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2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=804225","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a37fea5b3eb051064e","date":"2022-06-29T16:00:00.000Z","stockId":3000000014315,"sao":"上半年债市整体呈现震荡市。1月随着央行下调MLF利率资金宽松，债市出现上涨，2月至3月随着宽信用加快，债市出现回调。4-5月随着新冠疫情持续发酵，避险情绪不断增强，债市出现上涨。5月底随着疫情缓解，复工复产逐步开展，债市出现回调。在债券的配置上，我们以中高等级信用债为主，并运用部分仓位，在合适时点适度做攻守，从而使得组合净值在上半年度债市震荡的情况下表现稳健。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:35.564Z","mo":"2022年上半年，债券市场整体窄幅震荡。1月央行降息10BP，货币政策态度宽松，利率明显下行。春节后至3月上旬，社融和PMI数据明显好转，地产“因城施策”放松政策频出，市场对“宽信用”的预期发酵，利率最高上行至2.85%。3月中旬到4月底，深圳、上海和北京接连出现疫情并封城，货币宽松预期发酵，而美联储3月开始加息，对国内货币政策形成一定掣肘，央行四月降准0.25%低于预期，利率先下后上。5月资金持续宽松，总理召开全国稳定经济大盘会议，市场修正基本面预期至悲观，利率下行破2.7%。6月以来，北京和上海全面解封，疫情整体进入收尾阶段，政策在防疫和“稳增长”中边际向后者倾斜，疫情防控边际放松，数据上5月经济数据明显修复，下旬地产销量好转，利率快速调整。  整体判断上全国疫情仍有“长尾”但影响趋弱，经济从底部开始修复，地产偏向于弱复苏，消费恢复需要时日，财政扩张受限，整体判断本轮经济上行斜率较缓，下半年高点难以回到目标增速。货币政策维持中性偏宽松，但海外加息和国内通胀对降息仍有制约，财政和地产政策有小幅加码空间，但刺激强度弱于2020年，而下半年政府债供给缩量，供需格局偏利好。具体节奏上，2022年三季度，基本面渐进修复，实体融资边际改善，季初利率走势或震荡偏弱。三季度中后期，前期稳增长政策动力减缓，外需趋弱影响逐渐显现，叠加利率品种供给缩量，债券市场或再度迎来阶段性机会。利率策略上三季度初整体偏防守，组合久期中性偏低，但调整幅度或有限，可以保持一定交易仓位。三季度末到四季度初，经济修复斜率最快的时点过去，若市场前期出现明显调整，可择机布局参与，提高组合久期和杠杆。","fund":{"_id":3000000014315,"__csrcFundId":10965,"stockCode":"014315","shortName":"鹏华双季享180天持有期债券(014315)","masterFundShortName":"鹏华双季享180天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14315,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:30.179Z","status":"normal","exchange":"jj","name":"鹏华双季享180天持有期债券型证券投资基金","fundCollectionId":4000050060000,"inceptionDate":"2022-03-15T16:00:00.000Z","followedNum":6,"setUpDate":"2022-03-15T16:00:00.000Z","setUpAssetScale":352765412.87,"setUpShares":352765412.87,"pinyin":"phsjx180tcyqzqxzqtzjj","managers":[{"stockCode":"8801625954","stockType":"fund_manager","exchange":"fm","tickerId":261210201880,"name":"张丽娟"},{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华双季享180天持有期债券型证券投资基金 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