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宏观经济运行总体平稳，国内生产总值累计同比增长5.3%，消费增长继续保持韧性，对经济增长贡献度最大，其次是货物与服务净出口，继去年末加速增长之后增速再度提高，成为第二大增长引擎，最后，不含房地产的固定资产投资继续保持较高水平，进一步巩固经济企稳向好态势。政策因素是经济形势好于去年的主要推力。积极的财政政策更进一步加力，政府债券发行节奏提前，进一步支撑社会融资规模的显著增长，财政支出加快，有效支持基建投资等社会总需求；适度宽松的货币政策保持全社会流动性中性偏暖，为消费、科技创新等提供了良好的货币金融环境，并在关税冲突发生后及时降准降息，有力维护了国内市场信心与经济稳定。总体来看，经济在结构性调整中稳步前进，但也存在一定的拖累因素。房地产行业调整带来的需求缺口较大，国内有效需求总体不足，国内工业品出厂价格水平持续低迷，特别是二季度以来经济整体呈现从一季度的高点开始边际回落的短期趋势，说明经济面临短期困难，预计未来一段时间仍将困扰国内经济增长。今年初以来，债券市场利率受一季度资金成本偏高影响，各期限利率均出现一定程度上行。而二季度伊始，在关税冲突、央行双降、资金面宽松及社会总体融资成本下降等因素的推动下，债券利率开启振荡下行走势。虽然短期内受到双降预期兑现、银行负债成本下调滞后等因素的制约而难以突破前低，但是利率回升的高点渐次下降，期限利差及信用利差也进一步压缩，市场情绪好于一季度。组合今年以来继续保持稳健的风格定位，严格做好资金管理，防范流动性风险，并以哑铃型配置为主，久期保持在中性偏多区间，严格控制信用风险，同时根据组合规模积极加强组合仓位管理，抓住春节、季末跨季等回购利率较高的季节性时点，通过逆回购、中短债与长债的合理搭配，努力提高组合收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:53.481Z","mo":"预计下半年宏观经济继续保持相对韧性，经济增长维持稳定，虽然存在内部有效需求不足、外部关税冲突加剧等不确定因素，但是国内政策将继续采取积极应对的取向，通过有效落实更加积极的财政政策与适度宽松的货币政策，预计能够有效对冲与化解上述困难和障碍，最终能够实现全年经济增长预期目标。因此预计下半年债券市场资金面总体保持宽松，债券收益率将继续呈现中枢稳定、上下波动的振荡态势。","fund":{"_id":3000000014779,"__csrcFundId":11141,"stockCode":"014779","shortName":"尚正臻利债券(014779)","masterFundShortName":"尚正臻利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14779,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:21:44.624Z","status":"normal","exchange":"jj","name":"尚正臻利债券型证券投资基金","inceptionDate":"2022-05-17T16:00:00.000Z","fundCollectionId":4000051960000,"followedNum":0,"setUpDate":"2022-05-17T16:00:00.000Z","setUpAssetScale":180951736.25,"setUpShares":180951736.25,"pinyin":"szzlzqxzqtzjj","managers":[{"stockCode":"db20840419","stockType":"fund_manager","exchange":"fm","tickerId":41008226150,"name":"段吉华"},{"stockCode":"j101020178","stockType":"fund_manager","exchange":"fm","tickerId":71125256150,"name":"关凯瀛"}]},"announcement":{"linkText":"尚正臻利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=1341383","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0f17fea5b3eb0515791","date":"2025-03-30T16:00:00.000Z","stockId":3000000014779,"sao":"2025年一季度，中国经济呈边际回暖态势，生产、投资与消费好于去年末，但物价增长、房地产投资与对外贸易相对偏弱。工业生产表现较好，1-2月规模以上工业增加值同增长5.9%，较2024年全年加快0.1个百分点。固定资产投资1-2月同比增长4.1%，较2024年全年加快0.9个百分点，基建投资和制造业投资增速较快，房地产开发投资继续下降，但降幅较去年全年略有收窄。社会消费品零售总额1-2月累计同比增4.0%，增速较2024年全年回升0.5个百分点。最后，对外贸易相对偏弱，进出口总值同比下降1.2%，与外需偏弱及“抢出口”接近尾声关系密切；物价增长较低，通缩压力犹存。推动经济边际向好的主要因素首先来自于去年9月底以来政府出台的一系列稳预期、促消费的政策措施，信贷社融“开门红”成效显著；其次是春节期间中国科技与中国元素提振全社会信心；最后，稳股市楼市效果明显，股市自去年9月以来止跌回升，楼市方面部分高能级城市住宅成交也出现一波小阳春。但是，通缩压力较大、消费需求不足、部分领域风险隐患犹存等问题依然存在，未来有赖于刺激政策进一步扩张与结构性改革的进一步推进，低利率环境总体上仍将得以持续。债券市场受一季度资金成本偏高影响，各期限收益率出现一定程度上行。组合继续保持稳健，严格做好流动性管理与风险防范，抓住春节等回购利率较高的季节性时点，通过逆回购、中短债与长债的合理搭配，努力获取最优收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:53.478Z","fund":{"_id":3000000014779,"__csrcFundId":11141,"stockCode":"014779","shortName":"尚正臻利债券(014779)","masterFundShortName":"尚正臻利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14779,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:21:44.624Z","status":"normal","exchange":"jj","name":"尚正臻利债券型证券投资基金","inceptionDate":"2022-05-17T16:00:00.000Z","fundCollectionId":4000051960000,"followedNum":0,"setUpDate":"2022-05-17T16:00:00.000Z","setUpAssetScale":180951736.25,"setUpShares":180951736.25,"pinyin":"szzlzqxzqtzjj","managers":[{"stockCode":"db20840419","stockType":"fund_manager","exchange":"fm","tickerId":41008226150,"name":"段吉华"},{"stockCode":"j101020178","stockType":"fund_manager","exchange":"fm","tickerId":71125256150,"name":"关凯瀛"}]},"announcement":{"linkText":"尚正臻利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=1273406","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0f17fea5b3eb0515790","date":"2024-12-30T16:00:00.000Z","stockId":3000000014779,"sao":"2024年全年经济总体平稳，各季度单季度同比增速呈V型走势，第一季度为全年高点，同比增长5.3%，二三季度逐步下行，分别增长4.7%、4.6%，四季度则触底反弹，增速回升至5.4%，实现5%的全年经济增长目标。全年经济增长的主要动力从年初的消费拉动，逐季切换到外需拉动。第一季度国内消费拉动经济增长为3.93个百分点，净出口拉动则为0.77个百分点，第四季度国内消费拉动约1.6个百分点，净出口拉动2.47个百分点。推动经济的主要因素，首先是决策层推出的各项刺激政策与托底措施，有力推动经济平稳发展，其次是中国出口产品的竞争力显著提升，特别是为四季度经济增长起到了主要作用，最后是中国经济长期向好的支撑条件和基本趋势没有变，虽然短期存在一定困难，但政策措施的实施，为经济的长期持续平稳发展释放了新动能。本报告期间，债券市场利率受基本面与政策面的驱动，全年总体呈波动下行趋势。相对于上期末，1年期国债利率下行98BP、3年期国债下行约100BP、10年期国债下行约89BP；1年期国开债利率下行94BP、3年期国开债下行约98BP、10年期国债下行约95BP，3年期AAA级产业类信用债收益率下行97BP、3年期AAA级城投类信用债收益率下行94BP。组合投资坚持哑铃型策略，重点持有中短久期信用债以获取票息收益并保证相对较好的流动性，同时根据组合风险特征配置部分超长期国债以获取资本利得，总体上在控制波动的条件下获取了利率下行带来的资本利得。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:53.474Z","mo":"根据决策层的部署，2025年将实施“更加积极”的财政政策与“适度宽松”的货币政策，因此可以预期前期出现的暂时困难将得到有效化解，未来宏观经济增长可能出现走平企稳状态。债券市场总体上将保持相对活跃状态，利率总体中枢可能稳中有降，但阶段性行情受到基本面改善进程、资金投放节奏等影响较大，可能存在较大波动。","fund":{"_id":3000000014779,"__csrcFundId":11141,"stockCode":"014779","shortName":"尚正臻利债券(014779)","masterFundShortName":"尚正臻利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14779,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T0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“资产荒”影响，债券收益率出现不同程度下行，但之后降息兑现，资金成本并未显著下降，且央行介入打破市场一致预期，推动利率持续上行，直到9月再度因宽松预期而下行；在9月底预期再次兑现、并伴随重大政策拐点及资金偏紧，利率又一次在宽松后不降反升，各品种利率均大幅波动。整个报告期间来看，相对于上期末，1年期国债利率下行17BP，1年期国开债下行4BP、3年期国债下行约23BP、3年期国开下行约6BP、10年期国债下行约5BP、10年期国开下行约5BP；但3年期AAA级产业类信用债收益率上行19BP、3年期AAA级城投类信用债收益率上行13BP。本基金总体上仍然继续坚守风格定位，以中短期信用债为主，结合组合特点进行个券选择，根据市场形势变化适时调整组合久期与杠杆率，并且严格控制组合信用风险、流动性风险，力争在相对平稳的基础上取得较好的持有期收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:53.471Z","fund":{"_id":3000000014779,"__csrcFundId":11141,"stockCode":"014779","shortName":"尚正臻利债券(014779)","masterFundShortName":"尚正臻利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14779,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:21:44.624Z","status":"normal","exchange":"jj","name":"尚正臻利债券型证券投资基金","inceptionDate":"2022-05-17T16:00:00.000Z","fundCollectionId":4000051960000,"followedNum":0,"setUpDate":"2022-05-17T16:00:00.000Z","setUpAssetScale":180951736.25,"setUpShares":180951736.25,"pinyin":"szzlzqxzqtzjj","managers":[{"stockCode":"db20840419","stockType":"fund_manager","exchange":"fm","tickerId":41008226150,"name":"段吉华"},{"stockCode":"j101020178","stockType":"fund_manager","exchange":"fm","tickerId":71125256150,"name":"关凯瀛"}]},"announcement":{"linkText":"尚正臻利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=1175627","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0f17fea5b3eb051578e","date":"2024-06-29T16:00:00.000Z","stockId":3000000014779,"sao":"2024年上半年经济总体呈现高开低走、逐季回落走势。一季度经济整体表现超过预期，单季度增速达到5.3%，高于去年四季度0.1个百分点，主要动力来自于国外需求。一季度对外货物与服务贸易净出口一改去年四季度-0.16个百分点的拖累，拉动当季经济增长0.77个百分点，成为一季度“三驾马车”当中最强增长引擎；国内需求对GDP的拉动作用虽然在一季度较去年四季度有所下降，但降幅相对较为有限，特别是春节以餐饮、旅游等为代表消费需求恢复明显，采矿业、制造业以及基建投资增长均显著高于去年底，构成一季度经济增长超预期的有力保障。但是进入二季度之后，国内外需求均有所回落，经济增长动力不足，单季度增速降至4.7%。消费支出、货物与服务贸易净出口对经济增长的拉动作用分别较一季度下降1.72个百分点和0.14个百分点，仅投资支出拉动作用高于一季度约1.25个百分点。综合来看，上半年经济增长5%，实现年初预期目标。本报告期间，在经济基本面偏弱的大背景下，央行总体上维持了相对宽松的货币金融环境，2月降准一次，存款类机构质押回购加权利率保持稳定，围绕公开市场操作政策利率波动，银行间市场资金相对较为充裕，但信贷投放增速、社融增速与货币供应量总体呈下降趋势，表明全社会加杠杆意愿较弱。在此条件下，银行被动加大债券类资产投资，而债券供给增长也较为有限、特别是地方政府专项债发行进度偏慢，因此产生较大资产配置缺口，导致债券市场收益率趋势性下行。从整个期间来看，1年期国债利率下行54BP，1年期国开债下行46BP、3年期国债下行约50BP、3年期国开下行约48BP、10年期国债下行约36BP、10年期国开下行约39BP，30年国债下行40BP，20年国开债下行43BP。3年期AAA级产业类信用债收益率下行57BP、5年期AAA级产业类信用债收益率下行64BP。本基金继续坚持稳健风格定位，在积极研究判断的基础上，自去年底即加大力度增持债券，提升组合久期与杠杆率，增强组合获利能力；持仓品种总体以中短期限、AAA及AA+等高资质信用债为主，严格控制持仓品种信用风险，注重防止流动性风险，积极挖掘具有一定溢价的高性价比个券，以争取在波动相对平稳的基础上取得较好的持有期收益。回顾半年度来看，总体风格定位偏向稳健，经风险与最大回撤调整后的收益效果较好。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:53.468Z","mo":"总体上判断经济基本面偏向缓中趋稳、货币政策偏宽松、债券收益率振荡下行，主要理由是：首先，下半年经济增长动力偏弱，一是外需下半年存在较大的不确定，因为美国及欧洲各国等国家的经济在高利率条件下虽然表现出较强的韧性，但是下半年或者最迟到明年可能出现一定程度的衰退，即使美联储及欧洲央行在通胀退潮后开始降息，但衰退仍不可避免带来需求在一段时间的持续下降，所以外需从趋势上看存在连续数月甚至几个季度下行的可能，二是内需仍然偏弱，消费需求仍处于季度下行趋势当中，投资需求总体上偏弱，即使制造业与基建投资对冲了一部分房地产投资下滑造成的负面影响，但在总体需求下行、财政收入增长偏慢的环境中，其持续时间仍然存疑。其次，为了托底经济，宽松的货币环境将得以延续，信贷需求增长较为羸弱，银行债券资产欠配状态仍将持续。最后，对于债券市场来讲，市场各机构预期相对较为一致，各期限、各品种之间的利差压缩到历史最低位，中期来看低利率环境仍将持续。不过因为市场预期过于一致，可能导致市场利率过度透支乐观预期，而在预期未被兑现的时候利率产生快速回升，因而短期可能存在波动风险。","fund":{"_id":3000000014779,"__csrcFundId":11141,"stockCode":"014779","shortName":"尚正臻利债券(014779)","masterFundShortName":"尚正臻利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14779,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:21:44.624Z","status":"normal","exchange":"jj","name":"尚正臻利债券型证券投资基金","inceptionDate":"2022-05-17T16:00:00.000Z","fundCollectionId":4000051960000,"followedNum":0,"setUpDate":"2022-05-17T16:00:00.000Z","setUpAssetScale":180951736.25,"setUpShares":180951736.25,"pinyin":"szzlzqxzqtzjj","managers":[{"stockCode":"db20840419","stockType":"fund_manager","exchange":"fm","tickerId":41008226150,"name":"段吉华"},{"stockCode":"j101020178","stockType":"fund_manager","exchange":"fm","tickerId":71125256150,"name":"关凯瀛"}]},"announcement":{"linkText":"尚正臻利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=1145522","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0f17fea5b3eb051578d","date":"2024-03-30T16:00:00.000Z","stockId":3000000014779,"sao":"2024年一季度，受国内外需求回升拉动，经济在去年的高基数下继续保持逐步复苏态势，总体增速略高于预期。国内消费、投资、出口均出现回升向好势头。春节以餐饮、旅游等为代表消费需求恢复明显，采矿业、制造业以及基建投资增长均显著高于去年底，海外对中国制造业产品需求旺盛，对外出口订单大幅提升。但是，仍然存在部分行业特别是房地产相关产业较为疲弱，新房销售仍在探底，地产开工与竣工大幅下滑，调查失业率有所上升，物价水平处于弱正值区间，特别是PPI仍处于通缩状态。宏观政策上继续加大对经济的托底作用，财政政策稳中有升，两会后将进入发力阶段；货币政策继续保持稳健宽松，如1月24日超预期降准0.5个百分点，向市场提供长期流动性约1万亿元，为经济企稳回升提供有利的金融货币环境。债券市场呈现超预期牛市行情，收益率出现不同程度的下行，1年期国债与1年期国开债利率均下行39BP、1年期AAA级存单下行21BP、3年期国债下行约31BP、3年期国开下行约23BP、10年期国债下行约27BP、10年期国开下行约30BP；3年期AAA级产业类信用债收益率下行21BP、3年期AAA级城投类信用债收益率下行18BP。本基金在谨慎判断的基础上，坚持稳健策略取向，于去年12即开始着手进行加仓操作，增持部分中短期信用债，提升组合久期与杠杆率，在今年一季度取得较好的持有期收益。但久期策略采用相对谨慎，错过长久期特别是超长期利率债收益率下行带来的资本利得，这是主要需要总结的地方。但未来长端利率可能已经进入振荡阶段，已经不宜追加长债仓位，继续坚守中短久期信用债的票息策略与杠杆策略，后续根据市场情况再考虑长债的机会。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:53.465Z","fund":{"_id":3000000014779,"__csrcFundId":11141,"stockCode":"014779","shortN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考虑到经济复苏前景偏乐观等相对不利债券的因素，维持相对防守的久期与杠杆，在第二季度在强复苏的预期落空的前提下，在防止受到市场振荡波动影响的条件下，适度小幅增加组合久期与杠杆，但仍以持有获取票息为目标的策略为主。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:53.457Z","mo":"维持全年“弱复苏”的判断不变。与中央高质量发展要求相一致，近期陆续出台各项提质增效、支持民企、扩大消费、促进出口等措施，有助于托底经济。随着政策的不断推出，下半年经济增长动力可以预期将好于二季度，因而债券市场受到利空因素可能性较大，但总体上货币金融条件宽松，债券收益率在当前水平保持波动，中枢相对稳定。组合在策略上以票息策略与杠杆策略为主，保持稳健，控制不利波动，注重提升持有期收益。","fund":{"_id":3000000014779,"__csrcFundId":11141,"stockCode":"014779","shortName":"尚正臻利债券(014779)","masterFundShortName":"尚正臻利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14779,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:21:44.624Z","status":"normal","exchange":"jj","name":"尚正臻利债券型证券投资基金","inceptionDate":"2022-05-17T16:00:00.000Z","fundCollectionId":4000051960000,"followedNum":0,"setUpDate":"2022-05-17T16:00:00.000Z","setUpAssetScale":180951736.25,"setUpShares":180951736.25,"pinyin":"szzlzqxzqtzjj","managers":[{"stockCode":"db20840419","stockType":"fund_manager","exchange":"fm","tickerId":41008226150,"name":"段吉华"},{"stockCode":"j101020178","stockType":"fund_manager","exchange":"fm","tickerId":71125256150,"name":"关凯瀛"}]},"announcement":{"linkText":"尚正臻利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=963172","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0f17fea5b3eb0515789","date":"2023-03-30T16:00:00.000Z","stockId":3000000014779,"sao":"在本报告期内，债券总体上主要受到利空预期的主导，期末收益率显著高于去年底，但不同期限与品种出现一定程度的分化。1年期国债自年初开始缓慢上行，进入2月后加速上行直到2月底达到一个高峰，进入3月后开始回落。10年期国债则在春节前达到季内高点，之后逐步回落，虽然2月底再度冲高，但没有突破前高，之后进入3月也有所回落。信用债方面，一季度内总体上保持平稳，较去年11-12月快速上行形成的“快熊”已经有所好转及修复，但季度内走势亦呈现出1月春节前、2月底两个峰值，进入3月后有所回落。债券市场收益率，1年期国债利率较上期末上行约11BP，10年期国债利率较上期上行约2BP，1年期公司债利率上行4.7BP，3年期公司债利率下行约12BP。投资策略上，根据组合流动性与投资政策要求，总体上采取防守策略，以流动性较好的中短久期品种为主。组合的波动性显著下降，净值缓慢从底部回升。展望未来，预计债券利率水平维持区间振荡概率较大，坚持以低杠杆水平的票息策略为主，追求相对稳健的风格。","declarationDate":"2023-04-14T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:53.454Z","fund":{"_id":3000000014779,"__csrcFundId":11141,"stockCode":"014779","shortName":"尚正臻利债券(014779)","masterFundShortName":"尚正臻利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14779,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:21:44.624Z","status":"normal","exchange":"jj","name":"尚正臻利债券型证券投资基金","inceptionDate":"2022-05-17T16:00:00.000Z","fundCollectionId":4000051960000,"followedNum":0,"setUpDate":"2022-05-17T16:00:00.000Z","setUpAssetScale":180951736.25,"setUpShares":180951736.25,"pinyin":"szzlzqxzqtzjj","managers":[{"stockCode":"db20840419","stockType":"fund_manager","exchange":"fm","tickerId":41008226150,"name":"段吉华"},{"stockCode":"j101020178","stockType":"fund_manager","exchange":"fm","tickerId":71125256150,"name":"关凯瀛"}]},"announcement":{"linkText":"尚正臻利债券型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=877885","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0f17fea5b3eb0515788","date":"2022-12-30T16:00:00.000Z","stockId":3000000014779,"sao":"全年来看，前三季度债券市场呈现中枢缓慢下行、区间波动明显的牛皮格局。主因是国内疫情阶段性爆发，抑制消费、延缓生产与投资，同时叠加地产去杠杆、海外收紧货币政策以及地缘冲突等因素影响，市场情绪不断受到意外事件冲击，在极端情形中快速切换，波动显著加大并逐步悲观，并最终呈现情绪激化。进入四季度后，受二十大会议精神主导，市场开始聚焦于防疫政策优化、修复经济发展动能等因素，情绪显著强于基本面现实，债券市场在资金利率快速上升后转入急跌，各期限债券均现出现大规模抛售，信用利差快速扩大，一次熊市不期而至。自本基金成立以后，在建仓期内以短期品种为主；进入正常运作后，在预判政策利率可能下调的基础上，快速转向久期策略，拉长组合久期，抓住了7-8月的阶段性机会。之后市场利率转入低位波动，下行乏力，并于10月底开始快速上行。组合根据市场情况立即进行仓位调整，减持中长久期利率债，降低组合杠杆，转向偏向防守的票息策略，组合净值有所回撤并企稳。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:53.451Z","mo":"展望未来，防疫政策优化，疫情的影响显著减弱，经济活动从自发性修复起步，逐步转向政策引导下的中期复苏。目前虽然短期内消费意愿仍然偏弱，经济主体特别是民营经济投资意愿仍有待发掘，但是以国企为抓手的“宽信用”进程已经启动，社会融资规模总量已经显著提高，前期受疫情影响的各行业已经步入快速修复轨道，在各项稳投资、促消费的政策下，盈利、收入好转的势头可能由部分行业开始向全社会传导。即使个别阶段经济复苏力度仍有可能偏弱，也会有超预期的政策力度加以支撑，从而实现整体经济增长的显著提升。在经济政策预期向好的大背景下，预计未来债券市场利率下行空间有限，总体上获利机会较少，有必要以防守性较强的票息策略为基本策略，以中短久期、高等级债券为主要持仓品种；同时，也有必要积极关注与捕捉阶段性的久期策略机会，以抓住市场预期过于一致带来的短期交易性机会，但要注意严守投资纪律，控制单次操作的仓位与投资风险。","fund":{"_id":3000000014779,"__csrcFundId":11141,"stockCode":"014779","shortName":"尚正臻利债券(014779)","masterFundShortName":"尚正臻利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14779,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:21:44.624Z","status":"normal","exchange":"jj","name":"尚正臻利债券型证券投资基金","inceptionDate":"2022-05-17T16:00:00.000Z","fundCollectionId":4000051960000,"followedNum":0,"setUpDate":"2022-05-17T16:00:00.000Z","setUpAssetScale":180951736.25,"setUpShares":180951736.25,"pinyin":"szzlzqxzqtzjj","managers":[{"stockCode":"db20840419","stockType":"fund_manager","exchange":"fm","tickerId":41008226150,"name":"段吉华"},{"stockCode":"j101020178","stockType":"fund_manager","exchange":"fm","tickerId":71125256150,"name":"关凯瀛"}]},"announcement":{"linkText":"尚正臻利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=869827","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0f17fea5b3eb0515787","date":"2022-09-29T16:00:00.000Z","stockId":3000000014779,"sao":"三季度债券市场先扬后抑，总体走出了一个超预期的小牛行情。上海疫情得到有效控制后疫情仍然在其他城市散点多发，压抑整体消费需求释放，进而影响了服务业从业人员的收入增长；房地产行业仍在底部艰难徘徊，部分民营房地产企业出现流动性恶化趋势，个别房企部分在建项目交付难的问题持续发酵；海外需求受加息影响出现一定幅度回落预期。上述诸因素在三季度初成为债券市场主要驱动因素，导致7月份债券利率自然下行和8月份央行政策利率的意外下调，带动债券市场收益率的阶段性下行，最大幅度一度接近20BP，进入9月有所振荡回升，但总体上债券市场收益率水平已显著下了一个台阶，债市迎来一个预期外的小阳春。1年期国债利率较上期末下行约10BP；10年期国债利率较上期末下行约6BP，10年期国开债下行约13BP。组合策略上总体运用久期策略获取收益。本基金正式运作正值上海疫情得到有效控制之后、各项经济活动自然恢复的6月。当时判断认为短期的修复可持续性较差，而市场利率从5月底以来持续上行，过度反映了利空因素而忽视了中期利好，因此自6月开始逐步建立长久期利率债组合。6月底组合久期维持在中偏长水平，长端债券以10年期国开债与超长期国债为主。考虑到流动性偏差、信用利差偏低、信用风险不确定性较高，仍然回避信用债。综合来看，三季度久期策略效果较好，但波动显著加大。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:53.448Z","fund":{"_id":3000000014779,"__csrcFundId":11141,"stockCode":"014779","shortName":"尚正臻利债券(014779)","masterFundShortName":"尚正臻利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14779,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:21:44.624Z","status":"normal","exchange":"jj","name":"尚正臻利债券型证券投资基金","inceptionDate":"2022-05-17T16:00:00.000Z","fundCollectionId":4000051960000,"followedNum":0,"setUpDate":"2022-05-17T16:00:00.000Z","setUpAssetScale":180951736.25,"setUpShares":180951736.25,"pinyin":"szzlzqxzqtzjj","managers":[{"stockCode":"db20840419","stockType":"fund_manager","exchange":"fm","tickerId":41008226150,"name":"段吉华"},{"stockCode":"j101020178","stockType":"fund_manager","exchange":"fm","tickerId":71125256150,"name":"关凯瀛"}]},"announcement":{"linkText":"尚正臻利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=807015","linkType":"PDF","source":"csrc_pdf"}}]}