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年上半年中国经济实现“开门红”，GDP同比增速5.3%，就业物价总体稳定。上半年，利率在一季度经历了大幅上行后在二季度回落后窄幅震荡。二季度海外贸易政策反复，需求端受到一定影响，经济增长较一季度边际走弱。货币环境边际转松，5 月开展了降准降息操作，带动债券收益率震荡下行，信用利差收窄。经济整体仍具有较强韧性，收益率维持震荡。截至 2025 年二季度末，10 年期国债收益率较去年年末下行约2.5bp至1.65%。1年国债收益率较去年年末上行26bp至1.34%。报告期内，我们基本维持组合的纯债类资产配置，持仓品种以利率债为主。组合加权久期控制在中等偏高水平，投资策略以利率波段为主，在力求获取稳定的票息的基础上以期取得超额收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:18.481Z","mo":"展望2025年下半年，海外贸易政策影响或阶段性减退，基本面影响可能开始显现，流动性充裕环境有望延续，关注国债买卖重启进度和后市利率表现。组合操作上将根据市场波动，适当提高波段操作频率，以追求更佳回报。","fund":{"_id":3000000019045,"__csrcFundId":13581,"stockCode":"019045","masterFundShortName":"申万菱信安泰裕利纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19045,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:43.300Z","status":"normal","exchange":"jj","shortName":"申万菱信安泰裕利纯债债券A","name":"申万菱信安泰裕利纯债债券型证券投资基金","fundCollectionId":4000050340000,"setUpAssetScale":199998019.89,"setUpDate":"2024-03-05T16:00:00.000Z","setUpShares":199998019.89,"inceptionDate":"2024-03-07T16:00:00.000Z","pinyin":"swlxatylczzqxzqtzjj","tradingAbnormalDate":"2024-06-10T16:00:00.000Z","managers":[{"stockCode":"db20874169","stockType":"fund_manager","exchange":"fm","tickerId":191913226090,"name":"舒世茂"},{"stockCode":"j101020031","stockType":"fund_manager","exchange":"fm","tickerId":171019243250,"name":"乔健生"}]},"announcement":{"linkText":"申万菱信安泰裕利纯债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=1344362","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ea7fea5b3eb05353f3","date":"2025-03-30T16:00:00.000Z","stockId":3000000019045,"sao":"经济基本面方面，2025年一季度经济增长进一步好转。1-3月官方制造业PMI逐月回升。1-2月经济和金融数据显示我国在两新、AI等领域出现结构性亮点，出口韧性仍在，信贷增长较好，商品房销售有所修复。但同时，CPI、PPI等价格指数回升动能有待增强，地产投资有待进一步改善，消费动能有待进一步修复，内需偏弱的问题仍在延续。市场预期和风险偏好出现明显回升。受上述因素影响，一季度长端国债收益率先下后上。流动性与货币政策方面，2025年一季度银行间市场资金面保持紧平衡。受春节、跨季等因素影响，一季度市场流动性波动加大。市场普遍预期的双降操作尚未落地。货币政策宽松预期的边际收敛也是2月以来的长端国债收益率快速上行的重要原因。总体而言，2025年一季度利率债收益率以上行为主。截至2025年一季度末，10年期国债收益率录得1.82%，较2024年末上行约14bp。开年来货币宽松预期推动收益率持续下行，2月上旬录得一季度利率低点1.60%；后续市场随着资金面收紧逐步修正这一预期，3月中旬录得一季度债券利率高点1.90%。综合考虑经济基本面变化、央行货币政策操作、市场供需情况等因素，我们判断当前利率债仍然具有一定的配置价值。本基金在报告期内，主要投资于国债、政策性金融债、债券回购等品种，组合整体运行状况良好。此外，密切跟踪央行动态及市场参与者行为，保持了较高的资产流动性和较为适宜的杠杆水平，根据市场波动适时调整持仓，综合运用久期策略、骑乘策略、杠杆套息策略和票息策略等以期增厚组合收益，灵活合理安排组合久期和资产结构，力争获得超越比较基准的收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:18.478Z","fund":{"_id":3000000019045,"__csrcFundId":13581,"stockCode":"019045","masterFundShortName":"申万菱信安泰裕利纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19045,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:43.300Z","status":"normal","exchange":"jj","shortName":"申万菱信安泰裕利纯债债券A","name":"申万菱信安泰裕利纯债债券型证券投资基金","fundCollectionId":4000050340000,"setUpAssetScale":199998019.89,"setUpDate":"2024-03-05T16:00:00.000Z","setUpShares":199998019.89,"inceptionDate":"2024-03-07T16:00:00.000Z","pinyin":"swlxatylczzqxzqtzjj","tradingAbnormalDate":"2024-06-10T16:00:00.000Z","managers":[{"stockCode":"db20874169","stockType":"fund_manager","exchange":"fm","tickerId":191913226090,"name":"舒世茂"},{"stockCode":"j101020031","stockType":"fund_manager","exchange":"fm","tickerId":171019243250,"name":"乔健生"}]},"announcement":{"linkText":"申万菱信安泰裕利纯债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=1273638","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ea7fea5b3eb05353f2","date":"2024-12-30T16:00:00.000Z","stockId":3000000019045,"sao":"经济基本面方面，2024年全年经济运行总体偏弱。受到房地产投资偏弱和地方政府债务问题影响，叠加错综复杂的外部环境，2024年国内需求相对走弱，特别是对2024年前三季度经济增长构成一定影响。2024年前三季度，国内消费、物价、信贷等需求侧数据普遍表现一般。9月下旬以来，政策出现明显转向，各类促需求、稳市场的政策接力出台，对2024年四季度经济增长形成支撑，并激发了市场关于经济回稳向好的预期。这一时期，投资、消费等领域的部分数据亦出现了边际回暖。全年来看，经济基本面对债券市场较为友好，是2024年债券收益率大幅下行的重要基础。流动性与货币政策方面，2024年货币政策保持稳健并适时加力。价格方面，2024年政策利率（OMO）累计下调30bp，1年期和5年期LPR分别累计下调35bp和60bp。基准利率、存款利率和贷款利率下调带动包括债券利率在内的广义利率整体下行。数量方面，2024年法定存款准备金率累计下调1个百分点。此外，央行还开创了国债二级买卖、买断式逆回购等一系列创新型工具，这些工具的运用也为市场提供了流动性支撑，市场流动性环境总体平稳。中央经济工作会议表示，2025年将实施较为宽松的货币政策，进一步加强了货币政策的宽松预期。全年来看，货币宽松与货币宽松预期互相加强，货币政策和流动性环境对债券市场较为友好，进一步刺激了债券市场收益率的下行趋势。总体而言，2024年利率债收益率大幅下行。截至2024年末，10年期国债收益率录得1.68%，较2023年末下行约88bp。1月基本面和货币宽松预期定价不充分，录得全年收益率高点2.56%；12月末市场消化扰动因素，叠加货币政策宽松预期、机构配置压力等因素，录得全年债券利率低点1.68%。综合考虑经济基本面变化、央行货币政策操作、市场供需情况等因素，我们判断当前利率债仍然具有一定的配置价值。本基金在报告期内，主要投资于国债、政策性金融债、债券回购等品种，组合整体运行状况良好。此外，密切跟踪央行动态及市场参与者行为，保持了较高的资产流动性和较为适宜的杠杆水平，根据市场波动适时调整持仓，综合运用久期策略、骑乘策略、杠杆套息策略和票息策略等以期增厚组合收益，灵活合理安排组合久期和资产结构，力争获得超越比较基准的收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:18.475Z","mo":"2025年国内需求偏弱等问题可能仍将延续，外部环境压力可能加大，消费承压、民间投资需求不足、价格指标表现偏弱等问题可能仍会影响中国经济增长表现。按此，货币宽松趋势预计将维持。另一方面，经济刺激政策思路已经发生明显变化，房地产、地方债务等领域的风险可能出现改善。经济基本面各种因素交织，叠加债券收益率绝对水平处于历史相对低位，预计债券收益率或将波动下行，但市场震荡幅度可能较大。","fund":{"_id":3000000019045,"__csrcFundId":13581,"stockCode":"019045","masterFundShortName":"申万菱信安泰裕利纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19045,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:43.300Z","status":"normal","exchange":"jj","shortName":"申万菱信安泰裕利纯债债券A","name":"申万菱信安泰裕利纯债债券型证券投资基金","fundCollectionId":4000050340000,"setUpAssetSc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