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一波牛市，本质上仍是由于有效需求不足、预期转弱。一方面在债务约束下，地方政府表外融资收缩；另一方面在房价预期恶化下，居民消费、地产走弱。此外，受存款利率调降、暂停银行手工补息、前期政府债券发行偏慢等因素影响，“资产荒”加剧 ，利率加速下行。　　报告期内，本基金持有债券均为政策性金融债，并于2024年5月完成首个封闭期运作，为持有人创造了良好的收益。","declarationDate":"2025-03-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:08.894Z","mo":"展望2025年，货币宽松、财政发力、经济企稳的大背景下，预计利率整体偏震荡下行、十年期国债到期收益率区间或在1.4%至1.8%。鉴于地缘政治影响、基本面修复节奏和幅度存在较大不确定性、低利率环境和拥挤的市场环境下机构行为对行情的扰动加大、汇率波动的关注度或将显著上升，对应利率波动可能放大。利率上行因素主要是经济基本面修复、债券集中发行，下行因素主要是降准降息、地缘政治影响超预期导致国内政策环境超预期宽松。实际操作中，本基金将视市场情况择机重新打开运作。","fund":{"_id":3000000010294,"__csrcFundId":8387,"stockCode":"010294","shortName":"红塔红土盛兴39个月定期开放债券(010294)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10294,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:35.504Z","status":"normal","inceptionDate":"2021-02-04T16:00:00.000Z","name":"红塔红土盛兴39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050730000,"currency":"CNY","masterFundShortName":"红塔红土盛兴39个月定期开放债券","setUpDate":"2021-02-04T16:00:00.000Z","setUpAssetScale":2150321670.89,"setUpShares":2150321670.89,"pinyin":"hthtsx39gydqkfzqxzqtzjj","managers":[{"stockCode":"8801610263","stockType":"fund_manager","exchange":"fm","tickerId":31010197430,"name":"陈纪靖"}]}},{"_id":"69aecd7c7fea5b3eb04dab8d","date":"2024-06-29T16:00:00.000Z","stockId":3000000010294,"sao":"2024年上半年，国内经济延续修复态势，总需求整体偏弱，生产则较为旺盛，通胀持续低位运行。出口和制造业投资超预期，一方面是国内外库存周期回升，另一方面是疫情后居民出行热情较高，服务业较为活跃，服务业景气度升温。经济的主要拖累项是地产和基建，其中在人口增长出现拐点、居民部门降杠杆的大背景下地产投资增速进一步下行，基建投资在地方政府和城投债务约束下进度显著低于预期。货币政策方面，2024年上半年资金面整体平稳，流动性分层现象基本消失。货币政策仍将继续支持实体经济稳固发展，但短期内面临银行净息差处于历史低位和汇率波动的约束。海外市场方面，地缘政治持续紧张，美国经济总体韧性较强，美债降息预期在上半年末显著升温。　　报告期内，本基金持有的债券陆续到期，基金运行基本平稳。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:08.891Z","mo":"展望下半年，一方面，我们预计国内经济动能仍将继续走弱，居民和企业部门债务杠杆在弱预期下难以进一步提升；地产销售仍将继续处于低位，政府出让土地收入和基建投资也难言乐观；工业品价格和整体通胀在中上游行业产能过剩、居民消费需求不旺的背景下可能仍处于低位徘徊。另一方面，美元价格持续处于较高水平，中美利差维持高位和国内经济疲弱共同导致人民币汇率波动；商业银行净息差水平处于历史低位，央行认为当前利率水平偏低，这些利空因素也需要纳入考虑。因此在投资策略上，我们将继续控制好投资组合的久期和杠杆水平，视市场变化情况积极应对。","fund":{"_id":3000000010294,"__csrcFundId":8387,"stockCode":"010294","shortName":"红塔红土盛兴39个月定期开放债券(010294)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10294,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:35.504Z","status":"normal","inceptionDate":"2021-02-04T16:00:00.000Z","name":"红塔红土盛兴39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050730000,"currency":"CNY","masterFundShortName":"红塔红土盛兴39个月定期开放债券","setUpDate":"2021-02-04T16:00:00.000Z","setUpAssetScale":2150321670.89,"setUpShares":2150321670.89,"pinyin":"hthtsx39gydqkfzqxzqtzjj","managers":[{"stockCode":"8801610263","stockType":"fund_manager","exchange":"fm","tickerId":31010197430,"name":"陈纪靖"}]},"announcement":{"linkText":"红塔红土盛兴39个月定期开放债券型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1142677","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd7c7fea5b3eb04dab8c","date":"2024-03-30T16:00:00.000Z","stockId":3000000010294,"sao":"2024年一季度，房地产市场仍然呈单边下行趋势，出险名单开始蔓延向头部房企，叠加去年同期基数较高，无论是销售额还是价格下降幅度均有所加大。价格指数方面，2月CPI同比转正，核心CPI同比增速创新高；PPI同比连续4个月为负值，向上动能整体较弱。市场流动性整体对债市较为友好，央行通过多层次货币政策工具实现基础货币投放，债券净发行量与市场需求失衡，整体处于供小于求的状态。这些因素共同推动一季度债券市场收益率节节下行，10年期国债收益率由2023年年末的2.56%下行至2.29%，下行幅度约27bps；1年期国债收益率由2.08%下行至1.72%，下行幅度约36bps，收益率曲线整体陡峭化下移。　　报告期内，本基金持有债券部分到期，我们将继续控制好融资成本，为投资人创造良好的收益。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:08.889Z","fund":{"_id":3000000010294,"__csrcFundId":8387,"stockCode":"010294","shortName":"红塔红土盛兴39个月定期开放债券(010294)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10294,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:35.504Z","status":"normal","inceptionDate":"2021-02-04T16:00:00.000Z","name":"红塔红土盛兴39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050730000,"currency":"CNY","masterFundShortName":"红塔红土盛兴39个月定期开放债券","setUpDate":"2021-02-04T16:00:00.000Z","setUpAssetScale":2150321670.89,"setUpShares":2150321670.89,"pinyin":"hthtsx39gydqkfzqxzqtzjj","managers":[{"stockCode":"8801610263","stockType":"fund_manager","exchange":"fm","tickerId":31010197430,"name":"陈纪靖"}]},"announcement":{"linkText":"红塔红土盛兴39个月定期开放债券型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1074350","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd7c7fea5b3eb04dab8b","date":"2023-12-30T16:00:00.000Z","stockId":3000000010294,"sao":"回顾2023年，国内宏观经济弱修复，全年GDP实际增长率为5.2%，整体特征为生产修复较强，但需求修复较弱的态势。其中消费是主要支撑项，投资保持平稳，出口略有拖累；与此同时全年CPI/PPI同比低位震荡，经济增长的内生动力不足。2023年全年债券市场整体呈M型走势，收益率震荡下行。一季度市场普遍预期经济复苏，10年期国债收益率一度上行至2.95%附近，但二三季度随着经济基本面和政策面超预期利好陆续出现，收益率整体单边下行至2.55%附近；三季度央行在稳汇率、控资金空转等因素驱动下收紧资金面，再加上稳增长政策陆续出台，债市再度小幅调整；四季度通胀数据大幅低于市场预期，再加上存款利率大幅下调引起市场宽货币预期升温，债市再度走牛。与此同时，贯穿全年的信用债主线是化债政策的持续推进，各类城投债收益率在2023年期间大幅下行。报告期内，本基金以政策性金融债为主，并保持一定杠杆水平。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:08.886Z","mo":"展望2024年，GDP增长目标或仍定在5%的较高水平，但当前我国处于实际利率历史高位和名义利率相对低位的两难困境，在新旧动能转换的大背景下，实现5%的实际增长有较大难度。2024年经济工作重点或在于扩大国内需求，经济增长目标实现有赖于地产和资产价格企稳及中央加杠杆。但另一方面，市场对经济下行、价格水平处于低位、央行政策基调稳健偏宽松有较强的预期。这种背景下，收益率曲线整体较为平坦，中短端品种或具备较突出的投资价值。实际操作中，本基金将继续保持当前的杠杆水平，获得良好的组合静态收益。","fund":{"_id":3000000010294,"__csrcFundId":8387,"stockCode":"010294","shortName":"红塔红土盛兴39个月定期开放债券(010294)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10294,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:35.504Z","status":"normal","inceptionDate":"2021-02-04T16:00:00.000Z","name":"红塔红土盛兴39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050730000,"currency":"CNY","masterFundShortName":"红塔红土盛兴39个月定期开放债券","setUpDate":"2021-02-04T16:00:00.000Z","setUpAssetScale":2150321670.89,"setUpShares":2150321670.89,"pinyin":"hthtsx39gydqkfzqxzqtzjj","managers":[{"stockCode":"8801610263","stockType":"fund_manager","exchange":"fm","tickerId":31010197430,"name":"陈纪靖"}]},"announcement":{"linkText":"红塔红土盛兴39个月定期开放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=1060390","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd7c7fea5b3eb04dab8a","date":"2023-09-29T16:00:00.000Z","stockId":3000000010294,"sao":"2023年三季度，经济修复速度放缓，供给和需求恢复情况偏弱，但8月底以来经济出现企稳回升迹象。需求方面，制造业投资增速有所回升，但难以带动整体投资增速上行；可选消费、汽车及地产等行业增速上升拉动消费增速回暖；同时进出口整体有所改善。价格指数方面，CPI和PPI均呈现拐头向上的态势，预计四季度在基数效应下有所延续。政策方面，国家陆续推动稳增长政策落实落地，预计将稳定居民收入预期，进一步缓解地产销售压力。与此同时，央行超预期调降政策利率，资金面临近季末逐渐收敛。债券市场上，无风险收益率于8月下旬反弹，信用利差在利率上行过程中小幅走扩。  报告期内，本基金保持较高的杠杆水平，继续控制好融资成本，为投资人创造良好的收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:08.883Z","fund":{"_id":3000000010294,"__csrcFundId":8387,"stockCode":"010294","shortName":"红塔红土盛兴39个月定期开放债券(010294)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10294,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:35.504Z","status":"normal","inceptionDate":"2021-02-04T16:00:00.000Z","name":"红塔红土盛兴39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050730000,"currency":"CNY","masterFundShortName":"红塔红土盛兴39个月定期开放债券","setUpDate":"2021-02-04T16:00:00.000Z","setUpAssetScale":2150321670.89,"setUpShares":2150321670.89,"pinyin":"hthtsx39gydqkfzqxzqtzjj","managers":[{"stockCode":"8801610263","stockType":"fund_manager","exchange":"fm","tickerId":31010197430,"name":"陈纪靖"}]},"announcement":{"linkText":"红塔红土盛兴39个月定期开放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=989220","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd7c7fea5b3eb04dab89","date":"2023-06-29T16:00:00.000Z","stockId":3000000010294,"sao":"2023年上半年，经济整体延续修复态势，一季度需求较快回升，但二季度以来地产修复的可持续性较差，仅依靠消费反弹对经济的拉动作用有限，青年失业率保持高位。投资增速持续下行，出口中枢较去年下移，消费总体持续修复，但5月以来消费有走弱迹象。国内总需求持续走弱，上半年通胀同比水平显著下移，CPI和PPI均处于低位。在此背景下，货币政策易松难紧，我们预计后续将陆续出台具体的配套支持政策提振经济。上半年10年期国债收益率震荡下行，由年初2.83%下行约20 bps至2.63%附近。与此同时，1年期国债收益率于2月末达到上半年峰值2.33%，随后一路下行至1.87%附近，10-1年期限利差随着资金利率大幅下行被动扩大至76 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年政府工作报告对经济增长目标的设定较为稳健彰显了高质量发展的思路，后续政策刺激强度或有限。  报告期内，本基金保持较高的杠杆水平，继续控制好融资成本，为投资人创造良好的收益。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:08.872Z","fund":{"_id":3000000010294,"__csrcFundId":8387,"stockCode":"010294","shortName":"红塔红土盛兴39个月定期开放债券(010294)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10294,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:35.504Z","status":"normal","inceptionDate":"2021-02-04T16:00:00.000Z","name":"红塔红土盛兴39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050730000,"currency":"CNY","masterFundShortName":"红塔红土盛兴39个月定期开放债券","setUpDate":"2021-02-04T16:00:00.000Z","setUpAssetScale":2150321670.89,"setUpShares":2150321670.89,"pinyin":"hthtsx39gydqkfzqxzqtzjj","managers":[{"stockCode":"8801610263","stockType":"fund_manager","exchange":"fm","tickerId":31010197430,"name":"陈纪靖"}]},"announcement":{"linkText":"红塔红土盛兴39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=884055","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd7c7fea5b3eb04dab87","date":"2022-12-30T16:00:00.000Z","stockId":3000000010294,"sao":"回顾2022年，尽管欧美央行加息带动全球国债收益率上扬，但在央行货币政策以我为主的背景下，中债利率走出独立走势。2022年牵引利率走势的核心因素有三：一是疫情反弹和疫后重启，以及疫情防控政策的变化；二是房地产市场的持续低迷和稳经济、稳地产政策加码带来的基本面修复预期；三是超预期宽松的资金面。疫情反复和房地产低迷导致2022年经济增速不及预期，疲弱的基本面和由此而来的降息、降准决定了2022年长端利率中枢的下移，而在资金面超预期宽松驱动下，短端利率表现更好，收益率曲线整体走陡。本报告期内，基金持仓以政策性金融债为主，并保持一定杠杆水平。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:08.870Z","mo":"展望2023年，国内经济预计从弱衰退逐步修复。一方面防疫政策放松后将对消费形成提振，也有助于降低居民失业率；另一方面地产在多方位政策的刺激下，预计对经济的拖累减弱。出口预计延续下行趋势，主要受海外高利率环境下衰退概率增大的影响。实际操作中，本基金将继续保持当前的杠杆水平，获得良好的组合静态收益。","fund":{"_id":3000000010294,"__csrcFundId":8387,"stockCode":"010294","shortName":"红塔红土盛兴39个月定期开放债券(010294)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10294,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:35.504Z","status":"normal","inceptionDate":"2021-02-04T16:00:00.000Z","name":"红塔红土盛兴39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050730000,"currency":"CNY","masterFundShortName":"红塔红土盛兴39个月定期开放债券","setUpDate":"2021-02-04T16:00:00.000Z","setUpAssetScale":2150321670.89,"setUpShares":2150321670.89,"pinyin":"hthtsx39gydqkfzqxzqtzjj","managers":[{"stockCode":"8801610263","stockType":"fund_manager","exchange":"fm","tickerId":31010197430,"name":"陈纪靖"}]},"announcement":{"linkText":"红塔红土盛兴39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=866106","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd7c7fea5b3eb04dab86","date":"2022-09-29T16:00:00.000Z","stockId":3000000010294,"sao":"2022年三季度，债券收益率整体下行，主要受地产下行、政策利率下调的影响。向后看，利率预计呈现上行有顶、下行有底的震荡格局。三季度以来，受地产下行和疫情反复的拖累，经济下行压力有所增大。8月数据显示，基建投资和汽车制造业投资为主要支撑，继续保持较高增速。地产投资增速继续下行，但在保交楼政策下，竣工增速率先开始回升，销售也有所回暖。出口增速8月下行幅度较大，显示外需也逐步走弱。青年团体失业率从高位回落，预计能够持续到四季度。从高频数据来看，9月以来钢铁、煤炭开工率均回升，但卡车开工率有所下降，或受全国疫情散发影响。总体而言经济处于从前期低谷逐步修复的过程中，稳增长效果继续显现，地产行业艰难磨底。预计随着稳增长政策的继续落实，经济修复的预期将会逐步增强。  报告期内，本基金保持较高的杠杆水平，继续控制好融资成本，为投资人创造良好的收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:08.867Z","fund":{"_id":3000000010294,"__csrcFundId":8387,"stockCode":"010294","shortName":"红塔红土盛兴39个月定期开放债券(010294)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10294,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:35.504Z","status":"normal","inceptionDate":"2021-02-04T16:00:00.000Z","name":"红塔红土盛兴39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050730000,"currency":"CNY","masterFundShortName":"红塔红土盛兴39个月定期开放债券","setUpDate":"2021-02-04T16:00:00.000Z","setUpAssetScale":2150321670.89,"setUpShares":2150321670.89,"pinyin":"hthtsx39gydqkfzqxzqtzjj","managers":[{"stockCode":"8801610263","stockType":"fund_manager","exchange":"fm","tickerId":31010197430,"name":"陈纪靖"}]},"announcement":{"linkText":"红塔红土盛兴39个月定期开放债券型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=809581","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd7c7fea5b3eb04dab85","date":"2022-06-29T16:00:00.000Z","stockId":3000000010294,"sao":"2022年上半年，一季度，债市在稳增长预期抬头和宽货币预期延续的对冲下，走出了一轮纠结的震荡行情；二季度国内疫情卷土而来，债市也围绕着疫情形势的演绎，走出了一个浅V形态。10年期国债收益率始终在2.65-2.85%之间震荡，并且更多时候是在2.75-2.85%这10bps之间窄幅波动。另一方面，美国10年期国债收益率大幅上行，最高一度达到3.50%，中美长端利差倒挂程度进一步加深，美元兑人民币在岸汇率由期初的6.38贬值到期末的6.70附近，对中国的货币政策形成一定的制约。本基金报告期内，规模变化较大，组合整体保持较低久期和中等杠杆，市场波动对基金净值冲击相对较小。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:08.865Z","mo":"展望2022年下半年，市场资金面处于较为宽松的状态，资金利率大幅偏离政策利率，下半年回归正常化的可能性较大；另一方面，下半年稳增长政策效果将逐步显现，经济呈弱复苏状态，制约长端收益率进一步下行的空间，同时通胀已出现稳步抬升的迹象，人民币汇率在贬值到6.7-6.8区间后对货币政策的制约将开始出现。基金将维持当前杠杆水平，控制好融资成本，继续为投资人创造良好收益。","fund":{"_id":3000000010294,"__csrcFundId":8387,"stockCode":"010294","shortName":"红塔红土盛兴39个月定期开放债券(010294)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10294,"masterFundFlag":1,"lastUpd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报告期内基金继续增持政策性金融债，投资组合杠杆进一步提高。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:08.854Z","fund":{"_id":3000000010294,"__csrcFundId":8387,"stockCode":"010294","shortName":"红塔红土盛兴39个月定期开放债券(010294)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10294,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:35.504Z","status":"normal","inceptionDate":"2021-02-04T16:00:00.000Z","name":"红塔红土盛兴39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050730000,"currency":"CNY","masterFundShortName":"红塔红土盛兴39个月定期开放债券","setUpDate":"2021-02-04T16:00:00.000Z","setUpAssetScale":2150321670.89,"setUpShares":2150321670.89,"pinyin":"hthtsx39gydqkfzqxzqtzjj","managers":[{"stockCode":"8801610263","stockType":"fund_manager","exchange":"fm","tickerId":31010197430,"name":"陈纪靖"}]},"announcement":{"linkText":"红塔红土盛兴39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=655667","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd7c7fea5b3eb04dab81","date":"2021-06-29T16:00:00.000Z","stockId":3000000010294,"sao":"2021年上半年，经济整体呈现内需稳定、外需较强、生产旺盛的局面。从需求端看，投资复合增速继续回升，结构有所优化。前期增速较快的基建和地产开始放缓，制造业投资保持较高增速。出口受海外需求外溢影响，一直保持较高增速。消费缓慢回升，但受汽车消费回落的影响，消费回升力度较弱。生产端受出口和国内制造业投资拉动，一直保持较高热度。通胀方面受供需错配影响，PPI加速回升，CPI温和上涨。出口保持强劲，国内经济持续恢复，央行货币政策维持中性，并继续向常态化回归，在结构性政策支持下，社融增速和M2增速整体有显著下降，而信贷质量维持向好，政策利率保持不变。在可自主决定发行时间和审核偏严情况下，4月和5月地方专项债发行节奏较缓慢，流动性整体处于稍宽松水平。6月专项债发行节奏有所加快，流动性边际走紧至适中水平。短期资金价格保持平稳，长期资金价格中枢稍下降。银行主动债券融资水平有所上行，金融机构信用扩张进一步放缓，经济各部门杠杆水平均有下降，债市杠杆水平有所抬升。5月有关机构要求政策不急转弯，一季度货币政策执行报告要求保持流动性合理充裕，降低实际贷款利率。在投资组合上，我们继续增持政策性金融债并提高组合杠杆，获得良好的票息收益。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:08.852Z","mo":"下半年，我们认为央行维护资金面合理充裕态度明确，资金利率将保持低波动状态；同时经济复苏状态已持续较长时间，回落的风险显著增加；同时通胀回落趋势明显。需要关注的风险点是地方专项债放量和社融增速见底对资金利率的扰动。总体来看，债券市场风险可控，我们预计下半年收益率呈震荡小幅下行的走势，收益率曲线有望走平。在投资组合上，我们将继续视行情增持3年期政策性金融债，进一步提高组合杠杆。","fund":{"_id":3000000010294,"__csrcFundId":8387,"stockCode":"010294","shortName":"红塔红土盛兴39个月定期开放债券(010294)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10294,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:14:35.504Z","status":"normal","inceptionDate":"2021-02-04T16:00:00.000Z","name":"红塔红土盛兴39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050730000,"currency":"CNY","masterFundShortName":"红塔红土盛兴39个月定期开放债券","setUpDate":"2021-02-04T16:00:00.000Z","setUpAssetScale":2150321670.89,"setUpShares":2150321670.89,"pinyin":"hthtsx39gydqkfzqxzqtzjj","managers":[{"stockCode":"8801610263","stockType":"fund_manager","exchange":"fm","tickerId":31010197430,"name":"陈纪靖"}]},"announcement":{"linkText":"红塔红土盛兴39个月定期开放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=630628","linkType":"PDF","source":"csrc_pdf"}}]}