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年中国经济总体呈 V 型走势，四个季度GDP 同比增速分别为 5.3%、4.7%、 4.6%和5.4%，随着9月下旬以来一系列增量政策的实施，经济指标在四季度出现比较大的改善。2024年固定资产投资同比增长3.2%，其中基础设施建设投资、制造业投资分别同比增长4.4%、9.2%，对经济起到较强的拉动作用，房地产开发投资同比下降10.6%。出口表现较好。2024年社会消费品零售额累计同比增长3.5%，增速有所下降。全年CPI同比上涨0.2%，PPI同比下降2.2%，物价水平总体温和。　　2024年央行进行了较大力度的降准降息，7天逆回购利率全年累计下调30bp，MLF价格累计下调50bp，5年期LPR累计下调60bp，存款准备金率累计下调1个百分点。同时，央行工具持续丰富，现在可以通过买断式逆回购、国债买卖等调整基础货币。 　　全年收益率下行幅度较大，1年、10年、30年国债收益率分别下行100bp、88bp、91bp。信用债跟随利率下行，信用曲线平坦化。 　　策略上，精选中高评级信用债，结合期限利差、品种利差灵活调整持仓，保持适度杠杆和久期。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:14.228Z","mo":"2025年预计宏观经济运行主线是：政策刺激，内需发力，经济温和修复。决策层要求实施更加积极的财政政策和适度宽松的货币政策，在政策加大逆周期调节背景下，经济尾部风险有较大缓释，宏观经济整体表现偏温和。美国加征关税等不确定性较大，需要关注政策应对情况。　　货币政策方面，央行或将根据基本面运行情况，综合考虑市场融资成本、金融系统稳定和汇率等约束变化相机抉择。 　　基本面环境对债券市场尚属友好，市场配置力量仍在，密切跟踪基本面和资金利率变化。 操作上，将灵活调整久期和杠杆，把握交易性机会，债券品种方面继续以中高等级信用债配置为主。","fund":{"_id":3000000013820,"__csrcFundId":10565,"stockCode":"013820","shortName":"华安顺穗债券(013820)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13820,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:57:09.191Z","status":"normal","exchange":"jj","masterFundShortName":"华安顺穗债券","name":"华安顺穗债券型证券投资基金","inceptionDate":"2021-12-15T16:00:00.000Z","fundCollectionId":4000050040000,"followedNum":1,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":7693347521.52,"setUpShares":7693347521.52,"pinyin":"hasszqxzqtzjj","managers":[{"stockCode":"db20515147","stockType":"fund_manager","exchange":"fm","tickerId":122625167410,"name":"李振宇"}]},"announcement":{"linkText":"华安顺穗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=1254813","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0527fea5b3eb050b0c0","date":"2024-09-29T16:00:00.000Z","stockId":3000000013820,"sao":"工业生产方面，需求不足带动生产回落，7月、8月工业增加值同比分别回落至5.1%、4.5%，结构上，出口表现尚可，但其他部门偏弱，产销率偏低。固定资产投资方面，7月、8月基建投资分别同比增长10.8%和6.2%，基建增速回落，主要受到高基数的拖累。制造业投资增速有所放缓，7月、8月制造业投资分别同比增长8.3%和8.0%，各行业分化，部分装备制造业投资回落明显。房地产投资和销售依然维持两位数负增长，新开工和施工低位徘徊，建安投资维持低位，房贷利率下调等政策的效果有待观察。社零同比在低位基础上进一步回落，表现低于预期，7月、8月社零分别同比增长2.7%和2.1%。整体上，宏观经济表现偏弱，有效需求不足问题较为突出，9月政治局会议研究经济工作，强调要加大财政货币政策逆周期调节力度，关注后续政策力度。　　三季度，7天逆回购利率下调了30bp至1.5%，5年期LPR下调了10bp至3.85%，体现了较强的逆周期调节意图。流动性整体较为宽裕，三季度DR007均值为1.81%，较二季度下行6bp。　　三季度，收益率波动有所加大，市场配置力量整体较强，利率债表现好于信用债，信用利差走阔。截至9月底，1Y国开债较二季度末下行4bp至1.65%，10Y国开债收益率下行5bp至2.25%；1YAAA中票收益率上行15bp至2.17%，3Y AAA中票收益率上行19bp至2.32%。　　策略上，灵活调整久期和杠杆，结构上配置集中于高等级信用债，精选品种和个券增厚收益，在收益率曲线上寻找凸点，把握交易性机会。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:14.225Z","fund":{"_id":3000000013820,"__csrcFundId":10565,"stockCode":"013820","shortName":"华安顺穗债券(013820)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13820,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:57:09.191Z","status":"normal","exchange":"jj","masterFundShortName":"华安顺穗债券","name":"华安顺穗债券型证券投资基金","inceptionDate":"2021-12-15T16:00:00.000Z","fundCollectionId":4000050040000,"followedNum":1,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":7693347521.52,"setUpShares":7693347521.52,"pinyin":"hasszqxzqtzjj","managers":[{"stockCode":"db20515147","stockType":"fund_manager","exchange":"fm","tickerId":122625167410,"name":"李振宇"}]},"announcement":{"linkText":"华安顺穗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=1174398","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0527fea5b3eb050b0bf","date":"2024-06-29T16:00:00.000Z","stockId":3000000013820,"sao":"上半年总量数据平稳，但结构分化，生产强于需求，房地产处在低位，消费下滑，制造业有一定韧性。2024年上半年国内生产总值同比增长5.0%，第二季度GDP同比增长4.7%，较一季度同比增速回落0.6个百分点。从生产端看，上半年工业增加值同比增长6.0%，较1-5月增速回落0.2个百分点，整体平稳。从需求端看，上半年固定资产投资同比增长3.9%，其中制造业投资增速9.5%，保持在较高水平；基建投资增长5.4%；地产投资同比下滑10.1%，处在低位，二季度地产政策进一步放松，效果有待进一步观察。出口方面，上半年以美元计价的出口同比增长3.6%。消费方面，上半年社零同比增长3.7%，增速较1-5月下滑0.4个百分点，消费下滑较为明显。　　上半年，央行下调存款准备金率0.5个百分点，5年期LPR下调25bp，一季度、二季度DR001均值分别为1.71%、1.78%，流动性保持合理充裕。二季度，央行把买卖国债纳入货币政策工具箱，基础货币投放渠道和流动性管理手段有所丰富。央行称未来可考虑明确以央行的某个短期操作利率为主要政策利率，7天逆回购操作利率重要性抬升。　　上半年，收益率下行幅度较大，中长端信用债表现突出、曲线平坦化下行，信用利差压缩。截至6月底，1Y国开债较上年末下行51bp至1.69%，10Y国开债收益率较上年末下行39bp至2.29%；1YAAA中票收益率下行51bp至2.02%，5YAAA中票收益率下行67bp至2.26%。　　策略上，灵活调整久期和杠杆，结构上配置集中于高等级信用债，精选品种和个券增厚收益，在收益率曲线上寻找凸点，把握交易性机会。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:14.222Z","mo":"三中全会强调坚定不移实现全年经济社会发展目标，宏观政策有望有所加力，不过在“固本培元”的总体政策基调下，政策力度预计温和，关注后续政策推进情况。货币政策预计整体将维持偏宽松基调，央行7月降息10bp体现逆周期调节的意味，预计后续仍将根据经济形势变化相机逆周期调节。组合将灵活调整久期和杠杆，在严格控制信用风险的前提下，根据基本面、资金面、各期限各品种债券估值情况灵活调仓，努力为组合创造超额收益。","fund":{"_id":3000000013820,"__csrcFundId":10565,"stockCode":"013820","shortName":"华安顺穗债券(013820)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13820,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:57:09.191Z","status":"normal","exchange":"jj","masterFundShortName":"华安顺穗债券","name":"华安顺穗债券型证券投资基金","inceptionDate":"2021-12-15T16:00:00.000Z","fundCollectionId":4000050040000,"followedNum":1,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":7693347521.52,"setUpShares":7693347521.52,"pinyin":"hasszqxzqtzjj","managers":[{"stockCode":"db20515147","stockType":"fund_manager","exchange":"fm","tickerId":122625167410,"name":"李振宇"}]},"announcement":{"linkText":"华安顺穗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=1152302","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0527fea5b3eb050b0be","date":"2024-03-30T16:00:00.000Z","stockId":3000000013820,"sao":"基本面方面，2024年开年宏观经济读数好于预期。总量层面，1-3月制造业PMI分别为49.2、49.1和50.8，3月制造业PMI重回荣枯线以上；1-3月非制造业PMI分别为50.7、51.4、53.0，非制造业内部分化，服务业表现较好，建筑业表现稍弱。结构层面，各部门有一定分化，其中制造业投资表现较强，基建投资有韧性，房地产部门表现弱于预期。　　货币政策方面，一季度央行下调存款准备金率0.5个百分点，向市场提供长期流动性约1万亿元；5年期LPR利率下调25BP，进一步促进投资和消费。资金面方面，资金利率大致围绕在政策利率附近窄幅波动，1月、2月、3月DR001中枢分别录得1.70%、1.74%、1.71%，与2023年4季度中枢水平基本相当。　　债市表现上，一季度债券收益率先下行后低位震荡。1-2月，债券收益率整体下行，超长债表现较强，主要受权益市场波动、货币政策宽松、政府债券发行偏慢等因素影响，3月上旬债券收益率创新低后，通胀、经济数据改善，债券收益率震荡。截至3月底，1年期国开债估值收益率较2023年12月底下行36BP至1.84%，10年期国开债估值收益率下行28BP至2.40%。1年期AAA中票估值收益率较2023年12月底下行20BP至2.33%，信用利差走阔16BP；3年期AAA中票下行21BP至2.50%，信用利差压缩4BP。　　策略上，组合灵活调整久期和杠杆，结构上配置集中于高等级信用债，精选品种和个券增厚收益，同时在收益率曲线上寻找凸点，把握交易性机会。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:14.219Z","fund":{"_id":3000000013820,"__csrcFundId":10565,"stockCode":"013820","shortName":"华安顺穗债券(013820)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13820,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:57:09.191Z","status":"normal","exchange":"jj","masterFundShortName":"华安顺穗债券","name":"华安顺穗债券型证券投资基金","inceptionDate":"2021-12-15T16:00:00.000Z","fundCollectionId":4000050040000,"followedNum":1,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":7693347521.52,"setUpShares":7693347521.52,"pinyin":"hasszqxzqtzjj","managers":[{"stockCode":"db20515147","stockType":"fund_manager","exchange":"fm","tickerId":122625167410,"name":"李振宇"}]},"announcement":{"linkText":"华安顺穗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=1073274","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0527fea5b3eb050b0bd","date":"2023-12-30T16:00:00.000Z","stockId":3000000013820,"sao":"2023年经济处于波浪式修复过程中，一季度经济脉冲式修复，二季度经济动能冲高回落，三季度政策发力下经济动能有所回升，四季度放缓。全年固定资产投资两年复合增速4.0%，其中基建和制造业两年复合增速分别为9.9%、7.8%，财政政策力度较大，基建和制造业起到较强拉动作用。地产投资两年复合下降9.8%。出口方面，2023年以人民币计价出口两年复合增速为4.7%，欧美等海外经济体处于去库存阶段，出口增速有所放缓。2023年全年CPI同比上涨0.2%，PPI同比下降3.0%，物价运行保持总体稳定。消费呈现波动修复的特征，社零两年复合增长3.4%。　　货币政策态度偏呵护，2023年全年，央行合计实施了0.5个百分点降准，公开市场逆回购操作和中期借贷便利中标利率分别合计下行20个和25个基点， 1年期LPR合计下降20BP， 5年期以上LPR下降10BP。资金面整体平稳，四个季度DR001平均值分别为1.62%、1.46%、1.59%、1.72%。　　市场走势看，2023年一季度延续了2022年年底的市场调整，收益率先上后下，1年期国开债上行16BP，10年期国开债上行3BP；二季度起PMI等经济数据较弱，市场收益率明显下行，1年期国开债下行29BP，10年期国开债下行25BP。三季度7月政治局会议后政策力度有所增加，一线城市房地产政策优化，资金利率有所上行，债券收益率震荡，1年期国开债上行16BP，10年期国开债下行3BP。四季度政府债券大量供给，但年末存款降息、配置机构抢跑，市场收益率震荡下行，1年期国开债、10年期国开债均下行6BP。2023年全年信用利差整体收窄，3年期AAA中短债信用利差收窄26BP。　　策略上，我们精选中高评级信用债，保持适度杠杆和久期，灵活调整持仓结构。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:14.216Z","mo":"基本面方面，当前经济呈现波浪式运行的特征。在财政加力以及“三大工程”等政策支持下，2024年大概率能够实现5%左右的经济增速。短期经济主要依赖政府部门，房地产投资和销售、居民消费等仍有待进一步修复。通胀水平变化是2024年经济运行的核心焦点，基准情形下，2024年名义增速将有所回升。　　货币政策和流动性方面，在经济弱修复的情况下，货币政策整体将维持偏宽松基调。短期考虑汇率约束以及防止“资金空转”等要求，预计资金面也不会过于宽松，资金利率整体在政策利率附近波动。后续密切跟踪美联储货币政策变化，如果外部环境的约束减弱，国内货币政策仍有进一步宽松的空间。　　债券市场方面，重点把握节奏，密切跟踪基本面和资金利率变化。中期来看，在经济结构转型、通胀温和、化解债务、降低融资成本的背景下，政策利率仍有进一步下调的空间，债券利率中枢也将逐步下移。从趋势上看，债券市场如果有明显调整，仍是配置的机会。不过，我们仍需要关注债券市场的短期波动，把握债券市场节奏。　　操作上，将灵活调整久期和杠杆，配置集中于高等级信用债，精选品种和个券增厚收益，在收益率曲线上寻找凸点，把握交易性机会。","fund":{"_id":3000000013820,"__csrcFundId":10565,"stockCode":"013820","shortName":"华安顺穗债券(013820)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13820,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:57:09.191Z","status":"normal","exchange":"jj","masterFundShortName":"华安顺穗债券","name":"华安顺穗债券型证券投资基金","inceptionDate":"2021-12-15T16:00:00.000Z","fundCollectionId":4000050040000,"followedNum":1,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":7693347521.52,"setUpShares":7693347521.52,"pinyin":"hasszqxzqtzjj","managers":[{"stockCode":"db20515147","stockType":"fund_manager","exchange":"fm","tickerId":122625167410,"name":"李振宇"}]},"announcement":{"linkText":"华安顺穗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=1048125","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0527fea5b3eb050b0bc","date":"2023-09-29T16:00:00.000Z","stockId":3000000013820,"sao":"基本面方面，7月、8月，房地产开发投资同比-12.2%、-10.9%，商品房销售面积同比-15.4%、-11.9%，降幅仍然较大；8月末至9月，一线城市放松认房认贷政策，9月地产销售有所改善但持续性有待观察。基建增速较二季度有所回落，7月、8月，基建投资同比+5.3%、+6.2%。消费表现一般，7月、8月社零当月同比+2.5%、+4.6%。7、8月美元计价出口同比-14.3%、-8.8%，8月出口增速跌幅收窄。通胀方面，7月、8月CPI同比-0.3%、0.1%；PPI同比筑底回升，7月、8月录得-4.4%、-3.0%。7-9月制造业PMI分别为49.3、49.7和50.2，从6月开始制造业PMI逐月回升，在9月回到荣枯线以上。结构层面，PMI生产指数表现好于新订单，生产表现相对较好。货币政策方面，央行8月下调OMO利率10BP、MLF利率15BP，下调1年期LPR利率10BP但5年期LPR维持不变；9月下调存款准备金率0.25%。连续降息、降准体现货币政策呵护态度。三季度资金面有所收紧。7月、8月、9月DR001中枢分别录得1.36%、1.64%、1.77%，较二季度1.46%的中枢明显上行，在税期、月末、季末等时点资金面波动幅度增加。债市表现上，三季度债券收益率呈现先下后上的走势。7月至8月中旬经济表现整体偏弱，资金面相对宽松，债券收益率震荡下行；8月下旬后，伴随房地产政策放松、政府债券发行、资金利率中枢抬升，债券收益率震荡上行。截至9月底，1年期国开债收益率较6月底上行16BP至2.26%，10年期国开债收益率下行3BP至2.74%，曲线平坦化。1年期AAA中票收益率较6月底上行8BP至2.55%；3年期AAA中票上行9BP至2.87%。策略上，组合灵活调整久期和杠杆，主要配置中高等级信用债，精选品种和个券增厚收益，把握交易性机会。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:14.212Z","fund":{"_id":3000000013820,"__csrcFundId":10565,"stockCode":"013820","shortName":"华安顺穗债券(013820)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13820,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:57:09.191Z","status":"normal","exchange":"jj","masterFundShortName":"华安顺穗债券","name":"华安顺穗债券型证券投资基金","inceptionDate":"2021-12-15T16:00:00.000Z","fundCollectionId":4000050040000,"followedNum":1,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":7693347521.52,"setUpShares":7693347521.52,"pinyin":"hasszqxzqtzjj","managers":[{"stockCode":"db20515147","stockType":"fund_manager","exchange":"fm","tickerId":122625167410,"name":"李振宇"}]},"announcement":{"linkText":"华安顺穗债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=984930","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0527fea5b3eb050b0bb","date":"2023-06-29T16:00:00.000Z","stockId":3000000013820,"sao":"2023年上半年，防疫政策优化调整带动经济脉冲修复，随后经济动能放缓。房地产开发投资同比下降7.9%，年初地产需求集中释放后，情绪有所放缓，地产投资整体偏弱，新开工依然在低位。低基数影响下社零同比增长8.2%，居民收入预期不稳，消费意愿有待提升，消费呈现波动修复的特征。基建投资同比增长10.7%，维持较高。美元计价出口同比下降3.2%，显著回落。通胀处在低位，上半年CPI显著下降，6月CPI同比降至0.0%的低位水平；PPI同比跌幅进一步走阔，6月录得-5.4%。一季度制造业PMI表现较好，二季度显著回落，低于荣枯线；上半年非制造业PMI高于荣枯线，但4月起逐月下降。货币政策方面，央行在3月降低存款准备金率0.25个百分点；在6月分别下调OMO、MLF、LPR利率各10bp，预示着逆周期政策正逐步回归，货币政策基调偏呵护。资金面较为宽松，上半年DR001中枢1.54%，高于2022年下半年，属于2014年以来较低水平。在税期和月末等时点，资金面存在一定波动。债市表现上，去年年底调整后绝对收益较高，信用利差较阔，二季度以来经济动能显著放缓，市场回归弱现实，债券收益率在二季度显著下行。截至6月底，1年期国开债收益率较去年底下行14BP至2.09%，10年期国开债收益率下行22BP至2.77%；1年期AAA中票收益率下行24BP至2.47%；3年期AAA中票下行39BP至2.78%。债券操作上，灵活调整久期和杠杆，主要配置中高等级信用债，精选品种和个券增厚收益，同时在收益率曲线上寻找凸点，把握交易性机会。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:14.207Z","mo":"当前宏观经济的特征主要是总需求不足，经济呈现下行压力。决策层对稳增长关注度增加，关注地产、消费等行业政策力度及效果。经济复苏基础尚不稳固，货币政策总体偏呵护，资金面总体有望保持平稳。后续关注宽信用和宽货币的博弈。一是关注宽信用政策变化；二是关注货币政策进一步加码的可能性。组合将灵活调整久期和杠杆，在严格控制信用风险的前提下，精选债券品种。","fund":{"_id":3000000013820,"__csrcFundId":10565,"stockCode":"013820","shortName":"华安顺穗债券(013820)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13820,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:57:09.191Z","status":"normal","excha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-5 月，受疫情影响收益率下行，5月底开始受上海复工复产等影响，收益率回升。7-8 月，房地产断供、宏观基本面转弱，资金面持续宽松，央行超预期降息，债券收益率下行。9-10月，受房地产政策放松等影响，债券市场表现震荡。11月以来，国内防疫政策持续优化调整，稳地产政策频出，市场对基本面预期转强，伴随理财赎回等影响，收益率大幅上行。策略上，我们精选中高评级级信用债，保持适度杠杆和久期，灵活调整持仓结构。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:14.201Z","mo":"2023年经济复苏的方向是确定的，但幅度存在分歧。房地产政策持续加码，供给端改善优质房企资产负债表，需求端不断放松限制性政策，地产的向上弹性有待观察。疫情的制约缓解后，消费将有所修复。海外经济衰退存在争议，但出口大概率处于回落态势。经济动能从外需拉动转向内需为主，消费潜力释放和稳地产政策的效果尤为关键。货币政策和流动性方面，当前经济复苏基础尚不稳固，货币政策暂无明显收紧基础。目前银行间水位有所下降，在月末、税期、政府债券大量发行等时间，可能存在一定资金缺口。央行在资金波动时明显加大了公开市场净投放，态度仍然偏呵护。操作上，将灵活调整久期和杠杆，配置集中于高等级信用债，精选品种和个券增厚收益。","fund":{"_id":3000000013820,"__csrcFundId":10565,"stockCode":"013820","shortName":"华安顺穗债券(013820)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13820,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:57:09.191Z","status":"normal","exchange":"jj","masterFundShortName":"华安顺穗债券","name":"华安顺穗债券型证券投资基金","inceptionDate":"2021-12-15T16:00:00.000Z","fundCollectionId":4000050040000,"followedNum":1,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":7693347521.52,"setUpShares":7693347521.52,"pinyin":"hasszqxzqtzjj","managers":[{"stockCode":"db20515147","stockType":"fund_manager","exchange":"fm","tickerId":122625167410,"name":"李振宇"}]},"announcement":{"linkText":"华安顺穗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=867406","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0527fea5b3eb050b0b8","date":"2022-09-29T16:00:00.000Z","stockId":3000000013820,"sao":"从需求端来看：8月固定资产投资同比增长6.4%，增速较7月有所恢复，主要依靠基建和制造业投资拉动，地产投资依然低迷。8月房地产投资同比-13.8%，降幅较7月扩大1.7个百分点，保交楼推动竣工修复，但地产销售依旧疲软、融资环境仍未改善。8月基建投资同比增长15.4%，较7月回升3.9个百分点，受益于政策性金融工具投放，基建投资有所提速，是推动经济恢复的重要抓手。8月制造业投资同比增长10.6%，较7月回升3.1个百分点，其中汽车等行业投资提速幅度较大。出口方面，按美元计价，8月出口同比增长7.1%，显著低于前值的18.0%，疫情以来出口维持韧性，对中国经济有所支撑，如果出口下行加速，则经济压力将进一步加大，对国内政策托底的要求将更高。消费方面，8月社会消费品零售总额同比增长5.4%，增幅较7月提升2.7个百分点，近期疫情反复，预计将对消费造成不利影响。从生产端看，今年8月工业增加值同比增长4.2%，比7月回升0.4个百分点，有去年限电导致的低基数影响，生产动能仍然偏弱。整体来看，三季度经济修复偏慢。货币政策方面，8月15日央行下调7天逆回购利率及MLF利率各10个基点，显示出对市场的呵护态度。资金面方面，货币环境整体平稳，三季度资金价格整体处在较低水平。三季度债券市场表现看，在较为宽松的资金面、地产断供舆情、央行降息等影响下，7月、8月收益率整体下行，9月以来受保交楼政策不断推进、人民币贬值等因素影响，收益率震荡中有所上行。截至9月底，1Y国开债较6月末下行13bp至1.89%，10Y国开债收益率下行12bp至2.93%；1YAAA中票收益率较6月末下行26bp至2.16%，3Y AAA中票收益率下行28bp至2.67%。信用表现好于利率，信用利差压缩。策略上，组合灵活调整久期和杠杆，结构上配置集中于利率债，精选品种和个券增厚收益，同时在收益率曲线上寻找凸点，把握交易性机会。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:14.184Z","fund":{"_id":3000000013820,"__csrcFundId":10565,"stockCode":"013820","shortName":"华安顺穗债券(013820)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13820,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:57:09.191Z","status":"normal","exchange":"jj","masterFundShortName":"华安顺穗债券","name":"华安顺穗债券型证券投资基金","inceptionDate":"2021-12-15T16:00:00.000Z","fundCollectionId":4000050040000,"followedNum":1,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":7693347521.52,"setUpShares":7693347521.52,"pinyin":"hasszqxzqtzjj","managers":[{"stockCode":"db20515147","stockType":"fund_manager","exchange":"fm","tickerId":122625167410,"name":"李振宇"}]},"announcement":{"linkText":"华安顺穗债券型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=802527","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0527fea5b3eb050b0b7","date":"2022-06-29T16:00:00.000Z","stockId":3000000013820,"sao":"2022年上半年，GDP同比增长2.5%，其中一季度、二季度分别同比增长4.8%和0.4%，二季度经济受疫情影响较大。上半年，固定资产投资同比增长6.1%，其中基建、制造业投资分别同比增长7.1%、10.4%，而地产投资同比下降5.4%，二季度固定资产投资同比增长4.2%，其中4月受疫情冲击同比仅增长1.8%，5月份增速恢复至4.6%，6月进一步恢复至5.6%，地产投资依然低迷，基建和制造业投资成为重要支撑。上半年，出口同比增长13.2%，出口增速仍然维持在较高水平。受疫情影响，上半年社零同比下降0.7%，其中4月社零同比降幅达到11.1%，5月份降幅收窄至6.7%；6月份由降转升，同比增长3.1%。上半年，工业增加值同比增长3.4%，其中二季度同比增长0.7%。货币政策方面，资金面整体较为平稳，一季度DR001中枢在1.9%左右，二季度降至1.4%左右，6月末资金面出现了近期少有的大幅波动，但跨半年后资金利率回落至低较水平，货币政策对市场整体较为呵护。从市场走势看，上半年短端收益率下行较多，截至6月末，1年国开债收益率较年初下行30bp至2.02%，10年国开收益率下行3bp至3.05%，利率债曲线陡峭化下行。信用债方面，截至6月末，1年AAA中票较年初下行33bp至2.42%，3年期AAA中票较年初上行4bp至2.95%，短端表现好于长端。具体来说，1月货币宽松预期驱动收益率下行，2月至3月上旬，金融数据放量带动“宽信用”预期升温，多地房地产调控放松加剧投资者担忧，债市收益率上行。3月下旬至5月底，在上海等多地疫情发酵以及宽松的资金面的影响下，收益率下行。5月末至6月，疫情得到有效控制，同时在复工复产的影响下，债券市场收益率上行。策略上，我们保持适度杠杆和久期，灵活调整持仓结构。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:14.180Z","mo":"经济增长方面，短期疫情得到有效控制，经济开始处于缓慢修复阶段，不过目前多数指标和疫情前相比还有距离。地产和疫情仍是影响宏观经济运行的两条主线，后续重点观察疫情反复的风险以及房地产政策放松的效果。中期来看，债券市场走势要与中长期基本面和流动性环境相匹配，本轮经济宽信用难度较大，国内疫情形势复杂，经济压力仍然较大。由于要实现全年经济增长目标难度较大，宏观政策可能会继续加力，货币政策整体基调仍需要呵护经济修复。操作上，将通过自上而下的宏观判断灵活调整久期和杠杆，并在曲线上寻找凸点进行配置。","fund":{"_id":3000000013820,"__csrcFundId":10565,"stockCode":"013820","shortName":"华安顺穗债券(013820)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13820,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:57:09.191Z","status":"normal","exchange":"jj","masterFundShortName":"华安顺穗债券","name":"华安顺穗债券型证券投资基金","inceptionDate":"2021-12-15T16:00:00.000Z","fundCollectionId":4000050040000,"followedNum":1,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":7693347521.52,"setUpShares":7693347521.52,"pinyin":"hasszqxzqtzjj","managers":[{"stockCode":"db20515147","stockType":"fund_manager","exchange":"fm","tickerId":122625167410,"name":"李振宇"}]},"announcement":{"linkText":"华安顺穗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=782591","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0527fea5b3eb050b0b6","date":"2022-03-30T16:00:00.000Z","stockId":3000000013820,"sao":"整体看，目前经济运行状况仍偏弱，同时3月国内遭遇较为严峻的疫情考验，为实现全年5.5%的增长目标，政策仍需要持续发力呵护。从需求端来看：1~2月经济数据好于市场预期，1~2月固定资产投资累计同比12.2%，其中制造业投资累计同比20.9%，基建投资同比8.1%，房地产投资同比3.7%。消费方面，1~2月社会消费品零售总额同比6.7%，亦明显改善。出口方面，中国1~2月出口( 美元计)累计同比增长16.3%，仍处在较高水平。但进入3月以来，国内遭遇了严重的疫情冲击，长三角珠三角等经济发达区域经济运行均受到很大影响，消费在疫情冲击下受到明显冲击。地产政策边际放松，但结合前瞻指标、疫情冲击及房企风险事件频发的现状来看，地产行业运行情况仍不乐观。从生产端看，1~2月份，全国规模以上工业增加值同比增长7.5%，比2021年12月份加快3.2个百分点，但是季调后环比表现较弱，显示生产动能或并不强。此外俄乌冲突发酵，供给收缩预期推升大宗商品价格，加大制造业成本压力。社融方面，1月信贷社融开门红，但2月数据总体不及预期，1~2月合并数据看，信贷社融总量稳但结构不佳，结构上主要依赖短贷和票据，企业中长期贷款及居民贷款表现较弱，信贷需求整体不足。政策方面，金融委会议提到：“切实振作一季度经济，货币政策要主动应对，新增贷款要保持适度增长”。1月降息后，央行货币政策整体保持稳定，在3月末持续加大公开市场操作力度保持流动性合理充裕，在经济下行压力较大的背景下，货币政策仍然易松难紧。1月降息后市场收益率大幅下行，至1月下旬达到近期低点，春节后受较强的社融数据刺激，债市剧烈调整，后随着各地地产政策的放松、宽信用预期逐步发酵，收益率震荡上行。截至3月底，1Y国开债较上年末下行3bp至2.28%，10Y国开债收益率较上年末下行4bp至3.04%。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:14.175Z","fund":{"_id":3000000013820,"__csrcFundId":10565,"stockCode":"013820","shortName":"华安顺穗债券(013820)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13820,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:57:09.191Z","status":"normal","exchange":"jj","masterFundShortName":"华安顺穗债券","name":"华安顺穗债券型证券投资基金","inceptionDate":"2021-12-15T16:00:00.000Z","fundCollectionId":4000050040000,"followedNum":1,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":7693347521.52,"setUpShares":7693347521.52,"pinyin":"hasszqxzqtzjj","managers":[{"stockCode":"db20515147","stockType":"fund_manager","exchange":"fm","tickerId":122625167410,"name":"李振宇"}]},"announcement":{"linkText":"华安顺穗债券型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=722879","linkType":"PDF","source":"csrc_pdf"}}]}