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偏弱，30年国债跌幅明显。复盘全年诱因，利率市场波动加大走熊的核心或在于上半年的货币政策宽松预期修正、大行资金趋紧、下半年“反内卷”引起的通胀修复预期、公募基金销售费用改革以及权益市场在关税博弈与产业革命的主线交织下风险偏好提升对债市形成的压制。报告期内，本基金主要采用信用债打底为组合提供票息收益，同时通过国债期货的交易对组合收益进行增厚。","lastUpdated":"2026-03-30T13:32:03.720Z","mo":"展望后市，2026年仍是机会与风险并存之年，对于债券市场而言，从赔率胜率角度较2025年边际有所好转。内部在“十五五”开门红强叙事性的宏观大环境下，市场或就财政发力传导情况以及货币政策边际宽松情况进行双向博弈。外部环境在百年未有之大变局格局下，诸多地缘政治风险暗存。上半年或需关注宏观强叙事下权益资产斜率情况、供给规模的扩大对流动性的影响、总量货币政策预期以及地缘政治风险冲击边际变化。下半年，核心逻辑或在于价格水平的证实与证伪，通过预期与现实的相互印证进行进一步投资策略规划。总的来说，2026债市还将呈现“低利率、高波动”的特征，全年预计可能1-2次降息落地，利率中枢整体或震荡下行，不过仍要降低单边行情预期，策略仍应保持谨慎以交易思维为主，综合分析，审慎博弈，保持仓位流动性，积极把握进行波段交易的机会。","fund":{"_id":3000000010837,"__csrcFundId":8680,"stockCode":"010837","shortName":"格林泓景债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10837,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.218Z","status":"normal","inceptionDate":"2021-01-26T16:00:00.000Z","name":"格林泓景债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051360000,"currency":"CNY","masterFundShortName":"格林泓景债券","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":100001485.99,"setUpShares":100001485.99,"pinyin":"glhjzqxzqtzjj","managers":[{"stockCode":"j101020445","stockType":"fund_manager","exchange":"fm","tickerId":251210259160,"name":"尹鲁晋"}]},"announcement":{"linkText":"格林泓景债券型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1449480","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece047fea5b3eb04e3906","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000010837,"sao":"报告期内权益市场在人工智能相关板块的带动下整体走强，商品市场在“反内卷”的催化下，多晶硅、焦煤等商品大幅反弹。风险资产的大幅走强对债券市场形成一定压制，此外，2025年9月5日中国证监会发布了《关于公开募集证券投资基金销售费用管理规定》的征求意见稿，这一新规在赎回费率上的调整对债券市场影响较大，报告期内10年期国债活跃券收益率从1.65%震荡上行至1.78%，债券市场整体处于调整态势。运作上，本基金三季度投资策略上还是基于宏观基本面与资产性价比的角度进行资产配置，考虑到债市偏弱，且波动较大，而权益市场以人工智能为代表的相关板块主线突出，因此整体配置上对权益资产较为积极，对债券的配置相对保守，但考虑到成长板块估值偏高，权益资产采用成长与红利的哑铃型组合。展望第四季度，外部需求依然充满较大不确定性，房地产仍在筑底阶段，内需仍然有待提振，综合考虑到成长板块估值偏高，未来将重点关注债券市场变动带来的投资机会。","lastUpdated":"2026-03-09T13:41:24.043Z","fund":{"_id":3000000010837,"__csrcFundId":8680,"stockCode":"010837","shortName":"格林泓景债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10837,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.218Z","status":"normal","inceptionDate":"2021-01-26T16:00:00.000Z","name":"格林泓景债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051360000,"currency":"CNY","masterFundShortName":"格林泓景债券","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":100001485.99,"setUpShares":100001485.99,"pinyin":"glhjzqxzqtzjj","managers":[{"stockCode":"j101020445","stockType":"fund_manager","exchange":"fm","tickerId":251210259160,"name":"尹鲁晋"}]},"announcement":{"linkText":"格林泓景债券型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1370258","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece047fea5b3eb04e3905","date":"2025-06-29T16:00:00.000Z","stockId":3000000010837,"sao":"宏观层面，2025年上半年宏观经济保持稳健。从一季度六大口径来看，工业、消费、服务业、投资、地产销售同比增速均高于去年5.0%的实际GDP所对应的年度增速，只有出口低于去年年度增速。基建方面，年初财政支出加快，支撑基建偏强。基建施工景气低于农历同期，但从资金端看，在置换债集中发行、地方财政支出压力减缓的情况下，项目资金到位与财务支出进度有所改善。房地产方面，销售同比转负，新开工约束仍在。进入二季度，4月经济数据普遍回落，关税影响初步显现。其中出口、工业生产、基建和制造业投资增速高位回落，但韧性仍强；而消费超预期走弱、地产投资与销售额跌幅扩大，信贷社融也低于预期，CPI、PPI仍在低位，显示需求不足仍是核心问题。5月，宏观与金融数据延续“结构修复、总量承压”格局，工业维持稳定增长，消费表现略强，地产链条全面承压，而M2、社融等金融数据释放出信用支持企稳、但有效需求偏弱的信号。债市一季度经历较大波动，3月市场收益率演绎“倒V”形态，上半个月，债市情绪仍偏谨慎，特别是两会之后，债市对央行宽松政策预期重新定价，资金面持续紧张，银行体系缺负债，且在消费政策、经济基本面数据带来的情绪影响下，债市情绪较为恐慌，债券收益率大幅上行，而随着央行资金态度缓和，债市逐渐进行修复，债市收益率震荡下行，。4月债市主要受关税冲击驱动，5月市场呈现震荡态势，6月后出现曲线陡峭化的行情。大行持续买短债，央行买断式逆回购有力呵护，叠加基本面数据表现偏弱、地缘政治冲突加剧，债市利好因素累积增多，收益率基本处于下行通道，但止盈情绪升温制约债市进一步上涨空间，市场博弈利差挖掘行情。权益市场一季度呈现结构分化，科技成长板块表现相对占优，Deepseek的崛起让市场看到了我国科技领域巨大的发展潜力与实力。另外，人形机器人、消费电子、半导体等赛道均出现了更加积极的边际变化。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:24.040Z","mo":"预计下半年经济修复仍需时间验证，基本面对债市形成支撑。随着抢出口结束、出口压力可能明显加大，GDP增速或许存在放缓的风险，债券牛市格局仍未改变。权益方面，我们认为未来外部因素的扰动有望进一步降低，并且市场情绪也将逐渐适应外部环境的反复多变，国内经济更多将会“以我为主”，宏观数据中的关键变量或将是市场关注的定价焦点。宏观事件冲击趋于平淡后，个股以及赛道阿尔法逻辑将进一步凸显。在国内经济新旧动能转换周期下，科技赛道将成为下一个经济重要增长引擎。","fund":{"_id":3000000010837,"__csrcFundId":8680,"stockCode":"010837","shortName":"格林泓景债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10837,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.218Z","status":"normal","inceptionDate":"2021-01-26T16:00:00.000Z","name":"格林泓景债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051360000,"currency":"CNY","masterFundShortName":"格林泓景债券","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":100001485.99,"setUpShares":100001485.99,"pinyin":"glhjzqxzqtzjj","managers":[{"stockCode":"j101020445","stockType":"fund_manager","exchange":"fm","tickerId":251210259160,"name":"尹鲁晋"}]},"announcement":{"linkText":"格林泓景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=1347697","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece047fea5b3eb04e3904","date":"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1-2月社零同比+4.0%，1、2月环比季调均高于2024年同期，“以旧换新”政策补贴扩围加力，同比消费动能改善。对于债市，3月市场收益率演绎“倒V”形态，上半个月，债市情绪仍偏谨慎，特别是两会之后，债市对央行宽松政策预期重新定价，资金面持续紧张，银行体系缺负债，且在消费政策、经济基本面数据带来的情绪影响下，债市情绪较为恐慌，债券收益率大幅上行，基金券商等交易盘恐慌情绪演绎，10年期、30年期国债收益率触碰1.9%、2.15%等关键点位，长端收益率基本完成对透支宽松预期的修正；而随着央行资金态度缓和，债市逐渐进行修复，债市收益率震荡下行，且波动空间很可能将收窄，短期有待资金面与基本面数据给出方向性指引。权益市场一季度呈现结构分化，科技成长板块表现相对占优，Deepseek的崛起让市场看到了我国科技领域巨大的发展潜力与实力。另外，人形机器人、消费电子、半导体等赛道均出现了更加积极的边际变化。展望债市，我们认为近几个月的宏观格局与债市趋势与2022年末至2023年初的阶段较为相似，背后都有来自于经济修复的预期以及风险偏好的回暖。但2023年二季度开始，股和债的走势开始发生逆转，债市重新走强，背后对应的则是市场复苏预期的落空。如果经济修复并未如市场预期般强劲，货币政策和财政政策可能会进一步加码，尤其是货币政策的宽松可能再超市场预期，带动债券利率重回下行。展望后市，今年债券牛市格局仍未改变，我们继续看好国内债券市场。权益市场方面，在“新质生产力”的政策引导、以及海外科技竞争压力下，我国科技产业更加具备中长期发展前景以及紧迫性，新一轮科技景气周期或已到来，预计将有大量优质公司涌现。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:24.037Z","fund":{"_id":3000000010837,"__csrcFundId":8680,"stockCode":"010837","shortName":"格林泓景债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10837,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.218Z","status":"normal","inceptionDate":"2021-01-26T16:00:00.000Z","name":"格林泓景债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051360000,"currency":"CNY","masterFundShortName":"格林泓景债券","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":100001485.99,"setUpShares":100001485.99,"pinyin":"glhjzqxzqtzjj","managers":[{"stockCode":"j101020445","stockType":"fund_manager","exchange":"fm","tickerId":251210259160,"name":"尹鲁晋"}]},"announcement":{"linkText":"格林泓景债券型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1274297","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece047fea5b3eb04e3903","date":"2024-12-30T16:00:00.000Z","stockId":3000000010837,"sao":"回顾2024年，上半年宏观环境较为波折，一季度地产投资下滑明显，市场期待的政策刺激有所落空，在“资产荒”配置压力下，叠加权益市场小微盘流动性冲击引发资金避险情绪进一步抬升，债券市场迎来快速上涨。二季度4月之后，宏观基本面数据结构性略有好转，但景气度的回升仍较为曲折，细分结构存在一定“温差”，偏弱的社零、房地产投资增速的下滑以及社融信贷等方面的修复有待进一步跟踪，基本面与资产荒格局的共同作用下，债市二季度依然维持震荡偏强的走势。另外，央行在二季度数次提示长端利率债定价以及债市风险，导致市场情绪波动，但在基本面因素的支撑下，调整幅度相对有限，债市收益率在横盘震荡近2个月后于6月份再次出现一轮显著下行。权益市场方面，“出海”、“红利资产”、“周期资源品”等逻辑成为上半年投资主线，而在5月中旬公布4月经济数据之后，经济预期边际转弱，市场普遍进入回调阶段，期间科技成长板块在三期大基金、AI 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6-29T16:00:00.000Z","stockId":3000000010837,"sao":"上半年，宏观经济弱复苏，第一季度经济数据超市场预期，权益资产相对较好，债券市场高位震荡盘整。进入第二季度，房地产市场销售逐月走弱，市场对权益资产偏谨慎，叠加新老成长板块切换，市场走出极致分化的行情，而债券市场呈现信用和利率的牛市格局。债券投资方面，本基金在第二季度积极参与久期策略，配置较大比例的三十年期国债和二十年期国开债，充分暴露久期策略的风险敞口。股票投资策略方面，通过切换持仓到TMT板块，及时跟上新的行业变化带来的新的市场趋势。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:24.018Z","mo":"下半年，宏观经济在政策力度逐渐释放的情况下，可能会有稳健复苏，能够在一定程度上提升风险偏好，叠加库存周期预期见底，有可能迎来小的补库周期，本基金债券投资方面会保持灵活的久期策略，通过信用债底仓配置获取稳定收益，控制债券投资的回撤；权益投资方面，考虑到宏观基本面还没有超预期的拐点，权益投资会控制仓位，精选投资主线，灵活的参与主线行情的交易。","fund":{"_id":3000000010837,"__csrcFundId":8680,"stockCode":"010837","shortName":"格林泓景债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10837,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.218Z","status":"normal","inceptionDate":"2021-01-26T16:00:00.000Z","name":"格林泓景债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051360000,"currency":"CNY","masterFundShortName":"格林泓景债券","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":100001485.99,"setUpShares":100001485.99,"pinyin":"glhjzqxzqtzjj","managers":[{"stockCode":"j101020445","stockType":"fund_manager","exchange":"fm","tickerId":251210259160,"name":"尹鲁晋"}]},"announcement":{"linkText":"格林泓景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=964352","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece047fea5b3eb04e38fc","date":"2023-03-30T16:00:00.000Z","stockId":3000000010837,"sao":"2023年第一季度，宏观经济处于弱复苏状态，经济数据持续好转，房地产行业二手房周转加快，新房也有回暖迹象，基建投资在财政资金前置的背景下，保持了去年的韧性，消费一次性修复后回归常态，进出口略显压力，通胀一直运行在低位。第一季度，信用和流动性方面，信贷开门红，且企业中长期贷款一直保持高增，信贷利率持续下行，实体经济获得的信贷资源较为充足，银行间流动性方面，存单利率运行在2.5%-2.75%之间，回购利率围绕政策利率上下波动，整体流动性较去年有明显的收敛，但是并没有收紧。第一季度，本基金债券投资策略注重票息收入，保持适度的杠杆率，组合久期偏短，坚持高等级信用债策略，久期维持在1年左右。股票投资策略方面，保持适度的均衡配置，以新能源光伏储能、机械设备和半导体零部件为主。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:24.016Z","fund":{"_id":3000000010837,"__csrcFundId":8680,"stockCode":"010837","shortName":"格林泓景债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10837,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.218Z","status":"normal","inceptionDate":"2021-01-26T16:00:00.000Z","name":"格林泓景债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051360000,"currency":"CNY","masterFundShortName":"格林泓景债券","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":100001485.99,"setUpShares":100001485.99,"pinyin":"glhjzqxzqtzjj","managers":[{"stockCode":"j101020445","stockType":"fund_manager","exchange":"fm","tickerId":251210259160,"name":"尹鲁晋"}]},"announcement":{"linkText":"格林泓景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=887742","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece047fea5b3eb04e38fb","date":"2022-12-30T16:00:00.000Z","stockId":3000000010837,"sao":"2022年，宏观经济上半年下行压力较大，二十大以后市场对宏观经济复苏的预期才逐渐恢复信心，直到疫情完全放开，市场才开始逐渐开启复苏交易。股市方面，年初受疫情影响，行业需求不清，叠加估值不具备太强的配置价值，股票市场从年初到4月底一直处于单边下跌的状态。债券方面，宏观经济下行压力较大，债券收益率基本维持下行趋势，但是受央行控制流动性过于宽松的影响，收益率下行到一定位置后，市场也不再进行拥挤交易。本基金投资选择了三十年国债的超长债静态票息策略，既收到足够的票息也获得了不错的资本利得收益，并于5月初对超长债进行了战略减持。本基金上半年权益部分以中等仓位参与了汽车、光伏等新能源行业。4月到6月期间，上海疫情阶段性缓和，房地产销售恢复一定热度，市场对宏观经济开始恢复信心，以电动车和光伏为代表的成长股引领股市上涨，本基金及时增加权益仓位，参与了电动车、零部件和光伏及相关产业链的投资，债券部分则完全规避了久期的波动风险。7月到8月之后，本基金减持了大部分可转债仓位，进行了战略止盈，下半年基本使可转债维持在低仓位；股票投资方面，将板块从汽车、零部件和光伏领域转换为专用机械设备行业。11月以后，市场对宏观经济复苏的预期逐渐增强，本基金适度加仓光伏设备、电池片等环节。债券投资方面，本基金在下半年整体维持平稳，维持了短久期高等级信用债策略，虽然短信用在年底债市波动中也出现了净值回撤，但本基金整体久期不长，票息比较高，对组合影响不大。","declarationDate":"2023-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:24.013Z","mo":"展望2023年宏观经济，预计宏观经济一季度会保持经济复苏的趋势，强度和斜率需要观察房地产、开工等高频数据做动态评估，市场可能会因为各板块收入差别不大从而出现快速的轮动，本基金会维持高景气的成长赛道投资，同时积极捕捉市场交易主线。2023年全年看，经济复苏的节奏会有反复，信用扩张也会有阶段性的放缓，本基金长债部分会在收益率的高位积极配置长久期利率债，在短信用收益率较好的位置加大配置一年左右的高等级信用债，以稳定组合的静态收益，股票仓位坚持绝对收益策略原则，会在宏观经济再度走弱时，进行空仓处理。","fund":{"_id":3000000010837,"__csrcFundId":8680,"stockCode":"010837","shortName":"格林泓景债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10837,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.218Z","status":"normal","inceptionDate":"2021-01-26T16:00:00.000Z","name":"格林泓景债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051360000,"currency":"CNY","masterFundShortName":"格林泓景债券","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":100001485.99,"setUpShares":100001485.99,"pinyin":"glhjzqxzqtzjj","managers":[{"stockCode":"j101020445","stockType":"fund_manager","exchange":"fm","tickerId":251210259160,"name":"尹鲁晋"}]},"announcement":{"linkText":"格林泓景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=870221","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece047fea5b3eb04e38fa","date":"2022-09-29T16:00:00.000Z","stockId":3000000010837,"sao":"2022年第三季度，国内宏观经济保持平稳，预计GDP回升至3.5%，受疫情影响，内需恢复力度不强。信用角度，社融月度波动特征明显，且票据冲量特征明显，反映居民和实体企业的需求不足。通胀方面，CPI温和抬升，PPI持续下行。国内财政政策持续发力，基建投资一直运行在高位，也是逆周期调节的主要力量，房地产投资受断贷风波影响，持续低迷。制造业投资保持较高景气度。消费受疫情影响，恢复缓慢，不及预期。进出口有回落风险。债券市场7月初受存单利率上行和央行突然减少投放量的影响，国债利率一度快速上行突破2.85%，但随后8月降息引发市场做多热情，10年国债收益率下行至2.6%附近。9月底，国债利率受政策影响快速上行15BP，回到2.75上方。股票市场在2个月的上涨行情过后，成长板块与价值板块形成背离，最后以成长板块的估值回归结束。本基金在运作过程中充分考虑到股票、纯债、可转债等资产的相关性以及性价比，保持了相对灵活的配置思路，积极调整各类资产在组合中的占比，7月以来权益市场整体走弱，本基金净值有一定波动，但是从所持有标的的行业及公司基本面来看，逻辑没有出现太大问题。展望四季度，本基金的债券投资坚持高等级信用债策略。利率久期策略仍有配置机会，等待收益率曲线形态有利久期策略时进行配置。权益类资产可能仍是结构性机会，需要精选行业，站在当下时点来看，科技成长类行业下半年仍然有望维持景气，其中部分细分领域正处于较强的产品周期与技术周期，产业链内部供需的变化可能引导产业链价值在上中下游重新分配，优势环节有望充分受益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:24.010Z","fund":{"_id":3000000010837,"__csrcFundId":8680,"stockCode":"010837","shortName":"格林泓景债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10837,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.218Z","status":"normal","inceptionDate":"2021-01-26T16:00:00.000Z","name":"格林泓景债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051360000,"currency":"CNY","masterFundShortName":"格林泓景债券","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":100001485.99,"setUpShares":100001485.99,"pinyin":"glhjzqxzqtzjj","managers":[{"stockCode":"j101020445","stockType":"fund_manager","exchange":"fm","tickerId":251210259160,"name":"尹鲁晋"}]},"announcement":{"linkText":"格林泓景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=806151","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece047fea5b3eb04e38f9","date":"2022-06-29T16:00:00.000Z","stockId":3000000010837,"sao":"2022年上半年，市场经历了美联储加息、国内稳增长政策推进、俄乌冲突、疫情封锁等多种因素扰动，债市与股市均出现一定波动，宏观经济走出探底恢复的走势。伴随着美联储加息和缩表，全球流动性回流美国，权益资产于4月底在宏观驱动和流动性紧缩双重压力下探底，债券收益率也在5月见底。随着宏观经济的弱复苏，狭义流动性保持宽松，社融由专项债支撑达到年内高点，权益资产在弱复苏的宏观环境下，成长风格占优，债券资产快速回调，走出一波熊陡的走势。本基金在运作过程中充分考虑到股票、纯债、可转债等资产的相关性以及性价比，保持了相对灵活的配置思路，积极调整各类资产在组合中的占比，在市场面临移动波动时较好地控制了风险，当5月初权益资产出现明显配置机会时适时参与，后续为组合贡献了较好的收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:24.008Z","mo":"展望下半年，本基金的债券投资坚持高等级信用债策略，利率久期策略仍有配置机会，等待收益率曲线形态有利久期策略时进行配置；权益类资产可能仍是结构性机会，需要精选行业，站在当下时点来看，科技成长类行业下半年仍然有望维持景气，其中部分细分领域正处于较强的产品周期与技术周期，产业链内部供需的变化可能引导产业链价值在上中下游重新分配，优势环节有望充分受益。","fund":{"_id":3000000010837,"__csrcFundId":8680,"stockCode":"010837","shortName":"格林泓景债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10837,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.218Z","status":"normal","inceptionDate":"2021-01-26T16:00:00.000Z","name":"格林泓景债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051360000,"currency":"CNY","masterFundShortName":"格林泓景债券","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":100001485.99,"setUpShares":100001485.99,"pinyin":"glhjzqxzqtzjj","managers":[{"stockCode":"j101020445","stockType":"fund_manager","exchange":"fm","tickerId":251210259160,"name":"尹鲁晋"}]},"announcement":{"linkText":"格林泓景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=787632","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece047fea5b3eb04e38f8","date":"2022-03-30T16:00:00.000Z","stockId":3000000010837,"sao":"2022年一季度宏观经济预期较弱，受地产拖累和消费走弱的影响，市场在绝对收益产品的赎回和清盘中形成了一定程度的负反馈。国内输入性通胀压力较大，一度形成股债双杀的局面。海外加息压制成长股估值，半导体、新能源、军工板块均出现了较大幅度回调，消费板块也在通胀预期中再度调整了20%左右。宏观环境不利于权益资产，由于债券收益率整体偏低，一季度央行进行了一次降息，短端在降息后有一波较大幅度的回调，收益率上行超过30BP，收益率曲线走成熊平形态。一季度本基金整体保持均衡配置策略，债券资产主要以杠杆策略加票息策略为主，进行了超长债的配置，在3月份收益率上行的过程中加大了超长债的配置仓位，降低了高等级信用仓位，获得了较高的票息收入和资本利得浮盈。权益组合以超跌反弹的交易策略为主，板块配置较均衡，相继对若干成长板块做了一些波段操作，3月中下旬大幅降低了股票仓位，以度过美联储加息叠加缩表带来的估值调整期，整体组合的波动率大幅降低。可转债估值压力尚未得到释放，可转债方面继续保持空仓等待。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:24.005Z","fund":{"_id":3000000010837,"__csrcFundId":8680,"stockCode":"010837","shortName":"格林泓景债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10837,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.218Z","status":"normal","inceptionDate":"2021-01-26T16:00:00.000Z","name":"格林泓景债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051360000,"currency":"CNY","masterFundShortName":"格林泓景债券","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":100001485.99,"setUpShares":100001485.99,"pinyin":"glhjzqxzqtzjj","managers":[{"stockCode":"j101020445","stockType":"fund_manager","exchange":"fm","tickerId":251210259160,"name":"尹鲁晋"}]},"announcement":{"linkText":"格林泓景债券型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=726509","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece047fea5b3eb04e38f7","date":"2021-12-30T16:00:00.000Z","stockId":3000000010837,"sao":"回顾2021年全年，债券市场走出小牛市，股市分化严重。随着2020年信用见顶回落，2021年宏观经济下行压力加大，叠加房地产政策收紧，能耗双控等政策对生产有一定的影响，上游资源品涨价幅度较大，进一步挤压了中游和下游企业的利润，国内宏观经济面临需求收缩、供给冲击、预期转弱三重压力。货币政策7月份开始发力，实行全面降准，启动逆周期调节对冲经济下行趋势，财政政策在第四季度开始发力，专项债发行节奏加快，地方政府储备项目为2022年一季度做准备。房地产政策也出现政策底，尤其是\"保交付\"和\"合理的融资需求\"引起政策重视。政策企稳带来房地产板块的一波估值修复的机会。基金运作方面，债券市场在年初资金面收紧的情况下，收益率打出了全年的高点。本基金在年初保持了高等级信用债和长久期利率债的策略，在全年收益率下行的过程中获得了良好的信用配置收益和资本利得收益。第四季度考虑到收益率位置偏低，本基金采取收缩久期平稳过渡的策略，持有高等级信用债和高流动性资产，未配置股票和可转债，保持了净值的平稳。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:24.002Z","mo":"展望2022年，宏观经济在房地产有限度的放松的背景下，大概率能够企稳，货币政策保持平稳偏宽松，财政政策第一季度更加积极，但考虑到地方债务和杠杆率的限制，可能前高后低，宏观经济波动收敛。对债券市场而言，收益率反弹会迎来配置机会，本基金会积极运用长久期利率的久期策略，配置超长债。权益方面，经过2022年年初的一波大幅下跌，很多板块已经开始具备了配置价值，同时兼具成长性，本基金会积极布局若干成长质量良好的成长板块和低估值周期板块，保持均衡配置的思路，维持组合的稳定性，降低全年收益率期望，灵活调整权益的行业配置。","fund":{"_id":3000000010837,"__csrcFundId":8680,"stockCode":"010837","shortName":"格林泓景债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10837,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.218Z","status":"normal","inceptionDate":"2021-01-26T16:00:00.000Z","name":"格林泓景债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051360000,"currency":"CNY","masterFundShortName":"格林泓景债券","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":100001485.99,"setUpShares":100001485.99,"pinyin":"glhjzqxzqtzjj","managers":[{"stockCode":"j101020445","stockType":"fund_manager","exchange":"fm","tickerId":251210259160,"name":"尹鲁晋"}]},"announcement":{"linkText":"格林泓景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=716224","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece047fea5b3eb04e38f6","date":"2021-09-29T16:00:00.000Z","stockId":3000000010837,"sao":"国内经济方面，宏观方面，受零星疫情扰动、天气等短期因素扰动，三季度的经济压力已经明显加大，出口目前是经济的唯一亮点，四季度国内经济仍将继续面临下行压力，而产能约束导致“胀”，与下游阶段性需求不足导致“滞”，是当前制约经济增长的主要矛盾。货币政策上，央行保持了近年一如既往的克制，没有大水满贯，打消了债市对于后续降准的期待。股市方面，三季度是市场风格分化快速扩大、板块轮动快速且剧烈的一个季度，随着经济维持稳增长的压力加大，市场高低切换及行业快速轮动或会成为常态。展望后续泓景将继续维持短久期高评级信用债配合利率债期限利差策略为主，适时参与转债及股票的波段机会。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:24.000Z","fund":{"_id":3000000010837,"__csrcFundId":8680,"stockCode":"010837","shortName":"格林泓景债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10837,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.218Z","status":"normal","inceptionDate":"2021-01-26T16:00:00.000Z","name":"格林泓景债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051360000,"currency":"CNY","masterFundShortName":"格林泓景债券","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":100001485.99,"setUpShares":100001485.99,"pinyin":"glhjzqxzqtzjj","managers":[{"stockCode":"j101020445","stockType":"fund_manager","exchange":"fm","tickerId":251210259160,"name":"尹鲁晋"}]},"announcement":{"linkText":"格林泓景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=657449","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece037fea5b3eb04e38f5","date":"2021-06-29T16:00:00.000Z","stockId":3000000010837,"sao":"今年上半年的债市整体波动较小，10年期国债收益率从去年末的3.14%小幅回落至3.08%，经历了3-5月资金面偏宽松状态后，在超储持续消耗的背景下，资金利率和存单价格再次回归政策利率附近。债券方面，泓景维持了1、3、5年的梯形结构。股市方面，在春节后股市经历了较大的调整，泓景仍然保持股票低仓位运作。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:23.997Z","mo":"股票方面，总体来看，国内经济缓慢回落，狭义流动性宽松预期无法证伪。且资金面偏存量博弈，预计市场整体以震荡为主，重视结构性机会，在价值股经历了上半年的估值修复后，下半年泓景将适当参与价值股的投资机会。债券方面，泓景仍将保持1、3、5年的梯形配置结构，作为组合收益的基石。","fund":{"_id":3000000010837,"__csrcFundId":8680,"stockCode":"010837","shortName":"格林泓景债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10837,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.218Z","status":"normal","inceptionDate":"2021-01-26T16:00:00.000Z","name":"格林泓景债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051360000,"currency":"CNY","masterFundShortName":"格林泓景债券","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":100001485.99,"setUpShares":100001485.99,"pinyin":"glhjzqxzqtzjj","managers":[{"stockCode":"j101020445","stockType":"fund_manager","exchange":"fm","tickerId":251210259160,"name":"尹鲁晋"}]},"announcement":{"linkText":"格林泓景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=635443","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece037fea5b3eb04e38f4","stockId":3000000010837,"sao":"国外经济方面，全球疫情总体好转，欧洲疫情三月末出现反复，疫苗注射加速,美国总统拜登推出的 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后小幅回升。债券市场方面，一季度利率债长端品种出现小幅上行，信用债表现分化，中高等级信用债下行幅度较大。由于一季度市场矛盾主要集中在中短端，故中短期险品种波动大于长端，超长端由于供给减少及银行保险配置需求旺盛，表现出较高的韧性。格林泓景建仓伊始正值货币由紧转松，因此进行了大仓位的中短久期高等级信用债及利率债配置，取得一定的资本利得及息差收入，展望后市，预计股票市场将步入“磨底期”，下行空间收窄之后，市场明显上行暂时也缺少动力，因此主要坚持纯债打底，并精选基本面优质的公司，在确保纯债打底收益的情况下，在股票仓位上略有增强。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:23.994Z","fund":{"_id":3000000010837,"__csrcFundId":8680,"stockCode":"010837","shortName":"格林泓景债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10837,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.218Z","status":"normal","inceptionDate":"2021-01-26T16:00:00.000Z","name":"格林泓景债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000051360000,"currency":"CNY","masterFundShortName":"格林泓景债券","setUpDate":"2021-01-26T16:00:00.000Z","setUpAssetScale":100001485.99,"setUpShares":100001485.99,"pinyin":"glhjzqxzqtzjj","managers":[{"stockCode":"j101020445","stockType":"fund_manager","exchange":"fm","tickerId":251210259160,"name":"尹鲁晋"}]},"announcement":{"linkText":"格林泓景债券型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=575659","linkType":"PDF","source":"csrc_pdf"}}]}