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态度，两会制定的经济目标和政策力度符合市场预期，开年以来政府债发行提速，快于季节性；货币政策宽松预期在一季度有所降温，央行收紧流动性，资金面偏紧。市场层面，一季度债券市场震荡回调，10Y国债利率上行近14bp，由于本轮调整主要由资金面驱动，短端调整幅度更大，曲线走平。投资运作上，南方宁元以利率债策略运作为主，以获取底仓债券的骑乘收益为基础，积极参与长期限利率债的波段操作来增厚组合收益。展望未来，预计经济基本面维持内生复苏趋势，关税政策等外部环境冲击下，预计政策端加强超常规逆周期调节力度，更加重视内需驱动。货币政策预计维持支持性，降准降息的概率较高，流动性预计维持合理充裕。当前各品种债券的绝对收益水平重新接近前低，后续政府债发行放量、政策加码力度等均可能对市场形成扰动。但货币宽松预期加强，多空交织下债券市场预计呈现区间震荡走势，市场波动预计加大。曲线平坦化后，中短端品种具备较好的配置价值，短端资产可能在降准落地后迎来补涨，长端品种以交易价值为主。后续组合将在市场波动中把握个券调整买入窗口，并积极参与利率债波段交易。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:48.635Z","fund":{"_id":3000000018665,"__csrcFundId":12914,"stockCode":"018665","shortName":"南方宁元债券A","masterFundShortName":"南方宁元债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18665,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-23T08:20:08.837Z","status":"normal","exchange":"jj","fundCollectionId":4000050020000,"inceptionDate":"2023-08-22T16:00:00.000Z","name":"南方宁元债券型证券投资基金","setUpDate":"2023-08-22T16:00:00.000Z","setUpAssetScale":7670430822.48,"setUpShares":7670430822.48,"pinyin":"nfnyzqxzqtzjj","managers":[{"stockCode":"db20067351","stockType":"fund_manager","exchange":"fm","tickerId":1224101010,"name":"李璇"},{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方宁元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=1277606","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2cc7fea5b3eb0533461","date":"2024-12-30T16:00:00.000Z","stockId":3000000018665,"sao":"2024年全年经济维持温和复苏态势。国内方面，经济基本面景气度缓慢回升，生产端好于需求端，内需偏弱。政策全年稳步加码发力，基调积极，财政端5月出台地产新政，9月继续出台一揽子增量政策，全年政府债发行逐渐增量提速，持续改善市场预期；货币政策方面，央行全年接连下调逆回购利率、MLF利率、LPR利率、存款准备金率，12月进一步确立“适度宽松”的货币政策基调，保持了流动性合理充裕，支持实体经济。海外方面，美联储9月首次降息50bp落地，11-12月连续两次降息25bp，外需韧性依然偏强，但关税政策预期的反复依然给外部环境带来不确定性。市场层面，2024年债券市场全面走牛，各期限各品种债券收益率大幅下行，10Y国债利率下行88bp，曲线形态基本稳定；信用利差全年先降后升，上半年因市场配置力量较强，叠加暂停存款手工补息等事件影响，利差大幅压缩，下半年市场流动性有所减弱，利率债由交易情绪主导，收益率下行更快，信用利差抬升，全年来看利差小幅压缩。投资运作上，南方宁元以利率债策略为主，通过骑乘策略和波段操作增厚组合收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:48.632Z","mo":"展望未来，预计2025年经济基本面稳中有进，政策端加强超常规逆周期调节，财政政策更加积极，带动经济继续高质量发展。“适度宽松”的货币政策基调下，央行预计综合运用多种货币政策工具，维持流动性合理充裕。短期债券市场利率预计会受到政策预期变化、资金面波动等因素的扰动，但广谱利率持续下行的趋势未发生变化，债券市场预计维持区间震荡走势，中短端品种具备较好的配置价值，长端品种以交易价值为主。后续组合将在市场波动中把握个券调整买入窗口，以及利率债波动过程中的波段操作机会。","fund":{"_id":3000000018665,"__csrcFundId":12914,"stockCode":"018665","shortName":"南方宁元债券A","masterFundShortName":"南方宁元债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18665,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-23T08:20:08.837Z","status":"normal","exchange":"jj","fundCollectionId":4000050020000,"inceptionDate":"2023-08-22T16:00:00.000Z","name":"南方宁元债券型证券投资基金","setUpDate":"2023-08-22T16:00:00.000Z","setUpAssetScale":7670430822.48,"setUpShares":7670430822.48,"pinyin":"nfnyzqxzqtzjj","managers":[{"stockCode":"db20067351","stockType":"fund_manager","exchange":"fm","tickerId":1224101010,"name":"李璇"},{"stockCode":"j101019938","stockType":"fund_manager","exchange":"fm","tickerId":101010243930,"name":"江佳骏"}]},"announcement":{"linkText":"南方宁元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=1258392","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2cc7fea5b3eb0533460","date":"2024-09-29T16:00:00.000Z","stockId":3000000018665,"sao":"三季度经济维持弱复苏态势。国内方面，经济高频数据弱势修复，景气度平稳，生产端较强，需求端有所走弱。海外方面，美联储9月降息50bp落地，美国经济软着陆概率较高，支撑外需。政策端积极加力，货币政策维持支持性，央行接连下调逆回购利率、MLF利率、存款准备金率，支持实体经济流动性；财政政策逐渐发力，三季度政府债发行提速；地产政策进一步放松，地产销售逐步筑底；9月下旬政策进一步表明积极态度，扭转市场经济预期。市场层面，三季度债券市场窄幅震荡，中短端下行幅度超过长端，曲线走陡；9月底受到央行调控和政策预期变化扰动，波动加剧，但整个季度看长端利率仍表现为总体小幅下行，信用债因市场流动性减弱等因素，表现弱于利率债，信用利差显著抬升。 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