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4月，债市行情急速转向，10Y国债探至1.61%。4月，市场降准降息预期升温，债市收益率直线下行20bp；5月在双降落地等情况下，债市陷入震荡僵局；6月债市收益率低位震荡。债市在三季度开始进入以空头为主导的行情，既有反内卷政策带来的宏观叙事预期反转，也有权益市场强劲带来的对债市的压制，叠加其他影响，债市持续调整。7月开始，债市利空因素逐渐增多，反内卷情绪推动股市和商品持续上涨，叠加下半月资金面意外收紧，债市情绪受到显著压制；8月债市叙事逻辑切换，传统利率定价框架暂时失效；9月开始，债市进一步调整。2025年的四季度，债市在超调和修复之间反复博弈，具体月份来看，10月债市迎来短暂的修复，但债市在11月也经历了一轮大幅调整；12月债市情绪愈发摇摆，叠加对2026年的超长端供给担忧，债市调整不断。    报告期内，本基金在严控流动性风险的前提下，灵活调整资产比例及组合久期，同时通过主动管理，积极提升利率策略及杠杆策略的效果，以获取合理的回报。","lastUpdated":"2026-04-02T12:47:51.234Z","mo":"展望2026年，国内宏观经济预计将处于新旧动能转换的关键期，复苏进程虽有波折但方向确立，宏观政策上将更加注重“逆周期调节”，财政发力与货币协同是主旋律，货币政策将维持“灵活适度、精准有效”的基调。经历过2025年市场的剧烈震荡和洗礼，2026年的债券市场大概率将呈现出“区间震荡、结构分化”的格局，博弈难度加大。在低利率常态化的背景下，票息策略将带来确定性收入，而收益率曲线的形态变化和预期差交易将成为获取超额收益的关键。","fund":{"_id":3000000009560,"__csrcFundId":7685,"stockCode":"009560","shortName":"上银中债1-3年国开行债券指数(009560)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9560,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:52:12.951Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"上银中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银中债1-3年国开行债券指数","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5200010482.59,"setUpShares":5200010482.59,"pinyin":"syzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20777032","stockType":"fund_manager","exchange":"fm","tickerId":2410204860,"name":"许佳"},{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银中债1-3年国开行债券指数证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1458090","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccc97fea5b3eb04ce335","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000009560,"sao":"三季度中，受到权益与商品市场风险偏好提升的影响，债券市场承压，整季度中利率震荡上行，曲线形态变陡。具体来看，7月上半月走势稳定，但中旬反内卷政策引发市场担忧，利率开启本轮上行走势；8月商品与股市伴生上涨，市场风险偏好快速提升，低利率的债券受到影响，利率进一步上行；9月利率延续震荡上行的态势。点位来看，1年国债上行3bp，10年国债上行21bp，曲线明显变陡；信用方面，季度初有收敛的走势，9月后反转走阔。本基金在报告期内整体维持拟合跟踪指数的久期和灵活杠杆的投资策略，报告期内积极排布组合负债结构。","lastUpdated":"2026-03-09T13:36:09.632Z","fund":{"_id":3000000009560,"__csrcFundId":7685,"stockCode":"009560","shortName":"上银中债1-3年国开行债券指数(009560)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9560,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:52:12.951Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"上银中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银中债1-3年国开行债券指数","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5200010482.59,"setUpShares":5200010482.59,"pinyin":"syzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20777032","stockType":"fund_manager","exchange":"fm","tickerId":2410204860,"name":"许佳"},{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银中债1-3年国开行债券指数证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1376579","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccc97fea5b3eb04ce334","date":"2025-06-29T16:00:00.000Z","stockId":3000000009560,"sao":"2025年上半年中，债券市场成宽幅震荡的行情走势，整体走势可以分为三个阶段，1）年初至3月下旬，过低的利率带来了巨大的市场风险，而流动性的收紧成为了压垮市场的最后一根稻草，该阶段中利率逐级抬升，10年国债利率从最低1.60%的水平最高上行至1.90%的水平；2）4月上旬至5月中旬，超预期的外部冲击下，市场风险偏好迅速回落，利率快速下行至年初低位，而后利率低位震荡直到5月中旬，因冲击缓和而利率上行；3）5月中旬至半年末，利率窄幅震荡，10年国债围绕1.6-1.7%震荡。报告期内，本基金在严控流动性利率等风险的前提下，灵活调整资产比例及组合久期，同时通过主动管理，积极提升久期策略及杠杆策略的效果，以获取合理的回报。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:09.629Z","mo":"宏观基本面向好的因子在积累，反内卷的提振下，物价水平有望止跌企稳，叠加权益市场的持续上行带来的居民端财产性收入的提升，对下半年的消费也将有所提升。但当下结构性的问题仍然突出，地产的持续下行仍是重要的影响项，而在上半年持续的抢出口下，下半年的贸易增速也有阴影。各项利好利空交织构成了下半年的宏观基本面，在经济高质量转型的关键期，维持一个低利率环境，仍是必要且关键的，故对于下半年的债券市场并不悲观，把握利率高点的机会能有效提升持有期收益。","fund":{"_id":3000000009560,"__csrcFundId":7685,"stockCode":"009560","shortName":"上银中债1-3年国开行债券指数(009560)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9560,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:52:12.951Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"上银中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银中债1-3年国开行债券指数","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5200010482.59,"setUpShares":5200010482.59,"pinyin":"syzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20777032","stockType":"fund_manager","exchange":"fm","tickerId":2410204860,"name":"许佳"},{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银中债1-3年国开行债券指数证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1345256","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccc97fea5b3eb04ce333","date":"2025-03-30T16:00:00.000Z","stockId":3000000009560,"sao":"一季度中，基本面开门红向好，资金面维持紧平衡，权益市场构成风险偏好回暖，且市场对于适度宽松的货币政策的认知出现校正，使得债券市场经历近年来幅度最大、时间最长的上行调整行情。具体来看，1月伊始资金利率即逐级走高，央行也宣告暂停买入国债，但市场沉浸在宽货币的预期中，短端被动上行明显，但长端品种依旧坚挺；2月跨春节后，资金利率仍然高企，打破了市场原先认为的春节后走松预期，长端利率出现松动，整月长端均有明显的上行；3月两会的增长目标符合预期，但随着市场重新定义适度宽松，长端利率出现两次脉冲式上涨，10年一度上破1.9%，而资金利率虽然偏贵但基本保持平稳，故短端反而率先企稳。点位来看，1年国债上行46bp，10年国债上行14bp，市场分歧逐步加大，情绪低迷；信用方面，受到理财资金的持续涌入影响，表现明显强于利率品种，信用利差季度内走窄。   本基金在报告期内整体维持拟合跟踪指数的久期和灵活杠杆的投资策略，报告期内积极排布组合负债结构，保障基金净值合理增长，获取较好的投资业绩。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:09.626Z","fund":{"_id":3000000009560,"__csrcFundId":7685,"stockCode":"009560","shortName":"上银中债1-3年国开行债券指数(009560)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9560,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:52:12.951Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"上银中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银中债1-3年国开行债券指数","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5200010482.59,"setUpShares":5200010482.59,"pinyin":"syzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20777032","stockType":"fund_manager","exchange":"fm","tickerId":2410204860,"name":"许佳"},{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银中债1-3年国开行债券指数证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1274432","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccc97fea5b3eb04ce332","date":"2024-12-30T16:00:00.000Z","stockId":3000000009560,"sao":"2024年债券市场在资产稀缺、基本面压力等多重影响下，利率整体呈下行趋势，曲线先平后陡，最终在年末达到低点收官。一季度中，机构资产短缺推动利率显著下行，长端和超长端债券表现强劲。1月市场围绕MLF交易，降息预期落空但利率仍震荡下行；2月春节后宽信用政策未至，机构加速入场，利率快速下行；3月利率低位震荡，曲线先平后陡。二季度中，市场在资产稀缺、基本面和市场风险间摇摆。4月供需失衡加剧，利率大幅下行，月末利率回吐涨幅；5月社融增速滑坡，利率高亢后略有回抽；6月资产稀缺和基本面利多债市，利率持续下行，曲线走陡，信用利差收缩。三季度，利率宽幅震荡，中枢下移。7月利率先上后下；8月防范利率过快下行后重回基本面逻辑，利率下行；9月存量房贷利率下调预期推动利率下行，月末超预期货币政策引发反弹，曲线走陡，信用债调整幅度大于利率债。四季度，市场从预期切换至现实，利率由高位震荡转为加速下行。10月强预期交易延续，股债关联性减弱；11月财政刺激和地方债冲击压力使利率承压，随后置换债落地，利率下行；12月抢跑行情延续，利率加速下行后宽幅震荡，信用债受利率提振逐步走强。    报告期内，本基金在严控流动性风险的前提下，灵活调整资产比例及组合久期，同时通过主动管理，积极提升利率策略及杠杆策略的效果，以获取合理的回报。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:09.623Z","mo":"经济转型继续砥砺前行，在结构性改革和创新驱动下逐步迈向高质量发展。增长模式转向消费和创新驱动，内需市场持续扩大，“双循环”战略深化，国内大循环更加稳固，国际循环质量提升。财政政策聚焦减税和精准发力，支持科技创新与绿色发展；货币政策保持流动性合理充裕，防范金融风险。前沿技术推动产业升级，绿色经济加速发展，碳达峰、碳中和目标带动新能源产业崛起。而这样的大背景中，需要低利率环境护航保驾，对与债券市场而言，虽然较难重现去年的债券大牛市行情，但全年整体的表现也有充分的支持。","fund":{"_id":3000000009560,"__csrcFundId":7685,"stockCode":"009560","shortName":"上银中债1-3年国开行债券指数(009560)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9560,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:52:12.951Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"上银中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银中债1-3年国开行债券指数","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5200010482.59,"setUpShares":5200010482.59,"pinyin":"syzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20777032","stockType":"fund_manager","exchange":"fm","tickerId":2410204860,"name":"许佳"},{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银中债1-3年国开行债券指数证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1255393","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccc97fea5b3eb04ce331","date":"2024-09-29T16:00:00.000Z","stockId":3000000009560,"sao":"三季度中，利率整体宽幅震荡，中枢略有下移，对于债市正面的因素仍是机构资产稀缺与基本面的现实疲软，负面的因素转变成宽经济预期转向，一致性下整个市场表现出大开大合的走势。具体来看，7月伊始央行密集出台政策，包括公开市场买卖国债与临时正逆回购都表现出，希望给过热的债市降温，利率表现快速上行，但7月下旬超预期的降息又把市场拉回降息交易的逻辑上，临近月末利率迅速回落破前低；8月走势和主导因素和7月类同，防范利率过快下行的操作使得利率上行，而后市场重回基本面逻辑后，利率又重新下行；9月走势相反，中上旬在存量房贷利率下调的预期下，利率震荡下行到低位，但9月24日超预期的货币政策使得市场重燃宽财政宽信用逻辑，利率出现快速而大幅的反弹，回吐了整月之前的涨幅。点位来看，1年国债下行18bp，10年国债下行6bp，曲线在管控下继续走陡，隐含税率和流动性溢价均持续收窄；信用方面，受限于信用利差走到极值后，些许的扰动都极易触发负反馈，8月与9月都因债市调整而出现信用债上行幅度远大于利率债的情况，季度内信用偏弱势。本基金在报告期内整体维持拟合跟踪指数的久期和灵活杠杆的投资策略，报告期内积极排布组合负债结构，基金净值合理增长，获取合理的投资业绩。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:09.620Z","fund":{"_id":3000000009560,"__csrcFundId":7685,"stockCode":"009560","shortName":"上银中债1-3年国开行债券指数(009560)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9560,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:52:12.951Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"上银中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银中债1-3年国开行债券指数","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5200010482.59,"setUpShares":5200010482.59,"pinyin":"syzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20777032","stockType":"fund_manager","exchange":"fm","tickerId":2410204860,"name":"许佳"},{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银中债1-3年国开行债券指数证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1178247","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccc97fea5b3eb04ce330","date":"2024-06-29T16:00:00.000Z","stockId":3000000009560,"sao":"2024年上半年中，债券市场围绕基本面与供需关系展开交易，各期限段利率明显下行。具体来看，整体走势可分为两个阶段：第一阶段为年初至3月初：市场单边走强，资产缺口的压力下，机构向上交易，曲线变平；第二阶段为3月初至半年末：市场围绕长期限国债合理区间震荡运行。报告期内，本基金在严控流动性利率等风险的前提下，灵活调整资产比例及组合久期，同时通过主动管理，积极提升久期策略及杠杆策略的效果，以获取合理的回报。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:09.615Z","mo":"经济转型进入深水区，面临的增速压力逐步抬升，基本面在短期内仍对债市有较大的支撑。但我国经济长期向好的状态不会改变，长端利率走势也不会一帆风顺的单边下行，关注财政政策的发力情况与债券市场供需关系能否缓解，这两者决定了中期维度内，债券市场的走向。","fund":{"_id":3000000009560,"__csrcFundId":7685,"stockCode":"009560","shortName":"上银中债1-3年国开行债券指数(009560)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9560,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:52:12.951Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"上银中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银中债1-3年国开行债券指数","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5200010482.59,"setUpShares":5200010482.59,"pinyin":"syzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20777032","stockType":"fund_manager","exchange":"fm","tickerId":2410204860,"name":"许佳"},{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银中债1-3年国开行债券指数证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1148895","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccc97fea5b3eb04ce32f","date":"2024-03-30T16:00:00.000Z","stockId":3000000009560,"sao":"一季度，债券收益率在机构缺少资产的带动下，利率大幅下行，尤其长端与超长端品种表现强势，曲线先平后陡。具体来看，1月份市场围绕MLF展开交易，缺资产的情况下虽然降息交易落空，但仍难挡利率震荡下行的走势；2月份，春节前围绕风险偏好交易，股债跷跷板现象明显，春节后宽信用交易迟迟未至，使得部分等待的机构加速入场，利率快速下行，市场情绪高涨；3月份，月初打出阶段性利率低点后，整条利率曲线相较于政策利率与资金利率，处于较低位置，但地方债的偏慢发行又使得供需问题没有好转，故整月利率低位震荡，区间收敛。点位来看，1年国债和国开均下行36bp，10年国债和国开也均下行27bp，曲线先平后陡，国债相对政金债继续走强；因利率品种表现强势，信用利差有所被动拉大。    本基金在报告期内整体维持拟合跟踪指数的久期和中高杠杆的投资策略，报告期内积极排布组合负债结构，基金净值合理增长，获取合理的投资业绩。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:09.612Z","fund":{"_id":3000000009560,"__csrcFundId":7685,"stockCode":"009560","shortName":"上银中债1-3年国开行债券指数(009560)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9560,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:52:12.951Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"上银中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银中债1-3年国开行债券指数","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5200010482.59,"setUpShares":5200010482.59,"pinyin":"syzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20777032","stockType":"fund_manager","exchange":"fm","tickerId":2410204860,"name":"许佳"},{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银中债1-3年国开行债券指数证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1071418","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccc97fea5b3eb04ce32e","date":"2023-12-30T16:00:00.000Z","stockId":3000000009560,"sao":"2023年，债券市场呈震荡下行的行情走势，节奏上伴随社会融资成本稳中有降。回顾全年，10年国债收益率低点出现在8月与12月为2.55%，年内高点出现在1月与3月为2.93%，全年共有两轮大周期震荡行情，曲线由平及陡，再到扁平。全年利率走势大致可分为四个阶段：第一阶段1-2月：疫情放开后的首年，市场对于经济复苏给予高度预期，使得整体宽信用交易前置，伴随权益市场被外资持续流入提振，利率冲高并高位震荡；第二阶段3-8月：市场宽信用交易平复，利率随着现实问题逐级回落，期间伴随6月与8月的两次降低MLF基准利率，使得虽然坎坷，但整体利率基本呈现单边下行的走势；第三阶段9-11月：新一轮的政府托底政策出台，叠加宽财政导致的资金面趋紧，使得利率在短期内快速上行，曲线自此开启扁平化的状态；第四阶段12月：资金面的趋松使得市场情绪修复，月中各银行再度调降存款利率使得市场重启新一轮的降息交易，利率在单月中快速下行，长端更是修复了此前上行的幅度。报告期内，本基金在严控流动性风险的前提下，灵活调整资产比例及组合久期，同时通过主动管理，积极提升利率策略及杠杆策略的效果，以获取合理的回报。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:09.609Z","mo":"在时代切换的特殊时期，正确的路线就应该是一手防旧产业风险，另外一手促新产业发展，这种政策逻辑下，经济虽然长期向好，但短期仍难以重归高增速增长。而无论是防风险还是促改革，都需要保障社会融资成本的稳步下行，故对于债券而言，大环境支持债市的慢牛行情持续。这一过程中，信用利差与期限利差都将进一步得到压缩，信用策略与久期策略能有较好的表现。","fund":{"_id":3000000009560,"__csrcFundId":7685,"stockCode":"009560","shortName":"上银中债1-3年国开行债券指数(009560)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9560,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:52:12.951Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"上银中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银中债1-3年国开行债券指数","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5200010482.59,"setUpShares":5200010482.59,"pinyin":"syzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20777032","stockType":"fund_manager","exchange":"fm","tickerId":2410204860,"name":"许佳"},{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银中债1-3年国开行债券指数证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1056630","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccc97fea5b3eb04ce32d","date":"2023-09-29T16:00:00.000Z","stockId":3000000009560,"sao":"三季度，债券利率呈现波动式行情走势，利率曲线先下后上，走出了季度内的“V”型走势。具体来看，7月份，在基本面逐渐趋弱的现实下，利率震荡向下；8月初，弱现实及中旬超预期的调降MLF利率引发债市做多情绪，利率跳空向下打出了2020年以来的低位；9月，市场对中长期逻辑产生质疑，叠加央行防空转下资金成本抬升，利率单月出现单边上行的走势，完全回吐降MLF利率后的下行幅度。点位来看，1年国债和国开分别上行30bp和16bp，10年则分别上行4bp和下行3bp，曲线呈扁平化，隐含税率大幅下降。本基金在报告期内整体维持拟合跟踪指数的久期和中高杠杆的投资策略，报告期内积极排布组合负债结构，基金净值合理增长，获取较好的投资业绩。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:09.606Z","fund":{"_id":3000000009560,"__csrcFundId":7685,"stockCode":"009560","shortName":"上银中债1-3年国开行债券指数(009560)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9560,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:52:12.951Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"上银中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银中债1-3年国开行债券指数","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5200010482.59,"setUpShares":5200010482.59,"pinyin":"syzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20777032","stockType":"fund_manager","exchange":"fm","tickerId":2410204860,"name":"许佳"},{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银中债1-3年国开行债券指数证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=988049","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccc97fea5b3eb04ce32c","date":"2023-06-29T16:00:00.000Z","stockId":3000000009560,"sao":"2023年上半年中，债券市场围绕疫后经济复苏的强度与持续性展开博弈，并最终以宽幅震荡，利率先上后下的形式，完成了自去年11月债市调整以来的一轮牛熊周期行情。具体来看，整体走势可分为两个阶段：第一阶段为年初至3月：市场对于疫后经济复苏与全年增速目标有很高的预期，宽信用交易下债券承压，债券震荡走弱；第二阶段为3月后至半年末：全市场风险偏好不断减弱，债券震荡走强。报告期内，本基金在严控流动性利率等风险的前提下，灵活调整资产比例及组合久期，同时通过主动管理，积极提升久期策略及杠杆策略的效果，以获取合理的回报。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:09.604Z","mo":"经济向高质量发展转型是大势所趋，是实现中国式现代化的必由之路，目前的新老产业转型，支柱型产业切换所带来的转型阵痛，并改变不了我国经济长期向好的发展格局。下半年中，随着经济转型的不断深化，新与旧，传统与新兴，现实与预期之间的矛盾并不会减弱，而目前的道路是之前并未走过的，故通过历史经验去研判未来走势，犹如刻舟求剑。所以，对于债券投资交易而言，应该向前看，通过已有的信息，运用合理的符合逻辑的框架去预测未来走势，而不是执着于过去的经验，使用过去的情景去套用未来。展望后市，新常态新逻辑新走势，当下内外环境下，围绕政策利率中枢下方温和震荡的利率环境有利于产业结构调整与转换期经济运行稳定，故投资交易的机会出现在情绪推升的市场与中枢的偏离上，偏离越大机会越大。整体上，本基金将保持对指数的跟踪，同时在资金面无忧的大背景下，适度提高杠杆水平，以获取合理的投资回报。","fund":{"_id":3000000009560,"__csrcFundId":7685,"stockCode":"009560","shortName":"上银中债1-3年国开行债券指数(009560)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9560,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:52:12.951Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"上银中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银中债1-3年国开行债券指数","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5200010482.59,"setUpShares":5200010482.59,"pinyin":"syzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20777032","stockType":"fund_manager","exchange":"fm","tickerId":2410204860,"name":"许佳"},{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银中债1-3年国开行债券指数证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=964224","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccc97fea5b3eb04ce32b","date":"2023-03-30T16:00:00.000Z","stockId":3000000009560,"sao":"一季度中，债券市场整体表现不佳，受到经济复苏总基调的影响，债券市场承压，利率曲线中枢上行后进入震荡模式，信用品种整体表现优于利率品种。拆分来看，1月初受到我国快速从疫情影响下恢复的影响，全市场信心快速提振，市场充分前置交易宽信用，而与此同时北向通大幅流入境内权益市场，风险偏好提升带动利率曲线明显上行；2月市场继续承压，利率小幅震荡上行；3月市场情绪逐渐好转，利率震荡下行。具体来看，1年国债和国开分别上行12bp和16bp，10年则分别上行1bp和3bp，曲线呈扁平化；信用利差在流动性挤压的作用下由低位快速提升，表现明显逊于利率品种。    本基金在报告期内整体维持中等久期和灵活杠杆的投资策略，基金净值合理增长，获取较好的投资业绩。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:09.594Z","fund":{"_id":3000000009560,"__csrcFundId":7685,"stockCode":"009560","shortName":"上银中债1-3年国开行债券指数(009560)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9560,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:52:12.951Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"上银中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银中债1-3年国开行债券指数","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5200010482.59,"setUpShares":5200010482.59,"pinyin":"syzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20777032","stockType":"fund_manager","exchange":"fm","tickerId":2410204860,"name":"许佳"},{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银中债1-3年国开行债券指数证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=888956","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccc97fea5b3eb04ce32a","date":"2022-12-30T16:00:00.000Z","stockId":3000000009560,"sao":"2022年，债券市场呈宽幅震荡的行情走势。回顾全年，10年期国债收益率低点出现在8月为2.58%，年内高点出现在12月为2.92%，整体波动呈区间震荡，频繁波动的走势。全年利率走势大致可分为四个阶段：第一阶段1-2月：1月降息后利多出尽，而后以社融开门红与地产松绑为转折，市场交易宽信用起效，利率先下后大幅上行，呈震荡上行的行情走势；第二阶段3-6月：该段时期内，债券市场交易逻辑为上海疫情的起与落，随着疫情超预期发酵利率震荡下行，而5月底快速的复苏放开又使得利率快速震荡上行；第三阶段7-10月：奥密克戎难以完全清零的特性下使得我国经济复苏仍然疲软，叠加地产相关事件影响，促使央行意外降息，超预期的宽货币信号刺激债券市场，使得期间债券利率出现大幅下行并在低位震荡盘整；第四阶段11-12月：11月疫情防控政策转向，远超全市场预期，叠加资金利率高企与地产政策继续加码的影响，债券市场出现明显上行，而后的理财赎回问题更是加剧了上行脉冲幅度，使得年末债券利率基本回吐此前的年度涨幅，信用品种尤甚。报告期内，本基金在严控流动性风险的前提下，灵活调整资产比例及组合久期，同时通过主动管理，积极提升信用策略及杠杆策略的效果，以获取合理的回报。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:09.591Z","mo":"2023年政策的主基调应该是稳增长、促发展、保就业，2022年因疫情导致的增速受制一定程度上影响了市场信心，并且有形成负循环的征兆，所以2023年从政府目标角度来说，稳信贷增速，扭转市场信心是重中之重。在此基础上，全年债券市场预计都将面临挑战。但适逢我国从高增速发展向高质量发展的转型期，叠加原先的增长驱动核心房地产在本轮稳增长中难有突出表现，故从全年来看，经济增速预计以弱复苏优化结构的模式为主，故债券市场难有趋势性的走牛机会，但单边上行走熊的可能性也较低，预计整体走势类似2022年，走宽幅震荡的行情预言。年初受宽信用预期发酵影响，利率以震荡上行为主；年中增速可能趋向谨慎，超预期的货币政策验证下，利率有震荡下行的空间；年末需要关注通胀情况，防范发生滞涨带动利率上行的可能性。","fund":{"_id":3000000009560,"__csrcFundId":7685,"stockCode":"009560","shortName":"上银中债1-3年国开行债券指数(009560)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9560,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:52:12.951Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"上银中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银中债1-3年国开行债券指数","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5200010482.59,"setUpShares":5200010482.59,"pinyin":"syzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20777032","stockType":"fund_manager","exchange":"fm","tickerId":2410204860,"name":"许佳"},{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银中债1-3年国开行债券指数证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=872680","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccc97fea5b3eb04ce329","date":"2022-09-29T16:00:00.000Z","stockId":3000000009560,"sao":"三季度中，债市市场基本保持单边走牛的行情走势，央行超预期下调政策利率，整条利率曲线较二季度末高位大幅下行。拆分来看，债券利率在7月大幅下行；8月初利率略有回调，但8月15日的超预期调降政策利率再度点燃市场情绪，利率跳空突破前期低位；9月中上旬均是降息后的窄区间震荡行情，下旬因汇率大幅走贬引发市场对货币政策的担忧，利率难得的出现快速大幅的回调。具体来看，1年国债和国开分别下行10bp和13bp，10年则分别下行6bp和12bp；信用利差在资金宽松和配置力量作用下持续维持低位。    本基金在报告期内整体维持中等久期和灵活杠杆的投资策略，基金净值合理增长，获取较好的投资业绩。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:09.586Z","fund":{"_id":3000000009560,"__csrcFundId":7685,"stockCode":"009560","shortName":"上银中债1-3年国开行债券指数(009560)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9560,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:52:12.951Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"上银中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银中债1-3年国开行债券指数","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5200010482.59,"setUpShares":5200010482.59,"pinyin":"syzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20777032","stockType":"fund_manager","exchange":"fm","tickerId":2410204860,"name":"许佳"},{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银中债1-3年国开行债券指数证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=809519","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccc97fea5b3eb04ce328","date":"2022-06-29T16:00:00.000Z","stockId":3000000009560,"sao":"2022年上半年中，债券市场的核心交易逻辑依次为宽货币、宽信用与疫情，整体来看多空交织，在资金面保持相对平稳的状态下，债券收益率曲线呈区间震荡走势，箱顶位置以10年期国债2.85%为基准，箱底位置以10年期国债2.70%为基准。整体走势可分为三个阶段：第一阶段为1月至2月上旬：经济遭遇三重压力的难点，市场普遍预期货币政策将加码宽松，故交易逻辑以宽货币为主，随着央行降息，推动了利率明显下行；第二阶段为2月中旬至3月下旬：随着社融数据超预期，叠加对房地产的纠偏政策推出，市场宽信用预期渐起，利率大幅承压，期间呈宽幅震荡行情。第三阶段为4月至6月：疫情超预期发酵，显著影响经济增速，市场围绕疫情展开交易，利率先下后上，并未突破全年震荡区间。报告期内，本基金在严控流动性、利率等风险的前提下，灵活调整资产比例及组合久期，同时通过主动管理，积极提升久期策略及杠杆策略的效果，以获取合理的回报。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:09.583Z","mo":"下半年中，我国经济发展仍然面对需求不足，供给疲弱的困境，叠加经济结构转型，刺激与阵痛并存。一来需要托底房地产行业，防范风险；二来需要刺激新兴产业链，稳步提升经济增量。这一状态下，经济追求高质量但可能并不高速的发展，货币政策起到托底作用，流动性预计保持略高于适度宽松的状态。展望后市，适度宽松并且预期稳定的货币政策将支持各项利差与溢价收缩，包括但不限于信用利差、期限利差、流动性溢价等，债券市场预计在下半年有一段流动性行情，而后随着稳增长政策见效，利率后续存在调整压力，整体预期将维持宽幅震荡行情。整体上，本基金将保持对指数的跟踪，同时在资金面无忧的大背景下，适度提高杠杆水平，以获取合理的投资回报。","fund":{"_id":3000000009560,"__csrcFundId":7685,"stockCode":"009560","shortName":"上银中债1-3年国开行债券指数(009560)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9560,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:52:12.951Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"上银中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银中债1-3年国开行债券指数","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5200010482.59,"setUpShares":5200010482.59,"pinyin":"syzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20777032","stockType":"fund_manager","exchange":"fm","tickerId":2410204860,"name":"许佳"},{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银中债1-3年国开行债券指数证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=786712","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccc97fea5b3eb04ce327","date":"2022-03-30T16:00:00.000Z","stockId":3000000009560,"sao":"2022年一季度中，债券收益率整体呈区间宽幅震荡的走势。在中央经济工作会议定调三重压力，并提出政策提前发力后，央行于1月调降包括MLF在内的一系列政策利率，债券市场受此提振利率明显下行。但随着1月信贷数据的超预期，市场对于宽信用周期的担忧激增，叠加地产政策纠偏的影响，债券收益率在2月出现大幅上行。3月后债市微观流动性收紧，与权益类资产出现同涨同跌的走势，而随着金委会的定调与新冠疫情的超预期扩散，债券市场于3月下旬再度转暖。具体来看，国债1年和10年分别下行9bp和上行1bp，国开债1年和10年分别下行4bp和4bp。本基金在报告期内整体维持中等久期和灵活杠杆的投资策略，基金净值合理增长，获取较好的投资业绩。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:09.580Z","fund":{"_id":3000000009560,"__csrcFundId":7685,"stockCode":"009560","shortName":"上银中债1-3年国开行债券指数(009560)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9560,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:52:12.951Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"上银中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银中债1-3年国开行债券指数","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5200010482.59,"setUpShares":5200010482.59,"pinyin":"syzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20777032","stockType":"fund_manager","exchange":"fm","tickerId":2410204860,"name":"许佳"},{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银中债1-3年国开行债券指数证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=728710","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccc97fea5b3eb04ce326","date":"2021-12-30T16:00:00.000Z","stockId":3000000009560,"sao":"2021年，债券市场整体呈震荡走强的走势。回顾全年，10年期国债收益率低点出现在12月为2.76%，年内高点出现在2月为3.28%，整体波动较往年略有收窄，呈前高后低的走势。全年利率走势大致可分为四个阶段：第一阶段1-2月：央行逐步回收因局部突发的信用风险而临时注入的流动性，导致原先市场预期出现紊乱，债券市场于前两个月剧烈震荡，呈单边上行的行情走势。第二阶段3-6月：该段时期内，市场对于宽货币将信将疑，市场博弈的重点是资金面，债券利率随资金价格涨跌。但总体上，资金面保持相对的平稳，在套息策略的驱动下，利率呈震荡下行的态势。第三阶段7-9月：在加速改革与疫情反复的推动下，我国经济增速出现疲软，推动央行意外降准，而超预期的宽货币信号刺激债券市场，使得期间债券利率出现大幅下行。第四阶段10-12月：市场再度进入震荡期，期初的通胀干扰使得利率出现快速回调，而后在政府的干预下，通胀预期逐渐平稳，伴随12月的第二次降准，利率重回下行通道，该段时期内利率呈先上后下的走势。报告期内，本基金在严控流动性、信用等风险的前提下，灵活调整资产比例及组合久期，同时通过主动管理，积极提升信用策略及杠杆策略的效果，以获取合理的回报。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:09.577Z","mo":"中央经济工作会议为2022年设定了稳增长的目标，以及明确定义了“三重压力”，为今年市场运行基本理清了脉络。上半年中，随着稳增长政策的逐步推出与落地，预计我国经济将有较为明显的企稳反弹动力。而下半年中，随着经济的企稳复苏，深化改革的相关措施或将逐步加码，以求在最小化阵痛的情况下，实现我国经济的良性转型。折射到债券市场，上半年市场交易的核心或将从宽货币转移至宽信用，市场对资金面的反应将越来越钝化，反之对经济数据的表现越来越敏感，随着宽信用效果与经济增长情况的预期变化而震荡。下半年中，将围绕改革转型与经济增长间的权衡进行博弈，全年债券市场将大概率在一个上有顶下有底的箱体内震荡。展望后市，适度宽松的货币政策与宽松的信用环境意味着债券市场将保持震荡运行的状态，影响市场的核心因素也将从流动性松紧逐步转化成中国经济增长的预期。整体上，本基金将保持对债市偏中性的策略以中高等级信用资产进行配置，坚决杜绝不合理的信用下沉，同时在资金面无忧的大背景下，适度提高杠杆水平，以获取合理的投资回报。","fund":{"_id":3000000009560,"__csrcFundId":7685,"stockCode":"009560","shortName":"上银中债1-3年国开行债券指数(009560)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9560,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:52:12.951Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"上银中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银中债1-3年国开行债券指数","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5200010482.59,"setUpShares":5200010482.59,"pinyin":"syzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20777032","stockType":"fund_manager","exchange":"fm","tickerId":2410204860,"name":"许佳"},{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银中债1-3年国开行债券指数证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=713556","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccc97fea5b3eb04ce325","date":"2021-09-29T16:00:00.000Z","stockId":3000000009560,"sao":"2021年三季度中，债券收益率整体呈“L”型走势，受到超预期货币宽松政策影响，债券收益率在7月份出现大幅下行，随后的8月份与9月份走势相对平稳，呈窄幅区间震荡的态势。整个三季度来看，债券市场的核心主导因素仍然是资金面，对资金利率及货币政策的预期变化，构成了三季度的整体走势，利率曲线呈平坦化下移，期限利差逐步收窄。具体来看，国债1年和10年分别下行10bp和20bp，国开债1年和10年分别下行11bp和29bp。期间，由于大宗商品上涨，煤炭行业、尤其山西地区的债券利差明显收窄，受理财净值化影响，大部分信用债信用利差持续走阔。本基金在报告期内整体维持中低久期和灵活杠杆的投资策略，基金净值合理增长，获取较好的投资业绩。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:09.573Z","fund":{"_id":3000000009560,"__csrcFundId":7685,"stockCode":"009560","shortName":"上银中债1-3年国开行债券指数(009560)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9560,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:52:12.951Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"上银中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银中债1-3年国开行债券指数","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5200010482.59,"setUpShares":5200010482.59,"pinyin":"syzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20777032","stockType":"fund_manager","exchange":"fm","tickerId":2410204860,"name":"许佳"},{"stockCode":"j101020385","stockType":"fund_manager","exchange":"fm","tickerId":190425254310,"name":"沈丹莹"}]},"announcement":{"linkText":"上银中债1-3年国开行债券指数证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=657431","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccc97fea5b3eb04ce324","date":"2021-06-29T16:00:00.000Z","stockId":3000000009560,"sao":"2021年上半年中，市场流动性虽有阶段性的短暂紧张，但整体呈现适度宽松的状态，在资金面主导的行情下，债券收益率曲线冲高回落，上半年中10年期国债低点出现在6月为3.04%，高点出现在2月为3.28%，整体呈快速上行后稳步下行的行情走势。上半年利率可分为三个阶段：第一阶段1月中上旬：连锁信用事件对市场情绪影响的尾声阶段，市场顾虑消除但流动性依旧充裕，利率曲线呈牛陡走势运行；第二阶段1月下旬-3月上旬：央行主动回收因缓解信用紧张局面而释放的大量流动性，市场融资成本回归隔夜2%、7天2.2%一线，利率曲线大幅反弹并呈熊平走势；第三阶段3月中旬-6月末：央行维持适度宽松的货币政策，期间市场流动性整体保持平稳，利率削峰填谷，市场情绪逐渐稳定，对适度宽松的预期逐渐一致，利率曲线稳步下行。报告期内，本基金在严控流动性等风险的前提下，根据指数成份券的情况，灵活调整资产比例及组合久期，同时积极提升杠杆运作的效果，以获取跟踪基准曲线的投资回报。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:09.570Z","mo":"下半年中，我国经济增长仍存在诸多不确定性，借着疫情管控的身位优势，我国正朝产业结构化转型迈进，政策层面无论是碳中和的环保可持续发展、大力发展高科技行业，还是严控房地产与基建增量，坚持“房住不炒”底线思维，均是选择优质的低增长的过程，随着海外疫情缓解，经济活动复苏，我国下半年出口或将受到冲击，故内生经济增长压力较大。此外，美国内部通胀压力尽显，但疫情仍然存在反复，美联储收缩货币政策的速度与力度有待观察。展望后市，适度宽松并且预期稳定的货币政策将支持各项利差与溢价收缩，包括但不限于信用利差、期限利差、流动性溢价等，债券市场在下半年将迎来较好的时期。整体上，该产品将跟随中债1-3年国开债指数，严格复制指数的同时，寻找机会，以获取合理的投资回报。","fund":{"_id":3000000009560,"__csrcFundId":7685,"stockCode":"009560","shortName":"上银中债1-3年国开行债券指数(009560)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9560,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:52:12.951Z","status":"normal","inceptionDate":"2020-06-10T16:00:00.000Z","name":"上银中债1-3年国开行债券指数证券投资基金","exchange":"jj","followedNum":7,"fundCollectionId":4000050850000,"currency":"CNY","masterFundShortName":"上银中债1-3年国开行债券指数","setUpDate":"2020-06-10T16:00:00.000Z","setUpAssetScale":5200010482.59,"setUpShares":5200010482.59,"pinyin":"syzz1-3ngkhzqzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20777032","stockType":"fund_manager","exchange":"fm","tickerId":2410204860,"na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