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场收益率向下的动力，短端先于长端快速上行。同时权益市场科技主题催化叠加经济“开门红”提振风险偏好，股债跷板效应显著，10年期国债收益率大幅上行，最高达到1.90%。第三阶段是4月至6月末，4月初美国对等关税落地，关税水平大超市场预期，央行货币政策转为宽松，隔夜资金成本大幅下降，并于5月实施降准降息。随后市场博弈中美贸易谈判进程，债券市场收益率整体在1.6%-1.7%区间震荡。（2）报告期内本基金投资策略和运作分析报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以利率债为主，在二季度末适当提高了组合久期和仓位。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:21.029Z","mo":"债券市场经历了几年的牛市行情，现在利率来到了历史低位区间。在债券利率下行趋缓的同时，权益资产的性价比有所提升。叠加一些政策支持，使得股票在今年上半年走出强势表现。在权益市场走强、分流债券市场资金的情况下，债券继续下行要依赖于金融机构负债端利率调降，即需要总量型货币政策出台，推动利率下台阶。根据货币政策出台的规律分析，总量型货币政策出台可能要有几个条件：一是政府债供给处于高峰，二是人民币兑美元汇率处于有利状态，三是美联储降息，四是权益市场开始调整。下半年需要观察这些条件能否兑现。今年另外一个主题是“反内卷”，7月召开的中央财经委员会中释放出“反内卷”信号，强调“要聚焦重点难点，依法依规治理企业低价无序竞争，引导企业提升产品品质，推动落后产能有序退出”。本轮“反内卷”的关键在于产能约束和需求刺激，这两端能否同时出台刺激方案，现在还需要观察。现在债券市场处于急涨阴跌状态，利好兑现利率基本一步到位。但由于配置型机构负债成本仍然偏高，在情绪释放后，进入长期横盘甚至阴跌状态。下半年配置型机构负债成本若逐步下移，则债券市场收益率也将更加稳定。","fund":{"_id":3000000015865,"__csrcFundId":11321,"stockCode":"015865","shortName":"中信建投景泰债券(015865)","masterFundShortName":"中信建投景泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15865,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:47:39.308Z","status":"normal","exchange":"jj","name":"中信建投景泰债券型证券投资基金","inceptionDate":"2022-06-08T16:00:00.000Z","fundCollectionId":4000050840000,"followedNum":0,"setUpDate":"2022-06-08T16:00:00.000Z","setUpAssetScale":210022742.29,"setUpShares":210022742.29,"pinyin":"zxjtjtzqxzqtzjj","managers":[{"stockCode":"j101020449","stockType":"fund_manager","exchange":"fm","tickerId":2610259140,"name":"张剑"}]},"announcement":{"linkText":"中信建投景泰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=1345238","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1857fea5b3eb051ebd0","date":"2025-03-30T16:00:00.000Z","stockId":3000000015865,"sao":"一季度，宏观数据延续修复态势，其中二、三月制造业PMI重新回到荣枯线上；同时央行引导收紧资金面，打破对债券利率下行的一直预期，市场对货币政策“适度宽松”预期有所修正，债券利率整体上行。具体看，一季度，债券市场走势可以分为三个阶段。第一阶段是年初至春节，这个阶段长端利率持续下行，随后央行约谈、暂停国债买入等操作使得市场情绪转向谨慎。短端出现明显调整压力，长端下行幅度放缓。该阶段1y国债到期收益率上行22BP至1.30%，10y国债下行5BP至1.63%。第二阶段是春节后至3月中旬，大行融出超季节性下降至低位水平，存单发行“提价换量”明显，国股行存单一级发行价升至2%上方，银行负债紧张程度超出市场预期； DeepSeek、人形机器人等概念提高了市场的风险偏好，权益市场走强；叠加银行卖出银行账户长债兑现浮盈，长端利率大幅调整，10y国债上行27BP至1.90%。第三阶段是3月中旬到季末，央行公开市场投放偏积极，资金价格边际持稳，MLF转为净投放、OMO披露投标量，宽货币预期叠加权益市场动能转弱，债市收益率震荡修复至1.8%附近。报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以利率债为主，在报告期内适当降低了组合久期和仓位。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:21.027Z","fund":{"_id":3000000015865,"__csrcFundId":11321,"stockCode":"015865","shortName":"中信建投景泰债券(015865)","masterFundShortName":"中信建投景泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15865,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:47:39.308Z","status":"normal","exchange":"jj","name":"中信建投景泰债券型证券投资基金","inceptionDate":"2022-06-08T16:00:00.000Z","fundCollectionId":4000050840000,"followedNum":0,"setUpDate":"2022-06-08T16:00:00.000Z","setUpAssetScale":210022742.29,"setUpShares":210022742.29,"pinyin":"zxjtjtzqxzqtzjj","managers":[{"stockCode":"j101020449","stockType":"fund_manager","exchange":"fm","tickerId":2610259140,"name":"张剑"}]},"announcement":{"linkText":"中信建投景泰债券型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1272008","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1857fea5b3eb051ebcf","date":"2024-12-30T16:00:00.000Z","stockId":3000000015865,"sao":"2024年债券市场经历了较大的牛市行情，本质原因是产业周期引发的资产荒和机构间的极致博弈共同推动。期间债市受央行预期管理和稳增长政策加码等影响出现三次明显调整，但收益率仍整体下行，10年国债从年初的2.56%下行至1.69%。2024年债券市场行情走势大致可以分为四个阶段。第一阶段是1至4月，开年以来随着存款利率下调，市场对于降息预期发酵，叠加化债主线下政府债券供给偏慢，“欠配”行情驱动债市快牛初显。第二阶段是4至9月，央行提示长债或有调整风险，叠加一线城市限购或放开、地产政策转向去库存等消息扰动，债市回吐部分前期涨幅，但随着降息落地，下行空间进一步打开。第三阶段是10至11月，9月底一揽子政策加码，降准降息同步落地，随后权益市场明显修复，债市承压收益率大幅上行调整。第四阶段是11月下旬至年底，货币政策定调适度宽松，机构开启年末抢跑行情，市场出现极强的学习效应，收益率快速下行，最低至1.69%。报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以信用债为主，在报告期内适当提高了组合久期和仓位。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:21.024Z","mo":"展望2025年，经济稳增长的抓手主要还是扩内需。一是投资端将继续保持较高的力度。财政政策或将继续发力，货币政策或将配合财政发力，提供流动性支持。地产端也将有更多的政策出台。二是消费端仍是政策重点，仍将有提高部分群体收入、家电以旧换新等政策予以支持。三是出口端面临不确定性。随着美国大选落地，中美贸易不确定性增加，或对中国出口带来一定扰动。四是关注硬科技带来的预期改善和相关产业的机会。债券市场方面，2025年资产荒将延续，且“适度宽松”下，债市需求偏刚性，整体债市环境仍偏有利，但结构上可能面临缺少高息优质资产的情况。对于基金来说，负债端波动加大，且当前策略较为单一，这将使得交易难度增大。总体来说，2025年债市或继续延续牛市，但下行节奏或有反复，操作需更精细化。","fund":{"_id":3000000015865,"__csrcFundId":11321,"stockCode":"015865","shortName":"中信建投景泰债券(015865)","masterFundShortName":"中信建投景泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15865,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:47:39.308Z","status":"normal","exchange":"jj","name":"中信建投景泰债券型证券投资基金","inceptionDate":"2022-06-08T16:00:00.000Z","fundCollectionId":4000050840000,"followedNum":0,"setUpDate":"2022-06-08T16:00:00.000Z","setUpAssetScale":210022742.29,"setUpShares":210022742.29,"pinyin":"zxjtjtzqxzqtzjj","managers":[{"stockCode":"j101020449","stockType":"fund_manager","exchange":"fm","tickerId":2610259140,"name":"张剑"}]},"announcement":{"linkText":"中信建投景泰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=1256229","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1857fea5b3eb051ebce","date":"2024-09-29T16:00:00.000Z","stockId":3000000015865,"sao":"1、报告期内行情回顾三季度债券市场经历了极为剧烈的震荡，各期限利率呈现出深“V”形走势，其中10年期国债收益率的最高和最低点位相差近30bp，30年期国债收益率的最高和最低点位相差超过30bp。9月中上旬，受货币政策宽松预期，利率继续下行，并创历史新低。但以9月24日金融部委新闻发布会为分界点，利率在此后快速上行。虽然央行宣布降准降息，但债券市场转而开始担忧政策向稳增长倾斜，股票市场的乐观情绪也对债券市场产生了较大扰动。从经济基本面来看，政策的实施落地传导到数据转好需要时间，短期内数据或仍延续偏弱态势，这意味着政策效果或要等到年底或明年初才能体现，市场或暂时不会过度交易基本面数据。从政策面来看，年内或还有一次降准，但财政政策力度还存在不确定性。如10月底财政悬念落地规模在市场预期之内，债市或有利空出尽行情。从机构行为来看，虽然前期债券调整产生一定赎回效应，但并未形成类似2022年底的负反馈。其次，按照以往季节性规律，年底通常是保险的配置期，在长端利率已经出现调整后，保险是有动力在年底前进行配置的。整体看，债券市场快速回调的阶段已经结束，在信用扩展仍然偏缓慢，资金面有利因素增多的情况下，债市短期没有大幅转熊的基础。2、报告期内本基金投资策略和运作分析报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以信用债为主，在报告期内适当提高了组合久期和仓位。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:21.021Z","fund":{"_id":3000000015865,"__csrcFundId":11321,"stockCode":"015865","shortName":"中信建投景泰债券(015865)","masterFundShortName":"中信建投景泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15865,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:47:39.308Z","status":"normal","exchange":"jj","name":"中信建投景泰债券型证券投资基金","inceptionDate":"2022-06-08T16:00:00.000Z","fundCollectionId":4000050840000,"followedNum":0,"setUpDate":"2022-06-08T16:00:00.000Z","setUpAssetScale":210022742.29,"setUpShares":210022742.29,"pinyin":"zxjtjtzqxzqtzjj","managers":[{"stockCode":"j101020449","stockType":"fund_manager","exchange":"fm","tickerId":2610259140,"name":"张剑"}]},"announcement":{"linkText":"中信建投景泰债券型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1177920","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1857fea5b3eb051ebcd","date":"2024-06-29T16:00:00.000Z","stockId":3000000015865,"sao":"（1）报告期内行情回顾国内各项经济数据整体偏弱，受地产行业下行影响，内需稍显乏力，居民端、企业端信用扩张进程缓慢，制造业PMI回到荣枯线以下。社零在偏低位置震荡，核心通胀低于季节性，新房销售同比仍然在-25%附近。上半年，社融数据均低于季节性，实体经济融资需求有限，金融机构难以实现保持净息差和规模扩张之间的平衡。外需仍对经济有一定支撑，但出口链信用扩张能力有限，基本面整体仍呈现供大于求的格局。资金面趋于平稳，非银机构资金充足，资金分层现象有所缓解。特别国债发行节奏平稳，对市场冲击较小；央行提示长端债券利率风险，并宣布借入债券的计划，预计后续将适时进行买卖国债操作。4月政治局会议对地产表述有新的变化，一线城市地产政策逐步出台，政策效果需进一步观察。二季度曲线斜率有一定修复，短端表现好于长端。（2）报告期内本基金投资策略和运作分析报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以信用债为主，在报告期内适当提高了组合久期和仓位。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:21.019Z","mo":"今年债券市场表现强势，10年国债利率下行30bp。核心原因是债券市场供求关系发生了变化，本质上还是地产这个行业的影响。第一，地产行业复苏相对偏缓慢，居民对于房价预期偏谨慎，居民端和企业端暂时没有进行大规模的信用扩张，总需求尚待提振。第二，地产对经济的影响传导到财政端，地方政府顺应高质量发展的理念，选择专项债项目把关更加严格，地方债发行节奏整体比较均衡。居民、企业、政府信用扩张的节奏，影响了债券市场的供给。从需求端看，由于居民、企业对于风险偏好整体偏低，大量的资金进入债券市场。今年理财、债基、银行自营对于债券的投资规模均增幅较大。同时现在银行禁止手工补息，导致一些理财配置存款的资金，转向债券市场。这进一步加大了债券市场需求端的资金。在资产荒叠加宽松的货币政策下，债市行情或将延续。债券牛市的基础不变，但随着债市收益率下行，此前各类比价框架与定价锚失效，只能用中长期的趋势逻辑与机构行为的配置逻辑进行解释。这与2015-2016年债市的“无基本面支撑收益率下行”有一定相似之处，当时市场也只能总结为超强的配置行情。现阶段银行自营买债增量资金已经达到2015年水平，机构行为将成为主导市场的主导因素之一，但是由于机构行为本身无法精准定量，行情的走势往往超出预期。基于此，一方面要顺应市场，理解变化；另一方面，要积极的应对，调整操作。","fund":{"_id":3000000015865,"__csrcFundId":11321,"stockCode":"015865","shortName":"中信建投景泰债券(015865)","masterFundShortName":"中信建投景泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15865,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:47:39.308Z","status":"normal","exchange":"jj","name":"中信建投景泰债券型证券投资基金","inceptionDate":"2022-06-08T16:00:00.000Z","fundCollectionId":4000050840000,"followedNum":0,"setUpDate":"2022-06-08T16:00:00.000Z","setUpAssetScale":210022742.29,"setUpShares":210022742.29,"pinyin":"zxjtjtzqxzqtzjj","managers":[{"stockCode":"j101020449","stockType":"fund_manager","exchange":"fm","tickerId":2610259140,"name":"张剑"}]},"announcement":{"linkText":"中信建投景泰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=1148232","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1857fea5b3eb051ebcc","date":"2024-03-30T16:00:00.000Z","stockId":3000000015865,"sao":"（1）报告期内行情回顾基本面方面，一季度受到春节的影响，数据波动较大，但经济整体继续修复。制造业PMI连续在荣枯线下后在3月份回到荣枯线上，工业增加值同比有所回升。社零增速较去年四季度有所回落，但去年底社零增速偏强主要受到了前一年低基数的影响。出口增速继续抬升。地产仍然是投资端的主要拖累，虽然一、二线城市地产政策继续释放，但地产销售仍弱于去年同期。基建投资平稳，制造业投资成为近期需求端亮点。CPI同比在2月转正，但是同比数据有一定春节错位的影响，持续性需要观察，PPI同比维持在负数区间。海外方面，美国数据仍然较好，通胀展现出韧性。美联储最新公布的点阵图仍然维持年内三次降息的指引，但市场对年内的降息次数和开始时点争议仍很大。美元兑人民币维持在7.1附近。资金面在一季度保持平稳，央行通过OMO、MLF等公开市场操作的方式维持资金利率在政策利率附近。一季度，央行再次降准，5年期LPR调降，同业存单利率下降。但政府债发行进度偏慢，成为后续资金面的隐忧。两会召开，全年GDP目标5%，并增发超长期特别国债，预计中央加杠杆将成为今年稳增长的主要手段。一季度，市场对后续基本面预期悲观，利率继续下行，10年国债收益率在3月底下降至2.3%附近，达到历史新低。曲线斜率也有所修复，10年国债与1年国债利差较去年底拉大。一季度，在配置盘和交易盘共同推动下，超长债表现较为突出，30年国债与10年国债的利差一度收窄至15bp以内。（2）报告期内本基金投资策略和运作情况报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以信用债为主，在报告期内适当提高了组合久期和仓位。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:21.016Z","fund":{"_id":3000000015865,"__csrcFundId":11321,"stockCode":"015865","shortName":"中信建投景泰债券(015865)","masterFundShortName":"中信建投景泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15865,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:47:39.308Z","status":"normal","exchange":"jj","name":"中信建投景泰债券型证券投资基金","inceptionDate":"2022-06-08T16:00:00.000Z","fundCollectionId":4000050840000,"followedNum":0,"setUpDate":"2022-06-08T16:00:00.000Z","setUpAssetScale":210022742.29,"setUpShares":210022742.29,"pinyin":"zxjtjtzqxzqtzjj","managers":[{"stockCode":"j101020449","stockType":"fund_manager","exchange":"fm","tickerId":2610259140,"name":"张剑"}]},"announcement":{"linkText":"中信建投景泰债券型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072138","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1857fea5b3eb051ebcb","date":"2023-12-30T16:00:00.000Z","stockId":3000000015865,"sao":"（1）报告期内行情回顾基本面方面，经济动能继续磨底。制造业PMI连续在荣枯线下，工业增加值同比保持平稳并略有回升。社零增速逐月走高，但一定程度上受到了去年低基数的影响。出口增速转正。投资相对偏弱，仍然是受到了房地产投资的拖累。四季度，一线城市地产政策继续放松，但对地产销售的影响还需继续观察。CPI同比重新转负，PPI同比维持在负数区间，核心通胀环比低于季节性，通缩风险再次出现。海外方面，美联储两次议息会议均没有再加息，市场对明年降息的预期升温，10年期美债利率下行突破4%，人民币汇率压力有所减弱，美元兑人民币下降到7.1附近。资金面在四季度成为影响债券市场的主要因素之一，在再融资债和新增国债发行的影响下，资金面较前期偏紧。央行通过OMO、MLF等公开市场操作的方式缓解资金面压力，但银行仍然面临负债端压力，同业存单利率上行。四季度，新增国债发行，赤字率约束被打开，财政政策成为稳增长的主要手段。中央经济工作会议在年底召开，会上提出“稳中求进、以进促稳、先立后破”，会后债券市场表现偏强。在多空因素交织下，四季度债市波动明显增大，曲线平坦化程度加深，10年期国债收益率大部分时间在2.65%附近波动，10年国债与1年国债利差一度收窄至25bp以内。但年底，国有银行和股份行下调存款利率，引发了新一轮降息预期，利率快速下降。10年期国债利率接近年内低点，而超长债表现更为强势，在保险等非银机构提前配置的推动下，30年国债利率到达年内低点，和10年国债之间利差也收窄至25bp附近。（2）报告期内本基金投资策略分析报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以信用债为主，在报告期内适当提高了组合久期和仓位。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:21.013Z","mo":"展望2024年，经济数据或有如下特征，一是投资发力更加突出。中央加杠杆、“稳增长”基调下，重大项目基建投资有望发力，“三大工程”建设或缓和地产投资下行压力，固定资产投资的亮点或较2023年增多；二是消费到达“新平衡”。2023年居民消费快速反弹，居民消费意愿逐步修复至疫前，达到“稳态”，2024年预计消费韧性持续，社零增速达到疫后“新平衡”。三是出口中枢上移。极低基数叠加价格因素改善，预计出口增速表现大概率好于今年，读数整体呈现上行趋势，年度中枢有望回正。四是经济增速目标5%。万亿增发国债大致对应经济总量的0.8%左右，叠加2024年财政扩张或偏积极，投资发力托底，预计实际GDP增速向5%靠拢的可能性较大。在资产荒叠加宽松的货币政策下，债市行情或将延续。债券牛市的基础不变，但随着债市收益率下行，此前各类比价框架与定价锚失效，只能用中长期的趋势逻辑与机构行为的配置逻辑进行解释。这与2015-2016年债市的“无基本面支撑收益率下行”有一定相似之处，当时市场也只能总结为超强的配置行情。现阶段银行自营买债增量资金已经达到2015年水平，机构行为将成为主导市场的主导因素之一，但是由于机构行为本身无法精准定量，行情的走势往往超出预期。基于此，一方面要顺应市场，理解变化；另一方面，要积极地应对，调整操作。","fund":{"_id":3000000015865,"__csrcFundId":11321,"stockCode":"015865","shortName":"中信建投景泰债券(015865)","masterFundShortName":"中信建投景泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15865,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:47:39.308Z","status":"normal","exchange":"jj","name":"中信建投景泰债券型证券投资基金","inceptionDate":"2022-06-08T16:00:00.000Z","fundCollectionId":4000050840000,"followedNum":0,"setUpDate":"2022-06-08T16:00:00.000Z","setUpAssetScale":210022742.29,"setUpShares":210022742.29,"pinyin":"zxjtjtzqxzqtzjj","managers":[{"stockCode":"j101020449","stockType":"fund_manager","exchange":"fm","tickerId":2610259140,"name":"张剑"}]},"announcement":{"linkText":"中信建投景泰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=1056794","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1857fea5b3eb051ebca","date":"2023-09-29T16:00:00.000Z","stockId":3000000015865,"sao":"3季度经历了一次降息，一次降准，但货币政策的宽松并未令牛市继续。相反进入9月份后，受到地方债发行加速，汇率明显贬值导致资金大幅收紧，债券出现了明显调整，曲线呈现熊平。从各品种的调整幅度来看，弱资质信用债明显表现强势，说明市场对化债有着明显的乐观预期。具体在本基金，产品以高等级信用债作为底仓，考虑到资金逐步收紧，产品逐步降低杠杆。保持票息策略，保持组合的流动性，等待机会。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:21.010Z","fund":{"_id":3000000015865,"__csrcFundId":11321,"stockCode":"015865","shortName":"中信建投景泰债券(015865)","masterFundShortName":"中信建投景泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15865,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:47:39.308Z","status":"normal","exchange":"jj","name":"中信建投景泰债券型证券投资基金","inceptionDate":"2022-06-08T16:00:00.000Z","fundCollectionId":4000050840000,"followedNum":0,"setUpDate":"2022-06-08T16:00:00.000Z","setUpAssetScale":210022742.29,"setUpShares":210022742.29,"pinyin":"zxjtjtzqxzqtzjj","managers":[{"stockCode":"j101020449","stockType":"fund_manager","exchange":"fm","tickerId":2610259140,"name":"张剑"}]},"announcement":{"linkText":"中信建投景泰债券型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=991634","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1857fea5b3eb051ebc9","date":"2023-06-29T16:00:00.000Z","stockId":3000000015865,"sao":"回顾2023年上半年，基本面，尤其是基本面预期出现了明显的变化。在疫情放开初期，在生产消费恢复的背景下，市场在年初对2023年基本面有很强的信心，债券收益率，尤其是信用债收益率处于高位。但进入3-4月，一方面基建和地产工作实物量下降，以及房地产销售下滑，基本面走势大幅走弱。同时，在降准后，市场资金大幅宽松，债券收益率，尤其是信用债收益率快速下行。二季度末的降息也证实了基本面的羸弱，引发了市场对新一轮政策的预期，债券收益率因此出现了一轮调整。具体在本基金，产品以高等级信用债作为底仓，采取套息策略。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:21.005Z","mo":"展望2023年下半年，需求能否回升是影响债券走势的核心因素。而影响需求的核心因素可能还是在信心上，信息不足导致就业和消费均受到了一定的抑制，消费尚未回到此前的趋势上。而可能改变这一情况的变量可能在稳增长、保交楼进度等一系列政策落实的情况上。此外，下半年利率供给相对充足，上半年银行表内资产荒的情况相对缓解，利率呈现震荡态势。理财的行为成为影响债券的核心变量，在理财规模继续增长的背景下，信用债可能在下半年相对占优。操作上，本基金维持中性杠杆，继续套息策略。二季度后密切跟踪经济基本面、政策态度，择机调整久期。","fund":{"_id":3000000015865,"__csrcFundId":11321,"stockCode":"015865","shortName":"中信建投景泰债券(015865)","masterFundShortName":"中信建投景泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15865,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:47:39.308Z","status":"normal","exchange":"jj","name":"中信建投景泰债券型证券投资基金","inceptionDate":"2022-06-08T16:00:00.000Z","fundCollectionId":4000050840000,"followedNum":0,"setUpDate":"2022-06-08T16:00:00.000Z","setUpAssetScale":210022742.29,"setUpShares":210022742.29,"pinyin":"zxjtjtzqxzqtzjj","managers":[{"stockCode":"j101020449","stockType":"fund_manager","exchange":"fm","tickerId":2610259140,"name":"张剑"}]},"announcement":{"linkText":"中信建投景泰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=965982","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1847fea5b3eb051ebc8","date":"2023-03-30T16:00:00.000Z","stockId":3000000015865,"sao":"在2022年四季度经济活动重新回暖后，债券市场进入到了调整期。进入2023年后，债券的逻辑从经济复苏的预期向经济复苏验证转移。尤其是在春节前后，市场对高频数据的认识出现了明显分化。春节前因高频数据的缺乏，更多通过消费数据的判断，认为经济复苏进入到了快车道，加之春节导致的资金面的进展，令债券市场出现了调整；而春节后，尤其是进入三月，部分高频数据的下滑，加之银行连续OMO的投放，令债券市场走出了小阳春，信用利差也随之出现了明显的压缩。具体在本基金，产品以高等级信用债作为底仓，金融债交易为增厚。在春节前后市场担忧流动性的背景下，增配国有大行二级资本债。展望2023年二季度，基本面修复应该还是趋势，市场很难走出2022年三四季度的走势，当下债券市场，尤其是长端利率债定价较为合理。未来定价依然等待基本面给出的信号，尤其是在出口以及消费给出的信号，甚至海外是否会出现新的风险，等待高频数据给出的信号。未来以利差为考量，维持组合高评级信用债和利率债的持仓，选择性价比较高的品种。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:20.999Z","fund":{"_id":3000000015865,"__csrcFundId":11321,"stockCode":"015865","shortName":"中信建投景泰债券(015865)","masterFundShortName":"中信建投景泰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15865,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:47:39.308Z","status":"normal","exchange":"jj","name":"中信建投景泰债券型证券投资基金","inceptionDate":"2022-06-08T16:00:00.000Z","fundCollectionId":4000050840000,"followedNum":0,"setUpDate":"2022-06-08T16:00:00.000Z","setUpAssetScale":210022742.29,"setUpShares":210022742.29,"pinyin":"zxjtjtzqxzqtzjj","managers":[{"stockCode":"j101020449","stockType":"fund_manager","exchange":"fm","tic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