window.pageData = {"stock":{"_id":3000000012938,"stockCode":"012938","shortName":"创金合信尊泓债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12938,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","inceptionDate":"2021-07-13T16:00:00.000Z","name":"创金合信尊泓债券型证券投资基金","fundCollectionId":4000050990000,"followedNum":0,"masterFundShortName":"创金合信尊泓债券","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":201005037.09,"setUpShares":201005037.09,"pinyin":"cjhxzhzqxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50990000","tickerId":50990000,"name":"创金合信基金管理有限公司"},"managers":[{"name":"成念良","stockType":"fund_manager","stockCode":"8801402819","exchange":"fm","tickerId":31412159200}],"hotMetrics":{"fss":{"stockId":3000000012938,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":1,"f_ins_h_s_r_c_hy":0,"f_ins_h_s_r_c_1y":0.00010000000000010001,"f_ind_h_s_r":0,"f_ind_h_s_r_c_hy":0,"f_ind_h_s_r_c_1y":-0.0001,"f_h_a":423,"f_h_s_a":6498236,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000012938,"type":"fpr","f_p_r_fys_ssc":7469,"f_p_r_fys_ssrp":0.5294590251740761,"f_p_r_m1_ssc":7555,"f_p_r_m1_ssrp":0.4312946783161239,"f_p_r_m3_ssc":7473,"f_p_r_m3_ssrp":0.37566916488222696,"f_p_r_m6_ssc":7248,"f_p_r_m6_ssrp":0.5798261349523941,"f_p_r_y1_ssc":6810,"f_p_r_y1_ssrp":0.9063004846526656,"f_p_r_y2_ssc":5834,"f_p_r_y2_ssrp":0.9470255443168181,"f_p_r_y3_ssc":4886,"f_p_r_y3_ssrp":0.8708290685772774,"f_cagr_p_r_fs_ssc":7248,"f_cagr_p_r_fs_ssrp":0.7107768731889057},"fp":{"stockId":3000000012938,"type":"fp","f_p_r_fys":0.009474419068514983,"f_p_r_m1":0.00426629625954944,"f_p_r_m3":0.0085691510561976,"f_p_r_m6":0.012301230123012097,"f_p_r_y1":0.008770181383296771,"f_cagr_p_r_fs":0.024293017529030125,"f_p_r_d1":-0.00040176777822431564,"f_p_r_y2":0.02910355731873082,"f_p_r_y3":0.06533173698176076,"last_data_date":"2026-04-19T16:00:00.000Z"},"ff":{"stockId":3000000012938,"type":"ff","f_m_f":2149857,"f_m_f_r":0.003,"f_c_f":716619,"f_c_f_r":0.001,"f_m_a_c_f":2866476,"f_m_a_c_f_r":0.004,"f_m_c_f_d":"2025-01-23T16:00:00.000Z","f_c_fr":0.001,"f_fr_d":"2025-12-30T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.004},"f_nlacan":{"stockId":3000000012938,"type":"f_nlacan","f_nv_d":"2026-04-19T16:00:00.000Z","f_nv":1.0122,"f_nv_cr":0.00019762845849791155},"f_as":{"stockId":3000000012938,"type":"f_as","f_tas":2979034150.3236003,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000012939,"name":"创金合信尊泓债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","exchange":"jj","stockCode":"012939","tickerId":12939,"shortName":"创金合信尊泓债券C","currency":"CNY","__csrcFundId":9626,"lastUpdated":"2025-01-04T00:32:11.793Z","inceptionDate":"2021-07-13T16:00:00.000Z","fundCollectionId":4000050990000,"followedNum":0,"status":"normal","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":4065,"setUpShares":4065,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"cjhxzhzqxzqtzjj"}],"bondHoldings":[{"_id":"69e5b1c98f1cb122fb5458a8","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000012938,"stockCode":"230203","stockName":"23国开03","holdings":4000000,"marketCap":410993424,"netValueRatio":0.138,"lastUpdated":"2026-04-20T04:55:37.236Z"},{"_id":"69e5b1c98f1cb122fb5458a9","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000012938,"stockCode":"240208","stockName":"24国开08","holdings":4000000,"marketCap":408408767,"netValueRatio":0.1371,"lastUpdated":"2026-04-20T04:55:37.247Z"},{"_id":"69e5b1c98f1cb122fb5458aa","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000012938,"stockCode":"240203","stockName":"24国开03","holdings":3000000,"marketCap":307048356,"netValueRatio":0.1031,"lastUpdated":"2026-04-20T04:55:37.251Z"},{"_id":"69e5b1c98f1cb122fb5458ab","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000012938,"stockCode":"250208","stockName":"25国开08","holdings":3000000,"marketCap":302496000,"netValueRatio":0.1015,"lastUpdated":"2026-04-20T04:55:37.254Z"},{"_id":"69e5b1c98f1cb122fb5458ac","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000012938,"stockCode":"250215","stockName":"25国开15","holdings":3000000,"marketCap":297262191,"netValueRatio":0.0998,"lastUpdated":"2026-04-20T04:55:37.257Z"}]},"list":[{"_id":"69e5b1be8f1cb122fb545508","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","stockId":3000000012938,"sao":"一季度债券市场呈现显著的震荡格局，收益率曲线陡峭化特征突出。定价逻辑由年初的惯性调整，逐步转向配置发力、货币政策定力、外部冲击与通胀扰动等多因素的综合博弈。从基本面看，1-2月经济数据超预期，确认了经济的韧性。同时，地缘冲突引发的原油价格上涨成为债市核心扰动项，阶段性压制了长端表现。资金面呈现“春节前宽松、节后平稳”的特征，为中短端提供了有力支撑。货币政策方面，尽管宽松预期犹存，但总量宽松的落地节奏因经济数据改善而延后。机构行为上，配置盘在年初发力托底，而节后交易盘的止盈行为对市场造成阶段性扰动，超长端因交易拥挤而承压明显。海外方面，地缘风险与通胀扰动反复交织，成为加剧债市震荡的重要外部变量。具体来看，一季度市场表现可分为几个阶段：年初受权益市场跨年行情及供给冲击影响，债市开局走弱；随后央行释放宽松信号，叠加春节前资金投放与配置盘发力，推动收益率下行；春节后，美伊冲突引发原油价格暴涨，通胀预期升温，叠加1-2月经济数据超预期，债市转为震荡调整；至季末，中短端受益于资金面韧性及同业利率调降预期稳步走强，而超长端则在供给压力与通胀担忧下震荡上行，期限分化加剧。从期限表现看，7年期以内利率债收益率较年初高点下行超过10个基点，中短端稳步走强；10年期国债收益率在1.77%-1.90%区间内震荡，整体震荡走低；超长端承压明显，30年期国债一季度调整幅度约10个基点，季末仍在2.3%附近震荡。展望二季度，预计经济基本面将延续外需强、内需温和的格局，需谨防内需出现季节性扰动。通胀走势是更为重要的观察点，高油价可能导致PPI快速转正，需关注通胀向下游的传导情况，以判断其影响的持续性，基本假设PPI的环比高点将发生在5-6月份。在此背景下，货币政策进一步宽松的必要性下降或窗口期后移，同时资金利率已贴近政策利率，制约了短端资产收益率的下行空间。因此，预期二季度债券市场将呈现震荡行情，但相对陡峭的收益率曲线或将有所收敛。产品在一季度净值表现稳健，主要投资方向仍为利率债，在保持中枢久期相对稳定的情况下，通过阶段性久期调整抓取市场机会，取得了一定效果。后续产品将根据市场变化，适时调整配置方向，以捕捉市场结构性机会。","lastUpdated":"2026-04-20T04:55:26.323Z","fund":{"_id":3000000012938,"__csrcFundId":9626,"stockCode":"012938","shortName":"创金合信尊泓债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12938,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.412Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-13T16:00:00.000Z","name":"创金合信尊泓债券型证券投资基金","fundCollectionId":4000050990000,"followedNum":0,"masterFundShortName":"创金合信尊泓债券","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":201005037.09,"setUpShares":201005037.09,"pinyin":"cjhxzhzqxzqtzjj","managers":[{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信尊泓债券型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1467413","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ca7b8f7ecbd37c10afbdd2","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000012938,"sao":"2025年经济增长仍保持在5%，但经济增长结构跟预期的差异很大。由于外部的压力，出口一度是较为担心的经济部门，但经过贸易战考验，我国科技和制造业展现出十足的韧性，进出口是国民经济的亮点；而在政府支出退坡影响下，投资和消费增速走弱，内需增长仍然偏弱。同时，在反内卷政策及美元流动性助推下，通胀数据有企稳回暖迹象，下半年PPI环比开始转正。债券市场上半年主要受贸易战影响波动较大，下半年呈现收益率趋势上行走势，这种情况一方面纠正之前激进的降息预期，同时通胀的回暖使收益率曲线开始陡峭化。2025年由于债券趋势走熊，产品主要策略持有的利率债收益率明显上行，产品净值波动较大。","lastUpdated":"2026-03-30T13:33:03.064Z","mo":"2026年我国仍处于新旧经济换挡期及经济增长量价平衡的转换期，要实现偏高的实际经济增速需要更为积极的政策支持，并努力在通胀与增长中实现再平衡。鉴于此，预计2026年无风险利率整体仍维持在低位并略有抬升，政策的节奏和力度不同将使市场呈现大幅波动状态，整体利率曲线呈现陡峭化形态。未来一年债券市场仍面临较多不确定，产品需要策略上适当降低波动，通过积极的结构调整应对市场的变化。","fund":{"_id":3000000012938,"__csrcFundId":9626,"stockCode":"012938","shortName":"创金合信尊泓债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12938,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.412Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-13T16:00:00.000Z","name":"创金合信尊泓债券型证券投资基金","fundCollectionId":4000050990000,"followedNum":0,"masterFundShortName":"创金合信尊泓债券","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":201005037.09,"setUpShares":201005037.09,"pinyin":"cjhxzhzqxzqtzjj","managers":[{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信尊泓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=1448282","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb47fea5b3eb0500f47","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000012938,"sao":"三季度宏观经济平稳偏弱，由于部分关税豁免及中国产品竞争力较强，进出口呈现较强韧性；但内需偏弱，制造业投资、基建投资、房地产投资均呈现回落趋势，而消费受“两新”额度及消费倾向弱影响，社零回落较快。货币政策总体维持支持性取向，新增财政政策预期不高。债券收益率三季度持续调整，先后受反内卷、权益上涨以及基金费用新规征求意见稿影响，收益率曲线陡峭化明显，修复之前过度乐观的降息预期。产品三季度适当降低久期和仓位，减少利率上行的影响。四季度由于基数抬高，经济增长压力增大，风险偏好可能会有所下降。对债市来说机构行为不稳定仍是最大的变量，市场买入力量暂时缺位，除此之外利空逐渐都落地。如后续有赎回扰动使收益率出现高点，可积极关注。","lastUpdated":"2026-03-09T13:48:36.928Z","fund":{"_id":3000000012938,"__csrcFundId":9626,"stockCode":"012938","shortName":"创金合信尊泓债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12938,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.412Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-13T16:00:00.000Z","name":"创金合信尊泓债券型证券投资基金","fundCollectionId":4000050990000,"followedNum":0,"masterFundShortName":"创金合信尊泓债券","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":201005037.09,"setUpShares":201005037.09,"pinyin":"cjhxzhzqxzqtzjj","managers":[{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信尊泓债券型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1368697","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb47fea5b3eb0500f46","date":"2025-06-29T16:00:00.000Z","stockId":3000000012938,"sao":"上半年经济整体超预期。一季度宏观经济开局稳定，房地产销售延续了去年四季度以来的回暖趋势，制造业PMI指数连续处于50以上，显示工业生产偏强，抢出口背景下出口不弱但进口偏弱，内需偏弱的局面仍然存在。政策方面，央行出于防范风险及维护汇率的考虑，减少了货币净投放，并暂停了国债买卖，导致银行间资金利率持续处于高位。在这样的影响下，债券收益率从低位快速反弹，修正了前期过度的货币宽松预期。进入二季度经济整体仍有韧性，但有边际走弱迹象；而外部贸易环境的变化，预期呈现出不稳定。由于需求偏弱，整体价格趋势有走弱迹象，PPI环比负增长的持续，给后续政策带来挑战。债券收益率上半年冲高后回落，一季度央行出于防范风险及维护汇率的考虑，减少了货币净投放，并暂停国债买卖，导致银行间资金利率持续处于高位。在这样的影响下，债券收益率从低位快速反弹；二季度开始资金逐渐从一季度的紧张局面缓解下来，同时5月份降准降息的落地以及贸易争端的开始，使债券收益率走低。产品在此期间虽然抓到了市场反弹的机会，但净值波动较大，存在一定净值增长压力。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:36.925Z","mo":"三季度宏观经济增长仍将面临挑战，但物价短期有些改善，量价的分化使得市场波动会加大。产品将通过灵活的操作应对市场变化，竭力保持产品的稳健增长。","fund":{"_id":3000000012938,"__csrcFundId":9626,"stockCode":"012938","shortName":"创金合信尊泓债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12938,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.412Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-13T16:00:00.000Z","name":"创金合信尊泓债券型证券投资基金","fundCollectionId":4000050990000,"followedNum":0,"masterFundShortName":"创金合信尊泓债券","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":201005037.09,"setUpShares":201005037.09,"pinyin":"cjhxzhzqxzqtzjj","managers":[{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信尊泓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=1338151","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb47fea5b3eb0500f45","date":"2025-03-30T16:00:00.000Z","stockId":3000000012938,"sao":"一季度宏观经济开局稳定，房地产销售延续了去年四季度以来的回暖趋势，制造业PMI指数连续处于50以上，显示工业生产偏强，抢出口背景下出口不弱但进口偏弱，内需不足的局面仍然存在。政策方面，央行出于防范风险及维护汇率的考虑，减少了货币净投放，并暂停了国债买卖，导致银行间资金利率持续处于高位。在这样的影响下，债券收益率从低位快速反弹，修正了前期过度的货币宽松预期。进入二季度经济有逐渐收敛迹象，加之美国关税政策冲击，经济增长及物价压力增加，上层储备的对冲政策可能会陆续推出，货币宽松如果超预期，债券收益率仍有进一步下行空间；但目前债券收益率已经反映了部分预期，暂时不具备趋势性下行的宏观背景，宽幅震荡是更可能的走势。产品在一季度逐步增加了久期和仓位，后续会随着收益率的变动更灵活地操作。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:36.922Z","fund":{"_id":3000000012938,"__csrcFundId":9626,"stockCode":"012938","shortName":"创金合信尊泓债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12938,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.412Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-13T16:00:00.000Z","name":"创金合信尊泓债券型证券投资基金","fundCollectionId":4000050990000,"followedNum":0,"masterFundShortName":"创金合信尊泓债券","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":201005037.09,"setUpShares":201005037.09,"pinyin":"cjhxzhzqxzqtzjj","managers":[{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信尊泓债券型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1265009","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb47fea5b3eb0500f44","date":"2024-12-30T16:00:00.000Z","stockId":3000000012938,"sao":"2024年的债市，除了3月中上旬、4月下旬、8月中上旬收益率出现了一定的上行回调，以及9月下旬受政策变化使得权益表现较好、机构预防性赎回引发集中抛售导致债券市场出现较大幅度调整之外，全年整体表现超出市场年初的普遍预期，走出了债牛行情，而且长久期和超长久期利率债表现占优。一方面是因为经济基本面方面，在经济高质量发展的定调下，经济呈弱复苏态势；另一方面，货币政策整体上偏宽松，2024年降准了2次，OMO也降息了2次，央行并于8月份起、10月份起开展了国债买卖、买断式逆回购操作，其中，2月5日和9月27日分别降准了0.5个百分点；7月22日和9月27日7天逆回购利率分别降息10BP、20BP至目前的1.5%。尤其是12月9日召开的中央政治局会议将连续实施了14年的“稳健的货币政策”改为“适度宽松的货币政策”，加速了长端收益率的快速下行。2024年，基于产品的定位，以及对经济基本面、货币政策和债券市场行为的判断，主要投向区域经济发展有前景且财力还不错区域的城投债，高景气度行业的央企、国企产业债，国资控股的券商、国股大行发行的金融债、CD等，以及利率债，通过对信用利差、行业利差、区域利差、品种利差的比较和替换，运用久期、杠杆、信用、波段操作等多个子策略力争提升产品收益。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:36.920Z","mo":"经济基本面方面，我们判断经济仍在复苏中，复苏进程和程度有待观察。货币政策方面，我们判断在稳增长的大背景下，大概率会中性偏宽松，但是由于“防止资金空转套利”的要求在，不会过度宽松。信用方面，我们判断，2025年信用债的整体违约风险下降，利差后续可能会分化。在目前绝对收益率和利差较低的现状下，2025年的债市可能波动会加大但也蕴含了一些波段交易性机会。在目前信用利差、期限利差较低的情况下，会以利率债为主，综合采用骑乘、杠杆、波段等策略，在合理控制风险的前提下，力争提升产品收益。","fund":{"_id":3000000012938,"__csrcFundId":9626,"stockCode":"012938","shortName":"创金合信尊泓债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12938,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.412Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-13T16:00:00.000Z","name":"创金合信尊泓债券型证券投资基金","fundCollectionId":4000050990000,"followedNum":0,"masterFundShortName":"创金合信尊泓债券","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":201005037.09,"setUpShares":201005037.09,"pinyin":"cjhxzhzqxzqtzjj","managers":[{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信尊泓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=1246161","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb47fea5b3eb0500f43","date":"2024-09-29T16:00:00.000Z","stockId":3000000012938,"sao":"2024年第三季度，债券市场收益率呈现震荡下行，但是8月中上旬和9月下旬债券市场出现了一定幅度的调整，其中8月中上旬的调整主要原因为前期利率下行过快和信用利差较低以及机构预防性赎回引发担忧，9月下旬的调整主要受政策变化使得权益表现较好、机构预防性赎回引发集中抛售所致。经济基本面方面，在经济高质量发展的定调下，呈现弱复苏，7-9月制造业PMI持续低于荣枯线。货币政策方面，第三季度整体上偏宽松，其中，7月22日央行宣布7天逆回购利率降息10BP至1.7%；9月27日央行宣布，决定自2024年9月27日起，下调金融机构存款准备金率0.5个百分点；9月29日7天逆回购利率降息20BP至1.5%。本产品在2024年第三季度，考虑到债券绝对收益率和信用利差均处于低位，组合久期中性，杠杆较低。基于产品的定位，以及对经济基本面、货币政策和债券市场行为的判断，以利率债、中高等级信用债为主，主要投向区域经济发展有前景且财力还不错区域的城投债，高景气度行业的央企、国企产业债，国债控股的券商、国股大行发行的金融债等，同时运用久期、杠杆、波段操作等多个子策略力争提升产品收益。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:36.917Z","fund":{"_id":3000000012938,"__csrcFundId":9626,"stockCode":"012938","shortName":"创金合信尊泓债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12938,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.412Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-13T16:00:00.000Z","name":"创金合信尊泓债券型证券投资基金","fundCollectionId":4000050990000,"followedNum":0,"masterFundShortName":"创金合信尊泓债券","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":201005037.09,"setUpShares":201005037.09,"pinyin":"cjhxzhzqxzqtzjj","managers":[{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信尊泓债券型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1169170","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb47fea5b3eb0500f42","date":"2024-06-29T16:00:00.000Z","stockId":3000000012938,"sao":"2024年上半年债券市场，除了3月中上旬和4月下旬收益率出现了一定的上行回调，债券市场表现整体超市场预期，久期策略整体占优，尤其是长久期利率债的行情表现好于中短久期的债券。经济基本面方面，在经济高质量发展的定调下，呈现弱复苏的态势，2024年上半年除3、4月制造业PMI高于荣枯线之外，其他4个月均低于荣枯线，加上2024年两会定的经济增长目标5%，市场认为财政政策偏温和。货币政策方面，2024年上半年整体偏宽松，在稳增长的大背景下，市场也认为主动收紧的概率不大，2024年1月24日中国人民银行决定自2月5日起降准0.5个百分点；2月20日上午，中国人民银行授权全国银行间同业拆借中心公布，2024年2月20日贷款市场报价利率（LPR）为：1年期LPR为3.45%，与前值持平；5年期以上LPR为3.95%，较前值下调25个基点。银行间流动性较为充裕，但是在防空转的基调下以及汇率压力下，资金价格并没有太便宜，同时受银行资本新规实施影响，流动性有分层。本产品在2024年上半年，基于产品的定位，以及对经济基本面、货币政策和债券市场投资者行为的判断，以利率债、中高等级信用债为主，主要投向区域经济发展有前景且财力还不错区域的城投债，高景气度行业的央企、国企产业债，国债控股的券商、国股大行发行的金融债等，同时通过品种利差机会、市场投资者行为结构变化带来的交易机会、收益率曲线对比分析发现的交易机会、久期、杠杆、波段操作多个策略的综合运用，力争提升产品收益。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:36.915Z","mo":"7月15日，国家统计局发布的最新数据显示，二季度中国国内生产总值同比增长4.7%，较一季度的5.3%明显回落，可以看出经济仍在持续弱复苏。7月22日国内公开市场7天期逆回购操作利率由此前的1.80%调整为1.70%，同日，1年期和5年期以上LPR均同步下降10个基点，分别降至3.35%和3.85%；7月25日央行月内第二次开展MLF操作并将MLF利率下调20BP至2.3%。央行7月份降息的主要原因应该是稳增长的压力。7月30日政治局会议通稿可以看出，还是会保持战略定力，出台强刺激政策的概率不大，经济大概率还是会呈现弱复苏。站在目前时间点，需要跟踪经济、金融等数据判断经济修复的程度和持续性，进而做出相应的应对。目前对于债市潜在影响较大的主要因素有：地方政府专项债的发行节奏，是否还有地方政府发行特殊再融资债券以及发行节奏；地产调控政策调整及存量房产消化政策的效果；宏观经济基本面改善的可持续性；货币政策及央行对于债券收益率的发声。基于对接下来经济基本面、货币政策、机构行为等方面的研判，预计下半年债市会呈现震荡偏强行情，其中长久期债券收益率震荡幅度可能会加大，中等、中短久期债券收益率有进一步下行的空间。","fund":{"_id":3000000012938,"__csrcFundId":9626,"stockCode":"012938","shortName":"创金合信尊泓债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12938,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.412Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-13T16:00:00.000Z","name":"创金合信尊泓债券型证券投资基金","fundCollectionId":4000050990000,"followedNum":0,"masterFundShortName":"创金合信尊泓债券","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":201005037.09,"setUpShares":201005037.09,"pinyin":"cjhxzhzqxzqtzjj","managers":[{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信尊泓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=1142077","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb47fea5b3eb0500f41","date":"2024-03-30T16:00:00.000Z","stockId":3000000012938,"sao":"2024年一季度债券市场，久期策略占优，尤其是长久期利率债的行情表现好于中短久期的债券。经济基本面方面，在经济高质量发展的定调下，呈现弱复苏，2023年10月至2024年2月制造业PMI连续五个月低于荣枯线，加上2023年12月下旬政治局会议通稿中可以看出财政政策发力强调“适度”，以及2024年两会定的经济增长目标5%，市场认为财政政策偏温和。货币政策方面，一季度整体上偏宽松，在稳增长的大背景下，市场也认为主动收紧的概率不大，2024年1月24日中国人民银行决定自2月5日起降准0.5个百分点，银行间流动性较为充裕，但是在防空转的基调下以及汇率压力下，资金价格并没有太便宜，同时受银行资本新规实施影响，流动性有分层。3月7日至3月15日，债市有所调整，个人在3月14日的点评：这次市场的剧烈调整是以30年国债这种被过度交易的，拥挤交易后的一次集中止盈冲击。而中短端本身就没有被过度交易，经历近几日的市场调整带动收益率上行了一些，中短端已经很有性价比了，预计调整时间会较短。站在目前时间点，1-2月规模以上工业增加值、固定资产投资、社会消费品零售总额数据还可以，需要跟踪这些数据判断经济修复的程度和持续性，进而做出相应的应对。2024年内降息仍值得期待，债市尤其中短端仍然有下行机会。本产品在2024年一季度，基于产品的定位，以及对经济基本面、货币政策和债券市场行为的判断，以利率债、中高等级信用债为主，主要投向区域经济发展有前景且财力还不错区域的城投债，高景气度行业的央企、国企产业债，股份行及国资控股的大城商行发行的债券等，同时通过品种、杠杆、波段操作多个策略的综合运用，提升产品收益。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:36.912Z","fund":{"_id":3000000012938,"__csrcFundId":9626,"stockCode":"012938","shortName":"创金合信尊泓债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12938,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.412Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-13T16:00:00.000Z","name":"创金合信尊泓债券型证券投资基金","fundCollectionId":4000050990000,"followedNum":0,"masterFundShortName":"创金合信尊泓债券","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":201005037.09,"setUpShares":201005037.09,"pinyin":"cjhxzhzqxzqtzjj","managers":[{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信尊泓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=1066515","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb47fea5b3eb0500f40","date":"2023-12-30T16:00:00.000Z","stockId":3000000012938,"sao":"2023年的债市，除了8月下旬至10月下旬有明显的调整之外，整体表现超出市场年初的普遍预期，走出了债牛行情，而且信用债表现占优。一方面是因为2022年四季度债市经过调整后，债券整体的绝对收益率和信用利差、期限利差等都处于历史较高分位数，有了上涨的空间，叠加经济修复低于市场预期；另一方面，2023年7月24日，政治局会议指出“要有效防范化解地方债务风险，制定实施一揽子化债方案”，之后，在一揽子化债背景下，城投债行情火爆，信用利差大幅压缩。本产品作为中长期纯债基金，其中，在2023年上半年，基于产品的定位，以及对经济基本面、货币政策和债券市场行为的判断，主要投向区域经济发展有前景且财力还不错区域的城投债，高景气度行业的央企、国企产业债，国资控股的券商、国股大行发行的次级债、永续债等，以及利率债，通过对信用利差、行业利差、区域利差、品种利差的比较，运用久期、杠杆、信用、波段操作等多个子策略提升产品收益。2023年下半年，基于对资金面的跟踪与判断，结合各类债券利差分位数和性价比的比较，组合持仓结构进行了不断优化调整，一方面，动态调整了组合久期和杠杆水平，在信用上进一步提升了债券主体的整体信用等级，同时精挑细选了一些区域利差有可能压缩的；另一方面，通过对信用利差、行业利差、区域利差、品种利差的比较，将性价比低的替换成了性价比高的，同时结合对市场的判断，适度进行了波段操作。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:36.909Z","mo":"经济基本面方面，我们判断经济仍在复苏中，复苏进程和程度有待观察。货币政策方面，我们判断在稳增长的大背景下，大概率会中性偏宽松，但是由于“防止资金空转套利”的要求在，不会过度宽松。信用方面，我们判断，2024年信用债的整体违约风险下降，但利差分化仍会持续，需要更精细的研究和择券。无论是2023年求是发表的文章《牢牢守住不发生系统性风险底线》，防止形成区域性、系统性金融风险；还是7月24日政治局会议定调“要有效防范化解地方债务风险，制定实施一揽子化债方案”，都可以看出中央更加突出防风险，而且在稳增长的大背景下更需要营造良好的信用环境。受资本新规影响，季度间的债市可能波动会加大。在目前信用利差、期限利差较低的情况下，会以利率债、中高等级信用债为主，综合采用骑乘、杠杆、波段等策略，在合理控制风险的前提下，提升产品收益。","fund":{"_id":3000000012938,"__csrcFundId":9626,"stockCode":"012938","shortName":"创金合信尊泓债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12938,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.412Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-13T16:00:00.000Z","name":"创金合信尊泓债券型证券投资基金","fundCollectionId":4000050990000,"followedNum":0,"masterFundShortName":"创金合信尊泓债券","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":201005037.09,"setUpShares":201005037.09,"pinyin":"cjhxzhzqxzqtzjj","managers":[{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信尊泓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=1049635","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb47fea5b3eb0500f3f","date":"2023-09-29T16:00:00.000Z","stockId":3000000012938,"sao":"2023年第三季度，债券市场整体表现为“W”型震荡上行，长久期利率债及银行二永债表现较普通信用债表现更弱。主要原因是7月下旬政治局会议之后，随着地产调控政策放松密集落地，尤其一线城市集体落实“认房不认贷”和一些区域限购松绑，市场对政策预期开始变化。8月中旬之后资金面偏紧，一些机构出现了预防性或者止盈性赎回行为，叠加8月份经济数据有所向好，市场有一些调整。信用方面，7月24日，政治局会议提到“要有效防范化解地方债务风险，制定实施一揽子化债方案。”，判断公益性城投公募债券整体的实质性风险下降。本报告期内，结合收益率处于相对较低位置，由于担忧房地产调控政策可能会对市场预期和情绪有一些影响，本基金以短久期中高等级信用债持有策略为主，同时结合对市场的判断，产品适度进行了高等级信用债、利率债的波段操作。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:36.906Z","fund":{"_id":3000000012938,"__csrcFundId":9626,"stockCode":"012938","shortName":"创金合信尊泓债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12938,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.412Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-13T16:00:00.000Z","name":"创金合信尊泓债券型证券投资基金","fundCollectionId":4000050990000,"followedNum":0,"masterFundShortName":"创金合信尊泓债券","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":201005037.09,"setUpShares":201005037.09,"pinyin":"cjhxzhzqxzqtzjj","managers":[{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信尊泓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=983633","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb47fea5b3eb0500f3e","date":"2023-06-29T16:00:00.000Z","stockId":3000000012938,"sao":"2023年上半年债市的主线是市场对经济修复的预期在不断修正和发生变化，进而对债券市场的情绪和不同品种债券产生相应的影响。整体看，上半年债券市场收益率水平呈现震荡下行的行情，其中一季度信用债整体表现强于利率债，而二季度利率债整体表现强于信用债。利率债方面，10年国债利率从1月初2.82%附近先上行至2.93%后震荡下行至6月末的2.64%。货币政策方面，在稳增长的大背景下银行间流动性较为充裕，其中3月份进行了降准，6月份进行了降息，不过质押利率债和信用债的融资成本差异较为明显。本产品在2023年上半年，基于产品的定位，以及对经济基本面、货币政策和债券市场行为的判断，主要投向经济发展有前景且财力雄厚的区域内发行的城投债，高景气度行业的央企、国企产业债，国资控股的券商、国股大行发行的金融债等，以及利率债，通过对信用利差、行业利差、区域利差、品种利差的比较，运用久期、杠杆、信用、波段操作等多个子策略提升产品收益。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:36.904Z","mo":"7月24日政治局会议对于经济形势的判断客观中肯，并指出主要问题是国内需求不足。打破了此前市场对政策悲观的预期，稳增长、扩内需的权重明显提升，在地产等核心关切上新增诸多积极表述，下半年经济环比修复是大概率事件。但效果还有待进一步跟踪，政策力度上可能会“托而不举”，仍需货币政策呵护。展望下半年，在“托而不举”的政策基调和大概率延续偏松货币政策的条件下，债市目前所面临的基本面风险仍是有限的，箱体震荡的局面有可能延续，不过仍需要关注机构行为。经过近期调整，利率和利差水平回归偏中性状态，预计债券市场偏震荡。","fund":{"_id":3000000012938,"__csrcFundId":9626,"stockCode":"012938","shortName":"创金合信尊泓债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12938,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.412Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-13T16:00:00.000Z","name":"创金合信尊泓债券型证券投资基金","fundCollectionId":4000050990000,"followedNum":0,"masterFundShortName":"创金合信尊泓债券","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":201005037.09,"setUpShares":201005037.09,"pinyin":"cjhxzhzqxzqtzjj","managers":[{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信尊泓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=957162","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb47fea5b3eb0500f3d","date":"2023-03-30T16:00:00.000Z","stockId":3000000012938,"sao":"2023年一季度债券市场，票息策略占优，信用债的行情表现好于利率债，其中信用债收益率整体呈现波动下行的行情，而利率债收益率整体呈现小幅波动上行的行情。经济基本面方面，市场对于2023年经济呈现修复的方向大致是一致的，但是不同机构判断的修复程度不同，债市的主线是市场对经济修复的预期在不断修正和发生变化，进而对债券市场的情绪和不同品种债券产生相应的影响。货币政策方面，在稳增长的大背景下，市场也认为主动收紧的概率不大，而且3月份也进行了降准，银行间流动性较为充裕，但是质押利率债和信用债的融资成本差异较为明显。2023年初，市场整体对于经济修复预期是偏乐观的，叠加2022年四季度债市调整后1年附近的中高等级信用债性价比凸显，市场开始追逐这个期限的信用债，此后随着短端利差压缩，以及两会公布的5%经济增长目标让市场觉得经济更多是自然修复而不是强刺激政策下的增长，叠加摊余成本法、混合估值法的产品起量，市场开始追逐更长期限的信用债。本产品在2023年一季度，基于对经济基本面、货币政策和债券市场行为的判断，以利率债、中高等级信用债为主，主要投向利率债，区域经济发展有前景且财力还不错区域的城投债，高景气度行业的央企、国企产业债，国债控股的券商、国股大行发行的金融债等，同时运用久期、杠杆、信用、波段操作等多个子策略提升产品收益。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:36.901Z","fund":{"_id":3000000012938,"__csrcFundId":9626,"stockCode":"012938","shortName":"创金合信尊泓债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12938,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.412Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-13T16:00:00.000Z","name":"创金合信尊泓债券型证券投资基金","fundCollectionId":4000050990000,"followedNum":0,"masterFundShortName":"创金合信尊泓债券","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":201005037.09,"setUpShares":201005037.09,"pinyin":"cjhxzhzqxzqtzjj","managers":[{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信尊泓债券型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=881907","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb47fea5b3eb0500f3c","date":"2022-12-30T16:00:00.000Z","stockId":3000000012938,"sao":"2022年的债市并不是传统意义的牛市或者熊市，而是充满挑战的。其中，1月底到3月底受权益市场快速下跌，引发“固收+”产品被赎回，叠加社融总量数据较好等影响，债市有一定的调整；4月之后受国内多个地区疫情形势加剧影响，叠加“断供潮”等，稳增长压力较大，货币政策很宽松，资金中枢下移且稳定维持在较低水平，债市收益率下行；但11月上旬至12月中旬，受银行间市场资金价格持续高企，市场担忧流动性向中性回归，叠加“国务院：进一步优化疫情防控的二十条措施”、“金融支持房地产16条措施”等政策的出台，债券市场对于消费和投资以及房地产市场的预期都有了较大改善，债券收益率快速上行。收益率快速上行导致公募基金、银行理财的债券产品净值回撤幅度较大，抛售行为与产品赎回互为加强。在市场挤兑的负循环下，利率债下跌后，信用债又有了更大幅度的冲击，债券市场收益率出现了巨幅调整；12月14日以来，由于债市超调脱离了基本面，在流动性的呵护下，以及市场开始交易疫情管控措施调整后由于感染人数快速上升进而短期内可能会对经济产生负面影响，债市开始企稳并上涨。三季度我们就监测到国内债券市场信用利差、期限利差均处于历史较低分位，做了提前防守动作，进行了降低组合久期、降低组合杠杆水平、将部分信用债替换为短久期利率债等操作。而在12月中下旬，基于债市超调脱离了基本面的判断，进行了一些加仓。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:36.898Z","mo":"经济基本面方面，我们判断疫情对于生产、生活正常秩序的影响基本消除，房地产最差的阶段已经过去，经济复苏的趋势大概率是确定的，但是复苏程度有待观察。货币政策方面，我们判断一至二季度配合稳增长的权重会更高，而如果地产、消费等在一二季度表现持续不错，防风险的权重可能会提高一些。信用方面，信用债分化会加剧，强资质的信用债市场会进一步追逐，弱资质的信用债投资者可能会进一步谨慎，仍然看好三类信用债：强区域的城投、公用及交通运输债券，国资控股的券商债及国股大行二级和永续债，高景气度的央企国企产业债。在这种判断下，短久期中高等级信用债表现会比长久期债券表现相对较好，因此组合久期会保持中性偏短，以中短期限的中高等级信用债和利率债为主，综合采用骑乘、杠杆、波段等策略，在合理控制风险的前提下，提升产品收益。","fund":{"_id":3000000012938,"__csrcFundId":9626,"stockCode":"012938","shortName":"创金合信尊泓债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12938,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.412Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-13T16:00:00.000Z","name":"创金合信尊泓债券型证券投资基金","fundCollectionId":4000050990000,"followedNum":0,"masterFundShortName":"创金合信尊泓债券","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":201005037.09,"setUpShares":201005037.09,"pinyin":"cjhxzhzqxzqtzjj","managers":[{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信尊泓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=864564","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb47fea5b3eb0500f3b","date":"2022-09-29T16:00:00.000Z","stockId":3000000012938,"sao":"2022年第三季度债券市场收益率整体呈现先下后上行情，其中7月1日至8月18日，受益于金融市场超预期维持较低利率环境，期间DR007平均1.47%，远低于政策利率，10年国债收益率快速下行，从2.84%下行26BP至2.58%。此后至9月30日，债券市场出现明显的调整，10年国债收益率上行18BP至2.76%，主要原因在于：8月15日降息后，金融市场资金利率中枢并未跟随降息而下行，反而整体呈现向政策利率中枢收敛的态势，短端资产在信用利差和绝对收益率偏低的情况下开始调整；叠加美国加息75BP且表态相对偏鹰，人民币兑美元快速贬值，中美国债利差倒挂幅度扩大，国内地产政策的进一步放松，以及市场担忧疫情管控政策放松等因素影响。组合管理策略方面，采用利率债+中高等级信用债的策略,并根据市场变化进行相应的调整。其中，信用方面基于在2022年初我们更新完善的“不立危墙之下——到市场不歧视的区域和行业中去”的信用策略，产品主要投资于中长期看区域发展有前景的城投债、高景气度垄断性央企和国企产业债，银行二级债、券商次级债和永续债。另外，也综合采用套息等手段，在合理控制风险的前提下，提升产品收益。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:36.895Z","fund":{"_id":3000000012938,"__csrcFundId":9626,"stockCode":"012938","shortName":"创金合信尊泓债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12938,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.412Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-13T16:00:00.000Z","name":"创金合信尊泓债券型证券投资基金","fundCollectionId":4000050990000,"followedNum":0,"masterFundShortName":"创金合信尊泓债券","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":201005037.09,"setUpShares":201005037.09,"pinyin":"cjhxzhzqxzqtzjj","managers":[{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信尊泓债券型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=802982","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb47fea5b3eb0500f3a","date":"2022-06-29T16:00:00.000Z","stockId":3000000012938,"sao":"2022年上半年债券市场利率水平呈现先上后下又上的震荡行情，信用债整体表现强于利率债，信用利差压缩的局面。利率债方面，10年国债利率在1月初2.78%附近窄幅震荡上行至6月末的2.82%。回购利率方面，在降准降息后二季度DR007较一季度有所下行，2022年上半年7天回购利率DR007平均值为1.91%。2022年上半年，房地产市场持续低迷，虽然因城施策推动了全国多个城市实行降首付、降贷款利率等房地产放松政策，但房地产销售和投资仍然延续2021年四季度明显下滑的局面，未有根本转变。出口方面，出口增速仍延续相对偏高水平。消费维持偏弱局面，仍受制于疫情局部反复，中低收入群体收入增长缓慢，压制聚餐、旅游等消费。短期来看，经济下滑最快阶段或将过去，但恢复仍偏弱。当前货币政策的思路主要在于稳增长和防风险的平衡，更偏向于稳增长。在经济偏弱、趋于下行的环境，货币政策仍需保持总体宽松的态势，但更注重结构性宽信用手段，支撑民企、小微企业、碳排放等高质量发展领域。资金价格在低位平稳运行，中高等级信用债成交活跃，中高评级信用利差继续压缩，而市场对非纯正央企国企地产债、弱区域城投债的偏好仍较低。基于在2022年初我们更新完善的“不立危墙之下——到市场不歧视的区域和行业中去”的信用策略，产品主要投资于中长期看区域发展有前景的城投债、高景气度垄断性央企和国企产业债，银行二级债、券商次级债和永续债。另外，也综合采用套息等手段，在合理控制风险的前提下，提升产品收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:36.887Z","mo":"当前宏观经济仍有下行压力，分构成来看：房地产投资方面，2021年以来随着民营地产债的不断爆雷和金融机构风险偏好的下降，自2021年四季度开始地产销售和投资出现明显下滑。尽管2021年四季度房地产按揭贷和开发贷虽有缓解，2022年上半年因城施策推动了全国多个城市实行降首付、降贷款利率等房地产放松政策，但持续两年多的疫情使得大多数家庭对于工作稳定性和收入的预期变得悲观，叠加民营房企不断爆雷，买房意愿变弱，市场预期已经显著改变，房地产投资增速恢复正增长难度显著加大；基建投资方面，弱化GDP考核、新增隐性债务要被追责、疫情对财政收入负面影响的背景下，大多数地方政府和城投的投资冲动和意愿较低，区域经济和财力强的区域可能会在基建投资方面多发力。出口方面，出口增速可能延续相对偏高水平但增速很难再有大的增长。消费可能会维持偏弱局面，仍受制于疫情局部反复，中低收入群体收入增长缓慢，压制聚餐、旅游等消费。短期来看，经济下滑最快阶段或将过去，但恢复仍偏弱。通胀的问题，会制约货币政策过于宽松，但还不足以让货币政策因此大幅抬升。下半年通胀压力更多来自猪价因素，而非总需求因素，核心CPI有望保持稳定。在经济偏弱、趋于下行的环境以及稳增长的大背景下，货币政策预计将保持总体宽松的态势，但央行会更注重结构性宽信用手段，支撑民企、小微企业、碳排放等高质量发展领域。往后展望，短期来看，经济基本面和货币政策均有利于债市，但需警惕资金利率潜在的边际微调，长期来看，会密切关注宽财政、宽信用的实际效果，房地产需求端放松和疫情防控政策调整等信号。信用分化会加剧，弱资质信用债估值波动风险加大，结合当前及未来宏观政策形势变化的判断，控制好信用风险暴露情况，控制组合杠杆总体水平。","fund":{"_id":3000000012938,"__csrcFundId":9626,"stockCode":"012938","shortName":"创金合信尊泓债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12938,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.412Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-13T16:00:00.000Z","name":"创金合信尊泓债券型证券投资基金","fundCollectionId":4000050990000,"followedNum":0,"masterFundShortName":"创金合信尊泓债券","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":201005037.09,"setUpShares":201005037.09,"pinyin":"cjhxzhzqxzqtzjj","managers":[{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信尊泓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=780258","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb47fea5b3eb0500f39","date":"2022-03-30T16:00:00.000Z","stockId":3000000012938,"sao":"2022年一季度债券市场利率水平呈现先下后上的震荡行情，短端利率表现相对好于长端。市场的主线是经济的筑底和政策的靠前发力刺激。面对地产销售低迷和疫情反复对经济的负面影响，国内经济总体呈现增长乏力状态；对于全年要实现5.5%GDP增长的政策目标，一季度开局的压力较为显著。因此，政策总体延续去年四季度宽松，包括财政和货币政策，甚至是有所加码的。财政方面，提前下发地方债，提升财政支出增速，央行上缴万亿利润等，财政政策成为发力的重要点；而面对持续低迷的房地产市场，因城施策推动全国多地城市实行降首付、降贷款利率等房地产放松政策，以提振房地产销售；货币政策方面，一季度也进行了降息降准，银行间流动性较为充裕。综合施力下，应该说经济下滑的态势有所稳住，1-2月经济金融数据总体表现超出预期，虽然持续性仍存疑；这也成为2月后债市出现调整的主要因素。相比之下，货币政策维持偏宽松的预期较为稳定，因此短端利率表现总体要好于长端。信用债方面，由于资金利率整体便宜且预期稳定，信用利差整体处于低位；但低等级信用品种，在地产违约持续的环境下，风险偏好仍较低，评级利差处于较高水平。最后，由于股票市场持续下跌导致固收+产品赎回压力加剧，银行二级债、银行永续债等被抛售，利差扩张要大于其他品种。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:36.880Z","fund":{"_id":3000000012938,"__csrcFundId":9626,"stockCode":"012938","shortName":"创金合信尊泓债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12938,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.412Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-13T16:00:00.000Z","name":"创金合信尊泓债券型证券投资基金","fundCollectionId":4000050990000,"followedNum":0,"masterFundShortName":"创金合信尊泓债券","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":201005037.09,"setUpShares":201005037.09,"pinyin":"cjhxzhzqxzqtzjj","managers":[{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信尊泓债券型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=721781","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb47fea5b3eb0500f38","date":"2021-12-30T16:00:00.000Z","stockId":3000000012938,"sao":"2021年全年债券市场利率呈现震荡下行的慢牛行情。利率债方面，10年国债利率在1月初3.27%附近下行至12月末的2.77%，回购利率方面，2021年全年7天回购利率DR007平均值为2.17%，与央行稳健中性的货币政策的基调相匹配。2021年，伴随前三个季度融资的持续压缩和市场风险偏好下降，四季度地产销售和投资出现明显下滑，四季度房地产按揭贷和开发贷虽有缓解，但未有根本转变。出口方面，疫情延续下生产替代效应和欧美刺激未完全退出，出口增速可能延续相对偏高水平。消费维持偏弱局面，仍受制于疫情局部反复，中低收入群体收入增长缓慢，压制聚餐、旅游等消费。短期来看，经济下滑最快阶段或将过去。基于防控系统性风险的角度，房地产融资在开发贷、按揭贷边际放松，可以减缓地产投资的下行压力。当前货币政策的思路主要在于稳增长和防风险的平衡。在经济偏弱、趋于下行的环境，货币政策仍需保持总体宽松的态势，但更注重结构性宽信用手段，支撑民企、小微企业、碳排放等高质量发展领域。信用利差压缩且处于低位，资金价格在低位平稳运行，高评级信用利差继续压缩，银行债券成交活跃，而低等级信用品种，包括地产和低等级城投的市场偏好仍较低。基于在2021年初我们提出的“不立危墙之下——到市场不歧视的区域和行业中去”的信用策略，产品主要投资于中高评级信用债，保持产品流动性；另外，也综合采用久期、骑乘、套息等手段，在合理控制风险的前提下，提升产品收益。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:36.877Z","mo":"当前宏观经济仍有下行压力，分构成来看：房地产投资方面，伴随2021年前三季度房地产融资的持续压缩和市场风险偏好下降，四季度地产销售和投资出现明显下滑，四季度房地产按揭贷和开发贷虽有缓解，但市场预期已经显著改变，房地产投资增速维持正增长难度显著加大；基建投资方面，弱化GDP考核、新增隐性债务要被追责、疫情对财政收入负面影响的背景下，大多数地方政府和城投的投资冲动和意愿较低，区域经济和财力强的区域可能会在基建投资方面多发力。出口方面，疫情延续下生产替代效应和欧美刺激未完全退出，出口增速可能延续相对偏高水平但增速很难再有大的增长。消费可能会维持偏弱局面，仍受制于疫情局部反复，中低收入群体收入增长缓慢，压制聚餐、旅游等消费。短期来看，经济下滑最快阶段或将过去。基于防控系统性风险的角度，房地产融资在开发贷、按揭贷边际放松，可以减缓地产投资快速下行压力。通胀方面，PPI与CPI的分化仍将在短期内维持，传导过程相对偏慢，但中期风险犹在。在经济偏弱、趋于下行的环境以及稳增长的大背景下，货币政策预计将保持总体宽松的态势，但央行会更注重结构性宽信用手段，支撑民企、小微企业、碳排放等高质量发展领域。往后展望，短期来看，经济基本面和货币政策均有利于债市，长期来看，会密切关注宽货币后的宽财政、宽信用的实际效果、房地产需求端放松、疫情防控、地方债发行节奏及美联储加息节奏等信号。信用分化会加剧，弱资质信用债估值波动风险加大，结合当前及未来宏观政策形势变化的判断，控制信用风险暴露情况，控制组合杠杆总体水平。","fund":{"_id":3000000012938,"__csrcFundId":9626,"stockCode":"012938","shortName":"创金合信尊泓债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12938,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.412Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-13T16:00:00.000Z","name":"创金合信尊泓债券型证券投资基金","fundCollectionId":4000050990000,"followedNum":0,"masterFundShortName":"创金合信尊泓债券","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":201005037.09,"setUpShares":201005037.09,"pinyin":"cjhxzhzqxzqtzjj","managers":[{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信尊泓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=709642","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb47fea5b3eb0500f37","date":"2021-09-29T16:00:00.000Z","stockId":3000000012938,"sao":"2021年三季度债券市场利率水平呈现先下后上的行情。长端方面，10年国债利率在央行降准操作的带动下，从7月初3.05%附近下行至9月末2.85%附近，短端方面，三季度7天回购利率DR007平均值为2.16%，与二季度基本持平，也与央行稳健中性的货币政策的基调相匹配。三季度债券市场行情的主要驱动力在于央行7月份意外降准的行为带动了市场宽松预期的提升，从而带来了收益率曲线的整体下行。随后则是市场在逐步修正过度宽松的货币政策预期，市场收益率逐步向上修复到合理水平附近。往后展望，四季度债券市场存在一定的分化压力，在理财净值化转型的背景下，利率债表现大概率强于信用债，短债表现大概率强于长债。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:36.873Z","fund":{"_id":3000000012938,"__csrcFundId":9626,"stockCode":"012938","shortName":"创金合信尊泓债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12938,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.412Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-13T16:00:00.000Z","name":"创金合信尊泓债券型证券投资基金","fundCollectionId":4000050990000,"followedNum":0,"masterFundShortName":"创金合信尊泓债券","setUpDate":"2021-07-13T16:00:00.000Z","setUpAssetScale":201005037.09,"setUpShares":201005037.09,"pinyin":"cjhxzhzqxzqtzjj","managers":[{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信尊泓债券型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=653792","linkType":"PDF","source":"csrc_pdf"}}]}