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 从市场表现来看，年初央行暂停国债买入且流动性投放相对克制，资金面收敛带动短端出现调整。春节后权益市场风险偏好回升、基本面数据回暖，叠加市场修正对“适度宽松”的理解，收益率明显调整，10年国债活跃券最高触及1.9%，随后逐步修复。4月初对等关税落地后，市场避险情绪大幅升温，带动收益率大幅回落。二季度央行降准降息落地、资金中枢下移，日内瓦会议后中美关税大幅调降，但均未带动收益率突破窄幅震荡区间。  信用债市场来看，2025年上半年信用风险缓和，收益率整体延续震荡下行走势，但低利率环境下波动有所加大。其中一季度受资金面收紧影响出现明显调整；3月下旬以后，随着资金面转松及理财规模增长，信用债收益率转为下行，各品种利差均有不同幅度压缩，低等级中短久期信用利差压缩幅度相对更大。此外，5月下旬以后做市信用债ETF规模快速增长，继续催生了样本券的结构性行情。  报告期内，本基金秉持稳健的操作风格，灵活调整久期、杠杆，严控信用风险，主要配置中短久期中高等级信用债。1-2月将组合久期调节至中性偏低水平，3月逐步提高至中性偏高久期，4-5月灵活调整久期，6月将组合久期逐步提高至中性偏高水平；杠杆整体维持中性。","declarationDate":"2025-07-16T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:22.940Z","mo":"展望下半年，经济基本面与货币政策对债市仍有支撑，收益率预计延续震荡态势。7月政治局会议已平稳落定，在上半年经济韧性支撑下，全年实现经济目标难度不大，增量政策发力必要性也下降，预计货币政策将延续宽松周期。整体上，在低利率环境下债市向下空间虽受限，但调整压力也可控，关注基本面、资金面、机构行为和风险偏好扰动。对信用债市场而言，下半年票息类资产供给仍面临压力，预计信用债收益率和利差中枢维持低位，但进一步压缩的空间也已较为有限。","fund":{"_id":3000000017328,"__csrcFundId":12060,"stockCode":"017328","shortName":"永赢季季享90天持有期中短债债券(017328)","masterFundShortName":"永赢季季享90天持有期中短债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17328,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:29:08.186Z","status":"normal","exchange":"jj","fundCollectionId":4000050880000,"name":"永赢季季享90天持有期中短债债券型证券投资基金","inceptionDate":"2022-12-29T16:00:00.000Z","setUpDate":"2022-12-29T16:00:00.000Z","setUpAssetScale":120038024.59,"setUpShares":120038024.59,"pinyin":"yyjjx90tcyqzdzzqxzqtzjj","managers":[{"stockCode":"8801618619","stockType":"fund_manager","exchange":"fm","tickerId":2603191690,"name":"章成"},{"stockCode":"db20602638","stockType":"fund_manager","exchange":"fm","tickerId":121720198520,"name":"卢绮婷"},{"stockCode":"db20787719","stockType":"fund_manager","exchange":"fm","tickerId":82410234090,"name":"胡雪骥"}]},"announcement":{"linkText":"永赢季季享90天持有期中短债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=1338696","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed23a7fea5b3eb052aa05","date":"2025-03-30T16:00:00.000Z","stockId":3000000017328,"sao":"宏观环境方面，一季度经济整体平稳运行，同时呈现结构分化特征。地产市场实现温和小阳春，二手房表现明显好于新房，地产投资延续低位；“以旧换新”政策靠前发力支撑社零小幅回升，工业生产表现偏强，基建、制造业投资维持高位。同时物价走势延续疲弱，供需失衡格局仍待扭转，信贷投放节奏起伏，存在一定冲量特征。政策方面，年初央行暂停国债买入操作，降准预期落空。两会经济增长目标和财政力度基本符合预期，经济主题记者会上央行提及降准及结构性降息，MLF操作调整为多重价位中标，政策利率属性进一步淡化。从市场表现来看，一季度债市出现调整，一季度末10年国债活跃券收益率相对去年四季度末上行近14bp。节奏上，年初央行暂停国债买入且流动性投放相对克制，资金面收敛带动短端出现调整，长端横盘震荡，曲线呈平坦化运行。春节后资金面延续偏紧，权益市场风险偏好回升、基本面数据回暖，市场逐步修正对“适度宽松”的理解，带动长端持续调整到1.9%附近。伴随央行加大流动性投放，叠加权益市场情绪降温，债市情绪逐步修复，收益率在季末回到1.8%附近。信用环境方面，一季度信用债收益率整体多上行，但跌幅弱于利率债，信用利差收窄。节奏上，1月份资金面趋紧，负carry压力下，中短端信用债上行幅度较大，但长端相对抗跌；2月份长端信用债补跌，信用债曲线平坦化上行；3月份资金面压力逐渐缓解，信用债收益率先上后下，中短端率先修复全月下行，但长端收益率仍较月初上行。报告期内，本基金秉持稳健的操作风格，灵活调整久期，1-2月维持中性偏低久期，3月逐步提高至中性偏高久期，维持中性杠杆，严控信用风险，主要配置中高等级信用债。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:22.937Z","fund":{"_id":3000000017328,"__csrcFundId":12060,"stockCode":"017328","shortName":"永赢季季享90天持有期中短债债券(017328)","masterFundShortName":"永赢季季享90天持有期中短债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17328,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:29:08.186Z","status":"normal","exchange":"jj","fundCollectionId":4000050880000,"name":"永赢季季享90天持有期中短债债券型证券投资基金","inceptionDate":"2022-12-29T16:00:00.000Z","setUpDate":"2022-12-29T16:00:00.000Z","setUpAssetScale":120038024.59,"setUpShares":120038024.59,"pinyin":"yyjjx90tcyqzdzzqxzqtzjj","managers":[{"stockCode":"8801618619","stockType":"fund_manager","exchange":"fm","tickerId":2603191690,"name":"章成"},{"stockCode":"db20602638","stockType":"fund_manager","exchange":"fm","tickerId":121720198520,"name":"卢绮婷"},{"stockCode":"db20787719","stockType":"fund_manager","exchange":"fm","tickerId":82410234090,"name":"胡雪骥"}]},"announcement":{"linkText":"永赢季季享90天持有期中短债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=1266932","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed23a7fea5b3eb052aa04","date":"2024-12-30T16:00:00.000Z","stockId":3000000017328,"sao":"宏观经济方面，2024年经济呈现U型走势，一季度经济基本面仍有韧性，二、三季度出现走弱，四季度企稳回升，一至四季度实际GDP依次录得5.3%、4.7%、4.6%、5.4%，全年5%经济增速目标顺利实现。从结构上看，我国经济增长仍面临供强需弱的不平衡态势，地产投资低位徘徊，社零增速小幅回落，基建和制造业投资维持韧性，出口是全年经济重要拉动力量。政策方面，全年货币政策彰显支持性态度，财政收支相对紧平衡，9月末随着经济下行压力加大，宏观政策组合拳密集落地，年末中央经济工作会议进一步释放稳定预期的积极信号。利率市场方面，2024年资产荒逻辑深度演绎，债券呈现单边牛市行情，10年期国债收益率全年下行近90bp。分阶段看，年初至4月中上旬，机构欠配压力推动利率逐步下行。4月起央行释放长债调控信号，市场出现多次短暂回调，随后基本面增速放缓及资产荒压力继续推动收益率曲线下行。8月央行调控由指导转向实操，债市赎回扰动频现，9月末政策基调转向推动风险偏好回升，利率再度明显上行。10月随着风险偏好边际回落，债市情绪修复，年末货币政策定调\"适度宽松\"释放积极信号，机构抢跑推动收益率曲线快速下移。信用债市场方面，2024年信用债收益率和利差整体下行。节奏上，1-7月，资产荒、存款搬家推动信用债顺畅下行，信用利差一度达到历史极值分位数水平；8-10月，受宏观政策加码、股债跷跷板效应和资管产品赎回等因素影响，信用债经历一定回调，利差走阔，其中低等级长久期债券调整幅度最大；10月中旬后随着负债端逐渐企稳，信用债转向下行。信用风险方面，24年信用违约频次较低，新增违约零星散发，城投非标舆情虽增加，但化债政策利好下，对债券市场的影响较有限。报告期内，本基金秉持稳健的操作风格，严控信用风险，主要配置中短久期中高等级信用债。其中，一、二季度逐步拉长组合久期至中性偏高水平，根据市场震荡行情及流动性情况灵活调整杠杆水平，并在手动补息整改政策下，把握信用债利差压缩行情；三季度面临债券集中供给和市场调整压力，组合逐步降低组合久期及杠杆；四季度随跨年行情适度提升组合久期及杠杆至中性偏高水平。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:22.932Z","mo":"展望2025年宏观环境，预计经济基本面表现平稳，物价温和修复，对企业盈利、居民收入等微观体感修复存在正向支撑。随着外部环境的不确定性上升，政策积极态度仍将延续，地方化债对财政支出的掣肘减弱，货币政策适度宽松配合。节奏上，外需受压程度决定了稳定内需的迫切性，二、三季度是重要观察节点。对债券市场而言，引导实体融资成本下行仍是长期政策诉求，低利率环境下票息对调整空间的安全垫较薄，预计市场在波动中运行，整体操作难度加大，需要保持较高流动性以及操作灵活度。信用债方面，预计票息资产供给仍然走弱，可关注城投转型和产业债带来的新增供给。需求端，固收类理财产品相对存款仍存在一定的息差空间，支撑广义基金规模保持增长，但规模增速预计有所回落。总体来看，牛市环境和紧平衡的供需格局对信用债行情仍形成支撑，但需关注绝对收益率低点，机构行为和监管政策变化可能带来市场阶段性波动率上升。"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上半年债券实质违约较少，但尾部城投负面舆情较多，市场风险偏好有所下降。信用债供需延续偏紧状态，既反映出了信贷分流的作用，也体现出了地产周期弱化和城投债务严控的影响。信用债收益率整体下行，信用利差和等级利差均有不同幅度的压缩，期限方面，低等级陡峭化，中高等级趋平。节奏上， 1-4月信用债收益率和利差快速下行，5-6月受阶段性止盈等影响行情走势有所放缓。操作方面，一季度本基金处于建仓期，相关账户开立完成前以交易所债券和回购交易等操作为主，相关账户开立完成后，结合市场走势特征和债市供求关系变化，一方面，精选中高等级信用债加以配置，另一方面，积极把握市场的交易性机会。进入二季度，经济修复进程有所反复，货币政策延续宽松，以银行理财为代表的配置力量保持强劲，组合整体转入偏乐观操作，适度提升弹性部位，维持中高仓位运作，力争实现组合收益平稳增长。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:22.916Z","mo":"宏观方面，在内生性需求偏弱的背景下，经济整体处于磨底状态，以PMI趋势值为代表的经济周期指标上升斜率偏缓，物价、融资数据低位震荡。政策方面，货币政策基调预计维持宽松，进一步宽松动作亦可期待；财政政策边际加码，三季度债券发行节奏明显加快。在高质量发展的核心诉求下，政策基调仍旧维持定力，政策出台大概率呈现节奏密集、幅度克制、侧重中长效的组合拳特征。外部环境方面，下半年海外经济浅衰退、就业偏韧性、通胀有粘性仍然是基准预期，以美联储为代表的海外主要央行大概率度过了最为紧缩的加息阶段，但宽松空间尚难打开，政策始终保留再紧缩的选择权。利率方面，市场预计继续在政策刺激与经济修复之间寻找新的定价平衡点，政策工具选择与落地时点节奏对市场容易造成一定波动，但考虑到地产后周期的经济格局和高质量发展的政策定位，叠加债务可持续性的客观诉求，利率环境预计仍将较为适宜，收益率有望延续下行，但波动率料将提升，交易难度增大，配置节奏与仓位控制更为关键。信用方面，下半年机构止盈和防风险诉求提高，对弱资质主体投融资或收紧，局部区域信用风险有上升可能。从供需角度来看，信用资产荒逻辑仍在，但当前估值和利差优势下降，信用债较难走出独立行情，可关注波段和骑乘机会。方向上，短端票息品种的确定性较强，中长久期关注中高等级、流动性好的资产。行业方面，城投区域分化，投资上聚焦财政实力强、债务负担不重的区域；地产基本面修复承压，下半年利差面临一定调整压力，但政策支持延续，央国企地产信用风险或相对可控，仍有一定票息价值；鼓励民企发债背景下，CRMW产品或供给增加，关注配置价值。","fund":{"_id":3000000017328,"__csrcFundId":12060,"stockCode":"017328","shortName":"永赢季季享90天持有期中短债债券(017328)","masterFundShortName":"永赢季季享90天持有期中短债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17328,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:29:08.186Z","status":"normal","exchange":"jj","fundCollectionId":4000050880000,"name":"永赢季季享90天持有期中短债债券型证券投资基金","inceptionDate":"2022-12-29T16:00:00.000Z","setUpDate":"2022-12-29T16:00:00.000Z","setUpAssetScale":120038024.59,"setUpShares":120038024.59,"pinyin":"yyjjx90tcyqzdzzqxzqtzjj","managers":[{"stockCode":"8801618619","stockType":"fund_manager","exchange":"fm","tickerId":2603191690,"name":"章成"},{"stockCode":"db20602638","stockType":"fund_manager","exchange":"fm","tickerId":121720198520,"name":"卢绮婷"},{"stockCode":"db20787719","stockType":"fund_manager","exchange":"fm","tickerId":82410234090,"name":"胡雪骥"}]},"announcement":{"linkText":"永赢季季享90天持有期中短债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=958707","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed23a7fea5b3eb052a9fd","date":"2023-03-30T16:00:00.000Z","stockId":3000000017328,"sao":"2023年一季度经济整体处于修复初期，确认疫后企稳回升态势。实体方面，代表经济景气度的PMI表现强劲，企业复工复产温和推进，地产销售持续回暖。融资方面，社融和信贷总量表现亮眼，结构上“企业强、居民弱”格局延续，内生融资需求仍待改善。年初通胀环境整体温和，PPI低位震荡，核心CPI相对偏弱。政策方面，去年推出的一揽子稳经济政策继续发挥效能，带动一季度基建、制造业维持高景气。两会公布的经济增速目标落于市场预期下沿，财政政策力度较去年边际收敛，政策性金融工具的使用是后续关注重点。货币政策继续强调精准有力，资金利率中枢逐步向政策利率回归，为补充银行中长期流动性缺口，3月下旬央行宣布全面降准25bp。一季度利率市场先上后下，整体呈现窄幅震荡格局。节奏上，年初市场对于经济复苏存在较强预期，带动利率震荡向上。春节后虽经济表现相对强劲，但由于市场定价已较为充分，利率持续横盘震荡。进入三月，经济修复斜率有所放缓，市场对修复持续性亦存在较大分歧，带动利率出现小幅回落。总的来看，利率债收益率曲线小幅走平，长端略有上行。相较而言，信用债表现显著强于利率债，信用利差普遍压缩，但基于对信用风险及负债稳定性的担忧，机构普遍在资质下沉和拉长久期方面较为克制。受去年末理财赎回负反馈等影响，今年初信用债收益率整体处于相对高位，配置价值凸显，在资金面宽松和年初配置力量等多重因素的推动下，一月信用债收益率整体下行，但因市场对宽信用政策刺激及理财潜在赎回的担忧，期限上更偏好短久期票息品种，弱资质和长久期债券表现依然偏弱；二月混合估值产品发行等因素部分缓解理财赎回压力，在票息策略趋同和强化流动性管理的诉求下，市场转而追逐短端中低等级和长端中高等级债券；三月理财规模企稳叠加信用债供给未见明显放量，加之短端信用利差已偏低，市场热点逐步切换至期限利差层面。报告期内，组合处于建仓期，相关账户开立完成前以交易所债券和回购交易等操作为主，相关账户开立完成后，结合市场走势特征和债市供求关系变化，一方面，精选中高等级信用债加以配置，另一方面，积极把握市场的交易性机会，追求组合收益平稳增长。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:22.913Z","fund":{"_id":3000000017328,"__csrcFundId":12060,"stockCode":"017328","shortName":"永赢季季享90天持有期中短债债券(017328)","masterFundShortName":"永赢季季享90天持有期中短债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17328,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:29:08.186Z","status":"normal","exchange":"jj","fundCollectionId":4000050880000,"name":"永赢季季享90天持有期中短债债券型证券投资基金","inceptionDate":"2022-12-29T16:00:00.000Z","setUpDate":"2022-12-29T16:00:00.000Z","setUpAssetScale":120038024.59,"setUpShares":120038024.59,"pinyin":"yyjjx90tcyqzdzzqxzqtzjj","managers":[{"stockCode":"8801618619","stockType":"fund_manager","exchange":"fm","tickerId":2603191690,"name":"章成"},{"stockCode":"db20602638","stockType":"fund_manager","exchange":"fm","tickerId":121720198520,"name":"卢绮婷"},{"stockCode":"db20787719","stockType":"fund_manager","exchange":"fm","tickerId":82410234090,"name":"胡雪骥"}]},"announcement":{"linkText":"永赢季季享90天持有期中短债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=883678","linkType":"PDF","source":"csrc_pdf"}}]}