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继续下降，但降幅较去年全年略有收窄。社会消费品零售总额1-2月累计同比增4.0%，增速较2024年全年回升0.5个百分点。最后，对外贸易相对偏弱，进出口总值同比下降1.2%，与外需偏弱及“抢出口”接近尾声关系密切；物价增长较低，通缩压力犹存。推动经济边际向好的主要因素首先来自于去年9月底以来政府出台的一系列稳预期、促消费的政策措施，信贷社融“开门红”成效显著；其次是春节期间中国科技与中国元素提振全社会信心；最后，稳股市楼市效果明显，股市自去年9月以来止跌回升，楼市方面部分高能级城市住宅成交也出现一波小阳春。但是，通缩压力较大、消费需求不足、部分领域风险隐患犹存等问题依然存在，未来有赖于刺激政策进一步扩张与结构性改革的进一步推进，低利率环境总体上仍将得以持续。债券市场受一季度资金成本偏高影响，各期限收益率出现一定程度上行。组合继续保持稳健，严格做好流动性管理与风险防范，抓住春节等回购利率较高的季节性时点，通过逆回购、中短债与长债的合理搭配，努力获取最优收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:19.731Z","fund":{"_id":3000000020613,"__csrcFundId":14142,"stockCode":"020613","masterFundShortName":"尚正中债0-3年政金债指数","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20613,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"尚正中债0-3年政金债指数(020613)","lastUpdated":"2026-07-01T02:33:35.251Z","name":"尚正中债0-3年政策性金融债指数证券投资基金","fundCollectionId":4000051960000,"pinyin":"szzz0-3nzcxjrzzszqtzjj","setUpAssetScale":1050029443.05,"setUpDate":"2024-09-03T16:00:00.000Z","setUpShares":1050029443.05,"inceptionDate":"2024-09-05T16:00:00.000Z","indexFundFlag":1,"managers":[{"stockCode":"db20840419","stockType":"fund_manager","exchange":"fm","tickerId":41008226150,"name":"段吉华"}]},"announcement":{"linkText":"尚正中债0-3年政策性金融债指数证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1273412","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3637fea5b3eb053c4df","date":"2024-12-30T16:00:00.000Z","stockId":3000000020613,"sao":"2024年全年经济总体平稳，各季度单季度同比增速呈V型走势，第一季度为全年高点，同比增长5.3%，二三季度逐步下行，分别增长4.7%、4.6%，四季度则触底反弹，增速回升至5.4%，实现5%的全年经济增长目标。全年经济增长的主要动力从年初的消费拉动，逐季切换到外需拉动。第一季度国内消费拉动经济增长为3.93个百分点，净出口拉动则为0.77个百分点，第四季度国内消费拉动约1.6个百分点，净出口拉动2.47个百分点。推动经济的主要因素，首先是决策层推出的各项刺激政策与托底措施，有力推动经济平稳发展，其次是中国出口产品的竞争力显著提升，特别是为四季度经济增长起到了主要作用，最后是中国经济长期向好的支撑条件和基本趋势没有变，虽然短期存在一定困难，但政策措施的实施，为经济的长期持续平稳发展释放了新动能。本报告期间，债券市场利率受基本面与政策面的驱动，全年总体呈波动下行趋势。相对于上期末，1年期国债利率下行98BP、3年期国债下行约100BP、10年期国债下行约89BP；1年期国开债利率下行94BP、3年期国开债下行约98BP、10年期国债下行约95BP。组合投资坚持哑铃型策略，均衡持有中短久期政金债、中长期国债以及逆加购，总体上在控制波动的条件下获取了利率下行带来的资本利得。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:19.727Z","mo":"根据决策层的部署，2025年将实施“更加积极”的财政政策与“适度宽松”的货币政策，因此可以预期前期出现的暂时困难将得到有效化解，未来宏观经济增长可能出现走平企稳状态。债券市场总体上将保持相对活跃状态，利率总体中枢可能稳中有降，但阶段性行情受到基本面改善进程、资金投放节奏等影响较大，可能存在较大波动。","fund":{"_id":3000000020613,"__csrcFundId":14142,"stockCode":"020613","masterFundShortName":"尚正中债0-3年政金债指数","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20613,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"尚正中债0-3年政金债指数(020613)","lastUpdated":"2026-07-01T02:33:35.251Z","name":"尚正中债0-3年政策性金融债指数证券投资基金","fundCollectionId":4000051960000,"pinyin":"szzz0-3nzcxjrzzszqtzjj","setUpAssetScale":1050029443.05,"setUpDate":"2024-09-03T16:00:00.000Z","setUpShares":1050029443.05,"inceptionDate":"2024-09-05T16:00:00.000Z","indexFundFlag":1,"managers":[{"stockCode":"db20840419","stockType":"fund_manager","exchange":"fm","tickerId":41008226150,"name":"段吉华"}]},"announcement":{"linkText":"尚正中债0-3年政策性金融债指数证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1253533","linkType":"PDF","source":"csrc_pdf"}}]}