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信用利差有所压缩，3年期AAA级信用债利差收窄11BP，AA+级收窄21BP，AA级收窄26BP，AA-级收窄59BP。组合在本报告期降低了利率风险敞口，调降了信用利差压缩仓位，整体控制了债券部分的回撤。权益市场方面，报告期内市场在政策预期、科技主线催化和资金面宽松的推动下，呈现出结构性行情。上证指数2025年第三季度累计上涨12.73%，其中成长板块表现突出，创业板指累计上涨50.40%，成为市场领涨指数；科创50累计上涨49.02%，科技成长主线持续强化。面对市场的分化和波动，组合在本报告期积极调整了权益资产配置结构，参与了成长主线，为组合增厚了收益。下一阶段我们将继续秉承审慎原则，密切关注经济走势和政策动向，积极调整组合权益部分的行业分布和个股集中度、债券部分的久期和仓位，加强流动性管理，严格防范信用风险，动态优化投资组合，力争为投资者获取长期稳健的回报。","lastUpdated":"2026-03-09T14:01:18.348Z","fund":{"_id":3000000018322,"__csrcFundId":12608,"stockCode":"018322","shortName":"人保民富债券(018322)","masterFundShortName":"人保民富债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18322,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:55:21.067Z","status":"normal","exchange":"jj","fundCollectionId":4000051410000,"name":"人保民富债券型证券投资基金","inceptionDate":"2023-05-11T16:00:00.000Z","setUpDate":"2023-05-11T16:00:00.000Z","setUpAssetScale":493768399.31,"setUpShares":493768399.31,"pinyin":"rbmfzqxzqtzjj"},"announcement":{"linkText":"人保民富债券型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1372015","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ae7fea5b3eb0531242","date":"2025-06-29T16:00:00.000Z","stockId":3000000018322,"sao":"报告期内，权益市场走势可以分为四个阶段。第一阶段（2025/1/1至2025/1/10），A股市场震荡调整。第二阶段（2025/1/11至2025/3/18），经历1月初震荡调整后，综合积极财政政策预期、经济基本面修复向好态势以及推动中长期资金入市政策，市场情绪有所改善，1月中下旬A股市场小幅震荡反弹。同时，DeepSeek横空出世，叠加新质生产力加速发展与一系列利好政策支持，科技创新结构性主题催化下，A股市场2月迎来全面震荡上涨，市场平稳运作至3月下旬。第三阶段（2025/3/19至2025/4/7），虽受一系列利好政策支撑，但3月下旬以来，特朗普关税政策笼罩全球，贸易格局扰动持续扩大，市场风险偏好降低，3月A股市场震荡回调。4月2日-9日期间，特朗普对华加征关税力度超预期，事态逐步升级，市场不确定性引发避险情绪，A股市场逐步下跌触底。第四阶段（2025/4/8至今），4月7日-8日，中央汇金入市增持ETF，缓解短期市场波动。后续一揽子金融政策出台，为A股市场提供政策支持与基本面信心。5月12日中美达成日内瓦共识，外部不确定性有所下调，市场风险偏好回暖。5月下旬至6月权益市场整体呈现外部冲击后的震荡修复态势。本年度以来，大小盘风格切换较为频繁，价值成长之间轮动较为剧烈，总体来看除银行外，小盘风格仍是优于大盘。本基金在报告期内仓位维持稳定，但风格轮动较为滞后，切换之间未能获得较好的收益。债券市场方面，年初以来亦呈现宽幅震荡的格局。市场主要经历一季度的资金面紧张+银行负债压力凸显，债市回调；二季度关税预期反复+降准降息，收益率快速下行至低位后震荡。整体来看，2025上半年久期策略欠佳，并没有取得稳健回报。4-5月，资金中枢整体下移带动信用债大幅走强，持续回升的理财规模助推利差快速压缩，中票和商业银行二级资本信用利差压缩趋势较为明显。6月以来，资金宽松基调延续，信用债收益率跟随下行，中长久期表现更佳。本基金在报告期内保持中性久期， 维持中高等级信用债配置。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:18.345Z","mo":"展望后市，权益市场中枢或有上移，债券利率预计低位震荡。一是国内基本面预期稳定。近期以及7月可能推出的一些重大政策，将会稳定下半年的经济走势，有助于提振市场关于经济基本面的预期。6月制造业PMI为49.7%，环比上升0.2%，制造业景气水平继续改善。科技创新和高技术制造领域保持较高景气度，5月规模以上高技术制造业增加值同比增长8.6%，数字产品制造业增加值增长9.1%。二是政策持续推动中长线资金入市。金融监管总局数据显示，截至2025年一季度末，保险资金投向股票市场的资金达到2.82万亿元，环比增长高达16.03%。6月末市场成交量也有明显回升。三是近期影响市场的重大地缘风险已近消弭、中美贸易关税不确定性对市场带来的扰动随着中美两次会谈取得积极进展而边际下降。下一阶段我们将积极关注经济走势和政策动向，动态调整组合权益部分的行业分布和个股集中度、债券部分的久期和仓位，加强流动性管理，严格防范信用风险，进一步优化投资组合，力争为投资者获取长期稳健的收益。","fund":{"_id":3000000018322,"__csrcFundId":12608,"stockCode":"018322","shortName":"人保民富债券(018322)","masterFundShortName":"人保民富债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18322,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:55:21.067Z","status":"normal","exchange":"jj","fundCollectionId":4000051410000,"name":"人保民富债券型证券投资基金","inceptionDate":"2023-05-11T16:00:00.000Z","setUpDate":"2023-05-11T16:00:00.000Z","setUpAssetScale":493768399.31,"setUpShares":493768399.31,"pinyin":"rbmfzqxzqtzjj"},"announcement":{"linkText":"人保民富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=1349360","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ae7fea5b3eb0531241","date":"2025-03-30T16:00:00.000Z","stockId":3000000018322,"sao":"2025年一季度收益率整体波动上行。1月央行暂停国债买卖操作，资金大幅收紧，短端国债收益率快速上行，长端国债收益率也随之小幅走高，随后央行公开市场投放调节资金面，加上春节期间特朗普对华加征关税，促使2月初国债收益率小幅回落；2月至3月中旬资金面均衡偏紧，而后市场逐渐修正对货币政策的预期，短端国债收益率再次快速走高，长端国债收益率也快速上行；3月下旬资金面逐渐缓解，央行连续公开市场净投放，市场情绪好转，国债收益率下行。下一阶段，我们认为虽然当前债券收益率水平处于相对低位，但后续货币政策或仍会保持相对宽松，“资产荒”环境下优质债券资产仍具备一定投资价值，预计在维持中性久期的基础上积极寻找波段操作机会。同时，当前位置权益市场下行空间有限，但在经济复苏初期跟随行业景气度和高频数据进行切换的难度加大，股票侧策略方面需更强调胜率而非赔率，低估值、自由现金流优异、业绩稳定增长的行业，更加适合获得确定性收益，以提升组合的稳定性。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:18.343Z","fund":{"_id":3000000018322,"__csrcFundId":12608,"stockCode":"018322","shortName":"人保民富债券(018322)","masterFundShortName":"人保民富债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18322,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:55:21.067Z","status":"normal","exchange":"jj","fundCollectionId":4000051410000,"name":"人保民富债券型证券投资基金","inceptionDate":"2023-05-11T16:00:00.000Z","setUpDate":"2023-05-11T16:00:00.000Z","setUpAssetScale":493768399.31,"setUpShares":493768399.31,"pinyin":"rbmfzqxzqtzjj"},"announcement":{"linkText":"人保民富债券型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1268189","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ae7fea5b3eb0531240","date":"2024-12-30T16:00:00.000Z","stockId":3000000018322,"sao":"报告期内，2024年Q1-Q3经济动能趋于回落，9月末政策转向后Q4实现小幅反弹，全年实现5%增长目标。Q1-Q4当季GDP同比分别为5.3%、4.7%、4.6%、5.4%，前三季度经济动能整体趋于回落（二季度未降准降息、专项债发行偏慢）。随着9月政策转向及新一轮稳增长政策密集发力，经济开启小幅反弹，10-12月制造业PMI已回升至枯荣线以上。从结构来看，2024年外需对经济的贡献度提升，内需不足问题凸显。 债券市场方面，报告期内利率债及信用债收益率均大幅下行；中短票及城投债信用利差全线下行，5-7年期中高等级品种下行幅度更多；中短票及城投债等级利差多数下行，低等级品种大幅下行。权益市场从9月底“政策底”到10月的脉冲式上涨后进入弱势震荡，行业轮动速度加快。报告期内，本基金组合管理中保持中性久期，维持中高等级信用债配置，股票部分在经济有望开始进入复苏区间后，整体淡化大幅择时，维持了较高仓位。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:18.340Z","mo":"展望2025年，政策有望继续加码、推动经济低位复苏，全年GDP目标或仍在5%左右。结构上看，2025年出口的高增长或难以维持，而国内一揽子增量政策发力效果预计将逐步显现，内需在政策刺激和增长预期下或将改善，2025年经济增长或更为依赖内需。下一阶段，我们认为虽然当前债券收益率水平处于相对低位，但后续货币政策或仍会保持相对宽松，“资产荒”环境下优质债券资产仍具备一定投资价值，预计在维持中性久期的基础上积极寻找波段操作机会。同时，当前位置权益市场下行空间有限，但在经济复苏初期跟随行业景气度和高频数据进行切换的难度加大，股票策略方面更侧重低估值、自由现金流优异、业绩稳定增长的行业，适合获得确定性收益。","fund":{"_id":3000000018322,"__csrcFundId":12608,"stockCode":"018322","shortName":"人保民富债券(018322)","masterFundShortName":"人保民富债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18322,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:55:21.067Z","status":"normal","exchange":"jj","fundCollectionId":4000051410000,"name":"人保民富债券型证券投资基金","inceptionDate":"2023-05-11T16:00:00.000Z","setUpDate":"2023-05-11T16:00:00.000Z","setUpAssetScale":493768399.31,"setUpShares":493768399.31,"pinyin":"rbmfzqxzqtzjj"},"announcement":{"linkText":"人保民富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=1248047","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ae7fea5b3eb053123f","date":"2024-09-29T16:00:00.000Z","stockId":3000000018322,"sao":"回顾2024年三季度，央行两度降息，同时持续丰富货币政策工具箱，资金面整体较为平稳。债券收益率整体呈现下行趋势，既受经济修复较弱的影响，也受公开市场政策利率下调的催化。从经济基本面来看，三季度内需仍然偏弱，基建回升对经济拉动作用有限，基本面对债市利好延续。权益市场方面，6月至9月中旬，股市成交额震荡下行，直至924金融政策出台后，市场情绪快速回升。报告期内，本基金前期通过加仓利率债提升了组合久期，9月中下旬开始根据大类资产配置框架逐步左侧布局了部分低估的股票品种，9月末整体提升了股票仓位，在控制极端回撤的情况下抓住了季末的权益市场反弹机会。下一阶段我们将积极关注经济走势和政策动向，动态调整组合权益部分的行业分布和个股集中度、债券部分的久期和仓位，加强流动性管理，严格防范信用风险，进一步优化投资组合，力争为投资者获取长期稳健的收益。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:18.338Z","fund":{"_id":3000000018322,"__csrcFundId":12608,"stockCode":"018322","shortName":"人保民富债券(018322)","masterFundShortName":"人保民富债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18322,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:55:21.067Z","status":"normal","exchange":"jj","fundCollectionId":4000051410000,"name":"人保民富债券型证券投资基金","inceptionDate":"2023-05-11T16:00:00.000Z","setUpDate":"2023-05-11T16:00:00.000Z","setUpAssetScale":493768399.31,"setUpShares":493768399.31,"pinyin":"rbmfzqxzqtzjj"},"announcement":{"linkText":"人保民富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=1171092","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ae7fea5b3eb053123e","date":"2024-06-29T16:00:00.000Z","stockId":3000000018322,"sao":"2024年一季度债市整体走强，在基本面有利和机构年初配置型需求增加等力量叠加作用下，债券收益率全面下行，多创出历史新低。二季度债市震荡偏强，股市反弹后开始回落。二季度地产政策全面放松落地，特别国债发行计划出炉，货币政策保持稳健略宽松，债券投资需求旺盛，供求关系失衡，央行多场合提示关注长债风险。同时，经济数据整体改善相对有限，通胀读数在基数影响下温和回升但斜率较低，社会融资需求尚待改善，非银资金较为充裕。多空因素共同作用下，债市长端和超长端利率宽幅震荡，中短端利率震荡下行，曲线有所陡峭化。一季度权益市场经历了先下跌后反弹的走势，五月份后，股票市场见顶回落，大盘价值风格相对强势，而小盘成长风格略显颓势，股票市场隐含的宏观预期与债市基本一致。本基金于年初积极把握债市机会，先增加久期水平，后随着债市上涨边际缩短久期，二季度在债市整体赔率有所下降的背景下，久期中枢维持中性偏低。本基金在年初降低了股票仓位，并在反弹开始后增加仓位。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:18.335Z","mo":"经济仍处于弱复苏区间，未来稳定经济的政策有望进一步出台。但在防范风险、稳定汇率、匹配基本面水平的背景下，央行维持正常健康利率曲线的态度较为坚定且明确。当前各期限无风险利率处于历史绝对低位，短期赔率相对有限。债市预计维持区间震荡。股市筑底仍需时间，保持谨慎与耐心。未来，我们将密切关注基本面和政策变化，观察市场预期和风险偏好变化，跟踪低基数下地产销售和通胀读数的变化情况，综合运用多种策略，灵活优化大类资产比例和组合结构，积极把握预期差带来的交易机会。","fund":{"_id":3000000018322,"__csrcFundId":12608,"stockCode":"018322","shortName":"人保民富债券(018322)","masterFundShortName":"人保民富债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18322,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:55:21.067Z","status":"normal","exchange":"jj","fundCollectionId":4000051410000,"name":"人保民富债券型证券投资基金","inceptionDate":"2023-05-11T16:00:00.000Z","setUpDate":"2023-05-11T16:00:00.000Z","setUpAssetScale":493768399.31,"setUpShares":493768399.31,"pinyin":"rbmfzqxzqtzjj"},"announcement":{"linkText":"人保民富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=1151965","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ae7fea5b3eb053123d","date":"2024-03-30T16:00:00.000Z","stockId":3000000018322,"sao":"2024年一季度债市整体走强，债券收益率延续了去年年底震荡下行的走势。经济有所修复，但呈现出较强的曲折性，财政政策定调偏积极，但地方债发行明显偏慢，2024年1月央行宣布降准，宽松态度较为确定。在基本面有利和各类机构年初的配置型需求增加等力量多因素叠加作用下，各期限债券收益率全面下行，多创出历史新低。2024年一季度权益市场经历了先下跌后反弹的走势。本基金积极把握债市机会，先增加久期水平，后随着债市赔率下降边际缩短久期，在2024年年初降低了股票仓位，并在反弹开始后增加仓位。当前经济基本面未见反转迹象，新旧动能转换仍为下一阶段最重要的宏观背景，海外制造业逆全球化的背景下部分产业长期产能过剩的情况仍明显存在、房地产市场持续调整、货币宽松周期尚未结束，全年债券市场仍有机会。下一步计划灵活调整产品的债券仓位，整体保持较积极的态度，持续关注资金面、美联储议息会议、稳增长政策出台的节奏和力度、潜在的金融监管政策等因素对市场的影响。权益方面坚持多策略分散，灵活把握仓位，做好风险管理和回撤控制。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:18.332Z","fund":{"_id":3000000018322,"__csrcFundId":12608,"stockCode":"018322","shortName":"人保民富债券(018322)","masterFundShortName":"人保民富债券","fundSecondLevel":"bond","stockType":"fund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年债市整体表现强势，宏观经济新旧动能切换是最大主线。年初在疫后复苏的强预期下，利率整体上行。二季度经济环比走弱，经济修复有所波折，两会政府工作报告更侧重于高质量发展，叠加6月中旬降息，债市显著走强。三季度尽管8月再次超预期降息、9月降准，但资金利率并没有进一步走低，同时经济企稳复苏，债市低位窄幅震荡，收益率曲线走平。四季度特殊再融资债启动发行，债券收益率有所上行，但此后资金面回归平稳，做多情绪再度升温，债券收益率全面下行。全年来看，十年期国债收益率下行约27bp。2023年权益市场低迷，红利和价值风格全年相对强势，中特估和人工智能相关板块只有阶段性机会。本基金在2023年三季度以后逐步建仓以半导体为代表的科技板块以及和经济增长相关的板块，风格总体均衡，权益仓位中性偏高。债券方面，则较为谨慎，以配置短久期债券为主，防范利率的上行风险。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:18.330Z","mo":"当前经济基本面未见反转迹象，新旧动能转换仍为下一阶段最重要的宏观背景，海外制造业逆全球化的背景下部分产业长期产能过剩的情况仍明显存在、房地产市场持续调整，都在一定程度上抑制了库存周期的变化和制造业投资的释放。综合考虑到经济动能有待增强，货币宽松周期尚未结束，全年债券机会大于风险。下一步计划灵活调整产品的债券仓位，整体保持较积极的态度，持续关注资金面、美联储议息会议、稳增长政策出台的节奏和力度、潜在的金融监管政策等因素对市场的影响。权益方面既要关注长期投资价值，也要把握好短期节奏。","fund":{"_id":3000000018322,"__csrcFundId":12608,"stockCode":"018322","shortName":"人保民富债券(018322)","masterFundShortName":"人保民富债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18322,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:55:21.067Z","status":"normal","exchange":"jj","fundCollectionId":4000051410000,"name":"人保民富债券型证券投资基金","inceptionDate":"2023-05-11T16:00:00.000Z","setUpDate":"2023-05-11T16:00:00.000Z","setUpAssetScale":493768399.31,"setUpShares":493768399.31,"pinyin":"rbmfzqxzqtzjj"},"announcement":{"linkText":"人保民富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=1059158","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ae7fea5b3eb053123b","date":"2023-09-29T16:00:00.000Z","stockId":3000000018322,"sao":"2023年三季度，政府陆续针对宏观经济和资本市场出台了相当有力的一揽子提振措施，经济增长的动能有触底回升的迹象。但美国方面经济韧性仍然强，美联储的措辞虽有缓和，但整体还是偏紧，美债收益率屡创新高，风险资产继续承压。2023年三季度股票市场期间虽有脉冲行情，但整体仍然疲弱。债券市场随着经济触底回升，开始回调。股票方面，本基金在2023年三季度逐步建仓以半导体为代表的科技板块以及和经济增长相关的板块，风格总体均衡，权益仓位中性偏高。债券方面，则较为谨慎，以配置短久期债券为主，防范利率的上行风险。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:18.327Z","fund":{"_id":3000000018322,"__csrcFundId":12608,"stockCode":"018322","shortName":"人保民富债券(018322)","masterFundShortName":"人保民富债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18322,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:55:21.067Z","status":"normal","exchange":"jj","fundCollectionId":4000051410000,"name":"人保民富债券型证券投资基金","inceptionDate":"2023-05-11T16:00:00.000Z","setUpDate":"2023-05-11T16:00:00.000Z","setUpAssetScale":493768399.31,"setUpShares":493768399.31,"pinyin":"rbmfzqxzqtzjj"},"announcement":{"linkText":"人保民富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=991783","linkType":"PDF","source":"csrc_pdf"}}]}