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现温和回落态势，制造业PMI连续三月低于荣枯线，工业生产增速有所放缓，但新能源、高端装备等\"硬科技\"领域维持韧性增长，有效对冲传统行业下行压力。消费主要依赖政策驱动，以旧换新政策对汽车、家电拉动明显。出口受美国关税冲击出现显著回落，贸易顺差收窄。投资领域延续分化态势，地产投资降幅扩大，基建增速回落，但高技术制造业投资保持高增长。物价持续低迷，通缩压力尚未缓解。在政策环境方面，上半年财政政策积极发力，超长期特别国债与专项债加速落地，重点支持设备更新、消费刺激及特定领域发展。货币政策方向转向\"灵活把握力度与节奏\"的调控思路，5月降准降息后进入观察期。　　2025年上半年，本基金秉持稳健投资原则，二季度适当提升了组合仓位，在净值上也修复了一季度以来带来的亏损。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:47.499Z","mo":"展望后市，短期市场风险偏好回暖，债券仍处在弱势情绪之中，反内卷相关行业的消息面扰动及风险资产的强势行情冲击下债市不排除进一步承压。中期维度来看，当前市场对反内卷带动的价格回升、名义经济修复的交易仍集中在预期层面，基本面回暖缺少微观证据的支持。此外，央行对流动性延续呵护态度，预计下半年期资金面呈现较为宽松的格局。综上所述，在基本面偏弱和货币政策宽松的环境下，下半年收益率有望呈现区间震荡中枢小幅下行。","fund":{"_id":3000000014392,"__csrcFundId":10579,"stockCode":"014392","shortName":"嘉实致乾纯债债券(014392)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14392,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:11:39.136Z","status":"normal","exchange":"jj","masterFundShortName":"嘉实致乾纯债债券","name":"嘉实致乾纯债债券型证券投资基金","inceptionDate":"2021-12-19T16:00:00.000Z","fundCollectionId":4000050080000,"followedNum":3,"setUpDate":"2021-12-19T16:00:00.000Z","setUpAssetScale":7936136919.71,"setUpShares":7936136919.71,"pinyin":"jszqczzqxzqtzjj","managers":[{"stockCode":"db20601463","stockType":"fund_manager","exchange":"fm","tickerId":260725187760,"name":"赵国英"},{"stockCode":"db20866159","stockType":"fund_manager","exchange":"fm","tickerId":319225440,"name":"陈硕"}]},"announcement":{"linkText":"嘉实致乾纯债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=1346784","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0af7fea5b3eb051137b","date":"2025-03-30T16:00:00.000Z","stockId":3000000014392,"sao":"2025年一季度经济基本面呈现一定韧性，PMI回升至荣枯线以上，其中工增数据较为亮眼，主要是在抢出口、硬科技等共振影响下，生产呈现火热局面；消费方面在以旧换新政策扶持下，增速有所回升；贸易数据有一定韧性，但呈现了逐步走弱的态势；投资数据延续分化，地产依旧拖累，但高科技相关的制造业投资增速依旧维持高增；物价方面降幅收窄，但仍依旧较为低迷。　　政策方面，两会确定了5%左右的全年经济增长目标，赤字率提升至4%，财政政策定调为更加积极，货币政策定调延续去年12月中央经济工作会议的“适度宽松”。　　2025年一季度债市遭遇了较大幅度的调整，春节前资金利率大幅收紧，同时央行暂停买国债，短端利率大幅上行，1年国债从最低点1.01%，上行至1.35%左右，但长端利率整体表现强势，10年国债在1.60%-1.70%区间震荡，收益率曲线呈现熊平调整。春节后资金面仍呈现较为紧张局面，超出市场预期，短久期资产进一步上行，1年国债最高上行至1.60%附近，长端资产一致性预期瓦解，市场大幅修正了去年底较强的交易预期，10年国债最高上行至1.90%附近。3月中旬后，资金面紧张资金利率高企的局面有所缓和，市场情绪有所修复，10年国债逐步下行至1.8%附近。一年期同业存单收益率自年初1.6%的位置最高上行至2.0%左右，随后逐步下行至1.9%的水平。　　报告期内，本基金秉持稳健投资原则，谨慎操作，一季度整体维持了偏中性的仓位，但由于市场阶段调整产品仍出现了一定的回撤。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:47.496Z","fund":{"_id":3000000014392,"__csrcFundId":10579,"stockCode":"014392","shortName":"嘉实致乾纯债债券(014392)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14392,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:11:39.136Z","status":"normal","exchange":"jj","masterFundShortName":"嘉实致乾纯债债券","name":"嘉实致乾纯债债券型证券投资基金","inceptionDate":"2021-12-19T16:00:00.000Z","fundCollectionId":4000050080000,"followedNum":3,"setUpDate":"2021-12-19T16:00:00.000Z","setUpAssetScale":7936136919.71,"setUpShares":7936136919.71,"pinyin":"jszqczzqxzqtzjj","managers":[{"stockCode":"db20601463","stockType":"fund_manager","exchange":"fm","tickerId":260725187760,"name":"赵国英"},{"stockCode":"db20866159","stockType":"fund_manager","exchange":"fm","tickerId":319225440,"name":"陈硕"}]},"announcement":{"linkText":"嘉实致乾纯债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=1277915","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0af7fea5b3eb051137a","date":"2024-12-30T16:00:00.000Z","stockId":3000000014392,"sao":"2024年国内宏观经济处于弱修复进程，总体运行平稳、稳中有进，延续回升向好态势，但有效需求不足等问题仍存在。年初财政政策强调“适度加力、提质增效”，9月后政策全面转向积极，中央各部委政策发布会密集召开，各类增量宏观政策高频发布。11月人大常委会审议通过增加6万亿专项债限额用于化解地方政府隐性债务，缓解了地方政府财政压力。2024年央行坚持支持性货币政策立场，全年降准100bp，7月和9月分别降息10bp、20bp，综合运用降准、公开市场操作等工具，增设临时正、逆回购操作，保持流动性合理充裕，推出了一系列结构性货币政策工具，引导信贷结构调整优化，12月货币政策基调转向“适度宽松”。　　债市全年走出大牛市行情，一季度在基本面弱修复和降息预期助力下，利率缓步下行。10年期国债收益率从年初2.56%下行至2.29%附近，短债收益率从年初2.11%下行至1.72%附近。二季度监管机构高频提示长债利率风险，长债收益率短暂回调后下行，10年国债收益率从最低点2.23%上行至2.35%附近，后延续波动下行态势至2.21%附近。三季度强监管与弱预期交织，债券收益率整体呈现在强波动中小幅下行态势。7月初央行公告开展国债借入操作、8月初交易商协会启动自律调查，引发收益率一度回调上行。9月末开始，受权益市场强势反弹影响，各期限债券收益率急速上行，10年国债收益率一度上行至2.25%附近。随后股市回调降温，债券收益率呈现震荡走势，后市场机构配置“抢跑”情绪发酵，推动十年期国债收益率下至1.7%。　　2024 年，本基金秉持稳健投资原则，全年维持中性偏高的久期和杠杆水平，根据市场情况灵活使用利率债波段操作，取得了较好的效果。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:47.494Z","mo":"2025年，债市或面临“经济弱修复+资产荒持续+政策宽松受限”的复杂环境，预计在稳增长政策扰动和基本面偏弱现实的影响下，债市呈现区间震荡下行的局面，但长端利率对降息交易较充分，2025年收益率下行空间或有所收窄，策略上更关注波段交易带来的机会。","fund":{"_id":3000000014392,"__csrcFundId":10579,"stockCode":"014392","shortName":"嘉实致乾纯债债券(014392)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14392,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:11:39.136Z","status":"normal","exchange":"jj","masterFundShortName":"嘉实致乾纯债债券","name":"嘉实致乾纯债债券型证券投资基金","inceptionDate":"2021-12-19T16:00:00.000Z","fundCollectionId":4000050080000,"followedNum":3,"setUpDate":"2021-12-19T16:00:00.000Z","setUpAssetScale":7936136919.71,"setUpShares":7936136919.71,"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会是短期市场博弈的焦点。7月下旬政治局会议上对地产、消费等政策的表述一定程度提振了市场信心，市场期待后续需求端政策的推出。但另一方面，“调结构”、“防风险”的整体基调延续，政策定力依然较足，短期大规模刺激政策出台概率不大。债券市场方面，或受制于点位较低赔率不足及政策预期带来的情绪冲击，收益率或面临小幅调整压力，但政策实际落地效果仍待时间验证，短期经济内生动能偏弱态势难以快速扭转，经济修复仍是曲折式前进的过程，保持流动性合理充裕仍是货币政策主基调，利率大幅上行空间有限。","fund":{"_id":3000000014392,"__csrcFundId":10579,"stockCode":"014392","shortName":"嘉实致乾纯债债券(014392)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14392,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:11:39.136Z","status":"normal","exchange":"jj","masterFundShortName":"嘉实致乾纯债债券","name":"嘉实致乾纯债债券型证券投资基金","inceptionDate":"2021-12-19T16:00:00.000Z","fundCollectionId":4000050080000,"followedNum":3,"setUpDate":"2021-12-19T16:00:00.000Z","setUpAssetScale":7936136919.71,"setUpShares":7936136919.71,"pinyin":"jszqczzqxzqtzjj","managers":[{"stockCode":"db20601463","stockType":"fund_manager","exchange":"fm","tickerId":260725187760,"name":"赵国英"},{"stockCode":"db20866159","stockType":"fund_manager","exchange":"fm","tickerId":319225440,"name":"陈硕"}]},"announcement":{"linkText":"嘉实致乾纯债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=955125","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0af7fea5b3eb0511373","date":"2023-03-30T16:00:00.000Z","stockId":3000000014392,"sao":"一季度，债券市场出现了较为明显的分化行情，利率债由于宏观基本面复苏和资金面收紧曲线呈现熊平态势，信用债由于理财赎回潮逐渐平息，利差修复明显，收益率整体下行。元旦后至春节前，随着新冠感染高峰逐渐过去，交通出行等高频经济数据明显改善，市场风险偏好回升,“股债跷跷板”特征显现，债券市场承压。春节后至2月末，受缴准以及春节后资金回笼偏慢等因素影响，资金面超预期紧张带动短端利率趋势上行，但在配置盘加大力度进场等因素的影响下，长端利率维持窄幅震荡。3月以来，基本面方面两会公布的经济增长目标低于预期，高频数据显示经济环比1-2月有走弱迹象，欧美银行事件引发风险偏好受到压制，资金面方面央行3月17日宣布降准，跨季资金平稳，债市整体环境转向利好，收益率曲线陡峭化下行。        一季度，银行间资金面波动较去年有明显放大，特别是一二月份天量信贷投放后银行间资金水位较前期较潜，资金利率波动率明显加大。1-3月DR001的均值分别为1.33，1.87，1.63，DR007的均值分别为1.91，2.11，2.05，央行货币政策报告重提市场利率围绕政策利率波动，实际情况也证实了这一点。1Y NCD价格从年初2.4%一路上行至2.75%的水平，后随着三月降准落地逐步回落至2.60%，短期看1Y MLF的价格仍然是同业存单波动的上限。        一季度，本基金秉持稳健投资原则，谨慎操作，随着利率债曲线期限利差收窄，组合持仓逐步向短端资产集中，久期杠杆维持中性水平。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:47.470Z","fund":{"_id":3000000014392,"__csrcFundId":10579,"stockCode":"014392","shortName":"嘉实致乾纯债债券(014392)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14392,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:11:39.136Z","status":"normal","exchange":"jj","masterFundShortName":"嘉实致乾纯债债券","name":"嘉实致乾纯债债券型证券投资基金","inceptionDate":"2021-12-19T16:00:00.000Z","fundCollectionId":4000050080000,"followedNum":3,"setUpDate":"2021-12-19T16:00:00.000Z","setUpAssetScale":7936136919.71,"setUpShares":7936136919.71,"pinyin":"jszqczzqxzqtzjj","managers":[{"stockCode":"db20601463","stockType":"fund_manager","exchange":"fm","tickerId":260725187760,"name":"赵国英"},{"stockCode":"db20866159","stockType":"fund_manager","exchange":"fm","tickerId":319225440,"name":"陈硕"}]},"announcement":{"linkText":"嘉实致乾纯债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=881304","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0af7fea5b3eb0511372","date":"2022-12-30T16:00:00.000Z","stockId":3000000014392,"sao":"回顾2022年全年，债券市场主要分为四个阶段。　　第一阶段，一季度债市在稳增长和宽货币的博弈情绪中震荡调整，虽然1月中旬超预期降息带动债券收益率出现一波快速下行，但政策靠前发力，经济、金融数据改善较快，整体一季度债市呈现震荡格局。　　第二阶段，3月底至7月初，宏观基本面出现超预期变量，上海疫情爆发，俄乌冲突升级带动资本市场风险偏好快速降低，货币政策呵护下资金利率快速回落低于政策利率水平，本阶段受益于宽松的资金面中短端债券利率显著下行。然而随着稳增长一揽子政策密集出台，市场对经济增长预期并未较年初显著下修，债市长久期品种并未走出显著的债牛行情。　　第三阶段，7月初至10月底，地产问题持续发酵，加上疫情在全国多地爆发，经济面临向下的压力进一步增加，7月底政治局会议淡化年初增长目标，货币政策继续呵护资金面，并在8月中旬超预期降息，本阶段长端利率出现了一波顺畅的下行，收益率曲线呈现牛平。　　第四阶段，进入11月，债市急转直下，前期持续低位的资金利率出现了快速抬升，动摇了市场对后市货币政策的信心，同时伴随着存单一级发行提价，债市出现调整。债市调整过程中银行理财赎回形成负反馈进一步加剧机构的抛售行为，情绪面扰动下市场剧烈波动，债市出现年内最猛烈的一轮下跌，各期限收益率冲到年内高点，收益率曲线呈现熊平形态。　　　　2022年，本基金秉持稳健投资原则，全年维持中性偏高的杠杆，取得了较好的效果。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:47.467Z","mo":"展望2023年，随着疫情影响消退，基本面特别是消费的改善，从预期层面料将带来利率调整压力，但如果后续政策力度或基本面表现不及预期，利率走势仍有波折。考虑到地产拖累、外需回落和消费改善的不确定性，今年基本面弱复苏的可能性较大。在经济确定性回归到合理增长区间之前，预计货币政策稳中偏松的基调不变，流动性环境有望延续“合理充裕”。节奏上，一季度收益率冲高仍有交易机会，下半年更关注通胀走势对货币政策的影响。传统上一季度经济有开门红的诉求，政策层面会较为积极，叠加12月疫情过峰，距离第二波大规模感染预计有3-6个月平静期，这个窗口期的消费复苏的确定性较强，基本面修复趋势难以证伪，利率走势偏谨慎，冲高上行后有机会博弈后续因内生问题导致经济复苏不及预期的交易机会。","fund":{"_id":3000000014392,"__csrcFundId":10579,"stockCode":"014392","shortName":"嘉实致乾纯债债券(014392)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14392,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:11:39.136Z","status":"normal","exchange":"jj","masterFundShortName":"嘉实致乾纯债债券","name":"嘉实致乾纯债债券型证券投资基金","inceptionDate":"2021-12-19T16:00:00.000Z","fundCollectionId":4000050080000,"followedNum":3,"setUpDate":"2021-12-19T16:00:00.000Z","setUpAssetScale":7936136919.71,"setUpShares":7936136919.71,"pinyin":"jszqczzqxzqtzjj","managers":[{"stockCode":"db20601463","stockType":"fund_manager","exchange":"fm","tickerId":260725187760,"name":"赵国英"},{"stockCode":"db20866159","stockType":"fund_manager","exchange":"fm","tickerId":319225440,"name":"陈硕"}]},"announcement":{"linkText":"嘉实致乾纯债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=863477","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0af7fea5b3eb0511371","date":"2022-09-29T16:00:00.000Z","stockId":3000000014392,"sao":"三季度债券市场走出V型走势，10年国债振幅较上半年走阔，最低到2.58%最高到达2.84%。三季度影响债市的事件较多，7月初房地产风波叠加疫情对国内经济基本面造成的负面影响，央行和财政投放的双重呵护下资金面超预期宽松，隔夜利率水平大幅低于公开市场操作利率，债券利率进入下行通道；7月底政治局会议对经济增长目标弱化，且增量政策不及预期，使得债券市场延续牛市情绪。8月15日央行通过公开市场超预期降息，7天逆回购利率和1年期MLF利率均下调了10bp，将债市情绪推向最热阶段，10年国债利率向下最低突破2.60%至2.58%。8月中下旬到9月底，债券市场整体震荡调整，一方面逆周期政策落地效果明显，新增两批政策性金融工具落地较快对信贷增速形成支撑，单月基建投资增速也突破两位数，对经济形成托底；另一方面，支持地产行业的政策密集出台，地产销售高频数据在9月底出现企稳反弹的迹象。海外方面，通胀情况严峻，加息节奏加快，人民币兑美元汇率承压一度突破7.2的重要关口，对国内货币政策的宽松预期或形成一定制约。资金利率在9月出现边际收紧，加权水平走高20bp左右。在上述因素影响下，债券市场在8月下旬到9月下旬震荡调整，并于9月下旬，在汇率破位、高频数据改善等因素影响下快速调整10-15bp，大部分期限利率水平回到降息前。    三季度组合运作过程中，在7月份地产风波和流动性超宽松之后我们显著的提升了组合的杠杆和久期中枢水平，并增大了波段操作的力度。九月下旬资金面开始边际收敛，我们再次降低了组合杠杆水平。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:47.464Z","fund":{"_id":3000000014392,"__csrcFundId":10579,"stockCode":"014392","shortName":"嘉实致乾纯债债券(014392)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14392,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:11:39.136Z","status":"normal","exchange":"jj","masterFundShortName":"嘉实致乾纯债债券","name":"嘉实致乾纯债债券型证券投资基金","inceptionDate":"2021-12-19T16:00:00.000Z","fundCollectionId":4000050080000,"followedNum":3,"setUpDate":"2021-12-19T16:00:00.000Z","setUpAssetScale":7936136919.71,"setUpShares":7936136919.71,"pinyin":"jszqczzqxzqtzjj","managers":[{"stockCode":"db20601463","stockType":"fund_manager","exchange":"fm","tickerId":260725187760,"name":"赵国英"},{"stockCode":"db20866159","stockType":"fund_manager","exchange":"fm","tickerId":319225440,"name":"陈硕"}]},"announcement":{"linkText":"嘉实致乾纯债债券型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=801228","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0af7fea5b3eb0511370","date":"2022-06-29T16:00:00.000Z","stockId":3000000014392,"sao":"回顾上半年，全球资本市场在中美经济周期错位、美联储加息、俄乌战争等事件影响下经历了巨大的波动。国内来看，1月公布的去年四季度GDP同比增长4%，需求端地产与消费尚未企稳，房地产的相关核心指标销售、投资、价格等均在下滑。3月两会将全国GDP增长目标定为5.5%左右，之后公布的1-2月经济数据比较亮眼，但微观高频数据来看，经济动能有走弱的趋势，且3月全国疫情加剧蔓延，深圳上海等经济发达城市陆续为控制疫情短暂封锁，疫情冲击下3月PMI又回落至荣枯线下方。2季度上海疫情加剧并向全国扩散，导致多地区生产、消费受阻，供应链局部出现断裂；叠加地产投资加速下滑，经济下行压力在2季度显著加剧，从金融数据来看，宽信用进程也受到疫情打断，社融增速4月出现严重回落，虽然政策力度不断加码，但社融、信贷结构较差，短贷和票据融资占比提升，中长期贷款余额增速持续走低，反映了2季度实体有效需求不足的问题仍较为严重。货币政策方面，1月17号央行公布下调MLF利率10bp至2.85%，之后并没有进一步降息动作，4月下旬降准25bp,虽略不及预期，但受央行利润上缴的影响，2季度银行间资金利率整体维持低位，4月中旬到6月底前隔夜利率水平在1.3-1.5%震荡。海外方面，上半年俄乌冲突成为黑天鹅事件，大大加剧了全球资本市场的波动性。美联储正式开启加息缩表周期，美国通胀仍没有拐头向下趋势，全球资本市场开启衰退交易。  上半年债券市场整体震荡运行，10年国债在2.65%-2.85%区间震荡。市场主线在宽货币和稳增长之间不断切换。一方面市场交易货币宽松资金利率较低，杠杆增厚效应较明确；另一方面，国内随着疫情得以较好的控制，经济逐步走出疫情后修复态势，货币政策宽松的可持续性存疑。短端整体受益于资金宽松，整体震荡下行，收益率曲线呈现陡峭化走势。  上半年组合运作过程中，在疫情局部爆发和央行边际宽松的情形下，我们维持中性偏高的组合杠杆和久期水平，组合结构层面以子弹型为主，尽可能捕捉个券的骑乘机会，获得了较好的收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:47.461Z","mo":"展望三季度，从经济基本面来看，2022二季度GDP同比增长0.4%。二季度在多地疫情影响较重，海外通胀高企的情况下实现正增长。下半年经济大概率将反弹。基建和出口下半年预计仍将是主要拉动项，而居民部门6月已出现较为显著的改善，如失业率已降至5.5%，消费整体回升也超市场预期。目前比较不确定的是地产投资，近期地产领域出现一些风险事件，可能会减缓地产投资复苏的进程，这也是决定3季度经济恢复斜率的主要因素。货币政策来看，央行7月13日金融数据发布会表示，当前DR007维持1.6%附近，低于政策利率，表明流动性较合理充裕略微偏多，以巩固经济复苏。我们认为后续继续降准降息可能性不大，但央行三季度整体还是会维持偏宽松的货币政策，以减小经济恢复过程中各种不确定因素的影响。在宽货币与宽信用并举下，债券收益率有望继续维持区间震荡行情。","fund":{"_id":3000000014392,"__csrcFundId":10579,"stockCode":"014392","shortName":"嘉实致乾纯债债券(014392)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14392,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:11:39.136Z","status":"normal","exchange":"jj","masterFundShortName":"嘉实致乾纯债债券","name":"嘉实致乾纯债债券型证券投资基金","inceptionDate":"2021-12-19T16:00:00.000Z","fundCollectionId":4000050080000,"followedNum":3,"setUpDate":"2021-12-19T16:00:00.000Z","setUpAssetScale":7936136919.71,"setUpShares":7936136919.71,"pinyin":"jszqczzqxzqtzjj","managers":[{"stockCode":"db20601463","stockType":"fund_manager","exchange":"fm","tickerId":260725187760,"name":"赵国英"},{"stockCode":"db20866159","stockType":"fund_manager","exchange":"fm","tickerId":319225440,"name":"陈硕"}]},"announcement":{"linkText":"嘉实致乾纯债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=778529","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0af7fea5b3eb051136f","date":"2022-03-30T16:00:00.000Z","stockId":3000000014392,"sao":"2022年一季度，全球资本市场在中美经济周期错位、美联储加息、俄乌战争等事件影响下经历了巨大的波动。国内来看，1月公布的去年四季度GDP同比增长4%，需求端地产与消费尚未企稳，房地产的相关核心指标销售、投资、价格等均在下滑。12月中央经济工作会议提出经济面临需求收缩、供给冲击、预期转弱的三重压力仍未得到有效化解，稳增长压力较大。在此背景下，货币政策充足、精准、靠前发力，1月17号央行公布下调MLF利率10bp至2.85%。宽松政策的效果在2月公布的1月金融数据上得到验证，社融同比增速回升至10.5%,M2同比增长9.8%。宽信用政策方面，春节后各地纷纷出台地产放松政策，从低能级城市扩散至中高能级城市，因城施策下，首套、二套贷款利率、放款周期、首付比例、公积金比例都有显著放松。3月两会将全国GDP增长目标定为5.5%左右，之后公布的1-2月经济数据比较亮眼，但微观高频数据来看，经济动能有走弱的趋势，且3月全国疫情加剧蔓延，深圳上海等经济发达城市陆续为控制疫情短暂封锁，目前全国确诊病例加无症状感染人数整体还在上升期，疫情冲击下3月PMI又回落至荣枯线下方，无疑加大了实现全年GDP增长目标的难度。海外方面，俄乌冲突成为黑天鹅事件，大大加剧了全球资本市场的波动性。美联储正式加息25bp，市场预计年内还将多次加息，10年期美债收益率大幅上行，期限利差收窄，2年/10年收益率已出现倒挂，衰退担忧有所加剧。  债券市场来看，1月降息之后，收益率曲线继续定价短时间将会有再次宽松，曲线进一步陡峭化。1月24号触及整个1季度的收益率低位，10年国债收益率低至2.67%。之后随着1月金融数据大超预期、地产政策的局部放松、基金及银行理财等产品户业绩不达预期大量赎回等事件冲击债券市场，收益率开始大幅调整，3月中上旬达到阶段性高点，10年国债收益率达到2.86%，上行幅度约20bp。3月16日金稳委会议回应了市场关切，再度强调积极出台对市场有利的政策，慎重出台收缩性政策，对稳定市场预期起到了关键作用，股票和债券市场波动率有所下降。  本基金一季度处于建仓期，逐步建仓至中性久期和杠杆水平。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:47.458Z","fund":{"_id":3000000014392,"__csrcFundId":10579,"stockCode":"014392","shortName":"嘉实致乾纯债债券(014392)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14392,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:11:39.136Z","status":"normal","exchange":"jj","masterFundShortName":"嘉实致乾纯债债券","name":"嘉实致乾纯债债券型证券投资基金","inceptionDate":"2021-12-19T16:00:00.000Z","fundCollectionId":4000050080000,"followedNum":3,"setUpDate":"2021-12-19T16:00:00.000Z","setUpAssetScale":7936136919.71,"setUpShares":7936136919.71,"pinyin":"jszqczzqxzqtzjj","managers":[{"stockCode":"db20601463","stockType":"fund_manager","exchange":"fm","tickerId":260725187760,"name":"赵国英"},{"stockCode":"db20866159","stockType":"fund_manager","exchange":"fm","tickerId":319225440,"name":"陈硕"}]},"announcement":{"linkText":"嘉实致乾纯债债券型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=721472","linkType":"PDF","source":"csrc_pdf"}}]}