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起伏，全年来看收益率整体维持区间内震荡。一季度市场在宽货币和宽信用的博弈下宽幅震荡，二季度疫情爆发、经济下行、内需低迷、资金宽松，利率品种在收益率维持低位，在上海疫情控制住之后，债市收益率开始上行。三季度在国内经济复苏证伪和资金面持续宽松支撑下，债券收益率普遍流畅下行。四季度随着资金边际收敛、地产政策和防疫政策大幅调整推动经济预期增强，债市快速回调。从全年维度来看，债市收益率经历的两轮起伏，中间预期的转变占据了主要地位。站在当下来看，债市依然受预期的影响较大，当前经济复苏是市场的一致预期，但是复苏的成色和持续性有待观察，在此期间流动性预计将维持宽松才有助于实体经济宽信用。因此债券组合将采取较为保守的久期策略，以票息和套利策略为主。  组合以中高资质信用债和资产支持证券为主，封闭期高杠杆运行。受信用债估值调整影响，组合三季度回撤较大。目前银行间流动性仍然充裕，债券组合仍将以票息收入为主，维持高杠杆水平，获取套息收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:56.214Z","mo":"2022年国内投资者经历了不平凡的一年，在疫情反复、国际动荡等诸多因素影响下，国内经济增速起伏较大，市场的风险偏好也有较大幅度收缩。展望2023年，以往压制经济和风险偏好的不利因素均有边际上的改善。具体而言，随着疫情影响的逐步消退，工业生产和线下消费均开始改善，居民收入和消费信心也在重建。海外美联储加息已经开始有所放缓，其货币政策的溢出影响也在减弱。短期来看世界格局难以回到疫情前的状态，但2023年市场预计会得到喘息的机会。中期来看，我们对中国经济充满信心。疫情三年时国内经济的试金石，传统经济经受住了考验，新兴行业正在逐步崛起并取得全球竞争优势。当前，债券市场收益率逐步回到中枢水平，随着资产质量的改善，信用产品的票息收益变得可预期。国内权益市场的估值处在低位，周期行业企业盈利已经开始好转，成长性较好的行业依然保持较强的竞争力，因此未来权益资产拥有走牛的基础。固收加类资产也有望回归到合理可预期的收益水平。","fund":{"_id":3000000012732,"__csrcFundId":9905,"stockCode":"012732","shortName":"融通通跃一年定开债券发起式(012732)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:27:26.131Z","status":"normal","exchange":"jj","name":"融通通跃一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050130000,"inceptionDate":"2021-09-26T16:00:00.000Z","followedNum":0,"masterFundShortName":"融通通跃一年定开债券发起式","setUpDate":"2021-09-26T16:00:00.000Z","setUpAssetScale":2010003364.21,"setUpShares":2010003364.21,"pinyin":"rttyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20910795","stockType":"fund_manager","exchange":"fm","tickerId":121912236350,"name":"刘舒乐"}]},"announcement":{"linkText":"融通通跃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=865479","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf8c7fea5b3eb04fe827","date":"2022-09-29T16:00:00.000Z","stockId":3000000012732,"sao":"三季度国债收益率先上后下，整体利率债走势偏强。三季度初，经济从二季度洼地中逐步恢复，社融回升，政策稳增长预期强烈，债市出现小幅回调。但是三季度中旬之后，受地产销售持续走弱、疫情反复以及稳增长弱化的影响，债券市场进入震荡走势。8月份央行超预期降息，点燃了市场做多长债的热情，债券收益率一路走低。回头来看，当前债市焦点仍然落在国内经济基本面上，当前内外环境下，经济走势疲弱，央行货币政策聚焦国内，持续维持宽松。从当前收益率绝对值的位置来看，利率仍处在历史低位，但是经济基本面较弱资金面宽松的情况下，收益率大幅上行的概率并不高，当前来看票息策略是较好的选择。  组合以中高资质信用债和资产支持证券为主，封闭期高杠杆运行。短期来看银行间流动性仍然充裕，债券组合仍将以票息收入为主，维持高杠杆水平，获取套息收益。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:56.211Z","fund":{"_id":3000000012732,"__csrcFundId":9905,"stockCode":"012732","shortName":"融通通跃一年定开债券发起式(012732)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:27:26.131Z","status":"normal","exchange":"jj","name":"融通通跃一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050130000,"inceptionDate":"2021-09-26T16:00:00.000Z","followedNum":0,"masterFundShortName":"融通通跃一年定开债券发起式","setUpDate":"2021-09-26T16:00:00.000Z","setUpAssetScale":2010003364.21,"setUpShares":2010003364.21,"pinyin":"rttyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20910795","stockType":"fund_manager","exchange":"fm","tickerId":121912236350,"name":"刘舒乐"}]},"announcement":{"linkText":"融通通跃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=802578","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf8c7fea5b3eb04fe826","date":"2022-06-29T16:00:00.000Z","stockId":3000000012732,"sao":"上半年国债收益率维持震荡走势，趋势性不明显。债市主要影响因素包括国内疫情冲击、经济稳增长政策、货币资金维持宽松等，海外因素则包括美联储加息、俄乌战争、大宗商品涨价等因素。整体而言，国内债市主要受国内经济基本面和政策影响，受海外因素冲击较小。上半年上海疫情导致的停工停产给本身疲弱的经济雪上加霜，也触发了政策推出更多的稳增长政策，因此从6月份开始市场对经济见底的定价逐步展开。虽然当前消费、投资仍然较弱，房地产行业面临较多问题。但每次经济复苏的拐点都是充满波折的，从社融先行指标来看，已经连续两个月超预期回升。我们认为随着稳增长政策持续推进，经济基本面会逐步好转。从当前收益率绝对值的位置来看，仍处在历史较低位置，但是经济基本面较弱资金面宽松的情况下，收益率大幅上行的概率并不高，当前来看票息策略是较好的选择。  组合以中高资质信用债和资产支持证券为主，封闭期高杠杆运行。短期来看银行间流动性仍然充裕，债券组合仍将以票息收入为主，维持高杠杆水平，获取套息收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:56.208Z","mo":"2022年，国内经济面临诸多挑战，包括国内疫情反复冲击，国内地产下行压力的扩散，海内外经济复苏节奏错位等。综合来看，我们认为未来国内的货币政策主要聚焦国内经济，仍将维持宽松的货币政策环境，同时财政政策和产业政策将持续发力稳增长和调结构。  展望未来，债券市场多空并存，一方面是经济下行压力加大，货币政策预期进一步放松；另一方面，收益率处在低位，市场预期较为充足。随着维稳政策持续出台，宽信用和稳增长的效果将陆续体现。","fund":{"_id":3000000012732,"__csrcFundId":9905,"stockCode":"012732","shortName":"融通通跃一年定开债券发起式(012732)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:27:26.131Z","status":"normal","exchange":"jj","name":"融通通跃一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050130000,"inceptionDate":"2021-09-26T16:00:00.000Z","followedNum":0,"masterFundShortName":"融通通跃一年定开债券发起式","setUpDate":"2021-09-26T16:00:00.000Z","setUpAssetScale":2010003364.21,"setUpShares":2010003364.21,"pinyin":"rttyyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20910795","stockType":"fund_manager","exchange":"fm","tickerId":121912236350,"name":"刘舒乐"}]},"announcement":{"linkText":"融通通跃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=777927","linkType":"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