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GDP增速目标或维持在5%，出口或有韧性，投资边际改善，但地产消费仍待更多政策发力，经济仍然处于温和复苏通道。　　风险而言，2026债市面临的不利因素有： 1、通胀有望进入上升通道，基本面名义GDP回升。 2、宏观叙事和背景的转变：AI科技产业链，新旧动能转换。 3、权益资产性价比高于债券，“资产荒”逻辑弱化，稳定性资金减少，容易引发“脉冲式”调整。　　不过，利率上行空间亦受多重因素制约： 1、内需偏弱格局短期仍难以扭转； 2、通胀主要受基数影响，节奏和斜率温和，重演2016年再通胀的可能性较低； 3、在“十五五”开局之年，货币政策继续保持支持性基调，资金面平稳是债市走势的稳定器； 4、地方债务压力对利率上行也有较大约束。　　综合判断，2026年债市有可能呈现低利率、高波动、下有底、上有顶的特征，利率运行中枢维持稳定，曲线陡峭化，短端机会更确定，长端风险较大。","fund":{"_id":3000000017137,"__csrcFundId":12556,"stockCode":"017137","shortName":"长盛盛逸9个月持有期债券A","masterFundShortName":"长盛盛逸9个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:39.705Z","status":"normal","exchange":"jj","fundCollectionId":4000050070000,"name":"长盛盛逸9个月持有期债券型证券投资基金","inceptionDate":"2023-04-25T16:00:00.000Z","setUpDate":"2023-04-25T16:00:00.000Z","setUpAssetScale":869886930.85,"setUpShares":869886930.85,"pinyin":"cssy9gycyqzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20780729","stockType":"fund_manager","exchange":"fm","tickerId":230710201020,"name":"王贵君"},{"stockCode":"j101019873","stockType":"fund_manager","exchange":"fm","tickerId":1210245100,"name":"历剑"}]},"announcement":{"linkText":"长盛盛逸9个月持有期债券型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1451741","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2267fea5b3eb0529769","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-24T16:00:00.000Z","stockId":3000000017137,"sao":"1、报告期内基金投资策略和运作分析　　三季度，宏观经济方面，供给端强、内需弱的宏观格局延续，价格信号低位徘徊；货币政策维持合理充裕的基调，流动性投放较为充分，资金价格维持平稳。　　由于反内卷政策预期和风险偏好的提升，三季度债券市场以单边下跌为主：7月中旬以后，反内卷政策持续发酵，债市担忧再通胀风险，同时权益市场走强，而债券市场票息收益率相对较低，赚钱效应不佳，股债跷跷板效应下债市震荡走弱至1.8%；9月以后，公募基金销售费用新规征求意见稿出台，叠加反内卷、宽信用预期反复，以及机构行为放大波动，债市收益率再度向上调整突破1.8%。　　信用方面，信用债收益率跟随调整，信用利差有所抬升，二永债等品种受公募基金销售费用新规征求意见稿影响调整明显。　　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。三季度，组合债券以信用债为主，久期有所下降，考虑到估值优势，增加了永续债等品种的配置。转债仓位保持稳定，以偏债型转债为主。","lastUpdated":"2026-03-09T13:59:02.943Z","fund":{"_id":3000000017137,"__csrcFundId":12556,"stockCode":"017137","shortName":"长盛盛逸9个月持有期债券A","masterFundShortName":"长盛盛逸9个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:39.705Z","status":"normal","exchange":"jj","fundCollectionId":4000050070000,"name":"长盛盛逸9个月持有期债券型证券投资基金","inceptionDate":"2023-04-25T16:00:00.000Z","setUpDate":"2023-04-25T16:00:00.000Z","setUpAssetScale":869886930.85,"setUpShares":869886930.85,"pinyin":"cssy9gycyqzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20780729","stockType":"fund_manager","exchange":"fm","tickerId":230710201020,"name":"王贵君"},{"stockCode":"j101019873","stockType":"fund_manager","exchange":"fm","tickerId":1210245100,"name":"历剑"}]},"announcement":{"linkText":"长盛盛逸9个月持有期债券型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1370987","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2267fea5b3eb0529768","date":"2025-06-29T16:00:00.000Z","stockId":3000000017137,"sao":"1、报告期内行情回顾　　　　今年上半年经济动能有所回升，“抢出口、抢转口”效应下出口维持韧性，“以旧换新”补贴政策带动消费继续反弹，但地产、建筑为代表的内需在二季度开始有所示弱，基本面呈现出供给强、内需弱的格局，价格信号仍在低位徘徊。在这一背景下，货币政策经历了宽松预期延后、流动性紧平衡再到降准降息落地、资金重回宽松的过程。　　上半年，债券市场的交易主线聚焦在货币政策、关税博弈、市场风险偏好等方面，收益率表现整体先上后下，具体来看：1月初至3月末，大行受同业存款外流影响水位偏低，叠加央行公开市场投放谨慎，资金异常紧张，市场对“适度宽松”的货币政策预期逐步修正，同时，科技主题带动权益市场表现强势，经济数据“开门红”，多重利空共振下债市收益率向上调整，10年国债收益率自1.6%上行至1.9%的年内高点。4月初美国对全球加征“对等关税”，避险情绪驱动下债市转向修复，叠加5月初降准降息操作落地，债市重新走牛。　　信用方面，上半年信用利差整体小幅修复，尤其在二季度利率窄幅震荡、缺乏趋势性机会的情况下，信用策略获得机构青睐，信用债整体表现相对较好。　　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。一季度组合久期较去年四季度有所下降，二季度久期逐渐恢复，纯债以高等级信用债的配置为主，可转债配置比例基本稳定，二季度随着可估值抬升，仓位略有下降。","declarationDate":"2025-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:02.940Z","mo":"展望下半年，在上半年经济增速相对较高的情况下，全年完成5%经济增长目标应是大概率事件，但下半年内需整体或延续偏弱格局，出口不确定性有所加大，价格信号预计仍然疲软，对债市而言，宏观环境依然偏友好。　　政策方面，在全年增速目标基本能实现的情况下，增量稳增长政策超预期出台的可能性不高；而货币政策在弱信用周期或仍将维持宽松基调，同时美联储开启降息周期、人民币贬值压力边际缓解也为货币宽松提供有利的外部条件，因此下半年降准降息仍可期。　　整体而言，下半年债券市场仍存在一定的交易机会，但需重点关注潜在的市场冲击：一是政府债供给是否放量，二是关税政策和贸易谈判是否有超预期的可能，三是机构行为带来的变化。","fund":{"_id":3000000017137,"__csrcFundId":12556,"stockCode":"017137","shortName":"长盛盛逸9个月持有期债券A","masterFundShortName":"长盛盛逸9个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:39.705Z","status":"normal","exchange":"jj","fundCollectionId":4000050070000,"name":"长盛盛逸9个月持有期债券型证券投资基金","inceptionDate":"2023-04-25T16:00:00.000Z","setUpDate":"2023-04-25T16:00:00.000Z","setUpAssetScale":869886930.85,"setUpShares":869886930.85,"pinyin":"cssy9gycyqzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20780729","stockType":"fund_manager","exchange":"fm","tickerId":230710201020,"name":"王贵君"},{"stockCode":"j101019873","stockType":"fund_manager","exchange":"fm","tickerId":1210245100,"name":"历剑"}]},"announcement":{"linkText":"长盛盛逸9个月持有期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=1349950","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2267fea5b3eb0529767","date":"2025-03-30T16:00:00.000Z","stockId":3000000017137,"sao":"1、报告期内行情回顾　　一季度经济动能有所回升，AI叙事带动权益市场回暖，货币政策宽松预期延后，央行流动性投放较为克制，资金面呈现紧平衡态势。在此期间，债市主要围绕资金面趋紧、股债跷跷板效应进行交易，债市收益率整体有所上行，10年期国债收益率震荡区间在1.6%-1.9%。具体来看：　　1月，央行监管趋紧、资金面收敛使得机构博弈资本利得的顺畅逻辑受阻，负carry环境下短端品种出现明显调整压力，长端利率下行幅度放缓，收益率曲线平坦化。10年期国债收益率在1.6%-1.66%窄区间震荡。　　2月，资金紧势远超预期，债市做多逻辑有所松动，短端利率大幅上行并传导至长端，收益率曲线平坦化上移，叠加权益市场回暖，赎回行为放大债市波动，10年期国债收益率由前期1.6%左右的低位调整至1.7%以上。　　3月上半月，资金价格维持偏高利率运行，市场对货币政策宽松的预期延后，10年期国债收益率大幅调整至接近1.9%。但税期和季末时点央行投放偏积极，此后资金面边际好转，叠加权益市场走弱，风险偏好回落，债市情绪有所好转，10年期国债收益率下行至1.8%左右。　　信用方面，一季度信用利差整体小幅修复。由于一季度久期策略失效，信用策略重新获得机构青睐，信用债整体表现相对稳健。　　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。一季度，组合持仓以利率债和中短久期信用债为主，2月份开始，组合缩短久期，转债仓位基本稳定，2月份开始对部分涨幅较大转债进行止盈。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:02.936Z","fund":{"_id":3000000017137,"__csrcFundId":12556,"stockCode":"017137","shortName":"长盛盛逸9个月持有期债券A","masterFundShortName":"长盛盛逸9个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:39.705Z","status":"normal","exchange":"jj","fundCollectionId":4000050070000,"name":"长盛盛逸9个月持有期债券型证券投资基金","inceptionDate":"2023-04-25T16:00:00.000Z","setUpDate":"2023-04-25T16:00:00.000Z","setUpAssetScale":869886930.85,"setUpShares":869886930.85,"pinyin":"cssy9gycyqzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20780729","stockType":"fund_manager","exchange":"fm","tickerId":230710201020,"name":"王贵君"},{"stockCode":"j101019873","stockType":"fund_manager","exchange":"fm","tickerId":1210245100,"name":"历剑"}]},"announcement":{"linkText":"长盛盛逸9个月持有期债券型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1272787","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2267fea5b3eb0529766","date":"2024-12-30T16:00:00.000Z","stockId":3000000017137,"sao":"1、报告期内行情回顾　　2024年，经济依旧处于新旧动能转换期，地产疲软、居民企业信心不足、基建受限于地方政府化债的背景下，需求不足从而反噬供给，叠加“资产荒”效应，是债市走牛的核心主线。2024年利率趋势性下行，具体节奏则主要围着经济修复进程、政策预期、监管风险和资金面而展开，大体分为四个阶段：　　第一阶段（1-3月）——资产荒下的配置牛：1-2月，跨年后，资金面有所转松，基本面承压，降准降息预期升温，1月降准、2月降LPR背景下，收益率顺畅下行，债牛行情快速演绎。3月，债市在快牛后转为震荡，大类资产风险偏好小幅修复，不过资产荒效应仍有支撑。　　第二阶段（4-7月）——“存款搬家”驱动下的交易牛：4月，中小银行陆续下调存款利率， “手工补息”取消，银行体系整体负债成本继续压降，支撑债市继续走牛。尽管4-6月监管多次提及利率风险，但市场逐渐钝化。进入7月，降息落地打开利率下行空间，收益率下行节奏加快。　　第三阶段（8-10月）——扰动下的波动：8月-10月，监管持续规范债券市场，其后“924”重要会议召开，在稳增长诉求下，系列增量政策陆续出台，权益市场回暖，叠加机构赎回扰动，债市波动加大。　　第四阶段（11-12月）——机构抢跑下的快牛：股市弱势调整，债市压力缓解，置换债进入发行高峰但央行积极对冲，同时12月重要会议释放货币宽松信号，债市抢跑明年的降息预期，推动收益率快速下行。　　回顾2024年信用债市场，超预期信用风险事件较少，新增违约债券仍集中在民企地产债，信用利差保持低位但存在阶段性分歧，全年呈现先下后上态势。 　　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。上半年，组合杠杆基本维持稳定，久期适度拉长，资产配置仍以高等级信用债为主，随着信用利差逐步压缩，组合逐步增加了流动性较好的利率债和地方债仓位。四季度，经历市场调整后，进入11月份组合久期有所提高，资本利得贡献增加。考虑到可转债配置价值，前三季度转债仓位稳中有升，且以偏债型转债为主，四季度经历市场大幅反弹后，对涨幅较大转债进行止盈。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:02.934Z","mo":"展望2025年，政策发力下基本面温和修复，但修复斜率可能不高，价格信号偏弱显示宏微观温差仍大。基本面方面，主要观测几大信号能否出现转机：1、物价能否实现真正改善？2、地产（一线房价）能否真正“止跌回稳”？3、M1同比能否真正回升？我们预计其修复过程存在一定不确定性，债市收益率过度抬升的风险可控。　　政策方面，在经济动能持续偏弱的背景下，货币政策仍处于降准降息通道中，宽松幅度或大于2024年。财政政策预计更加积极，其他稳增长政策也将配套发力。 　　供需方面，优质高息资产仍缺，预计2025年结构性资产荒仍存，债券资产的相对价值仍在，仍有买入力量支撑。因此，基本面修复斜率不高、货币宽松仍可博弈、资产荒效应仍存，经济政策环境对债市仍然友好。","fund":{"_id":3000000017137,"__csrcFundId":12556,"stockCode":"017137","shortName":"长盛盛逸9个月持有期债券A","masterFundShortName":"长盛盛逸9个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:39.705Z","status":"normal","exchange":"jj","fundCollectionId":4000050070000,"name":"长盛盛逸9个月持有期债券型证券投资基金","inceptionDate":"2023-04-25T16:00:00.000Z","setUpDate":"2023-04-25T16:00:00.000Z","setUpAssetScale":869886930.85,"setUpShares":869886930.85,"pinyin":"cssy9gycyqzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20780729","stockType":"fund_manager","exchange":"fm","tickerId":230710201020,"name":"王贵君"},{"stockCode":"j101019873","stockType":"fund_manager","exchange":"fm","tickerId":1210245100,"name":"历剑"}]},"announcement":{"linkText":"长盛盛逸9个月持有期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=1254130","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2267fea5b3eb0529765","date":"2024-09-29T16:00:00.000Z","stockId":3000000017137,"sao":"1、报告期内行情回顾　　三季度，经济基本面偏弱格局未变，仍处新旧动能转换期。居民和企业信心不足导致消费和投资偏弱，基建受限于地方政府化债，内需不足逐渐反噬供给。流动性方面整体呈现出先松后紧再放松的态势，7月中上旬央行公开市场操作放量，并在7月下旬超预期降息10bp，资金利率维持在较低水平，后随着投放减少扰动增加，流动性呈现中性偏紧态势，直至9月下旬新一轮降准降息开启，流动性重回宽松。　　三季度债市收益率先下后上。监管多次提及长债风险，但在基本面格局偏弱、货币宽松落地、权益市场疲弱的情况下，三季度多数时间利率下行较为顺畅 ，直至9月下旬政治局会议释放强烈的稳增长信号，市场预期明显转变，债市快速下跌。信用债方面，三季度信用债整体收益率上行，信用利差有所走阔。　　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。组合以利率债和高等级信用为主，保持较高流动性，考虑到可转债的配置价值，转债仓位稳中有升，且以偏债型转债为主。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:02.931Z","fund":{"_id":3000000017137,"__csrcFundId":12556,"stockCode":"017137","shortName":"长盛盛逸9个月持有期债券A","masterFundShortName":"长盛盛逸9个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:39.705Z","status":"normal","exchange":"jj","fundCollectionId":4000050070000,"name":"长盛盛逸9个月持有期债券型证券投资基金","inceptionDate":"2023-04-25T16:00:00.000Z","setUpDate":"2023-04-25T16:00:00.000Z","setUpAssetScale":869886930.85,"setUpShares":869886930.85,"pinyin":"cssy9gycyqzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20780729","stockType":"fund_manager","exchange":"fm","tickerId":230710201020,"name":"王贵君"},{"stockCode":"j101019873","stockType":"fund_manager","exchange":"fm","tickerId":1210245100,"name":"历剑"}]},"announcement":{"linkText":"长盛盛逸9个月持有期债券型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1174050","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2267fea5b3eb0529764","date":"2024-06-29T16:00:00.000Z","stockId":3000000017137,"sao":"上半年，宏观经济呈现偏弱格局，债市延续资产荒行情，收益率震荡下行。　　宏观层面，内需偏弱是核心矛盾。其中，地产仍是最大的拖累，二季度以来一线城市地产政策陆续松绑但暂未支撑销量的持续走强，住房价格仍处于探底过程中；基建在地方政府积极“化债”的大背景下，整体投资进度不及预期；居民预防性储蓄意愿仍较强，价格信号偏弱显示宏微观温差仍大。流动性层面，货币政策维持合理充裕的基调，资金价格整体平稳。二季度在银行压降“超自律”存款的背景下，部分“高息”存款向非银转移，非银资金表现相对充裕。政策层面，当前仍处于广义降息周期进程中，上半年LPR调降、中小银行降存款利率等陆续落地；财政政策整体维持偏中性的基调，今年以来地方专项债发行进度偏慢。地产政策以鼓励居民购房为主，在居民收入预期不稳、住宅库存偏高的背景下，效果有待持续观察。　　债券走势方面， 1-2月利率下行较为流畅，主要是基本面偏弱、降准落地、LPR 大幅调降、权益市场大幅回撤等多因素叠加导致，债券市场做多情绪浓厚，期限利差大幅压缩。进入二季度，债市配置压力延续，但央行多次提示长端利率风险，最终中短端利率受益于资金面平稳、非银资金充裕，延续下行趋势，长端利率则相对谨慎，期限利差走阔。　　信用债方面，今年以来城投债供给有限，高息资产供给愈发稀缺，信用利差、等级利差均持续压缩至极低水平。　　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。报告期内，考虑到信用利差偏低，组合逐步提高了流动性较好的利率债仓位，久期有所提高。本基金在底部位置增加了可转债配置，以平衡型和偏债型品种为主，权益市场风险敞口整体可控。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:02.928Z","mo":"展望下半年，内需整体或延续偏弱格局，出口不确定性有所加大，全年完成5%增长目标的难度有所加大。根据三中全会部署“坚定不移实现全年经济社会发展目标”，逆周期政策加码的必要性提升。7月22日央行下调7天逆回购利率10bp至1.7%，1年期和5年期LPR分别下调10bp至3.35%、3.85%，是央行对加强逆周期调节的积极响应，往后看，伴随美联储开启降息周期，人民币汇率压力或有所缓和，货币政策或仍有进一步放松的空间，带动广谱利率继续下行，但节奏上可能仍然反复，一方面密切关注三季度经济成色，若经济增速持续两个季度低于预期，则货币政策进一步宽松的进程可能加快；另一方面关注后续财政政策是否跟随，进而对债市形成扰动。","fund":{"_id":3000000017137,"__csrcFundId":12556,"stockCode":"017137","shortName":"长盛盛逸9个月持有期债券A","masterFundShortName":"长盛盛逸9个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:39.705Z","status":"normal","exchange":"jj","fundCollectionId":4000050070000,"name":"长盛盛逸9个月持有期债券型证券投资基金","inceptionDate":"2023-04-25T16:00:00.000Z","setUpDate":"2023-04-25T16:00:00.000Z","setUpAssetScale":869886930.85,"setUpShares":869886930.85,"pinyin":"cssy9gycyqzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20780729","stockType":"fund_manager","exchange":"fm","tickerId":230710201020,"name":"王贵君"},{"stockCode":"j101019873","stockType":"fund_manager","exchange":"fm","tickerId":1210245100,"name":"历剑"}]},"announcement":{"linkText":"长盛盛逸9个月持有期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=1146889","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2267fea5b3eb0529763","date":"2024-03-30T16:00:00.000Z","stockId":3000000017137,"sao":"1、报告期内行情回顾　　报告期内，债券市场围绕降息预期的核心主题进行演绎，收益率整体呈现下行态势，绝对收益率水平和信用利差维持低位运行。回顾一季度，市场大致分为两个阶段：　　第一阶段：1月-3月初，债市收益率连续向下突破关键点位。以地产销售为代表的基本面数据表现不佳，降准落地、LPR大幅调降、机构配债需求旺盛叠加宽松的资金面配合，共同推动债市走牛，同时，期限利差压缩明显。　　第二阶段：3月初-3月末，债市收益率波动加大但仍在低位运行。进入3月，监管进一步释放稳定房地产市场政策信号，同时OMO操作引发市场“防空转”担忧，叠加超长期国债的供给预期扰动，债券市场波动明显加大，但政策发力效果仍待观察，基本面表现尚难支撑利率走势出现反转，市场风险整体可控。　　信用债方面，收益率维持低位运行，信用利差和等级利差维持稳定。尽管化债政策仍在推进，但弱资质城投风险舆情频发，同时，考虑到信用债供给久期普遍偏长，信用债配置价值降低，交易风险有所增加。　　　　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。一季度，组合杠杆基本维持稳定，久期适度拉长，资产配置以高等级信用债为主，利率债和地方债占比增加。本基金在底部区域增加了可转债配置，但以平衡型和偏债型品种为主，组合的权益市场风险敞口整体可控。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:02.925Z","fund":{"_id":3000000017137,"__csrcFundId":12556,"stockCode":"017137","shortName":"长盛盛逸9个月持有期债券A","masterFundShortName":"长盛盛逸9个月持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:39.705Z","status":"normal","exchange":"jj","fundCollectionId":4000050070000,"name":"长盛盛逸9个月持有期债券型证券投资基金","inceptionDate":"2023-04-25T16:00:00.000Z","setUpDate":"2023-04-25T16:00:00.000Z","setUpAssetScale":869886930.85,"setUpShares":869886930.85,"pinyin":"cssy9gycyqzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"db20780729","stockType":"fund_manager","exchange":"fm","tickerId":230710201020,"name":"王贵君"},{"stockCode":"j101019873","stockType":"fund_manager","exchange":"fm","tickerId":1210245100,"name":"历剑"}]},"announcement":{"linkText":"长盛盛逸9个月持有期债券型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072817","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2267fea5b3eb0529762","date":"2023-12-30T16:00:00.000Z","stockId":3000000017137,"sao":"1、报告期内行情回顾　　2023年，经济依旧处于新旧动能转换期，地产疲软和居民资产负债表重构的背景下，尽管广义货币保持较高增速，但内生信用扩张相对乏力，“资产荒”是债市走牛的核心主线，利率顶逐级下行，具体节奏则主要围着经济修复进程、政策预期、资金面而展开，大体分为四个阶段：　　第一阶段：1-2月市场对疫情放开后的经济复苏程度抱有较大期待，期间信贷投放力度较强、资金面亦有所收敛，利率高位震荡。　　第二阶段：3-8月宏观环境整体利于债市，利率趋势下行。3月以来经济复苏斜率不及预期，经济基本面因素驱动市场利率震荡走低；资金方面，货币政策维持合理充裕的基调，6月央行行长重提“逆周期调节”后降息快速落地。　　第三阶段：9-11月。债市交易主线由基本面切换至资金面及新一轮的政策预期。9月开始资金价格依次受到汇率、特殊再融资债、增发国债等因素影响而边际收敛，甚至出现月末流动性紧张的情况，对市场情绪造成一定冲击；政策方面，涉及股市、房地产等方面的政策陆续出台，中央经济工作会议召开在即也制约着长端利率做多情绪。期间，债市收益率不断上行后高位震荡，短端利率因资金面因素上行幅度相对更大。　　第四阶段：12月债市收益率单边下行至接近年内低点。12月下旬，国有大行存款利率调降引发降息预期，做多情绪再度升温，长端利率受到配置盘青睐率先下行，中短端利率随后补降。　　2023年，信用债市场未发生债券违约等信用风险事件，配置需求较强，全年共有两轮主流行情：一是受2022年底理财赎回风波影响，信用利差在2023年初位于历史高位，随着理财规模逐步恢复、债市配置力量逐步增强，信用利差在一个季度内大幅修复。二是7月政治局会议首次提出“一揽子化债方案”，随后通过“特殊再融资债”发行、存量债务展期降息等方式缓解城投短期债务压力，政策整体向债务压力偏大的区域倾斜，短久期高票息城投债收益率快速下行。截至年底，信用利差、期限利差、等级利差、品种利差等均被压缩至低位水平。　　　　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。组合配置较高比例的高等级信用债，主要为城投债和国企产业债，信用资质相对较强；组合整体久期偏短；可转债仓位保持低位，以存在安全边际的转债为主。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:02.923Z","mo":"展望2024年，后续消费表现取决于收入、就业、信心的修复等，仍待观察，不宜过度乐观；出口或较今年改善，但外需偏弱制约其反弹高度；投资方面，基建在政策支持下有望继续托底经济，但地产销售和投资在2024年或仍是磨底阶段，继续对经济造成主要拖累，制造业虽有韧性但面临一定产能过剩问题。　　政策方面，在经济动能持续偏弱的背景下，货币政策仍处于降准降息通道中，全年来看政策基调将预计是平稳略宽松的格局。一方面，内部信用创造环境需要宽松流动性支持；另一方面，政府扩张、存量债务化解均需要较宽松的货币政策配合。　　供需方面，随着地产债暴雷、非标萎缩、城投债审批趋严，高息资产愈发稀缺；而保险、中小行、广义资管仍存在较强的配置需求，因此预计2024年“结构性资产荒”仍是债市重要的客观现实。　　综上，从基本面、政策面、市场供需三方面来看，利率上行风险预计有限，中枢或延续下行，但节奏上仍根据基本面边际变化、政策预期、资金面阶段性波动等情况而面临波动。","fund":{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