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积极。后续存在可能政策落地，预期或需求端短时间内或难以出现超预期修复的情况，对于债市来讲趋势延续或仍存在预期差交易机会。另外，本轮信用风险的概率较2018年以及2020年降低很多，违约造成的系统性风险已经被充分认识，防范系统性风险成为主要目标，政治局会议上表述从严控新增隐性债务变成了优化地方债务，意味着债务问题或在向好的方向发展。","fund":{"_id":3000000015243,"__csrcFundId":11285,"stockCode":"015243","shortName":"东兴连裕6个月滚动持有债(015243)","masterFundShortName":"东兴连裕6个月滚动持有债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15243,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:31:53.432Z","status":"normal","exchange":"jj","name":"东兴连裕6个月滚动持有债券型证券投资基金","inceptionDate":"2022-06-08T16:00:00.000Z","fundCollectionId":4000051940000,"followedNum":1,"setUpDate":"2022-06-08T16:00:00.000Z","setUpAssetScale":283073321.96,"setUpShares":283073321.96,"pinyin":"dxly6gygdcyzqxzqtzjj","managers":[{"stockCode":"db20800074","stockType":"fund_manager","exchange":"fm","tickerId":191325215450,"name":"司马义买买提"}]},"announcement":{"linkText":"东兴连裕6个月滚动持有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=963663","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1347fea5b3eb05198f0","date":"2023-03-30T16:00:00.000Z","stockId":3000000015243,"sao":"回顾2023年一季度的基金操作，我们严格遵照基金合同的相关约定，在既定的投资流程下规范运作。一季度我们根据产品的申购、锁定期情况以及资金属性，在产品运作过程中，根据前期对市场的预判，在年初增配了部分信用债资产，并且提升了国债的配置比例，在目前市场状态下依旧保持谨慎操作。整体来看，本基金在一季度表现出了相对稳定且较为优异的表现。东兴基金作为本基金管理人，在兼顾流动性充裕、市场风险可控的前提下，努力提升基金综合收益率。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:00.992Z","fund":{"_id":3000000015243,"__csrcFundId":11285,"stockCode":"015243","shortName":"东兴连裕6个月滚动持有债(015243)","masterFundShortName":"东兴连裕6个月滚动持有债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15243,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:31:53.432Z","status":"normal","exchange":"jj","name":"东兴连裕6个月滚动持有债券型证券投资基金","inceptionDate":"2022-06-08T16:00:00.000Z","fundCollectionId":4000051940000,"followedNum":1,"setUpDate":"2022-06-08T16:00:00.000Z","setUpAssetScale":283073321.96,"setUpShares":283073321.96,"pinyin":"dxly6gygdcyzqxzqtzjj","managers":[{"stockCode":"db20800074","stockType":"fund_manager","exchange":"fm","tickerId":191325215450,"name":"司马义买买提"}]},"announcement":{"linkText":"东兴连裕6个月滚动持有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=880919","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1347fea5b3eb05198ef","date":"2022-12-30T16:00:00.000Z","stockId":3000000015243,"sao":"回顾2022年全年的基金操作，我们严格遵照基金合同的相关约定，在既定的投资流程下规范运作。本产品下半年成立以来，面临着复杂的市场形势，我们根据申购情况以及资金属性，在债券市场收益率波动过程动态逐步择机建仓，阶段性配置了中短期限的流动性较高的资产，并结合市场资金情况，适度提升了产品杠杆。在第四季度中，面对疫情、地产以及政策三者交织的复杂局面，以及宏观层面的边际变化，我们提前处置部分资产，降低产品杠杆，缩短持仓久期，并提高了高流动性资产的配置比例。不仅有效的保证了产品的流动性，也在债券市场整体回调过程中保持了较低的回撤。展望2023年，我们结合宏观基本面情况，综合分析市场运行趋势，把握配置窗口，根据债券市场趋势动态优化组合策略，努力提升组合收益。东兴基金作为本基金管理人，在兼顾流动性充裕、市场风险可控的前提下，努力提升基金综合收益率。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:00.972Z","mo":"在去年年底结束的中央经济工作会议中，会议关注经济“三重压力”，同时强调，随着各项政策效果显现，2023年经济运行有望总体回升，要坚定信心，提振信心是会议重点强调的一项工作，会议指出2023年经济工作千头万绪，要“从改善社会心理预期、提振发展信心入手”。具体而言2022年宏观背景面临消费、地产、基建的需求探底，限产限电、全球供应链摩擦等供给冲击和企业经营信心受到经济和疫情冲击等，疫情管控优化后2023年整体处于一个经济反转预期中，对于债券市场的投资环境来说需要持续观察，抓住可能的预期差的机会。货币环境方面，去年运用了降准、PSL、降息等大量货币政策，确保在经济下行过程中不产生系统性金融风险。在海外货币政策持续收紧时，年底的一次降准和中央经济工作会议所表达的内容，无疑均传达的未来2023年我国的政策还将\"以我为主\"，以提振内需以及信心为目标，至少在上半年中维持稳中偏松的环境是较为确定的。海外市场面临的环境仍然较为复杂，美联储通胀回落的预期近期难言乐观，高利率将会持续更长时间，年底降息概率减小，中美周期共振延后。美联储的动作也将对国内市场形成一定的干扰，总体在大的方向上半年利率预计维持震荡。另外，今年预计和2022年底一样，可能存在一些预期差的交易机会。目前经济依旧处于一个将起未起的阶段，地产、汽车等耐用品消费信心仍未提振，一般来说3月份是地产销售旺季，也将会是一个重要的窗口期，如经济未达预期，则将依赖更多的政策支持。总得来说，稳增长政策频出对于债券实际上是喜忧参半的，一方面稳增长的目标下决定了当前债券资产并不是时间的朋友，而另一方面稳增长的诉求和路径也决定了当前货币环境和流动性环境仍然比较友好，仍需持续关注经济修复情况，总体来说判断市场上半年的机会好于下半年。","fund":{"_id":3000000015243,"__csrcFundId":11285,"stockCode":"015243","shortName":"东兴连裕6个月滚动持有债(015243)","masterFundShortName":"东兴连裕6个月滚动持有债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15243,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:31:53.432Z","status":"normal","exchange":"jj","name":"东兴连裕6个月滚动持有债券型证券投资基金","inceptionDate":"2022-06-08T16:00:00.000Z","fundCollectionId":4000051940000,"followedNum":1,"setUpDate":"2022-06-08T16:00:00.000Z","setUpAssetScale":283073321.96,"setUpShares":283073321.96,"pinyin":"dxly6gygdcyzqxzqtzjj","managers":[{"stockCode":"db20800074","stockType":"fund_manager","exchange":"fm","tickerId":191325215450,"name":"司马义买买提"}]},"announcement":{"linkText":"东兴连裕6个月滚动持有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=870084","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1347fea5b3eb05198ee","date":"2022-09-29T16:00:00.000Z","stockId":3000000015243,"sao":"回顾2022年的三季度的基金操作，我们严格遵照基金合同的相关约定，在既定的投资流程下规范运作。三季度我们根据产品的申购情况以及资金属性，在债券市场收益率波动过程动态逐步择机建仓，阶段性配置了中短期限的流动性较高的资产，并结合市场资金情况，适度提升了产品杠杆。展望四季度，我们结合宏观基本面情况，综合分析市场运行趋势，根据债券市场趋势动态优化组合策略，努力提升组合收益。东兴基金作为本基金管理人，在兼顾流动性充裕、市场风险可控的前提下，努力提升基金综合收益率。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:55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