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F","source":"csrc_pdf"}},{"_id":"69aed1f67fea5b3eb0526475","date":"2023-06-29T16:00:00.000Z","stockId":3000000016752,"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，利率债骑乘为基础进行操作，适当进行信用挖掘。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:14.757Z","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，维持组合高评级信用债和利率债的持仓，保持组合的流动性。二季度后密切跟踪经济基本面、政策态度。","fund":{"_id":3000000016752,"__csrcFundId":11815,"stockCode":"016752","shortName":"中信建投景信债券(016752)","masterFundShortName":"中信建投景信债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16752,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:13:09.408Z","status":"normal","exchange":"jj","fundCollectionId":4000050840000,"name":"中信建投景信债券型证券投资基金","inceptionDate":"2022-10-17T16:00:00.000Z","setUpDate":"2022-10-17T16:00:00.000Z","setUpAssetScale":210002337.8,"setUpShares":210002337.8,"pinyin":"zxjtjxzqxzqtzjj","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投景信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=965987","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1f67fea5b3eb0526474","date":"2023-03-30T16:00:00.000Z","stockId":3000000016752,"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，利率债交易为增厚。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。维持组合高评级信用债和利率债的持仓，保持组合的流动性，增加产品久期的灵活程度。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:14.752Z","fund":{"_id":3000000016752,"__csrcFundId":11815,"stockCode":"016752","shortName":"中信建投景信债券(016752)","masterFundShortName":"中信建投景信债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16752,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:13:09.408Z","status":"normal","exchange":"jj","fundCollectionId":4000050840000,"name":"中信建投景信债券型证券投资基金","inceptionDate":"2022-10-17T16:00:00.000Z","setUpDate":"2022-10-17T16:00:00.000Z","setUpAssetScale":210002337.8,"setUpShares":210002337.8,"pinyin":"zxjtjxzqxzqtzjj","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投景信债券型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=885796","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1f67fea5b3eb0526473","date":"2022-12-30T16:00:00.000Z","stockId":3000000016752,"sao":"回顾2022年全年，基本面受到疫情扰动的影响，风险偏好跟随防疫政策呈现明显分化。上半年在降准以及央行利润释放等操作的背景下，短端和信用债连续创出低点。进入三季度，受到房地产行业出现明显滑坡，经济活动处于低位运行的背景下，利率逐步走到年内低点，信用利差达到历史极值。四季度受到经济放开、理财赎回等扰动的情况，出现了债券收益率上行，信用利差大幅走阔的情况。组合操作方面，本基金操作较为激进，产品杠杆和久期处于较高水平，其中久期和杠杆主要由利率品种所贡献。产品维持组合高评级信用债和利率债的持仓，保持组合的流动性。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:14.740Z","mo":"展望2023年，影响债券市场决定因素就是疫情后经济基本面是否能够复苏。当前来看，影响市场预期主要在房地产销售方面。消费复苏的路径已经得到了数据的认证，但地产仍存在较大的分歧，这将直接导致经济修复的程度。而修复的过程中，资金利率也有着向政策利率修复的可能。2023年的操作上，本基金将根据基本面灵活对操作判断，在基本面较为确定的背景下，择机进行仓位的变化。","fund":{"_id":3000000016752,"__csrcFundId":11815,"stockCode":"016752","shortName":"中信建投景信债券(016752)","masterFundShortName":"中信建投景信债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16752,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:13:09.408Z","status":"normal","exchange":"jj","fundCollectionId":4000050840000,"name":"中信建投景信债券型证券投资基金","inceptionDate":"2022-10-17T16:00:00.000Z","setUpDate":"2022-10-17T16:00:00.000Z","setUpAssetScale":210002337.8,"setUpShares":210002337.8,"pinyin":"zxjtjxzqxzqtzjj","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投景信债券型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=873373","linkType":"PDF","source":"csrc_pdf"}}]}