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　　展望四季度，股市在一轮情绪推动下的全面快速上涨告一段落，下一阶段大类资产的走势需要财政政策进一步落地的印证。从资产情况来看，股市最悲观的时候已经过去，后续会逐步回归理性，暴涨、普涨行情难以持续，不同品种板块之间会有所分化，调整后需要再次审视不同品种的上涨逻辑。债券方面，前期过于悲观的预期得到修正，信用债、金融债品种受到理财赎回的扰动，多数券种大幅调整后重新具备显著性价比，尤其是短久期品种。市场在交易预期过后重归交易现实，当前的基本面还处于较弱情形，政策落地效果尚需时间印证。在稳增长的大背景下，货币政策仍将维持呵护状态，一轮激烈调整过后的债市开始具备一定的配置价值。四季度产品将择机进行仓位调整，提高流动性资产占比，提高底仓收益，维持中性久期和杠杆水平。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:35.081Z","fund":{"_id":3000000000271,"__csrcFundId":2205,"stockCode":"000271","shortName":"中邮定期开放债券(000271)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":271,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:35.034Z","status":"normal","inceptionDate":"2013-11-04T16:00:00.000Z","name":"中邮定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮定期开放债券","pinyin":"zydqkfzqxzqtzjj","managers":[{"stockCode":"db20775143","stockType":"fund_manager","exchange":"fm","tickerId":2625202710,"name":"张悦"}]},"announcement":{"linkText":"中邮定期开放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=1180365","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a3d4369c9c836d48a8","date":"2024-06-29T16:00:00.000Z","stockId":3000000000271,"sao":"报告期内，产品保持信用债精选策略，从年初坚定地把握票息机会，采用积极的久期和杠杆水平，至二季度后期信用利差极致压缩后，杠杆效用减弱，转而采用中性杠杆水平，维持积极久期配置。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:35.076Z","mo":"2024年上半年，市场面临的核心主题是经济基本面的下行，以及价格指标的持续低迷，总量上来看，上半年实际GDP增速为5%，名义GDP增速为4%，名义值的下行幅度更大，不利于资产价格回升，不利于微观主体感受。金融数据来看，社融作为实体经济融资需求的指标，在金融挤水分和实体经济融资需求低迷的背景下，增速持续回落至8%附近，信用扩张的动力明显不足。结构上来看，地产、金融行业作为旧发展模式，不再受到追捧，新质生产力又尚未为经济注入足够的动力，整体经济活力不足。从风险偏好上来看，社会总体风险偏好持续下降，地产、股票等风险资产总体减持，固收、现金类资产持续增持，宏观条件和投资者行为相互印证。　　展望后市，货币政策方面仍需降低实际利率，一方面是银行端的负债成本，另一方面是存量房贷利率以及实体企业特别是民营企业融资成本。财政方面需要增加扩内需方面的措施，以提振消费，从收入效应和财富效应双方面修复居民资产负债表。后续投资上，债券仍处于资产荒的状态下，票息策略依旧有效，久期策略占优，下半年注意保持流动性仓位。","fund":{"_id":3000000000271,"__csrcFundId":2205,"stockCode":"000271","shortName":"中邮定期开放债券(000271)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":271,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:35.034Z","status":"normal","inceptionDate":"2013-11-04T16:00:00.000Z","name":"中邮定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮定期开放债券","pinyin":"zydqkfzqxzqtzjj","managers":[{"stockCode":"db20775143","stockType":"fund_manager","exchange":"fm","tickerId":2625202710,"name":"张悦"}]},"announcement":{"linkText":"中邮定期开放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=1150148","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a3d4369c9c836d48a7","date":"2024-03-30T16:00:00.000Z","stockId":3000000000271,"sao":"一季度中长端利率债超预期大幅下行，中短端受资金价格及绝对收益低位影响，下行受阻、曲线极致走平，波动放大。信用类票息资产依旧稀缺，信用债在低利差和低绝对收益下保持相对稳定，下行空间受限。本基金债券部分以票息策略为主，增加中长端利率交易，一季度整体维持了偏积极的杠杆久期。展望二季度，回归基本面跟踪逻辑，同时债券供给放量增加、叠加当前极低的收益，预期利率债进入波动较大的震荡状态。票息类资产持续资产荒，信用债保持积极配置态度。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:35.071Z","fund":{"_id":3000000000271,"__csrcFundId":2205,"stockCode":"000271","shortName":"中邮定期开放债券(000271)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":271,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:35.034Z","status":"normal","inceptionDate":"2013-11-04T16:00:00.000Z","name":"中邮定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮定期开放债券","pinyin":"zydqkfzqxzqtzjj","managers":[{"stockCode":"db20775143","stockType":"fund_manager","exchange":"fm","tickerId":2625202710,"name":"张悦"}]},"announcement":{"linkText":"中邮定期开放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=1076602","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a3d4369c9c836d48a6","date":"2023-12-30T16:00:00.000Z","stockId":3000000000271,"sao":"2023年经济逐步摆脱疫情影响，从年初的强预期弱现实转向下半年的弱预期弱现实，国内弱复苏格局叠加海外宽财政紧货币的政策组合，全年有一定的汇率压力，资本市场整体表现债强股弱，地产投资下滑拖累经济的同时也造成了固收类资产荒，债券收益率走出全年下行趋势，仅在三季度资金面异常收紧节点有小幅调整。本基金以票息策略为主要策略，叠加多种策略配合增厚收益。通过精细化的账户管理进行标的挖掘筛选以及保证组合的流动性和信用安全。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:35.066Z","mo":"2024年弱复苏格局延续，疫情带来的低基数效应消失，维持一定增速目标对政策发力的要求有所提高，财政发力的可能性和必要性相较去年提升，货币政策预计仍将维持偏松，但政策节奏仍然受海外影响。基本面方面，保交楼后地产投资拖累相比去年进一步扩大，消费延续疫情以来的逐步修复，出口受外部地缘政治影响风险仍然较大，市场风险偏好提升仍然较难，相对利好债市。但债券收益率已经处于历史极低位置，进一步大幅下行的空间有限，维持震荡判断，但票息类资产的“资产荒”预计仍将持续。","fund":{"_id":3000000000271,"__csrcFundId":2205,"stockCode":"000271","shortName":"中邮定期开放债券(000271)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":271,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:35.034Z","status":"normal","inceptionDate":"2013-11-04T16:00:00.000Z","name":"中邮定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮定期开放债券","pinyin":"zydqkfzqxzqtzjj","managers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信用利差收缩。报告期内，我们维持了短久期票息策略，资金面持续偏松的情况下适当提升了杠杆水平。展望下半年，利率供给节奏滞后，三季度地方债供给压力较大，债券市场有一定的调整压力，我们将维持信用票息策略，并择机参与利率长端波段交易，适当控制杠杆和久期。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:35.021Z","mo":"2021年下半年，预计海外经济受益疫苗接种开始复苏，全球总需求温和扩张，美联储缩表提上日程，病毒变异或仍有零星影响但不改复苏趋势，原油价格受需求拉动呈现高位震荡，整体看PPI在短期冲高后进一步上行空间较小。国内方面，外海产能恢复较慢部分行业复产难度大使得出口边际回落但整体仍处高位，投资活动在偏严的地产政策下难以大幅好转，消费有望继续边际好转，但疫情对居民资产负债表的伤害仍，消费恢复至疫情前仍有难度。政策方面7月份的降准使得市场对过于一直偏紧预期有所弱化，但下半年MLF到期高峰叠加地方债放量发行仍将使得资金面面临考验，预计资金价格围绕公开市场价格震荡中枢将有所抬升，长端方面，三季度地方债供给放量仍将对长端利率的走势造成影响，但利率长端大幅高于疫情前的状态难以持续，机构欠配仍较严重，冲高将是较好配置机会。","fund":{"_id":3000000000271,"__csrcFundId":2205,"stockCode":"000271","shortName":"中邮定期开放债券(000271)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":271,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:35.034Z","status":"normal","inceptionDate":"2013-11-04T16:00:00.000Z","name":"中邮定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮定期开放债券","pinyin":"zydqkfzqxzqtzjj","managers":[{"stockCode":"db20775143","stockType":"fund_manager","exchange":"fm","tickerId":2625202710,"name":"张悦"}]},"announcement":{"linkText":"中邮定期开放债券型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=635477","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a3d4369c9c836d489b","stockId":3000000000271,"sao":"一季度经济经历了疫情小范围反复，但复苏进程仍在持续，出口走强的趋势尚未见到拐点，经济数据在低基数的效应下大幅增长，全年经济增速前高后低趋势确定性较高。债券市场的表现方面，资金面的超预期宽松和利率债供给低位使得债券市场对利空表现有所钝化，一季度市场利率震荡为主，收益率曲线走平、信用利差收缩。政策层面，延续了去年12月中央经济工作会议以来以“稳”为主的总基调，全年看央行加息降息的空间均不大，债券市场趋势性机会较小，预计仍将以震荡行情为主。一季度，我们维持了短久期票息策略，维持中等杠杆水平，择机参与利率长端波段交易。展望未来，二季度利率供给高峰叠加传统缴税大月的到来，债券市场有一定的调整压力，我们将维持信用票息策略，并择机参与利率长端波段交易，适当控制杠杆和久期。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:35.017Z","fund":{"_id":3000000000271,"__csrcFundId":2205,"stockCode":"000271","shortName":"中邮定期开放债券(000271)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":271,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:35.034Z","status":"normal","inceptionDate":"2013-11-04T16:00:00.000Z","name":"中邮定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮定期开放债券","pinyin":"zydqkfzqxzqtzjj","managers":[{"stockCode":"db20775143","stockType":"fund_manager","exchange":"fm","tickerId":2625202710,"name":"张悦"}]},"announcement":{"linkText":"中邮定期开放债券型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=574727","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a3d4369c9c836d489a","stockId":3000000000271,"sao":"年初新冠疫情导致经济停摆，货币和财政双松的逆周期政策下债券市场收益率大幅下行，本基金适度提高了组合久期，增配了部分3-5年利率品种，4月份国内疫情初步得到遏制，货币政策逐步回归常态化，央行治理资金控制和压降结构性存款给债券短端带来一定冲击，本基金调降了仓位，以信用票息策略为主，三季度经济复苏由地产和基建投资拉动转向海外疫情导致的海外供给缺失下的外需走强，四季度信用风险爆发降低了市场信用风险偏好，高评级资产表现偏强，本基金增配了高评级信用品种，进一步提高组合流动性，取得了较好的效果。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:35.011Z","mo":"整体而言，2021年基本面仍处于复苏周期中，预期经济增速前高后低，在二季度前后可能出现较为明显的拐点。简要来说，投资方面：房地产投资虽逐步走弱但因存在惯性，在二季度之前韧性仍强，二季度后可能存在拐点；基建投资表现较弱，明年亦不会有明显起色；制造业投资和消费在二季度之前预期仍处于持续修复状态；贸易方面：供需错位、外需较强，出口在二季度之前保持韧性；金融数据中，社融在今年见顶，但结构仍然较好，随着逆周期调节政策退出明年将持续缓慢走弱；通胀方面，CPI明年同比小幅回升但受基数和猪周期影响，无太大上行压力；PPI随着商品价格走强，负增长持续收窄将在明年上半年转至正值，大概高点出现在二季度初左右。一般而言，PPI的高点领先于10年国债的高点一季度左右。货币政策保持中性紧平衡状态、“不缺不滥”、精准滴灌、以稳定宏观杠杆率为主要目的，防范系统性金融风险的发生。财政政策恢复常态化，降低赤字率、减少专项债或特别国债的发行。整体处于中性货币政策的信用收缩环境，政策不急转弯以稳为主。短期看，年初偏松的货币政策，叠加配置力度较强且债券供给不足，造成了去年12月下旬开始的一波行情，绝对收益和利差又拉回相对低位。同时，在信用冲击之后，监管层的一系列稳定市场措施使得信用情绪得到了较大的修复，在普遍的抢跑预期下，一季度前后，预期可能存在利率阶段性的回调，后续随着基本面逐步下探，利率可能出现震荡下行的趋势性行情。全年来看利率债投资存在大的波段机会。信用债虽分化加大，但在资金稳定的判断下，票息策略仍为纯债产品的主要收益贡献。伴随利率债的波段机会，中高等级信用债也将存在结构性交易投资机会。","fund":{"_id":3000000000271,"__csrcFundId":2205,"stockCode":"000271","shortName":"中邮定期开放债券(000271)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":271,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:35.034Z","status":"normal","inceptionDate":"2013-11-04T16:00:00.000Z","name":"中邮定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮定期开放债券","pinyin":"zydqkfzqxzqtzjj","managers":[{"stockCode":"db20775143","stockType":"fund_manager","exchange":"fm","tickerId":2625202710,"name":"张悦"}]},"announcement":{"linkText":"中邮定期开放债券型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=545722","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a3d4369c9c836d4899","stockId":3000000000271,"sao":"投资运作方面，2020年三季度，债券市场经历了一波较大幅度的调整，货币政策常态化，银行类机构结构性存款压降负债端压力较大，配置盘偏弱叠加供给放量带动市场收益率整体上行。基本面方面，经济仍处弱复苏进程，投资、出口持续偏强，消费复苏偏弱，整体看经济尚未恢复到疫情前状态，海外疫情仍处爆发期，债券市场维持弱势震荡格局。展望四季度，利率债供给高峰即将过去，但整体供给压力同比正常年份仍然偏大，经济持续处于弱复苏进程，美国大选的不确定性将在四季度落地，国内货币政策预期仍将维持中性，我们判断无风险利率走势仍然以区间震荡为主。策略上，我们维持了三季度以来的短久期的杠杆票息策略，继续挖掘信用资质较好的个券，控制整体组合久期的前提下用足杠杆空间，增厚组合收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:35.006Z","fund":{"_id":3000000000271,"__csrcFundId":2205,"stockCode":"000271","shortName":"中邮定期开放债券(000271)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":271,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:35.034Z","status":"normal","inceptionDate":"2013-11-04T16:00:00.000Z","name":"中邮定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮定期开放债券","pinyin":"zydqkfzqxzqtzjj","managers":[{"stockCode":"db20775143","stockType":"fund_manager","exchange":"fm","tickerId":2625202710,"name":"张悦"}]},"announcement":{"linkText":"中邮定期开放债券型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492035","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a3d4369c9c836d4898","stockId":3000000000271,"sao":"投资运作方面，2020年上半年，年初突如其来的疫情打破了去年四季度开始的弱复苏情形，为应对疫情冲击，货币政策和财政政策双松，资金面极端宽松，各类债券收益率在节后开市大幅下行，之后进入震荡区间。进入二季度以后，国内疫情控制效果显著，虽偶有零星爆发，但整体复工复产力度加强，并未影响经济基本面边际好转。同时积极财政政策下利率债供给同比大幅增多，央行政策关注点转向治理宽松后遗症及珍惜政策空间，货币政策重回正常化，债市情绪受到较大打压，债券收益率相较一季度低点大幅回升。市场普遍预期来看，海外疫情仍在恶化，国内经济复苏初期仍面临较多阻力，货币政策仍会维持相对宽松格局，且目前的经济基本面下债券收益率也很难大幅向上突破疫情前的位置。二季度以来，我们降低了长久期利率债的仓位，信用债方面进一步挖掘信用资质较好的个券，在控制整体组合久期的前提下用足杠杆空间，增厚组合收益。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:35.000Z","mo":"2020年下半年，预计海外疫情仍将持续，欧洲恢复程度好于美国，弱美元周期下大宗商品的价格有一定的上行压力，但全球总需求仍受疫情影响处于低位，原油价格受地缘政治影响难以大幅上行，整体看PPI年内回正并对货币政策造成掣肘的可能性较小。国内方面，二季度复工复产的顺利进行使得货币政策重回常态化区间，工业生产恢复程度较好，但下半年经济基本面的复苏仍有较大阻力，CPI受去年高基数影响仍有下行空间，目前的经济复苏程度不足以带来收紧货币政策的压力，改善主要发生在逆周期和上游供给收缩领域，就业和消费等顺周期领域的复苏才是经济基本面恢复的核心。未来一段时间仍将处于政策观察期，资金面有望保持围绕公开市场价格中枢震荡格局，短端利率继续上行的空间较小，长端方面，常态化货币政策下利率债的短期供给放量仍将对长端利率的走势造成影响，但利率长端大幅高于疫情前的状态难以持续。信用债层面，超常规增速的社融投放阶段结束，疫情期间延期的融资将在六个月内陆续收回，债券违约率有上行压力，中高评级个券收益率重回1/4分位数，具备一定的配置价值。","fund":{"_id":3000000000271,"__csrcFundId":2205,"stockCode":"000271","shortName":"中邮定期开放债券(000271)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":271,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:35.034Z","status":"normal","inceptionDate":"2013-11-04T16:00:00.000Z","name":"中邮定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮定期开放债券","pinyin":"zydqkfzqxzqtzjj","managers":[{"stockCode":"db20775143","stockType":"fund_manager","exchange":"fm","tickerId":2625202710,"name":"张悦"}]},"announcement":{"linkText":"中邮定期开放债券型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=463840","linkType":"PDF","source":"csrc_pdf"}}]}