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提高赤字率信号，供给预期压制长端利率，收益率曲线呈熊平走势。春节后央行“精准滴灌”致资金面紧平衡，短债波动加剧，利率上行压力从短端传至长端，叠加股债跷跷板效应及政府债、专项债密集发行，10年国债收益率上行约30BP至1.9%。3月国内经济数据边际好转，叠加相关行情提振股市，债市震荡下行；央行表态及偏审慎操作让政策节奏预期反复，各期限收益率上行。3月中旬，OMO和MLF重启净投放，释放宽松信号，债市情绪转好。4月初中美关税博弈升级引发市场巨震，长期国债收益率下行，债市转牛。4月中至5月中，债市多空拉锯，降准降息预期与基本面韧性成交易主线。5月中至月底，降准降息落地及关税战暂时休兵，带动无风险利率上行。5月底至6月底，宏观数据略低预期，资产荒逻辑重现，利率震荡下行。整体来看，股市、资金面、关税、发债扰动和机构负债压力、宏观基本面弱现实等多种因素交织影响，无风险收益率上下空间均受限，债市整体呈现震荡行情。　　本基金结合利率债、信用债和可转债在特定经济形势下的估值水平、预期收益和预期风险特征，在符合本基金相关投资比例规定的前提下，决定组合类属配置、久期和杠杆策略，实施积极的投资组合管理，力争获取较高收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:51.621Z","mo":"2025年作为“十四五”规划收官之年，宏观经济温和复苏态势预计将进一步延续，债市无风险收益率有望维持低位震荡，货币与财政政策也将持续积极发力。展望下半年，宏观经济仍将面临国内外因素交织的复杂局面。内需方面，房地产市场尚处筑底过程，消费刺激政策边际效用预计会逐渐下降，政府投资托底作用将逐步开始显现；外需方面，关税扰动等持续性影响因素前景将逐步明朗化，但韧性与压力并存的特征仍会延续一段时间，这些都共同构成了债市的底部支撑。而出口企业韧性、新质生产力快速发展，以及政府投资发力，能否助力宏观经济持续改善，值得市场密切观察。政策端，货币政策实质宽松可期，降准降息及其他创新性金融工具亦会按需落地；财政发力下，政府债供给高峰可能出现。综合来看，债市收益率预计延续当前震荡走势，然仍需持续关注近期权益市场反弹带来的风险是否会长期化。","fund":{"_id":3000000020177,"__csrcFundId":13940,"stockCode":"020177","masterFundShortName":"嘉实双季兴享6个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20177,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:45.405Z","status":"normal","exchange":"jj","shortName":"嘉实双季兴享6个月持有债券A","name":"嘉实双季兴享6个月持有期债券型证券投资基金","fundCollectionId":4000050080000,"pinyin":"jssjxx6gycyqzqxzqtzjj","setUpAssetScale":36585153.9,"setUpDate":"2024-05-27T16:00:00.000Z","setUpShares":36585153.9,"inceptionDate":"2024-05-30T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"db20882592","stockType":"fund_manager","exchange":"fm","tickerId":2625220560,"name":"祝杨"}]},"announcement":{"linkText":"嘉实双季兴享6个月持有期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=1346855","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3477fea5b3eb053aa05","date":"2025-03-30T16:00:00.000Z","stockId":3000000020177,"sao":"2025年Q1债市呈现显著波动，利率中枢在历史低位水平持续震荡，收益率下探触底后反弹，债市总体经历回调。开年债市延续去年底强降准降息预期，机构维持做多情绪；而后央行宣布暂停国债公开市场买入操作，流动性压力初显，中短利率快速上行，同时财政部表示2025年内将大幅提高赤字率，供给压力预期抑制长端利率下行空间。春节后央行实施“精准滴灌”模式导致资金面维持紧平衡，短债波动加剧；同时节后“科技牛”引发的股债跷跷板以及政府债、专项债密集发行，长债收益率进入上行区间，10年国债从1.59%水平震荡回调，最高达到1.90%左右。3月初发布的经济数据整体边际好转，降准降息快速落地预期落空，市场对政策节奏的预期反复修正，资金持续紧平衡将利率上行压力由短端传至长端，各期限利率中枢上移。期间美国关税战威胁加剧，人民币汇率承压，潜在降息空间压缩。三月中下旬，OMO逐步转为净投放为主，同期MLF实现6个月以来首次净投放，释放边际宽松信号，市场情绪转好，收益率重新进入下行通道。　　本基金结合各种固定收益类资产在特定经济形势下的估值水平、预期收益和预期风险特征，在符合本基金相关投资比例规定的前提下，决定组合的久期水平、期限结构和类属配置，并在此基础之上实施积极的债券投资组合管理，力争获取较高的投资收益。　　2025年作为“十四五”收官之年，Q2宏观经济有望延续复苏趋势，上季末制造业和非制造业PMI均呈现加速扩张态势，地产在稳楼市政策支持下也逐步止跌企稳，刺激政策对消费和就业的提振成效初见；但经济企稳的基础是否牢固仍有待观察，债市无风险收益率料将维持振荡。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:51.618Z","fund":{"_id":3000000020177,"__csrcFundId":13940,"stockCode":"020177","masterFundShortName":"嘉实双季兴享6个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20177,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:45.405Z","status":"normal","exchange":"jj","shortName":"嘉实双季兴享6个月持有债券A","name":"嘉实双季兴享6个月持有期债券型证券投资基金","fundCollectionId":4000050080000,"pinyin":"jssjxx6gycyqzqxzqtzjj","setUpAssetScale":36585153.9,"setUpDate":"2024-05-27T16:00:00.000Z","setUpShares":36585153.9,"inceptionDate":"2024-05-30T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"db20882592","stockType":"fund_manager","exchange":"fm","tickerId":2625220560,"name":"祝杨"}]},"announcement":{"linkText":"嘉实双季兴享6个月持有期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=1277981","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3477fea5b3eb053aa04","date":"2024-12-30T16:00:00.000Z","stockId":3000000020177,"sao":"2024年利率中枢经历多次震荡和快速下行，最终突破多个关键点位。开年债市总体延续了宽松预期，加之央行超预期降准操作，长短端利率均呈现下行走势。春节前，受股债跷跷板与止盈情绪影响，债市出现小幅震荡回调，但在强势降息预期和节后充足资金供给支撑下，收益率重回下行区间。3月债市在春节后的宽松资金环境下继续走高，基本面缓慢回暖，但宽松预期未改变，债市表现强劲。随着市场逐渐进入高位，部分投资者出现止盈情绪，债市走势震荡幅度加大，但依旧在配置需求支撑下保持韧性。4月，降息预期促使收益率下行，且下行趋势从短端向长端传导。由于前期收益率下行速度较快，央行提示长端利率风险，导致收益率出现短暂回调。5月起，手工补息操作暂停，资金流向非银机构，新增配置力量推动收益率重新进入下行通道。相较于长端，中短端收益率下行的确定性更强，下行幅度也更为显著。此外，上半年 “资产荒” 格局延续，信用利差持续缩短并压缩至低位。进入第三季度，收益率波动再次加剧，市场呈现出慢牛快熊的特征。7月初，受央行陆续新发公开市场操作公告影响，收益率上行，随后因经济数据偏弱而有所回落。在三中全会等政策提振市场做多情绪后，收益率再次下行，直至 8 月上旬，止盈压力致使收益率再度反弹。信用债与利率债自 8 月中旬开始走势背离，信用债利差走扩。9月美联储降息落地，同时央行宣布降准降息，政治局会议积极表态支持经济，债市激烈震荡。十一前后，各部委重磅政策提振股市，赎回压力下债市再次经历短暂回调。11月外部不确定性催生债市做多情绪，降息降准预期推动债市震荡下行。12月政治局会议定调明年货币政策基调转向“适度宽松”，叠加“资产荒”局面未明显改善，机构做多情绪积极，市场抢跑明显，收益率连创新低。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:51.615Z","mo":"本基金结合各种固定收益类资产在特定经济形势下的估值水平、预期收益和预期风险特征，在符合本基金相关投资比例规定的前提下，决定组合的久期水平、期限结构和类属配置，并在此基础之上实施积极的债券投资组合管理，力争获取较高的投资收益。　　2025年宏观经济有望延续温和复苏，“十四五”收官之年5%左右的GDP增长目标代表了政府对经济发展的坚定承诺。增长动力主要包括更加积极的赤字目标、适度宽松的货币政策和“两重两新”等扩大内需举措等。挑战方面，楼市触底的不确定性、地缘政治风险和消费者信心不足等仍处在首要地位。债市方面，尽管超长债扩大发行可能推高长债收益率，但适时降准降息等货币政策有望全部或部分抵消冲击。在上述复杂态势下，2025年无风险收益率料将区间震荡，适合谨慎做多。","fund":{"_id":3000000020177,"__csrcFundId":13940,"stockCode":"020177","masterFundShortName":"嘉实双季兴享6个月持有债券","fundSecondLevel":"bond",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