window.pageData = {"stock":{"_id":3000000020949,"name":"大成景朔利率债债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"020949","tickerId":20949,"shortName":"大成景朔利率债C","currency":"CNY","exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"fundCollectionId":4000050090000,"pinyin":"dcjsllzzqxzqtzjj","inceptionDate":"2024-04-18T16:00:00.000Z","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50090000","tickerId":50090000,"name":"大成基金管理有限公司"},"managers":[{"name":"冯佳","stockType":"fund_manager","stockCode":"db20772626","exchange":"fm","tickerId":610208410}],"hotMetrics":{"fss":{"stockId":3000000020949,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0,"f_ind_h_s_r":1,"f_h_a":169,"f_h_s_a":2934,"last_data_date":"2025-12-30T16:00:00.000Z","f_ind_h_s_r_c_hy":0,"f_ins_h_s_r_c_hy":0,"f_ind_h_s_r_c_1y":0,"f_ins_h_s_r_c_1y":0},"fpr":{"stockId":3000000020949,"type":"fpr","f_p_r_fys_ssc":7467,"f_p_r_fys_ssrp":0.44883471738548086,"f_p_r_m1_ssc":7581,"f_p_r_m1_ssrp":0.5696569920844328,"f_p_r_m3_ssc":7484,"f_p_r_m3_ssrp":0.3144460777762929,"f_p_r_m6_ssc":7265,"f_p_r_m6_ssrp":0.8875275330396476,"f_cagr_p_r_fs_ssc":7279,"f_cagr_p_r_fs_ssrp":0.7938994229183842,"f_p_r_y1_ssc":6836,"f_p_r_y1_ssrp":0.9602048280907096,"f_p_r_y2_ssc":5874,"f_p_r_y2_ssrp":0.740847948237698},"fp":{"stockId":3000000020949,"type":"fp","f_p_r_d1":-0.0007751937984497026,"f_cagr_p_r_fs":0.021024570948707355,"f_p_r_m1":0.0031372549019614837,"f_p_r_m3":0.008675078864354147,"f_p_r_m6":0.006789333858113533,"f_p_r_fys":0.010967295721767467,"last_data_date":"2026-04-29T16:00:00.000Z","f_p_r_y1":0.0008671081629074706,"f_p_r_y2":0.0432370663871251},"ff":{"stockId":3000000020949,"type":"ff","f_m_f_r":0.003,"f_c_f_r":0.001,"f_m_a_c_f_r":0.004,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_f":1478454,"f_m_a_c_f":5913818,"f_m_f":4435364,"f_c_fr":0.001,"f_fr_d":"2025-06-29T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.004},"f_nlacan":{"stockId":3000000020949,"type":"f_nlacan","f_nv_d":"2026-04-29T16:00:00.000Z","f_nv":1.0232,"f_nv_cr":-0.0004884243430692825},"f_as":{"stockId":3000000020949,"type":"f_as","f_tas":44666.5205,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000020948,"__csrcFundId":13767,"stockCode":"020948","masterFundShortName":"大成景朔利率债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20948,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:46.907Z","status":"normal","exchange":"jj","shortName":"大成景朔利率债A","name":"大成景朔利率债债券型证券投资基金","fundCollectionId":4000050090000,"setUpAssetScale":7980329416.25,"setUpDate":"2024-04-14T16:00:00.000Z","setUpShares":7980329416.25,"inceptionDate":"2024-04-18T16:00:00.000Z","pinyin":"dcjsllzzqxzqtzjj"}],"bondHoldings":[{"_id":"69e8fb8c1398d79843003a24","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000020948,"stockCode":"240203","stockName":"24国开03","holdings":2500000,"marketCap":255873630,"netValueRatio":0.0767,"lastUpdated":"2026-04-22T16:47:08.671Z"},{"_id":"69e8fb8c1398d79843003a25","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000020948,"stockCode":"200404","stockName":"20农发04","holdings":2200000,"marketCap":237446542,"netValueRatio":0.0712,"lastUpdated":"2026-04-22T16:47:08.679Z"},{"_id":"69e8fb8c1398d79843003a26","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000020948,"stockCode":"200210","stockName":"20国开10","holdings":1900000,"marketCap":205655375,"netValueRatio":0.0617,"lastUpdated":"2026-04-22T16:47:08.687Z"},{"_id":"69e8fb8c1398d79843003a27","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000020948,"stockCode":"170415","stockName":"17农发15","holdings":1900000,"marketCap":202474671,"netValueRatio":0.0607,"lastUpdated":"2026-04-22T16:47:08.693Z"},{"_id":"69e8fb8c1398d79843003a28","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000020948,"stockCode":"250430","stockName":"25农发30","holdings":1700000,"marketCap":170393980,"netValueRatio":0.0511,"lastUpdated":"2026-04-22T16:47:08.697Z"}]},"list":[{"_id":"69e8ec521398d79843fe9cc7","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000020948,"sao":"一季度债市在央行持续宽松、银行保险年初配置力量加大、地缘冲突和风偏回落等利多影响下，收益率曲线整体先上后下。超长端则受制于通胀预期回升、超长端供给放量等利空，表现不佳，收益率曲线进一步走陡，10-1Y国债利差由年初的51BP走阔至59BP，30-10Y国债利差由年初的41BP走扩至54BP。曲线中段及政金债表现更好，十年国债由1月初的1.90%一度下行至1.77%，随后收于1.8%附近，7Y国开由年初的1.95%附近下行至1.82%。 　　基本面方面，1-3月制造业PMI呈\"前低后高\"走势，1-2月PMI受春节因素影响位于荣枯线下方。3月PMI反弹至50.5%，重回荣枯线上方，验证了年初开局较好的经济走势，最大带动项在于价格分项的大幅上行，同时成本端涨幅大于出厂端涨幅，出口表现较强，企业呈现主动补库。物价方面，1-2月CPI累计同比上涨0.8%，高于2025年同期，但消费需求相对不足，且价格反弹的持续性尚需观察。3月数据受低基数及原油、有色金属价格上涨推动PPI转正，但CPI环比转负，显示价格上涨向生活资料传导力度不足。 　　政策层面，货币政策呈\"结构性宽松+总量审慎\"的特征。央行自1月19日起下调再贷款、再贴现利率0.25个百分点，央行明确表示\"降准降息还有一定空间\"，但全面降准降息迟迟未落地，体现出审慎的相机抉择的政策节奏。资金面上，一季度央行流动性呈现收短放长特征，其中买断式逆回购和MLF净投放1.65万亿，国债买卖2000亿元，DR001多数时间位于OMO下方，银行间资金面整体偏宽松。财政政策方面，财政扩张力度并未显著超出市场预期，宽信用大幅提速的可能性不高。 　　产品运作方面，本基金在1-2月持续加仓7Y以内品种，特别是曲线凸点部分的品种，赚取了票息和曲线陡峭化带来的资本利得，3月在长端及超长端调整时小幅参与长端波段操作。","lastUpdated":"2026-04-22T15:42:10.979Z","fund":{"_id":3000000020948,"__csrcFundId":13767,"stockCode":"020948","masterFundShortName":"大成景朔利率债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20948,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:46.907Z","status":"normal","exchange":"jj","shortName":"大成景朔利率债A","name":"大成景朔利率债债券型证券投资基金","fundCollectionId":4000050090000,"setUpAssetScale":7980329416.25,"setUpDate":"2024-04-14T16:00:00.000Z","setUpShares":7980329416.25,"inceptionDate":"2024-04-18T16:00:00.000Z","pinyin":"dcjsllzzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景朔利率债债券型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1478420","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69cbc87d381dd95da7df4c53","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-30T16:00:00.000Z","stockId":3000000020948,"sao":"2025年，债券市场告别了前两年由“资产荒”驱动的单边牛市，进入了高波动震荡市。市场的主要矛盾从单一的基本面驱动，转向对负债端稳定性、通胀预期分歧、机构行为与股债跷跷板效应等多重因子的复杂博弈。全年收益率走出清晰的“N型”脉络，波动性显著加大，且收益率曲线显著陡峭化。以10年期国债收益率为例，全年在1.6%至1.9%的区间内宽幅震荡，年末报收于1.85%，较2025年初的极低位置上行超过25bp。 　　2025年中国经济实现5%左右的增长，但宏观数据与微观感受之间仍存在“温差”，特别是下半年投资下滑幅度较大，内需修复是主要挑战。年初以来宏观政策强调协同。货币政策维持“适度宽松”基调，但操作上更注重防空转、稳汇率、保息差，全年OMO仅降息10BP。财政政策更加积极有为，地方政府债发行规模历史性突破10万亿元，并搭配5000亿元新型政策性金融工具，化债资金一定程度上改善了微观经济活力，M1有所回升。 　　2025年机构行为分化加剧，是影响市场节奏的核心变量：银行在季末卖老券，同时受监管指标约束，对超长债承接力度不足，导致期限利差走阔。广义基金出于对利率低位震荡的判断，普遍转而向信用债要票息收益，中短端信用利差显著压缩。 　　产品运作方面： 　　产品进行了积极的久期管理，在1月初、7月中下旬主动降低久期，避开了随后的调整；在3月中下旬-7月初提高久期，赚取了债市反弹的资本利得。9月中旬逆势抄底，后在央行宣布国债买卖重启后止盈了部分长债仓位，11月初久期降至中性。","lastUpdated":"2026-03-31T13:13:33.533Z","mo":"展望2026年，作为“十五五”开局之年，政策方面继续实施更加积极的财政政策和适度宽松的货币政策，但也有所变化：财政政策贯彻“投资于物”和“投资于人”相结合；货币政策更重结构和“精准滴灌”。通胀预计在“反内卷”政策和基数效应下温和回升，但达到全面通胀还需要更多需求端政策配合。债市利率低位震荡，波动不减，短端的确定性相较更高，组合采用哑铃型久期，以短端票息策略为底，交易部分向曲线中段品种回归。","fund":{"_id":3000000020948,"__csrcFundId":13767,"stockCode":"020948","masterFundShortName":"大成景朔利率债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20948,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:46.907Z","status":"normal","exchange":"jj","shortName":"大成景朔利率债A","name":"大成景朔利率债债券型证券投资基金","fundCollectionId":4000050090000,"setUpAssetScale":7980329416.25,"setUpDate":"2024-04-14T16:00:00.000Z","setUpShares":7980329416.25,"inceptionDate":"2024-04-18T16:00:00.000Z","pinyin":"dcjsllzzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景朔利率债债券型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1458514","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3777fea5b3eb053d9ca","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000020948,"sao":"7-9月债券市场整体呈现出震荡偏弱格局，其中长端、超长端收益率分别在15bp、30bp的区间内波动，并呈现底部抬升、伴随中枢上行，曲线呈现大幅陡峭化走势。 　　从影响因素来看，季度内债市仍然主要受到风险偏好情绪影响，尤以商品价格及权益市场表现高涨时最为承压，以及中美谈判、销售服务费及赎回费率改革尚在征求意见中、中美关税调整、央行缩量投放等市场因素的影响，弱势思维延续并略有强化，同时交易性因素和机构行为等方面导致配置量能萎缩，放大了空头情绪。 　　从利率债收益率曲线上来看，1Y/3Y/5Y/10Y国开债分别变动+13bp/+20bp/+23bp/+35bp；仅余9月末节前几个工作日带动持券过节资金入市提振了债券资产吸引力，伴随央行通过超量续作的买断式回购缓和市场情绪，收益率曲线的陡峭化上行暂时告一段落。 　　债市做多因素还是围绕着央行重启国债买卖预期、货币基调宽松等叙事展开但反弹幅度较弱；经历7月末以来的调整，当前债市估值修复且上调空间有限，处于中期较有性价比的配置点位。组合操作方面，暂时保持中性偏积极的仓位和久期，利用市场调整机会、在跌幅逐步加大时以倒金字塔结构建仓；保持区间震荡，逢调整做多的思路参与，来到四季度债市或更偏顺风。 　　从宏观层面来看，对债市的利空较少，行业领域消息面等短期叙事也可能令市场逐渐对科技类风偏事件脱敏，且四季度债市的供求关系比较有利于资产荒逻辑的加强——供给端，四季度超长债发行接近尾声，超长债供给或将断崖式减少，且国债和地方债的净供给规模也明显低于历史同期水平；需求端，配置力量趋于稳定，尤其是保险资金可能将提前为明年初行情做准备，并且在预定利率下调之后，保险资金负债端的成本压力缓和，也能够有更高的对资产收益率的容忍度。","lastUpdated":"2026-03-09T14:04:39.883Z","fund":{"_id":3000000020948,"__csrcFundId":13767,"stockCode":"020948","masterFundShortName":"大成景朔利率债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20948,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:46.907Z","status":"normal","exchange":"jj","shortName":"大成景朔利率债A","name":"大成景朔利率债债券型证券投资基金","fundCollectionId":4000050090000,"setUpAssetScale":7980329416.25,"setUpDate":"2024-04-14T16:00:00.000Z","setUpShares":7980329416.25,"inceptionDate":"2024-04-18T16:00:00.000Z","pinyin":"dcjsllzzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景朔利率债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=1376431","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3777fea5b3eb053d9c9","date":"2025-06-29T16:00:00.000Z","stockId":3000000020948,"sao":"25年上半年经济呈现修复特征，GDP实现5.3%的增长，高于5%的增长目标，但平减指数下滑，GDP平减指数从一季度的-0.8%降至-1.3%附近，显示经济仍然是需求不足的格局。地产方面一季度经历小阳春，而后量价均回落，固定资产剔除地产后的增速6月开始回落。出口韧性较强，在4月的关税战后因抢出口而一度大超预期，5-6月边际回落。社融增速在政府债支撑下仍保持较快增涨，M1有所回升，显示“严格账期”和股市带动下存款有所活化。 　　货币政策方面，一季度央行出于稳汇率的考量持续收缩货币供给，将公开操作部分转为买断式回购，造成DR007持续高于政策利率。在外部环境面临不确定性的情况下，央行于5月落地年内首次双降，并在随后维持适度宽松的基调。DR007向OMO利率靠拢，6月两次投放买断式逆回购，超量续作MLF，使得银行间资金面整体宽松，大行净融出亦回升至5万亿的历史高位。财政政策和消费相关刺激政策并未超出年初预定框架。但近期中央财经委重提“反内卷”，仍需警惕后续相关政策加码对物价走势的波动。 　　债券市场表现一波三折，一季度债市在央行持续紧货币、科技股行情提振风险偏好、3月大行止盈等利空和外部关税加码预期的利多影响下，收益率先上后下，十年国债由年初的1.60%上行至1.89%，后于3月中旬下行至1.8%。4月在外部关税战反复、经济数据转弱、央行超预期降息呵护资金面的利多支撑下，十年国债继续下行至1.62%的低点；虽因日内瓦会议框架落地略反弹至最高1.72%，伴随经济数据回落，十年期国债再度转为下行，至半年末收益率回落到1.64%。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:39.880Z","mo":"上半年经济目标超预期完成的情况下，预计三季度内出台稳增长刺激政策的概率不高，短期内需关注7月政治局会议通稿，中美第二轮经贸磋商的进展。 短期内债市的利多在于央行仍然维持宽松的货币政策，且短期内实体经济融资需求仍然不旺。10年国债或维持区间震荡格局，利率品种亦保持交易思维，通过波段交易和择券博取收益。","fund":{"_id":3000000020948,"__csrcFundId":13767,"stockCode":"020948","masterFundShortName":"大成景朔利率债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20948,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:46.907Z","status":"normal","exchange":"jj","shortName":"大成景朔利率债A","name":"大成景朔利率债债券型证券投资基金","fundCollectionId":4000050090000,"setUpAssetScale":7980329416.25,"setUpDate":"2024-04-14T16:00:00.000Z","setUpShares":7980329416.25,"inceptionDate":"2024-04-18T16:00:00.000Z","pinyin":"dcjsllzzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景朔利率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=1346406","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3777fea5b3eb053d9c8","date":"2025-03-30T16:00:00.000Z","stockId":3000000020948,"sao":"1. 市场回顾　　一季度债市在央行持续紧货币、科技股行情提振风险偏好、3月大行止盈等利空和外部关税加码预期的利多影响下，收益率先上后下，十年国债由1月初的1.60%上行至1.89%，后于3月中旬下行至1.8%。　　　　基本面方面，1-3月PMI前低后高，除1月受春节因素影响外，其余时间持续位于荣枯线上方，不过1-2月平均增速录得49.7，较12月的50.1小幅回落。3月PMI录得50.5,虽高于2月，但弱于季节性，结构上来看，整体仍然是生产好于需求、大企业好于小企业、上游好于下游的格局。2月CPI环比超季节性走低，且今年政府工作报告中，对CPI目标的表述从3%左右调整为2%左右，根据增长目标和赤字安排倒推，隐含的GDP平减指数或在0附近。　　　　政策层面，1-3月货币政策偏紧，央行重提防空转，且“将从宏观审慎角度评估债市运行情况择机降准降息”，DR007持续高于OMO政策利率。大行负债受存款脱媒、一季度信贷冲量和同业活期整改影响，融出水平持续低位，直至3月末才有所恢复。不过两会财政政策并未显著超出市场预期，显示未来一段时间宽信用的可能性不高，消费相关刺激政策也较为温和。总体而言，经过降息预期修正后的各类资产配置价值有所显现。　　　　2. 组合操作回顾：　　产品运作方面，本基金在1月止盈了部分长期限品种，用波段交易增厚了收益；2月久期和杠杆均有所降低，但仍保持左侧思路；3月则是在高点把握了利率债的反弹行情，实现了资本利得。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:39.877Z","fund":{"_id":3000000020948,"__csrcFundId":13767,"stockCode":"020948","masterFundShortName":"大成景朔利率债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20948,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:46.907Z","status":"normal","exchange":"jj","shortName":"大成景朔利率债A","name":"大成景朔利率债债券型证券投资基金","fundCollectionId":4000050090000,"setUpAssetScale":7980329416.25,"setUpDate":"2024-04-14T16:00:00.000Z","setUpShares":7980329416.25,"inceptionDate":"2024-04-18T16:00:00.000Z","pinyin":"dcjsllzzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景朔利率债债券型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1276161","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3777fea5b3eb053d9c7","date":"2024-12-30T16:00:00.000Z","stockId":3000000020948,"sao":"2024年债市在基本面偏弱、实体融资需求不足、居民资产配置力量大幅流入和地方政府化债导致的资产荒等多重利好共振下走出波澜壮阔的大牛市行情。其中利率债全年看呈单边下行态势，10年期国开债由年初的2.71%大幅下行近100bp至年底的1.72%。曲线平坦化下移， 1Y/3Y/5Y/7Y/10Y国开债分别较年初下行103BP/97BP/105BP/100BP/99BP。　　基本面方面，2024年中国经济在高质量发展和政策托底中呈现“U型走势”，全年5%目标完成，但结构上较差，出口仍然是唯一亮点，消费与投资增速偏低。经济各类主体主动去杠杆，内需不足仍是挑战。 GDP平减指数全年为负，PPI持续负值，工业品价格受地产投资低迷、基建实物量不足等影响较大。制造业PMI仅于在年初和年底小幅高于荣枯线，其余时间段均位于荣枯线下方，且多表现为生产指数高于新订单指数的特征，供需失衡问题仍存。　　政策层面，货币政策积极，财政则是以托底为主。货币政策方面，全年OMO降息30BP，全面降准100BP，同时创立国债买卖和买断式逆回购等新型货币政策工具，提高了政策利率传导的效率。4月手工补息整改和11月同业自律机制整改也疏通了银行体系内利率传导堵点。财政政策发力滞后，上半年政府债发行偏慢为债市创造良好环境，而四季度10万亿化债方案对于经济直接刺激效果不明显，短期内加剧农商行资产荒。　　机构行为与节奏方面，1-3月债市主要受年初机构配置行为驱动，利率债先行抢跑，4-7月银行手工补息整改导致存款搬家至理财，信用债在广义基金资金充裕下表现更优。8月受到大行卖长买短的影响，国债收益率曲线陡峭化，而随后一方面博弈美联储降息，长端利率大幅下行，同时理财预防性赎回基金也导致利率债阶段性调整。 924政治局会议转向，受到股债跷跷板影响，10月非银负债端迎来年内最大幅度赎回潮，但随后股市迅速回落，股债跷跷板效应也逐渐减弱，债市收益率再度下行。11月同业存款整改直接影响货基和理财配置行为，带动短端下行。随后在地方债供给冲击证伪后年末各类机构配置行情抢跑，收益率曲线大幅走平。　　产品运作方面，本基金在2、3月把握了收益率曲线牛平的机会，在降息前后亦有波段交易的增厚，并在季末主动提高了组合杠杆，实现了套息收益和资本利得。在4月把握了债市阶段回调的机会，用波段交易增厚了组合业绩。在7月把握了降息后收益率快速下行的机会，在8月债市调整后期加仓利率债，把握了8月中旬-9月中旬利率债率先修复行情，实现了资本利得。12月在则是在政治局会议定调货币政策宽松后提高了组合久期，通过提升组合久期增厚了组合的业绩。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:39.875Z","mo":"债市交易或围绕基本面弱修复、债券供给增加、央行态度变化和股市对风险偏好的影响展开。 　　一季度基本面或延续弱修复，货币政策方面关注央行是否会于一季度降准配合地方债前置发行，同时关注短期内Deep Seek或其他AI应用端变化带动的科技股牛市对风险偏好和居民配置行为的影响。3月关注地方和全国两会对全年政策的定调。　　曲线形态方面，在债市机构配置力量偏强和当前来看货币政策尚未兑现“宽松”的共同影响下或呈现窄幅震荡格局，利率债长端仍可用波段操作思路应对，静待降息后短端修复机会。","fund":{"_id":3000000020948,"__csrcFundId":13767,"stockCode":"020948","masterFundShortName":"大成景朔利率债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20948,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:46.907Z","status":"normal","exchange":"jj","shortName":"大成景朔利率债A","name":"大成景朔利率债债券型证券投资基金","fundCollectionId":4000050090000,"setUpAssetScale":7980329416.25,"setUpDate":"2024-04-14T16:00:00.000Z","setUpShares":7980329416.25,"inceptionDate":"2024-04-18T16:00:00.000Z","pinyin":"dcjsllzzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景朔利率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=1257545","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3777fea5b3eb053d9c6","date":"2024-09-29T16:00:00.000Z","stockId":3000000020948,"sao":"三季度债市在实体融资需求不足、基本面疲软的利多和政策面频出、理财增速放缓的利空影响下呈现分化态势，其中利率债收益走低后震荡，信用债在流动性冲击和9月底风险偏好快速逆转下快速走熊并在节后呈现V型反转。具体来看，利率方面，10Y国债收益率小幅下行10BP至2.15%，期间最高反弹至2.29%，最低下行至2.04%，振幅加大。　　基本面方面：从7-8月数据、近期高频数据、PMI和票据利率等前瞻指标来看，Q3经济斜率继续放缓，GDP增速或小幅回落至4.6%左右。 具体来看：从高频数据和PMI来看，生产、固投和消费7-8月回落幅度较大，9月略平稳；出口表现稳健；CPI在菜价支撑下表现稳定，而PPI同比继续深度负增长，社融8月略有企稳迹象，但整体偏弱，居民端、企业端新增贷款均同比减少，票据冲量和政府债券发行形成一定支撑。　　政策层面，7-9月的债市政策面一波三折，既有降息降准带来的实质利好，又有对央行行政手段调控的隐隐担忧。一方面，7月底的超预期降息给债市三季度带来良好开局，而随后在8月开始大行呈现单边卖出利率债则一度引发债市出现本年度第一轮持续回调，9月，伴随着美联储降息50BP落地、国内降低存量房贷利率的呼声日益高涨，利率债迎来牛市，但924政治局会议和央行超预期刺激股市政策出台，又进一步引发了利率的快速上行。 　　产品运作方面，本基金在7月把握了降息后收益率快速下行的机会，用中长期利率品的波段交易增厚了组合业绩。　　伴随股市降温，预计不稳定负债的赎回负反馈告一段落。短期内受益于央行降准降息的利好，资金层面的波动有望降低，实现充裕呵护，随后的不确定性主要来自于政府债券发行在四季度部分时点的脉冲影响，但如9/24两会一行发布会中提到的，货币政策仍将保持支持性立场，年内仍有二次降准、国债买卖也可平抑资金面波动。预计资金利率中枢将向OMO利率回归。在资金面平稳的环境下，债券市场仍可通过持有期收益叠加杠杆策略以适应后续的反弹行情。　　当前2.15%左右的十年国债已与MLF利率倒挂15bp，我们判断利率债进一步大幅上行的概率极低，若再有调整，央行也会出手。主要是（1）财政发力，特别国债发行等都需要维持较低的利率环境，无论央行还是财政部都不希望看到长债收益率的进一步上行。（2）稳增长政策落地至基本面修复仍有两个季度左右的时滞，需货币政策的持续发力大概率带动政策利率中枢继续下调，我们预计10年国债仍有进一步突破前低的可能性。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:39.872Z","fund":{"_id":3000000020948,"__csrcFundId":13767,"stockCode":"020948","masterFundShortName":"大成景朔利率债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20948,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:46.907Z","status":"normal","exchange":"jj","shortName":"大成景朔利率债A","name":"大成景朔利率债债券型证券投资基金","fundCollectionId":4000050090000,"setUpAssetScale":7980329416.25,"setUpDate":"2024-04-14T16:00:00.000Z","setUpShares":7980329416.25,"inceptionDate":"2024-04-18T16:00:00.000Z","pinyin":"dcjsllzzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景朔利率债债券型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1180510","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3777fea5b3eb053d9c5","date":"2024-06-29T16:00:00.000Z","stockId":3000000020948,"sao":"2024年上半年经济呈现波折式修复的特征，斜率逐步放缓。一季度经济总体稳健但结构分化，出口、服务业消费和工业生产表现相对较好，但地产和商品消费延续相对弱势格局，物价水平依然承压；二季度GDP增速有所放缓，PMI在荣枯线以下波动，社融增速、M1等指标明显回落。　　央行维持稳中偏松的政策取向，进一步加强逆周期调节。具体而言，央行于1月下旬宣布降准0.5%，2月中旬5Y LPR利率超预期下调25BP， 4月叫停“手工补息”以进一步降低银行融资成本。在央行的呵护下，虽然部分时点仍有波动，但上半年流动性环境总体合理充裕，资金分层的现象逐季改善，R007与DR007利差均值回落至历史较低水平。　　债券市场方面，宏观基本面和货币政策对市场表现形成支撑，同时上半年政府债券发行节奏偏慢也加剧了资产荒格局，各期限利率整体下行。年初至4月下旬，10年国债收益率单边下行；随后在央行频频提示长端利率风险的背景下，10年国债收益率转为震荡格局。上半年10年国债收益率运行于2.21%-2.56%，半年末较年初下行35BP。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:39.869Z","mo":"展望后市，目前各期限利率显著下行，当前息差水平、信用利差处于相对低位，央行对长端利率的态度或也将影响市场的节奏，收益率的进一步下行有赖于新增利好的驱动。不过中期来看，基本面和供需格局对债市依然形成支撑，货币政策降低实体经济融资成本的大方向未变，这决定了债市转向风险不高，震荡波动区间上沿仍是参与机会，债券市场仍然具备较好的中长期配置价值。","fund":{"_id":3000000020948,"__csrcFundId":13767,"stockCode":"020948","masterFundShortName":"大成景朔利率债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20948,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:46.907Z","status":"normal","exchange":"jj","shortName":"大成景朔利率债A","name":"大成景朔利率债债券型证券投资基金","fundCollectionId":4000050090000,"setUpAssetScale":7980329416.25,"setUpDate":"2024-04-14T16:00:00.000Z","setUpShares":7980329416.25,"inceptionDate":"2024-04-18T16:00:00.000Z","pinyin":"dcjsllzzqxzqtzjj","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"}]},"announcement":{"linkText":"大成景朔利率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=1150017","linkType":"PDF","source":"csrc_pdf"}}]}