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济需求不足和资产荒的背景下，利率总体趋势向下。在9月底的预期扭转之后，资产再平衡的行为在短期演绎得较为剧烈，利率有所回调。　　固收投资方面，我们在三季度保持了中性的杠杆和久期，持仓仍以利率债和高等级二永债为主，严格防范信用风险。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:19.495Z","fund":{"_id":3000000020609,"__csrcFundId":13632,"stockCode":"020609","masterFundShortName":"泰康悦享90天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20609,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:52:01.533Z","status":"normal","exchange":"jj","shortName":"泰康悦享90天持有期债券(020609)","name":"泰康悦享90天持有期债券型证券投资基金","fundCollectionId":4000052190000,"setUpAssetScale":21830714.54,"setUpDate":"2024-02-27T16:00:00.000Z","setUpShares":21830714.54,"inceptionDate":"2024-02-29T16:00:00.000Z","pinyin":"tkyx90tcyqzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"8801404300","stockType":"fund_manager","exchange":"fm","tickerId":1803163310,"name":"任翀"}]},"announcement":{"linkText":"泰康悦享90天持有期债券型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1168994","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3637fea5b3eb053c497","date":"2024-06-29T16:00:00.000Z","stockId":3000000020609,"sao":"上半年宏观经济呈现出结构强分化、总量压力逐步凸显的特征。上半年GDP实现了5.0%增速，二季度GDP增速为4.7%，边际上有所下滑，核心是消费在二季度表现不佳。居民部门的收入增速、消费倾向、因地产形势变化的财富效应等在二季度都不太乐观。政策坚持了以中长期结构转型为主导的方向，制造业研发、生产、出口继续对经济形成托底。　　今年上半年是债券市场的牛市，利率下行的趋势相对较为顺畅，期间数据的阶段性企稳、央行对长端利率的预期引导，引发了利率的阶段性小幅反弹，但总体长短端利率都处于下行通道。除了基本面的因素，资产荒的环境也是核心主导因素，配债资金持续大于债券供给，供需的失衡也是宏观储蓄进一步提升的结果。　　固收投资上，我们在上半年保持了略偏积极的杠杆和久期，持仓以利率债和高等级二永债为主，严格防范信用风险。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:19.493Z","mo":"展望下半年，预计经济结构强分化的特征总体延续。政策思路预计继续统一在中国式现代化的框架下，粗放式的需求侧刺激较难出现，取而代之的是经济转型和高质量发展。信贷和社融在下半年或继续抛弃规模情节；财政政策力度在化债的主方针下，空间不会很大；货币政策有继续放松的空间，也需要平衡汇率等因素。下半年可能更多的是等待美国新一任总统上任的过渡期，为可能新的国际形势进行准备。　　展望下半年，预计债券市场总体仍然处于偏有利的环境中，只是下行的斜率和幅度很难达到上半年的程度。基本面的方向较难发生较大改变，政策思路也不会有太大的变化，资产荒的环境持续。如果经济数据进一步下滑，或者汇率压制阶段性减轻，货币政策有进一步放松的可能，从而打开利率下行的空间。　　固收投资上，中长期来看，房地产行业进入下行通道，以及工业产能利用率偏低的局面，将使我国通胀长期保持低位，这是债券牛市的根基。短期来看，在内需承压，外需下半年可能边际下滑，全球主要央行进入降息周期的大背景下，我们认为中国央行大概率维持资金面合理充裕，债券利率震荡下行的可能性较大。我们将以高等级二永债为底仓，力争控制好回撤，并争取为投资者创造绝对收益。","fund":{"_id":3000000020609,"__csrcFundId":13632,"stockCode":"020609","masterFundShortName":"泰康悦享90天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20609,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:52:01.533Z","status":"normal","exchange":"jj","shortName":"泰康悦享90天持有期债券(020609)","name":"泰康悦享90天持有期债券型证券投资基金","fundCollectionId":4000052190000,"setUpAssetScale":21830714.54,"setUpDate":"2024-02-27T16:00:00.000Z","setUpShares":21830714.54,"inceptionDate":"2024-02-29T16:00:00.000Z","pinyin":"tkyx90tcyqzqxzqtzjj","followedNum":2,"managers":[{"stockCode":"8801404300","stockType":"fund_manager","exchange":"fm","tickerId":1803163310,"name":"任翀"}]},"announcement":{"linkText":"泰康悦享90天持有期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=1141859","linkType":"PDF","source":"csrc_pdf"}}]}