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年期国债收益率较去年年末下行约2.5bp至1.65%。1年国债收益率较去年年末上行26bp至1.34%。报告期内，我们基本维持组合的纯债类资产配置，持仓品种以绿色利率债为主。组合加权久期控制在中等偏低水平，投资策略以配置为主。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:26.547Z","mo":"展望2025年下半年，海外贸易政策影响或阶段性减退，基本面影响可能开始显现，流动性充裕环境有望延续，关注国债买卖重启进度和后市利率表现。组合操作上将根据市场波动，适当提高波段操作频率，以追求更佳回报。","fund":{"_id":3000000015445,"__csrcFundId":11506,"stockCode":"015445","shortName":"申万菱信绿色纯债债券型发起式(015445)","masterFundShortName":"申万菱信绿色纯债债券型发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15445,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:36:43.371Z","status":"normal","exchange":"jj","fundCollectionId":4000050340000,"name":"申万菱信绿色纯债债券型发起式证券投资基金","inceptionDate":"2022-08-29T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-29T16:00:00.000Z","setUpAssetScale":20357089.55,"setUpShares":20357089.55,"pinyin":"swlxlsczzqxfqszqtzjj","managers":[{"stockCode":"j101020031","stockType":"fund_manager","exchange":"fm","tickerId":171019243250,"name":"乔健生"},{"stockCode":"db20175801","stockType":"fund_manager","exchange":"fm","tickerId":252526133780,"name":"叶瑜珍"}]},"announcement":{"linkText":"申万菱信绿色纯债债券型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1344382","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed14e7fea5b3eb051b528","date":"2025-03-30T16:00:00.000Z","stockId":3000000015445,"sao":"经济基本面方面，2025年一季度经济增长进一步好转。1-3月官方制造业PMI逐月回升。1-2月经济和金融数据显示我国在两新、AI等领域出现结构性亮点，出口韧性仍在，信贷增长较好，商品房销售有所修复。但同时，CPI、PPI等价格指数回升动能有待增强，地产投资有待进一步改善，消费动能有待进一步修复，内需偏弱的问题仍在延续。市场预期和风险偏好出现明显回升。受上述因素影响，一季度长端国债收益率先下后上。流动性与货币政策方面，2025年一季度银行间市场资金面保持紧平衡。受春节、跨季等因素影响，一季度市场流动性波动加大。市场普遍预期的双降操作尚未落地。货币政策宽松预期的边际收敛也是2月以来的长端国债收益率快速上行的重要原因。总体而言，2025年一季度利率债收益率以上行为主。截至2025年一季度末，10年期国债收益率录得1.82%，较2024年末上行约14bp。开年来货币宽松预期推动收益率持续下行，2月上旬录得一季度利率低点1.60%；后续市场随着资金面收紧逐步修正这一预期，3月中旬录得一季度债券利率高点1.90%。综合考虑经济基本面变化、央行货币政策操作、市场供需情况等因素，我们判断当前利率债仍然具有一定的配置价值。本基金在报告期内，主要投资于国债、政策性金融债、债券回购等品种，组合整体运行状况良好。此外，密切跟踪央行动态及市场参与者行为，保持了较高的资产流动性和较为适宜的杠杆水平，根据市场波动适时调整持仓，综合运用久期策略、骑乘策略、杠杆套息策略和票息策略等以期增厚组合收益，灵活合理安排组合久期和资产结构，力争获得超越比较基准的收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:26.544Z","fund":{"_id":3000000015445,"__csrcFundId":11506,"stockCode":"015445","shortName":"申万菱信绿色纯债债券型发起式(015445)","masterFundShortName":"申万菱信绿色纯债债券型发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15445,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:36:43.371Z","status":"normal","exchange":"jj","fundCollectionId":4000050340000,"name":"申万菱信绿色纯债债券型发起式证券投资基金","inceptionDate":"2022-08-29T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-29T16:00:00.000Z","setUpAssetScale":20357089.55,"setUpShares":20357089.55,"pinyin":"swlxlsczzqxfqszqtzjj","managers":[{"stockCode":"j101020031","stockType":"fund_manager","exchange":"fm","tickerId":171019243250,"name":"乔健生"},{"stockCode":"db20175801","stockType":"fund_manager","exchange":"fm","tickerId":252526133780,"name":"叶瑜珍"}]},"announcement":{"linkText":"申万菱信绿色纯债债券型发起式证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1273747","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed14e7fea5b3eb051b527","date":"2024-12-30T16:00:00.000Z","stockId":3000000015445,"sao":"经济基本面方面，2024年全年经济运行总体偏弱。受到房地产投资偏弱和地方政府债务问题影响，叠加错综复杂的外部环境，2024年国内需求相对走弱，特别是对2024年前三季度经济增长构成一定影响。2024年前三季度，国内消费、物价、信贷等需求侧数据普遍表现一般。9月下旬以来，政策出现明显转向，各类促需求、稳市场的政策接力出台，对2024年四季度经济增长形成支撑，并激发了市场关于经济回稳向好的预期。这一时期，投资、消费等领域的部分数据亦出现了边际回暖。全年来看，经济基本面对债券市场较为友好，是2024年债券收益率大幅下行的重要基础。流动性与货币政策方面，2024年货币政策保持稳健并适时加力。价格方面，2024年政策利率（OMO）累计下调30bp，1年期和5年期LPR分别累计下调35bp和60bp。基准利率、存款利率和贷款利率下调带动包括债券利率在内的广义利率整体下行。数量方面，2024年法定存款准备金率累计下调1个百分点。此外，央行还开创了国债二级买卖、买断式逆回购等一系列创新型工具，这些工具的运用也为市场提供了流动性支撑，市场流动性环境总体平稳。中央经济工作会议表示，2025年将实施较为宽松的货币政策，进一步加强了货币政策的宽松预期。全年来看，货币宽松与货币宽松预期互相加强，货币政策和流动性环境对债券市场较为友好，进一步刺激了债券市场收益率的下行趋势。总体而言，2024年利率债收益率大幅下行。截至2024年末，10年期国债收益率录得1.68%，较2023年末下行约88bp。1月基本面和货币宽松预期定价不充分，录得全年收益率高点2.56%；12月末市场消化扰动因素，叠加货币政策宽松预期、机构配置压力等因素，录得全年债券利率低点1.68%。综合考虑经济基本面变化、央行货币政策操作、市场供需情况等因素，我们判断当前利率债仍然具有一定的配置价值。本基金在报告期内，主要投资于国债、政策性金融债、债券回购等品种，组合整体运行状况良好。此外，密切跟踪央行动态及市场参与者行为，保持了较高的资产流动性和较为适宜的杠杆水平，根据市场波动适时调整持仓，综合运用久期策略、骑乘策略、杠杆套息策略和票息策略等以期增厚组合收益，灵活合理安排组合久期和资产结构，力争获得超越比较基准的收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:26.542Z","mo":"2025年国内需求偏弱等问题可能仍将延续，外部环境压力可能加大，消费承压、民间投资需求不足、价格指标表现偏弱等问题可能仍会影响中国经济增长表现。按此，货币宽松趋势预计将维持。另一方面，经济刺激政策思路已经发生明显变化，房地产、地方债务等领域的风险可能出现改善。经济基本面各种因素交织，叠加债券收益率绝对水平处于历史相对低位，预计债券收益率或将波动下行，但市场震荡幅度可能较大。","fund":{"_id":3000000015445,"__csrcFundId":11506,"stockCode":"015445","shortName":"申万菱信绿色纯债债券型发起式(015445)","masterFundShortName":"申万菱信绿色纯债债券型发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15445,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:36:43.371Z","status":"normal","exchange":"jj","fundCollectionId":4000050340000,"name":"申万菱信绿色纯债债券型发起式证券投资基金","inceptionDate":"2022-08-29T16:00:00.000Z","followedNum":0,"setUpD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以期提高组合投资收益。","fund":{"_id":3000000015445,"__csrcFundId":11506,"stockCode":"015445","shortName":"申万菱信绿色纯债债券型发起式(015445)","masterFundShortName":"申万菱信绿色纯债债券型发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15445,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:36:43.371Z","status":"normal","exchange":"jj","fundCollectionId":4000050340000,"name":"申万菱信绿色纯债债券型发起式证券投资基金","inceptionDate":"2022-08-29T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-29T16:00:00.000Z","setUpAssetScale":20357089.55,"setUpShares":20357089.55,"pinyin":"swlxlsczzqxfqszqtzjj","managers":[{"stockCode":"j101020031","stockType":"fund_manager","exchange":"fm","tickerId":171019243250,"name":"乔健生"},{"stockCode":"db20175801","stockType":"fund_manager","exchange":"fm","tickerId":252526133780,"name":"叶瑜珍"}]},"announcement":{"linkText":"申万菱信绿色纯债债券型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=963929","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed14e7fea5b3eb051b520","date":"2023-03-30T16:00:00.000Z","stockId":3000000015445,"sao":"2023年一季度利率市场主要经历了四个阶段。第一阶段：年初收益率上行至春节，为期一个月。第二阶段：春节后收益率开始震荡下行至二月中旬，为期两周。第三阶段：二月中旬后收益率短期快速上行至二月末，为期两周。第四阶段：三月初开始收益率震荡下行至月末，为期一个月。第一阶段收益率上行的主要原因如下：1）\t去年四季度的债市调整后，债券性价比升高，收益率开始从高位回落，利率债进一步下行空间相对有限，收益率转为上行。2）\t市场预期的一月份降息预期未能兑现，利率转为上行。3）\t市场对于一月份信贷开门红预期较强，对一季度经济复苏的预期也较强，对债市产生一定压力。第二阶段收益率转为下行，但是幅度不大的主要原因如下：1）\t春节过后，数据显示需求不及预期，经济是弱复苏状态，利率开始转为下行。2）\t同业存单供给和同业存单利率仍在高位；资金利率没有明显回落，市场对二月份的贷款预期依然很高，所以利率尽管已开始转势，但是下行空间有限。第三阶段收益率短期快速上行的原因如下：1）\t二月初资金超预期紧张，叠加税期，资金利率和波动性都明显变高。2）\t二月中旬，商业银行资本管理办法征求意见稿公布，市场收益率整体大幅上行。第四阶段收益率开始明显下行的原因如下：1）\t数据显示经济复苏力度一般，且未有超预期政策。2）\t进入3月后，央行持续回收流动性，逆回购存量持续减少，但是资金利率没有明显上行，超出市场预期，二月份资金紧张的担忧有所缓解。3）\t市场普遍认为降准会发生在二季度，但是央行在三月份超预期降准，收益率下行。由于本基金为绿色债券主题投资基金，投资范围相对较窄，基金成立以来受限于规模，因此基金投资债券相对集中。为降低波动，基金配置了久期偏短的绿色金融债。待基金规模有所增长后，将进一步细化投资策略，分散持仓，在主题投资库内挖掘更好的投资标的。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:26.519Z","fund":{"_id":3000000015445,"__csrcFundId":11506,"stockCode":"015445","shortName":"申万菱信绿色纯债债券型发起式(015445)","masterFundShortName":"申万菱信绿色纯债债券型发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15445,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:36:43.371Z","status":"normal","exchange":"jj","fundCollectionId":4000050340000,"name":"申万菱信绿色纯债债券型发起式证券投资基金","inceptionDate":"2022-08-29T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-29T16:00:00.000Z","setUpAssetScale":20357089.55,"setUpShares":20357089.55,"pinyin":"swlxlsczzqxfqszqtzjj","managers":[{"stockCode":"j101020031","stockType":"fund_manager","exchange":"fm","tickerId":171019243250,"name":"乔健生"},{"stockCode":"db20175801","stockType":"fund_manager","exchange":"fm","tickerId":252526133780,"name":"叶瑜珍"}]},"announcement":{"linkText":"申万菱信绿色纯债债券型发起式证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=881701","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed14e7fea5b3eb051b51f","date":"2022-12-30T16:00:00.000Z","stockId":3000000015445,"sao":"2022年受疫情、地产拖累影响，全年经济表现较弱，利率债市场虽然从全年来看利率水平变化不大，但年中波动较大，期间先后经历了两次较小的波动及一次较大的震荡。具体来看，年初降息操作等宽松预期带来利率显著下行，但随后地产政策放松等稳增长政策加码带动利率从低位回调至年初水平。3、4月份疫情蔓延推动利率再度下行触及1月份低点，随着5、6月份疫情缓解，利率再度回升至前高。而8月份超预期的降息带来了利率年内最大一波下行，货币政策进一步放松预期及超宽松的资金面带动利率在9、10月份触及年内低点，但11月份起防疫政策变化、地产宽松政策加码扭转市场对经济的悲观预期，利率转头向上，理财产品净值下跌引发赎回，进一步加剧了市场下行，到12月份中旬各期限利率品种达到前高或创出年内新高。信用债走势在前三个季度表现一直优于利率债，在持续的配置压力下，信用利差被不断压缩，而在四季度市场调整过程中，理财产品赎回负反馈导致信用债剧烈调整，信用利差迅速被拉大至近几年的高位水平。本基金9月份开始运作以来，基金规模一直相对较小，受限于银行间交易单笔金额的限制，投资债券相对集中，为降低投资波动，基金配置了久期偏短的绿色金融债，因此组合净值波动主要跟随中短久期的绿色金融债走势。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:26.517Z","mo":"展望2023年，经济修复的预期较强，但实际增长需要数据不断的印证。从流动性角度看，经济修复过程中，稳健的货币政策需要配合积极的财政政策，流动性将维持合理宽松，但与2022年相比货币市场利率中枢和波动水平可能将有所抬升，在较强的复苏预期下，利率市场也可能将有所抬升。但经济修复过程也有可能有所波折，地产投资和出口下滑可能一定程度上影响2023年经济表现，财政收入增速下降也可能限制基建投资托底经济的能力，这些因素都可能会限制利率的上行空间。同时从降低实体经济融资成本角度看，市场利率也不宜上行过高过快，因此即使2023年对利率市场略微谨慎，但也不用过度悲观，预计利率上行的空间或将较为有限。全年来看，利率可能将在一个相对较窄的区域内波动。根据这样的市场判断，本基金在操作上将注重寻找性价比，降低盈利预期，提高交易的频次，通过动态跟踪宏观政策和流动性预期变化，结合利率波动区间和市场预期兑现情况，动态调整组合久期，通过适度的波段交易来力争增厚组合回报。","fund":{"_id":3000000015445,"__csrcFundId":11506,"stockCode":"015445","shortName":"申万菱信绿色纯债债券型发起式(015445)","masterFundShortName":"申万菱信绿色纯债债券型发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15445,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:36:43.371Z","status":"normal","exchange":"jj","fundCollectionId":4000050340000,"name":"申万菱信绿色纯债债券型发起式证券投资基金","inceptionDate":"2022-08-29T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-29T16:00:00.000Z","setUpAssetScale":20357089.55,"setUpShares":20357089.55,"pinyin":"swlxlsczzqxfqszqtzjj","managers":[{"stockCode":"j101020031","stockType":"fund_manager","exchange":"fm","tickerId":171019243250,"name":"乔健生"},{"stockCode":"db20175801","stockType":"fund_manager","exchange":"fm","tickerId":252526133780,"name":"叶瑜珍"}]},"announcement":{"linkText":"申万菱信绿色纯债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