window.pageData = {"stock":{"_id":3000000015706,"stockCode":"015706","shortName":"诺德安元纯债","masterFundShortName":"诺德安元纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15706,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","name":"诺德安元纯债债券型证券投资基金","inceptionDate":"2022-05-15T16:00:00.000Z","fundCollectionId":4000050560000,"followedNum":0,"setUpDate":"2022-05-15T16:00:00.000Z","setUpAssetScale":200026486.98,"setUpShares":200026486.98,"pinyin":"ndayczzqxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50560000","tickerId":50560000,"name":"诺德基金管理有限公司"},"managers":[{"name":"王宪彪","stockType":"fund_manager","stockCode":"db20867388","exchange":"fm","tickerId":232402223500},{"name":"景辉","stockType":"fund_manager","stockCode":"8801599977","exchange":"fm","tickerId":1008180030}],"hotMetrics":{"fss":{"stockId":3000000015706,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.9729000000000001,"f_ins_h_s_r_c_hy":0.0006000000000000449,"f_ind_h_s_r":0.0271,"f_ind_h_s_r_c_hy":-0.0005999999999999998,"f_h_a":697,"f_h_s_a":323920,"f_ind_h_s_r_c_1y":-0.0293,"f_ins_h_s_r_c_1y":0.029300000000000104,"last_data_date":"2025-06-29T16:00:00.000Z"},"fpr":{"stockId":3000000015706,"type":"fpr","f_p_r_fys_ssc":7460,"f_p_r_fys_ssrp":0.9592438664700362,"f_p_r_m1_ssc":7589,"f_p_r_m1_ssrp":0.959673168160253,"f_p_r_m3_ssc":7502,"f_p_r_m3_ssrp":0.8990801226503133,"f_p_r_m6_ssc":7314,"f_p_r_m6_ssrp":0.9161766716805688,"f_p_r_y1_ssc":6833,"f_p_r_y1_ssrp":0.8744145199063232,"f_p_r_y2_ssc":5896,"f_p_r_y2_ssrp":0.8627650551314674,"f_cagr_p_r_fs_ssc":7284,"f_cagr_p_r_fs_ssrp":0.626664835919264,"f_p_r_y3_ssc":4903,"f_p_r_y3_ssrp":0.6399428804569564},"fp":{"stockId":3000000015706,"type":"fp","f_p_r_fys":0.0036793183578620603,"f_p_r_m1":0.0006757409016313609,"f_p_r_m3":0.0026114711287357206,"f_p_r_m6":0.005821851348728924,"f_cagr_p_r_fs":0.026568158107100004,"f_p_r_d1":-0.0001967729240455185,"f_p_r_y1":0.009249342809853012,"f_p_r_y2":0.03673413765946787,"last_data_date":"2026-05-10T16:00:00.000Z","f_p_r_y3":0.08225673863993554},"ff":{"stockId":3000000015706,"type":"ff","f_m_f":866651,"f_m_f_r":0.003,"f_c_f":288883,"f_c_f_r":0.001,"f_m_a_c_f":1155534,"f_m_a_c_f_r":0.004,"f_m_c_f_d":"2024-09-27T16:00:00.000Z","f_c_fr":0.0005,"f_fr_d":"2026-04-22T16:00:00.000Z","f_m_fr":0.002,"f_mac_fr":0.0025},"f_nlacan":{"stockId":3000000015706,"type":"f_nlacan","f_nv_d":"2026-05-10T16:00:00.000Z","f_nv":1.0366,"f_nv_cr":0.00019297568506360108},"f_as":{"stockId":3000000015706,"type":"f_as","f_tas":3868319.7579,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[],"bondHoldings":[{"_id":"69e8fadf1398d79843002b7e","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000015706,"stockCode":"019773","stockName":"25国债08","holdings":23000,"marketCap":2330531,"netValueRatio":0.6025,"lastUpdated":"2026-04-22T16:44:15.685Z"},{"_id":"69e8fadf1398d79843002b7f","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000015706,"stockCode":"019780","stockName":"25国债11","holdings":8000,"marketCap":798328,"netValueRatio":0.2064,"lastUpdated":"2026-04-22T16:44:15.689Z"}]},"list":[{"_id":"69e8ebd01398d79843fe96f9","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000015706,"sao":"一季度债券市场呈现震荡偏强、曲线陡峭化特征，短端利率相对显著下行，长端受股债跷跷板、通胀预期和经济数据反复影响呈区间震荡，整体表现好于年初预期。截至2026年3月末，10年期国债收益率在1.82%附近，30年期国债收益率上行至2.35%。　　信用债市场方面，一季度信用利差普遍收窄，其中中低等级、中期限品种收窄幅度更为显著。同时违约风险继续下降，当季无新增首次违约发行人，市场整体运行相对平稳。　　报告期内，本基金适当增配中短久期信用债，同时利用利率债进行波段操作，基金净值呈现波动上涨态势。","lastUpdated":"2026-04-22T15:40:00.247Z","fund":{"_id":3000000015706,"__csrcFundId":11221,"stockCode":"015706","shortName":"诺德安元纯债(015706)","masterFundShortName":"诺德安元纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15706,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:42:46.791Z","status":"normal","exchange":"jj","name":"诺德安元纯债债券型证券投资基金","inceptionDate":"2022-05-15T16:00:00.000Z","fundCollectionId":4000050560000,"followedNum":0,"setUpDate":"2022-05-15T16:00:00.000Z","setUpAssetScale":200026486.98,"setUpShares":200026486.98,"pinyin":"ndayczzqxzqtzjj","managers":[{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"}]},"announcement":{"linkText":"诺德安元纯债债券型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1472502","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed16c7fea5b3eb051d5c8","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000015706,"sao":"第四季度，债券市场表现依旧较为震荡。10年期国债收益率整体呈现震荡态势，在10月27日央行官宣重启买卖国债后债市出现小幅下行，而后11月初央行公布的买债规模相对不及预期，债市重回调整态势。　　而伴随着权益市场继续走强，降息预期逐步走弱，超长债供需关系相对不平衡等扰动，尽管隔夜利率在12月创下年内新低，但四季度债券的期限利差逐步走扩，曲线逐步走陡。　　报告期内，本基金以投资中短久期利率债为主，适当进行波段操作，基金净值波动上涨。","lastUpdated":"2026-03-09T13:55:56.998Z","fund":{"_id":3000000015706,"__csrcFundId":11221,"stockCode":"015706","shortName":"诺德安元纯债(015706)","masterFundShortName":"诺德安元纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15706,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:42:46.791Z","status":"normal","exchange":"jj","name":"诺德安元纯债债券型证券投资基金","inceptionDate":"2022-05-15T16:00:00.000Z","fundCollectionId":4000050560000,"followedNum":0,"setUpDate":"2022-05-15T16:00:00.000Z","setUpAssetScale":200026486.98,"setUpShares":200026486.98,"pinyin":"ndayczzqxzqtzjj","managers":[{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"}]},"announcement":{"linkText":"诺德安元纯债债券型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1453706","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed16c7fea5b3eb051d5c7","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000015706,"sao":"三季度，债券市场出现较为明显逆风，债市调整的本质是风险偏好提升与政策扰动共同驱动。7-8月初，市场交易“反内卷政策”，权益资产和大宗商品轮番上涨形成风险资产共振，债券资产承压较明显。8月中下旬，股债跷跷板效应显著，“看股做债”成为债市交易主线。9月，国债利息增值税重征等措施，进一步对债市造成冲击，但由于美联储降息25bp，国内货币宽松预期走强，9月的调整相较于7月和8月债市调整幅度较小。　　报告期内，本基金以投资中等久期信用债为主，适度进行了波段操作，但由于市场单边下行，基金净值波动下跌。","lastUpdated":"2026-03-09T13:55:56.995Z","fund":{"_id":3000000015706,"__csrcFundId":11221,"stockCode":"015706","shortName":"诺德安元纯债(015706)","masterFundShortName":"诺德安元纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15706,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:42:46.791Z","status":"normal","exchange":"jj","name":"诺德安元纯债债券型证券投资基金","inceptionDate":"2022-05-15T16:00:00.000Z","fundCollectionId":4000050560000,"followedNum":0,"setUpDate":"2022-05-15T16:00:00.000Z","setUpAssetScale":200026486.98,"setUpShares":200026486.98,"pinyin":"ndayczzqxzqtzjj","managers":[{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"}]},"announcement":{"linkText":"诺德安元纯债债券型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1373227","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed16c7fea5b3eb051d5c6","date":"2025-06-29T16:00:00.000Z","stockId":3000000015706,"sao":"2025年上半年，市场及本基金都经历了较大波动，产品投资策略因赎回导致前后变化也较大，总体来看，本基金投资策略相对谨慎，收益表现较好。　　上半年，宏观经济环境变化较大。一季度经济表现总体较为平稳，宏观层面政策保持相对稳定，货币政策宽松预期不断延后，债市迎来调整。二季度以来，由于中美关税反复博弈，债市也在波动中再度上涨。从经济数据层面来看，上半年经济走势仍较平稳，但通胀相对低迷、内需仍待提振等现实可能仍旧是当前经济面临的主要压力。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:56.992Z","mo":"展望下半年，一方面，全球主要地缘冲突地区有逐步缓和的可能性，而以美联储为代表的全球央行降息的概率不断提升，因此全球风险偏好回升预期或不断上升。另一方面，从国内来看，中国“反内卷”外延不断扩大，供给端改善或将具备较好的政策背景，如果能够在需求端延续上半年的政策补贴力度，预期今年的权益市场或仍将表现不俗，同时对于债券而言压力或将有较为明显的提升。此外，下半年中美关税影响对于我国经济的扰动可能性仍然存在，虽然无法预期博弈结果，但仍然建议保持一定警惕性。　　综上，虽然当前基本面及资金面对债市仍然较友好，但基于国内供需环境改善、风险偏好回升、债市拥挤度偏高等因素，本基金仍然对当前债市保持略偏谨慎态度。因此在投资策略上，本基金将继续考虑适度降低组合久期、把握波段操作投资节奏。","fund":{"_id":3000000015706,"__csrcFundId":11221,"stockCode":"015706","shortName":"诺德安元纯债(015706)","masterFundShortName":"诺德安元纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15706,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:42:46.791Z","status":"normal","exchange":"jj","name":"诺德安元纯债债券型证券投资基金","inceptionDate":"2022-05-15T16:00:00.000Z","fundCollectionId":4000050560000,"followedNum":0,"setUpDate":"2022-05-15T16:00:00.000Z","setUpAssetScale":200026486.98,"setUpShares":200026486.98,"pinyin":"ndayczzqxzqtzjj","managers":[{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"}]},"announcement":{"linkText":"诺德安元纯债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=1347209","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed16c7fea5b3eb051d5c5","date":"2025-03-30T16:00:00.000Z","stockId":3000000015706,"sao":"报告期内，本基金投资策略保持相对稳定，保持组合低久期、低杠杆操作，业绩表现也较为平稳。　　从2024年四季度以来，经济表现总体较为平稳，宏观层面政策保持定力，特别是货币政策在金融市场流动性掌控上有所加强，资金中枢利率有所抬升，在外部不确定增加、经济平稳、汇率掣肘的大背景下，货币政策“择机”而动，“降准降息”的时点相对延后。2024年末的债市“抢跑”，不仅使市场预期受到了影响，而且压低了债券短端利率水平，在债券短端理性回归的过程中，债市调整也在情理之中。今年年初以来，本基金保持相对谨慎的投资策略，久期相对较低，在市场调整中走势相对平稳。　　站在当前时点，我们相对看好债市表现。一是经济相对平稳，波浪式运行特征仍较明显，超预期概率可能较小；二是年初以来，技术突破与产业升级带来的权益市场重估行情告一段落，关税扰动时点迫近，市场风险偏好有一定程度下降；三是债市调整幅度不小，债券收益率曲线有较大程度修复。因此在下一阶段的投资策略中，本基金或将择机拉长久期，视资金缓解情况考虑适当进行杠杆操作。此外，本基金或将提升长久期债券波段操作频次，力争提升组合收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:56.989Z","fund":{"_id":3000000015706,"__csrcFundId":11221,"stockCode":"015706","shortName":"诺德安元纯债(015706)","masterFundShortName":"诺德安元纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15706,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:42:46.791Z","status":"normal","exchange":"jj","name":"诺德安元纯债债券型证券投资基金","inceptionDate":"2022-05-15T16:00:00.000Z","fundCollectionId":4000050560000,"followedNum":0,"setUpDate":"2022-05-15T16:00:00.000Z","setUpAssetScale":200026486.98,"setUpShares":200026486.98,"pinyin":"ndayczzqxzqtzjj","managers":[{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"}]},"announcement":{"linkText":"诺德安元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=1269942","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed16c7fea5b3eb051d5c4","date":"2024-12-30T16:00:00.000Z","stockId":3000000015706,"sao":"2024年中国经济呈现浅“V”型走势，其中第二、三季度因需求收缩、供给冲击和预期转弱等因素制约而出现较明显的回落，直至9月底政策密集出台，推动经济在四季度触底回升，而债券市场走势也基本与此对应。前三季度在宽货币预期逐步抬升、资产欠配、禁止手工补息导致银行存款“搬家”、债券供给不及预期等综合因素驱动下，利率缓步下行。期间，央行曾不断提示长债快速下行风险，一定程度制约了长债收益率下行斜率。但进入9月，之前偏弱的经济迎来政策转向。9月24日央行宣布降准降息、调降存量房贷利率、新设货币政策支持股市等多项工具，而9月26日政治局会议表态较积极，A股大涨，随后债市快速调整，尤其是信用债市场因赎回冲击调整较大。11月份开始，市场重新评估和平衡国内经济走势与政策实施力度，长债利率向下大幅突破，即便地方债供给高峰也未改变债市走势。12月9日政治局会议召开，货币政策基调转向“适度宽松”，进一步点燃做多情绪，随后30年期国债收益率下破2% 。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:56.987Z","mo":"2025年，在外部环境相对不确定性的背景下，国内各层面目前表现出实干决心，预期国内政策着力点仍然将聚焦先进制造业、促消费、提升地方能动性等方面，推动经济稳步向好。　　报告期内，本基金投资策略依然是以信用债组合打底，维持相对均衡久期，在资金价格不高、流动性较好阶段提升杠杆率以获取套息收益，在四季度资金价格偏高、资产负债倒挂阶段降低组合杠杆率，转而加大了长债波段操作频次，相对市场表现而言，产品总体投资策略仍偏保守，收益表现较为平稳。　　当前债市特别是利率债出现了较为少见的“负CARRY”情形，资金成本高、杠杆负收益。目前来看，债市总体演进方向或仍未改变，但债市进入高波动区间，组合投资将考虑哑铃型配置策略，更为注重交易和组合整体流动性。","fund":{"_id":3000000015706,"__csrcFundId":11221,"stockCode":"015706","shortName":"诺德安元纯债(015706)","masterFundShortName":"诺德安元纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15706,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:42:46.791Z","status":"normal","exchange":"jj","name":"诺德安元纯债债券型证券投资基金","inceptionDate":"2022-05-15T16:00:00.000Z","fundCollectionId":4000050560000,"followedNum":0,"setUpDate":"2022-05-15T16:00:00.000Z","setUpAssetScale":200026486.98,"setUpShares":200026486.98,"pinyin":"ndayczzqxzqtzjj","managers":[{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"}]},"announcement":{"linkText":"诺德安元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=1252553","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed16c7fea5b3eb051d5c3","date":"2024-09-29T16:00:00.000Z","stockId":3000000015706,"sao":"2024年第三季度，本产品仍然保持相对保守的投资策略，组合久期不高，另外因资金明显偏贵，组合始终谨慎进行杠杆操作，并进行了阶段性波段操作，从运作情况看，表现尚可。　　报告期内，从当前经济数据表现来看，国内经济走势依然偏弱，基于经济基本面的预期仍未发生根本性变化，国内经济当前面临着诸如新旧经济动能转换阵痛、地缘环境恶化的挑战，特别是国内经济供求不平衡尤其是总需求不足的问题短期看难以缓解，中长期看经济增速逐步放缓或是市场共识，且当前全球央行已进入降息通道，之前掣肘国内央行的汇率端压力也有较大缓解，因此目前国债长期下行趋势可能仍未改变。　　但9月末中央层面政策出现明显转向，在货币政策、地产政策、资本市场支持等多方面释放积极政策信号，从市场反馈看，初步扭转了之前偏悲观的预期，市场已在期待更为积极的财政政策信号。值得注意的是，一方面货币政策已成“明牌”且效用明显偏低，市场虽然期待财政刺激政策托底经济，譬如特别国债加码、地方债使用范围继续扩大、甚至提高赤字率等；另一方面，当下权益市场转向意味着市场风险偏好的提升，短期内都将可能对债市形成抑制。　　但经济实际走出低谷仍将需要时间来验证，特别是财政政策落地情况需高度关注。短期看，政策信号转向明显扰动债市，债市波动幅度也明显加大，而货币政策进入发力期，特别是降息降准之后，对利率短端、流动性构成一定利好，债券收益率曲线陡峭化或将比较明显。因此在本基金投资策略中，组合底仓可以配置确定性较高的中低久期债券，而逢调整择机进行长久期债券配置或波段操作，并根据市场流动性状况及时修正杠杆策略，在流动性和久期风险中寻求平衡，力争提高策略有效性。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:56.984Z","fund":{"_id":3000000015706,"__csrcFundId":11221,"stockCode":"015706","shortName":"诺德安元纯债(015706)","masterFundShortName":"诺德安元纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15706,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:42:46.791Z","status":"normal","exchange":"jj","name":"诺德安元纯债债券型证券投资基金","inceptionDate":"2022-05-15T16:00:00.000Z","fundCollectionId":4000050560000,"followedNum":0,"setUpDate":"2022-05-15T16:00:00.000Z","setUpAssetScale":200026486.98,"setUpShares":200026486.98,"pinyin":"ndayczzqxzqtzjj","managers":[{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"}]},"announcement":{"linkText":"诺德安元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=1172407","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed16c7fea5b3eb051d5c2","date":"2024-06-29T16:00:00.000Z","stockId":3000000015706,"sao":"2024年以来，国内经济走势波动较大，一季度国内经济运行中生产持续改善，消费、出口均表现较好，投资则出现分化、地产仍然底部震荡。而二季度国内经济走势有所收敛，消费、投资、金融等各项指标总体有所走弱，而财政支出偏缓、政策出台节奏略显滞后。　　一方面经济增长与市场预期有一定差距，另一方面伴随地产与城投两大信用主体逐步淡出，市场中具备合理收益的资产呈现出结构性短缺状态，使得银行、基金、保险等机构出现阶段性配置压力，叠加居民存款“搬家”，“资产荒”使市场机构特别是非银机构通过“拉久期”的方式增厚收益，长期甚至超长期国债受到热捧，同时权益市场表现相对欠佳，资金进一步向债市淤积，债市走出了波澜壮阔的牛市行情。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:56.981Z","mo":"展望下半年，经济回升向好的基础依旧存在，但也存在挑战。“稳地产”政策逐步落地，国内地产可能会出现更多的企稳信号；特别国债和专项债的加快发行，使得后续财政支出增长仍有空间；海外降息时点渐行渐近，货币政策掣肘压力减小，政策空间扩大；出口是今年经济增长的主要亮点，但下半年可能面临外部环境恶化的挑战。 　　本基金今年以来保持中性久期，在信用利差不断压缩的背景下，对于资质一般的债券进行了大幅减仓，并随着行情的演绎，逐步下调了久期，虽然使得产品收益受到一定影响，但降低了组合波动，提升了组合流动性和安全性。对当前债券市场而言，基于经济基本面的预期并未发生根本性变化，所以总体下行趋势或未更改，但目前因央行基于维系正常的收益率曲线的需要以及汇率端压力，不断进行政策引导，在一定程度上延缓了长久期债券收益率下行的斜率，波动加大可能性不低。因此，本基金下半年组合投资策略将继续提升灵活性，在流动性和久期风险中寻求平衡，积极关注票息策略。","fund":{"_id":3000000015706,"__csrcFundId":11221,"stockCode":"015706","shortName":"诺德安元纯债(015706)","masterFundShortName":"诺德安元纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15706,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:42:46.791Z","status":"normal","exchange":"jj","name":"诺德安元纯债债券型证券投资基金","inceptionDate":"2022-05-15T16:00:00.000Z","fundCollectionId":4000050560000,"followedNum":0,"setUpDate":"2022-05-15T16:00:00.000Z","setUpAssetScale":200026486.98,"setUpShares":200026486.98,"pinyin":"ndayczzqxzqtzjj","managers":[{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"}]},"announcement":{"linkText":"诺德安元纯债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=1145467","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed16c7fea5b3eb051d5c1","date":"2024-03-30T16:00:00.000Z","stockId":3000000015706,"sao":"2024年以来，国内经济景气程度呈现出逐步改善态势，消费、出口均表现较好，投资则继续分化，基建行业边际回升但地产行业仍然底部震荡。　　报告期内，国内经济运行中的生产行情持续改善，今年1-2月工业增加值同比增速达到7%，环比增速得到持续改善且强于季节性增速，主要原因是外需强劲，这与刚公布的3月PMI指数强劲表现较为一致。随着消费增速继续回升，服务业尤其是与居民旅游出行、餐饮娱乐等服务相关消费表现较好。2023年年末增发的万亿国债大部分在2024年年初支出，从而带动了基建投资整体回升；连续5个月工业企业利润的同比增长使得目前制造业投资仍然保持韧性和相对稳定；地产投资跌幅进一步扩大，成为投资中的拖累项。从外部来看，全球制造业PMI 指数2月回升至50.3%，连续2个月处于荣枯线及以上，延续修复态势，特别是美国经济表现较为强劲，增长预期还在进一步上调。在全球制造业回升的大背景下，中国出口、制造业投资、工业增加值等数据的改善，都有望保持较好的持续性。　　近期，国务院常务会议对房地产作出最新部署，2024年二季度各地有望再迎政策“松绑潮”，随着“稳地产”政策诉求的逐步落地，各地或将充分发挥调控自主权，限购等政策或将继续因城优化。目前，二手房市场活跃度的不断提升可能将进一步改善市场总体预期。在政策的累积效应下，今年对房地产行业或许不应过度悲观。　　对债券市场而言，二季度的挑战不仅在于经济基本面。由于2024年以来债券总体供应节奏偏慢，二季度或将迎来供给高峰。市场预计，央行为保障政府债券发行，可能进行降准操作，但当前央行“防空转”目标及汇率端压力并未解除，降准可作为对冲流动性来理解。　　面对超涨的债市，我们逐步转向谨慎，因此开年以来本产品逐步收缩久期和杠杆，逐步进入防御状态。客观地看，当前经济表现并未能完全改变市场整体预期，市场认为当前仍面临内需不足、经济弹性不足的现状，以此为基准假设，债券收益率或将维持长期向下趋势。虽然当下债券收益率已偏低、收益率曲线偏平，但看空债市的逻辑依据似乎仍不够充分，因此从债市投资策略来看，建议采用哑铃型配置策略，关注组合债券的流动性，争取在投资中保留一份清醒。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:56.979Z","fund":{"_id":3000000015706,"__csrcFundId":11221,"stockCode":"015706","shortName":"诺德安元纯债(015706)","masterFundShortName":"诺德安元纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15706,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:42:46.791Z","status":"normal","exchange":"jj","name":"诺德安元纯债债券型证券投资基金","inceptionDate":"2022-05-15T16:00:00.000Z","fundCollectionId":4000050560000,"followedNum":0,"setUpDate":"2022-05-15T16:00:00.000Z","setUpAssetScale":200026486.98,"setUpShares":200026486.98,"pinyin":"ndayczzqxzqtzjj","managers":[{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"}]},"announcement":{"linkText":"诺德安元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=1071432","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed16c7fea5b3eb051d5c0","date":"2023-12-30T16:00:00.000Z","stockId":3000000015706,"sao":"2023年，国内经济呈前高后低态势，经济修复之旅一波三折，在房地产市场偏弱的走势下，货币政策逐步宽松，全年来看，债券市场走出一波牛市。本基金在2023年的操作中，相对精准地把握了债市节奏，特别是在前三季度表现较好，组合收益总体回报表现相对较佳。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:56.976Z","mo":"2023年，中国经济走势跌宕起伏。一季度，疫情期间压制的需求集中释放，经济表现良好。但进入二季度后，国内外影响因素接踵而至，一方面海外银行危机集中爆发、美联储持续加息，另一方面制造业和服务业下滑，国内PMI跌落至荣枯线以下，内生动力相对减弱，市场预期也持续下修，国内经济复苏有所放缓。三季度经济增长仍有待提振，相应重磅经济政策陆续出台。进入四季度后，海外地缘政治风险抬升，国内房地产行业下滑态势不改，在经济预期偏弱的背景下，外资流出加剧、资本市场持续下跌，债券市场则持续走牛。总体来看，经济前高后低走势较为明显。　　2023年12月份以来，政策端持续发力，特殊再融资债、特别国债、PSL先后落地，财政政策表现较为积极；各地房地产政策也在持续优化，但我们仍然强调房地产行业是否能够有效企稳仍是我国经济能否有效修复的关键因素。总体来看，我国经济复苏进入第二个年头，我们对2024年国内经济不悲观。　　着眼债市，2024年或面临较多挑战。一是积极财政支撑之下，经济复苏表现或将强于2023年；二是虽然降准降息的概率仍然存在，但当下货币政策更着重强调直达实体，而非在银行间空转套利，所以我们认为当前货币政策取向可能趋于中性；三是当前债券无论信用利差、还是期限利差，均已达到历史较低位置，进一步压缩空间相对有限。 　　从债券投资角度看，我们对2024年上半年债市保持谨慎态度，建议增加组合流动性、逐步缩短组合久期，力争在跨过关键时点后仍可以择机采用杠杆套息策略，同时将高度关注组合流动性风险。","fund":{"_id":3000000015706,"__csrcFundId":11221,"stockCode":"015706","shortName":"诺德安元纯债(015706)","masterFundShortName":"诺德安元纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15706,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:42:46.791Z","status":"normal","exchange":"jj","name":"诺德安元纯债债券型证券投资基金","inceptionDate":"2022-05-15T16:00:00.000Z","fundCollectionId":4000050560000,"followedNum":0,"setUpDate":"2022-05-15T16:00:00.000Z","setUpAssetScale":200026486.98,"setUpShares":200026486.98,"pinyin":"ndayczzqxzqtzjj","managers":[{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"}]},"announcement":{"linkText":"诺德安元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=1053301","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed16c7fea5b3eb051d5bf","date":"2023-09-29T16:00:00.000Z","stockId":3000000015706,"sao":"2023年三季度，国内“稳增长”目标日渐明晰，货币政策偏宽松，降准降息先后落地，财政政策取向更为积极，地产政策纠偏也带来一定市场预期改变，因而国内经济先后经历触底、回暖，波动也比较大。相应地，债券市场也经历了先涨后跌的过程。本基金今年以来始终保持高杠杆、超长久期，但三季度大幅降低了组合久期及杠杆水平，在锁定收益同时降低了组合波动，取得较好的投资成效。　　报告期内，经济起伏比较明显，相比7月份，8月份我国生产、消费、就业均有所改善。其中基建投资增速增高、地产销售改善且投资降幅收窄、制造业投资出现较为明显的上行、社零增速大幅反弹、工业增加值同比高增、就业改善，均表明我国经济修复的力度有较明显增强。7月末以来，随着“稳增长”政策的持续密集出台和经济数据改善的印证，我们有理由相信经济将不断复苏，另外由于去年低基数效应、内生动能也有一定程度修复，接下来几个月我国经济仍有望继续保持改善态势。　　但我们也注意到，房地产市场仍然在收缩，全国房地产开发业综合景气指数仍在回落、房价环比下跌趋势仍未改变、地产销售仍在低位徘徊（增速负增），这表明房地产市场下行压力仍然较大，虽然当前地产投资弹性相对不足，但托底作用不容忽视，因此当前的地产纠偏政策仍然需要进一步深化。其次，随着以原油为代表的全球大宗商品价格的再度上扬，全球通胀易上难下，中期看国内输入性通胀压力不小，因此国内货币政策或许仍存在释放空间，且希望能与当下财政状况相协调。最后，欧美央行加息终点的一再延迟，表明因通胀导致的全球央行货币紧缩态势仍可能持续，中国将继续面临全球流动性持续收缩的压力，短期内人民币汇率承受压力较难缓释，那么以人民币计价的资产(包括股票和债券)仍面临重估的风险。　　当前权益市场支持措施迭出，与前期相比，市场情绪得到了一定程度的缓解，但市场走强似乎仍缺少契机。从投资的角度看，随着经济阶段性企稳，居民收入水平预期向好，市场风险偏好或有一定抬升，因此，本基金仍然较为看好后续权益市场表现；相对而言，债券市场短期内承压可能较为明显，本基金将坚持谨慎选择组合久期、杠杆，票息策略或为占优策略。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:56.973Z","fund":{"_id":3000000015706,"__csrcFundId":11221,"stockCode":"015706","shortName":"诺德安元纯债(015706)","masterFundShortName":"诺德安元纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15706,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:42:46.791Z","status":"normal","exchange":"jj","name":"诺德安元纯债债券型证券投资基金","inceptionDate":"2022-05-15T16:00:00.000Z","fundCollectionId":4000050560000,"followedNum":0,"setUpDate":"2022-05-15T16:00:00.000Z","setUpAssetScale":200026486.98,"setUpShares":200026486.98,"pinyin":"ndayczzqxzqtzjj","managers":[{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"}]},"announcement":{"linkText":"诺德安元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=988710","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed16c7fea5b3eb051d5be","date":"2023-06-29T16:00:00.000Z","stockId":3000000015706,"sao":"2023年上半年，国内经济呈现波浪式复苏态势，一季度和二季度经济走势差异比较明显。总体来看，内需不足、外部地缘政治风险抬升使得投资市场总体持偏谨慎态度，债券市场表现更为抢眼。报告期内，本产品由于组合久期较长，并且阶段性保持较高杠杆率，整体回报较好。　　回顾2023年上半年，一季度和二季度的经济走势差异比较明显。一季度疫情后经济逐步正常化，供给端与需求端的双双恢复使得一季度特别是一二月份经济表现超季节性；而之后经济修复动能有所走弱，使得二季度经济修复斜率则相对偏缓。相比其他国家，疫情过后中国劳动参与率和产能恢复较快，但收入回升则相对滞后，内需修复弱于市场预期，其中房地产表现尤弱，但亮点是外需韧性偏强。2022年积压的房地产需求在一二月份集中释放后，地产及相关需求势能明显下行，地产及相关产业链融资环境再度恶化使得信贷周期承压。　　对比全球经济，中国与主要西方国家仍有着比较明显的经济周期错位，并且年初市场对全球经济格局展望与当前经济发展现状也存在着较为明显的偏差。与年初预期差异较大的是，美国经济走势仍较为强劲，预期中的衰退并未快速到来，美联储加息步伐不止也缘于此，这使得今年以来人民币持续承压。伴随着海外通胀步入下行阶段和内需不足的现状，国内通胀指标走势明显偏弱。在此宏观经济背景下，今年以来国内债券市场表现相当抢眼，收益率曲线明显下移。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:56.971Z","mo":"今年下半年我国经济面临的外部压力可能会有所缓解，一方面是因为海外通胀在逐步下行，以美联储为代表的海外央行货币政策已在转向途中，国内货币政策保持宽松的外在压力或将逐步得到缓解；另一方面，政府“稳增长”的诉求仍在，叠加经济周期等因素的影响，在下半年经济增速可能走平的前提下，我们仍对三季度经济发展有一定期待。　　从债券投资策略上来看，本基金将继续围绕偏宽松的货币政策做多流动性，这或许仍是较好的策略选择。同时，我们将持续关注后续稳增长政策实施节奏和落地效果，适度博弈长端，并特别关注本组合持仓债券流动性，尝试进行久期调整，平滑组合收益回报。","fund":{"_id":3000000015706,"__csrcFundId":11221,"stockCode":"015706","shortName":"诺德安元纯债(015706)","masterFundShortName":"诺德安元纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15706,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:42:46.791Z","status":"normal","exchange":"jj","name":"诺德安元纯债债券型证券投资基金","inceptionDate":"2022-05-15T16:00:00.000Z","fundCollectionId":4000050560000,"followedNum":0,"setUpDate":"2022-05-15T16:00:00.000Z","setUpAssetScale":200026486.98,"setUpShares":200026486.98,"pinyin":"ndayczzqxzqtzjj","managers":[{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"}]},"announcement":{"linkText":"诺德安元纯债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=963368","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed16c7fea5b3eb051d5bd","date":"2023-03-30T16:00:00.000Z","stockId":3000000015706,"sao":"2023年一季度，国内经济复苏表现好于市场预期，特别是服务业复苏势头良好，迭创新高的信贷数据表明企业及居民对经济修复预期也较好。今年以来，信用债收益率下行较快，本产品受益于组合较长的久期，超额回报比较明显，但展望二季度，偏窄的信用利差水平可能会给组合带来一定波动，需控制杠杆水平、考虑降低久期以稳定组合回报。　　2023年一季度，中国逐渐走出疫情影响后，供需两端改善迹象均较为明显，PMI数据迭创新高，且生产端的表现要更好一些，我们特别注意到小企业PMI在2021年5月后首次回到了枯荣线以上。消费行业的复苏则更为直观，随着居民生活出行的逐步正常化，百城拥堵延时指数同比超过去年同期水平，零售、运输、住宿、餐饮、旅游等生活服务消费行业呈强劲复苏趋势。投资方面，基建投资延续了2022年以来的高增速态势，目前来看，后续表现仍然值得期待。制造业投资也维持高位且一直受到政策倾斜，最受关注的地产投资虽然同比增速仍然为负，但环比回升明显，从土地出让、新房销售、二手房成交等方面的情况来看，全方位回暖态势明显（虽然目前仍难以说是强劲回暖）。疫情以来，国内出口或是最大的意外受益方，在疫情后逐步回归常态化是必然趋势，差别在于回归的速率，但今年进出口大概率贡献负增长，市场对此早有预期。　　从企业及居民负债端看，继今年1月之后，2月信贷社融再度大超预期，新增信贷明显好于季节性，居民中长期贷款在时隔一年多后转为同比多增，企业中长期贷款继续走强，企业投资意愿也明显好转，均表明居民及企业对经济修复预期较强，内生融资需求也是比较好的。　　截至目前，2023年经济起步平稳、复苏势态良好，而且由于去年的低基数原因，今年二季度经济数据表现显然不会太差。在这样的大背景下，政府大规模经济刺激政策出台的必要性显然不强。如果进一步观察，相比往年，今年财政、信贷发力前置，对经济的直接影响可能要滞后1到2个季度，因此我们对今年二季度经济展望持偏乐观的态度。　　基于以上分析，我们对债券市场2023年二季度的行情偏谨慎，高度关注房地产投资预期差。从投资角度来看，在十年国债收益率行至3.0-3.1%一线时具备较好的配置价值和交易价值，本基金将择机参与；从投资组合来看，本基金仍将以进一步缩短久期、票息策略为基础，谨慎加杠杆。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:56.968Z","fund":{"_id":3000000015706,"__csrcFundId":11221,"stockCode":"015706","shortName":"诺德安元纯债(015706)","masterFundShortName":"诺德安元纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15706,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:42:46.791Z","status":"normal","exchange":"jj","name":"诺德安元纯债债券型证券投资基金","inceptionDate":"2022-05-15T16:00:00.000Z","fundCollectionId":4000050560000,"followedNum":0,"setUpDate":"2022-05-15T16:00:00.000Z","setUpAssetScale":200026486.98,"setUpShares":200026486.98,"pinyin":"ndayczzqxzqtzjj","managers":[{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"}]},"announcement":{"linkText":"诺德安元纯债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=888327","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed16c7fea5b3eb051d5bc","date":"2022-12-30T16:00:00.000Z","stockId":3000000015706,"sao":"2022年，在国际国内诸多因素影响下市场并不平静，国外俄乌冲突爆发、各国通胀高企、美联储激进加息；而国内则直面两次疫情冲击，使国内面临较复杂的处境。在内外压力之下，中国宏观经济经受了比较大的影响。全年来看，货币政策总体偏宽松，债券市场尤其是利率债总体表现较好。报告期内，本产品组合配置债券久期偏长，具备较好进攻性，在2022年前三季度有较好表现，但在四季度债券市场回调阶段回撤较大，目前已适当调整仓位久期，适当减少了组合波动性。回眸2022年，时代变化交织。近几年来中美之间的博弈、俄乌冲突的突然爆发，让我们意识到世界已经进入复杂多变的时代。而2022年疫情的反复冲击，给居民消费和企业投资生产带来了巨大扰动，最终给中国经济带来了较大压力。但在2022年11月末，随着国内疫情防控政策优化、地产政策出现积极变化等，动摇了债券市场运行逻辑，叠加理财产品的赎回潮，导致债券市场特别是信用债市场大幅回调。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:56.965Z","mo":"展望2023年，我们认为国内经济将逐步复苏。去年12月份以来，国内经济持续回暖。数据显示居民服务业逐渐回暖，零售、运输、住宿、餐饮等行业需求大幅上行，实际上2023年1月份制造业及非制造业PMI指数均大幅跳升并重回扩张区间，由此显示出经济复苏趋势较为强劲。从长远角度看，国内经济复苏需关注三点：一是国内疫情快速达到峰值后居民对于疫情恐慌情绪已出现明显转变，生产生活有望恢复到正常轨道上，这将是今年经济持续复苏的基石，也是最大的基本面转变因素；二是经济逐步修复、企业恢复正常生产意味着居民预期收入也将逐步恢复，叠加当前房地产政策的利好，我们对今年后续房地产投资增速较为乐观；三是今年以来从中央到地方政府，均陆续表达出对经济增长的强烈诉求，特别是许多地方政府在今年年度经济工作会议中普遍强调加快推动经济高质量发展、推进重点项目建设、扩大消费，“促消费”、“促基建”、“稳地产”相关政策有望持续加码。相比而言，海外经济形势相对明朗，预计美联储加息周期在2023下半年接近尾声，或将一定程度上改善国内进出口的下行预期。因此，我们对2023年经济复苏呈较乐观态度，尽管复苏的步伐可能还有波折。此外，如果对比海外各国经济复苏历程，通胀大幅攀升是普遍的现象，虽然国内目前通胀形势仍然较好，但中期看仍不容忽视。就投资策略而言，在经济复苏的大背景下，债券市场将面临较大压力。不过由于2023年一季度特别是1、2月份处在经济数据空窗期，经济修复难以证实或证伪，在“宽信用”政策见效前仍可适当博弈波段操作，但我们仍建议控制组合久期，从短期来看，本基金在债券市场投资上仍然优选杠杆套息策略。","fund":{"_id":3000000015706,"__csrcFundId":11221,"stockCode":"015706","shortName":"诺德安元纯债(015706)","masterFundShortName":"诺德安元纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15706,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:42:46.791Z","status":"normal","exchange":"jj","name":"诺德安元纯债债券型证券投资基金","inceptionDate":"2022-05-15T16:00:00.000Z","fundCollectionId":4000050560000,"followedNum":0,"setUpDate":"2022-05-15T16:00:00.000Z","setUpAssetScale":200026486.98,"setUpShares":200026486.98,"pinyin":"ndayczzqxzqtzjj","managers":[{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"}]},"announcement":{"linkText":"诺德安元纯债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=869703","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed16c7fea5b3eb051d5bb","date":"2022-09-29T16:00:00.000Z","stockId":3000000015706,"sao":"2022年三季度，国内外形势依然复杂，国外地缘危机有加剧态势，而国内疫情仍有反复。基于当下全球及国内经济形势，国内货币政策大幅变动的可能性较小，预计仍可能保持在相对宽松的状态。报告期内，本基金逐步加仓并提升了杠杆率，预计后续可能会继续提升组合杠杆。报告期内，疫情仍然有反复，但国内经济延续修复态势， 9月官方制造业PMI 50.1%，环比回升0.7%。但与此形成对比的是国际形势却更趋严峻，俄乌冲突有激化升级的迹象，“北溪”风波则再度爆击当前脆弱的全球能源供应链，加剧欧美通胀压力。从短期看，欧美央行紧缩步伐难止，全球流动性收紧趋势亦难改，而中期来看，高通胀叠加能源危机，危及全球总需求，全球尤其是海外经济加速衰退的风险在进一步上升，全球资产投资风险偏好可能会出现明显下降。从国内看，国内政策制定仍“以内为主”，政策独立性较强。由于国内通胀形势相对可控，稳增长仍是现阶段国内政策施政重点，三季度先后出台政策性金融工具加力基建、专项再贷款加力制造业等设备投资、房地产松绑与出行优化等政策刺激，另外前期高温造成的工业限电、施工放缓与出行扰动等影响消解，我们预计未来经济的修复在情理之中。然而美中不足的是，疫情反复导致多区域静默管理，制约了经济修复斜率，而“扩基建”、“保交楼”等政策的效果也需要时间来逐步释放。投资策略上，我们仍然预计短期内市场流动性仍然会比较好，但随着经济缓慢修复，不同类型银行流动性会出现分化的趋势，另外，全球通胀魅影难祛，债券市场仍然建议杠杆套息策略优先，控制负债久期。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:56.962Z","fund":{"_id":3000000015706,"__csrcFundId":11221,"stockCode":"015706","shortName":"诺德安元纯债(015706)","masterFundShortName":"诺德安元纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15706,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:42:46.791Z","status":"normal","exchange":"jj","name":"诺德安元纯债债券型证券投资基金","inceptionDate":"2022-05-15T16:00:00.000Z","fundCollectionId":4000050560000,"followedNum":0,"setUpDate":"2022-05-15T16:00:00.000Z","setUpAssetScale":200026486.98,"setUpShares":200026486.98,"pinyin":"ndayczzqxzqtzjj","managers":[{"stockCode":"db20867388","stockType":"fund_manager","exchange":"fm","tickerId":232402223500,"name":"王宪彪"},{"stockCode":"8801599977","stockType":"fund_manager","exchange":"fm","tickerId":1008180030,"name":"景辉"}]},"announcement":{"linkText":"诺德安元纯债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=805961","linkType":"PDF","source":"csrc_pdf"}}]}