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历史水平而言比其他信用利差横向对比来说更高。本基金在上半年整体采取中高久期和中高杠杆策略，根据基本面积极提升仓位，通过逢回调加仓，积极配置信用等策略提升收益，采取了一定的防御措施降低波动，整体取得较好效果。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:08.429Z","mo":"国内经济预计延续分化式复苏，经济总量5%左右增速修复的预期会相对稳定，市场对此已计入较充分预期。具体来看，整体房价仍将处于下行周期，上半年开启的新一轮政策拉动地产投资和信贷作用有限，地产仍在磨底阶段；居民加杠杆属于顺周期行为，在房价下行、收入预期波动的环境下，居民消费总额将逐步筑底，大幅回升较难；制造业、出口依旧是贯穿Q3-Q4的主要支撑，基建投资有望受益资金和项目提升速度。全年通胀压力不大，预计下半年同比预计能温和抬升，不会对债券形成压力。出口是我国经济亮点，在全球地缘政治紧张的情况下，下半年面临美国大选和衰退风险等因素，出口可能面临压力。政策方面，因经济还处于弱复苏状态，下半年货币政策预计以稳为主，对国内关注利率，对国际关注汇率，可能通过稳定短期政策利率稳住短端市场利率；防范长端利率过度变化；政策空间取决于汇率和利率的平衡。整体而言，我们预计下半年债券市场整体有利，但需要关注央行对长端利率的调控风险。","fund":{"_id":3000000020432,"__csrcFundId":13589,"stockCode":"020432","masterFundShortName":"上银聚泽益债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20432,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:47:45.296Z","status":"normal","exchange":"jj","shortName":"上银聚泽益债券(020432)","name":"上银聚泽益债券型证券投资基金","fundCollectionId":4000050850000,"setUpAssetScale":250030102.95,"setUpDate":"2024-02-04T16:00:00.000Z","setUpShares":250030102.95,"inceptionDate":"2024-02-07T16:00:00.000Z","pinyin":"syjzyzqxzqtzjj","managers":[{"stockCode":"db20164679","stockType":"fund_manager","exchange":"fm","tickerId":32306214320,"name":"蔡唯峰"},{"stockCode":"db20802141","stockType":"fund_manager","exchange":"fm","tickerId":71717218510,"name":"葛沁沁"}]},"announcement":{"linkText":"上银聚泽益债券型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1148671","linkType":"PDF","source":"csrc_pdf"}}]}