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　　本基金在4季度采取了短信用套息策略，并将回撤控制在较低水平。","lastUpdated":"2026-03-09T13:14:22.497Z","fund":{"_id":3000000004117,"__csrcFundId":1411,"stockCode":"004117","shortName":"大成惠祥纯债债券(004117)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4117,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:06:30.897Z","status":"normal","inceptionDate":"2017-02-15T16:00:00.000Z","name":"大成惠祥纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠祥纯债债券","pinyin":"dchxczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠祥纯债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=1457947","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ae7fea5b3eb046f8bc","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000004117,"sao":"2025年3季度，宏观基本面较前一季度回落，其中投资端明显走弱，基建投资与地产投资同比跌幅扩大，而需求端仍呈现弱修复；虽然在财政发力下，社融与M1回升，但通胀、PMI等数据的修复仍较温和。相比之下，外需表现则更具韧性，非美出口表现亮眼，企业出海逻辑进一步强化。政策方面，反内卷开始在行业层面落地，使得市场对于中央稳物价的预期升温，叠加雅江水电站工程、生育补贴、消费贷贴息等需求端的配套政策，市场信心大幅提振，形成了“强预期、弱修复”的格局，权益市场全面上涨。此外，国债征增值税新规等亦加剧了机构防御性赎回债基的情绪。本季度债券市场收益率曲线陡峭化上行，季度末中债10年与30年国债分别升至1.9%与2.25%，创下年内新高。 　　本基金在3季度采取了短信用套息策略，并将回撤控制在较低水平。","lastUpdated":"2026-03-09T13:14:22.494Z","fund":{"_id":3000000004117,"__csrcFundId":1411,"stockCode":"004117","shortName":"大成惠祥纯债债券(004117)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4117,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:06:30.897Z","status":"normal","inceptionDate":"2017-02-15T16:00:00.000Z","name":"大成惠祥纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠祥纯债债券","pinyin":"dchxczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠祥纯债债券型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1376149","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ae7fea5b3eb046f8bb","date":"2025-06-29T16:00:00.000Z","stockId":3000000004117,"sao":"2025年上半年，经济平稳修复，但总需求向上弹性仍不足，通胀数据延续偏低位运行，工业企业利润承压；上半年社融主要靠政府债券同比多增拉动，社零增速亦受益于国补及以新换旧政策，仍呈现政策托底经济的现象。2025年上半年债券市场无趋势性行情，利率先上后下，其中主要交易主线为货币政策、“Deepseek”等科技自立自强宏大叙事，以及中美贸易博弈。1季度在股市走强、货币宽松预期落空的背景下，债券市场大幅调整，随着机构负债端企稳之后债券市场震荡修复；2季度中美贸易摩擦加剧，叠加央行降准降息，利率拐头下行后转为窄幅震荡，但仍未突破前低。 　　本基金在1季度债券市场回调后积极参与配置，并适当提高了杠杆率；2季度美国对等关税发酵阶段，本基金止盈了部分短久期利率债，并在债券市场回调后逐步增配了短久期信用债。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:22.492Z","mo":"展望下半年，我们认为“反内卷”需要需求端的配套政策以及实际需求企稳回升才能有效传导至融资需求和利率，并对通胀的影响是中期变量。后面关注新增重大项目以及增量财政政策。今年财政政策已经基本完成靠前发力的目标，全年经济走势或仍将延续前高后低的表现。下半年房地产、出口与内需仍存在不确定性，货币政策仍有继续宽松的理由与空间。在强预期、弱修复的环境下，债市整体风险可控，但低赔率使得利率上有顶、下有底。我们认为市场机会是跌出来的，需要把握好左侧布局的交易性机会。","fund":{"_id":3000000004117,"__csrcFundId":1411,"stockCode":"004117","shortName":"大成惠祥纯债债券(004117)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4117,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:06:30.897Z","status":"normal","inceptionDate":"2017-02-15T16:00:00.000Z","name":"大成惠祥纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠祥纯债债券","pinyin":"dchxczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠祥纯债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=1346014","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ae7fea5b3eb046f8ba","date":"2025-03-30T16:00:00.000Z","stockId":3000000004117,"sao":"2025年1季度，经济平稳修复，但总需求向上弹性仍不足，通胀数据延续偏低位运行；1-2月社融主要靠政府债券同比多增拉动，信贷同比少增；房地产销售虽然呈现小阳春，但二手房以价换量的特征仍较显著。不过市场的交易主线并不是基本面，而是“Deepseek”、人工智能等东升西落的宏大叙事，以及两会的财政政策组合拳，市场风险偏好明显回升。除此之外，央行持续修正市场过于乐观的货币宽松预期，资金面明显收敛；与此同时，银行同业存款利率整改之后银行负债端承压，使得银行通过赎回基金、卖债等方式缓解负债压力。因此，在货币宽松预期落空和机构行为的扰动下，债券市场大跌，利率阶段性回到“适度宽松”这一表述出台前的水平，随后震荡修复。　　本基金在1季度债券市场回调后积极参与配置，主要增配了短久期的中期票据、公司债和短融，适当提高了杠杆率。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:22.489Z","fund":{"_id":3000000004117,"__csrcFundId":1411,"stockCode":"004117","shortName":"大成惠祥纯债债券(004117)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4117,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:06:30.897Z","status":"normal","inceptionDate":"2017-02-15T16:00:00.000Z","name":"大成惠祥纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠祥纯债债券","pinyin":"dchxczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠祥纯债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=1275801","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ae7fea5b3eb046f8b9","date":"2024-12-30T16:00:00.000Z","stockId":3000000004117,"sao":"2024年以来，我国经济修复分化延续，地产和消费仍在修复过程中，信贷增速和社融增速双双回落，资金活性偏低下M1同比连续负增长，内需仍有待提振，居住类价格和服务价格相对偏低，核心通胀仍然不足。基本面偏弱下，政策加大逆周期调节力度，年内货币政策持续放松，两次降准、两次降息、进一步引导存款挂牌利率下行，同时限制高息揽储，推动金融机构负债综合成本稳中有降，为资产端利率的进一步下行腾挪息差空间。　　　　在基本面偏弱和政策加码的双重推动下，债市供需矛盾进一步显现，尤其是上半年，“资产荒”压力明显抬升。一方面，风险偏好仍处低位，货币供应的抬升并未有效转化为投资和消费力量，实体避险需求抬升反而推动存款、理财、债基等低风险资产规模的进一步扩张，加大债市需求；另一方面，地产改善预期有限，居民延续去杠杆，按揭提前偿还等现象仍在，同时化债背景下城投净融资下滑，叠加监管打击存贷空转套利，企业端也同步转向去杠杆，资产新增供给受限，债券供给进一步向国债、地方债倾斜，而置换债更多是以地方债的形式置换地方存量隐债，更多是债务形式的转换，因此不会额外占用大量的资金。12月政治局会议将货币政策定调“适度宽松”，再次点燃债市做多热情，抢跑行情下利率快速下行，多数期限利率接连创历史新低。截至2024年12月31日，10Y期国债收益率降至1.6752%，相较年初下行88.5bp，年度降幅处于历史偏高水平。　　　　　　　　过去全年，组合维持了中性久期和杠杆。同时，结合基本面的变化以及市场情绪，进行了债券仓位的灵活操作。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:22.486Z","mo":"展望未来，我们认为高质量发展仍然需要较为宽松的资金面与之匹配，同时货币政策定调的“适度宽松”有利于债券市场较好的表现。预计未来货币环境和宏观环境仍然保持“支持性“的态度，债券市场处于稳中向好的态势。","fund":{"_id":3000000004117,"__csrcFundId":1411,"stockCode":"004117","shortName":"大成惠祥纯债债券(004117)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4117,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:06:30.897Z","status":"normal","inceptionDate":"2017-02-15T16:00:00.000Z","name":"大成惠祥纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠祥纯债债券","pinyin":"dchxczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠祥纯债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=1256780","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ae7fea5b3eb046f8b8","date":"2024-09-29T16:00:00.000Z","stockId":3000000004117,"sao":"随着经济高质量发展，经济结构上看，新质生产力等政策鼓励的方向占比和增速有所提高，地产等传统行业增速继续回落。今年三季度以来经济增速边际放缓，城镇调查失业率略有回升，居民部门预期的改善有所放缓。今年1-8月社会消费品零售总额累计同比3.4%，环比0.1%-0.2%附近，有所回暖。从结构上看，除了通讯器材外、耐用品消费整体仍偏弱；受制于收入预期和社会集团消费的拖累，一线城市消费略走弱。政治局会议要求“要降低存款准备金率，实施有力度的降息”，央行也多次表态货币政策将保持支持性立场。考虑到当前我国实际利率仍然较高，以及中美的货币政策相位差已经显著收窄，货币政策后续将继续保持支持性立场，宽货币的大方向将延续。9月底债券市场在风险偏好提升下出现较大的波动，配置价值突显。过去一个季度，本基金保持持仓和杠杆基本稳定，增配了一些短期限的信用债，同时在季末保持了充足的流动性。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:22.484Z","fund":{"_id":3000000004117,"__csrcFundId":1411,"stockCode":"004117","shortName":"大成惠祥纯债债券(004117)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4117,"masterF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收益率下行4-10BP。　　　　本基金将维持合理久期，密切关注未来政策的变化以及其对市场的影响，寻求均衡配置。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:22.473Z","fund":{"_id":3000000004117,"__csrcFundId":1411,"stockCode":"004117","shortName":"大成惠祥纯债债券(004117)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4117,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:06:30.897Z","status":"normal","inceptionDate":"2017-02-15T16:00:00.000Z","name":"大成惠祥纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠祥纯债债券","pinyin":"dchxczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠祥纯债债券型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=990873","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ae7fea5b3eb046f8b3","date":"2023-06-29T16:00:00.000Z","stockId":3000000004117,"sao":"2023年上半年阶段性趋势明显分化，一季度社融维持强势、信贷结构改善，货币政策保持了合理充裕，债券市场逐渐走出理财赎回潮的影响，信用债估值加速下行，收益率整体修复、信用利差收窄。二季度经济下行压力加大，货币供应量保持高增速的同时，融资需求偏弱，货币政策进一步宽松，带动债市收益率普遍下行。纵观上半年，隔夜回购利率均值约为1.69%，较上年末上行31BP，7天回购加权利率均值约为2.25%，较上年末上行25BP。中债综合指数上升1.52个点，3-10年利率债下行17-30BP，中票各期限收益率下行40-56BP，城投收益率下行53-83BP。　　本基金将维持合理久期，密切关注未来政策的变化以及其对市场的影响，寻求均衡配置。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:22.471Z","mo":"2023年下半年，稳增长政策对市场的从宽货币到宽信用的演绎更加关键，在需求端出现趋势修复之前，货币环境收紧、市场利率上行的风险较小。","fund":{"_id":3000000004117,"__csrcFundId":1411,"stockCode":"004117","shortName":"大成惠祥纯债债券(004117)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4117,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:06:30.897Z","status":"normal","inceptionDate":"2017-02-15T16:00:00.000Z","name":"大成惠祥纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠祥纯债债券","pinyin":"dchxczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠祥纯债债券型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=959966","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ae7fea5b3eb046f8b2","date":"2023-03-30T16:00:00.000Z","stockId":3000000004117,"sao":"2023年一季度以来，社融维持强势、信贷结构改善，但经济复苏仍然偏弱，货币政策保持了合理充裕，债券市场逐渐走出理财赎回潮的影响，信用债估值加速下行，收益率整体修复、信用利差收窄。纵观一季度，隔夜回购利率均值约为1.80%，较上季度上行41BP，7天回购加权利率均值约为2.35%，较上季度上行34BP。中债综合指数上升0.36个点，3-10年利率债在2-10个BP区间震荡，中票各期限收益率下行10-30BP，城投收益率下行40-70BP。　　　本基金将维持合理久期，密切关注未来政策的变化以及其对市场的影响，寻求均衡配置。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:22.468Z","fund":{"_id":3000000004117,"__csrcFundId":1411,"stockCode":"004117","shortName":"大成惠祥纯债债券(004117)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4117,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:06:30.897Z","status":"normal","inceptionDate":"2017-02-15T16:00:00.000Z","name":"大成惠祥纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠祥纯债债券","pinyin":"dchxczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠祥纯债债券型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=886191","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ae7fea5b3eb046f8b1","date":"2022-12-30T16:00:00.000Z","stockId":3000000004117,"sao":"2022年，出口保持了韧性，稳增长措施频出，资金面持续宽松，社融等经济数据也在一定程度上显现了调控效果，但由于地缘政治等因素影响，稳增长的压力仍然较大，债券市场前期呈现区间震荡的特征。随着房地产等方面相关政策的调整，银行理财与债券市场形成负反馈，信用债调整尤为显著。直至年末，理财赎回压力缓解，债券收益率有所修复。纵观全年，隔夜回购利率均值约为1.55%，较上年度下行49BP，7天回购加权利率均值约为1.95%，较上年度下行38BP。中债综合指数上升0.62个点，10年期国债收益率上行6BP，10年国开债收益率下行9BP，5年期国债收益率上行4BP，国开债上行5BP，3年期国债、国开收益率下行3-5BP，3-5年AA+、AA城投债收益率上行50-90bp，3-5年AAA、AA+中票下行20-40bp。　　本组合在全年合理配置久期和资产结构，以获取良好稳定的收益。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:22.465Z","mo":"2023年，经济复苏叠加基数效应，同时，理财净值化对证券市场的影响并未在去年充分释放，债券市场将继续承压。但地产等部门的表现仍是关键一环，“强预期、弱现实”将对债券市场的调整形成制约。","fund":{"_id":3000000004117,"__csrcFundId":1411,"stockCode":"004117","shortName":"大成惠祥纯债债券(004117)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4117,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:06:30.897Z","status":"normal","inceptionDate":"2017-02-15T16:00:00.000Z","name":"大成惠祥纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠祥纯债债券","pinyin":"dchxczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠祥纯债债券型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=868087","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ae7fea5b3eb046f8b0","date":"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