window.pageData = {"stock":{"_id":3000000019682,"name":"尚正正享债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"019682","tickerId":19682,"shortName":"尚正正享债券C","currency":"CNY","exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"inceptionDate":"2023-11-09T16:00:00.000Z","followedNum":2,"fundCollectionId":4000051960000,"setUpAssetScale":20006646,"setUpDate":"2023-11-08T16:00:00.000Z","setUpShares":20006646,"pinyin":"szzxzqxzqtzjj","tradingAbnormalDate":"2023-11-19T16:00:00.000Z","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"51960000","tickerId":51960000,"name":"尚正基金管理有限公司"},"managers":[{"name":"王飞","stockType":"fund_manager","stockCode":"j101020414","exchange":"fm","tickerId":2306256810}],"hotMetrics":{"fss":{"stockId":3000000019682,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.992,"f_ind_h_s_r":0.008,"f_h_a":760,"f_h_s_a":25797,"last_data_date":"2025-06-29T16:00:00.000Z","f_ind_h_s_r_c_hy":-0.0040999999999999995,"f_ins_h_s_r_c_hy":0.0040999999999998815,"f_ind_h_s_r_c_1y":-0.0114,"f_ins_h_s_r_c_1y":0.011399999999999966},"fpr":{"stockId":3000000019682,"type":"fpr","f_p_r_fys_ssc":7464,"f_p_r_fys_ssrp":0.9990620393943455,"f_p_r_m1_ssc":7580,"f_p_r_m1_ssrp":0.8633065048159387,"f_p_r_m3_ssc":7483,"f_p_r_m3_ssrp":0.9966586474204758,"f_p_r_m6_ssc":7262,"f_p_r_m6_ssrp":0.9942156727723455,"f_p_r_y1_ssc":6833,"f_p_r_y1_ssrp":0.9740925058548009,"f_cagr_p_r_fs_ssc":7291,"f_cagr_p_r_fs_ssrp":0.0016460905349794238,"f_p_r_y2_ssc":5871,"f_p_r_y2_ssrp":0.9914821124361158},"fp":{"stockId":3000000019682,"type":"fp","f_p_r_d1":0.00008202772537102554,"f_cagr_p_r_fs":0.37715622656658554,"f_p_r_m1":0.0018054162487464165,"f_p_r_fys":-0.022796203893943656,"f_p_r_m3":-0.02906581121804208,"f_p_r_m6":-0.01547560374568735,"f_p_r_y1":-0.0032499226464670627,"last_data_date":"2026-04-29T16:00:00.000Z","f_p_r_y2":0.00539050472718694},"ff":{"stockId":3000000019682,"type":"ff","f_m_f_r":0.006,"f_c_f_r":0.0015,"f_m_a_c_f_r":0.0075,"f_m_c_f_d":"2024-10-09T16:00:00.000Z","f_c_f":477655,"f_m_a_c_f":2388277,"f_m_f":1910622,"f_c_fr":0.0015,"f_fr_d":"2025-09-25T16:00:00.000Z","f_m_fr":0.006,"f_mac_fr":0.0075},"f_nlacan":{"stockId":3000000019682,"type":"f_nlacan","f_nv_d":"2026-04-29T16:00:00.000Z","f_nv":0.9988,"f_nv_cr":-0.0027955271565495154},"f_as":{"stockId":3000000019682,"type":"f_as","f_tas":647184.5298,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000019681,"__csrcFundId":13171,"stockCode":"019681","masterFundShortName":"尚正正享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19681,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:27:36.456Z","status":"normal","exchange":"jj","shortName":"尚正正享债券(019681)","fundCollectionId":4000051960000,"name":"尚正正享债券型证券投资基金","setUpAssetScale":180038909.59,"setUpDate":"2023-11-08T16:00:00.000Z","setUpShares":180038909.59,"inceptionDate":"2023-11-09T16:00:00.000Z","followedNum":1,"pinyin":"szzxzqxzqtzjj","tradingAbnormalDate":"2023-11-19T16:00:00.000Z"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000019681,"stockId":600875,"holdings":800,"marketCap":28040,"netValueRatio":0.0159,"quarterlyChange":0.44357495881383824,"stock":{"stockCode":"600875","exchange":"sh","stockType":"company","tickerId":600875,"name":"东方电气"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000019681,"stockId":600489,"holdings":900,"marketCap":24039,"netValueRatio":0.0136,"quarterlyChange":0.14340753424657615,"stock":{"stockCode":"600489","exchange":"sh","stockType":"company","tickerId":600489,"name":"中金黄金"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000019681,"stockId":975,"holdings":800,"marketCap":23744,"netValueRatio":0.0135,"quarterlyChange":0.2198931360460339,"stock":{"stockCode":"000975","exchange":"sz","stockType":"company","tickerId":975,"name":"山金国际"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000019681,"stockId":601318,"holdings":400,"marketCap":22712,"netValueRatio":0.0129,"quarterlyChange":-0.1698830409356732,"stock":{"stockCode":"601318","exchange":"sh","stockType":"company","tickerId":601318,"name":"中国平安"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000019681,"stockId":688676,"holdings":300,"marketCap":22350,"netValueRatio":0.0127,"quarterlyChange":-0.17533761346026056,"stock":{"stockCode":"688676","tickerId":688676,"exchange":"sh","stockType":"company","name":"金盘科技"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000019681,"stockId":625,"holdings":2200,"marketCap":22000,"netValueRatio":0.0125,"quarterlyChange":-0.15682967959527838,"stock":{"stockCode":"000625","exchange":"sz","stockType":"company","tickerId":625,"name":"长安汽车"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000019681,"stockId":600988,"holdings":500,"marketCap":21575,"netValueRatio":0.0122,"quarterlyChange":0.38124199743918097,"stock":{"stockCode":"600988","exchange":"sh","stockType":"company","tickerId":600988,"name":"赤峰黄金"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000019681,"stockId":601658,"holdings":4200,"marketCap":21546,"netValueRatio":0.0122,"quarterlyChange":-0.03695281782437809,"stock":{"stockCode":"601658","tickerId":601658,"exchange":"sh","stockType":"company","name":"邮储银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000019681,"stockId":600522,"holdings":700,"marketCap":21063,"netValueRatio":0.0119,"quarterlyChange":0.660596026490065,"stock":{"stockCode":"600522","exchange":"sh","stockType":"company","tickerId":600522,"name":"中天科技"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000019681,"stockId":2028,"holdings":100,"marketCap":20200,"netValueRatio":0.0115,"quarterlyChange":0.30668219160359755,"stock":{"stockCode":"002028","exchange":"sz","stockType":"company","tickerId":2028,"name":"思源电气"}}],"bondHoldings":[{"_id":"69e8fb621398d798430036df","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000019681,"stockCode":"019792","stockName":"25国债19","holdings":10000,"marketCap":1007551,"netValueRatio":0.5711,"lastUpdated":"2026-04-22T16:46:26.639Z"},{"_id":"69e8fb621398d798430036e0","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000019681,"stockCode":"188036","stockName":"21中财G4","holdings":1000,"marketCap":103025,"netValueRatio":0.0584,"lastUpdated":"2026-04-22T16:46:26.643Z"},{"_id":"69e8fb621398d798430036e1","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000019681,"stockCode":"241622","stockName":"24平证03","holdings":1000,"marketCap":101629,"netValueRatio":0.0576,"lastUpdated":"2026-04-22T16:46:26.646Z"},{"_id":"69e8fb621398d798430036e2","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000019681,"stockCode":"240505","stockName":"24中证G2","holdings":1000,"marketCap":101362,"netValueRatio":0.0575,"lastUpdated":"2026-04-22T16:46:26.650Z"},{"_id":"69e8fb621398d798430036e3","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000019681,"stockCode":"524472","stockName":"25广发09","holdings":1000,"marketCap":101282,"netValueRatio":0.0574,"lastUpdated":"2026-04-22T16:46:26.654Z"}]},"list":[{"_id":"69e8ec341398d79843fe9b79","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000019681,"sao":"2026年一季度，债券市场整体表现稳健，股票市场的波动性则显著加大，行业和板块间的分化也较为明显。本基金在报告期内历经了较大的回撤，在市场的应对策略上，我们没有对权益仓位进行压降，主要思路是想通过行业和板块调整对冲外部冲击的不确定性。事后来看，这种调整的效果并不理想，这也是后续我们投资操作中需要认真反思和总结的地方。报告期内，债券市场收益率曲线呈陡峭化态势运行，国债收益率曲线10年期及以下期限整体下移，而且期限越短下移的幅度相对更为明显。同时中短久期信用债受到市场资金追捧，导致信用利差进一步收窄。报告期内，本基金对于债券部分的投资仍以短久期利率债为主，并适当提升了对于短久期高等级信用债的配置。报告期内，股票市场运行所面临的内外部不确定性因素显著增加。一是中东地缘政治冲突导致油气运输受阻，国际油价大幅上涨，推高全球通胀预期，压制风险资产表现；二是美联储维持高利率且暂不释放降息信号，使得全球流动性收紧预期升温，影响市场风险偏好；三是内部因素方面，虽然今年1-2月工业生产回暖，但当前经济仍面临“供强需弱”的结构性矛盾。在此背景下，我们在量化选股模型中添加景气因子，以期通过行业的高景气度和个股未来业绩增长的高确定性来对冲当前市场所面临的不确定性。在模型指引下，我们在报告期对投资组合进行了调整，一是大幅减仓港股；二是增加了高景气行业的配置，如发电及电网设备、贵金属、整车、非银金融等","lastUpdated":"2026-04-22T15:41:40.203Z","fund":{"_id":3000000019681,"__csrcFundId":13171,"stockCode":"019681","masterFundShortName":"尚正正享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19681,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:27:36.456Z","status":"normal","exchange":"jj","shortName":"尚正正享债券(019681)","fundCollectionId":4000051960000,"name":"尚正正享债券型证券投资基金","setUpAssetScale":180038909.59,"setUpDate":"2023-11-08T16:00:00.000Z","setUpShares":180038909.59,"inceptionDate":"2023-11-09T16:00:00.000Z","followedNum":1,"pinyin":"szzxzqxzqtzjj","tradingAbnormalDate":"2023-11-19T16:00:00.000Z","managers":[{"stockCode":"j101020414","stockType":"fund_manager","exchange":"fm","tickerId":2306256810,"name":"王飞"}]},"announcement":{"linkText":"尚正正享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=1473908","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed31d7fea5b3eb053809e","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000019681,"sao":"本基金在2025年四季度继续坚持量化高股息策略和短久期利率债策略，维持权益资产仓位在18%附近。回顾四季度，权益方面，高股息资产表现平稳，中证红利指数和港股通高股息指数分别录得0.79%和0.47%的收益率。债券方面，利率债市场整体呈现短端修复领先、收益率曲线温和牛平的特征，但长端仍承压，市场波动受政策预期与资金面主导。展望未来，海内外大概率会延续相对宽松的货币环境，低利率环境或许在2026年得以延续；此外，以中证红利指数和港股通高股息指数为代表的高股息资产仍保持较高的股息率水平，高股息资产仍具有不错的配置价值。本基金在未来一段时间内将延续之前的配置思路，权益资产方面通过量化高股息策略配置于高股息资产，债券方面仍以短久期利率债为主。","lastUpdated":"2026-03-09T14:03:09.154Z","fund":{"_id":3000000019681,"__csrcFundId":13171,"stockCode":"019681","masterFundShortName":"尚正正享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19681,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:27:36.456Z","status":"normal","exchange":"jj","shortName":"尚正正享债券(019681)","fundCollectionId":4000051960000,"name":"尚正正享债券型证券投资基金","setUpAssetScale":180038909.59,"setUpDate":"2023-11-08T16:00:00.000Z","setUpShares":180038909.59,"inceptionDate":"2023-11-09T16:00:00.000Z","followedNum":1,"pinyin":"szzxzqxzqtzjj","tradingAbnormalDate":"2023-11-19T16:00:00.000Z","managers":[{"stockCode":"j101020414","stockType":"fund_manager","exchange":"fm","tickerId":2306256810,"name":"王飞"}]},"announcement":{"linkText":"尚正正享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=1454155","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed31d7fea5b3eb053809d","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000019681,"sao":"2025年三季度，A股市场在政策支持、科技创新和外资流入等多重利好因素推动下表现强劲，A股主要指数普遍上涨，部分个股涨幅惊人。相比之下，国内债券市场整体表现疲软，收益率曲线震荡上行。本基金在债券资产配置上以短久期利率债为主，同时在特定时段搭配少量长期国债进行波动操作，债券部分的久期总体维持在3年以内。与此同时，本基金在三季度大幅增加了权益资产的配置，股票配置比例接近20%的仓位上限。在具体股票选择上，本基金主要采用量化高股息策略，从分红意愿和分红能力两个维度出发构建高股息股票基础池。其中，分红意愿维度主要考察平均股息率和预期股息率等指标，分红能力主要考察ROE稳定性和净利润同比加速度等指标。展望未来，年内国内资产价格上涨的逻辑并未发生显著变化。一是美元信用继续走弱，全球资产再平衡将持续进行，A股在全球范围内仍具有较高的配置性价比；二是国内利率继续保持低位，固收类资产荒局面短期内难以改变，保持权益类资产较高仓位运行仍是本基金的主要策略；此外，反内卷背景下的物价提升力度将是未来一段时间内的主要关注变量。因此，本基金将继续维持当前的资产配置策略，债券方面继续以短久期利率债为主，股票方面继续采用量化高股息策略并维持较高的配置比例，同时积极优化策略提升极致行情的应对能力。","lastUpdated":"2026-03-09T14:03:09.151Z","fund":{"_id":3000000019681,"__csrcFundId":13171,"stockCode":"019681","masterFundShortName":"尚正正享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19681,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:27:36.456Z","status":"normal","exchange":"jj","shortName":"尚正正享债券(019681)","fundCollectionId":4000051960000,"name":"尚正正享债券型证券投资基金","setUpAssetScale":180038909.59,"setUpDate":"2023-11-08T16:00:00.000Z","setUpShares":180038909.59,"inceptionDate":"2023-11-09T16:00:00.000Z","followedNum":1,"pinyin":"szzxzqxzqtzjj","tradingAbnormalDate":"2023-11-19T16:00:00.000Z","managers":[{"stockCode":"j101020414","stockType":"fund_manager","exchange":"fm","tickerId":2306256810,"name":"王飞"}]},"announcement":{"linkText":"尚正正享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=1376404","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed31d7fea5b3eb053809c","date":"2025-06-29T16:00:00.000Z","stockId":3000000019681,"sao":"上半年国内经济整体运行良好，其中工业生产表现较强，基建保持平稳，出口韧性仍在，房地产投资数据则底部震荡。从财政和货币政策看，政府债前置发力对社融数据起到强支撑，央行5月降息呵护市场态度明确，货币政策保持宽松；从外部环境看，中美“贸易战2.0”在双方几番较量后达到“斗而不破”的新平衡，关系出现阶段性“回暖”。报告期间，本基金延续稳健策略取向，聚焦短久期利率债及同业存单，持仓久期控制在1年以内，规避长债波动风险。本基金在本报告期间未配置任何权益仓位。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:09.147Z","mo":"考虑到上半年政府债券已前置发力、出口基数不低以及企业盈利数据尚在底部等因素，下半年经济增速面临小幅下滑压力。预计货币政策将维持偏宽松格局，基建投资以稳为主。而财政政策将根据国内经济数据以及海外经济、货币环境等变化，动态调整刺激力度。债券市场方面，下半年经济增速仍有一定压力，在资金面较友好的背景下，债券市场仍有一定配置机会。但考虑到债券绝对收益率水平较低、经济失速风险不高且中美关系缓和，出口也有韧性，利率大幅下行空间也尚未打开。预计利率水平呈现“上有顶、下有底”的震荡格局。","fund":{"_id":3000000019681,"__csrcFundId":13171,"stockCode":"019681","masterFundShortName":"尚正正享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19681,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:27:36.456Z","status":"normal","exchange":"jj","shortName":"尚正正享债券(019681)","fundCollectionId":4000051960000,"name":"尚正正享债券型证券投资基金","setUpAssetScale":180038909.59,"setUpDate":"2023-11-08T16:00:00.000Z","setUpShares":180038909.59,"inceptionDate":"2023-11-09T16:00:00.000Z","followedNum":1,"pinyin":"szzxzqxzqtzjj","tradingAbnormalDate":"2023-11-19T16:00:00.000Z","managers":[{"stockCode":"j101020414","stockType":"fund_manager","exchange":"fm","tickerId":2306256810,"name":"王飞"}]},"announcement":{"linkText":"尚正正享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=1341387","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed31d7fea5b3eb053809b","date":"2025-03-30T16:00:00.000Z","stockId":3000000019681,"sao":"第一季度，国内经济运行平稳，制造业生产较强，房地产投资数据偏弱但销售有所回暖，PPI低位震荡。国际层面，美国新政府关税2.0政策冲击全球贸易格局，并带来世界经济前景的不确定性。报告期间，本基金延续稳健策略取向，严格控制净值波动。一季度受资金面偏紧及风险偏好回暖影响，债券市场出现调整。本基金通过聚焦短久期信用债及同业存单，持仓久期控制在1年以内，规避长债波动风险。本基金在本报告期间未配置任何权益仓位。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:09.144Z","fund":{"_id":3000000019681,"__csrcFundId":13171,"stockCode":"019681","masterFundShortName":"尚正正享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19681,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:27:36.456Z","status":"normal","exchange":"jj","shortName":"尚正正享债券(019681)","fundCollectionId":4000051960000,"name":"尚正正享债券型证券投资基金","setUpAssetScale":180038909.59,"setUpDate":"2023-11-08T16:00:00.000Z","setUpShares":180038909.59,"inceptionDate":"2023-11-09T16:00:00.000Z","followedNum":1,"pinyin":"szzxzqxzqtzjj","tradingAbnormalDate":"2023-11-19T16:00:00.000Z","managers":[{"stockCode":"j101020414","stockType":"fund_manager","exchange":"fm","tickerId":2306256810,"name":"王飞"}]},"announcement":{"linkText":"尚正正享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=1273411","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed31d7fea5b3eb053809a","date":"2024-12-30T16:00:00.000Z","stockId":3000000019681,"sao":"2024年国内全年 GDP 增长5.0%，达成预期增长目标。但经济增长的稳定性有待加强。分季度看，四个季度 GDP 增速分别为5.3%、4.7%、4.6%、5.4% ，呈 “U” 型走势，凸显经济恢复的波动性。从需求层面看，2024年GDP平减指数同比-0.7%，全年价格跌幅较上年进一步扩大，暴露出供需失衡、经济内生动能不足的问题。11月及12月社零同比、制造业投资同比下滑，表明政策驱动下经济恢复态势并不稳定。外需方面，全球经济增长放缓，贸易保护主义抬头，地缘政治冲突频发。2024 年我国货物出口虽同比增长5.4%，可仍面临贸易摩擦、供应链调整等挑战。消费侧需求不振，再加上贸易保护主义、地缘冲突加剧等因素，使得外部需求充满不确定性。汇率层面，受全球货币政策分化、美元指数波动及贸易形势等多重因素影响，人民币汇率双向波动加剧，稳汇率压力较大。本报告期间，股票市场出现较宽幅度的振荡并最终实现全面上涨。上证指数较上期末上涨12.67%，深证成指上涨9.34%，沪深300上涨14.68%，恒生指数上涨17.67%。债券市场利率受基本面与政策面的驱动，全年总体呈波动下行趋势。相对于上期末，1年期国债利率下行98BP、3年期国债下行约100BP、10年期国债下行约89BP；1年期国开债利率下行94BP、3年期国开债下行约98BP、10年期国开债下行约95BP，3年期AAA级产业类信用债收益率下行97BP、3年期AAA级城投类信用债收益率下行94BP。本报告期间中，在国内外经济形势不明朗、稳汇率压力较大的环境下，权益市场与长债收益率的振幅均较大。本基金基于稳健策略取向，严格执行的防守策略，选择3年内短久期利率债为主，利用剩余仓位买入高性价比优质存单。同时，本基金密切跟踪市场利率走势和宏观经济数据，灵活调整短久期利率债和存单的持仓比例。在 10月央行喊话关注长债走势、债市出现回调风险时，及时降低了部分久期稍长债券的仓位，增加存单配置，有效规避了市场调整带来的损失。11月市场利率下行预期增强时，适当增加了短久期利率债的持有量，以获取债券价格上涨带来的收益。从全年的业绩表现来看，本基金在复杂的市场环境下实现了较为稳健的增长，严格控制组合最大回撤，全年最大回撤19bp,低于同类平均水平。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:09.142Z","mo":"2025 年全球经济增长仍将面临一定的不确定性，但随着各国政策的协调和经济结构的调整，有望逐步走出困境。国内经济在一系列稳增长政策的持续推动下，预计将保持稳定增长态势。根据决策层的部署，2025年将实施“更加积极”的财政政策与“适度宽松”的货币政策。虽然货币政策有望保持相对宽松，但随着经济的逐步复苏，宽信用政策可能会对债券市场形成一定的压力。全年债券利率总体中枢可能稳中有降，但阶段性行情受到基本面改善节奏、资金投放节奏等影响较大，股债可能均存在较大幅度波动。","fund":{"_id":3000000019681,"__csrcFundId":13171,"stockCode":"019681","masterFundShortName":"尚正正享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19681,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:27:36.456Z","status":"normal","exchange":"jj","shortName":"尚正正享债券(019681)","fundCollectionId":4000051960000,"name":"尚正正享债券型证券投资基金","setUpAssetScale":180038909.59,"setUpDate":"2023-11-08T16:00:00.000Z","setUpShares":180038909.59,"inceptionDate":"2023-11-09T16:00:00.000Z","followedNum":1,"pinyin":"szzxzqxzqtzjj","tradingAbnormalDate":"2023-11-19T16:00:00.000Z","managers":[{"stockCode":"j101020414","stockType":"fund_manager","exchange":"fm","tickerId":2306256810,"name":"王飞"}]},"announcement":{"linkText":"尚正正享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=1253532","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed31d7fea5b3eb0538099","date":"2024-09-29T16:00:00.000Z","stockId":3000000019681,"sao":"三季度经济增长动能持续放缓， 9月PMI景气度虽然有所反弹，但仍处于枯荣线以下，需求端改善有限，企业经营信心持续弱化，观望情绪较浓。9月，随着海外央行陆续进入降息周期，国内货币政策空间逐步打开，月末的政治局会议释放政策层稳信心、稳预期的诉求，货币政策加速发力，降准降息齐发，对财政政策的定调也转为更加积极，四季度增量政策可期。本报告期间，股票市场呈“V”型走势，各指数普涨。截至9月30日，上证指数较上期末上涨12.44%，深证成指上涨19%，恒生指数上涨19.27%。债券市场收益率呈宽幅震荡走势。7月,央行超预期降息10个基点，导致利率再度快速下行。8月，央行增设公开市场买卖工具，采取了“买短卖长”的策略，买入短期债券补充流动性，同时通过卖出长期债券调整债市预期，导致债市迎来回调，收益率曲线走陡。随后在资产荒的逻辑下，市场欠配情绪浓厚，长债收益率仍逐步下探，10年期国债收益率触及2.01%。9月24日，政策超预期基调转向，双降相继落地，债券收益率急速拉升，10年期国债收益率上行20bp触及2.25%，市场波动显著增大。截至9月30日，10年期国债收益率较上期末下行5bp收2.15%，1年期国债收益率较上期末下行17bp收1.36%，曲线走陡。本基金在谨慎判断的基础上，坚持稳健策略取向，采用防守策略，以买入短久期利率债及优质存单为主，严格控制净值的波动。报告期间，市场振幅明显扩大，本组合进行了数次短线操作以增厚收益，把握8月末及9月中下旬两次阶段性收益率高点。现股债走势均尚不明确，本组合出于稳健投资策略的考虑，暂安于短端，保持较短的组合久期，静待市场企稳。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:09.139Z","fund":{"_id":3000000019681,"__csrcFundId":13171,"stockCode":"019681","masterFundShortName":"尚正正享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19681,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:27:36.456Z","status":"normal","exchange":"jj","shortName":"尚正正享债券(019681)","fundCollectionId":4000051960000,"name":"尚正正享债券型证券投资基金","setUpAssetScale":180038909.59,"setUpDate":"2023-11-08T16:00:00.000Z","setUpShares":180038909.59,"inceptionDate":"2023-11-09T16:00:00.000Z","followedNum":1,"pinyin":"szzxzqxzqtzjj","tradingAbnormalDate":"2023-11-19T16:00:00.000Z","managers":[{"stockCode":"j101020414","stockType":"fund_manager","exchange":"fm","tickerId":2306256810,"name":"王飞"}]},"announcement":{"linkText":"尚正正享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=1175667","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed31d7fea5b3eb0538098","date":"2024-06-29T16:00:00.000Z","stockId":3000000019681,"sao":"2024年上半年，中国经济开局强劲，但随后逐季走弱。一季度，GDP增速超预期达5.3%，较上一季度环比上升0.1个百分点，主受外需拉动，尤其是净出口的大幅正贡献。尽管内需对经济增长的推动力有所减弱，但消费需求的回暖，特别是在春节假期的餐饮和旅游消费，以及采矿、制造和基础设施投资的增加，共同支撑了一季度经济的超预期增长。然而，进入第二季度，经济增长速度降至4.7%，反映出消费支出和净出口对经济增长的拉动作用有所减弱，经济增长动力不足。综合上半年数据，中国经济实现了5%的增长，符合年初设定的目标，但增长趋势边际下滑。同时，海外主要经济体也面临增长乏力及通胀等挑战，外部利率高于国内利率，市场预期和信心持续不足，权益、汇率受资本外流影响，压力较大。本报告期间，股票市场先涨后跌，市场情绪波动较大。整体来看，上证指数较上年末微跌0.25%，深证成指下跌7.1%，沪深300微涨0.89%，恒生指数上涨3.94%。债券市场表现相对稳定，呈小牛市行情，央行通过降准、公开市场操作等方式呵护流动性，资金利率稳中有降，收益率曲线整体下移，曲线呈牛陡形态。截至6月28日，1年期国债收益率收于1.54%，较上季末下行54bp，10年期国债收益率收于2.23%,较上年末下行35bp, 30年期国债收益率下收于2.43%，较上年末下行40bp。本基金在谨慎判断的基础上，坚持稳健策略取向，采用防守策略，建仓期间，在规模波动较大的情况下，严格管控流动性风险。在股票市场波动加大的预判下，坚持谨慎操作，控制股票仓位。建仓期结束后，买入短久期利率债及优质短期存单，严格控制净值的波动，并积极抓住资金利率较高的时间点，通过逆回购、同业存款等低风险资产合理搭配，获取确定性较高的收益。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:09.136Z","mo":"展望后市，二季度内外需较弱的趋势仍会延续，给全年5%的增速目标带来一定压力。年中的几大重要会议定调均较为积极，下半年宽财政、稳货币的宏观政策组合框架已基本确定。同时，央行多次警示长债收益率过低风险。现长债收益率现已突破央行合意区间的下限，达历史极值水平，进一步下行空间受限，存在回调风险。因此，短债防守性较好，相对占优。股票方面，经济转型新旧动能切换的大背景下，经济基本面尚未走出“弱修复”区间，国内有效需求不足。另外，全球经济增长放缓，地缘政治、及美国大选等因素导致全球市场波动加大，投资人风险偏好下降，未来或将持续对指数形成向下压力，不确定性仍较大。","fund":{"_id":3000000019681,"__csrcFundId":13171,"stockCode":"019681","masterFundShortName":"尚正正享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19681,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:27:36.456Z","status":"normal","exchange":"jj","shortName":"尚正正享债券(019681)","fundCollectionId":4000051960000,"name":"尚正正享债券型证券投资基金","setUpAssetScale":180038909.59,"setUpDate":"2023-11-08T16:00:00.000Z","setUpShares":180038909.59,"inceptionDate":"2023-11-09T16:00:00.000Z","followedNum":1,"pinyin":"szzxzqxzqtzjj","tradingAbnormalDate":"2023-11-19T16:00:00.000Z","managers":[{"stockCode":"j101020414","stockType":"fund_manager","exchange":"fm","tickerId":2306256810,"name":"王飞"}]},"announcement":{"linkText":"尚正正享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=1145533","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed31d7fea5b3eb0538097","date":"2024-03-30T16:00:00.000Z","stockId":3000000019681,"sao":"2024年一季度，受国内外需求回升拉动，经济在去年的高基数下继续保持逐步复苏态势，总体增速略高于预期。国内消费、投资、出口均出现回升向好势头。春节以餐饮、旅游等为代表消费需求恢复明显，采矿业、制造业以及基建投资增长均显著高于去年底，海外对中国制造业产品需求旺盛，对外出口订单大幅提升。但是，仍然存在部分行业特别是房地产相关产业较为疲弱，新房销售仍在探底，地产开工与竣工大幅下滑，调查失业率有所上升，物价水平处于弱正值区间，特别是PPI仍处于通缩状态。宏观政策上继续加大对经济的托底作用，财政政策稳中有升，两会后将进入发力阶段；货币政策继续保持稳健宽松，如1月24日超预期降准0.5个百分点，向市场提供长期流动性约1万亿元，为经济企稳回升提供有利的金融货币环境。从本报告期整体来看，股票市场先抑后扬，但各指数有所分化。上证指数较上年末上涨2.93%，深证成指下跌0.43%，沪深300上涨3.60%，恒生指数下跌2.95%。债券市场则呈现牛市行情，收益率出现不同程度的下行，1年期国债利率下行39BP，3年期国债利率下行约31BP，10年期国债下行约27BP；3年期AAA级产业类信用债收益率下行21BP，3年期AAA级城投类信用债收益率下行18BP。本组合首先坚持稳健风格取向，在规模出现较大波动的条件下，严格把好流动性风险防范等重要关口；其次，在股票市场出现较大波动的预判下，坚持谨慎操作，严格控制股票仓位；最后，抓住春节等回购利率较高的季节性时点，通过逆回购、短期存款等资产的合理搭配，努力获取最优收益。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:09.132Z","fund":{"_id":3000000019681,"__csrcFundId":13171,"stockCode":"019681","masterFundShortName":"尚正正享债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":19681,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:27:36.456Z","status":"normal","exchange":"jj","shortName":"尚正正享债券(019681)","fundCollectionId":4000051960000,"name":"尚正正享债券型证券投资基金","setUpAssetScale":180038909.59,"setUpDate":"2023-11-08T16:00:00.000Z","setUpShares":180038909.59,"inceptionDate":"2023-11-09T16:00:00.000Z","followedNum":1,"pinyin":"szzxzqxzqtzjj","tradingAbnormalDate":"2023-11-19T16:00:00.000Z","managers":[{"stockCode":"j101020414","stockType":"fund_manager","exchange":"fm","tickerId":2306256810,"name":"王飞"}]},"announcement":{"linkText":"尚正正享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=1067446","linkType":"PDF","source":"csrc_pdf"}}]}