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5%以上的同时 全年经济增速仍2%之上，尽管就业和个人消费支出数据4季度有所走弱，但总体仍明显好于预期；其它发达经济体多数增长相对乏力，而且面临高通胀的困扰。2023年我国经济顺利完成5%的经济增长目标，但全年走势存在曲折，其中二、三季度经济恢复整体不及市场预期。随着上半年末央行分别小幅下调了OMO利率和MLF、LPR利率后，多项货币、财政以及地产政策陆续出台，持续为经济注入了新的活力。债券市场方面，在信贷需求乏力、机构配置压力较大以及2022年末债市调整后估值优势较明显等多重因素叠加下，2023年虽然因多项货币、财政以及地产政策陆续出台后，期间债券收益率出现短暂调整，但全年看债券市场表现较高，各类品种收益率出现明显走低，其中资质相对偏弱的城投债，在地方政府化债政策推动下四季度出现显著下行。组合操作方面，因为组合于6月底成立，前期总体保持高杠杆、中等久期的配置格局并维持到3季度末；4季度前期因政策不断加码，组合操作风格略偏谨慎，但后期因债券市场收益率有所调整，组合择机进行了持仓结构调整，期末杠杆和久期水平较2023年三季度末有所提升。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:44.596Z","mo":"展望2024年，国内经济有望逐渐企稳，且因为投资和出口增速整体偏低，导致消费有望继续成为经济增长的主要贡献。投放方面，我们认为地产投资在基数影响下或会有边际回升，同时在积极的政策引导下制造业投资和基建投资增速仍有望保持一定的水平。出口方面，虽然全球经济放缓是大概率事件，但因为我国出口在拥有明显价格优势的同时开始体现技术和质量优势的特征，预计净出口对经济的拖累幅度应该不大。具体到1季度，我们认为在“适度加力、提质增效”的财政政策环境下，经济整体将迎来良好开局，同时储备政策仍留有空间将助力市场年内预期进一步改善；同时央行也表示将加大已出台货币政策实施力度，稳健的货币政策要灵活适度、精准有效，因此随着2月5年期LPR调低后，后期货币政策方面仍有望继续促进高质量发展扎实推进。债券市场方面，尽管多项货币、财政以及地产政策陆续出台，但经济基本面回升仍相对温和，在多种外部因素叠加背景下，债券收益率中枢仍有进一步下行的空间，但因为当前绝对收益率水平较低，整体下行幅度可能会小于2023年。","fund":{"_id":3000000018615,"__csrcFundId":12771,"stockCode":"018615","shortName":"光大保德信睿阳纯债债券(018615)","masterFundShortName":"光大保德信睿阳纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18615,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:03:30.686Z","status":"normal","exchange":"jj","fundCollectionId":4000050360000,"inceptionDate":"2023-06-28T16:00:00.000Z","name":"光大保德信睿阳纯债债券型证券投资基金","setUpDate":"2023-06-28T16:00:00.000Z","setUpAssetScale":52239108.04,"setUpShares":52239108.04,"pinyin":"gdbdxryczzqxzqtzjj","managers":[{"stockCode":"db20068015","stockType":"fund_manager","exchange":"fm","tickerId":120804157020,"name":"李怀定"}]},"announcement":{"linkText":"光大保德信睿阳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=1056450","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2c87fea5b3eb0532fe7","date":"2023-09-29T16:00:00.000Z","stockId":3000000018615,"sao":"三季度以来经济修复放缓。从需求端来看，整体投资增速继续下滑，但制造业增速小幅上行；消费逐步企稳，汽车及可选消费类有所上行，但地产销售仍相对乏力。从生产端来看，8月开始生产有所加快，其中制造业和高技术产业较为明显，尤其是制造业PMI连续回升，显示经济有回升的迹象。从通胀来看，8月CPI和PPI均上行，四季度有望会延续这一趋势，但整体可能仍处于历史相对低位。展望4季度，考虑8月底以来，多项稳增长政策陆续落实，预计将提高居民可支配收入、促进地产销售企稳，经济温和修复趋势有望延续。债券市场方面，三季度以来，受政策利率意外下调影响，利率债收益率先下行至年内低位，随后逐步反弹至政策利率下调之前的水平；而信用债在配置需求推动下延续下行趋势，特别是城投债，受益于一揽子化债政策，尾部区域债务风险降低，短久期的收益率和信用利差出现明显下行。但市场对地产债，仍有一定观望情绪，收益率变化弱于整体信用。组合操作方面，组合于二季度末成立，三季度前期主要是建仓，后期因为组合开放，以卖券为主。总体上，3季度组合组合配置主要以短久期信用债为主，并维持一定的杠杆比例，整体久期相对适中。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:44.593Z","fund":{"_id":3000000018615,"__csrcFundId":12771,"stockCode":"018615","shortName":"光大保德信睿阳纯债债券(018615)","masterFundShortName":"光大保德信睿阳纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18615,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:03:30.686Z","status":"normal","exchange":"jj","fundCollectionId":4000050360000,"inceptionDate":"2023-06-28T16:00:00.000Z","name":"光大保德信睿阳纯债债券型证券投资基金","setUpDate":"2023-06-28T16:00:00.000Z","setUpAssetScale":52239108.04,"setUpShares":52239108.04,"pinyin":"gdbdxryczzqxzqtzjj","managers":[{"stockCode":"db20068015","stockType":"fund_manager","exchange":"fm","tickerId":120804157020,"name":"李怀定"}]},"announcement":{"linkText":"光大保德信睿阳纯债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=991893","linkType":"PDF","source":"csrc_pdf"}}]}