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"_id":3000000013536,"__csrcFundId":10186,"stockCode":"013536","shortName":"鹏华稳华90天滚动持有债券(013536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13536,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:05.019Z","status":"normal","exchange":"jj","name":"鹏华稳华90天滚动持有债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":2,"inceptionDate":"2021-11-01T16:00:00.000Z","setUpDate":"2021-11-01T16:00:00.000Z","setUpAssetScale":347116257.81,"setUpShares":347116257.81,"pinyin":"phwh90tgdcyzqxzqtzjj","masterFundShortName":"鹏华稳华90天滚动持有债券","managers":[{"stockCode":"db20732345","stockType":"fund_manager","exchange":"fm","tickerId":612215360,"name":"方莉"}]},"announcement":{"linkText":"鹏华稳华90天滚动持有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=1372287","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0207fea5b3eb0508012","date":"2025-06-29T16:00:00.000Z","stockId":3000000013536,"sao":"2025年上半年，基本面展现较强韧性，一季度经济数据成色较好，二季度GDP维持在较高增速。结构上，固定资产投资累计同比较去年底抬升，主要受基建投资支撑，而制造业投资增速放缓，地产投资增速偏低。提振消费系列政策持续显效，社零增速保持在较高水平。中美贸易谈判不确定性下，“抢出口”效应释放，出口增速表现偏强。金融数据方面，一季度信贷投放力度较大，二季度以来政府债发行速度较快，支撑社融与M2增速。通胀数据方面，PPI受大宗商品价格下行的拖累表现弱势，CPI同比读数较低，但核心CPI表现较强。海外方面，美国通胀数据温和，但市场对于关税冲击后的通胀忧虑仍存，美联储暂缓降息。国内货币政策延续适度宽松的基调，价格型工具方面，5月OMO、LPR利率均调降10BP；数量型工具方面，央行5月全面降准0.5个百分点，释放中长期资金约1万亿元。货币市场利率一季度冲高后回落，3月以来DR007中枢持续下移，银行间流动性持续充裕，资金分层处于近年来较低水平。1年期AAA存单收益率一季度先上后下，二季度整体维持振荡下行走势，上半年整体上行6BP。其他品种方面，1年期国开债上行27BP，1年期AAA短融上行2BP。  2025年上半年，本基金灵活调整组合的投资策略，在波动较大时候降低组合风险暴露，保持组合收益的稳定性。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:24.269Z","mo":"展望2025年下半年，在各项政策的支持下，国内经济预计延续温和修复。投资方面，下半年地产投资或继续承压，基建投资在专项债加速发行使用和政策性金融工具支撑下有望提速，制造业投资仍受“两重”“两新”政策支撑，但企业盈利偏弱或制约其上行空间。消费方面，居民消费仍然依赖消费提振相关政策的持续支持。出口方面，随着“抢出口”影响减弱，出口增速或有边际回落压力。通胀方面，供需格局尚未改善，CPI和PPI同比增速维持在较低水平。海外方面，美联储下半年可能开启降息周期，人民币汇率窄幅震荡。在“降成本”政策导向和央行可能重启国债买卖预期的推动下，货币政策宽松基调有望延续，资金利率有进一步下行空间。基于以上分析，本组合2025年下半年将根据不同的市场环境，保持灵活的杠杆和久期水平，适时参与波段操作，提高组合收益。","fund":{"_id":3000000013536,"__csrcFundId":10186,"stockCode":"013536","shortName":"鹏华稳华90天滚动持有债券(013536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13536,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:05.019Z","status":"normal","exchange":"jj","name":"鹏华稳华90天滚动持有债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":2,"inceptionDate":"2021-11-01T16:00:00.000Z","setUpDate":"2021-11-01T16:00:00.000Z","setUpAssetScale":347116257.81,"setUpShares":347116257.81,"pinyin":"phwh90tgdcyzqxzqtzjj","masterFundShortName":"鹏华稳华90天滚动持有债券","managers":[{"stockCode":"db20732345","stockType":"fund_manager","exchange":"fm","tickerId":612215360,"name":"方莉"}]},"announcement":{"linkText":"鹏华稳华90天滚动持有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=1339856","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0207fea5b3eb0508011","date":"2025-03-30T16:00:00.000Z","stockId":3000000013536,"sao":"2025年一季度，经济运行稳中有升，PMI数据在1月回落后2月重返扩张区间，3月继续上行。需求端，固定资产投资增速有所上行，基建与制造业投资改善，房地产开发投资增速降幅收窄。社零增速回升，服务消费仍强于实物消费。出口方面，1-2月出口的走弱受春节效应影响较大，后续仍有一定回落压力。金融数据方面，1月社融增速维持在8.0%，2月政府债供给放量推动社融增速上升至8.2%。通胀数据方面，春节因素影响下1-2月CPI和核心CPI同比增速均先升后降，PPI同比降幅略有收窄。海外方面，美国CPI和核心CPI总体不及预期，美联储降息预期升温，市场预计年内降息三次。人民币汇率在1月初突破了7.3的重要关口，但下旬以后贬值压力边际缓解。在稳汇率、防风险的诉求下，资金面均衡偏紧，一季度回购利率整体明显抬升，DR007、R007均值分别为1.94%、2.11%，较上一季度上行26BP、23BP。在债券市场明显回调的背景下，货币市场工具时点收益率较上季度末上行，其中1年期国开债收益率上行44BP左右，1年期AAA同业存单收益率上行31BP左右，1年期AAA短融收益率上行26BP左右。  2025年一季度，本基金适时降低久期，严控回撤，选择性价比较高的资产进行配置，在保证组合良好流动性的基础上，提高组合整体收益。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:24.263Z","fund":{"_id":3000000013536,"__csrcFundId":10186,"stockCode":"013536","shortName":"鹏华稳华90天滚动持有债券(013536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13536,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:05.019Z","status":"normal","exchange":"jj","name":"鹏华稳华90天滚动持有债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":2,"inceptionDate":"2021-11-01T16:00:00.000Z","setUpDate":"2021-11-01T16:00:00.000Z","setUpAssetScale":347116257.81,"setUpShares":347116257.81,"pinyin":"phwh90tgdcyzqxzqtzjj","masterFundShortName":"鹏华稳华90天滚动持有债券","managers":[{"stockCode":"db20732345","stockType":"fund_manager","exchange":"fm","tickerId":612215360,"name":"方莉"}]},"announcement":{"linkText":"鹏华稳华90天滚动持有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=1269222","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0207fea5b3eb0508010","date":"2024-12-30T16:00:00.000Z","stockId":3000000013536,"sao":"2024年全年GDP增速为5%，经济社会发展主要目标任务基本达成。一季度，受到基建、出口等因素提振，经济环比表现略超预期；二季度社零表现较弱，国内有效需求不足，GDP环比读数偏弱；三季度受极端天气和房地产市场下行等因素影响，经济增长面临较大压力；四季度随着中央政治局会议部署的一揽子增量政策逐步落地实施，经济环比企稳。分结构来看，固定资产投资中房地产投资延续弱势，基建、制造业投资保持韧性。居民消费在一季度回落，而后呈现低位震荡的走势。全球经济韧性下，出口明显改善并好于年初预期。金融数据方面，在高基数影响下，一季度信贷同比小幅少增，二季度以后信贷明显放缓，社融增速持续下降，政府债成为社融的主要支撑因素。通胀方面，PPI和CPI维持低位运行，核心CPI同比表现偏弱，整体处于低通胀水平。海外方面，美联储8月前保持基准利率不变，9月后累计降息100BP。美元强势的背景下人民币汇率全年小幅贬值，但整体处于双向波动的合理范围。国内政策方面，财政政策以“适度加力、提质增效”为主线，财政部通过加大财政支出规模、加强重点领域保障、积极防范化解风险等措施，有力推动了经济的平稳增长。货币政策以“灵活适度、精准有效”为主线，强化逆周期调节，央行总量工具和结构性工具并举，并增设临时正逆回购操作、国债买卖、买断式逆回购等新工具，保持流动性合理充裕，两次下调公开市场7天期逆回购利率共30个基点，两次下调中期借贷便利利率共50个基点，两次下调存款准备金率共计1.0个百分点。结构性工具上，央行设立了保障性住房再贷款工具以及支持资本市场稳定发展的两项工具，以稳住预期和信心。2024年银行间7天质押式回购加权利率R007全年均值为1.96%，比2023年下行27BP。债券市场方面，1-9月利率震荡下行，10月初市场风险偏好提升，债市出现一定调整，11月以来利率加速回落。全年来看，1年期国开债收益率下行100BP，1年期AAA同业存单收益率下行83BP，1年期AAA短融收益率下行84BP。  2024年，本基金根据市场情况，积极参与市场机会，通过信用获得了稳定的票息收益，同时积极参与市场机会，调节组合久期，拉动组合收益增厚。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:24.260Z","mo":"展望2025年，经济预计温和增长。经济分结构来看，基建、制造业投资将维持一定韧性，消费支撑政策有望进一步加码，但地产投资仍然较为疲弱，出口在关税提升、外需走弱背景下面临下滑压力。财政政策支持下居民消费有望提振，国内通胀预计低位回升。海外方面，考虑到劳动力市场紧张和高关税政策等因素，美国通胀回落幅度有限，美联储全年降息幅度预计不及2024年，中美利差维持较高水平，人民币汇率在合理区间双向波动。中央经济工作会议提出要实施更加积极的财政政策，提高财政赤字率，增加超长期特别国债和地方政府专项债券发行，同时实施适度宽松的货币政策，保持流动性充裕。财政和货币政策预计为经济增长提供较好的支持。","fund":{"_id":3000000013536,"__csrcFundId":10186,"stockCode":"013536","shortName":"鹏华稳华90天滚动持有债券(013536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13536,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:05.019Z","status":"normal","exchange":"jj","name":"鹏华稳华90天滚动持有债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":2,"inceptionDate":"2021-11-01T16:00:00.000Z","setUpDate":"2021-11-01T16:00:00.000Z","setUpAssetScale":347116257.81,"setUpShares":347116257.81,"pinyin":"phwh90tgdcyzqxzqtzjj","masterFundShortName":"鹏华稳华90天滚动持有债券","managers":[{"stockCode":"db20732345","stockType":"fund_manager","exchange":"fm","tickerId":612215360,"name":"方莉"}]},"announcement":{"linkText":"鹏华稳华90天滚动持有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=1249707","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0207fea5b3eb050800f","date":"2024-09-29T16:00:00.000Z","stockId":3000000013536,"sao":"2024年三季度，基本面修复态势整体偏缓，7-8月制造业PMI持续回落，9月有所回升，但仍在荣枯线以下。结构上，固定资产投资增速有所下滑，基建投资呈现波动，制造业投资增速回落，房地产开发投资同比降幅小幅走阔。消费修复偏缓，服务业消费表现好于商品消费。出口方面，在外需支撑下，7-8月出口增速继续维持韧性。金融数据方面，7-8月新增信贷延续同比少增，但在政府债发行加速的支持下社融增速保持稳定。通胀数据方面，7月PPI同比增速持平，但8月同比降幅再度扩大，食品价格上涨带动7-8月CPI同比增速小幅回升。海外方面，7-8月美国通胀同比增速继续回落，9月美联储四年来首次降息，且50BP的降息幅度略高于市场预期，美债利率震荡下行。美联储降息预期升温，人民币汇率持续升值。三季度央行坚持支持性的货币政策立场，加大货币政策调控力度，出台了多项政策举措，包括降低存款准备金率和政策利率，并带动市场基准利率下行；降低存量房贷利率，并降低二套房贷款首付比例；创设新的货币政策工具，支持股票市场稳定发展等。三季度资金面整体维持均衡偏松，货币市场利率整体围绕政策利率为中枢波动。DR007均值在1.81%，较上一季度下行7BP，R007均值为1.90%，较上一季度下行4BP。货币市场资产收益率较上季度末涨跌不一，其中1年期AAA存单收益率下行5BP左右，1年期国开债收益率下行4BP左右，1年期AAA短融收益率上行15BP左右。  2024年三季度，本基金研究政策引导的方向，综合市场预期的变化，在胜率较高的前提下，参与债券的交易行情，保持资产的流动性，提高组合整体收益。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:24.255Z","fund":{"_id":3000000013536,"__csrcFundId":10186,"stockCode":"013536","shortName":"鹏华稳华90天滚动持有债券(013536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13536,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:05.019Z","status":"normal","exchange":"jj","name":"鹏华稳华90天滚动持有债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":2,"inceptionDate":"2021-11-01T16:00:00.000Z","setUpDate":"2021-11-01T16:00:00.000Z","setUpAssetScale":347116257.81,"setUpShares":347116257.81,"pinyin":"phwh90tgdcyzqxzqtzjj","masterFundShortName":"鹏华稳华90天滚动持有债券","managers":[{"stockCode":"db20732345","stockType":"fund_manager","exchange":"fm","tickerId":612215360,"name":"方莉"}]},"announcement":{"linkText":"鹏华稳华90天滚动持有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=1171853","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0207fea5b3eb050800e","date":"2024-06-29T16:00:00.000Z","stockId":3000000013536,"sao":"2024年上半年，基本面整体延续温和修复态势，二季度经济修复斜率较一季度有所放缓。结构上，固定资产投资累计同比较去年底有所抬升，主要受到制造业投资的支撑，而房地产开发投资降幅走扩，基建投资增速回落。消费温和修复，服务业消费表现好于商品消费。出口韧性较强，反映外需整体较为稳健。金融数据方面，一季度新增信贷同比少增，社融与M2增速回落，二季度新增信贷仍然偏弱，而政府债发行推动5月社融增速回升。通胀数据方面，PPI走势相对稳定，5月同比降幅明显收窄；CPI同比自2月后转正，核心CPI中枢温和抬升。海外方面，美国通胀水平仍未达到目标，降息开启时点后移，美联储点阵图显示年内或仅降息1次。上半年货币政策基调维持中性偏松，价格型工具方面，2月5年期LPR调降25BP至3.95%，数量型工具方面，央行2月全面降准0.5个百分点，释放中长期资金约1万亿元。上半年货币市场利率整体围绕政策利率波动。一季度DR007中枢较去年四季度有所下移，二季度以来非银流动性持续充裕，资金分层降至近年来较低水平。1年期AAA存单收益率年初以来趋势下行，上半年整体下行45BP。其他品种方面，1年期国开债下行51BP，1年期AAA短融下行51BP。  2024年上半年，本基金保持中短久期中高评级的信用债仓位，获取票息收益。同时根据市场交易情绪变化，适时的参与波段操作提高组合综合收益。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:24.252Z","mo":"展望2024年下半年，国内经济或延续温和修复态势，仍需财政货币政策支持。居民消费方面，预计消费弱修复的态势仍将延续。投资方面，房地产投资修复仍需时间。年初以来政府债券发行使用进度偏缓，基建投资增速下滑，而考虑下半年政府债发行使用的加速，叠加2023年下半年基数较低，预计下半年基建投资增速或有所回升。上半年制造业投资增速维持高位，产业政策支持下预计下半年制造业投资有望维持偏高增速，对国内需求带来一定的支撑。出口方面，考虑去年下半年基数较低，出口增速有望维持韧性。通胀方面，预计在基数效应影响下PPI同比震荡回升，CPI的修复仍然温和。海外方面，若美联储降息在下半年落地，使内外平衡的压力有所减轻，人民币汇率贬值压力有望缓解。预计下半年货币政策基调或将延续，除总量工具与结构性工具的使用外，存贷款利率也有望继续下调，同时央行公开市场操作将继续削峰填谷，资金利率中枢围绕政策利率窄幅波动。基于以上分析，本组合2024年下半年将保持中短久期的基础仓位，中性的杠杆策略为组合提供套息收益，结合央行的收益率曲线管理，在确定性较高的时刻，适时的参与波段操作增厚组合收益。","fund":{"_id":3000000013536,"__csrcFundId":10186,"stockCode":"013536","shortName":"鹏华稳华90天滚动持有债券(013536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13536,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:05.019Z","status":"normal","exchange":"jj","name":"鹏华稳华90天滚动持有债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":2,"inceptionDate":"2021-11-01T16:00:00.000Z","setUpDate":"2021-11-01T16:00:00.000Z","setUpAssetScale":347116257.81,"setUpShares":347116257.81,"pinyin":"phwh90tgdcyzqxzqtzjj","masterFundShortName":"鹏华稳华90天滚动持有债券","managers":[{"stockCode":"db20732345","stockType":"fund_manager","exchange":"fm","tickerId":612215360,"name":"方莉"}]},"announcement":{"linkText":"鹏华稳华90天滚动持有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=1143515","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0207fea5b3eb050800d","date":"2024-03-30T16:00:00.000Z","stockId":3000000013536,"sao":"2024年一季度，经济数据出现了一定边际改善的迹象。1-2月制造业PMI继续处于收缩区间，但相比去年12月略有回升，3月制造业PMI回升至荣枯线以上。需求端，固定资产投资增速略有上行，基建投资维持高位，房地产开发投资同比降幅小幅收窄。消费温和修复，春节假期出行人次及旅游收入均超2019年同期，服务业消费表现仍然好于商品消费。出口方面，1-2月出口同比增速较去年12月回升，也显著高于市场预期。金融数据方面，1-2月新增信贷同比少增，叠加地方债发行偏缓，共同影响社融增速有所回落。通胀数据方面，PPI走势相对稳定，受春节错位影响，2月CPI同比为去年9月以来首次转正，剔除食品和能源的核心CPI涨幅扩大。海外方面，美国CPI和核心CPI同比增速降幅趋缓，美联储一季度维持基准利率不变，市场预期其降息的时点有所延后，美债利率震荡回升。受到瑞士央行意外降息、日本央行加息后日元不升反贬、美元指数走强等因素影响，3月下旬人民币汇率波动有所加剧。货币政策操作兼顾多个目标，保持流动性合理充裕。从整个季度来看，回购利率整体略有下移，流动性分层现象明显缓和。其中，DR007均值在1.87%，较上一季度下行6BP，R007均值为2.13%，较上一季度下行27BP。一季度在央行持续呵护下资金面维持均衡偏松状态，货币市场工具时点收益率较上季度末明显下行，其中1年期AAA存单收益率下行17BP左右，1年期国开债收益率下行36BP左右，1年期AAA短融收益率下行20BP左右。  2024年一季度，本基金灵活运用类属策略，在收益下行的市场环境下，积极参与波段操作，给组合提供收益增厚。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:24.240Z","fund":{"_id":3000000013536,"__csrcFundId":10186,"stockCode":"013536","shortName":"鹏华稳华90天滚动持有债券(013536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13536,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:05.019Z","status":"normal","exchange":"jj","name":"鹏华稳华90天滚动持有债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":2,"inceptionDate":"2021-11-01T16:00:00.000Z","setUpDate":"2021-11-01T16:00:00.000Z","setUpAssetScale":347116257.81,"setUpShares":347116257.81,"pinyin":"phwh90tgdcyzqxzqtzjj","masterFundShortName":"鹏华稳华90天滚动持有债券","managers":[{"stockCode":"db20732345","stockType":"fund_manager","exchange":"fm","tickerId":612215360,"name":"方莉"}]},"announcement":{"linkText":"鹏华稳华90天滚动持有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=1069022","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0207fea5b3eb050800c","date":"2023-12-30T16:00:00.000Z","stockId":3000000013536,"sao":"2023年全年GDP增速为5.2%，国内经济修复过程较为曲折。一季度，疫情影响的积压需求快速释放，经济环比高斜率复苏，但持续性不足，二季度开始地产和出行等领域均呈现环比走弱，三季度经济环比略有企稳，PMI逐月上升，四季度房地产投资仍然拖累较大，经济环比表现较弱。海外方面，美国制造业呈萎缩态势，但服务业持续扩张，支撑其经济温和放缓，美联储前三季度以加息为主，四季度以来保持基准利率不变。人民币汇率全年小幅贬值，整体处于双向波动的合理范围。国内政策方面，积极的财政政策加力提效，稳健的货币政策精准有力。央行总量工具和结构性工具并举，两次下调公开市场7天期逆回购利率和中期借贷便利利率，较上年末分别下降20个基点和25个基点。两次下调存款准备金率共计0.5个百分点。结构性工具上，通过支农支小再贷款、再贴现、抵押补充贷款等多种工具，对实体经济进行支持。全年来看，资金利率先下后上，一季度DR007整体高于OMO，二季度逐步下行，8月以后受到汇率波动、政府债集中发行等因素影响，流动性有所收敛，回购利率上行。2023年银行间7天期质押式回购加权利率全年均值为2.23%，比2022年上升28BP。债券市场方面，债券收益率在1-8月中旬以下行为主，8月末至11月有所回调，进入12月后利率重回下行。全年来看，1年期国开债收益率下行3BP，1年期AAA同业存单收益率下行2BP，1年期AA+短融收益率下行38BP。  2023年，本基金根据宏观环境和市场预期的变化，灵活调节组合的久期水平，在严格控制回撤的前提下，努力提高组合收益。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:24.233Z","mo":"展望2024年，经济内生复苏动力偏弱，稳增长尚需政策加码。基建、制造业投资预计将维持一定韧性，人口增长周期向下，地产投资表现预计偏弱。居民收入预期有待改善，消费复苏斜率可能较缓，出口在外需偏弱背景下仍然面临下滑压力。通胀预计低位徘徊，服务消费具有一定韧性，支撑核心通胀。美国总体通胀和核心通胀将回落，美联储后续可能开启降息周期，中美利差有望收窄。人民币汇率预计在合理区间双向波动。中央经济工作会议提出积极的财政政策要适度加力、提质增效，同时强调财政可持续性，预计财政政策中性偏积极。稳健的货币政策要灵活适度、精准有效，整体定调偏宽松，预计货币政策会根据经济增长情况、政策配合所需和人民币汇率稳定等多个目标进行相机抉择，综合使用总量和结构性工具。  基于以上分析，本组合2024年将积极参与市场机会，做好资产类别的选择，灵活运用久期策略和杠杆策略，在严控回撤的同时，力争增厚组合收益。","fund":{"_id":3000000013536,"__csrcFundId":10186,"stockCode":"013536","shortName":"鹏华稳华90天滚动持有债券(013536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13536,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:05.019Z","status":"normal","exchange":"jj","name":"鹏华稳华90天滚动持有债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":2,"inceptionDate":"2021-11-01T16:00:00.000Z","setUpDate":"2021-11-01T16:00:00.000Z","setUpAssetScale":347116257.81,"setUpShares":347116257.81,"pinyin":"phwh90tgdcyzqxzqtzjj","masterFundShortName":"鹏华稳华90天滚动持有债券","managers":[{"stockCode":"db20732345","stockType":"fund_manager","exchange":"fm","tickerId":612215360,"name":"方莉"}]},"announcement":{"linkText":"鹏华稳华90天滚动持有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=1051346","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0207fea5b3eb050800b","date":"2023-09-29T16:00:00.000Z","stockId":3000000013536,"sao":"2023年三季度，经济呈现企稳态势，PMI数据逐月回升，9月PMI升至扩张区间。需求端，固定资产投资增速略有下行，基建投资整体仍在高位，房地产开发投资增速较为疲弱。消费增速较二季度略有下降，整体较为平稳，节假日出行人次和消费水平均恢复至疫情前水平，服务业消费表现好于商品消费。出口方面，8月出口同比底部回升，随着9-12月基数走低，出口增速有望继续改善。金融数据方面，7-8月信贷增量偏低，随着政策效果逐渐体现，后续社融增速预计保持平稳。通胀数据方面，CPI低位徘徊，PPI筑底回升，通胀风险可控。海外方面，美国CPI读数走高，但核心CPI有所降低，美联储三季度共计加息25bp，年内美联储转向降息的概率较小。美元表现较为强势，人民币汇率震荡趋稳，总体仍处于双向波动的合理范围。国内经济恢复基础尚不牢固，货币政策操作整体偏呵护。公开市场操作继续削峰填谷的思路，在月末、税期等资金紧张时点，大量投放逆回购满足银行需求。7月银行信贷投放节奏放缓，央行通过降息助力经济恢复，8月OMO和1年期LPR利率分别下调0.1个百分点、MLF利率下调0.15个百分点。9月全面降准0.25个百分点补充市场流动性。整个季度来看，回购利率整体略有下移，DR007中枢向降息后的政策利率回归，季末时点流动性分层较为明显。其中，DR007均值在1.88%，较上一季度下行6BP，R007均值为2.01%，较上一季度下行14BP。3个月期限AAA同业存单到期收益率均值在2.10%，较上一季度下行15BP。由于9月末资金成本较高，货币市场工具时点收益率较上季度末多数上行，其中1年期AAA存单收益率上行15BP左右，1年期国开债收益率上行16BP左右，1年期AAA短融收益率上行8BP左右。  本基金在三季度，根据政策的变化以及资金波动情况，降低组合杠杆水平，将久期调整至防守，适度的参与利率债波段操作，力求提高组合整体收益。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:24.227Z","fund":{"_id":3000000013536,"__csrcFundId":10186,"stockCode":"013536","shortName":"鹏华稳华90天滚动持有债券(013536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13536,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:05.019Z","status":"normal","exchange":"jj","name":"鹏华稳华90天滚动持有债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":2,"inceptionDate":"2021-11-01T16:00:00.000Z","setUpDate":"2021-11-01T16:00:00.000Z","setUpAssetScale":347116257.81,"setUpShares":347116257.81,"pinyin":"phwh90tgdcyzqxzqtzjj","masterFundShortName":"鹏华稳华90天滚动持有债券","managers":[{"stockCode":"db20732345","stockType":"fund_manager","exchange":"fm","tickerId":612215360,"name":"方莉"}]},"announcement":{"linkText":"鹏华稳华90天滚动持有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=986936","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0207fea5b3eb050800a","date":"2023-06-29T16:00:00.000Z","stockId":3000000013536,"sao":"回顾2023年上半年走势，一季度在疫后复苏和稳增长基调下，社融信贷回暖，超储消耗，资金价格波动增加，1 月和 2 月份利率曲线呈现熊平态势，3 月中下旬降低存款准备金率 0.25%，释放长期资金缓解银行间流动性状况，利率曲线牛陡。二季度信贷社融数据边际走弱，资金面边际回暖，债券市场震荡偏强。整体来看，二季度末 1 年、3 年、10 年国开  收益率分别为2.10%、2.37%、2.77%，相对上年末分别下行 14BP、17BP、22BP。    信用债方面，上半年保险、基金和银行理财等机构配置需求回归，同时信用债一级供给有限，叠加去年底信用债收益率和利差处于偏高位置，上述几方面因素共同推动上半年信用债走出了一波小牛市行情，各期限等级收益率大幅下行，信用利差全面收窄。二季度末 1 年 AAA 短融收益率 2.47%，相对上年末下行 24BP，1 年 AA+短融收益率 2.57%，相对上年末下行 44BP，中等评级表现好于高评级，评级利差压缩；二季度末 3 年 AAA 中票收益率2.78%，相对上年末下行 39BP，3 年 AA+中票收益率 3.04%，相对上年末下行53BP，表现好于 1 年，期限利差压缩。节奏上看，1月，疫后复苏、信贷开门红、地产政策频出，叠加理财赎回冲击余波未尽，信用债表现较弱；2-4月，理财赎回缓和，叠加两会表态不及预期、超预期降准及资金面转松，保险、基金配置需求回归，信用债供需错配走出欠配行情，利差持续压缩；5-6月，理财恢复扩容，基本面数据显著走弱，资金延续宽松，城投舆情再起叠加超预期降息，机构风险偏好下降，信用利差和评级利差被动走阔。    本组合以中高等级信用债为主要配置仓位，根据政策预期的变化，积极参与利率债市场交易机会，严控信用风险和净值回撤。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:24.223Z","mo":"展望 2023年下半年，债券市场或呈现震荡偏强走势，主要原因是目前货币政策定调偏宽松，央行6月提出“加强逆周期调节”，均表明了央行在当前国内经济形势承压状态下对货币环境的呵护态度，在经济内生动能显著改善之前货币政策难言转向。资金面方面，目前实体融资需求仍偏弱，在偏宽松的流动性环境下，资金利率中枢可能低于政策利率，资金面对于债市是偏有利的。不过也需要注意，三季度宽信用预期仍在，政府债发行放量，经济低位整固，收益率或阶段性小幅反弹，届时可关注波段机会。    整体来看，下半年债券收益率影响因素偏多，随着市场预期的变化和政策的边际调整，或有阶段性交易的机会。组合保持稳健的投资风格，持有中高等级信用债，保持灵活的杠杆水平。","fund":{"_id":3000000013536,"__csrcFundId":10186,"stockCode":"013536","shortName":"鹏华稳华90天滚动持有债券(013536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13536,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:05.019Z","status":"normal","exchange":"jj","name":"鹏华稳华90天滚动持有债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":2,"inceptionDate":"2021-11-01T16:00:00.000Z","setUpDate":"2021-11-01T16:00:00.000Z","setUpAssetScale":347116257.81,"setUpShares":347116257.81,"pinyin":"phwh90tgdcyzqxzqtzjj","masterFundShortName":"鹏华稳华90天滚动持有债券","managers":[{"stockCode":"db20732345","stockType":"fund_manager","exchange":"fm","tickerId":612215360,"name":"方莉"}]},"announcement":{"linkText":"鹏华稳华90天滚动持有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=961644","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0207fea5b3eb0508009","date":"2023-03-30T16:00:00.000Z","stockId":3000000013536,"sao":"回顾2023年一季度债券市场走势，疫后复苏和稳增长基调下，社融信贷回暖，超储消耗，资金价格波动增加，1月和2月份利率曲线呈现熊平态势；3月中下旬降低存款准备金0.25%，释放长期资金缓解银行间流动性状况，利率曲线牛陡。整体来看，一季度末1年、3年、10年国开收益率分别为2.39%、2.66%、3.02%，相对上年末分别上行16BP、12BP、3BP。  信用债方面，随着理财负债端逐渐平稳，需求有所恢复，表内贷款成本较低情况下，一级供给相对有限，整体表现优于利率债，信用利差明显压缩。但信用债内部表现也较为分化，具体来看，一季度末1年AAA短融收益率2.77%，相对上年末上行6BP，1年AA+短融收益率2.87%，相对上年末下行13BP，中等评级表现好于高评级，评级利差压缩；一季度末3年AAA中票收益率3.07%，相对上年末下行11BP，3年AA+中票收益率3.2%，相对上年末下行38BP，表现好于1年，期限利差压缩。    本组合，保持一定杠杆水平，增加短久期信用债的配置，参与利率债波段操作机会，提高组合收益。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:24.220Z","fund":{"_id":3000000013536,"__csrcFundId":10186,"stockCode":"013536","shortName":"鹏华稳华90天滚动持有债券(013536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13536,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:05.019Z","status":"normal","exchange":"jj","name":"鹏华稳华90天滚动持有债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":2,"inceptionDate":"2021-11-01T16:00:00.000Z","setUpDate":"2021-11-01T16:00:00.000Z","setUpAssetScale":347116257.81,"setUpShares":347116257.81,"pinyin":"phwh90tgdcyzqxzqtzjj","masterFundShortName":"鹏华稳华90天滚动持有债券","managers":[{"stockCode":"db20732345","stockType":"fund_manager","exchange":"fm","tickerId":612215360,"name":"方莉"}]},"announcement":{"linkText":"鹏华稳华90天滚动持有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=886702","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0207fea5b3eb0508008","date":"2022-12-30T16:00:00.000Z","stockId":3000000013536,"sao":"2022年全年GDP增速为3%，增速有所下行。前三季度受到疫情防控和地产预期持续走弱等影响，经济下行压力较大，四季度，防疫措施进一步优化、地产支持政策陆续出台，疫情冲击过程中，实际经济活动仍然受到影响，但经济预期转好。分结构来看，固定资产投资增速年内走弱，其中房地产投资增速构成拖累，基建投资增速形成支撑，制造业投资增速小幅走弱。消费表现较为疲弱，全年累计增速转负，出口增速下行。金融数据方面，财政发力前置的背景下，社融前三季度较为稳定，四季度增速有所下滑。企业中长期贷款需求较好，但居民贷款意愿弱，存款意愿偏强，二季度起社融与M2出现倒挂现象。通胀方面，内需疲弱，核心CPI处于低位，PPI下行，四季度PPI转负。海外方面，美国通胀读数偏高，美联储快速加息，年内加息幅度为425bp，下半年通胀开始有所回落，但核心CPI仍维持在较高水平。人民币汇率先贬后升，整体宽幅震荡。  国内政策方面，积极的财政政策强调提升效能，稳健的货币政策注重灵活适度。财政部门二季度开始实施大规模留抵退税政策，其中央行上缴1.1万亿结存利润用于留抵退税，形成基础货币投放，补充了银行的流动性。央行总量工具和结构性工具并举，两次调降政策利率共计20bp，两次下调存款准备金率共计0.5个百分点。结构性工具上，新增多项专项再贷款工具，体现精准发力的政策取向。全年来看，一季度DR007基本围绕政策利率波动，二季度至三季度，资金面非常宽松，DR007中枢持续大幅低于7天逆回购利率。四季度开始资金波动加大，回购利率有所上移。2022年银行间7天回购利率全年均值为1.95%，比2021年下降38BP。债券市场方面，债券收益率先下后上。全年来看，1年期国开债收益率下行8BP，1年期AAA同业存单收益率下行19bp，1年期AA+短融收益率则上行14BP。  2022年，市场交易主线变化较快，本基金通过类属配置和波段操作，提高组合收益。四季度，市场赎回压力带来收益率调整，我们及时降低久期和杠杆水平，严控回撤风险。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:24.217Z","mo":"展望2023年，防疫政策进一步优化以后，经济可能呈现温和复苏。消费有内生修复的动能，基建投资将维持一定强度，房地产投资对经济的拖累将减小，受到海外经济走弱影响，出口增速仍然面临下滑压力。通胀压力可控，国内货币政策前期保持了一定的前瞻性，财政政策也未有强刺激，更加注重高质量发展，供需错配压力小于海外，预计核心通胀和服务价格温和上升，整体可控。美国就业市场表现较为强劲，通胀数据虽然拐点已现，但核心通胀读数预计维持在较高水平，美联储后续加息幅度和次数有限，但是可能较长时间保持较高的政策利率。国内经济前景改善，人民币汇率预期稳定。国内货币政策以我为主，保持流动性合理充裕，根据经济复苏情况和通胀情况进行相机抉择。货币市场利率方面，在经济温和复苏的过程中，央行将保持偏宽松的流动性环境，资金利率中枢围绕政策利率波动。如果经济复苏较强劲，通胀读数超预期，可能出现货币政策收紧的情形，资金利率抬升。  基于以上分析，本组合2023年将密切关注宏观经济和政策预期的变化，把握市场机会，严控风险，力争增厚组合收益。","fund":{"_id":3000000013536,"__csrcFundId":10186,"stockCode":"013536","shortName":"鹏华稳华90天滚动持有债券(013536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13536,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:05.019Z","status":"normal","exchange":"jj","name":"鹏华稳华90天滚动持有债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":2,"inceptionDate":"2021-11-01T16:00:00.000Z","setUpDate":"2021-11-01T16:00:00.000Z","setUpAssetScale":347116257.81,"setUpShares":347116257.81,"pinyin":"phwh90tgdcyzqxzqtzjj","masterFundShortName":"鹏华稳华90天滚动持有债券","managers":[{"stockCode":"db20732345","stockType":"fund_manager","exchange":"fm","tickerId":612215360,"name":"方莉"}]},"announcement":{"linkText":"鹏华稳华90天滚动持有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=869220","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0207fea5b3eb0508007","date":"2022-09-29T16:00:00.000Z","stockId":3000000013536,"sao":"2022年三季度，经济表现弱势，稳增长政策加持下，9月经济呈现弱企稳状态，持续性有待观察。生产端，工业增加值底部徘徊，9月PMI重回荣枯线上方。需求端，固定资产投资增速略有下滑，房地产开发投资形成拖累，基建投资有所支撑。消费增速处于低位，疫情散发制约居民生活半径，未来收入信心不足影响消费意愿。出口增速下降，近期海外多个国家PMI呈现下行，出口后续面临压力。金融数据方面，7月社融大幅低于预期，随着政策性金融工具出台，企业融资需求回升，9月社融增速保持较高水平。通胀水平较低，PPI延续下行，CPI较为平稳。三季度外汇波动加大，货币政策以国内经济为主，兼顾内外平衡。美国通胀数据屡超预期，美联储三季度加息150bp，美元表现强势，人民币出现一定程度的贬值。央行积极使用各项外汇管理工具，稳定市场预期。货币政策具体操作上，7月社融数据公布后，央行降低公开市场操作利率10bp，当月1年期LPR报价下降5bp，5年期LPR下降15bp。由于市场利率大幅低于政策利率，MLF需求减弱，连续两个月出现缩量续作。9月中下旬流动性有所收敛，央行大量投放7天和14天逆回购，银行间市场实现平稳跨季，但非银回购成本偏高。整个季度来看，7-8月回购利率处于低位，9月有所上升。银行间7天质押式回购加权利率均值为1.64%，较上一季度下行21BP。3个月期限AAA同业存单到期收益率均值在1.62%，较上一季度下行36BP。其他货币市场工具收益率也以下行为主，其中1年期国开债收益率下行13BP左右，1年期AA+短融收益率下行24BP左右。  本基金在三季度资金利率持续走低的情况下，提高组合久期和杠杆水平，保持组合的进攻性，参与波段操作，提高综合收益。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:24.214Z","fund":{"_id":3000000013536,"__csrcFundId":10186,"stockCode":"013536","shortName":"鹏华稳华90天滚动持有债券(013536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13536,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:05.019Z","status":"normal","exchange":"jj","name":"鹏华稳华90天滚动持有债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":2,"inceptionDate":"2021-11-01T16:00:00.000Z","setUpDate":"2021-11-01T16:00:00.000Z","setUpAssetScale":347116257.81,"setUpShares":347116257.81,"pinyin":"phwh90tgdcyzqxzqtzjj","masterFundShortName":"鹏华稳华90天滚动持有债券","managers":[{"stockCode":"db20732345","stockType":"fund_manager","exchange":"fm","tickerId":612215360,"name":"方莉"}]},"announcement":{"linkText":"鹏华稳华90天滚动持有债券型证券投资基金 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