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0.7个百分点，而制造业投资同比增长9.5%，对全部投资增长贡献率达到57.5%，产业转型升级持续深化，新质生产力重点领域投资加力。与此同时，上半年消费增速回落，信贷和社融增速持续下行。整个地产行业也未见明显起色，房企资金到位增速和施工竣工面积进一步下降，地产销售端今年六月底虽有所回暖，但持续性有待观察。政策层面，货币政策整体基调稳健，市场流动性充沛，在下调LPR的同时OMO和MLF利率并没有变动；在压降居民和企业融资成本的同时，存款类金融机构的实际负债成本也持续下行。财政政策方面，政治局会议提出要及早发行并用好超长期特别国债、加快专项债发行使用进度、保持必要的财政支出强度，但二季度政府发债和财政支出进度仍然偏慢，后续有进一步提速空间。地产政策开始密集落地，除部分一线城市，各地限售政策、认购资格以及贷款利率都全面放开，同时加大政府保障房收储力度。债券市场方面，上半年债市收益率总体下行，利率曲线牛陡。尽管基本面表现平稳，但在经济结构转型的大背景下，传统融资行业地产疲软、地方平台净融资快速下滑显示实体需求疲弱，资金大量进入债券市场，导致“资产慌”行情持续。从信用债的走势来看，在市场利率下行和城投化债政策的双重驱动下，以城投债为代表的信用债呈现大幅上涨态势，信用等级利差和期限利差均大幅压缩。从投资操作看，本产品成立初期以流动性管理为主，并同时关注市场交易机会，整体久期相对较低。二季度后半段随着负债结构逐步稳定，组合快速增持部分政策性金融债，迅速拉长久期，并加强利率债波段交易。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:32.304Z","mo":"展望下半年，三中全会召开，对进一步全面深化改革作出系统部署。宏观调控方面，统筹推进财税、金融等重点领域改革，增强宏观政策趋向一致性，与去年底中央经济工作会议提法相呼应。货币政策方面，央行快速果断调降OMO及LPR利率，展现货币政策呵护经济增长的决心。财政政策方面，预计中央事权加强和地方专项债使用范围扩大将促进今年三季度地方专项债发行的加快，基建投资将有可能有效支撑下半年经济增长，出口和制造业投资有望维持较高增速。展望未来，内需不足仍是当前经济修复的主要制约因素，债市长期拐点尚不明显，但短期波动预计将有所加大，央行对于打破长债收益率下行与预期转弱的负向循环的态度较为坚决，下半年重点关注央行货币政策操作、政府债供给加速、地产政策方向性转变对市场预期扭转的持续性等。预计下半年债券市场供求将有所缓和，政策力度加大，叠加央行监管态度，收益率曲线可能继续“牛陡”，中长端有望阶段性上升。","fund":{"_id":3000000020823,"__csrcFundId":13750,"stockCode":"020823","masterFundShortName":"汇泉安阳纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20823,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:57:11.453Z","status":"normal","exchange":"jj","shortName":"汇泉安阳纯债(020823)","name":"汇泉安阳纯债债券型证券投资基金","fundCollectionId":4000051820000,"setUpAssetScale":220810.95,"setUpDate":"2024-03-18T16:00:00.000Z","setUpShares":220810.95,"inceptionDate":"2024-03-21T16:00:00.000Z","pinyin":"hqayczzqxzqtzjj","tradingAbnormalDate":"2024-04-15T16:00:00.000Z","managers":[{"stockCode":"j101019985","stockType":"fund_manager","exchange":"fm","tickerId":232503248230,"name":"汪雨晨"}]},"announcement":{"linkText":"汇泉安阳纯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_show_pdf_id.do?instanceid=1145461","linkType":"PDF","source":"csrc_pdf"}}]}