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至1.50%的低位。长端通胀交易有所降温，月末收益率下行至1.81%附近。该阶段，1y国债收益率下行6BP至1.20%，10y国债下行3BP至1.81%，3年AA+信用债收益率下行3BP至1.82%。报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以偏信用债券为主，在报告期内灵活调整组合久期和仓位。","lastUpdated":"2026-04-22T15:41:58.006Z","fund":{"_id":3000000020426,"__csrcFundId":14024,"stockCode":"020426","masterFundShortName":"中信建投景源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20426,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中信建投景源债券(020426)","lastUpdated":"2026-05-01T02:47:34.576Z","name":"中信建投景源债券型证券投资基金","fundCollectionId":4000050840000,"pinyin":"zxjtjyzqxzqtzjj","setUpAssetScale":200118019.05,"setUpDate":"2024-08-20T16:00:00.000Z","setUpShares":200118019.05,"inceptionDate":"2024-08-20T16:00:00.000Z","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投景源债券型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1478496","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3587fea5b3eb053b969","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000020426,"sao":"（1）报告期内行情回顾四季度，受到宏观环境、政策冲击和市场情绪的驱动，虽然央行维持宽松呵护态度，债券市场仍经历了漫长的调整。10月，在关税扰动下，债券市场迎来交易机会，长端利率在10月初迎来短期修复，随后受中美政策博弈以及基金新规预期扰动，围绕1.83%附近窄震荡，月末在央行重启国债买卖、权益兑现前期政策利好等驱动下突破1.8%。11月，央行买债规模低于预期，债券市场交易未来潜在的通胀情况，忽略当前基本面数据，基金新规预期持续反复，月末受地缘政治摩擦缓和、万科债券展期事件冲击脱离震荡，曲线熊陡。12月，政府债发行进入尾声，隔夜资金价格创年内新低，受降息预期收缩、超长债供给担忧以及基金监管等扰动，30年国债领跌，曲线明显走陡。   （2）报告期内本基金投资策略和运作分析报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以偏信用债券为主，在报告期内灵活压降组合久期和仓位。","lastUpdated":"2026-03-09T14:04:08.125Z","fund":{"_id":3000000020426,"__csrcFundId":14024,"stockCode":"020426","masterFundShortName":"中信建投景源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20426,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中信建投景源债券(020426)","lastUpdated":"2026-05-01T02:47:34.576Z","name":"中信建投景源债券型证券投资基金","fundCollectionId":4000050840000,"pinyin":"zxjtjyzqxzqtzjj","setUpAssetScale":200118019.05,"setUpDate":"2024-08-20T16:00:00.000Z","setUpShares":200118019.05,"inceptionDate":"2024-08-20T16:00:00.000Z","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投景源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=1460160","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3587fea5b3eb053b968","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000020426,"sao":"（1）报告期内行情回顾三季度，受到宏观环境、政策冲击和市场情绪的驱动，虽然央行维持宽松呵护态度，债券市场仍经历了漫长的调整期。7月，反内卷热点发酵叠加雅鲁藏布江下游水电工程开工，权益和商品市场风险偏好抬升。债券市场承压。10Y国债上行突破1.7%。8月，财政部发布公告对新发国债、地方债、金融债的利息收入恢复征收增值税，对市场形成短暂的扰动。虽然7月的通胀和社融数据仍然相对疲弱，但市场交易逻辑由基本面转为市场风险偏好。叠加债基负债端扰动，债券市场经过月初短暂的修复后收益率再度上行，10Y国债活跃券一度上行至1.79%。长端利率上行幅度超过短端，市场呈“熊陡”走势。9月，政策冲击和由其引发的机构行为负反馈使得市场调整更为剧烈。收益率加速上行，30Y国债特2一度上行超过2.18%，较月初低点调整17BP。（2）报告期内本基金投资策略和运作分析报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以偏信用债券为主，在报告期内灵活调整组合久期和仓位。","lastUpdated":"2026-03-09T14:04:08.122Z","fund":{"_id":3000000020426,"__csrcFundId":14024,"stockCode":"020426","masterFundShortName":"中信建投景源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20426,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中信建投景源债券(020426)","lastUpdated":"2026-05-01T02:47:34.576Z","name":"中信建投景源债券型证券投资基金","fundCollectionId":4000050840000,"pinyin":"zxjtjyzqxzqtzjj","setUpAssetScale":200118019.05,"setUpDate":"2024-08-20T16:00:00.000Z","setUpShares":200118019.05,"inceptionDate":"2024-08-20T16:00:00.000Z","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投景源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=1380379","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3587fea5b3eb053b967","date":"2025-06-29T16:00:00.000Z","stockId":3000000020426,"sao":"（1）报告期内行情回顾上半年，宏观数据延续修复态势，其中2、3月制造业PMI重新回到荣枯线上；企业上半年集中抢出口，出口数据对经济带来支撑；二季度开始关税等不确定性对基本面带来一定扰动。整体看2025年上半年，债券市场收益率整体呈先上后下走势。具体看，债券市场走势可以分为三个阶段。第一阶段是年初至1月中旬，市场仍然在交易货币政策转向“适度宽松”，叠加年初机构抢跑配置债券，市场收益率突破历史低位，10年期国债收益率向下突破1.60%。第二阶段是1月中旬至3月末，央行关注长期国债收益率水平，暂停买卖国债，大幅收紧资金面，打破债券市场收益率向下的动力，短端先于长端快速上行。同时权益市场科技主题催化叠加经济“开门红”提振风险偏好，股债跷板效应显著，10年期国债收益率大幅上行，最高达到1.90%。第三阶段是4月至6月末，4月初美国对等关税落地，关税水平大超市场预期，央行货币政策转为宽松，隔夜资金成本大幅下降，并于5月实施降准降息。随后市场博弈中美贸易谈判进程，债券市场收益率整体在1.6%-1.7%区间震荡。（2）报告期内本基金投资策略和运作分析报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以偏利率债券为主，在报告期内灵活调整组合久期和仓位，以实现较好的收益水平。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:08.119Z","mo":"债券市场经历了几年的牛市行情，现在利率来到了历史低位区间。在债券利率下行趋缓的同时，权益资产的性价比有所提升。叠加一些政策支持，使得股票在今年上半年走出强势表现。在权益市场走强、分流债券市场资金的情况下，债券继续下行要依赖于金融机构负债端利率调降，即需要总量型货币政策出台，推动利率下台阶。根据货币政策出台的规律分析，总量型货币政策出台可能要有几个条件：一是政府债供给处于高峰，二是人民币兑美元汇率处于有利状态，三是美联储降息，四是权益市场开始调整。下半年需要观察这些条件能否兑现。今年另外一个主题是“反内卷”，7月召开的中央财经委员会中释放出“反内卷”信号，强调“要聚焦重点难点，依法依规治理企业低价无序竞争，引导企业提升产品品质，推动落后产能有序退出”。本轮“反内卷”的关键在于产能约束和需求刺激，这两端能否同时出台刺激方案，现在还需要观察。现在债券市场处于急涨阴跌状态，利好兑现利率基本一步到位。但由于配置型机构负债成本仍然偏高，在情绪释放后，进入长期横盘甚至阴跌状态。下半年配置型机构负债成本若逐步下移，则债券市场收益率也将更加稳定。","fund":{"_id":3000000020426,"__csrcFundId":14024,"stockCode":"020426","masterFundShortName":"中信建投景源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20426,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中信建投景源债券(020426)","lastUpdated":"2026-05-01T02:47:34.576Z","name":"中信建投景源债券型证券投资基金","fundCollectionId":4000050840000,"pinyin":"zxjtjyzqxzqtzjj","setUpAssetScale":200118019.05,"setUpDate":"2024-08-20T16:00:00.000Z","setUpShares":200118019.05,"inceptionDate":"2024-08-20T16:00:00.000Z","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投景源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=1345284","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3587fea5b3eb053b966","date":"2025-03-30T16:00:00.000Z","stockId":3000000020426,"sao":"一季度，宏观数据延续修复态势，其中二、三月制造业PMI重新回到荣枯线上；同时央行引导收紧资金面，打破对债券利率下行的一直预期，市场对货币政策“适度宽松”预期有所修正，债券利率整体上行。具体看，一季度，债券市场走势可以分为三个阶段。第一阶段是年初至春节，这个阶段长端利率持续下行，随后央行约谈、暂停国债买入等操作使得市场情绪转向谨慎。短端出现明显调整压力，长端下行幅度放缓。该阶段1y国债到期收益率上行22BP至1.30%，10y国债下行5BP至1.63%。第二阶段是春节后至3月中旬，大行融出超季节性下降至低位水平，存单发行“提价换量”明显，国股行存单一级发行价升至2%上方，银行负债紧张程度超出市场预期； DeepSeek、人形机器人等概念提高了市场的风险偏好，权益市场走强；叠加银行卖出银行账户长债兑现浮盈，长端利率大幅调整，10y国债上行27BP至1.90%。第三阶段是3月中旬到季末，央行公开市场投放偏积极，资金价格边际持稳，MLF转为净投放、OMO披露投标量，宽货币预期叠加权益市场动能转弱，债市收益率震荡修复至1.8%附近。报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以利率债为主，在报告期内适当降低了组合久期和仓位。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:08.117Z","fund":{"_id":3000000020426,"__csrcFundId":14024,"stockCode":"020426","masterFundShortName":"中信建投景源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20426,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中信建投景源债券(020426)","lastUpdated":"2026-05-01T02:47:34.576Z","name":"中信建投景源债券型证券投资基金","fundCollectionId":4000050840000,"pinyin":"zxjtjyzqxzqtzjj","setUpAssetScale":200118019.05,"setUpDate":"2024-08-20T16:00:00.000Z","setUpShares":200118019.05,"inceptionDate":"2024-08-20T16:00:00.000Z","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投景源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=1273496","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3587fea5b3eb053b965","date":"2024-12-30T16:00:00.000Z","stockId":3000000020426,"sao":"2024年债券市场经历了较大的牛市行情，本质原因是产业周期引发的资产荒和机构间的极致博弈共同推动。期间债市受央行预期管理和稳增长政策加码等影响出现三次明显调整，但收益率仍整体下行，10年国债从年初的2.56%下行至1.69%。2024年债券市场行情走势大致可以分为四个阶段。第一阶段是1至4月，开年以来随着存款利率下调，市场对于降息预期发酵，叠加化债主线下政府债券供给偏慢，“欠配”行情驱动债市快牛初显。第二阶段是4至9月，央行提示长债或有调整风险，叠加一线城市限购或放开、地产政策转向去库存等消息扰动，债市回吐部分前期涨幅，但随着降息落地，下行空间进一步打开。第三阶段是10至11月，9月底一揽子政策加码，降准降息同步落地，随后权益市场明显修复，债市承压收益率大幅上行调整。第四阶段是11月下旬至年底，货币政策定调适度宽松，机构开启年末抢跑行情，市场出现极强的学习效应，收益率快速下行，最低至1.69%。报告期内，本基金在操作中严格遵守基金合同要求构建投资组合。组合持仓以信用债为主，在报告期内适当提高了组合久期和仓位。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:08.114Z","mo":"展望2025年，经济稳增长的抓手主要还是扩内需。一是投资端将继续保持较高的力度。财政政策或将继续发力，货币政策或将配合财政发力，提供流动性支持。地产端也将有更多的政策出台。二是消费端仍是政策重点，仍将有提高部分群体收入、家电以旧换新等政策予以支持。三是出口端面临不确定性。随着美国大选落地，中美贸易不确定性增加，或对中国出口带来一定扰动。四是关注硬科技带来的预期改善和相关产业的机会。债券市场方面，2025年资产荒将延续，且“适度宽松”下，债市需求偏刚性，整体债市环境仍偏有利，但结构上可能面临缺少高息优质资产的情况。对于基金来说，负债端波动加大，且当前策略较为单一，这将使得交易难度增大。总体来说，2025年债市或继续延续牛市，但下行节奏或有反复，操作需更精细化。","fund":{"_id":3000000020426,"__csrcFundId":14024,"stockCode":"020426","masterFundShortName":"中信建投景源债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20426,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中信建投景源债券(020426)","lastUpdated":"2026-05-01T02:47:34.576Z","name":"中信建投景源债券型证券投资基金","fundCollectionId":4000050840000,"pinyin":"zxjtjyzqxzqtzjj","setUpAssetScale":200118019.05,"setUpDate":"2024-08-20T16:00:00.000Z","setUpShares":200118019.05,"inceptionDate":"2024-08-20T16:00:00.000Z","managers":[{"stockCode":"db20886863","stockType":"fund_manager","exchange":"fm","tickerId":122614220350,"name":"李照男"}]},"announcement":{"linkText":"中信建投景源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=1256233","linkType":"PDF","source":"csrc_pdf"}}]}