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通胀预期升温，对央行降息预期回落，加上部分机构对债券型基金预防性赎回，债市收益率有所调整，超长债表现偏弱。一季度，本基金以利率债为主要投资标的，择机调整投资组合持仓结构和久期水平，尽可能提高投资组合收益。","lastUpdated":"2026-04-22T15:39:04.930Z","fund":{"_id":3000000013405,"__csrcFundId":11897,"stockCode":"013405","shortName":"中航瑞旭3个月定开债(013405)","masterFundShortName":"中航瑞旭3个月定开债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13405,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:45:56.123Z","status":"normal","exchange":"jj","fundCollectionId":4000051230000,"name":"中航瑞旭3个月定期开放债券型证券投资基金","inceptionDate":"2023-01-29T16:00:00.000Z","setUpDate":"2023-01-29T16:00:00.000Z","setUpAssetScale":410014353.38,"setUpShares":410014353.38,"pinyin":"zhrx3gydqkfzqxzqtzjj","managers":[{"stockCode":"db20587882","stockType":"fund_manager","exchange":"fm","tickerId":132506180530,"name":"茅勇峰"},{"stockCode":"8801457922","stockType":"fund_manager","exchange":"fm","tickerId":608174180,"name":"傅浩"}]},"announcement":{"linkText":"中航瑞旭3个月定期开放债券型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1480744","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0097fea5b3eb050697d","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000013405,"sao":"2025年四季度，债市总体呈现震荡偏弱的走势。10月份中美贸易争端再起，市场对央行四季度降准降息、恢复国债买卖抱有一定预期，叠加基本面数据较弱，债市收益率震荡下行。11月中上旬市场围绕A股走势、基金费率新规交易，整体小幅震荡。11月下旬市场对政策担忧上升、部分机构出现赎回行为，债市收益率快速上行。12月份美联储宣布降息、中央经济工作会议也重提降准降息，但股市走强，市场风险偏好提升，年末银行长债配置额度不足，债市缺少配置盘，机构赎回压力有所加大，债市走势偏弱，超长债表现不佳。四季度，本基金以利率债为主要投资标的，择机调整投资组合持仓结构和久期水平，尽可能降低债券市场调整产生的不利影响。","lastUpdated":"2026-03-09T13:50:01.979Z","fund":{"_id":3000000013405,"__csrcFundId":11897,"stockCode":"013405","shortName":"中航瑞旭3个月定开债(013405)","masterFundShortName":"中航瑞旭3个月定开债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13405,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:45:56.123Z","status":"normal","exchange":"jj","fundCollectionId":4000051230000,"name":"中航瑞旭3个月定期开放债券型证券投资基金","inceptionDate":"2023-01-29T16:00:00.000Z","setUpDate":"2023-01-29T16:00:00.000Z","setUpAssetScale":410014353.38,"setUpShares":410014353.38,"pinyin":"zhrx3gydqkfzqxzqtzjj","managers":[{"stockCode":"db20587882","stockType":"fund_manager","exchange":"fm","tickerId":132506180530,"name":"茅勇峰"},{"stockCode":"8801457922","stockType":"fund_manager","exchange":"fm","tickerId":608174180,"name":"傅浩"}]},"announcement":{"linkText":"中航瑞旭3个月定期开放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=1460464","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0097fea5b3eb050697c","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000013405,"sao":"2025年三季度，债券市场呈现震荡调整的走势。三季度债市迎来多重利空，首先，“反内卷”政策出台引发市场对未来通胀上行和央行货币政策收紧的预期；第二，股市和大宗商品表现强势，市场风险偏好整体上行；第三，居民和银行理财资金从固收市场流向权益市场，债基面临赎回压力；第四，三季度中国经济展现韧性，货币政策和财政政策也显示出定力。在此背景下，七八月份债市收益率一路震荡上行。至9月中旬，债市收益率才结束上行趋势，转而在高位反复震荡。三季度，本基金以利率债为主要投资标的，择机调整投资组合持仓结构和久期水平，尽可能降低债券市场调整产生的不利影响。","lastUpdated":"2026-03-09T13:50:01.976Z","fund":{"_id":3000000013405,"__csrcFundId":11897,"stockCode":"013405","shortName":"中航瑞旭3个月定开债(013405)","masterFundShortName":"中航瑞旭3个月定开债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13405,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:45:56.123Z","status":"normal","exchange":"jj","fundCollectionId":4000051230000,"name":"中航瑞旭3个月定期开放债券型证券投资基金","inceptionDate":"2023-01-29T16:00:00.000Z","setUpDate":"2023-01-29T16:00:00.000Z","setUpAssetScale":410014353.38,"setUpShares":410014353.38,"pinyin":"zhrx3gydqkfzqxzqtzjj","managers":[{"stockCode":"db20587882","stockType":"fund_manager","exchange":"fm","tickerId":132506180530,"name":"茅勇峰"},{"stockCode":"8801457922","stockType":"fund_manager","exchange":"fm","tickerId":608174180,"name":"傅浩"}]},"announcement":{"linkText":"中航瑞旭3个月定期开放债券型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1372455","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0097fea5b3eb050697b","date":"2025-06-29T16:00:00.000Z","stockId":3000000013405,"sao":"2025年上半年债市收益率总体宽幅震荡。年初债市配置力量较强，但央行关注稳汇率、防空转，资金面收紧，并暂停公开市场国债买卖，市场也开始重新理解“适度宽松”的政策含义，降准降息预期降温，长债收益率呈现震荡走势，短债大幅调整，收益率曲线变平。春节期间消费数据整体较弱，春节后债市收益率短暂下行。随后资金面再度收紧，经济基本面数据好于预期，股市表现较好，各期限债券收益率普遍大幅上行。2月末至3月初，市场对经济乐观预期回落，加之博弈“两会”政策，债市收益率出现下行。“两会”结束后，监管层持续关注债市收益率非理性偏离基本面风险，对市场降准降息预期进行纠偏，部分债基出现赎回压力被迫卖出债券，债市收益率再次大幅上行，长债调整幅度较大。3月中下旬，资金面边际转松，央行调整MLF招标方式，股市有所走弱，债市情绪出现修复，收益率转为下行。4月初，中美关税战激烈程度超出市场预期，全球开展“衰退交易”，避险情绪升温，债市收益率快速大幅下行，此后陷入震荡。4月末至5月初，资金面转为宽松，债市收益率下行，短债表现较好。5月7日，央行宣布降准降息。随后中美日内瓦关税谈判成果大超市场预期，债市收益率大幅上行。5月末至6月前半月，央行呵护资金面，市场存在资金宽松和经济基本面回落预期，债市收益率下行。6月后半月，部分资金期待三季度行情，提前“抢跑”加仓超长债，超长债表现较好，其他期限债券整体震荡。上半年，本基金以利率债为主要投资对象，择机调整投资组合杠杆和久期水平，尽可能实现基金资产的稳健增值。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:01.974Z","mo":"展望下半年，中国经济维持温和复苏态势，适度宽松的货币政策基调不变，央行更多地运用结构性货币政策支持宽信用、支持股市平稳健康发展。预计短期内债市仍将维持震荡走势。外部环境（中美关税谈判、美联储降息等）和内部稳增长政策也给市场带来了更多不确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