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信心有所增强。降准降息的背景下，宽松的货币政策料将持续，经历调整后，债券收益率吸引力提升；财政化债逻辑下，城投债的性价比突出。综合来看债券市场胜率仍在，结构上认为中短端信用债确定性更高，对超长端利率债则保持一分谨慎。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:10.818Z","fund":{"_id":3000000015307,"__csrcFundId":11150,"stockCode":"015307","shortName":"华泰紫金智享一年定期开放债券发起(015307)","masterFundShortName":"华泰紫金智享一年定期开放债券发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15307,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:33:50.983Z","status":"normal","exchange":"jj","name":"华泰紫金智享一年定期开放债券型发起式证券投资基金","inceptionDate":"2022-05-10T16:00:00.000Z","fundCollectionId":4000051430000,"followedNum":0,"setUpDate":"2022-05-10T16:00:00.000Z","setUpAssetScale":3009999000,"setUpShares":3009999000,"pinyin":"htzjzxyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20814918","stockType":"fund_manager","exchange":"fm","tickerId":121606219390,"name":"刘鹏飞"},{"stockCode":"db20551764","stockType":"fund_manager","exchange":"fm","tickerId":120212184670,"name":"李博良"}]},"announcement":{"linkText":"华泰紫金智享一年定期开放债券型发起式证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1169555","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed13e7fea5b3eb051a446","date":"2024-06-29T16:00:00.000Z","stockId":3000000015307,"sao":"上半年，债券整体震荡偏强，特别是年初至4月份，收益率呈单边下行趋势。超长期国债表现尤为亮眼，上半年下行超过40BP，久期策略在上半年很有效。期限利差和信用利差不断压缩，截至6月末，均已处于历史较低分位值。短端受制于市场资金利率，下行受限，利率曲线平坦化。进入二季度，尽管央行对超长端收益率过快下行多次表达了担忧，收益率有所波动，在“资产荒”的演绎下，长端收益率再创新低。7月召开的三中全会闭幕后，在两次降息带动下，市场收益率延续下行。机构交易行为仍然以做多为主。一方面，需要注意到经济基本面、机构行为仍然是债市的支撑因素；另一方面，从中央全会精神到贯彻落实，一般是宏观政策加码加快的信号，围绕政策和政策效能的预期差博弈，仍然是市场的主要扰动因素。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:10.816Z","mo":"展望下半年，财政和产业政策的落地加快，有助于带动企业投资和居民消费的改善；外部美联储或于9月展开首次降息，美国大选之后国际贸易或更加复杂，仍然需要注意宏观调控的政策节奏。汇率弹性上升，近期人民币汇率走强，资金利率中枢和走廊下限或有所放开，曲线或偏于陡峭化。对下半年债券市场总体保持谨慎乐观，重点关注三季度政府债券放量和增量政策落地节奏。组合管理层面，债券资产的仓位和久期保持住，进一步提升高流动性资产的占比，快速应对市场变化。","fund":{"_id":3000000015307,"__csrcFundId":11150,"stockCode":"015307","shortName":"华泰紫金智享一年定期开放债券发起(015307)","masterFundShortName":"华泰紫金智享一年定期开放债券发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15307,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:33:50.983Z","status":"normal","exchange":"jj","name":"华泰紫金智享一年定期开放债券型发起式证券投资基金","inceptionDate":"2022-05-10T16:00:00.000Z","fundCollectionId":4000051430000,"followedNum":0,"setUpDate":"2022-05-10T16:00:00.000Z","setUpAssetScale":3009999000,"setUpShares":3009999000,"pinyin":"htzjzxyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20814918","stockType":"fund_manager","exchange":"fm","tickerId":121606219390,"name":"刘鹏飞"},{"stockCode":"db20551764","stockType":"fund_manager","exchange":"fm","tickerId":120212184670,"name":"李博良"}]},"announcement":{"linkText":"华泰紫金智享一年定期开放债券型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1143914","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed13e7fea5b3eb051a445","date":"2024-03-30T16:00:00.000Z","stockId":3000000015307,"sao":"今年一季度债券市场延续强势表现，各主要期限收益率均下行，2年期国债收益率下行约35BP，10年期下行约27BP，30年期下行约38BP。资产荒背景下，农商行等为代表的金融机构配置情绪高，超长期利率债表现尤为亮眼。长端绝对收益率水平已经突破历史极值，收益率曲线呈平坦化特征。组合管理上，一季度逐步卖出收益率较低的资产，降低组合杠杆。往后看，国内宽信用的抓手仍较为有限，产能过剩叠加需求不足，资产价格面临下行压力，资产荒的逻辑没有被打破。超长期特别国债的供给对市场可能会有一定扰动，但很难成为交易的主要逻辑。债券胜率依然较高，在绝对收益率和期限利差均极低的状态下，从更稳妥的角度考虑，可以沿着收益率曲线向中短端集中。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:10.813Z","fund":{"_id":3000000015307,"__csrcFundId":11150,"stockCode":"015307","shortName":"华泰紫金智享一年定期开放债券发起(015307)","masterFundShortName":"华泰紫金智享一年定期开放债券发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15307,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:33:50.983Z","status":"normal","exchange":"jj","name":"华泰紫金智享一年定期开放债券型发起式证券投资基金","inceptionDate":"2022-05-10T16:00:00.000Z","fundCollectionId":4000051430000,"followedNum":0,"setUpDate":"2022-05-10T16:00:00.000Z","setUpAssetScale":3009999000,"setUpShares":3009999000,"pinyin":"htzjzxyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20814918","stockType":"fund_manager","exchange":"fm","tickerId":121606219390,"name":"刘鹏飞"},{"stockCode":"db20551764","stockType":"fund_manager","exchange":"fm","tickerId":120212184670,"name":"李博良"}]},"announcement":{"linkText":"华泰紫金智享一年定期开放债券型发起式证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1068351","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed13e7fea5b3eb051a444","date":"2023-12-30T16:00:00.000Z","stockId":3000000015307,"sao":"2023年债券市场表现强势，各主要期限收益率均下行，特别是以30年国债代表的超长期利率债表现尤为亮眼，收益率曲线形态呈牛平特征。高频数据显示宏观经济仍面临不小的压力，通胀数据持续不及市场预期，国内主要的资产价格有所承压。房地产相关的放松政策陆续出台，从终端销售数据看，实际效果仍不明显。行业内一些代表性公司出现负面舆情，对房地产信心的修复也带来影响。增发万亿国债反映财政加力，短期对债券市场造成一点扰动。但资产荒逻辑下，市场配置力量强劲，利空因素很有限。2024年年初，央行超预期降准和LPR非对称降息，推动收益率进一步下行。组合坚持以中高等级城投债为主的投资策略，在上半年末适度降低了组合杠杆，下半年适度增加了对利率债的波段交易。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:5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