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预期目标相匹配。5月上旬央行降息降准落地。在上述经济、政策影响下，上半年长端债券收益率总体低位震荡，短端明显上行。上半年十年国债收益率下行3BP，至1.65%；一年期国债收益率上行26BP，至1.34%。从节奏上看，年初央行暂停国债买入和资金面收紧，民营企业座谈会和科技主题发酵，经济预期改善，债券市场明显调整。随着中美经贸博弈，央行降息降准，债券长端收益率下行。随着十年国债收益率临近1.6%，中美经贸会谈出现积极进展，银行卖出老券兑现利润，部分银行债券投资久期被指导，债券市场窄幅震荡。资金方面，年初央行关注资金空转，引导资金面收紧，一季度末央行加码净投放，资金利率逐步降低。二季度资金面整体平稳，央行整体呵护态度。报告期内，基于对经济基本面、政策面走势的判断，本基金积极应对并调整组合。操作方面，本基金坚持了稳健灵活的利率债久期策略，保持了较好的流动性和信用水平。基金总体保持了较低的杠杆，充分利用久期工具来实现投资目标。","declarationDate":"2025-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:44.171Z","mo":"展望下半年，7月份政治局会议提出落实落细更加积极的财政政策和适度宽松的货币政策。货币政策要保持流动性充裕，促进社会综合融资成本下行。推动市场竞争秩序持续优化，依法依规治理企业无序竞争，推进重点行业产能治理。预计全年完成两会GDP增长目标压力不大，但上行风险也相对较低。中美经贸谈判有超预期的可能。债券收益率绝对水平低位情况下，未来震荡幅度可能加大。","fund":{"_id":3000000020078,"__csrcFundId":13362,"stockCode":"020078","masterFundShortName":"金信民富债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20078,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:37:46.118Z","status":"normal","exchange":"jj","shortName":"金信民富债券(020078)","name":"金信民富债券型证券投资基金","fundCollectionId":4000051080000,"setUpAssetScale":0,"setUpDate":"2023-11-27T16:00:00.000Z","setUpShares":0,"inceptionDate":"2023-11-30T16:00:00.000Z","pinyin":"jxmfzqxzqtzjj","tradingAbnormalDate":"2024-03-05T16:00:00.000Z","managers":[{"stockCode":"8801595601","stockType":"fund_manager","exchange":"fm","tickerId":2510184000,"name":"杨杰"}]},"announcement":{"linkText":"金信民富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=1348787","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3407fea5b3eb053a31f","date":"2025-03-30T16:00:00.000Z","stockId":3000000020078,"sao":"一季度债券市场有所调整，收益率曲线呈熊平走势。年初在配置压力下部分机构对债券做多。随后央行约谈、暂停国债买入、资金面收紧，短端债券收益率随资金利率明显上行收紧，长端债券收益率相对平稳。春节后资金面持续偏紧，存单发行提价，信贷开门红，民营企业座谈会和科技主题发酵改善宏观预期，机构出现防御性赎回债券基金，债券市场调整从短端向长端发展。3月初央行维稳资金面，债市情绪偏谨慎，十年国债收益率在1.7%左右盘整。两会对经济增长目标偏积极，对消费、科技领域释放积极信号，央行表示支持性的货币政策取向是一种状态，债券市场降息预期下降，10年国债收益率上升至阶段高点1.90%。3月中以来央行投放偏积极，MLF采取多重利率招标，权益市场降温，债券收益率有所回落。一季度1年、10年国债收益率分别上行了46BP和13BP。一季度我国经济运行总体较为平稳，生产端持续恢复，房地产市场止跌信号增多，财政政策提前发力。投资运作上，本基金保持了较低的杠杆，采取了灵活的利率债久期策略。","declarationDate":"2025-04-15T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:44.168Z","fund":{"_id":3000000020078,"__csrcFundId":13362,"stockCode":"020078","masterFundShortName":"金信民富债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20078,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:37:46.118Z","status":"normal","exchange":"jj","shortName":"金信民富债券(020078)","name":"金信民富债券型证券投资基金","fundCollectionId":4000051080000,"setUpAssetScale":0,"setUpDate":"2023-11-27T16:00:00.000Z","setUpShares":0,"inceptionDate":"2023-11-30T16:00:00.000Z","pinyin":"jxmfzqxzqtzjj","tradingAbnormalDate":"2024-03-05T16:00:00.000Z","managers":[{"stockCode":"8801595601","stockType":"fund_manager","exchange":"fm","tickerId":2510184000,"name":"杨杰"}]},"announcement":{"linkText":"金信民富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=1264077","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3407fea5b3eb053a31e","date":"2024-12-30T16:00:00.000Z","stockId":3000000020078,"sao":"2024年我国债券收益率明显下行， 10年国债收益率下行幅度高达88BP。债券市场全年可分为三个阶段，年初至9月23日为第一阶段，官方PMI整体低迷，投资增速低位徘徊，M2增速快速下行，经济下行压力大。央行货币政策友好，1月24日央行降准、结构性降息，3月6日央行表示还有降准空间，4月8日禁止手工补息，7月22日OMO降息，9月5日央行提降准有空间。期间央行对市场的调控带来扰动。总体看，经济基本面较弱、机构债券欠配、央行货币政策总体有利、稳增长政策不及预期，收益率水平在纠结中震荡下行。2024年9月24日至2024年11月8日为第二阶段，9月24日央行宣布降准降息、降低存量房贷利率、新设货币政策工具来支持股市。9月26日加开政治局会议，“要全面客观冷静看待当前经济形势，正视困难、坚定信心”。政策基调转向稳预期稳增长，权益大涨，债市明显回调，债券基金赎回压力增大，信用债剧烈调整。10月开始，各部委逐步落实增量政策，市场谨慎观望，持续震荡。11月11日至年底为第三阶段。全国人大常委会闭幕，财政政策更偏应对性，以托底化解风险为主，在促增长方面发力有限。债券市场抛弃幻想，配置盘抢跑，收益率快速下行。期间货币政策积极，11月降低同业存款利率，12月9日中央经济工作会议表示“实施适度宽松的货币政策，适时降准降息，保持流动性充裕”。投资运作上，本基金自2024年9月采取利率债投资策略以来，保持了较好的流动性和信用水平。基金总体保持了较低的杠杆，充分利用久期工具来实现投资目标。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:44.160Z","mo":"展望2025年，预计美国通胀存在较强的韧性，美联储未来降息路径不确定性上升。国内经济在稳增长政策发力、出口短期韧性、房地产止跌等因素推动下，存在阶段性企稳的可能性。我国生产强于需求，产需不匹配对商品价格产生压制。央行实施支持性的适度宽松货币政策，未来仍有降息降准概率，央行同时表示择机调整优化政策力度和节奏。利率绝对水平已处于低位，汇率压力制约利率下行空间，未来利率波动幅度可能显著增大。","fund":{"_id":3000000020078,"__csrcFundId":13362,"stockCode":"020078","masterFundShortName":"金信民富债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20078,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:37:46.118Z","status":"normal","exchange":"jj","shortName":"金信民富债券(020078)","name":"金信民富债券型证券投资基金","fundCollectionId":4000051080000,"setUpAssetScale":0,"setUpDate":"2023-11-27T16:00:00.000Z","setUpShares":0,"inceptionDate":"2023-11-30T16:00:00.000Z","pinyin":"jxmfzqxzqtzjj","tradingAbnormalDate":"2024-03-05T16:00:00.000Z","managers":[{"stockCode":"8801595601","stockType":"fund_manager","exchange":"fm","tickerId":2510184000,"name":"杨杰"}]},"announcement":{"linkText":"金信民富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=1253964","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3407fea5b3eb053a31d","date":"2024-09-29T16:00:00.000Z","stockId":3000000020078,"sao":"三季度债券市场大幅震荡分化，其中利率债市场总体上涨，但信用债明显下跌。7月份，我国经济基本面修复缓慢，债券资产荒，以及央行宽货币政策持续，债券市场表现较好。7月初央行公告国债借券卖债、部分地区农商行买债被窗口指导，十年国债收益率小幅回升至接近2.3%的水平。随着金融、通胀、出口等数据未超预期，以及资金面宽松，债市走强。7月下旬，央行将7天逆回购利率下调10BP至1.7%，并将LPR1年和5年利率均下调10BP至3.35%和3.85%，mlf加量并下调20BP至2.3%，债市继续走强。8月初，交易商协会对部分农商行启动国债交易自律调查，国有大行大规模出售长久期国债，债券收益率大幅回升。8月中旬发布的金融数据不及预期，中证报发文提长债利率回归合理区间、央行表示继续坚持支持性货币政策，市场情绪好转，长端利率下行。8月末资金面一度收紧，地方债放量影响债市情绪。但央行维护资金面，并于当月净买入1000亿国债，债市小幅波动。9月初资金面转松，市场预期下调存量房贷利率，央行表示存款准备金率还有一定下降空间，金融数据一般，外需强内需弱，债市继续上行。随着美联储大幅降息50BP，国内货币政策空间增大。9月末央行公告降息、降准、降存量房贷利率，创设两项结构性货币政策工具支持股市，政治局会议时点和力度超预期，股市大幅快速上涨，债券市场明显调整。政策方面，央行坚持了支持性的货币政策，三季度央行进行了2次降息，并推动了房贷利率的下调。投资运作上，本基金适时提高了组合的进攻性，采取了灵活的利率债策略。同时保持了较低的组合杠杆。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:44.152Z","fund":{"_id":3000000020078,"__csrcFundId":13362,"stockCode":"020078","masterFundShortName":"金信民富债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20078,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:37:46.118Z","status":"normal","exchange":"jj","shortName":"金信民富债券(020078)","name":"金信民富债券型证券投资基金","fundCollectionId":4000051080000,"setUpAssetScale":0,"setUpDate":"2023-11-27T16:00:00.000Z","setUpShares":0,"inceptionDate":"2023-11-30T16:00:00.000Z","pinyin":"jxmfzqxzqtzjj","tradingAbnormalDate":"2024-03-05T16:00:00.000Z","managers":[{"stockCode":"8801595601","stockType":"fund_manager","exchange":"fm","tickerId":2510184000,"name":"杨杰"}]},"announcement":{"linkText":"金信民富债券型证券投资基金2024年度第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1177916","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3407fea5b3eb053a31c","date":"2024-06-29T16:00:00.000Z","stockId":3000000020078,"sao":"2024年上半年，我国宏观经济总体保持平稳增长。宏观经济面临有效需求仍然不足，实体企业经营压力较大。总体来看，上半年生产强于需求，外需强于内需。官方制造业PMI除3、4月外，较长时间处于荣枯线下方运行。生产方面，工业增加值同比增速整体高于去年同期水平，但二季度逐月下滑。出口总体偏好，对经济产生正向拉动作用。需求总体偏弱，社会消费品零售总额同比增速逐月下降，2024年6月低至2%。居民消费受收入预期一般、资产下跌带来的负财富效应等拖累。投资增速处于低位且缓步向下，主要是地产投资的拖累加大，房地产发展新模式的构建仍在推进过程中。价格方面，得益于肉类等价格上涨，CPI回正。PPI降幅上半年逐步收窄。政策方面，房地产支持政策持续释放，消化存量和优化增量相结合，收购存量商品房用于保障房。货币政策总体积极，资金面总体宽松。1月份央行降准50BP，2月份5年期LPR超预调降25BP。为维持正向收益率曲线，央行对长端债券收益率风险持续提示。央行货币政策框架优化，突出OMO的作用并收窄利率走廊宽度。7月份央行超预期降低OMO利率10BP，降低MLF20BP。为稳定净息差，银行部门持续调降存款利率水平。债券市场上半年整体上行。货币政策宽松，资金利率稳定。银行存款利率下降导致存款搬家，债市演绎资产荒逻辑。融资需求偏弱，债券资产供给有限。久期策略相对占优。海外方面，美国围绕经济、通胀和就业前景，博弈降息预期。从本基金的操作来看，考虑基金的流动性需求，采取高信用质地、中短久期的投资策略，做好组合的流动性管理。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:44.146Z","mo":"展望下半年，7月份政治局会议提出宏观政策要持续用力、更加给力，预计宏观经济有望保持相对平稳运行。地产政策存在继续放松空间，地产融资平台债务风险继续化解。货币政策有望保持支持性、偏宽松的方向。债券市场流动性合理充裕。目前纯债收益率处于偏低位置，未来如有所回调则可能存在相应机会。未来我们继续采取稳健的投资策略。以高安全性品种为主，把握结构性机会，继续优化组合，提升组合信用质地、做好流动性管理。","fund":{"_id":3000000020078,"__csrcFundId":13362,"stockCode":"020078","masterFundShortName":"金信民富债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20078,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:37:46.118Z","status":"normal","exchange":"jj","shortName":"金信民富债券(020078)","name":"金信民富债券型证券投资基金","fundCollectionId":4000051080000,"setUpAssetScale":0,"setUpDate":"2023-11-27T16: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