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","shortName":"国投瑞银同业存单(017924)","masterFundShortName":"国投瑞银同业存单","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17924,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-01T01:31:01.652Z","status":"normal","exchange":"jj","fundCollectionId":4000050180000,"name":"国投瑞银中证同业存单AAA指数7天持有期证券投资基金","inceptionDate":"2023-05-30T16:00:00.000Z","setUpDate":"2023-05-30T16:00:00.000Z","setUpAssetScale":4920378799.89,"setUpShares":4920378799.89,"pinyin":"gtryzztycdaaazs7tcyqzqtzjj","indexFundFlag":1,"managers":[{"stockCode":"8801387963","stockType":"fund_manager","exchange":"fm","tickerId":252308162660,"name":"颜文浩"}]},"announcement":{"linkText":"国投瑞银中证同业存单AAA指数7天持有期证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1067072","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2867fea5b3eb052eac4","date":"2023-12-30T16:00:00.000Z","stockId":3000000017924,"sao":"2023年国内债券市场维持牛市格局，10年期国债收益率在年末收于2.56%，较年初大幅下降28BP，收益率曲线显著趋平。2023年新年伊始，随着疫情影响转弱，市场对于经济修复的预期乐观。1月债市持续调整，10年期国债收益率一度上行至2.93%。而在春节后，DR007快速回归政策利率，资金面出现偏紧状态，短端利率持续走高，春节后进入开工旺季，经济数据环比也有明显改善，长端利率高位震荡。3月两会公布的经济发展目标偏保守，并未显示出强刺激的态度，央行3月降准25BP，资金面也出现了边际转松，债券收益率开始震荡回落，逐步逼近2.8%。随着高频数据环比修复的进程进入尾声，经济在旺季的表现相较于往年同期仍然偏弱，尤其是地产销售重新转弱，市场对经济修复的预期发生逆转。4月政治局会议态度仍然相对温和，10年期国债收益率突破2.8%，开始新一轮的快速下行。随着经济数据的转弱，央行政策基调也逐步转松，5月资金利率明显回落，6月中旬降息落地，短端利率下行又推动长端进一步走低，10年期国债收益率逼近2.6%，30年国债收益率下行幅度更大。6月国常会提出研究推出一批政策措施加大宏观政策调控力度，7月政治局会议不再提及“房住不炒”，一度使得市场对政策发力的担忧升温，市场出现了短期的调整，但在经济数据偏弱以及资金面偏松的影响下，调整幅度仍然相对有限。8月15日央行年内第二次降息，使得10年国债利率一度回落至2.54%，创2020年5月以来新低。但从8月下旬降息后，资金面边际收紧，而“认房不认贷”、存量房贷利率下调、减半印花税征收、暂缓IPO等政策也集中落地，10年期国债收益率开始出现调整。尽管9月14日晚间年内二次降准落地，但在税期、政府债发行提速等因素扰动下，资金面仍持续偏紧。叠加经济进入金九银十的旺季后，高频数据出现了边际改善，10年期国债收益率延续上行趋势。10月开始特殊再融资债密集发行，资金面紧张的态势仍在持续，并开始向银行负债端传导，存单利率大幅走高，叠加1万亿特别国债发行的消息公布，10年期国债收益率继续走高，一度升破了2.7%关键点位。而在11月后，随着经济重新进入淡季，经济数据开始边际走弱，中采PMI指数在连续4个月的回升后再度降至荣枯线下方，长端利率开始震荡回落，但是在“防空转”的要求下，资金面仍然维持紧平衡的状态，银行负债的压力仍未解除，短端利率继续走高，收益率曲线明显趋平。12月中央经济工作会议并未展现出明显的政策发力信号，临近年末央行开始维稳资金面，资金利率明显回落，而新一轮商业银行存款利率调降落地也带动了降息预期持续升温，短端利率快速下行，也带动长端利率再度走低，10年期国债收益率年末降至2.56%附近，30年国债利率下行幅度更大。政策性金融债表现类似，年末10年期国开债收益率收于2.68%，相对年初回落31BP。随着2022年年末理财赎回潮冲击压力的缓解，信用债收益率在2023年下行幅度更大，利差显著压缩。尤其是7月中央政治局会议提出“一揽子化债”方案的背景下，城投债的定价逻辑发生变化，中短久期弱资质城投利差下行幅度超过了200BP，高收益资产供给下滑带来的资产荒也带动了其他品种利差的普遍压缩。报告期内，本基金在预判组合规模变动规律以及货币市场利率季节效应的基础上，前瞻判断市场收益变化走势，及时调整持仓，在收益率较高时点，积极选择资质较好的资产进行合理配置，锁定未来一段时间收益。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:38.882Z","mo":"展望2024年，年初整体曲线较为平坦。在资产荒和权益市场较弱共同影响下，机构逐步开始向长端要收益，加强久期配置，各品种期限利差逐步压缩。春节后我们预计十年国债2.4%的收益率阻力位较大，但在数据明显改善前，长端调整幅度可能也相对有限。中长期看，长端利率预计维持震荡格局。就货币市场而言，目前整体货币政策定调预计仍维持宽松，全年名义利率预计仍有一定的下降空间，但是时间点可能结合外围市场进行综合判断。2024年1季度预计资金面整体跟随财政发力节奏波动，进入3月，随着预期财政发力节奏提速，可能对市场资金造成一定的扰动，加上季末因素和资管新规正式考核，短端波动加大，短端利率可能会重回震荡。","fund":{"_id":3000000017924,"__csrcFundId":12675,"stockCode":"017924","shortName":"国投瑞银同业存单(017924)","masterFundShortName":"国投瑞银同业存单","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17924,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-01T01:31:01.652Z","status":"normal","exchange":"jj","fundCollectionId":4000050180000,"name":"国投瑞银中证同业存单AAA指数7天持有期证券投资基金","inceptionDate":"2023-05-30T16:00:00.000Z","setUpDate":"2023-05-30T16:00:00.000Z","setUpAssetScale":4920378799.89,"setUpShares":4920378799.89,"pinyin":"gtryzztycdaaazs7tcyqzqtzjj","indexFundFlag":1,"managers":[{"stockCode":"8801387963","stockType":"fund_manager","exchange":"fm","tickerId":252308162660,"name":"颜文浩"}]},"announcement":{"linkText":"国投瑞银中证同业存单AAA指数7天持有期证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1058970","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2867fea5b3eb052eac3","date":"2023-09-29T16:00:00.000Z","stockId":3000000017924,"sao":"三季度国内债券收益率先下后上，10年期国债收益率在季末收于2.67%，略高于季初，收益率曲线整体趋平。进入7月，前期国常会提出的推动经济持续回升向好的一批政策措施迟迟没有落地，叠加资金面明显转松，短端利率走低，10年期国债收益率在6月中下旬的反弹进程告一段落，再度震荡回落，挑战前期2.6%的低点。尽管7月政治局会议关于地产政策的表述发生重大调整，个人住房贷款认房不认贷、存量首套住房贷款利率调降、改善性住房换购税费减免等措施逐步明晰，一度使10年期国债收益率再度反弹至2.65%上方，但7月经济数据再度大幅走弱，机构配置热情仍然偏强，调整并未持续太长时间。而在8月15日央行意外进行非对称降息，OMO利率调降10BP的同时，MLF利率调降15BP至2.5%，货币政策放松的周期仍未结束，收益率再度大幅回落，10年期国债收益率最低降至2.54%，创下2020年以来的新低。但8月末国内地产放松与活跃资本市场的政策相继落地，证券交易印花税实施减半征收，同时限制减持、平衡一二级市场等政策也陆续落地，市场风险偏好一度有所回升，而认房不认贷等政策在一线城市快速推进，力度也超过了市场预期，叠加8月降息后资金面明显收紧，10年期国债收益率再度逼近2.65%附近。此后尽管市场对于政策的效果依然存疑，A股再度转弱，但随着旺季到来，经济数据整体仍然在修复的过程中，复苏预期短期难以证伪。更重要的是9月资金面进一步趋紧，尤其是上旬银行融出就出现下滑，这可能是央行在防空转的要求下不愿使隔夜利率过低。尽管9月中旬央行降准落地，但降准无法完全对冲资金缺口，资金面的紧张仍未显著缓解，市场担忧汇率贬值压力将持续对资金面带来扰动，短端利率大幅上行，1年期存单利率一度突破2.5%，长端利率延续高位震荡的态势。由于季末资金面仍然依赖央行逆回购的大规模净投放，且由于机构跨季进度偏慢，股份行与城商行融出下降，季末跨季资金价格显著偏贵，叠加海外流动性紧缩带来的情绪冲击，9月最后一周10年期国债收益率一度重回2.7%。但随着市场对跨季后资金面转松的预期升温，季末最后两个交易日利率小幅回落，10年期国债收于2.67%，略高于季度初。政金债表现偏强，10年期国开债收于2.74%，较季度初仍有所回落，中短端利率显著回升，1年期国开债利率较季度初上行16BP。信用债收益率同样先下后上，波动幅度较利率债更大，但中高等级中短端利率仍有所回落，政治局会议提出一揽子化债方案，特殊再融资债即将落地，政策可能优先向高风险区域倾斜，部分弱资质城投利差显著压缩。中短端商金二级永续债利差显著走高，3-5年二级资本债利差整体持平。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:38.876Z","fund":{"_id":3000000017924,"__csrcFundId":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