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币政策，并且通过公开市场操作调整政府债券发行带来的资金缺口，引导资金利率逐步回归至政策利率水平。三季度看来，央行共开展逆回购操作5.24万亿，逆回购到期5.12万亿；开展MLF操作1.7万亿，MLF到期1.15万亿；TMLF到期2977亿；合计净投放资金3723亿。DR001上行54BP至2.38%，DR007上行15BP至2.45%。三季度DR007均值为2.15%，较二季度的均值1.66%回升49BP。三季度组合将久期维持在较低水平，主要通过持有票息的策略获取收益；另外适当增加了可转债仓位增厚收益，出于绝对收益策略的考量，将可转债仓位维持在5%以内，以控制组合波动。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:16.255Z","fund":{"_id":3000000005816,"__csrcFundId":6041,"stockCode":"005816","shortName":"国泰农惠定期开放债券(005816)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5816,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:50:55.585Z","status":"normal","inceptionDate":"2019-03-19T16:00:00.000Z","name":"国泰农惠定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰农惠定期开放债券","pinyin":"gtnhdqkfzqxzqtzjj","managers":[{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰农惠定期开放债券型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492111","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9107fea5b3eb048a8a9","stockId":3000000005816,"sao":"一季度央行采取积极的货币政策，进行了两次降准，为市场注入流动性。公开市场操作和利率方面，2月央行开启大规模公开市场逆回购，于2月17日公布1年期MLP和1年期LPR为3.15%和4.05%，分别下降10个基点；5年期LPR为4.75%，下调5个基点。3月，央行的货币政策表现出“定力”，在美联储降息100BP并重启QE后，维持了MLP和LPR的报价。中央定调今年的货币政策要适度灵活，引导贷款市场利率下行；要加大财政政策力度，提高赤字率，要发挥财政逆周期调节作用，发行特别国债。一季度货币市场利率中枢整体继续下行，银行间货币市场成交234.4万亿元，同比下降1.3%，利率债和高等级信用债收益率持续震荡、低等级信用债收益率维持高位。4月，海外疫情进入爆发期，全球货币宽松力度加码，中国央行分别下调公开市场操作利率20BP、下调超储利率至0.35%、实施定向降准1个百分点，货币宽松带动债券收益率全线下行，中短端下行幅度明显大于长端；5月，经济及金融数据均好于预期，延续改善方向，货币宽松政策进入观察期，叠加地方债供给压力明显加大，债券收益率上行调整；6月，货币政策边际转向，特别国债市场化发行启动，降准降息落空，债券收益率明显上行。二季度来看，1年期国债上行46BP至2.15%，1年期国开债上行45BP至2.29%；10年期国债上行27BP至2.86%，10年期国开债上行19BP至3.14%。信用债收益率跟随利率债上行，其中3年期AAA、AA+、AA分别上行29BP、29BP、41BP至3.19%、3.40%及3.74%，信用利差1-3年收窄、3年以上走阔，期限利差走阔，等级利差先走阔后收窄。资金方面，4月，央行开展针对中小银行的定向降准操作，并降低政策利率20BP，资金面宽松，资金利率下行；5月，央行实施第二批定向降准操作，并重启公开市场操作，但利率持平，受利率债供给加大影响，资金利率上行；6月，央行继续开展公开市场操作，但降息降准落空，资金利率明显上行。二季度看来，开展逆回购操作2.21万亿，逆回购到期1.54万亿；开展MLF操作4000亿，MLF到期1.14万亿；TMLF操作561亿，TMLF到期2674亿；合计净回笼资金2813亿，考虑定向降准释放4000亿资金后，净投放资金1187亿。DR001下行13BP至1.48%，DR007上行4BP至2.13%。其中6月DR007均值为1.94%较4月的均值1.46%回升48BP。综合来看，上半年债券走势先涨后跌，整体波动加大。组合保持中低久期杠杆，主要以套息策略为主，配置券种为中高等级信用债。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:20:16.252Z","mo":"对于债市而言，5月以来，债券市场在经济修复、货币政策收敛及股债跷跷板冲击影响下，利率持续上行，1年期国债上行接近100BP，10年国债上行50BP至3.1%后逐步回落至2.9%附近，利率水平已回到疫情前。而当前经济仍未修复至疫情前，货币政策尚不具备转向基础，资金价格中枢仍有望保持在政策利率水平上下，因此利率大幅上行风险可控，整体将步入震荡走势。利率债方面，7月以来，在股市快速上涨影响下，利率出现一定超调迹象，目前长端已蕴含了经济向疫情前水平修复及货币政策收敛的预期，中短端对新的资金中枢重定价基本完成，未来有望稳定的资金价格中枢，为中短端1-5年利率债提供有力支撑。从期限利差来看，目前3-1年及5-3年政金债期限利差均处于2012年以来70%分位数以上水平，期限利差保护较好。从近期一级招标情况来看，1-5年政金债需求较好，全场倍数多在3倍以上，且多以低估值中标。7月以来，摊余成本法债基单月募集规模已超过700亿元，作为摊余成本法债基主要配置品种的中短端政金债需求明显加强，配置价值凸显。长端利率的交易机会需关注经济修复不及预期、中美摩擦升级等触发因素。信用债方面，在宽信用政策支持下，企业筹资性现金流明显改善，但疫情对企业经营性现金流的负面影响尚未完全消化，信用资质有限改善。结构上，城投债受益于外部融资支持政策更强，具有挖掘价值；地产债受“房住不炒”政策影响下，龙头效应依然明显，龙头民企配置价值更优，但需关注高杠杆、对非标依赖较强等风险特征；而具有多元化经营、扩张激进等特征的民营企业需保持谨慎。可转债方面，当前沪深300指数PE\\PB估值均仍处于最近十年周期历史较低水平，转债资产的股性估值存在提升空间，同时，转债市场供需双向扩容趋势明显，纯债资产产生的机会成本相对较低，转债资产配置价值显著提升，重点关注传统行业中的优质标的及新兴成长行业中的核心龙头转债资产的投资机会。展望下半年，债券定价将重新回到基本面驱动的行情，后续将密切关注基本面尤其是信贷需求的变化，通过积极操作提升组合回报。","fund":{"_id":3000000005816,"__csrcFundId":6041,"stockCode":"005816","shortName":"国泰农惠定期开放债券(005816)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5816,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:50:55.585Z","status":"normal","inceptionDate":"2019-03-19T16:00:00.000Z","name":"国泰农惠定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰农惠定期开放债券","pinyin":"gtnhdqkfzqxzqtzjj","managers":[{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"}]},"announcement":{"linkText":"国泰农惠定期开放债券型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=462872","linkType":"PDF","source":"csrc_pdf"}}]}