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T14:04:11.160Z","fund":{"_id":3000000020471,"__csrcFundId":13732,"stockCode":"020471","masterFundShortName":"长城0-5年政金债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20471,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:48:37.991Z","status":"normal","exchange":"jj","shortName":"长城0-5年政金债(020471)","name":"长城0-5年政策性金融债债券型证券投资基金","fundCollectionId":4000050150000,"setUpAssetScale":249996241.58,"setUpDate":"2024-03-05T16:00:00.000Z","setUpShares":249996241.58,"inceptionDate":"2024-03-07T16:00:00.000Z","pinyin":"cc0-5nzcxjrzzqxzqtzjj","managers":[{"stockCode":"8801597327","stockType":"fund_manager","exchange":"fm","tickerId":252426199460,"name":"杨献忠"}]},"announcement":{"linkText":"长城0-5年政策性金融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=1269188","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed35b7fea5b3eb053bc60","date":"2024-12-30T16:00:00.000Z","stockId":3000000020471,"sao":"2024年，国内经济基本面处于结构转型和弱复苏的过程中，在部分时间窗口，经济呈现出边际好转的迹象。而映射到债券市场上，债券收益率的波动对于经济基本面的变化趋于钝化，受到经济基本面的影响较小。　　2024年，央行维持稳健中性的货币政策，全年实施了两次降准和两次降息，并且2024年12月的政治局会议将货币政策基调调整为“适度宽松”。在这样的背景下，2024年的资金面总体比较平稳，为全年债券牛市提供了重要的基础。　　从收益率变化幅度来看，长端利率债下行幅度超过80BP，是近6年来下行幅度最大的年份。从期限利差的变动来看，利率债长短期限利差维持在较低水平，利率曲线趋于平坦化。　　组合全年保持灵活的杠杆和久期，对持仓资产持续做优化调整。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:11.158Z","mo":"从长期来看，在国内经济结构转型和高质量发展的背景下，广谱利率中枢的下行是长期趋势，在未来很长一段时间内，我们都将面临着较低的利率环境，这对于我们的组合投资来说是新的形势和挑战。　　在组合管理方面，获取收益的难度无疑是增加的，因此我们需要更加精细化的研究和投资策略。","fund":{"_id":3000000020471,"__csrcFundId":13732,"stockCode":"020471","masterFundShortName":"长城0-5年政金债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20471,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:48:37.991Z","status":"normal","exchange":"jj","shortName":"长城0-5年政金债(020471)","name":"长城0-5年政策性金融债债券型证券投资基金","fundCollectionId":4000050150000,"setUpAssetScale":249996241.58,"setUpDate":"2024-03-05T16:00:00.000Z","setUpShares":249996241.58,"inceptionDate":"2024-03-07T16:00:00.000Z","pinyin":"cc0-5nzcxjrzzqxzqtzjj","managers":[{"stockCode":"8801597327","stockType":"fund_manager","exchange":"fm","tickerId":252426199460,"name":"杨献忠"}]},"announcement":{"linkText":"长城0-5年政策性金融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=1257364","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed35b7fea5b3eb053bc5f","date":"2024-09-29T16:00:00.000Z","stockId":3000000020471,"sao":"三季度，在国内宏观经济结构转型和长期高质量发展的背景下，总量经济增速呈现一定压力，除出口数据外，其他经济数据缺乏亮点。资金面方面，央行保持稳健宽松的货币政策，资金面总体保持平稳。　　债券市场在三季度波动较大，收益率以震荡下行为主。9月下旬，收到“一揽子政策”的影响，收益率出现波动上行。　　组合进一步优化持仓结构，保持净值稳定增长。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:11.155Z","fund":{"_id":3000000020471,"__csrcFundId":13732,"stockCode":"020471","masterFundShortName":"长城0-5年政金债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20471,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:48:37.991Z","status":"normal","exchange":"jj","shortName":"长城0-5年政金债(020471)","name":"长城0-5年政策性金融债债券型证券投资基金","fundCollectionId":4000050150000,"setUpAssetScale":249996241.58,"setUpDate":"2024-03-05T16:00:00.000Z","setUpShares":249996241.58,"inceptionDate":"2024-03-07T16:00:00.000Z","pinyin":"cc0-5nzcxjrzzqxzqtzjj","managers":[{"stockCode":"8801597327","stockType":"fund_manager","exchange":"fm","tickerId":252426199460,"name":"杨献忠"}]},"announcement":{"linkText":"长城0-5年政策性金融债债券型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1171297","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed35b7fea5b3eb053bc5e","date":"2024-06-29T16:00:00.000Z","stockId":3000000020471,"sao":"2024年上半年，债券市场呈现牛市特征，各期限收益率显著下行。具体来看，2024年1月份，市场对于降准降息预期充分，宽松预期下长端利率债收益率快速下行，短端利率表现弱于长端，收益率曲线形态走平。2月份在权益市场走弱背景下，收益率曲线整体向下平移，超长端利率债表现相对更优。进入3月份后，市场进入震荡回调，全月来看，收益率曲线表现平稳。4月末市场出现短暂回调。在6月下旬，各期限收益率都下行至历史极低水平。信用债方面，收益率波动与国债类似，半年末信用利差压缩至历史极低水平。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:11.152Z","mo":"展望下半年，我们认为国内经济仍处于结构转型和弱复苏的进程中，债券收益率中枢下行仍是长期趋势，但是也要关注到整体收益率水平已经处于历史低位，未来获取收益的难度显著加大。","fund":{"_id":3000000020471,"__csrcFundId":13732,"stockCode":"020471","masterFundShortName":"长城0-5年政金债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20471,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:48:37.991Z","status":"normal","exchange":"jj","shortName":"长城0-5年政金债(020471)","name":"长城0-5年政策性金融债债券型证券投资基金","fundCollectionId":4000050150000,"setUpAssetScale":249996241.58,"setUpDate":"2024-03-05T16:00:00.000Z","setUpShares":249996241.58,"inceptionDate":"2024-03-07T16:00:00.000Z","pinyin":"cc0-5nzcxjrzzqxzqtzjj","managers":[{"stockCode":"8801597327","stockType":"fund_manager","exchange":"fm","tickerId":252426199460,"name":"杨献忠"}]},"announcement":{"linkText":"长城0-5年政策性金融债债券型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance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