window.pageData = {"stock":{"_id":3000000021235,"stockCode":"021235","masterFundShortName":"摩根瑞欣利率债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21235,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"摩根瑞欣利率债债券A","name":"摩根瑞欣利率债债券型证券投资基金","fundCollectionId":4000050380000,"setUpAssetScale":6130253785.44,"setUpDate":"2024-05-09T16:00:00.000Z","setUpShares":6130253785.44,"pinyin":"mgrxllzzqxzqtzjj","inceptionDate":"2024-05-09T16:00:00.000Z","followedNum":1,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50380000","tickerId":50380000,"name":"摩根基金管理（中国）有限公司"},"managers":[{"name":"张一格","stockType":"fund_manager","stockCode":"db20183757","exchange":"fm","tickerId":262507120330},{"name":"田原","stockType":"fund_manager","stockCode":"db20670660","exchange":"fm","tickerId":2025190720}],"hotMetrics":{"fss":{"stockId":3000000021235,"type":"fss","last_data_date":"2025-06-29T16:00:00.000Z","f_ins_h_s_r":0.9979,"f_ind_h_s_r":0.0021,"f_h_a":275,"f_ind_h_s_r_c_hy":0.002,"f_ins_h_s_r_c_hy":-0.0019999999999998908},"fpr":{"stockId":3000000021235,"type":"fpr","f_p_r_fys_ssc":7460,"f_p_r_fys_ssrp":0.6937927336104035,"f_p_r_m1_ssc":7589,"f_p_r_m1_ssrp":0.30311017395888246,"f_p_r_m3_ssc":7502,"f_p_r_m3_ssrp":0.4678042927609652,"f_p_r_m6_ssc":7314,"f_p_r_m6_ssrp":0.9037330780801313,"f_cagr_p_r_fs_ssc":7284,"f_cagr_p_r_fs_ssrp":0.7499656734862007,"f_p_r_y1_ssc":6833,"f_p_r_y1_ssrp":0.9562353629976581},"fp":{"stockId":3000000021235,"type":"fp","f_cagr_p_r_fs":0.023044126458067193,"f_p_r_d1":0.00019519812609813947,"f_p_r_m1":0.0037200195790505486,"f_p_r_m3":0.006874202101541993,"f_p_r_m6":0.0062812837373640296,"f_p_r_fys":0.008657156910969244,"last_data_date":"2026-05-07T16:00:00.000Z","f_p_r_y1":0.0011640852469638752},"ff":{"stockId":3000000021235,"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":"2024-05-14T16:00:00.000Z","f_c_fr":0.001,"f_fr_d":"2025-07-24T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.004},"f_nlacan":{"stockId":3000000021235,"type":"f_nlacan","f_nv_d":"2026-05-07T16:00:00.000Z","f_nv":1.0253,"f_nv_cr":0.00019510291678881408},"f_as":{"stockId":3000000021235,"type":"f_as","f_tas":493440976.0995,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000021236,"name":"摩根瑞欣利率债债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"021236","tickerId":21236,"shortName":"摩根瑞欣利率债债券C","currency":"CNY","__csrcFundId":13869,"exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"lastUpdated":"2025-01-04T00:32:31.032Z","inceptionDate":"2024-05-09T16:00:00.000Z","fundCollectionId":4000050380000,"pinyin":"mgrxllzzqxzqtzjj"}],"bondHoldings":[{"_id":"69e8fb941398d79843003a90","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000021235,"stockCode":"230208","stockName":"23国开08","holdings":2000000,"marketCap":208454356,"netValueRatio":0.4223,"lastUpdated":"2026-04-22T16:47:16.363Z"},{"_id":"69e8fb941398d79843003a91","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000021235,"stockCode":"250218","stockName":"25国开18","holdings":1500000,"marketCap":151934342,"netValueRatio":0.3078,"lastUpdated":"2026-04-22T16:47:16.367Z"},{"_id":"69e8fb941398d79843003a92","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000021235,"stockCode":"250022","stockName":"25附息国债22","holdings":1100000,"marketCap":110356011,"netValueRatio":0.2236,"lastUpdated":"2026-04-22T16:47:16.370Z"},{"_id":"69e8fb941398d79843003a93","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000021235,"stockCode":"230315","stockName":"23进出15","holdings":300000,"marketCap":31153150,"netValueRatio":0.0631,"lastUpdated":"2026-04-22T16:47:16.374Z"},{"_id":"69e8fb941398d79843003a94","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000021235,"stockCode":"250211","stockName":"25国开11","holdings":300000,"marketCap":30271536,"netValueRatio":0.0613,"lastUpdated":"2026-04-22T16:47:16.377Z"}]},"list":[{"_id":"69e8ec581398d79843fe9d08","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000021235,"sao":"2026年第一季度，债券市场运行明显的分为了几个阶段。第一周收益率上行明显，这是因为年初资管产品集体降低久期的操作。之后市场的久期维持在较低的位置，符合年初市场对于债券特别是长期债券的风险的一致预期。另一方面，银行体系存款流入较多而贷款投放不及预期使得银行间资金较为充裕。在经历了第一周收益率明显上行之后，债券对配置力量有了一定的吸引力。从一月份第二周到春节后，债券市场开始有了明显修复。其中短端和信用品种修复更为有力，市场呈现曲线陡峭化和信用利差压缩的特点。进入三月份以后，因为中东局势的影响，国际油价明显抬升，同时贸易数据较好，二手房交易量开始提升。债券市场进一步陡峭化，30年期国债上行至2.3%左右的位置，短端由于货币环境宽松，收益率维持在低位。　　本基金在本季度围绕指数进行配置，维持了一定久期。在曲线陡峭化的过程中，本基金尝试用长债和超长债进行波段操作。由于资金价格相对平稳，本基金大部分时候还使用了杠杆策略。　　展望二季度，我们对债券市场保持相对谨慎的态度。地缘摩擦给市场带来了很大的不确定性，通胀数据依然可能对市场造成扰动。国内需求如果继续改善，对资金的需求可能改变银行间资金过度充裕的情况，对债券市场造成一定压力。目前曲线虽然较过去一段时间更为陡峭，但并不极端，在通胀预期和资金面边际收紧的情况下，曲线仍然有可能进一步陡峭化。同时，货币政策环境将保持在适度宽松的状态，短端债券收益率大幅上行的风险依然有限。从策略上讲，我们将采取更为稳健的持仓，利用好友好的货币环境，保持合理杠杆水平，通过短端债券争取获得相对确定的收益。同时，如果长端债券收益率上行幅度较大，在严格控制回撤和坚守止损纪律的前提下，我们仍然会考虑用一部分仓位参与长端的博弈。总之，我们将努力做到严格投资纪律，执行好投资决策，以逆向操作应对震荡格局。","lastUpdated":"2026-04-22T15:42:16.214Z","fund":{"_id":3000000021235,"__csrcFundId":13869,"stockCode":"021235","masterFundShortName":"摩根瑞欣利率债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T03:06:32.093Z","status":"normal","exchange":"jj","shortName":"摩根瑞欣利率债债券(021235)","name":"摩根瑞欣利率债债券型证券投资基金","fundCollectionId":4000050380000,"setUpAssetScale":6130253785.44,"setUpDate":"2024-05-09T16:00:00.000Z","setUpShares":6130253785.44,"pinyin":"mgrxllzzqxzqtzjj","inceptionDate":"2024-05-09T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"db20183757","stockType":"fund_manager","exchange":"fm","tickerId":262507120330,"name":"张一格"},{"stockCode":"db20670660","stockType":"fund_manager","exchange":"fm","tickerId":2025190720,"name":"田原"}]},"announcement":{"linkText":"摩根瑞欣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=1480902","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3877fea5b3eb053e7b5","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000021235,"sao":"2025年第四季度，债券市场运行的经济与政策背景呈现出典型的“弱现实、强预期”与“总量稳、结构优”的复杂交织局面。经济基本面层面，宏观经济数据继续印证了内生动能尚在修复过程中的判断。具体而言，生产端与需求端的复苏步调并不一致，呈现出“供强需弱”的格局。工业生产在政策扶持与出口韧性的支撑下保持了一定的活跃度，但作为核心内需的房地产投资与销售仍在低位徘徊，未能形成有效拉动。与此同时，居民消费虽保持增长，但消费意愿与能力受制于收入预期与信心，复苏斜率较为平缓。　　面对上述经济形势，中国人民银行的货币政策总基调仍是稳健偏宽松，以服务实体经济为首要目标，但其施策的重心与表述发生了微妙而关键的变化。最显著的信号是政策目标从“推动社会综合融资成本下降”明确转向“促进社会综合融资成本低位运行”。这一措辞的转变意义深远：它承认经过前期多次降息降准，社会融资成本已进入历史低位区间，政策的首要任务从“继续压降”转为“巩固成果并防止反弹”，这暗示着全面、大幅度的降息可能性在降低。结构性货币政策工具被提到了更突出的位置，例如对科技创新、绿色发展、普惠养老等领域的专项再贷款工具持续发力，旨在将流动性直接导引至国民经济重点领域和薄弱环节，而非“大水漫灌”。财政政策与货币政策的协同性显著增强，特别是在配合中央政府增发国债、地方化债等重大财政行动中，央行通过多种方式提供流动性支持，确保了政府债券的大规模平稳发行，防止了对市场利率的过度冲击。　　本基金在季度初维持了一定的久期，考虑到曲线相对于上半年更为陡峭化，本基金持有了一定仓位的长久期债券。由于资金价格相对平稳，本基金大部分时候还使用了杠杆策略。　　展望明年一季度，我们对债券市场保持谨慎的乐观态度。经济基本面依然处于内生动能修复的过程当中，“反内卷”的政策效果值得期待，尤其是其对通胀数据的影响将很大程度上决定债券尤其是长久期债券收益率的走向。同时，货币政策环境将保持在适度宽松的状态，短端债券收益率大幅上行的风险有限。从策略上讲，我们将采取更为稳健的持仓，利用好友好的货币环境，适度提高杠杆水平，通过短端债券获得相对确定的收益。同时，如果长端债券收益率上行幅度较大，在严格控制回撤和坚守止损纪律的前提下，我们也会考虑用一部分仓位参与长端的博弈。总之，我们将努力做到严格投资纪律，执行好投资决策，以逆向操作应对震荡格局。","lastUpdated":"2026-03-09T14:04:55.698Z","fund":{"_id":3000000021235,"__csrcFundId":13869,"stockCode":"021235","masterFundShortName":"摩根瑞欣利率债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T03:06:32.093Z","status":"normal","exchange":"jj","shortName":"摩根瑞欣利率债债券(021235)","name":"摩根瑞欣利率债债券型证券投资基金","fundCollectionId":4000050380000,"setUpAssetScale":6130253785.44,"setUpDate":"2024-05-09T16:00:00.000Z","setUpShares":6130253785.44,"pinyin":"mgrxllzzqxzqtzjj","inceptionDate":"2024-05-09T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"db20183757","stockType":"fund_manager","exchange":"fm","tickerId":262507120330,"name":"张一格"},{"stockCode":"db20670660","stockType":"fund_manager","exchange":"fm","tickerId":2025190720,"name":"田原"}]},"announcement":{"linkText":"摩根瑞欣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=1458416","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3877fea5b3eb053e7b4","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000021235,"sao":"回顾三季度，政策方面，\"反内卷\"相关政策的出台和落地，推升了市场对于通胀和经济增长的预期，对债市形成压制。同时，财政政策靠前发力，三季度超长期特别国债集中且提前发行，增加了长期债券的供给压力。从资金面与机构行为来看，央行整体维护资金面稳定。然而，9月份出台的公募基金销售费用新规（征求意见稿）引发了市场对于公募债基可能遭遇大规模赎回的担忧，导致机构被动抛售债券，放大了市场波动。另外，三季度A股市场表现强势，吸引了部分资金从债市流向股市，“股债跷跷板”效应显著。在上述背景下，债券市场收益率震荡上行，呈现\"熊陡\"格局，长端上行幅度大于短端。信用债的表现出现分化：城投债作为信用债的配置重点，在化债政策背景下，信用风险依然可控；银行二级资本债和永续债由于流动性较好，且非银机构持有比例较高，在调整中波动更为明显。　　本基金在季度初维持了一定的久期，进入9月份以来不再进行单边操作，而是根据收益率的波动区间对长债仓位进行动态变化，短端坚守2-5年之间性价比较高的个券。由于在三季度资金价格相对平稳，本基金部分时候还使用了杠杆策略。　　展望四季度，目前债市的博弈重点仍然是资本市场风险偏好，货币政策的宽松预期和赎回费新规的落地。十年国债活跃券目前收益率接近1.8%，对投资者来说有一定的性价比。但由于今年尤其是三季度以来债券资产赚钱效应不如权益资产，因此投资者也没有大举进场的动力。如果权益市场继续走强，四季度债券或延续之前的震荡格局。此外，公募基金赎回费新规如果落地，并且最终稿与征求意见稿差别不大，债券可能被集中卖出，债券收益率届时如达到一个高点，那将会是投资者参与的一个好机会。最后，货币政策在四季度也可能有一定的表达，带动债券收益率下行。我们将努力做到严格投资纪律，执行好投资决策，以逆向操作应对震荡格局。如果市场出现前述买入机会，我们会追求拉长久期，努力把握收益。","lastUpdated":"2026-03-09T14:04:55.696Z","fund":{"_id":3000000021235,"__csrcFundId":13869,"stockCode":"021235","masterFundShortName":"摩根瑞欣利率债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T03:06:32.093Z","status":"normal","exchange":"jj","shortName":"摩根瑞欣利率债债券(021235)","name":"摩根瑞欣利率债债券型证券投资基金","fundCollectionId":4000050380000,"setUpAssetScale":6130253785.44,"setUpDate":"2024-05-09T16:00:00.000Z","setUpShares":6130253785.44,"pinyin":"mgrxllzzqxzqtzjj","inceptionDate":"2024-05-09T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"db20183757","stockType":"fund_manager","exchange":"fm","tickerId":262507120330,"name":"张一格"},{"stockCode":"db20670660","stockType":"fund_manager","exchange":"fm","tickerId":2025190720,"name":"田原"}]},"announcement":{"linkText":"摩根瑞欣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=1380638","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3877fea5b3eb053e7b3","date":"2025-06-29T16:00:00.000Z","stockId":3000000021235,"sao":"2025年年初债市延续了2024年12月以来的强势表现，但后续随着监管对债券收益率下行过快风险的关注以及央行宣布阶段性暂停买入国债的影响，市场情绪走弱，进入震荡行情，叠加资金面持续紧张、跨年资金价格高企，短端收益率上行尤为明显。春节过后，资金面未如预期转松，资金利率居高不下，十年期国债收益率一度接近1.90%位置。二季度债市受关税政策影响较大，4月3日美国的“对等关税”政策大超市场预期，十年期国债收益率连续下行，市场避险情绪高涨。5月7日央行宣布降低存款准备金率0.5%，下调OMO利率10BP，符合市场预期。5月12日中美发布日内瓦经贸会谈联合声明，关税冲突的缓和再次超出市场预期，市场风险偏好快速提升，十年期国债收益率快速上行，随后维持震荡。自5月中以来资金面不断改善，资金利率趋于下行且波动降低，非银机构杠杆率有所提升并加大了信用债的买入，使得信用债表现相对强于利率债。5月20日六大国有行及部分股份行官宣下调存款利率，市场预期银行资金可能进一步流入非银机构，使得信用债需求继续提升，信用债情绪保持高位。6月5日，央行首次提前预告买断式逆回购操作，提振债市情绪，收益率继续向下。6月最后一周，权益市场表现较强，一定程度上对债券市场形成压制，收益率震荡略有上行。　　本基金在一季度大幅降低久期，较好控制了收益率上行期间的回撤。之后跟随央行公开市场净投放重新提高久期，把握了关税扰动带来的债市行情，并在5月份逐步止盈，此后重新提升久期捕捉交易机会。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:55.693Z","mo":"展望后市，基本面对债市仍偏友好，关税政策扰动下三季度出口对经济的拉动预计将有所下滑，地产投资按当前趋势可能继续保持偏弱水平，后续重点关注消费端的刺激政策以及其他潜在的增量财政政策，预计长端收益率维持震荡偏强态势。信用债的展望相对乐观，预计后续资金面大概率维持稳定偏宽松状态，非银机构的杠杆率可能继续提升，信用债配置需求将持续偏强。存款利率下调的影响下，理财规模在三季度有望继续提升，对信用债需求形成支撑，信用利差或可进一步压缩。我们将综合判断政策及焦点事件的演变，争取把握债券配置和交易机会。","fund":{"_id":3000000021235,"__csrcFundId":13869,"stockCode":"021235","masterFundShortName":"摩根瑞欣利率债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T03:06:32.093Z","status":"normal","exchange":"jj","shortName":"摩根瑞欣利率债债券(021235)","name":"摩根瑞欣利率债债券型证券投资基金","fundCollectionId":4000050380000,"setUpAssetScale":6130253785.44,"setUpDate":"2024-05-09T16:00:00.000Z","setUpShares":6130253785.44,"pinyin":"mgrxllzzqxzqtzjj","inceptionDate":"2024-05-09T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"db20183757","stockType":"fund_manager","exchange":"fm","tickerId":262507120330,"name":"张一格"},{"stockCode":"db20670660","stockType":"fund_manager","exchange":"fm","tickerId":2025190720,"name":"田原"}]},"announcement":{"linkText":"摩根瑞欣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=1345743","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3877fea5b3eb053e7b2","date":"2025-03-30T16:00:00.000Z","stockId":3000000021235,"sao":"2025年首个交易日债市迎来“开门红”，受到上年末央行公告1.4万亿买断式逆回购等操作的鼓舞，当日10年期国债收益率下行7bp。但后续随着监管对债券收益率下行过快风险的关注以及央行宣布阶段性暂停买入国债的影响，市场情绪走弱，进入震荡行情，叠加资金面持续紧张，跨年资金价格高企，短端收益率上行尤为明显。春节过后，资金面未如预期转松，资金利率居高不下，Deepseek带来的风险偏好提升亦对债市造成影响。收益率震荡上行，十年期国债收益率一度接近1.90%位置。3月18日起，为呵护税期，央行连续多日在公开市场开启净投放，收益率开始自高点回落，快速下行近10bp。此后止盈情绪带动收益率略有反弹。　　本基金在一季度大幅降低久期，较好控制了收益率上行期间的回撤，之后跟随央行公开市场净投放重新提高久期。　　展望后市，经济基本面方面出现了一些积极变化，市场预期有所扭转，但趋势的确立仍需要更多数据的印证，或需要更长的观察时间。另外若4月份美国加征关税幅度超预期，则一定程度增加了外部风险。在这期间，基本面对于债券来说仍偏友好。但是在各项政策陆续发力的情况下，收益率向下的空间也较为有限，预计10年期国债收益率或运行在1.70%-1.90% 区间。另一方面，前期短端信用债收益率经过调整后，配置价值回升，可积极关注。后续我们将密切跟踪国内外形势变化以及央行政策动向，争取把握市场机会。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:55.690Z","fund":{"_id":3000000021235,"__csrcFundId":13869,"stockCode":"021235","masterFundShortName":"摩根瑞欣利率债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T03:06:32.093Z","status":"normal","exchange":"jj","shortName":"摩根瑞欣利率债债券(021235)","name":"摩根瑞欣利率债债券型证券投资基金","fundCollectionId":4000050380000,"setUpAssetScale":6130253785.44,"setUpDate":"2024-05-09T16:00:00.000Z","setUpShares":6130253785.44,"pinyin":"mgrxllzzqxzqtzjj","inceptionDate":"2024-05-09T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"db20183757","stockType":"fund_manager","exchange":"fm","tickerId":262507120330,"name":"张一格"},{"stockCode":"db20670660","stockType":"fund_manager","exchange":"fm","tickerId":2025190720,"name":"田原"}]},"announcement":{"linkText":"摩根瑞欣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=1277040","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3877fea5b3eb053e7b1","date":"2024-12-30T16:00:00.000Z","stockId":3000000021235,"sao":"2024年，债券市场表现亮眼，全年看，债券各期限收益率均大幅下行。具体来看：年初，债券市场延续了此前的强势表现，股债“跷跷板效应”推动债券收益率下行。1月24日央行宣布降准，对债券市场形成利好。2月20日，5年期贷款市场报价利率（LPR）超预期下调25bp，比价效应驱动债券市场再度走强。3月，政府工作报告整体符合市场预期，央行在新闻发布会上提及降准仍有空间，“债牛”行情延续。此后，受到监管关注超长债情况的影响，债券收益率经历震荡。5月中旬，特别国债发行方案落地，发行节奏较为平滑，市场对供给冲击的担忧解除。收益率顺畅下行。三季度市场博弈主要围绕政策展开。7月初央行公告将适时开展借券卖出、临时正回购或逆回购操作，债券收益率受此影响调整明显。7月22日，央行超预期下调逆回购操作利率10bp，LPR利率同步下调10bp，叠加此前公布的经济数据，市场做多情绪被点燃，收益率大幅下行。进入8月份，或受央行对利率曲线调控影响，债市出现一波调整后，随着抛压释放，收益率于8月中旬企稳并再度下行。进入9月份，市场对于货币政策进一步宽松的预期持续升温，债市多头情绪浓厚。9月24日国务院牵头中国人民银行、金融监管总局和中国证监会三部委召开发布会，公布包括降准降息、降低存量按揭利率、创设货币政策工具、补充大行资本等一系列超常规政策。9月26日中央政治局会议分析当前经济形势，对经济关切程度超预期。这一系列政策及表态，扭转了市场对于经济、政策的预期，风险资产大涨，债券市场则出现了快速、明显的调整。进入四季度，受到政策面、基本面等因素的支持，债券市场整体表现强势。10月12日，财政部在发布会上介绍了财政政策的发力方向，整体未有超出市场预期，收益率震荡向下。后续关于地产政策的发布会后，市场对于政策刺激的担忧解除，收益率再下一城。11月8日，全国人大常委会办公厅举行新闻发布会，宣布三年6万亿元的化债政策，市场走出利空出尽的行情。12月9日，中共中央政治局召开会议，货币政策定调改为“适度宽松”，债市多头情绪被彻底点燃，收益率连续创出新低。年末10年期国债收益率收于1.68%。本基金全年灵活操作，根据市场变化调整久期，三季度末大幅降低久期，一定程度上规避了季末的债市调整。四季度积极把握波段机会，灵活操作，取得了较高的资本利得回报。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:55.687Z","mo":"展望后市，在“适度宽松”的货币政策基调下，收益率易下难上。基本面数据对债市情绪影响有限，在数据的全面、连续改善前，基本面大概率不对债券构成扰动。当前债市面临的主要风险在于前期对于宽松预期有一定程度透支，收益率低位下止盈盘累积，后续市场可能呈现波动加大的状态。我们将密切跟踪市场情绪，寻找市场机会。","fund":{"_id":3000000021235,"__csrcFundId":13869,"stockCode":"021235","masterFundShortName":"摩根瑞欣利率债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T03:06:32.093Z","status":"normal","exchange":"jj","shortName":"摩根瑞欣利率债债券(021235)","name":"摩根瑞欣利率债债券型证券投资基金","fundCollectionId":4000050380000,"setUpAssetScale":6130253785.44,"setUpDate":"2024-05-09T16:00:00.000Z","setUpShares":6130253785.44,"pinyin":"mgrxllzzqxzqtzjj","inceptionDate":"2024-05-09T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"db20183757","stockType":"fund_manager","exchange":"fm","tickerId":262507120330,"name":"张一格"},{"stockCode":"db20670660","stockType":"fund_manager","exchange":"fm","tickerId":2025190720,"name":"田原"}]},"announcement":{"linkText":"摩根瑞欣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=1255795","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3877fea5b3eb053e7b0","date":"2024-09-29T16:00:00.000Z","stockId":3000000021235,"sao":"三季度市场博弈主要围绕政策展开。7月初央行公告将适时开展借券卖出、临时正回购或逆回购操作，收益率受此影响调整明显。7月22日，央行超预期下调逆回购操作利率10bp，LPR利率同步下调10bp，叠加此前公布的经济数据，市场做多情绪被点燃，收益率大幅下行。进入8月份，10年期国债抛盘明显，或与央行对利率曲线调控有关，市场担忧于此，债市出现一波调整。随着对此担忧的逐步缓和以及抛压释放，收益率于8月中旬企稳并再度下行。进入9月份，市场对于货币政策进一步宽松的预期持续升温，期间央行此前买入的续作特别国债出现卖盘对市场有一定扰动，但在基本面数据下，债市多头情绪浓厚。9月24日国务院牵头中国人民银行、金融监管总局和中国证监会三部委召开发布会，公布包括降准降息、降低存量按揭利率、创设货币政策工具、补充大行资本等一系列超常规政策。9月26日中央政治局会议分析当前经济形势，对经济关切程度超预期。这一系列政策及表态，扭转了市场对于经济、政策的预期，风险资产大涨，债券市场则出现了快速、明显的调整。本基金在三季度灵活操作，根据市场变化调整久期，季度末大幅降低久期，一定程度上规避了季末的债市调整。展望四季度，当前市场对于政策预期变化的调整已经基本到位。后续将更为关注政策的落地以及政策向数据的传导。我们认为当前债券市场尚未到全面转向时点。与此同时，投资者行为也是影响后续市场走向的重要因素，例如投资者资产配置变化，出于对债券调整担忧而产生的赎回影响等。我们将对此保持关注。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:55.684Z","fund":{"_id":3000000021235,"__csrcFundId":13869,"stockCode":"021235","masterFundShortName":"摩根瑞欣利率债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T03:06:32.093Z","status":"normal","exchange":"jj","shortName":"摩根瑞欣利率债债券(021235)","name":"摩根瑞欣利率债债券型证券投资基金","fundCollectionId":4000050380000,"setUpAssetScale":6130253785.44,"setUpDate":"2024-05-09T16:00:00.000Z","setUpShares":6130253785.44,"pinyin":"mgrxllzzqxzqtzjj","inceptionDate":"2024-05-09T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"db20183757","stockType":"fund_manager","exchange":"fm","tickerId":262507120330,"name":"张一格"},{"stockCode":"db20670660","stockType":"fund_manager","exchange":"fm","tickerId":2025190720,"name":"田原"}]},"announcement":{"linkText":"摩根瑞欣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=1179640","linkType":"PDF","source":"csrc_pdf"}}]}