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货币政策预计延续“适度宽松”，但总量及价格工具需根据政治局会议定调及经济形势变化灵活应对；财政政策方面关注增量刺激的可能性。“反内卷”等政策带来的风险偏好提升的持续性影响待观察，需警惕其情绪面对债市的短期压制作用。综合看，债市低位向下突破动能不足，向上空间亦有限，中长期交易逻辑将回归基本面与资金面，预计下半年整体维持震荡走势。","fund":{"_id":3000000011029,"__csrcFundId":8579,"stockCode":"011029","shortName":"安信永盈一年定开债券(011029)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11029,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:36:37.047Z","status":"normal","inceptionDate":"2021-03-24T16:00:00.000Z","name":"安信永盈一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信永盈一年定开债券","setUpDate":"2021-03-24T16:00:00.000Z","setUpAssetScale":709999000,"setUpShares":709999000,"pinyin":"axyyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20835917","stockType":"fund_manager","exchange":"fm","tickerId":261203210400,"name":"祝璐琛"},{"stockCode":"j101020548","stockType":"fund_manager","exchange":"fm","tickerId":42519250290,"name":"邓宇思"}]},"announcement":{"linkText":"安信永盈一年定期开放债券型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1339102","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece2f7fea5b3eb04e69cd","date":"2025-03-30T16:00:00.000Z","stockId":3000000011029,"sao":"回顾一季度市场表现，上证指数保持平稳，市场情绪有所回暖。中证指数1季度上涨3.13%，表现相对较好。债券市场方面，10年国债收益率上行15bp，由1.66%上行至1.81%。　　从宏观经济来看，在2024年较大力度的货币政策和财政政策的支持下，经济增长预期显著回暖。一季度各项宏观数据表现相对较好，制造业PMI已经连续2个月超过50，且呈现逐步上升的态势。代表新兴产业景气度的中国战略新兴产业采购经理人指数（EPMI）在2025年3月录得59.6的较高数值，说明新兴产业景气度较高。行业层面，Deepseek发布之后，新兴科技行业的景气度明显提高，国产生成式AI有着大量应用场景，也使得产业链上的相关公司资本支出意愿较强。市场目前的一个关注点是Deepseek相关产业链的景气度改善是否能够逐渐扩散至其他部门，从而打开新一轮的、科技引领的新动能发展周期。我们对此持乐观的态度。相应的，此前市场认为新动能体量仍然较小，成为拉动经济的引擎需要更多的时间。但是，市场参与者进行交易的时候会将长期问题考虑在内，如果Deepseek、AI等相关新兴产业的景气度提高，市场能够预期其可以在未来几年对经济有一定程序的拉动，那么对于长久期债券的风险偏好可能会有一定的压制。　　投资策略方面，在货币政策仍然对于实体经济持支持态度下，我们认为货币政策或将在未来一段时间仍然相对宽松，债券市场配置价值仍然较好。组合一直以票息回报为主要的回报来源，仍将持有中高等级的信用债，以持有票息回报的视角进行配置。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:07.955Z","fund":{"_id":3000000011029,"__csrcFundId":8579,"stockCode":"011029","shortName":"安信永盈一年定开债券(011029)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11029,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:36:37.047Z","status":"normal","inceptionDate":"2021-03-24T16:00:00.000Z","name":"安信永盈一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信永盈一年定开债券","setUpDate":"2021-03-24T16:00:00.000Z","setUpAssetScale":709999000,"setUpShares":709999000,"pinyin":"axyyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20835917","stockType":"fund_manager","exchange":"fm","tickerId":261203210400,"name":"祝璐琛"},{"stockCode":"j101020548","stockType":"fund_manager","exchange":"fm","tickerId":42519250290,"name":"邓宇思"}]},"announcement":{"linkText":"安信永盈一年定期开放债券型发起式证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1267805","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece2f7fea5b3eb04e69cc","date":"2024-12-30T16:00:00.000Z","stockId":3000000011029,"sao":"从市场表现来看，2024年的市场虽然波动较大，但呈现出股债双强的市场特征。具体而言，2024年沪深300全年上涨14.68%，中证500全年上涨7.06%。债券市场的强势行情从年初持续到年末，十年国债活跃券下行近90bp。影响市场的主要因素仍然是经济预期，2024年我国经济整体呈现稳中向好，经济逐步恢复的态势。由于地产仍然处于触底回升周期，叠加6-8月超乎寻常的多雨天气，实物工作量在6月之后出现一定程度的下滑，对投资者信心产生了一定的负面影响。但随着9月之后开工旺季的到来，叠加政策影响，投资者信心迅速修复，股票市场成交量迅速回升。　　组合运作策略保持稳定，仍以中高评级信用债为主要的持有对象，通过骑乘策略增厚收益。","declarationDate":"2025-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:07.952Z","mo":"从宏观环境上看，我国经济处于增长动能转轨期。一方面，我国经济对于地产、基建的依赖越来越低，相关产业对于经济增长的拉动效应逐渐减弱。这本是经济增长转轨期的应有之义。全球主要发达国家在发展的历程中都经历过对于地产、基建、钢铁、水泥、玻璃等传统行业的需求由强到弱的过程。另一方面，新兴产业对于经济的拉动效应逐渐走强，包括新能源、电子、AI等产业对于就业和经济的增加值更加重要。从出口视角来看，新能源汽车、太阳能电池和锂电池三个重要的出口“新三样”的出口金额已经超过万亿人民币，可见高新技术产品的出口已经成为了拉动我国出口的一个重要组成部分。由于传统产业的融资需求相对于新兴产业更多，资金利用效率更低，因此在转轨期大概率会出现社会融资需求偏弱的局面，海外经济体也大多数经历过这一过程。在这一过程中，货币政策或将仍然维持适度宽松，而全社会融资需求预期稳定，通胀预期温和。这一环境对于债券市场整体而言是有利的，因此组合将继续持有中高评级信用债，获取票息回报并保留赚取资本利得的可能。","fund":{"_id":3000000011029,"__csrcFundId":8579,"stockCode":"011029","shortName":"安信永盈一年定开债券(011029)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11029,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:36:37.047Z","status":"normal","inceptionDate":"2021-03-24T16:00:00.000Z","name":"安信永盈一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信永盈一年定开债券","setUpDate":"2021-03-24T16:00:00.000Z","setUpAssetScale":709999000,"setUpShares":709999000,"pinyin":"axyyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20835917","stockType":"fund_manager","exchange":"fm","tickerId":261203210400,"name":"祝璐琛"},{"stockCode":"j101020548","stockType":"fund_manager","exchange":"fm","tickerId":42519250290,"name":"邓宇思"}]},"announcement":{"linkText":"安信永盈一年定期开放债券型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1246571","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece2f7fea5b3eb04e69cb","date":"2024-09-29T16:00:00.000Z","stockId":3000000011029,"sao":"市场参与者对于未来国内经济景气度的评估仍然是影响大类资产表现最重要的因素。今年7月-8月，受到天气原因、库存问题、短期经济结构转型等诸多因素的共同影响，这一时期市场参与者对于经济的信心偏弱，特别是对于当期经济的信心更弱。具体表现为商品市场出现较大幅度的下跌，长久期利率债持续上涨，受到短期经济周期影响较大的周期类股票出现了明显的调整。在市场普遍比较悲观的时刻，我们相对于市场要乐观一点，主要原因正如我们上次季报里所阐述的：我们认为市场容易将短期问题线性外推转化为对于经济长期悲观的理由，我们对此并不认可。我们一直认为目前经济的状态更多是周期性的原因，是2020年、2021年经济繁荣周期之后出现的供需格局弱化所带来的结果，随着供需格局的改善，经济体自发具有再通胀的能力。如果能够在政策助推下更快实现再通胀，那当然是一件更好的事情。　　9月的政治局会议提出“要全面客观冷静看待当前经济形势，正视困难、坚定信心，切实增强做好经济工作的责任感和紧迫感”，从政策层面直面当前经济所面临的困难，有助于经济更快实现再通胀。政治局会议后，股票市场表现相对较好，债券市场表现相对较弱，反映了市场参与者对于经济前景评估的改变。　　2024年三季度以来，债券市场呈现利率强、信用弱的特征，久期策略明显占优，以30年为代表的长端债券出现了明显的交易性机会，符合我们此前的判断。但考虑到目前长期国债交易比较拥挤，且隐含了对经济的悲观预期。组合从更长期的视角进行投资策略考量，仍然持有信用等级较好的信用债，获取稳定的票息回报。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:07.949Z","fund":{"_id":3000000011029,"__csrcFundId":8579,"stockCode":"011029","shortName":"安信永盈一年定开债券(011029)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11029,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:36:37.047Z","status":"normal","inceptionDate":"2021-03-24T16:00:00.000Z","name":"安信永盈一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信永盈一年定开债券","setUpDate":"2021-03-24T16:00:00.000Z","setUpAssetScale":709999000,"setUpShares":709999000,"pinyin":"axyyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20835917","stockType":"fund_manager","exchange":"fm","tickerId":261203210400,"name":"祝璐琛"},{"stockCode":"j101020548","stockType":"fund_manager","exchange":"fm","tickerId":42519250290,"name":"邓宇思"}]},"announcement":{"linkText":"安信永盈一年定期开放债券型发起式证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1169719","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece2f7fea5b3eb04e69ca","date":"2024-06-29T16:00:00.000Z","stockId":3000000011029,"sao":"市场的表现主要受到市场参与者对于经济复苏节奏判断的影响。2024年一季度以来，债券市场呈现利率强、信用弱的特征，久期策略明显占优，以30年为代表的长端债券出现了明显的交易性机会，符合我们此前的判断。我们认为一季度以来的债券市场表现是多种因素叠加导致的，其原因包括：通胀较弱以及资产荒等。4-5月，在相对较好的通胀数据、出口数据影响下，市场参与者对于经济整体复苏的节奏判断较为乐观。进入6月以来，PMI、社融等数据一定程度上对市场参与者的信心产生了影响，导致一些对于经济较为悲观的看法再度出现，债券市场收益率再度出现下行。　　2024年上半年，债券市场呈现利率强、信用弱的特征，久期策略明显占优，以30年为代表的长端债券出现了明显的交易性机会，符合我们此前的判断。组合从更长期的视角进行投资策略考量，仍然持有信用等级较好的信用债，获取稳定的票息回报。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:07.946Z","mo":"我们认为，通过短期的经济复苏节奏而对市场进行预判，并构建投资组合的方法论有一定的不可取之处。首先，经济发展的过程充满了不确定性，是曲折的，通过短期数据线性预判未来的经济状态本身存在很大难度。其次，股票市场的长期收益率的决定因素是公司能够持续地利用自身经营优势赚取回报，回报来源是企业的ROE水平而非经济本身增长多少。过去很多年海外主要经济体的GDP增速明显慢于我国，而他们的权益市场回报率相对较高，其核心原因是上市公司能够维持相对较高的ROE。目前阶段，我国市场仍然有不少竞争力强、竞争格局优秀，护城河坚实，能够在较长期维持较高ROE的公司，在目前偏低的利率水平下，估值相对合理。最后，我国产业竞争力强，内部市场空间广阔，政策空间充足，也没有必要对经济复苏过度担忧。　　考虑到目前长期国债交易比较拥挤，且隐含了对经济的悲观预期，我们持相对谨慎态度。","fund":{"_id":3000000011029,"__csrcFundId":8579,"stockCode":"011029","shortName":"安信永盈一年定开债券(011029)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11029,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:36:37.047Z","status":"normal","inceptionDate":"2021-03-24T16:00:00.000Z","name":"安信永盈一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信永盈一年定开债券","setUpDate":"2021-03-24T16:00:00.000Z","setUpAssetScale":709999000,"setUpShares":709999000,"pinyin":"axyyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20835917","stockType":"fund_manager","exchange":"fm","tickerId":261203210400,"name":"祝璐琛"},{"stockCode":"j101020548","stockType":"fund_manager","exchange":"fm","tickerId":42519250290,"name":"邓宇思"}]},"announcement":{"linkText":"安信永盈一年定期开放债券型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1141983","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece2f7fea5b3eb04e69c9","date":"2024-03-30T16:00:00.000Z","stockId":3000000011029,"sao":"宏观经济仍然延续弱复苏的态势，复苏的力度和节奏略不及预期。目前市场预期和经济现实的关系和2023年的一季度比较类似，均有“强预期、弱复苏”的表征。然而如果细致分析，这种经济体感又与2023年一季度有所区别。2023年初市场曾预期经济会走出量价齐升，收入利润向好的格局，而目前虽然对未来经济有预期，但预期没有过高。从现实角度来看，如果仅考虑生产端，经济的运行状态其实不差。去年全年工业增加值一直保持较快增长水平，今年1-2月的出口、工业品产量等数据相比仍然有明显增长，综合来看目前阶段的经济体感可以用“强生产、弱价格”来概括。造成这种局面的原因是多方面的，既包括内部因素，也包括外部因素。综合来说，这种状态应该是经济体本身自我纠正的一种免疫机制，是制造业综合竞争力较强可以抵御部分需求下滑的一种反馈。市场在这种情况下进行线性外推，可能对于实际风险有所高估，我们认为中国的财政、货币工具箱仍然有充足的工具可以抵御市场所担忧的尾部风险。 　　2024年一季度以来，债券市场呈现利率强、信用弱的特征，久期策略明显占优，以30年为代表的长端债券出现了明显的交易性机会，符合我们此前的判断。我们认为一季度以来的债券市场表现是多种因素叠加导致的，其原因包括：　　1.整体经济虽然呈现弱复苏的态势，全社会通胀水平仍然处于相对偏低的位置。　　2.经过2023年的信用债大行情，信用利差被压缩至极低的位置，短久期信用资质下沉策略难以获得超额收益，长久期的信用债可能存在“城投信仰”的担忧。因而投资者目光主要集中于利率债的久期策略上。　　3.中长期看，全社会投资回报率的下降带来的结果可能是中长期利率中枢的持续下移，在此基础上买得早比买得晚可能更有优势。　　但是在经济数据有所改观的情况下继续参与利率债交易的风险回报比是值得深入考虑的。因此组合仍然持有信用等级较好的信用债，获取稳定的票息回报。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:07.943Z","fund":{"_id":3000000011029,"__csrcFundId":8579,"stockCode":"011029","shortName":"安信永盈一年定开债券(011029)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11029,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:36:37.047Z","status":"normal","inceptionDate":"2021-03-24T16:00:00.000Z","name":"安信永盈一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信永盈一年定开债券","setUpDate":"2021-03-24T16:00:00.000Z","setUpAssetScale":709999000,"setUpShares":709999000,"pinyin":"axyyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20835917","stockType":"fund_manager","exchange":"fm","tickerId":261203210400,"name":"祝璐琛"},{"stockCode":"j101020548","stockType":"fund_manager","exchange":"fm","tickerId":42519250290,"name":"邓宇思"}]},"announcement":{"linkText":"安信永盈一年定期开放债券型发起式证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1066860","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece2f7fea5b3eb04e69c8","date":"2023-12-30T16:00:00.000Z","stockId":3000000011029,"sao":"从市场表现来看，2023年市场整体呈现出“股弱债强”的特征。全年上证指数收跌3.7%，收于2974点；四季度上证指数收跌4.36%，延续弱势行情。债券市场表现相对较好，10年国债全年下行近30bp，收益率由年初的2.84%下行至2.55%附近；其中四季度下行12bp,由2.67%下行至2.55%附近。30年国债的表现更佳，全年也下行近30bp，最活跃的30年债券已经下行接近2.84%。　　2023年组合整体以信用债持仓为主，通过持有中高评级的信用债获取收益，久期维持中性偏高。此外，组合通过三个方法获得增强：第一，组合采用信用轮动策略，捕捉不同信用主体弹性不同获取增厚；第二，组合根据不同券种的比价关系，动态选择更符合当下市场的信用债；第三，组合通过精选优质信用主体挖掘定价错误的机会，挖掘信用α。整体来看，2023年组合的投资策略取得较好成效。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:07.940Z","mo":"从宏观环境来看，中国仍处于“疫后复苏”的过程当中，但是由于国内疫情持续时间较长、对于实体经济的信心产生了一定的“疤痕效应”，“疤痕效应”的修复需要时间。从更具体的方面来说，首先是房地产市场，虽然目前阶段市场对于房地产的信心仍然不足，但从数据来看新房和二手房的成交数据已经有所企稳。此前投资者对于房地产的担忧主要在于地产是否存在过剩，我们认为从长期来看地产需求是持续增长的函数，即当居民收入出现提升之后，居民会将其中一部分用于改善居住环境，这一点在很多国家均适用，原因是居住环境是人最基本的需求。短期来看，虽然有部分三线、四线城市可能供给比较充裕，但我们已经看到了成交数据有企稳的迹象。其次，从工业生产视角来看，我国制造业相对于其他国家的竞争优势仍然明显，我们认为我国高质量产品仍将为出口提供充足的动力。再次，今年财政整体定调偏积极，基建、“三大工程”相关的投资也将为国内经济起到足够的托底作用。最后，从数据上看消费仍然阶段性偏弱，但消费是一个慢变量，有一定的滞后属性。简单来说就是居民“赚钱了才会消费”，而非“消费了才有钱”。所以，在整体经济预期改善的情况下，不必过度解读消费数据一时的高低。　　从海外宏观环境来看，联储目前决策的关键点已非通胀，而是就业。随着各国移民的进入、超额储蓄的下降，我们认为联储就业市场紧张的情况已经有所改善。今年联储降息是基准假设，美元指数有走弱的可能性，而美元指数的走弱也将为我国货币政策的主动性提供空间。　　总体来看，我们认为我国经济正处于疫后复苏可能加速的阶段，在此阶段货币政策仍将对实体经济提供足够的支持，而权益市场目前的估值水平已经给与长期投资者比较足够的风险补偿。整体来看，我们对于中国资产的态度是积极的。　　2023年组合仍整体以信用债持仓为主， 在此阶段通过多策略对收益进行增强。","fund":{"_id":3000000011029,"__csrcFundId":8579,"stockCode":"011029","shortName":"安信永盈一年定开债券(011029)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11029,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:36:37.047Z","status":"normal","inceptionDate":"2021-03-24T16:00:00.000Z","name":"安信永盈一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信永盈一年定开债券","setUpDate":"2021-03-24T16:00:00.000Z","setUpAssetScale":709999000,"setUpShares":709999000,"pinyin":"axyyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20835917","stockType":"fund_manager","exchange":"fm","tickerId":261203210400,"name":"祝璐琛"},{"stockCode":"j101020548","stockType":"fund_manager","exchange":"fm","tickerId":42519250290,"name":"邓宇思"}]},"announcement":{"linkText":"安信永盈一年定期开放债券型发起式证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1050246","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece2f7fea5b3eb04e69c7","date":"2023-09-29T16:00:00.000Z","stockId":3000000011029,"sao":"回顾2023年3季度的市场表现，股票市场表现仍然相对较弱，而债券呈现小幅回调格局。股票方面，沪深300回报率录得-3.98%，中证500回报率录得-5.13%。制约股票市场回报的因素是多方面的，但三季度美国加息预期重新上升无疑是一个重要因素。三季度以来，在持续超预期的就业数据和持续上涨的油价推动下，美国经济“no landing”的可能性逐渐被市场认可，全球市场呈现出实际利率冲击的特征：美国中长期国债在实际利率推动下持续走高，美元指数持续走强，资金由新兴市场流出，股票估值承受一定压力。从国内经济视角来看，三季度以来国内经济持续温和复苏的态势延续。在多管齐下的稳增长政策下，我国经济仍然呈现稳中向好的格局，通胀读数企稳回升，PMI读数重回荣枯线之上，旅游和消费数据也呈现逐步修复的态势，外需数据边际企稳改善。前期投资者所担忧的房地产和地方政府债务问题已经逐步得到解决。　　债券市场方面，2023年3季度债券市场小幅回调，10年国债收益率由最低2.53回调至2.68，反映了债券投资者整体对国内经济企稳回升有所预期。此外，9月以来隔夜回购利率持续维持在相对较高位置，对长端国债也形成了一定的压制。货币政策方面，虽然隔夜回购利率仍然相对较高，但央行通过降准等操作为国债发行和实体经济融资持续形成支持，有助于增强市场主体信心，体现了央行稳健的货币政策精准有力逆周期调控的作用。　　3季度，组合继续持有中高等级的信用债，票息回报是组合回报的主要来源。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:07.936Z","fund":{"_id":3000000011029,"__csrcFundId":8579,"stockCode":"011029","shortName":"安信永盈一年定开债券(011029)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11029,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:36:37.047Z","status":"normal","inceptionDate":"2021-03-24T16:00:00.000Z","name":"安信永盈一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信永盈一年定开债券","setUpDate":"2021-03-24T16:00:00.000Z","setUpAssetScale":709999000,"setUpShares":709999000,"pinyin":"axyyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20835917","stockType":"fund_manager","exchange":"fm","tickerId":261203210400,"name":"祝璐琛"},{"stockCode":"j101020548","stockType":"fund_manager","exchange":"fm","tickerId":42519250290,"name":"邓宇思"}]},"announcement":{"linkText":"安信永盈一年定期开放债券型发起式证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=986118","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece2f7fea5b3eb04e69c6","date":"2023-06-29T16:00:00.000Z","stockId":3000000011029,"sao":"年初以来，随着新冠疫情对于经济的影响逐渐褪去，我国经济呈现出稳中向好、逐步恢复的态势。春节之后，从航空、铁路等客流量、餐饮消费、观影人数、工业品开工率等各种指标来看，我国经济在春节之后进入了复苏区间。彼时市场参与者普遍对于经济复苏的节奏和力度比较乐观，市场呈现“股强债弱”的特征。3月之后，实体经济的复苏节奏有所放缓，市场参与者讨论较多的是“强预期”逐步演变为“弱预期”的问题，市场参与者对经济的乐观情绪有所降温，债券市场表现强于股票市场。　　债券市场整体表现较好，10年国债收益率由2.86%下行至2.63%左右，信用债也录得较好收益。　　组合主要持有流动性和安全性较好的国债、信用债资产，为组合提供稳定的票息回报。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:07.933Z","mo":"展望下半年，我们认为我国经济仍将继续呈现复苏势头，稳中向好的态势没有发生改变。对于当下经济复苏进程的放缓，我们认为需要辩证地看待。首先，欧美等国家前期过度消费导致耐用品库存水平较高，制约全球外贸水平。日本、韩国、东南亚等外向型经济体的出口增速均明显下行。其次，疫情之后，居民、企业等经济参与者的信心都有一个持续修复的过程，中间有所反复是正常的。考虑到经济内生动能的改善和海外需求的逐步企稳，我们对下半年的经济增长仍然保持信心。","fund":{"_id":3000000011029,"__csrcFundId":8579,"stockCode":"011029","shortName":"安信永盈一年定开债券(011029)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11029,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:36:37.047Z","status":"normal","inceptionDate":"2021-03-24T16:00:00.000Z","name":"安信永盈一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信永盈一年定开债券","setUpDate":"2021-03-24T16:00:00.000Z","setUpAssetScale":709999000,"setUpShares":709999000,"pinyin":"axyyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20835917","stockType":"fund_manager","exchange":"fm","tickerId":261203210400,"name":"祝璐琛"},{"stockCode":"j101020548","stockType":"fund_manager","exchange":"fm","tickerId":42519250290,"name":"邓宇思"}]},"announcement":{"linkText":"安信永盈一年定期开放债券型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=955802","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece2f7fea5b3eb04e69c5","date":"2023-03-30T16:00:00.000Z","stockId":3000000011029,"sao":"一季度以来国内经济呈现持续复苏态势，基建投资、房地产投资、消费等板块都出现一定的“疫后反弹”特征。PMI数据持续位于荣枯线之上，地产和消费数据也出现明显改善。虽然有一些观点质疑复苏的持续性，但无法否认到目前为止经济仍处于复苏的轨道当中。复苏的节奏相对偏缓，究其原因，经济各主体的投融资、消费信心都需要时间去培养和呵护。目前阶段可能更应该关注经济修复的持续性，而不是经济修复的斜率。　　本基金操作方面，报告期内，组合仍以持有中高评级信用债为主要投资策略，并通过券种选择优化组合持债结构。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:07.931Z","fund":{"_id":3000000011029,"__csrcFundId":8579,"stockCode":"011029","shortName":"安信永盈一年定开债券(011029)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11029,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:36:37.047Z","status":"normal","inceptionDate":"2021-03-24T16:00:00.000Z","name":"安信永盈一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信永盈一年定开债券","setUpDate":"2021-03-24T16:00:00.000Z","setUpAssetScale":709999000,"setUpShares":709999000,"pinyin":"axyyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20835917","stockType":"fund_manager","exchange":"fm","tickerId":261203210400,"name":"祝璐琛"},{"stockCode":"j101020548","stockType":"fund_manager","exchange":"fm","tickerId":42519250290,"name":"邓宇思"}]},"announcement":{"linkText":"安信永盈一年定期开放债券型发起式证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=883895","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece2f7fea5b3eb04e69c4","date":"2022-12-30T16:00:00.000Z","stockId":3000000011029,"sao":"从宏观层面来看，2022年不断出现的各种“黑天鹅”事件对国内外经济的运行均产生了较大的影响。国内方面，疫情的不断反复造成国内生产生活受到影响。企业投融资信心，居民消费信心等均出现一定幅度的下降。国内大中型房地产企业的“暴雷”也对居民购房信心有所打击。海外方面，能源和粮食价格受到俄乌冲突的影响而大幅走高，叠加海外此前较为宽松的金融环境和“长新冠”的影响，造成海外主要经济体通胀压力明显增加。为了缓解通胀压力，海外主要央行均采取了偏紧的货币政策——这对全球的金融市场流动性和总需求均产生了不利影响。总体来说，2022年国内、国外经济环境均面临一定的下行压力，不断的事件冲击也对国内经济环境造成了扰动。　　组合操作方面，组合继续持有兼具流动性，收益性和安全性的信用债资产。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:07.928Z","mo":"展望2023年，国内经济温和复苏，国外经济略微放缓，整体出现“内强外弱”的格局。受到过去持续一段时间疫情的影响，国内企业、居民的投融资信心有待修复。在海外经济增速放缓的背景下，国内政策将如何助推经济复苏是重点关注的方向。如果经济显著复苏，那么全社会投融资需求或将显著上升，利率中枢有一定的上行风险。如果是经济温和复苏的情形，则利率中枢上升的风险相对可控。","fund":{"_id":3000000011029,"__csrcFundId":8579,"stockCode":"011029","shortName":"安信永盈一年定开债券(011029)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11029,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:36:37.047Z","status":"normal","inceptionDate":"2021-03-24T16:00:00.000Z","name":"安信永盈一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信永盈一年定开债券","setUpDate":"2021-03-24T16:00:00.000Z","setUpAssetScale":709999000,"setUpShares":709999000,"pinyin":"axyyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20835917","stockType":"fund_manager","exchange":"fm","tickerId":261203210400,"name":"祝璐琛"},{"stockCode":"j101020548","stockType":"fund_manager","exchange":"fm","tickerId":42519250290,"name":"邓宇思"}]},"announcement":{"linkText":"安信永盈一年定期开放债券型发起式证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=866302","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece2f7fea5b3eb04e69c3","date":"2022-09-29T16:00:00.000Z","stockId":3000000011029,"sao":"从全球宏观层面来看，受劳动力供给紧张、全球能源价格上升的影响，美国通胀维持高位且有扩散的势头，美联储为抑制通胀而持续大幅加息造成全球资产价格波动较大，美元指数由108一度冲高至114附近，美债收益率较大幅度上行，新兴市场资产价格普遍呈下跌状态。由于美国劳动力市场持续紧张的情况仍未缓解，美联储偏紧的货币政策后续仍可能成为市场的风险因素。  从国内宏观层面，受疫情反复、全球经济下行的影响，国内经济仍呈现底部震荡的特征，但随着疫情对于经济的冲击逐步减少，地产市场有望企稳，逆周期调控政策效果逐步显现，我们认为国内经济将呈现稳中向好、逐步复苏的态势。  报告期内，组合仍以持有中高评级信用债为主要投资策略，并通过券种选择优化组合持债结构。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:07.925Z","fund":{"_id":3000000011029,"__csrcFundId":8579,"stockCode":"011029","shortName":"安信永盈一年定开债券(011029)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11029,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:36:37.047Z","status":"normal","inceptionDate":"2021-03-24T16:00:00.000Z","name":"安信永盈一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信永盈一年定开债券","setUpDate":"2021-03-24T16:00:00.000Z","setUpAssetScale":709999000,"setUpShares":709999000,"pinyin":"axyyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20835917","stockType":"fund_manager","exchange":"fm","tickerId":261203210400,"name":"祝璐琛"},{"stockCode":"j101020548","stockType":"fund_manager","exchange":"fm","tickerId":42519250290,"name":"邓宇思"}]},"announcement":{"linkText":"安信永盈一年定期开放债券型发起式证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=804003","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece2f7fea5b3eb04e69c2","date":"2022-06-29T16:00:00.000Z","stockId":3000000011029,"sao":"从宏观层面上来看，上半年国内外经济均受到一些突发事件的影响。俄乌冲突和奥密克戎反复分别是影响国际经济和国内经济的重要因素。  年初以来，伴随着俄乌冲突事件的发展，能源品和农产品价格持续大幅上涨，高企的能源价格和粮食价格显然较大幅度地影响了各国的经济增长，欧元区很多国家出现贸易逆差，部分抗风险能力较弱的国家经济陷入停滞，使得全球总需求呈现下降趋势。同时，各个主要经济体的通胀水平几乎都创了数十年的新高。各国央行货币政策的目标普遍转向为控制通胀，全球流动性环境有所下降。在经济和流动性的双重逆风下，全球投资者的风险偏好似乎有所下降，避险情绪升温，大部分国家的股票市场表现不佳，大宗商品指数显著上涨。  年初以来，国内受到奥密克戎反复冲击的影响，经济增速边际上有所放缓。但我国政府果断地推出一系列逆周期调控方案，经济整体呈现触底后弱复苏的态势。上半年国内债券市场流动性维持合理宽裕，经济受到疫情影响相对较弱，债券市场整体表现较好。  组合主要持有流动性和安全性很好的国债、信用债资产，为组合提供稳定的票息回报。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:07.922Z","mo":"展望下半年，我们认为国内经济面临的挑战仍然十分严峻。内需来说，短期基建能否发挥托底经济的作用、房地产市场及其上下链条能否企稳对于“稳预期”来说十分重要。中期维度来看，更重要的是扭转市场参与主体对于经济前景不确定的预期，通过合理的政策调控手段激发经济体自身的活力，提振投资和消费信心。  外需来看，欧洲和东南亚地区的一些国家可能存在衰退风险，或许会对外需产生一定的负面影响，我们将密切关注外需变化的情况。","fund":{"_id":3000000011029,"__csrcFundId":8579,"stockCode":"011029","shortName":"安信永盈一年定开债券(011029)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11029,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:36:37.047Z","status":"normal","inceptionDate":"2021-03-24T16:00:00.000Z","name":"安信永盈一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信永盈一年定开债券","setUpDate":"2021-03-24T16:00:00.000Z","setUpAssetScale":709999000,"setUpShares":709999000,"pinyin":"axyyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20835917","stockType":"fund_manager","exchange":"fm","tickerId":261203210400,"name":"祝璐琛"},{"stockCode":"j101020548","stockType":"fund_manager","exchange":"fm","tickerId":42519250290,"name":"邓宇思"}]},"announcement":{"linkText":"安信永盈一年定期开放债券型发起式证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=781085","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece2f7fea5b3eb04e69c1","date":"2022-03-30T16:00:00.000Z","stockId":3000000011029,"sao":"从宏观层面来看，疫情爆发后，由于防疫政策、经济应对政策的区别，国内外经济周期呈现明显错位，而在地缘政治的扰动下，全球经济周期的分化进一步加大。具体而言，在新一轮的疫情扰动之下，出口、消费、地产等产业均有所受损，国内的政策重心继续偏向“稳增长”。但与以往周期不同的是，此次货币政策面临更多的考量因素。首先，由于美联储货币政策的重心是抗通胀，美元流动性紧缩导致的外资流出压力或成为政策考量因素之一；其次，目前央行尝试“先贷后借”等多种货币政策工具，试图保持银行间流动性平稳的同时达到“宽信用”的效果，银行间流动性未见明显宽裕。因此一季度债券市场呈现区间震荡行情，没有明显机会。  报告期内，组合仍以持有中高评级信用债为主要投资策略，并通过券种选择优化组合持债结构。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:07.919Z","fund":{"_id":3000000011029,"__csrcFundId":8579,"stockCode":"011029","shortName":"安信永盈一年定开债券(011029)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11029,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:36:37.047Z","status":"normal","inceptionDate":"2021-03-24T16:00:00.000Z","name":"安信永盈一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信永盈一年定开债券","setUpDate":"2021-03-24T16:00:00.000Z","setUpAssetScale":709999000,"setUpShares":709999000,"pinyin":"axyyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20835917","stockType":"fund_manager","exchange":"fm","tickerId":261203210400,"name":"祝璐琛"},{"stockCode":"j101020548","stockType":"fund_manager","exchange":"fm","tickerId":42519250290,"name":"邓宇思"}]},"announcement":{"linkText":"安信永盈一年定期开放债券型发起式证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=722957","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece2f7fea5b3eb04e69c0","date":"2021-12-30T16:00:00.000Z","stockId":3000000011029,"sao":"2021年我国宏观经济整体稳中有进，但体现出“前高后低”、“内冷外热”两个结构性特征。首先，由于2020年低基数原因，1季度GDP增速为全年高点，之后受到国内对于一系列行业的政策改革、以及海外需求边际下滑影响，经济增速逐步下台阶。其次，2021年我国经济体现出较明显的外需驱动增长特点。由于海外疫情持续反复，国内的供应链优势得到放大，出口持续维持较高增速。内需则由于结构性因素和周期性因素叠加，恢复速度较慢。货币政策体现出跨周期调节的特点，上半年央行“不急转弯”；下半年央行表示坚决不搞“大水漫灌”。债券市场整体走牛，由年初3.1附近下行至2.8附近，信用利差也出现明显压缩。  组合以中短久期、中高评级信用债为主要持仓，适度持有国债应对流动性需求。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:07.915Z","mo":"2022年宏观经济形势极为复杂。第一，以往“宽信用”的抓手主要是地产和城投融资，而目前地产和城投融资政策相对严格，制约“宽信用”的效果。第二，三线、四线城市的地产市场可能面临进一步的销售下滑压力，民营地产融资不畅可能会进一步放大这种压力，地产投资增速可能不及预期。第三，受到疫情反复、收入下滑影响，居民部门储蓄意愿上升，投资（地产）和消费意愿下降。第四，美联储可能进入加息缩表周期，美元流动性边际收缩，对资产价格和新兴市场融资环境均有不利影响。","fund":{"_id":3000000011029,"__csrcFundId":8579,"stockCode":"011029","shortName":"安信永盈一年定开债券(011029)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11029,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:36:37.047Z","status":"normal","inceptionDate":"2021-03-24T16:00:00.000Z","name":"安信永盈一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信永盈一年定开债券","setUpDate":"2021-03-24T16:00:00.000Z","setUpAssetScale":709999000,"setUpShares":709999000,"pinyin":"axyyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20835917","stockType":"fund_manager","exchange":"fm","tickerId":261203210400,"name":"祝璐琛"},{"stockCode":"j101020548","stockType":"fund_manager","exchange":"fm","tickerId":42519250290,"name":"邓宇思"}]},"announcement":{"linkText":"安信永盈一年定期开放债券型发起式证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=713807","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece2f7fea5b3eb04e69bf","date":"2021-09-29T16:00:00.000Z","stockId":3000000011029,"sao":"2021年三季度，全球疫情出现反复、极端天气导致能源价格和大宗商品进一步走高，PPI高位继续走高，国内经济增速出现边际回落，海外除去资源国以外的主要经济体通胀和增长呈现相似的结构。细分来看，投资增速整体稳定，地产投资和基建投资走弱、制造业投资回升；消费增速也出现回落；由于疫情的反复，对外贸易增速仍然强劲。  三季度， SHIBOR、债券市场收益率先下后上。央行在7月降低准备金率0.5%，虽然短端资金利率维持稳定没有出现明显下行，但CD、利率债各期限都出现了约20bp的收益率下行。随后在政府债发行、PPI走高和美国TAPER的压力下，短端收益率率先上行20bp，中长端暂稳。  本基金三季度继续持有具有较高评级的信用债，维持适中的久期和杠杆。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:07.910Z","fund":{"_id":3000000011029,"__csrcFundId":8579,"stockCode":"011029","shortName":"安信永盈一年定开债券(011029)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11029,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:36:37.047Z","status":"normal","inceptionDate":"2021-03-24T16:00:00.000Z","name":"安信永盈一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信永盈一年定开债券","setUpDate":"2021-03-24T16:00:00.000Z","setUpAssetScale":709999000,"setUpShares":709999000,"pinyin":"axyyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20835917","stockType":"fund_manager","exchange":"fm","tickerId":261203210400,"name":"祝璐琛"},{"stockCode":"j101020548","stockType":"fund_manager","exchange":"fm","tickerId":42519250290,"name":"邓宇思"}]},"announcement":{"linkText":"安信永盈一年定期开放债券型发起式证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=652069","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece2f7fea5b3eb04e69be","date":"2021-06-29T16:00:00.000Z","stockId":3000000011029,"sao":"2021年一季度，国内经济增长恢复情况较好，投资和工业增加值两年复合增速向好，但消费两年复合增速远低于疫情前，出口两年复合增速持续创新高，显示外需良好。2021年二季度，经济依然处于恢复过程中，经济增长同比增速因基数原因均在高位，但两年复合增速显示包括制造业投资、基建投资、消费数据等数据仍低于疫情前水平，房地产投资基本恢复至疫情前的水平，而工业生产以及出口远强于疫情前水平。上半年国内经济经济增长呈现短期热、持续性存疑的特征。全球经济虽仍处于复苏通道，但复杂程度有所回升，大国博弈有所升温，地缘局势加剧动荡，中外经济复苏时间差开始凸显。全球金融市场波动剧烈。海外利率冲高回落，海外风险资产偏强。国内权益尽管波动较大，但结构性行情火爆。国内商品大幅上涨后大幅回落。    债券方面，上半年SHIBOR、利率债走势趋同。春节前受到1月底资金面极度紧张的冲击，SHIBOR和中短期利率债收益率快速走高，并创下年内高点，在春节后大宗商品价格和10年美债收益率快速上涨的带动下，中长期利率债收益率持续走高。但是3月始，随着国内资金面的平稳，SHIBOR和利率收益在波动中下行至半年末。上述原因背后的原因有四：1、资金的持续宽松；2、配置力量较强；3、经济多项指标边际回落；4、美联储议息会议迟迟未提及TAPER时间点。    组合总体持有中高等级信用债。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:07.905Z","mo":"往后看，我们预测经济增速斜率趋缓是大概率事件。货币政策方面，配合财政政策方面，下半年地方债发行量较大，央行可能会通过公开市场操作、MLF等操作补充流动性；但若财政政策保持温和，发行进度可能会低于预期，总体看对资金面的冲击不大。另一方面，应对美联储动作方面，由于美联储货币政策预期收紧，国内货币政策可能会对此有所应对。最后，国内经济基本面本身如果意外走弱，预计货币政策会针对国内情况进行调整。  我们预计下半年面临的可能是经济增长边际走弱，在美联储TAPER进展不明确的前提下，震荡中下行可能仍然是下半年的利率市场特征。债券方面关注债票息优势、期限利差优势更为确定的品种。","fund":{"_id":3000000011029,"__csrcFundId":8579,"stockCode":"011029","shortName":"安信永盈一年定开债券(011029)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11029,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:36:37.047Z","status":"normal","inceptionDate":"2021-03-24T16:00:00.000Z","name":"安信永盈一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信永盈一年定开债券","setUpDate":"2021-03-24T16:00:00.000Z","setUpAssetScale":709999000,"setUpShares":709999000,"pinyin":"axyyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20835917","stockType":"fund_manager","exchange":"fm","tickerId":261203210400,"name":"祝璐琛"},{"stockCode":"j101020548","stockType":"fund_manager","exchange":"fm","tickerId":42519250290,"name":"邓宇思"}]},"announcement":{"linkText":"安信永盈一年定期开放债券型发起式证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=628830","linkType":"PDF","source":"csrc_pdf"}}]}