window.pageData = {"stock":{"_id":3000000020887,"name":"交银施罗德中债0-3年政策性金融债指数证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","indexFundFlag":1,"stockCode":"020887","tickerId":20887,"shortName":"交银中债0-3年政金债指数C","currency":"CNY","exchange":"jj","masterFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"fundCollectionId":4000050480000,"pinyin":"jysldzz0-3nzcxjrzzszqtzjj","inceptionDate":"2024-03-21T16:00:00.000Z","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50480000","tickerId":50480000,"name":"交银施罗德基金管理有限公司"},"managers":[{"name":"张顺晨","stockType":"fund_manager","stockCode":"db20906518","exchange":"fm","tickerId":261903239720},{"name":"苏建文","stockType":"fund_manager","stockCode":"j101020115","exchange":"fm","tickerId":191023257450}],"hotMetrics":{"fss":{"stockId":3000000020887,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.9998999999999999,"f_ind_h_s_r":0.0001,"f_h_a":39,"f_h_s_a":99385153,"last_data_date":"2025-12-30T16:00:00.000Z","f_ind_h_s_r_c_hy":-0.9999,"f_ins_h_s_r_c_hy":0.9998999999999999,"f_ind_h_s_r_c_1y":-0.010100000000000001,"f_ins_h_s_r_c_1y":0.010099999999999887},"fpr":{"stockId":3000000020887,"type":"fpr","f_p_r_fys_ssc":7435,"f_p_r_fys_ssrp":0.4928705945655098,"f_p_r_m1_ssc":7664,"f_p_r_m1_ssrp":0.4080647266083779,"f_p_r_m3_ssc":7559,"f_p_r_m3_ssrp":0.3134427097115639,"f_p_r_m6_ssc":7434,"f_p_r_m6_ssrp":0.42795641060137224,"f_cagr_p_r_fs_ssc":7391,"f_cagr_p_r_fs_ssrp":0.7821380243572396,"f_p_r_y1_ssc":6981,"f_p_r_y1_ssrp":0.7091690544412608,"f_p_r_y2_ssc":6066,"f_p_r_y2_ssrp":0.6824402308326464},"fp":{"stockId":3000000020887,"type":"fp","f_p_r_d1":-0.0002922837100545195,"f_cagr_p_r_fs":0.02089243358484061,"f_p_r_m1":0.001168338039139405,"f_p_r_m3":0.007544581618655677,"f_p_r_m6":0.014803118523635472,"f_p_r_fys":0.014202584081270286,"last_data_date":"2026-07-07T16:00:00.000Z","f_p_r_y1":0.013812290898030932,"f_p_r_y2":0.042539324394346156,"f_i_d":"2024-03-21T16:00:00.000Z"},"ff":{"stockId":3000000020887,"type":"ff","f_m_f_r":0.0015,"f_c_f_r":0.0005,"f_m_a_c_f_r":0.002,"f_m_c_f_d":"2025-01-23T16:00:00.000Z","f_c_f":884265,"f_m_a_c_f":3537062,"f_m_f":2652797,"f_c_fr":0.0005,"f_fr_d":"2025-12-25T16:00:00.000Z","f_m_fr":0.0015,"f_mac_fr":0.002},"f_nlacan":{"stockId":3000000020887,"type":"f_nlacan","f_nv_d":"2026-07-07T16:00:00.000Z","f_nv":1.0283,"f_nv_cr":0.0000972573429292023},"f_as":{"stockId":3000000020887,"type":"f_as","f_tas":381738284.98649997,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000020886,"__csrcFundId":13741,"stockCode":"020886","masterFundShortName":"交银中债0-3年政金债指数","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20886,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-01T02:39:55.501Z","status":"normal","exchange":"jj","shortName":"交银中债0-3年政金债指数(020886)","name":"交银施罗德中债0-3年政策性金融债指数证券投资基金","fundCollectionId":4000050480000,"inceptionDate":"2024-03-21T16:00:00.000Z","setUpAssetScale":7990004409.61,"setUpDate":"2024-03-21T16:00:00.000Z","setUpShares":7990004409.61,"pinyin":"jysldzz0-3nzcxjrzzszqtzjj","indexFundFlag":1}],"bondHoldings":[{"_id":"69e7d76c6201787ae12a58e3","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000020886,"stockCode":"240413","stockName":"24农发13","holdings":2800000,"marketCap":284655671,"netValueRatio":0.1491,"lastUpdated":"2026-04-21T20:00:44.410Z"},{"_id":"69e7d76c6201787ae12a58e4","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000020886,"stockCode":"09240203","stockName":"24国开清发03","holdings":2000000,"marketCap":202941095,"netValueRatio":0.1063,"lastUpdated":"2026-04-21T20:00:44.413Z"},{"_id":"69e7d76c6201787ae12a58e5","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000020886,"stockCode":"250423","stockName":"25农发23","holdings":1500000,"marketCap":151838095,"netValueRatio":0.0795,"lastUpdated":"2026-04-21T20:00:44.417Z"},{"_id":"69e7d76c6201787ae12a58e6","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000020886,"stockCode":"240313","stockName":"24进出13","holdings":1500000,"marketCap":151747602,"netValueRatio":0.0795,"lastUpdated":"2026-04-21T20:00:44.420Z"},{"_id":"69e7d76c6201787ae12a58e7","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000020886,"stockCode":"250313","stockName":"25进出13","holdings":1300000,"marketCap":130939383,"netValueRatio":0.0686,"lastUpdated":"2026-04-21T20:00:44.423Z"}]},"list":[{"_id":"69e7d5926201787ae129f4db","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","stockId":3000000020886,"sao":"2026年一季度，债市收益率窄幅震荡，短端利率显著下行，期限利差有所走扩。年初股市强势上涨，风险偏好抬升压制债市情绪，10年国债收益率最高上至1.90%。随后债市配置力量转强、央行宣布结构性货币政策工具降息25BP，利率转为下行。二月初中东地缘局势紧张，国内PMI超预期走弱，叠加央行重启14天逆回购、呵护跨节流动性，10年国债收益率下破1.80%，随后止盈情绪升温带动利率上行。春节假期出行消费数据偏强，节后权益市场延续上涨，债市小幅调整，二月底上海公布楼市新政，长端利率品种表现偏弱。进入三月，全国两会落地，随后中东地缘冲突升级推高油价，受通胀预期的压制，债市长端震荡偏弱，10年国债维持在1.80%-1.85%区间波动，受益于流动性宽松和配置需求，中短债情绪较好，曲线呈现陡峭化。　　本基金是指数基金，报告期内，组合根据规模变动和市场预期变化动态调整组合久期和杠杆，在控制组合与跟踪指数偏离的前提下，根据品种利差和期限利差变化调整不同期限券种配置，以期增厚组合骑乘收益和杠杆收益。　　展望2026年二季度，中东地缘局势和国内基本面、通胀环境将成为影响债市的主要因素。年初国内经济实现“开门红”，后续基建投资持续发力、地产销售边际企稳，叠加消费补贴带动社零中枢修复，预计内需总体保持稳健，而外部环境则面临扰动，近期国际油价持续上升，部分海外经济体能源依赖度较高，全球需求放缓或将滞后显现，短期出口仍有韧性，中期关注外需变化。通胀方面，年初CPI受基数效应与春节错位影响明显走高，受制于居民收入增速回升缓慢，后续上涨空间有限，PPI方面，若原油价格维持高位，将直接拉动石油化工等行业价格上涨，预计二季度PPI同比增速大概率转正，后续持续回升，需关注上游成本向中下游传导效率，以及中游制造业利润空间，短期供给层面涨价因素对货币政策的扰动有限。流动性方面，当前经济内需动能尚需稳固，二季度特别国债发行将陆续落地，预计央行仍将延续支持性政策，着力改善微观主体预期，对应资金面将保持平稳。整体来看，二季度或呈现通胀水平抬升、内需温和修复、流动性维持均衡的格局，伴随银行负债成本下降和机构配置需求增加，对应债市有望呈现震荡行情。　　操作策略方面，组合将根据指数动态进行复制调整，尽力保证组合与指数偏离在可控制范围内，及时关注利率品种的骑乘收益和杠杆收益，做好券种轮换，优选各期限具有超额收益的个券，通过优化组合持仓以期增厚基金的收益水平。","lastUpdated":"2026-04-21T19:52:50.193Z","fund":{"_id":3000000020886,"__csrcFundId":13741,"stockCode":"020886","masterFundShortName":"交银中债0-3年政金债指数","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20886,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-01T02:39:55.501Z","status":"normal","exchange":"jj","shortName":"交银中债0-3年政金债指数(020886)","name":"交银施罗德中债0-3年政策性金融债指数证券投资基金","fundCollectionId":4000050480000,"inceptionDate":"2024-03-21T16:00:00.000Z","setUpAssetScale":7990004409.61,"setUpDate":"2024-03-21T16:00:00.000Z","setUpShares":7990004409.61,"pinyin":"jysldzz0-3nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"},{"stockCode":"j101020115","stockType":"fund_manager","exchange":"fm","tickerId":191023257450,"name":"苏建文"}]},"announcement":{"linkText":"交银施罗德中债0-3年政策性金融债指数证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1470494","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69c7704469b11a867413e18c","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-27T16:00:00.000Z","stockId":3000000020886,"sao":"2025年，债券市场收益率震荡上行，期限利差小幅收窄。年初，央行暂停国债买卖操作，资金面有所收紧，短端收益率明显上行。随后政府工作报告基本符合预期，货币政策侧重结构性工具，长端利率先上后下。四月初，美国政府宣布对等关税，加征幅度超出市场预期，长端收益率快速下行，而后超长期特别国债发行加快，收益率转为窄幅震荡。五月初，央行宣布降准降息，中美双方均大幅降低关税，国内风险偏好回升，现券收益率明显上行。进入三季度，商品和权益市场共振上涨，叠加资金面边际收紧，债市利率震荡上行。四季度初央行宣布将恢复国债买卖操作，10年国债收益率短暂下破1.80%，随后止盈情绪升温，利率转为震荡，后伴随权益风险偏好提升，10年国债收益率快速上行至1.85%附近。年末流动性维持宽松、债市呈现超跌修复，中短端表现较好，长债则受供给担忧影响，叠加年末机构行为放大市场波动，超长债利差明显走阔。　　本基金是跟踪指数表现的指数基金，报告期内，组合根据规模变动和市场预期变化动态调整组合久期和杠杆，在控制组合与跟踪指数偏离的前提下，根据品种利差和期限利差变化调整不同期限券种配置，以期增厚组合骑乘收益和杠杆收益。","lastUpdated":"2026-03-28T06:08:04.783Z","mo":"展望2026年，考虑“十五五”开局之年，国内经济结构转型深化，在外贸韧性犹存、但不确定性升高的情况下，财政扩张提振内需的重要性更加突出，货币政策则更加灵活，伴随制造业投资持续发力、地产拖累边际减弱，叠加消费温和复苏，预计经济增速相对稳健。节奏上，一季度广义财政前置发力，基建投资和物价周期共振向上，经济有望实现开门红，年中出口增速可能有所收敛，下半年主要依赖政策托底支撑和新动能培育成效。通胀方面，基数效应和春节错位有望抬升年初CPI读数，但受制于居民收入增速回升缓慢，上涨空间有限，PPI方面，科技革命和海外美联储降息预期对工业金属价格形成支撑，预计PPI温和反弹，全年通胀压力可控。流动性方面，当前经济内需动能尚需稳固，央行仍将延续支持性政策，着力改善微观主体预期，预计资金面将保持平稳。整体来看，2026年或呈现信用环境平稳、货币政策适度宽松、通胀温和回升的格局，伴随高息存款陆续到期和重定价，银行负债成本边际下降，对应债市有望呈现震荡行情。　　操作策略方面，组合将根据指数动态进行复制调整，尽力保证组合与指数偏离在可控制范围内，及时关注利率品种的骑乘收益和杠杆收益，做好券种轮换，优选各期限具有超额收益的个券，通过优化组合持仓以期增厚基金的收益水平。","fund":{"_id":3000000020886,"__csrcFundId":13741,"stockCode":"020886","masterFundShortName":"交银中债0-3年政金债指数","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20886,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-01T02:39:55.501Z","status":"normal","exchange":"jj","shortName":"交银中债0-3年政金债指数(020886)","name":"交银施罗德中债0-3年政策性金融债指数证券投资基金","fundCollectionId":4000050480000,"inceptionDate":"2024-03-21T16:00:00.000Z","setUpAssetScale":7990004409.61,"setUpDate":"2024-03-21T16:00:00.000Z","setUpShares":7990004409.61,"pinyin":"jysldzz0-3nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"},{"stockCode":"j101020115","stockType":"fund_manager","exchange":"fm","tickerId":191023257450,"name":"苏建文"}]},"announcement":{"linkText":"交银施罗德中债0-3年政策性金融债指数证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1452763","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3747fea5b3eb053d614","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000020886,"sao":"2025年三季度，债券市场收益率有所上行，期限利差持续走阔。七月，雅鲁藏布江下游水电工程正式开工，政策强调依法治理企业低价无序竞争，“反内卷”预期升温，商品和权益市场共振上涨，叠加资金面边际收紧，债市利率震荡上行。八月，国债、地方债、金融债恢复征收利息收入的增值税，市场短暂交易换券行情，随后资产风险偏好再度提升，收益率曲线陡峭化上行；下旬公布的金融和经济数据偏弱，叠加资金面整体维持平稳，收益率震荡修复。九月初，公募基金销售费用调整征求意见稿公布，拟通过调整赎回费率抑制短期交易行为，引发市场对资金流动变化的担忧，债市情绪延续偏弱；下旬，央行重启14天期逆回购，呵护跨季跨节资金面，叠加权益市场从强势上涨转为高位震荡，债市利率区间震荡，30年和10年国债期限利差有所走阔。　　本基金是跟踪指数表现的指数基金，报告期内，组合根据规模变动和市场预期变化动态调整组合久期和杠杆，在控制组合与跟踪指数偏离的前提下，根据品种利差和期限利差变化调整不同期限券种配置，以期增厚组合骑乘收益和杠杆收益。　　展望2025年四季度，伴随政策性开发性金融工具投放使用，预计内需或温和修复，但需要关注房地产下行压力和补贴拉动消费的持续性。今年财政发力前置，政府债券发行节奏较快，需关注四季度是否提前下达部分新增债务限额，靠前使用化债额度。通胀方面，扩内需政策向价格的传导效果仍需观察，当前服务价格有所改善，食品上涨动能偏弱，工业品价格降幅收窄，但回升动力不足，通胀水平或维持低位运行。流动性方面，预计随着债券净融资压力下降，叠加央行货币政策基调偏呵护，资金面有望保持平稳。整体来看，基本面仍处于筑底爬坡阶段，流动性或相对均衡，对应债市有望呈现震荡修复态势。　　操作策略方面，组合将根据指数动态进行复制调整，尽力保证组合与指数偏离在可控制范围内，及时关注利率品种的骑乘收益和杠杆收益，做好券种轮换，优选各期限具有超额收益的个券，通过优化组合持仓以期增厚基金的收益水平。","lastUpdated":"2026-03-09T14:04:36.126Z","fund":{"_id":3000000020886,"__csrcFundId":13741,"stockCode":"020886","masterFundShortName":"交银中债0-3年政金债指数","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20886,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-01T02:39:55.501Z","status":"normal","exchange":"jj","shortName":"交银中债0-3年政金债指数(020886)","name":"交银施罗德中债0-3年政策性金融债指数证券投资基金","fundCollectionId":4000050480000,"inceptionDate":"2024-03-21T16:00:00.000Z","setUpAssetScale":7990004409.61,"setUpDate":"2024-03-21T16:00:00.000Z","setUpShares":7990004409.61,"pinyin":"jysldzz0-3nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"},{"stockCode":"j101020115","stockType":"fund_manager","exchange":"fm","tickerId":191023257450,"name":"苏建文"}]},"announcement":{"linkText":"交银施罗德中债0-3年政策性金融债指数证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1381091","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3747fea5b3eb053d613","date":"2025-06-29T16:00:00.000Z","stockId":3000000020886,"sao":"2025年上半年，债券市场收益率先上后下，随后转为震荡，收益率曲线平坦化。一月，央行暂停国债买卖操作，资金面有所收紧，短端收益率明显上行。春节后，国内风险偏好回升，现券收益率震荡上行。二月下旬，临近两会流动性预期改善，债市转为震荡。三月，政府工作报告基本符合预期，货币政策侧重结构性工具，宽松预期修正长端利率再度上行；下旬，MLF净投放资金面整体维持平稳，收益率震荡修复。四月初，美国政府宣布对等关税，加征幅度超出市场预期，长端收益率快速下行，而后超长期特别国债发行加快，收益率转为窄幅震荡。五月初，货币政策宽松落地，央行宣布降准降息，随后中美日内瓦经贸会谈联合声明公布，中美双方均大幅降低关税，国内风险偏好回升，现券收益率明显上行，叠加市场担忧季末存单集中到期压力，债市转为弱势盘整。六月，央行提前公告买断式逆回购操作，下旬公开市场净投放下资金面整体维持平稳，收益率曲线小幅牛陡。　　本基金是跟踪指数表现的指数基金，报告期内，组合根据规模变动和市场预期变化动态调整组合久期和杠杆，在控制组合与跟踪指数偏离的前提下，根据品种利差和期限利差变化调整不同期限券种配置，以期增厚组合骑乘收益和杠杆收益。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:36.123Z","mo":"展望2025年下半年，伴随专项债发力提速，政策性开发性金融工具有望落地，预计内需或温和修复，但需要关注海外贸易摩擦进展和补贴拉动消费的持续性。上半年财政发力前置，后续支出加快有助于形成实物工作量，关注财政支出对信贷的拉动效应。通胀方面，扩内需政策向价格的传导效果仍需观察，当前食品上涨动能偏弱，贸易摩擦抑制海外需求，工业品价格承压，通胀水平或维持低位运行。流动性方面，预计随着债券净融资压力下降，叠加央行货币政策基调偏呵护，资金面有望保持平稳。整体来看，基本面仍处于筑底爬坡阶段，流动性或相对均衡，对应债市有望呈现震荡偏强态势。　　操作策略方面，组合将根据指数动态进行复制调整，尽力保证组合与指数偏离在可控制范围内，及时关注利率品种的骑乘收益和杠杆收益，做好券种轮换，优选各期限具有超额收益的个券，通过优化组合持仓以期增厚基金的收益水平。","fund":{"_id":3000000020886,"__csrcFundId":13741,"stockCode":"020886","masterFundShortName":"交银中债0-3年政金债指数","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20886,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-01T02:39:55.501Z","status":"normal","exchange":"jj","shortName":"交银中债0-3年政金债指数(020886)","name":"交银施罗德中债0-3年政策性金融债指数证券投资基金","fundCollectionId":4000050480000,"inceptionDate":"2024-03-21T16:00:00.000Z","setUpAssetScale":7990004409.61,"setUpDate":"2024-03-21T16:00:00.000Z","setUpShares":7990004409.61,"pinyin":"jysldzz0-3nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"},{"stockCode":"j101020115","stockType":"fund_manager","exchange":"fm","tickerId":191023257450,"name":"苏建文"}]},"announcement":{"linkText":"交银施罗德中债0-3年政策性金融债指数证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1346468","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3747fea5b3eb053d612","date":"2025-03-30T16:00:00.000Z","stockId":3000000020886,"sao":"2025年一季度，债券市场收益率震荡上行，季末有所下行，收益率曲线整体平坦化。年初，货币宽松预期较强，中短端调整长端表现较强，而后央行暂停国债买卖操作，资金面有所收紧，短端收益率明显上行。春节后，国内风险偏好回升，现券收益率震荡上行。二月下旬，临近两会流动性预期改善，债市转为震荡。三月，政府工作报告基本符合预期，货币政策侧重结构性工具，宽松预期修正长端利率再度明显上行；下旬，MLF净投放资金面整体维持平稳，收益率震荡修复。　　本基金是跟踪指数表现的指数基金，报告期内，组合根据规模变动和市场预期变化动态调整组合久期和杠杆，在控制组合与跟踪指数偏离的前提下，根据品种利差和期限利差变化调整不同期限券种配置，以期增厚组合骑乘收益和杠杆收益。　　展望2025年二季度，伴随基建投资持续发力、地产拖累边际下降，叠加消费补贴带动社零中枢修复，预计内需或温和修复，但需要关注海外贸易不确定性对出口增速和制造业投资的影响。一季度财政发力前置，后续支出进度和发债进度加快有助于提振设备更新和居民消费，关注财政支出对信贷的拉动效应。通胀方面，扩内需政策向价格的传导效果仍需观察，当前食品上涨动能偏弱，工业品价格偏弱，通胀水平或维持低位运行。流动性方面，预计随着债券净融资压力下降，在银行负债压力缓解后资金面或趋于平稳，结构性货币政策工具利率和法定存款准备金率仍有下调空间。整体来看，基本面仍处于筑底爬坡阶段，流动性或相对平稳，对应债市有望呈现震荡偏强态势。具体到债券投资来看，经济底部修复叠加宽松预期仍在，在资金面平稳下中短端利率债调整之后性价比较高。　　操作策略方面，组合将根据指数动态进行复制调整，尽力保证在组合与指数偏离的可控制范围内，及时关注利率品种的骑乘收益和杠杆收益，做好券种轮换和优选各期限具有超额收益的个券，通过优化组合持仓以期增厚基金的收益水平。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:36.121Z","fund":{"_id":3000000020886,"__csrcFundId":13741,"stockCode":"020886","masterFundShortName":"交银中债0-3年政金债指数","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20886,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-01T02:39:55.501Z","status":"normal","exchange":"jj","shortName":"交银中债0-3年政金债指数(020886)","name":"交银施罗德中债0-3年政策性金融债指数证券投资基金","fundCollectionId":4000050480000,"inceptionDate":"2024-03-21T16:00:00.000Z","setUpAssetScale":7990004409.61,"setUpDate":"2024-03-21T16:00:00.000Z","setUpShares":7990004409.61,"pinyin":"jysldzz0-3nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"},{"stockCode":"j101020115","stockType":"fund_manager","exchange":"fm","tickerId":191023257450,"name":"苏建文"}]},"announcement":{"linkText":"交银施罗德中债0-3年政策性金融债指数证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1268204","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3747fea5b3eb053d611","date":"2024-12-30T16:00:00.000Z","stockId":3000000020886,"sao":"2024年，债券市场整体呈现上涨行情，全年来看收益率明显下行，期限利差有所走阔。年初，央行宣布降准，资金面均衡转松，叠加供给节奏偏慢，收益率快速下行。三月之后，两会政府工作报告基本符合预期，收益率下行节奏放缓。随后，在地产政策调整以及资金面收敛下，债市有所调整。七月中旬，央行超预期降息，同时大行开启新一轮存款挂牌利率下调，债市明显走强。随后，受到债券供给增加和机构行为变化，债市做多情绪快速降温。九月之后，政治局会议召开提振市场信心，央行降息降准落地，受股债跷跷板效应，债市显著调整后情绪逐步修复。年末，重要会议先后召开，定调适度宽松的货币政策，随着流动性转松以及机构配置需求增加，债券收益率快速下行，中短期限下行幅度较大，曲线转而陡峭化。　　本基金是跟踪指数表现的指数基金，报告期内，组合根据规模变动和市场预期变化动态调整组合久期和杠杆，在控制组合与跟踪指数偏离的前提下，根据期限利差变化调整不同期限券种配置，以期增厚组合骑乘收益和杠杆收益。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:36.118Z","mo":"展望2025年，随着前期政策措施的落地显效，地方化债持续推进，有助于改善经济预期，预计经济基本面或延续温和走势。经济动能方面，伴随城市更新和土地收储政策接连出台，城中村改造和保障房建设加快推进，地产投资跌幅或有望收窄。基建稳增长力度需要关注后期政府债券发行节奏，海外贸易摩擦不确定性较高，关税导致的出口回落可能对经济带来一定的负面影响。消费方面，居民消费的变化短期与消费场景和消费结构有关，中期回升空间仍然取决于就业和收入预期的改善程度。2025年，预计通胀同比小幅回升但整体压力不大，PPI跌幅收窄，但反弹力度有限。CPI方面，猪肉供需格局对食品价格仍有影响，服务业价格上涨较为温和。整体来看，基本面仍处于筑底爬坡阶段，在实体需求逐步回暖的过程中，宽信用仍需要宽货币支持，流动性或维持合理充裕，预计债市或将维持震荡偏强态势。具体到债券投资来看，经济底部修复叠加宽松预期仍在，中短端利率债调整后具有一定性价比。　　操作策略方面，组合将根据指数动态进行复制调整，尽力保证在组合与指数偏离的可控制范围内，及时关注利率品种的骑乘收益和杠杆收益，做好券种轮换和优选各期限具有超额收益的个券，通过优化组合持仓以期增厚基金的收益水平。","fund":{"_id":3000000020886,"__csrcFundId":13741,"stockCode":"020886","masterFundShortName":"交银中债0-3年政金债指数","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20886,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-01T02:39:55.501Z","status":"normal","exchange":"jj","shortName":"交银中债0-3年政金债指数(020886)","name":"交银施罗德中债0-3年政策性金融债指数证券投资基金","fundCollectionId":4000050480000,"inceptionDate":"2024-03-21T16:00:00.000Z","setUpAssetScale":7990004409.61,"setUpDate":"2024-03-21T16:00:00.000Z","setUpShares":7990004409.61,"pinyin":"jysldzz0-3nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"},{"stockCode":"j101020115","stockType":"fund_manager","exchange":"fm","tickerId":191023257450,"name":"苏建文"}]},"announcement":{"linkText":"交银施罗德中债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=1248138","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3747fea5b3eb053d610","date":"2024-09-29T16:00:00.000Z","stockId":3000000020886,"sao":"2024年三季度，债市收益率呈现震荡下行的趋势，具体来看，七月，央行超预期降息后，债券收益率快速下行；八月，随着大型银行卖债以及城农商行交易行为的变化，利率债出现明显的调整和分化，收益率曲线有所增陡；八月中下旬以来，资金面明显转松，市场情绪好转，利率债明显修复，信用债窄幅波动。九月，月初公布的PMI数据低于预期，叠加中旬美联储超预期降息50BP，国内货币政策宽松的预期快速升温，债市上涨；月末，降准降息落地，稳增长政策出台市场风险偏好回升，债市先涨后跌，波动幅度加大。三季度，利率债表现略好于信用债，信用利差有所走阔。截至九月末，一年国债较六月末下行17BP至1.37%，十年国债下行5BP至2.15%。　　本基金是跟踪指数表现的指数基金，报告期内，组合根据规模变动和市场预期变化动态小幅调整组合久期和杠杆，在控制组合与跟踪指数偏离的前提下，根据期限利差变化调整不同期限券种配置，以期增厚组合骑乘收益和杠杆收益。　　在配置板块上，主要侧重于中等久期、流动性较好的债券方向，同时基于对宏观经济的判断，结合市场收益率曲线形态变化，积极调整组合久期和持仓结构，保持组合的灵活度。　　展望2024年四季度，国内政策的推出力度、金融机构的年末投资行为，以及海外风险的变化可能将对市场产生较大的影响。一是观察市场期盼的财政增发国债的力度和延续时间能否有效提振国内需求；二是海外特别是美国大选结果对我国经济的溢出效应，以及美联储是否持续超市场预期执行降息操作；三是国内外政策逻辑的变化下，金融机构和居民在年末的投资行为变化是否会影响到市场的走势。　　操作策略方面，组合将根据指数动态进行复制调整，尽力保证在组合与指数偏离的可控制范围内，及时关注利率品种的骑乘收益和杠杆收益，做好券种轮换和优选各期限具有超额收益的个券，通过优化组合持仓以期增厚基金的收益水平。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:36.115Z","fund":{"_id":3000000020886,"__csrcFundId":13741,"stockCode":"020886","masterFundShortName":"交银中债0-3年政金债指数","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20886,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-01T02:39:55.501Z","status":"normal","exchange":"jj","shortName":"交银中债0-3年政金债指数(020886)","name":"交银施罗德中债0-3年政策性金融债指数证券投资基金","fundCollectionId":4000050480000,"inceptionDate":"2024-03-21T16:00:00.000Z","setUpAssetScale":7990004409.61,"setUpDate":"2024-03-21T16:00:00.000Z","setUpShares":7990004409.61,"pinyin":"jysldzz0-3nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"},{"stockCode":"j101020115","stockType":"fund_manager","exchange":"fm","tickerId":191023257450,"name":"苏建文"}]},"announcement":{"linkText":"交银施罗德中债0-3年政策性金融债指数证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1176371","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3747fea5b3eb053d60f","date":"2024-06-29T16:00:00.000Z","stockId":3000000020886,"sao":"2024年上半年，债市收益率趋势下行，期限利差整体有所走阔。一年期国债收益率下行54BP至1.54%，十年期国债下行35BP至2.21%。具体来看，一季度，经济缓步复苏下央行先后宣布降准50BP、下调五年期LPR利率25BP，提振债市市场情绪，叠加资金面宽松态势，债券收益率快速下行。二季度，债市专家提示长债收益率过低的风险，市场略有波动；然而持续宽松的资金面和低于荣枯线的PMI先行指标均表明供需结构上和经济基本面上都是有利于债券投资的，因此市场虽有波动但利率整体方向仍然向下行进。　　本基金是跟踪指数表现的指数基金，报告期内，组合根据规模变动和市场预期变化动态小幅调整组合久期和杠杆，在控制组合与跟踪指数偏离的前提下，根据期限利差变化调整不同期限券种配置，以期增厚组合骑乘收益和杠杆收益。　　在配置上，主要侧重于中等久期、流动性较好的债券方向，同时基于对宏观经济的判断，结合市场收益率曲线形态变化，积极调整组合久期和持仓结构，保持组合的灵活度。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:36.112Z","mo":"展望2024年下半年，政策发力节奏或将成为影响货币市场的主要因素。一是特别国债、专项债和政金债等财政和类财政工具能否持续发力，推动国内内需恢复；二是降准降息等货币政策工具的推出情况，以及汇率是否会继续影响货币政策的推出。　　操作策略方面，组合将根据指数动态进行复制调整，尽力保证在组合与指数偏离的可控制范围内，及时关注利率品种的骑乘收益和杠杆收益，做好券种轮换和优选各期限具有超额收益的个券，通过优化组合持仓以期增厚基金的收益水平。","fund":{"_id":3000000020886,"__csrcFundId":13741,"stockCode":"020886","masterFundShortName":"交银中债0-3年政金债指数","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20886,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-01T02:39:55.501Z","status":"normal","exchange":"jj","shortName":"交银中债0-3年政金债指数(020886)","name":"交银施罗德中债0-3年政策性金融债指数证券投资基金","fundCollectionId":4000050480000,"inceptionDate":"2024-03-21T16:00:00.000Z","setUpAssetScale":7990004409.61,"setUpDate":"2024-03-21T16:00:00.000Z","setUpShares":7990004409.61,"pinyin":"jysldzz0-3nzcxjrzzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20906518","stockType":"fund_manager","exchange":"fm","tickerId":261903239720,"name":"张顺晨"},{"stockCode":"j101020115","stockType":"fund_manager","exchange":"fm","tickerId":191023257450,"name":"苏建文"}]},"announcement":{"linkText":"交银施罗德中债0-3年政策性金融债指数证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1148238","linkType":"PDF","source":"csrc_pdf"}}]}