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 投资运作上，债券部分，组合维持中性偏高久期，持有相对高静态金融债，并择时进行波段操作，一季度主要通过利率债波动获得超额收益。权益部分，市场底部明确，下行空间有限，组合权益仓位相对稳定，行业上以基本面稳健、相对低估值的红利品种为主。   展望未来，我国经济的基本面及市场广阔、经济韧性强、潜力大等有利条件并未改变。同时，我国经济运行仍面临不少困难和挑战。稳增长、稳地产、促消费、促开放的政策将继续加码，推动经济运行持续好转，已经确定的政策举措将会加快落实，同时也会实施更加积极的财政政策和适度宽松的货币政策。利率债策略：收益率短期可能有所波动，但目前流动性水平依然较为充裕，配置需求仍在，同时利率曲线较为平坦，短端利率债有一定配置价值，长端利率债仍以交易价值为主。信用债策略：关注企业经营压力，严防信用风险。权益操作继续稳健，相对看好估值较低的蓝筹品种。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:35.597Z","fund":{"_id":3000000013257,"__csrcFundId":10691,"stockCode":"013257","shortName":"南方通元6个月持有债券(013257)","masterFundShortName":"南方通元6个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13257,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:41:42.572Z","status":"normal","exchange":"jj","name":"南方通元6个月持有期债券型证券投资基金","fundCollectionId":4000050020000,"inceptionDate":"2022-01-26T16:00:00.000Z","followedNum":1,"setUpDate":"2022-01-26T16:00:00.000Z","setUpAssetScale":1545579106.73,"setUpShares":1545579106.73,"pinyin":"nfty6gycyqzqxzqtzjj","managers":[{"stockCode":"db20087189","stockType":"fund_manager","exchange":"fm","tickerId":811133550,"name":"何康"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方通元6个月持有期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=1277545","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfef7fea5b3eb0504dfc","date":"2024-12-30T16:00:00.000Z","stockId":3000000013257,"sao":"全年经济指标运行平稳，向上向好的积极因素不断增多。1-12月工业增加值同比增长5.8%；固定资产投资同比增长3.2%，其中，房地产投资同比下滑10.6%，制造业投资同比增长9.2%，基建投资同比增长9.2%；社会消费品零售总额同比增长3.5%。1-12月CPI同比增长0.2%；PPI同比下滑2.2%。全年新增社融累计32.26万亿，信贷投放力度较大。2024年利率债收益率下行。其中，1年国债、1年国开收益率均下行100BP，10年国债、10年国开收益率分别下行88BP、95BP。信用债方面，信用债整体表现优于同期限国开债，5年表现好于3年，AA好于AAA。权益市场前三季度平缓下行，四季度大幅上行，全年明显收涨。  投资运作上，债券部分，上半年操作相对稳健，组合杠杆与久期中性，下半年尤其是4季度提升组合久期，操作更加积极。权益部分，品种选择上坚持稳健风格，持仓以相对低估值的优质公司为主，权益仓位全年根据市场判断有较大变化，年底权益比例偏低，持仓主要为红利品种。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:35.594Z","mo":"展望未来，我国经济运行总体平稳、稳中有进。尽管当前外部环境变化带来的不利影响加深，我国经济运行仍面临不少困难和挑战；然而，我国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和基本趋势没有变。随着扩内需、促开放、稳地产、保民生的政策持续加码，经济运行将朝着高质量发展的方向迈进。与此同时，我国还将实施更加积极的财政政策和适度宽松的货币政策，以进一步推动经济的稳定增长。利率债收益率短期可能有所波动，但目前流动性水平依然充裕，配置需求仍在，同时利率曲线较为平坦，短端利率债有一定配置价值，长端利率债仍以交易价值为主。信用债配置为主，重点参与高评级信用债。权益着眼中长期，相对看好中低估值红利品种，力争抓住人工智能相关品种的波段操作收益。对可转债相对谨慎，预计参与力度较小。","fund":{"_id":3000000013257,"__csrcFundId":10691,"stockCode":"013257","shortName":"南方通元6个月持有债券(013257)","masterFundShortName":"南方通元6个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13257,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:41:42.572Z","status":"normal","exchange":"jj","name":"南方通元6个月持有期债券型证券投资基金","fundCollectionId":4000050020000,"inceptionDate":"2022-01-26T16:00:00.000Z","followedNum":1,"setUpDate":"2022-01-26T16:00:00.000Z","setUpAssetScale":1545579106.73,"setUpShares":1545579106.73,"pinyin":"nfty6gycyqzqxzqtzjj","managers":[{"stockCode":"db20087189","stockType":"fund_manager","exchange":"fm","tickerId":811133550,"name":"何康"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方通元6个月持有期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=1258313","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfef7fea5b3eb0504dfb","date":"2024-09-29T16:00:00.000Z","stockId":3000000013257,"sao":"三季度经济保持平稳。国内方面，制造业持续温和复苏，固定资产投资维持增长，制造业、基建托底作用明显。景气度保持在荣枯线附近，政策端积极发力，其中货币政策维持稳健，流动性环境充裕；财政政策加大逆周期调节，特别国债和专项债项目不断落地；各地地产政策也在持续放松，地产销售有望逐步筑底。已经确定的政策举措将会加快落实，积极的财政政策和稳健的货币政策也会继续实施。整体而言，积极的政策为国内经济复苏提供了良好的政策环境。海外方面，美联储首次降息50BP，预期年内还有2次降息，海外需求有望逐步筑底，或对外需形成一定拉动。市场层面，三季度债券收益率先下后上，总体继续下行，利率债表现优于信用债。权益市场总体震荡，季末随着政策发力明显改善，指数较年初基本持平。  投资运作上，债券部分，组合维持中性久期，积极参与长久期政金债、金融债发行，并择时进行波段操作。权益部分，组合根据市场情况灵活调整仓位，指数低点积极加仓，季末大幅上行后逐步降低仓位至中性水平。行业上优先考虑消费、银行等基本面相对稳健、低估值行业。  展望未来，预计全年的经济政策更加积极，经济预期有望进一步好转，实现高质量发展。海外方面，关注美联储的降息路径，以及海外需求的实际情况。利率债策略：流动性预计维持充裕，中短端品种具备较好的配置价值，长端品种以交易价值为主。信用债策略：关注城投债的政策变化，严防信用风险。权益市场方面，重点挖掘有基本面支持且估值合理的品种择优配置。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:35.591Z","fund":{"_id":3000000013257,"__csrcFundId":10691,"stockCode":"013257","shortName":"南方通元6个月持有债券(013257)","masterFundShortName":"南方通元6个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13257,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:41:42.572Z","status":"normal","exchange":"jj","name":"南方通元6个月持有期债券型证券投资基金","fundCollectionId":4000050020000,"inceptionDate":"2022-01-26T16:00:00.000Z","followedNum":1,"setUpDate":"2022-01-26T16:00:00.000Z","setUpAssetScale":1545579106.73,"setUpShares":1545579106.73,"pinyin":"nfty6gycyqzqxzqtzjj","managers":[{"stockCode":"db20087189","stockType":"fund_manager","exchange":"fm","tickerId":811133550,"name":"何康"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方通元6个月持有期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=1180785","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfef7fea5b3eb0504dfa","date":"2024-06-29T16:00:00.000Z","stockId":3000000013257,"sao":"上半年经济保持平稳复苏。经济企稳回升，制造业复苏趋势延续，服务业景气度处于扩张区间。货币政策适度宽松，流动性环境较为有利，央行上半年降低存款准备金率0.5%，降低5年期LPR 25BP；财政政策逐渐发力，特别国债和专项债项目不断落地；地产政策持续发力，托底政策陆续推出。总的看，积极的政策为国内经济复苏提供了良好的政策环境。海外方面，美联储定力较强，三季度降息预期较高，海外需求具有一定韧性，或对外需景气度形成支撑。市场层面，上半年债券收益率总体下行，收益率曲线陡峭化趋势较为明显，高息品种表现优于低息品种。权益市场平稳运行，指数与年初水平持平。  投资运作上，债券部分，组合维持中性久期，持有相对高静态金融债，并择时进行波段操作。权益部分，市场底部明确，下行空间有限，二季度组合维持中性权益仓位，行业上以基本面稳健、相对低估值品种为主。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:35.589Z","mo":"展望未来，预计货币政策维持稳健宽松，财政政策进一步发力，为经济企稳回升创造有利条件。海外方面，关注美联储的降息落地的幅度与具体时点，以及海外需求能否筑底。利率债方面，鉴于流动性大概率维持宽裕，中短债确定性较强，长端品种通过波段操作获取交易收益。信用债方面，仓位总体维持稳定，择机增持中长期信用债。权益市场方面，重点挖掘有基本面支持且估值合理的品种择优配置。","fund":{"_id":3000000013257,"__csrcFundId":10691,"stockCode":"013257","shortName":"南方通元6个月持有债券(013257)","masterFundShortName":"南方通元6个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13257,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:41:42.572Z","status":"normal","exchange":"jj","name":"南方通元6个月持有期债券型证券投资基金","fundCollectionId":4000050020000,"inceptionDate":"2022-01-26T16:00:00.000Z","followedNum":1,"setUpDate":"2022-01-26T16:00:00.000Z","setUpAssetScale":1545579106.73,"setUpShares":1545579106.73,"pinyin":"nfty6gycyqzqxzqtzjj","managers":[{"stockCode":"db20087189","stockType":"fund_manager","exchange":"fm","tickerId":811133550,"name":"何康"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方通元6个月持有期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=1153822","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfef7fea5b3eb0504df9","date":"2024-03-30T16:00:00.000Z","stockId":3000000013257,"sao":"一季度经济稳中有升。国内方面，经济保持回升向好态势，政策持续加力，年内除了3%的赤字安排，还将发行1万亿特别国债，支持完成全年的经济增长目标。海外方面，美联储按兵不动，预计下半年将开启降息周期，届时海外需求将有望逐步筑底，或对外需形成一定拉动。货币政策保持稳健，一季度央行降准0.5%，同时下调5年期LPR25BP，流动性环境整体充裕。市场层面，一季度债券收益率快速下行，其中长端下行幅度超过短端，信用债表现好于同期限利率债。权益市场，一季度先跌后涨，波动较大，万得全A指数下跌1.90%。  投资运作上，债券部分，组合维持中性久期，积极参与长久期政金债、金融债发行，并择时进行波段操作。权益部分，市场底部明确，下行空间有限，一季度组合维持较高权益仓位，行业上以基本面稳健、相对低估值品种为主。  展望未来，预计全年的经济政策仍然较为积极，经济复苏的持续性较强。海外方面，关注美联储的降息时点，以及海外需求的筑底。利率债策略：流动性预计维持充裕，中短端品种具备较好的配置价值，长端品种的期限利差处于较低水平，以交易价值为主。信用债策略：维持组合基本稳定前提下适当小幅调仓。权益市场方面，重点挖掘有基本面支持且估值合理的品种择优配置。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:35.586Z","fund":{"_id":3000000013257,"__csrcFundId":10691,"stockCode":"013257","shortName":"南方通元6个月持有债券(013257)","masterFundShortName":"南方通元6个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13257,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:41:42.572Z","status":"normal","exchange":"jj","name":"南方通元6个月持有期债券型证券投资基金","fundCollectionId":4000050020000,"inceptionDate":"2022-01-26T16:00:00.000Z","followedNum":1,"setUpDate":"2022-01-26T16:00:00.000Z","setUpAssetScale":1545579106.73,"setUpShares":1545579106.73,"pinyin":"nfty6gycyqzqxzqtzjj","managers":[{"stockCode":"db20087189","stockType":"fund_manager","exchange":"fm","tickerId":811133550,"name":"何康"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方通元6个月持有期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=1077052","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfef7fea5b3eb0504df8","date":"2023-12-30T16:00:00.000Z","stockId":3000000013257,"sao":"23年全年经济保持平稳复苏。国内方面，受到地产和出口下行压力的影响，下半年经济增速放缓，不过全年在政策的大力支持下，仍然保持了平稳运行的态势。海外方面，美联储全年加息幅度较大，海外经济出现了一定衰退的迹象。政策上，全年财政政策较为积极；随着房地产供需格局的变化，地产政策也出现一定放松；货币政策保持精准有效，央行全年多次降准降息，保持了流动性的合理充裕。市场层面，全年债券市场收益率震荡下行，其中长端下行幅度超过短端，信用债表现好于同期限利率债。权益市场，全年小幅下跌，上证指数下跌3.64%,中证转债指数全年下跌0.48%。  投资运作上，债券部分，上半年随着利率进一步下行，组合逐步卖出长久期债券，压缩久期，以防范利率上行风险；同时考虑到短期资金面相对宽松，维持组合杠杆水平，并配置部分相对高静态短久期信用债，以获取套息收益。下半年组合维持中性久期，积极参与长久期政金债、金融债发行，并择时进行波段操作增厚收益。权益部分，年初维持低仓位，看好经济复苏后积极增加顺周期品种，2季度经济数据走弱以后降低仓位，减少顺周期品种配置；下半年权益市场整体走弱，情绪驱动下已经超跌，具备较高性价比，组合维持较高权益仓位，行业上以基本面稳健、相对低估值品种为主。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:35.583Z","mo":"展望未来，预计24年政策端稳中求进、以进促稳，保障经济复苏的平稳和持续。海外方面，关注美联储何时开启降息，海外经济仍然面临一定衰退压力。债券方面，我们继续维持中性久期配置，持仓以信用债为主。权益市场方面，重点持有蓝筹品种，深度挖掘个股价值，适当增加港股通品种的配置比例。","fund":{"_id":3000000013257,"__csrcFundId":10691,"stockCode":"013257","shortName":"南方通元6个月持有债券(013257)","masterFundShortName":"南方通元6个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13257,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:41:42.572Z","status":"normal","exchange":"jj","name":"南方通元6个月持有期债券型证券投资基金","fundCollectionId":4000050020000,"inceptionDate":"2022-01-26T16:00:00.000Z","followedNum":1,"setUpDate":"2022-01-26T16:00:00.000Z","setUpAssetScale":1545579106.73,"setUpShares":1545579106.73,"pinyin":"nfty6gycyqzqxzqtzjj","managers":[{"stockCode":"db20087189","stockType":"fund_manager","exchange":"fm","tickerId":811133550,"name":"何康"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方通元6个月持有期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=1060292","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfef7fea5b3eb0504df7","date":"2023-09-29T16:00:00.000Z","stockId":3000000013257,"sao":"三季度经济景气度有一定提升。国内方面，三季度经济出现了企稳改善的迹象。同时，国内政策端在三季度也较为积极，财政政策继续加力提效，地产政策也出现了适度的调整，经济下行风险得到明显缓释。海外方面，美联储持续加息，外需回落的压力仍然较大。货币政策方面，央行三季度降低公开市场操作利率10BP，降低MLF利率15BP，同时下调存款准备金率0.25%，流动性环境维持充裕。市场层面，三季度债券市场收益率先下后上，震荡行情为主，其中短端收益率上行幅度较大，表现弱于长端。转债市场，三季度呈现震荡下跌走势。  投资运作上，债券部分，组合维持中性久期，市场收益率上行后补充部分高等级、相对高静态信用债，维持组合杠杆水平以获取套息收益。权益部分，当前位置市场已具备较高性价比，三季度以来逐步增加权益仓位，行业上以基本面稳健、相对超跌的低估值品种为主。  展望未来，预计四季度政策仍会较为积极，保障经济复苏的平稳和持续。海外方面，美联储货币政策的紧缩周期尚未结束，海外经济仍然面临一定衰退压力。利率债策略：流动性预计维持充裕，中短端品种在回调后具备了一定配置价值，长端品种以交易价值为主。信用债策略：关注地产和城投平台的尾部风险，严防信用风险。权益市场方面，重点挖掘有基本面支持且估值合理的品种择优配置。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:35.581Z","fund":{"_id":3000000013257,"__csrcFundId":10691,"stockCode":"013257","shortName":"南方通元6个月持有债券(013257)","masterFundShortName":"南方通元6个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13257,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:41:42.572Z","status":"normal","exchange":"jj","name":"南方通元6个月持有期债券型证券投资基金","fundCollectionId":4000050020000,"inceptionDate":"2022-01-26T16:00:00.000Z","followedNum":1,"setUpDate":"2022-01-26T16:00:00.000Z","setUpAssetScale":1545579106.73,"setUpShares":1545579106.73,"pinyin":"nfty6gycyqzqxzqtzjj","managers":[{"stockCode":"db20087189","stockType":"fund_manager","exchange":"fm","tickerId":811133550,"name":"何康"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方通元6个月持有期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=993844","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfef7fea5b3eb0504df6","date":"2023-06-29T16:00:00.000Z","stockId":3000000013257,"sao":"上半年经济运行平稳。国内方面，年初经济呈现出复苏走势，二季度后景气度有一定回落，但上半年经济整体运行在合理区间。海外方面，美联储持续加息，预计本轮加息周期将持续到年底。货币政策方面，央行上半年降低存款准备金率0.25%，降低公开市场操作利率10BP，流动性保持合理充裕。市场层面，上半年债券收益率下行幅度较大，信用债表现好于同期限利率债。权益市场整体震荡，小幅上行。  投资运作上，债券部分，1-2月维持中性久期，3月至今，随着利率进一步下行，逐步卖出长久期债券，压缩组合久期，以防范利率上行风险；同时考虑到短期资金面相对宽松，维持组合杠杆水平，并配置部分相对高静态短久期信用债，以获取套息收益。权益部分，年初维持低仓位，看好经济复苏后积极增加顺周期品种，二季度经济数据走弱以后降低仓位，行业上仍以顺周期、低估值品种为主。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:35.578Z","mo":"展望未来，预计下半年政策会较为积极，保障经济增长的平稳和持续。海外方面，美联储货币政策的紧缩周期尚未结束，海外经济仍然面临一定衰退压力。利率债策略：流动性水平充裕，中短端品种具备一定配置价值，长端品种以交易价值为主。信用债策略：关注土地出让收入下滑对城投平台偿债能力的影响，严防信用风险。权益市场方面，重点挖掘有基本面支持且估值合理的品种择优配置。","fund":{"_id":3000000013257,"__csrcFundId":10691,"stockCode":"013257","shortName":"南方通元6个月持有债券(013257)","masterFundShortName":"南方通元6个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13257,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:41:42.572Z","status":"normal","exchange":"jj","name":"南方通元6个月持有期债券型证券投资基金","fundCollectionId":4000050020000,"inceptionDate":"2022-01-26T16:00:00.000Z","followedNum":1,"setUpDate":"2022-01-26T16:00:00.000Z","setUpAssetScale":1545579106.73,"setUpShares":1545579106.73,"pinyin":"nfty6gycyqzqxzqtzjj","managers":[{"stockCode":"db20087189","stockType":"fund_manager","exchange":"fm","tickerId":811133550,"name":"何康"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方通元6个月持有期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=967110","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfef7fea5b3eb0504df5","date":"2023-03-30T16:00:00.000Z","stockId":3000000013257,"sao":"一季度经济呈现复苏态势。国内方面，经济从生产到需求都出现明显恢复，叠加今年稳增长政策的支持，宏观经济整体处于复苏周期中。海外方面，美联储持续加息，欧美银行业危机开始显现，海外衰退压力较大。货币政策方面，央行一季度降低存款准备金率0.25%，流动性环境整体充裕。市场层面，一季度信用债表现好于同期限利率债，利率债收益率小幅上行，信用债收益下行幅度较大。权益市场，一季度呈现震荡上涨的走势。  投资运作上，债券部分，1-2月维持中性久期，3月开始随着利率进一步下行，逐步卖出长久期债券，压缩组合久期，以防范利率上行风险；同时考虑到短期资金面相对宽松，维持组合杠杆水平，并配置部分相对高静态短久期信用债，以获取套息收益。权益部分，考虑到宏观经济修复趋势不改，修复速度有望增加，逐步增加权益仓位。行业上主要关注顺周期、估值合理标的，并适度参与前期调整较大的高景气度成长标的。  展望未来，短期内经济迎来了疫情过峰后的自然修复，今年国内政策端整体较为积极，预计经济复苏的可持续性较强。海外方面，紧缩周期尚未结束，衰退压力仍然存在。利率债策略：流动性水平依然充裕，中短端品种具备一定配置价值，长端品种仍以交易价值为主。信用债策略：关注土地出让收入下滑对城投平台偿债能力的影响，严防信用风险。权益市场方面，重点挖掘有基本面支持且估值合理的品种择优配置。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:35.575Z","fund":{"_id":3000000013257,"__csrcFundId":10691,"stockCode":"013257","shortName":"南方通元6个月持有债券(013257)","masterFundShortName":"南方通元6个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13257,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:41:42.572Z","status":"normal","exchange":"jj","name":"南方通元6个月持有期债券型证券投资基金","fundCollectionId":4000050020000,"inceptionDate":"2022-01-26T16:00:00.000Z","followedNum":1,"setUpDate":"2022-01-26T16:00:00.000Z","setUpAssetScale":1545579106.73,"setUpShares":1545579106.73,"pinyin":"nfty6gycyqzqxzqtzjj","managers":[{"stockCode":"db20087189","stockType":"fund_manager","exchange":"fm","tickerId":811133550,"name":"何康"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方通元6个月持有期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=890255","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfef7fea5b3eb0504df4","date":"2022-12-30T16:00:00.000Z","stockId":3000000013257,"sao":"全年经济增长有所放缓。1-11月工业增加值同比增长3.6%；固定资产投资同比增长5.3%，其中，房地产投资同比下滑9.8%，制造业投资同比增长9.3%，基建投资同比增长11.7%，地产投资低迷，基建和制造业景气度较好；社会消费品零售总额同比下滑0.1%，消费疲软。1-12月CPI同比增长2.0%；PPI同比增长4.1%，通胀压力可控。12月末M2同比增长11.8%，全年信贷投放力度较大，但需求端表现较弱。  美联储全年加息7次，累计加息幅度达到4.25%，点阵图显示23年仍有75BP的加息空间。国内方面，央行全年降息两次，合计下调公开市场操作利率20BP，降准两次，合计下调存款准备金率0.5%。全年美元指数上涨7.84%，人民币对美元汇率中间价贬值5889个基点。全年来看，银行间隔夜、7天回购加权利率均值为1.55%、1.95%。  市场层面，全年利率债震荡为主，信用债上行幅度较大。其中，1年国债、1年国开收益率分别下行15BP、8BP，10年国债、10年国开收益率分别上行6BP和下行9BP。信用债方面，信用债整体表现不及同期限国开债，5年表现好于3年，AAA好于AA。权益市场总体震荡，其中消费、医药等疫情受损标的表现相对较好。  投资运作上，债券部分，一季度以提高组合杠杆和债券仓位为主，季度末基本完成建仓，达到相对合意的杠杆及静态收益率水平；二、三季度市场转为震荡，通过配置短期限相对高静态的高等级信用债充分获取套息收益。权益部分，考虑到地缘政治风险变化、外围加息周期加速、市场资金偏好转弱等多重因素影响，组合一季度末维持较低仓位；二季度中下旬随着疫情因素有所消退、经济环比持续改善，组合积极配置基本面稳健、景气回升的相关行业，仓位水平较一季度末有所提升。三季度随着市场向下调整，部分主体相对价值更加凸显，进一步增加权益仓位，行业上主要关注疫情受损、估值合理标的，适度参与高景气度成长属性主体。四季度季初债券和权益仓位基本维持稳定，11月中旬市场大幅调整后，择机增加金融债配置，拉长久期。权益方面11月中旬逐步止盈部分仓位，12月中旬市场下行期间增配医药、顺周期标的。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:35.573Z","mo":"展望未来，经济短期内受到疫情的影响，增速有一定放缓，但随着疫情高峰结束，预计将迎来修复。明年国内稳增长动力较强，各方政策助力下，国内经济有望逐步企稳回升。海外方面，衰退压力仍然较大，紧缩周期尚未结束。利率债策略：流动性水平依然充裕，随着中短端利率的回升，已经逐步具备配置价值，长端利率仍以交易价值为主，对利率债看法中性。信用债策略：关注地产和城投的风险，严防信用风险。权益市场方面，重点挖掘顺周期、有基本面支持且估值合理的品种择优配置。","fund":{"_id":3000000013257,"__csrcFundId":10691,"stockCode":"013257","shortName":"南方通元6个月持有债券(013257)","masterFundShortName":"南方通元6个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13257,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:41:42.572Z","status":"normal","exchange":"jj","name":"南方通元6个月持有期债券型证券投资基金","fundCollectionId":4000050020000,"inceptionDate":"2022-01-26T16:00:00.000Z","followedNum":1,"setUpDate":"2022-01-26T16:00:00.000Z","setUpAssetScale":1545579106.73,"setUpShares":1545579106.73,"pinyin":"nfty6gycyqzqxzqtzjj","managers":[{"stockCode":"db20087189","stockType":"fund_manager","exchange":"fm","tickerId":811133550,"name":"何康"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方通元6个月持有期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=873824","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfef7fea5b3eb0504df3","date":"2022-09-29T16:00:00.000Z","stockId":3000000013257,"sao":"三季度经济有所回暖。1-8月工业增加值同比增长3.6%；固定资产投资同比增长5.8%，其中，房地产投资同比下滑7.4%，制造业投资同比增长10.0%，基建投资同比增长10.4%，基建和制造业景气度较好；社会消费品零售总额同比增长0.5%，消费有所回升。房地产销售面积同比下滑23.0%，新开工面积同比下滑37.2%，土地购置面积同比下滑49.7%，房地产产业链出现筑底迹象。1-8月CPI同比增长1.9%；PPI同比增长6.6%，受需求端影响，工业品价格高位回落。8月末M2同比增长12.2%，社融存量同比增长10.5%，三季度社融增速有所回落，信用扩张依然不稳定。  美联储三季度加息2次，合计加息1.50%，预计四季度加息幅度仍然较大。欧央行三季度开启加息周期，加息50BP。国内方面，央行三季度调降公开市场操作和MLF利率10BP，同时，调降1年期LPR 5BP，5年期LPR 15BP。三季度美元指数上涨7.11%，人民币对美元汇率中间价贬值3884个基点。全季度来看，银行间隔夜、7天回购加权利率均值为1.30%、1.64%，均较上季度下行21BP。  市场层面，三季度债券收益率小幅下行。其中，1年国债、1年国开收益率分别下行10BP、13BP，10年国债、10年国开收益率分别下行6BP、13BP。信用债方面，信用债整体表现好于同期限国开债，5年表现好于3年。  投资运作上，债券部分，一季度以提高组合杠杆和债券仓位为主，季度末基本完成建仓，达到相对合意的杠杆及静态收益率水平；二、三季度市场转为震荡，通过配置短期限相对高静态的高等级信用债充分获取套息收益。权益部分，考虑到地缘政治风险变化、外围加息周期加速、市场资金偏好转弱等多重因素影响，组合一季度末维持较低仓位；二季度中下旬随着疫情因素有所消退、经济环比持续改善，组合积极配置基本面稳健、景气回升的相关行业，仓位水平较一季度末有所提升。三季度随着市场向下调整，部分主体相对价值更加凸显，进一步增加权益仓位，行业上主要关注疫情受损、估值合理标的，适度参与高景气度成长属性主体。  展望未来，经济仍然受到疫情和地产等因素的掣肘，修复的过程较为缓慢。海外方面，货币紧缩超预期，后续衰退压力较大。政策层面，房地产政策仍在放松，准财政政策持续加码。货币政策方面，预计流动性水平变化不大，但汇率贬值对宽松空间形成一定掣肘。利率债策略：流动性水平依然充裕，但绝对收益水平偏低，市场对后期利好政策有一定担忧，预计保持震荡走势，对利率债看法中性。信用债策略：关注地产和城投的政策风险，严防信用风险。权益市场方面，重点挖掘有基本面支持且估值合理的品种择优配置。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:35.570Z","fund":{"_id":3000000013257,"__csrcFundId":10691,"stockCode":"013257","shortName":"南方通元6个月持有债券(013257)","masterFundShortName":"南方通元6个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13257,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:41:42.572Z","status":"normal","exchange":"jj","name":"南方通元6个月持有期债券型证券投资基金","fundCollectionId":4000050020000,"inceptionDate":"2022-01-26T16:00:00.000Z","followedNum":1,"setUpDate":"2022-01-26T16:00:00.000Z","setUpAssetScale":1545579106.73,"setUpShares":1545579106.73,"pinyin":"nfty6gycyqzqxzqtzjj","managers":[{"stockCode":"db20087189","stockType":"fund_manager","exchange":"fm","tickerId":811133550,"name":"何康"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方通元6个月持有期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=811047","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfef7fea5b3eb0504df2","date":"2022-06-29T16:00:00.000Z","stockId":3000000013257,"sao":"上半年经济受疫情影响出现一定波动。1-6月工业增加值同比增长3.4%；固定资产投资同比增长6.1%，其中，房地产投资同比下滑5.4%，制造业投资同比增长10.4%，基建投资同比增长9.25%，基建和制造业景气度较好；社会消费品零售总额同比下滑0.7%，消费受疫情冲击较大。房地产销售面积同比下滑22.2%，新开工面积同比下滑34.4%，土地购置面积同比下滑48.3%，房地产产业链表现低迷。1-6月CPI同比增长1.7%；PPI同比增长7.7%，受供给端影响，工业品价格高位震荡。6月末M2同比增长11.4%，1-6月信贷社融增长波动较大。  美联储上半年加息3次，合计加息1.50%，预计下半年加息幅度仍然较大。欧央行预计下半年也将开启加息周期。国内方面，央行上半年降低OMO和MLF操作利率10BP，降低1年期LPR利率10BP，降低5年期LPR利率20BP。二季度美元指数上涨6.45%，人民币对美元汇率中间价贬值3510个基点。全季度来看，银行间隔夜、7天回购加权利率均值为1.66%、1.85%，分别较上季度下行34BP和44BP。  市场层面，二季度债券收益率震荡为主，短端下行幅度较大。其中，1年国债、1年国开收益率分别下行20BP、21BP，10年国债、10年国开收益率分别上行5BP、2BP。信用债方面，信用债整体表现好于同期限国开债，AA表现好于AAA。  投资运作上，债券部分，一季度以提高组合杠杆和债券仓位为主，季度末基本完成建仓，达到相对合意的杠杆及静态收益率水平；二季度市场转为震荡，通过配置短期限相对高静态的高等级信用债充分获取套息收益。权益部分，考虑到地缘政治风险变化、外围加息周期加速、市场资金偏好转弱等多重因素影响，组合一季度末维持较低仓位；二季度中下旬随着疫情因素有所消退、经济环比持续改善，组合积极配置基本面稳健、景气回升的相关行业，仓位水平较一季度末有所提升。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:35.567Z","mo":"展望未来，经济正在逐步走出疫情的影响，房地产销售出现了底部企稳的迹象，但回暖尚需时间。海外方面，通胀压力维持高位，需求出现放缓迹象。后续关注点主要在疫情后的经济修复节奏以及稳增长政策的实施效果。利率债策略：货币政策环境友好，但宽货币与宽信用预期共存，预计整体保持震荡走势，对利率债看法中性。信用债策略：关注地产和城投的政策风险，严防信用风险。权益市场方面，重点挖掘有基本面支持且估值合理的品种择优配置。","fund":{"_id":3000000013257,"__csrcFundId":10691,"stockCode":"013257","shortName":"南方通元6个月持有债券(013257)","masterFundShortName":"南方通元6个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13257,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:41:42.572Z","status":"normal","exchange":"jj","name":"南方通元6个月持有期债券型证券投资基金","fundCollectionId":4000050020000,"inceptionDate":"2022-01-26T16:00:00.000Z","followedNum":1,"setUpDate":"2022-01-26T16:00:00.000Z","setUpAssetScale":1545579106.73,"setUpShares":1545579106.73,"pinyin":"nfty6gycyqzqxzqtzjj","managers":[{"stockCode":"db20087189","stockType":"fund_manager","exchange":"fm","tickerId":811133550,"name":"何康"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方通元6个月持有期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=788693","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfef7fea5b3eb0504df1","date":"2022-03-30T16:00:00.000Z","stockId":3000000013257,"sao":"一季度经济形势较为复杂。外部地缘政治形势恶化，国内疫情出现扩散，经济出现了内需放缓叠加外部输入性通胀的压力。政策上，金稳会定调稳增长继续加码，稳定了市场预期，但政策的实施路径和出台节奏仍需观察。市场层面，一季度债券市场收益率震荡为主，信用债整体表现不及同期限利率债。投资运作上，债券部分，组合自成立以来逐渐提高债券仓位，一季度末基本完成建仓，达到相对合意的杠杆及静态收益率水平；权益部分，考虑到地缘政治风险变化、外围加息周期加速、市场资金偏好转弱等多重因素影响，组合整体维持较低仓位。展望未来，经济依然面临需求收缩、供给冲击和预期转弱的三重压力。内需的压力主要体现在地产投资持续低迷，同时疫情防控难度大；外需压力则体现在地缘政治形势复杂，以及全球流动性趋于收紧。通胀方面，目前的主要问题依然在海外，输入性通胀风险需要警惕。政策方面，预计货币政策继续坚持“以我为主”，将采取较为积极的政策来应对国内的压力。利率债策略：货币政策环境较为友好，稳增长预期或逐步增强，预计利率债维持区间震荡。对利率债看法中性。信用债策略：关注地产和城投的政策风险，严防信用风险。权益市场方面，重点挖掘有基本面支持且估值合理的品种择优配置。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:35.564Z","fund":{"_id":3000000013257,"__csrcFundId":10691,"stockCode":"013257","shortName":"南方通元6个月持有债券(013257)","masterFundShortName":"南方通元6个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13257,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:41:42.572Z","status":"normal","exchange":"jj","name":"南方通元6个月持有期债券型证券投资基金","fundCollectionId":4000050020000,"inceptionDate":"2022-01-26T16:00:00.000Z","followedNum":1,"setUpDate":"2022-01-26T16:00:00.000Z","setUpAssetScale":1545579106.73,"setUpShares":1545579106.73,"pinyin":"nfty6gycyqzqxzqtzjj","managers":[{"stockCode":"db20087189","stockType":"fund_manager","exchange":"fm","tickerId":811133550,"name":"何康"},{"stockCode":"db20916301","stockType":"fund_manager","exchange":"fm","tickerId":122524231090,"name":"刘盈杏"}]},"announcement":{"linkText":"南方通元6个月持有期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=730712","linkType":"PDF","source":"csrc_pdf"}}]}