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底内需。货币政策预计维持宽松，但央行对长端利率的管控态度明确。财政发力节奏加快，地方债提速可能阶段性扰动资金面。海外美联储若启动降息，或进一步打开国内利率下行空间。需警惕政策预期以及股市走高带来的长端利率回调风险。","fund":{"_id":3000000021392,"__csrcFundId":14049,"stockCode":"021392","masterFundShortName":"中信建投中债0-3年政金债指数","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21392,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中信建投中债0-3年政金债指数(021392)","lastUpdated":"2026-05-01T03:10:57.456Z","name":"中信建投中债0-3年政策性金融债指数证券投资基金","pinyin":"zxjtzz0-3nzcxjrzzszqtzjj","fundCollectionId":4000050840000,"setUpAssetScale":4501434943.51,"setUpDate":"2024-06-25T16:00:00.000Z","setUpShares":4501434943.51,"inceptionDate":"2024-06-27T16:00:00.000Z","indexFundFlag":1,"managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投中债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=1345287","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3907fea5b3eb053f06c","date":"2025-03-30T16:00:00.000Z","stockId":3000000021392,"sao":"从基本面来看，一季度延续去年四季度的修复的趋势，制造业PMI在节后重新回到荣枯线上，并在3月份继续走高。高频数据中，房地产成交，尤其是二手房成交表现突出，但目前地产销售还未传导至投资端。制造业以及工业生产维持韧性，但有关税政策落地前抢出口拉动的因素。通胀目前仍然处于低位，供需格局未发生实质变化。信贷数据延续了一季度冲“开门红”的传统，但后续持续性存疑。美国经济有放缓的风险，市场预计二季度或再次开启降息。从资金面来看，一季度资金面偏紧，资金利率中枢整体高于7天逆回购利率20-30bp。在春节后，DR007一度上升至2.3%以上。并且央行对货币政策的表述由去年底中央经济工作会议的“适度宽松”修正为“择机降准降息”，市场也开始重估今年货币政策实施的力度和节奏。3月，随着两会召开，财政政策落地，4%的赤字率基本符合两会前市场的预期。但从节奏看，今年财政的发力较前几年有所前置。今年一季度，利率在年初到达低点后，开始持续调整，10年国债利率在3月曾达到1.9%，较年初低点调整约30bp。从原因看，一方面，资金面超预期偏紧带动短端利率先上升，随后传导至长端利率。另一方面，基本面数据总体平稳，加上央行的引导，市场重估降息幅度和节奏，这也影响到利率的定价。另外，权益市场在节后表现较好，风险偏好抬升，也对债市形成压力。到3月下旬，资金面较前期紧张时边际放松，权益市场转为震荡，债市压力边际缓解。报告期内，本基金灵活调整债券的久期与杠杆水平，较好地回避了本季度债券波动风险。同时，在利空因素充分释放后，积极参与波段交易，获取债市超跌后回调的资本利得。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:04.055Z","fund":{"_id":3000000021392,"__csrcFundId":14049,"stockCode":"021392","masterFundShortName":"中信建投中债0-3年政金债指数","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21392,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中信建投中债0-3年政金债指数(021392)","lastUpdated":"2026-05-01T03:10:57.456Z","name":"中信建投中债0-3年政策性金融债指数证券投资基金","pinyin":"zxjtzz0-3nzcxjrzzszqtzjj","fundCollectionId":4000050840000,"setUpAssetScale":4501434943.51,"setUpDate":"2024-06-25T16:00:00.000Z","setUpShares":4501434943.51,"inceptionDate":"2024-06-27T16:00:00.000Z","indexFundFlag":1,"managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投中债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=1272137","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3907fea5b3eb053f06b","date":"2024-12-30T16:00:00.000Z","stockId":3000000021392,"sao":"2024年一季度，基本面方面，经济整体修复，制造业PMI在3月份回到荣枯线上，工业增加值同比有所回升。进入二季度后，基本面数据重新走弱，制造业PMI重回荣枯线下。至三季度，社零持续在偏低位置震荡，核心通胀环比、新增信贷等低于季节性，新房销售同比仍然在-25%附近。四季度，宏观数据较三季度有一定改善，其中制造业PMI重新回到荣枯线上。但是宏观数据的改善更多体现在生产端，需求端数据如地产、消费或者与需求端相关性更强的通胀、信贷等数据依然偏弱。2024年，无论是宏观基本面环境，还是货币资金面环境，大多数时候对债市利多，债市也走出牛市行情。从全年看，利率大部分时期下行较为顺畅，但年中政策对利率波动影响较大。二季度开始，央行多次提示长债利率风险，市场也担忧央行卖债，利率在4月下旬和8月上旬出现较大调整。9月底，在政策转向的影响下，收益率快速上行。但11月份，财政政策落地，财政发力集中在化债方向上，利率下行空间再次打开。从全年看，10年期国债收益率从2.56%下行至1.7%以下，30年期国债收益率从2.83%附近下行至1.9%附近。当下，居民收入预期还未改善，地产销售年初有好转，但持续性未确认，同时房价没有明显回暖。通胀低位下，企业投资需求不高。在稳增长、化债等大背景下，央行长期收紧货币的概率较低。海外方面，在美国经济放缓压力下，美联储预计仍处于降息周期，汇率压力或逐步释放。在此基础之上，本基金配置相对较高的仓位与久期水平，较好的获取了资本利得与票息收入。接下来本组合将密切关注基本面、资金面等因素的变化，动态调整组合仓位，积极把握阶段性的交易机会。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:04.052Z","mo":"展望2025年，随着近几年债券市场收益率的下行，债市收益的空间在逐步收窄。但在经济基本面筑底，适度宽松的货币政策支持下，预估全年债券市场仍有一定的配置和交易机会。预计全年将会呈现低位震荡，波动较强的行情，整体交易难度较以往增强。本基金将根据市场及基本面的变化，灵活选择持仓品种及久期，结合波段操作，在严控风险的前提下增强组合的收益。","fund":{"_id":3000000021392,"__csrcFundId":14049,"stockCode":"021392","masterFundShortName":"中信建投中债0-3年政金债指数","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21392,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中信建投中债0-3年政金债指数(021392)","lastUpdated":"2026-05-01T03:10:57.456Z","name":"中信建投中债0-3年政策性金融债指数证券投资基金","pinyin":"zxjtzz0-3nzcxjrzzszqtzjj","fundCollectionId":4000050840000,"setUpAssetScale":4501434943.51,"setUpDate":"2024-06-25T16:00:00.000Z","setUpShares":4501434943.51,"inceptionDate":"2024-06-27T16:00:00.000Z","indexFundFlag":1,"managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投中债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=1256147","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3907fea5b3eb053f06a","date":"2024-09-29T16:00:00.000Z","stockId":3000000021392,"sao":"三季度宏观数据整体表现偏弱，制造业PMI持续在荣枯线下。核心通胀环比、新增信贷等数据低于季节性，PPI同比仍为负数，新房销售同比重新回落，以上数据一定程度上反映出当前宏观经济面临有效需求不足、实体信心受损的问题。制造业仍然是实体经济中主要的拉动力量，但在三季度投资同比增速开始有所弱化，出口同比在9月份也有较大幅度下行。美联储在9月份开启降息，但近期美国通胀、就业数据稳定，市场对美联储年内降息幅度有一定争议，但美联储降息本身有利于国内货币政策空间打开。三季度资金面总体仍较为平稳，但在8月份和9月份，政府债融资量较大，资金面较此前波动增大。三季度政策出台较多，对债市产生较大扰动。7月底，央行降息，并调整了货币政策框架，以7天逆回购利率作为主要货币政策利率，淡化1年期MLF利率。8月份，央行再次指导长债利率，并开启国债买卖操作。9月底，央行再次降准降息。9月份政治局会议，对经济的表述较此前有明显变化，市场因此对经济的预期也开始改善。不过按照以往历史规律，从政策落地到经济开始修复往往有若干月的时滞，因此经济数据是否改善是后续观察的重点。在政策的扰动下，债市预期也快速转换，虽然10年期国债收益率在8月和9月曾分别下行至2.1%和2.0%附近，两次创造历史新低，但随后也经历了两次较大幅度调整。在央行指导和买卖债券的干预下，期限利差进一步拉大，分位数维持在近几年中位以上。报告期内，本基金灵活调整债券的久期与杠杆水平，较好的获取了本季度债券市场波段收益和曲线下行的资本利得。同时，考虑到资金面波动和政策预期变化的情况，组合通过对仓位的适当调整规避市场风险。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:04.049Z","fund":{"_id":3000000021392,"__csrcFundId":14049,"stockCode":"021392","masterFundShortName":"中信建投中债0-3年政金债指数","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21392,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中信建投中债0-3年政金债指数(021392)","lastUpdated":"2026-05-01T03:10:57.456Z","name":"中信建投中债0-3年政策性金融债指数证券投资基金","pinyin":"zxjtzz0-3nzcxjrzzszqtzjj","fundCollectionId":4000050840000,"setUpAssetScale":4501434943.51,"setUpDate":"2024-06-25T16:00:00.000Z","setUpShares":4501434943.51,"inceptionDate":"2024-06-27T16:00:00.000Z","indexFundFlag":1,"managers":[{"stockCode":"j101020105","stockType":"fund_manager","exchange":"fm","tickerId":192517255730,"name":"邵彦棋"}]},"announcement":{"linkText":"中信建投中债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=1178014","linkType":"PDF","source":"csrc_pdf"}}]}