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在汇率因素和资金空转的制约下，资金进一步宽松的空间受限。往后看，经济失速的风险降低且处于筑底的阶段。地产销量边际有好转迹象，前期一系列保交楼和放松因城施策满足刚需和改善需求，效果在逐步显现，但更多是“以价换量”，在3月22日国常会提出“进一步优化房地产政策”，后续地产需求端政策可能进一步发力，消费呈好转的迹象，对经济有支撑。货币政策目标在于稳步提升物价，宽松的基调仍在，但海外通胀粘性较强或限制货币政策空间，同时关注收益率曲线的风险，当前债券市场对于降息定价充分，提防降息预期的扭转。后续关注债券供给，当前供给结构主要集中在中长端，对曲线影响会更多在长端资产，也会通过资金波动和曲线传导影响中短端，但出现23年3-4季度多因素共振导致中短端大幅调整的概率较小，不确定专项债和特殊再融资债节奏，关注财政部关于地方债发行节奏的表态。2024年一季度，组合久期处于中性偏高的位置，后续市场进入震荡区间。组合将结合当前及未来宏观政策形势变化的判断，控制信用风险暴露情况，控制组合杠杆总体水平，以稳健的投资风格力争为投资者获取良好的投资回报。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:34.997Z","fund":{"_id":3000000015960,"__csrcFundId":11354,"stockCode":"015960","shortName":"创金合信中证同业存单AAA指数7天持有期(015960)","masterFundShortName":"创金合信中证同业存单AAA指数7天持有期","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15960,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:50:41.406Z","status":"normal","exchange":"jj","name":"创金合信中证同业存单AAA指数7天持有期证券投资基金","inceptionDate":"2022-07-07T16:00:00.000Z","fundCollectionId":4000050990000,"followedNum":3,"setUpDate":"2022-07-07T16:00:00.000Z","setUpAssetScale":288418645.28,"setUpShares":288418645.28,"pinyin":"cjhxzztycdaaazs7tcyqzqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20726518","stockType":"fund_manager","exchange":"fm","tickerId":122525191250,"name":"吕沂洋"}]},"announcement":{"linkText":"创金合信中证同业存单AAA指数7天持有期证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1066500","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1927fea5b3eb051fbc9","date":"2023-12-30T16:00:00.000Z","stockId":3000000015960,"sao":"2023年全年呈现“弱现实”与“强预期”以及政策发力节奏博弈的局面，收益率“M”型震荡下行。2023年1-3月，疫情政策调整推动经济修复，同时市场预期经济出现较强的复苏态势，期间资金较紧且波动较大，收益率上行并且在高位波动。3月份两会制定的经济增速目标低于市场预期，随后3月下旬降准落地，宽货币开始发力，但受制于地方债务压力，财政发力仍较谨慎，收益率下行右侧信号明确。2023年二季度，经济修复动能放缓，叠加资金面宽松，收益率持续下行，6月中旬降息落地后，收益率触底反弹，市场开始预期出台“宽信用”稳增长政策，7月底政治局会议对地产形势、化债以及稳增长政策定调超预期，但7月至8月中上旬的政策仍以存量政策为主，10年国债收益率下行至2.53%的年内低位。8月下旬开始，稳增长政策加速落地，地产政策不断加码，随着特殊再融资债的发行叠加1万亿增量特别国债发行，同时监管关注资金空转套利问题，资金紧平衡，多个负面因子叠加，收益率持续向上调整。直至12月政治局会议和中央经济工作会议释放强刺激信号有限，在存款利率下调的带动下，降息和降准的预期推动收益率下行。组合在2023年中，维持存单指数的定位，久期保持在中性偏低的水平，11月中下旬增加杠杆和久期，久期结构为子弹型。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:34.974Z","mo":"展望2024年，经济向上修复动力偏弱，宽信用需要依靠中央财政加杠杆，财政安排、货币政策配合以及监管环境变化影响全年债券市场演绎节奏。2024年一、二季度市场环境对债市更有利，经济仍然偏弱，期间降息、降准概率较大，在两会前，利率债的扰动相对较少，资金分层修复的概率较大。两会将确定全年的经济增长目标，大概率会新增特别国债，以及发行特殊再融资债，但货币政策对财政安排有较好的配合，利率债供给全年相对均衡，其对债券市场冲击程度大概率低于2023年四季度。随着地方债和特殊再融资债发行，资金面或许会回归到相对紧平衡的状态，收益率在三季度出现反弹，二季度后更关注经济的修复程度，尤其是地产。","fund":{"_id":3000000015960,"__csrcFundId":11354,"stockCode":"015960","shortName":"创金合信中证同业存单AAA指数7天持有期(015960)","masterFundShortName":"创金合信中证同业存单AAA指数7天持有期","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15960,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:50:41.406Z","status":"normal","exchange":"jj","name":"创金合信中证同业存单AAA指数7天持有期证券投资基金","inceptionDate":"2022-07-07T16:00:00.000Z","fundCollectionId":4000050990000,"followedNum":3,"setUpDate":"2022-07-07T16:00:00.000Z","setUpAssetScale":288418645.28,"setUpShares":288418645.28,"pinyin":"cjhxzztycdaaazs7tcyqzqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20726518","stockType":"fund_manager","exchange":"fm","tickerId":122525191250,"name":"吕沂洋"}]},"announcement":{"linkText":"创金合信中证同业存单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=1049602","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1927fea5b3eb051fbc8","date":"2023-09-29T16:00:00.000Z","stockId":3000000015960,"sao":"2023年第三季度，利率呈现“V”型震荡的格局。7月份政治局会议对下半年的经济以及政策做出定调，地产的基调发生较大转变，从“房住不炒”转变为“我国房地产市场供求关系发生重大变化”，8-9月份地产优化政策频出，市场对地产悲观预期情绪得到修复，债市收益率呈向上调整态势。对于货币政策，央行维持“稳健的货币政策要精准有力”的定调，货币政策保持偏宽松，期间调降公开市场操作利率和存款准备金率，但受8月-9月地方债加速发行、汇率以及防资金空转的影响，资金面的扰动较大，期间资金在政策利率上方运行。对于债券市场，在政策的扰动下，呈现“V”型震荡的格局，受降息影响，10年国债收益率从7月3日的2.65%下行到8月21日的2.54%，之后在地产政策和资金扰动下，上行至9月28日的2.67%。往后看，在稳增长阶段，货币政策基调保持宽松，防资金空转和稳汇率或有扰动，再融资债券供给的节奏会导致流动性在时间上错配和机构之间的转移，可能限制资金宽松，资金面可能更多在政策利率中枢波动。当前经济下行概率较低，处于筑底阶段，回升内生动力较弱，收益率大幅下行机会和上行的风险相对较小，短期在高位震荡，有结构性的机会，中期关注地产和消费的复苏对经济的拉动作用，以及债券供给的节奏变化。在组合操作方面，在利率供给影响下，资金量松价紧。我们关注短期年内期限的存单，在保证组合流动性的情况下，通过套息和骑乘增强组合收益，并维持组合策略灵活性。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:34.970Z","fund":{"_id":3000000015960,"__csrcFundId":11354,"stockCode":"015960","shortName":"创金合信中证同业存单AAA指数7天持有期(015960)","masterFundShortName":"创金合信中证同业存单AAA指数7天持有期","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":15960,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:50:41.406Z","status":"normal","exchange":"jj","name":"创金合信中证同业存单AAA指数7天持有期证券投资基金","inceptionDate":"2022-07-07T16:00:00.000Z","fundCollectionId":4000050990000,"followedNum":3,"setUpDate":"2022-07-07T16:00:00.000Z","setUpAssetScale":288418645.28,"setUpShares":288418645.28,"pinyin":"cjhxzztycdaaazs7tcyqzqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20726518","stockType":"fund_manager","exchange":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