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同业存单收益率更是上升至2%以上，曲线呈现出一定的上行及平坦化形态。3月中下旬，随着银行体系负债的修复，净融出量出现明显上升，债券市场逐渐趋于稳定，曲线平坦下行10bp左右。操作方面，组合配置以同业存单和逆回购为主，同时根据货币政策和债市供需变化，灵活调整组合仓位和久期。在债市震荡上行阶段，为防范回撤风险，组合快速降低了久期和杠杆；债市企稳后又适当增加了久期和杠杆。在跟踪指数的基础上，组合在流动性较好的期限上择机进行波段操作增厚收益。组合一季度在跟踪指数和控制回撤的前提下，为投资者提供了较为稳定的投资回报。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:11.126Z","fund":{"_id":3000000015822,"__csrcFundId":11275,"stockCode":"015822","shortName":"易方达中证同业存单AAA指数7天持有(015822)","masterFundShortName":"易方达中证同业存单AAA指数7天持有","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15822,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:45:27.709Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-01T16:00:00.000Z","name":"易方达中证同业存单AAA指数7天持有期证券投资基金","fundCollectionId":4000050110000,"followedNum":4,"setUpDate":"2022-06-01T16:00:00.000Z","setUpAssetScale":3948762912.2,"setUpShares":3948762912.2,"pinyin":"yfdzztycdaaazs7tcyqzqtzjj","indexFundFlag":1,"managers":[{"stockCode":"8801404016","stockType":"fund_manager","exchange":"fm","tickerId":122625111230,"name":"刘朝阳"},{"stockCode":"db20590454","stockType":"fund_manager","exchange":"fm","tickerId":2512237980,"name":"易瓅"}]},"announcement":{"linkText":"易方达中证同业存单AAA指数7天持有期证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1276111","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17b7fea5b3eb051e407","date":"2024-12-30T16:00:00.000Z","stockId":3000000015822,"sao":"2024年，国内经济在复杂多变的国内外环境中平稳复苏，全年GDP增长5%左右的目标基本达成。我国经济修复延续分化，地产和消费仍在修复过程中，经济拉动主要依托出口和制造业。经济动能修复放缓，实体加杠杆意愿不足，信贷增速和社融增速双双回落，资金活性偏低，M1（狭义货币）同比连续负增长。内需仍有待提振，居住类价格和服务价格相对偏低，核心通胀仍然不足。基本面偏弱的情况下，政策加大逆周期调节力度。年内货币政策持续放松，年内两次降低中期借贷便利利率合计0.5%，两次降低法定存款准备金率合计1%，积极引导存款挂牌利率下调，同时整顿手工调息并推出同业存款自律机制，推动金融机构负债成本进一步下行，使利率传导机制更加畅通，为未来降息打开空间。在基本面偏弱和政策加码的双重推动下，债市供需矛盾进一步显现，尤其上半年，“资产荒”压力明显抬升。一方面，是实体信心和加杠杆意愿修复偏弱，风险偏好仍处低位，货币供应的抬升未能有效转化为投资和消费，实体避险需求反而推升存款、理财、债基等低风险资产规模的扩张，加大债市需求。另一方面，地产改善预期有限，居民提前还贷的现象还在延续，同时化债背景下城投净融资下滑，叠加监管打击存贷空转套利，企业端也同步转向去杠杆，叠加财政发债节奏较慢，总体资产新增供给不足。下半年市场进入震荡加剧阶段。7月央行超预期降息，引发收益率快速下行。9月底稳增长政策密集出台，股市快速拉升修复部分风险偏好，低风险资产赎回加剧，带动市场收益率快速上行。四季度债市在政府债券供给放量的背景下窄幅震荡，直至12月中共中央政治局会议将货币政策定调“适度宽松”，引发市场对降息的预期增强，年底收益率又出现一轮加速下行。全年来看，10年国债收益率从2.6%下行至1.7%，1年AAA级同业存单收益率也从2.4%下行至1.6%，债市平坦化下行约80-90BP。操作方面，本基金主要投资于标的指数成分券和备选券。根据对经济政策基本面和市场供求的判断，结合基金规模变化情况，组合积极参与了市场交易。组合灵活调整久期和杠杆，在跟随指数的基础上，通过波段操作增厚收益。组合在跟踪指数和控制回撤的前提下，为投资者提供了较好的流动性和较稳健的投资收益。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:11.124Z","mo":"展望2025年，短期内，前期政策还在持续发酵和逐步落地的过程中，政策处于观望期；中期来看，政策促经济的力度会动态跟随经济表现而调整，对经济仍会起到托底的作用。债券市场经过四季度的快速下行后，当前收益率已处于历史低位。短期内债券市场的走势或将围绕供需的博弈震荡。中长期看，债市还是将围绕无风险利率和宏观经济增速为中枢运行。我们将密切关注经济复苏成色、央行和财政的政策联动、全市场风险偏好变化、债券发行节奏等影响债券市场走势的因素。","fund":{"_id":3000000015822,"__csrcFundId":11275,"stockCode":"015822","shortName":"易方达中证同业存单AAA指数7天持有(015822)","masterFundShortName":"易方达中证同业存单AAA指数7天持有","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15822,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:45:27.709Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-01T16:00:00.000Z","name":"易方达中证同业存单AAA指数7天持有期证券投资基金","fundCollectionId":4000050110000,"followedNum":4,"setUpDate":"2022-06-01T16:00:00.000Z","setUpAssetScale":3948762912.2,"setUpShares":3948762912.2,"pinyin":"yfdzztycdaaazs7tcyqzqtzjj","indexFundFlag":1,"managers":[{"stockCode":"8801404016","stockType":"fund_manager","exchange":"fm","tickerId":122625111230,"name":"刘朝阳"},{"stockCode":"db20590454","stockType":"fund_manager","exchange":"fm","tickerId":2512237980,"name":"易瓅"}]},"announcement":{"linkText":"易方达中证同业存单AAA指数7天持有期证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1249069","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17b7fea5b3eb051e406","date":"2024-09-29T16:00:00.000Z","stockId":3000000015822,"sao":"2024年三季度，各项经济数据显示经济增长压力仍然较大。制造业PMI（采购经理指数）处于偏低水平，地产投资和销售维持低位。居民消费受到就业和预期较差的影响，总体仍然回落。CPI（居民消费价格指数，下同）同比增速回升，但核心CPI环比增速显著弱于季节性波动，PPI（生产者价格指数）环比跌幅继续走阔，也反映出内生需求不足的情况。随着经济数据的持续疲软，9月底多部委联合宣布了一系列经济托底政策，开启了新一轮金融支持政策。房地产方面，推出了降低存量房贷利率、下调二套房首付比例、支持收购房企存量土地等金融支持政策，释放了强烈的稳楼市信号。货币政策方面，央行宣布了包括降准、降息、创新工具支持权益市场等一系列重磅政策，体现出支持托底经济和权益市场的决心。三季度债券市场在各项因素的影响下，反复震荡。7-8月，季初受到央行宣布开展国债买卖操作的影响，收益率出现了上行，但随后在经济基本面和资金配置需求的主逻辑下，收益率又延续下行。9月中上旬，受到海外降息开启的影响，国内降息降准预期升温，利率债收益率出现了较大幅度的下行，10年国债低至2%附近。9月下旬，受到一系列重磅经济支持政策出台影响，债券市场月底调整剧烈，快速上行。从债券市场收益率曲线的形态来看，中短端收益率曲线整体较为平坦，信用利差先下后上。操作方面，本基金主要投资于标的指数成分券和备选券。三季度在短端资产利率平坦化的环境中，组合保持相对较低的杠杆，跟随指数的久期，整体保持中性配置。组合在跟踪指数和控制回撤的前提下，为投资者提供了较好的流动性和较稳健的投资收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:11.121Z","fund":{"_id":3000000015822,"__csrcFundId":11275,"stockCode":"015822","shortName":"易方达中证同业存单AAA指数7天持有(015822)","masterFundShortName":"易方达中证同业存单AAA指数7天持有","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15822,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:45:27.709Z","status":"normal","exchange":"jj","inceptionDate":"2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降准降息政策出台后，在资金面收敛和债券供给量较大的影响下，债券市场进入了调整期。短端受到资金面波动的影响更大，曲线极度平坦化。1年期同业存单收益率大幅上升45bp左右至2.65%附近，中长债相对更早企稳见顶，10年期国债收益率最高上行15bp左右至2.72%附近。年末，市场已较为充分考虑稳经济政策的影响，央行保持资金面相对稳定，在存款挂牌利率下调的利好下，债券市场收益率再次大幅下行。操作方面，报告期内本基金主要投资于标的指数成分券和备选券。根据对经济政策基本面和市场供求的判断，结合基金规模变化情况，组合积极参与了市场交易，适当调整了久期和杠杆水平。总体来看，组合2023年在跟踪指数的基础上，保持了较好的流动性和较好的投资收益率。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:11.112Z","mo":"展望2024年，我国将继续坚持高质量发展，新旧动能切换的影响仍将持续，经济内生动能偏弱，存在较多的挑战。因此，提振市场信心、扩大内需是未来经济增长的关键，经济的稳健增长需要多项政策继续发力。债券市场围绕经济增长预期和财政货币政策，可能维持“上有顶，下有底“的震荡格局，但波动中枢亦可能有所下行。","fund":{"_id":3000000015822,"__csrcFundId":11275,"stockCode":"015822","shortName":"易方达中证同业存单AAA指数7天持有(015822)","masterFundShortName":"易方达中证同业存单AAA指数7天持有","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15822,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:45:27.709Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-01T16:00:00.000Z","name":"易方达中证同业存单AAA指数7天持有期证券投资基金","fundCollectionId":4000050110000,"followedNum":4,"setUpDate":"2022-06-01T16:00:00.000Z","setUpAssetScale":3948762912.2,"setUpShares":3948762912.2,"pinyin":"yfdzztycdaaazs7tcyqzqtzjj","indexFundFlag":1,"managers":[{"stockCode":"8801404016","stockType":"fund_manager","exchange":"fm","tickerId":122625111230,"name":"刘朝阳"},{"stockCode":"db20590454","stockType":"fund_manager","exchange":"fm","tickerId":2512237980,"name":"易瓅"}]},"announcement":{"linkText":"易方达中证同业存单AAA指数7天持有期证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1050492","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17b7fea5b3eb051e402","date":"2023-09-29T16:00:00.000Z","stockId":3000000015822,"sao":"三季度初，国内经济增长动力仍然较弱，但在中共中央政治局会议后，降息降准、一揽子化债、地产认房不认贷、活跃资本市场等各项稳定经济政策陆续出台，对经济增长形成合力支撑。8月以来，经济温和回升，内外需均有所恢复，9月PMI（采购经理指数）数据回到荣枯线以上。目前，经济仍处于新旧动能的切换阶段，未来进一步回升的幅度和持续性仍取决于逆周期调节增量政策的出台。在没有突破性政策出台的情况下，预计经济增长将维持温和复苏态势。三季度债券市场跟随经济基本面、政策面和资金面而波动，整体震荡幅度有所加大，主要经历了两轮先下后上的行情：7月初主要经济金融数据回落，收益率快速下行，1年NCD（同业存单，下同）和10年国债收益率相比6月底分别下行约9BP和3BP左右，收益率曲线陡峭化；随着7月底中共中央政治局会议的召开，对资本市场和房地产市场定调偏积极，叠加跨月资金的紧张，收益率出现了5-10BP回调；8月在宽松资金面、意外降息和政策出台较缓的多重因素影响下，收益率再次大幅下行，1年NCD和 10年国债收益率分别达到了2.22%和2.54%，达到季内最低水平；从8月下旬开始，稳增长政策陆续出台，资金利率较前期显著上升，季末资金面超预期紧张，都造成了债券市场收益率的上升。总体来看，1年NCD和10年国债收益率在三季度分别上行了15BP和4BP左右，整体收益率曲线较为平坦化上行。三季度，本基金主要投资于标的指数成分券和备选券。根据对经济政策基本面和市场供求的判断，结合基金规模变化情况，组合积极参与市场，并适当调整组合的久期和杠杆水平。总体来看，组合三季度在跟踪指数的基础上，保持了较好的流动性和较稳健的投资收益率。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:11.109Z","fund":{"_id":3000000015822,"__csrcFundId":11275,"stockCode":"015822","shortName":"易方达中证同业存单AAA指数7天持有(015822)","masterFundShortName":"易方达中证同业存单AAA指数7天持有","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15822,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:45:27.709Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-01T16:00:00.000Z","name":"易方达中证同业存单AAA指数7天持有期证券投资基金","fundCollectionId":4000050110000,"followedNum":4,"setUpDate":"2022-06-01T16:00:00.000Z","setUpAssetScale":3948762912.2,"setUpShares":3948762912.2,"pinyin":"yfdzztycdaaazs7tcyqzqtzjj","indexFundFlag":1,"managers":[{"stockCode":"8801404016","stockType":"fund_manager","exchange":"fm","tickerId":122625111230,"name":"刘朝阳"},{"stockCode":"db20590454","stockType":"fund_manager","exchange":"fm","tickerId":2512237980,"name":"易瓅"}]},"announcement":{"linkText":"易方达中证同业存单AAA指数7天持有期证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=992708","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17b7fea5b3eb051e401","date":"2023-06-29T16:00:00.000Z","stockId":3000000015822,"sao":"2023年上半年，国内经济经历了一季度疫情后的明显复苏和二季度增长动能有所减弱的过程。一季度，经济增长形势大好，主要有三个方面的支撑，服务业较快恢复，信贷积极投放下的投资增长和出口的补偿性修复。进入二季度后，政策效应减弱，基建从4月开始出现下滑，而外需再次承压。同时，企业库存相对高位，在预期减弱的情况下，开启了一轮去库存，加剧了生产的回落。从CPI（消费者物价指数）和PPI（生产价格指数）等价格数据的持续回落情况来看，国内面临需求不足的情况。因此，二季度末，一揽子稳增长政策酝酿着陆续出台。6月中旬，央行调降了MLF（中期借贷便利）利率和OMO（公开市场操作）利率，拉开了稳增长政策的序幕。上半年，债券市场整体来看，经历了收益率先上后下的走势。1-2月份，在基本面和金融数据较好、理财规模尚在下降的影响下，10年国债收益率从2.8%上行至2.9%左右，而1年NCD（同业存单，下同）收益率从2.5%上行到2.75%附近。3月份及以后，随着增长预期的调整、资金价格的回落和金融数据的走弱，债券市场收益率较快下行。6月降息推动收益率进一步下行，10年国债收益率最低探至2.6%左右，1年NCD收益率下行至2.3%。操作方面，上半年，本基金主要投资于标的指数成分券和备选券。根据对经济政策基本面和市场供求的判断，结合基金规模变化情况积极参与了市场，适当调整组合的久期和杠杆水平。总体来看，组合上半年在跟踪指数的基础上，保持了较好的流动性和较稳健的投资收益率。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:11.106Z","mo":"展望下半年，决策层已经关注到了经济内生需求不足的情况，整体政策基调明确转向稳增长，稳定市场预期，修复市场信心。二季度大概率是全年经济增长环比的低点，随着稳增长政策的逐步落地，经济继续下滑的风险较低。考虑到目前企业库存情况和产能情况，整体供求问题仍然存在，有待需求端政策的发力，带动需求改善。未来政策的节奏和力度，也将决定下半年经济增长的走势。债券市场利率将围绕经济增长水平的中枢波动，经济的复苏情况将会影响债券市场的走势。短期内，随着稳增长政策的出台，债券收益率继续下行的动力减弱，波动有所增加。本基金将持续关注经济基本面、货币政策的变化，在保持组合流动性安全的前提下，积极把握市场的波段操作机会，保持合理资产配置，尽量提高组合收益率。基金管理人将坚持规范运作、审慎投资，将勤勉尽责地为基金持有人谋求长期、稳定的回报。","fund":{"_id":3000000015822,"__csrcFundId":11275,"stockCode":"015822","shortName":"易方达中证同业存单AAA指数7天持有(015822)","masterFundShortName":"易方达中证同业存单AAA指数7天持有","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15822,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:45:27.709Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-01T16:00:00.000Z","name":"易方达中证同业存单AAA指数7天持有期证券投资基金","fundCollectionId":4000050110000,"followedNum":4,"setUpDate":"2022-06-01T16:00:00.000Z","setUpAssetScale":3948762912.2,"setUpShares":3948762912.2,"pinyin":"yfdzztycdaaazs7tcyqzqtzjj","indexFundFlag":1,"managers":[{"stockCode":"8801404016","stockType":"fund_manager","exchange":"fm","tickerId":122625111230,"name":"刘朝阳"},{"stockCode":"db20590454","stockType":"fund_manager","exchange":"fm","tickerId":2512237980,"name":"易瓅"}]},"announcement":{"linkText":"易方达中证同业存单AAA指数7天持有期证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=960904","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17b7fea5b3eb051e400","date":"2023-03-30T16:00:00.000Z","stockId":3000000015822,"sao":"2023年一季度，国内经济低位修复。随着第一波感染高峰过去，消费出现了结构性的复苏，餐饮、旅游、电影等消费强劲复苏，但汽车消费有所拖累，最终消费增速小幅反弹。房地产政策的调整也带来了销售面积同比的好转，投资增速降幅大幅收窄。此外，出口降幅好于之前的预期，主要原因是前期积压订单交付、亚太区域内贸易强化、美国经济相对有韧性以及汽车出口景气。从物价方面看，CPI（消费者物价指数）和PPI（生产者价格指数）均处于低位，对市场影响较小。一季度，货币政策呈现明显的稳货币、宽信用格局。新增贷款增速较快，结构上向企业中长期贷款倾斜。货币市场受到春节和“开门红”等因素的影响，在整体宽松的情况下波动显著增大，银行间隔夜加权利率在1.5-2.5%区间频繁大幅震荡。资金面的不确定性推升了货币市场资产收益率的上行，1年期同业存单收益率从年初2.4%上升至3月初2.75%。随着3月中旬央行宣布降低存款准备金率25BP，货币市场资产收益率整体下行5-10BP，1年期同业存单收益率回落至2.65%。总体来看，一季度货币市场收益率整体上行。一季度，本基金主要投资于标的指数成分券和备选券。根据对经济政策基本面和市场供求的判断，结合基金规模变化情况，组合积极参与市场，适当调整久期和杠杆水平。总体来看，一季度组合在跟踪指数的基础上，保持了较好的流动性和较好的投资收益率。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:11.103Z","fund":{"_id":3000000015822,"__csrcFundId":11275,"stockCode":"015822","shortName":"易方达中证同业存单AAA指数7天持有(015822)","masterFundShortName":"易方达中证同业存单AAA指数7天持有","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15822,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:45:27.709Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-01T16:00:00.000Z","name":"易方达中证同业存单AAA指数7天持有期证券投资基金","fundCollectionId":4000050110000,"followedNum":4,"setUpDate":"2022-06-01T16:00:00.000Z","setUpAssetScale":3948762912.2,"setUpShares":3948762912.2,"pinyin":"yfd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