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一系列稳增长增量措施的出台和延续下，国内宏观经济走势延续温和复苏的态势。投资方面，基建增速持续表现较好，主要受益于财政发力靠前；在两重两新等政策的支持下，制造业投资韧性较强，设备更新相关行业投资增速较高。而房地产方面仍对经济增速形成了一定的拖累，量价表现都较弱。出口方面，在中外贸易政策不确定性较高的情况下，抢出口的情况支撑了出口数据，但有边际减弱的迹象。消费方面，以旧换新政策对消费的刺激作用显现，后续补贴范围扩大，对相关领域的拉动效果明显。  债市方面，收益率大致经历了两轮先上后下的走势。分阶段看，年初收益率出现了短暂的下行行情，随后在央行对债券市场风险的关注和资金面的边际收紧下，市场进入调整期，长短端利率分化，短端上行幅度较大，长端表现相对平稳。而后随着权益市场的情绪向好，长端利率也出现了不同程度的上行，利率曲线呈现熊平的状态。三月下旬，公开市场操作转为净投放，货币政策态度边际好转。四月份初，特朗普签署行政令，对贸易伙伴征收“对等关税”，随后国内对其进行反制，市场风险偏好下降，各期限利率债收益率下行速度较快，关税政策的演变成为此后较长一段时间内市场关注的主线。五月上旬，受制于资金面较为克制，收益率呈现小幅震荡向上的态势。六月份，央行提前公告买断式逆回购，并在官网开设各项工具操作情况栏目，流动性整体较为充裕，权益市场情绪向好，中长端利率债品种收益率小幅下行后维持窄幅震荡。  报告期内，本基金在遵循本产品的风险收益特征和产品风格的前提下，主动管理。积极应对市场变化以及组合负债端的变化，不断优化组合结构，稳健操作。本基金选择优质票息资产进行配置，严控信用风险。积极把握市场的交易性机会，追求组合收益平稳增长。","declarationDate":"2025-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:37.804Z","mo":"展望下半年，全球贸易政策仍存在较大的不确定性，出口方面可能面临抢出口效应的边际减弱和外部需求减弱的压力，消费增长对经济的拉动作用或将提升。根据7月份政治局会议对下半年经济工作的定调，各方面的政策将会更加积极。财政方面，要落实落细更加积极的财政政策，充分释放政策效应；货币方面，延续适度宽松，保持流动性充裕；“反内卷”方面，进一步明确要求推进重点行业产能治理、规范地方招商引资行为。在这个背景下，我们认为下半年债券市场收益率可能出现波动加大的情况，影响收益率走势的主要因素可能包括中美贸易政策的变化、风险偏好的变化、资金面走势、供需变化引起的价格变动等。我们将关注收益率上行带来的配置机会，同时主动跟踪市场走势，把握波动中的交易机会。","fund":{"_id":3000000022014,"__csrcFundId":14257,"stockCode":"022014","masterFundShortName":"中欧稳裕30天滚动持有债券发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22014,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中欧稳裕30天滚动持有债券发起A","lastUpdated":"2025-01-01T23:59:48.913Z","name":"中欧稳裕30天滚动持有债券型发起式证券投资基金","pinyin":"zowy30tgdcyzqxfqszqtzjj","fundCollectionId":4000050570000,"setUpAssetScale":30934110.78,"setUpDate":"2024-08-25T16:00:00.000Z","setUpShares":30934110.78,"inceptionDate":"2024-08-29T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"db20291087","stockType":"fund_manager","exchange":"fm","tickerId":230810144890,"name":"王慧杰"},{"stockCode":"j101019493","stockType":"fund_manager","exchange":"fm","tickerId":72625246190,"name":"管志玉"}]},"announcement":{"linkText":"中欧稳裕30天滚动持有债券型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1350951","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3b17fea5b3eb0540ab1","date":"2025-03-30T16:00:00.000Z","stockId":3000000022014,"sao":"2025年一季度，在2024年出台的一系列稳增长增量措施的助力下，国内经济基本面延续温和修复态势。二月份和三月份制造业PMI回升至50以上，“两重两新”政策的支持效应显现。基建继续维持韧性，以旧换新政策使得消费者预期和信心延续小幅改善。货币政策方面，维持择机降准降息的表述。财政方面，中央相对积极，地方节奏较缓。  一季度，以货币政策和风险偏好的变化为主线，债券市场收益率整体先上后下。分阶段看，一月份，年初收益率出现了短暂的下行行情，随后在央行对债券市场风险的关注和资金面的边际收紧下，市场进入调整期，长短端利率分化，短端上行幅度较大，长端表现相对平稳。二月份，资金面未有缓解，银行负债压力对存单利率形成了冲击，短端继续调整。而随着权益市场的情绪向好，长端利率也出现了不同程度的上行。三月份，上旬，市场对于宽松的预期逐渐减弱，部分日期赎回情况有所加剧，带动长端利率上行。下旬，公开市场操作转为净投放，货币政策态度边际好转，四月份关税政策面临不确定性，各期限利率逐步回落。  报告期内，本基金在遵循本产品的风险收益特征和产品风格的前提下，主动管理。积极应对市场变化以及组合负债端的变化，不断优化组合结构，稳健操作。本基金选择优质票息资产进行配置，严控信用风险。积极把握市场的交易性机会，追求组合收益平稳增长。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:37.801Z","fund":{"_id":3000000022014,"__csrcFundId":14257,"stockCode":"022014","masterFundShortName":"中欧稳裕30天滚动持有债券发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22014,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中欧稳裕30天滚动持有债券发起A","lastUpdated":"2025-01-01T23:59:48.913Z","name":"中欧稳裕30天滚动持有债券型发起式证券投资基金","pinyin":"zowy30tgdcyzqxfqszqtzjj","fundCollectionId":4000050570000,"setUpAssetScale":30934110.78,"setUpDate":"2024-08-25T16:00:00.000Z","setUpShares":30934110.78,"inceptionDate":"2024-08-29T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"db20291087","stockType":"fund_manager","exchange":"fm","tickerId":230810144890,"name":"王慧杰"},{"stockCode":"j101019493","stockType":"fund_manager","exchange":"fm","tickerId":72625246190,"name":"管志玉"}]},"announcement":{"linkText":"中欧稳裕30天滚动持有债券型发起式证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1276861","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3b17fea5b3eb0540ab0","date":"2024-12-30T16:00:00.000Z","stockId":3000000022014,"sao":"回顾2024年全年，我国经济增速较2023年小幅放缓。从走势上看，一季度经济小幅回升，二三季度明显回落，9月底一揽子政策密集出台，效果逐步显现，推动四季度经济触底回升。从结构上看，经济新旧动能转换，生产端持续偏强，但需求端受制于房地产下行周期，企业和居民部门信心不足，消费偏弱。供需不平衡的局面体现在价格上，全年物价水平偏弱，CPI全年同比上涨0.2%，PPI全年同比下降2.2%。货币政策全年维持支持性的立场，全年两次降准共1个百分点，提供长期流动性超过 2万亿元，并综合运用公开市场操作、中期借贷便利、再贷款再贴现等工具，保持流动性合理充裕。央行还新设了临时正逆回购、国债买卖以及买断式逆回购等创新工具，实施好适度宽松的货币政策。  债券市场运行方面，2024年债券市场走出牛市行情，各期限收益率显著下行，曲线陡峭化。从逻辑主线上来看，全年行情大致可以分为四个阶段。从年初到4月中，在基本面弱修复和降息预期的助力下，叠加年初的配置力量，收益率缓步下行。第二阶段，从4月中到9月底政策出台之前，市场主要围绕着央行对于长债的态度和相应举措波动，但在此期间受经济基本面的影响，收益率大体震荡下行。在此期间，央行禁止手工补息，使得部分银行存款流入理财等非银机构，推动信用债利差的显著压缩，而后随着三季度债券市场调整，利差从低位开始走阔。第三阶段，9月底到10月，随着一揽子政策出台，对于政策的积极预期和风险偏好的变化，使得债券市场明显调整，在流动性冲击下，信用利差大幅走阔。第四阶段，11-12月，市场对于一揽子政策进入观察期，随着政治局会议时隔多年再提货币政策的“适度宽松”，引发市场对于未来更加宽松预期的升温，收益率快速下行。  2024年全年，组合在建仓之后根据市场情况和负债情况灵活调整久期和杠杆水平。在信用债的投资中，持仓集中在中高等级，优选流动性好且收益率占优的个券，以获取相对稳定的票息收益，在利率债的投资中，和以往相比适度加大了投资的比重，以交易策略为组合净值增厚的同时，尽力控制波动。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:37.798Z","mo":"展望2025年，从全球来看，地缘政治局势仍有较大不确定性，全球贸易和投资增长存在制约，通胀风险仍需警惕。从国内来看，在面对海外不确定性加剧的局面，和国内依然处于新旧动能转换的背景下，宏观政策预计将更加积极有为。按照中央经济工作会议部署，2025 年实施更加积极的财政政策，提高财政赤字率、加大财政支出强度、优化财政支出结构，同时实施适度宽松的货币政策，打好政策组合拳，支撑经济持续回升向好的政策整体效能有望进一步提高。在此背景下，全年来看，我们对债券市场保持乐观态度，尤其是1-2月经过风险释放的短端，极其具备配置价值，或是债券组合不可或缺的收益来源。而面对波动加大的曲线长端，我们将密切关注投资交易机会。","fund":{"_id":3000000022014,"__csrcFundId":14257,"stockCode":"022014","masterFundShortName":"中欧稳裕30天滚动持有债券发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22014,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中欧稳裕30天滚动持有债券发起A","lastUpdated":"2025-01-01T23:59:48.913Z","name":"中欧稳裕30天滚动持有债券型发起式证券投资基金","pinyin":"zowy30tgdcyzqxfqszqtzjj","fundCollectionId":4000050570000,"setUpAssetScale":30934110.78,"setUpDate":"2024-08-25T16:00:00.000Z","setUpShares":30934110.78,"inceptionDate":"2024-08-29T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"db20291087","stockType":"fund_manager","exchange":"fm","tickerId":230810144890,"name":"王慧杰"},{"stockCode":"j101019493","stockType":"fund_manager","exchange":"fm","tickerId":72625246190,"name":"管志玉"}]},"announcement":{"linkText":"中欧稳裕30天滚动持有债券型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1258176","linkType":"PDF","source":"csrc_pdf"}}]}