}]},"announcement":{"linkText":"创金合信泰博66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=881930","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd0c7fea5b3eb04d3016","date":"2022-12-30T16:00:00.000Z","stockId":3000000009833,"sao":"2022年，先后经历了俄乌冲突、上海疫情、断供潮、各地高温及限电以及年底防疫政策的调整。上半年，债市在上述因素的影响下，窄幅震荡，上半年10年期国债最大振幅仅18bp。下半年，债市波动加大；三季度宽松的资金面及降息打开了利率的下行空间，10年期国债最低下行至年内的低点2.58%；9月份开始，资金面边际收敛；11月在偏紧的资金面、疫情防控优化、地产政策加码的影响下，叠加资管产品赎回负反馈，债市迎来了比较大的调整，短端上行幅度大于长端，债市熊平，信用利差有所走阔。从中债收益率曲线来看，1年期国债收益率从三季末的1.85%最高上行至2.34%，1年期AAA收益率从三季末的2.16%最高上行至3.06%，3年期AAA收益率从三季末的2.67%最高上行至3.56%，12月10年期国债利率触及2.92%的2022年内高点。年末，在宽松的资金面呵护下，债市平稳跨年。本基金为摊余成本法债基，精选个券进行配置并采用买入持有策略。2022年，本基金注重降低组合回购成本，提升组合收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:16.424Z","mo":"2023年，经济预计以恢复为主，疫情作为近3年对经济最重要的变量之一，对经济的压制极大消除，短期内经济内生恢复动能可能会比较足。政策面方面，中央经济工作会议基本定调了今年的发展情况，经济运行有望总体回升，实现质的有效提升和量的合理增长。积极的财政政策要加力提效，保持必要的财政支出强度。货币政策强调“精准有力”。预计各项政策力度将进一步加大，房地产金融政策继续松动。资金面波动可能会加大，去年超宽松的状态预计不会持续。考虑到组合杠杆率水平已较高，2023年，本基金将主要着重降低组合回购成本。","fund":{"_id":3000000009833,"__csrcFundId":7882,"stockCode":"009833","shortName":"创金合信泰博66个月定开债券(009833)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9833,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:00:46.241Z","status":"normal","inceptionDate":"2020-07-26T16:00:00.000Z","name":"创金合信泰博66个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信泰博66个月定开债券","setUpDate":"2020-07-26T16:00:00.000Z","setUpAssetScale":8000291555.42,"setUpShares":8000291555.42,"pinyin":"cjhxtb66gydqkfzqxzqtzjj","managers":[{"stockCode":"8801432903","stockType":"fund_manager","exchange":"fm","tickerId":252506162300,"name":"闫一帆"},{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"}]},"announcement":{"linkText":"创金合信泰博66个月定期开放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=864635","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd0c7fea5b3eb04d3015","date":"2022-09-29T16:00:00.000Z","stockId":3000000009833,"sao":"总的来看，三季度债市收益率总体下行。在二季度上海疫情对经济造成大幅冲击后，7月初经济逐步恢复，但复苏力度偏弱；6月底，《新型冠状病毒肺炎防控方案（第九版）》印发，经济发展预期有所改善，引发了债市的小幅调整；8月中旬，央行下调MLF利率，10年期国债一度下行至2.6%附近；进入9月，随着国内疫情的边际好转以及经济的逐步修复，债市继续回调，月末资金面边际收紧，收益率上行幅度小幅加快。四季度，债市多空因素交织。第一，新冠新变种增加疫情防控难度，且防疫政策放松的预期削弱，疫情预计仍将制约消费的恢复；第二，经过半年多政策持续的放松，地产销售预计会逐步恢复；第三，财政、基建方面也在不断发力。整体来说，下半年的经济恢复可能好于上半年。对应到货币政策而言，市场利率水平不排除会逐步有所抬升。核心CPI有望保持稳定，通胀会制约货币政策过于宽松，但预计不足以让货币政策因此大幅抬升。但海外通胀及加息以及汇率压力，对国内货币政策的制约逐步加大。鉴于多空因素交织，下半年债市预计震荡为主，但幅度可能加大，机会可能更多来自于短期过度调整带来的超调机会。当前投资策略上需保持中性偏防御的状态，不宜过度激进。本基金为摊余成本法债基，精选个券进行配置并采用买入持有策略。接下来，管理人将注重降低组合回购成本，力争为投资者赚取良好的投资回报。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:16.421Z","fund":{"_id":3000000009833,"__csrcFundId":7882,"stockCode":"009833","shortName":"创金合信泰博66个月定开债券(009833)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9833,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:00:46.241Z","status":"normal","inceptionDate":"2020-07-26T16:00:00.000Z","name":"创金合信泰博66个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信泰博66个月定开债券","setUpDate":"2020-07-26T16:00:00.000Z","setUpAssetScale":8000291555.42,"setUpShares":8000291555.42,"pinyin":"cjhxtb66gydqkfzqxzqtzjj","managers":[{"stockCode":"8801432903","stockType":"fund_manager","exchange":"fm","tickerId":252506162300,"name":"闫一帆"},{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"}]},"announcement":{"linkText":"创金合信泰博66个月定期开放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=803023","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd0c7fea5b3eb04d3014","date":"2022-06-29T16:00:00.000Z","stockId":3000000009833,"sao":"2022年上半年，债市多空因素交织；疫情是重要的宏观变量与超预期因素；尤其上海疫情，对国内经济形成较大的负面冲击。各地房地产政策趋于放松，销售有所提升但复苏斜率不高；通胀总体低位可控；防疫政策有所边际放松，对于消费有所提振但作用尚待观察；外部方面，海外通胀高企，美联储处于加息周期；货币政策方面，央行基于应对疫情、支持地方债发行等因素，采用包括降息降准等措施，维持流动性整体偏宽松。债市方面，由于宽松的资金面，上半年尤其是二季度短期债券利率下行较大，信用利差有所压缩；由于市场对于基本面复苏情况的不确定与分歧，长端在6月底前整体维持震荡。本基金为摊余成本法债基，精选个券进行配置并采用买入持有策略。接下来，管理人将注重降低组合回购成本，力争为投资者赚取良好的投资回报。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:16.418Z","mo":"下半年，全球经济增长放缓、通胀高位运行，地缘政治冲突持续，外部环境更趋复杂严峻，国内经济恢复基础尚需稳固；但经济总体在恢复阶段，最差的阶段可能已过去，随着基建发力、房地产及消费逐步恢复，经济数据可能会逐步回升；通胀预计在可控区间，下半年通胀压力更多来自猪价因素，而非总需求因素，核心CPI有望保持稳定；货币政策方面，在8月中旬超预期降低政策利率后，央行短期内预计仍会维持偏宽松货币环境。对于债市而言，市场对于资金面边际收紧的担忧有所缓和，可能有助于收益率曲线期限利差的压缩。","fund":{"_id":3000000009833,"__csrcFundId":7882,"stockCode":"009833","shortName":"创金合信泰博66个月定开债券(009833)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9833,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:00:46.241Z","status":"normal","inceptionDate":"2020-07-26T16:00:00.000Z","name":"创金合信泰博66个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信泰博66个月定开债券","setUpDate":"2020-07-26T16:00:00.000Z","setUpAssetScale":8000291555.42,"setUpShares":8000291555.42,"pinyin":"cjhxtb66gydqkfzqxzqtzjj","managers":[{"stockCode":"8801432903","stockType":"fund_manag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速复苏的路径上，过热的风险相对较低。货币政策方面，2020年中央经济会议定调，政策需维持连续性、稳定性和可持续性，不急转弯，并保持对经济恢复的支持力度，从基调上来说，货币政策总体是中性的，不会有大松大紧的波动，边际变化仍看经济表现和防风险之间调整。对于债券市场而言， 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     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