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尤其是在2023年下半年，届时海外发达市场的库存逐步回落到一个合理的水平。基建投资和制造业投资2023年受益于政策支持及信贷持续放量，预计仍有支撑。政策方面，当前处于强预期阶段，从2022年二十大之后到现在，政策思路逐渐明晰，后续预计还会沿着这些方向持续加码。相应的，预计2023年的财政政策和货币政策都不会缺席。货币政策从2023年全年来看降息窗口尚未完全关闭但受制因素仍较多，短期来看，降准的可能性相对更高。从资金面角度来看，预计市场利率会回到政策利率附近波动，在此基础上继续收紧的概率较小。通胀方面，核心通胀有抬升的压力，但综合来看，尚不构成市场的核心矛盾。债券市场方面，我们预计房地产修复情况、资金面波动情况、政策预期及广义的通胀压力会成为主导2023年债券市场走势的核心变量。从品种选择来看，经历了2022年四季度的调整之后，认为2023年中短端高等级信用债及短端的二级资本债具备较高的配置价值，但仍需密切关注理财的赎回情况。","fund":{"_id":3000000010758,"__csrcFundId":9922,"stockCode":"010758","shortName":"国投瑞银顺景一年定开债(010758)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10758,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T22:28:52.160Z","status":"normal","exchange":"jj","name":"国投瑞银顺景一年定期开放债券型证券投资基金","fundCollectionId":4000050180000,"inceptionDate":"2021-09-07T16:00:00.000Z","followedNum":0,"masterFundShortName":"国投瑞银顺景一年定开债","setUpDate":"2021-09-07T16:00:00.000Z","setUpAssetScale":7600356164.74,"setUpShares":7600356164.74,"pinyin":"gtrysjyndqkfzqxzqtzjj","managers":[{"stockCode":"db20476305","stockType":"fund_manager","exchange":"fm","tickerId":1912160690,"name":"宋璐"}]},"announcement":{"linkText":"国投瑞银顺景一年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=865983","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdf07fea5b3eb04e24eb","date":"2022-09-29T16:00:00.000Z","stockId":3000000010758,"sao":"三季度债券收益率下行：7月开启下行趋势，8月降息之后收益率快速下行，9月份市场有所调整，收益率出现上行。与二季末相比，三季末各期限收益率均有不同幅度下行。三季度经济修复的动能有所减弱，30个大中城市房地产销售面积在经历二季度回暖之后又快速回落；基建投资的表观数据一直维持在较高水平，但上半年落地的实物工作量明显弱于表观数据，三季度后期这一现象有所改善，但由于地产对产业链的拖累较大，建筑链条的景气度尚未见到明显回暖；疫情反复的背景下消费和服务业的复苏缓慢，并且由于疫情持续近三年，服务业的很多领域可能已经丧失了内生修复的能力；出口是过去两年支撑中国经济的重要领域，但由于海外衰退压力渐显，三季度出口下行压力开始显现。为了应对经济下行压力，逆周期政策不断发力，房地产调控在房住不炒的大原则下不断放松；政策性金融工具效果反馈良好，对基建投资形成有效支撑；此外还有各类结构性的货币政策工具及减税降费等。8月份的降息虽超市场预期，但却是意料之中。超预期是因为以往海外加息周期中国央行没有降息的操作，意料之中是因为国内的经济形势降息是完全有必要的。降息的时间点选在美联储加息预期相对较为平静的8月中旬，但从8月中下旬开始，海外紧缩预期不断加剧，美债和美元指数大幅上扬，人民币兑美元汇率也大幅贬值，国内央行出台了一系列措施干预汇率。8月中下旬开始，DR007资金价格趋势性抬升，银行间实际的流动性水平有所收敛。通胀仍是主导全球各大市场走势的主要矛盾之一，但国内通胀压力相对较小，PPI趋势下行，CPI读数虽有上行压力，但核心CPI走势一直较为疲弱，真实通胀压力有限。然而海外的通胀则较为棘手，仍需密切关注各类大宗商品的走势以及美国就业市场趋势。展望四季度，调控不断放松有利于房地产市场见底企稳，且去年同期基数不断降低有利于同比增速改善，但预计短期内较难看到景气度的大幅回升；基建投资增速三季度维持高位且实物工作量层面明显改善，但持续性较差；制造业投资维持前期趋势；消费仍受制于疫情反复及疫情调控恢复较慢；出口下行压力逐步显现。因此，如果出口不出现断崖式的回落，短期经济有环比修复的可能，但中长期角度来看，目前仍然没有看到经济出现新的增长点。但经济的走势也取决于后续政策的方向和力度，因此也需要密切关注政策走向。货币宽松节奏受到中美利差和汇率层面的制约，但目前不具备收紧的基础，银行间流动性在三季度中后期收敛后当前已回到较为合理的区间，预计短期继续收敛的概率也不大。债市市场短期有调整的压力，但目前没有看到逆转下行趋势的因素出现，关注安全边际，大幅调整后仍是加仓的机会。","declarationDate":"2022-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:04.069Z","fund":{"_id":3000000010758,"__csrcFundId":9922,"stockCode":"010758","shortName":"国投瑞银顺景一年定开债(010758)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10758,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T22:28:52.160Z","status":"normal","exchange":"jj","name":"国投瑞银顺景一年定期开放债券型证券投资基金","fundCollectionId":4000050180000,"inceptionDate":"2021-09-07T16:00:00.000Z","followedNum":0,"masterFundShortName":"国投瑞银顺景一年定开债","setUpDate":"2021-09-07T16:00:00.000Z","setUpAssetScale":7600356164.74,"setUpShares":7600356164.74,"pinyin":"gtrysjyndqkfzqxzqtzjj","managers":[{"stockCode":"db20476305","stockType":"fund_manager","exchange":"fm","tickerId":1912160690,"name":"宋璐"}]},"announcement":{"linkText":"国投瑞银顺景一年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=811952","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdf07fea5b3eb04e24ea","date":"2022-06-29T16:00:00.000Z","stockId":3000000010758,"sao":"上半年债券市场走势整体维持震荡。内部表现出现一定分化，信用债表现明显好于同期限的利率债。信用债中短久期适度下沉信用策略相对占优；利率债超长期限表现最好，其余各期限利率债持有收益差异不大。杠杆票息策略优于久期策略。回顾上半年市场走势，一季度债券收益率先下后上，二季度短端收益率趋势下行，长端收益率窄幅震荡。上半年经济表现明显低于年初预期，主要是由于上海疫情以及房地产大幅下行，相应的，货币政策维持宽松，虽然受到海外加息的制约政策利率的调整较为克制，但是市场利率大幅下行，明显低于政策利率，资金面充裕。上半年大宗商品价格维持高位，国内仍面临一定的输入性通胀压力，但由于基数上行，PPI同比读数维持下行趋势，上半年CPI仍处于较低水平。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:04.066Z","mo":"展望下半年，疫情过后三季度经济环比二季度改善的确定性较高，但是改善幅度仍有分歧，关于四季度的经济走势也存在分歧。我们认为经济反弹高度的关键在于房地产领域的复苏情况，当前暂时看不到房地产景气度明显改善的迹象，因此预计经济仍是弱复苏的格局。分部门来看，预计三季度基建仍将维持较高增速，且对上下游的拉动效果好于上半年，但持续性不强；制造业投资维持上半年的趋势；消费缓慢温和复苏；出口趋势下行但仍维持较强韧性；房地产在基数效应下同比改善但环比的复苏仍较为缓慢。货币政策宽松，维持流动性合理充裕偏高水平。CPI下半年有上行压力，但主要是猪肉价格上涨的影响，核心CPI仍偏弱，预计对市场影响有限。债券市场方面，宽松流动性下的资产荒逻辑仍在，且前期利率水平并未完全反应经济下行压力，期限利差仍维持在较高水平；最大风险点是政策发力逐渐得到传导，房地产和基建领域复苏强度超预期。目前来看，机会仍大于风险。但收益率近期大幅下行之后交易拥挤度有所上升，短端已经较为充分的定价了当前宽松的流动性，如果市场利率边际收敛，短端可能面临一定的调整压力。","fund":{"_id":3000000010758,"__csrcFundId":9922,"stockCode":"010758","shortName":"国投瑞银顺景一年定开债(010758)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10758,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T22:28:52.160Z","status":"normal","exchange":"jj","name":"国投瑞银顺景一年定期开放债券型证券投资基金","fundCollectionId":4000050180000,"inceptionDate":"2021-09-07T16:00:00.000Z","followedNum":0,"masterFundShortName":"国投瑞银顺景一年定开债","setUpDate":"2021-09-07T16:00:00.000Z","setUpAssetScale":7600356164.74,"s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