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在此背景下，本基金在1月份资金面收敛后主动控制组合杠杆、保障组合流动性，2月份在曲线长端加速调整阶段适度降低组合久期，随后在3月份保持久期灵活操作。","declarationDate":"2025-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:54.440Z","fund":{"_id":3000000018739,"__csrcFundId":13325,"stockCode":"018739","masterFundShortName":"国投瑞银恒源30天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18739,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:06:40.319Z","status":"normal","exchange":"jj","shortName":"国投瑞银恒源30天持有期债券(018739)","name":"国投瑞银恒源30天持有期债券型证券投资基金","fundCollectionId":4000050180000,"setUpAssetScale":201013536.43,"setUpDate":"2023-11-21T16:00:00.000Z","setUpShares":201013536.43,"inceptionDate":"2023-11-23T16:00:00.000Z","pinyin":"gtryhy30tcyqzqxzqtzjj","managers":[{"stockCode":"db20773091","stockType":"fund_manager","exchange":"fm","tickerId":2311206120,"name":"王侃"},{"stockCode":"j101020090","stockType":"fund_manager","exchange":"fm","tickerId":32325256410,"name":"陈伟旸"}]},"announcement":{"linkText":"国投瑞银恒源30天持有期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=1267261","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2d27fea5b3eb0533b0d","date":"2024-12-30T16:00:00.000Z","stockId":3000000018739,"sao":"纵观2024年，潜在的政策预期对于资产定价的影响放大，消费在各类型的刺激政策下有所回暖，出口数据依然保持了很强的韧性，但海外经济的不确定性和高基数使市场对未来出口的增长产生疑虑。从市场走势看，利率债收益率曲线全年呈牛陡下行趋势，10年国债收益率全年下行88bp至1.67%，1年国债收益率全年下行100bp至1.08%。驱动因素上，一方面是房地产市场深度调整，对居民资产负债表、地产上下游企业盈利、政府土地拍卖收入等均造成较大影响，市场风险偏好整体回落，对固收类资产的配置需求增加，带动了债券市场整体走强；另一方面，人民银行全年开展2次降准、2次降息，创新开展公开市场国债买卖与买断式回购等操作，维持市场流动性合理充裕，亦助推债券市场整体走强。报告期内本基金保持了相对积极的久期水平，2024年一季度组合配置以信用债为主，二季度在利率调整后，组合积极参与长期限利率债的交易，在7月央行降息、12月货币政策定调适度宽松等阶段适度拉长久期，而在8月与9月末债市调整阶段适度缩短久期。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:54.438Z","mo":"展望2025年，我们预期货币、财政和消费促进等政策可能保持积极，但政策力度大幅超出前期框架的可能性较小，债券收益率从中长期看还有下行空间，但单边快速下行的概率不大，全年收益率可能会波动加大，中枢预计保持震荡向下的趋势。","fund":{"_id":3000000018739,"__csrcFundId":13325,"stockCode":"018739","masterFundShortName":"国投瑞银恒源30天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18739,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:06:40.319Z","status":"normal","exchange":"jj","shortName":"国投瑞银恒源30天持有期债券(018739)","name":"国投瑞银恒源30天持有期债券型证券投资基金","fundCollectionId":4000050180000,"setUpAssetScale":201013536.43,"setUpDate":"2023-11-21T16:00:00.000Z","setUpShares":201013536.43,"inceptionDate":"2023-11-23T16:00:00.000Z","pinyin":"gtryhy30tcyqzqxzqtzjj","managers":[{"stockCode":"db20773091","stockType":"fund_manager","exchange":"fm","tickerId":2311206120,"name":"王侃"},{"stockCode":"j101020090","stockType":"fund_manager","exchange":"fm","tickerId":32325256410,"name":"陈伟旸"}]},"announcement":{"linkText":"国投瑞银恒源30天持有期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=1253673","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2d27fea5b3eb0533b0c","date":"2024-09-29T16:00:00.000Z","stockId":3000000018739,"sao":"2024年三季度，国内部分经济数据呈现下行趋势，叠加相关经济政策力度未超出市场预期，投资者持“弱现实、弱预期”的态度，虽然央行为稳定市场利率进行的债券交易阶段性对市场产生扰动，但8月份略超预期的宽松政策仍推动利率创历史新低。9月底以来，国家政治局会议召开后，市场对于经济支持政策的预期出现大幅转向，交易逻辑短期内快速切换至“弱现实、强预期”，股票市场短期内出现快速上涨，同时，债市受到经济预期修正、资金赎回等影响，利率在月底大幅上升。展望未来，我们认为当前债券市场尚不构成牛熊切换的风险，一方面是可观察到的部分经济数据仍然偏弱，另一方面，政策力度从实施到见效存在时滞且效果尚待观察，期间货币政策和流动性环境预计仍将有利于债市。因此，我们认为债券市场年初单边下行的趋势可能已经发生变化，但未来市场利率仍会呈现波动，若短期市场出现超跌，则存在交易性机会。需要注意的是，短期股票市场的强势表现可能提升居民风险偏好，银行理财等承接居民存款替代功能的广义基金可能面临赎回压力，从而在短期内加剧市场波动的幅度。信用债方面，从绝对收益率水平看已经调整至一季度以来的高点，考虑到OMO（公开市场操作）价格的调降，从中期维度来看套息空间显著提升，杠杆策略的价值重新显现，但短期市场赎回可能引发的负反馈风险尚未解除，信用债估值仍存在调整压力，对于负债相对稳定的资金，我们认为当前信用债已经具备配置价值。本基金在三季度以信用债配置为主，并维持一定比例的利率债配置，组合久期整体上维持在较高水平，未来在策略上仍会坚持信用债作为底仓，积极利用利率债进行交易。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:54.435Z","fund":{"_id":3000000018739,"__csrcFundId":13325,"stockCode":"018739","masterFundShortName":"国投瑞银恒源30天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18739,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:06:40.319Z","status":"normal","exchange":"jj","shortName":"国投瑞银恒源30天持有期债券(018739)","name":"国投瑞银恒源30天持有期债券型证券投资基金","fundCollectionId":4000050180000,"setUpAssetScale":201013536.43,"setUpDate":"2023-11-21T16:00:00.000Z","setUpShares":201013536.43,"inceptionDate":"2023-11-23T16:00:00.000Z","pinyin":"gtryhy30tcyqzqxzqtzjj","managers":[{"stockCode":"db20773091","stockType":"fund_manager","exchange":"fm","tickerId":2311206120,"name":"王侃"},{"stockCode":"j101020090","stockType":"fund_manager","exchange":"fm","tickerId":32325256410,"name":"陈伟旸"}]},"announcement":{"linkText":"国投瑞银恒源30天持有期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=1169420","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2d27fea5b3eb0533b0b","date":"2024-06-29T16:00:00.000Z","stockId":3000000018739,"sao":"2024年上半年，国内经济数据前高后低，各项宏观数据呈现下行趋势，相比一季度，二季度经济下行压力有所增大。整体上看，内需偏弱，且短期内复苏的预期不强；外需虽然仍相对偏强，但面临的加征关税等潜在的贸易摩擦具有很强的不确定性。政策方面，特别国债发行启动，表明财政政策仍将持续发力支持经济发展；政策利率虽未调降，但市场利率在方向上仍持续向下；房地产政策延续放松，但整体效果尚待观察。考虑到当前对于经济增长的质量追求优先于数量，我们预计未来出现强刺激政策的可能性较低。在弱现实+弱预期的情景下，债券投资者做多热情持续提升，长端利率整体上呈现单边下行趋势，为防止利率过快下行，央行持续提示利率市场风险，并开启债券市场的双向操作以维持利率稳定。本基金以信用债配置为主，并维持一定比例的商业银行二级资本债的配置。组合久期整体上维持在2-2.5年附近，考虑到信用债收益率已经处于低位，提供的票息增厚幅度有限，若市场发生调整，也存在流动性不足的问题。因此，二季度以来组合适当提升长端利率债的配置比例，并择机进行波段交易。未来组合将延续二季度的策略，整体上仍会以信用策略为主，久期敞口会适当放大，中枢上预计不会大幅偏离市场中性水平。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:54.432Z","mo":"展望未来，我们认为经济数据处于筑底阶段，基本面相对有利于债券市场。需要注意的是，二季度以来央行维护利率稳定的意图较强，若利率下行过快，预期外的事件可能驱动利率波动加大，影响组合净值的稳定。信用债方面，各期限和等级利差已经被压缩至历史低位，且套息空间也相对有限，信用债在短期内获取超额资本利得的空间很小，票息策略在稳健性方面相对占优。近期超长期限信用债在供给和交易热情方面有所提升，市场定价尚未稳定，可能存在一定的超额收益空间，需要自下而上进行挖掘和风险定价。","fund":{"_id":3000000018739,"__csrcFundId":13325,"stockCode":"018739","masterFundShortName":"国投瑞银恒源30天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18739,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:06:40.319Z","status":"normal","exchange":"jj","shortName":"国投瑞银恒源30天持有期债券(018739)","name":"国投瑞银恒源30天持有期债券型证券投资基金","fundCollectionId":4000050180000,"setUpAssetScale":201013536.43,"setUpDate":"2023-11-21T16:00:00.000Z","setUpShares":201013536.43,"inceptionDate":"2023-11-23T16:00:00.000Z","pinyin":"gtryhy30tcyqzqxzqtzjj","managers":[{"stockCode":"db20773091","stockType":"fund_manager","exchange":"fm","tickerId":2311206120,"name":"王侃"},{"stockCode":"j101020090","stockType":"fund_manager","exchange":"fm","tickerId":32325256410,"name":"陈伟旸"}]},"announcement":{"linkText":"国投瑞银恒源30天持有期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=1147291","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2d27fea5b3eb0533b0a","date":"2024-03-30T16:00:00.000Z","stockId":3000000018739,"sao":"2024年一季度，国内经济呈现弱复苏态势，PMI数据虽位于荣枯线以下，但方向上开始持续向上，3月份PMI数据回归至50.8，超市场预期。分结构来看，出口数据对经济的拉动最为明显，房地产仍然是主要的拖累项。2023年以来，促进房地产销售的政策陆续出台，但新房销售仍低位运行，未来新房销售的下行趋势是否会出现拐点，仍需持续跟踪。货币政策在一季度延续宽松，市场预期的MLF价格调降没有落地，LPR的非对称调降引导市场利率快速下行，尤其是超长端利率自年初以来大幅下行，收益率曲线延续平坦化的趋势。展望未来，我们预计经济数据处于筑底阶段，房地产销售若无法回暖，国内经济可能面临一定的增长压力，基本面预计相对有利于债券市场。此外，货币政策层面，降准和降息等政策仍可期待。需要注意的是，一季度利率下行幅度较大，交易层面面临的止盈诉求较强，利率低位运营过程中波动可能放大。信用债方面，特殊再融资债的发行推动中低等级城投债收益率快速下行，信用债市场的估值洼地被迅速填平，城投债品种的挖掘空间已经非常有限。另一方面，地产债在较弱的基本面和情绪影响下，估值仍有进一步走扩的风险。在此基础上，我们建议利用曲线形态优先选择中等期限的中高评级信用债，获取骑乘收益。本基金在一季度以信用债配置为主，并维持一定比例商业银行二级资本债的配置，组合久期整体上维持在中性水平，考虑到1-2月份整体套息空间较为有限，组合杠杆水平并未处于较高位置。整体上看，一季度以信用债为主的票息策略在收益方面显著弱于久期策略，二季度组合预计加大利率品种的交易和配置力度，整体策略上预计以信用策略为主，适当放大久期敞口，中枢上预计不会大幅偏离市场中性水平。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:54.429Z","fund":{"_id":3000000018739,"__csrcFundId":13325,"stockCode":"018739","masterFundShortName":"国投瑞银恒源30天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18739,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:06:40.319Z","status":"normal","exchange":"jj","shortName":"国投瑞银恒源30天持有期债券(018739)","name":"国投瑞银恒源30天持有期债券型证券投资基金","fundCollectionId":4000050180000,"setUpAssetScale":201013536.43,"setUpDate":"2023-11-21T16:00:00.000Z","setUpShares":201013536.43,"inceptionDate":"2023-11-23T16:00:00.000Z","pinyin":"gtryhy30tcyqzqxzqtzjj","managers":[{"stockCode":"db20773091","stockType":"fund_manager","exchange":"fm","tickerId":2311206120,"name":"王侃"},{"stockCode":"j101020090","stockType":"fund_manager","exchange":"fm","tickerId":32325256410,"name":"陈伟旸"}]},"announcement":{"linkText":"国投瑞银恒源30天持有期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=1067076","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2d27fea5b3eb0533b09","date":"2023-12-30T16:00:00.000Z","stockId":3000000018739,"sao":"2023年，疫情对人民生活的影响开始消退，经济活动逐步回归正常，在经济复苏的节奏上，一季度呈现了较好的复苏态势，市场对于年内经济环比修复、经济景气度前低后高的期待仍然较强。然而进入二季度以后，以房地产销售为首的各项经济指标表现低于预期，疫情带来的“疤痕效应”尚无法在短期内快速消退，经济数据整体开始走弱，期间虽然有货币、财政和产业政策的支持，但整体效果一般。在此基础上，投资者悲观预期逐步加深，市场整体呈现了股弱债强的格局，反映出市场对于经济修复的信心较为不足，风险偏好持续降低。回顾全年债券市场，整体上呈现了牛市格局，期间虽有阶段性调整，但更多是机构投资者基于2022年底市场剧烈波动的历史经验，进行了预防式的降久期和降杠杆的行为。从各关键期限的利率来看，10年期国债收益率从年初2.9%下行至2.55%，短端利率由于2022年底的波动上行，使2023年的下行幅度更为明显。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:54.426Z","mo":"展望未来，我们认为政策层面整体上很可能仍有利于债券市场，2024年宽松的货币政策预计得以延续；经济基本面来看，考虑到当前中央政府更注重经济增长的质量，通过基建、地产等传统手段刺激经济的力度不会太大，经济复苏的进程将较为漫长。因此，利率债缺乏趋势性上行的基础，但需要注意的是，经历2023年底的上涨后，长端利率已经回落至低点，需要降息等政策的配合来打开利率进一步向下的空间。信用债方面，特殊再融资债的发行推动了中低等级城投债收益率快速下行，信用债市场的估值洼地被迅速填平，城投债品种的挖掘空间已经非常有限。另一方面，地产债在较弱的基本面和情绪影响下，估值仍有进一步走扩的风险，个别案例表明，在研究企业兑付能力的基础上，其兑付意愿的不确定性也明显增加。在此基础上，我们建议利用曲线形态优先选择中等期限的中高评级信用债，获取骑乘收益。","fund":{"_id":3000000018739,"__csrcFundId":13325,"stockCode":"018739","masterFundShortName":"国投瑞银恒源30天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18739,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:06:40.319Z","status":"normal","exchange":"jj","shortName":"国投瑞银恒源30天持有期债券(018739)","name":"国投瑞银恒源30天持有期债券型证券投资基金","fundCollectionId":4000050180000,"setUpAssetScale":201013536.43,"setUpDate":"2023-11-21T16:00:00.00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