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，2024年央行表达了支持性的货币政策立场。全年下调金融机构存款准备金率1个百分点，5年期以上LPR由4.2%下调至3.6%，并通过公开市场操作、买断式回购、购买国债等渠道积极投放流动性。在2024年，央行取消存款手工补息，并加强同业活期存款利率监管，引导银行负债成本下行。总的来看，2024年央行对于市场流动性态度偏呵护，为债券市场的平稳运作提供了有利环境。  从组合运作来看，组合全年保持了较为积极的操作思路。一季度整体仓位较高，积极参与长债、超长债的进攻行情。二、三季度在偏低的利率水平下，市场对于资金价格波动、久期风险扰动、宏观政策加码等因素的反应更为敏感，债券市场波动加大，组合保持了较为灵活的操作，在4月、8月、9月组合阶段性降低仓位。考虑到市场流动性环境较为宽松，机构整体配置需求较为旺盛，四季度随着市场企稳，组合逐步回补仓位，拉长组合久期，积极参与利率和信用市场的牛市行情。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:55.430Z","mo":"2024年，债券市场在基本面和资金面的影响下走出牛市行情，收益率大幅下行。展望后市，债券市场仍有可为空间。在基本面方面，2025年外部环境变化带来的不利影响加深，宏观经济将面临困难和挑战，国内需求的提振对于宏观经济的平稳运行将起到更为重要的作用。中央经济工作会议指出，2025年政策层面要实施更加积极的财政政策和适度宽松的货币政策。在此背景下，预计2025年国内经济将延续温和复苏态势，处于宽货币、宽信用的阶段，对于债券市场而言仍偏有利。信用方面，化债政策持续有力推进，城投平台债务风险大幅缓释，债务扩张速度放缓，信用市场可能仍将呈现结构性的“资产荒”格局，收益率有望维持在较低水平。当前债券市场仍处于惯性牛市之中，各类型机构配置需求较为旺盛。但随着预期收益的降低，债市新增资金规模增速或将发生动态变化，市场整体负债端的不稳定性将会提升。在偏低的利率环境中，机构对于利空因素的反应可能会更加敏感，债券市场波动性或将提升，需要结合市场主线灵活交易。后续关注财政政策落地节奏及央行流动性投放状态，关注由于阶段性扰动带来的博弈机会。","fund":{"_id":3000000018083,"__csrcFundId":12894,"stockCode":"018083","shortName":"鹏华信用债6个月持有期债券(018083)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18083,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:05.068Z","status":"normal","exchange":"jj","fundCollectionId":4000050060000,"inceptionDate":"2023-08-24T16:00:00.000Z","name":"鹏华信用债6个月持有期债券型证券投资基金","setUpDate":"2023-08-24T16:00:00.000Z","setUpAssetScale":722186152.85,"setUpShares":722186152.85,"pinyin":"phxyz6gycyqzqxzqtzjj","masterFundShortName":"鹏华信用债6个月持有期债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华信用债6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=1249593","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2977fea5b3eb052f93e","date":"2024-09-29T16:00:00.000Z","stockId":3000000018083,"sao":"2024年三季度债券市场波动显著加大，走势一波三折。三季度央行实施了两次降息，一次降准，降低存量按揭利率，全面释放宽松信号，在此期间10年国债、30年国债收益率创历史新低。随着收益率的整体下行，监管多次提示债券市场潜在风险。在偏低的收益率水平下，债券市场波动加剧，出现阶段性调整。2024年9月政治局会议强调了要有效落实存量政策，加力推出增量政策，资本市场风险偏好抬升，在股债跷跷板效应下债券市场出现了明显的下跌。全季度来看，债券市场收益率先下后上，利率债表现优于信用债，10年国债收益率从2.21%下行至2.15%，3年AAA信用债收益率从2.14%上行至2.32%，1年AA信用债收益率从2.17%上行至2.38%。  在组合操作方面，组合季度初保持了较高的久期，积极参与利率和信用市场的进攻行情，在季末降低了组合的整体仓位。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:55.427Z","fund":{"_id":3000000018083,"__csrcFundId":12894,"stockCode":"018083","shortName":"鹏华信用债6个月持有期债券(018083)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18083,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:05.068Z","status":"normal","exchange":"jj","fundCollectionId":4000050060000,"inceptionDate":"2023-08-24T16:00:00.000Z","name":"鹏华信用债6个月持有期债券型证券投资基金","setUpDate":"2023-08-24T16:00:00.000Z","setUpAssetScale":722186152.85,"setUpShares":722186152.85,"pinyin":"phxyz6gycyqzqxzqtzjj","masterFundShortName":"鹏华信用债6个月持有期债券","managers":[{"stockCode":"db20774820","stockType":"fund_manager","exchange":"fm","tickerId":232606205000,"name":"王志飞"},{"stockCode":"db20801140","stockType":"fund_manager","exchange":"fm","tickerId":1226215000,"name":"李政"}]},"announcement":{"linkText":"鹏华信用债6个月持有期债券型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1171708","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2977fea5b3eb052f93d","date":"2024-06-29T16:00:00.000Z","stockId":3000000018083,"sao":"2024年上半年，债券市场表现强势，收益率全面下行。一季度权益市场调整，市场风险偏好下行，叠加各类型机构年初配置需求旺盛，债券市场持续上涨。进入二季度，经济增长动能边际放缓，4月存款手工补息取消，激发存款向货币、理财、基金等资管机构转移，债券市场资金充沛，中短端品种收益率下行明显。随着收益率的快速下行，监管机构开始关注债券市场过热的潜在风险，在此影响下市场情绪有所降温。在货币政策方面，上半年央行执行了一次降准，一次降息，维护市场流动性合理充裕，为债券市场平稳运作提供有利环境。在信用市场方面，一揽子化债政策持续有力推进，同时固收资管产品规模持续扩张，信用市场配置需求旺盛，各品种收益率下行，信用利差持续压缩。  在组合操作方面，近半年组合整体仓位较高，积极参与长债、超长债的进攻行情。进入二季度债券市场波动加大，组合保持了较为灵活的操作，在4月份组合阶段性降低仓位，5月逐步加仓，积极参与利率和信用市场的交易行情。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:55.424Z","mo":"2024年上半年债券市场在基本面和资金面的影响下走出牛市行情，收益率震荡下行。展望后市，债券市场仍偏顺风。在基本面方面，国内经济预计将延续复苏，物价水平温和修复，但在中期维度仍然面临新旧动能转换的挑战，国内经济有效需求不足，叠加外部环境复杂性、严峻性、不确定性明显上升。在此背景下，预计央行仍将维持市场流动性合理充裕，为经济社会发展营造良好的货币金融环境，对于债券市场提供有利支撑。信用方面，金融脱媒背景下，预计理财规模仍延续增长，同时保险或再迎负债成本下降打开配置需求；与此同时，资产端城投债供给缩量，存款监管趋严，信用市场供需格局依然较为友好，中期维度仍具备中枢下行的空间。总的来看，国内高质量发展稳步推进，伴随经济结构转型，各部门融资需求边际放缓，对于债券市场方向仍偏有利。在存款流出的大背景下，存款替代型的资管产品发展态势良好，债券市场对于中短端资产配置需求旺盛，预计在中期维度将取得较强表现。","fund":{"_id":3000000018083,"__csrcFundId":12894,"stockCode":"018083","shortName":"鹏华信用债6个月持有期债券(018083)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18083,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:05.068Z","status":"normal","exchange":"jj","fundCollectionId":4000050060000,"inceptionDate":"2023-08-24T16:00:00.000Z","name":"鹏华信用债6个月持有期债券型证券投资基金","setUpDate":"2023-08-24T16:00:00.000Z","setUpAssetScale":722186152.85,"setUpShares":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