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053c92c","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000020678,"sao":"3季度债市呈现持续调整态势，10年国债活跃券收益率从1.64%上行至1.86%，累计上行超21BP。行情演进主要分为三阶段：整个7月份受“反内卷交易”影响，物价回升预期对债市形成持续压制；8月初收益率短暂回调后,8月中旬开始到9月上旬，权益市场持续上涨，收益率在股债跷跷板效应下叠加公募基金费率新规的冲击，再度震荡上行；9月中旬开始，美联储降息带来的国内宽货币预期终于对债市的多重利空形成适度对冲，中短端利率有所企稳。但长端和超长端利率仍比较波动。权益市场方面，呈现指数普涨、结构分化特征，成长风格主导市场行情。创业板指数以50.4%的涨幅居首，科创50和科创100指数分别上涨49.02%、40.6%，而上证指数仅上涨12.73%，红利指数微跌3.44%。行业层面，电子设备、有色金属涨幅居前，金融板块微跌0.41%，科技与周期板块领涨市场。市场交投活跃度创历史新高，单季度成交金额达139.24万亿元，前3季度累计成交突破301.92万亿元。从资金面角度分析，融资资金净买入5741.14亿元，前3季度累计净买入逼近历史峰值，成为市场重要推动力，也是市场呈现高风偏和高波动特征的重要原因之一，我们需要对此保持关注和留一份清醒。本基金秉持“债筑底、股增强”的投资策略，三季度重点优化资产配置结构。债券端，组合坚持稳健配置，在利率调整过程中逐步增配高等级信用债，缩短久期控制波动风险，同时把握利率震荡中的交易机会，对冲了部分利率上行带来的净值压力。股票端，组合聚焦成长领域的结构性机会，重点配置海内外算力相关的电子通信和新能源等高景气板块，通过精选业绩确定性强的个股增厚收益，充分分享了成长风格上涨的红利，净值提升较明显。","lastUpdated":"2026-03-09T14:04:23.728Z","fund":{"_id":3000000020678,"__csrcFundId":13686,"stockCode":"020678","masterFundShortName":"广发集盛债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20678,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:53:48.072Z","status":"normal","exchange":"jj","shortName":"广发集盛债券(020678)","name":"广发集盛债券型证券投资基金","fundCollectionId":4000050300000,"setUpAssetScale":851535885.49,"setUpDate":"2024-03-18T16:00:00.000Z","setUpShares":851535885.49,"inceptionDate":"2024-03-21T16:00:00.000Z","pinyin":"gfjszqxzqtzjj","managers":[{"stockCode":"db20195206","stockType":"fund_manager","exchange":"fm","tickerId":171912162730,"name":"邱世磊"}]},"announcement":{"linkText":"广发集盛债券型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1372849","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3677fea5b3eb053c92b","date":"2025-06-29T16:00:00.000Z","stockId":3000000020678,"sao":"2025年上半年，债券市场波动加大，债市收益率整体先上后下。1月至3月中旬，债券市场整体大幅调整，中短端利率先上行，随后长端和超长端利率大幅上行。主要原因在于央行货币政策宽松节奏变化，资金面明显收紧，此外，1月至2月的经济、金融数据好于预期以及两会修正降息预期等因素也导致债券市场调整幅度较大。3月下旬至6月底，债券市场逐步修复，市场主线切换为中美贸易摩擦以及央行呵护流动性。6月底，超长端利率接近年初低点，但中短端利率较年初低点仍有一定距离。总结来看，上半年债市波动幅度加大，利率曲线平坦化，操作策略上，杠铃策略占优、择时影响较大。权益市场上半年整体上涨，但主线有所变化，1季度是人工智能和机器人产业链，辅以港股创新药和新消费；2季度在季初美国关税大幅扰动后，市场又先后以新消费和创新药为主线，但总体来说，产业趋势投资和景气策略重新有效。报告期内，组合密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:23.725Z","mo":"展望下半年，预计债券市场的主线在于物价、资金面和外部形势变化。2季度以来，除了外部形势变化扰动市场预期外，基本面内生动能承压、物价水平仍待进一步合理回升、央行呵护市场流动性等也是驱动利率逐步下行的重要因素。我们预计，在货币宽松落地、增量财政政策出台前，利率阶段性下行趋势仍有一定延续性。但需要关注“反内卷”对物价的影响，以及中美经贸谈判的变化。此外，考虑到基本面中长期预期有所改善，机构现有持仓久期整体较长，预计长端利率继续大幅下行需要新的催化因素。而权益市场预期下半年仍将维持较好的向好态势，背后的直接驱动因素是自去年9月底以来持续了3个季度的赚钱效应，已经开始对国内居民的资产配置行为产生影响，2季度主动权益基金的赎回显著放缓，私募证券投资基金获得了明显的资金净流入；从全球范围来看，许多海外投资机构也开始重新关注甚至回归中国市场。从基本面角度出发，尽管宏观经济仍然受到房地产行业持续下行的压力，及美国关税政策对出口预期的扰动，但边际上的影响式微，提振消费和反内卷等政策也说明决策层已关注到阻滞经济内生增长动力的本质因素，因此对未来的预期可以乐观一些；中观层面，创新药及CDMO产业链，海外算力相关产业链有坚实的产业趋势支撑，未来组合也将加强对相关领域的关注。","fund":{"_id":3000000020678,"__csrcFundId":13686,"stockCode":"020678","masterFundShortName":"广发集盛债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20678,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:53:48.072Z","status":"normal","exchange":"jj","shortName":"广发集盛债券(020678)","name":"广发集盛债券型证券投资基金","fundCollectionId":4000050300000,"setUpAssetScale":851535885.49,"setUpDate":"2024-03-18T16:00:00.000Z","setUpShares":851535885.49,"inceptionDate":"2024-03-21T16:00:00.000Z","pinyin":"gfjszqxzqtzjj","managers":[{"stockCode":"db20195206","stockType":"fund_manager","exchange":"fm","tickerId":171912162730,"name":"邱世磊"}]},"announcement":{"linkText":"广发集盛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=1342454","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3677fea5b3eb053c92a","date":"2025-03-30T16:00:00.000Z","stockId":3000000020678,"sao":"2025年1季度，债市收益率整体上行。1月，中短端利率大幅上行，长端利率小幅下行，主要原因在于央行货币政策宽松节奏变化，资金面明显收紧。2月至3月下旬，债市利率全面上行，长端利率也出现较大幅度的上行，主要受1月至2月的经济及金融数据好于预期、两会修正降息预期等因素影响。3月底，央行开始呵护流动性，债市利率有所回落。全季来看，债市调整幅度较大，利率曲线平坦化上行。权益市场方面，整体走势与债市大致呈现镜像，且表现出明显的结构性特征。有色、汽车、机械设备和计算机等行业表现较好，平均录得7个点以上的涨幅，其中有色行业表现强势的原因比较复杂，包括供给端刚性、新兴行业需求、美元弱势和地缘政治等因素；汽车、机械设备和计算机行业则源于中国人工智能技术的超预期追赶和人形机器人产品的惊艳表现，引发全球资金对中国科技企业进而中国资产的重估。而煤炭、商贸零售、石油石化和建筑装饰等行业表现较差，大多与传统经济和传统消费相关。报告期内，本组合密切跟踪市场动向，灵活调整持仓债券券种结构、组合杠杆和久期分布。股票方面，组合适当配置了人工智能、机器人行业和部分红利标的。展望2季度，预计债券市场的主线在于基本面和资金面变化。3月底以来，流动性紧张情绪缓和，债券市场或将从此前的快速下跌转为震荡修复。本组合将密切关注经济基本面尤其是出口部门的变化，积极把握债市潜在的交易机会，同时继续保持对人工智能和机器人两大前沿科技产业和红利标的的密切跟踪，积极挖掘相关公司的投资机会。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:23.722Z","fund":{"_id":3000000020678,"__csrcFundId":13686,"stockCode":"020678","masterFundShortName":"广发集盛债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20678,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:53:48.072Z","status":"normal","exchange":"jj","shortName":"广发集盛债券(020678)","name":"广发集盛债券型证券投资基金","fundCollectionId":4000050300000,"setUpAssetScale":851535885.49,"setUpDate":"2024-03-18T16:00:00.000Z","setUpShar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ated":"2026-03-09T14:04:23.712Z","mo":"展望下半年，海外方面，随着房租和汽车保险等在上半年一度拖累通胀的CPI分项开始走弱，以及薪资增速的放缓，美国通胀在7月、8月大概率将继续走弱，美联储9月份降息的确定性进一步提升，美债利率可能阶段性回到4%左右的水平，有利于对美债利率较敏感的资产，例如黄金和生物创新药等。同时，美国补库已处于高位，需要时间消化，中国此前受益于对美出口的行业或将承压。国内方面，红利资产可能表现较优，但也要做好加速上涨后面对大幅波动的准备；苹果链是未来一两年为数不多可以看到有较强景气度的行业，另外一个存在景气反转迹象的行业是风电，我们将在3季度持续关注。另外，预计市场会提前交易若特朗普重新上台后的美国经济和外交政策变化及其影响，但这种交易往往呈现事件催化性的特征，难以构成我们权益投资的主线；相比之下，集中研究9月份美国降息节奏进而打开中国降息掣肘及其将产生的影响，这将更容易从基本面找到坚实且可研究的线索，并会很快被验证，这将是我们投资配置的主线。","fund":{"_id":3000000020678,"__csrcFundId":13686,"stockCode":"020678","masterFundShortName":"广发集盛债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20678,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:53:48.072Z","status":"normal","exchange":"jj","shortName":"广发集盛债券(020678)","name":"广发集盛债券型证券投资基金","fundCollectionId":4000050300000,"setUpAssetScale":851535885.49,"setUpDate":"2024-03-18T16:00:00.000Z","setUpShares":851535885.49,"inceptionDate":"2024-03-21T16:00:00.000Z","pinyin":"gfjszqxzqtzjj","managers":[{"stockCode":"db20195206","stockType":"fund_manager","exchange":"fm","tickerId":171912162730,"name":"邱世磊"}]},"announcement":{"linkText":"广发集盛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=1147513","linkType":"PDF","source":"csrc_pdf"}}]}