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况预计还会延续，资金端对转债估值维持高位有所支撑，风险偏好变化对转债市场的影响加大。","fund":{"_id":3000000167501,"__csrcFundId":3446,"stockCode":"167501","shortName":"安信宝利(167501)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":167501,"masterFundFlag":1,"lastUpdated":"2026-05-01T06:55:12.915Z","status":"normal","inceptionDate":"2015-07-23T16:00:00.000Z","name":"安信宝利债券型证券投资基金(LOF)","exchange":"sz","followedNum":5,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信宝利","pinyin":"axblzqxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20556117","stockType":"fund_manager","exchange":"fm","tickerId":2317212730,"name":"宛晴"},{"stockCode":"db20814040","stockType":"fund_manager","exchange":"fm","tickerId":2618212730,"name":"张睿"}]},"announcement":{"linkText":"安信宝利债券型证券投资基金(LOF)2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1447659","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8fd7fea5b3eb059a628","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000167501,"sao":"2025年三季度国内经济下行压力有所加大，结构上延续生产端强于需求端、外需强于内需的分化特征，期间多数宏观指标低于市场预期。海外方面，随着美国与多国达成贸易协定，全球经济不确定性降温，美国经济保持韧性，但就业数据连续走弱、美国政府再度停摆，引发市场担忧。同时，欧日等主要经济体复苏动能偏弱，全球制造业景气度持续收缩。三季度美联储如期重启降息但内部分歧加剧，人民币兑美元汇率小幅升值，美债收益率震荡下行，中美利差有所收敛。国内方面，基本面呈现弱修复，制造业PMI连续6个月保持在收缩区间，生产指数回升幅度持续大于新订单指数、需求端仍待改善。具体看，投资同比增速较二季度延续放缓，其中基建投资、制造业投资同比增速均较二季度持续回落，房地产投资对经济的拖累仍然显著、同比降幅进一步扩大。消费方面，社零同比增速持续回落、创去年底以来最低增速，商品消费和服务消费双双回落，主要受消费补贴效应递减、内需偏弱等因素影响。出口方面韧性较强，同比增速自高位有所回落，受关税影响我国对美出口连续5个月同比增速为负，向东盟、欧盟和非洲的出口为主要拉动。融资端，受基数效应和政府债的拉动边际减弱影响，新增社融同比由多增转为少增、结构上仍受政府债发行的支撑，信贷数据持续偏弱，居民和企业部门贷款双双走弱，表明现阶段实体部门融资需求仍待修复。通胀数据持续低位、结构有所分化，CPI受食品项拖累同比增速由正为负、PPI受“反内卷”政策显效影响、同比降幅有所收敛。政策方面，三季度央行保持LPR利率不变，累计开展买断式逆回购4.2万亿元和1.6亿元MLF操作。根据央行三季度货币政策委员会例会的表述，货币政策基调强调“落实落细适度宽松的货币政策”和“加强逆周期调节”。　　债券市场三季度受风险偏好持续抬升、资金面阶段性紧张等因素影响，情绪整体偏弱、期间经历明显回调，债券收益率曲线较二季度末显著陡峭化上行，10年国债上行逾20bp，超长期国债上行逾30bp。信用利差全线走阔，长端走阔幅度显著大于短端。转债市场三季度延续强势表现，中证转债指数上涨9.43%，期间可转债ETF规模屡破历史新高，多数转债表现好于正股，其中中小盘转债表现好于大盘转债，股性转债表现好于债性转债。　　报告期内，本基金主要配置中高等级信用债和利率债，本季度增加了利率债、同业存单和可转债等高流动性品种的仓位比例、降低信用债的仓位比例，保持适中的组合久期并大幅降低杠杆比例。","lastUpdated":"2026-03-09T14:28:13.123Z","fund":{"_id":3000000167501,"__csrcFundId":3446,"stockCode":"167501","shortName":"安信宝利(167501)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":167501,"masterFundFlag":1,"lastUpdated":"2026-05-01T06:55:12.915Z","status":"normal","inceptionDate":"2015-07-23T16:00:00.000Z","name":"安信宝利债券型证券投资基金(LOF)","exchange":"sz","followedNum":5,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信宝利","pinyin":"axblzqxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20556117","stockType":"fund_manager","exchange":"fm","tickerId":2317212730,"name":"宛晴"},{"stockCode":"db20814040","stockType":"fund_manager","exchange":"fm","tickerId":2618212730,"name":"张睿"}]},"announcement":{"linkText":"安信宝利债券型证券投资基金(LOF)2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1372614","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8fd7fea5b3eb059a627","date":"2025-06-29T16:00:00.000Z","stockId":3000000167501,"sao":"2025年上半年国内经济总体平稳运行，内生动能呈现结构分化，生产端修复快于需求端，期间多数宏观指标符合市场预期。海外方面，上半年美国经济保持韧性、增长动能边际放缓，关税对通胀的传导慢于预期，但关税政策的反复可能引发再通胀，市场对美国滞涨风险的担忧尚未缓解。同时，欧日等主要经济体复苏动能偏弱，全球制造业景气度收缩。上半年美联储暂停降息、维持鹰派观望，国内央行适时降准降息，人民币汇率一季度承压、二季度以来显著升值，美债收益率居高不下，中美利差先收敛后走阔。国内方面，上半年伴随各项促消费政策逐步显效，社零同比增速持续回升，消费端对经济的拉动效应较去年明显上升。投资端在一季度实现“开门红”增长后，在二季度同比增速小幅放缓，其中基建投资在财政发力靠前和地方债化债工作加速推进的影响下保持高速增长，制造业投资受两重两新等政策托底以及外需的支撑保持较高速增长，房地产投资对于经济的拖累仍然显著、同比降幅持续扩大。受关税扰动和“抢出口”效应退坡影响，我国对美出口由正转负且降幅持续扩大、出口同比增速有所下行。融资端，上半年新增社融连续同比多增、结构上主要受政府债发行的支撑，信贷数据总量和结构均偏弱，企业中长期贷款连续4个月同比少增、表明现阶段实体部门融资需求仍待修复。通胀数据持续低位，CPI环比连续2个月为负，PPI同比连续33个月为负。　　债券方面，一季度在资金面持续紧张和风险偏好抬升的双重影响下债券市场经历由短及长的调整，二季度在美国对等关税短期冲击阶段债券收益率经历快速下行，之后受资金面持续转松和政策预期反复的影响维持震荡，上半年收益率曲线呈现平坦化上行，信用债与国债的利差经历大幅压缩。转债市场上半年延续强势表现，中证转债指数上涨7.02%，期间创近10年新高，绝大多数转债取得正收益。上半年中低评级、中小市值的转债表现好于高评级、大市值的转债，债性转债表现好于股性转债。　　报告期内，本基金主要配置中高等级信用债和利率债，一季度降低组合久期并维持偏低水平的杠杆比例，二季度逐步提高组合久期和杠杆比例，期间增加了短期限信用债的仓位比例，降低了利率债的仓位比例，通过利率债和同业存单波段交易增厚组合收益。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:13.120Z","mo":"展望下半年，美国经济增长的动能或将继续放缓，美联储有望重启降息，年内可能降息1-2次。下半年外围环境或仍较为负面，关税政策反复导致全球经济政策不确定性升温，全球制造业景气度或将进一步收缩。国内经济复苏动能预计下半年略有回落，三季度以后随着关税暂缓期结束、经济有所承压，四季度由于去年的高基数可能增速有所放缓。出口方面，在关税提高和外需放缓的影响下预计延续走弱趋势；投资方面，预计仍呈现分化，基建投资和制造业投资有望保持韧性，如无增量政策、动能或较上半年持续放缓，地产投资或延续负增长、对经济形成拖累，但降幅有望收敛；消费方面，下半年以旧换新等刺激需求相关政策有望延续，消费对经济的拉动将持续。政策方面，预计货币政策整体中性偏宽松，财政政策整体仍预留空间、如经济显著承压增量政策有望加码落地。下半年债券收益率的中枢可能略低于上半年，持续大幅上行的风险较低。转债市场供需结构失衡的状况下半年预计还会延续，流动性环境也对转债估值提升有所支撑。","fund":{"_id":3000000167501,"__csrcFundId":3446,"stockCode":"167501","shortName":"安信宝利(167501)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":167501,"masterFundFlag":1,"lastUpdated":"2026-05-01T06:55:12.915Z","status":"normal","inceptionDate":"2015-07-23T16:00:00.000Z","name":"安信宝利债券型证券投资基金(LOF)","exchange":"sz","followedNum":5,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortNa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“V”型走势。权益市场三季度呈现震荡下行走势，除煤炭外的行业均下跌，建筑材料、电力设备、电子、汽车等板块跌幅居前。转债市场三季度呈现先涨后跌走势，前期在流动性宽松、债券收益率下行的背景下韧性较强，受新规影响成交持续收缩，8月中旬后在权益市场和债券市场的双重压力下持续回调，转股溢价率整体大幅走阔，债性转债和低价品种回调幅度显著小于指数。  本基金操作方面，7月增加了可转债的投资比例，8、9月逐步减持了全部可转债，增加了利率债的持仓比例和债券组合久期。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:13.090Z","fund":{"_id":3000000167501,"__csrcFundId":3446,"stockCode":"167501","shortName":"安信宝利(167501)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":167501,"masterFundFlag":1,"lastUpdated":"2026-05-01T06:55:12.915Z","status":"normal","inceptionDate":"2015-07-23T16:00:00.000Z","name":"安信宝利债券型证券投资基金(LOF)","exchange":"sz","followedNum":5,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信宝利","pinyin":"axblzqxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20556117","stockType":"fund_manager","exchange":"fm","tickerId":2317212730,"name":"宛晴"},{"stockCode":"db20814040","stockType":"fund_manager","exchange":"fm","tickerId":2618212730,"name":"张睿"}]},"announcement":{"linkText":"安信宝利债券型证券投资基金(LOF)2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=802880","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8fd7fea5b3eb059a61b","date":"2022-06-29T16:00:00.000Z","stockId":3000000167501,"sao":"2022年上半年国内经济增速整体放缓，3、4月受到疫情持续冲击，防疫政策全面升级，导致部分产业链、供应链受阻，经济下行压力显著加大，多数行业景气度降低。随着国内重点地区疫情得到有效管控和稳增长政策的加码，经济有所修复，社融数据连续两月改善，6月制造业PMI重回荣枯线上方。通胀方面，上半年仍处于相对温和水平，PPI和CPI的剪刀差持续收窄，中下游企业利润边际改善。海外方面，在通胀高企和美国中期选举的双重压力下，美联储本轮紧缩的节奏和力度均强于上一轮，但在中美经济周期和政策周期全面错位的背景下，海外流动性收紧预期对我国资本市场的影响边际减弱。上半年在外紧内松的政策环境下债券市场呈现震荡行情，收益率水平和信用利差仍处于低位。权益市场在地缘冲突升级、国内疫情反复和海外流动性收紧等多重冲击下经历几轮大幅回调，二季度触底反弹，前期超跌的成长风格反弹较多。  本基金上半年操作以稳健为主，保持较低的债券组合久期，在权益市场情绪回暖后适度增加了可转债的投资。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:13.087Z","mo":"展望下半年，稳增长相关政策的加速落地将对国内经济构成支撑，而欧洲能源危机引发的高通胀将导致海外国家面临经济衰退的风险加剧，内外需呈现分化。随着国内疫情防控政策持续优化，疫情对经济的影响将持续减弱。我们认为下半年出口对经济的拉动将逐步减弱，但仍具有韧性，消费有望比上半年边际好转，投资在政策推助下将成为主要发力点，对经济增长的贡献有所提升。政策方面，我们认为现阶段宽信用还未显著见效，经济短期仍然承压，央行主动收紧的可能性较低。债券市场下半年仍以震荡行情为主，需关注通胀预期的变化和宽货币向宽信用的传导情况。在经历了年初的几轮下跌后，我们对权益市场下半年的判断相对乐观，认为可转债市场将呈现估值分化的结构性行情。","fund":{"_id":3000000167501,"__csrcFundId":3446,"stockCode":"167501","shortName":"安信宝利(167501)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":167501,"masterFundFlag":1,"lastUpdated":"2026-05-01T06:55:12.915Z","status":"normal","inceptionDate":"2015-07-23T16:00:00.000Z","name":"安信宝利债券型证券投资基金(LOF)","exchange":"sz","followedNum":5,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信宝利","pinyin":"axblzqxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20556117","stockType":"fund_manager","exchange":"fm","tickerId":2317212730,"name":"宛晴"},{"stockCode":"db20814040","stockType":"fund_manager","exchange":"fm","tickerId":2618212730,"name":"张睿"}]},"announcement":{"linkText":"安信宝利债券型证券投资基金(LOF)2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=780754","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8fd7fea5b3eb059a61a","date":"2022-03-30T16:00:00.000Z","stockId":3000000167501,"sao":"2022年一季度初，降息叠加投资者对经济的悲观预期，十年期国债快速下行。但春节后，受俄乌战争、美联储加息等海外扰动影响，以及国内经济数据超预期、央行未进一步降准降息等原因，收益率逐渐上升回去年年底水平。虽然金稳会的召开对于流动性的担忧暂时解除，但市场情绪仍然偏弱。目前，国内疫情反复成为影响市场走势的核心因素，后续还要关注央行是否会加大货币政策的宽松力度以实现稳增长的目标。  本基金一季度降低了债券组合的久期，增加了转债部分的仓位，重点持有偏债型和平衡型转债。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:13.084Z","fund":{"_id":3000000167501,"__csrcFundId":3446,"stockCode":"167501","shortName":"安信宝利(167501)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":167501,"masterFundFlag":1,"lastUpdated":"2026-05-01T06:55:12.915Z","status":"normal","inceptionDate":"2015-07-23T16:00:00.000Z","name":"安信宝利债券型证券投资基金(LOF)","exchange":"sz","followedNum":5,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信宝利","pinyin":"axblzqxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20556117","stockType":"fund_manager","exchange":"fm","tickerId":2317212730,"name":"宛晴"},{"stockCode":"db20814040","stockType":"fund_manager","exchange":"fm","tickerId":2618212730,"name":"张睿"}]},"announcement":{"linkText":"安信宝利债券型证券投资基金(LOF)2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=722357","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8fd7fea5b3eb059a619","date":"2021-12-30T16:00:00.000Z","stockId":3000000167501,"sao":"回顾2021年，债市整体呈现收益率窄幅波动下行的走势，十年国债和国开收益率分别下行约39BP和46BP。春节后受央行缩量操作的影响，利率有一波上行。下半年经济下行和通胀上行的压力加大，财政政策方面谨慎发力，货币政策方面央行两次降准置换MLF以维护流动性，随后利率开始快速下行。  本基金一季度减仓了长债并且缩短了组合久期，在三月份少量参与了波段操作；二季度在控制仓位的前提下积极寻找转债的投资机会，并且调整了信用债的结构，改善了组合的流动性；三季度抓住信用债回暖的时机对组合的部分持仓进行了减持，利率债方面相对保守，增加了可转债的配置比例；四季度进行了减仓，主要减持了信用债的投资比例，并且增加了利率债的久期。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:13.081Z","mo":"展望2022年，宏观经济将经历一个增速前低后高的过程，货币政策将从边际宽松转向重回中性，利率大方向可能先下后上。目前，美联储何时加息是市场关注的焦点，但是由于我国与美国经济周期错位等因素，发达经济体政策调整对我国影响有限，我国的货币政策的出发点始终会是国内经济的发展需求。但是由于货币政策的“前瞻性”，如果下半年经济出现转强势头，货币政策也会提前边际收紧，利率拐点可能会在年中出现。","fund":{"_id":3000000167501,"__csrcFundId":3446,"stockCode":"167501","shortName":"安信宝利(167501)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":167501,"masterFundFlag":1,"lastUpdated":"2026-05-01T06:55:12.915Z","status":"normal","inceptionDate":"2015-07-23T16:00:00.000Z","name":"安信宝利债券型证券投资基金(LOF)","exchange":"sz","followedNum":5,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信宝利","pinyin":"axblzqxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20556117","stockType":"fund_manager","exchange":"fm","tickerId":2317212730,"name":"宛晴"},{"stockCode":"db20814040","stockType":"fund_manager","exchange":"fm","tickerId":2618212730,"name":"张睿"}]},"announcement":{"linkText":"安信宝利债券型证券投资基金(LOF)2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=713250","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8fd7fea5b3eb059a618","date":"2021-09-29T16:00:00.000Z","stockId":3000000167501,"sao":"三季度以来资金市场整体处于窄幅波动状态，利率债受降准、疫情导致的避险情绪升温等因素的影响持续下行，收益率绝对水平回落到历史低位，国开和国债利差进一步缩窄。信用债收益率下行幅度小于同期限国债，信用利差有所走阔。  本基金三季度抓住信用债回暖的时机对组合的部分持仓进行了减持，利率债方面相对保守，增加了可转债的配置比例。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:13.079Z","fund":{"_id":3000000167501,"__csrcFundId":3446,"stockCode":"167501","shortName":"安信宝利(167501)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":167501,"masterFundFlag":1,"lastUpdated":"2026-05-01T06:55:12.915Z","status":"normal","inceptionDate":"2015-07-23T16:00:00.000Z","name":"安信宝利债券型证券投资基金(LOF)","exchange":"sz","followedNum":5,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信宝利","pinyin":"axblzqxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20556117","stockType":"fund_manager","exchange":"fm","tickerId":2317212730,"name":"宛晴"},{"stockCode":"db20814040","stockType":"fund_manager","exchange":"fm","tickerId":2618212730,"name":"张睿"}]},"announcement":{"linkText":"安信宝利债券型证券投资基金(LOF)2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=651361","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8fd7fea5b3eb059a617","date":"2021-06-29T16:00:00.000Z","stockId":3000000167501,"sao":"2021年上半年，利率债收益率先上后下，一季度上行主要受春节前资金紧张的影响 ，二季度虽然宏观经济复苏延续、通胀上行，但利率然缓慢下行，主要受利率债供给偏慢、机构欠配等因素的影响。信用利差分化，中短票据中高等级品种先下后上、低等级品种波动下行，企业债各品种波动下行后上行，城投债各品种整体呈现波动下行的趋势。  本基金一季度减仓了长债并且缩短了组合久期，在三月份少量参与了波段操作。二季度在控制仓位的前提下积极寻找转债的投资机会，并且调整了信用债的结构，改善了组合的流动性。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:13.076Z","mo":"当前国内工业生产依然较强，消费偏弱，投资继续分化，经济数据面临继续下行的压力，且下半年国债和地方债供给预计加速，将对债券收益率形成扰动。此外，海外货币政策收紧也会对国内货币政策产生一定影响，但实际存款利率的压低叠加降准预期，有助于债券利率的下行空间打开。","fund":{"_id":3000000167501,"__csrcFundId":3446,"stockCode":"167501","shortName":"安信宝利(167501)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":167501,"masterFundFlag":1,"lastUpdated":"2026-05-01T06:55:12.915Z","status":"normal","inceptionDate":"2015-07-23T16:00:00.000Z","name":"安信宝利债券型证券投资基金(LOF)","exchange":"sz","followedNum":5,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信宝利","pinyin":"axblzqxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20556117","stockType":"fund_manager","exchange":"fm","tickerId":2317212730,"name":"宛晴"},{"stockCode":"db20814040","stockType":"fund_manager","exchange":"fm","tickerId":2618212730,"name":"张睿"}]},"announcement":{"linkText":"安信宝利债券型证券投资基金(LOF)2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=628460","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8fd7fea5b3eb059a616","stockId":3000000167501,"sao":"一季度初，由于资金面宽松，十年期国债收益率在3.1%-3.2%区间波动震荡，期限利差和信用利差都开始收窄；随后受公开市场投放不及预期影响，资金利率快速上行，叠加美债收益率大幅上行等因素，十年期国债收益率快速冲高；季末资金持续宽松，收益率震荡下行。  本基金一季度减仓了长债并且缩短了组合久期，在三月份少量参与了波段操作。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:13.073Z","fund":{"_id":3000000167501,"__csrcFundId":3446,"stockCode":"167501","shortName":"安信宝利(167501)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":167501,"masterFundFlag":1,"lastUpdated":"2026-05-01T06:55:12.915Z","status":"normal","inceptionDate":"2015-07-23T16:00:00.000Z","name":"安信宝利债券型证券投资基金(LOF)","exchange":"sz","followedNum":5,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信宝利","pinyin":"axblzqxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20556117","stockType":"fund_manager","exchange":"fm","tickerId":2317212730,"name":"宛晴"},{"stockCode":"db20814040","stockType":"fund_manager","exchange":"fm","tickerId":2618212730,"name":"张睿"}]},"announcement":{"linkText":"安信宝利债券型证券投资基金(LOF)2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=569334","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8fd7fea5b3eb059a615","stockId":3000000167501,"sao":"回顾2020年，债市呈现“V”型走势。年初由于疫情原因，债市走出快牛行情，节后第一个交易日央行下调利率10bp，10年期国债突破2.8%，AAA级3年期突破3.2%。二季度随着高频数据反弹和经济回升，流动性超预期收紧，隔夜从最低0.8%的水平在1个月内快速上行至2.2%，市场开始回调。进入7月，股市快速升温，债基被赎回导致大量债券开始抛售，信用债两周内大幅上行了60bp，信用利差大幅走阔50bp。年末受永煤违约事件冲击，债市急跌。   本基金一季度利率债部分仓位进行了波段操作，三月份加长了久期；二季度在券种方面进行了调整，减少了长端利率债的仓位，增加了中期利率债品种并减少了高流动性利率债的比例，适度增加了收益率较高的流动性相对较差的利率债比例，并增加了部分高收益信用债的仓位；三季度降低了利率债部分的比例和久期，增加了信用债的配置比例，总体组合久期略有缩短，并增加了部分可转债的配置；四季度降低了久期，小仓位参与了转债交易。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:13.070Z","mo":"展望2021年，海外疫情仍有不确定性，如果逐步受控，全球刺激政策力度会开始减弱，我国债券配置优势明显。预计货币政策维持中性基调，流动性可能总体适中。利率债方面，还需关注海外经济复苏强劲、贸易协议签订带动出口超预期、通胀上行加快等因素，预计全年收益率中枢难以大幅抬升，呈现前高后低的走势。信用债方面，目前广义流动性的分化继续延展，信用利差可能会延续分化的态势，还需要谨慎等待机会。","fund":{"_id":3000000167501,"__csrcFundId":3446,"stockCode":"167501","shortName":"安信宝利(167501)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":167501,"masterFundFlag":1,"lastUpdated":"2026-05-01T06:55:12.915Z","status":"normal","inceptionDate":"2015-07-23T16:00:00.000Z","name":"安信宝利债券型证券投资基金(LOF)","exchange":"sz","followedNum":5,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信宝利","pinyin":"axblzqxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20556117","stockType":"fund_manager","exchange":"fm","tickerId":2317212730,"name":"宛晴"},{"stockCode":"db20814040","stockType":"fund_manager","exchange":"fm","tickerId":2618212730,"name":"张睿"}]},"announcement":{"linkText":"安信宝利债券型证券投资基金(LOF)2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=551565","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8fd7fea5b3eb059a614","stockId":3000000167501,"sao":"三季度，随着疫情有所控制和经济的持续重启，主要发达经济体经济状况都有较多反弹。央行货币政策维持中性，资金面保持适中。利率债收益率持续上行，主要受基本面、资金面以及供给的共同影响。信用债收益率跟随利率债保持震荡上行，信用利差有所收窄。  本基金三季度降低了利率债部分的比例和久期，增加了信用债的配置比例，总体组合久期略有缩短，并增加了部分可转债的配置。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:13.067Z","fund":{"_id":3000000167501,"__csrcFundId":3446,"stockCode":"167501","shortName":"安信宝利(167501)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":167501,"masterFundFlag":1,"lastUpdated":"2026-05-01T06:55:12.915Z","status":"normal","inceptionDate":"2015-07-23T16:00:00.000Z","name":"安信宝利债券型证券投资基金(LOF)","exchange":"sz","followedNum":5,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信宝利","pinyin":"axblzqxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20556117","stockType":"fund_manager","exchange":"fm","tickerId":2317212730,"name":"宛晴"},{"stockCode":"db20814040","stockType":"fund_manager","exchange":"fm","tickerId":2618212730,"name":"张睿"}]},"announcement":{"linkText":"安信宝利债券型证券投资基金(LOF)2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=486349","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8fd7fea5b3eb059a613","stockId":3000000167501,"sao":"2020年上半年债市一波三折，前四个月整体走牛，但后两月大幅回调，收益率整体还是下行，国开和国债利差总体小幅压缩，利差绝对水平处于历史低位。信用债总体仍跟随国债利率运行，短久期的高等级品种信用利差压缩，其他均走阔。  本基金一季度利率债部分仓位进行了波段操作，三月份加长了久期，并维持了中高评级信用债的配置。二季度在券种方面进行了调整，减少了长端利率债的仓位，增加了中期利率债品种并减少了高流动性利率债的比例，适度增加了收益率较高的流动性相对较差的利率债比例，并增加了部分高收益信用债的仓位。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-16T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:13.065Z","mo":"未来资金成本大概率会维持目前的水平，导致短端收益率曲线很难下行，中长端的影响因素主要看央行的货币政策以及未来经济复苏的进展情况，债券收益率曲线大概率上会维持小幅波动的走势。","fund":{"_id":3000000167501,"__csrcFundId":3446,"stockCode":"167501","shortName":"安信宝利(167501)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":167501,"masterFundFlag":1,"lastUpdated":"2026-05-01T06:55:12.915Z","status":"normal","inceptionDate":"2015-07-23T16:00:00.000Z","name":"安信宝利债券型证券投资基金(LOF)","exchange":"sz","followedNum":5,"fundCollectionId":4000050700000,"currency":"CNY","masterFundShortName":"安信宝利","pinyin":"axblzqxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"db20556117","stockType":"fund_manager","exchange":"fm","tickerId":2317212730,"name":"宛晴"},{"stockCode":"db20814040","stockType":"fund_manager","exchange":"fm","tickerId":2618212730,"name":"张睿"}]},"announcement":{"linkText":"安信宝利债券型证券投资基金(LOF)2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=453994","linkType":"PDF","source":"csrc_pdf"}}]}