window.pageData = {"stock":{"_id":3000000018922,"stockCode":"018922","shortName":"民生加银恒源债券","masterFundShortName":"民生加银恒源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18922,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","fundCollectionId":4000050610000,"inceptionDate":"2023-08-14T16:00:00.000Z","name":"民生加银恒源债券型证券投资基金","setUpDate":"2023-08-14T16:00:00.000Z","setUpAssetScale":7999998547.64,"setUpShares":7999998547.64,"pinyin":"msjyhyzqxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50610000","tickerId":50610000,"name":"民生加银基金管理有限公司"},"managers":[{"name":"谢志华","stockType":"fund_manager","stockCode":"db20061380","exchange":"fm","tickerId":242608100110},{"name":"赵小强","stockType":"fund_manager","stockCode":"db20355340","exchange":"fm","tickerId":262417150080}],"hotMetrics":{"fss":{"stockId":3000000018922,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":1,"f_ind_h_s_r":0,"f_h_a":359,"f_h_s_a":20657452,"f_ind_h_s_r_c_hy":0,"f_ins_h_s_r_c_hy":0,"last_data_date":"2025-12-30T16:00:00.000Z","f_ind_h_s_r_c_1y":0,"f_ins_h_s_r_c_1y":0},"fpr":{"stockId":3000000018922,"type":"fpr","f_p_r_fys_ssc":7460,"f_p_r_fys_ssrp":0.6432497653840997,"f_p_r_m1_ssc":7585,"f_p_r_m1_ssrp":0.7527689873417721,"f_p_r_m3_ssc":7500,"f_p_r_m3_ssrp":0.6414188558474463,"f_p_r_m6_ssc":7312,"f_p_r_m6_ssrp":0.8093284092463411,"f_p_r_y1_ssc":6831,"f_p_r_y1_ssrp":0.9382137628111273,"f_cagr_p_r_fs_ssc":7282,"f_cagr_p_r_fs_ssrp":0.4704024172503777,"f_p_r_y2_ssc":5884,"f_p_r_y2_ssrp":0.44773074961754206},"fp":{"stockId":3000000018922,"type":"fp","f_p_r_d1":-0.0007668711656440008,"f_cagr_p_r_fs":0.030048921467048073,"f_p_r_m1":0.001551439930185028,"f_p_r_m3":0.005940786910790807,"f_p_r_fys":0.00898700791247431,"f_p_r_m6":0.00810808395204754,"f_p_r_y1":0.0038093192616428517,"last_data_date":"2026-05-07T16:00:00.000Z","f_p_r_y2":0.05405326643901476},"ff":{"stockId":3000000018922,"type":"ff","f_m_f":10534790,"f_m_f_r":0.003,"f_c_f":3511596,"f_c_f_r":0.001,"f_m_a_c_f":14046386,"f_m_a_c_f_r":0.004,"f_m_c_f_d":"2024-12-30T16:00:00.000Z","f_c_fr":0.001,"f_fr_d":"2025-12-30T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.004},"f_nlacan":{"stockId":3000000018922,"type":"f_nlacan","f_nv_d":"2026-05-07T16:00:00.000Z","f_nv":1.0329,"f_nv_cr":0.00019366708627854834},"f_as":{"stockId":3000000018922,"type":"f_as","f_tas":4883141787.5702,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[],"bondHoldings":[{"_id":"69e8fb4c1398d79843003554","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018922,"stockCode":"250431","stockName":"25农发31","holdings":3300000,"marketCap":332978408,"netValueRatio":0.0682,"lastUpdated":"2026-04-22T16:46:04.706Z"},{"_id":"69e8fb4c1398d79843003555","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018922,"stockCode":"190406","stockName":"19农发06","holdings":2900000,"marketCap":317535063,"netValueRatio":0.065,"lastUpdated":"2026-04-22T16:46:04.710Z"},{"_id":"69e8fb4c1398d79843003556","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018922,"stockCode":"250415","stockName":"25农发15","holdings":2900000,"marketCap":293384419,"netValueRatio":0.0601,"lastUpdated":"2026-04-22T16:46:04.713Z"},{"_id":"69e8fb4c1398d79843003557","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018922,"stockCode":"230208","stockName":"23国开08","holdings":2600000,"marketCap":270990663,"netValueRatio":0.0555,"lastUpdated":"2026-04-22T16:46:04.716Z"},{"_id":"69e8fb4c1398d79843003558","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000018922,"stockCode":"240315","stockName":"24进出15","holdings":2100000,"marketCap":213325997,"netValueRatio":0.0437,"lastUpdated":"2026-04-22T16:46:04.720Z"}]},"list":[{"_id":"69e8ec241398d79843fe9aab","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000018922,"sao":"一季度债券市场宽幅震荡。进入新一年，市场流动性较为宽裕，配置资金持续进场、市场风险偏好回暖，在几个因素的综合作用下，国债各期限收益率均有一定程度的下行。但是随着前两个月国内统计数据公布，显示经济“起步有力、开局良好”。恰逢2月末国际冲突爆发，原油价格快速攀升，通胀担忧随之而来，国债长端收益率开始触底回升，一度接近年初高点并高位震荡，这一趋势持续到季末；而短端在持续宽松的流动性背景下，收益率不断下行，整条国债收益率曲线呈现出显著的牛陡倾向。　　展望二季度，我们认为在出口的有力支撑下，经济将维持平稳增长的势头，PPI在翘尾等因素的作用下，有望继续上行。资金面是债券市场近期重要的关注因素，如果流动性依然保持偏宽松的状态，短端收益率有望保持低位，且为国债中长端的平稳运行提供一定支撑，否则可能会带动曲线走向熊平。　　回顾一季度投资，本基金配置上以利率债为主，操作上，根据市场情况，动态调整了组合的久期和杠杆水平，并进行了利率波段操作。","lastUpdated":"2026-04-22T15:41:24.467Z","fund":{"_id":3000000018922,"__csrcFundId":12931,"stockCode":"018922","shortName":"民生加银恒源债券(018922)","masterFundShortName":"民生加银恒源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18922,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:11:31.572Z","status":"normal","exchange":"jj","fundCollectionId":4000050610000,"inceptionDate":"2023-08-14T16:00:00.000Z","name":"民生加银恒源债券型证券投资基金","setUpDate":"2023-08-14T16:00:00.000Z","setUpAssetScale":7999998547.64,"setUpShares":7999998547.64,"pinyin":"msjyhyzqxzqtzjj","managers":[{"stockCode":"db20061380","stockType":"fund_manager","exchange":"fm","tickerId":242608100110,"name":"谢志华"},{"stockCode":"db20355340","stockType":"fund_manager","exchange":"fm","tickerId":262417150080,"name":"赵小强"}]},"announcement":{"linkText":"民生加银恒源债券型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1476133","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69caca3340924dd8ca638fa0","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000018922,"sao":"2025年中国经济稳中向好，在内外环境复杂多变的形势下，在党中央的正确坚强领导下，经济延续了2024年四季度以来的良好局面，增速总体呈现前高后低，全年经济社会发展主要目标任务预期将顺利完成。　　具体而言，2025年开年经济形势大好，一季度同比增速基本持平于去年四季度，单季度增速是近几年来较高水平，显示出较强的增长动力。二季度开始，受到部分行业的拖累，以及外部突如其来的冲击，经济部分领域中出现了一些回落的迹象，尤其是外部环境的不确定性给国内信心造成一些扰动。在此背景下，国内政策保持了足够的定力，经济体现出很强的韧性，最终克服了重重困难，二季度经济增速保持在了较高水平。下半年，经济同比增速持续回落，既有去年高基数的影响，也有结构性分化的因素。市场用“K形走势”来描述经济的结构分化，具有较为形象的概括。以房地产为代表的行业出现疲弱态势加重的局面，另一方面，AI、新能源、机器人等代表新质生产力的行业产业发展得如火如荼。虽然下半年经济增速有所回落，但是全年来看经济增长的质量更好了。　　货币政策总体保持适度宽松的格局。除了一季度流动性出现短暂趋紧之外，剩余时段的流动性表现得均较为宽裕和平稳，同时央行在结构性货币政策工具上持续发力。但是在降息降准等总量政策方面，央行在2025年的力度是弱于2024年的，这也与2025年经济表现出较强势头具有很大关系。汇率走势较好，不但没有出现年初部分投资者所担忧的贬值趋势，5月份以来还出现了持续到年底的升值趋势，并在年末升破1美元兑7元人民币的大关。财政政策继续保持积极态势，包括国债和地方债在内的政府债券发行规模较去年继续增长。　　由于债券市场在2024年年末行情加速，收益率在年末年初创下历史新低。一季度经济的良好表现、资金价格短期飙升，导致收益率快速抬升，10年国债收益率一度从低点上行达到30个基点左右，随着二季度流动性逐步宽松，以及美国加征关税等事件冲击，债券收益率从高点快速回落，并一度冲击年初创下的低点，下半年市场在经济表现出良好韧性、“反内卷”政策成为关注点，以及股债跷跷板等多重因素的冲击之下，收益率再次抬升，并高位运行持续到年末。　　组合积极应对市场的走势，下半年在市场的调整趋势冲击之下，净值有所波动。","lastUpdated":"2026-03-30T19:08:35.244Z","mo":"相比前一年，2026年债券市场面临喜忧参半的局面。2026年经济增速有望延续稳中向好的局面，结构分化态势依旧，经济高质量发展的势头依然强劲。“资产荒”格局可能还将延续，但严重程度有望缓解，需要关注房地产等行业对经济增长的拖累作用，权益市场是否可以延续前一年的强劲走势，这对于居民和金融机构在大类资产配置中的布局具有重要影响，从而影响债券市场走势。我们认为货币政策有望继续保持宽松格局，降息降准的空间依然存在，但需要等待时机。在此判断基础上，组合继续以利率债品种为主要投资标的，按照“票息策略+有效波段”的思路开展投资，积极布局，谨慎应对，稳重求进。　　感谢投资者对我们的信任，本基金将在严格控制风险的基础上，继续做好投资工作，为您的投资增值做出应有的努力与贡献。","fund":{"_id":3000000018922,"__csrcFundId":12931,"stockCode":"018922","shortName":"民生加银恒源债券(018922)","masterFundShortName":"民生加银恒源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18922,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:11:31.572Z","status":"normal","exchange":"jj","fundCollectionId":4000050610000,"inceptionDate":"2023-08-14T16:00:00.000Z","name":"民生加银恒源债券型证券投资基金","setUpDate":"2023-08-14T16:00:00.000Z","setUpAssetScale":7999998547.64,"setUpShares":7999998547.64,"pinyin":"msjyhyzqxzqtzjj","managers":[{"stockCode":"db20061380","stockType":"fund_manager","exchange":"fm","tickerId":242608100110,"name":"谢志华"},{"stockCode":"db20355340","stockType":"fund_manager","exchange":"fm","tickerId":262417150080,"name":"赵小强"}]},"announcement":{"linkText":"民生加银恒源债券型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1449684","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2df7fea5b3eb0534ae2","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000018922,"sao":"三季度债券市场情绪由强转弱。随着“反内卷”政策再次成为关注点，以及权益市场持续走强，虽然投资和消费同比增速呈现稳中有降的态势，但债市依然承压出现显著调整，期间收益率底部逐步抬升，没有显著走好的阶段。相较于上半年走势，收益率曲线呈现为熊陡，长端上行幅度更大。全季度来看，短端流动性总体宽裕，资金价格低位徘徊，短端收益率相对平稳，中债国债收益率曲线10年期限全季度上升超过20个bp，30年期限接近40bp，二者利差持续拉大。　　展望四季度，基本面的走势有望维持本季度稳中回落的趋势，尤其是考虑到政府性债券发行有望接近尾声，以及去年四季度较高的增长基数，社融和投资都有望出现增速下行。基本面对债券市场的支持作用在增强。继续关注政策面和权益市场对债券市场的影响，同时把握机构年末可能的配置影响。　　回顾三季度运作情况，本基金持仓以利率债为主，操作上，根据市场情况，调整了组合的久期和杠杆水平，并进行了利率波段操作，努力减少收益率上行对组合的负面冲击。","lastUpdated":"2026-03-09T14:02:07.938Z","fund":{"_id":3000000018922,"__csrcFundId":12931,"stockCode":"018922","shortName":"民生加银恒源债券(018922)","masterFundShortName":"民生加银恒源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18922,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:11:31.572Z","status":"normal","exchange":"jj","fundCollectionId":4000050610000,"inceptionDate":"2023-08-14T16:00:00.000Z","name":"民生加银恒源债券型证券投资基金","setUpDate":"2023-08-14T16:00:00.000Z","setUpAssetScale":7999998547.64,"setUpShares":7999998547.64,"pinyin":"msjyhyzqxzqtzjj","managers":[{"stockCode":"db20061380","stockType":"fund_manager","exchange":"fm","tickerId":242608100110,"name":"谢志华"},{"stockCode":"db20355340","stockType":"fund_manager","exchange":"fm","tickerId":262417150080,"name":"赵小强"}]},"announcement":{"linkText":"民生加银恒源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=1380373","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2df7fea5b3eb0534ae1","date":"2025-06-29T16:00:00.000Z","stockId":3000000018922,"sao":"2025年国内经济开局较好，经济增长是稳中略升，上半年GDP同比增长5.3%，前两个季度增速分别为5.4%和5.2%，体现出经济较强的韧性。经济高质量发展的势头正得到进一步加强。　　具体而言，开年以来经济延续了去年四季度以来的良好走势，一季度经济增速达到了5.4%，超出了市场预期，主要经济指标都表现出良好的势头，二季度末开始，部分指标出现了边际弱化，但是依然处于较好水平。在消费方面，促消费政策作用显著，社会消费品中有补贴支持的品类的增速显著高于总体水平，拉动了消费总体数据；投资方面，制造业和基建投资的较高的增速对冲了房地产投资下行带来的缺口，使得投资增速保持相对平稳；二季度出口受到美国贸易保护政策的冲击，出现了波动，但总体水平依然较高。　　在流动性方面，开年市场延续着去年年底的惯性思维，但自1月初以来央行通过多种渠道表达了对收益率过快下行的关注，并指出“适度宽松”不代表年内降息幅度会很大，也提出降息降准等宽松需要“择机”，资金价格持续收紧，由短端带动长端调整。随着收益率水平逐步调整到位，流动性逐步恢复了适度宽松，4月初以来中美经贸关系恶化，对等关税及反制升级，资金宽松力度有所增强。5月份央行意外“双降”，资金市场进入上半年最为宽松的阶段。　　在经济基本面和市场资金面的多重因素作用之下，以10年国债为代表，债券收益率在上半年呈现出先上后下的走势，一季度末收益率创阶段性新高，而在二季度一度触及前期低点，但是收益率始终没有实现有效突破，箱体震荡的格局延续到年中。从持有期收益看，同期限信用债表现多数优于利率债，票息收益的重要性有所提升。　　组合以利率债投资为主，根据市场情况进行宽幅调整久期和品种，通过持有票息和波段操作等手段提升组合收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:07.936Z","mo":"2025年半年末，市场出现一些不利于债券市场的因素，债券开始新一轮的区间上行。并且在进入下半年伊始，国家就加大了“反内卷”政策的力度，这对于债券市场上涨逻辑中的“通缩逻辑”形成冲击。站在这个时点，我们认为债券市场牛市的格局尚未发生动摇，但是下半年的投资将变得更加具有挑战性。宏观经济层面，我们认为经济增速在下半年有望延续前两个季度形成的边际走弱趋势，但是很难出现类似去年的增速快速下行的局面。判断依据主要基于以下几个方面，一是与去年相比，本年政府债券发行明显前置，这也就意味着后期发行力度有所弱化，不论从财政支持力度还是供求格局来看，都会对下半年债市形成边际支撑；二是抢出口持续时间较长，海外需求有望逐步减弱，尤其是考虑到前期国际组织纷纷调低全球经济增速的背景下，国内出口面临的环境将趋于不利；三是补贴消费的政策在提升消费总量的同时，还会使消费节奏前置，这也将成为下半年消费走弱的潜在因素。虽然我们认为在高质量发展的大环境下，本次政策不能与历史政策做简单类比，但是我们仍然需要高度关注“反内卷”相关政策可能的影响，关注点包括政策力度和持续性、政策结构和传导路径，以及政策最终的效果。站在当前时点，我们无法做出准确判断，做好跟踪、加强分析、准备预案，及时反应是我们的应对之策。　　对于债券市场，我们认为在经济总体稳定，流动性相对宽松，国内信用增长没有快速提升的背景下，“资产荒”格局可能还将延续。同时高度关注权益市场的走势，这对于居民和金融机构的大类资产配置具有重要影响。　　感谢投资者对我们的信任，本基金将在严格控制风险的基础上，继续做好投资工作，为基金投资增值做出应有的努力与贡献。","fund":{"_id":3000000018922,"__csrcFundId":12931,"stockCode":"018922","shortName":"民生加银恒源债券(018922)","masterFundShortName":"民生加银恒源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18922,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:11:31.572Z","status":"normal","exchange":"jj","fundCollectionId":4000050610000,"inceptionDate":"2023-08-14T16:00:00.000Z","name":"民生加银恒源债券型证券投资基金","setUpDate":"2023-08-14T16:00:00.000Z","setUpAssetScale":7999998547.64,"setUpShares":7999998547.64,"pinyin":"msjyhyzqxzqtzjj","managers":[{"stockCode":"db20061380","stockType":"fund_manager","exchange":"fm","tickerId":242608100110,"name":"谢志华"},{"stockCode":"db20355340","stockType":"fund_manager","exchange":"fm","tickerId":262417150080,"name":"赵小强"}]},"announcement":{"linkText":"民生加银恒源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=1342487","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2df7fea5b3eb0534ae0","date":"2025-03-30T16:00:00.000Z","stockId":3000000018922,"sao":"一季度债券市场情绪由强转弱。进入新一年，债市在对货币政策乐观预期的背景下，提前配置、市场偏好提升，各期限收益率均有一定程度的下行。随着流动性逐步趋于紧张，以及基本面企稳迹象逐步显著，债券市场出现持续调整，期间收益率虽有短时间企稳甚至小幅下行，但是总体的上升势头一直持续到3月中旬。3月中旬资金价格逐步企稳，收益率调整后配置价值有所提升，股票市场冲高回落，也减轻了债券市场的压力。虽然3月下旬，债券收益率略有下行，但是出于对资金价格的担忧和基本面回暖的担忧，收益率下行动力不足，更多体现为结构性机会。　　展望二季度，基本面的走势将逐步明朗，从目前看，经济延续了去年四季度以来的弱复苏格局，制造业形势较好，房地产行业对经济的拖累有所缓解，出口增速在国际形势日益严峻的背景下，存在一定的压力，消费的高增长还需要收入增长的带动。　　回顾一季度操作，本基金配置上以利率债为主，操作上，根据市场情况，调整了组合的久期和杠杆水平，并进行了利率波段操作，努力减少收益率上行对组合的负面冲击。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:07.933Z","fund":{"_id":3000000018922,"__csrcFundId":12931,"stockCode":"018922","shortName":"民生加银恒源债券(018922)","masterFundShortName":"民生加银恒源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18922,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:11:31.572Z","status":"normal","exchange":"jj","fundCollectionId":4000050610000,"inceptionDate":"2023-08-14T16:00:00.000Z","name":"民生加银恒源债券型证券投资基金","setUpDate":"2023-08-14T16:00:00.000Z","setUpAssetScale":7999998547.64,"setUpShares":7999998547.64,"pinyin":"msjyhyzqxzqtzjj","managers":[{"stockCode":"db20061380","stockType":"fund_manager","exchange":"fm","tickerId":242608100110,"name":"谢志华"},{"stockCode":"db20355340","stockType":"fund_manager","exchange":"fm","tickerId":262417150080,"name":"赵小强"}]},"announcement":{"linkText":"民生加银恒源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=1274771","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2df7fea5b3eb0534adf","date":"2024-12-30T16:00:00.000Z","stockId":3000000018922,"sao":"2024年中国经济面对外部压力加大、内部困难增多的复杂严峻形势，在党中央的正确坚强领导下，稳中有进，砥砺前行，经济社会发展主要目标任务顺利完成。　　具体而言，2024年开年，经济走势相对平稳，一季度末到二季度初，经济领域中出现了一些改善的亮点，不少指标向好的态势显著，进入年中，经济中出现的亮点有所弱化，主要经济指标显示经济进入温和增长阶段，7月份，中央开始了以“保交楼”为重要内容的一系列稳增长措施。但是在接下来的两个月，经济并没有显示出明显的加速增长的势头。9月末以国务院新闻办新闻发布会为起点，中央集中公布了一系列稳增长的重大举措，力度之大、范围之广是近期少见的。稳增长政策使社会信心有效提振，经济明显回升。　　全年货币政策总体保持稳健宽松的格局，流动性总体宽裕，央行对基准利率进行了下调，存贷款利率也有同方向的变动。财政政策积极有为，包括国债和地方债在内的政府债券发行规模均有所上行。　　得益于宽松的流动性水平和温和的基本面数据，以10年国债为代表，债券收益率全年呈现总体下行趋势，具体来看，一季度延续了去年年末的格局，收益率快速下行，二季度债市虽有一定程度回撤，但是在年中再次创出新低。下半年债券收益率走势波动性加大，尤其是9月末，随着稳增长政策快速出台，债券收益率快速上行。在经过10月份和11月份的逐步修复后，年底再次出现快速下行，年末收益率收于当年最低点。　　组合抓住了市场的走势，全年总体保持相对较高的久期，实现了较好的投资收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:07.931Z","mo":"2025年，中国经济面临的外部环境将更加复杂多变。具体来看，逆全球化的趋势难以改变，中美之间的分歧依然存在，我国在光伏、新能源车和锂电池等先进制造业产品上的优势日益扩大，这也会带来更多的贸易摩擦。从内部来看，国内需求不足的问题正在得到各方面的重视，但是扭转格局可能需要较长一段时间。房地产对经济增速的拖累幅度有望缩小，但是产生正向拉动作用的可能性依然不高。随着中央经济工作会议明确“稳住楼市股市”的政策方向，未来房地产有望迎来更加强有力的政策。投资方面，新质生产力依然是重点领域，高端制造业会继续成为大量资金进入的领域。随着政策面对消费领域的倾斜力度加大，预计2025年将有更多的促消费政策落地，消费也有望企稳回升。出口的压力较2024年有一定程度的上升，主要是贸易摩擦的频次和力度有可能加剧。　　债券方面，在经济维持相对平稳，流动性稳定，国内信用增长继续放缓的背景下，“资产荒”格局可能还将延续，需要关注房价企稳的持续性，以及权益市场是否可以走出持续上升的走势，这对于居民和金融机构在大类资产配置中的布局具有重要影响。我们认为经济有望延续2024年温和增长的格局，在“实施适度宽松的货币政策”的定调之下，流动性有望继续保持宽裕，降息降准是可以期待的政策选择，这将对债券市场带来利好。　　感谢投资者对我们的信任，本基金将在严格控制风险的基础上，继续做好投资工作，为您的投资增值做出应有的努力与贡献。","fund":{"_id":3000000018922,"__csrcFundId":12931,"stockCode":"018922","shortName":"民生加银恒源债券(018922)","masterFundShortName":"民生加银恒源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18922,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:11:31.572Z","status":"normal","exchange":"jj","fundCollectionId":4000050610000,"inceptionDate":"2023-08-14T16:00:00.000Z","name":"民生加银恒源债券型证券投资基金","setUpDate":"2023-08-14T16:00:00.000Z","setUpAssetScale":7999998547.64,"setUpShares":7999998547.64,"pinyin":"msjyhyzqxzqtzjj","managers":[{"stockCode":"db20061380","stockType":"fund_manager","exchange":"fm","tickerId":242608100110,"name":"谢志华"},{"stockCode":"db20355340","stockType":"fund_manager","exchange":"fm","tickerId":262417150080,"name":"赵小强"}]},"announcement":{"linkText":"民生加银恒源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=1247235","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2df7fea5b3eb0534ade","date":"2024-09-29T16:00:00.000Z","stockId":3000000018922,"sao":"2024年3季度，针对当前经济运行中的新情况新问题，相关部门科学决策、果断出手，在有效落实存量政策的同时，加力推出一揽子增量政策。其中，货币政策力度较大，通过降准、降息、降低存量房贷利率等多手段，切实服务实体经济；财政政策也加力提质，扭转市场预期，推动经济高质量发展。　　2024年3季度，国债各期限收益率均有所下行，债券市场整体表现较好，但波动加大。　　本报告期内，本组合持仓以利率债配置为主，保障组合的流动性与安全性。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:07.928Z","fund":{"_id":3000000018922,"__csrcFundId":12931,"stockCode":"018922","shortName":"民生加银恒源债券(018922)","masterFundShortName":"民生加银恒源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18922,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:11:31.572Z","status":"normal","exchange":"jj","fundCollectionId":4000050610000,"inceptionDate":"2023-08-14T16:00:00.000Z","name":"民生加银恒源债券型证券投资基金","setUpDate":"2023-08-14T16:00:00.000Z","setUpAssetScale":7999998547.64,"setUpShares":7999998547.64,"pinyin":"msjyhyzqxzqtzjj","managers":[{"stockCode":"db20061380","stockType":"fund_manager","exchange":"fm","tickerId":242608100110,"name":"谢志华"},{"stockCode":"db20355340","stockType":"fund_manager","exchange":"fm","tickerId":262417150080,"name":"赵小强"}]},"announcement":{"linkText":"民生加银恒源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=1174756","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2df7fea5b3eb0534add","date":"2024-06-29T16:00:00.000Z","stockId":3000000018922,"sao":"2024年上半年，宏观政策协同发力，带动实体经济稳步复苏。稳健的货币政策灵活适度、精准有效，强化逆周期调节，有效支持了实体经济，并防控了金融风险。财政政策继续加力提质，产业政策继续聚焦科技创新。整体而言，各项政策协同发力，经济实现了质的有效提升和量的合理增长。　　本报告期内，本组合持仓以利率债配置为主，保障组合的流动性与安全性。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:07.925Z","mo":"展望2024年下半年，预计中国经济仍将在高质量发展的轨道上行稳致远，政策取向依然侧重于贯彻新发展理念，构建新发展格局，聚焦高质量发展。一方面，落实好既有的宏观政策；另一方面，积极扩大国内需求，因地制宜发展新质生产力。在各项政策协同下，预计全年经济社会发展目标将顺利达成。　　新发展格局对债券市场形成一定支撑，但当前债券市场绝对收益率已处于历史低位，预计下半年债市波动率将有所提升。","fund":{"_id":3000000018922,"__csrcFundId":12931,"stockCode":"018922","shortName":"民生加银恒源债券(018922)","masterFundShortName":"民生加银恒源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18922,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:11:31.572Z","status":"normal","exchange":"jj","fundCollectionId":4000050610000,"inceptionDate":"2023-08-14T16:00:00.000Z","name":"民生加银恒源债券型证券投资基金","setUpDate":"2023-08-14T16:00:00.000Z","setUpAssetScale":7999998547.64,"setUpShares":7999998547.64,"pinyin":"msjyhyzqxzqtzjj","managers":[{"stockCode":"db20061380","stockType":"fund_manager","exchange":"fm","tickerId":242608100110,"name":"谢志华"},{"stockCode":"db20355340","stockType":"fund_manager","exchange":"fm","tickerId":262417150080,"name":"赵小强"}]},"announcement":{"linkText":"民生加银恒源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=1146611","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2df7fea5b3eb0534adc","date":"2024-03-30T16:00:00.000Z","stockId":3000000018922,"sao":"2024年1季度，我国依然处在转变发展方式、优化经济结构、转换增长动力的攻关期，政策取向依然坚定不移推进高质量发展。财政政策适度加力、提质增效；货币政策精准有力，有力支持了实体经济；财政政策、货币政策、产业政策协同，持续推动经济实现质的有效提升和量的合理增长。　　2024年1季度，各期限收益率均有所下行，债券市场整体表现较好。　　本报告期内，本组合持仓以利率债、存单配置为主，保障组合的流动性与安全性。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:07.922Z","fund":{"_id":3000000018922,"__csrcFundId":12931,"stockCode":"018922","shortName":"民生加银恒源债券(018922)","masterFundShortName":"民生加银恒源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18922,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:11:31.572Z","status":"normal","exchange":"jj","fundCollectionId":4000050610000,"inceptionDate":"2023-08-14T16:00:00.000Z","name":"民生加银恒源债券型证券投资基金","setUpDate":"2023-08-14T16:00:00.000Z","setUpAssetScale":7999998547.64,"setUpShares":7999998547.64,"pinyin":"msjyhyzqxzqtzjj","managers":[{"stockCode":"db20061380","stockType":"fund_manager","exchange":"fm","tickerId":242608100110,"name":"谢志华"},{"stockCode":"db20355340","stockType":"fund_manager","exchange":"fm","tickerId":262417150080,"name":"赵小强"}]},"announcement":{"linkText":"民生加银恒源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=1072925","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2df7fea5b3eb0534adb","date":"2023-12-30T16:00:00.000Z","stockId":3000000018922,"sao":"三季度，国内经济持续复苏，经济恢复向好的基础更为牢固，供需循环更趋畅通，经济增速在主要经济体中名列前茅。本组合成立于这一时期，成立后逐步开始建仓。　　2023年4季度，国民经济回升向好，高质量发展扎实推进。本组合继续建仓，逐步提升组合久期。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:07.919Z","mo":"展望2024年，随着全国上下一条心，坚持以习近平新时代中国特色社会主义思想为指导，全面贯彻落实党的二十大和二十届二中全会精神，按照中央经济工作会议部署，完整、准确、全面贯彻新发展理念，加快构建新发展格局，聚焦高质量发展这一首要任务，坚持稳中求进、以进促稳、先立后破，预计经济回升的势头将得到进一步巩固和增强，实现质的有效提升和量的合理增长。　　对于债券而言，在高质量发展的背景下，预计利率整体中枢将保持稳中有降，债市仍具备一定吸引力；同时，考虑到当前各期限收益率已处于历史较低位置，止盈心态较浓，预计债市波动率将有所提升。","fund":{"_id":3000000018922,"__csrcFundId":12931,"stockCode":"018922","shortName":"民生加银恒源债券(018922)","masterFundShortName":"民生加银恒源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18922,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:11:31.572Z","status":"normal","exchange":"jj","fundCollectionId":4000050610000,"inceptionDate":"2023-08-14T16:00:00.000Z","name":"民生加银恒源债券型证券投资基金","setUpDate":"2023-08-14T16:00:00.000Z","setUpAssetScale":7999998547.64,"setUpShares":7999998547.64,"pinyin":"msjyhyzqxzqtzjj","managers":[{"stockCode":"db20061380","stockType":"fund_manager","exchange":"fm","tickerId":242608100110,"name":"谢志华"},{"stockCode":"db20355340","stockType":"fund_manager","exchange":"fm","tickerId":262417150080,"name":"赵小强"}]},"announcement":{"linkText":"民生加银恒源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=1055218","linkType":"PDF","source":"csrc_pdf"}}]}