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SHIBOR较去年四季度末上行约23BP至1.91%，一年期股份制银行同业存单收益率较去年底上行31BP至1.88%。具体来看，一月，央行表示坚决防范汇率超调风险并阶段性暂停买入国债，受此影响，银行间流动性大幅收紧，R007攀高至4.3%，带动货币市场收益率全面上行；二月，央行开展14000亿买断式逆回购操作注入流动性，资金价格的绝对水平虽较一月下行但仍处高位，出于对资金面不确定性的担忧，债券及存单收益率继续大幅上行；三月，两会召开，权益市场情绪进一步向好，央行放松了对流动性的限制供给，债券收益率在中旬触及高点后开始回落。　　基金操作方面，我们维持低杠杆和中等久期的操作思路，多投资于估值波动较小的银行存单等，组合整体流动性良好。我们视组合流动性和市场情况，增配了高评级的同业存单等，在控制好流动性风险的前提下，努力提高组合静态收益。　　展望2025年二季度，中央政治局会议在四月的政策定调尤为关键，将影响市场对于整个二季度的政策预期。我们将同时关注海外关税政策的影响。　　本基金将根据不同资产收益率的动态变化，适时调整组合结构，根据期限利差和套息利差动态调整组合杠杆率，通过对市场利率的前瞻性判断进行合理有效的久期管理，严格控制信用风险、流动性风险和利率风险，努力为持有人创造稳健的收益。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:14.024Z","fund":{"_id":3000000019754,"__csrcFundId":13346,"stockCode":"019754","masterFundShortName":"交银中证同业存单AAA指数7天持有期","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":19754,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-01T02:13:32.162Z","status":"normal","exchange":"jj","shortName":"交银中证同业存单AAA指数7天持有期(019754)","name":"交银施罗德中证同业存单AAA指数7天持有期证券投资基金","fundCollectionId":4000050480000,"setUpAssetScale":1831083856.86,"setUpDate":"2023-12-18T16:00:00.000Z","setUpShares":1831083856.86,"inceptionDate":"2023-12-21T16:00:00.000Z","pinyin":"jysldzztycdaaazs7tcyqzqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20703801","stockType":"fund_manager","exchange":"fm","tickerId":100316197450,"name":"季参平"}]},"announcement":{"linkText":"交银施罗德中证同业存单AAA指数7天持有期证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1267996","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3227fea5b3eb05385a4","date":"2024-12-30T16:00:00.000Z","stockId":3000000019754,"sao":"2024年全年，货币市场整体保持均衡偏宽松状态。货币市场工具收益率在上半年趋势下行；三季度，震荡整理；四季度，再次开启下行态势。3M SHIBOR较去年末下行约84BP至1.69%，一年期股份制银行同业存单收益率较去年末下行83BP至1.58%。整体上，一季度央行先后宣布降准50BP、下调五年期LPR利率25BP，提振市场风险偏好，叠加资金面宽松态势，存单和短期债券利率出现持续下行。二季度，经济复苏进度弱于预期，整体宽松基调不变，货币市场工具利率进一步下行并录得上半年的低点。三季度，央行超预期降息带动存单和短融收益率快速下行，但是随后资金持续收紧，多空交织下市场维持震荡格局。四季度，六大行官宣下调存款利率25BP，央行下调LPR利率25BP的同时展开买断式逆回购操作注入流动性，同业活期存款利率自律管理的倡议公布带动货币市场收益率继续下行。　　本基金是跟踪指数表现的指数基金，报告期内，组合根据规模变动和市场预期变化动态调整组合久期和杠杆，在控制组合与跟踪指数偏离的前提下，根据期限利差变化调整不同期限券种配置，以期增厚组合骑乘收益和杠杆收益。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:14.021Z","mo":"展望2025年上半年，央行货币政策的态度和节奏或决定资金和货币市场利率的走势。自2024年十二月以来，货币政策宽松的预期持续发酵，市场对于降准降息等货币宽松政策一直有期待。但由于海外通胀压力增加、美联储推迟降息等不确定性因素的增加，市场期待中的政策何时能够落地成为了左右市场的关键因素之一。另外，央行政策目标的轮动也会极大影响短端收益率的变化，维持汇率水平、打击资金空转、支持信贷债券发行等不同的政策目标优先级发生变化，市场的货币资金价格也会有相应的变化，对此我们将保持关注。　　本基金将根据不同资产收益率的动态变化，适时调整组合结构，根据期限利差动态调整组合杠杆率，通过对市场利率的前瞻性判断进行合理有效的久期管理，严格控制信用风险、流动性风险和利率风险，努力为持有人创造稳健的收益。","fund":{"_id":3000000019754,"__csrcFundId":13346,"stockCode":"019754","masterFundShortName":"交银中证同业存单AAA指数7天持有期","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":19754,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-01T02:13:32.162Z","status":"normal","exchange":"jj","shortName":"交银中证同业存单AAA指数7天持有期(019754)","name":"交银施罗德中证同业存单AAA指数7天持有期证券投资基金","fundCollectionId":4000050480000,"setUpAssetScale":1831083856.86,"setUpDate":"2023-12-18T16:00:00.000Z","setUpShares":1831083856.86,"inceptionDate":"2023-12-21T16:00:00.000Z","pinyin":"jysldzztycdaaazs7tcyqzqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20703801","stockType":"fund_manager","exchange":"fm","tickerId":100316197450,"name":"季参平"}]},"announcement":{"linkText":"交银施罗德中证同业存单AAA指数7天持有期证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1247141","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3227fea5b3eb05385a3","date":"2024-09-29T16:00:00.000Z","stockId":3000000019754,"sao":"2024年三季度，货币市场继续呈均衡状态，收益率低位震荡。3M SHIBOR较二季度末下行约8BP至1.84%，一年期股份制银行同业存单收益率较二季度末下行5BP至1.92%。具体来看，七月央行超预期降息，带动存单和短融收益率快速下行，市场对宽货币预期持续升温，收益率因此达到季度内低点；八月，大型银行开始持续卖出债券，另外部分农商行的买债行为得到规范，债券市场出现调整；九月，PMI不及市场预期，货币政策发力预期再起，然而资金出现持续收紧使得季末的存单收益率出现上行。　　基金操作方面，我们维持低杠杆和中等久期的操作思路，多投资于估值波动较小的银行存款与回购等，组合整体流动性良好。我们视组合流动性和市场情况，增配了高评级的同业存单等，在控制好流动性风险的前提下，努力提高组合静态收益。　　展望2024年四季度，国内政策的推出力度、金融机构的年末投资行为，以及海外风险的变化可能将对市场产生较大的影响。一是观察市场期盼的财政增发国债的力度和延续时间能否有效提振国内需求；二是海外特别是美国大选结果对我国经济的溢出效应，以及美联储是否持续超市场预期执行降息操作；三是国内外政策逻辑的变化下，金融机构和居民在年末的投资行为变化是否会影响到市场的走势。　　本基金将根据不同资产收益率的动态变化，适时调整组合结构，根据期限利差动态调整组合杠杆率，通过对市场利率的前瞻性判断进行合理有效的久期管理，严格控制信用风险、流动性风险和利率风险，努力为持有人创造稳健的收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:14.018Z","fund":{"_id":3000000019754,"__csrcFundId":13346,"stockCode":"019754","masterFundShortName":"交银中证同业存单AAA指数7天持有期","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":19754,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-01T02:13:32.162Z","status":"normal","exchange":"jj","shortName":"交银中证同业存单AAA指数7天持有期(019754)","name":"交银施罗德中证同业存单AAA指数7天持有期证券投资基金","fundCollectionId":4000050480000,"setUpAssetScale":1831083856.86,"setUpDate":"2023-12-18T16:00:00.000Z","setUpShares":1831083856.86,"inceptionDate":"2023-12-21T16:00:00.000Z","pinyin":"jysldzztycdaaazs7tcyqzqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20703801","stockType":"fund_manager","exchange":"fm","tickerId":100316197450,"name":"季参平"}]},"announcement":{"linkText":"交银施罗德中证同业存单AAA指数7天持有期证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1176517","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3227fea5b3eb05385a2","date":"2024-06-29T16:00:00.000Z","stockId":3000000019754,"sao":"2024年上半年，货币市场整体保持均衡偏宽松状态，收益率震荡下行，期限利差收窄。3M SHIBOR较去年末下行约61BP至1.92%，一年期股份制银行同业存单收益率较去年末下行43BP至1.99%。整体上，一季度央行先后宣布降准50BP、下调五年期LPR利率25BP，提振市场风险偏好，叠加资金面宽松态势，存单和短期债券利率出现持续下行。二季度，经济复苏进度弱于预期，整体宽松基调不变，货币市场工具利率进一步下行并录得上半年的低点。　　本基金是跟踪指数表现的指数基金，报告期内，组合根据规模变动和市场预期变化动态调整组合久期和杠杆，在控制组合与跟踪指数偏离的前提下，根据期限利差变化调整不同期限券种配置，以期增厚组合骑乘收益和杠杆收益。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:14.015Z","mo":"展望2024年下半年，政策发力节奏或将成为影响货币市场的主要因素。一是特别国债、专项债和政金债等财政和类财政工具能否持续发力，推动国内内需恢复；二是降准降息等货币政策工具的推出情况，以及汇率是否会继续影响货币政策的推出。　　本基金将根据不同资产收益率的动态变化，适时调整组合结构，根据期限利差动态调整组合杠杆率，通过对市场利率的前瞻性判断进行合理有效的久期管理，严格控制信用风险、流动性风险和利率风险，努力为持有人创造稳健的收益。","fund":{"_id":3000000019754,"__csrcFundId":13346,"stockCode":"019754","masterFundShortName":"交银中证同业存单AAA指数7天持有期","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":19754,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-01T02:13:32.162Z","status":"normal","exchange":"jj","shortName":"交银中证同业存单AAA指数7天持有期(019754)","name":"交银施罗德中证同业存单AAA指数7天持有期证券投资基金","fundCollectionId":4000050480000,"setUpAssetScale":1831083856.86,"setUpDate":"2023-12-18T16:00:00.000Z","setUpShares":1831083856.86,"inceptionDate":"2023-12-21T16:00:00.000Z","pinyin":"jysldzztycdaaazs7tcyqzqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20703801","stockType":"fund_manager","exchange":"fm","tickerId":100316197450,"name":"季参平"}]},"announcement":{"linkText":"交银施罗德中证同业存单AAA指数7天持有期证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1148151","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3227fea5b3eb05385a1","date":"2024-03-30T16:00:00.000Z","stockId":3000000019754,"sao":"2024年一季度，货币市场整体保持均衡偏宽松状态，收益率先下后震荡，期限利差略有走阔。3M SHIBOR较去年末下行约37BP至2.16%，一年期股份制银行同业存单收益率较去年末下行17BP至2.24%。具体来看，元旦后资金面相对平稳，经济缓步复苏，货币宽松预期发酵，长端收益率震荡下行。1月24日，央行宣布降准50BP，市场对资金面预期改善叠加央行跨月加大投放，一年期股份制存单收益率由2.45%逐步下行至2.33%。二月初，股市强劲反弹带动债市短暂回调，春节期间出行和消费数据热度较高，而地产销售延续弱势。节后资金面整体较为宽松，债券短端收益率显著下行，曲线形态陡峭化。二月下旬，央行公布五年期LPR下调25BP且部分中小银行下调存款利率，提振市场做多情绪，一年期股份制存单收益率下行至阶段低点2.23%。资金利率中枢整体下移，流动性分层情况有所好转。进入三月，财政支出加快叠加政府债净融资压力较小，同时跨季时点央行进行逆回购投放满足市场资金需求，流动性维持均衡，短端收益率窄幅波动。　　基金操作方面，我们维持低杠杆和中等久期的操作思路，多投资于估值波动较小的银行存款与回购等，组合整体流动性良好。我们视组合流动性和市场情况，增配了高评级的同业存单等，在控制好流动性风险的前提下，努力提高组合静态收益。　　展望2024年二季度，国内基本面复苏斜率和流动性的边际变化将成为影响债市的主要因素。基本面方面，考虑财政政策靠前发力，传统基建投资和“三大工程”逐步推进，经济同比增速或在二季度有所抬升，但消费和地产的反弹力度、海外经济放缓导致出口回落仍存潜在预期差。受基数效应影响，PPI跌幅或将持续收窄，预计CPI维持低位震荡，二季度国内通胀压力整体可控。政策方面，年初地方债发行节奏较慢，两会公布今年新增一万亿超长期特别国债发行，预计后续政府债发行提速，二季度财政仍将加力提效来托底基建，在二月LPR非对称下调后，货币政策更注重精准有效和宽信用效果，预计资金面保持平稳，阶段性波动增大。　　本基金将根据不同资产收益率的动态变化，适时调整组合结构，根据期限利差动态调整组合杠杆率，通过对市场利率的前瞻性判断进行合理有效的久期管理，严格控制信用风险、流动性风险和利率风险，努力为持有人创造稳健的收益。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:14.012Z","fund":{"_id":3000000019754,"__csrcFundId":13346,"stockCode":"019754","masterFundShortName":"交银中证同业存单AAA指数7天持有期","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":19754,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-01T02:13:32.162Z","status":"normal","exchange":"jj","shortName":"交银中证同业存单AAA指数7天持有期(019754)","name":"交银施罗德中证同业存单AAA指数7天持有期证券投资基金","fundCollectionId":4000050480000,"setUpAssetScale":1831083856.86,"setUpDate":"2023-12-18T16:00:00.000Z","setUpShares":1831083856.86,"inceptionDate":"2023-12-21T16:00:00.000Z","pinyin":"jysldzztycdaaazs7tcyqzqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20703801","stockType":"fund_manager","exchange":"fm","tickerId":100316197450,"name":"季参平"}]},"announcement":{"linkText":"交银施罗德中证同业存单AAA指数7天持有期证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072561","linkType":"PDF","source":"csrc_pdf"}}]}