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1-2月社零同比+4.0%，1、2月环比季调均高于2024年同期，“以旧换新”政策补贴扩围加力，同比消费动能改善。对于债市，3月市场收益率演绎“倒V”形态，上半个月，债市情绪仍偏谨慎，特别是两会之后，债市对央行宽松政策预期重新定价，资金面持续紧张，银行体系缺负债，且在消费政策、经济基本面数据带来的情绪影响下，债市情绪较为恐慌，债券收益率大幅上行，基金券商等交易盘恐慌情绪演绎，10年期、30年期国债收益率触碰1.9%、2.15%等关键点位，长端收益率基本完成对透支宽松预期的修正；而随着央行资金态度缓和，债市逐渐进行修复，债市收益率震荡下行，且波动空间很可能将收窄，短期有待资金面与基本面数据给出方向性指引。展望债市，我们认为近几个月的宏观格局与债市趋势与2022年末至2023年初的阶段较为相似，背后都有来自于经济修复的预期以及风险偏好的回暖。但2023年二季度开始，股和债的走势开始发生逆转，债市重新走强，背后对应的则是市场复苏预期的落空。如果经济修复并未如市场预期般强劲，货币政策和财政政策可能会进一步加码，尤其是货币政策的宽松可能再超市场预期，带动债券利率重回下行。展望后市，今年债券牛市格局仍未改变，我们继续看好国内债券市场。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:59.066Z","fund":{"_id":3000000014814,"__csrcFundId":10811,"stockCode":"014814","shortName":"格林泓皓纯债","masterFundShortName":"格林泓皓纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14814,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:39.508Z","status":"normal","exchange":"jj","name":"格林泓皓纯债债券型证券投资基金","fundCollectionId":4000051360000,"inceptionDate":"2022-03-24T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-24T16:00:00.000Z","setUpAssetScale":1495117433.06,"setUpShares":1495117433.06,"pinyin":"glhhczzqxzqtzjj","managers":[{"stockCode":"j101020445","stockType":"fund_manager","exchange":"fm","tickerId":251210259160,"name":"尹鲁晋"}]},"announcement":{"linkText":"格林泓皓纯债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=1274347","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0f77fea5b3eb0515e16","date":"2024-12-30T16:00:00.000Z","stockId":3000000014814,"sao":"回顾2024年，上半年宏观环境较为波折，一季度地产投资下滑明显，市场期待的政策刺激有所落空，在“资产荒”配置压力下，叠加权益市场小微盘流动性冲击引发资金避险情绪进一步抬升，债券市场迎来快速上涨。二季度4月之后，宏观基本面数据结构性略有好转，但景气度的回升仍较为曲折，细分结构存在一定“温差”，偏弱的社零、房地产投资增速的下滑以及社融信贷等方面的修复有待进一步跟踪，基本面与资产荒格局的共同作用下，债市二季度依然维持震荡偏强的走势。另外，央行在二季度数次提示长端利率债定价以及债市风险，导致市场情绪波动，但在基本面因素的支撑下，调整幅度相对有限，债市收益率在横盘震荡近2个月后于6月份再次出现一轮显著下行。进入三季度后，宏观环境持续低位运行态势，消费和投资依然为主要拖累项，制造业PMI持续处于收缩区间，地产投资与销售尚未企稳，消费稳中略降，CPI、PPI不及预期。在有效需求不足的宏观环境下，债市延续上涨态势，7月降息落地，十年期国债收益率下行突破2.20%阻力位；8月市场处于基本面与央行对长债收益率下行管控的博弈之中，市场剧烈震荡；9月前三周，资产荒与避险情绪的推动下，债市收益率继续快速下行；9月最后一周，一揽子金融货币政策发布，极大提升了市场乐观预期和风险偏好，股市显著修复，债市在几个交易日内迎来较大幅调整，但经济数据在未出现数个季度的回暖前，债市多头逻辑仍然成立。四季度，国内政策变化积极，一揽子增量政策密集出台，带动基本面预期改善，股市走强，债市大幅调整。十一长假后，市场情绪有所修复，10月中下旬，债市主要围绕财政政策预期差博弈，利率波动较大。进入11月，财政增量刺激靴子落地，符合市场此前预期，随后再融资专项债放量发行，但央行积极投放加以对冲，市场快速消化了供给冲击的不利因素，债市收益率进一步下行。11月下旬起，随降准预期升温，配置机构进场抢跑，债市持续走强。进入12月以来，随着地方债供给压力逐渐消退、股债跷跷板效应减退，债市开启年末抢跑逻辑，加之非银同业负债自律机制的作用下，债市做多情绪旺盛，十年期国债收益率快速下台阶，不断创新低，加之资金面中性偏宽松，12月政治局会议强调财政政策更加积极、货币政策适度宽松，交易盘延续几个交易日“恐慌性”买入，提前定价2025年降准降息预期。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:59.063Z","mo":"长期来看，预期2025两会将增大中央赤字，出台增量消费政策提振内需，政策相机抉择应对内外需的不确定性。经济仍然处于修复过程中，暂时不支持债市转熊，期间或因超预期政策、市场情绪、债市供给因素等扰动。低利率环境下更加考验管理人择时能力，交易节奏将更加重要。","fund":{"_id":3000000014814,"__csrcFundId":10811,"stockCode":"014814","shortName":"格林泓皓纯债","masterFundShortName":"格林泓皓纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14814,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:39.508Z","status":"normal","exchange":"jj","name":"格林泓皓纯债债券型证券投资基金","fundCollectionId":4000051360000,"inceptionDate":"2022-03-24T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-24T16:00:00.000Z","setUpAssetScale":1495117433.06,"setUpShares":1495117433.06,"pinyin":"glhhczzqxzqtzjj","managers":[{"stockCode":"j101020445","stockType":"fund_manager","exchange":"fm","tickerId":251210259160,"name":"尹鲁晋"}]},"announcement":{"linkText":"格林泓皓纯债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=1253011","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0f77fea5b3eb0515e15","date":"2024-09-29T16:00:00.000Z","stockId":3000000014814,"sao":"2024年三季度宏观环境持续低位运行态势，消费和投资依然为主要拖累项，制造业PMI持续处于收缩区间，地产投资与销售尚未企稳，消费稳中略降，CPI、PPI不及预期。在有效需求不足的宏观环境下，债市延续上涨态势，7月降息落地，十年期国债收益率下行突破2.20%阻力位；8月市场处于基本面与央行对长债收益率下行管控的博弈之中，市场剧烈震荡；9月前三周，资产荒与避险情绪的推动下，债市收益率继续快速下行；9月最后一周，一揽子金融货币政策发布，极大提升了市场乐观预期和风险偏好，股市显著修复，债市在几个交易日内迎来较大幅调整，经济数据在未出现数个季度的回暖前，债市多头逻辑仍然成立，需把握交易节奏。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:59.061Z","fund":{"_id":3000000014814,"__csrcFundId":10811,"stockCode":"014814","shortName":"格林泓皓纯债","masterFundShortName":"格林泓皓纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14814,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:39.508Z","status":"normal","exchange":"jj","name":"格林泓皓纯债债券型证券投资基金","fundCollectionId":4000051360000,"inceptionDate":"2022-03-24T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-24T16:00:00.000Z","setUpAssetScale":1495117433.06,"setUpShares":1495117433.06,"pinyin":"glhhczzqxzqtzjj","managers":[{"stockCode":"j101020445","stockType":"fund_manager","exchange":"fm","tickerId":251210259160,"name":"尹鲁晋"}]},"announcement":{"linkText":"格林泓皓纯债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=1169625","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0f77fe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4.2%，与2023年12月的4.1%大致持平，其中地产、制造业投资边际改善，同比-9.0%、9.4%，1-2月基建同比增长9.0%，不过专项债发行进度略慢，预计二季度将提速。另外，居民消费增速企稳回升，春节期间出行消费数据持续回暖。从物价、金融、PMI等多维度数据看，还存在部分结构性矛盾，3月CPI偏弱，PMI超预期，新出口订单指数大幅提升，整体经济展现出一定震荡修复的特征，持续性有待进一步观察。债市方面，市场对经济复苏斜率的预期较为保守，债市走牛形成逻辑支撑。另外，化债背景下，资产荒逻辑持续发酵，机构年初配置需求发力，叠加权益市场悲观情绪，进一步助推债市定价走向极值区间。我们短期对债市保持中性偏谨慎，部分宏观数据的企稳对债市收益率进一步下行形成掣肘，另外，债券供给有望在5月之后集中释放，恐将对市场造成冲击，组合阶段性防守。经济拐点需要数个季度的数据确认，债市在此之前仍有做多的时间窗口，耐心等待供给放量后的配置机会。","declarationDate":"2024-04-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:59.056Z","fund":{"_id":3000000014814,"__csrcFundId":10811,"stockCode":"014814","shortName":"格林泓皓纯债","masterFundShortName":"格林泓皓纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14814,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:39.508Z","status":"normal","exchange":"jj","name":"格林泓皓纯债债券型证券投资基金","fundCollectionId":4000051360000,"inceptionDate":"2022-03-24T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-24T16:00:00.000Z","setUpAssetScale":1495117433.06,"setUpShares":1495117433.06,"pinyin":"glhhczzqxzqtzjj","managers":[{"stockCode":"j101020445","stockType":"fund_manager","exchange":"fm","tickerId":251210259160,"name":"尹鲁晋"}]},"announcement":{"linkText":"格林泓皓纯债债券型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1064481","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0f77fea5b3eb0515e12","date":"2023-12-30T16:00:00.000Z","stockId":3000000014814,"sao":"2023年债市完美收官，债市整体呈现小牛市格局，中低等级信用债表现优异，本基金仍坚持利率债策略并积极捕捉了本年三次久期博弈机会。国内基本面来看，疫情后经济修复情况不及预期，经济转型期弹性不强，货币政策维持宽松但传导不畅，反应在资产价格上则是利率中枢下移，权益资产回报率下降。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:59.053Z","mo":"全年来看，核心问题是国内在持续面临总需求不振的压力下，总量型、结构性政策持续释放，对外开放的顶层文件不断出台。但我们认为在国内物价指标未出现稳定向好的迹象前，宏观经济很难有系统性企稳迹象。尽管中央经济工作会议提出M2与经济增长和价格水平的预期目标相匹配，相较于之前M2的偏离已经显著缩窄，但当前M2增速仍高于目标，“盘活存量、提升效能”的表述在中央经济工作会议中也仍被保留，因此防空转的任务可能还未实现，所以在上半年除非有风险事件，很难在宏观政策上有大开大合的展现。因此在宏观环境上没有大波动、基本面自然调整、通胀温和复苏的前提下，债市更适宜构建中性久期子弹型组合。年初对行情的透支可能导致后续波动率的收敛，趋势性交易机会没有2023年明确，通过子弹型组合在静态收益上取得收益优势，同时积极捕捉骑乘机会。","fund":{"_id":3000000014814,"__csrcFundId":10811,"stockCode":"014814","shortName":"格林泓皓纯债","masterFundShortName":"格林泓皓纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14814,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:39.508Z","status":"normal","exchange":"jj","name":"格林泓皓纯债债券型证券投资基金","fundCollectionId":4000051360000,"inceptionDate":"2022-03-24T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-24T16:00:00.000Z","setUpAssetScale":1495117433.06,"setUpShares":1495117433.06,"pinyin":"glhhczzqxzqtzjj","managers":[{"stockCode":"j101020445","stockType":"fund_manager","exchange":"fm","tickerId":251210259160,"name":"尹鲁晋"}]},"announcement":{"linkText":"格林泓皓纯债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=1056729","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0f77fea5b3eb0515e11","date":"2023-09-29T16:00:00.000Z","stockId":3000000014814,"sao":"国外经济方面，第三季度全球发达国家通胀有所反复，货币政策收紧节奏趋缓，经济表现不一。美国经济基本面有所修复，通胀水平抬升。国内经济基本面整体偏弱，但环比数据有所回暖，8月中旬降息落地后债市走出利好出尽行情，第三季度末受政府债券发行提速、银行信贷再度发力等因素影响，银行间资金面趋于紧平衡。本基金在8月中下旬逐渐切换成防御性久期，在政府债发行高峰过后，融资需求将进入较长一段时间的下行期，如果经济基本面复苏斜率不及预期，将择机调整组合的久期水平，力争获取超额收益。并根据基金规模的变动，动态调整杠杆水平，力争为投资者创造较好的收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:59.050Z","fund":{"_id":3000000014814,"__csrcFundId":10811,"stockCode":"014814","shortName":"格林泓皓纯债","masterFundShortName":"格林泓皓纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14814,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:39.508Z","status":"normal","exchange":"jj","name":"格林泓皓纯债债券型证券投资基金","fundCollectionId":4000051360000,"inceptionDate":"2022-03-24T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-24T16:00:00.000Z","setUpAssetScale":1495117433.06,"setUpShares":1495117433.06,"pinyin":"glhhczzqxzqtzjj","managers":[{"stockCode":"j101020445","stockType":"fund_manager","exchange":"fm","tickerId":251210259160,"name":"尹鲁晋"}]},"announcement":{"linkText":"格林泓皓纯债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=987928","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0f77fea5b3eb0515e10","date":"2023-06-29T16:00:00.000Z","stockId":3000000014814,"sao":"2023年上半年，债市经历两个逻辑催生下的慢牛行情，首先是经济复苏的证伪和去年理财负反馈的修复性行情，之后是基本面的回落和货币政策刺激的主动行情。总的来说，在经济进入转型升级时期，房住不炒作为核心定位带来了经济引擎切换的低增速时期，高质量发展和存量债务风险的化解带来了货币政策的易松难紧，流动性宽松的大环境刺激债券收益率水平逐步下行。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:59.047Z","mo":"展望后续，第三季度更加关注基本面的变化，关注各项月频数据能否在7-8月环比走平或改善，组合久期相比上半年将略有保守，维持组合的哑铃型结构以保持灵活性，适时切换进攻或防御型久期。","fund":{"_id":3000000014814,"__csrcFundId":10811,"stockCode":"014814","shortName":"格林泓皓纯债","masterFundShortName":"格林泓皓纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14814,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:39.508Z","st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