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":"东方红益恒纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21835,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"东方红益恒纯债债券(021835)","lastUpdated":"2026-05-01T03:20:56.328Z","name":"东方红益恒纯债债券型证券投资基金","pinyin":"dfhyhczzqxzqtzjj","fundCollectionId":4000050870000,"setUpAssetScale":5500397001.77,"setUpDate":"2024-09-10T16:00:00.000Z","setUpShares":5500397001.77,"inceptionDate":"2024-09-12T16:00:00.000Z","managers":[{"stockCode":"j101019292","stockType":"fund_manager","exchange":"fm","tickerId":1217248670,"name":"李晴"}]},"announcement":{"linkText":"东方红益恒纯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=1376752","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3aa7fea5b3eb054044c","date":"2025-06-29T16:00:00.000Z","stockId":3000000021835,"sao":"2025年上半年是继2020年下半年以来，最逊色的利率债半年度表现。截至7月底，7-10年国开债指数收益率为0.11%，去年同期为5.43%。上半年复盘如下：　　　　1、组合以久期策略为主。从久期范围看，整体组合久期控制在4-8年范围内；从实现方式看，4年久期的底仓稳定持有、0-4年久期的交易仓位用于调节，按照“基础仓位分散、交易仓位集中”的原则，久期越高，交易仓位所选个券越单一、越活跃，以便于在市场发生超预期波动时灵活操作。　　　　2、上半年的操作有得有失。操作层面上，二季度市场表现相对平稳，组合在季初已经左侧加仓所以关税落地后修复较为明显，而挑战主要在一季度：2月中旬进行了减仓操作以应对春节后超预期的资金紧张压力，2月底关注到资金利率见顶回落进行了回补加仓操作，造成在3月初恐慌抛售潮中刷新最大回撤。深刻反思的是，在今年低利率环境下，波动率显著放大，除了预判之外更要重视应对，当预判与市场变化出现背离时，应严格执行交易纪律，做好止盈止损控制。　　　　3、往后看，思路上，在降息预期之前，重视波动大于趋势；设计上，强化哑铃特征，以便于在维持组合总体偏高久期（收益率前高后低的基本判断）的同时更好兼顾交易灵活性。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:30.558Z","mo":"下半年思考如下：　　　　1、3月绝对高点较难重返。以3月作为多重冲击下的绝对高点，下半年随着经济和社融指标的边际回落，收益率或许难返前高，料以“前高后低”为基本形态。从经济数据看，3月是经济指标高点，外部抢出口和内部地产热度冲高回落；从社融数据看，去年11月-今年4月持续上行，4-7月横盘，7月之后政府债同比贡献消退，社融同比将逐月回落。　　　　2、低点突破有待新的降息预期。指标边际回落需要过程，越靠近年末GDP层面同比回落压力越显性化，才能触发央行新一轮降息。在降息预期再升温之前，债市可能仍是波动大于趋势；再升温之后，底部才有望实质突破。　　　　3、后续组合从投资思路和组合设计两个方面优化，思路上，在降息预期之前，重视波动大于趋势；设计上，组合进一步向哑铃型倾斜，有利于波动中的久期调节幅度更大，以便于在维持组合总体偏高久期（收益率前高后低的基本判断）的同时更好兼顾交易灵活性。","fund":{"_id":3000000021835,"__csrcFundId":14263,"stockCode":"021835","masterFundShortName":"东方红益恒纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21835,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"东方红益恒纯债债券(021835)","lastUpdated":"2026-05-01T03:20:56.328Z","name":"东方红益恒纯债债券型证券投资基金","pinyin":"dfhyhczzqxzqtzjj","fundCollectionId":4000050870000,"setUpAssetScale":5500397001.77,"setUpDate":"2024-09-10T16:00:00.000Z","setUpShares":5500397001.77,"inceptionDate":"2024-09-12T16:00:00.000Z","managers":[{"stockCode":"j101019292","stockType":"fund_manager","exchange":"fm","tickerId":1217248670,"name":"李晴"}]},"announcement":{"linkText":"东方红益恒纯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=1344555","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3aa7fea5b3eb054044b","date":"2025-03-30T16:00:00.000Z","stockId":3000000021835,"sao":"回顾2025年第一季度，利率债从短到长逐步转跌，各期限收益率最终大幅上行约20-30bp，为近年来一季度较差表现。从背后原因来看，资金持续偏紧是贯穿始终的核心矛盾，DR001到2月底已经逼近利率走廊的上限2.0%，导致1-2月短债持续承压，而长债一度相对抗跌，直到3月全国两会期间监管点名长债问题后急剧补跌。转机出现在3月下旬，随着央行净投放和资金利率回落释放维稳信号，收益率高位回落。　　操作层面上，本组合在2月中旬进行了减仓操作以应对春节后超预期的资金紧张压力，2月底因为关注到资金见顶回落，所以进行了回补加仓操作，造成在3月初恐慌抛售潮中产生较大回撤。需要深刻反思的是，在今年低利率环境下，波动率比往年显著放大，除了预判之外更要重视应对，当预判与市场变化出现背离时，应严格执行交易纪律，做好止盈止损控制。　　往后看，目前处于“宏观预期差已经出现+货币政策纠偏尚未出现”的初步阶段，后续宏观预期差进一步映射到出口等实体数据后，DR偏离OMO的“实质加息”状态有望得到纠偏，即DR从偏高水平向利率走廊的中枢1.5%和下限1.3%回落，方能助力债市实现更充分修复。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:30.555Z","fund":{"_id":3000000021835,"__csrcFundId":14263,"stockCode":"021835","masterFundShortName":"东方红益恒纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21835,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"东方红益恒纯债债券(021835)","lastUpdated":"2026-05-01T03:20:56.328Z","name":"东方红益恒纯债债券型证券投资基金","pinyin":"dfhyhczzqxzqtzjj","fundCollectionId":4000050870000,"setUpAssetScale":5500397001.77,"setUpDate":"2024-09-10T16:00:00.000Z","setUpShares":5500397001.77,"inceptionDate":"2024-09-12T16:00:00.000Z","managers":[{"stockCode":"j101019292","stockType":"fund_manager","exchange":"fm","tickerId":1217248670,"name":"李晴"}]},"announcement":{"linkText":"东方红益恒纯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=1273711","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3aa7fea5b3eb054044a","date":"2024-12-30T16:00:00.000Z","stockId":3000000021835,"sao":"回顾2024年，债券虽有周折但仍以壮阔牛市收尾，一季度降息预期引领长债收益率下行，二季度央行提示债市风险进入震荡，三季度财政预期反转带来收益率深V反转，四季度政策落地收益率重新向降息后下限水平回落。全年“OMO-MLF-LPR”降息幅度为30BP-50BP-60BP，“1-10-30年国债收益率”下行幅度为100BP-88BP-91BP，货币政策对降息手段运用甚于往年，市场机构对久期策略运用也甚于往年。　　操作层面上，本组合在2024年主要有两次较大的仓位调整，一是在9月下旬建仓初期，严格控制建仓节奏，规避了十一前后预期反转和负债踩踏带来的损失；二是在11月上旬化债方案落地后，重新加仓将久期逐步提升至高位从而充分参与了年末行情，上述两次较大的调整是本组合全年超额收益的重要来源。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:30.551Z","mo":"展望2025年，宏观主线是上半年房地产价格能否持续企稳。自从2021年下半年以来，房价已经有两轮下行，分别是以2021年10月为拐点的二三线转跌和以2023年9月为拐点的一线转跌，这对近几年的居民消费和企业生产经营预期都产生了深刻影响。后续房价或许需要企稳半年左右才能带动M1和PPI同步回升，在该宏观主线没有趋势反转前，债券预计大概率仍是相对安全的资产，本组合将继续根据阶段性的市场表现进行配置和灵活交易。","fund":{"_id":3000000021835,"__csrcFundId":14263,"stockCode":"021835","masterFundShortName":"东方红益恒纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":21835,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"东方红益恒纯债债券(021835)","lastUpdated":"2026-05-01T03:20:56.328Z","name":"东方红益恒纯债债券型证券投资基金","pinyin":"dfhyhczzqxzqtzjj","fundCollectionId":4000050870000,"setUpAssetScale":5500397001.77,"setUpDate":"2024-09-10T16:00:00.000Z","setUpShares":5500397001.77,"inceptionDate":"2024-09-12T16:00:00.000Z","managers":[{"stockCode":"j101019292","stockType":"fund_manager","exchange":"fm","tickerId":1217248670,"name":"李晴"}]},"announcement":{"linkText":"东方红益恒纯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=1254862","linkType":"PDF","source":"csrc_pdf"}}]}