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9.2%、基础设施投资增长9.2%、房地产开发投资下降10.6%。地产部门仍对经济恢复产生一定影响。消费市场运行稳中有升，全年社会消费品零售总额同比增长3.5%、服务零售额同比增长6.2%。货物进出口总额同比增长5.0%，其中出口增长7.1%，外需好于预期，出口表现稳健。2024年CPI同比上涨0.2%，核心CPI同比上涨0.5%，居民消费价格 温和回升； PPI同比下降2.2%，降幅比去年收窄0.8%。货币政策方面，央行总体保持了宽松基调，全年进行了2次降准，分别在2月和9月，向市场注入中长期流动性。同时在2月下调5年期LPR利率25个基点，7月和9月再次降息，降低社会融资成本。四季度伴随政府债发行压力增大，央行启动买断式逆回购新工具，呵护银行间流动性。债券市场收益率全年震荡下行，利率债表现好于信用债。具体来看，1年国开下行103bp至1.2%，5年国开下行106bp至1.46%，10年国开下行99bp至1.73%，30年国债下行93bp至1.91%；信用债方面，以AAA品种为例，1年期下行84bp，3年期下行97bp，5年期下行107bp。报告期内，基金以中高等级信用债和利率债配置为主，择机进行了利率债波段交易。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:08.169Z","mo":"展望2025年，货币政策和经济基本面的变化依然是债券市场的核心影响因素，短期来看，宏观经济缓慢复苏，财政政策更加积极，货币政策保持适度宽松，利率中枢有望继续下行。但低利率环境下，市场的波动性将进一步加大。2025年组合会关注市场的交易性机会，同时注重控制回撤。","fund":{"_id":3000000011310,"__csrcFundId":9317,"stockCode":"011310","shortName":"国联恒阳纯债(011310)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11310,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:45:06.834Z","status":"normal","exchange":"jj","name":"国联恒阳纯债债券型证券投资基金","fundCollectionId":4000050820000,"inceptionDate":"2021-06-14T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"国联恒阳纯债","setUpDate":"2021-06-14T16:00:00.000Z","setUpAssetScale":4405063443.13,"setUpShares":4405063443.13,"pinyin":"glhyczzqxzqtzjj","managers":[{"stockCode":"db20775993","stockType":"fund_manager","exchange":"fm","tickerId":192413201200,"name":"石霄蒙"}]},"announcement":{"linkText":"国联恒阳纯债债券型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1246858","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6c7fea5b3eb04eacb7","date":"2024-06-29T16:00:00.000Z","stockId":3000000011310,"sao":"2024年上半年我国经济总体保持平稳恢复态势。上半年GDP同比增长5.0%，其中一季度增长5.3%、二季度增长4.7%。上半年规模以上工业增加值同比增长6.0%，工业生产端总体保持平稳。内需方面，上半年固定资产投资同比增长3.9%，其中制造业投资增长9.5%、基础设施投资增长5.4%、房地产开发投资下降10.1%。地产部门仍对经济恢复产生一定影响，上半年新建商品房销售面积下降19%、销售额下降25%。消费市场运行稳中有升，上半年社会消费品零售总额同比增长3.7%、服务零售额同比增长7.5%。上半年，货物进出口总额同比增长6.1%，其中出口增长6.9%，外需好于预期，出口回暖与工业生产改善得到相互印证。上半年CPI同比上涨0.1%，核心CPI同比上涨0.7%，居民消费价格温和回升；上半年PPI同比下降2.1%，降幅有所收窄。金融数据方面，6月末社会融资规模存量同比增长8.1%，M2同比增长6.2%，显示经济内生动能仍有不足。政府债发行方面，二季度以来，国债发行进度有所加快，超长特别国债启动发行，但地方债发行节奏仍然偏慢。货币政策方面，央行于2月5日下调金融机构存款准备金率0.5个百分点、向市场提供长期流动性约1万亿元，并于2月20日下调5年期LPR利率25个基点，上半年总体保持了中性偏宽松的基调。货币市场资金利率水平总体平稳，主要围绕政策利率上下波动，二季度以来非银机构流动性充裕，资金分层现象变得不再明显。报告期内，债券收益率全面下行。利率债方面，1年国开下行51BP，5年国开下行46BP，10年国开下行39BP，20年国开下行45BP，30年国债下行40BP；国有大行二级债方面，1年期下行64BP，3年期下行72BP，5年期下行78BP，10年期下行85BP；高等级信用债方面，隐含评级AAA品种1年期下行51BP，3年期下行58BP，5年期下行67BP，10年期下行58BP；低等级信用债方面，城投隐含评级AA-品种1年期下行88BP，3年期下行220BP，5年期下行270BP。总体来看，中长端债券表现优于短端，银行二级资本债及信用债表现优于利率债，低等级信用债优于高等级。具体来看利率节奏，年初债券市场对降准降息的预期较强，资产荒格局较为突出，1月初十年国债下行突破2.5%关口。1月中旬至2月初，股票市场超预期大幅调整，央行降准0.5个百分点落地，债市对调降OMO及MLF的预期升温，春节前长债进一步下行至2.4%关口。春节后债市降息预期依然浓厚，5年LPR超预期下调25BP也助推了货币宽松预期，且3月初两会政策基本符合预期，政府债供给节奏较为缓慢，债市开始演绎逼空行情，十年国债最低下至2.24%。3月中下旬债市以宽幅震荡为主，主要受到二季度供给放量预期、地产政策预期、短线止盈情绪、季末前后资金欠配等因素影响。4月上中旬债市配置力量较强而债券供给依旧偏慢，银行理财规模超季节性增长，资产荒驱动利率下行的行情较为极致，十年国债最低下至2.21%，但央行多次表态对长期收益率的关注，叠加地产政策出台，4月底债市出现一次较大幅度的调整。5月债市降准降息预期升温，特别国债发行计划节奏平缓，金融数据出现回落，非银机构资金充裕，资产荒格局再次主导收益率下行，但长端利率债在央行多次提示风险的情况下呈区间震荡态势。6月债市资产荒格局仍然突出，央行在陆家嘴论坛展示对未来货币政策框架演进的思考，长端利率债出现一轮补涨行情。报告期内，本基金以商金债的配置为主，择机参与了利率债的波段交易，合理进行了组合仓位和久期管理。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:08.166Z","mo":"展望2024年下半年，我们认为中国经济将延续温和修复态势，全年GDP增长有望实现5%的增速目标。内需方面，预计居民消费在以旧换新等政策支持下平稳运行，制造业投资在设备更新、新质生产力支持政策推动下保持较快增速，基建投资增长稳健，地产投资仍存在一定压力，但二季度以来出台的地产政策对核心城市房价企稳或产生支撑效果。外需方面，三季度出口韧性仍然存在，但年底应关注西方国家贸易制裁风险。通胀方面，预计CPI保持温和回升，PPI降幅有望继续收窄、但年内同比增速较难转正。政策方面，预计财政政策保持积极态势，政府债券下半年加速发行，尤其关注8月和11月地方债发行进展；货币政策保持宽松基调，广谱利率仍处于下降趋势中，资金面维持平稳运行。债券市场展望方面，预计货币宽松预期与资产荒格局支持债市处于震荡偏强状态，债市仍具备较多机会，可重点把握品种选择与轮动策略，积极寻找中长端债券的交易性机会。策略方面，我们需要重点关注宏观政策发力效果及债券供需格局变化，观察货币政策是否出现边际变化，届时我们会灵活谨慎操作组合，并做好组合的流动性风险管理。","fund":{"_id":3000000011310,"__csrcFundId":9317,"stockCode":"011310","shortName":"国联恒阳纯债(011310)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11310,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:45:06.834Z","status":"normal","exchange":"jj","name":"国联恒阳纯债债券型证券投资基金","fundCollectionId":4000050820000,"inceptionDate":"2021-06-14T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"国联恒阳纯债","setUpDate":"2021-06-14T16:00:00.000Z","setUpAssetScale":4405063443.13,"setUpShares":4405063443.13,"pinyin":"glhyczzqxzqtzjj","managers":[{"stockCode":"db20775993","stockType":"fund_manager","exchange":"fm","tickerId":192413201200,"name":"石霄蒙"}]},"announcement":{"linkText":"国联恒阳纯债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=1146727","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6c7fea5b3eb04eacb6","date":"2024-03-30T16:00:00.000Z","stockId":3000000011310,"sao":"一季度经济总体延续修复态势，3月制造业PMI为50.8%，环比上行1.7个百分点，重回荣枯线以上。工业生产整体延续上行趋势，1-2月工业增加值同比7.0%。1-2月固定资产投资整体同比实现4.2%的增长，制造业和基建形成支撑。消费延续弱势修复，社零总额1-2月复合同比增速为4.4%，较前值增加0.5个百分点。其中，商品零售和餐饮收入复合同比增速分别为4.3%和5.2%，较前值分别增加0.3和1.5个百分点。1-2月出口同比增长7.1%，外需开门红，出口超预期回升。2月CPI同比0.7%，环比+1.0%，近半年内首次转正。PPI同比增速-2.7%，环比-0.2%。货币政策方面，央行1月24日宣布降准50个基点，为市场提供中长期流动性。一季度债券收益率大幅下行，利率债表现好于信用债，超长期限国债表现亮眼，期限利差、信用利差进一步压缩至历史低位。具体来看，利率债方面，1年期国债下行36bp至1.72%，10年期国债下行27bp至2.29%，30年期国债下行38bp至2.46%；1年期国开从2.20%下行到1.84%，10年期国开从2.68%下行到2.41%。信用债方面，以短融中票为例，1年期AAA信用债从2.52%下行到2.33%，3年期AAA信用债从2.71%下行到2.5%。报告期内，基金以商金债的配置为主，择机参与了利率债的波段交易。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:08.164Z","fund":{"_id":3000000011310,"__csrcFundId":9317,"stockCode":"011310","shortName":"国联恒阳纯债(011310)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11310,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:45:06.834Z","status":"normal","exchange":"jj","name":"国联恒阳纯债债券型证券投资基金","fundCollectionId":4000050820000,"inceptionDate":"2021-06-14T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"国联恒阳纯债","setUpDate":"2021-06-14T16:00:00.000Z","setUpAssetScale":4405063443.13,"setUpShares":4405063443.13,"pinyin":"glhyczzqxzqtzjj","managers":[{"stockCode":"db20775993","stockType":"fund_manager","exchange":"fm","tickerId":192413201200,"name":"石霄蒙"}]},"announcement":{"linkText":"国联恒阳纯债债券型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1069736","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6c7fea5b3eb04eacb5","date":"2023-12-30T16:00:00.000Z","stockId":3000000011310,"sao":"2023年经济处于弱修复的过程，全年实现5.2%的经济增长。结构上看，基建全年累计同比8.2%，制造业全年累计同比6.5%，是稳增长的重要抓手。房地产销售全年累计同比-8.5%，成为一定的拖累项。货币政策方面，央行全年进行2次降准、2次降息，旨在呵护市场流动性，降低社会融资成本。债券市场收益率在预期与现实中纠结前行，利率债年内呈M型走势，信用利差压缩明显，信用债收益率以下行为主。具体来看，年初疫情防控政策放开，市场对经济复苏较强，叠加春节消费需求释放，债券收益率震荡上行至2月末，10年国债收益率最高上行至2.90%，为全年收益率的高点。3月10号至8月中下行，债券收益率开启了大幅下行的趋势性行情。主要归因于经济增速和社融增速经历了一季度的快速修复后，进入2季度，修复斜率放缓，PMI数据再次跌至荣枯线以下，货币政策保持宽松，弱预期与弱现实形成共振，10年国债一度下行至2.54%。 进入9月，受债券供给、资金面偏紧、刺激政策出台等因素影响，债券市场开始调整，收益率震荡向上。11月底开始，机构行为成为主导债券市场的影响因素，收益率大幅下行。全年来看，利率率债长端表现好于短端，一年国债下行2bp左右，5年国债下行24bp左右，10年国债下行28bp左右。信用利差压缩明显，以短融中票为例，1年、3年、5年AAA品种分别下行了19bp、46bp、56bp，1年、3年、5年AA+品种分别下行了38bp、72bp、74bp。报告期内，基金以商金债的配置为主，择机参与了利率债的波段交易。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:08.161Z","mo":"2024年，经济增速与政策取向依然成为未来主导债市行情的影响因素，短期来看，宏观经济缓慢复苏，货币政策稳中有松，利率中枢稳中有降，市场关注的重点落在1季度社融改善的持续性以及上半年政策发力后的成效。进入到下半年，则需重点关注经济数据的修复情况、通胀压力、海外因素带来的扰动。总体而言，债券市场的趋势性机会仍在，震荡偏强格局延续时间更长，2024年会坚持以票息策略为主的同时，关注波段交易的机会。","fund":{"_id":3000000011310,"__csrcFundId":9317,"stockCode":"011310","shortName":"国联恒阳纯债(011310)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11310,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:45:06.834Z","status":"normal","exchange":"jj","name":"国联恒阳纯债债券型证券投资基金","fundCollectionId":4000050820000,"inceptionDate":"2021-06-14T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"国联恒阳纯债","setUpDate":"2021-06-14T16:00:00.000Z","setUpAssetScale":4405063443.13,"setUpShares":4405063443.13,"pinyin":"glhyczzqxzqtzjj","managers":[{"stockCode":"db20775993","stockType":"fund_manager","exchange":"fm","tickerId":192413201200,"name":"石霄蒙"}]},"announcement":{"linkText":"国联恒阳纯债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=1055588","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6c7fea5b3eb04eacb4","date":"2023-09-29T16:00:00.000Z","stockId":3000000011310,"sao":"三季度PMI重回到扩张区间，通胀回暖，盈利修复，社融信贷实现了同比多增，消费在服务消费带动下弱修复，制造业和基建保持了高韧性，地产景气度尚未好转，总需求稍显不足。货币政策方面，央行8月调降MLF利率15bp和OMO利率10bp，9月降准25bp为市场提供流动性。三季度主导债券市场的影响因素依然是资金面、政策面和经济基本面，收益率先下后上。市场预期出现变化的点在于7月24日召开的政治局会议，会议提到了加大政策调控力度、逆周期调节、房地产政策优化等内容，对于经济增长的诉求提升，政策的方向和力度开始有所变化。后续8月、9月货币政策虽然进行了降息降准的操作，但是整体并未扭转收益率震荡上行的趋势。整体上来看，短端上行幅度大于长端，曲线走平，利率债方面，1年期国债上行33bp至2.17%，10年期国债上行3bp至2.68%，1年期国开上行16bp至2.26%，3年国开上行7bp至2.45%，10年期国开上行4bp至2.74%。信用债的调整小于利率债，信用利差被动压缩，以短融中票为例，1年期AAA信用债上行9bp至2.55%，3年期AAA信用债上行10bp至2.90%。报告期内，基金以中高等级信用品种配置为主。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:08.158Z","fund":{"_id":3000000011310,"__csrcFundId":9317,"stockCode":"011310","shortName":"国联恒阳纯债(011310)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11310,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:45:06.834Z","status":"normal","exchange":"jj","name":"国联恒阳纯债债券型证券投资基金","fundCollectionId":4000050820000,"inceptionDate":"2021-06-14T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"国联恒阳纯债","setUpDate":"2021-06-14T16:00:00.000Z","setUpAssetScale":4405063443.13,"setUpShares":4405063443.13,"pinyin":"glhyczzqxzqtzjj","managers":[{"stockCode":"db20775993","stockType":"fund_manager","exchange":"fm","tickerId":192413201200,"name":"石霄蒙"}]},"announcement":{"linkText":"国联恒阳纯债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=984460","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6c7fea5b3eb04eacb3","date":"2023-06-29T16:00:00.000Z","stockId":3000000011310,"sao":"23年上半年实现GDP同比增长5.4%，生产好于需要，工业增加值增长3.8%，有所回升但整体仍在低位。社零增速8.2%，消费在疫后报复性消费一波快速修复后仍显疲软，CPI同比上涨0.7%，PPI同比下降3.1%，低位运行。出口累计同比负增长3.2%，固投同比3.8%，基建增速10.7%，保持韧性，制造业增速6%有所下行但仍起到支撑作用，房地产投资下探至-7.9%，除了竣工有所支撑，销售、拿地、新开工等仍在下行。 总体来看，上半年债券市场收益率先上后下，信用利差有所压缩，表现好于利率。1-2月份，PMI处于扩张区间，风险偏好抬升，债券收益率以上行为主。进入3月，复苏斜率有所放缓，央行进行降准释放长期流动性，叠加海外银行风险事件影响，收益率震荡下行。二季度pmi在4月重回荣枯线以下后回到收缩区间，地产销售下滑至去年同期水平。货币政策方面，继央行3月降准后，4月城商行开始下调存款利率，大行又在6月开始了新一轮的下调，并在6月调降了公开市场利率和MLF利率。整体上来看，利率债方面，1年期国债下行23bp至1.87%，10年期国债下行20bp至2.64%，1年期国开下行14bp至2.09%，10年期国下行22bp至2.77%，曲线走平。信用债方面，以短融中票为例，1年期AAA信用债下行24bp至2.47%，3年期AAA下行39bp至2.78%。报告期内，基金以中高等级信用品种配置为主，并在二季度参与了利率债波段交易。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:08.156Z","mo":"展望后市，资金面与政策取向依然影响债券走势的主要因素。短期来看，宏观经济处于复苏进程中，对长债形成压制，市场关注的重点落在增量刺激政策及效果。进入到下半年，则需重点关注经济数据的修复情况、通胀压力、资金面的边际变化带来的扰动。总体而言，债券市场的趋势性行情减弱，震荡格局延续时间更长，下半年会坚持以票息策略为主的同时，关注利率债波段交易的机会。","fund":{"_id":3000000011310,"__csrcFundId":9317,"stockCode":"011310","shortName":"国联恒阳纯债(011310)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11310,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:45:06.834Z","status":"normal","exchange":"jj","name":"国联恒阳纯债债券型证券投资基金","fundCollectionId":4000050820000,"inceptionDate":"2021-06-14T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"国联恒阳纯债","setUpDate":"2021-06-14T16:00:00.000Z","setUpAssetScale":4405063443.13,"setUpShares":4405063443.13,"pinyin":"glhyczzqxzqtzjj","managers":[{"stockCode":"db20775993","stockType":"fund_manager","exchange":"fm","tickerId":192413201200,"name":"石霄蒙"}]},"announcement":{"linkText":"中融恒阳纯债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=959597","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6c7fea5b3eb04eacb2","date":"2023-03-30T16:00:00.000Z","stockId":3000000011310,"sao":"一季度经济延续温和复苏的态势，PMI持续处于扩张区间，通胀维持低位，债券市场收益率先上后下，年初是收益率低点。1-2月市场受制于疫后经济复苏及风险偏好的抬升，进入3月，复苏斜率有所放缓，央行进行降准释放长期流动性，叠加海外银行风险事件影响，收益率震荡下行。具体来看，利率债方面，短端调整更多，曲线走平，一年国开上行16BP，三年上行12BP，十年上行2BP。信用债受益于资产荒行情，票息优势明显，表现好于利率债，低等级好于高等级，1年AAA上行11bp，AA+下行8bp，AA下行47bp；3年AAA下行6bp，AA+下行34BP,AA下行21bp。报告期内，基金以中高等级信用品种配置为主。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:08.153Z","fund":{"_id":3000000011310,"__csrcFundId":9317,"stockCode":"011310","shortName":"国联恒阳纯债(011310)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11310,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:45:06.834Z","status":"normal","exchange":"jj","name":"国联恒阳纯债债券型证券投资基金","fundCollectionId":4000050820000,"inceptionDate":"2021-06-14T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"国联恒阳纯债","setUpDate":"2021-06-14T16:00:00.000Z","setUpAssetScale":4405063443.13,"setUpShares":4405063443.13,"pinyin":"glhyczzqxzqtzjj","managers":[{"stockCode":"db20775993","stockType":"fund_manager","exchange":"fm","tickerId":192413201200,"name":"石霄蒙"}]},"announcement":{"linkText":"中融恒阳纯债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=884605","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6c7fea5b3eb04eacb1","date":"2022-12-30T16:00:00.000Z","stockId":3000000011310,"sao":"2022年全年实现GDP同比增长3.0%。生产方面，全国规模以上工业增加值增长 3.6%，固定资产投资同比增速5.1%，基建成为主要拉动项，全年增长9.4%，制造业依然保持了韧性，全年增长9.1%，房地产开发投资全年增速-10%。国内外疫情反复，线下出行受到冲击，消费表现疲软，2022年社零增长-0.2%。进出口数据受21年高基数影响，进口全年增速在1.1%，出口在7.0%。整体来看，经济复苏节奏有所放缓，社融增速探底，对债券市场形成支撑。货币政策方面，全年央行进行了2次降准、2次降息。2022年债券市场表现有所分化，短债好于长债，利率好于信用。上半年债券市场震荡下行，年初至春节，货币政策宽松预期不断升温，叠加降息于1月中旬落地，债市做多热情高涨，收益率曲线整体呈现陡峭化下行。春节至3月中旬，宽信用政策逐渐加码、货币政策进一步宽松的预期落空共同成为推动债券收益率上行的主要因素，期间固收+、理财产品被动赎回引发负反馈，更是加剧了收益率上行的幅度。3月中旬至5月末，在金稳委专题会议稳定市场信心、国内疫情发酵、资金价格持续处于低位等因素的共同作用下，债券整体上涨。下半年债券市场在强预期与弱现实中纠结前行，收益率先下后上。受疫情干扰，主要经济指标下滑，pmi处在收缩区间。进入11月，随着防疫和地产政策优化，收益率进入上行通道。全年来看，国债1年期下行16P左右至2.10%，3年下行4bp左右至2.40%，10年国债上行5bp至2.84%。信用债市场表现弱于利率债，信用利差走阔，以短融中票为例，1年期AAA下行1bp，AA+上行16bp，AA上行45bp；3年期AAA上行24bp，AA+上行47bp，AA上行17bp。报告期内，基金以中高等级信用品种配置为主,也择机参与了利率债的波段操作,为组合增厚了收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:08.150Z","mo":"2023年，经济增速与政策取向成为未来主导债市行情的影响因素，短期来看，宏观经济处于复苏阶段，对债券市场形成压制，市场关注的重点落在1季度社融改善的持续性以及上半年政策发力后的成效。进入到下半年，则需重点关注经济数据的修复情况、通胀压力、海外紧缩政策退出带来的扰动。总体而言，债券市场的趋势性行情减弱，震荡格局延续时间更长，2023年会坚持以票息策略为主的同时，关注波段交易的机会。","fund":{"_id":3000000011310,"__csrcFundId":9317,"stockCode":"011310","shortName":"国联恒阳纯债(011310)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11310,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:45:06.834Z","status":"normal","exchange":"jj","name":"国联恒阳纯债债券型证券投资基金","fundCollectionId":4000050820000,"inceptionDate":"2021-06-14T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"国联恒阳纯债","setUpDate":"2021-06-14T16:00:00.000Z","setUpAssetScale":4405063443.13,"setUpShares":4405063443.13,"pinyin":"glhyczzqxzqtzjj","managers":[{"stockCode":"db20775993","stockType":"fund_manager","exchange":"fm","tickerId":192413201200,"name":"石霄蒙"}]},"announcement":{"linkText":"中融恒阳纯债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=868163","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6c7fea5b3eb04eacb0","date":"2022-09-29T16:00:00.000Z","stockId":3000000011310,"sao":"三季度，债券收益率震荡下行。7月份，在疫情多点散发、资金价格维持低位、地产停贷事件冲击等因素的共同作用下，债券收益率进入下行通道；8月份，央行降息点燃市场做多情绪，收益率曲线走平，主要期限债券收益率均突破1月份低点；9月份，在资金利率抬升、地产刺激政策频出、国内经济修复、美元指数走强、人民币汇率有所调整等因素影响下，机构持券过节意愿降低，债市收益率震荡上行，长债收益率回到8月降息前位置。整体来看，利率债方面，3年国开下行22BP，其余期限国开整体下行13BP左右；信用债方面，以短融中票为例，5年期品种表现相对较好，各评级1-3年期下行27BP左右，AAA品种5年期下行35BP，AA+品种5年期下行26BP，AA品种5年期下行30BP。 本基金主要配置了中高等级信用债和利率债。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:08.148Z","fund":{"_id":3000000011310,"__csrcFundId":9317,"stockCode":"011310","shortName":"国联恒阳纯债(011310)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11310,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:45:06.834Z","status":"normal","exchange":"jj","name":"国联恒阳纯债债券型证券投资基金","fundCollectionId":4000050820000,"inceptionDate":"2021-06-14T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"国联恒阳纯债","setUpDate":"2021-06-14T16:00:00.000Z","setUpAssetScale":4405063443.13,"setUpShares":4405063443.13,"pinyin":"glhyczzqxzqtzjj","managers":[{"stockCode":"db20775993","stockType":"fund_manager","exchange":"fm","tickerId":192413201200,"name":"石霄蒙"}]},"announcement":{"linkText":"中融恒阳纯债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=810709","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6c7fea5b3eb04eacaf","date":"2022-06-29T16:00:00.000Z","stockId":3000000011310,"sao":"上半年国内经济延续修复的态势，1-2月份经济恢复整体好于预期，3、4月份受国际环境变化和国内疫情冲击的影响，主要经济指标下滑明显，5月份以来，随着稳增长政策有效实施，国内疫情防控总体向好，经济基本面的积极变化明显增多。一季度 GDP 同比增长 4.8%，二季度GDP同比增速0.4%，较一季度下降4.4个百分点，结构上看，出口韧性偏强对上半年经济形成主要支撑；消费受疫情影响表现乏力，对经济形成一定的影响；上半年，全国工业增加值同比增长3.4%，工业生产进一步改善；1-6月固定资产投资累计同比增长6.1%；地产方面，行业继续下探，房企拿地、销售、新开工、房企到位资金等数据依旧疲软，地产投资压力并未得到实质性缓解。通胀方面，CPI整体呈现逐季温和上涨趋势，PPI同比涨幅回落，通胀压力不大。社融总量改善，但结构依旧偏弱。资金面整体宽松。债券市场震荡向下，年初至2月，随着货币政策宽松预期不断升温，叠加降息于1月中旬落地，债市做多热情高涨，收益率曲线整体呈现陡峭化下行。2月至3月中旬，宽信用政策逐渐加码、货币政策进一步宽松的预期落空共同成为推动债券收益率上行的主要因素，期间固收+、理财产品被动赎回引发负反馈，更是加剧了收益率上行的幅度。3月中旬至5月末，在金稳委专题会议稳定市场信心、国内疫情发酵、资金价格持续处于低位等因素的共同作用下，债券整体上涨。6月份，重点城市逐步复产复工，稳增长政策集中发力，经济改善预期强化，债市承压，收益率震荡上行。整体来看，上半年，信用债表现好于利率债，短端表现好于中长端，利率债方面，1年国开下行30BP，3-5年国开上行3BP左右，10年国开下行3BP；信用债方面，以短融中票为例，低评级债券表现相对较好，1年期各个品种整体下行35BP左右，AAA品种3-5年期上行5BP左右，AA+品种3-5年期下行2BP左右，AA品种3年期下行35BP， 5年期下行15BP。报告期内，基金以中高等级信用和利率债配置为主，根据市场行情，维持适当的久期和杠杆，降低组合净值的波动与回撤，同时较好的分享了债券市场的上涨。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:08.145Z","mo":"下半年经济运行预计仍面临一些突出矛盾和问题，地产因城施策的影响下，投资反弹幅度可能不会很大，海外供应链修复以及全球经济下行可能引起外需边际回落，地产和出口对经济增长的拉动作用有待观察；消费修复的速度和斜率受疫情变化的影响；若全球供应链逐渐恢复，PPI有望延续回落趋势，食品价格或对CPI形成显著支撑，预计下半年CPI仍将保持上升态势。总体来说，短期内，基本面和货币政策转向的概率较低，这也均对债市有着较好的支撑。中长期影响债市收益率走势的因素则较为复杂，将密切关注稳增长落地效果和货币政策态度变化。如有观测要素产生预期差，则也可能是较好的交易性机会。信用债具有较好的配置价值，组合将继续关注中高等级品种，保持一定的杠杆和久期，同时严格控制信用风险。","fund":{"_id":3000000011310,"__csrcFundId":9317,"stockCode":"011310","shortName":"国联恒阳纯债(011310)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11310,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:45:06.834Z","status":"normal","exchange":"jj","name":"国联恒阳纯债债券型证券投资基金","fundCollectionId":4000050820000,"inceptionDate":"2021-06-14T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"国联恒阳纯债","setUpDate":"2021-06-14T16:00:00.000Z","setUpAssetScale":4405063443.13,"setUpShares":4405063443.13,"pinyin":"glhyczzqxzqtzjj","managers":[{"stockCode":"db20775993","stockType":"fund_manager","exchange":"fm","tickerId":192413201200,"name":"石霄蒙"}]},"announcement":{"linkText":"中融恒阳纯债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=783349","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6c7fea5b3eb04eacae","date":"2022-03-30T16:00:00.000Z","stockId":3000000011310,"sao":"2022年，经济增速与政策取向博弈成为主导一季度债券市场行情的主要影响因素。1-2月工业增加值同比7.5%，较去年12月大幅走高3.2%。1-2月固定资产投资同比增长12.2%，比上月提升10.0个百分点，其中制造业投资在低基数的影响下同比增速达到20.9%，基建投资同比8.6%，房地产开发投资同比3.7%。后续受国内疫情多点爆发影响，3月官方制造业PMI为49.5%，回落0.7%。货币政策继续助力稳增长，1月央行分别下调公开市场利率和1年MLF10bp，降息落地。债券市场收益率一波三折，短端表现好于中长端，曲线变陡，国债好于国开，具体来看，10年期国开上行5bp至3.04%，3年国开上行4bp至2.62%，1年国开下行5bp至2.28%。信用债整体以上行为主，略有分化，信用利差有所拉大。3年AAA上行16bp至3.11%，AA+上行18bp至3.29%，AA下行13bp在3.57%。一季度本基金主要配置了利率债和中高等级信用债。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:08.143Z","fund":{"_id":3000000011310,"__csrcFundId":9317,"stockCode":"011310","shortName":"国联恒阳纯债(011310)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11310,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:45:06.834Z","status":"normal","exchange":"jj","name":"国联恒阳纯债债券型证券投资基金","fundCollectionId":4000050820000,"inceptionDate":"2021-06-14T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"国联恒阳纯债","setUpDate":"2021-06-14T16:00:00.000Z","setUpAssetScale":4405063443.13,"setUpShares":4405063443.13,"pinyin":"glhyczzqxzqtzjj","managers":[{"stockCode":"db20775993","stockType":"fund_manager","exchange":"fm","tickerId":192413201200,"name":"石霄蒙"}]},"announcement":{"linkText":"中融恒阳纯债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=724708","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6c7fea5b3eb04eacad","date":"2021-12-30T16:00:00.000Z","stockId":3000000011310,"sao":"2021年全年实现GDP同比增长8.1%。生产方面，全国规模以上工业增加值增长 9.6%，两年平均增长 6.1%。固定资产投资同比增速4.9%，其中基建投资低于预期，增长0.4%，制造业投资韧性较强，全年增长13.5%，房地产开发投资前高后低，全年增速4.4%。国内外疫情反复，线下出行受到冲击，消费表现疲软，2021 年社零增长12.5%，两年平均增速为 3.9%。基本面上，经济复苏节奏有所放缓，对债券市场形成支撑。2021年债券市场震荡下行，年初受制于海外输入通胀担忧，收益率震荡走高，进入二季度，受益于财政后置，地方债发行节奏不及预期，银行间流动性相对宽松，债券市场震荡下行。下半年，疫情点状反复，PPI创年内新高后下行，企业经营压力增大，PMI跌破荣枯线，稳增长的诉求强烈，央行连续2次降准释放流动性，债券市场收益率应声而下。全年来看，国债1年期下行25BP左右至2.24%，3-10年曲线平均下行40bp左右，10年国债下至2.78%。信用债市场表现强于利率债，信用利差压缩，以短融中票为例，1年期AAA下行35bp，AA+下行54bp，AA下行83bp；3年期AAA下行52bp，AA+下行76bp，AA下行56bp。本基金主要配置了利率债和中高等级信用债。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:08.140Z","mo":"2022年，经济增速与政策取向或将成为未来主导债市行情的影响因素，宽货币政策明确，宽信用正在路上。短期来看，宏观经济对债券市场形成增量利好较为困难，市场关注的重点落在1季度社融数据的变化和结构。进入到下半年，则需重点关注经济数据的修复情况、猪价回升带动的通胀压力、海外宽松政策退出带来的扰动，债市或进入盘整阶段。总体而言，债券市场的趋势性行情减弱，震荡格局延续时间更长，多资产策略加持依然成为2022年的投资主题。","fund":{"_id":3000000011310,"__csrcFundId":9317,"stockCode":"011310","shortName":"国联恒阳纯债(011310)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11310,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:45:06.834Z","status":"normal","exchange":"jj","name":"国联恒阳纯债债券型证券投资基金","fundCollectionId":4000050820000,"inceptionDate":"2021-06-14T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"国联恒阳纯债","setUpDate":"2021-06-14T16:00:00.000Z","setUpAssetScale":4405063443.13,"setUpShares":4405063443.13,"pinyin":"glhyczzqxzqtzjj","managers":[{"stockCode":"db20775993","stockType":"fund_manager","exchange":"fm","tickerId":192413201200,"name":"石霄蒙"}]},"announcement":{"linkText":"中融恒阳纯债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=712697","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6c7fea5b3eb04eacac","date":"2021-09-29T16:00:00.000Z","stockId":3000000011310,"sao":"三季度以来，受疫情点状反复、汛情等因素干扰，经济复苏节奏有所放缓。大宗商品价格继续冲高，PPI创年内新高，企业经营压力增大，9月pmi跌破荣枯线，创2020年3月以来新低。债券市场收益率先下后上，7 月 9 日央行便宣布将于7月15日全面降准0.5%，释放长期资金约1万亿人民币，收益率进入下行通道。进入8月中旬，宽信用、基建发力、理财整改等消息影响下，债市走弱，收益率震荡上行。具体来看，10年期国开下行31bp至3.20%，3年国开下行23bp至2.77%，1年国开下行12bp至240%。信用债整体也以下行为主，其中中高等级优于低等级。3年AAA下行20bp至3.16%，AA+下行25bp至3.34%，AA持平在3.99%。本基金主要配置了利率债和中高等级信用债。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:08.137Z","fund":{"_id":3000000011310,"__csrcFundId":9317,"stockCode":"011310","shortName":"国联恒阳纯债(011310)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11310,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:45:06.834Z","status":"normal","exchange":"jj","name":"国联恒阳纯债债券型证券投资基金","fundCollectionId":4000050820000,"inceptionDate":"2021-06-14T16:00:00.000Z","currency":"CNY","followedNum":0,"masterFundShortName":"国联恒阳纯债","setUpDate":"2021-06-14T16:00:00.000Z","setUpAssetScale":4405063443.13,"setUpShares":4405063443.13,"pinyin":"glhyczzqxzqtzjj","managers":[{"stockCode":"db20775993","stockType":"fund_manager","exchange":"fm","tickerId":192413201200,"name":"石霄蒙"}]},"announcement":{"linkText":"中融恒阳纯债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=653043","linkType":"PDF","source":"csrc_pdf"}}]}