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20-30bp 的上行调整。4-5月疫情反复对经济形成较大的负面冲击，经济增长压力加大，货币政策跟随调整，资金中枢下移且稳定维持在较低水平，短端收益率下行，信用债表现强势。地产行业持续低迷，7月房贷“断供潮”发酵，加大了经济增长的压力，央行加大货币政策宽松力度，为“宽信用”和“稳增长”保驾护航。9月份，期间部委级的房地产支持政策开始频出，资金价格中枢并未随着降息二下移，而是逐步回归政策中枢，债市开始小幅调整。11月份，央行联合多部委出台支持房地产企业的实质金融支持措施，以及防疫政策优化，期间叠加理财赎回的负反馈，导致债市出现大幅调整，随后央行加大公开市场投放，维持资金利率平稳，债市情绪得到缓和。债券配置全年维持高流动性配置。报告期内本基金增加了地产链相关制造业的配置以及消费电子产业链的配置，减少户储配置，维持光伏和电动车龙头白马的配置。增加地产链的配置，主要因为国内地产供给端政策不断加码，需求端政策也有望出台，利好处于周期底部的工程机械、消费建材和大宗化学品等；增加消费电子产业链相关的芯片设计、被动元器件等的配置，主要因为行业已经周期调整了1年半时间，疫后经济复苏，行业有望底部复苏；减少户储的配置，主要因为市场对户储的高景气度已经有了充分的预期，缺少预期差；光伏和电动车龙头白马四季度表现不佳，主要因为市场担忧行业增速放缓，并随之带来行业供给过剩，我们认为光伏和电车的全球渗透率只有16-17%和12-13%，未来三年仍然能维持30%左右的复合增长，而且短期随着硅料和碳酸锂价格的下跌，景气度会环比往上，至于供给过剩的问题，我们认为一些行业确实会出现明显的价格竞争，但有些行业因为设备壁垒扩产速度并不快，也有些行业成本曲线陡峭，在价格调整后龙头公司仍然有合理的盈利回报并能获得更多的市场份额，还有些行业龙头公司一体化布局，盈利能够维持的比较稳定。光伏重点配置盈利能力稳定的一体化组件环节和大储逆变器环节，电动车重点配置盈利能力稳定的电池、隔膜环节，以及盈利已经有了充分调整的电解液龙头。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:39.389Z","mo":"短期货币政策转向的概率较低。当前货币政策更关注潜在的通货膨胀，虽然经济处于修复阶段，弱现实大概率仍存在，通胀压力未显现，在经济增长和通胀未超出预期的情况下，货币政策将维持“精准有力”。债券市场经历了2022年11月-12月的调整后，信用利差达到历史较高分位数水平，中短端利率水平对于中性货币政策的反应相对充分，虽然2023年经济有向上修复的动力，相比长端债券，短端债券具有较高的性价比。在基本面复苏的背景下，组合策略整体会中性偏保守，往后看期限利差大概率会维持中高的水平，在短端资产定价相对充分和具有一定保护的情况下，组合会关注更多骑乘策略。结合当前及未来宏观政策形势变化的判断，控制信用风险暴露情况，控制组合杠杆总体水平，以稳健的投资风格力争为投资者获取良好的投资回报。","fund":{"_id":3000000001199,"__csrcFundId":3926,"stockCode":"001199","shortName":"聚利债券(001199)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":1199,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:51:48.976Z","status":"normal","inceptionDate":"2015-05-14T16:00:00.000Z","name":"创金合信聚利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"聚利债券","pinyin":"cjhxjlzqxzqtzjj","managers":[{"stockCode":"db20180412","stockType":"fund_manager","exchange":"fm","tickerId":80804191800,"name":"黄浩东"},{"stockCode":"db20726518","stockType":"fund_manager","exchange":"fm","tickerId":122525191250,"name":"吕沂洋"},{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信聚利债券型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=864637","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec52b7fea5b3eb0441b20","date":"2022-09-29T16:00:00.000Z","stockId":3000000001199,"sao":"权益部分：报告期内本基金主要围绕碳中和和大安全两大长期产业趋势做配置。1）碳中和方向重点看好新能源。光伏：多晶硅价格维持高位反映了需求旺盛，随着四季度多晶硅产能加速释放，下半年国内地面电站将加速装机，重点看好组件一体化、逆变器等环节。电动车：国内电动车销量依然维持高景气，四季度销量将继续环比上升，重点看好竞争格局较好的电池、隔膜、铝箔等环节以及技术进步的复合铜箔。2）大安全方向重点看好半导体设备、军工，半导体设备国产化率还有很大的进步空间，重点看好价值量大、竞争格局好和渗透率很低的一些环节。债券部分：从2022年7月以来，债券市场呈现“V”型行情。7月1日至8月18日，10年国债先是快速下行，收益率从2.84%下行26BP至2.58%，随后到9月30日，上行18BP至2.76%。7月1日至8月18日收益率的下行，与央行超预期维持低且平稳的利率环境直接相关，期间DR007平均1.47%，远低于政策利率。期间央行维持宽松的货币环境的主要原因是经济增长面临较大的压力，一方面，前期推行的地产支持政策对地产销售的刺激见效甚微，需求端受居民杠杆偏高、疫情对居民收入的冲击和房价放缓预期等因素拖累；另一方面，新冠仍在变异且疫情点状爆发，受老年人接种率、特效药、医疗挤兑等因素的限制，动态清零的防疫政策延续。8月18日后，债市出现持续调整，一方面，8月15日降息后，资金中枢并未跟随降息而下行，整体呈现往政策政策利率中枢收敛的态势，短端资产在信用利差和绝对收益率偏低的情况下，持续调整；另一方面，海外流动性持续收紧，人民币兑美元快速贬值，中美经济周期错位导致中美利差持续倒挂，新出台更高层级的地产政策，都对债市产生利空影响。债券策略方面，由于地产下滑，土地出让收入和财政收入承压，对于经济实力偏弱、债务压力大的区域需要更加谨慎。当前市场短端资产的信用利差处于低位，绝对收益率偏低，整体价值较低。在组合投资上，久期保持中性水平，以哑铃型态构建组合久期结构，短端资产通过“货币+”的方式增强组合收益，寻找跨季和资金波动带来的结构性机会，中长端资产寻求曲线凸点和骑乘保护更强的资产类别，更多配置4年左右商业银行二级债和1-3年利率债，降低中等评级信用债的配置。结合当前及未来宏观政策形势变化的判断，控制信用风险暴露情况，控制组合杠杆总体水平，以稳健的投资风格力争为投资者获取良好的投资回报。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:39.386Z","fund":{"_id":3000000001199,"__csrcFundId":3926,"stockCode":"001199","shortName":"聚利债券(001199)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":1199,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:51:48.976Z","status":"normal","inceptionDate":"2015-05-14T16:00:00.000Z","name":"创金合信聚利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"聚利债券","pinyin":"cjhxjlzqxzqtzjj","managers":[{"stockCode":"db20180412","stockType":"fund_manager","exchange":"fm","tickerId":80804191800,"name":"黄浩东"},{"stockCode":"db20726518","stockType":"fund_manager","exchange":"fm","tickerId":122525191250,"name":"吕沂洋"},{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信聚利债券型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=803134","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec52b7fea5b3eb0441b1f","date":"2022-06-29T16:00:00.000Z","stockId":3000000001199,"sao":"权益部分：报告期内本基金主要围绕碳中和和进口替代两大长期产业趋势做配置。1）碳中和方向重点看好新能源。光伏：受印度抢装和欧洲电价大幅上涨刺激，上半年海外装机大幅超预期，多晶硅价格维持高位反映了需求旺盛。下半年国内地面电站将加速装机，重点看好组件一体化、逆变器等环节。电动车：5-6月国内电动车销量大幅超预期，上游原材料涨价向下传导顺畅，下半年电动车还会维持高景气度，重点看好竞争格局较好的电池、隔膜、结构件环节、周期底部回升的电解液以及技术不断迭代的正负极环节龙头公司。2）进口替代重点看好半导体设备、军工材料以及一些专精特新公司。经过四十年的改革开放后，中国在很多行业具备了进口替代的基础，贸易战和疫情加速了这一进程。另外，稳增长政策不断发力，稳增长相关的传统制造业也有投资机会，比如机械建材化工龙头等。总的来看，1-4月，市场风险偏好向下，价值风格更占优，4月底后随着稳增长的政策预期陆续兑现，疫情好转，市场的焦点会从稳增长转向高质量发展，以新能源、军工、半导体为代表成长行业会表现更好。固收部分：2022年上半年债券市场呈现下行趋势，短端利率债表现好于长端，信用债表现强于利率债。上半年，资金价格整体稳定，R007平均值为2.07%，在上海疫情影响下，4月之后资金中枢从2.2%下移至1.8%左右，资金利率在较长时间维持大幅向下偏离央行公开市场操作利率的水平。信用债呈震荡下行的态势，1年AAA城投债收益率由2022年1月4日的2.72%下行至2022年6月30日的2.45%。相比信用债，利率债表现为震荡行情，10年国债呈窄幅区间震荡，其收益率下限为2022年1月24日的2.67%，上限为2022年3月10日的2.85%。    货币政策方面，受地产低迷和疫情反复的影响，经济增长疲软，货币政策维持偏宽松的态势，银行间流动性充裕。财政政策方面，提前下达地方债，提升财政支出增速。在宽松的货币政策和财政政策刺激下，2022年1-2月金融数据表现超预期，此外，在海外流动性收紧和地缘政治风险冲击下，股票市场持续快速下跌导致“固收+”产品赎回压力，3月份债券市场持续调整。4-5月长三角疫情对经济形成较大的负面冲击，经济增长压力加大，资金中枢下移且稳定维持在较低水平，短端收益率下行，信用债表现强势，呈现期限利差扩大和信用利差压缩的局面。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:39.383Z","mo":"权益部分：上半年是多重黑天鹅叠加的时间窗口，也是多年未见的情形，导致经济运行出现诸多原先意想不到的状况，与此相对应，政策端也在不断发力，无论是货币端、财政端还是中观行业政策，而包括疫情、俄乌危机以及美联储加息所发的市场反应都在往良性状况发展，再叠加市场经过大幅下行后，风险本身释放相对充分，尤其是以沪深300为代表的中大市值蓝筹股，估值水平也处于历史均值靠下的位置，因此市场整体性风险不大，在下半年经济复苏的大背景下，有理由对市场整体保持一个谨慎乐观的态度。固收部分：展望下半年，经济处于弱复苏的态势，债市表现可能弱于上半年。经过上半年政策持续的刺激，虽然地产可能企稳，但是在“停贷”的影响下，修复的动力仍较弱，地方债提前下对基建投资有支撑。精准防控和常态化核酸可以相对有效应对疫情，防范过度防疫，复工复产有序推进。在利率水平方面，债券市场资金充裕，但整体利率水平偏低，当前1年AAA存单价格低于央行公开市场操作利率，信用利差处于历史的低位，利率向下空间相对有限，债市利多的因素趋于弱化。    债券策略方面，投资策略上需保持中性偏防御的状态，保证组合较高的流动性，票息策略优于久期策略，久期维持中性偏低的状态，严格控制信用风险暴露情况，控制组合杠杆总体水平，以稳健的投资风格力争为投资者获取良好的投资回报。","fund":{"_id":3000000001199,"__csrcFundId":3926,"stockCode":"001199","shortName":"聚利债券(001199)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":1199,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:51:48.976Z","status":"normal","inceptionDate":"2015-05-14T16:00:00.000Z","name":"创金合信聚利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"聚利债券","pinyin":"cjhxjlzqxzqtzjj","managers":[{"stockCode":"db20180412","stockType":"fund_manager","exchange":"fm","tickerId":80804191800,"name":"黄浩东"},{"stockCode":"db20726518","stockType":"fund_manager","exchange":"fm","tickerId":122525191250,"name":"吕沂洋"},{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信聚利债券型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=780889","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec52b7fea5b3eb0441b1e","date":"2022-03-30T16:00:00.000Z","stockId":3000000001199,"sao":"权益部分：报告期内本基金主要围绕碳中和和进口替代两大长期产业趋势做配置。1）碳中和方向重点看好新能源。光伏：受印度抢装和欧洲电价大幅上涨刺激，1季度全球光伏装机量超预期，多晶硅价格维持高位反映了需求旺盛。随着下半年大量的多晶硅新建产能投放，全球潜在的装机需求会充分释放，看好组件一体化、逆变器、胶膜、玻璃等竞争格局较好的环节。市场担心美国对中国光伏组件的双反调查，但光伏是中国占据绝对主导的产业，美国要发展光伏是无法绕开中国的，除非美国放弃发展光伏。电动车：1季度国内电动车销量超预期，但市场担心锂、镍等原材料暴涨会迫使车厂涨价并最终抑制终端需求。我们认为锂价和油价都在高位，电动车不断迭代的趋势下，电动车相对燃油车的性价比仍在持续提升，只不过碳酸锂供不应求限制了潜在需求的充分释放。后期随着碳酸锂供给增加，行业的投资逻辑会变得更顺。另外，市场担忧电动车渗透率大幅提高后，长期增速放缓会导致行业估值中枢明显下移，我的理解是估值下移已经发生，经过几个月的调整后，目前锂电中游主流公司的估值已经回到了30-40倍的近2年的较低水平。2022年锂电行业内部也会出现明显分化，对于21年的涨价非常多而且扩产正在加快的一些环节保持谨慎，重点看好竞争格局最好的电池、隔膜、结构件环节以及技术不断迭代的正极环节龙头公司。2）进口替代重点看好半导体设备、军工材料以及一些专精特新公司。经过四十年的改革开放后，中国在很多行业具备了进口替代的基础，贸易战和疫情加速了这一进程。另外，2022年上半年还看好稳增长相关的一些传统制造业，比如机械建材化工钢铁等。政策基调保增长，而且经过过去近一年的调整后，上述行业龙头公司股价处于底部，上半年存在阶段性的反弹机会。总的来看，上半年稳增长预期下，价值、周期风格更占优，下半年随着稳增长的政策预期陆续兑现，疫情好转，市场的焦点会从稳增长转向高质量发展，以新能源、军工、半导体为代表成长行业将迎来反转。固收部分：2022年一季度债券市场利率水平呈现先下后上的震荡行情，短端利率表现相对好于长端。市场的主线是经济的筑底和政策的靠前发力刺激。面对地产销售低迷和疫情反复对经济的负面影响，国内经济总体呈现增长乏力状态；对于全年要实现5.5%GDP增长的政策目标，一季度开局的压力较为显著。因此，政策总体延续去年四季度的宽松，包括财政和货币政策，甚至是有所加码的。财政方面，提前下发地方债，提升财政支出增速，央行上缴万亿利润等，财政政策成为发力的重要点；而面对持续低迷的房地产市场，因城施策推动全国多地城市实行降首付、降贷款利率等房地产放松政策，以提振房地产销售；货币政策方面，一季度也进行了降息降准，银行间流动性较为充裕。综合施力下，应该说经济下滑的态势有所稳住，1-2月经济金融数据总体表现超出预期，虽然持续性仍存疑,这也成为2月后债市出现调整的主要因素。相比之下，货币政策维持偏宽松的预期较为稳定，因此短端利率表现总体要好于长端。信用债方面，由于资金利率整体便宜且预期稳定，信用利差整体处于低位；但对于低等级信用品种，在地产违约持续的环境下，机构风险偏好仍较低，评级利差处于较高水平。最后，由于股票市场持续下跌导致固收+产品赎回压力加剧，银行类债券被迫抛售，利差扩张要大于其他品种。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:39.379Z","fund":{"_id":3000000001199,"__csrcFundId":3926,"stockCode":"001199","shortName":"聚利债券(001199)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":1199,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:51:48.976Z","status":"normal","inceptionDate":"2015-05-14T16:00:00.000Z","name":"创金合信聚利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"聚利债券","pinyin":"cjhxjlzqxzqtzjj","managers":[{"stockCode":"db20180412","stockType":"fund_manager","exchange":"fm","tickerId":80804191800,"name":"黄浩东"},{"stockCode":"db20726518","stockType":"fund_manager","exchange":"fm","tickerId":122525191250,"name":"吕沂洋"},{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信聚利债券型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=721774","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec52b7fea5b3eb0441b1d","date":"2021-12-30T16:00:00.000Z","stockId":3000000001199,"sao":"权益部分：报告期内本基金通过自上而下和自下而上的投资方法来进行选股，以配置周期成长股为主。报告期内本基金维持电动车、光伏和传统制造业龙头的重点配置。去年底的政治局会议和中央经济工作会议提出22年政策以稳增长为主，预计逆周期调控政策会相继出台，传统制造板块经过一年的调整后，存在阶段性反弹的机会。新能源行业的投资逻辑有外生和内生两点，内生逻辑是新能源的性价比越来越高，供给创造需求，行业的天花板非常高，外生逻辑是全球主要经济体自上而下的推动碳减排大大增强了新能源行业发展的确定性，新能源行业是市场少有的空间大且确定性高的行业，经过前期的调整后，估值已经回到合理偏低水平。压制光伏的上游涨价因素正在缓和，降价会刺激需求爆发，行业将迎来全面行情；随着产业链产能释放，电动车行情会出现分化，扩产难度大格局更好的环节继续看好，2021年涨价很大的环节相对谨慎。固收部分：2021年全年债券市场利率呈现震荡下行的慢牛行情。长端方面，10年国债利率在1月初3.27%附近下行至12月末的2.77%，短端方面，全年7天回购利率DR007平均值为2.17%，与央行稳健中性的货币政策的基调相匹配。当前宏观经济仍有下行压力。经济主要下行压力仍来源于房地产市场。伴随前三个季度融资的持续压缩和市场风险偏好下降，四季度地产销售和投资出现明显下滑，四季度房地产按揭贷和开发贷虽有缓解，但未有根本转变。出口方面，疫情延续下生产替代效应和欧美刺激未完全退出，出口增速可能延续相对偏高水平。消费维持偏弱局面，仍受制于疫情局部反复，中低收入群体收入增长缓慢，压制聚餐、旅游等消费。短期来看，经济下滑最快阶段或将过去。基于防控系统性风险的角度，房地产融资在开发贷、按揭贷边际放松，可以减缓地产投资的下行压力。当前货币政策的思路主要在于稳增长和防风险的平衡。在经济偏弱、趋于下行的环境，货币政策仍需保持总体宽松的态势，但更注重结构性宽信用手段，支撑民企、小微企业、碳排放等高质量发展领域。信用利差压缩且处于低位，资金价格在低位平稳运行，高评级信用利差继续压缩，银行债券成交活跃，而低等级信用品种，包括地产和低等级城投的市场偏好仍较低。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:39.376Z","mo":"权益部分除了重点配置传统制造龙头和新能源之外，本基金后期还将关注军工和进口替代的一些高端制造行业，军工行业未来五年将从过去的研发为主转变为批产为主，行业有望较长时间内维持高景气度，中国经济经过四十年改革开放后，已经从人口红利时期转变为工程师红利阶段，在很多的高端制造业领域已经具备了进口替代的基础。固收部分往后展望，经济政策均有利于债市。主要配置中高等级信用债和利率债，保证组合整体流动性和控制组合波动性，久期可以维持中性偏高的状态。结合当前及未来宏观政策形势变化的判断，控制信用风险暴露情况，控制组合杠杆总体水平，以稳健的投资风格力争为投资者获取良好的投资回报。","fund":{"_id":3000000001199,"__csrcFundId":3926,"stockCode":"001199","shortName":"聚利债券(001199)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":1199,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:51:48.976Z","status":"normal","inceptionDate":"2015-05-14T16:00:00.000Z","name":"创金合信聚利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"聚利债券","pinyin":"cjhxjlzqxzqtzjj","managers":[{"stockCode":"db20180412","stockType":"fund_manager","exchange":"fm","tickerId":80804191800,"name":"黄浩东"},{"stockCode":"db20726518","stockType":"fund_manager","exchange":"fm","tickerId":122525191250,"name":"吕沂洋"},{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信聚利债券型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=709638","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec52b7fea5b3eb0441b1c","date":"2021-09-29T16:00:00.000Z","stockId":3000000001199,"sao":"三季度权益市场呈现巨大分化，其中沪深300指数、上证50指数和创业板指数都出现下跌，而中证500指数一枝独秀。行业板块层面新老能源板块共振，新能源车和光伏风电板块依然是成长赛道中最强势的板块，另外两个成长赛道的军工和半导体板块，在本季度经历巨大震荡，整体走势不如人意；传统能源板块中包括煤炭、电力在本季度强烈崛起，其他传统周期板块中钢铁和化工也是少数表现突出的行业指数。从宽基指数到行业指数，走势分化之大可以说是A股历史上非常罕见的阶段，市场的交易量也在本季度创造了历史最长的超万亿天数，而市场的行业轮动和结构分化也是乱象纷呈，进入到本季度末，乱象在某种程度上出现修正，市场在一定程度上在回归均衡的过程。本基金的季度投资策略有所调整，在仓位上利用市场波动择机加重了总体仓位，方向上以新能源车、光伏板块以及部分化工和建材作为重点组合方向。三季度债券市场利率水平呈现先下后上的行情。长端方面，10年国债利率在央行降准操作的带动下，从7月初3.05%附近的平台下行至9月末2.85%附近的平台，短端方面，三季度7天回购利率DR007平均值为2.16%，与二季度基本持平，也与央行稳健中性的货币政策的基调相匹配。三季度债券市场行情的主要驱动力在于央行7月份意外降准行为提升市场宽松预期，从而带动收益率曲线整体下行。随后市场逐步修正过度宽松的货币政策预期，市场收益率逐步向上修复至合理水平附近。往后展望，四季度债券市场存在一定的分化压力，在理财净值化转型的背景下，利率债表现大概率强于信用债，短债表现大概率强于长债。固收仓位上，主要配置中高等级信用债和利率债，保证组合整体流动性和控制组合波动性，组合久期和杠杆为中性偏低的水平。2021年三季度债券市场利率水平呈现先下后上的行情。长端方面，10年国债利率在央行降准操作的带动下，从7月初3.05%附近的平台下行至9月末2.85%附近的平台，短端方面，三季度7天回购利率DR007平均值为2.16%，与二季度基本持平，也与央行稳健中性的货币政策的基调相匹配。三季度债券市场行情的主要驱动力在于央行7月份意外降准行为提升市场宽松预期，从而带动收益率曲线整体下行。随后市场逐步修正过度宽松的货币政策预期，市场收益率逐步向上修复至合理水平附近。往后展望，四季度债券市场存在一定的分化压力，在理财净值化转型的背景下，利率债表现大概率强于信用债，短债表现大概率强于长债。固收仓位上，主要配置中高等级信用债和利率债，保证组合整体流动性和控制组合波动性，组合久期和杠杆为中性偏低的水平。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:39.373Z","fund":{"_id":3000000001199,"__csrcFundId":3926,"stockCode":"001199","shortName":"聚利债券(001199)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":1199,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:51:48.976Z","status":"normal","inceptionDate":"2015-05-14T16:00:00.000Z","name":"创金合信聚利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"聚利债券","pinyin":"cjhxjlzqxzqtzjj","managers":[{"stockCode":"db20180412","stockType":"fund_manager","exchange":"fm","tickerId":80804191800,"name":"黄浩东"},{"stockCode":"db20726518","stockType":"fund_manager","exchange":"fm","tickerId":122525191250,"name":"吕沂洋"},{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信聚利债券型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=653759","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec52b7fea5b3eb0441b1b","date":"2021-06-29T16:00:00.000Z","stockId":3000000001199,"sao":"2021年二季度宏观经济延续恢复节奏，向潜在增速靠拢，但呈现结构分化特征，当前未有过热的风险，其中房地产和外需保持较高景气度，而消费受疫情影仍未完全恢复。通胀呈现结构性特征，猪价下跌制约CPI上行，核心CPI恢复但总体处于低位。全球需求向好但供给受限，PPI快速上涨，但向CPI传导尚不显著。政策方面，由于通胀呈现结构性特征并且为支持经济稳固恢复，二季度央行维持“稳”字当头基调，货币市场利率维持低位，DR007维持在2.2%政策利率中枢窄幅波动，流动性总体维持偏宽松状态。债券市场方面，在偏宽松流动性的支撑下，二季度债市维持偏牛格局，市场曲线呈现牛陡特征，信用利差压缩，利率债及高评级品种绝对收益率和利差水平处于历史相对低位，相比之下，中低等级品种由于市场对信用风险隐忧导致信用利差修复偏慢，维持相对较高利差，配置价值相对较优，但需要注意防范信用风险、精选个券。在固收仓位方面，债券主要配置中高等级信用债，组合久期为中低水平。对于信用债，精选公益性城投和行业景气度高的龙头企业，保持组合流动性。在久期策略上，组合维持中低久期，以中高评级信用债为主要配置标的，保证组合整体流动性和控制组合波动性，力争为投资者赚取良好的投资回报。2021年上半年宏观经济延续恢复节奏，继续向潜在增速靠拢；结构表现仍保持分化、冷热不均，未有过热的风险，其中房地产市场和外需产业链保持较高景气度，消费则受疫情影响离完全恢复仍有距离。通胀仍是结构性特征，CPI受猪价大跌带动下行，核心CPI恢复但总体低位；国内外需求总体旺盛和供给约束双重作用下，PPI快速上涨，但向CPI传导尚不显著。政策方面，基于通胀的结构特征和支持经济继续恢复，上半年央行维持“稳”字当头基调，货币市场利率维持低位，7天DR007利率维持在2.2%附近波动，流动性总体维持偏宽松状态。股票部分一季度在春节前以防守为主策略，并在春节后市场快速下行过程中加仓，鉴于今年市场整体波动幅度较大，上半年的整体策略更侧重战术层面的高抛低吸，行业布局以低估值的银行、保险、券商、地产、家电、汽车、科技、农林牧渔以及部分在合理位置的医药和消费组合为主。债券市场方面，在偏宽松流动性的支撑下，上半年债市维持偏牛格局，中间震荡主要源自资金面波动，发生于1月底和6月末。市场曲线总体呈现牛陡特征，信用利差压缩；利率债及高评级品种绝对利率和利差水平处于历史相对低位，相比之下，中低等级品种因市场信用风险偏好回归缓慢，维持相对较高利差，配置价值相对较优，但仍需要注意防范信用风险、精选个券。报告期内，固收部分，本基金结合当前及未来宏观政策形势变化的判断，灵活调整组合久期水平，控制信用风险暴露情况，控制组合杠杆总体水平，主要配置利率债及中高评级信用债，以稳健的投资风格力争为投资者获取良好的投资回报。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:39.371Z","mo":"向前看，下半年宏观经济维持恢复态势，出现明显的过热风险或下行压力的概率均不高，通胀结构性压力将有所缓解，PPI预计从高位回落。货币政策方面，预计将继续维持偏宽松局面以支持经济向潜在增速恢复，而社融增速总体平稳回落和宏观杠杆率稳定，来自防风险的大幅收紧可能性较低。对于股票市场而言，总体仍是以结构性机会为主，且风格轮动与行业轮动会是常态，但不存在大幅下行的系统性风险，需要防范的是来自于海外市场的干扰，但如因海外市场而产生较大幅度的震荡，则下跌就是加仓机会。对于债市而言，预计也是偏震荡的局面，在当前利率和高等级品种总体水平和利差偏低的情况下，主要机会仍在中低等级信用债的信用利差压缩，但仍需防范弱资质产业主体的违约风险。","fund":{"_id":3000000001199,"__csrcFundId":3926,"stockCode":"001199","shortName":"聚利债券(001199)","fundSecondLevel":"bond","sto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   进入2021年以来，基于防守的目的，聚利的股票投资组合中基本没有高估值的抱团核心资产，而以低估值的银行、保险、券商、地产、化工、科技、农林牧渔以及部分在合理位置的医药和消费组合为主，而且股票组合的持仓比例在10%左右，因此在春节前的投资收益并不明显。春节后，核心资产瓦解，市场大幅下行，基于仓位和结构的原因，在春节后的第一波调整中聚利基本没有受到影响。    在经过3月4和5号以及3月8号和9号的快速下跌后，考虑到市场风险释放相对充分，选择进一步加仓，加仓标的以低估值、高行业景气度以及一季报高增的对象为主。考虑到正在披露的年报和一季报数据，多数公司都报出超预期的业绩，与当下经济复苏的大背景相吻合。从历史经验值来看，在经济复苏的大趋势下，市场往往难以走出大熊市的走势，而货币政策和财政政策也只是回归常态的过程，并不会出现2018年的情况，因此对于春节后经过剧烈调整的市场可以保持适度乐观的态度，从战术层面，预期波动会是常态，因此从持仓组合的性价比角度出发，高抛低吸会是一个更优的选择。    债市方面，长端利率呈小幅上行，信用分化延续。“永煤事件”后，中高等级信用债信用利差压缩至低位，相较而言，中低等级信用债的信用利差维持相对较高位置，期限利差维持相对较高的水平，市场风险偏好仍较低。长端利率小幅上行，一季度十年国债收益率由3.14%上行5bp至3.19%。货币市场整体均衡，央行公开市场操作收敛，一月末资金价格超预期大幅上行，春节后整体维持相对均衡的态势，DR007围绕政策利率中枢波动。组合运作上，债券主要配置中短久期、中高等级信用债和利率债为主，组合久期和杠杆维持中性偏低的水平。对于信用债，精选公益性城投和行业景气度高的龙头企业，充分保证组合流动性。在久期策略上，组合保持中短久期，以AA+和AAA中高评级主体为主要配置标的，保证组合整体流动性和控制组合波动性，另一方面，搭配高等评级中等久期信用债和利率债作为交易性资产。本基金将继续结合宏观政策形势变化，保持合适的久期和杠杆比例，力争为投资者赚取良好的投资回报。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:39.368Z","fund":{"_id":3000000001199,"__csrcFundId":3926,"stockCode":"001199","shortName":"聚利债券(001199)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":1199,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:51:48.976Z","status":"normal","inceptionDate":"2015-05-14T16:00:00.000Z","name":"创金合信聚利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"聚利债券","pinyin":"cjhxjlzqxzqtzjj","managers":[{"stockCode":"db20180412","stockType":"fund_manager","exchange":"fm","tickerId":80804191800,"name":"黄浩东"},{"stockCode":"db20726518","stockType":"fund_manager","exchange":"fm","tickerId":122525191250,"name":"吕沂洋"},{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信聚利债券型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=573640","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec52b7fea5b3eb0441b19","stockId":3000000001199,"sao":"2020年债券市场大幅波动，1-4月利率水平大幅下行，5月之后大幅上行。新冠疫情是去年行情变化的主线。1-4月阶段：1月底新冠疫情爆发及3月海外疫情蔓延，国内封城等严厉防控措施出台，经济活动总体出现停摆并大幅下挫，逆周期政策启动，财政政策积极并额外发行一万亿特别国债，货币政策利率明显下行，隔夜回购利率最低到1%以内，债券市场利率跟随大幅下行，10年国债最低至2.5%左右；5月之后，国内疫情得控，海外疫情严重，国内经济活动快速恢复，尤其是生产和投资活动，基于防风险诉求的货币政策开始转向，回购利率重新向常态水平回归，债券市场利率重新大幅上行。回购利率回归到政策利率以上，10年国债利率最高达到3.3%。此外，7月股市大幅上涨、8-9月国债供给压力导致一级市场、11月产业国企永煤违约等，都加剧了债券市场的上行压力。直到11月底金稳会定调维稳债券市场，央行重新引导货币市场利率下行，债券市场获得短期喘息。信用债则在永煤事件之后，出现持续性的信用分化表现。报告期内，本基金秉承稳健的投资风格，注重票息策略，灵活调整久期，严控信用风险，同时在回购利率整体稳定的环境下，适当增加杠杆获取套息收益。此外，根据基金自身特性，做好信用债的信用分布，平衡好收益性、安全性和流动性，有效满足组合自身的流动性需求。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:39.365Z","mo":"向前看，2021年债券市场震荡下行的概率仍较大，信用分化仍将延续。宏观经济方面，疫情对中国出口和低端消费的影响仍在延续，但预计不会导致今年中国经济有明显的变化；在防风险的融资约束下，房地产表现今年将较2020年有所转弱，基建投资也将维持偏弱，但考虑政策的连续稳定性，这种弱势出现大幅恶化的概率较低。因此，2021年中国经济预计仍在向潜在增速复苏的路径上，过热的风险相对较低。货币政策方面，2020年中央经济会议定调，政策需维持连续性、稳定性和可持续性，不急转弯，并保持对经济恢复的支持力度，从基调上来说，货币政策总体是中性的，不会有大松大紧的波动，边际变化仍看经济表现和防风险之间调整。对于债券市场而言， 预计震荡幅度总体较2020年明显降低，在经济表现总体可能转弱的环境下，利率有一定的下行空间。信用方面，市场化改革方向决定未来产业国企的违约方向未变，而由于融资总体仍处于收缩状态，低等级城投仍存在可能的点状风险事件。本基金将继续结合宏观政策形势变化，适时进行久期调节，注重票息收益，严控信用风险，力争为投资者赚取良好的投资回报。","fund":{"_id":3000000001199,"__csrcFundId":3926,"stockCode":"001199","shortName":"聚利债券(001199)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":1199,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:51:48.976Z","status":"normal","inceptionDate":"2015-05-14T16:00:00.000Z","name":"创金合信聚利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"聚利债券","pinyin":"cjhxjlzqxzqtzjj","managers":[{"stockCode":"db20180412","stockType":"fund_manager","exchange":"fm","tickerId":80804191800,"name":"黄浩东"},{"stockCode":"db20726518","stockType":"fund_manager","exchange":"fm","tickerId":122525191250,"name":"吕沂洋"},{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信聚利债券型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=552331","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec52b7fea5b3eb0441b18","stockId":3000000001199,"sao":"2020年三季度债券市场呈现整体上行的熊市行情。10年国债利率整体上行33bp右，10年国开债利率显著上行64bp，7天DR007回购利率中枢较二季度继续回升50bp左右。7月初，伴随股票市场的连续大幅上涨，在经济基本面恢复的预期下，市场对政策收紧预期的担忧加剧，债券市场利率相应大幅上行，股债跷跷板效应显著。而货币政策也伴随经济复苏，边际上有所收紧，体现为资金面总体的紧张。7月中旬后，股债跷跷板效应减弱，债市有所修复，但在资金面总体偏紧，同业存单利率同时上行的环境下，债市一级市场利率频频发高，并带动二级市场利率上行。短端市场利率，最终回归到政策利率水平附近。在此之后，市场利率总体呈现震荡形势。向前看，经济继续逐步向潜在增速恢复，但恢复速度未超预期。一方面，疫情对经济的压制已不显著，但之前受疫情打击较大的领域，如中低收入群体消费，这部分恢复速度相对偏慢。国庆期间，旅行出游表现较之前有明显恢复，但同比只恢复了七八成；重点企业零售餐饮日均销售增速同比4.9%，较8月限额以上社消4.4%未有明显提升。另一方面，伴随经济恢复，逆周期力量减缓，基建投资增速下降，房地产开启调控。在内生动力逐步恢复和逆周期力量对应减缓的情况下，经济的表现趋于恢复，但还难以过强。由于经济内生动力还不够强劲，回归潜在增速还需要政策的继续扶持，因此政策总体来说还是偏积极的。对于货币政策而言，基调仍是中性偏宽松的，DR007也基本围绕2.2%附近小幅波动，较为平稳。但基于\"稳增长和防风险的长期均衡\"，\"尽可能长时间实施正常货币政策\"，政策利率短期下行的可能性较小。降低远期售汇准备金，以逆周期手段来防止人民币汇率的顺周期过度升值，减少了利率政策的约束。当前债市所面临的市场环境相对温和，经济不冷不热、政策中性偏宽松，市场利率水平相对合理。债市趋于震荡，策略适于中性偏保守。本基金将继续结合宏观政策形势变化，适时进行久期调节，注重票息收益，严控信用风险，力争为投资者赚取良好的投资回报。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:39.362Z","fund":{"_id":3000000001199,"__csrcFundId":3926,"stockCode":"001199","shortName":"聚利债券(001199)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":1199,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:51:48.976Z","status":"normal","inceptionDate":"2015-05-14T16:00:00.000Z","name":"创金合信聚利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"聚利债券","pinyin":"cjhxjlzqxzqtzjj","managers":[{"stockCode":"db20180412","stockType":"fund_manager","exchange":"fm","tickerId":80804191800,"name":"黄浩东"},{"stockCode":"db20726518","stockType":"fund_manager","exchange":"fm","tickerId":122525191250,"name":"吕沂洋"},{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信聚利债券型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=493682","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec52b7fea5b3eb0441b17","stockId":3000000001199,"sao":"2020年上半年债券市场呈现先下行后大幅上行的行情。10年国债利率整体上行5bp右，最低下探至2.5%附近，隔夜回购利率中枢从2%以上下降到1%以内，5月后又重新上行至2%附近。1月底新冠疫情开始爆发，经济停摆，政策为了稳增长持续宽松；2月中下旬，国内疫情总体得控，但3月底海外疫情开始愈演愈烈的，受超预期下调超额存款准备金率和定向降准的影响，债券收益率继续大幅下行。4月中下旬开始，金融、经济数据边际改善，两会召开时间确定，并提出防范资金套利空转问题，预示着经济基本面探底回升势头良好，国内疫情防控取得较好成效，监管层开始重视宽松货币政策带来的\"后遗症\"， 央行货币政策开始进入\"观测期\"，叠加利率债供给压力，资金价格不断抬升，5月份至6月份，债市进入上行态势。二季度债市的变化核心在于央行撤出应对疫情的危机模式，更加注重保增长和防风险的平衡，货币政策出现边际收紧。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:39.359Z","mo":"向前看，经济延续回暖，但恢复速度有所放缓，供需不平衡继续，货币政策的宽松基调未变，稳增长仍是重要目标，政策短期难转向，但也难以回到3-4月份的宽松状态。外部方面，欧洲疫情得控和经济重启，经济表现逐渐恢复，美国疫情因重启及抗议活动，再度爆发，恢复前景暗淡。外需总体偏弱。内部方面，经济持续改善，但很可能已走过最快的复苏阶段，且疫情对餐饮旅游服务等相关领域的压制仍存在，经济仍运行在潜在增速以下。因此，在经济持续恢复和仍面临不确定性环境下，货币政策出现实质转向的可能性较低；短期，基于防范金融风险的要求，货币政策也难以重新回到之前的超宽松时期，后续将进入观察期。债市总体进入震荡期，票息策略优于久期策略。资金成本仍较为便宜，杠杆套息仍可以适当提升投资收益。本基金将继续结合宏观政策形势变化，适时进行久期调节，注重票息收益，严控信用风险，力争为投资者赚取良好的投资回报。权益市场方面，将继续根据对股市的整体研判和稳健投资思路，控制好股票的投资仓位。","fund":{"_id":3000000001199,"__csrcFundId":3926,"stockCode":"001199","shortName":"聚利债券(001199)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":1199,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:51:48.976Z","status":"normal","inceptionDate":"2015-05-14T16:00:00.000Z","name":"创金合信聚利债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"聚利债券","pinyin":"cjhxjlzqxzqtzjj","managers":[{"stockCode":"db20180412","stockType":"fund_manager","exchange":"fm","tickerId":80804191800,"name":"黄浩东"},{"stockCode":"db20726518","stockType":"fund_manager","exchange":"fm","tickerId":122525191250,"name":"吕沂洋"},{"stockCode":"8801402819","stockType":"fund_manager","exchange":"fm","tickerId":31412159200,"name":"成念良"}]},"announcement":{"linkText":"创金合信聚利债券型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=463672","linkType":"PDF","source":"csrc_pdf"}}]}