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nagers":[{"stockCode":"db20919327","stockType":"fund_manager","exchange":"fm","tickerId":40311230260,"name":"杜澄楷"},{"stockCode":"db20809254","stockType":"fund_manager","exchange":"fm","tickerId":231324227190,"name":"王明欣"}]},"announcement":{"linkText":"东吴恒益纯债债券型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1375938","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3637fea5b3eb053c4c2","date":"2025-06-29T16:00:00.000Z","stockId":3000000020611,"sao":"2025年上半年，债券市场经历了货币宽松预期从修正到强化、资金面从紧平衡到均衡宽松、中美关税冲突阶段性演绎、基本面从一季度经济“开门红”转向经济增长预期回落等一系列事件，市场交易主线也随之切换，债市呈现出“先抑后扬”的特征。年初至3月中旬，由于央行暂停国债买入、降准降息预期落空、资金面边际收紧，债市出现阶段性的“小钱荒”，短端利率率先承压，并进一步传导至长端，曲线走平。与此同时，社融信贷实现“开门红”，释放经济企稳信号，权益市场有所回暖，带动风险偏好回升，叠加货币宽松预期修正，宽货币节奏存在不确定性，加大债市回调压力，1年国债收益率上触1.6%，10年国债收益率上至1.9%。3月下旬，随着长端利率定价回归至合理区间，债市对利多敏感，央行加大投放力度呵护资金面，以及MLF改为多重价位中标释放利好信号。4月在超预期“对等关税”和“反制关税”下，基本面预期边际转弱，货币宽松预期增强，叠加市场避险情绪升温，催化利率快速下行，10年国债收益率下至1.62%，30年国债收益率下至1.82%。5月上旬，央行一揽子货币政策出台，降准降息兑现；6月央行两次提前公告开展买断式逆回购操作，释放流动性呵护信号，资金面维持均衡宽松，直接利好短端品种。5月中旬，中美日内瓦关税谈判取得实质性进展，6月中美经贸磋商机制首次会议落地，显示中美关税博弈边际缓和，出口贸易和经济增长预期或边际改善，叠加政府债发行维持较快节奏，长端和超长端利率面临一定的回调压力，曲线有所陡峭化。（以上数据来源：WIND）　　报告期内，本基金以中性久期底仓进行轮动增强，以量化模型定价、多因子选股思维、偏离回复等多手段辅助择时择券；久期随行情调整，在利率调整时逆势加仓，以长久期利率债增加组合久期，力争获取资本利得收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:19.630Z","mo":"2025年上半年我国经济整体韧性较强，节奏上呈先升后降再反弹的“N”字型走势。具体看，2025年一季度我国实现经济“开门红”，实际GDP同比增5.4%，与 2024年四季度持平；二季度开始，经济波动加大，其中4月经济全面回落，主因中美关税升级、地产走弱和消费下行；5月一揽子金融政策出台、降准降息落地，随后中美谈判取得实质性进展、高关税缓和，带动经济触底反弹，二季度GDP增速达到5.2%。　　展望2025年下半年，关税不确定性或仍在、出口压力大概率更大，内需不足的问题仍待解决，预计GDP增速逐季下滑，全年GDP有望实现5%左右目标。具体看：1）消费方面，下半年居民收入增速预计可能维持低位，房价下跌和出口压力或加大，有可能在一定程度上压制消费倾向，消费下行压力可能加大，以旧换新、服务消费等政策支持有望加码；2）出口方面，下半年关税影响预计可能逐步显现，叠加“抢出口”透支效应和美国关税带来的全球贸易收缩效应，预计出口大概率转负，对我国经济的影响或由支撑转为拖累；3）投资方面，预计整体固定资产投资增速可能小幅回升，其中：由于地方化债、财政发力等因素影响，预计下半年基础设施建设投资增速可能继续走高，对冲经济下行压力；下半年设备更新支持预计可能延续，但出口走弱叠加当前产能利用率偏低，下半年制造业投资可能继续放缓；在居民杠杆率处于高位、人口下行、收入和房价预期下降的大背景下，地产或难有持续反弹，地产投资可能维持低位震荡。此外，根据当前情况看，预计供需缺口可能仍然存在，物价可能仍保持低位运行。　　宏观政策方面，鉴于上半年GDP增速在5.3%偏高水平，全年“保5%”压力降低，预示下半年政策会更注重抓落实、做好增量政策储备，力度上可能更接近“托而不举”，具体看，重点关注3个方面：一是货币宽松有望还是大方向，操作上可能会延续“相机抉择”和“缩减原则”的特征；二是有望加快现有财政政策落地，包括加快政府债券发行、推动实物工作量形成等，三季度前后，根据实际经济情况，可能决定财政进一步加码力度；三是同时基于“十五五规划”布局中长期、进一步深化体制机制改革。　　展望下半年的债券市场，一方面，在经济基本面未发生较大改变、货币政策依然偏松的环境下，债券利率或存在继续下行的可能性，后续整体收益率曲线下行空间的打开可能主要依赖降息和资金利率的下行。另一方面，当前债券利率处于历史相对较低位，叠加交易行为的加剧以及监管对利率风险的持续关注，下半年债券市场的短期波动可能也将有所放大。","fund":{"_id":3000000020611,"__csrcFundId":14065,"stockCode":"020611","masterFundShortName":"东吴恒益纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20611,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"东吴恒益纯债债券(020611)","lastUpdated":"2026-05-01T02:52:04.621Z","name":"东吴恒益纯债债券型证券投资基金","pinyin":"dwhyczzqxzqtzjj","fundCollectionId":4000050410000,"inceptionDate":"2024-07-25T16:00:00.000Z","setUpAssetScale":700113806.58,"setUpDate":"2024-07-25T16:00:00.000Z","setUpShares":700113806.58,"managers":[{"stockCode":"db20919327","stockType":"fund_manager","exchange":"fm","tickerId":40311230260,"name":"杜澄楷"},{"stockCode":"db20809254","stockType":"fund_manager","exchange":"fm","tickerId":231324227190,"name":"王明欣"}]},"announcement":{"linkText":"东吴恒益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=1342959","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3637fea5b3eb053c4c1","date":"2025-03-30T16:00:00.000Z","stockId":3000000020611,"sao":"2025年一季度，债券市场利率整体上行。资金利率处于相对高位，带动短端债券收益率率先上行，后随着货币宽松预期回撤，长端收益率逐步上行。1月，债市迎来开门红，10Y国债探至新低1.5825%，但随着央行将政策重心转向稳汇率及防空转，市场宽货币预期降温，债市进入逆风阶段，期间“稳增长”信号接续释放；1月10日央行宣布阶段性暂停买入国债，30Y国债较月初低点回调15bp至1.95%，10Y国债回调近9bp至1.67%，债市此后步入震荡期。2月以来，在资金面易紧难松、风险偏好抬升及基本面环比改善等多重压制下，债市收益率易上难下，宽幅震荡，10Y国债最高逼近1.8%，短债及存单也悉数大幅上行，承压之下，机构大幅抛盘，导致债券市场波动加大。进入3月，几经调整后债市情绪脆弱，资金价格基本稳定在高位中枢，债市对基本面反应日趋钝化，市场对货币政策宽松预期大幅降温，10Y国债触及1.9%，30Y特别国债逼近2.15%，此后市场走调整后的修复行情，央行公布MLF改为多重价位中标，后续货币政策可能仍有一定不确定性。（以上数据来源：Wind）报告期内，本基金以中性久期底仓进行轮动增强，在利率调整时逆势加仓，以长久期利率债增加组合久期，力争获取资本利得收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:19.627Z","fund":{"_id":3000000020611,"__csrcFundId":14065,"stockCode":"020611","masterFundShortName":"东吴恒益纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20611,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"东吴恒益纯债债券(020611)","lastUpdated":"2026-05-01T02:52:04.621Z","name":"东吴恒益纯债债券型证券投资基金","pinyin":"dwhyczzqxzqtzjj","fundCollectionId":4000050410000,"inceptionDate":"2024-07-25T16:00:00.000Z","setUpAssetScale":700113806.58,"setUpDate":"2024-07-25T16:00:00.000Z","setUpShares":700113806.58,"managers":[{"stockCode":"db20919327","stockType":"fund_manager","exchange":"fm","tickerId":40311230260,"name":"杜澄楷"},{"stockCode":"db20809254","stockType":"fund_manager","exchange":"fm","tickerId":231324227190,"name":"王明欣"}]},"announcement":{"linkText":"东吴恒益纯债债券型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1272261","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3637fea5b3eb053c4c0","date":"2024-12-30T16:00:00.000Z","stockId":3000000020611,"sao":"回顾2024年，债券市场走出了收益率大幅下行、价格持续上涨行情，以10年国债到期收益率为例，全年下行88bp。年初至4月中上旬，资金面整体偏宽松，通胀始终在低位运行，融资需求持续疲软，而政府债发行进度偏缓慢，供需失衡下，利率快速下行，10年国债利率从2023年末的2.56%下降至2024年3月的2.27%附近。而后从4月开始，央行逐步提示长端利率过度下行风险。7月初，央行宣布将开始借券。在此过程中，长债利率经历阶段性调整后转入震荡态势。7月下旬央行降息，再度打开利率下行空间，10年国债在8月初快速下行，随后开始反弹。8月中旬央行增加货币投放以稳定市场，而后利率再度震荡下行，并在9月20日左右下降至2.0%附近。9月底稳增长政策大幅发力，股市直线拉升，债市资金大幅流出，债券市场迎来一轮快速回调，利率大幅上行，10年国债在不到6个交易日里从2.05%左右上升至2.2%附近。而后，10月8日发改委、10月12日财政部、10月17日住建部发布会公布增量稳增长政策，对债市形成利好，市场逐渐平稳，长债利率率先平稳下行。年末政府债券供给压力释放、同业存款自律机制落地、货币政策基调转为适度宽松，形成年末利率下行行情。10年国债利率从11月20日至年底，不到一个半月时间里累计下行43bp。期间利率基本单边下行，即使有小的调整，幅度也较为有限。（以上数据来源：Wind）报告期内，本基金处于建仓期，以利率债为主要投资方向，根据宏观环境变化及债券市场交易逻辑合理安排仓位，逐步建仓；同时，利用部分仓位灵活操作，进行波段交易，净值稳定增长。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:19.624Z","mo":"展望2025年，是我国“十四五”规划的收官之年，更是全面落实二十届三中全会精神的关键之年，预计GDP目标可能仍会维持偏高水平。结构上看，外需可能有所弱化，内需尤其是消费或将成为经济的重要支撑。具体看，消费方面，“以旧换新”等政策加码，有望对国内消费带来一定增量，预计2025年消费增速可能有所回升。出口方面，特朗普已经宣布对从我国进口的商品加征10%的关税，预计后续出口的不确定性可能会增加，对于经济的支撑或将有所弱化。投资方面，预计整体固定资产投资增速可能小幅回升。其中，由于地方化债、财政发力等因素影响，预计基础设施建设投资可能维持偏高增速；在设备更新支持延续、出口回落等影响下，制造业投资可能小幅放缓；房地产投资仍有不确定性，但低基数影响下，房地产投资增速较2024年降幅可能收窄。此外，在财政政策和货币政策双发力的情况下，预计供需缺口可能有所改善，物价或回升。宏观政策方面，鉴于经济要维持偏高增速，2025年政策大方向可能需要更积极、更扩张、更给力。货币宽松或仍是方向，预计降准、降息仍然可以期待。财政可能进一步加码，2025年广义赤字率相比2024年可能明显抬升，财政支出节奏也有望前置。在货币宽松预期及融资需求偏弱的情况下，2025年债市大幅反转的可能性较小，但经历了2024年的大幅下行后，债市已经进入低利率阶段，票息收益有限，收益更多可能来自通过交易获得的资本利得，而交易行为的加剧可能导致波动上升，投资难度加大。","fund":{"_id":3000000020611,"__csrcFundId":14065,"stockCode":"020611","masterFundShortName":"东吴恒益纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20611,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"东吴恒益纯债债券(020611)","lastUpdated":"2026-05-01T02:52:04.621Z","name":"东吴恒益纯债债券型证券投资基金","pinyin":"dwhyczzqxzqtzjj","fundCollectionId":4000050410000,"inceptionDate":"2024-07-25T16:00:00.000Z","setUpAssetScale":700113806.58,"setUpDate":"2024-07-25T16:00:00.000Z","setUpShares":700113806.58,"managers":[{"stockCode":"db20919327","stockType":"fund_manager","exchange":"fm","tickerId":40311230260,"name":"杜澄楷"},{"stockCode":"db20809254","stockType":"fund_manager","exchange":"fm","tickerId":231324227190,"name":"王明欣"}]},"announcement":{"linkText":"东吴恒益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=1254362","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3637fea5b3eb053c4bf","date":"2024-09-29T16:00:00.000Z","stockId":3000000020611,"sao":"2024年三季度，利率虽整体呈现下行态势，但波动加大。7月以来，基本面缓步恢复，“资产荒”和“宽货币”的逻辑未改，债券市场发展趋势基础未变；但央行公告将开展国债借入操作和临时隔夜回购操作，对债市形成扰动；三中全会后，央行降息，在此影响下，7月长端利率先上后下，整体震荡下行。进入8月，虽然债券收益率趋势向下的底层逻辑未发生反转，但在央行及监管操作影响下，国债交投活跃度明显回落，长端利率快速上行；后续随着国债交投活跃度逐渐恢复，利率也缓慢下行，全月整体略上。8月30日央行官网公告国债买短卖长操作，净买入1000亿元，收益率开启下行走势；9月中上旬，受美联储将开启首次降息预期的影响，债券市场交易国内降息预期，带动长债一路下行突破前低至2%附近；中下旬美联储降息50bp落地后央行未紧跟降息，国债收益率保持震荡走平；临近月底，国新办发布会上央行官宣包括降准、降息、降房贷利率、创新工具支持权益市场等一系列重磅政策，随后政治局会议在财政、地产、就业等多方面表态支持经济，市场预期扭转，风险偏好大幅提升，债券收益率剧烈调整。报告期内，本基金处于建仓期，以利率债为主要投资方向，根据宏观环境变化及债券市场交易逻辑合理安排仓位，逢高配置，逐步建仓；同时，利用部分仓位顺势而为，进行波段交易。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:19.621Z","fund":{"_id":3000000020611,"__csrcFundId":14065,"stockCode":"020611","masterFundShortName":"东吴恒益纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20611,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"东吴恒益纯债债券(020611)","lastUpdated":"2026-05-01T02:52:04.621Z","name":"东吴恒益纯债债券型证券投资基金","pinyin":"dwhyczzqxzqtzjj","fundCollectionId":4000050410000,"inceptionDate":"2024-07-25T16:00:00.000Z","setUpAssetScale":700113806.58,"setUpDate":"2024-07-25T16:00:00.000Z","setUpShares":700113806.58,"managers":[{"stockCode":"db20919327","stockType":"fund_manager","exchange":"fm","tickerId":40311230260,"name":"杜澄楷"},{"stockCode":"db20809254","stockType":"fund_manager","exchange":"fm","tickerId":231324227190,"name":"王明欣"}]},"announcement":{"linkText":"东吴恒益纯债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=1176539","linkType":"PDF","source":"csrc_pdf"}}]}