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年继续发挥灵活交易的优势，积极把握利率波段，以博取更多的收益。","fund":{"_id":3000000007877,"__csrcFundId":6771,"stockCode":"007877","shortName":"惠升和风纯债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7877,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:47.534Z","status":"normal","inceptionDate":"2019-10-28T16:00:00.000Z","name":"惠升和风纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和风纯债","pinyin":"hshfczzqxzqtzjj","managers":[{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和风纯债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=1248677","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb1f7fea5b3eb04afdc0","date":"2024-09-29T16:00:00.000Z","stockId":3000000007877,"sao":"整个三季度由于基本面持续弱化的情况边际变化不大，市场走势主要被政策所驱动，货币政策方面，市场在7月下旬三中全会后超预期降息，在9月份大部分时间对降息预期提前交易，导致了利率可观的下行幅度，其他稳增长政策方面，之前始终处在不及预期的状态，直至9月末一系列政策组合拳集中发布，对市场产生了重大影响，引发利率快速上行，导致整个三季度利率呈现先下后上的走势。报告期内，组合通过灵活调整久期和杠杆，取得了净值的稳定的增长。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:03.057Z","fund":{"_id":3000000007877,"__csrcFundId":6771,"stockCode":"007877","shortName":"惠升和风纯债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7877,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:47.534Z","status":"normal","inceptionDate":"2019-10-28T16:00:00.000Z","name":"惠升和风纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和风纯债","pinyin":"hshfczzqxzqtzjj","managers":[{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和风纯债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=1170020","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb1f7fea5b3eb04afdbf","date":"2024-06-29T16:00:00.000Z","stockId":3000000007877,"sao":"上半年宏观经济先升后降，呈现供给强、外需强、内需弱的特点，稳增长政策有进一步发力，但程度有限，且效果尚未显现，实体经济融资需求弱势与政府债供给偏慢，共同促成上半年债券市场牛市。报告期内，本基金通过运用久期策略、期限结构策略与个券交易策略创造了超额收益。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:03.054Z","mo":"宏观经济整体弱势，稳增长政策在固本培元理念指导下更加重视经济修复的质量与持续力，包括三中全会在内政策超预期概率较小，即使有所超预期，市场在学习效应下可能也并不会引发快速的预期扭转。从央行上半年与市场的沟通以及其对资金面的把控来看，下半年货币政策预计继续保持支持力度，即使测算的下半年政府债月度供给规模将比上半年翻倍，也难以引发类似去年四季度的资金面波动，为市场提供预期稳定的套息环境，银行间杠杆率有望从当前的历史低位回升，有利于全曲线利差压缩，下半年货币政策外部压力减轻确定性较大，降息等总量货币政策可期。因此我们判断下半年利率潜在上行幅度有限，下行仍有空间，利率债曲线从中端到长端有所走平。","fund":{"_id":3000000007877,"__csrcFundId":6771,"stockCode":"007877","shortName":"惠升和风纯债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7877,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:47.534Z","status":"normal","inceptionDate":"2019-10-28T16:00:00.000Z","name":"惠升和风纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和风纯债","pinyin":"hshfczzqxzqtzjj","managers":[{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和风纯债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=1141421","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb1f7fea5b3eb04afdbe","date":"2024-03-30T16:00:00.000Z","stockId":3000000007877,"sao":"一季度经济基本面弱势平稳，稳增长政策中规中矩，政府债发行偏慢，资金面中性偏紧，降息降准预期强烈，农商行配置力量和其他长端利率债市场增量资金交易热情高涨，助推利率大幅下行。报告期内，组合通过久期策略、期限结构策略以及个券置换策略的运用创造了明显的超额收益。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:03.052Z","fund":{"_id":3000000007877,"__csrcFundId":6771,"stockCode":"007877","shortName":"惠升和风纯债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7877,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:47.534Z","status":"normal","inceptionDate":"2019-10-28T16:00:00.000Z","name":"惠升和风纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和风纯债","pinyin":"hshfczzqxzqtzjj","managers":[{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和风纯债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=1065924","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb1f7fea5b3eb04afdbd","date":"2023-12-30T16:00:00.000Z","stockId":3000000007877,"sao":"回顾2023年行情，利率在经济基本面现实与稳增长政策带来的经济基本面预期的变化之下走出了两轮上行与两轮下行。其中，利率从年初到3月初为第一轮上行，主要驱动因素是全面阳康带来的经济复苏预期，22年末至2月份经济金融数据强劲回升，同时资金面收紧。从3月初两会到7月24日政治局会议为第一轮下行，主要驱动因素是两会制定经济增长目标与赤字不及预期，4月银行开始陆续下调存款利率，4月下旬开始经济数据转弱，货币政策超预期宽松，包括强调市场利率围绕政策利率波动，3月17日降准、6月13日降息等等。7月末政治局会议到10月末为第二轮利率上行，主要的驱动因素包括经济数据在三季度阶段性回升，7月24日政治局会议对政策定调超预期，后续一批政策推出也较为超预期，尤其是对地产的放松和1万亿特别国债，期间政府债发行提速和央行对资金套利空转的关注引起资金面超预期收紧，并引发曲线大幅走平，各期限利差被压至历史低位。10月末至年末为第二轮下行，主要驱动因素在于经济数据不及预期，跨年资金超预期宽松。报告期内，本基金通过寻找收益率曲线凸点构建底仓，并努力通过久期策略、期限结构策略与个券交易策略创造超额收益。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:03.049Z","mo":"展望2024年，我们预计利率中枢有望延续下移，主要基于以下几个方面；首先、稳增长政策主基调注重长期可持续发展，对短期经济波动以托底为主，持续的强刺激概率不大。建设中国特色现代化产业体系，追求可持续的高质量发展，是十九大以来被多个重要会议反复提及的主基调，在这样的主线下，政策注重长期可持续发展，短期的强刺激的可能性较低，只是在短期经济预期明显悲观的时候进行托底，这在2024年难以有本质改变。第二、宏观经济自发向上缺乏动力。我国经济目前处在新旧动能切换当口，在包括先进制造、消费需求等新动能进程偏缓的环境下，地产旧动能仍对经济走势有决定性影响，而受制于居民购房意愿下降、去杠杆等因素，预计2024年地产景气难有明显好转。第三、货币政策有望继续宽松，2024年货币政策预计仍将发力，降息概率较大，可能将带动广谱利率继续下移。因此 2024年利率中枢有望震荡下移，主要原因在于经济动能新旧切换尚未完成的大背景下、政策注重长期托底短期的主基调、叠加债券估值不贵，而过程中阶段性的稳增长政策可能对利率下行节奏产生扰动。需要强调的是，实际投资运作过程中，应对比预测更加重要，我们将不断改进现有交易策略，继续发挥灵活优势，力争保持具有竞争力的业绩。","fund":{"_id":3000000007877,"__csrcFundId":6771,"stockCode":"007877","shortName":"惠升和风纯债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7877,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:47.534Z","status":"normal","inceptionDate":"2019-10-28T16:00:00.000Z","name":"惠升和风纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和风纯债","pinyin":"hshfczzqxzqtzjj","managers":[{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和风纯债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=1048635","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb1f7fea5b3eb04afdbc","date":"2023-09-29T16:00:00.000Z","stockId":3000000007877,"sao":"三季度，利率走出先下后上的V型走势，自6月份开始，稳增长政策预期逐渐扰动市场，7月份市场所面临的环境是稳增长政策不及预期以及较为宽松的资金面，导致曲线大幅走陡。8月份央行降息再超市场预期，曲线整体大幅下行，但之后地产政策同样开始超预期，资金面收紧，利率先下后上。9月份陆续公布的8月份各项数据均偏强，叠加利率债供给放量，市场大幅回调。本季度组合久期策略保持较高频率的灵活操作，7月份至8月中旬，组合久期较高，降息之后组合进行止盈，将组合久期降至偏低水平，并一直保持到9月中旬，经历过快速的回调，利率开始出现利空钝化等微观见顶迹象后，再次小幅调升久期。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:03.046Z","fund":{"_id":3000000007877,"__csrcFundId":6771,"stockCode":"007877","shortName":"惠升和风纯债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7877,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:47.534Z","status":"normal","inceptionDate":"2019-10-28T16:00:00.000Z","name":"惠升和风纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和风纯债","pinyin":"hshfczzqxzqtzjj","managers":[{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和风纯债债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=983262","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb1f7fea5b3eb04afdbb","date":"2023-06-29T16:00:00.000Z","stockId":3000000007877,"sao":"上半年行情可以大致分为3个阶段：第一阶段从年初至2月底的“强现实强预期”阶段，1月份公布的去年12月信贷强势收官，各项高频、经济、景气数据也企稳回升，同时市场对疫情管控优化之后的经济复苏抱有很强预期，资金利率从低点向政策利率靠拢，长短端利率均明显上行。春节之后，经济复苏预期保持高位，资金利率持续收敛，短端上行更多于长端。第二阶段从3月初至4月上旬的“强现实弱预期”阶段，市场对后续进一步政策的预期减弱，期间信贷与经济数据保持强势，然而利率不上反下，3月下旬降准后，短端开始补涨。第三阶段从4月中旬至半年末的“弱现实弱预期”阶段，4月中旬开始有关存款利率调降带来的降息预期不断发酵，同时4月中下旬高频数据显示地产再度走弱，5月公布的4月及之后的经济、金融、景气数据也开始明显走弱，4月末政治局会议强调结构而非总量稳增长政策、以及后续高层对于经济复苏事态良好的多次定调，抑制市场对于政策的预期，6月降息引起利率加速下行，之后市场在新一轮稳增长政策预期和止盈需求下有所回调。上半年我们基于对政策以及宏观经济高频指标的紧密跟踪，在3月份两会定调全年增长目标，4月开始各项经济数据转弱之际，坚定了对市场偏多的看法，通过久期策略对二季度的债市上涨行情有较好的把握。同时期限结构与个券置换策略保持运行，对组合净值持续产生正贡献。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:03.043Z","mo":"从构成经济增速各大板块来看，难以找到引发内生恢复的强劲因素。然而市场走势更取决于预期而非现实，当现实印证预期，又没有新的因素扭转预期，则行情会进一步延续，然而当新的因素足以扭转预期，则现实情况反而不再重要，当前下半年弱现实的宏观环境基本定价完成，经济增长预期将驱动市场行情延续、或是反转，而预期则主要取决于政策。对于下半年政策，地产政策的放松程度预计仍是托底属性。产业政策方面，科技创新、绿色发展、小微企业相关的政策有高概率出台，但产业政策难以扩张到全行业，在短期内难以对宏观经济产生全面影响。财政及结构性货币政策方面、预计政策性金融工具、专项债提速、PSL等政策概率较高，另外从去年至今年一季度由财政与结构性货币政策带动的基建增长对宏观经济的作用持续性并不强，同样的政策对市场和经济的冲击都将趋于减弱。货币政策方面、降息降准均可期。","fund":{"_id":3000000007877,"__csrcFundId":6771,"stockCode":"007877","shortName":"惠升和风纯债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7877,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:47.534Z","status":"normal","inceptionDate":"2019-10-28T16:00:00.000Z","name":"惠升和风纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和风纯债","pinyin":"hshfczzqxzqtzjj","managers":[{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和风纯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=956313","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb1f7fea5b3eb04afdba","date":"2023-03-30T16:00:00.000Z","stockId":3000000007877,"sao":"一季度的市场可分为三个阶段，第一阶段从年初到春节前，全社会走出疫情，复苏预期上升，股市涨幅最明显，并且资金面从去年底超宽松状态回归，曲线短端到长端均上行。第二阶段以春节为起点，春节期间的数据把经济复苏预期推向顶点，股市和长端利率在春节后第一天基本同时见顶，从春节一直到3月初复苏预期处在高位横盘的状态，这个期间资金面偏紧，资金比预期紧贯穿整个2月，这一阶段短端利率上行，中长端则保持稳定，期限利差大幅压缩到2018年以来的最低。第三个阶段以两会为起点，两会扭转了市场对经济持续复苏的预期，导致中长端开启下行。以及两会前后，央行四季度货币政策执行报告以及易纲行长在新闻发布会讲话偏鸽派，再到3月中旬超量MLF和超预期降准，扭转了市场从2月以来对资金面不乐观的预期，短端开始下行，曲线走陡。报告期内我们整体维持偏防守的久期策略，并通过期限结构与持仓个券调整进行收益增厚。市场对经济基本面和资金面形成一致预期后，不会轻易打破。市场当前仍处在两会与降准所创造的预期环境中，当前行情仍有下行动力，行情的终点将取决于两种可能，一种是出现新的扭转基本面以及资金面预期的重大因素，另一种可能是市场自我演绎将合理的行情空间走完。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:03.041Z","fund":{"_id":3000000007877,"__csrcFundId":6771,"stockCode":"007877","shortName":"惠升和风纯债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7877,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:47.534Z","status":"norm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造业投资稳步恢复，结构分化明显。社会消费品零售总额增速恢复较慢，月度增速刚刚回正，后续修复空间较大。进出口增速表现出较强的韧性，整体也归功于国内疫情控制较好的比较优势。社融和人民币新增贷款继续保持较快的增长，政府债券发行，企业和居民中长期信贷均呈现较强的增长，显示逆周期政策继续发挥重要作用。与此同时，银行间市场在DR007波动不大的情况下，无风险利率曲线中枢整体上行，整体符合\"复苏+宽信用+紧货币\"的宏观逻辑。展望后市，利空与利多因素交织，并未出现任何一边绝对性的压倒趋势。一方面，经济基本面修复仍在持续，四季度新冠疫苗政策临床试验成功的概率增大。另一方面，也需要看到经济复苏的斜率已经开始放缓，政策收紧后土地成交量应声下降；在达到了治理货币空转的目的后，预计央行的货币政策也不会出现超预期的收紧。报告期内，本基金积极缩短债券久期和降低仓位，实际运作以控制风险为主。后期将继续做好市场预判，加强风险管理并积极关注市场可能出现的机会，为投资人带来更好的收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:03.013Z","fund":{"_id":3000000007877,"__csrcFundId":6771,"stockCode":"007877","shortName":"惠升和风纯债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7877,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:47.534Z","status":"normal","inceptionDate":"2019-10-28T16:00:00.000Z","name":"惠升和风纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和风纯债","pinyin":"hshfczzqxzqtzjj","managers":[{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和风纯债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=489780","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb1f7fea5b3eb04afdaf","stockId":3000000007877,"sao":"2020年上半年是债券市场波动巨大的半年。年初，经济领域还在讨论库存周期是否会启动。元月下旬，武汉疫情爆发、封城进而导致湖北全省被严格管控。春节后，对疫情的担心蔓延，我国采取了严格管控措施并把人的健康放在首位，导致经济在此阶段出现断崖式下滑。至4月，政府的各类管控措施慢慢取得了成效，类似境外某些国家不可控的情况并未出现，此阶段货币政策总量宽松，各种金融手段保证疫情期间复工复产加速推进，货币市场回购利率快速下探至历史低位，债券市场也相应取得了较大涨幅。4月末开始，国内疫情态势开始稳定好转，北京降低疫情防疫等级，经济数据中生产端取得V型反弹，需求端中的地产和基建拉动固定资产投资发力，相应地，收入端中规上工业企业利润也在逐月回升。与此同时，财政政策和信贷政策继续对经济的恢复保持较强的支持力度，减费降税及社融增长保持较大力度。央行自5月开始对货币市场陆续进行窗口指导，货币市场资金价格不断抬升，市场利率不断向政策利率回归，虽然货币政策仍然支持降低信贷成本，但着力点已在结构性和精准性上，政策同时明确了打击资金空转，债券市场遭遇接连调整，至半年底，无风险利率在上半年整体走出了V字型，绝对利率水平已经持平年初。报告期内，本基金在5月前保持了较快地增长，但由于对市场转向的预期不足，仓位和久期控制较为保守，基金净值承受了一定的回撤，后期将做好市场预判，加强风险管理，为投资人带来更好的收益。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:03.010Z","mo":"展望下半年，境外特别是美国疫情形势仍不明朗，美联储继续保持极度宽松的货币政策，财政政策上也是积极践行现代货币理论。美元的超量供给促成了美元的阶段性弱势格局，进而将给全球其他经济体带来强烈的外溢效应。国内经济在总量上保持了较好地复苏态势，但内部结构不平衡的特征也很明显，宏观杠杆率在疫情期间进一步上升，但居民受制于收入增长的不足，并未扩大消费，因此经济继续反弹的力度和可持续性值得观察。另外，适逢美国大选的关键阶段，中美摩擦有从经贸领域扩散到其他领域的风险，这一风险高度不确定，因此国内政策在防风险上的内涵也将更加多元和复杂。国内无风险利率在经历5月以来的快速调整后，配置价值逐步得到一定显现，我们也将积极关注并适度采取波段操作。下半年，本基金将根据市场的不同形势，采用不同的久期和杠杆策略，力图为持有人提供稳健的财富增值之道。","fund":{"_id":3000000007877,"__csrcFundId":6771,"stockCode":"007877","shortName":"惠升和风纯债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7877,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:47.534Z","status":"normal","inceptionDate":"2019-10-28T16:00:00.000Z","name":"惠升和风纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000051720000,"currency":"CNY","masterFundShortName":"惠升和风纯债","pinyin":"hshfczzqxzqtzjj","managers":[{"stockCode":"db20901720","stockType":"fund_manager","exchange":"fm","tickerId":192506238770,"name":"沈亚峰"}]},"announcement":{"linkText":"惠升和风纯债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=452113","linkType":"PDF","source":"csrc_pdf"}}]}