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一季度债市经历显著波动，利率中枢呈现“先下后上再修复”的走势。主要驱动因素包括资金面紧平衡、政策预期修正、权益市场分流效应及经济数据分化。1年期国债收益率从年初的1.02%最高上行至1.59%，季末回落，累计上行约51BP。10年期国债收益率从年初的1.60%最高触及1.90%，全季累计上行约23BP。10年期国开债收益率从1.60%上行至1.90%，季末修复至1.81%附近。本基金将会密切关注国际国内经济形势和货币、财政政策的动态。在基金操作中重点关注对指数久期和分布的跟踪，通过跟踪并灵活调整持仓的久期、杠杆和分布来获得收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:58.857Z","fund":{"_id":3000000010497,"__csrcFundId":8388,"stockCode":"010497","shortName":"光大保德信中债1-5年政策性金融债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10497,"masterFundFlag":1,"lastUpdated":"2026-03-31T22:32:48.398Z","status":"normal","inceptionDate":"2020-12-13T16:00:00.000Z","name":"光大保德信中债1-5年政策性金融债指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050360000,"currency":"CNY","masterFundShortName":"光大保德信中债1-5年政策性金融债","setUpDate":"2020-12-13T16:00:00.000Z","setUpAssetScale":7005818502.55,"setUpShares":7005818502.55,"pinyin":"gdbdxzz1-5nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20767568","stockType":"fund_manager","exchange":"fm","tickerId":2617205790,"name":"邹强"}]},"announcement":{"linkText":"光大保德信中债1-5年政策性金融债指数证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1271772","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdae7fea5b3eb04de2be","date":"2024-12-30T16:00:00.000Z","stockId":3000000010497,"sao":"国内方面，2024年全年经济运行稳中有进，主要目标任务顺利实现。尽管在二季度、三季度我国经济面临增速放缓、压力较大的局面，但9月26日中央政治局会议果断部署一揽子增量政策，极大地提振了信心、激发了活力。四季度，GDP同比增长5.4%，比三季度加快了0.8个百分点；规模以上工业增加值、服务业增加值、社会消费品零售总额的增速分别加快0.7、1.0和1.1个百分点。制造业PMI从10月开始回升到景气区间，非制造业商务服务指数稳中有升。全年来看，结构上亮点纷呈，工业增加值、基建投资、制造业投资保持较优增长外，社会消费品零售总额以及全国居民可支配收入也实现了平稳增长。海外方面，美国经济增速保持了一定韧性，劳动力市场以及居民消费在美联储降息周期开启后出现了企稳迹象，但同时对进一步降息操作又形成了制约。不确定性仍然是海外主要风险点，这也导致企业可能推迟资本开支，类似前一时期的贸易政策的调整对资本支出周期形成了一定影响。本基金将会密切关注国际国内经济形势和货币、财政政策的动态。在基金操作中重点关注对指数久期和分布的跟踪，通过跟踪并灵活调整持仓的久期、杠杆和分布来获得收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:58.855Z","mo":"展望明年，我们认为尽管海外宏观环境面临一定不确定性，但国内经济基础稳、优势多、韧性强、潜能大的特点没有改变。结构上，我们预计净出口对增长的贡献可能有所减弱，内需对增长的贡献率还将进一步提高，投资将继续发挥关键作用。需求向强生产靠拢将有助于价格回升，也将有助于进一步增强经济发展动能。我们预计消费品、工业品价格全年将呈现温和回升。积极的宏观政策也将与企业部门利润、居民部门收入、宏观经济量价实现更加良性的循环。","fund":{"_id":3000000010497,"__csrcFundId":8388,"stockCode":"010497","shortName":"光大保德信中债1-5年政策性金融债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10497,"masterFundFlag":1,"lastUpdated":"2026-03-31T22:32:48.398Z","status":"normal","inceptionDate":"2020-12-13T16:00:00.000Z","name":"光大保德信中债1-5年政策性金融债指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050360000,"currency":"CNY","masterFundShortName":"光大保德信中债1-5年政策性金融债","setUpDate":"2020-12-13T16:00:00.000Z","setUpAssetScale":7005818502.55,"setUpShares":7005818502.55,"pinyin":"gdbdxzz1-5nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20767568","stockType":"fund_manager","exchange":"fm","tickerId":2617205790,"name":"邹强"}]},"announcement":{"linkText":"光大保德信中债1-5年政策性金融债指数证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1254191","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdae7fea5b3eb04de2bd","date":"2024-09-29T16:00:00.000Z","stockId":3000000010497,"sao":"国内方面，制造业景气度三季度偏回落，价格仍保持低位运行。结构上出口仍然是亮点，整体保持较高增速外，份额也在一定提升。三季度末宏观政策出现了更多积极变化，除了金融一揽子政策落地以外，我们认为九月底的政治局会议给出了较强的政策指引：地产政策方面，强调“要促进房地产市场止跌回稳”；财政政策方面，要求“加大财政货币政策逆周期调节力度，保证必要的财政支出，更好发挥政府投资的带动作用”。我们认为以上政策超预期的落地将会在四季度或者明年带来经济基本面尤其是总需求侧更实质性的改善。海外方面，九月美联储首次降息开启新货币政策周期，幅度50个基点至4.75%-5.0%。我们认为美联储“不落后于曲线”是较强的鸽派表述。月度数据可能有所反复，但并不扭转全球流动性环境改善的趋势。债券市场方面，利率曲线在三季度整体有所下行，信用品种收益率有所调整。短端1年国债和1年国开季度末为1.37%和1.65%，下行约17bp和4bp。长端10年国债和10年国开季度末为2.15%和2.25%，分别下行约6bp和下行4bp。信用债方面，1Y的AAA信用债季度末收益率为2.17%，上行约15bp；3Y的AAA和AA的信用债季度末为2.32%和2.48%，分别上行约18bp和19bp。本基金将会密切关注国际国内经济形势和货币、财政政策的动态。在基金操作中重点关注对指数久期和分布的跟踪，通过跟踪并灵活调整持仓的久期、杠杆和分布来获得收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:58.852Z","fund":{"_id":3000000010497,"__csrcFundId":8388,"stockCode":"010497","shortName":"光大保德信中债1-5年政策性金融债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10497,"masterFundFlag":1,"lastUpdated":"2026-03-31T22:32:48.398Z","status":"normal","inceptionDate":"2020-12-13T16:00:00.000Z","name":"光大保德信中债1-5年政策性金融债指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050360000,"currency":"CNY","masterFundShortName":"光大保德信中债1-5年政策性金融债","setUpDate":"2020-12-13T16:00:00.000Z","setUpAssetScale":7005818502.55,"setUpShares":7005818502.55,"pinyin":"gdbdxzz1-5nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20767568","stockType":"fund_manager","exchange":"fm","tickerId":2617205790,"name":"邹强"}]},"announcement":{"linkText":"光大保德信中债1-5年政策性金融债指数证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1175868","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdae7fea5b3eb04de2bc","date":"2024-06-29T16:00:00.000Z","stockId":3000000010497,"sao":"债券市场方面，债券收益率曲线在上半年整体有所下行。短端1年国债和1年国开二季度末为1.54%和1.69%，下行约54bp和51bp。长端10年国债和10年国开二季度末为2.21%和2.29%，分别下行约35bp和下行39bp。信用债方面，1Y的AAA信用债二季度末收益率为2.02%，下行约56bp；3Y的AAA和AA的信用债季度末为2.14%和2.29%，分别下行约61bp和81bp。本基金将会密切关注国际国内经济形势和货币、财政政策的动态。在基金操作中重点关注对指数久期和分布的跟踪，通过跟踪并灵活调整持仓的久期、杠杆和分布来获得收益。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:58.849Z","mo":"上半年国内宏观经济总量稳健，结构上依然具有工业生产、制造业投资、基建投资、出口等亮点。在量稳中有进的状态下，价格保持了低位偏平稳运行，且工业品价格有一定回升。我们认为下半年宏观经济整体上将保持偏稳健运行。在下半年加快全面落实已确定的政策举措，及早储备并适时推出一批增量政策举措的顶层要求下，全年经济社会发展目标任务将得到较好完成。海外方面，我们认为，整体上，美国居民支出、政府支出增长的支持条件在下半年较难发生明显、全面的改变。但仍需密切跟踪与观察外部环境在下半年对全球市场情绪、风险偏好的影响。","fund":{"_id":3000000010497,"__csrcFundId":8388,"stockCode":"010497","shortName":"光大保德信中债1-5年政策性金融债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10497,"masterFundFlag":1,"lastUpdated":"2026-03-31T22:32:48.398Z","status":"normal","inceptionDate":"2020-12-13T16:00:00.000Z","name":"光大保德信中债1-5年政策性金融债指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050360000,"currency":"CNY","masterFundShortName":"光大保德信中债1-5年政策性金融债","setUpDate":"2020-12-13T16:00:00.000Z","setUpAssetScale":7005818502.55,"setUpShares":7005818502.55,"pinyin":"gdbdxzz1-5nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20767568","stockType":"fund_manager","exchange":"fm","tickerId":2617205790,"name":"邹强"}]},"announcement":{"linkText":"光大保德信中债1-5年政策性金融债指数证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1149840","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdae7fea5b3eb04de2bb","date":"2024-03-30T16:00:00.000Z","stockId":3000000010497,"sao":"2024年国内宏观经济整体开局良好。结构上生产和需求各有亮点，价格回升可期。除工业增加值外，开年经济数据的亮点还来自制造业投资、社零消费，尤其是其中餐饮收入、旅游出行相关等。海外方面，尽管在较坚实的通胀和就业数据的基础上，美联储议息会议仍然在明确今年的降息路径。展望二季度，美国经济大幅回落的概率在二季度依然偏小。这一方面为我国出口链带来支撑，同时随着海外货币政策转向，我国货币政策空间有望在二季度更为灵活。我们预计积极的财政政策将继续加力提效，尽管开年以来政府债券发行偏慢导致支出整体偏低。但政府债供给高峰会集中于5-6月份，但结合货币政策来看，二季度资金面受政府债供给节奏影响或较为有限。整体上，我们认为二季度宏观整体上仍将有望保持偏平稳状态。市场对于宏观预期较为一致，总量平稳的同时，可能仍然会出现一些结构性亮点。过去经验来看，二季度左右市场也会修正开年以来的预期，我们认为结构上捕捉更多积极变化才有可能更好地把握投资机会。债券市场方面，债券收益率曲线在一季度整体有所下行。短端1年国债和1年国开季度末为1.72%和1.84%，均下行约39bp。长端10年国债和10年国开季度末为2.30%和2.41%，分别下行约27bp和下行30bp。信用债方面，1Y的AAA信用债季度末收益率为2.35%，下行约21bp；3Y的AAA和AA的信用债季度末为2.51%和2.78%，分别下行约24bp和32bp。本基金将会密切关注国际国内经济形势和货币、财政政策的动态。在基金操作中重点关注对指数久期和分布的跟踪，通过跟踪并灵活调整持仓的久期、杠杆和分布来获得收益。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:58.847Z","fund":{"_id":3000000010497,"__csrcFundId":8388,"stockCode":"010497","shortName":"光大保德信中债1-5年政策性金融债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10497,"masterFundFlag":1,"lastUpdated":"2026-03-31T22:32:48.398Z","status":"normal","inceptionDate":"2020-12-13T16:00:00.000Z","name":"光大保德信中债1-5年政策性金融债指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050360000,"currency":"CNY","masterFundShortName":"光大保德信中债1-5年政策性金融债","setUpDate":"2020-12-13T16:00:00.000Z","setUpAssetScale":7005818502.55,"setUpShares":7005818502.55,"pinyin":"gdbdxzz1-5nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20767568","stockType":"fund_manager","exchange":"fm","tickerId":2617205790,"name":"邹强"}]},"announcement":{"linkText":"光大保德信中债1-5年政策性金融债指数证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072540","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecdae7fea5b3eb04de2ba","date":"2023-12-30T16:00:00.000Z","stockId":3000000010497,"sao":"2023年全年GDP增速5.2%，四季度增速5.2%，环比季调0.6%；我国宏观经济全年实现稳健增长。具体来看，经济数据中呈现新的积极线索，例如工业生产继续边际好转、制造业投资增速边际有所上行、消费数据继续亮眼等等。展望明年，我们对国内经济增长的看法偏积极。消费明年有望继续成为经济增长的主要贡献；固定资产投资方面，我们认为地产投资在基数影响下会有边际回升，同时在积极的政策引导下制造业投资和基建投资增速仍有望保持相对较好水平；另外我们认为我国出口在拥有明显价格优势的同时开始体现技术和质量优势的特征，预计明年净出口方面仍会对整体有积极贡献。本基金将会密切关注国际国内经济形势和货币、财政政策的动态。在基金操作中重点关注对指数久期和分布的跟踪，力争通过跟踪并灵活调整持仓的久期、杠杆和分布来获得收益。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:58.844Z","mo":"展望2024年上半年，我们认为在“适度加力、提质增效”的财政政策环境下，经济整体将实现良好开局，同时储备政策仍留有空间将助力市场年内预期进一步改善；同时央行也表示将加大已出台货币政策实施力度，稳健的货币政策要灵活适度、精准有效，因此货币方面也将继续促进高质量发展扎实推进。全年不排除一种可能性就是经济节奏和预期交替上行，结构上新的消费需求、新的消费场景出现的可能性都将大幅提高。","fund":{"_id":3000000010497,"__csrcFundId":8388,"stockCode":"010497","shortName":"光大保德信中债1-5年政策性金融债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10497,"masterFundFlag":1,"lastUpdated":"2026-03-31T22:32:48.398Z","status":"normal","inceptionDate":"2020-12-13T16:00:00.000Z","name":"光大保德信中债1-5年政策性金融债指数证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050360000,"currency":"CNY","masterFundShortName":"光大保德信中债1-5年政策性金融债","setUpDate":"2020-12-13T16:00:00.000Z","setUpAssetScale":7005818502.55,"setUpShares":7005818502.55,"pinyin":"gdbdxzz1-5nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20767568","stockType":"fund_manager","exchange":"fm","tickerId":2617205790,"name":"邹强"}]},"announcement":{"linkText":"光大保德信中债1-5年政策性金融债指数证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1053935","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecda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