window.pageData = {"stock":{"_id":3000000014732,"stockCode":"014732","masterFundShortName":"德邦锐升债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14732,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"德邦锐升债券A","name":"德邦锐升债券型证券投资基金","fundCollectionId":4000050710000,"pinyin":"dbrszqxzqtzjj","inceptionDate":"2024-06-13T16:00:00.000Z","setUpAssetScale":205015563.23,"setUpDate":"2024-06-13T16:00:00.000Z","setUpShares":205015563.23,"followedNum":0,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50710000","tickerId":50710000,"name":"德邦基金管理有限公司"},"managers":[{"name":"张铮烁","stockType":"fund_manager","stockCode":"8801403398","exchange":"fm","tickerId":262619167010}],"hotMetrics":{"fss":{"stockId":3000000014732,"type":"fss","last_data_date":"2025-06-29T16:00:00.000Z","f_ins_h_s_r":0.9998,"f_ind_h_s_r":0.0002,"f_h_a":101,"f_ind_h_s_r_c_hy":0,"f_ins_h_s_r_c_hy":0},"fpr":{"stockId":3000000014732,"type":"fpr","f_p_r_fys_ssc":7464,"f_p_r_fys_ssrp":0.6246817633659386,"f_p_r_m1_ssc":7585,"f_p_r_m1_ssrp":0.9868143459915611,"f_p_r_m3_ssc":7496,"f_p_r_m3_ssrp":0.8068045363575718,"f_p_r_m6_ssc":7302,"f_p_r_m6_ssrp":0.9348034515819751,"f_cagr_p_r_fs_ssc":7291,"f_cagr_p_r_fs_ssrp":0.34005486968449933,"f_p_r_y1_ssc":6833,"f_p_r_y1_ssrp":0.9376463700234192},"fp":{"stockId":3000000014732,"type":"fp","f_cagr_p_r_fs":0.03365665669650575,"f_p_r_d1":-0.00019027685282102524,"f_p_r_m1":-0.0000940999341298987,"f_p_r_m3":0.004442763966348462,"f_p_r_m6":0.004347826086956497,"f_p_r_fys":0.008925180402582722,"last_data_date":"2026-05-05T16:00:00.000Z","f_p_r_y1":0.003968253968253954},"ff":{"stockId":3000000014732,"type":"ff","f_m_f_r":0.003,"f_c_f_r":0.0005,"f_m_a_c_f_r":0.0035,"f_m_c_f_d":"2024-06-27T16:00:00.000Z","f_c_fr":0.0005,"f_fr_d":"2025-06-29T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.0035},"f_nlacan":{"stockId":3000000014732,"type":"f_nlacan","f_nv_d":"2026-05-05T16:00:00.000Z","f_nv":1.0626,"f_nv_cr":-0.0011280315848843925},"f_as":{"stockId":3000000014732,"type":"f_as","f_tas":161839912.7648,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000014733,"name":"德邦锐升债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"014733","tickerId":14733,"shortName":"德邦锐升债券C","currency":"CNY","__csrcFundId":13935,"exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"lastUpdated":"2025-01-04T00:32:15.890Z","inceptionDate":"2024-06-13T16:00:00.000Z","pinyin":"dbrszqxzqtzjj","fundCollectionId":4000050710000}],"bondHoldings":[{"_id":"69e7d7546201787ae12a54cd","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000014732,"stockCode":"220210","stockName":"22国开10","holdings":600000,"marketCap":65921128,"netValueRatio":0.4073,"lastUpdated":"2026-04-21T20:00:20.696Z"},{"_id":"69e7d7546201787ae12a54ce","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000014732,"stockCode":"240405","stockName":"24农发05","holdings":200000,"marketCap":20810268,"netValueRatio":0.1286,"lastUpdated":"2026-04-21T20:00:20.700Z"},{"_id":"69e7d7546201787ae12a54cf","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000014732,"stockCode":"240203","stockName":"24国开03","holdings":200000,"marketCap":20469890,"netValueRatio":0.1265,"lastUpdated":"2026-04-21T20:00:20.703Z"},{"_id":"69e7d7546201787ae12a54d0","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000014732,"stockCode":"250203","stockName":"25国开03","holdings":200000,"marketCap":19805150,"netValueRatio":0.1224,"lastUpdated":"2026-04-21T20:00:20.707Z"},{"_id":"69e7d7546201787ae12a54d1","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000014732,"stockCode":"230210","stockName":"23国开10","holdings":100000,"marketCap":10918597,"netValueRatio":0.0675,"lastUpdated":"2026-04-21T20:00:20.710Z"}]},"list":[{"_id":"69e7d5876201787ae129f34a","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","stockId":3000000014732,"sao":"经济基本面方面，受春节前工作日较长、出口强劲、财政及信贷投放节奏前置等因素影响，1-2月经济数据总体强于预期，工业增加值同比增速超预期，固定资产投资增速转正。其中，房地产投资同比跌幅大幅收窄，基建投资增速转正实现开门红，制造业投资增速受益于强劲外需亦转正。整体上，供强需弱、外需强于内需的格局延续，但供需匹配度有所改善。通胀数据同比环比均有所回升，主要受春节错位、国际能源价格上涨影响，核心CPI走强，PPI环比连续5个月正增长，回升势头强劲。随着国际能源价格的上涨，PPI同比有望在短期内转正，关注上游涨价是否能有效传导至下游及CPI。　　年初，市场对关税政策及美联储独立性的担忧加剧，美元指数下跌，人民币受企业结汇和跨境资金增配中国资产等因素影响延续升值，但随着中东局势持续紧张，避险情绪升温，美元指数反弹，人民币亦重回双向波动。　　央行公开市场操作方面，1-2月，央行大幅增加包含买断式逆回购、MLF和国债买卖在内的中长期资金投放，进入3月，随着国际局势的变化，叠加银行体系在存贷错位等因素影响下资金格外充裕，央行顺势回笼中长期资金。整体来看，一季度银行间资金面较为充裕，DR001在1.30%附近波动。　　债券市场方面，一季度利率债收益率曲线陡峭化程度加深，信用债受益于投资者对票息策略的普遍认可，收益率曲线整体下移。一方面，资金利率持续较低、银行存款集中到期后的再配置需求旺盛、权益市场震荡调整，推动利率债中短端和信用债收益率不断下行，另一方面，市场对地方债供给、通胀预期升温、国内经济增长数据超预期仍有担忧，超长债收益率在一季度整体上行，30Y-10Y国债利差拓宽至50bp以上。　　本基金报告期内在灵活调整久期的基础上，努力通过精选个券，增强组合的静态收益，同时把握波段操作机会。未来本基金将在保持基金良好流动性的同时提高静态收益，积极灵活把握市场波段操作。本基金将密切跟踪经济走势、政策和资金面的情况，争取为投资者创造理想的回报。","lastUpdated":"2026-04-21T19:52:39.068Z","fund":{"_id":3000000014732,"__csrcFundId":13935,"stockCode":"014732","masterFundShortName":"德邦锐升债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:31.476Z","status":"normal","exchange":"jj","shortName":"德邦锐升债券(014732)","name":"德邦锐升债券型证券投资基金","fundCollectionId":4000050710000,"pinyin":"dbrszqxzqtzjj","inceptionDate":"2024-06-13T16:00:00.000Z","setUpAssetScale":205015563.23,"setUpDate":"2024-06-13T16:00:00.000Z","setUpShares":205015563.23,"followedNum":0,"managers":[{"stockCode":"8801403398","stockType":"fund_manager","exchange":"fm","tickerId":262619167010,"name":"张铮烁"}]},"announcement":{"linkText":"德邦锐升债券型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1471840","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e97fea5b3eb0514ec5","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-11T16:00:00.000Z","stockId":3000000014732,"sao":"经济基本面方面，受需求疲弱、外部扰动、基数效应等因素影响，10-11月各项增长指标同比增速均有所放缓，但官方制造业PMI逐月修复，尤其是12月PMI超预期回升至50.1%，显示出供需两端皆有改善，生产依然强于需求。通胀数据延续修复，CPI同比温和修复，核心CPI同比涨幅延续走阔；PPI回升过程较为曲折，但环比维持正增长，主要受“反内卷”政策与国际有色金属价格上涨推动，后续PPI的持续回升仍需观察需求端的回暖情况。　　金融数据方面，社融增速小幅回落，人民币贷款和政府债融资均对社融有所拖累，M2、M1同比增速回落。央行公开市场操作方面，10月27日2025金融街论坛上，央行行长潘功胜表示央行将继续坚持支持性的货币政策立场，同时宣布将恢复公开市场国债买卖操作，随后在四季度合计买入1200亿。此外，6个月期限的买断式回购操作规模有所增加，而MLF的净投放规模有所下降，总体长期流动性投放规模较三季度有所放大。　　债券市场方面，10月，受中美关税谈判存在不确定性、权益市场临近关键点位呈现高位震荡格局、资金利率下行至前期低位、央行宣布将重启国债买卖操作等利多因素影响，债市情绪明显转暖，收益率下行。11-12月，虽然经济基本面偏弱、货币政策偏宽松，但债市回报率偏低是最大制约，叠加基金赎回新规即将落地、股债跷跷板效应、基金类机构负债不稳定持续制约债市表现，债市震荡偏弱。同时，受益于稳定的资金面，市场投资者对票息策略的偏好提升，带动信用债收益率整体下行。　　本基金报告期内在灵活调整久期的基础上，努力通过精选个券，增强组合的静态收益，同时把握波段操作机会。未来本基金将在保持基金良好流动性的同时提高静态收益，积极灵活把握市场波段操作。本基金将密切跟踪经济走势、政策和资金面的情况，争取为投资者创造理想的回报。","lastUpdated":"2026-03-09T13:53:45.228Z","fund":{"_id":3000000014732,"__csrcFundId":13935,"stockCode":"014732","masterFundShortName":"德邦锐升债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:31.476Z","status":"normal","exchange":"jj","shortName":"德邦锐升债券(014732)","name":"德邦锐升债券型证券投资基金","fundCollectionId":4000050710000,"pinyin":"dbrszqxzqtzjj","inceptionDate":"2024-06-13T16:00:00.000Z","setUpAssetScale":205015563.23,"setUpDate":"2024-06-13T16:00:00.000Z","setUpShares":205015563.23,"followedNum":0,"managers":[{"stockCode":"8801403398","stockType":"fund_manager","exchange":"fm","tickerId":262619167010,"name":"张铮烁"}]},"announcement":{"linkText":"德邦锐升债券型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1461746","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e97fea5b3eb0514ec4","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000014732,"sao":"经济基本面方面，7-8月经济增长略低于预期，其中，受反内卷削弱产能、地产销售持续走弱、出口增速下滑等因素影响，固定资产投资同比增速回落，而前期“以旧换新”政策对商品需求有一定透支，社零增速也有所回落，整体需求依然偏弱。但8月起制造业PMI有所修复，9月环比回升0.4个百分点，接近荣枯线水平。关注年内是否有增量政策出台，以确保完成全年经济增长目标。　　通胀数据温和回升，三季度CPI同比转跌主要受去年高基数影响，以及食品、能源价格整体偏弱拖累，但随着扩内需、促消费政策落地显效，消费品和服务价格稳中有升，核心CPI持续回升。随着反内卷政策效果显现，三季度PPI降幅收窄，但仍呈现上下游分化的格局，后续关注增量政策对需求侧的提振效果。　　货币政策方面，三季度央行货币政策保持宽松，并进行较高规模的中长期流动性投放，虽然受权益市场上涨、存款搬家等因素影响，部分时间段银行间资金面有所收紧，但整体资金利率中枢处在低位。　　债券市场方面，三季度债券收益率陡峭化上行。虽然有外部环境不确定性升温、经济修复动能延续偏弱、资金利率中枢维持低位等因素利多债市，但增量利空因素频繁出现。7月雅江水电工程开工提升市场宽信用预期，反内卷政策的出台推动商品价格持续强势，令通胀触底预期有所升温，市场风险偏好大幅修复，股债跷跷板效应明显，部分资金从债市转向股市，债基赎回大幅增加。政策变化方面，8月1日，财政部、税务总局发布公告称，自2025年8月8日起，对在该日期之后（含当日）新发行的国债、地方政府债券、金融债券的利息收入，恢复征收增值税；9月5日，证监会发布《公开募集证券投资基金销售费用管理规定（征求意见稿）》，其中关于赎回费标准的调整将提高债基赎回成本。此外，三季度是政府债发行高峰，债券供给增加亦扰动债市。　　在上述多重利空因素的影响下，债市做多力量全面松动，而做空力量日益增强，投资者行为大幅逆转。三季度10年国债活跃券收益率由1.64%上行至1.79%，上行幅度15bp；10年国债收益率曲线估值由1.64%上行至1.86%，上行幅度22bp；30年国债收益率曲线估值由1.85%上行至2.25%，上行幅度40bp。　　本基金本报告期内在灵活调整久期的基础上，努力通过精选个券，增强组合的静态收益，同时把握波段操作机会。未来本基金将在保持基金良好流动性的同时提高静态收益，积极灵活把握市场波段操作。本基金将密切跟踪经济走势、政策和资金面的情况，争取为投资者创造理想的回报。","lastUpdated":"2026-03-09T13:53:45.225Z","fund":{"_id":3000000014732,"__csrcFundId":13935,"stockCode":"014732","masterFundShortName":"德邦锐升债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:31.476Z","status":"normal","exchange":"jj","shortName":"德邦锐升债券(014732)","name":"德邦锐升债券型证券投资基金","fundCollectionId":4000050710000,"pinyin":"dbrszqxzqtzjj","inceptionDate":"2024-06-13T16:00:00.000Z","setUpAssetScale":205015563.23,"setUpDate":"2024-06-13T16:00:00.000Z","setUpShares":205015563.23,"followedNum":0,"managers":[{"stockCode":"8801403398","stockType":"fund_manager","exchange":"fm","tickerId":262619167010,"name":"张铮烁"}]},"announcement":{"linkText":"德邦锐升债券型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1381111","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e97fea5b3eb0514ec3","date":"2025-06-29T16:00:00.000Z","stockId":3000000014732,"sao":"2025年上半年，在关税冲击下，我国加紧实施积极有为的宏观政策，出口保持韧性，仍然实现GDP同比增长5.3%，一、二季度分别为5.4%和5.2%。在以旧换新政策拉动下，二季度社会消费品零售增速反弹，但固定资产投资上半年累计同比增长2.8%，较1-5月放缓0.9个百分点，且明显低于一季度的4.2%，弱于市场预期，二季度需求不足和生产资料价格下跌是主要拖累。同时，物价持续处于低位运行，GDP平减指数已连续九个季度为负，CPI连续两个季度负增，近期频繁出台的综合整治“内卷式竞争”政策，主要指向提升物价水平。　　上半年，货币政策出现较为明显的变化。1月央行宣布暂停国债买入操作，并多次提示应避免对适度宽松货币政策的过度解读，一季度银行间市场流动性整体偏紧，资金利率明显上行。4月初，随着美国政府对等关税政策超预期启动，为缓解外部冲击，货币政策重回呵护态度，并于5月降准0.5个百分点、降息10bp，货币市场流动性紧张现象明显缓解，隔夜和7天资金利率月均值由1月的2.08%和2.30%分别逐级降至6月的1.48%和1.65%。　　上半年债券市场收益率先上后下。一季度，稳汇率的重要性提升，货币政策整体偏紧，降准、降息预期屡屡落空，资金利率大幅上行，且票息收入与资金利率出现倒挂，市场对货币政策的宽松预期大幅修正，推动债券收益率上行。此外，权益市场表现较为强劲，股债跷跷板效应下，债券型基金赎回增加，卖出压力继续推升收益率。4月初，美国政府推出的对等关税力度远超预期，中美关税战背景下，货币政策重回呵护态度，市场避险情绪升温，债市做多情绪恢复，债券收益率震荡下行，且信用债表现好于利率债。　　本基金报告期内在灵活调整久期的基础上，努力通过精选个券，增强组合的静态收益，同时把握波段操作机会。未来本基金将在保持基金良好流动性的同时提高静态收益，积极灵活把握市场波段操作。本基金将密切跟踪经济走势、政策和资金面的情况，争取为投资者创造理想的回报。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:45.222Z","mo":"展望下半年，我国经济呈现向好态势，但仍面临国内需求不足、中美谈判存在变数、物价持续低位运行等多重挑战，“适度宽松”的货币政策总基调预计仍将持续，但货币政策进一步明显放松的空间亦有限，结构性货币政策工具可能仍是主要的加码方向，利率中枢有望延续震荡下行走势。","fund":{"_id":3000000014732,"__csrcFundId":13935,"stockCode":"014732","masterFundShortName":"德邦锐升债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:31.476Z","status":"normal","exchange":"jj","shortName":"德邦锐升债券(014732)","name":"德邦锐升债券型证券投资基金","fundCollectionId":4000050710000,"pinyin":"dbrszqxzqtzjj","inceptionDate":"2024-06-13T16:00:00.000Z","setUpAssetScale":205015563.23,"setUpDate":"2024-06-13T16:00:00.000Z","setUpShares":205015563.23,"followedNum":0,"managers":[{"stockCode":"8801403398","stockType":"fund_manager","exchange":"fm","tickerId":262619167010,"name":"张铮烁"}]},"announcement":{"linkText":"德邦锐升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=1346522","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e97fea5b3eb0514ec2","date":"2025-03-30T16:00:00.000Z","stockId":3000000014732,"sao":"经济基本面方面，1-2月经济运行起步平稳，在两新两重等政策支持下，社零消费、基建和制造业投资平稳，工业、服务业增速稳中略降，房地产市场延续止跌回稳，出口增速明显放缓。3月PMI延续2月的回暖态势，显示制造业供需持续修复，且需求修复势头强于供给。但价格修复进程反复，1-2月CPI同比受春节错位影响先涨后跌，PPI同比降幅收窄，3月PMI购进价格和出厂价格均有所回落。　　金融数据方面，社融存量增速升至8.2%，政府债券仍是社融主要贡献项，企业融资需求尚偏弱，银行面临信贷项目不足和存款流失的双重压力；2月M2同比7%，新口径M1增速回落至0.1%，反映微观主体活力有待修复。　　货币政策方面，央行通过买断式逆回购、MLF等方式实现一季度中长期流动性投放1.46万亿，但银行体系资金缺口较大，叠加市场对货币宽松预期的修正，资金利率走高，1年期股份行存单发行利率由1.54%最高上行至3月中旬的2.07%，季度末小幅下行至1.90%附近。3月MLF操作改为多重价位中标方式，可以更好地达到降低银行体系负债成本的效果，同时MLF利率的政策属性完全淡出，MLF与买断式逆回购一样定位为中长期流动性投放工具。　　一季度债券收益率波动上行。2024年末机构在较强的货币宽松预期下抢跑，债券市场利率走在政策利率前面，央行罚单、协会提示风险均未影响债市积极情绪。1月中旬起，资金利率大幅走高，与资产收益率深度倒挂，市场开始关注人民币汇率贬值压力，对年初的货币宽松预期有所修正，短端利率明显上行。跨春节后，资金面仍未明显好转，银行体系资金缺口仍然较大，同业存单发行利率不断走高，叠加降准预期落空，调整由短端传导至长端，收益率震荡上行。3月中旬，央行在税期结束后罕见大额净投放，令市场资金预期缓和，加之股市走弱，收益率有所下行。信用债因本轮市场调整后，票息策略重新凸显优势，比利率债早一周企稳。一季度10年国债收益率由年初的1.60%最高上行至1.90%，在季度末下行至1.81%。　　本基金在报告期内在灵活调整久期的基础上，努力通过精选个券，增强组合的静态收益，同时把握波段操作机会。未来本基金将在保持基金良好流动性的同时提高静态收益，积极灵活把握市场波段操作。本基金将密切跟踪经济走势、政策和资金面的情况，争取为投资者创造理想的回报。","declarationDate":"2025-04-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:45.219Z","fund":{"_id":3000000014732,"__csrcFundId":13935,"stockCode":"014732","masterFundShortName":"德邦锐升债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:31.476Z","status":"normal","exchange":"jj","shortName":"德邦锐升债券(014732)","name":"德邦锐升债券型证券投资基金","fundCollectionId":4000050710000,"pinyin":"dbrszqxzqtzjj","inceptionDate":"2024-06-13T16:00:00.000Z","setUpAssetScale":205015563.23,"setUpDate":"2024-06-13T16:00:00.000Z","setUpShares":205015563.23,"followedNum":0,"managers":[{"stockCode":"8801403398","stockType":"fund_manager","exchange":"fm","tickerId":262619167010,"name":"张铮烁"}]},"announcement":{"linkText":"德邦锐升债券型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1265563","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e97fea5b3eb0514ec1","date":"2024-12-30T16:00:00.000Z","stockId":3000000014732,"sao":"2024年GDP同比增长5.0%，顺利实现年度目标，但依旧面临内需及实体融资需求偏弱，物价低迷等挑战。第一至第四季度，GDP同比增速分别为5.3%、4.7%、4.6%和5.4%，二、三季度经济运行明显偏弱，至三季度末，9月24日人民银行超预期推出一揽子货币政策，9月26日政治局会议要求“加力推出增量政策”，宏观政策积极转向，在一揽子增量政策推动下，四季度GDP增速回升，经济下行风险有所缓解。全年CPI和PPI有所回升，CPI同比从2024年2月起转正后，一直在0-0.5%之间上下波动，PPI同比低位回升，但仍处在负数区间，反映总需求不足、总供给过剩的供需格局。　　货币政策方面，年内累计降准1个百分点，释放约2万亿长期资金，并通过买入国债和买断式逆回购向市场投放资金，替换到期的MLF，在呵护流动性的同时优化市场资金结构。7月和9月两次降息，7天逆回购利率、MLF利率分别累计下调30bp和50bp，1年和5年及以上LPR分别累计下调35bp和60bp，降幅均较大。　　全年债券收益率震荡下行，10年国债收益率全年运行中位数2.25%，较上年下行44bp。截至年末，在较强的货币宽松预期下，10年国债收益率下行至1.68%。分阶段来看，年初至4月下旬，在流动性充裕、机构欠配、市场一致性预期浓厚等因素拉动下，长债走牛。4月末至9月，监管反复提示长债风险，带动长债收益率震荡调整，收益率整体先上后下，9月24日新闻发布会起一系列稳增长政策出台，长债收益率快速上行后震荡波动。12月中央政治局会议和中央经济工作会议提出“适时降准降息，保持流动性充裕”，指向2025年降准降息确定性较大，债市抢跑定价，收益率大幅下行。　　本基金报告期内在灵活调整久期的基础上，努力通过精选个券，增强组合的静态收益，同时把握波段操作机会。未来本基金将在保持基金良好流动性的同时提高静态收益，积极灵活把握市场波段操作。本基金将密切跟踪经济走势、政策和资金面的情况，争取为投资者创造理想的回报。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:45.216Z","mo":"2025年，择机降准降息、适度宽松的货币政策基调下，市场对政策宽松的预期较强，叠加优质资产持续稀缺，机构配置债券的意愿仍高，债市利率下行的逻辑仍在。但基本面温和复苏，对债市的有利程度可能不如2024年。同时，考虑到市场已提前大幅定价降息降准预期，实际宽松幅度弱于预期、增量政策效果、外部环境变化等因素可能扰动利率下行节奏，并加大利率波动。","fund":{"_id":3000000014732,"__csrcFundId":13935,"stockCode":"014732","masterFundShortName":"德邦锐升债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:31.476Z","status":"normal","exchange":"jj","shortName":"德邦锐升债券(014732)","name":"德邦锐升债券型证券投资基金","fundCollectionId":4000050710000,"pinyin":"dbrszqxzqtzjj","inceptionDate":"2024-06-13T16:00:00.000Z","setUpAssetScale":205015563.23,"setUpDate":"2024-06-13T16:00:00.000Z","setUpShares":205015563.23,"followedNum":0,"managers":[{"stockCode":"8801403398","stockType":"fund_manager","exchange":"fm","tickerId":262619167010,"name":"张铮烁"}]},"announcement":{"linkText":"德邦锐升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=1258589","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e97fea5b3eb0514ec0","date":"2024-09-29T16:00:00.000Z","stockId":3000000014732,"sao":"三季度，国内经济供需两端表现偏弱，增长压力有所加大。供给端，受需求不足、极端天气等因素影响，工业生产增速放缓；需求端，外需仍有韧性，但国内投资和消费增速延续下滑，内生增长动能偏弱，实现经济增长目标的紧迫性上升。通胀数据整体不及预期，食品价格超季节性上升是CPI的主要贡献，核心CPI延续下滑趋势；PPI跌幅超预期扩大，后续在基数回升的背景下，PPI表现好转的压力较大，通胀修复的内生动能依然不足。积极因素在于，政府债券发行提速，消费品“以旧换新”政策落地，9月政治局会议释放了更加积极的政策信号，预计年内财政、房地产、资本市场可能还会有相关政策出台。　　金融数据方面，新增社融及贷款数据均弱于市场预期，政府债融资是社融最大支撑，新增贷款增长放缓。票据利率降至近年来低位，显示整体信贷需求依然表现偏弱。M2增速见底回升，但M1同比增速连续六个月为负且持续下行，指示资金活性有待提振。　　三季度宏观政策进入“稳增长”发力期，央行货币政策先行发力，包括存款利率的继续下调，7月、9月OMO利率分别调降10bp和20bp，MLF利率分别调降20bp和30bp，9月降准0.5个百分点，提供长期流动性1万亿元，并表示未来有可能进一步下调0.25—0.5个百分点。　　债券市场走势在三季度较为波折，利率债和信用债行情有所分化。7月起，央行持续警示长债收益率过低风险，并开展公开市场国债买卖业务，防范利率走势形成单边下行预期并自我强化的风险，债券收益率曲线因此走陡，但市场整体观点仍认为支撑债市做多的资产荒逻辑尚未逆转，收益率下行。8月，随着长债收益率、信用利差降至历史新低，债券卖盘增大，叠加政府债券净供给大幅增加、资金面收紧、部分做市机构暂停做市、信用债流动性大幅转弱、“日历效应”等多重因素影响，债牛行情进入阶段性的盘整期，月初与月末各经历了一轮急调，但在调整后的2-3个交易日内，利率债情绪均再度缓和，但是信用债受流动性偏弱属性影响持续调整。9月超预期降准降息带动长端利率挑战新低，但随后政治局会议释放积极政策信号，股债跷跷板效应引发债券市场大幅调整，投资者的股债资产切换动作对债市资金持续形成挤压，尤其国庆节期间的卖债买股诉求在节后首个交易日集中释放，债基、理财产品面临较大的赎回压力，受流动性因素影响，市场调整幅度加剧。　　本基金报告期内在灵活调整久期的基础上，努力通过精选个券，增强组合的静态收益，同时把握波段操作机会。未来本基金将在保持基金良好流动性的同时提高静态收益，积极灵活把握市场波段操作。本基金将密切跟踪经济走势、政策和资金面的情况，争取为投资者创造理想的回报。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:45.213Z","fund":{"_id":3000000014732,"__csrcFundId":13935,"stockCode":"014732","masterFundShortName":"德邦锐升债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14732,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:20:31.476Z","status":"normal","exchange":"jj","shortName":"德邦锐升债券(014732)","name":"德邦锐升债券型证券投资基金","fundCollectionId":4000050710000,"pinyin":"dbrszqxzqtzjj","inceptionDate":"2024-06-13T16:00:00.000Z","setUpAssetScale":205015563.23,"setUpDate":"2024-06-13T16:00:00.000Z","setUpShares":205015563.23,"followedNum":0,"managers":[{"stockCode":"8801403398","stockType":"fund_manager","exchange":"fm","tickerId":262619167010,"name":"张铮烁"}]},"announcement":{"linkText":"德邦锐升债券型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1171186","linkType":"PDF","source":"csrc_pdf"}}]}