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9月份的3.0% 下降至11月的1.3%，固定资产投资规模同比仍维持负增长，其中，房地产由于销售端的疲弱，投资跌幅进一步扩大至 30.3%，出口由于2024年底特朗普上台的抢出口形成高基数，导致四季度的出口同比增速有所下降但仍保持一定韧性。四季度的物价有所回暖，主要体现在CPI 同比增速从下跌转为上涨 0.7%， CPI 的改善主要受到季节性食物价格，医疗以及金价的提振，PPI的改善并不明显，同比跌幅仍维持在 -2% 附近，反内卷政策的有效性仍有待观察。央行在四季度的货币政策态度较为中性，未进一步降息降准，仅通过其他货币政策工具对流动性提供边际增量。10月底央行重启国债买入操作，但是10-12月的月度买入规模较低，对市场的流动性和需求改善效果不明显。回顾整个四季度，短端国债在资金面平稳的背景下波动不大，仍延续三季度的震荡格局，1年期国债保持在1.35- 1.45% 区间震荡，中长端利率在三季度调整上行之后在四季度缺乏明确的方向性，10月上旬特朗普对华再度威胁加大关税幅度，市场避险情绪升温，利率略下行5bps左右, 但10月底贸易谈判结果较好，芬太尼关税减半，利率小幅反弹，11月和12月市场 围绕 12月中央经济工作会议的政策预期和基本面疲弱而波动，但由于会议和基本面无超预期消息，10年期国债在 1.80 – 1.85% 区间窄幅震荡。超长端利率的表现由于供需压力表现较弱，市场普遍担忧银行监管指标限制了对于超长期利率债的配置能力。 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6.6%，三季度的GDP同比增速预计放缓至 4.7%左右 ，物价持续低位运行，体现在9月份的 CPI同比下跌 0.3%，PPI同比跌幅虽因去年的低基数而收窄至-2.3%，但环比价格仍继续走弱，反内卷政策对上游原材料有一定拉动效果，但是需求不足导致价格向下游的传导不顺畅。央行在三季度并未进一步降息降准，但通过其他货币政策工具对流动性提供边际增量，7月-9月，央行的月度买断式逆回购净投放规模增加至 3000亿元，资金面保持均衡略宽松，未出现明显的季末扰动。回顾一整个季度，短端国债在资金面平稳的背景下波动不大，1年期国债收益率保持在1.30- 1.40% 区间震荡，中长端利率则受到7月份以来的“反内卷”政策和股债跷跷板效应而大幅上行，10年国债利率从7月初的 1.65% 持续上行至 8月底 的1.85%，9月初由于股市阶段性回调以及经济数据走弱，带动长端利率阶段性略修复，但后续证监会发布 《公开募集证券投资基金销售费用管理规定（征求意见稿）》，引发债基赎回的担忧，利率再度转为震荡上行。 从配置思路来讲，本基金保持中高久期，继续超配信用债。靠近九月底考虑季末流动性收缩，银行回表，和利率债靠近月底由于“股债跷跷板“”等效应产生较大波动，选择主动减配信用债和长久期利率债为流动性做好准备。债券方面优选高等级高流动性的信用债券，均衡配置于城投及产业债，同时也增配一定比例的高收益短期限城投债以增厚票息收益。","lastUpdated":"2026-03-09T14:05:53.165Z","fund":{"_id":3000000022303,"__csrcFundId":14394,"stockCode":"022303","masterFundShortName":"贝莱德安裕90天持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22303,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"贝莱德安裕90天持有债券(022303)","lastUpdated":"2026-05-01T03:28:19.110Z","name":"贝莱德安裕90天持有期债券型证券投资基金","pinyin":"blday90tcyqzqxzqtzjj","fundCollectionId":4000052060000,"setUpAssetScale":293008944.67,"setUpDate":"2024-11-20T16:00:00.000Z","setUpShares":293008944.67,"inceptionDate":"2024-11-21T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"db20881931","stockType":"fund_manager","exchange":"fm","tickerId":2325226780,"name":"王洋"}]},"announcement":{"linkText":"贝莱德安裕90天持有期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=1376813","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3c17fea5b3eb05411b2","date":"2025-06-29T16:00:00.000Z","stockId":3000000022303,"sao":"在宏观经济方面，2025年第一季度经济表现强劲， GDP同比增长5.4%，第二季度边际走弱但总体稳健，二季度GDP同比增长5.2%。上半年的外部需求对经济提供了有力的支持，出口情况良好，同比增长达到5.9%。社会消费零售总额在以旧换新补贴的支持下实现了4.0% 的同比增长。房地产在上半年延续回落的态势，房价、新房销售和地产投资继续下行。价格方面，居民消费需求受补贴支持，二季度CPI边际修复同比增速回正0.1%，工业端由于较多行业面临供给过剩，制造业PMI仍在荣枯线 50% 分位数附近徘徊，而PPI 同比降幅在上半年持续走高，从1月份的同比-2.3% 回落至六月份的 -3.6%。展望下半年，7月份以来“反内卷”政策逐渐出台，大宗商品价格显著修复，预计后续对PPI形成支撑。总体来看，2025年第二季度经济动能虽有韧性，但内需不足的问题对经济造成持续拖累。在货币政策方面，央行一季度未降准降息，同时观察到银行间资金在一季度末转紧。二季度以来，央行加大力度呵护流动性，5月份降准降息落地，非银存款回升，银行融出增加，资金面边际走松，6月份资金保持平衡，未出现明显的季末扰动。今年上半年债市整体表现为震荡，利率先上后下。2025年一季度，中国利率市场呈现“熊平”走势，收益率曲线整体上移并平坦化。主要市场调节因素包括央行货币政策调整从市场一致预期的“适度宽松”转向“稳汇率、防空转”导致的春节后流动性收紧，和权益市场风险偏好回升包括科技主题催化叠加经济“开门红”造成的股债“跷跷板”效应，长端利率从低点1.63% 最高上行至 1.88%。2025年二季度，短端国债受资金面影响下行，1年期国债收益率从 1.55% 下行至 1.34%，长端利率受中美关税谈判波动较大，4月初由于特朗普政府意外加征145% 高额关税，长端利率大幅下行至 1.62%，之后5月初美国对等关税降至30%，长端利率略有反弹至1.70%，之后由于基本面走弱，6月末逐渐下行至1.65%。从配置思路来讲，本基金保持中高久期，超配信用债。靠近六月底因季末，流动性收缩预期和利率债价格估值，选择主动减配利率属性债券，同时置换信用债以应对流动性。债券配置方面优选高等级高流动性的信用债券，均衡配置于城投及产业债，同时增配一定比例的高收益短期限城投债以增厚票息收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:53.162Z","mo":"对未来半年，伴随出口增速回落和关税影响开始体现，下半年经济有可能弱于前半年。我们认为央行在下半年有继续降准降息的可能，同时资金利率保持平稳，推动市场广谱利率继续下行。债券市场有望在振幅中看到上涨的机会。","fund":{"_id":3000000022303,"__csrcFundId":14394,"stockCode":"022303","masterFundShortName":"贝莱德安裕90天持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22303,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"贝莱德安裕90天持有债券(022303)","lastUpdated":"2026-05-01T03:28:19.110Z","name":"贝莱德安裕90天持有期债券型证券投资基金","pinyin":"blday90tcyqzqxzqtzjj","fundCollectionId":4000052060000,"setUpAssetScale":293008944.67,"setUpDate":"2024-11-20T16:00:00.000Z","setUpShares":293008944.67,"inceptionDate":"2024-11-21T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"db20881931","stockType":"fund_manager","exchange":"fm","tickerId":2325226780,"name":"王洋"}]},"announcement":{"linkText":"贝莱德安裕90天持有期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=1349505","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3c17fea5b3eb05411b1","date":"2025-03-30T16:00:00.000Z","stockId":3000000022303,"sao":"2025年一季度，中国经济延续了2024年四季度的复苏态势，内需回升对冲外部压力，GDP增速较强。工业生产、消费和投资增速均较2024年全年小幅提升，工业增加值同比增长5.9%，固定资产投资增长4.1%，社零增速回升至4%。新兴和高技术产业如半导体、AI（DeepSeek模型）等新动能表现突出，而房地产投资仍下降9.8%，传统行业压力未完全出清。基建投资增长5.6%，制造业投资增长9.0%，设备更新政策支撑明显。消费品以旧换新政策拉动家电消费增长10.9%，服务业生产指数增长5.6%，春节文旅消费（如冰雪经济、电影票房）和AI应用（如人形机器人表演）成为亮点，但核心CPI仅微增0.6%，反映内需仍待强化。2025年一季度，中国利率市场呈现“熊平”走势，收益率曲线整体上移并平坦化。主要市场调节因素包括央行货币政策调整从市场一致预期的“适度宽松”转向“稳汇率、防空转”导致的春节后流动性收紧，和权益市场风险偏好回升包括科技主题催化叠加经济“开门红”造成的股债“跷跷板”效应。3月中后，央行操作有所转向，MLF转为净投放，税期及季末资金投放偏积极，资金价格回落的同时债市止跌，收益率开始下行。回顾整个一季度，1年期国债收益率从1.0%前后最高上行至接近1.6%，季末回落至1.54%。长端利率看到10年期国债收益率从1.6%低位最高上行至1.9%，季末修复至1.81%。由于流动性收紧和同业存款外流、大行融出下降，AAA同业存单一年期发行利率在三月中一度升至2%以上，季末修复至1.89%。信用债方面，2年AAA中短期票据从年初57bps利差在三月初达到68bps随后在季末收窄至42bps。从配置思路来讲，本基金超配信用久期，三月置换债券保持流动性应付赎回，债券方面优选高等级高流动性的信用债券，均衡配置于城投及产业债；该基金利用银行二级适度拉长信用久期，同时也增配一定比例的高收益短期限城投债以增厚票息收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:53.159Z","fund":{"_id":3000000022303,"__csrcFundId":14394,"stockCode":"022303","masterFundShortName":"贝莱德安裕90天持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22303,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"贝莱德安裕90天持有债券(022303)","lastUpdated":"2026-05-01T03:28:19.110Z","name":"贝莱德安裕90天持有期债券型证券投资基金","pinyin":"blday90tcyqzqxzqtzjj","fundCollectionId":4000052060000,"setUpAssetScale":293008944.67,"setUpDate":"2024-11-20T16:00:00.000Z","setUpShares":293008944.67,"inceptionDate":"2024-11-21T16:00:00.000Z","followedNum":1,"managers":[{"stockCode":"db20881931","stockType":"fund_manager","exchange":"fm","tickerId":2325226780,"name":"王洋"}]},"announcement":{"linkText":"贝莱德安裕90天持有期债券型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1273399","linkType":"PDF","source":"csrc_pdf"}}]}