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季度资金面偏紧，资金利率中枢持续高于政策利率20-30BP，市场对“适度宽松”的过热预期逐步修正；二季度资金面明显缓解，资金利率中枢回归政策利率附近。货币政策方面，央行二季度降息10BP、降准50BP，整体上宽松。财政政策方面，2025年财政整体呈现“总量超前、结构分化”特征，中央财政通过国债和特别国债发力前置，地方债受土地市场和发行机制影响进度偏缓，政府债供给对债市的扰动有限。上半年债市波动较大，适合择时。一季度，债市受资金面和股市压力，回调明显，10Y国债到期收益率从年初1.60%一度上行30BP到接近1.90%。二季度，4月初“对等关税”冲击明显，10Y国债到期收益率快速回归1.60%附近，此后受资金面、政策预期和股债跷跷板效应影响，长端利率一直处于1.62%-1.72%区间震荡。操作上，整体来看，在宏观基本面较为稳定的情况下，考虑到债券的绝对收益率与估值水平已经位于历史较低位置，本基金采取了较为稳健的投资策略，把组合的流动性放在首位。同时，根据市场情况的变化，组合在一季度债券资产回调后小幅增持债券和久期，小幅增厚了组合收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:37.225Z","mo":"往后看，经济复苏动能或边际放缓，政策仍需发力托底内需。货币政策预计维持宽松，但央行对长端利率的管控态度明确。财政发力节奏加快，地方债提速可能阶段性扰动资金面。海外美联储若启动降息，或进一步打开国内利率下行空间。需警惕政策预期以及股市走高带来的长端利率回调风险。","fund":{"_id":3000000016442,"__csrcFundId":12259,"stockCode":"016442","shortName":"中信建投景益债券(016442)","masterFundShortName":"中信建投景益债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16442,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:51.555Z","status":"normal","exchange":"jj","fundCollectionId":4000050840000,"name":"中信建投景益债券型证券投资基金","inceptionDate":"2023-04-19T16:00:00.000Z","setUpDate":"2023-04-19T16:00:00.000Z","setUpAssetScale":210495209.54,"setUpShares":210495209.54,"pinyin":"zxjtjyzqxzqtzjj","managers":[{"stockCode":"j101020449","stockType":"fund_manager","exchange":"fm","tickerId":2610259140,"name":"张剑"}]},"announcement":{"linkText":"中信建投景益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=1345266","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1d17fea5b3eb0523cfc","date":"2025-03-30T16:00:00.000Z","stockId":3000000016442,"sao":"从基本面来看，一季度延续去年四季度的修复的趋势，制造业PMI在节后重新回到荣枯线上，并在3月份继续走高。高频数据中，房地产成交，尤其是二手房成交表现突出，但目前地产销售还未传导至投资端。制造业以及工业生产维持韧性，但有关税政策落地前抢出口拉动的因素。通胀目前仍然处于低位，供需格局未发生实质变化。信贷数据延续了一季度冲“开门红”的传统，但后续持续性存疑。美国经济有放缓的风险，市场预计二季度或再次开启降息。从资金面来看，一季度资金面偏紧，资金利率中枢整体高于7天逆回购利率20-30bp。在春节后，DR007一度上升至2.3%以上。并且央行对货币政策的表述由去年底中央经济工作会议的“适度宽松”修正为“择机降准降息”，市场也开始重估今年货币政策实施的力度和节奏。3月，随着两会召开，财政政策落地，4%的赤字率基本符合两会前市场的预期。但从节奏看，今年财政的发力较前几年有所前置。今年一季度，利率在年初到达低点后，开始持续调整，10年国债利率在3月曾达到1.9%，较年初低点调整约30bp。从原因看，一方面，资金面超预期偏紧带动短端利率先上升，随后传导至长端利率。另一方面，基本面数据总体平稳，加上央行的引导，市场重估降息幅度和节奏，这也影响到利率的定价。另外，权益市场在节后表现较好，风险偏好抬升，也对债市形成压力。到3月下旬，资金面较前期紧张时边际放松，权益市场转为震荡，债市压力边际缓解。报告期内，本基金灵活调整债券的久期与杠杆水平，较好地回避了本季度债券波动风险。同时，在利空因素充分释放后，积极参与波段交易，获取债市超跌后回调的资本利得。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:37.222Z","fund":{"_id":3000000016442,"__csrcFundId":12259,"stockCode":"016442","shortName":"中信建投景益债券(016442)","masterFundShortName":"中信建投景益债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16442,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:51.555Z","status":"normal","exchange":"jj","fundCollectionId":4000050840000,"name":"中信建投景益债券型证券投资基金","inceptionDate":"2023-04-19T16:00:00.000Z","setUpDate":"2023-04-19T16:00:00.000Z","setUpAssetScale":210495209.54,"setUpShares":210495209.54,"pinyin":"zxjtjyzqxzqtzjj","managers":[{"stockCode":"j101020449","stockType":"fund_manager","exchange":"fm","tickerId":2610259140,"name":"张剑"}]},"announcement":{"linkText":"中信建投景益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=1272033","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1d17fea5b3eb0523cfb","date":"2024-12-30T16:00:00.000Z","stockId":3000000016442,"sao":"2024年一季度，基本面方面，经济整体修复，制造业PMI在3月份回到荣枯线上，工业增加值同比有所回升。进入二季度后，基本面数据重新走弱，制造业PMI重回荣枯线下。至三季度，社零持续在偏低位置震荡，核心通胀环比、新增信贷等低于季节性，新房销售同比仍然在-25%附近。四季度，宏观数据较三季度有一定改善，其中制造业PMI重新回到荣枯线上。但是宏观数据的改善更多体现在生产端，需求端数据如地产、消费或者与需求端相关性更强的通胀、信贷等数据依然偏弱。2024年，无论是宏观基本面环境，还是货币资金面环境，大多数时候对债市利多，债市也走出牛市行情。从全年看，利率大部分时期下行较为顺畅，但年中政策对利率波动影响较大。二季度开始，央行多次提示长债利率风险，市场也担忧央行卖债，利率在4月下旬和8月上旬出现较大调整。9月底，在政策转向的影响下，收益率快速上行。但11月份，财政政策落地，财政发力集中在化债方向上，利率下行空间再次打开。从全年看，10年期国债收益率从2.56%下行至1.7%以下，30年期国债收益率从2.83%附近下行至1.9%附近。当下，居民收入预期还未改善，地产销售年初有好转，但持续性未确认，同时房价没有明显回暖。通胀低位下，企业投资需求不高。在稳增长、化债等大背景下，央行长期收紧货币的概率较低。海外方面，在美国经济放缓压力下，美联储预计仍处于降息周期，汇率压力或逐步释放。在此基础之上，本基金配置相对较高的仓位与久期水平，较好的获取了资本利得与票息收入。接下来本组合将密切关注基本面、资金面等因素的变化，动态调整组合仓位，积极把握阶段性的交易机会。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:37.220Z","mo":"展望2025年，随着近几年债券市场收益率的下行，债市收益的空间在逐步收窄。但在经济基本面筑底，适度宽松的货币政策支持下，预估全年债券市场仍有一定的配置和交易机会。预计全年将会呈现低位震荡，波动较强的行情，整体交易难度较以往增强。本基金将根据市场及基本面的变化，灵活选择持仓品种及久期，结合波段操作，在严控风险的前提下增强组合的收益。","fund":{"_id":3000000016442,"__csrcFundId":12259,"stockCode":"016442","shortName":"中信建投景益债券(016442)","masterFundShortName":"中信建投景益债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16442,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:03:51.555Z","status":"normal","exchange":"jj","fundCollectionId":4000050840000,"name":"中信建投景益债券型证券投资基金","inceptionDate":"2023-04-19T16:00:00.000Z","setUpDate":"2023-04-19T16:00:00.000Z","setUpAssetScale":210495209.54,"setUpShares":210495209.54,"pinyin":"zxjtjyzqxzqtzjj","managers":[{"stockCode":"j101020449","stockType":"fund_manager","exchange":"fm","tickerId":2610259140,"name":"张剑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