window.pageData = {"stock":{"_id":3000000018087,"name":"鹏华双债增利债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","stockCode":"018087","tickerId":18087,"shortName":"鹏华双债增利债券C","currency":"CNY","exchange":"jj","fundCollectionId":4000050060000,"inceptionDate":"2023-03-15T16:00:00.000Z","status":"normal","masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"phszzlzqxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50060000","tickerId":50060000,"name":"鹏华基金管理有限公司"},"managers":[{"name":"杨雅洁","stockType":"fund_manager","stockCode":"db20249510","exchange":"fm","tickerId":252510141520}],"hotMetrics":{"fss":{"stockId":3000000018087,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0,"f_ind_h_s_r":1,"f_h_a":54,"f_h_s_a":2076,"f_ind_h_s_r_c_hy":0,"f_ins_h_s_r_c_hy":0,"f_ind_h_s_r_c_1y":0.8689,"f_ins_h_s_r_c_1y":-0.8689,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000018087,"type":"fpr","f_p_r_fys_ssc":7443,"f_p_r_fys_ssrp":0.9623757054555228,"f_p_r_m1_ssc":7642,"f_p_r_m1_ssrp":0.9093050647820966,"f_p_r_m3_ssc":7540,"f_p_r_m3_ssrp":0.9425653269664411,"f_p_r_m6_ssc":7406,"f_p_r_m6_ssrp":0.962187711006077,"f_p_r_y1_ssc":6948,"f_p_r_y1_ssrp":0.9199654527134015,"f_cagr_p_r_fs_ssc":7345,"f_cagr_p_r_fs_ssrp":0.8654684095860566,"f_p_r_y2_ssc":6043,"f_p_r_y2_ssrp":0.38927507447864945,"f_p_r_y3_ssc":4978,"f_p_r_y3_ssrp":0.9306811332127788},"fp":{"stockId":3000000018087,"type":"fp","f_cagr_p_r_fs":0.01669469932790202,"f_p_r_m1":-0.003116147308781736,"f_p_r_d1":-0.0004830451164138383,"f_p_r_m3":-0.0010408781226342034,"f_p_r_m6":-0.0012298959318824965,"f_p_r_fys":-0.0017021276595744483,"f_p_r_y1":0.006291106662853929,"last_data_date":"2026-06-23T16:00:00.000Z","f_p_r_y2":0.05454000599340714,"f_p_r_y3":0.05464535464535536,"f_i_d":"2023-03-15T16:00:00.000Z"},"ff":{"stockId":3000000018087,"type":"ff","f_m_f":3015042,"f_m_f_r":0.005,"f_c_f":904512,"f_c_f_r":0.0015,"f_m_a_c_f":3919554,"f_m_a_c_f_r":0.006500000000000001,"f_m_c_f_d":"2025-03-04T16:00:00.000Z","f_c_fr":0.0015,"f_fr_d":"2026-03-03T16:00:00.000Z","f_m_fr":0.005,"f_mac_fr":0.006500000000000001},"f_nlacan":{"stockId":3000000018087,"type":"f_nlacan","f_nv_d":"2026-06-23T16:00:00.000Z","f_nv":1.0557,"f_nv_cr":-0.0021739130434782483},"f_as":{"stockId":3000000018087,"type":"f_as","f_tas":503229.33609999996,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj"},{"_id":3000000022233,"name":"鹏华双债增利债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"022233","tickerId":22233,"shortName":"鹏华双债增利债券D","currency":"CNY","__csrcFundId":3338,"exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"lastUpdated":"2025-01-04T00:32:33.362Z","inceptionDate":"2024-09-29T16:00:00.000Z","pinyin":"phszzlzqxzqtzjj","fundCollectionId":4000050060000}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000000054,"stockId":300750,"holdings":15400,"marketCap":6186180,"netValueRatio":0.021,"quarterlyChange":0.09377552687469404,"stock":{"stockCode":"300750","exchange":"sz","stockType":"company","tickerId":300750,"name":"宁德时代"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000000054,"stockId":601088,"holdings":122000,"marketCap":5703500,"netValueRatio":0.0193,"quarterlyChange":0.15432098765432145,"stock":{"stockCode":"601088","exchange":"sh","stockType":"company","tickerId":601088,"name":"中国神华"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000000054,"stockId":601838,"holdings":267500,"marketCap":4579600,"netValueRatio":0.0155,"quarterlyChange":0.06203473945409499,"stock":{"stockCode":"601838","exchange":"sh","stockType":"company","tickerId":601838,"name":"成都银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000000054,"stockId":600919,"holdings":375400,"marketCap":4099368,"netValueRatio":0.0139,"quarterlyChange":0.08363455953533516,"stock":{"stockCode":"600919","exchange":"sh","stockType":"company","tickerId":600919,"name":"江苏银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000000054,"stockId":601009,"holdings":356700,"marketCap":4062813,"netValueRatio":0.0138,"quarterlyChange":-0.003499562554679869,"stock":{"stockCode":"601009","exchange":"sh","stockType":"company","tickerId":601009,"name":"南京银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000000054,"stockId":600519,"holdings":2400,"marketCap":3480000,"netValueRatio":0.0118,"quarterlyChange":0.052876167240301974,"stock":{"stockCode":"600519","exchange":"sh","stockType":"company","tickerId":600519,"name":"贵州茅台"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000000054,"stockId":601899,"holdings":51400,"marketCap":1681808,"netValueRatio":0.0057,"quarterlyChange":-0.05076878445024502,"stock":{"stockCode":"601899","exchange":"sh","stockType":"company","tickerId":601899,"name":"紫金矿业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000000054,"stockId":601601,"holdings":43500,"marketCap":1613415,"netValueRatio":0.0055,"quarterlyChange":-0.11500835122882291,"stock":{"stockCode":"601601","exchange":"sh","stockType":"company","tickerId":601601,"name":"中国太保"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000000054,"stockId":600988,"holdings":37100,"marketCap":1600865,"netValueRatio":0.0054,"quarterlyChange":0.38124199743918097,"stock":{"stockCode":"600988","exchange":"sh","stockType":"company","tickerId":600988,"name":"赤峰黄金"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000000054,"stockId":601318,"holdings":24900,"marketCap":1413822,"netValueRatio":0.0048,"quarterlyChange":-0.1698830409356732,"stock":{"stockCode":"601318","exchange":"sh","stockType":"company","tickerId":601318,"name":"中国平安"}}],"bondHoldings":[{"_id":"69e75d23057a8795632456e7","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000000054,"stockCode":"232400018","stockName":"24宁波银行二级资本债01","holdings":250000,"marketCap":26067226,"netValueRatio":0.0884,"lastUpdated":"2026-04-21T11:18:59.371Z"},{"_id":"69e75d23057a8795632456e8","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000000054,"stockCode":"232480035","stockName":"24平安银行二级资本债01A","holdings":200000,"marketCap":20646484,"netValueRatio":0.07,"lastUpdated":"2026-04-21T11:18:59.376Z"},{"_id":"69e75d23057a8795632456e9","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000000054,"stockCode":"232480039","stockName":"24广发银行二级资本债01A","holdings":200000,"marketCap":20497344,"netValueRatio":0.0695,"lastUpdated":"2026-04-21T11:18:59.380Z"},{"_id":"69e75d23057a8795632456ea","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000000054,"stockCode":"115827","stockName":"23JTYK01","holdings":200000,"marketCap":20382160,"netValueRatio":0.0691,"lastUpdated":"2026-04-21T11:18:59.384Z"},{"_id":"69e75d23057a8795632456eb","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000000054,"stockCode":"243920","stockName":"25GTHT13","holdings":200000,"marketCap":20172558,"netValueRatio":0.0684,"lastUpdated":"2026-04-21T11:18:59.388Z"}]},"list":[{"_id":"69e75cd5057a879563244c33","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","stockId":3000000000054,"sao":"2026年国内增长目标定在4.5-5%，强调不唯速度，树立正确政绩观。财政政策量稳质优，赤字安排、专项债超长期国债等发行规模与上年大体持平，但在节奏上靠前发力，强调实现开门红。货币政策结构性工具优先发力，降息降准等总量工具相机决策，更强调货币政策与财政政策的协同配合。物价目标更明确，在物价低位修复的现实背景下，政策推动反内卷与价格治理成为重要抓手。在2025年贸易顺差规模创出历史新高后，人民币汇率修复升值。海外方面，美伊冲突爆发使得能源供给冲击再现，高油价如果持续较长时间，全球经济陷入滞胀甚至衰退的风险上升。  市场表现方面，一季度权益市场波动较大，1月开局强势，风险偏好高涨。3月随着美伊冲突爆发出现明显回调。行业方面，煤炭、石油石化、公用事业、电力设备等行业涨幅靠前，非银金融、消费等行业表现相对较差。债券市场表现方面，收益率呈现明显的陡峭化，中短端利率持续下行，长端超长端呈现震荡。信用债表现好于利率债，信用利差在配置盘的带动下压缩至新低。操作方面，债券部位以信用杠杆票息策略为主，权益部位减持了周期行业，增加防御配置。","lastUpdated":"2026-04-21T11:17:41.279Z","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利债券型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1471892","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ca7a387ecbd37c10afbb67","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000000054,"sao":"2025年，中国经济增速呈现“前高后低”的特点，全年来看顺利实现5%的增速目标。外需方面，关税冲击对中国整体出口增速的影响相对有限，中国对非美地区的出口增长对冲了对美直接出口的下降。内需方面，“以旧换新”政策退坡导致部分耐用品消费增速在下半年后走弱，但是其他商品和服务消费的增速仍保持韧性。投资方面，财政政策积极发力，非房地产投资增速回升，房地产投资对经济仍有拖累。价格方面，CPI同比增速在2025下半年开始回升，4季度同比转正。在制造业产能周期和“反内卷”政策的推动下，PPI同比降幅逐步收窄。货币政策方面，全年降准50bp，降息10bp。美元兑人民币汇率呈现“先弱后强”，全年累计升值超过4%。  市场表现方面，A股市场在政策支持和产业趋势的共同驱动下，呈现出显著的结构性牛市特征，上证指数全年上涨18.41%，创业板指涨幅达49.57%，科创50指数上涨35.92%。行业的表现分化较大，有色金属、通信、电子等行业涨幅居前，食品饮料、煤炭等行业全年为负回报。债券市场方面，全年收益率波动上行。10年期国债收益率从年初的1.61%升至年末的1.85%，30年从1.84%上行至2.27%。操作方面，债券部分在上半年尤其是二季度保持了偏长久期，7月以后大幅降低了长端和超长端国债的持仓，以中短期信用票息组合为主。权益方面上半年以红利股为主要持仓，下半年增加了部分周期股的配置。","lastUpdated":"2026-03-30T13:27:20.522Z","mo":"展望2026年，中美经贸关系有望在短期内企稳，中国经济面临的外部需求仍将保持较强韧性。2026年是“十五五”开局之年，积极的财政政策和适度宽松的货币政策有望保持，为经济增长提供有力支撑。关注内需修复、科技创新和结构性改革的进展。债券市场预计仍以区间震荡为主，权益市场预计“慢牛”格局不变，居民存款搬家、外资回流等都将成为重要增量资金。","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利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=1453217","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f66","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000000054,"sao":"2025年三季度，宏观经济呈现外需强韧、内需回落的特点。尽管面临美国关税政策的严峻挑战，但中国前三季度出口增速仍然保持较快增长。内需方面，“以旧换新”政策退坡，社零增速回落。受房地产投资拖累，固定资产投资下行明显。尽管政府债发行靠前发力，但化债压力下，基建投资增长仍然乏力。物价方面，“反内卷”政策从宏观定调进入实质性跨行业协同治理，煤炭、钢铁、新能源等行业出厂价格降幅收窄。海外方面，9月美联储如期降息，年内市场预期仍有降息空间。  市场表现方面，债券收益率整体上行。央行持续呵护资金面，短端收益率相对平稳。但中长端利率明显上行，10年期国债活跃券从1.64%上行至1.79%，收益率曲线呈现“熊陡“形变。信用利差先被动收窄，8、9月份开始走阔，中长久期信用品种利差走阔明显。权益市场呈现结构性牛市，科技成长板块领涨。创业板单季上涨50.4%，科创50指数上涨49%。上证指数上涨12.73%，沪深300指数上涨17.9%。组合操作方面，债券部位降低组合久期至防御水平，权益部位对结构进行了调整。","lastUpdated":"2026-03-09T12:47:27.370Z","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利债券型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1372370","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f65","date":"2025-06-29T16:00:00.000Z","stockId":3000000000054,"sao":"2025年上半年，经济增长呈现较强韧性，上半年GDP增长达到5.3%。但物价表现相对低迷，PPI持续为负，CPI也在0值附近，呈现结构性产能过剩和有效需求不足的矛盾。地产销售在一季度出现小阳春，二季度有所回落，量价还未进入正循环。政策方面，政府债靠前发行是稳定经济的重要抓手，5月货币政策“双降”落地，同时银行存款挂牌利率及自律上限也大幅调降，着力稳定银行息差。4月初美国对多国征收对等关税一度成为市场的黑天鹅，但极限施压收效甚微，包括我国在内的多个国家展开反制，多国与美国的关税谈判一度陷入僵局。随着5月中美《日内瓦声明》达成，中美关税降级，谈判重启，我国出口在上半年也继续保持正增长。  市场表现方面，一季度人工智能、人形机器人等前沿领域突飞猛进。春节后市场风险偏好快速回升，形成“科技为主、小盘占优”格局。4月对等关税政策引发全球市场巨震，权益市场大幅波动。随着政治局会议召开及一揽子货币政策落地，市场风险偏好逐步修复。上半年各宽基指数均为正收益，但分化较大，低估值金融，以及小盘成长表现相对较好。债券方面，一季度央行停止买入国债，并引导资金利率上行，打断债券收益率快速下行的趋势，市场对货币政策“适度宽松”预期再校准。二季度对等关税后，收益率快速下行，5、6月份债市行情转向利差挖掘，信用债、地方债等品种表现相对较好。操作方面，上半年权益部位以金融股为主要持仓，债券部位在一季度进行了防御，二季度明显拉升久期。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.366Z","mo":"展望下半年，经济有望延续修复，但抢出口效应或有减弱，补贴对消费也存在一定透支，下半年经济增速预计弱于上半年。储备政策预计在下半年会陆续推出，货币政策也继续有放松的空间。针对宏观经济面临内外部失衡的问题，近期中央财经委提及治理“反内卷”。我们认为经济再平衡不仅依赖供给收缩，更需要打开需求空间，供需两端同时发力，才能推动价格水平实现反转。短期财政发力支撑内需，中长期期待通过收入分配制度、社保制度改革，提升居民收入和消费能力。","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利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=1339705","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f64","date":"2025-03-30T16:00:00.000Z","stockId":3000000000054,"sao":"2025年一季度新旧动能转换初具成效，以旧换新政策对消费的提振，房地产市场成交小阳春，以及关税政策不确定性下企业抢出口，带动经济企稳回升。新经济方面，人工智能、人形机器人等前沿领域突飞猛进。政策方面，财政政策保留合理空间，应对外部环境的不确定性。货币政策相机而动，以“双支柱”框架实现货币政策多重目标。  市场表现方面，由于2024年12月市场大幅透支降息预期，今年1月央行停止买入国债，并引导资金利率上行，打断债券收益率快速下行的趋势，市场对货币政策“适度宽松”预期再校准。3月下旬随着银行存贷差缺口缩小，以及央行加大流动性投放，资金面缓和，债券收益率出现修复下行。权益市场温和上涨，但结构分化显著。春节后市场风险偏好快速回升，形成“科技为主、小盘占优”格局。指数表现方面，恒生科技指数上涨超过20%，中证2000指数上涨7.08%，而沪深300及上证综指则微幅收跌。  操作方面，1-2月份债券部位降低久期防御，3月份逐步回归中性久期。权益部位对持仓结构进行了一定调整。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.363Z","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利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=1269361","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f63","date":"2024-12-30T16:00:00.000Z","stockId":3000000000054,"sao":"2024年前三季度国内经济增速放缓，内需不振对经济的拖累加剧，外需相对平稳。消费持续低迷，一线城市社会零售总额出现负增长，房地产市场脉冲回暖后回落。地方财政收支缺口扩大，两本帐收入均不及预期拖累支出进度。政策方面，9月政治局会议体现稳增长的迫切性和政策决心，多方位回应市场主体关切。消费品以旧换新，一线城市房地产市场的进一步松绑，政府债发行提速，货币-财政协同发力，带来四季度经济企稳反弹。组合操作方面，权益部位前三季度以红利为主要投资方向，9月份后加仓非银、地产等，以及化债受益的方向，并对红利板块进行一定的减持。债券部位保持进攻久期，获取价差收益。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.360Z","mo":"2025年，我国面临的内外部形势更加严峻复杂。从外部看，特朗普再次就任美国总统，我国产品出口和企业出海可能都将面临冲击。从内部看，有效需求不足挑战仍然较大，物价持续低位运行。中央经济工作会议将财政政策转向“更加积极”，货币政策转向“适度宽松”，均为近年来最为积极的表态。预计2025年赤字率、专项债规模和超长期特别国债规模均将明显提升，流动性将保持充裕，为经济社会运行营造良好政策环境。市场方面，无风险利率快速下行推高了股债利差，股息类资产仍具备吸引力，也将是组合底仓的首选。此外，中央将围绕改善收入、扩大大宗商品消费以及促进服务消费等方面，加大对消费的支持力度； 科技创新仍然是应对外部打压遏制的有效抓手，我们也将沿着有政策催化的方向积极寻找投资机会。债券方面，宏观基本面对债券尚不构成利空，但当前估值隐含了较高降息预期，债券资产的回报率在2025年将大幅下降。","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利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=1249489","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f62","date":"2024-09-29T16:00:00.000Z","stockId":3000000000054,"sao":"三季度国内经济增速进一步放缓，内需不振对经济的拖累加剧，外需相对平稳。消费持续低迷，一线城市社会零售总额出现负增长，房地产市场脉冲回暖后回落。地方财政收支缺口扩大，两本帐收入均不及预期拖累支出进度。政策方面，9月政治局会议体现稳增长的迫切性和政策决心，多方位回应市场主体关切。  市场表现方面，债券市场出现较大波动。7、8月份央行卖债均导致利率出现一波快速上行，9月在货币政策宽松预期下，10年期国债一度逼近2.0%，30年国债逼近2.1%。9月底随着一揽子稳增长政策快速出台，市场风险偏好大幅走高，长端国债收益率重回7月初高位。信用债受理财负债端波动及监管政策影响较大，三季度信用债整体收益率明显上行，多数信用品种信用利差创出年内新高。权益市场9月末迎来大幅反弹，三季度沪深300指数上涨16.1%，中证500指数上涨16.2%，中证1000指数上涨16.6%。组合操作方面，9月降息降准政策落地后，纯债部位减持长端利率债降低组合久期。权益部位减持红利行业，增持券商、保险、地产、电子等行业。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.357Z","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利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=1171738","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f61","date":"2024-06-29T16:00:00.000Z","stockId":3000000000054,"sao":"海外方面，美国经济增长回升，叠加地缘冲突对供给的扰动,“再通胀”成为阶段性主题，美联储降息时点的预期不断后移。国内方面，经济仍处于缓慢修复的通道中。当前国内增长和低通胀的压力来自居民部门的信用收缩。在严肃地方财政纪律的背景下，地方以化解债务风险为首要任务，专项债发行进度持续不及预期，开工及实物工作量有待提升。经济中的亮点在出口及部分制造业，显示出较强韧性。国内货币政策相对克制，外部均衡的重要性较高。  市场表现方面，债券收益率全面下行，收益率创出新低。权益市场方面，大小市值表现分化巨大，银行、公用事业、有色、能源等行业表现相对较好。操作方面，运作期纯债部位保持偏高久期，权益部位以红利股为底仓，同时积极参与受益政策周期的轨交、电网设备等相关个股。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.353Z","mo":"中美货币政策周期差收敛可能还需要等待一段时间，现阶段外部均衡是货币政策的核心考虑之一。新旧动能转换加速，信用创造机制发生本质性变化，资金从“供给约束”转向“需求约束”。央行收窄利率走廊、借券等操作，意味着货币政策框架更加注重价格信号。下半年地缘政治扰动增加，密切关注国内逆周期政策的储备。债券市场利率风险可控，三季度预计以票息收益为主，如果美联储降息落地，国内货币政策的空间相应打开。新“国九条”重新定位市场投融资功能，以投资者为本重塑市场生态，提高资本市场中长期回报预期。三中全会进一步释放全面深化改革信号，推进中国式现代化。我们继续看好稳定格局的行业龙头机会。","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利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=1143399","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f60","date":"2024-03-30T16:00:00.000Z","stockId":3000000000054,"sao":"美国一季度PMI、就业等数据持续好于预期，通胀回升，年初对于降息的乐观预期快速回摆。中期供给受限的铜、原油、黄金等商品出现明显上涨。实体经济需求与金融条件还会反复拉锯，大选年和财政压力下，美联储降息的意愿也值得关注，加剧二次通胀风险。国内方面，2024年一季度内、外需分化较大，国内政策的重心仍是结构而非总量，以“新质生产力”为代表的科技产业政策与投入显著发力，地产、地方政府债务问题等仍是防风险为主。财政政策仍强调“过紧日子”，货币政策强调“精准有效”，在一季度经济数据表现较好的背景下，预计总量货币政策相对克制，结构性工具继续发力。  组合在一季度维持偏高的久期及杠杆，积极参与长端、超长端利率操作，增厚组合收益。二季度关注利率债供给的节奏。权益市场一季度波动较大，年初市场遭遇流动性冲击，短期压力已经大幅释放。权益部位以红利资产，以及全球定价的资源股为底仓，择机参与AI相关标的投资。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.350Z","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利债券型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1068827","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f5f","date":"2023-12-30T16:00:00.000Z","stockId":3000000000054,"sao":"1月天量信贷投放以及疫情达峰后人流出行迅速恢复，市场对经济复苏抱有很高的期待，且三支箭后地产政策预期松动，基本面和政策面共同压制债市，权益市场快速上涨。两会后市场对政策预期下修，地产销售复苏不及预期，经济转弱的信号在高频数据上得到确认，市场从交易“强预期”转向交易“弱现实”。3月央行降准0.25%，4月银行下调存款利率，6月央行降息10bp，债券收益率快速下行。权益市场由普涨转为结构行情，人工智能的催化下TMT行业走强，“中特估”相关标的也有所表现。三季度国内经济在库存周期及政策发力的共同带动下迎来改善。债券收益率先下后上，降息降准先后落地并未进一步推动收益率下行，9月资金面有所收紧带动市场出现明显调整。权益市场在政策持续催化下迎来反弹，但外资持续流出成为压制市场情绪的重要因素。四季度财政政策持续发力，地方特殊再融资债券密集发行，人大常委会批准四季度增发1万亿元国债，赤字率提升至3.8%。同时，地方化债如期推进，在“化存量”同时“遏增量”态势进一步趋严。货币政策方面，全国人大审议金融工作报告提到金融空转问题，央行货币政策报告强调基准利率的公信力。地产政策方面，北上深地产政策进一步优化，银行地产贷款“三个不低于”等多项地产金融政策出台。四季度资金利率中枢上移，存单利率一度突破2.6%。现券收益率先上而下，10月在资金面及供给的压力下收益率出现明显调整，11月国债增发落地后，债券利空出尽逐步走强，30年国债在配置盘的带动下，表现最好。权益市场整体表现不佳，结构上权重指数弱于中小盘。报告期内本基金在债券投资上以持有中高评级信用债和利率债为主，二、四季度组合明显拉长久期。股票仓位维持中性，对持有的行业和个股进行了动态调整。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.347Z","mo":"展望2024，基本面内生修复动能仍偏疲弱，弱总量格局延续。中央经济工作会议要求稳中求进、以进促稳、先立后破，政策托底可期，三大工程可能是重要抓手。货币政策预计延续宽松，美联储进入降息周期，国内降息空间打开。债券市场整体风险可控，但期限利差、信用利差都压缩到较为极致的水平，需注意交易节奏。权益市场相对看好具备估值、盈利、分红稳定性的红利资产。","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利债券型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1051378","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f5e","date":"2023-09-29T16:00:00.000Z","stockId":3000000000054,"sao":"7月政治局会议重建经济激励，畅通经济循环，随后政策节奏、力度与针对性明显增强，在房地产、地方政府债务化解、活跃资本市场等多个方面都有相应政策出台。三季度国内经济在库存周期及政策发力的共同带动下迎来改善。海外方面，美国经济韧性超预期，高通胀、高利率或维持更长时间，“紧货币+宽财政”的组合恶化美债供需矛盾，三季度美债收益率曲线大幅陡峭化，10年美债突破4.8%，美元指数持续走强。    市场表现方面，政策预期一波三折，债券收益率先下后上，降息降准先后落地并未进一步推动收益率下行，9月资金面有所收紧带动市场出现明显调整。权益方面，宽基指延续二季度下行趋势，外资持续流出压制市场情绪。行业方面TMT、电新、医药等跌幅较大；化、煤炭、钢铁、地产等顺周期行业有正收益。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.344Z","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利债券型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=986773","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f5d","date":"2023-06-29T16:00:00.000Z","stockId":3000000000054,"sao":"年初以来，基本面经历一轮过山车，从“强预期、弱现实”到“弱预期、弱现实”。从资产表现看，债券收益率持续下行，尤其是在两会后，稳增长政策预期减弱，叠加二季度宏观数据持续疲弱，收益率下行节奏加快。整体看，上半年债券表现较好，信用好于利率，信用利差全面收窄。    权益方面，行业表现极致分化。1月在复苏预期带动下市场均衡反弹，2月宽基指开始大幅分化，50，300和创业板指震荡回落。3月金融，顺周期，地产链继续回落，AI主题催化的TMT板块大幅反弹。进入二季度，弱基本面下，宽基指均有不同程度回落，期间AI、机器人等题材有所表现。整体看，上半年传媒，通信，计算机等行业涨幅均超30%，地产链表现不佳。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.340Z","mo":"展望下半年，国内经济阶段性筑底但内生增长动能不足，政策预期升温但力度与节奏尚待验证。目前绝对估值在底部位置，股债性价比再度回落至历史极值附近，对经济现实的计价相对充分。下半年A股有望跟随经济阶段性筑底修复，预计结构性机会大于总量。债券方面，宏观环境对高等级信用债整体仍偏有利，票息资产仍然具备配置价值。","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利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=961341","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f5c","date":"2023-03-30T16:00:00.000Z","stockId":3000000000054,"sao":"1季度以来，随着国内疫情冲击的减缓，经济呈现出明显的复苏趋势，整体股票市场风险偏好明显回升，外资重新持续流入，对国内股票市场形成了明显的支撑。而行业层面，由于数字经济和AI的产业趋势呼啸而来，TMT行业出现了较大的涨幅。在中国式现代化和高质量发展下，科技创新再次成为市场聚焦和关注的主线，我们对整体科技行业发展充满信心，我们认真关注大模型、数字经济以及AIGC带来的产业变化以及国内半导体的变化，从中选取较好的投资机会。另一方面，在百年未有之大变局下，我们的外交开始取得一系列瞩目的成绩，受益于“一带一路”，国内一些企业的价值也会被市场重新认识。我们对权益市场保持乐观，更多关注国内经济发展形势和全球科技发展形势的边际变化，加大研究投入。但是另一方面，在联储加息后期，硅谷银行的风险开始显示出欧美银行体系有较大的潜在风险，这些风险是否会酿成新的问题需要持续保持关注，长期的收益率曲线倒挂，必然带来更多的金融问题，需要及时关注潜在的变化。  债券方面，国内经济保持平稳复苏，流动性较为充裕，我们继续保持中性的久期和观点，关注经济预期的变化以及货币政策的变化。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.337Z","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利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=886527","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f5b","date":"2022-12-30T16:00:00.000Z","stockId":3000000000054,"sao":"2022年债券市场先牛后熊，4季度出现大幅调整。前三季度，疫情和地产风险持续压制经济，政策“以稳为主”，“宽信用”预期反复被证伪，财政靠前发力导致流动性淤积，央行两次降息两次降准，10年国债利率震荡下行。理财扩表导致信用债期限和信用利差持续压缩。11月开始地产和防疫政策相继转向，市场预期急速扭转，债市快速调整导致理财赎回潮爆发，流动性冲击叠加基本面改善预期，信用加速下跌。整体下跌一直延续到12月中旬，信用利差在4季度显著走阔。全年看，10年国债上行6bp至2.84%，10年国开下行9bp至2.99%。不同评级中长端信用收益率大幅上行，全年信用利差显著走阔。22年权益市场下跌。全年市场受到较多负面事件冲击，美联储大幅加息，俄乌冲突，疫情发酵等持续影响经济基本面，经济增长失速压制市场风险偏好。全年看上证综指-15.13%，沪深300-21.63%，创业板指-29.37%，行业方面，仅煤炭、消费者服务、交通运输三个行业获得了正收益，电子、计算机、军工领跌。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.334Z","mo":"展望2023年，政策托底意愿较强，预计财政和货币政策双宽，全年社融和信贷有望持续反弹，带动基本面企稳复苏，企业盈利有望逐步改善，权益市场机会大于风险，伴随稳增长政策逐步落地，基本面会逐步清晰，低估值下，市场有望修复上行。债券市场方面，一季度国内经历首轮感染高峰，春节后生产和出行逐步恢复，货币政策呵护资金面，两会前后财政和宽信用政策继续落地，债市震荡。二季度至三季度，经济从衰退转为复苏，地产基本面或出现修复迹象，债券收益率上行压力加大。","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利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=868859","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f5a","date":"2022-09-29T16:00:00.000Z","stockId":3000000000054,"sao":"7、8月份经济修复斜率放缓，7月信贷结构预期转弱，叠加局部疫情扰动，地产断贷风波，中美地缘冲突预期升温，短期不确定性回升，市场风险偏好回落。进入9月份，市场对各个板块的风险偏好均有所下降，顺周期板块政策反复引发预期博弈上升，地产链相关行业整体波动加剧。海外方面，联储对通胀的表态是超出市场预期的，能看出在通胀未来走势仍未明朗的局面下，美联储对通胀的关注度、对自身声誉的关注度是比前期要更鹰派的，叠加缩表进入实质性阶段，带来了全球权益资产价格的回落。欧洲方面，虽然天然气价格出现了阶段性的回落，但是因为缺少能源，叠加欧元贬值，相比之下欧洲整体的通胀形势更不容乐观，出现了需求收缩等多重难解局面。汇率及联储加息预期使得市场对于资金面收敛的担心也有所发酵；经济前景不明晰，叠加外部事件冲击引发需求端担忧，成长赛道整体也有所调整。  债券方面，7月经济预期转弱后，收益率持续下行，信用利差显著压缩。8月超预期降息，收益率曲线呈现牛市平坦化特征，信用略弱于利率。9月伴随资金面收敛，人民币贬值，以及宽信用政策扰动，月末收益率快速上行，信用表现好于利率。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.331Z","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利债券型证券投资基金 2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=804061","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f59","date":"2022-06-29T16:00:00.000Z","stockId":3000000000054,"sao":"2022年上半年，债券市场整体窄幅震荡。1月央行降息10BP，货币政策态度宽松，利率明显下行。春节后至3月上旬，社融和PMI数据明显好转，地产“因城施策”放松政策频出，市场“宽信用”预期发酵，利率最高上行至2.85%。3月中旬到4月底，深圳、上海和北京接连出现疫情并封城，货币宽松预期发酵，而美联储3月开始加息，对国内货币政策形成一定掣肘，央行四月降准0.25%低于预期，利率先下后上。5月资金持续宽松，总理召开全国稳定经济大盘会议，市场修正基本面预期至悲观，利率下行破2.7%。6月以来，北京和上海全面解封，疫情整体进入收尾阶段，政策在防疫和“稳增长”中边际向后者倾斜，疫情防控边际放松，5月经济数据明显修复，下旬地产销量好转，利率明显调整。  上半年权益市场大开大合。高景气的新能源和军工深跌反弹，此后维持强势；受俄乌冲突影响，能源股表现亮眼，TMT板块表现低迷。指数方面，红利指数领涨3.09%，创业板表现稍弱，跌15.41%。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.328Z","mo":"展望来看，全国疫情仍存“长尾”，疫情对生产和投资影响趋弱，经济呈现弱复苏。“增量政策”托底下，基建增速维持较高，地产销售略回暖，但投资仍处于负增长，消费逐步恢复，但难以“一蹴而就”。通胀方面，CPI存在破3%风险，海外加息持续，三季度MLF降息仍受制约。下半年政策托底意愿较强，预计财政和货币政策双宽，社融和信贷有望触底反弹，叠加市场整体估值不贵，系统性风险可控，市场仍存在结构性机会。","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利债券型证券投资基金 2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=782881","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f58","date":"2022-03-30T16:00:00.000Z","stockId":3000000000054,"sao":"22年1季度A股遭遇了较差的开局。一方面是外围市场环境较差，俄乌冲突促使全球大宗商品价格大幅上涨，加剧通胀冲击，联储加快加息缩表的步伐，全球流动性面临收缩的压力，另一方面国内疫情防控压力明显加大，地产销售整体低迷，社融方面居民信贷出现了较大幅度的萎缩，不少高杠杆地产企业面临较大的信用风险，整体经济面临较大的放缓压力与通胀冲击。而A股由于对于基本面的担忧有所加大，整体市场出现了较大幅度的调整。当前市场情绪较为低迷，我们认为只有当经济失速风险明显减缓后，市场的风险偏好才能得到有效的缓解。开年以来政策的持续吹风以及3月中旬的金稳委会议给市场提振了信心，我们认为随着国内疫情得到有效的控制，地产政策的边际转暖、基建发力都会大概率提振2季度经济，我们认为短期市场风险偏好较低下，更愿意选择当前政策和基本面最为确定、边际变化最为明显的领域，因此我们加大了对于稳增长版块的配置。同时，我们认为中期来看居民对于住房的需求会在一个合理的水平，而在本轮地产企业信用风险之后，经营稳健的地产企业大概率会获得更多的市场份额，地产行业的格局将更加集中，不少经营稳健的地产企业有可能有业绩和估值双升的机会。同时，一些地产产业链的公司也会跟随下游有进一步的集中度提升。由于海外货币政策收紧的预期持续，整体成长股在估值上面临一定的压力，但是我们认为随着国内经济中期转型的逻辑不变，在宏观因素的影响下部分成长股估值如果出现明显的回落之后，整体投资性价比会明显提升，届时我们会选择能够在新的技术创新上能够持续成长的个股进行参与。经过一季度的调整之后，我们看到整体A股的估值性价比已经得到了明显的提升，今年国内经济也是一个逐步向好的过程，我们也因此提升了整体权益部分的仓位。但值得注意的是，由于俄乌战争以及大宗商品资本开支不足的影响，整体通胀的压力可能仍然持续，同时联储的加速加息缩表可能也会对美国经济产生较为明显的影响，我们也需要密切关注海外市场带来的进一步的风险。债券市场方面，1季度经济压力较大下，央行降低了公开市场操作利率，中短端利率出现明显下行，我们适当的参与了一些交易性的机会。展望后市，我们认为当前在疫情影响不确定性，央行大概率还是会维持宽松的货币政策基调，整体债券市场依然保持较为有利的环境，整体债券市场大幅调整的风险不大。但是后续关注国内经济稳增长的持续性以及后续疫情防控政策方面可能的变化。如果随着经济企稳，债券市场交易性的机会也可能逐步减少。信用风险方面，22年的形势依然严峻，我们继续严控风险。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.324Z","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利债券型证券投资基金 2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=723870","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f57","date":"2021-12-30T16:00:00.000Z","stockId":3000000000054,"sao":"2021年整体债券市场整体表现较为亮眼，随着下半年央行货币政策重新回到宽松周期，整体债券收益率出现了明显的下行，全年来看国债中长期限收益率下行均在30BP以上，国开债中长期限收益率下行均在40BP以上，本基金在2021年积极参与债券市场的利率下行机会，适度提升久期，获得了一定的价差收益。2021年权益市场呈现出明显的结构性行情，以新能源、半导体、军工、智能汽车为主的成长领域产业趋势在这一年更加清晰与明确，也得到了市场的认可；而随着双碳的推进以及全球供应的紧缩，大宗商品价格出现明显的上升，也带动相关的股票呈现亮眼的表现。而地产销售的下滑以及基建托底力度偏弱，疫情冲击居民消费意愿明显下降，整体的地产产业链、基建产业链以及消费领域表现相对偏弱。整体看，21年宏观环境更多像是美林时钟中的“滞涨”与“衰退”的交织，同时利率明显下行，因此市场更多关注了大宗商品以及长久期的成长行业的机会。本基金在21年积极参与了成长股的机会，聚焦新兴产业的产业趋势带来的相关机会，同时阶段性参与了周期的机会。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.321Z","mo":"展望2022年，国内和宏观经济面临更多的挑战，但是也将呈现更多的机会。国内方面，地产销售和投资出现明显的回落，消费面临着疫情阶段性爆发以及居民收入预期改变的影响，出口面临着高基数以及海外供应链的逐渐恢复，国内稳增长的压力明显加大，我们认为政策方面货币和财政政策会配合发力，货币政策保持宽松的基调，财政政策积极前置，在新基建和老基建领域托底经济，因此整体上半年我们认为国内经济作为确定的主线是基建发力稳增长。我们看到随着各行业十四五规划落地，很多十四五规划的项目可能在2022年加快落地，对整体经济形成支撑，当前新能源电力基建、数字经济基建以及传统的铁路公路都存在着明显的机会。同时海外方面，随着通胀压力加大以及失业率处于低位，海外央行货币政策在上半年持续收紧较为确定，但是市场对于收紧的路径，包括加息的次数、幅度以及缩表的时间和幅度都没有形成一致的预期，因此不排除超预期的货币政策收紧可能持续冲击市场情绪，长久期的风险资产可能面临一定的估值压力。但是国内货币政策整体以我为主，只要国内经济大盘能保持平稳，汇率风险相对可控，我们认为整体国内政策不太可能跟随海外出现较大的调整。因此，我们对于债券市场整体保持乐观，整体货币政策保持较为宽松的基调，债券市场整体风险有限，但是我们认为收益率大幅下行的空间也随着上半年经济逐步企稳后可能也逐步减弱，因此债券市场的机会更多在寻找一些信用定价错误的结构性机会。我们秉承严控信用风险的态度，寻找一些市场错杀的机会，在债券方面力争获得稳健的收益。对于权益市场，我们认为上半年在海外流动性的冲击以及新兴产业的竞争格局需要进一步明晰的背景下，稳增长发力的相关价值版块的确定性和性价比可能阶段性更高，因此我们加大聚焦政策发力的稳增长领域，寻找一些结构性的机会。随着国内经济逐步企稳，居民消费信心的提升，以及新兴产业的竞争格局更加明朗清晰，我们会进一步加大参与成长与消费的机会。","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利债券型证券投资基金 2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=711847","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f56","date":"2021-09-29T16:00:00.000Z","stockId":3000000000054,"sao":"2021年三季度债券市场总体呈现收益率下行的态势，我们看到经济基本面出现边际回落，央行通过降准的方式向市场增加流动性，整体债券市场迎来增量资金，叠加地方债的发行节奏依然偏慢，市场整体呈现出一定的投资机会，本基金适当增加了中长期债券的配置，提升组合久期。展望后市，我们认为当前经济依然面临挑战，货币政策大概率延续稳健灵活适度的基调，债券市场整体环境依然较好。但信用方面，我们认为当前的信用利差整体水平相对偏低，信用风险尚未得到明显的释放，整体信用层面主要关注中高评级，对信用风险保持谨慎。  2021年三季度权益市场延续分化的态势，周期股表现一枝独秀，消费、医药表现相对偏弱，市场关注的焦点聚集在当前较为突出的能源供应上，我们在三季度加大了对能源问题的关注，积极寻找其中相关的投资机会。同时我们认为新能源、半导体、工业软件、军工、医药等泛科技和高端制造领域在未来几年依然是较好的投资方向，我们将持续对相应的投资机会保持关注。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.318Z","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利债券型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=653188","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f55","date":"2021-06-29T16:00:00.000Z","stockId":3000000000054,"sao":"上半年，债券收益率先上后下，整体略有下行。具体来看，2021年开年，在资金面维持宽松的影响下，收益率小幅回落；而1月中下旬，随着权益市场、地产价格的快速上涨，引发央行“警惕”，央行公开市场阶段性收紧流动性，市场紧缩预期升温，收益率快速上行；2月中旬-5月底，资金面持续维持宽松，政府债发行节奏弱于预期，市场形成阶段性“资产荒”，现券收益率震荡回落；6月初，政府债供给担忧增加，叠加资金中枢小幅抬升，收益率小幅上行；6月中下旬，基本面数据边际趋弱，叠加美联储议息会议靴子落地，政府债供给边际缩量，收益率再度小幅回落。整体来看，上半年债券收益率总体下行。不同类型债券财富指数均有不同程度上涨，其中国债财富指数上涨2.17%，企业债财富指数上涨2.53%。  上半年权益市场波动较大，整体上涨。沪深300指数上涨0.24%，创业板指数上涨17.22%。本报告期内基金以持有中高评级信用债为主，组合1月份将久期保持较短水平，2月中旬将久期延长至中性较长水平，同时对权益市场投资进行了适度参与。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.315Z","mo":"展望未来，下半年国内经济增长仍存在较大隐患。随着海外财政补贴的退坡、产能的逐步修复，出口端对于国内经济拉动作用边际趋缓，叠加地产投资高位回落，消费增速恢复面临一定瓶颈，预计经济下行压力或有所加大，债券收益率仍有下行空间。但短期而言，由于7月份央行已出台降准措施，叠加国内经济增长仍保持一定韧性，货币政策短期难以再大幅宽松，债券收益率继续大幅下行空间有限。  信用市场方面，我们预期国内防风险的维稳政策仍将延续，叠加企业盈利近期有所改善，整体融资环境有望延续修复态势，下半年将会是“信用企稳+盈利高位回落+政策维稳惯性”的组合，整体信用风险仍相对可控。不过中长期来看，需警惕明年政策退坡带来的冲击，关键的信用事件以及评级调整风险也需持续关注。由于目前信用利差较低，叠加利率债收益率下行空间有限，预计未来信用债收益率将维持窄幅波动。  权益方面，我们预计下半年受经济增长下行压力加大影响，企业盈利增长将有所放缓，叠加目前权益市场整体估值较高，国内权益市场难以整体上涨，更多是结构性机会，景气度较高的新能源汽车、电子等行业可能有较大投资机会，投资上须进一步加强灵活性，要及时根据政策变化及市场情况适当调整仓位及结构。   综合而言，我们对债券市场持中性偏乐观观点，由于短期债券市场难有较大机会，组合暂时维持中性久期，一旦经济下行趋势明确，将进一步延长组合久期，品种仍以中高评级信用债为主。对于权益市场，我们认为权益市场仍具有结构性的投资机会，组合将继续参与权益投资，力争为投资者创造更高收益。","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利债券型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=632420","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f54","stockId":3000000000054,"sao":"第一季度债券市场先跌后涨。年初随着央行流动性投放的边际收紧，市场流动性出现明显收敛，叠加海外经济复苏预期的持续增强，大宗商品价格出现明显抬升，全球“再通涨”预期加强，债券收益率出现快速上行；而春节以来，在“两会”政策维稳，财政支出加速，地方债供给维持低位等因素共同影响之下，资金面维持偏宽松的格局，叠加权益市场快速下挫，以及商品价格冲高回落，全球通胀预期降温，债券收益率震荡回落。整体来看，一季度债券收益率变动略有分化，其中超长端收益率略有回落，中短端收益率略有回升，收益率曲线呈现一定“平坦化”。第一季度主要债券财富指数均出现不同程度的上涨，其中企业债总指数上涨幅度最大，涨幅达0.92%。  第一季度权益市场波动也明显加大，主要权益指数先涨后跌，整体有所回落，其中沪深300指数下跌3.13%，创业板指数下跌7%。  本报告期内基金以持有中高评级信用债为主，组合1月份将组合久期保持较短水平，2月中旬将久期延长中性水平，同时对权益市场投资进行了适度参与。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.312Z","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利债券型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=571235","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f53","stockId":3000000000054,"sao":"2020年债券市场宽幅震荡，收益率先下后上，市场经历快速的牛熊切换。年初至4月，新冠疫情在国内外快速扩散，经济活动受到极大干扰，为对冲疫情影响，货币政策大幅放松，债券收益率快速下行，十年国债收益率一度突破2.5%的历史低位；5月后，国内疫情防控形势逐步好转，经济基本面不断修复，央行货币政策边际收紧，债券收益率震荡上行，同时股市上涨、供给压力、信用风险事件等也加剧了熊市行情；11月永煤事件发生后，为缓和流动性冲击，央行出手投放流动性，维稳跨年资金面，债券收益率有所回落。整体来看，全年债券收益率平坦化上行，受永煤事件影响，低等级信用债收益率相比2019年末上行幅度较大。去年各类型债券财富指数均有所上涨，其中国债财富指数上涨2.65%，企业债财富指数上涨3.98%。  2020年权益市场涨幅较大。其中沪深300指数上涨13.87%，创业板指数上涨64.96%。本报告期内基金以持有中高评级信用债为主，组合久期在年初保持较长水平，二季度开始降低组合久期，目前保持中性水平，并参与了权益类品种的投资机会。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.309Z","mo":"展望2021年，国内经济基本面继续修复，在海内外需求改善的背景下，经济结构的“内生性”明显增强，经济增长读数上呈现“前高后低”，而“内生性”的增长则主要取决于全球疫情与经济的演化，外需与出口成为拉动经济基本面走势的主要力量。货币政策或将继续维持相对偏中性的基调，操作上更多的“相机抉择”，资金面维持紧平衡“不缺不溢”。 在此影响下，债券市场也难有较大空间的趋势性行情，或将维持区间震荡格局。从节奏上来看，下半年债市可能面临较大机会。  信用债方面，在后疫情时代，宽松政策可能逐步退出，企业融资条件或将进一步收紧。即便中央和地方频频发声稳定信用市场信心，但永煤违约对信用债融资的冲击短期难以消除，叠加2021年3-4月信用债到期高峰，信用风险仍未有效释放，投资上须继续规避信用资质较差主体。  权益方面，2021年国内经济仍在回升过程中，企业盈利继续改善，权益市场有望继续震荡上涨，但考虑到目前权益市场估值不低，2021年整体收益可能将较2020年有所缩窄。  综合而言，我们认为目前债券具有一定的配置价值，组合在债券配置方面将维持中性久期，并在严格控制信用风险的前提下，保持中高评级信用产品的持仓，但期限上以中等期限为主。权益方面，组合将保持合理的权益仓位，力争为投资者创造更高收益。","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利债券型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=555796","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f52","stockId":3000000000054,"sao":"第三季度债券市场继续走弱。7月上旬，股票市场大幅上涨，同时各项经济数据好于预期，推动债券收益率大幅上行；7月中下旬，中美关系出现波折，叠加股票市场阶段性调整，债券收益率有所回落；但进入8月后，股票市场再度走高，风险偏好回升再度压制债市，同时地方债发行放量，银行间资金利率中枢走高，债市再度走弱；至9月，在市场预期经济复苏速度放缓及社融、经济增长数据相继超市场预期的双重影响下，债券市场弱势震荡，收益率上行速度略有趋缓。整体来看，第三季度债券收益率呈现平坦化上行，且上行幅度较大。第三季度不同类型债券财富指数表现分化，其中国债财富指数下跌1.41%，企业债财富指数上涨0.62%。  本季度权益市场涨幅较大。沪深300指数上涨10.17%，创业板指数上涨5.6%。本报告期内基金以持有中高评级信用债为主，组合久期保持中性略短水平，对权益市场投资进行了积极参与。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.306Z","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利债券型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=493841","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15fd4369c9c836d0f51","stockId":3000000000054,"sao":"上半年，债券市场波动较大，收益率先下后上，整体略有下行。具体来看，开年在宽裕资金面影响下，收益率延续2019年末下行趋势；1月下旬开始，新冠疫情成为影响债市的核心变量，随着疫情在国内外的扩散，经济活动受到干扰，全球避险情绪升温，叠加全球主要经济体货币政策大幅宽松，推动债券收益率大幅下行，期间国内10年国债收益率突破2016年低点，创2002年以来新低。但4月底开始，在国内经济复苏背景下，央行逐步退出特殊时期货币政策，同时利率债供给放量，收益率触底回升。整体来看，上半年债券收益率总体下行。不同类型债券财富指数均有不同程度上涨，其中国债财富指数上涨2.75%，企业债财富指数上涨2.42%。  上半年权益市场波动较大，整体上涨。沪深300指数上涨1.64%，创业板指数上涨35.6%。本报告期内基金以持有中高评级信用债为主，组合久期保持中性偏短水平，对权益市场投资进行了积极参与。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:27.302Z","mo":"展望未来，虽然4月份以来债券收益率出现较大幅度上行，短期内全球疫情、外需仍存在一定不确定性，叠加国内经济修复动能边际有所趋缓，债券市场或许存在交易性机会。但从中期来看，疫情对经济活动的冲击有望逐步消退，同时全球各经济体陆续出台经济刺激政策，后续国内经济增长有望逐季修复。因此，债券市场难以出现趋势性机会。  信用市场方面，受利率债收益率调整影响，信用债收益率在二季度末出现较大幅度上行，绝对收益率已经回到2019年年底水平。但由于二季度末债券持续下跌，部分净值型理财产品出现亏损，叠加股票市场加速上涨，债券型理财产品后续可能面临较大赎回压力，信用债的信用利差难以大幅压缩，投资上仍须控制久期风险。  权益方面，随着国内经济活动逐步恢复正轨，宽信用政策效果逐步显现，我们预计权益市场有望继续上涨，但另一方面，我们也须清醒的认识到，目前国内经济增长仍存在一定隐患，全球疫情仍有反复，同时权益市场近期已出现较大幅度上涨，后期股票市场波动可能加大，投资上须进一步加强灵活性，要及时根据政策变化及市场情况适当调整仓位及结构。   综合而言，我们对债券市场持谨慎观点，虽然后期可能参与债券市场交易性机会，但组合整体维持中性略短久期，品种仍以中高评级信用债为主。对于权益市场，我们认为权益市场仍具有较大投资机会，组合将继续参与权益投资，力争为投资者创造更高收益。","fund":{"_id":3000000000054,"__csrcFundId":3338,"stockCode":"000054","shortName":"鹏华双债增利债券(000054)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":54,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:19:08.745Z","status":"normal","inceptionDate":"2013-03-12T16:00:00.000Z","name":"鹏华双债增利债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华双债增利债券","pinyin":"phszzlzqxzqtzjj","managers":[{"stockCode":"db20249510","stockType":"fund_manager","exchange":"fm","tickerId":252510141520,"name":"杨雅洁"}]},"announcement":{"linkText":"鹏华双债增利债券型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=460469","linkType":"PDF","source":"csrc_pdf"}}]}