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低的位置，总量层面的稳增长政策虽逐步推出，但市场对于经济企稳复苏的预期仍然不强。我们认为，随着政策的细化和落地，经济基本面企稳回暖的方向是较为确定的，节奏和力度则需要持续的跟踪观察。在此背景下，债券市场收益率存在一定概率出现触底回升的走势。基金操作层面，对于债券投资策略，会将组合久期控制在比较短的水平，更强调票息对于收益的重要性。在当前较为宽松的货币环境下，杠杆策略仍会作为增厚收益的手段之一，同时关注曲线形态变化的获利机会。","fund":{"_id":3000000011464,"__csrcFundId":9238,"stockCode":"011464","shortName":"南华瑞利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11464,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:28.441Z","status":"normal","name":"南华瑞利债券型证券投资基金","followedNum":2,"exchange":"jj","fundCollectionId":4000051500000,"inceptionDate":"2021-05-19T16:00:00.000Z","currency":"CNY","masterFundShortName":"南华瑞利债券型","setUpDate":"2021-05-19T16:00:00.000Z","setUpAssetScale":71589.19,"setUpShares":71589.19,"pinyin":"nhrlzqxzqtzjj","managers":[{"stockCode":"db20299949","stockType":"fund_manager","exchange":"fm","tickerId":81226212780,"name":"何林泽"},{"stockCode":"j101010376","stockType":"fund_manager","exchange":"fm","tickerId":101020249840,"name":"姜杰特"},{"stockCode":"j101017232","stockType":"fund_manager","exchange":"fm","tickerId":1225248450,"name":"陆越"}]},"announcement":{"linkText":"南华瑞利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=710932","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece877fea5b3eb04ece6b","date":"2021-09-29T16:00:00.000Z","stockId":3000000011464,"sao":"2021年第三季度债券市场收益率整体呈下行趋势。具体来看，7月初央行意外降准，点燃了市场对央行货币政策进一步宽松的预期，同时市场对未来经济基本面进一步走弱的预期大幅增强，这种背景下债券市场收益率快速下行，市场的这种做多情绪一直延续到了8月初。进入8月以后，由于前期降准并未带来短端利率的明显下行，再加上7月份利率下行速度过快，已经透支了对未来货币政策进一步的宽松预期，债券市场开始进入震荡阶段，这种震荡态势一直延续到了9月底。展望后市，我们认为全球大宗商品的持续大幅上涨会加剧市场对通胀的担忧，短期内央行货币政策的宽松力度可能会不及市场前期预期，短期内债券市场可能将面临一定调整压力。基金操作层面，对于债券投资策略，我们在三季度主要配置了部分中短期利率品种，组合久期整体处于相对较短的水平。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:35.595Z","fund":{"_id":3000000011464,"__csrcFundId":9238,"stockCode":"011464","shortName":"南华瑞利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11464,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:28.441Z","status":"normal","name":"南华瑞利债券型证券投资基金","followedNum":2,"exchange":"jj","fundCollectionId":4000051500000,"inceptionDate":"2021-05-19T16:00:00.000Z","currency":"CNY","masterFundShortName":"南华瑞利债券型","setUpDate":"2021-05-19T16:00:00.000Z","setUpAssetScale":71589.19,"setUpShares":71589.19,"pinyin":"nhrlzqxzqtzjj","managers":[{"stockCode":"db20299949","stockType":"fund_manager","exchange":"fm","tickerId":81226212780,"name":"何林泽"},{"stockCode":"j101010376","stockType":"fund_manager","exchange":"fm","tickerId":101020249840,"name":"姜杰特"},{"stockCode":"j101017232","stockType":"fund_manager","exchange":"fm","tickerId":1225248450,"name":"陆越"}]},"announcement":{"linkText":"南华瑞利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=651767","linkType":"PDF","source":"csrc_pdf"}}]}